Professional Documents
Culture Documents
&RJQRPHHQRPH
,QGLUL]]R
)DFROWj
&RUVRGL/DXUHD
0DWULFROD
$QQRGLLVFUL]LRQH
81,9(56,7'(*/,678','(//$ &$/$%5,$
)$&2/7',/(77(5((),/262),$
*8,'$
'(//2
678'(17(
$QQR$FFDGHPLFR
5HGD]LRQHDFXUDGL
5RVDOED9LWWRULD&HUHQ]LD
FRQODFROODERUD]LRQHGL&ODXGLD6WDQFDWL
3HUODFRQVXOWD]LRQHGHOOD*XLGDLQ,17(51(7
KWWSOHWWHUHXQLFDOLW
RSSXUH
KWWSZZZFVGLPXQLFDOLW
RSSXUH
KWWSZZZXQLFDOLW
,1',&(
)$&2/7',/(77(5((),/262),$
25*$1,==$=,21('(//$ )$&2/7
'LSDUWLPHQWL S
&RUVLGLODXUHDHGL'LSORPDYHFFKLRRUGLQDPHQWR
/DULIRUPDXQLYHUVLWDULD
'RFHQWL
3URIHVVRULRUGLQDULHVWUDRUGLQDUL
3URIHVVRULDVVRFLDWL
5LFHUFDWRUL
$VVLVWHQWLRUGLQDUL
5DSSUHVHQWDQWLGHJOLVWXGHQWLLQ&RQVLJOLRGL)DFROWj
3HUVRQDOHWHFQLFRDPPLQLVWUDWLYR
&DOHQGDULRGHOOHDWWLYLWjDFFDGHPLFKH
/H]LRQL
&RSHUWXUDLQVHJQDPHQWLVFRSHUWL
&256,',/$85($
&RQVHUYD]LRQHGHL%HQL&XOWXUDOL
'$06
)LORVRILD
)LORVRILHH6FLHQ]HGHOOD&RPXQLFD]LRQH
HGHOOD&RQRVFHQ]D
/HWWHUH
/LQJXHH&XOWXUH0RGHUQH
0HGLD]LRQH/LQJXLVWLFD
6FLHQ]HGHOOD)RUPD]LRQH3ULPDULD
6FLHQ]HGHOO·(GXFD]LRQH
6FLHQ]H7XULVWLFKH
6WRULD
&(175,/$%25$725,6(59,=,
&HQWULLQWHUGLSDUWLPHQWDOL
&HQWULGLULFHUFDHVHUYL]L S
&HQWUR6HUYL]L'LGDWWLFL,QIRUPDWLFLH0XOWLPHGLDOL
&HQWUR(ODERUD]LRQH'DWL/LQJXLVWLFL&('/
/DERUDWRULRGL&DUWRJUDILD6WRULFD
/DERUDWRULR,QIRUPDWLFRGL$QDOLVL)LORVRILFDGHO/LQJXDJJLR
/DERUDWRULRGL)RQHWLFD
/DERUDWRULRGL'RFXPHQWD]LRQH
/DERUDWRULR/LQJXLVWLFRGL$WHQHR
6HUYL]LRGL&RXQVHOOLQJ3VLFRORJLFR
/D%LEOLRWHFD%$8
352*5$00,'(,&256,
2UJDQL]]D]LRQHGHOOD)DFROWj
81,9(56,7'(*/,678','(//$ &$/$%5,$
)$&2/7',/(77(5((),/262),$
3UHVLGH3URI)UDQFR&ULVSLQL
(GLILFLR6HJUHWHULD6WXGHQWL$UFDYDFDWDGL5HQGH
7HOID[
25*$1,==$=,21('(//$ )$&2/7
/D )DFROWj q OD VWUXWWXUD SULPDULD GL RUJDQL]]D]LRQH H GL FRRUGLQDPHQWR
GHOOHDWWLYLWjGLGDWWLFKHVLDUWLFRODLQ&RUVLGL/DXUHDHGLQ&RUVLGL'LSORPD
,&RUVLGL/DXUHDHGL'LSORPDVRQRVWUXWWXUHFKHVLRFFXSDQRGLWXWWLJOL
DVSHWWLFRQQHVVLDOODGLGDWWLFDHGDOODRUJDQL]]D]LRQHGHLFRUVLGLVWXGLRDWWLYDWL
GDOOD)DFROWj
,'LSDUWLPHQWLGL$UWL)LORORJLD)LORVRILD/LQJXLVWLFD6FLHQ]HGHOO·HGXFD
]LRQHH6WRULDVRQRLQGLYLGXDWLFRPHDUHHGLVWLQWHGLULFHUFDVFLHQWLILFD1HL'L
SDUWLPHQWLVLLPSDUWLVFRQRJOLLQVHJQDPHQWLQHFHVVDULSHUFRQVHJXLUHOHODXUHH
FRQIHULWHGDOOD)DFROWjVHFRQGROHGLVWLQ]LRQLLQ&RUVLGL/DXUHDHGL'LSORPD
$OOD)DFROWjIDQQRFDSROD%LEOLRWHFDGL$UHD8PDQLVWLFDHL&HQWULGL6HU
YL]LRH&HQWUL,QWHUGLSDUWLPHQWDOLFUHDWLSHUIRUQLUHDVVLVWHQ]DHVYLOXSSDUHUL
FHUFKHVXVSHFLILFKHWHPDWLFKH
2UJDQL]]D]LRQHGHOOD)DFROWj
&HQWUR6HUYL]L'LGDWWLFL,QIRUPDWLFLH0XOWLPHGLDOL
&HQWURGL'RFXPHQWD]LRQHGHPRHWQRDQWURSRORJLFD
&HQWUR,QWHUGLSDUWLPHQWDOHGL6FLHQ]H6WRULFKHH5HOLJLRVH
&HQWUR,QWHUGLSDUWLPHQWDOHGL$UFKLYLVWLFDH'RFXPHQWD]LRQH
&HQWUR,QWHUGLSDUWLPHQWDOHGHOOD&RPXQLFD]LRQH
,O3UHVLGHSUHVLHGHLO&RQVLJOLRGL)DFROWjHYLJLODVXWXWWHOHDWWLYLWjGLGDWWL
FKHFKHIDQQRFDSRDOOD)DFROWj
',3$57,0(17,
,O'LSDUWLPHQWRqODVWUXWWXUDRUJDQL]]DWLYDFXLIDQQRULIHULPHQWRXQRRSL
VHWWRULGLULFHUFDFXOWXUDOPHQWHDIILQLRRPRJHQHLSHUVFRSLRSHUPHWRGR(VVR
SURPXRYHHFRRUGLQDOHDWWLYLWjGLULFHUFDQHOULVSHWWRGHOO·DXWRQRPLDGLFLD
VFXQ3URIHVVRUHH5LFHUFDWRUH
2JQL'LSDUWLPHQWRqUHWWRGDXQ'LUHWWRUHDIILDQFDWRGDXQ9LFH'LUHWWRUH
HFRDGLXYDWRGDXQD*LXQWDHGDO&RQVLJOLRGL'LSDUWLPHQWR,O5HJRODPHQWRGL
'LSDUWLPHQWRFKHVLDIILDQFDDOOHQRUPHJHQHUDOLHGL$WHQHRGLVFLSOLQDOHDWWL
YLWjGLULFHUFDHO·LVFUL]LRQHGHJOLVWXGHQWL
' , 3$ 57 , 0 ( 1 7 ,
2UJDQL]]D]LRQHGHOOD)DFROWj
&256,',/$85($ (',',3/20$
9(&&+,225',1$0(172
,&RQVLJOLGL&RUVRGL/DXUHDHGL'LSORPDFRRUGLQDQROHDWWLYLWjGLGDWWL
FKHSUHYLVWHSHULOFRQVHJXLPHQWRGHOODULVSHWWLYDODXUHDRGLSORPD,QWDOVHQ
VRGHILQLVFRQRLSLDQLGLVWXGLRFRQLUHODWLYLLQVHJQDPHQWLIRQGDPHQWDOLREEOL
JDWRUL H OD GLVWULEX]LRQH GHOOH GLVFLSOLQH SHU JOL DQQL GL FRUVR QRPLQDQR OH
FRPPLVVLRQLGLFRQVXOHQ]DSHULSLDQLGLVWXGLRHUHQGRQRQRWRXQDSSRVLWRFD
OHQGDULRGHJOLLQFRQWULGHILQLVFRQROHIRUPHGLWXWRUDWRVLHVSULPRQRFLUFDLO
ULFRQRVFLPHQWR GHJOL LQVHJQDPHQWL VHJXLWL LQ DOWUL FRUVL GL /DXUHD H LQ DOWUH
8QLYHUVLWjHGHOLEHUDQRLQPHULWRDULFKLHVWHLQGLYLGXDOLGLLQVHULPHQWRVRVWLWX
]LRQHHLQWHJUD]LRQHGLLQVHJQDPHQWLDOO·LQWHUQRGHJOLLQGLUL]]LSUHYLVWL
/DGXUDWDGLFLDVFXQRGHL&RUVLGL/DXUHDqGLTXDWWURDQQL*OLHVDPLGL
SURILWWRQHFHVVDULSHULOFRQVHJXLPHQWRGHOODODXUHDVRQRULSDUWLWLQHJOLDQQLGL
FRUVRQHOPRGRLQGLFDWRLQSDUHQWHVL
/DGXUDWDGHO'LSORPDGL/DXUHDqGLWUHDQQL,PRGXOLGLGDWWLFLGDVXSHUD
UHSHULOFRQVHJXLPHQWRGHO7LWROR$FFDGHPLFRVRQR
SHULO'LSORPDGL/DXUHDLQ/LQJXHVWUDQLHUH
FRQVSHFLDOL]]D]LRQHWXULVWLFRFXOWXUDOH
PRGXOLGLGDWWLFLFRUULVSRQGHQWLDHVDPLGLDUHD
/$ 5,)250$ 81,9(56,7$5,$
/DULIRUPDXQLYHUVLWDULDFDPELDLOVLVWHPDLWDOLDQRGHJOLVWXGLXQLYHUVLWDUL
VHFRQGRXQPRGHOORFRQFRUGDWRFRQJOLDOWULSDHVLGHOO·8QLRQH(XURSHD
*OLRELHWWLYLGHOODULIRUPDVRQR
DEEUHYLDUHLWHPSLGLFRQVHJXLPHQWRGHOWLWRORGLVWXGLRHULGXUUHLOQXPHUR
GHJOLDEEDQGRQL
FRQLXJDUHXQDSUHSDUD]LRQHPHWRGRORJLFRFXOWXUDOHGDVHPSUHSUHURJDWLYD
GHOODGLGDWWLFDXQLYHUVLWDULDFRQXQDIRUPD]LRQHSURIHVVLRQDOL]]DQWH
2UJDQL]]D]LRQHGHOOD)DFROWj
FUHDUHXQVLVWHPDGLVWXGLDUWLFRODWRVXGXHOLYHOOLGLODXUHDVHFRQGRODIRU
PXODFRVLGGHWWDGHO´µ
IDFLOLWDUHODPRELOLWjGHJOLVWXGHQWLDOLYHOORQD]LRQDOHHLQWHUQD]LRQDOHDW
WUDYHUVRO·LQWURGX]LRQHGHOVLVWHPDGHLFUHGLWL
7LWROLH&RUVLGLVWXGLR
/H8QLYHUVLWjULODVFLDQRLVHJXHQWLWLWROL
/H8QLYHUVLWjULODVFLDQRLQROWUH
0DVWHU XQLYHUVLWDULRFXLVLDFFHGHGRSRLOFRQVHJXLPHQWRGHOODODXUHDGL,OL
YHOOR0DVWHUGL,OLYHOORHRGRSRLOFRQVHJXLPHQWRGHOOD/DXUHDVSHFLDOLVWLFD
0DVWHUGL,,OLYHOOR,0DVWHUVRQRFRUVLGLSHUIH]LRQDPHQWRVFLHQWLILFRHGLDO
WDIRUPD]LRQHGHOODGXUDWDGLPHVLFUHGLWL
'LSORPDGLVSHFLDOL]]D]LRQHFXLVLDFFHGHGRSRODODXUHDRGRSRODODXUHDVSH
FLDOLVWLFDHFKHDVVLFXUD´FRQRVFHQ]HHDELOLWjSHUIXQ]LRQLULFKLHVWHQHOO·HVHUFL]LR
GL SDUWLFRODUL DWWLYLWj SURIHVVLRQDOLµ /H 6FXROH GL 6SHFLDOL]]D]LRQH KDQQR OR
VFRSRGLIRUQLUHXQDIRUPD]LRQHGLEDVHFRQWUROODWDGLFRQRVFHQ]HHGLHVSHULHQ]D
DLODXUHDWLDOILQHGLIRUPDUHILJXUHSURIHVVLRQDOLLQVSHFLILFKHDWWLYLWj/DVSHFLD
OL]]D]LRQHqXQDPRGDOLWjGLIRUPD]LRQHSRVWODXUHDXWLOL]]DWDTXDQGRO·HVHUFL]LR
GL XQD SURIHVVLRQH ULFKLHGH SHU OD SDUWLFRODUH FRPSOHVVLWj GHOOH FRQRVFHQ]H H
GHOOHWHFQRORJLHXQDVXGGLYLVLRQHGHOOHFRPSHWHQ]HLQGLVWLQWLILORQLVSHFLILFDWD
PHQWH LQGLYLGXDWL 3HU O·DFFHVVR DOOH 6FXROH GL 6SHFLDOL]]D]LRQH q ULFKLHVWR LO
SRVVHVVRGHO'LSORPDGL/DXUHDHO·HYHQWXDOH'LSORPDGLDELOLWD]LRQHSUHYLVWR
GDOOR6WDWXWRGLFLDVFXQD6FXROD$ VHFRQGDGHOODWLSRORJLDODGXUDWDOHJDOHGHOOH
6FXROHGLVSHFLDOL]]D]LRQH YDGDXQPLQLPRGLGXHDGXQPDVVLPRGLDQQL
'RWWRUDWRGLULFHUFDFXLVLDFFHGHGRSRODODXUHDVSHFLDOLVWLFDRFRQXQWLWROR
VWUDQLHURHTXLSROOHQWHHFRQVHQWHO·DFTXLVL]LRQHGLFRQRVFHQ]HHFRPSHWHQ]HGL
2UJDQL]]D]LRQHGHOOD)DFROWj
FDUDWWHUHVFLHQWLILFRULFKLHVWHSHUO·DFFHVVRDOODFDUULHUDXQLYHUVLWDULDHGDLFHQ
WULGLULFHUFDDYDQ]DWD,O'RWWRUDWRGL5LFHUFDUDSSUHVHQWDLOOLYHOORGLIRUPD
]LRQHSLHOHYDWRQHLFRUVLGLVWXGLRXQLYHUVLWDUL,QHVVRVLIRQGRQRULFHUFDHGL
GDWWLFD QHO VHQVR FKH HVVR VL SURSRQH GL IRUPDUH JLRYDQL VWXGLRVL FDSDFL GL
VYROJHUHDWWLYLWjGLULFHUFDDYDQ]DWDFLzDYYLHQHDWWUDYHUVRXQSHUFRUVRIRUPD
WLYRFKHSUHYHGHO·DFTXLVL]LRQHGLVWUXPHQWLPHWRGRORJLFLO·XWLOL]]R GHOOHSL
PRGHUQHWHFQRORJLHODSRVVLELOLWjGLVRJJLRUQR DOO·HVWHURHGLVWDJHV SUHVVRHQ
WLSXEEOLFLHSULYDWL,OPRPHQWRSLVLJQLILFDWLYRGLTXHVWRSHUFRUVRIRUPDWLYR
VLFRQFUHWL]]DQHOODVWHVXUDGLXQDWHVLFRQFRQWHQXWRRULJLQDOH /·DPPLVVLRQHq
VXERUGLQDWDDOVXSHUDPHQWRGLXQHVDPH/DGXUDWDPLQLPDSHUO·DFTXLVL]LRQH
GHOWLWRORGL'RWWRUHGL5LFHUFDGHLFRUVLqGLDQQL
/·DWWHQ]LRQHGHOOD)DFROWj YHUVRLSURSULLVFULWWLqWHVWLPRQLDWDGDYDULHLQL]LD
WLYHGDWHPSRSURJUDPPDWHLQPROWHGLUH]LRQL0DVWHU&RUVLGL3HUIH]LRQD
PHQWR6FXRODGLVSHFLDOL]]D]LRQHSHUODIRUPD]LRQHGHJOLLQVHJQDQWLGLVFXROD
VHFRQGDULD66,6,QIDWWLqDWWUDYHUVRODIOHVVLELOLWjGHJOLVWUXPHQWLFXOWXUDOL
RIIHUWLGDJOLVWXGLXPDQLVWLFLFKHLODXUHDWLSRVVRQRULVSRQGHUHDOOHVILGHGHOOD
FRPSHWLWLYLWjGHOPHUFDWRGHOODYRUR
,OFUHGLWR
,OFUHGLWRqXQDXQLWjGLPLVXUDGHOFDULFRGLODYRURVYROWRGDOORVWXGHQWH3HU
FDULFRGLODYRURVLLQWHQGHODVRPPDGHOOHRUHFKHORVWXGHQWHLPSLHJDQHOO·DWWL
YLWjGLVWXGLRDVVLVWLWROH]LRQLIURQWDOLHVHUFLWD]LRQLODERUDWRULHFFHQHOO·DWWL
YLWj GL VWXGLR LQGLYLGXDOH DXWRDSSUHQGLPHQWR /D YDOXWD]LRQH HVSUHVVD LQ
WUHQWHVLPLUHVWDO·XQLWjGLPLVXUDSHUYDOXWDUHLOOLYHOORGLDSSUHQGLPHQWRGHOOD
FRQRVFHQ]DRFRPSHWHQ]DPLVXUDTXDOLWDWLYD
&RPHVLDFTXLVLVFRQRLFUHGLWLIRUPDWLYL
/RVWXGHQWHPDWXUDLFUHGLWLIRUPDWLYLXQLYHUVLWDULFRQLOVXSHUDPHQWRGHOO·HVD
PHGLSURILWWRLOQXPHURGHLFUHGLWLPDWXUDWLSHUFLDVFXQPRGXORLQVHJQDPHQWR
qSDULDOYDORUHVWDELOLWRGDOO·RUGLQDPHQWRGLGDWWLFRXQYRWRSLDOWRQRQFRP
SRUWDXQDPDJJLRUD]LRQHQHOQXPHURGLFUHGLWLDFTXLVLWL
,OYRWRQHOODVFDODWUDGL]LRQDOHGDDULPDQHHOHPHQWRIRQGDPHQ
WDOHHGLVWLQWLYRGHOOLYHOORGLDSSUHQGLPHQWRGLRJQLVLQJRORVWXGHQWH
3HUFKpLFUHGLWL
/HPRWLYD]LRQLSULQFLSDOLFKHKDQQRLQGRWWRDOO·DGR]LRQHGHOVLVWHPDGHLFUHGL
WLVRQRGXH
² FDOLEUDUHDGHJXDWDPHQWHO·LPSHJQRGLVWXGLRULFKLHVWRDOORVWXGHQWHSHULO
FRQVHJXLPHQWRGHOWLWROR
2UJDQL]]D]LRQHGHOOD)DFROWj
² IDFLOLWDUHODPRELOLWjGHJOLVWXGHQWL
D GDFRUVRGLVWXGLRDFRUVRGLVWXGLR
E GDDWHQHRDGDWHQHRFRPSUHVLTXHOOLGLDOWULSDHVLHXURSHLFKHJLjGDDQ
QLDGRWWDQRLOVLVWHPDGHLFUHGLWL
F GDXQFDQDOHIRUPDWLYRDOO·DOWURIRUPD]LRQHSURIHVVLRQDOH,)76
'DOO·DQQRDFFDGHPLFRDQFKHOD)DFROWjGL/HWWHUHH)LORVRILDGHO
O·8QLYHUVLWj GHJOL 6WXGL GHOOD &DODEULD KD DYYLDWR O·RIIHUWD GLGDWWLFD SUHYLVWD
GDOQXRYRRUGLQDPHQWRGHJOLVWXGL
3HUL&RUVLGLODXUHDWULHQQDOLVRQRSUHYLVWLFUHGLWLIRUPDWLYL&)8SHU
RJQLDQQR
,FRUVLGLODXUHDHVLVWHQWLVRQR
&G/LQ&RQVHUYD]LRQHGHL%HQLFXOWXUDOL
&G/LQ'LVFLSOLQHGHOOH$UWLGHOOD0XVLFDHGHOOR6SHWWDFROR
&G/LQ)LORVRILD
&G/LQ)LORVRILHH6FLHQ]HGHOOD&RPXQLFD]LRQHHGHOOD&RQRVFHQ]D
&G/LQ/HWWHUH
&G/LQ/LQJXHH&XOWXUH0RGHUQH
&G/LQ6FLHQ]HGHOO·(GXFD]LRQH
&G/0HGLD]LRQH/LQJXLVWLFD
&G/6FLHQ]H7XULVWLFKH
&G/6WRULD
5DGGRSSLDQGRLOYHQWDJOLRGHLSHUFRUVLGLGDWWLFLOD)DFROWjVLSURSRQHGL
DYYLDUH XQD PRGHUQL]]D]LRQH GHOOD SURSULD RIIHUWD Ë RELHWWLYR GHOOD )DFROWj
FRQVHJQDUHDOPHUFDWRGHOODYRURODXUHDWLLQJUDGRGLWURYDUHXQDRSSRUWXQD
FROORFD]LRQHLQHQWLSXEEOLFLHSULYDWLFKHRSHUDQRLQPROWHSOLFLVHWWRULJLRUQD
OLVPRHGLWRULDDWWLYLWjFROOHJDWHDOOHQXRYHWHFQRORJLHPXOWLPHGLDOLDOODWXWHOD
GHOO·DPELHQWHHGHOSDHVDJJLRDOWXULVPRFXOWXUDOHQRQFKpSUHVVRPXVHLJDO
OHULHWHDWULELEOLRWHFKHDUFKLYL
3HUIRUQLUHXQDVROLGDSUHSDUD]LRQHGLEDVHODGLGDWWLFDVDUjDUWLFRODWDLQ
OH]LRQLVHPLQDULODERUDWRULWLURFLQLHVWDJHVDVVLFXUDQGRXQDIRUPD]LRQHIOHV
VLELOHFKHqGDVHPSUHLOVHJQRGLVWLQWLYRGHLODXUHDWLLQGLVFLSOLQHXPDQLVWLFKH
1DWXUDOPHQWHDWWUDYHUVRYDULHIRUPHGLWXWRUDWRHGLDVVLVWHQ]DGLGDWWLFDO·LP
SHJQRGHLGRFHQWLVDUjULYROWRDQFKHDOUHFXSHURGLWXWWLFRORURFKHDFFHGRQRDL
FRUVLGLODXUHDFRQXQFDULFRGLGHELWLIRUPDWLYLFKHGRYUDQQRFRPXQTXHHVVH
UHFROPDWLGXUDQWHLOWULHQQLR
'·DOWUDSDUWHODIHUPDYRORQWjGLPDQWHQHUHHOHYDWRLOOLYHOORGHOODSUHSD
UD]LRQHULVSRQGHDQFKHDOO·HVLJHQ]DGLPHWWHUHJOLVWXGHQWLQHOOHFRQGL]LRQLPL
JOLRULSHUDFFHGHUHDOOHODXUHHVSHFLDOLVWLFKHFUHDQGROHEDVLGLXQFRQVROLGD
PHQWRGHVWLQDWRQRQVRORDGDFFUHVFHUHODYDOHQ]DFXOWXUDOHGHOWLWRORGLVWXGLR
2UJDQL]]D]LRQHGHOOD)DFROWj
PDDQFKHDSURPXRYHUHHGLQFUHPHQWDUHODULFHUFDVFLHQWLILFDDWWUDYHUVRO·DF
FHVVRDLGRWWRUDWL
*OLLQVHJQDPHQWLODPXWXD]LRQHLOFRQWUDWWR
2OWUHO·RWWDQWDSHUFHQWRGHJOLLQVHJQDPHQWLLQGLFDWLLQTXHVWDJXLGDVRQRULFR
SHUWLGDGRFHQWLHULFHUFDWRULGLUXRORGHOODIDFROWj
3HUFLUFDLOYHQWLSHUFHQWRFRPHODOHJJHFRQVHQWHOD)DFROWjFKLDPDVWXGLRVL
GRWDWL GL WXWWD OD TXDOLILFD]LRQH VFLHQWLILFD FRUULVSRQGHQWH D WHQHUH LQVHJQD
PHQWLODFXLIXQ]LRQHGLGDWWLFDqJLjSUHRUGLQDWDHSHUFXLQRQYLVRQRLQTXHO
PRPHQWRULVRUVHGLVSRQLELOLLQ)DFROWj0ROWLGLTXHVWLGRFHQWLKDQQRLQVHJQD
WRSHUSLDQQLSUHVVROD)DFROWjLQVHUHQGRVLQHLVXRLFXUULFXODHJDUDQWHQGR
DJOLVWXGHQWLDQFKHXQDFRQWLQXLWjGLGDWWLFD1RQDSSHQDYHUUDQQRDVVHJQDWLL
FRQWUDWWLOD)DFROWjUHQGHUjQRWLLQRPLGHLGRFHQWLSUHVFHOWL
$OFXQLLQVHJQDPHQWLQRQKDQQRLQXQGHWHUPLQDWRDQQRDFFDGHPLFRXQORUR
VSHFLILFRSURJUDPPDPDDGRWWDQRLOSURJUDPPDHTXLQGLOHOH]LRQLGLXQDOWUR
LQVHJQDPHQWRDIILQH6LFKLDPD¶PXWXD]LRQH· HQHOSURSULRSLDQRGLVWXGLXQR
VWXGHQWHSXzLQVHULUHXQRVRORGHLGXHLQVHJQDPHQWLFKHVRQRLQTXHVWDVLWXD
]LRQH
2UJDQL]]D]LRQHGHOOD)DFROWj
& 2 5 6 , ' , / $ 8 5 ( $
&216(59$=,21( /,1*8((&8/785(
'(,%(1,&8/785$/, 02'(51(
3UHVLGHQWHSURI/ 6SH]]DIHUUR 3UHVLGHQWHSURI)$OWLPDUL
&XER,,,SLDQR &XER
WHOID[ WHOID[
'$06 0(',$=,21(/,1*8,67,&$
3UHVLGHQWHSURI3$%HUWDFFKLQL 3UHVLGHQWHSURI) &ULVSLQL DGLQWHULP
&XERD9 SLDQR &XERE
WHO WHO
ID[ ID[
),/262),$ 6&,(1=('(//·('8&$=,21(
3UHVLGHQWHSURI) %RQLFDO]L 3UHVLGHQWHSURI*7UHELVDFFH
&XERF &XERE
WHO WHO
ID[
6&,(1=(785,67,&+(
),/262),((6&,(1=( 3UHVLGHQWH
'(//$ &2081,&$=,21( 3URI( 0DUUD
('(//$ &2126&(1=$
3UHVLGHQWHSURI) &ULVSLQLDGLQWHULP 6725,$
&XERF 3UHVLGHQWH
WHO SURIVVD*'H6HQVL6HVWLWR
3ROLIXQ]LRQDOH
/(77(5( WHO
3UHVLGHQWHSURI$*RVWROL
3ROLIXQ]LRQDOH
WHOHID[
2UJDQL]]D]LRQHGHOOD)DFROWj
'2&(17,
3URIHVVRULRUGLQDULHVWUDRUGLQDUL
'LSDUWLPHQWR
3URIHVVRULDVVRFLDWL
'LSDUWLPHQWR
2UJDQL]]D]LRQHGHOOD)DFROWj
2UJDQL]]D]LRQHGHOOD)DFROWj
5LFHUFDWRUL
**%(//86&,2 /LQJXLVWLFD
5%21',· )LORVRILD
)0&$&&,$725( )LORVRILD
0&$/,*,85, 6F(GXF
*&$3,7(//, $UFKHVWDUWL
&+&+(9$//,(5&+$0%(7 /LQJXLVWLFD
$&21&2/,120$1&,1, )LORORJLD
$'·$75, )LORVRILD
*)(55$5, /LQJXLVWLFD
))(55(77, )LORVRILD
2UJDQL]]D]LRQHGHOOD)DFROWj
2)82&2 )LORORJLD
**8(55,(52 6F(GXFD]
0,175,(5, 6WRULD
(-266$ /LQJXLVWLFD
$/$ 0$5&$ $UFKHVWDUWL
*/,*825, )LORVRILD
*/2&$6752 )LORORJLD
)0$&)$''(1 /LQJXLVWLFD
*0$&&$521, )LORVRILD
6021'$ )LORORJLD
5025521( )LORORJLD
53(55277$ 6WRULD
&3,9$ /LQJXLVWLFD
/520,72 /LQJXLVWLFD
*62/( )LORORJLD
$7$/,$12*5$662 $UFKHVWDUWL
$9$&&$52 6WRULD
)9$/$&&+, /LQJXLVWLFD
$=80%2 6WRULD
$VVLVWHQWLRUGLQDUL
3)%(//,1(//2 6WRULD
5DSSUHVHQWDQWLGHJOLVWXGHQWLLQ&RQVLJOLRGL)DFROWj
HPDLOV
2UJDQL]]D]LRQHGHOOD)DFROWj
3(5621$/(7(&1,&2$00,1,675$7,92
3UHI
2UJDQL]]D]LRQHGHOOD)DFROWj
&$/(1'$5,2'(//($77,9,7$&&$'(0,&+(
/H]LRQL
/·DQQRDFFDGHPLFRVLDUWLFRODLQTXDWWURSHULRGLGLGDWWLFLGLXJXDOHGXUDWD
3ULPRSHULRGRRWWREUHQRYHPEUHJLRUQL
,QWHUUX]LRQHSHUDFFHUWDPHQWL
QRYHPEUHGLFHPEUHJLRUQL
7HU]RSHULRGRPDU]RDSULOHJLRUQL
,QWHUUX]LRQHSHUDFFHUWDPHQWL
DSULOHPDJJLRJLRUQL
$SSHOOLHVDPLVWXGHQWLIXRULFRUVRXOWLPDGHFDGHGLJHQQDLRHGDSULOH
9DFDQ]HGL1DWDOH GLFHPEUHJHQQDLR
YDFDQ]HGL3DVTXD DSULOHDSULOH
)HVWDGH6DQWR3DWURQR IHEEUDLR
&23(5785$ ,16(*1$0(17,6&23(57,$$
,QVHJQDPHQWR &U92 &U12 &RUVRGL/DXUHD 7LSRGLFRSHUWXUD 'RFHQWH'LVFLSOLQD
3URWRVWRULDHXURSHD &RQV%HQL&XOWXUDOL PXWXD]LRQH (WUXVFRORJLD$UFKHRORJLD
GHOO·(WUXULD
,QVHJQDPHQWL
,QVHJQDPHQWR &U92 &U12 &RUVRGL/DXUHD 7LSRGLFRSHUWXUD 'RFHQWH'LVFLSOLQD
6WRULDHPHWRGLGLDQDOLVLGHOO·DUFKLWHWWXUD 'DPV FRQWUDWWR (/XSLQDFFL
6WRULDURPDQD 'DPV DIILGDPHQWR 3&DYXRWR
,QVHJQDPHQWL
,QVHJQDPHQWR &U92 &U12 &RUVRGL/DXUHD 7LSRGLFRSHUWXUD 'RFHQWH'LVFLSOLQD
0HWRGRORJLDGHOOHVFLHQ]HVRFLDOL )LORVRILD)LO6F&RP&RQ FRQWUDWWR )3DORPEL
1HXURVFLHQ]H )LORVRILD)LO6F&RP&RQ FRQWUDWWR 7=DOOD
,QVHJQDPHQWL
,QVHJQDPHQWR &U92 &U12 &RUVRGL/DXUHD 7LSRGLFRSHUWXUD 'RFHQWH'LVFLSOLQD
6HPLQDULRGLWLURFLQLRJLRUQDOLVPRVXFDUWD )LORV
6FLHQ]H&RP&RQRVF FRQWUH[WUDDFF
,QVHJQDPHQWL
6HPLQDULRGLWLURFLQLRJLRUQDOLVPRVXUHWH )LORV
6FLHQ]H&RP&RQRVF FRQWUH[WUDDFF
6HPLQDULRGLWLURFLQLRJLRUQDOLVPRWHOHYLVLYR )LORV
6FLHQ]H&RP&RQRVF FRQWUH[WUDDFF
6HPLQDULRGLWLURFLQLRSXEEOLFLWj )LORV
6FLHQ]H&RP&RQRVF FRQWUH[WUDDFF
6HPLQDULRGLWLURFLQLRZHEHGLWLQJ )LORV
6FLHQ]H&RP&RQRVF FRQWUH[WUDDFF
$QWURSRORJLDUHOLJLRVD /HWWHUH DIILGDPHQWR *6ROH
&ULWLFDOHWWHUDULDLWDOLDQD /HWWHUH PXWXD]LRQH 6WRULDGHOODFULWLFD
OHWWHUDULDLWDOLDQD
(WQRORJLDGHOOHFXOWXUHPHGLWHUUDQHH /HWWHUH DIILGDPHQWR 97HWL
)LORORJLDEL]DQWLQD /HWWHUH VXSSOHQ]D $0,HUDFL%LR
)LORORJLDJUHFD /HWWHUH FRQWUDWWR $(UFRODQL
)LORORJLDLWDOLDQD /HWWHUH PXWXD]LRQH 6WRULDGHOODOLQJXDLWDOLDQD
*HRJUDILDGHOORVYLOXSSRVRVWHQLELOH /HWWHUH DIILGDPHQWR 3*DJOLDUGR
*HRJUDILDSROLWLFDHGHFRQRPLFD /HWWHUH FRQWUDWWR
*UDPPDWLFDJUHFD /HWWHUH PXWXD]LRQH 6WRULDGHOODOLQJXDJUHFD
,QIRUPDWLFD /HWWHUH DIILGDPHQWR
,WDOLDQRVFULWWR, /HWWHUH DIILGDPHQWR 10HUROD
,WDOLDQRVFULWWR,, /HWWHUH DIILGDPHQWR 10HUROD
/HWWHUDWXUDLWDOLDQDSULPDDQQXDOLWj /HWWHUH PXWXD]LRQH /HWWHUDWXUDLWDOPHGLHYDOH
/HWWHUDWXUDLWDOLDQDVHFRQGDDQQXDOLWj /HWWHUH PXWXD]LRQH 7HRULDGHOODOHWWHUDWXUD
/HWWHUDWXUDLWDOLDQDPRGHFRQW /HWWHUH FRQWUDWWR $%HUDUGLQHOOL
/HWWHUDWXUDODWLQDPHGLHYDOH /HWWHUH DIILGDPHQWR %&ODXVL
/LQJXDODWLQD /HWWHUH DIILGDPHQWR 60RQGD
3DOHRJUDILDJUHFD /HWWHUH DIILGDPHQWR $&RQFROLQR0DQFLQL
,QVHJQDPHQWR &U92 &U12 &RUVRGL/DXUHD 7LSRGLFRSHUWXUD 'RFHQWH'LVFLSOLQD
3VLFRORJLDGHOO·HGXFD]LRQH /HWWHUH FRQWUDWWR *0RVWDUG
3VLFRORJLDJHQHUDOH /HWWHUH DIILGDPHQWR 3$%HUWDFFKLQL
6HPLQDULRGLOLQJXDHOHWWHUDWXUDJUHFD /HWWHUH FRQWUDWWR 0*LRUGDQR
6WLOLVWLFDHPHWULFDLWDOLDQD /HWWHUH PXWXD]LRQH /HWWHUDWXUDLWDOPHGLHYDOH
6WRULDGHOODFULWLFDOHWWHUDULDLWDOLDQD /HWWHUH PXWXD]LRQH /HWWHUDWXUDLWDOLDQDPRG
HFRQW&RUVLGL
/DXUHDLQ/LQJXH
6WRULDGHOODOLQJXDJUHFD /HWWHUH DIILGDPHQWR 50RUURQH
6WRULDGHOODOLQJXDLWDOLDQD /HWWHUH VXSSOHQ]D /&DVVDWD
6WRULDGHOODOLQJXDODWLQD /HWWHUH PXWXD]LRQH )LORORJLDODWLQD
'LDOHWWLDOEDQHVLGHOO·,WDOLDPHULGLRQDOH /LQJXHH&XOWXUH0RGHUQH DIILGDPHQWR *%HOOXVFLR
'LGDWWLFDGHOODOLQJXDLWDOLDQD /LQJXHH&XOWXUH0RGHUQH PXWXD]LRQH 'LGDWWLFDGHOOHOLQJXH
VWUDQLHUHPRGHUQH
'LGDWWLFDGHOOHOLQJXHVWUDQLHUHPRGHUQH /LQJXHH&XOWXUH0RGHUQH DIILGDPHQWR &3LYD
(WQROLQJXLVWLFD /LQJXHH&XOWXUH0RGHUQH DIILGDPHQWR -7UXPSHU
)LORORJLDHOLQJXLVWLFDLQIRUPDWLFD /LQJXHH&XOWXUH0RGHUQH PXWXD]LRQH GD,QIRUPDWLFDDSSOLFDWD
DOOHVFLHQ]HXPDQH
)LORORJLDJHUPDQLFD /LQJXHH&XOWXUH0RGHUQH VXSSOHQ]D
)RQHWLFDHIRQRORJLD /LQJXHH&XOWXUH0RGHUQH DIILGDPHQWR /5RPLWR
/HWWHUDWXUDIUDQFHVH, /LQJXHH&XOWXUH0RGHUQH PXWXD]LRQH /HWWHUDWXUHIUDQFRIRQH
/HWWHUDWXUDIUDQFHVH,, /LQJXHH&XOWXUH0RGHUQH PXWXD]LRQH /LQJXDIUDQFHVH0DUFKHWWL
/HWWHUDWXUDIUDQFHVH,,, /LQJXHH&XOWXUH0RGHUQH PXWXD]LRQH /LQJXDHOHWWHUDWXUD
IUDQFHVH9DQKHVH
/HWWHUDWXUDLQJOHVH, /LQJXHH&XOWXUH0RGHUQH FRQWUDWWR )3HUQD
/HWWHUDWXUDLQJOHVH,, /LQJXHH&XOWXUH0RGHUQH FRQWUDWWR %DQGRFRQWUDWWR
/HWWHUDWXUDLQJOHVH,,, /LQJXHH&XOWXUH0RGHUQH PXWXD]LRQH GD/LQJXDHOHWWHUDWXUD
LQJOHVH,,,H,9
/HWWHUDWXUDLWDOLDQD /LQJXHH&XOWXUH0RGHUQH PXWXD]LRQH /HWWHUDWXUDLWDOLDQDPRG
HFRQW&9HUEDUR
,QVHJQDPHQWL
,QVHJQDPHQWR &U92 &U12 &RUVRGL/DXUHD 7LSRGLFRSHUWXUD 'RFHQWH'LVFLSOLQD
/HWWHUDWXUDWHGHVFD,H,, /LQJXHH&XOWXUH0RGHUQH DIILGDPHQWR *3LQQD
/HWWHUDWXUHFRPSDUDWH /LQJXHH&XOWXUH0RGHUQH DIILGDPHQWR *9DQKHVH
,QVHJQDPHQWL
,QVHJQDPHQWR &U92 &U12 &RUVRGL/DXUHD 7LSRGLFRSHUWXUD 'RFHQWH'LVFLSOLQD
/HWWHUDWXUDWHGHVFD,, 0HGLD]LRQH/LQJXLVWLFD FRQWUDWWR )/D0DQQD
/HWWHUDWXUDWHGHVFD,,, 0HGLD]LRQH/LQJXLVWLFD FRQWUDWWR )/D0DQQD
,QVHJQDPHQWL
/HWWHUDWXUHSRUWRJKHVHHEUDVLO
/LQJXDHWUDGSRUWRJKHVH 0HGLD]LRQH/LQJXLVWLFD FRQWUDWWR 1/RQJR
/HWWRUDWRG·LWDOLDQR 0HGLD]LRQH/LQJXLVWLFD PXWXD]LRQH ,WDOLDQR6FULWWR
/LQJXDHWUDGX]LRQHWHGHVFD, 0HGLD]LRQH/LQJXLVWLFD PXWXD]LRQH GD&RUVRGL/DXUHDLQ
/LQJXHH&XOWXUH0RGHUQH
/LQJXDHWUDGX]LRQHWHGHVFD,, 0HGLD]LRQH/LQJXLVWLFD PXWXD]LRQH GD&RUVRGL/DXUHDLQ
/LQJXHH&XOWXUH0RGHUQH
/LQJXDHWUDGX]LRQHWHGHVFD,,, 0HGLD]LRQH/LQJXLVWLFD PXWXD]LRQH GD&RUVRGL/DXUHDLQ
/LQJXHH&XOWXUH0RGHUQH
/LQJXDHOHWWHUDWXUDDOEDQHVH 0HGLD]LRQH/LQJXLVWLFD PXWXD]LRQH GD&RUVRGL/DXUHDLQ
/LQJXHH&XOWXUH0RGHUQH
/LQJXDHOHWWHUDWXUDDUDED 0HGLD]LRQH/LQJXLVWLFD FRQWUDWWR 20DUUD
/LQJXDHOHWWHUDWXUDURPHQD 0HGLD]LRQH/LQJXLVWLFD PXWXD]LRQH GD&RUVRGL/DXUHDLQ
/LQJXHH&XOWXUH0RGHUQH
/LQJXDHWUDGX]LRQHIUDQFHVH, 0HGLD]LRQH/LQJXLVWLFD DIILGDPHQWR *)HUUDUL
/LQJXDHWUDGX]LRQHIUDQFHVH,, 0HGLD]LRQH/LQJXLVWLFD DIILGDPHQWR 5/DXJLHU
/LQJXDHWUDGX]LRQHIUDQFHVH,,, 0HGLD]LRQH/LQJXLVWLFD PXWXD]LRQH /LQJXDIUDQFHVH0DUFKHWWL
/LQJXDHWUDGX]LRQHLQJOHVH, 0HGLD]LRQH/LQJXLVWLFD FRQWUDWWR 52JJHUR
/LQJXDHWUDGX]LRQHLQJOHVH,, 0HGLD]LRQH/LQJXLVWLFD FRQWUDWWR 52JJHUR
/LQJXDHWUDGX]LRQHLQJOHVH,,, 0HGLD]LRQH/LQJXLVWLFD FRQWUDWWR 52JJHUR
/LQJXDHWUDGX]LRQHVSDJQROD, 0HGLD]LRQH/LQJXLVWLFD DIILGDPHQWR -0$UFHOXV8OLEDUUHQD
/LQJXDHWUDGX]LRQHVSDJQROD,, 0HGLD]LRQH/LQJXLVWLFD DIILGDPHQWR -0$UFHOXV8OLEDUUHQD
/LQJXDHWUDGX]LRQHVSDJQROD,,, 0HGLD]LRQH/LQJXLVWLFD DIILGDPHQWR -0$UFHOXV8OLEDUUHQD
0DUNHWLQJ 0HGLD]LRQH/LQJXLVWLFD PXWXD]LRQH (FRQRPLDSROLWLFD
0RGXORGLOLQJXLVWLFD 0HGLD]LRQH/LQJXLVWLFD DIILGDPHQWR -7UXPSHU
3HGDJRJLDLQWHUFXOWXUDOH 0HGLD]LRQH/LQJXLVWLFD PXWXD]LRQH 3HGDJRJLDLQWHUFXOWXUDOH
6SDGDIRUD
,QVHJQDPHQWR &U92 &U12 &RUVRGL/DXUHD 7LSRGLFRSHUWXUD 'RFHQWH'LVFLSOLQD
6WRULDFRQWHPSRUDQHD 0HGLD]LRQH/LQJXLVWLFD PXWXD]LRQH GD&RUVRGL/DXUHDLQ
6WRULD
6WRULDGHOODOLQJXDWHGHVFD 0HGLD]LRQH/LQJXLVWLFD DIILGDPHQWR &0RULQL
6WRULDGHOO·DUWHPRGHUQD 0HGLD]LRQH/LQJXLVWLFD FRQWUDWWR %DQGRFRQWUDWWR
6WRULDGHOOHWUDGL]LRQLSRSRODUL 0HGLD]LRQH/LQJXLVWLFD DIILGDPHQWR 2&DYDOFDQWL
6WRULDPRGHUQD 0HGLD]LRQH/LQJXLVWLFD PXWXD]LRQH GD&RUVRGL/DXUHDLQ
6WRULD
$QWURSRORJLDFXOWXUDOH 6FLHQ]H(GXFD]LRQH DIILGDPHQWR &3LWWR
'LGDWWLFDGHOODOLQJXDLWDOLDQD 6FLHQ]H(GXFD]LRQH PXWXD]LRQH GD&RUVRGL/DXUHD
LQ6FLHQ]H)RUPD]
3ULPDULD
(GXFD]LRQHGHJOLDGXOWL 6FLHQ]H(GXFD]LRQH DIILGDPHQWR **XHUULHUR
(WLFDVRFLDOH 6FLHQ]H(GXFD]LRQH DIILGDPHQWR 3&RORQQHOOR
(WQROLQJXLVWLFD 6FLHQ]H(GXFD]LRQH PXWXD]LRQH GD&RUVRGL/DXUHDLQ
/LQJXHH&XOWXUH0RGHUQH
)LVLRORJLD 6FLHQ]H(GXFD]LRQH FRQWUDWWR 6,PEURJQR
,FRQRJUDILDWHDWUDOH 6FLHQ]H(GXFD]LRQH PXWXD]LRQH GD&RUVRGL/DXUHDLQ
'DPV
,QIRUPDWLFDJHQHUDOH, 6FLHQ]H(GXFD]LRQH PXWXD]LRQH GD&RUVRGL/DXUHDLQ
/HWWHUH
,QIRUPDWLFDJHQHUDOH,, 6FLHQ]H(GXFD]LRQH PXWXD]LRQH GD&RUVRGL/DXUHDLQ
/HWWHUH
,VWLWX]LRQLGLGLULWWRSULYDWR 6FLHQ]H(GXFD]LRQH PXWXD]LRQH ,VWLWX]LRQLGLGLULWWR
SULYDWR,,
,VWLWX]LRQLGLGLULWWRSULYDWR,, 6FLHQ]H(GXFD]LRQH VXSSOHQ]D %DQGRHVWHUQR
/HWWHUDWXUDLWDOLDQD 6FLHQ]H(GXFD]LRQH PXWXD]LRQH GD&RUVRGL/DXUHDLQ
/HWWHUH
/HWWHUDWXUDSHUO·LQIDQ]LD 6FLHQ]H(GXFD]LRQH DIILGDPHQWR %6HUSH
/LQJXDLQJOHVH 6FLHQ]H(GXFD]LRQH PXWXD]LRQH /LQJXDLQJOHVH,,
,QVHJQDPHQWL
,QVHJQDPHQWR &U92 &U12 &RUVRGL/DXUHD 7LSRGLFRSHUWXUD 'RFHQWH'LVFLSOLQD
/LQJXDLQJOHVH,, 6FLHQ]H(GXFD]LRQH FRQWUDWWR 06FDJOLRQH
3HGDJRJLDGHOODPDUJLQDOLWj 6FLHQ]H(GXFD]LRQH FRQWUDWWR 'H5RVH
,QVHJQDPHQWL
,QVHJQDPHQWR &U92 &U12 &RUVRGL/DXUHD 7LSRGLFRSHUWXUD 'RFHQWH'LVFLSOLQD
(WQRORJLDGHOOHFXOWXUHPHGLWHUUDQHH 6FLHQ]H7XULVWLFKH DIILGDPHQWR 97HWL
(WQRPXVLFRORJLD 6FLHQ]H7XULVWLFKH PXWXD]LRQH GD&RUVRGL/DXUHDLQ
,QVHJQDPHQWL
&RQV%HQL&XOW
0HWRGRORJLDSHUODYDORUL]]D]LRQH
GHLEHQLDUFKHRORJLFL 6FLHQ]H7XULVWLFKH FRQWUDWWR %DQGRFRQWUDWWR
0HWRGRORJLDSHUODYDORUL]]D]LRQH
GHLEHQLDUFKHRORJLFL 6FLHQ]H7XULVWLFKH FRQWUDWWR %DQGRFRQWUDWWR
6WRULDEL]DQWLQD 6FLHQ]H7XULVWLFKH PXWXD]LRQH GD&RUVRGL/DXUHDLQ
6WRULD
6WRULDGHOFULVWLDQHVLPRDQWLFR 6FLHQ]H7XULVWLFKH PXWXD]LRQH GD&RUVRGL/DXUHDLQ
6WRULD
6WRULDGHOWHDWURHGHOORVSHWWDFROR 6FLHQ]H7XULVWLFKH PXWXD]LRQH GD&RUVRGL/DXUHDLQ
'DPV
6WRULDGHOODILORVRILD 6FLHQ]H7XULVWLFKH DIILGDPHQWR 0$OFDUR
6WRULDGHOOD0DJQD*UHFLD 6FLHQ]H7XULVWLFKH DIILGDPHQWR *'H6HQVL6HVWLWR
6WRULDGHOODPXVLFD 6FLHQ]H7XULVWLFKH PXWXD]LRQH 6WRULDGHOODPXVLFD
PHGHULQDVFLP
6WRULDGHOO·DUWHPHGLHYDOH 6FLHQ]H7XULVWLFKH DIILGDPHQWR 03'L'DULR*XLGD
6WRULDGHOO·DUWHPRGHUQD 6FLHQ]H7XULVWLFKH FRQWUDWWR %DQGRFRQWUDWWR
6WRULDGHOOHWUDGL]LRQLSRSRODUL 6FLHQ]H7XULVWLFKH DIILGDPHQWR 2&DYDOFDQWL
6WRULDHFULWLFDGHOFLQHPD
6FLHQ]H7XULVWLFKH PXWXD]LRQH GD&RUVRGL/DXUHDLQ
'DPV
&2562',/$85($ ,1
&216(59$=,21('(,%(1,&8/785$/,
3UHVLGHQWHSURI/6SH]]DIHUUR
,QGLUL]]RGLSRVWDHOHWWURQLFDEHQLFXOWXUDOL#XQLFDOLW
&XERE 3LDQR
6HJUHWDULDVLJQRUD0DULD)LORVD
2UDULRGLDSHUWXUDDOSXEEOLFR/XQHGu9HQHUGuGDOOHRUHDOOHRUH
7HO)D[
,OFRUVRGLVWXGLRLQ&RQVHUYD]LRQHGHL%HQL&XOWXUDOLDIIHULVFHDOODFODVVHGL
ODXUHD ;,,,6FLHQ]HGHL%HQL&XOWXUDOLHGqVYROWRQHOOD)DFROWjGL/HWWHUHH
)LORVRILDFKHLQEDVHDOOHGLVSRVL]LRQLGHOUHJRODPHQWRGLGDWWLFRGHOOD)DFROWj
VWHVVDFRQIHULVFHLOUHODWLYRWLWRORGLVWXGLR
,QVHJQDPHQWL
&RQVHUYD]LRQHGHL%HQL&XOWXUDOL
&RQVHUYD]LRQHGHL%HQL&XOWXUDOL
2ELHWWLYLIRUPDWLYL
DSRVVHGHUHXQDEXRQDIRUPD]LRQHGLEDVHHXQDPSLRVSHWWURGLFRQR
VFHQ]HHFRPSHWHQ]HQHLYDULVHWWRULGHLEHQLFXOWXUDOLSDWULPRQLRDUFKHRORJL
FRVWRULFRDUWLVWLFRHPXVLFDOHVXOODOHJLVOD]LRQHUHODWLYDQRQFKpVXOOHSUR
EOHPDWLFKHFRQFHUQHQWLOHDWWLYLWjHVHUYL]LFXOWXUDOL
E HVVHUH LQ JUDGR GL XWLOL]]DUH L SULQFLSDOL VWUXPHQWL LQIRUPDWLFL H GHOOD
FRPXQLFD]LRQHWHOHPDWLFDQHJOLDPELWLVSHFLILFLGLFRPSHWHQ]D
FHVVHUHLQJUDGRGLXWLOL]]DUHDOPHQRGXHOLQJXHGHOO·8QLRQH(XURSHD
ROWUHO·LWDOLDQRQHOO·DPELWRVSHFLILFRGLFRPSHWHQ]DHSHUORVFDPELRGLLQIRU
PD]LRQLJHQHUDOLSRVVHGHUHDGHJXDWHFRPSHWHQ]HHVWUXPHQWLSHUODFRPXQL
FD]LRQHHODJHVWLRQHGHOO·LQIRUPD]LRQH
GHVVHUHFDSDFLGLODYRUDUHLQJUXSSRGLRSHUDUHFRQGHILQLWLJUDGLGLDXWR
QRPLDHGLLQVHULUVLSURQWDPHQWHQHJOLDPELHQWLGLODYRUR
,QSDUWLFRODUHLOFRUVRGLODXUHDLQ&RQVHUYD]LRQHGHL%HQLFXOWXUDOLLQWHQ
GHIRUQLUHXQDSUHSDUD]LRQHGLEDVHHSURIHVVLRQDOHSHURSHUDWRULGHOPRQGR
GHOODFRQVHUYD]LRQHHGHOODWXWHODGHLEHQLFXOWXUDOLVWRULFRDUWLVWLFLDUFKHROR
JLFLPXVLFDOLQRQFKpGHOO·HGLWRULDG·DUWHHGHOO·RUJDQL]]D]LRQHGLDWWLYLWjFXO
WXUDOLSUHVVR,VWLWX]LRQLHGHQWLSXEEOLFLHSULYDWL,OFRQVHJXLPHQWRGHOODODXUHD
LQ &RQVHUYD]LRQH GHL %HQL FXOWXUDOL FRQVHQWH DOWUHVu OD SURVHFX]LRQH GHJOL
VWXGL H OD VXFFHVVLYD VSHFLDOL]]D]LRQH SHU DFFHGHUH DL UXROL GLUHWWLYL QHOOH
6RSULQWHQGHQ]H
,FXUULFXODWULHQQDOLSURSRVWLDUFKHRORJLFRVWRULFRDUWLVWLFRPXVLFDOHSXU
SUHYHGHQGR LO FRQVHJXHQWH VERFFR QHOOH ODXUHH VSHFLDOLVWLFKH LQ$UFKHRORJLD
66WRULDGHOO·DUWH&ODVVH6&RQVHUYD]LRQHHUHVWDXURGHOSDWULPRQLR
VWRULFRDUWLVWLFR&ODVVH60XVLFRORJLDH%HQL0XVLFDOL6VRQRPLUDWL
DOODIRUPD]LRQHGLEDVHGLXQRSHUDWRUHGHL%HQL&XOWXUDOLDWWLYRDOO·LQWHUQRGHJOL
RUJDQLGLWXWHODFHQWUDOLSHULIHULFL6RSULQWHQGHQ]H0XVHL,VWLWXWL&XOWXUDOLH
ORFDOLGLOLYHOORTXDOLILFDWRDQFRUFKpGLYHUVRGDTXHOORULFKLHVWRSHULUXROLGLUL
JHQ]LDOLFXLVLDFFHGHWXWWRUDVRORVHLQSRVVHVVRGHOGLSORPDGLVSHFLDOL]]D]LRQH
SRVWODXUHD6LSHQVDDILJXUHTXDOLTXHOODRJJLDVVDLULFKLHVWDGHOO·DVVLVWHQWHGL
VFDYRHGHOO·LVWUXWWRUHPXVHDOHLQJUDGRGLFROODERUDUHDOODSURJHWWD]LRQHGHOOH
DWWLYLWj GL UHVWDXUR DOO·RUJDQL]]D]LRQH GL DWWLYLWj VFLHQWLILFKH ILQDOL]]DWH DOOD
YDORUL]]D]LRQHHQHOFDPSRGHOOHLQWHUUHOD]LRQLWUDSXEEOLFRHSULYDWRFRPXQL
FD]LRQHDQWLTXDULDWRHWF$OWUDILJXUDSURIHVVLRQDOHqTXHOODGHOO·DGGHWWRDOOD
VFKHGDWXUDRVVLDGLTXHOO·RSHUDWRUHLQJUDGRGLLQYHQWDULDUHFODVVLILFDUHVFKH
GDUHLOSDWULPRQLRGLFKLHVHPXVHLFROOH]LRQLSXEEOLFKHHSULYDWH
3URYDGLLQJUHVVR
,OFRUVRGLODXUHDLQFRQVHUYD]LRQHGHLEHQLFXOWXUDOLSUHYHGHXQDSURYD
VFULWWDFKHDFFHUWLLOOLYHOORGLFXOWXUDJHQHUDOHGHOQHRLVFULWWRLQSDUWLFRODUH
&RQVHUYD]LRQHGHL%HQL&XOWXUDOL
$UWLFROD]LRQHLQPRGXOLGHLFRUVLGLLQVHJQDPHQWR
/HDWWLYLWjIRUPDWLYHVRQRDUWLFRODWHLQWUHFXUULFXOD
$$UFKHRORJLFR
%6WRULFRDUWLVWLFR
&%HQLPXVLFDOL
,OFRUVRGLODXUHDLQ&RQVHUYD]LRQHGHL%HQL&XOWXUDOLKDGXUDWDWULHQQDOH
/·RUJDQL]]D]LRQHGLGDWWLFDGHO&RUVRGLODXUHDqVXPXOWLSOLWULPHVWUDOL/·DQQR
DFFDGHPLFRqGLYLVRLQTXDWWURSHULRGLGLGDWWLFLLQFLDVFXQRGHLTXDOLVLVYROJRQR
JOLLQVHJQDPHQWLLVHPLQDULOHHVHUFLWD]LRQLODIUHTXHQ]DDLODERUDWRULHDOOHDOWUH
DWWLYLWj IRUPDWLYH SUHYLVWH GDOO·2UGLQDPHQWR FRQ LQWHUFDODWL VHPHVWUDOPHQWH L
SHULRGLGLHVDPHGLSURILWWRHRYHULILFDHGLODXUHDLQDFFRUGRFRQLOFDOHQGDULR
VWDELOLWRGDOO·$WHQHRHGDOOD)DFROWjGL/HWWHUHH)LORVRILD,FRUVLVLDUWLFRODQRLQ
PRGXOLFRPSRVWLGDRSLFUHGLWL2JQLFUHGLWRIRUPDWLYRFRUULVSRQGHDRUHGL
OH]LRQHIURQWDOL8QPRGXORGL&)8FRUULVSRQGHDRUHGLOH]LRQH
/·DWWLYLWjQRUPDOHGHOORVWXGHQWHFRUULVSRQGHDOFRQVHJXLPHQWRGLFLUFD
FUHGLWLDOO·DQQRHVLDUWLFRODLQTXDWWURWULPHVWULSHURJQLDQQRGLFRUVR/RVWX
GHQWHFKHDEELDFRPXQTXHRWWHQXWRFUHGLWLDGHPSLHQGRDWXWWRTXDQWRSUH
YLVWRGDOODVWUXWWXUDGLGDWWLFDSXzVRWWRSRUVLDOOD3URYDILQDOHHRWWHQHUHLFUHGLWL
UHODWLYLDWDOHSURYDHSHUWDQWRFRQVHJXLUHLOWLWRORDQFKHSULPDGHOODVFDGHQ]D
WULHQQDOH
)UHTXHQ]D
/DIUHTXHQ]DGHLFRUVLqREEOLJDWRULD2JQLGRFHQWHODYHULILFKHUjVHFRQGR
OHSURSULHPRGDOLWj/DVRJOLDPLQLPDGLIUHTXHQ]HqGHO6RORLQSRVVHVVR
GHOODILUPDGLIUHTXHQ]DVDUjSRVVLELOHVRVWHQHUHODYDOXWD]LRQHGLSURILWWR
9HULILFDGHOSURILWWR
3HULFRUVLGLLQVHJQDPHQWRODYHULILFDGHOSURILWWRSXzDYYHQLUHRFRQXQD
SURYDRUDOHRVFULWWDDOODILQHGHOFRUVRHFRQXQDVHFRQGDSURYDRUDOHRVFULW
WDDOODILQHGHOVHFRQGRRTXDUWRWULPHVWUHRSSXUHVRORFRQXQDSURYDRUDOHR
VFULWWDDOODILQHGHOVHFRQGRRTXDUWRWULPHVWUH/·HVDPHSHURJQLLQVHJQDPHQ
WRSXzHVVHUHFRVWLWXLWRGDXQDSURYDVFULWWDHRGDXQDRUDOH
&RQVHUYD]LRQHGHL%HQL&XOWXUDOL
3HULFRUVLGLODERUDWRULRHTXHOOLGLHVFOXVLYDDWWLYLWjVHPLQDULDOHODYHULIL
FDGHOO·DSSUHQGLPHQWRSXzDYYHQLUHDQFKHLQEDVHDOOHUHOD]LRQLFKHORVWXGHQ
WHGHYHFRQVHJQDUHGRSRRJQLVLQJRODDWWLYLWj
/·DFFUHGLWDPHQWR GHL &)8 H OD GHILQL]LRQH GHO YRWR DYYLHQH D VHJXLWR
GHOO·HVLWRSRVLWLYRGHOO·HVDPHSHUODYHULILFDILQDOHGHOO·DSSUHQGLPHQWRFKHVL
HIIHWWXHUjSHUXQLWjGLGDWWLFDRJUXSSLGLXQLWjGLGDWWLFKHRPRJHQHHDOODILQH
GHOVHFRQGRHGHOTXDUWRWULPHVWUHQHOSHULRGRGHILQLWRGDOOD)DFROWj3HUL
FRUVLGLODERUDWRULRHTXHOOLGLHVFOXVLYDDWWLYLWjVHPLQDULDOHSHULTXDOLODIUH
TXHQ]DqREEOLJDWRULDO·DFFUHGLWDPHQWRGHL&)8SXzDYYHQLUHDQFKHLQEDVH
D GLIIHUHQWL PRGDOLWj GL YHULILFD GHOO·DSSUHQGLPHQWR TXDOL UHOD]LRQL LQGLYL
GXDOL SUHVHQWDWH GRSR OR VYROJLPHQWR GHOOH VLQJROH DWWLYLWj R GL XQD SURYD
ILQDOHFRQUHODWLYDUHOD]LRQH/DSDUWHFLSD]LRQHDOOHSURYHLQLWLQHUHHODUHGD
]LRQH GHOOH UHOD]LRQL SRVVRQR HVVHUH FRQGL]LRQL QHFHVVDULH SHU O·DFFUHGLWD
PHQWRGHL&)8,FRUVLGLODERUDWRULRHTXHOOLGLHVFOXVLYDDWWLYLWjVHPLQDULDOH
QRQSUHYHGRQRXQHVDPHILQDOHFRQYRWRPDVRORO·DFFUHGLWDPHQWRGHLUHODWL
YL&)8SUHYLVWL
/H&RPPLVVLRQLSHUODYDOXWD]LRQHGHOSURILWWRYHGLDUWLFRORGHO5HJR
ODPHQWRGLGDWWLFRG·$WHQHRVRQRFRPSRVWHGDPHPEULHVRQRQRPLQDWHGDO
3UHVLGHQWHGHO&RUVRGL/DXUHDDOO·LQL]LRGHOO·DQQRDFFDGHPLFR
4XDGURJHQHUDOHGHOOHDWWLYLWjIRUPDWLYHHFUHGLWLDGHVVHDVVHJQDWL
/HDWWLYLWjIRUPDWLYHSUHYLVWHVDUDQQRHVSOHWDWHVRWWRIRUPDGLFRUVLDWWL
YLWjGLODERUDWRULRVHPLQDULWLURFLQLVWDJHVHDOWUHWLSRORJLHFKHSRVVRQRYDULD
UHDVHFRQGDGHO&XUULFXOXPGLULIHULPHQWR
3HULFRUVLRJQLFUHGLWRFRUULVSRQGHGLQRUPDDRUHGLGLGDWWLFDIURQWDOH
FRPSUHQVLYHGLHYHQWXDOLSDUWLGLDWWLYLWjVHPLQDULDOHGLHVHUFLWD]LRQLOH]LRQL
IXRULVHGHHVWXGLRJXLGDWR
3HULFRUVLGLODERUDWRULRHSHUTXHOOLGLHVFOXVLYDDWWLYLWjVHPLQDULDOHRJQL
FUHGLWRFRUULVSRQGHGLQRUPDDRUHFRPSRVWHGDGLGDWWLFDIURQWDOHHVHUFLWD
]LRQLSUDWLFKHDWWLYLWjVHPLQDULDOHOH]LRQLIXRULVHGHHDOWUHDWWLYLWjFKHGLYROWD
LQYROWDVDUDQQRVSHFLILFDWHLQVHGHGLSURJUDPPD]LRQHGLGDWWLFDDQQXDOH
3HUOHDWWLYLWjUHODWLYHDOODFRQRVFHQ]DGHOOHOLQJXHVWUDQLHUHDOO·LQIRUPDWL
FDGLEDVHDJOLVWDJHVWLURFLQLVFDYLHTXDQWRSUHYLVWRGDOODSURJUDPPD]LRQH
GLGDWWLFDDQQXDOHDOODSURYDILQDOHRJQLFUHGLWRFRUULVSRQGHDRUHGLDWWLYLWj
SURSULDGHOORVWXGHQWH
7LSRORJLDGHOOHDWWLYLWjIRUPDWLYHHDWWLYLWjGLGDWWLFKH
/·LPSLDQWRIRUPDWLYRFRPXQHHGRPRJHQHRqFRVWLWXLWRGD
DXQDEDVHGLIRUPD]LRQHFXOWXUDOHJHQHUDOHGLFDUDWWHUHVLDOHWWHUDULRVWR
ULFRFKHILORVRILFR
&RQVHUYD]LRQHGHL%HQL&XOWXUDOL
3URSHGHXWLFLWj
'LUHJRODTXDQGRXQ&RUVRRXQ·DWWLYLWjGLODERUDWRULRqVXGGLYLVDLQGXH
PRGXOLLOPRGXOR,qSURSHGHXWLFRDOPRGXOR,,/DORJLFDFURQRORJLFRFXOWX
UDOH GHYH LQIRUPDUH OR VWXGLR GHOOH GLVFLSOLQH VWRULFKH SHU HVHPSLR 6WRULD
PHGLHYDOHSUHFHGH6WRULDPRGHUQDHWF«$OWUHSURSHGHXWLFLWjREEOLJDWRULH
HRFRQVLJOLDWHYHUUDQQRLQGLFDWHQHOODSURJUDPPD]LRQHGLGDWWLFDDQQXDOH1HO
FDVRGHLODERUDWRULHGHOOHHVHUFLWD]LRQLGLPDVVLPDqSURSHGHXWLFRLOSULPR
PRGXORGHO&RUVRGLULIHULPHQWR
3HUFRUVL)RUPDWLYL
,QGLUL]]R$UFKHRORJLFR
1HOO·DPELWR GHO &XUULFXOXP$UFKHRORJLFR OR VFRSR q TXHOOR GL IRUPDUH
ODXUHDWLLQJUDGRGLVYROJHUHIXQ]LRQLSURIHVVLRQDOLGLYDULROLYHOORQHOOHDWWLYLWj
GHOOHLVWLWX]LRQLVSHFLILFKHTXDOL6RYULQWHQGHQ]H0XVHL%LEOLRWHFKH$UFKLYL
(QWLORFDOLDOWUL(QWLSXEEOLFLRSULYDWLLQWHUHVVDWLHRFRLQYROWLDYDULRWLWRORLQ
&RQVHUYD]LRQHGHL%HQL&XOWXUDOL
DWWLYLWj VXO WHUULWRULR HFF RSHUDQGR DOO·LQWHUQR GL ODERUDWRUL H QHL FDQWLHUL GL
VFDYRDUFKHRORJLFRHRDUFKLWHWWRQLFRDFTXLVHQGRLGDWLHJHVWHQGRLUHSHUWL
DWWUDYHUVR OD GLDJQRVL GHOOR VWDWR GL FRQVHUYD]LRQH DWWLYDQGRQH O·HYHQWXDOH
UHVWDXURSURYYHGHQGRDOODUHJLVWUD]LRQHHDOWUDWWDPHQWRLQIRUPDWLFRGHLGDWL
UDFFROWL H FROODERUDQGR DOOH DWWLYLWj PXVHDOL H GL YDORUL]]D]LRQH IUXL]LRQH H
JHVWLRQHGHOSDWULPRQLRFXOWXUDOH
3URSHGHXWLFLWj
6LFRQVLJOLDGLVRVWHQHUHJOLHVDPLGL/HWWHUDWXUDLWDOLDQD/HWWHUDWXUDODWL
QD 6WRULD JUHFD 6WRULD URPDQD 6WRULD PHGLHYDOH 6WRULD PRGHUQD HQWUR LO
VHFRQGRDQQRSRVVLELOPHQWHQHOODVXFFHVVLRQHLQGLFDWDQHOSDUDJUDIR´SLDQLGL
VWXGLR FRQVLJOLDWLµ /·HVDPH GL $UFKHRORJLD 0HWRGRORJLD GHOOD ULFHUFD
DUFKHRORJLFD GHYH SUHFHGHUH JOL HVDPL FRPSUHVL QHL VHWWRUL /$17
FRPHJOLHVDPL$UFKHRORJLFLGLULIHULPHQWRQHLVHWWRUL/$17GHYRQR
GLQRUPDULVSHWWDUHODVXFFHVVLRQHFURQRORJLFRFXOWXUDOH*OLHVDPLFRQFRQWH
QXWRLQIRUPDWLFRGHOVHWWRUH,1),QIRUPDWLFDJHQHUDOH%DVLGLGDWLHVLVWH
PL LQIRUPDWLYL H GHO VHWWRUH /$17 $UFKHRORJLD TXDQWLWDWLYD GHYRQR
HVVHUHVRVWHQXWLGLQRUPDQHOO·RUGLQHLQGLFDWRHFRPXQTXHORVWXGHQWHGHYH
DYHUDFTXLVLWRLFUHGLWL&)8UHODWLYLDOO·,QIRUPDWLFDGLEDVH8OWHULRULHYHQ
WXDOLSURSHGHXWLFLWjVDUDQQRLQGLFDWHQHOO·DPELWRGHOODSURJUDPPD]LRQHGLGDW
WLFDDQQXDOH
$',%$6(
'LVFLSOLQHGHOO·DPELHQWHHGHOODQDWXUD
$UFKLWHWWXUDGHOSDHVDJJLR,&$5
/HWWHUDWXUDLWDOLDQD
/HWWHUDWXUDLWDOLDQD/),//(7
'LVFLSOLQHVWRULFKH
6WRULD*UHFD/$17
6WRULD5RPDQD/$17
6WRULD%L]DQWLQD/),//(7
6WRULD0HGLRHYDOH0672
%&$5$77(5,==$17,
%HQLVWRULFRDUWLVWLFLHDUFKHRORJLFL
1XPLVPDWLFD/$17
7RSRJUDILD/$17
6WRULDGHOO·$UFKLWHWWXUD,&$5
0HWRGRORJLDH7HFQLFKHGHOOD5LFHUFD$UFKHRORJLFD/$17
3URWRVWRULDHXURSHD/$17
&RQVHUYD]LRQHGHL%HQL&XOWXUDOL
$UFKHRORJLDGHOO·(WUXULD/$17
$UFKHRORJLDH6WRULDGHOO·$UWH*UHFD/$17
$UFKHRORJLDH6WRULDGHOO·$UWH5RPDQD/$17
$UFKHRORJLDGHOOD0DJQD*UHFLD/$17
$UFKHRORJLDGHOOH3URYLQFLH5RPDQH/$17
$UFKHRORJLDHVWRULDGHOO·DUWHWDUGRDQWLFD/$17
$UFKHRORJLD&ULVWLDQD/$17
$UFKHRORJLD0HGLRHYDOH/$17
,FRQRJUDILD&ULVWLDQD/$17
6WRULDGHOOH7HFQLFKH$UWLVWLFKH$QWLFKH/$17RSSXUH/$17
6HPLQDULGL%HQLVWRULFLDUWLVWLFLHDUFKHRORJLFL
(VHUFLWD]LRQLGL%HQLVWRULFLDUWLVWLFLHDUFKHRORJLFL,
(VHUFLWD]LRQLGL%HQLVWRULFLDUWLVWLFLHDUFKHRORJLFL,,
%HQLDUFKLYLVWLFLHOLEUDUL
8QRRSLPDWHULHDVFHOWDWUDTXHOOHFRPSUHVHQHOUDJJUXSSDPHQWR
GL%HQLDUFKLYLVWLFLHOLEUDUL
0672$UFKLYLVWLFDELEOLRJUDILDHELEOLRWHFRQRPLDRSSXUH
/$173DSLURORJLD
06723DOHRJUDILD
/HJLVOD]LRQHGHLEHQLFXOWXUDOL
8QDRSLPDWHULHDVFHOWDWUDTXHOOHFRPSUHVHQHOUDJJUXSSDPHQWR
GL/HJLVOD]LRQHGHL%HQL&XOWXUDOL
,86'LULWWRDPPLQLVWUDWLYR
,86'LULWWRSULYDWR
,86,VWLWX]LRQLGL'LULWWR3XEEOLFR
,86'LULWWRDPPLQLVWUDWLYR
,86'LULWWRGHOO·8QLRQH(XURSHD
'LVFLSOLQHILVLFKH
0HWRGRORJLHILVLFKHSHUL%HQL&XOWXUDOL),6
(VHUFLWD]LRQLGL0HWRGRORJLHILVLFKHSHUL%HQL&XOWXUDOL
'LVFLSOLQHFKLPLFKH
&KLPLFDSHUL%HQL&XOWXUDOL&+,0
(VHUFLWD]LRQLGL&KLPLFDSHUL%HQL&XOWXUDOL
%HQLGHPRDQWURSRORJLFLHDPELHQWDOL
*HRJUDILD0**5
'LVFLSOLQHJHRORJLFKHLQJHQHDUFKLW
5LOLHYRHDQDOLVL7HFQLFDGHL0RQXPHQWL$QWLFKL
,&$5RSSXUH/$17RSSXUH/$17
&RQVHUYD]LRQHGHL%HQL&XOWXUDOL
'$ 6&(/7$
(8/7(5,25,&2126&(1=(/,1*8,67,&+(
$%,/,7$· ,1)250$7,&+(
/LQJXDVWUDQLHUD
$OWUHDWWLYLWj
)$/75(
3URYDILQDOH
7RWDOH&)8
,QGLUL]]R%(1,086,&$/,
1HOO·DPELWRGHO&XUULFXOXP%HQLPXVLFDOLORVFRSRqGLIRUPDUHODXUHDWLLQ
JUDGRGLVYROJHUHIXQ]LRQLSURIHVVLRQDOLGLYDULROLYHOORVLDQHOO·LPSUHVDSULYD
WDHQWLUDGLRWHOHYLVLYLHGLWRULDEXVLQHVVFXOWXUDOHFKHDOO·LQWHUQRGHOOHLVWLWX
]LRQLSUHSRVWHDOODWXWHODGHOSDWULPRQLRTXDOL%LEOLRWHFKH)RQRWHFKH0HGLD
WHFKH$UFKLYL(QWLORFDOLHFFVYROJHQGRDWWLYLWjGLULFHUFDELEOLRJUDILFDFDWD
ORJD]LRQHVFKHGDWXUDHGLYDORUL]]D]LRQHWUDVPLVVLRQHHJHVWLRQHGHOSDWULPR
QLRPHGHVLPR6SHFLILFDDWWHQ]LRQHqULYROWDDOWUDWWDPHQWRLQIRUPDWLFRHPXO
WLPHGLDOHGLWXWWLLWLSLGLGRFXPHQWLPXVLFDOLPDQRVFULWWLDVWDPSDLFRQRJUD
ILFLDXGLRYLVLYLHDOOHSRVVLELOLWjGLJHVWLRQHGHOO·DFFHVVRDWWUDYHUVROHQXRYH
WHFQRORJLH
3URSHGHXWLFLWj
6LFRQVLJOLDGLVRVWHQHUHJOLHVDPLVHFRQGRLOSLDQRGLVWXGLFRQVLJOLDWR
&RQVHUYD]LRQHGHL%HQL&XOWXUDOL
8OWHULRULHYHQWXDOLSURSHGHXWLFLWjVDUDQQRLQGLFDWHQHOO·DPELWRGHOODSURJUDP
PD]LRQHGLGDWWLFDDQQXDOH
3HUFRUVL
/·RVFLOOD]LRQH GHL FUHGLWL FKH JOL VWXGHQWL SRVVRQR DWWULEXLUH DG DOFXQL
HVDPLHLOPDUJLQHGLVFHOWDRS]LRQDOHSHUDOFXQLJUXSSLGLPDWHULHIDVuFKH
YDULRVLDLOQXPHURGHLSHUFRUVLSRVVLELOL1HOODVFHOWDGHOSHUFRUVRJOLVWXGHQWL
GHYRQRULVSHWWDUHOHQRUPHFRQWHQXWHQHOO·2UGLQDPHQWRHQHO5HJRODPHQWR
GHO&RUVRGLODXUHDWHQHUFRQWRGHLFRQVLJOLVRSUDHVSRVWLVFHJOLHUHJOL
HVDPLWUDTXHOOLLQGLFDWLQHOFXUULFXOXPEHQLPXVLFDOLFKHVHJXH
3LDQRGHOOHDWWLYLWjIRUPDWLYHGHOFXUULFXOXPGLVWXGLLQ%(1,086,&$/,
$',%$6( &5(',7,
'LVFLSOLQHVWRULFKH
'XHPRGXOLWUD 6WRULDPHGLHYDOH0672
6WRULDPRGHUQD0672
6WRULDFRQWHPSRUDQHD0672
8QPRGXORWUD6WRULDGHOODILORVRILD0),/
H6WRULDGHOODVFLHQ]DHGHOODWHFQ0672
$ VFHOWDWUDOHGLVFLSOLQHVWRULFKH06720672
06720),/0672
'LVFLSOLQHGHOO·DPELHQWHHGHOODQDWXUD
$UFKLWHWWXUDGHOSDHVDJJLR,&$5
/HWWHUDWXUDLWDOLDQD
'XHPRGXOLWUD/HWWHUDWXUDLWDOLDQD/),//(7
H/HWWHUDWXUDLWDOLDQDFRQWHPSRUDQHD/),//(7
/DERUDWRULVHPLQDULGL/HWWHUDWXUDLWDOLDQD/),//(7
%&$5$77(5,==$17,
%HQLPXVLFDOLFLQHPDWRJUDILFLHWHDWUDOL
6WRULDGHOODPXVLFDPRGHUQDHFRQWHPSRUDQHD/$57
6WRULDGHOODPXVLFDPHGLHYDOHHULQDVFLPHQWDOH/$57
3DOHRJUDILDPXVLFDOH/$57
'UDPPDWXUJLDPXVLFDOH/$57
6WRULDGHJOLVWUXPHQWLPXVLFDOL/$57
,FRQRJUDILDPXVLFDOH/$57
&RQVHUYD]LRQHGHL%HQL&XOWXUDOL
(OHPHQWLGLDUPRQLDHFRQWUDSSXQWR/$57
6WRULDGHOOHWHRULHPXVLFDOL/$57
(WQRPXVLFRORJLD/$57
6WRULDGHOMD]]HGHOURFN/$57
$ VFHOWDWUDOHPDWHULHGHLVHWWRUL/$57H/$57
8QPRGXORGHOVHWWRUH/$57'LVFLSOLQHGHOORVSHWWDFROR
8QPRGXORGHOVHWWRUH/$57&LQHPDIRWRJUDILDHWHOHYLVLRQH
%HQLVWRULFRDUWLVWLFLHDUFKHRORJLFL
8QPRGXORWUD6WRULDGHOO·DUWHPHGLHYDOH,/$57
6WRULDGHOO·DUWHPRGHUQD,/$57
6WRULDGHOO·DUWHFRQWHPS,/$57
0XVHRORJLD/$57
6WRULDHWHRULDDUWLVWLFDGHOUHVWDXUR/$57
%HQLDUFKLYLVWLFLHOLEUDUL
'XHPRGXOLGL$UFKLYLVWLFDELEOLRJUDILDHELEOLRWHFRQRPLD0672
'LVFLSOLQHFKLPLFKH
&KLPLFDGHL%HQL&XOWXUDOL&+,0
/HJLVOD]LRQHGHLEHQLFXOWXUDOL
/HJLVOD]LRQHEHQLFXOWXUDOL,86,86
&$)),1,2,17(*5$7,9(
&LYLOWjDQWLFKHHPHGLHYDOL
/LQJXDHOHWWHUDWXUDODWLQD/),//(7
%HQLGHPRHWQRDQWURSRORJLFL
'XHPRGXOLGL'LVFLSOLQHGHPRHWQRDQWURSRORJLFKH0'($
8QPRGXORWUD6RFLRORJLDGHLSURFHVVLFXOWXUDOLHFRPXQLFDWLYL636
H*ORWWRORJLDHOLQJXLVWLFD//,1
/DERUDWRUL6HPLQDULGL'LVFLSOLQHGHPRHWQRDQWURSRORJLFKH0'($
0DWHULHILVLFKH
)LVLFDDSSOLFDWDDLEHQLFXOWXUDOL),6
7HFQRORJLHGHLEHQLFXOWXUDOL
8QPRGXORGHOUDJJUXSSDPHQWR7HFQRORJLHGHLEHQLFXOWXUDOL
/LQJXDHWUDGX]LRQH//,1R//,1R//,1
/DERUDWRUL
&RQVHUYD]LRQHGHL%HQL&XOWXUDOL
)7LURFLQLR
)3URYDILQDOH
BBBBB
727$/(&)8
3LDQRGHOOHDWWLYLWjIRUPDWLYHGHOFXUULFXOXPGLLQGLUL]]RVWRULFRDUWLVWLFR
1HOO·DPELWRGHO&XUULFXOXP6WRULFRDUWLVWLFRORVFRSRqGLIRUPDUHODXUHDWL
LQJUDGRGLVYROJHUHIXQ]LRQLSURIHVVLRQDOLGLYDULROLYHOORVLDQHOO·LPSUHVDSUL
YDWDFDVHG·DVWHDQWLTXDULHGLWRULDEXVLQHVVFXOWXUDOHFKHDOO·LQWHUQRGHOOH
LVWLWX]LRQL SUHSRVWH DOOD WXWHOD GHO SDWULPRQLR TXDOL 6RSULQWHQGHQ]H 0XVHL
%LEOLRWHFKH$UFKLYL(QWLORFDOLHFFVYROJHQGRDWWLYLWjGLULFHUFDELEOLRJUDIL
FDFDWDORJD]LRQHHVFKHGDWXUDROWUHFKpGLFRQVHUYD]LRQHDLOLYHOOLSLVHPSOL
FLGLGLUH]LRQHHFRQGX]LRQHGHOOHRSHUHGLUHVWDXURHGLYDORUL]]D]LRQHWUD
VPLVVLRQHHJHVWLRQHGHOSDWULPRQLRPHGHVLPR
3URSHGHXWLFLWj
6LFRQVLJOLDGLVRVWHQHUHJOLHVDPLVHFRQGRLOSLDQRGLVWXGLFRQVLJOLDWR
8OWHULRULHYHQWXDOLSURSHGHXWLFLWjVDUDQQRLQGLFDWHQHOO·DPELWRGHOODSURJUDP
PD]LRQHGLGDWWLFDDQQXDOH
3HUFRUVL
/·RVFLOOD]LRQH GHL FUHGLWL FKH JOL VWXGHQWL SRVVRQR DWWULEXLUH DG DOFXQL
HVDPLIDVuFKHYDULRVLDLOQXPHURGHLSHUFRUVLSRVVLELOL1HOODVFHOWDGHOSHU
FRUVRJOLVWXGHQWLGHYRQRULVSHWWDUHOHQRUPHFRQWHQXWHQHOO·2UGLQDPHQWRH
QHO5HJRODPHQWRGHO&RUVRGLODXUHDWHQHUFRQWRGHLFRQVLJOLVRSUDHVSRVWL
VFHJOLHUH JOL HVDPL WUD TXHOOL LQGLFDWL QHO FXUULFXOXP VWRULFRDUWLVWLFR FKH
VHJXH
3LDQRGHOOHDWWLYLWjIRUPDWLYHGHOFXUULFXOXPGLVWXGLRLQ%(1,6725,
&2$57,67,&,
$',%$6( &5(',7,
'LVFLSOLQHVWRULFKH
6WRULDURPDQD/$17
6WRULDEL]DQWLQD/),//(7
6WRULDPHGLHYDOH0672
6WRULDPRGHUQD0672
6WRULDFRQWHPSRUDQHD0672
&RQVHUYD]LRQHGHL%HQL&XOWXUDOL
6WRULDGHOSHQVLHURILORVRILFRHVFLHQWLILFR
6WRULDGHOODILORVRILD0),/
6WRULDGHOODVFLHQ]DHGHOOHWHFQLFKH0672
'LVFLSOLQHGHOO·DPELHQWHHGHOODQDWXUD
$UFKLWHWWXUDGHOSDHVDJJLR,&$5
/HWWHUDWXUDLWDOLDQD
/HWWHUDWXUDLWDOLDQD/),//(7
%&$5$77(5,==$17,
%HQLVWRULFRDUWLVWLFLHDUFKHRORJLFL
$UFKHRORJLDHVWRULDGHOO·DUWHJUHFDHURPDQD/$17
6WRULDGHOO·DUWHPHGLHYDOH,/$57
6WRULDGHOO·DUWHPRGHUQD,/$57
6WRULDGHOO·DUWHFRQWHPS,/$57
0XVHRORJLD,/$57
6WRULDGHOODFULWLFDG·DUWH,/$57
7HRULDHVWRULDGHOUHVWDXUR/$57
,VWLWX]LRQLGLVWRULDGHOO·DUWH
6HWWHPRGXOLGDFUHGLWLDVFHOWDIUD
6WRULDGHOOHWHFQLFKHDUWLVWLFKH/$57
6WRULDGHOO·DUFKLWHWWXUD,&$5
6WRULDGHOGLVHJQRGHOO·LQFLVLRQHHGHOODJUDILFD/$57
6WRULDGHOODPLQLDWXUD/$57/$57
)HQRPHQRORJLDGHJOLVWLOL/$57
/HWWHUDWXUDDUWLVWLFD/$57
6WRULDVRFLDOHGHOO·DUWH/$57
,FRQRJUDILDHLFRQRORJLD/$57/$57
6WRULDFRPSDUDWDGHOO·DUWHGHLSDHVLHXURSHL/$57
6WRULDGHOO·DUWHILDPPLQJDHRODQGHVH/$57
'LDJQRVWLFDSHULEHQLFXOWXUDOL
6WRULDGHOO·XUEDQLVWLFD
6WRULDGHOOHFXOWXUHHGLOL]LHHGHOOHWHFQLFKHFRVWUXWWLYH
0HWRGRORJLDSHUODULFHUFDVWRULFRDUWLVWLFD/$57
'LVFLSOLQHJHRORJLFKHLQJHJQHDUFKLW
'LVHJQR,&$5
%HQLDUFKLYLVWLFLHOLEUDUL
$UFKLYLVWLFD0672R3DOHRJUDILD0672
'LVFLSOLQHFKLPLFKH
&KLPLFDGHL%HQL&XOWXUDOL&+,0
/HJLVOD]LRQHGHLEHQLFXOWXUDOL
&RQVHUYD]LRQHGHL%HQL&XOWXUDOL
/HJLVOD]LRQHGHL%HQL&XOWXUDOL,86
&$)),1,2,17(*5$7,9(
&LYLOWjDQWLFKHHPHGLHYDOL
/LQJXDHOHWWHUDWXUDODWLQD/),//(7
(VHUFLWD]LRQLGLODWLQRFUHGLWL
%HQLGHPRHWQRDQWURSRORJLFL
*HRJUDILD0**5
GXHPRGXOLGDFUHGLWLDVFHOWDIUD
(WQRPXVLFRORJLD/$57
'LVFLSOLQHGHPRHWQRDQWURSRORJLFKH0'($
6WRULDGHOODFXOWXUDPDWHULDOH0'($"
$QWURSRORJLDFXOWXUDOH0'($
6RFLRORJLDGHLSURFHVVLFXOWXUDOLHFRPXQLFDWLYL636
7HRULHHWHFQLFKHGHOODFRPXQLFD]LRQH636
6RFLRORJLDGHOO·DPELHQWHHGHOWHUULWRULR636
0DWHULHILVLFKH
)LVLFDDSSOLFDWDDLEHQLFXOWXUDOL),6
7HFQRORJLHGHLEHQLFXOWXUDOL
8QPRGXORGHOUDJJUXSSDPHQWR7HFQRORJLHGHLEHQLFXOWXUDOL
3,$1,',678',2&216,*/,$7,
'DWD O·RUJDQL]]D]LRQH GHO ODYRUR SUHILJXUDWD LQ TXHVWR FRUVR GL ODXUHD
WULHQQDOHODOLEHUWjGLVFHOWDQHLSLDQLGLVWXGLRqOLPLWDWDDOOHGLVFLSOLQHVHJQDOD
WHFRPH´DVFHOWDµQHOSLDQRGLVWXGLHDOOHPDWHULHSHUVWDWXWRDVFHOWDGHOORVWX
GHQWH$OO·LQL]LRGHOVHFRQGRDQQRGLFRUVRHQWURODILQHGHOSULPRWULPHVWUH
WXWWLJOLVWXGHQWLGHYRQRSUHVHQWDUHXQSLDQRGLVWXGLFRQO·LQGLFD]LRQHGHOOH
VFHOWHFKHLQWHQGRQRIDUHSHULFRUVLFKHSUHYHGRQRSLSRVVLELOLWjHO·LQGLFD]LR
&RQVHUYD]LRQHGHL%HQL&XOWXUDOL
QHGHJOLHVDPLOLEHULFKHLQWHQGRQRVRVWHQHUH4XHVWLSLDQLGLVWXGLRVRQRDXWR
PDWLFDPHQWHDSSURYDWLVHULHQWUDQRQHOOHOLQHHGLRULHQWDPHQWRVXJJHULWHQHO
SDUDJUDIR´SLDQLGLVWXGLRFRQVLJOLDWLµ$QFKHDOWHU]RDQQRGLVWXGLRQRQFKp
SHUJOLVWXGHQWL´IXRULFRUVRµQHJOLDQQLVXFFHVVLYLJOLVWXGHQWLSRVVRQRSUHVHQ
WDUHLOSLDQRGLVWXGLRTXDORUDGHVLGHULQRDSSRUWDUHGHLFDPELDPHQWLDTXHOOL
SUHFHGHQWHPHQWHSUHVHQWDWL7HUPLQLHPRGDOLWjSHUODSUHVHQWD]LRQHVRQRUHVL
QRWLDOO·LQL]LRGHOO·DQQRDFFDGHPLFR,SLDQLGLVWXGLRVRQRVRWWRSRVWLDOO·DS
SURYD]LRQHGLXQD&RPPLVVLRQHFRPSRVWDGDWUHPHPEULQRPLQDWDGDO3UHVL
GHQWHGHOFRUVRGLODXUHD
4XLGLVHJXLWRYHQJRQRSUHVHQWDWLLSLDQLGLGDWWLFLGHLWUHSURILOLFXUULFXODUL
GHO&RUVRGLODXUHDLQ&RQVHUYD]LRQHGHLEHQLFXOWXUDOLULIHULWLDOSULPRDQQR
(YHQWXDOLPRGLILFKHGRYXWHDJOLRUDULGHLFRUVLHDOODORURRUJDQL]]D]LRQHQHO
O·DUFRGHLTXDWWURSHULRGLGLGDWWLFLVDUDQQRFRPXQLFDWHDOO·LQL]LRGLRJQLSHULR
GRHDIILVVHSUHVVROD6HJUHWHULDGHO&RUVRGLODXUHD
&XUULFXOXPDUFKHRORJLFR
,DQQRGLFRUVR FUHGLWL
,WULPHVWUHFUHGLWL
6WRULD*UHFD,
/LQJXDVWUDQLHUD
1XPLVPDWLFD
7RSRJUDILD
,,WULPHVWUHFUHGLWL
6WRULD*UHFD,,
6WRULD5RPDQD,
5LOLHYRHDQDOLVL7HFQLFDGHL0RQXPHQWL$QWLFKL
2SSXUH
6WRULDGHOO·$UFKLWHWWXUD
0HWRGRORJLDH7HFQLFKHGHOOD5LFHUFD$UFKHRORJLFD
,,,WULPHVWUHFUHGLWL
6WRULD5RPDQD,,
/HWWHUDWXUD/DWLQD,
/HWWHUDWXUD*UHFD,
3URWRVWRULDHXURSHD
,9 WULPHVWUHFUHGLWL
/HWWHUDWXUD*UHFD,,
&RQVHUYD]LRQHGHL%HQL&XOWXUDOL
/HWWHUDWXUD/DWLQD,,
$UFKHRORJLDGHOO·(WUXULD
$UFKHRORJLDH6WRULDGHOO·$UWH*UHFD
,,DQQRGLFRUVR FUHGLWL
,WULPHVWUHFUHGLWL
6WRULD%L]DQWLQD,
2SSXUH
6WRULD0HGLRHYDOH,
/HWWHUDWXUDFULVWLDQDDQWLFD,
2SSXUH
/HWWHUDWXUDODWLQDPHGLHYDOH,
2SSXUH
)LORORJLD*UHFD,RSSXUH)LORORJLD/DWLQD,
6WRULDGHOOH7HFQLFKH$UWLVWLFKH$QWLFKH
$UFKHRORJLD&ULVWLDQD
$UFKHRORJLD0HGLRHYDOH
,,WULPHVWUHFUHGLWL
6WRULD%L]DQWLQD,,
2SSXUH
6WRULD0HGLRHYDOH,,
/HWWHUDWXUDFULVWLDQDDQWLFD,,
2SSXUH
/HWWHUDWXUDODWLQDPHGLHYDOH,,
2SSXUH
)LORORJLD*UHFD,,RSSXUH)LORORJLD/DWLQD,,
$UFKHRORJLDGHOOD0DJQD*UHFLD
,,,WULPHVWUHFUHGLWL
$UFKHRORJLDHVWRULDGHOO·DUWHWDUGRDQWLFD
0DWHULDHDVFHOWDGHOORVWXGHQWH,
$UFKHRORJLDGHOOH3URYLQFLH
,9 WULPHVWUHFUHGLWL
$UFKHRORJLDH6WRULDGHOO·$UWH5RPDQD
,FRQRJUDILD&ULVWLDQD
(VHUFLWD]LRQLGL%HQLVWRULFLDUWLVWLFLHDUFKHRORJLFL,
&RQVHUYD]LRQHGHL%HQL&XOWXUDOL
,,,DQQRGLFRUVR FUHGLWL
,WULPHVWUHFUHGLWL
/HWWHUDWXUDLWDOLDQD,
*HRJUDILD
8QDRSLPDWHULHDVFHOWDWUDOHGLVFLSOLQHGL/HJLVOD]LRQHGHL%HQL&XOWXUDOL
6HPLQDULGL%HQLVWRULFLDUWLVWLFLHDUFKHRORJLFL
,,WULPHVWUHFUHGLWL
/HWWHUDWXUDLWDOLDQD,,
$UFKLYLVWLFDH3DOHRJUDILD
$OWUHDWWLYLWj,
,,,WULPHVWUHFUHGLWL
8QDPDWHULDDVFHOWDWUDOH7HFQRORJLHDSSOLFDWHDL%HQL&XOWXUDOL
$UFKLWHWWXUDGHOSDHVDJJLR
0HWRGRORJLHILVLFKHSHUL%HQL&XOWXUDOL
&KLPLFDSHUL%HQL&XOWXUDOL
(VHUFLWD]LRQLGL0HWRGRORJLHILVLFKHSHUL%HQL&XOWXUDOL
(VHUFLWD]LRQLGL&KLPLFDSHUL%HQL&XOWXUDOL
(VHUFLWD]LRQLGL%HQLVWRULFLDUWLVWLFLHDUFKHRORJLFL,,
,9 WULPHVWUHFUHGLWL
$OWUHDWWLYLWj,,
0DWHULHDVFHOWDGHOORVWXGHQWH,,
3URYDILQDOH
&XUULFXOXPEHQLPXVLFDOL
,$112&)8
',%$6( &5(',7,
'LVFLSOLQHVWRULFKH
'XHPRGXOLWUD 6WRULDPHGLHYDOH0672
6WRULDPRGHUQD0672
6WRULDFRQWHPSRUDQHD0672
/HWWHUDWXUDLWDOLDQD
'XHPRGXOLWUD/HWWHUDWXUDLWDOLDQD/),//(7
H/HWWHUDWXUDLWDOLDQDFRQWHPSRUDQHD/),//(7
&RQVHUYD]LRQHGHL%HQL&XOWXUDOL
&$5$77(5,==$17,
%HQLPXVLFDOLFLQHPDWRJUDILFLHWHDWUDOL
6WRULDGHOODPXVLFDPRGHUQDHFRQWHPSRUDQHD,/$57
6WRULDGHOODPXVLFDPHGLHYDOHHULQDVFLPHQWDOH,/$57
(WQRPXVLFRORJLD,/$57
4XDWWURPRGXOLGDFUHGLWLWUD
6WRULDGHOODPXVLFDPRGHUQDHFRQWHPSRUDQHD,/$57
6WRULDGHOODPXVLFDPHGLHYDOHHULQDVFLPHQWDOH,/$57
'UDPPDWXUJLDPXVLFDOH/$57
6WRULDGHJOLVWUXPHQWLPXVLFDOL/$57
,FRQRJUDILDPXVLFDOH/$57
6WRULDGHOOHWHRULHPXVLFDOL/$57
(WQRPXVLFRORJLD/$57
8QPRGXORGHOVHWWRUH/$57'LVFLSOLQHGHOORVSHWWDFROR
%HQLVWRULFRDUWLVWLFLHDUFKHRORJLFL
8QPRGXORWUD6WRULDGHOO·DUWHPHGLHYDOH,/$57
6WRULDGHOO·DUWHPRGHUQD,/$57
6WRULDGHOO·DUWHFRQWHPS,/$57
$)),1,2,17(*5$7,9(
%HQLGHPRHWQRDQWURSRORJLFL
8QPRGXORGL'LVFLSOLQHGHPRHWQRDQWURSRORJLFKH0'($
8QPRGXORWUD6RFLRORJLDGHLSURFHVVLFXOWXUDOLHFRPXQLFDWLYL636
H*ORWWRORJLDHOLQJXLVWLFD//,1
,,$112&)8
',%$6(
'LVFLSOLQHVWRULFKH
8QPRGXORWUD6WRULDGHOODILORVRILD0),/
H6WRULDGHOODVFLHQ]DHGHOODWHFQ0672
&$5$77(5,==$17,
%HQLPXVLFDOLFLQHPDWRJUDILFLHWHDWUDOL
6WRULDGHOMD]]HGHOURFN/$57
(WQRPXVLFRORJLD/$57
&RQVHUYD]LRQHGHL%HQL&XOWXUDOL
$ VFHOWDWUDOHPDWHULHGHLUDJJUXSSDPHQWL/$57H/$57
8QPRGXORGHOVHWWRUH/$57&LQHPDIRWRJUDILDHWHOHYLVLRQH
%HQLVWRULFRDUWLVWLFLHDUFKHRORJLFL
0XVHRORJLD/$57
%HQLDUFKLYLVWLFLHOLEUDUL
'XHPRGXOLGL$UFKLYLVWLFDELEOLRJUDILDHELEOLRWHFRQRPLD0672
$)),1,2,17(*5$7,9(
&LYLOWjDQWLFKHHPHGLHYDOL
/LQJXDHOHWWHUDWXUDODWLQD/),//(7
%HQLGHPRHWQRDQWURSRORJLFL
8QPRGXORGL'LVFLSOLQHGHPRHWQRDQWURSRORJLFKH0'($
,,,$112&)8
',%$6(
'LVFLSOLQHGHOO·DPELHQWHHGHOODQDWXUD
$UFKLWHWWXUDGHOSDHVDJJLR,&$5
/HWWHUDWXUDLWDOLDQD
/DERUDWRULVHPLQDULGL/HWWHUDWXUDLWDOLDQD/),//(7
'LVFLSOLQHVWRULFKH
$ VFHOWDWUDOHGLVFLSOLQHVWRULFKH067206720672
0),/0672
&$5$77(5,==$17,
%HQLPXVLFDOLFLQHPDWRJUDILFLHWHDWUDOL
$ VFHOWDWUDOHPDWHULHGHLUDJJUXSSDPHQWL/$57H/$57
%HQLVWRULFRDUWLVWLFLHDUFKHRORJLFL
6WRULDHWHRULDDUWLVWLFDGHOUHVWDXUR/$57
/HJLVOD]LRQHGHLEHQLFXOWXUDOL
/HJLVOD]LRQHGHLEHQLFXOWXUDOL,86,86
'LVFLSOLQHFKLPLFKH
&KLPLFDGHL%HQL&XOWXUDOL&+,0
&RQVHUYD]LRQHGHL%HQL&XOWXUDOL
$)),1,2,17(*5$7,9(
&LYLOWjDQWLFKHHPHGLHYDOL
/LQJXDHOHWWHUDWXUDODWLQD/),//(7
0DWHULHILVLFKH
)LVLFDDSSOLFDWDDLEHQLPXVLFDOL),6
%HQLGHPRHWQRDQWURSRORJLFL
6HPLQDULRGL'LVFLSOLQHGHPRHWQRDQWURSRORJLFKH0'($
7HFQRORJLHGHLEHQLFXOWXUDOL
8QPRGXORGHOUDJJUXSSDPHQWR7HFQRORJLHGHLEHQLFXOWXUDOL
&XUULFXOXPEHQLVWRULFRDUWLVWLFL
,DQQRGLFRUVR&)8
$',%$6(
/HWWHUDWXUDLWDOLDQD
'XHPRGXOLDVFHOWDWUD6WRULDURPDQD/$17
6WRULDEL]DQWLQD/),//(76WRULDPHGLHYDOH0672
6WRULDPRGHUQD06726WRULDFRQWHPSRUDQHD0672
%&$5$77(5,==$17,
,VWLWX]LRQLGLVWRULDGHOO·DUWH
$UFKHRORJLDHVWRULDGHOO·DUWHJUHFDHURPDQD
6WRULDGHOO·DUWHPHGLHYDOH
'LVHJQR
8QPRGXORDVFHOWDWUD6WRULDGHOOHWHFQLFKHDUWLVWLFKH/$57
6WRULDGHOO·DUFKLWHWWXUD,&$56WRULDGHOGLVHJQR
GHOO·LQFLVLRQHHGHOODJUDILFD/$57
)HQRPHQRORJLDGHJOLVWLOL/$57
/HWWHUDWXUDDUWLVWLFD/$57
6WRULDVRFLDOHGHOO·DUWH/$57
,FRQRJUDILDHLFRQRORJLD/$57/$57
6WRULDGHOOHFXOWXUHDUFKLWHWWRQLFKHHGHOOHWHFQLFKHHGLOL]LH
&RQVHUYD]LRQHGHL%HQL&XOWXUDOL
&$)),1,2,17(*5$7,9(
*HRJUDILD
8QPRGXORDVFHOWDWUD(WQRPXVLFRORJLD/$57
'LVFLSOLQHGHPRHWQRDQWURSRORJLFKH0'($
6WRULDGHOODFXOWXUDPDWHULDOH0'($"
$QWURSRORJLDFXOWXUDOH0'($
6RFLRORJLDGHLSURFHVVLFXOWXUDOLHFRPXQLFDWLYL636
7HRULHHWHFQLFKHGHOODFRPXQLFD]LRQH636
6RFLRORJLDGHOO·DPELHQWHHGHOWHUULWRULR636
((9(178$/,&2126&(1=(/,1*8,67,&$
($%,/,7,1)250$7,&+(
/LQJXDHWUDGX]LRQH//LQ
,,DQQRGLFRUVR&)8
$',%$6(
8QPRGXORDVFHOWDWUD6WRULDURPDQD/$17
6WRULDEL]DQWLQD/),//(76WRULDPHGLHYDOH0672
6WRULDPRGHUQD06726WRULDFRQWHPSRUDQHD0672
8QPRGXORDVFHOWDWUD6WRULDGHOODILORVRILD0)LOH
6WRULDGHOODVFLHQ]DHGHOOHWHFQLFKH0672
%&$5$77(5,==$17,
6WRULDGHOO·DUWHPRGHUQD
6WRULDGHOODFULWLFDG·DUWH
'XHPRGXOLDVFHOWDWUD6WRULDGHOO·DUWHFRQWHPSRUDQHD7HRULDH
6WRULDGHOUHVWDXURRSSXUH0XVHRORJLD
'XHPRGXOLDVFHOWDWUD6WRULDGHOO·DUWHILDPPLQJDHRODQGHVH
6WRULDFRPSDUDWDGHOO·DUWHGHLSDHVLHXURSHL6WRULDGHOODPLQLDWXUD
0HWRGRORJLHSHUODULFHUFDVWRULFRDUWLVWLFD'LDJQRVWLFDSHULEHQLFXOWXUDOL
8QPRGXORDVFHOWDWUD$UFKLYLVWLFDR3DOHRJUDILD
/HJLVOD]LRQHGHL%HQL&XOWXUDOL
&$)),1,2,17(*5$7,9(
/LQJXDH/HWWHUDWXUDODWLQD
8QPRGXORDVFHOWDWUD(WQRPXVLFRORJLD/$57
'LVFLSOLQHGHPRHWQRDQWURSRORJLFKH0'($
6WRULDGHOODFXOWXUDPDWHULDOH0'($"
$QWURSRORJLDFXOWXUDOH0'($
6RFLRORJLDGHLSURFHVVLFXOWXUDOLHFRPXQLFDWLYL636
7HRULHHWHFQLFKHGHOODFRPXQLFD]LRQH636
6RFLRORJLDGHOO·DPELHQWHHGHOWHUULWRULR636
&RQVHUYD]LRQHGHL%HQL&XOWXUDOL
,,,DQQRGLFRUVR&)8
$',%$6(
$UFKLWHWWXUDGHOSDHVDJJLR
%&$5$77(5,==$17,
4XDWWURPRGXOLDVFHOWDWUD6WRULDGHOO·DUWHFRQWHPSRUDQHD
0XVHRORJLDH7HRULDHVWRULDGHOUHVWDXUR
4XDWWURPRGXOLDVFHOWDWUD6WRULDGHOOHWHFQLFKHDUWLVWLFKH/$57
6WRULDGHOO·DUFKLWHWWXUD,&$56WRULDGHOGLVHJQR
GHOO·LQFLVLRQHHGHOODJUDILFD/$57
)HQRPHQRORJLDGHJOLVWLOL/$57
/HWWHUDWXUDDUWLVWLFD/$57
6WRULDVRFLDOHGHOO·DUWH/$57
,FRQRJUDILDHLFRQRORJLD/$57/$57
6WRULDGHOOHFXOWXUHDUFKLWHWWRQLFKHHGHOOHWHFQLFKHHGLOL]LH
6WRULDGHOO·DUWHILDPPLQJDHRODQGHVH
6WRULDFRPSDUDWDGHOO·DUWHGHLSDHVLHXURSHL6WRULDGHOODPLQLDWXUD
0HWRGRORJLHSHUODULFHUFDVWRULFRDUWLVWLFD'LDJQRVWLFDSHULEHQLFXOWXUDOL
&KLPLFDSHULEHQLFXOWXUDOL
&$)),1,2,17(*5$7,9(
)LVLFDDSSOLFDWDDLEHQLFXOWXUDOL
7HFQRORJLHSHULEHQLFXOWXUDOL
'0$7(5,($ 6&(/7$ '(//2678'(17(
($%,/,7$· ,1)250$7,&+(
)7LURFLQLRHSURYDILQDOH
7LURFLQLR
3URYDILQDOH
BBBBB
727$/(&)8
&RQRVFHQ]DGHOODOLQJXDVWUDQLHUDHDELOLWjLQIRUPDWLFKH
/·RUGLQDPHQWRGHO&RUVRGL/DXUHDSUHYHGHODFRQRVFHQ]DGLXQDRGXH
OLQJXHGHOO·8QLRQH(XURSHD5HODWLYDPHQWHDOODFHUWLILFD]LRQHGHOODFRQRVFHQ
]DGHOOHOLQJXHVWUDQLHUHFLVLDWWLHQHDTXDQWRYHUUjVWDELOLWRLQVHGHGL$WHQHRH
FRPXQTXHYHUUjIDWWRULIHULPHQWRDOORVWDQGDUGLQWHUQD]LRQDOHGLFHUWLILFD]LRQH
GHOODFRQRVFHQ]DFKHVDUjULFKLHVWDDJOLVWXGHQWLGLWXWWLLFRUVLGLVWXGLR3HU
TXHOFKHULJXDUGDORVWDQGDUGGLIRUPD]LRQHUHODWLYDPHQWHDOOD,QIRUPDWLFDGL
EDVH&)8VLIDULIHULPHQWRDTXDQWRDFFHWWDWRDOLYHOORHXURSHRHFLRqDOOD
3DWHQWH(XURSHDGHO&RPSXWHU(&'/ (XURSHDQ&RPSXWHU'ULYLQJ/LFHQ
FHWDOHFHUWLILFD]LRQHFRVWLWXLVFHLOULIHULPHQWRSHUWDOLDELOLWj
&RQVHUYD]LRQHGHL%HQL&XOWXUDOL
$WWLYLWjDVFHOWDGHOORVWXGHQWH
*OLHVDPLDVFHOWDGHOORVWXGHQWHSRVVRQRHVVHUHWHQXWLDQFKHVXGLVFLSOLQH
DWWLYDWHIXRULGDOOD)DFROWjGL/HWWHUHH)LORVRILDHFRPXQTXHVHPSUHFRQVXO
WDQGRSUHYHQWLYDPHQWHLOWXWRU
7LURFLQLIRUPDWLYLHDOWUHDWWLYLWjIRUPDWLYHQRQWUDGL]LRQDOL
,O&RUVRGL/DXUHDLQVHGHGLSURJUDPPD]LRQHGLGDWWLFDDQQXDOHVWDELOLUj
TXDOL DWWLYLWj IRUPDWLYH DJJLXQWLYH &)8 RIIULUH SHU O·$QQR$FFDGHPLFR
VXFFHVVLYRDJOLVWXGHQWLWHQHQGRSUHVHQWHFKHWDOLDWWLYLWjGRYUDQQRHVHUFLWDUH
XQUXRORGHWHUPLQDQWHQHOFRPSOHWDPHQWRGHOODIRUPD]LRQHFXOWXUDOHGHOORVWX
GHQWHVWHVVRHQHOODVXDFDSDFLWjGLLQVHULPHQWRQHOODUHDOWjODYRUDWLYD/HDWWL
YLWjVDUDQQRGLYHUVLILFDWHDVHFRQGDGHL&XUULFXOD
0RGDOLWjRUJDQL]]DWLYHGHOOHDWWLYLWjIRUPDWLYHSHU JOLVWXGHQWLLPSHJQDWL
QRQDWHPSRSLHQR
,O&RUVRGL/DXUHDLQVHGHGLSURJUDPPD]LRQHGLGDWWLFDDQQXDOH GHFLGHUj
VHDWWLYDUHXQRVSHFLILFRRUGLQDPHQWRSHUJOLVWXGHQWLQRQDWHPSRSLHQR
&RUVLLQWHQVLYL
,O&RUVRGL/DXUHDVLULVHUYDODSRVVLELOLWjGLDWWLYDUHFRUVLLQWHQVLYLGLVXS
SRUWRRGLUHFXSHURILQDOL]]DWLDGXQDSLHIILFDFHIUXL]LRQHGHOO·RIIHUWDIRUPD
WLYDGDSDUWHGLVWXGHQWLFKHVLWURYLQRLQVLWXD]LRQLGLVYDQWDJJLR
7XWRUDWR
,OFRUVRGL/DXUHDLVWLWXLVFHXQVHUYL]LRGLWXWRUDWRSHUJOLVWXGHQWL2ELHWWL
YRGHOWXWRUDWRqRULHQWDUHHDVVLVWHUHJOLVWXGHQWLQHOFRUVRGLVWXGLRUHQGHUOL
DWWLYDPHQWHSDUWHFLSLGHOSURFHVVRIRUPDWLYRDLXWDUOLDVXSHUDUHJOLRVWDFROLDG
XQDSURILFXDIUHTXHQ]DGHLFRUVL,O3UHVLGHQWHGHOFRUVRGL/DXUHDqUHVSRQVD
ELOHGHOOHDWWLYLWjGLWXWRUDWRFKHSXzGHOHJDUHDGXQVXRGHOHJDWRSHUPDQHQWH
VFHOWRIUDLSURIHVVRULGLUXRORHLULFHUFDWRULPHPEULGHO&RQVLJOLRGHO&RUVRGL
/DXUHD(QWURODVHFRQGDVHWWLPDQDGDOO·LQL]LRGHOOHOH]LRQLDFLDVFXQRGHJOL
VWXGHQWL LPPDWULFRODWL q DWWULEXLWR XQ WXWRU *OL VWXGHQWL LPPDWULFRODWL KDQQR
O·REEOLJRGLLQFRQWUDUHDOPHQRGXHYROWHLOORURWXWRUGLQRUPDQHOO·RUDULRFKH
TXHVWL GHVWLQD DO ULFHYLPHQWR GHJOL VWXGHQWL QHO FRUVR GHO SULPR DQQR FRVu
FRPHJOLVWXGHQWLDOVHFRQGRHDOWHU]RDQQR
3URYDILQDOHSHU LOFRQVHJXLPHQWRGHOWLWRORGLVWXGLR
/·HVDPHGLODXUHDFRQVLVWHQHOODGLVFXVVLRQHGDYDQWLDGXQDFRPPLVVLRQH
XIILFLDOHGLXQHODERUDWRSUHSDUDWRVRWWRODJXLGDGLXQGRFHQWHFKHULVSRQGDD
TXDQWRSUHYLVWRGDOO·2UGLQDPHQWRGLGDWWLFRGHO&RUVRGLODXUHDWDOHHODERUDWR
&RQVHUYD]LRQHGHL%HQL&XOWXUDOL
FRQVLVWHLQXQODYRURLQGLYLGXDOHPDQRQQHFHVVDULDPHQWHRULJLQDOHVYROWR
DOO·LQWHUQRGHOOHYDULHVWUXWWXUHGLGDWWLFKHHRGLULFHUFDLQWHUHVVDWHRSUHVVR
D]LHQGHVWUXWWXUHHODERUDWRULVLDXQLYHUVLWDULFKHSXEEOLFLRSULYDWLLQ,WDOLDH
DOO·HVWHUR/DGLVFXVVLRQHqULYROWDDQFKHDYDOXWDUHODSUHSDUD]LRQHJHQHUDOH
GHOORVWXGHQWH,OYRWRGLODXUHDFKHqHVSUHVVRLQFHQWRGHFLPLFRQHYHQWXDOH
ORGH GHYH HVSULPHUH XQD YDOXWD]LRQH GHO FXUULFXOXP GHOOR VWXGHQWH H GHOOD
SUHSDUD]LRQHHPDWXULWjVFLHQWLILFDGDOXLUDJJLXQWDDOWHUPLQHGHOFRUVRGLODX
UHD
3DVVDJJLRGDOYHFFKLRRUGLQDPHQWRDOQXRYRRUGLQDPHQWRFULWHULGLYDOX
WD]LRQHGHJOLHVDPLVRVWHQXWL
'L UHJROD FLDVFXQ FRUVR DQQXDOH GHO YHFFKLR RUGLQDPHQWR ULFRQRVFLXWR
GDOOD&RPPLVVLRQHHTXLYDOHD&)8SHURJQLHVDPHDQQXDOHVRVWHQXWRYHU
UDQQRDVVHJQDWLSHUWDQWRFUHGLWLFKHYHUUDQQRWUDVFULWWLFRQODUHODWLYDYRWD
]LRQHQHO¶GLSORPDVXSSOHPHQW·3HUTXDQWRULJXDUGDODFRQYDOLGDDLILQLGHO
FXUULFXOXPGLODXUHDVDUjDVVHJQDWRLOQXPHURGLFUHGLWLSUHYLVWRGDOO·RUGLQD
PHQWRGHO&G/FRQODUHODWLYDYRWD]LRQHDJOLHVDPLVRVWHQXWLLQGLVFLSOLQH
DSSDUWHQHQWL DL VHWWRUL GLVFLSOLQDUL FRPSUHVL QHOO·RUGLQDPHQWR GHO &G/ R
QHOOD7DEHOOD08567 UHODWLYDDOODFODVVH
,OFXUULFXOXPGLODXUHDGRYUjFRPXQTXHFRPSUHQGHUHDOPRPHQWRGHOOD
SUHVHQWD]LRQHGHOORVWXGHQWHDOODSURYDILQDOHFUHGLWLLFUHGLWLSUHYLVWLGDO
O·RUGLQDPHQWRGHO&RUVRGL/DXUHDLQFRQIRUPLWjFRQOD7DEHOOD08567 UHODWL
YDDOODFODVVHHLFUHGLWLSUHYLVWLGDOO·2UGLQDPHQWRGHO&RUVRGLODXUHDUHODWL
&RQVHUYD]LRQHGHL%HQL&XOWXUDOL
'$06
&2562',/$85($ ,1
',6&,3/,1('(//($57,'(//$ 086,&$ ('(//2
63(77$&2/2'$06
3UHVLGHQWHSURI3LHU$XJXVWR%HUWDFFKLQL
&XERE9 SLDQR
6HJUHWDULRGRWW(QULFR'H/XFD
2UDULRGLDSHUWXUDDOSXEEOLFR/XQHGu9HQHUGuGDOOHRUHDOOHRUH
7HOID[
'$06
6WRULDGHO5RFN DIILGDPHQWR
6WRULDGHOWHDWURHGHOOR
VSHWWDFROR 99DOHQWLQL WLWRODUH ,,,
6WRULDGHOODPXVLFDPHGLHYDOH
HULQDVFLPHQWDOH 03ULYLWHUD WLWRODUH ,,,
6WRULDGHOODPXVLFDPRGHUQD
HFRQWHPSRUDQHD $0RUHOOL FRQWUDWWR ,,,
6WRULDGHOODVWDPSDH
GHOO·HGLWRULD FRQWUDWWR ,,,
6WRULDGHOOHWHRULHPXVLFDOL (3R]]L FRQWUDWWR ,,,,9
6WRULDGHOOHWHRULFKHWHDWUDOL 99DOHQWLQL DIILGDPHQWR ,,,,,,
6WRULDHFULWLFDGHOFLQHPD 07RUWRUD FRQWUDWWR ,,
6WRULDHPHWRGLGHOO·DQDOLVL
GHOO·DUFKLWHWWXUD ( /XSLQDFFL FRQWUDWWR ,,
6WRULDURPDQD 3 &DYXRWR DIILGDPHQWR ,,,,9
7HRULDGHOOHRQGHHDFXVWLFD
PXVLFDOH VXSSOHQ]D ,,,
7HRULDHWHFQLFDGHOOLQJXDJJLR
FLQHPDWRJUDILFR 0:%UXQR FRQWUDWWR ,,,,,
7HRULDHWHFQLFDGHOOLQJXDJJLR
JLRUQDOLVWLFR 9$UFXUL FRQWUDWWR ,,,,,
7HRULDHWHFQLFKHGHOOLQJXDJJLR
UDGLRWHOHYLVLYR 6%UXQR FRQWUDWWR ,,,,,
7HRULHHWHFQLFKHGHOOD
FRPXQLFD]LRQHSXEEOLFD VXSSOHQ]D ,,,
,O&RUVRGL6WXGLLQ6FLHQ]HH7HFQRORJLHGHOOH$UWL)LJXUDWLYHGHOOD0XVL
FDGHOOR6SHWWDFROR qGHVWLQDWRDOODIRUPD]LRQHGLTXDQWLRSHUDQRQHOVHWWRUH
GHOOH$UWLH7HFQRORJLHPXVLFDOL LQGLUL]]RQHOO·DPELWRGHOOH$UWLH7HFQR
ORJLHGHOOR6SHWWDFROR LQGLUL]]RHQHOO·DPELWRGHOOH$UWLH7HFQRORJLHGHO
PXOWLPHGLDOH LQGLUL]]R
$OWHUPLQHGHJOLVWXGLLODXUHDWLGHO&RUVRGL/DXUHDLQ6FLHQ]HH7HFQROR
JLHGHOOH$UWL)LJXUDWLYHGHOOD0XVLFDGHOOR6SHWWDFRORGHYRQR
SRVVHGHUH FRQRVFHQ]H WHRULFKH H FRPSHWHQ]H RSHUDWLYH QHOO·DPELWR GHL
SUREOHPLHGHLSURFHVVLGHLVHWWRULGLULIHULPHQWRULVSRQGHQGRFRVuDLQXRYL
RULHQWDPHQWL LQ PDWHULD GL IRUPD]LRQH XQLYHUVLWDULD LQWHVL D FRQLXJDUH
GLPHQVLRQLWHRULFKHHRSHUDWLYHSHUOHQXRYHSURIHVVLRQL
HVVHUHLQJUDGRGLXWLOL]]DUHFRUUHQWHPHQWHLQIRUPDVFULWWDHRUDOHROWUHO·L
WDOLDQRDOPHQRXQDOLQJXDPRGHUQDHXURSHD
HVVHUHLQSRVVHVVRGLDGHJXDWHFRPSHWHQ]HHVWUXPHQWLSHUODFRPXQLFD]LR
QHHODJHVWLRQHGHOO·LQIRUPD]LRQH
$PPLVVLRQHDOFRUVRGLVWXGLR
3HUO·RULHQWDPHQWRLQLQJUHVVRVDUDQQRUHDOL]]DWHSURYHQRQVHOHWWLYHPD
SHUPLJOLRUDUHODGLGDWWLFDVXLVHWWRULFKHLWUHSHUFRUVLFXULFXODULVYLOXSSDQR,Q
'$06
SDUWLFRODUHOHSURYHYHUWRQRDFRPSUHQGHUHOHFRQRVFHQ]HOLQJXLVWLFKHPXOWL
PHGLDOLDUWLVWLFKH PXVLFDOL H GL VSHWWDFROR SUHJUHVVH GL RJQL VWXGHQWH , GDWL
VHUYLUDQQRHYHQWXDOPHQWHDUHDOL]]DUHFRUVLGLD]]HUDPHQWRHRUHFXSHURSHU
JOLVWXGHQWLFKHQHDEELDQRQHFHVVLWj
4XDGURGHOOHDWWLYLWjRIIHUWHGDOFRUVRGLVWXGLR
1HOODWDEHOODGHJOLLQVHJQDPHQWLWDEqULSRUWDWRXQTXDGURGHOOHGLVFL
SOLQHFKHVDUDQQRLPSDUWLWHQHOO·$$FRQODULSDUWL]LRQHGLFLDVFXQ
PRGXORQHLSHULRGLGLGDWWLFL
1HOODWDEHOOD4XDGURJHQHUDOHGHOOHDWWLYLWjIRUPDWLYHGHO&RUVRGL/DX
UHDFKHVHJXHVRQRLQYHFHHOHQFDWLJOLLQVHJQDPHQWLRIIHUWLGDO&RUVRGL6WXGL
LQ'LVFLSOLQHGHOOHDUWLGHOODPXVLFDGHOORVSHWWDFRORHGHOODPRGD&ODVVH
FRQO·LQGLFD]LRQHGHJOLVSHFLILFLVHWWRULVFLHQWLILFRGLVFLSOLQDULGLULIHULPHQWR
,OFXUULFRORGHO&RUVRGL6WXGLLQ6FLHQ]HH7HFQRORJLHGHOOH$UWL)LJXUDWL
YHGHOOD0XVLFDGHOOR6SHWWDFRORSUHYHGHLQUHOD]LRQHDJOLRELHWWLYLVSHFLILFL
O·REEOLJDWRULHWj GL DWWLYLWj GL ODERUDWRULR H GL WLURFLQLVWDJHV IRUPDWLYL SUHVVR
VWUXWWXUHHVHUYL]LLQIRUPDWLYLVLDSXEEOLFLFKHSULYDWLSUHVVR,VWLWXWLGLULFHUFD
(QWLORFDOLH,VWLWX]LRQLQHOVHWWRUHDUWLVWLFRHGHOORVSHWWDFRORHGHOO·LQGXVWULD
FXOWXUDOHVLDSXEEOLFKHVLDSULYDWHHSUHVVRDVVRFLD]LRQLHFFFRQLTXDOLLO
&RQVLJOLRGL&ODVVHDEELDVWLSXODWRDSSRVLWDFRQYHQ]LRQH
9HULILFKHGHOO·DSSUHQGLPHQWR
/DYHULILFDGHOSURILWWRqREEOLJDWRULDSHUWXWWHOHDWWLYLWjIRUPDWLYH3HUWDOL
DWWLYLWjIRUPDWLYHODSURYDGLDFFHUWDPHQWRGHOSURILWWRSXzHVVHUHLQIRUPDVFULW
WDLQIRUPDRUDOHHLQIRUPDVFULWWDHRUDOHRSSXUHXWLOL]]DQGRPRGDOLWjGLDFFHU
WDPHQWRGHOSURILWWRDULVSRVWDPXOWLSODDQFKHLQIRUPDWL]]DWHFRPHIRUPDFRQ
FRUUHQWHGLDFFHUWDPHQWRQRQFKpFRPHIRUPDGLDPPLVVLRQHDOOHUHVWDQWLSDUWL
GHOODSURYDGLDFFHUWDPHQWRGHOSURILWWR/DYHULILFDGHOSURILWWRSHUOHDWWLYLWjIRU
PDWLYHGLYHUVHGDLFRUVLGLLQVHJQDPHQWRSXzQRQSUHYHGHUHXQDYRWD]LRQHPD
VROWDQWR XQD YDOXWD]LRQH GL ´VXSHUDWDµ FKH GHWHUPLQD O·DFTXLVL]LRQH GD SDUWH
GHOORVWXGHQWHGHLUHODWLYLFUHGLWLR´QRQVXSHUDWDµ/DYHULILFDGHOSURILWWRSHUOH
DWWLYLWjIRUPDWLYHSHUOHTXDOLQRQVLDSUHYLVWDXQDYRWD]LRQHSRWUjHVVHUHGHPDQ
GDWDDQFKHDGXQVLQJRORSURIHVVRUHGLUXRORRULFHUFDWRUH/HSURYHGLDFFHUWD
PHQWRGHOSURILWWRVRQRSXEEOLFKHHSXEEOLFDqODFRPXQLFD]LRQHGHOOHYRWD]LRQL
ULSRUWDWHGDJOLVWXGHQWL3HUVRVWHQHUHOHSURYHGLDFFHUWDPHQWRGHOSURILWWRORVWX
GHQWHGHYHHVVHUHLVFULWWRHLQUHJRODFRQLOYHUVDPHQWRGHOOHWDVVHHGHLFRQWULEXWL
ULFKLHVWLHFRQOHGLVSRVL]LRQLUHODWLYHDOO·DFFHUWDPHQWRGHOO·REEOLJRGLIUHTXHQ]D
$WWULEX]LRQHGHLFUHGLWLIRUPDWLYLXQLYHUVLWDUL&)8
3HU FUHGLWR IRUPDWLYR XQLYHUVLWDULR VL LQWHQGH OD PLVXUD GHO ODYRUR GL
'$06
DSSUHQGLPHQWRFRPSUHVRORVWXGLRLQGLYLGXDOHULFKLHVWRDGXQRVWXGHQWH
LQSRVVHVVRGLDGHJXDWDSUHSDUD]LRQHLQL]LDOHSHUO·DFTXLVL]LRQHGLFRQR
VFHQ]HHGDELOLWjQHOOHDWWLYLWjIRUPDWLYHSUHYLVWHGDOO·RUGLQDPHQWRGLGDWWL
FRGHO&RUVRGL/DXUHDLQ'$06
$OFUHGLWRGLQRUPDFRUULVSRQGRQRRUHGLODYRURGHOORVWXGHQWH
,FUHGLWLFRUULVSRQGHQWLDFLDVFXQDDWWLYLWjIRUPDWLYDVRQRDFTXLVLWLGDOOR
VWXGHQWHFRQLOVXSHUDPHQWRGHOO·HVDPHRGLDOWUDIRUPDGLYHULILFDGHOSUR
ILWWR
/·DUWLFROD]LRQH GHL FUHGLWL SUHYLVWD SHU LO &RUVR GL /DXUHD LQ '$06 q
ULSRUWDWDQHO4XDGUR*HQHUDOHGHOOHDWWLYLWjIRUPDWLYHDOOHJDWRDOSUHVHQWH
UHJRODPHQWR$SSHQGLFHGLFXLFRVWLWXLVFHSDUWHLQWHJUDQWH
3URYDILQDOH
3HUVRVWHQHUHODSURYDILQDOHSUHYLVWDSHULOFRQVHJXLPHQWRGHOWLWRORGLVWX
GLR OR VWXGHQWH GHYH DYHU DFTXLVLWR WXWWL L FUHGLWL SUHYLVWL GDOO·2UGLQDPHQWR
GLGDWWLFRGHO&RUVRGL/DXUHDLQ'$06HGDOVXRSLDQRGLVWXGLWUDQQHTXHOOL
UHODWLYLDOODSURYDILQDOHVWHVVD/HFRPPLVVLRQLSHUODYDOXWD]LRQHGHOODSURYD
ILQDOHVRQRQRPLQDWHGDO3UHVLGHQWHGHO&RQVLJOLRGL&RUVRGL/DXUHDHVRQR
FRPSRVWHGDVHWWHPHPEULGLFXLDOPHQRFLQTXHUHVSRQVDELOLGLLQVHJQDPHQWR
QHOOD )DFROWj GL /HWWHUH H )LORVRILD 3RVVRQR IDU SDUWH GHOOD &RPPLVVLRQH
GRFHQWLGLUXRORVXSSOHQWLRDFRQWUDWWRULFHUFDWRULSURIHVVRULLQFDULFDWLVWDEL
OL]]DWLHGDVVLVWHQWLGLUXRORDGHVDXULPHQWRDQFKHVHGLDOWUD)DFROWjGHOO·$WH
QHR,QVHGHGLSURYDILQDOHORVWXGHQWHVDUjFKLDPDWRDVYROJHUHXQFROORTXLR
FRQ OD FRPPLVVLRQH VX XQ DUJRPHQWR VSHFLILFR SURSRVWR GDOOR VWXGHQWH HG
DSSURYDWRGDO&RQVLJOLRGL&RUVRGL/DXUHDRSSXUHVXXQDWHPDWLFDVSHFLILFD
DIIURQWDWDGXUDQWHO·DWWLYLWjGLWLURFLQLR7DOHSURYDGDUjOXRJRDOULFRQRVFLPHQ
WRILQRDFUHGLWLGLGDWWLFL/DYDOXWD]LRQHILQDOHqHVSUHVVDLQFHQWRGHFLPL
FRQO·DWWULEX]LRQHHYHQWXDOHGHOODORGHHGqFRVWLWXLWDGDOODVRPPD
² GHOOD PHGLD HVSUHVVD LQ FHQWRGHFLPL DUURWRQGDWD DOO·LQWHUR SL YLFLQR
GHOOH YRWD]LRQL ULSRUWDWH QHJOL HVDPL GL SURILWWR HG DWWULEXHQGR LO YDORUH
QXPHULFRGLDJOLHVDPLVXSHUDWLFRQHORGHSRQGHUDWHVHFRQGRLFUH
GLWLDWWULEXLWLDWDOLDWWLYLWj
² GLXQDYDOXWD]LRQHGHOODSURYDILQDOHIUDHSXQWLGDSDUWHGHOODFRPPLV
VLRQH
² O·DWWULEX]LRQHGHOODORGHqGHOLEHUDWDDOO·XQDQLPLWjGDOODFRPPLVVLRQH
² OHSURYHILQDOLSHULOFRQIHULPHQWRGLWLWROLXQLYHUVLWDULVRQRSXEEOLFKH
)UHTXHQ]DDLFRUVL
6DUHEEHRSSRUWXQRFKHJOLVWXGHQWLIUHTXHQWDVVHURLFRUVLHSDUWHFLSDVVHUR
DOOHDWWLYLWjGLGDWWLFKHFRPSOHPHQWDUL4XDORUDYLIRVVHURVWXGHQWLLPSRVVLELOL
'$06
WDWLDIUHTXHQWDUHFRQUHJRODULWjPLQLPRGHOOHRUHGLOH]LRQHFRPSOHVVL
YHLGRFHQWLGHOOHVLQJROHGLVFLSOLQHGRYUDQQRSUHYHGHUHPRGDOLWjDOWHUQDWLYH
GLSDUWHFLSD]LRQHDOODGLGDWWLFDILQRDOUDJJLXQJLPHQWRGLXQFDULFRGLODYRUR
HTXLYDOHQWH
7XWRUDWR
3HU TXDQWR FRQFHUQH OH DWWLYLWj GL VXSSRUWR H LQIRUPD]LRQH DJOL VWXGHQWL
LPPDWULFRODWLVDUDQQRDWWLYDWLDOPHQRWUHFRQWUDWWLXQRSHUFLDVFXQFXUULFXOXP
GLVFLSOLQDUH
&RPPLVVLRQHGLGDWWLFDSDULWHWLFD
/D&RPPLVVLRQHGLGDWWLFDSDULWHWLFDFRPHSUHYLVWRGDOORVWDWXWRGL$WH
QHRSURYYHGHUjSHULRGLFDPHQWHDSURJUDPPDUHFRRUGLQDUHHYDOXWDUHHIILFD
FLDHIXQ]LRQDOLWjGHOOHDWWLYLWjIRUPDWLYHHGHJOLDOWULVHUYL]LGLGDWWLFLRIIHUWLGDO
FRUVRGLVWXGL$YUjIDFROWjGLSURSRUUHDO&RQVLJOLRGL&RUVRGL6WXGLRPRGLIL
FKH SHU SUHGLVSRUUH PLVXUH GLGDWWLFKH ILQDOL]]DWH DO UHFXSHUR GL HYHQWXDOL
FDUHQ]HULOHYDWHQHJOLVWXGHQWL/DFRPSRVL]LRQHOHSURFHGXUHGLHOH]LRQHGHL
PHPEULHOHQRUPHJHQHUDOLSHULOVXRIXQ]LRQDPHQWRVRQRILVVDWHQHO5HJROD
PHQWRGHO&RQVLJOLR
1RUPHWUDQVLWRULH
$JOLVWXGHQWLFKHYRJOLDQRRSWDUHSHULOSDVVDJJLRGDOYHFFKLRRUGLQDPHQ
WRDOQXRYRJOLHVDPLJLjVXSHUDWLVDUDQQRYDOXWDWLLQUDJLRQHGL&)8FLDVFX
QR*OLVWXGHQWLGHOYHFFKLRRUGLQDPHQWRGRYUDQQRRWWHQHUH&)8PRGXOL
GLGDWWLFLGDRUHFLDVFXQRSHUFKpFRUULVSRQGDDGXQYHFFKLRHVDPH
1HOFRUVRGHOO·$$VDUDQQRDWWLYDWLWUHSURILOLFXUULFXODULSUH
YLVWLGDOODFODVVH
² ,OFXUULFXOXPGL´6FLHQ]HH7HFQRORJLHGHOOD0XVLFDµKDFRPHRELHWWLYR
JHQHUDOH OD UHDOL]]D]LRQH GL SURILOL SURIHVVLRQDOL FKH RSHULQR LQ FRQWHVWL
FKHULJXDUGDQRO·LQGXVWULDGHOOD0XVLFDO·HGXFD]LRQHPXVLFDOHODUHDOL]
]D]LRQHGLHYHQWLHVSHWWDFROLVLVWHPLGLFRPXQLFD]LRQHOHJDWLDOODPXVLFD
² ,OFXUULFXOXPGL´6FLHQ]HH7HFQRORJLHGHOOR6SHWWDFRORµKDFRPHRELHWWL
YRJHQHUDOHODUHDOL]]D]LRQHGLSURILOLSURIHVVLRQDOLFKHRSHULQRLQFRQWHVWL
GHOOR6SHWWDFRORHGHOO·LQWUDWWHQLPHQWRDOORVFRSRGLSURJHWWDUHUHDOL]]DUH
HYDOXWDUHSURJUDPPLHVLVWHPLGLFRPXQLFD]LRQHDGDOWRFRQWHQXWRFXOWX
UDOHHULFUHDWLYR
,OFXUULFXOXPGL´6FLHQ]HH7HFQRORJLHGHOOH$UWLHGHOOD0XOWLPHGLDOLWjµ
KD FRPH RELHWWLYR JHQHUDOH OD UHDOL]]D]LRQH GL SURILOL SURIHVVLRQDOL FKH
RSHULQRLQFRQWHVWLGLLQGXVWULDFXOWXUDOHDOORVFRSRGLSURJHWWDUHUHDOL]]D
'$06
UHHYDOXWDUHVLVWHPLGLFRPXQLFD]LRQHHGHYHQWLGLVSHWWDFRORFKHYHLFROL
QRLQIRUPD]LRQHHFRQRVFHQ]DQHOVHWWRUHGHOO·LQWUDWWHQLPHQWRHGXFDWLYR
WXULVWLFRHFXOWXUDOH
2ELHWWLYLIRUPDWLYLTXDOLILFDQWL
*OL RELHWWLYL IRUPDWLYL GL IRQGR SHUVHJXLWL GDO &RUVR GL 6WXGL LQ '$06
VRQR
VROLGH FRQRVFHQ]H VFLHQWLILFKH WHFQRORJLFKH H DSSOLFDWLYH QHL VHWWRUL GL
VWXGLRHQHLFDPSLSURIHVVLRQDOLGHOOHDUWLGHOODPXVLFDGHOORVSHWWDFROR
WHDWUR FLQHPD 7Y GHO FRVWXPH GHOO·LQWUDWWHQLPHQWR FXOWXUDOH DQFKH
GLGDWWLFDVSHWWDFRODUL]]DWDFRQPHWRGLFKHWUDGL]LRQDOLHDYDQ]DWH
O·DFTXLVL]LRQH GL VWUXPHQWL WHRULFL PHWRGRORJLFL H FULWLFL FKH SRVVDQR
VRVWHQHUH O·HVSUHVVLRQH OD FRPXQLFD]LRQH H OD GLYXOJD]LRQH DQFKH FRQ
PH]]LPXOWLPHGLDOLHHGLWRULDOLGLOLQJXDJJLHFRGLFLHVSUHVVLYLSURSULGHL
VHWWRULGLVFLSOLQDULLQRJJHWWRQHOOHPDQLIHVWD]LRQLDUWLVWLFKH
LO SRVVHVVR GL XQD VXIILFLHQWH SDGURQDQ]D GHL PH]]L WHFQLFL LQIRUPDWLFL
WHOHPDWLFLGLUHWHPXOWLPHGLDOLHGHOO·LQIRUPD]LRQHLQUDSSRUWRDLVLQJROL
FXUULFXOD GHWHUPLQDWLDOO·LQWHUQRGHL&RUVLGLVWXGLVSHFLDOLVWLFL
ODFRQRVFHQ]DLQIRUPDVFULWWDHRUDOHGLXQDOLQJXDGHOO·8QLRQH(XURSHD
ROWUHO·LWDOLDQR
O·XWLOL]]RSUDWLFRQHLVHWWRULGLVFLSOLQDULGHO&RUVRGL/DXUHDGLVWUXPHQWL
WHFQLFLPH]]LILQDQ]LDULHPHWRGLVFLHQWLILFLHOLPLQDQGROHLPSURYYLVD
]LRQLDWWLDOODJHVWLRQHGLSURJUDPPLFRPXQLFDWLYLHVSUHVVLYLHRLQIRU
PDWL]]DWLDSSURSULDWL
ODFDSDFLWjGLLQVHULUVLLQpTXLSHV GLODYRURFRQFUHWRGLSURJUDPPDUHOD
GLYLVLRQHGHOODYRURGLJHVWLUHLUDSSRUWLLQWHUSHUVRQDOL
7DOLRELHWWLYLPLUDQRDSURGXUUHSURILOLSURIHVVLRQDOLVSHQGLELOLQHOO·LQGX
VWULDFXOWXUDOHGHOODFRPXQLFD]LRQHHGHOO·LQWUDWWHQLPHQWRLQVHWWRULGHOO·HGLWR
ULDWUDGL]LRQDOHHGHOHWWURQLFDQHOODSURJUDPPD]LRQHJHVWLRQHHFRQGX]LRQHGL
PDQLIHVWD]LRQL WHDWUDOL FLQHPDWRJUDILFKH UDGLRWHOHYLVLYH PXVHRJUDILFKH LQ
UHDOHHYLUWXDOH
3DUWLFRODULILJXUHGLRSHUDWRULLQTXHVWLFDPSLDSSOLFDWLYLVDUDQQRLPSLHJDWL
LQVHUYL]LGLGLYXOJD]LRQHVFLHQWLILFDWHFQLFDHFXOWXUDOHQHOOH6FXROHGLRJQL
RUGLQHHJUDGRSUHVVRJOL(QWLORFDOLQHOOH0HGLDWHFKHQHL0XVHLQHJOL$UFKL
YLQHL&DOO&HQWHUQHOODJHVWLRQHGLVLWLWHOHPDWLFLHFF
'$06
'$06
6LVWHPLHWHFQLFKHGHOOD ,&$5',6(*12,1'8675,$/(
PRGDHGHOOHSURGX]LRQL ,&$5$5&+,7(7785$ '(*/,,17(51,(
DUWLVWLFKH $//(67,0(172
,&$5',6(*12
7RWDOH$WWLYLWj
FDUDWWHUL]]DQWL
$WWLYLWjDIILQLR 7RWDOH 6HWWRULVFLHQWLILFRGLVFLSOLQDUL
LQWHJUDWLYH &)8
'LVFLSOLQHJLXULGLFKHH ,1*,1',1*(*1(5,$ (&2120,&2
JHVWLRQDOL *(67,21$/(
,86',5,77235,9$72
,86,67,78=,21,',',5,77238%%/,&2
,86',5,772'(//·81,21((8523($
6(&63(&2120,$ 32/,7,&$
6(&6332/,7,&$ (&2120,&$
6(&63(&2120,$$33/,&$7$
6(&63(&2120,$$=,(1'$/(
6(&63(&2120,$ (*(67,21('(//(,035(6(
6(&63),1$1=$$=,(1'$/(
6(&6325*$1,==$=,21($=,(1'$/(
6(&63(&2120,$ '(*/,,17(50(',$5,
),1$1=,$5,
6(&6667$7,67,&$
6(&6667$7,67,&$ (&2120,&$
'LVFLSOLQHLQIRUPDWLFKHH &+,0&+,0,&$ *(1(5$/((,125*$1,&$
VFLHQWLILFRWHFQRORJLFKH &+,0&+,0,&$ ,1'8675,$/(
&+,06&,(1=$ (7(&12/2*,$ '(,
0$7(5,$/,32/,0(5,&,
&+,0&+,0,&$ 25*$1,&$
*(20,1(5$/2*,$
,1),1)250$7,&$
,1*,1)6,67(0,',(/$%25$=,21('(//(
,1)250$=,21,
0$7*(20(75,$
0$70$7(0$7,&+(&203/(0(17$5,
'LVFLSOLQHOLQJXLVWLFKH //,1/,1*8$ (75$'8=,21(/,1*8$
)5$1&(6(
//,1/,1*8$ (75$'8=,21(/,1*8$ 63$
*12/$
//,1/,1*8$ (75$'8=,21(/,1*8(325
72*+(6((%5$6,/,$1$
//,1/,1*8$ (75$'8=,21(/,1*8$
,1*/(6(
//,1/,1*8$ (75$'8=,21(/,1*8$
7('(6&$
//,16/$9,67,&$
7RWDOH$WWLYLWjDIILQLR
LQWHJUDWLYH
'$06
3HUFKLILQLVFHJOLVWXGL6WDJHLQD]LHQGD&)8RYHVLDSRVVLELOHDWWLYDUHFRQYHQ]LRQLFRQD]LHQGH
3HUFKLQRQILQLVFHHSURVHJXHFRQODODXUHD6SHFLDOLVWLFD
$ VFHOWD&)8
7HVLILQRD&)8
'$06
'$06
'$06
ODFRQRVFHQ]DGHOODOLQJXD
VWUDQLHUD /LQJXDVWUDQLHUD
3HU FKL ILQLVFH JOL VWXGL 6WDJH LQ D]LHQGD &)8 RYH VLD SRVVLELOH DWWLYDUH FRQYHQ]LRQL FRQ
D]LHQGH
3HUFKLQRQILQLVFHHSURVHJXHFRQODODXUHD6SHFLDOLVWLFD
$ VFHOWD&)8
7HVLILQRD&)8
'$06
'$06
'$06
ODFRQRVFHQ]DGHOODOLQJXD
VWUDQLHUD /LQJXDVWUDQLHUD
3HU FKL ILQLVFH JOL VWXGL 6WDJH LQ D]LHQGD &)8 RYH VLD SRVVLELOH DWWLYDUH FRQYHQ]LRQL FRQ
D]LHQGH
3HUFKLQRQILQLVFHHSURVHJXHFRQODODXUHD6SHFLDOLVWLFD
$ VFHOWD&)8
7HVL&)8
)LORVRILD
&2562',/$85($ ,1
),/262),$
3UHVLGHQWHSURI)UDQFHVFD%RQLFDO]L
6HJUHWDULDVLJQRUD3LHUD)ORULR
2UDULRGLDSHUWXUDDOSXEEOLFR/XQHGu9HQHUGuGDOOHRUHDOOHRUH
WHOID[
7XWRUV
5LFHYLPHQWR0DUWHGu9HQHUGu
0HUFROHGu*LRYHGu
&XER&TXLQWRSLDQRWHO
,QVHJQDPHQWL
)LORVRILD
)LORVRILDPRUDOH,,DQQR
QXRYRRUGLQDPHQWR ,&ULVSLQL DIILGDPHQWR ,,,
)LORVRILDPRUDOH9HFFKLR
RUGLQDPHQWRGD)LORVRILD
GHOOHUHOLJLRQL *9DFFDUR PXWXD]LRQH ,,,,9
)LORVRILDSROLWLFD *&DODEUz VXSSOHQ]DHVWHUQD ,,,,9
)LORVRILDWHRUHWLFD )%RQLFDO]L WLWRODUH ,,,,,
,QWHUD]LRQHFRPXQLFDWLYD
HFRP $.HQGRQ FRQWUDWWR ,,,
,QWURGX]LRQHDOODUHWRULFD
FODVVLFD 0=DQDWWD DIILGDPHQWR ,,
,VWLWX]LRQLGLILORVRILDGHO
GLULWWR *&DODEUz DIILGDPHQWR ,
/DERUDWRULRGLVFULWWXUD 53HWULOOL UHVSRQVDELOH ,,,,9
/DERUDWRULRGLWHVWXDOLWj )%RQLFDO]L UHVSRQVDELOH ,,,,,,,9
/HWWHUDWXUDLWDOLDQD */R&DVWUR DIILGDPHQWR ,,
/RJLFD **LDQQROL VXSSOHQ]D ,,,
0HWRGRORJLDGHOOHVFLHQ]H
VRFLDOL )3DORPEL FRQWUDWWR ,,,
1HXURVFLHQ]H 7=DOOD FRQWUDWWR ,,
3URSHGHXWLFDILORVRILFD FRQWUDWWR ,,
3VLFRORJLDJHQHUDOH
GD&&/'$06 03DUVL PXWXD]LRQH ,9
6HPLRWLFD 53HWULOOL WLWRODUH ,,,,9
6HPLRWLFDGHOWHVWR
GD6HPLRWLFD 53HWULOOL PXWXD]LRQH ,,,,9
6RFLRORJLDGHOPXWDPHQWR FRQWUDWWR
6RFLRORJLDGHOO·DUWH FRQWUDWWR
6WRULDGHOSHQVLHURFULVWLDQR
DQWLFR (&DURWHQXWR FRQWUDWWR ,9
6WRULDGHOSHQVLHURILORVRILFR
HEUDLFR 6)DFLRQL FRQWUDWWR ,,,
6WRULDGHOSHQVLHURSROLWLFR
FRQWHPSRUDQHR */LJXRUL DIILGDPHQWR ,,,,9
6WRULDGHOSHQVLHURVFLHQWLILFR 5%RQGu DIILGDPHQWR ,9
6WRULDGHOO·HVWHWLFD $'H6HQVL FRQWUDWWR ,,,
6WRULDGHOODILORVRILD )&ULVSLQL WLWRODUH ,,,,,,
6WRULDGHOODILORVRILD 0$OFDUR WLWRODUH ,,,,9
6WRULDGHOODILORVRILDDQWLFD 0=DQDWWD WLWRODUH ,,,,9
6WRULDGHOODILORVRILDFRQWHP
SRUDQHD $'·$WUL DIILGDPHQWR ,,,
6WRULDGHOODILORVRILDPHGLHYDOH $ 6DQQLQR FRQWUDWWR ,9
6WRULDGHOODILORVRILDPRGHUQD *0RFFKL WLWRODUH ,,,
6WRULDGHOODILORVRILDSROLWLFD *0DFFDURQL DIILGDPHQWR ,,,,9
6WRULDGHOODILORVRILDULQDVFL
PHQWDOH *0RFFKL DIILGDPHQWR ,9
6WRULDGHOODVWRULRJUDILDILOR
VRILFD )0&DFFLDWRUH DIILGDPHQWR ,,,,,
6WRULDGHOOHLGHH
GD6WRULDGHOODILORVRILD
FRQWHPSRUDQHD $'·$WUL PXWXD]LRQH ,,,
)LORVRILD
2ELHWWLYLIRUPDWLYL
2ELHWWLYLIRUPDWLYLTXDOLILFDQWLGHOFRUVRGLODXUHDLQ)LORVRILD
² DFTXLVLUHXQDVROLGDFRQRVFHQ]DGHOODVWRULDGHOSHQVLHURILORVRILFRHVFLHQ
WLILFRGDOO·DQWLFKLWjDLQRVWULJLRUQLHXQ·DPSLDLQIRUPD]LRQHVXOGLEDWWLWR
DWWXDOHLQGLYHUVLDPELWLGHOODULFHUFDILORVRILFDWHRUHWLFRORJLFRHSLVWHPR
ORJLFROLQJXLVWLFRHVWHWLFRHWLFRUHOLJLRVRSROLWLFRJLXVILORVRILFR
² SDGURQHJJLDUHODWHUPLQRORJLDHLPHWRGLULJXDUGDQWLO·DQDOLVLGHLSUREOHPL
OHPRGDOLWjDUJRPHQWDWLYH
² FRQVHQWLUH O·DSSURFFLR DL WHVWL DQFKH LQ OLQJXD RULJLQDOH H XQ DGHJXDWR
DYYLRQHOO·XVRGHJOLVWUXPHQWLELEOLRJUDILFL
² DFTXLVLUHFRPSHWHQ]HLQRUGLQHDOO·HWLFDDSSOLFDWDLQSDUWLFRODUHQHLVHWWRUL
GHOOD ELRHWLFD QHOO·HWLFD GHOOD FRPXQLFD]LRQH H GHOO·LQIRUPD]LRQH GHO
O·LQIRUPDWLFDJLXULGLFDFRQSDUWLFRODUHULJXDUGRDLGLULWWLGLOLEHUWjHWUDWWD
PHQWR GHL GDWL SHUVRQDOL H SRVVHGHUH XQ·DPSLD LQIRUPD]LRQH VXOO·DWWXDOH
GLEDWWLWRQHOO·DPELWRHWLFRJLXULGLFRHVXLVXRLULIOHVVLQHOVHWWRUHGHOODIRQ
GD]LRQHHGHOODWXWHODGHLGLULWWL
² HVVHUHLQJUDGRGLXWLOL]]DUHHIILFDFHPHQWHXQDOLQJXDGHOO·8QLRQHROWUHO·L
WDOLDQRQHOO·DPELWRVSHFLILFRGHOOHFRPSHWHQ]HHSHUORVFDPELRGLLQIRU
PD]LRQLJHQHUDOL
² SRVVHGHUH DGHJXDWH FRPSHWHQ]H H VWUXPHQWL SHU OD FRPXQLFD]LRQH H OD
JHVWLRQHGHOO·LQIRUPD]LRQH
6ERFFKLSURIHVVLRQDOL
/DODXUHDLQ)LORVRILDSHUPHWWHGLVYROJHUHDWWLYLWjSURIHVVLRQDOL
² QHLVHWWRULGHOO·LQGXVWULDFXOWXUDOHHGLWRULDWUDGL]LRQDOHHPXOWLPHGLDOHFRQ
SDUWLFRODUHULIHULPHQWRDOO·DPELWRXPDQLVWLFROHVFLHQ]HFRJQLWLYHODOLQ
JXLVWLFDFRPSXWD]LRQDOHHLVLVWHPLGLLQWHOOLJHQ]DDUWLILFLDOH
² QHOO·DPELWRGHOOD3XEEOLFDDPPLQLVWUD]LRQHHLQ(QWLSXEEOLFLHSULYDWLQHL
VHWWRUL GHL VHUYL]L VWDPSD H SXEEOLFKH UHOD]LRQL SURPR]LRQH FXOWXUDOH
PDUNHWLQJHSXEEOLFLWjFUHDWLYDSXEEOLFLVWLFDWHFQLFRVFLHQWLILFD
)LORVRILD
0RGDOLWjGLDFFHVVR
3ULPDGHOO·LQL]LRGHLFRUVLVDUjVRPPLQLVWUDWRXQWHVWSHUYHULILFDUHOD
SUHSDUD]LRQHFXOWXUDOHGLEDVH7DOHTXHVWLRQDULRGLFXOWXUDJHQHUDOHSUHSD
UDWRDQQXDOPHQWHGDO&RQVLJOLRGLFRUVRGLVWXGLRSHUPHWWHUjGLLQGLYLGXDUH
OHDWWLYLWjGLGDWWLFKHGLULQIRU]RSHUJOLVWXGHQWLFKHSUHVHQWDQRFDUHQ]HGL
EDVH
'XUDWDGHOFRUVRGLVWXGLR
/DGXUDWDGHOFRUVRGLVWXGLRLQ)LORVRILDqGLWUHDQQL
$LILQLGHOFRQVHJXLPHQWRGHOODODXUHDORVWXGHQWHGHYHDYHUFRQVHJXLWR
FUHGLWLGDVXGGLYLGHUHVHFRQGROHQRUPHLQYLJRUHLQFUHGLWLDOO·DQQR
,O&RQVLJOLRGLFRUVRGLODXUHDSXzULFRQRVFHUHILQRDFUHGLWLDLILQLGHO
FRQVHJXLPHQWRGHOWLWRORGLVWXGLRDOOHFRQRVFHQ]HHGDOOHDELOLWjSURIHVVLRQDOL
FHUWLILFDWHDLVHQVLGHOODQRUPDWLYDYLJHQWHLQPDWHULDQRQFKpDGDOWUHFRQR
VFHQ]HHDGDOWUHDELOLWjLQDWWLYLWjIRUPDWLYHDOLYHOORSRVWVHFRQGDULRDOODFXL
SURJHWWD]LRQHHUHDOL]]D]LRQHO·8QLYHUVLWjDEELDFRQFRUVRHFKHDEELDQRDWWL
QHQ]DFRQODFODVVHGHOOHODXUHHLQ)LORVRILDHFRQLOFRUVRGLVWXGLRLQ)LORVRILD
)LORVRILD
/·DWWULEX]LRQHGHLFUHGLWLqGHPDQGDWDDOODFRPPLVVLRQHFKHYHULILFDODFRHUHQ
]DGHOOHFRQRVFHQ]HHGDELOLWjFHUWLILFDWHQHOFRUVRGLODXUHDSUHVFHOWR
3URSHGHXWLFLWj
7HQHQGR FRQWR GHJOL RELHWWLYL IRUPDWLYL VSHFLILFL GHO FRUVR GL ODXUHD LQ
)LORVRILDHGGHOOHFDUDWWHULVWLFKHGHLGLYHUVLFRUVLOHSURSHGHXWLFLWjVRQRILVVDWH
LQEDVHDOODSULRULWjGHJOLLQVHJQDPHQWLGLEDVHULVSHWWRDJOLLQVHJQDPHQWLFDUDW
WHUL]]DQWLHDIILQL
)UHTXHQ]D
/DIUHTXHQ]DDOOHOH]LRQLqREEOLJDWRULD/·DFFHUWDPHQWRGHOODIUHTXHQ]D
DYYLHQHPHGLDQWHODUDFFROWDGLILUPHGHJOLVWXGHQWLSUHVHQWLDLFRUVLRVHFRQGR
DOWUHPRGDOLWjFRQFRUGDWHGDOGRFHQWHHFRPXQLFDWHDJOLVWXGHQWLDOO·LQL]LRGHO
FRUVR/DQRQIUHTXHQ]DYDGLFKLDUDWDHFRPSRUWDXQGLYHUVRSURJUDPPDGL
VWXGL
9HULILFKHGHOSURILWWR
$OODILQHGLRJQLELPHVWUHVRQRSUHYLVWHYHULILFKHGHOSURILWWRPHGLDQWHXQD
SURYDVFULWWDHXQFROORTXLRRUDOH,OVXSHUDPHQWRGHOODSURYDVFULWWDqFRQGL
]LRQHGLDFFHVVRDOFROORTXLRRUDOH1HOODYDOXWD]LRQHFRPSOHVVLYDGHOSURILWWR
GHJOLVWXGHQWLXQDGHJXDWRULOLHYRVDUjGDWRDOOHYHULILFKHVFULWWH
3URYDILQDOH
/DSURYDILQDOHSHULOFRQVHJXLPHQWRGHOODODXUHDFRQVLVWHQHOODGLVFXVVLR
QHGLXQDEUHYHGLVVHUWD]LRQHVFULWWDVXDUJRPHQWLULHQWUDQWLQHOOHDUHHGLVFLSOL
QDULSURSULHGHOFRUVRGLVWXGLRSUHVFHOWR
9DOXWD]LRQHGHLFUHGLWL
,FUHGLWLDFTXLVLWLSHULOFRQVHJXLPHQWRGHOODODXUHDLQ)LORVRILDVRQRLQWH
JUDOPHQWHYDOXWDWLDLILQLGHOO·LVFUL]LRQHDOFRUVRGLODXUHDVSHFLDOLVWLFDGL)LOR
VRILD
1RUPHWUDQVLWRULH
,QPHULWRDOOHHTXLSROOHQ]HSHULSDVVDJJLGDLYHFFKLDLQXRYLRUGLQDPHQWL
VLVWDELOLVFHFKHGXHPRGXOLGLFUHGLWLFRUULVSRQGRQRDRUHHGLFRQVHJXHQ
]DXQLQVHJQDPHQWRGHLYHFFKLRUGLQDPHQWLFRUULVSRQGHDGXHPRGXOL&)8
&RQXQDSHULRGLFLWjQRQVXSHULRUHDDQQLLO&RQVLJOLRGL&RUVRGLVWXGLRUHD
OL]]HUjXQDUHYLVLRQHGHL5HJRODPHQWLGLGDWWLFLGHLFRUVLGLVWXGLRLQSDUWLFROD
UHSHUTXDQWRULJXDUGDLOQXPHURGHLFUHGLWLDVVHJQDWLDGRJQLLQVHJQDPHQWRR
DOWUDDWWLYLWjIRUPDWLYD
)LORVRILD
&RQRVFHQ]DGHOODOLQJXDVWUDQLHUDHDELOLWjLQIRUPDWLFKH
5HODWLYDPHQWHDOODFHUWLILFD]LRQHGHOODFRQRVFHQ]DGHOOHOLQJXHVWUDQLHUHFL
VLDWWLHQHDTXDQWRYHUUjVWDELOLWRLQVHGHGLDWHQHRHFRPXQTXHYHUUjIDWWRULIH
ULPHQWR DOOR VWDQGDUG LQWHUQD]LRQDOH GL FHUWLILFD]LRQH GHOOD FRQRVFHQ]D FKH
VDUjULFKLHVWDDJOLVWXGHQWLGLWXWWLLFRUVLGLVWXGLR
$WWLYLWjDVFHOWDGHOORVWXGHQWH
*OLHVDPLDVFHOWDGHOORVWXGHQWHSRVVRQRHVVHUHWHQXWLDQFKHVXGLVFLSOLQH
DWWLYDWHIXRULGDOOD)DFROWjGL/HWWHUHH)LORVRILDHFRPXQTXHVHPSUHFRQVXO
WDQGRSUHYHQWLYDPHQWHLOWXWRU
7LURFLQLIRUPDWLYLHDOWUHDWWLYLWjIRUPDWLYHQRQWUDGL]LRQDOL
,O&RUVRGLODXUHDLQVHGHGLSURJUDPPD]LRQHGLGDWWLFDDQQXDOHVWDELOLUj
TXDOL DWWLYLWj IRUPDWLYH DJJLXQWLYH &)8 RIIULUH DJOL VWXGHQWL SHU O·$QQR
$FFDGHPLFRVXFFHVVLYRDOODFRQFOXVLRQHGHOFRUVRGLVWXGLWULHQQDOHWHQHQGR
SUHVHQWHFKHWDOLDWWLYLWjGRYUDQQRHVHUFLWDUHXQUXRORGHWHUPLQDQWHQHOFRP
SOHWDPHQWRGHOODIRUPD]LRQHFXOWXUDOHGHOORVWXGHQWHVWHVVRHQHOODVXDFDSDFLWj
GLLQVHULPHQWRQHOODUHDOWjODYRUDWLYD
0RGDOLWjRUJDQL]]DWLYHGHOOHDWWLYLWjIRUPDWLYHSHU JOLVWXGHQWLLPSHJQDWL
QRQDWHPSRSLHQR
,O&RUVRGLODXUHDLQVHGHGLSURJUDPPD]LRQHGLGDWWLFDGHFLGHGLDWWLYDUH
XQRVSHFLILFRRUGLQDPHQWRSHUJOLVWXGHQWLSDUWWLPH
&RUVLLQWHQVLYL
,O&RUVRGL/DXUHDVLULVHUYDODSRVVLELOLWjGLDWWLYDUHFRUVLLQWHQVLYLGLVXS
SRUWRRGLUHFXSHURILQDOL]]DWLDGXQDSLHIILFDFHIUXL]LRQHGHOO·RIIHUWDIRUPD
WLYDGDSDUWHGLVWXGHQWLFKHVLWURYLQRLQVLWXD]LRQLGLVYDQWDJJLR
7XWRUDWR
,OFRUVRGLODXUHDLVWLWXLVFHXQVHUYL]LRGLWXWRUDWRSHUJOLVWXGHQWL2ELHWWL
YRGHOWXWRUDWRqRULHQWDUHHDVVLVWHUHJOLVWXGHQWLQHOFRUVRGLVWXGLRUHQGHUOL
DWWLYDPHQWHSDUWHFLSLGHOSURFHVVRIRUPDWLYRDLXWDUOLDULPXRYHUHJOLRVWDFROL
DGXQDSURILFXDIUHTXHQ]DGHLFRUVL,O3UHVLGHQWHGHOFRUVRGL/DXUHDqUHVSRQ
VDELOHGHOOHDWWLYLWjGLWXWRUDWRHGHVLJQDXQVXRGHOHJDWRSHUPDQHQWHVFHOWR
IUDLSURIHVVRULGLUXRORHLULFHUFDWRULPHPEULGHO&RQVLJOLRGHO&RUVRGL/DX
UHD(QWURODVHFRQGDVHWWLPDQDGDOO·LQL]LRGHOOHOH]LRQLDFLDVFXQRGHJOLVWX
GHQWLLPPDWULFRODWLqDWWULEXLWRXQWXWRUWUDLSURIHVVRULGLUXRORHLULFHUFDWRUL
DIIHUHQWL DO FRUVR GL VWXGLR *OL VWXGHQWL LPPDWULFRODWL KDQQR O·REEOLJR GL
LQFRQWUDUHDOPHQRGXHYROWHLOORURWXWRUGLQRUPDQHOO·RUDULRFKHTXHVWLGHVWL
)LORVRILD
QDDOULFHYLPHQWRGHJOLVWXGHQWLQHOFRUVRGHOSULPRDQQRFRVuFRPHJOLVWX
GHQWLDOVHFRQGRHDOWHU]RDQQR6YROJRQRDWWLYLWjGLWXWRUMXQLRUODXUHDWLGHVL
JQDWLGDO&RUVRGL/DXUHDHULWHQXWLFRPSHWHQWLDIRUQLUHFKLDULPHQWLHDRULHQ
WDUHORVYROJLPHQWRGHJOLVWXGL6DUDQQRGLVSRQLELOLWXWWHOHPDWWLQHSUHVVROD
VHJUHWHULDGHO&RUVRGL/DXUHD
3LDQLGLVWXGLR
'DWDO·RUJDQL]]D]LRQHGHOODYRURSUHILJXUDWDLQTXHVWRUHJRODPHQWRGLGDW
WLFRODOLEHUWjGLVFHOWDQHLSLDQLGLVWXGLRqOLPLWDWDDOOHGLVFLSOLQHVHJQDODWH
FRPH´DVFHOWDµQHOSLDQRGLVWXGLHDOOHPDWHULHSHUVWDWXWRDVFHOWDGHOORVWX
GHQWH6LULFRUGDFKHQRQqSRVVLELOHFRQVHJXLUHSLGLFUHGLWLSHUFLDVFXQR
GHJOLLQVHJQDPHQWLDVFHOWD$OO·LQL]LRGHOSULPRDQQRGLFRUVRWXWWLJOLVWXGHQWL
GHYRQRSUHVHQWDUHXQSLDQRGLVWXGLFRQO·LQGLFD]LRQHGHOOHVFHOWHFKHLQWHQGR
QRIDUHSHULFRUVLFKHSUHYHGRQRSLSRVVLELOLWjHO·LQGLFD]LRQHGHJOLHVDPL
OLEHUL FKH LQWHQGRQR VRVWHQHUH 4XHVWL SLDQL GL VWXGLR VRQR DXWRPDWLFDPHQWH
DSSURYDWLVHULHQWUDQRQHOOHOLQHHGLRULHQWDPHQWRVXJJHULWHQHO5HJRODPHQWR
$QFKHDOVHFRQGRDQQRGLVWXGLRQRQFKpSHUJOLVWXGHQWL´IXRULFRUVRµQHJOL
DQQLVXFFHVVLYLJOLVWXGHQWLSRVVRQRSUHVHQWDUHLOSLDQRGLVWXGLRTXDORUDGHVL
GHULQRDSSRUWDUHGHLFDPELDPHQWLDTXHOOLSUHFHGHQWHPHQWHSUHVHQWDWL7HUPLQL
HPRGDOLWjSHUODSUHVHQWD]LRQHVRQRUHVLQRWLDOO·LQL]LRGHOO·DQQRDFFDGHPLFR
,SLDQLGLVWXGLRVRQRVRWWRSRVWLDOO·DSSURYD]LRQHGHOOD&RPPLVVLRQHGLGDWWLFD
FRPSRVWDGDDOPHQRWUHPHPEUL
)LORVRILD
FRGHOO·$WHQHRHFRPXQLFDWLVLDLQIRUPDDJJUHJDWDFKHGLVDJJUHJDWDDO3UHVL
GHQWHGHO&RQVLJOLRGL&RUVRGL/DXUHD/·DQDOLVLGHLULVXOWDWLGHOODYDOXWD]LRQH
qRJJHWWRGLXQDULXQLRQHGHOOD&RPPLVVLRQHGLGDWWLFDSDULWHWLFD,QDJJLXQWD
DOODYDOXWD]LRQHGHLFRUVLqSUHYLVWRXQTXHVWLRQDULRGLYDOXWD]LRQHGHOOHDWWLYLWj
GLVWDJHVWLURFLQLRHFFHWHUD
)LORVRILD
25',1$0(172'(6&5,=,21('(/ &2562',/$85($ ,1
),/262),$ ),/262),$ (6725,$ '(//(,'((
)LORVRILD
)LORVRILD
),6$6752120,$ ($6752),6,&$
),6),6,&$ 3(5,/ 6,67(0$ 7(55$ (3(5,/
0(==2&,5&807(55(675(
),6),6,&$$33/,&$7$ $ %(1,&8/785$/,
$0%,(17$/,%,2/2*,$ (0(',&,1$
),6','$77,&$ (6725,$ '(//$ ),6,&$
,1),1)250$7,&$
,1*,1)6,67(0,',(/$%25$=,21('(//(
,1)250$=,21,
036,36,&2%,2/2*,$ (36,&2/2*,$ ),6,2
/2*,&$
036,36,&20(75,$
0$7/2*,&$ 0$7(0$7,&$
0$7$/*(%5$
0$70$7(0$7,&+(&203/(0(17$5,
0$7$1$/,6,0$7(0$7,&$
0$7352%$%,/,7$ (67$7,67,&$ 0$7(0$7,
&$
0('6725,$ '(//$ 0(',&,1$
$PELWRLGLVHGH /$576725,$ '(//·$57(02'(51$
/$576725,$ '(//·$57(&217(0325$
1($
7RWDOH$WWLYLWjDIILQL
RLQWHJUDWLYH
$ VFHOWDGHOORVWXGHQWH
3HU ODSURYDILQDOHHSHU 3URYDILQDOH
ODFRQRVFHQ]DGHOODOLQJXD
VWUDQLHUD /LQJXDVWUDQLHUD
$OWUHDUWFRPPD 8OWHULRULFRQRVFHQ]HOLJXLVWLFKH
OHWWHUDI $ELOLWjLQIRUPDWLFKHHUHOD]LRQDOL
7LURFLQL
$OWUR
7RWDOH
7RWDOH$OWUHDWWLYLWj
IRUPDWLYH
727$/(&5(',7,
)LORVRILD
)LORVRILD
4'62&,2/2*,$ '(//"$0%,(17(('(/
7(55,725,2
7RWDOH$WWLYLWj
FDUDWWHUL]]DQWL
)LORVRILD
&+,0&+,0,&$ 25*$1,&$
),6),6,&$ 63(5,0(17$/(
),6),6,&$ 7(25,&$02'(//,(0(72',
0$7(0$7,&,
),6$6752120,$ ($6752),6,&$
),6),6,&$ 3(5,/ 6,67(0$ 7(55$ (3(5,/
0(==2&,5&807(55(675(
),6),6,&$$33/,&$7$ $ %(1,&8/785$/,
$0%,(17$/,%,2/2*,$ (0(',&,1$
),6','$77,&$ (6725,$ '(//$ ),6,&$
,1),1)250$7,&$
,1*,1)6,67(0,',(/$%25$=,21('(//(
,1)250$=,21,
036,36,&2%,2/2*,$ (36,&2/2*,$ ),6,2
/2*,&$
036,36,&20(75,$
0$7/2*,&$ 0$7(0$7,&$
0$7$/*(%5$
0$70$7(0$7,&+(&203/(0(17$5,
0$7$1$/,6,0$7(0$7,&$
0$7352%$%,/,7$ (67$7,67,&$ 0$7(0$7,
&$
0('6725,$ '(//$ 0(',&,1$
7RWDOH$WWLYLWjDIILQL
RLQWHJUDWLYH
$ VFHOWDGHOORVWXGHQWH
3HU ODSURYDILQDOHHSHU 3URYDILQDOH
ODFRQRVFHQ]DGHOODOLQJXD
VWUDQLHUD /LQJXDVWUDQLHUD
$OWUHDUWFRPPD 8OWHULRULFRQRVFHQ]HOLJXLVWLFKH
OHWWHUDI $ELOLWjLQIRUPDWLFKHHUHOD]LRQDOL
7LURFLQL
$OWUR
7RWDOH
7RWDOH$OWUHDWWLYLWj
IRUPDWLYH
727$/(&5(',7,
)LORVRILD
)LORVRILD
)LORVRILD
),6$6752120,$ ($6752),6,&$
),6),6,&$ 3(5,/ 6,67(0$ 7(55$ (3(5,/
0(==2&,5&807(55(675(
),6),6,&$$33/,&$7$ $ %(1,&8/785$/,
$0%,(17$/,%,2/2*,$ (0(',&,1$
),6','$77,&$ (6725,$ '(//$ ),6,&$
,1),1)250$7,&$
,1*,1)6,67(0,',(/$%25$=,21('(//(
,1)250$=,21,
036,36,&2%,2/2*,$ (36,&2/2*,$ ),6,2
/2*,&$
036,36,&20(75,$
0$7/2*,&$ 0$7(0$7,&$
0$7$/*(%5$
0$70$7(0$7,&+(&203/(0(17$5,
0$7$1$/,6,0$7(0$7,&$
0$7352%$%,/,7$ (67$7,67,&$ 0$7(0$7,
&$
0('6725,$ '(//$ 0(',&,1$
$PELWRLGLVHGH ,86',5,77235,9$72
,86',5,772&267,78=,21$/(
,86,67,78=,21,',',5,77238%%/,&2
6(&63(&2120,$ 32/,7,&$
7RWDOH$WWLYLWjDIILQL
RLQWHJUDWLYH
$ VFHOWDGHOORVWXGHQWH
3HU ODSURYDILQDOHHSHU 3URYDILQDOH
ODFRQRVFHQ]DGHOODOLQJXD
VWUDQLHUD /LQJXDVWUDQLHUD
$OWUHDUWFRPPD 8OWHULRULFRQRVFHQ]HOLJXLVWLFKH
OHWWHUDI $ELOLWjLQIRUPDWLFKHHUHOD]LRQDOL
7LURFLQL
$OWUR
7RWDOH
7RWDOH$OWUHDWWLYLWj
IRUPDWLYH
727$/(&5(',7,
)LORVRILD
)LORVRILD
036,36,&2/2*,$ ',1$0,&$
6(&63(&2120,$ 32/,7,&$
63662&,2/2*,$ *(1(5$/(
$PELWRLGLVHGH /$57&,1(0$)272*5$),$ (7(/(9,6,2
1(
/$57086,&2/2*,$ (6725,$ '(//$ 086,
&$
/),//(7/,1*8,67,&$ ,7$/,$1$
//,1*/2772/2*,$ (/,1*8,67,&$
//,1','$77,&$ '(//(/,1*8(02'(51(
63662&,2/2*,$ '(,352&(66,&8/785$/,
(&2081,&$7,9,
7RWDOH$WWLYLWj
FDUDWWHUL]]DQWL
)LORVRILD
$ VFHOWDGHOORVWXGHQWH
3HU ODSURYDILQDOHHSHU 3URYDILQDOH
ODFRQRVFHQ]DGHOODOLQJXD
VWUDQLHUD /LQJXDVWUDQLHUD
$OWUHDUWFRPPD 8OWHULRULFRQRVFHQ]HOLJXLVWLFKH
OHWWHUDI $ELOLWjLQIRUPDWLFKHHUHOD]LRQDOL
7LURFLQL
$OWUR
7RWDOH
7RWDOH$OWUHDWWLYLWj
IRUPDWLYH
727$/(&5(',7,
)LORVRILD
1RUPHSHU JOLVWXGHQWLLVFULWWLDOYHFFKLRRUGLQDPHQWR
9HQJRQRULFRQIHUPDWHOHQRUPHFRQWHQXWHQHOOD*XLGDGHOORVWXGHQWHGHOO·
DQQRDFFDGHPLFRGLLVFUL]LRQH3HUTXDQWRULJXDUGDODVFHOWDGHOOHGLVFLSOLQHGD
LQVHULUHQHLSLDQLGLVWXGLRVLLQYLWDQRJOLVWXGHQWLDWHQHUHSUHVHQWHOHWDEHOOH
DJJLRUQDWHGHLQXRYLLQVHJQDPHQWLGHOOD)DFROWj
6LSUHFLVDFKHRJQLFRUVRGLOH]LRQLGHOYHFFKLRRUGLQDPHQWRFRUULVSRQGHD
GXHPRGXOLGHOQXRYRRUGLQDPHQWR
)LORVRILD,$QQR
)LORVRILD
)LORVRILD,,DQQR
&XUULFXOXP6WRULDGHOOHLGHH
&XUULFXOXP)LORVRILDHFXOWXUHPHGLWHUUDQHH
)LORVRILD
&XUULFXOXP)LORVRILDHWLFDSXEEOLFDHGRWWULQDGHLGLULWWL
&XUULFXOXP)LORVRILDGHOOD&RPXQLFD]LRQHHGHOOD&RQRVFHQ]D
)LORVRILHH6FLHQ]HGHOOD&RPXQLFD]LRQHHGHOOD&RQRVFHQ]D
&2562',/$85($ ,1
),/262),((6&,(1=('(//$ &2081,&$=,21(
('(//$ &2126&(1=$
3UHVLGHQWHIISURI'DQLHOH*DPEDUDUD
6HJUHWDULRIIVLJ9LQFHQ]R3DULVDQR
2UDULRGLDSHUWXUDDOSXEEOLFROXQHGuYHQHUGuGDOOHRUHDOOHRUH
&XER&,9 SLDQR
KWWSPRQGRDLODWLXQLFDOLW
WHOID[
,QVHJQDPHQWL
)LORVRILHH6FLHQ]HGHOOD&RPXQLFD]LRQHHGHOOD&RQRVFHQ]D
'XUDQWHO·DQQRDFFDGHPLFRVDUDQQRDWWLYDWLWLSLFDPHQWHSHUJOLVWXGHQWLGL
,, DQQR GHL VHPLQDUL GL WLURFLQLR D FDUDWWHUH SURIHVVLRQDOL]]DQWH H D QXPHUR
OLPLWDWRGLFXLVDUjGDWDQRWL]LDSUHVVRLO&RUVRGL/DXUHD
$QFKHGHOOHHVHUFLWD]LRQLREEOLJDWRULHSHULO,HLO,,DQQRGL,QIRUPDWLFDH
/LQJXH VWUDQLHUH VDUj GDWD QRWL]LD SUHVVR LO &RUVR GL /DXUHD *OL VWXGHQWL
GRYUDQQRLVFULYHUVLDOODOLQJXDSUHVFHOWDVHFRQGRLOOLYHOORDFFHUWDWR
6LVYROJHUDQQRLQROWUHLVHJXHQWLVHPLQDULGLHVHUFLWD]LRQL
² ODERUDWRULRGLVFULWWXUDUHVS53HWULOOL
² ODERUDWRULRGLWHVWXDOLWjUHVS)%RQLFDO]L
² &LQHIRUXPILORVRILFRUHVS'*DPEDUDUD
)LORVRILHH6FLHQ]HGHOOD&RPXQLFD]LRQHHGHOOD&RQRVFHQ]D
,O &RUVR GL /DXUHD LQ )LORVRILH H 6FLHQ]H GHOOD &RPXQLFD]LRQH H GHOOD
&RQRVFHQ]D6FLHQ]HGHOOH&RPXQLFD]LRQHFODVVHqXQFRUVRGLQXRYDDWWL
YD]LRQHVYROWRVROWDQWRVHFRQGRLQXRYLRUGLQDPHQWLODXUHDWULHQQDOHFKHVL
qDSHUWRQHOHLFXLLQVHJQDPHQWLVDUDQQRYLDYLDDWWLYDWLQHOFRUVRGHL
WUHDQQL
2ELHWWLYLIRUPDWLYLHVERFFKLSURIHVVLRQDOL
,ODXUHDWLQHO&RUVRGL/DXUHDLQ´)LORVRILHHVFLHQ]HGHOODFRPXQLFD]LRQH
HGHOODFRQRVFHQ]DµGHYRQRDYHUDFTXLVLWROHFRPSHWHQ]HHOHDELOLWjSUHYLVWH
GDO'0SHUL&RUVLGL/DXUHDGHOODFODVVH
,QSDUWLFRODUHGHYRQR
SRVVHGHUHOHFRQRVFHQ]HJHQHUDOLHOHFRPSHWHQ]HGLEDVHLQGLVSHQVDELOL
SHUOHWHRULHGHLPH]]LGLFRPXQLFD]LRQHGLPDVVDSHUO·DQDOLVLODSURJHW
WD]LRQHHO·DSSOLFD]LRQHGLPRGDOLWjFRPXQLFDWLYHQHLVHWWRULWUDGL]LRQDOL
GHOO·HGLWRULD D VWDPSD H WHOHYLVLYD GHO FLQHPD H GHOOD UDGLRIRQLD GHOOH
LPSUHVHGLFRPXQLFD]LRQHDXGLRYLVLYDPXOWLPHGLDOHHLQWHUDWWLYD
SRVVHGHUHOHFRPSHWHQ]HUHODWLYHDOOHQXRYHWHFQRORJLHGHOODFRPXQLFD]LR
QH H GHOO·LQIRUPD]LRQH QRQFKp OH DELOLWj QHFHVVDULH DOOR VYROJLPHQWR GL
DWWLYLWj GL FRPXQLFD]LRQH H UHOD]LRQL SXEEOLFKH GL D]LHQGH SULYDWH GHOOD
SXEEOLFDDPPLQLVWUD]LRQHHGHLEHQLFXOWXUDOLGLDWWLYLWjUHGD]LRQDOLHIXQ
]LRQLJLRUQDOLVWLFKHDQFKHQHOVHWWRUHGHOO·DXGLRYLVLYR
HVVHUHLQJUDGRGLXWLOL]]DUHLQIRUPDVFULWWDHRUDOHGXHOLQJXHVWUDQLHUH
GHOO·8QLRQH(XURSHDQHOO·DPELWRVSHFLILFRGLFRPSHWHQ]DHSHUORVFDP
ELRGLLQIRUPD]LRQLJHQHUDOLQRQFKpDFTXLVLUHOHDELOLWjHOHFRQRVFHQ]H
SHUO·XVRHIILFDFHGHOODOLQJXDLWDOLDQD
SRVVHGHUHOHDELOLWjGLEDVHQHFHVVDULHDOODSURGX]LRQHGLWHVWLSHUO·LQGX
VWULD FXOWXUDOH VFHQHJJLDWXUH VRJJHWWL VWRU\ERDUG SHU OD SXEEOLFLWj
YLGHRDXGLRYLVLYL
HVVHUHLQJUDGRGLVYROJHUHFRPSLWLSURIHVVLRQDOLQHLGLYHUVLDSSDUDWLGHOOH
LQGXVWULH FXOWXUDOL HGLWRULD FLQHPD WHDWUR UDGLR WHOHYLVLRQH QXRYL
PHGLDHQHOVHWWRUHGHLFRQVXPLFXOWXUDOL
,QDJJLXQWDDTXHVWHDFDUDWWHUL]]DUHTXHVWRVSHFLILFR&RUVRGLODXUHDHVVL
GHYRQRDQFKHDYHUDFTXLVLWRFRPSHWHQ]HFULWLFKHVWRULFKHHWHRULFKHGLWLSR
ILORVRILFR,QSDUWLFRODUHGHYRQR
SRVVHGHUH FRQRVFHQ]H H FRPSHWHQ]H WHRULFRPHWRGRORJLFKH QHO FDPSR
GHOODFRPXQLFD]LRQHHGHOO·LQIRUPD]LRQHHGHLPRGHOOLWHRULFLHDSSOLFDWLYL
OHJDWLDOWUDWWDPHQWRGHLOLQJXDJJLQHOOHGLYHUVHWLSRORJLHVLDVWRULFRQDWX
)LORVRILHH6FLHQ]HGHOOD&RPXQLFD]LRQHHGHOOD&RQRVFHQ]D
UDOLVLDDUWLILFLDOLOHJDQGRVLDLFDPSLGHOODULIOHVVLRQHWHRULFDGHOODILORVR
ILDGHOOLQJXDJJLRGHOO·HSLVWHPRORJLDHGHOODSVLFRORJLDGHOOLQJXDJJLRDL
GRPLQLFXOWXUDOLGHOODOLQJXLVWLFDHGHOODVHPLRORJLDHGLQILQHDLGLYHUVL
VHWWRULGHOOHVRFLRORJLHHWHFQRORJLHGHOODFRPXQLFD]LRQH
SRVVHGHUHFRPSHWHQ]HGLEDVHVXOODVWRULDGHOSHQVLHURILORVRILFRHVFLHQWL
ILFR H XQD VSHFLILFD LQIRUPD]LRQH VXO GLEDWWLWR DWWXDOH LQ GLYHUVL DPELWL
GHOODULFHUFDILORVRILFDLQSDUWLFRODUHILORVRILFROLQJXLVWLFRHSLVWHPRORJL
FRHWHRUHWLFR
SRVVHGHUHSDGURQDQ]DGHOODWHUPLQRORJLDHGHLPHWRGLULJXDUGDQWLO·DQDOLVL
GHL SUREOHPL OH PRGDOLWj DUJRPHQWDWLYH LQ OLQJXDJJLR QDWXUDOH H LQ OLQ
JXDJJLVLPEROLFLO·DSSURFFLRFULWLFRDLWHVWLDQFKHLQOLQJXDRULJLQDOHH
XQDDGHJXDWDFRQRVFHQ]DGHOO·XVRGHJOLVWUXPHQWLLQIRUPDWLYLGDWDEDVH
ELEOLRJUDILFKHHQRQVXGLYHUVLVXSSRUWLRRQOLQH
$ TXHVWRILQHOHDWWLYLWjFRPSUHQGRQRDQFKH
DWWLYLWjGHGLFDWHDOO·DFTXLVL]LRQHGHOOHFRQRVFHQ]HIRQGDPHQWDOLQHLYDUL
FDPSLGHOOHVFLHQ]HGHOODFRPXQLFD]LRQHHGHOO·LQIRUPD]LRQHQRQFKpGL
PHWRGL SURSUL GHOOD ULFHUFD VXL PHGLD VXL SXEEOLFL H VXOOH GLQDPLFKH GL
IUXL]LRQHHFRQVXPR
DWWLYLWjGLODERUDWRULRHLQUHOD]LRQHDRELHWWLYLVSHFLILFLO·REEOLJRGLDWWL
YLWjHVWHUQHTXDOLWLURFLQLIRUPDWLYLSUHVVRD]LHQGHHODERUDWRULVWDJHVH
VRJJLRUQLDQFKHSUHVVRDOWUH8QLYHUVLWjLWDOLDQHHVWUDQLHUHQHOTXDGURGL
DFFRUGLQD]LRQDOLHLQWHUQD]LRQDOL
,OWHPSRULVHUYDWRDOORVWXGLRSHUVRQDOHRDGDOWUHDWWLYLWjIRUPDWLYHGLWLSR
LQGLYLGXDOH q SDUL DOPHQR DO SHU FHQWR GHOO·LPSHJQR RUDULR FRPSOHVVLYR
FRQSRVVLELOLWjGLSHUFHQWXDOLPLQRULSHUVLQJROHDWWLYLWjIRUPDWLYHDGHOHYDWR
FRQWHQXWRVSHULPHQWDOHRSUDWLFRTXDOLOHDWWLYLWjGLODERUDWRULRROHSDUWLHVHU
FLWDWLYHGHLPRGXOLGLGDWWLFLYHGLPRGDOLWjRUJDQL]]DWLYH
6ERFFKLSURIHVVLRQDOLGHO&RUVRGL/DXUHD
,ODXUHDWLGHOODFODVVHVYROJHUDQQRDWWLYLWjSURIHVVLRQDOL
QHOOHSURIHVVLRQLGHOODFRPXQLFD]LRQHHGHOO·LQIRUPD]LRQHGHLVHWWRULOHJD
WL DO WUDWWDPHQWR GHL GDWL OLQJXLVWLFL QHO FDPSR GHOOH UHODWLYH WHFQRORJLH
FRVWUX]LRQH LPSOHPHQWD]LRQH H JHVWLRQH GL PRWRUL GL ULFHUFD VWUXWWXUH
LSHUWHVWXDOLHEDVLGLGDWLORFDOLHGLVWULEXLWHFROOHJDQGRVLDOWUHVuDOWUDWWD
PHQWROLQJXLVWLFRHDOWUDWWDPHQWRGHOOHLPPDJLQLILVVHHGLQPRYLPHQWR
QHOO·HGLWRULDWUDGL]LRQDOHHPXOWLPHGLDOHHQHOOHSURIHVVLRQLGHULYDQWLGDOOH
DSSOLFD]LRQLOHJDWHDOOHVFLHQ]HFRJQLWLYH
)LORVRILHH6FLHQ]HGHOOD&RPXQLFD]LRQHHGHOOD&RQRVFHQ]D
QHOOHSURIHVVLRQLGLFRPXQLFDWRUHQHOOHLPSUHVHGLEURDGFDVWLQJJLRUQDOLVWL
FKHDXGLRYLVLYHHPXOWLPHGLDOLHVSHUWRGLPDUNHWLQJHGLSXEEOLFLWjGHOOH
LPSUHVHDXGLRYLVLYHPDQDJHUGHOOHLPSUHVHGLSURJHWWD]LRQHHGLJHVWLRQHGL
HYHQWLFXOWXUDOLSURJHWWLVWDGLIRUPDWLGLFRPXQLFD]LRQHDXGLRYLVLYDQHLVHW
WRULWUDGL]LRQDOLGHOO·HGLWRULDHLQTXHOOLGHOO·LQQRYD]LRQHPXOWLPHGLDOH
QHOOHSURIHVVLRQLGLFRPXQLFDWRUHSXEEOLFRHWHFQLFRGHOOHUHOD]LRQLSXE
EOLFKHGLSRUWDYRFHHDGGHWWRVWDPSD/QGLVFLSOLQDGHOOH
DWWLYLWjGLLQIRUPD]LRQHHGLFRPXQLFD]LRQHGHOOHSXEEOLFKHDPPLQLVWUD
]LRQLFRPXQLFDWRUHG·LPSUHVDQHOOHIRUPHWUDGL]LRQDOLHLQQRYDWLYHLQ
UHWHHVSHUWRGLSXEEOLFLWjFRPPHUFLDOHHGLXWLOLWjVRFLDOHFRPXQLFDWRUH
GLVLVWHPLWHUULWRULDOLORFDOLHWF
$PPLVVLRQHDOFRUVRGLVWXGLR
/DPRGDOLWjGLYHULILFDGHOODSUHSDUD]LRQHFXOWXUDOHGLEDVHFRQVLVWHQHOOD
ULVSRVWDDGXQTXHVWLRQDULRGLFXOWXUDJHQHUDOHSUHSDUDWRDQQXDOPHQWHGDO&RQ
VLJOLRGLFRUVRGLVWXGLR$OWHUPLQHGHOODSURYDVRQRLQGLFDWLJOLHYHQWXDOLGHEL
WLIRUPDWLYLHOHDWWLYLWjGLGDWWLFKHGLULQIRU]R/DSDUWHFLSD]LRQHDOODYHULILFD
LQL]LDOHqREEOLJDWRULD
&RPPLVVLRQHGLDFFHVVRHGLWXWRUDWR
/DFRPPLVVLRQHqFRPSRVWDGDWUHGRFHQWLGLFXLXQRGLSULPDIDVFLDFKH
IXQJHGDSUHVLGHQWH
3URSHGHXWLFLWj
7HQHQGR FRQWR GHJOL RELHWWLYL IRUPDWLYL VSHFLILFL GHO FRUVR GL ODXUHD LQ
)LORVRILHH6FLHQ]HGHOOD&RPXQLFD]LRQHHGHOOD&RQRVFHQ]DHGHOOHFDUDWWHUL
VWLFKHGHLGLYHUVLFRUVLOHSURSHGHXWLFLWjVRQRILVVDWHLQEDVHDOODSULRULWjGHJOL
LQVHJQDPHQWLGLEDVHULVSHWWRDJOLLQVHJQDPHQWLFDUDWWHUL]]DQWLHDIILQL
/DWLSRORJLDGHOOHDWWLYLWjIRUPDWLYHSUHYHGH
9 FRUVLGLLQVHJQDPHQWRWLSLFDPHQWHVYROWLLQPRGXOLGDFUHGLWLFRQXQUDS
SRUWRPHGLRGLRUHGLOH]LRQHDRUHGLVWXGLRLQGLYLGXDOHSHUFUHGLWR
9 VHPLQDULWLSLFDPHQWHVYROWLLQPRGXOLGDFUHGLWLFRQXQUDSSRUWRPHGLR
GLRUHGLOH]LRQHDRUHGLVWXGLRLQGLYLGXDOHSHUFUHGLWR
)LORVRILHH6FLHQ]HGHOOD&RPXQLFD]LRQHHGHOOD&RQRVFHQ]D
9 HVHUFLWD]LRQLJXLGDWHWLSLFDPHQWHVYROWHLQPRGXOLGDGXHFUHGLWLFRQXQ
UDSSRUWRPHGLRGLRUHGLHVHUFLWD]LRQHJXLGDWDDRUHGLVWXGLR
LQGLYLGXDOHSHUFUHGLWR
9 HVHUFLWD]LRQLGLODERUDWRULRWLSLFDPHQWHVYROWHLQPRGXOLGDGXHFUHGLWL
FRQXQUDSSRUWRPHGLRGLRUHGLHVHUFLWD]LRQHJXLGDWDDRUHGL
VWXGLRLQGLYLGXDOHSHUFUHGLWR
9 DWWLYLWjGLVWDJHRWLURFLQLRVYROWHLQPRGXOLGDGXHRTXDWWURFUHGLWLFRQ
XQUDSSRUWRPHGLRGLRUHGLDWWLYLWjDRUHGLVWXGLRLQGLYLGXDOH
SHUFUHGLWR
)UHTXHQ]D
/·DFFHUWDPHQWRGHOODIUHTXHQ]DDYYLHQHPHGLDQWHLOVXSHUDPHQWRGLXQWHVW
DOODILQHGLRJQLSHULRGRGLLQVHJQDPHQWR,OWHVWqREEOLJDWRULR
9HULILFKHGHOSURILWWR
/DYHULILFDGHOSURILWWRSHUOHDWWLYLWjIRUPDWLYHSUHYHGH
9 SURYHGLYDOXWD]LRQHJUDGXDWDWHVWDULVSRVWDPXOWLSODDQFKHLQIRUPDWL]]D
WLFRQXQSXQWHJJLRPDVHQ]DYRWD]LRQHSHURJQLPRGXORGHOOHDWWLYLWj
VRSUDHOHQFDWH,OVXSHUDPHQWRGLWDOLSURYHGLYDOXWD]LRQHDFFHUWDODIUH
TXHQ]DDWDOLDWWLYLWjHDWWHVWDLOGLULWWRDOULFRQRVFLPHQWRGHLFUHGLWLUHODWLYL
2YHLOSXQWHJJLRQRQUDJJLXQJDODVXIILFLHQ]DLOGLULWWRDOULFRQRVFLPHQWR
GHLFUHGLWLQRQqDWWHVWDWRHORVWXGHQWHQRQqDPPHVVRDOODSURYDGLYHULIL
FD GHO SURILWWR HVDPH QHOOD SULPD VHVVLRQH VXFFHVVLYD DOOH DWWLYLWj /D
SURYDGLYDOXWD]LRQHqREEOLJDWRULD
9 SURYHGLYHULILFDGHOSURILWWRFRQYRWD]LRQHHVDPLVFULWWLRUDOLVFULWWL
RUDOLSHUVLQJRODDWWLYLWjRSHULQVLHPLGLPRGXOLGHOOHDWWLYLWjGHOORVWHVVR
VHWWRUHVFLHQWLILFRGLVFLSOLQDUHRGHOORVWHVVRDPELWRGLVFLSOLQDUH,OVXSH
UDPHQWRGHOO·HVDPHFRVWLWXLVFHO·DFTXLVL]LRQHGHILQLWLYDGHLFUHGLWLUHODWLYL
DWDOLPRGXOL
9 *OLHVDPLSRWUDQQRHVVHUHDFFRPSDJQDWLGDEUHYLVVLPLHODERUDWLVFULWWLR
LQIRUPDPXOWLPHGLDOH
3URYDILQDOH
/DSURYDILQDOHSHULOFRQVHJXLPHQWRGHOODODXUHDFRQVLVWHLQXQHODERUDWR
GLPHGLDOXQJKH]]DFRUULVSRQGHQWHDXQVDJJLRVFLHQWLILFRHYHQWXDOPHQWHVX
VXSSRUWRPXOWLPHGLDOHYHUWHQWHVXWHPDWLFKHGLGLVFLSOLQHFDUDWWHUL]]DQWLGHO
)LORVRILHH6FLHQ]HGHOOD&RPXQLFD]LRQHHGHOOD&RQRVFHQ]D
&RUVR HYHQWXDOPHQWH FRQQHVVR DOOH DWWLYLWj GL VWDJH R WLURFLQLR FKH VDUj
GLVFXVVRFRQXQDFRPPLVVLRQHGLDOPHQRWUHGRFHQWLGHOFRUVR
9DOXWD]LRQHGHLFUHGLWL
,FUHGLWLDFTXLVLWLSHULOFRQVHJXLPHQWRGHOODODXUHDLQ)LORVRILHH6FLHQ]H
GHOOD &RPXQLFD]LRQH H GHOOD &RQRVFHQ]D VRQR LQWHJUDOPHQWH YDOXWDWL DL ILQL
GHOO·LVFUL]LRQH DO FRUVR GL ODXUHD VSHFLDOLVWLFD LQ7HRULH GHOOD FRPXQLFD]LRQH
&ODVVHGHOOHODXUHHVSHFLDOLVWLFKH67HRULDGHOODFRPXQLFD]LRQH
1RUPHWUDQVLWRULH
,QPHULWRDOOHHTXLSROOHQ]HSHULSDVVDJJLGDLYHFFKLDLQXRYLRUGLQDPHQWLVL
VWDELOLVFHFKHGLQRUPDXQLQVHJQDPHQWRGHLYHFFKLRUGLQDPHQWLFRUULVSRQGHD
GXHPRGXOL&)8QRQQHFHVVDULDPHQWHWXWWLXWLOLDLILQLGHOODODXUHDWULHQQDOH
&RQXQDSHULRGLFLWjQRQVXSHULRUHDDQQLLO&RQVLJOLRGL&RUVRGLVWXGLR
UHDOL]]HUjXQDUHYLVLRQHGHL5HJRODPHQWLGLGDWWLFLGHLFRUVLGLVWXGLRLQSDUWL
FRODUHSHUTXDQWRULJXDUGDLOQXPHURGHLFUHGLWLDVVHJQDWLDGRJQLLQVHJQDPHQ
WRRDOWUDDWWLYLWjIRUPDWLYD
&RQRVFHQ]DGHOODOLQJXDVWUDQLHUDHDELOLWjLQIRUPDWLFKH
3HUTXHOFKHULJXDUGDORVWDQGDUGGLIRUPD]LRQHUHODWLYDPHQWHDOODLQIRU
PDWLFDGLEDVH&)8VLIDULIHULPHQWRDTXDQWRDFFHWWDWRDOLYHOORHXURSHRH
FLRqDOOD3DWHQWH(XURSHDGHO&RPSXWHU(&'/ ²(XURSHDQ&RPSXWHU'ULYLQJ
/LFHQVHWDOHFHUWLILFD]LRQHFRVWLWXLVFHLOULIHULPHQWRSHUWDOLDELOLWj
/·RUGLQDPHQWR GHO &RUVR GL ODXUHD SUHYHGH OD FRQRVFHQ]D GL GXH OLQJXH
GHOO·8QLRQH(XURSHDXQDGHOOHTXDOLGHYHHVVHUHO·LQJOHVH5HODWLYDPHQWHDOOD
FHUWLILFD]LRQHGHOODFRQRVFHQ]DGHOOHOLQJXHVWUDQLHUHYHUUjIDWWRULIHULPHQWRD
VWDQGDUGLQWHUQD]LRQDOLGLFHUWLILFD]LRQH
$WWLYLWjDVFHOWDGHOORVWXGHQWH
*OLHVDPLDVFHOWDGHOORVWXGHQWHSRVVRQRHVVHUHVRVWHQXWLDQFKHVXGLVFL
SOLQH DWWLYDWH IXRUL GDOOD )DFROWj GL /HWWHUH H )LORVRILD H FRPXQTXH VHPSUH
FRQVXOWDQGRSUHYHQWLYDPHQWHLOWXWRU
/HDWWLYLWjRS]LRQDOLSRVVRQRVRVWLWXLUHDWWLYLWjFXUULFXODULRDWWLYLWjDVFHOWD
)LORVRILHH6FLHQ]HGHOOD&RPXQLFD]LRQHHGHOOD&RQRVFHQ]D
7LURFLQLIRUPDWLYLHDOWUHDWWLYLWjIRUPDWLYHQRQWUDGL]LRQDOL
,O&RUVRGLODXUHDLQVHGHGLSURJUDPPD]LRQHGLGDWWLFDDQQXDOHVWDELOLUj
TXDOLDWWLYLWjIRUPDWLYHDJJLXQWLYHRIIULUHSHUO·$QQR$FFDGHPLFRVXFFHVVLYR
DJOL VWXGHQWL WHQHQGR SUHVHQWH FKH WDOL DWWLYLWj GRYUDQQR HVHUFLWDUH XQ UXROR
GHWHUPLQDQWH QHO FRPSOHWDPHQWR GHOOD IRUPD]LRQH FXOWXUDOH GHOOR VWXGHQWH
VWHVVRHQHOODVXDFDSDFLWjGLLQVHULPHQWRQHOODUHDOWjODYRUDWLYD
0RGDOLWjRUJDQL]]DWLYHGHOOHDWWLYLWjIRUPDWLYHSHU JOLVWXGHQWLLPSHJQDWL
QRQDWHPSRSLHQR
,O&RUVRGLODXUHDVWDHODERUDQGRXQRVSHFLILFRRUGLQDPHQWRSHUJOLVWXGHQWL
QRQDWHPSRSLHQR)LQFKpO·8QLYHUVLWjQRQDWWLYHUjTXHVWDPRGDOLWjGLLVFUL]LR
QHJOLVWXGHQWLODYRUDWRULVRQRWHQXWLDSUHFLVDUHODORURFRQGL]LRQHDFRQFRUGD
UHHDULVSHWWDUHSLDQLGLVWXGLRLQGLYLGXDOLFRQFRUGDWLFRQLO&RUVRGL/DXUHD
&RUVLLQWHQVLYL
,O&RUVRGL/DXUHDDWWLYDRJQLDQQRFRUVLLQWHQVLYLGLVXSSRUWRRGLUHFXSH
URILQDOL]]DWLDGXQDSLHIILFDFHIUXL]LRQHGHOO·RIIHUWDIRUPDWLYDGDSDUWHGL
VWXGHQWLFKHVLWURYLQRLQVLWXD]LRQLGLVYDQWDJJLR
7XWRUDWR
,OFRUVRGLODXUHDLVWLWXLVFHXQVHUYL]LRGLWXWRUDWRSHUJOLVWXGHQWL2ELHWWL
YRGHOWXWRUDWRqRULHQWDUHHDVVLVWHUHJOLVWXGHQWLQHOFRUVRGLVWXGLRUHQGHUOL
DWWLYDPHQWHSDUWHFLSLGHOSURFHVVRIRUPDWLYRDLXWDUOLDULPXRYHUHJOLRVWDFROL
DGXQDSURILFXDIUHTXHQ]DGHLFRUVL,O3UHVLGHQWHGHOFRUVRGLODXUHDqUHVSRQ
VDELOHGHOOHDWWLYLWjGLWXWRUDWRFKHVLVYROJRQRVHFRQGRPRGDOLWjVWDELOLWHGDO
&RQVLJOLRGHO&RUVRGLODXUHDHFRPXQLFDWHDLQL]LRDQQRDJOLVWXGHQWL
)LORVRILHH6FLHQ]HGHOOD&RPXQLFD]LRQHHGHOOD&RQRVFHQ]D
OHQWLDTXHOOLLWDOLDQLPDFLDVFXQSLDQRGLVWXGLGHYHHVVHUHSUHYHQWLYDPHQWH
DSSURYDWRGDOOD&RPPLVVLRQHGLGDWWLFDYHGL$UW GHO5HJRODPHQWRGLGDWWL
FRG·$WHQHR/DYHULILFDGHOSURILWWRUHODWLYRSXzHVVHUHVYROWDSUHVVRO·8QL
YHUVLWjHVWHUDRSUHVVRO·8QLYHUVLWjGHOOD&DODEULD$WWLYLWjIRUPDWLYHHFUHGLWL
UHODWLYLILQRDGXQPDVVLPRGLSRVVRQRHVVHUHFRQVHJXLWLDQFKHVXOODEDVH
GLDFFRUGLWUD&RUVLGL/DXUHDSUHVVRDOWUH8QLYHUVLWjLWDOLDQH
/DSURSRVWDGLVYROJLPHQWRGLDWWLYLWjIRUPDWLYHSUHVVRDOWUDVHGHXQLYHUVL
WDULDHODULFKLHVWDGLULFRQRVFLPHQWRGHLFUHGLWLUHODWLYLVRQRSUHVHQWDWHGDOOR
VWXGHQWHDO&RQVLJOLRGL&RUVRGL6WXGLDWWUDYHUVRLOVXRWXWRUHFKHORDVVLVWHLQ
FLzHQHULIHULVFHDO&RQVLJOLR
3LDQLGLVWXGLR
'DWDO·RUJDQL]]D]LRQHGHOODYRURSUHILJXUDWDQHOUHJRODPHQWRGLGDWWLFRHG
HVSOLFLWDWDQHO3LDQRGLGDWWLFRLQDOOHJDWR%ODOLEHUWjGLVFHOWDQHLSLDQLGLVWX
GLRqOLPLWDWDDOOHGLVFLSOLQHVHJQDODWHFRPH´RS]LRQDOLµQHOSLDQRGLVWXGLH
DOOHPDWHULHSHUVWDWXWRDVFHOWDGHOORVWXGHQWH$OO·LQL]LRGHOVHFRQGRDQQRGL
FRUVRWXWWLJOLVWXGHQWLGHYRQRSUHVHQWDUHO·LQGLFD]LRQHGHOOHVFHOWHFKHLQWHQ
GRQRIDUHSHULFRUVLFKHSUHYHGRQRSLSRVVLELOLWjHO·LQGLFD]LRQHGHJOLHVDPL
OLEHUL FKH LQWHQGRQR VRVWHQHUH 4XHVWL SLDQL GL VWXGLR VRQR DXWRPDWLFDPHQWH
DSSURYDWLVHULHQWUDQRQHOOHOLQHHGLRULHQWDPHQWRVXJJHULWHQHO5HJRODPHQWR
GLGDWWLFR *OL VWXGHQWL SRVVRQR DSSRUWDUH VXFFHVVLYDPHQWH GHL FDPELDPHQWL
DOOHVFHOWHSUHFHGHQWHPHQWHSUHVHQWDWH7HUPLQLHPRGDOLWjSHUODSUHVHQWD]LRQH
VRQRUHVLQRWLDOO·LQL]LRGHOO·DQQRDFFDGHPLFR,SLDQLGLVWXGLRVRQRVRWWRSRVWL
DOO·DSSURYD]LRQHGHOOD&RPPLVVLRQHGLGDWWLFDFRPSRVWDGDWUHPHPEUL
,DQQR
)LORVRILHH6FLHQ]HGHOOD&RPXQLFD]LRQHHGHOOD&RQRVFHQ]D
,,DQQR
/HWWHUH
&2562',/$85($ ,1
/(77(5(
3UHVLGHQWHSURI$QWRQLHWWD*RVWROL
3ROLIXQ]LRQDOH$UFDYDFDWDGL5HQGH
)XQ]LRQDULR$PPLQLVWUDWLYRGRWWVVD6LOYDQD)LOLFH
6HJUHWDULDVLJQRUD$OED%DURQH
2UDULRGLDSHUWXUDDOSXEEOLFR/XQHGu9HQHUGuGDOOHRUHDOOHRUH
7HOHID[
,QVHJQDPHQWL
/HWWHUH
/HWWHUDWXUDLWDOLDQDPRGHUQDHFRQWHPSR
UDQHD&)8 10HUROD WLWRODUH ,,,
/HWWHUDWXUDLWDOLDQDPRGHUQDHFRQWHPSR
UDQHD,,&)8 $%HUDUGLQHOOL FRQWUDWWR ,,,
/HWWHUDWXUDODWLQD&)8 &6DOHPPH WLWRODUH ,,,,9
/HWWHUDWXUDODWLQDPHGLHYDOH&)8 %&ODXVL VXSSOHQ]D ,,,,9
/LQJXDODWLQD&)8 60RQGD VXSSOHQ]D ,,,,9
3DOHRJUDILDJUHFD&)8 $&RQFROLQR VXSSOHQ]D ,,,,9
3VLFRORJLDGHOO·HGXFD]LRQH&)8 * 0RVWDUGL FRQWUDWWR
3VLFRORJLDJHQHUDOH&)8 3$%HUWDFFKLQL VXSSOHQ]D ,,,,,,,9
6HPLQGLOLQJXDHOHWWHUJUHFD&)8 0*LRUGDQR FRQWUDWWR ,
6WLOLVWLFDHPHWULFDLWDOLDQD
GD/HWWHUDWXUDLWDOLDQDPHGLHYDOH&)8 )%DXVL PXWXD]LRQH ,,,,9
6WRULDGHOODFULWLFDOHWWLWDO&)8 0*DQHUL VXSSOHQ]D ,,,,9
6WRULDGHOODOLQJXDJUHFD&)8 50RUURQH VXSSOHQ]D ,,,
6WRULDGHOODOLQJXDLWDOLDQD&)8 /&DVVDWD VXSSOHQ]D ,,,,9
6WRULDGHOODOLQJXDODWLQD
GD)LORORJLDODWLQD&)8 53HUUHOOL PXWXD]LRQH ,,,
7HRULDGHOODOHWWHUDWXUD&)8 '2UGLQH WLWRODUH ,,,
9HFFKLR2UGLQDPHQWR
3LDQLGLVWXGLR
,O&RUVRGL/DXUHDLQ/HWWHUHVLDUWLFRODLQGXHLQGLUL]]LIRUPDOL&ODVVLFRH
0RGHUQR/DVFHOWDGHOO·LQGLUL]]RGL/DXUHDGHYHHVVHUHHIIHWWXDWDDOPRPHQWR
GHOO·LPPDWULFROD]LRQHHSXzHVVHUHYDULDWDGXUDQWHLOFRUVRGLVWXGLVRORIDFHQ
GRQHPRWLYDWDULFKLHVWDDO&RQVLJOLRGLFRUVRGL/DXUHDHULFHYHQGRGDTXHVWR
SDUHUHIDYRUHYROH
,OSLDQRGLVWXGLRSXzHVVHUHPRGLILFDWRQHJOLDQQLVXFFHVVLYLDTXHOORGL
LVFUL]LRQHSUHVHQWDQGRQHOHPRGLILFKHDO&RUVRGL/DXUHDLQ/HWWHUHHQWURLO
GLFHPEUHGHJOLDQQLVXFFHVVLYL
,SLDQLGLVWXGLRYDQQRHODERUDWLVXOODEDVHGHOOHSURSRVWHLQGLFDWHGDO&RQ
VLJOLRGL&RUVRGL/DXUHDFKHJDUDQWLVFRQRODFDUDWWHUL]]D]LRQHGHOFRUVRGL
VWXGLRHTXHOODVSHFLILFDGLFLDVFXQLQGLUL]]R
,SLDQLGLVWXGLRFKHVLDWWHQJRQRDWDOLSURSRVWHVLLQWHQGRQRDSSURYDWL
SXUFKpFRPSLODWLVXJOLDSSRVLWLPRGXOLHSUHVHQWDWLDO&RUVRGL/DXUHDLQ/HWWH
UHHQWURLOGLFHPEUH
/R VWXGHQWH SXz SUHGLVSRUUH XQ SLDQR GL VWXGLR LQGLYLGXDOH GLYHUVR GD
TXHOOLFRQVLJOLDWLGDO&RUVRGL/DXUHDSXUFKpQHOO·DPELWRGHOOHGLVFLSOLQHLQVH
JQDWHHQHOQXPHURGHJOLLQVHJQDPHQWLVWDELOLWL
6HFRQGRO·DUWGHOODOHJJHQGHOO·GLFHPEUH´LOSLDQRqVRWWR
SRVWRDOO·DSSURYD]LRQHGHO&RQVLJOLRGL&RUVRGL/DXUHDFKHGHFLGHWHQHQGR
FRQWR GHOOH HVLJHQ]H GL IRUPD]LRQH FXOWXUDOH H GL IRUPD]LRQH SURIHVVLRQDOH
GHOORVWXGHQWHµ
/HWWHUH
1HLPHVLGLQRYHPEUHHGLGLFHPEUHSUHVVRLO&RUVRGL/DXUHDVDUjDGLVSR
VL]LRQHGHJOLVWXGHQWLXQDFRPPLVVLRQHGLRULHQWDPHQWRSHUODFRPSLOD]LRQH
GHLSLDQLGLVWXGLR
'RSRLOGLFHPEUHLO&RQVLJOLRGL&RUVRGL/DXUHDYDOXWHUjLSLDQLGL
VWXGLRHYHULILFDWRLOULVSHWWRGHLFULWHULHVSRVWLGDUjODVXDDSSURYD]LRQHR
FRQYRFKHUjO·LQWHUHVVDWRSHUOHQHFHVVDULHPRGLILFKHHRLQWHJUD]LRQL,QFDVR
GLPDQFDWDULVSRVWDGHOORVWXGHQWHFRQYRFDWRVLULWHUUjYDOLGRO·XOWLPRSLDQR
DSSURYDWR
3HUFRQVHJXLUHOD/DXUHDLQ/HWWHUHORVWXGHQWHGHYHVXSHUDUHHVDPL
$JOLVWXGHQWLqGDWDIDFROWjGLLQVHULUHQHOSLDQRGLVWXGLRXQ HVDPHFKH
VDUDQQRSHUzREEOLJDWLDVRVWHQHUH
1HOORVWHVVRDQQRGLFRUVRQRQqSRVVLELOHIUHTXHQWDUHHVRVWHQHUHFRQWHP
SRUDQHDPHQWHO·HVDPHGHOO·LQVHJQDPHQWRHGHOODPXWXD]LRQHDGHVVRDVVRFLD
WR 6L ULFRUGD FKH OR VWXGHQWH QRQ SXz VRVWHQHUH SL GL GLVFLSOLQH IXRUL
)DFROWj
,OSLDQRGLVWXGLRGHYHFRQWHQHUHQRQPHQRGLELHQQDOL]]D]LRQLHQRQSL
GL6LFRQVLJOLDGLELHQQDOL]]DUHODPDWHULDVFHOWDSHUODWHVLGL/DXUHD
Ë RSSRUWXQR VRVWHQHUH JOL HVDPL GHJOL LQVHJQDPHQWL IRQGDPHQWDOL QHL
SULPLWUHDQQLGLFRUVR
1HOOD IRUPXOD]LRQH GHO 3LDQR GL VWXGL VL FRQVLJOLD GL WHQHU SUHVHQWH OD
WDEHOODUHODWLYDDOOHFODVVLFRQFRUVXDOLTXLDOOHJDWD
,QGLUL]]RFODVVLFR
,OSLDQRGLVWXGLRWLSRqFRPSRVWRGDXQGLFLDQQXDOLWjREEOLJDWRULHGDVHWWH
FDUDWWHUL]]DQWLHGDWUHDVFHOWDGHOORVWXGHQWH
$,QVHJQDPHQWLLVWLWX]LRQDOLHGXQTXHREEOLJDWRUL
$UFKHRORJLDHVWRULDGHOO·DUWHJUHFDHURPDQD
*HRJUDILDR*HRJUDILDXPDQD
/HWWHUDWXUDJUHFDGXHDQQXDOLWj
/HWWHUDWXUDLWDOLDQDGXHDQQXDOLWj
/HWWHUDWXUDODWLQDGXHDQQXDOLWj
/DWLQRVFULWWR
6WRULDJUHFD
6WRULDURPDQD
/D VHFRQGD DQQXDOLWj SXz HVVHUH VRVWLWXLWD FRQ /HWWHUDWXUD LWDOLDQD PRGHUQD H
FRQWHPSRUDQHD
/HWWHUH
4XDQWLLQWHQGDQRVRVWHQHUHXQWHU]RHVDPHGLODWLQRVHWWRUH/LQJXDHOHWWH
UDWXUDODWLQDGHYRQRSHUFRQIRUPLWjDOODQRUPDWLYDYLJHQWHDOPRPHQWRGHOOD
ORURLPPDWULFROD]LRQHLQVHULUHXQLQVHJQDPHQWRDVFHOWDWUD)LORORJLDODWLQDH
6WRULDGHOODOLQJXDODWLQD
%/RVWXGHQWHGHYHLQROWUHVRVWHQHUHDOPHQRHVDPLFDUDWWHUL]]DQWLVFH
JOLHQGROLWUDLVHJXHQWLLQVHJQDPHQWL)LORORJLDEL]DQWLQD)LORORJLDJUHFD)LOR
ORJLDODWLQD*UDPPDWLFDJUHFD3DOHRJUDILDODWLQD3DOHRJUDILDJUHFD3DSLUR
ORJLD*ORWWRORJLDR/LQJXLVWLFDJHQHUDOH/HWWHUDWXUDFULVWLDQDDQWLFD/HWWHUD
WXUDODWLQDPHGLHYDOH6WRULDGHOODOLQJXDJUHFD6WRULDGHOODOLQJXDODWLQD/LQ
JXDODWLQD6WRULDGHOODILORVRILDDQWLFDR6WRULDGHOODILORVRILDR6WRULDGHOOD
ILORVRILD PHGLHYDOH 6WRULD GHOOD VWRULRJUDILD DQWLFD $UFKHRORJLD FULVWLDQD
$UFKHRORJLD GHOOD 0DJQD *UHFLD$UFKHRORJLD GHOO·(WUXULD (SLJUDILD JUHFD
*HRJUDILD VWRULFD GHO PRQGR DQWLFR 0HWRGRORJLD H WHFQLFD GHOOD ULFHUFD
DUFKHRORJLFD $QWLFKLWj H LVWLWX]LRQL PHGLHYDOL 6WRULD %L]DQWLQD 6WRULD GHO
&ULVWLDQHVLPRDQWLFR6WRULDPHGLHYDOH6WRULDGHOYLFLQR2ULHQWHDQWLFR6WRULD
GHOO·DUWHPHGLHYDOH6WRULDGHOO·DUWHPRGHUQD1XPLVPDWLFD7RSRJUDILD
,QGLUL]]RPRGHUQR
,OSLDQRGLVWXGLRWLSRqFRPSRVWRGDGLHFLDQQXDOLWjFRPXQLDWXWWRO·LQGL
UL]]RGDRWWRFDUDWWHUL]]DQWLXQVRWWRLQGLUL]]RHGDWUHDVFHOWDGHOORVWXGHQWH
$ ,QVHJQDPHQWLLVWLWX]LRQDOLHGXQTXHREEOLJDWRUL
/HWWHUH
D VRWWRLQGLUL]]RFULWLFROHWWHUDULR/HWWHUDWXUDLWDOLDQDPRGHUQDHFRQWHP
SRUDQHD7HRULDGHOODOHWWHUDWXUD6WRULDGHOODFULWLFDOHWWHUDULDLWDOLDQD)LOROR
JLDLWDOLDQD6WLOLVWLFDHPHWULFDLWDOLDQD'LGDWWLFDGHOODOLQJXDLWDOLDQD(VWHWL
FD/HWWHUDWXUDFULVWLDQDDQWLFD/HWWHUDWXUHFRPSDUDWH%LEOLRJUDILDHELEOLRWH
FRQRPLD/HWWHUDWXUDODWLQDPHGLRHYDOH8QLQVHJQDPHQWRGLOLQJXDHOHWWHUDWX
UDVWUDQLHUD6WRULDGHOODOLQJXDODWLQD)LORORJLDODWLQD/DWLQRVFULWWR6WRULD
FRQWHPSRUDQHD6WRULDGHOODILORVRILDR6WRULDGHOODILORVRILDPRGHUQDR6WRULD
GHOODILORVRILDFRQWHPSRUDQHD
F VRWWRLQGLUL]]RVRFLRDQWURSRORJLFR$QWURSRORJLDFXOWXUDOH$UFKLYLVWLFD
HVFLHQ]HDXVLOLDULHGHOODVWRULD(WQRORJLD*HRJUDILDSROLWLFDHGHFRQRPLFD
6WRULD GHOOH WUDGL]LRQL SRSRODUL 6RFLRORJLD GHOOH FRPXQLFD]LRQL GL PDVVD
6RFLROLQJXLVWLFD6WRULDGHOPRYLPHQWRRSHUDLR6WRULDGHOODILORVRILDR6WRULD
GHOODILORVRILDPRGHUQDR6WRULDGHOODILORVRILDFRQWHPSRUDQHD
6ERFFKLSURIHVVLRQDOL
/DODXUHDLQ/HWWHUHROWUHFKHDOORVERFFRSURIHVVLRQDOHGHOO·LQVHJQDPHQWR
QHOOHVFXROHPHGLHLQIHULRULHVXSHULRULGjDFFHVVRDGDOWULVHWWRULSURIHVVLRQDOL
HGLULFHUFDLQJHQHUDOHVRQRDSHUWHDLODXUHDWLLQ/HWWHUHSURVSHWWLYHGLVERFFR
QHOOD3XEEOLFD$PPLQLVWUD]LRQHHLQVHWWRULFRPHTXHOOLGHOOHSXEEOLFKHUHOD
]LRQLGHOO·LQIRUPD]LRQHJLRUQDOLVPRHFFGHOODFRQVXOHQ]DSVLFRSHGDJRJL
FD LQ SDUWLFRODUH LQ TXHOOL GHOOD FXUD GHL EHQL FXOWXUDOL H OLEUDUL DOO·LQWHUQR
GHOOH 6RYULQWHQGHQ]H DUFKHRORJLFKH DPELHQWDOL DL PRQXPHQWL DUFKLYLVWL
FKHDOO·LQWHUQRGLVWUXWWXUHGLHQWLORFDOL
7DEHOODGHOOHFODVVLFRQFRUVXDOL
,QEDVHDO'0PDU]ROHGLVFLSOLQHULFKLHVWHSHUO·DPPLVVLRQHDOOH
FODVVLGLFRQFRUVRVRQRVWDWHFRVuPRGLILFDWHVLQRWLSHUzFKHLWLWROLDFFDGHPL
FLFRQVHJXLWLFRLYHFFKLSLDQLGLVWXGLUHVWDQRSLHQDPHQWHYDOLGLSXUFKpFRQVH
JXLWLHQWURO·DQQRDFFDGHPLFR
&ODVVH$ ,WDOLDQRVWRULDHGHGXFD]LRQHFLYLFDJHRJUDILDQHOODVFXR
ODPHGLD /LQJXDLWDOLDQD 6WRULDGHOODOLQJXDLWDOLDQD/HWWHUDWXUDLWDOLDQD
/LQJXLVWLFDJHQHUDOHR*ORWWRORJLDR6RFLROLQJXLVWLFD/LQJXDODWLQD )LOR
ORJLDODWLQDR/LQJXDODWLQDR6WRULDGHOODOLQJXDODWLQDR/HWWHUDWXUDODWLQDXQ
/HWWHUH
HVDPHDVFHOWDWUD6WRULDFRQWHPSRUDQHD6WRULDJUHFD6WRULDPHGLHYDOH6WRULD
PRGHUQD6WRULDURPDQDXQHVDPHGL*HRJUDILDR*HRJUDILDXPDQD
&ODVVH$ 0DWHULHOHWWHUDULHQHJOLLVWLWXWLGLLVWUX]LRQHVHFRQGDULDGL
VHFRQGRJUDGR /LQJXDLWDOLDQD 6WRULDGHOODOLQJXDLWDOLDQD/HWWHUDWXUDLWD
OLDQD/LQJXDODWLQD )LORORJLDODWLQDR/LQJXDODWLQDR6WRULDGHOODOLQJXDODWL
QDR/HWWHUDWXUDODWLQDXQHVDPHDVFHOWDWUD6WRULDFRQWHPSRUDQHDH6WRULD
PRGHUQDXQHVDPHDVFHOWDWUD6WRULD*UHFD6WRULDPHGLHYDOH6WRULDURPDQD
XQHVDPHGL*HRJUDILDR*HRJUDILDXPDQD
&ODVVH$ 0DWHULHOHWWHUDULHHODWLQRQHLOLFHLHQHOO·LVWLWXWRPDJLVWUD
OH /LQJXDLWDOLDQD 6WRULDGHOODOLQJXDLWDOLDQD/HWWHUDWXUDLWDOLDQD/LQJXD
ODWLQD )LORORJLDODWLQDR/LQJXDODWLQDR6WRULDGHOODOLQJXDODWLQD/HWWHUDWX
UD ODWLQD XQ HVDPH D VFHOWD WUD 6WRULD FRQWHPSRUDQHD H 6WRULD PRGHUQD XQ
HVDPHDVFHOWDWUD6WRULDJUHFD6WRULDPHGLHYDOH6WRULDURPDQDXQHVDPHGL
*HRJUDILDR*HRJUDILDXPDQD
&ODVVH$ 0DWHULHOHWWHUDULHODWLQRHJUHFRQHOOLFHRFODVVLFR /LQJXD
LWDOLDQD 6WRULDGHOODOLQJXDLWDOLDQD/HWWHUDWXUDLWDOLDQD/LQJXDODWLQD
)LORORJLDODWLQDR/LQJXDODWLQDR6WRULDGHOODOLQJXDODWLQDR/HWWHUDWXUDODWLQD
/HWWHUDWXUDODWLQD6WRULDJUHFD6WRULDURPDQD*HRJUDILDR*HRJUDILDXPDQD
GXHDQQXDOLWjGL/HWWHUDWXUDJUHFD
, ODXUHDWL LQ /HWWHUH SRVVRQR DOWUHVu DFFHGHUH DG DOWUH FODVVL GL FRQFRUVR
FRPHOD$ 6WRULDGHOO·DUWHHOD$ *HRJUDILDJOLLQWHUHVVDWLVRQRLQYL
WDWLDULYROJHUVLSHULQIRUPD]LRQLGLUHWWDPHQWHDL3URYYHGLWRUDWLHVVHQGRFLTXL
OLPLWDWLDUHJLVWUDUHOHPRGLILFKHSHUOHFODVVLGLFRQFRUVRUHODWLYHD0DWHULH
OHWWHUDULHGLQRVWUDSLGLUHWWDFRPSHWHQ]D
1XRYRRUGLQDPHQWR
3HUO·DPPLVVLRQHDLFRUVLGLVWXGLRqULFKLHVWDODFRQRVFHQ]DGLEDVHGLOLQ
JXDHOHWWHUDWXUDLWDOLDQDODWLQDHJUHFD,OSRVVHVVRRO·DFTXLVL]LRQHDWWUDYHUVR
JOLREEOLJKLIRUPDWLYLSUHYLVWLGLFRQRVFHQ]HGLEDVHQHOO·DPELWRGHOODOLQJXDH
GHOODOHWWHUDWXUDJUHFDVRQRQHFHVVDULVROWDQWRSHUTXDQWLRSWHUDQQRSHULFXUUL
FXODFODVVLFRILORORJLFRHFODVVLFRDUFKHRORJLFR6DUDQQRDVVHJQDWLGHELWLIRU
PDWLYLQHOOHVHJXHQWLPRGDOLWj
FUHGLWLGLOLQJXDHOHWWHUDWXUDODWLQDSHUTXDQWLSURYHQJDQRGD,VWLWXWLG·L
VWUX]LRQHVXSHULRUHLQFXLORVWXGLRGHOODWLQRKDODGXUDWDLQIHULRUHDLDQQL
FUHGLWLGLOLQJXDHOHWWHUDWXUDJUHFDSHUTXDQWLSURYHQJDQRGD,VWLWXWL
G·LVWUX]LRQHVXSHULRUHLQFXLORVWXGLRGHOJUHFRKDODGXUDWDGLLQIHULRUHDL
DQQL
/HWWHUH
,SDVVDJJLWUD&RUVLGLVWXGLRDOO·LQWHUQRGHOO·$WHQHRHLWUDVIHULPHQWLGD
DOWUL$WHQHLVDUDQQRGLVFLSOLQDWLGDXQ·DSSRVLWDFRPPLVVLRQH
3HULSDVVDJJLGDOYHFFKLRDOQXRYRRUGLQDPHQWRQHOO·DPELWRGHOFRUVRGL
VWXGLRLQ/HWWHUHDRJQLHVDPHVRVWHQXWRYHUUjDWWULEXLWRLOYDORUHGLFUHGLWL
WUDQQHFKHSHUOH/HWWHUDWXUHLWDOLDQDODWLQDHJUHFDDOOHTXDOHVDUjDWWULEXLWRLO
YDORUHGLFUHGLWL
/HFRPPLVVLRQLSHUO·DFFHUWDPHQWRGHOSURILWWRVRQRFRVWLWXLWHVHFRQGROD
QRUPDWLYDFRQWHQXWDQHOO·DUWGHO5HJRODPHQWRGLGDWWLFRGL$WHQHR
/H FRQRVFHQ]H OLQJXLVWLFKH LQIRUPDWLFKH H UHOD]LRQDOL LQ PDQFDQ]D GL
DGHJXDWD FHUWLILFD]LRQH FKH FRPXQTXH VDUj YDOXWDWD GD XQD FRPPLVVLRQH
VDUDQQRYHULILFDWHWUDPLWHXQDSURYDGLDFFHUWDPHQWR
/DSURYDILQDOHSHULOFRQVHJXLPHQWRGHOODODXUHDFRQVLVWHUjLQXQRHODER
UDWRVFULWWRPLUDQWHDYHULILFDUHODSDGURQDQ]DGLFRQWHQXWLGLVFLSOLQDULIRQGD
PHQWDOLFDUDWWHUL]]DQWLLOSURILORIRUPDWLYRVHJXLWR
3HUJOLVWXGHQWLLPSHJQDWLQRQDWHPSRSLHQRqSRVVLELOHFRQVHJXLUHL
FUHGLWLULFKLHVWLQHOO·DUFRGLDQQLVHFRQGRLOSLDQRSUHYLVWRGDO&RUVRGLVWX
GLR
6LULWHQJRQRUHJRODUPHQWHLQFRUVRJOLVWXGHQWLFKHDEELDQRVXSHUDWRWXWWH
OHSURYHG·DFFHUWDPHQWRSUHYLVWHQHOO·DPELWRGHOOHDWWLYLWjGLGDWWLFKHGHOO·DQQR
DFFDGHPLFRHQWURLOPHVHGLIHEEUDLRVXFFHVVLYRDOO·DQQRDFFDGHPLFRLQFXLL
FRUVL VRQR VWDWL VHJXLWL 6L ULWHQJRQR QRQ UHJRODUPHQWH LQ FRUVR JOL VWXGHQWL
LVFULWWLDOVHFRQGRRDOWHU]RDQQRFKHQRQVLDQRQHOOHFRQGL]LRQLVRSUDGHVFULW
WH6LULWHQJRQRIXRULFRUVRJOLVWXGHQWLFKHQRQDEELDQRFRQVHJXLWRODODXUHD
HQWUR LO PHVH GL PDJJLR VXFFHVVLYR DO WHU]R DQQR GL FRUVR 3HU JOL VWXGHQWL
LPSHJQDWLQRQDWHPSRSLHQRYDOJRQRJOLVWHVVLFULWHULUDSSRUWDWLSHUzDOO·LP
SHJQRGLGDWWLFRFRPSOHVVLYRHVSUHVVDPHQWHSUHYLVWRSHUORUR
3HUTXDQWRFRQFHUQHXQDHYHQWXDOHULQXQFLDDJOLVWXGLVLULPDQGDDOO·DUW
GHO5HJRODPHQWR'LGDWWLFRGL$WHQHR
6RQR SUHYLVWH DWWLYLWj GL WXWRUDWR YROWH DOO·RULHQWDPHQWR GHJOL VWXGHQWL
LPPDWULFRODWLHDOVRVWHJQRGHOORURLPSHJQRGLVWXGLR
8Q·DSSRVLWDFRPPLVVLRQHVLRFFXSHUjGHLSUREOHPLUHODWLYLDOODSURJUDP
PD]LRQH DO FRRUGLQDPHQWR H DOOD YHULILFD GHOOD TXDOLWj H GHOO·HIILFDFLD GHOOH
DWWLYLWjIRUPDWLYH
3LDQLGLVWXGLR
*OLVWXGHQWLVHJXLUDQQRLOSLDQRGHOOHDWWLYLWjIRUPDWLYHSUHYLVWRGDO5HJR
ODPHQWRGHO&RUVRGL6WXGLR1RQGRYUDQQRSUHVHQWDUHGXQTXHDOFXQSLDQRGL
VWXGLR 3HU TXDQWR ULJXDUGD OH RS]LRQL ODVFLDWH DJOL VWXGHQWL HVVH GRYUDQQR
HVVHUHHVHUFLWDWHWUDPLWHSUHVHQWD]LRQHGLXQPRGXORUHODWLYRHVFOXVLYDPHQWH
DOOHRS]LRQLHVHUFLWDWH
/HWWHUH
7LSRORJLHGHOOHIRUPHGLGDWWLFKH
/HIRUPHGLGDWWLFKHSUHYLVWHVRQROH]LRQLIURQWDOLVHPLQDULHVHUFLWD]LRQL
ODERUDWRUL
7LSRORJLDGHJOLHVDPLHGHOOHDOWUHYHULILFKHGHOSURILWWRSUHYLVWH
6RQRSUHYLVWLHVDPLVFULWWLHRUDOLDFFHUWDPHQWLLQLWLQHUHVFULWWLHRUDOL3HU
TXDQWRULJXDUGDLOFDOHQGDULRVLVHJXRQROHLQGLFD]LRQLFRQWHQXWHQHO5HJROD
PHQWRGLGDWWLFRGL$WHQHR
)UHTXHQ]D
,O&RQVLJOLRGL&RUVRGL6WXGLRULFKLHGHODIUHTXHQ]DREEOLJDWRULDDOOHDWWL
YLWjGLGDWWLFKHSUHYLVWH
1%ËVWDWDDPSLDPHQWHYHULILFDWDODFRHUHQ]DWUDLFUHGLWLDVVHJQDWLDOOH
DWWLYLWjIRUPDWLYHHJOLVSHFLILFLRELHWWLYLIRUPDWLYLSURJUDPPDWL
&XUULFXODRIIHUWLDJOLVWXGHQWL
,O&RUVRGL6WXGLRLQ/HWWHUHRIIUHDJOLVWXGHQWLODSRVVLELOLWj
GLVFHJOLHUHWUDLVHJXHQWLFXUULFXOD
&XUULFXOXP FODVVLFRILORORJLFR
&XUULFXOXP FODVVLFRDUFKHRORJLFR
&XUULFXOXP PRGHUQRFULWLFROHWWHUDULR
&XUULFXOXP PRGHUQRVWRULFRDUWLVWLFR
&XUULFXOXP PRGHUQROHWWHUDWXUDHVFLHQ]HXPDQH
&XUULFXOXP PRGHUQROHWWHUDWXUDHFRPXQLFD]LRQH
,O&RQVLJOLRGL&RUVRGL6WXGLRLQ/HWWHUHSUHYHGHFKHXQFUHGLWRFRQVWLGL
RUHGLOH]LRQHIURQWDOHHRUHGLVWXGLRGRPHVWLFR3HUWDQWRDXQFRUVRGL
FUHGLWLFRUULVSRQGRQRRUHGLOH]LRQHIURQWDOHHRUHGLVWXGLRGRPHVWLFR
,OFRUVRGL/DWLQRVFULWWRFRQVWDGLHVHUFLWD]LRQLFLDVFXQFUHGLWRqFRVWLWXLWR
GDRUHGLOH]LRQHIURQWDOHHRUHGLVWXGLRGRPHVWLFR
/HWWHUH
&XUULFXOXP FODVVLFRILORORJLFR
$WWLYLWjIRUPDWLYHFDUDWWHUL]]DQWL /HWWHUDWXUDJUHFD
)LORORJLDJUHFDR6WRULDGHOOD
OLQJXDJUHFD
/HWWHUDWXUDODWLQD
/DWLQRVFULWWR
)LORORJLDODWLQD
'XHLQVHJQDPHQWLVFHOWLGDXQR
GHLVHJXHQWLLQGLUL]]L
ILORORJLDFODVVLFD)LORORJLDJUHFDVHQRQ
JLj VRVWHQXWR *UDPPDWLFD JUHFD 6WRULD
GHOOD OLQJXD JUHFD VH QRQ JLj VRVWHQXWR
/HWWHUDWXUD FULVWLDQD DQWLFD 3DSLURORJLD
6WRULD GHOOD OLQJXD ODWLQD /LQJXD ODWLQD
*UDPPDWLFDODWLQD
/HWWHUDWXUDLWDOLDQDR/HWWHUDWXUD
LWDOLDQDPRGHUQDHFRQWHPSRUDQHDR
7HRULDGHOODOHWWHUDWXUDR/HWWHUDWXUH
FRPSDUDWH
6WRULDJUHFD
6WRULDURPDQD
$WWLYLWjDIILQLHLQWHJUDWLYH $UFKHRORJLDHVWRULDGHOO·DUWHJUHFD
HURPDQD
*HRJUDILD
,QIRUPDWLFD
3DOHRJUDILDJUHFDR3DOHRJUDILDODWLQDR
/HWWHUH
6WRULDGHOODILORVRILDDQWLFDR
%LEOLRJUDILD
HELEOLRWHFRQRPLD
$ VFHOWDGHOORVWXGHQWH
/LQJXDVWUDQLHUD
3URYDILQDOH
$OWUHDWWLYLWjIRUPDWLYH
&XUULFXOXP FODVVLFRDUFKHRORJLFR
$WWLYLWjIRUPDWLYHFDUDWWHUL]]DQWL /HWWHUDWXUDJUHFD
)LORORJLDJUHFDR6WRULDGHOOD
OLQJXDJUHFD
/HWWHUDWXUDODWLQD
/DWLQRVFULWWR
)LORORJLDODWLQD
/HWWHUDWXUDLWDOLDQDR/HWWHUDWXUD
LWDOLDQDPRGHUQDHFRQWHPSRUDQHDR
7HRULDGHOODOHWWHUDWXUDR/HWWHUDWXUH
FRPSDUDWH
6WRULDJUHFD
6WRULDURPDQD
$WWLYLWjDIILQLHLQWHJUDWLYH $UFKHRORJLDHVWRULDGHOO·DUWHJUHFD
HURPDQD
'XHLQVHJQDPHQWLDVFHOWD
WUDLVHJXHQWL
$UFKHRORJLDGHOOD0DJQD*UHFLD$UFKHR
ORJLDFULVWLDQD7RSRJUDILDDQWLFD0HWRGR
ORJLDHWHFQLFDGHOODULFHUFDDUFKHRORJLFD
$UFKHRORJLD H VWRULD GHOO·DUWH JUHFD R
URPDQD
/HWWHUH
*HRJUDILD
,QIRUPDWLFD
3DOHRJUDILDJUHFDR3DOHRJUDILDODWLQDR
6WRULDGHOODILORVRILDDQWLFDR%LEOLRJUDILD
HELEOLRWHFRQRPLD
$ VFHOWDGHOORVWXGHQWH
/LQJXDVWUDQLHUD
3URYDILQDOH
$OWUHDWWLYLWjIRUPDWLYH
&XUULFXOXP PRGHUQRFULWLFROHWWHUDULR
$WWLYLWjIRUPDWLYHFDUDWWHUL]]DQWL /HWWHUDWXUDODWLQD
6WRULDGHOODOLQJXDODWLQD
/HWWHUDWXUDLWDOLDQDSL6WRULDGHOOD
FULWLFDOHWWHUDULDLWDOLDQD
/HWWHUDWXUDLWDOLDQDPRGHUQD
HFRQWHPSRUDQHD
6WLOLVWLFDHPHWULFDLWDOLDQD
RDOWURPRGXORGLLWDOLDQLVWLFD
)LORORJLDLWDOLDQD
R/HWWHUDWXUDLWDOLDQDPHGLHYDOH
7HRULDGHOODOHWWHUDWXUD
/LQJXDHOHWWHUDWXUDVWUDQLHUD
R/HWWHUDWXUDVWUDQLHUDDVFHOWD
R/HWWHUDWXUHFRPSDUDWH
6WRULDURPDQDR6WRULDPHGLHYDOH
6WRULDPRGHUQDR6WRULDFRQWHPSRUDQHD
$WWLYLWjDIILQLHLQWHJUDWLYH 6WRULDGHOO·DUWHPRGHUQD
*HRJUDILD
/HWWHUH
(VWHWLFDSL)LORVRIHWHRULDGHO
OLQJXDJJLR
%LEOLRJUDILDHELEOLRWHFRQRPLD
$ VFHOWDGHOORVWXGHQWH
/LQJXDVWUDQLHUD
3URYDILQDOH
$OWUHDWWLYLWjIRUPDWLYH
&XUULFXOXP PRGHUQRVWRULFRDUWLVWLFR
$WWLYLWjIRUPDWLYHFDUDWWHUL]]DQWL /HWWHUDWXUDODWLQD
6WRULDGHOODOLQJXDODWLQD
/HWWHUDWXUDLWDOLDQDR6WRULDGHOOD
FULWLFDOHWWHUDULDLWDOLDQD
/HWWHUDWXUDLWDOLDQDPRGHUQDH
FRQWHPSRUDQHD
7HRULDGHOODOHWWHUDWXUD
/LQJXDHOHWWHUDWXUDVWUDQLHUD
R/HWWHUDWXUDVWUDQLHUDDVFHOWD
R/HWWHUDWXUHFRPSDUDWH
6HPLQDULRGLLWDOLDQLVWLFD
RGL7HRULDGHOODOHWWHUDWXUD
6WRULDURPDQDR6WRULDPHGLHYDOH
6WRULDPRGHUQDR6WRULDFRQWHPSRUDQHD
$WWLYLWjDIILQLHLQWHJUDWLYH 6WRULDGHOO·DUWHPHGLHYDOH
R6WRULDGHOO·DUWHPRGHUQD
6WRULDGHOO·DUWHPRGHUQD
R6WRULDGHOO·DUWHFRQWHPSRUDQHD
0XVHRORJLDHFULWLFDG·DUWH
*HRJUDILD
/HWWHUH
(VWHWLFD
%LEOLRJUDILDHELEOLRWHFRQRPLD
(WQRORJLD
$ VFHOWDGHOORVWXGHQWH
/LQJXDVWUDQLHUD
3URYDILQDOH
$OWUHDWWLYLWjIRUPDWLYH
&XUULFXOXP PRGHUQROHWWHUDWXUDHVFLHQ]HXPDQH
$WWLYLWjIRUPDWLYHFDUDWWHUL]]DQWL /HWWHUDWXUDODWLQD
6WRULDGHOODOLQJXDODWLQD
/HWWHUDWXUDLWDOLDQD
/HWWHUDWXUDLWDOLDQDPRGHUQDH
FRQWHPSRUDQHD
/HWWHUDWXUHFRPSDUDWH
/LQJXDHOHWWHUDWXUDVWUDQLHUD
R/HWWHUDWXUDVWUDQLHUDDVFHOWD
6HPLQDULRGLLWDOLDQLVWLFD
RGL7HRULDGHOODOHWWHUDWXUD
6WRULDURPDQDR6WRULDPHGLHYDOH
6WRULDPRGHUQDR6WRULDFRQWHPSRUDQHD
$WWLYLWjDIILQLHLQWHJUDWLYH 6WRULDGHOO·DUWHPRGHUQD
*HRJUDILD
3HGDJRJLDJHQHUDOH
3VLFRORJLDJHQHUDOH
(WQRORJLD
)LORVRILDHWHRULDGHOOLQJXDJJLR
(WQRORJLDGHOOHFXOWXUHPHGLWHUUDQHH
R$QWURSRORJLDUHOLJLRVD
/HWWHUH
R3VLFRORJLDGHOO·HGXFD]LRQH
R3VLFRORJLDGHOORVYLOXSSR
$ VFHOWDGHOORVWXGHQWH
/LQJXDVWUDQLHUD
3URYDILQDOH
$OWUHDWWLYLWjIRUPDWLYH
&XUULFXOXPPRGHUQROHWWHUDWXUDHFRPXQLFD]LRQH
$WWLYLWjIRUPDWLYHFDUDWWHUL]]DQWL /HWWHUDWXUDODWLQD
6WRULDGHOODOLQJXDODWLQD
6WRULDGHOODFULWLFDOHWWHUDULDLWDOLDQD
/HWWHUDWXUDLWDOLDQDPRGHUQDH
FRQWHPSRUDQHD
7HRULDGHOODOHWWHUDWXUD
/LQJXDHOHWWHUDWXUDVWUDQLHUD
R/HWWHUDWXUDVWUDQLHUDDVFHOWD
6WRULDURPDQDR6WRULDPHGLHYDOH
6WRULDPRGHUQDR6WRULDFRQWHPSRUDQHD
$WWLYLWjDIILQLHLQWHJUDWLYH 6WRULDGHOO·DUWHPRGHUQD
*HRJUDILD
6HPLRWLFD
)LORVRILDHWHRULDGHOOLQJXDJJLR
6RFLRORJLDGHOODFRPXQLFD]LRQL
GLPDVVD
(WQRORJLD
(WQRORJLDGHOOHFXOWXUHPHGLWHUUDQHH
R$QWURSRORJLDUHOLJLRVD
R3VLFRORJLDGHOO·HGXFD]LRQH
R3VLFRORJLDGHOORVYLOXSSR
/HWWHUH
$ VFHOWDGHOORVWXGHQWH
/LQJXDVWUDQLHUD
3URYDILQDOH
$OWUHDWWLYLWjIRUPDWLYH
3LDQLGLVWXGLR
&XUULFXOXP FODVVLFRILORORJLFR
,DQQR
6WRULDGHOODOLQJXDLWDOLDQD
/HWWHUDWXUDLWDOLDQD
)LORORJLDJUHFDR6WRULDGHOODOLQJXDJUHFD
/HWWHUDWXUDODWLQD,
6WRULDJUHFD
$UFKHRORJLDHVWRULDGHOO·DUWHJUHFDHURPDQD
8QLQVHJQDPHQWRDVFHOWDGHOO·LQGLUL]]RWDUGRDQWLFRHPHGLHYDOHRSSXUHGHO
O·LQGLUL]]R´ILORORJLDFODVVLFDµ
/DWLQRVFULWWR
8QVHPLQDULRDVFHOWDGHOORVWXGHQWH
7RWDOHFUHGLWL
,,DQQR
/HWWHUDWXUDLWDOLDQDPRGHUQDHFRQWHPSRUDQHD
/HWWHUDWXUDJUHFD,
/HWWHUDWXUDODWLQD,,
,QIRUPDWLFD
6WRULDURPDQD
*HRJUDILD
8QLQVHJQDPHQWRDVFHOWDGHOO·LQGLUL]]RWDUGRDQWLFRHPHGLHYDOHRSSXUHGHO
O·LQGLUL]]R´ILORORJLDFODVVLFDµ
8QLQVHJQDPHQWRDVFHOWDWUD3DOHRJUDILDJUHFDR3DOHRJUDILDODWLQDR6WRULD
GHOODILORVRILDDQWLFDR%LEOLRJUDILDHELEOLRWHFRQRPLD
7RWDOHFUHGLWL
/HWWHUH
,,,DQQR
*ORWWRORJLD
/HWWHUDWXUDJUHFD,,
)LORORJLDODWLQD
7HRULDGHOODOHWWHUDWXUDR/HWWHUDWXUHFRPSDUDWHR/HWWHUDWXUDLWDOLDQDR/HWWHUD
WXUDLWDOLDQDPRGHUQDHFRQWHPSRUDQHD
8QLQVHJQDPHQWRDVFHOWDGHOORVWXGHQWH
/LQJXDVWUDQLHUD
3URYDILQDOH
$OWUHDWWLYLWjIRUPDWLYH/DERUDWRULRGLLWDOLDQRVFULWWR/DERUDWRULRRFRUVRGL
OLQJXDVWUDQLHUDVWDJHVHFF
7RWDOHFUHGLWL
&XUULFXOXP FODVVLFRDUFKHRORJLFR
,DQQR
6WRULDGHOODOLQJXDLWDOLDQD
/HWWHUDWXUDLWDOLDQD
)LORORJLDJUHFDR6WRULDGHOODOLQJXDJUHFD
/HWWHUDWXUDODWLQD,
6WRULDJUHFD
$UFKHRORJLDHVWRULDGHOO·DUWHJUHFDHURPDQD
8Q LQVHJQDPHQWR D VFHOWD GHOO·DUHD DUFKHRORJLFD $UFKHRORJLD GHOOD 0DJQD
*UHFLD$UFKHRORJLDFULVWLDQD7RSRJUDILDDQWLFD0HWRGRORJLDHWHFQLFDGHOOD
ULFHUFDDUFKHRORJLFD$UFKHRORJLDHVWRULDGHOO·DUWHJUHFDHURPDQD
/DWLQRVFULWWR
8QVHPLQDULRDVFHOWDGHOORVWXGHQWH
7RWDOHFUHGLWL
,,DQQR
/HWWHUDWXUDLWDOLDQDPRGHUQDHFRQWHPSRUDQHD
/HWWHUDWXUDJUHFD,
/HWWHUDWXUDODWLQD,,
,QIRUPDWLFD
6WRULDURPDQD
*HRJUDILD
/HWWHUH
,,,DQQR
*ORWWRORJLD
/HWWHUDWXUDJUHFD,,
)LORORJLDODWLQD
/HWWHUDWXUDLWDOLDQDR/HWWHUDWXUDLWDOLDQDPRGHUQDHFRQWHPSRUDQHDR7HRULD
GHOODOHWWHUDWXUDR/HWWHUDWXUHFRPSDUDWH
8QLQVHJQDPHQWRDVFHOWDGHOORVWXGHQWH
/LQJXDVWUDQLHUD
3URYDILQDOH
$OWUHDWWLYLWjIRUPDWLYH/DERUDWRULRGLLWDOLDQRVFULWWR/DERUDWRULRRFRUVRGL
OLQJXDVWUDQLHUDVWDJHVHFF
7RWDOHFUHGLWL
&XUULFXOXPPRGHUQRFULWLFROHWWHUDULR
,DQQR
/HWWHUDWXUDLWDOLDQD
/HWWHUDWXUDLWDOLDQDPRGHUQDHFRQWHPSRUDQHD
$ VFHOWDGHOORVWXGHQWH
/LQJXDHOHWWHUDWXUDVWUDQLHUDR/HWWHUDWXUDVWUDQLHUDDVFHOWDR/HWWHUDWXUHFRP
SDUDWH
6WRULDURPDQDR6WRULDPHGLHYDOH
6WRULDPRGHUQDR6WRULDFRQWHPSRUDQHD
%LEOLRJUDILDHELEOLRWHFRQRPLD
/LQJXDVWUDQLHUD
$OWUHDWWLYLWjIRUPDWLYH/DERUDWRULRGL,WDOLDQRVFULWWR
7RWDOHFUHGLWL
,,DQQR
6WRULDGHOODOLQJXDLWDOLDQD
/HWWHUH
/HWWHUDWXUDLWDOLDQD6WRULDGHOODFULWLFDOHWWHUDULDLWDOLDQD
/HWWHUDWXUDODWLQD
*HRJUDILD
/HWWHUDWXUDLWDOLDQDPRGHUQDHFRQWHPSRUDQHD
(VWHWLFD
)LORVRILDHWHRULDGHOOLQJXDJJLR
$ VFHOWDGHOORVWXGHQWH
7RWDOHFUHGLWL
,,,DQQR
*ORWWRORJLDR/LQJXLVWLFDJHQHUDOH
6WRULDGHOODOLQJXDODWLQD
/HWWHUDWXUDLWDOLDQDPHGLHYDOHR)LORORJLDLWDOLDQD
7HRULDGHOODOHWWHUDWXUD
6WRULDGHOO·DUWHPRGHUQD
6WLOLVWLFDHPHWULFDRDOWURPRGXORGLLWDOLDQLVWLFD
$OWUHDWWLYLWjIRUPDWLYH
$ VFHOWDGHOORVWXGHQWH
3URYDILQDOH
7RWDOHFUHGLWL
&XUULFXOXPPRGHUQRVWRULFRDUWLVWLFR
,DQQR
/HWWHUDWXUDLWDOLDQD
/HWWHUDWXUDLWDOLDQDPRGHUQDHFRQWHPSRUDQHD
/LQJXDHOHWWHUDWXUDVWUDQLHUDR/HWWHUDWXUDVWUDQLHUDDVFHOWDR/HWWHUDWXUHFRP
SDUDWH
6WRULDGHOO·DUWHPRGHUQDR6WRULDGHOO·DUWHFRQWHPSRUDQHD
0XVHRORJLDHFULWLFDG·DUWH
6WRULDPRGHUQDR6WRULDFRQWHPSRUDQHD
%LEOLRJUDILDHELEOLRWHFRQRPLD
/LQJXDVWUDQLHUD
$OWUHDWWLYLWjIRUPDWLYH/DERUDWRULRGL,WDOLDQRVFULWWR
7RWDOHFUHGLWL
/HWWHUH
,,DQQR
6WRULDGHOODOLQJXDLWDOLDQD
/HWWHUDWXUDODWLQD
/HWWHUDWXUDLWDOLDQDR6WRULDGHOODFULWLFDOHWWHUDULDLWDOLDQD
6WRULDURPDQDR6WRULDPHGLHYDOH
6WRULDGHOO·DUWHPHGLHYDOHR6WRULDGHOO·DUWHPRGHUQD
(VWHWLFD
*HRJUDILD
8QVHPLQDULRGL/HWWHUDWXUDLWDOLDQDR/HWWHUDWXUDLWDOLDQDPRGHUQDHFRQWHP
SRUDQHDR7HRULDGHOODOHWWHUDWXUD
7RWDOHFUHGLWL
,,,DQQR
*ORWWRORJLDR/LQJXLVWLFDJHQHUDOH
6WRULDGHOODOLQJXDODWLQD
/HWWHUDWXUDLWDOLDQDPRGHUQDHFRQWHPSRUDQHD
7HRULDGHOODOHWWHUDWXUD
(WQRORJLD
$ VFHOWDGHOORVWXGHQWH
$OWUHDWWLYLWjIRUPDWLYH
3URYDILQDOH
7RWDOHFUHGLWL
&XUULFXOXP PRGHUQROHWWHUDWXUDHVFLHQ]HXPDQH
,DQQR
/HWWHUDWXUDLWDOLDQD
/HWWHUDWXUDLWDOLDQDPRGHUQDHFRQWHPSRUDQHD
(WQRORJLD
6WRULDPRGHUQDR6WRULDFRQWHPSRUDQHD
3VLFRORJLDJHQHUDOH
)LORVRILDHWHRULDGHOOLQJXDJJLR
*HRJUDILD
$OWUHDWWLYLWjIRUPDWLYH/DERUDWRULRGLLWDOLDQRVFULWWR
7RWDOHFUHGLWL
/HWWHUH
,,DQQR
6WRULDGHOODOLQJXDLWDOLDQD
/HWWHUDWXUDODWLQD
/HWWHUDWXUDLWDOLDQD
/LQJXDHOHWWHUDWXUDVWUDQLHUDR/HWWHUDWXUDVWUDQLHUDDVFHOWD/LQJXDVWUD
QLHUD
6WRULDGHOO·DUWHPRGHUQD
6WRULDURPDQDR6WRULDPHGLHYDOH
(WQRORJLDGHOOHFXOWXUHPHGLWHUUDQHHR$QWURSRORJLDUHOLJLRVDR3VLFRORJLDGHO
O·HGXFD]LRQHR3VLFRORJLDGHOORVYLOXSSR
8QVHPLQDULRGL/HWWHUDWXUDLWDOLDQDR/HWWHUDWXUDLWDOLDQDPRGHUQDHFRQWHP
SRUDQHDR7HRULDGHOODOHWWHUDWXUD
7RWDOHFUHGLWL
,,,DQQR
*ORWWRORJLDR/LQJXLVWLFDJHQHUDOH
6WRULDGHOODOLQJXDODWLQD
/HWWHUDWXUDLWDOLDQDPRGHUQDHFRQWHPSRUDQHD
/HWWHUDWXUHFRPSDUDWH
3HGDJRJLDJHQHUDOH
$ VFHOWDGHOORVWXGHQWH
$OWUHDWWLYLWjIRUPDWLYH
3URYDILQDOH
7RWDOHFUHGLWL
&XUULFXOXPPRGHUQROHWWHUDWXUDHFRPXQLFD]LRQH
,DQQR
/HWWHUDWXUDLWDOLDQD
/HWWHUDWXUDLWDOLDQDPRGHUQDHFRQWHPSRUDQHD
/LQJXDHOHWWHUDWXUDVWUDQLHUDR/HWWHUDWXUDVWUDQLHUDDVFHOWD
/LQJXDVWUDQLHUD
)LORVRILDHWHRULDGHOOLQJXDJJLR
6WRULDPRGHUQDR6WRULDFRQWHPSRUDQHD
*HRJUDILD
6RFLRORJLDGHOOHFRPXQLFD]LRQLGLPDVVD
/HWWHUH
$OWUHDWWLYLWjIRUPDWLYH/DERUDWRULRGL,WDOLDQRVFULWWR
7RWDOHFUHGLWL
,,DQQR
6WRULDGHOODOLQJXDLWDOLDQD
/HWWHUDWXUDODWLQD
/HWWHUDWXUDLWDOLDQDPRGHUQDHFRQWHPSRUDQHD
6WRULDGHOODFULWLFDOHWWHUDULDLWDOLDQD
6WRULDURPDQDR6WRULDPHGLHYDOH
(WQRORJLD
(WQRORJLD GHOOH FXOWXUH PHGLWHUUDQHH R $QWURSRORJLD UHOLJLRVD R 3VLFRORJLD
GHOORVYLOXSSRR3VLFRORJLDGHOO·HGXFD]LRQH
$OWUHDWWLYLWjIRUPDWLYH/DERUDWRULRGL,WDOLDQRVFULWWR
$ VFHOWDGHOORVWXGHQWH
7RWDOHFUHGLWL
,,,DQQR
*ORWWRORJLDR/LQJXLVWLFDJHQHUDOH
6WRULDGHOODOLQJXDODWLQD
7HRULDGHOODOHWWHUDWXUD
6WRULDGHOO·DUWHPRGHUQD
6HPLRWLFD
$ VFHOWDGHOORVWXGHQWH
$OWUHDWWLYLWjIRUPDWLYH
3URYDILQDOH
7RWDOHFUHGLWL
/LQJXHH&XOWXUH0RGHUQH
&2562',/$85($ ,1
/,1*8((&8/785(02'(51(
3UHVLGHQWHSURI)UDQFHVFR$OWLPDUL
,QGLUL]]RGLSRVWDHOHWWURQLFDIUDQFHVFRDOWLPDUL#XQLFDOLW
)XQ]LRQDULR$PPLQLVWUDWLYRGRWWVVD5RVDOED&HUHQ]LD
,QGLUL]]RGLSRVWDHOHWWURQLFDFHUHQ]LD#XQLFDOLW
2UDULRGLDSHUWXUDDOSXEEOLFR/XQHGu9HQHUGuGDOOHRUHDOOHRUH
7HO)D[
&XERE
6LWR,QWHUQHWSHULQIRUPD]LRQLHSUHQRWD]LRQLHVDPLSHUYLDWHOHPDWLFD
ZZZOLQJXHXQLFDOLW
&DOOFHQWHU SHU SUHQRWD]LRQL HVDPL SHU YLD WHOHIRQLFD
,QGLUL]]RGLSRVWDHOHWWURQLFDOLQJXH#XQLFDOLW
,QVHJQDPHQWL
'LDOHWWLDOEDQHVLGHOO·,WDOLD
PHULGLRQDOH92 *%HOOXVFLR DIILGDPHQWR ,,,,9
'LGDWWLFDGHOODOLQJXDLWDOLDQD
GD'LGDWW/LQJXHPRG&)8 &3LYD PXWXD]LRQH ,,,,,
'LGDWWLFDGHOOHOLQJXHVWUDQLHUHPRGHUQH
&)8 &3LYD DIILGDPHQWR ,,,,,
'RFXPHQWD]LRQH92 5*XDUDVFL WLWRODUH ,,,
(WQROLQJXLVWLFD -7UXPSHU DIILGDPHQWR ,,,
)LORORJLDDOEDQHVH&)8 )$OWLPDUL DIILGDPHQWR ,,,,9
)LORORJLDHOLQJXLVWLFDLQIRUPDWLFD$
&)8 FRQWUDWWR ,,,
)LORORJLDHOLQJXLVWLFDLQIRUPDWLFD%
&)8 5'LVWLOR DIILGDPHQWR ,,,,,,
)LORORJLDJHUPDQLFD92 &0RULQL WLWRODUH ,,,
)LORORJLDJHUPDQLFD12 VXSSOHQ]D ,,,
)LORORJLDURPDQ]D92 5'LVWLOR WLWRODUH ,,,
/LQJXHH&XOWXUH0RGHUQH
/LQJXHH&XOWXUH0RGHUQH
&ROODERUDWRULHG(VSHUWL/LQJXLVWLFLGL/LQJXDPDGUHVWUDQLHUD
/LQJXDDOEDQHVH GRWW$%HULVKD
/LQJXDIUDQFHVH GRWW'5DSLQ
GRWW0/HQRLU
/LQJXDLQJOHVH GRWW0%ULPEOH
GRWW-&RSSLQJ
GRWW$0&ULVWLDQR
GRWW*0DJXLUH
GRWW&0DQFXVR
/LQJXDLVSDQRDPHULFDQD GRWW)6DQFKH]3HLUR
/LQJXDLWDOLDQDSHUVWUDQLHUL GRWW$ 'H0DUFR
/LQJXDQHRJUHFD GRWW*.RULQWKLRV
/LQJXDVSDJQROD GRWW0%HQYHQXWR
GRWW0$*RQ]DOH]&HUYLJRQ
/LQJXDWHGHVFD GRWW+3.XQHUW
GRWW:*XGUXQ
/HWWRULGLVFDPELR DIIHUHQWLDOFRUVRGL/DXUHDLQ/LQJXHH&XOWXUH0RGHUQH
/LQJXDDOEDQHVH GRWW$-XEDQL
/LQJXHH&XOWXUH0RGHUQH
2ELHWWLYLIRUPDWLYL
,O&RUVRGLODXUHDGL OLYHOORLQ/LQJXHH&XOWXUH0RGHUQHFKHUDSSUH
VHQWDODWUDVIRUPD]LRQHHO·HYROX]LRQHGHO&RUVRGLODXUHDTXDGULHQQDOHLQ/LQ
JXHH/HWWHUDWXUH6WUDQLHUHSURSRQHGLIIHUHQ]LDWLSHUFRUVLRFXUULFXOD RJQX
QRGHLTXDOLSUHYHGH GHOOHDWWLYLWjIRUPDWLYHVSHFLILFKHRULHQWDWHYHUVRGLYHUVL
ILFDWLHVSHFLILFLSURILOLSURIHVVLRQDOL$ILORORJLFROHWWHUDULROLQJXLVWLFRHXUR
DPHULFDQR% WUDGXWWRORJLFROHWWHUDULRHWHFQLFRVFLHQWLILFR&LQWHUFXOWXUDOH
'FRPXQLFDWLYR PXOWLPHGLDOH SURGX]LRQH DUWLVWLFD HGLWRULDOH JLRUQDOLVWLFD
WHOHPDWLFD
1HOO·DQQRDFFDGHPLFRVRQRVWDWLDWWLYDWLLFXUULFXOD $ILORORJLFR
OHWWHUDULROLQJXLVWLFRHXURDPHULFDQRH&LQWHUFXOWXUDOH
,ODXUHDWLGHOFRUVRGLODXUHDGHOODFODVVHGLOLQJXHHFXOWXUHPRGHUQHGHYR
QR
² SRVVHGHUHXQDVROLGDIRUPD]LRQHGLEDVHLQOLQJXLVWLFDWHRULFDHLQOLQJXDH
OHWWHUDWXUDLWDOLDQD
² SRVVHGHUHODFRPSOHWDSDGURQDQ]DVFULWWDHRUDOHGLDOPHQRGXHOLQJXHVWUD
QLHUHGLFXLDOPHQRXQDGHOO·8QLRQH(XURSHDROWUHO·LWDOLDQRQRQFKpXQD
DSSURIRQGLWDFRQRVFHQ]DGHOSDWULPRQLROHWWHUDULRHFXOWXUDOHGHOOHFLYLOWj
GLFXLVRQRHVSUHVVLRQHROWUHXQDGLVFUHWDFRPSHWHQ]DVFULWWDHRUDOHLQXQD
WHU]DOLQJXD
² HVVHUHLQJUDGRGLXWLOL]]DUHLSULQFLSDOLVWUXPHQWLLQIRUPDWLFLHGHOODFRPX
QLFD]LRQHWHOHPDWLFDQHJOLDPELWLVSHFLILFLGLFRPSHWHQ]D
/LQJXHH&XOWXUH0RGHUQH
5HJRODPHQWRGLGDWWLFR
$PPLVVLRQHDOFRUVRGLVWXGLR
,QXRYLLPPDWULFRODWLGRYUDQQRGLPRVWUDUHSDGURQDQ]DGHOODOLQJXDLWDOLD
QDDFFHUWDELOHWUDPLWHSURYHVFULWWHGLLQJUHVVRHFRPSHWHQ]HGLEDVHFRUUL
VSRQGHQWLDOOLYHOOR$GHOODWDEHOODRIIHUWDGDO&RQVLJOLRG·(XURSDGLDOPHQR
XQ·DOWUDOLQJXDHXURSHD
4XDGURGHOOHDWWLYLWjRIIHUWHGDOFRUVRGLVWXGLR
,QWDEHOODVRQRHOHQFDWLJOLLQVHJQDPHQWLRIIHUWLGDO&RUVRGLODXUHDLQ
/LQJXHHFXOWXUHPRGHUQHFRQO·LQGLFD]LRQHGHJOLVSHFLILFLVHWWRULVFLHQWLIL
FRGLVFLSOLQDULGLULIHULPHQWRHVRSUDWWXWWRGHJOLRELHWWLYLIRUPDWLYLSHUVH
JXLWLQHOOHVLQJROHGLVFLSOLQH/DWDEHOOD%RIIUHXQTXDGURFRPSOHVVLYRVXO
O·RUJDQL]]D]LRQHHODULSDUWL]LRQHGHLVLQJROLPRGXOLVHFRQGRFULWHULGLSUR
SHGHXWLFLWj
/HDWWLYLWjVDUDQQRULSDUWLWHLQOH]LRQLXIILFLDOLWHQXWHGDOGRFHQWHWLWRODUH
GHOFRUVRVHPLQDULHVHUFLWD]LRQLGLODERUDWRULR$GRJQLWLSRORJLDIRUPDWLYD
YHUUDQQRDWWULEXLWLFUHGLWLVHFRQGROHVHJXHQWLFRUULVSRQGHQ]H
² OH]LRQLXIILFLDOLDGRUDLQDXODFRUULVSRQGRQRRUHGLDSSUHQGLPHQWRSHU
VRQDOHHRJXLGDWRGHOORVWXGHQWHXQFUHGLWRGLTXHVWDWLSRORJLDFRQVLVWH
GXQTXHGLRUHGLGRFHQ]DHGLVWXGLRDFDVD
² VHPLQDULDGRUDLQDXODFRUULVSRQGHFLUFDRUDGLVWXGLRLQGLYLGXDOHXQ
FUHGLWRFRQVLVWHGLRUHGLDWWLYLWjVHPLQDULDOHHGLVWXGLRLQGLYLGXDOH
² HVHUFLWD]LRQLGLODERUDWRULRSHUTXHVWDWLSRORJLDIRUPDWLYDXQFUHGLWRHTXL
YDOHDRUHGLDWWLYLWj
9HULILFKHGHOO·DSSUHQGLPHQWR
3HULFRUVLWHQXWLGDLUHVSRQVDELOLGLFDWWHGUDFXLDIIHULVFRQRDQFKHOHHYHQ
WXDOLDWWLYLWjVHPLQDULDOLVRQRSUHYLVWHYHULILFKHLQLWLQHUHRGLILQHFRUVRPLQL
PR XQD SHU RJQL PRGXOR GL OH]LRQL FKH SRWUDQQR VYROJHUVL VRWWR IRUPD GL
SURYHVFULWWHHRRUDOL
$WWULEX]LRQHGHLFUHGLWLIRUPDWLYLXQLYHUVLWDUL&)8
/·DWWULEX]LRQHGHLFUHGLWLHGHLYRWLDYYLHQHGRSRDYHUYHULILFDWRLOJUDGRGL
DSSUHQGLPHQWRVHFRQGRTXDQWRVWDELOLWRVRSUD
3URYDILQDOH
/DSURYDILQDOHFRQVLVWHQHOODUHGD]LRQHGLXQHODERUDWRLQXQDGHOOHGXH
OLQJXHSUHVFHOWHVXXQDUJRPHQWRFRQFRUGDWRGDOORVWXGHQWHFRQXQGRFHQWH
GHOFRUVRGLODXUHD
/LQJXHH&XOWXUH0RGHUQH
)UHTXHQ]DDLFRUVL
6L UDFFRPDQGD XQ·DVVLGXD IUHTXHQ]D DL FRUVL H XQ·DWWLYD SDUWHFLSD]LRQH
DOOHDWWLYLWjGLGDWWLFKHFRPSOHPHQWDUL4XDORUDYLIRVVHURVWXGHQWLLPSRVVLELOL
WDWLDIUHTXHQWDUHFRQUHJRODULWjPLQLPRGHOOHRUHGLOH]LRQHFRPSOHVVL
YHLGRFHQWLGHOOHVLQJROHGLVFLSOLQHSUHYHGHUDQQRGHOOHPRGDOLWjGLYHUVHGL
SDUWHFLSD]LRQH DOOD GLGDWWLFD ILQR DO UDJJLXQJLPHQWR GL XQ FDULFR GL ODYRUR
HTXLYDOHQWH
7XWRUDWR
3HU TXDQWR FRQFHUQH OH DWWLYLWj GL VXSSRUWR H LQIRUPD]LRQH DJOL VWXGHQWL
LPPDWULFRODWLVDUDQQRDWWLYDWLFRQWUDWWLRUHFRQVWXGHQWLPHULWHYROLGHO
O·XOWLPRDQQRGLFRUVRRSSXUHDOWUHIRUPHFRQWUDWWXDOLGLFROODERUD]LRQHFRQ
QHRODXUHDWLGHOOD)DFROWjGL/HWWHUHH)LORVRILDHRGHOQRVWUR$WHQHR
&RPPLVVLRQHGLGDWWLFDSDULWHWLFD
/D&RPPLVVLRQHGLGDWWLFDSDULWHWLFDFRPHSUHYLVWRGDOORVWDWXWRGL$WH
QHRSURYYHGHUjSHULRGLFDPHQWHDSURJUDPPDUHFRRUGLQDUHHYDOXWDUHHIILFD
FLDHIXQ]LRQDOLWjGHOOHDWWLYLWjIRUPDWLYHHGHJOLDOWULVHUYL]LGLGDWWLFLRIIHUWLGDO
FRUVRGLVWXGL$YUjIDFROWjGLSURSRUUHDO&RQVLJOLRGL&RUVRGL/DXUHDPRGLIL
FKHRQGHRYYLDUHDHYHQWXDOLFDUHQ]HULOHYDWH/DFRPSRVL]LRQHOHSURFHGXUH
GLHOH]LRQHGHLPHPEULHOHQRUPHJHQHUDOLSHULOVXRIXQ]LRQDPHQWRVRQRILV
VDWHQHO5HJRODPHQWRGHO&RQVLJOLR'LHVVDIDQQRSDUWHLQWHJUDQWHLUDSSUHVHQ
WDQWLGHJOLVWXGHQWL
1RUPHWUDQVLWRULH
$JOLVWXGHQWLFKHYRJOLDQRRSWDUHSHULOSDVVDJJLRGDOYHFFKLRFRUVRGLODX
UHDLQ/LQJXHHOHWWHUDWXUHPRGHUQHDOFRUVRGLODXUHDWULHQQDOHLQ/LQJXHHFXO
WXUHPRGHUQHJOLHVDPLJLjVXSHUDWLILQRDOO·DDYHUUDQQRYDOXWDWL
LQUDJLRQHGL&)8FLDVFXQRHFFH]LRQIDWWDSHUJOLHVDPLGL/LQJXDHOHWWHUDWX
UDVWUDQLHUDFXLVLDWWULEXLVFRQR&)8
(/(1&2'(*/,,16(*1$0(17,('(//($/75($77,9,7$· )250$7,9(&21,1',&$=,21('(*/,
2%,(77,9,)250$7,9,35(5(48,6,7,(),1$/,
&855,&8/80),/2/2*,&2/(77(5$5,2/,1*8,67,&2(852$0(5,&$12 (,17(5&8/785$/(
6HWWRULVFLHQWLILFRGLVFLSOLQDUL ,QVHJQDPHQWL &UHGLWL 2ELHWWLYLIRUPDWLYL 3URSHGHXWLFLWj
6HWWRULVFLHQWLILFRGLVFLSOLQDUL ,QVHJQDPHQWL &UHGLWL 2ELHWWLYLIRUPDWLYL 3URSHGHXWLFLWj
DQQLGLFRUVR VHFRQGRLGLYHUVLDQQLGLFRUVR
$SSURIRQGLPHQWRGLJHQHULWHPL
DXWRULHWHRULHFULWLFKH
$WWLYLWjVHPLQDULDOLPLUDWH
DOO·LQWHUSUHWD]LRQHWHVWXDOHHDOOD
SURGX]LRQHGLHODERUDWLDQFKHLQ
/LQJXHH&XOWXUH0RGHUQH
IRUPDLSHUPHGLDOH
//,1/HWWHUDWXUDLQJOHVH /HWWHUDWXUDLQJOHVH
6WRULDGHOWHDWURLQJOHVH DOPHQRPRGXOLGL/HWWHUDWXUD
LQJOHVHH/LQJXDHPRGXOLGL
OLQJXDHWUDGX]LRQHLQJOHVH
/HWWHUDWXUHGHLSDHVL DOPHQRPRGXOLGL/HWWHUDWXUD
GLOLQJXDLQJOHVHQRQ LQJOHVHH/LQJXDHPRGXOLGL
DWWLYDWRTXHVW·DQQR OLQJXDHWUDGX]LRQHLQJOHVH
//,1/HWWHUDWXUDVSDJQROD /HWWHUDWXUDVSDJQROD
6WRULDGHOODFXOWLVSDQLFD
//,1/HWWHUDWXUDWHGHVFD /HWWHUDWXUDWHGHVFD
//,1/LQJXDHOHWWHUDWXUD /LQJXDDOEDQHVH
/HWWHUDWXUDDOEDQHVH
'LDOHWWLDOEDQHVL DOPHQRPRGXOLGL/LQJXD
GHOO·,WDOLDPHULGLRQDOH DOEDQHVH
//,1/LQJXHHOHWWDQJOR /LQJXHDQJORDPHULFDQH
DPHULFDQH /HWWHUDWXUHDQJORDPHULF
//,1/LQJXDHOHWWHUDWXUDSRUWR /LQJXHSRUWRJKHVHH
JKHVHHEUDVLOLDQD EUDVLOLDQD
/HWWHUDWXUHSRUWRJKHVHH
EUDVLOLDQD
6HWWRULVFLHQWLILFRGLVFLSOLQDUL ,QVHJQDPHQWL &UHGLWL 2ELHWWLYLIRUPDWLYL 3URSHGHXWLFLWj
//,1/LQJXDHOHWWHUDWXUH /LQJXDLVSDQRDPHULFDQH
LVSDQRDPHULFDQH /HWWHUDWXUHLVSDQRDPHU
//,1/LQJXDHOHWWHUDWXUDQHRJUHFD /LQJXDQHRJUHFD
/HWWHUDWXUDQHRJUHFD
//,1/LQJXDHOHWWHUDWXUD /LQJXDURPHQD
URPHQD /HWWHUDWXUDURPHQD
//,1/LQJXDHOHWWHUDWXUDUXVVD /LQJXDUXVVD
/HWWHUDWXUDUXVVD
//,1/HWWHUDWXUDWHGHVFD /HWWHUDWXUDWHGHVFD DOPHQRPRGXOLGL/HWWHUDWXUD
6WRULDGHOWHDWURWHGHVFR WHGHVFDH/LQJXDHPRGXOLGL
OLQJXDHWUDGX]LRQHWHGHVFD
//,1/LQJXDHWUDGX] SHUWXWWHOH &RQRVFHQ]HOLQJXLVWLFKH DOPHQRPRGXOLGL/LQJXDH
OLQJXDIUDQFHVH GLVFLSOLQHGHOOH SUHUHTXLVLWH WUDGX]LRQHIUDQFHVH
OLQJXHH /LYHOOR$&RQVLJOLRG·(XURSD
WUDGX]LRQL
,DQQR
DSSURIRQGLPHQWRGHOODIRQHWLFD
HGHOOHVWUXWWXUHPRUIRVLQWDWWLFKH
FRQULOLHYRSRVWRVXOODJUDPPDWLYD
FRQWUDVWLYD
SRWHQ]LDPHQWRGHOOHVVLFR
GHOO·HVSUHVVLRQHRUDOHHGHOOD
SURGX]LRQHVFULWWD
OHWWXUDHWUDGX]LRQHQHOOD/
GLWHVWLVWRULFRDUWLVWLFROHWWHUDUL
GDOOD/
//,1/LQJXDHWUDGX] DOPHQRPRGXOLGL/LQJXD
OLQJXDLQJOHVH HWUDGX]LRQHLQJOHVH
/LQJXHH&XOWXUH0RGHUQH
6HWWRULVFLHQWLILFRGLVFLSOLQDUL ,QVHJQDPHQWL &UHGLWL 2ELHWWLYLIRUPDWLYL 3URSHGHXWLFLWj
//,1/LQJXDHWUDGX] DOPHQRPRGXOLGL/LQJXD
OLQJXDVSDJQROD HWUDGX]LRQHVSDJQROD
//,1/LQJXDHWUDGX] DOPHQRPRGXOLGL/LQJXD
OLQJXDWHGHVFD HWUDGX]LRQHWHGHVFD
//,1'LGDWWLFDGHOOHOLQJXH 'LGDWWLFDGHOOHOLQJXH ,QWURGX]LRQHDOOHTXHVWLRQL
PRGHUQH PRGHUQH WHUPLQRORJLFKHHPHWRGRORJLFKH
/LQJXHH&XOWXUH0RGHUQH
DSSURIRQGLPHQWRGLWHPDWLFKH
VSHFLILFKH
,&$56WRULDGHOO·DUFKLWHWWXUD 6WRULDGHOO·DUFKLWHWWXUD DWXWWHOH /LQHDPHQWLGLVWRULDGHOO·DUFKLWHWWXUD
GLVFLSOLQH HFRQRVFHQ]DGHOOHSUREOHPDWLFKH
VWRULFKHILORVR FRQQHVVH
ILFKHVWRULFR
DUWLVWLFKH
JHRJUDILFKHH
VRFLRORJLFKH
/$176WRULDJUHFD 6WRULDJUHFD /LQHDPHQWLGLVWRULDJUHFD
/$176WRULDURPDQD 6WRULDURPDQD HRURPDQDFRQRVFHQ]DGHOOH
PHWRGRORJLHGHOODULFHUFDVWRULFD
/$17$UFKHRORJLDFODVVLFD /LQHDPHQWLGLVWRULDGHOO·DUFKHRORJLD
/$17$UFKHRORJLD HGHOOHPHWRGRORJLHGHOODULFHUFD
FULVWLDQDHPHGLHYDOH DUFKHRORJLFD
/$576WRULDGHOO·DUWHPHGLHYDOH 6WRULDGHOO·DUWHPHGLHYDOH /LQHDPHQWLGLVWRULDGHOOHGLVFLSOLQH
/$576WRULDGHOO·DUWHPRGHUQD 6WRULDGHOO·DUWHPRGHUQD DUWLVWLFKHPHGLHYDOLPRGHUQH
/$576WRULDGHOO·DUWH 6WRULDGHOO·DUWH HFRQWHPSRUDQHH
FRQWHPSRUDQHD FRQWHPSRUDQHD
/$57'LVFLSOLQHGHOORVSHWWDFROR 6WRULDGHOWHDWURHGHOOR &RQRVFHQ]DJHQHUDOHGHOODVWRULD
/$57&LQHPDIRWRJUDILD VSHWWDFROR GHOODSURGX]LRQHWHDWUDOHHGHOOH
HWHOHYLVLRQH WHFQLFKHGHOO·DUWHGUDPPDWLFD
6HWWRULVFLHQWLILFRGLVFLSOLQDUL ,QVHJQDPHQWL &UHGLWL 2ELHWWLYLIRUPDWLYL 3URSHGHXWLFLWj
/$570XVLFRORJLDHVWRULD &RQRVFHQ]DGHOODVWRULDGHOOD
GHOODPXVLFD SURGX]LRQHFLQHPDWRJUDILFDHGHOOH
WHFQLFKHGHOO·DUWHGHOFLQHPD
HGHOODWHOHYLVLRQH
6WRULDGHLJHQHULHGHOOHWHFQLFKH
PXVLFDOL
06726WRULDPHGLHYDOH 6WRULDPHGLHYDOH /LQHDPHQWLGLVWRULDPHGLHYDOH
06726WRULDPRGHUQD 6WRULDPRGHUQD PRGHUQDHFFHFRQRVFHQ]DGHOOH
06726WRULDGHOO·(XURSDRULHQWDOH 6WRULDFRQWHPSRUDQHD TXHVWLRQLVWRULRJUDILFKHDGHVVL
06726WRULDFRQWHPSRUDQHD FRQQHVVHFRQVSHFLILFDFRQQHVVLRQH
06726WRULDGHOOHUHOLJLRQL DLSDHVLGHOO·DUHDHXURDPHULFDQD
06726WRULDGHOFULVWLDQHVLPR
HGHOOHFKLHVH
0'($'LVFLSOLQH ,QWURGX]LRQHDOODVWRULDHDL
GHPRHWQRDQWURSRORJLFKH IRQGDPHQWLWHRULFLGHOOHYDULH
GLVFLSOLQH
0**5*HRJUDILD *HRJUDILD &RQRVFHQ]DGHLPHWRGLHGHLSUREOHPL
0**5*HRJUDILD GHOO·LQGDJLQHJHRJUDILFDFRQ
HFRQRPLFRSROLWLFD SDUWLFRODUHULIHULPHQWRDLSDHVLGLFXL
VLVWXGLDQROHOLQJXHHFXOWXUH
6366RFLRORJLDJHQHUDOH ,QWURGX]LRQHDOODVWRULDHDLOLQJXDJJL
6366RFLRORJLDGHLSURFHVVL VSHFLILFLGHOOHGLVFLSOLQHVRFLRORJLFKH
FXOWXUDOLHFRPXQLFDWLYL
6366RFLRORJLDGHOO·DPELHQWH
HGHOWHUULWRULR
0),/)LORVRILDWHRUHWLFD )LORVRILDWHRUHWLFD GLVFLSOLQH /LQHDPHQWLGLVWRULDGHOSHQVLHUR
0),//RJLFDHILORVRILDGHOOD (UPHQHXWLFDILORVRILFD ILORVRILFKH ILORVRILFRHVFLHQWLILFR
VFLHQ]D
/LQJXHH&XOWXUH0RGHUQH
0),/)LORVRILDPRUDOH
6HWWRULVFLHQWLILFRGLVFLSOLQDUL ,QVHJQDPHQWL &UHGLWL 2ELHWWLYLIRUPDWLYL 3URSHGHXWLFLWj
0),/(VWHWLFD (VWHWLFD
0),/)LORVRILDHWHRULD )LORVRILDHWHRULDGHL
GHLOLQJXDJJL OLQJXDJJL
0),/6WRULDGHOODILORVRILD 6WRULDGHOODILORVRILD
0),/6WRULDGHOODILORVRILDDQWLFD
0),/6WRULDGHOODILORVRILD
/LQJXHH&XOWXUH0RGHUQH
PHGLHYDOH
06726WRULDGHOODVFLHQ]D
HGHOOHWHFQLFKH
,86'LULWWRLQWHUQD]LRQDOH
,86'LULWWRSXEEOLFRFRPSDUDWR
,86'LULWWRGHOO·8QLRQHHXURSHD
03('3HGDJRJLDLQWHUFXOWXUDOH 3HGDJRJLDLQWHUFXOWXUDOH
03('3HGDJRJLDFRPSDUDWD 3VLFRSHGDJRJLDGHO
OLQJXDJJLRHGHOOD
FRPXQLFD]LRQH
,QIRUPDWLFDDSSOLFDWDDOOHGLVFLSOLQH /DERUDWRULRGLLQIRUPDWLFD &RQRVFHQ]DGLEDVHGHLSULQFLSDOL
ILORORJLFROHWWHUDULH SURJUDPPLGLJHVWLRQHGHLWHVWLHGL
ULFHUFDHDUFKLYLD]LRQHGHOOH
LQIRUPD]LRQLSRVVLELOPHQWH
ILQDOL]]DWDDOFRQVHJXLPHQWRGHOOR
(&'/ (XURSHDQ&RPSXWHU
'ULYLQJ/LFHQFH&)8
&RQRVFHQ]DGHLSULQFLSLHGHL
PHWRGLSHULOWUDWWDPHQWR
LQIRUPDWLFRGHLWHVWLGHOOHFLYLOWj
HXURDPHULFDQH&)8
',675,%8=,21(&5(',7,)250$7,9,(3,$12','$77,&23(5&855,&8/80(3(5$112',&2562
',675,%8=,21(&5(',7,)250$7,9,&855,&8/80),/2/2*,&2/(77(5$5,2/,1*8,67,&2(852$0(5,&$12
3,$12','$77,&23(5,/ $112',&2562&855,&8/80),/2/2*,&2/(77(5$5,2/,1*8,67,&2(852$0(5,&$12
,16(*1$0(17, $0%,72',6&,3/,1$5( 7,32$77,9,7 &)8 25( 25(
/(=,21( (6(5&,7/$%
$//$ ','$77,&$
'(//(/,1*8(
/,1*8,67,&$ ',6&,3/,1($77,1(17, %$6(
*(1(5$/( $//$ /,1*8,67,&$
/,1*8,67,&$$33/,&$7$ $//$ 6(0,27,&$ (
0878$ '$ /,1*8,67,&$ $//$ ','$77,&$
*(1(5$/( '(//(/,1*8(
/(77(5$785$ ',6&,3/,1($77,1(17, %$6(
,7$/,$1$ 02'(51$ $//$ /(77(5$785$
(&217(0325$1($ ,7$/,$1$
/(77(5$785$ ,7$/,$1$ ',6&,3/,1($77,1(17, &$5$77(5,==$17,
0878$ '$ /(77(5$785$ $//$ /(77(5$785$
,7$/,$1$ 02'(51$ ( ($//$ /,1*,7$/,$1$
&217(0325$1($
/(77(5$785$$ ',6&,3/,1('(//( &$5$77(5,==$17,
/(77(5$785(
675$1,(5(
/(77(5$785$ % ',6&,3/,1('(//( &$5$77(5,==$17,
/(77(5$785(675
/,1*8$ (75$'8=$ ',6&,3/,1('(//( &$5$77(5,==$17,
/,1*8((
75$'8=,21,
,16(*1$0(17, $0%,72',6&,3/,1$5( 7,32$77,9,7 &)8 25( 25(
/(=,21( (6(5&,7/$%
*OLVWXGHQWLGRYUDQQRVFHJOLHUHXQDGLVFLSOLQDRO·DOWUD
3,$12','$77,&23(5,/ $112',&2562&855,&8/80),/2/2*,&2/(77(5$5,2/,1*8,67,&2(852$0(5,&$12
,16(*1$0(17, $0%,72',6&,3/,1$5( 7,32$77,9,7 &)8 25( 25(
/(=,21( (6(5&,7/$%
$//$ ','$77,&$
'(//(/,1*8(
/(77(5$785$ ,7$/,$1$ ',6&,3/,1$$77,1(17, %$6(
02'(51$ ( $//$ /(77(5$785$
&217(0325$1($ ,7$/,$1$
/(77(5$785$ ',6&,3/,1$$77,1(17, &$5$77(5,==$17(
&203$5$7( $//$ /(77(5$785$ (
/,1*8,67,&$ ,7$/,$1$
),/2/2*,$$ ',6&,3/,1($77,1(17, &$5$77(5,==$17(
$//$ /,1*8,67,&$
$//$ 6(0,27,&$ ($//$
','$77,&$ '(//(/,1*8(
),/2/2*,$ % ',6&,3/,1($77,1(17, &$5$77(5,==$17(
$//$ /,1*8,67,&$
$//$ 6(0,27,&$ (
$//$ ','$77,&$
'(//(/,1*8(
','$77,&$ '(//( ',6&,3/,1($77,1(17, &$5$77(5,==$17,
/,1*8(02'(51( $//$ ','$77,&$
'(//(/,1*8(
/(77(5$785$$ ',6&,3/,1('(//( &$5$77(5,==$17,
/(77(5$785(675$1,(5(
,16(*1$0(17, $0%,72',6&,3/,1$5( 7,32$77,9,7 &)8 25( 25(
/(=,21( (6(5&,7/$%
3,$12','$77,&23(5,/ $112',&2562&855,&8/80),/2/2*,&2/(77(5$5,2/,1*8,67,&2(852$0(5,&$12
,16(*1$0(17, $0%,72',6&,3/,1$5( 7,32$77,9,7 &)8 25( 25(
/(=,21( (6(5&,7/$%
',675,%8=,21(&5(',7,)250$7,9,&855,&8/80,17(5&8/785$/(
,' WLSRDWWLYLWj DPELWRGLVFLSOLQDUH FIXFRPSOHVVLYL SULPRDQQR VHFRQGRDQQR WHU]RDQQR
EDVH GLVFLSOLQHDWWLQHQWLDOODOLQJXLVWLFDDOODVHPLRWLFDHDOOD
GLGDWWLFDGHOOHOLQJXH
FDUDWWHUL]]DQWL GLVFLSOLQHGHOOHOHWWHUDWXUHVWUDQLHUH
FDUDWWHUL]]DQWL GLVFLSOLQHGHOOHOLQJXHHWUDGX]LRQL
FDUDWWHUL]]DQWL GLVFLSOLQHOLQJXLVWLFKHWHRULFKHHDSSOLFDWH
FDUDWWHUL]]DQWL GLVFLSOLQHJLXULGLFKH
FDUDWWHUL]]DQWL GLVFLSOLQHGHPRHWQRDQWURSRORJLFKHHSHGDJRJLFKH
DIILQL GLVFLSOLQHVWRULFKHVWRULFRDUWLVWLFKHJHRJUDILFKH
ILORORJLFKHHVRFLRORJLFKH
DIILQL GLVFLSOLQHILORVRILFKH
VFHOWDOLEHUD DWWLYLWjDVFHOWD
YHULILFKH SURYDILQDOHHYHULILFDFRPSHWHQ]DOLQJXLVWLFD
DOWUH LWDOLDQRVFULWWR/8,6ILORORILDHOLQJXLVWLFDLQIRUPDWLFD
WRWDOH
,16(*1$0(17, $0%,72',6&,3/,1$5( 7,32$77,9,7 &)8 25( 25(
/(=,21( (6(5&,7/$%
,16(*1$0(17, $0%,72',6&,3/,1$5( 7,32$77,9,7 &)8 25( 25(
/(=,21( (6(5&,7/$%
3,$12','$77,&23(5,/ $112',&2562&855,&8/80,17(5&8/785$/(
,16(*1$0(17, $0%,72',6&,3/,1$5( 7,32$77,9,7 &)8 25( 25(
/(=,21( (6(5&,7/$%
/(77(5$785(675
/,1*8$ (75$'8=$ ',6&,3/,1('(//( &$5$77(5,==$17, &)8
/,1*8((75$'8=,21,
/,1*8$ (75$'8=% ',6&,3/,1('(//( &$5$77(5,==$17, &)8
/,1*8((75$'8=,21,
/,1*8,67,&$ *(1(5$/(2 ',6&,3/,1(/,1*8,67,&+( &$5$77(5,==$17,
$33/,&$7$','$77,&$ 7(25,&+(2$33/,&$7(
'(//(/,1*8(02'(51(
3('$*2*,$ ,17(5&8/78 ',6&,3/,1( &$5$77(5,==$17,
5$/(36,&23('$*2*,$ '(02(712$175232/2
'(/ /,1*8$**,2( *,&+((3('$*2*,&+(
'(//$ &2081,&$=,21(
',6&,3/,1(*,85,',&+( &$5$77(5,==$17,
9$5,( ',6&,3/,1( ',6&,3/,1(6725,&+( $)),1,
6725,&2$57,67,&+(
*(2*5$),&+(),/2/2
*,&+((62&,2/2*,&+(
9$5,(',6&,3/,1( ',6&,3/,1( $)),1,
),/262),&+(
),/2/2*,$ (/,1*8,67,&$ $/75( &)8
,1)250$7,&$
0HGLD]LRQH/LQJXLVWLFD
&2562',/$85($ ,1
0(',$=,21(/,1*8,67,&$
&RRUGLQDWRUHSURI5REHUWR*XDUDVFL
&XERESLDQRWHUUD
6HJUHWDULRVLJ$QWRQLR&DQQDWDUR
2UDULRGLDSHUWXUDDOSXEEOLFR/XQHGu9HQHUGuGDOOHRUHDOOHRUH
7HOHID[
HPDLOPHGLD]LRQHOLQJXH#XQLFDOLW
,QVHJQDPHQWL
'LGDWWLFDGHOOHOLQJXHVWUD
QLHUHPRGHUQHPRGXORK (&RVWDQ]R FRQWUDWWR ,H,,
'LULWWRGHOO·LQIRUPD]LRQHH
GHOODFRPXQLFD]LRQH
PRGXORK 06SDJQXROR FRQWUDWWR ,,,H,9
'RFXPHQWD]LRQHPRGXORK 5*XDUDVFL WLWRODUH ,H,,
(FRQRPLDSROLWLFD
PRGXORK *'H5RVH FRQWUDWWR ,,H,,,
(FRQRPLDHJHVWLRQHGHOOH
LPSUHVHPRGXORK
GD(FRQRPLDSROLWLFD *'H5RVH PXWXD]LRQH ,,H,,,
)RQHWLFDHIRQRORJLD
PRGXORK /5RPLWR DIILGDPHQWR ,
*HRJUDILDSROLWLFD
PRGXORK 0%UDQFDWR VXSSOHVWHUQD ,
*HRJUDILDVWRULFDGHOPRQGR
DQWLFRPRGXORK **LYLJOLDQR DIILGDPHQWR ,,,
,QIRUPDWLFDDSSOLFDWD
DOOHVFLHQ]HXPDQH
PRGXORK 5'LVWLOR DIILGDPHQWR ,,
/HWWHUDWXUDIUDQFHVH,
PRGXORK &&KHYDOOLHU DIILGDPHQWR ,
/HWWHUDWXUDIUDQFHVH,,
PRGXORK &&KHYDOOLHU DIILGDPHQWR ,
/HWWHUDWXUDIUDQFHVH,,,
PRGXORK &&KHYDOOLHU DIILGDPHQWR ,
/HWWHUDWXUDLQJOHVH,
PRGXORK 0&URQLQ FRQWUDWWR ,,H,,,
/HWWHUDWXUDLQJOHVH,,
PRGXORK 0&URQLQ FRQWUDWWR ,,H,,,
/HWWHUDWXUDLQJOHVH,,,
PRGXORK 0&URQLQ FRQWUDWWR ,H,,
0HGLD]LRQH/LQJXLVWLFD
/HWWHUDWXUDLWDOLDQD
PRGXORK *%DUEHUL6TXDURWWL WLWRODUH ,,,H,9
/HWWHUDWXUDVSDJQROD,
PRGXORK
GD/LQJXHH&XOWXUH0RGHUQH FRQWUDWWR ,H,,
/HWWHUDWXUDVSDJQROD,,PRGXORK
GD/LQJXHH&XOWXUH0RGHUQH PXWXD]LRQH ,H,,
/HWWHUDWXUDVSDJQROD,,,PRGXORK
GD/LQJXHH&XOWXUH0RGHUQH FRQWUDWWR ,H,,
/HWWHUDWXUDWHGHVFD,
PRGXORK )/D0DQQD FRQWUDWWR ,H,,
/HWWHUDWXUDWHGHVFD,,
PRGXORK )/D0DQQD FRQWUDWWR ,H,,
/HWWHUDWXUDWHGHVFD,,,
PRGXORK )/D0DQQD FRQWUDWWR ,H,,
/LQJXDH/HWWHUDWXUD$OEDQHVH
PRGXORK
GD/LQJXHH&XOWXUH0RGHUQH )$OWLPDUL PXWXD]LRQH ,H,,
/LQJXDH/HWWHUDWXUD$UDED
PRGXORK 20DUUD FRQWUDWWR ,,H,,,
/LQJXDH/HWWHUDWXUD5XPHQD
PRGXORK
GD/LQJXHH&XOWXUH0RGHUQH 5=DILX PXWXD]LRQH ,H,,
/LQJXDHWUDGX]LRQH)UDQFHVH,
PRGXORK *)HUUDUL DIILGDPHQWR ,
/LQJXDHWUDGX]LRQH)UDQFHVH,,
PRGXORK 5/DXJLHU DIILGDPHQWR ,,,
/LQJXDHWUDGX]LRQH)UDQFHVH,,,
PRGXORKGDOLJQXD
IUDQFHVH92 00DUFKHWWL PXWXD]LRQH ,H,,
/LQJXDHWUDGX]LRQH,QJOHVH,
PRGXORK 52JJHUR FRQWUDWWR ,,
/LQJXDHWUDGX]LRQH,QJOHVH,,
PRGXORK 52JJHUR FRQWUDWWR ,,,
/LQJXDHWUDGX]LRQH,QJOHVH,,,
PRGXORK 52JJHUR FRQWUDWWR ,,,
/LQJXDHWUDGX]LRQH6SDJQROD,
PRGXORK -08OLEDUUHQD DIILGDPHQWR ,9
/LQJXDHWUDGX]LRQH6SDJQROD,,
PRGXORK
GD/LQJXHH&XOWXUH0RGHUQH -08OLEDUUHQD PXWXD]LRQH ,9
/LQJXDHWUDGX]LRQH6SDJQROD,,
PRGXORKGD/LQJXHH&XO
WXUH0RGHUQH -08OLEDUUHQD PXWXD]LRQH ,9
/LQJXDHWUDGX]LRQH7HGHVFD,
PRGXORKGD/LQJXHH&XO
WXUH0RGHUQH )0DVLHUR PXWXD]LRQH
/LQJXDHWUDGX]LRQH7HGHVFD,,
PRGXORKGD/LQJXHH&XO
WXUH0RGHUQH )0DVLHUR PXWXD]LRQH
0HGLD]LRQH/LQJXLVWLFD
/LQJXDHWUDGX]LRQH7HGHVFD,,,
PRGXORKGD/LQJXHH&XO
WXUH0RGHUQH )0DVLHUR PXWXD]LRQH
/LQJXLVWLFDJHQHUDOH,
PRGXORK -%7UXPSHU DIILGDPHQWR ,,,
/LQJXLVWLFDJHQHUDOH,,
PRGXORK -%7UXPSHU DIILGDPHQWR ,H,,
3HGDJRJLDLQWHUFXOWXUDOH
PRGXORKGD6FLHQ]HGHO
O·HGXFD]LRQH *6SDGDIRUD PXWXD]LRQH
6RFLROLQJXLVWLFDPRGXORK 00DGGDORQ WLWRODUH ,H,,
6WRULD&RQWHPSRUDQHD &&DUERQH
PRGXORKGD6WRULD $3DSDUD]]R PXWXD]LRQH
6WRULDGHOWHDWURHGHOOR
VSHWWDFRORPRGXORK 99DOHQWLQL WLWRODUH ,H,,
6WRULDGHOO·DUWHPRGHUQD
PRGXORK FRQWUDWWR ,H,,
6WRULDGHOODOLQJXDWHGHVFD
PRGXORK &0RULQL DIILGDPHQWR ,,,
6WRULDGHOOHWUDGL]LRQLSRSRODUL
PRGXORK 2&DYDOFDQWL PXWXD]LRQH ,H,,
6WRULDPRGHUQDPRGXORK
GDOFRUVRGL/DXUHDLQ6WRULD PXWXD]LRQH
2ELHWWLYLIRUPDWLYL
,ODXUHDWLQHOODFODVVHGRYUDQQRSRVVHGHUH
XQDVROLGDFRQRVFHQ]DGLGXHOLQJXHVWUDQLHUHDVFHOWDWUDOHTXDWWURHXURSHH
SURSRVWHQRQFKpGHOOHUHODWLYHFXOWXUHHSUREOHPDWLFKHVRFLRSROLWLFKH
XQDDGHJXDWDSUHSDUD]LRQHJHQHUDOHLQFDPSRHFRQRPLFRJLXULGLFRVWRUL
FRSROLWLFRDQWURSRORJLFRGHPRJUDILFRHOHWWHUDULR
XQDDGHJXDWDFDSDFLWjGLXWLOL]]DUHJOLVWUXPHQWLSHUODJHVWLRQHGHOO·LQIRU
PD]LRQHHGHOODFRPXQLFD]LRQHVLDGRFXPHQWDOHFKHDXGLRYLVLYD
XQD DGHJXDWD FRQRVFHQ]D GHJOL VWUXPHQWL LQIRUPDWLFL H WHOHPDWLFL VLD GL
EDVHFKHDSSOLFDWLDLFDPSLGLVSHFLILFRLQWHUHVVH
,ODXUHDWLGHOFRUVRGL/DXUHDVYROJHUDQQRDWWLYLWjSURIHVVLRQDOLQHOFDPSRGHO
O·DVVLVWHQ]DOLQJXLVWLFDVLDLQDPELWRWXULVWLFRLVWLWX]LRQDOHFKHDOLYHOORVFROD
VWLFRHLQWHUSHUVRQDOH,QWDOHVHQVRVLFROORFDQROHVFHOWHRS]LRQDOLGLDOFXQH
GLVFLSOLQHDIILQLHGLQWHJUDWLYHFKHVHUYRQRDPHJOLRFRPSOHWDUHLOSHUFRUVRIRU
PDWLYRDVHFRQGDGHOSURILORSUHVFHOWRIHUPDUHVWDQGRO·XQLFLWjGHOODSUHSDUD
]LRQHGLEDVHJDUDQWLWDGDOOHPDWHULHGLEDVHHFDUDWWHUL]]DQWL
,Q SDUWLFRODUH OD VLWXD]LRQH UHJLRQDOH FDUDWWHUL]]DWD GD XQD IRUWH YRFD]LRQH
WXULVWLFDHGDXQDDFFHQWXDWDPXOWLFXOWXUDOLWjVSLQJHDSUHILJXUDUHGXHGLVWLQWH
SRVVLELOLWjGLLPSLHJRGHLODXUHDWLGHOODFODVVH
0HGLD]LRQH/LQJXLVWLFD
DVHUYL]LRGHOO·LQGXVWULDWXULVWLFDLQWXWWLTXHLFDVLQHLTXDOLODSLHQDFRQR
VFHQ]DGHOOHOLQJXHHGXQDDGHJXDWDSUHSDUD]LRQHFXOWXUDOHVRQRSUHVXSSR
VWRLQGLVSHQVDELOHSHUODWUDVPLVVLRQHGLFRQWHQXWLHODFRVWUX]LRQHGLSHU
FRUVLWXULVWLFRFXOWXUDOL
DVHUYL]LRGHOVLVWHPDHGXFDWLYRHGHOODVRFLHWjFLYLOHLQWXWWLTXHLFDVLQHL
TXDOLODGLYHUVLWjHWQLFDHODPXOWLFXOWXUDOLWjFUHDQRSUREOHPLGLLQWHJUD]LR
QHFKHVRORODFRQRVFHQ]DGHOOHOLQJXHHGHOOHFXOWXUHGHJOLDOWULSDHVLqLQ
JUDGRGLDYYLDUHDVROX]LRQHLQWDOVHQVRVLFROORFDO·LQVHULPHQWRQHOFXUUL
FXOXPGHOODOLQJXDHFXOWXUDDUDEDHGHOODOLQJXDHFXOWXUDUXPHQD
,QTXHVWRVHQVRDQFKHODSRVVLELOLWjGLVFHOWDRS]LRQDOHWUDXQDPDWHULDGHOO·D
UHDSHGDJRJLFDHGXQDGHOO·DPELWRVWRULFRDUWLVWLFR
6LSUHILJXUDQRFRVuGXHGLVWLQWLFXUULFXODIRUPDWLYL
7XULVWLFR
,QWHUQD]LRQDOH
3DULPHQWL ULOHYDQWH LQ TXHVWR SDQRUDPD IRUPDWLYR VDUj OD SUHYLVLRQH GHOOH
DWWLYLWjGLVWDJHHWLURFLQLRDOOHTXDOLVLqGHFLVRVLDVVHJQDUHXQQXPHURGLFUH
GLWLVLJQLILFDWLYRDGLPRVWUD]LRQHDSSXQWRGHOODSDUWLFRODUHDWWHQ]LRQHFKHVL
LQWHQGHULVHUYDUHDOOHDWWLYLWjGLWLURFLQLRLQYLVWDGHOO·LQVHULPHQWRQHOPRQGR
GHOODYRUR
,$QQR
0HGLD]LRQH/LQJXLVWLFD
,,$QQR
,,,$QQR
0HGLD]LRQH/LQJXLVWLFD
4XDGURJHQHUDOHGHOOHDWWLYLWjIRUPDWLYHGHO&RUVRGL/DXUHD
$WWLYLWj $PELWL 6HWWRUL &UHGLWL &UHGLWL
)RUPDWLYH GLVFLSOLQDUL VFLHQWLILFRGLVFLSOLQDUL RUGLQDPHQWR PLQLPL
GLGDWWLFR
EFDUDWWHUL]]DQWL
ODFODVVH 0HGLD]LRQH //,1/HWW)UDQFHVH
OLQJXLVWLFD
GDHYHUVROH
OLQJXHGLVWXGLR
//,1/HWW6SDJQROD
//,1/HWW,QJOHVH
//,1/HWW7HGHVFD
//,1/LQJXDH/HWW
$QJORDPHULFDQH
/25/LQJXDH/HWWHUDWXUD
DUDED
//,1/LQJXDH/HWWHUDWXUD
5XPHQD
//,1/LQJXDH/HWWHUDWXUD
$OEDQHVH
7RWDOH
0HGLD]LRQH/LQJXLVWLFD
3URYDILQDOHSHU LOFRQVHJXLPHQWRGHOOD/DXUHD
VSHFLILFDUH OH FDUDWWHULVWLFKH GHOOD SURYD ILQDOH SHU LO FRQVHJXLPHQWR GHOOD
/DXUHDGLVFXVVLRQHGLXQDWHVLHVDPHWHPDSURJHWWRUHOD]LRQHRDOWUR
0HGLD]LRQH/LQJXLVWLFD
/DSURYDILQDOHFRQVLVWHUjQHOODGLVFXVVLRQHGLXQHODERUDWRVFULWWRFKHSRWUj
DQFKHHVVHUHFRVWLWXLWRGDOODUHOD]LRQHILQDOHGHOSHULRGRGLVWDJHHGLWLURFLQLR
VYROWR/DGLVFXVVLRQHDYYHUUjLQXQDGHOOHOLQJXHGLVWXGLRGHOFDQGLGDWR
$GHJXDWDSUHSDUD]LRQHLQL]LDOHQHFHVVDULD
,OOLYHOORPLQLPRGLLQJUHVVRqUDSSUHVHQWDWRGDOODSUHSDUD]LRQHGLEDVHIRUQLWD
GDXQFRUVRGLVWXGLTXLQTXHQQDOHHGDOODFRQRVFHQ]DDOLYHOORVFRODVWLFRGL
DOPHQRXQDGHOOHOLQJXHGLVWXGLRHGHOOHSULQFLSDOLSUREOHPDWLFKHFXOWXUDOLH
VRFLRSROLWLFKHGHOWHUULWRULRGHOO·XQLRQHHXURSHD
6FLHQ]HGHOOD)RUPD]LRQH3ULPDULD
&2562',/$85($ ,1
6&,(1=('(//$ )250$=,21(35,0$5,$
,17(5)$&2/7
)DFROWjGL/HWWHUHH)LORVRILDH)DFROWjGL60)1
3UHVLGHQWH&RPLWDWRGL&RRUGLQDPHQWR3URI)&ULVSLQL
6HJUHWHULDGLGDWWLFDVLJ0DUFHOOR/XSR
FR9,,SLDQR'LSDUWLPHQWRGL6FLHQ]HGHOO·(GXFD]LRQH
&XER%
2UDULRGLDSHUWXUDDOSXEEOLFR/XQHGu9HQHUGuGDOOHRUHDOOHRUH
7HO
,O&RUVRGL/DXUHD,QWHUIDFROWjLQ6FLHQ]HGHOOD)RUPD]LRQH3ULPDULDDGRW
WHUjXQSURSULRRSXVFRORLQIRUPDWLYRFRQO·HOHQFRGHOOHGLVFLSOLQHHGHLGRFHQ
WLLSURJUDPPLGHLVLQJROLPRGXOLJOLRUDULGLULFHYLPHQWRGHLGRFHQWL
,O FDOHQGDULR DFFDGHPLFR GHOOH DWWLYLWj GLGDWWLFKH DSSURYDWR GDO 6HQDWR
DFFDGHPLFRYHUUjDIILVVRDOO·DOERGHOOD6HJUHWHULDGLGDWWLFD
6FLHQ]HGHOO·(GXFD]LRQH
&2562',/$85($ ,1
6&,(1=('(//·('8&$=,21(
3UHVLGHQWHSURI*LXVHSSH7UHELVDFFH
6HJUHWDULRVLJ0DUFHOOR/XSR
SUHVVRLO'LSDUWLPHQWRGL6FLHQ]HGHOO·HGXFD]LRQH SLDQR
2UDULRGLDSHUWXUDDOSXEEOLFR/XQHGu9HQHUGuGDOOHRUHDOOHRUH
WHO
&XERE
,QVHJQDPHQWL
,QVHJQDPHQWL 'RFHQWL 1RWH 3HULRGL
$QWURSRORJLDFXOWXUDOH &3LWWR DIILGDPHQWR ,,,
'LGDWWLFDGHOODOLQJXDLWDOLDQD PXWXD]LRQH
'LGDWWLFDJHQHUDOH &3LX WLWRODUH ,,,
(GXFD]LRQHGHJOLDGXOWL **XHUULHUR VXSSOHQ]D ,,,
(SLVWHPRORJLDGHOOHVFLHQ]H
XPDQH 53HUURWWD ,,,
(WLFDGHOODFRPXQLFD]LRQH )*DUULWDQR VXSSOHQ]D
(WLFDVRFLDOH 3&RORQQHOOR WLWRODUH ,,,
(WQROLQJXLVWLFD PXWXD]LRQH
)LORVRILDGHOO·HGXFD]LRQH )6WDUD WLWRODUH ,,,,9
)LVLRORJLD 6 ,PEURJQR FRQWUDWWR
,FRQRJUDILDWHDWUDOH )*LJOLRWWL PXWXD]LRQH
,QIRUPDWLFD FRQWUDWWR
,VWLWX]LRQLGLGLULWWRSULYDWR PXWXD]LRQH
,VWLWX]LRQLGLGLULWWRSULYDWR,, VXSSOHQ]D
/HWWHUDWXUDLWDOLDQD PXWXD]LRQH
/HWWHUDWXUDSHUO·LQIDQ]LD % 6HUSH FRQWUDWWR
/LQJXD,QJOHVH,, 0 6FDJOLRQH FRQWUDWWR
3HGDJRJLDLQWHUFXOWXUDOH *6SDGDIRUD WLWRODUH ,,,,9
3HGDJRJLDJHQHUDOH 0%RUUHOOL WLWRODUH ,,,,9
3HGDJRJLDGHOODPDUJLQDOLWj 'H5RVH FRQWUDWWR
3HGDJRJLDVSHFLDOH $9DOHQWL WLWRODUH ,,,
3VLFRORJLDGHOORVYLOXSSR $&RVWDELOH WLWRODUH ,,,,,,
3VLFRORJLDFOLQLFD $ 'H/XFD FRQWUDWWR
3VLFRORJLDJHQHUDOH PXWXD]LRQH
3VLFRSDWRORJLDGHOORVYLOXSSR 3 $GDPR FRQWUDWWR
3VLFRSHGDJRJLD 0LOLWR FRQWUDWWR
3VLFRSHGDJRJLDGHOOLQJXDJJLR
HGHOODFRPXQLFD]LRQH 9%XU]D PXWXD]LRQH ,,,
6FLHQ]HGHOO·(GXFD]LRQH
6LVWHPLVRFLDOLFRPSDUDWL PXWXD]LRQH
6RFLRORJLDGHOO·HGXFD]LRQH PXWXD]LRQH
6RFLRORJLDGHOGLULWWR PXWXD]LRQH
6RFLRORJLDGHOOHFRPXQLFD]LRQL
GLPDVVD **UHFR WLWRODUH ,,,9
6RFLRORJLDJHQHUDOH ) 1LFRWHUD FRQWUDWWR
6WRULDFRQWHPSRUDQHD PXWXD]LRQH
6WRULDGHOODSHGDJRJLD *7UHELVDFFH WLWRODUH ,,,,9
6WRULDGHOODVFXRODHGHOOH
LVWLWX]LRQLHGXFDWLYH %6HUSH WLWRODUH ,,,,,
7HDWURG·DQLPD]LRQH $ 3RUFKHGGX FRQWUDWWR
7HRULHHWHFQLFKHGLQDPLFKH
GLJUXSSR $ %RQXUD FRQWUDWWR
3UHPHVVD
)LQDOLWjGHO&RUVRGL/DXUHD
,O&RUVRGL/DXUHDLQ6FLHQ]HGHOO·(GXFD]LRQH qGHVWLQDWRDOODIRUPD]LRQH
GLTXDQWLRSHUDQRQHJOLDVLOLQLGLHQHOOHFRPXQLWjLQIDQWLOL FXUULFXOXP
QHOO·DPELWRGHOOHVWUXWWXUHVRFLRVDQLWDULHHGXFDWLYHHULDELOLWDWLYHGLVORFD
WHQHOWHUULWRULR FXUULFXOXPGLTXDQWLRSHUDQRFRQFRPSLWLGLDQLPDWRUL
QHLODERUDWRULH[WUDVFRODVWLFLQHLVHUYL]LHVWLYLQHOOHDWWLYLWjULFUHDWLYHHGHO
WHPSROLEHURJHVWLWHGD(QWLDVVRFLD]LRQLHSULYDWL FXUULFXOXPHFRQ
FRPSLWLGLRULHQWDWRULGHLSURFHVVLIRUPDWLYLHFRPHILJXUHGLVLVWHPDQHOOH
VFXROHQHJOLLVWLWXWLGLULFHUFDHSUHVVRJOL(QWLORFDOL FXUULFXOXPFRQ
VSHFLILFRULIHULPHQWRDQFKHDLSURFHVVLLQWHUFXOWXUDOL
$OWHUPLQHGHJOLVWXGLLODXUHDWLGHO&RUVRGL/DXUHDLQ6FLHQ]HGHOO·(GXFD
]LRQHGHYRQR
3RVVHGHUHFRQRVFHQ]HWHRULFKHHFRPSHWHQ]HRSHUDWLYHQHOO·DPELWRGHL
SUREOHPL H GHL SURFHVVL GHOOD IRUPD]LRQH ULVSRQGHQGR FRVu DL QXRYL
RULHQWDPHQWLLQPDWHULDGLIRUPD]LRQHXQLYHUVLWDULDLQWHVLDFRQLXJDUH
GLPHQVLRQLWHRULFKHHRSHUDWLYHSHUOHQXRYHSURIHVVLRQL
(VVHUH LQ JUDGR GL XWLOL]]DUH FRUUHQWHPHQWH LQ IRUPD VFULWWD H RUDOH
ROWUHO·LWDOLDQRDOPHQRXQDOLQJXDPRGHUQDHXURSHD
(VVHUHLQSRVVHVVRGLDGHJXDWHFRPSHWHQ]HHVWUXPHQWLSHUODFRPXQL
FD]LRQHHODJHVWLRQHGHOO·LQIRUPD]LRQH
6FLHQ]HGHOO·(GXFD]LRQH
,O FXUULFROR GHO &RUVR GL /DXUHD LQ 6FLHQ]H GHOO·(GXFD]LRQH SUHYHGH LQ
UHOD]LRQHDJOLRELHWWLYLVSHFLILFLO·REEOLJDWRULHWjGLDWWLYLWjGLODERUDWRULRH
GLWLURFLQLVWDJHVIRUPDWLYLSUHVVRVWUXWWXUHHVHUYL]LHGXFDWLYLHGLDVVLVWHQ
]DGHOO·LQIDQ]LDVLDSXEEOLFLFKHSULYDWLSUHVVR,VWLWXWLGLULFHUFD(QWLORFD
OLH,VWLWX]LRQLVFRODVWLFKHVLDSXEEOLFKHVLDSULYDWHHSUHVVRDVVRFLD]LRQL
HFFFRQLTXDOLLO&RQVLJOLRGHO&RUVRGLVWXGLRGHOOD&ODVVHDEELDVWLSX
ODWRDSSRVLWDFRQYHQ]LRQH
,O&RUVRGL/DXUHDVLDUWLFRODLQQFXUULFXOD
(GXFDWRUHGHOODSULPDLQIDQ]LDHGHOOHFRPXQLWjLQIDQWLOL
(GXFDWRUHSURIHVVLRQDOHHVRFLRVDQLWDULR
$QLPDWRUHVRFLRHGXFDWLYR
2ULHQWDWRUHGHLSURFHVVLIRUPDWLYL
,TXDWWURFXUULFXODKDQQRXQ·XQLFDVWUXWWXUDSHUTXDQWRDWWLHQHOHGLVFLSOLQH
HLFUHGLWLGHOOHDWWLYLWjIRUPDWLYHGLEDVHHVLGLIIHUHQ]LDQRSLVLJQLILFDWL
YDPHQWHVRSUDWWXWWRQHOODGHILQL]LRQHGHOOHDWWLYLWjIRUPDWLYHFDUDWWHUL]]DQ
WL1HOO·DPELWRGHLFXUULFXODSUHYLVWLFRPXQTXHLO&RUVRPLUDDIDUDFTXL
VLUHFRQRVFHQ]HWHRULFKHHFRPSHWHQ]HRSHUDWLYHDWWUDYHUVRDWWLYLWjGLODER
UDWRULRHGLWLURFLQLRVWDJHV
,OGHOO·LPSHJQRRUDULRFRPSOHVVLYRULFKLHVWRDJOLVWXGHQWLqULVHUYDWR
DOOR VWXGLR SHUVRQDOH R DG DOWUH DWWLYLWj IRUPDWLYH GL WLSR LQGLYLGXDOH /D
SHUFHQWXDOHGLWHPSRULVHUYDWRDOOHOH]LRQLIURQWDOLYLHQHILVVDWDQHOODPLVX
UDGHOTXHOODGHVWLQDWDDOORVWXGLRLQGLYLGXDOHHDOOHDWWLYLWjGLODERUD
WRULRWLURFLQLRHGRULHQWDPHQWRqILVVDWDQHOODPLVXUDGHO
2ELHWWLYLIRUPDWLYLHFXUULFXODDSSURYDWL
RELHWWLYLIRUPDWLYLVSHFLILFLFXUULFXOXPQ
(GXFDWRUHGHOODSULPDLQIDQ]LDHGHOOHFRPXQLWjLQIDQWLOL
*OLRELHWWLYLIRUPDWLYLVSHFLILFLGHOSURILORFXUULFRODUHQVLULIHULVFRQRD
² FRPSHWHQ]HVRFLRSVLFRSHGDJRJLFKHLQJUDGRGLFRQVHQWLUHOD´OHWWXUDµH
O·´LQWHUSUHWD]LRQHµ VFLHQWLILFDPHQWH FRUUHWWD GHOOD UHDOWj VRFLDOH H GL
SRWHQ]LDUHHDJHYRODUHODFDSDFLWjSURJHWWXDOH
² FRQRVFHQ]HWHRULFKHHFRPSHWHQ]HRSHUDWLYHQHOO·DPELWRFXOWXUDOHUHODWLYH
DLGLYHUVLFDPSLGHOVDSHUHILQDOL]]DWHDOODIRUPD]LRQHGHOODSURIHVVLRQDOLWj
ULFKLHVWDDTXDQWLRSHUDQRQHLVHUYL]LGHVWLQDWLDOO·LQIDQ]LDEUHIRWURILFHQWUL
GLDVVLVWHQ]DDVLOLQLGRFRQVXOWRUL
6FLHQ]HGHOO·(GXFD]LRQH
² FRQRVFHQ]HHFRPSHWHQ]HWHFQLFKHUHODWLYHDLVHUYL]LVRSUDULFKLDPDWL
² FRQRVFHQ]HWHRULFKHHFRPSHWHQ]HRSHUDWLYHGLQDWXUDSVLFRSHGDJRJLFKH
ILQDOL]]DWH DOO·LQWHUSUHWD]LRQH GHL ELVRJQL DIIHWWLYL FRJQLWLYL H UHOD]LRQDOL
SURSULGHLEDPELQLGDLDLDQQL
² FRPSHWHQ]H OLQJXLVWLFROHWWHUDULH LQWHVH DOO·DWWLYD]LRQH GL XQ·LQWHUD]LRQH
OLQJXLVWLFDFXOWXUDOPHQWHVWLPRODWH
² FRQRVFHQWHHFRPSHWHQ]HVWURULFKHJHRJUDILFKHLGRQHHDOODFRQWHVWXDOL]]D
]LRQHGLIDWWLHDFFDGLPHQWL
2ELHWWLYLIRUPDWLYLFXUULFXOXPQ
(GXFDWRUHSURIHVVLRQDOHHVRFLRVDQLWDULR
*OL RELHWWLYL IRUPDWLYL VSHFLILFL GHO SURILOR FXUULFRODUH Q VL ULIHULVFRQR D
FRQRVFHQ]HWHRULFKHHFRPSHWHQ]HRSHUDWLYHFKHSHUPHWWDQRGL
² DWWXDUHVSHFLILFLSURJHWWLHGXFDWLYLHULDELOLWDWLYLILQDOL]]DWLDOORVYLOXSSR
HTXLOLEUDWRGHOODSHUVRQDOLWjFRQRELHWWLYLHGXFDWLYRUHOD]LRQDOLLQXQFRQWH
VWRGLSDUWHFLSD]LRQHHUHFXSHURDOODYLWDTXRWLGLDQD
² DWWXDUH VSHFLILFL SURJHWWL HGXFDWLYL H ULDELOLWDWLYL YROWL DOR VYLOXSSR GHO
EHQHVVHUHSVLFRILVLFRHGHOOHULVRUVHJOREDOLGHLVRJJHWWLDOO·LQWHJUD]LRQH
GHLVRJJHWWLLQVLWXD]LRQHGLGLIILFROWj
² DWWLYDUHSHUFRUVLHGXFDWLYLHULDELOLWDWLYLQHOO·DPELWRGHOODVDOXWHPHQWDOHH
GHOOHGLVDELOLWj
² FXUDUHLOSRVLWLYRLQVHULPHQWRRUHLQVHULPHQWRSVLFRVRFLDOHGHLVRJJHWWLLQ
GLIILFROWj
² SURJUDPPDUHJHVWLUHHYHULILFDUHLQWHUYHQWLHGXFDWLYLPLUDWLDOUHFXSHURH
DOORVYLOXSSRGHOOHSRWHQ]LDOLWjGHLVRJJHWWLLQGLIILFROWjSHULOUDJJLXQJL
PHQWRGLOLYHOOLVHPSUHSLDYDQ]DWLGLDXWRQRPLD
² SURJUDPPDUHRUJDQL]]DUHJHVWLUHHYHULILFDUHOHSURSULHDWWLYLWjSURIHVVLR
QDOLDOO·LQWHUQRGLVHYL]LVRFLRVDQLWDULHVWUXWWXUHVRFLRVDQLWDULHULDELOLWDWLYH
HVRFLRHGXFDWLYHLQPRGRFRRUGLQDWRHLQWHJUDWRFRQDOWUHILJXUHSURIHV
VLRQDOLSUHVHQWLQHOOHPHGHVLPHVWUXWWXUHFRQLOFRLQYROJLPHQWRGLUHWWRGHL
VRJJHWWLLQWHUHVVDWLHGHOOHORURIDPLJOLHGHLJUXSSLGHOODFROOHWWLYLWj
² SDUWHFLSDUHDGDWWLYLWjGLVWXGLRULFHUFDHGRFXPHQWD]LRQHILQDOL]]DWHDJOL
VFRSLVRSUDULFKLDPDWL
² HVVHUHLQJUDGRGLXWLOL]]DUHFRUUHWWDPHQWHVLDVFULWWDVLDRUDOHROWUHDOO·LWD
OLDQRDOPHQRXQ·DOWUDOLQJXDPRGHUQDHXURSHD
² HVVHUH LQ SRVVHVVR GL DGHJXDWH FRPSHWHQ]H WHRULFKH HG RSHUDWLYH H GHJOL
VWUXPHQWLSHUODFRPXQLFD]LRQHHODJHVWLRQHGHOO·LQIRUPD]LRQH
2ELHWWLYLIRUPDWLYLVSHFLILFLFXUULFXOXPQ
$QLPDWRUHVRFLRHGXFDWLYR
6FLHQ]HGHOO·(GXFD]LRQH
*OLRELHWWLYLIRUPDWLYLVSHFLILFLGHOSURILORFXUULFRODUHQVLULIHULVFRQRDFRQR
VFHQ]HWHRULFKHHFRPSHWHQ]HRSHUDWLYHFKHSHUPHWWDQRGL
² VYROJHUHDWWLYLWjVRFLRHGXFDWLYHLQGLYHUVLFRQWHVWLIDPLOLDULHGH[WUDVFROD
VWLFLLQFXLLOVRJJHWWRYLYRHFUHVFH
² UDFFRUGDUHHFROOHJDUHLOVLVWHPDGHOO·RIIHUWDIRUPDWLYDVLDVFRODVWLFDVLDWHU
ULWRULDOH
² DWWXDUHVSHFLILFLSURJHWWLHGXFDWLYLHGDWWLYLWjIRUPDWLYHLQXQDPROWHSOLFLWj
GLVHWWRULRSHUDWLYLOXGRWHFKHODERUDWRULVRJJLRUQLHVWLYLGLYDFDQ]DFHQWUL
LQIDQ]LDHGDGROHVFHQWLFHQWULIDPLJOLD
² SURJUDPPDUHJHVWLUHHYHULILFDUHLQWHUYHQWLHGXFDWLYL
² SDUWHFLSDUH DG DWWLYLWj GL VWXGLR ULFHUFD H GRFXPHQWD]LRQH ILQDOL]]DWL
DOO·LPSLHJRLQFKLDYHHGXFDWLYDHIRUPDWLYDGHOWHPSROLEHUR
² HVVHUHLQJUDGRGLXWLOL]]DUHFRUUHWWDPHQWHVLDVFULWWDVLDRUDOHROWUHDOO·LWD
OLDQRDOPHQRXQ·DOWUDOLQJXDPRGHUQDHXURSHD
² HVVHUHLQSRVVHVVRGLDGHJXDWHFRQRVFHQ]HHFRPSHWHQ]HRSHUDWLYHQRQFKp
VWUXPHQWDOLSHUODFRPXQLFD]LRQHHODJHVWLRQHGHOO·LQIRUPD]LRQH
² FRPSHWHQ]H VRFLRSVLFRSHGDJRJLFKH FKH FRQVHQWDQR OD OHWWXUD H O·LQWHU
SUHWD]LRQHGHOODUHDOWjVRFLDOH
² FDSDFLWjSURJHWWXDOLHUHOD]LRQDOL
² FRQRVFHQ]HWHRULFKHHGRSHUDWLYHUHODWLYHDLYDULFDPSLGHOVDSHUHFRUUHODWR
DOODILJXUDSURIHVVLRQDOHLQRJJHWWR
2ELHWWLYLIRUPDWLYLFXUULFXOXPQ
2ULHQWDWRUHGHLSURFHVVLIRUPDWLYL
*OLRELHWWLYLIRUPDWLYLVSHFLILFLGHOSURILORFXUULFRODUHQVLULIHULVFRQRD
² FRQRVFHQ]H WHRULFKH H FRPSHWHQ]H RSHUDWLYH PHWRGRORJLFKH GL FDUDWWHUH
JHQHUDOHHGLEDVHFRQFHUQHQWLOHVFLHQ]HGHOODIRUPD]LRQHHGHOOHDWWLYLWj
IRUPDWLYH
² FRQRVFHQ]HWHRULFKHHFRPSHWHQ]HRSHUDWLYHLQDPELWRVRFLRSVLFRVRFLR
ORJLFRHGLJHVWLRQHGHOOHULVRUVHVLDLQIXQ]LRQHGHLVLVWHPLGHOO·DSSUHQGL
VWDWRHGHOODIRUPD]LRQHSURIHVVLRQDOHVLDGHOODIRUPD]LRQHFRQWLQXD
² FRQRVFHQ]HWHRULFKHHFRPSHWHQ]HRSHUDWLYHLQULIHULPHQWRDLPRGHOOLWHR
ULFLHGDSSOLFDWLYLQHOODIRUPD]LRQHGHOSHUVRQDOHHGHOO·DQDOLVLGHOOHRUJD
QL]]D]LRQLSURGXWWLYHQHLVHWWRULSXEEOLFLHSULYDWLHGHOO·HGXFD]LRQHGHJOL
DGXOWLLQXQTXDGURGLFRQRVFHQ]DHFRQVDSHYROH]]DGHLSURFHVVLGLVYLOXS
SR
ËILQDOL]]DWRDOODIRUPD]LRQHGLRSHUDWRULSURIHVVLRQDOLGDLPSHJQDUVLLQ
SURVSHWWLYDLQWHUFXOWXUDOHLQD]LRQLLQWHVHDWXWHODUHGLIIRQGHUHHSURPXR
YHUHLOSOXUDOLVPRFXOWXUDOHHODFXOWXUDGHOO·LQWHJUD]LRQHLQFRQWHVWLVRFLR
DQWURSRORJLFL H OLQJXLVWLFL LQ FXL VLDQR SUHVHQWL H YLWDOL DQWLFKH H QXRYH
6FLHQ]HGHOO·(GXFD]LRQH
&XUULFXODDWWLYDWLGDOO·DD
'HLTXDWWURFXUULFXODDSSURYDWLGDOO·DDQHVRQRDWWLYDWL
² HGXFDWRUHGHOODSULPDLQIDQ]LDHGHOOHFRPXQLWjLQIDQWLOL
² HGXFDWRUHSURIHVVLRQDOHHVRFLRVDQLWDULR
² RULHQWDWRUHGHLSURFHVVLIRUPDWLYL
,OSHUFRUVRIRUPDWLYRGHLWUHFXUULFXODSUHYHGHXQDSULPDDQQXDOLWjFRPXQHOH
DOWUHGXHDQQXDOLWjSHUFLDVFXQFXUULFXOXPVLGLIIHUHQ]LDQRSHUVSHFLILFKHDWWL
YLWjIRUPDWLYH
/D VFHOWD GHO FXUULFXOXP GHYH HVVHUH HIIHWWXDWD GDOOR VWXGHQWH DOOD ILQH GHOOD
SULPDDQQXDOLWjHGHQWURLOJLXJQR
7HVWG·DFFHVVR
*OL VWXGHQWL LVFULWWL VDUDQQR VRWWRSRVWL D SURYH LQL]LDOL GL YHULILFD DOOR
VFRSRGLLQGLYLGXDUHHYHQWXDOLGHELWLIRUPDWLYLHSURFHGHUHDOODUHDOL]]D]LRQH
GLPRGXOLGLDWWLYLWjIRUPDWLYHDJJLXQWLYHGDVYROJHUVLQHOSULPRDQQRGLFRUVR
SHUFROPDUHO·HYHQWXDOHULFRQRVFLXWRGHELWRIRUPDWLYR
/HYHULILFKHHOHDWWLYLWjSURSHGHXWLFKHGHYRQRULJXDUGDUH
DLOSRVVHVVRGLDELOLWjOLQJXLVWLFKHUHODWLYHDOODFRPSUHQVLRQHGHOWHVWR
ELOOLYHOORGLSRVVHVVRYHLFRODUHGHOODOLQJXDVWUDQLHUD
FOHFRQRVFHQ]HUHODWLYHDOOHGLVFLSOLQHFKHFRVWLWXLVFRQRLOFRUHFXUULFX
OXPGHOFRUVR
3URYDILQDOH
/DSURYDILQDOHFRQVLVWHQHOODSURGX]LRQHGLXQHODERUDWRVFULWWRFRUUHODWR
DGXQRGHLWHPLGHOOHDWWLYLWjIRUPDWLYHFDUDWWHUL]]DQWL$OODSURGX]LRQHGHOO·H
ODERUDWRVHJXHXQFROORTXLRGDWHQHUVLDOODSUHVHQ]DGLXQDFRPPLVVLRQHDSSR
VLWDPHQWH GHVLJQDWD GXUDQWH LO TXDOH LO ODXUHDQGR GRYUj PRVWUDUH GL DYHUH
DFTXLVLWROHFRQRVFHQ]HHOHFRPSHWHQ]HSUHYLVWHSHUO·RELHWWLYRIRUPDWLYR
6ERFFRSURIHVVLRQDOH
,ODXUHDWLSRWUDQQRWURYDUHVERFFRRFFXSD]LRQDOHQHLQLGLLQIDQWLOLHQHJOL
DOWULVHUYL]LLQIDQWLOLSHUODSULPDLQIDQ]LDQHOOHVWUXWWXUHVRFLDOLHGHGXFDWLYH
GLVORFDWHQHOWHUULWRULRQHOO·DPELWRGHLVHUYL]LDOODSHUVRQDHQHLVHUYL]LDOO·LQ
6FLHQ]HGHOO·(GXFD]LRQH
IDQ]LDQHOOHLVWLWX]LRQLVFRODVWLFKHHQHLVHUYL]LVRFLDOLQHLODERUDWRULH[WUDVFR
ODVWLFLQHLVRJJLRUQLHVWLYLGLYDFDQ]DQHJOLXIILFLGHOODSXEEOLFDLVWUX]LRQHH
GHJOLHQWLORFDOLFRPHHVSHUWLGHLSURFHVVLLQWHUFXOWXUDOL
&XUULFXOXPQ
&KLFRQVHJXHODODXUHDWULHQQDOHFRQLO&XUULFXOXPQ(GXFDWRUHGHOOD
SULPDLQIDQ]LDHFRPXQLWjLQIDQWLOLSXzWURYDUHRFFXSD]LRQHQHOOHLVWLWX]LRQL
SXEEOLFKHHLQTXHOOHSULYDWHGHVWLQDWHDOO·LQIDQ]LDSHUDWWLYLWjGLFRRUGLQDPHQ
WRDVVLVWHQ]DVRVWHJQR
&XUULFXOXPQ
3HULODXUHDWLGHO&XUULFXOXPQ(GXFDWRUH3URIHVVLRQDOHH6RFLR6DQLWD
ULRqSUHYLVWRORVERFFRSURIHVVLRQDOHQHLVHWWRULGHLVHUYL]LVRFLDOLVHFRQGROD
OHJJHTXDGUR/
&XUULFXOXPQ
,ODXUHDWLFRQLO&XUULFXOXPQ2ULHQWDWRUHGHL3URFHVVL)RUPDWLYLSHU
O·,QWHUFXOWXUDSRVVRQRWURYDUHRFFXSD]LRQHQHOOHLVWLWX]LRQLIRUPDWLYHVRFLDOL
VFRODVWLFKHHGDVVLVWHQ]LDOLFRQDWWHQ]LRQHDLSURFHVVLLQWHUFXOWXUDOL
$FFHVVRDOOHODXUHHGL OLYHOORRYYHURVSHFLDOLVWLFKH
3HULODXUHDWLGHOOD&ODVVHqSUHYLVWRO·DFFHVVRDWXWWHOHODXUHHVSHFLDOL
VWLFKH QHOOD &ODVVH GL 6FLHQ]H 3HGDJRJLFKH 6 6FLHQ]H GHOO·(GXFD]LRQH
GHJOL$GXOWLHGHOOD)RUPD]LRQH&RQWLQXD6SUHVHQWLVXWHUULWRULRQD]LRQDOH
,QROWUHSHULO&XUULFXOXPQ(GXFDWRUH3URIHVVLRQDOHH6RFLR6DQLWDULR
qSRVVLELOHO·DFFHVVRDOODODXUHDVSHFLDOLVWLFDLQ)DUPDFLD671SUHYLVWDGDOOD
)DFROWjGL)DUPDFLDGHOO·8QLYHUVLWjGHOOD&DODEULD
3HULO&XUULFXOXPQ2ULHQWDWRUHGHL3URFHVVL)RUPDWLYLSHUO·,QWHUFXOWX
UDqSRVVLELOHO·DFFHVVRDOODODXUHDVSHFLDOLVWLFDLQ/LQJXDH/HWWHUDWXUD6WUD
QLHUH6SUHYLVWDGDO&RUVRGL/DXUHDLQ/LQJXHGHOOD)DFROWjGL/HWWHUH
,O&RPLWDWRGLLQGLUL]]RGHO&RUVRGL/DXUHDqFRVWLWXLWRGD
3URI )UDQFHVFR 6XVL 3UHVLGH )DFROWj 6FLHQ]H GHOOD )RUPD]LRQH ´/D
6DSLHQ]Dµ5RPD
'RWW*DHWDQR3ULQFL'LUHWWRUH*HQHUDOH$6/ Q&RRUGLQDWRUH'LUHWWRUL
*HQHUDOL$6/ 5HJLRQH&DODEULD
'RWW)UDQFR0RUHOOL'LUHWWRUH*HQHUDOH6HWWRUH6HUYL]L6RFLDOL5HJLR
QH&DODEULD
'RWW $QWRQLQR %RQXUD 'LULJHQWH 5HJLRQDOH 6HWWRUH 6HUYL]L 6RFLDOL
5HJLRQH&DODEULD
'RWW*LXVHSSH'HO*UDQGH'LULJHQWH5HJLRQDOH3XEEOLFD,VWUX]LRQH
6FLHQ]HGHOO·(GXFD]LRQH
3,$12',678',2'(/ 352),/2&855,&2/$5(1
('8&$725('(//$ 35,0$ ,1)$1=,$ ('(//(&2081,7
,1)$17,/,
',%$6( )LORVRILDGHOO·HGXFD]LRQH*6SDGDIRUD ,
6WRULDGHOODSHGDJRJLD *7UHELVDFFH ,,,
3HGDJRJLDJHQHUDOH 0%RUUHOOL ,,
3VLFRORJLDJHQHUDOH 3URIHVVRUHD
FRQWUDWWR
3VLFRORJLDGHOORVYLOXSSR $&RVWDELOH ,
&$5$77( 3VLFRSHGDJRJLD 9%XU]D ,,,
5,==$17( GHOOLQJXDJJLR
HGHOODFRPXQLFD]LRQH
3HGDJRJLDVSHFLDOH $9DOHQWL ,
'LGDWWLFD &3LX ,
6RFLRORJLDGHOO·HGXFD]LRQH &3LWWR ,9
$QWURSRORJLD
GHOO·HGXFD]LRQH
6RFLRORJLDGHOOH **UHFR ,,
FRPXQLFD]LRQLGL
PDVVD
6WRULDGHOODVFXRODHGHOOH %6HUSH ,,,
LVWLWX]LRQLHGXFDWLYH
$IILQL
,QWHJUDWLYL
'LVFLSOLQHGHOORVSHWWDFROR 3URIHVVRUH
DFRQWUDWWR
'LULWWRSULYDWR 3URIHVVRUHD
FRQWUDWWR
$ 6&(/7$ ËSRVVLELOHHIIHWWXDUH
XQDVRODVFHOWD
3HGDJRJLDLQWHUFXOWXUDOH **XHUULHUR ,,
(WLFDVRFLDOH 3&RORQQHOOR ,
3VLFRORJLDGHOOD 3URIHVVRUH
SHUVRQDOLWj DFRQWUDWWR
3HGDJRJLDJHQHUDOH 0%RUUHOOL ,,,
6WRULDGHOODSHGDJRJLD *7UHELVDFFH ,9
)LORVRILDGHOO·HGXFD]LRQH *6SDGDIRUD ,,
3VLFRORJLDGHOORVYLOXSSR $&RVWDELOH ,,
3VLFRSHGDJRJLDGHO 9%XU]D ,9
OLQJXDJJLRHGHOOD
FRPXQLFD]LRQH
3HGDJRJLDVSHFLDOH $9DOHQWL ,,
6FLHQ]HGHOO·(GXFD]LRQH
'LGDWWLFD &3LX ,,
6RFLRORJLDGHOOH **UHFR ,,,
FRPXQLFD]LRQLGLPDVVD
6WRULDGHOODVFXRODHGHOOH %6HUSH ,9
LVWLWX]LRQLHGXFDWLYH
/LQJXD /LQJXDVWUDQLHUD 3URIHVVRUH
3URYDILQDOH DFRQWUDWWR
$/75( 3ULQFLSLGLLQIRUPDWLFD 3URIHVVRUH
DFRQWUDWWR
727$/(
,OPRGXOR%ULJXDUGDJOLLQVHJQDPHQWLDVFHOWDGHOFRUVRGLVWXGLLQ6FLHQ]HGHOO·(GXFD]LR
QHHWXWWLJOLLQVHJQDPHQWLGHLYDULFRUVLGLODXUHDGHOYHFFKLRRUGLQDPHQWR
6FLHQ]H7XULVWLFKH
&2562',/$85($ ,1
6&,(1=(785,67,&+(,QWHUIDFROWj
)DFROWjGL/HWWHUHH)LORVRILDH)DFROWjGL(FRQRPLD
3UHVLGHQWHSURI(]LR0DUUD
1HOO·DQQRDFFDGHPLFRqDWWLYRLO&RUVRGL/DXUHDWULHQQDOHLQ
6FLHQ]H7XULVWLFKH )DFROWj GL (FRQRPLD H GL /HWWHUH H )LORVRILD FRQ VHGH
DPPLQLVWUDWLYD SUHVVROD)DFROWjGL(FRQRPLDGHOO·8QLYHUVLWjGHJOL6WXGLGHOOD
&DODEULD
,O QXPHUR GL LPPDWULFROD]LRQL SURJUDPPDWR SHU O·DQQR DFFDGHPLFR
qGL LQWRWDOHHLQGLVWLQWRSHUOHGXH)DFROWj
$PPLVVLRQHDOFRUVRGLODXUHDH3UHSDUD]LRQHLQL]LDOHULFKLHVWD
3HUO·DPPLVVLRQHDLFRUVLVLDSSOLFDQROHGLVSRVL]LRQLYLJHQWLSHUOHLVFUL
]LRQLDLFRUVLGLODXUHD
/HFRQRVFHQ]HHOHFDSDFLWjULFKLHVWHSHUODSURYDGLDFFHUWDPHQWRGLHYHQ
WXDOLGHELWLIRUPDWLYLVRQROHVHJXHQWL
&RQRVFHQ]HGLEDVHOLQJXLVWLFRHVSUHVVLYHHFRPSUHQVLRQHGLQRWL]LH
$SSUH]]DOHFRQRVFHQ]HJUDPPDWLFDOLVLQWDWWLFKHHOLQJXLVWLFKHQHFHVVDULH
DOODFRPSUHQVLRQHHGDOO·HODERUD]LRQHGLXQWHVWRLQOLQJXDLWDOLDQDFRQULIHUL
PHQWRDQFKHDOOHQRWL]LHULSRUWDWHGDOODVWDPSDGLLQIRUPD]LRQH
&DSDFLWjORJLFRGHGXWWLYH
9DOXWDODFDSDFLWjORJLFRGHGXWWLYDGLHIIHWWXDUHFRQQHVVLRQLDQFKHVXFRQ
FHWWLGLVWDQWLWUDORURLQWHUPLQLGLSUREOHPVROYLQJ
&RQRVFHQ]HGLEDVHVWRULFRJHRJUDILFKH
$SSUH]]DLOSRVVHVVRGLFRQRVFHQ]HUHODWLYHDOODVWRULDHDOODJHRJUDILDFRQ
SDUWLFRODUHULIHULPHQWRDOO·DUHDPHGLWHUUDQHD
&RQRVFHQ]HUHODWLYHDOSDWULPRQLRDUWLVWLFRHFXOWXUDOH
$SSUH]]DLOSRVVHVVRGLFRQRVFHQ]HUHODWLYHDOSDWULPRQLRFXOWXUDOHHDUWL
VWLFRHXURSHRHLWDOLDQRFRQULIHULPHQWRDOO·DUHDPHGLWHUUDQHD
/DSUHSDUD]LRQHLQL]LDOHQHFHVVDULDqDFFHUWDWDPHGLDQWHXQWHVWDULVSRVWD
PXOWLSODFKHKDOXRJRSULPDGHOO·LQL]LRGHLFRUVLGHOSULPRSHULRGRGLGDWWLFR
LQGLFDWLYDPHQWHHQWURODSULPDGHFDGHGLVHWWHPEUH
6FLHQ]H7XULVWLFKH
,OFRUVRGLODXUHDLQ´6FLHQ]H7XULVWLFKHµIRUQLVFHDJOLVWXGHQWLLPHWRGLHL
FRQWHQXWLSHUORVWXGLRVFLHQWLILFRGHLVLVWHPLWXULVWLFLFRQSDUWLFRODUHULIHUL
PHQWRDOO·DUHDPHGLWHUUDQHD
/RVFRSRqODIRUPD]LRQHGLILJXUHSURIHVVLRQDOLRSHUDQWLVLDLQSURSULRVLD
DOOHGLSHQGHQ]HQHOO·DUHDGHOO·DPPLQLVWUD]LRQHSXEEOLFDGHOO·LQWHUPHGLD
]LRQHGHOODFRPXQLFD]LRQHHGHOO·RUJDQL]]D]LRQHGLHYHQWLWXULVWLFRFXOWX
UDOLDGHOHYDWRFRQWHQXWRVWRULFRDUWLVWLFRQHOO·LQGXVWULDGHOO·RVSLWDOLWj
3DUWLFRODUHDWWHQ]LRQHYLHQHULYROWDDOOHLQWHUGLSHQGHQ]HGHOWXULVPRFRQJOL
DOWULDVSHWWLGHOOHUHDOWjORFDOLEHQLFXOWXUDOLDPELHQWHVLVWHPDSURGXWWLYR
LQIUDVWUXWWXUHLQPRGRGDLQWHJUDUHHRWWLPL]]DUHO·RIIHUWDWXULVWLFDFRQOD
UHDOWjVRFLDOHHGHFRQRPLFDORFDOH
3HUDVVLFXUDUHDOORVWXGHQWHXQDVROLGDSUHSDUD]LRQHDGHJXDWDDOOHHVLJHQ]HGHO
PHUFDWRGHOODYRURDFFDQWRDOOHGLVFLSOLQHHFRQRPLFKHD]LHQGDOLVRFLRORJL
FKHHVWRULFRDUWLVWLFKHYHQJRQRLPSDUWLWLGXHLQVHJQDPHQWLOLQJXLVWLFLHLQVH
JQDWHPDWHULHTXDOLLQIRUPDWLFDGLULWWRHGLVFLSOLQHGHOORVSHWWDFROR
$ SDUWLUHGDOVHFRQGRDQQRVRQRSUHYLVWLGXHGLYHUVLSHUFRUVLGLVWXGLRXQR
DFDUDWWHUHHFRQRPLFRPDQDJHULDOHHXQRDFDUDWWHUHDUWLVWLFRFXOWXUDOH
,OFRUVRGLODXUHDFRQVHQWHO·DFFHVVRVHQ]DGHELWLIRUPDWLYLDOODODXUHDVSH
FLDOLVWLFD LQ ¶9DORUL]]D]LRQH GHL VLVWHPL WXULVWLFR FXOWXUDOL· FODVVH V
DSSURYDWDGDO6HQDWRDFFDGHPLFRHLQFRUVRGLDSSURYD]LRQHGDSDUWHGHO
&81
&DOHQGDULR$FFDGHPLFR
'DWDLQL]LRFRUVLVHWWHPEUH
3ULPRSHULRGROH]LRQLVHWWHPEUHQRYHPEUH
6HFRQGRSHULRGROH]LRQLGLFHPEUHJHQQDLR
7HU]RSHULRGROH]LRQLIHEEUDLRPDU]R
4XDUWRSHULRGROH]LRQLDSULOHJLXJQR
3HUXOWHULRULLQIRUPD]LRQLVLSUHJDGLIDUHULIHULPHQWRDOVLWRGHOFRUVRGL
ODXUHDZZZVFLHQ]HWXULVWLFKHXQLFDOLWRDTXHOOLGHOOHIDFROWjGL(FRQRPLDH
GL/HWWHUHH)LORVRILD
2UGLQDPHQWRGLGDWWLFR
6FLHQ]H7XULVWLFKH
FIXQHOWULHQQLRLYLFRPSUHVHOHSURYHGLFRQRVFHQ]DGHOODOLQJXDLQJOHVHHGL
XQ·DOWUDOLQJXDVWUDQLHUDDVFHOWD
1HO SULPR DQQR GHO FRUVR GL VWXGLR LQ FXL YHQJRQR LPSDUWLWL L VHJXHQWL
LQVHJQDPHQWLREEOLJDWRULSHUFRPSOHVVLYLFUHGLWL
'HVFUL]LRQHGHLPRGXOLGHOSULPR DQQR
3HUDFTXLVLUHLUHVWDQWLFUHGLWLOR VWXGHQWHGRYUjVXSHUDUHOHSURYHUHODWL
YHD
² 0RGXOREDVHVHFRQGDOLQJXDIUDQFHVHRWHGHVFRSHUXQWRWDOHGLFUHGL
WLFKHYHUUjLPSDUWLWRQHOVHFRQGRDQQR
1HOVHFRQGRDQQR YHQJRQRLPSDUWLWLJOLLQVHJQDPHQWLVSHFLDOLVWLFLULIH
ULWLDOOHFRPSHWHQ]HJHVWLRQDOLHFRQRPLFKHVRFLRORJLFKHHDUWLVWLFRFXOWXUDOL
*OLLQVHJQDPHQWLSUHYLVWLSHUFRPSOHVVLYLFUHGLWLVRQRGLVHJXLWRLQGLFDWL
6FLHQ]H7XULVWLFKH
0RGXOREDVHVHFRQGDOLQJXD /DERUDWRULROLQJXD
IUDQFHVHRWHGHVFR IUDQFHVHRWHGHVFD
$UFKHRORJLDHVWRULDGHOO·DUWH
JUHFDHURPDQD $UFKHRORJLDFODVVLFD /$17
$QDOLVLHFRQWDELOLWjGHLFRVWL $QDOLVLHFRQWDELOLWj
GHOOHLPSUHVHWXULVWLFKH GHLFRVWL 6(&63
3ROLWLFKHGLPDUNHWLQJGHOOH
LPSUHVHWXWLVWLFKH 0DUNHWLQJGHOWXULVPR 6(&63
0RGXORGLDSSURIRQGLPHQWR /DERUDWRULROLQJXD
VHFRQGDOLQJXDIUDQFHVHRWHGHVFR IUDQFHVHRWHGHVFD
3HUIH]LRQDPHQWROLQJXD,QJOHVH /LQJXLVWLFD,QJOHVH //,1R
//,1R
//,1 H
0HWRGRORJLHSHUODYDORUL]]D]LRQH
GHLEHQLDUFKHRORJLFL 0XVHRORJLD /$57
6RFLRORJLDGHOWXULVPR 6RFLRORJLDGHOWXULVPR 636
$VSHWWLVRFLDOLHRUJDQL]]DWLYLGHOOH
LPSUHVHHGHOOHSURIHVVLRQLWXULVWLFKH 6RFLRORJLDHFRQRPLFD 636
6RQRSUHYLVWLLQROWUHGXHSHUFRUVLDOWHUQDWLYLSHUXQWRWDOHGLFUHGLWLFLD
VFXQR
,OSULPRSHUFRUVRDFDUDWWHUHHFRQRPLFRPDQDJHULDOHHLOVHFRQGRDFDUDW
WHUHDUWLVWLFRFXOWXUDOH
6FLHQ]H7XULVWLFKH
$3HUFRUVRHFRQRPLFRPDQDJHULDOH
/RVWXGHQWHGRYUjVRVWHQHUHFUHGLWLDVFHOWDWUDLVHJXHQWLPRGXOL
6RORSHUFRORURFKHKDQQRVRVWHQXWRO·HVDPHGL6WDWLVWLFDSULPRPRGXOR
6WDWLVWLFDGHVFULWWLYDFLQTXHFUHGLWLSRVVRQRHVVHUHVRVWHQXWLVFHJOLHQGRXQR
GHLGXHPRGXOLVRWWRLQGLFDWL
%3HUFRUVRDUWLVWLFRFXOWXUDOH
/RVWXGHQWHGRYUjVRVWHQHUHLVHJXHQWLPRGXOLSHUXQWRWDOHGLFUHGLWL
1RPHGHOPRGXOR 'LVFLSOLQD &RGLFH &UHGLWL 3HULRGR
VHWWRUH GLGDWWLFR
,UHVWDQWLFUHGLWL YHUUDQQRDFTXLVLWLPHGLDQWHDWWLYLWjGLVWDJHGDHIIHWWXDUVL
SUHVVRLPSUHVHHGRSHUDWRULGHOVHWWRUHWXULVWLFR
6FLHQ]H7XULVWLFKH
1HOWHU]RDQQRYHQJRQRLPSDUWLWLLQVHJQDPHQWLSLVWUHWWDPHQWHFRQQHVVLDOOH
WHPDWLFKHLQWHUFXOWXUDOLDUWLVWLFKHHGDOOHDELOLWjHGHVSHULHQ]HIRUPDWLYH SHU
FRPSOHVVLYLFUHGLWL
'HVFUL]LRQHGHLPRGXOLGHOWHU]R DQQR
'HVFUL]LRQHGHLPRGXOLGHOWHU]R DQQRWUHDVFHOWD
'HVFUL]LRQHGHLPRGXOLGHOWHU]R DQQR8QRDVFHOWDWUD
'HVFUL]LRQHGHLPRGXOLGHOWHU]R DQQR8QRDVFHOWDWUD
6FLHQ]H7XULVWLFKH
3HUDFTXLVLUHLUHVWDQWLFUHGLWLORVWXGHQWHGRYUjVXSHUDUHOHSURYHUHODWLYHD
7LURFLQLHVWDJH $ELOLWjLQIRUPDWLFKHHWLURFLQL
3URYDILQDOH 3UHSDUD]LRQHILQDOH
$WWLYLWjDVFHOWDGHOORVWXGHQWH $WWLYLWjOLEHUH
,QGLFD]LRQLUHJRODPHQWDUL
6RGGLVIDFLPHQWRGHJOLHYHQWXDOLREEOLJKLIRUPDWLYL
*OLVWXGHQWLFKHDOODSURYDGLYDOXWD]LRQHGHLUHTXLVLWLIRUPDWLYLDGHJXDWL
DOO·LPPDWULFROD]LRQHULVXOWLQRGRYHUDGHPSLHUHDGREEOLJKLIRUPDWLYLDJJLXQWL
YLVRQRWHQXWLDVHJXLUHGHLFRUVLLQWHJUDWLYLFKHVLFRQFOXGRQRFRQXQDSURYD
ILQDOHGLYHULILFD,OUHODWLYRREEOLJRIRUPDWLYRVLVRGGLVIDFRQLOVXSHUDPHQWR
GHOODSURYD*OLVWXGHQWLFKHQRQVXSHUDQRODSURYDILQDOHGLFRUVLGLUHFXSHUR
VRQRFRPXQTXHLVFULWWLDOFRUVRGLVWXGLR(VVLVRGGLVIDQRJOLREEOLJKLIRUPDWL
YLDJJLXQWLYLDFTXLVHQGRFUHGLWLUHODWLYLDTXDWWURLQVHJQDPHQWL 'LULWWR
SXEEOLFRR'LULWWR3ULYDWR(FRQRPLD$]LHQGDOHR(FRQRPLDHJHVWLRQHGHOOH
LPSUHVHWXULVWLFKH6RFLRORJLDGHOWXULVPRHGHOOHFRPXQLWjORFDOLR6RFLROR
JLDGHOWXULVPRHGHOO·DPELHQWH6WRULDFRQWHPSRUDQHDR6WRULDGHOOD0DJQD
*UHFLD4XDORUDDOWHUPLQHGHOSULPRDQQRQRQVLDQRVWDWLDFTXLVLWLWDOLFUHGLWL
ORVWXGHQWHVDUjREEOLJDWRQHJOLDQQLVXFFHVVLYLDGLQVHULUHQHOSURSULR3LDQRGL
VWXGLDWWLYLWjIRUPDWLYHSHUXQQXPHURGLFUHGLWLQRQVXSHULRUHDHVDUjVRJ
JHWWRDVSHFLILFKHDWWLYLWjGLWXWRUDWR1RQDSSHQDDFTXLVLWLLFUHGLWLGLFXLVRSUD
ORVWXGHQWHQRQVDUjSLVRJJHWWRDWDOLREEOLJKL
1RUPHSHU O·LVFUL]LRQHDGDQQLVXFFHVVLYLDOSULPR
3HUHVVHUHLVFULWWRUHJRODUPHQWHLQFRUVR DOVHFRQGRDQQRORVWXGHQWHGHYH
DYHUDFTXLVLWRHQWURODGDWDGLLQL]LRGHLFRUVLGHOVHFRQGRDQQRXQQXPHURGL
FUHGLWLSDULD/RVWXGHQWHFKHDEELDPDWXUDWRXQQXPHURGLFUHGLWLLQIHULRUH
YLHQHFRQVLGHUDWRQRQUHJRODUPHQWHLQFRUVR HSXzVRVWHQHUHOHSURYHGLSURILW
WRULJXDUGDQWLDWWLYLWjIRUPDWLYHGHJOLDQQLVXFFHVVLYLGRSRDYHUPDWXUDWRLFUH
GLWLGLFXLVRSUD
ËLVFULWWRDOWHU]RDQQRGLFRUVRORVWXGHQWHFKHDEELDPDWXUDWRHQWURODGDWD
GLLQL]LRGHLFRUVLWXWWLLFUHGLWLGHOSULPRDQQRHGDOPHQRFUHGLWLGHOVHFRQGR
DQQR/RVWXGHQWHFKHQHDEELDPDWXUDWRXQQXPHURLQIHULRUHYLHQHFRQVLGHUDWR
QRQUHJRODUPHQWHLQFRUVR HSXzVRVWHQHUHOHSURYHGLSURILWWRULJXDUGDQWLDWWL
YLWjIRUPDWLYHGHOWHU]RDQQRGRSRDYHUDFTXLVLWRLFUHGLWLGLFXLVRSUD
/RVWXGHQWHFKHDOWHUPLQHGHOODGXUDWDQRUPDOHGHJOLVWXGLQRQDEELDFRQ
VHJXLWRLOWLWRORYLHQHFRQVLGHUDWRIXRULFRUVR
6FLHQ]H7XULVWLFKH
7LURFLQL
6RQRSUHYLVWLGXHVWDJHVIRUPDWLYLSUHVVRD]LHQGHWXULVWLFKHHLVWLWX]LRQL
FXOWXUDOLRLVWLWX]LRQLHDPPLQLVWUD]LRQLSXEEOLFKHHDVVRFLD]LRQLFKHRSHUDQR
QHOVHWWRULGLLQWHUHVVHGHOFRUVRGLODXUHD2JQLVWDJHDYUjXQDGXUDWDGLRUH
FUHGLWL
,OSULPRVWDJHqSUHYLVWRQHOSLDQRGLVWXGLGHOVHFRQGRDQQR,OVHFRQGR
VWDJHqSUHYLVWRSHULOWHU]RDQQR
3HUDFFHGHUHDOORVWDJHGHOVHFRQGRDQQRJOLVWXGHQWLGRYUDQQRDYHUVRVWH
QXWROHSURYHGLOLQJXDLQJOHVHFUHGLWLHDYHUHPDWXUDWRDOPHQRFUHGLWL
HQWURODILQHGHOVHFRQGRSHULRGRGLGDWWLFR3HUDFFHGHUHDOORVWDJHGHOWHU]R
DQQRJOLVWXGHQWLGRYUDQQRDYHUVRVWHQXWROHSURYHGHOODVHFRQGDOLQJXDFUH
GLWL H DYHU PDWXUDWR DOPHQR FUHGLWL HQWUR OD ILQH GHO VHFRQGR SHULRGR
GLGDWWLFR
*OL VWXGHQWL LVFULWWL DO VHFRQGR DQQR QHO SUHFHGHQWH DQQR DFFDGHPLFR
GHYRQRDYHUPDWXUDWRDOPHQRFUHGLWLSULPDGLDFFHGHUHDOOR
VWDJHHQRQKDQQRO·REEOLJRGLDYHUHVRVWHQXWROHSURYHGLOLQJXD
*OLVWXGHQWLLVFULWWLDOWHU]RDQQRQHOSUHFHGHQWHDQQRDFFDGHPLFR
GHYRQRDYHUPDWXUDWRDOPHQRFUHGLWLSULPDGLDFFHGHUHDOORVWDJHH
QRQKDQQRO·REEOLJRGLDYHUHVRVWHQXWROHSURYHGLOLQJXD
3LDQLGL6WXGLRVFHOWDGHOO·LQGLUL]]RHFUHGLWLDVFHOWD
/RVWXGHQWHLVFULWWRDOSULPRDQQRQRQSUHVHQWDDOFXQ3LDQRGL6WXGLRPD
LQGLFD VROWDQWR TXDOH LQVHJQDPHQWR LQWHQGH VHJXLUH WUD GL 6WRULD 5RPDQD H
6WRULD0HGLRHYDOH7DOHVFHOWDGHYHHVVHUHHIIHWWXDWDHQWURLOQRYHPEUH/D
FRPXQLFD]LRQHGHYHHVVHUHLQROWUDWDDOODVHJUHWHULDGHO&RQVLJOLRGL&RUVRGL
/DXUHDXWLOL]]DQGRXQDSSRVLWRPRGXORRSSXUHSHUYLDHOHWWURQLFD
(QWURHQRQROWUHLOVHWWHPEUHGHO,,DQQRORVWXGHQWHSUHVHQWDLO3LDQRGL
VWXGLRLQGLFDQGRDLOSHUFRUVRVFHOWRHFRQRPLFRPDQDJHULDOHRDUWLVWLFRFXO
WXUDOHOHPDWHULHVSHFLILFKH²ODGGRYHVLDQRSUHYLVWHRS]LRQL²HOHDWWLYLWjIRU
PDWLYHFRUULVSRQGHQWLDLFUHGLWLDVFHOWD SHUXQWRWDOHGLFUHGLWL/DVFHOWD
GHOOH DWWLYLWj IRUPDWLYH UHODWLYH DL FUHGLWL D VFHOWD GHJOL VWXGHQWL SXz HVVHUH
PRGLILFDWDLQFRUVRG·DQQRWUDPLWHFRPXQLFD]LRQHFRQWHVWXDOHDOODVHJUHWHULD
GHO&RQVLJOLRGL&RUVRGL/DXUHDHGDOODVHJUHWHULDVWXGHQWLSULPDGHOO·LQL]LR
GHOSHULRGRGLGDWWLFRLQFXLVRQRVYROWHWDOLDWWLYLWj
6FLHQ]H7XULVWLFKH
7UDVIHULPHQWL
/HGRPDQGHGLWUDVIHULPHQWRHGLDEEUHYLD]LRQHGLFRUVRGHYRQRHVVHUH
SUHVHQWDWHQHOSHULRGRJLXJQRDJRVWR
,OFULWHULRLQEDVHDOTXDOHYHUUDQQRWUDVIRUPDWLJOLHVDPLVRVWHQXWLSUHVVR
DOWUHVHGLLQFUHGLWLqTXLGLVHJXLWRVSHFLILFDWR
HVDPHDQQXDOHFUHGLWLHVDPHVHPHVWUDOHFUHGLWL
3HUJOLVWXGHQWLFKHLQWHQGRQRDFFHGHUHDOVHFRQGRHDOWHU]RDQQRYHUUDQ
QRULFRQRVFLXWLLQWHJUDOPHQWHLFUHGLWLDFTXLVLWLQHLVHWWRULVFLHQWLILFRGLVFLSOL
QDULFRPSUHVLQHOOHWDEHOOHGHOOD&RUVRGLVWXGLDSSURYDWHGDO6HQDWR$FFDGH
PLFR/DWDEHOODUHODWLYDDOO·HYHQWXDOHULFRQRVFLPHQWRGHLFUHGLWLqGLVSRQLELOH
VXOVLWRGHO&RUVRGLODXUHDZZZVFLHQ]HWXULVWLFKHXQLFDOLW
*OLVWXGHQWLDFXLYHQJRQRULFRQRVFLXWLDOPHQRFUHGLWLVRQRDPPHVVLDO
DQQR
*OL VWXGHQWL D FXL YHQJRQR ULFRQRVFLXWL DOPHQR FUHGLWL YHQJRQR
DPPHVVLDO DQQR
*OLVWXGHQWLFRQPHQRGLFUHGLWLULFRQRVFLXWLVRQRLVFULWWLDOSULPRDQQR
QHLOLPLWLGHLFRQWLQJHQWLSUHYLVWLGDOOHLQGLFD]LRQLPLQLVWHULDOLHVRQRVRJJHWWL
DOOHUHJROHVRSUDLQGLFDWHSHULOVRGGLVIDFLPHQWRGHJOLREEOLJKLIRUPDWLYL
6WRULD
&2562',/$85($ ,1
6725,$
3UHVLGHQWHSURIVVD*LRYDQQD'H6HQVL6HVWLWR
3ROLIXQ]LRQDOH$UFDYDFDWDGL5HQGH
6HJUHWDULRGRWW0LFKHOH7RFFL
LQGLUL]]RGLSRVWDHOHWWURQLFDFGOVWRULD#XQLFDOLW
2UDULRGLDSHUWXUDDOSXEEOLFR/XQHGu9HQHUGuGDOOHRUHDOOHRUH
WHOHID[
6LWRLQWHUQHWFGOVWRULDXQLFDOLW
,QVHJQDPHQWL
6WRULD
6WRULDGHLWUDWWDWLHSROLWLFD
LQWHUQD]LRQDOHGD6WRULD
FRQWHPSRUDQHD0= &&DUERQH PXWXD]LRQH ,,,
6WRULDGHO&ULVWLDQHVLPR
DQWLFR 53HUURWWD DIILGDPHQWR ,,,
6WRULDGHOFULVWLDQHVLPRLQHWj
PRGHUQDHFRQWHPSRUDQHD
GDO PRGXORGL6WRULDGHOOD
FKLHVDPHGLHYDOHHGHLPRYL
PHQWLHUHWLFDOL )%XUJDUHOOD PXWXD]LRQH ,,,
6WRULDGHOYLFLQRRULHQWH
DQWLFRPRGXOL &%RQQHW FRQWUDWWR ,,,,,
6WRULDGHOOD&KLHVDPHGLHYDOH
HGHLPRYLPHQWLHUHWLFDOL )%XUJDUHOOD DIILGDPHQWR ,,,,9
6WRULDGHOODFXOWXUDPDWHULDOH 3'H6DQFWLV5LFFLDUGRQH WLWRODUH ,,,
6WRULDGHOPRYLPHQWRRSHUDLR $3DSDUD]]R DIILGDPHQWR ,,,,9
6WRULDGHOOD&DODEULDPHGLHYDOH $9DFFDUR DIILGDPHQWR ,,,,9
6WRULDGHOODVWRULRJUDILDDQWLFD 0,QWULHUL DIILGDPHQWR ,,,,9
6WRULDGHOOHWUDGL]LRQLSRSRODUL 2&DYDOFDQWL WLWRODUH ,,,
6WRULDHFRQRPLFDHVRFLDOH
GHOO·HWjPRGHUQD FRSHUWXUDLQFRUVRG·DQQR
6WRULDHFRQRPLFDHVRFLDOHGHO
PHGLRHYRGD$QWLFKLWjHLVWLWX
]LRQLPHGLHYDOL 3'DOHQD PXWXD]LRQH ,,,
6WRULDHLVWLWX]LRQLGHOO·$IULFD &&DUERQH WLWRODUH ,,,
6WRULDJUHFD *'H6HQVL6HVWLWR WLWRODUH ,,,
6WRULDPRGHUQD FRSHUWXUDFRQWLWRODUHLQFRUVRG·DQQR
6WRULDPHGLHYDOH 3'H/HR WLWRODUH ,,,,,
6WRULDURPDQD$ ²/ 3&DYXRWR WLWRODUH ,,,,9
6WRULDURPDQD0²= *3*LYLJOLDQR WLWRODUH ,,,,9
3URILORFXOWXUDOHHSURIHVVLRQDOHVERFFKLSURIHVVLRQDOLHRELHWWLYLVSHFLILFL
GHOFRUVRGLVWXGL
,O&RUVRGL/DXUHDLQVWRULDVLULYROJHDJOLVWXGHQWLFKHVRQRLQWHUHVVDWLD
UDJJLXQJHUHXQDEXRQDSUHSDUD]LRQHJHQHUDOHLQFDPSROHWWHUDULRILORORJLFRH
OLQJXLVWLFRPDVRSUDWWXWWRDFRJOLHUHODGLPHQVLRQHVWRULFDGHLIHQRPHQLFXOWX
UDOL DWWUDYHUVR O·DFTXLVL]LRQH GHOOH FDWHJRULH FRQFHWWXDOL SHUWLQHQWL H GHOOH
FRPSHWHQ]HFULWLFRLQWHUSUHWDWLYHHPHWRGRORJLFKHDSSURSULDWH(VVRSURSRQH
LQIDWWLSHUFRUVLIRUPDWLYLLGRQHLDGDFTXLVLUHXQDEXRQDFRQRVFHQ]DGHOO·HYR
OX]LRQHVWRULFDGDOO·DQWLFKLWjDOO·HSRFDFRQWHPSRUDQHDFRQSDUWLFRODUHDWWHQ
]LRQHSHUOHFLYLOWjILRULWHQHO0HGLWHUUDQHRHQHOO·(XURSDVRVWHQXWDGDOODFRQ
VDSHYROH]]DGHOOHYDULHWLSRORJLHGLIRQWLGLVSRQLELOLSHUOHGLYHUVHHSRFKHHSHU
OHPROWHSOLFLWHPDWLFKHHGDOODFDSDFLWjFULWLFDGLXWLOL]]DUOHFRQLPHWRGLSURSUL
GHOO·LQGDJLQHVWRULRJUDILFD
/·RIIHUWDGLSLFXUULFXOD FRQVHQWHDJOLVWXGHQWLGLVFHJOLHUHO·DUHDVWRULFD
SLFRQJHQLDOHDLSURSULLQWHUHVVLFKHVDUjRJJHWWRGLVSHFLILFRDSSURIRQGLPHQ
6WRULD
WRQHOFRUVRGLVWXGLRVHQ]DSHUTXHVWRULQXQFLDUHDGXQDFRQRVFHQ]DGLEDVH
FRPSOHVVLYD GHOOH SUREOHPDWLFKH VWRULFKH GL WXWWH OH HSRFKH H GHOOH UHODWLYH
PHWRGRORJLHHIRQWLGHOODULFHUFD,QUDJLRQHGLFLzLO&RUVRGLVWXGLRSUHYHGH
QHOSULPRDQQRXQDVFDQVLRQHFRPXQHDWXWWLLFXUULFXOD FLRqXQLWLQHUDULRIRU
PDWLYR H GL EDVH QHJOL DPELWL GLVFLSOLQDUL GHOOD VWRULD GHOOD JHRJUDILD GHOOD
DQWURSRORJLDRSSRUWXQDPHQWHLQWHJUDWRGDLQVHJQDPHQWLGLDPELWRILORORJLFRH
ILORVRILFR$ SDUWLUHGDOVHFRQGRDQQRLFXUULFXOD FRPLQFLDQRDGLIIHUHQ]LDUVL
LQGLUL]]DQGR L SHUFRUVL IRUPDWLYL VXL GLYHUVL FRQWHVWL HSRFDOL FLYLOWj DQWLFD
PHGLRHYR HWj PRGHUQD H FRQWHPSRUDQHD H FXOWXUDOL VWRULFRUHOLJLRVR R
GHPRDQWURSRORJLFRDSUHQGRVLDILQDOLWjSURIHVVLRQDOL]]DQWLLQULVSRVWDDXQ
PHUFDWRGHOODYRURLQWHOOHWWXDOHDUWLFRODWRHLQHYROX]LRQHHGLDSSURIRQGLPHQ
WRFULWLFRLQYLVWDGHOELHQQLRVSHFLDOLVWLFR
,SHUFRUVLIRUPDWLYLSURSRVWLSRVVRQRWXWWLGDUHDFFHVVR²ROWUHDLWUDGL]LR
QDOLVERFFKLGHOO·LQVHJQDPHQWRSHULOTXDOHqGDVHJQDODUHODQXRYDRSSRUWX
QLWjRIIHUWDGDOO·LQGLUL]]RVWRULFRUHOLJLRVR²DGDWWLYLWjSURIHVVLRQDOLGLYDULR
OLYHOOR QHOO·DPSLR VHWWRUH SXEEOLFRSULYDWR GHL VHUYL]L FXOWXUDOL HG D SRVWL GL
UHVSRQVDELOLWjQHOODSXEEOLFDDPPLQLVWUD]LRQH/·HVSHULHQ]DGLPRVWUDFKHXQD
IRUPD]LRQHGLWLSRVWRULFRqSDUWLFRODUPHQWHDSSUH]]DWDHULFKLHVWDLQFDPSLGL
ODYRURDWWXDOPHQWHLQHVSDQVLRQHFKHULFKLHGRQRDWWLWXGLQHHFDSDFLWjGLULFHU
FDUHHGRUJDQL]]DUHGDWLDQFKHLQVHWWRULGLYHUVLGDTXHOOLXPDQLVWLFLDUFKLYLGL
EDQFKHHLVWLWX]LRQLYDULHFHQWULVWXGLRVHWWRULGHOO·HGLWRULDGHOJLRUQDOLVPR
GHOWXULVPRHFF6DUDQQRILQDOL]]DWHDIDYRULUHO·LQVHULPHQWRQHOPRQGRGHO
ODYRURDOWHUPLQHGHOWULHQQLROHDWWLYLWjGLWLURFLQLRSUHYLVWHQHOSHUFRUVRIRU
PDWLYR
,O &RUVR GL /DXUHD KD GXUDWD WULHQQDOH H VL DUWLFROD LQ FLQTXHFXUULFXOD
$QWLFR 0HGLHYDOH 0RGHUQRFRQWHPSRUDQHR 6WRULFRUHOLJLRVR 6WRULFR
DQWURSRORJLFR
*OLRELHWWLYLVSHFLILFLVRQRLVHJXHQWL
$QWLFR
² FRQRVFHQ]DGHJOLVWUXPHQWLPHWRGRORJLFLHFULWLFLGLDSSURIRQGLPHQWRGHOOD
VWRULDDQWLFD
² FRQRVFHQ]D GHOOH OLQHH GL VYLOXSSR IRQGDPHQWDOL GHOOD VWRULD DQWLFD GDOOD
SURWRVWRULDDOODWDUGDDQWLFKLWj
² FRQRVFHQ]DGHLSULQFLSDOLDVSHWWLVRFLRSROLWLFLLVWLWX]LRQDOLHFXOWXUDOLGHO
PRQGR DQWLFR FRQ SDUWLFRODUH ULIHULPHQWR DOOH SUREOHPDWLFKH GHOO·,WDOLD
PHULGLRQDOHLQUHOD]LRQHDOO·RUL]]RQWHPHGLWHUUDQHR
0HGLHYDOH
² FRQRVFHQ]D GHJOL VWUXPHQWL PHWRGRORJLFL H FULWLFL GL DSSURIRQGLPHQWR H
YDOXWD]LRQHGHOO·HWjPHGLHYDOH
6WRULD
² FRQRVFHQ]DGHOOHOLQHHIRQGDPHQWDOLGLVYLOXSSRGHOO·HWjPHGLHYDOHGDOOD
WDUGD DQWLFKLWj DOO·HWj PRGHUQD H ULIOHVVLRQH FULWLFD VXOO·HYROX]LRQH GHO
PRQGRRFFLGHQWDOHHRULHQWDOH
² FRQRVFHQ]D FULWLFD GHJOL DVSHWWL LVWLWX]LRQDOL JLXULGLFL VRFLRHFRQRPLFL
SROLWLFLFXOWXUDOLUHOLJLRVLGHOO·HWjPHGLHYDOHFRQSDUWLFRODUHULIHULPHQWR
DOOHSUREOHPDWLFKHGHOWHUULWRULR
0RGHUQRFRQWHPSRUDQHR
² FRQRVFHQ]DGHJOLVWUXPHQWLPHWRGRORJLFLHFULWLFLGLDSSURIRQGLPHQWRGHOOD
VWRULDPRGHUQDHFRQWHPSRUDQHD
² FRQRVFHQ]DGHOOHOLQHHIRQGDPHQWDOLGLVYLOXSSRGHOO·HWjPRGHUQDHFRQ
WHPSRUDQHD
² FRQRVFHQ]DFULWLFDGHJOLDVSHWWLJLXULGLFLFXOWXUDOLLVWLWX]LRQDOLDPELHQWDOL
HSROLWLFLGHOPRQGRPRGHUQRHFRQWHPSRUDQHR
² DQDOLVL GHL SULQFLSDOL IDWWRUL GL RUGLQH HFRQRPLFR VRFLDOH H FXOWXUDOH FKH
KDQQRGHWHUPLQDWROHJUDQGLWUDVIRUPD]LRQLGHOYLYHUHPRGHUQRHFRQWHP
SRUDQHR
6WRULFRUHOLJLRVR
² FRQRVFHQ]DGHJOLVWUXPHQWLPHWRGRORJLFLHFULWLFLGLDSSURIRQGLPHQWRSHU
ODFRPSUHQVLRQHHORVWXGLRGHLIHQRPHQLUHOLJLRVLLQJHQHUDOH
² FRQRVFHQ]DGHOOHOLQHHGLVYLOXSSRIRQGDPHQWDOLGHOODVWRULDGHOOHUHOLJLRQL
² FRQRVFHQ]DGHLFRQWHVWLFXOWXUDOLLQSDUWLFRODUHTXHOOLDQWURSRORJLFLILORVR
ILFLVRFLDOLHFRQRPLFLHSROLWLFLGHOOHUHOLJLRQLSLGLIIXVH
6WRULFRDQWURSRORJLFR
² FRQRVFHQ]D GHL IRQGDPHQWL WHRULFRPHWRGRORJLFL GHOOH GLVFLSOLQH '($
GHPRHWQRDQWURSRORJLFKH
² FRQRVFHQ]DGHOODVSHFLILFDVWRULDGHJOLVWXGL
² FRQRVFHQ]DGHLUDSSRUWLWUDVWRULDHGLVFLSOLQH'($
,OUDJJLXQJLPHQWRGHOOHFRPSHWHQ]HWHRULFKHHWHFQLFRSUDWLFKHFKHFDUDW
WHUL]]DQRHFRPSOHWDQRFLDVFXQRGLHVVLFRPSRUWDO·DFTXLVL]LRQHGLFUHGLWL
IRUPDWLYLSHUFLDVFXQDQQRGLFRUVR
7XWWHOHGLVFLSOLQHVRQRDUWLFRODWHLQGXHPRGXOLXQPRGXORFRUULVSRQGHD
FUHGLWLHGDRUHGLDWWLYLWjGLGDWWLFDLQDXODOHIRUPHGLGDWWLFKHSUHYLVWH
VRQROH]LRQLIURQWDOLVHPLQDULHVHUFLWD]LRQLDWWLYLWjGLODERUDWRULR
/D IUHTXHQ]D DL FRUVL LQVHULWL QHO SLDQR GL VWXGLR q REEOLJDWRULD H YHUUj
DFFHUWDWDDFXUDGHOWLWRODUHGHOO·LQVHJQDPHQWRDWWUDYHUVRULOHYD]LRQHSHULRGLFD
ODIUHTXHQ]DPLQLPDQRQSXzHVVHUHLQIHULRUHDOGHOOHOH]LRQL
/HYHULILFKHGLDSSUHQGLPHQWRVLHIIHWWXHUDQQRFRQSURYHRUDOLHGHYHQ
WXDOPHQWHDQFKHVFULWWHQHOOHVHVVLRQLGLHVDPHVXFFHVVLYHDOODFRQFOXVLRQHGHL
PRGXOLRGHLFRUVLVHFRPSRVWLGDSLPRGXOLDGLVFUH]LRQHGHOGRFHQWHVL
6WRULD
SRWUDQQRHIIHWWXDUHDQFKHYHULILFKHSDU]LDOLGXUDQWHORVYROJLPHQWRGHLFRUVL
/H&RPPLVVLRQLSHUO·DFFHUWDPHQWRGHOSURILWWRVDUDQQRFRVWLWXLWHGDOWLWRODUH
GHOO·LQVHJQDPHQWRHGDGRFHQWHGLPDWHULDDIILQHRFXOWRUHGHOODPDWHULD
,SHUFRUVLIRUPDWLYLHLUHODWLYLRELHWWLYL
)RUPD]LRQHGLEDVH
/HDUHHGLVWXGLRULWHQXWHQHFHVVDULHSHUXQDIRUPD]LRQHGLEDVHFRPXQHD
WXWWLLFXUULFXOD ULJXDUGDQRLQSDUWLFRODUHO·LPSLDQWRPHWRGRORJLFRGHOOHVWRULH
JHQHUDOL OD JHRJUDILD H O·DPELWR HWQRDQWURSRORJLFR$OOH GLVFLSOLQH UHODWLYH
DOODIRUPD]LRQHGLEDVHVRQRDWWULEXLWLFRPSOHVVLYDPHQWHFUHGLWLULSDUWLWL
QHLVHJXHQWLDPELWLGLVFLSOLQDUL
DDPELWRVWRULFR6WRULDJUHFD6WRULDURPDQD6WRULDPHGLHYD
OH6WRULDPRGHUQD6WRULDFRQWHPSRUDQHD
E DPELWR JHRJUDILFR *HRJUDILD *HRJUDILD HFRQRPLFRSROLWLFD
*HRJUDILDXPDQD
FDPELWRGHPRHWQRDQWURSRORJLFR6WRULDGHOOHWUDGL]LRQLSRSRODUL6WR
ULDGHOODFXOWXUDPDWHULDOH(WQRORJLD$QWURSRORJLDFXOWXUDOH
3HULOORURFDUDWWHUHLQWURGXWWLYRDOORVWXGLRGHOODVWRULDODORURSLRSSRU
WXQDFROORFD]LRQHQHOFXUULFXORGLGDWWLFRqQHOSULPRDQQRGLFRUVRDFFDQWRDG
DOWULGXHDPELWLGLVFLSOLQDULFRPXQLDWXWWLLFXUULFXODHQHFHVVDULSHUODIRUPD
]LRQHFXOWXUDOHJHQHUDOHTXHOORGHOOD/HWWHUDWXUDLWDOLDQDHTXHOORGHOOD)LORVR
ILD
)RUPD]LRQHFDUDWWHUL]]DQWH
/RVWXGLRGHOODVWRULDQHLSHUFRUVLGHOO·$QWLFKLWjGHO0HGLRHYRHGHOO·(Wj
PRGHUQDHFRQWHPSRUDQHDHGLQTXHOOL6WRULFRUHOLJLRVRH6WRULFRDQWURSROR
JLFRFDUDWWHUL]]DLVLQJROLFXUULFXODGHO&RUVRGLVWXGLRHVVRqRSSRUWXQDPHQWH
GLVWULEXLWRQHOO·DUFRGHOWULHQQLRHGDIILDQFDWRGDOORVWXGLRGLGLVFLSOLQHILOROR
JLFROHWWHUDULHHVWRULFRUHOLJLRVHDSSURSULDWHSHUFLDVFXQSHUFRUVR
$OOHGLVFLSOLQHUHODWLYHDOODIRUPD]LRQHFDUDWWHUL]]DQWHVRQRDWWULEXLWLFRP
SOHVVLYDPHQWHGDDFUHGLWL
)RUPD]LRQHDIILQHRLQWHJUDWLYD
3DUWLFRODUPHQWHVLJQLILFDWLYHSHUWXWWLLFXUULFXODGHO&RUVRGLVWXGLLQ6WR
ULDVRQROHGLVFLSOLQHDIILQLRLQWHJUDWLYHVLDGLFDUDWWHUHDUFKHRORJLFRVWRULFR
DUWLVWLFRSDOHRJUDILFRDUFKLYLVWLFRVLDGHOO·DPELWRILORORJLFROHWWHUDULRSHUWL
QHQWLDFLDVFXQRGLHVVLSHUFKpFRQFRUURQRDGDUULFFKLUHODFRPSUHQVLRQHGHL
IHQRPHQLFXOWXUDOLSURSULGLRJQLHSRFDVWRULFDDGDFTXLVLUHIDPLOLDULWjFRQOH
6WRULD
YDULHWLSRORJLHGLGRFXPHQWD]LRQHGLVSRQLELOLHFRQRVFHUQHLPHWRGLGLXWLOL]
]D]LRQHFULWLFD(VVHWURYDQRFROORFD]LRQHSUHIHULELOPHQWHWUDVHFRQGRHWHU]R
DQQRGLFRUVR
$OOHGLVFLSOLQHUHODWLYHDOODIRUPD]LRQHDIILQHRLQWHJUDWLYDVRQRDWWULEXLWL
GDDFUHGLWLDVHFRQGDGLFLDVFXQFXUULFXOXP
$OWUHDWWLYLWjIRUPDWLYH
/HDOWUHDWWLYLWjIRUPDWLYHVLFROORFDQRQHOO·XOWLPRDQQRGLFRUVRHFRQFHU
QRQR
DO·DSSUHQGLPHQWRGLXQDOLQJXDVWUDQLHUDRO·DSSURIRQGLPHQWRGLFRQR
VFHQ]HOLQJXLVWLFKHJLjDFTXLVLWHFROULFRQRVFLPHQWRGLFUHGLWLDVHJXLWRGL
YHULILFDFRQSURYDRUDOHHGHYHQWXDOPHQWHDQFKHVFULWWDDLVHQVLGHOO·DUWGHO
5HJRODPHQWRGLGDWWLFRG·$WHQHR'DWDO·LPSRUWDQ]DGHOOHFRQRVFHQ]HOLQJXL
VWLFKHSHUO·DFFHVVRDOODVWRULRJUDILDFRQWHPSRUDQHDVLFRQVLJOLDGLGHVWLQDUH
DOO·DSSUHQGLPHQWRGHOOHOLQJXHVWUDQLHUHXQXOWHULRUHPRGXORGLTXHOOLDVFHOWD
GHJOLVWXGHQWL
EODVFHOWDDXWRQRPDGDSDUWHGHOORVWXGHQWHGLDOWUHDWWLYLWjIRUPDWLYHSHU
FRPSOHVVLYLFUHGLWL7DOLFUHGLWLSRWUDQQRHVVHUHXWLOL]]DWLSHUDUULFFKLUHXOWH
ULRUPHQWH LO SLDQR GLGDWWLFR R SHU DSSURIRQGLUH XQ DPELWR GL FRQRVFHQ]H H
VDUDQQRDFTXLVLWLVHJXHQGRXQRGHLFRUVLLVWLWXLWLQHJOLDPELWLGLVFLSOLQDULGHO
&RUVRGLVWXGLR
3HUO·HYHQWXDOHULFRQRVFLPHQWRGLDWWLYLWjVYROWHDOGLIXRULGHOODVHGHXQL
YHUVLWDULDPDFRPXQTXHSUHVVRVHGLFRQYHQ]LRQDWHRULFRQRVFLXWHqFRPSH
WHQWHLO&RQVLJOLRGLFRUVRGL/DXUHD
FO·DFTXLVL]LRQHGLDELOLWjLQIRUPDWLFKHVWUXPHQWDOLFKHqRUPDLLQGLVSHQ
VDELOHDQFKHSHUJOLVWXGLGLFDUDWWHUHXPDQLVWLFR/DIUHTXHQ]DGLXQPRGXORGL
LQIRUPDWLFDULHQWUDWUDOHDOWUHDWWLYLWjIRUPDWLYHFXLGHVWLQDUHGDDFUHGLWL
IRUPDWLYLODPRGDOLWjGLDFFHUWDPHQWRGHOODSDGURQDQ]DDFTXLVLWDDOODILQHGHO
FRUVRFRQVLVWHLQXQDSURYDSUDWLFD
G OH DOWUH DWWLYLWj IRUPDWLYH GD RSSXUH GD FUHGLWL D VHFRQGD GHO
PRGXORGLLQIRUPDWLFDVFHOWRFRQVLVWRQRLQDWWLYLWjGLWLURFLQLRRVWDJHFROOHJD
WHDGDPELWLVSHFLILFLLQSDUWLFRODUHTXHOORDUFKHRORJLFRSHULOFXUULFXOXPDQWL
FRTXHOORVWRULFRDUFKLYLVWLFRHVWRULFRGRFXPHQWDULRSHUJOLDOWULWDOLDWWLYLWj
VDUDQQR VYROWH SUHVVR (QWL FRQYHQ]LRQDWL FRQ O·8QLYHUVLWj GHOOD &DODEULD R
SUHVVRVWUXWWXUHGHOORVWHVVR$WHQHR%LEOLRWHFD'LSDUWLPHQWL&HQWUL/DERUD
WRUL
,O &RQVLJOLR VL ULVHUYD GL GHWHUPLQDUH L FULWHUL SHU O·HYHQWXDOH ULFRQRVFL
PHQWRFRPHFUHGLWLIRUPDWLYLGLFRQRVFHQ]DHGDELOLWjPDWXUDWDLQDWWLYLWjIRU
PDWLYHGLOLYHOORSRVWVHFRQGDULRGLFXLDOO·DUWFRPPDGHO5G$
6WRULD
1RUPHSHU JOLVWXGHQWLLVFULWWLDOYHFFKLRRUGLQDPHQWR
9HQJRQRULFRQIHUPDWHOHQRUPHFRQWHQXWHQHOOD*XLGDGHOORVWXGHQWHGHOOR
VFRUVRDQQRDFFDGHPLFR3HUTXDQWRULJXDUGDODVFHOWHGHOOHGLVFLSOLQHGDLQVH
ULUH QHL SLDQL GL VWXGLR JOL VWXGHQWL VRQR LQYLWDWL D WHQHUH SUHVHQWH OH WDEHOOH
DJJLRUQDWHGHLQXRYLLQVHJQDPHQWLGHOOD)DFROWj
6LSUHFLVDFKHRJQLFRUVRGLOH]LRQHGHOYHFFKLRRUGLQDPHQWRFRUULVSRQGHD
GXHPRGXOLGHOQXRYRRUGLQDPHQWR
3,$1,',678',28)),&,$/,
6725,$ &855,&8/80$17,&2
&)8DVVHJQDWL
3ULPRDQQR FUHGLWL
6WRULDJUHFD
6WRULDURPDQD
6WRULDPHGLHYDOH
6WRULDEL]DQWLQD
6WRULDPRGHUQD
6WRULDFRQWHPSRUDQHD
*HRJUDILD
*HRJUDILDUHJLRQDOHR*HRJUDILDXPDQD
8QPRGXORDVFHOWDWUD
6WRULDGHOOHWUDGL]LRQLSRSRODULR6WRULDFXOWPDWR$QWURSRORJLD&XOWXUDOH
/HWWHUDWXUDLWDOLDQD
'XHPRGXOLDVFHOWDWUD
6WRULDGHOOD)LORVDQWLFD)LORVWHRUHWLFD)LORVRILDPRUDOH(VWHWLFD6WRULD
GHOODILORVRILD)LORVRILHGHOODVWRULDORJLFD)LORVRILDGHOODVFLHQ]D)LORVRILD
HWHRULDGHLOLQJXDJJL
6HFRQGRDQQR FUHGLWL
*HRJUDILDVWRULFDGHOPRQGRDQWLFR
6WRULDGHOODVWRULRJUDQWLFD
(SLJUDILDJUHFD
(SLJUDILDODWLQD
$UFKHRORJLDHVWRULDGHOO·DUWHJUHFDHURPDQD
$UFKHRORJLDGHOOD0DJQD*UHFLD
6WRULDGHOYLFLQRRULHQWHDQWLFR
/HWWHUDWXUDODWLQD
6WRULD
²XQPRGXORDVFHOWDWUD
/HWWHUDWXUDJUHFD6WOLQJXDJUHFD)LOROJUHFD
²XQPRGXORDVFHOWDWUD
6WRULDGHOFULVWLDQHVLPRDQWLFR/HWWHUDWXUDFULVWLDQDDQWLFD6WRULDGHOOHUHOLJLRQL
²XQPRGXORDVFHOWDWUD
6WRULDPHGLHY$QWLFKLWjHLVWLWPHGLHY6WRULDHFVRFGHO0HGLRHYR
7HU]RDQQR FUHGLWL
²8QPRGXORDVFHOWDWUD
6WPRGHUQDR6WFRQWHPSR
6WHFVRFHWjPRGR6WHLVW$IULFD
²'XHPRGXOLDVFHOWDWUD
$UFKHRORJLDHVWRULDGHOO·DUWHJUHFDHURPDQD
6WRULDGHOO·DUWHPHGLHYDOH
7RSRJUDILDDQWLFD
$UFKHRORJLDFULVWLDQD
$UFKHRORJLDPHGLHYDOH
8QPRGXORDVFHOWDWUD
6WRULDPHGLHYDOH$QW,VW0HG6WHFVRFGHOPHG
²'XHPRGXOLDVFHOWDWUD
1XPLVPDWLFD
3DSLURORJLD
0HWRGRORJLHGHOODULFHUFDDUFKHRORJLFD
²7UHPRGXOLDVFHOWDOLEHUD
²/LQJXDVWUDQLHUD
²3UHSDUD]LRQHGHOODSURYDILQDOH
²$OWUHDWWLYLWjIRUPDWLYH7LURFLQLRVWDJH3URYDGLLQIRUPDWLFD
6WRULD
6725,$ &855,&8/800(',(9$/(
&)8DVVHJQDWL
3ULPRDQQR FUHGLWL
6WRULDJUHFD
6WRULDURPDQD
6WRULDPHGLHYDOH
6WRULDPRGHUQD
6WRULDFRQWHPSRUDQHD
*HRJUDILDVWRULFDGHOO·(XURSDPHGLHYDOHHPRGHUQD
*HRJUDILD
*HRJUDILDUHJLRQDOHR*HRJUDILDXPDQD
6WRULDWUDGSRSROR6WRULDFXOWPDWR$QWURSRO&XOW
/HWWHUDWXUDLWDOLDQD
'XHPRGXOLDVFHOWDWUD
6WRULDEL]DQWLQD6WRULDGHOOD)LORVDQWLFD)LORVWHRUHWLFD)LORVRILDPRUDOH
(VWHWLFD6WRULDGHOODILORVRILD)LORVRILDGHOODVWRULDORJLFD)LORVRILDGHOOD
VFLHQ]D)LORVRILDHWHRULDGHLOLQJXDJJL
6HFRQGRDQQR FUHGLWL
6WRULDEL]DQWLQD
6WRULDGHOOD&DODEULDPHGLHYDOH
$QWLFKLWjHLVWLWPHG
/HWWHUDWXUDODWLQD
6WRULDHFRQRPLFDHVRFLDOHGHO0HGLRHYR
6WRULDGHOOD&KLHVDPHGHGHLPRYHUHW
3DOHRJUDILDODWLQDHGLSORPDWLFD
6WRULDGHOODILORVRILDPHGLRHYDOH
/HWWHUDWXUDFULVWLDQDDQWLFD
/HWWHUDWXUDODWLQDPHGLRHYDOH
6WRULDGHOO·DUWHPHGLRHYDOH
$UFKHRORJLDPHGLRHYDOH
7HU]RDQQR FUHGLWL
6WRULDEL]DQWLQDR6WRULDGHLSDHVLLVODPLFLR6WRULDGHOOD&DODEULDPHG
6WRULDHFRQRPLFDHVRFLDOHGHOO·HWjPHGR6WRULDHFRQHVRFGHOO·HWj
PRGR6WRULDGHOOD&KLHVDPHGLRHYDOH
/HWWHUDWXUDODWLQDPHGLRHYDOH
)LORORJLDURPDQ]D
6WRULDGHOODILORVRILDR6WRULDGHOODILORVRILDDQWLFDR6WRULDGHOODILORVRILD
PHGLRHYDOH
6WRULDPHGLRHYDOHR$QWLFKLWjHLVWLWX]PHGR6WRULDGHOO·DUWH
7UHPRGXOLDVFHOWDOLEHUD
/LQJXDVWUDQLHUD
3UHSDUD]LRQHGHOODSURYDILQDOH
$OWUHDWWLYLWjIRUPDWLYH7LURFLQLRVWDJH3URYDGLLQIRUPDWLFD
6WRULD
6725,$ &855,&8/8002'(512&217(0325$1(2
&)8DVVHJQDWL
3ULPRDQQR FUHGLWL
6WRULDJUHFD
6WRULDURPDQD
6WRULDPHGLHYDOH
6WRULDPRGHUQD
6WRULDFRQWHPSRUDQHD
6WRULDPRGHUQDR6WRULDEL]DQWLQD
*HRJUDILD
*HRJUDILDUHJLRQDOHR*HRJUDILDXPDQD
6WRULDGHOOHWUDGL]LRQLSRSRODULR6WRULDGHOODFXOWXUDPDWHULDOH
)LORORJLDLWDOLDQDR/HWWHUDWXUDLWDOLDQD
'XHPRGXOLDVFHOWDWUD
6WRULDEL]DQWLQD6WRULDGHOOD)LORVDQWLFD)LORVWHRUHWLFD)LORVRILDPRUDOH
(VWHWLFD6WRULDGHOODILORVRILD)LORVRILDGHOODVWRULDORJLFD)LORVRILDGHOOD
VFLHQ]D)LORVRILDHWHRULDGHLOLQJXDJJL
*HRJUDILDVWRULFDHXURSHDPHGLHYDOHHPRGHUQD
6HFRQGRDQQR FUHGLWL
6WRULDPHGLHYDOH
6WRULDPRGHUQD
6WRULDFRQWHPSRUDQHD
6WRULDGHLWUDWWDWLHGHOODSROLWLFDLQWHUQD]LRQDOH
$UFKLYLVWLFD
6WRULDHFRQRPLFDH6RFLDOHGHOO·HWjPRGHUQDR'($
/HWWHUDWXUDLWDOLDQD
/HWWHUDWXUDLWDOLDQDFRQWHPSRUDQHD
6WRULDGHOO·DUWHPRGHUQD
6WRULDGHOO·DUWHFRQWHPSRUDQHD
'XHPRGXOLDVFHOWDWUD
6WRULDHFRQRPLFDHVRFLDOHGHOO·HWjPRGHUQDRPRGXOLWUD6WRULDGHOOHWUD
GL]LRQLSRSRODULR6WRULDGHOODFXOWXUDPDWHULDOHR(WQRORJLDR(WQRORJLDGHO
OHFXOWXUHPHGLWHUUDQHHR$QWURSRORJLDUHOLJLRVDR$QWURSRORJLDFXOWXUDOH
6WRULDGHOSHQVLHURSROLWLFRRXQPRGXORDVFHOWUDWUD
6WRULDGHOOHWUDGL]LRQLSRSRODULR6WRULDGHOODFXOWXUDPDWHULDOHR(WQRORJLD
R(WQRORJLDGHOOHFXOWXUHPHGLWHUUDQHHR$QWURSRORJLDUHOLJLRVDR$QWURSROR
JLDFXOWXUDOH
6WRULD
7HU]RDQQR FUHGLWL
6WRULDFRQWHPSRUDQHD
6WRULDGHOPRYLPHQWRRSHUDLR
6WRULDHGLVWLWX]LRQLGHOO·$IULFD
6WRULDGHLWUDWWDWLHGHOODSROLQWR6WGHLSDHVL,VODPLFL
²7UHPRGXOLDVFHOWDOLEHUD
²/LQJXDVWUDQLHUD
²3UHSDUD]LRQHGHOODSURYDILQDOH
²$OWUHDWWLYLWj7LURFLQLRVWDJHSURYDGLLQIRUPDWLFD
6725,$ &855,&8/806725,&2$175232/2*,&2
&)8DVVHJQDWL
3ULPRDQQR FUHGLWL
6WRULDJUHFD
6WRULDURPDQD
6WRULDPHGLHYDOH
6WRULDEL]DQWLQD
6WRULDPRGHUQD
6WRULDFRQWHPSRUDQHD
*HRJUDILD
*HRJUDILDUHJLRQDOHR*HRJUDILDXPDQD
8QPRGXORDVFHOWDWUD
6WRULDWUDGSRSROR6WRULDFXOWPDWR$QWURSRO&XOW
/HWWHUDWXUDLWDOLDQD
PRGXOLDVFHOWDWUD
6WRULDGHOOD)LORVDQWLFD)LORVWHRUHWLFD)LORVRILDPRUDOH(VWHWLFD
6WRULDGHOODILORVRILD)LORVRILHGHOODVWRULDORJLFD)LORVRILDGHOOD
VFLHQ]D)LORVRILDHWHRULDGHLOLQJXDJJL(VWHWLFD
6HFRQGRDQQR FUHGLWL
$QWURSRORJLDFXOWXUDOH
$QWURSRORJLDUHOLJLRVD
6WRULDGHOOHWUDGL]LRQLSRSRODUL
6WRULDGHOODFXOWXUDPDWHULDOH
(WQRORJLD
(WQRPXVLFRORJLD
6WRULD
6RFLRORJLDGHOOHFRPXQLFD]LRQLGLPDVVDR6RFLRORJLDGHOO·DUWH
HGHOODOHWWHUDWXUD
$UFKLYLVWLFDHVFLHQ]HDXVLOLDULHGHOODVWRULD
$UFKHRORJLDFODVVLFD
7HU]RDQQR FUHGLWL
6WRULDGHOSHQVLHURSROLWLFRFRQWHPSRUDQHR
*HRJUDILDVWRULFDGHOPRQGRDQWLFR
6WRULDHGLVWLWX]LRQLGHOO·$IULFD
&LQHPDWRJUDILDGRFXPHQWDULD
0XVHRORJLD
8QPRGXORDVFHOWDWUD
$QWLFKLWjHLVWLWX]LRQLPHGLHYDOLR*HRJUDILDVWRULFDGHOO·(XURSD
PHGLHYDOHHPRGHUQD
²7UHPRGXOLDVFHOWDOLEHUD
²/LQJXDVWUDQLHUD
²3UHSDUD]LRQHGHOODSURYDILQDOH
²$OWUHDWWLYLWjIRUPDWLYH7LURFLQLRVWDJH3URYDGLLQIRUPDWLFD
6725,$ &855,&8/806725,&25(/,*,262
&)8DVVHJQDWL
3ULPRDQQR FUHGLWL
6WRULDJUHFD
6WRULDURPDQD
6WRULDPHGLHYDOH
6WRULDHFLYLOWjEL]DQWLQD
6WRULDPRGHUQD
6WRULDFRQWHPSRUDQHD
*HRJUDILD
8QPRGXORDVFHOWDWUD
6WRULDGHOOHWUDGSRSRO
6WRULDGHOODFXOWPDW$QWURSRO&XOW(WQRORJLD
6WRULD
/HWWHUDWXUDLWDOLDQD
'XHPRGXOLDVFHOWDWUD
6WGHOODILORV$QWLFD6WGHOODILO0HGLHY6WGHOODILORVPRGHFRQWHPS
)LORVWHRUHWLFD)LORVRILDPRUDOH6WRULDGHOODILORVRILD)LORVRILDGHOODVWRULD
)LORVRILDGHOODUHOLJLRQH
6WRULDGHOFULVWLDQHVLPRDQWLFR
6HFRQGRDQQR FUHGLWL
8QPRGXORDVFHOWDWUD
6WGHOOHLVWLWX]LRQLUHOLJLRVH
*HRJUDILDVWRUPRQGRDQWLFR
6WRULDGHOODVWRULRJUDQWLFD
(SLJUDILDJUHFD
(SLJUDILDODWLQD
6WRULDGHLSDHVLLVODPLFL
$UFKHRORJLDFULVWLDQD
6WRULDGHOYLFLQRRULHQWHDQWLFR
8QPRGXORDVFHOWDWUD
/HWWHUDWXUDODWLQD
/HWWHUDWXUDJUHFD/LQJXDHOHWWHUDWXUDFRSWD
/LQJXDHOHWWDUDED/LQJXDHOHWW(EUDLFD
8QPRGXORDVFHOWDWUD
(EUDLFR)LORORJLDELEOLFD
)LORORJLDHGHVHJHVLQHRWHVWDPHQWDULD
)LORORJLDVHPLWLFD
/HWWHUDWXUDFULVWLDQDDQWLFD
8QPRGXORDVFHOWDWUD
6WGHOFULVWLQHWjPRGHFRQWHPS
6WGHOYLFLQRRULHQWHGDOO·DYYHQWRGHOO·,VODPDOO·HWjFRQWHPS6WHLVWLW
GHOPRQGRPXVXOPDQR
8QPRGXORDVFHOWDWUD
$QWLFKLWjHLVWLWPHGLHY6WRULDHFVRFGHO0HGLRHYR6WPHGLHYDOH
6WRULDGHOODFKLHVDPHGLHYDOHHGHLPRYHUHWLFDOL
$QWURSRORJLDUHOLJLRVD
6WRULD
8QPRGXORDVFHOWDWUD
$JLRJUDILD,VODPLVWLFD)LORVRILHUHOLJLRQLHVWGHOO·,QGLDHGHOO·$VLDFHQWUDOH
)LORORJLH5HOLJLRQLHVWRULDGHOO·,UDQ
7HU]RDQQR FUHGLWL
8QPRGXORDVFHOWDWUD
6WPRGHUQD6WFRQWHPSRUDQHD
8QPRGXORVFHOWDWUD
6WHLVWGHOO·$IULFD6WGHOO·(XURSDRULHQWDOH
'XHPRGXOLDVFHOWDWUD
6WRULDGHOOHUHOLJLRQL
5HOLJLRQLGHOPRQGRFODVVLFR
5HOLJLRQLGHLSRSROLSULPLWLYL
5HOLJLRQLHILORVRILD
GHOO·$VLDRULHQWDOH
'XHPRGXOLDVFHOWDWUD
$UFKHRORJLDH6WGHOO·DUWHGHOYLFLQRRULHQWHDQWLFR
$UFKHRORJLDHVWGHOO·DUWHPXVXOPDQD
6WRULDGHOO·DUWHPXVXOPDQD
6WRULDGHOO·DUWHPHGLHYDOH
6WRULDGHOO·DUWHPRGHUQD
6WRULDGHOO·DUWHFRQWHPSRUDQHD
$UFKHRORJLDFODVVLFD
$UFKHRORJLDGHOOD0DJQD*UHFLD
7UHPRGXOLDVFHOWDOLEHUD
²/LQJXDVWUDQLHUD
²3UHSDUD]LRQHGHOODSURYDILQDOH
²$OWUHDWWLYLWjIRUPDWLYH7LURFLQLRVWDJHVSURYDGLLQIRUPDWLFD
6WRULD
$OOHJDWR
7$%(//$ ',&219(56,21(
9(&&+,225',1$0(172 1829225',1$0(172
$QWLFKLWjHLVWLWX]LRQLPHGLHYDOL $QWLFKLWjHLVWLWX]LRQLPHGLHYDOLPRGXOR$ FUHGLWL
$QWLFKLWjHLVWLWX]LRQLPHGLHYDOLPRGXOR% FUHGLWL
$UFKLYLVWLFDHVFLHQ]HDXVLOLDULH $UFKLYLVWHVFLHQ]HDXVLOGHOODVWRULDPRGXOR$ FUHGLWL
GHOODVWRULD $UFKLYLVWHVFLHQ]HDXVLOGHOODVWRULDPRGXOR% FUHGLWL
(SLJUDILDJUHFD (SLJUDILDJUHFDPRGXOR$ FUHGLWL
(SLJUDILDJUHFDPRGXOR% FUHGLWL
(SLJUDILDODWLQD (SLJUDILDODWLQDPRGXOR$ FUHGLWL
(SLJUDILDODWLQDPRGXOR% FUHGLWL
*HRJUDILDVWRULFDGHOPRQGRDQWLFR *HRJUDILDVWRULFDGHOPRQGRDQWLFRPRGXOR$ FUHGLWL
*HRJUDILDVWRULFDGHOPRQGRDQWLFRPRGXOR% FUHGLWL
*HRJUDILDVWRULFDGHOO·(XURSDPHGLHY *HRJUDILDVWRUGHOO·(XUPHGHPRGHUPRGXOR$ FUH
HPRGHU GLWL
*HRJUDILDVWRUGHOO·(XUPHGHPRGHUPRGXOR% FUH
GLWL
*HRJUDILDXPDQD *HRJUDILDXPDQDPRGXOR$ FUHGLWL
*HRJUDILDXPDQDPRGXOR% FUHGLWL
1XPLVPDWLFD 1XPLVPDWLFDPRGXOR$ FUHGLWL
1XPLVPDWLFDPRGXOR% FUHGLWL
3DOHRJUDILDODWLQD 3DOHRJUDILDODWLQDPRGXOR$ FUHGLWL
3DOHRJUDILDODWLQDPRGXOR% FUHGLWL
3DSLURORJLD 3DSLURORJLDPRGXOR$ FUHGLWL
3DSLURORJLDPRGXOR% FUHGLWL
6WRULDEL]DQWLQD 6WRULDEL]DQWLQDPRGXOR$ FUHGLWL
6WRULDEL]DQWLQDPRGXOR% FUHGLWL
6WRULDFRQWHPSRUDQHD$ ²/ 6WRULDFRQWHPSRUDQHDPRGXOR$ FUHGLWL
6WRULDFRQWHPSRUDQHDPRGXOR% FUHGLWL
6WRULDFRQWHPSRUDQHD0²= 6WRULDFRQWHPSRUDQHDPRGXOR$ FUHGLWL
6WRULDFRQWHPSRUDQHDPRGXOR% FUHGLWL
6WRULDGHLWUDWWDWLHSROLWLFDLQWHUQD]LRQDOH 6WRULDGHLWUDWWDWLHSROLWLFDLQWHUQD]PRGXOR$ FUHGLWL
6WRULDGHLWUDWWDWLHSROLWLFDLQWHUQD]PRGXOR% FUHGLWL
6WRULDGHO&ULVWLDQHVLPRDQWLFR 6WRULDGHO&ULVWLDQHVLPRDQWLFRPRGXOR$ FUHGLWL
6WRULDGHO&ULVWLDQHVLPRDQWLFRPRGXOR% FUHGLWL
6WRULDGHOYLFLQRRULHQWHDQWLFR 6WRULDGHOYLFLQRRULHQWHDQWLFRPRGXOR$ FUHGLWL
6WRULDGHOYLFLQRRULHQWHDQWLFRPRGXOR% FUHGLWL
6WRULDGHOOD&KLHVDPHGLHYHGHLPRYLP 6WRULD&KLHVDPHGLHYHGHLPRYHUHWPRGXOR$
HUHW FUHGLWL
6WRULD&KLHVDPHGLHYHGHLPRYHUHWPRGXOR%
FUHGLWL
6WRULDGHJOLDQWLFKL6WDWLLWDOLDQL 6WRULDGHJOLDQWLFKL6WDWLLWDOLDQLPRGXOR$ FUHGLWL
6WRULDGHJOLDQWLFKL6WDWLLWDOLDQLPRGXOR% FUHGLWL
6WRULDGHOPRYLPHQWRRSHUDLR 6WRULDGHOPRYLPHQWRRSHUDLRPRGXOR$ FUHGLWL
6WRULDGHOPRYLPHQWRRSHUDLRPRGXOR% FUHGLWL
6WRULD
&HQWUL/DERUDWRUL6HUYL]L
&HQWUL/DERUDWRUL6HUYL]L
&HQWUL/DERUDWRUL6HUYL]L
&HQWUL,QWHUGLSDUWLPHQWDOL
$IIHULVFRQRDOOD)DFROWjXQDVHULHGL&HQWULLQWHUGLSDUWLPHQWDOLFRVWLWXLWLVL
SHU LQL]LDWLYD GL GRFHQWL SURYHQLHQWL GD SL 'LSDUWLPHQWL HG DQFKH GD DOWUH
)DFROWj,OORURVFRSRqGLVYLOXSSDUHGHOOHULFHUFKHWHPDWLFKHVXSDUWLFRODULVHW
WRUL QRQ SUHYLVWL GDOOD RUJDQL]]D]LRQH GLSDUWLPHQWDOH (VVL SRVVRQR IXQJHUH
SXUHGDVXSSRUWRSHUDWWLYLWjGLULFHUFDHGLWHVLGHJOLVWXGHQWL
&HQWURLQWHUGLSDUWLPHQWDOHGLGRFXPHQWD]LRQH'HPR$QWURSRORJLFD
&HQWURLQWHUGLSDUWLPHQWDOHGL6FLHQ]HUHOLJLRVH
&HQWURLQWHUGLSDUWLPHQWDOHGL'RFXPHQWD]LRQH
&HQWURLQWHUGLSDUWLPHQWDOHGHOOD&RPXQLFD]LRQH
&HQWULGL5LFHUFDH6HUYL]L
)XQ]LRQDQRDOO·LQWHUQRGHOOD)DFROWjDOFXQLFHQWULHODERUDWRULFKHVHFRQ
GRUHJRODPHQWD]LRQLDSSRVLWHSRVVRQRHVVHUHXWLOL]]DWLGDJOLVWXGHQWLDQFKHVH
LOORURILQHSUHYDOHQWHqTXHOORGHOODULFHUFD
&HQWUR6HUYL]L'LGDWWLFL,QIRUPDWLFLH0XOWLPHGLDOL&6',0
Ë XQ &HQWUR GHOOD )DFROWj GL /HWWHUH H )LORVRILD QDWR FRQ O·RELHWWLYR GL
RIIULUHXQOXRJRVSHFLILFRSHUVSHULPHQWDUHGLGDWWLFDDYDQ]DWDDVVLVWLWDGDVWUX
PHQWLLQIRUPDWLFLHPXOWLPHGLDOL,O&6',0qVWUXWWXUDWRSHUDPELHQWLFRQQHVVL
IUDGLORURLQUHWHORFDOHHGLQUHWHJHRJUDILFDDWWUDYHUVRODUHWHGLFDPSRGHOO·8
QLYHUVLWjFLzSHUPHWWHLOFROOHJDPHQWRD,QWHUQHWVXOODUHWH*$55'DPDU]R
q DWWLYR LO 6HUYHU :(% GHO &HQWUR :::&6',081,&$/,7 FKH
RVSLWD KRPH SDJH GL DOFXQH VWUXWWXUH GHOO·8QLYHUVLWj H GL DOWUL HQWL SXEEOLFL
HVWUDWWLHODYRULGLODXUHDQGLHGRFHQWLODJXLGDGHOORVWXGHQWHGHOOD)DFROWjGL
/HWWHUHH)LORVRILDQRWL]LHHOLQN VXDVVRFLD]LRQLVHQ]DILQLGLOXFURËDWWLYD
DQFKHXQDEDFKHFDHOHWWURQLFDQDWDFRQORVFRSRGLUHQGHUHGLVSRQLELOLRQOLQH
QRWL]LHUHODWLYHDGLQL]LDWLYHSURPRVVHGDOOHVWUXWWXUHGHOOD)DFROWj
$O&6',0SRVVRQRDFFHGHUHWXWWLJOLVWXGHQWLHGLGRFHQWLGHOOD)DFROWj
GL/HWWHUHH)LORVRILDFKHSHUHVLJHQ]HGLGDWWLFKHHVFLHQWLILFKHDEELDQRQHFHV
VLWjGLXWLOL]]DUQHOHDWWUH]]DWXUHQHLOLPLWLGHOOHGLVSRQLELOLWjO·DFFHVVRqFRQ
VHQWLWR DQFKH D GRFHQWL H VWXGHQWL GL DOWUH )DFROWj FKH QH IDFFLDQR PRWLYDWD
ULFKLHVWD,OVHUYL]LRGLWLSRVHOIVHUYLFHLPSOLFDXQDEDVHGLFRQRVFHQ]DSHU
O·XVRGHLSHUVRQDOFRPSXWHUV LQGRWD]LRQH,%0FRPSDWLELOLH$SSOH0DFLQWR
VKVRQRFRPXQTXHSUHYLVWLGHLFRUVLGLDOIDEHWL]]D]LRQHLQIRUPDWLFDVXLSL
&HQWUL/DERUDWRUL6HUYL]L
GLIIXVLSURJUDPPLGLYLGHRVFULWWXUDVLVWHPLRSHUDWLYLHEURZVHUV GLUHWHFKHVL
WHUUDQQRRJQLDQQRDGLQL]LRGHOVHFRQGRVHPHVWUH
3UHVVR LO &HQWUR SRVVRQR HODERUDUH OD ORUR WHVL JOL VWXGHQWL FKH DEELDQR
QHFHVVLWjGLXWLOL]]DUHVWUXPHQWD]LRQHDYDQ]DWDHGHODERUDUHGDWL3HUFRVWRURq
SUHYLVWRXQVHUYL]LRGLDVVLVWHQ]DSHUVRQDOL]]DWR
$WWXDOPHQWHSUHVVRLORFDOLGHO&6',0VRQRGLVSRQLELOLXQ·DXODGLGDWWLFD
FRQ3&,%0FRPSDWLELOLHFRQ3&0DFLQWRVK HXQ·DXODGLGDWWLFDDYDQ]DWD
2JQL DXOD q RUJDQL]]DWD SHU RIIULUH VHUYL]L VXIILFLHQWHPHQWH RPRJHQHL
(VVHVRQRGLWLSRGLGDWWLFRSHUOH]LRQLRHVHUFLWD]LRQLFROOHWWLYHPXOWLPHGLDOLR
VSHFLILFKHSHUWHVLVWL
6DUjGLVSRQLELOHLQROWUHXQ·DXODPXOWLPHGLDOH$XOD6HPLQDULFROOHJDWD
LQUHWHDSSRVLWDPHQWHDWWUH]]DWDSHUOHSURLH]LRQLVXGDWDGLVSOD\ HYLGHRSURLHW
WRUH
&HQWUR(ODERUD]LRQH'DWL/LQJXLVWLFL&('/
ËXQDVWUXWWXUDGHO'LSDUWLPHQWRGL)LORORJLDODFXLDWWLYLWjqULYROWDDOO·H
ODERUD]LRQHGLWHVWLOHWWHUDULSURGXFHQGROHVVLFLFRQFRUGDQ]HIUHTXHQ]HLQGL
FLLQGLFLLQYHUVLHULPDULPHGLDQWHLOSURJUDPPD&21&25'$LGHDWRHUHD
OL]]DWRQHOO·DPELWRGHO&HQWURVWHVVR1HO&('/ROWUHDVYROJHUVLDWWLYLWjGL
ULFHUFDHGLVXSSRUWRDOOHWHVLGLODXUHDQHOVHWWRUHGHOO·DSSOLFD]LRQHGHOO·LQIRU
PDWLFDDLWHVWLOHWWHUDULHGHOO·DQDOLVLOLQJXLVWLFDYLHQHFXUDWDDQFKHO·HGL]LRQH
GHOODULYLVWDGLSDUWLPHQWDOH´)LORORJLD$QWLFDH0RGHUQDµFKHHVFHGDO
/DERUDWRULRGL&DUWRJUDILD6WRULFD
ËXQDVWUXWWXUDGHO'LSDUWLPHQWRGL6WRULDRSHUDQWHGDOODFXLDWWLYLWj
qULYROWDVRSUDWWXWWRDOODFRVWLWX]LRQHGLXQDUFKLYLRFDUWRJUDILFRVXVXSSRUWR
LQIRUPDWLFR HG DOOD VXD ULHODERUD]LRQH GLJLWDOH HG XWLOL]]D]LRQH QHO FDPSR
GHOOD FDUWRJUDILD VWRULFD HG DPELHQWDOH $OO·DWWLYLWj GL ULFHUFD VFLHQWLILFD VL
DJJLXQJHODFROODERUD]LRQHFRQDOWUHVWUXWWXUHGHOO·8QLFDOHGLOVXSSRUWRDOOH
WHVLGLODXUHDQHOFDPSRGHOODJHRJUDILDVWRULFD
/DERUDWRULRGL)LORORJLD,QIRUPDWLFD
&XEREVHFRQGRSLDQR
3HULQIRUPD]LRQLVLULQYLDDOVLWR,QWHUQHW
KWWSZZZWH[WXVLW
/DERUDWRULR,QIRUPDWLFRGL$QDOLVL)LORVRILFDGHO/LQJXDJJLR
ËXQDVSHFLILFDVWUXWWXUDGLULFHUFDGHOOD&DWWHGUDGL)LORVRILDGHOOLQJXDJ
JLR(VSOLFDODSURSULDDWWLYLWjVFLHQWLILFDDQFKHQHOFDPSRGHOOD6HPLRWLFDH
GHOOD7HRULDGHOODFRPXQLFD]LRQH&XUDODUHGD]LRQHHODPHVVDLQOLQHDGHOVLWR
&HQWUL/DERUDWRUL6HUYL]L
:HE GHO'LSDUWLPHQWR,OUHVSRQVDELOHVFLHQWLILFRqLOSURI'DQLHOH*DPEDUDUD
SURIRUGLQDULRGL)LORVRILDGHOOLQJXDJJLR
/DERUDWRULRGL)RQHWLFD
ËXQDVWUXWWXUDGHO'LSDUWLPHQWRGL/LQJXLVWLFDGRWDWRGLLPSRUWDQWLDWWUH]
]DWXUHLQIRUPDWLFKHHGRSHUDQWHQHOFDPSRGHOO·DQDOLVLGLJLWDOHGHLVXRQL
/DERUDWRULRGL'RFXPHQWD]LRQH
ËXQDVWUXWWXUDGLULFHUFDLQWHUQDDO'LSDUWLPHQWRGL/LQJXLVWLFDHUDFFRJOLH
WXWWHOHVSHFLILFKHFRPSHWHQ]HLQDPELWRDUFKLYLVWLFRHGRFXPHQWDULRSUHVHQWL
QHOO·$WHQHR6YROJHDWWLYLWjGLVXSSRUWRDOODULFHUFDHGLGLGDWWLFDGHOOHFDWWHGUH
GL$UFKLYLVWLFD$UFKLYLVWLFD,QIRUPDWLFDH'RFXPHQWD]LRQH6YROJHDWWLYLWjGL
ULFHUFDHFRQVXOHQ]DYHUVRHQWLHVWHUQLQHLFDPSLGHOODRUJDQL]]D]LRQHHJHVWLR
QH GHOOD GRFXPHQWD]LRQH 3URPXRYH H JHVWLVFH DWWLYLWj GL IRUPD]LRQH SRVW
GLSORPDHSRVWODXUHDQHOFDPSRGHOODGRFXPHQWD]LRQHHOHWWURQLFDHGHOO·DUFKL
YLVWLFDLQIRUPDWLFD
/DERUDWRULR/LQJXLVWLFRGL$WHQHR
ËXQDVWUXWWXUDGL$WHQHRVRUWDSHURIIULUHDWXWWLFRORURFKHORGHVLGHULQR
O·RSSRUWXQLWjGLLPSDUDUHHSUDWLFDUHOHOLQJXHVWUDQLHUH8WLOHDWXWWLJOLVWXGHQ
WLGLWXWWHOH)DFROWjLOODERUDWRULROLQJXLVWLFRqXQRVWUXPHQWRSUH]LRVRSHUJOL
LVFULWWLDOOD)DFROWjGL/HWWHUHHGLQSDUWLFRODUHSHUFRORURFKHIUHTXHQWDQRLO
&RUVRGL/DXUHDLQ/LQJXHH&XOWXUH0RGHUQH&RVWRURWURYHUDQQRPDWHULDOH
DGDWWR DO ORUR OLYHOOR GL FRQRVFHQ]D OLQJXLVWLFD ² SULQFLSLDQWH LQWHUPHGLR
DYDQ]DWR²FRQLOTXDOHSRWUDQQRVYROJHUHLQGLYLGXDOPHQWHRLQJUXSSRHVHUFL
]L GL FRQVROLGDPHQWR VLD GHOO·RUDOH FKH GHOOR VFULWWR HIILFDFL DQFKH PD QRQ
VRORSHUXQDDFFXUDWDSUHSDUD]LRQHGHOOHSURYHG·HVDPH
6HUYL]LRGL&RXQVHOOLQJ 3VLFRORJLFR
$OO·LQWHUQRGHO'LSDUWLPHQWRGL6FLHQ]HGHOO·(GXFD]LRQHqVWDWRDWWLYDWRLO
6HUYL]LRGL&RXQVHOOLQJ3VLFRORJLFR UHVSRQVDELOHSURIVVD$QJHOD&RVWDELOH
FKHKDODILQDOLWjGLRIIULUHDJOLVWXGHQWLXQLYHUVLWDULGLWXWWHOH)DFROWjXQDLXWR
SVLFRORJLFRSHUDIIURQWDUHLQDVVROXWDULVHUYDWH]]DSUREOHPLGLGHPRWLYD]LR
QH DOOR VWXGLR GLVRULHQWDPHQWR DQVLD GLIILFROWj LQGLYLGXDOL OHJDWH DOO·HVSH
ULHQ]DXQLYHUVLWDULD,OVHUYL]LRSUHYHGHXQDIDVHGLDFFHWWD]LRQHGHOOHULFKLHVWH
GL FRQVXOHQ]D H GL DFFRJOLHQ]D GHOOR VWXGHQWH H FLFOL GL WUHFLQTXH FROORTXL
LQGLYLGXDOLGLVRVWHJQRSVLFRORJLFR,OVHUYL]LRqDSHUWROXQHGuPHUFROHGuH
YHQHUGuGDOOHRUHDOOHRUHSUHVVRLO'LSDUWLPHQWRGL6FLHQ]HGHOO·H
GXFD]LRQH ,9 SLDQR (PDLO DFRVWDELOH#XQLFDOLW 7HO ID[
&HQWUL/DERUDWRUL6HUYL]L
/D%LEOLRWHFD
%LEOLRWHFDGL$UHD8PDQLVWLFD´)()DJLDQLµ>%$8@
3LD]]DOH&KLRGR$UFDYDFDWDGL5HQGH&RVHQ]D
3UHVLGHQWHSURI1LFROD0HUROD
'LUHWWRUH GRWWVVD5LWD'H%DWWLVWL
6LWR:HE85/KWWSEDXXQLFDOLW!
(PDLOEDX#XQLFDOLW
7HO)D[
2UDULRSURYYLVRULRGLDSHUWXUDDOSXEEOLFRVXVFHWWLELOHGLDPSOLDPHQWR
2UHGD/XQHGuD9HQHUGu
2UH6DEDWR
&RQVLVWHQ]DGHOSDWULPRQLROLEUDULR
/D%$8qQDWDGDOODIXVLRQHGHOSDWULPRQLRELEOLRJUDILFRGHL'LSDUWL
PHQWLGHOOD)DFROWjGL/HWWHUHH)LORVRILD$UWL)LORORJLD)LORVRILD/LQJXLVWL
FD6FLHQ]HGHOO·HGXFD]LRQHH6WRULDHGLJUDQSDUWHGHOSDWULPRQLRGHOODH[
%LEOLRWHFD&HQWUDOH
2JJLOHVXHFROOH]LRQLDQQRYHUDQRFLUFDYROXPLDQQDWHGL
SHULRGLFL H XQ·DPSLD UDFFROWD GL &'520 PLFURULSURGX]LRQL H PDWHULDOL
DXGLRYLVLYL
0RGDOLWjGLDFFHVVR
/D%LEOLRWHFDqGLWLSRVHOIVHUYLFH/·DFFHVVRHODFRQVXOWD]LRQHGHLGRFX
PHQWLFROORFDWLDVFDIIDOHDSHUWRVRQRFRQVHQWLWLDWXWWLJOLDOWULVHUYL]LVRQR
ULVHUYDWLDJOLXWHQWLLVFULWWL
&RQGL]LRQLSHUO·LVFUL]LRQH
8WHQWL LVWLWX]LRQDOL GHOOD %LEOLRWHFD GL$UHD XPDQLVWLFD VRQR L GRFHQWL L
ULFHUFDWRULHJOLVWXGHQWLGHOOD)DFROWjGL/HWWHUHH)LORVRILDËSUHYLVWDO·HVWHQ
VLRQHGHOO·RIIHUWDGLVHUYL]LDGHYHQWXDOLXWHQWLHVWHUQLDQRUPDGL5HJRODPHQ
WR
$ ULFKLHVWDYLHQHULODVFLDWRJUDWXLWDPHQWHXQWHVVHULQRPDJQHWLFRSHUVRQD
OH FKH DELOLWD DL VHUYL]L LQWHUQL QRQFKp DO SUHVWLWR LQ WXWWH OH ELEOLRWHFKH GHO
6LVWHPD%LEOLRWHFDULRG·$WHQHR
6HUYL]L
,QIRUPD]LRQLTXLFNUHIHUHQFH
&RQVXOWD]LRQHOLEULHULYLVWH
&RQVXOWD]LRQHPXOWLPHGLD
&HQWUL/DERUDWRUL6HUYL]L
3UHVWLWRORFDOH
3UHVWLWRLQWHUELEOLRWHFDULR,//HIRUQLWXUDGLGRFXPHQWL''
)RWRFRSLH
&RQVXOHQ]DELEOLRJUDILFDDGYDQFHGUHIHUHQFH
6HUYL]LRQOLQH
´'HVLGHUDWDµDFTXLVWRGLPDWHULDOHOLEUDULRVXSURSRVWDGHJOLXWHQWL
352*5$00,'(,&256,
3URJUDPPLGHL&RUVL
$17,&+,7(,67,78=,21,0(',(9$/,
'RFHQWH3LHWUR'DOHQD
,H,,SHULRGR
$UWLFROD]LRQHGHOFRUVR
RUH&8)OH]LRQLIURQWDOLDWWLYLWjGLGDWWLFKHHODERUDWRULRGLPHWRGROR
JLDGHOODVWRULDGLYLVHLQPRGXOL
0RGXOR$&)8RUH,ELPHVWUH
&RQRVFHQ]H EDVLODUL GHOOH LVWLWX]LRQL FLYLOL H UHOLJLRVH GHO 0HGLRHYR H GHOOH
SUREOHPDWLFKHVWRULRJUDILFKHGHJOLXOWLPLWUHQW·DQQL
0RGXOR%&)8RUH,,ELPHVWUH
, VLPEROL GHO SRWHUH QHO 0HGLRHYR GDOOH YLH GL FRPXQLFD]LRQH DL SRUWL GDL
FDVWHOOLDOOHFDWWHGUDOL
%LEOLRJUDILD
3 'DOHQD 'DJOL ,WLQHUD DL SHUFRUVL 9LDJJLDUH QHO 0H]]RJLRUQR PHGLHYDOH
$GGD%DUL
3'DOHQD $PELWLWHUULWRULDOLVLVWHPLYLDULHVWUXWWXUHGHOSRWHUHQHO0H]]R
JLRUQRPHGLHYDOH$GGD%DUL
**DODVVR1LHQW·DOWURFKHVWRULD6DJJLGLWHRULDHPHWRGRORJLDGHOODVWRULD
HGLWRUH,O0XOLQR%RORJQD
37RXEHUW'DOOD7HUUDDLFDVWHOOL3DHVDJJLRDJULFROWXUDHSRWHULQHOO·,WDOLD
PHGLHYDOH(LQDXGL7RULQR
67UDPRQWDQD,O0H]]RJLRUQRPHGLHYDOH1RUPDQQLVYHYLDQJLRLQLDUDJR
QHVLQHLVHFROL;,;9&DURFFL5RPD
& 9LRODQWH /H FRQWUDGGL]LRQL GHOOD VWRULD 'LDORJR FRQ &RVLPR 'DPLDQR
)RQVHFD6HOOHULR3DOHUPR
* 9LWROR 0HGLRHYR , FDUDWWHUL RULJLQDOL GL XQ·HWj GL WUDQVL]LRQH 6DQVRQL
0LODQR
$YYHUWHQ]H
*OLVWXGHQWLGHOQXRYRRUGLQDPHQWRGLGDWWLFRLOFXLSLDQRGLVWXGLSUHYHGHXQ
VRORPRGXOR&8)SRVVRQRVHJXLUHDVFHOWDXQRGHLGXHPRGXOL*OLVWX
GHQWLGHOYHFFKLRRUGLQDPHQWRGHYRQRVHJXLUHHQWUDPELLPRGXOLRUH
&8)*OLVWXGHQWLELHQQDOLVWLGHYRQRFRQFRUGDUHSUHYHQWLYDPHQWHLOSURJUDP
PDFROSURIHVVRUH'XUDQWHLFRUVLVDUDQQRVYROWHHVHUFLWD]LRQLWHPDWLFKHGD
SDUWHGHOODGRWWVVD0DULOHQD'H6DQFWLV,QROWUHLQUHOD]LRQHDOOHHVLJHQ]HGL
DSSURIRQGLPHQWRGHOOHTXHVWLRQLLVWLWX]LRQDOLGLYROWDLQYROWDVDUjIRUQLWRXQ
GHWWDJOLDWRRULHQWDPHQWRELEOLRJUDILFR
3URJUDPPLGHL&RUVL
$175232/2*,$ &8/785$/(
'RFHQWH&HVDUH3LWWR
,H,,SHULRGR
0RGXOR$ FUHGLWL0RGXOR%FUHGLWL
,OFRUVRDIIURQWHUjLOUDSSRUWRQRLDOWULDWWUDYHUVRO·DQDOLVLGHLSURFHVVLGLVFDP
ELR FXOWXUDOH H GHOOH SUREOHPDWLFKH GHOO·LQFRQWURVFRQWUR IUD FXOWXUH VRWWROL
QHDQGR QXPHURVL DVSHWWL GHOOD FRPSOHVVLWj VRFLRFXOWXUDOH GHOO·2FFLGHQWH H
GHOODVXDFULVLVWUXWWXUDOH
0RGXOR$
,OFRUVRDSSURIRQGLUjORVWXGLRGHOPHWRGRQHOOHVFLHQ]HHWQRDQWURSRORJLFKH
GHOOHUHOD]LRQLIUDDUHHGHOVDSHUHVRFLRORJLFRHDQWURSRORJLFRHGHOODSUDWLFD
GHOODULFHUFDVXOWHUUHQRILHOGZRUNIDFHQGRHVSOLFLWRULIHULPHQWRDOODVWRULD
GHJOLVWXGL
2ELHWWLYL
$LOLPLWLGHOO·2FFLGHQWH
,Q UHOD]LRQH DOOH HVSHULHQ]H PDWXUDWH QHOOH GLVFLSOLQH GHOOD FXOWXUD H GHOOD
FRPXQLFD]LRQHVRFLDOHHGHOORVWXGLRGHOOHFXOWXUH´DOWUHµJOLRELHWWLYLSUHPL
QHQWLGHOFRUVRVDUDQQRLVHJXHQWL
D ,IRQGDPHQWLGHOVpHGHOO·DOWURQHOODVFLHQ]HXPDQHUDSSRUWRQRLDOWUL
E ,O´JLUROXQJRµGHOO·DQWURSRORJR
F ,GLULWWLXPDQLHLGLULWWLGLFLWWDGLQDQ]DFRPHFDPSRGHOO·DQWURSRORJLD
%LEOLRJUDILD
6LFRQVLJOLDQROHVHJXHQWLOHWWXUHFRQXQSURJUDPPDGLVWXGLRGDFRQFRUGDUH
FRQLOGRFHQWHVXOODEDVHGHOOHDWWLYLWjGLGDWWLFKHVYROWH
&DURO5(PEHU0HOYLQ(PEHU$QWURSRORJLDFXOWXUDOH,O0XOLQR3UHQWLFH
+DOO,QWHUQDWLRQDO%RORJQD
6WDQOH\-7DPELDK5LWXDOLHFXOWXUD,O0XOLQR%RORJQD
-DPHV 7XOO\ 6WUDQJH 0XOWLSOLFLW\ &RVWLWXWLRQDOLVP LQ DQ $JH RI 'LYHUVLW\
&DPEULGJH8QLYHUVLW\3UHVV&DPEULGJHIDFROWDWLYR
*XDOWLHUR+DUULVRQ)RQGDPHQWLDQWURSRORJLFLGHLGLULWWLXPDQL1HLSURFHVVL
FXOWXUDOLHGXFDWLYLHIRUPDWLYL0HOWHPL5RPD
0RGXOR%
4XHVWRPRGXORVDUjDUWLFRODWRFRQXQDSDUWLFRODUHDWWHQ]LRQHSHUO·DQWURSROR
JLDDSSOLFDWDHSHUOHVSHFLILFKHHVSHULHQ]HGRFXPHQWDULHQHOFDPSRGHOO·DQWUR
3URJUDPPLGHL&RUVL
SRORJLDVRFLRFXOWXUDOHFRQSDUWLFRODUHULIHULPHQWRDO0H]]RJLRUQRHDLSURFHV
VLPLJUDWRUL
,OFRUVRSUHYHGHHVHUFLWD]LRQLGLODERUDWRULRFDUWRJUDILDWHUULWRULDOHGHOOD&DOD
EULDHOHWWXUDGLFDUWHFXOWXUDOLWHPDWLFKHFRQSDUWHFLSD]LRQHSHULRGLFDDVHPL
QDULGLVWXGLR
3URSRVWHVHPLQDULDOL
VHPLQDULR VXJOL ,QXLW GHO &DQDGD ,O FDVR GHO 1XQDYXW QRYHPEUH
VHPLQDULRVXOODPRGHUQLWj,&DODEUHVLOXQJRODIHUURYLD&DQDGD3DFLILFR
GLFHPEUH
6WXGL GL FRPXQLWj &DVROH %UX]LR QHL &DVDOL GL &RVHQ]D JHQQDLR
2ELHWWLYL
(VSHULHQ]HGLDQWURSRORJLDDSSOLFDWD
4XHVWR PRGXOR DUWLFRODWR SULQFLSDOPHQWH LQ VHPLQDUL SURSRUUj DWWUDYHUVR
GRFXPHQWLHGLWRULDOLYLGHRDUWLFROLJXLGHO·DQDOLVLHODGHVWUXWWXUD]LRQHGHJOL
LWLQHUDULGLULFHUFDHWQRDQWURSRORJLFDDSSOLFDWD
/·HOHQFRGHLGRFXPHQWLHGLWRULDOLDUWLFROLGLVSHQVHJXLGHYLGHRHGHYHQWXDOL
OHWWXUHVDUjUHVRGLVSRQLELOHSULPDGHOO·LQL]LRGHOPRGXOR
,PRGXOL$ H%FRVWLWXLVFRQRLOSURJUDPPDFRPSOHWRGHO1XRYR2UGLQDPHQWR
GHO'$06HVRQRYDOLGLDQFKHSHULOSURJUDPPDGLWXWWLLFRUVLGLVWXGLRGHO
9HFFKLR2UGLQDPHQWR
&XOWRULHFROODERUDWRUL
ËSUHYLVWDODFROODERUD]LRQHWHFQLFDHGLGDWWLFDGHLVHJXHQWLFXOWRULLQGLVFLSOLQH
'HPRHWQRDQWURSRORJLFKH0'($
'RWW3LHWUR3DROR&XVDWRDQWURSRORJLDGHOODPXVLFDHFRPSXWHUPXVLF'RWW
0DULOHQD0HUHQQDVFULWWXUDFUHDWLYDLQWHUYLVWHVHPLGLUHWWLYH'RWW/RUHGDQD
)DULQDPXVHRJUDILDGHPRDQWURSRORJLFD'RWW)UDQFHVFR&DUDYHWWDGHPR
JUDILDVWRULFD
$175232/2*,$ &8/785$/(
'RFHQWH3DRODGH6DQFWLV5LFFLDUGRQH
,,H,,,SHULRGR
SHULRGRFRUVRSHU VWXGHQWLGHOQXRYRRUGLQDPHQWR
,OFRUVRGHOSUHVHQWHDQQRDFFDGHPLFRVDUjDUWLFRODWRLQXQPRGXORYDOLGRSHU
JOLVWXGHQWLGHOQXRYRRUGLQDPHQWR,OPRGXORqGHVWLQDWRLQSDUWLFRODUPRGR
DJOLVWXGHQWLGL)LORVRILD&RQVHUYD]LRQH6WRULDHDTXDQWLQRQVLDQRLQFRQGL
3URJUDPPLGHL&RUVL
0RGXOR$ VHFRQGRSHULRGR
7HVWLGLULIHULPHQWR
$ODQ %DUQDUG 6WRULD GHO SHQVLHUR DQWURSRORJLFR WU ,W ,O 0XOLQR %RORJQD
3GH6DQFWLV5LFFLDUGRQHDFXUDGL,OSRWHUHGHOGHEROHGDOJLRFRDOVDSHUH
0HOWHPL5RPD
3DUWHLVWLWX]LRQDOHSULPRSHULRGRGLGDWWLFR
7HVWLGLULIHULPHQWR
$ODQ %DUQDUG 6WRULD GHO SHQVLHUR DQWURSRORJLFR WU ,W ,O 0XOLQR %RORJQD
3GH6DQFWLV5LFFLDUGRQHDFXUDGL,OSRWHUHGHOGHEROHGDOJLRFRDOVDSHUH
0HOWHPL5RPD
&RUVRPRQRJUDILFRVHFRQGRSHULRGRGLGDWWLFR
7HVWLGLULIHULPHQWR
3URJUDPPLGHL&RUVL
3GH6DQFWLV5LFFLDUGRQH$QWURSRORJLDHJLRFR/LJXRUL1DSROL
-+XL]LQJD+RPR/XGHQVWULW(LQDXGL7RULQR
3HU JOLVWXGHQWLELHQQDOLVWL
7HVWRGLULIHULPHQWR
5REHUW %RURIVN\ D FXUD GL /·DQWURSRORJLD FXOWXUDOH RJJL WU LW 0HOWHPL
5RPD
$175232/2*,$ &8/785$/((9,6,9$
'RFHQWH&HVDUH3LWWR
,,SHULRGR
3HU JOLVWXGHQWLGHO&RUVRGL/DXUHDLQ)LORVRILHH6FLHQ]DGHOOD&RPXQLFD
]LRQHHGHOOD&RQRVFHQ]D
0RGXOR$ &)8
2ELHWWLYL
,OFRUVRDQFKHSHUO·DDVLDUWLFROHUjLQXQPRGXORGLTXDWWURFUHGLWL
IRUPDWLYLHVYLOXSSHUjXQUDSSRUWRLQWHUGLVFLSOLQDUHFRQOHDUHHGHOODFRPXQL
FD]LRQHSHUFRPSOHWDUHOHDWWLYLWjIRUPDWLYHFDUDWWHUL]]DQWLQHOO·DPELWRGLVFL
SOLQDUH GHQRPLQDWR 'LVFLSOLQH GHL OLQJXDJJL H GHOOH WHFQLFKH GHL PHGLD GHO
GHVLJQHGHOODJUDILFD
,QTXHVWRFRQWHVWRVLSURSRQHXQSURJUDPPDLQWHUGLVFLSOLQDUHGLDQDOLVLGHO
O·DQWURSRORJLDGHOODSHUIRUPDQFHHXQ·DWWLYLWjGLODERUDWRULRSHUODULFHUFDVXO
FDPSRLQDQWURSRORJLDYLVLYD
3UHVHQWD]LRQHGHLIRQGDPHQWLGHOO·DQWURSRORJLDFXOWXUDOHFRQWHPSRUDQHD
/·XRPRIUDQDWXUDHFXOWXUDWXWWLXJXDOLHWXWWLGLYHUVL&RPXQLWjHQRUPH
VDSHULHVHJQL
7HPDGHOFRUVRVDUjORVWXGLRGHJOLDOWULQHOFRQWHVWRGLFDPELDPHQWRVRFLR
FXOWXUDOHGHWHUPLQDWRGDOODPRGHUQL]]D]LRQHHGDOO·LQWHJUD]LRQHGLVLQWH
JUD]LRQHGHOOHGLYHUVLWjQHOODVRFLHWjPXOWLHWQLFDHQHLSURFHVVLGLJOREDOL]
]D]LRQH,OFRUVRDIIURQWHUjOHWHPDWLFKHGHOOHGLYHUVLWjGLIURQWHDOORVSLULWR
GHOFRVWLWX]LRQDOLVPRPRGHUQRQHOODVRFLHWj2FFLGHQWDOHQHLVXRLPRPHQWL
GLHVSUHVVLRQHSLDYDQ]DWD6LSUHQGHUDQQRSHUFLzLQFRQVLGHUD]LRQHJOL
VWXGLVXOOHPLQRUDQ]HHWQLFROLQJXLVWLFKHLQ,WDOLDOHHVSHULHQ]HQHJOLVWXGL
GL FRPXQLWj LQ VLWXD]LRQH GL LQVXODULWj JOL VWXGL VXOOH ULYHQGLFD]LRQL SHU
O·DXWRJRYHUQRGLSRSROD]LRQLDERULJHQHFRQULIHULPHQWRVSHFLILFRDOO·DXWR
QRPLDSROLWLFDUDJJLXQWDGDJOL,QXLWGHOO·$UWLFR&DQDGHVHFRQODQDVFLWDGHO
7HUULWRULRGHO1XQDYXW
,OPRGXORYHUUjLQWHJUDWRFRQORVWXGLRGHOOHWHFQLFKHGLULOHYD]LRQHGRFX
PHQWDULVWLFDLQDQWURSRORJLDYLVLYDDSSOLFDWHQHOODULFHUFDVXOFDPSRGDL
3URJUDPPLGHL&RUVL
GRFXPHQWDULVWLGHO&HQWUR5DGLR7HOHYLVLYRGHOO·$WHQHR/HOH]LRQLIURQWDOL
VDUDQQRDFFRPSDJQDWHGDHVHUFLWD]LRQLSUDWLFKHLQDXODHRLQODERUDWRULRË
SUHYLVWDXQDGLVFHVDVXOWHUUHQRLQXQDFRPXQLWjORFDOHSHUYHULILFDUHOHIDVL
GLXQDULFHUFDDQWURSRORJLFDGLFRPXQLFD]LRQHXUEDQDUHDOL]]DWDGDOODFDW
WHGUDGL$QWURSRORJLDFXOWXUDOH&DVROH%UX]LR«QHL&DVDOLGL&RVHQ]D
FRRUGLQDWRUH'RWW)UDQFHVFR&DUDYHWWD
6DUDQQR SURJUDPPDWL GXH VHPLQDUL FKH YHUUDQQR VYROWL GXUDQWH LO FRUVR
ULJXDUGHUDQQR OD TXHVWLRQH GHL GLULWWL GHOOH PLQRUDQ]H DG HVSULPHUH GHOOD
SURSULDLGHQWLWjHVXOODGLIHVDGHLGLULWWLXPDQLHGHOODFLWWDGLQDQ]DFRQSDU
WLFRODUHULIHULPHQWRDOO·LQIDQ]LDHDOO·DGROHVFHQ]D
, 6HPLQDULRYLDJJLRQHO7HUULWRULRGHO1XQDYXWWHVWLPRQLDQ]HGL&HVDUH
3LWWR'RWW/RUHGDQD)DULQD
,, 6HPLQDULRODGLIHVDGHLGLULWWLXPDQLHGHOODFLWWDGLQDQ]DSHUO·LQIDQ]LDH
DOO·DGROHVFHQ]D UHOD]LRQH GHO 3URI *XDOWLHUR +DUULVRQ 8QLYHUVLWj GL
0RGHQDH5HJJLR(
*OLVWXGHQWLSRWUDQQRFRQFRUGDUHVSHFLDOLDWWLYLWjGLODERUDWRULRGLDQWURSR
ORJLDYLVLYDSUHVVRLO&HQWUR5DGLR7HOHYLVLYRHSUHVVRLO'LSDUWLPHQWRGL
6FLHQ]H GHOO·(GXFD]LRQH GD FRQFRUGDUH FRQ LO WLWRODUH GHOOD FDWWHGUD H L
VXRLFROODERUDWRUL
%LEOLRJUDILD
:LOO.\POLFND/DFLWWDGLQDQ]DPXOWLFXOWXUDOH,O0XOLQR%RORJQD
9LFWRU7XUQHU$QWURSRORJLDGHOODSHUIRUPDQFH,O0XOLQR%RORJQD
0DULR&DOLJLXUL/LQHDPHQWLGLFRPXQLFD]LRQHSXEEOLFD5XEEHWWLQR6RYHULD
0DQQHOOL&=
&HVDUH 3LWWR D FXUD GL /·LGHQWLWj LO PXOWLFXOWXUDOLVPR L GLULWWL XPDQL /H
UDJLRQLGHOO·DQWURSRORJLD)RQGD]LRQH´$*XDUDVFLµ&RVHQ]D
$SSXQWLGLULFHUFDGDO´WHUUHQRµ/DQDVFLWDGHO7HUULWRULRGHO1XQDYXWQHOO·$U
WLFR&DQDGHVHDFXUDGL&HVDUH3LWWRGLVSHQVHFKHVDUDQQRPHVVHDGLVSR
VL]LRQHGHJOLVWXGHQWLHQWURO·LQL]LRGHOPRGXORG·LQVHJQDPHQWR
$175232/2*,$ ),/262),&$
'RFHQWH,QHV&ULVSLQL
,,H,,,SHULRGR
&RUVRGL/DXUHD)LORVRILHHVFLHQ]HGHOODFRPXQLFD]LRQHHGHOOHFRQRVFHQ]H
0RGXORGLEDVH,$QQR,,SHULRGR
,OPRGXOR&)8RUHqXQPRGXORGLEDVHSHUJOLVWXGHQWLGHO,DQQRGHO
3URJUDPPLGHL&RUVL
FRUVRGL/DXUHDLQ)LORVRILHHVFLHQ]HGHOODFRPXQLFD]LRQHHGHOODFRQRVFHQ]D
HGRIIUHXQDVHULHGLQR]LRQLSUHOLPLQDULHGLQWURGXWWLYHVXTXHOO·RULHQWDPHQWR
GHOSHQVLHURFRQWHPSRUDQHRGHQRPLQDWRDQWURSRORJLDILORVRILFDFKHVLLQWHUUR
JDVXO´SUREOHPDXRPRµLQXQDSURVSHWWLYDLQWHUPHGLDWUDVFLHQ]DHILORVRILD
7HVWL
0DULD 7HUHVD 3DQVHUD $QWURSRORJLD ILORVRILFD %UXQR 0RQGDGRUL 0LODQR
,&ULVSLQL,O´%RUJKHVHYLUWXRVRµ&RQILJXUD]LRQLGLXQSDUDGLJPDDQWURSROR
JLFRWUD%XWOHUH6RPEDUW$QJHOL0LODQR&DSLWROR,,,SS
+3OHVVQHU/DFRQGL]LRQHXPDQDLQ,3URSLOHL*UDQGH6WRULDXQLYHUVDOH$
0RQGDGRUL0LODQR
*KHOHQ3URVSHWWLYHDQWURSRORJLFKH,O0XOLQR%RORJQDSDUWLVFHOWH
0RGXOR$YDQ]DWR,,$QQR,,,SHULRGR
,O PRGXOR RUH &)8 q XQ PRGXOR DYDQ]DWR SHU VWXGHQWL GHO ,, DQQR HG
DSSURIRQGLVFHSHUWDQWRDOFXQLDVSHWWLGHOOHTXHVWLRQLJHQHUDOLVXOSUREOHPDGHO
O·XRPR DIIURQWDWH QHO PRGXOR GL EDVH ,Q SDUWLFRODUH LO PRGXOR VL SURSRQH GL
DIIURQWDUHLOSUREOHPDVSLQRVRGHOODLGHQWLWjGHOO·XRPRQHOFRQFHWWRGHO´UXRORµ
SXEEOLFRHSULYDWRHGHOOD´UDSSUHVHQWD]LRQHGLVpµQHOWHDWURGHOODVRFLDOLWj
%LEOLRJUDILD
0DUWKD1XVVEDXP&ROWLYDUHO·XPDQLWj&DURFFL5RPD
+3OHVVQHU/DFRQGL]LRQHXPDQDLQ,3URSLOHL*UDQGH6WRULDXQLYHUVDOH$
0RQGDGRUL0LODQRSS
+3OHVVQHU$OGLTXDGHOO·XWRSLD0DULHWWL0LODQRSSSS
,OPRGXORRUH&)8SXzHVVHUHVHJXLWRFRPHDWWLYLWjDVFHOWD
9HFFKLR2UGLQDPHQWR&RUVRGLODXUHDLQ)LORVRILD,,H,,,SHULRGR
,O FRUVR GL$QWURSORJLD ILORVRILFD VL DUWLFROD LQ GXH SDUWL XQD SDUWH GHGLFDWD
DOO·DQDOLVLQHOOHOLQHHJHQHUDOLGLTXHOO·RULHQWDPHQWRGHOSHQVLHURGHQRPLQDWR
´DQWURSRORJLDILORVRILFDµHGXQSDUWHSLVSHFLILFDFKHVLSURSRQHGLDIIURQWDUH
LOSUREOHPDVSLQRVRGHOODLGHQWLWjGHOO·XRPRQHOFRQFHWWRGHO´UXRORµSXEEOLFR
HSULYDWRHGHOOD´UDSSUHVHQWD]LRQHGLVpµQHOWHDWURGHOODVRFLDOLWj
%LEOLRJUDILD
3DUWHJHQHUDOH
0DULD 7HUHVD 3DQVHUD $QWURSRORJLD ILORVRILFD %UXQR 0RQGDGRUL 0LODQR
3URJUDPPLGHL&RUVL
,&ULVSLQL,O´%RUJKHVHYLUWXRVRµ&RQILJXUD]LRQLGLXQSDUDGLJPDDQWURSR
ORJLFRWUD%XWOHUH6RPEDUW)UDQFR$QJHOL0LODQR&DSLWROR,,,SS
+3OHVVQHU/DFRQGL]LRQHXPDQDLQ,3URSLOHL*UDQGH6WRULDXQLYHUVDOH$
0RQGDGRUL0LODQR
*KHOHQ3URVSHWWLYHDQWURSRORJLFKH,O0XOLQR%RORJQDSDUWL
3DUWHPRQRJUDILFD
0DUWKD1XVVEDXP&ROWLYDUHO·XPDQLWj&DURFFL5RPD
+3OHVVQHU/DFRQGL]LRQHXPDQDLQ,3URSLOHL*UDQGH6WRULDXQLYHUVDOH$
0RQGDGRUL0LODQRSS
+3OHVVQHU$OGLTXDGHOO·XWRSLD0DULHWWL0LODQRSSSS
$175232/2*,$ 5(/,*,26$
'RFHQWH*LRYDQQL6ROH
,H,,SHULRGR
3DUWHLVWLWX]LRQDOH
/DUHOLJLRQHFRPHVLVWHPDGLVLPEROLPLWLHULWLDWWUDYHUVRLTXDOLJOLLQGLYLGXL
UDSSUHVHQWDQRVHVWHVVLHODVRFLHWj
0DQXDOH
8)DELHWWL6WRULDGHOO·DQWURSRORJLD=DQLFKHOOL%RORJQD
3DUWHPRQRJUDILFD
,OPLWR
/DORJLFDGHOP\WKRVQRQqTXHOODGHOORJRV,OPLWRWHQGHDOO·RFFXOWDPHQWRH
DOOD PLVWLILFD]LRQH GHO UHDOH RSHUD VRWWHUIXJL q YDJR H FRQWUDGGLWWRULR SHU
QDWXUDQRQULVSRQGHDGHOOHGRPDQGHHQRQGDVSLHJD]LRQL9LqXQ·DUELWUDULHWj
QHOODQDUUD]LRQHPLWLFDHLOUDFFRQWRQRQqVRJJHWWRDGDOFXQDUHJRODORJLFD,O
PLWRqDPELJXRVSHVVRLOVXRVHQVRQRQULVLHGHLQFLzFKHUDFFRQWDHVSOLFLWD
PHQWH PD LQ TXDOFRVD FKH QRQ UDFFRQWD 5HQGH PDQLIHVWL FHUWL PHFFDQLVPL
IRQGDPHQWDOLGHOODPHQWHXPDQDPDQRQSHUTXHVWROLVLJQLILFD,OVXRFRPSLWR
QRQqTXHOORGLFKLDULUHPDTXHOORGLLQJDQQDUHGLLQILWWLUHOHRVFXULWjLQWRUQRD
VpGLGHIRUPDUH,OVXRVFRSRQRQqTXHOORGLSHUVXDGHUHPDGLDIIDVFLQDUHQRQ
GLVSLHJDUHPDGLIRQGDUHQRQGLSRUUHGRPDQGHPDGDUHULVSRVWH
,OPLWRSHUzHVSULPHDQFKHXQDORJLFDHXQDFRQVHTXHQ]LDOLWjXQDFRVFLHQ]DH
XQDFRQRVFHQ]DËXQJURYLJOLRLQFRPSUHQVLELOHPDVRWWRLOVXRGLVRUGLQHFL
VRQRGHOOHFRVHFKLDUHqIUXWWRDQFKHGHOODUDJLRQHROWUHFKHGHOODIDQWDVLD
3URJUDPPLGHL&RUVL
%LEOLRJUDILD
5%DUWKHV0LWLG·RJJL(LQDXGL7RULQR
&/pYL6WUDXVV$QWURSRORJLDVWUXWWXUDOH0RQGDWRUL0LODQR
)-HVL0LWR0RQGDGRUL0LODQR
0(OLDGH0LWRHUHDOWj%RUOD5RPD
/pY\%UXKO/DPHQWDOLWjSULPLWLYD(LQDXGL7RULQR
.+XEQHU/DYHULWjGHOPLWR)HOWULQHOOL0LODQR
&RUVRPRQRJUDILFR
,OPLWRGL6FLOOD
3HULQWHUSUHWDUHLOPLWRGL6FLOODELVRJQDFHUFDUHXQDPROWHSOLFLWjGLOHWWXUHFRQ
VWUXPHQWLGLVFLSOLQDULGLYHUVLPDQHOODFRQVDSHYROH]]DFKHHVVRQRQVLSXzVFRP
SRUUHLQSH]]LSRLFKpFLDVFXQHOHPHQWRULPDQGDDOO·DOWURYLYHSHUFKpF·qO·DOWUR
%LEOLRJUDILD
:%XUNHUW0LWRHULWXDOHLQ*UHFLD6WUXWWXUDHVWRULD/DWHU]D%DUL
*6ROH6FLOOD,QWHUSUHWD]LRQLGLXQPLWR &HQWUR(GLWRULDOHH/LEUDULR8QLYHU
VLWjGHJOL6WXGLGHOOD&DODEULD5HQGH
-39HUQDQW0LWRHSHQVLHURSUHVVRLJUHFL6WXGLGLSVLFRORJLDVWRULFD(LQDX
GL7RULQR
%LHQQDOLVWL
0RYLPHQWLDSRFDOLWWLFLLQ&DODEULD
/D&DODEULDqVWDWDWHUUDGLDSRFDOLVVLHGLPRYLPHQWLDSRFDOLWWLFL
%LEOLRJUDILD
(UQHVWR'H0DUWLQR/DILQHGHOPRQGR&RQWULEXWRDOO·DQDOLVLGHOOHDSRFDOLVVL
FXOWXUDOL(LQDXGL7RULQR
*6ROH,VDQWLGL%RFFKLJOLHUR6WRULDGLXQPRYLPHQWRHUHWLFDOHFRQWDGLQR
)UDQFR$QJHOL0LODQR
*6ROH/LQJXHGLIXRFRPLUDFROLHDSRFDOLVVH,SHQWHFRVWDOLFDODEUHVLQHO
YHQWHQQLRIDVFLVWDLQ´'DHGDOXVµ4XDGHUQLGHOODERUDWRULRGLVWRULDQ
5XEEHWWLQR6RYHULD0DQQHOOLSS
*6ROH/·HUHPLWDHLIDPHOLFLOHRQL$QWURSRORJLDHVWRULD&HQWUR(GLWRULDOHH
/LEUDULR8QLYHUVLWjGHJOL6WXGLGHOOD&DODEULD5HQGH
/0/RPEDUGL6DWULDQL,OSRQWHGL6DQ*LDFRPR6HOOHULR3DOHUPR
'XUDQWH LO FRUVR VRQR SUHYLVWL VHPLQDUL SURLH]LRQL GL ILOP H YLVLWH D PXVHL
DUFKHRORJLFL
3URJUDPPLGHL&RUVL
$175232/2*,$ 62&,$/(
'RFHQWH&HVDUH3LWWR
,9 SHULRGR
3HU JOLVWXGHQWLGHO&RUVRGL/DXUHDLQ6FLHQ]HGHOO·(GXFD]LRQH
0RGXOR$ &)8
3UHVHQWD]LRQHGHOFRUVR
*LjGDWHPSRqVWDWDGHILQLWDO·DUHDGLVFLSOLQDUHGHOO·DQWURSRORJLDGHOO·HGXFD
]LRQHSHUHVVHUVLUHVDDXWRQRPDGDOO·DQWURSRORJLDFXOWXUDOHDYHQGRIRFDOL]]DWR
ODVXDDWWHQ]LRQHVXLSURFHVVLFXOWXUDOLGHOO·HGXFD]LRQH4XHVWLSURFHVVLVRQR
VWDWLLQWHVLVLDQHOVHQVRSLYDVWRGLUHOD]LRQHFRQODFRPSOHVVLWjGHLSURFHVVLGL
DSSUHQGLPHQWR FXOWXUDOH QHOOH FXOWXUH ´DOWUHµ VLD QHOOD FXOWXUD 2FFLGHQWDOH
FRQWHPSRUDQHDFRPHSURFHVVRVRFLDOHGLFRVWUX]LRQHGHOO·LGHQWLWjHGHOODSHU
VRQDOLWjGHOVRJJHWWRSHUSDUWHFLSDUHDOOHUHOD]LRQLVRFLDOLGHOODSROLV QHOODVXD
FRPSOHVVLWj FLRq GHOOD FLWWDGLQDQ]D /·DQWURSRORJLD GHOO·HGXFD]LRQH GLYHQWD
QHOPRPHQWRDWWXDOHLOUHIHUHQWHGHOO·LQFRQWURVFRQWURIUDGLYHUVLWjVRFLRFXOWX
UDOLHGHWQLFKHFKHGDQQROXRJRDLSUHVXSSRVWLWHRULFRSUDWLFLSHUXQDFLWWDGL
QDQ]DPXOWLFXOWXUDOH
2ELHWWLYL
,Q UHOD]LRQH DOOH HVSHULHQ]H PDWXUDWH QHOOH GLVFLSOLQH GHOOD FRPXQLFD]LRQH
VRFLDOH H GHOOR VWXGLR GHOOH FXOWXUH ´DOWUHµ JOL RELHWWLYL SUHPLQHQWL GHO FRUVR
VDUDQQRLVHJXHQWL
DQWURSRORJLDSHULQVHJQDUH
DQWURSRORJLDSHUSURJHWWDUH
DQWURSRORJLDSHUGRFXPHQWDUHLQVWUHWWRFROOHJDPHQWRFRQO·LQVHJQDPHQWR
GL&LQHPDWRJUDILDGRFXPHQWDULD
%LEOLRJUDILD
0DWLOGH&DOODUL*DOOL$QWURSRORJLDSHULQVHJQDUH%UXQR0RQGDGRUL0LODQR
*XDOWLHUR+DUULVRQ )RQGDPHQWLDQWURSRORJLFLGHLGLULWWLXPDQL1HLSURFHVVL
FXOWXUDOLHGXFDWLYLHIRUPDWLYL0HOWHPL5RPD
&HVDUH 3LWWR D FXUD GL /·LGHQWLWj LO PXOWLFXOWXUDOLVPR L GLULWWL XPDQL /H
UDJLRQLGHOO·DQWURSRORJLD)RQGD]LRQH´$*XDUDVFLµ&RVHQ]D
6HPLQDUL
Ë SUHYLVWR QHOO·DPELWR GHO FRUVR XQ VHPLQDULR GL VWXGL SHU O·DSSOLFD]LRQH GL
GLGDWWLFKHPXOWLPHGLDOLFRQODSDUWHFLSD]LRQHGLVWXGLRVLHGHVSHUWLQD]LRQDOLHG
3URJUDPPLGHL&RUVL
LQWHUQD]LRQDOLFKHVDUjUHDOL]]DWRLQXQDVLWXD]LRQHGLLQVXODULWjDPELHQWDOHHR
OLQJXLVWLFDSHFRPXQLWjGLPLQRUDQ]DHWQLFROLQJXLVWLFDFRPXQLWjPRQWDQH
FRPXQLWjLQVXODUL/HWHPDWLFKHHLPRGLGLSDUWHFLSD]LRQHDOVHPLQDULRVDUDQ
QRSURJUDPPDWHSULPDGHOODILQHGHOPHVHGLIHEEUDLR
$5&+(2/2*,$ &5,67,$1$
'RFHQWH*LXVHSSH5RPD
,H,,SHULRGR
,SHULRGR
6WRULDGHOODULFHUFD/H)RQWL2ULJLQLREELHWWLYLPHWRGLHFDPSRG·LQGDJLQH
GHOO·$UFKHRORJLD&ULVWLDQD
%LEOLRJUDILD
):'HLFKPDQQ$UFKHRORJLD&ULVWLDQD ´/·(50$µGL%UHLWVFKQHLGHU5RPD
37HVWLQL$UFKHRORJLD&ULVWLDQD (GLSXJOLD%DUL
3K3HUJROD8Q·$UFKHRORJLDFULVWLDQDSHULOLQ´,&RQJU1D]LRQDOHGL
$UFKHRORJLD0HGLHYDOH3LVDPDJJLR)LUHQ]HSS
) 3LX]]L /D ULFHUFD VWUDWLJUDILFD LQ DUFKHRORJLD ,QWURGX]LRQH DL PHWRGL GL
VFDYRHGRFXPHQWD]LRQH 8GLQH&'&
,,SHULRGR
/DFXOWXUDDUWLVWLFDEL]DQWLQDVXOOHVSRQGHGHO0HGLWHUUDQHRGDO9,DO;VHFR
OR
%LEOLRJUDILD
/HLQGLFD]LRQLELEOLRJUDILFKHVDUDQQRIRUQLWHGXUDQWHOHOH]LRQL
$5&+(2/2*,$ '(//$ 0$*1$ *5(&,$
'RFHQWH3DROR&DUDID
,H,,SHULRGR
$UJRPHQWRGHOFRUVR
$QDOLVLGHOOHFLWWjQHFURSROLPRQXPHQWLHSDHVDJJLGHOOD0DJQD*UHFLDDWWUD
YHUVR OH WHVWLPRQLDQ]H VWRULFR DUFKHRORJLFKH HG HSLJUDILFKH GDOO·HWj GHOOH
SULPHIRQGD]LRQLFRORQLDOLILQRDOODFRQTXLVWDURPDQDGHOODUHJLRQH
3URJUDPPLGHL&RUVL
%LEOLRJUDILDGLEDVH
2OWUHDOODELEOLRJUDILDFKHYHUUjLQGLFDWDGLYROWDLQYROWDGXUDQWHOHOH]LRQLq
ULFKLHVWDODFRQRVFHQ]DGHLVHJXHQWLWHVWL
SULPDDQQXDOLWjQQGHOODELEOLRJUDILDVHJXHQWH
VHFRQGDDQQXDOLWjQQRSSXUHGHOODELEOLRJUDILDVHJXHQWH
(0'H-XOLLV0DJQD*UHFLD/·,WDOLD0HULGLRQDOHGDOOHRULJLQLOHJJHQ
GDULHDOODFRQTXLVWDURPDQD (GLSXJOLD%DUL
(*UHFR$UFKHRORJLDGHOOD0DJQD*UHFLD/DWHU]D5RPD%DUL
3**X]]R/HFLWWjVFRPSDUVHGHOOD0DJQD*UHFLD1HZWRQ&RPSWRQ
5RPD
(*UHFR0DJQD*UHFLD DHG/DWHU]D5RPD%DUL
6'H&DUR$*UHFR&DPSDQLD DHG/DWHU]D5RPD%DUL
(*UHFR¶7RSRJUDILDDUFKHRORJLFDGHOOD0DJQD*UHFLD· LQ*3XJOLHVH&DU
UDWHOOLDFXUDGL0DJQD*UHFLDYRO(OHFWD0LODQRSS
-%pUDUG/D0DJQD*UHFLD(LQDXGL7RULQR
.0HLVWHU¶8QVHFRORGLULFHUFKHLQ0DJQD*UHFLDODVWRULRJUDILDHODVWR
ULDSROLWLFDLQ8QVHFRORGLULFHUFKHLQ0DJQD*UHFLD$WWLGHO;;,;&RQ
YHJQRGL6WXGLVXOOD0DJQD*UHFLD7DUDQWRRWWREUH7DUDQWR
SS
):YRQ+DVH¶6WRULDGHOOHHVSORUD]LRQLDUFKHRORJLFKHQHOOD0DJQD*UH
FLD·LQ8QVHFRORGLULFHUFKHLQ0DJQD*UHFLD$WWLGHO;;,;&RQYHJQRGL
6WXGLVXOOD0DJQD*UHFLD7DUDQWRRWWREUH7DUDQWRSS
66HWWLV¶,GHDGHOO·DUWHJUHFDG·2FFLGHQWHIUD2WWRH1RYHFHQWR*HUPDQLD
H,WDOLD·LQ8QVHFRORGLULFHUFKHLQ0DJQD*UHFLD$WWLGHO;;,;&RQYH
JQR GL 6WXGL VXOOD 0DJQD *UHFLD 7DUDQWR RWWREUH 7DUDQWR
SS
32UODQGLQL¶/HDUWLILJXUDWLYH· LQ0HJiOH+HOOiV*DU]DQWL0LODQR
SS
3 ( $ULDV ¶/D SLWWXUD YDVFRODUH· LQ * 3XJOLHVH &DUUDWHOOL D FXUD GL
0DJQD*UHFLDYRO(OHFWD0LODQRSS
3($ULDV¶/DVFXOWXUD· LQ*3XJOLHVH&DUUDWHOOLDFXUDGL0DJQD*UH
FLDYRO(OHFWD0LODQRSS
$5RXYHUHW¶7UDGL]LRQLSLWWRULFKHPDJQRJUHFKH· LQ*3XJOLHVH&DUUDWHOOL
DFXUDGL0DJQD*UHFLDYRO(OHFWD0LODQRSS
$3RQWUDQGROIR¶/DSLWWXUDIXQHUDULD· LQ*3XJOLHVH&DUUDWHOOLDFXUDGL
0DJQD*UHFLDYRO(OHFWD0LODQRSS
(0'H-XOLLV¶/HDUWLPLQRUL· LQ*3XJOLHVH&DUUDWHOOLDFXUDGL0DJQD
*UHFLDYRO(OHFWD0LODQRSS
3URJUDPPLGHL&RUVL
1XRYRRUGLQDPHQWR,,SHULRGR
2UJDQL]]D]LRQHGHOFRUVR
,OFRUVRqFRPSRVWRGDXQPRGXORGLRUHGLOH]LRQH&)8HGDDOWUHRUH
GLOH]LRQHIURQWDOH&)8GDVYROJHUHLQDXODRLQODERUDWRULRRVXVLWLPRQX
PHQWLRPXVHLGHOOD0DJQD*UHFLD
$UJRPHQWRGHOFRUVR
$WWUDYHUVR O·DQDOLVL GLUHWWD GHOOD GRFXPHQWD]LRQH VFLHQWLILFD UHODWLYD D FLWWj
QHFURSROLPRQXPHQWLLVRODWLHWHUULWRULGHOOD0DJQD*UHFLDVLWUDFFHUjXQSUR
ILORVWRULFRDUFKHRORJLFRGLTXHVWDUHJLRQHGDOO·DUULYRGHL*UHFLILQRDOODURPD
QL]]D]LRQH
%LEOLRJUDILD
2OWUHODELEOLRJUDILDFKHYHUUjFRPXQLFDWDQHOFRUVRGHOOHOH]LRQLVLFRQVLJOLDOD
OHWWXUDGLXQDVHOH]LRQHGDFRQFRUGDUHGHLVHJXHQWLWHVWL
(0'H-XOLLV0DJQD*UHFLD/·,WDOLD0HULGLRQDOHGDOOHRULJLQLOHJJHQGDULH
DOODFRQTXLVWDURPDQD (GLSXJOLD%DUL
(*UHFR$UFKHRORJLDGHOOD0DJQD*UHFLD/DWHU]D5RPD%DUL
3**X]]R/HFLWWjVFRPSDUVHGHOOD0DJQD*UHFLD1HZ&RPSWRQ5RPD
(*UHFR0DJQD*UHFLD DHG/DWHU]D5RPD%DUL
6'H&DUR$*UHFR&DPSDQLD DHG/DWHU]D5RPD%DUL
*3XJOLHVH&DUUDWHOOLDFXUDGL,*UHFLLQ2FFLGHQWHFDWDORJRGHOODPRVWUD
)UDWHOOL)DEEUL0LODQR
(*UHFR¶7RSRJUDILDDUFKHRORJLFDGHOOD0DJQD*UHFLD· LQ*3XJOLHVH&DUUD
WHOOLDFXUDGL0DJQD*UHFLDYRO0LODQRSS
( /LSSROLV D FXUD GL $UWH H DUWLJLDQDWR LQ 0DJQD *UHFLD FDWDORJR GHOOD
PRVWUD0LODQR
32UODQGLQL¶/HDUWLILJXUDWLYH· LQ0HJiOH+HOOiV*DU]DQWL0LODQRSS
3($ULDV¶/DSLWWXUDYDVFRODUH· LQ*3XJOLHVH&DUUDWHOOLDFXUDGL0DJQD
*UHFLDYRO(OHFWD0LODQRSS
3($ULDV¶/DVFXOWXUD· LQ*3XJOLHVH&DUUDWHOOLDFXUDGL0DJQD*UHFLD
YRO(OHFWD0LODQRSS
$5RXYHUHW¶7UDGL]LRQLSLWWRULFKHPDJQRJUHFKH· LQ*3XJOLHVH&DUUDWHOOLD
FXUDGL0DJQD*UHFLDYRO(OHFWD0LODQRSS
$ 3RQWUDQGROIR ¶/D SLWWXUD IXQHUDULD· LQ * 3XJOLHVH &DUUDWHOOL D FXUD GL
0DJQD*UHFLDYRO(OHFWD0LODQRSS
3URJUDPPLGHL&RUVL
$5&+(2/2*,$ '(//(3529,1&(520$1(
'RFHQWH*LRYDQQL'H6WHIDQR
,9 SHULRGR
0XWXDGD$UFKHRORJLDHVWRULDGHOO·DUWHWDUGRDQWLFD
$5&+(2/2*,$ (6725,$ '(//·$57(*5(&$
'RFHQWH0DXUL]LR3DROHWWL
,9 SHULRGR
3HUJOLVWXGHQWLGHO&RUVRGLODXUHDLQ&RQVHUYD]LRQHGHL%%&&LQGLUL]]R
DUFKHRORJLFR
0XWXDGD$UFKHRORJLDHVWRULDGHOO·DUWHJUHFDHURPDQD ,,PRGXORFUHGL
WL
$5&+(2/2*,$ (6725,$ '(//·$57(*5(&$ (520$1$
'RFHQWH0DXUL]LR3DROHWWL
,,,SHULRGR
3HU JOL VWXGHQWL DO , DQQR GHO &RUVR GL ODXUHD LQ &RQVHUYD]LRQH GHL %%&&
LQGLUL]]RVWRULFRDUWLVWLFRRGLDOWUL&RUVLGLODXUHDFKHSUHYHGDQRO·HVDPH
FRQODGLFLWXUD$5&+(2/2*,$ (6725,$ '(//·$57(*5(&$ (520$
1$ LQVHULWRLQXQVRORSHULRGRGLGDWWLFRFUHGLWL
0XWXDGD$UFKHRORJLDHVWRULDGHOO·DUWHJUHFDHURPDQD ,PRGXORFUHGLWL
$YYHUWHQ]D
*OLVWXGHQWLULFHYHUDQQRDOO·LQL]LRGHOFRUVRVSHFLILFKHLQGLFD]LRQLGLDSSURIRQ
GLPHQWRDGDWWHSHULOORURFXUULFXOXPVWRULFRDUWLVWLFR
$5&+(2/2*,$ (6725,$ '(//·$57(*5(&$ (520$1$
'RFHQWH0DXUL]LR3DROHWWL
,,,H,9 SHULRGR
3HUWXWWLJOLVWXGHQWLGHO9HFFKLRRUGLQDPHQWRHSHUTXHOOLGHO1XRYRRUGLQD
PHQWRLVFULWWLD&RUVLGLODXUHDFKHSUHYHGDQRLGXHPRGXOLFUHGLWL
3URJUDPPLGHL&RUVL
,PRGXOR$UFKHRORJLDHVWRULDGHOO·DUWHURPDQD
/·DUWHGL5RPDGHOO·,WDOLDHGHOO·,PSHURILQRDOWDUGRDQWLFRXQ·LQWURGX]LR
QHDLSUREOHPL
/·DUWHGL$XJXVWR
&RORQQD7UDLDQDH&RORQQD$QWRQLQDXQFRQIURQWR
$QDOLVLGLWUHFLWWj3RPSHL/HSWLV0DJQD(IHVR
%LEOLRJUDILD
5%LDQFKL%DQGLQHOOL5RPD/·DUWHURPDQDQHOFHQWURGHOSRWHUH 0LODQR
>SRL%XUUL]]ROL@
5%LDQFKL%DQGLQHOOL5RPD/DILQHGHOO·DUWHDQWLFD 0LODQR>SRL
%XU5L]]ROL@
,O'RVVLHUUHODWLYRDJOLDUJRPHQWLGHOFRUVRFKHVDUjIRUQLWRDOWHUPLQHGHOOH
OH]LRQL
,,PRGXOR$UFKHRORJLDHVWRULDGHOO·DUWHJUHFD
/·DUWHLQ*UHFLDGDOO·(WjJHRPHWULFDDOO·(OOHQLVPRXQ·LQWURGX]LRQHDLSUR
EOHPL
$WHQH$FURSROLH$JRUj
6FXOWXUDHEURQ]LVWLFDJUHFDSULPDHGRSRL%URQ]LGL5LDFH
$QDOLVLGLXQDFLWWjHOOHQLVWLFD3HUJDPR
%LEOLRJUDILD
$*LXOLDQR6WRULDGHOO·DUWHJUHFD 1,65RPD
-&KDUERQQHDX[50DUWLQ)9LOODUG/D*UHFLDFODVVLFDD&
0LODQR>SRLHGL]HFRQRPLFD5L]]ROL0LODQR@
-&KDUERQQHDX[50DUWLQ)9LOODUG/D*UHFLDHOOHQLVWLFDD&
0LODQR>SRL%XU5L]]ROL0LODQR@
,O'RVVLHUUHODWLYRDJOLDUJRPHQWLGHOFRUVRFKHVDUjIRUQLWRDOWHUPLQHGHOOH
OH]LRQL
$GLQWHJUD]LRQHGHOFRUVRVRQRSUHYLVWL
² 9LVLWHJXLGDWHDPXVHLHDGDUHHDUFKHRORJLFKH
² /DERUDWRULRGLGDWWLFRVHPLQDULHGHVHUFLWD]LRQLSUDWLFKHREEOLJDWRULRSHUL
ELHQQDOLVWL H L ODXUHDQGL /D VWUXWWXUD H JOL RUDUL GHO /DERUDWRULR VDUDQQR
GHILQLWLLQUHOD]LRQHDOQXPHURGHLSDUWHFLSDQWL
3URJUDPPLGHL&RUVL
%LHQQDOL]]D]LRQH
*OLVWXGHQWLFRQFRUGHUDQQRXQSURJUDPPDSHUVRQDOL]]DWRFKHWHUUjFRQWRGHO
FXUULFXOXPGHJOLVWXGLGHJOLLQWHUHVVLSHUVRQDOLHGHOODFRQRVFHQ]DGLXQDOLQ
JXDVWUDQLHUD
$YYHUWHQ]DSHU WXWWLJOLVWXGHQWL
3HURWWHQHUHODILUPDGLIUHTXHQ]DqREEOLJDWRULRFRPSLODUHODVFKHGDLQIRUPD
WLYD HLOTXHVWLRQDULRG·LQJUHVVR FKHVDUDQQRGLVWULEXLWLDOO·LQL]LRGHOFRUVR
$5&+(2/2*,$ (6725,$ '(//·$57(*5(&$ (520$1$
6FLHQ]H7XULVWLFKH
'RFHQWH$QWRQLR/D0DUFD
,,H,,,SHULRGR
/DVWUXWWXUDGHOFRUVRFRQVWDGLFUHGLWLRUHFRPSOHVVLYH
%LEOLRJUDILD
*%RUD*)LDFFDGRUL$1HJUL$1RYD,OXRJKLGHOO·DUWH6WRULDRSHUH
SHUFRUVL'DOOHRULJLQLDOO·DQWLFKLWjFULVWLDQD(OHFWD%0RQGDWRUL0LOD
QR
0&3DUUD*XLGDDUFKHRORJLFDGHOOD&DODEULD8QLWLQHUDULRWUDPHPRULD
HUHDOWj%DUL
'RVVLHU DFXUDGHOGRFHQWHVXOWHPDWUDWWDWRGXUDQWHLOFRUVR
8QDOHWWXUDDVFHOWDGDFRQFRUGDUHFRQLOGRFHQWHWUDOHVHJXHQWL
5H)(WLHQQH/D*UHFLDDQWLFD$UFKHRORJLDGLXQDVFRSHUWD,8QLYHUVDOH
(OHFWD*DOOLPDUG0LODQR
3**X]]R/D0DJQD*UHFLD,WDOLFLH,WDOLRWL8QLYHUVDOH(OHFWD*DOOLPDUG
0LODQR
5 %LDQFKL %DQGLQHOOL ,QWURGX]LRQH DOO·DUFKHRORJLD /DWHU]D 5RPD%DUL
RVXFFHVVLYHULVWDPSH
$GLQWHJUD]LRQHGHOFRUVRVRQRSUHYLVWL
² 6HPLQDULHGLQFRQWULFRQVSHFLDOLVWL
² 9LVLWHJXLGDWHDPXVHLHDUHHDUFKHRORJLFKHFRQFRUGDWHFRQLGRFHQWLGHOOH
DOWUH GLVFLSOLQH DUFKHRORJLFKH GL 6FLHQ]H 7XULVWLFKH H &RQVHUYD]LRQH GHL
EHQLFXOWXUDOL
3URJUDPPLGHL&RUVL
$YYHUWHQ]D
3HUFKLDULPHQWLVXOSURJUDPPDOLEULGLWHVWRRUDULGLVHPLQDULYLDJJLG·LVWUX
]LRQHJOLVWXGHQWLSRVVRQRULYROJHUVLGLUHWWDPHQWHDOGRFHQWHSUHVVRLO'LSDUWL
PHQWRGL$UFKHRORJLDH6WRULDGHOOHDUWL&XER%WHO
$5&+(2/2*,$ (6725,$ '(//·$57(520$1$
'RFHQWH0DXUL]LR3DROHWWL
,,,SHULRGR
3HUJOLVWXGHQWLGHO&RUVRGLODXUHDLQ&RQVHUYD]LRQHGHL%%&&LQGLUL]]R
DUFKHRORJLFR
0XWXDGD$UFKHRORJLDHVWRULDGHOO·DUWHJUHFDHURPDQD ,PRGXORFUHGLWL
$5&+(2/2*,$ (6725,$ '(//·$57(7$5'2$17,&$
'RFHQWH*LRYDQQL'L6WHIDQR
,9 SHULRGR
,,, $SSURIRQGLPHQWL &LWWj H WHUULWRULR LQ HWj WDUGR DQWLFD OH QHFURSROL
QHOOD &DODEULD VHWWHQWULRQDOH LQ FRPXQH FRQ$UFKHRORJLD &ULVWLDQD H
0HGLHYDOH FLWWj H FDPSDJQD LQ 6LFLOLD OH FLWWj GHO QRUG$IULFD LQ
FRPXQHFRQ$UFKHRORJLDH6WRULDGHOO·DUWHURPDQD
,9 (VHUFLWD]LRQLHOHWWXUH$OFXQLDVSHWWLGLFXOWXUDPDWHULDOHFHUDPLFDHG
DQIRUH
%LEOLRJUDILD
3DUWHLQWURGXWWLYD6%HWWLQL1RWDLQWURGXWWLYDLQ$5LHJO,QGXVWULDDUWLVWLFD
WDUGRURPDQD 6DQVRQL SULPD ULVWDPSD 1RYDUD SS ;;9,,/,
5%LDQFKL %DQGLQHOOL /D FULVL DUWLVWLFD GHOOD ILQH GHO PRQGR DQWLFR LQ
$UFKHRORJLDH&XOWXUD(GLWRUL5LXQLWL5RPDSS$&DUDQ
GLQL /·XOWLPD FLYLOWj VHSROWD R GHO PDVVLPR RJJHWWR GHVXHWR VHFRQGR XQ
DUFKHRORJRLQ6WRULDGL5RPD/·HWjWDUGRDQWLFD ,,,OXRJKLHOHFXOWXUH
(LQDXGL7RULQRSS
3URJUDPPLGHL&RUVL
3DUWHJHQHUDOH5%LDQFKL%DQGLQHOOL5RPD/DILQHGHOO·DUWHDQWLFD 5L]]ROL
0LODQRVFKHGHGHLPRQXPHQWLLQ5%LDQFKL%DQGLQHOOLH07RUHOOL
/·DUWHGHOO·DQWLFKLWjFODVVLFD(WUXULD5RPD 87(77RULQR
$5&+(2/2*,$ 0(',(9$/(
'RFHQWH*LXVHSSH5RPD
,H,,SHULRGR
0XWXDGD$UFKHRORJLD&ULVWLDQD
$5&+,9,67,&$ (6&,(1=($86,/,$5,('(//$ 6725,$
'RFHQWH5REHUWR*XDUDVFL
,H,,SHULRGR
0XWXDGD'RFXPHQWD]LRQH
$5&+,9,67,&$ ,1)250$7,&$
'RFHQWH$5RYHOOD
,,,H,9 SHULRGR
3URJUDPPLGHL&RUVL
,O FRUVR VL SURSRQH GL UHDOL]]DUH XQ LWLQHUDULR IRUPDWLYR FKH SDUWHQGR GDOOH
QR]LRQLIRQGDPHQWDOLGLDUFKLYLVWLFDDWWUDYHUVRO·HVDPHGHOORVFHQDULRQRUPD
WLYRQD]LRQDOHHGHXURSHRDUULYLDOO·DQDOLVLGHOOHSUREOHPDWLFKHWLSLFKHGHOOD
JHVWLRQHLQIRUPDWLFDGHJOLDUFKLYLSXEEOLFLHSULYDWLVWRULFLHFRQWHPSRUDQHL
3DUWH GHOOH OH]LRQL DYUDQQR FDUDWWHUH GL HVHUFLWD]LRQH SUDWLFD ILQDOL]]DWH DOOD
SURJHWWD]LRQHHUHDOL]]D]LRQHGHOOHEDVLGLGDWLGRFXPHQWDOL
/·XOWLPDSDUWHGHOFRUVRVDUjGHGLFDWDDOODULFRVWUX]LRQHGHLIOXVVLGRFXPHQWDOL
QHOOD3XEEOLFD$PPLQLVWUD]LRQH
%LEOLRJUDILD
3&DUXFFL/HIRQWLDUFKLYLVWLFKH2UGLQDPHQWRHFRQVHUYD]LRQH5RPD
3&DUXFFL00HVVLQD0DQXDOHGLDUFKLYLVWLFDSHUO·LPSUHVD 5RPD
'ROODU&$UFKLYLVWLFDHLQIRUPDWLFD/·LPSDWWRGHOOHWHFQRORJLHGHOO·LQIRUPD
]LRQHVXLSULQFLSLHVXLPHWRGLGHOO·DUFKLYLVWLFD0DFHUDWD
63LJOLDSRFR/DJHVWLRQHGHLGRFXPHQWLQHOOHSXEEOLFKHDPPLQLVWUD]LRQLHG
0DJJLROL5LPLQL
' %HDUPDQ0 +HGVWURP 5HLQYHQWLQJ $UFKLYHV IRU (OHFWURQLF 5HFRUGV
$OWHUQDWLYH6HUYLFH'HOLYHU\2SWLRQVLQ $PHULFDQ$UFKLYDO6WXGLHV5HD
GLQJLQWKHRU\DQGSUDFWLFH &KLFDJR
/DJHVWLRQHHOHWWURQLFDGHLGRFXPHQWL
/DRUJDQL]]D]LRQHGHLIOXVVLGRFXPHQWDOLqXQDIDVHFHQWUDOHHVWUDWHJLFDGHO
SURFHVVR GL ULQQRYDPHQWR GHOOD 3XEEOLFD$PPLQLVWUD]LRQH 1RQ VL SRVVRQR
JDUDQWLUH WHPSL FHUWL SHU OR VYROJLPHQWR GHL SURFHGLPHQWL DPPLQLVWUDWLYL VH
QRQVLUHQGRQRYHORFLLSDVVDJJLGHLGRFXPHQWLGDXQXIILFLRDOO·DOWURQRQVL
PHWWRQR LQ UHOD]LRQH L IOXVVL GRFXPHQWDOL FRQ O·DYYLR H O·DYDQ]DPHQWR GHOOH
DWWLYLWjQRQVLDVVLFXUDODFRUUHWWDIRUPD]LRQHGHOO·DUFKLYLR
/H QRUPH SHU ULQQRYDUH OD JHVWLRQH GHL GRFXPHQWL VRQR JLj LQ YLJRUH FRVu
FRPH VRQR GLVSRQLELOL VWUXPHQWL LQIRUPDWLFL DG DOWR FRQWHQXWR WHFQRORJLFR
RFFRUUHSHUzXQ·D]LRQHGLDOWRSURILORFKHLQFLGDFRQWHPSRUDQHDPHQWHVXOFRQ
WHVWRRUJDQL]]DWLYRVXOOHPRGDOLWjGLWUDWWDPHQWRGHLGRFXPHQWLHVXOFRPSOHV
VRWHFQRORJLFR
'XUDQWHLOFRUVRYHUUDQQRWUDWWDWLLVHJXHQWLDUJRPHQWL
*HVWLRQHHOHWWURQLFDGHLGRFXPHQWLDVSHWWLDUFKLYLVWLFLHGRUJDQL]]DWLYL
3URWRFROORLQIRUPDWLFR
*HVWLRQHGHLIOXVVLGRFXPHQWDOLHGHLSURFHGLPHQWLDPPLQLVWUDWLYL
7HFQRORJLH
6RQRLQROWUHSUHYLVWHHVHUFLWD]LRQLLQODERUDWRULR
3URJUDPPLGHL&RUVL
%,%/,2*5$),$ (%,%/,27(&2120,$
'RFHQWH&DUPHOD5HDOH
,H,,SHULRGR
,(VDPH
3URJUDPPD
D /HELEOLRWHFKHLQ,WDOLD6XGGLYLVLRQLHLQFUHPHQWRGHLIRQGLOLEUDUL
3UREOHPLGLFRQVHUYD]LRQHHUHVWDXUR/DFDWDORJD]LRQH,VHUYL]LDO
SXEEOLFR
E 3UREOHPDWLFKHGHOODELEOLRJUDILD&RVWLWX]LRQHHXWLOL]]RGLUHSHUWRUL
ELEOLRJUDILFL
F ,OOLEURDQWLFR
G ,OOLEURGHO&LQTXHFHQWRHGHO6HLFHQWRDVSHWWLHSUREOHPL
7HVWLGLULIHULPHQWR
0 6DQWRUR5 'H 0DJLVWULV /HWWXUD 6FXROD %LEOLRWHFD 5RPD %XO]RQL
ËULFKLHVWRORVWXGLRGHOODSDUWHVHFRQGD
3*:HVWRQ,OFDWDORJRHOHWWURQLFR'DOODELEOLRWHFDFDUWDFHDDOODELEOLRWHFD
GLJLWDOH5RPD&DURFFL
/%DOGDFFKLQL,OOLEURDQWLFR5RPD&DURFFL
0 6DQWRUR 7UD &LQTXH H 6HLFHQWR VWXGL VXO OLEUR 0DQ]LDQD 9HFFKLDUHOOL
,OSURJUDPPDqYDOLGRSHUJOLVWXGHQWLGHO1XRYRHGHO9HFFKLR2UGLQDPHQWR
,,(VDPH
*OLVWXGHQWLFKHLQWHQGDQRVRVWHQHUHXQVHFRQGRHVDPHFRQFRUGHUDQQRLOSUR
JUDPPDFRQODGRFHQWHDLQL]LRGHO,SHULRGR
%,2',5,772
'RFHQWH*LDQ3LHWUR&DODEUz
,SHULRGR
$UJRPHQWRGHOFRUVR
,OFRUVRVLSURSRQHODULFRJQL]LRQHGHLSUREOHPLHWLFLVXVFLWDWLGDOSURJUHVVR
VFLHQWLILFRHWHFQRORJLFRHGHOODVXDULFDGXWDLQFDPSRJLXULGLFR
/HEDVLFXOWXUDOLGHOODELRHWLFD
/DSHUVRQDXPDQDTXDOLWjRHVVHQ]D
/DUHOD]LRQHSHUVRQDFRUSRUHLWj
,SUREOHPLGHOFRQVHQVR
3URJUDPPLGHL&RUVL
/RVWDWXWRGHOO·HPEULRQH
9DORULVXSUHPLHUHJROHOHJDOL
1DVFLWDHPRUWH
%LEOLRJUDILD
%RPSLDQL%HJKq0DULQLDFXUD%LRHWLFDHGLULWWLGHOO·8RPR*LDSSLFKHOOL
7RULQRSDUWH,SS
*3&DODEUz/DJDODVVLDGHLGLULWWL(G0DUFR/XQJUR&RVHQ]DSDUWH
,,SS
3LXQRDVFHOWDWUDLVHJXHQWLWHVWL
/&KLHIILDFXUD%LRHWLFDHGLULWWLGHOO·XRPR7RULQR
)'·$JRVWLQR%LRHWLFD7RULQR
*'DOOD7RUUH/HIURQWLHUHGHOODYLWD(WLFDELRHWLFDHGLULWWR5RPD
&00D]]RQLDFXUD8QDQRUPDJLXULGLFDSHUODELRHWLFD%RORJQD
65RGRWj4XHVWLRQLGLELRHWLFD/DWHU]D5RPD%DUL
*OLVWXGHQWLQRQIUHTXHQWDQWLHSDUWWLPHVRQRWHQXWLDSRUWDUHGXHWHVWLDVFHOWD
WUDTXHOOLVRSUDLQGLFDWL
%,2(7,&$
'RFHQWH%UXQR0RUFDYDOOR
,,,H,9 SHULRGR
$UJRPHQWRGHO,FRUVR,,,SHULRGR
%LRHWLFDHXWLOLWj
%LEOLRJUDILD
(XJHQLR/HFDOGDQR%LRHWLFD/HVFHOWHPRUDOL/DWHU]D5RPD%DUL
-RKQ6WXDUW0LOO/·XWLOLWDULVPR5L]]ROL0LODQR
(XJHQLR/HFDOGDQR(WLFD7($0LODQR
7HVWLFRQVLJOLDWL
)UDQFHVFR)DJLDQL/·XWLOLWDULVPRFODVVLFR%HQWKDP0LOO6LGJZLFN/LJXRUL
1DSROL
3LHUJLRUJLR'RQDWHOOL/DILORVRILDPRUDOH/DWHU]D5RPD%DUL
$UJRPHQWRGHO,,FRUVR,9 SHULRGR
%LRHWLFDTXRWLGLDQDHELRHWLFDGHOODFXUD
3URJUDPPLGHL&RUVL
%LEOLRJUDILD
*LRYDQQL%HUOLQJXHU%LRHWLFDTXRWLGLDQD*LXQWL)LUHQ]H
&DWHULQD%RWWL%LRHWLFDHGHWLFDGHOOHGRQQH5HOD]LRQLDIIHWWLHSRWHUH=DGLJ
0LODQR
50+DUH(VVD\VRQ%LRHWKLFV&ODUHQGRQ3UHVV2[IRUG
7HVWLFRQVLJOLDWL
)UDQFR5HVWDLQR$GULDQD&DYDUHUR/HILORVRILHIHPPLQLVWH3DUDYLD7RULQR
7LWR0DJUL$]LRQLHSDVVLRQL6XLUXROLSUDWLFLGHOOHHPR]LRQLLQ)LORVRILDHG
HPR]LRQLDFXUDGL7LWR0DJUL)HOWULQHOOL0LODQR
*OLVWXGHQWLGHOYHFFKLRRUGLQDPHQWRVHJXLUDQQRHQWUDPELLPRGXOL
(YHQWXDOLYDULD]LRQLGLSURJUDPPDGRYUDQQRHVVHUHFRQFRUGDWHFRQLOGRFHQWH
&,1()2580),/262),&2
5HVSRQVDELOH'*DPEDUDUD
,,,,,,H,9 SHULRGR
&LQHIRUXPILORVRILFRLQFROODERUD]LRQHIUDL&RUVLGL/DXUHDLQ)LORVRILDH)LOR
VRILHHVFLHQ]HGHOODFRPXQLFD]LRQHHGHOODFRQRVFHQ]D
² VXSSRUWRWHFQLFRVFLHQWLILFR/DERUDWRULRLQIRUPDWLFRGLDQDOLVLILORVRILFD
GHOOLQJXDJJLR
² GRFHQWL FRLQYROWL SURIVVD )UDQFHVFD %RQLFDO]L SURI 0DUFHOOR :DOWHU
%UXQRSURI)HOLFH&LPDWWLSURI9LQFHQ]R&RVWDSURI6LOYDQR)DFLRQL
SURI )UDQFHVFR )HUUHWWL SURI 'DQLHOH *DPEDUDUD GRWW 0DUFR 0D]]HR
SURI)DEUL]LR3DORPELSURIVVD5DIIDHOOD3HWULOOLSURIVVD&ODXGLD6WDQFD
WLSURI3DROR9LUQR
$UWLFROD]LRQH GHO SURJHWWR /H WUH VH]LRQL FKH SURSRQLDPR VRQR 0HQWH H
FRUSR/LEHUWjHVFHOWD,QGLYLGXRHSROLWLFD2JQLILOPVDUHEEHSUHFHGXWRGD
XQDSUHVHQWD]LRQHFULWLFD²GDSDUWHGLXQGRFHQWHGLXQRGHLGXH&RUVLGL/DX
UHDFRLQYROWLRGLXQRVSLWHHVWHUQRVHHTXDQGRSRVVLELOHXQDSHUVRQDOLWjGHO
PRQGRFLYLOHGLUHWWDPHQWHFRLQYROWDQHOODWHPDWLFDUDSSUHVHQWDWDGDOILOPLQ
TXHVWLRQH²GHOILOPVHJXLWDGDOODVXDSURLH]LRQHHGLQILQHGDDWWLYLWjGLDQDOLVL
SRVVLELOPHQWHDQFKHPHGLDQWHODVWHVXUDGLUHOD]LRQLVFULWWHGHOILOPGDSDUWH
GHJOLVWXGHQWLSHUFLDVFXQDVH]LRQHVDUDQQRSURSRVWLTXDWWURILOPV/HVH]LRQL
VRQR
3URJUDPPLGHL&RUVL
0HQWHHFRUSR
/LEHUWjHVFHOWD
,QGLYLGXRHSROLWLFD
3HULRGRGLUHDOL]]D]LRQHGHOSURJHWWRRJQLJUXSSRWHPDWLFRYHUUjSUHVHQWDWR
LQ XQR GHL VHJXHQWL WUH SHULRGL GL LQVHJQDPHQWR GLFHPEUHJHQQDLR PDU]R
DSULOHPDJJLRJLXJQR
&,1(0$72*5$),$ '2&80(17$5,$
'RFHQWH &HVDUH3LWWR
,9 SHULRGR
3HUJOLVWXGHQWLGHO&RUVRGLODXUHDLQ'$06
0RGXOR$&)8
3UHVHQWD]LRQHGHOFRUVR
,O FRUVR VYLOXSSHUj XQ PRGXOR GL &LQHPDWRJUDILD GRFXPHQWDULD XWLOH SHU OD
FRQRVFHQ]DGHOODGRFXPHQWDULVWLFDLWDOLDQDHSHUOHSHFXOLDULWjGHOFLQHPDWR
JUDILDHWQRJUDILFDFRPHDVSHWWRSUHPLQHQWHGHOODFLQHPDWRJUDILDGRFXPHQWDULD
HSHUO·HODERUD]LRQHGLVSHFLILFLOLQJXDJJLGLULFHUFD
2ELHWWLYL
,OPRGXORVYLOXSSHUjEUHYHPHQWHXQDULFRJQL]LRQHVXOODVWRULDGHJOLVWXGLH
VXOOHUHDOL]]D]LRQLSLLPSRUWDQWLGHOODFLQHPDWRJUDILDVFLHQWLILFD/HDWWL
YLWjGLGDWWLFKHFRQVLVWHUDQQRLQOH]LRQLIURQWDOLFRUVLVHPLQDUL]]DWLHGHVHU
FLWD]LRQLFRQODYLVLRQHGLILOPXQRVWDJHGLPRQWDJJLRVXOO·XOWLPDSURGX
]LRQHGHO&HQWUR5DGLRWHOHYLVLYRLQFROODERUD]LRQHFRQLO&HQWUR,QWHUQD
]LRQDOH GL (WQRVWRULD GL 3DOHUPR GHO YLGHRGRFXPHQWDULR «HSSXUH PL
DSSDUYHLOVLJQRUHGL3DOHUPRODFLWWjGL3LWUp SUHPLRGHOOD*LXULD3DOHU
PR
6DUDQQRVYROWHHVHUFLWD]LRQLVXOODVWHVXUDGHOORVWRU\ERDUGVXOOHWHFQLFKH
GLULSUHVDHVXLSURFHVVLGLSRVWSURGX]LRQHFRQVLVWHPLGLPRQWDJJLRQRQ
OLQHDUH
%LEOLRJUDILD
6LFRQVLJOLDODOHWWXUDGHLVHJXHQWLYROXPL
5RGROIR 7ULWDSHSH 'L]LRQDULR GHO FLQHPD /H SDUROH GHO FLQHPD *UHPHVH
(GLWRUH,6%19LDOHGHL&ROOL3RUWXHQVL5RPD
3URJUDPPLGHL&RUVL
/XLJL0/RPEDUGL6DWULDQL/DVWDQ]DGHJOLVSHFFKL0HOWHPL5RPD,6%1
;
'RPHQLFR)HUUDURDFXUDGL7UDPDJLDHUHDOWj,O0HULGLRQHQHOO·RSHUDFLQH
PDWRJUDILFD GL /XLJL 'L *LDQQL 6TXLOLEUL (GLWRUH 5RPD
9LGHR
&RQVXOWD]LRQHREEOLJDWRULDSUHVVRLO&HQWUR5DGLR7HOHYLVLYR
9LWWRULRGH6HWD/XWHPSXGHOLSLVFLVSDWD
/XLJL'L*LDQQL0DJLDOXFDQD
&HVDUH3LWWR6WURPERODQLGL6WURPEROL
1RL7DEDUNLQL«
1XQDWVLDT /DWHUUDPHUDYLJOLRVD
4XYLDVXWLJLYDVVL1XQDYXW &RQJUDWXOD]LRQL1XQDYXW
«HSSXUHPLDSSDUYHLOSDGURQHGL3DOHUPR/DFLWWjGL3LWUp
0DULR %RORJQDUL ,O SRSROR GHOO·DOEHUR JOL +DLGD GHOOH 4XHHQ &KDUORWWH
,VODQGV
3DROR4XDUHJQD'DQFLQJ1RUWK
5R\DO%DQN·VHG 0LOHVWRQHVWRWKH)XWXUH
9LQFHQ]R5RPDQR5DJD]]LGHOOD/XQD´VWRULDGLXQDFRUVDYHUVRODYLWDµ
&153RODUQHW
*LRYDQQL6ROH/DJLRUQDWDGL<RXVVHI
/D/H]LRQH
,OPRGXORVLFRQFOXGHUjFRQXQFROORTXLRYDOXWDWLYRILQDOHVFULWWRRUDOHFKH
SRWUjHVVHUHDIIURQWDWRFRQODUHDOL]]D]LRQHGLXQ·DWWLYLWjGLODERUDWRULRFRQVL
VWHQWHLQXQDVFKHGDILOPLFDVXXQDWHPDWLFDFRQFRUGDWDHYHQWXDOPHQWHFRUUH
GDWDGDXQRVSRW
&RUVRDQQXDOH9HFFKLR2UGLQDPHQWR
*OL VWXGHQWL FKH KDQQR LQVHULWR QHO SLDQR GL VWXGL TXHVWD GLVFLSOLQD VHFRQGR
TXDQWRSUHYLVWRGDO9HFFKLR2UGLQDPHQWRGHYRQRVYROJHUHXQFRUVRG·LQVHJQD
PHQWRDQQXDOHFUHGLWLSHUFXLGRYUDQQRSULPDIUHTXHQWDUHLOPRGXOR%
FUHGLWLGL$QWURSRORJLDFXOWXUDOH,, SHULRGRHLQVHJXLWRIUHTXHQWDUHLOSUH
VHQWHPRGXORFUHGLWLQHO,9 SHULRGR7XWWLJOLVWXGHQWLGHO9HFFKLR2UGLQD
PHQWR VRQR WHQXWL REEOLJDWRULDPHQWH D SUHQGHUH FRQWDWWR FRQ OD FDWWHGUD GL
$QWURSRORJLDFXOWXUDOH,3URI&HVDUH3LWWRSHULVFULYHUVLDLGXHPRGXOLH
FRQFRUGDUHO·LQWHURSURJUDPPD
3URJUDPPLGHL&RUVL
',$/(77,$/%$1(6,'(//·,7$/,$ 0(5,',21$/(
9HFFKLRRUGLQDPHQWR
'RFHQWH*LRYDQQL0*%HOOXVFLR
,,,H,9 SHULRGR
3DUWHLVWLWX]LRQDOH
,QWURGX]LRQHHFHQQLGLVWRULDGHOODGLDOHWWRORJLD6XLFRQFHWWLGLOLQJXDNRLQq
GLDOHWWRSDUODWDLGLROHWWRVRFLROHWWRDFFHQWRHFF
/DGLDOHWWRORJLDDOEDQHVHVWRULDVYLOXSSRVWDWRDWWXDOHGHOO·DUWH(YROX]LRQH
VWRULFDHRULJLQHGHOODVXGGLYLVLRQHGLDOHWWDOHLQ$OEDQLDLOJKHJR HLOWRVFR
3ULQFLSDOLSDUWLFRODULWjIRQHWLFKHIRQRORJLFKHPRUIRORJLFKHHVLQWDWWLFKHGHL
GXHJUXSSLGLDOHWWDOL
,GLDOHWWLDOEDQHVLGHOO·,WDOLDPHULGLRQDOHFRPHEUDQFDGHOODGLDOHWWRORJLDDOED
QHVH1DVFLWDHVWRULDGHOODGLDOHWWRORJLDLWDORDOEDQHVHHVXRLUHFHQWLVYLOXSSL
6WRULDOLQJXLVWLFDHVWUXWWXUDGLDOHWWDOHGHOO·DOEDQHVHG·,WDOLD
&ODVVLILFD]LRQH GHOOH SDUODWH DOEDQHVL G·,WDOLD FULWHUL FODVVLILFDWRUL WLSRORJLD
GLDOHWWDOHLVRIRQHLVRJORVVHLVROHVVLHFF
*OL DVSHWWL OLQJXLVWLFL GHOOH SDUODWH DOEDQHVL G·,WDOLD IRQHWLFD H IRQRORJLD
PRUIRORJLDVLQWDVVL/DVWUXWWXUDOHVVLFDOHOHVVLFRRULJLQDULRHOHVVLFRPXWXDWR
GDOODWLQRGDOJUHFRGDOO·LWDOLDQRHGDDOWUHOLQJXH/DVLWXD]LRQHVRFLROLQJXL
VWLFDRGLHUQDQHOOHFRPXQLWjDOEDQHVLG·,WDOLDELOLQJXLVPRHRGLJORVVLD"
/H SDUODWH DOEDQHVL G·,WDOLD QHJOL$WODQWL OLQJXLVWLFL$,6$/, H$/(
$WODVL 'LDOHNWRORJMLN L *MXKsV 6KTLSH $'*-6+ LO SURJHWWR GHOO·$WODQWH
/LQJXLVWLFRGHOO·$OEDQHVHG·,WDOLD$/$,
/H SDUODWH DOEDQHVL G·,WDOLD H OH QXRYH WHFQRORJLH FRQFRUGDQ]H HOHWWURQLFKH
LQGLFLOHVVLFDOLWKHVDXULDWODQWLLQIRUPDWL]]DWLSURGRWWLPXOWLPHGLDOL
3DUWHPRQRJUDILFD
/HSDUODWH$0.$UEHULVFL0HGL &DODEUL HGLOFRQWULEXWRGL*LXVHSSH7
*DQJDOH
(VHUFLWD]LRQL
,OFRUVRVDUjLQWHJUDWRGDD DVFROWRLQWHUSUHWD]LRQHHWUDVFUL]LRQHRUWRJUDILFD
HIRQHWLFDGLEUDQLUHJLVWUDWLGLYDULHSDUODWHDUEsUHVKHHGDOORURULFRQRVFLPHQ
WRWUDPLWHOHFDUDWWHULVWLFKHPRUIRIRQRORJLFKHE YHULILFDVWUXPHQWDOHGLDOFX
QHSDUWLFRODULWjIRQHWLFKHGHOOHSDUODWH$0.F XQDLQGDJLQHGLDOHWWRORJLFDVXO
FDPSRQHOODFRPXQLWjDUEsUHVKHGL*KDUUDID &DUDIIDGL&DWDQ]DUR
%LEOLRJUDILD
)$OWLPDULH/06DYRLDDFXUDGL,GLDOHWWLLWDORDOEDQHVLVWXGLOLQJXLVWLFLH
VWRULFRFXOWXUDOLVXOOHFRPXQLWjDUEsUHVKH%XO]RQL5RPD
3URJUDPPLGHL&RUVL
%LEOLRJUDILDLQWHJUDWLYDDUWLFROLPDQRVFULWWLFDUWHGLDOHWWDOLWDEHOOHDOIDEHWL
HFFVDUjGLVWULEXLWDGXUDQWHORVYROJLPHQWRGHOFRUVR
&RQJOLVWXGHQWLELHQQDOLVWLVLFRQFRUGHUjXQSURJUDPPDSHUVRQDOL]]DWRGLWLSR
PRQRJUDILFR
','$77,&$ '(//$ ),/262),$
'RFHQWH3LR&RORQQHOOR
,,H,,,SHULRGR
3HUJOLVWXGHQWLGHOQXRYRRUGLQDPHQWRRUH,,SHULRGR
SHUJOLVWXGHQWLGHOYHFFKLRRUGLQDPHQWRRUH,,SHULRGRRUH,,,SHULRGR
$UJRPHQWRGHOFRUVR
,O&RUVRFRQVLVWHLQXQ0RGXORLVWLWX]LRQDOHHLQXQ0RGXORPRQRJUDILFRSHU
XQWRWDOHGLRUH
6HILORVRILDHPHWRGRVRQRGDFRQVLGHUDUHVWUHWWDPHQWHLQWHUGLSHQGHQWLRFFRUUH
DOORUDLQGLYLGXDUHODVSHFLILFLWjGHOQHVVRWUDODULFHUFDHODVXDWUDVPLVVLRQH/D
'LGDWWLFD GHOOD ILORVRILD DQ]LFKp SRUVL FRPH VWXGLR GHOOH FRQGL]LRQL FRPXQL
FKHIDFLOLWDQRO·DSSURFFLRDOODILORVRILDVLVSHFLDOL]]DSLXWWRVWRQHOO·DQDOLVLGHO
FRPHHFKHFRVDVLSRVVDHVLGHEEDLQVHJQDUHWUDVPHWWHUHDOO·LQWHUQRGLXQR
VSHFLILFRVHWWRUHGLVFLSOLQDUHFRQVLGHUDQGRQHLIRQGDPHQWLJLXVWLILFDQGRLOVXR
VWHVVRGLVFRUVRVFRSUHQGRQHFRVuODILORVRILFLWj,OSUHVHQWH&RUVRGL'LGDWWLFD
GHOODILORVRILDLQWHQGHDSSXQWRLQWHUURJDUVLVXOODVSHFLILFLWjGHOODGLVFLSOLQDLQ
RJJHWWRHGXQTXHVXOODTXHVWLRQHGHOODWUDVPLVVLRQHILORVRILFDGHOVDSHUH
,OPRGXORLVWLWX]LRQDOHLQWHQGHULVSRQGHUHDOO·LQWHUURJDWLYRDWWUDYHUVRO·DQDOLVLGL
DOFXQLPRPHQWLFHQWUDOLQHOODFRVWLWX]LRQHWUDVPLVVLRQHGHOGLVFRUVRILORVRILFR
ODSRVVLELOLWjGHOODWUDVPLVVLRQHGHOVDSHUHRJJLGLIURQWHDOODFULVLGHOODFLYLOWj
WHFQRORJLFDLOPRGXORPRQRJUDILFRHVDPLQDQHOORVSHFLILFRWDOXQHFDWHJRULH
GHOOD FRPSUHQVLRQH H GHOOD WUDVPLVVLRQH ILORVRILFD GHOOH LGHH FRPH TXHOOH GL
WHPSRUDOLWjHGLVWRULFLWjLQDOFXQHHVSHULHQ]HGLSHQVLHURQRYHFHQWHVFKH
&RUVRLVWLWX]LRQDOH RUH,,SHULRGR
,OPRGXORqFRPXQHDJOL6WXGHQWLGHOQXRYRHGHOYHFFKLRRUGLQDPHQWR
(VVRKDO·RELHWWLYRGLFRQILJXUDUHO·RUL]]RQWHJHQHUDOHGHO&RUVR
3URJUDPPLGHL&RUVL
)LORVRILDHGLGDWWLFDGHOODILORVRILD
/DWUDGL]LRQHILORVRILFDHODWUDVPLVVLRQHGHOOHLGHH
,OSDUDGRVVRGHOODILORVRILDWHRUHWLFDHODFULVLGHOODFLYLOWjWHFQRORJLFD
,OGLVFRUVRILORVRILFRHODTXHVWLRQHGHOODWHFQLFDRJJL
%LEOLRJUDILD
&DUOR6LQL)LORVRILDWHRUHWLFD-DFD%RRN0LODQR
0+HLGHJJHU/DTXHVWLRQHGHOODWHFQLFDLQ 6DJJLHGLVFRUVL0XUVLD0LODQR
,G&RVWUXLUHDELWDUHSHQVDUHLQ6DJJLHGLVFRUVLRSFLW
7HVWRFRQVLJOLDWR
)DFROWDWLYRSHULIUHTXHQWDQWLREEOLJDWRULRSHULQRQIUHTXHQWDQWL
(0D]]DUHOOD7HFQLFDHPHWDILVLFD6DJJLRVX+HLGHJJHU*XLGD1DSROL
&RUVRPRQRJUDILFR RUH,,,SHULRGR
,OPRGXORqGLUHWWRDJOLVWXGHQWLGHOYHFFKLRRUGLQDPHQWRHGqIDFROWDWLYRSHU
JOLVWXGHQWLGHO,,DQQRQXRYRRUGLQDPHQWR
(VVRLQWHQGHLQWHUURJDUHDOFXQLOXRJKLGHOODWUDVPLVVLRQHGHOVDSHUHODTXHVWLR
QHGHOODGHILQL]LRQHGHOODFDWHJRULHGLWHPSRUDOLWjHGLVWRULFLWjDSDUWLUHGDOO·R
UL]]RQWHGHOSHQVLHURQRYHFHQWHVFR
7HPSRUDOLWjHVWRULFLWjQHOODWUDGL]LRQHILORVRILFD
0RGHOOLGHOODWHPSRUDOLWjVWRULFLWjQHO1RYHFHQWR
7HPSRUDOLWjHGHVLVWHQ]D
6WRULFLWjHGHVLVWHQ]D
%LEOLRJUDILD
0GH8QDPXQR'HOVHQWLPHQWRWUDJLFRGHOODYLWDQHJOLXRPLQLHQHLSRSROL
WUDGLWDOLDQDHG3LHPPH&DVDOH0RQIHUUDWR
.-DVSHUV/DILORVRILDGHOO·HVLVWHQ]D/DWHU]D5RPD%DUL
','$77,&$ '(//$ /,1*8$ ,7$/,$1$
'RFHQWH&ULVWLQD3LYD
,,H,,,SHULRGR
0XWXDGD'LGDWWLFDGHOOHOLQJXHVWUDQLHUHPRGHUQH YHFFKLRRUGLQDPHQWR
','$77,&$ '(//(/,1*8(675$1,(5(02'(51(
'RFHQWH&ULVWLQD3LYD
,,H,,,SHULRGR
3URJUDPPLGHL&RUVL
%LEOLRJUDILD
*%HUUXWR&RUVRHOHPHQWDUHGLOLQJXLVWLFDJHQHUDOH87(77RULQR
$'H0DUFRDFXUDGL0DQXDOHGLJORWWRGLGDWWLFD&DURFFL5RPD
&%HWWRQL,PSDUDUHXQ·DOWUDOLQJXD/DWHU]D5RPD%DUL
%LEOLRJUDILD
'1HWWOH65RPDLQH 9RFLGHOVLOHQ]LR&DURFFL5RPD
'/DUVHQ)UHHPDQ0/RQJ$Q,QWURGXFWLRQWR6HFRQG/DQJXDJH$FTXLVL
WLRQ5HVHDUFK/RQJPDQ/RQGRQFDSLWROLGDFRQFRUGDUH
8OWHULRULOHWWXUHVDUDQQRLQGLFDWHGXUDQWHLOFRUVR
&UHGLWLHPRGDOLWjG·HVDPH
$OODILQHGLFLDVFXQPRGXORVDUjVRPPLQLVWUDWRXQWHVWVXLFRQWHQXWLVSHFLILFL
SUHVHQWDWLQHOFRUVR,OVXSHUDPHQWRGHOWHVWFRPSRUWDO·DFFUHGLWDPHQWRGLTXHO
VHJPHQWR IRUPDWLYR 8Q WHVW LQVXIILFLHQWH R PDQFDWR YD UHFXSHUDWR FRQ XQD
SURYDRUDOHVXTXHLFRQWHQXWLVSHFLILFL
,OVXSHUDPHQWRGHOPRGXOR%LQROWUHFRPSRUWDO·HODERUD]LRQHGLXQDULFHUFD
LQGLYLGXDOHFRQGRWWDVRWWRODVXSHUYLVLRQHGHOODGRFHQWHVXWHPDWLFKHLQGLYL
GXDWHGXUDQWHLOFRUVR
6WXGHQWLHVVHLVFULWWLVHFRQGRLOYHFFKLRRUGLQDPHQWR GRYUDQQRIUHTXHQWDUHL
PRGXOLFRQVHJXHQGRQHLUHODWLYL&)8QHOFRUVRGLXQXQLFRDQQRDFFDGHPLFR
6WXGHQWLHVVH LVFULWWL VHFRQGR LO QXRYR RUGLQDPHQWR SRWUDQQR IUHTXHQWDUH L
GXH PRGXOL FRQVHJXHQGRQH L UHODWLYL &)8 LQ DQQL DFFDGHPLFL GLYHUVL LO
VXSHUDPHQWRGHOPRGXOR$ VDUjFRPXQTXHSURSHGHXWLFRDOVXSHUDPHQWRGHO
PRGXOR%
3URJUDPPLGHL&RUVL
','$77,&$ '(//(/,1*8(675$1,(5(02'(51(
'RFHQWH(GYLJH&RVWDQ]R
,H,,SHULRGR
'XUDWDGHOPRGXOR RUHGLOH]LRQH
/LQJXHVWUDQLHUHHDSSUHQGLPHQWRRUH
3URFHVVRGLDSSUHQGLPHQWR
6WLOLFRJQLWLYLHVWUDWHJLHGLDSSUHQGLPHQWR
6LVWHPDLQWHUPHGLRHDQDOLVLGHOO·HUURUH
/LQJXDHFRPXQLFD]LRQHRUH
&RPSRQHQWLGHOODFRPXQLFD]LRQH
6LWXD]LRQHGLFRPXQLFD]LRQHHLQWHUD]LRQH
&RPSHWHQ]DOLQJXLVWLFDHFRPSHWHQ]DFRPXQLFDWLYD
(YROX]LRQHPHWRGRORJLFDRUH
'DOOD PHWRGRORJLD GLUHWWD D TXHOOD VWUXWWXURJOREDOHDXGLRYLVLYD
6*$9 GHOODSULPDJHQHUD]LRQH
'DOOD PHWRGRORJLD 6*$9 GL VHFRQGD JHQHUD]LRQL DJOL DSSURFFL
FRPXQLFDWLYL
'DJOLDSSURFFLFRJQLWLYLDOFRPXQLFDWLYRFRJQLWLYR
/HPHWRGRORJLHQRQFRQYHQ]LRQDOL
/HTXDWWURDELOLWjHODULIOHVVLRQHVXOODOLQJXDRUH
'LGDWWLFDGHOO·RUDOHFRPSUHQVLRQHSURGX]LRQHLQWHUD]LRQH
'LGDWWLFDGHOORVFULWWROHWWXUDFRPHLQWHUD]LRQHVFULWWXUDVXPDWUL
FLGLVFRUVLYHVFULWWXUDFUHDWLYD
/DJUDPPDWLFDHLOSUREOHPDGHJOLHVHUFL]L
'LGDWWLFDGHOODFLYLOWjHLQWHUFXOWXUDRUH
8VRGHLGRFXPHQWLDXWHQWLFL
,GLYHUVLDSSURFFLVRFLRORJLFRVHPLRORJLFRDQWURSRORJLFR«
%LEOLRJUDILD
2OWUHDOOHGLVSHQVHDFXUDGHOO·LQVHJQDQWHqGDFRQVLGHUDUHFRPHULIHULPHQWRLO
WHVWRGHO&RQVLJOLRG·(XURSD4XDGUR&RPXQH(XURSHRGLULIHULPHQWRSHUOH
OLQJXHQHOODWUDGX]LRQHLWDOLDQDGL)4XDUWDSHOOHH'%HUWRFFKL/D1XRYD,WD
OLD2[IRUG
3URYHG·HVDPH
&RQVLVWHUDQQRLQXQDSURYDVFULWWDFRPSRUWDQWHTXHVLWLDULVSRVWDDSHUWD8QD
3URJUDPPLGHL&RUVL
SURYDLQWHJUDWLYDRUDOHVDUjSRVVLELOHSHUPRGLILFDUHODYDOXWD]LRQHTXDORUDOR
VWXGHQWHQRQODULWHQJDVRGGLVIDFHQWH
','$77,&$ *(1(5$/(
'RFHQWH&DUPHOR3LX
,H,,SHULRGR
&RUVRGLODXUHDLQ6FLHQ]HGHOO·HGXFD]LRQH
1XRYRRUGLQDPHQWR,$QQR,SHULRGRRUH
3DUWHLVWLWX]LRQDOH RUH
,OSURFHVVRGLGDWWLFRWUDULFHUFDRUJDQL]]D]LRQHHFRQWUROOR
6FLHQWLILFLWjGHOODGLGDWWLFD*OLLQGLFDWRULGLVFLHQWLILFLWj/HILQDOLWjVXOSLDQR
HSLVWHPRORJLFR H VX TXHOOR SUDVVHRORJLFR$PELWL H FRQWHVWL GHOOD GLGDWWLFD
'LGDWWLFD DSSUHQGLPHQWR H LQVHJQDPHQWR 'LGDWWLFD JHQHUDOH H GLGDWWLFKH
GLVFLSOLQDUL 2UJDQL]]D]LRQH GHO SURFHVVR SURJHWWD]LRQH H SURJUDPPD]LRQH
3URJHWWD]LRQHGHJOLDPELHQWLGLDSSUHQGLPHQWR'DOFRQWUROORDOODUHJROD]LRQH
,VWUX]LRQHLQGLYLGXDOL]]DWDPDVWHU\OHDUQLQJ
3DUWHPRQRJUDILFD RUH
5LIRUPDVFRODVWLFDHQXRYLVFHQDULGHOODIRUPD]LRQH
1XRYRFRQFHWWRGLIRUPD]LRQH6DSHULHFRPSHWHQ]H/DFXOWXUDGHOO·RULHQWD
PHQWR $XWRQRPLD VFRODVWLFD H FXUULFROR 3URJUDPPD SURJUDPPD]LRQH H
SLDQRGHOO·RIIHUWDIRUPDWLYD/DSURIHVVLRQDOLWjGHOO·RSHUDWRUHVFRODVWLFRHWHU
ULWRULDOH'LGDWWLFDODERUDWRULDOHHFRQWHVWLGLVLPXOD]LRQH
%LEOLRJUDILD
3HUODSDUWHLVWLWX]LRQDOH
2EEOLJDWRULR'LVSHQVHIRUQLWHGXUDQWHLOFRUVR
&3LX 'LGDWWLFDJHQHUDOH(VHPSLGLPRGXOL,RQLDHGLWULFH&RVHQ]D
$VFHOWDXQRGHLVHJXHQWLWHVWL
))UDEERQL 'LGDWWLFDJHQHUDOH0RQGDGRUL0LODQR
$&DOYDQL(OHPHQWLGLGLGDWWLFD&DURFFL5RPD
&7RUQDU ,OSURFHVVRGLGDWWLFRWUDRUJDQL]]D]LRQHHFRQWUROOR0RQROLWHHGL
WULFH5RPD
3HUODSDUWHPRQRJUDILFD
2EEOLJDWRULR
&3LX$XWRQRPLDVFRODVWLFDXQ·LGHQWLWjGDULFHUFDUH(GL]LRQL6FLHQWLILFKH
0D*L5RPDVLQRDOFDSLWROR9,,LQFOXVR
3URJUDPPLGHL&RUVL
$3LX)RUPD]LRQHHVLPXOD]LRQH0RQROLWHHGLWULFH5RPD
,,$QQR,,SHULRGRRUH
3DUWHLVWLWX]LRQDOH RUH
$UJRPHQWRGHOFRUVR
,OSURFHVVRGLGDWWLFRWUDULFHUFDRUJDQL]]D]LRQHHFRQWUROOR
$PELWLHFRQWHVWLGHOODGLGDWWLFDLQVHJQDPHQWRLVWUX]LRQHDSSUHQGLPHQWRHGX
FD]LRQH IRUPD]LRQH 'LGDWWLFD H SURFHVVR GL LQVHJQDPHQWRDSSUHQGLPHQWR
0HWRGRORJLD GHOOD ULFHUFD ULFHUFDLQWHUYHQWR ULFHUFDD]LRQH VSHULPHQWD]LRQH
PHWRGRFOLQLFR2UJDQL]]D]LRQHGHOSURFHVVRXQLWjGLGDWWLFDSURJHWWRGLGDWWLFR
PRGXORGLVFLSOLQDUHPRGXORWUDVYHUVDOH3URJHWWD]LRQHGHJOLDPELHQWLPXOWLPH
GLDOLGLDSSUHQGLPHQWRODVLPXOD]LRQH&RQRVFHQ]DGHOFRQWHVWRHDXWRYDOXWD
]LRQHGHOSURFHVVR,IDFLOLWDWRULGLDSSUHQGLPHQWRODWDVNDQDO\VLV
3DUWHPRQRJUDILFD RUH
1XRYLVFHQDULGHOODIRUPD]LRQH
,UDSSRUWL)DXUH&UHVVRQH'HORUVVXOO·HGXFD]LRQH/DGLVSHUVLRQHIRUPDWLYDH
LQXRYLDOIDEHWL0DWHULHGLVFLSOLQHHVDSHUL2EEOLJRVFRODVWLFRHREEOLJRIRU
PDWLYR/·RSHUDWRUHHGXFDWLYRWHUULWRULDOH*OLVWUXPHQWLGHOODULFHUFDLOPHWR
GRRVVHUYDWLYLO·LQWHUYLVWDLWHVWHLOTXHVWLRQDULR/DVLPXOD]LRQH
6HPLQDULHODERUDWRULRUH
$SSURIRQGLPHQWRGLWHPDWLFKH
%LEOLRJUDILD
3HUODSDUWHLVWLWX]LRQDOH
2EEOLJDWRULR'LVSHQVHIRUQLWHGXUDQWHLOFRUVR
&3LX$XWRQRPLDVFRODVWLFDXQ·LGHQWLWjGDULFHUFDUH(GL]LRQL6FLHQWLILFKH
0D*L5RPDFDSLWROL9,,,,;;;,
$ VFHOWDXQWHVWRWUDTXHOOLFKHYHUUDQQRFRQVLJOLDWLGXUDQWHLOFRUVR
3HUODSDUWHPRQRJUDILFD
2EEOLJDWRULR
$3LX)RUPD]LRQHHVLPXOD]LRQH0RQROLWHHGLWULFH5RPD
$ VFHOWDXQWHVWRFKHYHUUjFRQVLJOLDWRGXUDQWHLO&RUVR
',5,772'(//· ,1)250$=,21(('(//$ &2081,&$=,21(
'RFHQWH0DULR6SDJQXROR
,,,H,9 SHULRGR
3URJUDPPLGHL&RUVL
$UJRPHQWRGHOFRUVR
/·LQGLYLGXRQHOOD6RFLHWjGHOODFRPXQLFD]LRQHSUREOHPDWLFKHJHQHUDOLL
SULQFLSLFRVWLWX]LRQDOLODOHJLVOD]LRQHGLULIHULPHQWR
/HDXWRULW\LOFRQFHWWRGL$XWRULWjO·DXWRULW\SHUODUDGLRWHOHYLVLRQHO·HGL
WRULDSHUODWXWHODGHOOD3ULYDF\SHUODJHVWLRQHGHOSURFHVVRGLLQIRUPD]LR
QHGHOOD3$SHUODWXWHODGHOODFRQFRUUHQ]DHGHOOLEHURPHUFDWR/DOHJLVOD
]LRQHGLULIHULPHQWR
,OGRFXPHQWRLQIRUPDWLFRODWXWHODSHQDOHGHOGRFXPHQWRLQIRUPDWLFR/H
IRQWLQRUPDWLYH/DFULWWD]LRQHGHOGRFXPHQWR/DJHVWLRQHGHIOXVVLGRFX
PHQWDOLHGHOODRUJDQL]]D]LRQHGHOODYRURQHOOD3$,OSURWRFROORLQIRUPDWL
FRHODFUWDGLLGHQWLWjHOHWWURQLFD
,O FRPPHUFLR HOHWWURQLFR IRQWL QRUPDWLYH OD WUDVIRUPD]LRQH GHL UDSSRUWL
VRFLDOLFRQODXWLOL]]D]LRQHGHOFRPPHUFLRHOHWWURQLFR/DJOREDOL]]D]LRQH
GHLUDSSRUWLHFRQRPLFL
/DULYROX]LRQHPXOWLPHGLDOHQXRYLHYHFFKLVWUXPHQWLGLFRPXQLFD]LRQH
/DOHJLVOD]LRQHVXOO·HGLWRULDHODWHOHFRPXQLFD]LRQH
,QWHUQHWHF\EHUQDYLJD]LRQHLOYLOODJJLRJOREDOH
/DGHPRFUD]LDQHOODVRFLHWjLQIRUPDWLFD
/DGLIHVDGHOOHFDWHJRULHGHEROLODSHUVRQDOLWjJLRYDQLOHGLIURQWHDLPDVV
PHGLDOHOLPLWD]LRQLSXEEOLFLWDULHLGLYLHWLGLGLVFULPLQD]LRQH
'2&80(17$=,21(
'RFHQWH5REHUWR*XDUDVFL
,H,,SHULRGR
0XWXDGD$UFKLYLVWLFD
,OFRUVRqRUJDQL]]DWRLQWUHPRGXOL
$UFKLYLVWLFDJHQHUDOH RUHSHUJOLVWXGHQWLGLWXWWLLFRUVLGLODXUHDFKH
VLDQRLVFULWWLDOSULPRDQQRGLFRUVRRFKHQRQDEELDQRJLjVRVWHQXWRO·HVD
PHGL$UFKLYLVWLFDQHJOLDQQLSUHFHGHQWL
² ,QWURGX]LRQHVXOODVWRULDGHOODVFULWWXUDHGHOOHPDWHULHVFULWWRULH
² ,QWURGX]LRQHDJOLHOHPHQWLJHQHUDOLGHOODGLVFLSOLQD
² 5LRUGLQDPHQWRHLQYHQWDULD]LRQHGLXQIRQGRDUFKLYLVWLFR
² /HJLVOD]LRQHDUFKLYLVWLFD
3URJUDPPLGHL&RUVL
² (OHPHQWLGL'RFXPHQWD]LRQHHJHVWLRQHGHOOHLQIRUPD]LRQL
² &ODVVLILFD]LRQHHLQGLFL]]D]LRQH
² 'DOOD'RFXPHQWD]LRQHDO.QRZOHGJHPDQDJHPHQW
² /HJLVOD]LRQHVXOODGRFXPHQWD]LRQHHOHWWURQLFDHGLGRFXPHQWLQRQFDUWDFHL
(VHUFLWD]LRQLGL'RFXPHQWD]LRQH RUHGLDWWLYLWjSUDWLFKHHGLODERUDWR
ULRSHUWXWWLJOLVWXGHQWLGLWXWWLLFRUVLGLODXUHD
² $WWLYLWjSUDWLFKHGLFODVVLILFD]LRQHLQGLFL]]D]LRQHHFRVWUX]LRQHGL7KHVDXUL
,O FRUVR q D IUHTXHQ]D REEOLJDWRULD OH]LRQL SL HVHUFLWD]LRQL 1RQ VDUDQQR
DPPHVVLDVRVWHQHUHO·HVDPHFRORURLTXDOLQRQULVXOWHUDQQRSUHVHQWLDGDOPHQR
LOGHOOHOH]LRQL
(YHQWXDOLELHQQDOL]]D]LRQLYDQQRSUHYHQWLYDPHQWHFRQFRUGDWHFRQLOGRFHQWH
3URYDG·HVDPH
/DSURYDGLHVDPHFRQVWDGLXQWHVWDULVSRVWDPXOWLSODSULYRGLYRWRPDSUR
SHGHXWLFRDOODSURYDRUDOHHGLXQFROORTXLRRUDOH1RQqSRVVLELOHVRVWHQHUHOD
SURYDSLGLXQDYROWDQHOODVWHVVDVHVVLRQHGLHVDPL
%LEOLRJUDILD
3HULOPRGXORGL$UFKLYLVWLFD
$5RPLWL$UFKLYLVWLFD*HQHUDOHSULPLHOHPHQWLHG&LYLWD
3HULOPRGXORGL'RFXPHQWD]LRQH
& *XLQFKDW0 0HQRX 6FLHQFHV HW 7HFKQLTXHV GH O·,QIRUPDWLRQ HW GH OD
'RFXPHQWDWLRQHG8QHVFR
ËLQROWUHGLVSRQLELOHXQDGLVSHQVDFKHLQWHJUDHQRQVRVWLWXLVFHLWHVWLDOO·LQGL
UL]]R ZZZOLQJXLVWLFDXQLFDOLW 3HU DFFHGHUH q QHFHVVDULR HVVHUH SUHYHQWLYD
PHQWHLVFULWWLDOFRUVRHGHVVHUHGRWDWLGLDSSRVLWDSDVVZRUG
'5$00$785*,$
9HFFKLRRUGLQDPHQWR
'RFHQWH&DUPHOR$OEHUWL
,,,H,9 SHULRGR
PRGXOLGLRUH&)8
6HPLQDULR
,OFRUVRVLDUWLFRODLQGXHPRGXOL
3URJUDPPLGHL&RUVL
,PRGXOR
/LQHDPHQWLGLVWRULDGHOODGUDPPDWXUJLDGDOOHRULJLQLDO1RYHFHQWR
1HO FRUVR GHOOH OH]LRQL LO GRFHQWH SURSRUUj VFKHGH GL OHWWXUD GL DOFXQL WHVWL
GUDPPDWLFLIUDLSLVLJQLILFDWLYLGHOODVWRULDGHOWHDWUR
3URYDG·HVDPH
9HUUjDFFHUWDWDODFRQRVFHQ]DDSSURIRQGLWDDVFHOWDGL
5REHUWR7HVVDUL/DGUDPPDWXUJLDGD(VFKLORD*ROGRQL/DWHU]D5RPD
%DULSS/XLJL$OOHJUL/DGUDPPDWXUJLDGD'LGHURWD%HFNHWW
/DWHU]D5RPD%DULSS
RSSXUH
*RWWKROG (SKUDLP /HVVLQJ 'UDPPDWXUJLD G·$PEXUJR %XO]RQL 5RPD
SS/;;,,
,QROWUHOHWWXUDFULWLFDGLFLQTXHWHVWLGUDPPDWLFLDVFHOWDIUDOHRSHUHGHLPDJ
JLRULVFULWWRULGLWHDWUR
*OLVWXGHQWLGRYUDQQRSUHVHQWDUHSUHVVRODVHJUHWHULDGHO'$06XQDVHWWLPD
QDSULPDGHOODSURYDG·HVDPHSUHVFHOWDOHVFKHGHGLOHWWXUDGLDOPHQRWUHRSHUH
WHDWUDOLWUDTXHOOHLQGLFDWHLQXQRVFKHPDFKHVDUjGLVSRQLELOHDOO·LQL]LRGHOOH
OH]LRQLRSSXUHFRQFRUGDWHFRQLOGRFHQWH
,,PRGXOR
/HIRUPHGHOODVFULWWXUDWHDWUDOHQHLVHFROL;,;H;;
FRQXQVHPLQDULRFKHLPSHJQDLQPRGRGLUHWWRJOLVWXGHQWL
,ULIHULPHQWLWHPDWLFLHELEOLRJUDILFLLPDWHULDOLHOHLQGLFD]LRQLGLODYRURGLGDW
WLFR VDUDQQR IRUQLWL GXUDQWH OR VYROJLPHQWR GHO FRUVR D SDUWLUH GDOOH SULPH
OH]LRQL
'5$00$785*,$ 086,&$/(
'RFHQWH)UDQFHVFR3DROR5XVVR
,H,,SHULRGR
0RGXOR$
,OFRUVRVLSURSRQHGLIRUQLUHXQDLQWURGX]LRQHDOOHSUREOHPDWLFKHLQHUHQWLOD
GUDPPDWXUJLDPXVLFDOH9HUUDQQRPHVVLLQHYLGHQ]DLQSDUWLFRODUHODVSHFLIL
FLWjGHOWHDWURPXVLFDOHLQUDSSRUWRDOODUHJROD]LRQHGHOWHPSRHDLGLYHUVLUDS
SRUWLFRQODSDURODO·RUJDQL]]D]LRQHGHOGUDPPDPXVLFDOHHLOVXRSHUFRUVR
GDOODIRQWHOHWWHUDULDDOOLEUHWWRDOODSDUWLWXUDDOODUDSSUHVHQWD]LRQHOHIRUPH
3URJUDPPLGHL&RUVL
GUDPPDWLFKHLQUDSSRUWRDOOHIRUPHPXVLFDOLLJHQHULRSHULVWLFL)HVWDWHDWUDOH
'UDPPDSHUPXVLFD&RPPHGLDPXVLFDOH7UDJpGLH/\ULTXH6LQJVSLHO0HOR
GUDP*UDQG2SpUD0HORGUDPPD2SHUDQDWXUDOLVWDHFF9HUUjDOWUHVuWUDF
FLDWRXQSURILORVWRULFRGHOWHDWURPXVLFDOHDSDUWLUHGDO·HYHUUDQQRDQDOL]
]DWHDOFXQLOLEUHWWLHSDUWLWXUHRSHUWLVWLFKH6DUDQQRDQDOL]]DWLEUDQLGDOOHRSHUH
GL5RVVLQLFRPHHVHPSOLILFD]LRQH
%LEOLRJUDILD
6WRULDLOOXVWUDWDGHOO·RSHUDDFXUDGL53DUNHU*LXQWL5LFRUGL)LUHQ]H0LOD
QR
)'·$PLFR,OWHDWURGL5RVVLQL,O0XOLQR%RORJQD
0RGXOR%
'UDPPDWXUJLDGHOJLRYDQH5RVVLQL
,OFRUVRLQWHQGHIRUQLUHXQDPSLRSDQRUDPDGHOODSURGX]LRQHOLEUHWWLVWLFDQHJOL
DQQLDFDYDOORWUD6HWWHH2WWRFHQWRFKHLQTXDOFKHPRGRKDLQIOXHQ]DWROHVFHO
WHGUDPPDWXUJLFKHGHOJLRYDQH5RVVLQL6LSURFHGHUjVXFFHVVLYDPHQWHDOO·DQD
OLVLGUDPPDWXUJLFDGHOOHVHJXHQWLRSHUHJLRYDQLOLURVVLQLDQH'HPHWULRH3ROL
ELR$XUHOLDQRLQ3DOPLUD&LURLQ%DELORQLD7DQFUHGL
%LEOLRJUDILD
)35XVVR$OFXQHRVVHUYD]LRQLVXO'HPHWULRH3ROLELRGL5RVVLQLLQ´6WXGL
PXVLFDOLµ
)35XVVR8QDVFRQRVFLXWDDULDGL5RVVLQLVXWHVWRGL)HUUHWWLLQ´%ROOHWWLQR
GHOFHQWURURVVLQLDQRGLVWXGLµ
3*RVVHWW7KH¶FDQGHXUYLUJLQDOH·RI7DQFUHGLLQ´7KHPXVLFDOWLPHVµ
*5RVVLQL7DQFUHGLHGFULWLFDDFXUDGL3*RVVHWW3HVDUR)RQGD]LRQH5RVVL
QLFRPPHQWR
$OWUL VDJJL D FRPSOHWDPHQWR GHOOD ELEOLRJUDILD YHUUDQQR LQGLFDWL GXUDQWH LO
FRUVR
1%*OLVWXGHQWLGHOYHFFKLRRUGLQDPHQWR'$06FKHLQWHQGRQRVRVWHQHUHOD
VHFRQGDDQQXDOLWjGHYRQRLQWHJUDUHLOSURJUDPPDFRQXQDWHVLQDGDFRQFRUGDUH
FRQ LO GRFHQWH 3HU JOL VWXGHQWL GHO YHFFKLR RUGLQDPHQWR VRQR REEOLJDWRUL
HQWUDPELLPRGXOL
(&2120,$ 32/,7,&$
'RFHQWH*LXVHSSH'H5RVH
,,H,,,SHULRGR
3URJUDPPLGHL&RUVL
$UJRPHQWRGHOFRUVR
3DUWH1R]LRQLLQWURGXWWLYH
/·RJJHWWRGHOODVFLHQ]DHFRQRPLFD
,OPHWRGRGHOO·HFRQRPLDSROLWLFD
,OPHUFDWR
0LFURHFRQRPLDH0DFURHFRQRPLD
,OLQJXDJJLGHOO·HFRQRPLD
3DUWH(OHPHQWLGLHFRQRPLD
7HRULDGHOO·XWLOLWjHGHOODGRPDQGDLQGLYLGXDOH
/DWHRULDGHOODSURGX]LRQHHGHOFRVWR
/HIRUPHGLPHUFDWRHODFRQFRUUHQ]D
/·HFRQRPLDGHOOHLQIRUPD]LRQL
/·LPSUHVD
,PRGHOOLRUJDQL]]DWLYLG·LPSUHVD
/HSULQFLSDOLIXQ]LRQLG·LPSUHVD
%DQFKHPRQHWDHLQIOD]LRQH
*OREDOL]]D]LRQHSXQWLGLIRU]DHGLGHEROH]]D
'DOODJOREDOL]]D]LRQHDOODPXOWLORFDOL]]D]LRQH
,QWURGX]LRQHGHOO·(852YLQFROLHRSSRUWXQLWj
3DUWH1HZ(FRQRP\,QWHUQHW(FRQRPLFV,QWHUQHWPDUNHWLQJ
'DOO·HFRQRPLDUHDOHDOO·HFRQRPLDYLUWXDOH
,QWHUQHWPDUNHWLQJHFRPPHUFHHEXVLQHVVHJRYHUQPHQW
,QXRYLOLQJXDJJLFRPSHWLWLYLSRUWDOLWHOHPDWLFLHFRPXQLWjYLUWXDOL
6WDQGDUGLQWHUQD]LRQDOLHYDQWDJJLFRPSHWLWLYL
/·HFRQRPLDGHOODFRQRVFHQ]DNQRZOHGJHHFRQRPLFV
1HJR]LD]LRQHHWUDVIHULPHQWRGHOODFRQRVFHQ]DNQRZOHGJHPDQDJH
PHQW
,OFDSLWDOHFRJQLWLYRHUHOD]LRQDOH
1HWZRUN HFRQRPLFVFRQQHWWLYLWj FRHYROX]LRQH H FRQYHUJHQ]D GHOOH
SLDWWDIRUPHWHFQRORJLFKH
,OPDUNHWLQJFRQQHWWLYRDVVRFLDWLYRHUHOD]LRQDOH
(53 (QWHUSULVH5HVRXUFH3ODQQLQJHILOLHUDGHOODFRQRVFHQ]DPDQD
JHULDOH
'DWD0LQLQJH'DWD:DUHKRXVLQJYDORUHGHOO·LQIRUPD]LRQHHEXVL
QHVVLQWHOOLJHQFH
1HWZRUNLQJHGRXWVRXUFLQJ
3URJUDPPLGHL&RUVL
('8&$=,21('(*/,$'8/7,
'RFHQWH*LXVHSSH*XHUULHUR
,H,,SHULRGR
3HUJOLVWXGHQWLGHO&RUVRGL/DXUHDLQ6FLHQ]HGHOO·HGXFD]LRQH
&)8SLRUHGLOH]LRQL
3DUWHLVWLWX]LRQDOH
&RUVR$ RUH&)8,SHULRGR
7LWRORGHOFRUVR/·DGXOWLWjHLVXRLSUREOHPL
%LEOLRJUDILD
**XHUULHUR$GXOW(GXFDWLRQ-RQLD&RVHQ]D
$00DULDQL0&DQWHULQL(GXFD]LRQHDGXOWD 8QLFRSOL0LODQR
3URYDG·HVDPH
/·HVDPHFRQVLVWHUjQHOODYDOXWD]LRQHGHLSURJHWWLGLGDWWLFLDVVHJQDWLSHUOHSDUWL
HHLQXQRUDOHVXOODSDUWH
3URJUDPPLGHL&RUVL
(/(0(17,',$5021,$ (&2175$338172
'RFHQWHGDQRPLQDUH
,,,H,9 SHULRGR
$UJRPHQWRGHOFRUVR
/DSUDWLFDGHOO·DFFRPSDJQDPHQWRWUD6HWWHH2WWRFHQWR
/D´VFLHQ]DGHOO·DUPRQLDµQHOVHQVRLOOXPLQLVWLFRGL5DPHDXHSLWDUGLSRVLWL
YLVWLFRGHLWHRULFLWHGHVFKLGHO;,;VHFRORQRQVRVWLWXuPDLFRPSOHWDPHQWHOD
SUDWLFDHPSLULFDEDVDWDVXOODWUDGL]LRQHGHOEDVVRFRQWLQXRFKHDQ]LFRQWLQXzD
FRVWLWXLUHODEDVHSHUORVWXGLRGHOODFRPSRVL]LRQH4XHVWRFRUVRRIIUHLSULQFLSL
IRQGDPHQWDOLGHOODSUDWLFDGHOO·DFFRPSDJQDPHQWRFRQSDUWLFRODUHDWWHQ]LRQH
DOODWUDGL]LRQHQDSROHWDQDGHOSDUWLPHQWRFRQVLGHUDWLWDQWRVRWWRO·DVSHWWRVWR
ULFRTXDQWRVRWWRTXHOORGHOODUHDOL]]D]LRQHSUDWLFD
)RUPHPXVLFDOLQHOO·RSHUDLWDOLDQD
6FRSRGHOFRUVRqGLIRUQLUHDJOLVWXGHQWLJOLVWUXPHQWLSHUFRPSUHQGHUHHDQDOL]
]DUHOHVWUXWWXUHPXVLFDOLQHOO·RSHUDLWDOLDQDGHO;9,,,H;,;VHFROR6DUDQQR
WUDWWDWLDVSHWWLULJXDUGDQWLLOUDSSRUWRWUDODYHUVLILFD]LRQHHODPHORGLDODIUDVH
PXVLFDOHOHIRUPHPXVLFDOLHOHFRQYHQ]LRQLGLJHQHUHHOHUHOD]LRQLWRQDOL
/DELEOLRJUDILD VDUjIRUQLWDDOO·LQL]LRGHOFRUVR
(3,*5$),$ *5(&$
'RFHQWH*LRYDQQD'H6HQVL6HVWLWR
,,H,,,SHULRGR
0RGXOR$
)RQGDPHQWLHFDUDWWHULGHOODGLVFLSOLQD/DVFULWWXUDDOIDEHWLFDRULJLQLHVYLOXS
SR/HUDFFROWHHSLJUDILFKH/HLVFUL]LRQLJUHFKHWHFQLFKHWLSRORJLHIRUPXODUL
IXQ]LRQL,OFRUVRPLUDDIDUHDFTXLVLUHFRQVDSHYROH]]DGLXQDGRFXPHQWD]LRQH
ULFFDHGLSULPDULDLPSRUWDQ]DSHUODFRQRVFHQ]DGLPROWLVVLPLDVSHWWLGHOODYLWD
SXEEOLFDHSULYDWDGHOOHVRFLHWjJUHFKHHFDSDFLWjGLOHWWXUDGLIDFLOLLVFUL]LRQL
QHLGLYHUVLDOIDEHWL3HUWDQWRVLGDUjDPSLRVSD]LRDGHVHUFLWD]LRQLGLOHWWXUD
WUDGX]LRQH H FRPPHQWR GL WHVWL HSLJUDILFL SURYHQLHQWL GD DUHH GLYHUVH GHO
PRQGRJUHFR
%LEOLRJUDILD
8QWHVWRDVFHOWDWUD
3URJUDPPLGHL&RUVL
)*KLQDWWL3URILORGL(SLJUDILDJUHFD5XEEHWWLQR6RYHULD0DQQHOOL
*.ODIIHQEDFK(SLJUDILDJUHFD/D1XRYD,WDOLD)LUHQ]H
'LVSHQVDDFXUDGL0,QWULHULFRQLQWURGX]LRQHDJOLDOIDEHWLJUHFLHVLOORJHGL
WHVWLSHUOHHVHUFLWD]LRQL
$YYHUWHQ]H
/DIUHTXHQ]DDGDOPHQRXQPRGXORGL6WRULDJUHFDqSURSHGHXWLFDDOO·HVDPHGL
(SLJUDILDJUHFD/DFRQRVFHQ]DDOPHQRGHLSULPLUXGLPHQWLGHOODOLQJXDJUHFD
qLQGLVSHQVDELOH
0RGXOR%
$VSHWWLGLYLWDSULYDWDSXEEOLFDUHOLJLRVDHGLVWLWX]LRQDOHGHL*UHFLDWWUDYHUVR
ODGRFXPHQWD]LRQHHSLJUDILFD,OFRUVRWHQGHDIDUHDFTXLVLUHSDGURQDQ]DQHOOD
OHWWXUDGLWHVWLHSLJUDILFLGLYHUVLSHUHSRFDUHJLRQHWLSRORJLDTXDGURLVWLWX]LR
QDOHGLULIHULPHQWR
%LEOLRJUDILD
*'DYHULR5RFFKL&LWWj6WDWRHVWDWLIHGHUDOLGHOOD*UHFLD&ODVVLFD/('
0LODQR 'LVSHQVD FRQ VLOORJH GHL WHVWL HSLJUDILFL VHOH]LRQDOL SHU LO
FRUVRFRPPHQWRHULIHULPHQWLFULWLFL
1% 3HU JOL VWXGHQWL GHO YHFFKLR RUGLQDPHQWR VRQR REEOLJDWRUL HQWUDPEL L
PRGXOL
(3,*5$),$ /$7,1$
'RFHQWH$QWRQLR=XPER
,H,,SHULRGR
0RGXOR$ RUH
3DUWHLVWLWX]LRQDOH
/·HSLJUDILDFRPHVFLHQ]DGHOO·DQWLFKLWjFHQQLVXJOLVWXGLGLHSLJUDILDVXOOH
SULQFLSDOL UDFFROWH HSLJUDILFKH H DOWUL VWUXPHQWL GL ODYRUR GHOO·HSLJUDILVWD
PHWRGRHSUREOHPLQHOORVWXGLRGHOOHLVFUL]LRQLLQOLQJXDODWLQD3URSHGHXWL
FDHSLJUDILFDO·DOIDEHWRODWLQRODVFULWWXUDORVWLOHGHLWHVWLHSLJUDILFL/·RQR
PDVWLFDODWLQD,OFXUVXVKRQRUXP1RPLHWLWRODWXUDLPSHULDOH/HGLYHUVH
FODVVLG·LVFUL]LRQL
%LEOLRJUDILD
$VFHOWDXQRGHLVHJXHQWLPDQXDOL
,&DODEL/LPHQWDQL(SLJUDILDODWLQD0LODQR
3URJUDPPLGHL&RUVL
$&DOGHULQL(SLJUDILD7RULQR
*6XVLQL(SLJUDILD5RPDQD5RPD
/HWWXUDGHOOHSDUWLLQGLFDWHDOH]LRQHGHLYROXPL
/&UDFFR5XJJLQLDFXUDGL6WRULDDQWLFD&RPHOHJJHUHOHIRQWL%RORJQD
'L6WHIDQR0DQ]HOOD0HVWLHUHGLHSLJUDILVWD*XLGDDOODVFKHGDWXUDGHOPDWH
ULDOHHSLJUDILFRODSLGHR5RPD
0RGXOR%RUH
3DUWHPRQRJUDILFD
/·DPPLPLVWUD]LRQHGHOOHSURYLQFH
%LEOLRJUDILD
)-DFTXHV-6FKHLG5RPDHLOVXRLPSHUR,VWLWX]LRQLHFRQRPLDUHOLJLRQH
/DWHU]D5RPD%DUL
6HPLQDUL
8QVHPLQDULRGLSUHSDUD]LRQHSUHFHGHUjODYLVLWDDGXQODSLGDULR
$YYHUWHQ]D
/DIUHTXHQ]DGLXQFRUVRGL6WRULD5RPDQDqSURSHGHXWLFDDOO·HVDPHGL(SL
JUDILD/DWLQD/DFRQRVFHQ]DGHOODOLQJXDODWLQDqLQGLVSHQVDELOH
(3,67(02/2*,$ '(//(6&,(1=(80$1(
9HFFKLRHQXRYRRUGLQDPHQWR
'RFHQWH5RPROR3HUURWWD
,H,,SHULRGR
$UJRPHQWRGHOFRUVR
'DOODVFLHQ]DGHOFRPSRUWDPHQWRDOODWHRULDHYROX]LRQDULDGHOODFRQRVFHQ]D
HWRORJLDHJQRVHRORJLDLQ.RQUDG/RUHQ]
3DUWHPHWRGRORJLFD
&RUULVSRQGHDXQPRGXORGLRUHHKDSHUFRQWHQXWR
² XQ·LQWURGX]LRQH FULWLFD DOOR VWXGLR GHOOH ´VFLHQ]H XPDQHµ IRQGDPHQWL
PHWRGLWHRULH
3URJUDPPLGHL&RUVL
3DUWHLVWLWX]LRQDOH
&RUULVSRQGHDGXQPRGXORGLRUHHGKDSHUFRQWHQXWR
² XQ·LQWURGX]LRQH ² FRQ GLVFXVVLRQH GL DOFXQH TXHVWLRQL WHRULFKH GL IRQGR
LQHUHQWLDOUDSSRUWRWUDVFLHQ]H´HVDWWHµHVFLHQ]H´XPDQHµ²DOODILJXUDH
DOO·RSHUD GL .RQUDG /RUHQ] IRQGDWRUH GHOO·HWRORJLD GL FXL
ULFRUUH LO FHQWHQDULR GHOOD QDVFLWD HG LO WUHQWHQQDOH GHO FRQIHULPHQWR GHO
1REHOSHUODILVLRORJLDHODPHGLFLQD
3DUWHVHPLQDULDOH
&RUULVSRQGHDGXQPRGXORGLRUHHYHUWHUjVXOO·DSSURIRQGLPHQWRODGLVFXV
VLRQHHGLOFRQIURQWRGHOOHRSHUHGL/RUHQ]WUDGRWWHLQOLQJXDLWDOLDQD,OIRQGD
WRUHGHOO·HWRORJLD²OHFXLLQWXL]LRQLVLFHODQRGLHWURDOO·LQILQLWjGHLGRFXPHQWDUL
WHOHYLVLYLILQRDGRJJLSURGRWWLVXOOHDELWXGLQLHGLOFRPSRUWDPHQWRGHJOLDQL
PDOL²qVWDWRDXWRUHGLVDJJLFKHYDQQRGDOODELRORJLDDOO·HWRORJLDGDOO·DQWUR
SRORJLDDOODJQRVHRORJLD*OLVWXGHQWL²FKHVDUDQQRFKLDPDWLFRP·qWUDGL]LRQH
GLTXHVWRLQVHJQDPHQWRDGXQODYRURGLULFHUFDHGLULIOHVVLRQHGLHVSRVL]LRQH
GHOOHSURSULHFRQRVFHQ]HHGLFRQIURQWR²SRWUDQQRRSWDUHFRQIRUPHPHQWHDL
SURSULLQWHUHVVLHGLQGLUL]]LGLVWXGLRWUDLGLYHUVLDPELWLGLVFLSOLQDULGLVSLHJDWL
GDOORVFHQDULRGHOOHRSHUHGHOORVFLHQ]LDWRDXVWULDFR,QROWUHYHUUjORURRIIHUWD
O·RSSRUWXQLWjGLFROODERUDUHDOODUHDOL]]D]LRQHGHOQXPHURGHOVHPHVWUD
OH´2X5LIOHVVLRQLHSURYRFD]LRQLµLQWHUDPHQWHGHGLFDWRDOO·LQVHJQDPHQWRGL
/RUHQ]
%LEOLRJUDILD
3HUODSDUWHPHWRGRORJLFD
² DSSXQWLGHOOHOH]LRQL
² GLVSHQVHIRUQLWHGXUDQWHLOFRUVR
3HUODSDUWHLVWLWX]LRQDOH
² *&HOOL.RQUDG/RUHQ]6FLHQ]LDWRHJXUXGHOODQDWXUD/H6FLHQ]H0LOD
QR
² *&HOOL.RQUDG/RUHQ]/·HWRORJRHLVXRLIDQWDVPL%UXQR0RQGDGRUL
0LODQR
3HUODSDUWHVHPLQDULDOH
² JOLDSSXQWLGHOOHOH]LRQL
² LWHVWLVFHOWLGDLVLQJROLVWXGHQWL
3URYDG·HVDPH
3HU JOL VWXGHQWL LVFULWWL SHU OD SULPD YROWD D TXHVWR FRUVR H LQWHUHVVDWL D
VHJXLUHDQFKHODSDUWHVHPLQDULDOHVDUjGHWHUPLQDQWHODSDUWHFLSD]LRQHDOOH
OH]LRQLLQWURGXWWLYHGHOODSDUWHPHWRGRORJLFD
3URJUDPPLGHL&RUVL
*OLVWXGHQWLGHOYHFFKLRRUGLQDPHQWRVRQRWHQXWLDVHJXLUHWXWWHOHSDUWLGHO
FRUVRPHWRGRORJLFDLVWLWX]LRQDOHHVHPLQDULDOH
*OLVWXGHQWLELHQQDOLVWLVRQRGLVSHQVDWLGDOSUHQGHUHSDUWHDGDOFXQHOH]LRQL
GHOODSDUWHPHWRGRORJLFD
/DSDUWHFLSD]LRQHDWWLYDDOOHOH]LRQLIURQWDOLHDLVHPLQDULOHRUHGLVWXGLR
DIIURQWDWH D FDVD SDUDOOHODPHQWH DO FRUVR H O·DSSURIRQGLPHQWR SHUVRQDOH
GHJOLDUJRPHQWLFRVWLWXLVFRQRODFRQGL]LRQHLQGLVSHQVDELOHSHULOFRQVHJXL
PHQWRGHLFUHGLWLHSHULOVXSHUDPHQWRGHOOHSURYHGLYHULILFDVHWWLPDQDOL
(50(1(87,&$ ),/262),&$
'RFHQWH)UDQFHVFR*DUULWDQR
,,H,,,SHULRGR
9HFFKLRRUGLQDPHQWR
$UJRPHQWRGHOFRUVR
3DXO5LF±XUHO·HUPHQHXWLFD
,OFRUVRSUHQGHUjLQHVDPHLOFRQWULEXWRGDWRGD3DXO5LF±XUDOO·HUPHQHXWLFD
FRQWHPSRUDQHDRVVLDLOVXRUDSSRUWRFRQO·HVLVWHQ]DORVWUXWWXUDOLVPRODSVL
FRDQDOLVLODIHQRPHQRORJLDO·HWLFDLVLPEROLODUHOLJLRQHO·DJLUH
%LEOLRJUDILD
35LF±XU,OFRQIOLWWRGHOOHLQWHUSUHWD]LRQLWULWGL5%DO]DURWWL)%RWWXUL*
&RORPER-DFD%RRN0LODQR
35LF±XU'DOWHVWRDOO·D]LRQHWULWGL**UDPSD-DFD%RRN0LODQR
1XRYRRUGLQDPHQWR,,DQQR,,SHULRGR
$UJRPHQWRGHOFRUVR
/·LQWHUSUHWD]LRQHH3DXO5LF±XU
,OFRUVRILVVHUjO·DWWHQ]LRQHVXOODTXHVWLRQHGHOO·LQWHUSUHWD]LRQHLQTXDGUDWDGDO
SXQWRGLYLVWDVWRULFRRVVLDDSDUWLUHGDOPRPHQWRLQFXLDSSDUHLOWHUPLQHKHU
PHQpLD SHUSRLVHJXLUHORVYLOXSSRGHOODGLVFLSOLQDFKHGDWHFQLFDDVVXPHXQR
VWDWXWRILORVRILFR6FKOHLHUPDFKHU'DOODFRVWLWX]LRQHGHOODFRVLGGHWWDHUPH
QHXWLFDILORVRILFDVLSURFHGHUjVLQRDLQRVWULJLRUQL'LOWKH\+HLGHJJHU*DGD
PHU5LF±XU'HUULGD
'RSR TXHVWD VH]LRQH SUHOLPLQDUH R FRQWHVWXDOL]]DWULFH FL VL VRIIHUPHUj DG
RVVHUYDUHODSRVL]LRQHHUPHQHXWLFDGL3DXO5LF±XU
%LEOLRJUDILD
0-XQJ/·HUPHQHXWLFDWULWGL3.REDX,O0XOLQR%RORJQD
3URJUDPPLGHL&RUVL
35LF±XU,OFRQIOLWWRGHOOHLQWHUSUHWD]LRQLWULWGL5%DO]DURWWL)%RWWXUL*
&RORPER-DFD%RRN0LODQR
(67(7,&$
'RFHQWH5RPHR%XIDOR
,H,,SHULRGR
,OPRGXORGHO,SHULRGRqULYROWRDJOLVWXGHQWLGL)LORVRILDYHFFKLRHQXRYR
RUGLQDPHQWRHGLDOWUL&RUVLGL/DXUHDGHOYHFFKLRRUGLQDPHQWR,OPRGXORGHO
,,SHULRGRqGHVWLQDWRROWUHFKHDJOLVWXGHQWLGHOYHFFKLRRUGLQDPHQWRDQFKH
DJOLVWXGHQWLGHO'$06HGLDOWUL&RUVLGL/DXUHDQXRYRRUGLQDPHQWR
,0RGXORGLRUH&)8,3HULRGR3HUJOLVWXGHQWLGL)LORVRILDGHOYHF
FKLRHQXRYRRUGLQDPHQWRHSHUJOLVWXGHQWLGLDOWULFRUVLGHOYHFFKLRRUGLQD
PHQWR
$UJRPHQWRGHOFRUVR
,OFRUVRVLSURSRQHGLSUHVHQWDUHDOFXQLGHLSHUFRUVLDWWUDYHUVRLTXDOLVLqSUR
JUHVVLYDPHQWHGHOLQHDWRORVWDWXWRPRGHUQRGHOO·HVWHWLFDWUDILORVRILDGHOVHQVL
ELOHHWHRULDGHOODEHOOH]]D
,QSDUWLFRODUHYHUUDQQRHVDPLQDWHOHSRVL]LRQLGL%DXPJDUWHQ.DQWHG+HJHO
RVVLDGLWUHSHQVDWRULWUDLSLUDSSUHVHQWDWLYLGHOO·HVWHWLFDPRGHUQD
%LEOLRJUDILD
(&DVVLUHU/DILORVRILDGHOO·,OOXPLQLVPR FDS9,,´,SUREOHPLIRQGDPHQWDOL
GHOO·HVWHWLFDµSS/D1XRYD,WDOLD)LUHQ]H
$$99%DXPJDUWHQHJOLRUL]]RQWLGHOO·HVWHWLFD$HVWKHWLFD3UHSULQW3DOHU
PRLVDJJLGL$PRURVR)HUUDUVL)UDQ]LQL*DUURQL
30RQWDQL$UWHHYHULWjGDOO·DQWLFKLWjDOODILORVRILDFRQWHPSRUDQHDFDSS,
9,,,,;
$UJRPHQWRGHOFRUVR
0RPHQWLHSUREOHPLGHOO·(VWHWLFDGHO1RYHFHQWR
,OPRGXORVLSURSRQHGLDSSURIRQGLUHDWWUDYHUVRODSUHVHQWD]LRQHGLDOFXQLIUDL
SLULOHYDQWLLDXWRULGHOO·HVWHWLFDGHO1RYHFHQWRQRQVRORLWDOLDQRLOQHVVRFKH
FROOHJDILORVRILDHGHVWHWLFD
3URJUDPPLGHL&RUVL
%LEOLRJUDILD
3'·$QJHOR/·HVWHWLFDLWDOLDQDGHO1RYHFHQWRFDSS,,,,H,99
9,/DWHU]D5RPD%DUL
$7ULRQH(VWHWLFDH1RYHFHQWR/DWHU]D5RPD%DULFDSS,9,,
1HOFRUVRGHOPRGXORVDUDQQRVYROWLVHPLQDULVX%&URFH*GHOOD9ROSH/
3DUH\VRQ*'RUIOHV&%UDQGL/$QFHVFKL
(67(7,&$ 086,&$/(
'RFHQWH69L]]DUGHOOL
,,,H,9 SHULRGR
$UJRPHQWRGHOFRUVR
/DUHJUHVVLRQHGHOO·DVFROWR
/DQRWDWHVLDGRUQLDQDGHOODUHJUHVVLRQHGHOO·DVFROWRFLSRUWDDULIOHWWHUHVXXQ
WHPDTXDQWRPDLXUJHQWHTXHOORGHOUDSSRUWRWUDPDWHULDHIRUPDSHUFH]LRQH
VHQVLELOH H RUGLQH VWUXWWXUDOH VHPSOLFLWj H FRPSOHVVLWj IRUPD SHUFHSLWD H
IRUPDFRVWUXLWD,OFRUVRSDUWLUjGDXQDULFRVWUX]LRQHGHOSHQVLHURGL$GRUQRVX
TXHVWRWHPDSHUSRLDYYLFLQDUVLDOGLEDWWLWRSLUHFHQWHVXOODTXHVWLRQHGHOO·D
VFROWRPXVLFDOH
,PRGXORRUH&)8
² 7K : $GRUQR 'LVVRQDQ]H D FXUD GL * 0DQ]RQL )HOWULQHOOL 0LODQR
² $$99/DUHJUHVVLRQHGHOO·DVFROWRDFXUDGL69L]]DUGHOOL4XRGOLEHW
0DFHUDWDSDUWH,
,,PRGXORRUH&)8
² 7K:$GRUQR,QWURGX]LRQHDOODVRFLRORJLDGHOODPXVLFD7RULQR(LQDXGL
² $$99 /D UHJUHVVLRQH GHOO·DVFROWR D FXUD GL 6 9L]]DUGHOOL 0DFHUDWD
4XRGOLEHWSDUWH,,
(7,&$ '(//$ &2081,&$=,21(
'RFHQWH3DROR9LUQR
,,,H,9 SHULRGR
3URJUDPPLGHL&RUVL
8Q PRGXOR LQWURGXWWLYR H XQR DYDQ]DWR SHU LO YHFFKLR RUGLQDPHQWR YDOH LO
VHFRQGRHODVHFRQGDSDUWHGHOSULPR3HULOQXRYRRUGLQDPHQWRYDOHVRORLO
SULPR
,PRGXOR,,,SHULRGRRUH
$UJRPHQWRGHOFRUVR
$ &RQFHWWLIRQGDPHQWDOLGHOO·HWLFDGHOODFRPXQLFD]LRQHRUH
% 8QDGLVFXVVLRQHILORVRILFDVXLPDVVPHGLDOD´FKLDFFKLHUDµVHFRQGR0DU
WLQ+HLGHJJHUOD´ULSURGXFLELOLWjWHFQLFDGHOO·RSHUDG·DUWHµVHFRQGR:DO
WHU%HQMDPLQRUH
5LJXDUGRDG$LFRQFHWWLWUDWWDWLVRQR
² /LQJXLVWLFLWjGHOO·HWKRVHWLFLWjGHOOLQJXDJJLR
² /DUHWRULFDFRPHWUDWWDWRGHOOHSDVVLRQL
² /XRJKLFRPXQLHOXRJKLVSHFLDOLGHOGLVFRUVR
² 4XDQGRGLUHqIDUH/DWHRULDGHJOL´DWWLOLQJXLVWLFLµLQ-/$XVWLQ
² $QDOLVLGLDOFXQLULWLFRPSLWLFRQOHSDUROHSHUGRQRSURPHVVDEHQHGL]LR
QHPDOHGL]LRQHSUHJKLHUD
² /DIRUPD]LRQHGHOODVRJJHWWLYLWjQHOOLQJXDJJLR%HQYHQLVWH
² /LQJXDJJLRHODYRUR0DU[+HEHUPDV
² (WLFDHPRGDOLWjUHDOHSRVVLELOHQHFHVVDULR
² 'LVFRUVLLSRWHWLFLGLVFRUVLFRQWURIDWWXDOL
5LJXDUGRD%
6LHVSRUUjEUHYHPHQWHODQR]LRQHGL´YLWDLQDXWHQWLFDµLQ(VVHUHHWHPSR GL0
+HLGHJJHUSHUSRLOHJJHUHLSDUDJUDILGHGLFDWLDOOD´FKLDFFKLHUDµDOOD´FXULR
VLWjµDOO·´HTXLYRFRµ,OSXQWRGLYLVWDGL+HLGHJJHUVXOODVRFLHWjGLPDVVDVDUj
PHVVRDFRQIURQWRFRQTXHOORRSSRVWRGL:DOWHU%HQMDPLQGLFXLVLOHJJHUj
LQWHJUDOPHQWHLOVDJJLR/·RSHUDG·DUWHQHOO·HSRFDGHOODVXDULSURGXFLELOLWjWHF
QLFD
%LEOLRJUDILD
$
² 'LVSHQVDIRWRFRSLDWD
² -/$XVWLQ(QXQFLDWLSHUIRUPDWLYLLQ,G6DJJLILORVRILFL*XHULQLH$VVR
FLDWL0LODQRSS'LVSRQLELOHLQIRWRFRSLD
² (%HQYHQLVWH/DQDWXUDGHLSURQRPL H/DVRJJHWWLYLWjQHOOLQJXDJJLRLQ
,G3UREOHPLGLOLQJXLVWLFDJHQHUDOH,O6DJJLDWRUH0LODQRSS
H'LVSRQLELOHLQIRWRFRSLD
3URJUDPPLGHL&RUVL
² -+DEHUPDV/DYRURHLQWHUD]LRQH)HOWULQHOOL0LODQRSDUWLGLVSRQL
ELOLLQIRWRFRSLD
%
² 'LVSHQVDIRWRFRSLDWD
² 0+HLGHJJHU(VVHUHHWHPSR/RQJDQHVL0LODQR SS
'LVSRQLELOHLQIRWRFRSLD
² :%HQMDPLQ/·RSHUDG·DUWHQHOO·HSRFDGHOODVXDULSURGXFLELOLWjWHFQLFD
(LQDXGLSLYROWHULVWDPSDWRSS'DDFTXLVWDUH
² *'HERUG/DVRFLHWjGHOORVSHWWDFROR9DOOHFFKL)LUHQ]HSS
'LVSRQLELOHLQIRWRFRSLD
,,PRGXOR,9 SHULRGRRUH
$UJRPHQWRGHOFRUVR
/DYRURLQWHOOHWWROLQJXDJJLRQHOO·RSHUDGL0DU[
,WHVWLG·HVDPHVRQRGDSUHFLVDUH
6HFRQGDSDUWH
² /DQR]LRQHGLYLWDDXWHQWLFDYLWDLQDXWHQWLFDLQ(VVHUHHWHPSR GL0DUWLQ
+HLGHJJHU /HWWXUD GHL SDUDJUDIL GHGLFDWL DOOD ´FKLDFFKLHUDµ DOOD ´FXULR
VLWjµDOO·´HTXLYRFRµ
² /HWWXUDLQWHJUDOHHFRPPHQWRGHOVDJJLRGL:DOWHU%HQMDPLQ/·RSHUDG·DU
WHQHOO·HSRFDGHOODVXDULSURGXFLELOLWjWHFQLFD
+HLGHJJHUH%HQMDPLQDQDOL]]DQRSDUDOOHODPHQWHODFRPXQLFD]LRQHDQR
QLPDHSUROLIHUDQWHFKHFDUDWWHUL]]DODVRFLHWjGLPDVVD0DODDQDOL]]DQR
GDRSSRVWLDQJROLYLVXDOL3HUTXHVWRLOFRQIURQWRWUDOHORURSRVL]LRQLKDXQ
YDORUHHVHPSODUH
,OFRUVRVLULFRQQHWWHLQPRGRSDUWLFRODUHDLSURJUDPPLVYROWLGHLVHJXHQWLLQVH
JQDPHQWL)LORVRILD
GHO/LQJXDJJLR$QWURSRORJLDILORVRILD)LORVRILD7HRUHWLFD(VWHWLFD
(7,&$ '(//$ &2081,&$=,21(
'RFHQWH)UDQFHVFR*DUULWDQR
,SHULRGR
0RGXORRUHSHUJOLVWXGHQWLGHO&RUVRGL/DXUHDLQ6FLHQ]HGHOOD)RUPD
]LRQH3ULPDULD
3URJUDPPLGHL&RUVL
$UJRPHQWRGHOFRUVR
&RPSUHQVLRQHLQWHUSUHWD]LRQHHVRJJHWWRLQ+DQV*HRUJ*DGDPHU
,OFRUVRKDFRPHFHQWURFLzFKHqSURSULRGHOO·RQWRORJLDHUPHQHXWLFDRVVLDLO
VXRHVVHUHODPRGDOLWjSULYLOHJLDWDDWWUDYHUVRFXLVLUHDOL]]DLOQHVVRIUDLSLDQL
RQWLFRRQWRORJLFRHGRQWLFRRQWRORJLFR,QLVSHFLHFLVLVRIIHUPHUjVXOODSUR
VSHWWLYDGLDORJLFDDOILQHGLLQWHUURJDUVLVXOVRJJHWWRVXOODSRVVLELOLWjGLGHOLPL
WDUORHVXOUDSSRUWRFRQO·DOWHULWj
%LEOLRJUDILD
+**DGDPHU9HULWjH0HWRGRWUHFGL*9DWWLPR%RPSLDQL0LODQR
(7,&$ 62&,$/(
'RFHQWH3LR&RORQQHOOR
,,,SHULRGR
3HUJOLVWXGHQWLGHOFRUVRGL/DXUHDLQ6FLHQ]HGHOO·(GXFD]LRQH
,O&RUVRFRQVLVWHLQXQ0RGXORLVWLWX]LRQDOHSHUXQWRWDOHGLRUH
,OPRGXORKDO·RELHWWLYRGLFRQILJXUDUHO·RUL]]RQWHJHQHUDOHGHO&RUVR
$UJRPHQWRGHOFRUVR
3URILOLHLWLQHUDULGHOO·HWLFDVRFLDOH
4XHVWLRQLUHODWLYHDLIRQGDPHQWLHDOPHWRGR
,OEHQHLEHQLHLOGRYHUHVVHUHODWHRULDGHOODUHVSRQVDELOLWj
&ULWLFDGHOO·XWRSLD
%LEOLRJUDILD
+DQV -RQDV ,O SULQFLSLR UHVSRQVDELOLWj 8Q·HWLFD SHU OD FLYLOWj WHFQRORJLFD
(LQDXGL7RULQRFDSLWROL,,,,9 H9,
7HVWRFRQVLJOLDWR
)DFROWDWLYRSHULIUHTXHQWDQWLREEOLJDWRULRSHULQRQIUHTXHQWDQWL
0DUWKD&1XVVEDXP*LXVWL]LDVRFLDOHHGLJQLWjXPDQD,O0XOLQR%RORJQD
(712/,1*8,67,&$
9HFFKLRRUGLQDPHQWR
'RFHQWH-RKQ7UXPSHU
,H,,SHULRGR
3URJUDPPLGHL&RUVL
$UJRPHQWRGHOFRUVR
,OFRUVRFRQVLVWHGHOOHVHJXHQWLSDUWL
² /LQJXD FRPH ´VHJQRµ FRPH ´PRGHOOR GL UHDOWjµ ² LFRQLFLWj LGHRIRQLD
RQRPDWRSHDGL]LRQDULFRPSHQGL
² 9LYHUHORVSD]LRLO´PRGHOORFRUSRUHRµHLOFRQWLQXRQDWXUDOH
² /DQDVFLWDHODFUHD]LRQHGHOODORJRQLPLD
² /DFRJQL]LRQHHODFODVVLILFD]LRQHPRGHOOLFRJQLWLYL
² /D WUDVPLVVLRQH WHFQRORJLFD H OHVVLFRVHPDQWLFD OH ULYROX]LRQL SDFLILFKH
FRQWURODWHRULDGHOOHFDWDVWURIL
%LEOLRJUDILDGLEDVH
*5&DUGRQD,QWURGX]LRQHDOO·HWQROLQJXLVWLFD/DWHU]D5RPD%DUL
*5&DUGRQD,VHLODWLGHOPRQGR/DWHU]D5RPD%DUL
*5&DUGRQD,OLQJXDJJLGHOVDSHUH/DWHU]D5RPD%DUL
DSSXQWLGHOOHOH]LRQL
*%DUVDQWL/DVFDODODPDSSDHO·DOEHUR)LUHQ]HSDUWL
-% 7UXPSHU /D SHUWLQHQFH GHV pYpQHPHQWV QDWXUDOV FDWDVWURSKLTXHV
GLVSHQVD
-%7UXPSHU6,HPPHOOR3HUXQDVHPDVLRORJLDGLELOLQJXLVH GLBJOZWWRM
XQD SULPD GLVFXVVLRQH UDJLRQDWD &HQWUR (GLWRULDOH H /LEUDULR 5HQGH
(712/2*,$
'RFHQWH9LWR7HWL
,,,H,9 SHULRGR
3DUWHLVWLWX]LRQDOH
8)DELHWWL6WRULDGHOO·DQWURSRORJLD=DQLFKHOOL%RORJQD
'HOPDQXDOHYDQQRVWXGLDWHOHVHJXHQWLVFXROHHGLVHJXHQWLDXWRUL
(YROX]LRQLVPR7\ORU)UD]HU0RUJDQ
3DUWLFRODULVPRVWRULFR)%RDV
6FXRODVRFLRORJLFDIUDQFHVH'XUNKHLP/pY\%UXKO9DQ*HQQHS0DXVV
)XQ]LRQDOLVPR0DOLQRZVNL
6FXRODLWDOLDQD'H0DUWLQR
$QWURSRORJLDSVLFDQDOLWLFD)UHXG
6WUXWWXUDOLVPR/pYL6WUDVV
$QWURSRORJLDLQWHUSUHWDWLYD*HHUW]
&RUVR0RQRJUDILFR
)LJXUHGHOO·DOWHULWjPRUWLPRVWULHYDPSLUL
3URJUDPPLGHL&RUVL
%LEOLRJUDILD
97HWL/DPHODQFRQLDGHOYDPSLUR0DQLIHVWROLEUL5RPD
/0/RPEDUGL6DWULDQL'HVDQJXLQH 0HOWHPL5RPD
)/LEUDQGL&RUSLPRVWUXRVLLQFRUVRGLVWDPSD
8OWHULRULPDWHULDOLELEOLRJUDILFLHGLVSHQVHDFXUDGHOGRFHQWHVDUDQQRLQGLFDWL
GXUDQWHLOFRUVR
6RQRSUHYLVWLVHPLQDULLQFRQWULFRQVWXGLRVLHVFULWWRULSUHVHQWD]LRQLGLOLEULH
SURLH]LRQLGLILOPDWL
,OSURJUDPPDqYDOLGRDQFKHSHULELHQQDOLVWLFKHFRQFRUGHUDQQRFROGRFHQWHL
WHVWLSHUODSDUWHLVWLWX]LRQDOH
(712/2*,$ '(//(&8/785(0(',7(55$1((
'RFHQWH9LWR7HWL
,,,H,9 SHULRGR
,OSURJUDPPDqYDOLGRDQFKHSHULELHQQDOLVWLFKHFRQFRUGHUDQQRFROGRFHQWHL
WHVWLSHUODSDUWHLVWLWX]LRQDOH
(712086,&2/2*,$
'RFHQWH*LRUJLR$GDPR
,,,H,9 SHULRGR
,PRGXOR,WULPHVWUH&)8
$UJRPHQWRGHOFRUVR
/·HWQRPXVLFRORJLDLQ,WDOLD
3URJUDPPLGHL&RUVL
,OFRUVRVLSURSRQHGLIRUQLUHXQDULFRVWUX]LRQHGHOODHYROX]LRQHGHOODGLVFLSOL
QDQHOQRVWURSDHVHLQULIHULPHQWRDLWHPLGHOGLEDWWLWRWHRULFRPHWRGRORJLFR
LQWHUQD]LRQDOHGHJOLXOWLPLFLQTXDQWDDQQL3DUWLFRODUHULOLHYRVDUjGHGLFDWRDOOH
HVSHULHQ]HGLULFHUFDVXOFDPSRHGLGRFXPHQWD]LRQHVRQRUDHYLVLYDGHOOHWUD
GL]LRQLRUDOLGLGLYHUVHUHJLRQLLWDOLDQH
%LEOLRJUDILD
$0HUULDP$QWURSRORJLDGHOODPXVLFD6HOOHULR3DOHUPR
*$GDPR7HPLHSHUFRUVLGHOO·HWQRPXVLFRORJLDLQ,WDOLD´µ5LYL
VWD,WDOLDQDGL0XVLFRORJLD;;;9SS
'LVSHQVHVXLPDWHULDOLXWLOL]]DWLQHOFRUVR
,,PRGXOR,,WULPHVWUH&)8
$UJRPHQWRGHOFRUVR
,QWURGX]LRQHDOOHWUDGL]LRQLPXVLFDOLGHOO·$IULFD
,O FRUVR LQWHQGH IRUQLUH XQ RULHQWDPHQWR GL EDVH H DOFXQL SULPL HOHPHQWL GL
FRQRVFHQ]DGHOYDVWRSDQRUDPDGLWUDGL]LRQLPXVLFDOLGHOFRQWLQHQWHDIULFDQR
6DUDQQRDIIURQWDWLLQPRGRSDUWLFRODUHWUDJOLDOWULDOFXQLSUREOHPLUHODWLYLDOOD
SHUFH]LRQHHFRQFHWWXDOL]]D]LRQHGHOODPXVLFDDOUDSSRUWRPXVLFDPRYLPHQWR
HPXVLFDGDQ]DDOOHWLSRORJLHGLVWUXPHQWLXWLOL]]DWLHDOOHWUDVIRUPD]LRQLGHJOL
XOWLPLGHFHQQL
%LEOLRJUDILD
* .XELN ´(PLFD GHO ULWPR PXVLFDOH DIULFDQRµ &XOWXUH 0XVLFDOL
JHQQDLRJLXJQR
*$GDPR7UDGL]LRQLPXVLFDOLLQ$IULFD&RQYHUVD]LRQHFRQ*HUKDUG.XELN
0XVLFD5HDOWj ;;9,,GLFHPEUHSS;;9,,,DSULOH
SS
'LVSHQVHVXLPDWHULDOLXWLOL]]DWLQHOFRUVR
&KLKDQHOSLDQRGLVWXGLVROR&)8GHYHIUHTXHQWDUHLO,PRGXOR
*OLVWXGHQWLGHOYHFFKLRRUGLQDPHQWRGHYRQRVHJXLUHHQWUDPELLPRGXOL
*OLVWXGHQWLFKHLQWHQGRQRVRVWHQHUHXQDVHFRQGDDQQXDOLWjGHYRQRFRQFRUGDUH
LOSURJUDPPDFRQLOGRFHQWH
(7586&2/2*,$ $5&+(2/2*,$ '(//·(7585,$
'RFHQWH3DROR%URFDWR
,,,H,9 SHULRGR
3URJUDPPLGHL&RUVL
9HFFKLRRUGLQDPHQWR
$UJRPHQWRGHOFRUVR
,OFRUVRqDUWLFRODWRLQGXHSDUWLIRQGDPHQWDOLODSULPDULYROWDDJOLDVSHWWLIRU
PDWLYLGHOODFRPSOHVVLWjVRFLDOHHDOSURFHVVRGLIRUPD]LRQHXUEDQDDWWUDYHUVR
O·HVDPHGHLGDWLDUFKHRORJLFL/DVHFRQGDLQFHQWUDWDVXOO·DQDOLVLGHOOHFLWWjHGHO
WHUULWRULRGHOO·(WUXULDDWWUDYHUVROHWHVWLPRQLDQ]HVWRULFRDUFKHRORJLFKHHGHSL
JUDILFKHGDOO·HWjGHOODIRUPD]LRQHXUEDQDDOODILQHGHOPRQGRDQWLFR
$O ILQH GHOOD SUHSDUD]LRQH DOO·HVDPH DFFDQWR DJOL DSSXQWL GHO FRUVR H DOOD
ELEOLRJUDILD FLWDWD D OH]LRQH VL FRQVLJOLD XQD VHOH]LRQH GD FRQFRUGDUH FRQ LO
GRFHQWHGHLVHJXHQWLWHVWL
%*7ULJJHU6WRULDGHOSHQVLHURDUFKHRORJLFR/D1XRYD,WDOLD&DPEULGJH
WUDGLW
-%HDWWLH8RPLQLGLYHUVLGDQRL/LQHDPHQWLGLDQWURSRORJLDVRFLDOH/DWHU]D
0+DUULV$QWURSRORJLD&XOWXUDOH=DQLFKHOOL1HZ<RUNWUDGLW
(56HUYLFH/·RUJDQL]]D]LRQHVRFLDOHSULPLWLYD/RHVFKHU1HZ<RUN
WUDGLW
53HURQL,QWURGX]LRQHDOODSURWRVWRULDLWDOLDQD/DWHU]D5RPD%DUL
53HURQL/·,WDOLDDOOHVRJOLHGHOODVWRULD/DWHU]D5RPD%DUL
53HURQL3URWRVWRULDGHOO·,WDOLDFRQWLQHQWDOH/DSHQLVRODLWDOLDQDQHOOHHWj
GHOEURQ]RHGHOIHUUR 3RSROLH&LYLOWjGHOO·,WDOLDDQWLFD%LEOLRWHFDGL
6WRULD3DWULD5RPD
03DOORWWLQR6WRULDGHOODSULPD,WDOLD5XVFRQL0LODQR
03DOORWWLQR(WUXVFRORJLD+RHSOL0LODQR
0&ULVWRIDQL*OL(WUXVFKLXQDQXRYDLPPDJLQH*LXQWL)LUHQ]H
07RUHOOL(WUXULD/DWHU]D5RPD%DUL
66WHLQJUlEHU&LWWjHQHFURSROLG·(WUXULD1HZ&RPSWRQ5RPD
7 3RWWHU 6WRULD GHO SDHVDJJLR GHOO·(WUXULD PHULGLRQDOH /D 1XRYD ,WDOLD
5RPD
$&DUDQGLQLDFXUDGL/DURPDQL]]D]LRQHGHOO·(WUXULDLOWHUULWRULRGL9XOFL
(OHFWD0LODQR
:9+DUULV5RPHLQ(WUXULDDQG8PEULD8QLYHUVLW\3UHVV2[IRUG
*&RORQQD8UEDQLVWLFDH$UFKLWHWWXUDLQ 5DVHQQD DFXUDGL3XJOLHVH&DUD
WHOOL/LEUL6FKHLZLOOHU0LODQRSS
3URJUDPPLGHL&RUVL
$UJRPHQWRGHOFRUVR
,OFRUVRLQWHQGHIRUQLUHXQDFRQRVFHQ]DVWRULFRDUFKHRORJLFDGHOOHFLWWjHGHO
WHUULWRULRGHOO·(WUXULDDWWUDYHUVROHWHVWLPRQLDQ]HDUFKHRORJLFKHHGHSLJUDILFKH
GDOO·HWjGHOODIRUPD]LRQHXUEDQDDOODILQHGHOPRQGRDQWLFR
%LEOLRJUDILDGLEDVH
$O ILQH GHOOD SUHSDUD]LRQH DOO·HVDPH DFFDQWR DJOL DSSXQWL GHO FRUVR H DOOD
ELEOLRJUDILDFRPXQLFDWDQHOFRUVRGHOOHOH]LRQLVLFRQVLJOLDXQDVHOH]LRQHGD
FRQFRUGDUHFRQLOGRFHQWHGHLVHJXHQWLWHVWL
03DOORWWLQR6WRULDGHOODSULPD,WDOLD5XVFRQL0LODQR
03DOORWWLQR(WUXVFRORJLD+RHSOL0LODQR
07RUHOOL6WRULDGHJOL(WUXVFKL/DWHU]D5RPD%DUL
0&ULVWRIDQL*OL(WUXVFKLXQDQXRYDLPPDJLQH*LXQWL)LUHQ]H
*&DPSRUHDOH*OL(WUXVFKLIXRULGDOO·(WUXULD$UVHQDOHHGLWULFH
07RUHOOL(WUXULD/DWHU]D5RPD%DUL
7 3RWWHU 6WRULD GHO SDHVDJJLR GHOO·(WUXULD PHULGLRQDOH /D 1XRYD ,WDOLD
5RPD
:9+DUULV5RPHLQ(WUXULDDQG8PEULD8QLYHUVLW\3UHVV2[IRUG
$&DUDQGLQLDFXUD/DURPDQL]]D]LRQHGHOO·(WUXULDLOWHUULWRULRGL9XOFL
(OHFWD0LODQR
66WHLQJUlEHU&LWWjHQHFURSROLG·(WUXULD1HZWRQ&RPSWRQ5RPD
3URJUDPPLGHL&RUVL
* &RORQQD 8UEDQLVWLFD H DUFKLWHWWXUD LQ 5DVHQQD D FXUD GL * 3XJOLHVH
&DUDWHOOL/LEUL6FKHLZLOOHU0LODQRSS
0&ULVWRIDQL/·DUWHGHJOL(WUXVFKL3URGX]LRQHHFRQVXPR(LQDXGL7RULQR
) 5RQFDOOL /·DUWH LQ 5DVHQQD D FXUD GL * 3XJOLHVH &DUDWHOOL /LEUL
6FKHLZLOOHU0LODQRSS
$YYHUWHQ]DWXWWRLOPDWHULDOHIRWRJUDILFRLOOXVWUDWRLQGLDSRVLWLYHGXUDQWHOH
OH]LRQLqFRQVXOWDELOHLQYHUVLRQHDVWDPSDGDJOLVWXGHQWLGXUDQWHO·RUDULRGL
ULFHYLPHQWR
)(120(12/2*,$ '(*/,67,/,
'RFHQWH%DUEDUD$JRVWL
,,,H,9 SHULRGR
/D´JUD]LDµGL5DIIDHOOR
6HJXHQGR O·DWWLYLWj GHO PDHVWUR GDOOD IRUPD]LRQH DOOH JUDQGL
LPSUHVHILJXUDWLYHFRPSLXWHQHOOD5RPD/HRQH;YHUUDQQRHVDPLQDWHOHSULQFL
SDOLWHVWLPRQLDQ]HGHOODVXDIDPDHGHOODVXDIRUWXQDFULWLFDGDJOLLQWUHFFLFRQOD
TXHVWLRQHGHOODOLQJXDDOO·DSULUVLGHO&LQTXHFHQWR%DOGDVVDUUH&DVWLJOLRQH3LH
WUR%HPERILQRDOOH9LWH GL*LRUJLR9DVDUL,OFRUVRVLDUWLFRODLQ
GXHPRGXOLFKHFRUULVSRQGRQRDJOLVYLOXSSLGHOO·RSHUDGLTXHVWRSURWDJRQLVWD
HVHPSODUHGHOOD0DQLHUDPRGHUQDHGHOODVXDFUHVFHQWHDIIHUPD]LRQH
0RGXOR 5DIIDHOORHODFLYLOWjGHOOHFRUWL
,O SULPR PRGXOR LQWHQGH DIIURQWDUH VHJXHQGR OH WHVWLPRQLDQ]H GHOOH RSHUH
G·DUWHHGHOODWUDGL]LRQHVWRULRJUDILFDHOHWWHUDULDVX5DIIDHOORLOSUREOHPDGHOOD
IRUPD]LRQHHGHOODSULPDDWWLYLWjGHOPDHVWURWUDO·8PEULDH)LUHQ]HFRQSDUWL
FRODUHDWWHQ]LRQHDLVXRLUDSSRUWLFRQODFRUWHXUELQDWH
%LEOLRJUDILD
/D SUHSDUD]LRQH DOOD SURYD GL YHULILFD FRQVLVWHUj QHOOD FRQRVFHQ]D GHL WHVWL
GLVFXVVLGXUDQWHOHOH]LRQLHUDFFROWLQHOODGLVSHQVDUHODWLYDDOPRGXORFKH
3URJUDPPLGHL&RUVL
VDUjGLVSRQLELOHDOSULQFLSLRGHOFRUVRHGL.2EHUKXEHU5DIIDHOOR0LODQR
(OHFWDGLTXHVWDPRQRJUDILDVLWURYDLQFRPPHUFLRO·HGL]LRQHHFRQRPL
FDBLOWHVWRqFRPXQTXHGLVSRQLELOHLQELEOLRWHFD
0RGXOR 5DIIDHOORD5RPD
,OVHFRQGRPRGXORLQWHQGHDQDOL]]DUHVXOODEDVHGLDOFXQHJUDQGLWHVWLPRQLDQ
]HOHWWHUDULHHVWRULRJUDILFKHLOVLJQLILFDWRFKHLOOLQJXDJJLRILJXUDWLYRHODERUD
WRGD5DIIDHOORQHJOLDQQLGHOODVXDDWWLYLWjSLWWRULFDHDUFKLWHWWRQLFDQHOOD5RPD
GL*LXOLR,,HGL/HRQH;HEEHSHUVFULWWRULHWHRULFLG·DUWHHPHFHQDWLVXRLFRQ
WHPSRUDQHL
%LEOLRJUDILD
/D SUHSDUD]LRQH DOOD SURYD GL YHULILFD FRQVLVWHUj QHOOD FRQRVFHQ]D GHL WHVWL
GLVFXVVLGXUDQWHOHOH]LRQLHUDFFROWLQHOODGLVSHQVDUHODWLYDDOPRGXORFKH
VDUjGLVSRQLELOHDOSULQFLSLRGHOFRUVRHGL.2EHUKXEHU5DIIDHOOR0LODQR
(OHFWDGLTXHVWDPRQRJUDILDVLWURYDLQFRPPHUFLRO·HGL]LRQHHFRQRPL
FDBLOWHVWRqFRPXQTXHGLVSRQLELOHLQELEOLRWHFD
8OWHULRULVXJJHULPHQWLELEOLRJUDILFLYHUUDQQRIRUQLWLGXUDQWHOHOH]LRQL
,OFRUVRSUHYHGHXQDVHULHGLOH]LRQLVHPLQDULHVHUFLWD]LRQLGHGLFDWLDWHPLGL
SDUWLFRODUHULOLHYRQHOODVWRULRJUDILDDUWLVWLFDSHUHVHPSLRLOGLEDWWLWRVXOODFXO
WXUDDUWLVWLFDGHOOD&RQWURULIRUPDROD¶TXHVWLRQHPHULGLRQDOHQHOODVWRULDGHO
O·DUWH·HDSUREOHPLGLPHWRGR
),/2/2*,$$/%$1(6(
'RFHQWH)UDQFHVFR$OWLPDUL
,,,H,9 SHULRGR
,0RGXOR)LORORJLD$OEDQHVH
,,0RGXOR)LORORJLD$UEsUHVKH
3DUWHLVWLWX]LRQDOH
(OHPHQWLGLVWRULDGHOODOLQJXDHGHOODFLYLOWjDOEDQHVH3ULQFLSDOLFDUDWWHULVWLFKH
GHOO·DOEDQHVHDQWLFRIRQRORJLDPRUIRORJLDHOHVVLFR/HWUDGL]LRQLDOIDEHWLFKH
QHOODOHWWHUDWXUDDOEDQHVHG·,WDOLDGDO;9,DO;9,,,VHFROR$QDOLVLILORORJLFDH
OLQJXLVWLFDGHLSLDQWLFKLWHVWLDOEDQHVLHDUEsUHVKs
&RUVRPRQRJUDILFR
)LORORJLDGHLWHVWLDVWDPSD GL*'H5DGD
3URJUDPPLGHL&RUVL
%LEOLRJUDILDVSHFLILFD
(dDEHM´0HVKDULµL*MRQ%X]XNXW%RWLP.ULWLN,H,,7LUDQs
(dDEHM*MRQ%X]XNXGKHJMXKDHWLM6WXGLPHJMXKsVRUH9,3ULVKWLQs
06FLDPEUD/D´'RWWULQD&ULVWLDQDµ$OEDQHVHGL/XFD0DWUDQJD5LSURGX
]LRQHWUDVFUL]LRQHHFRPPHQWRGHO&RGLFH%DUEHULQL/DWLQR&LWWjGHO
9DWLFDQR
72VPDQL+LVWRULHDOIDEHWLWWsJMXKsVVKTLSH7LUDQs
.$VKWD/HNVLNXKLVWRULNLJMXKsVVKTLSH,6KWsSLD%RWXHVHH8QLYHUVLWHWLWWs
6KNRGUsV6KNRGsU
.$VKWD/HNVLNXKLVWRULNLJMXKsVVKTLSH,,7LUDQs%RWLPHW7RHQD
6K'HPLUDM *MXKDVKTLSHGKHKLVWRULDHVDM7LUDQs
,&DQWLSUHPLORVDLFL /HSULPHUDFFROWHSRHWLFKHDOEDQHVLGL*'H
5DGD7HVWRFULWLFRDQDOLVLHWUDGX]LRQHLWDOLDQDDFXUDGL)$OWLPDUL5XE
EHWWLQR
1)UDVKsUL%DJsWL· H%XMTsVLMDLSDVFROLHLFDPSL,QWURGX]LRQHHGL]LRQH
FULWLFDWUDGX]LRQHLWDOLDQDHFRQFRUGDQ]DDFXUDGL)$OWLPDUL&(/8QL
YHUVLWjGHOOD&DODEULD5HQGH
%LEOLRJUDILDJHQHUDOH
8Q·LQIRUPDWLYDJHQHUDOHHSUREOHPDWLFDVXOODFULWLFDGHOWHVWRVLWURYHUjLQ*
&RQWLQL %UHYLDULR GL HFGRWLFD 0LODQR1DSROL 5LFFDUGR 5LFFLDUGL HGLWRUH
7UDLPDQXDOL´FODVVLFLµVLFRQVLJOLDQR30DDV&ULWLFDGHOWHVWR)LUHQ]H
/H0RQQLHU+)UlQNHO7HVWRFULWLFRHFULWLFDGHOWHVWR)LUHQ]H/H
0RQQLHUH*3DVTXDOL6WRULDGHOODWUDGL]LRQHHFULWLFDGHOWHVWR0LOD
QR0RQGDGRULPHQWUHXQ·XWLOHDQWRORJLDGHLULVXOWDWLSLUHFHQWLVLSXz
WURYDUHLQ$6WXVVL/DFULWLFDGHOWHVWR,O0XOLQR%RORJQD
6HPLQDULSURSHGHXWLFL
'RWWVVD)'H5RVDHVHUFLWD]LRQLGLILORORJLDDUEsUHVKHVXPDQRVFULWWLOHWWHUDUL
DUEsUHVKs
6LUDFFRPDQGDDJOLVWXGHQWLGHOFRUVRGLVHJXLUHOHOH]LRQLLQWURGXWWLYHVXOO·DS
SOLFD]LRQHGHOODILORORJLDHOHWWURQLFDQHOO·DQDOLVLGHLWHVWLOHWWHUDULQHOO·DPELWR
GHO PRGXOR G·LQVHJQDPHQWR GL /LQJXLVWLFD H ILORORJLD LQIRUPDWLFD FKD VDUj
WHQXWRGDOSURI5'LVWLOR
),/2/2*,$ %,=$17,1$
'RFHQWH $QQD0DULD,HUDFL%LR
,H,,SHULRGR
3URJUDPPLGHL&RUVL
3DUWHLVWLWX]LRQDOH
6WRULDGHOODOHWWHUDWXUDEL]DQWLQDGDOVHFROR,9 DOVHFROR;9
%LEOLRJUDILD
) &RQFD8 &ULVFXROR5 0DLVDQR %LVDQ]LR 6WRULD H FLYLOWj /HG 0LODQR
8QWHVWRDVFHOWDIUDLVHJXHQWL
&0DQJR/DFLYLOWjEL]DQWLQD/DWHU]D5RPD%DULWUDGLWGHOO·HGL]GL
/RQGUDGHO
1*:LOVRQ)LORORJLEL]DQWLQL0RUDQR1DSROLWUDGLWGHOO·HGL]GL
/RQGUDGHO
1* :LOVRQ 'D %LVDQ]LR DOO·,WDOLD (GL]LRQL GHOO·2UVR $OHVVDQGULD
WUDGLWGHOO·HGL]GL/RQGUDGHO
8QWHVWRDVFHOWDIUDLVHJXHQWL
)'|OJHU/DOHWWHUDWXUDEL]DQWLQD LQ6WRULDGHO0RQGR0HGLHYDOHDFXUDGL
-0 +866(<'0 1LFRO*&RZDQ WUDG LW GHOO·HGL] GL &DPEULGJH
*DU]DQWL0LODQR ,,,SS
$*DU]\D,QWURGX]LRQHDOODVWRULDOHWWHUDULDGL%LVDQ]LR /LEUHULD6FLHQWLILFD
(GLWULFH1DSROL
6,PSHOOL]]HUL/DOHWWHUDWXUDEL]DQWLQD HG$FFDGHPLD0LODQR
3DUWHPRQRJUDILFD
/DOHWWHUDWXUDQHOO·,WDOLDEL]DQWLQDGHLVHFROL;;,OD9LWDGL61LORGL5RVVDQR
%LEOLRJUDILD
**LRYDQHOOL9LWD1LOL%DGLDGL*URWWDIHUUDWD
$YYHUWHQ]D
*OLVWXGHQWLVRQRWHQXWLDVHJXLUHLOFRUVRGLOHWWRUDWRGLOLQJXDQHRJUHFDWHQXWR
GDOGRWW*.RULQWKLRV
*OLVWXGHQWLFKHVRVWHQJRQRLOVHFRQGRHVDPHFRQFRUGHUDQQRFRQODGRFHQWHOD
SDUWHLVWLWX]LRQDOHGHOSURJUDPPD
),/2/2*,$ (/,1*8,67,&$ ,1)250$7,&$
'RFHQWH5RFFR'LVWLOR
,,,H,,,SHULRGR
0RGXOR$,H,,SHULRGR&)8
$UJRPHQWRGHOFRUVR
,OWHVWRHO·HODERUD]LRQHLQIRUPDWLFD
3URJUDPPLGHL&RUVL
3HUFRUVLRSHUDWLYLSHUO·HODERUD]LRQHLQIRUPDWLFDGHOWHVWR
(VHUFLWD]LRQLGLLQIRUPDWLFDDFXUDGHOGRWW*LXVHSSH/D)DXFLLVFUL]LRQLHQWUR
LO
/D IUHTXHQ]D H LO VXSHUDPHQWR GHOOH SURYH GL YHULILFD GHOO·DSSUHQGLPHQWR
VDUDQQR YDOLGL SHU LO FRQVHJXLPHQWR GHOOD (XURSHDQ &RPSXWHU 'ULYLQJ
/LFHQFHSHUODTXDOHqFHQWURDFFUHGLWDWRLO/DERUDWRULRGL)LORORJLDLQIRUPDWL
FD'LSDUWLPHQWRGL/LQJXLVWLFD
%LEOLRJUDILDGLEDVH
**LJOLR]]L,OWHVWRHLOFRPSXWHU0DQXDOHGLLQIRUPDWLFDSHUJOLVWXGLOHWWH
UDUL%UXQR0RQGDGRUL0LODQR
0RGXOR%,,,SHULRGR&)8
3RVVRQRLVFULYHUVLVRORFRORURFKHKDQQRIUHTXHQWDWRLO0RGXOR$ HVXSHUDWROH
SURYHSUHYLVWHGDOUHODWLYRSURJUDPPD
$UJRPHQWRGHOFRUVR
/HVVLFRORJLDLSHUWHVWRDSSOLFD]LRQLPXOWLPHGLDOL
² $VSHWWLWHRULFLHSUDWLFLGHOODOHVVLFRJUDILD
² %LEOLRWHFDGLJLWDOH
² &RQFRUGDQ]H
² /HVVLFRJUDILDHEDQFKHGDWLLQ,QWHUQHW
² /·LSHUWHVWR
² &ULWLFDGHOWHVWRHDSSOLFD]LRQLPXOWLPHGLDOL
(VHUFLWD]LRQL G·LQIRUPDWLFD D FXUD GHO GRWW * /D )DXFL LVFUL]LRQL HQWUR LO
%LEOLRJUDILDGLEDVH
0/DQD/·XVRGHOFRPSXWHUQHOO·DQDOLVLGHLWHVWL6FLHQ]HXPDQHHQXRYHWHF
QRORJLH)UDQFR$QJHOL0LODQR
*3/DQGRZ/·LSHUWHVWR7HFQRORJLHGLJLWDOLHFULWLFDOHWWHUDULD%UXQR0RQ
GDGRUL0LODQR
-3UXYRVW'LFWLRQQDLUHVHWQRXYHOOHVWHFKQRORJLHV38)3DULV
*0DVVDULHOOR0HU]DJRUD/DOHVVLFRJUDILD=DQLFKHOOL%RORJQD
),/2/2*,$ *(50$1,&$
9HFFKLRRUGLQDPHQWR
'RFHQWH&DUOD0RULQL
,H,,SHULRGR
3URJUDPPLGHL&RUVL
3DUWHLVWLWX]LRQDOH
'DOO·LQGRHXURSHRDOJHUPDQLFR
,OJHUPDQLFRGDOO·RULJLQHDOOHPLJUD]LRQLGHOOHSRSROD]LRQLJHUPDQLFKH)RQHWLFD
PRUIRORJLDHOHVVLFR/·DOIDEHWRUXQLFRHODFLYLOWjJHUPDQLFD2ULJLQHHFODVVLIL
FD]LRQHGHOOHOLQJXHJHUPDQLFKH/DFRQYHUVLRQHDOFULVWLDQHVLPRHLOSDVVDJJLR
GDOO·RUDOLWjDOODVFULWWXUD,SULPLGRFXPHQWLOHWWHUDULQHOOHOLQJXHJHUPDQLFKH3HU
JUDQGLOLQHHVDUDQQRSUHVHQWDWLLPHWRGLLULVXOWDWLHGLSUREOHPLGHOODOLQJXLVWLFD
GHOODWUDGL]LRQHOHWWHUDULDHGHOODILORORJLDQHOFDPSRGHOOHOLQJXHJHUPDQLFKH
%LEOLRJUDILD
0* 6DLEHQH$QGUHRWWL /H OLQJXH JHUPDQLFKH DQWLFKH RULJLQH H VYLOXSSR
&LVDOSLQR0LODQR
8QRGHLVHJXHQWLWHVWLDVFHOWD
090ROLQDUL)LORORJLDJHUPDQLFD=DQLFKHOOL%RORJQD
1)UDQFRYLFK/DILORORJLDJHUPDQLFD&DURFFL5RPD
&RUVRPRQRJUDILFR
/DWUDGX]LRQHDQJORVDVVRQHGHOURPDQ]RGL$SROORQLRGD7\UR
'DOJHUPDQLFRDLGLDOHWWLDQJORVDVVRQL/HVVLFRIRQHWLFDHJUDPPDWLFDVWRULFD
/DVFXRODJOLVFULSWRULDHODWUDGL]LRQHVFULWWD/DULIRUPDEHQHGHWWLQDGHO;
VHFRORHODULQDVFLWDFXOWXUDOH/DIDPLJOLDHLOPDWULPRQLR/DWUDGX]LRQHQHO
PHGLRHYRHLQDUHDJHUPDQLFD/HWWXUDHDQDOLVLILORORJLFDGLWHVWLLQSURVD
%LEOLRJUDILD
54XLUN/:UHQQ $Q2OG(QJOLVK*UDPPDU /RQGRQ
&/:UHQQ$ 6WXG\RI2OG(QJOLVK/LWHUDWXUH+DUUDS/RQGRQ
3 *RROGHQ 7KH 2OG (QJOLVK$SROORQLXV RI 7\UH (QJOLVK 0RQRJUDSKV9,
2[IRUG
& 0RULQL $VSHWWL JLXULGLFL QHOOD YHUVLRQH DQJORVDVVRQH GHOO·$SROORQLR GD
7LUR$WWLGHOVHPLQDULRLQWHUQD]LRQDOH/·$SROORQLRGD7LURQHOOHOHWWHUDWXUH
HXURDVLDWLFKHGDOWDUGRDQWLFRDO0HGLRHYR 5RPD8QLYHUVLWjGHJOL6WXGL
GL7RU9HUJDWD
'XUDQWHO·DQQRVDUjGLVWULEXLWRHRVHJQDODWRDOWURPDWHULDOHGLGDWWLFRYHGL
VLWRLQWHUQHWGHOGLSDUWLPHQWRGLOLQJXLVWLFD&0RULQL)LORORJLDJHUPDQL
FD
3URJUDPPLGHL&RUVL
),/2/2*,$ *5(&$
'RFHQWH$QGUHD(UFRODQL
,H,,SHULRGR
/DXUHD TXDGULHQQDOH LQ /HWWHUH /DXUHD WULHQQDOH FXUU FODVVLFR /DXUHD LQ
&RQVHUYD]LRQHGHL%HQLFXOWXUDOLRUHFUHGLWL
3DUWHJHQHUDOH
/DWUDVPLVVLRQHGHLWHVWLDQWLFKLGDOODWUDGL]LRQHRUDOHDOOHHGL]LRQLDOHVVDQ
GULQHDOOHPRGHUQHHGL]LRQLFULWLFKH
%LEOLRJUDILD
*3DVTXDOLVY¶(GL]LRQLFULWLFKH·(QFLFORSHGLD,WDOLDQD ;,,,SS
RUDDQFKHLQ*3DVTXDOL5DSVRGLDVXOFODVVLFR5RPDSS
HG,VWLWXWRGHOO·(QFLFORSHGLD,WDOLDQD/'5H\QROGV1*:LOVRQ&RSLVWLH
ILORORJL /D WUDGL]LRQH GHL FODVVLFL GDOO·$QWLFKLWj DO 5LQDVFLPHQWR 3DGRYD
HG$QWHQRUH,ELHQQDOLVWLOHJJHUDQQR%*HQWLOL¶7UDGL]LRQHGHLWHVWL
SRHWLFLQHOOD*UHFLDDQWLFDGDOO·DUFDLVPRDOO·HOOHQLVWLFD·LQ/DILORORJLDWHVWXD
OHHOHVFLHQ]HXPDQH &RQYHJQR,QWHUQD]LRQDOH$FFDGHPLDGHL/LQFHL5RPD
DSULOH$WWLGHL&RQYHJQLGHL/LQFHL,,,5RPDSS
HDVFHOWDXQRGHLVHJXHQWLWHVWL*3DVTXDOL6WRULDGHOODWUDGL]LRQHH
FULWLFDGHOWHVWR/H0RQQLHU)LUHQ]HULVW/H/HWWHUH)LUHQ]HHG
53IHLIIHU6WRULDGHOODILORORJLDFODVVLFD0DFFKLDUROL1DSROL
3DUWHPRQRJUDILFD
/HWWXUDLQWHUSUHWD]LRQHDQDOLVLILORORJLFDGHLVHJXHQWLWHVWL$ULVWRIDQH&DYD
OLHUL LQ XQD TXDOXQTXH HGL]LRQH FULWLFD VL FRQVLJOLD O·HGL]LRQH FXUDWD GD 9
&RXORQ3DULVHG%HOOHV/HWWUHVSUHYLVWDODOHWWXUDGL*0DVWURPDUFR
,QWURGX]LRQHD$ULVWRIDQH/DWHU]D5RPD%DULSS>HG@/XFLDQR
XQDVFHOWDGDL'LDORJKL WHVWLHGHGL]LRQHVDUDQQRLQGLFDWLDOO·LQL]LRGHOFRUVR
$YYHUWHQ]H
*OLVWXGHQWLLVFULWWLDGDOWUL&RUVLGLODXUHDSRWUDQQRFRQFRUGDUHFRQLOGRFHQWH
XQSURJUDPPDFRHUHQWHFRQLOSURSULRLQGLUL]]RGLVWXGL
),/2/2*,$ ,7$/,$1$
'RFHQWH/HWWHULR&DVVDWD
,,,H,9 SHULRGR
0XWXDGD 6WRULDGHOODOLQJXDLWDOLDQD
3URJUDPPLGHL&RUVL
3DUWHLVWLWX]LRQDOH
$OIUHGR6WXVVL%UHYHDYYLDPHQWRDOODILORORJLDLWDOLDQD,O0XOLQR%RORJQD
3DUWHPRQRJUDILFD
/DOLQJXDSRHWLFDGL9LWWRULR6HUHQL
7HVWLREEOLJDWRUL
9LWWRULR6HUHQL3RHVLHDFXUDGL'DQWH,VHOODFRQODFROODERUD]LRQHGL&OHOLD
0DUWLJQRQL(LQDXGL7RULQR
/XFD6HULDQQL,QWURGX]LRQHDOODOLQJXDSRHWLFDLWDOLDQD&DURFFL5RPD
),/2/2*,$ /$7,1$
'RFHQWH5DIIDHOH3HUUHOOL
,H,,SHULRGR
3HUJOLVWXGHQWLGL/HWWHUHHGL&RQVHUYD]LRQHGHLEHQLFXOWXUDOLFXUUFODVVLFR
&)8HTXLYDOHQWLDRUH
3HUJOLVWXGHQWLGL&RQVHUYD]LRQHGHLEHQLFXOWXUDOLDOWULFXUULFXOD&)8HSUR
JUDPPDYDQQRFRQFRUGDWLFRQLOGRFHQWHVXOODEDVHGHOOHLQGLFD]LRQLGHOFRUVR
GLVWXGLGLSURYHQLHQ]D
$YYHUWHQ]H
*OLVWXGHQWLLVFULWWLDOFRUVRGLODXUHDWULHQQDOHFKHQRQDEELDQRVWXGLDWRODWLQR
QHOODVFXRODVHFRQGDULDVRQRDPPHVVLDVRVWHQHUHO·HVDPHGL)LORORJLDODWLQD
VRORGRSRDYHUIUHTXHQWDWRXQFRUVRGLUHFXSHURVXSHUDQGRQHODSURYDILQDOHLO
FKHD]]HUDLOGHELWRHTXLYDOHQWHD&)8
7DOHREEOLJRULJXDUGDJOLLVFULWWLDWXWWLLFRUVLGLODXUHDWULHQQDOHDWWLYDWLSUHVVR
OD)DFROWj
3DUWHLVWLWX]LRQDOH
,O FRUVR FRPSUHQGH XQ·LQWURGX]LRQH DL PHWRGL H DL SUREOHPL GHOOD FULWLFD
WHVWXDOH,QTXHVWDSDUWHVLXVHUjFRPHWHVWRGLULIHULPHQWR30DDV&ULWLFDGHO
WHVWRWUDGX]LRQHLWDOLDQD)LUHQ]H/H0RQQLHU'HOOLEURVRQRXVFLWHGLYHUVH
HGL]LRQLVLFRQVLJOLDODWHU]DHGL]LRQHSXEEOLFDWDQHORXQDGHOOHVXFFHV
VLYHULVWDPSH3HUULIHULPHQWLDGDVSHWWLSDUWLFRODULQRQSUHVHQWLRQRQVXIIL
FLHQWHPHQWHHODERUDWLQHOPDQXDOHGL0DDVHSHUXQDYLVLRQHVWRULFDGHOODIRU
PD]LRQH GHOOR VYLOXSSR H GHOO·DIIHUPD]LRQH GHO ¶PHWRGR GL /DFKPDQQ· VL
ULFRUUHUjDGDOWUHLQWURGX]LRQLDJOLDVSHWWLJHQHUDOLGHOODGLVFLSOLQDFKHVDUDQQR
LQGLFDWHGXUDQWHLOFRUVR
3URJUDPPLGHL&RUVL
%LEOLRJUDILD
2UD]LR6DWLUHOLEUR,&RPHHGL]LRQHLWDOLDQDVLFRQVLJOLDTXHOODFXUDWDGD0
/DEDWH0LODQR5L]]ROL
&RUVRPRQRJUDILFR
3ODXWR O·$PSKLWUXR
%LEOLRJUDILD
/·HGL]LRQHFULWLFDGLULIHULPHQWRVDUjTXHOODGL:0/LQGVD\FKHFRPSUHQGH
WXWWHOHFRPPHGLHSODXWLQHYROO2[IRUG
,,HVDPHSURJUDPPDGDFRQFRUGDUHFRQLOGRFHQWH
),/2/2*,$ 520$1=$
'RFHQWH5RFFR'LVWLOR
,,,H,,,SHULRGR
%LEOLRJUDILDGLEDVH
+,0DUURX,7URYDWRUL-DND%RRN0LODQR
5'LVWLOR0DWHULDOLSHUORVWXGLRGHOODOLULFDWUREDGRULFD LQVWDPSD
*'XE\,OFDYDOLHUHODGRQQDLOSUHWH/DWHU]D5RPD%DUL
& 'L *LURODPR&K /HH $YYLDPHQWR DOOD ILORORJLD SURYHQ]DOH &DURFFL
5RPD
(VHUFLWD]LRQL
7HVWRHDSSOLFD]LRQLLQIRUPDWLFKH*OLVWXGHQWLIUHTXHQWDQWLSRWUDQQRSUHVHQ
WDUVLDJOLHVDPLSHULOFRQVHJXLPHQWRGHOOD(XURSHDQ&RPSXWHU'ULYLQJ/LFHQ
FH SHU OD TXDOH q FHQWUR DFFUHGLWDWR LO /DERUDWRULR GL )LORORJLD LQIRUPDWLFD
'LSDUWLPHQWRGL/LQJXLVWLFD
$OODILQHGHOWULPHVWUHGLGDWWLFRORVWXGHQWHDGLPRVWUD]LRQHGHOO·LPSHJQRGLVWX
GLRGHGLFDWRSUHVHQWHUjXQDWHVLQDVXDUJRPHQWRFRQFRUGDWRFROGRFHQWH/·HOD
ERUD]LRQHGHOODWHVLQDSXzHVVHUHVRVWLWXWLYDGLXQDSDUWHGHOODSURYDG·HVDPH
9HFFKLRRUGLQDPHQWR,H,,SHULRGR
3URJUDPPLGHL&RUVL
$UJRPHQWRGHOFRUVR
,OYRFDERODULRFRUWHVHQHO0HGLRHYRURPDQ]R
%LEOLRJUDILDGLEDVH
$9DUYDUR/LQJXLVWLFDURPDQ]D/LJXRUL1DSROL
$X5RQFDJOLD/DOLQJXDGHLWURYDWRUL(GL]LRQLGHOO·$WHQHR5RPD
0=LQN/DOHWWHUDWXUDIUDQFHVHGHO0HGLRHYRLO0XOLQR%RORJQD
5 'LVWLOR 5DLPEDXW GH 9DTXHLUDV ´« VL FXP 3URYHQ]DOV R IDL TXDQW HV
SRMDW]µ 0HVVLQD
VDUjGLIIXVRLQIRWRFRSLDQHOFRUVRGHOOHOH]LRQL
5'LVWLOR0DWHULDOLSHUORVWXGLRGHOODOLULFDWUREDGRULFD LQVWDPSD
(VHUFLWD]LRQLHVHPLQDUL
7HVWRHDSSOLFD]LRQLLQIRUPDWLFKH*OLVWXGHQWLIUHTXHQWDQWLSRWUDQQRSUHVHQ
WDUVLDJOLHVDPLSHULOFRQVHJXLPHQWRGHOOD(XURSHDQ&RPSXWHU'ULYLQJ/LFHQ
FH SHU OD TXDOH q FHQWUR DFFUHGLWDWR LO /DERUDWRULR GL )LORORJLD LQIRUPDWLFD
'LSDUWLPHQWRGL/LQJXLVWLFD
$OODILQHGHOSULPRELPHVWUHORVWXGHQWHDGLPRVWUD]LRQHGHOO·LPSHJQRGLVWX
GLRGHGLFDWRFRPLQFHUjDGHODERUDUHXQDWHVLQDVXDUJRPHQWRFRQFRUGDWRFRO
GRFHQWH/DWHVLQDSRWUjHVVHUHVRVWLWXWLYDGLXQDSDUWHGHOODSURYDG·HVDPH
),/262),$ '(/ ',5,772
'RFHQWH3 +HO]HO
,H,,SHULRGR
2ELHWWLYLIRUPDWLYL
,OFRUVRVLSUHILJJHGLLQWURGXUUHORVWXGHQWHDOORVWXGLRGHOO·HVSHULHQ]DJLXULGL
FDSHUDSSURSULDUVLLQPRGRFULWLFRGHOOHQR]LRQLIRQGDPHQWDOLGHOOLQJXDJJLR
JLXULGLFR/DQR]LRQHGL´GLULWWRµDQDOL]]DWDqTXHOODSURSULDGHJOLRUGLQDPHQWL
JLXULGLFL GHJOL 6WDWL GL GLULWWR FRVWLWX]LRQDOH 8QD SDUWLFRODUH DWWHQ]LRQH VDUj
GHGLFDWDDOODSUREOHPDWLFDGHL´GLULWWLXPDQLµVLDSHUTXDQWRULJXDUGDLOWHPD
GHOODORURIRQGD]LRQHVLDSHUTXDQWRFRQFHUQHLOWHPDGHOODORURWXWHOD
$UJRPHQWRGHOFRUVR
3DUWH$ RUH
/DQR]LRQHGL´GLULWWRµ
&DUDWWHULGHOODJLXULGLFLWj
,SULQFLSLJHQHUDOLGHOGLULWWRHODJHUDUFKLDGHOOHQRUPHHGHLYDORUL
1DWXUDHILQLGHOO·RUGLQDPHQWRJLXULGLFRFRVWLWX]LRQDOH
3URJUDPPLGHL&RUVL
%LEOLRJUDILD
'&RFFRSDOPHULR,QWURGX]LRQHDOODGRWWULQDGHOOR6WDWR&('$03DGRYD
(2SRFKHU/H]LRQLGL)LORVRILDGHOGLULWWR&('$03DGRYDXOWHGSDUWH
,,
3DUWH% RUH
7HRULDGHLGLULWWLXPDQL
/H'LFKLDUD]LRQLGHLGLULWWLXPDQL
/HUDGLFLDQWURSRORJLFKHGHLGLULWWLXPDQL
'LULWWLXPDQLHVRYUDQLWjGHOOR6WDWR
'DLGLULWWLXPDQLDLGLULWWLGHOODSHUVRQD
,OSULQFLSLRSHUVRQDOLVWLFRHORVWDWRFRVWLWX]LRQDOH
'LULWWLXPDQLHTXHVWLRQLELRHWLFKH
%LEOLRJUDILD
*3&DODEUz/DJDODVVLDGHLGLULWWL /XQJUR&RVHQ]DSDUWH,SDUWH,,,
9 )URVLQL7HRULDHWHFQLFDGHLGLULWWLXPDQL1DSROL
),/262),$ '(//$ 0(17(
'RFHQWH)HOLFH&LPDWWL
,H,,,SHULRGR
9HFFKLRRUGLQDPHQWR&RUVRGLODXUHDLQ)LORVRILD&)8
$UJRPHQWRGHOFRUVR
&RVFLHQ]DHPRQGRXPDQR
,OFRUVRLQWHQGHDQDOL]]DUHDSDUWLUHGDXQDOHWWXUDDQDOLWLFDGLDOFXQHSDJLQH
WHRUHWLFDPHQWHGHFLVLYHGHOOD)HQRPHQRORJLDGHOOR6SLULWRODUHOD]LRQHIUDOD
FRVFLHQ]DLQWHVDFRPHDXWRFRVFLHQ]DHODFRVWLWX]LRQHGHOORVSHFLILFRWDQWR
LQVHQVRFRJQLWLYRFKHELRORJLFRPRQGRXPDQR4XHOORGHOODFRVFLHQ]DFKHOD
ILORVRILDFRQWHPSRUDQHDDYHYDIUHWWRORVDPHQWHGHOHJDWRDOODSVLFRORJLDHQHL
FDVL GL PDJJLRU FRQIXVLRQH FRQFHWWXDOH DOOD QHXURORJLD q LQ UHDOWj XQ WHPD
FHQWUDOHSHUFRPSUHQGHUHLOPRGRLQFXLJOLHVVHULXPDQLSHQVDQRHYLYRQRLO
ORURPRQGRGDTXHOORGHJOLRJJHWWLPDWHULDOLDTXHOOR²SLLQWHUHVVDQWHSHU
FRPSUHQGHUH FLz FKH FL UHQGH XPDQL ² GHOOH HQWLWj FRPH LO ´QHXWURQHµ OD
´OLEHUWjµLO´SXGRUHµLO´WUDVFHQGHQWHµHFF²FKHQRQVRQRLQYHFHULFRQGXFL
ELOLWDOYROWDQHPPHQRLQOLQHDGLSULQFLSLRDGHQWLWjPDWHULDOL,QTXHVWRFRQ
WHVWRODILORVRILDGL+HJHOIRUQLUjJOLVWUXPHQWLWHRULFLDWWUDYHUVRLTXDOLVLSUR
3URJUDPPLGHL&RUVL
YHUjDSHQVDUHDOFXQHGHOOHQR]LRQLIRQGDPHQWDOLGHOPRQGRLQFXLYLYLDPRLQ
SDUWLFRODUHTXHOODGLRJJHWWRTXHOODGLYLYHQWHTXHOODGLOLQJXDJJLR
1HOTXDGURGLTXHVWDDQDOLVLXQDSDUWHGHOFRUVRVLLQWHUURJKHUjVXOODVSHFLILFLWj
ELRORJLFDGHOO·XPDQRULVSHWWRDOOHDOWUHSRVVLELOLIRUPHGLYLWDRUJDQLFKHHDUWL
ILFLDOL ,O PDQXDOH GL 7KDJDUG LQILQH VHUYLUj DG LQWURGXUUH JOL VWXGHQWL DOOH
QR]LRQLIRQGDPHQWDOLGHOODILORVRILDGHOODPHQWH
%LEOLRJUDILD
*:)+HJHO)HQRPHQRORJLDGHOORVSLULWRHGL]LRQHFRQWHVWRWHGHVFRDIURQ
WHDFXUD9LQFHQ]R&LFHUR5XVFRQLOLPLWDWDPHQWHDOOHVHJXHQWLSDUWL´/D
FHUWH]]DVHQVLELOH2YYHURLOTXHVWRHODPLDRSLQLRQHµ´/DSHUFH]LRQH
2YYHURODFRVDHO·LOOXVLRQHµ´2VVHUYD]LRQHGHOO·RUJDQLFRµSDUWLD HE
´/DIUHQRORJLDµ´,OOLQJXDJJLRGHOORVSLULWRGHOPRQGRHGHOODFXOWXUDµ
)HOLFH &LPDWWL /D PHQWH VLOHQ]LRVD &RPH SHQVDQR JOL DQLPDOL QRQ XPDQL
(GLWRUL5LXQLWL5RPD
3DXO7KDJDUG/DPHQWH,QWURGX]LRQHDOODVFLHQ]DFRJQLWLYD*XHULQL0LODQR
1XRYRRUGLQDPHQWR0RGXORLQWURGXWWLYRGLRUH&)8
$UJRPHQWRGHOFRUVR
/D)LORVRILDGHOOD0HQWH qXQVDSHUHLQWHUGLVFLSOLQDUHDOO·LQWHUVH]LRQHIUDSVL
FRORJLDLQWHOOLJHQ]DDUWLILFLDOHILORVRILDGHOOLQJXDJJLRHGHOODFRQRVFHQ]D6L
RFFXSDGHOOHFDUDWWHULVWLFKHSULQFLSDOLGHOODPHQWHXPDQDDGHVHPSLRODFDSD
FLWj G·HVVHUH OLEHUR GL SHQVDUH GL UDJLRQDUH GL SURYDUH HPR]LRQL G·HVVHUH
FRVFLHQWHHFF'LYHUVDPHQWHGDOOD3VLFRORJLDOD)LORVRILDGHOOD0HQWHVLLQWHU
URJDVXLIRQGDPHQWL²ORJLFLHWHRULFL²GLTXHVWHDELOLWjHQRQVXJOLVSHFLILFL
PHFFDQLVPL ILVLRORJLFL FKH QH VRQR WDOYROWD DOOD EDVH 8Q·DOWUD VSHFLILFLWj
GHOOD)LORVRILDGHOOD0HQWH²GLYHUVDPHQWHGDOPRGRSLWUDGL]LRQDOHGLLQWHQ
GHUHLOODYRURILORVRILFR²qTXHOODGLRSHUDUHDVWUHWWRFRQWDWWRFRQOHSLUHFHQWL
DFTXLVL]LRQLGHOODVFLHQ]DLQSDUWLFRODUHGHOOH1HXURVFLHQ]HGHOOD%LRORJLDH
GHOO·(WRORJLD OD VFLHQ]D FKH VWXGLD LO FRPSRUWDPHQWR GHJOL DQLPDOL QRQ
XPDQL6FRSRGHO0RGXORqTXHOORGLIRUQLUHXQDLQWURGX]LRQHDOOHQR]LRQL
IRQGDPHQWDOLGHOOD)LORVRILDGHOOD0HQWH HGDOOHVFXROHHGDOOHFRUUHQWLILORVR
ILFKHSULQFLSDOL
$UWLFROD]LRQHGHJOLDUJRPHQWLGHOPRGXORLQWURGXWWLYR
RJQLDUJRPHQWDWRYLHQHWUDWWDWRLQXQDOH]LRQHGLGXHRUH
SUHVHQWD]LRQHGHOODGLVFLSOLQD
ULGX]LRQLVPRHOLPLQDWLYLVPRYVVXSHUYHQLHQ]D
PHQWDOLVPRYVFRPSRUWDPHQWLVPR
3URJUDPPLGHL&RUVL
LOSXQWRGLYLVWDLQSULPDSHUVRQD
UDSSUHVHQWD]LRQL
IXQ]LRQDOLVPR
FRQQHVVLRQLVPR
ODPHQWHFRPHPDFFKLQDGDUZLQLDQD
PRGHOOLHSLJHQHWLFL
PRGHOOLELRORJLFLGHOODPHQWH
PHPHWLFD
LOPLWRGHOVRJJHWWRHLYDULGXDOLVPL
LOPRGHOORIUHXGLDQR
FRVFLHQ]D
FRVFLHQ]DFRPHGLVFRUVR
ODPHQWHQHJOLDQLPDOLQRQXPDQL
%LEOLRJUDILD
37KDJDUG/DPHQWH,QWURGX]LRQHDOODVFLHQ]DFRJQLWLYD*XHULQL0LODQR
'0DUFRQL)LORVRILDHVFLHQ]HFRJQLWLYH/DWHU]D5RPD%DUL
)&LPDWWL/DPHQWHVLOHQ]LRVD&RPHSHQVDQRJOLDQLPDOLQRQXPDQL(GLWRUL
5LXQLWL5RPD
),/262),$ '(//$ 6&,(1=$
'RFHQWH'DQLHOH*DPEDUDUD
,,SHULRGR
1XRYRRUGLQDPHQWR&)8
'DFRPSOHWDUHSHULOYHFFKLRRUGLQDPHQWRFRQ/RJLFD
,OFRUVRGL)LORVRILDGHOODVFLHQ]DVLSURSRQHGLLQWURGXUUHJOLVWXGHQWLDLSUREOH
PLGHOOHWHRULHHGHLOLQJXDJJLVFLHQWLILFL
'DOSXQWRGLYLVWDGHOODULIOHVVLRQHHSLVWHPRORJLFDFRQWHPSRUDQHDVDUDQQRHVD
PLQDWLLQSDUWLFRODUH
LOSUREOHPDGHOODQDWXUDGHLGDWLRVVHUYDWLYLGHOOHIRUPHGLLQIHUHQ]DGHOUDS
SRUWRIUDWHRULHHPRQGRHPSLULFRWUDVLJQLILFDWRHULIHULPHQWR
%LEOLRJUDILD
%RQLROL *LRYDQQL 9LGDOL 3DROR )LORVRILD GHOOD VFLHQ]D %UXQR 0RQGDGRUL
0LODQR
),/262),$ '(//$ 6725,$
'RFHQWH'DQLHOD)DOFLRQL
,,,H,9 SHULRGR
3URJUDPPLGHL&RUVL
3DUWHLVWLWX]LRQDOHGLRUH,,,SHULRGR
3DUWHVHPLQDULDOHGLRUH,,,SHULRGR
3DUWHLVWLWX]LRQDOHGLRUH,9 SHULRGR
/DSDUWHqGHVWLQDWDDJOLVWXGHQWLGL)LORVRILDGHOODVWRULDHGL)LORVRILDPRUD
OH,DQQR
/HSDUWLHVRQRGHVWLQDWHDJOLVWXGHQWLGL)LORVRILDGHOODVWRULDGHOO·RU
GLQDPHQWRTXDGULHQQDOH
$UJRPHQWLGHOFRUVR
$SSXQWDPHQWRFRQO·,VODP
Ë LQ FRUVR OD ´WHU]D RQGDWDµ PLJOLDLD GL PXVXOPDQL ODVFLDQR LO GDU DO,VODP
WHUUDGHOO·,VODPWHUUDGHOODIHGHSHUDQGDUHLQ2FFLGHQWH6HJXLUHPRTXHVW·H
PLJUD]LRQH LQL]LDQGR GD DOFXQH FRQRVFHQ]H VWRULFKH UHODWLYH LQ SDUWLFRODUH
DOODVWRULDFRQWHPSRUDQHDGHOODULYDVXGGHO0HGLWHUUDQHR
$SSXQWDPHQWRFRQO·,VODP
6XOIURQWHGHOODFRDELWD]LRQHWUDFXOWXUHGLYHUVHODVWRULDFRQWHPSRUDQHDSUH
VHQWDDUHHGLFRQIOLWWRDSHUWRFRPHLO9LFLQR2ULHQWHPDDQFKHQXRYHHPHUJHQ
]H VWRULFKH FRPH O·HPLJUD]LRQH YRORQWDULD GL PLJOLDLD GL PXVXOPDQL YHUVR
O·2FFLGHQWH /D ULFHUFD GL QXRYH IRUPH GL FRDELWD]LRQH YHUUj DQDOL]]DWD FRQ
SDUWLFRODUHULIHULPHQWRDOFRQWULEXWRGHOOHSROLWLFKHSHULOULFRQRVFLPHQWRHDO
GLEDWWLWRVXLGLULWWLGHOO·XRPR
6LWUDWWHUDQQRDQFKH
&RQFHWWLPRUDOLIRQGDPHQWDOL
9HUUDQQRWUDWWDWHDOFXQHQR]LRQLHOHPHQWDULDOOHTXDOLVLULFRUUHFRPXQHPHQWH
TXDQWR VL ULIOHWWH VXOO·DVSHWWR PRUDOH GHOO·DJLUH 4XHVWD SUHVHQWD]LRQH VDUj
DFFRPSDJQDWDGDWHVWLVFHOWLGLILORVRILDPRUDOH
%LEOLRJUDILD
)UDQFR&DUGLQL(XURSDH,VODP6WRULDGLXQPDOLQWHVR/DWHU]D5RPD%DUL
3URJUDPPLGHL&RUVL
,WHVWLGHOOHGXH'LFKDUD]LRQLGHLGLULWWLGHOO·XRPRVDUDQQRDGLVSRVL]LRQHGHJOL
VWXGHQWLSUHVVRODVHJUHWHULDGHO&RQVLJOLRGLFRUVRGLODXUHDDSDUWLUHGDVHWWHP
EUH
/·DQWRORJLDGLWHVWLVFHOWLFKHVDUDQQRXWLOL]]DWLGXUDQWHLOFRUVRYHUUjFRPXQL
FDWDQHOFRUVRGHOSULPRLQFRQWUR
),/262),$ '(//·('8&$=,21(
'RFHQWH)ODYLD6WDUD
,,,H,9 SHULRGR
,0RGXOR
3DUWH*HQHUDOH
7HPLHSUREOHPLQHOODILORVRILDGHOO·HGXFD]LRQH
0DQXDOHFRQVLJOLDWR
)&DPEL0DQXDOHGLILORVRILDGHOO·HGXFD]LRQH/DWHU]D5RPD%DUL
&RUVRPRQRJUDILFR
,VWLQWLHPR]LRQLYRORQWjLQ:LOOLDP-DPHV
,OFRUVRVLSURSRQHGLHVDPLQDUHJOLDVSHWWLQRGDOLQHOODWHRULDILORVRILFDHSVL
FRORJLFDGL:LOOLDP-DPHV$WWUDYHUVRODOHWWXUDFULWLFDGLDOFXQLVDJJLGHOILOR
VRIR DPHULFDQR VL DIIURQWHUDQQR L WHPL GL LGHQWLWj FRQFHWWR GL SHUVRQD
FRVFLHQ]DFDSDFLWjGLYROHUHHPR]LRQLHLVWLQWLVRWWROLQHDQGRQHOHVSHFLILFKH
LPSOLFD]LRQLSHGDJRJLFKH
%LEOLRJUDILD
:-DPHV/·XRPRFRPHHVSHULHQ]DDFXUDGL*LRYDQQL6WRUDFH/·$QFRUD
1DSROL
3*XDUQLHUL,QWURGX]LRQHD-DPHV/DWHU]D5RPD%DUL
,,0RGXOR
3DUWHJHQHUDOH
9DOJRQROHLQGLFD]LRQLGHO,PRGXOR
3URJUDPPLGHL&RUVL
&RUVR0RQRJUDILFR
:LOOLDP-DPHVHL´'LVFRUVLDJOLLQVHJQDQWLHDJOLVWXGHQWLµ
,O FRUVR VL FRQFHQWUD VXO WHVWR FKH FRQWLHQH O·LGHDOH SHGDJRJLFR GL -DPHV ,
'LVFRUVL DJOL LQVHJQDQWL VXOOD SVLFRORJLD H DJOL VWXGHQWL VX DOFXQL LGHDOL
GL YLWD 6LWUDWWDGLXQDFRQFH]LRQHSHGDJRJLFDLQFHQWUDWDVXOULVSHWWRSURIRQGR
HGHOO·LQGLYLGXDOLWjGHOGLVFHQWHXWLOL]]DQGRLULVXOWDWLFKHODSVLFRORJLDPHWWHD
GLVSRVL]LRQHGHOO·LQVHJQDQWHHGHOO·LGHDOHGHPRFUDWLFRFKHOHJDODIRUPD]LRQH
DOODYLWDSXEEOLFD
%LEOLRJUDILD
:-DPHV7DONVWRWHDFKHUVRQSV\FKRORJ\+DUYDUG8QLYHUVLW\3UHVV&DPEULGJH
WUDGLWDFXUDGL*&)HUUDUL*OLLGHDOLGLYLWD%RFFD7RULQR
DJOLVWXGHQWLYHUUUjIRUQLWDXQDWUDGX]LRQHGHOWHVWRDFXUDGHOGRFHQWH
3*XDUQLHUL,QWURGX]LRQHD-DPHV/DWHU]D5RPD%DUL
8OWHULRUL LQGLFD]LRQL ELEOLRJUDILFKH VDUDQQR GDWH GXUDQWH OR VYROJLPHQWR GHL
FRUVL
),/262),$ '(//(5(/,*,21,
'RFHQWH*LRYDPEDWWLVWD9DFFDUR
,,,H,9 SHULRGR
5HOLJLRQHHILORVRILDGHOODYLWDLQ*HUPDQLD*5LPPHO26SHQJOHU/.OD
JHV05DYHUD
,OFRUVRqDUWLFRODWRLQGXHPRGXOL
,PRGXOREDVDWRVXOOLEURGL5DYHUDHVXTXHOORGL6LPPHO
,,PRGXOREDVDWRVXOOLEURGL6SHQJOHUHVXTXHOORGL.ODJHV
*OLVWXGHQWLFKHKDQQRJLjVRVWHQXWRXQHVDPHVRVWLWXLUDQQRLOOLEURGL5DYHUD
FRQXQDUHOD]LRQHVFULWWDHRUDOHVXXQDUJRPHQWRGHOFRUVRGDFRQFRUGDUHFRO
GRFHQWH
$UJRPHQWRGHOFRUVR
,OFRUVRPLUDDIRUQLUHXQDFRQRVFHQ]DJHQHUDOHGHOODGLVFLSOLQDQHOVXRVYLOXS
SRVWRULFRHQHOVXRVWDWXWRWHRUHWLFRHDLOOXVWUDUHLOSUREOHPDGHOODUHOLJLRQH
QHOODILORVRILDGHOODYLWDLQ*HUPDQLDDWWUDYHUVRLVXRLSULQFLSDOLHVSRQHQWL*
6LPPHO26SHQJOHUH/.ODJHV
%LEOLRJUDILD
*6LPPHO6FULWWLGLVRFLRORJLDGHOODUHOLJLRQH%RUOD
26SHQJOHU,OWUDPRQWRGHOO·2FFLGHQWH*XDQGDSDUWHSULPD&DS,,3DU,,
&DS,,,3DU,,&DS93DU,O3DUWH6HFRQGD&DS,,,
3URJUDPPLGHL&RUVL
/.ODJHV,3HODVJL1XRYD(GLWULFH7HPSL0RGHUQL
05DYHUD,QWURGX]LRQHDOOD)LORVRILDGHOOD5HOLJLRQH87(77RULQR
*OLVWXGHQWLGHOYHFFKLRRUGLQDPHQWRGHYRQRIUHTXHQWDUHHQWUDPELLPRGXOL
*OLVWXGHQWLGHOQXRYRRUGLQDPHQWRGHYRQRIUHTXHQWDUHLOSULPRPRGXOR
),/262),$ '(/ /,1*8$**,2
'RFHQWH'DQLHOH*DPEDUDUD
,,,H,,,SHULRGR
/D GLVFLSOLQD VL DUWLFROD LQ PRGXOL DXWRQRPL SHU LO 12 /·LQVLHPH GHL WUH
PRGXOLFRVWLWXLVFHO·LQVHJQDPHQWRFRPSOHWRSHULO92
XQPRGXORLQWURGXWWLYRRUH&)8 ,VWLWX]LRQLGL)LORVRILDGHOOLQJXDJ
JLRHURJDWRQHO,SHULRGRSHUJOLVWXGHQWLGL)LORVRILHH6FLHQ]HGHOODFRPX
QLFD]LRQHHGHOODFRQRVFHQ]DHQHO,,,SHULRGRSHUJOLVWXGHQWLGL)LORVRILD
XQSULPRPRGXORDYDQ]DWRRUH&)8,QWURGX]LRQHDOOH/LQJXHGHL
VHJQLHURJDWRQHO,,SHULRGR
XQVHFRQGRPRGXORDYDQ]DWRRUH&)8)LORVRILDGHOOLQJXDJJLRH
OLQJXLVWLFDJHQHUDOHHURJDWRVHPSUHQHO,,SHULRGR
0RGXORLQWURGXWWLYRRUH&)8,VWLWX]LRQLGL)LORVRILDGHOOLQJXDJJLR
3DUWHJHQHUDOH
/LQJXDJJLR FRPH IDFROWj FRPH FRQRVFHQ]D FRPH DWWLYLWj )RUPH GHOOD
IDFROWjVLPEROLFDGLEDVH/DQJXHSDUROH6DXVVXUHHFRPSHWHQFHSHUIRU
PDQFH&KRPVN\/HOLQJXHFRPHVLVWHPL
)RUPHGHOODFRPXQLFD]LRQH6RJJHWWLGHOODFRPXQLFD]LRQH'DTXDOHFRQR
VFHQ]DYLHQHODFRPXQLFD]LRQH"4XDOHFRPXQLFD]LRQHSXzGLYHQWDUHQXRYD
FRQRVFHQ]D"
7HRULHFRPXQLFDWLYHGHOOLQJXDJJLR6DXVVXUH3ULHWRHWHRULHQRQFRPX
QLFDWLYHGHOVHJQR3HLUFH,QIRUPD]LRQHHFRPXQLFD]LRQH7LSLGLFRPX
QLFD]LRQHHWLSLGLPHQWH
/LQJXDJJLRHRQWRORJLD/HFRVHSULPDGHOOHSDUROH4XDOLFRVHVLIDQQRFRQ
OHSDUROH"
&RQWHVWRGHOODFRPXQLFD]LRQH6LJQLILFDWRHVHQVR&RQFHWWLQRQOLQJXLVWLFL
HVLJQLILFDWLOLQJXLVWLFL
,QFHUWH]]DGHOGHVWLQDWDULR0RQRORJRHGLDORJR,QWHUVRJJHWWLYLWjHGHWLFLWj
GHOODFRPXQLFD]LRQHYHUEDOH
6LVWHPDWLFLWj GHOOH OLQJXH 3DUDGLJPD H VLQWDJPD 6LQWDVVL H VHPDQWLFD
6WUXWWXUDHULGRQGDQ]D
3URJUDPPLGHL&RUVL
0DQXDOL
6*HQVLQLDFXUDGL0DQXDOHGHOODFRPXQLFD]LRQH&DURFFL5RPD
SS
/)RUPLJDUL,OOLQJXDJJLR6WRULDGHOOHWHRULH/DWHU]D5RPD%DULSS
H
&ODVVLFLGLVSHQVH
,0RGXORDYDQ]DWRRUH&)8
,QWURGX]LRQHDOOH/LQJXHGHLVHJQL
,OPRGXORFKHVLDYYDUUjGHOODFROODERUD]LRQHGHOGRWW7RPPDVR5XVVRVLSUR
SRQHGLIRUQLUHXQDLQWURGX]LRQHDOORVWXGLRGHOOHOLQJXHGHLVHJQLPHWWHQGRQH
LQ OXFH OH FDUDWWHULVWLFKH VWUXWWXUDOL HG HYLGHQ]LDQGR OD ORUR ULOHYDQ]D QHOOD
GLVFXVVLRQH GL TXHVWLRQL FHQWUDOL SHU O·DWWXDOH ULIOHVVLRQH VHPLRWLFD H SHU OH
VFLHQ]HGHOOLQJXDJJLR,VHJXHQWLWHPLYHUUDQQRWRFFDWLQHOFRUVRGHOOHOH]LRQL
² /DULIOHVVLRQHVXOOHOLQJXHGHLVHJQLFRPHIRUPHGLFRPXQLFD]LRQHGHOOH
SHUVRQHVRUGHLQXQDSURVSHWWLYDVWRULFD
² /RVWDWXWROLQJXLVWLFRGHOOHOLQJXHGHLVHJQLULVSHWWRDOOHOLQJXHYRFDOL
² ,FRQLFLWjHDUELWUDULHWjQHOOHOLQJXHGHLVHJQLHQHOOHOLQJXHYRFDOL
² ,OFRQWULEXWRGHJOLVWXGLVXOOHOLQJXHGHLVHJQLDOGLEDWWLWRVXOO·LQQDWLVPR
%LEOLRJUDILD UDFFROWLLQGLVSHQVD
0&&DVHOOL60DUDJQD/3DJOLDUL5DPSHOOLH99ROWHUUD/LQJXDJJLRHVRU
GLWj/D1XRYD,WDOLD5RPDSS
'&KLULFz6RUGLWjVWRULHHSUREOHPLLQ$3HQQLVLH5&DYDOLHULDFXUDGL
´3DWRORJLHGHOOLQJXDJJLRHVFLHQ]HFRJQLWLYHµ,O0XOLQR%RORJQD
SS
75XVVR1RUPDSRHWLFDULWPRHPHWDIRUDWUDOLQJXHGHLVHJQLHOLQJXHYRFDOL
LQ&RQWHVVL500D]]HRH75XVVRDFXUDGL/LQJXDJJLRHSHUFH]LR
QH&DURFFL5RPDLQFRUVRGLVWDPSD
$=XFFDOj/DFXOWXUDGHLVRUGLHLOGLEDWWLWRFRQWHPSRUDQHRLQDQWURSRORJLD
LQ=XFFDOj$DFXUDGL&XOWXUDGHOJHVWRHFXOWXUDGHOODSDUROD0HOWH
PL5RPDSS
3URJUDPPLGHL&RUVL
,,PRGXORDYDQ]DWRRUH&)8
)LORVRILDGHOOLQJXDJJLRHOLQJXLVWLFDJHQHUDOH
,OPRGXORVLSURSRQHGLULHVDPLQDUHLOTXDGURWHRULFRFRVWUXLWRQHO1RYHFHQWR
GDOODOLQJXLVWLFDJHQHUDOHDOODOXFHGHOOHSUREOHPDWLFKHDWWXDOLGHOODILORVRILD
GHOOLQJXDJJLR
´6FLHQ]DµH´ILORVRILDµFRPHVLSRQHTXHVWRUDSSRUWRVXOWHPD´OLQJXDJJLR"
&KHWLSRGLVFLHQ]DODILORVRILDKDGLIURQWHDVpQHOODOLQJXLVWLFDWHRULFDJHQH
UDOHTXHOODSHULQWHQGHUFLGL6DXVVXUHHGL&KRPVN\"
$OGLOjGHJOLRYYLSUREOHPLWHUPLQRORJLFLFLVRQR´GDWLµRFRVWUXWWLWHRULFL
GHOODOLQJXLVWLFDFKHQRQVRQRSUHVLLQFRQVLGHUD]LRQHGDOODILORVRILDGHOOLQ
JXDJJLR"(FLVRQRTXHVWLRQLRSUREOHPDWLFKHILORVRILFKHFKHQRQWURYDQR
ULVFRQWURQHOODULFHUFDOLQJXLVWLFD"
0D VRSUDWWXWWR TXDO q LO UDSSRUWR WUD TXHVWL GXH DSSURFFL" 6L HVFOXGRQR" 6L
LQWHUVHFDQR"6LLQIOXHQ]DQRUHFLSURFDPHQWHRLQXQDVRODGLUH]LRQH"
&RPH ´FDVLµ HVHPSODUL VDUDQQR SUHVL DSSXQWR 6DXVVXUH RJJHWWR GL PDJJLRU
DWWHQ]LRQHDQFKHLQDOFXQLLQHGLWLH&KRPVN\/DELEOLRJUDILDVHFRQGDULDVDUj
LQGLFDWDGXUDQWHLOPRGXOR
%LEOLRJUDILD
)GH6DXVVXUH&RUVRGLOLQJXLVWLFDJHQHUDOHHGLWDOLDQDDFXUDGL7XOOLR'H
0DXUR/DWHU]D%DUL
1 &KRPVN\ /LQJXDJJLR H SUREOHPL GHOOD FRQRVFHQ]D LO 0XOLQR %RORJQD
$UWLFROLHWHVWLLQGLVSHQVD
),/262),$ (6&,(1=(&2*1,7,9(
'RFHQWH)UDQFHVFR)HUUHWWL
,,,H,9 SHULRGR
*OLVWXGHQWLGHOFRUVRGL)LORVRILDHVFLHQ]HFRJQLWLYHVRQRWHQXWLDOODIUHTXHQ
]DGHOFRUVRGL1HXURVFLHQ]DSHULOYHFFKLRRUGLQDPHQWRWHQXWRGDOODSURI
7L]LDQD=DOOD
$UJRPHQWRGHOFRUVR
,OFRQFHWWRGLSHUVRQDQHOODVFLHQ]DHQHOODILORVRILDGHOODPHQWHFRQWHPSRUD
QHH
,OFRQFHWWRGLSHUVRQDKDGDVHPSUHFRVWLWXLWRSHUODILORVRILDXQFURFHYLDWHRUL
FRHVWUHPDPHQWHIHFRQGR6WDELOLUHFRVDVLDXQDSHUVRQDLQHIIHWWLVLJQLILFD
PHWWHUHLQUHOD]LRQHTXHVWLRQLRQWRORJLFKHHSLVWHPRORJLFKHHPRUDOL/DTXH
3URJUDPPLGHL&RUVL
VWLRQHGHOO·LGHQWLWjSHUVRQDOHXQRGHJOLDUJRPHQWLFKHULFHYHUDQQRPDJJLRUH
DWWHQ]LRQHQHOOHOH]LRQLGHOFRUVRULVXOWDFUXFLDOHQHOODGHWHUPLQD]LRQHGLDOFX
QHGHOOHFDUDWWHULVWLFKHSLVSHFLILFKHGHOODQDWXUDXPDQD/·LGHQWLWjSHUVRQDOH
KDDFKHIDUHFRQLOFRUSRRFRQODUHWHGLULFRUGLFKHFRVWLWXLVFRQRLOQRVWURYLV
VXWRSVLFKLFR"&RVDVLLQWHQGHSHUFRUSRDOODOXFHGHOOHLEULGD]LRQLWUDRUJDQLFR
HLQRUJDQLFRPHVVHLQDWWRGDOOHPRGHUQHELRWHFQRORJLH"&RPHFRQWULEXLVFRQR
OHVFLHQ]HGHOODPHQWHDFKLDULILFDUHLWHUPLQLGHOODTXHVWLRQH"
%LEOLRJUDILD
,QWURGX]LRQHDOSUREOHPD
0LFKHOHGL)UDQFHVFR/·LRHLVXRLVp,GHQWLWjSHUVRQDOHHVFLHQ]DGHOODPHQWH
&RUWLQD0LODQR
'LVFXVVLRQHFULWLFD SHUO·HVDPHDSLESLXQWHVWRDVFHOWDWUDFGH
D 'HUHN3DUILW5DJLRQLHSHUVRQH,O6DJJLDWRUH0LODQRVRORODSDUWH
WHU]D/·LGHQWLWjSHUVRQDOH
E 5REHUWR0DUFKHVLQL3RVW+XPDQ9HUVRQXRYLPRGHOOLGLHVLVWHQ]D%RULQ
JKLHUL7RULQR
F 'DQLHO'HQQHWW´&RQGL]LRQLSHUHVVHUHXQDSHUVRQDµLQ%UDLQVWRUPVFDS
;,9$GHOSKL0LODQR
G %HUQDUG:LOOLDPV´,GHQWLWjSHUVRQDOHHLGHQWLILFD]LRQHµLQ3UREOHPLGHO
O·LR FDSSS,O6DJJLDWRUH0LODQR
H ´/HSHUVRQHVRQRFRUSL"µLQ3UREOHPLGHOO·LR FDSSS,O6DJ
JLDWRUH0LODQR
),/262),$ 025$/(
'RFHQWH'DQLHOD)DOFLRQL
,9 SHULRGR
3HUJOLVWXGHQWLGHO,DQQRQXRYRRUGLQDOPHQWRPXWXDGD)LORVRILDGHOODVWRULD
),/262),$ 025$/(
'RFHQWH,QHV&ULVSLQL
,9 SHULRGR
&RUVRGL/DXUHDLQ)LORVRILD
,OPRGXORRUH&)8qXQPRGXORDYDQ]DWRSHUVWXGHQWLGHOVHFRQGRDQQR
HSHUWDQWRDSSURIRQGLVFHDOFXQHTXHVWLRQLLQHUHQWLDOFRQWHVWRGHOODULIOHVVLRQH
PRUDOH
3URJUDPPLGHL&RUVL
,QSDUWLFRODUHLOFRUVRSUHQGHLQHVDPHODQR]LRQHGLHWLFDSXEEOLFDFRPHVSD]LR
FRQFHWWXDOHDSSURSULDWRSHUXQDILORVRILDGHVWLQDWDDFRJOLHUHLOSURSULRWHPSR
%LEOLRJUDILD
:.)UDQNHQD(WLFD&RPXQLWj0LODQR
60DIIHWWRQH(WLFDSXEEOLFD/DPRUDOLWjGHOOHLVWLWX]LRQLQHOWHU]RPLOOHQQLR
,O6DJJLDWRUH0LODQR
),/262),$ 025$/(
'RFHQWH*LRYDPEDWWLVWD9DFFDUR
,,,H,9 SHULRGR
3HUJOLVWXGHQWLGHOYHFFKLRRUGLQDPHQWRPXWXDGD)LORVRILDGHOOHUHOLJLRQL
),/262),$ 32/,7,&$
'RFHQWH*LDQ3LHWUR&DODEUz
,,,H,9 SHULRGR
2ELHWWLYLIRUPDWLYL
,O FRUVR VL SURSRQH GL IRUQLUH LQ PRGR FULWLFR HOHPHQWL GL FRQRVFHQ]D VXOOD
QDWXUDGHOORVWDWRFRVWLWX]LRQDOHHVXOOHSUREOHPDWLFKHGHLGLULWWLIRQGDPHQWDOL
GHOODSHUVRQD
$UJRPHQWRGHOFRUVR
3DUWH$ RUH
/HUDGLFLILORVRILFKHGHOORVWDWRFRVWLWX]LRQDOH/RFNH0RQWHVTXLHX
/DGLYLVLRQHGHLSRWHUL
/DQR]LRQHGLOLEHUWj
/HJDOLWjHOHJLWWLPLWj
/DFODVVLILFD]LRQHGHLGLULWWLIRQGDPHQWDOL
,OSULQFLSLRSHUVRQDOLVWLFR
3DUWH%RUH
/DERUDWRULRWHVWXDOH
/HWWXUDFULWLFDGLXQDVLOORJHGLWHVWLFODVVLFLFKHVDUDQQRLQGLFDWLQHOO·DPELWR
GHOFRUVR
%LEOLRJUDILD
&-)ULHGULFK*LXVWL]LDHWUDVFHQGHQ]DWUDGLW*DQJHPL5RPDVG
3URJUDPPLGHL&RUVL
0)LRUDYDQWL&RVWLWX]LRQH,O0XOLQR%RORJQD
8QRDVFHOWDWUDLVHJXHQWLWHVWL
$%DODGDVVDUUH*OREDOL]]D]LRQHFRQWURGHPRFUD]LD%DUL5RPD
/)HUUDMROL´'LULWWLIRQGDPHQWDOLµLQ7HRULDSROLWLFDQ
& - )ULHGULFK /·XRPR OD FRPXQLWj O·RUGLQH SROLWLFR ,O 0XOLQR %RORJQD
3DUWH,,3DUWH,,,3DUWH9
&K + 0F,OZDLQ &RVWLWX]LRQDOLVPR DQWLFR H PRGHUQR ,O 0XOLQR %RORJQD
0HWRGLGLGDWWLFL
/H]LRQLHGHVHUFLWD]LRQL
3URYDG·HVDPH
/·DFFHUWDPHQWRDYYHUUjLQIRUPDRUDOHLQGXHIDVL
$FFHUWDPHQWRGHOODSUHSDUD]LRQHJHQHUDOH
$SSURIRQGLPHQWRGLXQDUJRPHQWRVSHFLILFR
*OL VWXGHQWL LVFULWWL DO YHFFKLR RUGLQDPHQWR VRQR WHQXWL D IUHTXHQWDUH VLD OD
SDUWH$ FKHODSDUWH%
*OLVWXGHQWLLVFULWWLDOQXRYRRUGLQDPHQWRVRORODSDUWH%
),/262),$ 7(25(7,&$
'RFHQWH)UDQFHVFD%RQLFDO]L
,,H,,,SHULRGR
/·LQVHJQDPHQWR VL DUWLFROD GL GXH PRGXOL GL &)8 FLDVFXQR GL RUH ,O
SULPR PRGXOR ,, SHULRGR KD FDUDWWHUH LVWLWX]LRQDOH PHQWUH LO VHFRQGR q
DSSURIRQGLPHQWRDFDUDWWHUHPRQRJUDILFR,,,SHULRGR
3DUWHLVWLWX]LRQDOH
,PRGXORILORVRILDHUD]LRQDOLWj
/DYDOLGLWjHODQHFHVVLWjGHOGLVFRUVRILORVRILFRVRQRRJJLPHVVHUDGLFDOPHQWH
LQ GLVFXVVLRQH VHPEUD FKH OH VFLHQ]H VLDQR HVVH VFLHQ]H HVDWWH R VFLHQ]H
XPDQHDEELDQRLQYDVRWXWWDO·DUHDGHOVDSHUHHFKHODILORVRILDHVSURSULDWDGL
WXWWLLVXRLWHUULWRULVLDFRVWUHWWDDHVHUFLWDUHVRORODSUHVDGLFRVFLHQ]DFULWLFD
GHOODVXDFULVL(FRPXQTXHGDOO·LQWHUQRGHOODVWHVVDILORVRILDVLIDSUHVVDQWHOD
GRPDQGDVXOORVWDWXWRGHOODUD]LRQDOLWjHGHOODVXDFDSDFLWjPRGDOLWjGLSURGXU
UHFRQRVFHQ]D$ IURQWHGLTXHVWHSRVL]LRQLLOFRUVRLQWHQGHLQWHUURJDUVLVXOOD
3URJUDPPLGHL&RUVL
VSHFLILFLWjGHOGLVFRUVRILORVRILFRLQTXDQWRWHRUHWLFRLQSDUWLFRODUHLQUHOD]LR
QH DO OLQJXDJJLR VFLHQWLILFR SURSULR SHU YDJOLDUQH OD SHFXOLDULWj QHO VXR
PRPHQWRJHQHWLFRLQUHOD]LRQHDOOLQJXDJJLRPLWLFRHPHWWHUQHDOODSURYDOD
YDOLGLWjQHOFRQWHVWRFXOWXUDOHDWWXDOH
&RUVRPRQRJUDILFR
,,PRGXORGLVFRUVLHYHULWj
&DUGLQHGHOGLVFRUVRILORVRILFRODYHULWj²VLDHVVDLQWHVDFRPHVWUXWWXUDRULJL
QDULDGHOODUHDOWjRFRPHPHWRGRFRUUHWWRGLFRQRVFHUH²VHPEUDDYHUSHUVRFUH
GLELOLWj VRWWRSRVWD DOOD UDGLFDOH FULWLFD GDOOD ILORVRILD GHO QRYHFHQWR$QFKH
QHOOD IOHVVLRQH PRGHUQD GL ´FHUWH]]Dµ ² GL]LRQH SL FRQVRQD DOOD UD]LRQDOLWj
VFLHQWLILFD²qVWDWDRJJHWWRGLVTXDOLILFDGDSDUWHGHOO·HSLVWHPRORJLDFRQWHP
SRUDQHD3RVVLDPRRJJLULSURSRUUHLOWHPDGHOODYHULWjHGHOODVXDSHUVXDVLYLWj"
%LEOLRJUDILD
,PRGXOR7HVWLREEOLJDWRUL
*&ROOL/DQDVFLWDGHOODILORVRILD$GHOSKL0LODQR
3ODWRQH,O0HQRQHDFXUDGL*5HDOH/D6FXROD%UHVFLDHGFRQVLJOLD
WD
5'HVFDUWHV&DUWHVLR5HJROHSHUODJXLGDGHOO·LQWHOOLJHQ]D%RPSLDQL0LOD
QR
,PRGXOR7HVWLFRQVLJOLDWL REEOLJDWRULSHULQRQIUHTXHQWDQWL
):2WWR,OPLWR,O0HODQJROR*HQRYD
7$ 6]OH]DN &RPH OHJJHUH 3ODWRQH LQWURGX]LRQH GL * 5HDOH 5XVFRQL
0LODQR
)%RQLFDO]L/·RUGLQHGHOODFHUWH]]D6FLHQWLILFLWjHSHUVXDVLRQHLQ'HVFDUWHV
0DULHWWL*HQRYD
,,PRGXOR7HVWLREEOLJDWRUL
*RUJLD(QFRPLRGL(OHQD$OHWKHLD)LUHQ]H
$JRVWLQR&RQWURJOLDFFDGHPLFL/LEUR,,,
'HVFDUWHV/DULFHUFDGHOODYHULWjPHGLDQWHLOOXPHQDWXUDOHDFXUDGL(/RMD
FRQR(GLWRUL5LXQLWL5RPD
,,0RGXOR7HVWLFRQVLJOLDWLREEOLJDWRULSHUJOLVWXGHQWLQRQIUHTXHQWDQWL
08QWHUVWHLQHU,VRILVWL%UXQR0RQGDGRUL0LODQRSS
$'H/LEHUD/DILORVRILDPHGLHYDOH,O0XOLQR%RORJQDRDOWURPDQXDOH
)%RQLFDO]L /·RUGLQHGHOODFHUWH]]D6FLHQWLILFLWjHSHUVXDVLRQHLQ'HVFDUWHV
0DULHWWL*HQRYD
3URJUDPPLGHL&RUVL
1XRYR2UGLQDPHQWR
*OLVWXGHQWLGHO&RUVRGL/DXUHDGL)LORVRILDGHO,DQQRGHYRQRIUHTXHQWDUHLO,
PRGXOR
*OLVWXGHQWLGHO&RUVRGL/DXUHDGL)LOH6F&RP&RQGHO,,DQQRGHYRQRIUH
TXHQWDUHDVFHOWDLO,,PRGXOR
*OLVWXGHQWLDIIHUHQWLGDDOWUL&RUVLGL/DXUHD12IUHTXHQWDQRLQUHOD]LRQHDL
FUHGLWLYDOXWDQGRFKHRJQLPRGXORqGL&)8
9HFFKLR2UGLQDPHQWR
*OL VWXGHQWL GHO &RUVR GL /DXUHD GL )LORVRILD GHYRQR IUHTXHQWDUH LO , H LO ,,
PRGXOR
*OL VWXGHQWL DIIHUHQWL DG DOWUL &RUVL GL /DXUHD GHYRQR IUHTXHQWDUH LO , H LO ,,
PRGXOR
)21(7,&$ ()212/2*,$
'RFHQWH/XFLDQR5RPLWR
,,,,,H,9 SHULRGR
9HFFKLRRUGLQDPHQWR
,OFRUVRqVWUXWWXUDWRLQWUHVH]LRQLIRQGDPHQWDOL
/DSULPDVH]LRQHULJXDUGHUjODQR]LRQHGLVWUXWWXUHJHUDUFKLFKHGHOOLQJXDJJLR
PHQWUHODVHFRQGDVH]LRQHULJXDUGHUjLQPDQLHUDSLHVSOLFLWDODIRQHWLFDDUWLFROD
WRULDLWLSLGLIRQD]LRQHODFRORQQDG·DULDODSURGX]LRQHGHOVXRQRSURFHVVR
SQHXPDWLFRLPHFDQLVPLHJOLVWDWLGHOODJORWWLGHSURFHVVRJORWWLGDOHLOSURFHV
VRRURQDVDOHOHYRFDOLOHFRQVRQDQWLOHWUDQVL]LRQLYRFDOLFKHHFRQVRQDQWLFKHL
PRGLHLOXRJKLGLDUWLFROD]LRQHHODGHILQL]LRQHGHOODWHRULDGHLWUDWWLGLVWLQWLYLOH
PDWULFLHOHVRWWRVSHFLILFD]LRQLHLOIRUPDOLVPRQHOOHUHJROHIRQRORJLFKH
/D WHU]D VH]LRQH GHO FRUVR FRPSUHQGH DSSURIRQGLPHQWL H FRUUHOD]LRQL WUD OD
)RQHWLFD$UWLFRODWRULDHOD)RQHWLFD$FXVWLFDH3HUFHWWLYD$UJRPHQWLGHO&RUVR
VDUDQQRFRQFHWWLIRQGDPHQWDOLGLILVLFDDFXVWLFDLVXRQLSHULRGLFLHGDSHULRGLFL
OHRQGHVHPSOLFLHFRPSOHVVHOHFDVVHGLULVRQDQ]DHOHIRUPDQWLFRQFHWWLTXDOL
IUHTXHQ]DLQWHQVLWjHGXUDWDFDUDWWHULVWLFKHHOHWWURDFXVWLFKHGHLIRQHPL/·XWL
OL]]RGLDSSDUHFFKLDWXUHSHUO·DQDOLVLGHOVHJQDOH/·RVFLOORJUDPPDORVSHWWURD
ULJKHLOVRQRJUDPPDQRQFKpODOHWWXUDHO·LQWHUSUHWD]LRQHGHLGDWLDFXVWLFL
%LEOLRJUDILD
/5RPLWR0DQXDOHGL)RQHWLFDDUWLFRODWRULDDFXVWLFDHIRUHQVH&HQWUR(GL
WRULDOHH/LEUDULR81,&$/5HQGH
%0DOEHUJ0DQXDOHGL)RQHWLFDJHQHUDOH,O0XOLQR%RORJQD
3URJUDPPLGHL&RUVL
/HGLVSHQVHIRUQLWHGXUDQWHLOFRUVRFRPSUHQGRQR
² ,QWURGX]LRQHDOODIRQHWLFDSUDWLFD GL:&KDSPDQSS
² )RQGDPHQWLGL)RQRORJLD GL17UXEHFNRMSS
² )6DXVVXUH&RUVRGL/LQJXLVWLFD*HQHUDOHWUDGX]LRQHLWDOLDQDGL7XOOLRGH
0DXURSS/DWHU]D5RPD%DUL
² $ 0LRQL 7UDWWDWR GL )RQLDWULD H /RJRSHGLD D FXUD GL /XFLR &URDWWR >,
FDSLWROLGLIRQHWLFDDUWLFRODWRULDGHVFUL]LRQHHWUDVFUL]LRQHGHJOLDWWHJJLD
PHQWLDUWLFRODWRUL@/D*DUDQJROD3DGRYD
/HWWXUHFRQVLJOLDWH
) 6DXVVXUH &RUVR GL /LQJXLVWLFD *HQHUDOH WUDGX]LRQH LWDOLDQD GL 7XOOLR GH
0DXUR/DWHU]D5RPD%DUL
$0DUWLQHW(OHPHQWVGHOLQJXLVWLTXHJHQHUDOH >&DSLWRORSULPRHVHFRQGRSS
@&ROLQ3DULV>WUDGLWDOLDQD(OHPHQWLGL/LQJXLVWLFD*HQHUDOH
/DWHU]D%DUL@
17UXEHFNRM)RQGDPHQWLGL)RQRORJLD >,QWURGX]LRQH)RQHWLFDH)RQRORJLD
SSHSS@WUDGLWDOLDQD(LQDXGL7RULQR
3/DGHIRJHG$ FRXUVHLQ3KRQHWLFV+DUFRXUW%UDFH-DYRQLFK,QF
/DGHIRJHG DQG 0DGLVRQ 7KH 6RXQGV RI WKH :RUOG·V /DQJXDJHV %ODFNZHOO
/RQGRQ
-/DYHU3ULQFLSOHVRI3KRQHWLFV&DPEULGJH8QLYHUVLW\3UHVV
3/DGHIRJHG(OHPHQWVRI$FRXVWLF3KRQHWLFV&KLFDJR3UHVV
&DOYHUW'HVFULSWLYH3KRQHWLFV7KLHPH,QF1HZ<RUN
1XRYRRUGLQDPHQWR
,0RGXOR,$QQR
,OFRUVRYLHQHVYLOXSSDWRLQVHGLFLRUHHFRPSUHQGHXQDLQWURGX]LRQHDOODOLQ
JXLVWLFDHGDOODIRQHWLFDJHQHUDOH,QSDUWLFRODUHVLDIIURQWHUDQQRFRQFHWWLTXDOL
LUDSSRUWLWUDOD)RQRORJLDHOD)RQHWLFDO·RJJHWWRGLVWXGLRGHOOD)RQHWLFD$UWL
FRODWRULD $FXVWLFD H 3HUFHWWLYD LO FRQFHWWR GL /DQJXH H 3DUROH O·DSSDUDWR
IRQRDUWLFRODWRULRHODIRQHWLFDDUWLFRODWRULDLOPHFFDQLVPRSQHXPDWLFRJORWWL
GDOHHRURQDVDOHLOPHFFDQLVPRDUWLFRODWRULRLPRGLHLOXRJKLGLDUWLFROD]LRQL
HOHYRFDOL
/DIUHTXHQ]DDO&RUVRqREEOLJDWRULD/·LVFUL]LRQHDO&RUVRDYYHUUjQHLSULPL
GXHJLRUQLGLLQL]LRGHOOHOH]LRQL
,WHVWLGDXWLOL]]DUHYHUUDQQRFRQVLJOLDWLGDOGRFHQWHGXUDQWHOHOH]LRQL
3URJUDPPLGHL&RUVL
,,0RGXOR,,$QQR
,OFRUVRqVXGGLYLVRLQWUHPRGXOLYLHQHVYLOXSSDWRLQRUHHFRPSUHQGHO·DS
SURIRQGLPHQWRGHOOD)RQHWLFDDUWLFRODWRULDGHOODIRQHWLFD$FXVWLFDHGHOOD)RQR
ORJLD,QSDUWLFRODUHLOSULPRPRGXORVYLOXSSDWRLQVHGLFLRUHDSSURIRQGLUjJOL
DUJRPHQWLULJXDUGDQWLODIRQHWLFDDUWLFRODWRULDHODIRQHWLFD3HUFHWWLYD6LVWXGLHUj
O·DSSDUDWRXGLWLYRLOFDPSRGLXGLELOLWjLSDUDPHWULULJXDGDQWLODSHUFH]LRQH1HO
VHFRQGRPRGXORVYLOXSSDWRLQVHGLFLRUHVLVWXGLHUjODIRQHWLFDDFXVWLFD&HQQL
GLILVLFDDFXVWLFDHVWXGLRGHOVXRQRODSURGX]LRQHGHLVXRQLGHOOLQJXDJJLROH
YRFDOLHOHFDUDWWHULVWLFKHDFXVWLFKHGHOOHFRQVRQDQWL,OWHU]RHGXOWLPRPRGXOR
VYLOXSSDWRLQVHGLFLRUHVWXGLHUjODFRDUWLFROD]LRQHOHUHJROHIRQRORJLFKHLSUR
FHVVLIRQRORJLFLLOUDIIRU]DPHQWRODULGX]LRQHHO·DVVLPLOD]LRQHORVWXGLRGHL
WUDWWLVRYUDVHJPHQWDOLHGHOODSURVRGLDODIRQRORJLDDXWRVHJPHQWDOH
/DIUHTXHQ]DDO&RUVRqREEOLJDWRULD/·LVFUL]LRQHDO&RUVRDYYHUUjQHLSULPL
GXHJLRUQLGLLQL]LRGLRJQLPRGXOR
,WHVWLGDXWLOL]]DUHYHUUDQQRFRQVLJOLDWLGDOGRFHQWHGXUDQWHOHOH]LRQL
$YYHUWHQ]H
3HULOVHFRQGRHVDPH/LQJXLVWLFD,,,,DQQRDUHDLOQXPHURFRPSOHVVLYRGL
&)8 q UDJJLXQJLELOH SUHYLD LQGLFD]LRQH VXO 3LDQR GL 6WXGL VRPPDQGR L
PRGXOLSDU]LDOLGL/LQJXLVWLFD,,)RQHWLFD,,6RFLROLQJXLVWLFD
*(2*5$),$ '(//·$0%,(17(
*HRJUDILDSHU LOYR
'RFHQWH3LHUR*DJOLDUGR
,H,,SHULRGR
,O&RUVRGL*HRJUDILDSUHVHQWDWRGLVHJXLWRFRVWLWXLVFHXQSHUFRUVRGLGDWWLFR
HVDXULHQWHSHUJOLVWXGHQWLGHOYHFFKLRRUGLQDPHQWRFKHLQWHQGDQRFRQRVFHUH
HGDSSURIRQGLUHOHSULQFLSDOLSUREOHPDWLFKHDPELHQWDOLGHOQRVWUR3LDQHWD
3DUWH,
*$&RQWHQXWLHVVHQ]LDOLGHOOD*HRJUDILD
'DLWHPSLSLDQWLFKLDGRJJLO·DUJRPHQWRSHFXOLDUHGHOOD*HRJUDILDqVWDWROD
FRQRVFHQ]DGHJOLVSD]LWHUUHVWULLQTXDQWRGLIIHULVFRQRO·XQRGDOO·DOWUR/·XRPR
qSDUWHLQWHJUDQWHGHOODQDWXUDGLXQRVSD]LR
&ROJHQHUDOHSURJUHVVRGHOODVFLHQ]DODPHUDGHVFUL]LRQHqVWDWDVRVWLWXLWDLQ
WXWWLLUDPLGHOOD*HRJUDILDGDOODULFHUFDGHOOHFDXVH
/·RJJHWWRGHOOD*HRJUDILDqODFRQRVFHQ]DGHOODWHUUDQRQLQWHUPLQLGLVLQJROH
FDWHJRULHGLIHQRPHQLVLVWHPDWLLQVXFFHVVLRQHPDQHLWHUPLQLGHOOHFRPELQD
3URJUDPPLGHL&RUVL
]LRQLSURGRWWHVLWUDGLORURHVVHQGRWDOLFRPELQD]LRQLDOO·RULJLQHGHLGLIIHUHQWL
DVSHWWLILVLFLHXPDQLFKHFLULYHODODVXSHUILFLHGHOODWHUUD
/D *HRJUDILD q OD VFLHQ]D GHL OXRJKL ,O FDUDWWHUH SDUWLFRODUH GL XQ SDHVH VL
HVSULPHDWWUDYHUVRODWRWDOLWjGHOODVXDILVLRQRPLDDWWUDYHUVROHGLYHUVLWjVRFLDOL
DVVRFLDWHDOOHGLYHUVLWjGHLOXRJKL
*$/DIXQ]LRQHGHOOD*HRJUDILDVHFRQGROH1D]LRQL8QLWH
$ 1HZ<RUNLOO PDU]R.RIL$QQDQKDSURQXQFLDWRXQGLVFRUVRLQVHV
VLRQHSOHQDULDDO;&9,,FRQYHJQRDQQXDOHGHOO· $VVRFLDWLRQRI$PHULFDQ*HR
JUDSKHUV$$*
3XUHVVHQGRVWDWRIRUPDOPHQWHULYROWRDLJHRJUDILGHJOL6WDWL8QLWLQHOODVRVWDQ
]DLOGLVFRUVRqVWDWRLQGLUL]]DWRDOODFRPXQLWjLQWHUQD]LRQDOHGHLJHRJUDIL
1RQVROWDQWRSHUO·DOWDDXWRULWjGDFXLSURYLHQHPDDQFKHHVRSUDWWXWWRSHUL
VXRLFRQWHQXWLLOGLVFRUVRDVVXPHVSHFLDOHULOHYDQ]DDOPHQRSHUWUHPRWLYL
,QSULPROXRJRHQXQFLDLSUREOHPLFKLDYHGHOODQRVWUDIDVHVWRULFDFRQVWUDRU
GLQDULDOXFLGLWjHVHQ]DDOFXQDVRJJH]LRQHSHULSXQWLGLYLVWDFKHULVSHFFKLDQR
LQWHUHVVLQD]LRQDOLRGLOREE\
,QVHFRQGROXRJRLQUDSSRUWRDLSUREOHPLFUXFLDOLHJOLGHOLQHDODIXQ]LRQHFKH
OH1D]LRQL8QLWHVLDWWHQGRQRGDLJHRJUDIL
,QWHU]ROXRJRHVSRQHLQL]LDWLYHVSHFLILFKHLQWUDSUHVHGDOOH1D]LRQL8QLWHFKH
DSURQRFDPSLGLODYRURJHRJUDILFRHGLFROODERUD]LRQHSXQWXDOHFRQOHRUJDQL]
]D]LRQLLQWHUQD]LRQDOL
*$,OSURFHVVRGLXUEDQL]]D]LRQH
/HFLWWjVRQRLOOXRJRGLUDSSUHVHQWDQ]DSLYLFLQRDJOLLQWHUHVVLGHOODSRSROD]LRQH
SHUFKp HVSULPRQR OH DVSLUD]LRQL GHOOD FRPXQLWj q GHO WXWWR QDWXUDOH TXLQGL LO
ULOLHYRFKHVWDDVVXPHQGRODFRRSHUD]LRQHGLUHWWDWUDOHFLWWjLQWXWWRLOPRQGR
,QSDUWLFRODUHqGHFLVLYDODFRRSHUD]LRQHWUDOHFLWWjGHOODULYD1RUGHTXHOOH
GHOODULYD6XGGHO0HGLWHUUDQHRVXOOHTXDOLVLDGGHQVDXQDGHOOHVLWXD]LRQLGL
PDVVLPDFRQWUDGGL]LRQHHGLIILFROWjGHOPRQGRDWWXDOHGDXQDSDUWHDGXQR
VYLOXSSRHFRQRPLFRFRQVLGHUHYROHIDGDFRQWUDSSXQWRXQDEDVVLVVLPDFUHVFLWD
GHPRJUDILFDPHQWUHGDOO·DOWUDVLDPRGLIURQWHDOODVLWXD]LRQHLQYHUVD
4XHVWLSUREOHPLFKHVSHVVRYHQJRQRDIIURQWDWLVRORVRWWRODVSLQWDGLVLWXD]LR
QLGLHPHUJHQ]DYDQQRLQYHFHDIIURQWDWLLQPRGRRUJDQLFREDVDQGRVLVRSUDW
WXWWRVXOGLDORJRHVXOFRQIURQWRUHFLSURFR
/H 1D]LRQL 8QLWH KDQQR FKLHVWR DJOL 6WDWL DOOD FRPXQLWj LQWHUQD]LRQDOH H D
SDUWLUHGDOOD&RQIHUHQ]DGL5LRDOOHFLWWjGLDGRWWDUHVWUDWHJLHGLVRVWHQLELOLWj
GLVYLOXSSRGXUHYROHHGHFRORJLFDPHQWHVRVWHQLELOH/·LPSHJQRQHOOHFLWWjGHO
1RUGHLQTXHOOHGHO6XGKDFDUDWWHULVWLFKHGLYHUVLILFDWHPDDQFKHFRPXQL,
WHPSLGLWUDVIRUPD]LRQHGLXQDFLWWjVRQROXQJKL5RPDDGHVHPSLRVLqLPSH
3URJUDPPLGHL&RUVL
JQDWDLQXQODYRURGLWUDVIRUPD]LRQHGLODUJRUHVSLURLFXLHIIHWWLVDUDQQRYLVL
ELOLVRSUDWWXWWRQHLSURVVLPLDQQL2FFRUUHFRQFLOLDUHLOFDUDWWHUHJOREDOHGHOOD
VILGDFRQOHWUDVIRUPD]LRQLFRQFUHWHFKHGHYRQRLQYHVWLUHODYLWDGHOOHFRPX
QLWjSHUVXSHUDUHO·DSSDUHQWHGLFRWRPLDHVLVWHQWHWUDFRQVHUYD]LRQHHWUDVIRU
PD]LRQH q SRVVLELOH YDORUL]]DUH O·HUHGLWj VWUDRUGLQDULD H LUULSHWLELOH GHOOH
QRVWUHFLWWjVRORLQWUDSUHQGHQGRODVWUDGDGLFRUDJJLRVHLQQRYD]LRQL
*$/DFUHVFLWDGHPRJUDILFD
1RQFLVRQRGXEELVXOIDWWRFKHLOSUREOHPDHVVHQ]LDOHGHOPRQGRGHOVDUj
TXHOORGHOODVXDJHRJUDILDXPDQD&RQVLGHUDWRGDXQSXQWRGLYLVWDGHPRJUDIL
FRLOSLDQHWDqDOO·DOEDGLXQDGHOOHULYROX]LRQLSLLPSRUWDQWLFKHO·XPDQLWj
DEELDPDLFRQRVFLXWR
,QGXEELDPHQWHOHFLIUHIRUQLWHQHOO·DJRVWR·GDOOD%DQFD0RQGLDOHUHODWLYH
DOODFUHVFLWDGHOODSRSROD]LRQHPRQGLDOHVRQRLPSUHVVLRQDQWLHGLVHJQDQRXQR
VFHQDULR GL VRYUDIIROODPHQWR GD LQFXER SURSULR QHOOH ]RQH SL SRYHUH GHOOD
7HUUD
ËQRWRFKHSROLWLFLHGHFRQRPLVWLKDQQR¶VFRSHUWR· WDUGLODGHPRJUDILDSUHRF
FXSDWLGLFDSLUHLSUREOHPLGHOODSRSROD]LRQHSLFKHGLPLVXUDUOL6HFRQGROH
VWLPH GL YDUL VWXGLRVL FKH VL RFFXSDQR GL TXHVWR SUREOHPD DIIDVFLQDQWH H
LQTXLHWDQWHDOORVWHVVRWHPSRLQSRFRPHQRGLGXHVHFROLIUDLOHLO
ODSRSROD]LRQHGHOPRQGRVLqTXDVLVHVWXSOLFDWDHFRQWLQXDDFUHVFHUHDQFKHVH
LQPDQLHUDQRQFHUWRRPRJHQHD
,Q(XURSDLQIDWWLODSRSROD]LRQHqFUHVFLXWDGLFLUFDWUHYROWHHPH]]RLQ$VLDGL
FLQTXHHLQ$IULFDSLGLVHL8QFDVRDSDUWHqFRVWLWXLWRGDOO·$PHULFDLQFXLO·DX
PHQWR LPSURYYLVR H YHUWLJLQRVR GHOOD SRSROD]LRQH q OHJDWR DL IRUWL PRYLPHQWL
PLJUDWRULDYYHQXWLQHOFRUVRGHOO·2WWRFHQWRHQHOODSULPDPHWjGHOVHFROR;;
0DODFUHVFLWDULVXOWDDQFRUDSLLPSUHVVLRQDQWHVHSUHQGLDPRLQHVDPHSHULRGL
SL ULVWUHWWL QHO WHPSR GDO DO LQIDWWL OD SRSROD]LRQH PRQGLDOH q
DOO·LQFLUFDUDGGRSSLDWD2JJLVLDPRJLjROWUHLPLOLDUGLHPH]]RGLSHUVRQH
QHOVDUHPRDOO·LQFLUFDPLOLDUGLQHOPLOLDUGLHPH]]RQHO
DUULYHUHPRDLHSLPLOLDUGL´/D5HSXEEOLFDµDJRVWR
3DUWH,,
*$,OJOREDOFKDQJH
6LWUDWWDLQVRVWDQ]DGHOOHTXHVWLRQLSLJHQHUDOLFKHLQYHVWRQRODJOREDOLWj
GHOO·HVSHULHQ]DXPDQDVXOOD7HUUDLOFXLPHWURGLOHWWXUDVDUjFHUWDPHQWHPXWH
YROHQHOOHGLYHUVHUHJLRQLGHOJORERDVHFRQGDGHOOHFRPSRQHQWLFXOWXUDOLHWQL
FKHDPELHQWDOLSDHVLVWLFKHGLRJQLSRSRORRGLRJQLVXDFRPSRQHQWH
1RQWXWWDODFRPSOHVVLWjGHO3LDQHWDYLHQHFRQVLGHUDWDDOO·LQWHUQRGHOORVFKHPD
SUHVHQWDWRLQIDWWLPROWLDVSHWWLSDUWLFRODULGLQRQVHFRQGDULDLPSRUWDQ]DVWHQ
3URJUDPPLGHL&RUVL
WDQRDWURYDUHXQDGHJXDWROLYHOORGLVLJQLILFDWLYLWjLQXQGLVFRUVRFKHKDOD
SUHWHVDGLHVVHUHJOREDOHQHFHVVDULDPHQWHFRVWUHWWRDGXQRVIRU]RFRQVLVWHQWH
GLVLQWHVL
,WHPLSLDXWHQWLFLSHURJQLLQGLYLGXRHTXLQGLSHUO·LQWHUDXPDQLWjYHQJRQR
SUHVHQWDWL DOO·LQWHUQR GL XQD ULIOHVVLRQH HVWUHPDPHQWH VLQWHWLFD LO ULFRQRVFL
PHQWRGLXQGDWRLQL]LDOHO·DPELHQWHHJOLHVVHULXPDQLLQXQDGLDOHWWLFDFKH
GLVHJQDODVWRULDGHOPRQGRFRQXQUHVSLURGLJUDWLWXGLQHSHUODYLWDULFHYXWD
FKHqWXWWDGDVSHULPHQWDUHHDWWUDYHUVRODTXDOHqSRVVLELOHFRVWUXLUHXQSLFFR
ORRJUDQGHVHJQRGHOODSUHVHQ]DXPDQDVXO3LDQHWD
$OO·LQWHUQR GL TXHVWD ORJLFD GL SHQVLHUR SRWUHEEH QRQ DYHUH PROWR VHQVR OD
GRPDQGDVXOVRJJHWWRGHOODFHQWUDOLWjqO·XRPRRLO3LDQHWD"SHUFKpODULVSR
VWDqLQVLWDQHOO·RULJLQHVWHVVDGHOO·XRPRHGHOO·8QLYHUVRQRQFKpQHOVLJQLILFD
WRDGHVVDVRWWHVRFKHSHUQRVWUDIRUWXQDqDQFRUDDPSLDPHQWHGDVFRSULUH
4XDQGRLO3LDQHWDDOO·LQWHUQRGHOODFULVLWUDLQFUHPHQWRGHPRJUDILFRHOLPLWH
GHOOHULVRUVHDQGUjLQFROODVVR"4XDQGRLOEXFRGHOO·R]RQRVDUjFRVuHVSDQVR
GDLQQHVFDUHDWWUDYHUVRO·HIIHWWRVHUUDXQVXUULVFDOGDPHQWRGHOODWHPSHUDWXUD
GHO3LDQHWDFKHSURYRFKHUjORVFLRJOLPHQWRGHOOHFDORWWHSRODULFRQODFRQVH
JXHQWHLQRQGD]LRQHGHOOHWHUUHHPHUVHRGLXQDORURSDUWH"
*$,O9,3URJUDPPD(XURSHRGLD]LRQHSHU O·DPELHQWH
,O&RPPLVVDULRSHUO·DPELHQWH0DUJRW:DOOVWU|PQHOKDDIIHUPDWR´/D
SROLWLFDDPELHQWDOHqXQRGHLVXFFHVVLGHOODVWRULDGHOO·8(JUD]LHDOODOHJLVOD
]LRQHFRPXQLWDULDVWLDPRDGHVHPSLRIDFHQGRJUDQGLSDVVLDYDQWLQHOGLVLQTXL
QDPHQWRGHOO·DULDHGHLFRUVLG·DFTXD5HVWDQRDSHUWLPROWLSUREOHPLDQ]LSHU
DOFXQLDVSHWWLO·DPELHQWHYHUVDLQSHVVLPDVDOXWH
,QRVWULFLWWDGLQLKDQQRDFXRUHO·DPELHQWHLQFXLYLYRQRHQRLDEELDPRLOGRYH
UHGLDJLUHLPPHGLDWDPHQWHqDSSXQWRTXHVWRFKHSURSRQLDPRQHOQXRYRSUR
JUDPPDµ
'DOODYDOXWD]LRQHJOREDOHGHOSUHFHGHQWHSURJUDPPDHPHUJHO·DWWXD]LRQHODFX
QRVDGHOOHGLUHWWLYHDPELHQWDOL&(GDSDUWHGHJOL6WDWLPHPEULHGXQDVFDUVD
UHVSRQVDELOL]]D]LRQH GHOOH SDUWL LQWHUHVVDWH QHL FRQIURQWL GHJOL RELHWWLYL
DPELHQWDOL
'LFRQVHJXHQ]DLOQXRYRSURJUDPPDLQVLVWHVXOODFRUUHWWDDSSOLFD]LRQHGHOOD
QRUPDWLYDDPELHQWDOHYLJHQWHGDSDUWHGHJOL6WDWLPHPEULHDQQXQFLDFKHOD
&RPPLVVLRQHIDUjSUHVVLRQHVXJOL6WDWLPHPEULGHQXQFLDQGRSXEEOLFDPHQWHL
FDVLGLLQDGHPSLHQ]D
*$/·HGXFD]LRQHDPELHQWDOH
/·HGXFD]LRQHDPELHQWDOHqXQVHWWRUHGLVWXGLSHGDJRJLFLHGLSUDWLFKHGLLQWHU
YHQWR DEEDVWDQ]D UHFHQWL /D VXD QDVFLWD HG LO VXR DIIHUPDUVL YDQQR GL SDUL
3URJUDPPLGHL&RUVL
SDVVRFRQO·DFXLUVLGLIHQRPHQLGHJHQHUDWLYLFKHKDQQRSRUWDWRDJUDQGLFDWD
VWURILHFRORJLFKHFDSDFLGLPHWWHUHLQGLVFXVVLRQHLOIXWXURVWHVVRGHOQRVWUR
SLDQHWD3HUPROWLDQQLO·HGXFD]LRQHDPELHQWDOHKDFRLQFLVRFRQO·LPSHJQRSHU
ODGLIHVDGHOO·DPELHQWHQDWXUDOHRGHOOHVSHFLHLQYLDGLHVWLQ]LRQH6HFRQGRLO
FRQFHWWRLQYHULWjQRQVHPSUHYHURFKHSLVLqLQIRUPDWLHSLFLVLFRPSRUWD
UHVSRQVDELOPHQWHFRQO·HGXFD]LRQHDPELHQWDOHVLqFHUFDWRGLFUHDUHXQDVHQVL
ELOLWjYHUVRLSUREOHPLGHOSLDQHWDFKHFRPHGLFHYDPRFRQXQRVORJDQPROWR
IRUWXQDWR´QRQHUDQRVWURPDDYHYDPRDYXWRLQSUHVWLWRGDLQRVWULILJOLµ
2JJL q FDPELDWR LO VLJQLILFDWR GD DWWULEXLUH DO WHUPLQH DPELHQWH (VVR YLHQH
FRQFHSLWRFRPHFRQWHVWRVSD]LDOHQHOTXDOHODYLFHQGDGHOOHFROOHWWLYLWjXPDQH
VLPDQLIHVWDHVLWUDVIRUPDQHOSURFHGHUHGHOODVWRULD4XHVWRFRQWHVWRQRQVL
ULIHULVFHVRORDOFDPSRGHLIHQRPHQLILVLFLHQDWXUDOLFKHFRQWUDGGLVWLQJXRQR
O·DPELHQWHQDWXUDOHPDVLULIHULVFHDQFKHDOODPDQLIHVWD]LRQHGHLPRGLFRQFXL
O·XRPRVLUDSSRUWDDOO·DPELHQWHVWUXWWXUDQGRLOWHUULWRULRDPELHQWHFRVWUXLWRH
YLYHQGRLQHVVRIHQRPHQLSHUVRQDOLHVRFLDOLDPELHQWHVRFLDOH
*(2*5$),$ '(//269,/83326267(1,%,/(
*HRJUDILDSHU LOQR
'RFHQWH3LHUR*DJOLDUGR
,H,,SHULRGR
,O&RUVRGL*HRJUDILDSUHVHQWDWRGLVHJXLWRFRVWLWXLVFHXQSHUFRUVRGLGDWWLFR
HVDXULHQWHSHUJOLVWXGHQWLGHOQXRYRRUGLQDPHQWRFKHLQWHQGDQRFRQRVFHUHHG
DSSURIRQGLUHOHSULQFLSDOLSUREOHPDWLFKHDPELHQWDOLGHOQRVWUR3LDQHWD
3DUWH,
*6Y6,ULVXOWDWLGL-RKDQQHVEXUJ
,O 9HUWLFH 0RQGLDOH VXOOR 6YLOXSSR 6RVWHQLELOH q RUJDQL]]DWR GDOOH 1D]LRQL
8QLWHHSUHYHGHODSDUWHFLSD]LRQHGLQXPHURVLFDSLGL6WDWRHGLJRYHUQRUDS
SUHVHQWDQWLGHOOH2UJDQL]]D]LRQL1RQ*RYHUQDWLYH21*GHOVHWWRUHSULYDWRH
GLDOWULJUXSSLGLLQWHUHVVH2ELHWWLYRSXQWDUHO·DWWHQ]LRQHVXOOHQXRYHVILGHGD
DIIURQWDUHSHUUHDOL]]DUHXQRVYLOXSSRVRVWHQLELOHFLRqXQPRGHOORGLVYLOXSSR
FKHFRQLXJKLJOLDVSHWWLHFRQRPLFLFRQTXHOOLVRFLDOLHDPELHQWDOLLQJUDGRGL
DVVLFXUDUHXQDVRFLHWjSLHTXDHSURVSHUDQHOULVSHWWRGHOOHJHQHUD]LRQLIXWXUH
,O 9HUWLFH 0RQGLDOH VXOOR 6YLOXSSR 6RVWHQLELOH UDSSUHVHQWD O·RFFDVLRQH SHU
ULIOHWWHUHVXTXDQWRLQL]LDWRDO6XPPLWGL5LRHSHUUHDOL]]DUHJOLRELHWWLYLGHOOR
VYLOXSSRVRVWHQLELOH,OSURFHVVRSUHSDUDWRULRGHO9HUWLFHqVWDWRVHJXLWRGDOOD
GHFLPDVHVVLRQHGHOOD&RPPLVVLRQHSHUOR6YLOXSSR6RVWHQLELOHGHOOH1D]LRQL
8QLWH&6'
3URJUDPPLGHL&RUVL
8QRGHLULVXOWDWLSLLPSRUWDQWLGHO9HUWLFHVDUjO·DGR]LRQHGLXQSLDQRG·D]LR
QHVRWWRVFULWWRGDWXWWLJOL6WDWLSUHVHQWLQHOTXDOHVRQRVWDWLLQGLYLGXDWLLWHPL
FKLDYHSHULOSURVVLPRGHFHQQLR
$O9HUWLFHYHUUDQQRLQROWUHSUHVHQWDWHXQDVHULHGLLQL]LDWLYHYRORQWDULHGLFROOD
ERUD]LRQHWUDJRYHUQLLVWLWX]LRQLLPSUHVHHVRFLHWjFLYLOHSHUGDUHFRQFUHWH]]D
DOSLDQR,QILQHVLSURYYHGHUjDGDGRWWDUHXQDGLFKLDUD]LRQHSROLWLFDDOILQHGL
ULQQRYDUHO·LPSHJQRGHLOHDGHUPRQGLDOLDIDYRUHGHOODORWWDDOODSRYHUWjDWWUD
YHUVRXQRVYLOXSSRHFRQRPLFRVYLQFRODWRGDOGHJUDGRDPELHQWDOHHGDOFRQVX
PRHVDVSHUDWRGLULVRUVH
*6Y6/RVYLOXSSRVRVWHQLELOH
´9LYLDPRLQXQSLDQHWDLQVHULWRLQXQDGHOLFDWDHLQWULFDWDUHWHGLUHOD]LRQLHFRORJL
FKHVRFLDOLHFRQRPLFKHHFXOWXUDOLFKHUHJRODQROHQRVWUHHVLVWHQ]H6HYRJOLDPR
UDJJLXQJHUHXQRVYLOXSSRVRVWHQLELOHGRYUHPRGLPRVWUDUHXQDPDJJLRUHUHVSRQ
VDELOLWjQHLFRQIURQWLGHJOLHFRVLVWHPLGDLTXDOLGLSHQGHRJQLIRUPDGLYLWDFRQVL
GHUDQGRFLSDUWHGLXQDVRODFRPXQLWjXPDQDHQHLFRQIURQWLGHOOHJHQHUD]LRQLFKH
VHJXLUDQQRODQRVWUD,O9HUWLFHGL-RKDQQHVEXUJUDSSUHVHQWDXQ·RSSRUWXQLWj
SHUULQQRYDUHO·LPSHJQRGLFRVWUXLUHXQIXWXURSLVRVWHQLELOHµ
.RIL$QQDQ6HJUHWDULR*HQHUDOHGHOOH1D]LRQL8QLWH
/·8QLRQH(XURSHDKDDVVXQWRXQLPSHJQRLPSRUWDQWHHXQUXRORJXLGDQHOSUR
FHVVRSUHSDUDWRULRDO9HUWLFHGL-RKDQQHVEXUJGHO,OFDPPLQRHXURSHR
ULFKLHGHFRRUGLQDPHQWRFRQWXWWLLSDHVLPHPEULSHULGHQWLILFDUHJOLRELHWWLYL
VWUDWHJLFLHLWHPLFKLDYHGDDIIURQWDUHDO9HUWLFH$ WDOILQHVRQRVWDWLHODERUDWL
ILQRUDGXHGRFXPHQWL
/D&RPPLVVLRQHHXURSHDKDDGRWWDWRXQDFRPXQLFD]LRQH'LHFLDQQLGRSR5LR
SUHSDUDUVLDO9HUWLFH0RQGLDOHVXOORVYLOXSSRVRVWHQLELOHGHOLQFXLVLGHOL
QHDLOTXDGURFRPSOHVVLYRGHLSURJUHVVLFRPSLXWLHGHLOLPLWLGHO´GRSR5LRµ
/DFRPXQLFD]LRQHILVVDDOFXQHSULRULWjHOLQHHG·D]LRQHGHOO·8QLRQH(XURSHD
QRQFKpSURSRVWHSHULO9HUWLFHGHO
,O &RQVLJOLR HXURSHR KD SUHVHQWDWR XQD SURSRVWD GL FRQFOXVLRQL VXO 9HUWLFH
0RQGLDOHSHUORVYLOXSSRVRVWHQLELOHDGRWWDWDGXUDQWHO·XOWLPR&RQVLJOLRGHL
0LQLVWULGHOO·$PELHQWH/XVVHPEXUJRJLXJQR
/DSURSRVWDFRQVLGHUDLO9HUWLFHXQ·RFFDVLRQHXQLFDSHULGHQWLILFDUHOHSUREOH
PDWLFKHGLPDJJLRUULOLHYRFKHULFKLHGRQRSHUWDQWRDFFRUGLPRQGLDOLVXOOHSRV
VLELOLVROX]LRQLHQWURLO
$IILQFKpO·8QLRQHHXURSHDFRQWULEXLVFDLQPRGRGHFLVLYRDO9HUWLFHGL-RKDQ
QHVEXUJqQHFHVVDULRUDJJLXQJHUHXQHOHYDWRJUDGRGLFRHUHQ]DHFRPSOHPHQ
WDULHWjWUDLSUHSDUDWLYLGHO9HUWLFHHLGLYHUVLSURFHVVLDOLYHOORHXURSHRLQSDUWL
FRODUHLO6HVWR3URJUDPPDG·$]LRQHSHUO·$PELHQWHOD6WUDWHJLDVXOORVYLOXS
SRVRVWHQLELOHGHOO·8(HDOWUHVWUDWHJLDGLVHWWRUH
3URJUDPPLGHL&RUVL
*6Y6/HULVRUVHGHO3LDQHWDHODORURJHVWLRQH
6LqFRQFOXVRLOYHUWLFHGHOOD)DRD5RPD$QFRUDWDQWHSURPHVVHLQULVSRVWDD
XQDWUDJHGLDYHFFKLDTXHOODGHOODIDPHFKHFROSLVFHXQQXPHURVHPSUHPDJ
JLRUHGL3DHVLHGLSHUVRQH1XPHURVLL3DHVLSUHVHQWLPDSLQXPHURVHDQFRUD
OHDVVHQ]H+DQQREULOODWRIUDWXWWHOHDVVHQ]HGHLFRVLGGHWWL*UDQGLGHOODWHUUD
,PDVVLPLFRQVXPDWRULGHOOHULVRUVHGHOSLDQHWDKDQQRSUHIHULWRQRQHVVHUFL
6RQRWURSSRLPSHJQDWLDFRPEDWWHUHXQDOXQJDJXHUUDFRQWURLOWHUURULVPRLOOX
VLFRPHVRQRFKHLOWHUURULVPRVLSRVVDFRPEDWWHUHFRQOHDUPLHQRQFRQODJLX
VWL]LD 1RQ VL YXRO FDSLUH FKH OD UDGLFH GHO WHUURULVPR q OD PLVHULD OD IDPH
DQFKHODIDPHGLOLEHUWj
0DIDFFLDPRSDUODUHOHFLIUH6RORDOFXQH/HSLWHUULELOLSXEEOLFDWHGDO&HQ
VLV/·GHOOHULFFKH]]HGHOSLDQHWDqFRQFHQWUDWRQHOOHPDQLGHOGHOOD
SRSROD]LRQH
8QTXLQWRGHOODSRSROD]LRQHGHOSLDQHWDVRSUDYYLYHFRQPHQRGLXQGROODURDO
JLRUQRFLUFDPHWjGHOODSRSROD]LRQHYLYHFRQPHQRGLGXHGROODULDOJLRUQR2JQL
WUHVHFRQGLPXRUHXQEDPELQRSHUIDPHHSRYHUWjGRGLFLPLOLRQLLQXQDQQR
*6Y6/DELRGLYHUVLWjHODUHWH1DWXUD
/D ELRGLYHUVLWj LQGLFD XQD PLVXUD GHOOD YDULHWj GL VSHFLH DQLPDOL H YHJHWDOL
QHOODELRVIHUDHVVDqLOULVXOWDWRGLOXQJKLSURFHVVLHYROXWLYL
/·HYROX]LRQHqLOPHFFDQLVPRFKHGDROWUHWUHPLOLDUGLGLDQQLSHUPHWWHDOODYLWD
GLDGDWWDUVLDOYDULDUHGHOOHFRQGL]LRQLVXOODWHUUDHFKHGHYHFRQWLQXDUHDRSHUD
UHSHUFKpTXHVWDSRVVDDQFRUDRVSLWDUHIRUPHGLYLWDLQIXWXUR
/DGLYHUVLWjGHOODYLWDVXOODWHUUDqFRVWLWXLWDGDOO·LQVLHPHGHJOLHVVHULYLYHQWL
FKHSRSRODQRLO3LDQHWD
4XHVWD GLYHUVLWj SUHQGH LO QRPH GL %,2',9(56,7$· GDOO·LQJOHVH %,2',
9(56,7<WDOHWHUPLQHSXzHVVHUHWUDGRWWR´YDULHWjGHOODYLWDµ
/DELRGLYHUVLWjqLQWHVDQRQVRORFRPHLOULVXOWDWRGHLSURFHVVLHYROXWLYLPD
DQFKHFRPHLOVHUEDWRLRGDFXLDWWLQJHO·HYROX]LRQHSHUDWWXDUHWXWWHOHPRGLIL
FD]LRQLJHQHWLFKHHPRUIRORJLFKHFKHRULJLQDQRQXRYHVSHFLHYLYHQWL/DELR
GLYHUVLWjVLSXzFRQVLGHUDUHDOPHQRLQWUHOLYHOOLGLYHUVLDOLYHOORGLJHQLLQXQD
VSHFLHRSRSROD]LRQHDOLYHOORGLVSHFLHDOLYHOORGLHFRVLVWHPL
3DUWH,,
*6Y6/DFDUWRJUDILDFRPSXWHUL]]DWDHL*,6
´)RUQLVFHXQDSRVVLELOHGHVFUL]LRQHGHOODIRUPDHGLPHQVLRQHGHOODWHUUDGHL
VXRLSDUWLFRODULQDWXUDOLHDUWLILFLDOLµ
,OVLVWHPDLQIRUPDWLYRJHRJUDILFR*LVqXQLQVLHPHGLVWUXPHQWLLQIRUPDWLFL
FRQFHSLWRSHUGHVFULYHUHHGDQDOL]]DUHHOHPHQWLHYHQWLHIHQRPHQLLQHUHQWLOD
VXSHUILFLHWHUUHVWUH
3URJUDPPLGHL&RUVL
/DWHFQRORJLD*,6LQWHJUDLQXQXQLFRDPELHQWHOHSLFRPXQLRSHUD]LRQLOHJD
WHDOO·XVRGLGDWDEDVHLQWHUURJD]LRQL²TXHU\²DQDOLVLVWDWLVWLFKHFRQLEHQHIL
FLGHOO·DQDOLVLJHRJUDILFDFRQVHQWLWDGDOOHPDSSHFDUWRJUDILFKH
4XHVWDSDUWLFRODULWjGLVWLQJXHLO*LVGDJOLDOWULVLVWHPLGLLQIRUPD]LRQHHIDGL
HVVRXQSRWHQWHVWUXPHQWRXWLOL]]DELOHGDPROWHSOLFLRSHUDWRULSULYDWLHSXEEOLFL
SHUSLDQLILFDUHJOLHYHQWLSUHGLUHLULVXOWDWLHGHILQLUHVWUDWHJLH
*6Y6/DGHVHUWLILFD]LRQH
,OWHUPLQHULPDQGDVXELWRDOO·LPPDJLQHGHOGHVHUWRPDHUURQHDPHQWH1RQVL
WUDWWDLQIDWWLGLHVSDQVLRQHGHLGHVHUWL´GHVHUWL]]D]LRQHµPDGL´GHJUDGRGHOOH
WHUUHQHOOH]RQHDULGHVHPLDULGHHVXEXPLGHVHFFKHSURYRFDWRGDGLYHUVLIDWWR
ULWUDLTXDOLOHYDULD]LRQLFOLPDWLFKHHOHDWWLYLWjXPDQHµ81&&'$UWD
8Q·LPPDJLQHHIILFDFHODGHVFULYHFRPHXQD´PDODWWLDGHOODSHOOHµSXzPDQL
IHVWDUVLDPDFFKLHHFRPSDULUHDQFKHDPLJOLDLDGLFKLORPHWULGLGLVWDQ]DGDO
SLYLFLQRGHVHUWR*UDGXDOPHQWHSHUzVHLOSURFHVVRQRQYLHQHRVWDFRODWR
TXHVWHPDFFKLHVLHVWHQGRQRHVLFRQJLXQJRQRILQRDFRVWLWXLUH]RQHLQFXLOH
FRQGL]LRQLGLYLWDVRQRVLPLOLDTXHOOHGHOGHVHUWR
,QSUDWLFDVLPDQLIHVWDFRQ´ODGLPLQX]LRQHRODVFRPSDUVDGHOODSURGXWWLYLWjH
FRPSOHVVLWjELRORJLFDRHFRQRPLFDGHOOHWHUUHFROWLYDWHVLDLUULJDWHFKHQRQGHOOH
SUDWHULHGHLSDVFROLGHOOHIRUHVWHRGHOOHVXSHUILFLERVFKLYHFDXVDWHGDLVLVWHPLGL
XWLOL]]RGHOODWHUUDRGDXQRRSLSURFHVVLFRPSUHVLTXHOOLGHULYDQWLGDOO·DWWLYLWj
GHOO·XRPRHGDOOHVXHPRGDOLWjGLLQVHGLDPHQWRWUDLTXDOLO·HURVLRQHLGULFDHROL
FDHWFLOGHWHULRUDPHQWRGHOOHSURSULHWjILVLFKHFKLPLFKHHELRORJLFKHRHFRQR
PLFKHGHLVXROLHODSHUGLWDSURWUDWWDQHOWHPSRGLYHJHWD]LRQHQDWXUDOHµ$UWI
*6Y6/·HIIHWWRVHUUD,OEXFRGHOO·R]RQR
/DVWD]LRQH7HVWD*ULJLDGHO&15,&*GL7RULQRGRYHLO&(6,KDLQVWDOODWRLO
ODERUDWRULRSHUODPLVXUDGHLJDVVHUUDqVLWXDWDVXO3ODWHDX5RVDGLIURQWHDO
PRQWH&HUYLQRVXOYHUVDQWHRFFLGHQWDOHGHOO·DUFRDOSLQRDPHWULVXOOLYHO
OR GHO PDUH LQ XQD ]RQD VLFXUDPHQWH VRSUD L EDVVL VWUDWL GL ULPHVFRODPHQWR
DWPRVIHULFRDGDWWDTXLQGLDPLVXUDUHOHFRQFHQWUD]LRQLGHLJDVFRVWLWXHQWLLO
IRQGRQDWXUDOHGHOODOLEHUDWURSRVIHUD
,O ODERUDWRULR FRSUH LO YHUVDQWH VXG GHO FRQWLQHQWH HXURSHR DUHD JHRJUDILFD
HVSORUDWDVRORSDU]LDOPHQWHGDOODUHWHPRQGLDOHGLULOHYDPHQWR
$OWULODERUDWRULLQIDWWLVLWXDWLLQTXHVW·DUHDDFDXVDGHOODORURORFDOL]]D]LRQHLQ
]RQHSDU]LDOPHQWHUHPRWHULVHQWRQRPDJJLRUPHQWHGHOO·LQIOXHQ]DGLVRUJHQWLH
SR]]LORFDOLFKHSRVVRQRHPHWWHUHRDVVRUELUHLJDVVHUUDSHUFDXVHGLRULJLQHVLD
QDWXUDOHFKHDQWURSLFD
3UHVVR OD VWD]LRQH GHO 3ODWHDX 5RVD JLj D SDUWLUH GDO VL HIIHWWXDQR LQ
PDQLHUD VLVWHPDWLFD H PHGLDQWH DSSRVLWL VLVWHPL FDPSLRQDPHQWL GL DULD H
3URJUDPPLGHL&RUVL
PLVXUHLQFRQWLQXRSHUODGHWHUPLQD]LRQHGHLVHJXHQWLJDVVHUUDDQLGULGHFDU
ERQLFD&2PHWDQR&+SURWRVVLGRGLD]RWR12IUHRQ&)&OH
IUHRQ&)&O
*(2*5$),$ 32/,7,&$
'RFHQWHGRFHQWHGDQRPLQDUH
,SHULRGR
3HUJOLVWXGHQWLGHO&RUVRGL/DXUHDLQ0HGLD]LRQHOLQJXLVWLFD
0RGXORGLRUH
$UJRPHQWRGHOFRUVR
,O SURJUDPPD YHUWHUj VXJOL HOHPHQWL IRQGDPHQWDOL SHU OD FRQRVFHQ]D GHJOL
VWUHWWLOHJDPLWUD3ROLWLFDH*HRJUDILDQHOJRYHUQRGHOWHUULWRULR,QSDUWLFRODUH
VDUDQQR DSSURIRQGLWL OD IRUPD]LRQH GHO JRYHUQR WHUULWRULDOH O·DUWLFROD]LRQH
VSD]LDOHGHOO·DJLUHSROLWLFRLSRWHULORFDOLLOXRJKLGHOO·DJLUHSROLWLFRO·LPPD
JLQHHODSHUFH]LRQHGHOSRWHUHSROLWLFRQHOSDHVDJJLR
%LEOLRJUDILD
*&RUQD3HOOHJULQL('HOO·$JQHVH0DQXDOHGLJHRJUDILDSROLWLFD&DURFFL
5RPD
*(2*5$),$ 6725,&$ '(//·(8523$
0(',(9$/((02'(51$
'RFHQWH3LHWUR'DOHQD
,,H,,,SHULRGR
RUH&)8
/H]LRQLIURQWDOLDWWLYLWjGLGDWWLFKHHODERUDWRULRGLPHWRGRORJLDGHOODJHRJUDILD
VWRULFDGLYLVHLQPRGXOL
$UWLFROD]LRQHGHOFRUVR
0RGXOR$&)8RUH,ELPHVWUH
&RQRVFHQ]HEDVLODULGHOOHTXHVWLRQLVWRULRJUDILFKH
0RGXOR%&)8RUH,,ELPHVWUH
9LDJJLDUHQHO0HGLRHYR
%LEOLRJUDILD
* &KHUXELQL ,O ODYRUR OD WDYHUQD OD VWUDGD 6FRUFL GL 0HGLRHYR /LJXRUL
1DSROL
3URJUDPPLGHL&RUVL
3 'DOHQD 'DJOL ,WLQHUD DL SHUFRUVL 9LDJJLDUH QHO 0H]]RJLRUQR PHGLHYDOH
$GGD%DUL
3'DOHQD $PELWLWHUULWRULDOLVLVWHPLYLDULHVWUXWWXUHGHOSRWHUHQHO0H]]R
JLRUQRPHGLHYDOH$GGD%DUL
&3DODJLDQR$$VROH*$UHQD&DUWRJUDILDHWHUULWRULRQHLVHFROL&DURFFL
5RPD
+ & 3H\HU 9LDJJLDUH QHO 0HGLRHYR 'DOO·RVSLWDOLWj DOOD ORFDQGD /DWHU]D
%DUL
& 9LRODQWH /H FRQWUDGGL]LRQL GHOOD VWRULD 'LDORJR FRQ &RVLPR 'DPLDQR
)RQVHFD6HOOHULR3DOHUPR
$YYHUWHQ]H*OLVWXGHQWLGHOQXRYRRUGLQDPHQWRGLGDWWLFRLOFXLSLDQRGLVWXGL
SUHYHGHXQVRORPRGXOR&)8SRVVRQRVHJXLUHDVFHOWDXQRGHLGXHPRGXOL
*OLVWXGHQWLGHOYHFFKLRRUGLQDPHQWRGHYRQRVHJXLUHHQWUDPELLPRGXOLRUH
&)8*OLVWXGHQWLELHQQDOLVWLGHYRQRFRQFRUGDUHSUHYHQWLYDPHQWHLOSURJUDP
PDFROSURIHVVRUH,QROWUHLQUHOD]LRQHDOOHHVLJHQ]HGLDSSURIRQGLPHQWRWHPDWLFR
GLYROWDLQYROWDVDUjIRUQLWRXQGHWWDJOLDWRRULHQWDPHQWRELEOLRJUDILFR
*(2*5$),$ 6725,&$ '(/ 021'2$17,&2
'RFHQWH*LDQ3LHUR*LYLJOLDQR
,,,H,9 SHULRGR
,,,SHULRGRPRGXOR$ RUH&)8
/HFRQRVFHQ]HJHRJUDILFKHGHJOLDQWLFKLGDOODSUHLVWRULDD7RORPHRFRQFH
]LRQLHVFRSHUWH
4XDGUR JHRJUDILFR GHL SL LPSRUWDQWL IHQRPHQL VWRULFL ULJXDUGDQWL LO PRQGR
DQWLFR
,O WHVWR GL EDVH SHU OD SUHSDUD]LRQH GHOO·HVDPH VDUj LQGLFDWR DOO·LQL]LR GHOOH
OH]LRQL
,9 SHULRGRPRGXOR% RUH&)8
/·´LQYHQWDULRGHOPRQGRµGL3OLQLRLO9HFFKLRQHLSULPLVHLOLEULGHOOD1DWXUDOLV
+LVWRULD
&LFORGLOH]LRQLVHPLQDULDOLVXDUJRPHQWLGDVWDELOLUH
%LEOLRJUDILD
3OLQLRLO9HFFKLR1DWXUDOLV+LVWRULDOLEUL,9,$OODILQHGHOOHOH]LRQLVDUDQQR
DSSURQWDWHGHOOHGLVSHQVH
3URJUDPPLGHL&RUVL
3HU LO&RUVRGL/DXUHDLQ0HGLD]LRQHOLQJXLVWLFD
,,,SHULRGRPRGXORXQLFRRUH&)8
$UJRPHQWRGHOFRUVR
&RQRVFHQ]DGHOODQDVFLWDHGHOORVYLOXSSRGHOOHWHRULHHGHOOHFRQRVFHQ]HJHR
JUDILFKHGHLORURPRGLGLLQWHUSUHWD]LRQHHUDSSUHVHQWD]LRQHQHOPRQGRDQWLFR
'DOODSROLV DOPXQLFLSLXP3ROHRJUDILDHYLDELOLWjVWUXWWXUHHFRQRPLFKHHLVWL
WX]LRQLSROLWLFKHQHOOD&DODEULDURPDQD&HQQLGLPHWRGRORJLDVWRULFDHGXVR
GHOOHIRQWL
,WHVWLVDUDQQRLQGLFDWLDOO·LQL]LRGHOOHOH]LRQL
*/2772/2*,$
'RFHQWH-RKQ7UXPSHU
,,,H,9 SHULRGR
9HFFKLRRUGLQDPHQWR
$UJRPHQWRGHOFRUVR
&HQQLGLVWRULDGHOODOLQJXLVWLFD
² QR]LRQL GL EDVH OLQJXD OLQJXDJJLR IDFROWj GL OLQJXDJJLR FRGLFL OLQJXH
VWRULFRQDWXUDOLSLGJLQFUHROL
² ODJUDPPDWLFDSUHVFUL]LRQHGHVFUL]LRQHUHJROH
%LEOLRJUDILD
)GH6DXVVXUH&RUVRGLOLQJXLVWLFDJHQHUDOHHGLW7'H0DXUR%DUL
SDUWLVFHOWH
*%HUUXWR0%HUUHWWD/H]LRQLGLVRFLROLQJXLVWLFDHOLQJXLVWLFDDSSOLFDWD
/LJXRUL1DSROL
**UDIIL6LQWDVVLLO0XOLQR%RORJQD
*%HUUXWR&RUVRHOHPHQWDUHGL/LQJXLVWLFDJHQHUDOH87(77RULQR
3 0KOKlXVOHU 3LGJLQ DQG &UHROH /LQJXLVWLF 8QLYHUVLW\ RI :HVWPLQVWHU
3UHVV
6DUDQQRLQROWUHVHJQDODWHDOWUHOHWWXUHXWLOLGXUDQWHLOFRUVR
(OHPHQWLGLDQDOLVLOLQJXLVWLFD
² )RQHWLFD
3URJUDPPLGHL&RUVL
² )RQRORJLD
² 0RUIRVLQWDVVL
² 6LVWHPLDFRQIURQWR
%LEOLRJUDILD
)GH6DXVVXUH&RUVRGLOLQJXLVWLFDJHQHUDOHHGLW7'H0DXUR%DUL
3DUWLVFHOWH
*%HUUXWR0%HUUHWWD/H]LRQLGLVRFLROLQJXLVWLFDHOLQJXLVWLFDDSSOLFDWD
/LJXRUL1DSROL
**UDIIL6LQWDVVLLO0XOLQR%RORJQD
*%HUUXWR&RUVRHOHPHQWDUHGL/LQJXLVWLFDJHQHUDOH87(77RULQR
3 0KOKlXVOHU 3LGJLQ DQG &UHROH /LQJXLVWLF 8QLYHUVLW\ RI :HVWPLQVWHU
3UHVV
6DUDQQRLQROWUHVHJQDODWHDOWUHOHWWXUHXWLOLGXUDQWHLOFRUVR
*5&DUGRQD6WRULDXQLYHUVDOHGHOODVFULWWXUD0RQGDGRUL0LODQR
&DSLWROL VFHOWL GL 0 6WHSKHQV /LQJXLVWLF 0LQRULWLHV LQ :HVWHUQ (XURSH
&O+DJqJH/H6RXIIOHGHOD/DQJXHHGLWDOLDQD
60D\/DQJXDJHDQG0LQRULW\5LJKWV VLWLZHEVXOO·DUJRPHQWL
FRQVLJOLDWLGXUDQWHOHOH]LRQL
0 *LPEXWDV LQ * &DUGRQD + .RHQLJVZDOG$ 6HQQ ,QGR(XURSHDQ
DQG,QGR(XURSHDQ SJJ0*LPEXWDVLQ7/0DUNH\-
*UHSSVRQ:KHQZRUOGVFROOLGH SJJ0$OLQHL2ULJL
QLGHOOH/LQJXHG·(XURSD YRO3DUWHFDSS3DUWHFDS0
5XKOHQ2QWKH2ULJLQRI/DQJXDJH FDSSHGLWDOLDQD
-%7UXPSHU*&KLRGR/D3HUWLQHQ]DGHJOL(YHQWL&DWDVWURILFL«5,'
D;;,,,
8OWHULRULULIHULPHQWLELEOLRJUDILFLVDUDQQRIRUQLWLGXUDQWHLOFRUVR
6DUjLQROWUHFRQFRUGDWRXQSURJUDPPDDGKRFSHULFODVVLFLVWL
*126(2/2*,$
97HRULHGHOODFRQRVFHQ]D
*5$00$7,&$ *5(&$
'RFHQWH5RVVHOOD0RUURQH
,H,,SHULRGR
0XWXDGD6WRULDGHOODOLQJXDJUHFD
3URJUDPPLGHL&RUVL
,&212*5$),$ (,&212/2*,$
'RFHQWH$OHVVDQGUD$QVHOPL
,,,H,9 SHULRGR
7LWRORGHOFRUVR/HDUPLHJOLDPRUL$ULRVWRH7DVVRQHOODSLWWXUDGHO&LQTXH
FHQWRHGHO6HLFHQWR
,OFRUVRSUHVHQWDXQDSDUWHLVWLWX]LRQDOHGHGLFDWDDOOHRULJLQLHVWRULDGHOO·LFRQR
ORJLDFRPHPHWRGRGLULFHUFDVXOOHLPPDJLQLPHWRGRFKHVLSRQHFRPHSULQFL
SDOHRELHWWLYRTXHOORGLFDSLUHLOVLJQLILFDWRGLXQ·RSHUD9HUUjTXLQGLULFRVWUXL
WR LO SHUFRUVR GHJOL VWXGL LFRQRORJLFL GHGLFDQGR SDUWLFRODUH DWWHQ]LRQH DOOH
ILJXUHGL$E\:DUEXUJHG(UZLQ3DQRIVN\
/DSDUWHPRQRJUDILFDGHOFRUVRqLQYHFHGHGLFDWDDLUDSSRUWLWUDDUWHHOHWWHUDWX
UD9HUUjGXQTXHFRQVLGHUDWRLOFHOHEUHSDUDJRQHGL2UD]LR´XWSLFWXUDSRHVLVµH
ODVXDLQWHUSUHWD]LRQHGDSDUWHGHOODWHRULDDUWLVWLFDGHO·H·VDUDQQRSRL
HVDPLQDWLDOFXQLLPSRUWDQWLGLSLQWLEDVDWLVXOO·2UODQGR)XULRVRHVXOOD*HUXVD
OHPPHOLEHUDWD6LFHUFKHUjWUDLYDULSUREOHPLFKHVLDIIURQWHUDQQRGLYHGHUH
LQFKHPRGRQHLGLSLQWLYLHQHWUDGRWWRHGLQWHUSUHWDWRLOWHVWROHWWHUDULR
,OFRUVRVLGLYLGHLQGXHPRGXOLFRUULVSRQGHQWLFLDVFXQRDFUHGLWLQHOSULPR
PRGXORVLGHGLFKHUjSDUWLFRODUHDWWHQ]LRQHDLGLSLQWLFKHULSUHQGRQRHSLVRGLR
SHUVRQDJJLGHOO·2UODQGR)XULRVRPHQWUHQHOVHFRQGRPRGXORVLGHGLFKHUjSDUWL
FRODUHDWWHQ]LRQHDLGLSLQWLOHJDWLDOOD*HUXVDOHPPH/LEHUDWD&LUFDXQWHU]RGHOOH
RUHGLOH]LRQHQHOO·DUFRGHO,H,,PRGXORVDUjGHGLFDWDDOODSDUWHLVWLWX]LRQDOH*OL
VWXGHQWLGHOQXRYRRUGLQDPHQWRFKHIUHTXHQWDQRLOFRUVRGL,FRQRJUDILDH,FRQR
ORJLDSHUODSULPDYROWDVRQRWHQXWLREOLJDWRULDPHQWHDVHJXLUHLO,PRGXOR
*OLVWXGHQWLGHOYHFFKLRRUGLQDPHQWRVRQRWHQXWLDVHJXLUHWXWWRLOFRUVRHFROR
URFKHVHJXRQRODVHFRQGDDQQXDOLWjROWUHDOFRUVRPRQRJUDILFRGHYRQRSRUWD
UHSHUODSDUWHLVWLWX]LRQDOHLOWHVWRGL,6SLQHOOLH59HQXWLVRWWRFLWDWR
&RORURFKHVRQRLPSRVVLELOLWDWLDIUHTXHQWDUHOHOH]LRQLGHYRQRFRQFRUGDUHLO
SURJUDPPDFRQLOGRFHQWHQHJOLRUDULGLULFHYLPHQWRFKHVDUDQQRFRPXQLFDWL
DGLQL]LRFRUVR
%LEOLRJUDILD
,SULQFLSDOLWHVWLGLULIHULPHQWRSHUJOLVWXGHQWLFKHIUHTXHQWDQROHOH]LRQLVRQRL
VHJXHQWL
&RUVRLVWLWX]LRQDOH
,DQ %LDORVWRFNL ,FRQRJUDILD H ,FRQRORJLD LQ (QFLFORSHGLD XQLYHUVDOH
GHOO·DUWH6DQVRQL)LUHQ]HYRO9,,SS
3URJUDPPLGHL&RUVL
3URJUDPPLGHL&RUVL
7HVWLGLULIHULPHQWR
/H LPPDJLQL GHOOD PXVLFD D FXUD GL )UDQFHVFD =DQQRQL )UDWHOOL 3DORPEL
5RPD
(PDQXHO:LQWHUQLW]*OLVWUXPHQWLPXVLFDOLHLOORURVLPEROLVPRQHOO·DUWHRFFL
GHQWDOH %RULQJKLHUL 7RULQR WLWROR RULJLQDOH 0XVLFDO ,QVWUXPHQWV
DQG7KHLU6\PEROLVPLQ:HVWHUQ$UW1HZ+DYHQH/RQGRQ<DOH8QLYHU
VLW\3UHVV
(ULFK0YRQ+RUQERVWHO&XUW6DFKV6\VWHPDWLNGHU0XVLNLQVWUXPHQWH(LQ
9HUVXFK´=HLWVFKULIWIU(WKQRORJLHµ ;,9SSWUDGX]LRQH
LQJOHVH&ODVVLILFDWLRQRIPXVLFDOLQVWUXPHQWV GL$QWKRQ\%DLQHVH.ODXV3
:DFKVPDQQ ´*DOSLQ6RFLHW\-RXUQDOµSS
6WRULD GHJOL VWUXPHQWL PXVLFDOL D FXUD GL$QWKRQ\ %DLQHV 5L]]ROL 0LODQR
WLWROR RULJLQDOH 0XVLFDO ,QVWUXPHQWV WKURXJK WKH DJHV /RQGRQ
)DEHU )DEHU3HQJXLQERRNV
&XUW6DFKV6WRULDGHJOLVWUXPHQWLPXVLFDOL 0RQGDGRUL0LODQRWLWROR
RULJLQDOH7KH+LVWRU\RI0XVLFDO,QVWUXPHQWV1HZ<RUN1RUWRQ &RP
SDQ\
8OWHULRULLQIRUPD]LRQLELEOLRJUDILFKHPDWHULDOLGLGDWWLFLGLDVFROWRHGLDQDOLVL
GLVSHQVHGLVXSSRUWRHGLDSSURIRQGLPHQWRYHUUDQQRIRUQLWLDOO·LQL]LRGHOFRUVR
0RGXOR%FUHGLWLRUH,,SHULRGR
,FRQRJUDILDPXVLFDOHHSUDVVLHVHFXWLYD5LFRVWUX]LRQHUHVWDXURULXVRHFRQ
VHUYD]LRQHGHJOLVWUXPHQWLPXVLFDOLDQWLFKLDWWUDYHUVROHIRQWLHOHLPPDJLQL
4XHVWR VHFRQGR PRGXOR VDUj LQFHQWUDWR VXOOH SURVSHWWLYH GHOO·LFRQRJUDILD
PXVLFDOHFRPHIRQWHGLFRQRVFHQ]DRUJDQRORJLFDHDSSURIRQGLUjLOVLJQLILFDWR
GHOOH DUWL YLVLYH QRQFKp UDSSRUWL FKH RJJL LQWHUFRUURQR WUD SUDVVL HVHFXWLYD
FRQVHUYD]LRQHUHVWDXURHULXVRGHJOLVWUXPHQWLPXVLFDOLDQWLFKL
'XUDQWHORVYROJLPHQWRGHOOHOH]LRQLVDUDQQRSURSRVWLDOFXQLHVHPSLGLVWUXPHQWL
PXVLFDOLUHVWDXUDWLHULFRVWUXLWLDWWUDYHUVRDPSLHFROOD]LRQLGLLPPDJLQLHIRQWL
7HVWLGLULIHULPHQWR
/RVSHFFKLRGHOODPXVLFDDFXUDGL)HGH%HUWLH'RQDWHOOD5HVWDQL1XRYD$OID
(GLWRULDOH%RORJQD
$QGUHD%RUQVWHLQ *OLVWUXPHQWLPXVLFDOLQHO5LQDVFLPHQWR0X]]LR3DGRYD
&RORULGHOODPXVLFD'LSLQWLVWUXPHQWLHFRQFHUWLWUD&LQTXHFHQWRH6HLFHQWRD
FXUDGL$QQDOLVD%LQL&ODXGLR6WULQDWL5RVVHOOD9RGUHW6NLUD0LODQR
8OWHULRULLQIRUPD]LRQLELEOLRJUDILFKHPDWHULDOLGLGDWWLFLGLDVFROWRHGLDQDOLVL
GLVSHQVHGLVXSSRUWRHGLDSSURIRQGLPHQWRYHUUDQQRIRUQLWLDOO·LQL]LRGHOFRUVR
3URJUDPPLGHL&RUVL
,',5,77,)21'$0(17$/,1(/ ',5,772&2081,7$5,2
'RFHQWHSURI*LDQ3LHWUR&DODEUz
,9 SHULRGR
0RGXORGLRUH
0XWXDGDOFRUVR8(H&DUWDGHLGLULWWLIRQGDPHQWDOLWHQXWRSUHVVROD)DFROWj
GL(FRQRPLD
2ELHWWLYLIRUPDWLYL
,OFRUVRVLSURSRQHGLIRUQLUHJOLHOHPHQWLQHFHVVDULSHUODFRPSUHQVLRQHFULWLFD
GHOOHSUREOHPDWLFKHVXLGLULWWLIRQGDPHQWDOLGHOODSHUVRQDVLDLQUHOD]LRQHDOORUR
IRQGDPHQWR DQWURSRORJLFR VLD LQ UHOD]LRQH DOOD WXWHOD JLXULGLFD QRQFKp VXJOL
HIIHWWLSURGRWWLGDOODORURSRVLWLYL]]D]LRQHQHOO·DPELWRGHOGLULWWRFRPXQLWDULR
$UJRPHQWRGHOFRUVR
/DFODVVLILFD]LRQHGHLGLULWWLIRQGDPHQWDOL
,OSULQFLSLRSHUVRQDOLVWLFR
,OUHJLPHGHLGLULWWLIRQGDPHQWDOL
/D&DUWDHXURSHDGHLGLULWWLIRQGDPHQWDOL
,OGLULWWRDOO·LQIRUPD]LRQH
%LEOLRJUDILD
*3&DODEUz/DJDODVVLDGHLGLULWWL/XQJUR&RVHQ]D3DUWH,,,,
$$995LVFULYHUHLGLULWWLLQ(XURSD%RORJQD
SLXQRDVFHOWDWUDLVHJXHQWLWHVWL
$%DOGDVVDUUH*OREDOL]]D]LRQHFRQWURGHPRFUD]LD/DWHU]D5RPD%DUL
)&DVDYROD'LULWWLXPDQL3DGRYD
/)HUUDMROL'LULWWLIRQGDPHQWDOL/DWHU]D5RPD%DUL
* 3 &DODEUz 'LULWWR DOOD VLFXUH]]D H YDORUL FRVWLWX]LRQDOL LQ FRUVR GL
VWDPSD
0HWRGLGLGDWWLFL
/H]LRQLHGHVHUFLWD]LRQL
3URYDG·HVDPH
/·DFFHUWDPHQWRDYYHUUjLQGXHIDVL
$FFHUWDPHQWRGHOODSUHSDUD]LRQHJHQHUDOH
$SSURIRQGLPHQWRGLXQDUJRPHQWRVSHFLILFR
*OLVWXGHQWLSDUWWLPHVRQRWHQXWLDOODVFHOWDGLGXHWHVWLWUDTXHOOLVRSUDLQGLFDWL
3URJUDPPLGHL&RUVL
,1)250$7,&$
'RFHQWH2UODQGR'H3LHWUR
,SHULRGR
&RQFHWWLGLEDVHGHOOD7HFQRORJLDGHOO·,QIRUPD]LRQH
4XHVWRPRGXORKDORVFRSRGLYHULILFDUHODFRPSUHQVLRQHGDSDUWHGHOFDQGLGD
WRGHLFRQFHWWLIRQGDPHQWDOLULJXDUGDQWLOD7HFQRORJLDGHOO·,QIRUPD]LRQH/R
VWXGHQWHGHYHSRVVHGHUHXQDFRQRVFHQ]DGLEDVHGHOODVWUXWWXUDHGHOIXQ]LRQD
PHQWRGLXQSHUVRQDOFRPSXWHUVDSHUHFRVDVRQROHUHWLLQIRUPDWLFKHDYHUHO·L
GHDGLFRPHTXHVWHWHFQRORJLHLPSDWWDQRODVRFLHWjHODYLWDGLWXWWLLJLRUQL
'HYHLQROWUHFRQRVFHUHLFULWHULHUJRQRPLFLGDDGRWWDUHTXDQGRVLXVDLOFRPSX
WHUHGHVVHUHFRQVDSHYROHGHLSUREOHPLULJXDUGDQWLODVLFXUH]]DGHLGDWLHJOL
DVSHWWLOHJDOL
8VRGHOFRPSXWHU HJHVWLRQHGHLILOH
/RVFRSRGLTXHVWRPRGXORqGLYHULILFDUHODFRQRVFHQ]DSUDWLFDGDSDUWHGHOOR
VWXGHQWHGHOOHSULQFLSDOLIXQ]LRQLGLEDVHGLXQSHUVRQDOFRPSXWHUHGHOVXR
VLVWHPDRSHUDWLYR/RVWXGHQWHGHYHGLPRVWUDUHODVXDFDSDFLWjGLHVHJXLUHOH
DWWLYLWjHVVHQ]LDOLGLXVRULFRUUHQWHTXDQGRVLODYRUDFROFRPSXWHURUJDQL]]DUH
HJHVWLUHILOHHFDUWHOOHODYRUDUHFRQOHLFRQHHOHILQHVWUHXVDUHVHPSOLFLVWUX
PHQWLGLHGLWLQJHOHRS]LRQLGLVWDPSD
(ODERUD]LRQHWHVWL
4XHVWR PRGXOR YHULILFD OD FRPSHWHQ]D GHOOR VWXGHQWH QHOO·XVR GHO SHUVRQDO
FRPSXWHUFRPHHODERUDWRUHGLWHVWL(JOLGHYHHVVHUHLQJUDGRGLHIIHWWXDUHWXWWH
OHRSHUD]LRQLQHFHVVDULHSHUFUHDUHIRUPDWWDUHHULILQLUHXQGRFXPHQWR,QROWUH
GHYHVDSHUXVDUHIXQ]LRQDOLWjDJJLXQWLYHFRPHODFUHD]LRQHGLWDEHOOHO·LQWUR
GX]LRQHGLJUDILFLHGLLPPDJLQLLQXQGRFXPHQWRODVWDPSDGLXQGRFXPHQWR
SHUO·LQYLRDGXQDOLVWDGLGHVWLQDWDUL
)RJOLRHOHWWURQLFR
,OPRGXORYHULILFDODFRPSUHQVLRQHGDSDUWHGHOORVWXGHQWHGHLFRQFHWWLIRQGD
PHQWDOLGHOIRJOLRHOHWWURQLFRHODVXDFDSDFLWjGLDSSOLFDUHSUDWLFDPHQWHTXHVWR
VWUXPHQWR(JOLGHYHVDSHUFUHDUHHIRUPDWWDUHXQIRJOLRGLFDOFRORHOHWWURQLFR
HXWLOL]]DUHOHIXQ]LRQLDULWPHWLFKHHORJLFKHGLEDVH,QROWUHqULFKLHVWDODFDSD
FLWjGLXVDUHIXQ]LRQDOLWjDJJLXQWLYHFRPHO·LPSRUWD]LRQHGLRJJHWWLQHOIRJOLR
HODUDSSUHVHQWD]LRQHLQIRUPDJUDILFDGHLGDWLLQHVVRFRQWHQXWL
/DELEOLRJUDILDVDUjFRPXQLFDWDDOO·LQL]LRGHOFRUVR
3URJUDPPLGHL&RUVL
,1)250$7,&$$33/,&$7$
'RFHQWH
,,,H9,SHULRGR
2ELHWWLYLIRUPDWLYL
&UHD]LRQHGLVLWLZHE
,QWURGX]LRQHDOOHUHWLHG,QWHUQHWHOHPHQWLGLJUDILFDHGLOOLQJXDJJLR+70/
$UJRPHQWRGHOFRUVR
,QWURGX]LRQH DOOH UHWL HG ,QWHUQHW &RQFHWWR GL UHWH ,QWHUQHW , 3URWRFROOL
7&3,3'16KWWS)73&RQFHWWRGL/LQJXDJJLRGLSURJUDPPD]LRQH,QWUR
GX]LRQHDOODJUDILFD'LIIHUHQ]DWUDJUDILFDELWPDSHYHWWRULDOH)RUPDWLGHLILOH
JUDILFD3XQWLHGHQVLWj6WUXPHQWLEDVLFLGLODYRUR&RORULHZHE/D\HU7UD
VSDUHQ]H+70/(OHPHQWLDGDOWROLYHOORLQ+70/(OHPHQWLGLWHVWD(OH
PHQWLJHQHULFLDOLYHOORGLEORFFR/LVWH7DYROH)RUPXODUL(OHPHQWLVSHFLDOL
VXOODOLQHD(OHPHQWLGHOODIUDVH(OHPHQWLVLVWLOH&RUQLFL
,1)250$7,&$ *5$),&$
'RFHQWH0DXUL]LR0X]]XSDSSD
,H,,SHULRGR
$UJRPHQWRGHOFRUVR
,VLVWHPLKDUGZDUHHVRIWZDUH
$UFKLWHWWXUDGLXQSF,GLVSRVLWLYLGLLQSXW,GLVSRVLWLYLGLRXWSXWLPRQLWRU
&57 HG/&'OHVFKHGHJUDILFKH/HOLEUHULHJUDILFKH'LUHFW'H2SHQ*/,
GULYHUV,SURJUDPPLSHUODJUDILFD'/HLPPDJLQLELWPDS,PPDJLQLLQ%1
HDFRORUL$FTXLVL]LRQHHGDUFKLYLD]LRQH/DULVROX]LRQHGLXQDELWPDS)LO
WUDJJLRWUDVIRUPD]LRQHHULWRFFR/DYLVXDOL]]D]LRQHHODVWDPSD&UHD]LRQHGL
XQPRGHOORJHRPHWULFR
&UHD]LRQHGLXQGLVHJQR'OHSULPLWLYHJUDILFKHLOD\HUVYDULD]LRQLSDUDPH
WULFKH&UHD]LRQHGLXQPRGHOOR:LUH)UDPHOHSURLH]LRQLLSLDQLGLFRVWUX]LR
QHO·DPELJXLWjGHLPRGHOOL:)
/DPRGHOOD]LRQHGHOOHFXUYHOHPRGDOLWjGLFUHD]LRQHGLXQDFXUYD/HFXUYH
LQWHUSRODQWLOHVSOLQH/HFXUYHDSSURVVLPDQWL%H]LHU%VSOLQHH185%6
/DPRGHOOD]LRQHGHOOHVXSHUILFLOHPRGDOLWjGLFUHD]LRQHGLXQDVXSHUILFLH/H
VXSHUILFL185%6/DFUHD]LRQHGLXQPRGHOORVROLGROHSULPLWLYHVROLGHHJOL
RSHUDWRULERROHDQL
/DPRGLILFDGHOPRGHOORJHRPHWULFR
3URJUDPPLGHL&RUVL
/HWUDVIRUPD]LRQLQHOSLDQR/HWUDVIRUPD]LRQLQHOORVSD]LR
,VLVWHPLGLUDSSUHVHQWD]LRQHGHLPRGHOOLVROLGL
/HSURSULHWjGHLPRGHOOLVROLGL*OLVFKHPLGLUDSSUHVHQWD]LRQH&6*%UHSH
PHGLDQWH9R[HO/HSURSULHWjGHJOLVFKHPLGLUDSSUHVHQWD]LRQH
/DYLVLRQHUHDOLVWLFD
/HVXSHUILFLQDVFRVWH/·RUGLQDPHQWRHGLOULFRSULPHQWRO·DOJRULWPRGHOOR]
EXIIHULQJ/·LOOXPLQD]LRQHGLXQDVXSHUILFLHOHOXFLLPRGHOOLGLULIOHVVLRQHGL
/DPEHUWHGL3KRQJ*OLDOJRULWPLGLRPEUHJJLDWXUDLOIODWVKDGLQJLO3KRQJ
VKDGLQJLOUD\WUDFLQJ/HSURSULHWjGHOOHVXSHUILFLOHWH[WXUHFDPSLRQDWHOH
WH[WXUHSURFHGXUDOL
/DYLVXDOL]]D]LRQH
/DSLSHOLQHGLYLVXDOL]]D]LRQH'ZLQGRZHYLHZSRUWLOFOLSSLQJODUDVWH
UL]]D]LRQH
/DSLSHOLQHGLYLVXDOL]]D]LRQH'OHSURLH]LRQLVXOSLDQRLOFOLSSLQJ'
,PRGHOOLGLQDPLFL
/·DQLPD]LRQHPHGLDQWHNH\IUDPH/HJHUDUFKLHFLQHPDWLFDGLUHWWDHFLQHPDWL
FDLQYHUVD,OPRUSKLQJHLOPRWLRQFDSWXUH/DSRVWSURGX]LRQHYLGHR,OFLQH
PDHOD&*
6RQRSUHYLVWHHVHUFLWD]LRQLJXLGDWHVXVRIWZDUHGLPRGHOOD]LRQH'
3URYDG·HVDPH
/·HVDPHFRQVLVWHLQXQDSURYDDOFDOFRODWRUHXQDSURYDRUDOHVXLWHPLWUDWWDWL
GXUDQWHLOFRUVRHODUHDOL]]D]LRQHGLXQHODERUDWRLQ&*
%LEOLRJUDILD
:0LWFKHOO0F&XOORXJK0'LJLWDO'HVLJQ0HGLD0F*UDZ+LOO
'9HUJDUL3HUVRQDO&RPSXWHU-DFNVRQ/LEUL
9%$QDQG&RPSXWHU *UDSKLFVDQG*HRPHWULF0RGHOLQJIRU(QJLQHHUV-RKQ
:LOH\ 6RQV1HZ<RUN
0( 0RUWHQVRQ *HRPHWULF 0RGHOLQJ -RKQ :LOH\ 6RQV 1HZ <RUN
,67,78=,21,',(67(7,&$
'RFHQWH5RPHR%XIDOR
,,SHULRGR
0RGXORGLRUH&)8
,O PRGXOR q ULYROWR DJOL VWXGHQWL GHO &RUVR GL /DXUHD LQ )LORVRILH H 6FLHQ]H
GHOOD&RPXQLFD]LRQHHGHOOD&RQRVFHQ]D
3URJUDPPLGHL&RUVL
$UJRPHQWRGHOFRUVR
,OFRUVRVLDUWLFRODLQXQDSDUWH¶JHQHUDOH· HGLQXQD¶DSSOLFDWLYD·
1HOFRUVRGHOODSULPDSDUWHVDUDQQRGLVFXVVLLVHJXHQWLDJRPHQWL
3UHVHQWD]LRQHGHOODGLVFLSOLQD/·(VWHWLFDWUDVHQVD]LRQHJLXGL]LRHVHJQR
6WDWXWRGHOODPLPHVLVWUDDSSDUHQ]DHYHULWjQHOPRQGRDQWLFRLOSUREOHPDGHO
O·LPLWDWLRQHOO·8PDQHVLPRHQHO5LQDVFLPHQWRO·LPLWD]LRQHGHOOD´EHOODQDWX
UDµLPLWD]LRQHHLQYHQ]LRQH
,OSUREOHPDGHOODSRLHVLV LQ$ULVWRWHOHSRLHVLV HWpFKQHLOFRQFHWWRGLSRHWLFD
ODSRLHVLV QHOO·HVWHWLFDPRGHUQDHFRQWHPSRUDQHD
'HILQL]LRQLGHOJXVWRJLXGLFDUHODEHOOH]]DOHUHJROHGHOJXVWRLOJLXGL]LRGL
JXVWR
3URGXWWLYLWjFUHDWLYLWjGHOJHQLRJHQLDOLWjHWHRULHDUWLVWLFKHJHQLRHLQWHUSUHWD
]LRQHGHOODQDWXUDJHQLRHLPPDJLQD]LRQHWUD5RPDQWLFLVPRHFRQWHPSRUD
QHLWj
'HILQLELOLWj GHO EHOOR VRJJHWWLYLWj HG RJJHWWLYLWj GHO EHOOR DUWH H EHOOH]]D
FRQRVFLELOLWjGHOEHOORLOJLXGL]LRVXOEHOOR,O¶VHQVR· GHOEHOOR
6HPDQWLFD GHOOD PHWDIRUD HVWHWLFD GHOOD PHWDIRUD PHWDIRULFLWjVLPEROLFLWj
GHILQL]LRQLGHOVLPERORDUWHHVLPERORVLPERORHDOOHJRULDLOOLQJXDJJLRVLP
EROLFR
1HOODSDUWHDSSOLFDWLYDGHOPRGXORVLWHQWHUjGLPRVWUDUHLQFKHPRGRDOFXQH
GHOOHFDWHJRULHVXGGHWWHFRVWLWXLVFDQRO·LQWHODLDWXUDFRQFHWWXDOHGLXQWHVWRFODV
VLFRGHOSHQVLHURILORVRILFRHGHVWHWLFRPRGHUQRTXDOHO·(VWHWLFDGL+HJHO
%LEOLRJUDILD
00RGLFD&KHFRV·qO·HVWHWLFD(GLWRUL5LXQLWL5RPD,,HGSS
*):+HJHO(VWHWLFDWULWDFXUDGL10HUNHU(LQDXGL7RULQR,QWUR
GX]LRQHSSSDUWHSULPDSSSDUWHVHFRQGDSS
,67,78=,21,',),/262),$ '(/ ',5,772
'RFHQWH*LDQ3LHWUR&DODEUz
,SHULRGR
2ELHWWLYLIRUPDWLYL
,OFRUVRVLSUHILJJHGLLQWURGXUUHORVWXGHQWHDOORVWXGLRGHOO·HVSHULHQ]DJLXULGL
FDSHUDSSURSULDUVLLQPRGRFULWLFRGHOOHQR]LRQLIRQGDPHQWDOLGLWHRULDJHQH
UDOHGHOGLULWWR/DQR]LRQHGL´GLULWWRµDQDOL]]DWDqTXHOODSURSULDGHJOLRUGLQD
PHQWLJLXULGLFLGHJOL6WDWLGLGLULWWRFRVWLWX]LRQDOH8QDSDUWLFRODUHDWWHQ]LRQH
VDUjGHGLFDWDDLSUREOHPLGHOOLQJXDJJLRHGHOODLQWHUSUHWD]LRQHJLXULGLFD
3URJUDPPLGHL&RUVL
$UJRPHQWRGHOFRUVR
3DUWH$ RUH
/DQR]LRQHGL´GLULWWRµ
'HVFUL]LRQHHGLVWLQ]LRQHWUDLIHQRPHQLGHOGLULWWRGHOODSROLWLFDGHOO·HFRQR
PLD
,FDUDWWHULGHOODJLXULGLFLWj
,SULQFLSLJHQHUDOLGHOGLULWWRHODJHUDUFKLDGHOOHIRQWLHGHLYDORUL
1DWXUDHILQLGHOO·RUGLQDPHQWRJLXULGLFRFRVWLWX]LRQDOH
,OSUREOHPDGHOOLQJXDJJLRHGHOO·LQWHUSUHWD]LRQHJLXULGLFD
3DUWH% RUH
/DERUDWRULRWHVWXDOH
/HWWXUDFULWLFDGLXQDVLOORJHGLWHVWLFODVVLFLFKHVDUDQQRLQGLFDWLQHOO·DPELWR
GHOFRUVR
%LEOLRJUDILD
*3&DODEUz9DORULVXSUHPLHOHJDOLWjFRVWLWX]LRQDOH(G*LDSSLFKHOOL7RUL
QR&DSS,,,9,9,,
'&RFFRSDOPHULR,QWURGX]LRQHDOODGRWWULQDGHOOR6WDWR&('$03DGRYD
$SSXQWL GDOOH OH]LRQL GL 7HRULD H ILORVRILD GHO GLULWWR GLVSHQVH D FXUD GHOOD
GRWWVVD$6HUJLR
0HWRGLGLGDWWLFL
/H]LRQLHGHVHUFLWD]LRQL
1HOFRUVRGHOO·DQQRVDUDQQRWHQXWLFLFOLGLVHPLQDULFRQSURJUDPPLHGRUDUL
FKHVDUDQQRUHVLQRWL
6RQRSUHYLVWLOH]LRQLGLUHFXSHURSHUSLFFROLJUXSSLDFXUDGHOODGRWWVVD$6HU
JLRHGHOGRWW$9HUQDFRWROD
3URYDG·HVDPH
$FFHUWDPHQWRGHOODSUHSDUD]LRQHJHQHUDOHPHGLDQWHTXHVWLRQDULRDULVSRVWH
PXOWLSOH
3URYDRUDOHVXXQDUJRPHQWRVSHFLILFR
*OLVWXGHQWLLVFULWWLDOYHFFKLRRUGLQDPHQWRVRQRWHQXWLDIUHTXHQWDUHROWUHDO
SUHVHQWHFRUVRGL,VWLWX]LRQLDQFKHLOFRUVRGL7HRULDGHLGLULWWLXPDQL
3URJUDPPLGHL&RUVL
,67,78=,21,',5(*,$
'RFHQWH/XLJL'L*LDQQL
,,,H,9 SHULRGR
,O&RUVRqLQGLUL]]DWRDGXQDLQIRUPD]LRQHHIRUPD]LRQHGLFDUDWWHUHJHQHUDOH
ULJXDUGDQWHORVSHWWDFRORFRQSDUWLFRODUHDWWHQ]LRQHDOFLQHPDHVLGLVWLQJXHLQ
WUHIDVLSULQFLSDOL
WHRULFKHGHOFLQHPDHFRQVLGHUD]LRQLVXOWHDWURHVXOODWHOHYLVLRQH
/DVFULWWXUDFLQHPDWRJUDILFDLGHDRVRJJHWWRWUDWWDPHQWRVFHQHJJLDWXUD
FRQULIOHVVLRQLULJXDUGDQWLLPHFFDQLVPLGHOPHUFDWR(VHUFLWD]LRQLGLVFULW
WXUDHFRQIURQWLFRQDOWUHHVHUFLWD]LRQL
(OHPHQWL GL JUDPPDWLFD FLQHPDWRJUDILFD *UDPPDWLFD HG HVSUHVVLYLWj
,QWURGX]LRQHDOODUHJLDILFWLRQHQRQ/HIDVLGHOODUHDOL]]D]LRQHFLQHPDWR
JUDILFD%UHYLUHDOL]]D]LRQLWUDHQGRVSXQWRGDOODOHWWHUDWXUDDXWRULLWDOLDQLR
VWUDQLHULRGDOODFURQDFD7HVLQHVXDUJRPHQWLYDUL
FRUVRPRQRJUDILFRVX´,OFLQHPDGL*UHHQDZD\,QFXUVLRQHQHOFLQHPDGL
)DVVELQGHU
%LEOLRJUDILD
6XOODUHDOL]]D]LRQH
0%HUQDUGR/·LPPDJLQHILOPDWD1,6FDSLWROLVFHOWLGDOGRFHQWH
50D\/HWHFQLFKHGHOODUHDOL]]D]LRQHFLQHPDWRJUDILFDHG,SDVVLVFHOWL
GDOGRFHQWH
50D\,OOLQJXDJJLRGHOILOPHG3ROLJRQRSDVVLVFHOWLGDOGRFHQWH
.5HLV]*0LOODU,OPRQWDJJLRFLQHPDWRJUDILFR6XJDU&R
6XOODVFULWWXUDFLQHPDWRJUDILFD
*0XVFLR6FULYHUHLO)LOP6FULSW,O/HXWR
3DUWHWHRULFDJHQHUDOH
60(M]HQVWHMQ/DIRUPDFLQHPDWRJUDILFD(LQDXGL
$ULVWDUFR6WRULDGHOOHWHRULFKHGHOILOP(LQDXGLSDVVLVFHOWLGDOGRFHQWH
SLXQRDVFHOWDIUDLVHJXHQWL
$%D]LQ&KHFRV·qLOFLQHPD*DU]DQWL
6)UHXG,OSHUWXUEDQWH
3DUWHPRQRJUDILFD
6)UHXG,OSHUWXUEDQWH7KHRULDRXQDTXDOVLDVLDOWUDHV%RULQJKLHUL
´,OFLQHPDGL3HWHU*UHQDZD\µGL'RPHQLFR'H*DHWDQR/LQGDX
$OWULWHVWLVDUDQQRVXJJHULWLLQXQVHFRQGRPRPHQWRVLFRQVLJOLDLQROWUHSHUOD
3URJUDPPLGHL&RUVL
OHWWXUDGLSDVVLUHODWLYLDLSHULRGLHDJOLDXWRULWUDWWDWLXQD6WRULDGHO&LQHPD
5RQGROLQRRDOWUR
6HFRQGDDQQXDOLWj
3HUODVHFRQGDDQQXDOLWjVLFRQVLJOLDQRGXHWHVWLDVFHOWD
7HRULDJHQHUDOHGHOPRQWDJJLR
,OPRQWDJJLRGL(LVHQVWHLQ0DUVLOLR
,OFLQHPDRO·XRPRLPPDJLQDUL0RULQ)HOWULQHOOL
7HRULDGHOILOPGL.UDNDXHU
)LOPFRPHDUWHGL$UQKHLP GXHWHVWLDVFHOWD
,67,78=,21,',6725,$ '(//·$57(
'RFHQWL*LRYDQQD&DSLWHOOL3DROR&RHQ
,SHULRGR
&)8
,OFRUVRVLSURSRQHGLIRUQLUHDJOLVWXGHQWLXQTXDGURJHQHUDOHGLULIHULPHQWRVXOOD
GLVFLSOLQDVWRULFRDUWLVWLFDULSHUFRUUHQGRQHLWHPLQRGDOLGDO;9 DO;,;VHFROR
$JOLVWXGHQWLqULFKLHVWDODIUHTXHQ]DREEOLJDWRULD
,OSURJUDPPDG·HVDPHVDUjFRPXQLFDWRDOO·LQL]LRGHOFRUVR
/$%25$725,2',,1)250$7,&$
$33/,&$7$$//(6&,(1=(80$1(
'RFHQWHSURI5RFFR'LVWLOR
,,SHULRGR
&)8
$UJRPHQWRGHOFRUVR
7HVWRLSHUWHVWROHVVLFRORJLDDSSOLFD]LRQLPXOWLPHGLDOL
3HUFRUVLRSHUDWLYLSHUO·HODERUD]LRQHLQIRUPDWLFDGHOWHVWRHGHLUHSHUWRULOHVVLFDOL
$VSHWWLWHRULFLHSUDWLFLGHOODOHVVLFRJUDILD
%LEOLRWHFDGLJLWDOH
&RQFRUGDQ]H
/HVVLFRJUDILDHEDQFKHGDWLLQ,QWHUQHW
/·LSHUWHVWR
&ULWLFDGHOWHVWRHDSSOLFD]LRQLPXOWLPHGLDOL
(VHUFLWD]LRQLGLLQIRUPDWLFDLVFUL]LRQLHQWURLO
3URJUDPPLGHL&RUVL
%LEOLRJUDILDGLEDVH
**LJOLR]]L,OWHVWRHLOFRPSXWHU0DQXDOHGLLQIRUPDWLFDSHUJOLVWXGLOHWWH
UDUL%UXQR0RQGDGRUL0LODQR
0/DQD/·XVRGHOFRPSXWHUQHOO·DQDOLVLGHLWHVWL6FLHQ]HXPDQHHQXRYHWHF
QRORJLH)UDQFR$QJHOL0LODQR
-3UXYRVW'LFWLRQQDLUHVHWQRXYHOOHVWHFKQRORJLHV38)3DULV
/$%25$725,2',7(678$/,7
5HVSRQVDELOH)UDQFHVFD%RQLFDO]L
,,,,,,,9 SHULRGR
,QFROODERUD]LRQHFRQDOWULGRFHQWLGHO&RUVRGL/DXUHDLQ)LORVRILDHLQ
)LORVRILHH6FLHQ]HGHOOD&RPXQLFD]LRQHHGHOOD&RQRVFHQ]D
8QODYRURVXOWHVWRSRQHLOSUREOHPDGHOOHPRGDOLWjGHOODVXDLQWHUSUHWD]LRQH
PDDOOXGHDGXQDULIOHVVLRQHSLDPSLDFKHLQWHUSHOODODUD]LRQDOLWjHFRLQYROJH
ODOHWWXUDGHOWHVWRLQUHOD]LRQHDOODVLWXD]LRQHGHOO·HVLVWHQ]DXPDQDHDOO·HVL
JHQ]DGLFRPSUHQGHUHGLVLJQLILFDUH'DOO· LQWHUQRGHOWHVWRFRVuULSHQVDWRVL
SRQJRQROHTXHVWLRQLGHOODVXDGLFLELOLWjVWRULFDHILORORJLFDHO·LQWHUURJDWLYR
VXOODUHVSRQVDELOLWjGHOODOHWWXUD
,SHULRGR
,O6LPSRVLR GL3ODWRQH
(URVH/RJRV$PRUHH5DJLRQHLQXQDLQFHVVDQWHHLQDUUHVWDELOHLQFDO]DUHGL
GRPDQGH OD GLDOHWWLFD VRFUDWLFRSODWRQLFD LQWHUURJD OD VWUXWWXUD GHOO·DPRUH
FRPHGLQDPLFDGHOODUDJLRQH1HO6LPSRVLRYLYHXQDLQWHQVDHSURIRQGDULIOHV
VLRQHVXOO·DPRUHFRPHGLQDPLFDGHOGHVLGHULRYLDHQRQRVWDFRORDOVDSHUH
(UHGLWjHUHWDJJLHREOLRGLTXHVWDFRQFH]LRQH
,,3HULRGR
,OOLEURGL*LREEH
3URJUDPPLGHL&RUVL
&DSRODYRUROHWWHUDULRGHOPRYLPHQWRVDSLHQ]LDOHHEUDLFRLO/LEURGL*LREEH ²
FKH*LURODPRSDUDJRQDYDDGXQD´DQJXLOODFKHVIXJJHGDOOHPDQLµ²VLSUHVHQ
WDFRPHXQWHVWRFKHSRQHLQVXSHUDWLLQWHUURJDWLYLVXOFRQFHWWRGLJLXVWL]LDGL
PDOHGLUHVSRQVDELOLWjTXHVWLRQLULJRURVDPHQWHILORVRILFKHFKHLQTXHVWRHQLJ
PDWLFRWHVWRGLVSLHJDQRSRWHQWHPHQWHODORURLQDWWXDOHDWWXDOLWj
,,,3HULRGR
+HQUL%HUJVRQ,OSHQVLHURHLOPRYHQWH
6LWUDWWDGLVDJJLVSDUVLVFULWWLWUDLOHLOLQFXLqDIIURQWDWRLOWHPD
FUXFLDOHGHOPHWRGRLQILORVRILD/·RSHUDULVHQWHGHOJUDQGHLQWHUHVVHGL%HUJ
VRQTXHVWLRQLVFLHQWLILFKHTXDOLTXHOODGHOWHPSRPDSRQHDQFKHSUREOHPLWHR
UHWLFL IRQGDPHQWDOL LO UDSSRUWR WUD LQWXL]RQH H FRQRVFHQ]D LQWHOOHWWXDOH H WUD
PHWDILVLFDHVFLHQ]DLOUXRORGHOOHLGHHJHQHUDOLHGHOOLQJXDJJLRLQXQDFRUUHWWD
LPSRVWD]LRQHGHOO·DUJRPHQWD]LRQHILORVRILFD
,9 3HULRGR
+$UHQGW/DEDQDOLWjGHOPDOH(LFKPDQQD*HUXVDOHPPH
´>,OPDOH@VILGDLOSHQVLHURSHUFKpLOSHQVLHURFHUFDGLUDJJLXQJHUHODSURIRQ
GLWjGLDQGDUHDOOHUDGLFLHQHOPRPHQWRLQFXLFHUFDLOPDOHqIUXVWUDWRSHU
FKpQRQWURYDQXOOD4XHVWDqODEDQDOLWjGHOPDOHµ1HOO·DPELWRGHOO·DPSLD
SURGX]LRQHGHOOD$UHQGWLOSUREOHPDGHOPDOHGLYLHQHLOFHQWURGHLVXRLLQWH
UHVVLILORVRILFRSROLWLFLLQTXDQWRLQWHUURJDODUHVSRQVDELOLWjQHOSHQVLHURH
QHOO·D]LRQH
,3HULRGR
,O 6LPSRVLR GL 3ODWRQH VDUj OHWWR QHOO·HGL]LRQH D FXUD GL * 5HDOH 0LODQR
%RPSLDQL6LFRQVLJOLDDQFKHO·HGL]LRQHDFXUDGL6XVDQHWWL0LODQR0DUVLOLR
7HVWRFRQVLJOLDWR
*.UXJHU5DJLRQHHSDVVLRQH0LODQR9LWDH3HQVLHUR
,,SHULRGR
,OOLEURGL*LREEH VDUjOHWWRQHOODHGL]LRQHDFXUDGL&HURQHWWL$GHOSKL0LODQR
7HVWRFRQVLJOLDWR
:LHVHO*LREEHR'LRQHOODWHPSHVWD6(,7RULQR
,,,3HULRGR
+HQUL%HUJVRQ,OSHQVLHURHLOPRYHQWH%RPSLDQL0LODQR
3URJUDPPLGHL&RUVL
7HVWRFRQVLJOLDWR
*'HOHX]H,OEHUJVRQLVPRHDOWULVDJJL(LQDXGL7RULQR
,9 SHULRGR
+$UHQGW/DEDQDOLWjGHOPDOH(LFKPDQQD*HUXVDOHPPHWUDGLW)HOWULQHO
OL0LODQR
7HVWRFRQVLJOLDWR
3+HO]HO/·HYHQWR$XVFKZLW]QHOODWHRULDSROLWLFDGL+DQQDK$UHQGW0DUFR
(GLWRUH/XQJUR&RVHQ]D
8OWHULRUL LQGLFD]LRQL ELEOLRJUDILFKH UHODWLYH DL YDUL WHVWL GHL GLYHUVL SHULRGL
VDUDQQRIRUQLWHQHOFRUVRGHOODERUDWRULR
1XRYR2UGLQDPHQWR
*OLVWXGHQWLGHO&RUVRGL/DXUHDGL)LORVRILDGHO,H,,DQQRFKHVFHOJRQRLO
ODERUDWRULRFRPHLQVHJQDPHQWRRS]LRQDOHGHYRQRIUHTXHQWDUHGXHPRGXOLLQ
XQSHULRGRDVFHOWD
*OLVWXGHQWLGHO&RUVRGL/DXUHDGL)LORVRILDGHO,,DQQRGHYRQRIUHTXHQWDUHXQ
PRGXORGHOODERUDWRULRGLWHVWXDOLWjLQXQSHULRGRDVFHOWD
*OLVWXGHQWLGHO&RUVRGL/DXUHDGL)LORVRILDGHO,,DQQRLQGLUL]]R)LORVRILDH
&XOWXUD0HGLWHUUDQHDGHYRQRIUHTXHQWDUHROWUHXQPRGXORDVFHOWDLOPRGXOR
GHO,,SHULRGRSHUFRPSOHWDUHLO&RUVRGL6WRULDGHO3HQVLHUR)LORVRILFR(EUDL
FR
*OLVWXGHQWLGL)LORVRILDGHO,,DQQRGHOFXUULFXOXP)LORVRILDHWLFDSXEEOLFDH
GRWWULQHGHLGLULWWLGHYHQRIUHTXHQWDUHLOODERUDWRULRGHO,9 SHULRGR
*OLVWXGHQWLGHO&RUVRGL/DXUHDGL)LORVRILHH6F&RP&RQGHO,DQQRGHYRQR
IUHTXHQWDUHXQPRGXORGHO,HRGHO,,SHULRGR
9HFFKLR2UGLQDPHQWR
*OLVWXGHQWLGHO&RUVRGL/DXUHDLQ)LORVRILDGHYRQRFRQFRUGDUHFRQLOGRFHQWH
UHVSRQVDELOHGHO/DERUDWRULRGL7HVWXDOLWjOHPRGDOLWjGLIUHTXHQ]D
/$7,126&5,772
'RFHQWHSURI&DUPHOR6DOHPPH
,,,H,9 SHULRGR
2ELHWWLYLIRUPDWLYL
,OFRUVRGLHVHUFLWD]LRQLVLSURSRQHGLVXJJHULUHXQPHWRGRGLDSSURFFLRLQWHU
SUHWDWLYR DO WHVWR ODWLQR GL WUDGX]LRQH GDO ODWLQR LQ LWDOLDQR FRO VXVVLGLR GL
DSSOLFD]LRQLSUDWLFKH
3URJUDPPLGHL&RUVL
%LEOLRJUDILD
6LFRQVLJOLDO·XVRGHO'L]LRQDULRODWLQRLWDOLDQR GL)*DIILRW3LFFLQ3DGRYD
/(77(5$785$$/%$1(6(
'RFHQWH)UDQFHVFR$OWLPDUL
,H,,SHULRGR
0XWXDGD/LQJXDHOHWWHUDWXUDDOEDQHVH YHFFKLRRUGLQDPHQWR
/(77(5$785$$57,67,&$
'RFHQWH%DUEDUD$JRVWL
,,,H,9 SHULRGR
0XWXDGD6WRULDGHOODFULWLFDG·DUWH
/(77(5$785$ &5,67,$1$$17,&$
'RFHQWH%HQHGHWWR&ODXVL
,,,H,9 SHULRGR
3DUWH $
/LQHDPHQWLGLOHWWHUDWXUDFULVWLDQDJUHFDHODWLQDGDO,DO9,VHFROR
%LEOLRJUDILD
8QDPDQXDOHDVFHOWDIUD&0RUHVFKLQL(1RUHOOL0DQXDOHGLOHWWHUDWXUDFUL
VWLDQDDQWLFDJUHFDHODWLQD0RUFHOOLDQD%UHVFLD
06LPRQHWWL(3ULQ]LYDOOL6WRULDGHOODOHWWHUDWXUDFULVWLDQDDQWLFD3LHPPH
&DVDOH0RQIHUUDWR
3DUWH %
&LQHPDHOHWWHUDWXUDFULVWLDQDDQWLFDO·HUHVLDQH/DYLDODWWHD GL/XLV%XxXHO
%LEOLRJUDILD
1HOFRUVRGHOOHOH]LRQLVDUDQQRGLVWULEXLWHIRWRFRSLHGLWHVWLGHL9DQJHOLGL3UL
VFLOOLDQRGL$YLODGL*HURODPRGL6XOSLFLR6HYHURHGL$JRVWLQRFRQOHUHODWL
YHLQGLFD]LRQLELEOLRJUDILFKH
/HWWXUH
8QWHVWRRXQJUXSSRGLWHVWLDVFHOWDIUDLVHJXHQWL
3URJUDPPLGHL&RUVL
$%HUQDUGL/XLV%XxXHO/H0DQL*HQRYD
/%XxXHO'HLPLHLVRVSLULHVWUHPLWUDGLW5L]]ROL0LODQR
/%XxXHO6HWWHILOP(LQDXGL7RULQR
/ *DPEHUR 0DULD QHO SHQVLHUR GHL 3DGUL GHOOD &KLHVD 3DROLQH 0LODQR
3%URZQ,OFRUSRHODVRFLHWj8RPLQLGRQQHHDVWLQHQ]DVHVVXDOHQHLSULPL
VHFROLFULVWLDQLWUDGLW(LQDXGL7RULQR
9%XUUXV7KH0DNLQJRID+HUHWLF*HQGHU$XWKRULW\DQGWKH3ULVFLOOLDQLVW
&RQWURYHUV\8QLYHUVLW\RI&DOLIRUQLD3UHVV%HUNHOH\/RV$QJHOHV
+&KDGZLFN3ULVFLOOLDQRI$YLOD7KH2FFXOWDQGWKH&KDULVPDWLFLQWKH(DUO\
&KXUFK2[IRUG&ODUHQGRQ3UHVV2[IRUG
$)DUDVVLQR7XWWRLOFLQHPDGL/XLV%XxXHO%DOGLQL &DVWROGL0LODQR
- *RLPDUG 4XHOTXHV UHIOH[LRQV VXU %XxXHO HW OH &KULVWLDQLVPH 3RVLWLI
SSSL50XxR]6XD\%XxXHOO·HURWLVPRHLOFDWWROLFHVLPR
&LQHPD1XRYRVHWWRWWSSSL3/7KLUDUG%XxXHOHOD
UHOLJLRQH4XDGHUQL3LDFHQWLQLSS
* 6IDPHQL *DVSDUUR 3ULVFLOOLDQR DVFHWD FDUVLPDWLFR R FULSWRPDQLFKHR" ,
IRQGDPHQWLDQWURSRORJLFLGHOO·HQNUDWHLDSULVFLOOLDQLVWD6LFDQLDSS
06LPRQHWWL2UWRGRVVLDHGHUHVLDWUD,H,,VHFROR5XEEHWWLQR6RYHULD0DQ
QHOOLWUHVDJJLDOPHQR
/(77(5$785$ )5$1&(6(
0HGLD]LRQH/LQJXLVWLFD
'RFHQWH&KDQWDO&KHYDOOLHU&KDPEHW
,,,H,,,SHULRGR
,$QQR,3HULRGR3DUWH$ &)8
/LQHHJHQHUDOLGLVWRULDGHOODOHWWHUDWXUDIUDQFHVHFRQSDUWLFRODUHULIHULPHQWR
DOO·2WWRFHQWRHDO1RYHFHQWR
%LEOLRJUDILD
0 $PEULqUH 3UpFLV GH /LWWpUDWXUH )UDQoDLVH GX ;,; VLqFOH 38) 3DULV
0&%DQFTXDUW3&DKQp/LWWpUDWXUHGX;; VLqFOH3DULV38)
/HWWXUDHFRPPHQWRGLEUDQLGLSURVDLQIRWRFRSLHIRUQLWHGDOGRFHQWH
,,SHULRGR3DUWH%&)8
,O)DQWDVWLFRQHOODOHWWHUDWXUDIUDQFHVHGHOO·2WWRFHQWR
3URJUDPPLGHL&RUVL
%LEOLRJUDILD
77RGRURY ,QWURGXFWLRQjOD/LWWpUDWXUHIDQWDVWLTXH 6HXLO3DULV
/9D[/·$UWHWODOLWWpUDWXUHIDQWDVWLTXH 38)´4XHVDLVMH"µQ 3DULV
5&DLOORLV$QWKRORJLHGXIDQWDVWLTXH*DOOLPDUG3DULV
/HWWXUH
*X\ GH 0DXSDVVDQW /H +RUOD *pUDUG GH 1HUYDO /D 3DQGRUD 3URVSHU
0pULPpH/D9pQXVG·,OOHOLYUHGHSRFKHR)ROLR
$OFXQLDUJRPHQWLVYLOXSSDWLQHOOD3$57($ VDUDQQRWUDWWDWLLQXQFLFORGLOH]LR
QL FRPXQL DO FRUVR GL /HWWHUDWXUH IUDQFRIRQH3$57($ $OWUH LQGLFD]LRQL
VDUDQQRGDWHDOO·LQL]LRGHOFRUVR
/DIUHTXHQ]DqREEOLJDWRULD
,,DQQR,,SHULRGR3DUWH$ &)8
,OURPDQ]RHOHVXHIRUPH'HILQL]LRQHHGHOLPLWD]LRQHGHOJHQHUH/DVXDHYR
OX]LRQH,VXRLUDSSRUWLFRQDOWUHHVSUHVVLRQLFXOWXUDOLGHO;; VHFROR
%LEOLRJUDILD
&%HFNHUDFXUDGL/H5RPDQ%UpDO3DULV
3&KDUWLHU,QWURGXFWLRQDX[JUDQGHVWKpRULHVGX5RPDQ %RUGDV3DULV
9-RXYH/D3RpWLTXHGXURPDQ6('(6´&DPSXVµ3DULV
,,,SHULRGR3DUWH%&)8
/HWWXUDHDQDOLVLFRQLQIRUPD]LRQHFULWLFDGLEUDQLGLSURVDLQIRWRFRSLH
IRUQLWH GDO GRFHQWH /HWWXUD H FRPPHQWR GL GXH URPDQ]L UDSSUHVHQWDWLYL GHO
JHQHUHHSLVWRODUH
%LEOLRJUDILD
--5RXVVHDX/D1RXYHOOH+pORwVH
&KRGHUORVGH/DFORV /HV/LDLVRQVGDQJHUHXVHVOLYUHGH3RFKHR)ROLR
$OFXQLDUJRPHQWLVYLOXSSDWLQHOOD3DUWH$ VDUDQQRWUDWWDWLLQXQFLFORGLOH]LRQL
FRPXQLDOFRUVRGL/HWWHUDWXUH)UDQFRIRQH3DUWH%
/DIUHTXHQ]DqREEOLJDWRULD
/(77(5$785$ )5$1&(6(,
'RFHQWH&KDQWDO&KHYDOOLHU&KDPEHW
,,,H,,,SHULRGR
0XWXDGD/HWWHUDWXUHIUDQFRIRQH3DUWH$ H3DUWH%YHFFKLRRUGLQDPHQWR
3URJUDPPLGHL&RUVL
/HWWXUDHFRPPHQWRGLURPDQ]LUDSSUHVHQWDWLYLGHOOHFRUUHQWLOHWWHUDULHGHO
;; VHFROR 'D FRQFRUGDUH FRQ LO GRFHQWH $OWUH LQGLFD]LRQL ELEOLRJUDILFKH
VDUDQQRFRPXQLFDWHDOO·LQL]LRGHOFRUVR
/·HVDPHGLOLQJXDqSURSHGHXWLFRDOO·HVDPHGLOHWWHUDWXUD
/(77(5$785$ )5$1&(6(,,
'RFHQWH0DULOLD0DUFKHWWL
,H,,SHULRGR
0XWXDGD/LQJXDIUDQFHVHYHFFKLRRUGLQDPHQWR
8QPRGXOR&)8
$UJRPHQWRGHOFRUVR
,OFRUVRGDOWLWROR´5HWRULFDHOHWWHUDWXUDGDOO·(QF\FORSpGLHDOOH/LDLVRQVGDQ
JHUHXVHVµqVWUXWWXUDWRLQGXHSDUWL
, /DSULPDSDUWHDFDUDWWHUHVHPLQDULDOHULJXDUGDODOHWWHUDWXUDGHO6HLFHQWRH
GHO6HWWHFHQWR
%LEOLRJUDILDFRQVLJOLDWD
*0DFFKLD'DOWUDPRQWRGHO0HGLR(YRDO5LQDVFLPHQWR5L]]ROL0LODQR
,G'DO5LQDVFLPHQWRDO&ODVVLFLVPR5L]]ROL0LODQR
/DJDUGH0LFKDUG/H;9,,HVLqFOH%RUGDV3DULV
,G /H;9,,,HVLqFOH%RUGDV3DULV
3%UXQHO+LVWRLUHGHOD/LWWpUDWXUHIUDQoDLVHW,'X0R\HQÇJHDX;9,,,H
VLqFOH%RUGDV3DULV
,, /DVHFRQGDSDUWHKDFRPHDUJRPHQWRSULQFLSDOHLOUDSSRUWRWUDOHWWHUDWXUDH
UHWRULFDQHO6HWWHFHQWRVLSURSRQHGLDSSURIRQGLUHLOHJDPLGHOO·(QF\FORSpGLH
GL'LGHURWHG·$OHPEHUWFRQ/HV/LDLVRQVGDQJHXUHXVHV GL/DFORV
%LEOLRJUDILDREEOLJDWRULD
00DUFKHWWL5HWRULFDH/LQJXDJJLRQHOVHFRORGHL/XPL(TXLOLEULRORJLFRH
FULVLGHLYDORUL(GL]LRQLGL6WRULDH/HWWHUDWXUD5RPD
%LEOLRJUDILDFRQVLJOLDWD
7 )ORUHQQH /D UKpWRULTXH GH O·DPRXU GDQV ´/HV /LDLVRQV GDQJHXUHXVHVµ
6('(63DULV
3URJUDPPLGHL&RUVL
ËSUHYLVWRORVYROJLPHQWRGLHVHUFLWD]LRQLHDWWLYLWjVHPLQDULDOL
8OWHULRULLQIRUPD]LRQLELEOLRJUDILFKHVDUDQQRIRUQLWHGXUDQWHOHOH]LRQL
,OSURJUDPPDKDYDOLGLWjSHUGXHDQQLDFFDGHPLFL
/(77(5$785$ )5$1&(6(,,,
'RFHQWH*LVqOH9DQKHVH
,,,H,9 SHULRGR
0XWXDGD/LQJXDHOHWWHUDWXUDIUDQFHVH,,,H,9 YHFFKLRRUGLQDPHQWR
/(77(5$785$ *5(&$
'RFHQWH$QWRQLHWWD*RVWROL
,H,,SHULRGR
>/DXUHDTXDGULHQQDOHLQ/HWWHUHLQGFODVV@
,DQQXDOLWj
3DUWHLVWLWX]LRQDOH
$ 6WRULD GHOOD OHWWHUDWXUD JUHFD (Wj DUFDLFD HG (Wj FODVVLFD 6L FRQVLJOLD$
/HVN\ 6WRULD GHOOD OHWWHUDWXUD JUHFD WUDG LW ,O 6DJJLDWRUH 0LODQR
YROO,,,RSSXUH''HO&RUQR/HWWHUDWXUDJUHFD&DVD(GLWULFH*3ULQFLSDWR
0LODQRSSRSSXUH/(5RVVL/HWWHUDWXUDJUHFD/H0RQQLHU
)LUHQ]HSSRSSXUH*$3ULYLWHUD53UHWDJRVWLQL6WRULDHIRUPH
GHOOD OHWWHUDWXUD JUHFD (LQDXGL 6FXROD 0LODQR SS RSSXUH *
*XLGRUL]]L/HWWHUDWXUDJUHFD0RQGDGRUL8QLYHUVLWj)LUHQ]HSS
/RVWXGLRGHOODVWRULDGHOODOHWWHUDWXUDGRYUjHVVHUHDFFRPSDJQDWRGDOODOHWWXUD
GLSDVVLVFHOWLLQWUDGX]LRQHLWDOLDQD6LFRQVLJOLDO·DQWRORJLDFXUDWDGD''HO
&RUQRSHUOD&DVD(G3ULQFLSDWRRTXHOODFXUDWDGD**XLGRUL]]LSHUO·(LQDXGL
6FXRODFKHULSRUWDQRODWUDGX]LRQHLWDOLDQDDIURQWHGHOWHVWRJUHFRËQHFHVVD
ULDODFRQRVFHQ]DGHOOHVVLFRIRQGDPHQWDOHHGHOOHVWUXWWXUHJUDPPDWLFDOLHVLQ
WDWWLFKHGHOODOLQJXDJUHFD6LFRQVLJOLDO·XVRGLXQDJUDPPDWLFDFKHFRQWHQJD
DQFKHQR]LRQLGLPRUIRORJLDVWRULFDHGLGLDOHWWRORJLDSHUHV'3LHUDFFLRQL
*UDPPDWLFDJUHFD1XRYDHGL]LRQH6DQVRQL)LUHQ]HËLQGLVSHQVDELOH
ODFRQRVFHQ]DGHOOHVWUXWWXUHPHWULFRULWPLFKHGHOODSRHVLDJUHFDVLULFKLHGHOD
OHWWXUDGL%*HQWLOL/DPHWULFDGHL*UHFL'·$QQD0HVVLQD)LUHQ]H
RYYLDPHQWHFRQSDUWLFRODUHULJXDUGRDLPHWULGHLWHVWLFRPSUHVLQHOSURJUDPPD
G·HVDPH VXOOH VWUXWWXUH VWURILFKH FKH QRQ VRQR WUDWWDWH GDO *HQWLOL VL SRWUj
FRQVXOWDUH0&0DUWLQHOOL*OLVWUXPHQWLGHOSRHWD(OHPHQWLGLPHWULFDJUHFD
&DSSHOOL %RORJQD 6XL SURFHVVL GL WUDVPLVVLRQH H GL ULFRVWUX]LRQH GHL
3URJUDPPLGHL&RUVL
WHVWLJUHFLVLOHJJD/'5H\QROGV1*:LOVRQ&RSLVWLHILORORJL/DWUDGL]LR
QHGHLFODVVLFLGDOO·$QWLFKLWjDO5LQDVFLPHQWR$QWHQRUH3DGRYD
3DUWHPRQRJUDILFD
(SLFDHURLFDHGHSLFDEXIID/HWWXUDGL2PHUR2GLVVHDOLEUR9,,,HGHO0DUJL
WH(GGFRQVLJOLDWH2PHUR2GLVVHDYRO,,OLEUL99,,,DFXUDGL-%+DLQ
VZRUWKWUDGX]LRQHGL*$3ULYLWHUD¶)RQGD]LRQH/9DOOD·0RQGDGRUL0LOD
QR0/:HVW,DPELHW(OHJLDQWH$OH[DQGUXPFDQWDWL ,,2[RQLL
0DUJLWHSS
6LUDFFRPDQGDODOHWWXUDGL$*RVWROL¶/·DWWULEX]LRQHGHO0DUJLWH D2PHUR·LQ
/DOHWWHUDWXUDSVHXGHSLJUDIDQHOODFXOWXUDJUHFDHURPDQD$WWLGLXQLQFRQWUR
GLVWXGL1DSROLJHQQDLRDFXUDGL*&HUUL$,21VH]ILOROOHWW
SS
,,DQQXDOLWj
3DUWHLVWLWX]LRQDOH
$6WRULDGHOODOHWWHUDWXUDJUHFD(WjHOOHQLVWLFDHG(WjURPDQD6LFRQVLJOLD$
/HVN\ 6WRULD GHOOD OHWWHUDWXUD JUHFD WUDG LW ,O 6DJJLDWRUH 0LODQR
YRO,,,RSSXUH''HO&RUQR/HWWHUDWXUDJUHFD&DVD(GLWULFH*3ULQFLSDWR
0LODQRSSRSSXUH/(5RVVL/HWWHUDWXUDJUHFD/H0RQQLHU
)LUHQ]H SS RSSXUH *$ 3ULYLWHUD 5 3UHWDJRVWLQL 6WRULD H
IRUPHGHOODOHWWHUDWXUDJUHFD(LQDXGL6FXROD0LODQRSSRSSX
UH**XLGRUL]]L/HWWHUDWXUDJUHFD0RQGDGRUL8QLYHUVLWj)LUHQ]HSS
/R VWXGLR GHOOD VWRULD GHOOD OHWWHUDWXUD GRYUj HVVHUH DFFRPSDJQDWR
3URJUDPPLGHL&RUVL
GDOODOHWWXUDGLSDVVLVFHOWLLQWUDGX]LRQHLWDOLDQD6LFRQVLJOLDO·DQWRORJLDFXUDWD
GD''HO&RUQRSHUOD&DVD(G3ULQFLSDWRRTXHOODFXUDWDGD**XLGRUL]]LSHU
O·(LQDXGL6FXRODFKHULSRUWDQRODWUDGX]LRQHLWDOLDQDDIURQWHGHOWHVWRJUHFR
6LULFKLHGHXQDEXRQDFRQRVFHQ]DGHOODOLQJXDJUHFD6LFRQVLJOLDO·XVRGLXQD
JUDPPDWLFDFKHFRQWHQJDDQFKHQR]LRQLGLPRUIRORJLDVWRULFDHGLGLDOHWWROR
JLDSHUHV'3LHUDFFLRQL*UDPPDWLFDJUHFD1XRYDHGL]LRQH6DQVRQL)LUHQ
]HËLQGLVSHQVDELOHODFRQRVFHQ]DGHOOHVWUXWWXUHPHWULFRULWPLFKHGHOOD
SRHVLDJUHFDVLULFKLHGHODOHWWXUDGL%*HQWLOL/DPHWULFDGHL*UHFL'·$QQD
0HVVLQD)LUHQ]HRYYLDPHQWHFRQSDUWLFRODUHULJXDUGRDLPHWULGHLWHVWL
FRPSUHVLQHOSURJUDPPDG·HVDPHVXOOHVWUXWWXUHVWURILFKHFKHQRQVRQRWUDW
WDWHGDO*HQWLOLVLSRWUjFRQVXOWDUH0&0DUWLQHOOL*OLVWUXPHQWLGHOSRHWD
(OHPHQWLGLPHWULFDJUHFD&DSSHOOL%RORJQD
%,QWHUSUHWD]LRQHFRPPHQWRHDQDOLVLPHWULFDRYHSHUWLQHQWHGHLVHJXHQWL
WHVWL
² 3RHVLDHSLFD(VLRGR7HRJRQLD(GL]LRQHFRQVLJOLDWD0/:HVW+HVLRG
7KHRJRQ\2[IRUG8QLY3UHVV
² 6WRULRJUDILD (URGRWR OLEUR , (G FRQVLJOLDWD (URGRWR /H 6WRULH , /D
/LGLDHOD3HUVLD,QWURGWHVWRHFRPPDFXUDGL'$VKHULWUDGGL9
$QWHODPL¶)RQGD]LRQH/RUHQ]R9DOOD·0RQGDGRUL0LODQR
² 7UDJHGLD(XULSLGH%DFFDQWL(GFRQVLJOLDWD-'LJJOH(XULSLGLV)DEXODH
,,,2[IRUG8Q3UHVV
² 3RHVLDHOOHQLVWLFD7HRFULWR,GLOOLR ,,/HLQFDQWDWULFL,GLOOLR 9,,/LFLGD R
/H7DOLVLH%LRQHGL6PLUQH&DQWRIXQHEUHLQRQRUHGL$GRQH(SLWDODPLR
GL$FKLOOH H GL 'HLGDPLD (GG FRQVLJOLDWH 7HRFULWR ,GLOOL H (SLJUDPPL
,QWURGWUDGHQRWHGL%03DOXPER6WUDFFD%850LODQRWHVWR
JUHFRWUDWWRGDOO·HGGL&*DOODYRWWL%XFROLTXHV*UHFV ,,WH[WHpWHWWUDG
SDU3K(/HJUDQG%HOOHV/HWWUHV3DULV%LRQHSVV
3DUWHPRQRJUDILFD
(SLFDHURLFDHGHSLFDEXIID/HWWXUDGL2PHUR2GLVVHDOLEUR9,,,HGHO0DUJL
WH(GGFRQVLJOLDWH2PHUR2GLVVHDYRO,,OLEUL99,,,DFXUDGL-%+DLQ
VZRUWKWUDGX]LRQHGL*$3ULYLWHUD¶)RQGD]LRQH/9DOOD·0RQGDGRUL0LOD
QR0/:HVW,DPELHW(OHJLDQWH$OH[DQGUXPFDQWDWL ,,2[RQLL
0DUJLWHSS
6LUDFFRPDQGDODOHWWXUDGL$*RVWROL¶/·DWWULEX]LRQHGHO0DUJLWH D2PHUR·LQ
/DOHWWHUDWXUDSVHXGHSLJUDIDQHOODFXOWXUDJUHFDHURPDQD$WWLGLXQLQFRQWUR
GLVWXGL1DSROLJHQQDLRDFXUDGL*&HUUL$,21VH]ILOROOHWW
SS
>/DXUHDWULHQQDOHLQ/HWWHUHFXUUFODVVLFR@
3URJUDPPLGHL&RUVL
,DQQXDOLWjRUH&)8
3DUWHLVWLWX]LRQDOH
$ 6WRULD GHOOD OHWWHUDWXUD JUHFD (Wj DUFDLFD HG (Wj FODVVLFD 6L FRQVLJOLD$
/HVN\ 6WRULD GHOOD OHWWHUDWXUD JUHFD WUDG LW ,O 6DJJLDWRUH 0LODQR
YROO,,,RSSXUH''HO&RUQR/HWWHUDWXUDJUHFD&DVD(GLWULFH*3ULQFLSDWR
0LODQRSSRSSXUH/(5RVVL/HWWHUDWXUDJUHFD/H0RQQLHU
)LUHQ]HSSRSSXUH*$3ULYLWHUD53UHWDJRVWLQL6WRULDHIRUPH
GHOOD OHWWHUDWXUD JUHFD (LQDXGL 6FXROD 0LODQR SS RSSXUH *
*XLGRUL]]L/HWWHUDWXUDJUHFD0RQGDGRUL8QLYHUVLWj)LUHQ]HSS
/RVWXGLRGHOODVWRULDGHOODOHWWHUDWXUDGRYUjHVVHUHDFFRPSDJQDWRGDOODOHWWXUD
GLSDVVLVFHOWLLQWUDGX]LRQHLWDOLDQD6LFRQVLJOLDO·DQWRORJLDFXUDWDGD''HO
&RUQRSHUOD&DVD(G3ULQFLSDWRRTXHOODFXUDWDGD**XLGRUL]]LSHUO·(LQDXGL
6FXRODFKHULSRUWDQRODWUDGX]LRQHLWDOLDQDDIURQWHGHOWHVWRJUHFRËQHFHVVD
ULDODFRQRVFHQ]DGHOOHVVLFRIRQGDPHQWDOHHGHOOHVWUXWWXUHJUDPPDWLFDOLHVLQ
WDWWLFKHGHOODOLQJXDJUHFD6LFRQVLJOLDO·XVRGLXQDJUDPPDWLFDFKHFRQWHQJD
DQFKHQR]LRQLGLPRUIRORJLDVWRULFDHGLGLDOHWWRORJLDSHUHV'3LHUDFFLRQL
*UDPPDWLFDJUHFD1XRYDHGL]LRQH6DQVRQL)LUHQ]HËLQGLVSHQVDELOH
ODFRQRVFHQ]DGHOOHVWUXWWXUHPHWULFRULWPLFKHGHOODSRHVLDJUHFDVLULFKLHGHOD
OHWWXUDGL%*HQWLOL/DPHWULFDGHL*UHFL'·$QQD0HVVLQD)LUHQ]H
RSSXUH0&0DUWLQHOOL*OLVWUXPHQWLGHOSRHWD(OHPHQWLGLPHWULFDJUHFD
&DSSHOOL%RORJQDRYYLDPHQWHFRQSDUWLFRODUHULJXDUGRDLPHWULGHLWHVWL
FRPSUHVLQHOSURJUDPPDG·HVDPH
%,QWHUSUHWD]LRQHHFRPPHQWRGHOVHJXHQWHWHVWR
(URGRWROLEUR,(GFRQVLJOLDWD(URGRWR/H6WRULH ,/D/LGLDHOD3HUVLD
,QWURGWHVWRHFRPPDFXUDGL'$VKHULWUDGGL9$QWHODPL¶)RQGD]LRQH
/RUHQ]R9DOOD·0RQGDGRUL0LODQR
3DUWHPRQRJUDILFD
(SLFDHURLFDHGHSLFDEXIID/HWWXUDGL2PHUR2GLVVHDOLEUR9,,,HGHO0DUJL
WH (GG FRQVLJOLDWH 20(52 2GLVVHD YRO ,, OLEUL 99,,, D FXUD GL -%
+DLQVZRUWKWUDGX]LRQHGL*$3ULYLWHUD¶)RQGD]LRQH/9DOOD·0RQGDGRUL
0LODQR0/:HVW,DPELHW(OHJLDQWH$OH[DQGUXPFDQWDWL ,,2[RQLL
0DUJLWHSS
6LUDFFRPDQGDODOHWWXUDGL$*RVWROL¶/·DWWULEX]LRQHGHO0DUJLWH D2PHUR·LQ
/DOHWWHUDWXUDSVHXGHSLJUDIDQHOODFXOWXUDJUHFDHURPDQD$WWLGLXQLQFRQWUR
GLVWXGL1DSROLJHQQDLRDFXUDGL*&HUUL$,21VH]ILOROOHWW
SS
>/DXUHDTXDGULHQQDOHLQ%HQLFXOWXUDOL@
3URJUDPPLGHL&RUVL
3DUWHLVWLWX]LRQDOH
$6WRULDGHOODOHWWHUDWXUDJUHFD/DWUDVPLVVLRQHHODULFRVWUX]LRQHGHLWHVWL6L
FRQVLJOLD''HO&RUQR/HWWHUDWXUDJUHFD&DVD(GLWULFH*3ULQFLSDWR0LODQR
RSSXUH/(5RVVL/HWWHUDWXUDJUHFD/H0RQQLHU)LUHQ]HRSSXUH
*$3ULYLWHUD53UHWDJRVWLQL6WRULDHIRUPHGHOODOHWWHUDWXUDJUHFD(LQDXGL
6FXROD 0LODQR RSSXUH * *XLGRUL]]L /HWWHUDWXUD JUHFD 0RQGDGRUL
8QLYHUVLWj)LUHQ]H/RVWXGLRGHOODVWRULDGHOODOHWWHUDWXUDGRYUjHVVHUH
DFFRPSDJQDWRGDOODOHWWXUDGLSDVVLVFHOWLLQWUDGX]LRQHLWDOLDQD6LFRQVLJOLD
O·DQWRORJLDFXUDWDGD''HO&RUQRSHUOD&DVD(G3ULQFLSDWRRTXHOODFXUDWDGD
**XLGRUL]]LSHUO·(LQDXGL6FXRODFKHULSRUWDQRODWUDGX]LRQHLWDOLDQDDIURQ
WHGHOWHVWRJUHFR6LULFKLHGHXQDEXRQDFRQRVFHQ]DGHOODOLQJXDJUHFD6LFRQ
VLJOLDO·XVRGLXQDJUDPPDWLFDFKHFRQWHQJDDQFKHQR]LRQLGLPRUIRORJLDVWRUL
FD H GL GLDOHWWRORJLD SHU HV ' 3LHUDFFLRQL *UDPPDWLFD JUHFD 1XRYD
HGL]LRQH6DQVRQL)LUHQ]HËLQGLVSHQVDELOHODFRQRVFHQ]DGHOOHVWUXWWXUH
PHWULFRULWPLFKH GHOOD SRHVLD JUHFD VL ULFKLHGH OD OHWWXUD GL % *HQWLOL /D
PHWULFDGHL*UHFL'·$QQD0HVVLQD)LUHQ]HRSSXUH0&0DUWLQHOOL
*OLVWUXPHQWLGHOSRHWD(OHPHQWLGLPHWULFDJUHFD&DSSHOOL%RORJQD
RYYLDPHQWHFRQSDUWLFRODUHULJXDUGRDLPHWULGHLWHVWLFRPSUHVLQHOSURJUDPPD
G·HVDPH
%,QWHUSUHWD]LRQHHFRPPHQWRGHLVHJXHQWLWHVWL
(URGRWROLEUR,(GFRQVLJOLDWD(URGRWR/H6WRULH ,/D/LGLDHOD3HUVLD
,QWURGWHVWRHFRPPDFXUDGL'$VKHULWUDGGL9$QWHODPL¶)RQGD]LRQH
/RUHQ]R9DOOD·0RQGDGRUL0LODQR(XULSLGH%DFFDQWL(GFRQVLJOLD
WD-'LJJOH(XULSLGLV)DEXODH ,,,2[IRUG8Q3UHVV
3DUWHPRQRJUDILFD
(SLFDHURLFDHGHSLFDEXIID/HWWXUDGL2PHUR2GLVVHDOLEUR9,,,HGHO0DUJL
WH (GG FRQVLJOLDWH 20(52 2GLVVHD YRO ,, OLEUL 99,,, D FXUD GL -%
+DLQVZRUWKWUDGX]LRQHGL*$3ULYLWHUD¶)RQGD]LRQH/9DOOD·0RQGDGRUL
0LODQR0/:HVW,DPELHW(OHJLDQWH$OH[DQGUXPFDQWDWL ,,2[RQLL
0DUJLWHSS
6LUDFFRPDQGDODOHWWXUDGL$*RVWROL¶/·DWWULEX]LRQHGHO0DUJLWH D2PHUR·LQ
/DOHWWHUDWXUDSVHXGHSLJUDIDQHOODFXOWXUDJUHFDHURPDQD$WWLGLXQLQFRQWUR
GLVWXGL1DSROLJHQQDLRDFXUDGL*&HUUL$,21VH]ILOROOHWW
SS
>/DXUHDWULHQQDOHLQ%HQLFXOWXUDOL@
RUH&)8
3URJUDPPLGHL&RUVL
3DUWHLVWLWX]LRQDOH
$6WRULDGHOODOHWWHUDWXUDJUHFD/DWUDVPLVVLRQHHODULFRVWUX]LRQHGHLWHVWL6L
FRQVLJOLD''HO&RUQR/HWWHUDWXUDJUHFD&DVD(GLWULFH*3ULQFLSDWR0LOD
QRRSSXUH/(5RVVL/HWWHUDWXUDJUHFD/H0RQQLHU)LUHQ]H
RSSXUH*$3ULYLWHUD53UHWDJRVWLQL6WRULDHIRUPHGHOODOHWWHUDWXUDJUHFD
(LQDXGL6FXROD0LODQRRSSXUH**XLGRUL]]L/HWWHUDWXUDJUHFD0RQ
GDGRUL8QLYHUVLWj)LUHQ]H/RVWXGLRGHOODVWRULDGHOODOHWWHUDWXUDGRYUj
HVVHUHDFFRPSDJQDWRGDOODOHWWXUDGLSDVVLVFHOWLLQWUDGX]LRQHLWDOLDQD6LFRQ
VLJOLDO·DQWRORJLDFXUDWDGD''HO&RUQRSHUOD&DVD(G3ULQFLSDWRRTXHOOD
FXUDWDGD**XLGRUL]]LSHUO·(LQDXGL6FXRODFKHULSRUWDQRODWUDGX]LRQHLWDOLD
QD D IURQWH GHO WHVWR JUHFR 6L ULFKLHGH XQD EXRQD FRQRVFHQ]D GHOOD OLQJXD
JUHFD 6L FRQVLJOLD O·XVR GL XQD JUDPPDWLFD FKH FRQWHQJD DQFKH QR]LRQL GL
PRUIRORJLD VWRULFD H GL GLDOHWWRORJLD SHU HV ' 3LHUDFFLRQL *UDPPDWLFD
JUHFD1XRYDHGL]LRQH6DQVRQL)LUHQ]HËLQGLVSHQVDELOHODFRQRVFHQ]D
GHOOHVWUXWWXUHPHWULFRULWPLFKHGHOODSRHVLDJUHFDVLULFKLHGHODOHWWXUDGL%
*HQWLOL/DPHWULFDGHL*UHFL'·$QQD0HVVLQD)LUHQ]HRSSXUH0&
0DUWLQHOOL*OLVWUXPHQWLGHOSRHWD(OHPHQWLGLPHWULFDJUHFD&DSSHOOL%ROR
JQDRYYLDPHQWHFRQSDUWLFRODUHULJXDUGRDLPHWULGHLWHVWLFRPSUHVLQHO
SURJUDPPDG·HVDPH
%,QWHUSUHWD]LRQHHFRPPHQWRGHOVHJXHQWHWHVWR
(URGRWROLEUR,(GFRQVLJOLDWD(URGRWR/H6WRULH ,/D/LGLDHOD3HUVLD
,QWURGWHVWRHFRPPDFXUDGL'$VKHULWUDGGL9$QWHODPL¶)RQGD]LRQH
/RUHQ]R9DOOD·0RQGDGRUL0LODQR
3DUWHPRQRJUDILFD
(SLFDHURLFDHGHSLFDEXIID/HWWXUDGL2PHUR2GLVVHDOLEUR9,,,HGHO0DUJL
WH (GG FRQVLJOLDWH 20(52 2GLVVHD YRO ,, OLEUL 99,,, D FXUD GL -%
+DLQVZRUWKWUDGX]LRQHGL*$3ULYLWHUD¶)RQGD]LRQH/9DOOD·0RQGDGRUL
0LODQR0/:HVW,DPELHW(OHJLDQWH$OH[DQGUXPFDQWDWL ,,2[RQLL
0DUJLWHSS
6LUDFFRPDQGDODOHWWXUDGL$*RVWROL¶/·DWWULEX]LRQHGHO0DUJLWH D2PHUR·LQ
/DOHWWHUDWXUDSVHXGHSLJUDIDQHOODFXOWXUDJUHFDHURPDQD$WWLGLXQLQFRQWUR
GLVWXGL1DSROLJHQQDLRDFXUDGL*&HUUL$,21VH]ILOROOHWW
SS
>/DXUHHLQ/HWWHUHHLQ%HQLFXOWXUDOL@
6HPLQDULHVHUFLWD]LRQLFRUVLGLOLQJXDJUHFD
/D'RWWVVD0*LRUGDQRWHUUjXQ6HPLQDULRGDOWLWROR'LRQLVRHLOWHDWURDWWLFR
3URJUDPPLGHL&RUVL
GXUDQWHLOTXDOHVLOHJJHUDQQROH%DFFDQWLGL(XULSLGH/DSDUWHFLSD]LRQHDTXH
VWRVHPLQDULRGHOODGXUDWDGLRUHHLOVXSHUDPHQWRGHOUHODWLYRHVDPHSHUJOL
VWXGHQWLLVFULWWLDOOD/DXUHDWULHQQDOHLQ/HWWHUHYDUUDQQR&)8
/D'RWWVVD50RUURQHHOD'RWWVVD$&RQFROLQRWHUUDQQRXQFRUVRGLOLQJXD
JUHFDSHUSULQFLSLDQWLSHUFRPSOHVVLYHRUHGDRWWREUHDJLXJQRLQGLUL]]D
WRDJOLVWXGHQWLFKHGHEERQRDVVROYHUHLOGHELWRIRUPDWLYRGLJUHFR
6LWHUUjDQFKHXQFRUVRLQWHQVLYRGLOLQJXDJUHFDLQGLUL]]DWRDJOLVWXGHQWLFKH
SXUSURYHQHQGRGDOOLFHRFODVVLFRRDYHQGRJLjIUHTXHQWDWROHHVHUFLWD]LRQLGL
JUHFRSHUSULQFLSLDQWLKDQQRQHFHVVLWjGLPLJOLRUDUHODORURSUHSDUD]LRQHOLQ
JXLVWLFD
*OLVWXGHQWLSRWUDQQRXVXIUXLUHDQFKHGLXQFLFORGLOH]LRQLVXOODPHWULFDJUHFD
HGLDOWUHHVHUFLWD]LRQLGLFXLVLGDUjQRWL]LDDOO·LQL]LRGHOFRUVR
$YYHUWHQ]H
*OLVWXGHQWLLVFULWWLDGDOWUL&RUVLGL/DXUHDSRVVRQRFRQFRUGDUHFRQODGRFHQWH
XQSURJUDPPDFRHUHQWHFRQLOORURLQGLUL]]RGLVWXGL
/(77(5$785$ ,1*/(6(,H,,
0HGLD]LRQH/LQJXLVWLFD
'RFHQWH0LFKDHO&URQLQ
,,H,,,SHULRGR
,DQQR
$UJRPHQWRGHOFRUVR
/DOHWWHUDWXUDLQJOHVHGDOOHRULJLQLDOULQDVFLPHQWRLQJOHVHVWRULDHFXOWXUD
,OFRUVRKDORVFRSRGLDQDOL]]DUHODOHWWHUDWXUDLQJOHVHGDOSXQWRGLYLVWDVWRUL
FRFXOWXUDOHFRQSDUWLFRODUHULIHULPHQWRDGDOFXQLWHVWLVFHOWLLTXDOLVDUDQQR
LQGLFDWL GXUDQWH OH OH]LRQL 6DUj LQROWUH GLVWULEXLWR PDWHULDOH QHOOD IRUPD GL
EUDQLVDJJLHWHVWL
%LEOLRJUDILD
3HULOSULPRDQQRVDUDQQRSUHVHLQGHWWDJOLDWDFRQVLGHUD]LRQHOHVHJXHQWLRSHUH
7KRPDV.\G7KH6SDQLVK7UDJHG\$YDLODEOHLQWKH1HZ0HUPDLGVVHULHV
HGLWHGE\-50XOU\QH
-RKQ:HEVWHU7KH'XFKHVVRI0DOIL $Q\JRRGHGLWLRQLVDFFHSWDEOH
7KH &DPEULGJH &RPSDQLRQ WR (QJOLVK 5HQDLVVDQFH 'UDPD (GLWHG E\$5
%UDXQPXOOHU DQG 0LFKDHO +DWWDZD\ &DPEULGJH 8QLYHUVLW\ 3UHVV &DP
EULGJH
$OWULULIHULPHQWLFULWLFLVDUDQQRFRPXQLFDWLGXUDQWHOHOH]LRQL
3URJUDPPLGHL&RUVL
7HVWLGLULIHULPHQWRJHQHUDOH
0$OH[DQGHU$ +LVWRU\RI(QJOLVK/LWHUDWXUH 0DFPLOODQ)RXQGDWLRQ6HULHV
3DOJUDYH
$6DQGHUV7KH6KRUW2[IRUG+LVWRU\2I(QJOLVK/LWHUDWXUH2[IRUG
,,DQQR
/DOHWWHUDWXUDLQJOHVHGDDVWRULDHFXOWXUD
,OFRUVRKDORVFRSRGLDQDOL]]DUHODOHWWHUDWXUDLQJOHVHGDOSXQWRGLYLVWDVWRUL
FRFXOWXUDOHFRQSDUWLFRODUHULIHULPHQWRDGDOFXQLWHVWLVFHOWLLTXDOLVDUDQQR
LQGLFDWL GXUDQWH OH OH]LRQL 6DUj LQROWUH GLVWULEXLWR PDWHULDOH QHOOD IRUPD GL
EUDQLVDJJLHWHVWL
3DUWHGHOFRUVRVDUjGHGLFDWDDO URPDQ]RLQJOHVHGDOOHRULJLQLDOSHULRGRYLWWR
ULDQR6LSURVSHWWDLQVHJXLWRXQRVWXGLRDSSURIRQGLWRVXOOHVHJXHQWLRSHUH
&KDUOHV'LFNHQV*UHDW([SHFWDWLRQVDYDLODEOHLQ3HQJXLQ
&KDUORWWH%URQWH-DQH(\UHDYDLODEOHLQ3HQJXLQ
%LEOLRJUDILD
1HZ&DVHERRNV*UHDW([SHFWDWLRQV(GLWHGE\5RJHU6HOO0DFPLOODQ
&KDUOHV'LFNHQV*UHDW([SHFWDWLRQV$ 5HDGHU·V*XLGHWR(VVHQWLDO&ULWLFLVP
(GLWHGE\1LFRODV7UHGHOO,FRQ%RRNV
&KDUORWWH%URQWH-DQH(\UH $YDLODEOHLQ3HQJXLQ
5LIHULPHQWLFULWLFLVDUDQQRFRPXQLFDWLGXUDQWHOHOH]LRQL
7HVWLGLULIHULPHQWRJHQHUDOH
0$OH[DQGHU$ +LVWRU\RI(QJOLVK/LWHUDWXUH 0DFPLOODQ)RXQGDWLRQ6HULHV
3DOJUDYH
$6DQGHUV7KH6KRUW2[IRUG+LVWRU\2I(QJOLVK/LWHUDWXUH2[IRUG
/(77(5$785$ ,1*/(6(,,,
'RFHQWH5LFKDUG.LGGHU
,,,H,9 SHULRGR
0XWXDGD/LQJXDHOHWWHUDWXUDLQJOHVH,9
/,1*8$ (/(77(5$785$ ,1*/(6(,9 92
'RFHQWH5LFKDUG.LGGHU
,,,H,9 SHULRGR
3URJUDPPLGHL&RUVL
0XWXDGD/LQJXDHOHWWHUDWXUDLQJOHVH,,,YR
6LPEROLVPRQHOODOHWWHUDWXUDLQJOHVH,OLQJXDJJLGHOODOHWWHUDWXUDIUDULQQRYRH
LQQRYD]LRQH
3DUWHLVWLWX]LRQDOH
/HWWXUHVHWWLPDQDOLGLWHVWLFDQRQLFLGLSRHVLDQRQFKpGLSURVDDYUDQQRFRPH
REELHWWLYR O·DSSURIRQGLPHQWR GHOO·DSSURFFLR DQDOLWLFR H FULWLFR DO WHVWR FRQ
SDUWLFRODUHDWWHQ]LRQHDOOHIRUPHPHWULFKHHQDUUDWLYHQHLWHVWLGLVFULWWRULTXDOL
6KDNHVSHDUH0LOWRQ'RQQH0DUYHOO9DXJKDQ%ODNH:RUGVZRUWK&ROHULG
JH7HQQ\VRQ%URZQLQJ<HDWV-R\FH(OLRW/DUNLQH:DOFRWW
3DUWHPRQRJUDILFD
4XHVWDSDUWHGHOFRUVRDYUjFRPHREELHWWLYRORVWXGLRIRUPDOHHWHPDWLFRGHOOD
ULPRWLYD]LRQHGHOVHJQRSRHWLFRFRPHVWUDWHJLDGLLQQRYD]LRQHOHWWHUDULDHFXO
WXUDOH&RQO·DSSRUWRGLVWUXPHQWLDQDOLWLFLHFULWLFLYHUUDQQRVWXGLDWHOHVWUDWH
JLHVWRULFKHGL´ULDQLPDUHµODOLQJXDOLEHUDQGRODGDSUDWLFKHOLQJXLVWLFKHRUPDL
VHQWLWHFRPHORJRUDWHDWWUDYHUVROHULVRUVHGHLOLQJXDJJLGHOYHUVRHGHOODSURVD
,QTXHVWDRWWLFDVLVWXGLHUDQQRDOFXQLWHVWLSURYHQLHQWLGDPRPHQWLGLJUDQGH
VFRQYROJLPHQWRHULQQRYRFXOWXUDOHTXDOL/DULIRUPD/DULYROX]LRQHLQJOHVHOD
ULYROX]LRQH LQGXVWULDOH H O·DYYHQWR GHO ¶YLOODJLR JOREDOH· H OD FRUULVSRQGHQWH
¶FULVLGLFRPXQLFD]LRQH· GHOO·LQL]LRGHO·,OFRUVRSUHVXSSRQHODFRQRVFHQ
]D GHOOD VWRULD OHWWHUDULD LQJOHVH QHOOH VXH JUDQGL OLQHH FRPH SUHVHQWDWD SHU
HVHPSLRQHOOD6WRULDGHOODOHWWHUDWXUDLQJOHVH GL0DULR3UD]
%LEOLRJUDILD
$EUDPV0+HWDO7KH1RUWRQ$QWKRORJ\RI(QJOLVK/LWHUDWXUH9RO
WK 1RUWRQ 1HZ<RUN 3HU L WHVWL GL 6KDNHVSHDUH 0LOWRQ 'RQQH
0DUYHOO9DXJKDQ%ODNH:RUGVZRUWK&ROHULGJH0LOO7HQQ\VRQ%URZ
QLQJ5XVNLQ3DWHU:LOGH:RROI(OLRW
&RQUDG-RVHSK7KH6HFUHW$JHQW3HQJXLQ/RQGRQ
(OLRW 76 )RXU 4XDUWHWV (GL]LRQH FRQVLJOLDWD 7KRPDV 6 (OLRW /D WHUUD
GHVRODWD4XDWWUR4XDUWHWWLLQWUR&]HVODZ0LORV]WUDG$QJHOR7RQHOOL
)HOWULQHOOL0LODQR
(OLRW767KH6DFUHG:RRG(VVD\VRQ3RHWU\DQG&ULWLFLVP )DEHU )DEHU
/RQGRQ>,OERVFRVDFUR6DJJLVXOODSRHVLDHVXOODFULWLFDWUDG9GL
*LXURH$OIUHGR2EHUWHOOR6DJJLWDVFDELOL%RPSLDQL0LODQR@
)UHXG 6LJPXQG ,O GLVDJLR GHOOD FLYLOWj HG GLU GD &HVDUH /XLJL 0XVDWWL
%RULQJKLHUL7RULQRYROGL2SHUHSS>RTXDOVLDVLHGL
]LRQH@
*LEVRQ :LOOLDP 1HXURPDQFHU 9R\DJHU /RQGRQ >*LEVRQ :LOOLDP
3URJUDPPLGHL&RUVL
1HXURPDQWHWUDGGD*LDPSDROR&RVVDWRH6DQGUR6DQGUHOOLQXRYDHGL]LR
QHULY1RUG0LODQR@
:HOOV+*/·LVRODGL'RWWRU0RUHDX0XUVLD0LODQR
7HVWLFULWLFL
%HUWLQHWWL3DRORDFXUDGL6WRULDGHOODOHWWHUDWXUDLQJOHVHYRO, ,,(LQDX
GL7RULQR
&HVHUDQL 5HPR *XLGD DOOR VWXGLR GHOOD OHWWHUDWXUD /DWHU]D 5RPD%DUL
7RGRURY7]YHWDQ7HRULHGHOVLPEROR*DU]DQWL0LODQR
%LEOLRJUDILDFRQVLJOLDWDGLFRQVXOWD]LRQH
&LDQFL*LRYDQQLDFXUDGL0RGHUQLVPR0RGHUQLVPL'DOO·DYDQJXDUGLDVWR
ULFDDJOLDQQL7UHQWDHROWUH3ULQFLSDWR0LODQR
0DUHQFR)UDQFRDFXUDGL6WRULDGHOODFLYLOWjOHWWHUDULDLQJOHVH87(77RUL
QR
6DQGHUV$QGUHZ7KH6KRUW2[IRUG+LVWRU\RI(QJOLVK/LWHUDWXUHQG2[IRUG
8QLYHUVLW\3UHVV2[IRUG
7RGRURY7]YHWDQ,JHQHULGHOGLVFRUVR /D1XRYD,WDOLD)LUHQ]H
3UHPLQJHU$OH[H%URJDQ79)7KH1HZ3ULQFHWRQ(QF\FORSHGLDRI3RHWU\
DQG3RHWLFV 3ULQFHWRQ8QLYHUVLW\3UHVV3ULQFHWRQ
/LQJXD,,9 SHULRGR
/HOH]LRQLGLOLQJXDVLVYROJHUDQQRGDO,DO,,,SHULRGRLO,9 SHULRGRVLULVHUYD
SHUFRQVXOWD]LRQHQRQFKpHVHUFLWD]LRQLGLUHYLVLRQH$OWUHLQGLFD]LRQLELEOLR
JUDILFKHYHUUDQRGDWHGXUDQWHOHOH]LRQL
%LEOLRJUDILD
,,,DQQR
+HDGZD\8SSHU,QWHUPHGLDWH2[IRUG8QLYHUVLW\3UHVV
+HDGZD\8SSHU,QWHUPHGLDWH([HUFLVHV2[IRUG8QLYHUVLW\3UHVV
+HDGZD\8SSHU,QWHUPHGLDWH3URQXQFLDWLRQ2[IRUG8QLYHUVLW\3UHVV
*UDPPDWLFDVHFRQGROHLQGLFD]LRQLGDWHDOO·LQL]LRGHOOHOH]LRQL60DQIHUORWWL
H05RJHUV*UDPPDWLFDGHOODOLQJXDLQJOHVH/LJXRUL1DSROLR-RKQ
(DVWZRRG2[IRUG3UDFWLFH*UDPPDU2[IRUG8QLYHUVLW\3UHVV2[IRUG
,9 DQQR
+HDGZD\$GYDQFHG2[IRUG8QLYHUVLW\3UHVV
+HDGZD\$GYDQFHG([HUFLVHV2[IRUG8QLYHUVLW\3UHVV
+HDGZD\$GYDQFHG3URQXQFLDWLRQ2[IRUG8QLYHUVLW\3UHVV
*UDPPDWLFDVHFRQGROHLQGLFD]LRQLGDWHDOO·LQL]LRGHOOHOH]LRQL60DQIHUORWWL
H05RJHUV*UDPPDWLFDGHOODOLQJXDLQJOHVH/LJXRUL1DSROLR-RKQ
(DVWZRRG2[IRUG3UDFWLFH*UDPPDU2[IRUG8QLYHUVLW\3UHVV2[IRUG
3URJUDPPLGHL&RUVL
1%$OWUHLQGLFD]LRQLELEOLRJUDILFKHYHUUDQQRIRUQLWHGXUDQWHLOFRUVR
/,1*8$ (/(77(5$785$ 32572*+(6((%5$6,/,$1$
'RFHQWH1LFROHWWD/RQJR
,H,,SHULRGR
%LEOLRJUDILD
/XVRIRQLD&XUVR EiVLFR GH SRUWXJXrV OtQJXD HVWUDQJHLUD /LYUR GR $OXQR
/LGHO/LVERD
/XVRIRQLD&XUVREiVLFRGHSRUWXJXrVOtQJXDHVWUDQJHLUD&DGHUQRGHH[HUFt
FLRV/LGHO/LVERD
*/DQFLDQL*7DYDQL*UDPPDWLFDSRUWRJKHVH/('(G8QLYHUVLWDULHGLOHW
WHUHHFRQRPLDHGLULWWR0LODQR
0 + $EUHX5 %HQDPRU 0XUWHLUD *UDPPDWLFD GHO SRUWRJKHVH PRGHUQR
=DQLFKHOOL%RORJQD
,O3RUWRJDOORGDOOHRULJLQLDO6HLFHQWRDFXUDGL/6WHJDJQR3LFFKLR3DVVLJOL
3URJUDPPLGHL&RUVL
(GLWRUL)LUHQ]H$QWHOOD/DOLQJXDSRUWRJKHVHQHOPRQGRSS
,OSRUWRJKHVHGHO3RUWRJDOORGDOPHGLRHYRDGRJJLSS
$OWULPDWHULDOLVDUDQQRIRUQLWLLQIRWRFRSLDYROWDSHUYROWDGDOGRFHQWH
%LEOLRJUDILD
,O3RUWRJDOORGDOOHRULJLQLDO6HLFHQWRDFXUDGL/6WHJDJQR3LFFKLR3DVVLJOL
(GLWRUL)LUHQ]H$QWHOOD8QDVWRULDGHOODFLYLOWjOHWWHUDULDSS
&LYLOWjOHWWHUDULDGHO3RUWRJDOORGDOPHGLRHYRDRJJLSS8Q
SDHVHDOODFRQTXLVWDGHOPRQGRSS,OWHDWURIUDPHGLRHYRHULQD
VFLPHQWR*LO9LFHQWHHODFRVLGGHWWD¶6FXROD*LOYLFHQWLQD·SS
/DOHWWHUDWXUDGLYLDJJLHVFRSHUWHSS)HUQmR0HQGHV3LQWRHOD
VXD3HUHJULQDomRSS/D3HUHJULQDomRFRPHLWLQHUDULRHFRPH
GRFXPHQWRSS,OPLWRGL&DP}HVSS
/XFLDQD6WHJDJQR3LFFKLR3URILORGHOODOHWWHUDWXUDEUDVLOLDQD(GLWRUL5LXQLWL
5RPD,QWURGX]LRQH&DUDWWHULGHOODOHWWHUDWXUDEUDVLOLDQDSS,
'DOODVFRSHUWDDOO·DXWRQRPLDSS,,/·RWWRFHQWRGHOO·LQGLSHQGHQ]D
HGHOSULPRURPDQWLFLVPREUDVLOLDQRSS9,,,OPRGHUQLVPREUDVL
OLDQRSULPDIDVHSS
$OWULPDWHULDOLVDUDQQRIRUQLWLLQIRWRFRSLDYROWDSHUYROWDGDOGRFHQWH
/(77(5$785$ ,7$/,$1$
'RFHQWH*LRYDQQL%DUEHUL6TXDURWWL
,,,H,9 SHULRGR
&)8
3URJUDPPLGHL&RUVL
3DUWHLVWLWX]LRQDOH
/LQHDPHQWLGLOHWWHUDWXUDLWDOLDQDGDOOHRULJLQLD7DVVR
3DUWHPRQRJUDILFD
7DVVRHLOSRHPDHSLFROHWWXUDGHOOD*HUXVDOHPPHOLEHUDWD
,OFRUVRFRPSUHQGHUjXQPRGXORLQL]LDOHRUHGLLQWURGX]LRQHDJOLVWXGLOHW
WHUDULHDOOHLVWLWX]LRQLGHOODOHWWHUDWXUDLWDOLDQD8QVHFRQGRPRGXORRUH
WUDWWDUjGHOJHQHUHHSLFRHGHOODFRQFH]LRQHWDVVLDQDGHOODSRHVLDHURLFD8Q
WHU]RPRGXORRUHVDUjFRVWLWXLWRGDXQDOHWWXUDDQWRORJLFDGHOOD*HUXVD
OHPPHOLEHUDWD
%LEOLRJUDILD
/DSDUWHLVWLWX]LRQDOHGRYUjHVVHUHSUHSDUDWDVXOVHJXHQWHPDQXDOH
*)HUURQL6WRULDGHOODOHWWHUDWXUDLWDOLDQD7RULQR(LQDXGLHVXFFHVVLYH
ULVWDPSH
3HULOPRGXORLQL]LDOH
*=DFFDULD&%HQXVVL3HUVWXGLDUHODOHWWHUDWXUDLWDOLDQD%UXQR0RQGDGR
UL0LODQR
$ LQWHJUD]LRQHHLQSDUWLFRODUHSHULQRQIUHTXHQWDQWLVLFRQVLJOLD
/&KLQHV&9DURWWL&KHFRV·qXQWHVWROHWWHUDULR&DURFFL5RPD
3HUODVHFRQGDSDUWHGHOFRUVRVDUjIRUQLWDXQ·DQWRORJLDGLWHVWLQHFHVVDULSHU
VHJXLUHOHOH]LRQLHSHUSUHSDUDUHO·HVDPH6DUDQQRULFKLHVWLIRQGDPHQWDOPHQWH
LOFRPPHQWRHODSDUDIUDVLGHLWHVWLIRUQLWLLQGLVSHQVDHDQDOL]]DWLGXUDQWHLO
FRUVR Ë LQGLVSHQVDELOH DOWUHVu XQD FRQRVFHQ]D FRPSOHVVLYD H DSSURIRQGLWD
GHOOHRSHUHGHOO·DXWRUHSUHVRLQHVDPHFROORFDWHQHOORURFRQWHVWRVWRULFRHFXO
WXUDOHWDOHSUHSDUD]LRQHGRYUjHVVHUHFRQGRWWDVXOODVHJXHQWHPRQRJUDILD
6=DWWL7RUTXDWR7DVVR0DU]RUDWL(GLWDOLD5RPD´/,0(/HWWHUDWXUD,WDOLD
QD0DU]RUDWL(GLWDOLDµYRO
8OWHULRULLQGLFD]LRQLELEOLRJUDILFKHYHUUDQQRIRUQLWHGXUDQWHLOFRUVR
/(77(5$785$ ,7$/,$1$
'RFHQWH*LXVHSSH/R&DVWUR
,H,,SHULRGR
,OFRUVRqULYROWRDJOLVWXGHQWLGHO&RUVRGLODXUHDLQ&RQVHUYD]LRQHGHL%HQL
&XOWXUDOLHGHO&RUVRGLODXUHDLQ)LORVRILD
3DUWHLVWLWX]LRQDOH
3HUJOLVWXGHQWLFKHGHYRQRDFTXLVLUH&)8
3URJUDPPLGHL&RUVL
%LEOLRJUDILD
$ /HWWXUDGL*=DFFDULD&%HQXVVL3HUVWXGLDUHODOHWWHUDWXUDLWDOLDQD%
0RQGDGRUL0LODQRQXRYDHGL]LRQHOLPLWDWDPHQWHDGDOFXQLFDSL
WROLFKHVDUDQQRLQGLFDWLGXUDQWHLOFRUVR
% ËLQROWUHULFKLHVWDXQDFRQRVFHQ]DGHOOHRSHUHHGHOOHWHPDWLFKHGHLVHJXHQWL
DXWRULGHOODOHWWHUDWXUDLWDOLDQD'DQWH3HWUDUFD%RFFDFFLR$ULRVWR/HRSDUGL
SL DXWRUL D VFHOWD IUD 0DFKLDYHOOL *XLFFLDUGLQL 0DULQR 0HWDVWDVLR
$OILHUL3DULQL*ROGRQL)RVFRORH0DQ]RQL
*OLVWXGHQWLFKHGHYRQRDFTXLVLUH&)8HFRORURFKHDSSDUWHQJRQRDOYHFFKLR
RUGLQDPHQWRSRUWDQRODOHWWXUDLQWHJUDOHGHOWHVWRGLFXLDOSXQWR$QRQFKpWXWWL
JOLDXWRULGHOSXQWR%FRPSUHVLTXHOOLDVFHOWDSLLOGROFHVWLOQRYR3ROL]LDQR
3XOFL%RLDUGRH)ROHQJR
3DUWHPRQRJUDILFD ,0RGXOR&)8
/HRULJLQLGHOURPDQ]RLQ,WDOLD
7HVWL
3 &KLDUL /·XRPR G·XQ DOWUR PRQGR LQ 5RPDQ]LHUL LWDOLDQL GHO 6HWWHFHQWR
87(7 7RULQR RSSXUH GL $ 3LD]]D /·DPRU WUD O·DUPL )UDQFR $QJHOL
0LODQR
$0DQ]RQL,SURPHVVL6SRVL TXDOVLDVLHGL]LRQH
%LEOLRJUDILD
/7RVFKL,OURPDQ]RLQ)%ULRVFKL&'L*LURODPR0DQXDOHGLOHWWHUDWXUD
LWDOLDQD%ROODWL%RULQJKLHUL7RULQRYROXPH,,,SSH&0DGUL
JQDQL/H´&RQIHVVLRQLGLXQLWDOLDQRµGL,SSROLWR1LHYRYROXPH,9SS
&0DGULJQDQL$OO·RULJLQHGHOURPDQ]RLQ,WDOLD,O´FHOHEUH$EDWH&KLDULµ
/LJXRUL1DSROLSSHVLFRQVLJOLDFRPXQTXHXQDOHWWX
UDLQWHJUDOHGHOO·RSHUD
8QDGLVSHQVDFRQLEUDQLFULWLFLHLURPDQ]LQRQLQFRPPHUFLRVDUjDGLVSR
VL]LRQHLQFRSLVWHULD
3DUWHPRQRJUDILFD ,,0RGXOR&)8
,3URPHVVL6SRVL H/HFRQIHVVLRQLGLXQLWDOLDQR
7HVWL
$0DQ]RQL,SURPHVVL6SRVLTXDOVLDVLHGL]LRQHRSSXUHGL,1LHYR/HFRQ
IHVVLRQLGLXQLWDOLDQRTXDOVLDVLHGL]LRQH
3URJUDPPLGHL&RUVL
%LEOLRJUDILD
/7RVFKL,OURPDQ]RLQ)%ULRVFKL&'L*LURODPR0DQXDOHGLOHWWHUDWXUD
LWDOLDQD%ROODWL%RULQJKLHUL7RULQRYROXPH,,,SSH&0DGUL
JQDQL/H´&RQIHVVLRQLGLXQLWDOLDQRµGL,SSROLWR1LHYRYROXPH,9SS
3HUFKLVFHJOLH,SURPHVVL6SRVL
(5DLPRQGL,OURPDQ]RVHQ]DLGLOOLR6DJJLRVXL´3URPHVVL6SRVLµ(LDQXGL
7RULQRSS
96SLQD]]ROD0DQ]RQLHLOPRQGRPRGHUQRLQ,OOLEURSHUWXWWL6DJJLRVXL
´3URPHVVL6SRVLµ(GLWRUL5LXQLWL5RPDPDSS
9'L%HQHGHWWR*XLGDDL3URPHVVL6SRVL5L]]ROL0LODQRSS
H
*%DOGL,3URPHVVL6SRVL3URJHWWRGLVRFLHWjHPLWR0XUVLD0LODQR
SS
3HUFKLVFHJOLH/HFRQIHVVLRQLGLXQLWDOLDQR
0$OOHJUL/HFRQIHVVLRQLGLXQLWDOLDQRLQ/HWWHUDWXUDLWDOLDQD(LQDXGL/H
RSHUH,,,(LQDXGL7RULQRSS
1%&KLSRUWDDOO·HVDPHHQWUDPELLPRGXOLVWXGHQWLGHOQXRYRRUGLQDPHQWR
FRQFUHGLWLHVWXGHQWLGHOYHFFKLRRUGLQDPHQWROHJJHUjXQURPDQ]RGL&KLDUL
RGL3LD]]D,3URPHVVL6SRVL R/HFRQIHVVLRQLGLXQLWDOLDQRLQROWUHODELEOLR
JUDILDFRPSOHWDGLHQWUDPELLPRGXOL
/(77(5$785$ ,7$/,$1$ ,
'RFHQWH)UDQFHVFR%DXVL
,,,H,9 SHULRGR
SHU VWXGHQWL GHO &RUVR GL ODXUHD LQ /HWWHUH PXWXD GD /HWWHUDWXUD LWDOLDQD
PHGLRHYDOH
&)8RUH
3DUWHLVWLWX]LRQDOH/DOHWWHUDWXUDLWDOLDQDGDOOHRULJLQLDOO·
/D SUHSDUD]LRQH GHOOD SDUWH LVWLWX]LRQDOH GHYH HVVHUH FRQGRWWD VX XQ EXRQ
PDQXDOHGLVFXRODVXSHULRUHHGHYHFRQFHQWUDUVLVXOOHQR]LRQLGLEDVHYLWDH
RSHUHHVFOXGHQGRJOLDVSHWWLFULWLFLHGHVWHWLFL6LSUHVWLSDUWLFRODUHULJXDUGRDL
VHJXHQWLDXWRULHPRYLPHQWLOHWWHUDULV)UDQFHVFRG·$VVLVLOD6FXROD6LFLOLD
QDOR6WLOQRYR'DQWH$OLJKLHUL)UDQFHVFR3HWUDUFD*LRYDQQL%RFFDFFLRO·8
PDQHVLPR$QJHOR3ROL]LDQR/RUHQ]RGH· 0HGLFL/XLJL3XOFL0DWWHR0DULD
3URJUDPPLGHL&RUVL
%RLDUGR /XGRYLFR $ULRVWR OD TXHVWLRQH GHOOD OLQJXD QHO · %DOGDVVDUUH
&DVWLJOLRQH7RUTXDWR7DVVR*LRYDPEDWWLVWD0DULQR*LXVHSSH3DULQL9LWWRULR
$OILHUL8JR)RVFROR$OHVVDQGUR0DQ]RQL*LDFRPR/HRSDUGL
3HUOHLQGLVSHQVDELOLQR]LRQLGLPHWULFDLWDOLDQDLOYHUVRODULPDOHIRUPHSULQ
FLSDOL VL FRQVLJOLD GL ULFRUUHUH D ) %DXVL0 0DUWHOOL /D PHWULFD LWDOLDQD
7HRULDHVWRULD)LUHQ]H/H/HWWHUH
3DUWH,RUH
,QWURGX]LRQHDOODOHWWXUDGHOWHVWRSRHWLFR
6FRSRGHOFRUVRqIRUQLUH²DWWUDYHUVRO·DQDOLVLGLDOFXQLWHVWLGLSRHVLDLWDOLDQD
GDOOHRULJLQLDO&LQTXHFHQWR²JOLVWUXPHQWLGLEDVHOLQJXLVWLFLPHWULFLUHWRUL
FLQHFHVVDULSHUDFFRVWDUVLDOWHVWRSRHWLFR
%LEOLRJUDILD
$QWRORJLDGLWHVWLSRHWLFLGLVSRQLELOHLQIRWRFRSLDSUHVVROD/HXNDP
)%DXVL00DUWHOOL/DPHWULFDLWDOLDQD7HRULDHVWRULD)LUHQ]H/H/HWWHUH
%0RUWDUD*DUDYHOOL0DQXDOHGLUHWRULFD0LODQR%RPSLDQL
3DUWH,,RUH
'DQWHOLULFR
%LEOLRJUDILD
'DQWH$OLJKLHUL 9LWD 1RYD D FXUD GL /& 5RVVL LQWURGX]LRQH GL * *RUQL
0LODQR0RQGDGRUL
'DQWH$OLJKLHUL5LPHDFXUDGL*&RQWLQL(LQDXGL7RULQR
/H,QWURGX]LRQL GL**RUQLH*&RQWLQLDOOHVRSUDFLWDWHHGL]LRQLGHOOD9LWD
1RYD HGHOOH5LPH
)DFROWDWLYR
**RUQL9LWD1RYDLQ/HWWHUDWXUDLWDOLDQD/HRSHUH,'DOOHRULJLQLDO&LQ
TXHFHQWR(LQDXGL7RULQRSSGLVSRQLELOHLQELEOLRWHFD
3HU OD FRQRVFHQ]D JHQHUDOH GHOOD YLWD H GHOO·RSHUD GL 'DQWH VL FRQVLJOLD (
0DODWR'DQWH6DOHUQR(GLWULFH5RPD
&RORURFKHQRQSRVVRQRIUHTXHQWDUHUHJRODUPHQWHOHOH]LRQLVRQRLQYLWDWLDPHW
WHUVLLQFRQWDWWRFRQLOGRFHQWHDOILQHGLFRQFRUGDUHXQSURJUDPPDVSHFLILFR
3URJUDPPLGHL&RUVL
/(77(5$785$ ,7$/,$1$ ,,
'RFHQWH'LDPDQWH2UGLQH
,H,,SHULRGR
0XWXDGD7HRULDGHOODOHWWHUDWXUD
3DUWHLVWLWX]LRQDOH
/DOHWWHUDWXUDLWDOLDQDGDO6HLFHQWRDOODSULPDPHWjGHOO·2WWRFHQWRFRQSDUWLFR
ODUHULJXDUGRDLVHJXHQWLDXWRULHGDUJRPHQWL6DUSL*DOLOHL&KLDEUHUD0DUL
QR 7DVVRQL O·$UFDGLD 9LFR 0HWDVWDVLR 3DULQL *ROGRQL $OILHUL )RVFROR
/HRSDUGL0DQ]RQL3RUWD%HOOL
%LEOLRJUDILD
² *)HUURQL6WRULDGHOODOHWWHUDWXUDLWDOLDQD(LQDXGL6FXROD0LODQR
² *%DOGLHWDOLL'DOWHVWRDOODVWRULDGDOODVWRULDDOWHVWR3DUDYLD7RULQR
RSSXUH&6HJUH&0DUWLJQRQL7HVWLQHOODVWRULD%UXQR0RQGDGR
UL0LODQR
3HUOHLQGLVSHQVDELOLQR]LRQLGLPHWULFDLWDOLDQDLOYHUVRODULPDOHIRUPHSULQ
FLSDOL VL FRQVLJOLD GL ULFRUUHUH D ) %DXVL0 0DUWHOOL /D PHWULFD LWDOLDQD
7HRULDHVWRULD/H/HWWHUH)LUHQ]H
3DUWHPRQRJUDILFD
/XGRYLFR$ULRVWR2UODQGRIXULRVR
%LEOLRJUDILD
/$ULRVWR2UODQGRIXULRVR DFXUDGL/DQIUDQFR&DUHWWL7RULQR(LQDXGLYROO
/DWHVLSXzHVVHUHULFKLHVWDVRORGRSRLOVXSHUDPHQWRGHOVHFRQGRHVDPH*OL
VWXGHQWL GHO YHFFKLR RUGLQDPHQWR FKH KDQQR VHJXLWR XQR GHL FRUVL GHO SURI
2UGLQHGRYUDQQRVRVWHQHUHO·HVDPHVRORFRQLOSURI2UGLQH
/(77(5$785$ ,7$/,$1$$=
9HFFKLRRUGLQDPHQWR
'RFHQWH&DWHULQD9HUEDUR
,H,,SHULRGR
0XWXDGD/HWWHUDWXUD,WDOLDQD0RGHUQDH&RQWHPSRUDQHD0= QXRYRRUGLQD
PHQWR
3URJUDPPLGHL&RUVL
/(77(5$785$ ,7$/,$1$ 0(',(9$/(
'RFHQWH)UDQFHVFR%DXVL
,,,H,9 SHULRGR
&)8RUH
3DUWH,RUH
,QWURGX]LRQHDOODOHWWXUDGHOWHVWRSRHWLFR
6FRSRGHOFRUVRqIRUQLUH²DWWUDYHUVRO·DQDOLVLGLDOFXQLWHVWLGLSRHVLDLWDOLDQD
GDOOHRULJLQLDO&LQTXHFHQWR²JOLVWUXPHQWLGLEDVHOLQJXLVWLFLPHWULFLUHWRUL
FLQHFHVVDULSHUDFFRVWDUVLDOWHVWRSRHWLFR
%LEOLRJUDILD
$QWRORJLDGLWHVWLSRHWLFLGLVSRQLELOHLQIRWRFRSLDSUHVVROD/HXNDP
)%DXVL00DUWHOOL/DPHWULFDLWDOLDQD7HRULDHVWRULD/H/HWWHUH)LUHQ]H
%0RUWDUD*DUDYHOOL0DQXDOHGLUHWRULFD%RPSLDQL0LODQR
3DUWH,, RUH
'DQWHOLULFR
%LEOLRJUDILD
'DQWH$OLJKLHUL 9LWD 1RYD D FXUD GL /& 5RVVL LQWURGX]LRQH GL * *RUQL
0LODQR0RQGDGRUL
'DQWH$OLJKLHUL5LPHDFXUDGL*&RQWLQL7RULQR(LQDXGL
/H,QWURGX]LRQL GL**RUQLH*&RQWLQLDOOHVRSUDFLWDWHHGL]LRQLGHOOD9LWD
1RYD HGHOOH5LPH
**RUQL9LWD1RYDLQ/HWWHUDWXUDLWDOLDQD/HRSHUH,'DOOHRULJLQLDO&LQ
TXHFHQWR7RULQR(LQDXGLSSGLVSRQLELOHLQELEOLRWHFD
(0DODWR'DQWH5RPD6DOHUQR(GLWULFH
&RORURFKHQRQSRVVRQRIUHTXHQWDUHUHJRODUPHQWHOHOH]LRQLVRQRLQYLWDWLD
PHWWHUVLLQFRQWWDWRFRQLOGRFHQWHDOILQHGLFRQFRUGDUHXQSURJUDPPDVSHFL
ILFR
&KLLQWHQGHVRVWHQHUHLOVHFRQGRHVDPHqSUHJDWRGLFRQFRUGDUQHLOSURJUDPPD
FRQLOGRFHQWH
/(77(5$785$ ,7$/,$1$ 02'(51$ (&217(0325$1($
'RFHQWH1LFROD0HUROD
,H,,SHULRGR
3URJUDPPLGHL&RUVL
,OFRUVRPLUDDIRUQLUHXQTXDGURGLULIHULPHQWRVWRULFROHWWHUDULRSHULOSHULRGR
FRQVLGHUDWRXQDGLUHWWDHVSHULHQ]DGLWHVWLVLJQLILFDWLYLHXQDYYLDPHQWRDOOD
OHWWXUDFULWLFDGHOOHRSHUHOHWWHUDULHPRGHUQH,QWRUQRDOSURJUDPPDG·HVDPH
YHUR H SURSULR HVVR SUHYHGH SHUFLz O·XWLOL]]D]LRQH GL FRPSHWHQ]H DFTXLVLWH
QHJOLVWXGLSUHFHGHQWLHVSRVL]LRQHVFULWWDHRUDOHQR]LRQLPDQXDOLVWLFKHOHWWX
UH GL EDVH H DSSURIRQGLPHQWL LQGLYLGXDOL /·HYHQWXDOH GLIHWWR GHOOH SULPH
GHWHUPLQDWRDWWUDYHUVRO·DXWRYDOXWD]LRQHVDUjFRPSHQVDWRGDOODIUHTXHQ]DGL
XQPRGXORGHO/DERUDWRULR8QLYHUVLWDULRGL,WDOLDQR6FULWWR/XLVHGDOODLQWH
JUD]LRQHGHOSURJUDPPDFRQLPDQXDOLHOHDQWRORJLHJLjXWLOL]]DWLQHJOLVWXGL
SUHFHGHQWL*UD]LHDJOLDSSURIRQGLPHQWLFKHVDUDQQRFRPXQTXHFRQVLJOLDWLGDO
GRFHQWH H SRWUDQQR FRUULVSRQGHUH D VHPLQDUL SDUDOOHOL DO FRUVR DXPHQWHUj LO
WDVVRGLGLIILFROWjGHOO·HVDPHVHQHLQFUHPHQWHUDQQRLULVXOWDWLHVLDUULFFKLUjLO
FXUULFXOXPGHOORVWXGHQWHLQSULPROXRJRLQYLVWDGHOELHQQLRVSHFLDOLVWLFR
3DUWHLVWLWX]LRQDOH
/DOHWWHUDWXUDLWDOLDQDGDODLJLRUQLQRVWULFRQSDUWLFRODUHULIHULPHQWRDL
VHJXHQWL DXWRUL *ROGRQL 3DULQL $OILHUL )RVFROR 0DQ]RQL %HOOL /HRSDUGL
9HUJD3DVFROL6YHYR'·$QQXQ]LR3LUDQGHOOR*R]]DQR7R]]L6DED8QJDUHWWL
*DGGD0RQWDOH7RPDVL%HWRFFKL4XDVLPRGR3HQQD0RUDYLD3DYHVH9LWWRUL
QL0RUDQWH&DSURQL/X]L6HUHQL3LHUUR)RUWLQL6FLDVFLD=DQ]RWWR)HQRJOLR
3DVROLQL&DOYLQR*LXGLFL9ROSRQL3DULVH6DQJXLQHWL&RQVROR7DEXFFKL
%LEOLRJUDILD
1LFROD0HUROD8Q1RYHFHQWRLQSLFFROR5XEEHWWLQR6RYHULD0DQQHOOL
&RUVRPRQRJUDILFR
3DVROLQLSROLJUDIR
3HU IDYRULUH JOL DFFUHGLWDPHQWL SDU]LDOL FKH SRVVRQR HVVHUH VWDWL SUHYLVWL GD
TXDOFKHFRUVRGLVWXGLROHOH]LRQLVLDUWLFROHUDQQRLQGXHPRGXOLGLWUHQWDGXH
RUHULVSHWWLYDPHQWHGHGLFDWLD´3DVROLQLLQUDSSRUWRDLSUREOHPLHDLWHVWLHVHP
SODULGHOODPRGHUQLWjµHD´3DVROLQLWUDSRHVLDHDIIDEXOD]LRQHµ
%LEOLRJUDILD
3LHU3DROR3DVROLQL5DJD]]LGLYLWD*DU]DQWL0LODQR,GHP/HFHQHULGL
*UDPVFLLYL,GHP6FULWWLFRUVDULLYL
6RQRSUHYLVWHGLVSHQVHGHOFRUVRDFXUDGHOGRFHQWH
(VHUFLWD]LRQLHVHPLQDUL
GHOOHXOWHULRULLQL]LDWLYHJOLVWXGHQWLVDUDQQRLQIRUPDWLGXUDQWHOHOH]LRQL
3URJUDPPLGHL&RUVL
3DUWHLVWLWX]LRQDOHSHU ODVHFRQGDDQQXDOLWj
&ODVVLFLGHO1RYHFHQWR
%LEOLRJUDILDUHODWLYDDOODVHFRQGDDQQXDOLWj
(XJHQLR0RQWDOH7XWWHOHSRHVLHDFGL*LRUJLR=DPSD0RQGDGRUL0LOD
QR
4XDWWURURPDQ]LDVFHOWDQRQSLGLXQRSHUDXWRUHWUDTXHOOLGL6YHYR3LUDQ
GHOOR*DGGD0RUDYLD0RUDQWH&DOYLQR9ROSRQLH3DULVH
3XUQRQULVHUYDQGRXQRVSHFLILFRFRUVRPRQRJUDILFRDOODVHFRQGDDQQXDOLWj
O·LQVHJQDPHQWRGL/HWWHUDWXUDLWDOLDQDPRGHUQDHFRQWHPSRUDQHDDHVVDGHVWLQD
XQPRGXORXOWHULRUHGLWUHQWDGXHRUHFKHVDUjWHQXWRQHOVHFRQGRSHULRGRGLGDW
WLFRGDOSURI$OIRQVR%HUDUGLQHOOL
*OLVWXGHQWLGLWXWWLL&RUVLGL6WXGLRWUDQQHTXHOOLSHULTXDOLqDWWLYDWRXQLQVH
JQDPHQWR VSHFLILFR FRQ OD VWHVVD GHQRPLQD]LRQH VL GRYUDQQR LVFULYHUH DO
FRUVR GL /HWWHUDWXUD LWDOLDQD PRGHUQD H FRQWHPSRUDQHD ULVSRQGHQGR DO TXH
VWLRQDULRSUHGLVSRVWRHQWURLOQRYHPEUH
/(77(5$785$ ,7$/,$1$ 02'(51$ (&217(0325$1($
'RFHQWH0DUJKHULWD*DQHUL
,,SHULRGR
/H]LRQLHSURJUDPPDFRLQFLGRQRFRQTXHOOLGHOPRGXORGL6WRULDGHOODFULWLFD
OHWWHUDULDLWDOLDQDFRQO·HFFH]LRQHGHOODSDUWHJHQHUDOH
,OPRGXORRUHFUHGLWLSUHQGHLQHVDPHORVWDWXWRFULWLFRWHRULFRGHOOHWWR
UH DWWUDYHUVR XQD GLVDPLQD GHOOH SULQFLSDOL WHRULH GL DPELWR VWUXWWXUDOLVWLFR
VHPLRWLFR SUDJPDWLFR H VRFLRORJLFR /D SDUWH PRQRJUDILFD q GHGLFDWD D
8PEHUWR(FRWHRULFRHQDUUDWRUH,OSURJUDPPDG·HVDPHqLOVHJXHQWH
3DUWHPRQRJUDILFD
8PEHUWR(FR'LDULRPLQLPR
/HFWRULQIDEXOD%RPSLDQLVJJ
,OQRPHGHOODURVDVJJ
6XOODOHWWHUDWXUD
3URJUDPPLGHL&RUVL
3DUWHLVWLWX]LRQDOH
5RPDQR/XSHULQL3LHWUR&DWDOGL/LGLD0DUFKLDQL)UDQFR0DUFKHVH/DVFULW
WXUD H O·LQWHUSUHWD]LRQH VWRULDDQWRORJLD GHOOD OHWWHUDWXUD LWDOLDQD HGL]LRQH
URVVD3DOXPER3DOHUPRYROXPLHODGRFHQWHLQGLFKHUjDOH]LRQH
TXDOL VH]LRQL GHO PDQXDOH VRQR ULFKLHVWH SHU OD QHFHVVDULD FRQRVFHQ]D GHL
PRYLPHQWLOHWWHUDULGHLSULQFLSDOLDXWRULLWDOLDQLHGHOOHORURPDJJLRULRSHUH
FRQOHWWXUDGLXQFRQJUXRQXPHURGLEUDQLDQWRORJLFL
/(77(5$785$ ,7$/,$1$ 02'(51$ (&217(0325$1($$/
9HFFKLRRUGLQDPHQWR
'RFHQWH0DUJKHULWD*DQHUL
,,,H,9 SHULRGR
0XWXDGD/HWWHUDWXUDLWDOLDQDPRGHFRQW$/ SHUJOLVWXGHQWLGHOQXRYRRUGL
QDPHQWR
/(77(5$785$ ,7$/,$1$ 02'(51$ (&217(0325$1($$/
1XRYRRUGLQDPHQWR
'RFHQWH0DUJKHULWD*DQHUL
,,,H,9 SHULRGR
$UJRPHQWRGHOFRUVR
,OURPDQ]RLWDOLDQRGHOVHFRQGR2WWRFHQWR
2ELHWWLYLGLGDWWLFL$FTXLVL]LRQHGLFRPSHWHQ]HJHQHUDOLUHODWLYHDOURPDQ]R
VWRULDGHOJHQHUHWLSRORJLHWHRULHHGLFRPSHWHQ]HGLEDVHUHODWLYHDOO·DQDOLVL
GHOWHVWRURPDQ]HVFRQRQFKpFRQRVFHQ]DDSSURIRQGLWDGLXQRRSLURPDQ]L
LWDOLDQLGHOODVHFRQGDPHWjGHOO·2WWRFHQWR
1HO,PRGXORGLWDJOLRLVWLWX]LRQDOHVDUjULVHUYDWRDPSLRVSD]LRDOODVWRULDGHO
URPDQ]RQHOO·2WWRFHQWRLWDOLDQRHVDUDQQRDQDOL]]DWLLGXHFODVVLFLPDJJLRU
PHQWHUDSSUHVHQWDWLYLGHOYHULVPRVLFLOLDQRLO,,PRGXORGLWDJOLRWHPDWLFR
VDUjGHGLFDWRDOO·DQDOLVLFRPSDUDWLYDGLXQDVHULHGLILJXUHIHPPLQLOLOHSURWD
JRQLVWHGHLWUHURPDQ]LLQSURJUDPPDVDUDQQRPHVVHDFRQIURQWRFRQTXHOOH
GHO 0DVWURGRQ *HVXDOGR GL *LRYDQQL 9HUJD H GH , 9LFHUp GL )HGHULFR 'H
5REHUWRQRQFKpFRQLPRGHOOLQDWXUDOLVWLIUDQFHVLLQSDUWLFRODUHFRQ0DGDPH
%RYDU\ GL*XVWDYH)ODXEHUW
%LEOLRJUDILD
3HUJOLVWXGHQWLFKHVHJXRQRVRORLO,PRGXOR RYYHURJOLVWXGHQWLGHOO·LQGLUL]
]R,QWHUFXOWXUDOHGL/LQJXH
3URJUDPPLGHL&RUVL
5RPDQR/XSHULQL3LHWUR&DWDOGL/LGLD0DUFKLDQL)UDQFR0DUFKHVH/DVFULW
WXUD H O·LQWHUSUHWD]LRQH VWRULDDQWRORJLD GHOOD OHWWHUDWXUD LWDOLDQD HGL]LRQH
URVVD3DOXPER3DOHUPRYROXPLHODGRFHQWHLQGLFKHUjDOH]LRQH
TXDOLVH]LRQLGLTXHVWRPDQXDOHVRQRSDUWLFRODUPHQWHULFKLHVWHSHUODQHFHVVD
ULDFRQRVFHQ]DGHLPRYLPHQWLOHWWHUDULGHLSULQFLSDOLDXWRULLWDOLDQLHGHOOHORUR
PDJJLRULRSHUHFRQOHWWXUDGLXQFRQJUXRQXPHURGLEUDQLDQWRORJLFL
3LHUOXLJL3HOOLQL1DWXUDOLVPRHYHULVPR%LEOLRWHFDHFRQRPLFD/D1XRYD,WD
OLD)LUHQ]H
8QURPDQ]RIUDLVHJXHQWLGXHDVFHOWDGHOORVWXGHQWH
*LRYDQQL9HUJD0DVWURGRQ*HVXDOGR0RQGDGRUL0LODQR
)HGHULFR'H5REHUWR,9LFHUp0RQGDGRUL0LODQR
3URJUDPPLGHL&RUVL
/(77(5$785$ ,7$/,$1$ 02'(51$ (&217(0325$1($ 0=
9HFFKLRRUGLQDPHQWR
'RFHQWH&DWHULQD9HUEDUR
,H,,SHULRGR
0XWXDGD/HWWHUDWXUD,WDOLDQD0RGH&RQW0= QXRYRRUGLQDPHQWR
/(77(5$785$ ,7$/,$1$ 02'(51$ (&217(0325$1($ 0=
1XRYRRUGLQDPHQWR
'RFHQWH&DWHULQD9HUEDUR
,H,,SHULRGR
$UJRPHQWRGHOFRUVR,OURPDQ]RLWDOLDQRGHOSULPR1RYHFHQWR
2ELHWWLYLGLGDWWLFL$FTXLVL]LRQHGLFRPSHWHQ]HGLWLSRLVWLWX]LRQDOHUHODWLYHDO
JHQHUHGHOURPDQ]RFDUDWWHULFRVWLWXWLYLWLSRORJLHWHRULHVWRULDGLFRPSHWHQ
]HGLEDVHGLDQDOLVLGHOWHVWRURPDQ]HVFRQRQFKpFRQRVFHQ]DDSSURIRQGLWDGL
XQRRSLFODVVLFLGHOURPDQ]RLWDOLDQRSULPRQRYHFHQWHVFR
1HO,PRGXORVDUDQQRWUDWWDWLLFDUDWWHULLVWLWX]LRQDOLGHOJHQHUHFRQSDUWLFRODUH
ULIHULPHQWRDOO·LQTXDGUDPHQWRVWRULFRGHOURPDQ]RQHO1RYHFHQWRLWDOLDQRH
VDUjDQDOL]]DWRLOSULPRGHLTXDWWURURPDQ]LLQGLYLGXDWLFRPHPDJJLRUPHQWH
UDSSUHVHQWDWLYLLO,,PRGXOR VDUjLQYHFHGHGLFDWRVSHFLILFDWDPHQWHDOO·DQDOLVL
GHJOLDOWULWUHWHVWLSUHYLVWL
%LEOLRJUDILD
3HUJOLVWXGHQWLFKHVHJXRQRVRORLO,PRGXOR RYYHURJOLVWXGHQWLGHOO·LQGLUL]
]R,QWHUFXOWXUDOHGL/LQJXH
3&XGLQL%UHYHVWRULDGHOOD/HWWHUDWXUDLWDOLDQD,O%RPSLDQL0LODQR
*'HEHQHGHWWL,OURPDQ]RGHO1RYHFHQWR*DU]DQWL0LODQR
)7R]]L&RQJOLRFFKLFKLXVLDFGL*1LFROHWWL*DU]DQWL0LODQR
,OSURJUDPPDYDLQWHJUDWRFRQODFRQRVFHQ]DGLXQFRQJUXRQXPHURGLEUDQL
DQWRORJLFLGDVWXGLDUHVXXQDTXDOXQTXHDQWRORJLDVFRODVWLFDUHODWLYDPHQWHDL
VHFROL;,;H;;
3HUJOLVWXGHQWLFKHVHJXRQRLO,H,,PRGXOR RYYHURSHUJOLVWXGHQWLGHOO·LQGL
UL]]R)LORORJLFRGL/LQJXHQRQFKpSHUJOLVWXGHQWLGLYHFFKLRRUGLQDPHQWR
3&XGLQL%UHYHVWRULDGHOOD/HWWHUDWXUDLWDOLDQD,O%RPSLDQL0LODQR
3URJUDPPLGHL&RUVL
*'HEHQHGHWWL,OURPDQ]RGHO1RYHFHQWR*DU]DQWL0LODQR
)7R]]L&RQJOLRFFKLFKLXVLDFGL*1LFROHWWL*DU]DQWL0LODQR
,6YHYR/DFRVFLHQ]DGL=HQR*DU]DQWL0LODQR
/3LUDQGHOOR4XDGHUQLGL6HUDILQR*XEELRRSHUDWRUHDFGL6&RVWD0RQ
GDGRUL0LODQR
$0RUDYLD*OLLQGLIIHUHQWL%RPSLDQL0LODQR
,OSURJUDPPDYDLQWHJUDWRFRQODFRQRVFHQ]DGLXQFRQJUXRQXPHURGLEUDQL
DQWRORJLFL GDVWXGLDUHVXXQDTXDOXQTXHDQWRORJLDVFRODVWLFDUHODWLYDPHQWHDL
VHFROL;,;H;;
3HUJOLVWXGHQWLFKHVHJXRQRVRORLO,,PRGXOR RYYHURJOLVWXGHQWLGL DQQR
GHOO·LQGLUL]]R)LORORJLFRGL/LQJXH
,6YHYR/DFRVFLHQ]DGL=HQR*DU]DQWL0LODQR
/3LUDQGHOOR4XDGHUQLGL6HUDILQR*XEELRRSHUDWRUHDFGL6&RVWD0RQ
GDGRUL0LODQR
$0RUDYLD*OLLQGLIIHUHQWL%RPSLDQL0LODQR
8QRGHLWUHURPDQ]LSXzHVVHUHVRVWLWXLWRFRQXQRGHJOLDOWULWUHWHVWLSUHVHQWH
QHOSURJUDPPDSHUFKLVHJXHLPRGXOL
3HUWDOLVWXGHQWLELHQQDOLVWLQRQFKpSHULELHQQDOLVWLGHOYHFFKLRRUGLQDPHQWR
qLQROWUHSUHYLVWDODVWHVXUDGLXQDEUHYHUHOD]LRQHVFULWWDVXXQDUJRPHQWRGD
GHILQLUH
/(77(5$785$ /$7,1$
'RFHQWHSURI&DUPHOR6DOHPPH
,,,H,9 SHULRGR
*OLVWXGHQWLLVFULWWLDOFRUVRGLODXUHDWULHQQDOHFKHQRQDEELDQRVWXGLDWRODWLQR
QHOODVFXRODVHFRQGDULDVRQRDPPHVVLDVRVWHQHUHO·HVDPHGL/HWWHUDWXUDODWLQD
VRORGRSRDYHUIUHTXHQWDWRXQFRUVRGLUHFXSHURVXSHUDQGRQHODSURYDILQDOHLO
FKHD]]HUDLOGHELWRHTXLYDOHQWHD&)87DOHREEOLJRULJXDUGDJOLLVFULWWLD
WXWWLLFRUVLGLODXUHDWULHQQDOHDWWLYDWLSUHVVROD)DFROWj
3URJUDPPD SHU LO &RUVR GL VWXGL LQ /HWWHUH H LQ %HQL FXOWXUDOL LQG
DUFKHRORUH&)8
6WRULDGHOODOHWWHUDWXUDODWLQDGLHWjLPSHULDOHDSDUWLUHGDOO·HWjGHOODGLQDVWLD
JLXOLRFODXGLD
7HVWR&6DOHPPH6FULWWRULHWHVWLGL5RPDDQWLFD/RIIUHGR1DSROLVLULFKLH
GRQR SXUH OD FRQRVFHQ]D GHL FRQWHQXWL GHL SDVVL DQWRORJLFL H OD OHWWXUD GHOOH
SDJLQHFULWLFKH
3URJUDPPLGHL&RUVL
1HOFRQWHVWRGHOODSDUWHLVWLWX]LRQDOHSDUWLFRODUHULVDOWRVDUjFRQIHULWRDOSUR
EOHPDGHO¶UHDOLVPR· QHOODSULPDHWjLPSHULDOHFRQOHWWXUDGLWHVWLLQRULJLQDOH
GD3HWURQLRH0DU]LDOHOHLQGLFD]LRQLELEOLRJUDILFKHYHUUDQQRIRUQLWHGXUDQWH
LOFRUVR
ËULFKLHVWDODOHWWXUDPHWULFDGHOGLVWLFRHOHJLDFRHGHOIDOHFLR
3HUOD,DQQXDOLWjJOLVWXGHQWLOHJJHUDQQRHWUDGXUUDQQRLQROWUH&LFHURQH3UR
0DUFHOOR qLQFRPPHUFLRLOFRPPHQWRGL9$PPHQGROD/RIIUHGR1DSROL
SHUOD,,DQQXDOLWjOHJJHUDQQRLQPHWULFDHWUDGXUUDQQR9LUJLOLR(QHLGHOLEUR
,,FRPPHQWRDVFHOWD
%LEOLRJUDILD
0 6LPRQHWWL /D SURGX]LRQH OHWWHUDULD ODWLQD IUD URPDQL H EDUEDUL VHF 9
9,,,5RPD,VWLWXWR3DWULVWLFR$XJXVWLQLDQXP
0/&ROLVK/DFXOWXUDGHO0HGLRHYRWUDGLW,O0XOLQR%RORJQD
3URJUDPPLGHL&RUVL
3DUWH%
,PRVWULQHOODOHWWHUDWXUDODWLQDGHO0HGLR(YR
%LEOLRJUDILD
1HOFRUVRGHOOHOH]LRQLVDUDQQRGLVWULEXLWHIRWRFRSLHGLWHVWLGL$JRVWLQRGHO
/LEHUPRQVWURUXPGL,VLGRURGL6LYLJOLDGHOOD/HWWHUDGL$OHVVDQGURDG$ULVWR
WHOHGHOOD/HWWHUDGHO3UHWH*LDQQLGL9LQFHQ]RGL%HDXYDLVHFFFRQOHUHODWL
YHLQGLFD]LRQLELEOLRJUDILFKH
/HWWXUH
8QWHVWRRXQJUXSSRGLWHVWLDVFHOWDIUDLVHJXHQWL
& %RORJQD /D PHPRULD GHO 0HGLRHYR ODWLQR QHOOH OHWWHUDWXUH PRGHUQH LQ
$$99/RVSD]LROHWWHUDULRGHO0HGLRHYR,O0HGLRHYRODWLQRYRO,9
6DOHUQR(GLWULFH5RPDSS
36WROW]/HVRUWLGHOODWLQRQHO0HGLRHYRLQ$$99/RVSD]LROHWWHUDULRGHO
0HGLRHYR,O0HGLRHYRODWLQRYRO,,6DOHUQR(GLWULFH5RPDSS
0&RUWL*HQHULOHWWHUDULHFRGLILFD]LRQLLQ($'3ULQFLSLGHOODFRPXQLFD
]LRQHOHWWHUDULD%RPSLDQL0LODQRSSSL+5-DXVV7HR
ULDGHLJHQHULHOHWWHUDWXUDGHO0HGLRHYRLQ,' $OWHULWjHPRGHUQLWjGHOOD
OHWWHUDWXUDPHGLHYDOH%ROODWH%RULQJKLHUL7RULQRSS
$$99/D%LEELDQHO0HGLR(YRDFXUDGL*&UHPDVFROLH&/HRQDUGL(GL
]LRQL'HKRQLDQH%RORJQD
-%DOWUXVDLWLV,O0HGLRHYRIDQWDVWLFRDQWLFKLWjHGHVRWLVPRQHOO·DUWHJRWLFD
WUDGLW$GHOSKL0LODQR
*0&DQWDUHOOD0HGLRHYR8QILORGLSDUROH *DU]DQWL0LODQR
$*UDI0LWLOHJJHQGHHVXSHUVWL]LRQLGHO0HGLR(YRULVW0RQGDGRUL0LOD
QRDOPHQRVDJJL
& .DSSOHU 'HPRQL PRVWUL H PHUDYLJOLH DOOD ILQH GHO 0HGLRHYR 6DQVRQL
)LUHQ]H
-/H*RII/·2FFLGHQWHPHGLHYDOHHO·2FHDQR,QGLDQRXQRUL]]RQWHRQLULFRLQ
,'7HPSRGHOOD&KLHVDH7HPSRGHOPHUFDQWHWUDGLW(LQDXGL7RULQR
SL,',OPHUDYLJOLRVRQHOO·2FFLGHQWHPHGLHYDOHLQ,',OPHUDYL
JOLRVRHLOTXRWLGLDQRQHOO·2FFLGHQWHPHGLHYDOH/DWHU]D5RPD%DUL
5:LWWNRZHU0DUYHOVRIWKH(DVW-RXUQDORIWKH:DUEXUJDQG&RUWDXOG,QVWL
WXWHVSS
* =DJDQHOOL /·2ULHQWH LQFRJQLWR PHGLHYDOL HQFLFORSHGLH URPDQ]L GL$OHV
VDQGURWHUDWRORJLH5XEEHWWLQR6RYHULD0DQQHOOL
3URJUDPPLGHL&RUVL
/(77(5$785$ 63$*12/$
'RFHQWH(OHDQRU/RQGHUR
,H,,SHULRGR
,0RGXOR,$QQR1XRYRRUGLQDPHQWR
$UJRPHQWRGHOFRUVR
3URILORGHOODVWRULDGHOODOHWWHUDWXUDVSDJQRODGDOOHRULJLQLDO·
%LEOLRJUDILD
&$OYDU-&0DLQHU51DYDUUR6WRULDGHOODOHWWHUDWXUDVSDJQROD(LQDXGL
7RULQR
$$99/DOHWWHUDWXUDVSDJQROD5L]]ROL0LODQR
-9LFHQV9LYHV3URILORGHOODVWRULDGL6SDJQD(LQDXGL7RULQR
-0DUDYDOO/DFXOWXUDGHO%DURFFR,O0XOLQR%RORJQD
-(OOLRW/D6SDJQDLPSHULDOH,O0XOLQR%RORJQD
,OFRUVRVDUjWHQXWRLQLWDOLDQR/RVWXGHQWHGRYUjOHJJHUHTXDWWURFODVVLFLLQWUD
GX]LRQH3HURJQLWHVWRGRYUjSUHSDUDUHXQ·HVSRVL]LRQHVXOO·DXWRUHHLOSHULRGR
$UJRPHQWRGHOFRUVR
0RGHUQLWj&ULVLGLILQHVHFROR/DJHQHUD]LRQHGHO'HVDVWUH
%LEOLRJUDILD
/HWWXUHGL$0DFKDGR$]RUtQ0GH8QDPXQR5GHO9DOOH,QFOiQ
)UDQFLVFR5LFRHG+LVWRULD\FUtWLFDGHODOLWHUDWXUDHVSDxROD&UtWLFD
YRO
-RVp&DUORV0DLQHU/DHGDGGHSODWD &iWHGUD
07XxyQGH/DUD0HGLRVLJORGHFXOWXUDHVSDxROD7HFQRV
3URYDG·HVDPH
*OLHVDPLGL,,,H,9 DQQR92VLWHUUDQQRLQVSDJQROR,SURJUDPPLKDQQR
YDOLGLWjSHUGXHDQQL
/(77(5$785$ 7($75$/(,7$/,$1$
'RFHQWH*LRYDQQL%DUEHUL6TXDURWWL
,,,H,9 SHULRGR
3DUWHPRQRJUDILFD
,OWHDWURSDVWRUDOH'DOODIDEXODGL2UIHR DOO·$PLQWD
3URJUDPPLGHL&RUVL
%LEOLRJUDILD
$3ROL]LDQR5LPH)DEXODGL2UIHRDFXUDGL6&DUUDL0XUVLD0LODQR
77DVVR$PLQWDDFXUDGL&9DUHVH0XUVLD0LODQR03LHUL/D
VFHQD ERVFKHUHFFLD QHO 5LQDVFLPHQWR LQ ,WDOLD /LYLDQD 3DGRYD
8OWHULRULLQGLFD]LRQLELEOLRJUDILFKHVDUDQQRIRUQLWHGXUDQWHLOFRUVR
3DUWHLVWLWX]LRQDOH
/LQHDPHQWLGLVWRULDGHOODOHWWHUDWXUDWHDWUDOHLWDOLDQDFRQSDUWLFRODUHULJXDUGR
DOODJHQHVLHDOO·HYROX]LRQHGHLSULQFLSDOLJHQHUL²FRPPHGLDWUDJHGLDPHOR
GUDPPDHFF²HDOOHRSHUHWHDWUDOLGHLVHJXHQWLDXWRUL$ULRVWR0DFKLDYHOOL
7DVVR0HWDVWDVLR*ROGRQL$OILHUL0DQ]RQL'·$QQXQ]LR3LUDQGHOOR
%LEOLRJUDILD
$$99/DPDVFKHUDHLOYROWR,OWHDWURLQ,WDOLDDFXUDGL)%UXQL0DUVLOLR
9HQH]LD6LUDFFRPDQGDLQROWUHGLFRQVXOWDUHODVHJXHQWHVWRULDOHWWHUDULD
LQSDUWLFRODUHSHUTXHOFKHULJXDUGDOHVH]LRQLGHGLFDWHVSHFLILFDPHQWHDOWHDWUR
)%ULRVFKL&'L*LURODPR0DQXDOHGL/HWWHUDWXUDLWDOLDQD6WRULDSHUJHQHUL
HSUREOHPL%ROODWL%RULQJKLHUL7RULQR
3DUWHGHOFRUVRVLVYROJHUjLQIRUPDGLVHPLQDULR/DSUHSDUD]LRQHGHOODSDUWH
LVWLWX]LRQDOH SRWUj HVVHUH VRVWLWXLWD GDOOD IUHTXHQ]D FRVWDQWH DO VHPLQDULR H
GDOODUHGD]LRQHGLXQVDJJLRVXXQDUJRPHQWRGDFRQFRUGDUVLFRQLOGRFHQWH
/(77(5$785$ 7('(6&$ ,,,,,,
0HGLD]LRQH/LQJXLVWLFD
'RFHQWH)HGHULFD/D0DQQD
,H,,SHULRGR
&RUVRPRQRJUDILFR
/HWWHUDWXUDHVFLHQ]D
'XUDQWHLO6HWWHFHQWRVLDVVLVWHDXQJUDGXDOHDYYLFLQDPHQWRIUDVFLHQ]DHOHWWH
UDWXUDODVFLHQ]DXWLOL]]DIRUPHSURSULHGHOODOHWWHUDWXUDHJOLDXWRULXWLOL]]DQR
XQ DSSURFFLR SL ´DUWLVWLFRµ SHU FRPXQLFDUH QXRYH VFRSHUWH H FRQFHWWL 3HU
FRQWURDQFKHODOHWWHUDWXUDVLPRGLILFDHVLPXRYHFRQIRUPHPHQWHDOOHQXRYH
VFRSHUWHHDLQXRYLFRQFHWWLRFFXSDQGRVLFRQVHPSUHPDJJLRUIUHTXHQ]DGL
DVSHWWLVFLHQWLILFL
%LEOLRJUDILD
'9(QJHOKDUGW0HGL]LQLQGHU/LWHUDWXUGHU1HX]HLW+UWJHQZDOG
)/D0DQQD3LVROLWDULRG·XQ/XSR7LSRORJLDGHO0HODQFRQLFRQHO6HWWHFHQ
WRWHGHVFR/HFFH
3URJUDPPLGHL&RUVL
3DUWHLVWLWX]LRQDOH
,DQQR
,OSURJUDPPDGHOFRUVRSUHQGHLQHVDPHOLQHDPHQWLGHOODVWRULDOHWWHUDULDDSDU
WLUHGDOOD5LIRUPDGL/XWHUR$PSLDDWWHQ]LRQHYLHQHGDWDDOURPDQ]RSLFDUHVFR
GHO6HLFHQWRHDOORVIRQGRVWRULFRUDSSUHVHQWDWRGDOOD*XHUUDGHL7UHQW·DQQL
HYHQWRGHFLVLYRSHUODVWUXWWXUDGHOODVRFLHWjWHGHVFDHGHOOHVXHIRUPHFXOWXUDOL
'LIRQGDPHQWDOHLPSRUWDQ]DSRLLOSDVVDJJLRGDOPRPHQWRLOOXPLQLVWLFRDOOD
ULYROX]LRQH GHOOR 6WXUP XQG 'UDQJ FKH FRLQFLGH DQFKH FRQ OD QDVFLWD GHO
URPDQ]R
%LEOLRJUDILD
/XWHUR/LHGHUHSURVHDFXUDGL(%RQIDWWLXQDVFHOWD
+ - &KU9RQ *ULPPHOVKDXVHQ /·DYYHQWXURVR 6LPSOLFLVVLPXV D FXUD GL (
%RQIDWWL0LODQR
*(/HVVLQJ1DWKDQLOVDJJLR*DU]DQWL
-:*RHWKH,GRORULGHOJLRYDQH:HUWKHU7RULQR
)6FKLOOHU,PDVQDGLHUL7RULQR
6WRULDGHOODOHWWHUDWXUD
/0LWWQHU6WRULDGHOODOHWWHUDWXUDWHGHVFD'DLSULPRUGLSDJDQLDOO·HWjEDURF
FDGDOFLUFDDOFLUFDYRO,H6WRULDGHOODOHWWHUDWXUDWHGHVFD
'DO3LHWLVPRDO5RPDQWLFLVPRYRO,,0LODQR
9=PHJDF/6NUHE=6HNXOLN%UHYHVWRULDGHOODOHWWHUDWXUDWHGHVFD7RULQR
6LULFKLHGHLQROWUHODOHWWXUDGHLVHJXHQWLWHVWLGLFULWLFDOHWWHUDULD
:%HQMDPLQ,OGUDPPDEDURFFRWHGHVFR7RULQR
*/XNDFV*RHWKHHLOVXRWHPSR)LUHQ]H
3DUWHLVWLWX]LRQDOH
,,DQQR
,OSURJUDPPDGHOFRUVRLQWHQGHDQDOL]]DUHLOSHULRGROHWWHUDULRVXFFHVVLYRDOOD
5LYROX]LRQH )UDQFHVH FKH VL VQRGD OXQJR L SHUFRUVL JRHWKLDQL H VFKLOOHULDQL
GHOOD.ODVVLNSDUDOOHODPHQWHDTXHOOLURPDQWLFLGHJOL6FKOHJHOHGHOODULYLVWD
´$WKHQDHXPµ6LLQWHQGHSRLSUHQGHUHLQHVDPHO·HYROYHUVLGLTXHOPRPHQWR
GHFLVLYRFRVWLWXLWRGDJOLVYLOXSSLGHOPRYLPHQWRURPDQWLFRFKHDYUjLQIOXVVLVX
WXWWDODOHWWHUDWXUDHXURSHDSHUJLXQJHUHSRLDOODQDVFLWDGLXQQXRYRFRQFHWWR
GLSURVDUHDOLVWLFD
3URJUDPPLGHL&RUVL
%LEOLRJUDILD
*RHWKH'LH:DKOYHUZDQGWVFKDIWHQ )DXVW,
6FKLOOHU0DULD6WXDUW
1RYDOLV+HLQULFKYRQ2IWHUGLQJHQ
.OHLVW3ULQ]YRQ+RPEXUJ
(LFKHQGRUII/HEHQHLQHV7DXJHQLFKWV
%FKQHU'DQWRQV7RG :R\]HFN
+RIIPDQQ'HU6DQGPDQQ
+HLQH,GHHQ
)RQWDQH(IIL%ULHVW
6WRULDGHOODOHWWHUDWXUD
/ 0LWWQHU 6WRULD GHOOD OHWWHUDWXUD WHGHVFD 'DO 3LHWLVPR DO 5RPDQWLFLVPR
YRO ,, H 6WRULD GHOOD OHWWHUDWXUD 'DO 5HDOLVPR DOOD VSHUL
PHQWD]LRQHGDO%LHGHUPHLHUDOILQHVHFROR0LODQR
9=PHJDF/6NUHE=6HNXOLN%UHYHVWRULDGHOODOHWWHUDWXUDWHGHVFD7RULQR
6LULFKLHGHLQROWUHODOHWWXUDGHLVHJXHQWLWHVWLGLFULWLFDOHWWHUDULD
*%DLRQL&ODVVLFLVPRHULYROX]LRQH1DSROL
/=DJDUL6WXGLGLOHWWHUDWXUDWHGHVFDGHOO·2WWRFHQWR5RPD
3&ROOLQL:DQGHUXQJLOYLDJJLRGHLURPDQWLFL0LODQR
3DUWHLVWLWX]LRQDOH
,,,DQQR
%LEOLRJUDILD
+DXSWPDQQ'LH:HEHU
70DQQ%XGGHQEURRNV 'HU7RGLQ9HQHGLJ
505LONH'LH$XI]HLFKQXQJHQGHV0DOWH/DXULGV%ULJJH
%%UHFKW/HEHQGHV*DOLOHL
).DIND'DV6FKOR
**UDVV'LH%OHFKWURPPHO
3:HLVV'LH(UPLWWOXQJ
6WRULDGHOODOHWWHUDWXUD
/0LWWQHU6WRULDGHOODOHWWHUDWXUD'DO5HDOLVPRDOODVSHULPHQWD]LRQH
'DOILQHVHFRORDOODVSHULPHQWD]LRQH0LODQR
9=PHJDF/6NUHE=6HNXOLN%UHYHVWRULDGHOODOHWWHUDWXUDWHGHVFD7RULQR
3URJUDPPLGHL&RUVL
6LULFKLHGHLQROWUHODOHWWXUDGHLVHJXHQWLWHVWLGLFULWLFDOHWWHUDULD
%DLRQL%HYLODFTXD&DVHV0DJULV,OURPDQ]RWHGHVFRGHO1RYHFHQWR7RULQR
*%DLRQL)UDQ].DINDURPDQ]RHSDUDEROD0LODQR
/(77(5$785$ 7('(6&$ ,,,
1XRYRRUGLQDPHQWR
'RFHQWH*LRYDQQD3LQQD
,,,H,9 SHULRGR
&)8
3DUWHPRQRJUDILFD/HWWHUDWXUDHSRHWLFDGHOFODVVLFLVPRWHGHVFR
,O FRVLGGHWWR FODVVLFLVPR GL :HLPDU UDSSUHVHQWD XQ PRPHQWR IRQGDPHQWDOH
GHOODFXOWXUDWHGHVFDPRGHUQD/DSURGX]LRQHOHWWHUDULDHSLLQJHQHUDOHLOSUR
JHWWRHVWHWLFRFXOWXUDOHGL*RHWKHHGL6FKLOOHUSHUPHQ]LRQDUHVROROHILJXUHSL
QRWHGHOSHULRGRKDQQRVHJQDWRLQPDQLHUDGXUDWXUDODOHWWHUDWXUDWHGHVFDGHJOL
XOWLPLGXHVHFROL,OFRUVRVLSURSRQHGLDIIURQWDUHDWWUDYHUVRODOHWWXUDGLDOFXQL
WHVWLVLJQLILFDWLYLOHTXHVWLRQLOHJDWHDOODUHLQWHUSUHWD]LRQHGHOO·DQWLFRDOO·DQDOL
VLGHLJHQHULOHWWHUDULHGDOODGHILQL]LRQHGHOODVWRULFLWjQHOPRQGRPRGHUQR
%LEOLRJUDILD
)6FKLOOHU/HWWHUHVXOO·HGXFD]LRQHHVWHWLFDGHOO·XRPR
)6FKLOOHU/DSDVVHJJLDWDDFXUDGL*3LQQDLQVWDPSD
-:*RHWKH/HDIILQLWjHOHWWLYH0RQGDGRULR*DU]DQWL0LODQR
36]RQGL$QWLFRHPRGHUQRQHOO·HVWHWLFDGHOO·HWjGL*RHWKH*XHULQL0LODQR
'XUDQWHLOFRUVRYHUUDQRIRUQLWLXOWHULRULPDWHULDOLELEOLRJUDILFL3HUJOLVWXGHQWL
GHOVHFRQGRDQQRqSUHYLVWDODOHWWXUDGLDOFXQLEUDQLLQWHGHVFR
3DUWHLVWLWX]LRQDOH
D &ODVVLFLGHOODOHWWHUDWXUDWHGHVFD
*(/HVVLQJ0LQQDYRQ%DUQKHOP*DU]DQWL0LODQR
-:*RHWKH,GRORULGHOJLRYDQH:HUWKHU*DU]DQWL0RQGDGRUL5L]]ROL
E /LQHDPHQWLGLVWRULDGHOODOHWWHUDWXUDWHGHVFD
/0LWWQHU6WRULDGHOODOHWWHUDWXUDWHGHVFD'DOSLHWLVPRDOURPDQWLFLVPRYRO
,,
WRPRSULPRHVHFRQGR(LQDXGL7RULQR
RSSXUH
$5HLQLQJHU3URILORVWRULFRGHOODOHWWHUDWXUDWHGHVFD7RULQR5RVHQEHUJ
6HOOLHU
3URJUDPPLGHL&RUVL
RSSXUH
)0DUWLQL6WRULDGHOODOHWWHUDWXUDWHGHVFD,O6DJJLDWRUH0LODQR
,Q SDUWLFRODUH VL FRQVLJOLD GL VWXGLDUH OH VHJXHQWL SDUWL 6SHQHU =LQ]HQGRUI
*QWKHU *RWWVFKHG +DOOHU %RGPHU H %UHLWLQJHU .ORSVWRFN :LQFNHOPDQQ
/HVVLQJ+HUGHU*RHWKH6FKLOOHU/DYDWHU-HDQ3DXO+|OGHUOLQ1RYDOLVLIUD
WHOOL6FKOHJHO7LHFN+RIIPDQQ.OHLVWHLUHODWLYLSHULRGL
,,$QQR
D&ODVVLFLGHOODOHWWHUDWXUDWHGHVFD
++HLQH9LDJJLRQHOOR+DU]0DUVLOLR9HQH]LD
7K)RQWDQH(IIL%ULHVW*DU]DQWL0LODQR
*%FKQHU7HDWUR$GHOSKL0LODQR
E /LQHDPHQWLGLVWRULDGHOODOHWWHUDWXUDWHGHVFD
/0LWWQHU6WRULDGHOODOHWWHUDWXUDWHGHVFD'DOUHDOLVPRDOODVSHULPHQWD]LRQH
YRO,,,
WRPRSULPRHVHFRQGR(LQDXGL7RULQR
RSSXUH
$5HLQLQJHU3URILORVWRULFRGHOODOHWWHUDWXUDWHGHVFD7RULQR5RVHQEHUJ
6HOOLHU
RSSXUH
)0DUWLQL6WRULDGHOODOHWWHUDWXUDWHGHVFD,O6DJJLDWRUH0LODQR
,Q SDUWLFRODUH VL FRQVLJOLD GL VWXGLDUH OH VHJXHQWL SDUWL *ULOOSDU]HU +HLQH
*UDEEH %FKQHU %|UQH 0|ULNH 6WLIWHU .HOOHU 6WRUP +HEEHO )RQWDQH
1LHW]VFKH+DXSWPDQQ*HRUJH6FKQLW]OHU+RIPDQQVWKDO$OWHQEHUJ.UDXV
:HGHNLQG0DQQ5LONH
/(77(5$785$ 7('(6&$
'RFHQWH*LRYDQQD3LQQD
,,H,,,SHULRGR
RUH&)8
3HU VWXGHQWLGL)LORVRILDHVFLHQ]HGHOODFRPXQLFD]LRQHHGHOODFRQRVFHQ]D
RUHVHWWLPDQDOL
$UJRPHQWRGHOFRUVR
6LPERORHVLPEROLVPRQHOODOHWWHUDWXUDWHGHVFDPRGHUQD
,OPRGXORVLSURSRQHGLLOOXVWUDUHXQRGHLPRWLYLGLPDJJLRUHLQWHUHVVHVLDOHWWH
UDULR FKH WHRULFR GHOOD OHWWHUDWXUD WHGHVFD WUD OD ILQH GHO 6HWWHFHQWR H L SULPL
GHFHQQLGHO1RYHFHQWR,OGLVFRUVRWRFFKHUjDSDUWLUHGDDOFXQLSDVVDJJLGHOOD
&ULWLFDGHO*LXGL]LR GL.DQWHGDOOHFRQVLGHUD]LRQLJRHWKLDQHVXVLPERORHDOOH
JRULD VLD O·DSSOLFD]LRQH OHWWHUDULD FKH OD ULIOHVVLRQH WHRULFD VXO VLPEROLVPR
3URJUDPPLGHL&RUVL
%LEOLRJUDILD
,.DQW&ULWLFDGHO*LXGL]LRSDVVLVFHOWL
-:*RHWKH/HDIILQLWjHOHWWLYH0RQGDGRULR*DU]DQWL0LODQR
+YRQ+RIPDQQVWKDO /DOHWWHUDGL/RUG&KDQGRV5L]]ROL0LODQR
77RGRURY7HRULHGHOVLPEROR*DU]DQWL0LODQR
'LVSHQVDFRPSRVWDGDPDWHULDOLFULWLFLOHWWHUDULHWHRULFLLQLWDOLDQRHLQWHGHVFR
/(77(5$785(&203$5$7(
'RFHQWH*LVqOH9DQKHVH
,,,H,9 SHULRGR
3HULOQXRYRRUGLQDPHQWRLOFRUVRFRQVLVWHLQXQPRGXORGL&)8HGqVWUXWWX
UDWRLQGXHSDUWL3HULOYHFFKLRRUGLQDPHQWRJOLVWXGHQWLGRYUDQQRVHJXLUHLO
FRUVRSHULQWHUR
/DSULPDSDUWHDFDUDWWHUHVHPLQDULDOHHSURSHGHXWLFRULJXDUGDO·DSSURFFLR
PHWRGRORJLFRGHOODFRPSDUDWLVWLFD
%LEOLRJUDILDREEOLJDWRULD
&6HJUH$YYLDPHQWRDOO·DQDOLVLGHOWHVWROHWWHUDULR(LQDXGL7RULQR
$7URFFKL7HPLHPLWLOHWWHUDULLQ$$99,QWURGX]LRQHDOODOHWWHUDWXUDFRP
SDUDWD0RQGDGRUL0LODQRSS
%LEOLRJUDILDFRQVLJOLDWD
3%UXQHO0\WKRFULWLTXH7KpRULHHWSDUFRXUV38)3DULV
3%UXQHO&3LFKRLV$05RXVVHDX4X·HVWFHTXHODOLWWpUDWXUHFRPSDUpH
(G$&ROLQ3DULV
3%UXQHO<&KHYUHO3UpFLVGHOLWWpUDWXUHFRPSDUpH38)3DULVXOWHGL]LRQH
<&KHYUHO/DOHWWHUDWXUDFRPSDUDWD6RYHUD0XOWLPHGLD
) &ODXGRQ . +DGGD:RWOLQJ 3UpFLV GH OLWWpUDWXUH FRPSDUpH 7KpRULH HW
PpWKRGHGHO·DSSURFKHFRPSDUDWLVWH1DWKDQ3DULV
* 'XUDQG 6WUXWWXUH DQWURSRORJLFKH GHOO·LPPDJLQDULR ,QWURGX]LRQH DOO·DU
FKHWLSRORJLDJHQHUDOH'HGDOR
**HQHWWH3DOLQVHVWL(LQDXGL7RULQR
&*XLOOHQ/·XQRHLOPROWHSOLFH,O0XOLQR%RORJQD
3URJUDPPLGHL&RUVL
$0DULQR&RPSDUDWLVPHHWWKpRULHGHODOLWWpUDWXUH38)3DULVXOWHGL]LR
QH,G7HRULDGHOODOHWWHUDWXUD,O0XOLQR%RORJQD
'+ 3DJHDX[ /D OLWWpUDWXUH JpQpUDOH HW FRPSDUpH $UPDQG &ROLQ 3DULV
/DVHFRQGDSDUWHDQDOL]]HUjO·LPPDJLQHGHOO·,QGLDQRG·$PHULFDFRPHDSSD
UHQHOODOHWWHUDWXUDDSDUWLUHGDOO·2WWRFHQWRPRPHQWRLQFXLDVVXUJHUjDYHURH
SURSULRPLWR6LDSSURIRQGLUjODFRVWHOOD]LRQHWHPDWLFDQHOODTXDOHVLLQVHULVFH
GHVWLQDWDDWUDVIRUPDUHO·,QGLDQRLQXQDUFKHWLSRGHOO·$OWUR)LJXUDFKHFDWDOL]
]HUjIRUWHPHQWHO·LPPDJLQDULRRFFLGHQWDOHHFKHFRQRVFHUjODVXDSLYDVWDGLI
IXVLRQHDWWUDYHUVRLOFLQHPDODFXLSURGX]LRQHYHUUjHVDPLQDWDVHFRQGRO·RWWLFD
FRPSDUDWLVWLFD3HURJQLDXWRUHSUHVRLQFRQVLGHUD]LRQHLQSDUWLFRODUHVFULWWRUL
DXWRFWRQLFRPH16FRWW0RPDGD\VDUDQQRVWXGLDWLLVHJXHQWLPRWLYLOD7HUUD
LO)XRFRLO6ROHHOD0RQWDJQDVDFUD
%LEOLRJUDILDREEOLJDWRULD
*%DFKHODUG3RHWLFDGHOIXRFRIUDPPHQWLGLXQODYRURLQFRPSLXWR5HG6WX
GLR5HGD]LRQDOH,PPDJLQLGHOSURIRQGR
-) &RRSHU /·8OWLPR GHL 0RKLFDQL 0LODQR 0RQGDGRUL RSSXUH ,G
7KH/DVWRIWKH0RKLFDQV2[IRUG8QLYHUVLW\3UHVVXOWHGRSSXUHXQ·H
GL]LRQHVXO:(%
(=ROOD,OHWWHUDWLHORVFLDPDQR/·LQGLDQRQHOODOHWWHUDWXUDDPHULFDQDGDOOH
RULJLQLDO0DUVLOLR9HQH]LD
7HVWLOHWWHUDULGLDOWULDXWRULHGLOHWWXUDREEOLJDWRULDVDUDQQRLQGLFDWLGDOGRFHQ
WHDOO·LQL]LRGHOFRUVR
%LEOLRJUDILDFRQVLJOLDWD
3K-DFTXLQ6WRULDGHJOL,QGLDQLG·$PHULFD0RQGDGRUL0LODQR
+' 3HFN HG 1HZ (VVD\V RQ ´7KH /DVW RI WKH 0RKLFDQVµ &DPEULGJH
&DPEULGJH8QLYHUVLW\3UHVV
*9DQKHVHHG)LOOHVGXIHXHW)LOVGHO·2PEUH6XU´-HPP\µGH*GH1HU
YDO ´/·$QDOLVL OLQJXLVWLFD H OHWWHUDULDµ 8QLYHUVLWj &DWWROLFD GL 0LODQR
,G6XUODWUDGXFWLRQLQWHUVpPLRWLTXH´7KH/DVWRIWKH0RKLFDQVµGH0LFKDHO
0DQQ LQ 50 3DOHUPR HG $WWL GHO FRQYHJQR GL VWXGL VX ´7HVWR
0HWRGR(ODERUD]LRQHHOHWWURQLFDµ´%pUpQLFHµ
8OWHULRULLQIRUPD]LRQLELEOLRJUDILFKHVDUDQQRIRUQLWHGXUDQWHOHOH]LRQL
3URJUDPPLGHL&RUVL
/(77(5$785()5$1&2)21(
'RFHQWH&KDQWDO&KHYDOOLHU&KDPEHW
,,,H,,,SHULRGR
,SHULRGR
3DUWH$ SDUWHJHQHUDOH&)8
6WRULDOHWWHUDULD/·2WWRFHQWRHLO1RYHFHQWR
%LEOLRJUDILD
0DGHOHLQH$PEULqUH3UpFLVGH/LWWpUDWXUH)UDQoDLVHGX;,; VLqFOH38)
3DULV
0DULH&ODLUH %DQFTXDUW 3LHUUH &DKQp /LWWpUDWXUH GX ;; VLqFOH 38)
3DULV
*HUPDLQH %UpH (GRXDUG 0RURW6LU +LVWRLUH GH OD /LWWpUDWXUH IUDQoDLVH GX
6XUUpDOLVPHj O·HPSLUHGHOD&ULWLTXH *DUQLHU)ODPPDULRQ3DULV
/HWWXUDHFRPPHQWRGLEUDQLGLSURVDLQIRWRFRSLHIRUQLWHGDOGRFHQWH
,,SHULRGR
3DUWH%SDUWHPRQRJUDILFD&)8
,OURPDQ]RHOHVXHIRUPH
'HILQL]LRQHHGHOLPLWD]LRQHGHOJHQHUH/DVXDHYROX]LRQHQHOO·XQLYHUVRGHOOH
OHWWHUDWXUHIUDQFRIRQH,VXRLUDSSRUWLFRQDOWUHHVSUHVVLRQLFXOWXUDOLGHO;;
VHFROR
%LEOLRJUDILD
&ROHWWH%HFNHUDFXUDGL/H5RPDQ%UpDO3DULV
3LHUUH&KDUWLHU,QWURGXFWLRQDX[JUDQGHVWKpRULHVGX5RPDQ%RUGDV3DULV
9LQFHQW-RXYH/D3RpWLTXHGXURPDQ6('(63DULV´&DPSXVµ
,,,SHULRGR
3DUWH&VHPLQDULR&)8
/DUHQFRQWUHGHVFXOWXUHV
/HWWXUDHDQDOLVLFRQLQIRUPD]LRQHFULWLFDGLURPDQ]LUDSSUHVHQWDWLYL
5HQp0DUDQ%DWRXDOD'ULVV&KUDwEL/HSDVVpVLPSOH $OEHUW&DPXV1RFHV
7DKDU%HQ-HOORXQ/·HQIDQWGHVDEOH/LYUHGH3RFKHR)ROLR
3URYDG·HVDPH
9HFFKLRRUGLQDPHQWRJOLDUJRPHQWLVYLOXSSDWLQHOOHSDUWL$% H&
3URJUDPPLGHL&RUVL
1XRYRRUGLQDPHQWRJOLDUJRPHQWLHGLWHVWLVYLOXSSDWLQHOOHSDUWL$ H%
/,1*8$ (/(77(5$785$$/%$1(6(
9HFFKLRRUGLQDPHQWR
'RFHQWH)UDQFHVFR$OWLPDUL
,H,,SHULRGR
/(77(5$785$
&RUVRLVWLWX]LRQDOH
/DOHWWHUDWXUDDOEDQHVHLQ$OEDQLDHQHOODGLDVSRUDQHOODVHFRQGDPHWjGHO;;
VHFROR
3URJUDPPD
/DOHWWHUDWXUDDOEDQHVHFRQWHPSRUDQHD>$OEDQLD/HWWHUDWXUDH5HVLVWHQ]DOD
OHWWHUDWXUD GHO 5HDOLVPR 6RFLDOLVWD OD OHWWHUDWXUD QHOO·$OEDQLD
SRVWFRPXQLVWD.RVRYRRULJLQLVYLOXSSRHFDUDWWHULVWLFKHGHOOD
OHWWHUDWXUDDOEDQHVHNRVRYDUD'LDVSRUDODOHWWHUDWXUDDOEDQHVHIXRULGDL%DOFD
QL OD QXRYD ¶5LOLQGMD· GHOOD OHWWHUDWXUD DUEsUHVKH OD OHWWHUDWXUD GHO GLVVHQVR
GHQWURHIXRULO·$OEDQLD@
$XWRUL/OD]DU6LOLTL)DWRV$UDSL0LWUXVK.XWHOL'ULWsUR$JROOL$]HP6KNUH
OL$OL3RGULPMD,VPDMO.DGDUH.DVsP7UHEHVKLQD0DUWLQ&DPDM/DQXRYD
JHQHUD]LRQH %DUGK\O /RQGR (TUHP %DVKD 6DEUL +DPLWL 5XGROI 0DUNX
9LVDU=KLWL%HVQLN0XVWDIDM)DWRV.RQJROL0LPR]D$KPHWL/DOHWWHUDWXUD
DUEsUHVKH 'XVKNR 9HWPR 9RUHD 8MNR /OXND 3HUURQH *LXVHSSH 6FKLUz GL
0DJJLR
&RUVRPRQRJUDILFR
/DSRHVLDGL0DUWLQ&DPDMHODSURVDGL,VPDLO.DGDUq
%LEOLRJUDILD
5(OVLH+LVWRULHOHWsUVLVsVKTLSWDUH7LUDQs3HMs
$9LQFD 6WUXNWXUD H ]KYLOOLPLW Ws SRH]LVs Vs VRWPH VKTLSH
5LOLQGMD3ULVKWLQs
$$99+LVWRULDHOHWsUVLVsVKTLSWDUHWsUHDOL]PLWVRFLDOLVW7LUDQs
3URJUDPPLGHL&RUVL
$%HULVKD9HSUDOHWUDUHH0DUWLQ&DPDMW5DGKRQMWsH=MDUULW.R]HQFs
$ %HULVKD /D SRHVLD FRQWHPSRUDQHD LWDORDOEDQHVH &HQWUR (GLWRULDOH H
/LEUDULR5HQGH
,.DGDUH9HSUD,,9)D\DUG3DULV
$OO·LQL]LRGHOFRUVRVDUDQQRGLVWULEXLWHGHOOHGLVSHQVHFRPSUHQGHQWLXQDVFHOWD
DQWRORJLFDGHOOHSLVLJQLILFDWLYHRSHUHSRHWLFKHHLQSURVDGHLSULQFLSDOLDXWRUL
GHOODOHWWHUDWXUDDOEDQHVHFRQWHPSRUDQHD
/,1*8$$/%$1(6(,9
,,,H,,,SHULRGR
&ROODERUDWRUH HG HVSHUWR OLQJXLVWLFR GL PDGUH OLQJXD DOEDQHVH 3URI $QWRQ
%HULVKD
$UJRPHQWRGHOFRUVR
$SSURIRQGLPHQWRGLTXHVWLRQLGLVWRULDGHOODOLQJXDOHWWHUDULDDOEDQHVH6WXGLR
GHOOHYDULDQWLOHWWHUDULHVWRULFKHDEDVHGLDOHWWDOHWRVFRJKHJRHDUEsUHVKDWWUD
YHUVRXQDVHULHGLHVHUFLWD]LRQLFRQGRWWHVXOODOHWWXUDHO·DQDOLVLGLWHVWLOHWWHUDUL
%LEOLRJUDILD
0 &DPDM $OEDQLDQ JUDPPDU ZLWK H[HUFLVHV FKUHVWRPDWK\ DQG JORVVDULHV
2WWR+DUUDVVRZLW]:LHVEDGHQ
6K'HPLUDM*UDPDWLNsKLVWRULNHHJMXKsVVKTLSH6KWsSLD%RWXHVH´1sQWRUµ
7LUDQs
6K'HPLUDM*MXKDVKTLSHGKHKLVWRULDHVDM6KWsSLD%RWXHVHH/LEULW8QLYHU
VLWDU7LUDQs
*%3HOOHULQJL,QWURGX]LRQHDOODOLQJXLVWLFDDOEDQHVH5HQGH
/,1*8$ (/(77(5$785$$5$%$
'RFHQWH20DUUD
,,H,,,SHULRGR
/LQJXD$UDED RUH&)8
$OIDEHWR OHWWXUD VFULWWXUD 1RPL 3URQRPL$JJHWWLYL 9HUER LPSHUIHWWR
SHUIHWWR1XPHUL3UHSRVL]LRQL&RPSOHPHQWL9HUERNjQD)RUPHGHULYDWH
8VRGHO'L]LRQDULRELOLQJXH
2ELHWWLYLIRUPDWLYL
3UHVHQWDUVL'HVFULYHUHVHVWHVVLHJOLDOWUL&KLHGHUHHULVSRQGHUHVXDUJRPHQ
WLGLYLWDTXRWLGLDQD6FULYHUHHGHFLIUDUHVHPSOLFLPHVVDJJL
3URJUDPPLGHL&RUVL
(VHUFLWD]LRQL RUH&)8
$VFROWR H ULSHWL]LRQH &RSLD 6FULWWXUD VRWWR GHWWDWXUD /HWWXUD (VHUFL]L
JUDPPDWLFDOL²&RQYHUVD]LRQH
&LYLOWjRUH&)8
$UDELH0XVXOPDQL&RUDQRH/LQJXD$UDED,VOjPHPXVOLP/LQHDPHQWLGL
6WRULDGHOO·,VOjPPHGLHYDOH&XOWXUDLVODPLFDHRFFLGHQWH/HWWHUDWXUD$UDED
FODVVLFD/LQHDPHQWLGL6WRULDGHOO·,VOjPFRQWHPSRUDQHR/HWWHUDWXUDDUDED
FRQWHPSRUDQHD/·,VOjPLQ,WDOLD
%LEOLRJUDILD
<RXQLV7DZILT$V6DOjP¶DOD\NXP&RUVRGLDUDERPRGHUQR$QDQNH
FRQ&'
)UDQFHVFR *DEULHOL /D OHWWHUDWXUD DUDED 6DQVRQL$FFDGHPLD 0LODQR
: 0RQWJRPHU\ :DWW %UHYH VWRULD GHOO·,VODP ,O 0XOLQR8QLYHUVDOH 3DSHU
ERRNV%RORJQD
-*XDUGL/·,VODP;HQLD0LODQR
/,1*8$ (/(77(5$785$ )5$1&(6(,,,,9
'RFHQWH*LVqOH9DQKHVH
,,,H,9 SHULRGR
3HULOQXRYRRUGLQDPHQWRLOFRUVRFRQVLVWHLQXQPRGXORGL&)8HGqVWUXWWX
UDWRLQGXHSDUWL3HULOYHFFKLRRUGLQDPHQWRJOLVWXGHQWLGRYUDQQRVHJXLUHLO
FRUVRSHULQWHUR
$UJRPHQWRGHOFRUVR
/DSULPDSDUWHDFDUDWWHUHVHPLQDULDOHHSURSHGHXWLFRULJXDUGDORVWDWXWR
GHOWHPDVWXGLDWRQHOODVWRULDGHOODOHWWHUDWXUDIUDQFHVH
D &LQTXHFHQWRH1RYHFHQWRSHULO,,,DQQRGHOQXRYRRUGLQDPHQWRHSHULO,9
DQQRTXDGGHOYHFFKLRRUGLQDPHQWR
E 6HLFHQWRSHULO,,,DQQRGHOYHFFKLRRUGLQDPHQWR
F 1RYHFHQWRVRORSHULWULHQQDOLVWLGHOYHFFKLRRUGLQDPHQWR
%LEOLRJUDILDREEOLJDWRULD
$/DJDUGHH/0LFKDUG/H;9,HVLqFOH /H;;HVLqFOH%RUGDV3DULVXOWLPD
HGRSSXUH3%UXQHO<%HOOHQJHU'&RXW\3K6HOOLHU07UXIIHW/H;9,H
VLqFOHLQ+LVWRLUHGHODOLWWpUDWXUHIUDQoDLVHW,%RUGDV3DULVXOWLPDHG/H
;;HVLqFOHLQ+LVWRLUHGHODOLWWpUDWXUHIUDQoDLVHW,,2SSXUH*0DFFKLD/D
3URJUDPPLGHL&RUVL
/DVHFRQGDSDUWHKDFRPHDUJRPHQWRSULQFLSDOHODWHPDWLFDDPRURVDQHOOD
OHWWHUDWXUDIUDQFHVH
$ SDUWLUHGDO5RPDQWLFLVPRO·DPRUHVLSURSRQHFRPHXQSHUFRUVRLQL]LDWLFR
FKHPLUDDULSULVWLQDUHODWRWDOLWjHGHQLFDGHOOHRULJLQL1HOURPDQ]RPRGHUQR
ODULSUHVDGLPLWLDUFDLFLDYYLFLQDWDOYROWDODQDUUD]LRQHDGXQJHQHUHVSHFLILFR
LOIDQWDVWLFRGLFXLDQDOL]]HUHPROHGHILQL]LRQLOHWLSRORJLHHOHVWUXWWXUH3HU
RJQLRSHUDSUHVDLQFRQVLGHUD]LRQHVDUDQQRDSSURIRQGLWLLVHJXHQWLPRWLYLOD
GRQQDODFRSSLDDUFKHWLSDOHO·$QGURJLQRLO'HVWLQRLO)XRFROD0RUWHHYL
GHQ]LDQGRDQFKHOHVWUDWHJLHUHWRULFKHFKHOLHVSULPRQR
%LEOLRJUDILDREEOLJDWRULD
*%DFKHODUG/DSV\FKDQDO\VHGXIHX3DULV*DOOLPDUG)ROLRHVVDLV
**HQHWWH)LJXUHV,,,3DULV(GGX6HXLO9RL[SS
-*UHHQ9DURXQD3DULV)D\DUGRSSXUHXQ·DOWUDHGL]LRQH
77RGRURY,QWURGXFWLRQjODOLWWpUDWXUHIDQWDVWLTXH3DULJL(GGX6HXLO&ROO
3RLQWVXOWHG'pILQLWLRQGXIDQWDVWLTXHSS/HVWKqPHVGXIDQWD
VWLTXHSS
%LEOLRJUDILDFRQVLJOLDWD
3$OERX\0\WKHVHWP\WKRORJLHVGDQVODOLWWpUDWXUHIUDQoDLVH3DULV$&ROLQ
/ &HOOLHU 3DUFRXUV LQLWLDWLTXHV$ OD %DFRQQLqUH 3UHVVHV 8QLYHUVLWDLUHV GH
*UHQREOH1HXIFKkWHO
'GH5RXJHPRQW/·DPRXUHWO·2FFLGHQW3DULV3ORQ
**HQHWWH)LJXUHV,,,6HXLO3DULV
05DLPRQG/HURPDQGHSXLVODUpYROXWLRQ3DULJL(G$&ROLQXOWHG
77RGRURY3RpWLTXHGHODSURVHVXLYLGH1RXYHOOHVUHFKHUFKHVVXUOHUpFLW
6HXLO3DULV&ROO3RLQWV
8OWHULRULLQIRUPD]LRQLELEOLRJUDILFKHYHUUDQQRIRUQLWHGXUDQWHOHOH]LRQL
ËSUHYLVWRORVYROJLPHQWRGLHVHUFLWD]LRQLHDWWLYLWjVHPLQDULDOL
/,1*8$ (/(77(5$785$ ,1*/(6(,,,
9HFFKLRRUGLQDPHQWR
'RFHQWH5LFKDUG.LGGHU
,,,H,9 SHULRGR
0XWXDGD/LQJXDHOHWWHUDWXUDLQJOHVH,9
3URJUDPPLGHL&RUVL
/,1*8$ (/(77(5$785$ ,1*/(6(,9
9HFFKLRRUGLQDPHQWR
'RFHQWH5LFKDUG.LGGHU
,,,H,9 SHULRGR
3URJUDPPDQRQSHUYHQXWR
/,1*8$ (/(77(5$785$ 1(2*5(&$
'RFHQWH.DWHULQD3DSDWKHX
,,,H,9 SHULRGR
$OFRUVRSRVVRQRDFFHGHUHJOLVWXGHQWLGHOQXRYRHGHOYHFFKLRRUGLQDPHQWR
,OFRUVRqVWUXWWXUDWRLQGXHPRGXOL
$QQXDOLVWL
,0RGXORRUH&)8
3DUWHLVWLWX]LRQDOH /DVWRULDGHOODOHWWHUDWXUDJUHFDPRGHUQD
3URILOR JHQHUDOH GHOOD OHWWHUDWXUD JUHFD PRGHUQD GDOO·,OOXPLQLVPR DL QRVWUL
JLRUQL
%LEOLRJUDILD XQWHVWRDVFHOWDGHOORVWXGHQWH
5 %HDWRQ $Q ,QWURGXFWLRQ WR 0RGHUQ *UHHN /LWHUDWXUH &ODUHQGRQ 3UHVV
2[IRUG >WUDG JU ,VDJRJKu VWL QHzWHUL HOOLQLNu ORJRWHFKQuD 1HIHOL
$WHQH@
.7K'LPDUjV,VWRUuDWLV1HRHOOLQLNuV/RJRWHFKQuDV3DSDGLPDV$WHQH
%/DYDJQLQL/DOHWWHUDWXUDQHRHOOHQLFD6DQVRQL)LUHQ]H
/3ROLWLV/LQHDPHQWLGL/HWWHUDWXUD1HRJUHFD(GL]LRQL8QLYHUVLWjGL7ULHVWH
7ULHVWH>WLWRU6LQRSWLNu,VWRUuDWLV1HDV(OOLQLNuV/RJRWHFKQuDV 9LY
OLRJUDIuD (SuPHWUR'RGRQL$WHQH@
09LWWL6WRULDGHOODOHWWHUDWXUDQHRJUHFD&DURFFL5RPD
6LULFKLHGHLQROWUHODOHWWXUDGLGXHRSHUHLQWUDGX]LRQHLWDOLDQDXQDLQYHUVLH
XQDLQSURVDGLFXLYHUUjIRUQLWRXQHOHQFR
,,0RGXORRUH&)8
3DUWHPRQRJUDILFD/RVWUDQLHURHLOGLYHUVR HVHPSLQHOODSURGX]LRQHQDU
UDWLYDHSRHWLFDJUHFDIUD;,;H;;VHFROR
3URJUDPPLGHL&RUVL
)RWRFRSLHGHLWHVWLUHODWLYLVDUDQQRGLVWULEXLWHDJOLVWXGHQWLGXUDQWHOHOH]LRQL
3DUWHOLQJXLVWLFD/DOLQJXDJUHFDPRGHUQD
3URILORJHQHUDOHGHOODOLQJXDJUHFDPRGHUQDGDOOD.RLQq(OOHQLVWLFDDOOD.RLQq
1HRHOOHQLFD
%LEOLRJUDILD
*K%DELJQLRWLV$ /LQJXLVWLF$SSURDFKWRWKH/DQJXDJH4XHVWLRQLQ*UHHFH
´%\]DQWLQH DQG 0RGHUQ *UHHN 6WXGLHVµ SS WUDG LW .
3DSDWKHX
5%URZQLQJ0HGLHYDODQG0RGHUQ*UHHN+XWFKLQVRQ/RQGRQ>WUDG
JU,HOOLQLNuJORVVDPHVHRQLNuNHQHD3DSDGLPDV$WHQHO·´,QWURGX
]LRQHµSSHLFDSSHSS@WUDGLW69LUJLOOLWR
%LHQQDOLVWL
,0RGXORRUH&)8
3DUWHLVWLWX]LRQDOH /DVWRULDGHOODOHWWHUDWXUDJUHFDPRGHUQD
$SSURIRQGLPHQWR GHOOD VWRULD GHOOD OHWWHUDWXUD JUHFD PRGHUQD LQ SDUWLFRODUH
ULIHULPHQWRDOODSURGX]LRQHSRHWLFDHQDUUDWLYDGHOO·2WWRFHQWRHGHO1RYHFHQWR
*OLVWXGHQWLELHQQDOLVWLLQVRVWLWX]LRQHGHOOD3DUWHLVWLWX]LRQDOHSRUWHUDQQROD
OHWWXUDGLGXH RSHUHXQDLQYHUVLHXQDLQSURVDGDVFHJOLHUHIUDLVHJXHQWLWHVWL
D L.RQVWDQGLQRV.DYDILV3RHVLHDFXUDGL)03RQWDQL0RQGDGRUL0LOD
QR
LLXQWHVWRDVFHOWD
,VDJRJKuVWLQSuLVLWRX.DYDILDFXUDGL03LHUuV3(.,UDNOLR
*K'DOODV6SRXGqVVWRQ.DYDIL(UPuV$WHQH
03HUL4XDWWURVDJJLVX.DYDILV>9LWDHSHQVLHUR@8QLYHUVLWj&DWWROL
FDGHO6DFUR&XRUH0LODQR
,$6DUHJKLDQQLV6FKROLDVWRQ.DYDILSUHID]GL*K6HIHULVÏNDURV
$WHQHD HG
*36DYYLGLV2.DYDILVWRX6HIHULDFXUDGL*36(VWuD$WHQH
E L *KLRUJRV 6HIHULV 3RHVLH D FXUD GL )0 3RQWDQL 0RQGDGRUL 0LODQR
LLXQWHVWRDVFHOWD
0HPRULDGL6HIHULV 6WXGLFULWLFLDFXUDGHOOD&DWWHGUDGL1HRJUHFRGHO
O·8QLYHUVLWjGL3DGRYD2OVFKNL)LUHQ]H
2PDJJLRD6HIHULVDFXUDGL)03RQWDQL/LYLDQD3DGRYD
,VDJRJKuVWLQSuLVLWRX6HIHUL (SLORJKuNULWLNzQNLPHQRQDFXUDGL'
'DVNDOzSRXORV3(.,UDNOLR
3URJUDPPLGHL&RUVL
19DJKHQjV2SLLWuVNHRFKRUHIWuV 0LDH[qWDVLWLVSLLWLNuVNHWLVSuLVLV
WRX6HIHUL.HGURV$WHQHD HG
F L*KHRUJKLRV9L]LLQzV/·XQLFRYLDJJLRGHOODVXDYLWDHDOWUHVWRULHDFXUD
GL$QQD=LPERQH$LRUD$WHQH
LLXQWHVWRDVFHOWD
$WWL GHOOD ´*LRUQDWD GL 6WXGLR LQ RQRUH GL *KHRUJKLRV 9L]LLQzV
DQQL GRSRµ D FXUD GL$QQD =LPERQH 5XEEHWWLQR 6RYHULD 0DQQHOOL
0DUJDUHW$OH[LRX:K\9L]\HQRV" ´-RXUQDORI0RGHUQ*UHHN6WXGLHVµ
SSH0&KU\VVDQWKzSRXORV5HDOLW\DQG,PDJLQD
WLRQ WKH8VHRI+LVWRU\LQWKH6KRUW6WRULHVRI<HRU\LRV9L]LLQRVLQ7KH
*UHHN1RYHO $' DFXUDGL5%HDWRQ/RQGRQSS
30RXOOjV7RQHRHOOLQLNzGLuJKLPDNHR*K 0 9L]LLQzV,QWURGD*K
9L]LLQzV1HRHOOLQLNjGLLJKuPDWD DFXUDGL30(UPuV$WHQH
.6WHUJKLzSRXORV*KHzUJKLRV9L]LLQzV >3DURXVLDVL$QWKROzJKLVL@LQ,
SDOHzWHULSH]RJUDIuDPDV$SzWLVDUFKqVWLVRVWRQSURWRSDQJNRVPLR
SzOHPR,9DFXUDGL.66RNROLV$WHQHSS
G L(PPDQXuO5RLGLV/DSDSHVVD*LRYDQQD GDOODWUDGLQJOHVHGL/'XUUHOO
/RQJDQHVL0LODQR
LLXQWHVWRDVFHOWD
$$QJKHORX´,QWURGX]LRQHµD(5RLGLV,3jSLVVD,RjQQDDFXUDGL$
$(UPuV$WHQH
30RXOOjV,DWKLQDLNuSDQHSLVWLPLDNuNULWLNuNHR5RLGLVH*KLDWRLWKRV
NHWRLIRVWRX5RLGLLQ,G5L[LVNHVLQqFKLHV 0HOHWHVJKLDWRQR HzQD
6RNROLV$WHQHULVSHWWLYDPHQWHDOOHSSH
.O3DUDVFKRV(PPDQRXuO5RLGLV ,]Ru WRHUJR LHSRFKuWRX,0RVFRV
$WHQH,,$HWzV$WHQH
$QQD=LPERQH/D´3DSHVVD*LRYDQQDµGL(PPDQXuO5RLGLV 6WRULDR
URPDQ]R"LQ/DOHWWHUDWXUD ODVWRULD LOURPDQ]RDFXUDGL07URSHD
>'LSDUWLPHQWRGL)LORORJLD0RGHUQD8QLYHUVLWjGL&DWDQLD@(G/XV
VRJUDILFD&DOWDQLVVHWWDSSH(DG,OURPDQ]RGL(PPD
QXuO5RLGLVHLOVXR´PRGHOOR· LWDOLDQRµLQ0HGLRHYRURPDQ]RHRULHQ
WDOH WHVWL H SURVSHWWLYH VWRULRJUDILFKH 5XEEHWWLQR 6RYHULD 0DQQHOOL
SS
H L *KLRUJRV ,RDQQX /H VWULGD,Q SHULIHULD D FXUD GL $QQD =LPERQH
$OHWKHLD)LUHQ]H
LLXQWHVWRDVFHOWD
*K$UDJKLV7RORJRWHFKQLNzSH]RJUDILNzHUJRWRX*K,RjQQRX´)LOzOR
JRVµSS>*KLzUJRV,RjQQRX >3DURXVLDVL$QWKROzJKLVL@
LQ,PHWDSROHPLNuSH]RJUDIuD,,,6RNROLV$WHQHSS@
3URJUDPPLGHL&RUVL
$QQD'L%HQHGHWWR=LPERQH*KLRUJRV,RDQQX6DJJLRFULWLFR8QLYHU
VLWjGL&DWDQLD4XDGHUQLGHO6LF*\PQ;;,&DWDQLD
$.RW]LjV*KLzUJRV,RjQQRX*KLjHQDILOzWLPR,6DUNRIDJRV´([R
PROzJKLVLNHLWHFKQLWRXIHQDNLVPRµLQ,G0HWDSROHPLNuSH]RJUDIL
.ULWLNjNuPHQD.HGURV$WHQHSSH30RXOOjV*KLURVWR
SH]RJUjILPDWRX*K,RjQQRX´*UjPPDWDNHWHFKQHVµSS
,,0RGXORRUH&)8
3DUWHPRQRJUDILFD9HGLDQQXDOLVWL
3DUWHOLQJXLVWLFD /DOLQJXDJUHFDPRGHUQD
7UDWWLGLVWLQWLYLGHO´*ORVVLNz=uWLPDµ
%LEOLRJUDILDXQWHVWRDVFHOWDGHOORVWXGHQWH
30DFNULGJH7KH0RGHUQ*UHHN/DQJXDJH $ 'HVFULSWLYH$QDO\VLVRI6WDQ
GDUG0RGHUQ*UHHN8QLYHUVLW\3UHVV2[IRUG>WUDGJU,QHRHOOLQLNu
JORVVD$WHQH@XQFDSDVFHOWD
95RWROR$.RUDuVHODTXHVWLRQHGHOODOLQJXDLQ*UHFLD3UHVVR/·$FFDGH
PLD3DOHUPR
,G ,OGLDORJRVXOODOLQJXDGL'LRQLVLR6RORPzV3UHVVR/·$FFDGHPLD3DOHUPR
6RQRLQROWUHSUHYLVWLVHPLQDULFRQVWXGLRVLLWDOLDQLHVWUDQLHUL
/HOH]LRQLGLOLQJXDHOHWWHUDWXUDJUHFDPRGHUQDSRVVRQRHVVHUHDJHYROPHQWH
VHJXLWHDQFKHGDJOLVWXGHQWLFKHQRQKDQQRDOFXQDFRQRVFHQ]DGHOJUHFRDQWL
FR*OLVWXGHQWLPDGUHOLQJXDGHYRQRFRQFRUGDUHLOSURJUDPPDFRQLOGRFHQWH
(PDLONDWHULQDSDSDWKHX#KRWPDLOFRP
/,1*8$ (/(77(5$785$ 520(1$
'RFHQWH5RGLFD=DILX
,H,,SHULRGR
$QQXDOLVWL
0RGXOR$ /LQJXD
,QWURGX]LRQHDOORVWXGLRGHOODFXOWXUDHGHOODOLQJXDURPHQD >RUH&)8@
1R]LRQLIRQGDPHQWDOLGLIRQHWLFDPRUIRORJLDHVLQWDVVL >RUH&)8@
6DUDQQRSUHVHQWDWLLWUDWWLFDUDWWHULVWLFLGHOURPHQRLQXQDSURVSHWWLYDGHVFULWWL
YDWLSRORJLFDHFRQWUDVWLYD/DVLQWHVLWHRULFDVDUjFRPSOHWDWDGDOORVWXGLRGL
EUDQLLQOLQJXDIRUQLWLGDOGRFHQWH
3URJUDPPLGHL&RUVL
%LEOLRJUDILD
,%XOHL%UHYHVWRULDGHL5RPHQL(GL]LRQLGHOO·2UVR$OHVVDQGULDSS
SDVVLP
9RFH´5RPDQLDµQHOOD(QFLFORSHGLD(XURSHDYRO,;*DU]DQWL0LODQR
GDLQWHJUDUHFRQODYRFHRPRQLPDGD/DSLFFROD7UHFFDQL,VWLWXWRGHOO·(Q
FLFORSHGLD,WDOLDQD5RPD
%0D]]RQL 8QSHUFRUVRGLVWRULDGHOODOLQJXDURPHQDLQ)6DEDWLQL$*ROL
QL/·(XURSDGHLSRSROL YRO,9,VWLWXWR3ROLJUDILFRH=HFFDGHOOR6WDWR
(GLWDOLD5RPDSS
,*XWLD*UDPPDWLFDURPHQDPRGHUQD%XO]RQL5RPD
·
/3RS5RPkQDFXVDXI DÛ UÛDSURIHVRU(FKLQR[&OXM1DSRFD
$7DUDQWLQRH/'DVFDOX-LQJD/DOLQJXDUXPHQD0RUIRORJLDHGHVHUFL]L
(GLWXUD)XQGDWLHL&XOWXUDOH5RPkQH%XFXUH VWL
%&D]DFXHWDO$· &RXUVHLQ&RQWHPSRUDU\5RPDQLDQ(GLWXUDGLGDFWLFÛ
· D VL
SHGDJRJLFÛD%XFXUH VWL ·
·
0RGXOR%/HWWHUDWXUD
5HWRULFDGHOO·LPPDJLQDULRURPDQWLFRQHOODSRHVLDHQHOODSURVDGL0LKDL(PL
QHVFX >RUH&)8@
%LEOLRJUDILD
0(PLQHVFX3RHVLHDFXUDGL5RVDGHO&RQWH0XFFKL0RGHQD>FRQ
WHVWRDIURQWH@
0(PLQHVFX/DPLDRPEUDHDOWULUDFFRQWL%850LODQR
0(PLQHVFX2SHUDFRPSOHWÛD HG3HUSHVVLFLXVLQ&'URP3HWDU&RPSX
WHUV
''HUHUHG0LKDL(PLQHVFX$QWRORJLDFULWLFD%XFXUH VWL&,566(GLWXUD
$QLPD0LODQR ·
/ 9DOPDULQ 9 5kSHDQX HGV ,O PRPHQWR (PLQHVFX (GLWXUD (PLQHVFX
%XFXUH VWL
·
5'HO&RQWH0LKDL(PLQHVFXRGHOO·DVVROXWR0XFFKL0RGHQD
, 2DQFHD ´/DQJXH H OLWWpUDWXUHµ LQ * +ROWXV 0 0HW]HOWLQ &K 6FKPLWW
HGV /H[LNRQ GHU 5RPDQLVWLVFKHQ /LQJXLVWLN /5/ YRO ,,, 0D[ 1LH
PH\HU9HUODJ7ELQJHQSS
%LHQQDOLVWL
0RGXOR&/LQJXD
6LQWDVVLGHOURPHQRIHQRPHQLSUDJPDWLFLHDUJRPHQWD]LRQH
3URJUDPPLGHL&RUVL
3HU JOL VWXGHQWL GHO YHFFKLR RUGLQDPHQWR ,, DQQR LO FRUVR FRQVLVWH LQ GXH
PRGXOLLOPRGXORVSHFLILFR& HLOPRGXOR% YHGLVRSUDSUHYLVWRDQFKHSHULO
SULPRDQQRFRQXQWRWDOHGL&)8
6DUDQQRSUHVHQWDWLLSULQFLSDOLWUDWWLVLQWDWWLFLGHOURPHQRLQUDSSRUWRFRQDOFX
QL IHQRPHQL SUDJPDWLFL WHPDWL]]D]LRQH HQIDVL H FRQ O·RULHQWDPHQWR DUJR
PHQWDWLYR GHO GLVFRUVR UDSSRUWL DYYHUVDWLYL GLVJLXQWLYL FRQFOXVLYL FDXVDOL
FRQGL]LRQDOLFRQFHVVLYLHWFFRQQHWWLYLGLWLSRVHPDQWLFRHSLVWHPLFRHSUDJ
PDWLFR/DSDUWHWHRULFDVDUjFRPSOHWDWDGDHVHUFLWD]LRQLHWUDGX]LRQLVXWHVWL
GLWLSRVDJJLVWLFRHDUJRPHQWDWLYR
%LEOLRJUDILD
0$YUDP *UDPDWLFD SHQWUX WRWL HGLWLD D ,,D +XPDQLWDV %XFXUH VWL
HG,SS · · ·
0 6DOD HG (QFLFORSHGLD OLPELL URPkQH 8QLYHUV (QFLFORSHGLF JOL
DUWLFROLVXOODVLQWDVVL
00DQROLX0DQHD´0RUSKRV\QWD[HµLQ*+ROWXV00HW]HOWLQ&K6FK
PLWW HGV /H[LNRQ GHU 5RPDQLVWLVFKHQ /LQJXLVWLN /5/ ,,, 0D[ 1LH
PH\HU9HUODJ7ELQJHQSS
66WDWL´6\QWD[HµDQFRUDLQ/5/ ,,,SS
/ 5HQ]L ´&RQVLGHUD]LRQL WLSRORJLFKH VXO URPHQRµ LQ + 6WDPPHUMRKDQQ
pG$QDO\VHHWV\QWKqVHGDQVOHVODQJXHVURPDQHVHWVODYHV*XQWHU1DUU
7ELQJHQSS
3HUJOLVWXGHQWLGHOQXRYRRUGLQDPHQWRFKHVFHOJDQRO·LQVHJQDPHQWRGL/LQJXD
HOHWWHUDWXUDURPHQD FRPHXQDGHOOHGXHOLQJXHWULHQQDOLLOFRUVRYDOH&)8
FRVuVXGGLYLVL&)80RGXOR$ OH]LRQLIURQWDOLSL&)80RGXOR%OH]LR
QLIURQWDOLSL&)8HVHUFLWD]LRQLGLOLQJXDHIIHWWXDWHQHOO·DPELWRGHOFRUVR
HGHODERUDWLVWLODWLGDOORVWXGHQWH
3HUJOLVWXGHQWLGHOQXRYRRUGLQDPHQWRFKHVFHOJDQRLOURPHQRFRPHWHU]DOLQ
JXDYLHQHULFKLHVWDODIUHTXHQ]DDVFHOWDGHO0RGXOR$ &)8RSSXUHGHO
0RGXOR%&)8
3HUJOLVWXGHQWLGHOYHFFKLRRUGLQDPHQWRFKHVFHOJDQRLOURPHQRFRPHWHU]D
OLQJXDYLHQHULFKLHVWDODIUHTXHQ]DLQWHJUDOHGHLGXH0RGXOL$ SL%SL
&)81HOO·DPELWRGHOFRUVRVRQRSUHYLVWHHVHUFLWD]LRQL
/,1*8$ (/(77(5$785$ 7('(6&$ ,,,,9
9HFFKLRRUGLQDPHQWR
'RFHQWH*LRYDQQD3LQQD
,,,H,9 SHULRGR
3URJUDPPLGHL&RUVL
3DUWHPRQRJUDILFD
)ULHGULFK6FKLOOHUOHWUDJHGLHGHOODPDWXULWj
,OFRUVRqLQFHQWUDWRVXOO·XOWLPDSURGX]LRQHGUDPPDWLFDVFKLOOHULDQDFKHFRVWL
WXLVFHLOFDQRQHGHOODGUDPPDWXUJLDFODVVLFDWHGHVFD,JUDQGLGUDPPLFRPSR
VWLQHJOLDQQLDFDYDOORWUD6HWWHFHQWRH2WWRFHQWRIDQQRVHJXLWRDGXQSHULRGR
GLHODERUD]LRQHWHRULFROHWWHUDULDHILORVRILFDHSRVVRQRHVVHUHLQWHUSUHWDWLSHU
ODORURVWUDRUGLQDULDULFFKH]]DGLPRWLYLFRPHXQDVRUWDGLSURVHFX]LRQHFRQ
PH]]LVTXLVLWDPHQWHOHWWHUDULHGUDPPDWXUJLFLGLXQDULIOHVVLRQHDGDPSLRUDJ
JLRVXOVRJJHWWRHVXOODVXDFROORFD]LRQHQHOODVWRULD
%LEOLRJUDILD
)6FKLOOHU'UDPHQ:LOKHOP7HOO0DULD6WXDUW'LH-XQJIUDXYRQ2UOHDQV
'LH%UDXWYRQ0HVVLQD5HFODP6WXWWJDUW
)6FKLOOHU=XP3DWKHWLVFKHQXQG(UKDEHQHQ6FKULIWHQ]XU'UDPHQWKHRULHD
FXUDGL./%HUJKDKQUHFODP6WXWWJDUW
6FKLOOHUV'UDPHQ,QWHUSUHWDWLRQHQDFXUDGL:+LQGHUHU5HFODP6WXWWJDUW
*3LQQD6FKLOOHU,GUDPPLODFRQFH]LRQHGHOWUDJLFRHGHOODVWRULD5XEEHWWL
QR6RYHULD0DQQHOOL
'XUDQWHLOFRUVRYHUUDQRIRUQLWLPDWHULDOLELEOLRJUDILFLGLFRPPHQWR
3DUWHLVWLWX]LRQDOH
D /LQHDPHQWLGLVWRULDGHOODOHWWHUDWXUDWHGHVFD
,,,DQQRGDJOLLQL]LGHODOOD,,JXHUUDPRQGLDOH6LYHGDQRLQSDUWLFRODUH
0DQQ.DIND/DVNHU6FKOHU+H\P:HUIHO*ROO7UDNO.RNRVFKND%UHFKW
7XFKROVN\+HVVH%HQQ0XVLO5RWK%URFK'|EOLQ
,9 DQQR3ULQFLSDOLDXWRULHPRYLPHQWLOHWWDUDULGHOODOHWWHUDWXUDWHGHVFDGDO
DGRJJL
6WRULHGHOODOHWWHUDWXUD/0LWWQHU6WRULDGHOODOHWWHUDWXUDWHGHVFD'DOUHDOL
VPRDOODVSHULPHQWD]LRQHYRO,,,
WRPRSULPRHVHFRQGR(LQDXGL7RULQR
RSSXUH
$5HLQLQJHU3URILORVWRULFRGHOODOHWWHUDWXUDWHGHVFD7RULQR5RVHQEHUJ
6HOOLHURSSXUH
)0DUWLQL6WRULDGHOODOHWWHUDWXUDWHGHVFD0LODQR,O6DJJLDWRUH
E /HWWXUDGLFODVVLFL
,,,$QQR
).DIND'DV6FKOR)UDQNIXUW)LVFKHU0RQGDGRUL0LODQR
7K0DQQ%XGGHQEURRNV)UDQNIXUW)LVFKHU)HOWULQHOOL0LODQR
%%UHFKW'LH'UHLJURVFKHQRSHU
+YRQ+RIPDQQVWDKO(LQ%ULHI)UDQNIXUW)LVFKHU
3URJUDPPLGHL&RUVL
-5RWK+LRE %HUOLQ.LHSHQKDXHU
LQWHGHVFR
,9 $QQR
&K:ROI'HUJHWHLOWH+LPPHO%HUOLQ$XIEDX9HUODJ
0)ULVFK+RPR)DEHU )UDQNIXUW6XKUNDPS
+%|OO:DQGHUHUNRPPVWGXQDFK6SD0QFKHQ'79
3+DQGNH:XQVFKORVHV8QJOFN)UDQNIXUW6XKUNDPS
,%DFKPDQQ'DVGUHLLJVWH-DKU0QFKHQ3LSHU
/,1*8$ (/(77(5$785($1*/2$0(5,&$1(
9HFFKLRHQXRYRRUGLQDPHQWR
'RFHQWH)ROJHU0DF)DGGHQ
,H,,SHULRGR
$UJRPHQWRGHOFRUVR
+HUPDQ0HOYLOOH7KH1LQHWHHQWK&HQWXU\$PHULFDQ1RYHO
6LPERORHIDWWRXQDOHWWXUDGHLWHVWLGL0HOYLOOH
%LEOLRJUDILD
+0HOYLOOH0RE\'LFN
+0HOYLOOH7KH3LD]]D7DOHV
6RQRDPPHVVHWXWWHOHEXRQHHGL]LRQLFRPPHQWDWH
)20DWWKLHVVHQ$PHULFDQ5HQDLVVDQFH
5&KDVH7KH$PHULFDQ1RYHODQG,WV7UDGLWLRQ
&3DYHVH6FULWWLOHWWHUDUL
$OO·LQWHUQRGHOFRUVRFLVDUDQQROH]LRQLGL/LQJXDRUH
² *UDPPDWLFDODQDO\VLVGLFWDWLRQYRFDEXODU\SURQXQFLDWLRQ
² $WWLYLWjVHPLQDULDOL*HUU\0DJXLUH/HWWRUH
² $ UHDGLQJRIWKHZULWLQJVRI0HOYLOOH
² ,OFRUVRqDSHUWRDWXWWLJOLVWXGHQWLGHOYHFFKLRRUGLQDPHQWR
² /LQJXHHOHWWHUDWXUHDQJORDPHULFDQH12
,0RGXOR ,SHULRGR
%LEOLRJUDILD
+0HOYLOOH0RE\'LFN
)20DWWKLHVVHQ$PHULFDQ5HQDLVVDQFH
,,0RGXOR,,SHULRGR
3URJUDPPLGHL&RUVL
%LEOLRJUDILD
+0HOYLOOH7KH3LD]]D7DOHV
)20DWWKLHVVHQ$PHULFDQ5HQDLVVDQFH
$OO·LQWHUQRGHOFRUVRFLVDUDQQROH]LRQLGL/LQJXDRUHJUDPPDWLFDODQDO\
VLVGLFWDWLRQYRFDEXODU\SURQXQFLDWLRQ
*OLVWXGHQWLGHOQXRYRRUGLQDPHQWRSRVVRQRVHJXLUHDVFHOWDLO,0RGXORVRO
WDQWRLO,,0RGXORVROWDQWRRWXWWLHGXHL0RGXOL
/,1*8$ (/(77(5$785(,63$12$0(5,&$1(
'RFHQWH(PDQXHOD-RVVD
,,,H,9 SHULRGR
$UJRPHQWRGHOFRUVR
3HUJOLVWXGHQWLGHO DQQRLOFRUVRSUHYHGHORVWXGLRGHOODVWRULDGHOODOHWWHUD
WXUDLVSDQRDPHULFDQDGDOOHRULJLQLDO·
² 3ULPDGHOODFRQTXLVWDODOHWWHUDWXUDQiKXDWOPD\DTXHFKXD
² /DOHWWHUDWXUDGHOODFRQTXLVWDOHFURQDFKHVSDJQROHHOD´YLVLRQHGHLYLQWLµ
² 'DOFODVVLFLVPRDOPDQLHULVPR6LJORGH2URLQ$PHULFDODSRHVLDHO·HSLFD
PDQLHULVWD,QFD*DUFLODVR
² ,O%DURFFRLQ0HVVLFR6RU-XDQD
² ,O%DURFFRLQ3HU&DYLHGHV
² 7UD1HRFODVVLFLVPRH5RPDQWLFLVPR
² 1DVFLWDHVYLOXSSRGHOODOHWWHUDWXUD´JDXFKHVFDµ
² 0DUtD HODQDUUDWLYDURPDQWLFD
² 5HDOLVPRHQDWXUDOLVPR
² ,O 0RGHUQLVPR DQWHFHGHQWL -RVp $ 6LOYD *RQ]iOH] 3UDGD /D SLHQD
DIIHUPD]LRQH5XEpQ'DUtR
² ,OSRVWPRGHUPLVPRFRQWLQXLWjHGLYHUJHQ]H'HOPLUD$JXVWLQL
² ´&ULROOLVPRµUHDOLVPRXUEDQRUHJLRQDOLVPR
² /DSRHVLDGHOO·DYDQJXDUGLD+XLGREUR9DOOHMR1HUXGD
² ,OURPDQ]R,QGLJHQLVWD-RUJH,FD]D&LUR$OHJUtD$UJXHGDV
² 1XRYHWHQGHQ]HQDUUDWLYH$VWXULDV&DUSHQWLHU2QHWWL
² 'XHJUDQGLDUJHQWLQL%RUJHV&RUWi]DU
² 'XHJUDQGLPHVVLFDQL5XOIR3D]
² ,UDFFRQWLGL0RQWHUURVRH5LEH\UR
² ´%RRPµ ´UHDO PDUDYLOORVRµ FULWLFD H DXWRUL * *DUFtD 0iUTXH] &DUORV
)XHQWHV9DUJDV/ORVD
*OLVWXGHQWLSRVVRQRXWLOL]]DUHXQPDQXDOHGL6WRULDGHOODOHWWHUDWXUDLVSDQRD
PHULFDQDDVFHOWDGDLQWHJUDUHFRQODOHWWXUDGHLWHVWLSURSRVWLGXUDQWHLOFRUVR
3URJUDPPLGHL&RUVL
3HUJOLVWXGHQWLFKHKDQQRJLjVRVWHQXWRLOSULPRHVDPHqSUHYLVWRLOVHJXHQWH
FRUVRPRQRJUDILFR
/DSULPHUDYDQJXDUGLDHQ$PpULFD/DWLQD+XLGREUR9DOOHMR\1HUXGD
%LEOLRJUDILD
+XLGREUR2EUDVHOHFWD$\DFXFKR
9DOOHMR H 1HUXGD VRQR GLVSRQLELOL UDFFROWH SRHWLFKH SXEEOLFDWH GD /RVDGD
%DUUDO$\DFXFKR$UFKLYRVHFF
,WHVWLFULWLFLVXLWUHSRHWLVDUDQQRIRUQLWLGXUDQWHLOFRUVR
/,1*8$ (75$'8=,21($/%$1(6(,H,,
'RFHQWH$OMXOD-XEDQL
,,,,9 SHULRGR
/LQJXDHWUDGX]LRQHDOEDQHVH,QXRYRHYHFFKLRRUGLQDPHQWR
,0RGXORGRWWVVD$OMXOD-XEDQL,,,SHULRGR
,,0RGXORGRWWVVD$OMXOD-XEDQL,9 SHULRGR
2ELHWWLYLIRUPDWLYL
,OFRUVRLQWHQGHIRUQLUHXQDFRQRVFHQ]DWHRULFDHSUDWLFDGLEDVHGHOODOLQJXD
DOEDQHVHOHWWHUDULD(VHUFLWD]LRQLGLOHWWXUDWUDGX]LRQHHFRQYHUVD]LRQH
%LEOLRJUDILD
$7RPD=.DUDSLFL/5DGRYLFND*MXKDOHWUDUHVKTLSH/LEsUPsVLPL
6KWsSLD%RWXHVHH/LEULW6KNROORU7LUDQsPsVLPH
*M6KNXUWDM(+\VD*MXKDVKTLSHSsUWsKXDMWGKHVKTLSWDUsWMDVKWs$WGKHXW
%RWLPHW7RHQD7LUDQs
)6RODQR0DQXDOHGLOLQJXDDOEDQHVH&RVHQ]D
6K'HPLUDM/DOLQJXDDOEDQHVHRULJLQHVWRULDVWUXWWXUH5HQGH
/LQJXDHWUDGX]LRQHDOEDQHVH,,QXRYRHYHFFKLRRUGLQDPHQWR
,PRGXORGRWWVVD$OMXOD-XEDQL,,,SHULRGR
,,PRGXORGRWWVVD$OMXOD-XEDQL,9 SHULRGR
2ELHWWLYLIRUPDWLYL
$SSURIRQGLPHQWRGHOOHFRQRVFHQ]HOLQJXLVWLFKHDFTXLVLWHQHOFRUVRHOHPHQWDUH
²LQSDUWLFRODUHVLPLUHUjDOFRQVROLGDPHQWRGHOOHVWUXWWXUHJUDPPDWLFDOLVLQWDWL
FKHHOHVVLFDOLGHOODOLQJXDOHWWHUDULD²SHUDVVLFXUDUHORVYLOXSSRGHOODFDSDFLWjGL
FRPSUHQVLRQHHSURGX]LRQHVLDGHOO·DOEDQHVHVFULWWRFKHGHOO·DOEDQHVHSDUODWR
3URJUDPPLGHL&RUVL
%LEOLRJUDILD
*M6KNXUWDM(+\VD*MXKDVKTLSHSsUWsKXDMWGKHVKTLSWDUsWMDVKWs$WGKHXW
%RWLPHW7RHQD7LUDQs
$7RPD=.DUDSLFL/5DGRYLFND*MXKDOHWUDUHVKTLSH/LEsUPsVLPL6KWs
SLD%RWXHVHH/LEULW6KNROORU7LUDQs>PsVLPH@
15HVVXOL*UDPPDWLFDDOEDQHVH3DWURQ%RORJQD
)6RODQR0DQXDOHGLOLQJXDDOEDQHVH&RVHQ]D
6K'HPLUDM/DOLQJXDDOEDQHVHRULJLQHVWRULDVWUXWWXUH5HQGH
*%3HOOHJULQL,QWURGX]LRQHDOODOLQJXLVWLFDDOEDQHVH5HQGH
/,1*8$ (75$'8=,21($/%$1(6(,,,
'RFHQWH*LRYDQQL0%HOOXVFLR
,9 SHULRGR
/LQJXDHWUDGX]LRQHDOEDQHVH,,,QXRYRHYHFFKLRRUGLQDPHQWR
,PRGXORGU*LRYDQQL%HOOXVFLR0XWXDGD'LDOHWWLDOEDQHVLGHOO·,WDOLDPHUL
GLRQDOH
,,PRGXORGU$QWRQ%HULVKD
2ELHWWLYLIRUPDWLYL
3HUIH]LRQDPHQWRGHOODFRPSHWHQ]DGHOODOLQJXDDOEDQHVHVWDQGDUGFRQHVHUFL
WD]LRQLSUDWLFKHQHOODERUDWRULROLQJXLVWLFR(OHPHQWLGLJUDPPDWLFDVWRULFDHGL
GLDOHWWRORJLDDOEDQHVH/DGLDOHWWRORJLDLWDORDOEDQHVH
%LEOLRJUDILD
6K'HPLUDM*MXKDVKTLSHGKHKLVWRULDHVDM6KWsSLD%RWXHVHH/LEULW8QLYHU
VLWDU7LUDQs
15HVVXOL*UDPPDWLFDDOEDQHVH3DWURQ%RORJQD
*%3HOOHJULQL,QWURGX]LRQHDOODOLQJXLVWLFDDOEDQHVH5HQGH
*OL VWXGHQWL GRYUDQQR VHJXLUH OD VHFRQGD SDUWH GHO FRUVR FRPSUHVD OD SDUWH
PRQRJUDILFDFRVuFRPHVSHFLILFDWRQHOVRWWRVWDQWHHVWUDWWRGHOSURJUDPPD
/DVWUXWWXUDOHVVLFDOHOHVVLFRRULJLQDULRHOHVVLFRPXWXDWRGDOODWLQRGDOJUHFR
GDOO·LWDOLDQR H GD DOWUH OLQJXH /D VLWXD]LRQH VRFLROLQJXLVWLFD RGLHUQD QHOOH
FRPXQLWjDOEDQHVLG·,WDOLDELOLQJXLVPRHRGLJORVVLD"
/H SDUODWH DOEDQHVL G·,WDOLD QHJOL$WODQWL OLQJXLVWLFL$,6$/, H$/(
3URJUDPPLGHL&RUVL
3DUWHPRQRJUDILFD
/HSDUODWH$0.$UEHULVFL0HGL &DODEUL HGLOFRQWULEXWRGL*LXVHSSH7
*DQJDOH
(VHUFLWD]LRQL
,OFRUVRVDUjLQWHJUDWRGDD DVFROWRLQWHUSUHWD]LRQHHWUDVFUL]LRQHRUWRJUDILFD
HIRQHWLFDGLEUDQLUHJLVWUDWLGLYDULHSDUODWHDUEsUHVKHHGDOORURULFRQRVFLPHQ
WRWUDPLWHOHFDUDWWHULVWLFKHPRUIRIRQRORJLFKH
%LEOLRJUDILD
)$OWLPDULH/06DYRLDDFXUDGL,GLDOHWWLLWDORDOEDQHVLVWXGLOLQ
JXLVWLFLHVWRULFRFXOWXUDOLVXOOHFRPXQLWjDUEsUHVKH%XO]RQL(GLWRUH5RPD
9 5XVX 'LDOHWWRORJLD JHQHUDOH =DQLFKHOOL %RORJQD R XQ TXDOVLDVL
DOWURWHVWRGLGLDOHWWRORJLDJHQHUDOH
*7*DQJDOH/LQJXD$UEHULVFD5HVWLWXHQGD&URWRQH
*7*DQJDOH*ORVVDULXP$UEHULVFXP0DUFLGXVL .¡EHQKDYQ
*7*DQJDOH7H[WXV$UEHULVFL0DUFLGXVL .¡EHQKDYQ
%LEOLRJUDILDLQWHJUDWLYD
$UWLFROLPDQRVFULWWLFDUWHGLDOHWWDOLWDEHOOHDOIDEHWLHFFVDUDQQRGLVWULEXLWL
GXUDQWHORVYROJLPHQWRGHOFRUVR
1HOO·DPELWRGHLFRUVLDYDQ]DWLGLOLQJXDDOEDQHVHHGHOFRUVRGLOHWWHUDWXUDVRQR
SUHYLVWHDQFKHGHOOHUDVVHJQHGLILOPDOEDQHVLFRQWHPSRUDQHLGLVRJJHWWROHWWH
UDULRFRQSURLH]LRQLELVHWWLPDQDOLSUHVVRLO&HQWUR/LQJXLVWLFRG·$WHQHR
/,1*8$ (75$'8=,21()5$1&(6(,H,,
'RFHQWH5pJLQH/DXJLHU
,H,,SHULRGR
,DQQR,SHULRGR&)8
2ELHWWLYLIRUPDWLYL
,OFRUVRVLSURSRQHGLSUHVHQWDUHLVHJQLIRUPDOLYHUELDYYHUELORFX]LRQLHFF
FKHHVSULPRQROHPRGDOLWjSHUIRUPDWLYHLQIUDQFHVH6LDQDOL]]HUDQQRLQSDUWL
3URJUDPPLGHL&RUVL
FRODUHOHIRUPHGHOO·REEOLJRGHOGLYLHWRGHOODSRVVLELOLWjHGHOO·DFFRUGRGLVDF
FRUGRHLGLYHUVLYDORULVHPDQWLFLFKHDVVXPRQRQHOO·HORFX]LRQH
,OFRUVRVDUjDUWLFRODWRLQGXHSDUWL
² $QDOLVLGHOOHIRUPHOLQJXLVWLFKHHGHLORURYDORULLQFRQWHVWR
² $WWLYLWjSUDWLFKHGLWUDGX]LRQHGLWHVWLDUWLFROLGLVWDPSDOHWWHUDWXUDFRQ
WHPSRUDQHDSHUWLQHQWLDOO·RJJHWWRGHOFRUVR
%LEOLRJUDILD
3&KDUDXGHDX*UDPPDLUHGXVHQVHWGHO·H[SUHVVLRQ+DFKHWWH3DULV
,,&KDS
$OWUHLQGLFD]LRQLVDUDQQRGDWHDOO·LQL]LRGHOFRUVR
2ELHWWLYLIRUPDWLYL
/·RJJHWWRGHOFRUVRqGLSURSRUUHXQDULIOHVVLRQHVXOODOLQJXDIUDQFHVHFRQWHP
SRUDQHDDWWUDYHUVRO·HVDPHGLDOFXQHFRPSRQHQWLOHVVLFDOLFKHQHFDUDWWHUL]]D
QRO·RULHQWDPHQWRDWWXDOH6LDIIURQWHUDQQRLQPRGRSDUWLFRODUHLPHFFDQLVPL
GL FRVWUX]LRQH GL QXRYH IRUPH H QXRYL VLJQLILFDWL GHULYDWL SUHILVVL VXIILVVL
DEEUHYLD]LRQLSDUROHFRPSRVWHHFF
/·DQDOLVLYHUUjFRQGRWWDLQFKLDYHFRPSDUDWLVWLFDVXOODEDVHGLWHVWLLQOLQJXD
IUDQFHVHHLQOLQJXDLWDOLDQD
/HLQGLFD]LRQLELEOLRJUDILFKHVDUDQQRGDWHDOO·LQL]LRGHOFRUVR
/,1*8$ (75$'8=,21()5$1&(6(,,,
6WRULDGHOODOLQJXDIUDQFHVH
'RFHQWH0DULOLD0DUFKHWWL
,H,,SHULRGR
0XWXDGD/LQJXDIUDQFHVH YHFFKLRRUGLQDPHQWR&)8
&ODVVH;,)LORORJLFROLQJXLVWLFRHXURDPHULFDQR,QWHUFXOWXUDOH
$UJRPHQWRGHOFRUVR
5HWRULFDHOLQJXDJJLRQHOVHFRORGHL/XPL
,OFRUVRFRQVLVWHLQXQPRGXORHVLSURSRQHGLDQDOL]]DUHODULIOHVVLRQHVXOODOLQ
JXDFKHFDUDWWHUL]]DLO6HWWHFHQWRIUDQFHVH6LDUWLFROHUjLQGXHIDVL6DUDQQR
GDSSULPDVWXGLDWHOHGLYHUVHWHRULHOLQJXLVWLFKHSUHVHQWLQHOO·(QF\FORSpGLH SHU
DSSURIRQGLUHSRLODVSHFLILFLWjGHOOHVVLFRHGLGLIIHUHQWLUHJLVWULOLQJXLVWLFLSUH
VHQWLQHOOH/LDLVRQVGDQJHUHXVHVGL/DFORV
3URJUDPPLGHL&RUVL
%LEOLRJUDILDREEOLJDWRULD
0DULOLD0DUFKHWWL5HWRULFDH/LQJXDJJLRQHOVHFRORGHL/XPL(TXLOLEULRORJL
FRHFULVLGHLYDORUL(GL]LRQLGL6WRULDH/HWWHUDWXUD5RPD
%LEOLRJUDILDFRQVLJOLDWD
) %UXQRW +LVWRLUH GH OD ODQJXH IUDQoDLVH GHV RULJLQHV MXVTX·j QRV MRXUV
&ROLQ3DULVW9,
7 )ORUHQQH /D UKpWRULTXH GH O·DPRXU GDQV ´/HV /LDLVRQV GDQJHXUHXVHVµ
6('(63DULV
ËSUHYLVWRORVYROJLPHQWRGLHVHUFLWD]LRQLHDWWLYLWjVHPLQDULDOL
8OWHULRULLQIRUPD]LRQLELEOLRJUDILFKHVDUDQQRIRUQLWHGXUDQWHOHOH]LRQL
,OSURJUDPPDKDYDOLGLWjSHUGXHDQQLDFFDGHPLFL
/,1*8$ (75$'8=,21(,1*/(6(,,,
'RFHQWH5LFKDUG.LGGHU
,,,H,9 SHULRGR
0XWXDGD6WRULDGHOODOLQJXDLQJOHVH YHFFKLRRUGLQDPHQWR&)8
/,1*8$ (75$'8=,21(63$*12/$ ,,H,,,
'RFHQWH(PDQXHOD-RVVD
,9 SHULRGR
&)8
$UJRPHQWRGHOFRUVR
² 3UHVXSSRVWLWHRULFLGHOODWUDGX]LRQH
² 3URVSHWWLYHWHRULFKHHSUDWLFKH
² ,OGLEDWWLWRVXOODWUDGXFLELOLWjHO·LQGHWHUPLQDWH]]DGHOOHOLQJXH
² /DWUDGX]LRQHOHWWHUDULD/DWUDGX]LRQHSRHWLFD
² 5LWUDGX]LRQL GDOOD WHRULD DOO·DQDOLVL GL WHVWL SRHWLFL 1HUXGD H *DUFtD
/RUFD
$OODVH]LRQHWHRULFDqDIILDQFDWDXQDVH]LRQHSUDWLFD
/,1*8$ (75$'8=,21(7('(6&$ ,,,,,,
'RFHQWH)HGHULFD0DVLHUR
,,,H,9 SHULRGR
,DQQR,0RGXORRUH
3URJUDPPLGHL&RUVL
$UJRPHQWRGHOFRUVR
6WUXWWXUHIRQGDPHQWDOLGHOODOLQJXDWHGHVFD
$GGHVWUDPHQWROLQJXLVWLFRDWWUDYHUVRODWUDGX]LRQHRUDOHHVFULWWDGLVHPSOL
FLWHVWLVXWHPLIDPLOLDULHOHWWHUHSHUVRQDOL
%LEOLRJUDILD
$SSXQWL GDOOH OH]LRQL FRQ OHWWXUH LQWHJUDWLYH FKH VDUDQQR LQGLFDWH GXUDQWH LO
FRUVR
,,DQQR ,0RGXORRUH
$UJRPHQWRGHOFRUVR
,QWURGX]LRQHDOODVLQWDVVLWHGHVFD
$GGHVWUDPHQWRDOO·XVRGHOODOLQJXDWHGHVFD
%LEOLRJUDILD
/DELEOLRJUDILDYHUUjFRPXQLFDWDDOO·LQL]LRGHOOHOH]LRQL
,,,DQQR ,0RGXORRUH
$UJRPHQWRGHOFRUVR
)RUPD]LRQHGHOOHVVLFRWHGHVFR
/HWWXUDHWUDGX]LRQHGLWHVWLVWRULFROHWWHUDULLQOLQJXD
%LEOLRJUDILD
/DELEOLRJUDILDYHUUjFRPXQLFDWDDOO·LQL]LRGHOOHOH]LRQL
/,1*8$ )5$1&(6(
9HFFKLRRUGLQDPHQWR
'RFHQWH0DULOLD0DUFKHWWL
,H,,SHULRGR
$UJRPHQWRGHOFRUVR
3UREOHPLGL7UDGX]LRQHH,OOXPLQLVPR
,OFRUVRVLSURSRQHXQDULIOHVVLRQHPHWRGRORJLFDVXOLQJXLVWLFDHWUDGX]LRQHFRQ
SDUWLFRODUHULIHULPHQWRDO6HWWHFHQWRHGDOOH/LDLVRQVGDQJHUHXVHV GL/DFORV
6LVYROJHUjLQGXHIDVL
, ,QXQSULPRWHPSRYHUUjDQDOL]]DWRO·DSSRUWRGLWUDGXWWRORJLTXDOL0RXQLQ
0HVFKRQQLFH/DGPLUDOFRQO·LQWHQWRGLFKLDULUHOHVHJXHQWLSUREOHPDWLFKH
² ,OSUHVWLWROLQJXLVWLFR
² /DWUDGX]LRQHOHWWHUDOH
² /DUHVWLWX]LRQHGHOODFRQQRWD]LRQH
3URJUDPPLGHL&RUVL
,, 9HUUjTXLQGLDQDOL]]DWRLOFRQFHWWRVWHVVRGLWUDGX]LRQHVHWWHFHQWHVFDDWWUD
YHUVROHWUDGX]LRQLGHOO·HSRFDHO·HVDPHGHOOH/LDLVRQVGDQJHUHXVHVGL/DFORV
6DUDQQRDSSURIRQGLWLLQXFOHLWHPDWLFLOHGLIIHUHQWLIRUPHHVFULWWXUHGHOURPDQ
]RHSLVWRODUHXWLOL]]DQGROHSURVSHWWLYHWHRULFKHHFULWLFKHFRQWHPSRUDQHH
%LEOLRJUDILDREEOLJDWRULD
-5 /DGPLUDO 7UDGXLUH WKpRUqPHV SRXU OD WUDGXFWLRQ *DOOLPDUG 3DULV
´WHOµ
*0RXQLQ&LYLOLVDWLRQVPXOWLSOHVHWWUDGXFWLRQLQ/HVSUREOqPHVWKpRULTXHV
GHODWUDGXFWLRQ*DOOLPDUG3DULV´WHOµSS
,G/HVRSpUDWLRQVGHODWUDGXFWLRQLQ/LQJXLVWLTXHHWWUDGXFWLRQ'HVVDUWHW
0DUGDJD%UX[HOOHVSS
0DULOLD0DUFKHWWL5HWRULFDH/LQJXDJJLRQHOVHFRORGHL/XPL(TXLOLEULRORJL
FRHFULVLGHLYDORUL(GL]LRQLGL6WRULDH/HWWHUDWXUD5RPD
%LEOLRJUDILDFRQVLJOLDWD
5-DNREVRQ$VSHFWVOLQJXLVWLTXHVGHODWUDGXFWLRQLQ(VVDLVGHOLQJXLVWLTXH
JpQpUDOH/HVpGLWLRQVGHPLQXLW3DULVSS
7 )ORUHQQH /D UKpWRULTXH GH O·DPRXU GDQV ´/HV /LDLVRQV GDQJHXUHXVHVµ
6('(63DULV
/,1*8$ )5$1&(6(,
'RFHQWH*LRYDQQL)HUUDUL
,SHULRGR
$UJRPHQWRGHOFRUVR
$VSHWWL/LQJXLVWLFLGHOODWUDGX]LRQH
2ELHWWLYRGHOFRUVRqTXHOORGLIRUQLUHXQDFRQRVFHQ]DGLEDVHGHOO· DSSUHQGL
PHQWRDSSURIRQGLPHQWRGHOOHVWUXWWXUHOLQJXLVWLFKHQHFHVVDULHDOO· DFTXLVL]LR
3URJUDPPLGHL&RUVL
%LEOLRJUDILD
$$99/DWUDGX]LRQHQHOO·LQVHJQDPHQWRGHOOHOLQJXHVWUDQLHUHDWWLGHOFRQ
JUHVVR VX ´OD WUDGX]LRQH QHOO· LQVHJQDPHQWR GHOOH OLQJXH VWUDQLHUHµ /D
6FXROD%UHVFLD
*HRUJHV'XE\5REHUW0DQGRX+LVWRLUHGHODFLYLOLVDWLRQIUDQFDLVH$UPDQG
&ROLQ3DULV
7UDGX]LRQH LWDOLDQD GL$QQD *ULVSR H$QQDPDULD 1DFFL 6WRULD GHOOD FLYLOWj
IUDQFHVH2VFDU0RQGDGRUL0LODQRLQSDUWLFRODUHLOFDSLWROROD)UDQFLD
FRQWHPSRUDQHD;,;;;VHFRORSS
0*UHYLVVH3UHFLVGHJUDPPDLUHIUDQFDLVH'XFORW/RXYDLQOD1HXYH
'$EU\0/&KDODURQ3KRQHWLTXH+DFKHWWH/DURXVVH3DULV
$OO·LQL]LRGHOFRUVRVDUDQQRIRUQLWHXOWHULRULLQGLFD]LRQLELEOLRJUDILFKH
/,1*8$ )5$1&(6(,,
'RFHQWH5HJLQH/DXJLHU
,,,SHULRGR
&)8
$UJRPHQWRGHOFRUVR
,OFRUVR3URSRQHXQDULIOHVVLRQHVXJOLRULHQWDPHQWLGHOIUDQFHVHFRQWHPSRUD
QHRVLDGDSXQWRGLYLVWDPRUIRVLQWDWWLFRFKHGODSXQWRGLYLVWDOHVVLFDOH6L
DIIURQWHUDQQR LQ SDUWLFRODUH DWWUDYHUVR OD OHWWXUD FRPSUHQVLYD GL WHVWL WUDWWL
GDOODVWDPSDVSHFLDOL]]DWDHQRQLOIHQRPHQRGHOOHQHRIRUPD]LRQLOHVVLFDOLGHL
SUHVWLWLHGHOO· HYROX]LRQHIXQ]LRQDOHGLDOFXQHFDWHJRULHJUDPPDWLFDOL
(YHQWXDOLLQGLFD]LRQLELEOLRJUDILFKHVDUDQQRGDWHDOO· LQL]LRGHOFRUVR
/,1*8$ ,1*/(6(,,,,,,
'RFHQWH5HQDWD2JJHUR
,,H,,,SHULRGR
/LQJXDLQJOHVH,,,SHULRGR
2ELHWWLYLIRUPDWLYL
,OFRUVRSUHYHGHXQLQWURGX]LRQHDOORVWXGLRGHOODOLQJXDLQJOHVHGDXQSXQWRGL
YLVWDIRQHWLFRPRUIRORJLFRJUDPPDWLFDOHVLQWDWWLFRHOHVVLFDOHHGKDFRPH
3URJUDPPLGHL&RUVL
RELHWWLYRSULQFLSDOHTXHOORGLSRUUHOHEDVLSHUODFRUUHWWDSURGX]LRQHHFRP
SUHQVLRQH GHOO·LQJOHVH VLD VFULWWR FKH RUDOH 9HUUDQQR DQDOL]]DWL WHVWL VFULWWL
DXWHQWLFLWUDWWLGDYDULHIRQWLHVXYDULDUJRPHQWLDOILQHGLVYLOXSSDUHQHJOLVWX
GHQWLODFDSDFLWjGLULFRQRVFHUHHTXLQGLLPSDUDUHDGXWLOL]]DUHGLYHUVLUHJLVWUL
HVSUHVVLYL
,QIRUPD]LRQLUHODWLYHDOODELEOLRJUDILDYHUUDQQRIRUQLWHDOO·LQL]LRGHOFRUVR
/LQJXDLQJOHVH,,,,,SHULRGR
2ELHWWLYLIRUPDWLYL
1HOFRUVRGHOVHFRQGRDQQRVLSURFHGHUjDVYLOXSSDUHXOWHULRUPHQWHVLDODFRP
SHWHQ]DOLQJXLVWLFDFKHOHFDSDFLWjFRPXQLFDWLYHGHJOLVWXGHQWL
'XUDQWHOHOH]LRQLYHUUjSURSRVWDXQDYDULHWjGLWHVWLGLDORJKLLQWHUYLVWHEUDQL
GHVFULWWLYLHLOOXVWUDWLYLFKHVDUDQQRDQDOL]]DWLGDGLYHUVLSXQWLGLYLVWDTXHOOR
JUDPPDWLFDOHHVLQWDWWLFRVWXGLDQGRQHODFRVWUX]LRQHHFRHVLRQHLQWHUQHTXHO
OROHVVLFDOHULYROJHQGRSDUWLFRODUHDWWHQ]LRQHDOO·XVRGLWHUPLQRORJLDVSHFLDOL
VWLFDTXHOORVWLOLVWLFRPHWWHQGRDFRQIURQWRUHJLVWULHVSUHVVLYLGLYHUVLDWWUDYHU
VRO·XVRGLHVHPSLWUDWWLGDPDWHULDOLDXWHQWLFLHTXHOORIRQRORJLFRIRFDOL]]DQ
GRO·DWWHQ]LRQHGHJOLVWXGHQWLVXSUREOHPLULJXDUGDQWLODSURQXQFLDJOLDFFHQWL
LOULWPRHO·LQWRQD]LRQH
8QDSDUWHGHOFRUVRVDUjGHGLFDWDDOO·DQDOLVLGHOUXRORGHOO·LQJOHVHQHOPRQGR
DWWXDOHHDOOGLVFXVVLRQHGHOOHUDJLRQLVWRULFKHSROLWLFKHHVRFLDOLFKHORKDQQR
GHWHUPLQDWR
,QIRUPD]LRQLUHODWLYHDOODELEOLRJUDILDVDUDQQRIRUQLWHDOO·LQL]LRGHOFRUVR
/LQJXDLQJOHVH,,,,,,SHULRGR
2ELHWWLYLIRUPDWLYL
1HOFRUVRGHOWHU]RDQQRVLSURFHGHUjDOORVWXGLRGHOOHFRVWUX]LRQLVLQWDWWLFKH
SLFRPSOHVVHDQFKHDWWUDYHUVRO·DQDOLVLGLWHVWLDXWHQWLFLWUDWWLGDYDULHIRQWL
*OL VWXGHQWL YHUUDQQR LQROWUH LQFRUDJJLDWL D SUHSDUDUH GHOOH SUHVHQWD]LRQL VLD
VFULWWHFKHRUDOLVXXVLHFRVWXPLGHOODUHJLRQHLQFXLYLYRQRDOILQHGLVYLOXSSD
UHODORURDXWRQRPLDHVSUHVVLYD$OWURRELHWWLYRIRQGDPHQWDOHGHOFRUVRqTXHO
ORGLIRUQLUHVWUXPHQWLDGHJXDWLSHUODWUDGX]LRQHGLWHVWLLQLQJOHVHUHODWLYLDG
DUJRPHQWL GL FXOWXUD DUWH H FLYLOWj R SL VSHFLILFDPHQWH LQHUHQWL DO WXULVPR
LQWHUQD]LRQDOH
,QIRUPD]LRQLUHODWLYHDOODELEOLRJUDILDVDUDQQRIRUQLWHDOO·LQL]LRGHOFRUVR
3URJUDPPLGHL&RUVL
/,1*8$**,',352*5$00$=,21(
'RFHQWHGDQRPLQDUH
,H,,SHULRGR
2ELHWWLYLIRUPDWLYL
6YLOXSSDUHODFDSDFLWjGLULVROX]LRQHDOJRULWPLFDGLSUREOHPL
,QWURGXUUH OD SURJUDPPD]LRQH VWUXWWXUDWD H JOL HOHPHQWL HVVHQ]LDOL GHOOD
SURJUDPPD]LRQHDGRJJHWWL
)RUQLUH OH FRQRVFHQ]H WHFQLFKH VSHFLILFKH SHU XWLOL]]DUH L OLQJXDJJL GL
´VFULSWLQJµ QHOOD UHDOL]]D]LRQH GL SDJLQH ZHE ,O FRUVR ID HVSOLFLWR ULIHUL
PHQWRDOOLQJXDJJLR-DYD6FULSW
$UJRPHQWRGHOFRUVR
,QWURGX]LRQHDOODSURJUDPPD]LRQH
D$OJRULWPLHOLQJXDJJLGLSURJUDPPD]LRQH
E5DSSUHVHQWD]LRQHFRQGLDJUDPPLGLIOXVVR
F9DULDELOLHFRVWDQWLLVWUX]LRQHGLDVVHJQDPHQWR
G7LSLHOHPHQWDULGLGDWLLQWHULUHDOLERROHDQL
H(VSUHVVLRQLDULWPHWLFKHHERROHDQH
I%ORFFKLGLLVWUX]LRQLLVWUX]LRQLFRQGL]LRQDOLHLWHUDWLYH
J,VWUX]LRQLGLOHWWXUDHVFULWWXUD
K6YLOXSSRGLXQDOJRULWPRFRPSOHVVRSHUUDIILQDPHQWLVXFFHVVLYL
L)XQ]LRQLHSURFHGXUH$PELHQWHORFDOHHJOREDOHSDVVDJJLRGLSDUDPHWUL
M(VHUFLWD]LRQL
LXVRGHO7$*6&5,37!SHUVFULYHUHSURJUDPPL-DYD6FULSWLQXQDSDJLQD
+70/
LLHODERUD]LRQHGLSURJUDPPLLQDXOD
6WUXWWXUHGDWLHDOJRULWPL
D2SHUD]LRQLGLFRVWUX]LRQHHPDQLSROD]LRQHGLVWULQJKHHGDWH
E(VSUHVVLRQLUHJRODUL
F$UUD\PRQRHPXOWLGLPHQVLRQDOL
G8VRGLDUUD\SHUUHDOL]]DUHVWUXWWXUHGDWLFRPSOHVVHOLVWHSLOHFRGH
H,QWURGX]LRQHDJOLRJJHWWLLQ-DYD6FULSWLVWDQ]HSURSULHWjHPHWRGL
I&RVWUXWWRULGLRJJHWWL(UHGLWDULHWj
J3URJHWWD]LRQHGLVWUXWWXUHGDWL(VDPHGLXQFDVRHVSURJUDPPDGLJHVWLRQH
GLXQDUXEULFDHFF
K(VHUFLWD]LRQLHODERUD]LRQHGLSURJUDPPLLQDXOD
-DYD6FULSWSHULOZHE
D-DYD6FULSWQHLEURZVHUZHE
3URJUDPPLGHL&RUVL
E)LQHVWUHHIUDPH
F'RFXPHQW2EMHFW0RGHO
L*HUDUFKLDGLRJJHWWLGHOEURZVHUQDYLJDWRUKLVWRU\ORFDWLRQVFUHHQZLQGRZ
LL*HUDUFKLDGLRJJHWWLGHOODSDJLQDZHEGRFXPHQWRPRGXOLLPPDJLQLOLQNHFF
G(YHQWLHORURJHVWLRQH*HVWLRQHGLPRXVHHWDVWLHUDIRFXV
H*HVWLRQHGLLPPDJLQL
I*HVWLRQHGLIRUPPRGXOL
J'\QDPLF+70/ IRJOLGLVWLOHSRVL]LRQDPHQWRGLQDPLFR
K&RRNLH
L7HFQLFKHGLFRPSDWLELOLWjSLDWWDIRUPDEURZVHUYHUVLRQLGHOOLQJXDJJLR
M(VHUFLWD]LRQLHODERUD]LRQHGLVFULSWVXLVLQJROLWHPL
3URYDG·HVDPH
3HUVRVWHQHUHO·HVDPHVLULFKLHGHO·HODERUD]LRQHGLXQSURJHWWRGLGDWWLFRDSSOL
FD]LRQHLQ-DYD6FULSWFRQFRUGDWRFRQLOGRFHQWH/·HVDPHFRPSUHQGHTXLQGL
ODGLVFXVVLRQHGHOSURJHWWRHXQFROORTXLRRUDOHVXJOLDUJRPHQWLGHOSURJUDPPD
GHOFRUVR
/,1*8$ /$7,1$
'RFHQWH6DOYDWRUH0RQGD
,,,H,9 SHULRGR
&)8
3DUWHLVWLWX]LRQDOH
LQWURGX]LRQH DOOD IRQHWLFD H DOOD PRUIRORJLD VWRULFD GHO ODWLQR DOFXQH RUH GL
OH]LRQHVDUDQQRGHGLFDWHDQFKHDOORVWXGLRGHOODSURVRGLDHGHOODPHWULFD
&RUVRPRQRJUDILFR
,O%HOOXP3RHQLFXP GL1HYLRHODYHUVLILFD]LRQHODWLQDDUFDLFD
%LEOLRJUDILD
$7UDLQD*%HUQDUGL3HULQL3URSHGHXWLFDDOODWLQRXQLYHUVLWDULRHG
ULYHGXWDHDJJLRUQDWDDFXUDGL&0DUDQJRQL3jWURQHGLWRUH%RORJQDq
ULFKLHVWDODOHWWXUDGHOO·LQWHURYROXPHHORVWXGLRDSSURIRQGLWRGHLFDSLWROL
,,,,,,,99 H9,
60DULRWWL,O%HOOXP3RHQLFXPHO·DUWHGL1HYLR3jWURQHGLWRUH%RORJQD
5RPD
07XOOLR &LFHURQH 3UR$UFKLD VL FRQVLJOLD XQ WHVWR FRPPHQWDWR FRPH
&LFHURQH /D GLIHVD GL $UFKLD FRPPHQWR GL 0DUFHOOR =LFjUL /RHVFKHU
7RULQRSLYROWHULVWDPSDWR
3URJUDPPLGHL&RUVL
$OWUR PDWHULDOH OLQJXLVWLFR VDUj GLVWULEXLWR LQ IRWRFRSLH QHO FRUVR GHOOH
OH]LRQL
3HUORVWXGLRGHOODSURVRGLDHGHOODPHWULFDFODVVLFDVLFRQVLJOLDO·XVRGLXQ
EXRQPDQXDOHGLFRQVXOWD]LRQHDGHV/&HFFDUHOOL3URVRGLDHPHWULFD
ODWLQDFODVVLFDFRQFHQQLGLPHWULFDJUHFD6RF(GLWULFH'DQWH$OLJKLHUL
&LWWjGL&DVWHOOR
0RGDOLWjGLDVVHJQD]LRQHGHOODWHVLGLODXUHD
*OLVWXGHQWLLQWHUHVVDWLVRQRSUHJDWLGLFRQFRUGDUHFROGRFHQWHXQSLDQRGLVWX
GLRDGHJXDWRDOO·DUJRPHQWRGHOODWHVL
/,1*8$ 63$*12/$ ,
0HGLD]LRQHOLQJXLVWLFD
'RFHQWH-0$UFHOXV8OLEDUUHQD
0RGXORGLRUH
$UJRPHQWRGHOFRUVR
/LQJXHSDUODWHLQ6SDJQD,OFDVWLJOLDQRRVSDJQRORLOFDWDODQRLOJDOOHJRHO·
HXVNHUDRHXVNDUD
/RVSDJQRORVHFRQGDOLQJXDLQWHUQD]LRQDOH>JOP@
/RVSDJQRORGL$PHULFDYDULDQWL/RVSDJQRORQHJOL6WDWL8QLWL
/D6SDJQD)LHVWDVWUDGLFLRQHV\FRVWXPEUHV
$OIRQVR;GHWWR´LOVDJJLRµ
,UHFDWWROLFL
/DVFRSHUWDGHOO·$PHULFD$PHULFDSUHFRORPELQD,QGLJHQLVPRVGHOODOLQJXD
VSDJQROD
*OL$XVWULDVLQ6SDJQD>@
%LEOLRJUDILD
² 03HOOLWHUR%-DXPH&%ODQFR(VSDxROOHQJXD\FXOWXUD=DQLFKHOOL
%RORJQDVXQLWj
² )0DLOOR6DOJDGR/RVDUDELVPRVGHOFDVWHOODQRHQOD%DMD(GDG0HGLD
HG8QLYHUVLWjGL6DODPDQFD6DODPDQFD
² 09&DOYL13URYRVWH$PLJRVLQFHUR&XUVRGH(VSDxROSDUDLWDOLDQRV
=DQLFKHOOL%RORJQD
² 0&%RUGRQDED55RGUtJXH]%5RPHUR06iQFKH](VFULELU\DOJR
PiV'HODFRPSUHQVLyQRUDO\HVFULWDDODH[SUHVLyQRUDO\HVFULWD3DUDYLD
6FULSWRULXP7RULQR
3URJUDPPLGHL&RUVL
² $5RMR6DVWUH%HVFKHUHOOH(ODUWHGHFRQMXJDUHQHVSDxRO+DWLHU3DULV
V
7HVWLGDWUDGXUUH
%DxRV 9DOOHMR )HUQDQGR /D KDJLRJUDItD FRPR JpQHUR OLWHUDULR HQ OD (GDG
0HGLD7LSRORJtDGHGRFH´9LGDVµLQGLYLGXDOHVFDVWHOODQDV'HSDUWDPHQWRGH
)LORORJtD(VSDxROD2YLHGR
'L]LRQDUL
,OQXRYR9R['L]LRQDULR6SDJQROR,WDOLDQR,WDOLDQR6SDJQRORGL6HFXQGt
6DxpH*LRYDQQD6FKHSLVL=DQLFKHOOL%LEORJUDIS>/@
2OWUHOHPPLHORFX]LRQLQHRORJLVPLWHFQLFLVPLWHUPLQLGLXVRFRO
ORTXLDOHHJHUJDOHHVSUHVVLRQLLGLRPDWLFKHHIUDVLHVHPSOLILFDWLYHWUDVFUL
]LRQHIRQHPDWLFDVHFRQGRLVLPEROLGHOO·$VVRFLD]LRQH)RQHWLFD,QWHUQD]LR
QDOHDQFKHLOPRQROLQJXH
SDJLQHVXLQWHUQHW
KWWSZZZHOHPDGULGFRP Æ 7DEOHRI&RQWHQWVÆ
/
HDUQLQJ6SDQLVK /HDUQLQJ6SDQLVKIRUIUHH E\HPDLO
IRUIUHH &RQMXJDWH6SDQLVKYHUEVRQOLQH DQDXWRPDWHGYHUEFRQMXJDWRU
ZKHUHYHU\RXDUH 6SDQLVKGLFWLRQDU\ PXOWLOLQJXDOELGLUHFWLRQDO
KWWSUREOHSQWLFPHFHVaPVDQWRRUWRJUDILD
(MHUFLFLRVGHRUWRJUDItD\GLFWDGRV
KWWSZZZHVFXHODYLUWXDORUJP[SDJLQDVVDORQKWP
(QODFHVDSiJLQDVGH2UWRJUDItD\*UDPiWLFD
KWWSZZZVSDQLVKHPEDVV\RUJXN
7HFODDUFKLYRGHWH[WRVHOHFWUyQLFRV$FWLYLGDGHV\VROXFLRQHV
KWWSZZZXPHVaGLOHQJXDHGXOHQJXDKWPO
(QODFHVDVLWLRVGH/HQJXD
KWWSZZZFODULQFRPHOFOXEKWPOEXVTXHGDKWP
&HQWURGHH[SORUDFLRQHVSDUDWRGRVORVSDtVHV
&RUUHRHOHFWUyQLFRHQHVSDxROSDUDMyYHQHV
3URJUDPPLGHL&RUVL
KWWSZZZQDOHMDQGULDFRPDUDPLJRVKWP
&RUUHRHOHFWUyQLFRHQHVSDxRO
,QIRUPD]LRQLJHQHUDOL
,O&RUVRLQWHQGHRIIULUHLOVHUYL]LRGLDXWRDSSUHQGLPHQWRDVVLVWLWRGDXQWXWRU
SRVVLELOPHQWHFRQVRIWZDUHPXOWLPHGLDOHYLVLRQH'9'VDWHOOLWH,QWHUQHWLQ
JUXSSLULGRWWLPD[GLSHUVRQHQRQFKpOHHVHUFLWD]LRQLDFDULFRGHOFRO
ODERUDWRUHGLGDWWLFRGRWW0DULR%HQYHQXWR
ËSUHYLVWRO·XWLOL]]RGLXQ/DERUDWRULROLQJXLVWLFR
ËQHFHVVDULDODSUHLVFUL]LRQHDLFRUVLFRQWDWWDUHLOUHVSRQVDELOHGHOFRUVR
/,1*8$ 63$*12/$ ,,H,,,
0HGLD]LRQHOLQJXLVWLFD
'RFHQWH(PDQXHOD-RVVD
,9 SHULRGR
&)8
$UJRPHQWRGHOFRUVR
3UHVXSSRVWLWHRULFLGHOODWUDGX]LRQH
3URVSHWWLYHWHRULFKHHSUDWLFKH
,OGLEDWWLWRVXOODWUDGXFLELOLWjHO·LQGHWHUPLQDWH]]DGHOOHOLQJXH
/DWUDGX]LRQHOHWWHUDULD/DWUDGX]LRQHSRHWLFD
5LWUDGX]LRQLGDOODWHRULDDOO·DQDOLVLGLWHVWLSRHWLFL1HUXGDH*DUFtD/RUFD
$OODVH]LRQHWHRULFDqDIILDQFDWDXQDVH]LRQHSUDWLFD
/,1*8,67,&$$33/,&$7$
0XWXD GD /LQJXLVWLFD JHQHUDOH GHO &RUVR GL /DXUHD LQ /LQJXH H &XOWXUH
0RGHUQH
/,1*8,67,&$ *(1(5$/(
/LQJXLVWLFD0HGLD]LRQHOLQJXLVWLFD
'RFHQWH-RKQ7UXPSHU
,,,,,,H,9 SHULRGR
/LQJXLVWLFD,
,PRGXOR,SHULRGR ,DQQR &)8RUH
3URJUDPPLGHL&RUVL
² ,QWURGX]LRQHDOODOLQJXLVWLFD
² QR]LRQL GL EDVH OLQJXD OLQJXDJJLR IDFROWj GL OLQJXDJJLR FRGLFL OLQJXH
VWRULFRQDWXUDOL
² ODJUDPPDWLFDSUHVFUL]LRQHGHVFUL]LRQHUHJROH
7HVWLGLULIHULPHQWR
*%HUUXWR&RUVRHOHPHQWDUHGL/LQJXLVWLFDJHQHUDOH87(77RULQR
*/HSVN\/H]LRQLGLOLQJXLVWLFD(LQDXGL7RULQR
**UDIIL6LQWDVVLLO0XOLQR%RORJQDSULPLGXHFDSLWROL
66FDOLVH0RUIRORJLDLO0XOLQR%RORJQDSDJJ
6DUDQQRLQROWUHVHJQDODWHDOWUHOHWWXUHXWLOLGXUDQWHLOFRUVR
/LQJXLVWLFD,,
,PRGXOR,,,SHULRGR,,DQQR&)8RUH
² OLQJXLVWLFDVWRULFDVWRULDGHOODOLQJXLVWLFDVWRULDGHJOLDOIDEHWL
5LIHULPHQWL
*&DUGRQD6WRULDXQLYHUVDOHGHOODVFULWWXUD
:+/HKPDQ0DQXDOHGLOLQJXLVWLFDVWRULFD,O0XOLQR
3URJUDPPLGHL&RUVL
/,1*8,67,&$ *(1(5$/(
'RFHQWH&ULVWLQD3,9$
,,,H,9 SHULRGR
3HU VWXGHQWLGHOFRUVRGLODXUHDLQ)LORVRILHHVFLHQ]HGHOODFRPXQLFD]LRQHH
GHOODFRQRVFHQ]D
0RGXORGLRUH&)8
$UJRPHQWRGHOFRUVR
0RGHOOLHFDWHJRULHSHUO·DQDOLVLGHOOLQJXDJJLRHGHOOHOLQJXHVWRULFRQDWXUDOL
,O PRGXOR LQWURGXUUj OH SULQFLSDOL WHPDWLFKH DIIURQWDWH GDO YHQWDJOLR ² DVVDL
DPSLRHWHRULFDPHQWHYDULHJDWR²GLGLVFLSOLQHFODVVLILFDELOLMDNREVRQLDQDPHQ
WHFRPH´VFLHQ]HGHOOLQJXDJJLRµ
4XHVWDYDULHWjWHRULFDYHUUjSUHVHQWDWDDWWUDYHUVRXQLQVLHPHGLSDUROHFKLDYH
FKHUDSSUHVHQWDQRDOFRQWHPSROHSULQFLSDOLDFTXLVL]LRQLGHOOHGLVFLSOLQHOLQ
JXLVWLFKHHOHFDWHJRULHDWWUDYHUVROHTXDOLDWWXDOPHQWHVLDIIURQWDODGHVFUL]LRQH
GHLIHQRPHQLOLQJXLVWLFL
3DUWHJHQHUDOH RUH
/LQJXDOLQJXDJJLRFRPXQLFD]LRQH
&KHFRVDYXROGLUH´FRQRVFHUHXQDOLQJXDµ"&RPSHWHQ]DOLQJXLVWLFDHFDSD
FLWjG·XVR
,OVHJQROLQJXLVWLFRVLJQLILFDQWHHVLJQLILFDWRDUELWUDULHWj
5HOD]LRQLSDUDGLJPDWLFKHHUHOD]LRQLVLQWDJPDWLFKH
/DWUDVPLVVLRQHGHOVLJQLILFDWR6LJQLILFDWROHVVLFDOHVLJQLILFDWRJUDPPDWL
FDOH
/DVWUXWWXUDPRUIRORJLFDPRUIRORJLDIOHVVLRQDOHHPRUIRORJLDGHULYDWLYD
/DFODVVLILFD]LRQHGHJOLHOHPHQWLOLQJXLVWLFLFODVVLHFDWHJRULHJUDPPDWLFDOL
/·HQXQFLDWRVWUXWWXUDVLQWDJPDWLFDHVWUXWWXUDORJLFRIXQ]LRQDOH
,OWHVWRHODGLPHQVLRQHSUDJPDWLFD
3DUWHDSSOLFDWLYD RUH
/HTXHVWLRQLDIIURQWDWHQHOODSDUWHWHRULFDVDUDQQRRJJHWWRGLULIOHVVLRQHHGL
DSSURIRQGLPHQWR
D DWWUDYHUVRODGLVFXVVLRQHGLWHVWLSDUWLFRODUPHQWHVLJQLILFDWLYLQHOODVWRULD
GHOODOLQJXLVWLFD
3URJUDPPLGHL&RUVL
E DWWUDYHUVRHVHPSLFRQFUHWLGLDQDOLVLOLQJXLVWLFD
%LEOLRJUDILD
*%HUUXWR&RUVRHOHPHQWDUHGLOLQJXLVWLFDJHQHUDOH87(77RULQR
)&DVDGHL%UHYHGL]LRQDULRGLOLQJXLVWLFD&DURFFL5RPD
56LPRQH)RQGDPHQWLGLOLQJXLVWLFD/DWHU]D5RPD%DULFDSS
/2*,&$
'RFHQWH*LRYDQQL*LDQQROL
,,,SHULRGR
%LEOLRJUDILD
0&RSL/&RKHQ,QWURGX]LRQHDOODORJLFD,O0XOLQR%RORJQD/HJ
JHUHSSVWXGLDUHSS
$UJRPHQWLDFXLSUHVWDUHSDUWLFRODUHDWWHQ]LRQHVRQR
/HIDOODFLHFDSS9,9,,,;'
$UJRPHQWLVLOORJLVWLFLQHOOLQJXDJJLRRUGLQDULRFDS,;
$UJRPHQWLFRQGL]LRQDOLQHOOLQJXDJJLRRUGLQDULRFDS;
'LPRVWUD]LRQLGLYDOLGLWjHLQYDOLGLWjFDS;,
7HRULDGHOODTXDQWLILFD]LRQHFDSS9,,H;,,
,OPDQXDOHGDWDODVXDULFFKH]]DGLHVHUFL]LFRVWLWXLVFHXQRVWUXPHQWRDGDWWR
SHUDXWRDSSUHQGLPHQWR*OLVWXGHQWLODYRUDWRULGRYUDQQRIDUHWXWWLJOLHVHUFL]L
GHOOHSDUWLLQGLFDWH6XOSRUWDOHGHOFRUVRYLqODWUDFFLDGHOOHOH]LRQLHDGHVVR
VLSXzULFRUUHUHSHUXOWHULRULFRQVXOWD]LRQL
0(72',(7(&1,&+(',352'8=,21(9,'(2
'RFHQWH*LDQIUDQFR&RQIHVVRUH
,,H,,,SHULRGR
3URJUDPPLGHL&RUVL
&)8
,,SHULRGR,PRGXORRUHSURSHGHXWLFR
,O6HJQDOH$QDORJLFR)RUPDWLGHOVHJQDOH6LVWHPDGLLQJUHVVLHXVFLWH)UH
TXHQ]D GHO VHJQDOH H ULVROX]LRQH GL LPPDJLQL %DVL GHOOD WHFQLFD WHOHYLVLYD
1XPHURGLTXDGUL5DSSRUWRVHJQDOHUXPRUH,OQDVWURYLGHR/HFODVVLGLTXD
OLWj*OLVWDQGDUGWHOHYLVLYL
/DFRPSUHVVLRQH(VLJHQ]HHLPSLHJRGHOODFRPSUHVVLRQH3ULQFLSLGLFRQYHU
VLRQH*OLVWDQGDUG/DFRPSUHVVLRQHDXGLR
(GLWLQJ9LGHR(GLWLQJOLQHDUH(GLWLQJQRQOLQHDUH6WD]LRQLGL(GLWLQJ'LJLWD
OL$FTXLVL]LRQHGHOOHFOLS'LVSRVL]LRQHGLFOLSVXOOD7LPHOLQH(GLWLQJGLXQD
FOLSGDOOD7LPHOLQH5HJROD]LRQHGHOOHXQLWjGLWHPSR(GLWLQJGHOOHFOLSGDOOD
ILQHVWUD 3URMHFW &UHD]LRQH H YLVXDOL]]D]LRQH GHOOH WUDQVL]LRQL 3UHSDUD]LRQH
SHUO·HGLWLQJQRQOLQHDUHGHOO·DXGLR3UHGLVSRVL]LRQHGHOODPXVLFD$JJLXQWDGL
XQYLGHRDOVXRQR$JJLXQWDGLQDUUD]LRQHDGXQYLGHR$OOXQJDPHQWRGLXQ
YLGHR SHU FRSULUH O·DXGLR 'LVVROYHQ]D H GLVVROYHQ]D LQFURFLDWD GL VXRQL
6RYUDSSRVL]LRQH$JJLXQWDGLPRYLPHQWR$SSOLFD]LRQLGLILOWULYLGHRHDXGLR
,,,SHULRGR,,PRGXORRUH
&RPSRVLWLQJ9LGHRH6SHFLDO);3UHSDUDUHXQDFRPSRVL]LRQH/DWLPHOLQHH
LOUHQGHULQJ$XGLRFRPSRVLWLQJ3UHSDUDUHOHLPPDJLQL6IRFDWXUDHFRQWUDVWR
&DQDOLHFKLDYL(IIHWWLGLGLVWRUVLRQH5HJROD]LRQHFRQWUROORGHOOHLPPDJLQLH
SURVSHWWLYD 6WLOL]]D]LRQH H UHQGHULQJ7HVWR H WHPSR$GYDQFHG NH\LQJ DQG
PDWWHWRROV
%LEOLRJUDILD
&DUOR6RODULQR9LGHRSURGX]LRQHGLJLWDOH9HUWLFDO(GLWULFH0LODQR
*LXOLHWWD)DUD$QGUHD5RPHR9LWDGD3L[HO HIIHWWLVSHFLDOLHDQLPD]LRQHGLJL
WDOH(GLWULFHLO&DVWRUR0LODQR
7KRPDV ' %XUURZV /\QQH 6 *URVV 'RQDOG 1:RRG )DUH OD WHOHYLVLRQH
2JJL7HFQLFKHHSURGX]LRQH/XSHWWL0LODQR
0DUFR'LQRL*LUDUHLQ'LJLWDOH,VWUX]LRQLSHUO·XVRGHOODQXRYDWHFQRORJLD
'LQR$XGLQR(GLWRUH5RPD
0DUWLQ'RXFHWWH9LGHRGLJLWDOHIRU'XPPLHV$SRJHR0LODQR
3URJUDPPLGHL&RUVL
/H]LRQLWLSR
2JQLOH]LRQHVDUjFRVuVWUXWWXUDWD
6WXGLRWHRULFRGHOVHJQDOHYLGHRFRQVSLHJD]LRQHDOODODYDJQD
3URLH]LRQHGL1DVWURR'9'YLGHRVXJOLHIIHWWLVSHFLDOLHPDNLQJRI GHOOHSL
LPSRUWDQWLSURGX]LRQLLQWHUQD]LRQDOL
$QDOLVLHVSLHJD]LRQHGHOOHSURLH]LRQLHGHOOHWHFQLFKHUHDOL]]DWLYHDGRWWDWH
6WXGLRHVSLHJD]LRQHWUDPLWH3&GLDOFXQLVRIWZDUHXWLOL]]DWLQHOOHSURGX]LRQL
YLGHRSLLPSRUWDQWL$QDOLVLHGHVHPSOLILFD]LRQHGHOOHWHFQLFKHGLHGLWLQJH
FRPSRVLWLQJGLJLWDOH
/H]LRQL6SHULPHQWDOL
6DUDQQR HIIHWWXDWH GHOOH OH]LRQL GLEDWWLWR YROWH D VWLPRODUH LO ULFRQRVFLPHQWR
GHOOHWHFQLFKHGLVSHFLDO);'RSRODSURLH]LRQHGLDOFXQLVSH]]RQLYLGHRJOL
VWXGHQWLVDUDQQRLQYLWDWLDGLQGLYLGXDUHOHWHFQLFKHXWLOL]]DWHSHUODUHDOL]]D]LR
QHGHJOLVWHVVL
6DUDQQRPHVVHLQSUDWLFDGHOOHOH]LRQLPDNLQJ SHUVSHULPHQWDUHVXOFDPSRDOFXQL
FRQFHWWL,QSDUWLFRODUHYHUUDQQRDOOHVWLWLGHLVHPSOLFLVHWGLULSUHVDFRQO·LGHQWLIL
FD]LRQHWUDJOLVWXGHQWLGLXQGLUHWWRUHGLIRWRJUDILDXQUHJLVWDXQRSHUDWRUHGL
ULSUHVDHXQVXSHUYLVRU DJOLHIIHWWLVSHFLDOL9HUUDQQRUHDOL]]DWLDOFXQLJLUDWLFKH
RSSRUWXQDPHQWHGLJLWDOL]]DWLVDUDQQRXWLOL]]DWLQHOSXQWRGHOOHOH]LRQLWLSR
0(72'2/2*,$ '(//(6&,(1=(62&,$/,
'RFHQWH)DEUL]LR3DORPEL
,H,,SHULRGR
,DQQR,SHULRGR
,OPRGXORVLDUWLFRODLQXQDSULPDSDUWHLVWLWX]LRQDOHVHJXLWDGDXQDVHFRQGD
DSSOLFDWLYDSHUXQWRWDOHGLRUH
$UJRPHQWRGHOFRUVR
,QWURGX]LRQHDOO·HSLVWHPRORJLDLOSUREOHPDGHOOHULYROX]LRQLVFLHQWLILFKH
0HWRGRORJLDHGHSLVWHPRORJLDVLVRQRVSHVVRSUHVHQWDWHFRPHPRGLGLYHUVLSHU
DIIURQWDUHXQJUDSSRORGLTXHVWLRQLFRPXQLULJXDUGDQWLODQDWXUDGHOODVFLHQ]DH
3URJUDPPLGHL&RUVL
LOPXWDUHGHLVXRLFRQILQL7UDTXHVWHSRVVLHGHSDUWLFRODUHLPSRUWDQ]DQHOFRQ
IURQWRWUDODVWRULRJUDILDFKHSULYLOHJLDOHGLVFRQWLQXLWjHTXHOODFKHYDORUL]]DOH
WUDQVL]LRQLGLOXQJRSHULRGRLOSUREOHPDGHOOHULYROX]LRQLVFLHQWLILFKH,OFRUVR
LQWHQGH XVDUH TXHVWD SUREOHPDWLFD FRPH SXQWR GL ULIHULPHQWR SHU DIIURQWDUH
DOFXQLWUDGL]LRQDOLSUREOHPLGHOODWHRULDGHOODFRQRVFHQ]DHSHULQWURGXUUHOH
SULQFLSDOLFRUUHQWLHSLVWHPRORJLFKHGHOSHQVLHURPRGHUQRHFRQWHPSRUDQHR/D
VHFRQGD SDUWH GHO FRUVR VDUj GHGLFDWD DOO·DQDOLVL GHOOD UD]LRQDOLWj PRGHUQD
GHOOHVXHSURVSHWWLYHHGHLVXRLSXQWLFLHFKLFKHOHJDQRLQVLHPHDVSHWWLFRJQLWL
YLHVRFLDOLSHUJLXQJHUHDOODGLVDPLQDGLXQFODVVLFRGHOO·HSLVWHPRORJLDFRQ
WHPSRUDQHD /D VWUXWWXUD GHOOH ULYROX]LRQL VFLHQWLILFKH GL .XKQ FROORFDWR DO
FRQILQH WUD HSLVWHPRORJLD VWRULD H VRFLRORJLD GHOOD VFLHQ]D 4XHVWD VHFRQGD
SDUWHGHOFRUVRGHGLFKHUjSDUWLFRODUHDWWHQ]LRQHDOFRQFHWWRGLSDUDGLJPDFKH
FRUUHODVWUHWWDPHQWHDVSHWWLOLQJXLVWLFLHFRJQLWLYL
%LEOLRJUDILD
/RVHH-)LORVRILDGHOODVFLHQ]DLO6DJJLDWRUH0LODQRSS
%RQLFDO]L)DFXUDGL/DUDJLRQHFLHFD-DFD%RRN0LODQRSS
.XKQ 7 6 /D VWUXWWXUD GHOOH ULYROX]LRQL VFLHQWLILFKH (LQDXGL
7RULQR
*OLVWXGHQWLQRQIUHTXHQWDQWLGHYRQRREEOLJDWRULDPHQWHFRPSOHWDUHODORURSUH
SDUD]LRQHFRQULIHULPHQWRDLWHVWLVRSUDHOHQFDWLQHOVHJXHQWHPRGR
SS
SS
,OFRUVRGHYHHVVHUHVHJXLWRGDJOLVWXGHQWLGHO,DQQRGL6FLHQ]HGHOODFRPXQL
FD]LRQHHSXzHVVHUHVHJXLWRGDJOLVWXGHQWLGHO,DQQRGL)LORVRILD1XRYRRUGL
QDPHQWR*OLVWXGHQWLGHOYHFFKLRRUGLQDPHQWRGL)LORVRILDFKHLQWHQGRQRIUH
TXHQWDUHLOFRUVRGRYUDQQRDQFKHVHJXLUHLOPRGXORFKHVLWLHQHQHOVHFRQGR
SHULRGR
,,DQQR,,SHULRGR
,OPRGXORVLDUWLFRODLQXQDSULPDSDUWHLVWLWX]LRQDOHVHJXLWDGDXQDVHFRQGD
DSSOLFDWLYDSHUXQWRWDOHGLRUH
$UJRPHQWRGHOFRUVR
6FLHQ]DGHOODVWRULDHVWRULDGHOODVFLHQ]D
/DULIOHVVLRQHVXOPHWRGRVLqVWRULFDPHQWHFDUDWWHUL]]DWDFRPHDQDOLVLILORVRIL
3URJUDPPLGHL&RUVL
FD GHL WUDWWL GLVWLQWLYL GHOOD VFLHQ]D GLIIHUHQ]LDQGROD GDOOH DOWUH EUDQFKH GHO
VDSHUHXPDQRPDDQFKHFRPHDQDOLVLGHJOLDVSHWWLFDUDWWHULVWLFLGHOOHVSHFLIL
FKHGLVFLSOLQHVFLHQWLILFKH,OFRUVRLQWHQGHLQWHUURJDUHTXHVWRGXSOLFHDVSHWWR
GHOOD PHWRGRORJLD FRQ SDUWLFRODUH ULIHULPHQWR DOOH VFLHQ]H VWRULFKH H VRFLDOL
9HUUjSUHOLPLQDUPHQWHHVDPLQDWRLOSUREOHPDGHOODVFLHQWLILFLWjFRQXQVLQWHWL
FRH[FXUVXV GHOOHSULQFLSDOLFRUUHQWLHSLVWHPRORJLFKHGHO;,;H;;VHFRORLQ
UHOD]LRQHDOOHVFLHQ]HGHOODQDWXUDDOODGLVWLQ]LRQHWUDRVVHUYD]LRQHHLQWHUSUH
WD]LRQHHDLORURFRUUHODWLFRJQLWLYLHOLQJXLVWLFL,QVHJXLWRVDUjLQGDJDWDODVSH
FLILFLWjGHOOHVFLHQ]HVRFLDOLQHOFRQWHVWRILORVRILFRVXOODEDVHGHOODGLFRWRPLD
WUDVSLHJD]LRQHHFRPSUHQVLRQHFRPHVLqVWRULFDPHQWHGHWHUPLQDWDDSDUWLUH
GDOFRQIURQWRWUD'LOWKH\H:LQGHOEDQG
/DVHFRQGDSDUWHGHOFRUVRDIIURQWHUjLOSUREOHPDGHOODVFLHQ]DVWRULFDDSDUWLUH
GDXQDOHWWXUDVLQWRPDWLFDGLXQWHVWRGL1LHW]VFKHFKHHYLGHQ]LHUjDOFXQLHOH
PHQWLIRQGDPHQWDOLTXDOLODWHQVLRQHWUDPHPRULDHREOLRODWHPSRUDOLWjHLO
UDFFRQWRTXHVWRDSSURFFLRFRQVHQWLUjGLFRUUHODUHODQDUUD]LRQHVWRULFDDTXHO
ODJLRUQDOLVWLFDHOHWWHUDULDPDDQFKHGLULFRPSUHQGHUHLSUREOHPLHSLVWHPROR
JLFLGDFXLVLHUDQRSUHVHOHPRVVHQHOODSURVSHWWLYDGHOODVWRULDGHOODVFLHQ]D
%LEOLRJUDILD
/RVHH-)LORVRILDGHOODVFLHQ]DLO6DJJLDWRUH0LODQRSS
3RQLDQ N &KH FRV·q OD VWRULD %UXQR 0RQGDGRUL 0LODQR
SS
%RUXWWLV)LORVRILDGHOOHVFLHQ]HXPDQH%UXQR0RQGDWRUL0LOD
QRSS
1LHW]VFKH)6XOO·XWLOLWjHLOGDQQRGHOODVWRULDSHUODYLWD$GHOSKL
0LODQR
*OLVWXGHQWLQRQIUHTXHQWDQWLGHYRQRREEOLJDWRULDPHQWHFRPSOHWDUHODORURSUH
SDUD]LRQHFRQULIHULPHQWRDLWHVWLVRSUDHOHQFDWLQHOVHJXHQWHPRGR
SS
SS
*OLVWXGHQWLGHOYHFFKLRRUGLQDPHQWRGL)LORVRILDFKHLQWHQGRQRIUHTXHQWDUHLO
FRUVRGRYUDQQRDQFKHVHJXLUHLOPRGXORFKHVLWLHQHQHOSULPRSHULRGR,OFRUVR
SXzHVVHUHVHJXLWRGDJOLVWXGHQWLGHO DQQRGL)LORVRILD1XRYRRUGLQDPHQ
WRSHUJOLVWXGHQWLGHO DQQRGL)LORVRILHH6FLHQ]HGHOOD&RPXQLFD]LRQHH
GHOOD&RQRVFHQ]DLO,PRGXORVLFKLDPHUj´7HRULDGHLVDSHULILORVRILFLHVFLHQWL
ILFLµPXWXDWRGD´0HWRGRORJLDGHOOH6FLHQ]H6RFLDOLµ
3URJUDPPLGHL&RUVL
0(72'2/2*,$ (&5,7,&$ '(//263(77$&2/2
'RFHQWH) 'HULX
,,,H,9 SHULRGR
,PRGXOR,,,SHULRGR&)8
6WUXWWXUHHWLSRORJLHGHOORVSHWWDFRORWHDWURFLQHPDSHUIRUPDQFH
$ SDUWLUHGDXQDULFRJQL]LRQHFULWLFDGHOODVWHVVDQR]LRQHGL´VSHWWDFRORµ²GDOOD
TXDOHHPHUJHLQSULPDLVWDQ]DODQHFHVVLWjGLXQDGLVWLQ]LRQHPHWRGRORJLFDSUH
OLPLQDUHIUDVSHWWDFROR´GDOYLYRµHVSHWWDFROR´WHFQRORJLFDPHQWHULSURGRWWRµ
²VLJLXQJHUjDOOD´WHRULDGHOODSHUIRUPDQFHµSURSRVWDWHRULFDGHOUHJLVWDHVWX
GLRVR DPHULFDQR 5LFKDUG 6FKHFKQHU L FXL VDJJL SUHVHQWDQR XQ DSSURFFLR ´D
VSHWWUR DPSLRµ GD XQ ODWR OR VWXGLR GHOOH SHUIRUPDQFH ´HVWHWLFKHµ WHDWUR
GDQ]DHDOWUH´IRUPHG·DUWHµFRPHXQJHQHUHGLLQWHUD]LRQHVRFLDOHGDOO·DOWUR
O·RVVHUYD]LRQH GHO FRPSRUWDPHQWR XPDQR VRFLDOH H LQGLYLGXDOH FRPH XQ
JHQHUHGLSHUIRUPDQFH
%LEOLRJUDILD
2SHUHHYHQWL IOXVVLHVFULWWXUHGLVSHQVHGHOFRUVRSUHVVR=HWD(GLWULFH
56FKHFKQHU/DWHRULDGHOODSHUIRUPDQFH %XO]RQL5RPD
56FKHFKQHU0DJQLWXGLQLGHOODSHUIRUPDQFH%XO]RQL5RPD
%LEOLRJUDILD
/DELEOLRJUDILDUHODWLYDDTXHVWRPRGXORYHUUjFRPXQLFDWDGDOGRFHQWHDOO·LQL
]LRGHOFRUVR
3URJUDPPLGHL&RUVL
9HFFKLRRUGLQDPHQWR
,OFRUVRqFRPSRVWRGDXQFLFORXQLFRGLOH]LRQLSHUXQWRWDOHGLRUH
$UJRPHQWRGHOFRUVR
/DULFHUFDDUFKHRORJLFDGDWLDQDOLVLLQWHUSUHWD]LRQHHUDFFRQWR
%LEOLRJUDILD
2OWUHDOODELEOLRJUDILDFKHYHUUjLQGLFDWDGLYROWDLQYROWDGXUDQWHOHOH]LRQLq
ULFKLHVWDODFRQRVFHQ]DGHLVHJXHQWLWHVWL
SULPDDQQXDOLWjQQGHOODELEOLRJUDILDVHJXHQWH
VHFRQGDDQQXDOLWjQQGHOODELEOLRJUDILDVHJXHQWH
3K%DUNHU7HFQLFKHGHOORVFDYRDUFKHRORJLFR0LODQR
(&+DUULV3ULQFLSLGLVWUDWLJUDILDDUFKHRORJLFD5RPD
$&DUDQGLQL6WRULHGHOODWHUUDDHGL]LRQH7RULQR
)&DPEL17HUUHQDWR,QWURGX]LRQHDOO·DUFKHRORJLDGHLSDHVDJJL5RPD
$&DUDQGLQLDFXUDGL6HWWHILQHVWUH8QDYLOODVFKLDYLVWLFDQHOO·(WUXULD
5RPDQD0RGHQD
$&DUDQGLQL3&DUDIDDFXUDGL3DODWLXPH6DFUD9LD%ROOHWWLQRGL
$UFKHRORJLD
1XRYRRUGLQDPHQWR,,SHULRGR
,OFRUVRqFRPSRVWRGDXQPRGXORGLRUH&)8HGDDOWUHRUHGLOH]LRQH
IURQWDOH&)8GDVYROJHUHLQDXODRLQODERUDWRULRRVXVLWLHRPRQXPHQWLGL
HWjVWRULFD
$UJRPHQWRGHOFRUVR
$WWUDYHUVRHVHPSLFRQFUHWLHGHVHUFLWD]LRQLSUDWLFKHLOFRUVRLOOXVWUHUjLOSHU
FRUVR VFLHQWLILFR GL ULFHUFD GDOO·DQDOLVL GHL GLYHUVL FRQWHVWL DUFKHRORJLFL DOOH
SURSRVWHGLLQWHUSUHWD]LRQH
%LEOLRJUDILD
2OWUHODELEOLRJUDILDFKHYHUUjFRPXQLFDWDQHOFRUVRGHOOHOH]LRQLqULFKLHVWDOD
OHWWXUDGLXQDVHOH]LRQHGDFRQFRUGDUHGLDOPHQRWUHGHLVHJXHQWLWHVWL
3URJUDPPLGHL&RUVL
3K%DUNHU7HFQLFKHGHOORVFDYRDUFKHRORJLFR0LODQR
(&+DUULV3ULQFLSLGLVWUDWLJUDILDDUFKHRORJLFD5RPD
$&DUDQGLQL6WRULHGHOODWHUUDDHGL]LRQH7RULQR
) &DPEL 1 7HUUHQDWR ,QWURGX]LRQH DOO·DUFKHRORJLD GHL SDHVDJJL 5RPD
&5HQIUHZ3%DKQ$UFKHRORJLD7HRULHPHWRGLSUDWLFDHGLWDOLDQD%ROR
JQD
- 0DOLQD = 9DáVIáFHN $UFKHRORJLD 6WRULD SUREOHPL H PHWRGL HG LWDOLDQD
0LODQR
0(72'2/2*,(3(5/$ 5,&(5&$ 6725,&2$57,67,&$
'RFHQWH/XLJL6SH]]DIHUUR
,SHULRGR
0XWXDGD6WRULDGHOO·DUWHPRGHUQD
086(2/2*,$ (6725,$ '(/ &2//(=,21,602
'RFHQWH5DIIDHOOD0RUVHOOL
,,,H,9 SHULRGR
0XWXDGD6WRULDFRPSDUDWDGHOO·DUWHGHL3DHVLHXURSHL
1(8526&,(1=(
'RFHQWH7L]LDQD=DOOD
,9 SHULRGR
,OSUHVHQWHFRUVRqVYROWRLQVLHPHDTXHOORGL´)LORVRILDHVFLHQ]HFRJQLWLYHµ
WHQXWR GDO SURI )UDQFHVFR )HUUHWWL YHGL SURJUDPPD /·HVDPH GHO YHFFKLR
RUGLQDPHQWRqVXERUGLQDWRDOODIUHTXHQ]DGLHQWUDPELLFRUVL
1HOO·DPELWRGHOGLEDWWLWRSLXJHQHUDOHGHOOHUHOD]LRQLWUDPHQWHHFHUYHOORLQ
TXHVWR PRGXOR YHUUDQR WUDWWDWL L WHPL GHOO·XQLWj H GHOOD PROWHSOLFLWj GHOOD
FRVFLHQ]DLQUHOD]LRQHDOOHWHRULHQHXURELRORJLFKHHDLGLVWXUELQHXURSVLFRORJL
FL H SVLFRSDWRORJLFL GHOOD FRVFLHQ]D ,Q SDUWLFRODUH YHUUDQQR SUHVHQWDWL H
GLVFXVVLDOFXQLFDVLQHXURORJLFLGLSD]LHQWLDIIHWWLGDDQRVRJQRVLDPDQFDQ]D
GHOOD FRQVDSHYROH]]D GHO SURSULR GHILFLW GD ´YLVLRQH FLHFDµ YLVLRQH VHQ]D
FRQVDSHYROH]]DHGLSD]LHQWLVSOLWEUDLQ FHUYHOOLGLYLVLLFXLHPLVIHULFHUH
3URJUDPPLGHL&RUVL
EUDOL ULVXOWDQR LQ FRQVHTXHQ]D GHOOD UHVH]LRQH GHO FRUSR FDOORVR IXQ]LRQDO
PHQWH LQGLSHQGHQWL , PRGHOOL HODERUDWL LQ DPELWR QHXURVFLHQWLILFR YHUUDQQR
PHVVLDFRQIURQWRFRQOHWHRULHHLFRQFHWWLIRUQLWLGDOODULIOHVVLRQHILORVRILFD
FRQ SDUWLFRODUH ULIHULPHQWR DO SUREOHPD GHOO·XQLWj GHOOD VRJJHWWLYLWj GHOOD
IHQRPHQRORJLDGHLSURFHVVLFRVFLHQWL
$UJRPHQWRGHOFRUVR
8QLWjHPROWHSOLFLWjGHOODFRVFLHQ]D,OSXQWRGLYLVWDGHOODQHXURSVLFRORJLDH
GHOODSVLFRSDWRORJLD
, 'HILQL]LRQH GHOOD FRVFLHQ]D &RVFLHQ]D FRPSXWD]LRQDOH H FRVFLHQ]D
IHQRPHQDOH
,, 7HRULHHEDVLQHXURQDOLGHOODFRVFLHQ]D,OGLEDWWLWRWHRULFRHLGDWLVSHUL
PHQWDOLDFRQIURQWR
,,, /DWHRULDPRGXODUHGHOODPHQWHHODFRVFLHQ]D
,9 /RVWXGLRGHOOHVLQGURPLQHXURSVLFRORJLFKHHGHOOHGLVVRFLD]LRQLGHOOD
FRVFLHQ]DOHDQRVRJQRVLHODYLVLRQHFLHFDHLFHUYHOOLGLYLVL
9 'LVVRFLD]LRQLGHOO·,RHSVLFRSDWRORJLDGHOODFRVFLHQ]D
9, 8QLWjHPROWHSOLFLWjGHOODFRVFLHQ]DDFRQIURQWRFRQLOSUREOHPDGHOO·X
QLFLWjGHOGHOO·HVSHULHQ]DVRJJHWWLYD
9,, /HFRQFH]LRQLILORVRILFKHGL-6HDUOH''HQQHWWH1%ORFK
9,,, &RVFLHQ]DHOLQJXDJJLR9HUVRXQDWHRULDHYROX]LRQLVWLFDGHLSURFHVVL
FRVFLHQWL
%LEOLRJUDILD
&&DWHQDFFLH7=DOOD´/DFRVFLHQ]DDOODOXFHGHOOHUHFHQWLDFTXLVL]LRQLQHX
URSVLFRORJLFKH H QHXURELRORJLFKHµ LQ$ &RWXJQR H % ,QWUHFFLDODJOL D
FXUDGL8QDVRODPROWLWXGLQH/DFRVFLHQ]DHLVXRLGLVWXUEL SS
0HOXVLQD(GLWULFH5RPD
&DSLWROR ´/D FRQVDSHYROH]]Dµ LQ /DGDYDV ( %HUWL $ 1HXURSVLFRORJLD ,O
0XOLQR%RORJQD
7=DOOD´&RVFLHQ]DVHQ]DOLQJXDJJLR8Q·LSRWHVLPRGXODUHGHLSURFHVVLVXSH
ULRULLQ&RJQL]LRQHHOLQJXDJJLRµDFXUDGL'*DPEDUDUD/D1XRYD,WD
OLD6FLHQWLILFDSS
3$/(2*5$),$ *5(&$
'RFHQWH$GHOH&RQFROLQR0DQFLQL
,,,H,9 SHULRGR
&RUVRLVWLWX]LRQDOH
6FULWWXUHOLEUDULHGDO,;DO;9 VHF
3URJUDPPLGHL&RUVL
&RUVRPRQRJUDILFR
/DPLQXVFRODGHLVHFROL;,,,H;,9/RVFULSWRULXPGL7HRGRUD5DXOHQD
%LEOLRJUDILD
/DSDOpRJUDSKLHJUHFTXHHWE\]DQWLQH3DULV
1*:LOVRQ)LORORJLEL]DQWLQLWUDGLW1DSROL
*3UDWR6WXGLGL3DOHRJUDILDJUHFD6SROHWR
3$/(2*5$),$ /$7,1$
'RFHQWH3LHWUR'H/HR
,,H,,,SHULRGR
,OFRUVRqDUWLFRODWRLQXQPRGXORGLVHVVDQWDTXDWWURRUH
,OSURJUDPPDSUHYHGH
$6WXGLRHGHYROX]LRQHGHOOHVFULWWXUHODWLQHGDOODFDSLWDOHDOODXPDQLVWLFD
%LEOLRJUDILD
*&HQFHWWL6WRULDGHOODVFULWWXUDODWLQD3DWURQ%RORJQD
*%DWWHOOL/H]LRQLGL3DOHRJUDILD&LWWjGHO9DWLFDQRULVWDQHOD
OHWWXUDGLXQRGHLVHJXHQWLYROXPLDVFHOWD
$ 3HWUXFFL /D GHVFUL]LRQH GHO PDQRVFULWWR 6WRULD SUREOHPL PRGHOOL /D
1XRYD,WDOLD)LUHQ]H
)7URQFDUHOOL/DFRPXQLFD]LRQHVFULWWD(GL]LRQL6FLHQWLILFKH1DSROL
*&DYDOOR/LEULHOHWWRULQHO0HGLRHYR/DWHU]D5RPD%DUL
3HULELHQQDOLVWL
%6WXGLRGHOODJHQHVLGHOOHIRUPHHGHOO·HYROX]LRQHGHOGRFXPHQWRSXEEOLFRH
SULYDWRLQHWjPHGLRHYDOH
7HVWLEDVH
$3UDWHVL*HQHVLHIRUPHGHOGRFXPHQWRPHGLRHYDOH5RPD
:-2QJ 2UDOLWjHVFULWWXUD,O0XOLQR%RORJQD
/)HEYUH+-0DUWLQ/DQDVFLWDGHOOLEUR/DWHU]D5RPD%DUL
/DELEOLRJUDILDVDUjDJJLRUQDWDDJOLLQL]LGHOOHOH]LRQL
3$/(2*5$),$ 086,&$/(
'RFHQWH$QQXQ]LDWR3XJOLHVH
,,,H,9 SHULRGR
3URJUDPPLGHL&RUVL
,OFRUVRVLDUWLFRODLQGXHPRGXOLGLWUHQWDGXHRUHFLDVFXQRSHUXQWRWDOHGLVHV
VDQWDTXDWWURRUHIURQWDOL
3HUUDJLRQLGLGDWWLFKHDIIURQWHUHPRSULPDLSUREOHPLGHOODQRWD]LRQHELDQFDH
SRLTXHOOLGHOODQRWD]LRQHQHUD
,PRGXOR ,,,SHULRGR
/DQRWD]LRQHELDQFDHOHHGL]LRQLPXVLFDOLGHO&LQTXHFHQWRHGHOSULPR6HLFHQ
WR
,O FRUVR VL SURSRQH GL DIIURQWDUH L SUREOHPL GHOOD QRWD]LRQH ELDQFD VLD QHOOH
IRQWLPDQRVFULWWHGHOODVHFRQGDPHWjGHO4XDWWURFHQWRHGHO&LQTXHFHQWRFKH
LQTXHOOHD6WDPSDGHO&LQTXHFHQWRHGHOSULPR6HLFHQWR
3HUTXDQWRULJXDUGDOHHGL]LRQLDVWDPSDVDUDQQRSUHVLLQHVDPHLQSDUWLFRODUHL
0DGULJDOLDXQDGXHWUHTXDWWURHFLQTXHYRFLFRQLO%DVVRFRQWLQXRQHFHV
VDULRDOODPDJJLRUSDUWHGLHVVLGL)UDQFHVFR3DVTXDOLFRVHQWLQR/LE7HU]RHW
2SHUD4XLQWD5RPD3DROR0DVRWWL
/H WUDVFUL]LRQL VDUDQQR UHDOL]]DWH LQ IXQ]LRQH GL XQD HYHQWXDOH HGL]LRQH
PRGHUQDFRQVWUXPHQWLHOHWWURQLFLXWLOL]]DQGRLOSURJUDPPD´)LQDOHµ
'XUDQWHLOFRUVRVDUDQQRRUJDQL]]DWLGHLVHPLQDULSUHVVRO·$UFKLYLRGL6WDWRGL
&RVHQ]D ULYROWL DOOD ULFHUFD GL QRWL]LH GL FDUDWWHUH ELRJUDILFR VXO PXVLFLVWD
FRVHQWLQR
%LEOLRJUDILD
:$SHO/DQRWD]LRQHGHOODPXVLFDSROLIRQLFDGDO;DO;9,,VHFRORHGL]LRQH
LWDOLDQDDFXUDGL3LHUR1HRQDWR6DQVRQL)LUHQ]HSS
$OWUDELEOLRJUDILDWUDWWDQGRVLGLXQDULFHUFDLQFRUVRVDUjLQGLFDWDGXUDQWHLO
FRUVR
%LEOLRJUDILD
:$SHO/DQRWD]LRQHGHOODPXVLFDSROLIRQLFDGDO;DO;9,,VHFRORHGLWDF
GL3LHUR1HRQDWR6DQVRQL)LUHQ]HSS
$OWUDELEOLRJUDILDHGLVSHQVHVDUDQQRGDWHGXUDQWHLOFRUVR
3URJUDPPLGHL&RUVL
*OLVWXGHQWLGHOQXRYRRUGLQDPHQWRFKHKDQQRQHOSLDQRGLVWXGLVRORTXDWWUR
&)8GHYRQRVHJXLUHVRORLO,,PRGXOR
*OL VWXGHQWL GHO YHFFKLR RUGLQDPHQWR VRQR REEOLJDWL D VHJXLUH HQWUDPEL L
PRGXOL
3$3,52/2*,$
'RFHQWH0DWLOGH)HUUDULR
,H,,SHULRGR
3DUWHLVWLWX]LRQDOH
6YROJLPHQWRGHLVHJXHQWLDUJRPHQWLGHILQL]LRQHHRJJHWWRGHOODSDSLURORJLDL
SDSLULHODOHWWHUDWXUDJUHFDIDEEULFD]LRQHGHOODFDUWDGLSDSLURHVXDGLIIXVLRQH
QHOEDFLQRGHO0HGLWHUUDQHRDOWURPDWHULDOHVFULWWRULRURWRORHFRGLFHODVFULW
WXUDOHWWHUDULDJUHFDGDO,9 VHFD&DO,9 VHFG&ODVFULWWXUDGRFXPHQWDULD
GDO,,,DO,,VHFD&QRUPHSHUO·HGL]LRQHFULWLFDGHLSDSLUL
3DUWHPRQRJUDILFD
/HWWXUDGLWHVWLGLYDULRJHQHUHSUHYDOHQWHPHQWHOHWWHUDULDSSDUWHQHQWLDOODFRO
OH]LRQHGHLSDSLULGL2VVLULQFR
%LEOLRJUDILD
,VRWWRLQGLFDWLWHVWLVRQRREEOLJDWRULVLDSHUIUHTXHQWDQWLVLDSHULQRQIUHTXHQ
WDQWLHVWXGHQWL´SDUWWLPHµOHSDJLQHVDUDQQRLQGLFDWHGXUDQWHLOFRUVR
(*7XUQHU3DS\UL2[IRUG8QLYHUVLW\3UHVV2[IRUGWUDGLW1,6(GL
WULFH)LUHQ]H
20RQWHYHFFKL/D3DSLURORJLD9LWDH3HQVLHUR0LODQR
,*DOOR$YYLDPHQWRDOODSDSLURORJLDJUHFRODWLQD/RIIUHGR1DSROL
1/HZLV3DS\URORJ\8QLYHUVLW\3UHVV&DPEULGJH0DVVDFKXVHWWV&DPEULG
JHIDFROWDWLYRSHUWXWWL
7KH2[\UK\QFKXV3DS\ULYRO/;DFXUDGL5$&ROHV0:+DVODP3-
3DUVRQV7KH(J\SW([SORUDWLRQ6RFLHW\/RQGRQ/HSDJLQHQHFHV
VDULHSHUOHOH]LRQLUHODWLYHDO0RGXOR%HREEOLJDWRULHSHUJOLVWXGHQWLGHO
YHFFKLRRUGLQDPHQWRVDUDQQRIRUQLWHLQIRWRFRSLDYHGLVRWWR
,O0RGXOR$ GHYHHVVHUHIUHTXHQWDWRREEOLJDWRULDPHQWHGDJOLVWXGHQWLGHOYHF
FKLRHGHOQXRYRRUGLQDPHQWRLO0RGXOR%qREEOLJDWRULRSHUJOLVWXGHQWLGHO
YHFFKLRRUGLQDPHQWRHIDFROWDWLYRSHUTXHOOLGHOQXRYRRUGLQDPHQWRREEOLJD
WRULRSHUODODXUHDVSHFLDOLVWLFD
3URJUDPPLGHL&RUVL
3('$*2*,$ *(1(5$/(
'RFHQWH0LFKHOH%RUUHOOL
,,,H,9 SHULRGR
0RGXOLGDRUHFLDVFXQRSL&)8
$UJRPHQWRGHOFRUVR
3UREOHPLGLHSLVWHPRORJLDSHGDJRJLFD
,,,SHULRGRGLGDWWLFR3DUWHLVWLWX]LRQDOH0RGXOR$RUH&)8
0RGXOR$
,O PRGXOR SURSRQH XQD FRPSDUD]LRQH IUD SURVSHWWLYH SHGDJRJLFKH LWDOLDQH H
SURVSHWWLYH SHGDJRJLFKH LQWHUQD]LRQDOL ,O PRGXOR YXROH DYYLDUH JOL VWXGHQWL
DOODULIOHVVLRQHHSLVWHPRORJLFDVXOODVFLHQ]DSHGDJRJLFDRIIULUHJOLVWUXPHQWL
SHU DQDOL]]DUH OD GLYHUVLWj PHWRGRORJLFD GHOOH GLIIHUHQWL VFXROH ILORVRILFR
VFLHQWLILFKHSHUULOHYDUQHGLIIHUHQ]HHDQDORJLH
&)8$WWLYLWjIRUPDWLYDGLEDVHSHULFRUVLGL/DXUHDLQ6FLHQ]HGHOO·(GXFD
]LRQHH'$06
%LEOLRJUDILD
0LFKHOH%RUUHOOLDFXUDGL/DSHGDJRJLDLWDOLDQDFRQWHPSRUDQHD,YROX
PH3HOOHJULQL&RVHQ]DD HG
,GHPDFXUDGL/DSHGDJRJLDWHGHVFDFRQWHPSRUDQHD,YROXPH3HOOHJUL
QL&RVHQ]DD HG
,9 SHULRGRGLGDWWLFR3DUWHPRQRJUDILFD0RGXOR%RUH&)8
0RGXOR%
,OPRGXORLQWHQGHSUHVHQWDUHXQTXDGURVLVWHPDWLFRGHOOHWHRULHGHLPRGHOOLH
GHLFRQFHWWLULJXDUGDQWLODSHGDJRJLDJHQHUDOHSHULQWURGXUUHJOLVWXGHQWLQHOOD
FRPSOHVVLWjGHOGLVFRUVRVFLHQWLILFRGHOODSHGDJRJLDJHQHUDOHWHRUHWLFD/·R
ELHWWLYRqTXHOORGLIDUULIOHWWHUHJOLVWXGHQWLVXOODGLPHQVLRQHLQWHUGLVFLSOLQDUH
GHOODSHGDJRJLDRYYHURGLHYLGHQ]LDUHDOO·LQWHUQRGHOGLVFRUVRLQWHUGLVFLSOLQD
UHPHWRGLHFRQRVFHQ]HGLDOWUHGLVFLSOLQHVFLHQWLILFKH
3URJUDPPLGHL&RUVL
&)8$WWLYLWjIRUPDWLYDFDUDWWHUL]]DQWHSHULFRUVLGL/DXUHDLQ)LORVRILDH
6FLHQ]HGHOOD&RPXQLFD]LRQH/LQJXHH&XOWXUH0RGHUQH>FXUULFXOXP LQWHU
FXOWXUDOH@DWWLYLWjDIILQHHLQWHJUDWLYDSHULFRUVLGL/DXUHDLQ/HWWHUH
>FXUULFX
OXP PRGHUQROHWWHUDWXUDHVFLHQ]HXPDQH@H0HGLD]LRQH/LQJXLVWLFDDVFHOWD
SHULFRUVLGL/DXUHDLQ6FLHQ]HGHOO·(GXFD]LRQHH6WRULDHFF
1% 3HU LO UDJJLXQJLPHQWR GHJOL RWWR &)8 q REEOLJDWRULD OD IUHTXHQ]D GL
DPEHGXHLPRGXOL
*OLVWXGHQWLGL/HWWHUHFKHKDQQRRSWDWRSHULOQXRYRRUGLQDPHQWRGHJOLVWXGL
GRYUDQQRVHJXLUHHQWUDPELLPRGXOL0RG$ SL0RG%&)8
%LEOLRJUDILD
0LFKHOH%RUUHOOL3HGDJRJLDFRPHRQWRORJLDGLDOHWWLFDGHOODVRFLHWj3HOOH
JULQL&RVHQ]DD HG
,GHP D FXUD GL )LORVRIL LWDOLDQL FRQWHPSRUDQHL , YROXPH 3HOOHJULQL
&RVHQ]D
3HUJOLVWXGHQWLGL6FLHQ]HGHOOD)RUPD]LRQH3ULPDULD,9 SHULRGR0RGXOR
GL3HGDJRJLD*HQHUDOH&)8RUH
$UJRPHQWRGHOPRGXOR
,OPRGXORSUHVHQWHUjLSULQFLSDOLFRQFHWWLWHRULFLHPHWRGRORJLFLFKHFDUDWWHUL]
]DQRODULIOHVVLRQHSHGDJRJLFDDWWUDYHUVRO·LVWLWX]LRQHGLXQFRQIURQWRIUDSUR
VSHWWLYHSHGDJRJLFKHLWDOLDQHHSURVSHWWLYHSHGDJRJLFKHLQWHUQD]LRQDOL
%LEOLRJUDILD
0LFKHOH%RUUHOOLDFXUDGL/DSHGDJRJLDLWDOLDQDFRQWHPSRUDQHD,YROX
PH3HOOHJULQL&RVHQ]DD HG
,GHPDFXUDGL/DSHGDJRJLDWHGHVFDFRQWHPSRUDQHD,YROXPH3HOOHJUL
QL&RVHQ]DD HG
1RWH ,O &RUVR 0RG$ SL 0RG % SUHYHGH ROWUH DOOH OH]LRQL IURQWDOL GHO
GRFHQWHDWWLYLWjVHPLQDULDOLVYROWHLQFROODERUD]LRQHFRQOD'RWWVVD)&DSXWR
ULYROWHDQFKHDLELHQQDOLVWL
*OLVWXGHQWLGHLFRUVLGL/DXUHDLQ/HWWHUHH)LORVRILDLPPDWULFRODWLQHJOLDD
HSUHFHGHQWLFKHQRQKDQQRRSWDWRSHULOQXRYRRUGLQDPHQWRGHJOL
VWXGLGRYUDQQRVHJXLUHHQWUDPELLPRGXOLLQPDQLHUDFRQJLXQWD
3('$*2*,$ ,17(5&8/785$/(
'RFHQWH*LXVHSSH6SDGDIRUD
,,,H,9 SHULRGR
3URJUDPPLGHL&RUVL
&RUVRGLODXUHDLQ6FLHQ]HGHOO·(GXFD]LRQH
&KLIUHTXHQWDLOFRUVRGLODXUHDLQ6FLHQ]HGHOO·(GXFD]LRQHGHYHVHJXLUHREEOL
JDWRULDPHQWHLOPRGXOR$ RUH
,OPRGXOR%RUHGLDSSURIRQGLPHQWRqDVFHOWD
&KLIUHTXHQWDWXWWLJOLDOWULFRUVLGHYHVHJXLUHLOPRGXOR$ HLOPRGXOR%
$UJRPHQWRGHOFRUVR
,OFRUVRDQDOL]]HUjLOSUREOHPDGHOO·LQWHUFXOWXUDVHFRQGRXQDSURVSHWWLYDSHGD
JRJLFD,QSDUWLFRODUHFLVLVRIIHUPHUjVXOFRQFHWWRGLSRWHUHHGL´FLWWDGLQDQ]D
XQLYHUVDOHµGLUHOD]LRQHIRUPDWLYDWUDFXOWXUHGLYHUVHGLSURJHWWD]LRQHLQWHU
FXOWXUDOHLQFODVVHGLLQWHJUD]LRQHWUDOHGLYHUVLWjGLUHFXSHURIRUPDWLYRGHOOH
PDUJLQDOLWjFXOWXUDOLHVRFLDOL
%LEOLRJUDILD
0RGXOR$
0)RXFDXOW0LFURILVLFDGHOSRWHUHDFXUDGL$)RQWDQD33DVTXLQR(LQDXGL
7RULQR
01XVVEDXP&ROWLYDUHO·XPDQLWj&DURFFL)LUHQ]H
0RGXOR%
$OWUHLQGLFD]LRQLELEOLRJUDILFKHGLDSSURIRQGLPHQWRVDUDQQRVXJJHULWHGXUDQWH
LOFRUVR
3('$*2*,$ 62&,$/(
'RFHQWH9LYLDQD%XU]D
,,,H,9 SHULRGR
0RGXOR$
,OFRUVRLQWHQGHDSSURIRQGLUHLSUREOHPLHSLVWHPRORJLFLGHOODGLVFLSOLQDHGHOOD
IRUPD]LRQHDQDOL]]DWLHGLQWHUSUHWDWLDOO·LQWHUQRGLXQDWRWDOLWjVRFLDOHLQFXL
DJLVFRQRRUL]]RQWLVWRULFROLQJXLVWLFLORJLFKHGLGRPLQLRHOXRJKLGHOODPDUJL
QDOLWj 1HOO·DPELWR GL TXHVWH SURVSHWWLYH GL VWXGLR VL HYLGHQ]LHUj O·LSRWHVL
SHGDJRJLFDGHOO·LQWHUVRJJHWWLYLWj
%LEOLRJUDILDQ RSHUHDVFHOWDGHOORVWXGHQWH
9 %XU]D /D IRUPD]LRQH WUD PDUJLQDOLWj H LQWHJUD]LRQH 3HULIHULD &RVHQ]D
) &DPEL ( &ROLFFKL * 6SDGDIRUD 3HGDJRJLD JHQHUDOH /D 1XRYD ,WDOLD
)LUHQ]H
/*LDQQLFROD/LQHDPHQWLGLSHGDJRJLDVRFLDOH,RQLD&RVHQ]D
0RGXOR%
6LSURSRUUjXQDSSURIRQGLPHQWRGHOUDSSRUWRWUDIRUPD]LRQHHGLVWLWX]LRQLHGX
3URJUDPPLGHL&RUVL
FDWLYHHVLODVFHUjVSD]LRDOO·DQDOLVLGHLFULWHULGLOHJLWWLPD]LRQHGHLPRGHOOLIRU
PDWLYLGDFRUUHODUVLDOOHLVWDQ]HGHOOHVRFLHWjFRQWHPSRUDQHH
%LEOLRJUDILD
9 %XU]D 3HGDJRJLD IRUPD]LRQH VFXROD 8Q UDSSRUWR SRVVLELOH$UPDQGR
5RPD
3('$*2*,$ 63(&,$/(
'RFHQWH$QWRQHOOD9DOHQWL
,H,,SHULRGR
1XRYRRUGLQDPHQWR
2ELHWWLYLIRUPDWLYL
,OFRUVRFKHVLDUWLFRODLQGXHDQQLKDORVFRSRGLIRUQLUHFRQRVFHQ]HGLEDVH
VXOO·LQWHJUD]LRQH VFRODVWLFD H VRFLDOH GHO GLYHUVDPHQWH DELOH IDFHQGR ULIHUL
PHQWRDOO·DWWXDOHSDQRUDPDVFLHQWLILFRHDOOHULFHUFKHDFDUDWWHUHDSSOLFDWLYRH
SUDJPDWLFRFKHULJXDUGDQRODGLGDWWLFDOHWHFQLFKHHOHWHFQRORJLHHGXFDWLYHLQ
DPELWRVFRODVWLFR
,$QQR,SHULRGR
3DUWHLVWLWX]LRQDOH RUH
)RQGDPHQWLWHRULFL
$VSHWWLQRUPDWLYL
'LYHUVLWjGHILQL]LRQHHFODVVLILFD]LRQH
0RGHOOLHXURSHL
'LIIHUHQ]HLQGLYLGXDOLHELVRJQLHGXFDWLYLVSHFLDOL
$VSHWWLUHOD]LRQDOL
,,$QQR,,SHULRGR
3DUWHPRQRJUDILFD RUH
$QDOLVLHYDOXWD]LRQHGHOO·LQWHJUD]LRQH
,QGLFDWRULGHOOD4XDOLWjGHOO·LQWHJUD]LRQHVFRODVWLFD
2VVHUYD]LRQH GLUHWWD QHOO·DQDOLVL GHOO·LQWHJUD]LRQH VFRODVWLFD VWUXPHQWL H
SURFHGXUH
9HULILFDGHOO·LQWHJUD]LRQH
6HPLQDULRUH
$SSURIRQGLPHQWLWHPDWLFKHGHOFRUVR
/DERUDWRUL RUH
$WWLYLWjODERUDWRULDOL
3URJUDPPLGHL&RUVL
%LEOLRJUDILD
'LVSHQVH
$OFXQLFDSLWROLLQGLFDWLGXUDQWHLOFRUVRGHLVHJXHQWLOLEUL
,DQHV ' 7RUWHOOR 0 D FXUD GL /D 4XDOLWj GHOO·LQWHJUD]LRQH VFRODVWLFD
(ULFNVRQ7UHQWR
1RFHUD 6 ,O GLULWWR DOO·LQWHJUD]LRQH QHOOD VFXROD GHOO·DXWRQRPLD (ULFNVRQ
7UHQWR
6RUHVL61RWD//DIDFLOLWD]LRQHGHOO·LQWHJUD]LRQHVFRODVWLFD(ULS3RUGHQR
QH
3523('(87,&$ ),/262),&$
'RFHQWHGDQRPLQDUH
,,SHULRGR
,OFRUVRVLSURSRQHGLRIIULUHDJOLVWXGHQWLXQDULIOHVVLRQHFULWLFDVXDOFXQHFDWH
JRULH IRQGDPHQWDOL GHOOD ILORVRILD TXDOL HVVHUH HVLVWHQ]D GLYHQLUH UDJLRQH
HVSHULHQ]DDOILQHGLIRUQLUHDOFXQLWUDLSUHUHTXLVLWLQHFHVVDULSHUDIIURQWDUH
FRQPDJJLRUHFRPSHWHQ]DLOORURFXUULFRORDFFDGHPLFR
7DOHSHUFRUVRYHUUjFRPSLXWRDWWUDYHUVRO·DQDOLVLGLXQWHVWRFODVVLFRHGLXQR
FRQWHPSRUDQHRQHOWHQWDWLYRGLHYLGHQ]LDUHO·HYROX]LRQHVHPDQWLFDGHOOHVVLFR
ILORVRILFRHLOFDPELDPHQWRGHOODVWHVVDFRQFH]LRQHGHOODILORVRILD
%LEOLRJUDILD
$ULVWRWHOH0HWDILVLFDOLEUR,9
+$UHQGW&KHFRV·qODILORVRILDGHOO·HVLVWHQ]D"-DFD%RRN0LODQR
(%HUWL,QWURGX]LRQHDOODPHWDILVLFD87(77RULQR
60DOHWWD+DQQDK$UHQGWH0DUWLQ+HLGHJJHU/·HVLVWHQ]DLQJLXGL]LR-DFD
%RRN0LODQRODVHFRQGDSDUWHSS
%LEOLRJUDILDFRQVLJOLDWD REEOLJDWRULDSHULQRQIUHTXHQWDQWL
6)RUWL9LWDGHOODPHQWHHWHPSRGHOODSROLV)UDQFR$QJHOL0LODQR
)5LYHWWL%DUEz(VVHUHQHOWHPSR-DFD%RRN0LODQR
1XRYR2UGLQDPHQWRLOFRUVRGHYHHVVHUHIUHTXHQWDWRGDJOLVWXGHQWLGHOSULPR
DQQRGHOFRUVRGLODXUHDLQ)LORVRILD
3URJUDPPLGHL&RUVL
9HFFKLR RUGLQDPHQWR GD LQWHJUDUH FRQ ,, PRGXOR 7HRULH GHOOD FRQRVFHQ]D
*QRVHRORJLD
352726725,$ (8523($
'RFHQWH3DROR%URFDWR
,,,SHULRGR
0XWXDGD(WUXVFRORJLD$UFKHRORJLDGHOO·HWUXULD
%LEOLRJUDILD
$O ILQH GHOOD SUHSDUD]LRQH DOO·HVDPH DFFDQWR DJOL DSSXQWL GHO FRUVR H DOOD
ELEOLRJUDILD FLWDWD D OH]LRQH VL FRQVLJOLD XQD VHOH]LRQH GD FRQFRUGDUH FRQ LO
GRFHQWHGHLVHJXHQWLWHVWL
%*7ULJJHU6WRULD GHOSHQVLHURDUFKHRORJLFR/D1XRYD,WDOLD&DPEULGJH
WUDGLW
-%HDWWLH8RPLQLGLYHUVLGDQRL/LQHDPHQWLGLDQWURSRORJLDVRFLDOH/DWHU]D
5RPD%DUL
0+DUULV$QWURSRORJLD&XOWXUDOH=DQLFKHOOL1HZ<RUNWUDGLW
0 $ULRWL %%HUQDUGL $ &RODMDQQL 8 )DELHWWL ) 5HPRWWL 3 6FDUGXHOOL
8RPLQLHUH/DWHU]D5RPD%DUL
9/DQWHUQDUL´/·LQFLYLOLPHQWRGHLEDUEDULµ3UREOHPLGLHWQRFHQWULVPRHG·L
GHQWLWj(GL]LRQL'HGDOR%DUL
& 5HQIUHZ /·(XURSD GHOOD SUHLVWRULD /DWHU]D &DPEULGJH WUDG LW
/5%LQGIRUG3UHLVWRULDGHOO·XRPR5XVFRQL/RQGRQWUDGLW
53HURQL,QWURGX]LRQHDOODSURWRVWRULDLWDOLDQD/DWHU]D5RPD%DUL
53HURQL/·,WDOLDDOOHVRJOLHGHOODVWRULD/DWHU]D5RPD%DUL
53HURQL3URWRVWRULDGHOO·,WDOLDFRQWLQHQWDOH/DSHQLVRODLWDOLDQDQHOOHHWj
GHO EURQ]R H GHO IHUUR 3RSROL H &LYLOWj GHOO·,WDOLD DQWLFD %LEOLRWHFD GL
6WRULD3DWULD5RPD
(56HUYLFH/·RUJDQL]]D]LRQHVRFLDOHSULPLWLYD/RHVFKHU1HZ<RUN
WUDGLW
$*XLGL3UHLVWRULDGHOODFRPSOHVVLWjVRFLDOH/DWHU]D5RPD%DUL
3URJUDPPLGHL&RUVL
36,&2/2*,$ &2*1,7,9$
'RFHQWH(OHRQRUD%LORWWD
,H,,SHULRGR
2ELHWWLYLIRUPDWLYL
,OFRUVRVLSUHILJJHGLSUHVHQWDUHXQDFRPSDUD]LRQHWUD3VLFRORJLD8PDQD$QL
PDOHH,QWHOOLJHQ]D$UWLILFLDOH1HOFRUVRGHOOHOH]LRQLROWUHDOODWUDWWD]LRQHGL
DUJRPHQWLSXUDPHQWHWHRULFLVDUDQQRLOOXVWUDWHPHWRGRORJLHHDSSURFFLGLVWX
GLRDWWLDIDUFRPSUHQGHUHPHJOLROHWHPDWLFKHSUHYLVWHGDOFRUVR
3DUWHSULPDRUH
0RGXORGL3VLFRORJLDXPDQD
0HWRGLHPRGHOOL
6HQVD]LRQHH3HUFH]LRQH
0HPRULD
$SSUHQGLPHQWR
/LQJXDJJLR
(PR]LRQLH0RWLYD]LRQH
3HQVLHURH,QWHOOLJHQ]D
/DERUDWRULRRUH
0HWRGRVSHULPHQWDOH
/DERUDWRULRGL0XVLFRWHUDSLFD(PR]LRQLHPXVLFD
/DYRURGLJUXSSR
'HVFULYHUHXQDULFHUFD
5LIHULPHQWLELEOLRJUDILFL
3LHU&DUOD&LFRJQD3VLFRORJLD*HQHUDOH&DURFFL
3DUWHVHFRQGDRUH
0RGXORGL3VLFRORJLD$QLPDOH
(WRORJLDORVWXGLRRJJHWWLYRGHOFRPSRUWDPHQWR
,OFRPSRUWDPHQWRFRPHUHD]LRQHDVWLPROLHVWHUQL
,IDWWRULLQWHUQLUHVSRQVDELOLGHOODVSRQWDQHLWjGHOFRPSRUWDPHQWR
,OYDORUHDGDWWLYRGHOFRPSRUWDPHQWR
/RVYLOXSSRGHOFRPSRUWDPHQWRQHOO·LQGLYLGXR
/·HYROX]LRQHGHOFRPSRUWDPHQWR
$QLPDOFRJQLWLRQ
3URJUDPPLGHL&RUVL
/DERUDWRULRRUH
0HWRGRRVVHUYDWLYRHWRORJLFR
/DYRURGLJUXSSR
'HVFULYHUHXQDULFHUFD
/DERUDWRULRGL0XVLFRWHUDSLFDPHPRULDHPXVLFD
5LIHULPHQWLELEOLRJUDILFL
1LNRODDV7LQEHUJHQ/RVWXGLRGHOO·,VWLQWR$GHOSKL
(OHRQRUD%LORWWD,OJLRFRQHOO·HWRORJLDHQHOO·LQWHOOLJHQ]DDUWLILFLDOH4XDGHUQL
GHO'LSDUWLPHQWRGL6FLHQ]HGHOO·(GXFD]LRQH81,&$/&RVHQ]D'LVSRQL
ELOHDOVHJXHQWHLQGLUL]]RGLUHWH
KWWSJDOLOHRFLQFRPXQLFDOLW3XEEOLFD]LRQLHGLWRULDOLEULJLRFRFRSHUKWPO
3DUWHWHU]DRUH
0RGXORGL,QWHOOLJHQ]DDUWLILFLDOH
&KHFRV·qODVFLHQ]DFRJQLWLYD
,QWHOOLJHQ]DDUWLILFLDOH
/·DUFKLWHWWXUDGHOODPHQWH
6LVWHPLGLQDPLFL
6LPXOD]LRQH
/DERUDWRULRRUH
/RJR
0LQG6WRUPV
$XWRPL&HOOXODUL
/DERUDWRULRGL0XVLFRWHUDSLFD0HORGLDVXRQRHULWPR
/DYRURGLJUXSSR
$WWLYLWjFRQLURERW/HJR0LQG6WRUPV
5LIHULPHQWLELEOLRJUDILFL
(OHRQRUD%LORWWD'DOODVFLHQ]DFRJQLWLYDDJOLDJHQWLLQWHOOLJHQWL%LRV&RVHQ
]D
36,&2/2*,$ '(//$ &2081,&$=,21(
'RFHQWH(OHRQRUD%LORWWD
,,,H,9 SHULRGR
3DUWHSULPDRUH
3URJUDPPLGHL&RUVL
3UHPHVVHWHRULFKH
,QWURGX]LRQH
,OSXQWRGLYLVWDPDWHPDWLFRODFRPXQLFD]LRQHFRPHWUDVPLVVLRQHGLLQIRUPD
]LRQL
/·DSSURFFLRVHPLRWLFRODFRPXQLFD]LRQHFRPHVLJQLILFD]LRQHHFRPHVHJQR
/·DSSURFFLRSUDJPDWLFRODFRPXQLFD]LRQHFRPHLQWHUD]LRQHIUDWHVWRHFRQWH
VWR
,OSXQWRGLYLVWDVRFLRORJLFRODFRPXQLFD]LRQHFRPHHVSUHVVLRQHHSURGRWWR
GHOODVRFLHWj
/·DSSURFFLRSVLFRORJLFRODFRPXQLFD]LRQHFRPHJLRFRGLUHOD]LRQL
&KHFRV·qODFRPXQLFD]LRQHYHUVRXQDGHILQL]LRQHGLFRPXQLFD]LRQH
/·HYROX]LRQHGHOODFRPXQLFD]LRQH
/DFRPXQLFD]LRQHDQLPDOH
3ULQFLSDOLSURVSHWWLYHWHRULFKHGHOODFRPXQLFD]LRQHDQLPDOH
/DFRPXQLFD]LRQHDQLPDOHFRPHDGDWWDPHQWRFRJQLWLYRHVRFLDOH
/HSULQFLSDOLFRPSHWHQ]HFRPXQLFDWLYHGHLSULPDWLQRQXPDQL
,SULPDWLQRQXPDQLKDQQRXQDWHRULDGHOODPHQWH"
1HXURSVLFRORJLDGHOODFRPXQLFD]LRQH
/HFRPSHWHQ]HOLQJXLVWLFKHHFRPXQLFDWLYHVHFRQGRODSURVSHWWLYDQHXURILVLR
ORJLFD
1HXURSVLFRORJLDGHOOHIXQ]LRQLFRPXQLFDWLYHVXSHULRUL
/DUDSSUHVHQWD]LRQHGHLVLVWHPLYHUEDOHHQRQYHUEDOHGLVHJQDOD]LRQH
/DFRPXQLFD]LRQHFRPHVLVWHPDPXOWLIXQ]LRQDOH
/DERUDWRULRRUH
&XOWXUDHFRPXQLFD]LRQH
/DFRPXQLFD]LRQHWUDQDWXUDHFXOWXUD
6WXGLRGHOODFXOWXUDGDOO·LQWHUQRHGDOO·HVWHUQR
,OFRQFHWWRGLFXOWXUDFRPHVLVWHPDJOREDOHHXQLWDULR
,OSURFHVVRGLDSSURSULD]LRQHGHOODFXOWXUD
*OLXQLYHUVDOLFRPXQLFDWLYLHODWHRULDGHOODUHODWLYLWjOLQJXLVWLFD
,OSUREOHPDGHOODWUDGX]LRQH
/RVYLOXSSRGHOODFRPXQLFD]LRQHQHLVRJJHWWLXPDQL
/DGRWD]LRQHGLSDUWHQ]D
/DFRPSDUVDGHOO·LQWHQ]LRQHFRPXQLFDWLYD
/DWHRULDGHOODPHQWH
/RVYLOXSSRGHOODFRPXQLFD]LRQHQDUUDWLYD
3URJUDPPLGHL&RUVL
3DUWHVHFRQGDRUH
&RPXQLFD]LRQHHVLJQLILFDWR
,OVLJQLILFDWRGLVLJQLILFDWR
9HUVRXQDWHRULDXQLILFDWDGHOVLJQLILFDWR
&RPSRQHQ]LDOLWjHSURWRWLSLFLWjGHOVLJQLILFDWR
6WDELOLWjHLQVWDELOLWjGHOVLJQLILFDWR
6LJQLILFDWRFRQWHVWRHLQGHVVLFDOLWj
6LJQLILFDWROHWWHUDOHHVLJQLILFDWRILJXUDWR
/DERUDWRULRRUH
,QWHUD]LRQHHFRPXQLFD]LRQH
,OFRQFHWWRGLLQWHQ]LRQDOLWj
/·LQWHQ]LRQHFRPXQLFDWLYDQHOSDUODQWH
/·LQWHQ]LRQHFRPXQLFDWLYDHODVLQWRQLDVHPDQWLFD
/·LQWHQ]LRQHFRPXQLFDWLYDHODJHQHUD]LRQHGHOPHVVDJJLR
,QWHQ]LRQLHVWUDWHJLHFRPXQLFDWLYH
/·LQWHQ]LRQHFRPXQLFDWLYDGDSDUWHGHOGHVWLQDWDULR
3URFHVVLGLLQIHUHQ]DQHOO·DWWULEX]LRQHGHOOHLQWHQ]LRQLFRPXQLFDWLYH
/DVLQFURQLDFRPXQLFDWLYD
/HLQWHQ]LRQLFROOHWWLYH
/DFRPXQLFD]LRQHQRQYHUEDOH
/DFRPXQLFD]LRQHQRQYHUEDOH
5DSSRUWRIUDFRPXQLFD]LRQHYHUEDOHHFRPXQLFD]LRQHQRQYHUEDOH
,OVLVWHPDYRFDOH
,OVLVWHPDFLQHVLFR
,OVLVWHPDSURVVHPLFRHDSWLFR
,OVLVWHPDFURQHPLFR
/HIXQ]LRQLGHOODFRPXQLFD]LRQHQRQYHUEDOH
'LVFRUVRHFRQYHUVD]LRQH
/HRULJLQLGHOOHVFLHQ]HGHOGLVFRUVR
/·DQDOLVLGHOGLVFRUVR
,PHWRGLGHOO·DQDOLVLGHOGLVFRUVR
9HUVRXQDSVLFRORJLDGHOGLVFRUVR
$QDOLVLGHOODFRQYHUVD]LRQH
/DERUDWRULRRUH
3DUWHWHU]DRUH
'LVFRPXQLFD]LRQHHFRPXQLFD]LRQHSDWRORJLFD
3URJUDPPLGHL&RUVL
&KHFRV·qODGLVFRPXQLFD]LRQH
/DFRPXQLFD]LRQHLURQLFD
/DFRPXQLFD]LRQHGHGXWWLYD
/DFRPXQLFD]LRQHPHQ]RJQHUD
/DFRPXQLFD]LRQHSDWRORJLFD
&RPXQLFD]LRQHLQWUDJUXSSRHLQWHUJUXSSL
/·LPSRUWDQ]DGHOOHFRPXQLFD]LRQHQHLJUXSSL
&RPXQLFD]LRQHHLQIOXHQ]DVRFLDOH
/DFRPXQLFD]LRQHSHUVXDVLYDHODSXEEOLFLWj
,OSHWWHJROHVVRHOHGLFHULH
&RPXQLFD]LRQHHGHFLVLRQHGLJUXSSR
&RPXQLFD]LRQHHUHOD]LRQLIUDJUXSSL
/DFRPXQLFD]LRQHHLPDVVPHGLD
'DOPHGLXPDLPDVVPHGLD
*OLHIIHWWLDEUHYHHOXQJRWHUPLQHGHLPDVVPHGLD
'HILQL]LRQHGLDXGLHQFH
&RPXQLFD]LRQHSXEEOLFLWDULDHPDVVPHGLD
&RPXQLFD]LRQHSROLWLFDHPDVVPHGLD
&RPXQLFD]LRQHPHGLDWL]]DWD
/DULYROX]LRQHGLJLWDOH
/DFRPXQLFD]LRQHFRPSXWHUL]]DWD
1XRYHIRUPHGLFRPXQLFD]LRQHPHGLDWL]]DWD
'LIIHUHQ]HIUDFRPXQLFD]LRQHPHGLDWL]]DWDHFRPXQLFD]LRQHIDFFLDDIDFFLD
0RGHOOLGHOOD&RPXQLFD]LRQH0HGLDWDGD&RPSXWHU&0&
$WWLYLWjODYRUDWLYHHIRUPDWLYHWUDPLWHOD&0&
/DERUDWRULRRUH
%LEOLRJUDILD
/$QROOL3VLFRORJLDGHOODFRPXQLFD]LRQH,O0XOLQR6WUXPHQWL
$OWULPDWHULDOLFKHVDUDQQRIRUQLWLGXUDQWHLOFRUVR
36,&2/2*,$ '(//·$335(1',0(172
'RFHQWH3LHU$XJXVWR%HUWDFFKLQL
,,,H,9 SHULRGR
3URJUDPPLGHL&RUVL
2ELHWWLYLIRUPDWLYL
,O&RUVRVLSURSRQHGLLOOXVWUDUHOHWDSSHSLVLJQLILFDWLYHGHOODULFHUFDSVLFROR
JLFDVXOO·DSSUHQGLPHQWRDWWUDYHUVRO·DQDOLVLGHLSULQFLSDOLPRGHOOLWHRULFL
$UJRPHQWRGHOFRUVR
9HFFKLHQXRYLPRGHOOLGHOO·DSSUHQGLPHQWR
/DVFXRODFRPSRUWDPHQWLVWD
/DVFXROD*HVWDOWLVWD
,OFRVWUXWWLYLVPR
6FXRODHFUHDWLYLWj
,OVHFRQGRRELHWWLYRGHOFRUVRqTXHOORGLDQDOL]]DUHODFRPXQLFD]LRQHQHOSUR
FHVVRGLLQVHJQDPHQWRDSSUHQGLPHQWR*OLDUJRPHQWLWUDWWDWLVRQR
$OFXQLPRGHOOLGHOSURFHVVRGLLQVHJQDPHQWRHDSSUHQGLPHQWR
,OOLQJXDJJLRFRPHVWUXPHQWRGLFRPXQLFD]LRQH
/DSUDJPDWLFDGHOODFRPXQLFD]LRQHXPDQD
/RVWXGLRGHOFRPSRUWDPHQWRQRQYHUEDOHLQFODVVH
$PELHQWLFKHIDYRULVFRQRO·DSSUHQGLPHQWR
$PELHQWLDUULFFKLWLSHUO·DSSUHQGLPHQWR
$SSUHQGLPHQWRDGLVWDQ]D
&RPSXWHU%DVHG/HDUQLQJ
0RGHOOLPHQWDOLHDSSUHQGLPHQWR
7LSRORJLHGLPRGHOOLPHQWDOL
0RGHOOLPHQWDOLPDSSHVSD]LDOL
/·DSSUHQGLPHQWRHLPRGHOOLPHQWDOLQHOO·LQWHUD]LRQHFRQJOLDPELHQWLHOHWWUR
QLFL
1DWXUDHXVLGHOOHPDSSHFRQFHWWXDOL
%LEOLRJUDILD
5&DQHVWUDUL$*RGLQR7UDWWDWRGL3VLFRORJLD &OXHE%RORJQD&DSL
WROLDVFHOWD
(%LORWWD,QXRYLVDSHUL(G%&05RPD
36,&2/2*,$ '(//269,/8332
'RFHQWH$QJHOD&RVWDELOH
,,,H,,,SHULRGR
,SHULRGR0RGXOR$ RUH
2ELHWWLYRGHOFRUVRqIRUQLUHDOFXQHLQIRUPD]LRQLGLFDUDWWHUHLVWLWX]LRQDOHVXOOD
3URJUDPPLGHL&RUVL
GLVFLSOLQD6DUDQQRWUDWWDWHDOFXQHWHPDWLFKHOHJDWHDOODVWRULDGHOODGLVFLSOLQD
LQVHUHQGROH QHOO·DPELWR SL HVWHVR GHOOD QDVFLWD GHOOD SVLFRORJLD VWHVVD SHU
RFFXSDUVLGLDOFXQHWUDOHSLLPSRUWDQWLWHRULHGHOORVYLOXSSRHPHWRGRORJLH
FRUUHODWH
/HWHRULHSUHVHQWDWHVDUDQQRODSVLFRQDOLVLGL)UHXGHG(ULNVRQO·HSLVWHPROR
JLDJHQHWLFDGL3LDJHWODSVLFRORJLDFXOWXUDOHGL%UXQHUO·HWRORJLDGL/RUHQ]
%LEOLRJUDILD
2OLYHULR)HUUDULV$%HOODFLFFR'&RVWDELOH$6DVVR6,QWURGX]LRQH
DOODSVLFRORJLDGHOORVYLOXSSR /DWHU]D5RPD%DUL
$[LD*%RQLFKLQL6/D9DOXWD]LRQHGHOEDPELQR0DQXDOHGLPHWRGLH
VWUXPHQWL&DURFFL5RPDDOFXQLFDSLWROL
*OLVWXGHQWLSDUWWLPHODYRUDWRULRLQDOWUDFRQGL]LRQHGRYUDQQRFRQWDWWDUHLO
GRFHQWHDLQL]LRFRUVRSHUFRQFRUGDUHLQWHJUD]LRQLDOSURJUDPPDVWHVVR
,O PRGXOR $ q REEOLJDWRULR SHU JOL VWXGHQWL GHO YHFFKLR RUGLQDPHQWR FKH
GRYUDQQRFRPSOHWDUHLOSURJUDPPDFRQLO0RGXOR%
,,SHULRGR0RGXOR%RUH
/·DWWHQ]LRQHVDUjFHQWUDWDVXDOFXQLWHPLFKHQHJOLXOWLPLDQQLKDQQRLQWHUHV
VDWRODULFHUFDLQDPELWRGLSVLFRORJLDGHOORVYLOXSSRROWUHFKHVXIDVFHGLHWj
SDUWLFRODULTXDOLO·DGROHVFHQ]D
%LEOLRJUDILD
OLEULDVFHOWDWUDLVHJXHQWL
6YLOXSSRSUHQDWDOH
*LRYDQHOOL*3UHQDVFHUHQDVFHUHHULQDVFHUH&DURFFL5RPD
$WWDFFDPHQWR
*HQWD0/DFXUDGL,OUDSSRUWRPDGUHEDPELQR&DURFFL5RPD
(PR]LRQL
6URXIH/$/RVYLOXSSRGHOOHHPR]LRQL&RUWLQD0LODQR
RSSXUH
6LHJHO'/DPHQWHUHOD]LRQDOH&RUWLQD0LODQR
6YLOXSSRVRFLDOH
0ROLQDUL//RVYLOXSSRVRFLDOH,O0XOLQR%RORJQD
RSSXUH
)ODQDJDQ&/DVRFLDOL]]D]LRQHLQIDQWLOH,O0XOLQR%RORJQD
6YLOXSSRFRJQLWLYR
/LYHUWD6HPSLR2DFXUDGL9\JRWVNLM3LDJHW%UXQHU &RQFH]LRQLGHOORVYL
OXSSR&RUWLQD0LODQR
3URJUDPPLGHL&RUVL
RSSXUH
*URSSR0HDODFXUDGL/DSVLFRORJLDFXOWXUDOHGL%UXQHU &RUWLQD
0LODQR
$JJUHVVLYLWj
² &RVWDELOH $ $JRQLVPR H DJJUHVVLYLWj 'LQDPLFKH GL LQWHUD]LRQH
QHOORVYLOXSSRLQIDQWLOH$QJHOL5RPD
$GROHVFHQ]D
² 7RQROR*$GROHVFHQ]DHLGHQWLWj,O0XOLQR%RORJQD
RSSXUH
² 3DOPRQDUL$3VLFRORJLDGHOO·DGROHVFHQ]D ,O0XOLQR%RORJQD
RSSXUH
² (POHU15HLFKHU6$GROHVFHQWLHGHYLDQ]D/DJHVWLRQHFROOHWWLYD
GHOODUHSXWD]LRQH,O0XOLQR%RORJQD
0DOWUDWWDPHQWRLQIDQWLOH
² 'L%ODVLR33VLFRORJLDGHOEDPELQRPDOWUDWWDWR,O0XOLQR%RORJQD
RSSXUH
0DODFUHD0/RUHQ]LQL6%DPELQLDEXVDWL&RUWLQD0LODQR
%XOOLVPR
0HQHVLQL(DFXUDGL%XOOLVPRFKHIDUH*LXQWL)LUHQ]H
+DQGLFDS
6RUHVL 6 3VLFRORJLD GHOO·KDQGLFDS H GHOOD ULDELOLWD]LRQH ,O 0XOLQR
%RORJQD
,OFRUVRVDUjDUWLFRODWRLQOH]LRQLIURQWDOLHVHPLQDULVXLVHJXHQWLWHPL
² )DWWRULGLULVFKLRQHOORVYLOXSSRSUHHSHULQDWDOH
² (PR]LRQLWHRULHFODVVLFKHHQXRYLDSSURFFL
² $GROHVFHQ]DHFRPSLWLGLVYLOXSSR
² 7XWHODGHOPLQRUHDEXVDWR
² ,OEXOOLVPRDVFXROD
² /·RVVHUYD]LRQHHWRORJLFD
² 6YLOXSSRLQIDQWLOHPHGLDHQHZPHGLD
3URJUDPPLGHL&RUVL
3HU JOLVWXGHQWLGHO&RUVRGL/DXUHDLQ)LORVRILHH6FLHQ]HGHOOD&RPXQLFD
]LRQHHGHOOD&RQRVFHQ]D
,,,SHULRGRRUH
,O FRUVR LQWHQGH RIIULUH DOFXQH LQIRUPD]LRQL VXL SULQFLSDOL QRGL WHRULFL GHOOD
GLVFLSOLQDFRQDWWHQ]LRQHSDUWLFRODUHSHUDOFXQLDVSHWWLGHOORVYLOXSSRTXDOLOR
VYLOXSSR HPRWLYRDIIHWWLYR FRQ OD SVLFRDQDOLVL GL )UHXG HG (ULNVRQ TXHOOR
VRFLDOHFRQODWHRULDGHOO·DWWDFFDPHQWRGL%RZOE\HG$LQVZRUWK
1HOODSDUWHPRQRJUDILFDFLVLRFFXSHUjGLDOFXQLWHPLOHJDWLDQFKHDOODULFHUFD
SLUHFHQWHTXDOLOHUHOD]LRQLSUHFRFLLOUDSSRUWRELRORJLFRDPELHQWDOHQHOOD
FRVWUX]LRQHGHOODPHQWHOHUHOD]LRQLWUDORVYLOXSSRLQIDQWLOHHQXRYL¶DJHQWLGL
VRFLDOL]]D]LRQH· TXDOLWHOHYLVLRQHHQHZPHGLD
%LEOLRJUDILD
3DUWHLVWLWX]LRQDOH
2OLYHULR)HUUDULV$%HOODFLFFR'&RVWDELOH$6DVVR6,QWURGX]LRQHDOOD
SVLFRORJLDGHOORVYLOXSSR/DWHU]D5RPD%DULDOFXQLFDSLWROL
3DUWHPRQRJUDILFD
$ VFHOWDXQRGHLOLEULLQGLYLGXDWLDOO·LQL]LRGHOFRUVRGHOTXDOHVLVWXGLHUDQQR
FDSLWROL
36,&2/2*,$ *(1(5$/(
'RFHQWH3LHU$XJXVWR%HUWDFFKLQL
,H,,SHULRGR
2ELHWWLYLIRUPDWLYL
/DFRQRVFHQ]DGHLSULQFLSDOLFRQFHWWLGHOODGLVFLSOLQDDWWUDYHUVRXQDSDQRUD
PLFDGHLSLLPSRUWDQWLFRQWULEXLWLVLDWHRULFLFKHVSHULPHQWDOL
$UJRPHQWRGHOFRUVR
$QDOLVLGLDOFXQHPHWRGRORJLHGHOODULFHUFDFKHULJXDUGDQRLQPRGRSDUWLFR
ODUHLOPHWRGRVSHULPHQWDOHHO·RVVHUYD]LRQHVLDHWRORJLFDFKHSVLFRORJLFD
,SULQFLSDOLFRQFHWWLGHOODVWDWLVWLFDGHVFULWWLYD
3URJUDPPDGHOFRUVR
/HSULQFLSDOLFRUUHQWLGHOOD3VLFRORJLD
/DSVLFRILVLFD
/DQDVFLWDGHOODSVLFRORJLDVFLHQWLILFD
/HSULQFLSDOLVFXROHSVLFRORJLFKH
/HIXQ]LRQLPHQWDOLVXSHULRUL
3URFHVVLVHQVRULDOL
3HUFH]LRQH
3URJUDPPLGHL&RUVL
0HPRULD
$SSUHQGLPHQWR
/LQJXDJJLR
3HQVLHURH,QWHOOLJHQ]D
/HVFLHQ]HFRJQLWLYH
&RJQLWLYLVPRH&RQQHVVLRQLVPR
+XPDQ,QIRUPDWLRQ3URFHVVLQJ+,3
,QWHOOLJHQ]D$UWLILFLDOHH5HWL1HXUDOL
%LEOLRJUDILD
5&DQHVWUDUL$*RGLQR7UDWWDWRGL3VLFRORJLD&OXHE%RORJQD
$ VFHOWDXQRGHLVHJXHQWLWUHOLEUL
( %LORWWD 'DOOD VFLHQ]D FRJQLWLYD DJOL DJHQWL LQWHOOLJHQWL (G 0HPRULD
&RVHQ]D
53DJXQL/·LQWHJUD]LRQHLQSVLFRWHUDSLD (G&DUURFFL
(%LORWWD,QXRYLVDSHUL%&05RPD
36,&2/2*,$ *(1(5$/('$06
'RFHQWHGDQRPLQDUH
,H,,SHULRGR
,OFRUVRDIIURQWDO·HYROX]LRQHVWRULFDGHLSULQFLSDOLDSSURFFLWHRULFLHVSHULPHQ
WDOLGHOODSVLFRORJLDHLFRQFHWWLGLEDVHGHOODGLVFLSOLQDLQTXHVWLRQHFRQSDUWL
FRODUHULIHULPHQWRDLSURFHVVLPHQWDOLVXSHULRUL
8QDVHFRQGDSDUWHGHOFRUVRPRQRJUDILFDqGHGLFDWDDLSUREOHPLSULQFLSDOL
SRVWLGDOODQR]LRQHGLUDSSUHVHQWD]LRQHOLQJXDJJLRHFRPXQLFD]LRQHUDSSUH
VHQWD]LRQLFRQFHWWXDOLUDSSRUWLPHQWHFRUSRHFF
%LEOLRJUDILD
² /LHXU\$0DQXDOHGLSVLFRORJLDJHQHUDOH%RUOD,FDSLWROLVDUDQQR
LQGLFDWLGXUDQWHOHOH]LRQL
² %UDJD ,OOD ) D FXUD 3URFHVVL GL UDSSUHVHQWD]LRQH VRJJHWWR H VRFLHWj
8UELQR4XDWWUR9HQWL
² %UDJD,OOD)H3DGRYDQL*DFXUD3URFHVVLGLUDSSUHVHQWD]LRQHHWHRULH
GHOODPHQWH8UELQR4XDWWUR9HQWL
² 3DGRYDQL*H%UDJD,OOD)DFXUD5DSSUHVHQWD]LRQHHWHRULHGHOODPHQWH
0RQWH8QLYHUVLWj3DUPD
,SHUFRUVLGLVWXGLRVXOOHUDSSUHVHQWD]LRQLDQGUDQQRFRQFRUGDWLGLYROWDLQYROWD
GDOVLQJRORVWXGHQWHFRQLOGRFHQWH
3URJUDPPLGHL&RUVL
36,&23('$*2*,$ '(/ /,1*8$**,2(
'(//$ &2081,&$=,21(
'RFHQWH9LYLDQD%XU]D
,,,H,9 SHULRGR
0XWXDGD3HGDJRJLDVRFLDOH0RGXOR$ GLRUHSHUJOLVWXGHQWLGHO&RUVRGL
/DXUHDLQ6FLHQ]HGHOO·(GXFD]LRQH
36,&23('$*2*,$ '(/ /,1*8$**,2(
'(//$ &2081,&$=,21(
'RFHQWH9LYLDQD%XU]D
,SHULRGR
3HUJOLVWXGHQWLGHO&RUVRGL/DXUHDLQ)LORVRILHH6FLHQ]HGHOOD&RPXQLFD]LR
QHHGHOOD&RQRVFHQ]D
,OPRGXORLQWHQGHDSSURIRQGLUHOHTXHVWLRQLUHODWLYHDOUDSSRUWRWUDFRPXQLFD
]LRQHOLQJXDJJLRSDWRORJLHGHOOLQJXDJJLRDSSUHQGLPHQWRHVRFLDOL]]D]LRQH
,QRGLFRQFHWWXDOLGDDQDOL]]DUHVRQR
² LPSLDQWRHSLVWHPRORJLFRGHOODGLVFLSOLQD
² FRPXQLFD]LRQHXPDQDHDSSURFFLGLVWXGLR
² FRPXQLFD]LRQHOLQJXDJJLROLQJXDJJLOLQJXDSDWRORJLHGHOOLQJXDJJLR
² DSSUHQGLPHQWRHVRFLDOL]]D]LRQH
%LEOLRJUDILD
9 %XU]D /D IRUPD]LRQH WUD PDUJLQDOLWj H LQWHJUD]LRQH 3HULIHULD &RVHQ]D
% =DQL 3 6HOOHUL ' 'DYLG /D FRPXQLFD]LRQH 0RGHOOL WHRULFL H FRQWHVWL
VRFLDOL/D1XRYD,WDOLD)LUHQ]H
$3HQQLVL5&DYDOLHULDFGL3DWRORJLHGHOOLQJXDJJLRHVFLHQ]HFRJQLWLYH,O
0XOLQR%RORJQD
6&,(1=(&2*1,7,9((1(8526&,(1=(
'RFHQWH)UDQFHVFR)HUUHWWLH7L]LDQD=DOOD
,,,H,9 SHULRGR
SURI)UDQFHVFR)HUUHWWL6FLHQ]H&RJQLWLYH
SURI7L]LDQD=DOOD1HXURVFLHQ]H
3URJUDPPLGHL&RUVL
/·LQVHJQDPHQWRVLGLYLGHLQGXHPRGXOLXQRLQWURGXWWLYR´6FLHQ]HFRJQLWLYHH
QHXURVFHQ]HµRUHSHU&)8HXQRDYDQ]DWR´6FLHQ]HFRJQLWLYHHQHXUR
VFLHQ]HµRUH&)8
*OL VWXGHQWL FKH KDQQR JLj VRVWHQXWR O·HVDPH GL 6FLHQ]H FRJQLWLYH H QHXUR
VFLHQ]HQHOO·$$VHJXLUDQQRRYYLDPHQWHVRORLOPRGXORDYDQ]DWR
0RGXORLQWURGXWWLYR RUHGLVFLHQ]HFRJQLWLYHRUHGLQHXURVFLHQ]H
$UJRPHQWRGHOFRUVR
,OFRUVRPLUDDIRUQLUHOHFRQRVFHQ]HGLEDVHUHODWLYHDOORVWXGLRGHOODPHQWHH
GHO FHUYHOOR XWLOL]]DQGR L PRGHOOL WHRULFL H L GDWL VSHULPHQWDOL SURGRWWL GDOOH
VFLHQ]HFRJQLWLYHHGDOOHQHXURVFLHQ]H
%LEOLRJUDILD
3HUVFLHQ]HFRJQLWLYH
'LHJR0DUFRQL)LORVRILDHVFLHQ]DFRJQLWLYD/DWHU]D5RPD%DUL
RSSXUH 3DROR /HJUHQ]L3ULPD OH]LRQH GL VFLHQ]H FRJQLWLYH /DWHU]D 5RPD
%DUL
3HUQHXURVFLHQ]H
0DWHULDOHIRUQLWRLQGLVSHQVD
0RGXORDYDQ]DWR RUHGLVFLHQ]HFRJQLWLYHRUHGLQHXURVFLHQ]D
$UJRPHQWRGHOFRUVR
,OFRUVRPLUDDGDSSURIRQGLUHLOUXRORGHOOHVFLHQ]HFRJQLWLYHHGHOOHQHXUR
VFLHQ]HQHOODULIOHVVLRQHWHRULFDVXOODPHQWHFRQSDUWLFRODUHDWWHQ]LRQHDOUDS
SRUWRWUDPHWRGRORJLDG·LQGDJLQHHPRGHOOLFRQFHWWXDOLSURSRVWL7UDLWHPLGL
DSSURIRQGLPHQWRODQDWXUDGHOOHUDSSUHVHQWD]LRQLPHQWDOLODWHRULDGHOUDJLR
QDPHQWRLOSUREOHPDPHQWHFRUSRODQDWXUDGHOODFRVFLHQ]D
%LEOLRJUDILD
3HUVFLHQ]HFRJQLWLYH
0DVVLPR 0DUUDIID 6FLHQ]D FRJQLWLYD 8Q·LQWURGX]LRQH ILORVRILFD &OHXS
3DGRYDLFDSLWROLGDVWXGLDUHYHUUDQQRVSHFLILFDWLGXUDQWHLOFRUVR
3HUQHXURVFLHQ]D
0DWHULDOHIRUQLWRLQGLVSHQVD
3URJUDPPLGHL&RUVL
0RGXOR´6FLHQ]HFRJQLWLYHHQHXURVFLHQ]Hµ
'RFHQWL7L]LDQD=DOODH)UDQFHVFR)HUUHWWL
,OFRUVRFRQVLVWHGLXQPRGXORGLRUHWHQXWRLQVLHPHDO3U))HUUHWWLYHGL
SURJUDPPD/DSDUWHGLQHXURVFLHQ]HRUHqVXGGLYLVDLQGXHSDUWL
8QDSDUWHLQWURGXWWLYDRUHULVHUYDWDDJOLVWXGHQWLFKHIUHTXHQWDQRLOFRUVR
SHUODSULPDYROWDFRPSUHQGHUjXQDEUHYHSUHVHQWD]LRQHVWRULFDVXOO·HYROX]LR
QHGHOOHWHRULHGHOODPHQWHHGHOFHUYHOORGDOO·RWWRFHQWRDRJJLFKHVHUYLUjD
FRQWHVWXDOL]]DUHLPRGHOOLHODULFHUFDRGLHUQLQHOOHQHXURVFLHQ]H9HUUDQQRIRU
QLWHLQROWUHDOFXQHQR]LRQLIRQGDPHQWDOLGLDQDWRPLDFHUHEUDOHHGLQHXURSVLFR
ORJLDFRQSDUWLFRODUHDWWHQ]LRQHDOODUHOD]LRQHWUDVWUXWWXUDDQDWRPLFDHIXQ]LR
QHFRJQLWLYDSHUFH]LRQHPHPRULDDSSUHQGLPHQWROLQJXDJJLR
1HOODSDUWHDYDQ]DWDGHOFRUVRRUHULVHUYDWDDJOLVWXGHQWLFKHKDQQRVRVWH
QXWRO·HVDPHORVFRUVRDQQRYHUUDQQRDIIURQWDWLLQPRGRDSSURIRQGLWRLGDWLH
OHFRQRVFHQ]HVXOIXQ]LRQDPHQWRGHOFHUYHOORLQUHOD]LRQHDOOHGLYHUVHIXQ]LRQL
FRJQLWLYHTXDOLSHUFH]LRQHPHPRULDDSSUHQGLPHQWROLQJXDJJLRUDJLRQDPHQ
WRHFRQWUROORGHOO·D]LRQH9HUUDQQRLQROWUHSUHVHQWDWHOHSLUHFHQWLWHFQLFKHGL
HVSORUD]LRQHFHUHEUDOHTXDOLODULVRQDQ]DPDJQHWLFDIXQ]LRQDOHHODWRPRJUD
ILDSHUHPLVVLRQHGLSRVLWURQL
$UJRPHQWRGHOFRUVR
3DUWHLQWURGXWWLYD&RPHIXQ]LRQDLOFHUYHOOR
1DVFLWD H VYLOXSSR GL XQD VFLHQ]D GHOOD PHQWH 'DOOD IUHQRORJLD DOOH QHXUR
VFLHQ]HFRJQLWLYHSUHVXSSRVWLWHRULFLPHWRGLGLULFHUFDHULVXOWDWLHPSLULFL
$QDWRPLDHRUJDQL]]D]LRQHIXQ]LRQDOHGHOFHUYHOOR
,VLVWHPLVHQVRULDOLVHQVD]LRQHHSHUFH]LRQH
,VLVWHPLPRWRULLULIOHVVLVSLQDOLHLOFRQWUROORYRORQWDULRGHOPRYLPHQWR
0HPRULDHDSSUHQGLPHQWR
3DUWHDYDQ]DWD)XQ]LRQLFRJQLWLYHHVWUXWWXUDFHUHEUDOH
0RGXODULWjGHOOHIXQ]LRQLFRJQLWLYHHORFDOL]]D]LRQHFHUHEUDOH/DSHUFH]LRQHH
LOOLQJXDJJLR
6SHFLDOL]]D]LRQHHLQWHJUD]LRQHIXQ]LRQDOHGHOOHUHJLRQLFHUHEUDOL
3HUVRQDOLWjHPR]LRQHHPRWLYD]LRQH
/HIXQ]LRQLFRJQLWLYHVXSHULRULSLDQLILFD]LRQHGHOO·D]LRQHHIXQ]LRQLHVHFXWLYH
&HUYHOOR H ORFDOL]]D]LRQH GL IXQ]LRQL FRJQLWLYH FRPSOHVVH LQWHQ]LRQDOLWj H
FRVFLHQ]D
´9LVXDOL]]DUHLOFHUYHOORLQD]LRQHµ1XRYHWHFQLFKHGLHVSORUD]LRQHFHUHEUDOH
ODULVRQDQ]DPDJQHWLFDIXQ]LRQDOHHODWRPRJUDILDSHUHPLVVLRQHGLSRVLWURQL
3URJUDPPLGHL&RUVL
%LEOLRJUDILD
0DWHULDOHIRUQLWRLQGLVSHQVD
6(0,1$5,2',/,1*8$ (/(77(5$785$ *5(&$
'RFHQWH0DQXHOD*LRUGDQR
,SHULRGR
K&UHGLWL
$UJRPHQWRGHOVHPLQDULR´'LRQLVLRHLOWHDWURDWWLFRµ'XUDQWHLOFRUVRYHUUj
LQWURGRWWR LO WHDWUR DWWLFR GDO SXQWR GL YLVWD VWRULFROHWWHUDULR FRQ DFFHQQL DO
FRQWHVWRVRFLRSROLWLFRHUHOLJLRVRGHOO·$WHQHGLTXLQWRVHFROR6LOHJJHUDQQR
TXLQGLSDVVLVFHOWLGDOOH%DFFDQWL GL(XULSLGHVLFRQVLJOLDYLYDPHQWHODOHWWXUD
LQWHJUDOHGHOODWUDJHGLDDQFKHFRQO·DXVLOLRGLXQDWUDGX]LRQHLWDOLDQDSULPD
GHOO·LQL]LRGHOFRUVR
%LEOLRJUDILD
+&%DOGU\,*UHFLDWHDWUR%DUL
(5'RGGV(XULSLGHV%DFFKDH2[IRUG
'/DQ]D/DSRHVLDGUDPPDWLFDLFDUDWWHULJHQHUDOLLOGUDPPDVDWLUHVFRLQ
*&DPELDQR/&DQIRUD'/DQ]DHGG/RVSD]LROHWWHUDULRGHOOD*UH
FLDDQWLFD5RPD
/(5RVVL/RVSHWWDFRORLQ66HWWLVHG,*UHFL,,7RULQR
56HDIRUG(XULSLGHV%DFFKDH:DUPLQVWHU
6(0,2/2*,$ '(//$ 086,&$
'RFHQWH1DGLD&DSRJUHFR
,,,H,9 SHULRGR
,0RGXOR
6HQVRHVLJQLILFDWRLQPXVLFD
/DPXVLFDqXQVLVWHPDVLPEROLFRGLUDSSUHVHQWD]LRQHGLXQFRQWHQXWRFKHq
LQGLSHQGHQWH GDOOD SRVVLELOLWj R YRORQWj GL HVVHUH YHUEDOL]]DWR 1HO SULPR
PRGXOR VL SUHQGHUDQQR LQ FRQVLGHUD]LRQH OH PRGDOLWj DWWUDYHUVR FXL TXHVWR
FRQWHQXWRFKHqGLQDWXUDDIIHWWLYDHVWHWLFDVRFLDOHHVWRULFDDFTXLVWDVHQVR
SHUHPHGLDQWH O·DVFROWDWRUH
%LEOLRJUDILD
1&DSRJUHFR3UREOHPLGHOODFRPXQLFD]LRQHPXVLFDOHLQ$$99/LQHDPHQWL
SHU XQ·DQWURSRORJLD GHOOD FRPXQLFD]LRQH &HQWUR (GLWRULDOH H /LEUDULR
8QLY'HOOD&DODEULDLQFRUVRGLSXEEOLFD]LRQH
3URJUDPPLGHL&RUVL
--1DWWLH]0XVLFRORJLDHVHPLRORJLDJHQHUDOH('77RULQR
--1DWWLH]0XVLFDHVLJQLILFDWRLQ(QFLFORSHGLDGHOODPXVLFDYRO,,(LQDXGL
7RULQR
0,PEHUW\6XRQL(PR]LRQL6LJQLILFDWL&/8(%%RORJQD
,,0RGXOR
7HPSRUDOLWjPXVLFDOHHWHPSRUDOLWjSVLFRORJLFD
,OFRQWUROORGHOWHPSRHLOPDQWHQLPHQWRGHOODFRQWLQXLWjGHOODFRVFLHQ]DVRQR
EDVLODULVLDQHOODYLWDSVLFKLFDFKHQHOODPXVLFD,OWHPDYHUUjLQGDJDWRFRQSDU
WLFRODUHULIHULPHQWRDOODFRQFH]LRQHIUHXGLDQDGHOODGRSSLDQDWXUDGHOWHPSR
SVLFKLFRHDLVXRLLQWHUHVVDQWLULVYROWLLQDPELWRPXVLFDOH
%LEOLRJUDILD
5 %RGHL /H ORJLFKH GHO GHOLULR 5DJLRQH DIIHWWL IROOLD /DWHU]D 5RPD%DUL
-'.UDPHU,OWHPSRPXVLFDOHLQ(QFLFORSHGLDGHOODPXVLFDYRO,,(LQDXGL
7RULQR
0 ,PEHUW\ /D PXVLFD H O·LQFRQVFLR LQ (QFLFORSHGLD GHOOD PXVLFD YRO ,,
(LQDXGL7RULQR
$YYHUWHQ]H
$OO·LQL]LRGHOFRUVRJOLVWXGHQWLELHQQDOLVWLGRYUDQQRFRQFRUGDUHFRQWHQXWLH
PRGDOLWjGLVYROJLPHQWRGHOO·HVDPH
6(0,27,&$
'RFHQWH 5DIIDHOOD3HWULOOL
,,,H,9 SHULRGR
/·LQWHURFRUVRRUHqGHVWLQDWRDVWXGHQWLGHO&RUVRGLODXUHDLQ)LORVRILD
9HFFKLR2UGLQDPHQWR
,OSULPRPRGXORGLRUHqGHVWLQDWRDQFKHDJOLVWXGHQWL
GHO&RUVRGLODXUHDLQ)LORVRILD1XRYR2UGLQDPHQWR,DQQRHGHO&RUVRGL
/DXUHDLQ)LORVRILDHVFLHQ]HGHOODFRPXQLFD]LRQHHGHOODFRQRVFHQ]D1XRYR
2UGLQDPHQWR,,DQQRRS]LRQDOH
$UJRPHQWRGHOFRUVR
3DUWHLVWLWX]LRQDOH&RPXQLFDUHHVLJQLILFDUH RUH
3DUWHPRQRJUDILFD,OUDSSRUWRLQWHUVRJJHWWLYR RUH
3URJUDPPLGHL&RUVL
,OFRUVRqGHGLFDWRDSUHVHQWDUHOHQR]LRQLIRQGDPHQWDOLGHOODVHPLRWLFDHOD
WLSRORJLDGHOOHPRGDOLWjFRQFXLVLHIIHWWXDO·LQWHUD]LRQHFRPXQLFDWLYD
8QULOLHYRSDUWLFRODUHVDUjULVHUYDWRDOWHPDGHOODLQWUHVRJJHWWLYLWjQHOODFRPX
QLFD]LRQHHDOODVXDLQFLGHQ]DQHOODFRVWUX]LRQHGHOVHQVR3HUSUHVHQWDUHO·DU
JRPHQWRVDUDQQRHVDPLQDWHDOFXQHGHOOHWHRULHVHPDQWLFKHSLLPSRUWDQWLGHO
1RYHFHQWROHORURLQWHUSUHWD]LRQLHJOLVYLOXSSLSLUHFHQWLGHOGLGDWWLWRPD
DQFKHLULVXOWDWLGLULFHUFKHTXDOLTXHOOHDQWURSRORJLFKHHOLQJXLVWLFRFRJQLWLYH
GL FXL XQD WHRULD VHPDQWLFD FKH YRJOLD HVVHUH DGHJXDWD GHYH ULXVFLUH D GDU
FRQWR
$OFXQLGHJOLDUJRPHQWLGHOPRGXORVDUDQQRDSSURIRQGLWLLQXQVHPLQDULR VYRO
WRLQWHOHFRQIHUHQ]DLQFROODERUD]LRQHFRQODFDWWHGUDGL6HPLRWLFDGHOO·8QLYHU
VLWjSHU6WUDQLHULGL6LHQD
%LEOLRJUDILD
53HWULOOL/H]LRQLGL6HPLRWLFD*XLGD1DSROL
'XUDQWL&XOWXUDH'LVFRUVR0HOWHPL5RPDDOFXQHSDUWLFKHVDUDQQR
VSHFLILFDWHSULPDGHOO·LQL]LRGHLFRUVLHPHVHDGLVSRVL]LRQHGHJOLVWXGHQWL
*)UHJH6HQVRIXQ]LRQHHFRQFHWWR/DWHU]D7RULQRDOFXQHSDUWL
8QRGHLVHJXHQWLWHVWLDVFHOWD
:3URSS0RUIRORJLDGHOODILDED(LQDXGL7RULQR
'$1RUPDQ/DFDIIHWWLHUDGHOPDVRFKLVWD*LXQWL)LUHQ]H
$UJRPHQWRGHOFRUVR
,QWURGX]LRQHDOPRQGRGHOODVHPLRVL
,OPRGXORqGHGLFDWRDSUHVHQWDUHOHQR]LRQLIRQGDPHQWDOLGHOODVHPLRWLFDXQD
WLSRORJLDGHOOHPRGDOLWjHVVHQ]LDOLFRQFXLVLHIIHWWXDO·LQWHUD]LRQHFRPXQLFDWL
YDODORURXWLOL]]D]LRQHQHOO·DQDOLVLGLDOFXQLIHQRPHQLGHOODFRPXQLFD]LRQH
/HEDVLGHOODFRPXQLFD]LRQH
/·DJLUHXPDQR
(YLGHQ]HGHOODULFHUFDVFLHQWLILFDHDQWURSRORJLFD
$QDOLVLGHLFRPSRUWDPHQWLXPDQL
$WWLQDWXUDOL
$]LRQLGLXWLOLWj
$]LRQLGLFRPXQLFD]LRQH
7LSRORJLDGHOOHPRGDOLWjFRPXQLFDWLYHIRQGDPHQWDOL
$QDOLVLGHOODFRPXQLFD]LRQH,OUDSSRUWRLQWHUVRJJHWWLYR
3URJUDPPLGHL&RUVL
$QDOLVLGHOODFRPXQLFD]LRQH)UXL]LRQHGHLFRGLFL
&RPXQLFD]LRQHHFRQRVFHQ]D
%LEOLRJUDILD
53HWULOOL/H]LRQLGL6HPLRWLFD*XLGD1DSROL
5-DNREVRQ´'XHDVSHWWLGHOOLQJXDJJLRHGXHWLSLGLDIDVLDµH´/LQJXLVWLFD
HSRHWLFDµLQ6DJJLGLOLQJXLVWLFDJHQHUDOH)HOWULQHOOL0LODQRSS
HSS
$ 'XUDQWH $QWURSRORJLD GHO OLQJXDJJL 0HOWHPL 5RPD DOFXQH
SDUWL
$UJRPHQWRGHOFRUVR
,OVLJQLILFDWRQHOODFRPXQLFD]LRQH
,O PRGXOR q GHGLFDWR D DSSURIRQGLUH LO SUREOHPD GHOOD VHPDQWLFD GHL FRGLFL
VHPLRWLFL6DUDQQRHVDPLQDWHDOFXQHGHOOHWHRULHSLLPSRUWDQWLGHO1RYHFHQWR
OHLQWHUSUHWD]LRQLHOHGLVFXVVLRQLGLFXLVRQRVWDWHIDWWHRJJHWWRJOLVYLOXSSLSL
UHFHQWLGHOGLEDWWLWR
/DVHPDQWLFDqQHFHVVDULD"
&RQGL]LRQLGHOODVLJQLILFD]LRQH
6FRSLHIXQ]LRQL
6HQVRFRQWHVWRHUHIHUHQ]D
,OLYHOOLGHOODVLJQLILFD]LRQH
6LJQLILFDWRHYHULWj
9DULDELOLWjGHOUDSSRUWRLQWHUVRJJHWWLYRQHOODFRPXQLFD]LRQH
0RGHOOLVHPDQWLFL
%LEOLRJUDILD
53HWULOOL/H]LRQLGL6HPLRWLFD*XLGD1DSROL
$'XUDQWL&XOWXUDHGLVFRUVR0HOWHPL5RPDDOFXQHSDUWL
'$1RUPDQ /DFDIIHWWLHUDGHOPDVRFKLVWD*LXQWL)LUHQ]H
*)UHJH6HQVRIXQ]LRQHHFRQFHWWR/DWHU]D5RPD%DULDOFXQHSDUWL
6(0,27,&$ '(*/,$8',29,6,9,
'RFHQWH0: %UXQR
,SHULRGR
3URJUDPPLGHL&RUVL
3HU VWXGHQWLGHOFRUVRGLODXUHDLQ)LORVRILHHVFLHQ]HGHOODFRPXQLFD]LRQHH
GHOODFRQRVFHQ]D
0RGXORGLRUH&)8
$UJRPHQWRGHOFRUVR
1HOO·HSRFDGLJLWDOHLOFLQHPDFRPLQFLDDVFRQQHWWHUVLGDOOHWHFQRORJLHHGDL
VXSSRUWLFKHSHUXQVHFRORKDQQRFRVWLWXLWRODEDVHGHOODVXDHVWHWLFD0DUHVWD
QRLQDOWHUDWHOHVWUXWWXUHVHPLRWLFKHWLSLFKHGHOODWHVWXDOLWjILOPLFDVRQRTXHVWH
LOSULPRRJJHWWRGLXQRVWXGLRFKHSHUPHWWHUjSRLGLDIIURQWDUHDOFXQHGHOOHWHF
QLFKHDWWXDOLSHUODSURJHWWD]LRQHGHOODILFWLRQDXGLRYLVLYD
3DUWHWHRULFDJHQHUDOH
'DOOLQJXDJJLRFLQHPDWRJUDILFRDOWHVWRILOPLFRFRGLFLPXOWLPHGLDOLHFRPSH
WHQ]DVSHWWDWRULDOH/DOLQHDULWjGHOVLJQLILFDQWHHLOGpFRXSDJHDQDOLWLFRODVLQ
WDJPDWLFDGL0HW]6HPLRWLFDGHOODQDUUD]LRQHDXGLRYLVLYDSHUVRQDJJLHLQWHU
SUHWLOXRJKLGLHJHWLFLHORFDWLRQVHYHQWLHPRQWDJJLRIDEXODHLQWUHFFLR
%LEOLRJUDILD
56WDP5%XUJR\QH6)OLWWHUPDQ/HZLV6HPLRORJLDGHOFLQHPDHGHOO·DX
GLRYLVLYR%RPSLDQL0LODQRGDSDJDSDJ
3DUWHGLDSSURIRQGLPHQWR FRQYLVLRQHGLDOFXQLILOPXVDWLFRPHHVHPSOLILFD
]LRQH
(OHPHQWLGLVFHQHJJLDWXUDFLQHPDWRJUDILFDODWHRULDGHLWUHDWWLLPSRVWD]LRQH
FRQIOLWWRULVROX]LRQHH´/DPRJOLHGHOVROGDWRµ´,VROLWLVRVSHWWLµODJHVWLRQH
GHOVHJUHWRHODILJXUDWLYL]]D]LRQHGHOQDUUDWRUH/·DUFRGLWUDVIRUPD]LRQHGHO
SHUVRQDJJLR´6KDNHVSHDUHLQORYHµ
%LEOLRJUDILD
' 3DUHQW$OWLHU ,QWURGX]LRQH DOOD VFHQHJJLDWXUD /LQGDX 7RULQR GD SDJ
DSDJ
)9DQR\H/DVFHQHJJLDWXUDIRUPHGLVSRVLWLYLHPRGHOOL/LQGDX7RULQRGD
SDJDSDJ
6(0,27,&$ '(/ 7(672
'RFHQWH 5DIIDHOOD3HWULOOL
,,,H,9 SHULRGR
0XWXDGD6HPLRWLFD92
3URJUDPPLGHL&RUVL
62&,2/,1*8,67,&$
'RFHQWH0DUWD0DGGDORQ
,,,H,9 SHULRGR
9HFFKLR2UGLQDPHQWR
$UJRPHQWRGHOFRUVR
,OFRUVRVLRFFXSDSULQFLSDOPHQWHGLLQWURGXUUHHDSSURIRQGLUHORVWXGLRGHOOD
OLQJXDGDOSXQWRGLYLVWDGHOO·XVRGDSDUWHGHLSDUODQWL
,OFRUVRVLDUWLFROHUjGXQTXHLQWUHSDUWLLQGLFDWLYDPHQWHULJXDUGDQWL
² XQ·LQWURGX]LRQHJHQHUDOHDOODGLVFLSOLQDDQFKHLQUHOD]LRQHFRQOHWHPDWLFKH
SULQFLSDOLGHOODOLQJXLVWLFDJHQHUDOHXWLOLSHUO·XOWHULRUHDQDOLVL
² SUHVHQWD]LRQHGHOOHSULQFLSDOLWHPDWLFKHVWXGLDWHGDOODGLVFLSOLQDFRQWDWWR
OLQJXLVWLFRUHSHUWRULFRPSHWHQ]DLQWHUIHUHQ]DYDULD]LRQH
² FULWHUL GL YDULD]LRQH L PDJJLRUL IDWWRUL GL YDULD]LRQH GLDFURQLD GLDIDVLD
GLDVWUDWLDGLDWRSLDHFF
,OFRUVRYHUWHUjLQSDUWLFRODUHVXOORVWXGLRGHOOHSUREOHPDWLFKHLQHUHQWLDOFRQ
WDWWROLQJXLVWLFRLQVHQVRJHQHUDOHOLQJXHLQFRQWDWWRHLQSDUWLFRODUHLQULIHUL
PHQWRDOODVLWXD]LRQHLWDOLDQDOLQJXDGLDOHWWR,WDOLDQLUHJLRQDOL
6DUDQQRWHQXWLVHPLQDULDGKRFSHULQWURGXUUHDOFXQHWHFQLFKHGLULOHYD]LRQH
GHLGDWLHDQDOLVLVWDWLVWLFDSHUODORURLQWHUSUHWD]LRQH
%LEOLRJUDILD
*%HUUXWR)RQGDPHQWLGLVRFLROLQJXLVWLFD/DWHU]D5RPD%DUL
5$+XGVRQ6RFLROLQJXLVWLFDLO0XOLQR%RORJQD
30KOKlXVOHU3LGJLQDQG&UHROH/LQJXLVWLF:HVWPLQVWHU8QLYHUVLW\3UHVV
/RQGRQRDOWULPDQXDOLDQDORJKL
6DUDQQR LQROWUH SUHVHQWDWH XQD VHULH GL OHWWXUH PRQRJUDILFKH GD FRQFRUGDUVL
FRQJOLVWXGHQWLVXDUJRPHQWLGLSDUWLFRODUHLQWHUHVVHLOFXLHOHQFRYHUUjVWDEL
OLWRGDOGRFHQWHGXUDQWHLOFRUVR
6HFRQGROHLQGLFD]LRQLULFHYXWHLOFRUVRVLDUWLFROHUjLQGXHSDUWLGLRUHFLD
VFXQDQHOFRUVRGHO,,,H,9 SHULRGRFRQODVHJXHQWHPRGXODUL]]D]LRQH
,,,SHULRGR &)8
² ,QWURGX]LRQHDOODGLVFLSOLQD/LQJXLVWLFDHVRFLROLQJXLVWLFD0LFURHPDFUR
OLYHOOLGLDQDOLVLFRQFHWWLGLEDVH&)8
² 3UREOHPLVRFLDOLDSSURFFLWHRULFLHULVXOWDWLGHOOHULFHUFKH&)8
,9 SHULRGR &)8
² 3UREOHPLHPHWRGLUDFFROWDGHLGDWLDQDOLVL&)8
² /LQJXHLQFRQWDWWRFUHD]LRQHGL3LGJLQ&UHROLODSROLWLFDOLQJXLVWLFDOLQ
JXHGLPLQRUDQ]D&)8
3URJUDPPLGHL&RUVL
1XRYR2UGLQDPHQWR&)8
&)8
² ,QWURGX]LRQHDOODVRFLROLQJXLVWLFDFRQFHWWLEDVHUDSSRUWLFRQDOWUHGLVFLSOL
QH
*%HUUXWR)RQGDPHQWLGLVRFLROLQJXLVWLFD/DWHU]D5RPD%DUL
&)8
² ,WDOLDQRUHJLRQDOHUHSHUWRULOLQJXDGLDOHWWR
*%HUUXWR)RQGDPHQWLGLVRFLROLQJXLVWLFD/DWHU]D5RPD%DUL
&)8
² 6RFLROLQJXLVWLFDHDQWURSRORJLD
$'XUDQWL$QWURSRORJLDGHOOLQJXDJJLR0HOWHPL5RPDFDSLWROLGD
GHILQLUH
$YYHUWHQ]H
3HULOVHFRQGRHVDPH/LQJXLVWLFD,,,,DQQRDUHDLOQXPHURFRPSOHVVLYRGL
&)8 q UDJJLXQJLELOH SUHYLD LQGLFD]LRQH VXO 3LDQR GL 6WXGL VRPPDQGR L
PRGXOLSDU]LDOLGL/LQJXLVWLFD,,)RQHWLFD,,6RFLROLQJXLVWLFD
62&,2/2*,$ '(//·$57(
'RFHQWHGDQRPLQDUH
,SHULRGR
0RGXORGDGXH&)8
´/·DUWHqHULPDQHSHUQRLYLVWDQHOODVXDGHVWLQD]LRQHVXSUHPDXQSDVVDWRµ
*:)+HJHO(VWHWLFD(LQDXGL7RULQRSDJ
/DTXHVWLRQHKHJHOLDQDGHOODILQHGHOO·DUWHQRQLQYHVWHVROWDQWRO·HVWHWLFDILOR
VRILFDFKHSXUHQRQKDSRWXWRHOXGHUQHODSUREOHPDWLFDHUHGLWj&RLQYROJHOD
SUDWLFDDUWLVWLFDHTXHOODFULWLFDODIRUPD]LRQHGHOJXVWROHLVWLWX]LRQLPXVHDOL
ILQRDVROOHFLWDUHLQSURIRQGLWjODSRVVLELOLWjVWHVVDGHOO·DXWRFRPSUHQVLRQHGHOOD
PRGHUQLWjDWWUDYHUVRO·HODERUD]LRQHGHLSURSULVLPEROL
6HO·(VWHWLFDKHJHOLDQDUDSSUHVHQWDODFRPSLXWDGHWHUPLQD]LRQHGHOVLJQLILFDWR
GHOO·DUWHQHOO·HSRFDGHOODPHWDILVLFDGLVFXWHUHODWHVLGHOODILQHGHOO·DUWHGDXQ
ODWRVLJQLILFDGLVSLHJDUHLVLQWRPLFKHUHQGRQRFRHUHQWHXQDWDOHGLDJQRVLFRQ
ODWUDGL]LRQHFKHSRUWDDFRPSLPHQWRGDOO·DOWURULOHYDUHTXHOOHWUDFFHFKHULQ
YLDQRDSRVVLELOLWjGLVHQVRVHGLPHQWDWHHQRQULVROWHDOO·LQWHUQRGHOODPHWDILVL
FDSRVVLELOLWjGLVHQVRSHUXQDLQWHUURJD]LRQHVXOUXRORGHOO·DUWHQHOWHPSRD
YHQLUH
,OFRUVRLQWHQGHIRFDOL]]DUHO·DWWHQ]LRQHVXOO·HODERUD]LRQHKHJHOLDQDGHOODWHVL
GHOOD´ILQHGHOO·DUWHµGDOOD)HQRPHQRORJLDGHOOR6SLULWRDOO·(VWHWLFDFRQSDUWL
3URJUDPPLGHL&RUVL
FRODUHDWWHQ]LRQHDLWHVWLLQTXDGUDUHODIDVHVWRULFRILORVRILFDLQFXL+HJHOOD
FROORFD²ULYROJHQGRSHUFLzSDUWLFRODUHDWWHQ]LRQHDOODSDUWHGHOO·(VWHWLFD GHGL
FDWD DOO·´$UWH 5RPDQWLFDµ ² SHU GHWHUPLQDUH OH FRQGL]LRQL VWRULFKH H VRFLDOL
FKHODLPSRQJRQRVLFHUFKHUjLQILQHGLFRPSUHQGHUHO·LQIOXHQ]DFKHODWHVL
KHJHOLDQDKDDYXWRVXOODGHWHUPLQD]LRQHGHOUXRORVRFLDOHGHOO·DUWHQHOODQRVWUD
HSRFD
%LEOLRJUDILD
*:)+HJHO$UWHHPRUWHGHOO·DUWH3HUFRUVRQHOOH´/H]LRQLGLHVWHWLFDµD
FXUDGL*6FDUDPX]]DH3*DPED]]L%UXQR0RQGDGRUL(GLWRUH0LODQR
3DJJ´LQWURGX]LRQHµ
3DJJ´$UWHURPDQWLFDGLVVROX]LRQHHILQHGHOO·DUWHµ
3DJJ´$UWHHPRUWHGHOO·DUWHQHOOD)HQRPHQRORJLDGHOORVSLULWRµ
7HVWLFRQVLJOLDWLSHULQRQIUHTXHQWDQWL
99HUUD,QWURGX]LRQHD+HJHO/DWHU]D5RPD%DULFDS,;/RVSLULWR
DVVROXWR$UWH
$+DXVHU6RFLRORJLDGHOO·DUWH(LQDXGL7RULQRYRO,,,SDUWH
9,´)LQHGHOO·DUWH"µ
')RUPDJJLR/D´PRUWHGHOO·DUWHµHO·HVWHWLFD,O0XOLQR%RORJQD
3UHVHQWD]LRQHGHOPRGXOR
,QWURGX]LRQHDOORVWXGLRGHOODVRFLRORJLD
6RFLRORJLDHVHQVRFRPXQH
/·LPPDJLQD]LRQHVRFLRORJLFD
,QWURGX]LRQHDOORVWXGLRGHOODFRPXQLFD]LRQH
/·DSSURFFLRVRFLRORJLFRDOODFRPXQLFD]LRQH
/·LQWHUD]LRQLVPRVLPEROLFR
3URJUDPPLGHL&RUVL
/·HWQRPHWRGRORJLD
,OSDUDGLJPDVLVWHPLFRFRPXQLFD]LRQLVWD
,QWURGX]LRQHDOORVWXGLRGHOOHFRPXQLFD]LRQLGLPDVVD
&HQQLVWRULFLVXLPDVVPHGLD
8QFULWHULRSHUGLVWLQJXHUHJOLHIIHWWLGHLPHGLD
7HRULHGHJOLHIIHWWLDEUHYHWHUPLQH
7HRULHGHJOLHIIHWWLDOXQJRWHUPLQH
7UDVIRUPD]LRQLGHOO·XQLYHUVRFRPXQLFDWLYRHVRFLDOH
4XHVWLRQLDSHUWHGDLSURFHVVLGLPHGLDPRUIRVL
%LEOLRJUDILD
*UHFR*0DQXDOHGL6RFLRORJLDGHOOHFRPXQLFD]LRQLGLPDVVDLQFRUVRGL
VWDPSD
,G 3ROLWLFD 6SRUW (GXFD]LRQH 7UH ULIOHVVLRQL VXO QHVVR FRPXQLFD]LRQH
VRFLHWj LQFRUVRGLVWDPSD
*UHFR * D FXUD GL 0HGLDPRUIRVL &RQYHUVD]LRQL VX FRPXQLFD]LRQH H
VRFLHWj5XEEHWWLQR6RYHULD0DQQHOOL
/LYROVL00DQXDOHGLVRFLRORJLDGHOODFRPXQLFD]LRQH/DWHU]D5RPD%DUL
0F4XDLO'6RFLRORJLDGHLPHGLD,O0XOLQR%RORJQD
0RUFHOOLQL0DFXUDGL,O0HGLDHYR7YHLQGXVWULDFXOWXUDOHQHOO·,WDOLDGHO
;;VHFROR&DURFFL5RPD
3LURPDOOR*DPEDUGHOOD$/HVILGHGHOODFRPXQLFD]LRQH/DWHU]D5RPD%DUL
5RVHQJUHQ .( ,QWURGX]LRQH DOOR VWXGLR GHOOD FRPXQLFD]LRQH ,O 0XOLQR
%RORJQD
9DQ'LMN-6RFLRORJLDGHLQXRYLPHGLD,O0XOLQR%RORJQD
8OWHULRULLQGLFD]LRQLELEOLRJUDILFKHSRWUDQQRHVVHUHIRUQLWHGXUDQWHORVYROJL
PHQWRGHOPRGXOR
3UHVHQWD]LRQHGHOPRGXOR
,QWURGX]LRQHDOORVWXGLRGHOQHVVRFRPXQLFD]LRQHHGXFD]LRQH
&HQWUDOLWjGHOODFRPXQLFD]LRQHHYRJOLDGLFRPXQLWjQHOODVRFLHWjJOREDOH
7HFQRORJLH FRPXQLFDWLYH FRQVXPL FXOWXUDOL VRFLHWj RULHQWDPHQWL GL
ULFHUFDHQXRYHLSRWHVL
%DPELQLHWYOLPLWLHSURVSHWWLYHGHOGLEDWWLWRLQFRUVR
*LRYDQLHFRPXQLFD]LRQHDGLVWDQ]DLOFDVRGHOODWHOHIRQLDUDGLRPRELOH
3URJUDPPLGHL&RUVL
&RPXQLFD]LRQHFRJQL]LRQHHQXRYHWHFQRORJLH
1XRYLPHGLDHSURFHVVLHGXFDWLYL
'DOODWYDGLQWHUQHWOHQXRYHVILGHFRPXQLFDWLYHDOODIRUPD]LRQH
/DFRPSOHVVLWjGHOODIRUPD]LRQHWUDPDVVPHGLDQHZPHGLDHSRVWPRGHU
QLWj
/·´HGXFD]LRQHDLPHGLDµWUDVFLHQ]HGHOODFRPXQLFD]LRQHHVFLHQ]HGHOO·H
GXFD]LRQH
/DVFRPPHVVDGHOODPHGLDHGXFDWLRQ
/·HVSHULHQ]DLWDOLDQDGHOODPHGLDHGXFDWLRQ
8QDQXRYDILJXUDSURIHVVLRQDOHLOPHGLDHGXFDWRU
9LROHQ]DWHOHYLVLYDHPLQRULXQSUREOHPDGLPHGLDHGXFDWLRQ
9LROHQ]DWHOHYLVLYDHPLQRULULVXOWDWLGLXQDULFHUFDFRQGRWWDQHOPH]]R
JLRUQRG·LWDOLD
%LEOLRJUDILD
*UHFR*6RFLDOL]]D]LRQHYLUWXDOH%DPELQLH7YQHLQXRYLVFHQDULWHFQRORJLFL
5XEEHWWLQR6RYHULD0DQQHOOL
*UHFR * D FXUD GL 0HGLDPRUIRVL &RQYHUVD]LRQL VX FRPXQLFD]LRQH H
VRFLHWj5XEEHWWLQR6RYHULD0DQQHOOL
*UHFR * D FXUD GL &RP(GXFD]LRQH &RQYHUVD]LRQL VX &RPXQLFD]LRQH H
VRFLHWj LQFRUVRGLVWDPSD
0DVWHUPDQ/$ VFXRODGLPHGLD(GXFD]LRQHPHGLDHGHPRFUD]LDQHOO·(XUR
SDGHJOLDQQL·/D6FXROD%UHVFLD
0RUFHOOLQL03DVVDJJLRDOIXWXUR)RUPD]LRQHHVRFLDOL]]D]LRQHWUDYHFFKLH
QXRYLPHGLD)UDQFR$QJHOL0LODQR
3HUIHWWL6(GXFD]LRQHFKHFDPELD/DIRUPD]LRQHQHOO·HUDGHOODFRPXQLFD]LR
QH$QLFLD5RPD
5LYROWHOOD 3& 0HGLD (GXFDWLRQ 0RGHOOL HVSHULHQ]H SURILOR GLVFLSOLQDUH
&DURFFL5RPD
6DO]DQR'DFXUDGL&RPXQLFD]LRQHHG(GXFD]LRQH,QFRQWURGLGXHFXOWXUH
/·,VRODGHLUDJD]]L1DSROL
8OWHULRULLQGLFD]LRQLELEOLRJUDILFKHSRWUDQQRHVVHUHIRUQLWHGXUDQWHORVYROJL
PHQWRGHO0RGXOR
3UHVHQWD]LRQHGHOPRGXOR
,QWURGX]LRQHDOODVRFLRORJLD
/·LPPDJLQD]LRQHVRFLRORJLFD
3URJUDPPLGHL&RUVL
,QWURGX]LRQHDOODFRPXQLFD]LRQH
/·DSSURFFLRVRFLRORJLFRDOODFRPXQLFD]LRQH
,QWURGX]LRQHDOOHFRPXQLFD]LRQLGLPDVVD
&HQQLVWRULFLVXLPDVVPHGLD
8QFULWHULRSHUGLVWLQJXHUHJOLHIIHWWLGHLPHGLD
7HRULHGHJOLHIIHWWLDEUHYHWHUPLQH
7HRULHGHJOLHIIHWWLDOXQJRWHUPLQH
,QWURGX]LRQHDOODFRPXQLFD]LRQHPXOWLPHGLDOHHLQWHUDWWLYD
0HGLDPRUIRVLHTXHVWLRQHHGXFDWLYD
/DIRUPD]LRQHWUDPDVVPHGLDHQHZPHGLD
/DVFRPPHVVDGHOOD0HGLD(GXFDWLRQ
/·HVSHULHQ]DLWDOLDQDGHOOD0HGLD(GXFDWLRQ
&HQWUDOLWjGHOODFRPXQLFD]LRQHHYRJOLDGLFRPXQLWjQHOODVRFLHWjJOREDOH
%LEOLRJUDILD
*UHFR*0DQXDOHGL6RFLRORJLDGHOOHFRPXQLFD]LRQLGLPDVVD LQFRUVRGL
VWDPSD
,G6RFLDOL]]D]LRQHYLUWXDOH%DPELQLH7YQHLQXRYLVFHQDULWHFQRORJLFL5XE
EHWWLQR6RYHULD0DQQHOOL
,G&RP(GXFD]LRQH&RQYHUVD]LRQLVX&RPXQLFD]LRQHHVRFLHWj LQFRUVRGL
VWDPSD
0DVWHUPDQ/$ VFXRODGLPHGLD(GXFD]LRQHPHGLDHGHPRFUD]LDQHOO·(XUR
SDGHJOLDQQL·/D6FXROD%UHVFLD
0RUFHOOLQL03DVVDJJLRDOIXWXUR)RUPD]LRQHHVRFLDOL]]D]LRQHWUDYHFFKLH
QXRYLPHGLD)UDQFR$QJHOL0LODQR
3HUIHWWL6(GXFD]LRQHFKHFDPELD/DIRUPD]LRQHQHOO·HUDGHOODFRPXQLFD]LR
QH$QLFLD5RPD
5LYROWHOOD 3& 0HGLD (GXFDWLRQ 0RGHOOL HVSHULHQ]H SURILOR GLVFLSOLQDUH
&DURFFL5RPD
6DO]DQR'DFXUDGL&RPXQLFD]LRQHHG(GXFD]LRQH,QFRQWURGLGXHFXOWXUH
/·,VRODGHLUDJD]]L1DSROL
8OWHULRULLQGLFD]LRQLELEOLRJUDILFKHSRWUDQQRHVVHUHIRUQLWHGXUDQWHORVYROJL
PHQWRGHO0RGXOR
1RWH
,PRGXOLVLDUWLFRODQRLQOH]LRQLHVHPLQDUL/·LVFUL]LRQHDLVLQJROLPRGXOLYD
HIIHWWXDWDHQWURHQRQROWUHODVHFRQGDVHWWLPDQDGDOO·DYYLRGHOPRGXORSUHVVR
LO 'LS GL 6FLHQ]H GHOO·(GXFD]LRQH 6LJ 0DUFHOOR /XSR Ë ULFKLHVWD OD IUH
TXHQ]D 3HU VRVWHQHUH OD SURYD G·DFFHUWDPHQWR q FRQVLJOLDWD O·DGR]LRQH GL
DOPHQRGXHOLEULWUDTXHOOLLQGLFDWLQHOODUHODWLYDELEOLRJUDILD
3URJUDPPLGHL&RUVL
,PRGXOL$ H%VRQRULYROWLDJOLVWXGHQWLGHOSULPRDQQRGL6FLHQ]HGHOO·(GXFD
]LRQH
,OPRGXOR&qULYROWRDJOLVWXGHQWLGHOSULPRDQQRGL6FLHQ]HGHOOD)RUPD]LRQH
3ULPDULDH DTXHOOLGHOVHFRQGRDQQRGL6FLHQ]HGHOO·(GXFD]LRQH
*OLVWXGHQWLGHOYHFFKLRRUGLQDPHQWRKDQQRO·REEOLJRGLVHJXLUHGXHPRGXOL
62&,2/2*,$ '(/ 087$0(172
'RFHQWHGDQRPLQDUH
,9 SHULRGR
3UREOHPDDPELHQWHHPRGHOORHFRQRPLFRQHROLEHULVWD
'HVFUL]LRQHHDQDOLVLGHOODFULVLHFRORJLFDQHOODVXDIHQRPHQRORJLDHQHOOH
VXHFRQVHJXHQ]H
$QDOLVL GHOOH FDXVH GHOOR VTXLOLEULR DPELHQWDOH LQ UDSSRUWR DO PRGHOOR GL
SURGX]LRQHVFDPELRHFRQVXPRWLSLFRGHOVLVWHPDQHROLEHULVWD
%LEOLRJUDILD
/HVWHU%URZQ(FRHFRQRP\(GLWRUL5LXQLWL5RPD
&DUOD5DYDLROL,OSLDQHWDGHJOLHFRQRPLVWL,VHGL7RULQR
&DUOD5DYDLROL/DFUHVFLWDIUHGGD'DWDQHZV5RPD
67,/,67,&$ (0(75,&$ ,7$/,$1$
'RFHQWH)UDQFHVFR%DXVL
,,,H,9 SHULRGR
3DUWHLVWLWX]LRQDOH
/DPHWULFDSHWUDUFKHVFD
%LEOLRJUDILD
)UDQFHVFR 3HWUDUFD &DQ]RQLHUH D FXUD GL 0 6DQWDJDWD 0RQGDGRUL 0LOD
QR
6RQRDPPHVVHDQFKHDOWUHEXRQHHGL]LRQLFRPPHQWDWH
)%DXVL00DUWHOOL/DPHWULFDLWDOLDQD7HRULDHVWRULD/H/HWWHUH)LUHQ]H
6RQRDPPHVVLDQFKHDOWULEXRQLPDQXDOL
3URJUDPPLGHL&RUVL
**RUQL/HIRUPHSULPDULHGHOWHVWRSRHWLFRLQ/HWWHUDWXUDLWDOLDQD/HIRUPH
GHOWHVWR,7HRULDHSRHVLD(LQDXGL7RULQRSSSRLLQ*
*RUQL0HWULFDHDQDOLVLOHWWHUDULD%RORJQD,O0XOLQRSS
3DUWHPRQRJUDILFDRUH
,QWURGX]LRQHDOODOHWWXUDGHOWHVWRSRHWLFR
6FRSRGHOPRGXORqIRUQLUH²DWWUDYHUVRO·DQDOLVLGLDOFXQLWHVWLGLSRHVLDLWDOLD
QDGDOOHRULJLQLDO&LQTXHFHQWR²JOLVWUXPHQWLGLEDVHOLQJXLVWLFLPHWULFLUHWR
ULFLQHFHVVDULSHUDFFRVWDUVLDOWHVWRSRHWLFR
%LEOLRJUDILD
$QWRORJLDGLWHVWLSRHWLFLGLVSRQLELOHLQIRWRFRSLDSUHVVROD/HXNDP
)%DXVL00DUWHOOL/DPHWULFDLWDOLDQD7HRULDHVWRULD/H/HWWHUH)LUHQ]H
%0RUWDUD*DUDYHOOL0DQXDOHGLUHWRULFD%RPSLDQL0LODQR
&KLLQWHQGHVRVWHQHUHLOVHFRQGRHVDPHqSUHJDWRGLFRQFRUGDUQHLOSURJUDPPD
FRQLOGRFHQWH
6725,$ %,=$17,1$
'RFHQWH)LOLSSR%XUJDUHOOD
,,,H,9 SHULRGR
0RGXOR$
/LQHHGLVWRULDGHOO·,PSHUREL]DQWLQR,9;9 VHF
$ VFHOWDXQRGHLVHJXHQWLPDQXDOL)&RQFD8&ULVFXROR50DLVDQR %LVDQ
]LR 6WRULD H FLYLOWj /HG 0LODQR * 2VWURJRUVN\ 6WRULD GHOO·,PSHUR
EL]DQWLQR (LQDXGL 7RULQR $ *XLOORX ) %XUJDUHOOD /D FLYLOWj
EL]DQWLQDLQ$*XLOORX)%XUJDUHOOD$%DXVDQL/·,PSHUREL]DQWLQRHO·,VOD
PLVPR87(77RULQRSS
0RGXOR%
,O0H]]RJLRUQREL]DQWLQR9,;,VHF
6LFRQVLJOLD)%XUJDUHOOD/HWHUUHEL]DQWLQH&DODEULD%DVLOLFDWDH3XJOLD
LQ6WRULDGHO0H]]RJLRUQRGLUHWWDGD**DODVVRH55RPHR,,1DSROL
SS
,GXHPRGXOLFRVWLWXLVFRQRLOFRUVRSUHYLVWRSHUJOLLVFULWWLDOODODXUHDTXDGULHQ
QDOH
3URJUDPPLGHL&RUVL
*OLVWXGHQWLELHQQDOLVWLVRQRLQROWUHWHQXWLDOODOHWWXUDGHOOD9LWD GL6DQ1LORGD
5RVVDQRLQDWWHVDGHOODSXEEOLFD]LRQHGLXQDQXRYDHGL]LRQHFRQWUDGX]LRQH
LWDOLDQDDFXUDGL()ROOLHULVLFRQVLJOLDODWUDGX]LRQHLWDOLDQDDFXUDGLSDGUH
**LRYDQHOOL9LWDGL6DQ1LORIRQGDWRUHHSDWURQRGL*URWWDIHUUDWD%DGLDGL
*URWWDIHUUDWD
6725,$ &203$5$7$ '(//·$57('(,3$(6,(8523(,
'RFHQWH5DIIDHOOD0RUVHOOL
,,,H,9 SHULRGR
&)8
$UJRPHQWRGHOFRUVR
,OFUHSXVFRORGHLGXFDWLLWDOLDQLWUD&LQTXHFHQWRH6HLFHQWR)HUUDUD0DQWR
YD3DUPD8UELQR
,,,WULPHVWUH&)8
,OFRUVRLQWHQGHDSSURIRQGLUHOHVLQJROHSHFXOLDULWjGHOOHFRUWLSUHVHLQRJJHWWR
QHOOHORURGLIIHUHQ]HHQHOOHORURDQDORJLHDQDOL]]DQGRFROOH]LRQLVWUDWHJLHGL
DFTXLVWLPHUFDWRGHOO·DUWHHRYYLDPHQWHSHUVRQDJJLFKHOHKDQQRDOLPHQWDWH
9HUUjWUDFFLDWDODORURYLFHQGDVWRULFDHVWRULFRDUWLVWLFDDWWUDYHUVRSUHVHQ]HGL
DUWLVWLHXRPLQLGLFXOWXUDHFRPPLVVLRQLGHWHUPLQDQWLSHUORVYLOXSSRGHOOLQ
JXDJJLRGLRJQLVLQJRODFXOWXUD/·DUFRFURQRORJLFRGLLQGDJLQHLQTXHVWDSDUWH
GHOFRUVRSDUWHGDOODILQHGHO4XDWWURFHQWRILQRDOODVFRPSDUVDGLRJQLGXFDWR
SUHVRLQRJJHWWR
,9 WULPHVWUH&)8
/DVHFRQGDSDUWHGHOFRUVRLQWHQGHVRQGDUHODSURGX]LRQHDUWLVWLFDGLRJQLFRUWH
HVRSUDWWXWWRLOSURFHVVRGLGLVVROYLPHQWRGHOOHFROOH]LRQLGXFDOLFKHDQGUDQQR
DQXWULUHOHFROOH]LRQLSLLPSRUWDQWLG·(XURSD9HUUDQQRFRVuVHJXLWHQHOORUR
SHUHJULQDUHDOFXQHRSHUHFKLDYHSHUODPRGHUQDVWRULDGHOO·DUWH
%LELEOLRJUDILD
/DELEOLRJUDILDYHUUjIRUQLWDDGLQL]LRFRUVR
6LULFRUGDDJOLVWXGHQWLFKHQRQqSRVVLELOHVHFRQGRLOUHJRODPHQWRG·$WHQHR
LQVHULUHQHOSURSULRSLDQRGLVWXGLHQWUDPEHOHPDWHULH0XVHRORJLDH6WRULD
FRPSDUDWDGHOO·$UWHGHL3DHVLHXURSHLQpVRVWHQHUHLGXHHVDPLQHOPHGHVLPR
DQQRDFFDGHPLFR
6725,$ &217(0325$1($ $/
'RFHQWH$PHOLD3DSDUD]]R
,,,H,9 SHULRGR
3URJUDPPLGHL&RUVL
0RGXOR$ RUH
3DUWHLVWLWX]LRQDOH
,O SULPR PRGXOR q GHGLFDWR ROWUH FKH DOO·LQGLFD]LRQH GHOOH IRQWL GHOOD VWRULD
FRQWHPSRUDQHD DOOH WHPDWLFKH IRQGDPHQWDOL FDUDWWHUL]]DQWL XRPLQL VRFLHWj
HFRQRPLHGHO;,;VHFRORRUH1HOOHVHFRQGHRUHVLDIIURQWHUDQQRDVSHW
WLHSUREOHPLFRQQHVVLDTXHOORFKHJOLVWRULFLGHILQLVFRQRLOVHFRORSLWUDJLFR
GHOODVWRULDGHOO·8PDQLWjLO1RYHFHQWR
%LEOLRJUDILD
3DROR9LROD/·2WWRFHQWR(LQDXGL7RULQR
3DROR9LROD,O1RYHFHQWR(LQDXGL7RULQR
'HLWHVWLFRQVLJOLDWLYHUUDQQRLQGLFDWHOHSDUWLGDVWXGLDUHGXUDQWHLOFRUVR
0RGXOR% RUH
3DUWHPRQRJUDILFD
1HOVHFRQGRPRGXORFLVLVRIIHUPHUjVXDOFXQLPRPHQWLGHOODVWRULDGHJOL6WDWL
8QLWLGDOO·HWjFRORQLDOHDOODFRQTXLVWDGHOO·HJHPRQLDHFRQRPLFDDOLYHOORPRQ
GLDOH
%LEOLRJUDILD
/HR+XEHUPDQ6WRULDSRSRODUHGHJOL6WDWL8QLWL(LQDXGL7RULQRRDOWUH
HGL]LRQL
6LDJOLVWXGHQWLGHOQXRYRRUGLQDPHQWRFKHTXHOOLGHOYHFFKLRGHYRQRIUHTXHQ
WDUHLOFRUVRTXHOOLGHOQXRYRRUGLQDPHQWRVHFRQGRLOPRGXORSUHYLVWRGDLORUR
SLDQLGLVWXGLRTXHOOLGHOYHFFKLRRUGLQDPHQWRQHOODVXDLQWHUH]]DRUH
6725,$ &217(0325$1($ 0=
'RFHQWH&DUOR&DUERQH
,H,,SHULRGR
0RGXOR$
,OFRUVRVLDUWLFROHUjLQOH]LRQLHGHVHUFLWD]LRQL6RQRSUHYLVWLXOWHULRULLQFRQWUL
GLVXSSRUWROHFXLGDWHHRUDULVDUDQQRFRPXQLFDWLXQDYROWDGHILQLWRO·RUDULR
FRPSOHVVLYR GHOOH OH]LRQL GHO SULPR DQQR GHO &RUVR GL /DXUHD LQ 6WRULD LQ
PRGRGDHYLWDUHQHLOLPLWLGHOSRVVLELOHFKHVLYHULILFKLQRVRYUDSSRVL]LRQLIUD
GLVFLSOLQHGHOORVWHVVRDQQR
3URJUDPPLGHL&RUVL
$UJRPHQWRGHOFRUVR
1HOO·LQWHQWRGLIRUQLUHDOFXQHFRRUGLQDWHGLIRQGRSHUXQDYDOXWD]LRQHGHOOD
FRPSOHVVLWjGHOODUHWHGLUDSSRUWLSROLWLFLHFRQRPLFLHFXOWXUDOLFKHFRQQHWWHL
SRSROLQHOODVWRULDGHO1RYHFHQWRLOFRUVRDYUjXQFDUDWWHUHSUHYDOHQWHPHQWH
LQWHUQD]LRQDOLVWLFR
%LEOLRJUDILD
$ LQWHJUD]LRQHGHOOHOH]LRQLSHUODSUHSDUD]LRQHGHJOLHVDPLGLTXHVWRPRGXOR
VLFRQVLJOLDXQRGHLVHJXHQWLPDQXDOL
² 59LOODUL6RPPDULRGL6WRULD/DWHU]D5RPD%DUL
2SSXUH
² )%DUEDJDOOR6WRULDFRQWHPSRUDQHD/·2WWRFHQWRHLO1RYHFHQWR&DURFFL
5RPD
0RGXOR%
/·LQVHJQDPHQWRVDUjLPSDUWLWRQHO,SHULRGRGLGDWWLFRHLQSDUWHGHO,,VHFRQGR
OHPRGDOLWjSUHYLVWHSHULOPRGXOR$
,OPRGXOR%DYUjFDUDWWHULVWLFKHGLDSSURIRQGLPHQWRGLXQRRSLWHPLIUDTXHOOL
DIIURQWDWLQHOPRGXOR$
3URYDG·HVDPH
/D SUHSDUD]LRQH GHOO·HVDPH SHU TXHVWR PRGXOR VDUj FRQGRWWD VX SDUWL ² GD
DSSURIRQGLUHVHFRQGROHLQGLFD]LRQLGHOSURIHVVRUH²GHOPDQXDOHSUHVFHOWRSHU
LOPRGXOR$
*OLVWXGHQWLGHOYHFFKLRRUGLQDPHQWR FKHQRQDEELDQRJLjODILUPDGLIUHTXHQ
]DSRVVRQROLPLWDUVLSHURWWHQHUODDIUHTXHQWDUHLGXHPRGXOL
6725,$ '(/ &5,67,$1(6,02$17,&2
'RFHQWH5RPROR3HUURWWD
,H,,SHULRGR
9HFFKLRHQXRYRRUGLQDPHQWR
$UJRPHQWRGHOFRUVR
'DOOD 3DVTXD DOOD PLVVLRQH GL 3DROR OH RULJLQL GHO FULVWLDQHVLPR H LO OLEUR
GHJOL$WWLGHJOLDSRVWROL
3DUWHPHWRGRORJLFD
&RUULVSRQGHDGXQPRGXORGLRUHHGKDSHUFRQWHQXWR
3URJUDPPLGHL&RUVL
² XQ·LQWURGX]LRQHFULWLFDDOORVWXGLRGHOOHUHOLJLRQL
² XQ·LQWURGX]LRQHFULWLFDDOORVWXGLRGHOO·HEUDLVPRHGHOJLXGHRFULVWLDQHVL
PRVWUXPHQWLPHWRGLWHRULHLQWHUSUHWDWLYH
3DUWHLVWLWX]LRQDOH
&RUULVSRQGHDGXQPRGXORGLRUHHGKDSHUFRQWHQXWR
² XQDUDVVHJQDVWRULFDGHLSULQFLSDOLDYYHQLPHQWLHFRQWHVWLJHRJUDILFRFXOWX
UDOLGHOODVWRULDGL,VUDHOH
² XQDUDVVHJQDGHJOLDYYHQLPHQWLGHLGLVFRUVLHGLDOFXQHGHOOHILJXUHSUHVHQ
WDWHGDLYDQJHOLFDQRQLFL
3DUWHVHPLQDULDOH
&RUULVSRQGHDGXQPRGXORGLRUHHGKDFRPHRELHWWLYRO·DSSURIRQGLPHQWR
GHJOL$WWLGHJOLDSRVWROLDWWUDYHUVR
² ODFRQWHVWXDOL]]D]LRQHVWRULFRJHRJUDILFDGHOOHYLFHQGHQDUUDWH
² XQDSUHVHQWD]LRQHFULWLFDGHOOHYLFHQGHHGHOOHILJXUHSUHVHQWDWH
² XQDWUDWWD]LRQHJHQHUDOHGHOOHSUREOHPDWLFKHDSHUWH
%LEOLRJUDILD
3HUODSDUWHPHWRGRORJLFD
² DSSXQWLGHOOHOH]LRQL
3HUODSDUWHLVWLWX]LRQDOH
² DSSXQWLGHOOHOH]LRQL
² GLVSHQVHIRUQLWHGXUDQWHLOFRUVR
² *3HUHJR$WODQWHELEOLFRLQWHUGLVFLSOLQDUH6DQ3DROR&LQLVHOOR%DOVDPR
3HUODSDUWHVHPLQDULDOH
² DSSXQWLGHOOHOH]LRQL
² GLVSHQVHIRUQLWHGXUDQWHLOFRUVR
XQWHVWRDVFHOWDIUD
² :6FKQHHPHOFKHU,OFULVWLDQHVLPRGHOOHRULJLQLLO0XOLQR%RORJQD
RSSXUH
² )9RXJD,OFULVWLDQHVLPRGHOOHRULJLQL6FULWWLSURWDJRQLVWLGLEDWWLWL&ODX
GLDQD7RULQR
1RWHHPRGDOLWjGLVYROJLPHQWRGHOFRUVRHGHOO·HVDPH
*OLVWXGHQWLVDUDQQRFKLDPDWLFRP·qWUDGL]LRQHGLTXHVWRLQVHJQDPHQWRDG
XQODYRURGLULFHUFDHGLULIOHVVLRQHGLHVSRVL]LRQHGHOOHSURSULHFRQRVFHQ
]HHGLFRQIURQWR
3URJUDPPLGHL&RUVL
&RPSDWLELOPHQWHFRQODGLVSRQLELOLWjGHOOHQXRYHDXOHHGHOOHQXRYHVWUXW
WXUHOHOH]LRQLVDUDQQRVXSSRUWDWHGDPDWHULDOHGLGDWWLFRPXOWLPHGLDOH
3HU JOL VWXGHQWL LVFULWWL SHU OD SULPD YROWD D TXHVWR FRUVR H LQWHUHVVDWL D
VHJXLUHDQFKHODSDUWHVHPLQDULDOHVDUjGHWHUPLQDQWHODSDUWHFLSD]LRQHDOOH
OH]LRQLLQWURGXWWLYHGHOODSDUWHPHWRGRORJLFDHLVWLWX]LRQDOH
3HUO·DFTXLVWRLQJUXSSRGHLOLEULqSUREDELOHODSRVVLELOLWjGLXQRVFRQWR
SUDWLFDWRGDJOLHGLWRULVHQHSDUOHUjLQRFFDVLRQHGHOOHOH]LRQLGLSUHVHQWD
]LRQH
*OLVWXGHQWLGHOYHFFKLRRUGLQDPHQWRVRQRWHQXWLDVHJXLUHWXWWHOHSDUWLGHO
FRUVRPHWRGRORJLFDLVWLWX]LRQDOHHVHPLQDULDOH
*OLVWXGHQWLELHQQDOLVWLVRQRGLVSHQVDWLGDOSUHQGHUHSDUWHDOOHOH]LRQLGHOOD
SDUWHPHWRGRORJLFDHLVWLWX]LRQDOH
6725,$ '(/ &5,67,$1(6,02,1(7
02'(51$ (&217(0325$1($
'RFHQWH)LOLSSR%XUJDUHOOD
,,,H,9 SHULRGR
0XWXDGDO,PRGXORGL6WRULDGHOOD&KLHVD0HGLHYDOHHGHL0RYLPHQWL(UHWLFDOL
6725,$ '(/ ',6(*12'(//·,1&,6,21(('(//$ *5$),&$
'RFHQWH(PLOLD$QQD7DODPR
,H,,SHULRGR
,SHULRGR&)8
,OFRUVRVLSURSRQHGLPRVWUDUHO·HYROX]LRQHGHOGLVHJQRHGHOO·LQFLVLRQHGDOOH
RULJLQL ILQR DL QRVWUL JLRUQL DWWUDYHUVR XQD GLVDPLQD GHOOH GLYHUVH WHFQLFKH H
GHOOH YDULH VFXROH GL DUWLVWL LWDOLDQL H VWUDQLHUL OD SULPD SDUWH GHO FRUVR VDUj
GHGLFDWDDOGLVHJQRFRQXQDSDUWLFRODUHDWWHQ]LRQHDTXHOORILRUHQWLQRPHQWUH
QHO,9 WULPHVWUHVDUjDSSURIRQGLWRLOVHWWRUHUHODWLYRDOOHLQFLVLRQLHYHUUjHVD
PLQDWRVRSUDWWXWWRLOUDSSRUWRWUDLJRQ]DJDHOHLQFLVLRQLJOLVWXGHQWLGHOQXRYR
RUGLQDPHQWRSRWUDQQRVFHJOLHUHWUDLOSURJUDPPDGHOWHU]RRGHOTXDUWRWULPH
VWUHPHQWUHJOLVWXGHQWLGHOYHFFKLRRUGLQDPHQWRGRYUDQQRSRUWDUHLSURJUDP
PLUHODWLYLDLGXHWULPHVWULSHUJOLVWXGHQWLQRQIUHTXHQWDQWLVDUjREEOLJDWRULR
DJJLXQJHUHDOSURJUDPPDXQOLEURDVFHOWDWUDLWHVWLGLDSSURIRQGLPHQWRSHUOD
VHFRQGDDQQXDOLWjPDJJLRULLQIRUPD]LRQLELEOLRJUDILFKHYHUUDQQRFRPXQTXH
IRUQLWHDJOLLQL]LGHLFRUVL
3URJUDPPLGHL&RUVL
3DUWHJHQHUDOH
/ *UDVVL ,O GLVHJQR LWDOLDQR GDO 7UHFHQWR DO 6HLFHQWR 1XRYD HGL] 5RPD
&RUVRPRQRJUDILFR
'LVHJQLILRUHQWLQLGDO;9 DO;9,,VHFROR
7HVWR
VFKHGHWUDWWHGDOFDWDORJR 'D/HRQDUGRD9ROWHUUDQRGLVHJQLILRUHQWLQLGDO;9
DO;9,,VHFRORDFXUDGL63URVSHUL9DOHQWL5RGLQz(GL]LRQL'H/XFD5RPD
,,SHULRGR&)8
3DUWHJHQHUDOH
60DVVDUL)1HJUL$UQROGL$UWHH6FLHQ]DGHOO·LQFLVLRQH'D0DVR)LQLJXHU
UDD3LFDVVR1XRYD,WDOLDVFLHQWLILFD5RPDPDRUDULSXEEOLFDWRGD
&DURFFL
&RUVRPRQRJUDILFR
,*RQ]DJDHOHLQFLVLRQL
7HVWR
($7DODPR,*RQ]DJDHOHLQFLVLRQLXQDSULPDLQGDJLQHVDJJLRQHOFDWDOR
JR GHOOD PRVWUD *RQ]DJD /D &HOHVWH *DOHULD D FXUD GL$ (PLOLDQL H 5
0RUVHOOL6NLUD0LODQR
,,DQQXDOLWj
3DUWHJHQHUDOH
60DVVDUL)1HJUL$UQROGL$UWHH6FLHQ]DGHOO·LQFLVLRQH'D0DVR)LQLJXHU
UDD3LFDVVR1XRYD,WDOLDVFLHQWLILFD5RPDPDRUDULSXEEOLFDWRGD
&DURFFL
/ *UDVVL ,O GLVHJQR LWDOLDQR GDO 7UHFHQWR DO 6HLFHQWR 1XRYD HGL] 5RPD
&RUVRPRQRJUDILFR
'LVHJQLILRUHQWLQLGDO;9 DO;9,,VHFROR
7HVWRVFKHGHWUDWWHGDOFDWDORJR 'D/HRQDUGRD9ROWHUUDQRGLVHJQLILRUHQWLQL
GDO;9 DO;9,,VHFRORDFXUDGL63URVSHUL9DOHQWL5RGLQz(GL]LRQL'H/XFD
5RPD
3URJUDPPLGHL&RUVL
,*RQ]DJDHOHLQFLVLRQL
7HVWR($7DODPR,*RQ]DJDHOHLQFLVLRQLXQDSULPDLQGDJLQHVDJJLRQHO
FDWDORJRGHOODPRVWUD *RQ]DJD/D&HOHVWH*DOHULD DFXUDGL$(PLOLDQLH5
0RUVHOOL6NLUD0LODQR
7HVWLGLDSSURIRQGLPHQWR
3 %HOOLQL 6WRULD GHOO·LQFLVLRQH LWDOLDQD LO 6HLFHQWR ,QFLVRUL DWWLYL D 5RPD
3LDFHQ]DSS
3%HOOLQL 6WDPSDWRULHPHUFDQWLGLVWDPSHLQ,WDOLDQHLVHFROL;9,H;9,,´,
TXDGHUQLGHOFRQRVFLWRUHGLVWDPSHµQUPDU]RDSULOHSS
6725,$ '(/ 3(16,(52&5,67,$12$17,&2
'RFHQWH(ULFD&DURWHQXWR
,9 SHULRGR
$UJRPHQWRGHOFRUVR
LQWURGX]LRQHDOODVWRULDGHOFULVWLDQHVLPRDQWLFRRUH
OLQHDPHQWLGLVWRULDGHOO·HVHJHVLRUH
ODULFHUFDGHOODGRWWULQDFULVWLDQDGL'LRODFULVL$ULDQDG&
RUH
VWUXPHQWLSHUORVWRULFRGHOFULVWLDQHVLPRLQIRUPDWLFDHVWRULDGHOFULVWLD
QHVLPRRUD
OH]LRQLLQWURGXWWLYHDOODVWRULDGHOFULVWLDQHVLPRDQWLFRSHUHYLGHQ]LDUQHOH
SULQFLSDOLOLQHHGLVYLOXSSRGDOOHRULJLQLILQRDOFRQFLOLRGL&DOFHGRQLD
G& O·DQDOLVL VDUj FRQFHQWUDWD HVVHQ]LDOPHQWH LQWRUQR D WUH DUJRPHQWL
SHUVRQDOLWjGLULOLHYRFKHKDQQRGDWRSDUWLFRODUHLPSXOVRDOODGLIIXVLRQHH
DIIHUPD]LRQH GHO FULVWLDQHVLPR UDSSRUWR FULVWLDQHVLPRDXWRULWj URPDQD
PRYLPHQWLHFRQWURYHUVLHLQWHUQHDOFULVWLDQHVLPRGLFDUDWWHUHVLDGLVFLSOL
QDUHVLDGRWWULQDOH
HVDPHGHLPRGLHGHOOHIRUPHLQFXLVLFRQFUHWL]]zQHLSULPLTXDWWURVHFROL
ORVWXGLRGHOOD6DFUD6FULWWXUDHGHOODYRULRHUPHQHXWLFRFKHTXHVWRLQVLHPH
GL VFULWWL HWHURJHQHL SHU DUJRPHQWR IRUPD H FURQRORJLD LPSRVH DL SULPL
SHQVDWRULFULVWLDQL
VWXGLRGHOODTXHVWLRQHWULQLWDULDGHOSURFHVVRFLRqFKHQHO,9 VHFRORSRUWz
DOODIRUPXOD]LRQHGLTXHOORFKHLQWXWWHOHFKLHVHFULVWLDQHGLYHQWzLOGRJPD
GHOOD7ULQLWj6FRSRILQDOHDOGLOjGHOODVHPSOLFHLOOXVWUD]LRQHGLIDWWLHGRW
WULQHVDUjTXHOORGLPRVWDUDUHODGLQDPLFDFKHSRUWzDOODGHILQL]LRQHGHOOD
GRWWULQDGL'LRXQDVRVWDQ]DHWUHSHUVRQHOHIRU]HFRLQYROWHLQTXHVWD
GLQDPLFDLPSHUDWRULYHVFRYLVSHFXOD]LRQHWHRORJLFDHRSSRUWXQLWDSROLWL
3URJUDPPLGHL&RUVL
FDHODORURLQWHUD]LRQH(VDPLQDQGRTXHVWRVSHFLILFRWHPDVLLQWHQGHIRU
QLUHXQDFKLDYHSHUODFRPSUHQVLRQHGHOODIRUPD]LRQHGHOODGRWWULQDFULVWLD
QDHSHUOHIRQWLFKHFLLQIRUPDQRVXGLHVVD
LQWURGX]LRQH DOOH FROOH]LRQL GL WHVWL UDFFROWH ELEOLRJUDILFKH VWUXPHQWL
LQIRUPDWLFLHULVRUVHLQWHUQHWXWLOLSHUODVWRULDGHOFULVWLDQHVLPR
%LEOLRJUDILD
*)LORUDPR(0HQR]]LDFXUDGL6WRULDGHO&ULVWLDQHVLPRYRO/·$QWL
FKLWj/DWHU]D5RPD%DUL
%LEOLRJUDILDVSHFLILFDHGLVSHQVHWUDWWHGDOOHOH]LRQLYHUUDQQRIRUQLWHGXUDQWHOR
VYROJLPHQWRGHOFRUVR
6725,$ '(/ 9,&,1225,(17($17,&2
'RFHQWH& %RQQHW
,,H,,,SHULRGR
,0RGXOR
/·DPELHQWH O·XRPRODFLWWj
,QWURGX]LRQHVXOFRQFHWWRGL9LFLQR2ULHQWHHVXOODVWRULRJUDILDGHOVHWWRUH/H
IRQWLVWDWRGLFRQVHUYD]LRQHWLSRORJLDFURQRORJLDLGHRORJLD,OTXDGURFURQR
ORJLFR/·LQWHUD]LRQHXRPRDPELHQWH'DOODULYROX]LRQHQHROLWLFDDOODULYROX]LR
QHDJULFROD/DQDVFLWDGHOOHFLWWjLQ0HVRSRWDPLD/·LGHRORJLDGHOODUHJDOLWj/H
JUDQGLWDSSHVWRULFKHGHO,,,PLOOHQQLRD&
,,0RGXOR
'DOODFLWWjDOO·LPSHUR6YLOXSSLVWRULFLQHO,,HQHO,PLOOHQQLRD&/DGLQDPLFD
FHQWURSHULIHULH /·LPSHUR FRPH PRGHOOR SROLWLFR /D WUDQVL]LRQH IUD (Wj GHO
%URQ]R H (Wj GHO )HUUR /·HUHGLWj FXOWXUDOH GHO 9LFLQR 2ULHQWH DQWLFR 3HU
HQWUDPELLPRGXOLVDUDQQRHVDPLQDWLDOFXQLGRFXPHQWLIRQWLVFULWWHRLFRQR
JUDILFKHSHULOOXVWUDUHQHOFRQFUHWRLOGLVFRUVRVWRULFRJHQHUDOH
%LEOLRJUDILD
0DULR/LYHUDQL$QWLFR2ULHQWH/DWHU]D5RPD%DULXOWLPDHGL]LRQH
3HULELHQQDOLVWL
/DFRUULVSRQGHQ]DGLSORPDWLFDGHOIDUDRQHFRQLUHJQLGHOODFRVWDVLURSDOHVWL
QHVHQHOO·HSRFDGLHO$PDUQD6LSURSRUUjXQVHPLQDULRVSHFLILFRSHULELHQQD
OLVWLFRQXQODYRURVXOOHIRQWLHO·HODERUD]LRQHILQDOHGLXQDWHVLQDVFULWWDSHU
O·HVDPH
3HUTXHVW·DQQRRJQLSDUWHFLSDQWHGRYUjVWXGLDUHXQSLFFRORJUXSSRGLOHWWHUHGL
HO$PDUQDHDSSURIRQGLUQHLOFRQWHQXWRGDYDULSXQWLGLYLVWDIRUPXODULRWHU
3URJUDPPLGHL&RUVL
PLQRORJLFRLGHRORJLFRJHRJUDILFRFXOWXUDOHUHOLJLRVRHFF/LEURGLULIHUL
PHQWRGDSURFXUDUVLFRQDQWLFLSR0DULR/LYHUDQL/HOHWWHUHGLHO$PDUQD
YROO3DLGHLD(GLWULFH%UHVFLD
6725,$ '(,3$(6,,6/$0,&,
'RFHQWH
0XWXDGD´6WRULDGHL3DHVLLVODPLFLµGHOOD)DFROWjGL6FLHQ]HSROLWLFKH
6725,$ '(,75$77$7,(32/,7,&$ ,17(51$=,21$/(
'RFHQWH&DUOR&DUERQH
,H,,SHULRGR
0XWXDGD6WRULDFRQWHPSRUDQHD0=
6725,$ '(/ *,251$/,602
'RFHQWHGDQRPLQDUH
,9 SHULRGR
$UJRPHQWRGHOFRUVR
/D SDUWH LVWLWX]LRQDOH ULJXDUGHUj OD VWRULD GHO JLRUQDOLVPR LWDOLDQR TXHOOD
PRQRJUDILFDHVHPLQDULDOHOHPRGLILFD]LRQLLQWURGRWWHQHOODSURIHVVLRQHJLRU
QDOLVWLFDGDOO·DYYHQWRGL,QWHUQHW
$ TXHVWRDUJRPHQWRVDUjGHGLFDWRFLUFDXQWHU]RGHOOHRUHGHOPRGXOREUHYHLQ
FXLVLDUWLFRODLOFRUVR
3DUWHLVWLWX]LRQDOH
6WRULDGHOJLRUQDOLVPRLWDOLDQRSHUFHQQLGDOOHRULJLQLVLQRDOODILQHGHOUHJLPH
IDVFLVWDLQPRGRSLFLUFRVWDQ]LDWRGDODLJLRUQLQRVWUL
3DUWHPRQRJUDILFDHVHPLQDULDOH
7UDWWHUjSHUFHQQLODVWRULDGL,QWHUQHWHVLVRIIHUPHUjVXOOHPRGLILFD]LRQLQHOOH
VWUDWHJLH HGLWRULDOL H QHOOD UHDOWj GHOOD SURIHVVLRQH GHWHUPLQDWH GDOO·DYYHQWR
GHOODUHWHFRQO·HVDPHGLDOFXQLFDVLFRQFUHWLSHUHV´/D5HSXEEOLFDµXQTXR
WLGLDQR FKH KD SXQWDWR PROWR DOOD VLQHUJLD WUD FDUWD VWDPSDWD H RQOLQH H XQ
TXRWLGLDQRQDWRQHOODUHWHFRPH´,OQXRYRµ6LFHUFKHUjGLYLVLWDUHXQDUHDOWj
HGLWRULDOHORFDOHVLJQLILFDWLYDSHULILQLGLGDWWLFLGHOFRUVR
%LEOLRJUDILD
,OWHVWRREEOLJDWRULRSHUWXWWLFRORURFKHGHVLGHUDQRGDUHO·HVDPHq
3URJUDPPLGHL&RUVL
3DROR0XULDOGL6WRULDGHOJLRUQDOLVPRLWDOLDQRLO0XOLQR%RORJQD
/HSDUWLGDDSSURIRQGLUHSHUO·HVDPHVDUDQQRHYHQWXDOPHQWHFRQFRUGDWHFRQL
VLQJROLVWXGHQWL
6725,$ '(//$ &$/$%5,$ 0(',(9$/(
'RFHQWH$WWLOLR9DFFDUR
,,,H,9 SHULRGR
$UJRPHQWRGHOFRUVR
3HUXQDVWRULDGHOODFLWWjGL6TXLOODFHLQHWjPHGLHYDOH VHFF9,;9
,OFRUVRVLDUWLFRODLQGXHPRGXOL$ SL%ULVSHWWLYDPHQWHGLRUHFLDVFXQR
0RGXOR$
4XHVWDSULPDSDUWHVLSURSRQHGLVHOH]LRQDUHHULSHUFRUUHUHVHQ]DSUHWHVHGL
HVDXVWLYLWjLWHPLJHQHUDOLGHOOHYLFHQGHXPDQHHGHJOLHYHQWLUHODWLYLDOODVWR
ULDFLYLOHHUHOLJLRVDGHOOD&DODEULDGDOPHGLRHYREL]DQWLQR DOO·HWjDUDJRQHVH
VHFF,;;9,IDWWLVWRULFLVDUDQQRVHOH]LRQDWLVHFRQGRXQSUHFLVRRUGLQHGL
ULOHYDQ]DSHUGDUHDJOLVWXGHQWLXQDSXQWXDOHTXDQWLWjGLLQIRUPD]LRQLVXOSDV
VDWRGHOOD&DODEULDVHQ]DVFLQGHUHODVWRULDGLTXHVWDUHJLRQHGDTXHVWLRQLH
LQWHUURJDWLYLSRVWLGDOODUHFHQWHVWRULRJUDILD
$ WDOILQHGXUDQWHOHOH]LRQLVDUDQQRGLVWULEXLWHGLVSHQVH
6LVXJJHULVFHLQROWUHODOHWWXUDGLDOPHQRXQRGHLVHJXHQWLWHVWL
² )%XUJDUHOOD/HWHUUHEL]DQWLQH&DODEULD%DVLOLFDWDH3XJOLD LQ6WRULD
GHO 0H]]RJLRUQR D FXUD GL *LXVHSSH *DODVVR ,, ,O 0HGLRHYR 1DSROL
SS
² 3'H/HR&HUWRVLQLHFLVWHUFHQVLQHO5HJQRGL6LFLOLD6RYHULD0DQQHOOL
² /·LPSURQWD LQGHOHELOH (QULFR 9,, GL 6YHYLD H *LRDFFKLQR GD )LRUH DOOD
OXFHGHOOHLQGDJLQLSDOHRSDWRORJLFKHDFXUDGL3LHWUR'H/HRH*LQR)RUQD
FLDUL6RYHULD0DQQHOOL
² 67UDPRQWDQD,O0H]]RJLRUQR0HGLHYDOH5RPD
² 00DIULFL&DODEULD8OWHULRUHLQ6WRULDGHO0H]]RJLRUQRD
FXUDGL*LXVHSSH*DODVVR9,,/H3URYLQFH5RPDSSHVV
² 0*&UXFLDQL&DODEULD&LWHULRUHGDJOL$QJLRLQLDOGHFHQQLRIUDQFHVHLQ
,YLSSHVV
² 3'DOHQD6RFLHWjHFRQRPLDHGLVWLWX]LRQLDG$OWRPRQWHWUD0HGLRHYRHG
(WjPRGHUQD*DODWLQD
0RGXOR%
4XHVWRVHFRQGRPRGXORVLSURSRQHGLDSSURIRQGLUHODVWRULDFLYLOHHUHOLJLRVD
3URJUDPPLGHL&RUVL
GLXQDGHOOHFLWWjHGLRFHVLSLDQWLFKHGHOOD&DODEULDDWWUDYHUVRXQ·DWWHQWDDQD
OLVLGLDOFXQHVWRULHPXQLFLSDOLGHLVHFF;9,;;VHQ]DVRIIHUPDUVLHVFOXVLYD
PHQWHDTXDGULGHOLPLWDWLRWHUULWRULDOLPDDFRQRVFHQ]HSLJHQHUDOLGHOODVWRULD
GHO 0H]]RJLRUQR PHGLHYDOH 6L VWXGLHUj TXLQGL OD VWRULD GL 6TXLOODFH FRQ
DSSURIRQGLPHQWL PRQRJUDILFL GL WLSR WHPDWLFR H WHUULWRULDOH FRQ SDUWLFRODUH
ULJXDUGRDOOHIRQWLGLULIHULPHQWR
$QFKHSHUTXHVWRPRGXORVLFRQVLJOLDQRODOHWWXUDREEOLJDWRULDGHOWHVWR
² 6TXLOODFHGDOO·HWjDQWLFDDOO·HWjPRGHUQDRVVLD´6TXLOODFLLUHGLYLYLOLEUL
,9µGL*LXVHSSH/RWWHOOLDFXUDGL$WWLOLR9DFFDUR&RVHQ]D
HIDFROWDWLYDGLDOPHQRXQRGHLVHJXHQWLVDJJL
² 0 0DIULFL 6TXLOODFH H LO VXR FDVWHOOR QHO VLVWHPD GLIHQVLYR FDODEUHVH
2SSLGR0DPHUWLQD
² **DWWD00DLRUDQR*1R\p&5DLPRQGR56SDGHDS9RUL6FDYL
PHGLHYDOLLQ&DODEULDLOFDVWHOORGL6TXLOODFH LQ´$UFKHRORJLDPHGLHYD
OHµ;;SS
² 'DOODFRUWHGL5DYHQQDDO9LYDULXPGL6TXLOODFH$WWLGHO&RQYHJQR,QWHU
QD]LRQDOH GL 6WXGL 6TXLOODFH RWWREUH D FXUD GL 6 /HDQ]D
6RYHULD0DQQHOOL
6725,$ '(//$ &+,(6$ 0(',(9$/(('(,
029,0(17,(5(7,&$/,
'RFHQWH)LOLSSR%XUJDUHOOD
,,,H,9 SHULRGR
0RGXOR$
/LQHHGLVWRULDGHOOD&KLHVDPHGLHYDOHHGHLPRYLPHQWLHUHWLFDOLGDO9,DO;9
VHFROR
$ VFHOWDXQRGHLVHJXHQWLPDQXDOL0'.QRZOHVH'2EROHQVN\,O0HGLRH
YR0DULHWWL*HQRYD>1XRYD6WRULDGHOOD&KLHVD@)3LHULQL&RUVRGL
6WRULDGHOOD&KLHVD/·HWjPHGLHYDOH6DQ3DROR&LQLVHOOR%DOVDPR/
*DWWR6WRULDGHOOD&KLHVDPHGLHYDOH1HZWRQ&RPSWRQ5RPD
0RGXOR%
/·2UWRGRVVLDXQSURILORGHOOD&ULVWLDQLWjRULHQWDOH
6LFRQVLJOLDODOHWWXUDGL(0RULQL*OLRUWRGRVVL,O0XOLQR%RORJQD
(QWUDPELLPRGXOLIRUPDQRLOFRUVRGHVWLQDWRDJOLLVFULWWLDOODODXUHDTXDGULHQ
QDOH$LELHQQDOLVWLVLFRQVLJOLDLQROWUHGLFRQFRUGDUHDOWUHOHWWXUHFROGRFHQWH
3URJUDPPLGHL&RUVL
6725,$ '(//$ &5,7,&$ '·$57(
'RFHQWH%DUEDUD$JRVWL
,H,,SHULRGR
6XOODIDPDHODIRUWXQDGL5DIIDHOOR
0RGXOR,WLQHUDULQHOODOHWWHUDWXUDDUWLVWLFDLWDOLDQDIUD;9 H;9,VHFROR
$WWUDYHUVRXQDULFRJQL]LRQHGHOOHPDJJLRULIRQWLSHUODVWRULDGHOO·DUWHWUD5LQD
VFLPHQWRH&RQWURULIRUPDYHUUjGHOLQHDWRLOSDQRUDPDFULWLFRHQWURLOTXDOHVL
FROORFDOD¶IRUWXQD· GL5DIIDHOOR
%LEOLRJUDILD
ODSUHSDUD]LRQHDOODSURYDGLYHULILFDFRQVLVWHUjQHOODFRQRVFHQ]DGHOODGLVSHQ
VDUHODWLYDDOPRGXORFKHVDUjGLVSRQLELOHDOSULQFLSLRGHOFRUVRHGHOVDJJLR
GL$&RQWL/·HYROX]LRQHGHOO·DUWLVWDLQ6WRULDGHOO·DUWHLWDOLDQD3DUWHSULPD
YROXPH,,/·DUWLVWDHLOSXEEOLFR7RULQR(LQDXGLSSGLVSRQLELOHLQ
ELEOLRWHFD
1RQqSDUWHGHOSURJUDPPDG·HVDPHPDYDWHQXWRSUHVHQWHFRPHPDQXDOHGL
ULIHULPHQWR-6FKORVVHU0DJQLQR/DOHWWHUDWXUDDUWLVWLFD0DQXDOHGHOOHIRQWL
GHOODVWRULDGHOO·DUWHPRGHUQD>9LHQQD@)LUHQ]H/D1XRYD,WDOLD
GLVSRQLELOHLQELEOLRWHFD
0RGXOR/D´JUD]LDµGL5DIIDHOOR
,QSDUDOOHORDOODDWWLYLWjGHOPDHVWURLOVHFRQGRPRGXORVLSURSR
QHGLDQDOL]]DUHOHSLLPSRUWDQWLYRFLOHWWHUDULHHVWRULRJUDILFKHFKHDWWHVWDQR
OXQJRLO&LQTXFHQWRODIDPDHODIRUWXQDSRVWXPDHQWUDPEHQRWHYROLVVLPHGL
TXHVWRSURWDJRQLVWDGHOOD0DQLHUDPRGHUQDGDJOLHORJLFKHJOLWULEXWDURQROHW
WHUDWLTXDOL%DOGDVVDUUH&DVWLJOLRQH3LHWUR%HPERH/XGRYLFR$ULRVWRDOOHELR
JUDILHGHGLFDWHJOLGD3DROR*LRYLRHGD*LRUJLR9DVDULILQRDOODLQWHUSUHWD]LRQH
FRQWURULIRUPDWDGHO¶GHFRUR· GHO6DQ]LR
%LEOLRJUDILD
ODSUHSDUD]LRQHDOODSURYDGLYHULILFDFRQVLVWHUjQHOODFRQRVFHQ]DGHLWHVWLUDF
FROWLQHOODGLVSHQVDUHODWLYDDOPRGXORFKHVDUjGLVSRQLELOHDOSULQFLSLRGHO
FRUVRHGL.2EHUKXEHU5DIIDHOOR0LODQR(OHFWDO·HGL]LRQHHFRQRPL
FDGLTXHVWDPRQRJUDILDqLQFRPPHUFLRBLOWHVWRqFRPXQTXHGLVSRQLELOH
LQELEOLRWHFD
3URJUDPPLGHL&RUVL
7LWRORGHOFRUVR/DFULVLGHJOLLQWHOOHWWXDOLODFULWLFDHLOHWWRUL
0RGXOR,OSULPRPRGXORRUHFUHGLWLSUHQGHLQHVDPHORVWDWXWRFULWL
FRWHRULFRGHOOHWWRUHDWWUDYHUVRXQDGLVDPLQDGHOOHSULQFLSDOLWHRULHGLDPELWR
VWUXWWXUDOLVWLFRVHPLRWLFR SUDJPDWLFR H VRFLRORJLFR /D SDUWH PRQRJUDILFD q
GHGLFDWDD8PEHUWR(FRWHRULFRHQDUUDWRUH3HUJOLVWXGHQWLFKHIUHTXHQWDQR
VRORLOPRGXORLOSURJUDPPDG·HVDPHqLOVHJXHQWH
3DUWHPRQRJUDILFD
8PEHUWR(FR'LDULRPLQLPR
/HFWRULQIDEXOD%RPSLDQLVJJ
,OQRPHGHOODURVDVJJ
6XOODOHWWHUDWXUD
3DUWHLVWLWX]LRQDOH
$OEHUWR&DVDGHL/DFULWLFDOHWWHUDULDGHO1RYHFHQWR,O0XOLQR
3DUWHPRQRJUDILFD
&DUOD%HQHGHWWL,OWUDGLPHQWRGHLFULWLFL%ROODWL%RULQJKLHUL
3DUWHJHQHUDOH
$OEHUWR&DVDGHL/DFULWLFDOHWWHUDULDGHO1RYHFHQWR,O0XOLQR
*LXVHSSH =DFFDULD &ULVWLQD %HQXVVL 3HU VWXGLDUH OD OHWWHUDWXUD LWDOLDQD
%UXQR0RQGDGRUL
3HUJOLVWXGHQWLFKHIUHTXHQWDQRHQWUDPELLPRGXOLLOSURJUDPPDqLOVHJXHQWH
3DUWHPRQRJUDILFD
8PEHUWR(FR'LDULRPLQLPR
/HFWRULQIDEXOD%RPSLDQLVJJ
,OQRPHGHOODURVDVJJ
6XOODOHWWHUDWXUD
3URJUDPPLGHL&RUVL
&DUOD%HQHGHWWL,OWUDGLPHQWRGHLFULWLFL%ROODWL%RULQJKLHUL
3DUWHLVWLWX]LRQDOH
$OEHUWR&DVDGHL/DFULWLFDOHWWHUDULDGHO1RYHFHQWR,O0XOLQR
*LXVHSSH =DFFDULD &ULVWLQD %HQXVVL 3HU VWXGLDUH OD OHWWHUDWXUD LWDOLDQD
%UXQR0RQGDGRUL
,QHQWUDPELLPRGXOLVRQRSUHYLVWHSURYHLQLWLQHUH
6HPLQDULRGL&ULWLFDOHWWHUDULD RUHFUHGLWL
0XWXDGDOODSULPDSDUWHGHO0RGXORGL6WRULDGHOODFULWLFDOHWWHUDULDLWDOLDQD
TXDUWRSHULRGRGLGDWWLFR
6725,$ '(//$ &8/785$ ,63$1,&$
'RFHQWHGDQRPLQDUH
,,,H,9 SHULRGR
3URILORVWRULFROHWWHUDULR
² /·LPSHURGL&DUOR9
² /DVWRULDGHOOD6SDJQDGDODLJLRUQLQRVWUL
² /HWWHUDWXUDH,PSHUR
² /HWWHUDWXUDVSDJQRODGRSRLO
%LEOLRJUDILD
3(5XVVHOOHG,QWURGXFFLyQDODFXOWXUDKLVSiQLFD&UtWLFD*ULMDOER
YROO
3LHUUH9LODU+LVWRULDGH(VSDxD&UtWLFD*ULMDOER
$$99+LVWRULDGHOD/LWHUDWXUD(VSDxROD&iWHGUDYROOLFDSLWROL
UHODWLYLDJOLDXWRULHDLSHULRGLVWRULFROHWWHUDULWUDWWDWLGXUDQWHLOFRUVR
3DUWHPRQRJUDILFD
/·LPPDJLQHGL1HZ<RUNLQDOFXQLSRHWLLVSDQLFL
%LEOLRJUDILD
'&DxDV(OSRHWD\ODFLXGDG&iWHGUD
)- 'tH] GH 5HYHQJD 3DQRUDPD FUtULFR GH OD JHQHUDFLyQ GHO (GLWRULDO
&DVWDOLD
$5DPRQHGDDFXUDGL$QWRORJtDSRpWLFDGHODJHQHUDFLyQGHO(GLWRULDO
&DVWDOLD
)5LFR+LVWRULD\FUtWLFDGHODOLWHUDWXUDHVSDxRODYROOeSRFDFRQWHP
SRUiQHD(GLWRULDO&UtWLFD
3URJUDPPLGHL&RUVL
&*RLF+LVWRULD\FUtWLFDGHOD/LWHUDWXUD+LVSDQRDPHULFDQD(GLWRULDO&UtWL
FD
*%HOOLQL6WRULDGHOOD/HWWHUDWXUD,VSDQRDPHULFDQD/('
8OWHULRULLQGLFD]LRQLLQPHULWRDOODSDUWHJHQHUDOHDOFRUVRPRQRJUDILFRHDL
VLQJROLDXWRULWUDWWDWLVDUDQQRGDWHGXUDQWHORVYROJLPHQWRGHOOHOH]LRQL
6725,$ '(//$ &8/785$ 0$7(5,$/(
'RFHQWH3DRODGH6DQFWLV5LFFLDUGRQH
,H,,SHULRGR
,PRGXOLGHOSUHVHQWHDQQRDFFDGHPLFRVDUDQQRDUWLFRODWLLQPRGRGDIRUQLUH
DJOLVWXGHQWLXQDSUHSDUD]LRQHGLEDVHVXOODVWRULDGHJOLVWXGLGHPRHWQRDQWUR
SRORJLFLYLVWLLQUHOD]LRQHDOODVWRULDGHOFROOH]LRQLVPRHWQRJUDILFRHDOORVYL
OXSSRGHOO·DQWURSRORJLDPXVHDOH6LHIIHWWXHUDQQRULFRJQL]LRQLVXDOFXQLJUDQGL
PXVHL QD]LRQDOL H LQWHUQD]LRQDOL FRPH LO 3LJRULQL GL 5RPD LO 3LWW5LYHUV GL
2[IRUGLO0XVHXPRI,QWHUQDWLRQDO)RON$UWGL6DQWD)H/DORURQDVFLWDHOH
ORURVWUDWHJLHUDSSUHVHQWDWLYHQHOWHPSRVDUDQQRDQDOL]]DWHFRQLOVRVWHJQRFUL
WLFRGLVDJJLGLVWXGLRVLGHOVHWWRUH9HUUDQQRHIIHWWXDWHQHOO·DPELWRGLVHPLQDUL
HGHVHUFLWD]LRQLSURLH]LRQLGLYLGHRHYLVLWHYLUWXDOLWUDPLWH,QWHUQHWGLDOFXQL
LPSRUWDQWLPXVHLHWQRJUDILFLQHOPRQGR
1EJOLVWXGHQWLGHOYHFFKLRRUGLQDPHQWRGRYUDQQRIUHTXHQWDUHLGXHELPHVWUL
HSRUWDUHLWHVWLGLHVDPHGLHQWUDPELLPRGXOL
0RGXOR$
1HOSULPRSHULRGRVLHIIHWWXHUjXQDLQWURGX]LRQHVWRULFRVLVWHPDWLFDGHOOHSULQ
FLSDOL FRUUHQWL DQWURSRORJLFKH LQ UHOD]LRQH DOOD QDVFLWD H DO FRQVROLGDPHQWR
GHOODDQWURSRORJLDPXVHDOH
0RGXOR%
1HOVHFRQGRSHULRGRVDUjDSSURIRQGLWRLOWHPDGHOODPXVHRJUDILDGHPRHWQRDQ
WURSRORJLFDFRQWHPSRUDQHDHGLOGLEDWWLWRFULWLFRLQWRUQRDGHVVD
$UWLFROD]LRQHGLFLDVFXQPRGXOR
1XPHURRUHGLOH]LRQH1XPHURRUHGLVHPLQDUL1XPHURRUHGLODERUD
WRULR
$UJRPHQWLGHOOHOH]LRQL
² 6WRULDGHJOLVWXGL2UH
3URJUDPPLGHL&RUVL
² 6WRULDGHOODPXVHRJUDILDDQWURSRORJLFD2UH
² /HWWHUDWXUDFULWLFDHQXRYHVWUDWHJLHUDSSUHVHQWDWLYH2UH
$UJRPHQWLGHLVHPLQDUL
3URLH]LRQLYLGHRHDSSURIRQGLPHQWL2UH
3URJUDPPDODERUDWRULR
² 9LVLWHQHL0XVHLLQ5HWH2UH
7RWDOH&)8SHUPRGXOR
%LEOLRJUDILD
7HVWLGLULIHULPHQWRGHO0RGXOR$
$ODQ %DUQDUG 6WRULD GHO SHQVLHUR DQWURSRORJLFR ,O 0XOLQR %RORJQD
*HRUJH:6WRFNLQJ-UDFXUDGL*OL2JJHWWLGHJOL$OWULVDJJLGL$QWUR
SRORJLDPXVHDOHWULW(,(GLWRUL5RPDSDJLQH
7HVWLGLULIHULPHQWRGHOPRGXOR%
*HRUJH:6WRFNLQJ-UDFXUDGL*OL2JJHWWLGHJOL$OWULVDJJLGL$QWURSROR
JLDPXVHDOH(,(GLWRUL5RPDSDJLQH
3'H6DQFWLV5LFFLDUGRQH1HPLFL,PPDJLQDUL(VHUFL]LGL(WQRJUDILD0HOWH
PL5RPD
%LEOLRJUDILDHOHWWXUHLQWHJUDWLYHSHU DSSURIRQGLPHQWLVHPLQDULDOL
$OH[DQGHU(GZDUG30XVHXPVLQ0RWLRQ$Q,QWURGXFWLRQWRWKH+LVWRU\
DQG)XQFWLRQVRI0XVHXPV $OWD0LUD3UHVVD'LYLVLRQRI6DJH3XEOLFD
WLRQV,QF/RQGRQ
$PHV00&DQQLEDO7RXUVDQG*ODVV%R[HV8%&3UHVV9DQFRXYHU
&LUHVH$02JJHWWL6HJQL0XVHL(LQDXGL7RULQR
&OHPHQWH3*UDIILWLGLPXVHRJUDILDDQWURSRORJLFDLWDOLDQD'($3URWDJRQ
HGLWRULWRVFDQL6LHQD
&VLNV]HQWPLKDO\L 0 5RFKEHUJ+DOWRQ ( 7KH PHDQLQJ RI WKLQJV
'RPHVWLF V\PEROV DQG WKH VHOI &DPEULGJH 8QLYHUVLW\ 3UHVV 1HZ<RUN
'L9DOHULR)DFXUDGL&RQWHVWRH,GHQWLWj*OLRJJHWWLIXRULHGHQWURL0XVHL
&/8(%%RORJQD
(OVQHU- &DUGLQDO5HGV7KH&XOWXUHVRI&ROOHFWLQJ+DUYDUG8QLYHUVLW\
3UHVV&DPEULGJH0DVVDFKXVHWWV
*ULPDOGL5,%HQL&XOWXUDOLGHPRDQWURSRORJLFL6FKHGDWXUDHVLVWHPDLQIRU
PDWLYR7RULQR
3URJUDPPLGHL&RUVL
6725,$ '(//$ ),/262),$
'RFHQWH)UDQFR&ULVSLQL
,,,H,,,SHULRGR
3URJUDPPLGHL&RUVL
7LWRORGHOFRUVR
4XHVWLRQLGLHWLFDLQ/HLEQL]
7HVWL
/HLEQL]1XRYL6DJJL
/HLEQL]7HRGLFHD
/HLEQL]0RQDGRORJLD
1HOFRUVRGHOOHOH]LRQLVDUDQQRIRUQLWHDJOLVWXGHQWLGDWLHVVHQ]LDOLGLELEOLRJUD
ILDFULWLFD
,SHULRGR
0DUWHGuRUHSHUXQPRGXORGLRUH12
$ ILQHSULPRSHULRGRGLGDWWLFRSURYDGLYHULILFD
0HUFROHGuRUHSHUXQFRUVRGLRUHSLDQQR12
*LRYHGuRUDSHUXQFRUVRGLRUH92
,OSHULRGR
0DUWHGuRUHSHUXQPRGXORGLRUH12
$ ILQHSULPRSHULRGRGLGDWWLFRSURYDGLYHULILFD
0HUFROHGuRUHSHUXQFRUVRGLRUH92
*LRYHGuRUDSHUXQFRUVRGLRUH92
,,,SHULRGR
0HUFROHGuRUHSHUXQFRUVRGuRUH92
*LRYHGuRUDSHUXQFRUVRGLRUH92
6725,$ '(//$ ),/262),$
'RFHQWH0DULR$OFDUR
,,,H,9 SHULRGR
1XRYRRUGLQDPHQWR ,,,3HULRGR
%LEOLRJUDILD
$3HVVLQD,QWURGX]LRQHD%HUJVRQ/DWHU]D5RPD%DUL
+%HUJVRQ/·HYROX]LRQHFUHDWULFHFDSLWROL,H,,0RQGDGRUL0LODQR
3URJUDPPLGHL&RUVL
3DUWHLVWLWX]LRQDOH
)5HVWDLQR6WRULDGHOODILORVRILD87(77RULQRGD.DQWD%HUJVRQ
$UJRPHQWRGHOFRUVR
,O&RUVRVLSURSRQHGLSUHVHQWDUHODILORVRILDGL%HUJVRQHGLDQDOL]]DUHOHWHPD
WLFKHGHOO·(YROX]LRQHFUHDWULFH6XOODSDUWHLVWLWX]LRQDOHVLWHUUDQQROH]LRQLHG
HVHUFLWD]LRQL FKH YHUWHUDQQR SULQFLSDOPHQWH VXOOD VWRULD GHOOD ILORVRILD GD
+HJHOD%HUJVRQ
9HFFKLRRUGLQDPHQWR,,,H,9 SHULRGR
%LEOLRJUDILD
$3HVVLQD,QWURGX]LRQHD%HUJVRQ/DWHU]D5RPD%DUL
+%HUJVRQ/·HYROX]LRQHFUHDWULFH0RQGDGRUL0LODQR
8QWHVWRDVFHOWDIUDLVHJXHQWL
0$OFDUR/·HVVHUHLQTXLHWR'HGDOR%DUL
7HLOKDUGGH&KDUGLQ,OIHQRPHQRXPDQRLQXQDHGL]LRQHLQWHJUDOH
(0RULQ/DYLWDGHOODYLWD5DIIDHOOR&RUWLQD(GLWRUH
3DUWHLVWLWX]LRQDOH
)5HVWDLQR6WRULDGHOODILORVRILD87(77RULQRGD.DQWD%HUJVRQ
$UJRPHQWRGHOFRUVR
,O&RUVRVLSURSRQHGLSUHVHQWDUHODILORVRILDGL%HUJVRQHGLDQDOL]]DUHOHWHPD
WLFKHGHOO·(YROX]LRQHFUHDWULFH6XOODSDUWHLVWLWX]LRQDOHVLWHUUDQQROH]LRQLHG
HVHUFLWD]LRQL FKH YHUWHUDQQR SULQFLSDOPHQWH VXOOD VWRULD GHOOD ILORVRILD GD
+HJHOD%HUJVRQ
6725,$ '(//$ ),/262),$$17,&$
'RFHQWH0DUFHOOR=DQDWWD
,,,H,9 SHULRGR
$1XRYR2UGLQDPHQWR&)8RUHGLOH]LRQH,,,SHULRGR
$UJRPHQWRGHOFRUVR
,SDUWHVWRULFRLVWLWX]LRQDOH,FDSLVDOGLWHRULFLGHOSHQVLHURDQWLFR
,,SDUWHPRQRJUDILFD/·HVRUWD]LRQHDULVWRWHOLFDDOODILORVRILD
3URJUDPPLGHL&RUVL
%LEOLRJUDILD
,3HUODSDUWHVWRULFRLVWLWX]LRQDOH
0=DQDWWD3URILORVWRULFRGHOODILORVRILDDQWLFD6RYHULD0DQQHOOL5XEEHWWL
QR
,,3HUODSDUWHPRQRJUDILFD
$ULVWRWHOH,O3URWUHWWLFRDFXUDGL(%HUWL7RULQR87(7/LEUHULD
%9HFFKLR2UGLQDPHQWR&)8RUHGLOH]LRQHGLFXLFRPXQLDOQXRYR
RUGLQDPHQWR,,,H,9 SHULRGR
*OLVWXGHQWLLVFULWWLDOODSULPDDQQXDOLWjGL6WRULDGHOOD)LORVRILD$QWLFDVHJXL
UDQQRQHOOHSULPHRUHGLOH]LRQHORVWHVVRSURJUDPPDGHJOLVWXGHQWLGHO
QXRYRRUGLQDPHQWRHQHOOHVHFRQGHRUHXQFRUVRVX9HULWjHYHULVLPLJOLDQ
]D
%LEOLRJUDILD
0=DQDWWD3URILORVWRULFRGHOODILORVRILDDQWLFD5XEEHWWLQR6RYHULD0DQQHO
OL
$ULVWRWHOH,O3URWUHWWLFRDFXUDGL(%HUWL87(7/LEUHULD7RULQR
0=DQDWWD/DUDJLRQHYHULVLPLOH3HOOHJULQL&RVHQ]D
*OLVWXGHQWLLVFULWWLDOODVHFRQGDDQQXDOLWjGL6WRULDGHOOD)LORVRILD$QWLFDFRQ
FRUGHUDQQRFRQLOGRFHQWHDOO·LQL]LRGHOFRUVRLOSURJUDPPDG·HVDPHHODUHOD
WLYDELEOLRJUDILD
6725,$ '(//$ ),/262),$ &217(0325$1($
'RFHQWH$QQDEHOODG·$WUL
,H,,SHULRGR
,OFRUVRqRUJDQL]]DWRLQGXHPRGXOLGL&)8FLDVFXQR
$UJRPHQWRGHOFRUVR
,OSULPRPRGXORqGHGLFDWRDOSHQVLHURGL1LHW]VFKHLOVHFRQGRD+HLGHJJHUH
DLSLVLJQLILFDWLYLLQWHUSUHWLGL1LHW]VFKHQHOYHQWHVLPRVHFROR
,PRGXOR,SHULRGR
%LEOLRJUDILD
)1LHW]VFKH/D*DLD6FLHQ]D HGL]LRQHDVFHOWDGHOORVWXGHQWH
3URJUDPPLGHL&RUVL
)1LHW]VFKH3UHID]LRQHH3ULPD'LVVHUWD]LRQHLQ*HQHDORJLDGHOODPRUDOHWU
LW)0DVLQL$GHOSKL0LODQRSS
7HVWRFRQVLJOLDWRSHU LQRQIUHTXHQWDQWL
*9DWWLPR,QWURGX]LRQHD1LHW]VFKH/DWHU]D5RPD%DUL
,,PRGXOR,,SHULRGR
0+HLGHJJHU1LHW]VFKHWULW)9ROSL0LODQR$GHOSKLVFHOWDDQWROR
JLFD
*9DWWLPR,QWURGX]LRQHD1LHW]VFKH/DWHU]D5RPD%DUL
*OLVWXGHQWLGHO1XRYR2UGLQDPHQWRVHFRQGRDQQRSHULTXDOLqLQVHJQDPHQWR
FDUDWWHUL]]DQWHGRYUDQQRVHJXLUHLOSULPRPRGXOR
*OLVWXGHQWLGHO9HFFKLR2UGLQDPHQWRDQFKHGLDOWULFRUVLGLODXUHDGRYUDQQR
VHJXLUHHQWUDPELLPRGXOL
6725,$ '(//$ ),/262),$ 0(',(9$/(
'RFHQWH$QWRQHOOD6DQQLQR
,9 SHULRGR
3DUWHLVWLWX]LRQDOHRUH&RUVRPRQRJUDILFRRUH
$UJRPHQWRGHOFRUVR
(UPHWH7ULVPHJLVWRSURIHWDSDJDQRGHOODULYHOD]LRQHFULVWLDQDRYRFHGLDEROLFD"
,OFRUVRVLDUWLFRODLQGXHFLFOLGLOH]LRQL,OSULPRGLFDUDWWHUHLQWURGXWWLYRVDUj
GHGLFDWR DOOD ULFRVWUX]LRQH GHL PRPHQWL VDOLHQWL GHOOD 6WRULD GHOOD ILORVRILD
PHGLHYDOH,OVHFRQGRYHUWHUjVXOODIRUWXQDGL(UPHWH7ULVPHJLVWRQHOSHQVLHUR
PHGLHYDOH'RSRXQ·LQWURGX]LRQHJHQHUDOHDOODOHWWHUDWXUDHUPHWLFDVLVWXGLHUj
O·$VFOHSLXVLQSDUWLFRODUHXQFHOHEUHPRWLYRO·XRPRFKHIDEEULFDJOLGHL²OD
FRVLGGHWWDWHXUJLDHUPHWLFD²HOHLQWHUSUHWD]LRQLSURSRVWHGDLSHQVDWRULFULVWLD
QL /DWWDQ]LR$JRVWLQR *XJOLHOPR G·$OYHUQLD$OEHUWR 0DJQR %HUWROGR GL
0RRVEXUJH7RPPDVR%UDGZDUGLQH
%LEOLRJUDILD
3DUWHJHQHUDOH
)$GRUQR7*UHJRU\99HUUD0DQXDOHGL6WRULDGHOODILORVRILD9RO,/DWHU
]D5RPD%DULSS
3DUWHPRQRJUDILFD
$VFOHSLXVLQ'LVFRUVLGL(UPHWH7ULVPHJLVWRWUDGGL%07RUGLQL3RUWRJDOOL
DFXUDGL*)LORUDPR7HD0LODQRSS
3URJUDPPLGHL&RUVL
,SHULRGR
,OFRUVRLQWHQGHLOOXVWUDUHLPRPHQWLGHOODULIOHVVLRQHILORVRILFDPRGHUQDFKHVL
ULWHQJRQREDVLODULSHUORVYLOXSSRGHOSULQFLSLRGHOODWROOHUDQ]DFRPHIRQGD
PHQWRGHOODFLYLOWjPRGHUQD
$ WDOVFRSRVLDSSURIRQGLUDQQRLWHPLHOHHUHGLWjFXOWXUDOLFKHSRUWDURQRDOOR
VYLOXSSRGLYDORULSROLWLFLHVRFLDOLTXDOLGLULWWLHOLEHUWjGLFRVFLHQ]DODLFL]]D
]LRQHGHOORVWDWRVHFRODUL]]D]LRQHGHOODFXOWXUDFKHFRVWLWXLVFRQRJOLLPSHUDWL
YLVWHVVLGHOO·LGHDGLWROOHUDQ]D
,,SHULRGR
6LSUHQGHUDQQRLQHVDPHTXHOOHGRWWULQHILORVRILFKHFKHGXUDQWHLO;9,,VHFROR
FRQWULEXLVFRQRDGHILQLUHLFRQWRUQLSROLWLFLGHOFRQFHWWRGLWROOHUDQ]DVDQFHQ
GRQHLOSDVVDJJLRGDOODGLPHQVLRQHUHOLJLRVDDTXHOODHWLFRPRUDOHHVRFLDOH
%LEOLRJUDILD
35RVVL$9LDQRDFXUDGL6WRULDGHOODILORVRILD/DWHU]D5RPD%DUL
YRO,9
3URJUDPPLGHL&RUVL
VLVHOH]LRQHUDQQRLFDSLWROLGDXWLOL]]DUH
3%D\OH3HQVLHULVXOODFRPHWD/DWHU]D5RPD%DUL
-/RFNH6FULWWLVXOODWROOHUDQ]D87(77RULQR
,' 'XHWUDWWDWLVXOJRYHUQR87(77RULQRSDUWLGHO,,WUDWWDWR
5LIHULPHQWLELEOLRJUDILFL
+.DPHQ1DVFLWDGHOODWROOHUDQ]D,O6DJJLDWRUH0LODQR
0)LUSR,OSUREOHPDGHOODWROOHUDQ]DUHOLJLRVDQHOO·HWjPRGHUQD/RHVFKHU
7RULQR
%:LOOH\/DFXOWXUDLQJOHVHGHO6HLFHQWRHGHO6HWWHFHQWR,O0XOLQR%RORJQD
7HVWLHELEOLRJUDILDGLULIHULPHQWRVDUDQQRSUHFLVDWLQHOOHORURSDUWLDJOLVWXGHQWL
GHO92HGHO12
*OLVWXGHQWLGHO12,DQQRIUHTXHQWHUDQQRVRORLO,SHULRGRPHQWUHJOLVWXGHQWL
GHO92IUHTXHQWHUDQQR,H,,SHULRGR
6725,$ '(//$ ),/262),$ 32/,7,&$
'RFHQWH*LXVHSSH0DFFDURQL
,,,H,9 SHULRGR
$UJRPHQWRGHOFRUVR
**5RXVVHDXH+.HOVHQ 'XHWHRULFLGHOODGHPRFUD]LDDFRQIURQWR
%LEOLRJUDILD
3DUWHPRQRJUDILFD
**5RXVVHDX,OFRQWUDWWRVRFLDOH XQDHGL]LRQHDVFHOWD
+.HOVHQ/DGHPRFUD]LD,O0XOLQR%RORJQD
3DUWHLVWLWX]LRQDOH
/ 6WUDXVV - &URSVH\ 6WRULD GHOOD ILORVRILD SROLWLFD YRO ,, ,O 0HODQJROR
*HQRYD
6725,$ '(//$ ),/262),$ 5,1$6&,0(17$/(
'RFHQWH*LXOLDQD0RFFKL
,9 SHULRGR
3URJUDPPLGHL&RUVL
8WRSLHHFRVPRORJLHQHOO·HWjULQDVFLPHQWDOH
,OFRUVRLQWHQGHLOOXVWUDUHLOOHJDPHWUDODGLPHQVLRQHILORVRILFRVFLHQWLILFDH
TXHOOD SROLWLFRFXOWXUDOH DOOH VRJOLH GHOOH JUDQGL WUDVIRUPD]LRQL GHOOD FXOWXUD
HXURSHDWUDLVHFF;9,H;9,,
%LEOLRJUDILD
8QRGHLVHJXHQWLPDQXDOL
35RVVL$9LDQRDFXUDGL6WRULDGHOODILORVRILD'DO4XDWWURFHQWRDO6HL
FHQWR /DWHU]D5RPD%DULYRO,,,VLVHOH]LRQHUDQQRLFDSLWROLGDXWL
OL]]DUH
)&LRIIL//XSSL$9LJRUHOOL(=DQHWWH,O7HVWRILORVRILFR%UXQR0RQGDGR
UL0LODQRYROVLVHOH]LRQHUDQQRLFDSLWROLGDXWLOL]]DUH
8QRGHLVHJXHQWLVWXGL
35RVVL/DQDVFLWDGHOODVFLHQ]DPRGHUQD/DWHU]D5RPD%DUL
(*DULQ0HGLRHYRH5LQDVFLPHQWR/DWHU]D5RPD%DUL
(*DULQ/·XPDQHVLPRLWDOLDQR/DWHU]D5RPD%DUL
32.ULVWHOOHU&RQFHWWLULQDVFLPHQWDOLGHOO·XRPRHDOWULVDJJL/D1XRYD,WD
OLD)LUHQ]H
&9DVROLDFXUDGL0DJLDHVFLHQ]DQHOODFLYLOWjXPDQLVWLFD,O0XOLQR%ROR
JQD
)RQWLSULPDULH
6LIDUjLQROWUHULIHULPHQWRDGDOFXQLGLDORJKLLWDOLDQLGL*%UXQRHDOOHRSHUH
SROLWLFKHGL7K0RUHHGL
7&DPSDQHOODGLFXLVLVHOH]LRQHUDQQRGHOOHSDUWL
3HUJOLVWXGHQWLGHO,,DQQR12
6725,$ '(//$ /,1*8$ )5$1&(6(
9HFFKLRRUGLQDPHQWR
'RFHQWH0DULOLD0DUFKHWWL
,H,,SHULRGR
0XWXDGD/LQJXDIUDQFHVHYHFFKLRRUGLQDPHQWR
RUH
$UJRPHQWRGHOFRUVR
5HWRULFDHOLQJXDJJLRQHOVHFRORGHL/XPL
,OFRUVRVLSURSRQHGLDQDOL]]DUHODULIOHVVLRQHVXOODOLQJXDFKHFDUDWWHUL]]DLO
3URJUDPPLGHL&RUVL
6HWWHFHQWR IUDQFHVH 6L DUWLFROHUj LQ GXH IDVL 6DUDQQR GDSSULPD VWXGLDWH OH
GLYHUVHWHRULHOLQJXLVWLFKHSUHVHQWLQHOO·(QF\FORSpGLH SHUDSSURIRQGLUHSRLOD
VSHFLILFLWjGHOOHVVLFRHGLGLIIHUHQWLUHJLVWULOLQJXLVWLFLSUHVHQWLQHOOH/LDLVRQV
GDQJHUHXVHVGL/DFORV
%LEOLRJUDILDREEOLJDWRULD
00DUFKHWWL5HWRULFDH/LQJXDJJLRQHOVHFRORGHL/XPL(TXLOLEULRORJLFRH
FULVLGHLYDORUL(GL]LRQLGL6WRULDH/HWWHUDWXUD5RPD
%LEOLRJUDILDFRQVLJOLDWD
) %UXQRW +LVWRLUH GH OD ODQJXH IUDQoDLVH GHV RULJLQHV MXVTX·j QRV MRXUV
&ROLQ3DULVW9,
7 )ORUHQQH /D UKpWRULTXH GH O·DPRXU GDQV ´/HV /LDLVRQV GDQJHXUHXVHVµ
6('(63DULV
ËSUHYLVWRORVYROJLPHQWRGLHVHUFLWD]LRQLHDWWLYLWjVHPLQDULDOL
8OWHULRULLQIRUPD]LRQLELEOLRJUDILFKHVDUDQQRIRUQLWHGXUDQWHOHOH]LRQL
,OSURJUDPPDKDYDOLGLWjSHUGXHDQQLDFFDGHPLFL
6725,$ '(//$ /,1*8$ )5$1&(6(
'RFHQWH0DULD7HUHVD=DQROD
,,SHULRGR
,0RGXOR
&DUDWWHULGHOO·DQWLFRHPHGLRIUDQFHVHIRQHWLFDPRUIRORJLDOHVVLFRHRUGLQH
GHOOHSDUROH
&HQQLVXOODOLQJXDIUDQFHVHGHO5LQDVFLPHQWR
$SSURIRQGLPHQWRGLVWXGLRLOOHVVLFRIUDQFHVHGHOOHVFLHQ]HPDWHPDWLFKH
%LEOLRJUDILD
'LVSHQVDDFXUDGHO'RFHQWH
&K%UXQHDX3HWLWHKLVWRLUHGHODODQJXHIUDQoDLVHYRO,&ROLQ3DULV
SSH
) %UXQRW&K %UXQHDX 3UpFLV GH JUDPPDLUH KLVWRULTXH GH OD ODQJXH IUDQ
oDLVH0DVVRQ3DULVFDS,,SS
0+XFKRQ/H)UDQoDLVGHOD5HQDLVVDQFH38)3DULV
*=LQN/·$QFLHQ)UDQoDLV38)3DULV
,G/H0R\HQ)UDQoDLV38)3DULV
3URJUDPPLGHL&RUVL
/HWWXUDGHLVHJXHQWLWHVWL
$ULVWRWHOH3RHWLFD FDSS;;;;,,HGL]LRQHDVFHOWDGHJOLVWXGHQWL
'LRQGL$OLFDUQDVVR'HFRPSRVLWLRQHYHUERUXP 9,LQ'G·+DOLFDUQDVVH
2SXVFXOHV 5KHWRULTXHV W ,,, WH[W pW HW WUDG SDU *$XMDF HW 0 /HEHO
3DULV/HV%HOOHV/HWWUHV
%LEOLRJUDILD
2+RIIPDQQ$ 'HEUXQQHU$6FKHUHU 6WRULDGHOODOLQJXDJUHFD0DFFKLDUROL
1DSROL
$0HLOOHW /LQHDPHQWLGLVWRULDGHOODOLQJXDJUHFD(LQDXGL7RULQR
2/RQJR (OHPHQWLGLJUDPPDWLFDVWRULFDHGLDOHWWRORJLDJUHFD &OHXS3DGR
YD
<'XKRX[3UREOHPLHPHWRGLGHOODGLDOHWWRORJLDJUHFD /HYDQWH%DUL
<'XKRX[ /HYHUEJUHFDQFLHQ/RXYDLQODQHXYH
3DUWH,,
/HWWXUDHDQDOLVLGLWHVWL
3ODWRQH&UDWLORHGL]LRQHDVFHOWDGHJOLVWXGHQWL
&DOOLPDFR,QQL 9 HGL]LRQHDVFHOWDGHJOLVWXGHQWL
$SROORQLR'LVFROR 'HFRQVWUXFWLRQH6\QW ,,,,(GL]LRQHFRQ
VLJOLDWD$SROO'\VF'HODFRQVWUXFWLRQ LQWUWH[WHWWUDGSDU-/DOORW
/3K-9ULQ
6725,$ '(//$ /,1*8$ ,1*/(6(92
'RFHQWH5LFKDUG.LGGHU
,,,H,9 SHULRGR
3DUWHLVWLWX]LRQDOH
,O FRUVR SUHQGHUj LQ HVDPH L PRPHQWL HVVHQ]LDOL QHOOR VYLOXSSR GHOOD OLQJXD
LQJOHVH FRQ SDUWLFRODUH DWWHQ]LRQH DOOD SURVD GHO SHULRGR GHOO·(DUO\ 0RGHUQ
3URJUDPPLGHL&RUVL
(QJOLVKGDO·DO·FRQULIHULPHQWRDOOHVVLFRHDOO·XVRGHLGL]LRQDULVWR
ULFL
4XHVWDFRPSRQHQWHGHOFRUVRLQFOXGHOHWWXUHDQWRORJLFKHGLWHVWLGHOSHULRGRGL
2OG(QJOLVKHGL0LGGOH(QJOLVKTXDOL%HRZXOI6LU*DZDLQDQGWKH*UHHQ
.QLJKW,UDFFRQWLGL&DQWHUEXU\ GL*HRIIUH\&KDXFHUTXHVWHOHWWXUHFRVWLWXL
VFRQROHEDVLOHWWHUDULPHGLRHYDOLSUHOLPLQDULSHUJOLVWXGHQWLGL/LQJXDHOHWWH
UDWXUDLQJOHVH
3DUWHPRQRJUDILFD
/HWWXUDGLDOFXQLULIDFLPHQWLHULYLVLWD]LRQLGLWHVWLDQWLFKLSRHWLFLHODERUDWLGD
VFULWWRUL TXDOL (GPXQG 6SHQVHU 6DPXHO7D\ORU &ROHULGJH (]UD 3RXQG 7KH
6HDIDUHUH6HDPXV+HDQH\%HRZXOI
%LEOLRJUDILDHVVHQ]LDOH
$EUDPV0+HWDO7KH1RUWRQ$QWKRORJ\RI(QJOLVK/LWHUDWXUH9RO
HGLWLRQ1RUWRQ1HZ<RUN
%DXJK$OEHUW&DQG7KRPDV&DEOH$ +LVWRU\RIWKH(QJOLVK/DQJXDJHWK RU
WK 5RXWOHGJH/RQGRQ
%RLWDQL3LHUR/DOHWWHUDWXUDGHO0HGLRHYRLQJOHVH &DUURFL5RPD
)UDQFRYLFK 2QHVWL 1LFROHWWD /·LQJOHVH GDOOH RULJLQL DG RJJL /H YLFHQGH GL
XQDOLQJXD/D1XRYD,WDOLD6FLHQWLILFD5RPD
%LEOLRJUDILDFRQVLJOLDWD
%XUURZ-$DQG7XUYLOOH3HWUH7$ %RRNRI0LGGOH(QJOLVK%ODFNZHOO/RQ
GRQ
*|UODFK0DQIUHG,QWURGXFWLRQWR(DUO\0RGHUQ(QJOLVK&DPEULGJH8QLYHU
VLW\3UHVV&DPEULGJH
.QRZOHV *HUU\ $ &XOWXUDO +LVWRU\ RI WKH (QJOLVK /DQJXDJH$UQROG /RQ
GRQ
0DJJLRQL0/3URSHU:RUGVLQ3URSHU3ODFHV3URVDWRULLQJOHVL
,688QLYHUVLWj&DWWROLFD0LODQR
6LU*DZDLQHLOFDYDOLHUHYHUGHDFXUDGL3%RLWDQL$GHOSKL0LODQR
'L]LRQDULFRQVLJOLDWL
0RQROLQJXH=DQLFKHOOL&ROOLQV(QJOLVK'LFWLRQDU\R2[IRUG6KRUWHU(QJOLVK
'LFWLRQDU\
*OLVWXGHQWLVRQRWHQXWLDIDUHXVRGHOO· 2[IRUG(QJOLVK'LFWLRQDU\ GLVSRQLELOH
LQIRUPDFDUWDFHDSUHVVRODELEOLRWHFDHLQIRUPDHOHWWURQLFDGDOODUHWHLQIRUPD
WLFDGHOO·$WHQHR
1%$OWUHLQGLFD]LRQLELEOLRJUDILFKHYHUUDQQRIRUQLWHGXUDQWHLOFRUVR
3URJUDPPLGHL&RUVL
6725,$ '(//$ /,1*8$ ,7$/,$1$
'RFHQWH/HWWHULR&DVVDWD
,,,H,9 SHULRGR
FUHGLWLHTXLYDOHQWLDRUHGLOH]LRQH
1%JOLVWXGHQWLLVFULWWLDOFRUVRGLODXUHDWULHQQDOHFKHQRQDEELDQRVWXGLDWR
ODWLQRQHOODVFXRODVHFRQGDULDVRQRDPPHVVLDVRVWHQHUHO·HVDPHGL6WRULDGHOOD
OLQJXDLWDOLDQDVRORGRSRDYHUVXSHUDWRODSURYDILQDOHGHOFRUVRGLODWLQRHOH
PHQWDUHGXUDWDHTXLYDOHQWHDFUHGLWL
7DOHREEOLJRULJXDUGDJOLLVFULWWLDWXWWLLFRUVLGLODXUHDWULHQQDOHDWWLYDWLSUHVVR
OD)DFROWj
3DUWHLVWLWX]LRQDOH
(OHPHQWLGLVWRULDGHOODOLQJXDLWDOLDQDHGLJUDPPDWLFDVWRULFDGDOODWLQRDOO·L
WDOLDQR
%LEOLRJUDILD
&ODXGLR 0DUD]]LQL /D OLQJXD LWDOLDQD 3URILOR VWRULFR ,O 0XOLQR %RORJQD
WHU]DHGL]LRQH
/XFD6HULDQQL,WDOLDQR*DU]DQWL0LODQR
/XFD6HULDQQL/H]LRQLGLJUDPPDWLFDVWRULFD%XO]RQL5RPD
&RUVRPRQRJUDILFR
/DOLQJXDSRHWLFDGL9LWWRULR6HUHQL
7HVWRREEOLJDWRULR
9LWWRULR6HUHQL3RHVLHDFXUDGL'DQWH,VHOODFRQODFROODERUD]LRQHGL&OHOLD
0DUWLJQRQL(LQDXGL7RULQR
7HVWRFRQVLJOLDWR
/XFD6HULDQQL,QWURGX]LRQHDOODOLQJXDSRHWLFDLWDOLDQD&DURFFL5RPD
3HULOVHFRQGRHVDPHGL6WRULDGHOODOLQJXDLWDOLDQDLOSURJUDPPDDFXLDWWHQHUVL
qTXHOORGHOFRUVRPRQRJUDILFRLQSLqREEOLJDWRULRORVWXGLRGHOOD,QWURGX]LR
QHDOODOLQJXDSRHWLFDLWDOLDQDGL/XFD6HULDQQL
6725,$ '(//$ /,1*8$ /$7,1$
'RFHQWH5DIIDHOH3HUUHOOL
,H,,SHULRGR
RUH&)8
3URJUDPPLGHL&RUVL
,O FRUVR q PXWXDWR GD )LORORJLD ODWLQD VDUj FRVWLWXLWR SHUWDQWR GDOOD VWHVVD
SDUWHPRQRJUDILFDPHQWUHVHQHGLIIHUHQ]LHUjSHUTXDQWRULJXDUGDODSDUWHLVWL
WX]LRQDOH&LVLDWWHQJDFRPXQTXHDOVHJXHQWHSURJUDPPD
3HUJOLVWXGHQWLGL&RQVHUYD]LRQHGHLEHQLFXOWXUDOLFXUULFXODGLYHUVLGDTXHOOR
FODVVLFR&)8HSURJUDPPDYDQQRFRQFRUGDWLFRQLOGRFHQWHVXOODEDVHGHOOH
LQGLFD]LRQLGHOFRUVRGLVWXGLGLSURYHQLHQ]D
$YYHUWHQ]H
*OLVWXGHQWLLVFULWWLDOFRUVRGLODXUHDWULHQQDOHFKHQRQDEELDQRVWXGLDWRODWLQR
QHOODVFXRODVHFRQGDULDVRQRDPPHVVLDVRVWHQHUHO·HVDPHGL)LORORJLDODWLQD
VRORGRSRDYHUIUHTXHQWDWRXQFRUVRGLUHFXSHURVXSHUDQGRQHODSURYDILQDOHLO
FKHD]]HUDLOGHELWRHTXLYDOHQWHD&)8
7DOHREEOLJRULJXDUGDJOLLVFULWWLDWXWWLLFRUVLGLODXUHDWULHQQDOHDWWLYDWLSUHVVR
OD)DFROWj
3DUWHLVWLWX]LRQDOH
/·HYROX]LRQHGHOODOLQJXDODWLQDGDOOHRULJLQLILQRDOO·HWjWDUGRDQWLFD
%LEOLRJUDILD
0DQXDOHGLULIHULPHQWRVDUjSHULFRUVLVWLXQRDVFHOWDWUDLVHJXHQWL
)6WRO]$'HEUXQQHU:36FKPLG6WRULDGHOODOLQJXDODWLQDWUDGX]LRQHLWD
OLDQD%RORJQD3jWURQ
*'HYRWR6WRULDGHOODOLQJXDGL5RPD&DSSHOOL%RORJQDFRQO·DJ
JLXQWDGLXQD3UHPHVVDDOODULVWDPSDDQDVWDWLFD GL$/3URVGRFLPL
/53DOPHU/DOLQJXDODWLQDWUDGX]LRQHLWDOLDQD(LQDXGL7RULQR
,OPDQXDOHVFHOWRSRWUjHVVHUHLQWHJUDWRFRQ33RFFHWWL'3ROL&6DQWLQL8QD
VWRULDGHOODOLQJXDODWLQD&DURFFL5RPDRFRQ(9LQHLVDFXUDGL
$OOHRULJLQLGHOODWLQR$WWLGHO&RQYHJQRGHOOD6RFLHWj,WDOLDQDGL*ORWWROR
JLD3LVDGLFHPEUH*LDUGLQL3LVDRFRQ(&DPSDQLOHD
FXUDGL&DUDWWHULHGLIIXVLRQHGHOODWLQRLQHWjDUFDLFD*LDUGLQL3LVD
'XUDQWHLOFRUVRVDUjGLVWULEXLWDXQ·DQWRORJLDGLLVFUL]LRQLODWLQH
5HODWLYDPHQWHDOODSDUWHLVWLWX]LRQDOHJOLVWXGHQWLGRYUDQQROHJJHUHFRPPHQ
WDUHHWUDGXUUHLVHJXHQWLWHVWL
2UD]LR6DWLUHOLEUR,&RPHHGL]LRQHLWDOLDQDVLFRQVLJOLDTXHOODFXUDWDGD0
/DEDWH5L]]ROL0LODQR
&RUVRPRQRJUDILFR
3ODXWRO·$PSKLWUXR
/·HGL]LRQHFULWLFDGLULIHULPHQWRVDUjTXHOODGL:0/LQGVD\FKHFRPSUHQGH
WXWWHOHFRPPHGLHSODXWLQHYROO2[IRUG
3URJUDPPLGHL&RUVL
,,HVDPH
3URJUDPPDGDFRQFRUGDUHFRQLOGRFHQWH
6725,$ '(//$ /,1*8$ 7('(6&$
9HFFKLRRUGLQDPHQWR
'RFHQWH&DUOD0RULQL
,H,,SHULRGR
3DUWHLVWLWX]LRQDOH /RVYLOXSSRGHOODOLQJXDWHGHVFDGDOOHRULJLQLDGRJJL
'DOJHUPDQLFRDOWHGHVFR,GLDOHWWLHOHSRSROD]LRQLGHOOD*HUPDQLD)DVLGL
VYLOXSSR GHOOD OLQJXD WHGHVFD 'DOOD IUDPPHQWD]LRQH DOO·XQLWj OLQJXLVWLFD ,O
WHGHVFRPRGHUQR
%LEOLRJUDILD
6%RVFR&ROHWVRV6WRULDGHOODOLQJXDWHGHVFD*DU]DQWL0LODQR
60DU[ /HVVLFRWHGHVFRGDOODSDURODDLIUDVHRORJLVPL &DURFFL5RPD
3DUWHPRQRJUDILFD,OOHVVLFRHURLFRHLOOHVVLFRFDYDOOHUHVFRWUDFRQVHUYD]LR
QHHLQQRYD]LRQH
,GLDOHWWLDOWRWHGHVFKL)RQHWLFDPRUIRORJLDHOHVVLFRGHOO·DQWLFRDOWRWHGHVFR
/LQHDPHQWLGLVWRULDHGHOODOHWWHUDWXUDGHOOD*HUPDQLDPHGLHYDOH/DFRQYHU
VLRQHODVFXRODHODWUDGL]LRQHVFULWWD/HWWXUDWUDGX]LRQHHFRPPHQWRGLWHVWL
LQYHUVLHLQSURVD
%LEOLRJUDILD
&+DHQGHO'DOOHRULJLQLDOO·HWjSUHFRUWHVHHGL]LRQL(763LVD
2SSXUH
-.%RVWRFN$Q+DQGERRNRQ2OG+LJK*HUPDQ/LWHUDWXUH$WWKH&ODUHQGRQ
3UHVV2[IRUG
:%HODUGL&DSLWROLGLJUDPPDWLFDVWRULFDGHOO·DOWRWHGHVFRDQWLFR%XO]RQL
5RPDSDUWH,,OJHUPDQLFRHLOWHGHVFR
2SSXUH
09 0ROLQDUL )LORORJLD JHUPDQLFD =DQLFKHOOL %RORJQD FDS 9, ,O
WHGHVFRDQWLFR
'XUDQWHO·DQQRYHUUjGLVWULEXLWRHRVHJQDODWRDOWURPDWHULDOHGLGDWWLFR
1XRYRRUGLQDPHQWR
0XWXDGD6WRULDGHOOD/LQJXDWHGHVFD YHFFKLRRUGLQDPHQWR,SDUWH,SHULRGR
GLGDWWLFR
3URJUDPPLGHL&RUVL
6725,$ '(//$ /,1*8$ 7('(6&$
'RFHQWH&DUOD0RULQL
,,,SHULRGR
3HU JOLVWXGHQWLGHOFRUVRGLODXUHDLQ0HGLD]LRQHOLQJXLVWLFD
&)8
$UJRPHQWRGHOFRUVR
)RUPD]LRQHHVYLOXSSRGHOOHVVLFRWHGHVFR
1R]LRQLJHQHUDOLGLOHVVLFRJUDILDHVHPDQWLFD&DUDWWHULVWLFKHOHVVLFDOLJHUPD
QLFKHQHOOHVVLFRWHGHVFR&RQVHUYD]LRQHHLQQRYD]LRQH,OSXULVPR,OOLQJXDJ
JLRJLRUQDOLVWLFR
%LEOLRJUDILD
6%RVFR&ROHWVRV6WRULDGHOODOLQJXDWHGHVFD*DU]DQWL0LODQR
6%RVFR&ROHWVRV/HSDUROHGHOWHGHVFR*DU]DQWL0LODQR
6725,$ '(//$ 3('$*2*,$
'RFHQWH*LXVHSSH7UHELVDFFH
,,,H,9 SHULRGR
$UWLFROD]LRQHGHOPRGXOR
3DUWHPRQRJUDILFD PRGXOR$ RUH
,OPRGXORqULYROWRDJOLVWXGHQWLGL6FLHQ]HGHOO·HGXFD]LRQHFKHKDQQR&)8
HDTXHOOLGHOYHFFKLRRUGLQDPHQWRFKHVRQRWHQXWLDIDUHRUH,OPRGXOR
DIIURQWDLSUREOHPLHSLVWHPRORJLFLPHWRGRORJLFLHGRFXPHQWDULGHOODULFHUFD
VWRULFRHGXFDWLYD
3DUWHLVWLWX]LRQDOH PRGXOR%RUH
,OPRGXORqULYROWRDJOLVWXGHQWLGHOYHFFKLRRUGLQDPHQWRFKHKDQQRIUHTXHQWD
WRLOPRGXOR$ HTXHOOLGLVFLHQ]HGHOO·HGXFD]LRQHFKHVFHOJRQRO·LQVHJQDPHQWR
FRPHGLVFLSOLQDDVFHOWD,OPRGXORDIIURQWDLOSHUFRUVRVWRULFRGHOODSHGDJRJLD
DSDUWLUHGDOO·HSRFDPRGHUQDHILQRDLQRVWULJLRUQL
%LEOLRJUDILD
² %6HUSH/DULFHUFDVWRULFRHGXFDWLYDRJJL-RQLD&RVHQ]D0RGXOR
$
² )&DPEL6WRULDGHOODSHGDJRJLD/DWHU]D%DUL0RGXOR%
² *7UHELVDFFH'LVSHQVH 0RGXOR$ H%
3URJUDPPLGHL&RUVL
6725,$ '(//$ 5(725,&$ &/$66,&$
'RFHQWH0DUFHOOR=DQDWWD
,,SHULRGR
&)8SHULRGRGLGDWWLFRSUHVFHOWR
$UJRPHQWRGHOFRUVR
,SDUWHLVWLWX]LRQDOHLFDSLVDOGLWHRULFLGHOGLVFRUVRUHWRULFRDQWLFR
,,SDUWHVWRULFDOLQHDPHQWLGLVWRULDGHOODUHWRULFDFODVVLFD
,,,SDUWHPRQRJUDILFDUHWRULFDHILORVRILDLQ3ODWRQHH$ULVWRWHOH
%LEOLRJUDILD
3HUODSDUWHLVWLWX]LRQDOH
5%DUWKHV/DUHWRULFDDQWLFDWULWGL3)DEEUL%RPSLDQL0LODQRSS
3HUODSDUWHVWRULFD
3OHEH%UHYHVWRULDGHOODUHWRULFDDQWLFD HG/DWHU]D5RPD%DUL
3HUODSDUWHPRQRJUDILFD
3ODWRQH$ULVWRWHOH /·DUWH GHO SHUVXDGHUH D FXUD GL 0 =DQDWWD 8QLFRSOL
0LODQR
6725,$ '(//·$57(),$00,1*$ (2/$1'(6(
'RFHQWH*LRYDQQD&DSLWHOOL
,,SHULRGR
$UJRPHQWRGHOFRUVR
,QWURGX]LRQHDOODVWRULDGHOO·DUWHILDPPLQJDHRODQGHVH
,OFRUVRSUHQGHUjLQHVDPLDOFXQLGHJOLDVSHWWLGHOODSURGX]LRQHDUWLVWLFDILDP
PLQJDHRODQGHVHSLWWXUDVFXOWXUDDUWLDSSOLFDWHPLQLDWXUDWUD;9 H;9,,
VHFRORDOODOXFHGHOFRQWHVWRVWRULFRFXOWXUDOHGHL3DHVL%DVVL0HULGLRQDOLH
6HWWHQWULRQDOL
%LEOLRJUDILD
/DSUHSDUD]LRQHDOODSURYDGLYHULILFDFRQVLVWHUj
D QHOOD FRQRVFHQ]D GHL WHVWL GLVFXVVL GXUDQWH OH OH]LRQL H UDFFROWL LQ XQD
GLVSHQVDGLVSRQLELOHDOSULQFLSLRGHOFRUVR
E QHOODOHWWXUDFULWLFDGLDOPHQRGXHIUDLVHJXHQWLVDJJL
/&DVWHOIUDQFKL9HJDV,WDOLDH)LDQGUDQHOODSLWWXUDGHO·-DFD%RRN
0LODQR
3URJUDPPLGHL&RUVL
6725,$ '(//·$57(02'(51$
'RFHQWH/XLJL6SH]]DIHUUR
,H,,SHULRGR
2OWUHDOOHOH]LRQLLQDXODLOFRUVRSUHYHGHVRSUDOOXRJKLQHL0XVHLHDL0RQX
PHQWLQRQFKpLQFRQWULFRQLPSRUWDQWLSHUVRQDOLWjGHOODVWRULDGHOO·DUWH
$LILQLGHOO·HVDPHJOLVWXGHQWLGHEERQRGLPRVWUDUH
GLFRQRVFHUHOHSUREOHPDWLFKHVYROWHQHOOHOH]LRQLHGLFXLVDUjIRUQLWDOD
ELEOLRJUDILDVSHFLILFD
GLSRVVHGHUHXQDEXRQDFRQRVFHQ]DGHOODVWRULDGHOO·DUWHLWDOLDQDGDO4XDW
WURFHQWRDO6HWWHFHQWRFRPSUHVRGDSUHSDUDUVLVXXQPDQXDOHDORURVFHOWD
VLFRQVLJOLDQR3'H9HFFKL(&HUFKLDUL$UWHQHOWHPSR%RPSLDQL0LOD
QRRSSXUH &%HUWHOOL*%ULJDQWL6WRULDGHOO·DUWHLWDOLDQD(OHFWD
%UXQR0LODQR
GLDYHUVWXGLDWRDOPHQRXQRIUDLWHVWLTXLGLVHJXLWRHOHQFDWL
$FNHUPDQ-/·DUFKLWHWWXUDGL0LFKHODQJHOR(LQDXGL7RULQRULVWDPSD
$QWDO)/DSLWWXUDILRUHQWLQDHGLOVXRDPELHQWHVRFLDOHQHO7UHFHQWRH4XDW
WURFHQWR(LQDXGL7RULQR
$QWDO)&ODVVLFLVPRHURPDQWLFLVPR(LQDXGL7RULQR
$UJDQ*&6WXGLHQRWHGDO%UDPDQWHDO&DQRYD%XO]RQL5RPD
%DURFFKL36WXGLYDVDULDQL(LQDXGL7RULQR
%D[DQGDOO 0 )RUPH GHOO·LQWHQ]LRQH 6XOOD VSLHJD]LRQH VWRULFD GHOOH RSHUH
G·DUWH(LQDXGL7RULQR
3URJUDPPLGHL&RUVL
3URJUDPPLGHL&RUVL
$LILQLGHOO·HVDPHJOLVWXGHQWLGHYRQRGLPRVWUDUH
GLFRQRVFHUHOHSUREOHPDWLFKHVYROWHQHOOHOH]LRQLHGLFXLVDUjIRUQLWDOD
ELEOLRJUDILDVSHFLILFD
GLSRVVHGHUHXQDEXRQDFRQRVFHQ]DGHOODVWRULDGHOO·DUWHLWDOLDQDGDO4XDW
WURFHQWRDOO·LQL]LRGHOO·2WWRFHQWRGDSUHSDUDUVLVXXQPDQXDOHDORURVFHOWD
VLFRQVLJOLDQR3'H9HFFKL(&HUFKLDUL$UWHQHOWHPSR%RPSLDQL0LOD
QRRSSXUH &%HUWHOOL*%ULJDQWL6WRULDGHOO·DUWHLWDOLDQD(OHFWD
%UXQR0LODQR
GLFRQRVFHUHOHSUREOHPDWLFKHDIIURQWDWHGXUDQWHLOFRUVRDQFKHJUD]LHDOOR
VWXGLRGHLVHJXHQWLODYRUL
&DUDYDJJLR &DUUDFFL 0DGHUQR /D FDSSHOOD &HUDVL LQ 6DQWD 0DULD GHO
3RSRORD5RPDFRQFRQWULEXWLGL0*%HUQDUGLQL$0LJQRVL7DQWLOOR/
6SH]]DIHUUR&6WULQDWL6LOYDQD(GLWRULDOH&LQLVHOOR%DOVDPR
6SH]]DIHUUR / $OO·DOED GHO 6HLFHQWR &DUDYDJJLR H $QQLEDOH &DUUDFFL LQ$
=XFFDUL/DVWRULDGHL*LXELOHL)LUHQ]HYROSS
6SH]]DIHUUR/,O&DUDYDJJLRLFROOH]LRQLVWLURPDQLOHQDWXUHPRUWHLQ/D
QDWXUDPRUWDDOWHPSRGL&DUDYDJJLRFDWDORJRGHOODPRVWUD5RPD0XVHL
&DSLWROLQL(OHFWD1DSROL1DSROLSS
6SH]]DIHUUR/&DUDYDJJLRGDOULILXWRDOPHUFDWRLQFRUVRGLVWDPSD
GLDYHUVWXGLDWRXQDOWURIUDLYROXPLHOHQFDWLDOSXQWRGHO,PRGXORGHO
FRUVR
8OWHULRULULIHULPHQWLELEOLRJUDILFLVDUDQQRIRUQLWLGXUDQWHLOFRUVR
*OLVWXGHQWLGHOYHFFKLRRUGLQDPHQWRGRYUDQQRVHJXLUHLO,HLO,,PRGXORHSUH
SDUDUHO·HVDPHVXLUHODWLYLSURJUDPPL,H,,PRGXOR
*OL VWXGHQWL FKH GHVLGHULQR VRVWHQHUH OD VHFRQGD DQQXDOLWj G·HVDPH ROWUH DO
PDQXDOHHDLWHVWLFLWDWLDLSXQWLHGRYUDQQRFRQRVFHUHOHVHJXHQWLRSHUH
3LQHOOL$/DEHOODPDQLHUD7RULQR(LQDXGL
:LWWNRZHU5$UWHHDUFKLWHWWXUDLQ,WDOLD(LQDXGL7RULQR
6725,$ '(//$ 6&,(1=$
'RFHQWH/XLJL0DLHU
,9 SHULRGR
3HUVWXGHQWLGHO&RUVRGLODXUHDLQ)LORVRILHH6FLHQ]HGHOOD&RPXQLFD]LRQHH
GHOOD&RQRVFHQ]D
$UJRPHQWRGHOFRUVR
/RVWDWXVDWWXDOHGLVWRULDGHOODVFLHQ]DGHOOHVFLHQ]HHGHOOHWHFQLFKH
3URJUDPPLGHL&RUVL
,OFRQFHWWRGLVFLHQ]DLQ3ODWRQHHGLQ$ULVWRWHOH
,OGLPRVWUDUHHPHWRGLGLGLPRVWUD]LRQHQHOPRQGRDQWLFR
,OFRQWLQXRSUREOHPDDQWLFRHRPRGHUQR"
/DVWUXWWXUDORJLFDGHOSULPROLEURGHJOL(OHPHQWLGL(XFOLGH
/DVWUXWWXUDORJLFDGHLWUDWWDWLGLPHGLFLQDGL*DOHQR
,OVHQVRGHOOHGLPRVWUD]LRQLPDWHPDWLFKHWUD&LQTXHH6HLFHQWR
/HYLFHQGHGHOSRVWXODWRGHOOHSDUDOOHOHGD(XFOLGHD3URFORD&ODYLRD6DF
FKHULD/DPEHUWD*DXVV
,OVRUJHUHGHOOHJHRPHWULHQRQHXFOLGHHGD6DFFKHULD*DXVVD%RO\DLD/RED
FHYVNLM
,OVHQVRGHOOHJHRPHWULHQRQHXFOLGHHLQ5LHPDQQHG+HOPKRW]
,OVLJQLILFDWRORJLFRGHLPRGHOOLGHOOHJHRPHWULHQRQHXFOLGHH%HOWUDPL.OHLQ
3RLQFDUp
/DJHRPHWULDHORVSD]LRILVLFRQHOO·2WWRFHQWR
,OUXRORGHOOHDVVLRPDWLFKH
/DPDWHPDWLFDPRGHOORSHUOHDOWUHVFLHQ]H
%LEOLRJUDILD
($JD]]L'3DOODGLQR/HJHRPHWULHQRQHXFOLGHHHLIRQGDPHQWLGHOODJHRPH
WULDGDOSXQWRGLYLVWDHOHPHQWDUH(GLWULFH/D6FXROD%UHVFLD
6725,$ '(//$ 6&82/$ ('(//(,67,78=,21,('8&$7,9(
'RFHQWH%UXQHOOD6HUSH
,,H,,,SHULRGR
&RUVRGLODXUHDLQ6FLHQ]HGHOO·(GXFD]LRQH
0RGXOR$
'RSR XQ DSSURIRQGLPHQWR GHO FRQFHWWR GL 6WRULD GHOOD VFXROD H GHOOH DWWXDOL
SURVSHWWLYH GL ULFHUFD LO FRUVR LQWHQGH WUDFFLDUH XQ TXDGUR GHOOR VWDWR GHOOD
VFXRODSXEEOLFDQHO0H]]RJLRUQRDSDUWLUHGDOODVXDQDVFLWDILQRDOOD
SURFODPD]LRQHGHO5HJQRG·,WDOLD$ WDOILQHLQOLQHDFRQJOLRULHQWD
PHQWLVWRULRJUDILFLSLLQQRYDWLYLVLULWLHQHRSSRUWXQRLOULFKLDPRDOODVWRULD
VRFLDOH H FXOWXUDOH GHO 0H]]RJLRUQR SHU LO IRUWH QHVVR WUD TXHVWD H LO ULWDUGR
GHOOHLVWLWX]LRQLVFRODVWLFRHGXFDWLYHPHULGLRQDOL
%LEOLRJUDILD
%6HUSH/DULFHUFDVWRULFRHGXFDWLYDRJJL-RQLD&RVHQ]D
$6SDJQROHWWL6WRULDGHO5HJQRGHOOHGXH6LFLOLH,O0XOLQR%RORJQD
3URJUDPPLGHL&RUVL
$%URFFROL(GXFD]LRQHHSROLWLFDQHO0H]]RJLRUQRG·,WDOLD/D1XRYD,WDOLD
)LUHQ]HULVWDPSDDQDVWDWLFD
0RGXOR%
,OFRUVRSUHYHGHXQXOWHULRUHDSSURIRQGLPHQWRGHOOHWHPDWLFKHDIIURQWDWHQHO
SULPRPRGXORDWWUDYHUVRODOHWWXUDGLWHVWLULJXDUGDQWLVSHFLILFDWDPHQWHLOWHPD
GHOO·LVWUX]LRQHSXEEOLFDSULYDWDQHO5HJQRGL1DSROLFRQSDUWLFRODUHULIHULPHQ
WRDOODSURYLQFLDFDODEUHVH
%LEOLRJUDILD
$ =D]R /·LVWUX]LRQH SXEEOLFD H SULYDWD QHO QDSROHWDQR ,O 6ROFR &LWWj GL
&DVWHOOR
* 1LVLR 'HOOD LVWUX]LRQH SXEEOLFD H SULYDWD LQ 1DSROL GDO DO
1DSROL7HVWD
0$*DOGL5DSSRUWRD6(LO0LQLVWURGHOO·,QWHUQRVXOORVWDWRDWWXDOHGHOO·,
VWUX]LRQHSXEEOLFDQHO5HJQRGL1DSROL 6WDPSHULD5HDOH1DSROL
6725,$ '(//$ 6725,2*5$),$$17,&$
'RFHQWH0DULD,QWULHUL
,,,H,9 SHULRGR
0RGXOR$
/DVWRULRJUDILDJUHFD
² /LQHHSULQFLSDOLGLVYLOXSSRFRQSDUWLFRODUHULJXDUGRDOOHSHUVRQDOLWjPDJ
JLRULDOOHGLYHUVHFRUUHQWLVWRULRJUDILFKHHDLGLYHUVLWLSLGLGLVFRUVRVWRULFR
HODERUDWLGDOPRQGRJUHFR
%LEOLRJUDILD
.0HLVWHU/DVWRULRJUDILDJUHFD/DWHU]D5RPD%DULWHVWRREEOLJDWR
ULRSHUWXWWL
/HWWXUHFRQVLJOLDWH/&DQIRUD/DVWRULRJUDILDJUHFD(G%UXQR0RQGDGRUL
0LODQR
0RGXOR%
/DVWRULRJUDILDURPDQD
/LQHHSULQFLSDOLGLVYLOXSSRFRQSDUWLFRODUHULJXDUGRDOOHSHUVRQDOLWjPDJJLRUL
DLPH]]LGLHVSUHVVLRQHHDOOHSHFXOLDULWjULVSHWWRDLPRGHOOLJUHFL
3URJUDPPLGHL&RUVL
%LEOLRJUDILD
*&OHPHQWH,5RPDQLHODORURVWRULRJUDILDLQ *XLGDDOOD6WRULDURPDQD
0RQGDGRUL0LODQRSS
'0XVWL,OSHQVLHURVWRULFRURPDQRLQ/RVSD]LROHWWHUDULRGL5RPDDQWLFD,
5RPDSSWHVWLREEOLJDWRULSHUWXWWL
/HWWXUHFRQVLJOLDWH
*=HFFKLQL,OSHQVLHURSROLWLFRURPDQR/D1XRYD,WDOLD6FLHQWLILFD5RPD
03DQL/HUDJLRQLGHOODVWRULRJUDILDLQ*UHFLDHD5RPD(GLSXJOLD%DUL
1HOFRUVRGHOOHOH]LRQLVLDSHULOPRGXOR$ FKHSHULOPRGXOR%WHPLGLSDUWL
FRODUHLQWHUHVVHSRWUDQQRHVVHUHVYLOXSSDWLGDJOLVWHVVLVWXGHQWLVRWWRIRUPDGL
VHPLQDULR
$YYHUWHQ]H
*OLVWXGHQWLGHOYHFFKLRRUGLQDPHQWR VRQRWHQXWLDVHJXLUH0RG$ SL0RG%
SHUTXHOOLGHOQXRYRRUGLQDPHQWR&RUVRGLODXUHDLQ6WRULDLQGLUL]]RDQWLFR
0RG$ SL0RG%JOLVWXGHQWLGHJOLDOWULFRUVLGLODXUHDSRWUDQQRRSWDUHSHUXQR
RHQWUDPELLPRGXOLVHFRQGROHSRVVLELOLWjRIIHUWHGDLULVSHWWLYLSLDQLGLVWXGLR
6725,$ '(//(,'((
'RFHQWH$QQDEHOOD'·$WUL
,9 SHULRGR
&RUVRGLODXUHD)LORVRILHH6FLHQ]HGHOOD&RPXQLFD]LRQHHGHOOD&RQRVFHQ]D
&)8
$UJRPHQWRGHOFRUVR
&RQGLYLGHQGRO·LPSRVWD]LRQHLQWHUSUHWDWLYDSHUODTXDOH´OHSDUROHUDFFRQWDQR
ODVWRULDµLOFRUVRLQWHQGHULSHUFRUUHUHDOFXQLWUDWWLGLVWRULDGHOOHLGHHDSDUWLUH
GDOWHUPLQHHGDOFRQFHWWRGL´FUHDWLYLWjµVHFRQGRODVHJXHQWHVFDQVLRQH
² ODFUHDWLYLWjLQHWjPRGHUQD&DUWHVLR
² FUHDWLYLWjHLPPDJLQD]LRQHLQ.DQW
² XQDFRPSLXWDWHRULDGHOODFUHDWLYLWj&DVVLUHU
² ODFUHDWLYLWjQHOSHQVLHURFRQWHPSRUDQHR
%LEOLRJUDILD
(*DUURQL9RFH´&UHDWLYLWjµ(QFLFORSHGLD(LQDXGL7RULQR
3URJUDPPLGHL&RUVL
(&DVVLUHU,QWURGX]LRQHD)LORVRILDGHOOH)RUPH6LPEROLFKH/D1XRYD,WDOLD
)LUHQ]H9RO,SS
$G·$WUL,QWURGX]LRQHD&DVVLUHU0DUN:RJDX'LVSXWDVXOFRQFHWWRGLVLP
EROR8QLFRSOL0LODQRSS
7HVWLFRQVLJOLDWLSHU LQRQIUHTXHQWDQWL
$G·$WULFDS´&DVVLUHUµ LQ*3HQ]RDFXUDGL)LORVRILQHO7HPSRYRO,,,
LQFRUVRGLSXEEOLFD]LRQH
6725,$ '(//(,'(($57,67,&+(
'RFHQWHGDQRPLQDUH
,,SHULRGR
0RGXORRS]LRQDOH,,DQQR
SHU JOLVWXGHQWLGHO&RUVRGL/DXUHDLQ)LORVRILHH6FLHQ]HGHOOD&RPXQLFD
]LRQHHGHOOD&RQRVFHQ]D
/DVWRULDGHOOHLGHHDUWLVWLFKHFRVWLWXLVFHXQRGHLPRPHQWLIRQGDQWLGHOODFUHDWL
YLWjXPDQDLQPRGRSDUWLFRODUHLQHSRFDPRGHUQDODURWWXUDFRQLFDQRQLWLSL
FLGHOOD´WUDGL]LRQHUDSSUHVHQWDWLYDµKDFRVWLWXLWRXQRGHLIHQRPHQLFXOWXUDOL
SLFRPSOHVVLGHOODVRFLHWjDWWXDOH/DSOXUDOLWjGLOLQJXDJJLDUWLVWLFLO·DGR]LR
QH GL PDWHULDOL H[WUD SLWWRULFL H O·XWLOL]]R GL WHFQLFKH SURYHQLHQWL GD ULFHUFKH
DUWLVWLFKHGLYHUVHWHDWURFLQHPDHWHOHYLVLRQHKDQQRFRQWULEXLWRDGXQDUUL
FKLPHQWRFRQWDPLQD]LRQHGHLPH]]LHVSUHVVLYLGHOO·DUWHQRQFKpDGXQRVSR
VWDPHQWRVXSLOLYHOOLGHOOD´OHWWXUDµGHOO·RSHUD*OLVWHVVLFRQFHWWLG·DUWLVWLFLWj
FKHJRYHUQDYDQRO·DUWHQHLVHFROLSDVVDWLWURYDQRQXPHURVHGLIILFROWjDSSOLFDWL
YHDOOHVLWXD]LRQLDWWXDOL,OFRUVRKDFRPHVFRSRODFRQRVFHQ]DGHLIHQRPHQL
VLJQLILFDWLYDPHQWHHYROXWLYLGHOO·DUWHPRGHUQDHFRQWHPSRUDQHDFKHQHFHVVD
ULDPHQWHQRQSRVVRQRSUHVFLQGHUHGDLFDPELDPHQWLHSRFDOLDYYHQXWLLQ)UDQFLD
VXO ILQLUH GHOO·2WWRFHQWR FRQ O·DYYHQWR GHOO·,PSUHVVLRQLVPR 8QD GLVDPLQD
GHOOHSULQFLSDOLLGHHHWHRULHVDUjSURSHGHXWLFDDOODWUDWWD]LRQHGHOODULFHUFDDUWL
VWLFDVYLOXSSDWDVLQHOVHFRQGR1RYHFHQWR
$UJRPHQWLSULPDSDUWHGHOFRUVR
² 3UHPRGHUQRPRGHUQRSRVWPRGHUQRWUHWHPSLWUHLGHH
² /HULYROX]LRQLSURGXWWLYHFRJQLWLYHHVSUHVVLYHULYROX]LRQHLQGXVWULDOH
ULYROX]LRQHGHOODIRUPD
² ,PSUHVVLRQLVPR(VSUHVVLRQLVPRHO·DUWLVWDLQWHOOHWWXDOH
² %DXKDXVFRPHVRFLDOLVPRGHOOHLGHH
3URJUDPPLGHL&RUVL
$UJRPHQWLVHFRQGDSDUWHGHOFRUVR
)LJXUH GHOOD ULFHUFD DUWLVWLFD QHO VHFRQGR 1RYHFHQWR DOFXQL FDVL HVHPSODUL
'XFKDPS:DUKRO)RQWDQD/D7UDQVDYDQJXDUGLDLWDOLDQD
%LEOLRJUDILD
3DUWHJHQHUDOH
*&$UJDQ/·DUWH0RGHUQD(G6DQVRQL
&DSLWRORVHFRQGRGDSDJDSDJ
&DSLWRORTXLQWRGDSDJDSDJ
&DSLWRORVHVWRGDSDJDSDJ
'+DUYH\/DFULVLGHOOD0RGHUQLWj(GLO6DJJLDWRUH
3DUWHSULPD0RGHUQLWjH0RGHUQLVPRGDSDJDSDJ
3RVWPRGHUQLVPRGDSDJDSDJ
3DUWHTXDUWD/·RSHUDG·DUWHLQXQHSRFDSRVWPRGHUQLVWDGLULSURGX]LRQH
HOHWWURQLFDGLEDQFKHG·LPPDJLQL GDSDJDSDJ
3DUWHPRQRJUDILFD
$%RQLWR2OLYD/·DUWHILQRDO(G6DQVRQL
6725,$ '(//(,'((/,1*8,67,&+(
'RFHQWH &ODXGLD6WDQFDWL
,H,,SHULRGR
,SHULRGR
7LWRORGHOPRGXOR/·RPEUDOXQJDGL'HVFDUWHV
/·LQWHUHVVHSHULOOLQJXDJJLRqXQRGHLWUDWWLFDUDWWHUL]]DQWLGHOODILORVRILDFRQ
WHPSRUDQHD0DLFRQWHPSRUDQHLQRQVRQRFHUWRLSULPLDVFRSULUHLOUXRORFHQ
WUDOHFKHLOOLQJXDJJLRKDLQILORVRILDLOGLEDWWLWRVXTXHVWRWHPDKDFRPHSURWD
JRQLVWLTXDVLWXWWLLJUDQGLILORVRILGHOSDVVDWR
4XHOORGHOOHLGHHOLQJXLVWLFKHqXQRGHLFDVLLQFXLORVWXGLRVWRULFRqQDWRRq
VWDWRDOLPHQWDWRGDXQGLEDWWLWRWHRULFRTXHOORVYROWRVLLQWRUQRDOO·RSHUD&DU
WHVLDQ /LQJXLVWLFV GL 1RDP &KRPVN\ 1HJOL DQQL ·· LO JLRYDQH
&KRPVN\SUHVHQWDXQQXRYRSDUDGLJPDGLWHRULDGHOOLQJXDJJLRDWWDFFDQGRLO
FRPSRUWDPHQWLVPRGL6NLQQHUGDXQODWRHLOFRVWUXWWLYLVWD3LDJHWGDOO·DOWUR/D
VXDVFHOWDLQQDWLVWDHPHQWDOLVWDORSRUWDDLQFRQWUDUHLOJUDQGHILORVRIRIUDQFHVH
GHO;9,,VHFRORHDIDUQHLOVXRSLLOOXVWUHSUHFXUVRUH
8WLOL]]DQGRLWHVWLFDUWHVLDQLFRPHSLHWUDGLSDUDJRQHSRVVLDPRFDSLUHFRPHVL
3URJUDPPLGHL&RUVL
SXzIDUHVWRULDGDOO·LQWHUQRGHOODWHRULDHFRPHVLIDWHRULDDOODOXFHGHOODVWRULD
,OFRUVRVLSURSRQHGLULFRPSRUUHLOTXDGURGHOOHTXHVWLRQLWHRULFKHGHOODILORVR
ILDGHOOLQJXDJJLRGHOODFRQRVFHQ]DHGHOODPHQWHRJJLDOODOXFHGHOODULFFDH
PLQX]LRVDULFRVWUX]LRQHGHOODVWRULDGHOOHLGHHVXOOLQJXDJJLRVHJXLWDDOGLEDWWL
WRVXOOHWHRULHGL&KRPVN\
1&KRPVN\´/LQJXLVWLFDFDUWHVLDQDµLQ6DJJLOLQJXLVWLFLWUDGLWDF$'H
3DOPDYROO%RULQJKLHUL7RULQRYRO,,,SS
/)RUPLJDUL´/LQJXLVWLFDH)LORVRILDµLQ/H)LORVRILH DF35RVVL87(7
7RULQRYRO,,/DILORVRILDHOHVFLHQ]HSS
'0DUFRQL´)LORVRILDGHOOLQJXDJJLRµLQ/H)LORVRILH DF35RVVL87(7
7RULQRYRO,/HILORVRILHVSHFLDOLSS
35LFRHXU´)LORVRILHGHOOLQJXDJJLRµLQ)LORVRILDHOLQJXDJJLR*XHULQLHDVV
0LODQRSS
&6WDQFDWL&DUWHVLR6HJQRHOLQJXDJJLR(GLWRUL5LXQLWL5RPD
3HUJOLVWXGHQWLGHOYHFFKLRRUGLQDPHQWRLOFRUVRSURVHJXLUjQHO,,SHULRGRFRQ
LOVHJXHQWHSURJUDPPD
6RWWRLOOLQJXDJJLRSHUFH]LRQLVHQVRULDOLHUHOD]LRQL
,WHVWLSUHVLLQHVDPHVHJXRQRLOIRUPDUVLGHOOHUHOD]LRQLIRQGDPHQWDOLDOLYHOOR
GHOODSHUFH]LRQHVHQVLELOHHGHVDPLQDQRLOUDSSRUWRGLTXHVWHUHOD]LRQLFRQLO
OLQJXDJJLR
(GPXQG +XVVHUO 6HFRQGD ULFHUFD /·XQLWj LGHDOH GHOOD VSHFLH H OH WHRULH
PRGHUQHGHOO·DVWUD]LRQHLQ5LFHUFKHORJLFKH,O6DJJLDWRUH(670LODQR
SS
$OIUHG1:KLWHKHDG6LPEROLVPR5DIIDHOOR&RUWLQD0LODQR
-RKQ/$XVWLQ6HQVRH6HQVLELOLD0DULHWWL*HQRYD
6725,$ '(//·(67(7,&$
'RFHQWH$QWRQLR'H6HQVL
,,,SHULRGR
$UJRPHQWRGHOFRUVR
(VWHWLFDGHOSDHVDJJLRHILORVRILDGHOJLDUGLQR
0RGXORGLRUH&)8
,QTXHVWRPRGXORLQWHQGRSUHVHQWDUHODFULVLQHOPRQGRFRQWHPSRUDQHRGHOOD
FDUDWWHUL]]D]LRQH WUDGL]LRQDOH GHOO·HVWHWLFD FRPH ILORVRILD GHOO·DUWH ,O FRQLR
O·HWLPRORJLDGHOODSDUROD VWKHWLFD HLOSURJHWWRGLXQDVFLHQ]DGHOODUDSSUHVHQ
WD]LRQHGHOODVHQVLELOLWjULHYRFDWLQHOOHOH]LRQLGLHVWHWLFDVFULWWHQHOODPHWjGHO
3URJUDPPLGHL&RUVL
6HWWHFHQWR SUREDELOPHQWH VRWWR GHWWDWXUD GL %DXPJDUWHQ GD XQ DQRQLPR VWX
GHQWH FRVWLWXLVFRQR JOL DQWHFHGHQWL WHRULFL GHOO·DWWXDOH ´HVWHWL]]D]LRQHµ GHO
PRQGR PRUWHGHOO·DUWHHUHVXUUH]LRQHGHOO·HVWHWLFD"
%LEOLRJUDILD
$%%DXPJDUWHQ/H]LRQLGL(VWHWLFD$HVWKHWLFD(GL]LRQL3DOHUPR
%LEOLRJUDILD
5$VVXQWR2QWRORJLDHWHOHRORJLDGHOJLDUGLQR*XHULQLH$VVRFLDWL0LODQR
(VHUFLWD]LRQLHVHPLQDUL
8QWHVWRDVFHOWDIUDLVHJXHQWL
+%OXPHQEHUJ/DOHJLWWLPLWjGHOO·HWjPRGHUQD0DULHWWL*HQRYD
/%RQHVLR2OWUHLOSDHVDJJLR,OXRJKLWUDHVWHWLFDHILORVRILD$ULDQQD(GLWUL
FH&DVDOHFFKLR%2
6%RUGLQL/·2WWRFHQWR&DURFFLHGLWRUH5RPD
/&DUDYDJJL3DHVDJJLGLSDHVDJJL0HOWHPL5RPD
3'·$QJHOR/·(VWHWLFDGHO5RPDQWLFLVPR,O0XOLQR%RORJQD
3'·$QJHOR()UDQ]LQL*6FDUDPX]]D(VWHWLFD5DIIDHOOR&RUWLQD(GLWRUH
0LODQR
()LRUDQL,OVRJQRQHOJLDUGLQR/XSHWWL0LODQR
'/XFLDQLDFXUDGL/XRJKL )RUPDHYLWDGLJLDUGLQLHGLSDHVDJJL&DQRYD
7UHYLVR
2 0DUTXDUG (VWHWLFD H DQHVWHWLFD &RQVLGHUD]LRQL ILORVRILFKH ,O 0XOLQR
%RORJQD
/0HQHJKHWWL$UFKLWHWWXUDHSDHVDJJLR0HPRULDHSHQVLHUL8QLFRSOL0LOD
QR
3URJUDPPLGHL&RUVL
8QXWLOHVWUXPHQWRGLFRQVXOWD]LRQHJHQHUDOHqLO'L]LRQDULRGLHVWHWLFDDFXUD
GL*&DUFKLDH3'·$QJHORLQFROODERUD]LRQHFRQ6&DWXFFL)&XQLEHUWR7
*ULIIHUR69HORWWL/DWHU]D5RPD%DUL
1%*OLVWXGHQWLGHOYHFFKLRRUGLQDPHQWRGRYUDQQRVHJXLUHDQFKHXQPRGXOR
GLRUHGL(VWHWLFDFRQLOSURI5%XIDOR,,SHULRGR
6725,$ '(//(7(&1,&+($57,67,&+(
'RFHQWH$GHOH&RVFDUHOOD
,,,H,9 SHULRGR
,,,SHULRGR9HFFKLRRUGLQDPHQWR
7HFQLFKHGLODYRUD]LRQHGHLPHWDOOLGDOO·$QWLFKLWjDO0HGLRHYR
3DUWHLVWLWX]LRQDOH6WRULDGHOODULFHUFD)RQWL
3DUWHPRQRJUDILFD'DOOHULVRUVHQDWXUDOLDOSURGRWWRILQLWR
,9 SHULRGR9HFFKLRH1XRYRRUGLQDPHQWR
/DVFXOWXUDGDOO·$QWLFKLWjDO0HGLRHYR
3DUWHLVWLWX]LRQDOH6WRULDGHOODULFHUFD)RQWL
3DUWHPRQRJUDILFD/·DUWHVFXOWRUHDWHFQLFKHGLHVWUD]LRQHHGLODYRUD]LRQH
/DELEOLRJUDILDSHURJQLVLQJRORRUGLQDPHQWRVDUjIRUQLWDDOO·LQL]LRGHOOHOH]LRQL
,OSURJUDPPDGHOODVHFRQGDDQQXDOLWjVDUjFRQFRUGDWRFRQLOGRFHQWH
$GLQWHJUD]LRQHGHOFRUVRVRQRSUHYLVWLVHPLQDULHGHVHUFLWD]LRQLFRQVSHFLDOLVWL
3URJUDPPLGHL&RUVL
6725,$ '(//(7(25,&+(7($75$/,
'RFHQWH9DOHQWLQD9DOHQWLQL
,,,H,,,SHULRGR
&XOWRULGHOODPDWHULDGRWW&DUOR)DQHOOLGRWW(Q]D&RVWDQWLQR
,PRGXORGLRUH&)8
PXWXDELOHFRQ7HRULDGHOORVSHWWDFRORVWXGHQWL6FLHQ]HGHOOD&RPXQLFD]LRQH
$UJRPHQWRGHOFRUVR
,OFRUVRLQWHQGHDIIURQWDUHWUHPRPHQWLGLVWDQWLWHPSRUDOPHQWHFKHGLVWLQJXR
QRWUHSHULRGLWHRULFDPHQWHIRQGDWLYLGHOOHWHRULFKHWHDWUDOLOHRULJLQLFRQOD
ULIOHVVLRQHDULVWRWHOLFDLOFRQWULEXWREUHFKWLDQRFKHSRUWDDVLQWHVLHFRQFOXGHLO
IHUYLGR SHULRGR GHOOH DYDQJXDUGLH VWRULFKH H OD VSHFXOD]LRQH WHRULFD FKH KD
DFFRPSDJQDWRODVSHULPHQWD]LRQHGHOOHQHRDYDQJXDUGLHGHJOLDQQL6HWWDQWD
%LEOLRJUDILD
$ULVWRWHOH/D3RHWLFD/DWHU]D%DUL
% %UHFKW VDJJL WUDWWL GD 6FULWWL 7HDWUDOL , 7HRULD H WHFQLFD GHOOR VSHWWDFROR
(LQDXGL7RULQR
56FKHFKQHU/D7HRULDGHOOD3HUIRUPDQFH%XO]RQL5RPD
56FKHFKQHU6HLDVVLRPLSHUXQWHDWURDPELHQWDOH'H'RQDWR%DUL
%LHQQDOLVWL
99DOHQWLQL'RSRLOWHDWURPRGHUQR3ROLWL0LODQR
6HPLQDUL
,VHPLQDULVRQRULYROWLDJOLVWXGHQWLFKHIUHTXHQWDQRLFRUVLGL6WRULDGHO7HDWUR
6WRULDGHOOH7HRULFKH7HDWUDOLH6HPLRWLFDGHOOR6SHWWDFRORHIDQQRSDUWHLQWH
JUDQWHGHLFRUVL
,O UHJLVWUR VRQRUR QHO WHVWR DXGLRYLVXDOH VHPLQDULR FRQGRWWR GD 0LFKHO
&KLRQ 3DULJLWRWDOHRUHGDWDGDGHVWLQDUVL
,OWHDWURWHGHVFRSRVWEUHFKWLDQRHSRVWPXOOHULDQRFRQGRWWRGD
+DQV7KLHV/HKPDQQ8QLYHUVLWjGL)UDQFRIRUWHGLFHPEUHWRWDOH
RUH
,O*HQLXV/RFLGHO7HDWURLQ&DODEULDVHPLQDULRFRQGRWWRGD(Q]D&RVWDQ
WLQRSHUJOLVWXGHQWLELHQQDOLVWLULFHUFDHVHOH]LRQHGLXQFDPSLRQHGLFRP
SDJQLHWHVWLVSHWWDFROLVLJQLILFDWLYLGLXQDVSHULPHQWD]LRQHHGLXQDULFHU
FDWRWRUH
3URJUDPPLGHL&RUVL
6725,$ '(//(7(25,(086,&$/,
'RFHQWH(JLGLR3R]]L
,,,H,9 SHULRGR
0RGXOL
$&ULWHULVWRULRJUDILFL7HRULHGHOODPRGDOLWjHGHOFRQWUDSSXQWR &)8
%7RQDOLWjHDWRQDOLWjOHWHRULHGL+HLQULFK6FKHQNHUH$OOHQ)RUWH &)8
&,QWURGX]LRQHDOOHPHWRGRORJLHDQDOLWLFKH VHFRQGDDQQXDOLWj&)8GDGHIL
QLUH
,O&RUVRFRPSUHQVLYRGLHVHUFLWD]LRQLODERUDWRULVWLFKHWLURFLQLHRULHQWDPHQWR
DOO·DSSUHQGLPHQWRVLWHUUjQHOWHU]RHTXDUWRWULPHVWUH,O0RGXOR&ULJXDUGDQ
WHODELHQQDOL]]D]LRQHGHO&RUVRSXzHVVHUHVHJXLWRVRORGRSRDYHUVXSHUDWROD
SULPDDQQXDOLWj0RGXOL$ H%*OLVWXGHQWLFKHLQWHQGRQRVHJXLUHODELHQQD
OL]]D]LRQHVRQRLQYLWDWLDSDUWHFLSDUHDGXQLQFRQWURRUJDQL]]DWLYRFKHVLWHUUj
QHOODSULPDVHWWLPDQDGLOH]LRQH
2ELHWWLYLIRUPDWLYL
,O&RUVRVLSURSRQHGLDWWLYDUHXQDLQGDJLQHLQWRUQRDOOHSLLPSRUWDQWLWHRULH
PXVLFDOLGHOODFXOWXUDRFFLQGHQWDOHFROWDVHFRQGRXQDGXSOLFHSURVSHWWLYD'D
XQDSDUWHSUHVHQWDUHXQDSDQRUDPLFDVWRULFDGHOOHSULQFLSDOLWHRULHGHOODPXVL
FDGDOO·DOWUDFRPSUHQGHUHLQFKHPRGRLSULQFLSLIRQGDPHQWDOLGLWDOLWHRULHVL
ULQWUDFFLDQRQHOODFRHYDSURGX]LRQHPXVLFDOHRYYHURSRVVRQRHVVHUHXWLOL]]DWL
FRPH VWUXPHQWR SUHIHULWR QHOO·LQYHVWLJD]LRQH DQDOLWLFD /D SUHVHQWD]LRQH GHL
SLLPSRUWDQWLWUDWWDWLPXVLFDOLGHOODWUDGL]LRQHRFFLGHQWDOHGDO0HGLRHYRFUL
VWLDQRILQRDOOHDYDQJXDUGLHGHO1RYHFHQWRqVWDWDFRVuDIILDQFDWDDOODOHWWXUDGL
GRFXPHQWLHVDJJLFKHQHLOOXVWUDQRLOFRQWHQXWRLOUDSSRUWRFRQODSURGX]LRQH
PXVLFDOHGHOWHPSRHOHSUREOHPDWLFKHFRQQHVVH2JQXQDGHOOHWHPDWLFKHSUH
VHQWDWHDOH]LRQHqVWDWDGHVFULWWDXWLOL]]DQGRFLWD]LRQLGLWUDWWDWLFRHYLHDVFROWL
GLFRPSRVL]LRQLUDSSUHVHQWDWLYHGHOSHULRGRVWRULFRFXLVLULIHULYDWDOLDVFROWL
LQPROWLFDVLVRQRVWDWLFRUUHGDWLGDEUHYLDQDOLVLYROWHDPHWWHUHLQHYLGHQ]DOD
UHOD]LRQHWUDODWHFQLFDFRPSRVLWLYDGLVSLHJDWDGDOO·DXWRUHHLSULQFLSLWHRULFL
GLVFXVVLSUHFHGHQWHPHQWH
$UJRPHQWLGHOOHOH]LRQL0RGXOR$
&ULWHULVWRULRJUDILFL7HRULHGHOODPRGDOLWjHGHOFRQWUDSSXQWR&)8
&ULWHULVWRULRJUDILFLJHQHUDOL,OPHWRGRVWRULRJUDILFRHOHYRFLHQFLFORSHGLFKH
7HRULDPRGDOH,/DWHRULDPRGDOHVHFRQGR$SHOLWUDWWDWLFDUROLQJLHSUR
EOHPLGLDWWULEX]LRQHPRGDOHQHOFDQWRJUHJRULDQR
7HRULDPRGDOH,,/DFODVVLILFD]LRQHPRGDOHQHOODSROLIRQLDULQDVFLPHQWDOH
3URJUDPPLGHL&RUVL
7HRULDPRGDOH,,,,OULHPHUJHUHGHOODPRGDOLWjWUD2WWRFHQWRH1RYHFHQWR
7HRULDGHOFRQWUDSSXQWR,0HGLRHYRHULQDVFLPHQWRGDLSULPLWUDWWDWLDO
FRQWUDSSXQWRGLPLQXWXV7LQFWRULVH=DUOLQRODWHRULDGHOODGLPLQX]LRQH
QHLWUDWWDWLLWDOLDQLGLPHWj&LQTXHFHQWR
7HRULDGHOFRQWUDSSXQWR,,/DWHRULDHODSUDVVLGHOEDVVRFRQWLQXRFRQVSH
FLILFRULIHULPHQWRDOWUDWWDWRGL$JD]]DUL
7HRULDGHOFRQWUDSSXQWR,,,/DGLGDWWLFDGL-RKDQQ-RVHSK)X[
$UJRPHQWLGHOOHOH]LRQL0RGXOR%
7RQDOLWjHDWRQDOLWjOHWHRULHGL+HLQULFK6FKHQNHUH$OOHQ)RUWH&)8
7HRULDWRQDOH,/DWHRULDGL+HLQULFK6FKHQNHUFRQWHVWRFXOWXUDOHSULQFLSL
IRQGDPHQWDOLSULPHDSSOLFD]LRQLSUDWLFKHWHPDGHOOD6RQDWDSHUSLDQRIRU
WHRSQGL%HHWKRYHQ
7HRULDWRQDOH,,/HDQDOLVLGL6FKHQNHULO3UHOXGLRLQ'RPDJJLRUHGL%DFK
7HRULDWRQDOH,,,/HDQDOLVLGL6FKHQNHULOWHPDGHOOD6RQDWDSHUSLDQRIRUWH
.GL0R]DUW
7HRULDWRQDOH,9/HDQDOLVLVFKHQNHULDQHGLGXH0LQXHWWLGL%DFK$QK
H
7HRULD DWRQDOH , /·HPDQFLSD]LRQH GHOOD GLVVRQDQ]D OH ULYROX]LRQL GHO
1RYHFHQWRPXVLFDOHHLUHODWLYLSUREOHPLVWRULRJUDILFL
7HRULDDWRQDOH,,/DWHRULDGHOODPXVLFDDWRQDOHGL$OOHQ)RUWH
7HRULDDWRQDOH,,,(VHPSLGLDSSOLFD]LRQH6FKRHQEHUJRSQ
$UJRPHQWLGHOOHOH]LRQL0RGXOR&VHFRQGDDQQXDOLWj
,QWURGX]LRQHDOOHPHWRGRORJLHDQDOLWLFKH&)8GDGHILQLUH
/·DSSURIRQGLPHQWR GHOOD VHFRQGD DQQXDOLWj q LQFHQWUDWR VXOOR VWXGLR SUHWWD
PHQWHSUDWLFRGLDOFXQHWUDOHSLLPSRUWDQWLPHWRGRORJLHDQDOLWLFKHXWLOL]]DWH
QHOODPRGHUQDPXVLFRORJLD3HUFRQVHQWLUHXQFRQIURQWRSUDWLFRVXOOHHVHUFLWD
]LRQLG·DQDOLVLSURSRVWHLO6HPLQDULRYHUUjWHQXWRVLDFRQOH]LRQLIURQWDOLVLD
VRWWRIRUPDGL/DERUDWRULRFLRqGLVFXWHQGRWXWWLLQWRUQRDXQWDYROROHVLQJROH
HODERUD]LRQLSUHVHQWDWHGDJOLVWXGHQWL,QWDOPRGRYHUUDQQRLQGLYLGXDWHQRQ
VROR FDUHQ]H H SUREOHPL GL RJQXQR GHL SDUWHFLSDQWL PD DQFKH YHUUDQQR
DSSURIRQGLWHYLVLRQLVRJJHWWLYHVSHVVRLQWHUHVVDQWLHVWLPRODQWLFKHFRPXQTXH
FRQWULEXLUDQQRDVYLOXSSDUHLQRJQXQRXQDSLDSSURIRQGLWDHUDIILQDWDFRPSH
WHQ]DDQDOLWLFD
%LEOLRJUDILD
:'UDENLQ63DVWLFFL(3R]]L$QDOLVLVFKHQNHULDQD3HUXQ·LQWHUSUHWD]LR
QH RUJDQLFD GHOOD VWUXWWXUD PXVLFDOH 4XDGHUQL GL 05 /,0 /XFFD
ULVW
3URJUDPPLGHL&RUVL
63DVWLFFL7HRULDGHJOLLQVLHPLHDQDOLVLGHOODPXVLFDSRVWWRQDOHLQ%ROOHWWL
QRGHO*$70YROQ
/D%LEOLRJUDILDGHO&RUVRqFRPSOHWDWDGDGLVSHQVHHVHUFLWD]LRQLHGDGXH&'
DFXUDGHOGRFHQWH
6725,$ '(//(75$',=,21,3232/$5,
'RFHQWH2WWDYLR&DYDOFDQWL
,H,,SHULRGR
0RGXOR$
3DUWH LVWLWX]LRQDOH ,O FRQFHWWR DQWURSRORJLFR GL FXOWXUD 6WRULD GHJOL VWXGL
GHPRHWQRDQWURSRORJLFLQHO0H]]RJLRUQR
%LEOLRJUDILD
2&DYDOFDQWL/DFXOWXUDVXEDOWHUQDLQ&DODEULD&RVFLDOH(G&DVWURYLOODUL
/0/RPEDUGL6DWULDQL/DVWDQ]DGHJOLVSHFFKL0HOWHPL5RPD
0RGXOR%3DUWHPRQRJUDILFD 5HOLJLRQHSRSRODUHHPDJLD
%LEOLRJUDILD
('H0DUWLQR6XGHPDJLD)HOWULQHOOL0LODQR
90%HUFq)HVWDH5LYROWD3HOOHJULQL6RYHULD0DQQHOOL
7HVWLFRQVLJOLDWL
('XUNKHLP/HIRUPHHOHPHQWDULGHOODYLWDUHOLJLRVD(GGL&RPXQLWD0LOD
QR
(*XJJLQR8QSH]]RGLWHUUDHGLFLHOR6HOOHULR3DOHUPR
6725,$ '(//·85%$1,67,&$
'RFHQWH&ULVWLDQD&RVFDUHOOD
0XWXDGD6WRULDGHOOHFXOWXUHDUFKLWHWWRQLFKHHGHOOHWHFQLFKHHGLOL]LH
6725,$ '(/ 3(16,(52),/262),&2(%5$,&2
'RFHQWH6LOYDQR)DFLRQL
,H,,SHULRGR
3URJUDPPLGHL&RUVL
,H,,PRGXORRUHSLRUH
$UJRPHQWRGHOFRUVR
,OFRUVRLQWHQGHPRVWUDUHHGLVFXWHUHWHPLHSUREOHPLFKHDSSDUWHQJRQRDOO·HUH
GLWjGLSHQVLHURHEUDLFDHFKHKDQQRLQFLVRVXOODFRQIRUPD]LRQHGHOSHQVLHUR
ILORVRILFRRFFLGHQWDOH,SUREOHPLVDUDQQRDIIURQWDWLVHPSUHVHFRQGRXQDSUR
VSHWWLYDVLPXOWDQHDPHQWHGLDFURQLFDHWHRUHWLFDDQFKHDWWUDYHUVRODOHWWXUDHG
LOFRPPHQWRGLEUDQLVFHOWLGDDXWRULRIRQWLELEOLFKHHUDEELQLFKH
,PRGXOR,SHULRGR
,O0HGLRHYRILORVRILFRFURFHYLDGHOODWUDGL]LRQHILORVRILFDJUHFDHGHOODWUDGL
]LRQHHEUDLFD/LQHDPHQWLVWRULFRFULWLFLFRQSDUWLFRODUHDWWHQ]LRQHDOODILJX
UDGL0DLPRQLGH
,OFRQIOLWWRWUDILORVRILDHULYHOD]LRQH
/DILJXUDHO·RSHUDGL0DLPRQLGHXQ·LQWURGX]LRQH
*OL´2WWRFDSLWROLµHODGRWWULQDHWLFD
(UPHQHXWLFDHULYHOD]LRQHELEOLFD
,,PRGXOR,,SHULRGR
/LQJXDJJLRHVDSLHQ]DGLYLQDQHOODWUDGL]LRQHELEOLFDHUDEELQLFDXQSHUFRUVR
YHUVRODFRQWHPSRUDQHLWjILORVRILFDHOHWWHUDULD
'DEDUTXDQGRGLUHqIDUH
/DFUHD]LRQHLOOLQJXDJJLRLOQRPHGL'LR
2FHDQLWDOPXGLFLH6VFULWWXUD
9RFLGDOSUHVHQWH'HUULGDHDOWULPDUUDQL
%LEOLRJUDILD
,PRGXOR
&6LUDW/DILORVRILDHEUDLFDPHGLHYDOH3DLGHLD%UHVFLDSSHSS
RSSXUH
0=RQWD/DILORVRILDHEUDLFDPHGLHYDOH6WRULDHWHVWL/DWHU]D5RPD%DUL
SSHSS
*/DUDV0RVq0DLPRQLGH,OSHQVLHURILORVRILFR0RUFHOOLDQD%UHVFLD
0DLPRQLGH*OLRWWRFDSLWROL/DGRWWULQDHWLFD/D*LXQWLQD)LUHQ]H
0$ 2XDNQLQ ,O OLEUR EUXFLDWR )LORVRILD GHOOD WUDGL]LRQH HEUDLFD (FLJ
*HQRYD
RSSXUH
3'H%HQHGHWWL,QWURGX]LRQHDOJLXGDLVPR0RUFHOOLDQD%UHVFLD
RSSXUH
3URJUDPPLGHL&RUVL
*QWHU6WHPEHUJHU,OJLXGDLVPRFODVVLFR&XOWXUDHVWRULDGHOWHPSRUDEELQL
FRGDODO&LWWj1XRYD5RPDSSHSS
,,PRGXOR
0$ 2XDNQLQ ,O OLEUR EUXFLDWR )LORVRILD GHOOD WUDGL]LRQH HEUDLFD (FLJ
*HQRYD
*QWHU6WHPEHUJHU,OJLXGDLVPRFODVVLFR&XOWXUDHVWRULDGHOWHPSRUDEELQL
FRGDODO&LWWj1XRYD5RPDSS
&(Q]R$GDPRGRYHVHL"3HUXQDQXRYDLQWHUSUHWD]LRQHGHOOD%LEELD,O6DJ
JLDWRUH0LODQRGLTXHVWRWHVWRVDUDQQRLQGLFDWLSDVVLVFHOWL
8OWHULRULLQGLFD]LRQLELEOLRJUDILFKHUHODWLYHDOSXQWRGHO,,PRGXORVDUDQQR
IRUQLWHGXUDQWHLOFRUVR
*OLVWXGHQWLQRQIUHTXHQWDQWLFRQFRUGHUDQQRFRQLOGRFHQWHLWHVWLG·HVDPH
,H,,PRGXORYHFFKLRRUGLQDPHQWR
,PRGXOR,,DQQRQXRYRRUGLQDPHQWRHFXUULFROD6WRULDGHOOHLGHHH)LORVRILH
PHGLWHUUDQHH
,,PRGXOR,,DQQRQXRYRRUGLQDPHQWRHFXUULFROD6WRULDGHOOHLGHHHILORVRILH
0HGLWHUUDQHH
,,PRGXORPRGXORDVFHOWDSHU)LORVRILHH6FLHQ]HGHOOD&RPXQLFD]LRQHHGHOOD
&RQRVFHQ]D
6725,$ '(/ 3(16,(5232/,7,&2&217(0325$1(2
'RFHQWH*XLGR/LJXRUL
,,,H,9 SHULRGR
,O FRUVR VL DUWLFROD LQ GXH SDUWL OD SULPD LVWLWX]LRQDOH RUH OD VHFRQGD
PRQRJUDILFDRUH
/DSULPDSDUWHDYUjFDUDWWHUHLQWURGXWWLYRDLWHPLHDJOLDXWRULGHOOD6WRULDGHO
SHQVLHURSROLWLFRFRQWHPSRUDQHRGD.DQWDLJLRUQLQRVWULFRQULIHULPHQWRDO
GLEDWWLWRUHFHQWHVXJOREDOL]]D]LRQHHSURVSHWWLYHGHOOR6WDWR
/DVHFRQGDSDUWHYHUWHUjVXOSHQVLHURILORVRILFRHSROLWLFRGL0DU[QHOVXRIRU
PDUVLQHOO·HYROX]LRQHFKHKDDYXWRLQDOFXQLGHJOLHVLWLWHRULFLFKHKDSURGRWWR
QHO1RYHFHQWR
%LEOLRJUDILD
)UDQFHVFR9DOHQWLQL,OSHQVLHURSROLWLFRFRQWHPSRUDQHR /DWHU]D5RPD%DUL
QHOOHSDUWLFKHVDUDQQRLQGLFDWHRSSXUHXQPDQXDOHGLVWRULDGHOOHGRWWUL
3URJUDPPLGHL&RUVL
QHSROLWLFKHGDFRQFRUGDUH.0DU[/DTXHVWLRQHHEUDLFD(GLWRUL5LXQLWL
5RPD.0DU[7HVLVX)HXHUEDFK ,Q)(QJHOV/XGZLJ)HXHUEDFK
(GLWRUL5LXQLWL5RPDRLQDOWUDHGL]LRQH.0DU[)(QJHOV/DFRQFH
]LRQHPDWHULDOLVWLFDGHOODVWRULD(GLWRUL5LXQLWL5RPDVLWUDWWDGLDOFXQL
FDSLWROLWUDWWLGD.0DU[)(QJHOV/·LGHRORJLDWHGHVFD (GLWRUL5LXQLWLFKH
SXzHVVHUHGXQTXHWHVWRVRVWLWXWLYRQHOOHSDUWLFKHVDUDQQRLQGLFDWH.0DU[
) (QJHOV 0DQLIHVWR GHO SDUWLWR FRPXQLVWD (GLWRUL 5LXQLWL 5RPD R
/DWHU]D5RPD%DUL.0DU[&ULWLFDDOSURJUDPPDGL*RWKD(GLWRUL
5LXQLWL5RPD
(XQRGHLVHJXHQWLWHVWLDVFHOWD$/DEULROD6DJJLVXOPDWHULDOLVPRVWRULFR
(GLWRUL5LXQLWL5RPDQHOOHSDUWLFRQFRUGDWHFROGRFHQWH98/HQLQ
6WDWRHULYROX]LRQH(GLWRUL5LXQLWL5RPD$*UDPVFL4XDGHUQR
1RWHUHOOH VXOOD SROLWLFD GHO 0DFKLDYHOOL LQWURGX]LRQH H QRWH GL & 'RQ]HOOL
(LQDXGL7RULQRVLFRQVLGHUDHTXLYDOHQWHORVWXGLRGHO4XDGHUQR LQ
$ *UDPVFL 4XDGHUQL GHO FDUFHUH D FXUD GL 9 *HUUDWDQD (LQDXGL 7RULQR
SS-2·&RQQRU0DU[DGGLR"'DWDQHZV5RPD%XU
JLR0RGHUQLWjGHOFRQIOLWWR 'HULYH$SSURGL5RPD
6725,$ '(/ 3(16,(526&,(17,),&2
'RFHQWH5REHUWR%RQGu
,9 SHULRGR
0RGXORGLRUH
$UJRPHQWRGHOFRUVR
5LQDVFLPHQWRHULYROX]LRQHVFLHQWLILFD
$QDOLVL GHL PXWDPHQWL GL VLJQLILFDWR GHL WHUPLQL QDWXUD RUGLQH HVSHULHQ]D
OHJJHIUD&LQTXHH6HLFHQWR3ULQFLSDOLDXWRULWUDWWDWL7HOHVLRH*DOLOHL
%LEOLRJUDILD
%7HOHVLR/DQDWXUDVHFRQGRLVXRLSULQFLSLDFXUDGL5%RQGu/D1XRYD,WD
OLD)LUHQ]H
**DOLOHL6LGHUHXVQXQFLXVLQ**DOLOHL2SHUHDFXUDGL)%UXQHWWLYROO
87(77RULQRYRO,SS
**DOLOHL2SHUH HGL]LRQHQD]LRQDOHDFXUDGL$)DYDURYROO%DUEHUD
)LUHQ]HYRO;,SS/HWWHUDD*LXOLDQR
GH· 0HGLFLJHQQDLR/HWWHUDD3DROR6DUSLIHEEUDLR/HWWH
UDD)HGHULFR&HVLPDJJLR
**DOLOHL'LVFRUVLLQWRUQRDGXHQXRYHVFLHQ]HWHU]DJLRUQDWDLQ**DOLOHL
3URJUDPPLGHL&RUVL
2SHUHDFXUDGL)%UXQHWWLYROO87(77RULQRYRO,,SS
5%RQGu,QWURGX]LRQHD7HOHVLR/DWHU]D5RPD%DUL
35RVVL/DVFLHQ]DHODILORVRILDGHLPRGHUQL$VSHWWLGHOODULYROX]LRQHVFLHQWL
ILFD%ROODWL%RULQJKLHUL7RULQR
3URYDG·HVDPH
'XUDQWHOHOH]LRQLVDUDQQRLQGLFDWHOHSDUWLVSHFLILFKHGDSRUWDUHDOO·HVDPH,
QRQIUHTXHQWDQWLVRQRSUHJDWLGLFRQFRUGDUHTXDQWRSULPDLOSURJUDPPDFRQLO
GRFHQWH
6725,$ '(/ 7($752('(//263(77$&2/2
'RFHQWH9DOHQWLQD9DOHQWLQL
,H,,SHULRGR
&XOWRULGHOODPDWHULDGRWW&DUOR)DQHOOLGRWW(Q]D&RVWDQWLQR
,H,,PRGXOR&)
,PRGXOR
$UJRPHQWRGHOFRUVR
,OFRUVRDIIURQWDGHOOHWHPDWLFKHJHQHUDOLULJXDUGDQWLLIRQGDPHQWLGHOODGLVFLSOL
QDFRQO·REELHWWLYRGLLQTXDGUDUHVWRULFDPHQWHHWHRULFDPHQWHJHQHULGUDPPD
WXUJLHOLQJXDJJLGHOODVFHQDWHVWLHDXWRULVLJQLILFDWLYLGHOODVWRULDGHOWHDWUR
%LEOLRJUDILD
&0ROLQDUL6WRULDGHOWHDWUR/DWHU]D5RPD%DUL
$QDOLVLGHLVHJXHQWLWHVWLGUDPPDWLFL6RIRFOH(GLSRUH
:6KDNHVSHDUH/D7HPSHVWDVLFRQVLJOLDODWUDGX]LRQHGL$JRVWLQR/RPEDU
GR
/3LUDQGHOOR6HL3HUVRQDJJLLQFHUFDG·DXWRUH
&*ROGRQL
%HFNHWW7UHSH]]LG·RFFDVLRQH)LQDOHGL3DUWLWD(LQDXGL
)6FDOGDWL7RWzH9LFq5XEEHWWLQR6RYHULD0DQQHOOL
%LHQQDOLVWL
,OWHDWURLQ&DODEULDDFXUDGL(Q]D&RVWDQWLQRH&DUOR)DQHOOL
0RQWHOHRQH
,,0RGXOR
$UJRPHQWRGHOFRUVR
,OOHVVLFRWHDWUDOH
3URJUDPPLGHL&RUVL
4XHVWDSDUWHGHOFRUVRDQDOL]]DVWRULFDPHQWHHWHRULFDPHQWHDOFXQHFDWHJRULH
FKHFRVWLWXLVFRQRODVWUXWWXUDHLOYRFDERODULRDWWUDYHUVRFXLVLqDIIHUPDWDHWUD
VIRUPDWDQHOWHPSRODGLVFLSOLQD
5HJLD PHVVDLQVFHQD DXWRUH 'UDPPDWXUJLD 'UDPPD 6FHQDVFHQRJUDILD
VSD]LRVFHQLFR 3HUIRUPDQFHVSHWWDFROR7HDWUR DWWRUHSHUVRQDJJLRSHUIRU
PHULQWHUSUHWHFDUDWWHUHUXROR
%LEOLRJUDILD
33DYLV'L]LRQDULRGHOWHDWUR=DQLFKHOOL
,QGLFD]LRQLELEOLRJUDILFKHYHUUDQRIRUQLWLDOO·LQL]LRGHOFRUVR
6HPLQDUL
,VHPLQDULVRQRULYROWLDJOLVWXGHQWLFKHIUHTXHQWDQRLFRUVLGL6WRULDGHO7HDWUR
6WRULDGHOOH7HRULFKH7HDWUDOLH6HPLRWLFDGHOOR6SHWWDFRORHIDQQRSDUWHLQWH
JUDQWHGHOFRUVR
,O UHJLVWUR VRQRUR QHO WHVWR DXGLRYLVXDOH VHPLQDULR FRQGRWWR GD 0LFKHO
&KLRQ 3DULJLWRWDOHRUHGDWDGDGHVWLQDUVL
WHDWURWHGHVFRSRVWEUHFKWLDQRHSRVWPXOOHULDQRFRQGRWWRGD
+DQV7KLHV/HKPDQQ8QLYHUVLWjGL)UDQFRIRUWHGLFHPEUHWRWDOH
RUH
,O*HQLXV/RFLGHO7HDWURLQ&DODEULDVHPLQDULRFRQGRWWRGD(Q]D&RVWDQ
WLQRSHUJOLVWXGHQWLELHQQDOLVWLULFHUFDHVHOH]LRQHGLXQFDPSLRQHGLFRP
SDJQLHWHVWLVSHWWDFROLVLJQLILFDWLYLGLXQDVSHULPHQWD]LRQHHGLXQDULFHU
FDWRWRUH
6725,$ (&5,7,&$ '(/ &,1(0$
'RFHQWH0DWLOGH7RUWRUD
,,SHULRGR
$UJRPHQWRGHOFRUVR
,QWURGX]LRQHDOOD6WRULDGHOFLQHPDHGHLILOP,O&LQHPDHLILOPGDOOHRULJLQLDO
7HRULHWHFQLFKHIRUPHJHQHULVWLOLSHULRGL3URGX]LRQHGLVWULEX]LRQH
PRGLGLULFH]LRQHHIUXL]LRQHVSHWWDWRULHFULWLFDFLQHPDWRJUDILFD
%LEOLRJUDILD
'DYLG%RUZHOO.ULVWLQ7KRPSVRQ6WRULDGHOFLQHPDHGHLILOP'DOOHRULJLQL
DO,O&DVWRUR0LODQR
0DWLOGH7RUWRUD'DOOR6FKHUPRDOODSDUROD6HPLRORJLD GHLILOPUDFFRQWDWL
QHJOLDQQL7UHQWDH4XDUDQWD$EUDPR
8OWHULRULLQGLFD]LRQLELEOLRJUDILFKHVDUDQQRIRUQLWHDOO·LQL]LRGHOFRUVR
3URJUDPPLGHL&RUVL
$YYHUWHQ]H
/DFRQRVFHQ]DGHLILOPFKHVDUDQQRSURLHWWDWLGXUDQWHLOFRUVRqSDUWHLQWHJUDQ
WHGHOSURJUDPPDG·HVDPH
6725,$ (,67,78=,21,'(//·$)5,&$
'RFHQWH&DUOR&DUERQH
,,SHULRGR
0RGXOR$
,OFRUVRVLDUWLFROHUjLQOH]LRQLHGHVHUFLWD]LRQL6RQRSUHYLVWLXOWHULRULLQFRQWUL
GLVXSSRUWROHFXLGDWHHRUDULVDUDQQRFRPXQLFDWLXQDYROWDGHILQLWRO·RUDULR
FRPSOHVVLYRGHOOHOH]LRQLGHO&RUVRGL/DXUHDLQ6WRULDLQPRGRGDHYLWDUHQHL
OLPLWLGHOSRVVLELOHVRYUDSSRVL]LRQLIUDGLVFLSOLQHGHOORVWHVVRDQQR
$UJRPHQWRGHOFRUVR
,OFRUVRYHUWHUjVXJOLHOHPHQWLGLEDVHGHOODVWRULDDIULFDQDSUHFRORQLDOHHVXO
QXRYRUXRORDVVHJQDWRDO&RQWLQHQWHDSDUWLUHGDOO·2WWRFHQWR
$ LQWHJUD]LRQH GHOOH OH]LRQL SHU OD SUHSDUD]LRQH GHJOL HVDPL VL FRQVLJOLD LO
VHJXHQWHPDQXDOH
² $0*HQWLOL,OOHRQHHLOFDFFLDWRUH6WRULDGHOO·$IULFDVXEVDKDULDQD1,6
5RPDRULVWDPSHVXFFHVVLYHGDSDOODILQH
0RGXOR%
/·LQVHJQDPHQWRVDUjLPSDUWLWRQHOVHFRQGRSHULRGRGLGDWWLFRVHFRQGROHPRGD
OLWjSUHYLVWHSHULOPRGXOR$
$UJRPHQWR
,OPRGXOR%DYUjFDUDWWHULVWLFKHGLDSSURIRQGLPHQWRGLDOFXQLWHPLIUDTXHOOL
DIIURQWDWLQHOPRGXOR$LQSDUWLFRODUHOHTXHVWLRQLHWQLFRSROLWLFKH
/DSUHSDUD]LRQHGHOO·HVDPHSHUTXHVWRPRGXORDQGUjFRQGRWWDVX
² & &DUERQH %XUXQGL &RQJR 5DQGD 6WRULD FRQWHPSRUDQHD GL QD]LRQL
HWQLH6WDWL*DQJHPL5RPDSS
*OLVWXGHQWLGHOYHFFKLRRUGLQDPHQWR FKHQRQDEELDQRJLjODILUPDGLIUHTXHQ
]DSRVVRQROLPLWDUVLSHURWWHQHUODDIUHTXHQWDUHLGXHPRGXOL
6725,$ (0(72',',$1$/,6,'(//·$5&+,7(7785$
'RFHQWH(UQHVWR/XSLQDFFL
,,SHULRGR
3URJUDPPLGHL&RUVL
,OFRUVRKDFRPHVFRSRODFRQRVFHQ]DGHOO·DUFKLWHWWXUDPRGHUQDHFRQWHPSRUD
QHDPHGLDQWHORVWXGLRGHLSULQFLSDOLPRYLPHQWLDUWLVWLFLFKHKDQQRFDUDWWHUL]
]DWRHULGHILQLWRLOSDQRUDPDFXOWXUDOHGHJOLXOWLPLVHFROL
3DUWLFRODUHDWWHQ]LRQHVDUjULYROWDDOODFRQRVFHQ]DGHOODULFHUFDDUFKLWHWWRQLFD
FRQWHPSRUDQHDFKHUDSSUHVHQWDFHUWDPHQWHLOODERUDWRULRFXOWXUDOHHFUHDWLYR
GHOODFLWWjHVVHQGRODFLWWjPRGHUQDRJJLSLGLLHULLOOXRJRGHOODYHULILFDGHL
GLIIHUHQWLSRVWXODWLFXOWXUDOL
8QQHFHVVDULRDSSURIRQGLPHQWRULJXDUGHUjOHTXHVWLRQLLPHWRGLHGLPRGHOOL
FKHKDQQRPDJJLRUPHQWHLQFLVRQHOODGHILQL]LRQHGHOODULFHUFDDWWXDOH3RVWPR
GHUQR1HRPRGHUQR'HFRVWUX]LRQHVRQRDOFXQHGHOOHWHRUL]]D]LRQLIHQRPHQR
ORJLFKHFRQOHTXDOLVLLPEDWWHO·RSHUDWRUHHFKHIDQQRRUPDLSDUWHGHOORVFHQD
ULRFXOWXUDOHFRQWHPSRUDQHR
/DFRPSUHQVLRQHHGLOFKLDULPHQWRGLWDOLGLYHUVHWHRULHFRVWLWXLUjODSDUWHILQD
OHGHOFRUVR
%LEOLRJUDILD
3DUWHJHQHUDOH
.HQQHWK)UDPSWRQ6WRULDGHOO·DUFKLWHWWXUDPRGHUQD (G=DQLFKHOOL
3DUWHPRQRJUDILFD
'DYLG +DUYH\ /D FULVL GHOOD PRGHUQLWj (G LO 6DJJLDWRUH GD SDJ D SDJ
(/XSLQDFFL 6DOYDWRUH*LXOLDQLDUFKLWHWWR(G3HULIHULD
8OWHULRULLQIRUPD]LRQLVXWHVWLGDFRQVXOWDUHVDUDQQRIRUQLWHGXUDQWHORVYROJL
PHQWRGHOFRUVR
6725,$ *5(&$
'RFHQWH*LRYDQQD'H6HQVL6HVWLWR
,H,,SHULRGRGLGDWWLFR
0RGXOR$
/·RELHWWLYRGHOFRUVRqO·DFTXLVL]LRQHGLXQDFRQRVFHQ]DGLEDVHGHOODVWRULD
JUHFDLQUHOD]LRQHDOOHGLYHUVHIDVLGHOVXRVYLOXSSRHGDOOHDUHHJHRJUDILFKH
LQWHUHVVDWHFRQDWWHQ]LRQHDOOHVSHFLILFLWjFXOWXUDOLDLPHWRGLHGDOOHIRQWLGD
XWLOL]]DUHSHUXQFRUUHWWRDSSURFFLRFULWLFR
,OFRUVRSHUWDQWRFRQVLVWHUjLQXQDLQWURGX]LRQHDOORVWXGLRGHOODVWRULDJUHFD
GDOOHRULJLQLDOO·HOOHQLVPRFRQULIHULPHQWRDOOHSULQFLSDOLGLQDPLFKHLVWLWX]LR
QDOLVRFLDOLHSROLWLFKHDJOLHYHQWLHGDOOHSHUVRQDOLWjSLULOHYDQWLDLSUREOHPL
PHWRGRORJLFLGLIRQGR
3URJUDPPLGHL&RUVL
/HHVHUFLWD]LRQLVDUDQQRGHGLFDWHDOFRPPHQWRLQDXODGHOOHIRQWLXWLOL]]DQGR
FRPHWHVWREDVHODYLWDGL3HULFOHVFULWWDGD3OXWDUFRGLFXLqUDFFRPDQGDWDOD
OHWWXUDLQWHJUDOH
0RGXOR%
,O VHFRQGR PRGXOR KD FDUDWWHUH GL DSSURIRQGLPHQWR GHOOD FRQRVFHQ]D GHO
PRQGRJUHFR$WWUDYHUVRLOWHPD5HOLJLRQHHSROLWLFDQHOODFLWWjJUHFD VFHOWR
SHUTXHVW·DQQRLOFRUVRPLUDDIDUFRJOLHUHLOYDORUHIRQGDQWHGLRUDFROLFXOWL
PLWLHULWLQHOSURFHVVRGLIRUPD]LRQHHGLWUDVIRUPD]LRQHGHOOHFRPXQLWjVWDWDOL
JUHFKHHODGLPHQVLRQHVRFLDOHHSROLWLFDGHOOHSUDWLFKHUHOLJLRVHSXEEOLFKH
,OWHPDVDUjVYLOXSSDWRVXOODWUDFFLDGLIRQWLOHWWHUDULHGRFXPHQWDULHHPRQX
PHQWDOLSUHVHQWDWHHGLVFXVVHLQDXOD$OFXQHGLHVVHSRWUDQQRHVVHUHRJJHWWRGL
VHPLQDULVYROWLGDJOLVWHVVLVWXGHQWLVRWWRODJXLGDGHOGRFHQWH
%LEOLRJUDILD
3HUJOLVWXGHQWLFKHVHJXRQRXQVRORPRGXOR
'/RW]H6WRULDJUHFD,O0XOLQR%RORJQD
$0DJQHOOL*XLGDDOOD6WRULD*UHFD &DURFFL5RPD
3OXWDUFR9LWDGL3HULFOH TXDOVLDVLWUDGX]LRQHLWDOLDQD
3HUJOLVWXGHQWLFKHVHJXRQRHQWUDPELLPRGXOLVLDGHOYHFFKLRFKHGHOQXRYR
RUGLQDPHQWR
² XQ WHVWR D VFHOWD WUD ' 0XVWL 6WRULD *UHFD /DWHU]D 5RPD%DUL
FDSS,;,,HVFOXVLQRWHLQWHJUDWLYHVH]LRQLELEOLRJUDILFKHHVLQJROLSDUD
JUDILFKHYHUUDQQRLQGLFDWLDOH]LRQHLOWHVWRqFRQVLJOLDWRSHUJOLLVFULWWLDL
FRUVL GL ODXUHD LQ /HWWHUH FODVVLFKH H 6WRULD DQWLFD + %HQJWVRQ 6WRULD
*UHFD'DOOHRULJLQLDOO·(OOHQLVPR,O0XOLQR%RORJQD&0RVVq$
6FKQDSS*RXUEHOOLRQ6WRULD*UHFD'DOOHRULJLQLDOODFRQTXLVWDURPDQD
/D1XRYD,WDOLD)LUHQ]HWHVWRFRQVLJOLDWRDJOLLVFULWWLDOFRUVRGL&RQ
VHUYD]LRQHGL%HQLFXOWXUDOLLQGLUL]]RDUFKHRORJLFR/%UDFFHVL)&RUGD
QR0 /RPEDUGR$ 0HOH 0DQXDOH GL VWRULD JUHFD 0RQGX]]L (GLWRUH
%RORJQD
² 3OXWDUFR9LWDGL3HULFOH TXDOVLDVLWUDGX]LRQHLWDOLDQD
² $SSXQWLGDOOHOH]LRQLHWHVWLGLDSSRJJLRVXOWHPDVSHFLILFRGHO0RGXOR%
LQGLFDWLRIRUQLWLDOH]LRQH
,ELHQQDOLVWLGHOYHFFKLRRUGLQDPHQWRGRYUDQQRFRQFRUGDUHFROGRFHQWHLOWHVWR
GDDGRWWDUHLQVRVWLWX]LRQHGHO0DQXDOH
3URJUDPPLGHL&RUVL
6725,$ 0(',(9$/(
'RFHQWH3LHWUR'H/HR
,,H,,,SHULRGR
,OFRUVRqDUWLFRODWRLQGXHPRGXOLGLWUHQWDGXHRUHFLDVFXQR
0RGXOR,,SHULRGR
$,QWURGX]LRQHDOORVWXGLRGHOO·HWjPHGLRHYDOH$ WDOHULJXDUGRVLIDULIHUL
PHQWR DOOH GLVSHQVH H DJOL DSSXQWL GHOOH OH]LRQL DO VDJJLR GL 0 6DQILOLSSR
'HQWURLOPHGLRHYR/D1XRYD,WDOLD)LUHQ]H
%3DUWHJHQHUDOHFRQRVFHQ]DDSSURIRQGLWDGHOOHYLFHQGHGHLSUREOHPLGHO
O·HWjPHGLRHYDOHDWWUDYHUVRORVWXGLRGLXQEXRQPDQXDOHGHOOHVFXROHPHGLH
VXSHULRULOLFHLHGL+)XKUPDQQ*XLGDDO0HGLRHYR/DWHU]D5RPD%DUL
5&DJJHVH5REHUWRG·$QJLzHLVXRLWHPSL ,O0XOLQRYRO,
0RGXOR,,,SHULRGR
/·,WDOLDPHULGLRQDOHGDJOL$QJLRLQLDJOL$UDJRQHVL
%LEOLRJUDILD
5&DJJHVH5REHUWRG·$QJLzHLVXRLWHPSL,O0XOLQRYRO,,
'$EXODILD,UHJQLGHO0HGLWHUUDQHRRFFLGHQWDOHGDODO/DORWWD
SHULOGRPLQLR /DWHU]D5RPD%DUL
3'H/HR*LRDFFKLQRGD)LRUHDVSHWWLLQHGLWLGHOODYLWDHGHOOHRSHUH 5XE
EHWWLQR6RYHULD0DQQHOOL
3'H/HR9LDJJLGLPRQDFLHSHOOHJULQLDFXUD5XEEHWWLQR6RYHULD0DQQHO
OL
$OWULWHVWLVDUDQQRVHJQDODWLDJOLLQL]LGHOFRUVR
1%$JOLVWXGHQWLGHO9HFFKLR2UGLQDPHQWRVRQRULFKLHVWLHQWUDPELLPRGXOL
,ELHQQDOLVWLVYROJHUDQQRXQSURJUDPPDGDFRQFRUGDUHFRQLOGRFHQWH
6725,$ 520$1$ $/
'RFHQWH3DROR&DYXRWR
,,,H,9 SHULRGR
6H]LRQHGHOOD/DXUHDTXDGULHQQDOH
3URJUDPPLGHL&RUVL
3DUWHLVWLWX]LRQDOH
6WRULDGL5RPDGDOOHRULJLQLDOODFDGXWDGHOO·,PSHURURPDQRG·2FFLGHQWH
,VHPLQDULVDUDQQRFRPXQLFDWLDJOLVWXGHQWLDOO·LQL]LRGHOOHOH]LRQL
3DUWHPRQRJUDILFD
/HRULJLQLGHOOD5HSXEEOLFDURPDQD
%LEOLRJUDILDSHU LOFRUVRLVWLWX]LRQDOH
')RUDERVFKL(*DEED(/R&DVFLR'0DQWRYDQL/7URLDQL6WRULDGL
5RPD5RPD
0$/HYL30HORQL6WRULDURPDQDGDJOL(WUXVFKLDOG&0LODQR
*&OHPHQWH*XLGDDOODVWRULDURPDQD0LODQR
,OWHVWRFRQVLJOLDWRSHULOFRUVRPRQRJUDILFRqLOVHJXHQWH
)'H0DUWLQR6WRULDGHOODFRVWLWX]LRQHURPDQD1DSROL
,VHPLQDULVDUDQQRFRPXQLFDWLDOO·LQL]LRGHOOHOH]LRQL
,WHVWLFODVVLFLGDFRQVXOWDUHVDUDQQRLQGLFDWLGXUDQWHLOFRUVR
6H]LRQHGHOOD/DXUHDWULHQQDOH
/DSDUWHLVWLWX]LRQDOHHTXHOODPRQRJUDILFDqODVWHVVDGHOFRUVRTXDGULHQQDOH
,OWHVWRFRQVLJOLDWRSHUODSDUWHLVWLWX]LRQDOHqLOVHJXHQWH
**HUDFH$0DUFRQH6WRULDURPDQD)LUHQ]H
,OWHVWRFRQVLJOLDWRSHULOFRUVRPRQRJUDILFRqLOVHJXHQWH
)'H0DUWLQR6WRULDGHOODFRVWLWX]LRQHURPDQD1DSROL
,VHPLQDULVDUDQQRFRPXQLFDWLDOO·LQL]LRGHOOHOH]LRQL
,WHVWLFODVVLFLGDFRQVXOWDUHVDUDQQRLQGLFDWLGXUDQWHLOFRUVR
*OLVWXGHQWLGHOYHFFKLRRUGLQDPHQWRGRYUDQQRIUHTXHQWDUHWXWWRLOFRUVR
*OLVWXGHQWLGHOQXRYRRUGLQDPHQWRVRQRWHQXWLDVHJXLUHLO0RGXOR$ FRQTXDW
WUR&)8
6725,$ 520$1$ 0=
'RFHQWH*LDQ3LHUR*LYLJOLDQR
,,,H,9 SHULRGR
,,,SHULRGRPRGXOR$ RUH&)8
/DVWRULDGL5RPDHGHOO·,WDOLDGDOODIRQGD]LRQHGHOODFLWWjDOODFDGXWDGHOO·LP
SHURURPDQRG·RFFLGHQWH
3URJUDPPLGHL&RUVL
%LEOLRJUDILD
8QPDQXDOHDVFHOWDIUDTXHOOLFKHVDUDQQRLQGLFDWLDOO·LQL]LRGHOOHOH]LRQL
,9 SHULRGRPRGXOR% RUH&)8
/DVRFLHWjHOHFRQTXLVWHGL5RPDDOODILQHGHO,,VHFD&DWWUDYHUVRODJXHUUD
JLXJXUWLQDQDUUDWDGD6DOOXVWLR
&LFORGLOH]LRQLVHPLQDULDOLVXDUJRPHQWLGDVWDELOLUH
%LEOLRJUDILD
,O%HOOXP,XJXUWKLQXP GL6DOOXVWLRLQHGL]LRQHFRPSOHWD
/DILJXUDVRFLDOHGHOO·DUWLVWDLQ,WDOLDIUD5LQDVFLPHQWRHWDUGR%DURFFR
,OFRUVRKDFRPHRJJHWWRSULQFLSDOHLOUXRORGHOO·DUWLVWDQHOODVRFLHWjFLYLOHIUDLO
;9 HLO;9,,,VHFRORUXRORFKHGLFHUWRqQRWRGXUDQWHTXHVWROXQJRDUFRGL
WHPSRYLYHVRVWDQ]LDOLPXWDPHQWL&RQFHQWUDQGRO·DWWHQ]LRQHVXJUDQGLFHQWUL
LWDOLDQLFRPHSHUHVHPSLR9HQH]LD0LODQR)LUHQ]HH5RPDHFRQO·DXVLOLRGL
WHVWLPRQLDQ]H SLWWRULFKH VFXOWRUHH HG DUFKLWHWWRQLFKH QRQFKp GL RSSRUWXQR
PDWHULDOHGRFXPHQWDULRLOWHPDVDUjGLYROWDLQYROWDSRVWRLQUHOD]LRQHFRQL
YDULWLSLGLFRPPLWWHQ]DHFRQDOWULIHQRPHQLVWUHWWDPHQWHLQWUHFFLDWLEDVWLSHQ
VDUHDOFROOH]LRQLVPRDOPHUFDWRFRPHSXUHDOODQRUPDWLYDDOODWUDWWDWLVWLFDH
DOOH LVWLWX]LRQL G·DUWH ,O SURJUDPPD H OD ELEOLRJUDILD VDUDQQR FRPXQLFDWL LQ
VHJXLWR
7(25,$ '(,',5,77,80$1,
'RFHQWHGDQRPLQDUH
,,SHULRGR
0XWXDGD)LORVRILDGHOGLULWWRSDUWH%
3URJUDPPLGHL&RUVL
7(25,$ '(,6$3(5,),/262),&,(6&,(17,),&,
'RFHQWH)3DORPEL
,SHULRGR
0XWXDGD0HWRGRORJLDGHOOH6FLHQ]H6RFLDOL
7(25,$ '(//$ /(77(5$785$
'RFHQWH'LDPDQWH2UGLQH
,H,,SHULRGR
3DUWHLVWLWX]LRQDOH
)%ULRVFKL&'L*LURODPR(OHPHQWLGLWHRULDOHWWHUDULD3ULQFLSDWR0LODQR
3ULPDDQQXDOLWj
,OWHVWROHWWHUDULR,VWUX]LRQLSHUO·XVRDFXUDGL0/DYDJHWWR/DWHU]D5RPD
%DUL6HFRQGDDQQXDOLWj
%LEOLRJUDILD
² *)HUURQL6WRULDGHOODOHWWHUDWXUDLWDOLDQD(LQDXGL6FXROD0LODQR
² *%DOGLHWDOLL'DOWHVWRDOODVWRULDGDOODVWRULDDOWHVWR3DUDYLD7RULQR
RSSXUH&6HJUH&0DUWLJQRQL7HVWLQHOODVWRULD%UXQR0RQGDGR
UL0LODQR
3DUWHPRQRJUDILFD
/XGRYLFR$ULRVWR2UODQGRIXULRVR
%LEOLRJUDILD
/$ULRVWR 2UODQGR IXULRVR D FXUD GL /DQIUDQFR &DUHWWL (LQDXGL7RULQR
YROO
/DWHVLSXzHVVHUHULFKLHVWDVRORGRSRLOVXSHUDPHQWRGHOVHFRQGRHVDPH
7(25,$ '(//(21'(($&867,&$ 086,&$/(
'RFHQWHGDQRPLQDUH
3HULRGR,H,,
4XHVWR FRUVR KD FRPH RELHWWLYR OR VWXGLR GHOOH UHOD]LRQL WUD 0DWHPDWLFD H
0XVLFDXWLOL]]DQGRPROWLHVHPSLVRQRULHIDFHQGRXVRGLYDULVRIWZDUHSHUOD
PDQLSROD]LRQHGHLVXRQLHGHOOHQRWH
3URJUDPPLGHL&RUVL
3UHUHTXLVLWL
FRQRVFHQ]HVFRODVWLFKHGLDOJHEUDHOHPHQWDUHWULJRQRPHWULDHIDPLOLDULWjFRQ
ODQRWD]LRQHPXVLFDOH
$UJRPHQWLGHOFRUVR
6XRQL
%DVLILVLFKHGHLVXRQL
3URSULHWjPDWHPDWLFKHGHOOHRQGH
$QDOLVLHVLQWHVLGHLVHJQDOL
6XRQLGLJLWDOL
6WUXPHQWLVRIWZDUHSHULOWUDWWDPHQWRGHLVXRQL
0XVLFD
/HEDVLGHOODPXVLFD
,O0,',
0XVLFD$OJRULWPLFD
1XRYL6SD]LGLHVSORUD]LRQHPXVLFDOH
,PPDJLQLHPXVLFDGDO&DRV
0XVLFD)UDWWDOH
*UDPPDWLFKHJHQHUDWLYH
$OLIH%DVHG0XVLF
/DELEOLRJUDILDVDUjIRUQLWjDOO·LQWHUQRGHOFRUVR
7(25,$ ($1$/,6,'(/ /,1*8$**,232/,7,&2
'RFHQWL*XLGR/LJXRUL&ODXGLD6WDQFDWL
,,,H,9 SHULRGR
/DWHRULDGHOODFRPXQLFD]LRQHSROLWLFDLQ*UDPVFL *XLGR/LJXRUL
/·DXWRUH GHL 4XDGHUQL GHO FDUFHUH SURSRQH FRQ L FRQFHWWL GL ´HJHPRQLDµ
´LQWHOOHWWXDOH RUJDQLFRµ ´OHWWHUDWXUD QD]LRQDOHSRSRODUHµ ´PRGHUQR 3ULQFL
SHµXQDWHRULDGHOOLQJXDJJLRHGHOODFRPXQLFD]LRQHSROLWLFDFKHqVWDWDSLR
PHQR HVSOLFLWDPHQWH ULSUHVD H XVDWD GDL SDUWLWL SROLWLFL SRVWIDVFLVWL GL YDULR
RULHQWDPHQWR
%LEOLRJUDILD
)UDQFHVFR9DOHQWLQL,OSHQVLHURSROLWLFRFRQWHPSRUDQHR/DWHU]D5RPD%DUL
QHOOHSDUWLFKHVDUDQQRLQGLFDWHRSSXUH XQPDQXDOHGLVWRULDGHOOHGRW
WULQHSROLWLFKHGDFRQFRUGDUH
3URJUDPPLGHL&RUVL
8QRGHLVHJXHQWLWHVWL QHOOHSDUWLLQGLFDWHGDOGRFHQWH
² $QWRQLR*UDPVFL4XDGHUQR1RWHUHOOHVXOODSROLWLFDGHO0DFKLDYHOOL
LQWURGX]LRQHHQRWHGL&DUPLQH'RQ]HOOL(LQDXGL7RULQR
² $QWRQLR *UDPVFL /HWWHUDWXUD H YLWD QD]LRQDOH (LQDXGL 7RULQR R
(GLWRUL5LXQLWL5RPD
² $QWRQLR*UDPVFL/HRSHUH/DSULPDDQWRORJLDGLWXWWLJOLVFULWWLDFXUDGL
$QWRQLR6DQWXFFL(GLWRUL5LXQLWL5RPD
² *XLGR /LJXRUL *UDPVFL FRQWHVR 6WRULD GL XQ GLEDWWLWR (GLWRUL 5LXQLWL
5RPD
$QDOLVLGHOOLQJXDJJLRSROLWLFR &ODXGLD6WDQFDWL
´,GLVFRUVLGHYRQRHVVHUHWUDWWDWLFRPHSUDWLFKHGLVFRQWLQXHµ0LFKHO)RXFDXOW
/·RUGLQHGHOGLVFRUVRWUDGLW7RULQR(LQDXGLS/DUDFFRPDQGD]LR
QHGL)RXFDXOWLQGLFDVRORXQDGHOOHSRVVLELOLOLQHHOXQJRFXLGHYHPXRYHUHLO
QRVWURODYRURGDXQODWRHVVRLQGLFDOHDUWLFROD]LRQLLQWHUQHGLXQWHVWRVLDHVVR
RPHQRDVWDPSDLVXRLGLVSRVLWLYLGLVFRUVLYLHIRUPDOLHGDOO·DOWURLQGDJDH
ULFRVWUXLVFHOHSUDWLFKHVRFLDOPHQWHHVWRULFDPHQWHYDULDELOLDWWUDYHUVRFXLL
GHVWLQDWDULGHOGLVFRUVRSROLWLFRORLQWHUSUHWDQROHQXRYHFRPXQLFD]LRQLFKHL
OHWWRULVXFFHVVLYLLQVWDXUDQRFRQHVVR
'XHSDUROHLQDOFXQLWHVWLHVHPSODUL¶OLEHUWj·¶WLUDQQLGH·
%LEOLRJUDILD
3LHUR7UXSLD/RJLFDHOLQJXDJJLRGHOODSROLWLFD)UDQFR$QJHOL0LODQR
H-RKQ*$3RFRFN3ROLWLFDOLQJXDJJLRHVWRULDHGLWDFGL($$OEHU
WRQL(GL]LRQLGL&RPXQLWj0LODQROLPLWDWDPHQWHDOOHSDUWLFKHYHU
UDQQR LQGLFDWH GXUDQWH LO VHPLQDULR SL DOFXQL WHVWL FKH VDUDQQR OHWWL H
GLVWULEXLWL
,OPRGXORRUH&)8SXzHVVHUHVHJXLWRLQDOWHUQDWLYDDOPRGXORGL)LOR
VRILDSROLWLFD
7(25,$ '(//263(77$&2/2
'RFHQWH9DOHQWLQD9DOHQWLQL
,,,SHULRGR
0RGXORGLRUH&)8
3HUVWXGHQWLGHOFRUVRGLODXUHDLQ)LORVRILHHVFLHQ]HGHOODFRPXQLFD]LRQHH
GHOODFRQRVFHQ]D
$UJRPHQWRGHOFRUVR
,OLQJXDJJLGHOODVFHQD
3URJUDPPLGHL&RUVL
,QSDUWLFRODUHLOFRUVRSUHQGHLQHVDPHWHVWRGUDPPDWLFRHWHVWRVSHWWDFRODUH
PHVVDLQVFHQDYLUWXDOHHPHVVDLQVFHQDUHDOHDQDOL]]DQGRIDEXODWHPLWHPSL
GHOUDFFRQWRHGHOO·D]LRQHSHUVRQDJJLDWWRULFRGLFLVSD]LDOLSODVWLFRYLVXDOL
VRQRULYHUEDOLFRQO·REELHWWLYRGLIRUQLUHXQDPHWRGRORJLDGLOHWWXUDDQDOLVL
LQWHUSUHWD]LRQHGHOWHVWRVSHWWDFRODUHLQUDSSRUWRDOWHVWRGUDPPDWLFR
%LEOLRJUDILD
'LVSHQVHDFXUDGHOGRFHQWHFRQVDJJLWUDWWLGD.HLU(ODP0DUFR'H0DULQLV
-XUL /RWPDQ * *HQHWWH &HVDUH 6HJUH 5LFKDUG 6FKHFKQHU 0 *UDQGH 9
9DOHQWLQL
6HPLQDUL
,VHPLQDULIDQQRSDUWHLQWHJUDQWHGHLFRUVL
,O UHJLVWUR VRQRUR QHO WHVWR DXGLRYLVXDOH VHPLQDULR FRQGRWWR GD 0LFKHO
&KLRQ3DULJLGDWDGDGHVWLQDUVL
,OWHDWURWHGHVFRSRVWEUHFKWLDQRHSRVWPXOOHULDQRFRQGRWWRGD
+DQV7KLHV/HKPDQQ8QLYHUVLWjGL)UDQFRIRUWHGLFHPEUH
,O*HQLXV/RFLGHO7HDWURLQ&DODEULDVHPLQDULRFRQGRWWRGD(Q]D&RVWDQ
WLQRSHUJOLVWXGHQWLDYDQ]DWLRLQWHUHVVDWLULFHUFDHVHOH]LRQHGLXQFDP
SLRQHGLFRPSDJQLHWHVWLVSHWWDFROLVLJQLILFDWLYLGLXQDVSHULPHQWD]LRQHH
GLXQDULFHUFD
7(25,$ (7(&1,&$ '(/ /,1*8$**,2&,1(0$72*5$),&2
'RFHQWH0DUFHOOR:DOWHU%UXQR
,,H,,,SHULRGR
RUHVHLVHWWLPDQH
/LQJXDJJLRFLQHPDWRJUDILFR
0RGXORVXOODVFHQHJJLDWXUD
² ODWHRULDGHLWUHDWWLLPSRVWD]LRQHFRQIOLWWRULVROX]LRQH
² ODJHVWLRQHGHOVHJUHWRHODILJXUDWLYL]]D]LRQHGHOQDUUDWRUH
² WHPSRGHOODVWRULDHWHPSRGHOGLVFRUVR
² O·DUFRGLWUDVIRUPD]LRQHGHOSHUVRQDJJLR
² ODPHWDQDUUD]LRQH
%LEOLRJUDILD
'3DUHQW$OWLHU,QWURGX]LRQHDOODVFHQHJJLDWXUD/LQGDXSS
)9DQR\H/DVFHQHJJLDWXUDIRUPHGLVSRVLWLYLHPRGHOOL/LQGDXSS
3URJUDPPLGHL&RUVL
)LOPRJUDILD/DPRJOLHGHOVROGDWR,VROLWLVRVSHWWL3XOSILFWLRQ6KDNHVSHDUH
LQORYH9LDOHGHOWUDPRQWR
7(25,$ (7(&1,&$ '(/ /,1*8$**,25$',27(/(9,6,92
'RFHQWH6HEDVWLDQR%UXQR
,,H,,,SHULRGR
,0RGXOR
(OHPHQWLGLVWRULDGHOODUDGLRHGHOODWHOHYLVLRQH
*OLLQL]LGHOVLVWHPDUDGLRWHOHYLVLYRLQ,WDOLDHQHOPRQGR/DUDGLRQHOYHQWHQ
QLR6SLQWHDOODSULYDWL]]D]LRQHHPRYLPHQWLGLULIRUPD5LIRUPDGHOOD5DLH
GLFKLDUD]LRQHGLLOOHJLWWLPLWjGHOPRQRSROLR/DIRUPD]LRQHGHOVLVWHPDPLVWR
/DOHJJH0DPPu,OVHUYL]LRSXEEOLFRHO·LPSUHVDSULYDWD,OVLVWHPDUDGLRWHOH
YLVLYRFRPHLQIUDVWUXWWXUDGHOORVWDWRHVWUXPHQWRSROLWLFRSHUO·DFTXLVL]LRQH
GHOFRQVHQVR9HUVRXQDQXRYDOHJJHWUDLQQRYD]LRQHQXRYLPHUFDWLHSOXUDOL
VPR
/HWHRULHHOHWHFQLFKHGHOOLQJXDJJLR
*OLHOHPHQWLGLEDVHGHOOLQJXDJJLRDXGLRYLVLYR
$QDOLVLHSURGX]LRQHGHOO·DWWRFRPXQLFDWLYRDXGLRYLVLYR
,0DFURJHQHULHLJHQHUL,OSDOLQVHVWRODSURJUDPPD]LRQHHLOIRUPDW
,OSURJUDPPDFRQWHQLWRUH
/DILFWLRQILOPILOPSHUODWYWHOHILOPVHULHWYWHOHQRYHODV«
/·LQWUDWWHQLPHQWR,OWDONVKRZ,OYDULHWj/RVKRZ
/·LQIRUPD]LRQHLOWHOHJLRUQDOHO·LQFKLHVWDO·DSSURIRQGLPHQWRLOVHWWLPDQDOH
HWF
,,0RGXOR
,OSURFHVVRSURGXWWLYR
$QDOLVLGHLOLQJXDJJLHGHLPRGHOOLGLRUJDQL]]D]LRQHHSURGX]LRQHGHOO·RIIHUWD
WHOHYLVLYDORVSRWSXEEOLFLWDULRLOSDOLQVHVWRLOIRUPDWHGLOWHOHJLRUQDOH
/DWHOHYLVLRQHGHQWURODUHWHOHZHEWYHJOLDOWULIRUPDWLGHOO·RIIHUWDGLDXGLRYL
VLYLVXLQWHUQHWFRUWLZHEYLGHRRQGHPDQGHWF/HWHFQLFKHHOHGLQDPLFKH
LQWURGRWWHGDOQXRYRFRQWHVWRODFRPSXWHUJUDSKLFVODUHDOWjYLUWXDOHLQXRYL
FDQDOLSHUORVYLOXSSRGHOOHWHFQRORJLHGHOODFURQDFDHGHOODGLUHWWD
'XUDQWHLOFRUVRFRQLOFRQWULEXWRGLSURIHVVLRQLVWLHGLULJHQWLGHOOHLPSUHVH
WHOHYLVLYHVLHIIHWWXHUDQQRODERUDWRULSHUODFRQRVFHQ]DGHOOHWHFQLFKHYLVLWH
JXLGDWHDOOHUHDOWjSLVLJQLILFDWLYHXQLYHUVLWDULHHQRQDSSXQWDPHQWLVHPLQD
ULDOLGLDSSURIRQGLPHQWR
3URJUDPPLGHL&RUVL
7(25,$ (7(&1,&$ '(//·,17(535(7$=,21(
6FLHQ]HGHOOD)RUPD]LRQH3ULPDULD
'RFHQWH)UDQFHVFR*DUULWDQR
,SHULRGR
1XRYRRUGLQDPHQWR0RGXORGLRUH
$UJRPHQWRGHOFRUVR
&RPSUHQVLRQHLQWHUSUHWD]LRQHHVRJJHWWRLQ+DQV*HRUJ*DGDPHU
,OFRUVRKDFRPHFHQWURFLzFKHqSURSULRGHOO·RQWRORJLDHUPHQHXWLFDRVVLDLO
VXRHVVHUHODPRGDOLWjSULYLOHJLDWDDWWUDYHUVRFXLVLUHDOL]]DLOQHVVRIUDLSLDQL
RQWLFRRQWRORJLFRHGRQWLFRRQWRORJLFR,QLVSHFLHFLVLVRIIHUPHUjVXOODSUR
VSHWWLYDGLDORJLFDDOILQHGLLQWHUURJDUVLVXOVRJJHWWRVXOODSRVVLELOLWjGLGHOLPL
WDUORHVXOUDSSRUWRFRQO·DOWHULWj
%LEOLRJUDILD
+**DGDPHU9HULWjH0HWRGRWUHFGL*9DWWLPR%RPSLDQL0LODQR
7(25,$ (7(&1,&$ '(/ /,1*8$**,2*,251$/,67,&2
'RFHQWH9 $UFXUL
,,H,,,SHULRGR
2ELHWWLYLIRUPDWLYL
,OFRUVRLQWHQGHIRUQLUHDJOLVWXGHQWLXQTXDGURDUWLFRODWRGHOJLRUQDOLVPRDWWUD
YHUVRXQDULFRVWUX]LRQHSHUVRPPLFDSLGHOORVYLOXSSRGHOO·LQIRUPD]LRQHQHL
VHFROL HG LQ (XURSD LQ UDSSRUWR DQFKH DOO·HYROX]LRQH GHOOH WHFQRORJLH H FRQ
FHQQLSLDSSURIRQGLWLVXOODQDVFLWDGHOODVWDPSDTXRWLGLDQDLQ,WDOLD
/DIDEEULFDGHOOHQRWL]LH&RVDqHFRVDQRQqQRWL]LD
&RPHQDVFHXQDQRWL]LD,OODYRURGLVHOH]LRQH/HIRQWLGHOODQRWL]LDHODVXDGLI
IXVLRQH/HDJHQ]LHGLVWDPSD/HUHJROHGHOOHFLQTXHZ8QQRWHVGDULHPSLUH
,JHQHULGHOJLRUQDOLVPR'DOO·HGLWRULDOHDOIRJOLHWWRQH
,QWHUYLVWD5HSRUWDJH,QFKLHVWD
,GLYHUVL/LQJXDJJLGHOJLRUQDOLVPR,OWHVWR
FRPHVLFRVWUXLVFHXQWHVWR
,OFRUVRSUHYHGHGHOOHHVHUFLWD]LRQLFRQGLVSDFFLG·DJHQ]LHHFRPXQLFDWLVWDP
SDSHUYHULILFDUHQHOODSUDWLFDO·DSSOLFD]LRQHGHOOHWHFQLFKHHGHOOHUHJROHFKH
GHYRQR HVVHUH RVVHUYDWH QHO GHOLFDWR FRPSLWR GL UDFFRQWDUH OD UHDOWj SHU
XQ·LQIRUPD]LRQHFRPSOHWDHFRPSUHQVLELOHHGHJOLVWDJHGLIRUPD]LRQH
3URJUDPPLGHL&RUVL
%LEOLRJUDILDGDFRQFRUGDUHFRQLOGRFHQWH
(Q]R$UFXUL7HVWRHSDUDWHVWR,WLQHUDULGLOLQJXDJJLRJLRUQDOLVWLFR5XEHWWL
QR6RYHULD0DQQHOOL
*LXOLDQR*DHWD6WRULDGHOJLRUQDOLVPR9DOODUGL0LODQR9ROXPH,
*LXOLDQR*DHWD6WRULDGHOJLRUQDOLVPR9DOODUGL0LODQR9ROXPH,,
/H WHFQLFKH GHO OLQJXDJJLR JLRUQDOLVWLFR D FXUD GL *LDQQL )DXVWLQL 1,6 /D
1XRYD,WDOLD6FLHQWLILFD5RPD
8PEHUWR (FR LQ*XLGD DOO·LQWHUSUHWD]LRQH GHO OLQJXDJJLR JLRUQDOLVWLFR LQ 9
&DSHFFKL0/LYROVL/DVWDPSDTXRWLGLDQDLQ,WDOLD%RPSLDQL0LODQR
(QULFR0DVFLOOL0LJOLRULQL(OHPHQWLGLVRFLRORJLDGHOOHFRPXQLFD]LRQLLQ6WX
GLDUHGDJLRUQDOLVWL2UGLQHGHLJLRUQDOLVWL5RPD
9LROHWWH0RULQ5HWRULTXHGHO·DPELYDOHQFHLQ$$99/·DWWXDOLWjLQ79(GL
]LRQL(UL7RULQR
$ 'H %HDXJUDQGH :8 'UHVVOHU ,QWURGX]LRQH DOOD OLQJXLVWLFD WHVWXDOH LO
0XOLQR%RORJQD
56DYDUHVH*UDILFDTXRWLGLDQDLQ6SHFFKLGHOVHQVR/HVHPLRWLFKHVSHFLDOH
DFXUDGL0$%RQIDQWLQLH$0DUWRQH(VW1DSROL
30XULDOGL&RPHVLOHJJHXQJLRUQDOH/DWHU]D5RPD%DUL
6/HSUL6FULYHUHEHQHHIDUVLFDSLUH*XWHQEHUJ7RULQR
7XOOLR'H0DXUR,OJLRUQDOHVHLQ ,O3RWHUHGHOOHSDUROH/DFLWWjGHO6ROH(GL
WULFH5RPD
0DULR$OLJKLHUR0DQDFRUGD,OOLQJXDJJLRWHOHYLVLYRLQ ,O3RWHUHGHOOHSDUROH
/DFLWWjGHO6ROH(GLWULFH5RPD
6/HSUL,OJLRUQDOLVPRGLDJHQ]LDLQ,O3RWHUHGHOOHSDUROH/DFLWWjGHO6ROH
(GLWULFH5RPD
0LFKHOH6RULFH'DOO·DHYHQWRDOWHVWRLQ/HWHFQLFKHGHOOLQJXDJJLRJLRUQDOL
VWLFR DFXUDGL*LDQQL)DXVWLQL1,65RPD
0DULR/HQ]L,OJLRUQDOH(GLWRUL5LXQLWL5RPD
0'DUGDQR,OOLQJXDJJLRGHLJLRUQDOL,WDOLD/DWHU]D5RPD%DUL
)&KLDUHQ]D*&RUDVDQLWL30DQFLQL,OJLRUQDOLVPRHOHVXHUHJROHXQ·HWLFD
GDWURYDUH(WDVOLEUL65/5RPD
7(25,$ *(1(5$/('(/ ',5,772('(//267$72
'RFHQWH*LDQ3LHWUR&DODEUz
,,SHULRGR
0XWXDGD7HRULDJHQHUDOHGHOGLULWWRHGHOOR6WDWRWHQXWRSUHVVROD)DFROWjGL
(FRQRPLD
3URJUDPPLGHL&RUVL
2ELHWWLYLIRUPDWLYL
2ELHWWLYRGHOFRUVRqODULFRJQL]LRQHFULWLFDDWWUDYHUVRLOPDWHULDOHJLXULGLFR
WHVWLOHJLVODWLYLHJLXULVSUXGHQ]LDOLFKHYHUUDQQRIRUQLWLQHOFRUVRGHOOHOH]LR
QLGHJOLHOHPHQWLGLWHRULDJHQHUDOHGHOGLULWWRHGHOORVWDWRFRQXQDSSURFFLR
FKHSXUPXRYHQGRGDOODRUPDLFODVVLFDSURVSHWWLYDNHOVHQLDQDVLDDVVLRORJLFD
PHQWHRULHQWDWR
$UJRPHQWRGHOFRUVR
3DUWH$
,OIHQRPHQRGHOGLULWWRGHILQL]LRQHVRVWDQ]LDOHHGHILQL]LRQHIRUPDOH
,SULQFLSLJHQHUDOLGHOGLULWWR
'LULWWRHWHPSR
'LULWWRHVSD]LR
/·LQWHUSUHWD]LRQHJLXULGLFD
'LULWWRH6WDWR
,YDORULFRVWLWX]LRQDOL
3DUWH%
$QDOLVLWHVWXDOH
+.HOVHQ7HRULDJHQHUDOHGHOGLULWWRHGHOOR6WDWRHG(7$60LODQR
ODVLOORJHGHLSDVVLFRPPHQWDWLVDUjLQGLFDWDQHOO·DPELWRGHOFRUVR
%LEOLRJUDILD
' &RFFRSDOPHULR ,QWURGX]LRQH DOOD GRWWULQD GHOOR 6WDWR &HGDP 3DGRYD
*3&DODEUz'LULWWRDOODVLFXUH]]DHYDORULFRVWLWX]LRQDOL$SSXQWLGL7HRULD
JHQHUDOHGHOGLULWWRHGHOORVWDWRLQFRUVRGLVWDPSD
SLXQRDVFHOWDWUDLVHJXHQWLPDQXDOL
)0RGXJQR$SSXQWLSHUXQD7HRULDJHQHUDOHGHOGLULWWR*LDSSLFKHOOL7RULQR
SS
* 9LVHQWLQL /H]LRQL GL 7HRULD JHQHUDOH GHO GLULWWR &HGDP 3DGRYD
3DUWH,SS
('HQQLQJHU'LULWWLGHOO·XRPRHOHJJHIRQGDPHQWDOHFRQ,QWURGX]LRQHGL&
$PLUDQWH7RULQR
0HWRGLGLGDWWLFL
/H]LRQLHGHVHUFLWD]LRQL
6RQRSUHYLVWLDWWLYLWjLQWHJUDWLYHHGLUHFXSHURDFXUDGHLFROODERUDWRULDOODFDW
WHGUDGRWWVVD$6HUJLRHGRWW$9HUQDFRWROD
1HOFRUVRGHOO·DQQRVDUDQQRWHQXWLFLFOLGLVHPLQDULFRQRUDULHSURJUDPPLFKH
VDUDQQRUHVLQRWL
3URJUDPPLGHL&RUVL
3URYDG·HVDPH
/·DFFHUWDPHQWRDYYHUUjLQGXHIDVL
$FFHUWDPHQWRGHOODSUHSDUD]LRQHJHQHUDOH
$SSURIRQGLPHQWRGLXQDUJRPHQWRVSHFLILFR
*OLVWXGHQWLLVFULWWLSDUWWLPHVRQRWHQXWLDOODVFHOWDGLGXHWHVWLWUDTXHOOLVRSUD
LQGLFDWL
7(25,('(//$ &2126&(1=$
*Lj*QRVHRORJLD
'RFHQWH)UDQFHVFD%RQLFDO]L
,,H,,,SHULRGR
0XWXDGD)LORVRILD7HRUHWLFD
7(25,('(/ /,%(5$/,602
'RFHQWHGDQRPLQDUH
,9 SHULRGR
3DUWHLVWLWX]LRQDOHH6HPLQDUL/H]LRQLRUDOL
3DUWHLVWLWX]LRQDOH
&RQRVFHQ]DGHOOHIRQGDPHQWDOLWHRULHGHOODOLEHUWjFKHKDQQRFDUDWWHUL]]DWRLO
SHQVLHURRFFLGHQWDOHRFFLGHQWDOHDQWLFRPRGHUQRHFRQWHPSRUDQHR
/·LGHDGLOLEHUWjQHOSHQVLHURUD]LRQDOLVWDHFULWLFD
/HUDGLFLFULVWLDQHGHOOLEHUDOLVPR
/R6WDWRPRGHUQRFRPHGLIHQVRUHGHOO·RUGLQH
/LEHUDOLVPRFRPHULIRUPLVPRFRQWUROHULYROX]LRQL
6HPLQDUL
/LEHUDOLVPRHGHPRFUD]LDQHOODVWRULDGHOO·,WDOLDPRGHUQDHFRQWHPSRUDQHD
)LJXUHGLGHPRFUDWLFL*)HUUDULH*'RUVR
)LJXUHGLOLEHUDOL3*REHWWLH%&URFH
%LEOLRJUDILD
2EEOLJDWRUL
&0DUFR/LEHUWjHOLEHUDOLVPR0DUFR/XQJR
&0DUFR5LIRUPLVPROLEHUDOH0DUFR/XQJRFDSS,,9
3HULQRQIUHTXHQWDQWLLFRUVLROWUHDLWHVWLREEOLJDWRUL
$%DXGDUW6RFUDWHH*HV0DUFR/XQJURFDSS,,,,
*3&DODEUz2UGLQHHOLEHUWj0DUFR/XQJURFDSS,,,,,,9
3URJUDPPLGHL&RUVL
2SSXUH
')LVLFKHOOD,VWLWX]LRQLSROLWLFKH0DUFR/XQJURFDSS99,9,,,,;
&6FKPLWW3DUODPHQWDULVPRHGHPRFUD]LD0DUFR/XQJURSDJJ
3HULQRQIUHTXHQWDQWLLVHPLQDUL
&0DUFR,OOLEHUDOLVPRULVRUJLPHQWDOH H*)HUUDUL0DUFR/XQJUR
&0DUFR0HULGLRQHHPHULGLRQDOLVPRLQ´&RVFLHQ]DVWRULFDµ Q0DUFR
/XQJUR
7232*5$),$$17,&$
'RFHQWH$UPDQGR7DOLDQR*UDVVR
,H,,SHULRGR
,PRGXOR
7HPL PHWRGL H PH]]L GHOOD ULFHUFD WRSRJUDILFD IRQWL OHWWHUDULH HSLJUDILFKH
LFRQRJUDILFKHQXPLVPDWLFKHDUFKHRORJLFKHHPRQXPHQWDOLFLWWjHXUEDQLVWL
FD YLDELOLWj GLYLVLRQL WHUULWRULDOL FDUWRJUDILD DQWLFD H EDVL FDUWRJUDILFKH
PRGHUQHIRWRJUDILDDHUHDHWHOHULOHYDPHQWRJHRPRUIRORJLDHWRSRJUDILDDQWL
FDFDUWHDUFKHRORJLFKHHULFRJQL]LRQHWRSRJUDILFDGLVHJQRWHFQLFRGHLPDQX
IDWWLDUFKHRORJLFL
7HVWLFRQVLJOLDWL
3/'DOO·$JOLRDFXUDGL/D7RSRJUDILD$QWLFDHG&OXHE%RORJQD
36RPPHOOD,WDOLDDQWLFD/·XUEDQLVWLFDURPDQDHG-RXYHQFH5RPD
)3LFDUUHWD*&HUDXGR0DQXDOHGLDHURIRWRJUDILDDUFKHRORJLFDHG(GLSX
JOLD%DUL
$6FKLDYL9DGHPHFXPFDUWRJUDILFRHG9LWDH3HQVLHUR0LODQR
,,PRGXOR
$PELWLSHFXOLDULWRSRJUDILDGHL%UHWWLLFLWWjHSDHVDJJLRDJUDULRQHL%UXW
WLLLQHWjURPDQDODYLDELOLWjURPDQDQHOO·RGLHUQD&DODEULDSURGX]LRQHGL
FDUWHDUFKHRORJLFKHLQ&DODEULD
7HVWLFRQVLJOLDWL
3**X]]R,%UHWWLL6WRULDHDUFKHRORJLDGHOOD&DODEULDSUHURPDQDHG/RQ
JDQHVL0LODQR
03DROHWWL2FFXSD]LRQHURPDQDHVWRULDGHOODFLWWjLQ66(77,6DFXUDGL
6WRULD GHOOD &DODEULD DQWLFD ,, HG *DQJHPL 5RPD5HJJLR &DODEULD
SS
$% 6DQJLQHWR 3HU OD ULFRVWUX]LRQH GHO SDHVDJJLR DJUDULR GHOOH &DODEULH
3URJUDPPLGHL&RUVL
)LQLWRGLVWDPSDUHQHOPHVHGLRWWREUH
GDOOD5XEEHWWLQR,QGXVWULH*UDILFKHHG(GLWRULDOL
6RYHULD0DQQHOOL&DWDQ]DUR
6WDPSD5XEEHWWLQR ,QGXVWULH*UDILFKHHG(GLWRULDOL
6RYHULD0DQQHOOL&DWDQ]DUR