,5,772 '(// $9252 dssxqwlwudwwlgdooh oh]lrql...

36
',5,772'(//$9252 DSSXQWLWUDWWLGDOOHOH]LRQLGRFHQWHSURI(QULFR*UDJQROL 3DROR&RUD]]DDSSXQWLGLGLULWWRGHOODYRUR SDJ ,/',5,772'(//$9252 ,QWURGX]LRQHOH]LRQHGHO ,OGLULWWRGHOODYRURDGLIIHUHQ]DGLDOWUHPDWHULHJLXULGLFKHqXQDPDWHULDVLVWHPDWLFDIRUWHPHQWHLQWHJUDWDHVWUXWWXUDWDFKHYHUWH LQWHUDPHQWHHQWURODGLVFLSOLQDGHOUDSSRUWRGLODYRURYDOHDGLUHWUDODSDUWHFKHRIIUHLOODYRURLOODYRUDWRUHHODSDUWHFKHFHUFDLO ODYRURLOGDWRUHGLODYRUR4XHVWRVLJQLILFDFKHQHOVXRVWXGLRQRQqSRVVLELOHHOLPLQDUHDOFXQHSDUWLSRLFKpDSSXQWRSHUODVXD FRPSOHVVLWjLOGLULWWRGHOODYRURYDYLVWRHVWXGLDWRQHOODVXDLQWHUH]]D1HOO¶RUGLQDPHQWRLWDOLDQRODGLVFLSOLQDGHOGLULWWRGHOODYRURq GHFLVDPHQWHVSURSRU]LRQDWDDVVROXWDPHQWHQRQSDUDJRQDELOHDTXHOODGLDOWULRUGLQDPHQWLJLXULGLFLVLDGL FRPPRQODZ FKHGL FLYLO ODZTXHVWRqDFFDGXWRSHUWDQWHUDJLRQLDOFXQHOHYHGUHPRQHOFRUVRGHOOHOH]LRQLWUDOHTXDOLLOSRWHUHSROLWLFRGHOOHRUJDQL]]D]LRQL VLQGDFDOL/DPDWHULDqVWUHWWDPHQWHLQWUHFFLDWDFRQDUJRPHQWLGLRUJDQL]]D]LRQHVLQGDFDOHHGLVFLSOLQDGHOVLQJRORUDSSRUWRH GXQTXH FRPH GLFHYDPR YD YLVWD QHOOD VXD LQWHUH]]D (FFR SHUFKp DO SULPR SXQWR GHO SURJUDPPD q SUHYLVWD XQD FRPSOHWD FRQRVFHQ]DGHJOLLVWLWXWLLQHUHQWLDOGLULWWRVLQGDFDOHHGDOUDSSRUWRLQGLYLGXDOHGLODYRURQHOO¶DPELWRSULYDWRFRQHVFOXVLRQHGHOOR VWXGLRGHOODYRURSXEEOLFR6DUjIRQGDPHQWDOHODFRQRVFHQ]DVLDGHOUDSSRUWRLQGLYLGXDOHGLODYRURUDSSRUWRFKHVLLQVWDXUDWUD GDWRUHGLODYRURHODYRUDWRUHFKHKDSHURJJHWWRXQDSUHVWD]LRQHUHPXQHUDWDGHOO¶DWWLYLWjODYRUDWLYDVLDGHOGLULWWRVLQGDFDOHOD GLVFLSOLQDGHOO¶DWWLYLWjVLQGDFDOHGLUDSSUHVHQWDQ]DFROOHWWLYDGHJOLLQWHUHVVLGHLODYRUDWRUL 0DQXDOLFRQVLJOLDWL SDUWHQGRGDOSUHVXSSRVWRFKHRJQLPDQXDOHYDEHQHVRQRFRQVLJOLDWLWUHPDQXDOLFKHVHPEUDQRSLDGDWWLSHUTXHVWRFRUVR *+(==, 520$*12/, =DQLFKHOOL%RORJQD ,OSURI*KH]]LqXQRGHLSLDXWRUHYROLGLULJHQWLGHL'6LOPDQXDOHqSDOHVHPHQWHVFKLHUDWRGDXQSXQWRGLYLVWD LGHRORJLFRFXOWXUDOHqSUREDELOPHQWHLOPDQXDOHSLGLYHUWHQWHGHOGLULWWRVLQGDFDOH0ROWRVLQWHWLFRDEEDVWDQ]D GLVRPRJHQHRLQTXDQWRLGXHDXWRULKDQQRGXHPRGLGLVFULYHUHFRPSOHWDPHQWHGLYHUVLOLQHDUHHFKLDURORVWLOH GL *KH]]L WHQGHQWH DOO¶LQFRPSUHQVLELOH OR VWLOH GHO 5RPDJQROL 7 UDLPDQXDOLFRQVLJOLDWLqLOSLFULWLFRQRQVL OLPLWD DG LOOXVWUDUH L IDWWL PD VL DGGHQWUD QHOOD VSLHJD]LRQH VWRULFR FXOWXUDOH FKH OL KD JHQHUDWL LQ PDQLHUD SHUVRQDOHPDRELHWWLYD7RFFDWXWWLLSXQWLULOHYDQWLGHOGLULWWRGHOODYRUR &$5,1&,± GH/8&$7$0$-2± 726, 75(88WHW7RULQR (¶LOPDQXDOHSHUHFFHOOHQ]DPLUDDOPDVVLPRGHOO¶RELHWWLYLWjHGLFKLDUH]]DYLVRQRUDSSUHVHQWDWLRULHQWDPHQWL JLXULGLFRFXOWXUDOLPROWRGLYHUVL7UHXqXQH[PLQLVWUR&DULQFLqO¶H[YLFHVLQGDFRGL%RORJQDPHQWUH GH/XFD 7DPDMR H 7RVL VRQR GXH DYYRFDWL± GHOOD )LDW VWXGLRVL GHO GLULWWR GHO ODYRUR ,O PDQXDOH q PROWR OXQJR H DUWLFRODWRHVLVRIIHUPDPROWRVXLVLQJROLFRQFHWWLSHUUHQGHUOLSLFKLDUL(¶SUREDELOPHQWHLOWHVWRULXVFLWRPHJOLR ,O WHVWR PHWWH LQ OXFH WXWWD O¶HYROX]LRQH VWRULFD GHO GLULWWR GHO ODYRUR PDWHULD GRYH QRQ SUHYDOH O¶HOHPHQWR VLVWHPDWLFRFRPHQHOGLULWWRSULYDWRPDO¶HOHPHQWRGLHYROX]LRQHGHLIHQRPHQLVRFLDOL 9$//(%21$ (¶ XQ PDQXDOH PROWR SDUWLFRODUH O¶XQLFR VWUXWWXUDOPHQWH GHGLFD WR DL FRUVL GL GLSORPD LO WLWROR q ³,VWLWX]LRQL GL GLULWWR GHO ODYRUR´ (¶ XQ WHVWR PROWR VLQWHWLFR FKH WUDWWD JOL DUJRPHQWL HVVHQ]LDOL EDVDQGRVL PROWR VXOOD JLXULVSUXGHQ]D2PHWWHEXRQDSDUWHGHOO¶HYROX]LRQHVWRULFRVRFLDOHDIDYRUHGHOOHVHQWHQ]HJLX ULVSUXGHQ]LDOL (¶ FRPXQTXH IRUWHPHQWH VFRQVLJOLDWR O¶XVR GL ELJQDPL YDUL GL WHVWL SURIHVVLRQDOL GL WHVWL SHU FRQFRUVL LQ TXDQWR q QHFHVVDULR O¶XWLOL]]R GL WHVWL GL OLYHOOR XQLYHUVLWDULR FKH SHUPHWWDQR XQD IRUPD]LRQH WHRULFDGLOLYHOORXQLYHUVLWDULRHQRQ SURIHVVLRQDOH 6DUj QHFHVVDULR O¶XWLOL]]R GL XQ FRGLFH GHO ODYRUR 'H 6LPRQH 7ULEXQD ,SVRD *LXIIUq HFF FKH UDFFROJD OH OHJJL IRQGDPHQWDOL GL GLULWWR GHO ODYRUR ,O FRGLFH VDUj XWLOL]]DELOH GXUDQWH OD SURYD G¶HVDPH 6DUj DOWUHVu QHFHVVDULD OD FRQRVFHQ]DGHOOHSULQFLSDOLOHJJLLQPDWHULDFRPHGLFHYD&DUQHOXWWLOHOHJJLVRQRDOODEDVHGHOGLULWWRWXWWRLOUHVWRq FRPPHQWR (VDPH &ROORTXLRRUDOHQLHQWHSUHDSSHOOLFKHWUDO¶DOWURVRQRYLHWDWLGDXQDGHOLEHUDGHO&RQVLJOLRGL)DFROWj(¶SRVVLELOHSRUWDUHDOO¶HVDPH PHWjSURJUDPPDQHFHVVDULDPHQWHSULPDLOGLULWWRVLQGDFDOH 6WUXWWXUDGHOFRUVR 3XUWURSSRHVVHQGRLOFRUVRVHPHVWUDOHVDUjQHFHVVDULRFRQFHQWUDUHJOLDUJRPHQWLQHOOHSRFKHOH]LRQLGLVSRQLELOL/HSULPHTXDWWURFLQTXHOH]LRQL VDUDQQRLQHUHQWLDOGLULWWRVLQGDFDOHHDOODWUDWWD]LRQHGHOFRQWUDWWRFROOHWWLYR/HUHVWDQWLOH]LRQLVDUDQQRGHGLFDWHDJOLLVWLWXWLWLSLFLGHOQRQSURILW GLIIHUHQ]DWUDODYRURDXWRQRPRHODYRURGLSHQGHQWHSRVL]LRQHGHOVRFLRODYRUDWRUHQHOOHFRRSSRVL]LRQHGHOYRORQWDULRQHOOHDVVRFLD]LRQLGL YRORQWDULDWRHQHOOHFRRSVRFLDOLOHFRRSVRFLDOLLQTXDQWRWDOLLOFROORFDPHQWRO¶LQWHUSRVL]LRQHGLPDQRGRSHUDJOLDSSDOWL8QDOH]LRQHVDUjLQHUHQWH ORVWDJHHLWLURFLQLIRUPDWLYL8Q¶DOWUDOH]LRQHVXSSOHWLYDHVSHULPHQWDOHWUDWWHUjXQDVLPXOD]LRQHGLXQFDVRFRQFUHWRGLOLWHWUDXQGLSHQGHQWHHXQD 213 8QD XOWHULRUH OH]LRQH YHGUj VH SRVVLELOH O¶LQWHUYHQWR GHO GLUHWWRUH GHO SHUVRQDOH GL XQD JUDQGH 213 (GL]LRQL 3DROLQH FKH SDUOHUj GHOO¶RUJDQL]]D]LRQHGHOODYRURDOO¶LQWHUQRGHOODVXRHQWH,QILQHQHOFRUVRGHOOHOH]LRQLSRWUDQQRHVVHUHDIIURQWDWLXOWHULRULDUJRPHQWLDULFKLHVWDGHJOL VWXGHQWL

Upload: ngotram

Post on 14-Feb-2019

226 views

Category:

Documents


0 download

TRANSCRIPT

',5,772�'(/�/$9252 DSSXQWL�WUDWWL�GDOOH�OH]LRQL��GRFHQWH�SURI�(QULFR�*UDJQROL

3DROR�&RUD]]D��DSSXQWL�GL�GLULWWR�GHO�ODYRUR SDJ��

,/�',5,772�'(/�/$9252,QWURGX]LRQH������������������������������������������������������������������������������������������OH]LRQH�GHO�����������,O�GLULWWR�GHO� ODYRUR��D�GLIIHUHQ]D�GL�DOWUH�PDWHULH�JLXULGLFKH��q�XQD�PDWHULD�VLVWHPDWLFD��IRUWHPHQWH�LQWHJUDWD�H�VWUXWWXUDWD��FKH�YHUWH�LQWHUDPHQWH�HQWUR�OD�GLVFLSOLQD�GHO�UDSSRUWR�GL�ODYRUR��YDOH�D�GLUH�WUD�OD�SDUWH�FKH�RIIUH�LO�ODYRUR��LO�ODYRUDWRUH��H�OD�SDUWH�FKH�FHUFD�LO�ODYRUR� �LO� GDWRUH�GL� ODYRUR���4XHVWR� VLJQLILFD� FKH�QHO�VXR�VWXGLR�QRQ�q�SRVVLELOH�HOLPLQDUH�DOFXQH�SDUWL��SRLFKp�DSSXQWR�SHU� OD�VXD�FRPSOHVVLWj� LO�GLULWWR�GHO� ODYRUR�YD�YLVWR�H�VWXGLDWR�QHOOD�VXD�LQWHUH]]D��1HOO¶RUGLQDPHQWR�LWDOLDQR�OD�GLVFLSOLQD�GHO�GLULWWR�GHO�ODYRUR�q�GHFLVDPHQWH�VSURSRU]LRQDWD��DVVROXWDPHQWH�QRQ�SDUDJRQDELOH�D�TXHOOD�GL�DOWUL�RUGLQDPHQWL�JLXULGLFL��VLD�GL�FRPPRQ�ODZ�FKH�GL�FLYLO�ODZ��TXHVWR�q�DFFDGXWR�SHU�WDQWH�UDJLRQL��DOFXQH�OH�YHGUHPR�QHO�FRUVR�GHOOH�OH]LRQL��WUD�OH�TXDOL�LO�SRWHUH�SROLWLFR�GHOOH�RUJDQL]]D]LRQL�VLQGDFDOL�� /D� PDWHULD� q� VWUHWWDPHQWH� LQWUHFFLDWD� FRQ� DUJRPHQWL� GL� RUJDQL]]D]LRQH� VLQGDFDOH� H� GLVFLSOLQD� GHO� VLQJROR� UDSSRUWR�� H�GXQTXH�� FRPH� GLFHYDPR�� YD� YLVWD� QHOOD� VXD� LQWHUH]]D�� (FFR� SHUFKp� DO� SULPR� SXQWR� GHO� SURJUDPPD� q� SUHYLVWD� XQD� FRPSOHWD�FRQRVFHQ]D� GHJOL� LVWLWXWL� LQHUHQWL� DO� GLULWWR� VLQGDFDOH� HG� DO� UDSSRUWR� LQGLYLGXDOH� GL� ODYRUR�� QHOO¶DPELWR� SULYDWR� �FRQ� HVFOXVLRQH� GHOOR�VWXGLR� GHO� ODYRUR� SXEEOLFR��� 6DUj� IRQGDPHQWDOH� OD� FRQRVFHQ]D� VLD� GHO� UDSSRUWR� LQGLYLGXDOH� GL� ODYRUR� �UDSSRUWR� FKH� VL� LQVWDXUD� WUD�GDWRUH� GL� ODYRUR� H� ODYRUDWRUH�� FKH� KD� SHU� RJJHWWR� XQD� SUHVWD]LRQH� UHPXQHUDWD� GHOO¶DWWLYLWj� ODYRUDWLYD��� VLD� GHO� GLULWWR� VLQGDFDOH� �OD�GLVFLSOLQD�GHOO¶DWWLYLWj�VLQGDFDOH�GL�UDSSUHVHQWDQ]D�FROOHWWLYD�GHJOL�LQWHUHVVL�GHL�ODYRUDWRUL��0DQXDOL�FRQVLJOLDWLSDUWHQGR�GDO�SUHVXSSRVWR�FKH�RJQL�PDQXDOH�YD�EHQH��VRQR�FRQVLJOLDWL�WUH�PDQXDOL�FKH�VHPEUDQR�SL��DGDWWL�SHU�TXHVWR�FRUVR�*+(==,�� 520$*12/,��=DQLFKHOOL��%RORJQD,O�SURI��*KH]]L�q�XQR�GHL�SL��DXWRUHYROL�GLULJHQWL�GHL�'6��LO�PDQXDOH�q�SDOHVHPHQWH�VFKLHUDWR�GD�XQ�SXQWR�GL�YLVWD�LGHRORJLFR�FXOWXUDOH��q�SUREDELOPHQWHLO�PDQXDOH�SL��GLYHUWHQWH�GHO�GLULWWR�VLQGDFDOH��0ROWR�VLQWHWLFR��DEEDVWDQ]D�GLVRPRJHQHR��LQ�TXDQWR�L�GXH�DXWRUL�KDQQR�GXH�PRGL�GL�VFULYHUH�FRPSOHWDPHQWH�GLYHUVL��OLQHDUH�H�FKLDUR�OR�VWLOH�GL�*KH]]L�� WHQGHQWH�DOO¶LQFRPSUHQVLELOH� OR�VWLOH�GHO�5RPDJQROL���7UD� L�PDQXDOL�FRQVLJOLDWL�q� LO�SL��FULWLFR��QRQ�VL�OLPLWD� DG� LOOXVWUDUH� L� IDWWL� PD� VL� DGGHQWUD� QHOOD� VSLHJD]LRQH� VWRULFR� FXOWXUDOH� FKH� OL� KD� JHQHUDWL�� LQ� PDQLHUD�SHUVRQDOH�PD�RELHWWLYD��7RFFD�WXWWL�L�SXQWL�ULOHYDQWL�GHO�GLULWWR�GHO�ODYRUR�&$5,1&,�± GH�/8&$�7$0$-2�± 726,�� 75(8��8WHW��7RULQR(¶�LO�PDQXDOH�SHU�HFFHOOHQ]D��PLUD�DO�PDVVLPR�GHOO¶RELHWWLYLWj�H�GL�FKLDUH]]D��YL�VRQR�UDSSUHVHQWDWL�RULHQWDPHQWL�JLXULGLFR�FXOWXUDOL�PROWR�GLYHUVL��7UHX�q�XQ�H[�PLQLVWUR��&DULQFL�q�O¶H[�YLFHVLQGDFR�GL�%RORJQD��PHQWUH�GH�/XFD�7DPDMR� H� 7RVL� VRQR� GXH� DYYRFDWL�± GHOOD� )LDW� � VWXGLRVL� GHO� GLULWWR� GHO� ODYRUR��� ,O� PDQXDOH� q�PROWR� OXQJR� H�DUWLFRODWR�H�VL�VRIIHUPD�PROWR�VXL�VLQJROL�FRQFHWWL�SHU�UHQGHUOL�SL��FKLDUL��(¶�SUREDELOPHQWH�LO�WHVWR�ULXVFLWR�PHJOLR��,O� WHVWR� PHWWH� LQ� OXFH� WXWWD� O¶HYROX]LRQH� VWRULFD� GHO� GLULWWR� GHO� ODYRUR�� PDWHULD� GRYH� QRQ� SUHYDOH� O¶HOHPHQWR�VLVWHPDWLFR��FRPH�QHO�GLULWWR�SULYDWR��PD�O¶HOHPHQWR�GL�HYROX]LRQH�GHL�IHQRPHQL�VRFLDOL�9$//(%21$��(¶� XQ�PDQXDOH�PROWR� SDUWLFRODUH�� O¶XQLFR� VWUXWWXUDOPHQWH� GHGLFDWR� DL� FRUVL� GL� GLSORPD� �LO� WLWROR� q� ³,VWLWX]LRQL� GL�GLULWWR� GHO� ODYRUR´��� (¶� XQ� WHVWR� PROWR� VLQWHWLFR�� FKH� WUDWWD� JOL� DUJRPHQWL� HVVHQ]LDOL�� EDVDQGRVL� PROWR� VXOOD�JLXULVSUXGHQ]D��2PHWWH�EXRQD�SDUWH�GHOO¶HYROX]LRQH�VWRULFR�VRFLDOH�D�IDYRUH�GHOOH�VHQWHQ]H�JLXULVSUXGHQ]LDOL��(¶� FRPXQTXH� IRUWHPHQWH� VFRQVLJOLDWR� O¶XVR� GL� ELJQDPL� YDUL�� GL� WHVWL� SURIHVVLRQDOL�� GL� WHVWL� SHU� FRQFRUVL�� LQ� TXDQWR� q�QHFHVVDULR� O¶XWLOL]]R�GL� WHVWL�GL� OLYHOOR�XQLYHUVLWDULR�FKH�SHUPHWWDQR�XQD� IRUPD]LRQH� WHRULFD�GL� OLYHOOR�XQLYHUVLWDULR�HQRQ�SURIHVVLRQDOH�6DUj� QHFHVVDULR� O¶XWLOL]]R� GL� XQ� FRGLFH� GHO� ODYRUR� �'H� 6LPRQH�� 7ULEXQD�� ,SVRD�� *LXIIUq� HFF��� FKH� UDFFROJD� OH� OHJJL�IRQGDPHQWDOL� GL� GLULWWR� GHO� ODYRUR�� ,O� FRGLFH� VDUj� XWLOL]]DELOH� GXUDQWH� OD� SURYD� G¶HVDPH�� 6DUj� DOWUHVu� QHFHVVDULD� OD�FRQRVFHQ]D�GHOOH�SULQFLSDOL� OHJJL� LQ�PDWHULD� �FRPH�GLFHYD�&DUQHOXWWL�� OH� OHJJL�VRQR�DOOD�EDVH�GHO�GLULWWR�� WXWWR� LO� UHVWR�q�FRPPHQWR��(VDPH&ROORTXLR�RUDOH��QLHQWH�SUHDSSHOOL��FKH�WUD�O¶DOWUR�VRQR�YLHWDWL�GD�XQD�GHOLEHUD�GHO�&RQVLJOLR�GL�)DFROWj���(¶�SRVVLELOH�SRUWDUH�DOO¶HVDPH�PHWj�SURJUDPPD��QHFHVVDULDPHQWH�SULPD�LO�GLULWWR�VLQGDFDOH��6WUXWWXUD�GHO�FRUVR3XUWURSSR��HVVHQGR� LO�FRUVR�VHPHVWUDOH��VDUj�QHFHVVDULR�FRQFHQWUDUH�JOL�DUJRPHQWL�QHOOH�SRFKH�OH]LRQL�GLVSRQLELOL��/H�SULPH�TXDWWUR�FLQTXH�OH]LRQL�VDUDQQR� LQHUHQWL� DO� GLULWWR� VLQGDFDOH�H�DOOD� WUDWWD]LRQH�GHO� FRQWUDWWR� FROOHWWLYR��/H� UHVWDQWL� OH]LRQL� VDUDQQR�GHGLFDWH�DJOL� LVWLWXWL� WLSLFL�GHO�QRQ�SURILW��GLIIHUHQ]D� WUD� ODYRUR� DXWRQRPR� H� ODYRUR� GLSHQGHQWH�� SRVL]LRQH� GHO� VRFLR� ODYRUDWRUH� QHOOH� FRRS�� SRVL]LRQH�GHO� YRORQWDULR� QHOOH� DVVRFLD]LRQL� GL�YRORQWDULDWR�H�QHOOH�FRRS�VRFLDOL��OH�FRRS�VRFLDOL�LQ�TXDQWR�WDOL��LO�FROORFDPHQWR��O¶LQWHUSRVL]LRQH�GL�PDQRGRSHUD��JOL�DSSDOWL��8QD�OH]LRQH�VDUj�LQHUHQWH�OR�VWDJH�H�L�WLURFLQL�IRUPDWLYL��8Q¶DOWUD�OH]LRQH��VXSSOHWLYD�H�VSHULPHQWDOH��WUDWWHUj�XQD�VLPXOD]LRQH�GL�XQ�FDVR�FRQFUHWR�GL�OLWH�WUD�XQ�GLSHQGHQWH�H�XQD�213�� 8QD� XOWHULRUH� OH]LRQH� YHGUj�� VH� SRVVLELOH�� O¶LQWHUYHQWR� GHO� GLUHWWRUH� GHO� SHUVRQDOH� GL� XQD� JUDQGH� 213� �(GL]LRQL� 3DROLQH�� FKH� SDUOHUj�GHOO¶RUJDQL]]D]LRQH�GHO�ODYRUR�DOO¶LQWHUQR�GHOOD�VXR�HQWH��,QILQH��QHO�FRUVR�GHOOH�OH]LRQL�SRWUDQQR�HVVHUH�DIIURQWDWL�XOWHULRUL�DUJRPHQWL�D�ULFKLHVWD�GHJOL�VWXGHQWL�

',5,772�'(/�/$9252 DSSXQWL�WUDWWL�GDOOH�OH]LRQL��GRFHQWH�SURI�(QULFR�*UDJQROL

3DROR�&RUD]]D��DSSXQWL�GL�GLULWWR�GHO�ODYRURSDJ��

,O�FRQWUDWWR�FROOHWWLYR%UHYH�LQWURGX]LRQH�VWRULFD�GHO�FRQWUDWWR�FROOHWWLYR3HU�FDSLUH�LO�IXQ]LRQDPHQWR�GHO�FRQWUDWWR�FROOHWWLYR�q�QHFHVVDULR�ULYROJHUH�LO�SHQVLHUR�DOO¶LQL]LR�GHOOD�VWRULD�GHOO¶DWWLYLWj�VLQGDFDOH�LQ�,WDOLD��,O�FRQFHWWR�GL�ODYRUR�VXERUGLQDWR�LQWHUQR�DO�QRVWUR�RUGLQDPHQWR�JLXULGLFR��FLRq�LO�FRQFHWWR�GL�XQ�UDSSRUWR�VYROWR�DOOH�GLSHQGHQ]H�GL�XQ�GDWRUH�GL�ODYRUR�FKH�JRYHUQD�H�GLULJH�OD�SUHVWD]LRQH�ODYRUDWLYD��QRQ�q�XQ�FRQFHWWR�WLSLFR�GL�TXDOXQTXH�FLYLOWj�JLXULGLFD��$G�HVHPSLR��QHO�GLULWWR�URPDQR�QRQ�HVLVWHYD�LO�FRQFHWWR�GL�ODYRUR�VXERUGLQDWR��DO� WHPSR� OH� IXQ]LRQL� ODYRUDWLYH�HUDQR�VYROWH�GDJOL�VFKLDYL�� ³QRQ�VRJJHWWL�GL�GLULWWR´�� ³QRQ�SHUVRQH´�� LQGLYLGXL�SULYL�GL�VRJJHWWLYLWj�JLXULGLFD� H� TXLQGL� QRQ� ODYRUDWRUL� VXERUGLQDWL�� /R� VWHVVR� FRQFHWWR�GL� ODYRUR�VXERUGLQDWR�QRQ�HVLVWHYD�QHSSXUH�QHO� WDUGR�PHGLRHYR��$O� WHPSR��SXU�HVVHQGR�OD�VFKLDYLW��XQ�IHQRPHQR�UHODWLYDPHQWH PRGHVWR��HVLVWHYDQR�DOWUH�IRUPH�GL�RUJDQL]]D]LRQH�GHO�ODYRUR�FKH�ULVSRQGHYDQR�DOOD�QHFHVVLWj�GL�PDQRGRSHUD��DG�HVHPSLR�OD�VHUYLW��GHOOD�JOHED���$GGLULWWXUD�QHJOL�86$�OD�VFKLDYLW��IX�DEROLWD�VRODPHQWH�QHO�������SURFODPD�GL�/LQFROQ��6L� LQL]LD� D� SDUODUH� GL� ODYRUR�VXERUGLQDWR�FRPH� LVWLWXWR�JLXULGLFR�YHUVR� OD�PHWj�GHO�������QHOOH� FLWWj�� FRQ� OR� VYLOXSSR� LQGXVWULDOH��/¶LPSUHVVLRQDQWH�PRGLILFD]LRQH� WHFQRORJLFD� SRUWDWD� GDOOD� ULYROX]LRQH� LQGXVWULDOH� KD� GHWHUPLQDWR� O¶DQGDPHQWR� HFRQRPLFR� H� VRFLDOH� GHOOD� VRFLHWj� RFFLGHQWDOH�VRVWDQ]LDOPHQWH� ILQR� DJOL� DQQL� ¶���� /D� ULYROX]LRQH� LQGXVWULDOH� LQWURGXFH� FLFOL� SURGXWWLYL� JRYHUQDWL� GDO� FDSLWDOH�� GDO� SRVVHVVR� GHJOL� VWUXPHQWL� GL�SURGX]LRQH�� FRPSRUWD� QXRYH� DWWLYLWj� FXOWXUDOPHQWH�PHQR� FRPSOHVVH�� ,O�PHFFDQLVPR� SUHFHGHQWH� GL� ULSURGX]LRQH� GHOOD� FXOWXUD� SURGXWWLYD�� EDVDWR�VXOO¶DSSUHQGLPHQWR�GHOOH� UHJROH�DUWLJLDQDOL� GL� DUWL� H�PHVWLHUL��q�VWUDYROWR��/¶LQWURGX]LRQH�GHOOH�PDFFKLQH� LQWHUURPSH�TXHVWR�PHFFDQLVPR�D�FDWHQD��UHQGH� OH� IXQ]LRQL�HFRQRPLFKH�VWUXWWXUDOPHQWH�VHPSOLFL��IDFLOLWD�OD�SURGX]LRQH�VWDQGDUGL]]DWD�GL�EHQL�FKH�SULPD�HUDQR�SURGRWWL�VROR�DUWLJLDQDOPHQWH��VL�SHQVL�DOOD�SURGX]LRQH�GL�YHVWLWL���&RQ� OD� ULYROX]LRQH� LQGXVWULDOH� L�SURFHVVL�SURGXWWLYL�YHQJRQR� LQ�JUDQ�SDUWH�VYROWL�GDOOH�PDFFKLQH��q� IDFLOLWDWD� OD�SURGX]LRQH�GL�EHQL�LQ�FDWHQD�H�VHPSOLILFDWR�LO�ODYRUR�GHO�VLQJROR�DO�TXDOH�RUPDL�QRQ�VRQR�SL��FKLHVWH�FRPSHWHQ]H�H�FRQRVFHQ]H�FXOWXUDOL�SDUWLFRODUL�H�GLIILFLOL� SHU� LQVHULUVL� QHO�PHFFDQLVPR�SURGXWWLYR�� ,O� SURFHVVR�SURGXWWLYR�PHFFDQL]]DWR�HVSHOOH�JOL� LQFDSDFL�PD�DVVRUEH� WXWWL� JOL� LQGLYLGXL�PHGL�� FKH�VHQ]D�XQD�SDUWLFRODUH�SUHSDUD]LRQH�VRGGLVIDQR�OH�HVLJHQ]H�GHO�SURFHVVR�SURGXWWLYR��/D�FRPSHWHQ]D�ULFKLHVWD�SHU�OR�VYROJLPHQWR�GHOOH�SUHFHGHQWL�DWWLYLWj� DUWLJLDQDOL�� FKH� FRPSRUWDYD� XQ� SRWHUH� HFRQRPLFR� VSHQGLELOH� VXO� PHUFDWR�� QRQ� q� SL�� QHFHVVDULD�� 1HL� VXRL� OLEUL� 'LFNHQV� GHVFULYH� OH�ULSHUFXVVLRQL� HFRQRPLFKH� H� VRFLDOL� VXVVHJXHQWL� DOO¶DYYHQWR� GHOOD� PHFFDQL]]D]LRQH�� FLRq� OD� GLVLQWHJUD]LRQH� GL� XQD� VRFLHWj� EDVDWD� VXO� UDSSRUWR�FRQRVFHQ]D�SRWHUH� H� OD� QDVFLWD� GL� XQD� VRFLHWj� EDVDWD� VXO� UDSSRUWR�PDFFKLQD�DVVHQ]D� GHOO¶LQDELOLWj�� /H�PDFFKLQH� WUDVIRUPDQR� XQD� ODYRUD]LRQH�GLIILFLOH�LQ�XQD�ODYRUD]LRQH�VHPSOLFH�H�WXWWL�VRQR�LQ�JUDGR�GL�XWLOL]]DUH�TXHVWH�WHFQRORJLH��6FRPSDLRQR�PROWH�SRVL]LRQL�GL�SUHGRPLQLR�HFRQRPLFR�7XWWR�FLz�q�VWUHWWDPHQWH� OHJDWR�DOOD�VSLHJD]LRQH GHOOD�QDVFLWD�GHO�FRQWUDWWR�FROOHWWLYR�� ,�QXRYL� LPSUHQGLWRUL��SURSULHWDUL�GHOOH�PDFFKLQH�H�TXLQGL�GHO�FDSLWDOH��GRSR�OD�ULYROX]LRQH�LQGXVWULDOH��QRQ�KDQQR�SL��ELVRJQR�GL�ODYRUDWRUL�HVWUHPDPHQWH�EUDYL��PD�GLYHQJRQR�VXIILFLHQWL�SHU�LO�VLVWHPD�SURGXWWLYR�DQFKH� ODYRUDWRUL� PHGL�� PHQR� SUHSDUDWL� H� PHQR� SDJDWL�� TXLQGL� HFRQRPLFDPHQWH� SL�� ³FRQYHQLHQWL´�� &L� VDUj� VHPSUH� G¶RUD� LQ� DYDQWL� XQ� ODYRUDWRUH�FDSDFH�GL�VYROJHUH�TXHO�FRPSLWR�H�GLVSRVWR�D�ODYRUDUH�SHU�XQD�OLUD�GL�PHQR�ULVSHWWR�D�FKL�O¶KD�SUHFHGXWR��/¶XWLOLWj�PDUJLQDOH�GHO�ODYRUR�VL�DEEDVVD�FRVWDQWHPHQWH�� ,O� PHFFDQLVPR� q� PLUDELOPHQWH� GHVFULWWR� QHOOH� SDJLQH� GHO� 0DQLIHVWR� GHO� 3DUWLWR� &RPXQLVWD�� ,O� QRYHUR� GHOOH� SURIHVVLRQL� FKH�FRPSRUWDQR� SDUWLFRODUL� FRPSHWHQ]H� VL� ULGXFRQR�� DXPHQWDQR� D� GLVPLVXUD� OH� DWWLYLWj� LQ� FXL� FKLXQTXH� SXz� HVVHUH� LPSLHJDWR� H� OH� SRVVLELOLWj� GL�VIUXWWDPHQWR�GHO�ODYRUR��,�FDPELDPHQWL�VRFLDOL�VL�IDQQR�UHSHQWLQL��VL�DSURQR�QXRYH�IDVFH�GL�PLVHULD��F¶q�XQ�SURJUHVVLYR�DEEDQGRQR�GHOOH�FDPSDJQH�H�XQ�ULYHUVDPHQWR�QHOOH�FLWWj�LQ�FHUFD�GL�ODYRUR��HFF�6L�SUHQGH�FRVFLHQ]D�FKH�TXHVWR�VLVWHPD�� VHQ]D�DGHJXDWL� FRUUHWWLYL�� SRUWHUj�D�GHL� ULVXOWDWL� SHUVRQDOL�H�VRFLDOL�GLVDVWURVL�H� LQTXLHWDQWL��/D� ULVSRVWD�JLXULGLFD�QRQ�SXz�HVVHUH�SHU�QHFHVVLWj�GL�WLSR�LQGLYLGXDOH��6L�SUHQGH�FRVFLHQ]D�FKH�OD�WXWHOD�GHL�QXRYL�ODYRUDWRUL�VIUXWWDWL�QRQ�SRWUj�SDVVDUH�SHU�LO�VLQJROR�FRQWUDWWR�LQGLYLGXDOH��PD�GRYUj�HVVHUH�GL�WLSR�FROOHWWLYR��$OO¶LQL]LR�GHOOD�ULYROX]LRQH�LQGXVWULDOH�QRQ�HVLVWRQR�OLPLWL�DOOR�VIUXWWDPHQWR�Qp�WXWHOH�SHU� ODYRUDWRUL�� LQ� TXDQWR� LO� SUREOHPD� QRQ� VL� HUD�PDL� SRVWR� SULPD�� /D� WXWHOD� QRQ� GRYUj� HVVHUH� LQGLYLGXDOH�� QRQ� VHUYLUj� D� QXOOD� WXWHODUH� LO� VLQJROR�ODYRUDWRUH��SUHVWR�VDUj�VRVWLWXLWR�GD�XQ�DOWUR�GLVSRVWR�D�ODYRUDUH�LQ�FRQGL]LRQL�SHJJLRUL��SXU�GL�VRSUDYYLYHUH��,O�GLULWWR�GHO�ODYRUR�QDVFH�GXQTXH�FRPH�XQD�PDQLIHVWD]LRQH�FROOHWWLYD��OD�VROLGDULHWj�GL�FODVVH�QDVFH�FRPH�ULVSRVWD�DG�XQ�VLVWHPD�SURGXWWLYR�FKH�URPSH�LO�UDSSRUWR�FRPSHWHQ]D�SURGX]LRQH�D� IDYRUH� GHO� UDSSRUWR� PDFFKLQD�SURGX]LRQH�� /D� ULVSRVWD� QDVFH� FROOHWWLYD�� *OL� HOHPHQWL� FKH� HQWUDQR� LQ� TXHVWR� SURFHVVR� HYROXWLYR� VRQR� PROWL�� L�ODYRUDWRUL�� FKH�VL�RUJDQL]]DQR�FROOHWWLYDPHQWH�� OH�SDUWL�SL�� LOOXPLQDWH�GHO�PRQGR�FDSLWDOLVWD��FKH�FDSLVFRQR� OD�QHFHVVLWj�GL� ULIRUPD�GHO�VLVWHPD�� OD�VSLQWD�GHL�IHQRPHQL�VRFLDOLVWL�XWRSLVWL�SULPD�H�VRFLDOLVWL�PDU[LDQL�SRL��OD�VSLQWD�GHOOD�&KLHVD�FDWWROLFD�HFF��4XHOOR�FKH�LQ�UHDOWj�q�LPSRUWDQWH�FDSLUH�q�FKH�VLQ�GDOO¶LQL]LR�LO�FRQWUDWWR�FROOHWWLYR�KD�GXH�RELHWWLYL�SDUWLFRODUL�LQGHURJDELOLWj�� LO� FRQWUDWWR� FROOHWWLYR� GHYH� SRUWDUH� QRUPH� LQGHURJDELOL� H� GHY¶HVVHUH� VWLSXODWR� WUD�O¶LPSUHVD� H� OH� UDSSUHVHQWDQ]H GL� WXWWL� L� ODYRUDWRUL� �QRQ� VROR� GL� TXHOOL� GL� TXHOO¶LPSUHVD��� ,O� FRQWUDWWR�GHYH�SRUUH� OLPLWL� FKH� LO� FRQWUDWWR� LQGLYLGXDOH�QRQ�SRWUj�GHURJDUH��TXHVWL� OLPLWL� GRYUDQQR�YDOHUH�SHU�WXWWL�� 6ROR� FRQ� XQ� FRQWUDWWR� FKH� WXWHOD� WXWWL� LO� GDWRUH� GL� ODYRUR� QRQ� SRWUj� VRVWLWXLUH� LO� ODYRUDWRUH�WXWHODWR� FRQ� XQR� QRQ� WXWHODWR�� JLRFDQGR� DO� ULEDVVR�� ,O� FRQWUDWWR� QRQ� VDUj�GHURJDELOH� LQ�SHJJLR��DOWULPHQWL�QRQ�SRWUj�UDJJLXQJHUH�LO�VXR�RELHWWLYR�HIILFDFLD� VRJJHWWLYD� JHQHUDOH� �HUJD� RPQHV��� LO� FRQWUDWWR� FROOHWWLYR�� SHU� UDJJLXQJHUH� OD VXD�HIILFDFLD�� VL� GRYUj� DSSOLFDUH� D� WXWWL L� ODYRUDWRUL�� WXWWL� GRYUDQQR� ULVSHWWDUH� OH� FODXVROH� FROOHWWLYH�� OH�FODXVROH� GLIIRUPL� VDUDQQR� JLXGLFDWH� QXOOH� H� VRVWLWXLWH� GD� TXHOOH� GHO� FRQWUDWWR� FROOHWWLYR�� LQ� IRU]D�GHOO¶DUW������� F�F�

,O�FRQWUDWWR�FROOHWWLYR�DSSDUWLHQH�DG�XQD�FDWHJRULD�QRQ�XQLWDULD��HVLVWRQR�PROWHSOLFL�FRQWUDWWL�FROOHWWLYL��,Q�TXHVWR�FRUVR�YHUUDQQR�PHVVL�LQ�HYLGHQ]D�L�FRQWUDWWL�FROOHWWLYL�FKH�VWRULFDPHQWH�VRQR�HVLVWLWL�H� WXWWRUD�HVLVWRQR�QHOO¶RUGLQDPHQWR�LWDOLDQR��WUDODVFLDQGR�TXHOOL�GHO�SHULRGR�SUHIDVFLVWD��LQL]LHUHPR�TXLQGL� GD� TXHOOL� GHOO¶RUGLQDPHQWR� FRUSRUDWLYR� GHO� SHULRGR� IDVFLVWD�� D� SDUWLUH� TXLQGL� GDO� ������ ,O� PRYLPHQWR� IDVFLVWD� HEEH� DJOL� LQL]L� XQ� RELHWWLYR�IRQGDPHQWDOH��TXHOOR�GL�VRUUHJJHUH�OD�QDVFHQWH�LQGXVWULD�LWDOLDQD��FKH�WUD�JOL�DQQL ¶���H�JOL�DQQL�¶���FRQREEH�XQ�JUDQGH�VYLOXSSR��1HJOL�DQQL�¶���FL�VL�UHVH�FRQWR�GHOOD�QHFHVVLWj�GL�XQD�UHJROD]LRQH�HTXLOLEUDWD�GHO�PHUFDWR�GHO�ODYRUR��LO�SDVVDJJLR�DG�XQ�VLVWHPD�RUGLQDWR�IX�GL�JUDQGH�YDQWDJJLR�SHU�LO�QDVFHQWH�FDSLWDOLVPR�LWDOLDQR��FKH�SRWp FRQWDUH�VX�XQD�VRFLHWj�RUGLQDWD��VX�XQD�PDJJLRUH�ULGLVWULEX]LRQH�GHO�UHGGLWR��FRQ�FRQIOLWWL�GL�ODYRUR�SL��SDFDWL�H�FRQVXPDWRUL�SL��ULFFKL��7XWWR�TXHVWR�QHOO¶DPELWR�GL�XQ�UHJLPH�DXWRULWDULR�� $UW�������F�F��&DXVH�GL�QXOOLWj�GHO�FRQWUDWWR��,O�FRQWUDWWR�q�QXOOR�TXDQGR�q�FRQWUDULR�D�QRUPH�LPSHUDWLYH��VDOYR�FKH�OD�OHJJH�GLVSRQJD�GLYHUVDPHQWH�3URGXFRQR�QXOOLWj�GHO�FRQWUDWWR� OD�PDQFDQ]D�GL�XQR�GHL� UHTXLVLWL� LQGLFDWL�GHOODUW�������� OLOOLFHLWj�GHOOD�FDXVD�� OLOOLFHLWj�GHL�PRWLYL�QHO�FDVR� LQGLFDWR�GDOODUW�������H�OD�PDQFDQ]D�QHOORJJHWWR�GHL�UHTXLVLWL�VWDELOLWL�GDOODUW�������,O�FRQWUDWWR�q�DOWUHVu�QXOOR�QHJOL�DOWUL�FDVL�VWDELOLWL�GDOOD�OHJJH�

',5,772�'(/�/$9252 DSSXQWL�WUDWWL�GDOOH�OH]LRQL��GRFHQWH�SURI�(QULFR�*UDJQROL

3DROR�&RUD]]D��DSSXQWL�GL�GLULWWR�GHO�ODYRUR SDJ��

,O�SHULRGR�IDVFLVWD�IX�SUHFHGXWR�GDL�JUDQGL�VFLRSHUL�QHOOH�IDEEULFKH�LWDOLDQH�GHO�QRUG��VXOOD�VSLQWD�GHL�PRWL�ULYROX]LRQDUL�VRFLDOLVWL�EDYDUHVL�GHO������������/¶RUGLQDPHQWR�FRUSRUDWLYR�UHFHSu�OD�QHFHVVLWj�RJJHWWLYD�GL�XQD�UHJROD]LRQH�PLQLPD�GHOOH�FRQGL]LRQL�GL�ODYRUR��FKH�IX�UHDOL]]DWD�DWWUDYHUVR�XQ�PRGHOOR�GL� WLSR�DXWRULWDULR�� ,�VLQGDFDWL�GLYHQQHUR�HQWL�SXEEOLFL�� L�FRQWUDWWL�FROOHWWLYL� IXURQR�UHJRODPHQWDWL�H�VWLODWL�GDOOR�6WDWR�� ,QWHUHVVDQWH�DO� WDO� ILQH�RVVHUYDUH�LO�FRQWHQXWR�GHJOL�DUWW����H���GHOOH�SUHOHJJL��DUW��������FRPPD�H�DUW�����VXFFHVVLYDPHQWH�DEURJDWL�FRQ�G�OJ�OJW�����QRYHPEUH�������Q�������$UW���3UHOHJJL��,QGLFD]LRQH�GHOOH�IRQWL��6RQR�IRQWL�GHO�GLULWWR����OH�OHJJL����L�UHJRODPHQWL����OH�QRUPH�FRUSRUDWLYH����JOL�XVL�$UW����3UHOHJJL��1RUPH�FRUSRUDWLYH�6RQR�QRUPH�FRUSRUDWLYH�OH�RUGLQDQ]H�FRUSRUDWLYH��JOL DFFRUGL�HFRQRPLFL�FROOHWWLYL��L�FRQWUDWWL�FROOHWWLYL�GL�ODYRUR�H�OH�VHQWHQ]H�GHOOD�PDJLVWUDWXUD�GHO�ODYRUR�QHOOH�FRQWURYHUVLH�FROOHWWLYH�1RQ�F¶HUD�OLEHUWj�GL�VFHOWD�VLQGDFDOH��QRQ�HVLVWHYD�LO�FRQFHWWR�GL�DIILOLD]LRQH�DO�VLQGDFDWR��O¶LVFUL]LRQH�GHO�ODYRUDWRUH�DO�VLQGDFDWR�FRUSRUDWLYR�GLYHQQH�REEOLJDWRULD�� RJQL� ODYRUDWRUH� YHQLYD� DXWRPDWLFDPHQWH� LVFULWWR� DO� VLQGDFDWR� UHODWLYR� DOO¶DWWLYLWj� VYROWD�� ,O� VLVWHPD� GLYHQQH� IRUWHPHQWH� FRPSDWWR��FHQWUDOL]]DWR��DXWRULWDULR�,Q�TXHJOL�DQQL�GLPLQXu�LQ�PDQLHUD�FRQVLVWHQWH�LO�ODYRUR�QHUR�H�TXHOOR�QRQ�WXWHODWR��YHQQH�PHQR�LO�ODYRUR�DPSLDPHQWH�VIUXWWDWR�H�LO�³JLRFR�DO�ULEDVVR´��LO�IDYRUH�SHU� LO� QDVFHQWH�FDSLWDOLVPR�HUD� WXWWDYLD�HYLGHQWH�� L� FRQWUDWWL� QRQ�HUDQR�FRPSOHVVLYDPHQWH�FRQYHQLHQWL�SHU� L� ODYRUDWRUL�� OH�FRQGL]LRQL�HUDQRGHFLVDPHQWH�SHJJLRUL�GL�TXHOOH�RWWHQLELOL�DWWUDYHUVR�XQ�VLVWHPD�GL�OLEHUD�FRQWUDWWD]LRQH�GL�PHUFDWR�GHL�FRQWUDWWL�FROOHWWLYL�,O�GLULWWR�GHO�ODYRUR�LQ�,WDOLD�QDVFH�SHUWDQWR�FRQ�LO�IDVFLVPR��,O�SULPR�VWXGLRVR�LWDOLDQR�GL�GLULWWR�GHO�ODYRUR�q�XQR�GHL�SL��JUDQGL�JLXULVWL�LWDOLDQL�GL�TXHVWR�VHFROR��(QULFR�5HGHQWL��IRQGDWRUH�GHOOH�VFXROD�ERORJQHVH��(¶�GL�TXHJOL�DQQL�OD�SULPD�ULYLVWD�GL�GLULWWR�GHO�ODYRUR��LO�GLULWWR�GHO�ODYRUR��WXWWRUD�HVLVWHQWH��HUD�DOO¶HSRFD�OD�ULYLVWD�GHO�0LQLVWHUR�GHOOH�&RUSRUD]LRQL�,O� FRQWUDWWR� FROOHWWLYR� FRUSRUDWLYR� VSDULVFH� SULPD� GHOOD� ILQH� GHOOD� VHFRQGD� JXHUUD� PRQGLDOH�� QHO� �������� �SDWWR� GL� SDOD]]R� 9LGRQL"��� 'RSR� OD�OLEHUD]LRQH�GL�5RPD� OD�&RQILQGXVWULD��HUHGH�GHO�VLVWHPD� LQGXVWULDOH�GHO�SHULRGR� IDVFLVWD��H� OH�DVVRFLD]LRQL�VLQGDFDOL�GHL� ODYRUDWRUL�VL� ULFRQREEHUR��OHJLWWLPDQGRVL�FRPH�LQWHUORFXWRUL�H�VL� LQFRQWUDURQR��SHU�VXSHUDUH�LO�VLVWHPD�FRUSRUDWLYR�IDVFLVWD��/¶LQWHQWR�HUD�TXHOOR�GL�FUHDUH�XQ�QXRYR�VLVWHPD�GL�FRQWUDWWD]LRQH�FROOHWWLYD��,�QXRYL�DFFRUGL�QDFTXHUR�TXLQGL�GD�XQ�SDWWR�WUD�GXH�SDUWL�QRQ�DOWULPHQWL�OHJLWWLPDWH��SHU�TXHVWR�OD�EDVH�GHO�GLULWWR�VLQGDFDOH�PRGHUQR�VL�GHILQLVFH�SDWWL]LD��7XWWR�LO�PHFFDQLVPR�GHL�FRQWUDWWL�FROOHWWLYL�FRUSRUDWLYL�YHQQH�DEURJDWR��VL�VWDELOu�LO�GLYLHWR�GL�VWLSXODUH�LQ�IXWXUR�FRQWUDWWL�FROOHWWLYL� LPSRVWL�� L� VLQGDFDWL� FHVVDURQR� GL� HVVHUH� HQWL� SXEEOLFL�� 3ULPD� GHOOD� OHJJH� FKH� DEROLVFH� O¶RUGLQDPHQWR� FRUSRUDWLYR� F¶q� GXQTXH� XQ� DWWR� GL�YRORQWj�SULYDWD�WUD�GXH�SDUWL�DXWROHJLWWLPDWHVL��FKH�VWDELOLVFRQR�OH�UHJROH�SHU�OD�IRUPD]LRQH�GHL�IXWXUL�FRQWUDWWL�FROOHWWLYL�/D�&RVWLWX]LRQH�LWDOLDQD�YLHQH�SURPXOJDWD�VROR�LQ�XQ�VHFRQGR�PRPHQWR��QHO�������TXDQGR�L�SULPL�FRQWUDWWL�FROOHWWLYL�VRQR�JLj�VWDWL�VWLSXODWL�H�VRQR�JLj�LQ�YLJRUH�,�SULQFLSL�FRVWLWX]LRQDOL/D�&RVWLWX]LRQH�LWDOLDQD�HQXQFLD�GXH�QRUPH�FDUGLQH�GHO�VLVWHPD�GL�GLULWWR�VLQGDFDOH�LQ�,WDOLD�$UW�����&RVWLWX]LRQH/RUJDQL]]D]LRQH�VLQGDFDOH�q�OLEHUD�$L�VLQGDFDWL�QRQ�SXz�HVVHUH�LPSRVWR�DOWUR�REEOLJR�VH�QRQ�OD�ORUR�UHJLVWUD]LRQH�SUHVVR�XIILFL�ORFDOL�R�FHQWUDOL��VHFRQGR�OH�QRUPH�GL�OHJJH�Ê� FRQGL]LRQH�SHU� OD� UHJLVWUD]LRQH� FKH�JOL� VWDWXWL� GHL� VLQGDFDWL� VDQFLVFDQR�XQ�RUGLQDPHQWR� LQWHUQR�D�EDVH�GHPRFUDWLFD�,�VLQGDFDWL� UHJLVWUDWL�KDQQR�SHUVRQDOLWj�JLXULGLFD��3RVVRQR��UDSSUHVHQWDWL�XQLWDULDPHQWH� LQ�SURSRU]LRQH�GHL�ORUR� LVFULWWL�� VWLSXODUH� FRQWUDWWL� FROOHWWLYL� GL� ODYRUR� FRQ� HIILFDFLD� REEOLJDWRULD� SHU� WXWWL� JOL� DSSDUWHQHQWL� DOOH�FDWHJRULH�DOOH�TXDOL�LO�FRQWUDWWR�VL�ULIHULVFH�$UW�����&RVWLWX]LRQH,O�GLULWWR�GL�VFLRSHUR�VL�HVHUFLWD�QHOODPELWR�GHOOH�OHJJL�FKH�OR�UHJRODQR�/¶DUW�����VWDELOLVFH� OD� OLEHUWj�GL�RUJDQL]]D]LRQH�VLQGDFDOH��/¶DUW�����VWDELOLVFH� LO�GLULWWR�GL�VFLRSHUR TXDOH�GLULWWR�FROOHWWLYR�GHL�ODYRUDWRUL�FRPH�VWUXPHQWR�GL�SUHVVLRQH�SHU�OD�VWLSXOD]LRQH�GHL�FRQWUDWWL�$UW�����H�DUW�����IRQGDQR�XQ�VLVWHPD�FKH�q�O¶RSSRVWR�GHO�VLVWHPD�FRUSRUDWLYR��LO�VLQGDFDWR�QRQ�q�SL��XQ�HQWH�SXEEOLFR�� XQD� IXQ]LRQH� GHOOR� 6WDWR�� PD� GLYLHQH� XQ� RUJDQLVPR� SULYDWR�� JUD]LH� DOO¶RUJDQL]]D]LRQH� VLQGDFDOH�OLEHUD�JOL�LQGLYLGXL�SRVVRQR�VFHJOLHUH�FRPH�HVHUFLWDUH�O¶DWWLYLWj�VLQGDFDOH��6RQR�TXHVWH�WUH�SDUROH�GHOO¶DUW�����DFDUDWWHUL]]DUH�LO�QXRYR�GLULWWR�VLQGDFDOH�LQ�,WDOLD��25*$1,==$=,21(�6,1'$&$/(�/,%(5$�&RVD�VLJQLILFD�VLQGDFDOH"6LQGDFDOH�VLJQLILFD�RUJDQL]]D]LRQH�FROOHWWLYD�GHJOL�LQWHUHVVL�DWWLQHQWL�DO�UDSSRUWR�GL�ODYRUR��LQWHUYHQWR�GL�WLSR�FROOHWWLYR�QHOOD�GLVFLSOLQD�GHO�UDSSRUWR�GL�ODYRUR��6LQGDFDOH�TXLQGL�HTXLYDOH�D�³FROOHWWLYR´�,O�UDSSRUWR�GL�ODYRUR�VXERUGLQDWR�SRUWD�FRQ�Vp�XQ�SUREOHPD�FKH�QRQ�q�VROR�LQGLYLGXDOH��EHQVu�FROOHWWLYR��(¶�LO�SUHVXSSRVWR�JLXVWLILFDWRUH�GHOO¶HVLVWHQ]D�GL�XQ�VRJJHWWR�FKH��GDO�SXQWR�GL�YLVWD�FROOHWWLYR��VL�RFFXSD�GHOOH�TXHVWLRQL�GL�ODYRUR��FLRq�GHOOD�VWLSXOD]LRQH�GHL�FRQWUDWWL�FROOHWWLYL�LQGHURJDELOL�H�FRQ�HIILFDFLD�HUJD�RPQHV�,QWHUHVVH�FROOHWWLYR q�O¶LQWHUHVVH�GHL�ODYRUDWRUL��O¶LQWHUHVVH�GHO�JUXSSR��1RQ�q�O¶LQWHUHVVH�GHOOD�PDJJLRUDQ]D��q� O¶LQWHUHVVH� HVSUHVVR� GDO� JUXSSR� DWWUDYHUVR� XQD� IRUPD� GL� UDSSUHVHQWDQ]D DIILGDWD� D� VRJJHWWL� WHU]L��/¶LQWHUHVVH� FROOHWWLYR� QRQ� q� VWDELOLWR� LQ� PRGR� HOHWWLYR� PD� q� UHFHSLWR� HG� HVSUHVVR� GD� TXHVWL� VRJJHWWL�UDSSUHVHQWDQWL�� FKH� GRYUHEEHUR� GLIHQGHUH� O¶LQWHUHVVH� GHOOD� FROOHWWLYLWj�� /D� UDSSUHVHQWDQ]D� SUHVXSSRQH� H� VL�HVSULPH�DWWUDYHUVR�O¶RUJDQL]]D]LRQH�VLQGDFDOH��FKH�q�OLEHUD��/R�6WDWR�QRQ�VL�SRWUj�PDL�YLRODUH�OD�UHJROD�GHOOH�OLEHUWj�GHOO¶RUJDQL]]D]LRQH�VLQGDFDOH�

',5,772�'(/�/$9252 DSSXQWL�WUDWWL�GDOOH�OH]LRQL��GRFHQWH�SURI�(QULFR�*UDJQROL

3DROR�&RUD]]D��DSSXQWL�GL�GLULWWR�GHO�ODYRURSDJ��

,Q�,WDOLD�LO�VLQGDFDWR�GHL�ODYRUDWRUL�QDVFH�FRPH�HQWLWj�XQLWDULD��QHO�������H�QDVFH�FRPH�VRJJHWWR�IRUWHPHQWH�LQWHUQR��GL�UDSSUHVHQWDQ]D�GHL�GLULWWL�GHL�ODYRUDWRUL��/¶LGHD�XQLYHUVDOLVWLFD�GHOOD�UDSSUHVHQWDQ]D�FHVVD�QHO�������VL�FRVWLWXLVFH�OD�&,6/��VLQGDFDWR�FDWWROLFR�GHPRFULVWLDQR��6XFFHVVLYDPHQWH�QDVFH�LO�VLQGDFDWR�GL�VLQLVWUD��OD�&*,/��1HO������OD�&*,/�VXELVFH�XQD�XOWHULRUH�VFLVVLRQH��GDOOD�TXDOH�SUHQGH�YLWD�OD�8,/��UDSSUHVHQWDQWH�GHL�SDUWLWL�GL�VLQLVWUD�FKH�FROODERUDQR�FRQ�LO�JRYHUQR�GHPRFULVWLDQR��)LQR�DOO¶DXWXQQR�³FDOGR´�GHO������TXHVWL�WUH�VLQGDFDWL�FRQ�DOWHUQH�YLFHQGH�LQWHUQH�GRPLQDURQR�OD� VFHQD� VLQGDFDOH� LQ� ,WDOLD�� ,O� VLQGDFDWR� WUDGL]LRQDOH�&*,/�&,6/�8,/� YHQQH� LQWDFFDWR� GDO� DOWUH� RUJDQL]]D]LRQL� VLQGDFDOL� OLEHUH� H� VSRQWDQHH�� FKH�ULPDVHUR�LQ�YLWD�ILQR�DO�������FRPH�IRUPD�GL�ULEHOOLRQH�DL�WUH�VLQGDFDWL�WUDGL]LRQDOL��FKH�D�JLXGL]LR�GHL�ODYRUDWRUL�QRQ�WXWHODYDQR�L�GLULWWL�GHOOH�PDVVH��,O�VLQGDFDWR�VL�YHQQH�D�WURYDUH�LQ�XQD�VLWXD]LRQH�GL�IRUWLVVLPD�GLIILFROWj��VSLD]]DWR�GDOOH�QXRYH�LVWDQ]H�VLQGDFDOL�VSRQWDQHH�VRUWH�H�UDGLFDWH�DOO¶LQWHUQR�GHOOH�IDEEULFKH��/D�OHJJH�����GHO�������OR�6WDWXWR GHL�ODYRUDWRUL��DWWULEXu�IRUWL�GLULWWL�D�TXHVWH�UDSSUHVHQWDQ]H�VLQGDFDOL�LQWHUQH��SXUFKp�DGHULVVHUR�DL�VLQGDFDWL�WUDGL]LRQDOL��(¶�GHL�SULPL�DQQL�¶���LO�UHFXSHUR�GD�SDUWH�GHOOH�RUJDQL]]D]LRQL�VLQGDFDOL�GHOOR�VSRQWDQHLVPR�QDWR�DOO¶LQWHUQR�GHOOH�IDEEULFKH�

',5,772�'(/�/$9252 DSSXQWL�WUDWWL�GDOOH�OH]LRQL��GRFHQWH�SURI�(QULFR�*UDJQROL

3DROR�&RUD]]D��DSSXQWL�GL�GLULWWR�GHO�ODYRUR SDJ��

/H]LRQH�GHO�����������&RVD�VLJQLILFD�RUJDQL]]D]LRQH"6LJQLILFD� VWUXWWXUD� GL� FDUDWWHUH� FROOHWWLYR�� VWUXWWXUD� GHO� JUXSSR� GL� ODYRUDWRUL�� FRVu� FRPH� VLQGDFDOH� q� XQ�FRQFHWWR� FKH� VL� ULIHULVFH� DG� LQWHUHVVL� GL� WLSR� FROOHWWLYR�� 0HQWUH� OD� WXWHOD� q� VROR� XQD� GHOOH� FRPSRQHQWL�GHOO¶DWWLYLWj� VLQGDFDOH�� H� QRQ� QHFHVVDULDPHQWH� OD� SULQFLSDOH� WUD� OH� IXQ]LRQL� H� OH� DWWLYLWj� GL� XQ� VLQGDFDWR�� OD�GHILQL]LRQH� VLQGDFDOH ULPDQGD� DO� FDUDWWHUH� FROOHWWLYR� GHOO¶DWWLYLWj� H� GHOOH� IXQ]LRQL� GHOO¶RUJDQL]]D]LRQH�� LO� FXL�SHUQR�q�OD�UDSSUHVHQWDQ]D��OD�VWLSXOD]LRQH�GL�FRQWUDWWL�SHU�FRQWR�GHL�ODYRUDWRUL�,O� VHFRQGR� H� LO� WHU]R� FRPPD� GHOO¶DUW�� ��� GHOOD� &RVWLWX]LRQH� GHFOLQDQR� GXQTXH� L� FRQFHWWL� ULFRPSUHVL� QHOOD�QR]LRQH� GL� DWWLYLWj� VLQGDFDOH�� GHILQHQGR� HVVHQ]LDOPHQWH� OD� UDSSUHVHQWDQ]D� FRPH� O¶DWWLYLWj� VWHVVD� GL� WXWHOD�GHOO¶LQWHUHVVH� FROOHWWLYR�� FKH� VL� DVWUDH� GDL� VLQJROL� LQWHUHVVL� LQGLYLGXDOL� H� FKH� YLHQH� LQWHUSUHWDWD� GDL� VRJJHWWL�GHOHJDWL�� /¶DWWLYLWj� GL� FUHD]LRQH� GHJOL� RELHWWLYL� GHOOD� UDSSUHVHQWDQ]D� q� LO� SULPR� SDVVR� GHOO¶DWWLYLWj� VLQGDFDOH��VHQ]D� RELHWWLYL� QRQ� q� SRVVLELOH� OR� VYROJLPHQWR� GHOO¶DWWLYLWj� GL� UDSSUHVHQWDQ]D��4XDQGR� LO� VLQGDFDWR� VWLSXOD� L�FRQWUDWWL�FROOHWWLYL�SHQVD�DJOL�LQWHUHVVL�GHL�ODYRUDWRUL�PD�DWWXD�XQD�SURSULD�YRORQWj��3HU�FRQVXOWDUH�OD�EDVH�GHL�ODYRUDWRUL� VRQR� DPPHVVH� GLYHUVH� LQL]LDWLYH�� FRPH L� UHIHUHQGXP� FRQVXOWLYL�� OH� DVVHPEOHH� GHL� ODYRUDWRUL��TXDOVLDVL�WLSR�GL�ULXQLRQH�FROOHWWLYD�HFF���PD�DOOD�ILQH�OD�VWLSXOD]LRQH�GHO�FRQWUDWWR�q�VHPSUH�XQ�DWWR�GL�YRORQWj�GHOO¶RUJDQL]]D]LRQH�&RVD�VLJQLILFD�OLEHUD"/D� VWUXWWXUD� GHO� JUXSSR� GHL� ODYRUDWRUL� q� OLEHUD�� OD� OHJJH� FRQVHQWH� D� FLDVFXQ� JUXSSR� GL� ODYRUDWRUL�O¶RUJDQL]]D]LRQH� FKH�SUHIHULVFH��7UDWWDQGR� OH�PRGDOLWj� GL� RUJDQL]]D]LRQH�GHO� VLQGDFDWR� LWDOLDQR� O¶DUJRPHQWR�QRQ�VDUj�LQHUHQWH�DOOH�QRUPH�PD�DOOD�VWRULD��FRPH�VWRULFDPHQWH�VL�VRQR�FRVWLWXLWH�OH�RUJDQL]]D]LRQL�VLQGDFDOL�GRSR�O¶HQWUDWD�LQ�YLJRUH�GHOOD�&RVWLWX]LRQH��1HOO¶HVHUFL]LR�GHOOD�OLEHUWj�GL�RUJDQL]]D]LRQH�VL�VRQR�VWRULFDPHQWH�DIIHUPDWH� OH� IRUPH�VLQGDFDOL�QHL�PRGL�FRQRVFLXWL�GDO������DG�RJJL��1XRYL�VLQGDFDWL�SRVVRQR�SHUFLz�HVVHUH�FRVWLWXLWL� DQFKH� RJJL� H� TXHVWR� q� XQ� IHQRPHQR� GLIIXVR� QHO� QRVWUR� SDHVH�� GRYH� HVLVWRQR� FHQWLQDLD� GL�RUJDQL]]D]LRQL�VLQGDFDOL��VRSUDWWXWWR�QHO�VHWWRUH�GHO�ODYRUR�SXEEOLFR��GRYH�HVLVWRQR�IRUWL�SRVL]LRQL�FRQIOLWWXDOL�,�VLQGDFDWL�FRQIHGHUDOL�&*,/�&,6/�8,/�UDSSUHVHQWDQR�WXWWL� L� ODYRUDWRUL� LVFULWWL�D�TXDOXQTXH�DWWLYLWj�SURGXWWLYD��DG�HVFOXVLRQH�GHL�GLULJHQWL��FKH�KDQQR�XQD�ORUR�FRQIHGHUD]LRQH�DXWRQRPD��&,'$��,O�PRGHOOR�WLSLFR�GHOO·RUJDQL]]D]LRQH�VLQGDFDOH,O�PRGHOOR�WLSLFR�GHOOH�RUJDQL]]D]LRQL�VLQGDFDOL�VL�EDVD�VXO�FRQWUDWWR�DVVRFLDWLYR��DVVRFLD]LRQH�QRQ�ULFRQRVFLXWD�GL�FXL�DJOL�DUWW�����H� VHJJ�� GHO� FRGLFH� FLYLOH�� /¶RUJDQL]]D]LRQH� VLQGDFDOH� WLSLFD� q� OD� VWUXWWXUD� FKH�VL� Gj� LO� JUXSSR�SHU� O¶HVHUFL]LR�GHOO¶DWWLYLWj� VLQGDFDOH��XWLOL]]DQGR�OD�IRUPD�FLYLOLVWLFD�GHOO¶DVVRFLD]LRQH��*OL�XQLFL�VRJJHWWL�VLQGDFDOL�FKH�KDQQR�ULILXWDWR�LO�PRGHOOR�DVVRFLDWLYR�VRQR�L�&2%$6��FRPLWDWL�GL�EDVH��FKH�XWLOL]]DQR�LO�PRGHOOR�DVVHPEOHDUH��OD�FRDOL]LRQH�RFFDVLRQDOH��L�&2%$6�DGRWWDQR�XQ�PRGHOOR�SULYR�GL�JHUDUFKLD�LQWHUQD� DO� JUXSSR� H� SUHQGRQR� OH� GHFLVLRQL�PHGLDQWH� OR� VWUXPHQWR�GHOO¶DVVHPEOHD�� ,Q� UHDOWj� L�&2%$6�VRQR�PROWL�� WHQGHQ]LDOPHQWH�ULILXWDQR� LO� PRGHOOR� DVVRFLDWLYR� PD� FLDVFXQR� KD� PRGDOLWj� GL� RUJDQL]]D]LRQH� GLYHUVH�� 5LOHJJLDPR� LO� FRQWHQXWR� GHOO¶DUW�� ��� GHOOD�&RVWLWX]LRQH�$UW�����&RVWLWX]LRQH/RUJDQL]]D]LRQH�VLQGDFDOH�q�OLEHUD�$L�VLQGDFDWL�QRQ�SXz�HVVHUH�LPSRVWR�DOWUR�REEOLJR�VH�QRQ�OD�ORUR�UHJLVWUD]LRQH�SUHVVR�XIILFL� ORFDOL�R�FHQWUDOL��VHFRQGR�OH�QRUPH�GL�OHJJH�Ê�FRQGL]LRQH�SHU�OD�UHJLVWUD]LRQH�FKH�JOL�VWDWXWL�GHL�VLQGDFDWL�VDQFLVFDQR�XQ�RUGLQDPHQWR�LQWHUQR�D�EDVH�GHPRFUDWLFD�,� VLQGDFDWL� UHJLVWUDWL� KDQQR� SHUVRQDOLWj� JLXULGLFD�� 3RVVRQR�� UDSSUHVHQWDWL� XQLWDULDPHQWH� LQ� SURSRU]LRQH� GHL� ORUR� LVFULWWL�� VWLSXODUH�FRQWUDWWL�FROOHWWLYL�GL�ODYRUR�FRQ�HIILFDFLD�REEOLJDWRULD�SHU�WXWWL�JOL�DSSDUWHQHQWL�DOOH�FDWHJRULH�DOOH�TXDOL�LO�FRQWUDWWR�VL�ULIHULVFH�/¶DUW���������FRPPD��SDUOD�GHO�ULFRQRVFLPHQWR GHOOH�RUJDQL]]D]LRQL�VLQGDFDOL��GHOO¶REEOLJR�GL�UHJLVWUD]LRQH�/¶DUW�� ��� ��� FRPPD�QRQ� q�PDL� VWDWR� DWWXDWR�� OD� QRUPD� FRVWLWX]LRQDOH� QRQ� KD� WURYDWR� DSSOLFD]LRQH�� ,O�PRWLYR q� LO� VHJXHQWH�� WUD� LO� ����� H� LO� �����O¶RUJDQL]]D]LRQH� ILQR� DG� DOORUD� XQLWDULD� &*,/� VL� VFRPSRVH� LQ� GXH�� YL� IX� XQD� VFLVVLRQH� WUD� OD� FRPSRQHQWH� FRPXQLVWD�VRFLDOLVWD� H� TXHOOD� FDWWROLFR�FULVWLDQD��JXLGDWD�GD�*LXOLR�3DVWRUH��LO�TXDOH�QHO�FRQWHVWDUH�OD�JXLGD�GL�WXWWR�LO�PRQGR�GHO�ODYRUR�GHO�VHJUHWDULR�VWRULFR�'L�9LWWRULR�IRQGz�QHO������OD�&,6/��9L�IX�SHUWDQWR�XQD�FRQWUDSSRVL]LRQH�VLQGDFDOH�WUD�LO�PRQGR�VLQGDFDOH�FDWWROLFR�GHPRFULVWLDQR�HG�LO�PRQGR�VLQGDFDOH�GL�VLQLVWUD��$OO¶LQL]LR�GHJOL�DQQL�¶���XQD�QXRYD�URWWXUD VL�YHULILFz�DOO¶LQWHUQR�GHOOD�&*,/��QH�QDFTXH�OD�8,/��LQ�UDSSUHVHQWDQ]D�GL�TXHL�SDUWLWL�GHOOH�IRU]H�FHQWULVWH�GL�VLQLVWUD�FKH�FROODERUDYDQR�FRQ�LO�JRYHUQR��UHSXEEOLFDQL�H�VRFLDOGHPRFUDWLFL���&L�IX�SHUWDQWR�XQD�IRUWLVVLPD�UHVLVWHQ]D�GD�SDUWH�GL�HQWUDPEL�L�VLQGDFDWL�DG�DWWXDUH�O¶DUW��������FRPPD��/D�&*,/�VL�UHVH�FRQWR�FKH�LO�ULFRQRVFLPHQWR�H�OD�UHJLVWUD]LRQH�DYUHEEHUR�FRPSRUWDWR�GHL�FRQWUROOL�VXOOH�PRGDOLWj�GHPRFUDWLFKH�GL�RUJDQL]]D]LRQH� LQWHUQD� ���� FRPPD� DUW�� ����� LO� WLPRUH� HUD� VXOO¶XVR� RVWLOH� FKH� LO�*RYHUQR� ³QHPLFR´� GL� FHQWUR� GHVWUD� DYUHEEH� SRWXWR� IDUH� GL� TXHVWR�VWUXPHQWR��1HPPHQR� OD�&,6/�RSWz�SHU� LO� ULVSHWWR�GHOO¶DUW������QRQ�SHU� WLPRUH�GHO�FRQWUROOR�JRYHUQDWLYR��PD�SHU�SDXUD�GHOO¶DSSOLFD]LRQH�GHOO¶XOWLPR�FRPPD�GHOO¶DUW������L�FRQWUDWWL�FROOHWWLYL�VRQR�DSSOLFDWL�LQ�SURSRU]LRQH�DJOL�LVFULWWL��/D�&,6/�HUD�LQIDWWL�FRQVDSHYROH�GL�HVVHUH�DPSLDPHQWH�PLQRULWDULD�LQ�WXWWL� L� VHWWRUL�� DG� HFFH]LRQH� GHOOD� VFXROD�� H� VSHFLDOPHQWH� QHO� FRPSDUWR� LQGXVWULDOH�� QRQ� YROOH� SHUWDQWR� WURYDUVL� LQ� VLWXD]LRQH� GL� IRUWH�PLQRUDQ]D�DSSOLFDQGR�L�FULWHUL�UDSSUHVHQWDWLYL�LQ�SURSRU]LRQH�GHO�QXPHUR�GHJOL�LVFULWWL��1HVVXQ�VLQGDFDWR�HEEH�TXLQGL�LQWHUHVVH�DOO¶DSSOLFD]LRQH�GHL�FRPPL�����H��GHOO¶DUW�����GHOOD�&RVWLWX]LRQH�4XLQGL�QHVVXQD�UHJLVWUD]LRQH��QHVVXQ�FRQWUROOR�VXOOD�GHPRFUDWLFLWj� LQWHUQD��QHVVXQD�VWLSXOD]LRQH�GL�FRQWUDWWL�FROOHWWLYL� LQ�IRU]D�GHOOD�UDSSUHVHQWDQ]D�PLVXUDWD�GL�FLDVFXQ�VRJJHWWR�5LSUHQGHQGR�LO�SULQFLSLR�GHOO¶RUJDQL]]D]LRQH�OLEHUD SRVVLDPR�TXLQGL�VLQWHWL]]DUQH�LO�VLJQLILFDWR�D� OR�6WDWR�QRQ�SRWUj� FRDWWDUH� OD� OLEHUWj� VLQGDFDOH�� QRQ�SRWUDQQR�SL��HVLVWHUH� VLQGDFDWL� VWDWDOL� FRPH�QHO� SHULRGR� IDVFLVWD�� LO�VLQGDFDWR�VDUj�VHPSUH�XQD�DVVRFLD]LRQH�SULYDWD�FKH�WURYHUj�LO�VXR�IRQGDPHQWR�QHOOD�YRORQWj�GHJOL�DGHUHQWL��GHOOH�SHUVRQH�LQWHUHVVDWH�

',5,772�'(/�/$9252 DSSXQWL�WUDWWL�GDOOH�OH]LRQL��GRFHQWH�SURI�(QULFR�*UDJQROL

3DROR�&RUD]]D��DSSXQWL�GL�GLULWWR�GHO�ODYRURSDJ��

E� OR�6WDWR�GRYUj�JDUDQWLUH�QHL� IDWWL�FKH� O¶DWWLYLWj VLQGDFDOH�VLD� OLEHUD�H�QHO� IDUH�FLz�GRYUj�GLVFLSOLQDUH� LO� UDSSRUWR�GL� ODYRUR� LQ�PDQLHUD� WDOH� GD� UHQGHUH� FRQFUHWDPHQWH� SRVVLELOH� O¶HIIHWWXD]LRQH� GHOO¶DWWLYLWj� VLQGDFDOH� GD� SDUWH� GHO� ODYRUDWRUH�� 3HU�UHDOL]]DUH�TXHVWR�RELHWWLYR�QHO������OR�6WDWXWR�GHL�ODYRUDWRUL�LQWURGXFH�GXH�IRQGDPHQWDOL�SULQFLSL��LO�GLULWWR�GL�VYROJHUH�DWWLYLWj�VLQGDFDOH�QHO�OXRJR�GL�ODYRUR�HG�LO�GLYLHWR�GL�GLVFULPLQD]LRQH��VRQR�QXOOL�WXWWL�JOL�DWWL�FKH�GLVFULPLQDQR�LO�ODYRUDWRUH�LQ�UDJLRQH�GHOOD�VXD�DIILOLD]LRQH�DG�XQ�VLQGDFDWR��3DUHQWHVL��OD�GLVFULPLQD]LRQH�/D�QRUPD�VXO�GLYLHWR�GL�GLVFULPLQD]LRQH�HQWUD�LQ�YLJRUH�LO����PDJJLR�������1HO�SHULRGR�SUHFHGHQWH�LO�GLEDWWLWR�UXRWDYD�VXOOD�SRVVLELOLWj�GL�GHVXPHUH�LO�GLYLHWR�GL�GLVFULPLQD]LRQH�GDOO¶LQVLHPH�GHOO¶RUGLQDPHQWR�JLXULGLFR��/¶DUW�����GHOOR�6WDWXWR�GHL�ODYRUDWRUL�FKLXVH�LO�GLEDWWLWR��VWDELOHQGR�FRQ�FKLDUH]]D�OD�QXOOLWj�GHJOL�DWWL�GLVFULPLQDWRUL�QHL�FRQIURQWL�GHL�ODYRUDWRUL�DVVXQWL�LQ�YLUW��GHOOD�ORUR�SDUWHFLSD]LRQH�DG�RUJDQL]]D]LRQL�VLQGDFDOL�/D� GLVFULPLQD]LRQH� QRQ� VL� EDVD� QHFHVVDULDPHQWH VX� DWWL� LOOHJLWWLPL�� VL� KD� TXDQGR� VL� DVVXPH� XQ� FRPSRUWDPHQWR� LQJLXVWDPHQWH� VIDYRUHYROH� DOOD�SHUVRQD�SHU�UDJLRQL�GL�DSSDUWHQHQ]D�DG�XQD�FDWHJRULD�R�DG�XQ�JUXSSR�VRFLDOH��6L�WUDWWD�GL�XQ�WUDWWDPHQWR�GHWHULRUH�QHL�FRQIURQWL�GL�XQ�VRJJHWWR�SHU�TXHVWD�PRWLYD]LRQH� VSHFLILFD� GL�DSSDUWHQHQ]D� DG� XQ� JUXSSR� VRFLDOH�� FKH� FRPSRUWL� DG� HVHPSLR� XQD� GLYHUVD�PDQLIHVWD]LRQH� GL� SHQVLHUR� �JUXSSL�UHOLJLRVL�� SROLWLFL�� VLQGDFDOL��� XQD�GLYHUVLWj� UD]]LDOH��XQD�GLYHUVLWj�EDVDWD�VXO� VHVVR�HFFHWHUD��4XHVWD�q�GLVFULPLQD]LRQH��1RQ�q�SRL YHUR�FKH� WXWWL� L�FRPSRUWDPHQWL�GLVFULPLQDWRUL�VLDQR�LOOHFLWL��LO�ULILXWR�GL�DVVXQ]LRQH�SHU�UDJLRQL�GLVFULPLQDWRULH�q�XQ�FRPSRUWDPHQWR�OHFLWR��OD�WXWHOD�DQWLGLVFULPLQDWRULD�DYYLHQH�TXLQGL�QHOO¶DPELWR�GHO�UDSSRUWR�GL�ODYRUR��QRQ�SULPD�'LIIHUHQ]D�WUD�OD�GLVFULPLQD]LRQH�HG�JOL�DOWUL�FRPSRUWDPHQWL�LOOHFLWL�DVVXQWL�QHL�FRQIURQWL�GHL�ODYRUDWRUL��OD�EDVH�QRUPDWLYD�GHOO¶LQWHJULWj�ILVLFD�H�PRUDOH�GHO� ODYRUDWRUH� GHULYD� GD� XQD� QRUPD� IDVFLVWD�� O¶DUW�� ����� F�F� �7XWHOD� GHOOH� FRQGL]LRQL� GL� ODYRUR�� /LPSUHQGLWRUH� q� WHQXWR DG� DGRWWDUH� QHOOHVHUFL]LR�GHOOLPSUHVD�OH�PLVXUH�FKH��VHFRQGR�OD�SDUWLFRODULWj�GHO�ODYRUR��OHVSHULHQ]D�H�OD�WHFQLFD��VRQR�QHFHVVDULH�D�WXWHODUH�OLQWHJULWj�ILVLFD�H�OD�SHUVRQDOLWj�PRUDOH� GHL� SUHVWDWRUL� GL� ODYRUR��� XQD� GHOOH� SRFKH� QRUPH� GHO� FRGLFH� FKH� VL FROOHJD� DO� SULQFLSLR� GHO� GDWRUH� GL� ODYRUR� FRPH� FDSR� GHOO¶LPSUHVD��1RQRVWDQWH�VL�WUDWWL�GL�XQD�QRUPD�VXSHUDWD��HVVD�KD�DYXWR�XQ�HQRUPH�YDORUH�GL�WXWHOD�GHL�ODYRUDWRUL��/D�GRWWULQD�KD�XWLOL]]DWR�O¶DUW�������SHU�LPSRUUH�DOOH�LPSUHVH�LO�ULVSHWWR�GHO�YDORUH�XPDQR�GHO�ODYRUDWRUH��7XWWH�OH�VHQWHQ]H�QHOOR�VWDELOLUH�LO�GLYLHWR�GL�GLVFULPLQD]LRQH�GDO�SDUWH�GHL�GDWRUL�GL�ODYRUR�VL�VRQR�EDVDWH�VXO�SUHFHWWR�GHOO¶DUW�������/·DVVRFLD]LRQH�GL�DVVRFLD]LRQL��L�VLQGDFDWL�LWDOLDQL$EELDPR� DIIHUPDWR� FKH� LO� PRGHOOR� WLSLFR� GHOOH� RUJDQL]]D]LRQL� VLQGDFDOL� VL� EDVD� VXO� FRQWUDWWR� DVVRFLDWLYR�� DVVRFLD]LRQH� QRQ�ULFRQRVFLXWD��,O�WLSR�SDUWLFRODUH�GL�DVVRFLD]LRQH�QRQ�ULFRQRVFLXWD�XWLOL]]DWR�q�TXHOOR�GHOO¶DVVRFLD]LRQH�GL�DVVRFLD]LRQL��)LQR�DO�����������LO�VLQGDFDWR�QDVFH�IXRUL�GDOOH�D]LHQGH��q�XQ�HUURUH�SHQVDUH�FKH�VLD�VHPSUH�VWDWR�FRPH�DGHVVR��,O�VLQGDFDWR�QDVFH�IXRUL�GDOOH�D]LHQGH� SRLFKp� VL� UHQGH� FRQWR� FKH� LQ� D]LHQGD� q� VRWWRSRVWR� DOO¶RSSUHVVLRQH� GHL� GDWRUL� GL� ODYRUR�� H� TXLQGL� q� LQ� XQR� VWDWR� GL�FRQGL]LRQDPHQWR�H�GL� GHEROH]]D��/H�QRUPH�VSHFLILFKH�DUULYDQR�QHO� ������ OD� WXWHOD�GHO� VLQGDFDWR� YLHQH� WUDVIHULWD�DQFKH�DOO¶LQWHUQR�GHOOH�D]LHQGH��/H�SULPH�IRUPH�GL�PDQLIHVWD]LRQH�VLQGDFDOH�LQ�,WDOLD�VL�KDQQR�YHUVR�OD�ILQH�GHO�������QHOOH�&DPHUH�GHO�ODYRUR��DOORUD�RUJDQL]]D]LRQL�GL�EDVH�GHL�VLQGDFDWL�VRFLDOLVWL�HG�XQLFR�VLQGDFDWR�ILQR�DOOD�QDVFLWD�GHO�SDUWLWR�IDVFLVWD��/H�&DPHUH�GHO�ODYRUR�DYHYDQR�XQD�EDVH�SURYLQFLDOH��'DO������L�VLQGDFDWL�VL�RUJDQL]]DQR�LQ�TXHVWR�PRGR� ,O� ODYRUDWRUH�DGHULVFH�DG�XQD�VWUXWWXUD�D]LHQGDOH�GL�XQ�VLQGDFDWR�SURYLQFLDOH��

/H�FDWHJRULH�SURGXWWLYH�UDSSUHVHQWDWH�VRQR�TXHOOH�QHOOH�TXDOL��D�SDUWLUH�GDO�������L�ODYRUDWRUL�VL�VRQR�RUJDQOLYHOOR�SURYLQFLDOH��,Q�OLQHD�GL�PDVVLPD�VRQR�ULPDVWH�GDO������OH�FDWHJRULH�GHL�VLQGDFDWL�FRUSRUDWLYL��HUHGPHVWLHUL� GHO� SHULRGR� IDVFLVWD�� 6L� WUDWWD� GL� FDWHJRULH�PHUFHRORJLFKH�� ,O� ODYRUDWRUH� SHUWDQWR� VL� LVFULYHUj� DHVHPSLR��GHOOD�&*,/��D�OLYHOOR�SURYLQFLDOH�,O�VLQGDFDWR�ID�SDUWH�GL�GXH�GLYHUVL�WLSL�GL�DVVRFLD]LRQH��GL�XQD�DVVRFLD]LRQH�QD]LRQDOH�GL�FDWHJRULD�H�GL�7XWWL� L�VLQGDFDWL�GL�FDWHJRULD�SURYLQFLDOL�GL�XQD�GHOOH�RUJDQL]]D]LRQL�VLQGDFDOL��HV��&*,/��RJQL�WUH�DQQL�VL�UFRQIHGHUD]LRQH��&*,/���FLRq�OD�VWUXWWXUD�WHUULWRULDOH�FKH�UDJJUXSSD�WXWWL� L�VLQGDFDWL�GL�FDWHJRULD��/D�VWUXWWXXQ� VLQGDFDWR� GL� FDWHJRULD� GL� OLYHOOR� UHJLRQDOH� H� QD]LRQDOH�� $� ORUR� YROWD� L� VLQGDFDWL� QD]LRQDOL� GL� FDWHFRQIHGHUDOL��ILQR�DG�DUULYDUH�DO�YHUWLFH�QD]LRQDOH�GHOO¶RUJDQL]]D]LRQH�'XH�PRGHOOL�GL�UDSSUHVHQWDQ]D�GXQTXH�

67587785$�3529,1&,$/(',�&$7(*25,$6�3�& 6,1'$&$72�1$=,21$/(',�&$7(*25,$6�1�&6�1�&&*,/6�3�&RQI6WUXWWXUD�SURYLQFLDOHFRQIHGHUDWLYD

/$925$725( )('(5$=,21(

&21)('(5$=,21(

('&'4#<+10'50%52%.#8

%10('&'4#<+10'50%

52�%QPH0#<+10#.'2418+0%+#.'

VROR�FDWHJRULD WXWWH�OH�FDWHJRULH

&*,/� &,6/� 8,/� RSSXUH� DG� DOWUL�VLQGDFDWL� FRQ� OD� PHGHVLPD� VWUXWWXUD��&206$� &,6$/� &,61$/� 8*/�HFFHWHUD�� /D� VWUXWWXUD� SURYLQFLDOH� GL�FDWHJRULD� q� DOOD� EDVH� GHO� VLQGDFDWR��VLQGDFDWR� SURYLQFLDOH� GHL� FKLPLFL��GHJOL�HOHWWULFL��H�FRVu�YLD��1DWXUDOPHQWH� HVLVWH� XQ� VLQGDFDWR� GL�FDWHJRULD� SHU� RJQL� RUJDQL]]D]LRQH��FRVu� FL� VDUj� XQ� VLQGDFDWR� SURYLQFLDOH�GHL�FKLPLFL�GHOOD�&*,/��XQR�GHOOD�&,6/��

XQR� GHOOD� 8,/�� XQR� SHU� RJQL� DOWUD�RUJDQL]]D]LRQH�VLQGDFDOH��VHPSUH�SHU�FDWHJRULD�SURGXWWLYD�L]]DWL��FRVWLWXHQGR�VLQGDFDWL�GL�FDWHJRULD�D�LWDQGR�OD�SUHFHGHQWH�VXGGLYLVLRQH�GL�DUWL�H�O� VLQGDFDWR� GHL� ODYRUDWRUL� GL� FDWHJRULD� �DG�XQD�DVVRFLD]LRQH�SURYLQFLDOH�FRQIHGHUDOH��LXQLVFRQR�H�WUDPLWH�YRWD]LRQH�HOHJJRQR�OD�UD�SURYLQFLDOH�GL�FDWHJRULD�HVSULPH�DQFKH�JRULD� GDUDQQR� YLWD� D� VLQGDFDWL� QD]LRQDOL�

',5,772�'(/�/$9252 DSSXQWL�WUDWWL�GDOOH�OH]LRQL��GRFHQWH�SURI�(QULFR�*UDJQROL

3DROR�&RUD]]D��DSSXQWL�GL�GLULWWR�GHO�ODYRUR SDJ��

XQR�GL�WLSR�RUL]]RQWDOH�WHUULWRULDOH��LO�VLQGDFDWR�UDSSUHVHQWD�WXWWL�L�ODYRUDWRUL�GL�WXWWL�L�VHWWRUL�SURGXWWLYL��O¶DOWUR�q�XQD�VWUXWWXUD�YHUWLFDOH�QD]LRQDOH�GL�FDWHJRULD UDSSUHVHQWD�L�ODYRUDWRUL�GL�TXHOOD�FDWHJRULD�DL�YDUL�OLYHOOL�WHUULWRULDOL�,O�&&1/ q� UHGDWWR�GDOOD�VWUXWWXUD� �IHGHUD]LRQH��QD]LRQDOH�GL� FDWHJRULD��QRQ�GDOOD�FRQIHGHUD]LRQH��PHQWUH� L�&&3/ �FRQWUDWWL� FROOHWWLYL� SURYLQFLDOL� GL� ODYRUR�� VRQR� UHGDWWL� GDOOD� IHGHUD]LRQH� SURYLQFLDOH�� OD� IXQ]LRQH� GL�FRQWUDWWD]LRQH�D�OLYHOOR�GL�FDWHJRULD�VSHWWD�DOOD�VWUXWWXUD�SURYLQFLDOH��/D�VWUXWWXUD�FRQIHGHUDOH�KD�XQD�IXQ]LRQH�GL�UDSSUHVHQWDQ]D�GHJOL�LQWHUHVVL�GL�WXWWL L�ODYRUDWRUL��LQ�TXDQWR�q�XQD�VWUXWWXUD�IUD�OH�FDWHJRULH�/D�FRQIHGHUD]LRQH�VWLSXOD� L�SURWRFROOL�GL� LQWHVD H� L�FRQWUDWWL� LQWHUFRQIHGHUDOL�� FKH�QRQ� ULJXDUGDQR� LO� WUDWWDPHQWR�GHO� UDSSRUWR�GL�ODYRUR�GHOOD�FDWHJRULD�PD�ULJXDUGDQR�SUREOHPL�JHQHUDOL�GL�TXDOXQTXH�FRQWHVWR�SURGXWWLYR�&L� VRQR�VWDWH� WUH� VWDJLRQL�GL� FRQWUDWWL� FRQIHGHUDOL�� D�� L�FRQWUDWWL�GHJOL�DQQL� ¶����JDUDQ]LH�PLQLPH�SHU� WXWWL� L� ODYRUDWRUL� �OLFHQ]LDPHQWL��PDQLIHVWD]LRQL�GHOOH� OLEHUWj�� WXWHOD�GHL� ODYRUDWRUL� QHOO¶D]LHQGD��� VRQR�VWDWL� VXSHUDWL�GDOOH�OHJJL�GHJOL�DQQL� ¶����E�� L�FRQWUDWWL�GHOOD�FULVL��SL�� IDPRVL�FRPH�JOL�DFFRUGL�WULODWHUDOL�GHJOL�DQQL�¶����LQ�FXL�VL�VRQR�LQWURGRWWL��FRQ�OD�SDUWHFLSD]LRQH�GHO�*RYHUQR��DFFRUGL�FKH�ULJXDUGDYDQR�OD�ULGX]LRQH�GHO�FRVWR�GHO�ODYRUR�SHU�ULGDUH�VODQFLR�DOO¶HFRQRPLD��F��L�FRQWUDWWL�WULODWHUDOL�GHJOL�DQQL�¶����GL�ULIRUPD�GHO�PHUFDWR�GHO�ODYRUR�H�GL�ULIRUPD�GHO�VLVWHPD�GHOOH�UHOD]LRQL�VLQGDFDOL�6L� WUDWWD�GXQTXH�GL�FRQWUDWWL�FKH�ULJXDUGDQR�SUREOHPL�JHQHUDOL�GL�GLVFLSOLQD�GHO� ODYRUR� LQ� ,WDOLD��/D�GLVFLSOLQD�VXL�VLQJROL�UDSSRUWL��UHWULEX]LRQL�� OLYHOOL��VDQ]LRQL�GLVFLSOLQDUL�� WUDVIHULPHQWL��PDWHUQLWj��PDODWWLD��DVVHQ]D�GDO� ODYRUR�SHU� IHULH�HFF��VL� WURYD�QHL�&&1/��FKH�VRQR�TXLQGL�FRQWUDWWL� LQGHURJDELOL�FRQ�HIILFDFLD�VRJJHWWLYD�JHQHUDOH��/H�IHGHUD]LRQL�GL�FLDVFXQD�FDWHJRULD�VL�LQFRQWUDQR�FRQ�OH�RUJDQL]]D]LRQL�GHL�GDWRUL�GL�ODYRUR��&0$��&RQILQGXVWULD��&RQIDSL��&RQIDUWLJLDQDWR��&RQIFRPPHUFLR��&RQIHVHUFHQWL��&RQIFRRSHUDWLYH��/HJD�&RRSHUDWLYH�HFF���H�VWLSXODQR�LO�&&1/�GL�FDWHJRULD�2ELHWWLYL�GHO�QRVWUR�VWXGLR�� DQDOLVL�GHL�SULQFLSL�FKH�VL�DSSOLFDQR�DL�&&1/��� DQDOLVL�GHOOD�VRUWH�GHO�VLQGDFDWR�LQ�D]LHQGD��� OHWWXUD�GL�XQ�&&1/��� DQDOLVL�GHO�UDSSRUWR�WUD�&&1/�H�FRQWUDWWR�D]LHQGDOH�,O�FRQWUDWWR�FROOHWWLYR�QD]LRQDOH�GL�ODYRUR,�SUREOHPL�SULQFLSDOL�QDVFRQR�FRQ�OD�ULYROX]LRQH�LQGXVWULDOH H�VRQR�LQHUHQWL�DO�FDPSR�GL�DSSOLFD]LRQH��DOOD�GHURJDELOLWj�H�DL�UDSSRUWL�FRQ�OD�OHJJH�GHL�&&1/�&DPSR�GL�DSSOLFD]LRQH�GHO�&&1/,O�FRQWUDWWR�SRVW�FRUSRUDWLYR�GL�GLULWWR�FRPXQH�q�XQ�FRQWUDWWR�GL�GLULWWR�SULYDWR�IUD�OH�SDUWL�FKH�OR�VWLSXODQR��FRQ�FRQWHQXWR WLSLFDPHQWH�SULYDWLVWLFR��,Q�TXDQWR�WDOH�VL�DSSOLFD�D�FKL�OR�VWLSXOD��SHUWDQWR�DL�VRJJHWWL�ODYRUDWRUL�H�LPSUHVH�DGHUHQWL�DOOH�DVVRFLD]LRQL�VLQGDFDOL�FKH�OR�VRWWRVFULYRQR�7XWWL�L�ODYRUDWRUL�H�WXWWH�OH�LPSUHVH�FKH�IDQQR�SDUWH�GHOOH�ULVSHWWLYH�DVVRFLD]LRQL�QD]LRQDOL�VRQR�YLQFRODWL�DO�ULVSHWWR�GHO�FRQWUDWWR�FROOHWWLYR�$O�JLRUQR�G¶RJJL�OH�LPSUHVH�DSSOLFDQR�LO�FRQWUDWWR�FROOHWWLYR�D�WXWWL�L�ODYRUDWRUL��QRQ�SHU�XQ�REEOLJR�GL�OHJJH�TXLQGL��PD�SHU�TXHVWLRQL�GL�RPRJHQHLWj� H� GL� SUDVVL�� $� WDO� ILQH� OH� IHGHUD]LRQL� GL� FDWHJRULD� GHL� GDWRUL� GL� ODYRUR� ULFKLHGRQR� OD� VWLSXOD]LRQH� GL� XQ� XQLFR� FRQWUDWWR�FROOHWWLYR� SHU� RJQL� FDWHJRULD�� 1RQ� HVLVWRQR� TXLQGL� FDWHJRULH� DOO¶LQWHUQR� GHOOH� TXDOL� HVLVWDQR� SL�� FRQWUDWWL� FROOHWWLYL�� 6L� SHQVL� DOOD�FRQIXVLRQH�FKH�VL�YHUUHEEH�D�FUHDUH�QHO�FDVR�GL�SL��FRQWUDWWL�GL�FDWHJRULD��XQR�VWLSXODWR�FRQ�OD�&*,/��XQR�FRQ�OD�&,6/��XQR�FRQ�OD�8,/�HFFHWHUD��,Q�UHDOWj�OD�IHGHUD]LRQH�GDWRULDOH�WUDWWD�OD�VWLSXOD�GHO�&&1/�FRQ�&*,/�&,6/�8,/�H�VXOOD�EDVH�GHO�FRQWUDWWR�VWLSXODWR�UHGLJH�FRQWUDWWL�XJXDOL�FRQ�JOL�DOWULVLQGDFDWL�1RQ�HVLVWH�QHVVXQR�VWUXPHQWR�OHJDOH�FKH�SRVVD�FRVWULQJHUH�XQ·LPSUHVD�DG�DSSOLFDUH�LO�&&1/ ��4XDQGR�O¶LPSUHVD�OR�DSSOLFD��OR�DSSOLFD� D� WXWWL�� FLz� QRQRVWDQWH� QHVVXQR� VWUXPHQWR� SRWUj� REEOLJDUH� XQ¶LPSUHVD� DOO¶DSSOLFD]LRQH�GHO�&&1/��4XHVWR�SHU� LO� FRQWHQXWR�GHOO¶XOWLPR�FRPPD�GHOO¶DUW�����&RVW��³,�VLQGDFDWL�UHJLVWUDWL�KDQQR�SHUVRQDOLWj�JLXULGLFD��3RVVRQR��UDSSUHVHQWDWL�XQLWDULDPHQWH�LQ�SURSRU]LRQH�GHL�ORUR�LVFULWWL��VWLSXODUH�FRQWUDWWL�FROOHWWLYL�GL�ODYRUR�FRQ�HIILFDFLD�REEOLJDWRULD�SHU�WXWWL�JOL�DSSDUWHQHQWL�DOOH�FDWHJRULH�DOOH�TXDOL�LO�FRQWUDWWR�VL�ULIHULVFH�´ (¶�SRVVLELOH�TXLQGL� LQ� WHRULD�REEOLJDUH�XQ¶LPSUHVD�DOO¶DSSOLFD]LRQH�GHL�&&1/�VWLSXODWL�FRQ�L�VLQGDFDWL�UHJLVWUDWL��PD�L�VLQGDFDWL�UHJLVWUDWL�QRQ�HVLVWRQR��,�&&1/�VWLSXODWL�FRQ�VLQGDFDWL�QRQ�UHJLVWUDWL�QRQ�VRQR�YLQFRODQWL�SHU�OH�LPSUHVH��/D�VFHOWD�GHOO¶LPSUHQGLWRUH�GL�DSSOLFDUH�R�PHQR� LO�&&1/�q�HVSUHVVLRQH�GHOO¶DXWRQRPLD�FRQWUDWWXDOH�GHOOH�SDUWL��1RQ�HVLVWHQGR�TXLQGL�HIILFDFLD�VRJJHWWLYD�HUJD�RPQHV VL�q�ULFRUVL�DG�XQD�VHULH�GL�ULPHGL�SHU�JDUDQWLUH�L�ODYRUDWRUL�QHL�FRQIURQWL�GHOOH�LPSUHVH��� QHO������YHQQH�HPDQDWD� OD� OHJJH��������´9LJRUHOOLµ FKH�FRVWULQVH� WXWWH� OH� LPSUHVH�DOO¶DSSOLFD]LRQH�GHL�&&1/��/D� OHJJH�VWDELOLYD� FKH� L� WHVWL� DXWHQWLFL� GHL� &&1/� H� L� &&3/� YHQLVVHUR� GHSRVLWDWL� SUHVVR� LO�0LQLVWHUR� GHO� /DYRUR� H� DWWUDYHUVR� XQD� OHJJH� GHOHJD�WUDVIRUPDWL�LQ�'HFUHWR�/HJLVODWLYR�GHOHJDWR��TXLQGL�LQ�DWWL�QRUPDWLYL�VXESULPDUL�FRQ�IRU]D�GL�OHJJH�RUGLQDULD��6XFFHVVLYDPHQWH�LQWHUYHQQH�OD�&RUWH�&RVWLWX]LRQDOH��FKH�ULFRQREEH�GD�XQ�ODWR�OD�IUDJLOLWj�GL�GLULWWR�GHOOD�OHJJH�9LJRUHOOL�PD�DO�WHPSR�VWHVVR�DIIHUPz�OD�QHFHVVLWj�GL�XQD�WXWHOD�SHU� L�PLOLRQL�GL� ODYRUDWRUL� GHO�SDHVH�H�TXLQGL�DIIHUPz� OD� OHJLWWLPLWj�GHOOD�VWHVVD�� LQ�GLIHVD�GHOO¶LQWHUHVVH�VRFLDOH�FKH� ULFKLHGH�XQD�PLVXUD�VWUDRUGLQDULD��1HO������9LJRUHOOL� IHFH�XQD�VHFRQGD� OHJJH� LGHQWLFD�DOOD�SULPD�H�TXHVWD�YROWD� OD�&RUWH�&RVWLWX]LRQDOH�HPLVH�XQD�VHQWHQ]D�GL�LOOHJLWWLPLWj��DIIHUPDQGR�LO�SULQFLSLR�FKH�D�VLWXD]LRQL�VWUDRUGLQDULH�VL�GHEED�LQWHUYHQLUH�FRQ�PLVXUH�VWUDRUGLQDULH��O¶HPDQD]LRQH�GL�XQD�VHFRQGD�OHJJH�DYUHEEH�DSSOLFDWR�ULPHGL�RUGLQDUL�DG�XQD�VLWXD]LRQH�VWUDRUGLQDULD��/D�OHJJH�9LJRUHOOL�ULPDVH�SHUWDQWR�XQ�FDVR�XQLFR�QHO�QRVWUR�RUGLQDPHQWR��6H�XQ¶LPSUHVD�QRQ�DSSOLFD�XQ�TXLQGL�LO�&&1/�OH�VDUj�DSSOLFDWR�LO�&&1/�GHOOD�OHJJH�9LJRUHOOL��� DOFXQH� OHJJL� DFFRUGDQR� GHWHUPLQDWL� WUDWWDPHQWL� VROR� DOOH� LPSUHVH�FKH�DSSOLFDQR� LO� FRQWUDWWR� FROOHWWLYR�R� FKH� ULFRQRVFRQR�WUDWWDPHQWL� HFRQRPLFL� XJXDOL� �DG� HVHPSLR�� SHU� OD� SDUWHFLSD]LRQH� DJOL� DSSDOWL� SXEEOLFL� RFFRUUH� ULFRQRVFHUH� DL� ODYRUDWRUL�WUDWWDPHQWL� SDUL� D� TXHOOL� YLJHQWL� VWDELOLWL� GDL� &&1/ GL� FDWHJRULD��� 6L� DWWXD� FRVu� XQ� VHFRQGR� SDOOLDWLYR�� GL� IURQWH� DOO¶LOOHJLWWLPLWj�FRVWLWX]LRQDOH� GL� XQD� OHJJH� FKH� FRVWULQJD� GLUHWWDPHQWH� DOO¶DSSOLFD]LRQH� GHO� FRQWUDWWR� FROOHWWLYR� VL� ULPHGLD� FRQ� QXPHURVH� OHJJL� FKH�SUHYHGRQR�O¶DSSOLFD]LRQH�GHJOL�VWHVVL�SHQD�O¶HVFOXVLRQH�GD�GHWHUPLQDWL�EHQHILFL�

',5,772�'(/�/$9252 DSSXQWL�WUDWWL�GDOOH�OH]LRQL��GRFHQWH�SURI�(QULFR�*UDJQROL

3DROR�&RUD]]D��DSSXQWL�GL�GLULWWR�GHO�ODYRURSDJ��

�� XQ�WHU]R�ULPHGLR�YLHQH�GDOO¶DUW��������FRPPD�&RVWLWX]LRQH��³,O�ODYRUDWRUH�KD�GLULWWR�DG�XQD�UHWULEX]LRQH�SURSRU]LRQDWD�DOOD�TXDQWLWj�H�TXDOLWj�GHO�VXR�ODYRUR�H�LQ�RJQL�FDVR�VXIILFLHQWH�DG�DVVLFXUDUH�D�Vp�H�DOOD�IDPLJOLDXQHVLVWHQ]D�OLEHUD�H�GLJQLWRVD�´ /D�SUHYLVLRQH�GHOOD�UHWULEX]LRQH�VXIILFLHQWH�YLHQH�LQWHUSUHWDWD�GDOOD�JLXULVSUXGHQ]D�LQ�PRGR�OLQHDUH��VL�ULFRUUH�VHPSUH�DOOH�UHWULEX]LRQL�VWDELOLWH�GDO� FRQWUDWWR� FROOHWWLYR�� /¶LPSUHVD�SRWUj�DQFRUD�QRQ�DSSOLFDUH� OH�DOWUH�FODXVROH�GHO�&&1/� �SDWWR�GL�SURYD��GLVFLSOLQD�VXOOH�IHULH�� OLFHQ]LDPHQWR�� SHUPHVVL��PDWHUQLWj�� WUDWWDPHQWR� GLVFLSOLQDUH��PDQVLRQL� HFF���PD� QRQ� SRWUj� QRQ� DSSOLFDUH� LO�&&1/�QHOOD�SDUWH�UHODWLYD�DOOD�UHWULEX]LRQH��SRWUj�WXWWDYLD�DSSOLFDUH�WUDWWDPHQWL�PLJOLRUDWLYL��/H� LPSUHVH� FKH� QRQ� DSSOLFDQR� LO� &&1/� VRQR� PROWR� SRFKH�� VRVWDQ]LDOPHQWH� GL� GXH� FDWHJRULH�� SLFFROLVVLPH� LPSUHVH� FKH� JDUDQWLVFRQR� PLQLPL�FRQWUDWWXDOL� LQIHULRUL� DOO¶DUW�� ���� FRQILGDQGR�VXO� IDWWR� FKH�QHVVXQR� IDFFLD� ORUR�FDXVD� �VSHVVR�VL� DYYDOJRQR�GL� ULFDWWL� VRFLDOL�� DWWXDWL� DG�HVHPSLR�QHL�FRQIURQWL�GL�ODYRUDWRUL�H[WUDFRPXQLWDUL�HFF����(VLVWRQR�SRL�DOWUH�LPSUHVH�FKH�QRQ�DSSOLFDQR�L�OLYHOOL�PLQLPL�UHWULEXWLYL�PD�FKH�WDOYROWD��FLz�QRQRVWDQWH��SDJDQR�PROWR� GL� SL��� VRQR� OH� LPSUHVH� FKH� DSSOLFDQR� L� FRQWUDWWL� D� FRWWLPR� �VHQ]D� O¶DSSOLFD]LRQH� GL� XQ� FRQWUDWWR� FROOHWWLYR� QRQ� DSSOLFDQR�PLQLPL�VDODULDOL���8Q�FDVR�VFRODVWLFR�q�TXHOOR�GHOO¶LPSUHVD�0D[�0DUD�GL�5HJJLR�(PLOLD��FKH�WUD�O¶DOWUR�KD�VHPSUH�YLQWR�OH�FDXVH��/¶RELHWWLYR�GL�HOLPLQDUH�LO�³JLRFR�DO�ULEDVVR´�q�FRPXQTXH�UDJJLXQWR�GDL�FRQWUDWWL�FROOHWWLYL��LQ�TXHL�SRFKL�FDVL�GRYH�L�&&1/�QRQ�YHQJRQR�DSSOLFDWL�q�OD�OLEHUWj�GL�VFHOWD�GHL�ODYRUDWRUL�FKH�FRVWULQJH�OH�LPSUHVH�R�DG�DSSOLFDUH�L�&&1/�R�D�QRQ�DSSOLFDUOL�PD�JDUDQWHQGR�FRPXQTXH�GLYHUVH�FRQGL]LRQL�QRQ�SHJJLRUDWLYH�/D�FDWHJRULD�QRQ�KD�XQD�EDVH�OHJDOH��q�IUXWWR�VROR�GHOOD�OLEHUD�VFHOWD�GHL�VRJJHWWL�VLQGDFDOL�(VLVWRQR�TXLQGL�WUH�FDWHJRULH�GL�LPSUHVH�D� OH�LPSUHVH�FKH�QRQ�YRJOLRQR�DSSOLFDUH�QHVVXQ�FRQWUDWWR�FROOHWWLYR�E� OH�LPSUHVH�LVFULWWH�DO�VLQGDFDWR�IHGHUD]LRQH��REEOLJDWH�DOO¶DSSOLFD]LRQH�GHO�&&1/�F� OH�LPSUHVH�QRQ�LVFULWWH�DO�VLQGDFDWR�IHGHUD]LRQH�PD�FKH�DSSOLFDQR�FRPXQTXH�LO�&&1/�4XHVWH�XOWLPH�KDQQR� IDFROWj�GL�VFHOWD�QHO� WLSR�GL�FRQWUDWWR�FKH�VFHOJRQR�GL�DSSOLFDUH�� WUD� OD�YDVWD�JDPPD�GL�&&1/�HVLVWHQWL��6RQR�IDPRVH� LQ�WDO�VHQVR� OH� VFHOWH� GL�(�ELVFRP�6SD�� �D]LHQGD�GL� VHUYL]L� H�7/&�TXRWDWD� LQ�ERUVD�FKH�DSSOLFD� LO� FRQWUDWWR�GHOOH� LPSUHVH�PHWDOPHFFDQLFKH���GL�$UWKXU�$QGHUVHQ� � &R�� �FRQVXOHQ]H� EDQFDULH� H� GLYHUVH�� DSSOLFD� LO� FRQWUDWWR� GHOOH� LPSUHVH� PHWDOPHFFDQLFKH��� GL� ,)2$� �HQWH� UHJLRQDOH� GL� IRUPD]LRQH�SURIHVVLRQDOH��DSSOLFD� LO�FRQWUDWWR�GHOOH� LPSUHVH�PHWDOPHFFDQLFKH���7XWWH�QHO�ULVSHWWR�GHO� OLPLWH� LPSRVWR�GDOO¶DUW�����&RVWLWX]LRQH��L� OLYHOOL�UHWULEXWLYL�VDUDQQR� SDUL� D� TXHOOL� GL� FDWHJRULD��� PHQWUH� SHU� JOL� DOWUL� LVWLWXWL� �IHULH�� SHUPHVVL�� WUDVIHULPHQWL�� SRWHUH� GLVFLSOLQDUH�� GLULWWL� VLQGDFDOL� HFF�� SRVVRQR�DSSOLFDUH�OH�FODXVROH��SL��IDYRUHYROL�DOOH�LPSUHVH��QDWXUDOPHQWH��GHO�UHODWLYR�&&1/�DGRWWDWR�3HU�ILQLUH�XQD�ULIOHVVLRQH��LO�VLVWHPD�VLQGDFDOH�LWDOLDQR�q�EDVDWR�VXOOH�GLIIHUHQ]H��QRQ�q�XQ�VLVWHPD�GL�WLSR�XJXDOLWDULVWLFR�Qp�XQ�VLVWHPD�EDVDWR�VXO�PHULWR��(¶�XQ�VLVWHPD�EDVDWR�VXOOD�FDWHJRULD��JOL�LQGLYLGXL��DQFKH�SHU�LGHQWLFKH�PDQVLRQL��VRQR�SDJDWL�FRQ�UHWULEX]LRQL�GLYHUVH��'DO�FRQWUDWWR�SHJJLRUH��VWXGL� SURIHVVLRQDOL�� D� TXHOOR� PLJOLRUH� �RSHUDL�� LPSUHVH� HOHWWULFKH�� LPSLHJDWL�� EDQFKH�� FL� VRQR� HQRUPL� GLIIHUHQ]H� VDODULDOL�� VSHVVR� QHOO¶RUGLQH� GHO�GRSSLR�D�SDULWj�GL�PDQVLRQL��/H�UDJLRQL�VWRULFKH�FKH�KDQQR�SRUWDWR�D�TXHVWR�ULVXOWDWR�VRQR�HYLGHQWL�

',5,772�'(/�/$9252 DSSXQWL�WUDWWL�GDOOH�OH]LRQL��GRFHQWH�SURI�(QULFR�*UDJQROL

3DROR�&RUD]]D��DSSXQWL�GL�GLULWWR�GHO�ODYRUR SDJ��

/H]LRQH�GHO�����������/H]LRQH�VXOOR�67$*(�H�VXO�7,52&,1,2�GRWW��/XFD�=DFFDUHOOL� FRQVXOHQWH�GHO� ODYRUR�± GLULJHQWH�QHOO¶DVVRFLD]LRQLVPR�± UHVSRQVDELOH�8IILFLR�/HJDOH�&1$�&RQIHGHUD]LRQH�QD]LRQDOH�$UWLJLDQDWR�/D�OH]LRQH�GL�RJJL�q�LQVHULWD�QHO�SURJUDPPD�VX�VROOHFLWD]LRQH�GHO�FROOHJLR�GHL�GRFHQWL��LQ�YLVWD�GHOO¶LPSHJQR�ILQDOH�GHJOL�VWXGHQWL�LQ�VWDJH�H�WLURFLQL�IRUPDWLYL�DOO¶LQWHUQR�GL�D]LHQGH�QRQ�SURILW'LULWWL�H�GRYHUL�GXUDQWH�OR�VWDJH�LQIRUPDWLYR�² FRPSUHQGHUH�JOL�VWUXPHQWL�GHOOR�VWDJH,�WLURFLQL�IRUPDWLYL�QRQ�VRQR�DWWLYLWj�GL�FDUDWWHUH�VXERUGLQDWR��QRQ�VRQR�UHWULEXLWL��LPSOLFDQR�LO�YDQWDJJLR�LPPDWHULDOH�GHOOD�IRUPD]LRQH�DOO¶LQWHUQR�GL�XQ¶RUJDQL]]D]LRQH�SURGXWWLYD��/R�VFRSR�GHOOD�OH]LRQH�RGLHUQD�q�TXHOOR�GL�IRUQLUH�JOL�VWUXPHQWL�XWLOL�DOOD�FRPSUHQVLRQH�GHL�WLURFLQL� IRUPDWLYL� GD� XQ� SXQWR� GL� YLVWD� JLXULGLFR� H� RSHUDWLYR�� *OL� VWDJH� D]LHQGDOL� VRQR� GLYHQWDWL� GD� TXDOFKH� DQQR� XQR� VWUXPHQWR�IRQGDPHQWDOH�GL�LQJUHVVR�QHO�PRQGR�GHO�ODYRUR��'D�XQ�SXQWR�GL�YLVWD�VRFLRHFRQRPLFR�SRVVLDPR�RJJL�LQGLYLGXDUH�L�GXH�VWUXPHQWL�SL��XWLOL]]DWL�SHU�O¶LQJUHVVR�QHO�PRQGR�GHO�ODYRUR�GD�SDUWH�GHL�QHRGLSORPDWL�H�GHL�QHRODXUHDWL�� LO�ODYRUR�LQWHULQDOH��OHJJH������������ L�WLURFLQL�IRUPDWLYL�H�GL�RULHQWDPHQWR�(QWUDPEL� TXHVWL� VWUXPHQWL�� LQ� PRGR� GLYHUVR�� FRQVHQWRQR� XQD� YDOXWD]LRQH� WHPSRUDQHD� GHOOD� SHUVRQD� H� DO� WHPSR� VWHVVR� VRQRVWUXPHQWL�HVWUHPDPHQWH�IOHVVLELOL�H�PRGXODELOL�DOOH�HVLJHQ]H�GHOOH�SDUWL�,�WLURFLQL�IRUPDWLYL�H�GL�RULHQWDPHQWR �OD�GHILQL]LRQH�KD�XQ�SURIRQGR�VLJQLILFDWR�QRUPDWLYR��� ZRUN�H[SHULHQFHV LQ�,QJKLOWHUUD��VWDJHLQ�)UDQFLD�± QRQ�VRQR�XQ� LVWLWXWR�QXRYR�SHU� LO QRVWUR�RUGLQDPHQWR��QRQRVWDQWH� OD� UHFHQWH� UHJRODPHQWD]LRQH��/¶LVWLWXWR�GHO� WLURFLQLR�GHULYD�GDOOD�SUHVD�GL�FRQVDSHYROH]]D�GHJOL�DQQL�¶����TXDQGR�FL�VL�UHVH�FRQWR�FKH�SHU�L�JLRYDQL�XQR�GHL�PRWLYL�GL�PDJJLRU�GLIILFROWj�SHU�WURYDUH� OD� SULPD� RFFXSD]LRQH� HUD� GRYXWR� DOOD�PDQFDQ]D� GL� HVSHULHQ]D� H� FRPSHWHQ]D� SURIHVVLRQDOH��'L� FRQVHJXHQ]D� OH� D]LHQGH�HYLWDYDQR� LQYHVWLPHQWL� D]]DUGDWL� LQ� ODYRUDWRUL� DOOD� SULPD� HVSHULHQ]D� �H� TXHVWR� WXWWRUD� DFFDGH��� 6L� LQWXu� OD� SRVVLELOLWj� GL� VXSHUDUH�TXHVWR�SUREOHPD�FRQ�O¶LQWURGX]LRQH�GHL�WLURFLQL�IRUPDWLYL��/¶HSRFD�q�TXHOOD�GHJOL�DQQL�¶����GRSR�LO�ERRP�HFRQRPLFR�H�LQ�FRQFRPLWDQ]D�FRQ�OD�FULVL�SHWUROLIHUD�H�O¶HVSORVLRQH�GHOOD�GLVRFFXSD]LRQH�&RQ�LO�'/��������������� YLHQH�LQWURGRWWR�O¶LVWLWXWR�GHL�WLURFLQL�IRUPDWLYL��9LHQH�GHOHJDWR�DOOH�5HJLRQL�LO�FRPSLWR�GL�RUJDQL]]DUH�SHULRGL�GL� IRUPD]LRQH� VXO� ODYRUR� SUHVVR� LPSUHVH� VLQJROH� H� DVVRFLDWH�� LO� SHULRGR� GL� IRUPD]LRQH� QRQ� SRWUj� HFFHGHUH� OD� GXUDWD� GL� VHL�PHVL��FRQVLGHUDWR�SHULRGR�PHGLR�H�VXIILFLHQWH�SHU�FRPSUHQGHUH�XQD�UHDOWj�HFRQRPLFD��,O�'/�SUHYHGH�LO�GLYLHWR�GL�DGLELUH�L�IRUPDQGL�D�ODYRUL�DYHQWL� ILQDOLWj�SURGXWWLYH�� OR� VFRSR�SULPDULR�GHO� WLURFLQLR�QRQ�q�TXHOOR�GL� JDUDQWLUH�PDQRGRSHUD�D� FRVWR� ]HUR�SHU� OH�D]LHQGH�PD�GL�FRQVHQWLUH�DL�JLRYDQL�LO�FRPSLPHQWR�GL�XQ¶HVSHULHQ]D�SURIHVVLRQDOL]]DQWH�/D QRUPDWLYD�RJJL�HVLVWHQWH�q�GDWD�GDO�G3F0������������Q�������/D� OHJJH�Q���������������� q�OD� OHJJH�TXDGUR�LQ�PDWHULD�GL�IRUPD]LRQH�SURIHVVLRQDOH��,Q�SDUWLFRODUH�O¶DUW������RJJL�DEURJDWR��SDUOD�GHL� WLURFLQL�GHJOL�(QWL�GL�)RUPD]LRQH�5HJLRQDOH�� L�TXDOL�SRWHYDQR�VWLSXODUH�FRQ� OH� LPSUHVH�FRQYHQ]LRQL�SHU� O¶HIIHWWXD]LRQH�SUHVVR� OH�LPSUHVH�PHGHVLPH� GL� SHULRGL� GL� WLURFLQLR� H� GL� HVSHULHQ]D�� ,O� WHU]R� FRPPD� LQ� SDUWLFRODUH� VSHFLILFD� FKH� ³«OH� DWWLYLWj� IRUPDWLYH� GHL�WLURFLQDQWL�VRQR�ILQDOL]]DWH�DOO¶DSSUHQGLPHQWR�H�QRQ�D�VFRSL�GL�SURGX]LRQH�D]LHQGDOH«´�/D� SULPD� UHJRODPHQWD]LRQH� RUJDQLFD� H� FRPSOHWD� LQ� PDWHULD�� FRPSUHQGHQWH� GLULWWL� H� GRYHUL� GHOOH� SDUWL�� UHPXQHUD]LRQH�� RUDUL��FRQYHQ]LRQL�HFF���YLHQH�HPDQDWD�FRQ�'/�����������/D�YLD�GL�HPHUJHQ]D�VL�JLXVWLILFD�FRQ�LO�WHQWDWLYR GL�ULQYLJRULPHQWR�GHL�FRQWUDWWL�GL�VROLGDULHWj��/������������ OR�VWHVVR�'/�FRQWLHQH�LQWHUYHQWL� LQ�PDWHULD�GL�UHYLVLRQH�GHOOD�PRELOLWj��1HO�'/�����������Q������FRQYHUWLWR�QHOOD� /HJJH� Q�� ����� DOFXQL� GLIHWWL� HUDQR� HYLGHQWL�� O¶D]LHQGD� SHU� RVSLWDUH� L� WLURFLQDQWL� DYHYD� ELVRJQR� GHO� SUHYHQWLYR� QXOOD� RVWD� GHO�VLQGDFDWR�GHL�ODYRUDWRUL��LO�GDWRUH�GL�ODYRUR�HUD�WHQXWR�DG�DVVLFXUDUH�LO�WLURFLQDQWH�VLD�DOO¶,1$,/�FKH�SUHVVR�XQD�FRPSDJQLD�DVVLFXUDWLYD�SULYDWD�SHU� OD� FRSHUWXUD�5&�� L� WLURFLQL� DYHYDQR�XQD�GXUDWD�EUHYLVVLPD� �GXH�WUH�PHVL��� OH�FRQYHQ]LRQL�GRYHYDQR�HVVHUH�FRQIRUPL�D�FULWHUL� GHILQLWL� GDO� 0LQLVWHUR� GHO� /DYRUR� LQ� LQWHVD� FRQ� LO� 0LQLVWHUR� GHOOD� 3XEEOLFD� ,VWUX]LRQH�� 0LQLVWHUR� GHOO¶8QLYHUVLWj�� 5HJLRQH��DVVRFLD]LRQL�GDWRULDOL��RUJDQL]]D]LRQL�VLQGDFDOL«�FRQYHQ]LRQL�FKH�QRQ�IXURQR�PDL�VWLSXODWH�7XWWL�L�GLIHWWL�GHO�'/����������FRQYHUWLWR�OHJJH�����YHQJRQR�SRL�HOLPLQDWL�GDO�'HFUHWR�0LQLVWHULDOH�0LQLVWHUR�GHO�/DYRUR���������Q����� ³5HJRODPHQWR� UHFDQWH� QRUPH� GL� DWWXD]LRQH� GHL� SULQFLSL� H� GHL� FULWHUL� GL� FXL� DOO¶DUW�� ��� GHOOD� OHJJH� �������� Q�� ���� VXL� WLURFLQL�IRUPDWLYL�H�GL�RULHQWDPHQWR´�/D� OHJJH� 7UHX� ������ q� OD� OHJJH� VXO� ODYRUR� LQWHULQDOH� �SULPL� ������ DUWLFROL�� H� GL� ULIRUPD� GHOO¶DSSUHQGLVWDWR�� q� XQD� OHJJH� PROWR�LPSRUWDQWH�� LQ�DWWXD]LRQH�GHOO¶LPSHJQR� LQ�PDWHULD�GL�SROLWLFD�RFFXSD]LRQDOH�GHO�*RYHUQR�QHL�FRQIURQWL�GHOOH�SDUWL�VRFLDOL��/D�ULIRUPD�GHJOL�VWDJH�VL�LQVHULVFH�QHOOD�SL��FRPSOHVVLYD�ULIRUPD�GHOOD�IRUPD]LRQH�SURIHVVLRQDOH��DUW�����OHJJH�7UHX���QRQ�DQFRUD�FRPSLXWDPHQWH�DWWXDWD�,O�'0��������HQWUD� LQ�YLJRUH� LO�������������q� TXHVWD� OD�GDWD�GL�FRQILQH� WUD� OD�YHFFKLD�H� OD�QXRYD�GLVFLSOLQD� �IDWWH�VDOYH� OH�YHFFKLH�FRQYHQ]LRQL�VWLSXODWH�LQ�EDVH�DOO¶DUW����'/���������'0���������FRPPHQWR�GHJOL�DUWLFROL$UW� �� FRPPD����$O� ILQH� GL� UHDOL]]DUH�PRPHQWL� GL� DOWHUQDQ]D� WUD� VWXGLR� H� ODYRUR� QHOO¶DPELWR� GHL� SURFHVVL� IRUPDWLYL« L�WLURFLQL� IRUPDWLYL UHDOL]]DQR� O¶DOWHUQDQ]D� WUD� VWXGLR� H� ODYRUR�� SHUPHWWRQR� DOOR� VWXGHQWH� GL� LQWHJUDUH� LO� VXR�FXUULFXOXP��IDQQR�LQ�PRGR�FKH�OD�FRQRVFHQ]D�WHRULFD��VFXROD��VL�DEELQL�DOOD�FRQRVFHQ]D�SUDWLFD��LPSUHVD��«�H�GL�DJHYRODUH�OH�VFHOWH�SURIHVVLRQDOL� PHGLDQWH� OD� FRQRVFHQ]D� GLUHWWD� GHO� PRQGR� GHO� ODYRUR«�VL� WUDWWD� LQ� TXHVWR� FDVR� GHL� WLURFLQL� GL�RULHQWDPHQWR��LO�WLURFLQLR�GHYH�GDUH�OD�SRVVLELOLWj�GL�IDUH�VFHOWH�SURIHVVLRQDOL�PHGLWDWH��L�WLURFLQL�GL�IRUPD]LRQH�H�TXHOOL�GL�RULHQWDPHQWR�KDQQR�GXUDWH��XWHQWL��IUXLWRUL��VFRSL�GLYHUVL�IUD�ORUR��LO�'0�SUHYHGH�SRL�XQD�WHU]D�FDWHJRULD�GL�WLURFLQL��TXHOOL�GL�IRUPD]LRQH�SURIHVVLRQDOH��XQLFR�UHTXLVLWR�VRJJHWWLYR�SHU�HVVHUH�WLURFLQDQWL�q�O¶DVVROYLPHQWR�GHOO¶REEOLJR�VFRODVWLFR�«VRQR�SURPRVVL� WLURFLQL� IRUPDWLYL�H�GL�RULHQWDPHQWR�D� IDYRUH�GL�VRJJHWWL�FKH�DEELDQR�JLj�DVVROWR� O¶REEOLJR�VFRODVWLFR�DL�VHQVL�GHOOD�OHJJH« FLz�VLJQLILFD�FKH�VL�SXz�HVVHUH�WLURFLQDQWL�DQFKH�LQ�HWj�DYDQ]DWD�

',5,772�'(/�/$9252 DSSXQWL�WUDWWL�GDOOH�OH]LRQL��GRFHQWH�SURI�(QULFR�*UDJQROL

3DROR�&RUD]]D��DSSXQWL�GL�GLULWWR�GHO�ODYRURSDJ���

&RPPD���� ,� UDSSRUWL� FKH� L� GDWRUL� GL� ODYRUR�SULYDWL� H�SXEEOLFL� LQWUDWWHQJRQR�FRQ� L� VRJJHWWL� GD�HVVL� RVSLWDWL� DL� VHQVL� GHO�FRPPD� ,�� QRQ� FRVWLWXLVFRQR� UDSSRUWL� GL� ODYRUR� ,O� WLURFLQDQWH� QRQ� q� XQ� GLSHQGHQWH�� QRQ� KD� XQ� RUDULR� GL� ODYRUR�� QRQ�qVRJJHWWR�DO�SRWHUH�GLVFLSOLQDUH��,O�FRPPD���LQWURGXFH�XQD�SUHVXQ]LRQH�MXULV�WDQWXP�H�QRQ�XQ�D�SUHVXQ]LRQH MXULV�GH�MXUH��LO� WLURFLQDQWH�SXz�IRUQLUH� OD�SURYD�FRQWUDULD��GLPRVWUDQGR�FKH�OH�FRVH�VRQR�DQGDWH�LQ�PRGR�GLYHUVR�H�IDU�ULFRQRVFHUH�LO�WLURFLQLR� FRPH� UDSSRUWR�GL� ODYRUR��6LJQLILFD� FKH� LO� WLURFLQDQWH� FKH�YLHQH� WUDWWDWR�FRPH�XQ�GLSHQGHQWH�HG� LQVHULWR� LQ�XQ�FRPSOHVVR�SURGXWWLYR�SXz�HVSHULUH�XQ¶D]LRQH�OHJDOH�SHU�GLPRVWUDUH�FKH�LQ�UHDOWj�KD�VYROWR�PDQVLRQL�H�IXQ]LRQL�ODYRUDWLYH��VH�YLQFH�OD�FDXVD��SXz�HVVHUH�DVVXQWR�FRPH�ODYRUDWRUH�VXERUGLQDWR�,�UDSSRUWL�FRQ�L�WLURFLQDQWL�SRVVRQR�HVVHUH�LQVWDXUDWL�FRQ�HQWL�SXEEOLFL�H�SULYDWL��QRYLWj�ULVSHWWR�DOOD�GLVFLSOLQD�SUHYLGHQWH��TXDQGR�VL�SRWHYD�VYROJHUH�LO�WLURFLQLR�VROR�DOO¶LQWHUQR�GL�LPSUHVH��&RPPD����LQWURGXFH�OLPLWL�LQ�PHULWR�DO�QXPHUR�GL�WLURFLQDQWL�LQVHULELOL�QHOOH�VWUXWWXUH�GHL�GDWRUL�GL�ODYRUR�� D]LHQGH�FRQ�QRQ�SL��GL�FLQTXH�GLSHQGHQWL�D�WHPSR�LQGHWHUPLQDWR����WLURFLQDQWH�� D]LHQGH� FRQ� QXPHUR� GL� GLSHQGHQWL� GD� VHL� D� GLFLDQQRYH� D� WHPSR� LQGHWHUPLQDWR�� DO� PDVVLPR� �� WLURFLQDQWL�FRQWHPSRUDQHDPHQWH�� D]LHQGH�FRQ�QXPHUR�GL�GLSHQGHQWL�GD�YHQWL�LQ�VX�D�WHPSR�LQGHWHUPLQDWR��WLURFLQDQWL�LQ�QXPHUR�QRQ�VXSHULRUH�DO�����GHO�WRWDOH�GHL�GLSHQGHQWL��VL�DUURWRQGD�DOO¶XQLWj�QXPHULFD�VXSHULRUH�LQ�FDVR�GL�IUD]LRQH�VXSHULRUH�DOOD�PHWj��1RQ�VL�FRQWDQR�JOL�DSSUHQGLVWL�&)/�H�L�UDSSRUWL�D�WHUPLQH�1RQ� VL� SRVVRQR� DWWLYDUH� WLURFLQL� VH� QHL� ���PHVL� SUHFHGHQWL� VL� q� SURYYHGXWR� D� ULGX]LRQH� GL� SHUVRQDOH�� ,O�0LQLVWHUR� GHO�/DYRUR� KD� VWDELOLWR� FKH� DQFKH� OH� SLFFROH� LPSUHVH� QHOOH� TXDOL� VLDQR� RFFXSDWL� LQ� YLD� FRQWLQXDWLYD� VRFL� H�R� FROODERUDWRUL�IDPLOLDUL��SRVVRQR�DYYDOHUVL�GL�WLURFLQL�IRUPDWLYL�H�GL�RULHQWDPHQWR��YHGDVL�VRFL�ODYRUDWRUL�QHOOH�FRRSHUDWLYH��$UW�� �� FRPPD� ���0RGDOLWj� GL� DWWLYD]LRQH��3RVVRQR� SURPXRYHUH� WLURFLQL� IRUPDWLYL� H� GL� RULHQWDPHQWR�� OH� DJHQ]LH� SHU�O¶LPSLHJR� H� OH� VH]LRQL� FLUFRVFUL]LRQDOL� SHU� O¶LPSLHJR� �GHILQL]LRQH� VXSHUDWD�� RJJL� OH� IXQ]LRQL� GHO� FROORFDPHQWR� YHQJRQR�VYROWH�GDOOH�5HJLRQL�H�GDL�FHQWUL�SHU�O¶LPSLHJR���OH�XQLYHUVLWj��L�SURYYHGLWRUDWL�DJOL�VWXGL��OH�LVWLWX]LRQL�VFRODVWLFKH�VWDWDOL�H�QRQ� VWDWDOL� ULFRQRVFLXWH�� L� FHQWUL� SXEEOLFL� R� D� SDUWHFLSD]LRQH� SXEEOLFD� GL� IRUPD]LRQH� SURIHVVLRQDOH�� OH� FRPXQLWj�WHUDSHXWLFKH��OH�FRRSHUDWLYH�VRFLDOL�LVFULWWH�QHJOL�DOEL�UHJLRQDOL��L�VHUYL]L�GL�LQVHULPHQWR�ODYRUDWLYR�SHU�L�GLVDELOL�JHVWLWL�GDJOL�HQWL�SXEEOLFL�GHOHJDWL�GDOOD�5HJLRQH�/D� QRYLWj� q� LQWURGRWWD� GDO� FRPPD� ��� L WLURFLQL� SRVVRQR� HVVHUH� SURPRVVL� DQFKH� GD� LVWLWX]LRQL� IRUPDWLYH� SULYDWH� H� GD�VRJJHWWL�SULYDWL�LQ�JHQHUDOH��DQFKH�L�SULYDWL�SRVVRQR�SURPXRYHUH�WLURFLQL�D�FRQGL]LRQH�FKH�VL�WUDWWL�GL�VRJJHWWL�VHQ]D�VFRSR�GL�OXFUR�H�LQ�SRVVHVVR�GL�DXWRUL]]D]LRQH�UHJLRQDOH��$UW�����*DUDQ]LH�DVVLFXUDWLYH��LO�WLURFLQDQWH�YD�DVVLFXUDWR�DOO¶,1$,/��O¶DVVLFXUD]LRQH�q�D�FDULFR�GHO�VRJJHWWR�SURPRWRUH��QHO�QRVWUR� FDVR�� O¶XQLYHUVLWj��� (¶� SUHYLVWD� DQFKH� XQD� FRSHUWXUD� SHU� OD� 5&� YHUVR� WHU]L� GD� IDUVL� SUHVVR� XQD� FRPSDJQLD�DVVLFXUDWLYD�SULYDWD��VHPSUH�D�FDULFR�GHO�SURPRWRUH���1HO�FDVR�GL�WLURFLQL�SURPRVVL�GD�VWUXWWXUH�SXEEOLFKH�FRPSHWHQWL�LQ�PDWHULD�GL�FROORFDPHQWR��LO�GDWRUH�GL�ODYRUR�SXz�DVVXPHUVL�TXHVWL�REEOLJKL��GHURJD�QRQ�SL��DWWXDELOH��LQ�UHDOWj�RJJL�L�&HQWUL�SHU� O¶,PSLHJR��FKH�GLSHQGRQR�GDOOH�3URYLQFH��KDQQR�IRQGL�D�VXIILFLHQ]D���1HO�WHU]R�FRPPD�VL�GLFH�FKH�LO�SUHPLR�,QDLO�q�SDUL�DO���SHU�PLOOH�VXOOD�UHWULEX]LRQH�FRQYHQ]LRQDOH�$UW�����WXWRUDJJLR�H�PRGDOLWj�HVHFXWLYH��LO�WLURFLQDQWH�q�VHJXLWR�GDO�WXWRU�H�GDO�UHVSRQVDELOH�D]LHQGDOH�SHUO¶LQVHULPHQWR��,O�WXWRU� q� QRPLQDWR� GDO� VRJJHWWR� SURPRWRUH�� PHQWUH� LO� UHVSRQVDELOH� D]LHQGDOH� q� QRPLQDWR� GDOOD� VWUXWWXUD� RVSLWDQWH� ����FRPPD��L�VRJJHWWL�FKH�RVSLWDQR�L�WLURFLQDQWL�LQGLFDQR�LO�UHVSRQVDELOH�D]LHQGDOH�GHOO¶LQVHULPHQWR�FXL�IDUH�ULIHULPHQWR«���,O�VHFRQGR�FRPPD�SDUOD�GHOOH�FRQYHQ]LRQL�QHFHVVDULH�OD�FXL�VWLSXOD�DYYLHQH�WUD�LO�VRJJHWWR�SURPRWRUH�H�L�VRJJHWWL�RVSLWDQWL��VL�SDUOD�LQROWUH�GHO�SURJHWWR�IRUPDWLYR��LQGLYLGXDOH�H�SHUVRQDOH�SHU�RJQL�WLURFLQDQWH�$UW����FRQYHQ]LRQL��L�PRGHOOL�VRQR�ILVVDWL�GDO�0LQLVWHUR�H�VRQR�DOOHJDWL�DO�'0���������OH�FRQYHQ]LRQL�GHEERQR�HVVHUH�IDWWH�QHO�ULVSHWWR�GHL�PRGHOOL�PLQLVWHULDOL��,�VRJJHWWL�SURPRWRUL�GHYRQR�SHU�FRQRVFHQ]D�WUDVPHWWHUH�FRSLD�GHOOD�FRQYHQ]LRQH�H�FRSLD�GL�FLDVFXQ�SURJHWWR�IRUPDWLYR�H�GL�RULHQWDPHQWR�DOOD�5HJLRQH��DO�0LQLVWHUR�GHO�/DYRUR�H�GHOOD�3UHYLGHQ]D�6RFLDOH�FRPSHWHQWH�LQ�PDWHULD�GL�LVSH]LRQH��,VS�/DYRUR�RJJL�'LU�3URY�/DYRUR��H�DO�UDSSUHVHQWDQWH�VLQGDFDOH�WHUULWRULDOH�$UW�� � YDORUH� GHL� FRUVL�� OH� DWWLYLWj� VYROWH� SRVVRQR� DYHUH� YDORUH� GL� FUHGLWR� IRUPDWLYR�� SRVVRQR� HVVHUH� ULSRUWDWH� QHO�FXUULFXOXP�GHOOR�VWXGHQWH��WLURFLQL�IRUPDWLYL��R�GHO�ODYRUDWRUH��WLURFLQL�GL�ULTXDOLILFD]LRQH��$UW��� GXUDWD��LO�WHPSR�PDVVLPR�GL�GXUDWD�GHL�WLURFLQL�IRUPDWLYL�H�GL�RULHQWDPHQWR�D��QRQ�VXSHULRUH�D�TXDWWUR�PHVL�QHO�FDVR�GL�VWXGHQWL�EHQHILFLDUL�FKH�IUHTXHQWDQR�OD�VFXROD�VHFRQGDULD�F�� QRQ� VXSHULRUH� D� VHL�PHVL� QHO� FDVR� GL� DOOLHYL� EHQHILFLDUL� GHJOL� LVWLWXWL� SURIHVVLRQDOL� GL� 6WDWR�� GHL� FRUVL� GL� IRUPD]LRQH�SURIHVVLRQDOH��GL�VWXGHQWL�IUHTXHQWDQWL�DWWLYLWj�IRUPDWLYH�SRVWGLSORPD�R�SRVWODXUHD�G��QRQ�VXSHULRUH�D�GRGLFL�PHVL�QHO�FDVR�GL�VWXGHQWL�EHQHILFLDUL�XQLYHUVLWDUL«D��F��G��IDQQR�ULIHULPHQWR�DL�WLURFLQL�IRUPDWLYLE��QRQ�VXSHULRUH�D�VHL�PHVL�QHO�FDVL�GL�VRJJHWWL�EHQHILFLDUL�ODYRUDWRUL�LQRFFXSDWL�R�GLVRFFXSDWL«VRQR�L�WLURFLQL�GHO�WHU]R�WLSR��FLRq�TXHOOL�GL�ULTXDOLILFD]LRQH�SURIHVVLRQDOHH��H�I��VRQR�ULYROWL�DOOH�SHUVRQH�VYDQWDJJLDWH��GXUDWD�QRQ�VXSHULRUH�D����PHVL�QHO�FDVR�GL�VRJJHWWL�SRUWDWRUL�GL�KDQGLFDS«�VRQR�L�WLURFLQL�GL�RULHQWDPHQWR$UW��� HVWHQVLELOLWj�DL� FLWWDGLQL� VWUDQLHUL�� OD�GLVFLSOLQD�VL�DSSOLFD�DQFKH�DL�FLWWDGLQL�FRPXQLWDUL�FKH�HIIHWWXDQR�HVSHULHQ]H�SURIHVVLRQDOL�LQ�,WDOLD��,O�'0�VL�DSSOLFD�DQFKH�DL�FLWWDGLQL�H[WUDFRPXQLWDUL��$UW��� VL�RFFXSD�GHOOH�SURFHGXUH�GL�ULPERUVR��,PSRUWDQWH�q�LO�WHU]R�FRPPD��LO�'0�q�O¶XQLFD�GLVFLSOLQD�QD]LRQDOH�XQLWDULD�LQ�PDWHULD�GL�WLURFLQL��XQLFD�GHURJD�q�O¶HFFH]LRQH�LQWURGRWWD�SHU�OH�LVWLWX]LRQL�VFRODVWLFKH�GL�UHDOL]]DUH�HVSHULHQ]H�GL�VWDJH�H�WLURFLQLR�LQFOXVH�QHL�SLDQL�GL�VWXGLR��WLURFLQL�GHL�SLDQL�GL�VWXGLR�VFRODVWLFR�± VFXROH�PHGLH�VXSHULRUL��$UW�� �� DEURJD� WXWWH� OH� QRUPH�SUHYLGHQWL��5HVWDQR� RSHUDWLYH� OH� HYHQWXDOL� FRQYHQ]LRQL� VWLSXODWH� LQ� EDVH� DO�'/� �������TXDQGR�DQFRUD�SURGXFRQR�L�ORUR�HIIHWWL�2EEOLJKL�GHO�GDWRUH�GL�ODYRUR�H�REEOLJKL�GHO�WLURFLQDQWH

',5,772�'(/�/$9252 DSSXQWL�WUDWWL�GDOOH�OH]LRQL��GRFHQWH�SURI�(QULFR�*UDJQROL

3DROR�&RUD]]D��DSSXQWL�GL�GLULWWR�GHO�ODYRUR SDJ���

1RQ�VRQR�HVSOLFLWDWL�QHO�'0��������H�YDQQR�ULFRVWUXLWL�LQ�YLD�LQWHUSUHWDWLYD�ULFRUUHQGR�DOOD�GRWWULQD�H�DOOD�JLXULVSUXGHQ]D��/D�FLUFRODUH�PLQLVWHULDOH�Q�����GHO�������� FL�DLXWD�LQ�WDO�VHQVR�D�� REEOLJKL� GHO� GDWRUH� GL� ODYRUR� RVSLWDQWH �� IDYRULUH� O¶HVSHULHQ]D� GHO� WLURFLQDQWH� PHGLDQWH OD� FRQRVFHQ]D� GLUHWWD� GHL� SURFHVVL�SURGXWWLYL� R� GHOO¶RUJDQL]]D]LRQH� D]LHQGDOH� R� GHOOD� SURGX]LRQH� GHL� VHUYL]L�� GHVLJQDUH� LO� UHVSRQVDELOH� D]LHQGDOH� SHU� O¶LQVHULPHQWR��ULVSHWWDUH�OD�GLJQLWj�H�OD�SHUVRQDOLWj�GHO�WLURFLQDQWH��JDUDQWLUH�OD�VLFXUH]]D�H�OD�VDOXWH GHO�WLURFLQDQWH�VXO�OXRJR�GL�ODYRUR��LO�WLURFLQLR�QRQ�SXz� HVVHUH� SUHYLVWR� H� DWWXDWR� SHU� TXDOLILFKH� GL� HVLJXR� FRQWHQXWR� SURIHVVLRQDOH� �QRQ� VDUHEEH� LQ� OLQHD� FRQ� OR� VFRSR� IRUPDWLYR� H�RULHQWDWLYR��LO�ODYRUL�QRQ�GHEERQR�DYHUH�EDVVR�FRQWHQXWR�SURIHVVLRQDOH��E� REEOLJKL�GHO� WLURFLQDQWH�� VYROJHUH�FRQ�FXUD� OH�DWWLYLWj�SUHYLVWH�GDO�SURJHWWR� IRUPDWLYR�� ULVSHWWDUH� OH�QRUPH� LQ�PDWHULD�GL� LJLHQH��VLFXUH]]D�H�VDOXWH�VXO�ODYRUR��VHJXLUH�OH�LQGLFD]LRQL�GHO�WXWRU�H�GHO�UHVSRQVDELOH�D]LHQGDOH�SHU�O¶LQVHULPHQWR��ULVSHWWDUH�L UHJRODPHQWL�D]LHQGDOL�� O¶DPELHQWH�GL� ODYRUR�H� O¶RUDULR�HYHQWXDOPHQWH�FRQFRUGDWR�FRQ� LO�GDWRUH�GL� ODYRUR��VH�PLQRUH��RFFRUUH� O¶DXWRUL]]D]LRQH�GHO�VRJJHWWR�FKH�HVHUFLWD�OD�SRWHVWj�JHQLWRULDOH�,VSH]LRQL�H�FRQWUROOL,O�SRWHUH�GL� LVSH]LRQH�QHOOH�D]LHQGH�VSHWWD�DOOD�GLUH]LRQH�SURYLQFLDOH�GHO�ODYRUR�± VHUYL]LR�LVSH]LRQL��6L�UDPPHQWD�FKH�O¶LVSHWWRUH�SHU�SRWHU� HQWUDUH� LQ� D]LHQGD� GHYH� HVVHUH� QRPLQDWR� FRPH� WDOH�� LQ� TXDQWR� XIILFLDOH� GL� SROL]LD� JLXGL]LDULD� FRQ� SRWHUL� H� GRYHUL� VSHFLILFL��GLYHUVDPHQWH�GDJOL� LVSHWWRUL�GHOO¶,QSV�FKH�QRQ KDQQR�FRPSHWHQ]D�LQ�PDWHULD���3RWHUH�GL�YHULILFD�VXOO¶DQGDPHQWR�GHO�WLURFLQLR�VSHWWD�DQFKH�DO�WXWRU�GHVLJQDWR�GDO�VRJJHWWR�SURPRWRUH�FKH�LQ�RJQL�PRPHQWR�SXz�YHQLUH�LQ�D]LHQGD�SHU�HIIHWWXDUH�GHL�FROORTXL�FRQ�OH�SDUWL�3UREOHPDWLFKH�RSHUDWLYH(PROXPHQWL� ² FRPSHQVL� ² ULPERUVL� VSHVH�� q� XQ� HOHPHQWR� HYHQWXDOH� H� QRQ� REEOLJDWRULR� OD� SRVVLELOLWj� GL� ULFRQRVFHUH� XQ�HPROXPHQWR��QRQ�UHWULEX]LRQH��DO�WLURFLQDQWH��(¶�XQ�DWWR�YRORQWDULR�GHO�GDWRUH�GL�ODYRUR��/¶HURJD]LRQH�GL�XQ�FRPSHQVR�QRQ�WUDVIRUPD�LO�WLURFLQLR� LQ� UDSSRUWR� GL� ODYRUR� VXERUGLQDWR�� VXOO¶HPROXPHQWR� QRQ� VRQR� GRYXWL� FRQWULEXWL� SUHYLGHQ]LDOL�� /¶XQLFD� LSRWHVL� QHOOD� TXDOH� LO�WLURFLQDQWH� SXz� HVLJHUH� XQ� FRPSHQVR� q� TXHOOD� QHOOD� TXDOH� HJOL� ULHVFD� D� GLPRVWUDUH� �DO� WHUPLQH� GL� XQD� FDXVD� GL� ODYRUR�� FKH� LOFRPSHQVR� GLVVLPXOD� XQ� UDSSRUWR� GL� ODYRUR� VXERUGLQDWR�� ,O� QRQ� REEOLJR� GL� FRPSHQVR� q� VXIIUDJDWR� GD� XQ� SDUHUH� GHOOD� 'LUH]LRQH�5HJLRQDOH�GHO�/DYRUR�GHO���������2UDULR�GL�ODYRUR��OD�SUHYLVLRQH�GL�XQ�RUDULR�GL�ODYRUR��GLIIRUPHPHQWH�GD�TXDQWR�VL�SRVVD�SUHVXPHUH��QRQ�q�HOHPHQWR�LQ�FRQWUDVWR�FRQ�LO�WLURFLQLR��/D�SUHYLVLRQH�GL�XQ�RUDULR�GHY¶HVVHUH�ILVVDWD�LQ�FRQYHQ]LRQH�$WWLYLWj� SURSHGHXWLFD� DOOD� IRUPD]LRQH� H� DWWLYLWj� ODYRUDWLYD �� OD� OLQHD� GL� GHPDUFD]LRQH� q� OD� VHJXHQWH�� O¶DWWLYLWj� IRUPDWLYD� GHO�WLURFLQDQWH�QRQ�GHYH ULVSRQGHUH�D� ILQDOLWj�SURGXWWLYH�PD�VRODPHQWH�D� ILQDOLWj�DGGHVWUDWLYH��1RQ�q� ILQDOLWj�DGGHVWUDWLYD� O¶XWLOL]]R�GHO�WLURFLQDQWH� SHU� FRQWLQJHQWL� HVLJHQ]H� GHOO¶D]LHQGD� �UHGD]LRQH� LQYHQWDUL�� VRVWLWX]LRQH� GL� ODYRUDWRUL� DVVHQWL� R� LQIRUWXQDWL�� LPSLHJR�VWDJLRQDOH�GXUDQWH�LQWHQVD�DWWLYLWj�SURGXWWLYD�HFF����,Q�TXHVWL�FDVL�LO�WLURFLQDQWH�FRPSLH�DWWLYLWj�SURGXWWLYD�H�VL�HQWUD�QHOOD�SDWRORJLD�GHO�UDSSRUWR�GL�ODYRUR��(¶�SRVVLELOH�LQVHULUH�QHOOH�FRQYHQ]LRQL�XQD�FODXVROD�GL�LPSHJQR�SHU�O¶DVVXQ]LRQH�DO�WHUPLQH�GHO�WLURFLQLR �D�WHPSR�GHWHUPLQDWR��LQGHWHUPLQDWR��FRQ�&)/�H�DSSUHQGLVWDWR���/D�EXVWD�SDJD�QRQ�VSHWWD�DL�WLURFLQDQWL��YD�GDWD�VROR�DL�GLSHQGHQWL��,�FRPSHQVL�HYHQWXDOPHQWH�HURJDWL�DO�WLURFLQDQWH�VRQR�UHGGLWL�GD�ODYRUR�GLSHQGHQWH��DL�VHQVL�GHOO¶DUW�����78,5���������GHWUD]LRQL��ULWHQXWH�ILVFDOL��&8'�HFF����,O�GDWRUH�GL�ODYRUR�q�VRVWLWXWR�G¶LPSRVWD�&RQFOXVLRQL/D�FDXVD�GHO�FRQWUDWWR��&RUWH�GL�FDVVD]LRQH�VHQWHQ]H�Q������������H�Q�������������q�XQD�FDXVD�SUHDOORFDWLYD��FKH�FRQVLVWH��D��QHO�FRQVHQWLUH�DO�WLURFLQDQWH�GL�HIIHWWXDUH�VFHOWH�SURIHVVLRQDOL�UDJLRQDWH�PHGLDQWH�VSHFLILFKH�RFFDVLRQL�GL�ODYRUR��E��GL�FRQVHQWLUH�DO�GDWRUH�GL�ODYRUR�OD�YDOXWD]LRQH�SURIHVVLRQDOH�GL�XQ�VRJJHWWR�FKH�LQ�IXWXUR�SRWUHEEH�VWDELOPHQWH�HQWUDUH�D�IDU�SDUWH�GHOO¶RUJDQLFR�D]LHQGDOH�1HJOL� DQQL� ¶��� LO WLURFLQLR� HVLVWHYD� VRODPHQWH� QHOOH� OLEHUH� SURIHVVLRQL�� HUD� GHILQLWR� SUDWLFDQWDWR�� 'RSR� VL� GHFLVH� GL� HVWHQGHUH� OD�GLVFLSOLQD� DQFKH� DOOH� D]LHQGH�� /¶RJJHWWR� GHO� FRQWUDWWR� q� O¶LQVHJQDPHQWR� LPSDUWLWR� GDO� GDWRUH� GL� ODYRUR� DL� ILQL� GHOOD� IRUPD]LRQH� H�GHOO¶RULHQWDPHQWR�SURIHVVLRQDOH��/D�&DVVD]LRQH��VHQWHQ]D�Q�������������KD�VWDELOLWR�FKH�LO� WLURFLQLR�QRQ�q�DSSUHQGLVWDWR��FKH�q�XQ�FRQWUDWWR�D�FDXVD�FRPSOHVVD�± LQVHJQDPHQWR�H�UHWULEX]LRQH�GLHWUR�SUHVWD]LRQH�GL� ODYRUR��FRQ�VSHFLILFL� OLPLWL�GL�HWj��������DQQL��� OD�FDXVD�SUHDOORFDWLYD�GHOOR�VWDJH�QRQ�SUHYHGH�SUHVWD]LRQL�ODYRUDWLYH��FKH�SXz�HVVHUH�XWLOL]]DWD�VRODPHQWH�LQ�YLD�VWUXPHQWDOH�

',5,772�'(/�/$9252 DSSXQWL�WUDWWL�GDOOH�OH]LRQL��GRFHQWH�SURI�(QULFR�*UDJQROL

3DROR�&RUD]]D��DSSXQWL�GL�GLULWWR�GHO�ODYRURSDJ���

/H]LRQH�GHO�����������,O�FRQWUDWWR�FROOHWWLYR�H�LO�GRSSLR�OLYHOOR�GL�FRQWUDWWD]LRQH1HOOH� VFRUVH� OH]LRQL� DEELDPR� FHUFDWR� GL� FDSLUH� OH� UDJLRQL� GHOOD� QDVFLWD� GHO� FRQWUDWWR� FROOHWWLYR�� GHOOD� QHFHVVDULD� HIILFDFLD� HUJD� RPQHV� H� GHOOD�QHFHVVDULD� LQGHURJDELOLWj�� $EELDPR� YLVWR� FKH� QHOO¶RUGLQDPHQWR� LWDOLDQR� VRQR� VWRULFDPHQWH� HVLVWLWL� YDUL� WLSL� GL� FRQWUDWWR� FROOHWWLYR�� GDO� FRQWUDWWR�FROOHWWLYR�FRUSRUDWLYR�D�TXHOOR�GL�GLULWWR�FRPXQH��DO�FRQWUDWWR�FROOHWWLYR�GHOOD�OHJJH�9LJRUHOOL��$EELDPR�SRL�YLVWR�FKH�LO�FRQWUDWWR�FROOHWWLYR�GL�FXL�DOO¶DUW�����GHOOD�&RVWLWX]LRQH�HVLVWH�VRODPHQWH�VXOOD�FDUWD�LQ�TXDQWR�QRQ�q�PDL�VWDWD�DGRWWDWD�OD�GLVFLSOLQD�GL�DWWXD]LRQH��$EELDPR�VSLHJDWR�LO�IXQ]LRQDPHQWR�GHOO¶HIILFDFLD�VRJJHWWLYD�GHO�FRQWUDWWR�FROOHWWLYR�,O� FRQWUDWWR� FROOHWWLYR� GL� GLULWWR� FRPXQH� VL� DSSOLFD� DOOD� JHQHUDOLWj� GHL� GLSHQGHQWL� GL� XQD� LPSUHVD�� QRQ� SHU� XQ� SULQFLSLR� GL� SDULWj� GL�WUDWWDPHQWR�EHQVu�SHU� LO�SULQFLSLR�GL�JHQHUDOH�DSSOLFD]LRQH�GHO�FRQWUDWWR�VWHVVR��XQD�YROWD�FKH� O¶LPSUHVD�KD�GHFLVR�GL�DSSOLFDUOR�� OR�DSSOLFD�D� WXWWL�� ,O�FRQWUDWWR�FROOHWWLYR�GLYLHQH�SHUWDQWR�XQD�GLVFLSOLQD�RPRJHQHD�FKH�WURYD�DWWXD]LRQH�QHL�FRQIURQWL�GL� WXWWL� L� ODYRUDWRUL�DGGHWWL� DOO¶LPSUHVD��4XHVWR�QRQ�VLJQLILFD�SHUz� FKH� WXWWH� OH� LPSUHVH�DSSOLFKLQR�DXWRPDWLFDPHQWH� LO� FRQWUDWWR� FROOHWWLYR�� LQ�TXDQWR� OH�LPSUHVH�DSSOLFDQR�LO�&&�IRQGDPHQWDOPHQWH�SHU�GXH�PRWLYL�JLXULGLFL��D��SHUFKp�q�LVFULWWD�DOO¶DVVRFLD]LRQH�GHL�GDWRUL�GL�ODYRUR�FKH�KD�VWLSXODWR� LO� FRQWUDWWR� FROOHWWLYR�� E�� DQFKH�VH�QRQ� LVFULWWD�GHFLGH�DXWRQRPDPHQWH�GL�DSSOLFDUH� LO� FRQWUDWWR�FROOHWWLYR�� LQ�TXDQWR�DOFXQL�EHQHILFL� FRQWULEXWLYL�� OD� SDUWHFLSD]LRQH� DJOL� DSSDOWL� SXEEOLFL�� OD� VWLSXOD]LRQH� GL� DOFXQL� FRQWUDWWL� FRQ� OD� SXEEOLFD� DPPLQLVWUD]LRQH�HFFHWHUD��VRQR�ULVHUYDWL�VROR�DOOH�LPSUHVH�FKH�DSSOLFDQR�LO�&&�1RQ� HVLVWH� TXLQGL� QHVVXQR� VWUXPHQWR� SHU� FRVWULQJHUH� OH� LPSUHVH� DOO¶DSSOLFD]LRQH� GHO� FRQWUDWWR� FROOHWWLYR�� DQFKH� VH� LO� QRVWUR�RUGLQDPHQWR�FHUFD�GL�LQGXUUH�O¶LPSUHVD�DOOD�VXD�DSSOLFD]LRQH�/R�VWUXPHQWR�FKH�JDUDQWLVFH�O¶DSSOLFD]LRQH�GHO�WUDWWDPHQWR�HFRQRPLFR GHL�&&1/�q�IRUQLWR�GDOO¶DUW�����GHOOD�&RVWLWX]LRQH�$UW�����&RVWLWX]LRQH,O� ODYRUDWRUH� KD� GLULWWR� DG� XQD� UHWULEX]LRQH� SURSRU]LRQDWD� DOOD� TXDQWLWj� H� TXDOLWj� GHO� VXR� ODYRUR� H� LQ� RJQL� FDVR�VXIILFLHQWH�DG�DVVLFXUDUH�D�Vp�H�DOOD�IDPLJOLD�XQHVLVWHQ]D�OLEHUD�H�GLJQLWRVD�/D�GXUDWD�PDVVLPD�GHOOD�JLRUQDWD�ODYRUDWLYD�q�VWDELOLWD�GDOOD�OHJJH�,O�ODYRUDWRUH�KD�GLULWWR�DO�ULSRVR�VHWWLPDQDOH�H�D�IHULH�DQQXDOL�UHWULEXLWH��H�QRQ�SXz�ULQXQ]LDUYL�/¶DUW�����FRQWLHQH�XQD�QRUPD�SUHVFULWWLYD��FRQ�GLUHWWD�HIILFDFLD�QHL�UDSSRUWL�WUD�SULYDWL��6LJQLILFD�FKH�LO�GDWRUH�GL�ODYRUR�GHYH�UHWULEXLUH�LO�ODYRUDWRUH� �LQ� VHQVR� ODWR�� TXDOXQTXH� ODYRUDWRUH�� LWDOLDQR�R� VWUDQLHUR� FKH�VLD�� ULVSHWWDQGR� LO� SUHFHWWR� FRVWLWX]LRQDOH�� /D� UHWULEX]LRQH�GHY¶HVVHUH�VXIILFLHQWH�DG�DVVLFXUDUH�D�Vp�H�DOOD�IDPLJOLD�XQ¶HVLVWHQ]D�OLEHUD�H�GLJQLWRVD ��0D�FRPH�VWDELOLUH�TXDQGR�XQD�UHWULEX]LRQH�q�VXIILFLHQWH"�&L�VL�ULIj�DL�PLQLPL�SUHYLVWL�GDL�FRQWUDWWL�FROOHWWLYL��(¶�TXHVWR�XQR�VWUXPHQWR�GL�WXWHOD IRQGDPHQWDOH�GHO�ODYRUDWRUH��LO�TXDOH��VROR�SHU�OD�SDUWH�UHODWLYD�DOOD�UHWULEX]LRQH��SXz�IDU�DWWXDUH�LO�FRQWUDWWR�FROOHWWLYR�,�OLYHOOL�FRQWUDWWXDOL�VRQR�GXH��,O�OLYHOOR�GL�FRQWUDWWD]LRQH�SL��LPSRUWDQWH�q�TXHOOR�QD]LRQDOH��PD�QHO�SURWRFROOR�G¶LQWHVD�GHO������FKH�KD�GLVFLSOLQDWR� LO� VLVWHPD�GHOOD� FRQWUDWWD]LRQH�FROOHWWLYD� LQ� ,WDOLD�KD� ULFRQRVFLXWR� LO� SHUVLVWHUH�GL� GXH� OLYHOOL� GL� FRQWUDWWD]LRQH�� LO� OLYHOOR�GL�FRQWUDWWD]LRQH� QD]LRQDOH� H� LO� OLYHOOR� GL� FRQWUDWWD]LRQH� SURYLQFLDOH� �VROR� LQ� DJULFROWXUD� H� LQ� DOWUL� SLFFROL� VHWWRUL� GHOO¶DUWLJLDQDWR�� R�D]LHQGDOH �LQ�TXDVL� WXWWL�JOL�DOWUL�VHWWRUL��� ,�GXH� OLYHOOL�KDQQR�IXQ]LRQL�SURIRQGDPHQWH�GLYHUVH�VRWWR� O¶DVSHWWR�VRFLRHFRQRPLFR��PHQWUH�GDO� SXQWR� GL� YLVWD� JLXULGLFR� VRQR� LGHQWLFL�� LQ� TXDQWR� VL� WUDWWD� LQ� RJQL� FDVR� GL� FRQWUDWWL� FROOHWWLYL�� ,O� FRQWUDWWR� FROOHWWLYR� QD]LRQDOH� q�QHFHVVDULR� SHU� HYLWDUH� LO� JLRFR� DO� ULEDVVR�� HVVR� VWDELOLVFH� L�PLQLPL� GL� WUDWWDPHQWR� YDOLGL� SHU� WXWWR� LO� WHUULWRULR�QD]LRQDOH�� ,O� FRQWUDWWR�FROOHWWLYR�D]LHQGDOH�KD�XQD�WLSLFD�IXQ]LRQH�GL�GLVFLSOLQD�GHOO¶RUJDQL]]D]LRQH�GHO�ODYRUR�DOO¶LQWHUQR�GHOO¶D]LHQGD��IRQGDPHQWDOPHQWH�KD�XQD�IXQ]LRQH�GL�SUHPLR��LQ�TXDQWR�q�DSSOLFDWR�GDOOH�D]LHQGH�HFRQRPLFDPHQWH�SL��HIILFLHQWL�FKH�VL�SRVVRQR�SHUPHWWHUH�GL�ULGLVWULEXLUH�OD� PDJJLRUH� SURGXWWLYLWj� WUD� L� ODYRUDWRUL�� DGRWWDQGR FRQWUDWWL� D]LHQGDOL� HFRQRPLFDPHQWH� SL�� IDYRUHYROL�� ,O� FRQWUDWWR� D]LHQGDOH� q�XWLOL]]DWR� GD� TXHVWH� LPSUHVH� FRPH� VWUXPHQWR� GL� LQFHQWLYR� SHU� L� ODYRUDWRUL� H� GL� FRQFRUUHQ]D� QHL� FRQIURQWL� GHOOH� DOWUH� LPSUHVH� GHO�VHWWRUH��,Q�,WDOLD�q�DSSOLFDWR�VRODPHQWH�DO�QRUG��ILQR�DOOD�7RVFDQD��VRODPHQWH�GDOOH�LPSUHVH�³IRUWL´��)LDW��(QHO�HFF����,�PLQLPL�QRQ�VRQR�TXLQGL� XJXDOL� LQ� WXWWR� LO� SDHVH�� HVLVWH� XQ� PLQLPR� FRQWUDWWXDOH� QD]LRQDOH� JDUDQWLWR�� HVLVWRQR� GLIIHUHQ]H� GDWH� GDL� FRQWUDWWL� FROOHWWLYL�D]LHQGDOL�� ,O� SURWRFROOR� G¶LQWHVD� GHO� ����� q� VWDWR� RJJHWWR� GL� XQR� VFRQWUR� PROWR� IRUWH� D� OLYHOOR� SROLWLFR� VLQGDFDOH�� FRQ� HVVR� VL� q�PDQWHQXWR�LO�GRSSLR�OLYHOOR�FRQWUDWWXDOH��FKH�LQ�,WDOLD�q�UHDOWj�DIIHUPDWDVL�QHJOL�DQQL�GHO�ERRP�HFRQRPLFR�GDO������DO�������1HO������&RQILQGXVWULD� KD� DFFHWWDWR GL� FRQVHUYDUH� LO� GRSSLR� OLYHOOR� FRQWUDWWXDOH�� LQ� FDPELR� OH� RUJDQL]]D]LRQL� VLQGDFDOL� KDQQR� FHGXWR� VXOOD�GXUDWD�GHO�FRQWUDWWR�FROOHWWLYR��FKH�q�SDVVDWD�GD�WUH�DQQL�D�TXDWWUR�DQQL�1HJOL�DQQL�¶���L�PLQLPL�UHWULEXWLYL�HUDQR�VX�EDVH�WHUULWRULDOH��(UD�LO�IHQRPHQR�GHOOH�JDEELH�VDODULDOL��L�PLQLPL�YDULDYDQR�GD�WHUULWRULR�D�WHUULWRULR�� /H�JDEELH� VDODULDOL� VSDULVFRQR� WUD� OD� ILQH�GHJOL� DQQL� ¶���H� O¶LQL]LR�GHJOL� DQQL� ¶���H� YHQJRQR�VRVWLWXLWH�GDOOD�FRQWUDWWD]LRQH�FROOHWWLYD�GL�GRSSLR�OLYHOOR��,O�VLVWHPD�GXUD�WXWW¶RJJL�,O�SULQFLSLR�GHOOD�LQGHURJDELOLWj�YDOH�SHU�L�UDSSRUWL�WUD�LO�FRQWUDWWR�FROOHWWLYR�QD]LRQDOH�H�LO�FRQWUDWWR�LQGLYLGXDOH��1RQ�YDOH�SHU�L�UDSSRUWL�WUD�FRQWUDWWR�FROOHWWLYR�QD]LRQDOH�H�LO�FRQWUDWWR�FROOHWWLYR�D]LHQGDOH��,O�FF�QD]LRQDOH�q�VWLSXODWR�GDOOH�RUJDQL]]D]LRQL�VLQGDFDOL��LQ�TXDQWR�WDOH� q� LQGHURJDELOH� GDO� FRQWUDWWR� LQGLYLGXDOH� PD� q� GHURJDELOH� GD� DOWUL� FRQWUDWWL� FROOHWWLYL�� ,Q� WHRULD� GXQTXH� LO� FRQWUDWWR� FROOHWWLYR�D]LHQGDOH� SXz� HVVHUH� SHJJLRUDWLYR� ULVSHWWR� DO� FRQWUDWWR� FROOHWWLYR� QD]LRQDOH�� H� PROWR� VSHVVR� TXHVWR� VXFFHGH�� 3HU� FDSLUH� TXHVWR�PHFFDQLVPR�VL�GHYRQR�GLVWLQJXHUH�DOO¶LQWHUQR�GL�XQ¶XQLFD�WLSRORJLD�JLXULGLFD�GL�FRQWUDWWR�FROOHWWLYR�D]LHQGDOH�GXH�WLSRORJLH�GL�IDWWR R�GL�SUDVVL��LO�FRQWUDWWR�FROOHWWLYR�D]LHQGDOH�ULGLVWULEXLYR��IDYRUHYROH�FRQWUDWWD]LRQH�DO�ULDO]R��H�TXHOOR�FKH�VHUYH�DG�HYLWDUH�VLWXD]LRQL�GL�FULVL�VIDYRUHYROH�FRQWUDWWD]LRQH�DO�ULEDVVR���/H�WLSLFKH�VLWXD]LRQL�GL�FULVL�FKH�VL�FHUFDQR�GL�ULVROYHUH�WUDPLWH�O¶DGR]LRQH�GL�FRQWUDWWL�D]LHQGDOL�VRQR�TXHOOH� LQ�FXL�XQ¶D]LHQGD�q� LQ�JUDYH�GLIILFROWj�VH�QRQ�DGGLULWWXUD�YLFLQD�DO� IDOOLPHQWR��FRQWUDWWL�GL�VROLGDULHWj �ULGX]LRQH�GL�RUDULR�FRQWUR�ULGX]LRQH�GHOOD�UHWULEX]LRQH���OLFHQ]LDPHQWL �FRQWUDWWL�SUHSDUDWRUL�GHL�OLFHQ]LDPHQWL���FDVVD�LQWHJUD]LRQH �&,*���HFFHWHUD��4XDVL�PDL�GXQTXH�OR�VWUXPHQWR�GHO�FRQWUDWWR�D]LHQGDOH�q�GL�WLSR�PLJOLRUDWLYR�6L�QRWL�FKH�DQFKH�QHO�FRQWUDWWR�D]LHQGDOH�FKH�GHILQLDPR�³PLJOLRUDWLYR´� �D]LHQGH� IRUWL���TXHVWR�FRQWUDWWR�QRQ�q�SRL� LQ�IRQGR�GHO�WXWWR�PLJOLRUDWLYR��SHUFKp�D�IURQWH�GL�LQQDO]DPHQWL�GHL�OLYHOOL�UHWULEXWLYL�JOL�LPSUHQGLWRUL�FKLHGRQR�HG�RWWHQJRQR�VHPSUH�TXDOFRVD�LQ�FDPELR��SHULRGR� GL� SURYD� SL�� OXQJR�� WXUQL� GL� ODYRUR� SL�� GXUL�� HFFHWHUD�� &LRq� XQ� FRQWUDWWR� D]LHQGDOH� PLJOLRUDWLYR� UHODWLYDPHQWH� DOOD� SDUWH�UHWULEXWLYD�PD�SHJJLRUDWLYR�LQ�DOWUL�FDPSL��5LFRUGLDPR�LQILQH�FKH�WXWWH�OH�LPSUHVH�SRVVRQR�VWLSXODUH�FRQ�LO�VLQGDFDWR�FRQWUDWWL�FROOHWWLYL�D]LHQGDOL�

',5,772�'(/�/$9252 DSSXQWL�WUDWWL�GDOOH�OH]LRQL��GRFHQWH�SURI�(QULFR�*UDJQROL

3DROR�&RUD]]D��DSSXQWL�GL�GLULWWR�GHO�ODYRUR SDJ���

,O�FRQWUDWWR�FROOHWWLYR�QD]LRQDOH�GHOOH�FRRSHUDWLYH�VRFLDOL$QDOL]]LDPR�LO�FRQWUDWWR�FROOHWWLYR�GHOOH�FRRS�VRFLDOL�LO� FRQWUDWWR� LQL]LD�FRQ� OD�FRVWLWX]LRQH�GHOOH�SDUWL�� LQ�TXHVWR�FRPLQFLD� WLSLFDPHQWH�FRPH� WXWWL� L� FRQWUDWWL�GL�GLULWWR�SULYDWR��H� WDOH�q���(¶�VWDWR� VWLSXODWR� WUD� OH� SDUWL� GDWRULDOL� �/(*$� &223� LQ� UDSSUHVHQWDQ]D� DOODUJDWD�� )('(562/,'$5,(7$¶� H� $662&,$=,21(�*(1(5$/(�&223(5$7,9(� ,7$/,$1(��� H� OH� RUJDQL]]D]LRQL� VLQGDFDOL� �)81=,21(� 38%%/,&$� &*,/�� )('(5$=,21(� ,7$/,$1$�6,1'$&$7,�7(55,725,$/,�&,6/��),6$6&$7�&,6/��8,/�6$1,7$¶�8,/���/D�FRQWUDWWD]LRQH�q�DIILGDWD�DOOH�IHGHUD]LRQL�LQ�TXDQWR�&*,/�&,6/�H�8,/�QRQ�KDQQR�IRQGDWR�GHOOH�RUJDQL]]D]LRQL�GL�FDWHJRULD�VSHFLILFKH�SHU�L�ODYRUDWRUL�GHOOH�LPSUHVH�FRRSHUDWLYH�VRFLDOL�,O�FRQWUDWWR�FRPLQFLD�FRQ�XQ�YHUEDOH�GL�DFFRUGR�SUHOLPLQDUH��FKH�VL�WURYD�VRSUDWWXWWR�QHL�FRQWUDWWL�FROOHWWLYL�SL��DQWLFKL��,O�YHUEDOH�q�XQD�VSHFLH�GL� GLFKLDUD]LRQH�SROLWLFR�± VLQGDFDOH�� WLSLFD�GHL� FRQWUDWWL� GHJOL� DQQL� ¶���H� ¶���� ,O� SUHDPEROR� VHUYH�DG� LQWURGXUUH� O¶DUJRPHQWR�FRRSHUDWLYH�VRFLDOL��LQ�TXDQWR�WDOH�q�PROWR�WLSLFR�H�PROWR�VWUDQR��6HPEUD�TXDVL�FHUFDUH�XQD�JLXVWLILFD]LRQH�DOOD�QHFHVVLWj�GL�VWLSXODUH�XQ�FRQWUDWWR�FROOHWWLYR��H�TXHVWR�q�XQ�VHJQDOH�GL�GHEROH]]D�UHFLSURFD�GHOOH�SDUWL�3DUWH�ILQDOH�GHO�SUHDPEROR³3HU�TXDQWR�ULJXDUGD�JOL�DVSHWWL�GL�ORUR�SL��GLUHWWD�FRPSHWHQ]D��DO�ILQH�GL�DVVLFXUDUH�DO�VHWWRUH�VRFLR�VDQLWDULR�� DVVLVWHQ]LDOH�� HGXFDWLYR�H�GL�LQVHULPHQWR�ODYRUDWLYR�XQR�VWUXPHQWR�XWLOH�D�JDUDQWLUQH�SURVSHWWLYH�GL�FUHVFLWD�QHOOD� WUDVSDUHQ]D�HG�DO�FRQWHPSR�XWLOH�DOOD�JHVWLRQH�GHOOH� WHPDWLFKH�FRQWUDWWXDOL�� OH�3DUWL�FRQYHQJRQR�VXOOD�QHFHVVLWj�GL�FRVWLWXLUH�&RPPLVVLRQL�3DULWHWLFKH�´,O�FRQWUDWWR�FROOHWWLYR�QDVFH�FRQ�OD�IXQ]LRQH�WLSLFD�GL�GDUH�UHJROH�VXL�PLQLPL GL�WUDWWDPHQWR��4XHVWD�IXQ]LRQH�VL�GHILQLVFH�QRUPDWLYD��SHUFKp�HVLVWH�XQD�FRQWUDWWR� QRUPDWLYR FKH� KD� FRPH� FDXVD� GL� VWDELOLUH� LO� FRQWHQXWR� GL� XQ� DOWUR� FRQWUDWWR� �LO� WLSLFR� FRQWUDWWR� QRUPDWLYR� q� LO� FRQWUDWWR� SUHOLPLQDUH��� ,O�FRQWUDWWR� FROOHWWLYR� q� XQ� FRQWUDWWR� QRUPDWLYR�� HVVR� VWDELOLVFH� OH� FODXVROH� GHO� IXWXUR� FRQWUDWWR� LQGLYLGXDOH� GL� ODYRUR�� /D� GLIIHUHQ]D� FRQ� LO� FRQWUDWWR�SUHOLPLQDUH�q� OD�VHJXHQWH�� LO�FRQWUDWWR�SUHOLPLQDUH�QRQ�q� LQGHURJDELOH�� LO�FRQWUDWWR�FROOHWWLYR�q� LQGHURJDELOH�FRQ�HIILFDFLD�UHDOH��SRVVR�RWWHQHUH�GDO�JLXGLFH�FKH�LO�FRQWUDWWR�LQGLYLGXDOH�VLD�UHVR�FRQIRUPH�DO�FRQWUDWWR�FROOHWWLYR�PHGLDQWH�OD�VRVWLWX]LRQH�GHOOH�FODXVROH�GLIIRUPL�H�FRQ�O¶DSSOLFD]LRQH�GHOOH�FODXVROH�GHO�FRQWUDWWR�FROOHWWLYR��/D� IXQ]LRQH� QRUPDWLYD� QRQ� q� HVFOXVLYD�� (¶� XQD� GHOOH� IXQ]LRQL� GHO� FRQWUDWWR� FROOHWWLYR�� 8Q¶DOWUD� IXQ]LRQH� q� TXHOOD�REEOLJDWRULD�� QHO� VHQVR� FKH� LO�FRQWUDWWR�FUHD�FODXVROH�FKH�FUHDQR�REEOLJD]LRQL�WUD�OH�SDUWL�VWLSXODWLFL�GHO�FRQWUDWWR�VWHVVR��,O�FRQWUDWWR�FROOHWWLYR�GHOOH�FRRS�VRFLDOL�KD�OH�GXH�IXQ]LRQL�WLSLFKH��FUHD�UHJROH�LQGHURJDELOL�GD�ULVSHWWDUVL�QHO�UDSSRUWR�LQGLYLGXDOH�H�FUHD�REEOLJD]LRQL�IUD�OH�RUJDQL]]D]LRQL�FKH�VWLSXODQR�LO�FRQWUDWWR�/D� FRVWLWX]LRQH� GHOOD� &RPPLVVLRQH� 3DULWHWLFD� q� XQD� WLSLFD� FODXVROD� FRQ� QDWXUD� REEOLJDWRULD�� ,Q� SDVVDWR� L� FRQWUDWWL� FROOHWWLYL�FRQWHQHYDPR�PROWH� FODXVROH� QRUPDWLYH� H� SRFKH� FODXVROH� REEOLJDWRULH�� RJJL� L� FRQWUDWWL� FROOHWWLYL� KDQQR� VHPSUH� SL�� OD� WHQGHQ]D� D�FUHDUH�VWUXPHQWL�GL�GLDORJR�VRFLDOH��REEOLJKL�GHOOH�SDUWL�FKH�VWLSXODQR�LO�FRQWUDWWR�$UW����± $PELWR�GL�DSSOLFD]LRQH,O SUHVHQWH�FRQWUDWWR�UHJROD�L�UDSSRUWL�GL�ODYRUR�DOOLQWHUQR�GHOOH�FRRSHUDWLYH�VRFLDOL�H�GL�TXHOOH�RSHUDQWL�QHO�VHWWRUH�VRFLR�VDQLWDULR�± DVVLVWHQ]LDOH�� HGXFDWLYR�H�GL�LQVHULPHQWR�ODYRUDWLYR�FKH��D�� VYROJRQR� LQWHUYHQWL�� JHVWLVFRQR� VHUYL]L�� QHO� FRPSDUWR� VRFLR�VDQLWDULR� ± DVVLVWHQ]LDOH� � HGXFDWLYR� HG�DWWLYLWj�FRQQHVVH��E��KDQQR�FRPH�VFRSR�LO�UHFXSHUR��OD�ULDELOLWD]LRQH�SURIHVVLRQDOH�H�OLQVHULPHQWR�R�UHLQVHULPHQWR�VRFLDOH�H�ODYRUDWLYR�� DWWUDYHUVR� OD� FRQFUHWD� SDUWHFLSD]LRQH� DG� DWWLYLWj� ODYRUDWLYH� GL� SHUVRQH� VYDQWDJJLDWH� R� LQ�FRQGL]LRQL� GL� HPDUJLQD]LRQH� H� WHQGRQR� DG� HOHYDUH� OD� FDSDFLWj� ODYRUDWLYD� H� OD� SURIHVVLRQDOLWj� GL� WDOL�VRJJHWWL�DO�ILQH�GL�XQ�ORUR�VXFFHVVLYR�LQVHULPHQWR�R�UHLQVHULPHQWR�LQ�DPELWL�ODYRUDWLYL�RUGLQDUL��F�� VYROJRQR� DWWLYLWj� ODYRUDWLYH� GL� WLSR� DUWLJLDQDOH�� LQGXVWULDOH�� DJULFROR� H� FRPPHUFLDOH�� RFFXSDQGR�ODYRUDWULFL� H� ODYRUDWRUL� QRUPRGRWDWL� H� ODYRUDWULFL� H� ODYRUDWRUL� VYDQWDJJLDWL� LQ� SURSRU]LRQL� GLYHUVH� LQ�UHOD]LRQH�DO�WLSR�GL�VYDQWDJJLR�GL�FXL�VRQR�SRUWDWULFL�R�SRUWDWRUL�L�VRJJHWWL�DYYLDWL�DO�ODYRUR��QRQFKp�LQ�EDVH�DOOH�PRGDOLWj�GL�RUJDQL]]D]LRQH�GHOOD�SURGX]LRQH«/¶DUW����VWDELOLVFH�D�TXDOL�LPSUHVH�VL�DSSOLFD�LO�FRQWUDWWR��(¶�XQD�WLSLFD�FODXVROD�REEOLJDWRULD��SHUWDQWR�q�LQGHURJDELOH�QHO�VHQVR�FKH�JOL�LVFULWWL� DOOH� DVVRFLD]LRQL� VLQGDFDOL� VRQR� REEOLJDWL� DO� ULVSHWWR� GL� TXHVWR� FRQWUDWWR�� PHQWUH� L� QRQ� LVFULWWL� SRVVRQR� QRQ� DSSOLFDUH� XQ�FRQWUDWWR� FROOHWWLYR�R�DSSOLFDUQH�XQR�GL�XQ�DOWUR�VHWWRUH� �QHO� ULVSHWWR�GHL�PLQLPL�FRQWUDWWXDOL� UHWULEXWLYL�H[�DUW�����&RVWLWX]LRQH���3HU�DVVXUGR��XQR�VWXGLR�SURIHVVLRQDOH�SRWUHEEH�DSSOLFDUH�LO�FRQWUDWWR�FROOHWWLYR�GHOOH�FRRSHUDWLYH�VRFLDOL��VDOYR�DSSOLFDUH�DL�ILQL�UHWULEXWLYL�L�PLQLPL�SUHYLVWL�GDO�FRQWUDWWR�GHJOL�VWXGL�SURIHVVLRQDOL��LQ�TXHVWR�FDVR�SHUz�OR�VWXGLR�SURIHVVLRQDOH�GRYUHEEH�DSSOLFDUH�LQ�WRWR�LO�&&1/�GHOOH� FRRS� VRFLDOL�� DQFKH� SHU� TXDQWR� ULJXDUGD� LO� WUDWWDPHQWR� HFRQRPLFR�� SRLFKp� LO� WUDWWDPHQWR� SUHYLVWR� GDO� &&1/� GHJOL� VWXGL�SURIHVVLRQDOL�q�LO�SL��EDVVR�LQ�DVVROXWR��$UW����± 3HUVRQH�VYDQWDJJLDWH3HU�SHUVRQH�VYDQWDJJLDWH�VL�LQWHQGRQR�TXHOOH�GL�FXL�DOODUW���GHOOD OHJJH�����������Q������'LVFLSOLQD�GHOOH�&RRSHUDWLYH�6RFLDOL���*OL�LVWLWXWL�GL�FXL�DO�SUHVHQWH�DUWLFROR�VRQR�DSSOLFDELOL��SUHYLD�YHULILFD�WUD�OH�SDUWL�D�OLYHOOR�ORFDOH��DQFKH�DL�FDVL� GL� SHUVRQH� LQ� FRQGL]LRQL� GL� SDUWLFRODUH� GLVDJLR� VRFLDOH�� VHJQDODWL� H� FHUWLILFDWL� GDL� VHUYL]L� SXEEOLFL�FRPSHWHQWL�� SHU� LO� FXL� LQVHULPHQWR� ODYRUDWLYR� q� QHFHVVDULR� ULPXRYHUH� UHVLVWHQ]H�GL� FDUDWWHUH� FXOWXUDOH��RUJDQL]]DWLYR�H�R�VRFLDOH��,O� UDSSRUWR� WUD� OD� FRRSHUDWLYD� H� OH� SHUVRQH� VYDQWDJJLDWH�KD� FRPH� ILQDOLWj� OD� ORUR�SRVLWLYD� LQWHJUD]LRQH�QHOOD�YLWD�VRFLDOH�H�ODYRUDWLYD�7DOH� UDSSRUWR� GHYH� VYLOXSSDUVL� VXOOD� EDVH� GL� XQ� SURJHWWR� SHUVRQDOL]]DWR� FKH� SUHYHGD� OD� GXUDWD� H� OH�PRGDOLWj�GHOOLQVHULPHQWR�(¶�XQD�QRUPD�HVSOLFDWLYD�GHOOD� OHJJH�� WLSLFD�GL�PROWL� FRQWUDWWL� FROOHWWLYL��(¶�XQD�FODXVROD�SOHRQDVWLFD�� ULSHWH� OH�SUHYLVLRQL�GHOOD� OHJJH��������,PSRUWDQWH�LO�VHFRQGR�FRPPD��WLSLFD�FODXVROD�QRUPDWLYD���JOL� LVWLWXWL�VRQR�DSSOLFDELOL�DQFKH�DL�FDVL�GL�SHUVRQH�LQ�FRQGL]LRQL�GL�SDUWLFRODUH�GLVDJLR�VRFLDOH��SHU� LO�FXL� LQVHULPHQWR� ODYRUDWLYR�q�QHFHVVDULR� ULPXRYHUH�JOL�RVWDFROL�GL�QDWXUD�FXOWXUDOH� RUJDQL]]DWLYD�H�VRFLDOH�� (¶� XQD� FODXVROD� HVWHQVLYD GHOOD� SUHYLVLRQH� QRUPDWLYD�� LGHQWLILFD� DOWUL� VRJJHWWL� FXL� VL� DSSOLFDQR� OH� GLVSRVL]LRQL� GL� TXHVWR�DUWLFROR�

',5,772�'(/�/$9252 DSSXQWL�WUDWWL�GDOOH�OH]LRQL��GRFHQWH�SURI�(QULFR�*UDJQROL

3DROR�&RUD]]D��DSSXQWL�GL�GLULWWR�GHO�ODYRURSDJ���

)RQGDPHQWDOL� LO� WHU]R�H�TXDUWR�FRPPD�� LO�FRQWUDWWR� LQGLYLGXDOH�GHYH� WHQGHUH�DO� UHLQVHULPHQWR�GHOOD�SHUVRQD�VYDQWDJJLDWD�QHOOD�YLWD�VRFLDOH�H�ODYRUDWLYD��FODXVROD�QRUPDWLYD�LQGHURJDELOH���LO�UDSSRUWR�GHYH�VYLOXSSDUVL�VXOOD�EDVH�GL�XQ�SURJHWWR�IRUPDWLYR�SHUVRQDOL]]DWR��GLULWWR�GHO�VRJJHWWR�VYDQWDJJLDWR��$UW����± ,QVFLQGLELOLWj�GHOOH�GLVSRVL]LRQL�FRQWUDWWXDOL�/H�GLVSRVL]LRQL�GHO�SUHVHQWH�FRQWUDWWR�GHYRQR�HVVHUH�FRQVLGHUDWH��VRWWR�RJQL�DVSHWWR�HG�D�TXDOVLDVL�ILQH��FRUUHODWH�HG�LQVFLQGLELOL�WUD�ORUR�H�QRQ�VRQR�FXPXODELOL�FRQ�DOFXQ�DOWUR�WUDWWDPHQWR�,O�SUHVHQWH�FRVWLWXLVFH�TXLQGL�OXQLFR�&&1/�LQ�YLJRUH�IUD�OH�SDUWL�FRQWUDHQWL�(¶�XQD�FODXVROD�GL�WXWWL�L�&&1/��q�OD�FODXVROD�GL�LQVFLQGLELOLWj��OH�GLVSRVL]LRQL�GHO�SUHVHQWH�FRQWUDWWR�VL�DSSOLFDQR�³LQ�EORFFR´��6H�SULPD�XQ� LPSUHVD� DSSOLFDYD� XQ� DOWUR� FRQWUDWWR� FROOHWWLYR� H� SRL� GHFLGH� GL� DSSOLFDUH� TXHVWR�� OR� GRYUj� DSSOLFDUH� LQ� EORFFR�� DQFKH� VH� LO�SUHFHGHQWH�FRQWUDWWR�FRQWHQHYD�FODXVROH�GL�PDJJLRU�IDYRUH�SHU� L� ODYRUDWRUL��(¶�XQD�FODXVROD�GL�VDOYDJXDUGLD�SHU� OH� LPSUHVH��1RQ�VL�SRWUDQQR� DYHUH� WUDWWDPHQWL� LQ� HVVHUH� SUHFHGHQWHPHQWH� �VXOOD� EDVH� GL� DOWUL� FRQWUDWWL� FROOHWWLYL�� VRPPDWL� DL� SUHVHQWL�� ,O� FRQWUDWWR�SUHFHGHQWH�FHVVD�GL�DYHUH�HIILFDFLD�$UW����± 3URWRFROOR�GL�UHOD]LRQL�LQGXVWULDOL/H� SDUWL� VL� ULFRQRVFRQR� QHL� YDORUL� H� QHOOH� ILQDOLWj� GHO� 3URWRFROOR� 1D]LRQDOH� GL� 5HOD]LRQL� ,QGXVWULDOL� GHO����������VRWWRVFULWWR�WUD�&HQWUDOL�&RRSHUDWLYH�H�&*,/�&,6/�8,/��3HUWDQWR�WDOH�3URWRFROOR�FRVWLWXLVFH�DOOHJDWR�DO�SUHVHQWH�&&1/�H�QH�q��TXLQGL��SDUWH�LQWHJUDQWH��/R�VWHVVR�3URWRFROOR� FRVWLWXLVFH� SDUWH� RSHUDWLYD� SHU� TXDQWR�� GHOOR� VWHVVR�� QRQ� q� SUHYLVWR� VSHFLILFDWDPHQWH� GDO�SUHVHQWH�&&1/�(¶�XQD�WLSLFD�FODXVROD�REEOLJDWRULD��FRPH�O¶DUW����$UW����± GLULWWR�GL�LQIRUPD]LRQH�H�FRQIURQWR�WUD�OH�SDUWL/H�SDUWL�VL�LPSHJQDQR�DOOD�SL��DPSLD�GLIIXVLRQH�GL�GDWL�H�FRQRVFHQ]H�FKH�FRQVHQWDQR�OXWLOL]]R�GL�VWUXPHQWL�FRUUHWWL�SHU� OD�GHILQL]LRQH�H� OD�DSSOLFD]LRQH�GHJOL�DFFRUGL�GL� ODYRUR�H�SHU�XQ�VHPSUH�SL��UHVSRQVDELOH�H�TXDOLILFDWR�UXROR�GL�WXWWH�OH�FRPSRQHQWL�FRQWUDWWXDOL��/H�SDUWL��LQROWUH��FRQYHQJRQR�VXOOD�QHFHVVLWj�GL�VYLOXSSDUH�OH�LGRQHH�LQL]LDWLYH��DL�GLYHUVL�OLYHOOL��ILQDOL]]DWH�DOOD�GHWHUPLQD]LRQH�HG�DOOXWLOL]]R�GL�VWUXPHQWL�GL�VRVWHJQR�DO�JRYHUQR�GHL�SURFHVVL�GL�VYLOXSSR�GHO�VHWWRUH�HG� D� WDO� ILQH� VL� VHQWRQR� LPSHJQDWH� LQ� VHGH� GL� FRQIURQWR� QD]LRQDOH�� UHJLRQDOH�� SURYLQFLDOH� QRQFKp�D]LHQGDOH�(¶ XQ� GLULWWR� GHO� VLQGDFDWR� GL� HVVHUH� LQIRUPDWR� VX� WXWWH� OH�PDWHULH� GHVFULWWH� GDOO¶DUW�� �� D� OLYHOOR� QD]LRQDOH�� UHJLRQDOH�� SURYLQFLDOH� H�D]LHQGDOH�$UW�����± VWUXWWXUD�GHOOD�FRQWUDWWD]LRQH/H�QRUPH�GHO�SUHVHQWH�DUWLFROR� WHQJRQR�FRQWR�GHOOR�VSLULWR�GHO�SURWRFROOR�VXOOD��3ROLWLFD�GHL� UHGGLWL��GHO���������FRPSDWLELOPHQWH�FRQ�OD�VSHFLILFLWj�GHO�SUHVHQWH�FRQWUDWWR��/D�VWUXWWXUD�GHOOD�FRQWUDWWD]LRQH�q�DUWLFRODWD�VX�GXH�OLYHOOL��QD]LRQDOH�H�SURYLQFLDOH��,O� OLYHOOR� SURYLQFLDOH� SXz� HVVHUH� VRVWLWXLWR� GD� TXHOOR� UHJLRQDOH� VX� DFFRUGR� WUD� OH� SDUWL� WHUULWRULDOPHQWH�LQWHUHVVDWH��/D�VFHOWD�GHO� OLYHOOR�WHUUj�DQFKH�FRQWR�GHO�QXPHUR�GL�D]LHQGH�SUHVHQWL�VXO�WHUULWRULR�H�GHOOD�SUHVHQ]D�GHOOH�VWUXWWXUH�GL�UDSSUHVHQWDQ]D�GHOOH�SDUWL���/D� FODXVROD� q� VHPSOLFHPHQWH� OD� WUDVFUL]LRQH� GHO� SURWRFROOR� LQWHUFRQIHGHUDOH� GHO� �������� VXOOD� 3ROLWLFD� GHL� UHGGLWL� �SURWRFROOR� VXOOD�VWUXWWXUD� GHOOD� FRQWUDWWD]LRQH��� &RQIHUPD� OD� VWUXWWXUD� D� GRSSLR� OLYHOOR� �VHFRQGR� FRPPD��� ,O� SXQWR� �� SUHYHGH� LO� FRQWUDWWR� GL� WLSR�D]LHQGDOH��GL�WLSR�ULGLVWULEXLYR�GHO�UHGGLWR��FKH�VRVWLWXLVFH�LO�FRQWUDWWR�WHUULWRULDOH�$UW�����± SDUL�RSSRUWXQLWj�WUD�XRPR�H�GRQQD$L�ILQL�GL�XQD�SLHQD�H�SXQWXDOH�DSSOLFD]LRQH�GHOOD�OHJJH��������q�FRVWLWXLWR�D�OLYHOOR�QD]LRQDOH�LO�&RPLWDWR�SHU� OH� 3DUL� 2SSRUWXQLWj� WUD� XRPR� H� GRQQD� FRPSRVWR� GD� XQD� FRPSRQHQWH� GHVLJQDWD� GD� RJQXQD� GHOOH�22�66��ILUPDWDULH�GHO�SUHVHQWH�&&1/�H�GD�XQ�SDUL�QXPHUR�GL�FRPSRQHQWL�LQ�UDSSUHVHQWDQ]D�GHOOH�&HQWUDOL�&RRSHUDWLYH��WUD� OH�TXDOL� LQGLYLGXDUH� OD�ILJXUD�FRQ�IXQ]LRQL�GL�3UHVLGHQWH��3RVVRQR�LQROWUH�HVVHUH�LVWLWXLWL�&RPLWDWL�SHU�OH�3DUL�2SSRUWXQLWj�WUD�XRPR�H�GRQQD�SUHVVR�VLQJROH�UHDOWj�WHUULWRULDOL�DYHQWL�GLPHQVLRQL�H�FDUDWWHULVWLFKH�ULOHYDQWL�YHULILFDWH�D�OLYHOOR�QD]LRQDOH�QHOODPELWR�GHO�UDSSRUWR�WUD�OH�SDUWL��(¶�XQD�FODXVROD�REEOLJDWRULD��3UHYHGH�O¶LVWLWX]LRQH�GHO�FRPLWDWR�SHU�UHDOL]]DUH�OH�SDUL�RSSRUWXQLWj�WUD�XRPR�H�GRQQD�$UW�� ��� ± WXWHOD� GHOOH� ODYRUDWULFL� H� GHL� ODYRUDWRUL� FKH� VYROJRQR� DWWLYLWj� GL� YRORQWDULDWR� DL� VHQVL� GHOOD� OHJJH�������/H�SDUWL��VRWWROLQHDQGR�L�YDORUL�VROLGDULVWLFL�H�FLYLOL�GHO�YRORQWDULDWR�HG�LQ�FRQVLGHUD]LRQH�GL�TXDQWR�SUHYLVWR�GDOOD� VSHFLILFD� OHJJH� TXDGUR� Q�� �������� FRQYHQJRQR� FKH� DOOH� ODYRUDWULFL� H� DL� ODYRUDWRUL� FKH� VYROJRQR�DWWLYLWj�GL�YRORQWDULDWR�DL�VHQVL�GHOOD�VXGGHWWD�OHJJH�VLDQR�DSSOLFDWH��FRPSDWLELOPHQWH�FRQ�ORUJDQL]]D]LRQH�D]LHQGDOH��OH�IRUPH�GL�IOHVVLELOLWj�GHOORUDULR�GL�ODYRUR�R�GHOOH�WXUQD]LRQL�SUHYLVWH�GDO�SUHVHQWH�&&1/�(¶�XQD�QRUPD�WLSLFD�GL�TXHVWR�FRQWUDWWR�FROOHWWLYR�$UW�����± UDSSUHVHQWDQ]H�VLQGDFDOL/H�UDSSUHVHQWDQ]H�VLQGDFDOL�QHOOH�&RRSHUDWLYH�H�QHOOH�VRFLHWj�FROOHJDWH�VRQR�OH�5�6�8���5$335(6(17$1=(�6,1'$&$/,� 81,7$5,(�� FRVWLWXLWH� DL� VHQVL� GHO� SURWRFROOR� GLQWHVD� VRWWRVFULWWR� WUD� /1&H0��&&,�� $*&,�� H�&*,/��&,6/��8,/�LQ�GDWD����VHWWHPEUH������FKH�FRVWLWXLVFH�SDUWH�LQWHJUDQWH�GHO�SUHVHQWH�&&1/�&ODXVROD�REEOLJDWRULD��WUDWWD�OD�GLVFLSOLQD�GHO�VLQGDFDWR�LQ�D]LHQGD�'DOO¶DUW�� ��� LQ� SRL� VRQR� WUDWWDWL� WXWWL� JOL� DVSHWWL� UHODWLYL� DOO¶DVVXQ]LRQH� H� DOOD� ULVROX]LRQH� GHO� UDSSRUWR� GL� ODYRUR��6L� WUDWWD� GL� FODXVROH�QRUPDWLYH�,PSRUWDQWH�O¶DUW�����VXL�FDPEL�GL�JHVWLRQH��QRUPD�FKH�KD�VFDWHQDWR�XQ�JUDQGH�FRQWHQ]LRVR��/D�QRUPD�q�GL�ULOHYDQWH�LPSRUWDQ]D�SHU�WXWWH�TXHOOH�FRRSHUDWLYH�VRFLDOL�FKH�FRQFRUURQR�DG�DSSDOWL�SXEEOLFL��4XDQGR�OD�FRRSHUDWLYD�QRQ�RWWLHQH�LO�ULQQRYR�GL�XQ�JURVVR�DSSDOWR��VL� YHULILFD� LO� SUREOHPD� GHOOD� GHVWLQD]LRQH� GHL� ODYRUDWRUL�� (VLVWH� XQD� OHJJH� FKH� GLVFLSOLQD� LO� OLFHQ]LDPHQWR� FROOHWWLYR� GHL� ODYRUDWRUL�GLSHQGHQWL�� FKH�SUHYHGH�XQD�SDUWLFRODUH�H�FRPSOHVVD�SURFHGXUD��1HO�FDVR�GHJOL�DSSDOWL�VXFFHGH�FKH�UDUDPHQWH� O¶LPSUHVD�DEELD� LO�

',5,772�'(/�/$9252 DSSXQWL�WUDWWL�GDOOH�OH]LRQL��GRFHQWH�SURI�(QULFR�*UDJQROL

3DROR�&RUD]]D��DSSXQWL�GL�GLULWWR�GHO�ODYRUR SDJ���

WHPSR�PDWHULDOH�SHU� IDUH� OD�SURFHGXUD�GL� OLFHQ]LDPHQWR�FROOHWWLYR�� ,O�&&1/�FHUFD�GL�VDQDUH�OD�VLWXD]LRQH�SUHYHGHQGR�XQ�REEOLJR�GL�DVVXQ]LRQH�GHL�ODYRUDWRUL�OLFHQ]LDWL�GD�SDUWH�GHOO¶LPSUHVD�VXEHQWUDQWH�3UREOHPD�����LO�FRQWUDWWR�FROOHWWLYR�HVRQHUD�O¶LPSUHVD�GDO�ULVSHWWR�GHOOH�QRUPH�LQ�PDWHULD�GL�OLFHQ]LDPHQWL�FROOHWWLYL��/D�JLXULVSUXGHQ]D�q�FRVWDQWH�QHO�ULWHQHUH�QXOOH� WXWWH�TXHVWH�FODXVROH��QHOOD�SDUWH� LQ�FXL� LO�FRQWUDWWR�SUHYHGH� OD�GHURJD� LQ�PHULWR�DOOD�GLVFLSOLQD�VXL� OLFHQ]LDPHQWL�FROOHWWLYL� �GLVFLSOLQD�LQGHURJDELOH�� XQ� FRQWUDWWR� QRQ� SXz� GHURJDUH� D� XQD� OHJJH� RUGLQDULD��� /H� LPSUHVH� ODPHQWDQR� OD�PDQFDQ]D� GL� WHPSR�PDWHULDOH� SHU� DSSURQWDUH� OD�SURFHGXUD�GHO�OLFHQ]LDPHQWR�FROOHWWLYR��/D�&RUWH�GL�FDVVD]LRQH�ULVSRQGH�FKH�OD�SURFHGXUD�QRQ�FRPSRUWD�XQ�REEOLJR�EHQVu�XQ�GLULWWR�GL�OLFHQ]LDPHQWR��OH� LPSUHVH� IDFFLDQR� FRPXQTXH� OD� SURFHGXUD� GL� OLFHQ]LDPHQWR� QHL� WHPSL� VWDELOLWL�� VH� SRL� YLQFRQR� O¶DSSDOWR�� QRQ� SURFHGDQR� FRQ� LO� OLFHQ]LDPHQWR��VROX]LRQH�SDUDGRVVDOH�GDO�SXQWR�GL�YLVWD�SUDWLFR���,O�SUREOHPD�GHOOD�FODXVROD�FKH�SUHYHGH�O¶DVVXQ]LRQH�GHL�ODYRUDWRUL�OLFHQ]LDWL�QHOO¶LPSUHVD�FKH�KD�YLQWR�O¶DSSDOWR�GL�GLUDPD�LQ�WUH�GLUH]LRQL��D��O¶LPSUHVD�YLQFLWULFH�GHOO¶DSSDOWR�QRQ�DSSOLFD�QHVVXQ�FRQWUDWWR�FROOHWWLYR��QRQ�F¶q�QXOOD�GD�IDUH��OH�QRUPH�GHO�SUHVHQWH�FRQWUDWWR�QRQ�SRVVRQR�JLRFDUH�D�VIDYRUH�GHOO¶LPSUHVD��E��O¶LPSUHVD�DSSOLFD�LO�SUHVHQWH�FRQWUDWWR�FROOHWWLYR��LO�ODYRUDWRUH�DFTXLVWD�LO�GLULWWR�DG�HVVHUH�LPPHGLDWDPHQWH�DVVXQWR�GD�SDUWH�GHOO¶LPSUHVD�YLQFLWULFH��LQ�TXDQWR�TXHVWD�q�YLQFRODWD�DO�ULVSHWWR�GL�TXHVWD�FODXVROD��F��O¶LPSUHVD�DSSOLFD�XQ�FRQWUDWWR� DQDORJR� �HVHPSLR�� LO� FRQWUDWWR� GHOO¶HGLOL]LD� H� TXHOOR� GHOOH� FRRS� QRQ� VRFLDOL� SUHYHGRQR� FODXVROH� VLIIDWWH��� 6HPEUD� FKH� LQ� TXHVWL� FDVL� LO�ODYRUDWRUH�DEELD�GLULWWR�DOO¶DVVXQ]LRQH�GD�SDUWH�GHOO¶LPSUHVD�YLQFLWULFH�GHOO¶DSSDOWR�6RFL�ODYRUDWRUL3UREOHPD�LQWHUHVVDQWH��LO�FRQWUDWWR�VL�DSSOLFD�DQFKH�DL�VRFL�ODYRUDWRUL"8OWLPR� FRPPD� DUW�� ��� /H� SDUWL� VL� LPSHJQDQR� D� UHFHSLUH� DOOLQWHUQR� GHO� SUHVHQWH� &&1/� TXDQWR� HYHQWXDOL� LQQRYD]LRQL� QRUPDWLYH� R� DFFRUGL�LQWHUFRQIHGHUDOL�GRYHVVHUR�VWDELOLUH�LQ�PDWHULD�GL�VRFLD�ODYRUDWULFH�H�GL�VRFLR�ODYRUDWRUH�3HQXOWLPR�FRPPD� «SHU�TXDQWR�DWWLHQH�DO�WUDWWDPHQWR�HFRQRPLFR�FRPSOHVVLYR�GHOOH�VRFLH�ODYRUDWULFL�H�GHL�VRFL�ODYRUDWRUL�GHOOH�FRRSHUDWLYH�VL�ID�ULIHULPHQWR�D�TXDQWR�SUHYLVWR�GDO�SUHVHQWH�&&1/�,O� &&1/� GHOOH� FRRSHUDWLYH� VRFLDOL� DGRWWD� XQD� WLSLFD� VROX]LRQH� LQWHUPHGLD�� QRQ� VL� DSSOLFD� DXWRPDWLFDPHQWH� DL� VRFL� ODYRUDWRUL�� LQ�PDQFDQ]D� GL� XQD� FODXVROD� GL� DSSOLFD]LRQH� DXWRPDWLFD��PD� REEOLJD� OD� FRRSHUDWLYD� DG� DSSOLFDUH�XQ� WUDWWDPHQWR�HFRQRPLFR�DL� VRFL�ODYRUDWRUL� DOPHQR� SDUL� GL� TXHOOR� GHL� ODYRUDWRUL� GLSHQGHQWL�� /¶DSSOLFD]LRQH�GHO� WUDWWDPHQWR�HFRQRPLFR�SDVVD�SHU�XQ� UHJRODPHQWR�GL�UHFHSLPHQWR�

',5,772�'(/�/$9252 DSSXQWL�WUDWWL�GDOOH�OH]LRQL��GRFHQWH�SURI�(QULFR�*UDJQROL

3DROR�&RUD]]D��DSSXQWL�GL�GLULWWR�GHO�ODYRURSDJ���

/H]LRQH�GHO�����������,/�',5,772�'(/�/$9252ULIOHVVLRQL�D�UXRWD�OLEHUD�VX�GRPDQGH�GHJOL�VWXGHQWL��LO�FRQWUDWWR�FROOHWWLYR�QD]LRQDOH�H�LO�FRQWUDWWR�D]LHQGDOH1HJOL�DQQL�¶���QHJOL DUWLFROL�GL�GLULWWR�GHO�ODYRUR�FDSHJJLDYD�LO�WHUPLQH�IHGHOWj��LO�WHUPLQH�IOHVVLELOLWj�HUD�SUHVVRFKp�VFRQRVFLXWR��/¶LGHD�FKH�LO�ODYRUDWRUH�GRYHVVH�SDVVDUH�WXWWD� OD�YLWD�QHOO¶D]LHQGD�HUD�VXSSRUWDWD�DQFKH�GDO�FRPSRUWDPHQWR�GHOOH�JUDQGL�LQGXVWULH�� LQ�TXHJOL�DQQL�O¶2OLYHWWL� LVWLWXu�DQFKH�JOL�DVLOL�H�OH�FRORQLH�SULYDWH�SHU�L�ILJOL�GHL�SURSUL�GLSHQGHQWL��/H�LPSUHVH�DFFHWWDURQR�SHUWDQWR�LO�FRQWUDWWR�FROOHWWLYR�D]LHQGDOH� PLJOLRUDWLYR� GHO� FRQWUDWWR�FROOHWWLYR�QD]LRQDOH��VL�IHFHUR�FDULFR�GHL�PDJJLRUL�RQHUL�SHU�UHWULEX]LRQL�SL��DOWH�H�EHQHILFL�LQGLUHWWL�DL�GLSHQGHQWL��PD�QDWXUDOPHQWH�FKLHVHUR�TXDOFRVD�LQ�FDPELR��/H�LPSUHVH��QHJOL�DQQL�¶����LQ�FDPELR�GL�FLz�FKLHVHUR�DL�VLQGDFDWL�GL�XVFLUH�GDOOD�VLWXD]LRQH�GL�FRQWUDWWD]LRQH�SHUHQQH��DWWUDYHUVR�O¶XWLOL]]R�GL�GXH�VWUXPHQWL�FODXVROD�GL�WUHJXD��L�VLQGDFDWL�VL�LPSHJQDQR��QHOO¶DPELWR�GHL�FRQWUDWWL�QD]LRQDOH�H�D]LHQGDOH��DO�ULVSHWWR�GHO�FRQWUDWWR�H�D�QRQ�FKLHGHUH�PLJOLRUDPHQWL�ILQR�DOOD�VFDGHQ]D�GHO�FRQWUDWWR�VWHVVR���D�WDO�ILQH�q�PROWR�LQWHUHVVDQWH�LO�OLEUR�GHO�SURI��*KH]]L�VXOOD�UHVSRQVDELOLWj�FRQWUDWWXDOH�GHOOH�RUJDQL]]D]LRQL�VLQGDFDOL��,O�SURI��*KH]]L�VWXGLD�OD�QDWXUD�JLXULGLFD�GHOOH�FODXVROH�GL�WUHJXD�VLQGDFDOH��DIIHUPD�OD�YDOLGLWj�GHOOH�FODXVROH�FKH�REEOLJDQR�LO�VLQGDFDWR�D�QRQ�LQGLUH�VFLRSHUL�� LQ�TXDQWR�LO�VLQGDFDWR��FRPH�VRJJHWWR�JLXULGLFR��SXz�DVVXPHUH�HIILFDFHPHQWH�TXHVWD�REEOLJD]LRQH��,O�VLQGDFDWR�VWLSXOD�SDWWL�GL�WUHJXD�H�VL�LPSHJQD�D�ULVSHWWDUOL�ILQR�DOOD�VFDGHQ]D�GHL�FRQWUDWWL��QD]LRQDOL�H�D]LHQGDOL���(¶�FKLDUD�GXQTXH�OD�YRORQWj�GHOOH�RUJDQL]]D]LRQL�VLQGDFDOL�GL�UDJJLXQJHUH�XQ¶LQWHVD�GXUDWXUD��(PHUJH�DQFKH�OD�IRUWH�QDWXUD�FRQWUDWWXDOH�H�FRQVHQVXDOH�GHO�FRQWUDWWR�FROOHWWLYR��4XHVWD�SRVL]LRQH�q�VXSHUDWD�GDOOD�FRQIOLWWXDOLWj� GHO� ������ TXDQGR� L� ODYRUDWRUL� GLPRVWUDQR� O¶LQWHQ]LRQH� GL� LQVWDXUDUH� OD� FRQIOLWWXDOLWj� SHUPDQHQWH�� (¶� OD� FULVL� GHO� VLVWHPD� VLQGDFDOH� GL�VLQLVWUD��,� ODYRUDWRUL�QRQ�VXSSRUWDQR�SL��OH�SRVL]LRQL�GHO�VLQGDFDWR��/D�IDVH�GL�FRQIOLWWXDOLWj�SHUPDQHQWH�YLHQH�SRL�VXSHUDWD�QHO������FRQ�OR�6WDWXWR�GHL�ODYRUDWRUL�PHFFDQLVPL�GL�ULQYLR��VLQGDFDWL�H�LPSUHVH�QHJR]LDQR�XQD�YROWD�VROD��QHOO¶DPELWR�GHO�FRQWUDWWR�FROOHWWLYR��H�SRL�ULQYLDQR�OD�GHILQL]LRQH�VSHFLILFD�GHOOH�FODXVROH�DOO¶LQWHUQR�GHO�FRQWUDWWR�D]LHQGDOH��,O�FRQWUDWWR�D]LHQGDOH�RSHUD�DOO¶LQWHUQR�GHO�ULQYLR�IDWWR�GDO�FRQWUDWWR�QD]LRQDOH��LQ�TXHVWR�VHQVR�DVVXPH�SRVL]LRQH� JHUDUFKLFD� LQIHULRUH� DO� FRQWUDWWR� QD]LRQDOH�� FKH� VWDELOLVFH� O¶DPELWR� GL� FRQWUDWWD]LRQH� GHO� FRQWUDWWR�D]LHQGDOH�� ,O�PHFFDQLVPR�JHUDUFKLFR�WXWHOD�O¶LPSUHVD��VWDELOLVFH�OD�SRVVLELOLWj�GL�PLJOLRUDPHQWL�QHOO¶DPELWR�GHO�FRQWUDWWR�D]LHQGDOH�H�QHOOR�VWHVVRWHPSR�SUHGHWHUPLQD�LO�WHUUHQR�GL�FRQIURQWR�D]LHQGDOH�FRQ�LO�VLQGDFDWR��YLQFRODQGR�LO�VLQGDFDWR�D�QRQ�VFLRSHUDUH�TXDORUD�O¶LPSUHVD�VL�DWWHQJD�DL�SDWWL�/H�FODXVROH�GL�WUHJXD�H�GL�ULQYLR�VRQR�YDOLGH�PD�QRQ�REEOLJDWRULH��1HL�FRQWUDWWL�DWWXDOL�QRQ�HVLVWRQR�SL���VSDULVFRQR�GDL�FRQWUDWWL�FROOHWWLYL�JLj�D�SDUWLUH�GDJOL� DQQL� ¶���� 1HL� FRQWUDWWL� DWWXDOL� OH� FODXVROH� REEOLJDWRULH� YHQJRQR� VRVWLWXLWH� GD� PHFFDQLVPL� GL� JHVWLRQH� FRQVHQVXDOH�� FRQYHQ]LRQDOH�� FRQ�FRPPLVVLRQH� HFF�� GHL� SUREOHPL� GHO� ODYRUR�� /H� FODXVROH� REEOLJDWRULH� GL� ULQYLR� H� GL� WUHJXD� DSSDUWHQJRQR�DOOD� VWDJLRQH� GHO� UDSSRUWR�JHUDUFKLFR� WUD�&&1/�H�FRQWUDWWR�D]LHQGDOH��VWDJLRQH�FKH�VL�q�FKLXVD�QHO������/R�VFDUVR�JUDGR�GL�LVWLWX]LRQDOL]]D]LRQH�GHOOD�VWUXWWXUD�FRQWUDWWXDOH�LQ�,WDOLD��ULVSHWWR�DL�SDHVL�DQJORVDVVRQL,Q� ,WDOLD� LO� FRQWUDWWR� FROOHWWLYR� QRQ� q� UHJRODWR� SHU� OHJJH�� QHO� ODYRUR� SULYDWR�� 6L� DSSOLFDQR� JOL� LVWLWXWL� FLYLOLVWLFL� VXO� FRQWUDWWR� LQ� JHQHUDOH�� ,Q� TXHVWR�FRQWHVWR�GL� OLEHUWj�GHOOH�SDUWL��TXHVWH�VRQR�VRWWRSRVWH�VRODPHQWH�DL�SULQFLSL�JHQHUDOL�VXO�FRQWUDWWR��LO�FFQO�q�UHJRODWR�SHUWDQWR�GDO�SULQFLSLR�GL� OLEHUD�PDQLIHVWD]LRQH�GL�YRORQWj�GHOOH�SDUWL�FRQWUDHQWL��(IIHWWL�WLSLFL��QRQ�HVLVWH�XQ�PRGHOOR�SUHFRVWLWXLWR�GL�FRQWUDWWR�FROOHWWLYR��SXU�QHOOD�ORUR�RPRJHQHLWj��L�FFQO�VRQR�GLYHUVL�JOL�XQL�GDJOL�DOWUL��FRQ�FODXVROH�GLYHUVH��WDOYROWD�QXOOH��VSHVVR�DPELJXH��(VLVWRQR�FRQWUDWWL�SURIRQGDPHQWH�GLYHUVL��GDO�SXQWR�GL�YLVWD�HFRQRPLFR�H�JLXULGLFR��SHULRGL�GL�SURYD�FKH�YDQQR�GD�RWWR�JLRUQL�D�VHL�PHVL�� OLYHOOL�UHWULEXWLYL�PROWR�GLYHUVL�D�SDULWj�GL�PDQVLRQL�H�TXDOLILFKH��HFF����6FDUVD�LVWLWX]LRQDOL]]D]LRQH�VLJQLILFD�DQFKH�FKH�LO�FRQWUDWWR�D]LHQGDOH�SXz�OLEHUDPHQWH�GLVDWWHQGHUH�LO�FRQWUDWWR�QD]LRQDOH��LQ�DVVHQ]D�GL�FODXVROH�GL�ULQYLR� REEOLJDWRULH� LO� FRQWUDWWR�D]LHQGDOH�QRQ�q�JHUDUFKLFDPHQWH�VXERUGLQDWR�DO� FRQWUDWWR�QD]LRQDOH� $� OLYHOOR�D]LHQGDOH�VL� SXz�QHJR]LDUH�VX�RJQL�FODXVROD�� LQ� DVVHQ]D� GL� FODXVROH� GL� ULQYLR�� DQFKH� SHJJLRUDQGR� LO� WUDWWDPHQWR� SUHYLVWR� GDO� FRQWUDWWR� QD]LRQDOH�7XWWR� FLz� GHWHUPLQD� XQD�SRWHQ]LDOH�VLWXD]LRQH�GL� FRQIOLWWR� WUD� VLQGDFDWR� ORFDOH�H�QD]LRQDOH�� WUD� LPSUHVD� ORFDOH�H�QD]LRQDOH��XQD�VLWXD]LRQH�GL� UHDOH�GLVRUGLQH�H�GL�FRQIOLWWXDOLWj� ORFDOH�PROWR� DFFHQWXDWD�� /¶XQLFR� DFFRUGR� FKH� KD�FHUFDWR�GL�RUGLQDUH�XQD�VLIIDWWD� VLWXD]LRQH�� LO� SURWRFROOR�G¶LQWHVD� LQWHUFRQIHGHUDOH�GHO������� VL� OLPLWD�D�VWDELOLUH� FKH� LO� FRQWUDWWR� QD]LRQDOH� H� TXHOOR� D]LHQGDOH� GXUDQR� TXDWWUR� DQQL�� FKH� LO� FRQWUDWWR� D]LHQGDOH� QRQ� VL� RFFXSD� GHOOH�PDWHULH� GHO� FRQWUDWWR�QD]LRQDOH�� FKH� LO� FRQWUDWWR� D]LHQGDOH� GHYH� ULFRQRVFHUH� DXPHQWL� GL� UHWULEX]LRQH� FROOHJDWL� DOOD� SURGXWWLYLWj�� 5LPDQH� LO� IDWWR� FKH� TXDOVLDVL� FRQWUDWWR�D]LHQGDOH�FRQ�FODXVROH�VWLSXODWH�LQ�YLROD]LRQH�GL�TXHVWL�SULQFLSL�q�FRPXQTXH�YDOLGR�/H�LPSUHVH�GL�JUDQGL�GLPHQVLRQL�H�TXHOOH�GL�SLFFROH�GLPHQVLRQL�KDQQR�LQWHUHVVL�IRUWHPHQWH�HWHURJHQHL�WUD�ORUR�H�SHUWDQWR�GLYHUVH�SRVL]LRQL�ULVSHWWR�DOOD�GHVLGHUDELOLWj�R�PHQR�GHO�FRQWUDWWR�D]LHQGDOH��/H� LPSUHVH�JUDQGL�YRUUHEEHUR�XQ�VROR�FRQWUDWWR��TXHOOR�D]LHQGDOH�� WUDVIRQGHUH� LO�FRQWHQXWR�GHO�FRQWUDWWR�QD]LRQDOH�LQ�TXHOOR�D]LHQGDOH��QHO�WHQWDWLYR�GL�VYHOWLUH�OH�WUDWWDWLYH�UHODWLYH�DL�FRQWHQXWL�GHO�FRQWUDWWRGD�VWLSXODUH��/D�SRVL]LRQH�GHOOH�JUDQGL�LPSUHVH� LQ� UHDOWj� QRQ� q� WHVD� D� GLPLQXLUH� OH� JDUDQ]LH� H� LO� WUDWWDPHQWR� GHO� FRQWUDWWR� QD]LRQDOH�� YXROH� VRODPHQWH� ULGXUUH� DO� PLQLPR� L� WHPSL� GL�QHJR]LD]LRQH�GHO�FRQWUDWWR��,Q�TXHVWR�PRGR�OD�JUDQGH�LPSUHVD�ULGXFH�PROWR�OD�FRQIOLWWXDOLWj��H�DQ]L�VSHVVR�OD�VSRVWD�YHUVR�OH�LPSUHVH�FRQFRUUHQWL��$WWUDYHUVR�OD�FRQWUDWWD]LRQH�D]LHQGDOH�OD�JUDQGH�LPSUHVD�LQVHJXH�DQFKH�XQ�VHFRQGR�RELHWWLYR��ULGXFHQGR�OD�FRQWUDWWD]LRQH�D�TXHVWR�OLYHOOR�O¶LPSUHVD�ULFRQRVFH�FRPXQTXH�LQFHQWLYL�H�SUHPL DOOD�SURIHVVLRQDOLWj�GHL�ODYRUDWRUL��PD�D�OLYHOOR�LQGLYLGXDOH��FUHDQGR�FRVu�XQ�PHFFDQLVPR�SURSULR�H�LQGLYLGXDOH�GL� ULFRQRVFLPHQWR�GHOOH�FDSDFLWj�ODYRUDWLYH�GHL�GLSHQGHQWL��H�PHWWHQGR�LQ�FRVWDQWH�FRPSHWL]LRQH�L� ODYRUDWRUL� O¶XQR�FRQ�O¶DOWUR�SHU�DYHUH�JOL� LQFHQWLYL�LQGLYLGXDOL�/H� LPSUHVH� GL� SLFFROH� GLPHQVLRQL� QRQ� YRJOLRQR� LO� FRQWUDWWR� D]LHQGDOH�� 1RQ� OR� DSSOLFKHUHEEHUR� H� GDOWURQGH� QRQ� SRWUHEEHUR� VSHVVR� SDJDUH�SURIHVVLRQLVWL�FRPSHWHQWL�LQ�PDWHULD��FKH�OR�SUHSDULQR�SHU�ORUR��1HVVXQ�FRQVXOHQWH�GHO�ODYRUR�H�QHVVXQ�DYYRFDWR�SRWUHEEH�PDL�DYHUH�OD�FRPSHWHQ]D�QHFHVVDULD�H�VXIILFLHQWH�D�FRPSLODUH�XQ�FRQWUDWWR�D]LHQGDOH�SHU�XQD�SLFFROD�LPSUHVD��VRSUDWWXWWR�SHUFKp�QRQ�FRQRVFH�OD�VSHFLILFD�UHDOWj�QHOOD�TXDOH�TXHVWD�LPSUHVD�YLYH�H�ODYRUD��H�XQ�FRQWUDWWR�D]LHQGDOH�GHYH�HVVHUH�DOWDPHQWH�SHUVRQDOL]]DWR��/H�SLFFROH�LPSUHVH�SUHIHULVFRQR�GXQTXH�LO�FRQWUDWWR�QD]LRQDOH��VWDQGDUGL]]DWR��FKH�ULVROYH�LO�SUREOHPD�GHOOD�FRQFRUUHQ]D�H�GHO�FRVWR�GHO�ODYRUR��$O�FRQWUDWWR�D]LHQGDOH�OD�SLFFROD�LPSUHVD�SUHIHULVFH�LO�FRQWUDWWR�LQGLYLGXDOH��/H DVVRFLD]LRQL�GL�FDWHJRULD�GHOOH�SLFFROH�LPSUHVH��IRUWHPHQWH�RUJDQL]]DWH�VXO�YHUVDQWH�GHL�VHUYL]L��QRQ�VRQR�LQ�JUDGR�GL�GDUH�DOOH�SLFFROH�LPSUHVH�XQD�DVVLVWHQ]D�VLQGDFDOH�H�JLXULGLFD�DOO¶DOWH]]D�GHOOD�VLWXD]LRQH��/D�SLFFROD�LPSUHVD�QRQ�q�LQ�JUDGR�GL�SURGXUUH�XQD�VWUXWWXUD�GL�GLUH]LRQH� GHO� SHUVRQDOH� DWWD� D� JRYHUQDUH� SURFHVVL� QHJR]LDOL� FRVu� FRPSOHVVL�� (VHPSLR� WLSLFR�� O¶DFFRUGR� LQWHUFRQIHGHUDOH� GHO� ����� SUHPLD� OD�SURGXWWLYLWj� VWDELOHQGR�PLJOLRUDPHQWL� UHWULEXWLYL� FKH� LO� FRQWUDWWR� D]LHQGDOH�SXz�DWWULEXLUH� LQ� IXQ]LRQH�GHJOL� DXPHQWL� GL� SURGXWWLYLWj�� OD�SURGXWWLYLWj� VL�PLVXUD� UHODWLYDPHQWH� DO�ELODQFLR�GHOOD�SLFFROD� LPSUHVD�� O¶DXPHQWR�GHL�SURILWWL� LGHP��PD�FKL�PDL�SRWUj�FRQWUROODUH� L�PLJOLRUDPHQWL� SURGXWWLYLWj�GHOOH�SLFFROH� LPSUHVH"� 7XWWL� VDQQR� FKH� L� ELODQFL� GHOOH� SLFFROH� LPSUHVH� VRQR� SRFR� YHULWLHUL�� $OWUH� LPSUHVH� KDQQR� LQYHFH� ULFRQRVFLXWR� O¶LQFDSDFLWj� GL�PLVXUD]LRQH�GL�TXHVWL�PLJOLRUDPHQWL��SHU�FDUHQ]H�RUJDQL]]DWLYH��SXU�QRQ�HVVHQGRVL�ULILXWDWH�GL�FRQFHGHUH�PLJOLRUDPHQWL�UHWULEXWLYL�,O�SUREOHPD�q�WLSLFR�GHO�VLVWHPD�LWDOLDQR��,Q�,WDOLD�LO�VLQGDFDWR�q�IRUWHPHQWH�WHUULWRULDOH�H�YHUWLFLVWLFR��PHQWUH�LQ�)UDQFLD�H�LQ�*HUPDQLD�LO�VLQGDFDWR�q�D]LHQGDOH��QRQ�HVLVWRQR�OH�JUDQGL�FRQIHGHUD]LRQL��,�GDWRUL�GL� ODYRUR�LQ�,WDOLD�GHYRQR�DIIURQWDUH�XQ�VLQGDFDWR�FKH�KD�FRQVLVWHQ]D�QD]LRQDOH��PHQWUH�QHJOL�DOWUL�SDHVL�OD�WUDWWD]LRQH�q�D�OLYHOOR�D]LHQGDOH��,Q�,WDOLD�SRL�LO�QXPHUR�GL�SLFFROH�LPSUHVH�q�HQRUPH�8QDOWUD�WHPDWLFD�GL�FXL�ELVRJQD�WHQHU�FRQWR�q�FKH�LO�UDSSRUWR�WUD�FRQWUDWWR�FROOHWWLYR�QD]LRQDOH�H�D]LHQGDOH�VWD�SHU�HVVHUH�³GLPHVVR´GDOO¶HVWHUQR��GDO�FRQWUDWWR� FROOHWWLYR� HXURSHR�� /D� WHQGHQ]D� D� OLYHOOR� HXURSHR� q� OD� VHJXHQWH�� O¶LQWURGX]LRQH�GHOOD�PRQHWD�XQLFD�FUHHUj�XQD�FRQWUDWWD]LRQH�FROOHWWLYD�QRUPDWLYD�RPRJHQHD�D�OLYHOOR�HXURSHR�

',5,772�'(/�/$9252 DSSXQWL�WUDWWL�GDOOH�OH]LRQL��GRFHQWH�SURI�(QULFR�*UDJQROL

3DROR�&RUD]]D��DSSXQWL�GL�GLULWWR�GHO�ODYRUR SDJ���

(·�SRVVLELOH�SUHYHGHUH�QHOOH�FRRSHUDWLYH�VRFLDOL�XQ�OLYHOOR�PDVVLPR�UHWULEXWLYR"$EELDPR�GHWWR�H�VDSSLDPR�FKH� LO�FRQWUDWWR�FROOHWWLYR�VWDELOLVFH�XQ� OLYHOOR�UHWULEXWLYR�PLQLPR��QRQ�PDVVLPR��LO�FRQWUDWWR�D]LHQGDOH�SXz�PRGLILFDUH�LO�FRQWUDWWR� FROOHWWLYR� VLD� LQ�PHJOLR� FKH� LQ� SHJJLR�� LO� FRQWUDWWR� LQGLYLGXDOH� VROR� LQ�PHJOLR�� D� SHQD� GL�QXOOLWj��1RQ�HVLVWH�TXLQGL�XQ� OLPLWH�PDVVLPR�GL�UHWULEX]LRQH��8QD�QRUPD�GHO�'�/JV���������VWDELOLVFH�SHUz�FKH� LO� ODYRUDWRUH�GL�XQD�RQOXV�QRQ�SXz�SHUFHSLUH�XQD� UHWULEX]LRQH�VXSHULRUH�GHO�����ULVSHWWR�DO�OLYHOOR�GHL�SDUL�FRQWUDWWL�FROOHWWLYL��/D�QRUPD�QRQ�q�GL�GLULWWR�GHO�ODYRUR��QRQ�q�D�WXWHOD�GHO�ODYRUDWRUH��q�VROR�XQD�QRUPD�GL�FDUDWWHUH�ILVFDOH��LQ� FDPELR� GHO� WUDWWDPHQWR� ILVFDOH� IDYRUHYROH� ULVHUYDWR� DOOH� RQOXV� VL� SUHWHQGH� FKH� O¶RUJDQL]]D]LRQH� VWHVVD� QRQ� GLVWULEXLVFD� XWLOL� DWWUDYHUVR�XQ�DXPHQWR�GHOOH�UHWULEX]LRQL��ULQQHJDQGR�LO�VXR�FDUDWWHUH�GL�QRQ�OXFUDWLYLWj�PHGLDQWH�XQR�VWUXPHQWR�LQGLUHWWR���(¶�PDL�SRVVLELOH�DWWUDYHUVR�XQD�QRUPD�GL�FDUDWWHUH�ILVFDOH�FRPSULPHUH�OD�UHWULEX]LRQH�GHL�ODYRUDWRUL"�3RWUj�PDL�XQD�RQOXV�SHUPHWWHUVL�XQ�JUDQGHPDQDJHU",�TXHVLWL� LQWHUSUHWDWLYL� VRQR�GXH�� OD�QRUPD�YXRO�VLJQLILFDUH�FKH�QHVVXQ� ODYRUDWRUH�GL�XQD�RQOXV�SXz�SHUFHSLUH�XQD� UHWULEX]LRQH�VXSHULRUH�GHO�����ULVSHWWR� DL� FRQWUDWWL� FROOHWWLYL� GL� FDWHJRULD� RSSXUH� FKH� LO� OLYHOOR� PHGLR� GL� UHWULEX]LRQH� LQGLYLGXDOH QRQ� GHEED� HVVHUH� VXSHULRUH� D� SL�� GHO� ���"�/¶LQWHUSUHWD]LRQH�FKH�YD�SHU�OD�PDJJLRUH�q�OD�SULPD��ELVRJQD�FRQVLGHUDUH�LO�OLYHOOR�UHWULEXWLYR�GL�FLDVFXQ�ODYRUDWRUH�LQGLYLGXDOPHQWH�6HFRQGR�� OD�QRUPD�q�YDOLGD�DQFKH�SHU�L�FRQWUDWWL�D]LHQGDOL�� LQLELVFH�DQFKH�L�PLJOLRUDPHQWL�GHO�FRQWUDWWR�FROOHWWLYR�D]LHQGDOH"�/D�WHVL�FKH�YD�SHU�OD�PDJJLRUH�q�FKH� OD�QRUPD�QRQ� LQLELVFH� L�PLJOLRUDPHQWL� LQWURGRWWL�GDL�FRQWUDWWL�D]LHQGDOL��VH�QH�GHGXFH�FKH� LO�FRQWUDWWR�D]LHQGDOH�SXz�GHURJDUH�DOOD�QRUPD�8QD�WHU]D�FRQVLGHUD]LRQH�q�LQHUHQWH�DOO¶RJJHWWR�GHOOD�QRUPD��³«H��OD�FRUUHVSRQVLRQH�DL�ODYRUDWRUL�GLSHQGHQWL�GL�VDODUL�R�VWLSHQGL�VXSHULRUL�GHO����SHU�FHQWR� ULVSHWWR�D�TXHOOL�SUHYLVWL�GDL�FRQWUDWWL�FROOHWWLYL�GL� ODYRUR�SHU� OH�PHGHVLPH�TXDOLILFKH´�� ,O�����q�GXQTXH�ULIHULELOH�D�TXDOH� OLYHOOR�UHWULEXWLYR"�$�TXHOOR�PHGLR�GL�WXWWL�L�FRQWUDWWL�FROOHWWLYL�LWDOLDQL�UHODWLYDPHQWH�DOOH�PHGHVLPH�TXDOLILFKH"�1RQ�HVLVWH�LQIDWWL�XQ�OLYHOOR�PHGLR�UHWULEXWLYR�SHU�PDQVLRQH��HVLVWRQR�PROWL� FRQWUDWWL� FROOHWWLYL� FRQ� OLYHOOL� UHWULEXWLYL� GLYHUVL� JOL� XQL� GDJOL DOWUL� DQFKH� SHU� OH�PHGHVLPH�TXDOLILFKH��%LVRJQD�GXQTXH� FRQVLGHUDUH� LO�FRQWUDWWR� FROOHWWLYR� WHRULFDPHQWH� DSSOLFDWR� GDOOD� FRRSHUDWLYD� VRFLDOH"�1HPPHQR� TXHVWD� VHPEUD� OD� VROX]LRQH� �XQD� FRRS� VRFLDOH� SRWUHEEH� LQIDWWL�DGRWWDUH�XQ�FRQWUDWWR�FROOHWWLYR�FRQ�OLYHOOL UHWULEXWLYL�EDVVLVVLPL�± DG�HVHPSLR�TXHOOR�GHJOL�VWXGL�SURIHVVLRQDOL�± RSSXUH�XQR�FRQ�OLYHOOL�UHWULEXWLYL�PROWR�HOHYDWL�± FRPH�TXHOOR�GHJOL�HOHWWULFL��H�LQ�TXHVWR�FDVR�SUREDELOPHQWH�VL�UHDOL]]HUHEEH�YHUDPHQWH�XQD�GLVWULEX]LRQH�LQGLUHWWD�GL�XWLOL���/¶LQWHUSUHWD]LRQH�SXz�HVVHUH�TXLQGL�OD�VHJXHQWH��VL�FRQVLGHUL�LO�FRQWUDWWR�FROOHWWLYR�WHQGHQ]LDOPHQWH�DSSOLFDELOH��TXHOOR�GHOOH�FRRSHUDWLYH�VRFLDOL��D�OLYHOOR�LQGLYLGXDOH�,Q�TXHVWR�PRGR� OD�QRUPD�SRQH�XQ�IRUWH�YLQFROR�DO�SRWHUH�RUJDQL]]DWLYR�GHOOH�RQOXV�H�ID�SDVVDUH�O¶LGHD�FKH�LO� ODYRUR�QHOOD�RQOXV�GHEED�HVVHUH�XQ�ODYRUR� SRFR� UHPXQHUDWR� �LQ� UHDOWj� q� O¶RUJDQL]]D]LRQH� FKH� QRQ� GHYH� DYHUH� ILQL� OXFUDWLYL�� PHQWUH� LO� ODYRUDWRUH� SHUVHJXH� XQ� RELHWWLYR� GL� WLSR�SDWULPRQLDOH�± O¶RELHWWLYR�PRUDOH QRQ�q� OD�FDXVD�GHO�FRQWUDWWR�GL� ODYRUR��� ,Q� UHDOWj� LO�SUREOHPD�q�FKH� LO� WUDVIHULPHQWR�GL�XWLOL�QHOOH�RQOXV�DWWUDYHUVR�O¶DXPHQWR�GHOOH� UHWULEX]LRQL�q�XQD�SUDVVL��H� O¶DPPLQLVWUD]LRQH� ILVFDOH�KD�VFDUVL�VWUXPHQWL�GL�FRQWUROOR��*Lj�VL�q� WURYDWR� LO�PRGR�GL�DJJLUDUH�TXHVWD�QRUPD��ULFRQRVFHQGR DL�ODYRUDWRUL�GHOOH�RQOXV�LQ�EXVWD�SDJD�VPLVXUDWH�LQGHQQLWj�GL�WUDVIHUWD�

',5,772�'(/�/$9252 DSSXQWL�WUDWWL�GDOOH�OH]LRQL��GRFHQWH�SURI�(QULFR�*UDJQROL

3DROR�&RUD]]D��DSSXQWL�GL�GLULWWR�GHO�ODYRURSDJ���

FRQWLQXD�GDOOD�OH]LRQL�SUHFHGHQWH�,O�GLULWWR�VLQGDFDOH�� LO�FRQWUDWWR�FROOHWWLYR�GHOOH�FRRS�VRFLDOL&RPSOHWLDPR� O¶DUJRPHQWR� VXO� FRQWUDWWR� FROOHWWLYR� GHOOH� FRRS� VRFLDOL�� WHUPLQHUHPR� SRL� FRQ� LO� FRQWUDWWR� D]LHQGDOH�SHJJLRUDWLYR�HG�LO�UDSSRUWR�WUD�OHJJH�H�FRQWUDWWR�FROOHWWLYR�$UW�����± SURYYHGLPHQWL�GLVFLSOLQDUL/¶DUW�� ���q�PROWR� LPSRUWDQWH�� q� LO� FRGLFH�GLVFLSOLQDUH�GHL� UDSSRUWL� GL� ODYRUR�QHOOH� FRRS�VRFLDOL�� /¶HVHUFL]LR�GHO� SRWHUH�GLVFLSOLQDUH� LQ�JHQHUH�SUHVXSSRQH� OD� WLSL]]D]LRQH�GHJOL� LOOHFLWL� GLVFLSOLQDUL� H�GHOOH�VDQ]LRQL��FLRq� LO� ODYRUDWRUH�GHYH�HVVHUH� LQ�JUDGR�GL�FRQRVFHUH� L�FRPSRUWDPHQWL�FRQWHVWDELOL�H�OH�UHODWLYH�VDQ]LRQL��1HO�QRVWUR�RUGLQDPHQWR�JLXULGLFR�GHO�ODYRUR�L�FRGLFL�GLVFLSOLQDUL�SRVVRQR�HVVHUH�GL�WLSR�FRQWUDWWXDOH �LO�FFQO�LGHQWLILFD�JOL�LOOHFLWL�H�OH�VDQ]LRQL��RSSXUH�GL�WLSR�XQLODWHUDOH �SURYLHQH�GDO�GDWRUH�GL�ODYRUR��LO�GDWRUH�FKH�DSSOLFD�XQ�FFQO�q�REEOLJDWR�DG�XWLOL]]DUH�LO�FRGLFH�GLVFLSOLQDUH�LQ�HVVR�FRQWHQXWR��SXz�LQWHJUDUOR�PD�QRQ�PRGLILFDUOR��/¶DUW����GHOOR�6WDWXWR�GHL� ODYRUDWRUL�SUHYHGH�XQ¶XQLFD�IRUPD�REEOLJDWRULD�GL�SXEEOLFLWj�GHO�FRGLFH�GLVFLSOLQDUH�� O¶DIILVVLRQH�LQ�XQ�OXRJR�DFFHVVLELOH�D�WXWWL�L�ODYRUDWRUL��SHQD�OD�GHFDGHQ]D�GHOOD�SRVVLELOLWj�GL�DSSOLFDUH�OH�UHODWLYH�VDQ]LRQL��WUDQQH�LO�OLFHQ]LDPHQWR��$UW����/HJJH��������6WDWXWR�GHL�ODYRUDWRUL�� 6DQ]LRQL�GLVFLSOLQDUL/H� QRUPH� GLVFLSOLQDUL� UHODWLYH� DOOH� VDQ]LRQL�� DOOH� LQIUD]LRQL� LQ� UHOD]LRQH� DOOH� TXDOL� FLDVFXQD� GL� HVVH� SXz� HVVHUH� DSSOLFDWD� HG� DOOH�SURFHGXUH� GL� FRQWHVWD]LRQH� GHOOH� VWHVVH�� GHYRQR� HVVHUH� SRUWDWH� D� FRQRVFHQ]D� GHL� ODYRUDWRUL� PHGLDQWH� DIILVVLRQH� LQ� OXRJR�DFFHVVLELOH�D�WXWWL��(VVH�GHYRQR�DSSOLFDUH�TXDQWR�LQ�PDWHULD�q�VWDELOLWR�GD�DFFRUGL�H�FRQWUDWWL�GL�ODYRUR�RYH�HVLVWDQR�,O�GDWRUH�GL� ODYRUR�QRQ�SXz�DGRWWDUH�DOFXQ�SURYYHGLPHQWR�GLVFLSOLQDUH�QHL�FRQIURQWL�GHO� ODYRUDWRUH�VHQ]D�DYHUJOL�SUHYHQWLYDPHQWH�FRQWHVWDWR�ODGGHELWR�H�VHQ]D�DYHUOR�VHQWLWR�D�VXD�GLIHVD�«$UW�����± LQTXDGUDPHQWR�GHO�SHUVRQDOH'HILQLVFH� OD�TXDOLILFD� FRPH� LO� OLYHOOR� LQWHUQR�GL� FODVVLILFD]LRQH�GHO� SHUVRQDOH�SHU�SRVL]LRQL� RPRJHQHH�� ,� OLYHOOL� VRQR�GLYHUVL� QHL� YDUL�FRQWUDWWL�FROOHWWLYL��DOFXQL�FRQWUDWWL�DSSOLFDQR�OLYHOOL� LQ�RUGLQH�FUHVFHQWH��DOWUL� LQ�RUGLQH�GHFUHVFHQWH��,O�FFQO�GHOOH�FRRS�VRFLDOL�SUHVHQWD�XQD� WUD� OH� SL�� VHPSOLFL� VWUXWWXUH� GL� OLYHOOL�� /¶DUW�� ��� SRL� ULSRUWD� O¶HOHQFR� GHOOH� UHWULEX]LRQL� OLYHOOR�SHU� OLYHOOR�� /¶DUW�� ���q�XQD�FODXVROD�QRUPDWLYD� LQGHURJDELOH�� OLYHOOL� GLYHUVL� H� � UHWULEX]LRQL� DXPHQWDWH� SRWUDQQR� HVVHUH� LVWLWXLWH� FRQ� XQ� FRQWUDWWR� D]LHQGDOH� �R� FRQ� XQ�FRQWUDWWR�LQGLYLGXDOH�SHU�OD�UHWULEX]LRQH��$UW�����± PDQVLRQL�H�YDULD]LRQL�WHPSRUDQHH�GHOOH�VWHVVH/¶DUW��q�OD�WUDVFUL]LRQH�TXDVL�IHGHOH�GHOO¶DUW�������FRGLFH�FLYLOH��FKH�GLVSRQH�FRPH�VHJXH�$UW�������FRGLFH�FLYLOH�� 0DQVLRQL�GHO�ODYRUDWRUH,O� SUHVWDWRUH� GL� ODYRUR� GHYH� HVVHUH� DGLELWR� DOOH� PDQVLRQL� SHU� OH� TXDOL� q� VWDWR� DVVXQWR� R� D� TXHOOH� FRUULVSRQGHQWL� DOOD� FDWHJRULD�VXSHULRUH� FKH� DEELD� VXFFHVVLYDPHQWH� DFTXLVLWR� RYYHUR� D� PDQVLRQL� HTXLYDOHQWL� DOOH� XOWLPH� HIIHWWLYDPHQWH� VYROWH�� VHQ]D� DOFXQD�GLPLQX]LRQH�GHOOD�UHWULEX]LRQH� 1HO�FDVR�GL�DVVHJQD]LRQH�D�PDQVLRQL�VXSHULRUL�LO�SUHVWDWRUH�KD�GLULWWR�DO�WUDWWDPHQWR�FRUULVSRQGHQWH�DOODWWLYLWj�VYROWD��H�ODVVHJQD]LRQH�VWHVVD�GLYLHQH�GHILQLWLYD��RYH�OD�PHGHVLPD�QRQ�DEELD�DYXWR�OXRJR�SHU�VRVWLWX]LRQH�GL�ODYRUDWRUH�DVVHQWH�FRQ�GLULWWR�DOOD�FRQVHUYD]LRQH�GHO�SRVWR��GRSR�XQ�SHULRGR�ILVVDWR�GDL�FRQWUDWWL�FROOHWWLYL��H�FRPXQTXH�QRQ�VXSHULRUH�D�WUH�PHVL��(JOL�QRQ�SXz�HVVHUH�WUDVIHULWR�GD�XQD�XQLWj�SURGXWWLYD�DG�XQDOWUD�VH�QRQ�SHU�FRPSURYDWH�UDJLRQL�WHFQLFKH��RUJDQL]]DWLYH�H�SURGXWWLYH�2JQL SDWWR�FRQWUDULR�q�QXOOR�$UW�����± RUDULR�GL�ODYRUR��DUW�����± IOHVVLELOLWj��DUW�����± ODYRUR�VWUDRUGLQDULR�H�DUW�����± ODYRUR�QRWWXUQR6RQR�WLSLFKH�FODXVROH�QRUPDWLYD�'DOO¶DUW�����LQL]LDQR�OH�FODXVROH�LQHUHQWL�OD�UHPXQHUD]LRQH�GL�SDUWLFRODUL�SUHVWD]LRQL�DUW�����± LQGHQQLWj�GL�WXUQR��DUW�����± VHUYL]LR�FRQ�REEOLJR�GL�UHVLGHQ]D�QHOOD�VWUXWWXUD�*OL�DUWW�����H����GLVFLSOLQDQR�IHULH�H�IHVWLYLWj��/¶DUW�����WUDWWD�SHUPHVVL�H�UHFXSHUL��O¶DUW�����WUDWWD�LO�FRQJHGR�PDWULPRQLDOH��WXWWH�TXHVWH�VRQR�FODXVROH�SL� R�PHQR�RPRJHQHH�D�WXWWL�L�FRQWUDWWL�FROOHWWLYL��'DOO¶DUW�����LQL]LD�OD�GLVFLSOLQD�GHOOD�UHWULEX]LRQH�,O�UDSSRUWR�WUD�LO�FRQWUDWWR�FROOHWWLYR�H�OD�OHJJH/H� OHJJL� QDVFRQR� QHOOR� VWHVVR� FRQWHVWR� VRFLR� HFRQRPLFR� QHO� TXDOH� WURYDQR� YLWD� L� FRQWUDWWL� FROOHWWLYL�� FLRq� GDOOD� SULPD� IDVH�GHOO¶LQGXVWULDOL]]D]LRQH��5LYROX]LRQH�LQGXVWULDOH��PDVVLILFD]LRQH�GHJOL�VWUXPHQWL�GL�SURGX]LRQH��QHFHVVLWj�GL�VWUXPHQWL�GL�SURGX]LRQH�GL�PDVVD�� WXWHOD� GHO� ODYRUDWRUH� VRQR� DUJRPHQWL� VWUHWWDPHQWH� FRQQHVVL�� /HJJH� H� FRQWUDWWR� FROOHWWLYR� FRQGLYLGRQR� XQD� SHFXOLDUH�FDUDWWHULVWLFD��TXHOOD�GHOO¶LQGHURJDELOLWj��,O�GLULWWR�GHO�ODYRUR�q�LO�³UHJQR´�GHOOH�QRUPH�LQGHURJDELOL��,O�FRQWUDWWR�LQGLYLGXDOH�GL�ODYRUR�q�LQ�UHDOWj�XQ�FRQWUDWWR�PROWR�VHPSOLFH��QRQ�KD�TXDVL�PDL�FRQWHQXWR�LQQRYDWLYR��VL�GHYH�DWWHQHUH�DOO¶LQGHURJDELOLWj�GHO�FRQWUDWWR�FROOHWWLYR�H�GHOOD�OHJJH�FKH�SDUWRQR�GDO�IDYRU OHJLVODWLYR�SHU�LO�ODYRUDWRUH�TXDOH�VRJJHWWR�GHEROH��%LVRJQD�FDSLUH�TXHVWR�FRQFHWWR��LO�ODYRUDWRUH�q�XQ�VRJJHWWR�GHEROH�H�GHYH�HVVHUH�WXWHODWR��D�SUHVFLQGHUH�GDOOD�VXD YRORQWj��FKH�SXz�HVVHUH�FRDWWDELOH��LO�GLULWWR�GHO�ODYRUR�QRQ�WXWHOD�OD�OLEHUWj�GHO�ODYRUDWRUH��SHUFKp�SDUWH�GDOO¶LGHD�FKH�TXHVWD�OLEHUWj�YHUUHEEH�IDFLOPHQWH�FRDWWDWD�GDO�SRWHUH�HFRQRPLFR�GHOOH�LPSUHVH��,O�GLULWWR�GHO�ODYRUR�SDUWH�GDOO¶LGHD�GL�XQ�ODYRUDWRUH�QRQ�OLEHUR��HFRQRPLFDPHQWH��VRFLDOPHQWH��SVLFRORJLFDPHQWH��FXOWXUDOPHQWH��LO�GLULWWR�GHO�ODYRUR�WXWHOD�LO�ODYRUDWRUH�FRQ�QRUPH�LQGHURJDELOL��q�XQ�WLSLFR�GLULWWR�LPSHUDWLYR��FUHD�QRUPH�LQGLVSRQLELOL��)LQR�DOOD�PHWj�GHJOL�DQQL�¶���LO�UDJLRQDPHQWR�HUD�PROWR�VHPSOLFH��GL�WLSR�GLVFHQGHQWH��OD�FRVWLWX]LRQH�SRQH�OH�QRUPH LQGHURJDELOL�SHU�HFFHOOHQ]D��OD�OHJJH�SRQH�QRUPH� LQGHURJDELOL� DWWXDWLYH� GHL� SULQFLSL� FRVWLWX]LRQDOL�� LO� FRQWUDWWR� FROOHWWLYR� SXz� GHURJDUH� OD� OHJJH� VROR� LQ� PHOLXV�� FRQWUDWWR�LQGLYLGXDOH��FKH�SXz GHURJDUH�LO�FRQWUDWWR�FROOHWWLYR�H�OD�OHJJH�VROR�LQ�PHOLXV��,O�VLVWHPD�HUD�IDFLOH�GD�ULFRUGDUH��OR�VL�VLQWHWL]]DYD�FRQ�XQD�SDUROD�ODWLQD��LO�IDYRU��DO�ODYRUDWRUH�VL�DSSOLFD�OD�IRQWH�DO�OXL�SL��IDYRUHYROH��WXWWH�OH�IRQWL�VRQR�GHURJDELOL�VROR�LQ�PHJOLR�GDOOD�IRQWH�GLVFHQGHQWH���,O�SULQFLSLR�LQL]LD�DG�DQGDUH�LQ�FULVL�YHUVR�OD�PHWj�GHJOL�DQQL�¶����QHO�SDVVDJJLR�OHJJH�± FRQWUDWWR�FROOHWWLYR��$OFXQH�OHJJL�

',5,772�'(/�/$9252 DSSXQWL�WUDWWL�GDOOH�OH]LRQL��GRFHQWH�SURI�(QULFR�*UDJQROL

3DROR�&RUD]]D��DSSXQWL�GL�GLULWWR�GHO�ODYRUR SDJ���

SUHYHGRQR�FRQWUDWWL�FROOHWWLYL�FKH�GHURJDQR�LQ�SHJJLR�ULVSHWWR�DOOD�OHJJH��/H�PRWLYD]LRQL�VRQR�SUHWWDPHQWH�HFRQRPLFKH��LQ�VHJXLWR�DOOR�VKRFN� SHWUROLIHUR� GHO� ����� O¶HFRQRPLD� LWDOLDQD� YD� LQFRQWUR� DG� XQ� SHULRGR� GL� FULVL�� ,QROWUH� O¶LQL]LR� GHOO¶LQQRYD]LRQH� WHFQRORJLFD� H�LQIRUPDWLFD� q� GL� TXHJOL� DQQL�� OD� WHFQRORJLD� LQIRUPDWL]]D� L� SURFHVVL� GL� SURGX]LRQH�� O¶LPSDWWR� GHOOD URERWLFD� FDPELD� OH� IXQ]LRQL� GL�SURGX]LRQH�GHOOH�JUDQGL�IDEEULFKH�H�WXWWR�TXHVWR�KD�XQ�QRWHYROH�FRVWR�VRFLDOH��LQ�WHUPLQL�GL�HVSXOVLRQH�GL�IRU]D�ODYRUR�GDOOH�LQGXVWULH��/D�WUDVIRUPD]LRQH�WHFQRORJLFD�q�FRVWDWD�LO�SRVWR�DG�XQ�JUDQGH�QXPHUR�GL�ODYRUDWRUL��/D�FULVL�HFRQRPLFD�GHOOD�PHWj�GHJOL�DQQL�¶���QRQq�VWDWD�VROR�XQD�FULVL�GHO�EHQHVVHUH��GHOOD�FDSDFLWj�GL�SURJUHVVR�FRVWDQWH�H�FRQWLQXR��q�VWDWD�DQFKH�OD�FULVL�GL�LQWHUL�VHWWRUL�SURGXWWLYL�GHOO¶LQGXVWULD� LWDOLDQD��FKH�VRQR�VSDULWL�� ,QWHUL�FRPSDUWL�GHOO¶LQGXVWULD� LWDOLDQD�VFRPSDLRQR�VRWWR� O¶HIIHWWR�GHOO¶HQRUPH�FRQFRUUHQ]D�FKH�YLHQH� GDOO¶HVWHUR�� 7XWWR� TXHVWR� VLVWHPD� HUD� LQJRYHUQDELOH� FRQ� LO� SULQFLSLR� GHO� IDYRU�� &¶HUD� OD� QHFHVVLWj� FKH� LO� FRQWUDWWR� FROOHWWLYR�WURYDVVH�FRQ� OD� OHJJH�XQ� UDSSRUWR�SL�� IOHVVLELOH��/D� OHJJH�GRYHWWH�DFFHWWDUH�FKH�SDUWL�GHOOD�VXD�GLVFLSOLQD�YHQLVVHUR�VRVWLWXLWL�GDOOD�GLVFLSOLQD�LQWURGRWWD�GDL�FRQWUDWWL�FROOHWWLYL�'XH�JUDQGL�IHQRPHQL�QDVFRQR�LQ�TXHVWR�SHULRGR�D��GHURJDELOLWj�GL�DOFXQH�GLVSRVL]LRQL� OHJLVODWLYH��HVHPSLR�� OD�GLVFLSOLQD�VXO�7)5�q�XQD�GLVFLSOLQD�OHJDOH��L�FRQWUDWWL�FROOHWWLYL�SRVVRQR�GHURJDUH�OD�OHJJH��FKH�SUHYHGH�FKH�LO�FDOFROR�GHO�7)5�VL�DWWXL�VX�WXWWH�OH�YRFL�FRQWLQXDWLYH�GHOOD�UHWULEX]LRQH���HVFOXGHQGR�DOFXQH�YRFL�GHOOD�UHWULEX]LRQH�GDO�FDOFROR�GHO�7)5��SHU�HVHPSLR�OH�LPSUHVH�SRVVRQR�HVFOXGHUH�GDOOD�EDVH�GL�FDOFROR�JOL�VWUDRUGLQDUL��/H�LPSUHVH�FKH�ULFRUURQR�PROWR�DJOL�VWUDRUGLQDUL�QH�WUDJJRQR�XQ�GRSSLR�EHQHILFLR�LQ�WHUPLQL�FRQFRUUHQ]LDOL��DEEDVVDQR�LO�FRVWR�GHO�7)5�GL�WXWWL� L�ODYRUDWRUL� H� FRQWHPSRUDQHDPHQWH� OLPLWD� LO� QXPHUR� GHJOL� DVVXQWL� ULFRUUHQGR� DG� XQ� XWLOL]]R�PDVVLFFLR� GHO� ODYRUR� � VWUDRUGLQDULR�� (¶�TXHVWR�XQ�HVHPSLR�QHO�TXDOH�OD�FRQWUDWWD]LRQH�FROOHWWLYD�GHURJD�LQ�SHMXV OD�OHJJH�RUGLQDULD�E��ULQYLR�GHOOD�OHJJH�DOOD�FRQWUDWWD]LRQH�FROOHWWLYD��HVHPSLR�WLSLFR�VRQR�L�FRQWUDWWL�GL�VROLGDULHWj��ULPHGLR�SHU�HYLWDUH�OH�FULVL�D]LHQGDOL��1HO�WHQWDWLYR�GL�HYLWDUH�OLFHQ]LDPHQWL�VL�FHUFD�GL�DEEDVVDUH�LO�FRVWR�GHO�SHUVRQDOH�ULGXFHQGR�OD�TXDQWLWj�GL�ODYRUR��JDUDQWHQGR�ODYRUR�D�WXWWL��/¶RUDULR�GL� ODYRUR�H� OD� UHWULEX]LRQH�YHQJRQR�DEEDVVDWL GDO�FRQWUDWWR�FROOHWWLYR�� ,Q�TXHVWR�FDVR�F¶q�XQ�ULQYLR�DOOD�FRQWUDWWD]LRQH�FROOHWWLYD��FKH�GHYH�LQWHUYHQLUH�D�QRUPDUH�LQ�PDWHULD��4XHVWR�LVWLWXWR�VL�SRWUj�DSSOLFDUH�VROR�VH�DFFHWWDWR�GDO�VLQGDFDWR�DWWUDYHUVR�XQ�FRQWUDWWR�FROOHWWLYR��,Q�TXHVWR�VHQVR�LO�FRQWUDWWR�FROOHWWLYR�VL�YHGH�DWWULEXLWH�GDOOD�OHJJH�DOFXQH�IXQ]LRQL�FKH�SULPD�QRQ�DYHYD�3HUGLWD�GL�XQLWDULHWj�GHO�FRQWUDWWR�FROOHWWLYR,O�IHQRPHQR�GLYLHQH�ULOHYDQWH�D�VHJXLWR�GHL�FDPELDPHQWL�GHJOL�DQQL�¶����1RQ�VL�SXz�SL��SDUODUH�GL�FRQWUDWWR�FROOHWWLYR�PD�VL�GHYH�SDUODUH�GL�FRQWUDWWL�FROOHWWLYL��GD�XQD�SDUWH�LO�FRQWUDWWR�FROOHWWLYR�QD]LRQDOH�GL�ODYRUR��GDOO¶DOWUD�L�FRQWUDWWL�FROOHWWLYL�D]LHQGDOL��FKH�VRQR�GL�GLYHUVL�WLSL��WUD�HVVH�ULFRUGLDPR�LO�FRQWUDWWR� FROOHWWLYR� D]LHQGDOH� GL� VROLGDULHWj�� TXHOOR� SHU� LO� WUDVIHULPHQWR� GHOO¶D]LHQGD�� TXHOOR� UHODWLYR� DOOD�PRELOLWj�� LO� FF�D]LHQGDOH� LQ� FDVR�GL� FDVVD�LQWHJUD]LRQH�HFF���,O� FRQWUDWWR� FROOHWWLYR� QDVFH� LQ� ,WDOLD�� QHO� GRSRJXHUUD�� FRPH� VWUXPHQWR� XQLWDULR� GL� UHJRODPHQWD]LRQH� GHO� GLULWWR� GHO� ODYRUR�� GHVWLQDWR� D� UHJRODUH�L�UDSSRUWL� WUD� O¶LPSUHVD� H� LO� ODYRUR�� 1HOOD� QXRYD� VRFLHWj� SRVWLQGXVWULDOH� DG� � HFRQRPLD� HYROXWD� L� FRQWUDWWL� FROOHWWLYL� VL� VFRPSRQJRQR� SRL� LQ� GLYHUVH�VRWWRFDWHJRULH� IRUWHPHQWH�GLVRPRJHQHH� OH�XQH�GDOOH�DOWUH�� ,O� FRQWUDWWR� FROOHWWLYR�GLYLHQH�GLVDUWLFRODWR�� O¶RUJDQL]]D]LRQH�FRPSOHVVD�GHL� IDWWRUL�GHOOD�SURGX]LRQH� SRUWD� FRQ� Vp� OD� QHFHVVLWj� GL� XQD� GLVFLSOLQD� FROOHWWLYD� GHL� YDUL� DVSHWWL� GHOO¶RUJDQL]]D]LRQH� GHO� ODYRUR�� 9HQJRQR� JDUDQWLWL� JOL� DVSHWWL�IRQGDPHQWDOL�GHO�UDSSRUWR��PLQLPL�UHWULEXWLYL��WUDWWDPHQWR�JLXULGLFR���VL�DIIURQWDQR�L�SUREOHPL�GHOOH�FULVL�D]LHQGDOL��FODXVROH�GL�ULQYLR�VSHFLILFKH�DG�DOWUH�ILJXUH�FRQWUDWWXDOL�GHVWLQDWH�D�ULVROYHUH�OH�GLIILFROWj�D]LHQGDOL���VL�UHJRODPHQWDQR�DOFXQL�DVSHWWL�GHO�PHUFDWR�GHO�ODYRUR��FRQWUDWWL�D�WHPSR�GHWHUPLQDWR��SDU]LDOH�� ODYRUR�VXSSOHPHQWDUH��VWUDRUGLQDULR��QRWWXUQR�HFF����4XHVWR�DFFDGGH�SRLFKp�VL�ULFRQREEH�FKH�XQD�GLVFLSOLQD�RPRJHQHD�H�WDVVDWLYD�GHOOD�OHJJH� VDUHEEH� VWDWD� R� HFFHVVLYDPHQWH� ODVVLVWD� R� HFFHVVLYDPHQWH� ULJLGD�� XJXDOH� SHU� WXWWL��PHQWUH� QHOOH� YDULH� UHDOWj� SURGXWWLYH� HVLVWRQR� FRQWHVWL�GLYHUVL��QRQ�q�GHWWR�FKH�XQ�FRQWUDWWR�D�WHPSR�GHWHUPLQDWR�GHEED�HVVHUH�WUDWWDWR�LQ�PRGR�RPRJHQHR�LQ�TXDOXQTXH�FDWHJRULD�GL�LPSUHVD���(¶�YHUR�SRL�FKH�VSHVVR�TXHVWR�VLVWHPD�q�VWDWR�XWLOL]]DWR� LQ� ODUJD�PLVXUD�DQFKH�TXDQGR� OH�UHDOL�HVLJHQ]H HFRQRPLFKH�QRQ� OR�JLXVWLILFDYDQR��DG�HVHPSLR��QHO�VHWWRUH� PHWDOPHFFDQLFR� VRQR� SUROLIHUDWL� D� GLVPLVXUD� L� FRQWUDWWL� D� WHPSR� GHWHUPLQDWR� DQFKH� LQ� DVVHQ]D� GL� UHDOL� HVLJHQ]H� HFRQRPLFR� SURGXWWLYH�JLXVWLILFDWULFL�± L�VLQGDFDWL�VRQR�VWDWL�SDUWLFRODUPHQWH�ODVVLVWL��,Q�TXHVWD� ORJLFD�� LO�FRQWUDWWR�FROOHWWLYR�D]LHQGDOH�YLYH�XQD�GXSOLFH�QDWXUD��6L� LQGLYLGXDQR�GXH�JUDQGL�FDWHJRULH�GL�FRQWUDWWR�FROOHWWLYR�D]LHQGDOH��TXHOOR�UHGLVWULEXWLYR H�TXHOOR�JHVWLRQDOH�,O� FRQWUDWWR�FROOHWWLYR�D]LHQGDOH�UHGLVWULEXWLYR q�TXHOOR�FKH ULGLVWULEXLVFH� LO� UHGGLWR��DFFRUGR�GHO�SURWRFROOR�G¶LQWHVD�GHO� OXJOLR�������VHFRQGR�OLYHOOR�GL�FRQWUDWWD]LRQH�DOO¶LQWHUQR�GHO�VLVWHPD�FRPSOHVVLYR�GL�FRQWUDWWD]LRQH�SHU�GHWHUPLQDUH�L�PLQLPL�FRQWULEXWLYL�,O� FRQWUDWWR� FROOHWWLYR� D]LHQGDOH� JHVWLRQDOH q� TXHOOR� FKH� ULVROYH� OH� VLWXD]LRQL� GL� FULVL� GHOO¶LPSUHVD�� 1HO� VLVWHPD� LWDOLDQR� YLJH� XQD�WUDGL]LRQH� GL� VROX]LRQH� GHOOH� FULVL� D]LHQGDOL� DWWUDYHUVR� OR� VWUXPHQWR�GHO� FRQWUDWWR� FROOHWWLYR�D]LHQGDOH�� FRQ�XQ� UXROR�PROWR� IRUWH�GHO�VLQGDFDWR��,O�VLVWHPD�IXQ]LRQD�ILQR�DO�PRPHQWR�LQ�FXL�LO�VLQGDFDWR�q�XQ�LQWHUORFXWRUH�FUHGLELOH��6H�QHO�PRPHQWR�LQ�FXL�HPHUJH�XQD�FULVL�D]LHQGDOH�H�LO�VLQGDFDWR�VWLSXOD�LO�FRQWUDWWR�FROOHWWLYR�WURYDQGR�VROX]LRQH�DOOD�FULVL��TXHVWR�VWUXPHQWR�IXQ]LRQD�VROR�VH�YLHQH�DFFHWWDWR�GDL�ODYRUDWRUL��6H�LQYHFH�GLYLHQH�O¶LQL]LR�GL�XQ�FRQWHQ]LRVR��LQ�TXDQWR�L�ODYRUDWRUL�QH�FRQWHVWDQR�OD�YDOLGLWj�GHOHJLWWLPDQGR�O¶RSHUDWR�GHO�VLQGDFDWR��YLHQH�PHQR�LO�SUHVXSSRVWR�VX�FXL�VL�EDVD�O¶LQWHUD�ORJLFD�GHO�GLULWWR�GHO�ODYRUR�LWDOLDQR�4XHVWR�PHFFDQLVPR��FRPH�DOWUL��SRVWXOD�FKH�O¶LPSUHVD�DEELD�D�WUDWWDUH�FRQ�XQ�LQWHUORFXWRUH�FUHGLELOH��6H�LO�VLQGDFDWR�YLHQH�D�SHUGHUH�TXHVWD�FUHGLELOLWj�GLUHWWDPHQWH�GDO�VXR�LQWHUQR��LO�VLVWHPD�QRQ�IXQ]LRQD�SL���4XHVWR�q�XQ�SUREOHPD�H�XQ�OLPLWH�IRQGDPHQWDOH�GHO�GLULWWR�GHO� ODYRUR� LWDOLDQR��(¶ LO�QRVWUR�XQ�GLULWWR�GHO� ODYRUR�FKH�QHOOD�VROX]LRQH�GHOOH�FULVL�DSSOLFD�VWUXPHQWL�FKH�KDQQR�XQD�SUHPHVVD�QRQ�VFULWWD�FKH�QRQ�q�VHPSUH�YHULILFDWD�QHOOD�UHDOWj��LQ�,WDOLD��VROR�DO�QRUG���4XHVWR�q�XQD�FKLDYH�GL�OHWWXUD�LPSRUWDQWLVVLPD�SHU�FDSLUH�LO�GLULWWR� GHO� ODYRUR� LWDOLDQR�� TXHVWH� OHJJL�� QDWH� GDOOH� JUDQGL� FULVL� HFRQRPLFKH� GHJOL� DQQL� ¶���� VL� EDVDQR� VXO� VHQWLPHQWR� FKH� OD� FULVL�GHOO¶LPSUHVD�q�FRPXQTXH�XQD�FULVL�VRFLDOH��FKH�QHFHVVLWD�GL�XQD�VROX]LRQH�GL�WLSR�VRFLDOH��QHJR]LDWD��XQ�FRQIURQWR�GL�WLSR�VRFLDOH��6L�SDUWH�GDO�SUHVXSSRVWR�FKH�O¶LPSUHVD�LQ�FULVL�q�XQ�SUREOHPD�VRFLDOH��FKH�LO�ODYRUR�q�XQD�ULVRUVD�GHOOD�SHUVRQD��DUW����&RVWLWX]LRQH���OD�FULVL�VRFLDOH�GHOO¶LPSUHVD�LPSOLFD�OD�QHFHVVLWj�GL�VROX]LRQL�GL�WLSR�VRFLDOH��H�QRQ�DPPLQLVWUDWLYR��4XHVWL�VWUXPHQWL�VL�EDVDQR�VXOO¶LGHD�GL�XQ�FRQWURSRWHUH�VLQGDFDOH�FKH�FRQGL]LRQD�OH�VFHOWH�GHOO¶LPSUHVD��SHU�WURYDUH�OD�VROX]LRQH�SL��UD]LRQDOH�SHU�O¶LQWHUHVVH�FROOHWWLYR��FRQ�OD�SUHPHVVD�GHOOD�FUHGLELOLWj�QHJR]LDOH�GHO�VLQGDFDWR�

',5,772�'(/�/$9252 DSSXQWL�WUDWWL�GDOOH�OH]LRQL��GRFHQWH�SURI�(QULFR�*UDJQROL

3DROR�&RUD]]D��DSSXQWL�GL�GLULWWR�GHO�ODYRURSDJ���

,O�SUREOHPD�GHOOH�FULVL�QHOOH�FRRSHUDWLYH�VRFLDOL*OL�VWUXPHQWL�GL�JRYHUQR�GHOOD�FULVL�QRQ� IXQ]LRQDQR�DQFKH�SHU� OH�FRRSHUDWLYH�GL�SURGX]LRQH�H� ODYRUR�� ,Q�UHDOWj�QRQ�q�YHUR�FKH�QRQ�HVLVWRQR�FRQWUDWWL�FROOHWWLYL�D]LHQGDOL�ULIHULWL�DO�VRFLR� ODYRUDWRUH��R�FKH�QRQ�HVLVWRQR�PHFFDQLVPL�SUHYLGHQ]LDOL�GL� WXWHOD�GHO� ODYRUDWRUH�VXERUGLQDWR�HVWHVL�DO�VRFLR�ODYRUDWRUH��FDVVD�LQWHJUD]LRQH�HFF����EHQVu�QHO�VHQVR�FKH�LO�VLVWHPD�q�GLYHUVR�VLQ�GDOO¶LQL]LR��LQ�TXDQWR�D��QHOOD�FRRS�GL�SURGX]LRQH�H�ODYRUR�QRQ�HVLVWRQR�OLFHQ]LDPHQWL��LO�SUREOHPD�IRQGDPHQWDOH�FKH�FRQGL]LRQD�OD�FULVL�VL�SRQH�LQ�WHUPLQL�GLYHUVL� ULVSHWWR� DOOH� DOWUH� LPSUHVH�� LQ� TXDQWR� OD� GLVFLSOLQD� FRQWUR� L� OLFHQ]LDPHQWL� QRQ� VL� DSSOLFD� QHOOD� FRRSHUDWLYD�� FKH� q�PROWR� SL��IDFLOLWDWD�QHOO¶HVWLQ]LRQH�GHL�UDSSRUWL�FRQ�L�VRFL�ODYRUDWRUL�GL�TXDOVLDVL�DOWUR�VRJJHWWR�JLXULGLFR�GDWRUH�GL�ODYRUR��/D�OHJJH�OLPLWDWLYD�GHL�OLFHQ]LDPHQWL�LQGLYLGXDOL�QHOOH�FRRSHUDWLYH�GL�SURGX]LRQH�H�ODYRUR�QRQ�VL�DSSOLFD�DL�VRFL�ODYRUDWRUL�E�� LO� VRFLR� ODYRUDWRUH�KD�PDJJLRUH� OLEHUWj�GL�DXWRRUJDQL]]D]LRQH�GHJOL�DOWUL� ODYRUDWRUL�SRLFKp�q�GL�PROWR� ULGRWWD� OD�TXDQWLWj�GL�QRUPH�LQGHURJDELOL�� (¶� LQ� XQD� VLWXD]LRQH� GLYHUVD� GD�TXDOXQTXH�DOWUR� VRJJHWWR�� LQ�TXDQWR�q�DO� WHPSR�VWHVVR�VRFLR�H� ODYRUDWRUH�� QRQ�KD� LO�WLPRUH�GL�OLFHQ]LDPHQWR��LO�VXR�SRWHUH�GL�LQWHUYHQWR�q�VXSHULRUH��QRQ�RFFRUUH�LO�FRQWUDWWR�FROOHWWLYR��q�VXIILFLHQWH�LO�UHJRODPHQWR�LQWHUQR��,O�SUREOHPD�GHOOR�VIUXWWDPHQWR�GHO�VRFLR�ODYRUDWRUH q�XQ�SUREOHPD�GL�QDWXUD�JLXULGLFD��FRQWUDWWXDOH�1HO�UDSSRUWR�GL�ODYRUR�VXERUGLQDWR�LO� ODYRUDWRUH�q�DOWUR�VRJJHWWR�ULVSHWWR�DO�GDWRUH�GL�ODYRUR�H�OD�GLVFLSOLQD�GHO�GLULWWR�GHO�ODYRUR�SDUWH�GDOO¶LGHD�GL�WXWHOD�GHO�ODYRUDWRUH�LQ�TXDQWR�SDUWH�GHEROH��/D�WXWHOD�VL�UHDOL]]D�DWWUDYHUVR�O¶LPSRVL]LRQH�GL�QRUPH�LQGHURJDELOL��2JQL�DWWR�LPSRVWR�GDO�GDWRUH�GL� ODYRUR� LQ�GHURJD�D�QRUPH� LQGHURJDELOL�q�QXOOR��1HOOH�VRFLHWj�FRRSHUDWLYH� O¶LGHD�QRQ�q� OD�VWHVVD��VL�SDUWH�GDO�SULQFLSLR� FKH� SURPRWRUH� GL� TXHVWD� IRUPD� GL� LPSUHVD� QRQ� VLD� OR� VFRSR� GL� OXFUR� �SURILWWR� VRJJHWWLYR�� EHQVu� O¶DXWRUJDQL]]D]LRQH� GHO�IDWWRUH� SURGXWWLYR�� UHDOL]]DELOH� DWWUDYHUVR� OD� SDUWHFLSD]LRQH� GLUHWWD� GL WXWWL� L� VRFL� DOOD� YLWD� H� DOOH� GHFLVLRQL� VRFLDOL�� ,Q� YLUW�� GL� TXHVWR�DSSURFFLR� VL� HVFOXGH�D�SULRUL� LO� UDSSRUWR�GL�VXERUGLQD]LRQH�� ,O� VRFLR� ODYRUDWRUH�DWWUDYHUVR� OD�FRRSHUDWLYD� UHDOL]]D� LO� VXR� LQWHUHVVH�D�ODYRUDUH��PHGLDQWH�XQ¶RUJDQL]]D]LRQH�GL�WLSR�PXWXDOLVWLFR�FKH�HVFOXGH�OD�FRVWLWX]LRQH�GL�XQ�UDSSRUWR�GL�ODYRUR�VXERUGLQDWR�,Q�TXHVWR�VHQVR�QRQ�VL�SXz�FHUWR�DIIHUPDUH�FKH� OD�FRRSHUDWLYD�FRPH�VWUXPHQWR�JLXULGLFR�VLD� LQ�DVVROXWR�XQD�UHDOWj�RUJDQL]]DWLYD��DQFKH�VH�SUHVWD�LO�ILDQFR�D�FULWLFKH�ULYROWH�D�IDU�HPHUJHUH�O¶DEEDVVDPHQWR�GHOOH�WXWHOH�FKH�LQ�HVVD�VL�YHULILFD��,Q�UHDOWj�LQ�TXHVWR�WLSR�GL�RUJDQL]]D]LRQL�VL�YHULILFD�XQ�SUREOHPD��PROWH�FRRSHUDWLYH�GL�SURGX]LRQH�H�ODYRUR�KDQQR�GL�IDWWR�PRGDOLWj�RUJDQL]]DWLYH�PROWR�VLPLOL�DOOH�DOWUH� LPSUHVH�FKH�EDVDQR�OD�SURSULD�JHVWLRQH�GHL�UDSSRUWL�ODYRUDWLYL�VXO�FRQWUDWWR�GL�ODYRUR�VXERUGLQDWR��,Q�TXHVWH�FRRSHUDWLYH�LO�ODYRUDWRUH�VL�YLHQH�D� WURYDUH� LQ�XQD�VLWXD]LRQH�GL� ULGRWWR�R�QHVVXQ�SRWHUH�H�DO� WHPSR�VWHVVR�LQ�XQD�VRWWRSRVL]LRQH�VRVWDQ]LDOH�DOOH�VWHVVH� UHJROH�GHO� UDSSRUWR GL� ODYRUR�VXERUGLQDWR��1RQ�HVVHQGR�SHUz�XQ� ODYRUDWRUH�VXERUGLQDWR�QRQ�YHGH�DSSOLFDWH� OH�GLVFLSOLQH�GL�WXWHOD�FKH�VSHWWDQR�DO� ODYRUDWRUH�VXERUGLQDWR��6L�YHULILFD�GXQTXH�XQ�DEEDVVDPHQWR�GHOOH� WXWHOH��FKH� WDOYROWD�QRQ� IDQQR�SDUL�FRQ� LO�SRWHUH�GL�LQWHUYHQLUH�GLUHWWDPHQWH�QHOOH�GHFLVLRQL�LPSRUWDQWL�UHODWLYH�DOOD�JHVWLRQH�GHOOD�FRRSHUDWLYD�8QD�SDUWH�GHOOD�GRWWULQD� LQWHUSUHWD� LO� UDSSRUWR�JLXULGLFR�GHO� VRFLR� ODYRUDWRUH�FRPH�XQ� UDSSRUWR�GL� ODYRUR�VXERUGLQDWR��DOWUD�SDUWH�GHOOD�GRWWULQD� �OD�PDJJLRUDQ]D�� VL� ULIj� DOOH� QRUPDWLYH� YLJHQWL� DIIHUPDQGR� FKH� DOO¶LQWHUQR� GL� TXHVWR� UDSSRUWR� ODYRUDWLYR� VL� GHEED� IDUH� ULIHULPHQWR� VRODPHQWH� DOOH�QRUPDWLYH�VSHFLILFKH�H�GLUHWWDPHQWH�DSSOLFDELOL��$� OLYHOOR�SROLWLFR� WURYLDPR�SXUH�GXH�SRVL]LRQL�GLIIHUHQWL��GD�XQD�SDUWH�VL�YRJOLRQR� ODVFLDUH� OH�FRVH�LPPXWDWH�� GDOO¶DOWUD� VL� VHQWH� OD� QHFHVVLWj� GL� XQD� QXRYD� OHJJH� LQ� WXWHOD� GHOOD� SRVL]LRQH� GHO� VRFLR� ODYRUDWRUH�� 4XHVWD� QXRYD� OHJJH� �LQ� IDVH� GL�DSSURYD]LRQH�� WHQGH� D� GHILQLUH� LQ� PDQLHUD� SL�� FKLDUD� OH� WXWHOH� VSHWWDQWL� DO� VRFLR� ODYRUDWRUH�� QRQ� FRQWHVWDQGR� WXWWDYLD� LO� TXDGUR� HVLVWHQWH� HG�DFFHWWDQGR� O¶LGHD�FKH� O¶RUJDQL]]D]LRQH�QRQ�VLD�EDVDWD�VXO� UDSSRUWR�GL� ODYRUR�VXERUGLQDWR�� ,Q� OLQHD�GL�PDVVLPD� OD�QXRYD� OHJJH� ULFRQRVFH�DO�VRFLR�ODYRUDWRUH� OH� WXWHOH�GL� FDUDWWHUH�QRQ�HFRQRPLFR�� WUDODVFLDQGR�TXHOOH�GL�FDUDWWHUH�HFRQRPLFR� �FKH�q�DVVRUELWR�GDO� UDSSRUWR�VRFLDOH���FLRq�YHQJRQR�ULFRQRVFLXWH� OH� WXWHOH� LQHUHQWL� DOO¶RUDULR�GL� ODYRUR� �GLULWWR�DOOD� VDOXWH��� DOOD� VLFXUH]]D�VXO� ODYRUR��DOOD�SURIHVVLRQDOLWj� �GLULWWR�GHOOD�SHUVRQD��� OH� WXWHOH�DQWLGLVFULPLQDWRULH��VLQGDFDOL��QRQ�YHQJRQR�ULFRQRVFLXWH�OH�DOWUH�WXWHOH�D�FRQWHQXWR�HFRQRPLFR��FRPH�OD�WXWHOD�VXL�OLFHQ]LDPHQWL��VXOOD�UHWULEX]LRQH��VXO� SDWWR� GL� SURYD� HFFHWHUD�� 'DO� SXQWR� GL� YLVWD� SROLWLFR� TXHVWR� DEEDVVDPHQWR� GL� WXWHOH� SXz� HVVHUH� FRQVLGHUDWR� VRFLDOPHQWH� DFFHWWDELOH� VH� QRQ�DGGLULWWXUD�PHULWRULR�VRODPHQWH�QHO�PRPHQWR�LQ�FXL�D�TXHVWD�OLPLWD]LRQH��GL�WXWHOH��IDFFLD�ULVFRQWUR�O¶HIIHWWLYD�DWWULEX]LRQH�DO�VRFLR�ODYRUDWRUH�GL�DOWUL�SRWHUL�� HVVHQ]LDOPHQWH� TXHOOL� OHJDWL� DOOD� SRVVLELOLWj� GL� GHFLGHUH� OD� YLWD� GHOO¶LPSUHVD�� 6H TXHVWR� ³VFDPELR´� QRQ� KD� XQD� FRQWURSDUWLWD�� LO� SUREOHPD�GLYLHQH�HYLGHQWH�

',5,772�'(/�/$9252 DSSXQWL�WUDWWL�GDOOH�OH]LRQL��GRFHQWH�SURI�(QULFR�*UDJQROL

3DROR�&RUD]]D��DSSXQWL�GL�GLULWWR�GHO�ODYRUR SDJ���

/D�SUHVHQ]D�GHO�VLQGDFDWR�QHOOH�D]LHQGH�H�L�GLULWWL�VLQGDFDOL,O�VLQGDFDWR�QDVFH�QHOOH�FDPHUH�GHO�ODYRUR��QRQ�QHOOH�D]LHQGH��,Q�,WDOLD�LO�VLQGDFDWR�QDVFH�IXRUL�GDOOH�D]LHQGH�SHUFKp QHOOH�D]LHQGH�FL�VRQR�L�SDGURQL��'LYHUVD�OD�VWRULD�QHJOL�86$��GRYH�LO�VLQGDFDWR�QDVFH�FRPH�VWUXWWXUD�D]LHQGDOH�OHJLWWLPDWD�GDL�GDWRUL�GL�ODYRUR�VLQ�GDO�������OHJJH�5RRVYHOW�± WXWHOD�GHO�VLQGDFDWR�LQ�D]LHQGD���,Q�,WDOLD�OD�OHJJH�GL�WXWHOD�GHO�VLQGDFDWR�DOO¶LQWHUQR�GHOOH�D]LHQGH�q�GHO�������OHJJH� ������ /D� SULPD� VWUXWWXUD� FKH� QDVFH� �QRQ� VLQGDFDOH� PD� SDUDJRQDELOH�� q� OD� FRPPLVVLRQH� LQWHUQD�� RJJL� LQHVLVWHQWL�� /H�FRPPLVVLRQL� LQWHUQH�QRQ�VWLSXODYDQR�FRQWUDWWL� FROOHWWLYL�� YHGHYDQR� OD�SDUWHFLSD]LRQH�GHO�GDWRUH�GL� ODYRUR��DYHYDQR�EDVH�QHJR]LDOH��GHULYDQGR� GD� FRQWUDWWL� FROOHWWLYL� LQWHUFRQIHGHUDOL�� 6HUYLYDQR� D� JDUDQWLUH� LO� GLDORJR� WUD� GDWRUH� GL� ODYRUR� H� ODYRUDWRUL� SHU�XQD�FRUUHWWD�JHVWLRQH�GHOO¶LPSUHVD��7XWWR�TXHVWR�VLVWHPD�YLHQH�VSD]]DWR�YLD�GDOO¶DXWXQQR�FDOGR�GHO�������/H�FRPPLVVLRQL�LQWHUQH�VSDULVFRQR�H�VL�SDVVD�DO�IDPRVR�SULQFLSLR�³QRQ�VL�GHOHJD�SL�´��RJQXQR�q�SDGURQH�GHO�SURSULR�LQWHUHVVH��GDOO¶LQWHUHVVH�FROOHWWLYR�FL�VL�DYYLD�DOO¶LQWHUHVVH�LQGLYLGXDOL]]DWR��1HO������LO�³SDWWR�GL�IHUUR´�WUD�VLQGDFDWR��&RQILQGXVWULD�H�*RYHUQR�DQWLFLSD�O¶LQWURGX]LRQH�GHOOR�6WDWXWR�GHL�ODYRUDWRUL��,�VLQGDFDWL� VSRQWDQHL� JLj� FRVWLWXLWLVL� DOO¶LQWHUQR� GHOOH� IDEEULFKH� YHQJRQR� LVWLWX]LRQDOPHQWH� OHJLWWLPDWL� GDOO¶DUW�� ��� GHOOR� 6WDWXWR�� /H�UDSSUHVHQWDQ]H�VLQGDFDOL�D]LHQGDOL DFTXLVLVFRQR�GLULWWL�LQ�FDVR�GL�DGHVLRQH�DL�VLQGDFDWL�PDJJLRUPHQWH�UDSSUHVHQWDWLYL��&*,/�&,6/�8,/��6L�EDGL��LQ�D]LHQGD�VL�SXz�IDUH�DWWLYLWj�VLQGDFDOH�LQGLSHQGHQWHPHQWH�GDOOD�FRVWLWX]LRQH�GL�UDSSUHVHQWDQ]H�VLQGDFDOL��q�XQ�GLULWWR�GL�WXWWL� L� ODYRUDWRUL� ULFRQRVFLXWR� GDOOD� OHJJH� ���� �WXWWL� SRVVRQR� IDUH� SURVHOLWLVPR�HG�HVSULPHUH� OD�SURSULD�RSLQLRQH��� /H�56$�YHQJRQR�FRVWLWXLWH�SHU�XQ�RELHWWLYR�VSHFLILFR��DFTXLVLUH�L�GLULWWL�SUHYLVWL�GDJOL�DUWW��������GHOOR�6WDWXWR�GHL�ODYRUDWRUL��GLULWWR�DOO¶DIILVVLRQH��GLULWWR�DG�RUJDQL]]DUH�UHIHUHQGXP��GLULWWR�DL�FRQWULEXWL�VLQGDFDOL��GLULWWR�D�WXWHOH�FRQWUR�L�WUDVIHULPHQWL��GLULWWR�DG�RUJDQL]]DUH�DVVHPEOHH�HFFHWHUD�4XHVWL�VRQR�L�GLULWWL�VLQGDFDOL��FLRq�TXHOOL�ULFRQRVFLXWL�GDO�WLWROR�,,,�GHOOR�6WDWXWR�GHL�ODYRUDWRUL�DOOH�56$�FRVWLWXLWH�DL�VHQVL�GHOO¶DUW�����,�GLULWWL�VLQGDFDOL�VRQR�LPSRUWDQWL�SHUFKp�KDQQR�³VSLD]]DWR´�LO�PRYLPHQWR�DXWRQRPR�GHOO¶DXWXQQR�FDOGR�GHO�������,�IHQRPHQL�VSRQWDQHL�GHO� ����� VL� VRQR� GLYLVL� LQ� GXH� JUDQGL� FDWHJRULH�� DOFXQL� KDQQR� DFFHWWDWR� OD� WUDVIRUPD]LRQH� LQ� 56$� FRVWLWXLWH� DL VHQVL� GHOO¶DUW�� ����FROOHJDQGRVL�FRVu�DL�VLQGDFDWL�PDJJLRUPHQWH�UDSSUHVHQWDWLYL��DOWUL�KDQQR�ULILXWDWR��4XHVWL�XOWLPL�VL�VRQR�SUHVWR�HVWLQWL��,�GLULWWL�VLQGDFDOL�GDQQR�XQ�SRWHUH�IRQGDPHQWDOH�H�GLIIHUHQ]LDOH�H�GLULWWL�LQYXOQHUDELOL�DL�VLQGDFDWL�FKH�VH�QH�DYYDOJRQR�FRVWLWXHQGRVL�DL�VHQVL�GHOO¶DUW������7XWWL�JOL�DOWUL� IHQRPHQL�VLQGDFDOL�QRQ�SRVVRQR�DYYDOHUVL�GL�TXHVWL�GLULWWL��4XHVWL�VRQR�L� IDWWL�VWRULFL�DYYHQXWL� LQ�,WDOLD��6ROR� OH�56$�FKH�DFFHWWDQR� LO� FROOHJDPHQWR� FRQ� OH� FRQIHGHUD]LRQL�&*,/�&,6/�8,/�KDQQR�TXHVWL� GLULWWL��6L� q�RELHWWDWD� O¶LQJLXVWL]LD�GL�TXHVWD� OHJJH�� OH�YLVLELOL� YLROD]LRQL�GHL�SULQFLSL�FRVWLWX]LRQDOL�GL�XJXDJOLDQ]D� �DUW������VL�q�SHUVLQR�GHWWR�FKH� OD� OHJJH�����KD� IDWWR�QDVFHUH� O¶HYHUVLRQH�WHUURULVWD�� 5LPDQH� LO� IDWWR� FKH� OD� VWRULD� VLQGDFDOH� LQ� ,WDOLD� q� VWDWD� TXHVWD�� LO� GLVVHQVR� GHO� ����� q� VWDWR� ULFRPSUHVVR� QHL� FDQDOL�LVWLWX]LRQDOL�GHL�VLQGDFDWL�WUDGL]LRQDOL�/H�56$�LQL]LDQR�DG�RSHUDUH�GRSR�LO�������'RSR�XQD�SULPD�DYYHUVLRQH��JOL�LPSUHQGLWRUL�LQL]LDQR�D�UHQGHUVL�FRQWR�FKH�OD�/HJJH�����q�D�ORUR�PROWR�IDYRUHYROH��SRFKL�GLULWWL�LQ�FDPELR�GL�PROWH�WXWHOH��/D�ULIRUPD�LQ�IRQGR�q�VWDWD�LQ�IDYRUH�GHOOH�LPSUHVH��KD�ULVROWR��SXUWURSSR�DQFKH�FRQ�VSDUJLPHQWR�GL� VDQJXH�� O¶DJLWD]LRQH�VLQGDFDOH�DG�ROWUDQ]D�GHOO¶DXWXQQR�FDOGR�GHO�������FKH�HUD� IRQGDPHQWDOPHQWH�XQ�SUREOHPD� GHOOH� LPSUHVH��0ROWH� 56$� DGHULVFRQR� DL� VLQGDFDWL� FRQIHGHUDOL� H� GDO� ����� LO� VLQGDFDWR� DVVXPH�SLHQD� FLWWDGLQDQ]D� QHOOH�LPSUHVH�� LO� VLQGDFDWR� LWDOLDQR� WUDGL]LRQDOPHQWH� IXRUL� GDOO¶LPSUHVD� GLYLHQH� VLQGDFDWR� UDGLFDWR� QHOO¶LPSUHVD�� 7UD� LO� ����� H� LO� ����� VL�FKLXGH� TXHVWD� IDVH� WUDQVLWRULD�� GDJOL� DQQL� ¶��� LO� GLULWWR� GHO� ODYRUR� q� JLj� IRUWHPHQWH� UDGLFDWR� QHOOH� LPSUHVH�� 'D� TXHVWL� DQQL� SHUFLz�LQL]LDQR�OH�OHJLVOD]LRQL�GL�ULQYLR�FKH�XWLOL]]DQR�L�FRQWUDWWL�FROOHWWLYL�D]LHQGDOL�FRPH�VWUXPHQWR�GL�VROX]LRQH�GHOOH�FULVL�D]LHQGDOL�,�JUDQGL�DUWHILFL�GHOOR�6WDWXWR�GHL�ODYRUDWRUL�VRQR�O¶DOORUD�PLQLVWUR�GHO�ODYRUR�%URGROLQ�H�LO�FRQVXOHQWH�*LXJQL��FKH�GRSR�XQ¶HVSHULHQ]D�GL�VWXGLR�QHJOL�86$�HG�XQ¶DSSURIRQGLWD�DQDOLVL�GHOOD�OHJJH�5RRVYHOW��FRPSLOz�EXRQD�SDUWH�GHOOR�6WDWXWR��/D�&*,/�DO�WHPSR�HUD�JXLGDWD�GD�/DPD��OD�&,6/�GD�6WRUWL�H�SRL�GD�&DUQLWL��/DPD�FDSu�FKH�XQ¶LQWHVD�FRQ�*RYHUQR�H�&RQILQGXVWULD�DQGDYD�WURYDWD��FKH�VH�O¶DJLWD]LRQH�VLQGDFDOH�FRQWLQXDWD�QHOOH�IDEEULFKH�QRQ�IRVVH�ILQLWD�� LO�SUREOHPD�QRQ�HUD�VROR�SHU� OH� LPSUHVH PD�DQFKH�SHU� LO�VLQGDFDWR��/D�QHFHVVLWj�GL� ULDVVRUELUH� OR�VSRQWDQHLVPR�GHL�JUXSSL�QDWL�QHOOH�IDEEULFKH�HUD�HYLGHQWH��DOWULPHQWL�VL�VDUHEEH�FRUVR�LO�ULVFKLR�GL�SHUGHUH�OHJLWWLPD]LRQH�DOO¶LQWHUQR�GHOOH�IDEEULFKH��$�OXQJR�DQGDUH�OR�6WDWXWR�GLYHQQH�XQR�VWUXPHQWR�GL�JDUDQ]LD�SHU�LO�FDSLWDOLVPR�LWDOLDQR��ULVROVH�XQ�SUREOHPD�FKH�SHU�XQ�DQQR�HUD�VWDWR�DVVROXWDPHQWH�LQJHVWLELOH�/¶DUW�����VSDULVFH�QHO�������LQ�XQ�FRQWHVWR�VWRULFR�GLYHUVR�H�SHU�UDJLRQL�VWRULFKH�GLYHUVH��FRQ�XQ�UHIHUHQGXP�SURPRVVR�GDOOD�SDUWH�GL�ULIRQGD]LRQH�FRPXQLVWD�GHOOD�&*,/��VRVWDQ]LDOPHQWH�SHU�OHJLWWLPDUH�QXRYL�JUXSSL�SUHVHQWL�QHOOH�IDEEULFKH��FRQWHVWDWRUL�GHL�WUDGL]LRQDOL�VLQGDFDWL� PDJJLRUPHQWH� UDSSUHVHQWDWLYL�� /D� VWUDWHJLD� q� SURIRQGDPHQWH� GLYHUVD� GD� TXHOOD� GHJOL� DQQL� ¶���� VH� OH� 56$� SHU� DYHUH�OHJLWWLPD]LRQH�GHYRQR�HVVHUH�OHJDWH�DL�VLQGDFDWL�PDJJLRUPHQWH�UDSSUHVHQWDWLYL��FKL�QRQ�q�OHJDWR�D�TXHVWH�FRQIHGHUD]LRQL�QRQ�SRWUj�PDL�HVVHUH�56$�FRQ�IRU]D�UDSSUHVHQWDWLYD��$�VHJXLWR�GHO�UHIHUHQGXP�YLHQH�DG�HVVHUH�PRGLILFDWR�O¶DUW������2UD�OH�56$�DFTXLVWDQROHJLWWLPD]LRQH� H� GLULWWL� VLQGDFDOL� TXDORUD� DEELDPR� VWLSXODWR� XQ� FRQWUDWWR� FROOHWWLYR� DSSOLFDWR� QHOO¶XQLWj� SURGXWWLYD�� ,O� UHTXLVLWR� GL�OHJLWWLPD]LRQH�VL�DEEDVVD�FRVu�LQ�PRGR�QRWHYROH��q�VXIILFLHQWH�DYHU�VWLSXODWR�XQ�FRQWUDWWR�FROOHWWLYR��VX�TXDOXQTXH�WHPD� DQFKH�LQ�XQD�VROD�XQLWj�SURGXWWLYD��$QFKH�L�VLQGDFDWL�ORFDOL�H�SRFR�UDSSUHVHQWDWLYL�SRVVRQR�FRVu�DFTXLVLUH�L�GLULWWL�VLQGDFDOL��,O�ULVXOWDWR�q�QHO�VHQVR�GL�XQD�IRUWH�WUDVIRUPD]LRQH�GHO�VLVWHPD�SUHFHGHQWH��PHQWUH�QHO������O¶LGHD�HUD�GL�ULFRQGXUUH�DOO¶LQWHUQR�GHL�VLQGDFDWL�UDSSUHVHQWDWLYL�OR�VSRQWDQHLVPR�� RUD� OD� ULIRUPD� OHJLWWLPD� H� IDFLOLWD� XQ� QXRYR� VSRQWDQHLVPR� VLQGDFDOH� �H� DQFKH� LO� IUD]LRQDPHQWR��� 7XWWL� JOL� DOWUL� GLULWWL�VLQGDFDOL�ULPDQJRQR�XJXDOL��FDPELDQR�L�VRJJHWWL�FROOHWWLYL�GL�GLULWWR��4XHVWR�VSLHJD�DQFKH�O¶DWWXDOH�VLWXD]LRQH�GHO�GLULWWR�GHO�ODYRUR�QHOOH�JUDQGL�LPSUHVH��JUDQGH�FRQIOLWWR�WUD�VLQGDFDWL�WUDGL]LRQDOL�H�QXRYL�VLQGDFDWL�SHU�LPSHGLUH�D�TXHVWL�XOWLPL�GL�VWLSXODUH�FRQWUDWWL�FROOHWWLYL��(¶�FDPELDWD�OD�QRUPD�UHODWLYD�DOOD�UDFFROWD�GHL�FRQWULEXWL�DVVRFLDWLYL��(¶�VWDWR�DEURJDWR�O¶DUW��SUHFHGHQWH��LQ�WHRULD�D�VHJXLWR�GHO�UHIHUHQGXP�SURPRVVR�GDL� UDGLFDOL�� LQ� UHDOWj�q� VWDWD� OD� ³YHQGHWWD´�GHOOD�&*,/�H�GHOOD�&,6/�QHL�FRQIURQWL�GHL�JUXSSL�VSRQWDQHL�� ,Q�TXHVWR�PRGR� L�VLQGDFDWL�VSRQWDQHL�QRQ�SRVVRQR� UDFFRJOLHUH� FRQWULEXWL� WUD� JOL� DVVRFLDWL� WUDPLWH� L� GDWRUL� GL� ODYRUR�� ,O� SUREOHPD� QRQ� VL� q� SRL� ULIOHVVR� VXL� VLQGDFDWL� WUDGL]LRQDOL� LQ� TXDQWR��QRQRVWDQWH�O¶DEURJD]LRQH�GHOOD�QRUPD��q�SXU�YHUR�FKH�WXWWL�L�FRQWUDWWL�FROOHWWLYL�JLj�VWLSXODWL�SUHYHGRQR�FRQ�QRUPH�REEOLJDWRULH�LO�GRYHUH�GHO�GDWRUH�GL�ODYRUR�GL� UDFFRJOLHUH� L�FRQWULEXWL�GDL�ODYRUDWRUL��/H�FODXVROH�REEOLJDWRULH�VL�DSSOLFDQR�VRODPHQWH�DL�VRJJHWWL�FKH�KDQQR�VWLSXODWR�L�FRQWUDWWL�FROOHWWLYL��FLRq�L�VLQGDFDWL�VWLSXODQWL�&*,/�&,6/�8,/�6L�VRQR�SRL�FUHDWH�OH�UDSSUHVHQWDQ]H�VLQGDFDOL�XQLWDULH��,�VLQGDFDWL�WUDGL]LRQDOL�KDQQR�ULVSRVWR�DOO¶DWWDFFR�GHO�������G¶DFFRUGR�FRQ�&RQILQGXVWULD��JLj�GDO�������SDVVDQGR�GD�WDQWH�UDSSUHVHQWDQ]H�VLQGDFDOL�VHSDUDWH�DG�XQD�VROD�568�D�EDVH�HOHWWLYD��&RQ�WUH�FRQWUDWWL�FROOHWWLYL� LQWHUFRQIHGHUDOL� VL�q�SDVVDWL�DOOD�FRVWLWX]LRQH�QHOOH� LPSUHVH�GHOOH�568�D�EDVH�HOHWWLYD��/R�VFKHPD�VRWWRVWDQWH�q�TXHVWR�� L�

',5,772�'(/�/$9252 DSSXQWL�WUDWWL�GDOOH�OH]LRQL��GRFHQWH�SURI�(QULFR�*UDJQROL

3DROR�&RUD]]D��DSSXQWL�GL�GLULWWR�GHO�ODYRURSDJ���

VLQGDFDWL�PDJJLRUPHQWH�UDSSUHVHQWDWLYL�RUJDQL]]DQR�OH�HOH]LRQL�GHOOH�568�G¶DFFRUGR�FRQ�LO�GDWRUH�GL�ODYRUR��GLFKLDUDQGR�FKH�L�SURSUL�GLULWWL� VLQGDFDOL� �GHOOH� 56$�� FRQIOXLVFRQR� QHOOH� 568�� ,O� VLQGDFDWR� PLQRULWDULR� QRQ� q� REEOLJDWR� D� SDUWHFLSDUH� DOOH� HOH]LRQL�� SXz�FRPXQTXH�RUJDQL]]DUH�OH�SURSULH�56$�H�YHGHUVL�ULFRQRVFLXWL�L�GLULWWL�VLQGDFDOL��PD�SHU�IDU�TXHVWR�QRQ�GHYH�SDUWHFLSDUH�DOOH�HOH]LRQL��,Q�TXHVWR�PRGR�L�VLQGDFDWL�VSRQWDQHL�VRQR�IRU]DWL�DG�DPPHWWHUH�OD�SURSULD�GHEROH]]D��SRLFKp��D��R�SDUWHFLSDQR�DOOH�HOH]LRQL��HG�DOORUD�q�SUREDELOH�FKH�QH�HVFDQR�VFRQILWWL��E��R�QRQ�YL�SDUWHFLSDQR��HG�DOORUD�QRQ�HQWUDQR�QHOOH�568�HG� LQGLUHWWDPHQWH� WRUQDQR�DG�HVVHUH�PLQRULWDUL��/H�RUJDQL]]D]LRQL�FRQIHGHUDOL�KDQQR�FRVu�LQWHVR�PHWWHUH�VXO�WDYROR�L�UDSSRUWL�GL�IRU]D�WUDPLWH�LO�ULFRUVR�DOOH�HOH]LRQL�/H�568�VRQR�VWUXWWXUDWH�LQ�IRUPD�FROOHJLDOH��LQ�QXPHUR�YDULDELOH�GL�PHPEUL��,O�FROOHJLR�q�JRYHUQDWR�GDO�SULQFLSLR GHOOD�OLEHUWj�VLQGDFDOH�VDQFLWR�GDOO¶DUW�����&RVWLWX]LRQH��DO�VXR�LQWHUQR�VL�RUJDQL]]D�H�GHFLGH�FRPH�PHJOLR�FUHGH��(¶�XQ�FROOHJLR�OLEHUR�PD�XQLWDULR��1HOOH�568�LO� FRQWUDWWR� FROOHWWLYR� VWLSXODWR� GD� &*,/� &,6/� 8,/� SUHYHGH� FKH� XQD� SULPD� DOLTXRWD� GL� UDSSUHVHQWDQWL� QRQ� VLD� HOHWWLYD� EHQVu�GLUHWWDPHQWH�QRPLQDWD�GDOOH� WUH�FRQIHGHUD]LRQL��TXHVWR�QRQ�SHU� ³WLPRUH´�GHL�VLQGDFDWL�VSRQWDQHL�PD�SHU� ULVSHWWDUH�DOO¶LQWHUQR�GHOOH�568�JOL�HTXLOLEUL�GL�IRU]D�WUD�OH�WUH�FHQWUDOL�/R�VWDWR�DWWXDOH�q�TXHVWR��XQD�UDSSUHVHQWDQ]D�VLQGDFDOH�XQLWDULD�VX�EDVH�FRQWUDWWXDOH�H�XQD�UDSSUHVHQWDQ]D�VLQGDFDOH�D]LHQGDOH�VX�EDVH�XQLWDULD��4XHVWL�VRQR�JOL�DQQL�GHO�FRQVROLGDPHQWR�GHOOH�568�'D�VWXGLDUH�GD�VROL��OR�VFLRSHUR��L�VLQGDFDWL�GL�PHVWLHUH�H�JOL�DOWUL�DUJRPHQWL�QRQ�IDWWL�D�OH]LRQH�/D�SURVVLPD�OH]LRQH�VDUj�VXOOH�FRRSHUDWLYH�GL�SURGX]LRQH�H�ODYRUR�

',5,772�'(/�/$9252 DSSXQWL�WUDWWL�GDOOH�OH]LRQL��GRFHQWH�SURI�(QULFR�*UDJQROL

3DROR�&RUD]]D��DSSXQWL�GL�GLULWWR�GHO�ODYRUR SDJ���

/H]LRQH�GHO�����������,O�GLULWWR�GHO�ODYRUR�QHOOH�VWUXWWXUH�QRQ�SURILW4XHVWD� SDUWH� VSHFLILFD� FL� FRQGXUUj� ILQR� DOOD� ILQH� GHO� FRUVR�� 9HGUHPR� RJJL� LO� GLULWWR� GHO� ODYRUR� QHOOH� FRRSHUDWLYH� GL� SURGX]LRQH� H� ODYRUR� H� QHOOH�FRRSHUDWLYH�VRFLDOL�&223(5$7,9(�',�352'8=,21(�(�/$9252,Q� ODUJD�PLVXUD� OD�GLVFLSOLQD�VXOOH�FRRSHUDWLYH�GL�SURGX]LRQH�H� ODYRUR�q�DSSOLFDELOH�DQFKH�DOOH�FRRSHUDWLYH�VRFLDOL��1HOOD� OH]LRQH�GL�RJJL�SUHQGLDPR� LQ�HVDPH�DQFKH�O¶DUWLFROR�GHO�SURI��*HUPDQR�'RQGL��VL� WHQJD�SUHVHQWH�FKH�OD�GLVSHQVD�QRQ�q�XQ�PDQXDOH�PD�XQD�DUWLFROR�VFLHQWLILFR��FRQGLYLVLELOH�R�QRQ�FRQGLYLVLELOH�VX�DOFXQL�SXQWL��$G�HVHPSLR� LO�SURI��*UDJQROL�QRQ�FRQGLYLGH� OD�YLVLRQH�GHO�SURI��'RQGL�TXDQGR�TXHVWL�QRQ�FRQVLGHUD�OH�FRRS�VRFLDOL�FRPH�VRWWRVSHFLH�GHOOH�FRRS�GL�SURGX]LRQH�H�ODYRUR�3UHFLVD]LRQH�� LQWHQGLDPR� O¶HVSUHVVLRQH� ³LO� SUREOHPD�GHOOH� FRRSHUDWLYH´� LQ� ULIHULPHQWR�DOOH� FRRSHUDWLYH�GL� SURGX]LRQH�H� ODYRUR�� QRQ�HVLVWH�XQ�SUREOHPD�VSHFLILFR�SHU�WXWWH�OH�DOWUH�FRRSHUDWLYH��GL�WUDVSRUWR��GL�FRQVXPR��OH�PXWXH�FRRSHUDWLYH�HFFHWHUD��UHODWLYDPHQWH�DO�GLULWWR�GHO�ODYRUR��LO�UDSSRUWR�GL�ODYRUR�VXERUGLQDWR�q�WDOH�H�TXDOH�D�TXHOOR�GHOOH�DOWUH�LPSUHVH��8QD� &3/� q� XQD� VRFLHWj� FKH� VL� FRVWLWXLVFH� WUD� SHUVRQH� LQVHULWH� LQ� XQD� VWHVVD� FROORFD]LRQH� VRFLDOH�� FRQ� LQWHUHVVL� RPRJHQHL��FRQVXPDWRUL��GHWWDJOLDQWL�� ODYRUDWRUL«���4XHVWL�VRJJHWWL�XWLOL]]DQR�OR�VWUXPHQWR�VRFLHWDULR�SHU�RWWHQHUH�YDQWDJJL�GL�GLYHUVD�QDWXUD�D�FRQGL]LRQL�SL��IDYRUHYROL�GL�TXHOOH�RWWHQLELOL�ULYROJHQGRVL�VXO�PHUFDWR��/¶LGHD�GL EDVH�q�FKH�HOLPLQDQGR�LO�SURILWWR�G¶LPSUHVD�VL�SRVVDQR�RWWHQHUH�FRQGL]LRQL�SL��IDYRUHYROL�GL�TXHOOH�RWWHQLELOL�VXO�PHUFDWR�/H�&3/�VRQR�FRVWLWXLWH�GD�ODYRUDWRUL��QRUPDOPHQWH�DSSDUWHQHQWL�DG�XQ�RPRJHQHR�VHWWRUH�SURIHVVLRQDOH��R�GL�SL��VHWWRUL�SURIHVVLRQDOLPD�FRQWLJXL� �HV�� SXOL]LH�H� IDFFKLQDJJLR��� FKH�PLUDQR�DG�RWWHQHUH� ODYRUR�D� FRQGL]LRQL� SL�� IDYRUHYROL� GL� TXHOOH�FKH� WURYHUHEEHUR�VXO�PHUFDWR��XQ�ODYRUR�SL��VWDELOH��SL��VLFXUR�± QHO�VHQVR�GHOOD�VLFXUH]]D�VXO�ODYRUR�± SL��UHPXQHUDWR��SL��WXWHODWR�HFF���,Q� UHDOWj� FDSLWD� GL� UDGR� FKH� LO� ODYRUR� QHOOH� &3/� VLD�PHJOLR� UHPXQHUDWR�� DQFKH� VH� D� YROWH� FLz� DFFDGH� LQ� DOFXQH� FRRSHUDWLYH� GL� VHWWRUL� DYDQ]DWL��1RUPDOPHQWH�LO�YDQWDJJLR�QRQ�q�UDSSUHVHQWDWR�GDOOD�UHWULEX]LRQH�SL��HOHYDWD�TXDQWR�GD�DOWUL�EHQHILFL��FRPH�DG�HVHPSLR O¶HYLWDUH�L�UDSSRUWL�GL�ODYRUR�D� WHPSR�GHWHUPLQDWR� �YHGL� FRRSHUDWLYH� GL�PXUDWRUL�� GRYH� L� VRFL� VL� DVSHWWDQR� XQ� ODYRUR� D� WHPSR� LQGHWHUPLQDWR���RSSXUH� ODYRUDUH� LQ� FRQGL]LRQL�GL�PDJJLRUH�VLFXUH]]D�PDWHULDOH��YHGL�OH�FRRSHUDWLYH�DJULFROH�R�OH�FRRSHUDWLYH�SRUWXDOL��/R�VFRSR�PXWXDOLVWLFR�q�GXQTXH�TXHOOR�GL�RWWHQHUH�XQD�FROORFD]LRQH�ODYRUDWLYD�D�FRQGL]LRQL�PLJOLRUL�GL�TXHOOH�FKH�RIIUH�LO�PHUFDWR�GHO�ODYRUR��,Q�TXHVWD�SRVL]LRQH�LO�VRFLR�ODYRUDWRUH�YLHQH�DG�DYHUH�XQD�DPELYDOHQWH�H�SUREOHPDWLFD�QDWXUD�x GD�XQD�SDUWH�q�VRFLR GHOOD�FRRSHUDWLYD��KD�SRWHUH�GHFLVLRQDOH��GDWRULDOH��GL�FRQGX]LRQH�GHOO¶LPSUHVD�x GDOO¶DOWUD�SDUWH�q�DQFKH�ODYRUDWRUH�)LQR�DG�XQD�GHFLQD�GL�DQQL�ID��DG�HVHPSLR��OH�&3/�VL�FRVWLWXLYDQR�SHU�RIIULUH�UDSSRUWL�GL�ODYRUR�VXERUGLQDWR��2UD�QRQ�q�SL��FRVu�VL�SRVVRQR�FRVWLWXLUH�&3/�DQFKH�SHU�RUJDQL]]DUH�FRRSHUDWLYH�GL� ODYRUR�DXWRQRPR��VRIWZDUH��LQIHUPLHUL��PHGLFL«���$OWUH�FRRSHUDWLYH�WUD�SURIHVVLRQLVWL�VRQR�LQYHFH�PHUH�FRRSHUDWLYH�GL�VHUYL]L��5LPDQH�LO�IDWWR�FKH�OH�&3/�FKH�RUJDQL]]DQR�ODYRUR�VXERUGLQDWR�VRQR�FLUFD�LO�����,O�SUREOHPD�q�GXQTXH�LO�VHJXHQWH��LO�VRFLR�q�ODYRUDWRUH�GLSHQGHQWH�R�q�GDWRUH�GL�ODYRUR",O� VRFLR� ODYRUDWRUH� GHOOH� &3/� q� TXLQGL� DOOR� VWHVVR� WHPSR� ODYRUDWRUH� VXERUGLQDWR� H� VRFLR� WLWRODUH� GL� SRWHUH� GHFLVLRQDOH� DOO¶LQWHUQR�GHOO¶RUJDQL]]D]LRQH LPSUHQGLWRULDOH��'HOOH�YDULH�WHVL�XQD�QRQ�q�PDL�VWDWD�SUHVD�LQ�FRQVLGHUD]LRQH��QRQ�q�YHUR�FKH�VH�TXHVWR�SRWHUH�q�UHDOH�VL�SUHQGRQR� LQ�FRQVLGHUD]LRQH� OH�QRUPH�VXOOD�VRFLHWj�H�FKH� LQYHFH�VH� LO�SRWHUH�QRQ�q�UHDOH�VL�DSSOLFDQR�OH�QRUPH�VXO� ODYRUR�VXERUGLQDWR� 1RQ�VL�GHYH�FRQVLGHUDUH�OD�TXDQWLWj�GL�SRWHUH�LQ�FRQFUHWR��/H�FRQVHJXHQ]H�JLXULGLFKH�VXOOD�QDWXUD�GHO�UDSSRUWR�GHO�VRFLR�QRQ�GLSHQGRQR�GDOOD�TXDQWLWj�GL�SRWHUH�HIIHWWLYDPHQWH�GHWHQXWD�DOO¶LQWHUQR�GHOOD�FRRSHUDWLYD�/H� LPSRVWD]LRQL� D� TXHVWR� SUREOHPD� VRQR� VRVWDQ]LDOPHQWH� WUH�� ,QQDQ]L� WXWWR� VL� GLVWLQJXRQR� GXH� WHPDWLFKH�� XQD� LPSRUWDQWH� H� XQD�PHQR�LPSRUWDQWH�D��TXDO�q�OD�GLVFLSOLQD�GHO�UDSSRUWR"�4XDOL�UHJROH�VL�DSSOLFDQR�DO�UDSSRUWR" ,03257$17(E��TXDOL�VRQR�OH�UHJROH�SURFHVVXDOL�FKH�VL�DSSOLFDQR�DOOH�FDXVH�WUD�VRFLR�ODYRUDWRUH�H�FRRSHUDWLYD" 0(12�,03257$17(/D�VHFRQGD�WHPDWLFD�q�VWDWD�ULVROWD�GD�XQD�VHQWHQ]D�GHOOD�&DVVD]LRQH��OD�TXDOH�QRQ�VL�q�SURQXQFLDWD�VXOOH�UHJROH�FKH�VL�DSSOLFDQR�DO�UDSSRUWR��PD�KD�DIIHUPDWR�FKH� OH�FDXVH�VL� IDQQR�GDYDQWL�DO�JLXGLFH�FKH�GHFLGH�VXOOH�FDXVH� LQHUHQWL� L� ODYRUDWRUL�GLSHQGHQWL��H�FLRq�GDYDQWL�DO�SUHWRUH�GHO� ODYRUR��WULEXQDOH�± VH]LRQH� ODYRUR���6L�EDGL�� LO�JLXGLFH�GHO� ODYRUR�JLXGLFD�DQFKH�VX�FDXVH�GHULYDQWL�GD�ODYRUR�DXWRQRPR�� OD�VHQWHQ]D�GHOOD�&DVVD]LRQH�QRQ�YROHYD�VLJQLILFDUH�FKH�VXOOH�FDXVH� WUD�VRFLR�H�FRRSHUDWLYD�VL�DSSOLFDQR� OH�QRUPH�VXO�UDSSRUWR�GL�ODYRUR�VXERUGLQDWR�x 3ULPD�WHVL��SURI��0DUFR�%LDJL�/D� FRRSHUDWLYD�� QHO� PRPHQWR� LQ� FXL� RUJDQL]]D� SUHVWD]LRQL� GL� ODYRUR� VXERUGLQDWR�� GHYH� DSSOLFDUH� WXWWH� OH� QRUPH� GHO� ODYRUR�VXERUGLQDWR�� (¶� OD� FRVLGGHWWD� WHVL� GHOOD� IRU]D� DWWUDWWLYD� GHOOD� IXQ]LRQH�� LO� FDUDWWHUH� VXERUGLQDWR� GHOO¶DWWLYLWj� SRUWD� FRQ� Vp� WXWWD� OD�GLVFLSOLQD� VXOO¶DWWLYLWj�� &L� VDUDQQR� SHUWDQWR� GXH� LVWLWXWL� JLXULGLFL� GLVWLQWL�� QHO� UDSSRUWR� VRFLR� ± VRFLHWj� VL� DSSOLFKHUDQQR OH� QRUPH�GHO�GLULWWR�FRPPHUFLDOH��QHO�UDSSRUWR�GL�ODYRUR�VL�DSSOLFKHUDQQR�SHU�LQWHUR�OH�QRUPH�GL�GLULWWR�GHO�ODYRUR��(�O¶DPELJXLWj�q�ULVROWD�x 6HFRQGD�WHVL��SURII��%XRQRFRUH�± 0LVFLRQH�� *UDQGL�,O� FRQWUDWWR� q� XQR� VROR�� HG� q� GL� QDWXUD� VRFLHWDULD��&RQVLGHUDWR� FKH� LO� VRFLR� VYROJH� OD� VXD� DWWLYLWj� DOO¶LQWHUQR� GHOOD� VRFLHWj�� SUHYDOH�VHPSUH� OD�GLVFLSOLQD�VRFLHWDULD�� ,O� VRFLR�� WLWRODUH�GL�XQ¶DOLTXRWD�GL�SRWHUH�G¶LPSUHVD��QRQ�q�GLSHQGHQWH��6L�DSSOLFD�VHPSUH�H�VROR� OD�GLVFLSOLQD�VXO�UDSSRUWR�GL�ODYRUR�VRFLHWDULR��QRQ�F¶q�PDL�OLFHQ]LDPHQWR��F¶q�VROR�HVFOXVLRQH��QRQ�VL�DSSOLFD�OD�WXWHOD�VXL�OLFHQ]LDPHQWL��6XOO¶DWWLYLWj�SUHYDOH�OR�VWUXPHQWR�JLXULGLFR��TXHOOR�VRFLHWDULR�x 7HU]D�WHVL��SURI��5RPDJQROL�(¶�XQD�WHVL�LQWHUPHGLD��6L�GHYH�IDUH�ULIHULPHQWR�DOOR�VWDWXWR��VH�OR�VWDWXWR�UHJROD�O¶DSSRUWR�ODYRUDWLYR�GHO�VRFLR�FRPH�RJJHWWR�VSHFLILFR�GL�XQ�REEOLJR�FKH�OD�VRFLHWj�KD�GLULWWR�GL�SUHWHQGHUH�GDO�VRFLR��LQ�TXDQWR�TXHVWL�q�DPPHVVR�QHOOD�VRFLHWj�SHUFKp�VYROJH�XQD�VSHFLILFD�DWWLYLWj�� DOORUD� F¶q� XQ¶DWWUD]LRQH� GHO� UDSSRUWR� GL� ODYRUR� QHOOD� GLVFLSOLQD� VRFLHWDULD�� DOWULPHQWL� VL� DSSOLFDQR� OH� QRUPH� VXO� UDSSRUWR� GL�ODYRUR�� &LRq�� VH� LO� VRFLR� ODYRUD� VYROJHQGR� OD�PLVVLRQ GHOOD� FRRSHUDWLYD�� QHOO¶RUJDQL]]D]LRQH� RULJLQDULD� WLSLFDPHQWH� FRVWLWXLWD� GDOOD�FRRSHUDWLYD�SHU� LO�SHUVHJXLPHQWR�GHL�VXR�RELHWWLYR�SULPDULR�SUHYDOH� O¶HOHPHQWR�VRFLHWDULR��VH�YLFHYHUVD� ODYRUD� LQ�VHWWRUL�FROODWHUDOL��HVWHUQL��DFTXLVLWL�IXRUL�GDOOD�PLVVLRQ�VWDWXWDULD�SUHYDOH�O¶HOHPHQWR�GL�ODYRUR�VXERUGLQDWR�

',5,772�'(/�/$9252 DSSXQWL�WUDWWL�GDOOH�OH]LRQL��GRFHQWH�SURI�(QULFR�*UDJQROL

3DROR�&RUD]]D��DSSXQWL�GL�GLULWWR�GHO�ODYRURSDJ���

/D�JLXULVSUXGHQ]D�SHU�OD�PDJJLRUH�VRVWLHQH�XQD�TXDUWD�WHVL��FKH�q�FLUFD XQD�YDULDQWH�GHOOD�WHU]D�x TXDUWD�WHVLQRQ�WXWWH�OH�QRUPH�GL�GLULWWR�GHO�ODYRUR�VRQR�XJXDOL��(VLVWRQR�YDULH�FDWHJRULH�GL�QRUPH��OH�QRUPH�FKH�WXWHODQR�OD�SHUVRQD�H�L�VXRL�GLULWWL�IRQGDPHQWDOL�� OH�QRUPH�FKH�WXWHODQR�JOL� LQWHUHVVL�SDWULPRQLDOL�� OH�QRUPH�GL�GLULWWR�VLQGDFDOH��1HO�UDSSRUWR�FRQ�OD�VWUXWWXUD�VRFLHWDULD��FLDVFXQ� JUXSSR� GL� QRUPH� VL� FRPSRUWD� GLYHUVDPHQWH��4XDOXQTXH� VLD� O¶RUJDQL]]D]LRQH� GHO� ODYRUR�� TXHVWR� QRQ� SRWUj�PDL� OHGHUH� JOL�LQWHUHVVL� SHUVRQDOL�� /H� QRUPH� VXOOD� VLFXUH]]D� GRYUDQQR� HVVHUH� DSSOLFDWH� DQFKH� GDOOH� FRRSHUDWLYH�� OH� QRUPH� VXOO¶RUDULR� SXUH��IXQ]LRQDOL� D� WXWHODUH� OD� VDOXWH��� OH� QRUPH� GL� WXWHOD� GHOOD� SHUVRQDOLWj� DQFKH�� ,O� VRFLR� VL� DVVRFLD� DOOD� FRRSHUDWLYD� SHUVHJXHQGR� XQ�RELHWWLYR� HFRQRPLFR�� LQWHQGH� VYROJHUH� OD� VXD� DWWLYLWj�PHGLDQWH� OR� VWUXPHQWR� FRRSHUDWLYR� SHU� RWWHQHUH� FRQGL]LRQL� SL�� YDQWDJJLRVH��IDFHQGR� YDOXWD]LRQL� FKH� VWDQQR� D� PRQWH� GHOO¶DSSOLFD]LRQH� GHOOH� QRUPH� VXOOD� UHWULEX]LRQH� H� VXO� UDSSRUWR� GL� ODYRUR� VXERUGLQDWR�� ,O�SUREOHPD�GHOOD� UHWULEX]LRQH�H� WXWWD� OD� WHPDWLFD�GHOOD� FRQWUDSSRVL]LRQH�GDWRUH�± ODYRUDWRUH�� VXO� YHUVDQWH�HFRQRPLFR�� YLHQH�DWWUDWWR�GHQWUR� OD�GLVFLSOLQD� VRFLHWDULD�� ,Q�TXHVWR�PRGR�YHQJRQR�D�FDGHUH�GXH� LVWLWXWL� IRQGDPHQWDOL�GHO�GLULWWR�GHO� ODYRUR�� OD�GLVFLSOLQD�VXOOD�UHWULEX]LRQH�H�OD�GLVFLSOLQD�VXL�OLFHQ]LDPHQWL��,Q�WHRULD�SRVVRQR�HVLVWHUH�FRRSHUDWLYH�FKH�RUJDQL]]DQR�LO�ODYRUR�GL�VRFL�FKH�DFFHWWDQR�GL�ODYRUDUH�VHQ]D�PLQLPL�UHWULEXWLYL��DQFKH�JUDWXLWDPHQWH��DOPHQR�VHFRQGR�OD�JLXULVSUXGHQ]D�SUHYDOHQWH���1RQ�OR�SRWUHEEH�PDL�IDUH�LQ�XQ¶LPSUHVD��FKH�QRQ�SXz�RUJDQL]]DUH� ODYRUR�JUDWXLWR� �QRUPH� LQGHURJDELOL���PD� OR�SRWUHEEH� IDUH� LQ�XQD�FRRSHUDWLYD��6RQR�SRVVLELOL�GHOLEHUH� DVVHPEOHDUL� FKH� VFHQGRQR� VRWWR� L� PLQLPL� FRQWUDWWXDOL�� ULWHQHQGR� LQ� TXHVWR� FDVR� L� VRFL� ODYRUDWRUL� FKH� OD� GHFLVLRQH� VLD�IRQGDPHQWDOH�DO�SHUVHJXLPHQWR�GHOOR�VFRSR�PXWXDOLVWLFR�/D�JLXULVSUXGHQ]D�DFFHWWD�TXHVWD�WHVL��LQ�DOFXQH�PDWHULH�DSSOLFD�LO�GLULWWR�GHO�ODYRUR��LQ�DOWUH�PDWHULH�DSSOLFD�LO�GLULWWR�VRFLHWDULR�1RQ�YLHQH�PHQR�OD�WXWHOD�SUHYLGHQ]LDOH��UHJRODWD�GD�XQD�OHJJH��6RQR�FRPXQTXH�ULFRQRVFLXWH�IRUWL�DJHYROD]LRQL��&¶q�OD�SRVVLELOLWj�GL�GHWHUPLQDUH� O¶HQWLWj� GHL� FRQWULEXWL� SUHYLGHQ]LDOL� VXOOD� EDVH� LPSRQLELOH� QRQ� GHOOD� UHWULEX]LRQH� HIIHWWLYD� PD� GL� XQD� UHWULEX]LRQH�FRQYHQ]LRQDOH��QRQ�VXOO¶DWWLYLWj�HIIHWWLYDPHQWH�SUHVWDWD�PD�VX�XQ�VDODULR�PHGLR���(¶�XQD�QRUPD�PROWR�SHULFRORVD�� LQ�TXDQWR�LO�FRVWR�SUHYLGHQ]LDOH�ILVVR�LQFHQWLYD�O¶LQWHUHVVH�DG�LQFUHPHQWDUH�D�GLVPLVXUD�OD�TXDQWLWj�GL�ODYRUR�GHO�VLQJROR�&223(5$7,9(�62&,$/,1RQ� YL� VRQR� VRVWDQ]LDOL� PRWLYL� GL� GLYHUVLWj� GDO� SXQWR� GL� YLVWD� VWUXWWXUDOH� ULVSHWWR� DOOH� FRRSHUDWLYH� GL� SURGX]LRQH� H� ODYRUR�� ,O� VRFLR�ODYRUDWRUH�KD�OD�VWHVVD�GLVFLSOLQD�GHO�VRFLR�GHOOD�&3/��&L�VRQR�SHUz�DOFXQH�GLIIHUHQ]H�H�DOFXQH�SUREOHPDWLFKH�VSHFLILFKH�/D� OHJJH�VXOOH�FRRSHUDWLYH�VRFLDOL�q�XQDQLPHPHQWH�FRQVLGHUDWD�LQVRGGLVIDFHQWH��QRQ�KD�XQ�JUDQ�FRQWHQXWR�SUHVFULWWLYL��VL� OLPLWD�DG�DUWLFROL�GHILQLWRUL�GL�XQ�VRJJHWWR�FKH�YLHQH�SRL�FRQVLGHUDWR�GD�SURYYHGLPHQWL�VXFFHVVLYL��FRPH�OD�OHJLVOD]LRQH�UHJLRQDOH��OD�OHJJH�VXO�FROORFDPHQWR�REEOLJDWRULR��VXL�ODYRUL�VRFLDOPHQWH�XWLOL�HFFHWHUD��/D��������QRQ�KD�JUDQ�FRQWHQXWR� H�WUD�O¶DOWUR�KD�XQD�HYLGHQWH�SXQWR�GHEROH��XQLVFH�DOO¶LQWHUQR�GHOOD�VWHVVD�FDWHJRULD�GXH�VRWWRVSHFLH�GL�RUJDQL]]D]LRQH�LPSUHQGLWRULDOH��³WLSR�$�H�WLSR�%´��IUD� ORUR�PROWR�HWHURJHQHH��/H�FRRS�GL� WLSR�$�VRQR�TXDVL�DO������&3/��VL�GLIIHUHQ]LDQR�SHU� OD�SUHVHQ]D�GL�VRFL�YRORQWDUL�� OH�FRRS�GL� WLSR�%�VRQR�PDJJLRUPHQWH�LQQRYDWLYH��SHU�O¶RELHWWLYR�VSHFLILFR�GHO�UHLQVHULPHQWR�ODYRUDWLYR�GHOOH�SHUVRQH�GLVDJLDWH��,O�YHUR�RELHWWLYR�GHOOD�OHJJH�q�TXHOOR�GL� DIIHUPDUH� LO� FDUDWWHUH�SLHQDPHQWH� LPSUHQGLWRULDOH�GHOOD� FRRSHUD]LRQH�VRFLDOH�� DWWUDYHUVR� LO� SHUVHJXLPHQWR�GL�XQ�RELHWWLYR�PXWXDOLVWLFR��/D�OHJJH�FRQVHQWH�O¶LQVHULPHQWR�QHOOH�FRRSHUDWLYH�VRFLDOL�GL�ODYRUR�YRORQWDULR��L�YRORQWDUL�GHEERQR�HVSOLFDUH�YHUD�DWWLYLWj�GL� YRORQWDULDWR�� QRQ� GHY¶HVVHUH� XQ�PRGR� SHU� QRQ� UHPXQHUDUH� DWWLYLWj� ODYRUDWLYH�� SHQD� OH� VDQ]LRQL� YLJHQWL�� ,� YRORQWDUL� QRQ� KDQQRREEOLJKL� H� QRQ� SRVVRQR� HVVHUH� VRJJHWWL� D� VDQ]LRQL� SHU� LQDGHPSLPHQWR�� /D� OHJJH� ������� ULFRQRVFH� SHUWDQWR� LO� SLHQR� HG�LQFRQGL]LRQDWR� FDUDWWHUH� LPSUHQGLWRULDOH� GHOOH� FRRSHUDWLYH� VRFLDOL�� /D� GHILQL]LRQH� ³VRFLDOH´� QRQ� q� VSHFLILFDWD� GD� QHVVXQD� OHJJH��SRVVRQR� GXQTXH� HVVHUH� FRRSHUDWLYH� ³VRFLDOL´� TXHOOH� FKH� VL� ULIHULVFRQR� D� TXDOXQTXH� LGHRORJLD�� D� TXDOXQTXH� FRQFHWWR� GL� VRFLDOLWj��ULHQWUDQWL�QHL�SDUDPHWUL�GL�FXL�DOOD�OHJJH��������$UW����� 'HILQL]LRQH/H�FRRSHUDWLYH�VRFLDOL�KDQQR�OR�VFRSR�GL�SHUVHJXLUH�OLQWHUHVVH�JHQHUDOH�GHOOD�FRPXQLWj�DOOD�SURPR]LRQH�XPDQD�H�DOO¶LQWHJUD]LRQH�VRFLDOH�GHL�FLWWDGLQL�DWWUDYHUVR�D��OD�JHVWLRQH�GL�VHUYL]L�VRFLR�VDQLWDUL�HG�HGXFDWLYL�E��OR�VYROJLPHQWR�GL�DWWLYLWj�GLYHUVH�� DJULFROH��LQGXVWULDOL��FRPPHUFLDOL�R�GL�VHUYL]L�� ILQDOL]]DWH�DOOLQVHULPHQWR�ODYRUDWLYR�GL�SHUVRQH�VYDQWDJJLDWH�6L�DSSOLFDQR�DOOH�FRRSHUDWLYH�VRFLDOL��LQ�TXDQWR�FRPSDWLELOL�FRQ�OD�SUHVHQWH�OHJJH��OH�QRUPH�UHODWLYH�DO�VHWWRUH�LQ�FXL�OH�FRRSHUDWLYH�VWHVVH�RSHUDQR��/D�GHQRPLQD]LRQH�VRFLDOH��FRPXQTXH�IRUPDWD��GHYH�FRQWHQHUH�OLQGLFD]LRQH�GL��FRRSHUDWLYD�VRFLDOH��1HOOH�FRRS�VRFLDOL��LQ�YLUW��GHJOL�RELHWWLYL�GL�FXL�DOOH�OHWWHUH�D��H�E��GHOO¶DUW�����q�FRQVHQWLWR�O¶LQVHULPHQWR�GL�YRORQWDUL�

',5,772�'(/�/$9252 DSSXQWL�WUDWWL�GDOOH�OH]LRQL��GRFHQWH�SURI�(QULFR�*UDJQROL

3DROR�&RUD]]D��DSSXQWL�GL�GLULWWR�GHO�ODYRUR SDJ���

/H]LRQH�GHO�����������/·LQWHUSRVL]LRQH�GL�PDQRGRSHUD7UDWWLDPR�RJJL�OH�FDUDWWHULVWLFKH�VDOLHQWL�GHOOD�OHJJH������������GLYLHWR�GL�LQWHUSRVL]LRQH�QHOOH�SUHVWD]LRQL�GL�ODYRUR,QL]LDPR�FRQ� LO�GLUH�FKH�QRQ�KD�QHVVXQD�LPSRUWDQ]D�FKH�LO�FRQWUDWWR�WUD� O¶LQWHUPHGLDULR�H� O¶D]LHQGD�VLD�VFULWWR�RSSXUH�RUDOH��VLD�XQD�FRQYHQ]LRQH�RSSXUH�XQ�DSSDOWR�HFFHWHUD��FLRq�QRQ�KDQQR�LPSRUWDQ]D�Qp�LO�WLSR�JLXULGLFR�Qp�OD�IRUPD�GHO�FRQWUDWWR��&Lz�FKH�FRQWD�q�OD�VRVWDQ]D� GHO� FRPSRUWDPHQWR� GHOOH� SDUWL�� /D� OHJJH� SXQLVFH� FRQ� OD� QXOOLWj� O¶HVHFX]LRQH� GL� PHUH� SUHVWD]LRQL� GL� ODYRUR�� 3HU� ³PHUH�SUHVWD]LRQL� GL� ODYRUR´� VL� LQWHQGRQR� TXHL� FRQWUDWWL� LQ� IRU]D� GHL� TXDOL� XQD� R� SL�� SHUVRQH� ODYRUDWULFL� YHQJRQR� LQVHULWH� DOO¶LQWHUQR� GHOOD�VWUXWWXUD� SURGXWWLYD� ILQDOH�� FRPH� GLSHQGHQWL�� QHOOD� VWHVVD� SRVL]LRQH� GHL� GLSHQGHQWL� GHOOD� VWUXWWXUD� SURGXWWLYD� ILQDOH�� VHQ]D� FKH�O¶LPSUHVD� LQWHUPHGLDULD� �IRUQLWULFH� GHL� ODYRUDWRUL�� DSSRUWL� XQ� VXR� FRQWULEXWR� GL� FDUDWWHUH� FUHDWLYR� H� RUJDQL]]DWLYR�� /¶LPSUHVD�LQWHUPHGLDULD�SXz�SRUVL�VXO�PHUFDWR�LQ�TXDOLWj�GL�LPSUHVD�FKH�RIIUH�XQ�VHUYL]LR��QRQ�LQ�TXDOLWj�GL�LPSUHVD�FKH�YHQGH�ODYRUR��9HGLDPR�DGHVVR�TXDQGR�VL�RIIUH�XQ�VHUYL]LR�H�TXDQGR�VL�YHQGH�ODYRUR�$UW����/HJJH�����(�YLHWDWR�DOOLPSUHQGLWRUH�GL�DIILGDUH�LQ�DSSDOWR�R�LQ�VXEDSSDOWR�R�LQ�TXDOVLDVL�DOWUD�IRUPD��DQFKH�D�VRFLHWj�FRRSHUDWLYH��OHVHFX]LRQH�GL�PHUH�SUHVWD]LRQL�GL�ODYRUR�PHGLDQWH�LPSLHJR�GL�PDQRGRSHUD�DVVXQWD�H�UHWULEXLWD�GDOODSSDOWDWRUH�R�GDOOLQWHUPHGLDULR��TXDOXQTXH�VLD�OD�QDWXUD�GHOORSHUD�R�GHO�VHUYL]LR�FXL�OH�SUHVWD]LRQL�VL�ULIHULVFRQR�(�DOWUHVu�YLHWDWR�DOOLPSUHQGLWRUH�GL�DIILGDUH�DG�LQWHUPHGLDUL��VLDQR�TXHVWL�GLSHQGHQWL��WHU]L�R�VRFLHWj�DQFKH�VH�FRRSHUDWLYH��ODYRUL�GD�HVHJXLUVL�D�FRWWLPR�GD�SUHVWDWRUL�GL�RSHUH�DVVXQWL�H�UHWULEXLWL�GD�WDOL�LQWHUPHGLDUL�(�FRQVLGHUDWR�DSSDOWR�GL�PHUH�SUHVWD]LRQL�GL�ODYRUR�RJQL�IRUPD�GLDSSDOWR�R�VXEDSSDOWR��DQFKH�SHU�HVHFX]LRQH�GL�RSHUH�R�GL�VHUYL]L��RYH�ODSSDOWDWRUH�LPSLHJKL�FDSLWDOL��PDFFKLQH�HG�DWWUH]]DWXUH�IRUQLWH�GDOODSSDOWDQWH��TXDQGDQFKH�SHU�LO�ORUR�XVR�YHQJD�FRUULVSRVWR�XQ�FRPSHQVR�DOODSSDOWDQWH�/H�GLVSRVL]LRQL�GHL�SUHFHGHQWL�FRPPL�VL�DSSOLFDQR�DOWUHVu�DOOH�D]LHQGH�GHOOR�6WDWR�HG�DJOL�(QWL�SXEEOLFL��DQFKH�VH�JHVWLWL� LQ�IRUPD�DXWRQRPD��VDOYR�TXDQWR�GLVSRVWR�GDO�VXFFHVVLYR�DUWLFROR���,�SUHVWDWRUL�GL�ODYRUR��RFFXSDWL�LQ�YLROD]LRQH�GHL�GLYLHWL�SRVWL�GDO�SUHVHQWH�DUWLFROR��VRQR�FRQVLGHUDWL��D�WXWWL�JOL�HIIHWWL��DOOH�GLSHQGHQ]H�GHOOLPSUHQGLWRUH�FKH�HIIHWWLYDPHQWH�DEELD�XWLOL]]DWR�OH�ORUR�SUHVWD]LRQL�/¶DUW�������FRPPD�q�PROWR�FKLDUR��(¶�FRQVLGHUDWR�DSSDOWR�GL�PHUH�SUHVWD]LRQL�GL�ODYRUR��TXLQGL�VHPSUH�LOOHFLWD��RJQL�IRUPD�GL�FRQWUDWWR�RYH� O¶DSSDOWDWRUH� LPSLHJKL� FDSLWDOL�� PDFFKLQH� HG� DWWUH]]DWXUH� GHOO¶DSSDOWDQWH�� 3HUWDQWR� O¶LQWHUPHGLDULR� GHYH� DYHUH� D� GLVSRVL]LRQH�FDSLWDOL��PDFFKLQH HG� DWWUH]]DWXUH�� (¶� VHPSUH� LOOHFLWD� �H� OD� JLXULVSUXGHQ]D� q� XQDQLPH� VX� TXHVWR� SXQWR�� OD� VLWXD]LRQH� LQ� FXL�O¶LQWHUPHGLDULR�PDQGD� LQ� XQD� D]LHQGD� ODYRUDWRUL� FKH� XWLOL]]DQR�PDFFKLQH� HG� DWWUH]]DWXUH� GHOO¶D]LHQGD� VWHVVD�� /D� OHJJH� ����� QRQ�SUHFLVD� SRL� DOWUH� FRQGL]LRQL�� 9L� SRVVRQR� HVVHUH� DOFXQL� VHUYL]L� FKH� YHQJRQR� HIIHWWXDWL� VHQ]D� O¶XWLOL]]R� GL�PDFFKLQDUL� R� DWWUH]]DWXUH��FRPH� OD� FXVWRGLD�� LO� IDFFKLQDJJLR�� OH� SLFFROH� SXOL]LH��� 4XLQGL� ROWUH� DOO¶HOHPHQWR� PDWHULDOH�� GDWR� GDO� SRVVHVVR� GHL� EHQL� XWLOL� DOOD�UHDOL]]D]LRQH�GHO�VHUYL]LR��VL�GHYH�WHQHUH�FRQWR�GL�XQ�HOHPHQWR�GL�WLSR�IXQ]LRQDOH��1HOOD�FRRSHUD]LRQH�WUD�D]LHQGH�q�OHFLWD�O¶RIIHUWD�GL�XQD�DWWLYLWj� IUXWWR�GHOO¶RUJDQL]]D]LRQH�GHOO¶LQWHUPHGLDULR��DWWLYLWj�FKH�VL�SXz� UHDOL]]DUH�DQFKH�VHQ]D� O¶XWLOL]]R�GL�PDFFKLQDUL��/¶DWWLYLWj�RUJDQL]]DWLYD� G¶LPSUHVD� SUHVXSSRQH� TXLQGL� O¶HOHPHQWR� DJJLXQWLYR� WLSLFR� GHOOD� IXQ]LRQH� LPSUHQGLWRULDOH �ODYRUR� SL�� FDSDFLWj� GL�RUJDQL]]D]LRQH���FKH�q�OD�SUHVHQ]D�VXO�PHUFDWR H�GL�FRQVHJXHQ]D�OD�SOXUDOLWj�GL�FOLHQWL�,Q� DVVHQ]D� GL� SOXUDOLWj� GL� FOLHQWL� O¶DWWLYLWj� RUJDQL]]DWLYD� YLHQH� PHQR� SHU� GHILQL]LRQH�� VL� KD� XQD� VRUWD� GL� ³GLYLVLRQH´� DOO¶LQWHUQR�GHOO¶LPSUHVD�ILQDOH��(FFR�TXLQGL�L�WUH�UHTXLVLWL�IRQGDPHQWDOL�GHO�³YHUR´�VHUYL]LR��FKH�QRQ�q�LQWHUSRVL]LRQH�GL�PDQRGRSHUD�� SRVVHVVR�GHL�FDSLWDOL��PDFFKLQH�H�DWWUH]]DWXUH� QHFHVVDULD�IXQ]LRQH�RUJDQL]]DWLYD��LPSUHQGLWRULDOLWj�� SUHVHQ]D�VXO�PHUFDWR��SOXULFRPPLWWHQ]D��SOXUDOLWj�GL�FOLHQWL�,Q�UHDOWj�D�YROWH�QRQ�EDVWDQR�QHPPHQR�TXHVWL� WUH�UHTXLVLWL��/D�FDSDFLWj�RUJDQL]]DWLYD�LQ�Vp�H�SHU�Vp�QRQ�q�VXIILFLHQWH��RFFRUUH�FKH�O¶LPSUHVD�HVHUFLWL�LQ�FRQFUHWR�OD�FDSDFLWj�RUJDQL]]DWLYD�QHL�FRQIURQWL�GL�WXWWL�L�ODYRUDWRUL��6H�DFFDGH�FKH�DQFKH�XQR�VROR�GHL�ODYRUDWRUL�GHOO¶LQWHUPHGLDULR� SDVVD� QHO� GRPLQLR� GL� XQ¶RUJDQL]]D]LRQH� DOWUXL�� QRQ� SDUWHFLSDQGR� SL�� DOD� FUHD]LRQH� GHO� VHUYL]LR� RUJDQL]]DWR�GDOO¶LQWHUPHGLDULR�� F¶q� LQWHUPHGLD]LRQH� GL� PDQRGRSHUD�� /D� IXQ]LRQH� RUJDQL]]DWLYD� GHYH� TXLQGL� HVVHUH� HVHUFLWDWD� LQ� FRQFUHWR� QHL�FRQIURQWL� GL� WXWWL� L� ODYRUDWRUL�� 3HU� IDUH� XQ� HVHPSLR�� TXDQGR� XQ¶LPSUHVD� LQVHULVFH� XQ� ODYRUDWRUH� QHOOD� FDWHQD� SURGXWWLYD� GL� XQ¶DOWUD�LPSUHVD��LQ�VRVWLWX]LRQH�GL�XQ�ODYRUDWRUH�DVVHQWH��F¶q�LQWHUSRVL]LRQH�GL�PDQRGRSHUD�� DXWRQRPLD�GL�JHVWLRQH1HOOD�UHDOWj�FL�WURYLDPR�VSHVVR�GL�IURQWH�D�FDVL�HYLGHQWL�GL�LQWHUSRVL]LRQH�GL�PDQRGRSHUD��DOWUH�YROWH�FL�VL�WURYD�GL�IURQWH�D�FDVL�SL��DPELJXL��,O�FRPSLWR�GHJOL�VWXGLRVL�GL�GLULWWR�GHO�ODYRUR�q�ULVROYHUH�L�FDVL�DPELJXL��$OFXQL�HVHPSL�WLSLFL�GL�FRPSRUWDPHQWL�OHFLWL��SXOL]LH��OHWWXUD�GHO�JDV��VHUYL]L�GL�FXVWRGLD��VHUYL]L�GL� IDFFKLQDJJLR�H� WUDVSRUWR�HFFHWHUD��&RPSRUWDPHQWL� LOOHFLWL��VRVWLWX]LRQH�GL� ODYRUDWRUL�DVVHQWL��HVHFX]LRQH�GL�XQD�SDUWH�GHO�FLFOR�SURGXWWLYR�FRQ�RUJDQL]]D]LRQH�GHOO¶D]LHQGD�ILQDOH�8Q�DOWUR�HOHPHQWR�QHFHVVDULR�SHUFKp�QRQ�FL�VL�WURYL�GL�IURQWH�DG�LQWHUSRVL]LRQH�GL�PDQRGRSHUD�q�O¶RPRJHQHLWj GHO�VHUYL]LR��FKH�GHYH�HVVHUH�XQLWDULR�H�ILQLWR�� RPRJHQHLWj�GHO�VHUYL]LR��ULVXOWDWRLO� VHUYL]LR� GHYH� DYHUH� XQ� LQL]LR� H XQD� ILQH�� VRSUDWWXWWR� FKLDUR� GHYH� HVVHUH� LO�PRPHQWR� LQ� FXL� ILQLVFH�� GHYH� HVVHUH� FRQYHQXWR� XQ�ULVXOWDWR��GHYH�HVVHUH�YHQGXWR�GD�FKL�OR�SUHVWD�H�DFTXLVWDWR�GD�FKL�OR�ULFHYH�FRQ�XQ�SUH]]R�XQLWDULR��,O�FRPSHQVR�RUDULR�SHU�LO�ODYRUR�q�SUHVXQ]LRQH�GL�LQWHUSRVL]LRQH�GL�PDQRGRSHUD��F¶q�OD�SUHVXQ]LRQH�FKH�LO�ULFHYHQWH�FRQIRUPL�OD�SUHVWD]LRQH��XWLOL]]DQGR�LO�ODYRUDWRUH�SHU�XQ�FHUWR�DUFR�GL�WHPSR�H�FRQIRUPDQGRQH�OD�UHWULEX]LRQH�DO�FRPSHQVR�RUDULR��,O�³YHUR´�VHUYL]LR�QRQ�q�UHWULEXLWR�DG�RUDULR�

',5,772�'(/�/$9252 DSSXQWL�WUDWWL�GDOOH�OH]LRQL��GRFHQWH�SURI�(QULFR�*UDJQROL

3DROR�&RUD]]D��DSSXQWL�GL�GLULWWR�GHO�ODYRURSDJ���

6$1=,21,�LQ�FDVR�GL LQWHUSRVL]LRQH�LOOHFLWD/H�VDQ]LRQL�SHU�O¶LQWHUSRVL]LRQH�LOOHFLWD�VRQR�TXDWWUR��OD�OHJJH������q�IRUWHPHQWH�VDQ]LRQDWRULD��6$1=,21(�3(1$/($UW���,Q� FDVR� GL� LQRVVHUYDQ]D� GHOOH� GLVSRVL]LRQL� GL� FXL� DOODUWLFROR� SUHFHGHQWH� q� FRPPLQDWD� DOOLPSUHQGLWRUH� H� DOODSSDOWDWRUH� R� DOWUR�LQWHUPHGLDULR� ODPPHQGD� GL� OLUH� ������� SHU� RJQL� ODYRUDWRUH� RFFXSDWR� H� SHU� RJQL� JLRUQDWD� GL� RFFXSD]LRQH�� IHUPD� UHVWDQGR�ODSSOLFDELOLWj�GHOOH�VDQ]LRQL�SHQDOL�SUHYLVWH�SHU�OD�YLROD]LRQH�GHOOD�OHJJH����DSULOH�������Q�������H�GHOOH�DOWUH OHJJL�LQ�PDWHULD�/D�VDQ]LRQH�q�FRPPLQDWD�VLD�DOO¶D]LHQGD�ILQDOH�VLD�DOO¶LQWHUPHGLDULR�XQD�VDQ]LRQH�GL�OLUH��������SHU�RJQL�JLRUQDWD�XRPR��/D�VDQ]LRQH�q�PROWR�EDVVD��q�DQFKH�SRVVLELOH�REOD]LRQDUH�O¶LQWHUD�VDQ]LRQH�WUDPLWH�LO�SDJDPHQWR�GL�OLUH������������/D�VDQ]LRQH�GLYHQWD�SHVDQWH�QHO� FDVR� GL� GLYHUVH� SHUVRQH� LPSHJQDWH�� OD� VDQ]LRQH� q� SHUVRQDOH� H� D� FDULFR� GHO� OHJDOH� UDSSUHVHQWDQWH� VLD� GHOO¶LQWHUPHGLDULR� VLD�GHOO¶D]LHQGD�ILQDOH��/D�VDQ]LRQH�q�SHVDQWH�QHO�FDVR�GL�FRPSRUWDPHQWR�SUROXQJDWR�QHO�WHPSR�6$1=,21(�$00,1,675$7,9$/D�VDQ]LRQH�DPPLQLVWUDWLYD�YLHQH�DSSOLFDWD�GDOO¶,VSHWWRUDWR�GHO�/DYRUR�SHU�YLROD]LRQH�GHOOD�OHJJH�����������/¶LPSRUWR�q�SDUL�D�FLUFD�OLUH�����������SHU�FLDVFXQ�ODYRUDWRUH��XQD�WDQWXP�6$1=,21(�&,9,/((¶�D�FDULFR�GHOO¶LPSUHVD�ILQDOH��6L�SRQH O¶REEOLJR�D�FDULFR�GL�TXHVW¶XOWLPD�O¶REEOLJR�GL�DVVXPHUH�DOOH�SURSULH�GLSHQGHQ]H�LO� ODYRUDWRUH�RJJHWWR� GL� LQWHUSRVL]LRQH�� )LQR� DO� ����� OD� JLXULVGL]LRQH� LQ� PDWHULD� VSHWWDYD� DO� JLXGLFH� DPPLQLVWUDWLYR�� FKH� DGRWWDYD� VHPSUH� XQ�DWWHJJLDPHQWR� DVVROXWRULR� QHL� FRQIURQWL� GHJOL� HQWL� SXEEOLFL� FRLQYROWL�� 'DO� ����� OD� JLXULVGL]LRQH� VSHWWD� DO� JLXGLFH� RUGLQDULR�� H� OD�&DVVD]LRQH�KD�VWDELOLWR�FKH�OD�QRUPD�VL�DSSOLFD�DQFKH�DJOL�HQWL�SXEEOLFL��D�WXWW¶RJJL�SHUz�OD�TXHVWLRQH�q�DQFRUD�DSHUWD��6$1=,21(�´HIIHWWR�UHWURDWWLYR�GHOO·DVVXQ]LRQH�H�GHL�FRQWULEXWLµ/D� OHJJH�VWDELOLVFH� FKH� L� ODYRUDWRUL� FRLQYROWL� GLYHQJRQR�GLSHQGHQWL� GHOO¶LPSUHVD�FRQ�HIIHWWR� UHWURDWWLYR�� L� FRQWULEXWL�GRYHYDQR�TXLQGL�HVVHUH�YHUVDWL�VLQ�GDOO¶LQL]LR�GHOO¶DWWLYLWj�GD�SDUWH�GHO�YHUR�GDWRUH�GL� ODYRUR��/¶LQWHUPHGLDULR�SRWUj�RWWHQHUH�LQ�UHVWLWX]LRQH�L�FRQWULEXWL�YHUVDWL��PHQWUH�O¶LPSUHVD�ILQDOH�GRYUj�YHUVDUH�L�FRQWULEXWL��/D�FRQWULEX]LRQH�YHUUj�FDOFRODWD�VXOOD�EDVH�GHOOD�GLVFLSOLQD�FRQWUDWWXDOLVWLFD�LQ�PDWHULD�GL�ODYRUR�DSSOLFDWD�GDO�³YHUR´�GDWRUH�GL�ODYRUR�/D� OHJJH�q�GHO������HG� LQL]LDOPHQWH�HUD�FRQFHSLWD� LQ� ULIHULPHQWR�DO� ODYRUR�FRQWUROODWR�GDL�FRVLGGHWWL�FDSRUDOL��6L�YROHYD�HOLPLQDUH� LO�FDSRUDODWR�� VRSUDWWXWWR� QHOO¶DPELWR� HGLOH�� OH� VRSUDIID]LRQL� H� OH� YLROHQ]H� FKH� TXHVWR� FRPSRUWDYD�� L� FROOHJDPHQWL� FRQ� OD� FULPLQDOLWj�RUJDQL]]DWD��)HQRPHQR�DQFRUD�HVLVWHQWH�DL�QRVWUL�WHPSL�/·LQWHUSRVL]LRQH�OHFLWD6L�KD�LQ�SUHVHQ]D�GL�LPSUHQGLWRUL�FKH�DSSDOWDQR�RSHUH�R�VHUYL]L�FRPSUHVL�L�ODYRUL�GL�IDFFKLQDJJLR��GL�SXOL]LD��GL�PDQXWHQ]LRQH�RUGLQDULD�GHJOL� LPSLDQWL�� GD� HVHJXLUVL� DOO¶LQWHUQR� GHOOH� D]LHQGH� �DOWUXL��� VRQR� WHQXWL� LQ� VROLGR� FRQ� O¶D]LHQGD� D� FRUULVSRQGHUH� DL� ODYRUDWRUL� XQ�WUDWWDPHQWR� PLQLPR� LQGHURJDELOH� UHWULEXWLYR� H� DG� DVVLFXUDUH� XQ� WUDWWDPHQWR� QRUPDWLYR� QRQ� LQIHULRUH� D� TXHOOR� VSHWWDQWH� DJOL� DOWUL�ODYRUDWRUL� �SULQFLSLR� GHOOD SDULWj� GL� WUDWWDPHQWR��� /D� QRUPD� q� DPSLDPHQWH� LQ� GLVFXVVLRQH�� FL� VL� FKLHGH� VH� VLD� FRUUHWWD� OD� SDULWj� GL�WUDWWDPHQWR��*OL�DSSDOWL�YDOLGL�FRPSRUWDQR�SDULWj�GL� WUDWWDPHQWR�WUD�FKL�ODYRUD�DOO¶LQWHUQR�GHOO¶D]LHQGD�LQ�HVHFX]LRQH�GHOO¶DSSDOWR�H�JOL�DOWUL�GLSHQGHQWL�GHOO¶D]LHQGD�DSSDOWDQWH��6LDPR�LQ�SUHVHQ]D�GL�XQD�QRUPD�PROWR�SRFR�QRWD�,O�WHPSR�D�GLVSRVL]LRQH�GHO�ODYRUDWRUH�SHU�IDU�YDOHUH�OD�SDULWj�GL�WUDWWDPHQWR�q�SDUL�DG�XQ�DQQR�GDOOD�GDWD�GL�FHVVD]LRQH�GHOO¶DSSDOWR��,�FRUULVSRQGHQWL�GLULWWL� VRQR�TXLQGL�VRJJHWWL�DG�XQ�EUHYH�SHULRGR�GL�GHFDGHQ]D��/H�GLVSRVL]LRQL�GL�FXL�DOO¶DUW����QRQ�VL�DSSOLFDQR��DJOL�DSSDOWL� SHU� FRVWUX]LRQL� HGLOL]LH� DOO¶LQWHUQR� GHJOL� VWDELOLPHQWL�� DJOL� DSSDOWL� SHU� LQVWDOOD]LRQH� R�PRQWDJJLR� GL� LPSLDQWL� H�PDFFKLQDUL�� DL�ODYRUL�GL�PDQXWHQ]LRQH�VWUDRUGLQDULD��DL�WUDVSRUWL��DJOL�DSSDOWL�ULIHULWL�D�SDUWLFRODUL�DWWLYLWj�SURGXWWLYH�HFF���YHGL�HOHQFD]LRQH�GHOO¶DUW�����$UW���*OL� LPSUHQGLWRUL� FKH� DSSDOWDQR� RSHUH� R� VHUYL]L�� FRPSUHVL� L� ODYRUL� GL� IDFFKLQDJJLR�� GL� SXOL]LD� H� GL� PDQXWHQ]LRQH� RUGLQDULD� GHJOLLPSLDQWL��GD�HVHJXLUVL�QHOOLQWHUQR�GHOOH�D]LHQGH�FRQ�RUJDQL]]D]LRQH�H�JHVWLRQH�SURSULD�GHOODSSDOWDWRUH��VRQR�WHQXWL� LQ�VROLGR�FRQ�TXHVWXOWLPR�D�FRUULVSRQGHUH�DL� ODYRUDWRUL� GD�HVVR�GLSHQGHQWL� XQ� WUDWWDPHQWR�PLQLPR� LQGHURJDELOH� UHWULEXWLYR�H�DG�DVVLFXUDUH�XQWUDWWDPHQWR�QRUPDWLYR��QRQ�LQIHULRUL�D�TXHOOL�VSHWWDQWL�DL�ODYRUDWRUL�GD�ORUR�GLSHQGHQWL�/D�VWHVVD�GLVFLSOLQD�VL�DSSOLFD�DJOL�DSSDOWL�FRQFHVVL�GDOOH�LPSUHVH�FKH�HVHUFLWDQR�XQ�SXEEOLFR�VHUYL]LR�SHU�OH�DWWLYLWj�GL�HVD]LRQH��LQVWDOOD]LRQH� H� OHWWXUD� GL� FRQWDWRUL�� PDQXWHQ]LRQH� GL� UHWL� GL� GLVWULEX]LRQH� H� GL� WUDVSRUWR�� DOODFFLDPHQWL�� FRVWUX]LRQH� GL� FRORQQH�PRQWDQWL��LPSLDQWL�GL�DSSDUHFFKL��UHWL�D�EDVVD�WHQVLRQH�H�DWWLYLWj�VLPLODUL�*OL� LPSUHQGLWRUL�VRQR�DOWUHVu�WHQXWL� LQ�VROLGR�FRQ�ODSSDOWDWRUH��UHODWLYDPHQWH�DL� ODYRUDWRUL�GD�TXHVWL�GLSHQGHQWL��DOODGHPSLPHQWR�GL�WXWWL�JOL�REEOLJKL�GHULYDQWL�GDOOH�OHJJL�GL�SUHYLGHQ]D�HG�DVVLVWHQ]D�$UW���,� GLULWWL� VSHWWDQWL� DL� SUHVWDWRUL� GL� ODYRUR� DL� VHQVL�GHOODUWLFROR�SUHFHGHQWH�SRWUDQQR�HVVHUH�HVHUFLWDWL� QHL� FRQIURQWL� GHOOLPSUHQGLWRUH�DSSDOWDQWH�GXUDQWH�OHVHFX]LRQH�GHOODSSDOWR�H�ILQR�DG�XQ�DQQR�GRSR�OD�GDWD�GL�FHVVD]LRQH�GHOODSSDOWR�$UW��/H�GLVSRVL]LRQL�GL�FXL�DOODUWLFROR���GHOOD�SUHVHQWH�OHJJH�QRQ�VL�DSSOLFDQR�D��DJOL�DSSDOWL�SHU�FRVWUX]LRQL�HGLOL]LH�DOOLQWHUQR�GHJOL�VWDELOLPHQWL�E��DJOL�DSSDOWL�SHU�LQVWDOOD]LRQH�R�PRQWDJJLR�GL�LPSLDQWL�H�PDFFKLQDUL�F��DL�ODYRUL�GL�PDQXWHQ]LRQH�VWUDRUGLQDULD�G��DL�WUDVSRUWL�HVWHUQL�GD�H�SHU�OR�VWDELOLPHQWR�� 3UHFHGHQWHPHQWH�OD�VDQ]LRQH�HUD�GL�OLUH������

',5,772�'(/�/$9252 DSSXQWL�WUDWWL�GDOOH�OH]LRQL��GRFHQWH�SURI�(QULFR�*UDJQROL

3DROR�&RUD]]D��DSSXQWL�GL�GLULWWR�GHO�ODYRUR SDJ���

H��DJOL�DSSDOWL�FKH�VL�ULIHULVFRQR�D�SDUWLFRODUL�DWWLYLWj�SURGXWWLYH��OH�TXDOL�ULFKLHGDQR�LQ�SL��IDVL�VXFFHVVLYH�GL�ODYRUD]LRQH��OLPSLHJR�GL�PDQRGRSHUD� GLYHUVD� SHU� VSHFLDOL]]D]LRQH� GD� TXHOOD� QRUPDOPHQWH� LPSLHJDWD� QHOOLPSUHVD�� VHPSUH� FKH� WDOH� LPSLHJR� QRQ� DEELD�FDUDWWHUH�FRQWLQXDWLYR�I�� DJOL� DSSDOWL� SHU� SUHVWD]LRQL� VDOWXDULH� HG� RFFDVLRQDOL�� GL� EUHYH� GXUDWD�� QRQ� ULFRUUHQWL� DELWXDOPHQWH� QHO� FLFOR� SURGXWWLYR� H�QHOORUJDQL]]D]LRQH� GHOOLPSUHVD��3HU� WDOL� DSSDOWL� OD�HVFOXVLRQH�GDOOD�GLVFLSOLQD�GL� FXL�DOODUWLFROR���GRYUj�HVVHUH�SUHYHQWLYDPHQWH�DXWRUL]]DWD��GL�YROWD�LQ�YROWD��GDOO,VSHWWRUDWR�GHO�ODYRUR�FRPSHWHQWH�J��DJOL�DSSDOWL�SHU�OHVHFX]LRQH�GHL�ODYRUL�GL�IDFFKLQDJJLR��GL�SXOL]LD�H�GL�PDQXWHQ]LRQH�RUGLQDULD�GHJOL�LPSLDQWL�� HVFOXVL�SHU�TXHVWL�XOWLPL�JOL�DSSDOWL�GL�FXL�DO�VHFRQGR�FRPPD�GHOODUWLFROR���� FRQFOXVL�FRQ�LPSUHVH�FKH�LPSLHJDQR�LO�SHUVRQDOH�GLSHQGHQWH�SUHVVR�SL��D]LHQGH�FRQWHPSRUDQHDPHQWH��3HU�WDOL�DSSDOWL� OD�HVFOXVLRQH�GDOOD�GLVFLSOLQD�GL�FXL�DOODUWLFROR����VDOYD�OD�GLVSRVL]LRQH�GHOODUWLFROR������GHO�&RGLFH�FLYLOH��GRYUj�HVVHUH�DXWRUL]]DWD�SUHYHQWLYDPHQWH�GDOO,VSHWWRUDWR�GHO� ODYRUR�FRPSHWHQWH�GHO� OXRJR�GRYH� L� ODYRUL�GHYRQR�HVHJXLUVL��5HVWDQR�IHUPH�OH�GLVSRVL]LRQL�GL�FXL�DOOD�OHJJH���PDJJLR�������Q������K��DJOL�DSSDOWL�SHU�OD�JHVWLRQH�GHL�SRVWL�WHOHIRQLFL�SXEEOLFL��GL�FXL�DOODUWLFROR����GHO�UHJRODPHQWR�GL�HVHFX]LRQH�GHL�WLWROL�,��,,��H�,,,�GHO�OLEUR�,,�GHOOD�OHJJH�SRVWDOH�H�GHOOH�WHOHFRPXQLFD]LRQL��DSSURYDWR�FRQ�UHJLR�GHFUHWR����OXJOLR�������Q��������VROWDQWR�QHL�FDVL�LQ�FXL�OD�SUHVWD]LRQH�GHO�ODYRUDWRUH�SHU�OHVSOHWDPHQWR�GHO�VHUYL]LR�WHOHIRQLFR�QRQ�VLD�SUHYDOHQWH�ULVSHWWR�D�TXHOOD�GD�OXL�QRUPDOPHQWH�VYROWD�,O�ODYRUR�LQWHULQDOH,Q� GHURJD� DOOD� OHJJH� ���������� YHGLDPR� O¶DUW�� ���SULPR�FRPPD�GHOOD� OHJJH���������� �SL�� IDPRVD�FRPH� OHJJH�7UHX�R�SDFFKHWWR�7UHX� $UW�����OHJJH��������1RUPH�VDQ]LRQDWRULH���1HL�FRQIURQWL GHOOLPSUHVD�XWLOL]]DWULFH�FKH�ULFRUUD�DOOD�IRUQLWXUD�GL�SUHVWDWRUL�GL�ODYRUR�GLSHQGHQWH�GD�SDUWH�GL�VRJJHWWL�GLYHUVL�GD�TXHOOL�GL�FXL�DOODUWLFROR����RYYHUR�FKH�YLROL� OH�GLVSRVL]LRQL�GL�FXL�DOODUWLFROR����FRPPL���������H����QRQFKq�QHL�FRQIURQWL�GHL�VRJJHWWL�FKH� IRUQLVFRQR� SUHVWDWRUL� GL� ODYRUR� GLSHQGHQWH� VHQ]D� HVVHUH� LVFULWWL� DOODOER� GL� FXL� DOODUWLFROR� ��� FRPPD� ��� FRQWLQXD� D� WURYDUH�DSSOLFD]LRQH�OD�OHJJH����RWWREUH�������Q�������,O�ODYRUR�LQWHULQDOH�q�XQD�JUDQGH�GHURJD DOOD�OHJJH������������VL�WUDWWD�GL�IDWWLVSHFLH�GL�LQWHUSRVL]LRQH�FKH�VDUHEEHUR�LOOHFLWH��DL�VHQVL�GHOO¶DUW����GHOOD�OHJJH������������VH�QRQ�IRVVHUR�HVSUHVVDPHQWH�DXWRUL]]DWH�GDOOD�QRUPD�GL�GHURJD�GL�FXL�DOO¶DUW����OHJJH��������9HGLDPR�D�JUDQGL�OLQHH�FRPH�q�RUJDQL]]DWD�OD�OHJJH����������D��QRQ�WXWWL�SRVVRQR�RIIULUH�ODYRUR�WHPSRUDQHR��QHO�JHUJR�FROORTXLDOH��ODYRUR�LQWHULQDOH���O¶DWWLYLWj�GL�IRUQLWXUD�GL�ODYRUR�WHPSRUDQHR�SXz�HVVHUH�HVHUFLWDWD�VRODPHQWH�GD�VRFLHWj�LVFULWWH�LQ�XQ�DSSRVLWR�DOER�LVWLWXLWR�SUHVVR�LO�0LQLVWHUR�GHO�/DYRUR�H�GHOOD�3UHYLGHQ]D�6RFLDOH��(¶�GXQTXH�XQ�PHUFDWR�FKLXVR��/H�D]LHQGH�SHU� LVFULYHUVL�GHEERQR�DYHUH�QDWXUD�JLXULGLFD�SDUWLFRODUH��VRFLHWj�SHU�D]LRQL�R�VRFLHWj�D�UHVSRQVDELOLWj�OLPLWDWD�R�VRFLHWj�FRRSHUDWLYH���FDSLWDOH�VRFLDOH�QRQ�LQIHULRUH�D���PLOLDUGR�GL�OLUH��GHEERQR�YHUVDUH�XQD�FDX]LRQH�SDUL�D�����PLOLRQL�HFFHWHUD��9HGLDPR�DOFXQL�FRPPL�VDOLHQWL�GHOO¶DUW����GHOOD�OHJJH��VRJJHWWL�DELOLWDWL��$UW����6RJJHWWL�DELOLWDWL�DOODWWLYLWj�GL�IRUQLWXUD�GL�SUHVWD]LRQL�GL�ODYRUR�WHPSRUDQHR���/DWWLYLWj�GL� IRUQLWXUD�GL� ODYRUR� WHPSRUDQHR�SXz�HVVHUH�HVHUFLWDWD�VROWDQWR�GD�VRFLHWj� LVFULWWH� LQ�DSSRVLWR�DOER� LVWLWXLWR�SUHVVR� LO�0LQLVWHUR�GHO�ODYRUR�H�GHOOD�SUHYLGHQ]D�VRFLDOH��,O�0LQLVWHUR�GHO�ODYRUR�H�GHOOD�SUHYLGHQ]D�VRFLDOH�ULODVFLD��VHQWLWD�OD�FRPPLVVLRQH�FHQWUDOH�SHU�OLPSLHJR��HQWUR�VHVVDQWD�JLRUQL�GDOOD�ULFKLHVWD�H�SUHYLR�DFFHUWDPHQWR�GHOOD�VXVVLVWHQ]D�GHL�UHTXLVLWL�GL�FXL�DO�FRPPD����ODXWRUL]]D]LRQH�SURYYLVRULD�DOOHVHUFL]LR�GHOODWWLYLWj�GL�IRUQLWXUD�GL�SUHVWD]LRQL�GL�ODYRUR�WHPSRUDQHR��SURYYHGHQGR�FRQWHVWXDOPHQWH�DOOLVFUL]LRQH�GHOOH�VRFLHWj�QHO�SUHGHWWR�DOER��'HFRUVL�GXH�DQQL� LO�0LQLVWHUR�GHO� ODYRUR�H�GHOOD�SUHYLGHQ]D�VRFLDOH��VX�ULFKLHVWD�GHO�VRJJHWWR�DXWRUL]]DWR��HQWUR�L�WUHQWD�JLRUQL�VXFFHVVLYL�ULODVFLD�ODXWRUL]]D]LRQH�D�WHPSR�LQGHWHUPLQDWR�VXERUGLQDWDPHQWH�DOOD�YHULILFD�GHO�FRUUHWWR�DQGDPHQWR�GHOODWWLYLWj�VYROWD����,�UHTXLVLWL�ULFKLHVWL�SHU�OHVHUFL]LR�GHOODWWLYLWj�GL�FXL�DO�FRPPD���VRQR�L�VHJXHQWL�D� OD�FRVWLWX]LRQH�GHOOD�VRFLHWj�QHOOD� IRUPD�GL�VRFLHWj�GL�FDSLWDOL�RYYHUR�FRRSHUDWLYD�� LWDOLDQD�R�GL�DOWUR�6WDWR�PHPEUR�GHOO8QLRQH�HXURSHD��OLQFOXVLRQH�QHOOD�GHQRPLQD]LRQH�VRFLDOH�GHOOH�SDUROH���VRFLHWj�GL�IRUQLWXUD�GL�ODYRUR�WHPSRUDQHR���OLQGLYLGXD]LRQH��TXDOH�RJJHWWR�HVFOXVLYR��GHOOD�SUHGHWWD�DWWLYLWj�� ODFTXLVL]LRQH�GL�XQ�FDSLWDOH�YHUVDWR�QRQ� LQIHULRUH�D�XQ�PLOLDUGR�GL� OLUH�� OD�VHGH� OHJDOH�R�XQD�VXD�GLSHQGHQ]D�QHO�WHUULWRULR�GHOOR�6WDWR�E� OD�GLVSRQLELOLWj�GL�XIILFL�H�GL�FRPSHWHQ]H�SURIHVVLRQDOL�LGRQHH�DOOR�VYROJLPHQWR�GHOODWWLYLWj�GL�IRUQLWXUD�GL�PDQRGRSHUD�QRQFKq�OD�JDUDQ]LD�FKH�ODWWLYLWj�LQWHUHVVL�XQ�DPELWR�GLVWULEXLWR�VXOOLQWHUR�WHUULWRULR�QD]LRQDOH�H�FRPXQTXH�QRQ�LQIHULRUH�D�TXDWWUR�UHJLRQL�F� D�JDUDQ]LD�GHL�FUHGLWL�GHL�ODYRUDWRUL�DVVXQWL�FRQ�LO�FRQWUDWWR�GL�FXL�DOODUWLFROR���H�GHL�FRUULVSRQGHQWL�FUHGLWL�FRQWULEXWLYL�GHJOL�HQWL�SUHYLGHQ]LDOL��OD�GLVSRVL]LRQH��SHU�L�SULPL�GXH�DQQL��GL�XQ�GHSRVLWR�FDX]LRQDOH�GL�OLUH�����PLOLRQL�SUHVVR�XQ�LVWLWXWR�GL�FUHGLWR�DYHQWH�VHGH� R� GLSHQGHQ]D� QHO� WHUULWRULR� QD]LRQDOH�� D� GHFRUUHUH� GDO� WHU]R� DQQR� VRODUH�� OD� GLVSRVL]LRQH�� LQ� OXRJR� GHOOD� FDX]LRQH�� GL� XQD�ILGHLXVVLRQH�EDQFDULD�R�DVVLFXUDWLYD�QRQ�LQIHULRUH�DO���SHU�FHQWR�GHO�IDWWXUDWR��DO�QHWWR�GHOOLPSRVWD�VXO�YDORUH�DJJLXQWR��UHDOL]]DWR�QHOODQQR�SUHFHGHQWH�H�FRPXQTXH�QRQ�LQIHULRUH�D�OLUH�����PLOLRQL�G� LQ� FDSR� DJOL� DPPLQLVWUDWRUL�� DL� GLUHWWRUL� JHQHUDOL�� DL� GLULJHQWL� PXQLWL� GL� UDSSUHVHQWDQ]D� H� DL� VRFL� DFFRPDQGDWDUL�� DVVHQ]D� GL�FRQGDQQH�SHQDOL��DQFKH�QRQ�GHILQLWLYH��LYL�FRPSUHVH�OH�VDQ]LRQL�VRVWLWXWLYH�GL�FXL�DOOD�OHJJH����QRYHPEUH�������Q�������SHU�GHOLWWL�FRQWUR� LO�SDWULPRQLR��SHU�GHOLWWL�FRQWUR�OD�IHGH�SXEEOLFD�R�FRQWUR�OHFRQRPLD�SXEEOLFD��SHU�LO�GHOLWWR�SUHYLVWR�GDOODUWLFROR�����ELV GHO�FRGLFH�SHQDOH��R�SHU�GHOLWWL�QRQ�FROSRVL�SHU�L�TXDOL�OD�OHJJH�FRPPLQL�OD�SHQD�GHOOD�UHFOXVLRQH�QRQ�LQIHULRUH�QHO�PDVVLPR�D�WUH�DQQL��SHU�GHOLWWL�R�FRQWUDYYHQ]LRQL�SUHYLVWL�GD�OHJJL�GLUHWWH�DOOD�SUHYHQ]LRQH�GHJOL� LQIRUWXQL�VXO�ODYRUR�R��LQ�RJQL�FDVR��SUHYLVWL�GD�OHJJL�LQ�PDWHULD�GL� ODYRUR�R�GL�SUHYLGHQ]D�VRFLDOH��DVVHQ]D��DOWUHVu�� GL� VRWWRSRVL]LRQH�DOOH�PLVXUH�GL�SUHYHQ]LRQH�GLVSRVWH�DL� VHQVL�GHOOD�OHJJH����GLFHPEUH�������Q��������R�GHOOD�OHJJH����PDJJLR�������Q�������R�GHOOD�OHJJH����VHWWHPEUH�������Q�������H�VXFFHVVLYH�PRGLILFD]LRQL���� /DXWRUL]]D]LRQH� GL� FXL� DO� FRPPD� �� SXz� HVVHUH� FRQFHVVD� DQFKH� D� VRFLHWj� FRRSHUDWLYH� GL� SURGX]LRQH� H� ODYRUR� FKH�� ROWUH� D�VRGGLVIDUH�OH�FRQGL]LRQL�GL�FXL�DO�FRPPD����DEELDQR�DOPHQR�FLQTXDQWD�VRFL�H�WUD�GL�HVVL��FRPH�VRFLR�VRYYHQWRUH��DOPHQR�XQ�IRQGR�PXWXDOLVWLFR�SHU�OD�SURPR]LRQH�H�OR�VYLOXSSR�GHOOD�FRRSHUD]LRQH��GL�FXL�DJOL�DUWLFROL����H����GHOOD�OHJJH����JHQQDLR�������Q������H�FKH�RFFXSLQR� ODYRUDWRUL�GLSHQGHQWL�SHU�XQ�QXPHUR�GL�JLRUQDWH�QRQ�VXSHULRUH�DG�XQ� WHU]R�GHOOH�JLRUQDWH�GL� ODYRUR�HIIHWWXDWH�GDOOD�FRRSHUDWLYD�QHO�VXR�FRPSOHVVR��6ROWDQWR�L� ODYRUDWRUL�GLSHQGHQWL�GDOOD�VRFLHWj�FRRSHUDWLYD�GL�SURGX]LRQH�H�ODYRUR�SRVVRQR�HVVHUH�GD�TXHVWD�IRUQLWL�FRPH�SUHVWDWRUL�GL�ODYRUR�WHPSRUDQHR�«�RPLVVLV�

',5,772�'(/�/$9252 DSSXQWL�WUDWWL�GDOOH�OH]LRQL��GRFHQWH�SURI�(QULFR�*UDJQROL

3DROR�&RUD]]D��DSSXQWL�GL�GLULWWR�GHO�ODYRURSDJ���

/H�IRUPH�GHO� ODYRUR� LQWHULQDOH� LQ� ,WDOLD��GDO�SXQWR�GL�YLVWD�GHO� ODYRUDWRUH��VRQR�GL�GXH�WLSL��DOFXQH�LPSUHVH�DVVXPRQR�LO� ODYRUDWRUH�D�WHPSR�LQGHWHUPLQDWR��DOWUH�OR�DVVXPRQR�D�WHPSR�GHWHUPLQDWR��LQ�FRUULVSRQGHQ]D�GHOO¶DWWLYLWj�SUHVVR�O¶LPSUHVD�XWLOL]]DWULFH��/¶LPSUHVD�IRUQLWULFH��GHWWD�DQFKH� LQWHUPHGLDULD��SXz�VFHJOLHUH� OLEHUDPHQWH� WUD�TXHVWH�GXH� IRUPH�GL�DVVXQ]LRQH�GHL� ODYRUDWRUL��6H�LO� ODYRUDWRUH�YLHQH�DVVXQWR�D�WHPSR�LQGHWHUPLQDWR��O¶LPSUHVD�IRUQLWULFH�KD�O¶REEOLJR�GL�UHWULEXLUOR�DQFKH�QHL�SHULRGL�GXUDQWH�L�TXDOL�LO�ODYRUDWRUH�QRQ�YLHQH�FROORFDWR�SUHVVR�XQ¶LPSUHVD�XWLOL]]DWULFH�H�TXLQGL�QRQ�ODYRUD��,Q�JHQHUDOH�VXFFHGH�FKH�YHQJDQR�DVVXQWL�D�WHPSR�LQGHWHUPLQDWR�L� ODYRUDWRUL� FRQ� TXDOLILFKH� IRUWHPHQWH� ULFKLHVWH�� FKH� O¶LPSUHVD� IRUQLWULFH� KD� LQWHUHVVH� DG� HVFOXGHUH� GDO� PHUFDWR� SHU� DYHUH� D� VXD�GLVSRVL]LRQH�LQ�TXDOVLDVL�PRPHQWR�/,0,7,�DOOH�DVVXQ]LRQL�GL�ODYRUR�LQWHULQDOH6WDELOLWL�GDOO¶DUW����VHFRQGR�FRPPD�$UW����&RQWUDWWR�GL�IRUQLWXUD�GL�SUHVWD]LRQL�GL�ODYRUR�WHPSRUDQHR���,O�FRQWUDWWR�GL�IRUQLWXUD�GL�ODYRUR�WHPSRUDQHR�SXz�HVVHUH�FRQFOXVR�D� QHL�FDVL�SUHYLVWL�GDL�FRQWUDWWL�FROOHWWLYL�QD]LRQDOL�GHOOD�FDWHJRULD�GL�DSSDUWHQHQ]D�GHOOLPSUHVD�XWLOL]]DWULFH��VWLSXODWL�GDL�VLQGDFDWL�FRPSDUDWLYDPHQWH�SL��UDSSUHVHQWDWLYL�E� QHL�FDVL�GL�WHPSRUDQHD�XWLOL]]D]LRQH�LQ�TXDOLILFKH�QRQ�SUHYLVWH�GDL�QRUPDOL�DVVHWWL�SURGXWWLYL�D]LHQGDOL�F� QHL�FDVL�GL�VRVWLWX]LRQH�GHL�ODYRUDWRUL�DVVHQWL��IDWWH�VDOYH�OH�LSRWHVL�GL�FXL�DO�FRPPD���/D� SUHVWD]LRQH� GL� PDQRGRSHUD� SXz� HVVHUH� RIIHUWD� QHL� FDVL� SUHYLVWL� GDL� FRQWUDWWL� QD]LRQDOL� GHOOH� LPSUHVH� XWLOL]]DWULFL�� QHL� FDVL� GL�WHPSRUDQHD� XWLOL]]D]LRQH� LQ� TXDOLILFKH� QRQ� SUHYLVWH� GDL� QRUPDOL� DVVHWWL� SURGXWWLYL� D]LHQGDOL�� QHL� FDVL� GL� VRVWLWX]LRQH� GL� ODYRUDWRUL�DVVHQWL��,Q�WXWWL�WUH�L�FDVL�VL�WUDWWD�GL�PHUH�SUHVWD]LRQL�GL�PDQRGRSHUD��LQ�YLROD]LRQH�SDOHVH�GHOOD�OHJJH������������FKH�QRQ�VDUHEEHUR�SRVVLELOL�VHQ]D�OH�GHURJKH�FRQFHVVH�GDOOD�OHJJH����������/H�LPSUHVH�IRUQLWULFL�IDQQR�SDJDUH�DOOH�LPSUHVH�XWLOL]]DWULFL�LO�QRUPDOH�FRVWR�GHO�ODYRUR�SL��XQ�ULFDULFR�FRPSUHVR�DOO¶LQFLUFD�WUD�LO����H�LO������ ,O� ODYRUDWRUH� LPSLHJDWR� SHUFHSLVFH� OR� VWHVVR� UHGGLWR� FKH� DYUHEEH� SHUFHSLWR� VH� IRVVH� VWDWR� DOOH� GLSHQGHQ]H� GHOO¶LPSUHVD�XWLOL]]DWULFH�,O�FRPSLWR�H�LO�ULVFKLR�G¶LPSUHVD�GHOOD�VRFLHWj�IRUQLWULFH�q�TXHOOR�GL�RUJDQL]]DUH�OD�VHOH]LRQH�GL�ODYRUDWRUL�DVVXQWL�SHU�EUHYL�SHULRGL��3HU�OH�D]LHQGH�XWLOL]]DWULFL�O¶XWLOLWj�VWD�QHO�IDWWR�FKH�JUD]LH�DO�ULFRUVR�DO�ODYRUR�LQWHULQDOH�SXz�FRQWDUH�VX�ODYRUDWRUL�JLj�SUHSDUDWL��(¶�HYLGHQWH�FKH�XQ¶LPSUHVD�FKH�KD�XQ¶HVLJHQ]D�GL�VRVWLWX]LRQH�GL�XQ�ODYRUDWRUH�SHU�XQ�EUHYH�SHULRGR�q�DYYHUVD�DO�ULVFKLR�FRQQHVVR�DO�SHULRGR�GL�SURYD�GL�XQ�QXRYR� ODYRUDWRUH�DVVXQWR��/D� IRUQLWXUD�GL�XQ� ODYRUDWRUH�JLj�SUHSDUDWR� OD�VROOHYD�GD�TXHVWR�ULVFKLR�� O¶LPSUHVD� IRUQLWULFH�ULFDULFD�VXOO¶LPSUHVD�XWLOL]]DWULFH�LO�FRVWR�GHOOD�VHOH]LRQH��/¶LPSUHVD�IRUQLWULFH�JDUDQWLVFH�OD�FRPSHWHQ]D�GHO�ODYRUDWRUH��QHO�FDVR�LQ�FXL�O¶LPSUHVD�XWLOL]]DWULFH�QRQ�VLD�VRGGLVIDWWD��SXz�FKLHGHUQH�OD�VRVWLWX]LRQH�LPPHGLDWD��/¶RQHUH�GHOO¶LGHQWLILFD]LRQH�GHL� ODYRUDWRUL��GHOOD�VHOH]LRQH��GHOOD�IRUPD]LRQH� GHO�SHULRGR�GL�SURYD��JUDYDQR�WXWWL�VXOO¶LPSUHVD�IRUQLWULFH��,Q�DOFXQH�FDWHJRULH��VHWWRUL�GHOO¶DJULFROWXUD��FRQ�SDUWLFRODUH� SULYLOHJLR� DOOH� DWWLYLWj� ULYROWH� DOOR� VYLOXSSR� GHOO¶DJULFROWXUD� ELRORJLFD�� H� QHOO¶HGLOL]LD�� L� FRQWUDWWL� GL� IRUQLWXUD� GL� ODYRUR�WHPSRUDQHR�SRWUDQQR�HVVHUH�LQWURGRWWL�LQ�YLD�VSHULPHQWDOH�SUHYLD�LQWHVD�VLQGDFDOH��(¶�YLHWDWD�OD�IRUQLWXUD�GL�ODYRUR�WHPSRUDQHR�SHU�OH�TXDOLILFKH�GL�HVLJXR�FRQWHQXWR�SURIHVVLRQDOH��SHU� OD�VRVWLWX]LRQH�GL� ODYRUDWRUL� LQ�VFLRSHUR��SUHVVR�XQLWj�SURGXWWLYH�QHOOH�TXDOL�VL�VLD�SURFHGXWR�� HQWUR� L� GRGLFL� PHVL� SUHFHGHQWL�� D� OLFHQ]LDPHQWL� FROOHWWLYL� FKH� DEELDQR� ULJXDUGDWR� ODYRUDWRUL� DGLELWL� DOOH� PDQVLRQL� FXL� VL�ULIHULVFH� OD� IRUQLWXUD�� SUHVVR� XQLWj� SURGXWWLYH� QHOOH� TXDOL� VLD� RSHUDQWH� OD� FDVVD� LQWHJUD]LRQH�� QRQ� SRVVRQR� XWLOL]]DUH� ODYRUR�WHPSRUDQHR�OH� LPSUHVH�FKH�KDQQR�YLRODWR� OH�QRUPH�LQHUHQWL� OD�VLFXUH]]D�VXO� ODYRUR��SHU�OH�ODYRUD]LRQL�FKH�ULFKLHGRQR�VRUYHJOLDQ]D�PHGLFD�VSHFLDOH�/H�YHUH�PRWLYD]LRQL�SHU�OH�TXDOL�XQ¶LPSUHVD�VL�ULYROJH�DO�ODYRUD�LQWHULQDOH�VRQR�WUH�D��LPSUHVH�SLFFROH�FKH�QRQ�SRVVHJJRQR�XQD�VWUXWWXUD�GL�JHVWLRQH�GHO�SHUVRQDOH�H�FKH�KDQQR�HQRUPL�GLIILFROWj�D�UHSHULUH�LO�ODYRUDWRUH�QHFHVVDULR�E�� LPSUHVH� FKH� DWWUDYHUVDQR� PRPHQWDQHH� H� LQDVSHWWDWH� VLWXD]LRQL� GL� GLIILFROWj� SURGXWWLYD� �HUURUH� QHOOD� SURJUDPPD]LRQH� GHOOD�SURGX]LRQH�� DVVXQ]LRQH� GL� ODYRUL� LQDVSHWWDWL�� LQFLGHQWL� QHL� PDFFKLQDUL� HFF��� H� KDQQR� ELVRJQR� SHU� XQ� EUHYH� ODVVR� GL� WHPSR� GL�LQFUHPHQWDUH�OD�IRU]D�ODYRUR�SHU�IDU�IURQWH�D�TXHVWH�VLWXD]LRQL�GL�FULVL�F��LQ�,WDOLD�LO�SHULRGR�GL�SURYD�q�PROWR�FRUWR��SHU�L PHWDOPHFFDQLFL���JLRUQL���H�OH�D]LHQGH�QRQ�KDQQR�PROWR�WHPSR�SHU�UHQGHUVL�FRQWR�GHOOH�YHUH�FDSDFLWj�GHL�ODYRUDWRUL��3HU�TXHVWR�SUHIHULVFRQR�ULYROJHUVL�DO�ODYRUR�LQWHULQDOH��H�SUREDELOPHQWH�TXHVWR�q�LO�PRWLYR�FKH�SL��GHJOL�DOWUL�GXH�KD�FRQWULEXLWR�DO�VXFFHVVR�GHO�ODYRUR�LQWHULQDOH�QHO�QRVWUR�SDHVH�,O� ODYRUR� LQWHULQDOH� KD� DYXWR� XQ� LQFUHGLELOH� TXDQWR� LQDVSHWWDWR� VXFFHVVR� �VRSUDWWXWWR�QHOO¶,WDOLD� VHWWHQWULRQDOH��(PLOLD�H�/RPEDUGLD���6HFRQGR� OH� XOWLPH� VWDWLVWLFKH� FLUFD� LO� ���GHOOD� IRU]D� ODYRUR� q� LPSHJQDWD� WUDPLWH� ODYRUR� LQWHULQDOH� �LO�PLQLVWUR� 7UHX� SHQVDYD� FKH� LO�ODYRUR�LQWHULQDOH�QRQ�DYUHEEH�PDL�VXSHUDWR�LO����GHOOD�IRU]D�ODYRUR���*UD]LH�DO�ODYRUR�LQWHULQDOH�O¶LPSUHVD�DOOXQJD�L�SHULRGL�GL�SURYD��DJJLUDQGR� OD� EUHYH� GXUDWD� VWDELOLWD� GDOOD� OHJJH� �SULPD� LO� EUHYH� SHULRGR� HUD� DJJLUDWR� WUDPLWH� OD� VWLSXOD]LRQH� GL� FRQWUDWWL� D� WHPSR�GHWHUPLQDWR���,O� ODYRUDWRUH�SXz�LQ�TXDOVLDVL�PRPHQWR�DFFHWWDUH�XQ¶RIIHUWD�GL�ODYRUR�GHOO¶LPSUHVD�XWLOL]]DWULFH��O¶LPSUHVD�LQWHULQDOH�QRQ�SXz� LQ�QHVVXQ�PRGR�YLQFRODUH�D�Vp� LO� ODYRUDWRUH��(¶�QXOOR� LO�SDWWR�FRQWUDULR��(¶�TXHVWR�XQ�PRGR�SHU�WUDVIRUPDUH�XQ�ODYRUR�D�WHPSR�GHWHUPLQDWR�LQ�XQ�ODYRUR�SRWHQ]LDOPHQWH�D�WHPSR�LQGHWHUPLQDWR�

',5,772�'(/�/$9252 DSSXQWL�WUDWWL�GDOOH�OH]LRQL��GRFHQWH�SURI�(QULFR�*UDJQROL

3DROR�&RUD]]D��DSSXQWL�GL�GLULWWR�GHO�ODYRUR SDJ���

/H]LRQH�GHO�����������/$9252�$8721202�H�/$9252�68%25',1$72��,/�/$9252�92/217$5,2/D� OH]LRQH�YHUWH�VXOOH�GLIIHUHQ]H� WUD� L�GXH� LVWLWXWL�FLYLOLVWLFL�GHO� ODYRUR��VXERUGLQDWR�H�DXWRQRPR���YHGUHPR�FRPH�LO� ODYRUR�YRORQWDULR�VL� LQVHULVFH� LQ�TXHVWR�TXDGUR�&RQFHWWL�H�GLIIHUHQ]H,O� ODYRUR�DXWRQRPR�H� LO� ODYRUR�VXERUGLQDWR�ULHQWUDQR�QHOOD�SL��DPSLD�FDWHJRULD�GHO� ODYRUR�SURIHVVLRQDOH��PHQWUH� LO� ODYRUR�YRORQWDULR�QRQ�YL�ULHQWUD�LQ�TXDQWR�QRQ�q�ODYRUR�SURIHVVLRQDOH�1HO�FRGLFH�FLYLOH QRQ�VL�WURYD�Qp�OD�GHILQL]LRQH�GL�ODYRUR�DXWRQRPR�Qp�TXHOOD�GL�ODYRUR�VXERUGLQDWR��6L�ULWURYD�LQYHUR�OD�GHILQL]LRQH�GL�ODYRUDWRUH�VXERUGLQDWR��PHQWUH�q�GHO�WXWWR�DVVHQWH�TXHOOD�GL�ODYRUDWRUH�DXWRQRPR��(¶�TXHVWD�XQD�VFHOWD�GLVFXWLELOH�GHO�OHJLVODWRUH��FKH�QRQ�VL�q�SHUz�GLPHQWLFDWR�GL�GLVFLSOLQDUH�XQD�VHULH�GL�FRQWUDWWL�DFFRPXQDWL�GDOOD�FDUDWWHULVWLFD�GL�QRQ�ULHQWUDUH�QHOOD�FDWHJRULD�GHO�FRQWUDWWR�GL�ODYRUR VXERUGLQDWR��,Q�TXHVWL�FRQWUDWWL�O¶DWWLYLWj�ODYRUDWLYD�q�RUJDQL]]DWD�QHOO¶DPELWR�GL�XQ¶RUJDQL]]D]LRQH�SURGXWWLYD�$UW�������3UHVWDWRUH�GL�ODYRUR�VXERUGLQDWRÊ�SUHVWDWRUH�GL�ODYRUR�VXERUGLQDWR�FKL�VL�REEOLJD�PHGLDQWH�UHWULEX]LRQH�D�FROODERUDUH�QHOOLPSUHVD��SUHVWDQGR�LO�SURSULR�ODYRUR�LQWHOOHWWXDOH�R�PDQXDOH�DOOH�GLSHQGHQ]H�H�VRWWR�OD�GLUH]LRQH�GHOOLPSUHQGLWRUH�$QDOL]]LDPR�/¶DUW�������GHO�FRGLFH�FLYLOH�GHILQLVFH�SUHVWDWRUH�GL�ODYRUR FKL�VL�REEOLJD GLHWUR�UHWULEX]LRQH«,O�ODYRUR�VXERUGLQDWR�q�UHWULEXLWR«VL�HYLQFH�GDO�FRGLFH�FLYLOH�� LO� ODYRUR�VXERUGLQDWR�q� ODYRUR� UHWULEXLWR��SHU�VXD�GHILQL]LRQH��(¶�XQ� ODYRUR�FKH�VL� ID�SHU�YLYHUH�R�SHU� OR�PHQR�SHU�JXDGDJQDUH�$UW�����&RVWLWX]LRQH��SULPR�FRPPD�,O� ODYRUDWRUH� KD� GLULWWR� DG� XQD� UHWULEX]LRQH� SURSRU]LRQDWD� DOOD� TXDQWLWj� H� TXDOLWj� GHO� VXR� ODYRUR� H� LQ� RJQL� FDVR�VXIILFLHQWH�DG�DVVLFXUDUH�D�Vp�H�DOOD�IDPLJOLD�XQHVLVWHQ]D�OLEHUD�H�GLJQLWRVD�/¶DUW�����&RVW��SULPR�FRPPD�SDUOD�GHOO¶HQWLWj�GHOOD�UHWULEX]LRQH��FKH�GHY¶HVVHUH�SURSRU]LRQDWD�DOOD�TXDQWLWj�H�TXDOLWj�GHO VXR�ODYRUR�H�LQ�RJQL�FDVR�VXIILFLHQWH�DG�DVVLFXUDUH�D�Vp�H�DOOD�IDPLJOLD�XQHVLVWHQ]D�OLEHUD�H�GLJQLWRVD ��,O�ODYRUDWRUH�SUHVWD�GXQTXH�OD�VXD�DWWLYLWj�SHU�JXDGDJQDUH��H�TXHVWR�OR�GLVWLQJXH�GDO�YRORQWDULR��/¶DWWLYLWj�SXz�HVVHUH�PDQXDOH�R�LQWHOOHWWXDOH��SHU�FXL�LO�ODYRUDWRUH�VXERUGLQDWR�SXz�HVVHUH� VLD�XQ�RSHUDLR� FKH�XQ� LPSLHJDWR� �R�TXDGUR�HFF����1HOOD�PRGHUQD�RUJDQL]]D]LRQH�SURGXWWLYD��DQFKH�VH� ULPDQH� IHUPD��TXHVWD� GLVWLQ]LRQH� KD� SHUVR� PROWD� ULOHYDQ]D�� 5LPDQH� ODYRUR� PDQXDOH� TXHOOR� VYROWR� GLUHWWDPHQWH� SHU� SURGXUUH� �XQ� EHQH� R� XQ�VHUYL]LR���,O�ODYRUR�PDQXDOH�q�UHVR�FRQ�LO�GLUHWWR�LQVHULPHQWR�LQ�XQD�VWUXWWXUD�SURGXWWLYD��q�ODYRUR�LQWHOOHWWXDOH�TXHOOR�GL�VXSSRUWR�GHOOD�VWUXWWXUD� SURGXWWLYD�� 1HJOL� DQQL� ¶��� LO� QRVWUR� RUGLQDPHQWR� KD� FRQRVFLXWR� LO� UHJLPH� GL� LQTXDGUDPHQWR� XQLFR�� XQ� VLVWHPD� GL�FODVVLILFD]LRQH�GHO�SHUVRQDOH�XQLFR��EDVDWR�VXL�OLYHOOL��VHQ]D�GLVWLQ]LRQH�WUD�ODYRUDWRUL�RSHUDL�H�ODYRUDWRUL�LPSLHJDWL��VSHVVR�L�OLYHOOL�SL��EDVVR�H�SL��DOWR�VRQR�OLYHOOL�LPSLHJDWL]L��LO�IDWWRULQR�H�LO�GLULJHQWH���(·�VYROWR�DOO·LQWHUQR�GL�XQD�RUJDQL]]D]LRQH«DOOH�GLSHQGHQ]H�GL�FKL�q�SUHSRVWR�DOO¶RUJDQL]]D]LRQH�,O�ODYRUR�DXWRQRPR�QRQ�q�GHILQLWR0D�q�GLVFLSOLQDWR�QHOO¶DPELWR�GL� XQD� WLSRORJLD�GL� FRQWUDWWL�� FRQWUDWWR�GL� DJHQ]LD�� SURFDFFLDWRUH�GL� DIIDUL��PDQGDWR�� FRQWUDWWR�G¶RSHUD��VSHGL]LRQH�� GHSRVLWR� HFF�� ,� ODYRUDWRUL� DXWRQRPL� VL� FRQQRWDQR� SHU� XQD� FDUDWWHULVWLFD� QHJDWLYD�� VWLSXODQR�FRQWUDWWL� FKH�QRQ�YHQJRQR�HVHJXLWL�GD�VRJJHWWL�FKH�RSHUDQR�GHQWUR� O¶RUJDQL]]D]LRQH�GL�XQD�DOWUR�VRJJHWWR�H�DOOH�VXH�GLSHQGHQ]H�� ,O�FRGLFH�FLYLOH�SHUFLz�RSHUD�DOO¶LQWHUQR�GL�XQD�DPELYDOHQ]D��SRVLWLYD��GHILQL]LRQH�GHO�ODYRUDWRUH�VXERUGLQDWR��H�QHJDWLYD��QRQ�GHILQL]LRQH�GHO�ODYRUDWRUH�DXWRQRPR��/D� VWUDWHJLD� GHO� FRGLFH� GHO� ����� q� VWDWD� IRQWH� GL� GLVDVWUL�� PDJJLRUL� FROSHYROL� L� FRPPHUFLDOLVWL� FKH� KDQQR� FRQWLQXDWR� D� WHRUL]]DUH�O¶HVLVWHQ]D�GL�XQ�FRQWUDWWR�FKH�LQ�UHDOWj�QRQ�HVLVWH�D�OLYHOOR�FLYLOLVWLFR��LO�FRQWUDWWR�GL�FROODERUD]LRQH�FRQWLQXDWD�H�FRQWLQXDWLYD��3DULPHQWL�QRQ�HVLVWH�LO�FRQWUDWWR�GL�SUHVWD]LRQH�RFFDVLRQDOH�/DYRUR�GLSHQGHQWH�R�ODYRUR�VXERUGLQDWR6RQR� GXQTXH� OH� FDWHJRULH� FLYLOLVWLFKH�� LO� ODYRUDWRUH� GLSHQGHQWH� RSHUD�DOO¶LQWHUQR�GL� XQD�RUJDQL]]D]LRQH�DOOH�GLSHQGHQ]H�GL� XQ�DOWUR�VRJJHWWR�� DOWULPHQWL� QRQ� q� XQ� ODYRUDWRUH� GLSHQGHQWH� H� VWLSXOHUj� XQR� TXDOXQTXH� GHL� FRQWUDWWL� VWDELOLWL� GDO� FRGLFH� FLYLOH�� RSSXUH� XQ�FRQWUDWWR� DWLSLFR� �HV�� LO� PHUFKDQGLVLQJ� R� LO� IUDQFKLVLQJ��� ,O� SUREOHPD� VL� SRQH� GXQTXH� QHOO¶LQWHUSUHWD]LRQH� GL� GXH� FRQGL]LRQL�� D��O¶HVLVWHQ]D� GL� ODYRUR� VXERUGLQDWR�� E�� OD� QRQ� HVLVWHQ]D� GL� ODYRUR� DXWRQRPR�� /¶LPSRUWDQ]D� VWD� QHOOD� GLVFLSOLQD� GD� DSSOLFDUH� �ODYRUR�VXERUGLQDWR�� H� QHO� VLVWHPD� GL� WXWHOD� ULVHUYDWR� DL� ODYRUDWRUL� VXERUGLQDWL� �WXWHOD� SUHYLGHQ]LDOH�� LPSRVL]LRQH� ILVFDOH��� /D� GLIIHUHQ]D� q�QRWHYROH�� L� FRQWULEXWL� SUHYLGHQ]LDOL� SHU� LO� ODYRUR� DXWRQRPR� YDULDQR� GDO� ��� DO� ����� D� VHFRQGD� GHOOH� GLYHUVH� FDVVH� GL� SUHYLGHQ]D��PHQWUH�L�FRQWULEXWL�SHU�ODYRUR�VXERUGLQDWR�YDQQR�GD�XQ�PLQLPR�GHO�����DG�XQ�PDVVLPR�FKH�VXSHUD�LO�����010�5+�12'4#&'0641�70#14)#0+<<#<+10'010�5+�12'4##..'�&+2'0&'0<'&'..O14)#0+<<#<+10'

5+�12'4#&'0641�70#14)#0+<<#<+10'#..'�&+2'0&'0<'&'..O14)#0+<<#<+10'

OODDYYRRUURRDDXXWWRRQQRRPPRR OODDYYRRUURRVVXXEERRUUGGLLQQDDWWRR

',5,772�'(/�/$9252 DSSXQWL�WUDWWL�GDOOH�OH]LRQL��GRFHQWH�SURI�(QULFR�*UDJQROL

3DROR�&RUD]]D��DSSXQWL�GL�GLULWWR�GHO�ODYRURSDJ���

,O� SUREOHPD� YLVWR� GDO� SXQWR� GL� YLVWD� VRFLRORJLFR� q� HQRUPH�� 7XWWL� L� ODYRUDWRUL� DXWRQRPL� FKH� QRQ� SRVVRQR� LVFULYHUVL� DG� XQD� FDVVD� GL�SUHYLGHQ]D�GHOO¶RUGLQH� SURIHVVLRQDOH� FXL� DSSDUWHQJRQR� �VHPSOLFHPHQWH� SHUFKp� QRQ� HVLVWH� R� SHUFKp� QRQ� DSSDUWHQJRQR� D� QHVVXQ� RUGLQH� SURIHVVLRQDOH�� VL�GHEERQR� LVFULYHUH� DG� XQD� FDVVD� UHVLGXDOH�� JOL� DFFDQWRQDPHQWL� FRQWULEXWLYL� YHUVDWL� VRQR� PROWR� PRGHVWL� H� GDUDQQR� GLULWWR� DG� XQ� WUDWWDPHQWR�SHQVLRQLVWLFR�HVLJXR�H�VLFXUDPHQWH�LQVXIILFLHQWH�D�JDUDQWLUH�XQ�PLQLPR�YLWDOH��1HL�SURVVLPL�DQQL�TXHVWD�³ERPED�DG�RURORJHULD´�VFRSSLHUj�QHO�VLVWHPD�SUHYLGHQ]LDOH� LWDOLDQR��2�VL� LQWURGXFH�XQ�PHFFDQLVPR�GL�DGHJXDPHQWR�DO�PLQLPR�GHO�WUDWWDPHQWR�SHQVLRQLVWLFR�GL�TXHVWL� LQGLYLGXL��DOORUFKp�FRVWRUR�VDUDQQR� LQ� HWj� SHQVLRQLVWLFD� �H� TXHVWR� FRPSRUWHUj� XQ� HQRUPH� XVFLWD� SHU� OH� FDVVH� VWDWDOL��� RSSXUH�� LQ� DVVHQ]D� GL� OHJJH� LQ� PHULWR�� FRVWRUR�FRQWLQXHUDQQR�D�YHUVDUH�FRQWULEXWL�VHQ]D�DYHUH�GLULWWR�LQ�IXWXUR�DG�XQD�SHQVLRQH�VXIILFLHQWH�SHU�VRSUDYYLYHUH��QRQ�HVLVWH�XQD�OHJJH�GL�SHUHTXD]LRQH�DO�PLQLPR�SHU� L� ODYRUDWRUL�DXWRQRPL�QRQ� LVFULWWL�D�FDVVH�GL�SUHYLGHQ]D�SURIHVVLRQDOL�± LO�FDOFROR�GHOOD�SHQVLRQH�VL�HIIHWWXD�VXOOD�EDVH�GHL�FRQWULEXWL�YHUVDWL��6L�ULFRUGL�FKH�O¶HVLVWHQ]D�GL�XQ�RUGLQH�SURIHVVLRQDOH�QRQ�KD�QLHQWH�D�FKH�YHGHUH�FRQ�LO�WLSR�GL�FRQWUDWWR��'RYH�QRQ�HVLVWH�XQ�FRQWUDWWR�WLSLFR�HG�HVLVWH�O¶DOER�SURIHVVLRQDOH�LO�FRQWUDWWR�q�TXDVL�VHPSUH�TXHOOR�GL�SUHVWD]LRQH�G¶RSHUD�LQWHOOHWWXDOH��DYYRFDWL�PHGLFL��FRPPHUFLDOLVWL��QRWDL��DUFKLWHWWL�HFF����R�GL�PHGLD]LRQH��EURNHU��LQWHUPHGLDUL�ILQDQ]LDUL�HFF���H�FRVu�YLD�,QROWUH�q� WXWWR� LO�VLVWHPD�GHJOL�RUGLQL�SURIHVVLRQDOL�DG�HVVHUH� LQ� IRUWH�GLVFXVVLRQH�� LQ�YLUW��GHL�SULQFLSL�VWDELOLWL�GDO� WUDWWDWR�FRPXQLWDULR� LQ�PDWHULD�GL�OLEHUD�FRQFRUUHQ]D��,Q�,WDOLD�YLJH�XQ�VLVWHPD�DOWDPHQWH�DQWLFRPSHWLWLYR�H�DQWLFRQFRUUHQ]LDOH��,O�VLVWHPD�GHJOL�RUGLQL�SURIHVVLRQDOL�q�LQ�FRUVR�GL�ULIRUPD��DQFKH�VH�QHVVXQR�GHL����GLVHJQL�GL�OHJJH�DG�RJJL�SURSRVWL�DOOH�&DPHUH�q�PDL�VWUDWR�WUDGRWWR�LQ�OHJJH��GDWD�OD�IRUWH�UHVLVWHQ]D�GHOOH�FDWHJRULH��FKH�YHGRQR� QHOO¶HVLVWHQ]D� GHOO¶RUGLQH� XQD� IRUPD� GL� EDUULHUD� DOO¶DFFHVVR� H� GL� WXWHOD� GHOOD� FDWHJRULD� �DGGLULWWXUD� VRQR� VWDWL� LVWLWXLWL� DOWUL� WUH� QXRYL� RUGLQL�SURIHVVLRQDOL��� SVLFRORJL��SURPRWRUL�ILQDQ]LDUL�� HG�XQ�GLVHJQR�GL�OHJJH�SHU�LVWLWXLUH�O¶RUGLQH�GHL�PDJKL�QRQ�q�GLYHQXWR�OHJJH��$OOH�GLSHQGHQ]H�GL�XQ·RUJDQL]]D]LRQH(¶� LPSRUWDQWH� FDSLUH�TXHVWR� FRQFHWWR�SHU� FRPSUHQGHUH� OD�GLIIHUHQ]D� WUD� ODYRUDWRUL� DXWRQRPL�H� ODYRUDWRUL� VXERUGLQDWL��2JQL�DQQR VL�VXVVHJXRQR� GLYHUVL� DUWLFROL�� OLEUL� H� VHQWHQ]H� VXOO¶LQWHUSUHWD]LRQH� GHOO¶DUW�� ����� FF�� 0ROWL� UDSSRUWL� VRQR� SDOHVHPHQWH� DXWRQRPL�� DOWUL�SDOHVHPHQWH� VXERUGLQDWL�� PD� TXHVWL� LQWHUHVVDQR� SRFR� JOL� VWXGLRVL�� ,O� SUREOHPD� VL� SRQH� LQYHFH� SHU� TXHOOH� ILJXUH� SURIHVVLRQDOL� FKH�VWDQQR�³QHO�PH]]R´��DO�JLRUQR�G¶RJJL�TXDOFKH�PLOLRQH�GL�VRJJHWWL���HG�q�LQ�OLQHD�GL�PDVVLPD�XQ�SUREOHPD�GL�FRQWULEXWL�SUHYLGHQ]LDOL�GD�YHUVDUH� DOO¶,QSV� �VH� YHQLVVHUR� YHUVDWL� L� FRQWULEXWL� VX�TXHVWH�SUHVWD]LRQL�PLJOLRUHUHEEHUR� L� FRQWL� GHOO¶,QSV�PD SUREDELOPHQWH�PROWL� GL�TXHVWL� VRJJHWWL� SHUGHUHEEHUR� LO� ODYRUR��� %LVRJQD� FDSLUH� GXQTXH� TXDQGR� VL� RSHUD� GHQWUR� O¶RUJDQL]]D]LRQH� H� DOOH� GLSHQGHQ]H�GHOO¶RUJDQL]]D]LRQH�8OWLPDPHQWH�OH�VHQWHQ]H�VL�RULHQWDQR�VHFRQGR�WUH�OLQHH�GL�WHQGHQ]D��LO�SHVR�VL�Gj�DOOD�YRORQWj�GHOOH�SDUWLVL�GD�YDORUH�DOO¶DIILGDPHQWR�GHOOH�SDUWL�QHOOD�VWLSXOD]LRQH�GHO�FRQWUDWWR��1RQ�F¶q�XQD�SUHVXQ]LRQH�GL�VXERUGLQD]LRQH�PD�GL�DXWRQRPLD�FRQWUDWWXDOH��GL�IURQWH�DG�XQ�FRQWUDWWR�GL�ODYRUR�FKL�GHYH�VWDELOLUH�VH�LO�UDSSRUWR�q�GL�ODYRUR�DXWRQRPR R�VXERUGLQDWR�GHYH�SDUWLUH�GDO�FRQFHWWR� GL� DXWRQRPLD� FRQWUDWWXDOH� GHOOH� SDUWL�� 6H� HVVH� KDQQR� LQWHVR� VWLSXODUH� XQ� FRQWUDWWR� GL� ODYRUR� DXWRQRPR�� LO� IDYRU q� SHU�O¶DXWRQRPLD�GHO�FRQWUDWWR���OD�GLSHQGHQ]D�WHFQLFR�IXQ]LRQDOH�GDOO·LPSUHVDRFFRUUH�SRL�VWDELOLUH VH�LO�VRJJHWWR�FKH�SUHVWD�OD�SURSULD�DWWLYLWj�DEELD�OD�GLSHQGHQ]D�WHFQLFR�IXQ]LRQDOH�GDOO¶LPSUHVD��H�FLRq�D�� LO� VRJJHWWR� RIIUH� XQD� SUHVWD]LRQH� LQVHULWD� QHO� FXRUH� GHOO¶DWWLYLWj� G¶LPSUHVD�� VH� OD� SUHVWD]LRQH� q� LQHUHQWH� H� VSHFLILFD� DOO¶DWWLYLWj�GHOO¶LPSUHVD� LO�VRJJHWWR�FKH�RSHUD�DOO¶LQWHUQR�GHOO¶LPSUHVD�VL�SUHVXPH�ODYRUDWRUH�VXERUGLQDWR�E�� LO�VRJJHWWR�q� LQVHULWR� LQ�XQD�VWUXWWXUD�JHUDUFKLFD�SUHVWDELOLWD��GRYH�q�SDUWH�GL�XQ�RUJDQLJUDPPD�FRVWDQWH�FKH�GXUD�QHO�WHPSR��QHL�VXRL�FRQIURQWL�YHQJRQR�RUJDQL]]DWL�L�WUH WLSLFL�SRWHUL�GHO�GDWRUH�GL�ODYRUR���SRWHUH�GLUHWWLYR��SRWHUH�GLVFLSOLQDUH��SRWHUH�GL�RUJDQL]]D]LRQH�GHOOD�SUHVWD]LRQH,O� WHU]R�q�XQ�SXQWR�IRQGDPHQWDOH�� LO�GDWRUH�GL� ODYRUR�RUJDQL]]D�OD�SUHVWD]LRQH��GHFLGH�VX�FRVD�IDUH�H�VX�FRPH�IDUOR��FRPH�SUHVWDUHO¶DWWLYLWj� LQ� JHQHUH�� QHO� IDUH� TXHVWR� GLULJH� LO� GLSHQGHQWH� H� KD� SRWHUH� GLVFLSOLQDUH� VX� GL� OXL�� ,O� SRWHUH� GLVFLSOLQDUH�� SL�� FKH� SRWHUH� GL�VDQ]LRQDUH� LO� GLSHQGHQWH�� VL� GHYH� LQWHQGHUH� FRPH� XQ� FRQWUROOR� FRVWDQWH� VXL� FRPSRUWDPHQWL� GHO� GLSHQGHQWH�� ,O� GLSHQGHQWH��QHOO¶HVHJXLUH�OD�SUHVWD]LRQH��GHY¶HVVHUH�FRQGL]LRQDWR�VXOOH�VSHFLILFKH�PRGDOLWj�RUJDQL]]DWLYH�GL�HVHFX]LRQH�H�VXOOH�VFHOWH�VSHFLILFKH�LQHUHQWL�OD�UHDOL]]D]LRQH�GHOO¶RSHUD�FRPPLVVLRQDWD��6L�EDGL��TXDOXQTXH�ODYRUDWRUH�DXWRQRPR�KD�XQ�FRQWUROOR�GD�SDUWH�GHO�FRPPLWWHQWH��H� VSHVVR� TXHVWL� FRQWUROOL� VRQR� PROWR� VWULQJHQWL��� PD� VL� WUDWWD� SXU� VHPSUH� GL� FRQWUROOL� VXO� ULVXOWDWR GHOOD� SUHVWD]LRQH� H�PDL� VXOOH�PRGDOLWj GL� VYROJLPHQWR� GHOOD� VWHVVD�� /D� SUHVWD]LRQH� GHO� ODYRUDWRUH� VXERUGLQDWR� YLHQH� LQ� JHQHUH� HVHJXLWD� VHFRQGR PRGDOLWj�SUHILVVDWH�H�VHQ]D�SDUWLFRODUL�PDUJLQL�GL�DXWRQRPLD���PRGDOLWj�GL�HVHFX]LRQH��FRPH�YLHQH�VYROWR�LO�ODYRURq�TXHVWR�XQ�WHU]R�ILORQH�JLXULVSUXGHQ]LDOH��VH�QRQ�FL�VRQR�VXIILFLHQWL�HOHPHQWL�SHU�VWDELOLUH�OD�VXERUGLQD]LRQH�WHFQLFR�IXQ]LRQDOH��QRQ�q�SRVVLELOH�VWDELOLUH�VH�LO�VRJJHWWR�q�HIIHWWLYDPHQWH�LQVHULWR�QHOO¶RUJDQLJUDPPD��VH�O¶DWWLYLWj�q�VWDELOH�QHOO¶LQWHUHVVH�GHOO¶LPSUHVD��VH�F¶q�LO�FRQWUROOR�GLUHWWLYR�H�RUJDQL]]DWLYR�HFF����VL�GHEERQR�DQDOL]]DUH�OH�PRGDOLWj�GL�HVHFX]LRQH�GHOOD�SUHVWD]LRQH����RUDULR�GL� ODYRUR��HVLVWH�XQ�RUDULR�REEOLJDWRULR�� LO� ODYRUDWRUH�VXERUGLQDWR�YL�VL�GHYH�DWWHQHUH�H�SHU�QRQ�ULVSHWWDUOR�GHYH�FKLHGHUH�XQ�SHUPHVVR��,O�SDJDPHQWR�DG�RUH�q�LQGLFH�SUHVXQWLYR�GL�ODYRUR�VXERUGLQDWR��DQFKH�VH�QRQ�q�XQ�LQGLFH�GHFLVLYR��LQ�TXDQWR�VL�SXz�ULFRQRVFHUH�LO�ODYRUR�DXWRQRPR�DQFKH�FRQ�LO�SDJDPHQWR�DG�RUH��ODYRUR�DXWRQRPR� �SUHVWD]LRQH�GL�ULVXOWDWR���)HULH��LO�ODYRUDWRUH�VXERUGLQDWR�SHU�VWDUH�D�FDVD�GHYH�FKLHGHUH�XQ�SHUPHVVR����XWLOL]]R�GL�VWUXPHQWL�PHVVL�D�GLVSRVL]LRQH�GHO�FRPPLWWHQWH ��PDFFKLQH�H�EHQL�VWUXPHQWDOL�GL�TXDOVLDVL� WLSR�� O¶XWLOL]]R�GHJOL�VWUXPHQWL�GHO�GDWRUH�GL�ODYRUR�q�XQ�WLSLFR�LQGLFH�GL�VXERUGLQD]LRQH��PHQWUH�LQ�JHQHUH�LO�ODYRUDWRUH�DXWRQRPR�XWLOL]]D�OD�SURSULD�VWUXPHQWD]LRQH����ULPERUVL�VSHVH��LO�ODYRUDWRUH�DXWRQRPR�RUJDQL]]D�OD�VXD�IXQ]LRQH�SURGXWWLYD�H�SHUWDQWR�VL�SDJD�OH�VSHVH��FKH�YHUUDQQR�SRL�ULFDULFDWH�DO�PRPHQWR�GHO�SDJDPHQWR�GHO�FRPSHQVR�

',5,772�'(/�/$9252 DSSXQWL�WUDWWL�GDOOH�OH]LRQL��GRFHQWH�SURI�(QULFR�*UDJQROL

3DROR�&RUD]]D��DSSXQWL�GL�GLULWWR�GHO�ODYRUR SDJ���

���SOXULFRPPLWWHQ]D��q�XQ�LQGLFH�PROWR�LPSRUWDQWH��,O�ODYRUDWRUH�DXWRQRPR�q�VXO�PHUFDWR�H�TXL�YL�RSHUD�LQ�TXDQWR�WLWRODUH�GL�XQD� SRVL]LRQH� HFRQRPLFD� VXO� PHUFDWR�� ,O� ODYRUDWRUH� VXERUGLQDWR� KD� XQ� VROR� GDWRUH� GL� ODYRUR�� RSHUD� XQ� SULQFLSLR� GL�HVFOXVLYLWj�GHOOD�SUHVWD]LRQH�

/D�GLVFLSOLQD�VXO�SURFHVVR�GHO�ODYRUR1HO�������/����������JLXGLFH�GHO� ODYRUR��YLHQH�LQWURGRWWR�XQ�PRGR�SDUWLFRODUH�SHU�OR�VYROJLPHQWR�GHL�SURFHVVL�GL�ODYRUR��EUHYL��RUDOL��GRYUHEEHUR�FRQVHQWLUH�DO�JLXGLFH�GL�FRUUHJJHUH�JOL�HUURUL�GHJOL�DYYRFDWL�� ,O� VLVWHPD�SURFHVVXDOH�GHO� ODYRUR�q�VWDWR�HVWHVR�DG�DOFXQL�ODYRUDWRUL� DXWRQRPL�� (� SUHFLVDPHQWH� DL� ODYRUDWRUL� FKH� VYROJRQR� SUHVWD]LRQL� FRRUGLQDWH� FRQWLQXDWLYH� H� SUHYDOHQWHPHQWH�SHUVRQDOL�� ODYRUDWRUL�DXWRQRPL�FKH�VYROJRQR�FLRq�DWWLYLWj�SHU�FRQWR�GL�XQ¶LPSUHVD��R�DQFKH�SHU�XQ�VRJJHWWR�QRQ�LPSUHQGLWRUH��FRQ�SUHYDOHQ]D�GL�DWWLYLWj�SHUVRQDOH� LQ�PRGR�FRQWLQXDWLYR�H�FRQ�XQ�FRRUGLQDPHQWR� WUD� OD� ORUR�DWWLYLWj�H� O¶RUJDQL]]D]LRQH��O¶DWWLYLWj�QRQ�q�LQVHULWD�QHOO¶RUJDQL]]D]LRQH�PD�q�FRRUGLQDWD�GDOO¶RUJDQL]]D]LRQH��(VLVWRQR�GXH�QRUPH�VRVWDQ]LDOL� LQWURGRWWH�GDOOD�/�� ������� UHODWLYH�QRQ�DO�SURFHVVR�EHQVu�DOOD�GLVFLSOLQD�GHL� UDSSRUWL��D�� OD�QRUPD�VXOOH�WUDQVD]LRQL�H�ULQXQFH��E��OD�QRUPD�VXJOL�LQWHUHVVL�GHL�FUHGLWL�GL�ODYRUR�6RQR�GXH�QRUPH�GL�GLULWWR�VRVWDQ]LDOH�FKH�VL�DSSOLFDQR�QRQ�D� WXWWL� L� ODYRUDWRUL�DXWRQRPL�PD�D�TXHOOL�FKH�VYROJRQR�XQD�SUHVWD]LRQH�SUHYDOHQWHPHQWH�SHUVRQDOH��FRRUGLQDWD�H�FRQWLQXDWLYD�5LQXQFH�H�WUDQVD]LRQL$UW�������F�F��5LQXQ]LH�H�WUDQVD]LRQL/H�ULQXQ]LH�H�OH�WUDQVD]LRQL��FKH�KDQQR�SHU�RJJHWWR�GLULWWL�GHO�SUHVWDWRUH�GL�ODYRUR�GHULYDQWL�GD�GLVSRVL]LRQL�LQGHURJDELOL�GHOOD�OHJJH�H�GHL�FRQWUDWWL�R�DFFRUGL�FROOHWWLYL�FRQFHUQHQWL�L�UDSSRUWL�GL�FXL�DOODUW������GHO�FRGLFH�GL�SURFHGXUD�FLYLOH��QRQ�VRQR�YDOLGH�/LPSXJQD]LRQH�GHYH�HVVHUH�SURSRVWD��D�SHQD�GL�GHFDGHQ]D��HQWUR�VHL�PHVL�GDOOD�GDWD�GL�FHVVD]LRQH�GHO�UDSSRUWR�R�GDOOD�GDWD�GHOOD�ULQXQ]LD�R�GHOOD�WUDQVD]LRQH��VH�TXHVWH�VRQR�LQWHUYHQXWH�GRSR�OD�FHVVD]LRQH�PHGHVLPD�/H�ULQXQ]LH�H� OH� WUDQVD]LRQL�GL�FXL�DL�FRPPL�SUHFHGHQWL�SRVVRQR�HVVHUH� LPSXJQDWH�FRQ�TXDOVLDVL�DWWR�VFULWWR��DQFKH�VWUDJLXGL]LDOH��GHO�ODYRUDWRUH�LGRQHR�D�UHQGHUQH�QRWD�OD�YRORQWj�/H�GLVSRVL]LRQL�GHO�SUHVHQWH�DUWLFROR�QRQ�VL�DSSOLFDQR�DOOD�FRQFLOLD]LRQH�LQWHUYHQXWD�DL�VHQVL�GHJOL�DUWLFROL����������H����GHO�FRGLFH�GL�SURFHGXUD�FLYLOH�

0RGDOLWj�GL�HVHFX]LRQH

'LSHQGHQ]D� �VXERUGLQD�]LRQH�� WHFQLFR� IXQ]LRQDOH�GDOO¶LPSUHVD

3UHVXQ]LRQH� GL� DXWRQRPLD�GHL� FRQWUDHQWL�� YRORQWj�GHOOH�SDUWL),/21,

���QHVVXQ�RUDULR�GL�ODYRUR��LO�SDJDPHQWR�QRQ�q�RUDULR����XWLOL]]D�VWUXPHQWL�SURSUL����QR�ULPERUVL�VSHVH����KD�SOXULFRPPLWWHQ]D�

���RUDULR�GL�ODYRUR�REEOLJDWRULR�H�SDJDPHQWR�DG�RUH���� XWLOL]]D� VWUXPHQWL� GHO�FRPPLWWHQWH����VL�ULPERUVL�VSHVH����QRQ�KD�SOXULFRPPLWWHQ]D�

D�� OD� SUHVWD]LRQH� QRQ� q�LQHUHQWH�H� VSHFLILFD� DOO¶DWWLYLWj�G¶LPSUHVD�E��LO�VRJJHWWR�QRQ�q�LQVHULWR�LQ�XQD� VWUXWWXUD� JHUDUFKLFD�SUHVWDELOLWD�F�� LO� GDWRUH� GL� ODYRUR� QRQ�HVHUFLWD� VX� GL� HVVR� L� WUH� WLSLFL�SRWHUL� GHO� UDSSRUWR� GL� ODYRUR�VXERUGLQDWR����SRWHUH�GLUHWWLYR���SRWHUH�GLVFLSOLQDUH��� SRWHUH� GL� RUJDQL]]D]LRQH�GHOOD�SUHVWD]LRQH

D�� OD� SUHVWD]LRQH� q� LQHUHQWH� H�VSHFLILFD�DOO¶DWWLYLWj�G¶LPSUHVD�E�� LO� VRJJHWWR� q� LQVHULWR� LQ� XQD�VWUXWWXUD� JHUDUFKLFD� SUHVWDELOLWD��LQ� XQ RUJDQLJUDPPD� FRVWDQWH�FKH�GXUD�QHO�WHPSR�F�� LO�GDWRUH�GL� ODYRUR�HVHUFLWD�VX�GL� HVVR� L� WUH� WLSLFL� SRWHUL� GHO�UDSSRUWR�GL�ODYRUR�VXERUGLQDWR����SRWHUH�GLUHWWLYR���SRWHUH�GLVFLSOLQDUH���SRWHUH�GL�RUJDQL]]D]LRQH�GHOOD�SUHVWD]LRQH

+DQQR�YROXWR�VWLSXODUH�XQ�FRQWUDWWR�GL�ODYRUR�DXWRQRPR+DQQR�YROXWR�VWLSXODUH�XQ�FRQWUDWWR�GL�ODYRUR�GLSHQGHQWH

/$9252�68%25',1$72/$9252�',3(1'(17(

0RGDOLWj�GL�HVHFX]LRQH

'LSHQGHQ]D� �VXERUGLQD�]LRQH�� WHFQLFR� IXQ]LRQDOH�GDOO¶LPSUHVD

3UHVXQ]LRQH� GL� DXWRQRPLD�GHL� FRQWUDHQWL�� YRORQWj�GHOOH�SDUWL),/21,

���QHVVXQ�RUDULR�GL�ODYRUR��LO�SDJDPHQWR�QRQ�q�RUDULR����XWLOL]]D�VWUXPHQWL�SURSUL����QR�ULPERUVL�VSHVH����KD�SOXULFRPPLWWHQ]D�

���RUDULR�GL�ODYRUR�REEOLJDWRULR�H�SDJDPHQWR�DG�RUH���� XWLOL]]D� VWUXPHQWL� GHO�FRPPLWWHQWH����VL�ULPERUVL�VSHVH����QRQ�KD�SOXULFRPPLWWHQ]D�

D�� OD� SUHVWD]LRQH� QRQ� q�LQHUHQWH�H� VSHFLILFD� DOO¶DWWLYLWj�G¶LPSUHVD�E��LO�VRJJHWWR�QRQ�q�LQVHULWR�LQ�XQD� VWUXWWXUD� JHUDUFKLFD�SUHVWDELOLWD�F�� LO� GDWRUH� GL� ODYRUR� QRQ�HVHUFLWD� VX� GL� HVVR� L� WUH� WLSLFL�SRWHUL� GHO� UDSSRUWR� GL� ODYRUR�VXERUGLQDWR����SRWHUH�GLUHWWLYR���SRWHUH�GLVFLSOLQDUH��� SRWHUH� GL� RUJDQL]]D]LRQH�GHOOD�SUHVWD]LRQH

D�� OD� SUHVWD]LRQH� q� LQHUHQWH� H�VSHFLILFD�DOO¶DWWLYLWj�G¶LPSUHVD�E�� LO� VRJJHWWR� q� LQVHULWR� LQ� XQD�VWUXWWXUD� JHUDUFKLFD� SUHVWDELOLWD��LQ� XQ RUJDQLJUDPPD� FRVWDQWH�FKH�GXUD�QHO�WHPSR�F�� LO�GDWRUH�GL� ODYRUR�HVHUFLWD�VX�GL� HVVR� L� WUH� WLSLFL� SRWHUL� GHO�UDSSRUWR�GL�ODYRUR�VXERUGLQDWR����SRWHUH�GLUHWWLYR���SRWHUH�GLVFLSOLQDUH���SRWHUH�GL�RUJDQL]]D]LRQH�GHOOD�SUHVWD]LRQH

+DQQR�YROXWR�VWLSXODUH�XQ�FRQWUDWWR�GL�ODYRUR�DXWRQRPR+DQQR�YROXWR�VWLSXODUH�XQ�FRQWUDWWR�GL�ODYRUR�GLSHQGHQWH

/$9252�68%25',1$72/$9252�',3(1'(17(

',5,772�'(/�/$9252 DSSXQWL�WUDWWL�GDOOH�OH]LRQL��GRFHQWH�SURI�(QULFR�*UDJQROL

3DROR�&RUD]]D��DSSXQWL�GL�GLULWWR�GHO�ODYRURSDJ���

,QWHUHVVL�GHL�FUHGLWL�GL�ODYRUR$UW�����FSF�3URQXQFLD�GHOOD�VHQWHQ]D1HOOXGLHQ]D�� LO� JLXGLFH��HVDXULWD� OD�GLVFXVVLRQH�RUDOH�H�XGLWH� OH�FRQFOXVLRQL�GHOOH�SDUWL��SURQXQFLD�VHQWHQ]D�FRQ�FXL�GHILQLVFH�LO�JLXGL]LR�GDQGR�OHWWXUD�GHO�GLVSRVLWLYR�6H�LO�JLXGLFH�OR�ULWLHQH�QHFHVVDULR��VX�ULFKLHVWD�GHOOH�SDUWL��FRQFHGH�DOOH�VWHVVH�XQ�WHUPLQH�QRQ�VXSHULRUH�D�GLHFL JLRUQL�SHU�LO�GHSRVLWR�GL�QRWH�GLIHQVLYH��ULQYLDQGR�OD�FDXVD�DOOXGLHQ]D�LPPHGLDWDPHQWH�VXFFHVVLYD�DOOD�VFDGHQ]D�GHO�WHUPLQH�VXGGHWWR��SHU�OD�GLVFXVVLRQH�H�OD�SURQXQFLD�GHOOD�VHQWHQ]D�,O� JLXGLFH�� TXDQGR� SURQXQFLD� VHQWHQ]D� GL� FRQGDQQD� DO� SDJDPHQWR� GL� VRPPH�GL� GHQDUR� SHU� FUHGLWL� GL� ODYRUR�� GHYH�GHWHUPLQDUH�� ROWUH� JOL� LQWHUHVVL� QHOOD� PLVXUD� OHJDOH�� LO� PDJJLRU� GDQQR� HYHQWXDOPHQWH� VXELWR� GDO� ODYRUDWRUH� SHU� OD�GLPLQX]LRQH�GL�YDORUH�GHO�VXR�FUHGLWR��FRQGDQQDQGR�DO�SDJDPHQWR�GHOOD�VRPPD�UHODWLYD�FRQ�GHFRUUHQ]D�GDO�JLRUQR�GHOOD�PDWXUD]LRQH�GHO�GLULWWR�/¶LGHD� GHOOH� SUHVWD]LRQL� FRRUGLQDWH� H� FRQWLQXDWLYH� KD� DYXWR� GL� UHFHQWH� XQ� FHUWR� VXFFHVVR�� FRQVDFUDWR� DQFKH� GDL� OLEUL� H� GDOOH�SXEEOLFD]LRQL�GL�WUH�LPSRUWDQWL�GRFHQWL�XQLYHUVLWDUL�LWDOLDQL��8QLY��7RULQR��5RPD��%RORJQD���&RVWRUR�DIIHUPDQR�OD�QDVFLWD�GL�XQD�QXRYD�FDWHJRULD�GL� ODYRUDWRUL�� L SDUDVXERUGLQDWL �GDO�JUHFR�SDUD��TXDVL��TXDVL�VXERUGLQDWL��� ,Q� UHDOWj� OD�GHILQL]LRQH�QRQ�q�VHQVDWD�LQ�Vp�� LO�ODYRUDWRUH�R�q�VXERUGLQDWR�R�q�DXWRQRPR��,O�JLXGLFH�GHO�ODYRUR��QHOOH�FDXVH LQHUHQWL�SUHVWD]LRQL�FRRUGLQDWH�H�FRQWLQXDWLYH��JLXGLFKHUj�VX�XQ�FRQWUDWWR�GL�SUHVWD]LRQH�G¶RSHUD�LQWHOOHWWXDOH��VX�XQ�FRQWUDWWR�GL�DJHQ]LD��VX�XQ�FRQWUDWWR�GL�SURFDFFLDWRUH�G¶DIIDUL�HFF��(VLVWRQR�SHUWDQWR� WXWWD�XQD�VHULH�GL� UDSSRUWL� FKH�YHQJRQR�GHYROXWL� DO� JLXGLFH�GHO� ODYRUR�DQFKH�VH�QRQ�VRQR�FRQWUDWWL�GL� ODYRUR�VXERUGLQDWR��5LPDQH�LO� IDWWR�FKH�O¶LGHD�GHOOD�SDUDVXERUGLQD]LRQH�KD�DYXWR�PROWR�VXFFHVVR�H�PROWH�OHJJL�KDQQR�XWLOL]]DWR�OD�GHILQL]LRQH�IDFHQGRYL�ULQYLR��6L�OHJJD�D�WDO�SURSRVLWR�LO�WHU]R�FRPPD�GHOO¶DUW������GHO�FRGLFH�GL�SURFHGXUD�FLYLOH�$UW������FSF�&RQWURYHUVLH�LQGLYLGXDOL�GL�ODYRUR6L�RVVHUYDQR�OH�GLVSRVL]LRQL�GHO�SUHVHQWH�FDSR�QHOOH�FRQWURYHUVLH�UHODWLYH�D����UDSSRUWL�GL�ODYRUR�VXERUGLQDWR�SULYDWR��DQFKH�VH�QRQ�LQHUHQWL�DOOHVHUFL]LR�GL�XQD�LPSUHVD���� UDSSRUWL� GL� PH]]DGULD�� GL� FRORQLD� SDU]LDULD�� GL� FRPSDUWHFLSD]LRQH� DJUDULD�� GL� DIILWWR� D� FROWLYDWRUH� GLUHWWR�� QRQFKp�UDSSRUWL�GHULYDQWL�GD�DOWUL�FRQWUDWWL�DJUDUL��VDOYD�OD�FRPSHWHQ]D�GHOOH�VH]LRQL�VSHFLDOL]]DWH�DJUDULH����UDSSRUWL�GL�DJHQ]LD��GL�UDSSUHVHQWDQ]D�FRPPHUFLDOH�HG�DOWUL�UDSSRUWL�GL�FROODERUD]LRQH�FKH�VL�FRQFUHWLQR�LQ�XQD�SUHVWD]LRQH�GL� RSHUD�FRQWLQXDWLYD�H� FRRUGLQDWD�� SUHYDOHQWHPHQWH�SHUVRQDOH��DQFKH�VH�QRQ�D�FDUDWWHUH�VXERUGLQDWR���� UDSSRUWL� GL� ODYRUR� GHL� GLSHQGHQWL� GL� HQWL� SXEEOLFL FKH� VYROJRQR� HVFOXVLYDPHQWH� R� SUHYDOHQWHPHQWH� DWWLYLWj�HFRQRPLFD����UDSSRUWL�GL�ODYRUR�GHL�GLSHQGHQWL�GL�HQWL�SXEEOLFL�HG�DOWUL�UDSSRUWL�GL�ODYRUR�SXEEOLFR��VHPSUHFKp�QRQ�VLDQR�GHYROXWL�GDOOD�OHJJH�DG�DOWUR�JLXGLFH�,O�FRQFHWWR�q�VWDWR�SRL� ULSUHVR�GDOOD QRUPDWLYD� ILVFDOH H�GDOOD�QRUPDWLYD�SUHYLGHQ]LDOH��FKH�KD� LQWURGRWWR� OD�FDVVD�UHVLGXDOH SHU� L�ODYRUDWRUL� DXWRQRPL� QRQ� FRQVLGHUDWL� GD� DOWUD� FDVVD� �/HJJH� ������� JHVWLRQH� UHVLGXDOH� VHSDUDWD��� /D� WHQGHQ]D� GLYLHQH� TXHOOD� GL�FRQVLGHUDUH� LQ�PRGR�RPRJHQHR�OH�SUHVWD]LRQL�GL�TXHVWL� ODYRUDWRUL��FKH�YHQJRQR�DG�DYHUH�OD�VWHVVD�WXWHOD�GHL� ODYRUDWRUL�GLSHQGHQWL��PD� VROR� D� OLYHOOR� SURFHVVXDOH�� 'L� TXL� OD� SUDVVL� GL� DSSOLFDUH� OD� FDWHJRULD� ILVFDOH� �GHL� UDSSRUWL� GL� FROODERUD]LRQH� FRRUGLQDWD� H�FRQWLQXDWLYD�� DOOD� GLVFLSOLQD� GHO� UDSSRUWR� FLYLOLVWLFR�� LO� WXWWR� GRYXWR� DOO¶D]LRQH� GHL� FRPPHUFLDOLVWL�� FKH� KDQQR� FRQVLGHUDWR� OD�PDWHULD�VRODPHQWH�GDO�SXQWR�GL�YLVWD�ILVFDOH��,Q�UHDOWj�LO�FRQWUDWWR�GL�FROODERUD]LRQH�FRRUGLQDWD�H�FRQWLQXDWLYD�QRQ�HVLVWH��5LPDQH�LO�IDWWR�FKH�D�� L� JLXGLFL� GHO ODYRUR� FKLDPDWL� D� JLXGLFDUH� LQ� PDQLHUD� FRQFUHWD� VX� TXHVWL� UDSSRUWL�� JLXGLFDQR� VX� XQD� SOXUDOLWj� GL� FRQWUDWWL�DVVROXWDPHQWH� HVLVWHQWL�� QHOOH� VHQWHQ]H� VL� JLXGLFD� VHFRQGR� L� FRQWUDWWL� GL� WUDVSRUWR�� DJHQ]LD�� PHGLD]LRQH�� PDQGDWR�� SUHVWD]LRQH�G¶RSHUD� LQGLYLGXDOH� IUDQFKLVLQJ� HFFHWHUD��&LRq�� WXWWH� OH� VHQWHQ]H� VSD]LDQR� QHO� FDPSR�GHL� FRQWUDWWL� FLYLOLVWLFL� WLSLFL� H� LQ�TXHOOR�GHJOL�DWLSLFL��QRQ�FHUWR�QHO�FDPSR�GHL�FRQWUDWWL�GL�FROODERUD]LRQH�FRRUGLQDWD�H�FRQWLQXDWLYD��FKH�QRQ�HVLVWH�FRPH�GLVFLSOLQD�DXWRQRPD��PD�FKH�WURYD�OD�PDJJLRU�SDUWH�GHOOH�YROWH�OD�SURSULD�GLVFLSOLQD�QHO�FRQWUDWWR�GL�SUHVWD]LRQH�G¶RSHUD�LQWHOOHWWXDOH�R�PDQXDOH��DUW�������F�F����!�LO�FRQWUDWWR�FKH�OHJD�XQ�VRJJHWWR�DG�XQ�DOWUR��LO�SUHVWDWRUH�VL�DVVXPH�O¶REEOLJR�GL�HVHJXLUH�XQ�VHUYL]LR�PDQXDOH�R�LQWHOOHWWXDOH��LQ�FXL�OD�UHWULEX]LRQH�q�FROOHJDWD�DO�ULVXOWDWR�$UW�������&RQWUDWWR�GRSHUD4XDQGR�XQD�SHUVRQD�VL�REEOLJD�D�FRPSLHUH�YHUVR�XQ�FRUULVSHWWLYR�XQRSHUD�R�XQ�VHUYL]LR��FRQ�ODYRUR�SUHYDOHQWHPHQWH�SURSULR�H�VHQ]D�YLQFROR�GL�VXERUGLQD]LRQH�QHL�FRQIURQWL�GHO�FRPPLWWHQWH��VL�DSSOLFDQR�OH�QRUPH�GL�TXHVWR�FDSR��VDOYR�FKH�LO�UDSSRUWR�DEELD�XQD�GLVFLSOLQD�SDUWLFRODUH�QHO�OLEUR�,9�/¶DUW�������SXz�WUDUUH� LQ� LQJDQQR��/D�SDUROD�³FRPSLHUH´�q�XVDWD�LQ�PRGR�SLXWWRVWR�DUFDLFR��QHO�VHQVR�ODWLQR�GHO�WHUPLQH��LO�F�F��q�GHO�������� HVVD� GHYH� HVVHUH� LQWHVD� QRQ� WDQWR� FRPH� ³IDUH´�PD� FRPH� ³SRUWDUH� D� FRPSLPHQWR´�� (¶� TXHVWD� O¶LQWHUSUHWD]LRQH� SL�� FRUUHWWD��VFDWXULVFH�DQFKH�GDJOL�DWWL�SUHSDUDWRUL�GHO�FRGLFH�FLYLOH�H�GDL�SULPL�FRPPHQWL�GHJOL�VWXGLRVL�H�GHL�OLQJXLVWL�GHO�WHPSR���/¶HVSUHVVLRQH�YXROH� SHUFLz� GDUH� O¶LGHD� GHO� ULVXOWDWR�� FRPSLHUH� QHO� VHQVR� GL� SRUWDUH�D� WHUPLQH��/D�SUHVWD]LRQH�G¶RSHUD�PDQXDOH�R� LQWHOOHWWXDOH�q�TXLQGL�XQD�SUHVWD]LRQH�GL�ULVXOWDWR��$OOD�OXFH�GL�TXHVWR�DUWLFROR�OD�GLVWLQ]LRQH�WUD�ODYRUR�DXWRQRPR�H�ODYRUR�VXERUGLQDWR�q�DEEDVWDQ]D�IDFLOH��QHO�VHFRQGR�F¶q� O¶LQVHULPHQWR� LQ�XQD�RUJDQL]]D]LRQH�H� OD�SUHVWD]LRQH�GL�DWWLYLWj��QHO�SULPR��QRQ�F¶q� OD�GLSHQGHQ]D�H�QRQ�F¶q�O¶REEOLJR�GL�DWWLYLWj�EHQVu�GL�ULVXOWDWR��/¶DUW�������PHWWH�LQ�FKLDUD�OXFH�OD�WLSLFLWj�GHOOH�REEOLJD]LRQL�GL�ULVXOWDWR��LO�FRPSHQVR�YLHQH�SDJDWR�LQ� UHOD]LRQH�DOO¶XWLOLWj�GHOO¶RSHUD� FRPSLXWD� VH� O¶HVHFX]LRQH�GL� TXHVWD�GLYLHQH� LPSRVVLELOH�SHU�FDXVD�QRQ� LPSXWDELOH� �LO�SUHVWDWRUH�KD�GLULWWR�DO�FRPSHQVR�VROR�VH�UDJJLXQJH�XQ�ULVXOWDWR�HFRQRPLFDPHQWH�ULOHYDQWH��$UW�������,PSRVVLELOLWj�VRSUDYYHQXWD�GHOOHVHFX]LRQH�GHOORSHUD6H�OHVHFX]LRQH�GHOORSHUD�GLYHQWD�LPSRVVLELOH�SHU�FDXVD�QRQ�LPSXWDELOH�DG�DOFXQD�GHOOH�SDUWL��LO�SUHVWDWRUH�GRSHUD�KD�GLULWWR�DG�XQ�FRPSHQVR�SHU�LO�ODYRUR�SUHVWDWR�LQ�UHOD]LRQH�DOOXWLOLWj�GHOOD�SDUWH�GHOORSHUD�FRPSLXWD�

',5,772�'(/�/$9252 DSSXQWL�WUDWWL�GDOOH�OH]LRQL��GRFHQWH�SURI�(QULFR�*UDJQROL

3DROR�&RUD]]D��DSSXQWL�GL�GLULWWR�GHO�ODYRUR SDJ���

/D�FRQIXVLRQH�VSHVVR�VL�JHQHUD�LQ�TXDQWR�OD�ILJXUD�GHO�FROODERUDWRUH�FRRUGLQDWR�H�FRQWLQXDWLYR�q�GLVFLSOLQDWD�H�SUHYLVWD�GDOOD�YLJHQWH�QRUPDWLYD�ILVFDOH��6L�DSSOLFD�LO�UHJLPH�SUHYLGHQ]LDOH�SUHYLVWR�GDOOD�OHJJH���������"��JHVWLRQH�VHSDUDWD�ODYRUDWRUL�DXWRQRPL��,QSV���FRQ�YHUVDPHQWR�GL�XQ�FRQWULEXWR�DOO¶,QSV�FKH�YD�GDO�����DO������6L�QRWL�FKH�OD�OHJJH�LVWLWXWLYD�ID�ULIHULPHQWR�DO����FRPPD�GHO�����FSF�'DO����JHQQDLR������WXWWL� L�UHGGLWL�GL�ODYRUR�SHUVRQDOH��FRQWLQXDWLYR�H�FRRUGLQDWR�YHQJRQR�ILVFDOPHQWH�HTXLSDUDWL�DL�UHGGLWL�GD�ODYRUR�GLSHQGHQWH�'D�FLUFD�RWWR�DQQL�F¶q�XQ�GLVHJQR�GL�OHJJH�LQ�FRUVR�GL�GLVFXVVLRQH�DOOD�&DPHUD�DSSRJJLDWR�GD�&RQILQGXVWULD�H�&*,/��q�LO�''/�$OOHYD��'¶$QWRQD�� '¶$VVLq��,O�GGO�QRQ�q�PDL�DUULYDWR�LQ�SRUWR�SHU�OD�IRUWH�RSSRVL]LRQH�GHOOH�SLFFROH�LPSUHVH��GHO�3ROR�H�LQ�SDUWH�DQFKH�GHL�'6��RSSRVL]LRQH�GHOOD�&1$�UDSSUHVHQWDWD�LQ�SDUWH�GDOOD�VLQLVWUD���/¶LQWHUHVVH�GHOOH�JUDQGH�LQGXVWULD�H�TXHOOR�GHO�VLQGDFDWR�q�FUHDUH�XQD�ILJXUD�FKH�SRVVD�GDUH�FHUWH]]D�JLXULGLFD�HYLWDQGR�OH�FDXVH��FKH�FRPSRUWL�FRVWL�SUHYLGHQ]LDOL�H�WXWHOH�SHU�LO�ODYRUDWRUH�SDUL�DOOD�PHWj�GL�TXHOOL�GHO� ODYRUR�VXERUGLQDWR��6L�YROHYD�LQ�TXHVWR�PRGR�ULVROYHUH�O¶LPPHQVR�FRQWHQ]LRVR�IDFHQGR�XQD�OHJJH�FKH�LQWURGXFH�OD�ILJXUD�GHO� ODYRUDWRUH�TXDVL�VXERUGLQDWR�� WHQXWR�DO�YHUVDPHQWR�GL�XQD�FHUWD�TXRWD�GL�FRQWULEXWL�SUHYLGHQ]LDOL�DOO¶,QSV�� LQ�SDUWH� WXWHODWR�GDJOL�LVWLWXWL� WLSLFL�GHO� ODYRUR�GLSHQGHQWH��SUHDYYLVR�� WIU�HFF����/D�QXRYD� ILJXUD�GL� ODYRUDWRUH�TXDVL�VXERUGLQDWR�q�PROWR�FRQYHQLHQWH�SHU� OD�JUDQGH�LPSUHVD��FKH�QH�ULFDYD�JUDQ�EHQHILFLR�GDOOD�QRWHYROH�GLPLQX]LRQH�GL�FRVWL�H�GDOOD�SRVVLELOLWj�GL�XWLOL]]DUH�TXHVWR�FRQWUDWWR�VX�ODUJD�VFDOD�VHQ]D�LO� WLPRUH�GL�HYHQWXDOL�D]LRQL� OHJDOL�GD�SDUWH�GL�GHFLQH�GL� ODYRUDWRUL��0D�DOOD�SLFFROD�LPSUHVD��FKH�XVD�LO�UDSSRUWR�GL�ODYRUR�GL� ODYRUR�DXWRQRPR�FRRUGLQDWR�PROWR�VSHVVR�SHU�VRSUDYYLYHUH��TXHVWD�OHJJH�FRPSURPLVVRULD�QRQ�YD�EHQH��(¶�SDOHVH�FKH�OD�OHJJH� QRQ� VDUj� PDL� DSSURYDWD� LQ� TXHVWD� OHJLVODWXUD�� OH� FDPHUH� VL� VFLRJOLHUDQQR� D�PDU]R� ������ GLIILFLOPHQWH� OR� VDUj� DQFKH� QHOOH�SURVVLPH�OHJLVODWXUH�LO�ODYRUR�JUDWXLWRQRQ� q ODYRUR� SURIHVVLRQDOH�� q� ODYRUR� YRORQWDULR� H� VSRQWDQHR�� VHQ]D� VXERUGLQD]LRQH� Qp� DXWRQRPLD�� ,O� ODYRUR� YRORQWDULR� QRQ� q�REEOLJDWRULR��YLHQH�VYROWR�SHU� UDJLRQL� LGHDOL��PRUDOL�HFF��6L�FRQVXOWL� LO�FDSLWROR�VFULWWR�GD�3L]]RIHUUDWR�VXO� WHVWR�GL�&DULQFL��1RQ�HVLVWH�LQDGHPSLPHQWR� FRQWUDWWXDOH� VH� LO� YRORQWDULR� QRQ� ODYRUD�� QRQ� HVLVWH� XQ� VLVWHPD� VDQ]LRQDWRULR� SDWULPRQLDOH� �O¶XQLFD� VDQ]LRQH� SXz�HVVHUH�TXHOOD�GHOOD�HVFOXVLRQH�GDO�JUXSSR��

',5,772�'(/�/$9252 DSSXQWL�WUDWWL�GDOOH�OH]LRQL��GRFHQWH�SURI�(QULFR�*UDJQROL

3DROR�&RUD]]D��DSSXQWL�GL�GLULWWR�GHO�ODYRURSDJ���

/H]LRQH�GHO�����������,O�PHUFDWR�GHO�ODYRUR�H�LO�QRQ�SURILW2VVHUYDQGR�GD�XQ�SXQWR�GL�YLVWD�VWRULFR�LO�SUREOHPD�GHO�PHUFDWR�GHO�ODYRUR�QHO�PRQGR�QRQ�SURILW�FL�VL�UHQGH�FRQWR�FKH�TXHVWR�PRQGR�q�HVLVWLWR�DQFKH�LQ�SDVVDWR��SXU�FRQ�FDUDWWHULVWLFKH�GLIIHUHQWL�GD�TXHOOH�DWWXDOL��3ULPD�GHO ������DG�HVHPSLR��OH�FRRSHUDWLYH�VRFLDOL�QRQ�HUDQR�FRGLILFDWH�GD�XQD� OHJJH�H�TXLQGL�QRQ�HVLVWHYDQR��&¶HUDQR�DVVRFLD]LRQL�GL�YRORQWDULDWR��F¶HUDQR�FRRSHUDWLYH�GL�SURGX]LRQH�H�ODYRUR� FKH� VYROJHYDQR� OH� VWHVVH� IXQ]LRQL� GHOOH� FRRSHUDWLYH� VRFLDOL�� &¶HUDQR� SXUH� OH� IRQGD]LRQL�� ,Q� XQD� IRUPD� R� QHOO¶DOWUD��RUJDQL]]D]LRQL�IRQGDWH�VXO�SULQFLSLR�VROLGDULVWLFR�VRQR�VHPSUH�HVLVWLWH��SUREDELOPHQWH�VLQ�GDL�WHPSL�GHO�PHGLRHYR�)LQR� DJOL� DQQL� ¶��� L� VRJJHWWL� QRQ�SURILW� FKH�VL� DIIDFFLDYDQR�VXO�PHUFDWR�GHO� ODYRUR� VHJXLYDQR� OH�PHGHVLPH� UHJROH� VHQ]D�QHVVXQD�GLIIHUHQ]D�GD�TXDOXQTXH�DOWUR�VRJJHWWR�JLXULGLFR�GHO�QRVWUR�RUGLQDPHQWR��1RQ�HVLVWHYD�XQR�³VWDWXWR´�GHO�VRJJHWWR�QRQ�SURILW�4XHVWD�VLWXD]LRQH�q�GUDVWLFDPHQWH�PXWDWD�QHJOL�DQQL�¶����RJJL�WURYLDPR�EHQ�GXH�VLVWHPL�QRUPDWLYL�SDUWLFRODUL�FKH�UHJRODQR�L�UDSSRUWL�GL�ODYRUR�QHO�QRQ�SURILW��FKH�VL�LQWHUVHFDQR�UHFLSURFDPHQWH��H�VRQR��� XQ�VLVWHPD�QRUPDWLYR�SURPR]LRQDOH�GL�LQFHQWLYD]LRQH��OH�213�YHQJRQR�IDYRULWH�FRQ�SDUWLFRODUL�DJHYROD]LRQL�LQ�YLUW��GHOOD�PHULWRULHWj�GHJOL�RELHWWLYL�SHUVHJXLWL�± OH�DJHYROD]LRQL�ULJXDUGDQR�OD�GLVFLSOLQD�GHO�PHUFDWR�GHO�ODYRUR���� XQ�VLVWHPD�QRUPDWLYR�GL�GHOHJD �VL�ULFRQRVFH�FKH�OH�213�LQ�TXDQWR�VRJJHWWL�FRQ�RELHWWLYL�QRQ�OXFUDWLYL�SRVVRQR�IDFLOLWDUH�O¶LQFRQWUR�WUD�GRPDQGD�H�RIIHUWD�GL�ODYRUR��VRSUDWWXWWR�LQ�DOFXQH�DUHH��D�WDO�ILQH�VL�GHOHJD�DOOH�213�O¶DWWXD]LRQH�GL�SDUWLFRODUL�LQWHUYHQWL�LQ�WDO�VHQVR��)LQR�DO� ���������� LO�PHUFDWR�GHO� ODYRUR�HUD�GRPLQDWR�GD�XQ�PRQRSROLR�SXEEOLFR��/R�6WDWR�RUJDQL]]DYD�H�SUHVLGLDYD� O¶LQFRQWUR� WUD�GRPDQGD�H�RIIHUWD�VXO�PHUFDWR�GHO ODYRUR��%LVRJQD�ULFRUGDUH�FKH�LO�FROORFDPHQWR�GHOOD�PDQRGRSHUD��ILQR�DJOL�DQQL�¶���H�SHUORPHQR�DO�QRUG�� HUD� LQ�PDQR� DG� RUJDQL]]D]LRQL� FULPLQDOL�� H� WXWW¶RJJL�� VRSUDWWXWWR� LQ� DOFXQH� ]RQH� GHO� VXG� G¶,WDOLD�� q� DQFRUD� FRVu�� ,� VHWWRUL� SL��LQWHUHVVDWL�GDO�IHQRPHQR�HUDQR�H�VRQR�TXHOOL�GHOO¶DJULFROWXUD�H�GHOO¶HGLOL]LD��3HU�FRPEDWWHUH�OH�IRUPH�GL�FDSRUDODWR�OR�6WDWR�LQWURGXVVH�OD�OHJJH�VXO�GLYLHWR�GL�LQWHUSRVL]LRQH�GL�PDQRGRSHUD�QHO������H�SULPD�DQFRUD�QHO������FRQ�XQD�OHJJH�FKH�ULVHUYDYD�LO�FROORFDPHQWR�DO�VHUYL]LR�SXEEOLFR��3HU�TXDVL�FLQTXDQW¶DQQL�GXQTXH�OR�6WDWR�q�VWDWR�O¶XQLFR�JUDQGH�FROORFDWRUH�QHO�PHUFDWR�GHO�ODYRUR�LWDOLDQR��/¶LGHD�GHO� FROORFDPHQWR� SXEEOLFR� FKH� q� GHO� VHFRQGR� GRSRJXHUUD�� SUREDELOPHQWH� KD� XQD�PDWULFH� IDVFLVWD�� ,O� VLQGDFDWR�� QHOOH� VXH� SULPH�HVSUHVVLRQL� GHO� SHULRGR� ����������� DYHYD� GXH� IXQ]LRQL�� GL� FRRSHUD]LRQH�� LQ� ULVSRVWD� DL� ELVRJQL� GHL� ODYRUDWRUL�� H� GL� FROORFDPHQWR��VRSUDWWXWWR� QHOOH� FDPSDJQH� H� QHOO¶HGLOL]LD�� LQ� ULVSRVWD� DO� PRQRSROLR� GHO� FDSRUDODWR� FKH� HUD� EDVDWR� VXOO¶LQWLPLGD]LRQH�� 'D� DOORUD� LO�PHUFDWR�GHO�FROORFDPHQWR�ULPDQH�GRPLQDWR�GDOO¶LQL]LDWLYD�SULYDWD��ILQR�DO�IDVFLVPR��SHULRGR�FRUSRUDWLYR�QHO�TXDOH�LO�VLQGDFDWR�GLYLHQH�XQ� RUJDQLVPR� VWDWDOH� H� TXLQGL� SXEEOLFR�� 7UDPLWH� OD� SXEEOLFL]]D]LRQH� GHO� VLQGDFDWR� OR� 6WDWR� VL� DSSURSULD� GHO� FROORFDPHQWR� QHO�VHFRQGR�GRSRJXHUUD��PHQWUH�LO�VLQGDFDWR�ULWRUQD�SULYDWR��LO�FROORFDPHQWR�ULPDQH�SXEEOLFR�&RQ�OD�OHJJH�����GHO������VL�ULFRQRVFH�OD�IXQ]LRQH�SXEEOLFD�GHO�FROORFDPHQWR�H�OR�6WDWR�VL�ULVHUYD�OD�IXQ]LRQH�GL�XQLFR�FROORFDWRUH�/D� UHDOWj� q� XQ� SR¶� GLYHUVD� /D� IXQ]LRQH� GL� FROORFDPHQWR� ILQR� DO� ���������� q� VWDWD� VYROWD�QHO� QRVWUR�SDHVH�GD�XQD�PROWLWXGLQH�GL�VRJJHWWL�� WUD� L� TXDOL� OR� 6WDWR� SUREDELOPHQWH� q� ULVXOWDWR� LO� PHQR� DWWLYR�� $OOR� 6WDWR� q� ULPDVWR� VRODPHQWH� XQ� UXROR� UHVLGXDOH� GL�YHUEDOL]]D]LRQH�GL�³PDWULPRQL´�JLj�FRQFOXVL��6RQR�VHPSUH�HVLVWLWH�VRFLHWj�GL�VHOH]LRQH�GHO�SHUVRQDOH��LQ�SDOHVH�YLROD]LRQH�GHOOD�OHJJH������� LO� ODYRUR�VL� WURYDYD�SRL� LQ�PLOOH�DOWUL�PRGL�� WUDPLWH�FRQRVFHQ]H�SROLWLFKH��SDUURFFKLDOL��SDUHQWDOL�HFFHWHUD��/D�FULVL�GHOO¶LGHD�GHO�PRQRSROLR�SXEEOLFR�GHO�FROORFDPHQWR�q�TXLQGL�HPHUVD�QHOOD�VRFLHWj�EHQ�SULPD�GHJOL�DQQL� ¶����/H�VDQ]LRQL�SUHYLVWH�GDOOD� OHJJH�GHO������QRQ VRQR�PDL�VWDWH�DSSOLFDWH��,O�FROORFDPHQWR�SXEEOLFR�QDVFH�JLj�LQ�FULVL�SHU�YLD�GL�XQ�FRPSRUWDPHQWR�DVVDL�SUHYHGLELOH�GHOOH�D]LHQGH��TXHVWH�DVVXPRQR�GHL�ODYRUDWRUL�FRQ�O¶DVSHWWDWLYD�GL�ULFHYHUH�XQ�VHUYL]LR�³SHUVRQDOL]]DWR´�PHQWUH�LO�VHUYL]LR�GL�FROORFDPHQWR�SXEEOLFR�VL�q�VHPSUH�EDVDWR�H�KD�VHPSUH�GRYXWR�ULVSHWWDUH�XQ�SULQFLSLR�RSSRVWR�FKH�q�TXHOOR�GL�LPSDU]LDOLWj��4XHVWR�DWWHJJLDPHQWRQRQ�KD�PDL�WURYDWR�LO�IDYRUH�GHOOH�LPSUHVH�6L�q�SHUWDQWR�DUULYDWL�DOOH�PRGLILFKH�LQWURGRWWH�GD�XQD�VHULH�GL�SURYYHGLPHQWL�QRUPDWLYL�GHL�SULPL�DQQL�¶����XQR�GL�TXHVWL�q�x OD� OHJJH�����������FKH�VRSSULPH� OD�FKLDPDWD�QXPHULFD�� LQWURGRWWD�QHO������FRPH�SULQFLSLR�JHQHUDOH�GHOO¶RUGLQDPHQWR�GL�DOORUD�H�FKH�QHOOD�UHDOWj�QRQ�HUD�PDL�VWDWD�HIIHWWLYDPHQWH�ULVSHWWDWD��JUD]LH�DO�ULFRUVR�D�QXPHURVL�HVFDPRWDJH��1HO������OD�FKLDPDWD�QXPHULFD�YLHQH�VRVWLWXLWD�GDO�SULQFLSLR�GHOOD�FKLDPDWD�QRPLQDWLYD�x FRQ�XQD� OHJJH�GHO������DWWXDWD�QHO������OR�6WDWR�SUHQGH�FRVFLHQ]D�GHO�SURSULR�³IDOOLPHQWR´� LQ�WHPD�GL�FROORFDPHQWR�H�VL�GHFLGH� LO� WUDVIHULPHQWR�GHOOH� IXQ]LRQL�DOOH�5HJLRQL�H�DOOH�3URYLQFH��$YYLHQH�SHUWDQWR� LO�GHFHQWUDPHQWR�GHOO¶RUJDQL]]D]LRQH�GHO�PHUFDWR�GHO�ODYRUR��LO�FROORFDPHQWR�YLHQH�DIILGDWR�DJOL�HQWL�ORFDOL��OR�6WDWR�PDQWLHQH�VRODPHQWH�SRWHUH�OHJLVODWLYR�PHQWUH�WXWWD�O¶DWWLYLWj�DPPLQLVWUDWLYD�SDVVD�GL�IDWWR�DOOH�3URYLQFH�x SULYDWL]]D]LRQH�GHO�FROORFDPHQWR��OH�UHFHQWL�OHJJL�VL�LQGLUL]]DQR�YHUVR�GXH�GLYHUVH�WLSRORJLH�GL�RUJDQL]]D]LRQL�SULYDWH��SHU�OD�JHVWLRQH�GHO�FROORFDPHQWR�HQWL�FRQ�ILQDOLWj�FRPPHUFLDOL�² OXFUDWLYH�� SDWULPRQLDOLHQWL�FRQ�ILQDOLWj�LGHDOL�� VRFLDOLQHO� SULPR� FDVR�� FRQ� XQD� SULYDWL]]D]LRQH� GL� WLSR� OXFUDWLYR�SDWULPRQLDOH�� VL� DFFHWWD� O¶HVLVWHQ]D� GL� HQWL� OXFUDWLYL� QHO� VHWWRUH� GHO�FROORFDPHQWR� GHO� SHUVRQDOH� �FRVD� FKH� GL� IDWWR� HUD� VHPSUH� HVLVWLWD� DQFKH� LQ� YLROD]LRQH� GHOOH� OHJJL��� SHUORPHQR� FRQ� O¶LGHD� GL�UHJRODPHQWDUH�XQ�PHUFDWR�JLj�HVLVWHQWH��QHO�VHFRQGR�FDVR�VL� LQWHQGH�DSULUH� LO�PHGHVLPR�PHUFDWR�DO�FRVLGGHWWR�SULYDWR�VRFLDOH��DG�HQWL�SULYDWL�FKH�VYROJRQR�IXQ]LRQL�RUJDQL]]DWLYH�LPSUHQGLWRULDOL�PD�FRQ�ILQDOLWj�VRFLDOL�3HU� TXHVWH� XOWLPH� LO� SUREOHPD� SULQFLSDOH� q� OD�PDQFDQ]D� GL� FDSDFLWj� WHFQLFR� RUJDQL]]DWLYH�� QRQ� ULHVFH� DG� DIIHUPDUVL� LO� SULQFLSLR� FKH� O¶RSHUDUH� LQ�GHWHUPLQDWL�VHWWRUL�ULFKLHGH�XQ¶RUJDQL]]D]LRQH�HIILFLHQWH��0ROWH�LQL]LDWLYH�VRUWH�QHJOL�DQQL�¶���VRQR�LQ�FULVL�SHU�TXHVWH�UDJLRQL�9HGLDPR� RUD� JOL� LVWLWXWL� FKH� IDQQR� DSSHOOR� DO� SULYDWR� VRFLDOH� LQ� XQD� ORJLFD� GL� VXVVLGLDULHWj� ULVSHWWR� DOOH� IXQ]LRQL� GHOOR� 6WDWR� VXO�FROORFDPHQWR�

',5,772�'(/�/$9252 DSSXQWL�WUDWWL�GDOOH�OH]LRQL��GRFHQWH�SURI�(QULFR�*UDJQROL

3DROR�&RUD]]D��DSSXQWL�GL�GLULWWR�GHO�ODYRUR SDJ���

/D�OHJJH���������OH�&223(5$7,9(�62&,$/,�GL�WLSR�´%µ6WRULFDPHQWH�OH�FRRSHUDWLYH�VRFLDOL�GL�WLSR�³%´�KDQQR�TXHVWD�IXQ]LRQH�SLORWD��QHOOD�FRQVDSHYROH]]D�GHO�GUDPPDWLFR�IDOOLPHQWR�GL�WXWWH�OH� IRUPH� GL� LPSRVL]LRQH� GL� PDQRGRSHUD�� FL� VL� q� SUHVWR� UHVL� FRQWR� FKH� O¶LQVHULPHQWR� ODYRUDWLYR� GL� SHUVRQH� LQYDOLGH� R� SRUWDWULFL� GL�KDQGLFDS�R�FRPXQTXH�LQ�VLWXD]LRQL�GL�VYDQWDJJLR�WUDPLWH�OH�VWUXWWXUH�SXEEOLFKH�HUD�SUHVVRFKp�IDOOLPHQWDUH��3HU�TXHVWH�IDVFH�GHEROL�GL�SRSROD]LRQH� LO�FROORFDPHQWR�REEOLJDWRULR�QDVFH�JLj�PRUWR��TXHVWH�SHUVRQH�QRQ�VL�FROORFDQR�SHUVLQR�LQ�PHUFDWL�GHO� ODYRUR�IRUWLVVLPL�GRYH�QRQ�HVLVWH�GLVRFFXSD]LRQH��FRPH�LQ�/RPEDUGLD�R�LQ�(PLOLD��/D�OHJJH��������WHQGH�TXLQGL�D�FUHDUH�VWUXWWXUH�FKH�DEELDQR�FRPH�PLVVLRQ� QRQ� XQD� IXQ]LRQH� DVVLVWHQ]LDOLVWLFD� PD� XQD� IXQ]LRQH� GL� WLSR� SURGXWWLYR�HFRQRPLFR�� FRQ� RELHWWLYR� TXDOLILFDQWH� TXHOOR�GHOO¶LQVHULPHQWR�GL�SHUVRQH�VYDQWDJJLDWH��7XWWD� O¶LGHD�GHO� UDSSRUWR� WUD�FROORFDPHQWR�SXEEOLFR�H�SULYDWR�VRFLDOH�QDVFH�VWRULFDPHQWH�FRQ� OD� OHJJH� �������� OD� QDVFLWD� H� OR� VYLOXSSR�GL� TXHVWH�RUJDQL]]D]LRQL� YLHQH� IDYRULWR� WUDPLWH� LO� ULFRQRVFLPHQWR�GL� SULYLOHJL� ILVFDOL� H�SUHYLGHQ]LDOL�'DOOD� OHJJH�GHO������DG�RJJL�VRQR�VWDWH� IDWWH�DOWUH�QXPHURVH� OHJJL��DOFXQH�EXRQH�DOWUH� LQVSLHJDELOL��VRQR�VWDWL�FUHDWL�DQFKH� LVWLWXWL�LQFRPSUHQVLELOL� HG� DOWUL� GLVDVWURVL�� 6WRULFDPHQWH� OD� FRRSHUD]LRQH� VRFLDOH� q� VWDWD� XQD� GHOOH� JUDQGL� QRYLWj� LQ� FDPSR� HFRQRPLFR�QHOO¶,WDOLD� GHJOL� DQQL� ¶���� $OO¶LQL]LR� O¶LGHD� GLIIXVD� HUD� FKH� OD� FRRSHUD]LRQH� VRFLDOH� IRVVH� XQ� IHQRPHQR� PDUJLQDOH� H� OLPLWDWR��IRQGDPHQWDOPHQWH� LQ� SHUGLWD�� QRQ� DXWRVXIILFLHQWH� H� GLSHQGHQWH� GDOO¶DVVLVWHQ]LDOLVPR�� /D� SUHYLVLRQH� IX� VEDJOLDWD�� OD� FRRSHUD]LRQH�VRFLDOH�KD�GLPRVWUDWR�XQD�JUDQGH�IRU]D�GL�VYLOXSSR�H�XQD�JUDQGH�FDSDFLWj�GL�UDGLFDPHQWR�VRFLDOH��DQFKH�VH�QRQ�LQ�WXWWD�,WDOLD��'DOOD�OHJJH��������QDVFRQR�VXFFHVVLYDPHQWH�DOFXQL�LVWLWXWL�x OD� QXRYD� OHJJH� GHO� ����� VXO� FROORFDPHQWR� REEOLJDWRULR� SUHYHGH� FKH� DOO¶LPSRVWD]LRQH� WUDGL]LRQDOH� FRDWWLYD� RUD� LQ� YLJRUH��O¶XIILFLR� FRPSHWHQWH� ± RUD� OD� 3URYLQFLD� ± VHOH]LRQD� OD� SHUVRQD� LQYDOLGD� H� OD� PDQGD� DOO¶LPSUHVD�� VL� DIILDQFKLQR� GXH�PHFFDQLVPL�GL�WLSR�SURPR]LRQDOH ��TXHOOL�SUHYLVWL�DJOL�DUWW�����H��� GHOOD�OHJJH��,O�SULPR�PHFFDQLVPR��DUW������VL�ULIHULVFH�HVSUHVVDPHQWH�DOOH�FRRSHUDWLYH�VRFLDOL�GL� WLSR�%�H�SUHYHGH�XQ�LVWLWXWR�FRPSOHVVR��FKH�IXQ]LRQD�SL��R�PHQR�FRPH VHJXH��O¶LPSUHVD�FKH�GHYH�DVVXPHUH�XQ� LQYDOLGR�PD�FKH�QRQ�SXz�R�QRQ�YXROH�DVVXPHUOR� �SHU�PRWLYDWD� LPSRVVLELOLWj�GRYXWD�DO�FLFOR� SURGXWWLYR� HFF���� DIILGD� DOFXQH� FRPPHVVH� DG� XQD� FRRSHUDWLYD� VRFLDOH� OD� TXDOH� DFTXLVLVFH� OH� FRPPHVVH�� LQVHULVFH�QHOOD�VXD�RUJDQL]]D]LRQH�SURGXWWLYD�OD�SHUVRQD�LQYDOLGD�H�OD�UHPXQHUD�ULIDFHQGRVL�GHL�FRVWL�VXOO¶LPSUHVD�LQL]LDOH��/D�OHJJH�SUHYHGH� FKH� GRSR� XQ� FHUWR� SHULRGR� ��� DQQR� SURURJDELOH� D� ��� OD� SHUVRQD� LQYDOLGD� YHQJD� DVVXQWD� GDOO¶LPSUHVD� LQL]LDOH��TXHVWR�LQ�UHDOWj�QRQ�DFFDGH�TXDVL�PDL���4XHVWR�PHFFDQLVPR�q�VWDWR�³LQYHQWDWR´�LQL]LDOPHQWH�D�7UHYLVR�H�D�0RGHQD��,�FDVL�UHDOL�QHL�TXDOL�OD�OHJJH�q�VWDWD�DSSOLFDWD�DYHYDQR�SL��RELHWWLYL�GL�LQVHULPHQWR�VRFLDOH�FKH�SURIHVVLRQDOH��LQ�DPELHQWL�SURWHWWL�H�FRPSLWL�PROWR�VHPSOLFL�� ,O� VHFRQGR�PHFFDQLVPR��SUHYLVWR�GDOO¶DUW������q�DVVDL�GLYHUVR��/D�QRUPD�SUHYHGH�FKH� OH� LPSUHVH�FRQ�REEOLJKL�GL�DVVXQ]LRQH�GL�SHUVRQH�GLVDELOL��DWWUDYHUVR�OH�3URYLQFH�FKH�KDQQR�OD�FRPSHWHQ]D�LQ�PDWHULD�GL�FROORFDPHQWR��SRVVDQR�SUHYHGHUH�GLYHUVH� IRUPH�GL� FRQYHQ]LRQH�SHU� IDYRULUH� O¶LQVHULPHQWR� ODYRUDWLYR�GL�TXHVWL� VRJJHWWL�GLVDELOL��4XHVWD�GLVFUH]LRQDOLWj� VL� q� HVSOLFDWD� DWWUDYHUVR� O¶XWLOL]]R� GL� GLYHUVL� PHFFDQLVPL�� FRPH� JOL� VWDJH� GL� LQVHULPHQWR�� FRPH� IRUPH� GL�LQFHQWLYD]LRQH�FRQWUDWWDWH�FRQ�OH�3URYLQFH��FRPH�IRUPH�GL�FROODERUD]LRQH�FRQ�L�VHUYL]L�VRFLDOL�GHOOH�3URYLQFH�H�GHOOH�$6/��FRPH� FRQYHQ]LRQL� H� FROODERUD]LRQL� FRQ� FRRSHUDWLYH� VRFLDOL� GL� WLSR� $� H� FRVu� YLD�� 6L� WUDWWD� TXLQGL� GL� XQ� QXRYR� VWUXPHQWR�FRQWUDWWXDOH� LQWURGRWWR� SHU� IDYRULUH� O¶LQVHULPHQWR� ODYRUDWLYR� GHOOH� SHUVRQH� GLVDELOL� H� JDUDQWLUH� D� TXHVWH� OR� VYROJLPHQWR� GL�XQ¶DWWLYLWj�SURGXWWLYD�FKH�SHUPHWWD� UDJLRQHYROL� OLYHOOL�GL� UHWULEX]LRQH�H�DXWRVXIILFLHQ]D��JUD]LH�DOO¶DUW�����VL�VRQR� UHDOL]]DWH�QXRYH�IRUPH�GL�DFFRJOLHQ]D�GL�SHUVRQH�GLVDELOL�QHL�SL��YDUL�FRQWHVWL�VRFLR�ODYRUDWLYL�x 8Q�DOWUR� LVWLWXWR��VLFXUDPHQWH�PHQR�ULXVFLWR��FKH�KD�YLVWR� O¶LQWHUYHQWR�GHO�SULYDWR�VRFLDOH�q�TXHOOR�GHL� ODYRUL�VRFLDOPHQWH�XWLOL��LQ�IRU]D�GHO�TXDOH�OH�FRRSHUDWLYH�VRFLDOL�SRVVRQR�RUJDQL]]DUH�H�GLYHQWDUH�WLWRODUL�GL�SURJHWWL�GL�OVX�D�ILDQFR�GL�SXEEOLFKH�DPPLQLVWUD]LRQL��/¶LVWLWXWR�q�VWDWR�SDUWLFRODUPHQWH�IDOOLPHQWDUH�LQ�TXDQWR�O¶LGHD�GHOOD�FRRSHUD]LRQH�VRFLDOH�q�ILQDOL]]DWD�DOOD�FUHD]LRQH�GL� LPSUHVH��PHQWUH� OD� OHJJH�VXJOL� OVX�DYHYD�SL��XQD� ILQDOLWj�DVVLVWHQ]LDOLVWLFD��8Q�DOWUR�SUREOHPD�q�FKH�JOL� OVX�JDUDQWLYDQR� LQ� TXDOFKH�PRGR� XQ� HIIHWWR� GLVFRUVLYR� GHOOD� FRQFRUUHQ]D�� WUDWWDQGRVL� GL� PDQRGRSHUD� D� SL�� EDVVR� FRVWR� GL�TXHOOD� UHSHULELOH�VXO�PHUFDWR��L� OVX�QRQ�VRQR� ODYRUR�VXERUGLQDWR��QRQ�VL�DSSOLFDQR�L�PLQLPL�UHWULEXWLYL�� OH�UHWULEX]LRQL�VRQR�LQIHULRUL���,QROWUH�OD�OHJJH�VXL�OVX�QRQ�LPSRQH�O¶REEOLJR�GL�DVVXQ]LRQH�DOOH�FRRSHUDWLYH�DOOD�ILQH�GHO�SURJHWWR��PROWL�SURJHWWL�VL�VRQR�FRVu�ULYHODWL�IDOOLPHQWDUL�x 8Q� WHU]R� LVWLWXWR�q�SUHYLVWR�GDO�'�/JV��������� �DWWXD]LRQH�GHOOD� OHJJH����������� LO�GHFUHWR�KD�VWDELOLWR� OD SRVVLELOLWj�SHU�DOFXQH� VWUXWWXUH� GL� VYROJHUH� DWWLYLWj� GL� FROORFDPHQWR� SULYDWR�� LQWURGXFHQGR� GXH� WLSRORJLH� GL� VWUXWWXUH�� D�� LPSUHVH �LQ�SDUWLFRODUH�VRFLHWj��DQFKH�FRRSHUDWLYH��FRQ�XQ�FDSLWDOH�PLQLPR�GL����PLOLRQL���E��RUJDQL]]D]LRQL�FRPPHUFLDOL�VHQ]D�ILQL� GL�OXFUR �FRQ� XQ� FDSLWDOH�PLQLPR� GL� ���PLOLRQL���$OFXQH�RUJDQL]]D]LRQL� VHQ]D� ILQL� GL� OXFUR� VL� VRQR�FRVWLWXLWH�D� VHJXLWR�GHOOD�QXRYD� QRUPDWLYD� ��� VX� XQ� WRWDOH� GL� ������ QXRYH� RUJDQL]]D]LRQL� GL� TXHVWR� WLSR� LQ� WXWWD� ,WDOLD��� 4XHVWH� RUJDQL]]D]LRQL�VXELVFRQR�OD�IRUWH�FRQFRUUHQ]D�GD�SDUWH�GHOOH�VRFLHWj�GL�VHOH]LRQH�GHO�SHUVRQDOH��FKH�VRQR�JUDYDWH�GD�PLQRUL�DGHPSLPHQWL�H�TXLQGL�SRVVRQR�RSHUDUH� LQ�PDQLHUD�SL��UDSLGD�HG�HIILFLHQWH��/H�GXH�213�VRQR�VRUWH�XQD� LQ�(PLOLD�5RPDJQD�H�XQD� LQ�/RPEDUGLD� �VRQR� RUJDQL]]D]LRQL� VRUWH� GDOO¶LQL]LDWLYD� FDWWROLFD� H[� GHPRFULVWLDQD� YLFLQD� DOOD� &,6/��� /H� 213� VRUWH� GRSR� LO�'�/JV���������VRQR�VRJJHWWH�D�WXWWD�OD�QRUPDWLYD�LQHUHQWH�DOOH�VRFLHWj�FRPPHUFLDOL��FRQWUROOL��DGHPSLPHQWL��UDSSRUWL�FRQ�LO�PLQLVWHUR�HFF���FRQ�OD�GLIIHUHQ]D�GHOOR�VFRSR QRQ�OXFUDWLYR��4XHVWH�VWUXWWXUH�QRQ�ULFHYRQR�GDQDUR�GDL�ODYRUDWRUL��OD�OHJJH�OR�YLHWD���EHQVu�OR�ULFHYRQR�GDOOH�LPSUHVH��6YROJRQR�GXQTXH�XQD�IXQ]LRQH�GL�LQWHUPHGLD]LRQH�UHPXQHUDWD��/H�QRUPH�LQWURGRWWH�GDO�'�/JV���������VRQR�PROWR� LQWHUHVVDQWL�H� LQQRYDWLYH��HTXLSDUDQR�QHO� UHJLPH�JLXULGLFR� LPSUHVH� OXFUDWLYH�H� LPSUHVH�GHO�SULYDWR�VRFLDOH�H�FRQWHPSRUDQHDPHQWH� ULFRQRVFH� OD�SRVVLELOLWj�FKH�TXHVWD�DWWLYLWj�YHQJD�VYROWD�GD� LPSUHVH�FRQ�RELHWWLYL�GLYHUVL��(PHUJH�FRVu�XQD�GRSSLD�LGHD�GL�XQ�PHUFDWR�GHO�ODYRUR��XQ�PHUFDWR�GHOOH�SHUVRQH�³QRUPRGRWDWH´�QRQ�VYDQWDJJLDWH�H�XQ PHUFDWR�GHO�ODYRUR�VRFLDOH�ULVHUYDWR�DOOH�SHUVRQH�VYDQWDJJLDWH��$OFXQL�GL�TXHVWL�LVWLWXWL�VL�VSHFLDOL]]DQR�YHUVR�L�VRJJHWWL�VYDQWDJJLDWL��FROORFDPHQWR�REEOLJDWRULR��FRRS�VRFLDOL�GL�WLSR�%��

',5,772�'(/�/$9252 DSSXQWL�WUDWWL�GDOOH�OH]LRQL��GRFHQWH�SURI�(QULFR�*UDJQROL

3DROR�&RUD]]D��DSSXQWL�GL�GLULWWR�GHO�ODYRURSDJ���

$�6(*8,5(�x OR�6WDWXWR�GHL�/DYRUDWRUL�� OHJJH�����GHO����PDJJLR������³1RUPH�VXOOD� WXWHOD�GHOOD� OLEHUWj�H�GLJQLWj�GHL�ODYRUDWRUL��GHOOD�OLEHUWj�VLQGDFDOH�H�GHOO¶DWWLYLWj�VLQGDFDOH�QHL�OXRJKL�GL�ODYRUR�H�QRUPH�VXO�FROORFDPHQWR´x &RQWUDWWR�&ROOHWWLYR�1D]LRQDOH�GL�/DYRUR SHU�OH�ODYRUDWULFL�HG�L�ODYRUDWRUL�GHOOH�&RRSHUDWLYH�GHO�VHWWRUH�VRFLR�VDQLWDULR�± DVVLVWHQ]LDOH�± HGXFDWLYR�H�GL�LQVHULPHQWR�ODYRUDWLYRx /HJJH������������Q������GLYLHWR�GL�LQWHUPHGLD]LRQH�H�LQWHUSRVL]LRQH�QHOOH�SUHVWD]LRQL�GL�ODYRURx /HJJH����JLXJQR�������Q��������1RUPH�LQ�PDWHULD�GL�SURPR]LRQH�GHOORFFXSD]LRQH���³SDFFKHWWR�7UHX´