Pirotecnia e Fuochi Artificiali

&2/211(//2'277 $77,/,2,==2

3,527(&1,$ (

)82&+,$57,),&,$/, 0DQXDOHSUDWLFRHULFHWWDULRSHUFKLIDEEULFDIXRFKL DUWLILFLDOLHFKLYHQGHPDWHULHSULPHSHUXVLSLURWHFQLFL

LOOXVWUD]LRQL

(',725(8/5,&2+2(3/, 0,/$12

,,

$99(57(1=$ 1RQVLDVVXPHDOFXQD UHVSRQVDELOLWjSHUHYHQWXDOL HVHPSUHSRVVLELOLHUURULQHOOD LQGLFD]LRQHGHOOHGRVLGHOOH PLVFHOHHSHUHUURULGLVWDPSD

,,,

35()$=,21(

+RDFFROWRO LQYLWRULYROWRPLGLDJJLRUQDUHLOPDQXDOHGL3L URWHFQLDFRPSLODWRGDO'L0DLRSHUDFFHGHUHDOOHQXPHURVHUL FKLHVWHSHUYHQXWHGDSLURWHFQLFLHGLOHWWDQWLFLUFDODULVWDPSDGL XQOLEURVXOODSLURWHFQLD / LQWHUHVVHSHUWDOHSDUWLFRODUHDUJRPHQWRqWDOHFKHSHUILQR OD5DGLRVLqRFFXSDWDGHOO DUJRPHQWRQHOO DJRVWRGHVFUL YHQGR DWWUDYHUVR LO PLFURIRQR GD SDUWH GL XQ IDQWDVLRVR UDGLR FURQLVWD OD VXJJHVWLRQH H OD EHOOH]]D GL XQR VSHWWDFROR SLURWHF QLFRQRWWXUQR 'LPDVVLPDKRVHJXLWRODWUDFFLDGHOYHFFKLRPDRWWLPRPD QXDOHGHO'L0DLRFXUDQGRLQSDUWLFRODUHXQSLFFRORGL]LRQDULR GL PDWHULH SULPH LPSLHJDWH LQ 3LURWHFQLD VLD SHU OXFL FKH SHU IXPL FRORUDWL IDFHQGR FRQRVFHUH LQ DOWUR FDSLWROR VXFFLQWR DO FXQLPHWRGLVHJXLWLLQODERUDWRULVWDWDOLSHUVWDELOLUHODVHQVLEL OLWj H OD PDJJLRUH R PLQRUH VLFXUH]]D GL LPSLHJDELOLWj GHL PL VFXJOLSLURWHFQLFLHGLQILQHDJJLXQJHQGRXQULFHWWDULRGLFRPSR VL]LRQLSLURWHFQLFKH +R LQROWUH DJJLXQWR EUHYL GDWL VXOOH FRPSRVL]LRQL WHGHVFKH XVDWH QHOOD JXHUUD OH QRYLWj SL LPSRUWDQWL VRQR FRQVLVWLWH QHOOD VRVWLWX]LRQH GL WDOXQH PDWHULH SULPH JRPPD ODFFDHDFURLGD]HFF FRQUHVLQHVLQWHWLFKHWLSR9LSOD /D SDUWH SULPD WUDWWD GHOO DOOHVWLPHQWR GHOOH FRPSRVL]LRQL 3LURWHFQLFKH 1HOODSDUWHVHFRQGDqWUDWWDWRGHOO DOOHVWLPHQWRGHL3H]]L3L URWHFQLFLGLJXDUQL]LRQHILVVLDWHUUDRSSXUHDHUHLUD]]LHFF QRQFKqGHOODFRVWLWX]LRQHGHLSH]]LHOHPHQWDULHGLTXHOOL3HUIH VWHHJDUHSLURWHFQLFKH

,9

1HOOD SDUWH WHU]D q WUDWWDWR VXFFLQWDPHQWH GHL JLXRFKL SLUR WHFQLFLSHUVDODHWHDWUR +R DJJLXQWR XQD SDUWH TXDUWD LQ FXL KR ULWHQXWR RSSRUWXQR VHJQDODUHJOLDUWLIL]LSLURWHFQLFLDYHQWLXVLDJULFROLDUWLIL]LDQWL JUDQGLQHFRQWUROHEULQHSHUODSURWH]LRQHGHLIUXWWHWLHFF LQ GXVWULDOLSHWDUGLSHU7)66 HEHOOLFL ,Q DOWUD SDUWH DJJLXQWD OD TXLQWD KR YROXWR FRPSLODUH XQ DSSRVLWR ULFHWWDULR GL FRPSRVL]LRQL QHOOH TXDOL KR ULSRUWDWR D YDORUL FHQWHVLPDOL L YDUL FRPSRQHQWL LQ FRQWUDSSRVWR DOOH QRU PDOL XVDQ]H GHL SLURWHFQLFL +R YROXWR VHJQDODUH DQFKH OH IRU PXOHFKHXWLOL]]DQRFRQPLQRUSHULFRORQHOO DOOHVWLPHQWRLOSHU FORUDWRSRWDVVLFRDOSRVWRGHOFORUDWRWXWWHGLRULJLQHDPHULFD QH 0LVRQYDOVRGHOO HVSHULHQ]DGDPHFRPSLXWDSUHVVRGXHHQWL PLOLWDULLO/DERUDWRULR3LURWHFQLFRGL)HOLQRHOD6H]LRQH3LUR WHFQLFD GHO *HQLR GL 3DYLD H GHOOH QRWL]LH DSSUHVH VX PDWHULDOL HVWHUL SHU ULSRUWDUH LQ WDOH ULFHWWDULR QXPHURVH FRPSRVL]LRQL VLDLWDOLDQHFKHHVWHUH +R ULWHQXWR XWLOH GDUH DOWUHVu XQ HVHPSLR SHU L SLURWHFQLFL IRUQLWLGLPDJJLRULFRQRVFHQ]HFKLPLFKHVX FRPH VL LPEDVWLVFH XQFDOFRORWHRULFRGLFRPSRVL]LRQHHFRPHVLSRVVRQRDQDOL]]D UHOHFRPSRVL]LRQLVWHVVHSHUFRQRVFHUQHLFRPSRQHQWL +R ULWHQXWR XWLOH GDUH DOWUHVu XQ HVHPSLR SHU L SLURWHFQLFL IRUQLWLGLPDJJLRULFRQRVFHQ]HFKLPLFKHVX FRPH VL LPEDVWLVFH XQFDOFRORWHRULFRGLFRPSRVL]LRQHHFRPHVLSRVVRQRDQDOL]]D UHOHFRPSRVL]LRQLVWHVVHSHUFRQRVFHUQHLFRPSRQHQWL ,QILQHLQDSSHQGLFHKRDJJLXQWRGHLGDWL FRVWUXWWLYLVXJOL HV VLFFDWRL ORFDOL LQGLVSHQVDELOL LQ RJQL IDEEULFD SLURWHFQLFD GL XQDFHUWDHQWLWjHO HVWUDWWRGHOYLJHQWHUHJRODPHQWRGL36UH ODWLYRDOOHQRUPHSHULODERUDWRULSLURWHFQLFL &RPSOHWDLOYROXPHODELEOLRJUDILD 6SHURFKHLOPDQXDOHGLSLURWHFQLDFRVuULIDWWRULHVFDGLXWLOH FRQVXOWD]LRQH DL 3LURWHFQLFL GDL TXDOL VDUz OLHWR GL ULFHYHUH FRQVLJOLRULFKLHVWHGLGDWLRVHJQDOD]LRQLGLHYHQWXDOLLQHVDWWH] ]HLQFXLSRWHVVLHVVHUHLQFRUVR $77,/,2,==2 RVHWWHPEUH

9

,1',&('(//$0$7(5,$ 3$57(35,0$

,QWURGX]LRQH &HQQLVWRULFL &HQQLWHFQLFL &$3,3ULQFLSDOLPDWHULHDGRSHUDWHLQSLURWHFQLD $ 3HUOXFLELDQFKHRFRORUDWH $FLGRJDOOLFR $FLGRSLFULFR $OOXPLQLR $QWLPRQLR $UJLOOD %LDGHWWR %LFDUERQDWRGLVRGLR &DORPHODQR &DQIRUD &DUERQDWRGLUDPH &DUERQDWRGLVWURQ]LRSUHFLSLWDWR &DUERQHGLOHJQD &DUWDHFDUWRQL &HUDVLQWHWLFD &ORUDWL &ORUDWRGLEDULR &ORUDWRGLVRGLR &ORUDWRGLSRWDVVLR &ORUXURG DQWLPRQLR &ORUXURGLSROLYLQLOH &ORUXURPHUFXURVR &ROOD &RORIRQLD

3DJ

9,

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

9,,

6ROIRFLDQXURGLPHUFXULR 6ROIXURGLDQWLPRQLR 6ROIXURGLDUVHQLFR 6ROIXURGLUDPHQHUR 6SDJR 6WHDULQD 6WLUROL 6XJKHUR 9HUGHD]]XUUR 9HUQLFL 9HWURVROXELOH =LQFR =LUFRQLR

=ROIR =XFFKHURGLODWWH % 3HUIXPLELDQFKLRFRORUDWL $QWUDFHQH $UVHQLFRELDQFR $UVHQLFRJLDOOR %OHXROWUHPDUH &LQDEUR &ULVRLGLQD (VDHORURHWDQR )RVIRURELDQFR )RVIRURURVVR *LDOORDXUDPLQD ,QGDFR ,QGXOLQD ,RGLRHVXRLFRPSRVWL 1DIWDOLQD 1LWUDWRVRGLFR 2OLPLQHUDOL 5RGDPLQD 5RVVRGLSDUDQLWURDQLOLQD 7HUPuWH 7HWUDFORUXURGLFDUERQLR =LQFR &$3,,*HQHUDOLWjVXLODERUDWRULSLURWHFQLFLHOH RSHUD]LRQLSHUO DOOHVWLPHQWRGHLSH]]LSLURWHFQLFL

9,,,

3HUEHQJDOD 3HUFDVWDJQROHRERWWH 3HUIRQWDQH 3HUJUDQDWH &$3,,,$OOHVWLPHQWRGHOOHSDUWLLQFHQGLYHHGHL FDUWRFFL 6WRSSLQL 0LFFHLQFHQGLYHUDSLGH &DQGHOHLQFHQGLYH &LOLQGUHWWLLQFHQGLDUL $FFHQGLWRULHOHWWULFL 3UHSDUD]LRQHGHLFDUWRFFL 0H]]LSHUUHQGHUHLQFRPEXVWLELOLLFDUWRFFL &$3,93UHSDUD]LRQHGHOOHFRPSRVL]LRQL SLURWHFQLFKH &RQVLGHUD]LRQLXWLOLSHUODSUHSDUD]LRQHGHOOH FRPSRVL]LRQLOXPLQRVH 0H]]LSHUDXPHQWDUHOHOXPLQRVLWjGHOOH FRPSRVL]LRQL 3HULFROLGLFRPEXVWLRQHVSRQWDQHDGHLPLVFXJOL SLURWHFQLFL 6LVWHPLSHUSURYDUHODVHQVLELOLWjDOO XUWRDOFDORUH HGDOORVIUHJDPHQWRGHLPLVFXJOLSLURWHFQLFL &RQVHUYD]LRQHGHOOHFRPSRVL]LRQLSLURWHFQLFKH &RPSRVL]LRQLSLURWHFQLFKHSHUSURLHWWLOLWUDFFLDQWL &RPSRVL]LRQLSLURWHFQLFKHDIXPLELDQFKL &RPSRVL]LRQLSLURWHFQLFKHDIXPLFRORUDWL

&$3,)XRFKLGLJXDUQL]LRQH $ 6WHOOH % 6HUSHQWHOOL & )DUIDOOHR&RORPEH ' *LUDQGROHWWH ( 6WHOOHDFDVWDJQROD ) 3LRJJLDGLIXRFR * 3LRJJLDFRQOXPLVRWWR + 6WHOOHDVHUSHQWHOOL , )LDPPHWWHDYDULRFRORUH

3$57(6(&21'$

,;

&$3,,)XRFKLILVVL $ )RQWDQD )RQWDQHDILOLHUD )RQWDQHDIXRFRFLQHVH )RQWDQHGLJURVVRFDOLEUR % &DVWDJQROHR%RWWH &DVWDJQROHDSROYHUH &DVWDJQROHDFRPSRVL]LRQHIXOPLQDQWH & 7UDFFKL ' %HQJDODR/XPL &DUWRFFLR /XPL %HQJDOD 2UGLQHFRQFXLYDQQRPHVVLLFRORULQHOFDUWRFFLR ( )LDPPH ) &DQGHOHURPDQH 0RVDLFL & 6EUXIIL + 0RUWDOHWWL 6EUXIILFDULFDWLGLVWHOOHDUDJJL &$3,,,)XRFKLDHUHL $ *HQHUDOLWjVXLUD]]L 5D]]LGLJURVVRFDOLEUR *URVVLUD]]LDFRPSRVL]LRQHEULOODQWH % 'LYHUVHVSHFLHGLUD]]L 5D]]LDSDUDFDGXWH 5D]]LDVWHOOHDFDVWDJQROHDUD]]RPDWWR 5D]]RFRQJXDUQL]LRQHGLUD]]HWWL 5D]]LFRQVHFXWLYL 'UDJRQH 5D]]RDJLUHOOR 5D]]RDFDWHQD 5D]]RDFDUFLRIR & 5D]]LGDWDYRODRFDUFLRIL *LUDQGROH ' %RPEHRJUDQDWH ,*UDQDWHVHPSOLFL D *UDQDWHDVWHOOH E *UDQDWHDVHUSHQWHOOL F *UDQDWHDFRORPEH

;

G *UDQDWHDJLUDQGROHWWH H *UDQDWHDSLRJJLD *UDQDWHDSLRJJLDFRQOXPLGLVRWWR J *UDQDWHFRQVWHOOHDVHUSHQWHOOL K *UDQDWHFRQVWHOOHHWUDFFKL L *UDQDWHFRQVWHOOHHFDQGHOHURPDQH O *UDQDWHFRQVWHOOHDFDVWDJQROD P *UDQDWHDVIHUD Q *UDQDWDDSDOOHELDQFKH R *UDQDWDDILDPPHWWH S *UDQDWDDSDUDFDGXWH T %RPEDDJUDQDWLQH U *UDQDWDDFDVWDJQROH V *UDQDWDPLVWDDVIHUDHFRORUDWD W *UDQDWHOXPLQRVH *UDQDWHFRPSRVWHRVXFFHVVLYH &$3,93H]]LHOHPHQWDUL 0D]]HWWLGLUD]]LYRODQWL 5XRWH 5XRWDDUDJJLSUROXQJDWLJXDUQLWLGLOXPL *LUDVROL 5XRWHRUL]]RQWDOL 5HJROLJLUDQWL )DUIDOODRJLUDQGRODJLUDQWH 6FDOHWWH 6FDOHWWDDFRORQQD &RORQQDDFHUFKL 6ROHGLIRQWDQHILVVR 6ROHJLUDQWH 6SLUDOH 6SLUDOHGRSSLD &RORQQHJLUDQWL 2VVDWXUHYDULHJXDUQLWHGLOXPLHJLUDQWL 3LFFROHRVVDWXUHJXDUQLWHFRQOXPLILVVH 3H]]LIRUPDWLGDHOHPHQWLJLUDQWLHIHUPL &DVWHOOHWWLDVEUXIILRDPRUWDOHWWL )XRFRUDEHVFDWR %DWWHULH %DWWHULDGLFDQGHOHURPDQH 'LVFKLGLIXRFRFRORUDWR

;,

3DUDVROL ,PLWD]LRQHGLILRULFRQSLFFROHODQFHSHUGHFRU 0D]]HWWLGLILRUL 9DVLOXPLQRVLDHUHL )LVFHOOD 0D]]HWWLGLILRULDHUHL 5XRWDOXPLQRVDDHUHD 5XRWDYHUWLFDOHLQGLDHUHD 5XRWDDUDJJLJXDUQLWLGLSLFFROHUXRWH &DVFDWH &$39*UDQGLIXRFKLG DUWLILFLR $ 6RVWHJQL % 'LVSRVL]LRQH & 2UGLQHG DFFHQVLRQH ' 5LSUHVH ( 6DOYHGLPRUWDOHWWL

3$57(7(5=$

$UWLIL]LHJLRFDWWROLVFKHU]L SLURWHFQLFL *LUDQGROH $UWLIL]LSHUORFDOLFKLXVL 9DPSH (UX]LRQL )XOPLQH /DPSL 6HUSHQWLGLIDUDRQH 1LGRGLVHUSHQWL 1HYH &DQGHOHWWHDVWHOOH )LDPPLIHULODPSHJJLDQWLJLDSSRQHVL %HQJDOLQLDOXFLFRORUDWH $UWLIL]LSHUOXRJKLDSHUWL 7XUELQL )LDFFROHDOHQWDFRPEXVWLRQH $UWLIL]LHUD]]LSHUIXRFKLGLJLRUQR )LDPPHDGDOFRROFRORUDWH (OHQFRGHLSLFRPXQLDUWLIL]LHVFKHU]LLQQRFXL WURYDQWLVLLQFRPPHUFLR

;,,

6FKHU]L

3$57(48$57$

$57,),=,3,527(&1,&,3(586,9$5,

&$3$UWLIL]LSLURWHFQLFLSHUVFRSLDJULFROL 5D]]LDQWLJUDQGLQH *UDSSROLGHWRQDQWLSHUODGLIHVDGHLUDFFROWLH GHOOHVHPLQHFRQWURJOLDQLPDOLQRFLYL SDVVHULFRUYLFRQLJOLHFF $UWLIL]LIXPRJHQLSHUDWWHQXDWHLGDQQLGHOOH EULQHHGHLJHOL SULPDYHULOL $UWLIL]LSHUODGLVWUX]LRQHGLQLGLGLYHVSH $UWLIL]LDIXPLLUULWDQWL

&$3,,3LURWHFQLDLQGXVWULDOH 3HWDUGLGLVHJQDOD]LRQHSHUIHUURYLH 7RUFHDYHQWR $UWLIL]LSHUDFFHQVLRQHGLPRWRULDFRPELQWHUQD $UWLIL]LIXPRJHQLSHUSURYHGLWHQXWDVWDJQDGL FDOGDLHWXED]LRQLHFF 5D]]LODQFLDFDYLGLVDOYDWDJJLR &$3,,,$UWLIL]LSLURWHFQLFLSHUXVLEHOOLFL $ &HQQLVXLSULQFLSDOLWLSLGDJXHUUDWHUUHVWUL 5D]]L 5DFFKHWWH &DUWXFFH9HU\GDVHJQDOD]LRQH % $UWLIL]LSHUDHUHL $OWULDUWLIL]LXVDWLLQDHURQDXWLFD & $UWLIL]LSHUQDYL 3$57(48,17$

&$3,5LFHWWDULRGLFRPSRVL]LRQLSLURWHFQLFKH &RPSRVL]LRQLDOXFHJLDOOD 3HUVWHOOH 3HUVHJQDOD]LRQL 3HUODQFHGLGHFRUD]LRQHEHQJDODHILDPPH

;,,,

3HUIXRFKLGDWHDWURRGDWDYROD )LDFFROHRWRUFHDOHQWDFRPEXVWLRQH 7RUFH 3HUWUDFFLDQWL &RPSRVL]LRQLDOXFHJLDOORRUR 3HUVWHOOH 3HUWRUFH 3HUFDQGHOHURPDQH 3HUILDPPH &RPSRVL]LRQLDOXFHURVVD 3HUVWHOOH 3HUVHJQDOD]LRQL &RPSRVL]LRQLWHGHVFKHSHUVHJQDOD]LRQL &RPSRVL]LRQLWHGHVFKHFRQUHVLQHVLQWHWLFKH 3HUOXPLGLGHFRUD]LRQHEHQJDODHILDPPH 3HUIXRFKLGDWHDWURHGDVDOD 3HUVDOD )LDFFROHRWRUFHDOHQWDFRPEXVWLRQH 7RUFHEULOODQWLDOO DOOXPLQLR 7RUFHFRPXQL &RPSRVL]LRQHSHUWUDFFLDQWL &RPSRVL]LRQLDOXFHURVHD 3HUVWHOOH 3HUIXRFKLGDWDYROD &RPSRVL]LRQLDOXFHYHUGH 3HUVWHOOH 3HUVHJQDOD]LRQL &RPSRVL]LRQLWHGHVFKHXVDWHQHO 3HUODQFHGLGHFRUD]LRQHEHQJDODHILDPPH 3HUIXRFKLGDWHDWURHGDVDOD &RPSRVL]LRQLDOO DFLGRSLFULFRHGHULYDWL &RPSRVL]LRQLWHGHVFKHSHUVHJQDOD]LRQL )LDFFROHRWRUFH &RPSRVL]LRQLSHUWUDFFLDQWL &RPSRVL]LRQLDOXFHD]]XUUD 3HUVWHOOH 3HUVHJQDOD]LRQL 3HUODQFHGLGHFRUD]LRQHHFF 7RUFHSHUILDFFROHDOHQWDFRPEXVWLRQH )XRFKLGDWDYRODODQFHHWRUFHSHUIHVWLYLWj

;,9

DOSHUFORUDWR &RPSRVL]LRQLSHUIXRFKLGDWDYRODDPHULFDQL &RPSRVL]LRQLDOXFHYLROHWWD 3HUVWHOOH 3HUODQFHGLGHFRUD]LRQHEHQJDODH ILDPPH 3HUWRUFHSHUIHVWLYLWj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

;9

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

;9,

&RPSRVL]LRQLSHUILDPPLIHULODPSHJJLDQWLJLDSSRQHVL &RPSRVL]LRQHSHUEDFFKHWWHDOXFHFRORUDWD &RORUURVVR &RORUHD]]XUUR &RORUYHUGH 5D]]LGDWDYROD &RPSRVL]LRQHSHUIXPDWDJULJLD $OWUHFRPSRVL]LRQLSLURWHFQLFKHHVWHUH 3HUIDVFLGLVFLQWLOOH )DVFLGLIXRFRVFLQWLOODQWH 9DVRGLILRUL &DVFDWHRUGLQDULH &DVFDWHDOSHUFORUDWR &RPSRVL]LRQHSHUVHUSHQWHOOLVDXFLVVRQVHFF &RPSRVL]LRQLSHUPLVFHOHIXPRJHQHDIXPRELDQFR $EDVHGLQLWUDWL 0LVFHOHDOWHWUDFORUXURGLFDUERQLR 0LVFHOHDOO HVDFORURHWDQR &RPSRVL]LRQHDOWHWUDFORURHWDQR &RPSRVL]LRQLSHUPLVFHOHIXPLJHQHFRORUDWH &RPSRVL]LRQLDIXPRJLDOOR &RPSRVL]LRQLDEDVHGLSURGRWWLLQRUJDQLFL &RPSRVL]LRQLDEDVHGLSURGRWWLFRORUDQWLRUJDQLFL &RPSRVL]LRQLDPHULFDQHGHO6HUYL]LRPLOLWDUH &RPSRVL]LRQLDIXPRURVVR &RPSRVL]LRQLDIXPRYHUGH &RPSRVL]LRQHDIXPRYLRODDPHULFDQD $IXPRD]]XUUR $IXPRQHUR &$3,,&DOFRORGLFRPSRVL]LRQLSLURWHFQLFKH 9HULILFDGHOOHGLVSRQLELOLWjG RVVLJHQRGDSDUWHGHOOH VRVWDQ]HFRPEXUHQWLHGHOIDEELVRJQRG RVVLJHQR GDSDUWHGHOOHVRVWDQ]HFRPEXVWLELOL &HGLELOLWjRVVLJHQRGDSDUWHGHLFRPEXUHQWL )DEELVRJQRGLRVVLJHQRGHOOHVRVWDQ]HFRPEXVWLELOL 7UDVIRUPD]LRQHLQSHUFHQWXDOHGLRVVLJHQRGHL GDWLGLFXLVRSUD 9HULILFDGHOO RVVLJHQRGLVSRQLELOHQHOPLVFXJOLR LQHVDPH

;9,,

&DOFRORWHRULFRGHOODTXDQWLWj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

$33(1',&( 'DWLFRVWUXWWLYLVXJOLHVVLFFDWRLSHUDUWLIL]LSLURWHFQLFL %LEOLRJUDILDGLOLEULGLSLURWHFQLDHPH]]LSLURWHFQLFL

;9,,,

3$57(35,0$

,1752'8=,21( &(11,6725,&,

/H SULPH QRWL]LH VWRULFKH VXOO LPSLHJR GL PH]]L SLURWHFQLFL FRLQFLGRQRFRQTXHOOHULJXDUGDQWLODSROYHUHQHUDGLFXLIXURQR ODSULPDDSSOLFD]LRQHLSLDQWLFKLPH]]LSLURWHFQLFL L UD]]LVD UHEEHURVWDWLLQYHQWDWLGDLFLQHVLFKHDORURYROWDOLIHFHURFRQR VFHUHDJOLDUDELHTXLQGLLQWURGRWWLLQ(XURSD /HQRWL]LHSLVLFXUHULPRQWDQRDWWRUQR DODYDQWL &ULVWR 1H SDUOD XQD FURQDFD UHODWLYD DOO DVVHGLR GL .DL)XQJ)X 3LHQJ.LQJ QHOODTXDOHqGHWWRFKHLFLQHVLDVVHGLDWLGDLPRQ JROL VL GLIHQGHYDQR ODQFLDQGR VXJOL DVVHGLDQWL GHOOH IUHFFH GDO IXRFR DODWR 6HFRQGR YRQ 5RPRFNL OD VFRSHUWD GHOOD SROYHUH QHUD q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z GLUH FKH GD DOORUD H SHU YDUL VHFROL OD IDEEUL FD]LRQHGHLPH]]LSLURWHFQLFLDEELDSURJUHGLWRGLPROWR)LQGDO

O LQL]LRO HOHPHQWRHVVHQ]LDOHGHJOLDUWLIL]LHUDXQWXEHWWROHJJHUR LQFRPEXVWLELOHFKLXVRDGXQDHVWUHPLWjHULHPSLWRGLPLVFXJOLR DQDORJR DOOD SROYHUH QHUD GD TXHVWL WXEHWWL GLIIHUHQWHPHQWH FROOHJDWL H PRQWDWL VX DUPDWXUH PRELOL R ILVVH VL RWWHQHYDQR FRPHRJJLLSLGLYHUVLHIIHWWL,SURJUHVVLIDWWLVXFFHVVLYDPHQWH FRQVLVWRQRHVVHQ]LDOPHQWHLQQXRYHIRUPXOH GLPLVFHOH FRPEX VWLELOLGLPDJJLRUHHIIHWWROXPLQRVRGLSLUDSLGDFRPEXVWLRQHH QHOORVWXGLRGLQRUPHGLVLFXUH]]DWHQGHQWLDULGXUUHRHOLPLQDUH OHSUREDELOLWj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

, SH]]L HOHPHQWDUL GHJOL DUWLIL]L SLURWHFQLFL VRQR ULHPSLWL GL PLVFXJOLFKHEUXFLDQRUDSLGDPHQWHHFKHFRQWHQJRQRLQVpO RV VLJHQRQHFHVVDULRDOODFRPEXVWLRQH /DPDWHULDSULPDSLXVDWDLQSLURWHFQLD qODSROYHUHQHUDUL GRWWDLQXQDVSHFLHGLIDULQDGHWWDSROYHULQRDFXLSRVVRQRDJ JLXQJHUVL LQ GLIIHUHQWL SURSRU]LRQL DOWUH VRVWDQ]H DOOR VFRSR GL

PRGLILFDUQHOHSURSULHWjHGLQ SDUWLFRODUHOD YHORFLWj GL FRPEX VWLRQH 3HUUHQGHUFLSLIDFLOPHQWHFRQWRGHJOLHIIHWWLGLWDOLDJJLXQWH QHOFDPSRSLURWHFQLFRRFFRUUHIHUPLDPRFLEUHYHPHQWH VXOSUR FHVVRFKLPLFRGHOODFRPEXVWLRQH 3HU FRPEXVWLRQH LQWHQGLDPR SUDWLFDPHQWH OD FRPELQD]LRQH FKLPLFD GHOO RVVLJHQR FRQ L FRUSL DWWL DG XQLUVL FRO PHGHVLPR H FKHDYYLHQHFRQVYLOXSSRGLFDORUHHVSHVVRGLOXFHHVVDFRVWL WXLVFHLQWHUPLQHFKLPLFRXQDRVVLGD]LRQH , FRUSL DWWL D EUXFLDUH FLRq D FRPELQDUVL FRQ O RVVLJHQR VL FKLDPDQRFRPEXVWLELOLO RVVLJHQRVLFKLDPDFRPEXUHQWH (VHPSLGLFRPEXVWLELOHVHQHKDQQRFRQWLQXDPHQWHDSRUWDWD GLPDQHKDQQROXRJRFRQYHORFLWjGLYHUVH/ DULDqFRVWLWXLWDGD RVVLJHQRHD]RWRSHUHVO RVVLJHQRFRQWHQXWRQHOO DULDDJLVFHDQ FKHDOODWHPSHUDWXUDRUGLQDULDVXDOFXQLPHWDOOLFRPHSHUHVLO IHUURGDQGROXRJRDOODIRUPD]LRQHGHOODUXJJLQH,QTXHVWRFDVR ODUHD]LRQHLPSLHJDPROWRWHPSRDGHIIHWWXDUVLqFLRqXQDFRP EXVWLRQHOHQWD$OWULHVHPSLGLFRPEXVWLRQHSLUDSLGDO DEELDPR TXDQGR DFFHQGLDPR XQ FRPXQH ILDPPLIHUR GL OHJQR O RGRUH DFUHFKHFROSLVFHOHQRVWUHQDULFLqTXHOORGHOO DQLGULGHVROIRURVD IRUPDWDVL SHU HIIHWWR GHOO RVVLGD]LRQH GHOOR ]ROIRFRPEXVWLELOH GDSDUWHGHOO RVVLGDQWHFRPEXUHQWH FRQWHQXWRQHOO DULD/RVWHV VR DYYLHQH TXDQGR EUXFLDPR LO FDUERQH FKH D VHFRQGD GHOOD TXDQWLWjG DULDGLVSRQLELOHSXzIRUPDUHGXHJDVO RVVLGRGLFDU ERQLR VH O DULD q LQ GLIHWWR H O DQLGULGH FDUERQLFD VH O DULD q LQ HFFHVVRRQHOOHJLXVWHSURSRU]LRQL 3HUFKpLOFRUSREUXFLRFFRUUHSHUzFKHHVVRVLDSRUWDWRDGXQD GHWHUPLQDWD WHPSHUDWXUD GHWWD G DFFHQVLRQH H FKH YDULD D VH FRQGDGHOFRUSRFRPEXVWLELOH 9L VRQR SRL GHL FRUSL FKH DQFKH VHQ]D OD SUHVHQ]D GHOO DULD SRVVRQR IRUQLUH O RVVLJHQR QHFHVVDULR DOOD FRPEXVWLRQH GHL PL VFXJOL LQ FXL HVVL VRQR FRQWHQXWL FRVu L QLWUDWL L FORUDWL LO EL FURPDWRGLSRWDVVLRHFFFKHVLGLFRQRVRVWDQ]HRVVLGDQWLSHU FKpIRUQLVFRQRO RVVLJHQRODFRPEXVWLRQHGDHVVLSURGRWWDqQD WXUDOPHQWHSLUDSLGD FKH QRQ TXHOODOHQWDGRYXWD DOO RVVLJHQR GHOO DULD Ê SRVVLELOH YDULDQGR RSSRUWXQDPHQWH QHO PLVFXJOLR OH SUR SRU]LRQL GHOO RVVLGDQWH H GHO FRPEXVWLELOH GHWWR DQFKH FRPSR QHQWH ULGXFHQWH UHJRODUH OD YHORFLWj GL FRPEXVWLRQH GL XQD FRPSRVL]LRQHSLURWHFQLFDHO HVHPSLRSLHYLGHQWHFLqGDWRGDOOD

SROYHUH QHUD DWWUDYHUVR OH VXH QXPHURVH IRUPXOH RWWHQXWH YD ULDQGROHSURSRU]LRQL GHLVXRL WUH FRPSRQHQWL QLWUDWR SRWDVVLFR RVVLGDQWH ]ROIRHFDUERQHFRPEXVWLELOL 6HQHOODFRPSRVL]LRQHODVFLDQGRLQDOWHUDWD ODTXDQWLWjGL QL WUDWRH]ROIRVLDXPHQWDDSRFRDSRFRLOFDUERQHVLRWWLHQHXQD SROYHUHVHPSUHDSLOHQWDYHORFLWjGLFRPEXVWLRQH $OWUR FDPSR GL VWXGLR LQ SLURWHFQLD q OD IRUPD]LRQH GL PL VFHOHFKHEUXFLDQGRGLDQROXFHGLGHWHUPLQDWRFRORUHLQSUDWLFD VLGHVLJQDQROH FRPSRVL]LRQLFRQLOQRPHGHOFRORUHFKHGjQQR EUXFLDQGR6LDGRSHUDQRDWDOHVFRSRDOFXQLVDOLHSROYHULPHWDO OLFKHFKHGHFRPSRQHQGRVLDOODWHPSHUDWXUDGLFRPEXVWLRQHGHL PLVFXJOLDOOHVWLWLLQGXFRQRDLJDVGLFRPEXVWLRQHVSHFLDOLHFD UDWWHULVWLFKHFRORUD]LRQL / LQWHQVLWjOXPLQRVDGLSHQGHGDOODWHPSHUDWXUDGHOODILDPPD 2FFRUUH LQROWUH WHQHUH FRQWR FKH VLFFRPH DOFXQH VRVWDQ]H VRQR YRODWLOL VROR D WHPSHUDWXUH HOHYDWH OD FRPSRVL]LRQH SUHVFHOWD GRYUj HVVHUH WDOH FKH GHFRPSRQHQGRVL VYLOXSSL OD WHPSHUDWXUD VXIILFLHQWHDIDUVYLOXSSDUHGDOODVRVWDQ]DSUHVFHOWDLYDSRULFKH GHYRQRFRORUDUHODILDPPD 1HOFRQIH]LRQDPHQWRGHLPLVFXJOLSHUOXFLFRORUDWHSHUHVVL VXROH DGRSHUDUH XQD SLFFROD TXDQWLWj GL PLVFHOD D OXFH ELDQFD SHUFKp L FRPSRQHQWL GL TXHVWD DFFHQGHQGRVL VYLOXSSDQR XQD QRWHYROHTXDQWLWjGLJDVHFDORUHHIDFLOLWDQRSHUFLzODGHFRPSR VL]LRQHGHLVDOLFRORUDWLPHQRYRODWLOL 7UDOHVRVWDQ]HSLXVDWHLQSLURWHFQLDVLFLWDQR

6YLOXSSDWRUL RVVLJHQR &RPEXUHQWL &ORUDWR SRWDVVLFR SHUFORUDWR SRWDVVLFR QLWUDWR SRWDVVLFR QLWUDWR GL VRGLR QLWUDWR GLEDULRQLWUDWRGLVWURQ]LRHFF &RPEXVWLELOL&DUERQHGLOHJQDJRPPDODFFD]XFFKHURGL ODWWHGHVWULQDFRORIRQLDIDULQDGLOHJQR]ROIRHFF &LWLDPRWUDLGLYHUVLFRORULULFKLHVWLLQSLURWHFQLDHOHVRVWDQ]H DWWHDGRWWHQHUOL

/XFLELDQFKH«PDJQHVLRDOOXPLQLR URVVH««VDOLGLVWURQ]LRQLWUDWRFDUERQDWR HGL OLWLRSRFRXVDWLSHULOSUH]]R URVD««VDOLGLFDOFLRFDUERQDWRVROIDWRRVVDODWR YHUGL««VDOL GL EDULR QLWUDWR FORUDWR H VDOL GL WDOOLR SRFRXVDWLSHULOSUH]]R JLDOOH««VDOLGLVRGLRRVVDODWRELFDUERQDWRQLWUDWR JLDOORRUR«OLPDWXUDGLIHUURDHOHYDWDWHPSHUDWXUD D]]XUUH««VDOLGLUDPHFDUERQDWRDUVHQLWRVROIXUR VROIDWRHVROIDWRDPPRQLDFDOH YLRODFKLDUR«VDOLGLSRWDVVLR YLRODLQWHQVRPLVFXJOLRGLVDOLGLVWURQ]LRHGLUDPH R GHLPHGHVLPLFRQFDORPHODQR DUDQFLR««PLVFXJOLRVDOLGLVRGLRHGLVWURQ]LR

&$3,72/2,

35,1&,3$/,0$7(5,(35,0($'23(5$7(,13,52 7(&1,$

/H PDWHULH SULPH GD DGRSHUDUH LQ SLURWHFQLD GHYRQR FRUUL VSRQGHUH D SDUWLFRODUL UHTXLVLWL H SHUFLz QRQ GHYRQR HVVHUH DF TXLVWDWH RYXQTXH PD SUHVVR GLWWH JURVVLVWH VSHFLDOL]]DWH QHOOD YHQGLWDHFKHDORURYROWDFRPSUDQRLSURGRWWLSUHVVRIDEEULFKH LWDOLDQHRGHVWHUHFKHOLDOOHVWLVFRQRFRQOHFDUDWWHULVWLFKHQHFHV VDULH DOO XVR SLURWHFQLFR /D FRVD q WDQWR SL LPSRUWDQWH SHU OH VRVWDQ]HFRORUDQWLGRYHOHVRILVWLFD]LRQLROHSRVVLELOLWjGLHUURUL PDWHULDOLVRQRPDJJLRUL $ 3(5/8&,%,$1&+(&2/25$7(

$FLGR JDOOLFR ,Q FULVWDOOL ELDQFKL R OHJJHUPHQWH JLDOOLFFL LQRGRULGLVDSRUHDVWULQJHQWH HXQSR DFLGR5LVFDOGDWRD SHUGHODPROHFRODG DFTXDGLFULVWDOOL]]D]LRQHLQHVVRFRQWHQXWD 6ROXELOHLQDOFRROSRFRVROXELOHLQDFTXD,PSLHJDWRLQSLURWHF QLDLQPLVFHOHVLELODQWL$OO HVWHURVLqDQFKHWHQWDWRGLXVDUORLQ PLVFHOH D OXFH FRORUDWD SHU DYHUH XQD ILDPPD SL LQWHQVD VIUXWWDQGR LO JUDQGH YROXPH GL JDV FKH SURGXFH QHOOD VXD GH FRPSRVL]LRQH

$FLGR SLFULFR WULQLWURIHQROR Ê LQ FULVWDOOL JLDOOL LQRGRUL GLVDSRUHDPDUR9HOHQRVR6ROXELOHLQDFTXDHDOFRRO/ XPLGLWj QRQGHYHVXSHUDUHOROHLPSXUH]]HLQVROXELOLLQDFTXDOR Ê XQ SRWHQWH HVSORVLYR FKH SXz HVSORGHUH SHU VIUHJD PHQWR D FRQWDWWR FRQ L PHWDOOL VSHFLH FRQ SLRPER H IHUUR ,O SURGRWWR FULVWDOOL]]DWR q JHQHUDOPHQWH PHVVRLQ FRPPHUFLR FRQ XQDSHUFHQWXDOHGLXPLGLWjGHOSHUHYLWDUHSHULFROLGLHVSOR VLRQHRLQFHQGL

Ê XVDWR VSHFLDOPHQWH DOO HVWHUR LQ WDOXQH FRPSRVL]LRQL SL URWHFQLFKH GDQGR D HVVH QRWHYROH VSOHQGRUH H OXFHQWH]]D 9D LPSLHJDWRFRQSUHFDX]LRQH 3HUOHVSHGL]LRQLDIHUURYLDIDSDUWHGHOOD&DWHJRULD*UXS SR,$OOHJ

$OOXPLQLR 0HWDOOR DUJHQWHR OXFHQWH XVDWR LQ SLURWHFQLD VRWWR IRUPD GL SROYHUH ILQLVVLPD EUXFLDQWH IDFLOPHQWH FRQ OXFH YLYLVVLPDELDQFD / DOOXPLQLR LQ SROYHUH q OD VRVWDQ]D SL IDFLOPHQWH LQILDP PDELOH HG q RVVLGDELOH PHVFRODWR FRQ DULD SXz GDU OXRJR D HVSORVLRQL9DFRQVHUYDWRLQORFDOLIUHVFKLHYLWDQGRFKH ODSRO YHUH G DOOXPLQLR VL GLIIRQGD QHOO DULD DPELHQWH H WXWWH OH DOWUH FDXVH FKH SRVVRQR GHWHUPLQDUH O DFFHQVLRQH GL VRVWDQ]H LQ ILDPPDELOL ,QFDVRG LQFHQGLRQRQDGRSHUDUHDFTXDRHVWLQWRULDOWHWUDFOR UXURGLFDUERQLRLOFXLXVRVDUHEEHSHULFRORVRPDVDEELDRWHU UD ,Q FRPPHUFLR VL WURYDQR OH TXDOLWj © QHUDª RG ©RVFXUD ª EULOODQWHLQVFDJOLHLQJUDQHOOLHWLSR©SLURª(VVHSDVVDQRDWWUD YHUVRDGXQRVWDFFLRDQXPHURGLYHUVRGLPDJOLHSHU FPðFRVu SHU HV OD TXDOLWj © SLUR ª SDVVD DWWUDYHUVR OR VWDFFLR Q D PDJOLHFPð OD SROYHUH ILQH SDVVD DWWUDYHUVR PD JOLHFPð $QWLPRQLR UHJROR G DQWLPRQLR Ê XQ PHWDOOR ELDQFR JUL JLREULOODQWHFKHSXzHVVHUHIDFLOPHQWHSROYHUL]]DWR 'HYHHVVHUHPROWRSXURVHXVDWRSHUXVLSLURWHFQLFLHGDQRQ FRQIRQGHUVLFRQLOFRVLGGHWWRDQWLPRQLRFUXGRFKHqLQ YHFHVRO IXURG DQWLPRQLRHGDOTXDOHVLRWWLHQHGLVROLWRO DQWLPRQLR4XH VWR LQ SROYHUH LPSDUWLVFH DOOD ILDPPD XQD FRORUD]LRQH ELDQ FRD]]XUURJQROD,O'L0DLRKDVXJJHULWRGXHPHWRGLSHUGHSXUD UHLOSURGRWWRTXDORUDQRQVLWURYDVVHLQFRPPHUFLRDEEDVWDQ]D SXUR 8Q VLVWHPD GL GHSXUD]LRQH FRQVLVWH QHO WHQHUH LO SURGRWWR LQ IXVLRQHSHUXQ RUDLQXQFURJLRORGLWHUUDPHVFRODWRFRQFDUER QDWR GL VRGLR H VROIXUR G DQWLPRQLR /DVFLDQGR UDIIUHGGDUH LO FURJLROR GRSR DYHU URWWR OD FURVWD VXSHUILFLDOH VL VHSDUDQR OH VFRULHHVLULIRQGHLOSURGRWWRRWWHQXWRSHUDOWUHYROWHFRQFDU ERQDWRGLVRGLR

8QDOWURVLVWHPDFRQVLVWHQHOIRQGHUHLQXQFURJLXRORGLWHUUD SGLRVVLFORUXURGLDQWLPRQLRSROYHUHG $OJDURWWL FRQSGL FDUERQDWR VRGLFR H S GL FDUERQHULFRSUHQGR LO WXWWR FRQ XQR VWUDWR GL FDUERQH LQ SROYHUH SHU UDIIUHGGDPHQWR VL RWWLHQH LQ IRQGRLOPHWDOORSXULVVLPRVRWWRIRUPDGLXQERWWRQHFKHSRLVL SROYHUL]]DLQXQPRUWDLRGLIHUUR $UJLOODÊXQDVRVWDQ]DDEDVHGLVLOLFHGDODO HGL DOOXPLQDGDODO DGRSHUDWDSHUODWHUL]LHFF 3HUJOLXVLSLURWHFQLFLqEHQHDGRSHUDUHTXHOODSODVWLFDFKHVL SUHVHQWD XQWXRVD DO WDWWR 4XHVWD TXDOLWj DVVRUEH PROWD DFTXD ILQRDOGHOSURSULRSHVR HVLSXzPDQLSRODUHHGDGDWWDUHD TXDOXQTXHIRJJLD3ULPDGuIDUHO LPSDVWRFRQDFTXDqEHQHSRO YHUL]]DUOD H SDVVDUOD SHUXQR VWDFFLR LQ PRGR GD SULYDUOD GHOOH HYHQWXDOL SLHWUX]]H GL VLOLFH LQ HVVD FRQWHQXWH 3ULPD GHOO XVR q SUHIHULELOHVLDOHJJHUPHQWHXPLGD $UVHQLFRURVVRUHDOJDU YHGL6ROIXURG DUVHQLFR

$UVHQLWRGLUDPHYHUGH GL6FKHHOH Ê XQD SROYHUH YHUGH DPRUIDOXFHQWHLQVROXELOHLQDFTXDHLQDOFRRO8VDWRSHUODIDE EULFD]LRQHGLIXRFKLDOXFHD]]XUUD 6L RWWLHQH DJJLXQJHQGR XQD VROX]LRQH GL VROIDWR GL UDPH DG XQDVROX]LRQHDFTXRVDGLDFLGRDUVHQLFR %LDGHWWR6 LQWHQGHLOPLVFXJOLRGLD]]XUURGL%HUOLQRREOX GL3UXVVLDRIHUURFLDQXURIHUULFR PHVFRODWRFRQJHVVR ÊXVDWRLQSLURWHFQLDSHUPLVFXJOLD]]XUUL

%LFDUERQDWR GL VRGLR ,Q SROYHUH LPSDOSDELOH ELDQFD GL VDSRUH OHJJHUPHQWH OLVFLYLRVR FKH VL DOWHUD DOO DULD XPLGD SHU GHQGRDSRFRDSRFRDFLGRFDUERQLFR6ROXELOHLQDFTXD$GRSH UDWRQHOODSUHSDUD]LRQHGLIXRFKLDOXFHJLDOOD

&DORPHODQR FORUXUR PHUFXURVR PHUFXULR GROFH ,Q FUL VWDOOLRLQSROYHUHELDQFDILQHLQRGRUDLQVLSLGDXQWXRVDDOWDWWR DOWHUDELOHDOODOXFHLQVROXELOHLQDFTXDHDOFRRO6LXVDSHUUDY YLYDUHLOFRORUHGHLIXRFKLHLQDOFXQHFRPSRVL]LRQLYHUGLHVWHUH

&DQIRUD Ê XQD VRVWDQ]D ELDQFD FULVWDOOLQD LQVROXELOH LQ DFTXDVROXELOHLQDOFRROG RGRUHDURPDWLFRFDUDWWHULVWLFR 6LWURYDLQFRPPHUFLRQDWXUDOHRVLQWHWLFDLQSH]]LLUUHJRODUL RLQSDQLRLQWDYROHWWHÊYRODWLOHDQFKH DOODWHPSHUDWXUDRUGL QDULDHSHUFLzYDFRQVHUYDWDLQIODFRQLGLYHWUREHQFKLXVL'LIIL FLOPHQWHVLULGXFHLQSROYHUHV q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zPLQRULGLDOWULVDOLGLUDPHFRPHSHUHVLVDOLGRSSL GLUDPHLQPLVFXJOLRFRQLOFORUXURG DQWLPRQLRHFKHQRQULFKLH GRQRO DJJLXQWDGLFDORPHODQR &DUERQDWR GL VWURQ]LR SUHFLSLWDWR 1RUPDOPHQWH XVDWR QHL FOLPL XPLGL LQ VRVWLWX]LRQH GHO QLWUDWR GL VWURQ]LR ,O FDU ERQDWR GL VWURQ]LR VL WURYD LQ QDWXUD QHO PLQHUDOH QRWR VRWWR LO QRPHGL VWURQ]LDQLWH3HURWWHQHUOR SXUR H SROYHUXOHQWR VL WUDWWD OD VROX]LRQH GHO VDOH GL VWURQ]LR FRQ XQD FRUUHQWH GL DFLGR FDU ERQLFRGDFXLSUHFLSLWDLOFDUERQDWRGLVWURQ]LRRSSXUHWUDWWDQGR XQDVROX]LRQHGL QLWUDWR GL VWURQ]LR FRQ FDUERQDWR GL DPPRQLR 1RQFRQYLHQHXVDUHDOORVWHVVRVFRSRLOFDUERQDWRVRGLFRSHUFKp q SRL GLIILFLOH HOLPLQDUH FRPSOHWDPHQWH OH WUDFFH GL WDOH XOWLPR SURGRWWRFKHQRQKDQQRUHDJLWRHFKHGLVWXUEHUHEEHURODFDUDWWH ULVWLFDFRORUD]LRQHGHOFDUERQDWRGLVWURQ]LR 6LSUHVHQWDVRWWRIRUPDGLSLFFROLFULVWDOOLELDQFKLLQVDSRUL,O SURGRWWR RWWHQXWR DUWLILFLDOPHQWH FLRq TXHOOR SUHFLSLWDWR q SL ILQHHSLSXURGLTXHOORQDWXUDOHHGqTXHOORXVDWRLQSLURWHFQLD 6ROXELOHLQDFTXDFRQWHQHQWHDQLGULGHFDUERQLFDHLQDOFRRO 6L SXz ULFRQRVFHUH IDFLOPHQWH SHU O HIIHUYHVFHQ]D FKH Gj VH WUDWWDWRFRQVRVWDQ]HDFLGH

,QFRPPHUFLRSRVVRQRWURYDUVHQHWLSL 7LSR WHFQLFRDOGLFDUERQDWRGLVWURQ]LRFLUFDGL FDUERQDWRGLFDOFLR GLFDUERQDWRGLEDULRLQVROXELOH LQDFLGLXPLGLWj HFLUFDGLDOWUHLPSXUH]]H 7LSR SUHFLSLWDWRLOSLXVDWRLQSLURWHFQLDDOGLFDU ERQDWR GL VWURQ]LR DVVHQ]D GL FDUERQDWR GL EDULR GL LPSX UH]]HYDULHHLOUHVWRFDUERQDWRGLFDOFLRHXPLGLWj 7LSR SXUR DO FLUFD GL FDUERQDWR GL VWURQ]LR XPLGLWj GL FDUERQDWR GL FDOFLR DVVHQ]D GL VDOL GL EDULR H FLUFDDOWUHLPSXUH]]H &DUERQH GL OHJQD ,O FDUERQH GL OHJQD XVDWR LQ SLURWHFQLD SURYLHQH GDOOD GLVWLOOD]LRQH GL OHJQL GL GLIIHUHQWL TXDOLWj HIIHW WXDWHFRQQRUPHGLYHUVHHSDUWLFRODUL 7DOH FDUERQH SXU HVVHQGR FRVWLWXLWR GDOO HOHPHQWR FKLPLFR ©FDUERQLRªqVHPSUHPHVFRODWRSHUSLFFROLVVLPHSHUFHQWXDOLFRQ DOWUH VRVWDQ]H FKH JOL LPSDUWLVFRQR FDUDWWHULVWLFKH GLYHUVH WDOL SHUFHQWXDOLYDULDQRDVHFRQGDGHOSURFHGLPHQWRXVDWRQHOODFDU ERQL]]D]LRQH GHO OHJQR 3L HOHYDWD q OD WHPSHUDWXUD GL FDUER QL]]D]LRQH H PDJJLRUH q LO FRQWHQXWR LQ FDUERQLR GHO FDUERQH RWWHQXWRHPLQRUHODVXDLQILDPPDELOLWjHVVHQGRVLULGRWWRLOVXR FRQWHQXWRLQVRVWDQ]HYRODWLOL,QYHUVDPHQWHVHODWHPSHUDWXUDD FXLIXFRQGRWWDODFDUERQL]]D]LRQHQRQqHFFHVVLYDPHQWHHOHYDWD LOFDUERQHULFDYDWRqSLIDFLOPHQWHDFFHQGLELOH ,QSLURWHFQLDXQRGHLSLXVDWLqLOFDUERQHGLOHJQRGLVDOLFH GLSLRSSRLFDQDSXOLHLQJHQHUHLOHJQLOHJJHUL/ HSRFDSLDS SURSULDWDSHUWDJOLDUHLOOHJQRGDVHUYLUHSHUVFRSLSLURWHFQLFLqOD SULPDYHUDSHUFKpGRSRLOULGHVWDUVLGHOODYHJHWD]LRQHLOIOXVVR GHOODOLQIDQHOOHSLDQWHVFLRJOLHLVHGLPHQWLGLVDOLPLQHUDOLHGLO OHJQREUXFLDQGRODVFLDPLQRUHTXDQWLWjGLFHQHUL 3HUTXDQWRULJXDUGDODWHPSHUDWXUDGL FDUERQL]]D]LRQHPDQ WHQHQGRTXHVWDIUDLVL KDXQDSROYHUHPRUELGDIULD ELOH GL FRORUH URVVREUXQR FDUERQH URVVR HOHYDQGR TXHVWD WHPSHUDWXUD VL KD XQ SURGRWWR SHVDQWH VRQRUR GL FRORUH QHUR FDUERQHQHUR , FDUERQL SUHSDUDWL D EDVVD WHPSHUDWXUD VSHFLH VH DPPXF FKLDWL LQ JUDQGL TXDQWLWj KDQQR WHQGHQ]D DG DFFHQGHUVL VSRQ WDQHDPHQWHDFRQWDWWRGHOO DULDYDQQRFRQVHUYDWLSHUFLzLQUHFL

SLHQWLFKLXVLIXRULGHOFRQWDWWRGHOO DULDHLQORFDOLVHSDUDWLGRYH QRQHVLVWDQRDOWUHVRVWDQ]HLQILDPPDELOL ,OSURFHVVRGLFDUERQL]]D]LRQHGHOOHJQRSHUGLVWLOOD]LRQHYLH QH IDWWR FRQ VLVWHPL FKH SHUPHWWRQR GL UHJRODUH H VWDELOLUH FR VWDQWHPHQWH OD WHPSHUDWXUD GHWWL DQFKH VLVWHPL GHL FLOLQGUL IX LGHDWR GDO YHVFRYR LQJOHVH /DQGORII YHUVR OD ILQH GHO VHFROR ;9,,,HVXFFHVVLYDPHQWHSHUIH]LRQDWR6LVXGGLYLGHLQGXHPH WRGLGHLFLOLQGULILVVLHGHLFLOLQGULPRELOLLQWDOLFLOLQGULGLIHU URULVFDOGDWLDOODWHPSHUDWXUDQHFHVVDULDRFRQDULDFDOGDRFRQ YDSRUHVRSUDULVFDOGDWR VL FDUERQL]]D LO WLSR GL OHJQR SL DGDWWR DOODYRURSLURWHFQLFRSUHILVVR3HUHVDOFXQLSLURWHFQLFLSUHIHUL VFRQR XVDUH FDUERQH GL OHJQD IRUWH SHU LO FRQIH]LRQDPHQWR GL VWHOOHHOXFLFRORUDWHPHQWUHLOFDUERQHGLOHJQDGLVDOLFHHSLRS SRqSUHIHULWRSHUODIDEEULFD]LRQHGHOSROYHULQR 4XDORUDLOSLURWHFQLFRQRQGLVSRQHVVHGHOFDUERQHQHFHVVDULR SHUGHWHUPLQDWLLPSLHJKLHYROHVVHIDEEULFDUORFROLPH]]LSURSUL VH SXU OLPLWDWL SXz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uXQFDUERQHFKHVLDFFHQGHIDFLOPHQWHDGDWWRSHUOHFRPSR VL]LRQLSLURWHFQLFKHYLYDFL6HVLLQQDO]D OD WHPSHUDWXUDSRUWDQ GRODILQRHGROWUHLVLRWWLHQHFDUERQHQHURFKHVLLPSLHJD SHUFRPSRVL]LRQLSLOHQWH ,OFDUERQHYDSROYHUL]]DWRLQPRUWDLRQHLPROLQLDSDOOHHSRL qVHWDFFLDWRVXGGLYLGHQGRORLQEDVHDOJUDGRGLILQH]]D

&DUWDHFDUWRQL/DFDUWDFKHVLLPSLHJDLQSLURWHFQLDGHYH HVVHUHWDOHFKHFRPXQTXHPDQLSRODWDQRQVLURPSDIDFLOPHQWH /DPLJOLRUHTXDOLWjVDUHEEHTXHOODDPDQRPDGDWRLOVXRFRVWR VLXVDTXHOODVSHVVDGHLUHJLVWULOLEULYHFFKLHFF 3HU L SDUDFDGXWH GHL UD]]L Gj EXRQL ULVXOWDWL OD FDUWD JLDS SRQHVHFKHqXQDTXDOLWjGLFDUWDPROWRUHVLVWHQWHHGROFHDOWDW WR FKH VL SUHSDUD FRQ LO PLGROOR R OH FRUWHFFH GL DOFXQH SLDQWH LQGLJHQH /D IDEEULFD]LRQH GL TXHVWR WLSR GL FDUWD YLHQH IDWWD PDQRHVLLPSLHJDFRPHFROODGHOODVDOGDG DPLGRGLULVR 3HURWWHQHUHLOFDUWRQHVLSUHQGRQRRIRJOLGLFDUWDVLLQ FROODQRXQRVXOO DOWURFRQGHOODFROODFRPSULPHQGRFRQGHLSHVL TXDORUDQHFHVVLWLDYHUHGHLWXELGLXQDFHUWDFRQVLVWHQ]DSHUHVL WXEHWWLGHVWLQDWLDFRQWHQHUHPLVFHOHVLELODQWL DOFXQLSLURWHFQLFL XVDQRDQ]LFKpODFROODGHOODJRPPDODFFD ( DQFKH PROWR XVDWR LO FRVLGGHWWR FDUWRQH FXRLR FKH q XQ FDUWRQHPROWRSUHVVDWRHFRPSDWWRQRQLQFROODWRHLOFDUWRQHGL SDJOLDSHUOHIRQWDQHGLJURVVRFDOLEUR 3HU L SDVVDIXRFKL VL DGRSHUD OD FDUWD GD VFULYHUH H TXHOOD GD VWDPSD SL PRUELGD q DSSXQWR LQ YHQGLWD FDUWD SDVVDIXRFKL GL SULPDHVHFRQGDTXDOLWjDVHFRQGDGHOWLSR 6LXVDDQFKHFDUWDFRORUDWDSHUDYYROJHUHLIXRFKLHSRWHUGL VWLQJXHUHLOORURFRORUHGDOODFDUWDHVWHUQD ,FDUWRQLFXRLRVLYHQGRQRGLVROLWRLQEDOOHGDNJFRQWH QHQWL R R R IRJOL FDUWRQL H VL GLVWLQJXRQR FRP PHUFLDOPHQWH D VHFRQGD GHO QXPHUR GHL IRJOL FRQWHQXWL LQ XQD EDOODFDUWRQLFXRLRGHOHFF &HUD VLQWHWLFD Ê XQ SURGRWWR IDEEULFDWR P *HUPDQLD HG XVDWRSHUSURWHJJHUHOHPLVFHOHLOOXPLQDQWLDEDVHGLPDJQHVLRH FRQVHUYDUOHLQDOWHUDWH &ORUDWL 6RQR DGRSHUDWL FRPH FRPEXUHQWL SHUFKp FHGRQR IDFLOPHQWH LO ORUR RVVLJHQR /H PLVFHOH FKH OL FRQWHQJRQR VRQR VHQVLELOLDJOLXUWLHYDQQRPDQHJJLDWHFRQSUHFDX]LRQH 3HU HYLWDUH L SHULFROL FKH SXz SUHVHQWDUH OD ORUR SROYHUL]]D ]LRQHVLFRPSUDQRJLjDOORVWDWRSROYHUXOHQWR (YLWDUHVHPSUHFKHSRVVLELOHPLVFXJOLDEDVHGL]ROIRHFOR UDWLDOWULPHQWLDGRSHUDUHOHQHFHVVDULHSUHFDX]LRQLFKHVDUDQQR

VHPSUHRVVHUYDWHQHOIDUHLQJHQHUHOHPLVFHOHDEDVHGLFORUDWL DYHQGR LQROWUHO DYYHUWHQ]D GL ODYRUDUH FRQ SLFFROH TXDQWLWj SHU YROWD , FORUDWL SL XVDWL LQ SLURWHFQLD VRQR LO FORUDWR SRWDVVLFR H TXHOOR GL EDULR SXz DQFKH XVDUVL LO FORUDWR GL VRGLR SHU OXFL JLDOOH PHQWUH q VFDUVDPHQWH XVDWR LO FORUDWR GL VWURQ]LR PROWR GHOLTXHVFHQWH &ORUDWRGLEDULRÊXVDWRQHLIXRFKLYHUGLDLTXDOLLPSDUWL VFH XQ EHO FRORUH YHUGH VPHUDOGR Ê LQ FULVWDOOL SULVPDWLFL R LQ SROYHUH WLWROR GHO SURGRWWR UDIILQDWR FRQWHQHQWL XQD PROHFROD G DFTXD GL FULVWDOOL]]D]LRQH FKH SHUGRQR SHU ULVFDOGD PHQWRDÊVROXELOHLQDFTXD6LSXzSUHSDUDUHWUDWWDQGRD FDOGRXQDVROX]LRQHGLFORUDWRVRGLFRFRQFORUXURGLEDULR &ORUDWR GL VRGLR ,Q SROYHUH FULVWDOOLQD ELDQFD VROXELOH LQ DFTXDHDOFRRO7LWRORGHOSURGRWWRPDFLQDWRLPSDOSDELOH &ORUDWR GL SRWDVVLR Ê XQD GHOOH PDWHULH SULPH FKH HQWUD QHOODFRPSRVL]LRQHGHOODPDJJLRUSDUWHGHJOLDUWLIL]LSLURWHFQLFL SHUODIDFLOLWjFRQFXLFHGHO RVVLJHQRFRQWHQXWRLQHVVRFLUFDLO GHOVXRSHVR ÊLQFULVWDOOLRSROYHUHELDQFDGLVDSRUHVDODWRVROXELOHLQDF TXD Ê VSHFLH DOOR VWDWR FULVWDOOLQR VHQVLELOH DJOL XUWL HG DJOL VIUHJDPHQWLOHPLVFHOHGLFORUDWRFRQVRVWDQ]HRVVLGDELOLVRQR DQFK HVVHVHQVLELOLDJOLXUWLSRVVRQRHVSORGHUHSHUVIUHJDPHQWR FRVuSHUHVOR]ROIRVROIXURGLDQWLPRQLRHFF3HUFLzVLXVHUDQ QROHPDJJLRULSUHFDX]LRQLQHOO HIIHWWXDUHOHPLVFHOHFKHOLFRQ WHQJRQR3HUULFRQRVFHUORVLIDODFODVVLFDHVSHULHQ]DGLVFDOGDU QH XQD SLFFROD TXDQWLWj LQ XQ WXER GD VDJJLR DYYLFLQDQGR DOOD ERFFDGHOWXERXQSH]]HWWRGLOHJQRFRQXQDSXQWDLQLJQL]LRQH TXHVWREUXFLDFRQYLYDILDPPD 6LSUHSDUDDWWXDOPHQWHSHUYLDHOHWWUROLWLFDSDUWHQGRGDVROX ]LRQLGLFORUXURSRWDVVLFRVLKDFRVuDOORVWDWRQRWHYROHGLSXUH] /DSLLPSRUWDQWHSURGXWWULFHLQ,WDOLDGHLGXHGHWWLFORUDWL qOD6RF,GURHOHWWULFDGL%RUJRIUDQFRSUHVVR,YUHD7RULQR

]DLQSROYHUHUDIILQDWDFRQXQWLWRORGLFLUFDHVHQWHGD FORUXURGLVRGLR3HUOHVSHGL]LRQHGLFORUDWRRFFRUUHULFKLHGHUH LOQXOODRVWDDOOH$XWRULWjGL36 &ORUXUR G DPPRQLR VDOH DPPRQLDFR Ê LQ SROYHUH FUL VWDOOLQDELDQFRQHYHDYHQWHXQWLWRORGDODO4XDORUD DYHVVH XQ FRORUH JULJLDVWUR WUDWWDVL GHO SURGRWWR FRPPHUFLDOH FRVuFRORUDWRSHUSUHVHQ]DGLVDOLGLIHUURHSLRPERÊVROXELOHLQ DFTXDÊVSHVVRXVDWRDOO HVWHURSHUUDJLRQLHFRQRPLFKHLQVR VWLWX]LRQH GHOFDORPHODQR 1RQ YD XVDWR LQ PLVFXJOLFRQWHQHQWL FORUDWL

&ORUXURGLSROLYLQLOH,JHOLWWHGHVFD9LSOD VLJODLWDOLDQDGHOOD 6RF 0RQWHFDWLQL Ê LO SURGRWWR ULVXOWDQWH GDOOD SR OLPHUL]]D]LRQH GHO FORUXUR GL YLQLOH VL SUHVHQWD VRWWR IRUPD GL XQD SROYHUHELDQFD LQVROXELOH LQ DFTXD DOFRRO HG DOWUL VROYHQWL RUJDQLFL Ê VWDWR XVDWR LQ *HUPDQLD GXUDQWH O XOWLPD JXHUUD SHU PLJOLRUDUH OD YHORFLWj GL FRPEXVWLRQH GL DOFXQH FRPSRVL]LRQL SHUOXFLYHUGLLQSURSRU]LRQLQRWHYROLILQRDO7DOHFORUXUR GLSROLYLQLOHGHYHSHUzHVVHUHHVHQWHGDVRGLRHTXLQGLYDSUHSD UDWRFRQXQSURFHGLPHQWRDSSRVLWRRSXULILFDWR &ORUXURPHUFXURVRYHGL&DORPHODQR &ROOD6RQRXVDWLWUHWLSL

&ROODGLIDULQDSUHSDUDWDVHWDFFLDQGRODIDULQDGLIUXPHQWRR GLVHJDODHVWHPSHUDQGRODLQSDUWLGHOVXRSHVRGLDFTXDVLID EROOLUHSHUFLUFDPLQXWLJLUDQGROHQWDPHQWHILQFKpFRPLQFLDD ILODUH ,Q HVWDWHVLDJJLXQJHGHOO DOOXPH DOO DFTXDSHU HYLWDUH FKH OD IDULQDLQDFLGLVFD &ROODTXDGURQDVLVFLRJOLHLQDFTXDLQSDUWLDHVLPDQ WLQHOLTXLGDDEDJQRPDULD &ROODLQFRPEXVWLELOHIRUPDWDPHVFRODQGRFROODGLIDULQDFRQ FUHWDVHWDFFLDWD

&RORIRQLD SHFH JUHFD 6HUYH D YROWH SHU VRVWLWXLUH QHOOH FRPSRVL]LRQLSLURWHFQLFKHODJRPPDODFFD

ÊLOUHVLGXRVROLGRFKHVLRWWLHQHGDOODGLVWLOOD]LRQHGHOOH WUH PHQWLQHQHOODSUHSDUD]LRQHGHOODHVVHQ]DGLWUHPHQWLQD8QPñGL OHJQRGLSLQRFRQWLHQHFLUFDNJGLWUHPHQWLQDFKHSXzGDUH NJGLFRORIRQLD 6L SUHVHQWD VRWWR IRUPD GL PDVVHLUUHJRODUL SL R PHQR YR OXPLQRVHGLFRORUHYDULDELOHGDOJLDOORFKLDURDOQHUDVWURGLVWLQ ]LRQHGHOOHFRORIRQLHVHFRQGRODFRORUD]LRQH VHPLWUDVSDUHQWL IUDJLOL IDFLOPHQWH SROYHUL]]DELOL OD SROYHUH q VHPSUH GL FRORUH JLDOORSLRPHQRDPDUR+DOLHYHRGRUHUHVLQRVR5DPPROOLVFH YHUVRHIRQGHROWUHLPD[FLUFD %UXFLDFRQ ILDPPDIXOLJJLQRVDQRQODVFLDQGRFKHWUDFFLDGLFHQHUL,QVROX ELOHLQDFTXDqVROXELOHLQDOFRRO /D FRORIRQLD H[WUD VXSHULRUH q FRQWUDGGLVWLQWD GDOOD PDUFD ::4XHOODVXSHULRUHGDOODPDUFD:*HTXHOODRUGLQDULDGDOOD PDUFD. 'HVWULQD6LDGRSHUDSHUGDUHFRQVLVWHQ]DDGDOFXQHPLVFHOH PLJOLRUDLOFRORUHGHLIXRFKL SHUUHJRODUHODYHORFLWjGLFRPEX VWLRQHFKHUDOOHQWDLQPLQRUSURSRU]LRQHGHOODJRPPDDUDELFDÊ XQSURGRWWRGLWUDVIRUPD]LRQHGHOO DPLGRSHUD]LRQHGHOFDORUHD RDQFKHSHUD]LRQH GHJOLDFLGLGLOXLWL *HQHUDOPHQWH VLSUHSDUD FRQODIHFRODGLSDWDWHFKH VH GL EXRQD TXDOLWj KD OD FDUDWWHULVWLFD GL DYHUH DVSHWWR EULOODQWH 1HJOL XVL SLURWHFQLFL VL XVDODGHVWULQDLQSROYHUHJLDOOD /HGHVWULQHGHOFRPPHUFLRFRQWHQJRQRVHPSUHTXDQWLWjSLR PHQRULOHYDQWLGLDPLGRQRQWUDVIRUPDWRFKHOHUHQGHQRQFRP SOHWDPHQWHVROXELOLQHOO DFTXD/HFHQHULLQXQDEXRQDGHVWULQD QRQGHYRQRVXSHUDUHOR 4XDQGROD GHVWULQD VL XVD SHULQFROODUH FRPH VRVWLWXWR GHOOD JRPPDDUDELFDYDPHVFRODWDFRQDFTXDQRUPDOPHQWHVLIDQQR SDUWLXJXDOLGL GHVWULQD H DFTXD H OD TXDQWLWj DGRSHUDWD GL VROX ]LRQHDFTXRVDGHYHHVVHUHVXIILFLHQWHQHOO XVRSUDWLFRSHUWXWWDOD FRPSRVL]LRQHIDWWD )LOLHUDGLOHRQHYHGL/LPDWXUDGLIHUUR

)OXRUXURGLEDULR6L XVDLQ WDOXQHIRUPXOH WHGHVFKH SHU ULGXUUHODIRUPD]LRQHGLVFRULH

)RVIRURURVVRÊXVDWRLQDOFXQHFRPSRVL]LRQLSLURWHFQLFKH SHUJLXRFKLSLURWHFQLFLHILDPPLIHULGLVLFXUH]]DÊXQRVWDWRLQ WHUPLQH FKLPLFR ©DOORWURSLFRª GHO IRVIRUR HG KD FDUDWWHULVWLFKH GLYHUVHGDOIRVIRURELDQFRRJLDOORGDFXLVLRWWLHQHSHUFKpQRQ qYHOHQRVRQRQqIRVIRUHVFHQWHHVLLQ ILDPPDYHUVRL 6L SUHVHQWD VRWWR IRUPD GL SROYHUH DPRUID GL FRORUH URVVR EUXQRLQDOWHUDELOHDOO DULDÊVROXELOHLQDOFRRODVVROXWR

)XOPLFRWRQH FRWRQH IXOPLQDQWH QLWURFHOOXORVD HFF 8VDWR LQ WDOXQH FRPSRVL]LRQL SLURWHFQLFKH SHU DFFHQGHUH FRQ WHPSRUDQHDPHQWH SL IXRFKL 1RQ KD XQD IRUPXOD FKLPLFD EHQ GHILQLWD&RQWLHQHLQPHGLDLOGLD]RWRÊIDFLOPHQWHLQ ILDPPDELOHHEUXFLDDOO DULDFRQILDPPDOXPLQRVDÊGDFRQVLGH UDUVL HVSORVLYR 7UDVSRUWR SHU ) 6 $OOHJ &DWHJ H *UXSSR,,,PHUFLSHULFRORVH *HVVR 6L DGRSHUD DQLGUR LQ SROYHUH VRWWLOH GHOOD TXDOLWj GHWWDGDLQGRUDWRUH *RPPDDFURLGD]YHGL6FLDODFFD

*RPPD DUDELFD 6HUYH FRPH OD GHVWULQD D GLPLQXLUH OD YHORFLWjGLFRPEXVWLRQHGHOOHPLVFHOHHDGDUHDTXHVWHXQDFHUWD FRQVLVWHQ]D )LQHPHQWH SROYHUL]]DWD q VSHFLDOPHQWH XVDWD QHOOD IDEEULFD]LRQHGHOOHVWHOOH &ROQRPHGLJRPPHDUDELFKHVLLQWHQGRQR YDULH JRPPH VR OXELOLSURGRWWHGDGLYHUVHVSHFLHGLDFDFLDLOOLTXLGRFKHIXRULH VFH GDO WURQFR R GDL UDPL GHOOH DFDFLH GD LQFLVLRQL IDWWH SHU OR SL DSSRVLWDPHQWH R DFFLGHQWDOL VL LQGXULVFH DOO DULD H Gj OD JRPPDFKHSRLVLVWDFFDDPDQR/DTXDOLWjSLSUHJLDWD YLHQH GDO6XGDQHJL]LDQRHGqGHWWDJRPPDGHO&RUGRIDQ6LSUHVHQWD LQ PDVVH SL R PHQR YROXPLQRVH H GL IRUPD LUUHJRODUH WUDVSD UHQWLRGRSDFKHLQFRORULRDPEUDWHIUDJLOLLQRGRULSLRPHQR VROXELOLQHOO DFTXDVHFRQGRODTXDOLWj *RPPDODFFDÊXQDUHVLQDSURGRWWDGDOODVHFUH]LRQHG XQ LQVHWWR YLYHQWH QHOO ,QGLD VHWWHQWULRQDOH GHWWR LQVHWWR YLYH VXL UDPLGLDOFXQHSLDQWHDFXLVLDWWDFFDFRQODERFFDHYLVHFHUQHOD UHVLQD

'RSR HVVHUH VWDWD VRWWRSRVWD D YDUL SURFHVVL YLHQH PHVVD LQ FRPPHUFLRVRWWRYDULHIRUPHTXHOODLQVFDJOLHXVDWDLQSLURWHF QLDVLSUHVHQWDVRWWRIRUPDGLODPHOOHGLFRORUHDPEUDWRRDQFKH URVVREUXQR ( LQVROXELOHLQDFTXDVROXELOHSHUODPDVVLPDSDUWHLQDOFRRO 6LGLVWLQJXHLQYDULWLSLDVHFRQGDGHOODTXDOLWjRGHOFRORUH qPROWRXVDWDLQSLURWHFQLDLOWLSR71ÊTXDVLSUDWLFDPHQWHLP SRVVLELOH SROYHUL]]DUH DPDQROD JRPPD ODFFD SHUOD SROYHUL] ]D]LRQH VL SXz VHJXLUH LO VHJXHQWH SURFHGLPHQWR FKLPLFR VL IDQQR EROOLUH J GL JRPPD ODFFD LQ XQD VROX]LRQH GL J GL VRGD 6ROZD\ LQ XQ OLWUR G DFTXD ILQFKp VLD FRPSOHWDPHQWH GL VFLROWD6LILOWUDODVROX]LRQHHVLODVFLDUDIIUHGGDUH&ROUDIIUHG GDPHQWR VL VHSDUD DOOD VXSHUILFLH OD FHUD VHPSUH LQ HVVD FRQWH QXWD7ROWD OD FHUDVL DJJLXQJH DOOD VROX]LRQH JRFFLD D JRFFLD XQ DFLGR ILQFKp LO OLTXLGR QRQ IDFFLD SL HIIHUYHVFHQ]H H SUH VHQWLXQDUHD]LRQHOHJJHUPHQWHDFLGD/DJRPPDODFFDVLVHSDUD LQILRFFKLVLUDFFRJOLHVRSUDXQIHOWURGLODQDVLODYD ILQRDUH D]LRQHQHXWUDHVLIDDVFLXJDUHDOO RPEUD ,Q $PHULFD q DQFKH XVDWD XQD UHVLQD GL FRORUH URVVR SURYH QLHQWHGDOO LVROD.DQJDURR$XVWUDOLD /D JRPPD ODFFD q GL IUHTXHQWH VRILVWLFDWD VSHFLH FRQ FR ORIRQLDRDOWUHUHVLQHRDQFKHFRQXQSR GLVROIXURGLDUVHQLFR RUSLPHQWRSHULOFRORUH 8QD SURYD VHPSOLFH q GL WUDWWDUH J GL JRPPD ODFFD FRQ FPñGLDFTXDLQFXLVLDQRVFLROWLFPñGLERUDFHO DVVHQ]DGL UHVLQHHVWUDQHHqFRQIHUPDWDGDOIDWWRFKHODVROX]LRQHFRVuRWWH QXWDGHYHHVVHUHOLPSLGDRDSSHQDRSDOHVFHQWH /DWWRVLRYHGL=XFFKHURGLODWWH

/LFRSRGLR( SDUWLFRODUPHQWHXVDWRLQWDOXQHFRPSRVL]LRQL DOXFHURVVD6LSUHVHQWDVRWWRIRUPDG XQDSROYHUHILQLVVLPDGL FRORUHJLDOORSDOOLGRLQRGRUDHLQVLSLGDOHJJHUD $OWDWWRqPRUELGDHTXDVLXQWXRVD6XOO DFTXDJDOOHJJLDVHQ ]DLQXPLGLUVLHDIIRQGDVRORLQVHJXLWRDHEROOL]LRQH*HWWDWDVR SUDXQDILDPPDEUXFLDFRQYLYDOXFHUDSLGDPHQWHHVHQ]DVYRO JHUHQpRGRUHDOFXQRQpIXPR ÊLQGLFDWDODTXDOLWjQRWDLQFRPPHUFLRVRWWRLOQRPHGL©/L FRSRGLRGL5XVVLDª

/LPDWXUH6RQRXVDWHLQSLURWHFQLDQHOOHIRQWDQHOLPDWXUH GLYDULPHWDOOLGLUHFHQWHIDEEULFD]LRQHQRQRVVLGDWHQqPHVFR ODWHIUDGLORUR 3HUDYHUHJUDQGLVFLQWLOOHVLDGRSHUDQRGHLSLFFROLSH]]HWWL GLILORGLDFFLDLRRGLIHUURTXHVWLXOWLPLFRQRVFLXWLVRWWRLOQRPH GLILOLHUDGLOHRQH /DILOLHUDqYHQGXWDVRWWRIRUPH LQJURVVLDJKL LQDJKLILQL LQSROYHUH

%LVRJQDFRQVHUYDUHHLPSLHJDUHFRQPROWDFXUDOHOLPDWXUHGL IHUUR DFFLDLR H JKLVD SHUFKp XQD YROWD RVVLGDWH QRQ VRQR SL LPSLHJDELOL /D OLPDWXUD GL UDPH q WDOYROWD DGRSHUDWD QHOOH IRQWDQH SHU DYHUH ULIOHVVL YHUGL H TXHOOD GL ]LQFR SHU DYHUH ULIOHVVL ELDQFKL WHQGHQWLOHJJHUPHQWHDOO D]]XUUR 8QHIIHWWREHOOLVVLPRVLPLOHDTXHOORGHOOHFDVFDWHIDPRVHGHO 1LDJDUD q SURGRWWR FRQ XQD FRPSRVL]LRQH FRQWHQHQWH OLPDWXUD GLDFFLDLRVRWWRIRUPDGLDJKL 0DJQHVLR6HUYHSHUOXFLELDQFKHYLYLVVLPH ÊDGRSHUDWRGDOSULQFLSLRGLTXHVWRVHFRORLQSLURWHFQLDVLDLQ IRWRJUDILDFKHLQFRPSRVL]LRQLSLURWHFQLFKHHLQFHQGLDULHÊID FLOPHQWH RVVLGDELOH H LO VXR LPSLHJR LQ SROYHUH LPSDOSDELOH QHOOHFRPSRVL]LRQLSLURWHFQLFKHQRQqVFHYURGLSHULFROLSHUFLz VL VXROH LPEHYHUOR FRQ ROLR R FRQ VWHDULQD RQGH SURWHJJHUOR GDOOHRVVLGD]LRQL

0LQLR RVVLGR URVVR GL SLRPER Ê DGRSHUDWR UDUDPHQWH LQ TXDOFKH PLVFHOD D OXFH ELDQFD 6L SUHVHQWD VRWWR IRUPD GL XQD SROYHUHGLFRORUHURVVRYLYR 1HURIXPR8VDWRLQDOFXQHPLVFHOHSLURWHFQLFKHSHUOXFLH LQDOWUHGDWDODVXDIDFLOHDFFHQGLELOLWjHJUDQGHOHJJHUH]]DSHU VRVWLWXLUHODSROYHUHGLFDUERQHOHJJHURSHUzDOFXQLSLURWHFQLFL GDWD OD GLIILFROWj GHOOD PHVFROD]LRQH GHOOH FRPSRVL]LRQL FRQWH

QHQWLLOQHURIXPRDPRWLYRGHOODVXDOHJJHUH]]DWURYDQRSUHIH ULELOH O LPSLHJR GHO FDUERQH URVVR FKH SXU DFFHQGHQGRVL ID FLOPHQWHVLODYRUDFRQPDJJLRUIDFLOLWj ,OQHURIXPRqFRVWLWXLWRGDFDUERQLRSXURILQHPHQWHVXGGLYL VRFKHVLRWWLHQHRJQLTXDOYROWDVLUDIIUHGGDQRLSURGRWWLGLFRP EXVWLRQHGLVRVWDQ]HRUJDQLFKHFRQWHQWLXQDIRUWHSHUFHQWXDOHGL FDUERQLR6LSUHVHQWDVRWWRIRUPDGLXQDSROYHUHQHUDLPSDOSD ELOHOHJJHULVVLPD,SLURWHFQLFLSUHIHULVFRQRXVDUHOHTXDOLWj WH GHVFKHHTXHOODGHWWD©GL 9HQH]LDªHLQJHQHUHTXHOOHHVHQWLGD ROLHGDRJQLLPSXULWj 3HU SHUPHWWHUH DOOH TXDOLWj FRPXQL GL EDJQDUVL QHOO DFTXD VL IDEROOLUHLOQHURIXPRSHUTXDOFKHWHPSRDJLWDQGRLQXQDVROX ]LRQHOHJJHUPHQWHDOFDOLQDEDVWDDJJLXQJHUHXQSR GLVRGDFDX VWLFD 6LUDFFRJOLHSRLVRSUDXQILOWURVLODYDFRQDFTXDFDOGDH VLODVFLDHVVLFFDUH 1LWUDWRGLEDULR6LXVDLQDOFXQH FRPSRVL]LRQL YHUGL H P DOFXQH D OXFH ELDQFD FRQWHQHQWL DOOXPLQLR LQ VRVWLWX]LRQH GHO QLWUDWR GL SRWDVVLR FKH FRPH RVVLGDQWH IDYRULVFH PHQR GHO QL WUDWRGLEDULRODGHFRPSRVL]LRQHGHOODFRPSRVL]LRQH 6LSUHVHQWDVRWWRIRUPDG XQDSROYHUHELDQFDFULVWDOOLQDILQH VROXELOHLQDFTXD7LWRORLQFRPPHUFLR /H FDUDWWHULVWLFKH JDUDQWLWH GHL SURGRWWL HVWHUL VRQR JUDQL GL PPGLGLDPHWURXPLGLWjIHUUR LQ WUDFFH PHWDOOLSH VDQWL]HURVDOLDOFDOLQLVRGLRLQVROXELOHLQDFTXD FORUXUL6RF*LJQRX[ ,OSURGRWWRQD]LRQDOHKDXQWLWROR QRQ LQIHULRUH DO LQ VROX]LRQH DFTXRVD UHD]LRQH QHXWUD DO WRUQDVROHLPSXULWjLQVROXELOLLQDFTXDWUDFFHQRQGRVDELOLFORUR HVDOLGLIHUURWUDFFHQRQGRVDELOLILQH]]DSDVVDFRPSOHWDPHQWH DOORVWDFFLRGLPDJOLHFPð 6L GHFRPSRQH ROWUH L VXR SXQWR GL IXVLRQH LQ PRGR UHJRODUHODVFLDQGRXQUHVLGXRVROLGRIRUPDWRGDRVVLGRGLEDULR H VYLOXSSDQGR YDSRUL QLWURVL H RVVLJHQR ULVSHWWR LO GLFRQWHQXWRLQRVVLJHQR 1LWUDWR GL SRWDVVLR R QLWUR R VDOQLWUR $GRSHUDWR FRPH FRPEXUHQWHFRQWLHQHLOG RVVLJHQR LQPLVFHOHSHUOXFLH

QHOOD IDEEULFD]LRQH GHOOD SROYHUH QHUD DOOH TXDOL FHGH LO GHOO RVVLJHQRFRQWHQXWR 6L WURYD DOOR VWDWR QDWXUDOH PD VL SUHSDUD DQFKH SHU GRSSLD GHFRPSRVL]LRQH GHO QLWUDWR VRGLFR H GDO FORUXUR SRWDVVLFR 6L SUHVHQWDVRWWRIRUPDGLXQDSROYHUHELDQFDFULVWDOOLQDLJURVFRSL FD FKH IRQGH D H VL GHFRPSRQH D FLUFD FRQ VYROJL PHQWRGLRVVLJHQRÊVROXELOHLQDFTXDSGLDFTXDDQH VFLROJRQRSPHQWUHDQHVFLROJRQRS ÊTXDVLLQ VROXELOHQHOO DOFRRO 9LVRQRLQFRPPHUFLR TXDOLWjGLQLWUDWRSRWDVVLFR WLSRWHFQLFRDO WLSR UDIILQDWR DO 4XHVWD TXDOLWj GRYUHEEH HVVHUH HVHQWHGDPHWDOOLSHVDQWLIHUURSLRPERFDOFLR HFRQ WHQHUHGDO DO GL XPLGLWj FORUXUR GL VRGLR GDO DO H VRVWDQ]H LQVROXELOL GDO DO WLWROR LQ D]RWR LQSRWDVVD WLSRGRSSLRUDIILQDWRDOLQFULVWDOOLPLQXWLSURGRWWR IUDQFHVH HLPSDOSDELOHSURGRWWREHOJD QHOTXDOHLOFORUXURVR GLFRqVRORLQWUDFFHPD[ HLQILQH WLSRWULSORUDIILQDWRQHYHDOFKHKDFDUDWWHULVWLFKH TXDVLIDUPDFHXWLFKH &LUFDJOLHIIHWWLGHOVXRLPSLHJRVLSXzULWHQHUHFKHLOFDORUH VYLOXSSDWR QHOOD FRPEXVWLRQH GHOOD SROYHUH QHUD VLD DOO LQFLUFD SURSRU]LRQDOH DO FRQWHQXWR LQ SHVR GL QLWUDWR SRWDVVLFR 8Q DX PHQWR GL QLWUDWR SRWDVVLFR QHOOD FRPSRVL]LRQH RUGLQDULD GL SRO YHUHQHUDQHGLPLQXLVFHODYHORFLWjGLFRPEXVWLRQHHSXUIDFHQ GRDXPHQWDUHODTXDQWLWjGLFDORUHVYLOXSSDWDIDVuFKHVLDEELD XQDPLQRUTXDQWLWjGLJDV 1LWUDWRGLVRGLRQLWUR GHO &LOH 8VDWR SHU IXRFKL JLDOOL H WDOYROWD LQ VRVWLWX]LRQH GHO VDOQLWUR QHOOD SROYHUH QHUD 6L SUH VHQWD LQ SROYHUH ELDQFD LJURVFRSLFD GL VDSRUH VDODWR DPD URJQROR6ROXELOHLQDFTXD&RQWLHQHLO GLD]RWR 1LWUDWRGLVWURQ]LR6HUYH SHUOXFLURVVH6LSUHVHQWDVRWWR IRUPDGLFULVWDOOLELDQFKLLJURVFRSLFLFRQWHQHQWHPROHFROHGL DFTXD GL FULVWDOOL]]D]LRQH SHUFLz SULPD GHOO XVR RFFRUUH HVVLF FDUORIRQGHQGROROHQWDPHQWHDLQXQDFDSVXODGLSRUFHOOD

QD HFRQVHUYDUORLQUHFLSLHQWLEHQFKLXVL6HO DFTXDGLFULVWDOOL] ]D]LRQHqVWDWDFRPSOHWDPHQWHHOLPLQDWDLOSHVRVLULGXFHDFLUFD LO1RQGHYHFRQWHQHUHFKHLQWUDFFHVDOLGLVRGLRHOR GL DOWUH VRVWDQ]H SHU XVL PLOLWDUL q ULFKLHVWR XQ FRQWHQXWR PD[ G XPLGLWjGHOORPD[G DOFDOLQLWjHUHD]LRQHQHXWUDLQ VROX]LRQHDFTXRVD 2VVDODWR GL VRGLR 6HUYH SHU IXRFKL JLDOOL Ê XQD SROYHUH ELDQFDFULVWDOOLQDVROXELOHLQDFTXDYHOHQRVD/ RVVDODWRVRGLFR GHYH XVDUVL EHQ VHFFR SHUFKp VH XPLGR LQ SUHVHQ]D GL FORUDWL SRVVRQRDYYHQLUHGHFRPSRVL]LRQLSURYRFDWHGDOODIRUPD]LRQHGL DFLGRRVVDOLFRHFORULFR / RVVDODWRGLVRGLRVLSXzIDFLOPHQWHIDEEULFDUHDJJLXQJHQGR DO ELFDUERQDWR VRGLFR XQD VROX]LRQH FRQFHQWUDWD GL DFLGR RV VDOLFR 2VVDODWR GL VWURQ]LR $GRSHUDWR GD DOFXQL SLURWHFQLFL SHU OXFLURVVH9D HVVLFFDWRSULPDGHOO XVRSHUOLEHUDUOR GDO O DFTXD GLFULVWDOOL]]D]LRQHFKHVLDFFRPSDJQDDGHVVRQHOODVXDIRUPD ]LRQH&RQWHQXWRLQRVVDODWRFLUFDÊLQSROYHUHELDQFDLP SDOSDELOHFRQUHD]LRQHQHXWUDDOODFDUWLQDGLWRUQDVROH/HFRP SRVL]LRQLIDWWHFRQTXHVWRVDOHQRQVLSRVVRQRFRQVHUYDUHDOXQ JRSHUODWHQGHQ]DGHOO RVVDODWRGLVWURQ]LRDGHFRPSRUVL 2VVLFORUXUR GL UDPH ( TXDOFKH YROWD DGRSHUDWR SHU OXFL D]]XUUH 6L SUHVHQWD VRWWR IRUPD GL XQD SROYHUH DPRUID YHU GHD]]XUUD LQVROXELOH LQ DFTXD 7URYD DSSOLFD]LRQL SUDWLFKH LQ DJULFROWXUD GRYH q FRQRVFLXWR VRWWR LO QRPH GDWR DO SURGRWWR GDOOD6RF0RQWHFDWLQLGL©SROYHUH5HJLQDª 2VVLGR GL PDJQHVLR PDJQHVLD FDOFLQDWD Ê DGRSHUDWR LQ DOFXQH FRPSRVL]LRQL SLURWHFQLFKH SHU PRGHUDUH OD YHORFLWj GL FRPEXVWLRQH H GLPLQXLUH OH SUREDELOLWj GL DXWRDFFHQVLRQH 6L SUHVHQWDVRWWRIRUPDGLSROYHUHELDQFDDPRUIDTXDVLLQVROXELOH LQDFTXD

2VVLGRGLUDPHQHUR RVVLGR UDPHLFR 8VDWR DOO HVWHUR LQ DOFXQHFRPSRVL]LRQLSLURWHFQLFKHD]]XUUHHYLROD

6LSUHVHQWDVRWWRIRUPDGuSROYHUHQHUDEOXDVWUDDPRUIDLJUR VFRSLFDLQVROXELOHLQDFTXD 3HFH 'D QRQ FRQIRQGHUVL FRQ OD SHFH JUHFD FRORIRQLD q XQSURGRWWRUHVLGXDWRGDOODGLVWLOOD]LRQHGHOFDWUDPHPLQHUDOHR GLFDUERQIRVVLOHDVHFRQGDGHOJUDGRFXLqVWDWDVSLQWDODGLVWLO OD]LRQHVLRWWHQJRQRSHFLSLRPHQRPROOLDOODWHPSHUDWXUDRU GLQDULD H GL SURSULHWj GLYHUVH D VHFRQGD GHOOD PDWHULD SULPD GL SDUWHQ]D /D SHFH FRPXQH SURYHQLHQWH GDOOD GLVWLOOD]LRQH GHO FDUERQ IRVVLOHVLSUHVHQWDVRWWRIRUPDG XQDVRVWDQ]DELWXPLQRVDGLFR ORUH QHUR DYHQWH RGRUH FDUDWWHULVWLFR $ VHFRQGD GHO WLSR UDP PROOLVFHGDLDJOLH IRQGHGDL ILQRDL /DSHFH QHUDRQDYDOHSURYLHQHGDOODGLVWLOOD]LRQHGHOFDWUDPHYHJHWDOH &RQODSHFHFKHVLRWWLHQHGDOODGLVWLOOD]LRQHVHFFDGHOODFROR IRQLDVLIDODSHFHSHUFDO]RODLXVDWDSHULQFDWUDPDUHORVSDJR 3HUFORUDWRGLSRWDVVLRÊLPSLHJDWRGDQRQPROWRLQSLUR WHFQLDVSHFLHDOO HVWHURSHULOIDWWRFKHSXUFRQWHQHQGRSLRVVL JHQRGHOFORUDWRFLUFDLOFRQWURLOGHOFORUDWR qPHQR VRJJHWWR D GHFRPSRUVL SHU HVVHUH XQ VDOH GHOO DFLGR SHUFORULFR PROWRSLVWDELOHGHOO DFLGRFORULFRGDOTXDOHGHULYDLOFORUDWR /H FRPSRVL]LRQL SLURWHFQLFKH IDWWH FRQ LO SHUFORUDWR GjQQR SUDWLFDPHQWHJOLVWHVVLHIIHWWLGHOFORUDWRSHUzQHYDFXUDWDODOR UR DFFHQVLRQH FKH q PHQR IDFLOH D PRWLYR DSSXQWR GHOOD PDJ JLRUVWDELOLWjULVSHWWRDLFORUDWL 6LSUHVHQWDVRWWRIRUPDGLXQDSROYHUHELDQFDFULVWDOOLQDSRFR VROXELOHLQDFTXDIUHGGDHLQVROXELOHLQDOFRROGHQVLWjGDD 1RUPDOPHQWH KD XQ WLWROR GL /D ULPDQHQ]D DG DQGDUH Dq FRVWLWXLWDGDFORUDWRSRWDVVLFR / XPLGLWjQRQq VXSHULRUHDOOR/HLPSXUH]]HH[WUDFORUDWRQRQVXSHUDQRGL VROLWRORHVRQRFRVuFRVWLWXLWHLQVROXELOHLQDFTXDLQIHULR UH DO FORUXUL VROIDWL EURPDWL QLWUDWL FRPSRVWLG DPPRQLRHPHWDOOLH[WUDSRWDVVLR DVVHQWL

3HURVVLGRGLEDULR(VHQWHGDDFTXDGLFULVWDOOL]]D]LRQHq LPSLHJDWRLQDOFXQHFRPSRVL]LRQLELDQFKHOXPLQRVHHSHUWUDF FLDQWLWLWROR

3HURVVLGR GL VWURQ]LR Ê LPSLHJDWR DQLGUR DG XQR VWDWR GL SXUH]]D GL FLUFD LO SHU PLVFHOH WUDFFLDQWL 6L SUHVHQWD VRWWRIRUPDGLXQDSROYHUHELDQFDLPSDOSDELOHSDVVDQWH DGXQR VWDFFLRGLPDJOLHSHUFPð'HQVLWjDSSDUHQWH 3LFUDWRDPPRQLFR$GRSHUDWRDOO HVWHURLQDOFXQHOXFLURV VHHYHUGLSHUVDOHGLVSHWWDFRORDOORVFRSRGLULGXUUHLJDVLUUL WDQWLVYLOXSSDWLGDOOHVRVWDQ]HLPSLHJDWHQHOOHPLVFHOHRUGLQDULH 3HU OXFL YHUGL VL PHVFROD LQVLHPH DO QLWUDWR GL EDULR H SHU OXFL URVVH DO QLWUDWR GL VWURQ]LR 6L SUHSDUD YHUVDQGR GHO FDUERQDWR G DPPRQLR R XQD VROX]LRQH FRQFHQWUDWD G DPPRQLDFD LQ XQD VROX]LRQHFDOGDGLDFLGRSLFULFRVLGHSRVLWDFRVuSHUUDIIUHGGD PHQWRLOSLFUDWRG DPPRQLRLQEHLFULVWDOOLGLFRORUURVVRJUDQD WD ÊSRFRVHQVLELOHDJOLXUWL$OO DULDOLEHUDEUXFLDVHQ]DGHWRQD UH 3LFUDWRSRWDVVLFR8VDWRPPLVFHOHVLELODQWL,OSLFUDWRSR WDVVLFRFRPHLQJHQHUHWXWWLLSLFUDWLHFFHWWXDWRTXHOORG DPPR QLRqVHQVLELOHDJOLXUWLHVIUHJDPHQWLHGHVSORGHSHUFRQWDWWRGL XQFRUSRLQLJQL]LRQH&LzSHUzQRQVLYHULILFDVHFRQWLHQHDOPH QRLOG DFTXD4XDQGREUXFLDSURGXFHXQVLELORVWULGHQWHH VL XWLOL]]D DSSXQWR TXHVWD VXD SDUWLFRODUH SURSULHWj SHU LPSLH JDUORQHJOLDUWLIL]LVLELODQWL 6LSUHSDUDYHUVDQGRSRFRSHUYROWDLQXQDVROX]LRQHEROOHQWH GL FDUERQDWR SRWDVVLFR GHOO DFLGR SLFULFR /H TXDQWLWj WHRULFKH VRQRQHOODSURSRU]LRQHGLLSGLFDUERQDWRSRWDVVLFRHGL DFLGRSLFULFRLQSUDWLFDVLSXzFDOFRODUH DO O LQFLUFDGLXVDUH SGLFDUERQDWRSRWDVVLFRVFLROWHLQSGLDFTXDDFXLVLDJ JLXQJRQRSGLDFLGRSLFULFR ,O SLFUDWR SRWDVVLFRFRVu RWWH QXWRGHYHFRQWHQHUHVROWDQWRLQWUDFFHLOFDUERQDWRSRWDVVLFRLP SLHJDWRQHOODUHD]LRQH

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j OXRJRDGXQVLELORSUROXQJDWRFKHYLHQHVSLHJDWRFROIDWWRFKHOD PLVFHOD q HVSORVLYDDFFHVD EUXFLD FRQ YLROHQ]D H VLFFRPH O DF FHQVLRQHKDOXRJRLQXQRVSD]LRULVWUHWWRTXDOHqLOWXERGLFDUWR QH VL SURGXFH O LQL]LR GL XQD HVSORVLRQH PDQLIHVWDQWHVL FRQ XQ VLELOR 3LURIRULFKH SROYHUL 6RQR FRVu FKLDPDWH DOFXQH VRVWDQ]H FKHSUHQGRQRIXRFRDFRQWDWWRFRQO DULD&RVuLOIHUURULGRWWRLQ SROYHUHLPSDOSDELOHLOFHULRHFF 3ROYHUH QHUD Ê XQ LQWLPR PLVFXJOLR GL QLWUDWR SRWDVVLFR ]ROIRHFDUERQH,OQLWUDWRSRWDVVLFRqODSDUWHFRPEXUHQWHPHQ WUHJOLHOHPHQWLFRPEXVWLELOLVRQRGDWLGDOOR]ROIRHGDOFDUERQH OD UHD]LRQH HVSORVLYD q SULQFLSDOPHQWH GRYXWD DOO RVVLGD]LRQH LVWDQWDQHD GHO FDUERQH FLRq DOOD WUDVIRUPD]LRQH GHO FDUERQH

QHOO RVVLGR GL FDUERQLR H DQLGULGH FDUERQLFD FRPSRVWL JDVVRVL SHUFXLVLVYLOXSSDXQDJUDQGHTXDQWLWjGLFDORUH /R]ROIRKDLPSRUWDQ]DQHOPLVFXJOLRQRQWDQWRSHUODTXDQ WLWjGHLJDVFKHVLVYLOXSSDQRTXDQWRSHUODUHJRODULWjHUDSLGLWj GHOODUHD]LRQHHGDOWUHVuSHUODEXRQDFRQVHUYD]LRQHGHOODSROYH UHSHUODUDSLGLWjSHUFKpDFFHOHUDORVYLOXSSRGHLJDVSHUODUH JRODULWj SHUFKp WUD O DOWUR EUXFLDQGR D WHPSHUDWXUD PLQRUH GHO FDUERQHIDFLOLWDO LQILDPPD]LRQHHSHUODFRQVHUYD]LRQHVLDSHU FKpQHDVVLFXUDODFRQVLVWHQ]DIRUPD]LRQHLQPLQRUHTXDQWLWjGL SROYHULQR H VLD SHUFKq UHQGH OD SROYHUH PHQR LJURVFRSLFD LO FDUERQHHGDQFKHLOQLWUDWRSRWDVVLFRVRQRLJURVFRSLFL /DSHUFHQWXDOHGHLWUHFRPSRQHQWLGHOODSROYHUHQHUDYDULD D VHFRQGDGHOO LPSLHJRHGLFHVLGRVDPHQWR 8QGRVDPHQWRPROWRXVDWRqTXHOORLQJOHVHSGLVDOQLWUR SGLFDUERQH HS GL ]ROIRGL VROLWR LO GRVDPHQWR RVFLOOD WUDSGLQLWUDWRHSGL]ROIRHFDUERQHLQSURSRU]LR QLYDULDELOL 1HOOHSROYHULQHUHGD FDFFLDXVDWHWDOYROWDDQFKHLQSLURWHF QLD VL FHUFD GL DYHUH XQD JUDQGH UHJRODULWj H SURJUHVVLYLWj GL FRPEXVWLRQH H GL LPSULPHUH IRUWH YHORFLWj DO SURLHWWR /H SUR SRU]LRQL GHL YDUL FRPSRQHQWL VRQR GL VROLWR OH VHJXHQWL QLWUDWR SRWDVVLFRS]ROIRSFDUERQHS &DUDWWHULILVLFL *OLHIIHWWLGHOODSROYHUHQHUDGLSHQGRQRRO WUHFKHGDOGRVDPHQWRDQFKHGDLFDUDWWHULILVLFLFRPHODJUDQLWX UDGHQVLWjHGDOWULGHULYDQWLGDOODIDEEULFD]LRQH /DSROYHUHQHUDVLDGRSHUDGLVROLWRLQJUDQLSLFFROLHVIHULFL FRVuHVVDqSLYLYDHODVIHULFLWjGHLJUDQLSHUPHWWHGLDYHUHLQL ]LDOPHQWH OD PDVVLPD VXSHUILFLH GL FRPEXVWLRQH /D JUDQLWXUD SHUPHWWH GL PDQWHQHUH LQWLPR LO PLVFXJOLR SHUFKp RVWDFROD OD VHSDUD]LRQHGHLFRPSRQHQWL HGLGLPLQXLUHO LJURVFRSLFLWjSHU FKpGLPLQXLVFHODVXSHUILFLHHVSRVWDDOO DULD 3HUJOLXVLSLURWHF QLFL VL DGRSHUDQR YDULH JUDQLWXUH D VHFRQGD GHJOL HIIHWWL FKH VL YRJOLRQRRWWHQHUH &HQQRVXOODIDEEULFD]LRQH /HIDVLGHOODIDEEULFD]LRQHGHOOD SROYHUHQHUDVRQR WULWXUD]LRQHGHLFRPSRQHQWLLOPLVFXJOLR PHVFRODPHQWRLQERWWLELQDULHVDOQLWURHFDUERQHGDXQD SDUWHH]ROIRHFDUERQHGDOO DOWUDSDUWH SULPDHSRLLQERWWL

WHUQDULHGHLGXHPLVFXJOLELQDULRWWHQHQGRODFRVLGGHWWDID ULQDWHUQDULD FRPSUHVVLRQHGHOODIDULQDWHUQDULDVHWDFFLDWDHLQQDIILDWD DOORVWUHWWRLRLGUDXOLFR JUDQLWXUDGHOODSROYHUHLQJUDQLWRLFLOLQGULFLGLEURQ]R HVVLFFDPHQWR OLVFLDPHQWRSHUUHQGHUHLJUDQLSLFRPSDWWLHPHQRLJUR VFRSLFLLQERWWLOLVFLDWULFLDSDUWHLQXPLGLWHURWDQWL ,QILQHHYHQWXDOHGLVDQJRODPHQWRHGXJXDJOLDPHQWRGHLJUDQL &DUDWWHULGLXQDSROYHUH D HVVHUHSULYDGLSROYHULQR FLzFKHVLULFRQRVFH RVVHUYDQGR QHOIDUVFRUUHUHLJUDQLIUDOHPDQLVHTXHVWLYLODVFLDQRWUDFFLD E HVVHUHGLFRORUHRPRJHQHRWXWWLLJUDQLGHEERQRSUHVHQWDUH ORVWHVVRFRORUHELJLRDUGHVLD SLRPHQROXFHQWHRFRORUHEUX QRVHLQYHFHYLVLVFRUJRQRSXQWLELDQFKLFKHLQGLFDQRHIIORUH VFHQ]DGLQLWURODSROYHUHqGLIHWWRVD F DYHUH L JUDQL GHOOD IRUPD H JURVVH]]D YROXWD QRQ UDJJUX PDWL G SUHVHQWDUHVXIILFLHQWHGXUH]]DLJUDQLQRQVLGHYRQRVJUH WRODUHVRWWRODSUHVVLRQHGHOOHGLWDRGHOODPDQR H DFFHVD LQSLFFROHTXDQWLWjVXXQIRJOLRGLFDUWDGHYHEUX FLDUH VHQ]D UHVLGXL ODVFLDQGR LQWDWWR LO IRJOLR GL FDUWD DIIXPL FDQGROR VROWDQWR OHJJHUPHQWH PDFFKLH PROWR QHUH VLJQLILFKH UHEEHURHFFHVVRGLFDUERQHHPDFFKLHJLDOOHHFFHVVRGL]ROIR &RQVHUYD]LRQH/DSROYHUHQHUDSXzHVSORGHUHSHU VROD DF FHQVLRQHHSHUFLzYDFRQVHUYDWDVHSDUDWDGDDOWULHVSORVLYL,QRO WUHHVVHQGRLJURVFRSLFDVLGHYHFRQVHUYDUHLQORFDOLDVFLXWWLHLQ UHFLSLHQWLEHQFKLXVL 3ROYHULQRÊODFRVLGGHWWD IDULQDGLSROYHUHQHUDFLRqSRO YHUHQHUDILQHPHQWHSROYHUL]]DWDDYHQWHODVWHVVDFRPSRVL]LRQH GHOODSROYHUHDGRVDPHQWRLQJOHVHRSSXUHO DOWURGRVDPHQWRS GLQLWUDWRSRWDVVLFRSGL]ROIRHGLFDUERQHLOQLWUDWRYLHQH SROYHUL]]DWR H PHVFRODWR VHSDUDWDPHQWH FRQ XQD SDUWH GHO FDU ERQHPHQWUHLQPRUWDLRDSDUWHVLPHVFRODOR]ROIRFROUHVWDQWH

FDUERQH L PLVFXJOL ELQDUL JLj SROYHUL]]DWL VL PHVFRODQR DV VLHPHHVLKDFRVuLOSROYHULQR 3UXVVLDWR GL SRWDVVLR IHUURFLDQXUR GL SRWDVVLR R SUXVVLDWR JLDOOR 8VDWRLQDOFXQHFRPSRVL]LRQLSLURWHFQLFKH6LSUHVHQWD LQFULVWDOOLGLFRORUHJLDOOR FHGULQRWUDVSDUHQWLOXFLGLGLVDSRUH SULPDGROFLDVWURHSRLDPDUR6ROXELOHLQDFTXDLQVROXELOHLQDO FRRO6FDOGDWRDFLUFDGLYHQWDDQLGURSHUFKpLQFRPPHUFLR q IRUQLWR FULVWDOOL]]DWR FRQ PROHFROH G DFTXD VRWWR IRUPD GL SROYHUHJLDOODVWUDFKHHVSRVWDDOO DULDVILRULVFH 6HJR9LHQHWDOYROWDPHVFRODWRFRQODSHFHSHUDPPRUELGLUH FRPSRVL]LRQLSLULFKHGXUDQWHODORURFRQIH]LRQH 6FLDODFFD JRPPD URVVD JRPPD DFFURLGHV JRPPD DFURL GD] ÊXQDUHVLQDQDWXUDOHGLFRORUHJLDOORURVVLFFLRFKHVLRW WLHQHGDDOFXQHSLDQWH;DQWKRUUKHD HVLVWHQWLLQ$XVWUDOLDHGLQ 7DVPDQLD 6L SUHVHQWD VRWWR IRUPD GL SH]]L R VFDJOLH QRUPDO PHQWH GL FRORUH URVVR VFXUR IUDJLOL SROYHUL]]DELOL IDFLOPHQWH 5DPPROOLVFHLQWRUQRDLHGKDXQSXQWRGLIXVLRQHYDULDELOH DVHFRQGDGHOODSURYHQLHQ]DIUDL'HQVLWjÊVR OXELOH LQ DOFRRO $UULYD LQ SH]]L R VFDJOLH FRQWHQXWH LQ IXVWR GL FLUFDNJOEV H TXLQGL VL PDFLQD SHU UHQGHUOD LPSDOSD ELOH6L DGRSHUD LQ SLURWHFQLD ILQHPHQWH SROYHUL]]DWD P VRVWLWX ]LRQHGHOOD JRPPD ODFFD D FDXVD GHOVXR PLQRUSUH]]R LO WLSR SLXVDWRqTXHOORGLFRORUHURVVR©UHGJXPªLQJOHVH 6LOLFDWRGLVRGLRRSRWDVVLRYHGL9HWURVROXELOH

6LOLFLR $OOR VWDWR SXUR SROYHUXOHQWR q VWDWR XVDWR LQ *HU PDQLD LQ VRVWLWX]LRQH GHO PDJQHVLR LQ FRPSRVL]LRQL FRORUDWH SHUGDUHILDPPHGLSLLQWHQVRFRORUH 6LOLFLXURGLFDOFLR$GRSHUDWRSHUUDJLRQLGLPLQRUSUH]]R LQDOFXQHPLVFHOH DOXFHELDQFD DOODTXDOHSHUzLQGXFH XQ WRQR URVVDVWUR6L RWWLHQHULGXFHQGRD HOHYDWD WHPSHUDWXUD O RVVLGR GL FDOFLR FRO VLOLFLR H VL SUHVHQWD VRWWR IRUPD G XQD SROYHUH QHUD

FKHSHUJOLXVLSLURWHFQLFLKDXQQRWHYROHJUDGRGLILQH]]DHGq LQGLFDWRLQ,WDOLDGDOODVRFLHWjSURGXWWULFHOH2II(OHWWURFKLPL FKH7UHQWLQHLQ0LODQRFRPHWLSR 6ROIDWR GL UDPH $GRSHUDWR LQ IXRFKL D OXFH D]]XUUD Ê FKLDPDWR DQFKH © YHWULROR D]]XUUR 1RQ q PROWR XVDWR LQ SL URWHFQLDSHUODWHQGHQ]D FKHKDLQSUHVHQ]D GL DULDXPLGD D GH FRPSRUVL FRQ IRUPD]LRQH GL DFLGR VROIRULFR LO TXDOH QHL PL VFXJOLFRQWHQHQWLFORUDWRSRWDVVLFRWHQGHDVSRVWDUHO DFLGRFORUL FRFRQSRVVLELOLWjG HVSORVLRQL ,Q RJQLPRGR XQD YROWD SUHSD UDWL L PLVFXJOL FRQWHQHQWL VROIDWR GL UDPH XVDUOL UDSLGDPHQWH DYHQGR O DYYHUWHQ]D GL PHVFRODUH SULPD WXWWL L FRPSRQHQWL HF FHWWRLOFORUDWRSRWDVVLFRLQFOXGHQGRTXHVWRSURGRWWRQHOPLVFX JOLRVRORDOO XOWLPRPRPHQWR ( SUHIHULELOHYROHQGRXVDUHLOVROIDWRGLUDPHGLLPSLHJDUOR DVVLHPHDOSHUFORUDWRGLSRWDVVLRLQVRVWLWX]LRQHGHOFORUDWR PD ULFRUGDQGR GL PLJOLRUDUH O DFFHQGLELOLWj GHOOD FRPSRVL]LRQH ,O VROIDWRGLUDPHqLQEHLFULVWDOOLD]]XUULFRQWHQHQWLPROHFROHGL DFTXD GL FULVWDOOL]]D]LRQH H FKH YDQQR SHUFLz HVVLFFDWL SULPD GHOO XVR FRQ XQD SHUGLWD LQ SHVR GHO FLUFD FRVL VL RWWLHQH XQDSROYHUHELDQFDLJURVFRSLFDFKHLQSUHVHQ]DG DULDXPLGDVL FRORUDLQD]]XUUR FKHYDVXELWRFRQVHUYDWDLQUHFLSLHQWLFKLXVL 6ROIDWR GL UDPH DPPRQLDFDOH 8VDWR SHU OXFL D]]XUUH Ê SUHIHULWR DO VROIDWR GL UDPH SHUFKp PHQR VXVFHWWLELOH GL HVSOR VLRQL TXDQGR q PHVFRODWR FRQ LO FORUDWR SRWDVVLFR 9DOH DQFKH SHUTXHVWRSURGRWWRO DYYHUWHQ]DGLQRQFRQVHUYDUHDOXQJRLPL VFXJOLIDWWLFRQTXHVWDVRVWDQ]D,QROWUHqSUHIHULELOHQRQXVDUHOD JRPPDODFFDQHOOHFRPSRVL]LRQLSHUFKpODILDPPDQRQqQLWLGD 6L SUHVHQWD VRWWR IRUPD GL FULVWDOOL GL FRORUH D]]XUUR FXSR LJURVFRSLFLFKHYHQJRQRSUHSDUDWLWUDWWDQGRXQVROX]LRQHGLVRO IDWR GL UDPH FRQ DPPRQLDFD LQ HFFHVVR HG HYDSRUDQGR OD VR OX]LRQHILQFKpQRQFULVWDOOL]]DLOVROIDWRGLUDPHDPPRQLDFDOH 6ROIDWRGLVWURQ]LR6HUYHSHUOXFLURVVHPDKDPLQRULHI IHWWL GHOQLWUDWR 6L WURYD OLEHURLQ QDWXUD DOOR VWDWR GL FHOHVWLQD SROYHUL]]DWRqGLFRORUHELDQFR,JURVFRSLFR

6ROIRFLDQXURGLPHUFXULRVROIRFLDQDWRGLPHUFXULR 6HU YHSHUSUHSDUDUHDOFXQLJLXRFKLSLURWHFQLFLQRWLVRWWRLOQRPHGL ©6HUSHQWLGL)DUDRQHª6LSUHVHQWDVRWWRIRUPDGLSROYHUHELDQ FDVROXELOHLQDOFRROSRFRVROXELOHLQDFTXD%UXFLDOHQWDPHQWH QHOO DULDODVFLDQGRXQUHVLGXRYROXPLQRVRÊYHOHQRVR 6LSUHSDUDPHVFRODQGRHODVFLDQGRDULSRVRSHURUHOHVR OX]LRQLFRQFHQWUDWHGLFORUXURPHUFXULFRFRQVROX]LRQLGLVROIR FLDQXURGLSRWDVVLRLQSHVLPROHFRODULHTXLYDOHQWLHFLRqSHURJQL JGLFORUXURPHUFXULFR SGLVROIRFLDQXURGLSRWDVVLR 5HQGLPHQWRFLUFDLO,OVROIRFLDQXURGLPHUFXULRFULVWDOOL]]D GDOO DFTXD EROOHQWH R GDOO DOFRRO LQ SLFFROL FULVWDOOL &RPLQFLD D GHFRPSRUVLDSRLVLULJRQILDVYLOXSSDQGRD]RWRVROIXURGL FDUERQLRFLDQRJHQRH YDSRULGL PHUFXULR ODVFLDQGRQHLUHVLGXL XQDPDVVDJULJLD 6ROIXUR G DQWLPRQLR DQWLPRQLR FUXGR $GRSHUDWR LQ DO FXQHPLVFHOHDOXFHELDQFDODPSLHFF6LWURYDDOORVWDWRQDWX UDOH H VL SUHSDUD DQFKH DUWLILFLDOPHQWH TXHVW XOWLPR q DQFKH XVDWR LQ SLURWHFQLDSHUFKq GHSXUDWR 6L SUHVHQWD VRWWR IRUPD GL SROYHUHILQLVVLPDGLFRORUHJULJLRVFXURPHWDOOLFR 6ROIXURG DUVHQLFR9HQHVRQRGXHWLSLLOURVVRELVROIXUR G DUVHQLFR R UHDOJDU H TXHOOR JLDOOR WULVROIXUR G DUVHQLFR R RU SLPHQWR ,OVROIXURG DUVHQLFRURVVRqXVDWRSHUODSUHSDUD]LRQH GLDOFXQHFRPSRVL]LRQLELDQFKH6LSUHVHQWDTXDQGRpGHSXUDWR VRWWRIRUPDG XQDSROYHUHURVVDYHOHQRVD%UXFLDYRODWLOL]]DQGR FRPSOHWDPHQWHFRQRGRUHDJOLDFHRVROIRURVR ,OVROIXURG DUVHQLFRJLDOORVLSUHVHQWDVRWWRIRUPDGLSROYHUH JLDOOD FKH DO FDORUH YRODWLOL]]D FRPSOHWDPHQWH VHQ]D ODVFLDUH UHVLGXL$DGRSHUDWRQHOODIRUPD]LRQHGLIXPLJLDOOL 6ROIXUR GL UDPH QHUR a( XVDWR DVVLHPH DO FDORPHODQR QHOODSUHSDUD]LRQHGLFRPSRVL]LRQLD]]XUUHHYLROD

6SDJRÊXVDWRLQSLURWHFQLDLQ WLSLGL YDULR VSHVVRUHIRU PDWRGLGXHRWUHILOLWRUWLLQVLHPHHOLVFLR3HUOHSLFFROHERWWH

&IU DQFKH *8$5(6&+, (QFLFORSHGLD FKLPLFD YRO 9, SDUWHSDJ*0(/,1 +DQGEXFKGHU2UJDQLVFKHQ&KH PLHYRO9SDUWHSDJD

WUDFFKLHSLFFROHIRQWDQHSXzDYHUH LOGLDPHWURGLPPSHUOH IRQWDQHHOHDOWUHERWWHGDPPDVHFRQGROHGLPHQVLRQL GHLSH]]LFKHVLFRQIH]LRQDQR,QFRPPHUFLRSHULSLURWHFQLFLq LQYHQGLWDLQPDWDVVHGHOQHQSLVRWWLOL RLQJRPLWROLGHO Q

6WHDULQD DFLGR VWHDULFR Ê XVDWD QHOOH FRPSRVL]LRQL SL URWHFQLFKH H VSHFLDOPHQWH LQ TXHOOH D]]XUUH FRPH VRVWDQ]D FRPEXVWLELOHFRQWLHQHFLUFDLOGLFDUERQLRROWUHLOGL LGURJHQR ÊLQROWUHSDUWLFRODUPHQWHLQGLFDWDSHUSUHVHUYDUHGDO O DOWHUD]LRQH OH PLVFHOH LOOXPLQDQWL D EDVH GL PDJQHVLR 6L SUH VHQWD VRWWR IRUPD GL SDQL FKH YHQJRQR SRL ULGRWWL LQ SROYHUH ELDQFDLQRGRUDLQVDSRUD

6WLUROL 7UDWWDVL GL XQD PDWHULD SULPD XVDWD QHOO LQGXVWULD GHOOHUHVLQHVLQWHWLFKHSHUODSURGX]LRQHGLSROLVWLUROLIDEEULFDWL D SDUWLUH GDOO HWLOHQH H GDOEHQ]ROR ,O PRQRVWLUROR q VWDWR XVDWR GDLWHGHVFKLQHOO XOWLPDJXHUUDPRQGLDOHLQDO FXQHFRPSRVL]LRQL SLURWHFQLFKH 6XJKHUR Ê LPSLHJDWR ILQHPHQWH SROYHUL]]DWR LQ WDOXQH FRPSRVL]LRQLSLURWHFQLFKHFRPHSDUWHFRPEXVWLELOH 7HWUDQLWURFDUED]ROR8VDWRLQ*HUPDQLDQHOO XOWLPDJXHU UDLQOXFLYHUGLDVVLHPHDOFORUDWRGLEDULRHLQPLVFHOHG DFFHQ VLRQHXQLWDPHQWHDOO DOOXPLQLRHDOQLWUDWRSRWDVVLFR

9HUGHD]]XUURYHUGHGL6FKZHLQIXUWKRDFHWRDUVLQLWRGLUD PH $GRSHUDWR LQDOFXQHOXFLD]]XUUH6LSUHVHQWDVRWWRIRUPD GL XQD SROYHUH DPRUID YHUGH VPHUDOGR LQVROXELOH LQ DFTXD ,O SURGRWWR FRPPHUFLDOH SXUR FRQWLHQH GL VROLWR GL RVVLGR GL UDPHGLDQLGULGHDUVHQLRVDFRPELQDWDQRQSLGL GL DQLGULGH DUVHQLRVD OLEHUD H GL DFLGR DFHWLFR 6RWWR LO QRPH GL YHUGH GL 3DULJL VL LQWHQGH XQD YDULHWj GHO YHUGH GL 6FKZHLQIXUWK FRPSRVWR FRPH EDVH GL UDPH HG DUVHQLFR PLVWR DGDOWULSURGRWWLFRPHFDOFHHFF 9HUQLFL6HQHDGRSHUDQRYDULuHTXDOLWjGLFRSDOHGLJRP PDODFFDHFF SHUFRQVHUYDUHJOLDUWLIL]LHSURWHJJHUOLGDOO XPL GLWj

9HWURVROXELOHVLOLFDWRGLVRGLRRGLSRWDVVLR 6RWWRTXHVWR QRPHVLLQWHQGRQRLVLOLFDWLGLVRGLRHGLSRWDVVLRFKHVLSUHVHQ WDQRGLDVSHWWRVLPLOHHVLXWLOL]]DQRSHUJOLVWHVVLVFRSLVLWURYD QRLQFRPPHUFLRVRWWRIRUPDGLVROX]LRQLDYHQWLXQDGHQVLWjGD %DXPpD%DXPpGLFRORUHELDQFRRWRUELGRFKHHVSR VWHDOO DULDVLUDSSUHQGRQRLQXQDPDVVDYHWURVDWUDVSDUHQWH ,QSLURWHFQLDLOYHWURVROXELOHqXVDWRGLSUHIHUHQ]DSHUUHQGH UH LQFRPEXVWLELOL L FDUWRFFL H SHU SURWHJJHUH HQWUR FHUWL OLPLWL VLDLFDUWRFFLFKHLSH]]LSLURWHFQLFLGDOO D]LRQHGHOODSLRJJLD ,SH]]LSLURWHFQLFLXQDYROWDILQLWLHFFH]LRQIDWWDSHUJOLLQ FHQGLYL YHQJRQR LPPHUVL QHOOD VROX]LRQH GL YHWUR VROXELOH TXLQGLVLODVFLDVJRFFLRODUHO HFFHVVRGLOLTXLGRHVLIDHVVLFFDUH *OLLQYROXFULHLVRVWHJQLVRQRFRVuUHVLLQFRPEXVWLELOLHSRVVRQR UHVLVWHUHDOODSLRJJLDVHQ]DFKHLOFRQWHQXWRVLGHWHULRUL/DVWHV VDLPELEL]LRQHGLYHWURVROXELOHqXWLOHVLDIDWWDDOOHLQFDVWHOODWX UHGLOHJQDPHDFXLVRQRILVVDWLLIXRFKL &RVuSXUHUHVLLQFRPEXVWLELOLFRQYHWURVROXELOHGRYUHEEHUR HVVHUHWXWWHOHSDUWLLQOHJQRGHLODERUDWRULSLURWHFQLFLFRPSUHVH OHWUDYLGHLWHWWLWHODLGLILQHVWUHHFFSHUXQDHIILFDFHSURWH]LRQH DQWLQFHQGL =LQFR LQ 3ROYHUH 6L LPSLHJD LQ DOFXQH FRPSRVL]LRQL SL URWHFQLFKHHLQDUWLIL]LIXPRJHQL +D D]LRQH IRUWHPHQWH ULGXFHQWH H YD XVDWR FRQ SUHFDX]LRQH HVVHQGR OD SROYHUH GL ]LQFR IDFLOPHQWH LQILDPPDELOH FRQ WHQ GHQ]DDSURGXUUHHVSORVLRQL

=LUFRQLR6LXVDLQSLURWHFQLDLQOLPLWDWDTXDQWLWjDPRWLYR GHOO HOHYDWRSUH]]R6LSUHVHQWDVRWWRIRUPDGLXQDSROYHUHQHUD LQILDPPDELOHFRQYLYDOXFHVHQ]DIXPRQpRGRUHÊSHUFLzLQGL FDWDSHUXVLIRWRJUDILFLQHL©ODPSLª =ROIR 6L WURYD OLEHUR LQ QDWXUD LQ GLYHUVH TXDOLWj VRWWR IRUPD GL SROYHUH VRWWLOH JLDOOD 6L KDQQR OH TXDOLWj LQ SDQL LQ FDQQROLPDFLQDWRYHQWLODWRILRULGL]ROIRHFF /DTXDOLWjILRULGL]ROIRqLQSROYHUHVRWWLOHPDqOHJJHUPHQWH DFLGD H VH QRQ q EHQ ODYDWD SXz GDU OXRJR D GHFRPSRVL]LRQL VSRQWDQHHVHPHVFRODWDFRQFORUDWRSRWDVVLFR

$SDULWjGLSXUH]]DYLHQHSUHIHULWDODTXDOLWjYHQWLODWDSHUFKp LQSROYHUHSLVRWWLOH 1HOOH FRPSRVL]LRQL FRORUDWH FRQYLHQH DGRSHUDUH LO SURGRWWR SL SXUR H SULYR G DFLGLWj PLVFHOH FRQ FORUDWR QHOOD FRPSR VL]LRQHELDQFDLQFXLVLODYRUDFRQQLWUDWRSRWDVVLFRHVHQ]DFOR UDWL VLSXzDGRSHUDUHXQDTXDOLWjSLFRPXQH 8VDUH VHPSUH OH QHFHVVDULH SUHFDX]LRQL QHO SUHSDUDUH L PL VFXJOLDEDVHGL]ROIRHFORUDWLFKHSHUzVDUjEHQHDGRSHUDUHQHO PLQRUPRGRSRVVLELOH =XFFKHUR GLODWWH /DWWRVLR $GRSHUDWR LQ DOFXQH FRPSR VL]LRQL SLURWHFQLFKH D OXFH URVVD H YHUGH 6L ULFDYD GDOOD ODYR UD]LRQHGHOODWWHHVLSUHVHQWDTXDQGRqUDIILQDWRVRWWRIRUPDGL XQDSROYHUHELDQFDFULVWDOOLQDGLGHEROHVDSRUHGROFHLQDOWHUD ELOHDOO DULD ,OSURGRWWRXVDWRLQSLURWHFQLDqGLVROLWRTXHOORIDUPDFHXWLFR WLSR ) 8 FKH YD FRQVHUYDWR LQ OXRJKL DVFLXWWL H SUHIHULELO PHQWHLQUHFLSLHQWLFKLXVL1RQqLJURVFRSLFRPDDVVRUEHIDFLO PHQWHJOLRGRUL 3XzHVVHUHVRILVWLFDWRFRQDPLGRGHVWULQDHFF % 3(5)80,%,$1&+,2&2/25$7,

$QWUDFHQH$GRSHUDWRLQPLVFHOHDIXPRQHURKDDQFKHLO SUHJLR GL GLPLQXLUH FRQWHPSRUDQHDPHQWH OD YHORFLWj GL FRPEX VWLRQHGHOODPLVFHOD / DQWUDFHQHq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

$UVHQLFRJLDOORWULVROIXURG DUVHQLFR $GRSHUDWR LQDOFXQH PLVFHOH D IXPR JLDOOR ,Q SROYHUH JLDOOR RUR FKH YRODWLOL]]D D FDOGRVHQ]DODVFLDUHUHVLGXR %OHXROWUHPDUH8VDWRLQDOFXQLDUWLIL]LSLURWHFQLFLGLXUQLD QXYROHWWDD]]XUUD9LHQHSUHSDUDWRDUWLILFLDOPHQWHFDOFLQDQGRXQ PLVFXJOLRGLFDROLQRVROIDWRVRGLFRFDUERQHH]ROIR 6L SUHVHQWD VRWWR IRUPD G XQD SROYHUH SHVDQWH FRORUDWD LQ EOHX FKH YLHQH VSHVVR VRILVWLFDWD FRQ DJJLXQWD GL JHVVR FUHWD HFF

&LQDEUR VROIXUR GL PHUFXULR 8VDWR LQ DOFXQL DUWLIL]L SL URWHFQLFLGLXUQLDQXYROHWWDURVVD6LSUHVHQWDVRWWRIRUPDGLXQD SROYHUHURVVRYLYDVSHVVRVRILVWLFDWD &ULVRLGLQD$GRSHUDWDLQPLVFHOHIXPRJHQHJLDOOH ( XQD VRVWDQ]D RUJDQLFD FRORUDQWH DSSDUWHQHQWH DO JUXSSR GHL FRORUL D]RLFL FKLPLFDPHQWH q XQ FORULGUDWR GL GLDPPLQR D]REHQ]ROR 6L SUHVHQWD VRWWR IRUPD G XQD SROYHUH FULVWDOOLQD EUXQRURVVDRLQFULVWDOOLQHULVROXELOLLQDFTXDFRQFRORUD]LRQH DUDQFLDWD (VDFORURHWDQR$GRSHUDWRLQPLVFHOHDIXPRELDQFRHQHUR 6L SUHVHQWD VRWWR IRUPD GL FULVWDOOL ELDQFKL GL RGRUH DURPDWLFR FRPHGLFDQIRUDLQVROXELOHLQDFTXD6XEOLPDD6HSXULIL FDWRQRQSUHVHQWDWUDFFHGLDFLGLWjOLEHUD 4XDOFKH WHFQLFR KD DYDQ]DWR O LSRWHVL FKH OH PLVFHOH IX PRJHQH FRQWHQHQWL HVDFORURHWDQR H ]LQFR VLDQR IDFLOPHQWH DX WRLQFHQGLDELOL LQ SURYH IDWWH GDOO $ DGRSHUDQGR HVDFORURHWDQR SXULILFDWRO LQFRQYHQLHQWHQRQVLqPDLYHULILFDWRHYDULHPLVFHOH IXPRJHQHDOO HVDHORURHWDQRVLVRQRFRQVHUYDWHLQDOWHUDWHSHUYDUL DQQLVHQ]DDOFXQLQFLGHQWH )RVIRUR ELDQFR 8VDWR LQ PLVFHOH IXPRJHQH ELDQFKH H LQ FHQGLDULH 1RQ q GL SUDWLFR LPSLHJR SUHVVR L ODERUDWRUL SL URWHFQLFL

)RVIRUR URVVR 8VDWR LQ PLVFHOH IXPRJHQH QHUH H LQFHQ GLDULHYHJJDVLSHULGDWLDSDJ

*LDOORDXUDPLQD6LDGRSHUDLQPLVFHOHIXPRJHQHFRORUDWH JLDOOH H WDOYROWD LQ TXHOOH YHUGL ( XQD VRVWDQ]D FRORUDQWH GHUL YDQWHGDOGLIHQLOPHWDQR6LSUHVHQWDVRWWRIRUPD GL XQD SROYHUH JLDOODFULVWDOOLQD6LDGRSHUDDQFKHO DXUDPLQD*FKHSXUDSSDU WHQHQGRDOORVWHVVRJUXSSRGLFRORUDQWLKDXQDGLYHUVDFRPSRVL ]LRQHHFKHqSLLQGLFDWDSHUOHIXPDWHDFRORUHYHUGH

,QGDFR ( DGRSHUDWR LQ DOFXQH FRPSRVL]LRQL IXPRJHQH D] ]XUUHHYHUGL / LQGDFRqXQD VRVWDQ]DFRORUDQWHD]]XUUDFRQWH QXWDLQDOFXQHSLDQWHDVLDWLFKHHGHYHLOVXRSRWHUHFRORUDQWHDO SULQFLSLR HVVHQ]LDOH LQ HVVH FRQWHQXWR O LQGLJRWLQD 6L SUHSDUD DWWXDOPHQWHLQEXRQDSDUWHFRQYDULPHWRGLVLQWHWLFLHVLSUHVHQWD VRWWRIRUPDG XQDSROYHUHFRORUYLROD ,ULVXOWDWLFKHVLRWWHQJRQRQHOVXRLPSLHJRLQPLVFHOHIXPR JHQHQRQVRQRGHLPLJOLRUL

,QGXOLQD$GRSHUDWDLQDOFXQH FRPSRVL]LRQLIXPRJHQHFR ORUSRUSRUD ,RGLRHVXRLFRPSRVWLLRGXURGLFDGPLR 8VDWRLQDOFXQH FRPSRVL]LRQLIXPRJHQHFRORUSRUSRUDYLRODKDORVYDQWDJJLRGL UHQGHUH VHQVLELOH DOO XPLGLWj OH PLVFHOH LQ FXL q FRQWHQXWR H D YROWD GL DXWRDFFHQGHUVL ,O VXR XVR q VWDWR WHQWDWR QHOOD SULPD JXHUUDPRQGLDOHHSRLDEEDQGRQDWR

1DIWDOLQD$GRSHUDWDLQFRPSRVL]LRQLDIXPRQHURHLQFHQ GLDULHÊXQLGURFDUEXURFKHVLRWWLHQHQHOODGLVWLOOD]LRQHGHOFDU ERQIRVVLOHTXHOODJUH]]Dq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

2OLPLQHUDOL8VDWLLQDOFXQHFRPSRVL]LRQLIXPRJHQHELDQ FKH/HTXDOLWjDGRSHUDWHVRQRTXHOOHSHVDQWLFKHVLRWWHQJRQR GDOOD GLVWLOOD]LRQH GHO FDWUDPH D WHPSHUDWXUD FRPSUHVD WUD L 6RQROLTXLGLSLRPHQRGHQVLGLFRORUHQHUDVWUR6L SRVVRQRXWLOL]]DUHDQFKHJOLROLDGRSHUDWLSHULPRWRULDFRPEX VWLRQHLQWHUQD'LHVHO 5RGDPLQD$GRSHUDWDLQPLVFHOH D IXPR URVVR ,O JUXSSR GHOOHURGDPLQHqGHULYDWRGDOWULIHQLOPHWDQR,OWLSRSLDGDWWRq OD5RGDPLQD%FKHVLSUHVHQWDVRWWRIRUPDG XQDSROYHUHGLFR ORU YLROHWWR VROXELOH LQ DFTXD FRQ LQWHQVD FRORUD]LRQH URVVR FDUPLQLR

5RVVRGLSDUDQLWURDQLOLQDURVVRSDUD 8VDWRLQFRPSRVL ]LRQLDIXPRURVVR 6LSUHVHQWDLQSROYHUHRSDVWDGLFRORUHURVVR 7HUPLWH$GRSHUDWDLQFRPSRVL]LRQL LQFHQGLDULHÊ XQ PL VFXJOLR GL SROYHUH G DOOXPLQLR H VHVTXLRVVLGR GL IHUUR ULVSHWWL YDPHQWHWHRULFLH FKHTXDQGREUXFLD UDJJLXQJH OD WHPSHUDWXUD GL &Lz SHUFKp OD SROYHUH GL DOOXPLQLR KD IRUWH SURSULHWj ULGXFHQWH H WRJOLH O RVVLJHQR FRQ WHQXWRQHJOLRVVLGLPHWDOOLFLFRQIRUWHVYLOXSSRGLFDORUH 6LFFRPH OD WHPSHUDWXUD G DFFHQVLRQH GHOOD WHUPLWH q HOHYDWD SHU LQQHVFDUH OD WHUPLWH VL SXz XVDUH GHO PDJQHVLR LQ SROYHUH PHVFRODWRDELRVVLGRGLEDULRRGHOODWHUPLWHGLEDULRSGL ELRVVLGRGLEDULRHGLDOOXPLQLRLQSROYHUH 7HWUDFORUXURGLFDUERQLR8VDWRLQFRPSRVL]LRQLIXPRJH QHELDQFKHHQHUH,OVXRLPSLHJRqGRYXWRDOIDWWRFKHDGHOHYDWD WHPSHUDWXUDLOWHWUDFORUXURGLFDUERQLRUHDJLVFHFRQYDULLGURFDU EXUL DURPDWLFL FRQ VHSDUD]LRQH GL FDUERQLR LQ VWDWR GL HVWUHPD VXGGLYLVLRQH6LFFRPHDYROWHVLIRUPDDQFKHDFLGRFORULGULFR TXHVWR D VXD YROWD FRQGHQVD O XPLGLWj GHOO DULD UHQGHQGR SL GHQVRLOIXPR 6L SUHVHQWD VRWWR IRUPD GL XQ OLTXLGR LQFRORUHGL RGRUH GRO FLDVWURFKHEROOHDFLUFDÊGLIILFLOPHQWHLQILDPPDELOH =LQFR8VDWRLQFRPSRVL]LRQLIXPRJHQHELDQFKH3HUOHVXH FDUDWWHULVWLFKHYHGLSDJ

&$3,72/2,,

*(1(5$/,7¬68,/$%25$725,3,527(&1,&, (/(23(5$=,21,3(5 / $//(67,0(172'(,3(==,3,527(&1,&,

, SH]]L SLURWHFQLFL VRQR FRVWLWXLWL HVVHQ]LDOPHQWH GL WUH SDUWL SULQFLSDOL GL XQ UHFLSLHQWH RG LQYROXFUR GHVWLQDWR D FRQWHQHUH OD FRPSRVL]LRQHGDEUXFLDUHHFKHVLLQGLFDFROQRPHGLFDUWRFFLR GHOOD FRPSRVL]LRQH SLURWHFQLFD FKH EUXFLDQGR GHYH SUR GXUUHXQGHWHUPLQDWRHIIHWWROXPLQRVRRGLVFRSSLRTXHVWDSDUWH VLFKLDPDFRPSRVL]LRQHRFDULFD GLXQDSDUWHFKHVHUYHSHUIDULQL]LDUHODFRPEXVWLRQHHFKH VL FKLDPD LQFHQGLYR R LQQHVFR TXHVW XOWLPR SXz HVVHUH DQFKH HOHWWULFR 2OWUH TXHVWH SDUWL HVVHQ]LDOL VL KDQQR SRL OH FRVLGGHWWH SDUWL DFFHVVRULH FRPH SHU HV OH RVVDWXUH GL FROOHJDPHQWR H GL PRQ WDJJLRSHUIRUPD]LRQHGLIXRFKLSLRPHQRFRPSOHVVLLJRYHU QDOLGHLUD]]LLSDUDFDGXWHJOLLQYROXFULJOLLPEDOODJJLHFF 3HUFLzLODYRULGDFRPSLHUHSHUO DOOHVWLPHQWRGHL SH]]L SLUR WHFQLFLVRQRPROWHSOLFLHVLSRVVRQRGLVWULEXLUHUD]LRQDOPHQWHLQ GLYHUVHVH]LRQLHFLRq SUHSDUD]LRQHGHLFDUWRFFL SUHSDUD]LRQHGHOOHFRPSRVL]LRQL SUHSDUD]LRQHGHJOLLQFHQGLYLRGHJOLLQQHVFKLHOHWWULFL LQWURGX]LRQH GHOOH FRPSRVL]LRQL QHL FDUWRFFL FDULFD PHQWR ODYRULGLILQLPHQWRFKHFRPSUHQGRQRWXWWHOHRSHUD]LRQL QHFHVVDULHDIRUQLUHLSH]]LSLURWHFQLFLSURQWLDEUXFLDUH

/HPLVFHOHSLURWHFQLFKHVRQRGDFRQVLGHUDUHLQPDVVLPDSDUWH YHULHSURSULFRPSRVWLHVSORVLYLSHUFLzqQHFHVVDULRGLVSRUUHOD IDEEULFDLQPRGRGDHYLWDUHSHUTXDQWRqSRVVLELOHRJQLVLQLVWUR $ WDOH VFRSR OD SROYHUH QHUD HG L IXRFKL JLj SUHSDUDWL GR YUDQQRHVVHUHWHQXWLORQWDQLIUDGLORURHGDOODERUDWRULRGLFRQ IH]LRQDPHQWRQHOTXDOHQRQGHYHWURYDUVLFKHODTXDQWLWj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q VWDWR LQGLFDWR TXDOL GL HVVH VRQR LJURVFRSLFKH H GHE ERQRHVVHUHFRQVHUYDWHLQUHFLSLHQWLHUPHWLFDPHQWHFKLXVL 3HU QRQ HVVHUH FRVWUHWWL DG DSULUH WURSSR VSHVVR TXHVWL UHFL SLHQWLHGHVSRUUHFRVuOHPDWHULHDOO XPLGLWjGHOO DULDDPELHQWH q XWLOHWHQHUHSHULELVRJQLGHOODODYRUD]LRQHDOFXQHERFFHSLSLF FROHEHQWDSSDWHFRQXQDTXDQWLWjOLPLWDWDGHOOHPDWHULHVWHVVH 1HOODIDEEULFDSLURWHFQLFDYLGRYUjHVVHUHXQORFDOHVHSDUDWR SHUODHVVLFFD]LRQHGHOOHPDWHULHSULPHGHLIRUQHOOLSHUO HYDSR UD]LRQHGHOOHVRVWDQ]HVDOLQHTXDOFKHFURJLRORSHUODIXVLRQHGHL PHWDOOL XQ SLFFROR UHDJHQWDULR FKLPLFR SHU SURYDUH OD SXUH]]D GHL SURGRWWL GD LPSLHJDUH FRPSOHWR GL DHURPHWUR SHU GHWHUPL QDUH OD GHQVLWj GHOOH VROX]LRQL QRQFKp XQD R SL ELODQFH SHU PHWWHQWLGLSHVDUHGDSRFKLJUDPPLDGDOFXQLFKLORJUDPPL 1HOUHSDUWRLQFXLVLODYRUDQROHPLVFHOHYLVDUjXQWDYRORGL OHJQR IRUWH GL Pð GL VXSHUILFLH DOO LQFLUFD FRQWRUQDWR GD XQ ERUGRDUURWRQGDWRGLRFPVXOTXDOHVLPDFLQDQRODSROYHUH HGLOFDUERQHPHGLDQWHXQPDFLQLQRGLOHJQRVLPLOHDTXHOORFKH VLDGRSHUDSHULFRORUL3HUOHDOWUHPDWHULHVHFRQGRODORURGX UH]]D HQDWXUDVLXVDQRPRUWDLGLOHJQRGLYHWURGLSRUFHOODQD GLJKLVDRGLEURQ]R2FFRUURQRSRLVWDFFLGLYDULHGLPHQVLRQLL SL ILQL GL VHWD L FRPXQL GL FULQH H SHU OH SROYHUL JURVVRODQH PHWDOOLFLLQRWWRQHRLQUDPH

3HUODODYRUD]LRQHGHOOHYDULHVSHFLHGLIXRFKLVLDGRSHUDQRL VHJXHQWLXWHQVLOL

3HUEHQJDOD9DULHEDFFKHWWHGLUDPHHGLRWWRQHSHUIDUHL FDUWRFFLHFDULFDUOL

3HUFDVWDJQROHRERWWH9DULHIRUPHFXELFKHR FLOLQGULFKHGLOHJQRGXURSHUIDUHLFDUWRFFL

3HU IRQWDQH 9DULH EDFFKHWWH GL UDPH R GL RW WRQHSHUFDULFDUH'HYRQRHVVHUHOXQJKHXQGLWRDS SHQDGL SL GHOOD IRQWDQD VFDULFD 'XH PD]]XROLGL OHJQRGXURILJ XQROHJJHURSHUIRQWDQHSLFFROH O DOWURSHVDQWHSHUIRQWDQHJUDQGL

3HU JUDQDWH9DULH IRUPH FLOLQGULFKH GL OHJQR GXUR SURSRU]LRQDWH DO FDOLEUR GHL PRUWDL SHU IRU PDUHLFDUWRFFL ,QROWUH XQD SLFFROD VHJD SHU VHJDUH FDQQXFFH GLYHUVL SXQWHUXROL GL YDULD JURVVH]]D SHU EXFDUH L IXRFKLVJRUELHSHUIRUDUHO DQLPDGHLUD]]LFROWHOOL DODPHOXQJKHHIRUWLVSDWROHGLOHJQRHGLPHWDOOR SHQQHGLRFDRGLWDFFKLQRSHUOHPLVFHOHGLFORUDWR IRUELFL FRPXQL H JUDQGL SHQQHOOL SHU VSDOPDUH OD FROODVXOODFDUWDVSD]]ROHWHODLVXFXLHVVLFFDUHJOLVWRSSLQLHFF /RVFKL]]RILJ UDSSUHVHQWDDEEDVWDQ]DFKLDUDPHQWHDOFXQL DFFHVVRUL SHU LO FDULFDPHQWR H OD FRPSUHVVLRQH GHOOH FRPSRVL ]LRQLQHLFDUWRFFLUHODWLYL $qXQFHSSRGLOHJQRVX FXLYLHQH FROORFDWD OD IRUPD FLOLQ GULFD GL OHJQR % FRQWHQHQWH LO FDUWRFFLR GD FDULFDUH & q O LP EXWRFKHVHUYHDYHUVDUHQHOFDUWRFFLRODFRPSRVL]LRQHDSLFFROH SURSRU]LRQL ' q OD EDFFKHWWD FKH VHUYH D FRPSULPHUH SXUH D SLFFROHSURSRU]LRQLODFRPSRVL]LRQHVWHVVDHFKHVHFRQGRLFDVL VDUjIDWWDGLRWWRQHUDPHROHJQRGXUR ,PSRUWD FKH OD EDFFKHWWD ' VLD GL HVDWWR GLDPHWUR FRUULVSRQ GHQWH D TXHOOR GHO FDUWRFFLR PD QRQ GRYUj HVVHUYL LQWURGRWWD D FROSL EHQVu FRQ OHJJHUD SUHVVLRQH GHOOD PDQR L FROSL GL PD] ]XRORVLDSSOLFKHUDQQRVROWDQWRGRSRFKHLOIRQGRGHOODEDFFKHWWD VDUjYHQXWRDFRQWDWWRFRQODFRPSRVL]LRQH

)LJ /DIDFFLDLQIHULRUHGHOODEDFFKHWWDQRQGHYHDYHUHVSLJROLYL YL PD DUURWRQGDWL H OD VXD VXSHUILFLH GRYUj HVVHUH OHJJHUPHQWH VIHULFD ,QROWUH SRLFKp O HVDWWD XJXDJOLDQ]D GHO GLDPHWUR GHOOD EDFFKHWWD FRQ LO GLDPHWUR LQWHUQR GHO FDUWRFFLR RVWDFROHUHEEH O XVFLWD GHOO DULD H TXHVWD VL ULVFDOGHUHEEH FRQ OD FRPSUHVVLRQH SRWHQGRGDUOXRJRDOO DFFHQVLRQHGHOODFRPSRVL]LRQHqRSSRUWX QRFKHOXQJRXQDJHQHUDWULFHGHOODEDFFKHWWDVWHVVDYHQJDSUDWL FDWRXQFDQDOHWWRGLVIRJRDOO DULDGXUDQWHODLQWURGX]LRQH / LQRVVHUYDQ]D GL TXHVWD VHPSOLFH DYYHUWHQ]D KD TXDOFKH YROWDGDWROXRJRDGLVJUD]LH

&$3,72/2,,,

$//(67,0(172'(//(3$57,,1&(1',9( ('(,&$572&&,

3DUWLLQFHQGLYH6HUYRQRDSURGXUUHO DFFHQVLRQHGHLSH]]L SLURWHFQLFLHGHLORURHOHPHQWL Ê LQXWLOH LQVLVWHUH VXOOD LQ SRUWDQ]D GHOOD IXQ]LRQH GL TXHVWH SDUWL DFFHVVRULH H TXLQGL OD GLOLJHQ]D HG DFFXUDWH]]D FKH UL FKLHGRQRODORURSUHSDUD]LRQHHPHVVDLQRSHUDSHUFKpXQSH]]R SLURWHFQLFRDQFKHVHFRQIH]LRQDWRFRQPLVFXJOLSHUIHWWLQRQSR WUj SURGXUUH O HIIHWWR YROXWR VH QRQ EHQ VWXGLDWR H VLFXUR LQQH VFDPHQWR GHOOH VXH SDUWLQRQ JDUDQWLVVH OD EXRQD DFFHQVLRQH GL TXHVWHQHOO LVWDQWHHFRQODVXFFHVVLRQHYROXWD ,SLLQSRUWDQWLRUJDQLLQFHQGLYLVRQRJOLVWRSSLQLOHPLFFHD UDSLGDFRPEXVWLRQHH D OHQWD FRPEXVWLRQHOH FDUWH LQFHQGLYH L FRUGRQFLQL LQFHQGLYL OD FXL HVVHQ]LDOH FDUDWWHULVWLFD q GL WUD VPHWWHUHFRQVLFXUH]]D LO IXRFRFRQ GHWHUPLQDWD YHORFLWjIUDGL HVVLVRQRGDLQFOXGHUHJOLDFFHQGLWRULHOHWWULFLOHILDFFROHGDDUWL ILFLHUHOHPLFFHGLIXOPLFRWRQHRGLFRUGLWHOHFDUWXFFHLQQHVFR OHFDQGHOHLQFHQGLYH ,OFRPSRQHQWHSLLQSRUWDQWHGHJOLRUJDQLLQFHQGLYLLQJHQH UDOHqODSDVWDLQFHQGLYDFKHGHYHHVVHUHXQDFRPSRVL]LRQHSL URWHFQLFD PROWR LQILDPPDELOH 6H QH SUHSDUDQR GL GLYHUVD GHQ VLWj /DSDVWDLQFHQGLYDIOXLGDVLSUHSDUDVHFRQGRODVHJXHQWHIRU PXOD 3ROYHULQR NJ *RPPDDUDELFD J $FTXD«««««««««J $OFRRO«««««««««O

6LVFLRJOLHODJRPPDDUDELFDQHOO DFTXDLQPRGRFKHODVROX ]LRQH VLD SHUIHWWDPHQWH FKLDUD H TXLQGL VL PHVFROD LQ XQD EDFL QHOODGLSRUFHOODQDTXHVWDVROX]LRQHFRQO DOFRROSRLYLVLYHUVD ULPHVFRODQGR LO SROYHULQR VHJXLWDQGR DG DJLWDUH ILQR D FRP SOHWD RPRJHQHLWj 6H VL GRYHVVH FRQVHUYDUH SHU TXDOFKH WHPSR TXHVWD SDVWD ELVRJQHUHEEH WHQHUOD FKLXVD LQ XQ YDVR GL YHWUR D FXLVLSRVVDDGDWWDUHXQEXRQWDSSR $OOD IRUPXOD VRSUDVFULWWD SHU SDVWD LQFHQGLYD DOFXQL SL URWHFQLFLDJJLXQJRQRJGLQLWUDWRSRWDVVLFRLQSROYHUHSHUWH QHUH FRQWR GHOOD TXDQWLWj GL FDUERQLR FRQWHQXWR VLD QHOOD FDUWD VLD QHO FRWRQH GD LPELELUH RQGH ULPDQHUH LQ PXWDWH OH SURSRU ]LRQL GHO FRPEXUHQWH QLWUDWR SRWDVVLFR QHOOD FRPSRVL]LRQH UL VXOWDQWHULVSHWWRDJOLHOHPHQWLFRPEXVWLELOL ÊSUHIHULWRGDDOFXQLSLURWHFQLFLO LPSLHJRGL JRPPD DUDELFD LQYHFHFKHGLGHVWULQDHVVHQGRTXHVWDXOWLPDOHJJHUPHQWHLJUR VFRSLFD 9ROHQGR DYHUH SDVWH LQFHQGLYH SL GHQVH EDVWD ULGXUUH QHOOD IRUPXODGDWDODTXDQWLWjGLDOFRRO $OWUL SLURWHFQLFL XVDQR IDUH SDVWH LQFHQGLYH SL HFRQRPLFKH ULGXFHQGRRVRSSULPHQGRO DOFRROHPHWWHQGRSHURJQLNJGLSRO YHUH LO FLUFD GL GHVWULQD R FROOD GL IDULQD OLTXLGD GHVWULQD FKHVLVFLRJOLHQHOODTXDQWLWjG DFTXDQHFHVVDULD /HSDVWHLQFHQGLYHSRVVRQRVHUYLUHROWUHFKpSHUDOOHVWLPHQWR GLVWRSSLQLHGLFDUWHLQFHQGLYHDQFKHSHUVSDOPDUHTXHOOHSDUWL GLFDUWRFFLGLHOHPHQWLSLURWHFQLFLFKH QRQVRQRRFFXSDWHGDOOD FRPSRVL]LRQHHGDDVVLFXUDUHO DFFHQVLRQHGLTXHVWD /H FDUWH LQFHQGLYH VL SUHSDUDQR WDJOLDQGR SULPD OD FDUWD LQ VWULVFHVSDOPDQGRTXHVWHVRSUDXQDIDFFLDFRQODSDVWDLQFHQGL YDIOXLGDVSROYHUDQGRORVWUDWRDQFRUDXPLGRFRQIDULQDGLFDUWD HIDFHQGRDVFLXJDUHLQVHJXLWRVLULSHWRQR OH PHGHVLPH RSHUD ]LRQLVXOO DOWUDIDFFLD 4XDQGR YL VLD DWPRVIHUD DVFLXWWD OD FDUWD LQFHQGLYD VL SXz YDQWDJJLRVDPHQWHLQSLHJDUHLQOXRJRGHJOLVWRSSLQLSHULQQHVFD UHLIXRFKL 6WRSSLQL*OLVWRSSLQLFRPXQLVLSUHSDUDQRFRQILOLGLFRWR QH UDJJUXSSDWL LQ QXPHUR GL WUH DG RWWR OHJJHUPHQWH WRUWL LQ PRGRGDIRUPDUHXQFRUGRQFLQRVRIILFHGLFLUFDPPGLGLDPH WUR,OFRWRQHGHYHHVVHUHLGURILORFLRqLPPHUVRQHOO DFTXDGH

YHSURQWDPHQWHLQ]XSSDUVLHFRODUHDIRQGR6HQRQqLGURILOREL VRJQDVJUDVVDUORIDFHQGROREROOLUHSHUTXDOFKHWHPSRLQXQDVR OX]LRQH GLOXLWD GL VRGD FDXVWLFD RSSXUH WHQHQGROR VHPSOLFH PHQWHLPPHUVRD IUHGGR SHU TXDOFKH JLRUQR LQ GHWWD VROX]LRQH ,Q VHJXLWR VL ODYD DEERQGDQWHPHQWH ILQFKp VLD VFRPSDUVD RJQL WUDFFLDGLVRGDHVLIDDVFLXJDUH 6XFFHVVLYDPHQWHVLLPPHUJHLQ XQD JUDQGH EDFLQHOOD GL SRU FHOODQD R GL WHUUDFRWWD LO GHWWR FRUGRQFLQR DYYROWR PROWR OHQWR VRSUDXQDVSRHYLVLYHUVDVRSUDODSDVWDLQFHQGLYDIOXLGDDOOXQ JDQGRODDQFRUDVHQHFHVVDULRFRQ DOFRROFRQFHQWUDWRHVL FRSUH LOWXWWRODVFLDQGRGXUDUHO LPPHUVLRQHSHUROWUHGRGLFLRUH'R SRTXHVWRWHPSRLILOLVRQRFRPSOHWDPHQWHLPELELWLGLSDVWDLQ FHQGLYD PD SHU PHJOLR JDUDQWLUH O RPRJHQHLWj GL LPELEL]LRQH O HVWUD]LRQHGHOFRUGRQFLQRGDOEDJQRVLIDIDFHQGRORSDVVDUHSHU XQ IRUR WURQFRFRQLFR SUDWLFDWR LQ XQD WDYROD VRYUDSSRVWD DOOD EDFLQHOODHGDYHQWHODEDVHPDJJLRUHLQEDVVR,OFRUGRQFLQRFRVu WLUDWR YLHQ GLVWHVR DOO DULD VRSUD UXOOL LQ DPELHQWH ULVFDOGDWR H YHQWLODWR HVVR VL DVFLXJD UDSLGDPHQWH GDWD OD JUDQGH YRODWLOLWj GHOO DOFRROSRLDYHQGRORQXRYDPHQWH DYYROWRVRSUDXQDVSR D JDEELD VH QH ULSHWH O LPPHUVLRQH QHOOD SDVWD LQFHQGLYD H VL ID SDVVDUHLOFRUGRQFLQREDJQDWRVRWWRXQVHWDFFLRFKHODVFLDFDGHUH GHOSROYHULQRDYHQGRFXUDFKHLOFRUGRQFLQRVWHVVRQHUHVWLVSRO YHUDWR GD RJQL SDUWH &RVu XPLGR H VSROYHUDWR OR VWRSSLQR YLHQ WLUDWRIUDGXHUXOOLLQFXLVRQRSUDWLFDWHGXHLQFLVLRQLVHPLFLUFR ODULLQPRGRFKHORVWRSSLQRRPLFFLDGLYLHQHXQLIRUPHULFHYHQ GRXQDOHJJHUDFRPSUHVVLRQH ,Q VHJXLWR YLHQH DVFLXJDWR SHUIHWWDPHQWH VRSUD O DVSR H SRL FROORFDWRLQVFDWROHFLOLQGULFKH ,SLFFROLODERUDWRULSLURWHFQLFLSUHSDUDQRJOLVWRSSLQLFRQXQ SURFHGLPHQWRSLVHPSOLFH ,QXQDEDFLQHOODODUJDHSLDWWDGLSRUFHOODQDYLHQHVWHPSHUDWR LOSROYHULQRLQVROX]LRQHDFTXRVDPROWRGLOXLWDGLJRPPDDUDEL FD WDQWR FKH QH ULVXOWL XQD SDVWD SLXWWRVWR OLTXLGD ,Q TXHVWD VL LPPHUJRQRJOLVWRSSLQLGLFRWRQHJLjWDJOLDWLGLOXQJKH]]DYROX WDYLVLODVFLDQRLPPHUVLSHUDOFXQHRUHLQGLVLHVWUDJJRQRHVL IDQQRDVFLXJDUHDOO DULDDSHUWDGLVWHVLVRSUDWHODL 6LSUHSDUDQRVWRSSLQLGLGXHJUDQGH]]HLVRWWLOLFKHWDJOLDWLD SH]]HWWLVHUYRQRSHUDFFHQGHUHLVLQJROLIXRFKLLGRSSLFKHVHU YRQRSHUPHWWHUHLQFRPXQLFD]LRQHOHGLYHUVHSDUWLGLXQIXRFR

,Q TXHVWRFDVR VL DSSDLQR WDOYROWD GXH VWRSSLQL SHU O HYHQWXDOLWj FKHXQRVLVSHQJD

0LFFHLQFHQGLYHUDSLGH 3HUXVRSLURWHFQLFRHVVHYHQJRQR JHQHUDOPHQWH SUHSDUDWH FRQ JOL VWRSSLQL LQFHQGLYL FRPXQL DY YROWL LQ WXEHWWL GL FDUWD TXHVWL XOWLPL GHWWL DQFKH SRUWDIXRFKL KDQQRORVFRSRGLDVVLFXUDUHODSLUDSLGDWUDVPLVVLRQHGHOIXRFR HGLGLIHQGHUHORVWRSSLQRGDOO XPLGLWj 8Q PHWRGRPROWRVHPSOLFH SHUSUHSDUDUOH q GL DYYROJHUH DW WRUQR DOOR VWRSSLQR EHQ VHFFR XQ QDVWUR GL FDUWD HG LQ VHJXLWR YHUQLFLDUORHVWHUQDPHQWHFRQYHUQLFHLQSHUPHDELOH 6H VL GHYRQRULXQLUH FRQ VWRSSLQL SL IXRFKL GLVWDQWL OD ORUR FRQWHPSRUDQHD DFFHQVLRQH VL ID FRQ GLYHUVL VWRSSLQL ULXQLWL SHU PH]]RGLEHFFXFFL ,OEHFFXFFLRqXQFLOLQGUHWWRGLFDUWDGLGLDPHWURWDOHGDSRWHU FRQWHQHUHDQFKHTXDWWURRFLQTXHVWRSSLQLLQHVVRDFDXVDGHOOD SUHVVLRQH GHL JDV GHL TXDOL q RVWDFRODWD O HVSDQVLRQH LO IXRFR YLHQH SURSDJDWR FRQ PDJJLRU FHOHULWj H VLFXUH]]D FRVLFFKp GDO PHGHVLPR q FRPXQLFDWD FRQWHPSRUDQHDPHQWH O DFFHQVLRQH DL IXRFKLFRVuFROOHJDWL *OL VWRSSLQL LQFHQGLYL GD DUWLILFLHUH VRSUD GHVFULWWL FLRq IRU PDWL FRQ ILOL GL FRWRQH LQ EHYXWL GHOOD SDVWD LQFHQGLYD TXDQGR VLDQR EHQ SUHSDUDWL GHEERQR EUXFLDUH FRQ UDSLGLWj XQLIRUPH OD OXQJKH]]DGLXQPHWURGHYHLQSLHJDUH DOPDVVLPRSHUEUXFLDUH XQPLQXWRVHFRQGR )UDLYDULGLVSRVLWLYLLQFHQGLYLSHUODUDSLGDFRPXQLFD]LRQHGHO IXRFRDPROWLSH]]LSLURWHFQLFLXQDYROWDHUDXVDWRXQFRUGRQFL QRGLIXOPLFRWRQHFKHEUXFLDYDFRQHVWUHPDYHORFLWjHFKHSRWH YD FRPXQLFDUH LO IXRFR DG XQD VWULVFLD GL FDUWD LQFHQGLYD D FXL HUDDYYROWDODVXDHVWUHPLWj6LXVDQRDQFKH DOSRVWRGHO IXOPL FRWRQHSH]]HWWLGLFRUGLWHSROYHUHGLODQFLRGDJXHUUD,OYDQWDJ JLR GHOO XVR GHO IXOPLFRWRQH R FRUGLWH FRQVLVWH QHO IDWWR FKH LQ FDVR GL SLRJJLD TXDQGR L SH]]L SLURWHFQLFL VLDQR VWDWL UHVL LQ SHUPHDELOLDOO DFTXDFRQDSSURSULDWDYHUQLFHEDVWDQRSRFKHRUH SHUFKpLOIXOPLFRWRQHRODFRUGLWH FKHVLDVWDWRFRPSOHWDPHQWH EDJQDWRVLDVFLXJKLHULDFTXLVWLODVXDSURSULHWjGLWUDVPHWWHUHLO IXRFRFRQODPDVVLPDYHORFLWj $OO HVWHURSHUDOWULDUWLIL]LGDJXHUUDVRQRXVDWHPLFFHDUD SLGD D JUDQGH YHORFLWj GL FRPEXVWLRQH FRVu OD IXVH LVWDQWD

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u VXOODILEUDLOFURPDWRGLSLRPERULFRQRVFLELOHDOFRORUHJLDOOR6L SURFHGHYDSRLDOODHVVLFFD]LRQHDOO DULD $WWXDOPHQWHOHPLFFHDOHQWDFRPEXVWLRQHGHOFRPPHUFLRVR QR SUHSDUDWH FRQ DSSRVLWL PDFFKLQDUL FRQ SROYHULQR HG KDQQR XQDYHORFLWjPHGLDGLFRPEXVWLRQHGLFPDOVHFRQGR &DQGHOH LQFHQGLYH 6RQR GHJOL HOHPHQWL SLURWHFQLFL FKH FRQWHQJRQRXQDFRPSRVL]LRQHGLJUDQGHYLYDFLWjGLFRPEXVWLRQH HVHUYRQRDG DFFHQGHUHTXHLSH]]LFKHQRQSRVVRQRYHQLUHFRO OHJDWLFRQOHPLFFHRSSXUHQHLTXDOLODPLFFLDKDFRPXQTXHIDO QHRXVLQJOHVH0.,,,FRORUDUDQFLRQHFKHEUXFLDFRQODYHOR FLWjGLPDOPLQXWRVHFRQGRÊLQSLHJDWDLQWUDSSROHFDUL FKHGLHVSORVLYR7DOLWLSLGLPLFFLDVRQRIDEEULFDWLLQ,WDOLDGDOOD 6RF6,3(GL0LODQR9LD)7XUDWL

OLWR/DFDUDWWHULVWLFDIRQGDPHQWDOHGLXQDEXRQDFDQGHODLQFHQ GLYDqGLEUXFLDUHFRQHVWUHPDHQHUJLDHVVDGHYHEUXFLDUHDQFKH VRWWR OD SLRJJLD LPSHWXRVD HG DQFKH LPPHUVD QHOO DFTXD FRPH VH IRVVH QHOO DULD 3HU UDJJLXQJHUH WDOH VFRSR OD FRPSRVL]LRQH FKHQHFRVWLWXLVFHODFDULFDGHYHHVVHUHULFFDG RVVLJHQRHSUHSD UDWD FRQ XQ PHWRGR © D FDOGR ª FKH VDUj GHVFULWWR LQ DSSUHVVR FDS,9 6LSUHSDUDLOFRVLGGHWWRVROIRQLWUR GL]ROIRFROPHWRGR VXGGHWWRFLRqIRQGHQGRLQVLHPHXQDSDUWHLQSHVRGHO]ROIRFRQ WUHSDUWLGLVDOQLWURHVLSROYHUL]]DODPDVVDVROLGLILFDWDRPRJH QHD$OVROIRQLWURSROYHUL]]DWRVLDJJLXQJRQRSRLDOWULHOHPHQWL VHFRQGRGLYHUVHIRUPROH &RPSRVL]LRQH&RPSRVL]LRQH WHGHVFDIUDQFHVH 6ROIRQLWUR««««««««« =ROIR«««««««««««« 5HVLQDGLSLQR«««««««« 3ROYHULQR««««««««««

6L XVDQR DQFKH DOWUH IRUPROH SHU OH FRPSRVL]LRQL GHOOH FDQ GHOHLQFHQGLYHOHTXDOLFRQWHQJRQRSXUHVROIXURGLDQWLPRQLRH SHFHFRPXQH )RUPXODWHGHVFD)IUDQFHVH 1LWUDWRSRWDVVLFR«««««««« =ROIR««««««««««««« 3ROYHULQR««««««««««« 6ROIXURG DQWLPRQLR««««««« 3HFHGDFDODIDWDUH«««««««

'L VROLWR DOOH FDQGHOH LQFHQGLYH FKH VRQR IDWWH GL UREXVWR FDUWRQHFRQYHQLHQWHPHQWHLQEHYXWRGLQLWUDWRSRWDVVLFRDIILQFKp EUXFL FRQWHPSRUDQHDPHQWH DOOD FRPSRVL]LRQH FRQWHQXWD VL Gj XQDOXQJKH]]DGLFLUFDFPFRQXQGLDPHWURLQWHUQRGLFP /D FRPSRVL]LRQH YLHQH LQWURGRWWD D SRU]LRQL WDOL FKH FLDVFXQD YHUVDWD VHQ]D FRPSUHVVLRQH QHOO LQYROXFURRFFXSL FLUFD FP GL DOWH]]DLQVHJXLWRVLLQWURGXFHQHOODFDYLWjXQDEDFFKHWWDGLJLX VWDPLVXUDHPHGLDQWHDOFXQLFROSLHQHUJLFLGLPD]]XRORODFRP SRVL]LRQH YLHQH FRPSUHVVD 8QD FDQGHOD LQFHQGLYD EHQ SUHSD UDWDGjXQDILDPPDGLFLUFDFPGLOXQJKH]]DHVLSUHVWDEHQH DGDFFHQGHUHJOLVWRSSLQLGHLIXRFKL

3HUSRWHUXWLOL]]DUHWXWWDODFDQGHODLQFHQGLYDVLFROORFDQHOOD HVWUHPLWjLQIHULRUHGHOO LQYROXFURSULPDGHOULHPSLPHQWRXQWDS SRGLVXJKHURRGLDUJLOODHYLVLDJJLXQJHXQDGDWWREDVWRQHLQ ILODWRFRQO HVWUHPLWjGHOO LQYROXFURDFXLYLHQHILVVDWRFRQOHJD WXUDGLILORPHWDOOLFR $OORVFRSRGLDGGHQVDUHFRQYHQLHQWHPHQWHODFRPSRVL]LRQHH GLFRQVHJXHQ]DRWWHQHUHXQDFDQGHODFKHEUXFLDOXQJRODFRP SRVL]LRQHYLHQHWDOYROWDLQXPLGLWDFRQROLRGLOLQRFRVLFFKp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u FDULFDWR YLHQH SRL LQVHULWR QHOSH]]RSLURWHFQLFRFRQODHVWUHPLWjLQFXLVLWURYDLOSROYHULQR SXURHQHJDUDQWLVFHODUDSLGDVLFXUDDFFHQVLRQH/ XVRGLWDOLDU WLIL]LqSUHVVRFKpDEEDQGRQDWR $FFHQGLWRULHOHWWULFL (UDQR XQD YROWD IDEEULFDWL D PDQR H FRVWLWXLWLGDXQSLFFRORDVWXFFLRFLOLQGULFRDYHQWHLOIRQGRFKLXVR GD XQ WDSSR GL OLPLWDWD UHVLVWHQ]D VRSUD FXL YHQLYD SRVWR XQR VWUDWR GL SROYHUH QHUD FRPSUHVVD SRL XQR VWUDWR GL PLVFHOD GL SROYHULQRHGLIXOPLFRWRQH,OUHVWRGHOODFDYLWjHUDRFFXSDWRGD XQ WDSSR GL PDWHULD LVRODQWH DWWUDYHUVDWR GD GXH ILOL FRQGXWWRUL LVRODWLOHFXLHVWUHPLWjDUULYDYDQRQHOORVWUDWRGLPLVFHODGLSRO YHULQR H IXOPLFRWRQH HG LYL HUDQR FROOHJDWL GD XQ SLFFROLVVLPR ILOR GL SODWLQR LPPHUVR QHOOD PLVFHOD /H HVWUHPLWj HVWHUQH GHL GXHILOLFRQGXWWRULYHQLYDQRFROOHJDWHHOHWWULFDPHQWHFRQXQ DS SDUHFFKLRJHQHUDWRUHGLFRUUHQWHFKLXGHQGRLOFLUFXLWRLOILORGL SODWLQR VRWWLOLVVLPR SHUFRUVR GD FRUUHQWH VL DUURYHQWDYD HG DF FHQGHYDODPLVFHODFKHDVXDYROWDWUDVPHWWHYDO DFFHQVLRQHDOOD SROYHUH4XHVWLDFFHQGLWRULRUDGHVFULWWLGHWWLDQFKHDGLQFDQGH VFHQ]DIXQ]LRQDYDQRFRQFRUUHQWHDEDVVDWHQVLRQHQHHVLVWHYD

QR SXUH GHO WLSR DG DOWD WHQVLRQH FKH GLIIHULYDQR GDL VXGGHWWL VROWDQWRSHUFKpOHHVWUHPLWjGHLILOLFRQGXWWRULGHQWURO DFFHQGLWR UHLQYHFHGLHVVHUHFROOHJDWHGDXQVRWWLOHILORGLSODWLQRGDSRU WDUHDOO LQFDQGHVFHQ]DFRQODFRUUHQWHUHVWDYDQRVHSDUDWHGDXQ VRWWLOHLQWHUYDOORHQWURLOTXDOHODFRUUHQWHDGDOWDWHQVLRQHSUR GXFHYD XQD VFLQWLOOD FKH IDFHYD LQILDPPDUH LO PLVFXJOLR FLUFR VWDQWHLQTXHVWRFDVRFRPSRVWRGDFORUDWRSRWDVVLFRVROIXURGL DQWLPRQLRHJUDILWH4XHVW XOWLPRWLSRHUDGHWWRDFFHQGLWRUHHOHW WULFRDVFLQWLOODHQRQqSLXVDWRQHOODSUDWLFD $WWXDOPHQWH VRQR XVDWL JOL DFFHQGLWRUL HOHWWULFL GHO FRPPHU FLR FRVWUXLWL FRQ DSSRVLWR PDFFKLQDULR H QRQ D PDQR FRQ PDJJLRU JDUDQ]LD G XQLIRUPLWj GHO SURGRWWR 7DOL DFFHQGLWRUL D WHVWLQD6FKDIIOHUFRVWUXLWLLQ,WDOLDGDOOD6RF1REHOQHOVXRVWD ELOLPHQWR GL 7DLQR VRQR GHO WLSR D LQFDQGHVFHQ]D VRQR FRVWL WXLWLGDGXHFRQGXWWRULGLUDPHRLQIHUURVWDJQDWRGHOGLDPHWUR GLFLUFDGLPPHULXQLWLDGXQDHVWUHPLWjGDXQILORGLSODWL QRGHOGLDPHWURGLLQPPFKHqLPPHUVRLQXQDPLVFHODLQ ILDPPDELOHIRUPDWDGDFORUDWRSRWDVVLFRFDUERQHH]LUFRQLRUH VDLPSHUPHDELOHPHGLDQWHLPPHUVLRQHLQDSSRVLWHYHUQLFL /DFRUUHQWHDVVRUELWDqFLUFDDPSHUHHXQDUHVLVWHQ ]DRKPLFDFRPSUHVDIUDHRKP 7XWWL JOL DFFHQGLWRUL HOHWWULFL FRQWHQXWL QHOOD VWHVVD VFDWROD KDQQRODLGHQWLFDUHVLVWHQ]DHOHWWULFD 0HGLDQWHLVXGGHWWLDFFHQGLWRULHOHWWULFLVLSRVVRQRDFFHQGHUH D GLVWDQ]D H FRQWHPSRUDQHDPHQWH DQFKH SH]]L GLYHUVL SHU O DFFHQVLRQHVL SRVVRQR XVDUHEDWWHULH GL SLOH R DFFXPXODWRUL R SLFFROHPDFFKLQHHOHWWULFKHSRUWDWLOLGHWWHHVSORGLWRUL 3UHSDUD]LRQH GHL FDUWRFFL 6L Gj LO QRPH GL FDUWRFFL DJOL LQYROXFULFLOLQGULFLGHOODPDJJLRUSDUWHGHJOLHOHPHQWLGHLIXRFKL FKHYHQJRQRSRLULHPSLWLFRQOHGLYHUVHFRPSRVL]LRQL 6RQR WXEL IRUPDWL DYYROJHQGR VRSUD XQD EDFFKHWWD GHO GLD PHWUR YROXWR H LQ SUHFHGHQ]D VSDOPDWD FRQ WDOFR LQ SROYHUH GL YHUVL VWUDWL GL EXRQD FDUWD HG LQFROODQGROD ILQR DG RWWHQHUH XQ FRQYHQLHQWHVSHVVRUHGHOOHSDUHWL 3HUOH FRPSRVL]LRQL GL IXRFKL D VFLQWLOOH L FDUWRFFL FKH GHE ERQRSRWHUVRSSRUWDUHXQDIRUWHSUHVVLRQHQRQGHYRQREUXFLDUH DVVLHPHFRQODFRPSRVL]LRQHSHUFLzDOPHQRSHUJOLVWUDWLHVWHUQL

ODFDUWDGHYHSUHYHQWLYDPHQWHHVVHUHVWDWDLPPHUVDLQVROX]LRQH FKHODUHQGDLQFRPEXVWLELOH ,QYHFHSHUFRPSRVL]LRQLDILDPPDOHSDUHWLVLIDQQRSLVRW WLOLHFRQFDUWDUHVDIDFLOPHQWHFRPEXVWLELOHPHGLDQWHLPPHUVLR QHLQVROX]LRQHGLQLWUDWRSRWDVVLFR &RPHPDWHULD DGHVLYD SHULQFROODUHL GLYHUVL VWUDWLGL FDUWD q DGDWWD XQD VDOGD SUHSDUDWD FRQ IDULQD GL DPLGR H FRQ FROOD DQL PDOH ,OFDUWRFFLRXQDYROWDXOWLPDWRHGHVVLFFDWRYLHQHSRLVWUR] ]DWRDGXQDHVWUHPLWjPHGLDQWHOHJDWXUDFRQVSDJRLQPRGRFKH UHVWLOLEHUDVROWDQWRXQDVWUHWWDDSHUWXUDVXIILFLHQWHSHULOSDVVDJ JLRRYHRFFRUUDGHOORVWRSSLQRLQFHQGLYR 'XUDQWH LO FDULFDPHQWR OD GHWWD DSHUWXUD YLHQH RVWUXLWD FRQ FDUWDSRLTXHVWDYLHQHWROWDHVLFROORFDO LQFHQGLYR 0H]]L SHUUHQGHUHLQFRPEXVWLELOLLFDUWRFFL 3HU UHQGHUH LQFRPEXVWLELOLLFDUWRFFLVLSRVVRQRLQSLHJDUHGLYHUVHVRVWDQ]H IUD OH TXDOL VSHFLDOPHQWH DGDWWL VRQR LO YHWUR VROXELOH O DOOXPH O DFHWDWR GL SLRPER HFF FRQ TXHVWH VRVWDQ]H OD FDUWD QRQ GL YHQWD DVVROXWDPHQWH LQFRPEXVWLELOH PD SRVWD DO IXRFR LQYHFH GL EUXFLDUH FRQ ILDPPD VL FDUERQL]]D OHQWDPHQWH /H VFLQWLOOH FKHGDLSH]]LSLURWHFQLFLJLjDFFHVLLQYLFLQDQ]DSRVVRQRFDGHUH VXLGHWWLFDUWRFFLVLVSHQJRQRSULPDGLSURGXUUHO LQQHVFDPHQWR IRUWXLWRGLHVVL,PSRUWDVSHFLDOPHQWHGLUHQGHUHLQFRPEXVWLELOLL FDUWRFFLGLTXHLSH]]LSLURWHFQLFLFKHGHEERQRHVVHUHODQFLDWLLQ DULDFRPHLUD]]LDIILQFKpGRYXQTXHYDGDQRDFDGHUHQRQFR VWLWXLVFDQRXQSHULFRORGLLQFHQGLR 4XDQGRVLLPSLHJDO DOOXPHTXHVWRVLIDEROOLUHQHOO DFTXDVL ODVFLD UDIIUHGGDUH OD VROX]LRQH VL LPPHUJRQR LQ HVVD L IRJOL GL FDUWD GHVWLQDWD DO FRQIH]LRQDPHQWR GHL FDUWRFFL H VL DSSHQGRQR DG DVFLXJDUH VRSUD ILOL WHVL 6H VL LPSLHJD DFHWDWR GL SLRPER RSSXUH DQFKH VROIDWR G DPPRQLR VL VFLRJOLH XQD SDUWH GL GHWWR VDOHLQGLHFLRTXLQGLFLSDUWLGL DFTXD D IUHGGR VL LPPHUJRQRL IRJOL GLFDUWDQHOODVROX]LRQHHVuIDQQR DVFLXJDUHFRPH VRSUD q GHWWR 3HUOHFRPSRVL]LRQLGLVLFXUH]]DVRSUDGGHWWHEDVWDWDORUDFKH VLD UHVD LQFRPEXVWLELOH VROWDQWR OD FDUWD GHJOL VWUDWL SL HVWHUQL GHLFDUWRFFL

4XDOFKHYROWDqFRQYHQLHQWHUDJJLXQJHUHLPHGHVLPLVFRSLGL LQFRPEXVWLELOLWj GHOO LQYROXFUR SUHSDUDQGR SDVWH YDULDPHQWH FRORUDWHFRQOHVXGGHWWHVROX]LRQLGLVDOLHFRULDUJLOODHFRQHVVH VSDOPDUHLSH]]LSHUIXRFKLDUWLILFLDOLFRVuGDSRWHUDQFKHGLVWLQ JXHUH GDOOD FRORUD]LRQH HVWHUQD GHO FDUWRFFLR OD TXDOLWj GHOOD FRPSRVL]LRQHFRQWHQXWD

&$3,72/2,9

35(3$5$=,21('(//(&20326,=,21, 3,527(&1,&+(

/HPDWHULHSULPHGHLPLVFXJOLGHYRQRHVVHUH ILQHPHQWH SRO YHUL]]DWHHEHQVHFFKH3ULPDFXUDVDUjSHUFLzGLLPSLHJDUOHGR SRDYHUOHWHQXWHSHUXQFHUWRWHPSRLQHVVLFFDWRUHSHUIDUHSHU GHUHORURO HYHQWXDOHXPLGLWjFKHDYHVVHURDVVRUELWRQHLWUDVSRUWL RGXUDQWHO LPPDJD]]LQDPHQWR $OFXQLVDOLSRVVRQRHVVHUHDFTXLVWDWLLQSROYHUHVSHFLDOPHQWH VH VRQR GL GLIILFLOH H SHULFRORVD PDFLQD]LRQH PD WDOYROWD SXz FRQYHQLUHSROYHUL]]DUOLTXDORUDVLDEELDLOGXEELRFKHLSURGRWWL SRVVDQRHVVHUHPHVFRODWLFROLVRVWDQ]HHVWUDQHH 1HO SROYHUL]]DUOL VL XVHUj O DYYHUWHQ]D GL XVDUH XQ PRUWDLR DGDWWRDOODQDWXUDGHOODVRVWDQ]DVXFXLVLRSHUDVLHYLWHUjSHUHV GLULGXUUHLQSROYHUHVDOLGLUDPHRSROYHUHQHUDLQPRUWDLGLIHU UR1HOODIRUPD]LRQHGHLPLVFXJOLqEXRQDQRUPDTXHOODGLPD FLQDUH L SURGRWWL VHSDUDWDPHQWH R PHVFRODWL FRQ TXHOOL FKH QRQ SRVVRQRGDUHRULJLQHDFRPSRVWLHVSORVLYLHIRUPDUHLPLVFXJOL GHILQLWLYLFRQVSDWROHGLOHJQRRFROODEDUEDGLXQDSHQQDHSRFR DOOD TXDQGR VL LPSLHJDQR GHL FORUDWL3HU QRQ SURYRFDUH XUWL R DWWULWLLPLVFXJOLXQDYROWDIDWWLQRQVLPDFLQDQRSL8QEXRQ PH]]RSHURWWHQHUHPLVFXJOLPROWRLQWLPLqTXHOORGLVHWDFFLDUOL DGXQRVWDFFLRGLVHWDPXQLWRGLWDPEXUR6LSXzDQFKHIDUHDJL UHORVWDFFLRFRQXQPRYLPHQWRPHFFDQLFRGLVSRQHQGRORGLHWUR XQ UREXVWR VFKHUPR LQ SRVWR ULSDUDWR SHU JDUDQWLUH PHJOLR O LQ FROXPLWjGHJOLRSHUDL 3HU IDUH FKH OD FRPSRVL]LRQH VLD DQFRUD SL RPRJHQHD VL SDVVDGXHRWUHYROWHSHUORVWDFFLRDQ]LO XOWLPDYROWDVLSDVVD SHUXQRVWDFFLRGLVHWD

/HFRPSRVL]LRQLDSROYHUHSHUOHIRQWDQHQRQVLGHEERQRPDL SDVVDUHQHJOLVWDFFLFKHVHUYRQRSHUOHFRPSRVL]LRQLGHOFORUDWR FLz SHU HYLWDUH FKH SDUWH GL FRPSRVL]LRQH DO FORUDWR VL PHVFROL FROODSROYHUHHQHOEDWWHUHODIRQWDQDDYYHQJDXQ HVSORVLRQH 1HO FDULFDUH FHUWH FRPSRVL]LRQL VSHFLDOPHQWH TXHOOH FRQ WHQHQWLPHWDOOL LQ OLPDWXUDR FDUERQH JURVVR ELVRJQD YHUVDUH OD FRPSRVL]LRQH OHJJHUPHQWH SHU HYLWDUH FKH XQD EUXVFD GLVFHVD IDFFLDLQJRUJDUHLOFDUWRFFLRRVHSDUDUHLFRPSRQHQWL 7XWWLL PLVFXJOLYDQQRFDULFDWL FRQ PD]]XROLGL OHJQRH EDF FKHWWH GL OHJQR FLz SHUFKp OH EDFFKHWWH PHWDOOLFKH DQFKH VH EDWWXWHFRQPD]]XRORGLOHJQRSRVVRQRGDUOXRJRDOO DFFHQVLRQH GHOODFRPSRVL]LRQHVHVXOODWHVWDGHOOHEDFFKHWWHVLqGHSRVLWDWR XQRVWUDWRGLSROYHUH 3ULPDGLIDUHXVRGLXQDFRPSRVL]LRQHELVRJQDVSHULPHQWDUOD LQ TXHOOR VWHVVR FDUWRFFLR FXL HVVD q GHVWLQDWD SHU VDSHUH VH q EHQULXVFLWDHFRUUHJJHUODDOELVRJQR $ WDOH ULJXDUGR EXQD DYYHUWHQ]D QHOO DFTXLVWDUH OH PDWHULH SULPHqGLULFKLHGHUOHGLFDUDWWHULVWLFKHDGDWWHDOO XVRSDUWLFRODUH 3HUHVQHOIDUHOXFLFRORUDWHQRQLQJLDOORqLQSRUWDQWHFKHOH PDWHULHSULPHQRQFRQWHQJDQRVDOLGLVRGLRVHQRQDOPDVVLPR LQWUDFFH ,O PHVFRODPHQWR GHOOH VLQJROH VRVWDQ]H FKH VHUYRQR D IRU PDUH OH FRPSRVL]LRQL SLURWHFQLFKH SXz HVVHUH IDWWR LQ GXH GL YHUVL PRGL LO PHWRGR JHQHUDOH q TXHOOR GHOOD FRPSRVL]LRQH D IUHGGRFLRqVLPHVFRODQRVHPSOLFHPHQWHLYDULFRPSRQHQWLIL QHPHQWH SROYHUL]]DWL O DOWUR LQ SLHJDWR LQ SRFKL FDVL q TXHOOR GHOOD PHVFRODQ]D SHU IXVLRQH R FRPSRVL]LRQH D FDOGR /D SUH SDUD]LRQHGHOOHFRPSRVL]LRQLDFDOGRqVRORSRVVLELOHLQTXDQWLWj OLPLWDWHHSHUTXHOOHVRVWDQ]HFKHVFDOGDWHDOODWHPSHUDWXUDQH FHVVDULDDOODIXVLRQHQRQVLDFFHQGRQR ,O PHVFRODPHQWR GHOOH SROYHUL q RSSRUWXQR IDUOR VRSUD XQD WDYRODGLPDUPRFRQERUGRULDO]DWRHPHGLDQWHVSDWRODRGLOH JQR R GL FRUQR ODYRUDQGR LO PLVFXJOLR FRQ RJQL FDXWHOD FLRq HYLWDQGR JOL XUWL ILQR D FKH DG RFFKLR QRQ VL QRWLQR GLVXJXD JOLDQ]HLQDOFXQSXQWRGHOODPDVVD7HQHUHVHPSUHSXOLWDODWD YRODVSHFLHGRYHVLDSSRJJLDO DUWLIL]LR 6H OD FRPSRVL]LRQH GHYH FRQWHQHUH VRVWDQ]H FKH DVVRUERQR IDFLOPHQWHXPLGLWjGDOO DWPRVIHUDHVVHGHEERQRHVVHUHDJJLXQWH SHUXOWLPHHGHVVHUHPHVFRODWHLOSLUDSLGDPHQWHSRVVLELOHXQD

YROWDIDWWDODFRPSRVL]LRQHGHYHHVVHUHVXELWRYHUVDWDLQEDUDW WROLEHQFKLXVLHFRQVHUYDWDLQHVVLILQRDFKHQRQYHQJDFDOFDWD GHQWURLFDUWRFFL 4XDQGR DOOH FRPSRVL]LRQL GHYRQR HVVHUH PHVFRODWH SROYHUL PHWDOOLFKHQRQSROYHUL]]DWHILQHPHQWHOLPDWXUHHVFDJOLHGXUHH DVSLJROLYLYLODPHVFRODQ]D GHYHHVVHUHIDWWDFRQ VSHFLDOLSUH FDX]LRQLDIILQFKpSHUDWWULWRQRQVLSURGXFDO DFFHQVLRQHGHOPL VFXJOLR /H SL IDFLOL DFFHQVLRQL GXUDQWH OD PHVFRODQ]D DYYHQJRQR TXDQGRLFRPSRQHQWLQRQVRQRSHUIHWWDPHQWHVHFFKL3LVSHVVR DFFHQVLRQL H LQIRUWXQL VXFFHGRQR FRQ TXHOOH FRPSRVL]LRQL FKH FRQWHQJRQR LQVLHPH FORUDWR SRWDVVLFR H ILRUL GL ]ROIR , ILRUL GL ]ROIRFRPHVLqJLjGHWWRFRQWHQJRQRVSHVVRWUDFFHGLDQLGULGH VROIRURVD FKHSHUD]LRQH GHOO XPLGLWjSXz GDUH OXRJR D IRUPD ]LRQHGLWUDFFHGLDFLGRVROIRULFRFKHFROFORUDWRGjOXRJRDGDF FHQVLRQL VSRQWDQHH SHUFKp VL PHWWH LQ OLEHUWj SHU GRSSLD GH FRPSRVL]LRQHO DFLGRFORULFRFKHqSRFRVWDELOH3HUFLzqEXRQD QRUPDLQSLURWHFQLDSUHIHULUHDLILRULGL]ROIRRWWHQXWLSHUVXEOL PD]LRQH OR ]ROIR PDFLQDWR GDL FRVLGGHWWL EDVWRQL R PHJOLR TXHOORYHQWLODWR 4XDOFKH SLURWHFQLFR TXDQGR GHYH PHVFRODUH ]ROIR FRQ FOR UDWRGLSRWDVVLRXVDPHVFRODUHDOFORUDWRJLjGXUDQWHODVXDSRO YHUL]]D]LRQHXQDSLFFROLVVLPDTXDQWLWjXQFHQWHVLPR GLFDUER QDWRGLVRGDLQSROYHUHDQLGURSHUIHWWDPHQWHDVFLXWWRFKHKDOD IXQ]LRQHGLVDWXUDUHOHHYHQWXDOLWUDFFHGLDFLGLWj&RVuLOPLVFX JOLRqODYRUDELOHFRQPLQRUSHULFROR /HFRPSRVL]LRQLSLURWHFQLFKHFKHDVVLHPHDOFORUDWRGLSRWDV VLRFRQWHQJRQRVROIXURGLDQWLPRQLRR]ROIRQRQGHEERQRHVVHUH PHVFRODWHFRQODVSDWRODGLUHWWDPHQWHVRSUDLOWDYRORGDPLVFHOH SHUFKpSHUVIUHJDPHQWRSRVVRQRHVSORGHUH6LPHVFROHUDQQRLQ YHFH R VHPSOLFHPHQWH IDFHQGROH VFRUUHUH VX FDUWD OLVFLD VROOH YDQGRULSHWXWDPHQWHHDOWHUQDWDPHQWHLOHPELRSSRVWLGHOIRJOLR RSSXUH IDFHQGROH SDVVDUH DO VHWDFFLR PD VROWDQWR SHU SLFFROH TXDQWLWj HG LPSLHJDQGR XQR VWDFFLR GL FULQH R GL VHWD H PDL GL WHODPHWDOOLFD /H FRPSRVL]LRQL D FDOGR FLRq TXHOOH FKH VL SUHSDUDQR IRQ GHQGRLQVLHPHLGLYHUVLFRPSRQHQWLVLHVHJXRQRFROVLVWHPDGL YHUVDUHLOFRUSRSLGLIILFLOPHQWHIXVLELOHGHQWURTXHOORJLjIXVR HSLIDFLOPHQWHIXVLELOH&LzVLDSSOLFDVSHFLDOPHQWHSHUODPL VFHODGLQLWUDWRSRWDVVLFRH]ROIR

6LIRQGHDWDOHVFRSROR]ROIRLQXQUHFLSLHQWHSLDWWRYLVLDJ JLXQJHLOQLWUDWRSRWDVVLFRSROYHUL]]DWRDSRFRDSRFRULPHVFR ODQGRHVLVHJXLWDDJLUDUHILQRDFKHO LQWHURPLVFXJOLRQRQqSHU IHWWDPHQWHXQLIRUPH$OORUDVLWRJOLHLOUHFLSLHQWHGDOIXRFRHVL ULPHVFRODDQFRUDLOPLVFXJOLRILQRDFKHO LQL]LRGHOODVROLGLILFD ]LRQHQRQLPSHGLVFHLOPRYLPHQWRGHOPHVWROR &216,'(5$=,21,87,/,3(5/$35(3$5$=,21( '(//(&20326,=,21,/80,126( ,FRORULGHOOHFRPSRVL]LRQLOXPLQRVHLPSLHJDWHLQSLURWHFQLD ROWUH L IXRFKL ELDQFKL VRQR HVVHQ]LDOPHQWH TXDWWUR LO URVVR LO JLDOOR LO YHUGH H O D]]XUUR / LQWHQVLWj GHO FRORUH QRQ GLSHQGH VRORGDOOHTXDQWLWjGLGHWWHVRVWDQ]HFKHHQWUDQRQHODFRPSRVL ]LRQHODFRPSRVL]LRQHFKHGLUHPRWHRULFDDQGUjSRLYDULDWDLQ EDVHDOO HVSHULHQ]DSUDWLFDHDYDULHDOWUHFRQGL]LRQLSHUDXPHQ WDUQHO HIIHWWROXPLQRVR &RPH VL q JLj YLVWR L FRPSRVWL SL SUDWLFDPHQWH LPSLHJDWL VRQR SHULOURVVRFRPSRVWLGLVWURQ]LRFRORUHURVVRFDUPLQLR HGLFDOFLRURVVRFKLDUR SHULOJLDOORWXWWLLFRPSRVWLGHOVRGLR SHULOYHUGHVDOLGLEDULR SHUO D]]XUURVDOLGLUDPHD]]XUURFXSR FDORPHODQRHG DOWULFRPSRVWLGLPHUFXULRD]]XUURFKLDUR

,PLJOLRULHIIHWWLGLVSOHQGRUHPHWDOOLFRJLDOORRURHURVVRRUR VLRWWHQJRQRPHGLDQWHOLPDWXUDGLIHUURRSSXUHJUDQXOLGuFDUER QHVHQHLQWHQVLILFDO HIIHWWRDXPHQWDQGRODWHPSHUDWXUDGLFRP EXVWLRQH 8QFDPSRGLHVSHULHQ]HSHULOSLURWHFQLFRqODULFHUFDGLQXR YLHIIHWWLOXPLQRVLEUXFLDQGRRLQVLHPHRVXFFHVVLYDPHQWHFRP SRVL]LRQLFRORUDWH ,O SL GHOOH YROWH LO PLVFXJOLR GL GXH FRPSRVL]LRQL FRORUDWH QRQ Gj EUXFLDQGR LO FRORUH FKH ULVXOWHUHEEH LQ SLWWXUD GDO PL VFXJOLRGLGXHFRORULPDLOFRORUHULVXOWDQWHqSLVSHVVRLOELDQ FRSLRPHQRSXUR6ROWDQWRLOFRORUHYLROHWWRVLSRWpRWWHQHUH

DQDORJDPHQWH D TXDQWR DYYLHQH LQ SLWWXUD GDOOD PHVFRODQ]D GL FRPSRVL]LRQLURVVHHGD]]XUUH ,O SLURWHFQLFR GHYH LQROWUH WHQHUH FRQWR GHOOH FDUDWWHULVWLFKH GHOO RFFKLRXPDQRHGDSSOLFDUQHOHOHJJLHGLIHQRPHQLSHUSUH SDUDUHLOPLJOLRUHIIHWWRGHLVXRLSURGRWWL6HILVVLDPRXQRJJHWWR PROWR OXPLQRVR URVVR H SRL XQR VFKHUPR ELDQFR YHGLDPR XQD PDFFKLDYHUGHHYLFHYHUVDGRSRDYHUILVVDWRXQDOXFHYHUGHDE EDJOLDQWH YHGLDPR VXO ELDQFR LO URVVR FRORUH FKH GLFHVL FRP SOHPHQWDUH GHO YHUGH /R VWHVVR DYYLHQH IUD L GXH FRORUL FRP SOHPHQWDULD]]XUURHDUDQFLRQH 1HOSULPRFDVRO RFFKLRTXDVLRIIHVRGDOO LQWHQVLWjGHOODFROR UD]LRQHURVVDqGLYHQWDWRLQVHQVLELOHPRPHQWDQHDPHQWHDTXHOOD ]RQDGHOORVSHWWURHQRQSHUFHSLVFHSLVHQRQLFRORULGHOOD]RQD RSSRVWDQHOODJDPPDGLFRORULGLVSRVWLLQFLUFROR FKHFRPSRQH LOELDQFR7HQHQGRFRQWRGLTXHVWR IDWWR VL SXz DXPHQWDUH O HI IHWWR OXPLQRVR GL XQD FRPSRVL]LRQH FRORUDWD EUXFLDQGR SULPD XQ DOWUD FRPSRVL]LRQH D OXFH YLYD GHO FRORUH FRPSOHPHQWDUH GHOODSULPDDQFKH VHTXHVWDqSRFRYLYD,QROWUH FROPHGHVLPR FULWHULR VL HYLWHUj GL VRYUDSSRUUH QHOO RFFKLR GHOOR VSHWWDWRUH O LPSUHVVLRQH GL FRORUL FRPSOHPHQWDUL DQQXOODQWLVL UHFLSURFD PHQWH 0(==,3(5$80(17$5(/$/80,126,7¬ '(//(&20326,=,21, &RQVLGHUDQGROHFRPSRVL]LRQLOXPLQRVHGDXQDOWURSXQWRGL YLVWDqGDULFRUGDUHFKHODOXPLQRVLWjGLXQFRUSRFKHEUXFLDGL SHQGH GDOOD WHPSHUDWXUD D FXL DYYLHQH OD FRPEXVWLRQH TXDQWR SL DOWD q WDOH WHPSHUDWXUD WDQWR SL LQFDQGHVFHQWL GLYHQWDQR WDQWRLYDSRULTXDQWROHSDUWLFHOOHVROLGHFKHLUUDGLDQROXFHGDOOD ILDPPD(SRLFKpLQJHQHUDOHOHFRPSRVL]LRQLDSLHOHYDWDWHP SHUDWXUD GL FRPEXVWLRQH VRQR TXHOOH LQ FXL PDJJLRUPHQWH SXz VYLOXSSDUVL GHOO RVVLJHQR QH ULVXOWD O LQIOXHQ]D FKH KDQQR VXOOD OXPLQRVLWjGHOOHFRPSRVL]LRQLLFRPSRQHQWLRVVLGDQWL ,O QLWUDWR GL SRWDVVLR q XQ FRPSRVWR ULFFR GL RVVLJHQR HG q QDWXUDOPHQWH PROWR LPSLHJDWR QHOOH FRPSRVL]LRQL OXPLQRVH

WXWWDYLD KD LO GLIHWWR GL ULFKLHGHUH JLj GL HVVHUH LQ DPELHQWH D WHPSHUDWXUDGHOODLQFDQGHVFHQ]DELDQFDSHUFRPLQFLDUHDVYROJH UHLOVXRRVVLJHQR3HUFLzQHOOHSURYHFKHVLIDQQRSHUDXPHQWDUH OD OXPLQRVLWj GL XQD FRPSRVL]LRQH LQYHFH GL DJJLXQJHUH VROR QLWUDWRGLSRWDVVLRqXWLOHO DJJLXQWDGLXQDVSHFLDOHFRPSRVL]LR QHFKHGDLSLURWHFQLFLYLHQH FKLDPDWD FRPSRVL]LRQH JULJLD GDO VXRFRORUH /D FRPSRVL]LRQH JULJLD GHL SLURWHFQLFL VL SUHSDUD IRQGHQGR SDUWLGLQLWUDWRSRWDVVLRLQSDUWLGL]ROIRSROYHUL]]DQGR ILQHPHQWH H PHVFRODQGR SRL FRQ SDUWL GL SROYHULQR SROYHUH QHUDLQIDULQD 4XDQGR VL YXROH DXPHQWDUH OD OXPLQRVLWj GL XQD PLVFHOD VL FRPLQFLDDGDJJLXQJHUHDSLFFROHGRVLSURJUHVVLYHGHOODVXGGHWWD FRPSRVL]LRQHJULJLDVSHULPHQWDQGRQHSRLO HIIHWWR 6HO DJJLXQWDGLFRPSRVL]LRQHJULJLDQRQIRVVHVXIILFLHQWHSHU UDJJLXQJHUHORVFRSRYROXWRVLSXzULWHQHUHFKHODVRVWDQ]DFKH GHYH FRORUDUH OD ILDPPD VLD FRVu GLIILFLOPHQWH IXVLELOH FKH SHU SRUWDUODDOORVWDWRGLYDSRUHRFFRUUHXQDWHPSHUDWXUDDQFRUDSL HOHYDWD$OORUDVLSURYHUjDG DJJLXQJHUHLQYHFH FKHQLWUDWRSR WDVVLFRRFRPSRVL]LRQHJULJLDSLFFROHTXDQWLWjGLFORUDWRSRWDV VLFR DOOD FRPSRVL]LRQH OXPLQRVD RULJLQDOH VH QH IDQQR YDUL FDPSLRQLSHUHVFRQDJJLXQWDGLGLFORUDWRULVSHWWR DOODFRPSRVL]LRQHRUGLQDULDHVLSURYHUDQQRLQFDUWRFFLFRQWHP SRUDQHDPHQWHHGLQFRQIURQWRFRQTXHVWDHIUDGLORURSHUVWDELOL UHTXDOHqO DJJLXQWDFKHGjLPLJOLRULHIIHWWL &RPHSHULOQLWUDWRSRWDVVLFRFRVuDQFKH SHULOFORUDWRVLRW WLHQH DQFRUD XQ XOWHULRUH DXPHQWR GHOOD WHPSHUDWXUD GL FRPEX VWLRQHVHLOVDOHDSSRUWDWRUHGLRVVLJHQRVLDJJLXQJHQRQGDVROR PDJLjPHVFRODWRFRQOR]ROIRLQWLPDPHQWHLQIRUPDGLFRPSR VL]LRQH]ROIRFORUDWR 4XHVWDYLHQHIRUPDWDFRQSDUWLGLFORUDWRSRWDVVLFRH SDUWLGL]ROIR &RPH JLj GHWWR O LPSLHJR GL TXHVWR PLVFXJOLR q GHOLFDWR H SHULFRORVRHVVHQGRHVVRVHQVLELOHDJOLXUWLHIDFLOHDGHVSORGHUH SHUFLz ROWUH DOO DYYHUWHQ]D GL PDQHJJLDUQH TXDQWLWj PROWR SLF FROH VL GRYUjSULPD SROYHUL]]DUH ILQHPHQWH FLDVFXQR GHL FRP SRQHQWLSRLPHVFRODUOLLQXQ EXUDWWRJLUHYROHD]LRQDWRPHFFDQL FDPHQWH ,QFHUWLFDVLHFLRqTXDQGRODSURSRU]LRQHGLFRPSRQHQWHRV VLGDQWHqJLjHFFHVVLYDDQFKHO DJJLXQWDGLFDUERQHDGXQDFRP

SRVL]LRQHSXzDXPHQWDUQHODOXPLQRVLWjSHUFKpDXPHQWDODWHP SHUDWXUDGLFRPEXVWLRQHQRQGLPHQWLFDQGRSHUzGLULFRUGDUHFKH LOFDUERQHSURGXFHXQDFRORUD]LRQHURVVDVWUDHFKHSHUFLzOHOXFL GLDOWURFRORUHYHQJRQRDOWHUDWH $OWURPH]]RSHUDXPHQWDUHODOXPLQRVLWjGLXQDFRPSRVL]LR QHDXPHQWDQGRQHODWHPSHUDWXUDPROWRVHJXLWRRUDLQ$PHULFD q O LPSLHJR GL SHUFORUDWR GL SRWDVVLR D SLFFROH SHUFHQWXDOL LQ OXRJRGHOFORUDWRHGHOQLWUDWRSRWDVVLFR 3(5,&2/,',&20%867,21(63217$1($ '(,0,6&8*/,3,527(&1,&, $EELDPRJLjDFFHQQDWRDL SHULFROL SUHVHQWDWL GDO FORUDWR SR WDVVLFR )LQHPHQWH VXGGLYLVL L PHWDOOL FRPELQDQGRVL FRQ O RVVL JHQRSRVVRQRDXWRLQILDPPDUVLDQFKHDWHPSHUDWXUDGLSRFRVX SHULRUHDOO RUGLQDULDFRVuSHUHVOR]LQFRHO DOOXPLQLR / DOOXPLQLRPHVFRODWRDFORUDWRSRWDVVLFRGHOOHYROWHSXzHV VHUH VRJJHWWR D VIUHJDPHQWR H SHUFXVVLRQH FRQ XQ PDUWHOOR VX XQ LQFXGLQH VHQ]D GDUH OXRJR DG LQFLGHQWL DOWUH YROWH LQYHFH TXHVWL PLVFXJOL VRQR HVSORVL VHQ]D DSSDUHQWH PRWLYR GDQGR OXRJRDGLVJUD]LHPRUWDOL /DORURLQILDPPDELOLWjqWDOHFKHDQFKHFRQXQDSLFFRODVFLQ WLOOD SRVVRQR WDOYROWD DFFHQGHUVL HG HVSORGHUH FRPH PRUDOH LO ORUR LQ SLHJR YD IDWWR FRQ PROWH FDXWHOH H VHPSUH D SLFFROH TXDQWLWjSHUYROWD ,OQLWUDWRSRWDVVLFROR]ROIRLOFDUERQHGLOHJQDHLOQHURIX PRVRQRLPLJOLRULPDWHULDOLXVDWLQHLIXRFKLDUWLILFLDOL,QFLGHQWL FRQWDOLSURGRWWLDFFDGRQRVROWDQWRTXDQGRLQTXDOFKHPRGRYLH QHSURGRWWDXQDVFLQWLOODHSRUWDWDDFRQWDWWRFRQODPLVFHOD ,OQLWUDWRGLEDULRILQRUDQRQKDFDXVDWRDOFXQLQFLGHQWHFRQOR ]ROIRLOQLWUDWRSRWDVVLFRHFRQO DOOXPLQLR,OQLWUDWRGLEDULRLO QLWUDWRGLVWURQ]LRO DOOXPLQLRHLOSHUFORUDWRGLSRWDVVLRVRQRVR VWDQ]HGLLPSLHJRVLFXURILQFKp YHQJRQR XVDWL LQ FRPELQD]LRQH FRQOR]ROIRHODJRPPDODFFD,QYHFHLOQLWUDWRGLEDULRHTXHOOR GLVWURQ]LRFRPELQDWLFRQLOFORUDWRGLSRWDVVLRHJRPPDODFFD IRUPDQR XQ PLVFXJOLR PROWR VHQVLELOH H TXHVWD FRQGL]LRQH DX PHQWDTXDQGRYLHQHDJJLXQWDSROYHUHGLFDUERQHGLOHJQD

/DSROYHUHGLDOOXPLQLRLQPHVFRODQ]DFRQLOQLWUDWRGLEDULRH FRQLOFORUDWRGLSRWDVVLRRDOWULFDUERQLqFODVVLILFDWDFRPHSHUL FRORVD /DPHVFRODQ]DGHOFORUDWRGLSRWDVVLRFRQOR]ROIRGHYHHVVH UHHYLWDWDFRPHVLqJLjSUHFHGHQWHPHQWHGHWWRLOGHJOLLQ FLGHQWLQHOOHIDEEULFKHSLURWHFQLFKHHVWHUHVRQRVWDWLSURGRWWLVH FRQGRLO:HLQJDUWGDTXHVWDFDXVD,OFORUDWRQRQGRYUHEEHPDL HVVHUH PHVFRODWR FRQ VDOL G DPPRQLR SHUFKp VL DYUHEEH FRPH ULVXOWDWRXQDVSRQWDQHDFRPEXVWLRQH/DPHVFRODQ]DGLDFLGRSL FULFRHELFURPDWRqWURSSRVHQVLELOHSHUO XVRRUGLQDULR/HFRP SRVL]LRQL FRQWHQHQWL FORUDWR GL SRWDVVLR H IRVIRUR SHU PLVFHOH LQFHQGLDULH VRQRSDUWLFRODUPHQWHSHULFRORVH / XVR GHO IRVIRUR URVVR QRQ GRYUHEEH HVVHUH SHUPHVVR QHL SLFFROL ODERUDWRUL SLURWHFQLFL SHUFKp XQD PLQLPD TXDQWLWj SXz HVVHUHFDXVDGLJUDYLLQFLGHQWL 3ULPD GL XVDUH XQD QRWHYROH TXDQWLWj GL QXRYL SURGRWWL R FRPSRVL]LRQL TXHVWH GRYUHEEHUR HVVHUH VRJJHWWH D SURYH SUH YHQWLYHFRPHSHUJOLHVSORVLYLHFLRqGLVIUHJDPHQWRVHQVLELOLWj DOO XUWRFRQODEHUWD GLDFFHQVLRQHHGLVHQVLELOLWjDOO XPLGLWj $QFKHODWHPSHUDWXUDGHOODILDPPDSURGRWWDGRYUHEEHHVVHUH DFFHUWDWDFRQFXUDDSSURSULDWD,OSLURWHFQLFRQRQGRYUHEEHPDL JXDUGDUH GLUHWWDPHQWH OH FRPSRVL]LRQL PHQWUH TXHVWH EUXFLDQR PD GRYUHEEH DFFHUWDUVL GHO ORUR IXQ]LRQDPHQWR GDQGR DG DOWUD SHUVRQDO LQFDULFRGHOO DFFHQVLRQH *XDUGDQGR LO FRORUH LPPHGLDWDPHQWH FRVu FRPH YLHQH SUR GRWWR L QHUYL RWWLFL GHO SLURWHFQLFR YHQJRQR GLVWXUEDWL H QRQ q SRVVLELOHIDUHXQDFFXUDWRDFFHUWDPHQWRÊXWLOHULFRUGDUHFKHVL GHYHJXDUGDUHLOFRORUHGDXQDGLVWDQ]DGLFLUFDP 3HUOHOXFLELDQFKHHFRORUDWH VDUHEEHXWLOHIDUHHIIHWWXDUHOH PLVXUHGLOXPLQRVLWjDPH]]RGLIRWRPHWULFKHVRQRGLVSRQLELOL LQWXWWLLODERUDWRULGLILVLFDGLVFXROHHLVWLWXLWLXQLYHUVLWDUL $QDORJDPHQWHSHULOFRQWUROORGHOFRORUHQRQFKpGHOODERQWj GHOOHPDWHULHSULPHRQGHVWDELOLUHOHUDGLD]LRQLHPHVVHHTXLQGL GHOOD PLJOLRUH R PLQRUH FRUULVSRQGHQ]D DOOH HVLJHQ]H q IRQGD PHQWDOHO HVDPHGLUHWWRDOORVSHWWURVFRSLRLQXVRSUHVVRODERUD WRULVFLHQWLILFLHLQ*HUPDQLDDQFKHLQDOFXQHIDEEULFKH

6,67(0,3(53529$5(/$6(16,%,/,7¬ $// 8572$/&$/25(('$//2 6)5(*$0(172',0,6&8*/,3,527(&1,&,

, PLVFXJOL SLURWHFQLFL VRQR WXWWL GD FRQVLGHUDUVL HVSORVLYL H TXLQGL GD PDQLSRODUVL FRQ OH QHFHVVDULH FDXWHOH Ê PROWR XWLOH HVHJXLUHGHOOHSURYHSHUVDJJLDUHODPDJJLRUHRPLQRUHSHULFROR VLWj GHL PLVFXJOL FKH VL GHVLGHUDQR LPSLHJDUH RQGH VWDELOLUH OD ORUR LPSLHJDELOLWj R PHQR H OH QRUPH GL VLFXUH]]D GD DGRWWDUH SHUOHODYRUD]LRQL /HSURYHDGRWWDELOLSHUO HVDPHGHLPLVFXJOLSLURWHFQLFLXVDWH DQFKHSHUJOLHVSORVLYL VRQRHVVHQ]LDOPHQWHWUH VHQVLELOLWjDOO XUWRSURYDGHWWDDQFKHGHOODEHUWD VHQVLELOLWjDOFDORUHGHWHUPLQD]LRQHGHOODWHPSHUDWXUDGLDF FHQVLRQH VHQVLELOLWjDOORVIUHJDPHQWR

/HSURYHQRQVRQRGLIILFLOLGDIDUVLHSHUTXDQWRDOFXQHGLHV VHVLDQRHPSLULFKHSHUHVTXHOODGHOODEHUWDSXUHSHUPHWWRQRGL SDUDJRQDUH OD VHQVLELOLWj GHO PLVFXJOLR FKH VL HVSHULPHQWD D TXHOODGLDOWULPLVFXJOLJLjQRWLSHUVWDELOLUHLOJUDGRGLSHULFROR VLWjHIIHWWXDQGROHYDULHSURYHVHPSUHFRQOHVWHVVHPRGDOLWj Ê GD RVVHUYDUH QHL ULJXDUGL GHOOD VHQVLELOLWj DOO XUWR FKH YD ULDQGR OD QDWXUD GHOOH SDUHWL HQWUR FXL VL HVHUFLWD O XUWR VL SXz GHWHUPLQDUH LO JUDGR GL VHQVLELOLWj GHO PLVFXJOLR Ê TXL LQ DS SUHVVR FODVVLILFDWD LQ VFDOD GHFUHVFHQWH OD GXUH]]D GHOOH SDUHWL HQWURFXLVLHIIHWWXDO XUWRFLRqDFRPLQFLDUHGDOPDJJLRUJUDGR GLVHQVLELOLWj )HUURFRQWUR IHUUR5DPHFRQWURSLHWUD )HUURFRQWURSLHWUD5DPHFRQWURUDPH )HUURFRQWURUDPH5DPHFRQWUROHJQR )HUURFRQWURDOOXPLQLR5DPHFRQWURSLRPER )HUURFRQWURSLRPER5DPHFRQWUROHJQR )HUURFRQWUROHJQR5DPHFRQWUROHJQR

&RVu PHGLDQWH SURYH VL SXz VWDELOLUH HQWUR H FRQ TXDOL PD WHULDOLLOPLVFXJOLRVLGHEEDPDQLSRODUHSHUFHUFDUHGLHYLWDUHFKH VLSRVVDQRDYHUHGHOOHHVSORVLRQLSHUXUWR

ÊGDRVVHUYDUHFKHYLVRQRVRVWDQ]HFKHSXUHVVHQGRQRQHF FHVVLYDPHQWHVHQVLELOLDJOLXUWLORVRQRLQYHFHDOORVIUHJDPHQWR FLRqDGXQXUWRREOLTXRFRPHDYYLHQHSHULFORUDWL /D VHQVLELOLWj DOO XUWRVL PLVXUD FRQ LO FRVLGGHWWR © DSSDUHF FKLRDFDGXWDªR©EHUWDªHFRQVLVWHQHOSURYRFDUHO HVSORVLRQHGL XQD GHWHUPLQDWD TXDQWLWj GL VRVWDQ]D PHGLDQWH OD FDGXWD GL LQ GHWHUPLQDWR SHVR GD XQ DOWH]]D FKH YDULD D VHFRQGD GHOOD VHQVL ELOLWjGHOODVRVWDQ]DLQHVDPH /DEHUWDILJ FRQVWDGLXQEDVDPHQWRLQPXUDWXUDVXFXLq VLVWHPDWRXQFRPSOHVVRG DFFLDLRFRVuIRUPDWRXQEORFFRSRUWD LQFXGLQHXQDLQFXGLQHXQFRSHUFKLRGHOO LQFXGLQHFRQGXHIRUL SHU OR VIRJR GHL JDV GL HVSORVLRQH XQ SXQ]RQH VFRUUHYROH QHO FRSHUFKLR'DOEDVDPHQWRVLHOHYDQRGXHJXLGHGLDFFLDLRYHUWL FDOL UHFDQWL FLDVFXQD XQD VFDOD JUDGXDWD LQ FHQWLPHWUL H VRU PRQWDWHGDXQDVWDIIDGLIHUUR)UDOHJXLGHYLqXQDWUDYHUVDPR ELOHPXQLWDGLGXHLQGLFLHGL XQ GLVSRVLWLYR D WHQDJOLD FKH VR VWLHQHXQDPDVVDEDWWHQWHGLSHVRYDULDELOHNJ /D WUDYHUVDSXzPXRYHUVLOXQJROH JXLGHD PH]]RGLXQD IXQLFHOOD FKHSDVVDVXGXHSXOHJJHGLULQYLRHG q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j DOO XUWR GHO PLVFXJOLR LQ HVDPH FKH HYLGHQWHPHQWHqWDQWRPDJJLRUHTXDQWRPLQRUHqO DOWH]]D ,QSUDWLFDSHUDYHUHPDJJLRUHHVDWWH]]DQHOOHPLVXUHVLDGR SHUDQROHPDVVHEDWWHQWLGLSHVRPLQRUHFROOHVRVWDQ]HSLVHQVL ELOL4XHOOHSLSHVDQWLDOORVFRSRGLQRQDYHUH XQDDOWH]]DHF FHVVLYDGLVROLWRqGLP GHOOHJXLGHGHOO DSSDUHFFKLRYHQJRQR LPSLHJDWHFRQLPLVFXJOLSRFRVHQVLELOL/DPDVVDFDGHQWHSL

)LJ%HUWDSHUODSURYDGLVHQVLELOLWjDOO XUWR

XVDWD FRUUHQWHPHQWH H FKH Gj XQD GLVFUHWD DSSURVVLPD]LRQH q TXHOODGHOSHVRGLKJ $OGLVRWWRGLFPGLFDGXWDGLWDOHSHVRODFRPSRVL]LRQHq SDUWLFRODUPHQWHSHULFRORVDHVVHQGRFRPSDUDELOHDTXHOODLQXVR QHOOHFDSVXOHGDPLQDDOFXQLPLVFXJOLDOFORUDWRKDQQRXQDVHQ VLELOLWjFRPSUHVDWUDLHLFPGLDOWH]]DGLFDGXWDODSROYH UHQHUDFLUFDFPHFLUFDORVWHVVRGLFDVLGHOSLFUDWRGLDPPR QLRFP /D VHQVLELOLWj DO FDORUHYLHQH GHWHUPLQDWD ULVFDOGDQGR LQ XQ EDJQR GL OHJD GL :RRG IXVD LO PLVFXJOLR FRQWHQXWR LQ SLFFROD TXDQWLWjJ HILQHPHQWHSROYHUL]]DWRLQXQDSURYHWWD GLYHWURHQRWDQGRFRQO DXVLOLRGLXQWHUPRPHWURLPPHUVRQHO EDJQR OD WHPSHUDWXUD DOOD TXDOH VL KD O DFFHQVLRQH DFFRPSD JQDWDRQRGDHVSORVLRQH 3HUDYHUHULVXOWDWLFRPSDUDELOLRFFRU UHFKHOHSURYHWWH DEELDPRGLPHQVLRQLVWDELOLWHFKHHVVHVL LP PHUJDQRQHOEDJQRSHUXQDSURIRQGLWjGHWHUPLQDWDHFKHODWHP SHUDWXUDGHOEDJQRVWHVVRVDOJDGLFLUFDRJQL 5LFRUGLDPR FKH OD WHPSHUDWXUD G DFFHQVLRQH GHOOD SROYHUH QHUDqGLFLUFD /DVHQVLELOLWjDOORVIUHJDPHQWRVLGHWHUPLQDFRQXQDSSDUHF FKLR SHQGRODUH FRPSUHQGHQWH XQ LQFXGLQH ILVVD LQ DFFLDLR VXOOD VXSHUILFLH GHOOD TXDOH YLHQH D VWULVFLDUH FRPH XQD VFDUSD PHWDOOLFD ULYHVWLWD GL OHJQR R GL DOWUR PDWHULDOH ILVVDWD DO O HVWUHPLWjRVFLOODQWHGHOSHQGROR/ LQFXGLQHSUHVHQWDXQDVXSHU ILFLH OLVFLD QHO PH]]R GHOOD TXDOH VRQR ULFDYDWH LQ VHQVR SHU SHQGLFRODUHDOPRYLPHQWRGHOSHQGRORVFDQQHOODWXUHSDUDOOHOH GHVWLQDWH D ULFHYHUH XQ FRQJUXR TXDQWLWDWLYR GL XQ PLVFXJOLR LQ HVDPH /D SURYD VL HIIHWWXD LQ PRGR DQDORJR D TXHOOD FRQ OD EHUWDVLGHWHUPLQDFLRqO DOWH]]DPLQLPDLQFPDOODTXDOHVLKD ODIUDQFDHVSORVLRQHGHOPLVFXJOLR,OSHVRGHOODVFDUSDPHWDOOLFD YDULDGDDNJO DOWH]]DGLFDGXWDRVFLOODIUDPHP 8QD SURYD SUDWLFD VHPSOLFH SHU GHWHUPLQDUH OD VHQVLELOLWj DJOLDWWULWLHVIUHJDPHQWLFRQVLVWHQHOFROORFDUHLQXQPRUWDLRDO FXQH SDUWLFHOOH GHO PLVFXJOLR H VIUHJDUOH PHGLDQWH XQ SHVWHOOR 6HFRVuRSHUDQGRVLRVVHUYDXQFUHSLWLRFDUDWWHULVWLFRVLSXzVHQ ] DOWURFRQFOXGHUHFKHRFFRUUHPDQHJJLDUHLOPLVFXJOLRFRQSUH FDX]LRQH

&216(59$=,21('(//(&20326,=,21, 3,527(&1,&+(

,OSHJJLRUSHULFRORQHOODFRQVHUYD]LRQHGHOOHFRPSRVL]LRQLSL URWHFQLFKHqO XPLGLWj3HUUDJLRQLHFRQRPLFKHLOIDEEULFDQWHGL SH]]L SLURWHFQLFL GHYH LQ JHQHUDOH SUHSDUDUH OH FRPSRVL]LRQL LQ XQD FHUWD TXDQWLWj SUHOHYDQGROH VHFRQGR OH VXH QHFHVVLWj GL YROWDLQYROWD 0ROWHFRPSRVL]LRQLFRQWHQJRQRVRVWDQ]HLJURVFRSLFKHHSHU FLz HVSRVWH DOO DULD DVVRUERQR GD TXHVWD O XPLGLWj H GLYHQJRQR LQVHUYLELOLSHULOFDULFDPHQWR6LWHQJDSUHVHQWHFKHTXDORUDXQD FRPSRVL]LRQHDEELDDVVRUELWRGHOO XPLGLWjHVLSUHVHQWLDJJORPH UDWD QRQ q SUXGHQWH HVVLFFDUOD H SRL GL QXRYR SROYHUL]]DUOD VH SRL VL SUHVHQWDVVH DGGLULWWXUD LQ EORFFR q PHJOLR GLVWUXJJHUOD FKHQRQWHQWDUHGLULXWLOL]]DUOD 3HUFLzVLGRYUjDYHUHODPDVVLPDFXUDSHUFRQVHUYDUHOHFRP SRVL]LRQL SHUIHWWDPHQWH DVFLXWWH $ WDOH VFRSR VHUYRQR EHQH JUDQGL EDUDWWROL GL YHWUR FKLXVL FRQ EXRQL WDSSL GL VXJKHUR H TXHVWLDQFRUDULFRSHUWLFRQFDUWDSDUDIILQDWD 3HUTXDQWLWjPDJJLRULVRQRXWLOL]]DELOLFDVVHGLOHJQRULYHVWLWH LQWHUQDPHQWHHGDQFKHHVWHUQDPHQWHFRQFDUWDSDUDIILQDWDHGR SRDGDWWDPHQWRGHOFRSHUFKLRVLGRYUDQQRFKLXGHUHOHFRPPHV VXUHFRQVWULVFHGLFDUWDLPSHUPHDELOHRSDUDIILQDWD &20326,=,21,3,527(&1,&+(3(5352,(77,/, 75$&&,$17, /HFRPSRVL]LRQLGLSHQGRQRGDGLYHUVLIDWWRUL LOFDOLEURGHOO DUPD ODIRUPDGHOODFDULFDQHOSURLHWWLOH OD FRPSUHVVLRQH OD GXUDWD GHOOD FRPEXVWLRQH H OD PDVVD GHOODPLVFHODLQDFFHQVLRQH LGLVSRVLWLYLFKHDVVLFXUDQRO DFFHQVLRQH O RULIL]LRSHUODIXRUXVFLWDGHLJDVSURYHQLHQWLGDOODFRPEX VWLRQHGHOODPLVFHODWUDFFLDQWH

6LFFRPH TXHVWH FDXVH LQWHUYHQJRQR SHU OD VFHOWD GHOOD FRP SRVL]LRQH FRVu QRQ HVLVWH XQD IRUPXOD JHQHUDOH DSSOLFDELOH LQ WXWWLLFDVL6LSXzSUHFLVDUHLQPRGRJHQHUDOHFKHODGXUDWDGHOOD FRPEXVWLRQH QRQ SXz HVVHUH DXPHQWDWD FKH D GHWULPHQWR GHOOD OXPLQRVLWj H TXHVWD GXUDWD GHOOD FRPEXVWLRQH q LQ JHQHUH WDQWR PDJJLRUH TXDQWR SL JUDQGH q OD FRPSUHVVLRQH GHOOD PLVFHOD 7XWWDYLD WDOH FRPSUHVVLRQH GHYH HVVHUH FRQWHQXWD LQ RSSRUWXQL OLPLWL DOWULPHQWLVH WURSSRFRPSUHVVD VL YD LQFRQWUR DOO LQFRQ YHQLHQWHGHOODGLIILFROWjG DFFHQVLRQHFKHSXzDUULYDUHILQRDOOD PDQFDWDDFFHQVLRQHPHQWUHVHSRFRFRPSUHVVDODPLVFHODV DF FHQGHWURSSRUDSLGDPHQWHHQRQqVXIILFLHQWHSHUODGXUDWDGHOOD WUDLHWWRULD /DOXFHHPHVVDqWDQWRSLYLYDTXDQWRSLVRVWDQ]DOXPLQRVD qLQFRPEXVWLRQHQHOO XQLWjGLWHPSRSLJUDQGHqODWHPSHUDWX UDGHLJDVGLFRPEXVWLRQHHSLODPLVFHODqOXPLQRVD /DPHVVDDSXQWRGHOOHPLVFHOHSHUFLzYDIDWWDFDVRSHUFDVR GDWRFKHVSHVVROHHVLJHQ]HEDOLVWLFKHGHOO DUPDSRUWDQRDOLPLWD UHODTXDQWLWjGLVRVWDQ]DWUDFFLDQWHHLOGLDPHWURGHOODSDUWHFDUL FDWDFRQODVRVWDQ]DWUDFFLDQWHVWHVVD ,SURGRWWLXVDWLSHUWDOLFRPSRVL]LRQL VRQRJHQHUDOPHQWHGHL SHURVVLGL DQLGUL SXUL H TXLQGL DG DOWR FRQWHQXWR GL SHURVVLGR H GHYRQRSURGXUUHXQDILDPPDFRVLYLYDGDSHUPHWWHUQHODYLVLEL OLWjLQSLHQRJLRUQR/DPLVFHODGHYHHVVHUHRYYLDPHQWHVWDELOH &RPH QHOOH FRPSRVL]LRQL SLURWHFQLFKH VL XQLVFRQR DL SH URVVLGLDOWULSURGRWWLDYHQWLIXQ]LRQLVSHFLDOLFRVuSHUHVODSRO YHUHGL]LQFRFKHLQVSHVVLVFHODILDPPDLOFDORPHODQRXVDWRSHU ULQIRU]DUH OD OXPLQRVLWj GL DOFXQH FRPSRVL]LRQL YHUGL H URVVH JXVFLGLQRFHULGRWWLLQSROYHUHIXQ]LRQDQWLFRPHIOHPPDWL]]DQWL SHUFKp GXUDQWH OD FRPSUHVVLRQH GHOOH PLVFHOH ODVFLDQR SDVVDUH GHOOHWUDFFHG ROLRVXIILFLHQWLDUDOOHQWDUHODFRPEXVWLRQHHDFR SULUH L JUDQL GL PDJQHVLR GL XQD VRWWLOH SHOOLFROD ROHRVD VXIIL FLHQWHDSURWHJJHUOLFRQWURODOHQWDRVVLGD]LRQH HFF

/D6RF*LJQRX[GL/LRQHqVSHFLDOL]]DWDQHOODSURGX]LRQH GLPDWHULHSULPHSHUWUDFFLDQWLFRPHGLQXPHURVLSURGRWWLSLUR WHFQLFLDGDOWRJUDGRGLSXUH]]D

&20326,=,21,3,527(&1,&+($)80,%,$1&+,

/D SURGX]LRQH GL IXPL D VFRSL EHOOLFL q DQWLFKLVVLPD 1HOOD ,OLDGH OLEUR ,,, SHU HV q ULFRUGDWR FRPH YHQLVVH VRWWUDWWR GD 9HQHUHDOQHPLFRO HURHDOHLJUDGLWR3DULGH ORVFDPSz&LWHUHDFKHDJHYROPHQWH LOSRWpFRPH'LYDORUDYYROVH GLPROWDQHEELDHIUDLOVRDYHROH]]R GHLSURIXPDWLWDODPLLOGHSRVH &RVuODVWRULDVDFUDFLKDWUDPDQGDWRODQXEHFKHSURWHVVHJOL ,VUDHOLWLQHOODIXJDGDOO (JLWWROHERPEHIXPRJHQHGHLEL]DQWLQL LOVLVWHPDVHJXLWRQHO0HGLR (YR GL LQFHQGLDUHOH HUEH LO IXPR

FUHDWRGDOODSROYHUHQHUDGXUDQWHODEDWWDJOLDGL:DWHUORRHFF ,SLURWHFQLFLSHUPROWLVVLPRWHPSRXWLOL]]DURQRJHQHUDOPHQWH PLVFXJOL GL QLWUDWR SRWDVVLFR H SHFH ILQ TXDQGR QHOOD SULPD JXHUUDPRQGLDOHO LPSLHJRGHOIXPRDVFRSLEHOOLFLVLJHQHUDOL]]z SHU WHUUD PDUH H FLHOR IDFHQGR HVHJXLUH DFFXUDWL VWXGL VXOO DU

JRPHQWRDOORVFRSRGLDYHUHSURGX]LRQHGLIXPLELDQFKLSHUOD UHVSLUD]LRQHFRPSOHWDPHQWHLQQRFXLHDEEDVWDQ]DGHQVL 3HULSLURWHFQLFLLQWHUHVVDQROHFDQGHOHIXPRJHQHRLFLOLQGUL IXPRJHQL QHL TXDOL SHU FRPEXVWLRQH GL RSSRUWXQH VRVWDQ]H R SHUUHD]LRQLFKLPLFKHDIUHGGRVLVYLOXSSDQRGHOOHQHEELHLQWHQ VH LPSHGHQWL OD YLVLELOLWj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

3HU OD SURGX]LRQH GL IXPL FRORUDWL VL SRVVRQR VHJXLUH WUH PHWRGL 'LVSHUVLRQHPHFFDQLFDGLVRVWDQ]HVROLGH 5HD]LRQLFKLPLFKH 9DSRUL]]D]LRQHGLRSSRUWXQHVRVWDQ]HFRORUDQWL

,OSULPRPHWRGRQRQqPROWRHIILFDFHHGq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

3HULOWHU]RPHWRGRFKHSDUHVLDVWDWRWHQWDWRSHULSULPLGDL JLDSSRQHVL VL q FHUFDWR LQ XQ SULPR WHPSR GL XWLOL]]DUH DOFXQH VRVWDQ]HLQRUJDQLFKHFRORUDWHVSHFLDOPHQWHLRGLR PDQRQ HV VHQGRVWDWLFRURQDWLGDVXFFHVVRLWHQWDWLYLVLqVWXGLDWRGLYDSR UL]]DUHVRVWDQ]HFRORUDQWLRUJDQLFKHPHGLDQWHDGDWWLDJHQWLRVVL GDQWLQLWUDWLHFORUDWL HGDJJLXQJHQGRDLPLVFXJOLGHOOR]XFFKH URGLODWWHVRVWDQ]DFKHIXQ]LRQDGDFRPEXVWLELOH &LRqVFKHPDWLFDPHQWHXQPLVFXJOLRSHUIXPRFRORUDWRqFR VuIRUPDWR SDUWH FRPEXVWLELOH ]XFFKHUR GL ODWWH LQ SDUWH H LQ SDUWH OD VWHVVDVRVWDQ]DFRORUDQWH SDUWHFRPEXUHQWHFORUDWRRQLWUDWRSRWDVVLFRRQLWUDWRVRGLFR SDUWHFRORUDQWHVRVWDQ]DFRORUDQWHRUJDQLFDIXQ]LRQDQWHDQ FKHGDFRPEXVWLELOH 3HUz O LQFRQYHQLHQWH FKH VL YHULILFD LQ JHQHUDOH FRQ TXHVWR PHWRGRqFKHQRQVLSXzDGRSHUDUHXQDTXDOXQTXHVRVWDQ]DRU JDQLFD DQFKH VH GRWDWD GL XQ IRUWH SRWHUH FRORUDQWH FRPH SR WUHEEHVHPEUDUHDSULPDYLVWD6LSRVVRQRLQYHFHDGRSHUDUHVROR TXHOOHVRVWDQ]HFKHQRQVLDQRGHFRPSRVWHSHUD]LRQHGHOFDORUH JHQHUDWRTXDQGRODPLVFHODYLHQHDFFHVDHFKHDEELDPRWUDO DO WURLOSXQWRGLIXVLRQHHG HEROOL]LRQHDEEDVWDQ]DYLFLQLLQPRGR GD HYLWDUH R GD ULGXUUH DO PLQLPR OD IRUPD]LRQH GL VRVWDQ]H OL TXLGHFKHLQGHEROLUHEEHURO HIIHWWRFRORUDQWH Ê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

ERQHGLOHJQDHFF PHQWUHLOFORUDWRVHIDSDUWHGHOODFRPSRVL ]LRQHDJLVFHGDRVVLGDQWH$QWLFDPHQWHVLXVDYDQRSHUWDOHVFR SRPLVFXJOLGLQLWUDWRSRWDVVLFRHSHFHPDLIXPLHUDQRSLFKH QHULJULJLDVWUL 5HFHQWHPHQWH q VWDWR DQFKH XVDWR FRPH PDWHULD SULPD O HVDFORURHWDQR

3$57(6(&21'$

&$3,72/2,

)82&+,',*8$51,=,21(

,IXRFKLGLJXDUQL]LRQHVRQRTXHLSLFFROLIXRFKLFKHVWDQQR QHOO LQWHUQR GL DOWUL PDJJLRUL (VVL VRQR OH VWHOOH OD SLRJJLD GL IXRFRLVHUSHQWHOOLOHFRORPEHHFF $ 67(//(

6L PHVFROD OD FRPSRVL]LRQH IDWWD VHFRQGR XQD GHOOH ©IRU PROHªVHJQDODWDQHOULFHWWDULRRSUHIHULWDGDOSLURWHFQLFRFRQGHO ELDQFRG XRYRIRUPDQGRXQDSDVWDGHQVLVVLPD $OFXQL SLURWHFQLFL IDQQR OH VWHOOH PHVFRODQGR OD FRPSRVL ]LRQHFRQWHQHQWHFORUDWRSRWDVVLFRFRQGHOO DFTXDLQFXLqVWDWD VFLROWDGHOODJRPPDDUDELFDOHVWHOOHIDWWHLQWDOPRGRSRVVRQR DFFHQGHUVLVSRQWDQHDPHQWHPHQWUHLQYHFHTXHOOHELDQFKHR FR ORUDWHFRQWHQHQWLQLWUDWRSRWDVVLFRVLSRVVRQRLPSDVWDUHFRQOD VROX]LRQHDFTXRVDGLJRPPDSHUXQOLWURG DFTXDGD D J GLJRPPD 4XHVWDSDVWDGHQVDVLVSLDQDVXGLXQDODVWUDGLPD ULQRLQPRGRGDDYHUHO DOWH]]DGLXQRRGXHFHQWLPHWULHVLWDJOLD FRQXQFROWHOORSULPDSHUOXQJRHSRLQHOO DOWURVHQVRIRUPDQGR FRVuWDQWLSLFFROLFXEL 4XHVWLFXELVLURWRODQRVXGLXQDWDYRODVSDUVDGLSROYHULQR 6L ODVFLDQR SRL HVVLFFDUH DO VROH ULPXRYHQGROL VSHVVR QRQ DGRSHUDQGROLFKHTXDQGRVRQRFRPSOHWDPHQWHDVFLXWWL /H VWHOOH SHU FDQGHOH URPDQH GHEERQR HVVHUH FLOLQGULFKH HG DYHUH XQ GLDPHWUR XQ SR PLQRUH GL TXHOOR GHO FDUWRFFLR GHOOD FDQGHODURPDQDQHOODTXDOHYDQQRLQWURGRWWLVHQ]DDWWULWR&LzVL RWWLHQHFRQXQSLFFRORFLOLQGURGLVWDJQRGLRSSRUWXQRGLDPHWUR

FKHVLFDOFDQHOODSDVWDGLVWHOOHHSHUPH]]RGLXQDEDFFKHWWLQD FKHGDOO DOWUDHVWUHPLWjGHOFLOLQGURVSLQJHODVWHOODIDFHQGRODFD GHUHVXOODWDYRODVSDUVDGLSROYHULQR /H FRPSRVL]LRQL SHU VWHOOH GHEERQR HVVHUH PROWR YLYH DO WULPHQWL QRQ VROR QRQ GjQQR XQ EHOO HIIHWWR PD SRVVRQR DQFKH VSHJQHUVLVHODQFLDWHLQDULDFRQWURSSDIRU]D % 6(53(17(//,

,VHUSHQWHOOLVRQRGHOOHSLFFROHIRQWDQH FDULFDWHFRQDSSRVLWH FRPSRVL]LRQL GL SROYHUH YHJJDVL ULFHWWDULR QHOOR VWHVVR PRGR LQGLFDWRSHUOHIRQWDQHYHJJDVLLQDSSUHVVR 3HUORSLVLIDQQRFRQFDUWHGDJLRFRXVDWHDUURWRODWHVRSUD XQDEDFFKHWWDGLPPGLGLDPHWURHULVXOWDQROXQJKLFPFLU FD ,VHUSHQWHOOLSRVVRQRHVVHUHVHPSOLFLDSLUXHWWDDJLUHOOR ,VHPSOLFL VRQRSHUIHWWDPHQWHVLPLOLDOOHIRQWDQHFRQODXQLFD GLIIHUHQ]D QHOGLDPHWURFKH QHLVHUSHQWHOOL q PLQRUHHVVR QRQ GHYHHVVHUHPLQRUHGLFPHODOXQJKH]]DGLFLUFDFPILJ

4XHOOL D SLUXHWWD VRQR GHOOH IRQWDQH FKH KDQQR XQ HVWUHPLWj RWWXUDWD FRQ DUJLOOD EDWWXWDGD XQ ODWR VL ID LO EXFR VL PHWWH OR VWRSSLQRHSRLVLFDULFD'RSRVLSLHJDORVWRSSLQRVXOODIRQWDQD HVLOHJDTXLQGLVLPHWWHXQSR GLSDVWDGLSROYHUHXPLGDSUHVVR

LOEXFR,OFDOLEURQRQGHYHHVVHUHPLQRUHGLFPHODOXQJKH]]D GLFPILJ , VHUSHQWHOOL VRQR DQFKH XVDWL HQWUR OH JUDQDWH LQ WDOH FDVR HQWUDPELLWLSLVHQRQKDQQRODFDVWDJQRODGHWWDDQFKHOD©ERW WDªLQWHUPLQHSLURWHFQLFR GLGLHWURGHEERQRHVVHUHRWWXUDWLFRQ XQRVWUDWRVRWWLOHGLDUJLOODDIILQFKp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

4XHVWLVHUSHQWHOOLKDQQRXQGLDPHWURLQWHUQRGLFPDOPHQR HGXQDOXQJKH]]DGLFLUFDFP/HIRQWDQHSHUTXHVWDVSHFLHGL VHUSHQWHOOLGHEERQRHVVHUHFRSHUWHGLVSDJRLPSHFLDWRFLRqVHQ ]DYXRWRILJ

& )$5)$//(R&RORPEH 6RQRGHOOHIRQWDQHGDDFPGLOXQJKH]]DHGLGLDPHWURGD FPD 3HU DOOHVWLUOH VL SUHQGH XQD IRQWDQD VL RWWXUD DG XQD HVWUH PLWjFRQDUJLOODEDWWXWDVLIDQQR WUHEXFKLHVLPHWWRQRJOLVWRSSL QL 4XLQGL VL FDULFD H VL RWWXUD FROO DUJLOOD 6H VL YXROH PHWWHUH OD FDVWD JQRODVLDYYROJHODSDUWHLQIHULR UH LQ XQD VWULVFLD GL FDUWD FKH VL VWULQJH GDOOD SDUWH GHOOD FDVWD JQROD H VL OHJD QHO FHQWUR GHOOD IRQWDQD *OL VWRSSLQL SRL YHQJR QRSLHJDWLLQDOWRHOHJDWLILJ ' *,5$1'2/(77( 6RQR VHUSHQWHOOL D JLUHOOR FKH KDQQR D FLDVFXQD HVWUHPLWjXQSLFFROR©EHQJDODª6LIDLOVHUSHQWHOORD JLUHOORVHQ]DEXFKLHVLILVVDQRDLGXHHVWUHPLLGXH SLFFROL EHQJDOD FRQ XQ VRWWLOH ILOR GL IHUUR FKH JL UDQGR DWWRUQR DOOD IRQWDQD SHU OXQJR PDQWLHQH LO IRQGR GHL EHQJDOD 4XLQGL V LQFROODQR FRQ XQD VWUL VFLD GL FDUWD L GXH IRQGL DO VHUSHQWHOOR H VL IDQQR L GXHEXFKL )LQDOPHQWH VL PHWWRQR JOL VWRSSLQL LQ PRGR GD DFFHQGHUHLOWXWWRFRQWHPSRUDQHDPHQWHILJ

( 67(//($&$67$*12/$ /H VWHOOH D FDVWDJQROD VRQR GHWWH DQFKH © OXPL D ERWWDª3HU DOOHVWLUOLVLSUHQGHXQDFDVWDJQRODHYLV LQFROODLQWRUQRXQDFDUWD LQPRGRGDDVVLFXUDUHFKHORVSDJRQRQEUXFL &RQ XQ SXQWHUXROR VL ID XQ EXFR H VL PHWWH XQR VWRSSLQR PROWRFRUWR VXTXHVWRGHOODSDVWDGLSROYHUHVXFFHVVLYDPHQWHVL

FRSUHODFDVWDJQRODXQLIRUPHPHQWHFRQODFRPSRVL]LRQHLQSDVWD SHUVWHOOH 4XDQGRODVWDJQRODqJUDQGHVLDYYROJRQRDWWRUQRDGHVVDGXH ILOLGLFRWRQHEDJQDWLQHOODFRPSRVL]LRQHSHUVWHOOHLQGLVLFRP SOHWDFROVRYUDSSRUUHODFRPSRVL]LRQH ) 3,2**,$',)82&2

/DSLRJJLDGLIXRFRQRQqDOWURFKHXQDSLFFRODIRQWDQDFKLX VDFRPSOHWDPHQWHGDXQODWRPHQWUHGDOO HVWUHPLWjDSHUWDHVFHLO JHWWRGLIXRFR ,FDUWRQFLQLDFFHVLLQDULDFDGRQROHQWDPHQWHODVFLDQGRGLHWUR GLORURWDQWHVWULVFHGLIXRFRGDFLzLOQRPHGLSLRJJLDGLIXRFR (VFRQRSHUORSLGDOOHJUDQDWH 3HUIDUOLVLSUHQGHXQDIRQWDQDFKHSXzDYHUHDQFKHORVSDJR LPSHFLDWRDYYROWRDVSLUDOHGDWRFKHODFRPSRVL]LRQHQRQVLGH YHEDWWHUPROWRHVLRWWXUDDGXQ HVWUHPLWjFRQDUJLOODEDWWXWD6L ILQLVFH FRO FDULFDUH VHPSUH FP VRWWR GHOO RUOR H LQ TXHVWR YXRWRVLPHWWRQRGHJOLVWRSSLQLOXQJKLFPVLEDWWRQRXQSR H VLSLHJDQR /HIRQWDQHGHEERQRDYHUHXQDOXQJKH]]DGLFPHGXQGLD PHWURGDDFP * 3,2**,$&21/80,62772

&DULFDWH OH IRQWDQH FRPH VRSUD SHUz ILQR DOO RUOR VL SUHQGH XQDVWULVFLDGLFDUWDODUJDFPHVLDYYROJHGDOODSDUWHRWWXUDWD GHOODIRQWDQDLQ PRGR GD IDUH LO FDUWRFFLR GHO EHQJDOD H VL OHJD EHQH 3RL VL FDULFD LO SLFFROR EHQJDOD FRPSULPHQGR EHQH OD FRPSRVL]LRQH6XTXHVWDVLPHWWHLOFRVLGGHWWR©YLYRªFRPSRVL ]LRQH ELDQFD FRQ PROWD SROYHUH XQ SR XPLGR H VXO YLYR OD SDVWD GL SROYHUH ,O ©YLYRª q LQGLVSHQVDELOH SHU LPSHGLUH FKH LO EHQJDODSRVVDVSHJQHUVLFRPHSRWUHEEHDFFDGHUHPHWWHQGRVROR ODSDVWDGLSROYHUH3HUDVVLFXUDUHLOEHQJDODGDOORVFRSSLRGHOOD ERPED V LQFROOD DWWRUQR XQD VWULVFLD GL FDUWD SL ODUJD GHO EHQ JDODLQPRGRFKHTXHVWRULVXOWDDQFRUDPHJOLRXQLWRDOODIRQWDQD 3RL VL SUHQGH XQR VWRSSLQR H VL DYYROJH SHU OXQJR LQ PRGR GD DFFHQGHUHLOEHQJDODHODIRQWDQDHVLDWWDFFD

)LQDOPHQWH FRQ OD SDVWD GL SROYHUH VLIDDGHULUHORVWRSSLQRDOOHGXHHVWUH PLWjILJ ,QYHFH GHOOHIRQWDQH VLSXz IDU XVR GL FDUWRFFHWWL DSHUWL GD DPER L ODWL 4XHVWL VL FDULFDQR VX GL XQD IRUPD FKHFRQVLVWHLQXQSLFFRORULDO]RFLOLQ GULFRLOTXDOHHQWUDQGRQHOFDUWRFFLR IRUPD LO YXRWR GHVWLQDWR SHO EHQJDOD 'DOO DOWUD HVWUHPLWj VL FDULFD FRQ XQD FRPSRVL]LRQH SHU SLRJJLD SRL VL WR JOLH GDOOD IRUPD H QHOOR VSD]LR YXRWR VLPHWWHODFRPSRVL]LRQHSHUEHQJDOD 4XHVWRPHWRGRqGDSUHIHULUVLQRQVRORSHUHVVHUHSLVHPSOL FHPDSHUFKpPHVVDLQVLHPHXQDFHUWDTXDQWLWjGLTXHVWLFDUWRF FHWWLVLKDDQFRUDXQDIRUPDFLOLQGULFD 4XHVWR WLSR GL IXRFR GL JXDUQL]LRQH QRQ q SLPROWRLQYRJD + 67(//($6(53(17(//,

6LIDQQRLVHUSHQWHOOLFRPHWXWWLJOLDOWULHVL PHWWH DQFKH LO SROYHULQR FDOFDQGROR FRO IHUUR FRPHVDUjGHWWRSHUOHIRQWDQH,QGLVXOODERFFD GHOVHUSHQWHOORVLIDLOFDUWRFFHWWRSHO©EHQJDOD ªFKHVLFDULFDFRQFRPSRVL]LRQHYLYDSHUVWHOOH 4XLQGL VL PHWWH LO © YLYR ª H OD VROLWD SDVWD GL SROYHUH6LLQFDUWRFFLDQRHVLVWRSSLQDQRFRPHL VHUSHQWHOOL$FFHVLDSSDLRQRSULPDFRPHVWHOOH HSRLVLWUDVIRUPDQRLQVHUSHQWHOOL , ),$00(77($9$5,2&2/25(

6LIDQQRGHLFDUWRFFHWWLSHUEHQJDODOXQJKLGDDFPVLVL WXDLOWXERVXGLXQSLFFRORULDO]RFLOLQGULFRHVLFDULFDFRQGLYHU VL VWUDWL GL FRPSRVL]LRQH SHU VWHOOH ,QGL VL WRJKH LO FDUWRFFHWWR GDOOD IRUPD H QHOYXRWR ULPDVWR GL VRWWR VL PHWWH OD FDVWDJQROD FKHVLPDQWLHQHDSRVWRFRQXQGLVFRGLFDUWDLQFROODWD'DOO DOWUR ODWRVLPHWWHODSDVWDGLSROYHUH)LQDOPHQWHV LQFDUWRFFLDQRHVL PHWWRQRJOLVWRSSLQLFRPHQHLVHUSHQWHOOL

6LSXzIDUHDQFKHDPHQRGHOODIRUPDVLWXDQGRLOFDUWRFFHWWR VXGLXQSLDQRHFDULFDQGRILQRDGXQDFHUWDDOWH]]DSHUODVFLDUH LOYXRWRULVHUYDWRSHUODFDVWDJQROD

&$3,72/2,,

)82&+,),66,

6LFKLDPDQRIXRFKLILVVLTXHOOLFKHDGLIIHUHQ]DGHLFRVLGGHWWL IXRFKL DHUHL VRQR GHVWLQDWL D EUXFLDUH LQ VLWR H FKH VH DQFKH VRJJHWWLDGXQUHODWLYRPRYLPHQWRVRQRILVVDWLDGXQDDUPDWXUD FKHGHYHSDUWHFLSDUHGHOPRWRVWHVVR $ )217$1$

/H IRQWDQHGHWWHDQFKH JHWWLVLIDFHYDQRLQ DOWUL WHPSL FDUL FDQGR GL FRPSRVL]LRQH SH]]L GL FDQQD FRPXQH $UXQGRGRQD[ SUHSDUDWLDYYROJHQGRYLDWWRUQRQHJOLLQWHUQRGLGHOORVSDJRLP SHFLDWRHVHJDWLVRWWRLQRGL2JJLSHUTXHVWLSH]]LFKHVRQRWUD LSLLPSRUWDQWLLPSLHJDWLLQSLURWHFQLDVLULFRUUHHVFOXVLYDPHQWH DL FDUWRFFL D IRUPD GL WXER IDWWL GL EXRQD FDUWD LQFROODWD DGRW WDQGRFRVuSHURJQLDSSOLFD]LRQHOHJLXVWHGLPHQVLRQLHVSHVVRUL GLSDUHWHFKHO HVSHULHQ]DKDGLPRVWUDWRSLDGDWWL /D OXQJKH]]DGHOOD IRQWDQD q SURSRU]LRQDWD DO VXR GLDPHWUR RUGLQDULDPHQWHqGDDYROWHLOVXRGLDPHWURLQWHUQR 3ULPDGLFDULFDUHLOFDUWRFFLRVHQHVWUR]]DLOIRQGRDOPRGR VROLWR VL FROORFD QHOOD VWUR]]DWXUD XQD SDOORWWROD GL DUJLOOD R GL FDUWDSHVWDHVLFRPSULPH/HIRQWDQH VLFDULFDQRFRQ LPEXWR H EDFFKHWWDOXQJDSRFRSLGHOFDUWRFFLRDGRSHUDQGRXQPD]]XROR GLOHJQRSHUEDWWHUHODFRPSRVL]LRQH,OPD]]XRORGHYHHVVHUHGL GLPHQVLRQL GLYHUVH VHFRQGR LO GLDPHWUR GHOOD IRQWDQD q EXRQD UHJRODQRQGDUHPDLFROSLREOLTXL

1HOO HVHJXLUHLOFDULFDPHQWRGHOOHIRQWDQHLPSRUWDFXUDUHFKH OD FRPSUHVVLRQH GHOOD FRPSRVL]LRQH ULVXOWL XQLIRUPH LQ WXWWD OD OXQJKH]]D3HUFLzODFRPSRVL]LRQHVLYHUVDHVLFRPSULPHDSL ULSUHVHRFDULFKH8QD IRQWDQDGLFP DYUjLQWXWWR R FDUL FKHXQDGLFXLDYUjGDDFDULFKH2JQLFDULFDYLHQEDWWXWD FRQRFROSLGLPD]]XROR ,OFDULFDPHQWRGLXQDIRQWDQDULFKLHGHPROWDSUDWLFDODUHJR ODULWjGHOODVXDFRPEXVWLRQHODVLFXUH]]DFRQWURSRVVLELOLHVSOR VLRQLLOJHWWRFDUDWWHULVWLFRGLVFLQWLOOHLOPRYLPHQWRLPSUHVVRDL SH]]LURWDQWLGLSHQGRQRROWUHFKHGDOODFRVWLWX]LRQHGHOODFRP SRVL]LRQH DQFKH GDOOD VXD JLXVWD HG XQLIRUPH FRPSUHVVLRQH 3HUFLz VL ILVVD LO QXPHUR GHOOH FDULFKH LO QXPHUR GHL FROSL GL PD]]XROR SHU FLDVFXQD FDULFD HG DQFKH OH GLPHQVLRQL GHO PD] ]XRORLQUHOD]LRQHDTXHOOHGHOODIRQWDQD &DULFDWDODIRQWDQDRFFRUUHSUDWLFDUYLLOIRURG DOORJJLDPHQWR

SHUJOLVWRSSLQLO LQFHQGLYRHODERFFDG XVFLWDSHULOJHWWRGHOOH VFLQWLOOHDWDOHVFRSRVLLPSLHJDQRGHLIHUULGHWWLFRPXQHPHQWH VJRUELHILJ PHGLDQWHLTXDOLVLIRUPDQRGHLIRULQHOWDSSR GL FDUWD R GL DUJLOOD FKH HUD VWDWR DGDWWDWR VXOOD VWUR]]DWXUD GHO FDUWRFFLRSULPDGLLQL]LDUHLOFDULFDPHQWR /DVJRUELDVLGHYHHVWUDUUHQRQDSSHQDKDUDJJLXQWRLOSULPR VWUDWR GL SROYHUH ,O IRUR GHYH HVVHUH SURSRU]LRQDWR DO GLDPHWUR GHOOD IRQWDQD SUHIHULELOPHQWH SL ODUJR LQYHFH FKH SL VWUHWWR JLDFFKpVHqVWUHWWRODIRQWDQDSXzDQFKHHVSORGHUHPHQWUHVHq XQSR SLODUJRGDUjOXRJRVRORDGXQVLELORPHQRIRUWHÊSHU FLzQHFHVVDULRDYHUHGLYHUVHVJRUELHGLYDULDJUDQGH]]D 1HOIRURVLPHWWHGHOODSROYHUHILQDTXLQGLFRQXQIHUURFKH WHUPLQDDWHVWDGLFKLRGRILJE VLFDOFDFRPSULPHQGRFRVu ODSROYHUH'LTXHVWLIHUULQHVRQRVXIILFLHQWLWUHSHUOHWUHGLPHQ VLRQLGHOOHIRQWDQHSLFFROHPHGLHJUDQGL 'DTXHVWRIRURHVFH

FRQYHHPHQ]DXQOXQJRJHWWRGLIXRFRHODYHHPHQ]DqWDOHFKH VHODIRQWDQDqSRVWDVXGLXQDVVHPRELOHKDODIRU]DGLIDUJLUD UHTXHVW DVVHHWDQWRSLUDSLGDPHQWHTXDQWRSLYLYDqODFRP SRVL]LRQH3HUTXHVWDUDJLRQHSHUOHIRQWDQHJLUDQWLVLDGRSHUDQR OH FRPSRVL]LRQL YLYH PHQWUH GL FRPSRVL]LRQL OHQWH VL FDULFDQR VROWDQWR OH IRQWDQH ILVVHTXHOOH FLRq FKHDWWDFFDWH DG XQ VRVWH JQRQRQVLPXRYRQR 3HUODVWHVVDUDJLRQHGHOPRWRDOOHIRQWDQHJLUDQWLVLIDLOIRUR SL VWUHWWR GL TXHOOH ILVVH ,O IRUR GHOOH SULPH VDUj OXQJR R SRFRSLGHOGLDPHWURLQWHUQRGHOODIRQWDQDPHQWUHLOIRURGHOOH VHFRQGHYDULDGDD / DFFHQVLRQHGHOOHIRQWDQHDPH]]RGHJOL VWRSSLQL VL HIIHWWXD LQ PRGR GLYHUVR D VH FRQGD FKH VL WUDWWL GL IRQWDQH GD JLRFR SHU URWHOOHRDJLDUGLQR /H©IRQWDQHGDJLXRFRª VRQRTXHOOHFKH GHEERQRDFFHQGHUVLO XQDGRSRO DOWUDHVRQR ILVVH YHUWLFDOPHQWH 4XHOOH © SHU URWHOOH ª VRQR OH IRQWDQH FKH VL PHWWRQR DWWRUQR DOOH GLYHUVH UXRWH SHU IDUOH JLUDUH 4XHOOH SRL GHWWH ©DJLDUGLQRªVLDFFHQGRQRWXWWHLQVLH PHHVRQRILVVHYHUWLFDOPHQWH / DFFHQVLRQH FRQ VWRSSLQL GHOOH IRQWDQH GDJLXRFRILJ KDOXRJRLQTXHVWRPRGR VL SUHQGH XQR VWRSSLQR OXQJR DEEDVWDQ]D DYYROWR QHOOD FDUWD H VFRSHUWRDOOHGXHHVWUHPLWjVLFRPSULPHO HVWUHPLWjGHOORVWRSSL QRVXOSROYHULQRFROIHUUR DWHVWDGLFKLRGR HVL DYYROJH O HVWUH PLWj GHOOD IRQWDQD FRQ XQ SR GL FDUWD FKH VL VWULQJH H VL OHJD

6RWWR OD IRQWDQD VL PHWWH XQ DOWUD VWULVFLD GL FDUWD FKH VHUYH SHU VWULQJHUHXQDOWURVWRSSLQRLOTXDOHYDDFRPSULPHUVLVXOSROYH ULQRGHOODIRQWDQDVHJXHQWHFRPHSULPD,QTXHVWRPRGRVSHQWD XQDIRQWDQDVLDFFHQGHXQ DOWUD /H©IRQWDQHSHUURWHOOHªILJ VLDYYROJRQRLQXQDVWULVFLD GL FDUWD SL OXQJD GHOOD IRQWDQD SHU GXH GLWD GDOO XQD DOO DOWUD

HVWUHPLWjVLOHJDQRQHOPH]]RLQGLVLPHWWRQRLQILODO XQDGRSR

O DOWUDHVLFRQJLXQJRQRFRQJOLVWRSSLQL /HIRQWDQHDJLDUGLQRILJ VLDFFHQGRQRFRVuVLDYYRO JHFLDVFXQD IRQWDQDFRQXQDVWULVFLD GLFDUWD SLOXQJDGXHGLWD GDOO XQDHGDOO DOWUDSDUWHGDOODSDUWHGLVRWWRVLVWULQJHODFDUWDH VL OHJD ,QGL VL SUHQGH XQD FRSSLD GL VWRSSLQL XQR VWRSSLQR FRO ©EHFFXFFLRªHO DOWURVHQ]DHVLOHJDVXOODERFFDGHOODIRQWDQD )LQDOPHQWHVLID HQWUDUHQHOEHFFXFFLRORVWRSSLQRGHOODIRQ WDQDVHJXHQWH 1HL©IXRFKLG DUWLIL]LRªTXHVWHIRQWDQHVRQRVHLGXHGLHVVH LQ EDVVR KDQQR JOL VWRSSLQL FRPH OH IRQWDQH GD JLXRFR SHU FR PXQLFDUHLOIXRFRDJOLHOHPHQWLPHVVLGLVRSUD /H IRQWDQH D OLPDWXUH SULPD GL HVVHUH FDULFDWH VL DSSDUHF FKLDQRPHWWHQGRXQDSULPDFDULFDGLSROYHUHHFDUERQHDIILQFKp QHOIDUH LO EXFR DOOD IRQWDQD LO IHUUR QRQ DEELD DWWULWR FRQ OD OL PDWXUD )RQWDQHDILOLHUD4XHVWHGHEERQRHVVHUHGLGLDPHWURSLXW WRVWRJUDQGHG RUGLQDULRVLIDQQRGLGLDPHWURVXSHULRUHDFPH LOIRURGHYHHVVHUHSLJUDQGHWWRGHOOHDOWUHIRQWDQHFLUFDGHO GLDPHWURLQWHUQR /DSROYHUHGHYHHVVHUHRWWLPD4XHOODLQJUDQL VHUYHSHUIDUHVDOWDUHODILOLHUDHGLJUDQLGHEERQRHVVHUHSURSRU ]LRQDWLDOGLDPHWURGHOODIRQWDQD/DILOLHUDSHUOHIRQWDQHPHGLH VLVSH]]DXQSR SHUOHIRQWDQHJUDQGLLQYHFHGHY HVVHUHDJURVVL

DJKL2FFRUUHQRQGLPHQWLFDUHODSULPDFDULFDGLSROYHUHH FDU ERQHGHWWDVRSUD )RQWDQHDIXRFRFLQHVH+DQQRLOIRURODUJRTXDQWRTXHOOR GHOOHIRQWDQHDILOLHUD

)RQWDQHGLJURVVRFDOLEUR/HIRQWDQHPROWRJUDQGLVLIDQ QRGLFDUWRQHILJ 6LSUHQGHXQFLOLQGURGLOHJQRHVXTXHVWR VLDYYROJHLOFDUWRQHLQFROODQGRORFRQFROODGL IDULQD $IILQFKp TXHVWH IRQWDQH VL SRVVDQR XVDUHXQSDLRGLYROWHLSULPLJLULVLIDQQRGL FDUWRQHLQFRPEXVWLELOH,QGLFRQVSDJRLPSH FLDWR D GXH R WUH ILOL VL ID XQD IDVFLD D JLUL FRPSDWWLDOOHGXHHVWUHPLWjJLUDQGRORVSDJR D VSLUDOH QHO PH]]R GHOOD IRQWDQD PD QRQ WURSSRUDGD6LWRJOLHODIRUPDVLJHWWDQHOFL OLQGUR GL FDUWRQH GHOO DUJLOOD H SHU PH]]R GL XQD EDFFKHWWD H GL XQ PD]]XROR SHVDQWH VL EDWWHEHQEHQHHFLzILQFKpO DUJLOODQRQDEELD O DOWH]]DGLXQGLWRHSL)LQLWRGLFDULFDUHVH QRQ GHYH GDU IXRFR DG XQ DOWUD VL PHWWH GL QXRYR O DUJLOOD H VL EDWWH 3HU TXHVWH IRQWDQH GL JURVVR FDOLEUR ULHVFH SL FRPRGR XVDUH OD EDFFKHWWDGDFDULFDUHGLOHJQRGXURH LO PD] ]XROR GL IHUUR 4XHVWH IRQWDQH VHUYRQR R SHU GDUPRWRDGDVVLJLUDQWLHGDOORUDYDQQRFDUL FDWH FRQ OH VWHVVH FRPSRVL]LRQL GL TXHOOH GL SL SLFFROR FDOLEUR R VRQR ILVVH D VRVWHJQL H DOORUD DQGUHEEHUR FDULFDWH FRQ FRPSRVL]LRQL EULOODQWL 7DOYROWD SHUz D PRWLYR GHO ORUR GLDPHWUR VL DGRSHUDQR FRPSRVL]LRQL SL OHQWHHFKHGjQQRXQIXRFRSLULFFRGLVFLQWLOOH % &$67$*12/(R%277(

3HU IDUH L FDUWRFFL FL YRJOLRQR GHOOH IRUPH GL YDULD GLPHQ VLRQH ILJ /D IRUPD SXz HVVHUH FLOLQGULFD R FXELFD QHOOD SUDWLFD SHUz ULHVFH SL IDFLOH OD IRUPD FXELFD 1HOOD SDUWH VX SHULRUH GHOO XQD R GHOO DOWUD IRUPD QHO FHQWUR YL GHY HVVHUH XQ EXFRSHUULFHYHUHLOSXQWHUXRORFRPHqDSSUHVVRGHWWR

/HFDVWDJQROHVLIDQQRRFRQSROYHUHRSSXUHFRQXQDFRPSR VL]LRQHGHWWD©IXOPLQDQWHª

&DVWDJQROH D SROYHUH 6L SUHQGH XQD VWULVFLD GL FDUWD D PDQR R VLPLOH ODUJD WUH D YROWHLOGLDPHWURGHOODIRUPDHVLDYYROJH LQ PRGR FKH ULPDQJD XQD OXQJKH]]D GL FDUWDSDULDGXQGLDPHWURIXRULGHOODIRUPD SHU FKLXGHUH LO FDUWRFFLR 6L SUHQGH XQD VWULVFLDGLFDUWRQFLQRODUJDXQGLDPHWURHVL DYYROJHDWWRUQRLQPH]]RGHOODSULPDVWUL VFLD SHU LQVSHVVLUH OH SDUHWL GHOOD FDVWD JQROD 3RL VL DYYROJH XQ DOWUD VWULVFLD GL FDUWD ODUJD WUH GLDPHWUL FRPH OD SULPD 6L SLHJDWXWWDODFDUWDULPDVWDIXRULGHOODIRUPDVXOODIRUPDVWHVVDH VLEDWWHODIRUPDGDOODSDUWHRSSRVWDSHUIDUSLHJDUHEHQHODFDUWD 3RLVLHIIHWWXDXQIRURFRQXQSXQWHUXRORHVLWRJOLHLOFDUWRFFLR GDOODIRUPD6LIDHQWUDUHQHOIRURXQRVWRSSLQRQRQWDQWRILQRH VL ULHPSLH LO FDUWRFFLR GL SROYHUH LQ JUDQL SHU XQ GLDPHWUR VL SLHJD WXWWD OD FDUWD ULPDVWD VXOOD SROYHUH FKLXGHQGR H FRPSUL PHQGR EHQH OD FDUWD D SRFR D SRFR &KLXVD FRPSOHWDPHQWH VL DOODFFLDFRQORVSDJRLPSHFLDWREHQHVWUHWWRHVHUUDWR $OFXQLSLURWHFQLFLLPPHUJRQRTXHVWHFDVWDJQROHLQXQEDJOLR GL SHFH JUHFD PROWR FDOGR H SRL OH EXFDQR SHU VWRSSLQDUOH PD TXHVWDODYRUD]LRQHqSHULFRORVD3HURWWHQHUHXQRVFRSSLRPROWR IRUWHEDVWDDOODFFLDUEHQHODFDVWDJQROD

&DVWDJQROH D FRPSRVL]LRQH IXOPLQDQWH 6RQR TXHOOH SL JHQHUDOPHQWHXVDWHSHUFKpORVFRSSLRqSLLVWDQWDQHRHSLIRU WH&LzGHULYDSHUFKpODFRPSRVL]LRQHGHWWDIXOPLQDQWHDEDVH GLFORUDWR KDPDJJLRUHSRWHQ]DGHOODSROYHUHLQIDWWLLOFDUWRF FLR GHOOD FDVWDJQROD LQ TXHVWR FDVR VSDULVFH FRPSOHWDPHQWH PHQWUHULPDQHVHPSUHSHUTXHOOHFDULFDWHDSROYHUH ,OFDUWRFFLRGLWDOHWLSRGLFDVWDJQRODYDIDWWRFRQPROWDFXUD DOO LQWHUQR OD SULPD VWULVFLD VL ID FRQ FDUWD PRUELGD FDUWD GD 5DPPHQWLDPR FKH SHU OD OHJJH GL 3 6 PHQWUH q DPPHVVR O XVR GHO FORUDWR GL SRWDVVLR QHOOH FRPSRVL]LRQL OXPLQRVH FRVL QRQqSHUOH FDVWDJQROHFLRqHVVH VDUHEEHUR SURLELWH GDOOD OHJL VOD]LRQHLWDOLDQDSHUUDJLRQLGLVLFXUH]]D

VWDPSD DIILQFKp OD FRPSRVL]LRQH QRQ DEELD HFFHVVLYR DWWULWR VSHFLDOPHQWH TXDQGR VL FKLXGH LO FDUWRFFLR HG DOORUD ELVRJQD DYHUH SDUWLFRODUL FXUH ,O FDUWRFFLR SHUz VL ID DQFRUD SL VROLGR DJJLXQJHQGRYLTXDOFKHDOWUDVWULVFLDGLFDUWDDPDQR/RVSDJRVL PHWWHSLUDGRFKHLQTXHOOHIDWWHDSROYHUH 7DQWR QHOOH FDVWDJQROH D SROYHUH TXDQWR LQ TXHOOH D FRP SRVL]LRQH IXOPLQDQWH GRYH OR VWRSSLQR HQWUD QHOOD FDVWDJQROD YLFLQRDOEXFRFLRqVLPHWWHXQSR GLSDVWDGLSROYHUHDSSXQWR SHUQRQIDUVSHJQHUHORVWRSSLQRSURSULROu )DWWDODFDVWDJQRODTXHVWDVLDYYROJHLQXQDVWULVFLDGLFDUWDH VLVWULQJHDOGLVRWWRGDOO DOWUDSDUWHVLPHWWHORVWRSSLQRFKHWHU PLQDSRFRGLIXRULGHOFDUWRFFLRVLVWULQJHODFDUWDG LQWRUQRHVL VRYUDSSRQH XQ EHFFXFFLR QHO TXDOH VL LQILOHUj OR VWRSSLQR FKH GHYH FRPXQLFDUH FRQ DOWUL IXRFKL 6H SRL VL GHYH DFFHQGHUH GD VROD DOORUD LQYHFH GHO SULPR VWRSSLQR VL PHWWHUj XQD SLFFROD IRQWDQD 1HOODSLURWHFQLDVRQRLQXVRGLYHUVHFRPSRVL]LRQLIXOPLQDQWL TXHOOH SL DGRSHUDWH VRQR ULSRUWDWH QHO ULFHWWDULR 3DU WLFRODUPHQWHYLROHQWHVRQRTXHOOH DOVROIXURGLDQWLPRQLRHFOR UDWR &RPXQTXH WXWWH YDQQR PDQHJJLDWH FRQ PROWD GHOLFDWH]]D JLDFFKpGDWDODORURJUDQGHDFFHQGLELOLWjTXDOFKHYROWDEDVWDXQ OHJJHURDWWULWRSHUIDUOHHVSORGHUH3HVDWLLGLYHUVLFRPSRQHQWLVL PHVFRODQRGHOLFDWDPHQWHHYLWDQGRXQVRYHUFKLRDWWULWRHVLSDV VDODFRPSRVL]LRQHDOORVWDFFLR $OWUH FDVWDJQROH VRQR IDWWH LQ PRGR FKH JHWWDWH D WHUUD FRQ IRU]DHVSORGRQRUXPRURVDPHQWH 6LIDQQRFRQXQFDUWRFFLRQRQWDQWRGRSSLRULSLHQRGLPLVFX JOLRDOFORUDWRHSLFFROHSLHWUHTXLQGLVLDYYROJHLOFDUWRFFLRFRQ XQSR GLVSDJR(VVHVRQRPROWRSHULFRORVHJLDFFKpVFRSSLDQGR OH SLHWUX]]H VRQR JHWWDWH ORQWDQR H SRVVRQR SURGXUUH GDQQL DOOH SHUVRQH

& 75$&&+,

4XHVWLVLIDQQRRUGLQDULDPHQWHFRQFDUWDGDVWDPSD6LSUHQ GHXQIRJOLRGLFDUWDVLDSUH HVLGLYLGHSHUOXQJRLQ GXH SDUWL RJQLSDUWHqODFDUWDSHUXQWUDFFR4XHVWDVWULVFLDGLFDUWDVLSLH JDSHUPHWjLQOXQJRHQHOODSLHJDWXUDVLPHWWHGHOODSROYHUHILQD PD QRQ GHO WXWWR SROYHUL]]DWD SHU DYHUH PDJJLRUH HIIHWWR QHO O HVSORVLRQH6LFROORFDORVWRSSLQRGDXQODWRRGDWXWWLHGXHH VL SLHJD VXFFHVVLYDPHQWH VX VH VWHVVD EDGDQGR SHUz GL QRQ IDU PXRYHUHODSROYHUHDOWULPHQWLQHOORVSDURLOWUDFFR©VL VSH]]Dª 3RLVLSLHJDD]LJ]DJ ILJ 6L ID DOORUD XQ DWWDFFDWXUD SHU OXQJR FRQ XQ DOWUR VSDJR H VL

ULQIRU]DD]LJ]DJWUDOHSLHJKHGHOWUDFFR 6HVLYXROHPHWWHUHDQFKHXQDFDVWDJQRODDOORUDLOWUDFFRGHYH DYHUHXQRVWRSSLQRG DPERLODWLHSULPDGLOHJDUORVLDYYROJHOD FDVWDJQRODLQ XQD VWULVFLD GL FDUWD H VL OHJD DOOD HVWUHPLWj GHO WUDFFRLQGLVLOHJDLOWUDFFRILJD 6HVLYXRWHIDUHXQWUDFFROXQJRDOORUDVLIDQQRSULPDLGLYHU VL WUDFFKL FRPH VRSUD D GXH VWRSSLQL LQGL VL XQLVFRQR SULPD GL DWWDFFDUH LQ TXHVWR PRGR VL SUHQGRQR GXH HVWUHPL PXQLWL GL VWRSSLQLHVLDYYROJRQRLQXQSR GLFDUWDFKHVLSLHJDGDXQODWR HODOHJDWXUDqIDWWDILJRE 3RLVLDWWDFFDLOWUDFFRFRVuFRP SRVWR 3HU DYHUH SRL XQ WUDFFR D GLYHUVH FDVWDJQROH VL ID LQ TXHVWR PRGR QHO FDUWRFFLR GHOOD FDVWDJQROD VL PHWWRQR OH HVWUHPLWj GL GXHWUDFFKLHVLOHJDEHQH/HFDVWDJQROHYDQQRPHVVHGDXQODWR XQDHO DOWUDGDOODWRRSSRVWR

' %(1*$/$R/80,

6RQR GHL FDUWRFFL FLOLQGULFL OXQJKL VSHVVR FDULFDWL D GLYHUVL FRORULHFKHVL DGRSHUDQRRQHOOH LOOXPLQD]LRQL UDSSUHVHQWDQWL WHPSOLFDVHHFFRLQDOWULIXRFKLHVRQRTXHOOLGLPDJJLRUGLD PHWUR,SULPLVRQRGHWWLDQFKHODQFHROXPL 'L VROLWR L EHQJDOD KDQQR XQ GLDPHWUR VXSHULRUH DL PP PHQWUHLOXPLKDQQRXQGLDPHWURPLQRUHDPP

&DUWRFFLR,OFDUWRFFLRVLIDVHPSUHGLFDUWDDPDQRRVLPLOH 6L SUHQGH XQD VWULVFLD GL FDUWD OXQJD TXDQWR LO EHQJDOD H VL DY YROJH LQWRUQR DOOD EDFFKHWWD FKH SXz HVVHUH OD VWHVVD EDFFKHWWD LQIHUURSHUFDULFDUHSXUFKpSULPDVLDYYROJDG LQWRUQRXQDVWUL VFLDSHUIDUODGLYHQWDUHSLVSHVVD6HLOGLDPHWURqGLFPGXH JLULGLFDUWDEDVWDQRHLOXPLVLGLFRQRVRWWLOLVHLQYHFHGLFP RFFRUURQR WUH R TXDWWUR JLUL GL FDUWD H L OXPL VL GLFRQR GRSSL $YYROWDODVWULVFLDGLFDUWDEHQVWUHWWDVLLQFROODO RUORHVLFKLXGH LOFDUWRFFLRGDXQDHVWUHPLWj4XDQGRqEHQDVFLXWWRVLPHWWHQHO IRQGR GHOO DUJLOOD H FRQ OD EDFFKHWWD VL FRPSULPH EHQH 6XOO DU JLOODSRLVLPHWWRQROHGLYHUVHFRPSRVL]LRQLHGLQXOWLPRODSDVWD GLSROYHUH

/XPL,OXPLFRPHVLqGHWWRVHUYRQRSHULOOXPLQDUHGLVH JQLGLWHPSOLFDVWHOOLVWHPPLHFF 6LDFFHQQDFRPHYHQJRQRFDULFDWHOHODQFHSHUFKpFLzFKHUL JXDUGDOH©LOOXPLQD]LRQLªODGLVSRVL]LRQHGHOOHODQFHHO DFFRUGR

GHLFRORULYLHQHVYROWRQHOO DSSRVLWRFDSLWRORVXL©*UDQGLIXRFKL G DUWLIL]LRª ,OXPLDFDXVDGHOODILQH]]DGHOFDUWRFFLRVLFDULFDQRFRQXQ SLFFROR LPEXWR GL FDUWRQH ILJ VL PHWWH O HVWUHPLWjGHOO LPEXWRQHOODERFFDGHOOXPHVL FDOD OD EDFFKHWWD GL OHJQR H VL YHUVD OD FRPSRVL]LRQH QHOO LPEXWR DO]DQGR HG DEEDV VDQGRVXFFHVVLYDPHQWHODEDFFKHWWDLOOXPHVL FDULFD 3HU XOWLPR VL PHWWH LO YLYR XQ SR

XPLGRHVLFDOFDSRLVLPHWWHODSDVWDGLSRO YHUH 3HURWWHQHUHOR VFRSR FKH PROWL OXPL FDP ELQR LVWDQWDQHDPHQWH GL FRORUH LO PLJOLRU PHWRGR q GL PLVXUDUH FRQ OD EDFFKHWWLQD O DO WH]]D GHOOD FRPSRVL]LRQH IDFHQGR XQ VHJQR VXOODEDFFKHWWLQDSHU HVXQVHJQRFRQODOLPD4XDQGRQHOFDUL FDUHVLYHGHLOVHJQRSUHVVRODERFFDGHOOXPH VLODVFLD,QTXHVWRPRGRHVVHQGRLOXPLWXWWL GHOOD VWHVVD DOWH]]D ULHVFRQR FDULFKL SHU XQD PHGHVLPDDOWH]]DGLXQDGDWDFRPSRVL]LRQHLQROWUHGRYUHEEHUR HVVHUHFDULFDWLFRQGLYHUVDSUHVVLRQHSHUQRQFDPELDUHGLFRORUH LVWDQWDQHDPHQWH1HOO LPEXWRSRLSHUVHPSOLFHFRPRGLWjVLYHU VDXQDTXDQWLWjGLFRPSRVL]LRQHJLjSUHYHQWLYDPHQWHPLVXUDWD

%HQJDOD,EHQJDODSURSULDPHQWHGHWWLKDQQRLOFDUWRFFLRGL GLDPHWURVXSHULRUHDLPP$SUHIHULELOHFDULFDUHDQFKHLEHQ JDODFRQEDFFKHWWDGLOHJQRDQ]LFKpGLPHWDOOR /DFRPSRVL]LRQHVLSUHQGHFROFDUWRFFLRVWHVVRHVLFDOFDFRQ ODEDFFKHWWD6LEDGLFKHSUHVVRO RULIL]LRGHOWXERODFDUWDVLDEHQ VWUHWWD VHQ]D IHVVXUH QHOOH TXDOL SRWUHEEHUR HQWUDUH QHOOD FRP SRVL]LRQH H TXLQGL EUXFDQGR LO EHQJDOD QXRFHUH DOOD FRP SRVL]LRQHVRWWRVWDQWH /H FRPSRVL]LRQL SHU OH ODQFH QRQ VRQR VHPSUH OH VWHVVH GL TXHOOHGHLEHQJDOD ,QIDWWLODVWHVVDFRPSRVL]LRQHPHVVDLQ XQ WXER GL SLFFROR GLDPHWUR ID XQ HIIHWWR PHVVD LQ XQ WXER GL GL PHQVLRQLGRSSLHQHIDXQDOWURSHUFKpODILDPPDFRQO DXPHQ 0ROWLSLURWHFQLFLXVDQRWXWWRUDFDULFDUHLOXPLFRQEDFFKHWWHGL IHUURFLzqSHULFRORVR

WDUHGHOGLDPHWURKDSHUODPDJJLRUTXDQWLWjGL JDV FKHVLVYL OXSSD FRQWHPSRUDQHDPHQWH PDJJLRU IRU]D 3HUFLz OH FRPSRVL ]LRQLSHUOHODQFHGHEERQRHVVHUHSLXWWRVWRYLYHTXHOOHSHUEHQ JDODXQSR OHQWH,QROWUHDOFXQHFRPSRVL]LRQLFKHODVFLDQRPROWL UHVLGXLVROLGLQRQVLSRVVRQRDGRSHUDUHSHUOHODQFHSHUFKpSR WUHEEHURRWWXUDUHSDU]LDOPHQWHO RULIL]LRGHOWXERFRQSURGX]LRQH GLXQDILDPPDFRUWDLQHJXDOHHFRQVFDUVDLQWHQVLWjOXPLQRVD 2UGLQHFRQFXLYDQQRPHVVLLFRORULQHOFDUWRFFLR/H FRPSRVL]LRQLFRORUDWHVLPHWWRQRQHOFDUWRFFLRFRQTXHVWRRUGL QH SULPD LO ELDQFR SRL LO URVVR H TXLQGL LO YHUGH 6XO YHUGH VL SXzPHWWHUHRLOYLROHWWRRO D]]XUURRLOJLDOOR &RVuSHUHV %LDQFR%LDQFR%LDQFR 9LROHWWR$]]XUUR*LDOOR 9HUGH9HUGH9HUGH 5RVVR5RVVR5RVVR %LDQFR%LDQFR%LDQFR

,OYHUGHQRQGHYHVWDUPDLSUHVVRLOELDQFRHQRQGHYHXVFLUH GRSRLOURVVRJLDFFKpVHVLDFFHQGHSULPDLOURVVRHSRLLOYHUGH TXHVWRULPDUUjVELDGLWR ( ),$00(

/HILDPPHQRQVRQRFKHEHQJDODPROWRJURVVLFKHVLPHWWRQR SHUORSLQHOODSDUWHLQIHULRUHGHLSH]]LGLIXRFRRYHDFFHQGHQ GRVHQH GLYHUVH QHOO LVWHVVR WHPSR GjQQR XQD JUDQGH LQWHQVLWj OXPLQRVDILJ ,OFDUWRFFLRVLIDFRVuVLSUHQGHXQDVWULVFLDGLFDUWDVXTXHVWD V LQFROODXQDVWULVFLDGLFDUWRQFLQRGHOODVWHVVDOXQJKH]]DPDSL VWUHWWDGLXQGLDPHWURGHOODILDPPD6XOFDUWRQFLQRV LQFROODXQD VSHFLH GL FDUWD FKH DUULYD D IDUH XQ JLUR LQWRUQR DOOD IRUPD 6L DYYROJHLOWXWWRLQWRUQRDOODIRUPDLQFROODQGR,QGLVLSLHJDVXOOD IRUPD O HVWUHPLWj GRYH VWD OD VROD FDUWD H VL WRJOLH LO FDUWRFFLR GDOODIRUPD3ULPDGLDGRSHUDUORVLPHWWHLQIRQGRGHOO DUJLOODH VLEDWWHFROODIRUPDSRLVLPHWWHODFRPSRVL]LRQH/DFRPSRVL ]LRQHQHOOHILDPPHVLEDWWHFRQXQDEDFFKHWWDFLOLQGULFDGLOHJQR GDQGRFROSLPRGHUDWLFRQXQPD]]XROROHJJHURDWWHQ]LRQHDQRQ

EDWWHUH WDQWR IRUWH OH FRPSRVL]LRQL FRORUDWH SHUFKpSRWUHEEHDYYHQLUHXQRVFRSSLR 6LWHUPLQDGLFDULFDUHFRQODFRPSRVL]LR QH ELDQFD 6XO ELDQFR VL VSDUJH XQ SR GL SROYHUHILQDFRQXQDFDUWDVLFKLXGHODERFFD GHOODILDPPDHVLOHJD 3HU PHWWHUH OR VWRSSLQR VL ID XQ EXFR GL ODWRDOODFDUWDVLLQWURGXFHORVWRSSLQRHORVL SLHJDLQDOWR)LQDOPHQWHFRQXQ DOWUDFDUWDVL DYYROJH TXHVWD HVWUHPLWj GHOOD ILDPPD H VL PHWWHORVWRSSLQRFRPHQHLEHQJDOD /H ILDPPH RUGLQDULDPHQWH VL IDQQR OXQ JKHQRQSLGLYHQWLFHQWLPHWUL ) &$1'(/(520$1(

6RQRGHLFDUWRFFLOXQJKLHUREXVWLFDULFDWLFRQXQDFRPSRVL ]LRQHYLYDLQWHUURWWDGLGLVWDQ]DLQGLVWDQ]DGDXQDVWHOOD FKH q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j QHO FDU WRFFLRHVHXQDVWHOODQRQFDGHIDFLOPHQWHQHOFDUWRFFLRPHJOLR OHYDUODDQ]LFKpVSLQJHUODFRQTXDOFKHVIRU]RFROSHULFRORGLDF FHQGHUHODVWHOODHSHUFRQVHJXHQ]DODFRPSRVL]LRQHVRWWRVWDQWH

6XOODVWHOOD VWHVVD VL YHUVD OD FRPSRVL]LRQH FKH VL EDWWH FRQ SUHFDX]LRQH SHU QRQ DFFHQGHUH OD VWHOOD GL VRWWR ,QGL VL PHWWH XQD QXRYD FDULFD GL SROYHUH LQ JUDQL XQD VWHOOD H GL QXRYR OD FRPSRVL]LRQH H FRVu ILQR D FKH LO WXER QRQ VLD FDULFR WHU PLQDQGR FRQ OD FRPSRVL]LRQH FKH VL IHUPD GXH GLWD VRWWR O RUL IL]LRGHOWXER3HUXOWLPRVLPHWWHXQSR GLSDVWDGLSROYHUH /D ODYRUD]LRQH GHOOH FDQGHOH URPDQH ULFKLHGH XQ SR GL SUD WLFD JLDFFKp VROR O HVSHULHQ]D SXz GHWHUPLQDUH OD TXDQWLWj GL SROYHUHLQJUDQLFKHVLGHYHPHWWHUHVRWWRODVWHOOD4XHVWDFDULFD QRQqVHPSUHXJXDOHLQWXWWDODOXQJKH]]DGHOWXERSUHVVRO RUL ILFLRqPDVVLPDPHQWUHGLPLQXLVFHPDQPDQRFKHVLYDYHUVRLO IRQGR&LzSHUFKpLOFDUWRFFLRQRQEUXFLDDVVLHPHDOODFRPSRVL ]LRQHPDPROWRSLOHQWDPHQWHGLFRQVHJXHQ]DOHSULPHVWHOOH DYHQGR XQD OXQJKH]]D OLPLWDWD GL WXER ULFKLHGRQR XQD FDULFD PDJJLRUH SHU LO ODQFLR PHQWUH OH XOWLPH DYHQGR XQD OXQJKH]]D PDJJLRUH GL WXER QRQ EUXFLDWR ULFKLHGRQR XQD FDULFD PLQRUH JLDFFKpFRQODOXQJKH]]DGHOWXERDXPHQWDODGXUDWDGHOO LPSXO VRGDWRGDOODSROYHUH 6LGHYHDQFKHEDGDUHFKHTXHVWHFDULFKHQRQVLDQRQpWURSSR IRUWLSHUFKpVHOHVWHOOHIRVVHURSURLHWWDWHFRQWURSSRIRU]DILQL UHEEHUR FRQ OR VSHJQHUVL LQ DULD Qp WURSSR GHEROL SHUFKp OH VWHOOHDSSHQDXVFLWHGDOWXERFDGUHEEHURDWHUUD /D FRPSRVL]LRQH SRL WUD XQD VWHOOD H O DOWUD QRQ GHYH HVVHUH WDQWR FRUWD JLDFFKp LQ TXHVWR FDVR SRVVRQR DFFHQGHUVL DQFKH GXHVWHOOHFRQVHFXWLYH/RVWHVVRVXFFHGHTXDQGRODFRPSRVL]LR QHQRQq EDWWXWD VXIILFLHQWHPHQWHLQ JHQHUDOH OD FRPSRVL]LRQH QRQGHYHHVVHUHPDLPHQRGLWUHGLDPHWULLQWHUQL 0RVDLFL 6RQR GHOOH FDQGHOH URPDQH FKH PDQGDQR IXRUL GHOOHVWHOOHGHWWH©JOREHWWLGLIXRFRª IDWWLFRQXQDFRPSRVL]LRQH VHJQDODWDLQDSSUHVVRFKHODVFLDQRGLHWURGLORURXQDOXQJDFRGD GLVFLQWLOOH )DWWDODFRPSRVL]LRQHYLVLSDVVDVRSUDXQDSDOODGLIHUURLQ GLVLVHWDFFLD6LXPHWWDODFRPSRVL]LRQHFRQXQDVROX]LRQHDF TXRVDGLJRPPDDUDELFDHVLEDWWHLQXQPRUWDLR,QGLVLIDQQROH VWHOOHFRPHOHDOWUHFRPSULPHQGROHEHQH

* 6%58)),

6RQR GHJOL LPEXWL GL FDUWRQH FKH FRQWHQJRQR XQD FDULFD GL SROYHUHLQJUDQLHSRFKHVWHOOH6HUYRQRSHUDE EHOOLUHLIXRFKLILVVLILJ 6L ID XQ LPEXWR QRQ WDQWR ODUJR GL FDUWD LQ FROODWDHVLULQIRU]DLQFROODQGRYLVRSUDXQ DOWUD FDUWD 6LWDJOLDO HVWUHPLWjSHUWRQGHJJLDUODHO DSLFH SHUIDUYLXQSLFFROREXFR,QTXHVWRVLLQWURGX FHXQRVWRSSLQRFKHYDQHOO LQWHUQRGHOORVEUXI IR,QGLVLYHUVDXQDFDULFDGLSROYHUHLQJUDQLH WUH R TXDWWUR VWHOOH QRQ WDQWR JUDQGL 3RL VXOOH VWHOOHVLPHWWHXQSR GLFDUWDPRUELGDHVLFRP SULPHGROFHPHQWH )LQDOPHQWH VL RWWXUD OD ERFFD DOOR VEUXIIR FRQXQWRQGRGLFDUWDLQFROODWD,QTXHVWRPRGR GDWR IXRFR DOOR VWRSSLQR VL DFFHQGH OD FDULFD GL SROYHUH H OH VWHOOHYHQJRQRODQFLDWHLQDULD + 0257$/(77,

6RQRGHJOLVEUXIILJUDQGLFKHVHUYRQRSHUODQFLDUHLQDULDSLF FROH JUDQDWH R JUDQDWLQH ILJ 6L SUHQGH PH]]R IRJOLR GL FDUWD VL VWHQGH SHU OXQJR H V LQFROOD VRSUD XQDVWULVFLDGLFDUWRQFLQRGHOOD VWHVVD OXQJKH]]DPD XQ SR SL VWUHWWD FRQIURQWDQGR GXH PDUJLQL GL OXQ JKH]]D,QGL VXOFDUWRQFLQRVLLQFROOD XQD FDUWDGHOOD VWHVVDOXQJKH]]DPDSLDOWDLQPRGRFKHFRSUHQGR WXWWR ODVFLXQ OHPER GDOOD SDUWH GRYH VRQR FRQIURQ WDWLLGXHPDUJLQLSUHFHGHQWL )DWWRLOFDUWRQFLQRLQTXHVWRPRGRDQFRUIUHVFRVL DYYROJHLQWRUQRDXQ FLOLQGURPHWWHQGRDOO LQWHUQROD FDUWD SL DOWD H LQFROODQGR WXWWR D PLVXUD FKH VL DY YROJH,QGL VLWLUDXQ SR LO FLOLQGUR VL VWULQJH LO FDU WRFFLRHVLOHJDDGXHSDUWL3RLFRQXQSXQWHUXRORVL IDLOIRURVLOHYDODIRUPDVLULWDJOLDLOOHPERGLFDUWD DOO HVWUH PLWjGHOFDUWRFFLRHVLULYHUVDDOO HVWHUQRLQFROODQGR

,PRUWDOHWWLVLFDULFDQRFRPHJOLVEUXIILFRQODGLIIHUHQ]DFKH LQYHFHGHOOHVWHOOHVLPHWWHXQDSLFFRODJUDQDWDFRPHTXHOOHGH VFULWWHLQDSSUHVVRQHOODYRFH©ERPEHDJUDQDWLQHª 6LULQIRU]DORVWRSSLQRGHOOD JUDQDWLQDFRQXQSR GLSDVWDGL SROYHUHHVLPHWWHQHOPRUWDOHWWRFROORVWRSSLQRDOO LQJL

6EUXIILFDULFDWLGLVWHOOHDUDJJL(VVLVRQRGHLFDUWRFFLFL OLQGULFLFKLXVLDGXQDHVWUHPLWjFRPH LPRUWDOHWWLSHUzVRQRGL PLQRUGLDPHWURGLTXHVWL $OFXQHYROWHVLXVDQRFRPHFDUWRFFLRGHOOHIRQWDQHVFDULFKH 6LPHWWHLQIRQGRXQDFDULFDGLSROYHUHHVRSUDXQDVWHOODDUDJJL YHJJDVL LQ DSSUHVVR QHOOD YRFH ©JUDQDWH D VIHUDª H VL FKLXGH FRQFDUWDPRUELGDEHQFRPSUHVVD$FFHVRORVWRSSLQRODFDULFD GL SROYHUH ODQFLD OD VWHOOD 4XHVWD VRWWR IRUPD G XQD OXQJD VWUL VFLD GL IXRFR VFLQWLOODQWH VDOH YHUWLFDOPHQWH UDJJLXQJHQGR XQD JUDQGHDOWH]]D

&$3,72/2,,,

)82&+,$(5(,

,IXRFKLDHUHLVRQRTXHOOLFKHSURGXFRQRLOORURHIIHWWRLQDULD WDOLVRQRLUD]]LLFDUFLRILOHERPEH $ *(1(5$/,7¬68,5$==,

,UD]]LVRQRFRVWLWXLWLGLVROLWRGDTXDWWURGLYHUVHSDUWLHFLRq D 8QDFDQQDWXERODUHILJ ODSLLPSRUWDQWHFRVWLWXHQWH OD SDUWH PRWULFH GHOO DUWLIL]LR FKH VL GLIIHUHQ]LD GDOOH FRPXQL IRQWDQHSHUODFDULFDFKHQHLUD]]LqFRVWLWXLWDGDXQDFRPSRVL ]LRQH FRPSUHVVD JHQHUDOPHQWH GL SROYHUH QHUD H FDUERQH RG DOWUDDQDORJDVHFRQGROHFDUDWWHULVWLFKHFKHVLYRJOLRQRGDUHDOOD VFLD QHOOD TXDOH FDULFD q SUDWLFDWR XQ IRUR WURQFRFRQLFR GHWWR DQLPDFKHDWWUDYHUVDFLUFDLGLOXQJKH]]DGHOODFDQQD4XH VWDFDYLWjKDORVFRSRGLHVWHQGHUHILQGDOO LQL]LRGHOO DFFHQVLRQH OD FRPEXVWLRQH GHOOD FRPSRVL]LRQH PRWULFH LQ WXWWD WDOH OXQ JKH]]D LQYHFH FKH SHU VWUDWL H VYLOXSSDUH SHUFLz XQD JUDQGH TXDQWLWj GL JDV FKH XVFHQGR YLROHQWHPHQWH GDO SLFFROR RULIL]LR LQIHULRUH LPSULPRQR D WXWWR LO SH]]R XQ PRYLPHQWR QHO VHQVR RSSRVWRDOJHWWRHFLRqXQPRYLPHQWRDVFHQVLRQDOHGDWRFKHDO PRPHQWR GHOOD DFFHQVLRQH LO IRUR q ULYROWR LQ EDVVR LQ FXL VL PDQWLHQHSHUHIIHWWRGHOODEDFFKHWWDJRYHUQDOH 7UDWWDVL GHO SULQFLSLR HOHPHQWDUH GHO PRYLPHQWR D UHD]LRQH VXSSRQLDPRFKHODFRPEXVWLRQHGHOPLVFXJOLRDEELDOXRJRLQXQ

UHFLSLHQWHFKLXVRFRQOHSDUHWLDYHQWLXQRVSHVVRUHWDOHGDVRS SRUWDUHODSUHVVLRQH GHL JDV FKH VL RULJLQDQRQHOODUHD]LRQH 1H FRQVHJXH FKH L JDV HVHUFLWDQR OD ORUR SUHVVLRQH LQ WXWWH OH GLUH ]LRQL GHOOH SDUHWL LQWHUQH GHO UHFLSLHQWH FKH FRVu QRQVLVSRVWDHVVHQGRLQHTXLOLEULROHYDULHIRU]H DJHQWLQHOVXRLQWHUQR 6H SHUz LO UHFLSLHQWH KD XQ RULIL]LR DOOD VXD HVWUHPLWjLQIHULRUHDWWUDYHUVRLOTXDOHLJDVSRVVR QR XVFLUH PHQWUH OD SUHVVLRQH GHL JDV VXOOD SDUWH VXSHULRUH GHO UHFLSLHQWH FRQWLQXD DG HVHUFLWDUVL QHOOD SDUWH LQIHULRUH GRYH q O RULIL]LR PDQFDQGR O RVWDFRORQRQVLHVHUFLWDSLDOFXQDSUHVVLRQHGL FRQVHJXHQ]DUHVWDQGRDG HVHUFLWDUVL VROR OD SUHV VLRQH FRQWUR OD SDUHWH VXSHULRUH GHO UHFLSLHQWH TXHVWRYLHQHVSLQWRYHUVRO DOWRHVLVROOHYDÊDO WUHVuHYLGHQWHFKHVHODFDULFDGHOUD]]RQRQDYHVVH O DQLPD FHQWUDOHODVXD FRPEXVWLRQH SURFHGHUHE EH D VWUDWL UHJRODUL H FRQ SRFD YHORFLWj PHQWUH q SHUOD SUHVHQ]D GHOO DQLPD FKH O LQILDPPD]LRQH VL SURSDJDQHOODSDUWHLQWHUQDGHOODFDULFD ,QROWUH q FKLDUR FKH OD SUHVVLRQH GHL JDV QHO O LQWHUQR GHO UD]]R q DQFKH LQ IXQ]LRQH GHOOH GL PHQVLRQLGHOO RULIL]LRLQWHUQRLQIHULRUHHFKHKDXQ OLPLWHQHOODUHVLVWHQ]DGHOOHSDUHWLGHOOD FDQQDOL PLWH FKH QRQ YD ROWUHSDVVDWR VH QRQ VL YXROH LQ FRUUHUHQHOODSRVVLELOLWjGLVFRSSLRGHOO DUWLIL]LR /DYHORFLWjFRQFXLLOUD]]RVLHOHYDHVVHQGRLQIXQ]LRQHGHOOD TXDQWLWjGHLJDVVYLOXSSDWLHGHOODYHORFLWjGL FRPEXVWLRQHSXz HVVHUHUHJRODWDDJHQGRRSSRUWXQDPHQWHVXOODFRPSRVL]LRQH /DSRU]LRQHGLFDQQDLQ FXLODFDULFDGL FRPSRVL]LRQH QRQ q IRUDWDFLUFDGHOODOXQJKH]]DHFLUFDXJXDOH DOGLDPHWUR LQ VLHPHFRQORVWUDWRGLFUHWDFRQFXLVLVXROHFKLXGHUHODSDUWHVX SHULRUHVLFKLDPDLOPDVVLFFLR GHOUD]]R (VLVWRQR PHWRGL GLYHUVL SHU HVHJXLUH LO FDULFDPHQWR GHOOD FRPSRVL]LRQHPRWULFHQHOODFDQQDLOSLVHPSOLFH q GL FDULFDUH GDSSULPD H FRPSULPHUH SHU VWUDWL OD FRPSRVL]LRQH FRPSDWWD OXQJR WXWWD OD FDQQD HG LQ VHJXLWR FRQ DGDWWR DUQHVH VFDYDUH O DQLPDQHOODFRPSRVL]LRQH

8Q VHFRQGR PHWRGR q GL ODVFLDUH LO YDQR FRUULVSRQGHQWH DO O DQLPD JLj GXUDQWH LO FDULFDPHQWR LQVHUHQGR SULPD XQD VSLQD PRYLELOH 8QWHU]RPHWRGRPHQRLPSLHJDWR qGL IRUPDUH OD FDULFD FRQ GLYHUVHIRUPHOOHFLOLQGULFKHOHXQHSLHQHOHDOWUHFRQIRURWURQ FRFRQLFR JLj SUHSDUDWH LQ DSSRVLWL VWDPSL H FRPSULPHUOH SRL QHOODFDQQDQHOO RUGLQHDGDWWRDULSURGXUUHODIRUPDYROXWD E ,O FDOLFHFRQJXDUQL]LRQHYDULDELOHVHFRQGRLOWLSRGLUD] ]R Ê GL VROLWR XQ VHFRQGR FDUWRFFLR SL VRWWLOH GHO SULPR IRU PDWRDYYROJHQGRHOHJDQGRVRSUDOD FDQQDWXERODUHGDOODSDUWH GHOPDVVLFFLRXQDVWULVFLDGLFDUWDFKHYLHQHDIRUPDUHVRSUDDO PDVVLFFLRXQDFDYLWjFLOLQGULFDGHQWURODTXDOHVLSRVVRQRFROOR FDUH L GLYHUVL IXRFKL GL JXDUQL]LRQH FKH GRYUDQQR DFFHQGHUVL TXDQGR LO UD]]R KD UDJJLXQWR OD VXD PDVVLPD DOWH]]D H FLRq VWHOOHFRORUDWHFDVWDJQROHUD]]HWWLEHQJDODFRQRVHQ]DSDUDFD GXWHHFFHFKHLQILQHYLHQHFKLXVDDOODVXDSDUWHVXSHULRUHPH GLDQWHXQFRQRGLFDUWDGHWWRFDSSHOOHWWR / DFFHQVLRQH GHL IXRFKL GL JXDUQL]LRQH VL RWWLHQH PHGLDQWH DOFXQLVWRSSLQLDWWUDYHUVDQWLXQIRURSUDWLFDWRLQXQRVWUDWRGLDU JLOOD FKH VHSDUD OD SDUWH VXSHULRUH GHO PDVVLFFLR GDO IRQGR GHO FDOLFH 1HLUD]]L VHPSOLFLFLRqVHQ]DJXDUQL]LRQLVLVRYUDSSRQHGL UHWWDPHQWHLOFDSSHOOHWWRDOPDVVLFFLR F / DSSDUDWR LQFHQGLYR GHO UD]]RFKH VL FROORFD QHOOD SDUWH LQIHULRUHGHOO DQLPDHFKHGHYHHVVHUHSURWHWWRFRQDGDWWRLQYROX FURVLDFRQWURO XPLGLWjVLDFRQWUROHDFFHQVLRQLSUHPDWXUH G /DEDFFKHWWDGLGLUH]LRQHRJRYHUQDOH ,OJRYHUQDOHVHUYHSHUGLULJHUHO DVFHQVLRQHGHOUD]]R/HEDF FKHWWHVLIDQQRGLFDQQXFFHSURSULDPHQWHGLFLPHGLFDQQHFKH GHEERQRHVVHUHEHQGLULWWH6LDWWDFFDQRDOUD]]RFRQGXHOHJDWX UHXQDSUHVVRODERFFDO DOWUDSUHVVRODJXDUQL]LRQH $WWDFFDWDODEDFFKHWWDVLRVVHUYDVHODSRVL]LRQHGHOFHQWURGL JUDYLWjqJLXVWDPHWWHQGRLOUD]]RLQHTXLOLEULRVXXQGLWRDSRFD GLVWDQ]DGDO©EHFFXFFLRªVHODEDFFKHWWDSHVDGLSLGHYHHV VHUHDFFRUFLDWDHVLWDJOLDXQSR DOODSXQWDVHLQYHFHLOUD]]Rq SL SHVDQWH DOORUD ELVRJQD FDPELDUH OD EDFFKHWWD ,O FHQWUR GL JUDYLWjGHOUD]]RDUPDWRGLEDFFKHWWDHJXDUQL]LRQHGHYHHVVHUH XQSRFRDOGLVRWWRGHOO RULIL]LRGDFXLHVFRQRLSURGRWWLJDVVRVL

/DJXDUQL]LRQHSRLQRQGHYHHFFHGHUHLOWHU]RGHOSHVRGHO UD]]R DOWULPHQWL TXHVWR R QRQ DYUj OD IRU]D G LQQDO]DUVL R V LQ QDO]HUjOHQWDPHQWH , UD]]L SRVVRQR HVVHUH GL GLYHUVH GLPHQVLRQL 0HQWUH TXHOOL SLFFROL VRQR FDULFDWL HVFOXVLYDPHQWH D SROYHUH TXHOOL GL PHGLD JUDQGH]]D H GL JURVVR FDOLEUR ULFKLHGRQR XQD FRPSRVL]LRQH GL YHUVDGHOODSROYHUH 5D]]L GL JURVVR FDOLEUR (VVL VRQR SHUIHWWDPHQWH VLPLOL QHOOD IRUPD DL SLFFROL UD]]L 6L ID XQD IRQWDQD GL JUDQGHGLDPHWUROXQJDYROWHLOGLDPHWURLQ WHUQR H SRL FRQ XQD VJRUELD VL ID LO YXRWR FRUUL VSRQGHQWHDOGLDPHWUR6XOPDVVLFFLRVLEDWWHGHO O DUJLOOD H LQ PH]]R VL KD XQ IRUR ODUJR XQ FHQWL PHWUR,QGLQHOIRURVLPHWWHGHOODSROYHUHILQDHVL FDOFDFROIHUURDWHVWDGLFKLRGRFRPHQHOOHIRQWD QH *XDUQL]LRQH$L UD]]LGLJURVVRFDOLEURVLIDLO FDSSHOOHWWRILJ 6LSUHQGHXQUHWWDQJRORGLFDUWDDOWRSRFRPH QRGHOUD]]RHOXQJRDEEDVWDQ]DSHUIDUHWUHJLUDWH VLIDXQFLOLQGURGLXQGLDPHWURXQSR PDJJLRUHGL TXHOORGHOUD]]RHVLDWWDFFDDOO HVWUHPLWjGHOUD]]R ,QTXHVWRFDUWRFFLRVLPHWWHXQDFDULFDGLSROYHUH ILQD H VRSUD OD JXDUQL]LRQH LO FXL SHVR QRQ GHYH HFFHGHUHLOWHU]RGHOSHVRGHOUD]]R/DJXDUQL]LR QH VL SXz IRUPDUH D SLDFHUH R GL VWHOOH R GL VHU SHQWHOOLHFFVRSUDVLPHWWRQRGHLULWDJOLGLFDUWDH VLDWWDFFDO HVWUHPLWjGHOFDUWRFFLRLQIRUPDGLFR QR ,O JRYHUQDOH GL WDOL JURVVL UD]]L VL ID FRQ OH JQDPHOHJJHURHODVXDOXQJKH]]DGHYHHVVHUHFLU FD YROWH TXHOOD GHOUD]]R LQ EDVVR GHYH DYHUH XQGLDPHWURHTXLYDOHQWHDOODPHWjRDOODWHU]DSDUWHGLTXHOORFKH KDLQDOWR 6LVSLDQDXQSR ODEDFFKHWWD GL GLUH]LRQH YHUVR O DOWR SHU DW WDFFDUYLLOUD]]R H TXLQGL VL FRQWUROOD OD SRVL]LRQH GHOFHQWUR GL JUDYLWjFRPHQHLSLFFROLUD]]L &RPSRVL]LRQL9HJJDVL ULFHWWDULR

$OOHVWLPHQWR 8QD YROWD L UD]]L VL FRVWUXLYDQR FRQ O DQLPD JLj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q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j GL WDOH GLDPHWUR ,O PDVVLFFLR GHYH DYHUH O DOWH]]DFRUULVSRQGHQWHDGYROWHWDOHGLDPHWURHGLOFDUWRFFLR HFFHGHQWH GLDPHWUR &RVu OD OXQJKH]]D WRWDOH GHO FDUWRFFLR VDUjGLYROWHLOVXRGLDPHWURLQWHUQR /HEDFFKHWWHSHUFDULFDUHGHYRQRHVVHUHTXDWWURWUHIRUDWHHG XQDSLHQDILJ WXWWHGHOORVWHVVRPHWDOORGHOODVSLQD,OIRUR DVVLDOHGHOOHWUHEDFFKHWWHIRUDWHGHYHFRUULVSRQGHUHDWUHVH]LRQL RUL]]RQWDOLGHOODVSLQDIDWWHDGXJXDOHGLVWDQ]DLQPRGRFKHOD SULPDEDFFKHWWDSRVVDULFHYHUHQHOIRURWXWWDODVSLQDODVHFRQGD HODWHU]D

/D EDFFKHWWD SLHQD VHUYH SHU FRPSULPHUH LO PDVVLFFLR ,O IRUR WUDVYHUVDOH SUDWLFDWR QHOOD WHVWD GHOOD EDFFKHWWD VHUYH SHU LQWUR GXUUHXQDWUDYHUVLQRGLIHUURSHUDJHYRODUHO HVWUD]LRQHGHOOHEDF FKHWWH TXDORUD ULPDQHVVHUR LPSLJOLDWH QHO UD]]R ,O IRUR DVVLDOH GHOOHEDFFKHWWHGHY HVVHUHFLOLQGULFRDIILQFKpVHXQSR GLFRP SRVL]LRQH YL HQWUDVVH GXUDQWH LO FDULFDPHQWR YL ULPDQJD VHQ]D HVVHUHFRPSUHVVDRVIUHJDWD $OOHVWLWRLOFDUWRFFLRVLLQILODQHOODVSLQDFRQLFDHVLLQFRPLQ FLD DG LQWURGXUUH XQ SR GL DUJLOOD FKH VL EDWWH IRUWHPHQWH FROOD EDFFKHWWDSLOXQJD,QGLVLFRPLQFLDDYHUVDUHQHOFDUWRFFLRXQD SULPD SRU]LRQH GL PLVFHOD FKH VL FRPSULPH FRQ OD VWHVVD EDF FKHWWD EDWWHQGR FRQ XQ PD]]XROR GL OHJQR 3HU RJQL FDULFD L SULPLFROSLGHYRQRHVVHUHEDWWXWLOHJJHUPHQWHDIILQFKpODFRP SRVL]LRQH QRQ HQWUL QHOOD EDFFKHWWD H SRVVD ULHPSLUH OR VSD]LR DQXODUHFRPSUHVRWUDODEDFFKHWWDVWHVVDHO DVWDFRQLFD/HEDF FKHWWH HVVHQGR IRUDWH GD SDUWH D SDUWH VL SRVVRQR IDFLOPHQWH UL SXOLUHRJQLTXDOYROWDUHVWDVVHXQSR GLPLVFHODQHOORURLQWHUQR / DELOLWj GHOO RSHUDLR FRQVLVWH QHO FDULFDUH XQLIRUPHPHQWH H UH JRODUPHQWH LO FDUWRFFLR H QHO SURSRU]LRQDUH OD FRPSUHVVLRQH DO

GLDPHWURGHOFDUWRFFLRVWHVVRLQFDVRFRQWUDULRODWUDLHWWRULDGHO UD]]RQRQVDUHEEHUHWWLOLQHD 3HUHYLWDUHO LPSLHJRGHOODVSLQDVLXVDVSHFLDOPHQWHQHLUD]]L PH]]DQL FDULFDUH LO VROR PDVVLFFLR FRQ XQD FRPSRVL]LRQH EULO ODQWH/ DOWURWUDWWRHVVHQGRFDULFDWRGLSROYHUHHFDUERQHVLSXz IDFLOPHQWH IRUDUH FROOD VJRUELD DYHQGR O DYYHUWHQ]D GL VHJQDUH DOO HVWHUQR GHO FDUWRFFLRLO OLPLWH DO TXDOH LQFRPLQFLD LO PDVVLF FLR OLPLWH FKH QDWXUDOPHQWH QRQ GHY HVVHUH ROWUHSDVVDWR GDOOD VJRUELD4XHVWLUD]]LVHEEHQHGLHIIHWWRLQIHULRUHDTXHOOLFDULFDWL FRPSOHWDPHQWHFRQFRPSRVL]LRQHEULOODQWHVRQRSUHIHULWLDTXH VWLXOWLPLSHUFKpVLFDULFDQRLQPLQRUWHPSRFRVuXQUD]]RPH] ]DQR FDULFDWR LQ TXHVWR PRGR SHU HV SHU WXWWD OD OXQJKH]]D GHOODFDQQDIRUDWDFRQSROYHUHHFDUERQHPHQWUHLOPDVVLFFLR FRQWLHQHODFRPSRVL]LRQHEULOODQWHDSROYHUHHILOLHUDUDJJLXQWD XQDFHUWDDOWH]]DYDULDQRWHYROPHQWHODVXDOXFHFRQHIIHWWRJUD GLWRDOODYLVWD % ',9(56(63(&,(',5$==,

,SULQFLSDOLWLSLGLUD]]LVRQRTXHOOLDSDUDFDGXWHHVHQ]DSDUD FDGXWHGHOWLSRDVWHOODDFDVWDJQROHHDUD]]RPDWWR 6RQRDQFKHXVDWLGHLUD]]LFRQJXDUQL]LRQHGLUD]]HWWLHDUD] ]LFRQVHFXWLYLHLFRVLGGHWWLGUDJRQL 3RFRXVDWLRUDVRQRLWLSLGHWWLDJLUHOORDFDUFLRIRHD FDWHQD

5D]]L D SDUDFDGXWH , UD]]L D SDUDFDGXWH ILJJ H SRUWDQR QHO FDSSHOOHWWR XQD FHUWD TXDQWLWj GL SROYHUH HG XQD VFDWROHWWDILJ FLOLQGULFDLQODWWDULSLHQDGLFRPSRVL]LRQHSHU EHQJDODVXOIRQGRGHOODTXDOHVLOHJDPHGLDQWHXQDFDWHQHOODGL FRUGDRPHWDOOLFDLOSDUDFDGXWHIDWWRGLVRWWLOLVVLPDWHODGLFRWR QHRGLVHWDRGLFDUWDJLDSSRQHVH,OGLDPHWURGHOSDUDFDGXWHqGL

FLUFDP6XOODVXDFLUFRQIHUHQ]DVLVHJQDQRRWWRSXQWLHTXLGL VWDQWLDLTXDOLYHQJRQRXQLWLLFDSLGLRWWRSH]]LGLVRWWLOLILOLGL VSDJR OXQJKL P H VSHVVL PP /H HVWUHPLWj GHL ILOL VL ULXQL VFRQR QHOOD FDWHQHOOD H TXHVWD FKH GHYH HVVHUH OXQJD FLUFD FPDOEHQJDOD8QLWRLOEHQJDODDOSDUDFDGXWHVLULSLHJDTXHVWR ILJ DYYHUWHQGR GL GDUH DG RJQL SLHJDWXUD XQD SLFFROD WRU

VLRQH SHU IDFLOLWDUH OD VXD XVFLWD DOO DWWR GHOOR VSLHJDPHQWR 3HU HYLWDUH FKH OD YDPSD GHOOD SROYHUHSRVVDEUXFLDUH ODVWRIIDGHOSDUDFDGXWHVLSRQHXQSR GLID ULQDGLOHJQRVRSUDLOEHQJDOD *LXQWRLOUD]]RDOWHUPLQHGHOODFRUVDODGH IODJUD]LRQH GHOOD SROYHUH FRQWHQXWD QHOFDSSHO OHWWR DFFHQGH OD PLVWXUD GHOOD VFDWROHWWD H OD ODQFLD IXRUL ,O SDUDFDGXWH QHOOD GLVFHVD GHOOD VFDWROD YHUVR LO VXROR VL DOODUJD H UDOOHQWD D PRWLYRGHOODVXDVXSHUILFLHODYHORFLWjGLGLVFH VD ILJ ,Q WDOL FRQGL]LRQL OD ILDPPD GHO EHQJDOD SXz SHU TXDOFKH WHPSR HVVHUH YLVWD GD ORQWDQRHGLOOXPLQDUHJOLRJJHWWLVRWWRVWDQWLWDOL WLSLGLUD]]LLOOXPLQDQWLRDOXFLFRORUDWHDSDUD FDGXWHVRQRVWDWLPROWRXVDWLGLQRWWHSHUVFRSL EHOOLFL

5D]]LDVWHOOHDFDVWDJQROHDUD]]RPDWWR ,OFDSSHOOHWWR GHOUD]]RDVWHOOHRGDFDVWDJQROHFRQWLHQHROWUHODSROYHUHDOFX QL GDGL GL FRPSRVL]LRQH D VWHOOH FKH EUXFLDQGR SURGXFRQR XQD OXFHELDQFDRFRORUDWDRSSXUHDOFXQHFDVWDJQROHOHTXDOLVFRS SLDQR4XHOORGHLUD]]LDUD]]RPDWWRqSURYYLVWRGLSLFFROLUD]]L VHQ]D EDFFKHWWD L TXDOL DO PRPHQWR GHOOR VFRSSLR GHO FDSSHO OHWWRHFLRqDOWHUPLQHGHOODFRUVDGHOUD]]RYHQHQGRDFFHVLSHU PH]]RGHLORURSURSULVWRSSLQLYHQJRQRODQFLDWLLQWXWWHOHGLUH ]LRQLHGLVFHQGRQRVHUSHJJLDQGR 5D]]RFRQJXDUQL]LRQHGLUD]]HWWL $GXQUD]]RGLJURVVR FDOLEUR VL SXz PHWWHUH SHU JXDUQL]LRQH XQ FHUWR QXPHUR GL UD] ]HWWL $OOD VRPPLWj GHO JURVVR UD]]R VL DYYROJH XQD VWULVFLD GL FDUWD H VL OHJD 6L LQILODQR OH EDFFKHWWLQH GHL UD]]HWWL LQ WDQWL DQHOOL GL FDUWRQFLQR LQFROODWL DO UD]]R LQ PRGR FKH JOL VWRSSLQL YDGDQRDWRFFDUHLOWXUDFFLRORGLDUJLOODEXFDWRVXOTXDOHVLVSDU JHXQSR GLSROYHUHILQD)LQDOPHQWHVLVWULQJHODFDUWDHVLDWWDF FDFRQJOLVWRSSLQL,OSHVRGHLUD]]HWWLFRPSUHVHOHEDFFKHWWLQH HOHJXDUQL]LRQLQRQGHYHHFFHGHUHLOSHVRGHOUD]]RJUDQGHILJ

5D]]LFRQVHFXWLYL $GXQUD]]RJUDQGHVLVRYUDSSRQHXQ UD]]RGLFDOLEURPLQRUHLOSHVRGHOTXDOHFRP SUHVDODEDFFKHWWDQRQGHYH HFFHGHUH TXHOOR GHOSULPRUD]]R &DULFDWR LO SULPR UD]]R VL EDWWH O DUJLOOD VL EXFD H VRSUD YL VL VSDUJH XQ SR GL SROYHUH ILQD 6L VWRSSLQD LO VHFRQGR UD]]R H VL IDHQWUDUH OD ERFFD QHO FDUWRFFLR HFFHGHQWH GHO SULPR UD]]R LQ PRGR FKH WRFFKL OD SROYHUH ,QGL FRQXQDVWULVFLDGLFDUWDVLXQLVFH LO SULPR DO VHFRQGR UD]]R /D EDFFKHWWD GHOVHFRQGR UD]]R SDV VD LQ GXH DQHOOL GL FDUWRQFLQR LQ FROODWLDOSULPRUD]]R1HOORVWHV VRPRGRDOVHFRQGRUD]]RVLSXz VRYUDSSRUUH DQFKH XQ WHU]R 6L EDGL FKH TXHVWL UD]]L D SL YROL VRQRGLIILFLOLDIDUVLSRLFKpEDVWD OD PLQLPD GLVDYYHUWHQ]D SHU IDU SHUGHUH O HTXLOLEULR H QRQ DYHUH DOFXQ HIIHWWR ILJ

'UDJRQH 6RQRFRVuFKLDPDWLGXHUD]]LRSSRVWLO XQRDOO DO WURHVROLGDOLFRQXQSH]]RGLWXERPHWDOOLFRQHOTXDOHVLIDSDV VDUHXQILORGLIHUURFKHVLWHQGHRUL]]RQWDOPHQWHRGDQFKHLQSR VL]LRQHLQFOLQDWDIUDGXH SXQWL H FKH VHUYH GL JXLGD DL UD]]L GX UDQWH OD ORUR FRPEXVWLRQH ,O GUDJRQH VL SXz DQFKH IDUH FRQ XQ UD]]RVRORLQWDOFDVRTXDQGRqDFFHVRSHUFRUUHXQDYROWDVRODOD OLQHDWUDFFLDWDGDOILORGLIHUUR6HLQYHFHqIRUPDWRGLGXHUD]]L GLVSRVWL LQ VHQVR FRQWUDULR HVVR SHUFRUUH GXH YROWH HG LQ VHQVR RSSRVWRLOILORFKHJOLVHUYHGDJXLGD ,O GUDJRQH q VRYHQWH XVDWR SHUFRPXQLFDUH O DFFHQVLRQH DOOH PDFFKLQHGLDUWLIL]LRSRVWHDGLVWDQ]D 5D]]RDJLUHOOR ÊXQUD]]RFKHILQLVFHFRQXQSLFFRORVROH JLUDQWH 6L ID FRPH WXWWL JOL DOWUL UD]]L SHUz KD SHU JXDUQL]LRQH XQSLFFRORJHWWRGLIXRFREULOODQWH FKH VL OHJDVXSHULRUPHQWH LQ FURFH ,O JHWWR q XQ VHUSHQWHOOR D JLUHOOR FKH SUHQGH IXRFR GDO

PDVVLFFLR GHO UD]]R 6L GHYH EDGDUH FKH LO VHUSHQWHOOR QRQ SHVL SLGLGHOUD]]RILJ

5D]]R D FDWHQD Ê FRPSRVWR GL GXH UD]]L YRODQWL XQLWL DG DQJRORVXOODVWHVVDEDFFKHWWD(VVRVDOHJLUDQGRHODVFLDQGRXQD GRSSLDFRGDGLIXRFRLQWUHFFLDWDILJ

5D]]R D FDUFLRIR Ê XQ UD]]R FKH KD DWWDFFDWR VXSHULRU PHQWHXQSLFFRORFDUFLRIRLOTXDOHSUHQGHIXRFRLQVLHPHDOUD] ]R & 5$==,'$7$92/$R&$5&,2),

, UD]]L GD WDYROD GHWWL DQFKH YHUWLFL R FDUFLRIL VRQR GHOOH IRQWDQH FKH JLUDQR SULPD VX VH VWHVVH IRUPDQGR XQ JLUDVROH TXLQGL JLUDQGR V LQQDO]DQR QHOO DULD VRWWR IRUPD GL FRORQQD GL IXRFR 6LSUHQGHXQDIRQWDQDOXQJDFLUFDYROWHLOSURSULRGLDPHWUR LQWHUQRRSRFRSL6HODIRQWDQDqGLFDQQD YHGL ULFHWWDULR 5LHPSLWDOD IRQWDQD VL RWWXUD GL QXRYR FRQ O DUJLOOD(XWLOHVHJQDUHDOO HVWHUQRGHOODIRQWDQDGRYHSULQFLSLD H GRYH ILQLVFH OD FRPSRVL]LRQH ,QGL GL ODWR DOOH HVWUHPLWj GHO UD]]RHDOSULQFLSLRGHOODFRPSRVL]LRQHVLIDQQRGXHEXFKLRS SRVWL 3RL DG XJXDO GLVWDQ]D GD TXHVWL EXFKL VL VHJQD XQD OLQHD

ORQJLWXGLQDOH OXQJD TXDQWR LO UD]]R H VX TXHVWD VL SUDWLFDQR TXDWWUREXFKLILJ , EXFKL GHYRQR HVVHUH GL XQ GLDPHWUR SDUL DG GL TXHOOR GHOODIRQWDQDGXHEXFKLRSSRVWLVLXQLVFRQRFRQXQRVWRSSLQR LQOLQHDUHWWD3HUFRQVHJXHQ]DLSULPLEXFKLQRQKDQQRFRPXQL FD]LRQHFRLVHFRQGL

6LSUHQGHXQSH]]RGLFHUFKLRGLOHJQRSHUVWDFFLROXQJRTXD VLTXDQWRLOUD]]RHVLDWWDFFDQHOFHQWURGHOUD]]RFRQXQSR GL ILOR GL IHUUR IDFHQGR ULPDQHUH GL VRWWR L TXDWWUR EXFKL FRQ OR VWRSSLQRFKHSDVVDWUDLOUD]]RHLOFHUFKLHWWR $FFHVRTXHVWRUD]]R VXGuXQDWDYRODL GXH EXFKL ODWHUDOL OR IDQQRJLUDUHHJOLDOWULTXDWWUREXFKLSUHQGHQGRIXRFRSRFRGR SRJOLGjQQRXQPRYLPHQWRG DVFHQVLRQH

*LUDQGROH FDUFLRIL FRPSRVWL 6RQR FRVWLWXLWH GD GLYHUVL FDUFLRIL PHVVL LQWRUQR DG XQ SHUQR FRPXQH 6L IDQQR LQ TXHVWR PRGR FDULFDWR XQ FDUFLRIR VHPSOLFH VL ODVFLD XQ YXRWR SDUL D GXH GLDPHWUL LQWHUQL DOO HVWUHPR H TXHVWR YXRWR VHUYH SHU LQWUR GXUYL L EUDFFLXROL FLOLQGULFL FKH VRQR LQFDVWUDWL LQ XQ WRQGR GL OHJQDPHFKHKDXQULDO]RFRPHXQPR]]RGLUXRWDGDOODSDUWHGL VRWWR 8Q DOWUDRVVDWXUDPROWROHJJHUDHFRPRGDqODVHJXHQWHVLID XQWRQGRGLOHJQDPHHDWWRUQRVLLQFKLRGDQRLEUDFFLXROL3HUID UHLOPR]]RVLSUHQGHXQWRQGRSLSLFFRORHVLLQFKLRGDVXOSUL PRXQSR VROOHYDWRSHUIDUYLSDVVDUHJOLVWRSSLQLFRPHVRSUD6L SXzDQFKHLQFROODUORFRQSLFFROHWUDYHUVLQH2JQLFDUFLRIRGH YHDYHUHXQVROREXFRODWHUDOHHTXDWWUREXFKLVRWWR

'LTXHVWLFDUFLRILVHQHIDQQRDDHDEUDFFLD4XHOORD GXHSHUzGHYHDYHUHJOLDOWULGXHEUDFFLXROLDIILQFKpLOWXWWRVLD EHQHHTXLOLEUDWRILJ

6LEDGLFKHLGLYHUVLFDUFLRILVLDQRPHVVLWXWWLQHOO LVWHVVRSLD QRHLEXFKLVXOODVWHVVDOLQHD 1HO PH]]R GHOOD URWHOOD VL ID XQ EXFR SHU IDUYL SDVVDUH JOL VWRSSLQLFKHPHWWRQRLQFRPXQLFD]LRQHLEXFKLGLVRWWRDLFDUFLR IL *XDUQL]LRQH , JUDQGLUD]]LGDWDYRODRFDUFLRILVL SUHVWDQR EHQH SHU SRUWDUH LQ DOWR VYDULDWH JXDUQL]LRQL SURSRU]LRQDWH DOOD IRU]DGHLFDUFLRILHFKHVLFROORFDQRVXOFHUFKLRGLOHJQR,QIDWWL VLSXzDWWDFFDUHDOWRQGRGLOHJQRXQDERPEDQRQPROWRDOWDGL JURVVRFDOLEURHGHVVDGHYHDYHUHXQDVSROHWWDFRUWLVVLPDPHVVD LQ FRPXQLFD]LRQH FRQ GXH FDUFLRIL RSSRVWL Ê SUXGHQWH IDUH L SRUWDIXRFKL EHQ VROLGL DIILQFKp JOL VWRSSLQL VLDQR SURWHWWL GD TXDOFKH VFLQWLOOD /D ERPED SXz HVVHUH FDULFDWD D SLDFHUH ILJ ,QYHFHGHOODERPEDVLSXzFROORFDUHXQUHFLSLHQWHGLFDUWRQH FKHSHUPH]]RGLXQDFDULFDGLSROYHUHODQFLDXQSDUD FDGXWHQHO PRGRVHJXHQWH

6LIDXQFLOLQGURGLFDUWRQHEHQVROLGRHVLLQFROODVXOFHUFKLR GLOHJQDPH,QIRQGRVLPHWWHXQDEXRQDFDULFDGLSROYHUHPHWj LQJUDQLHPHWjLQSROYHUHILQH,ILOLGHOSDUDFDGXWHVLDWWDFFDQR DGXQSLFFRORFLOLQGURGLFDUWRQHFKHVLULHPSLHGLFRPSRVL]LRQH SHUILDPPHDGLYHUVLVWUDWL4XHVWRFLOLQGURGHYHDYHUHORVWHVVR GLDPHWURGLTXHOORLQWHUQRGHOFLOLQGUR LQFROODWR VXO OHJQR $OOD VRPPLWj GHO FDUWRFFLR VL LQFROOD XQD VWULVFLD GL FDUWDHVLDEEDVVDLOFLOLQGUHWWRGHOSD UDFDGXWH ILQR DOO RUOR GHO FDUWRFFLR H DIILQFKp TXHVWR VLD EHQ FKLXVR VXO FL OLQGUHWWR VL PHWWH XQD SLFFROD URWHOOD 6XTXHVWDVLVSDUJHXQSR GLVHJDWXUD GL OHJQR OHJJHUD H VL PHWWH LO SDUDFD GXWHEDGDQGRGL QRQ LQWUDOFLDUHL ILOL )LQDOPHQWH VL FKLXGH FRQ XQ FDSSHO OHWWR ILJ Ê FKLDUR FKH JOL VWRS SLQLGHLGXHFDUFLRILGHEERQRHVVHUHLQ FRPXQLFD]LRQH FROOD SROYHUH GHO FDU WRFFLR 6L SRVVRQR VLWXDUH DQFKH TXDWWUR FDUWRFFL LQ PRGR FKH RJQL FDUFLRIRQHDFFHQGDXQR$OORUDVRQRSDUDFDGXWHFKHVLYHGRQR LQDULDDOORUFKpqILQLWDO DFFHQVLRQHGHLUD]]L / HIIHWWRqEHOORPDRFFRUURQRFDUFLRILGLJURVVRFDOLEUR ' %20%(R*5$1$7(

/HERPEHRJUDQDWHVRQRFDUWRFFLSLHQLGLSLFFROLIXRFKLFKH ODQFLDWLDPH]]RGLPRUWDLDUULYDQRDGXQDFHUWDDOWH]]DHVFRS SLDQRODQFLDQGRLQWXWWHOHGLUH]LRQLLIXRFKLLQHVVHFRQWHQXWH

0RUWDLRLO PRUWDLRSHUODQFLDUHOHERPEHqIRUPDWRFRQXQ WXER GL IHUUR EDWWXWR QRQ VDOGDWR OXQJR GD D YROWH LO GLD PHWURFKLXVRDGXQDHVWUHPLWjGDXQSH]]RWRUQLWRGLOHJQRGXUR ILJ FKHIXQ]LRQDGDEDVHSHUPDQWHQHUHLOPRUWDLRLQSRVL ]LRQHYHUWLFDOH,OWXERGLIHUURqLQQHVWDWRSHUXQ EXRQWUDWWRLQXQPDVFKLRFLOLQGULFRGHOODEDVHH WUDWWHQXWR GD YLWL QHO OHJQR 3HU JDUDQWLUH XQD PDJJLRUHVROLGLWjGHOPRUWDLRqEHQHULQIRU]DUHLO WXERFRQXQFHUFKLRGLIHUURRFRQGLYHUVLVWUDWLGL ILOR GL IHUUR SUHVVR OD EDVH QHO WUDWWR LQ FXL DY YLHQHODGHIODJUD]LRQHGHOODFDULFDGLODQFLR 0RUWDL GL FDUWRQH FKH VHUYRQR SHU ODQFLDUH SLFFROHERPEH6LSUHQGHXQIRJOLRGLODWWDDOWR RWWRRGLHFLYROWHLOGLDPHWURYROXWRHODUJRDEED VWDQ]DGDIDUHXQJLURHSRFRSL &RQ XQ SLFFROR PDUWHOOR GROFHPHQWH VL ID SLH JDUHLOIRJOLRIRUPDQGRLOWXEREHQFKLXVR2WWH QXWRLOWXERGHOGLDPHWURGHVLGHUDWRVLVDOGD,QGL VL FRPLQFLD DG LQFROODUH DWWRUQR GHOOH VWULVFH GL FDUWRQH ODUJKH TXDQWR LO WXER H OXQJKH D SLDFHUH EDGDQGR SHUz GL FRQVHUYDUH VHPSUHXQRVSHVVRUHXQLIRUPHGLFDUWRQHDWWRUQRDOWXER$GXQ FHUWRVSHVVRUHSRLVLPHWWRQRGHOOHVWULVFHVRORDOEDVVRGHOWXER JLDFFKpTXLOHSDUHWLGHEERQRHVVHUHSLUHVLVWHQWL,QGLVLDYYRO JHXQDFRUGLFHOODLPSHFLDWDEHQHVWUHWWDDWWRUQRDOWXER6LSRQH VXOODEDVHHLOPRUWDLHWWRqIDWWR

)RUPD GHOOD ERPED ,O FDUWRFFLR VL ID VX DSSRVLWD IRUPD SURSRU]LRQDWD DO FDOLEUR GHOPRUWDLR /D IRUPD q XQ FLOLQGUR GL OHJQRHGLOVXRGLDPHWURqPLQRUHGLTXHOORGHOPRUWDLR/DSUD WLFD VRODPHQWH SXz VWDELOLUH OD GLIIHUHQ]D WUD O XQRH O DOWUR GLD PHWUR JLDFFKp LO FDUWRFFLR GHY HVVHUH GL GLYHUVR VSHVVRUH VH FRQGR OD JUDQGH]]D GHOOD ERPED 6H OD IRUPD ULHVFH XQ SR SL VRWWLOHVLLQFROODDWWRUQRXQDVWULVFLDGLFDUWRQHVHLQYHFHSLODU JD OD VL ID DVVRWWLJOLDUH &Lz VL YHGH IDFLOPHQWH FRPSOHWDWD OD SULPD JUDQDWD SHUFKpVH TXHVWD VFHQGH GD Vp LQ IRQGR DO PRU WDLRHYLGHQWHPHQWHODIRUPDqVWUHWWDPHQWUHVDUjODUJDVHLQYH FHQRQVFHQGH /D OXQJKH]]DGHOOD IRUPD GHY HVVHUH GL FLUFD TXDWWUR YROWH LO GLDPHWURILJD

&DUWRFFLR 6L SUHQGH XQD VWULVFLD GL FDUWD FRQVLVWHQWH H VL DYYROJHDWWRUQRDOODIRUPDODVFLDQGRQHIXRULGLTXHVWDXQDOXQ JKH]]D GLFDUWD SDULDO GLDPHWUR 3HUOH JUDQDWH SLFFROH EDVWDQR WUHRTXDWWURJLULGLFDUWDSHUTXHOOHSLJUDQGLVHLRVHWWH4XLQ GLVLSLHJDLOFDUWRFFLRDOO HVWUHPLWjHVLEDWWHOD IRUPDGDOO DOWUR ODWRSHUFRQVHUYDUHOHSLHJKH

/DOXQJKH]]DGHOFDUWRFFLRYDULDSRLVHFRQGRLIXRFKLFKHVL PHWWRQR GHQWUR 6L WRJOLH LO FDUWRFFLR GDOOD IRUPD H VL ULWDJOLD O HVWUHPLWjSHUXQDOXQJKH]]DSDULDXQGLDPHWURFLUFDHGLOFDU WRFFLRqIDWWRILJE 6SROHWWD Ê XQD SLFFROD IRQWDQD FDULFDWD WXWWD D SROYHUH q SHUDVVDFKHODERPEDQRQVFRSSLDVHQRQTXDQGRKDUDJJLXQWR XQDFHUWDDOWH]]DFLRqTXDQGRODVSROHWWDKDILQLWRGLEUXFLDUH 6LSUHQGHXQDIRQWDQDDIRURODUJRGDDPEROHSDUWLVLFDULFD DSROYHUHEHQEDWWXWDILQRDOO DOWH]]DGL FLUFDFPVLSUHQ GRQR GHJOL VWRSSLQL OXQJKL TXDQWR OD VSROHWWD H VL LQWURGXFRQR QHOYXRWREDWWHQGRXQSR LQGLVLSLHJDQROHSXQWHDURVHWWD 3ULPDGLDGRSHUDUODqSUXGHQWHRVVHUYDUHVHSHUFDVRQHOFD ULFDUODQRQVLVLDVSDFFDWDSHUFKpLQTXHVWRFDVRVLDFFHQGHUHE EHODWHUDOPHQWHHODERPEDVFRSSLHUHEEHRQHOPRUWDLRRDSSHQD XVFLWD (FFR SHUFKp OR VSDJR DWWRUQR DOOD VSROHWWD VL PHWWH EHQ VHUUDWRHVWUHWWR 9LVRQRGLYHUVLWLSLGLJUDQDWHHVVHVLSRVVRQRGLVWLQJXHUHLQ VHPSOLFLRFRPSRVWH

*UDQDWHVHPSOLFL 6RQRTXHOOHDVFRSSLRXQLFR4XHVWHJUDQDWHDUULYDWHDGXQD FHUWD DOWH]]D VFRSSLDQR XQD VROD YROWD ODQFLDQGR L GLYHUVL IXR FKL (VVH SRVVRQR HVVHUH D VWHOOH D SLRJJLD D VHUSHQWHOOL D JUD QDWLQHDVIHUDHFF

D *UDQDWHDVWHOOH ,OFDUWRFFLRGHYHDYHUHXQD OXQJKH]]D SDUL D XQD YROWD H PH]]R R DO PDVVLPR YROWH LO SURSULR GLD PHWURVHQ]DFDOFRODUHLULWDJOL6LSUHQGHXQFLOLQGURGLODWWDRGL RWWRQHOXQJRFLUFDFPGLSLGHOFDUWRFFLRHVLSRQHGULWWRQHO PH]]R4XHVWRFLOLQGURGHYHDYHUHXQGLDPHWURSURSRU]LRQDWRD TXHOORGHOODJUDQDWD/HVWHOOHYHQJRQRPHVVHWXWWHLQWRUQRWUDLO FLOLQGURPHWDOOLFRHLOFDUWRFFLR4XDQGROHVWHOOHVRQRDUULYDWHDL ULWDJOLGHOFDUWRFFLRDOORUDLOFLOLQGURGLODWWDVLULHPSLHGLSROYH UHLQJUDQLILQRDOO DOWH]]DGLFPFLUFDVRSUDOHVWHOOH6LWRJOLH LO FLOLQGURD SRFRD SRFR HYLWDQGR XQVRYHUFKLR DWWULWR FKH SR WUHEEHIDUDFFHQGHUHOHVWHOOHVHTXHVWHVRQRFRORUDWHILJ 7ROWRLOFLOLQGURODSROYHUHULPDQHLQPH]]RGHOFDUWRFFLRHOH

VWHOOHDWWRUQR 6L PHWWH OD VSROHWWD QHO FHQWUR VXOOD SROYHUH H OD VL FDOFD XQ SR LQPRGRFKHVLDPHWjGLIXRULHPHWjGLGHQWURLOFDUWRFFLR 6LSUHQGHXQDVWULVFLDGLFDUWDPRUELGDDWWRUFLJOLDWDHVLPHWWH DWWRUQRDOODVSROHWWDVXOOHVWHOOHHVLFRPLQFLD D SLHJDUH L ULWDJOL

GHOFDUWRFFLRVXOOHVWHOOHDWWRUQRDOODVSROHWWDEDGDQGRGLFRP SULPHUOLPDQPDQRFKHVLSLHJDQRILJ 3LHJDWLWXWWLLULWDJOLFRQXQILORGL VSDJR LPSHFLDWR VL DWWDFFD DOOD JUD QDWDSULPDDWWRUQRDOODVSROHWWDLQGL OXQJR LO FDUWRFFLR H SRL DWWUDYHUVR EDGDQGRFKH O DOODFFLDWXUDVLD DTXD GUHWWLHTXHVWLQRQWDQWRVWUHWWLVSH FLDOPHQWHVHODJUDQDWDqDVWHOOHFR ORUDWH /R VSDJR GHY HVVHUH ILQR SHU OH JUDQDWLQH SL JURVVR SHU OH JUD QDWHJUDQGLILJ $OODFFLDWD OD JUDQDWD ELVRJQD LQ FROODUOD SULPD FRQ GHOOH VWULVFH GL FDUWDPRUELGDVLRWWXUDQREHQHLYXRWLHOHIHVVXUHVSHFLDOPHQWH SUHVVR OD VSROHWWD H DO IRQGR TXLQGL FRQ XQD VWULVFLD GL FDUWD PRUELGDODUJDDEEDVWDQ]DVLLQFROODWXWWRGDOIRQGRILQRDOSULQ FLSLRGHOODVSROHWWD3HUQRQIDUWRFFDUHFRQODFROODO LQL]LRGHOOD VSROHWWDFRSULUHTXHVWDFRQXQSR GLFDUWDFKHVLOHYDTXDQGRq WHUPLQDWD O LQFROODWXUD 3RL VL PHWWH DG DVFLXJDUH OD JUDQDWD DO O RPEUD 4XDQGRODJUDQDWDqEHQVHFFDVLSUHQGHXQRVWRSSLQROXQJR HSLJURVVRHVLDWWDFFDDOSULQFLSLRGHOODVSROHWWDTXHVWRVWRS

SLQRGHYHSDVVDUHVXOODERFFDGHOODVSROHWWDHGHYHDUULYDUHILQR DOIRQGRGHOODJUDQDWDDQ]LORVLSLHJDVXOIRQGRVWHVVR8QDOWUR VWRSSLQRGRSSLRVLDWWDFFDDOO HVWUHPLWjGHOODVSROHWWDILJ )DWWRFLzVLSUHQGHXQIRJOLRGLFDUWDLQFXLVLDYYROJHODJUD QDWD LQ PRGR GD ODVFLDUH VRWWR GL HVVD XQ YXRWR SURSRU]LRQDWR

DOODODUJKH]]DGHOODJUDQDWDXQGLDPHWURFLUFD/DFDUWDGHYHJL UDUHDWWRUQRDGHVVDDOPHQRGXHYROWHHVLDWWDFFDQHOFHQWUR 6XO IRQGR GHOOD JUDQDWD QHO YXRWR FLRq ODVFLDWR GDOO XOWLPR LQYROWRVLPHWWHODFDULFDGLSROYHUHFKHGHYHODQFLDUHODERPED LQDULD3ULPDGLPHWWHUHODSROYHUHVLSLHJDPHJOLRORVWRSSLQR FKHYLHQHGDOODVSROHWWDHVLRVVHUYDVHqEHQOHJDWRDOO XOWLPRLQ YROWRLQPRGRFKHQRQYLVLDWLPRUHFKHSDUWHGHOODSROYHUHYDGD WUD OD JUDQDWD H O LQYLOXSSR HVWHUQR 6L FKLXGH LO FDUWRFFLR FRP SULPHQGREHQHODSROYHUHHDWWDFFDQGRQHO HVWUHPLWjEHQVWUHWWR 'DOOD SDUWH GHOOD VSROHWWD SRL VL PHWWH XQ OXQJR VWRSSLQR VL VWULQJHLOFDUWRFFLRHVLOHJD 8Q DOWUDOHJDWXUDVLIDSLVRWWRSUHVVRLOFDUWRFFLRQRQWDQWR VWUHWWD ILJ &RPSOHWDWD FRVu OD ERPEDVL FDOD QHOPRUWDLR ,Q TXHVWR QRQ GHYH WURYDUVL Qp WURSSR VWUHWWD Qp WURSSR ODUJD 1HOSULPRFDVRVLSXzVIDVFLDUHQHOVHFRQGRODVXDDVFHVDLQDULD VDUjOLPLWDWD

/DFDULFDFKHSRLVLLQHWWHVRWWROHJUDQDWH ULFKLHGH XQSR GL SUDWLFD SHUFKp VLD JLXVWD GDWR FKH GHYH FDOFRODUVL LQ UHOD]LRQH DOODIRU]DGHOODSROYHUHDGRSHUDWDHDOWLSRGLJUDQDWDQRQFKpDO VXRSHVR 0LVFXJOLR GL VWHOOH FRORUDWH SHU JUDQDWH %LDQFKH H URVVH 5RVVHHYHUGL9LROHWWHHYHUGL9LROHWWHHJLDOOH$]]XUUHHURVVH *LDOOHHD]]XUUH$]]XUUHURVVHHELDQFKH$]]XUUHURVVHHYHU GL*LDOOHD]]XUUHYHUGLHURVVH $OWUL WLSL GL JUDQDWH D VWHOOH $OFXQL SLURWHFQLFL XVDQR JUD QDWHFKHDOORVFRSSLRGjQQRXQFHUFKLRGLVWHOOHFRORUDWHGLVWUL EXLWHSHUFRORULLQYHFHFKHPLVWHFRPHQHOOHJUDQDWHSULPDGH VFULWWH&LRqVLYHGHXQFHUFKLRGLYLVRLQVHWWRULHLQRJQLVHWWRUH XQJUXSSRGLVWHOOHGLFRORUHGLYHUVR

3HU UDJJLXQJHUH TXHVWR VFRSR VL ID LO FLOLQGUR GL ODWWD FRQ DOHWWHUHWWDQJRODULGLILDQFRVHODERPEDVLYXROIDUHDVWHOOH GL

GXHFRORULVRODPHQWHILJ 6LFDODLOFLOLQGURFRVuFRPSRVWR QHOFDUWRFFLRTXHVWRYLHQHDHVVHUHGLYLVRLQGXHSDUWLXJXDOLGD XQDSDUWHVLPHWWHUDQQRSHUHVHPSLRVWHOOHYHUGLGDOO DOWUDVWHOOH URVVH LQGL VL PHWWHUj OD SROYHUH QHO WXER HFF FRPSOHWDQGR OD ERPEDFRPHVLqGHWWRLQSUHFHGHQ]D1HOORVWHVVRPRGRVLSRV VRQRIDUHDVWHOOHGLWUHFRORULDGRSHUDQGRXQWXERPXQLWRGLWUH DOHWWH $OORUD LO FDUWRFFLR SUHVHQWHUj WUH FRPSDUWLPHQWL R YXRWL QHO VL PHWWHUDQQR SHUHVVWHOOH ELDQFKHQHO VWHOOH URVVH QHOVWHOOHD]]XUUHILJ ÊFKLDURFKHODSROYHUHFKHVWDQHOFHQWURGHOODJUDQDWDVFRS SLDQGR ODQFLD OH VWHOOH QHOOR VWHVVR PRGR LQ FXL VRQR GLVSRVWH QHOFDUWRFFLRFLRqDIDVFLGLGLYHUVRFRORUH E *UDQDWHDVHUSHQWHOOL (VVH VL SRVVRQR GLYLGHUHLQ JUD QDWHDVHUSHQWHOOLVHPSOLFLJUDQDWHDVHUSHQWHOOLDSLUXHWWDHJUD QDWHDVHUSHQWHOOLDJLUHOOR

*UDQDWH D VHUSHQWHOOLVHPSOLFL )DWWL LVHUSHQWHOOL OHJDWL HG LQFROODWLFRPHqVWDWRGHWWRQHLIXRFKLGLJXDUQL]LRQHVLPHWWRQR VXOIRQGRGHOFDUWRFFLRFRJOLVWRSSLQLDOO LQV6LFFRPHRJQLVHU SHQWHOOR KD GXH R WUH VWRSSLQL TXHVWL VL FRPSULPRQR IRUPDQGR XQRVWUDWRFKHVLIDDQFRUDSLFRPSDWWRDJJLXQJHQGRDOWULVWRS SLQLVSDUVLDOGLVRSUD6XTXHVWRSLDQRGLVWRSSLQLVLSXzPHWWHUH R VHPSOLFHPHQWH OD SROYHUH SHU IDU VFRSSLDUH OD JUDQDWD R SHU IDUOD ULXVFLUH SL EHOOD OH VWHOOH H OD SROYHUH LQ TXHVWR FDVR OH VWHOOH VL PHWWRQR VHPSUH DWWRUQR DO FDUWRFFLR H OD SROYHUH QHO FHQWURILJ 4XDQGR L VHUSHQWL KDQQR OH VWHOOH QHO ORUR LQWHUQR DOORUD q PHJOLRFKHODSROYHUHQHOODJUDQDWDVLDVROD

*UDQDWHDVHUSHQWHOOLDSLUXHWWD)DWWLLVHUSHQWHOOLVLPHWWR QRQHOFDUWRFFLRFRJOLVWRSSLQLDOO LQVVLODLOVRODLRGLVWRSSLQLH VLPHWWHODSROYHUHRVRODRFRQOHVWHOOH

*UDQDWHDVHUSHQWHOOLDJLUHOOR3HU IHWWDPHQWH VLPLOL DOOH SUHFHGHQWL &LD VFXQD GL TXHVWH WUH VSHFLH GL JUDQDWH FRPHVLqGHWWRKDODSROYHUHFKHVHUYH SHU OR VFRSSLR QHOOD SDUWH VXSHULRUH GHO FDUWRFFLR 3HU FRQVHJXHQ]D TXDQGR VL DOODFFLD OD JUDQDWD LQ TXHOOD ]RQD VL VWULQJH GL SL OR VSDJR ILJ 7DOL JUDQDWH VL SRVVRQR IDUH D GXH VWUDWL LQ TXHVWRPRGRVLIDXQRVWUDWRGLVHUSHQ WHOOL VXO IRQGR GHOOD ERPED VL FRPSUL PRQRJOLVWRSSLQLEHQEHQHVLVSDUJHXQ SR GL SROYHUH VRSUD GD SHU WXWWR H QHO PH]]R VL PHWWH ©XQ UDJQR GL VWRSSLQLª FLRq GHJOL VWRSSLQL OHJDWL DG XQD HVWUH PLWjHSRLDSHUWL,QGLVLFDODQHOFHQWUR GHOFDUWRFFLRVXOUDJQRGLVWRSSLQLFLRqLOFLOLQGURGLODWWDHDO O LQWRUQRVLGLVSRQJRQRLVHUSHQWHOOLFRQJOLVWRSSLQLDOO LQJL6L YHUVDQHOFLOLQGURODSROYHUHLQJUDQLILQRDOO DOWH]]DGHLVHUSHQ WHOOLHVLWRJOLHLOFLOLQGUR)LQDOPHQWHVLPHWWHODVSROHWWDH FRQ ULWDJOLGLFDUWDVLDSSLDQDHVLFKLXGHLOFDUWRFFLRILJ 4XDQ GRSRLVLDOODFFLDODJUDQDWDVLGHYHIDUHXQD©IDVFLDGLVSDJRª QHO FHQWUR GHO FDUWRFFLR SHUFKp q LQ WDO SXQWR FKH OD ERPED VL VSDFFD

F *UDQDWHDFRORPEH6LPHWWRQROHFRORPEHVXOIRQGRGHO FDUWRFFLRVLIDORVWUDWRGLVWRSSLQLHVR SUDVLPHWWHODSROYHUHRVRODRFRQVWHOOH ILJ 6L SRVVRQR IDUH DQFKH D GXH VWUDWL QHOORVWHVVRPRGRLQGLFDWRSHUOH ERPEH DVHUSHQWHOOL 1HOO DOODFFLDUHODJUDQDWDQHOFDVR ODIDVFLDGLVSDJRVLIDUjQHOODSDUWHVXSH ULRUHGHOFDUWRFFLRQHOFDVRQHOFHQWUR

G *UDQDWH D JLUDQGROHWWH 6L PHW WRQROHJLUDQGROHWWHQHOIRQGRGHOFDUWRF FLRVLIDOR VWUDWR GL VWRSSLQL H VRSUDVL LQHWWHODSROYHUHLQJUDQL

H *UDQDWHDSLRJJLD6LSUHQGRQRLFDUWRFFHWWLHVLPHWWRQR QHO IRQGR GHO FDUWRFFLR VL FRPSULPRQR EHQH JOL VWRSSLQL H VX TXHVWLVLPHWWHODSROYHUHRVRODRFRQOHVWHOOH

I *UDQDWHDSLRJJLDFRQIXPLGLVRWWR6LIDFRPHODSUH FHGHQWHSHUzVHQ]DPHWWHUHOHVWHOOHQHOODSROYHUHFKHVHUYHSHU ORVFRSSLR J *UDQDWH FRQ VWHOOH D VHUSHQWHOOL 4XHVWH JUDQDWH IDQQR DGXQRHDGXHVWUDWLFRPHTXHOOHDVHUSHQWHOOLVHPSOLFL

K *UDQDWH FRQ VWHOOH H WUDFFKL 6L PHWWRQR GHL SLFFROL WUDFFKL LQ IRQGR DO FDUWRFFLR VL FRPSULPRQR EHQH JOL VWRSSLQL VXTXHVWLVLPHWWHODSROYHUHLQ JUDQL QHO FHQWUR H OH VWHOOH G LQ WRUQRVLDSSOLFDODVSROHWWDHVLFKLXGHODJUDQDWDFRPHDOWUH L *UDQDWH FRQ VWHOOH H FDQGHOH URPDQH 6XO IRQGR GHO FDUWRFFLRVLPHWWRQRGHOOHFDQGHOHURPDQHFRUWHLQFDUWRFFLDWHH VWRSSLQDWH FRPH L VHUSHQWHOOL VL ID LO VROLWR VWUDWR GL VWRSSLQL H VRSUDVLPHWWHODSROYHUHHOHVWHOOH *UDQDWH FRQ VWHOOH D FDVWDJQROD (VVH VRQR FDULFKH GL VWHOOH D FDVWDJQROD FLRq GL FDVWDJQROH PDVFKHUDWH FRQ SDVWD GL VWHOOH4XHVWHVLPHWWRQRQHOFDUWRFFLRGHOODERPEDEHQDVFLXWWH

HGLVSRVWHFRPHOHVWHOOHVHPSOLFL,OFDUWRFFLRVLFKLXGHHVLDO ODFFLDFRPHDOVROLWR

P *UDQDWHDVIHUD'HWWHDQFKH©VWHOOHDUDJJLªVRQRFR VWLWXLWHGDVWHOOHFDULFDWHFRQDSSRVLWDFRPSRVL]LRQHSLJUDQGL GHOOHRUGLQDULHHGLIRUPDFLOLQGULFDGLFLUFDFPGLDOWH]]D/H VWHOOHVLPHWWRQRDWWRUQRDOFDUWRFFLRIDWWRXQSULPRFHUFKLRVL IDXQVHFRQGRVXOSULPRHGXQWHU]RVXOVHFRQGR HFF LQ PRGR FKH OD VH]LRQH RUL]]RQWDOH QRQ SUHVHQWL FKH XQ VROR FHUFKLR GL VWHOOH H WXWWR LO UHVWR LO FHQWUR GHOOD ERPED FLRq VLD SLHQR GL SROYHUHLQJUDQL/DVSROHWWDSRLYDDILQLUHQHOFHQWURGHOODSRO YHUH /H VWHOOH GHEERQR DUULYDUH DG XQ DOWH]]D FRUULVSRQGHQWH DO GLDPHWUR GHOOD ERPED )LQLWR GL FDULFDUH VL PHWWH XQ GLVFR GL FDUWRQH FRQ XQ IRUR QHO PH]]R SHU IDU SDVVDUH OD VSROHWWD H VL FKLXGHLOFDUWRFFLRILJ ,QGL FRQ OR VSDJR VL DOODFFLD WXWWR LQ PRGRFKHODFDUWDQRQVLYHGDSL /D SROYHUH XVDWD SHU TXHVWH JUDQDWH VSHFLDOPHQWHTXHOODGHOFHQWURGHYHHVVH UH PROWR YLYD SHU SRWHU ODQFLDUH OH VWHOOH FRQPROWDIRU]D 4XHVWDJUDQDWDqXQDGHOOHSLGLIILFLOL DG DOOHVWLUVL SHUFKp QRQ VL VSDFFD FRP SOHWDPHQWH TXDORUD QRQ IDWWD DFFX UDWDPHQWH 4XDQGRVLSUHSDUDQROHVWHOOHSHUTXH VWR WLSR GL JUDQDWD VL EDWWD OD FRPSRVL]LRQH QHOOD DSSRVLWD IRU PDFKHqXQSLFFRORFLOLQGURGLPHWDOORGHOGLDPHWURGHOODVWHOOD DSHUWRLQWHUDPHQWHGDXQODWRPHQWUHGDOO DOWURF qXQSLFFRORIR UR SHU FXL SDVVD XQ DVWD FKH VSLQJH XQ GLVFR PRELOH PHVVR QHO O LQWHUQRGHOFLOLQGUR6LPHWWHQHOFLOLQGURLOGLVFRLQGLODFRP SRVL]LRQH FKH VL EDWWHH FRQ O DVWDVSLQJHQGR LO GLVFR OD VWHOOD YLHQIXRULEHQIDWWD)DWWHOHVWHOOHVLPHWWRQRDOO RPEUDDGHVVLF FDUHQpVLGHEERQRXVDUHVHQRQVRQREHQVHFFKHDOWULPHQWLQRQ IDUHEEHURLOORURHIIHWWRVSHFLDOPHQWHVHQHOODFRPSRVL]LRQHVLq XVDWRTXDOHFRPSRQHQWHLOFDUERQHGLFHUUR /HSLFFROHSHUHVVLGHEERQRODVFLDUHDVFLXJDUHSHUGXHVHW WLPDQH

(IIHWWR4XHVWD JUDQDWDVFRSSLDQGRODQFLDORQWDQRVWHOOHFKH ODVFLDQRGLHWURGLVpXQDIDVFLDGLVFLQWLOOHLQPRGRFKHLQDOWRVL YHGH XQ FHQWUR RVFXUR GRYH VL VSDFFD OD JUDQDWD H WDQWL UDJJL SLHQLGLVFLQWLOOH

$OWUHJUDQDWHDVIHUD3DUWHQGR GDOFRQFHWWRFKHRJQLVWHOOD GjFRPHXQUDJJLRGLIXRFRVLVRQRDOOHVWLWHDOWUHJUDQDWHFRPH SHU HV TXHOOD FKH DOOR VFRSSLR Gj XQD FURFHGL IXRFR(VVDQRQq DOWURFKH XQD JUDQDWD D VIHUD FRQ TXDWWUR JUDQGL VWHOOH $OOR VWHVVR PRGR YROHQGR IDU FRPSDULUH XQDJUDQGHVWHOODDFLQTXHUDJJLRGDVHL OH VWHOOH GHEERQR HVVHUH LQ QXPHUR GL FLQTXHRVHL 3HUz TXHVWH VWHOOH QRQ GHEERQR HVVHUH FLOLQGULFKHSHUFKpLQWDOFDVRODSROYHUHQRQ DYUHEEH VXIILFLHQWH IRU]DSHUODQFLDUOHORQWDQRDFDXVDGHJOLVSD]LYXRWLWUD VWHOOD H VWHOODGHEERQRHVVHUHIDWWHLQPRGRFKHULXQLWHGLDQRXQFHUFKLR EXFDWRQHOFHQWUR3HUFRQVHJXHQ]DVLGHEERQRDYHUHGHOOHIRUPH VSHFLDOLSHUTXHVWHVWHOOHILJ

Q *UDQDWD D SDOOH ELDQFKH 4XHVWD JUDQDWD q SHUIHW WDPHQWH VLPLOH D TXHOOD D VIHUD /H VWHOOH VRQR IDWWH FRQ XQD FRPSRVL]LRQHELDQFDEDWWXWDFRPHODFRPSRVL]LRQHSHUOHVWHOOH DVIHUD 6LFDULFDHVLDOODFFLDDOORVWHVVRPRGR$QDORJDPHQWHVLSR WUHEEHUR FRVWUXLUH JUDQDWH D SDOOHWWH FRORUDWH /D FRPSRVL]LRQH FRORUDWDVHQ]DEDWWHUODQHOPRUWDLR VLPHWWHQHOODIRUPDVXULIH ULWDHVLFRPSULPHXQSRFR R *UDQDWDDILDPPHWWH $IILQFKpTXHVWD JUDQDWDSURGXFD O HIIHWWROHILDPPHWWHGHEERQRHVVHUHFDULFDWHLQPRGRFKH DF FHVH WXWWH GLDQR XQ VROR FRORUH LQGL XQ DOWUR H SRL XQ DOWUR 4XLQGLDOORVFRSSLRGHOODERPEDVLYHJJRQRSHUHVFRPHWDQWH VWHOOHELDQFKHSRLWDQWHVWHOOHURVVHLQGLWDQWHVWHOOHGLDOWURFR ORUHHLQILQHVFRSSLDQROHFDVWDJQROH

S *UDQDWD D SDUDFDGXWH ,O FDUWRFFLR GL TXHVWD JUDQDWD GHY HVVHUH ULQIRU]DWR FRQ GXH JLUL GL FDUWRQH VROWDQWR QHOOD VX SHUILFLH FLOLQGULFD PHQWUH LO IRQGR HG L ULWDJOL GHO FDUWRFFLR UL PDQJRQRGLFDUWDQXGD6XOIRQGRGHOOD JUDQDWDVLPHWWRQRGHOOHVWHOOHRWUDFFKL HFFLQGLVLYHUVDODSROYHUHHVLFKLXGH TXHVWD SULPD SDUWH GHOOD ERPED FRQ XQ GLVFRGLFDUWRQHDYHQWHXQIRURQHOFHQ WUR H GLYHUVL IRUL SLFFROL DWWRUQR (VVR SHU VLFXUH]]D V LQFROOD QHO FDUWRFFLR GHOOD JUDQDWD ,O IRUR FHQWUDOH VHUYH SHU OD VSROHWWD H L IRUL DWWRUQR GLVSRVWL LQ FHUFKL FRQFHQWULFL SHU IDUYL HQWUDUH OD HVWUHPLWj GHO OXPLFLQR GL FLDVFXQ SDUD FDGXWH $OO DOWUD HVWUHPLWj GHO OXPLFLQR VRQR DWWDFFDWL L ILOL GHO SDUD FDGXWHFKHVLVLVWHPDQHOIRQGREDGDQGRGLQRQLQWUDOFLDUHLILOL ILJ 4XHVWD JUDQDWD QRQ SXz HVVHUH FRQVHUYDWD SHU PROWR WHPSR SHUFKpLSDUDFDGXWHGLIILFLOPHQWHVLDSURQR

(IIHWWR4XHVWD ERPEDULFKLHGHPROWRODYRURHGDFFXUDWH]]D O HIIHWWRSHUzFRPSHQVDODUJDPHQWHLOODYRURHVHJXLWRSHUSUHSD UDUOD $OOR VFRSSLR GHOOD JUDQDWD VL DFFHQGH OD JXDUQL]LRQH VFRSSLHWWDQRLWUDFFKLHVLYHJJRQRGLYHUVLOXPLFLQLHUUDQWLSRU WDWLGDLSDUDFDGXWH T %RPEDDJUDQDWLQH

*UDQDWLQD6L SUHQGHXQDFDVWDJQRODHVLULQIRU]DORVWRSSL QRFRQXQSR GLSDVWDGLSROYHUH&LzqQHFHVVDULRDOWULPHQWLOR VWRSSLQRSXzDQFKHQRQDFFHQGHUVL ,QGL VLDYYROJHXQDVWULVFLD GLFDUWDSHUGXHR SL JLUL DWWRUQRDOOD FDVWDJQRODULPDQHQGRLO IRQGRGLTXHVWDOLEHURHVLOHJD1HOFDUWRFFHWWRFRVuIRUPDWRVL PHWWRQRGHOOHSLFFROHVWHOOHGDD HVRSUDYLVLYHUVDGHOOD SROYHUH uQ JUDQL 6L DSSOLFD XQD SLFFROD VSROHWWD FDULFD SHU XQD OXQJKH]]DGLFLUFDLFPVLVWULQJHLOFDUWRFFLRHVLOHJD )DWWRFLzV LQFROODGLVRSUDXQDVWULVFLDGLFDUWDLQPRGRFKH YHQJDDFRSULUVLDQFKHLOIRQGRGHOODFDVWDJQRODHODVSROHWWDILQ

SUHVVRODERFFDVXOODTXDOHVLDWWDFFD LOVROLWRVWRSSLQRSHU WUD YHUVRHTXHOORGULWWR %RPED 3HU IDUH TXHVWD ERPED VL PHWWRQR OH JUDQDWLQH LQ IRQGR DO FDUWRFFLR VL FRPSULPRQR JOL VWRSSLQL GHOOH JUDQDWLQH LQGLFRQDOWULVWRSSLQL OXQJKHWWLVL ID XQR VWUDWR GD FRSULUHLQWH UDPHQWHOHJUDQDWLQH6XTXHVWRVWUDWRVLPHWWRQROHVWHOOHFRQOD SROYHUHLQJUDQLRVHPSOLFHPHQWHODSROYHUHILJ 6LSRVVRQR DQFKHIDUHDGXHVWUDWL

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pqGLTXLFKHODERPEDVFRSSLDILJ U *UDQDWD D FDVWDJQROH 6L PHWWRQR GHOOH FDVWDJQROH VXO IRQGRGHOFDUWRFFLRVLFRPSULPRQRJOLVWRSSLQLHVRSUDVLPHWWH ODSROYHUHSHUIDUVFRSSLDUHODJUDQDWD

V *UDQDWDPLVWDDVIHUDHFRORUDWD &RQODFRPSRVL]LRQH GHOOHVWHOOHDVIHUDVLIDQQRGHOOHVWHOOHWDJOLDWHFRPHWXWWHOHDO WUHPDXQSR SLJUDQGLHVLIDQQRHVVLFFDUH

3HUIDUHODJUDQDWDVLFDODLOFLOLQGURVXOIRQGRGHOFDUWRFFLRVL PHWWRQR DOO LQWRUQR GHOOH VWHOOH D VIHUD IRUPDQGR FRVu XQ SULPR JLURVXTXHVWRVLIDUjXQVHFRQGRJLURGLVWHOOHFRORUDWHLQGLXQ QXRYRJLURGLVWHOOHDVIHUDHFF 6LDOWHUQDQRFRVuILQRDOODVRPPLWjGHOFDUWRFFLR6LULHPSLHLO FLOLQGUR GL SROYHUH VL HVWUDH H VL VSDUJH GHOOD SROYHUH DQFKH VXOOH VWHOOH LQ PRGR GD FRSULUOH ,QGL VL FKLXGH OD JUDQDWD FRPH WXWWHOHDOWUHHVLDOODFFLDDSLFFROLTXDGUHWWL

W *UDQDWHOXPLQRVH 6RQRTXHOOHFKHVDOJRQRLQDULDD JXL VD GL JOREL OXPLQRVL SURGXFHQGR FRVu XQ HIIHWWR FKH VXVFLWD O DPPLUD]LRQH GHO SXEEOLFR (VVH QRQ VRQR DOWUR FKH JUDQDWH VHPSOLFLWXWWHFRSHUWHGLSDVWDGLVWHOOH &KLXVD OD ERPED HG DOODFFLDWD FRPH WXWWH OH DOWUH VL LQFROOD XQDFDUWDDOO LQWRUQR 4XDQGRqEHQDVFLXWWDVLVSDOPDDOODVXSHUILFLHGHOODJUDQDWD GHOJHVVRGDSUHVDIRUPDQGRFRVuXQRVWUDWRVRWWLOH4XHVWRVHU YHSHUQRQIDUEUXFLDUHLOFDUWRFFLR 4XDQGRVLqHVVLFFDWRTXHVWRVWUDWRVLDYYROJRQRDWWRUQRDOOD JUDQDWD GHL ILOL GL FRWRQH LPEHYXWL GHOOD FRPSRVL]LRQH DYHQGR FXUDGLDYHUHWXWWRLQWRUQRXQXQLIRUPHVSHVVRUHGLFRPSRVL]LR QH'RSRVLURWRODODJUDQDWDVXGHOODSROYHUHILQDTXHVWDDWWDF FDQGRVLGDSHUWXWWRQHIDFLOLWDO DFFHQVLRQH ILOLGLFRWRQHVHUYRQRSHUQRQIDUVWDFFDUHODFRPSRVL]LRQH GDOFDUWRFFLR /DPLJOLRUFRPSRVL]LRQHqTXHOODELDQFD /D FRPSRVL]LRQH GHYH DYHU OR VSHVVRUH GL FP D FP DO SL 3HU HVVHUH VLFXUL FKH OD FRPSRVL]LRQH DWWRUQR DOOD JUDQDWD V DFFHQGDHDQFKHSHUIDUODDFFHQGHUHSLUDSLGDPHQWHVLPHWWR QRGXHRWUHVWRSSLQLFKHGDOODVROHWWDYDQQRILQRDOIRQGRHOD FDUWD LQ FXL VL DYYROJH OD JUDQDWD FRQWHQHQWH OD FDULFD ELVRJQD VLDSLXWWRVWRILQD

*UDQDWHFRPSRVWHRVXFFHVVLYH

/HJUDQDWHFRPSRVWHRPHJOLRVXFFHVVLYHVRQRTXHOOHFKHDU ULYDWH DG XQD FHUWD DOWH]]D VFRSSLDQR QRQ XQD PD GXH WUH TXDWWURILQRDGLHFLYROWHODQFLDQGRDGRJQLVFRSSLRIXRFKLGLI IHUHQWL 6LIDXQDERPEDTXDOXQTXHHGRSRFKHVLqDVFLXJDWDVLDY YROJHDWWRUQRXQDVWULVFLDGLFDUWDDOWDGXHYROWHHPH]]DODOXQ JKH]]DGHOODERPEDLQPRGRGDODVFLDUHVFRSHUWRLOIRQGRGHOOD JUDQDWD6LFDULFDLOYXRWRIRUPDWRGDTXHVWRFDUWRFFLRSHUXQD OXQJKH]]D SDUL DO GLDPHWUR FRPH XQD ERPED TXDOXQTXH VL PHWWHODVSROHWWDVLDWWDFFDHVLLQFROODFRPHODSUHFHGHQWH,QGL VLDYYROJHXQ DOWUDVWULVFLDGLFDUWDSHUIDUHODWHU]DERPEDFRPH ODVHFRQGDHFRVuYLDILJ

&HUWLSLURWHFQLFLVRQRJLXQWLDIDUILQRDJUDQDWHO XQDQHO O DOWUD /DVSROHWWDGHOO XOWLPDJUDQDWDFK qODSULPDDVFRSSLDUHGH YH HVVHUH GHOOD OXQJKH]]D VROLWD PHQWUH OH DOWUH FKH GLFRQVL VSROHWWHLQWHUPHGLHVRQRPHQROXQJKHFP 3HU IDUH TXHVWH JUDQDWH FL YRJOLRQR DFFRUWH]]D H JXVWR DF FRUWH]]DSHUFKpVRQRDEEDVWDQ]DGLIILFLOLJXVWRSHUEHQGLVSRUUH HGDOWHUQDUHLIXRFKLHSHUIDUDUPRQL]]DUHLFRORUL

1HOOH JUDQDWH FRPSRVWH TXDQGR VL DOODFFLD XQD JUDQDWD FKH QH FRQWLHQH XQ DOWUD OR VSDJR SHU WUDYHUVR YD DYYROWR UHJRODU PHQWH VXO FDUWRFFLR FKH ID SDUWH GHOOD JUDQDWD XOWLPD FDULFDWD PHQWUHVXOFDUWRFFLRFKHFRSUHVHPSOLFHPHQWHODJUDQDWDSUHFH GHQWHVLDJJLUDDSSHQDTXDOFKHILORDVSLUDOH 6SHVVRQHOOHJUDQDWHFRPSRVWHO XOWLPDqVHPSOLFHPHQWHXQD FDVWDJQROD D FRPSRVL]LRQH IXOPLQDQWH VRVWLWXHQWH O XOWLPD JUD QDWD 'D TXDQWR VL q GHWWR VL FRPSUHQGH FKH OD SULPD JUDQDWD GH Y HVVHUHGLXQGLDPHWURWDOHFKHDJJLXQWLLFDUWRFFLGHOOHVXFFHV VLYH JUDQDWH VLD SRVVLELOH DYHUH O XOWLPD JUDQDWD GL GLDPHWUR DGDWWR DO FDOLEUR GHO PRUWDLR &Lz VL GHWHUPLQD DSSURVVLPDWLYD PHQWHFROWRJOLHUHGDOGLDPHWURGHOODIRUPDGLXQDJUDQDWDVHP SOLFHGHOORVWHVVRPRUWDLR XQD SRU]LRQH SL R PHQR JUDQGH VH FRQGRLOQXPHURGHOOHJUDQDWHLQWHUQH,OGLDPHWURULPDQHQWHVD UjLOGLDPHWURGHOODSULPDJUDQDWD &RPSOHWDWD OD SULPD JUDQDWD FRPSRVWD VL YHGH VH q SURSRU ]LRQDWD DO FDOLEUR GHO PRUWDLR H FRVu VL FRUUHJJH OD OXQJKH]]D GHOODIRUPD /D FDULFDSHUODQFLDUH XQD ERPED FRPSRVWD GHY HVVHUH PDJ JLRUHGLTXHOODFKHVHUYHSHUODQFLDUHXQDERPEDVHPSOLFHGLSH VRXJXDOHHFLzqFKLDURSHUFKpODSULPDWUDXQRVFRSSLRHO DO WURVFHQGHVHPSUHXQSR HQRQqUDURLOFDVRFKHGLXQDERPED FRPSRVWD O XOWLPD ERPED q VFRSSLDWD D SRFKL PHWUL GL DOWH]]D GDO VXROR H TXDOFKH YROWD D WHUUD &Lz SXz GLSHQGHUH QRQ VROR GDOODWHQXLWjGHOODFDULFDPDDQFKHGDOOHVSROHWWHLQWHUQHXQSR

OXQJKH 6LGjQQRDOFXQLHVHPSLGLJUDQDWHDVWHOOH *UDQDWHGRSSLH %LDQFRHURVVR %LDQFRHD]]XUUR9HUGHHURVVR %LDQFRHYLROHWW9HUGHHJLDOOR *LDOORHD]]XUUR %LDQFRHFDVWDJQROD *LDOORHYLROHWWR *LDOORH *LDOORHYHUGH$]]XUURH $]]XUURHURVVR9HUGHH $]]XUURHJLDOOR9LROHWWRH *UDQDWHWULSOH

%LDQFRURVVRHD]]XUUR*LDOORYHUGHHURVVR %LDQFRD]]XUURHURVVR$]]XUURJLDOORHYLROHWWR %LDQFRD]]XUURHJLDOOR9HUGHJLDOORHYLROHWWR *LDOORD]]XUURHURVVR *UDQDWHTXDGUXSOH

%LDQFRJLDOORURVVRD]]XUUR$]]XUURJLDOORYLROHWWRHELDQFR %LDQFRD]]XUURJLDOORHYHUGH9HUGHURVVRD]]XUURHELDQFR

*LDOORD]]XUURURVVRHELDQFR $OOHSULPHGLHFLGRSSLHDJJLXQJHUHODFDVWDJQROD $OOHSULPHVHWWHWULSOHDJJLXQJHUHODFDVWDJQROD $OWULHVHPSL

'RSSLH

%LDQFRHVIHUD6IHUDHFDVWDJQROD %OHXHVIHUD3DOOHELDQFKHHFDVWDJQROD 9HUGHHVIHUD3DOOHELDQFKHHURVVH 9LROHWWRHVIHUD 7ULSOH %LDQFRD]]XUURHVIHUD*LDOORYLROHWWRVIHUD %LDQFRYLROHWWRVIHUD6IHUDVIHUDVIHUD *LDOORD]]XUURVIHUD 4XDGUXSOH %LDQFRURVVRD]]XUURVIHUD

&$3,72/2,9

3(==,(/(0(17$5,

*OLDUWLIL]LILQRUDGHVFULWWLVLSRVVRQRFRQVLGHUDUHFRPHEDVL ODULLQWXWWLLIXRFKLDUWLILFLDOLFRQHVVLVLIRUPDQRGHLSH]]LHOH PHQWDULFKHVLULWURYDQRSRLLQTXDOXQTXHIXRFRGL DUWLIL]LR (VVL VRQR PD]]HWWL GL UD]]L UXRWH JLUDVROL IDUIDOOH YDVL OX PLQRVLHFF ,0$==(77,',5$==,92/$17,

6HQHIDQQRGLSLFFROLHGLJUDQGL,SLFFROLPD]]HWWLVLIRUPD QRFRQXQ RVVDWXUDVHPSOLFLVVLPDFRPSRVWDGLXQDVVHYHUWLFDOH FRQ XQ FHUFKLR R GXH PHVVL RUL]]RQWDOPHQWH 6L GLVSRQJRQR L UD]]LDWWRUQRDOFHUFKLRWXWWLFROOHEDFFKHWWHDOO LQWRUQRODVFLDQ GROLEHUDODEDFFKHWWDHVLOHJDVRODPHQWHODERFFDGHOUD]]RILJ /HHVWUHPLWjLQIHULRULGHOOHEDFFKHWWLQHVLIDQQRSDVVDUHDWWUD YHUVRXQSLFFRORFHUFKLR ,UD]]LSRLVRQRPHVVLLQFRPXQLFD]LRQHGDXQRVWRSSLQRFKH GDOODERFFDGLXQUD]]RSDVVDDOO DOWUR,QTXHVWRPRGRDFFHVROR VWRSSLQR WXWWL L UD]]L YHQJRQR DFFHVL FRQWHPSRUDQHDPHQWH OD ILDPPDFKHHVFHGDLUD]]LURPSHVXELWRORVSDJRHWXWWLVDOJRQR DVVLHPHFRQJUDGHYROHHIIHWWR *UDQGL PD]]HWWL 4XHVWL GLIIHULVFRQR GDL SULPL VHPSOLFH PHQWHSHUO RVVDWXUDFKHqPROWRSLVROLGDHSLJUDQGH / RVVDWXUDq IDWWDQHOORVWHVVRPRGRWDQWL FHUFKL DWWDFFDWL DG XQ DVVH YHUWLFDOH LQ IRUPD GL FRQR 6H QH Gj XQ HVHPSLR QHOOD ILJ

4XHVWLJUDQGLPD]]HWWLVSHVVRIRUPDQRGHLSH]]LSHUIHWWD PHQWHLQGLSHQGHQWL

5827(

/HUXRWHVRQRVSHVVRDGRSHUDWHQHLIXRFKLDUWLILFLDOL / RVVDWXUD FRQVLVWH LQ XQD YHUD UXRWD FRO PR]]R L UDJJL H LO FHUFKLRHVVDSHUzGHYHHVVHUHVROLGDHQHOORVWHVVRWHPSROHJJH UDSHUTXDQWRSRVVLELOH /H IRQWDQH SHU UXRWH GHEERQR HVVHUH GL GLYHUVR GLDPHWUR H VXOODUXRWDVRQRGLVSRVWHLQPRGRFKHGDXQD IRQWDQDJUDQGHVL SDVVDSURJUHVVLYDPHQWHDGXQ DOWUDGLGLDPHWURPLQRUH/DSULPD DGDFFHQGHUVLqTXHOODGLPDJJLRUGLDPHWURSHUFKpDOSULQFLSLRL OXPLHOHIRQWDQHVRQRWXWWHFDULFKHHODUXRWDqSHVDQWHPHQWUH PDQPDQRFKHLOIXRFRV DFFHQGHODUXRWDGLYHQWDSLOHJJHUDHG qVXIILFLHQWHXQDIRQWDQDGLSLFFRORGLDPHWURSHUIDUODJLUDUH (YLGHQWHPHQWHOHIRQWDQHIDQQRJLUDUHODUXRWDLQVHQVRRSSR VWR D TXHOOR GHO JHWWR GL IXRFR 'LVSRQHQGR RSSRUWXQDPHQWH OH

IRQWDQHVLSXzIDUJLUDUHODUXRWDSHUXQFHUWRWHPSRLQXQVHQVR HSRLLQVHQVRLQYHUVR 9LVRQRUXRWHIDWWHGLSRFKHIRQWDQHHUXRWHIDWWHDQFKHGD ILQRDIRQWDQH 3HUz VLFFRPH TXHVWH XOWLPH UXRWH KDQQR HYLGHQWHPHQWH XQD FLUFRQIHUHQ]DPROWRJUDQGHXQVRORJHWWRGLIXRFRTXDQWXQTXH YLYRQRQULXVFLUHEEHDIDUFRPSLHUHO LQWHUDURWD]LRQHGHOODUXR WD HVVHQGR TXHVWD LQ WDO FDVR DEEDVWDQ]D SHVDQWH FRVu VL ID LQ PRGRFKHV DFFHQGDQR GXH IRQWDQH DOOD YROWD$OORUDOH IRQWDQH VL GLYLGRQR LQ GXH JUXSSL GL XJXDO TXDQWLWj SHU HV VH WXWWD OD UXRWD KD IRQWDQH VL IDQQR GXH JUXSSL GL IRQWDQH FDGDXQD EDGDQGR GL GLVSRUUH VHPSUHOH IRQWDQH SHUGLDPHWUR FRPH VL q SULPDGHWWR ,GXHJUXSSLVLPHWWRQRO XQRGRSRO DOWURXQRVWRSSLQRPHWWH LQFRPXQLFD]LRQHODSULPDIRQWDQDGHOSULPRJUXSSRFRQODSUL PDIRQWDQDGHOVHFRQGRJUXSSR&RVuSHUHVOHSULPHGXHIRQ WDQH FKH VL DFFHQGRQR DSSDUWHQJRQR D JUXSSL GLYHUVL VRQR RS SRVWHHGLGLDPHWURGLYHUVRFRVuSHUOHVHFRQGHHFF 6SHVVRQHOPH]]RGHOODUXRWDVLPHWWRQRGHLSLFFROLEHQJDODH TXDOFKH YROWD GHOOH ILDPPH 7DQWR L SULPL TXDQWR OH VHFRQGH GHEERQRDYHUHODGXUDWDGHOOHIRQWDQHLQPRGRFKHOHIRQWDQHH LEHQJDODVLVSHQJDQRQHOPHGHVLPRLVWDQWH/DSUDWLFDLQVHJQD DL SLURWHFQLFL FRPH SURSRU]LRQDUH OD OXQJKH]]D GHL EHQJDOD DO QXPHURGHOOHIRQWDQH ,OXPLVLSRVVRQRPHWWHUHRVXWXWWLLUDJJLHDOORUDVRQRVRW WLOLSHULOOXPLQD]LRQHRDGXQUDJJLRVuHGDXQUDJJLRQRDOORUD VRQRGRSSL 6L ULFRUGD FKH L OXPL GHEERQRDYHUH LQ IRQGR FLUFD FP GL DUJLOODEDWWXWDHGXQIRURFKHVLIDFRQXQSXQWHUXRORSHUIDUH HQWUDUH LO FKLRGR LQILVVR QHO UDJJLR GHOOD UXRWD $Q]L SULPD GL ILVVDUOLVLEDJQD O HVWUHPLWjGHOEHQJDODLQFROOD IRUWHSHUIDUOR LQFROODUHVXOOHJQRDOWULPHQWLODIRU]DGHOOHIRQWDQHOLSURLHWWH UHEEHSHUDULD ,OXPLVLGLVSRQJRQRREOLTXDPHQWHVXOUDJJLRLQPRGRFKH JLUDQGR OD UXRWD OD ILDPPD YHQJD DG HVVHUH SHU TXDQWR q SRV VLELOHQHOODVWHVVDGLUH]LRQHGHOEHQJDOD 0HVVL L OXPL D SRVWR VH QH FXUD LO VLVWHPD G DFFHQVLRQH FRQ VWRSSLQLDYHQWLLSDVVDIXRFKLFRPHGHWWRSHUOHODQFH1HOFHQWUR GHOOD UXRWD L SDVVDIXRFKL IRUPDQR XQ WULDQJROR TXDQGR YL VRQR

VROWDQWRUDJJLJXDUQLWLGLOXPLTXDQGRTXHVWLVRQRQHOPH] ]RGHOODWRGHOWULDQJRORVLDWWDFFDXQDOWURSDVVDIXRFRILJ

3HUL EHQJDOD FKH VL PHWWRQR QHO PH]]R GHOOH UXRWH VL XVDQR FRPSRVL]LRQLYLYHDOWULPHQWLSHUHIIHWWRGHLPRYLPHQWRVLSRV VRQRVSHJQHUH 1HOPH]]RGHOODUXRWDVLSRVVRQRPHWWHUHDQFKHGHOOHILDPPH FKHYHQJRQRVLWXDWHGULWWHLQQXPHURGLRGLILJ &RVuSHUHV , UXRWD

DIRQWDQHHEHQJDOD

IRQWDQHDILOLHUDIRQWDQHFRQOLPDWXUDG DFFLDLR IRQWDQDDFDUERQHIRQWDQDDFDUERQH %HQJDOD

DOFHQWURD]]XUURPHWj URVVRPHWj HVWHUQLD]]XUURPHWj ELDQFRPHWj UXRWD

DIRQWDQHHILDPPH

IRQWDQHDILOLHUDILDPPHDOXFHYLROHWWD

UXRWD

DIRQWDQHJUXSSL HILDPPH

2JQLJUXSSR IRQWDQHDIXRFRFKLQHVHIRQWDQDDFDUERQH IRQWDQHDILOLHUDIRQWDQDDOLPDWXUDG DFFLDLR 2JQLILDPPD 0HWjDOXFHYLROHWWDPHWjDOXFHYHUGH

5827$$5$**,352/81*$7,*8$51,7,',/80,

$L VHL UDJJL GL XQD UXRWD GDOOD SDUWH DQWHULRUH VL LQFKLRGDQR GHOOH EDFFKHWWH GL OXQ JKH]]D SDUL DG XQ GLDPHWUR GHOOD UXRWD H DOOH HVWUH PLWj IXRUL GHO FHU FKLR VL ILVVDQR GHL OXPL QHOOD VWHVVD GLUH]LRQH GHOOH IRQWDQH1HOFHQWUR GHOOD UXRWD SRL VL SRVVRQR PHWWHUH L OXPLROHILDPPHD SLDFHUHILJXUD ,QTXHVWRPRGRDFFHVHOHIRQWDQHDWWRUQRDOFHUFKLRODUXRWD JLUDIDFHQGRYHGHUHDOO HVWHUQRXQFHUFKLRGLOXFLFRORUDWH ,FDPELDPHQWLGLFRORUHGHLOXPLGHEERQRHVVHUHEHQVSLFFDWL SHUHV

/XPL

&HQWURGHOODUXRWDFRORUHURVVR 3UROXQJDPHQWLGHLUDJJLFRORUHELDQFR &HQWURGHOODUXRWDFRORUHD]]XUUR 3UROXQJDPHQWRGHLUDJJLFRORUHJLDOOR *,5$62/,

6RQR GHOOH SLFFROH UXRWH FRPSRVWH GL XQ PR]]R FRQ SLFFROH EDFFKHWWH $OO HVWUHPLWj GL RJQL EDF FKHWWLQDVLOHJDXQDIRQWDQDH VHVLYXROHDOWUHWWDQWHLQVHQ VRFRQWUDULRILJ / HIIHWWR q SLDFHYROH JLDFFKpLQWRUQR DG XQ SLF FROR FHQWUR RVFXUR VL YHGH XQD ODUJD IDVFLD GL IXRFR UD GLDQWH GD FLz LO QRPH GL JL UDVROL /D FRPSRVL]LRQH SL DGDWWD SHU TXHVWH SLFFROH UXRWHqODEULOODQWHSROYHUHH ILOLHUD RSSXUH SROYHUH H OL PDWXUDGLDFFLDLR 5827(25,==217$/,

/H UXRWH RUL]]RQWDOL VL IDQQR SHUIHWWDPHQWH VLPLOL DOOH UXRWH YHUWLFDOLODGLIIHUHQ]DVWDVROWDQWRLQTXHVWRFKHOHYHUWLFDOLSRV VRQR DFFHQGHUVL DQFKH GD VROH PHQWUH OH RUL]]RQWDOL VHUYRQR TXDVL VHPSUHSHU GDUPRYLPHQWR D TXDOFKH SH]]RJLUDQWH H SHU FRQVHJXHQ]DQRQKDQQRPDLODQFHQHOORURPH]]R

5(*2/,*,5$17,

6RQRDVWHGLOHJQRFRQXQPR]]RQHOFHQWUR$OOHHVWUHPLWjVL PHWWRQRGHLUD]]LFKHVLIDQQRDFFHQGHUHDGXHD GXHFLRqXQR

GDXQDHVWUHPLWjHO DOWURGDOO HVWUHPLWjRSSRVWDILJ 4XHVWLUHJROLVLDGRSHUDQRVSHVVRSHUPXRYHUHSH]]LJLUDQWLH TXDOFKH YROWD JXDUQLWL GL OXPL QHO ORUR PH]]R VWDQQR DQFKH GD VqILJ &RQUHJROLJLUDQWLVLSXzUDSSUHVHQWDUHXQPROLQRDYHQWR )$5)$//$R*,5$1'2/$*,5$17(

6L SUHQGH XQD SLFFROD URWHOOD OHJJHUD FKH KD SHU PR]]R XQD FDQQXFFLD OXQJD FLUFD FP FKLXVD GD XQD SDUWH 6L DWWDFFDQR LQWRUQRDOODUXRWDWUHIRQWDQHHDWWRUQRDOPR]]RTXDWWURIRQWDQH XQSR SLJUDQGLGHOOHSULPHFRQJOLVWRSSLQLYROWLLQJL7XWWH TXHVWH IRQWDQH VL FDULFDQR D OLPDWXUD G DFFLDLR S SROYHUH H SOLPDWXUDG DFFLDLR /D SULPD IRQWDQD D SUHQGHUH IXRFR q XQD RUL]]RQWDOH FKH OD JLUDUHODIDUIDOODVXOSHUQRLQILODWRQHOPR]]RGLFDQQXFFLDTXLQ GL SUHQGRQR IXRFR OH DOWUH GXH IRQWDQH FKH OD IDQQR JLUDUH H OH DOWUHTXDWWURFKHFRQWHPSRUDQHDPHQWHODIDQQRVDOLUHILJ

6&$/(77( , SLURWHFQLFL FKLDPDQR VFDOHWWD XQ RVVDWXUD PRELOH IDWWD GL WDQWH EDFFKHWWLQH FKH VL LQWHUVHFDQR O XQD FRQ O DOWUD IRUPDQGR SLFFROL URPEL /H EDFFKHWWLQH VRQR LQFKLRGDWH LQ PRGR FKH OD VFDOHWWDVLSXzDOOXQJDUHHFKLXGHUH (VVH VRQR JXDUQLWH GL OXPL FKH VL PHWWRQR DOO HVWUHPLWj H DO FHQWURGLRJQLEDFFKHWWLQD 0HVVLLOXPLVLFKLXGHODVFDOHWWDLOXPLVLDYYLFLQDQRHFRVL DYYLFLQDWLVHQHFXUDLOGLVSRVLWLYRG DFFHQVLRQH FRQ VWRSSLQL LQ PRGR FKH OD VFDOHWWD VHPEUD XQ UHWWDQJROR GLYLVR LQ GXH &RVu FKLXVD VL PHWWH YHUWLFDOPHQWH VXO SH]]R SLURWHFQLFR TXDQGR SUHQGH IXRFR OR VWHVVR SHVR ID DOOXQJDUH OD VFDOHWWD LQ WXWWD OD VXDHVWHQVLRQHILJ &RQ OR VWHVVR SULQFLSLR VL IDQQR VFDOHWWH D GLVHJQL YDUL FRVu SHUHVTXHOOHDVWHOOHDFHUFKLHFFILJJH

6FDOHWWD D FRORQQD 6H DOOD HVWUHPLWj GL VFDOHWWH VL ILVVD XQ RVVDWXUDFKHUDSSUHVHQWLODEDVHDQFK HVVDJXDUQLWDGLOXPLVL KDFLzFKHLSLURWHFQLFLFKLDPDQRVFDOHWWDDFRORQQDILJ /DFRORQQDYDSULPDFKLXVDSRLVHQHGLVSRQHLOVLVWHPDG DF FHQVLRQHFRQVWRSSLQLHTXLQGLYDVRVSHVDDOSH]]R

&2/211$$&(5&+,

6LULXQLVFRQRSLFHUFKLFRQIHUURILODWRLQ PRGR GD IRUPDUH XQDFRORQQDFKHVLSXzDOOXQJDUHHDFFRUFLDUH,FHUFKLVLJXDU QLVFRQR GL ODQFH 3ULPD VL FKLXGH H SRL VL GLVSRQH LO VL VWHPD G DFFHQVLRQH D VWRSSLQL ILJ 62/(',)217$1( ),662

/ RVVDWXUD FRQVLVWH LQ GXH FHUFKL FRQFHQWULFLXQLWLGDGXH DVVL FHOOH FKH VL LQWHUVHFDQR SHUSHQGLFRODUPHQWH $OO LQWRU QR FRPH GHL UDJJL VL GLVWLQ JXRQRGHLJHWWLFKHVLPHWWRQR LQ FRPXQLFD]LRQH SHU PH]]R GLXQRVWRSSLQR$OORUFKpTXH VWR SH]]R q DFFHVR LPLWD SHU IHWWDPHQWHLOVROHGDFLzLOVXR QRPHGLVROHGLIRQWDQH 6LIDQQRVROLGLGLGLJHWWLHVROLGLXQQXPHURDQFKH PDJJLRUHGLJHWWL , VROL JUDQGL VL IDQQR SHUz D GLYHUVL FHUFKL FRQFHQWULFL LQ PRGR FKH VL SRVVRQR GLVSRUUH GLYHUVL RUGLQL GL UD]]L / DFFHQ VLRQH FRQ VWRSSLQL SXz UHJRODUVL LQ PDQLHUD FKH TXHVWL GLYHUVL RUGLQL GL JHWWL SRVVRQR DFFHQGHUVL WXWWL FRQWHPSRUDQHDPHQWH RSSXUH ILQLWR LO SULPR RUGLQH GL UD]]L VXO FHUFKLR HVWHUQR SUHQGHIXRFRLOVHFRQGRRUGLQHSRLLOWHU]RHFF ,QTXHVWRPRGRLOVROHGXUDPROWRGLSL , GLYHUVL RUGLQL GL IRQWDQH VL SRVVRQR FDULFDUH FRQ FRPSR VL]LRQLGLIIHUHQWLLQPRGRFKHO HIIHWWRVLD VHPSUH FUHVFHQWHVL XVDQR SHU RJQL JLUR IRQWDQH GHOOR VWHVVR GLDPHWUR H FDULFDWH QHOORVWHVVRPRGR /DILJUDSSUHVHQWDXQVROHDULSUHVHHODILJXQVROHD ULSUHVH

$OFXQHYROWHLGLYHUVLUD]]LVLGLVSRQJRQRLQWRUQRDOORVWHVVR FHUFKLR4XHVWRVLVWHPDRIIUHLOYDQWDJJLRGLFRQVHUYDUHODVWHVVD JUDQGH]]DDOVROHRJQLULSUHVD3HUzVHLOVROHKDSLGLGXHULSUH VHYLqO LQFRQYHQLHQWHGLGRYHUULGXUUHLOQXPHURGHOOHIRQWDQH

GL RJQL ULSUHVD (FFR SHUFKp GL XQ VROH D ULSUHVH OD ILJ q SUHIHULELOHDOODILJHSHUXQRDULSUHVHODILJqSUHIHUL ELOHDOODILJ 3HUOHIRQWDQHFKHVWDQQRQHOORVWHVVRJLURODGLVSRVL]LRQHGH JOL VWRSSLQL SHU O DFFHQVLRQH YLHQ IDWWD FRPH VL q GHWWR SHU OH © IRQWDQHGDJLXRFRª

62/(*,5$17(

(VVRGLIIHULVFHGDOSUHFHGHQWHSHULOIDWWRFKHLQYHFHGLHVVH UH PRQWDWR VX GL XQ VRVWHJQR ILVVR q PRQWDWR VX GL XQD YHUD UXRWDHOHIRQWDQHLQYHFHGLHVVHUHGULWWHVRQRXQSR REOLTXHVXL UDJJL 1HOPH]]RVLSRVVRQRPHWWHUHGHOOHILDPPHFRPHUXRWH $FFHVHOHIRQWDQHLOVROHSULQFLSLDDJLUDUHFRQOHQWH]]DHSRL FRQPRWRUHJRODUH

(VLVWHOD GLIILFROWj GL VLWXDUHOH IRQWDQH REOLTXHHFFRSHUFKp SHULSLFFROLVROLVLSUHQGHXQDUXRWDFKHKDXQQXPHURGLUDJJL XJXDOHDOQXPHURGHOOHIRQWDQHLQPRGRFKHRJQLIRQWDQDYLHQH DWWDFFDWD DO UDJJLR HG DO FHUFKLR SHL JUDQGL VL ILVVD QHO FHQWUR GHOODUXRWDXQVHFRQGRFHUFKLRHFRVuVLSXzPHWWHUHTXHOQXPHUR GLIRQWDQHFKHVLYXROHLQGLSHQGHQWH QLHQWHGDOQXPHURGHLUDJJL $VRPLJOLDQ]DGHOVROHSUHFHGHQWHVLSXzDQFKHDGXHRWUHUL SUHVHPHWWHUHGHOOHIRQWDQHLQWHUPHGLH /D ILJ Gj XQ HVHPSLR GL XQ VROH JLUDQWH D JHWWL FRQ ILDPPHDOFHQWURODGLXQVROHJLUDQWHFRQILDPPHDOFHQ WURODILJXQVROHJLUDQWHDGXHULSUHVHODILJXQVROHJL UDQWHDULSUHVHFRQILDPPH

63,5$/(

6LSUHQGHXQFHUFKLRGLOHJQROHJJHURHVLULQIRU]D FRQUH JROL LQFURFLDWL TXLQGL FRQ WUDYHUVLQH VL IRUPD XQ FRQR FKH WHUPLQDLQFLPDFRQXQFDSSHOOHWWRWRUQLWR$WWRUQRDOOHWUDYHUVL QHVLIDJLUDUHXQDVSLUDOHVXOODTXDOHVLDWWDFFDQRGHOOHODQFH 3HULPSULPHUHLOPRWRSRLVLGLVSRQJRQRGHOOHORQWDQHLQ WRU QRDOFHUFKLRFRPHXQDUXRWDRUL]]RQWDOH

6SLUDOH GRSSLD Ê IRUPDWD GD GXH VSLUDOL VHPSOLFL FRQ JLXQWHSHUOHEDVLFKHJLUDQRLQWRUQRDOORVWHVVRDVVH 6SHVVRDOOHGXHRVVDWXUHLQGLFDWHLQQDQ]LQRQVLPHWWHODVSL UDOHHVLJXDUQLVFRQROHWUDYHUVLQHVWHVVHFRQOHODQFH,QWDOFDVR OHRVVDWXUHVLIDQQRDQFKHDWUDYHUVLQHYHGLILJJH &2/211(*,5$17,

6LXQLVFRQRGXHSLFFROHUXRWHFRQWUHRTXDWWURVRWWLOLUHJROLGL OHJQRHSRLVLIDJLUDUHXQDVSLUDOHLQWRUQRDOODTXDOHVLDWWDFFD QRLOXPL$OFHUFKLRLQIHULRUHRDGDPERLFHUFKLVLDWWDFFDQROH IRQWDQHFKHVHUYRQRSHUIDUJLUDUHODFRORQQD

266$785(9$5,(*8$51,7(',/80,(*,5$17,

2OWUHDOOHVSLUDOLHGDOOHFRORQQHVLSRVVRQRGLVSRUUHXQFHUWR QXPHUR GL RVVDWXUH FKH JXDUQLWH GL OXPL JLUDQR LQWRUQR DG XQ DVVH YHUWLFDOH DVVXPHQGR IRUPH GLYHUVH &RVu SHU HV TXHOOD GL XQJUDQYDVRG XQSDOORQHG XQDVIHUDHFF 6LLQWHQGHFKHTXHVWLSH]]LKDQQRSHUORSLLQEDVVRXQRR SLFHUFKLJXDUQLWLGLIRQWDQHSHUIDUOLJLUDUH4XHVWHIRQWDQH VL

FDULFDQRDSROYHUHHFDUERQHOHJJHURDSSXQWRSHUQRQRIIXVFDUH LOIXRFRGHOOHODQFHILJJ

4XDOFKH YROWDLOGLVHJQRQRQVLSUHVWD HGDOORUDVLPHWWHXQD WUDYHUVLQD SHUOR SL LQ EDVVR JXDUQLWD GL IRQWDQH FRPH XQ UH JRORJLUDQWH 3,&&2/(266$785(*8$51,7(&21/80,),66(

4XHVWHSLFFROHRVVDWXUHILJJ JXDUQLWHGLOXPLVRQR XVDWH GXUDQWH L ©JUDQGL IXRFKL GL DUWLILFLR ª OH JUDQGL RVVDWXUH

IRUPDQWLSH]]LVWDFFDWLVLWURYDQRGHVFULWWHLQDSSUHVVR /DGLIILFROWjGLHVHFX]LRQHGLTXHVWLSH]]LSLURWHFQLFLFRQVLVWH QHOGLVHJQRXQDYROWDIDWWRFRQXQSR GLSD]LHQ]DIDFLOPHQWHVL ULSURGXFHLOGLVHJQRFRQWUDYHUVLQH GLOHJQDPH4XLQGLDOSRVWR GHOOHODQFHVLILVVDQRGHLSLFFROLFKLRGL

3(==,)250$7,'$(/(0(17,*,5$17,()(50,

6LLQGLFDVROWDQWRTXDOFKHHVHPSLRGLTXHVWLSH]]LFKHSRVVR QRHVVHUHPRGLILFDWLHYDULDWLHQRUPHPHQWH (VVLVLFRPSRQJRQRGLUXRWHFRORQQHJLUDQWLVSLUDOLHFFHGL RVVDWXUHILVVHJXDUQLWHGLOXPL,OWXWWRSRLSXzHVVHUHILVVRRJL UDQWH 4XHVWLSH]]LEHQFRPSRVWLULHVFRQRGLHIIHWWREHOOLVVLPR 1HOO LGHDUOLELVRJQDFHUFDUHGLGLVSRUUHLSH]]LLQPRGRFKHLO IXRFRSURGRWWRGDOOHIRQWDQHGHJOLHOHPHQWLPRELOLQRQUDJJLXQ JDOHODQFH

'LSLOHIRQWDQHFKH GjQQR LO PRYLPHQWR D WXWWR LO SH]]R GHEERQR HVVHUH SURSRU]LRQDWH DO SHVR GL HVVR SHU GDUH XQPRYLPHQWRUHJRODUH QRQ WDQWR YHORFHDIILQ FKp LO GLVHJQR QRQ VL FRQIRQGD GXUDQWH LO PRYLPHQWR /D ILJ UDSSUH VHQWD FRORQQH JLUDQWL UXRWH EHQJDOD DO FHQ WUR H XQD OLQHD FXUYD JXDUQLWDGLOXPL/ LQWH UR SH]]R q JLUDQWH JLDFFKp DOO HVWUHPLWj GL GXH DVVL SHUSHQGLFRODUL YL VRQR GHOOH IRQWDQHFKHV DFFHQGRQRFRPHTXHOOHGHL©UHJROLJLUDQWLª

/HIRQWDQHYHQJRQRVLWXDWHGLHWUROHUXRWH /D ILJ UDSSUHVHQWD GXH FRORQQH JLUDQWL D UXRWH HG XQD VWHOODQHOFHQWURJXDUQLWDGLOXPL/ LQWHURSH]]RqJLUDQWHJLDF FKpO DVVHFHQWUDOHqXQUHJRORJLUDQWHHOHIRQWDQHVRQRGLHWUROH UXRWH /DILJUDSSUHVHQWDXQSH]]RILVVRFRQUXRWHHGXQDVSL UDOHDOFHQWUR

/D ILJ UDSSUHVHQWD XQ SH]]R ILVVR FRQ TXDWWUR VSLUDOL DO FHQWURHJXDUQL]LRQLGLOXPLDOO LQWRUQR 1HOODILJqUDIILJXUDWRXQSH]]RILVVRFRQVHLFRORQQHJL UDQWL XQD VWHOOD QHO FHQWUR H VHL ODQFHWWH JXDUQLWH GL OXPL DO O HVWHUQR

&$67(//(77,$6%58)),2$0257$/(77,

6L FKLDPD © FDVWHOOHWWRª XQ RVVDWXUD SLUDPLGDOH D EDVH TXD GUDWDFKHKDSHUFLDVFXQODWRGHOOHWUDYHUVLQHSDUDOOHOHVXOOHTXDOL VLDWWDFFDQRJOLVEUXIIuRLPRUWDOHWWL 6L PHWWRQR SULPD L PRUWDOHWWL D SRVWR H SRL VL VWRSSLQDQR PHWWHQGRLQFRPXQLFD]LRQHIUDORURLPRUWDOHWWLGHOORVWHVVRJLUR LQGLFRQGXHVWRSSLQLRSSRVWLTXHOOLGLXQJLURFRQJOLDOWULGHO JLUR VXSHULRUH ,Q TXHVWR PRGR LO IXRFR VL SURSDJD FRQ PROWD FHOHULWj L PRUWDOHWWL VFRSSLDQR VXFFHVVLYDPHQWH ODQFLDQGR OH JUDQDWLQHFKHDOORUDVFRSSLDQRHVSHOOHQGRVWHOOHGLGL YHUVLFROR ULILJ )82&25$%(6&$72

,OIXRFRUDEHVFDWRVLIDFRQ GXH UXRWH GHOOD VWHVVD JUDQGH]]D JXDUQLWHFRQIRQWDQHFRPHVROLJLUDQWL3HUzPHVVHTXHVWHUXRWH VXOORVWHVVRDVVHGHEERQRJLUDUHFRQWURVHQVR

/D VWRSSLQDWXUD VL ID LQ PRGRGDDFFHQGHUHFRQWHP SRUDQHDPHQWH IRQWDQH GHOOD SULPD UXRWD H GHOOD VHFRQGD 1HOOR VWHVVR PRGR SUHQ GHIXRFRODVHFRQGDULSUHVD HFF &RVLFFKp SHU ULSUHVH RFFRUURQRIRQWDQH 6LEDGLFKHSHURWWHQHUHLO PDVVLPR HIIHWWR GD TXHVWR SH]]RELVRJQDIDUHLQPRGR FKH OH IRQWDQH VL PXRYDQR SLXWWRVWROHQWDPHQWH

%$77(5,(

)DWWHOHFDVWDJQROHVLLQFDUWRFFLDQRHVLGLVSRQHLOVLVWHPDGL DFFHQVLRQH FRQ VWRSSLQL FRPH VL q SULPD DFFHQQDWR 6L SUHQGH XQDFRSSLDGLVWRSSLQLHVLPHWWRQROHHVWUHPLWjULXQLWHQHOEHF FXFFLRGHOFDUWRFFLRHVLOHJD*OLDOWULHVWUHPLGHJOLVWRSSLQLVR QR PXQLWL GL EHFFXFFLR ,QGL FRQ XQR VWRSSLQR FKH FRUUH GD XQ EHFFXFFLRDOO DOWURVLULXQLVFRQRIUDORURLGLYHUVLFDUWRFFL ,Q XQD EDWWHULD OH FDVWDJQROH VL GLVSRQJRQR VHFRQGR OD ORUR JUDQGH]]DSULPD OH SLFFROH H SRL PDQ PDQR TXHOOH SL JUDQGL / XOWLPDqSLJUDQGHGLWXWWHILJ 4XDOFKHYROWDLQXQDVHULHGLFDVWDJQROHVHQHPHWWHTXDOFXQD GLPDJJLRUGLDPHWURPDFRQXQRVWRSSLQRSURSULRHPHVVDGDO O DOWURODWRGHOODEDWWHULD 3HU HV EDWWHULD GL FDVWDJQROH Q FDVWDJQROH FDOLEUR 'RSROHSULPHXQDSLJUDQGHDVWRSSLQRVHSDUDWR'RSR OH VHFRQGH Q SL JUDQGL LQGL Q FDOLEUR 3RL Q FDOLEUR HQFDOLEUR

%$77(5,$',&$1'(/(520$1(

3HUEDWWHULDGLFDQGHOHURPDQHV LQWHQGHXQDTXDQWLWjGLFDQ GHOHURPDQHFKHEUXFLDQRQHOORVWHVVRWHPSR$OO XRSRVLIRUPD QRGHOOHRVVDWXUHGLGLYHUVHIRUPHVHFRQGRO HIIHWWRFKHVLYXROH RWWHQHUHFROODSURLH]LRQHGHOOHVWHOOH 6SHVVR O RVVDWXUD q XQD VXSHUILFLH SLDQD IDWWD GD GLYHUVH WUD YHUVLQH SDUDOOHOH DOOH TXDOL VL DWWDFFDQR OH FDQGHOH URPDQH LQ TXHVWRPRGROHVWHOOHYHQJRQRODQFLDWHWXWWHYHUVRXQVRORODWR 4XDOFKHYROWDVLULXQLVFRQRGLYHUVHRVVDWXUHLQPRGRGDIRU PDUHXQUHFLQWRTXDGUDWRUHWWDQJRODUHHVDJRQDOHHFF 6HQ]DGXEELRTXHVWRqXQRGHLSLEHLIXRFKLHSHUFLzYLHQH IDWWRTXDVLVHPSUHQHLJUDQGLIXRFKLGLDUWLIL]LR ,O SL EHOO HIIHWWR SRL VL RWWLHQH FRO PRQWDUH XQ FDVWHOOHWWR D FDQGHOHURPDQH ',6&+,',)82&2&2/25$72

6XGXHUHJROLJLUDQWL PHVVL LQ FURFH HG DYHQWL XQ PR]]R FR PXQHVLGLVSRQJRQRGHOOHILDPPHDFRORULPROWRYLYL4XHVWLGL VFKLVLIDQQRPROWRJUDQGLHDIILQFKpLOIXRFRGHOOHIRQWDQHPR WULFLQRQVLYHJJDTXHVWHVLFDULFDQRDSROYHUHHFDUERQHOHJJH UR

4XHVWRSH]]RDOORUFKpqDFFHVRGjXQHIIHWWRJUDQGLRVRILJ 3$5$62/,

6XGLXQDRVVDWXUDTXDVLVLPLOHDTXHOODLQGLFDWDSHULVROLILV VLPDXQSR FRQLFDHFROORFDWDLQVHQVRRUL]]RQWDOHVLPHWWRQR GHLUD]]LLQFOLQDWLFKHSUHQGRQRIXRFRFRQWHPSRUDQFDPHQWH 6LSXzFRPHLVROLILVVLIDUOLDGXHRSLULSUHVHGLVSRQHQGR GHLUD]]LLQWHUPHGLFDULFDWLVHVLYXROHFRQDOWUDFRPSRVL]LRQH 6HSRLVLSUHQGHXQDUXRWDHVLJXDUQLVFHGLJHWWLFRPHXQSD UDVROHHDOWULJHWWLVLWXDWLLQPRGRGDIDUJLUDUHODUXRWDJHWWLFKH YHQJRQR DFFHVL WXWWL LQVLHPH VL KD XQ SDUDVROH JLJDQWH VH VL JXDUQLVFHFRQJHWWLGLIXRFRFKLQHVHVLKDXQRPEUHOORFLQHVH

,0,7$=,21(',),25,&213,&&2/(/$1&(3(5 '(&25$=,21(

7XWWDODGLIILFROWjFRQVLVWHQHOIDUHO RVVDWXUD3HUUDJJLXQJHUH OR VFRSR VL GHEERQR HYLWDUH OH RVVDWXUH WURSSR FRPSOLFDWH HG L ILRULDFRQWRUQLIUDVWDJOLDWL /HODQFHSRLGHEERQRHVVHUHSLFFROHHEHQGLVSRVWHLQPRGR GDULSURGXUUHIHGHOPHQWHLOGLVHJQR 4XHVWLODYRULVRQRGLJUDQGHSD]LHQ]DSHUODULXVFLWDGHLTXDOL

RFFRUURQRGLYHUVLHVSHULPHQWL /HILJJHGjQQRGXHHVHPSLGLTXHVWLSH]]L/HIRJOLH L ILRUL HG L YDVL VRQR GL OHJQDPH OHJJHUR H GLSLQWL FRQIRUPH DL FRORULGHOOHODQFH(VVLVRQRDOWUHWWDQWLHOHPHQWLVHSDUDWLFKHSRL PHGLDQWH SLFFROL FKLRGL H ILOL GL IHUUR VL SRVVRQR UDJJUXSSDUH FRPHPHJOLRVLYXROH,QTXHVWRPRGRFRQJOLVWHVVLHOHPHQWLVL SRVVRQRDYHUHILJXUHGLYHUVH 4XHVWL YDVL GL ILRUL VL SRVVRQR PHWWHUH VLL SLODVWUL R FRORQQH JXDUQLWHGLOXPLQHLSURVSHWWLSHULOOXPLQD]LRQH 1HOO LVWHVVRPRGRVLSRVVRQRIDUHDQFKHPRQRJUDPPLVWHP PLJHQWLOL]LVFXGLHFFFLUFRQGDWLGDUDPLFRQ IRJOLHHILRULLO

PRQRJUDPPD SXz HVVHUH DQFKH XQ SH]]R VHSDUDWR DIILQFKp DO O RFFDVLRQHVLSRVVDPHWWHUHLOPRQRJUDPPDRFFRUUHQWH 0D]]HWWL GL ILRUL &RJOL VWHVVL SULQFLSL VX HVSRVWL SRVVRQR IDUVLGHLPD]]HWWLGLILRULYHGLILJ

9$6,/80,126,$(5(,

4XHVWLVLIRUPDQRFRQRVVDWXUHOHJJHULVVLPHVHFRQGRXQGL VHJQR SUHFHGHQWHPHQWH VFHOWR 2UGLQDULDPHQWH O RVVDWXUD q GL FDQQXFFHVSDFFDWHSHUOXQJR / RVVDWXUD VL JXDUQLVFH FRQ SLFFROH ODQFH H LO PRWR OH YLHQ FRPXQLFDWRGDOOHIRQWDQH4XHVWHGHEERQRHVVHUHLQQXPHURVXI ILFLHQWH SHU LQQDO]DUH O RVVDWXUD JXDUQLWD GL OXPL DG XQD FHUWD

DOWH]]D (FFR SHUFKp TXHVWL SH]]L ULFKLHGRQR PROWL HVSHULPHQWL SULPDGLULXVFLUHEHQH ,OSLVHPSOLFHGHLYDVLJLUDQWLqTXHOORFKLDPDWR©ILVFHOODª

)LVFHOOD / RVVDWXUD VL IRUPD FRQ GXH FHUFKL GL FDQQXFFH VSDFFDWHXQLWLFRQWUDYHUVLQHLQIRUPDGLXQWURQFRGLFRQRFD SRYROWR(VVDGHY HVVHUHOHJJHUDTXDQWRSLSRVVLELOH ,OFHUFKLHWWRGHYHDYHUHLOPR]]RGLFDQQXFFLDRWWXUDWRSHU ULFHYHUH LO IHUUR FKH OD PDQWLHQH VRVSHVD ,O FHUFKLHWWR GL VWDQWHGDOSHUUDJJLGHOFHUFKLRqPROWRSLSLFFROR ,OIXRFRSRLVLGLVSRQHFRVuVLSUHQGRQRIRQWDQHH VLPHW WRQRLQWRUQRDOPR]]RFRJOLVWRSSLQLDOO LQJLIRQWDQHLQWRUQR DO FHUFKLR VXSHULRUH VWRSSLQDWH D GXH6XOOH DVVLFLQH VL OHJDQR L OXPLSHURJQLDVVLFLQDLQWXWWROXPL

3UHQGRQRIXRFRSULPDGXHIRQWDQHRSSRVWHGHOFHUFKLRVXSH ULRUHFKHIDQQRJLUDUHODILVFHOODVXOO DVVHLQGLLOXPLHOHIRQ WDQHFKHODIDQQRVDOLUHILJ /DILJPRVWUDLOGLVHJQRGLXQDOWURYDVRDHUHR6RQRGXH VSLUDOL LQWUHFFLDWH FKH WHUPLQDQR LQ XQ © SDOORQFLQR ª ,QWRUQR

DOODUXRWDVXSHULRUHYLVRQRIRQWDQHHDGXQ FHUFKLRLQWHUQRVR QRDWWDFFDWHIRQWDQHSLJUDQGLDOLPDWXUDGLDFFLDLR 6L EDGL FKH OH ODQFH VRQR YROWH YHUVR WHUUD 3ULPL D SUHQGHU IXRFRVRQRLOXPLTXLQGLIRQWDQHLQWRUQRDOFHUFKLRVXSHULRUH FKHIDQQRJLUDUHO RVVDWXUDLQWRUQRDOO DVVHLQILQHOHDOWUHIRQ WDQHHOHYHUWLFDOLFKHO LQQDO]DQRLQDULD 0D]]HWWLGLILRULDHUHL&RQOHQRUPHVRSUDLQGLFDWHLPD] ]HWWLGLILRULGLFXLVLqSDUODWRSULPDVLSRVVRQRIDUHDQFKHDH UHLDJJLXQJHQGRDOO RVVDWXUDXQSLFFRORFHUFKLHWWRSRFRGLVFRVWR GDO PR]]R GHO FHUFKLR VXSHULRUH H DWWDFFDUYL GHOOH IRQWDQH LQ QXPHURVXIILFLHQWHSHUIDUOHLQQDO]DUH 5827$/80,126$$(5($

6LIDXQDUXRWDFRPHTXHOODFKHVHUYHSHUIDUIDOOHFRQXQFHU FKLRGLOHJQRSHUVWDFFLRLQWRUQRDOFHUFKLRYLVRQRFKLRGLFKH VHUYRQR SHU VRVWHQHUH DOWUHWWDQWH ILDPPH D IXRFR FRORUDWR 6X TXHVWH JLUDQR LQWRUQR DO FHUFKLR IRQWDQH PHQWUH DWWRUQR DO PR]]RVRQROHJDWHIRQWDQHDOLPDWXUDGLDFFLDLR / DFFHQVLRQHFRQVWRSSLQLqIDWWDLQPRGRFKHSUHQGRQRIXRFR SULPDGXHIRQWDQHRSSRVWHHOHILDPPHTXLQGLOHDOWUHGXHIRQ WDQHHOHYHUWLFDOLFKHODIDQQRVDOLUH 5827$9(57,&$/(,1',$(5($

4XHVWD UXRWD q IDWWD GL FDQQXFFH VSDFFDWH HFFHWWR LO FHUFKLR HVWHUQRFKHq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q SLH JDWRGROFHPHQWHDGDUFRPHQWUHLO PR]]R GHOOD UXRWD q FRUWR H

ODUJRODUXRWDIDFLOPHQWHIDODYROWDWDHVLGLVSRQHLQVHQVRRUL] ]RQWDOHPHQWUHRUDOHIRQWDQHDYHQGRSUHVRODSRVL]LRQHYHUWL FDOHO LQQDO]DQRLQDULDILJ

,OVRVWHJQRGLOHJQRGHYHILQLUHFLUFDFPVRSUDLOIRURLQFXL VLqLQFDVWUDWRLOIHUURSHUQRQRVWDFRODUHO XVFLWDGHOODUXRWDGDO O DVVH 5827$$5$**,*8$51,7,',3,&&2/(5827(

6LSUROXQJDQRWUHUDJJLGLXQDUXRWDHDOOHHVWUHPLWjVLILVVDQR WUHSLFFROHUXRWHLQPRGRFKHYHQJRQRVLWXDWHVXOGDYDQWLGHOOD UXRWD/DUXRWDGHYHDYHUHGXHJUXSSLGLIRQWDQHSHUDYHUIRU]D GL IDU JLUDUH WXWWR LO SH]]R 3HUz q VHPSUH QHFHVVDULR TXDOFKH HVSHULPHQWR SHU UHJRODUH OD IRU]D GHOOH IRQWDQH LQ PRGR FKH OD UXRWDJLULVHQ]DWURSSDYHORFLWjDOWUL PHQWLOHWUHUXRWLQHQRQVL GLVWLQJXHUDQQRQHWWDPHQWH /D ILJ UDSSUHVHQWD LO SURILOR HG LO SURVSHWWR GL TXHVWR SH]]R

&$6&$7(

6RQRPROWRXVDWHHUHODWLYDPHQWHVHPSOLFL6LWUDWWDGLFROOR FDUHLRSLILOHGLEHQJDODDFFHVLFRQVWRSSLQRGDDUWLILFLHUH R DFFHQVLRQHHOHWWULFD VXDSSRVLWRVRVWHJQRGLOHJQR / HIIHWWRqPROWREHOOR

&$3,72/29

*5$1',)82&+,' $57,),&,2

, JUDQGL IXRFKL GL DUWLILFLR VRQR OD FRPELQD]LRQH GHL GLYHUVL IXRFKLGHVFULWWLLQSUHFHGHQ]D3HUFLzLOORURQXPHURqLOOLPLWDWR SHUOHQXPHURVHFRPELQD]LRQLFKHqSRVVLELOHIDUHFRQLGLYHUVL HOHPHQWL 3HU DOOHVWLUH L JUDQGL IXRFKL q QHFHVVDULR DFFHQQDUH DL VR VWHJQLDOODGLVSRVL]LRQHULVSHWWRJOLVSHWWDWRULDOO RUGLQHFRQFXL YDQQRDFFHVLHFF $ 6267(*1,

, VRVWHJQL GHYRQR HVVHUH IRUWL H UHVLVWHQWL GRYHQGR QRQ VROR VRVWHQHUHLOSHVRGHLGLYHUVLIXRFKLPDDQFRUDUHVLVWHUHDOOHORUR UHD]LRQLHDTXDOXQTXHHYHQWXDOHVIRU]RHVWHUQR,QIDWWLqVXFFHV VRTXDOFKHYROWDFKHHVVHQGRXQSDORWURSSRVRWWLOHHGRVFLOODQGR XQSR WURSSRDFDXVD GHOYHQWROHFRPXQLFD]LRQLVLVRQRURWWHH O HIIHWWRqVWDWRPHGLRFUH % ',6326,=,21(

,IXRFKLGHEERQRHVVHUHGLVSRVWLLQPRGRFKHVLSRVVDQRYH GHUHDJHYROPHQWHGDJOLVSHWWDWRUL4XLQGLQHVVXQSH]]RGHYHQD VFRQGHUHODYLVWDGHJOLDOWULHVHDFDXVDGHOORVSD]LRULVWUHWWRVL GHEERQRPHWWHUHLQILOD q RSSRUWXQR DGRSHUDUH L VRVWHJQL PR ELOLªILJ

)LQDOPHQWH QHOOD GLVSRVL]LRQH GHL IXRFKL GL DUWLILFLR RFFRUUH WHQHUHFRQWRGHOODGLUH]LRQHGHOYHQWRDIILQFKpLOIXPRQRQLP SHGLVFDODYHGXWD GHOORVSHWWDFRORHGLQROWUHDYHUHFXUD FKH JOL VSHWWDWRULVLDQRLOSLSRVVLELOHSURWHWWLGDOO HYHQWXDOHFDGXWDGHL SH]]LDFFHVLLQFRPEXVWLGHLPHGHVLPL

& 25',1(' $&&(16,21(

,JUDQGLIXRFKLVLDQQXQFLDQRFRQORVSDURGHOOHEDWWHULHGHOOH JUDQDWH R GHLUD]]L /H JUDQDWH VL VSDUDQR DQFKH WUD XQ SH]]R H O DOWURFRPHLQWHUPH]]L 5LJXDUGR DL 3H]]L V DFFHQGRQR SULPD L VHPSOLFL LQGL PDQ PDQRTXHOOLSLFRPSOLFDWLHGLPDJJLRUHIIHWWR 3HUXOWLPRVLDFFHQGHLOSH]]RILQDOHQHOTXDOHVLFRPSHQGLD SHUFRVuGLUHODIHVWDJLDFFKpHVVRqVSHVVRXQSH]]RVLPEROLFR SHU OR SL DG LOOXPLQD]LRQH )LQDOPHQWH XQ QXPHUR FRQVLGHUH YROHGLJUDQDWHOHSLEHOOHFKLXGRQRORVSHWWDFROR ' 5,35(6(

2JQL IXRFR G DUWLILFLR q FRPSRVWR GL GLYHUVH SDUWL 2UD QRQ VHPSUHWHUPLQDWDOD,VLDFFHQGHODHWHUPLQDWDTXHVWDVLDF FHQGH OD 6SHVVR VHFRQGR O HIIHWWR FKH VL GHYH SURGXUUH VL

VWDELOLVFHFKHOD SDUWHVLDFFHQGDTXDQGROD, QRQqDQFRUD WHUPLQDWDFRVuSXUHOD ,QJHQHUDOHHVVHQRQVLGHEERQRFRPSOLFDUHWURSSRDOWULPHQWL JHQHUDQRFRQIXVLRQH ( 6$/9(',0257$/(77,

1RQVHPSUHOHJUDQDWHVLODQFLDQRXQDDOODYROWDVSHVVRVHQH ODQFLDQRGLYHUVHQHOORVWHVVRWHPSR$OO XRSRPHVVLYLFLQLLGL YHUVL PRUWDOHWWL VL ULXQLVFRQRIUD ORUR JOL VWRSSLQL GHOOH GLYHUVH ERPEHILJ

1RQqSRVVLELOHGHVFULYHUHWXWWLLJUDQGLIXRFKLGLDUWLILFLRLQ SDUWLFRODUHHSHUFLzFLOLPLWHUHPRDGLQGLFDUQHDOFXQLFKHVHUYL UDQQRDGHVHPSLRSHOGLOHWWDQWHSLURWHFQLFRSHUOD IRUPD]LRQH GLDOWUL 3H]]R ILJ

5XRWDFHUFKLREHQJDOD 'DEHQJDODRSSRVWLSUHQGRQRIXRFRVXO FHUFKLRIRQWDQH DJLDUGLQRFKHKDQQRFDVWDJQROHGLVRWWR 'DXQDIRQWDQD SDUWHOXQJR O DVVH XQR VWRSSLQR FKH YD D FR PXQLFDUHFRLPRUWDOHWWLFKHJXDUQLVFRQRLOFHUFKLRVXSHULRUH

3H]]RILJ

&RQWHPSRUDQHDPHQWH FHUFKLRJHWWLDSDUDVROH RFHUFKLRJHWWLDJLDUGLQR ,GHQWLFDFRPSRVL]LRQH ,QGLFRQWHPSRUDQHDPHQWH FHUFKLRJHWWLDSDUDVROH FHUFKLRJHWWLDJLDUGLQR

,GHQWLFDFRPSRVL]LRQHHGLYHUVD GDOOD SUHFHGHQWH VROR SHU OD JXDUQL]LRQHGHOFHUFKLRVXSHULRUH 3H]]R ILJ

,UXRWDDIRQWDQH UXRWDDIRQWDQHDGXHFRQILDPPHQHOFHQWUR UXRWDIXRFRUDEHVFDWR 'XH UXRWHRJQLUXRWD KD JHWWL GLFXLVLDFFHQGRQRDOODYROWD6LEDGLGLFXUDUQH O DFFHQVLRQH FRQVWRSSLQLLQPRGRFKHJLULQRLQVHQVRLQYHUVR

3H]]RILJ

4XDWWUR R SL SDUDVROL ILVVL FRQ XQ QXPHUR GL JHWWL SURSRU ]LRQDWR DOOD ORUR JUDQGH]]D 3UHQGRQR IXRFR WXWWL VLPXOWDQHD QLHQWHIRUPDQGRXQD©FDVFDWDGLIXRFRª 3H]]R ILJ

5XRWD ,FHUFKLRQIRQWDQHGDJLXRFRFKHVLDFFHQGRQRDGXHD GXH FHUFKLRQEHQJDODRUL]]RQWDOL FHUFKLRQIRQWDQHGDJLXRFRDFFHQGHQWLVLDGXHDGXH FHUFKLRQIRQWDQHGDJLDUGLQR

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qJXDUQLWD GLOXPL 6SHQWL L OXPL VXSHULRUL SUHQGRQR IXRFR OH GXH FDVWDJQROH ODWHUDOLHFRQWHPSRUDQHDPHQWHO DOWUDSLFFRODRVVDWXUDLOFXLFHU FKLRGLPH]]RKDIRQWDQH ,QYHFH GHOO RVVDWXUD JLUDQWH LQGLFDWD GL VRSUD VL SXz PHWWHUH DQFKHXQDFRORQQDJXDUGLQDGLOXPL

3H]]R ILJ

5XRWD ,FHUFKLRIRQWDQHGDJLXRFR FHUFKLREHQJDOD FHUFKLRIRQWDQHGDJLXRFR ,QGL SUHQGH IXRFR LO FDVWHOOHWWR H SULPD GXH JLUL GL FDQGHOH URPDQH7HUPLQDWHOHFDQGHOHURPDQHSUHQGHIXRFRODEDWWHULDH L GXH FHUFKL VXSHULRUL JXDUQLWL GL PRUWDOHWWL 3HU XOWLPR XQD FD VWDJQROD

3H]]RILJ

5XRWD ,FHUFKLRQRUXRWHDUDJJLSUROXQJDWLJXDUQLWL FHUFKLRQIRQWDQHGDJLXRFR FHUFKLRQIRQWDQHDJLDUGLQR ,QGL SUHQGH IXRFR LO ©YDVR VXSHULRUH ª FKH SULPD JLUHUj VXO O DVVHLQGLVDOLUjLQDULD 3H]]R ILJ

3ULPDV DFFHQGH OD UXRWD YHUWLFDOH D IRQWDQH FRQ ILDPPH DO FHQWUR 3RL SUHQGRQR IXRFR FDQGHOH URPDQH XQD DG RJQL DQJRORLQGLLWUDFFKLHFDQGHOHURPDQHVXSHULRUL7HUPLQDWHOH FDQGHOHURPDQHHLWUDFFKLSUHQGRQRIXRFRLPRUWDOHWWLIUDL TXDOL YL VRQR GHOOH FDVWDJQROH )LQDOPHQWH Vu DFFHQGRQR L UD] ]HWWLFKHJXDUQLVFRQRLOFHUFKLHWWRVXSHULRUH 3H]]RILJ

5XRWD FHUFKLRQIRQWDQHGDJLXRFR FHUFKLRQEHQJDOD FHUFKLRQIRQWDQHDJLDUGLQR

,QGL SUHQGH IXRFR WXWWD O RVVDWXUD VXSHULRUH FRPSRVWD GL WUH SDUWLVHSDUDWH / LQIHULRUHKDIRQWDQHFKHVLDFFHQGRQRDGXHDGXHLQWRU QRDOFHUFKLRGLVRSUDHOHDVVLFLQHVRQRWXWWHJXDUQLWHGLOXPL /DSDUWHPHGLDKDFRORQQHFKHJLUDQRLQWRUQRDOSURSULRDV VHYHUWLFDOHHWXWWHHSHUPH]]RGLIRQWDQHPHVVHVXOOHWUDYHU VLQHLQIHULRULJLUDQROHQWDPHQWHLQWRUQRDOO DVVHFHQWUDOH6LEDGL GL JXDUQLUH FLDVFXQD FRORQQD FRQ OXPL GL GLYHUVR FRORUH /D SDUWHVXSHULRUHKD IRQWDQHFKHYDQQRDLQWRUQRDO FHUFKLR LQIHULRUH /HWUDYHUVHVRQRJXDUQLWHGLOXPL 6LSXzPHWWHUHDQFKHO RVVDWXUDVHJQDWDGLODWRDOODILJXUD ,QHVVDYLVRQRVSLUDOLFKHVLJXDUQLVFRQRDOXPLGLGLYHUVR FRORUH/HIRQWDQHVLPHWWRQRLQWRUQRDLFHUFKL

3H]]R ILJ

8QWHPSLHWWRSHULOOXPLQD]LRQH

3H]]RILJ

5XRWD ,FHUFKLRIRQWDQHGDJLXRFR FHUFKLREHQJDOD FHUFKLRIRQWDQHDJLDUGLQR

3ULPDSUHQGHIXRFRO RVVDWXUDVXSHULRUHFRPSRVWDGLGXHSDUWL VHSDUDWH/DVXSHULRUHQRQqDOWURFKHXQDUXRWDRUL]]RQWDOHVXOOD TXDOH VL LQQDO]DQR DVVLFLQH FKH YDQQR D FRQJLXQJHUVL LQ XQ PR]]R FLHFR 0HVVH OH IRQWDQH LQWRUQR DO FHUFKLR GHOOD UXRWD H JXDUQLWHOHDVVLFLQHGLOXPLXQDYROWDDFFHVDVHPEUDXQDFXSROD /DSDUWHLQIHULRUHqFRPSRVWDGLGXHJUDQGLFHUFKLXQLWLFRQFR ORQQHDVFDOHWWD2JQLFHUFKLRqIRUPDWRGDGXHRWUHFHUFKLXQLWL GDWUDYHUVLQHJXDUQLWHGLOXPL6RWWRLOFHUFKLRVXSHULRUHVLILVVD QR L FDSLWHOOL GHOOH FRORQQH D VFDOHWWD H OH HVWUHPLWj LQIHULRUL GL HVVH VL ILVVDQR DO FHUFKLR LQIHULRUH ,Q TXHVWR PRGR ILQFKp LO SH]]RQRQVLDFFHQGHLOFHUFKLRLQIHULRUHUHVWDSRFRGLVRWWRGHO FHUFKLRVXSHULRUHSHUFKpOHVFDOHWWHVRQRFKLXVH 4XDQGRSRLLO SH]]R VL DFFHQGH OH VFDOHWWH V DOOXQJDQR H O RVVDWXUD SUHQGH OD IRUPDFKHVLYHGHQHOODILJXUD 3H]]RILJJH

5DSSUHVHQWDXQYDVFHOORLOTXDOHDOODILQHGHOIXRFRFRUUHVX GXH ILOL / RVVDWXUD GL HVVR q IDWWD GL OHJQDPH OHJJHUR HG q FR SHUWDGLFDUWRQHGLSLQWR1HOO LQWHUQRGHOYDVFHOORVLGLVSRQJRQR GHOOHWUDYHUVLQHSHU ILVVDUHL IXRFKL 7XWWD O RVVDWXUD q VRVWHQXWD GDGXHDVVLXQRDSUXDHO DOWURDSRSSDHFLDVFXQDVVHKD XQD WUDYHUVLQD LQ FURFH FKH DJOL HVWUHPL q IRUQLWD GL GXH UXOOLQL QHL TXDOLVRQRLQILODWLLGXHILOL&RVuLOYDVFHOORSXzVFRUUHUHOLEHUD PHQWHVXLILOLLQYLUWGHOOHIRQWDQHFKHVLWURYDQRDSSXQWRVXOOH WUDYHUVH DOOH HVWUHPLWj GHOOH TXDOL VRQR L UXOOLQL 3HU DJHYRODUH TXHVWRPRYLPHQWRLILOLQRQVLGLVSRQJRQRRUL]]RQWDOPHQWHPD XQSR REOLTXLÊ HYLGHQWHFKHTXHVWHIRQWDQHGHEERQRHVVHUHLQ XQQXPHURSURSRU]LRQDWRDOSHVRGHOSH]]R 3ULPHDGDFFHQGHUVLVRQROHILDPPHGXHDSUXDGXHDSRS SDLQGLLWUDFFKLDSUXDHQHOORVWHVVR WHPSR OH SULPH GXH FDQ GHOHURPDQHXQDD GHVWUDO DOWUD DVLQLVWUD)LQLWH TXHVWHVFRS SLDQR L GXH VEUXIIL ODWHUDOL H SUHQGRQR IXRFR GXH DOWUH FDQGHOH URPDQH LQGLGXH VEUXIILH OH ULPDQHQWL GXH FDQGHOHURPDQH ,Q VHJXLWRV DFFHQGRQRFRQWHPSRUDQHDPHQWHFDQGHOHURPDQHWUH D GHVWUD WUH D VLQLVWUD H O DOEHUR GHO YDVFHOOR FKH q JXDUQLWR GL WUDFFKL7HUPLQDWHOHFDQGHOHURPDQHSUHQGHIXRFRODVDOYDGL PRUWDOHWWLHOHFDVWDJQROHFKHSHQGRQRVRWWRODFKLJOLD&RQWHP SRUDQHDPHQWHV DFFHQGRQROHIRQWDQHFKHVLWURYDQRVXOODWUD

YHUVLQDFKHXQLVFHLGXHUXOOLQLGLGLHWUR4XHVWHIRQWDQHFRQGXH VWRSSLQLVRQRXQLWHDOOHDOWUHFKHVLPLOPHQWHVRQRGLVSRVWHGD YDQWL )UD L PRUWDOHWWL FKH VRQR LQ IRQGR H FKH VHUYRQR SHU OD VDOYD GXH SL OXQJKL H GLSLQWL UDSSUH VHQWDQRLIXPDLROL 6L SRVVRQR DFFHQGHUH DQFKH GXHGLTXHVWLSH]]LVXILOLVHSDUDWL PD YLFLQL LQ PRGR FKH QHO ORUR FDPPLQR V LQFURFLQR $OORUD VDUj ILJXUDWDXQD©EDWWDJOLDQDYDOHª

3H]]RILJ

4XHVW XOWLPR SH]]R UDSSUHVHQWD XQD EDWWDJOLD , GXH FDVWHOOL VRQR FRSHUWL FRQ FDUWRQHGLSLQWR H SHU GLVWLQJXHUOL XQR GL HVVL VDUj IDWWR WUDVSDUHQWH LQ PRGR FKH PHWWHQGR GLHWUR GHL JURVVL EHQJDOD VL YHGDQR OH DSHUWXUH LOOXPLQDWH PHQWUH O DOWUR VDUj VHPSOLFHPHQWH LOOXPLQDWR GLQDQ]L FRQ ILDPPH GXUDQWH WXWWR LO

IXRFR3ULPDVLDFFHQGRQRLOXPLGLGLHWURGHOFDVWHOORE SHUL WUDVSDUHQWL H FRQWHPSRUDQHDPHQWH OH ILDPPH GHO FDVWHOOR D

SRLOHUXRWHDOFDVWHOORD HO DOWUDE )LQLWRFLzVLDFFHQGRQRL WUDFFKLGHOO XQDHGHOO DOWUDSDUWHHFRQWHPSRUDQHDPHQWHOHSULPH GXHILOHGLFDQGHOHURPDQHFKHDSUHIHUHQ]DGHEERQRHVVHUHFD ULFDWHFRQSDOOHWWHDVIHUD,QGLDOWUHGXHILOHGLFDQGHOHURPDQH EDGDQGR GL QRQ LQWHUURPSHUH PDL LO IXRFR GHL WUDFFKL LO TXDOH GHYHHVVHUHVHPSUHQXWULWRGLVSRQHQGRDLILDQFKLGHLSH]]LIDWWL HVFOXVLYDPHQWHGLWUDFFKL(TXLDGLQWHUYDOOLGDOO XQDHGDOO DOWUD SDUWHLO

)LJ*UHFD

)LJ&DVFDWH

)LJ*KLUODQGDOXPLQRVD

ODQFLR D PH]]R GL PRUWDLR GL TXDOFKH JUDQDWD SUHIHULELO PHQWH GL WLSR OXPLQRVR 7HUPLQDWH OH FDQGHOH URPDQH GDOOD VRPPLWjGHOFDVWHOORD SDUWHXQDVDOYDGLPRUWDOHWWLFROORVFRS SLR VLPXOWDQHR GL EDWWHULH GLVSRQHQGR GHOOH FDVWDJQROH WUD L PRUWDOHWWL HVLYHGHODVRPPLWjGHOFDVWHOORE LQFHQGLDUVLDF FHQGHQGRVLGLYHUVHILDPPHGLFRORUHURVVRVSDUVHVXOODVRPPLWj TXD H Oj 6L WHUPLQD LO IXRFR FRQ XQD TXDQWLWj GL JUDQDWH GDOOD

SDUWHGHOFDVWHOORD )LJ(IIHWWLQRWWXUQLGLIXRFKLG DUWLILFLRFRQSH]]L JLUDQWLHJHWWLEULOODQWL

3$57(7(5=$

$57,),=,(*,2&$772/,6&+(5=, 3,527(&1,&, IXRFKLGDVDODHGDWHDWURHFF /DOHJJHGL36SUHYHGHO XVRGLWDOXQLDUWLIL]LSLULFLFDWHJRULD JUXSSR& HGLDOFXQLGLHVVLVLGjXQDVXFFLQWDGHVFUL]LRQH

*LUDQGROH 6RQR SLFFROL VROL JLUDQWL XVDWL FRPH JXDUQL]LRQH QHLSH]]LSLURWHFQLFLHFKHSRVVRQRYHQLUEUXFLDWLLQXQDVDODRG LQXQWHDWUR 1HLYHFFKLPDQXDOLVL GLVWLQJXRQRLQ JLUDQGROH SDVWLJOLH VHP SOLFLHLQJLUDQGROHGLDPDQWLRILRULGLGDOLD/DJLUDQGRODVHP SOLFHqXQSLFFRORVROHJLUDQWHILJ FRVWLWXLWRGDXQWXEHWWR GLFDUWDSLHQRGLFRPSRVL]LRQHUDJJLDQWHUDYYROWRVXVHVWHVVRH ILVVDWRDGXQGLVFRGLOHJQRHFKHJLUDOLEHUDPHQWHDWWRUQRDGXQ SHUQR

/D JLUDQGROD GLDPDQWH q IRUPDWD GD GXH WXEHWWL UDYYROWL D VSLUDOHILJ XQRGHLTXDOLq GLVSRVWRFRPHQHOODJLUDQGROD VHPSOLFHO DOWURq SLHQRGLFRPSRVL]LRQHFRORUDWDHGqUDYYROWD

VRSUDXQFLOLQGURGLFDUWRQHFKHKDXQGLDPHWURYDULDELOHGD DGHOGLDPHWURGHOGLVFRFKHSRUWDLOSULPRWXEHWWR,OFLOLQGUR HGLOGLVFRVRQRILVVDWLO XQRVXOO DOWURHGKDQQRFRPXQHO DVVHGL URWD]LRQHLQWDOPRGRLOVHFRQGRWXEHWWRIRUPDXQDQHOORGLIXR FRFRORUDWRFRQFHQWULFRDO O DQHOORGLIXRFRURWDQWH /DFDUWDSHULWXEHWWLGHOOHJLUDQGROHGHYHHVVHUHVRWWLOHPDIRUWH RQGH SRVVD UHVLVWHUH DOOD WRUVLRQH FKH VL SUDWLFD GRSR FKH LO WX EHWWRqVWDWRULHPSLWRFRQODFRPSRVL]LRQH,WXEHWWLVRQROXQJKL GDDFPPHQWUHLOORURGLDPHWURRVFLOODGDLDLPPVR QRIDWWLFRQOLVWHUHOOHGLFDUWDODUJKHGDDFPEHQHLQFROODWH DOOHJLXQWXUHHPRGHOODWLVRSUDXQ DQLPDGLIHUUR/DFDULFDGHOOD JLUDQGROD QRQ YD WURSSR FRPSUHVVD DOWULPHQWL QRQ VL SRWUHEEH SLSLHJDUHHDYYROJHUHLOWXEHWWRVXOGLVFR 3HU OH SRVVLELOL FRPSRVL]LRQL YHJJDVL LO ULFHWWDULR WHQHQGR SUHVHQWH FKH TXHOOH FRQ OLPDWXUD VRQR GL HVHFX]LRQH GLIILFLOH GDWDODGLIIHUHQ]DGLSHVRVSHFLILFRWUDODFRPSRVL]LRQHDSROYHUH HLOIHUURLQOLPDWXUD $57,),=,3(5/2&$/,&+,86,

,Q VHJXLWR DJOL LQFLGHQWL GRYXWL D SULQFLSL GL LQFHQGLR HVVL QRQ VRQR RUD PROWR DGRSHUDWL 6H DGRSHUDWL JOL DUWLIL]L GHYRQR HVVHUHGLVSRVWLLQOXRJRWDOHGDHVVHUHLOPHQRHVSRVWRDOSHULFROR G LQFHQGLR 6L GHYRQR SRL VFHJOLHUH FRPSRVL]LRQL FKH EUXFLQR FRPSOHWDPHQWHHODFDUWDRGLOFDUWRQHQRQODVFLQRQHVVXQUHVL GXRDFFHVR

9DPSH3HULPLWDUHOHYDPSHGLXQLQFHQGLRVLDGRSHUDXQ FDUWRFFLRGLFDUWDVRWWLOHFRQWHQHQWHJGLXQDFRPSRVL]LRQHD EDVHGLSROYHULQRFRQGHLVXRLFRPSRQHQWLFDUERQHHQLWUDWR SRWDVVLFR FRQHVFOXVLRQHGLVDOLDOXFHURVVD

(UX]LRQL 6L ULHPSLH XQD VFDWROD PHWDOOLFD FLOLQGULFD GHO GLDPHWURGLFPHDOWDFPFRQLOPLVFXJOLRXVDWRSHU OHYDPSHHVLFRSUHFRQGHOODVWRSSDLQPRGRFKHTXHVWDVSRUJD DOTXDQWRGDOODVFDWROD'DQGRIXRFRDOODVWRSSDVLKDXQ HUX]LR QHFKHVDOHILQRDP 3HUEDPELQLVLXVDQRLQYHFHLVROLWLSLFFROLFRQLVXOFXLIRQGR VL LQHWWH XQ SLFFROR VWUDWR GL FROOD R DUJLOOD H FRQWHQHQWL XQD

FRPSRVL]LRQH D EDVH GL FRPSRQHQWL GHOOD SROYHUH QHUD FRQ OL PDWXUDGLDFFLDLRRGLIHUUR )XOPLQH3HULPLWDUHLOIXOPLQHVLIDXQSLFFRORGUDJRQHDG DQGDWDVRODFDULFRGLFRPSRVL]LRQHPROWRYLYDHVLIDSHU FRUUH UHXQILORPHWDOOLFRGLUHWWRYHUVRLOSXQWRFKHVLYXROHFROSLUH

/DPSL 6L ID XQD WRUFLD FRQ VWRSSD LPEHYXWD GL DOFRRO H RJQLWDQWRVLSURLHWWDVXOODILDPPDXQSR GLSROYHUHGLOLFRSRGLR ÊDQFKHXVDWDDOORVWHVVRVFRSRSHUFKpPHQRFRVWRVDFRORIRQLD ILQHPHQWHSROYHUL]]DWDPDFRQPLQRUHHIIHWWR

6HUSHQWLGLIDUDRQH&RQWDOHQRPHVLLQWHQGRQRDOFXQLIXR FKLGDWDYRODVIUXWWDQWLODSURSULHWjGHOVROIRFLDQXURGLPHUFXULR XQD YROWD DFFHVR GL JRQILDUVL ILQR D UDJJLXQJHUH XQD QRWHYROH JUDQGH]]DDVVXPHQGRODIRUPDGLVHUSHQWL 6 LPSDVWDXQSR GLVROIRFLDQXWRPHUFXULFRFRQJRPPDDUDELFDH VLIRJJLDODSDVWDVXIILFLHQWHPHQWH FRPSDWWDVRWWRIRUPDGLXQ FLOLQGURGHOORVSHVVRUHGLXQ FRPXQH ODSLV FKH VL WDJOLDLQ SLF FROL SH]]L GHOOD OXQJKH]]D GL FP FKH VL IDQQR DVFLXJDUH OHQWDPHQWHDGXQDWHPSHUDWXUDLQIHULRUHDL4XHVWLSH]]HWWL XQDYROWDEUXFLDWLGjQQRLOQRWRHIIHWWRFRQRVFLXWRVRWWRLOQRPH GLVHUSHQWHGLIDUDRQH ,SURGRWWLGHOODFRPEXVWLRQHGHOVROIRFLDQXURGLPHUFXULRVR QRYHOHQRVLSHUFLzTXHVWRJLRFRYDIDWWRLQORFDOLQRQWURSSRUL VWUHWWLHQRQUHVSLUDQGRQHLIXPL 9RUEULQJHU LQVHJQz DG RWWHQHUH L VHUSHQWL GL IDUDRQH VHQ]D PHUFXULRRVVLGDQGRFRQDFLGRQLWULFRFRQFHQWUDWRLOUHVLGXRFD WUDPRVRGHOODGHSXUD]LRQHGHJOLROLGHOODOLJQLWH,OSURGRWWRqGL FRORU EUXQR VL UDPPROOLVFH D FDOGR H EUXFLD IDFLOPHQWH SURGX FHQGRDQFRUDPHJOLRJOLHIIHWWLEL]]DUULGHOVROIRFLDQXUR GLPHU FXULR , ©VHUSHQWL ª SURGRWWL GDO VROIRFLDQXUR PHUFXULFR GL FRORUH ELDQFRVRQR YHUGDVWUL H SL FRQVLVWHQWL GL TXHOOL IDWWL FRQ L SUR GRWWLGLQLWUD]LRQHGHLUHVLGXLGHJOLROLGLOLJQLWHFKHVRQRQHUD VWUL 6LFRQIH]LRQDQRVRWWRIRUPDGLSLFFROLFRQL 1LGRGLVHUSHQWLVHUSHQWLHUED 6RQR JLXRFKLIDWWLFRPH

DOVROLWRDIRUPDGLFRQRDYHQWHODEDVHGLFLUFDFPFRQWHQHQWL XQD FRPSRVL]LRQH FKH TXDQGR EUXFLD SURGXFH FRPH XQD ]RQD HUERVDGDFXLHPHUJRQRLVHUSHQWLGLIDUDRQH 4XDQGR LO FRQR q SLHQR GL FRPSRVL]LRQH VLPXODQWH LO YHUGH GHOOD FDPSDJQD VL DJJLXQJH QHO FHQWUR DOOD EDVH OD FRPSR VL]LRQHSROYHUL]]DWDGLVROIRFLDQXURGLPHUFXULR

1HYH 6RQR JLXRFKL D IRUPD GL FRQR FRQWHQHQWL XQD FRP SRVL]LRQH D EDVH GL SROYHUH GL ]LQFR ROWUH VDOQLWUR HFF FKH TXDQGREUXFLDSURGXFHGHOOHSDUWLFHOOHVROLGHELDQFKHFKHGRSR HVVHUVLVROOHYDWHLQDULDULFDGRQROHQWDPHQWHGDQGRODVHQVD]LR QHGLXQDQHYLFDWD &DQGHOHWWHDVWHOOHFDQGHOHWWHPDJLFKH 6RQR XVDWHPROWH RFFDVLRQLSHUFKpQRQSUHVHQWDQRDOFXQSHULFRORSHULUDJD]]LH VRQR DGRSHUDWH DQFKH LQ OXRJKL FKLXVL SHU JOL DOEHUL QDWDOL]L HFFSHUFKpEUXFLDQGRVYROJRQRSRFRIXPR 9HQJRQRSUHSDUDWHQHOVHJXHQWHPRGR 6LSUHQGHXQILORGLIHUUR GHOODOXQJKH]]D GL FP H VL LP PHUJHILQRDPHWjQHOODSDVWD GHOODFRPSRVL]LRQHTXLQGLVLHV VLFFDHVLLPPHUJHSHUXQDVHFRQGDYROWDQHOODSDVWDSHUDYHUHOR VSHVVRUHQHFHVVDULRHVLHVVLFFDQXRYDPHQWH /DSDVWDGHYHHVVHUHEHQODYRUDWDFRQDFTXDIUHGGDSHUSRWHU DYHUHODGHQVLWjHGDGHVLYLWjSLDGDWWDSHUULYHVWLUHLOILORPHWDO OLFRFKHVDUjEHQHYHQJDSULPDDYYROWRLQGRSSLRDOORVFRSRGL GDUHPLJOLRUSUHVDDOODSDVWD ÊPHJOLRFRQVHUYDUHOHVFDWROHDYYROWHLQFDUWDLPSHUPHDELOH RQGHSUHVHUYDUOHGDOO D]LRQHGHOO XPLGLWj )LDPPLIHULODPSHJJLDQWLJLDSSRQHVL6RQRGLEHOO HIIHWWR HLQQRFXL 6LSUHSDUDQRIRUPDQGRFRQXQDVRWWLOHFDUWDGLVHWDXQWXEHWWR FRQLFR GL SLFFROLVVLPD EDVH H ULHPSLHQGROR FRQ FRPSRVL]LRQH OXPLQRVDDFXLVLDJJLXQJHDOO HVWUHPLWjGHOIRVIRURURVVR,OFR QRVLDFFHQGHDOODEDVHHODFRPSRVL]LRQHEUXFLDQGRIRUPDFRPH XQDSLFFRODSDOODLQFDQGHVFHQWH FKH SURLHWWD WXWWR LQWRUQRFRPH GHOOHVFLQWLOOHVLPLOLDODPSL

%HQJDOLQLDOXFLFRORUDWH6RQRGHLIXVFHOOLGLOHJQROXQJKL FLUFDFPFKHYHQJRQRLPEHYXWLILQRDGXQDFHUWDDOWH]]DGL FRPSRVL]LRQLFRORUDWHLQSDVWDHFKHVLODVFLDQRSRLHVVLFFDUH $57,),=,3(5/82*+,$3(57,

7XUELQL6RQRXQDYDULHWjGLUD]]LFKHDUULYDQRDFLUFDLQ GLDOWH]]DHVLDYYROJRQRVXVHVWHVVLDJXLVDGLVSLUDOH 7XWWHHGXHOHHVWUHPLWjGHOO LQYROXFURFLOLQGULFRVRQRFKLXVH IRUWHPHQWHFRQDUJLOODEHQEDWWXWD/DWHUDOPHQWHDO FLOLQGURVR QRSUDWLFDWLIRUL'XHGLHVVLVRQRFROORFDWLQHOODSDUWHSLEDV VDGLVWDQWLGDOFHQWURFLDVFXQRFLUFDRP 8QDSLFFRODDVWDGLOHJQROXQJDTXDQWRLOSH]]RSLURWHFQLFR qLQFKLRGDWDDTXHVWRQHOVXRFHQWUR )LDFFROHDOHQWDFRPEXVWLRQH6LXVDQRFLOLQGULLQFDUWDGHO GLDPHWUR GL FP FLUFD LPEHYXWL GL QLWUDWR SRWDVVLFR /D SDUWH LQIHULRUHGHOFLOLQGURVLULHPSLHSHUFLUFDFPFRQVDEELDRGDU JLOODHVLFROORFDLQXQVRVWHJQRGLOHJQRDFDQGHOLHUHFRQGLVFRD IRUPD GL FRSSD FKH SURWHJJH LO SRUWDWRUH GDOOR VJRFFLRODPHQWR GHOODPDVVDIXVD 6L SRVVRQR IDUH LQ GLYHUVL FRORUL HG q SUHIHULELOH XVDUOL DO O DSHUWRSHUODSURGX]LRQHGHLIXPLFKHVLSUROXQJDGDWDODQDWX UDGHOODILDFFROD $UWLIL]LHUD]]LSHU©IXRFKLGLJLRUQRª 6RQR VWDWL LGHDWL GDLJLDSSRQHVLHLOQRPHVRWWRFXLVRQRFRQRVFLXWLqLPSURSULR LQTXDQWRODERPEDODQFLDWDGDOPRUWDLRDUULYDWDDOYHUWLFHGHOOD VXDWUDLHWWRULDQRQSURLHWWDFRPSRVL]LRQLOXPLQRVHPDPRGHOOL GLDQLPDOLHRJJHWWLGHOOHIRUPHSLVWUDQHFRVWUXLWLLQFDUWDVHWD JLDSSRQHVHFKHVWDQQRSHUXQFHUWRWHPSRLQDULDDPH]]RGLXQ SDUDFDGXWHDFXLVRQRFROOHJDWLRSLVHPSOLFHPHQWHLOVRJJHWWR VLJRQILDLQDULDHVFHQGHOHQWDPHQWHIRUPDQGRFRPHXQSDUDFD GXWH 3HURWWHQHUHPDJJLRUHHIIHWWRHQWUROD]RQDLQFXLVLPXRYRQR OHILJXUHVLIDQQRVYLOXSSDUHGHOOHQXYROHGLIXPRLQWHQVDPHQWH FRORUDWHLQPRGRGDIDUULVDOWDUHGLSLOHILJXUHVWHVVH /DFDULFDGLODQFLRQHFHVVDULDSHUODQFLDUHVLPLOLERPEHqGL FLUFD J PHQWUHOD TXDQWLWj GL SROYHUHQHFHVVDULD SHU O HVSXO VLRQHGHOOHILJXUHGDOODERPEDqGLFLUFDJ

*OLDUWLIL]LGLFXLVRSUDYHQJRQRXVDWLVRORGDSLURWHFQLFLPHQ WUH SHU JHQHUDOL]]DUQH O XVR VRQR VWDWL FRVWUXLWL GHL UD]]L FRQ JRYHUQDOHDYHQWLJOLVWHVVLHIIHWWL ),$00($'$/&22/&2/25$7(

6LSURGXFRQRTXHVWHILDPPHGHQWURXUQHODPSDGHIXQHUDULHVR VWHJQLDIRUPDGLILDFFROHHFF3HURWWHQHUOHVLLPPHUJHXQJURV VROXFLJQRORIDWWRGLFRWRQHQRQILODWRLQXQPLVFXJOLRFKHFRORUL ODILDPPDLQPRGRGDULPDQHUQHPROWRSHUPHDWRTXLQGLVLVFLR JOLHODPDJJLRUTXDQWLWjSRVVLELOHGHOODVWHVVDFRPSRVL]LRQHQHO O DOFRRO GHOVHUEDWRLR LQ FXL q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qLQDSSHQGLFHVHFRQGRODGHQRPL QD]LRQHGLOHJJH $57,),=,

&DQGHOH PDJLFKH JLJDQWL D VFLQWLOOH OXPLQRVH LQ ILOR GL IHUUR RQGXODWR &DQGHOH PDJLFKH QRUPDOL D VFLQWLOOH OXPLQRVH LQ ILOR GL IHUUR UDPDWR &DQGHOH PDJLFKH PLJQRQ D VFLQWLOOH OXPLQRVH LQ ILOR GL IHUUR UDPDWR &DQGHOHDSLRJJLDGLVFLQWLOOHYHUGLJLDOOHELDQFKH 7DOLDUWLIL]LHJLXRFKLVRQRLQQRFXLHLQYHQGLWDSUHVVRQHJR]L GL DUWLFROL YDUL H SLURWHFQLFL 8QD GHOOH SULQFLSDOL 'LWWH IDEEUL FDQWLqOD6TXLFFLDULQLLQ0LODQR9LD&LUR0HQRWWL

&DQGHOHVXOHJQRDVFLQWLOOHOXPLQRVH %HQJDOLQLJLJDQWLDFRORULELDQFRURVVRYHUGH 5HQJDOLQLQRUPDOLDFRORULELDQFRURVVRYHUGH %HQJDOLQLVXFDUWDDSLRJJLDG DUJHQWR )LDPPLIHULEHQJDODWULFRORULSLRJJLDDJHWWRFRQVLVWHPDGLDF FHQVLRQHVYHGHVH )LDFFROHJLJDQWLWULFRORULSHUILDFFRODWD )LDFFROH FRQ ULYHVWLPHQWR PHWDOOLFR HG DFFHQVLRQH D OXQJD GX UDWDFRORULELDQFRURVVRYHUGHWULFRORUH 7ULFWUDFDRFROSLVHPSOLFHRSSXUH 7ULFWUDFDFROSLFRQFDVWDJQRODILQDOH 7ULFWUDFFRQVLELORHFDVWDJQRODILQDOH *LUDQGRODFRQWULFWUDFJUDQGHVHPSOLFH *LUDQGRODFRQWULFWUDFJUDQGHHFDVWDJQRODILQDOH *LUDQGRODFRQWULFWUDFFRQVLELORHFDVWDJQRODILQDOH *LUDQGRODFRQWULFWUDFSLFFRODDVHUSHQWHOORVLELODQWH 6HUSHQWHOORVLELODQWHFRQFDVWDJQROD 6HUSHQWHOORIXULRVRFRQVLELORHVFLQWLOOD 5DFFKHWWHDPDQRJUDQGLFRQSLRJJLDFRORUDWD 5DFFKHWWHDPDQRJUDQGLFRQVLELORHFDVWDJQRODDUDJJLGRUDWLH DUJHQWDWL 5DFFKHWWHDPDQRSLFFROHFRQODQFLRGLVHUSHQWHOOL *LUDQGROHJLJDQWLVVLPHWULFRORULDURVRQH *LUDQGROHJLJDQWLDJHWWRGLVFLQWLOOHWULFRORUL *LUDQGROHPLJQRQDJHWWRGLVFLQWLOOH *LUDQGROHHOHWWULFKHDOXFHELDQFD 6HUSHQWLQHULH&REUDDFFHQGHQGROLSURGXFRQRVHUSHQWLOXQJKL PHWUL 6HUSHQWHHUED 6HUSHQWHERDQHURWLSLSLFFRORJUDQGHHJLJDQWH 6HUSHQWHEHQJDODWULFRORULLQFRQHWWLDFFHQGHQGRSURGXFHXQ VHUSHQWHOXPLQRVR &RQLDQHYLFDWD 6LJDUHWWHDQHYLFDWD &DSVXOHSHUIXFLOLHULYROWHOOHJLRFDWWROR 6&+(5=,

6RQRDOWUHVuLQYHQGLWDLVHJXHQWLJLRFDWWROLQRWLVRWWRLO QRPHGL©VFKHU]Lª

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©SX]]ROHQWHª $FFHQGLVLJDULVFRSSLDQWLDFDSVXOD $FFHQGLVLJDUL FRQODQFLRGLVHUSHQWL $FFHQGLVLJDUL FKHVLVSH]]DQR &HULQLVFRSSLDQWL VFDWROHDGLVSRVLWLYRGHWRQDQWHDPH]]RFDS VXOD 0DWLWD VFRSSLDQWH D PH]]R GLVSRVLWLYR D FDSVXOD )XQ]LRQD WR JOLHQGRLOVDOYDSXQWH 6SHFFKLRVFRSSLDQWH DPH]]RGLVSRVLWLYRDFDSVXODIXQ]LRQDWR JOLHQGRODFXVWRGLD )LDPPLIHULVYHGHVLVFRSSLDQWL FRQGLVSRVLWLYRGHWRQDQWHHFDS VXOD

3$57(48$57$

$57,),=,3,527(&1,&,3(586,9$5,

&$3,72/2,

$57,),=,3,527(&1,&,3(56&23,$*5,&2/,

5D]]LDQWLJUDQGLQH1HOJLXJQRL JLRUQDOLTXRWLGLDQL KDQQRULSRUWDWRODQRWL]LDGLHVSHULPHQWLIDWWLQHO9HURQHVHFRQ UD]]LDQWLJUDQGLQH ÊQRWRFKHILQGDOSULQFLSLRGLTXHVWRVHFRORHUDQRXVDWLLFR VLGGHWWLFDQQRQLDQWLJUDQGLQHFKHQRQHEEHURHFFHVVLYRVXFFHV VRSHUFKpQRQ HUD DQFRUDVWDWRVWXGLDWRLOIHQRPHQRGHOOD JUDQ GLQH FRPH H SHUFKp VL IRUPL H FDGD $FFXUDWL VWXGL VRQR VWDWL IDWWLLQ)UDQFLDD/LRQHGDO&HQWURQD]LRQDOHIUDQFHVHFRQWUROD JUDQGLQHGLUHWWRGDO*HQ5XE\HFKHKDQQRSRUWDWRDOODFRVWUX ]LRQHGLDSSRVLWLDUWLIL]LFRVWUXLWLQHOORVWDELOLPHQWRGL0RQWUHX[ 9DXFOXVH GHOODQRWDGLWWDSLURWHFQLFD5XJJLHULDYHQWLORVFRSR GL IDUH HVSORGHUH XQD FDULFD D IRUWH SRWHUH FDORULILFR FDSDFH GL GLVLQWHJUDUH OD JUDQGLQH WUDVIRUPDQGROD LQ DFTXD ,O ODQFLR GHL UD]]LRYYLDPHQWHYDIDWWRQHOPRPHQWRSLRSSRUWXQRHFLRqQp SULPDQpGRSRODVFDULFDWHPSRUDOHVFD &RPHDYYLHQHHVLHIIHWWXDTXHVWRERPEDUGDPHQWRFRQLUD]]L DQWLJUDQGLQH" 6L VD FKH OH QXEL GLYHQWDQR JUDQGLQLJHQH TXDQGR XQD GL HVVH FKLDPDWD © FXPRORQHPER ª D VYLOXSSR YHUWLFDOH GDLDLPGLDOWH]]D VLLQFRQWUDFRQDOWUDQXEHDVYLOXS SRRUL]]RQWDOHGHWWDFLUURVWUDWRFKHODVRYUDVWDHGqIRUPDWD GD DJKL JKLDFFLDWL ,PPHGLDWD q OD IRUPD]LRQH GHL FKLFFKL GL JUDQGLQHFKHIRUPDQRXQQXFOHRLQSUHGDDYRUWLFRVLPRYLPHQWL &ROSLUHTXHVWLYDVWLVWUDWLQXYRORVLQRQqGLIILFLOHVRQREDVVLHG DQFKHUHODWLYDPHQWHHVWHVL,OERPEDUGDPHQWRFRQUD]]LLPSHGL VFH VH IDWWR D WHPSR JLXVWR OR VFRQWUR GHL GXH WLSL GL QHPER RSSXUHORULWDUGDHLQWDQWROLGLVSHUGHFRVWULQJHQGROLDVFDULFDUVL

DOWURYH LQ ]RQD GRYH QRQ SRVVRQR UHFDUH GDQQR 9L q DQFKH OD SRVVLELOLWjFKHLUD]]LQHOGLVSHUGHUHODIRUPD]LRQHQXYRORVDOD FRVWULQJDQR

)LJ5D]]RDQWLJUDQGLQH5XJJHUL

LQDPELHQWHSLFDOGRHSHUFLzDWUDVIRUPDUVLLQSLRJJLD4XHVWR ULVXOWDWRSHUVROLWRVLRWWLHQHILQGDLSULPLODQFLUD]]L VRQRLQ FDUWRQH SUHVVDWR OXQJKL FP ODUJKL H SRUWDQR XQD FDULFD HVSORVLYDGLSHVRGLYHUVRDVHFRQGDGHOWLSRGLUD]]RXVDWR , WLSL IUDQFHVL FRQWHQJRQR R J GL HVSORVLYR FKHG GLWH PD SRVVRQR FRQWHQHUH DQFKH DOWUL HVSORVLYL GLURPSHQWL WULWRORHFF SHVDQRFLUFDNJHGHVSORGRQRDGROWUHPGL TXRWDPDSRVVRQRDQFKHIDUVLVFRSSLDUHHQWURLOFXPRORQHPER D P GL DOWH]]D L WLSL VSHULPHQWDWL LQ ,WDOLD FRQWHQHYDQR FLUFD NJ GL FDULFD GL ODQFLR SROYHUH QHUD H J G HVSOR VLYRSHVRNJ/DSROYHUHQHUDXWLOL]]DWDqULFFDLQFDUERQHH (VSORVLYRFRQWHQHQWHLOGLFORUDWRVRGLFRHLOGLYD VHOOLQD HSDUDIILQDIDEEULFDWRLQ,WDOLDGDOOD6RF&KHGGLWH7RUL QRYLD&HUQDLD

SRYHUD LQ ]ROIR FRPSUHVVLRQH PHGLD QLWUDWR SRWDVVLFR FDUERQH]ROIR ,WXELGLODQFLRVRQRIRUPDWLGDVHPSOLFLSDOLGLIHUURGRWDWLGL DQHOOLVLWXDWLDOODVXSHUILFLH,QTXHVWLDQHOOLYLHQHLQILODWRLOFR VLGGHWWR©JRYHUQDOH< GHOUD]]RXQ DVWLFFLXRODGLOHJQROXQJD PFKHVHUYHGDJXLGDDOUD]]RQHOODVXDFRUVDYHUVROHQXEL ,O ODWR LQWHUHVVDQWH GHO SUREOHPD q FKH OD VSHVD FRPSOHVVLYD GHO VLVWHPD GL SURWH]LRQH DQWLJUDQGLQH q PRGHVWD ULVSHWWR DL UL VXOWDWL RWWHQXWL LQ )UDQFLD SHU OD GLIHVD FRQ TXHVWL PH]]L GDOOD JUDQGLQHJOLDJULFROWRULVRSSRUWDQRXQRQHUHYDULDELOHGDOOH DOOHOLUHSHUHWWDURHVRQRVRGGLVIDWWLGHOULVXOWDWR ÊSHUzLQGLVSHQVDELOHXQSHUIHWWRVHUYL]LRPHWHRURORJLFRHGL FROOHJDPHQWRSHUSRWHUGDUHO DOODUPHLQWHPSRXWLOH ,Q,WDOLDYDULHGLWWHVRQRLQJUDGRGLIDEEULFDUHDUWLIL]LDQWLJUDQ GLQH *UDSSROLGHWRQDQWLSHUODGLIHVDGHLUDFFROWLHGHOOHVHPLQH FRQWUR JOL DQLPDOL QRFLYL SDVVHUL FRUYL FRQLJOL HFF 6RQR PROWR LPSLHJDWL LQ )UDQFLD L FRVLGGHWWL JUDSSROL GHWRQDQWL ©5XJJLHULª GHOOD OXQJKH]]D GL FP H GHOOD GXUDWD GL FLUFD RUH SHWDUGL GHWRQDQR D LQWHUYDOOL UHJRODUL GL R PLQXWL TXHVW XOWLPR LQWHUYDOOR q ULVHUYDWR DOOD PHWj GHOOD JLRU QDWD ,OORURSHVRQRQVRUSDVVDLJHSHUFLzXQDSHUVRQDVRODQH SXzFROORFDUHXQQRWHYROHQXPHURDSRVWR 2JQLSHWDUGRSURGXFHXQUXPRUHVLPLOHDGXQFROSRGLIXFLOH H VYLOXSSD XQD FHUWD TXDQWLWj GL IXPR LQ PRGR GD GLVWXUEDUH D LQWHUYDOOLSLRPHQRUHJRODULJOLDQLPDOLQRFLYLFKHGRSRXQSR

VLDOORQWDQDQRDOODULFHUFDGLSRVWLSLWUDQTXLOOL 6L WUDWWD LQ GHILQLWLYD GL XQ FHUWR QXPHUR GL SLFFROL SHWDUGL FROOHJDWLFRQXQVLVWHPDLQFHQGLYRPROWROHQWR,OJUDSSRORYLH QHVRVSHVRDPH]]RGLXQDQHOORDGXQDOEHURRDGXQPDQLFKLQR RDGXQSDORDFFHQGHQGRO HVWUHPLWjRSSRVWDFRQXQ ILDPPLIHUR FRQWURLOYHQWR 6L SXz DQFKH FROORFDUH LO JUDSSROR VX XQD WDYROD FROORFDWD VXO WHUUHQR ILVVDQGROR LQ SXQWL H LQ FDVR GL FDWWLYR WHPSR FR SUHQGRORFRQXQDODPLHUDRFRQXQDERWWH 7UDOHYDULHGLWWHFLWLDPROD6RF6LSHGL0LODQRLQ9LD7XUDWLFKH IDEEULFDUD]]LDQWLJUDQGLQHVXOLFHQ]DIUDQFHVH5XJJLHUL

$UWLIL]L IXPRJHQL SHU DWWH QXDUH L GDQQL GHOOH EULQH H GHL JHOL SULPDYHULOL 3HU GLIHQGHUH OH YLWL H OH SLDQWH IUXWWLIHUH GDOOD EULQD H GDO JHOR SULPDYHULOH q GL JUDQ YDQWDJJLR O LPSLHJR GL FRUWL QH GL QHEELD DUWLILFLDOH FKH SRVVRQR HVVHUH SURGRWWH LQ YDULPRGL 8Q PH]]R HFRQRPLFR SXz HVVHUH TXHOOR GL EUXFLDUH ID VFLQHGLYLWLGLFDQQHVWUDWLIL FDWH FRQ SDJOLD XPLGD GHOOH QXELGLIXPRVLSRVVRQRRWWH QHUH DQFKH DGRSHUDQGR VH JDWXUD PHVFRODWD D FDWUDPH JUHJJLR RG DQFKH OH PLVFHOH IXPRJHQH PROWR HFRQRPL FKH D EDVH GL VHJDWXUH QL WUDWR VRGLFR FDWUDPH HG DF TXDVLSRVVRQRDOWUHVuDGRSH UDUH L FLOLQGUL IXPRJHQL DO O HVDFORURHWDQR 8QRGHLPH]]LSLHFRQRPLFL FRQVLJOLDWR GDOO $ q TXHOOR GHL FLOLQGUL IXPRJHQL DO QL WUDWRVRGLFRILJ ODPL VFHOD LQ HVVL FRQWHQXWD KD XQ FRVWR OLPLWDWR , FLOLQGUL YDQ QR LQWHUYDOODWL RSSRUWXQD PHQWH D VHFRQGD GHO TXDQ WLWDWLYR GL PLVFHOD LQ HVVL FRQWHQXWR LQ PHGLD FLUFD PXQRGDOO DOWURHVXGXHILOH GLVWDQWLP %UXFLDQGR GHO FDWUDPH JUHJJLR VL SXz ULWHQHUH FKH LQ JURVVR PRGR FRQ T GL TXHVWR SURGRWWR VL SRVVD GL

IHQGHUH XQ HWWDUR GL WHUUHQR ,O FDWUDPH VL SXz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qQHFHVVDULRFKHQRQDSSHQDVLDE ELD XQ DEEDVVDPHQWR GL WHPSHUDWXUD WDOH GD IDU SUHYHGHUH OD IRUPD]LRQHGLEULQHLOWHUPRPHWURVFHQGHLQTXHVWRFDVRYHUVR ]HUR JOLLQFDULFDWLDFFHQGDQRFRQUDSLGLWjLGLVSRVLWLYLIXPRJH QLLQGHWWRPRGROHQXELGLIXPRDUWLILFLDOHLQWHUSRQHQGRVLWUDOD WHUUDHJOLVWUDWLDWPRVIHULFLVXSHULRULLPSHGLVFRQRFKHLOWHUUHQR VL UDIIUHGGL HG LQROWUH SURYRFDQGR GHOOH FRUUHQWL DVFHQGHQWL GL VWXUEDQRLOIRUPDUVLGHOODEULQDHLPSHGLVFRQRDTXHVWDGLGHSR VLWDUVLVXOOHSLDQWH Ê GD RVVHUYDUH DO ULJXDUGR FKH SHU SRWHU SUHYHQWLYDPHQWH DY YHUWLUH JOL DJULFROWRUL GHOO DYYLFLQDUVL GHOOH DYYHUVLWj PHWHR URORJLFKHVRQRVWDWLLVWLWXLWLDOO HVWHURGHLVHUYL]LFKHSHUPHWWRQR DJOLDJULFROWRULGLGLIHQGHUVL FRQWURGLHVVH3HUHVLQ 6YL]]HUD SHUODGLIHVDGHLIUXWWHWLFRQWURLJHOLSULPDYHULOLGXUDQWHLPHVL GL DSULOH H PDJJLR GRSR OH RUH GL RJQL VHUD L IUXWWLFROWRUL SRVVRQR FKLHGHUH DOOD VWD]LRQH )HGHUDOH $JUDULD QRWL]LH FLUFD L SRVVLELOL SHULFROL QRWL]LH HODERUDWH LQ EDVH DL GDWL IRUQLWL GDO O ,VWLWXWR&HQWUDOH6YL]]HURGL0HWHRURORJLD $UWLIL]L SHU OD GLVWUX]LRQH GL QLGL GL YHVSH 4XDQGR QRQ q SRVVLELOHGLVWUXJJHUHGLUHWWDPHQWH FRLIXRFRR DOWULPHQWLQLGLGL YHVSHVRQRXVDWLDOO HVWHURGHLSLFFROLDUWLIL]LFKHQRQVRQRDOWUR FKHGHOOHSLFFROHFDQGHOHIDWWHFRQODVHJXHQWHFRPSRVL]LRQHD EDVHGLSROYHUHQHUDGLFXLVRQRYDULDWLRSSRUWXQDPHQWHLFRP SRVWL 1LWUDWRSRWDVVLFR =ROIR ««« &DUERQHGLOHJQD

6LOHJDDGXQSDOROXQJRDEEDVWDQ]DGDSRWHUUDJJLXQJHUHLO QLGRO DUWLIL]LROXQJRFLUFDFPHODUJRFLUFD&06LDF FHQGH SRUWDQGROR VXELWR D FRQWDWWR GHO QLGR FKH YLHQH FRVu GL VWUXWWRLPSHGHQGRDOOHYHVSHGLRIIHQGHUHO RSHUDWRUH $UWLIL]LD IXPL LUULWDQWL FRQWUR YROSL R WDVVL HFF 3RVVRQR HVVHUHDGRSHUDWLDQFKHDUWLIL]LDIXPLLUULWDQWLFRQWURYROSLRWDV VLHDOWULDQLPDOLSHUFRVWULQJHUOLDGDEEDQGRQDUHLORURQDVFRQ GLJOL SRVVRQR VHUYLUH DOOR VFRSR JOL DUWLIL]L GD HVHUFLWD]LRQH SVHXGRJDVFRQWHQHQWLJGLFORURDFHWRIHQRQHXQDYROWDLQXVR QHOQRVWUR(VHUFLWR

&I,]]R*XHUUDFKLPLFDHG+RHSOLSDJ

&$3,72/2,O

3,527(&1,$,1'8675,$/(

*OLDUWLIL]LSLURWHFQLFLWURYDQRYDULHDSSOLFD]LRQLLQGXVWULDOLDOOH TXDOLDFFHQQLDPR EUHYHPHQWH LQ TXDQWR WUDWWDVL GL XWLOL]]DUH OH QRWHFRPSRVL]LRQLLQPH]]LFKHQRQYHQJRQRXVDWLSHUIHVWLYLWj

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

7RUFHDYHQWR , WLSLSHU IHUURYLD VRQR HVVHQ]LDOPHQWH GL GXH WLSL LQ FHUD D OXQJD GXUDWD ILQR D RUH H SURGXFHQWL SRFR IXPRHGLWLSRPHWDOOLFRDOXFHURVVD3HUDXPHQWDUHODGXUDWD GLTXHVW XOWLPRWLSRGLWRUFLDVLVXROHDJJLXQJHUHDOOHFRPSRVL ]LRQLVROLWHXVDWHLQSLURWHFQLDGHOODVHJDWXUDIDULQDGLOHJQR VLD SHU UHQGHUOH SL HFRQRPLFKH FRPH SHU YDULDUQH OD GXUDWD 6RQRXVDWHDQFKHLQPDULQDSHUFDQRWWLGLVDOYDWDJJLR HDQFKHD OXFHELDQFDSHULOOXPLQD]LRQH

$UWLIL]L SHU DFFHQVLRQH GL PRWRUL D FRPEXVWLRQH LQWHUQD 6RQREUHYHWWDWLYDULVLVWHPLFRPHLO ©3LOWHUªHLO©6XO]HUªO © $OVWKRPªHFFGLDFFHQVLRQHFRQDUWLIL]LDWWLDOORVFRSSLR $UWLIL]LIXPRJHQLSHUSURYHGLWHQXWDVWDJQDGLFDOGDLHWXED ]LRQLHFF6LXVDQRFLOLQGULIXPRJHQLFRQWHQHQWLXQSR GLEHQ ]RLQRHLQFHQVRRQGHFDUDWWHUL]]DUHPHJOLRFRQO RGRUHOHHYHQ WXDOLIXJKH 5D]]LODQFLDFDYLGLVDOYDWDJJLRSHUQDYL ,PH]]LSLURWHF QLFL VRQR XVDWL GD WHPSR SHU ODQFLDUH D PH]]R GL XQ UD]]R XQ VRWWLOHFDYHWWRILQRDOODQDYHLQSHULFRORDPH]]RGHOFDYHWWRVL SXzWLUDUHXQDFRUGDUREXVWDVRVSHQGHQGRVLDOODTXDOHOHSHUVR QHDERUGRGHOODQDYHSRVVRQRVDOYDUVL ,OSULPREUHYHWWRLQJOHVHSHUWDOHXVRGHLUD]]LqGHOEUHY 'HQQHW

/D'LWWDWHGHVFD6DQGHUSHUWDOLDUWLIL]LFRVWUXLYDSULPDGHOODVH FRQGDJXHUUDPRQGLDOHXQ DSSRVLWDSLVWRODSHUPHWWHQWHLOODQFLR GHOFDYRILQRDPGLGLVWDQ]D /DILJPRVWUDXQDFDVVHWWD6DQGHUHODILJFRPHVLHI IHWWXDLOODQFLRGHOO DUWLIL]LR

&$3,72/2,,, $57,),=,3,527(&1,&,3(586,%(//,&,

$ &(11,68,35,1&,3$/,7,3,',$57,),=,'$ *8(55$7(55(675,

UHTXLVLWLHVVHQ]LDOLFXLGHYRQRVRGGLVIDUHJOLDUWLIL]LGDJXHUUD QHLULJXDUGLSUDWLFLVRQR

D VLFXUH]]D HG DVVROXWD VHPSOLFLWj G LPSLHJR LQ PRGR FKH RJQLVROGDWRSHUTXDQWRLQHVSHUWRVLWURYLLQJUDGRGLXVDUOL E IDFLOLWjHUDSLGLWjGLFRVWUX]LRQH F IDEEULFD]LRQHD FRVWRUHODWLYDPHQWH EDVVRHSRVVLELOPHQWH FRQPDWHULHSULPHGLSURGX]LRQHQD]LRQDOH ,SULQFLSDOLWLSLGLDUWLIL]LVRQRWUH ,5D]]LSURSULDPHQWHGHWWL 5DFFKHWWH &DUWXFFHWLSR9HU\

5D]]L8QUD]]RILJ qFRVWLWXLWRGD

XQD FDQQD WXERODUH PRWRUH FKH FRQWLHQH LO PLVFXJOLR GL SURSXOVLRQHIRUPDWRGLSROYHUHQHUDqFDUERQH,QHVVRVLGLVWLQ JXHO DQLPDIRURFHQWUDOHGLIRUPDWURQFRFRQLFD FKHDWWUDYHUVD XQDSDUWHGHOODFDULFDFLUFDLqSHUTXHVWDFDYLWjFKHLOPL VFXJOLR SUHFHGHQWH SUHQGHQGR IXRFR LQ WXWWD OD VXD OXQJKH]]D Gj XQ JHWWR GL JDV FRVu IRUWH GD LPSULPHUH DO UD]]R XQ UDSLGR PRYLPHQWRGLDVFHQVLRQH HLOPDVVLFFLR

FRPSRVWR GDOOD SDUWH GHOOD FDULFD QRQ IRUDWD FLUFD H GD XQRVWUDWRGLFUHWDFKHGLYLGHODFDULFDGDOFDOLFH XQ FDOLFH FRQ JXDUQL]LRQH YDULDELOH D VHFRQGD GHO WLSR GL UD]]R XQ FLOLQGUHWWR GL FDUWRQH VRWWLOH DGHUHQWH DOOD SDUWH LQ IHULRUHGHOODFDQQDHFKHSURWHJJHLOFRQJHJQRG DFFHQVLRQHFR VWLWXLWR GD XQD PLFFLD D WHPSR FKH FRPXQLFD O DFFHQVLRQH DOOR VWRSSLQRLQWURGRWWRGHQWURO DQLPDGHOUD]]RXQDGHOOHHVWUHPLWj GHOOD PLFFLD YLHQH IRJJLDWD D FDSRFFKLD H LPEHYXWD GL XQ DWWD PLVFHOD0HGLDQWHVHPSOLFHVWURILQLRFRQXQGLVFRGLFDUWDIRVIR UDWDSULQFLSLRGHLILDPPLIHULVYHGHVL VLSURYYHGHDOODDFFHQ VLRQHGHOUD]]R

&KLIDIXQ]LRQDUHLOUD]]RQRQKDDOWURGDIDUHFKHWRJOLHUHLO FLOLQGUHWWRGLFDUWRQHSHUPHWWHUHDOORVFRSHUWRODPLFFLDHVWURIL QDUH LO GLVFKHWWR GL PLVFHOD IRVIRURVD FRQWUR OD FDSRFFKLD GHOOD PLFFLD &RPSOHWDLOUD]]RXQJRYHUQDOHFKHVHUYHSHUGLULJHUHLOUD] ]RGXUDQWHO DVFHQVLRQH 3HUO DFFHQVLRQHGHLUD]]LV LQILODSULPDLOJRYHUQDOHQHO O DS SRVLWR WXEHWWR GL FDUWRQH OHJDWR ODWHUDOPHQWH DOOD FDQQD VL DS SRJJLDLOUD]]R FRVuDUPDWRVXXQOLVWHOORGLOHJQRRVXTXDOFKH ULDO]R GHO WHUUHQR YHUWLFDOPHQWH H WHQHQGR IHUPD FRQ OD PDQR VLQLVWUD OD SDUWH VXSHULRUH GHO UD]]R VL SURFHGH DOO DFFHQVLRQH FRPHVLqGHWWRVRSUD ,Q WXWWL L FDVL TXDOXQTXH WLSR GL UD]]R VL DGRSHUL GRSR DYHUQH GHWHUPLQDWD O DFFHQVLRQH DOORQWDQDUVL VXELWR GL DOFXQL PHWUL DG HYLWDUH GDQQL SHUVRQDOL QHO FDVR FKH SHU GHWHULRUDPHQWR GHOOD FDUWDRSHUGLIHWWLGLFRVWUX]LRQHLOUD]]RDEELDDVFRSSLDUH ,SULQFLSLGDWHQHUVLSUHVHQWLQHOODFRQIH]LRQHGLXQUD]]RVRQR

LO PLVFXJOLR GD XWLOL]]DUVL FRPH FDULFD GL ODQFLR GHYH SURGXUUH XQ JUDQGH YROXPH GL JDV LQ PRGR GD DYHUH XQD IRU WLVVLPDSUHVVLRQHDOO LQL]LRGHOO DFFHQVLRQH O DQLPDGHOUD]]RGHYHHVVHUHIDWWDLQPRGRGDGDUHDOO LQ ILDPPD]LRQHXQFDUDWWHUHG LVWDQWDQHLWj O DUWLIL]LR GHYH HVVHUH FRVWUXLWR LQ PRGR GD FRVWLWXLUHXQ VLVWHPDFKLXVRHGLPSHUPHDELOHSHULPSHGLUHSHUTXDQWRSRVVL ELOHVLDLOSDVVDJJLRGHOO XPLGLWjHOOHLSHULFROLG DXWR DFFHQVLR QH

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

ÊGDRVVHUYDUHFKHLQUHOD]LRQHDOODORUROXPLQRVLWjLVHJQDOL YHUGLVLYHGRQRPHQRGHLURVVL,JLDOOLVRQRSLYLVLELOL ,QDOFXQHPLVFHOHHVDPLQDWHDOIRWRPHWURSRVWRLQFDQGHOHLO YDORUHLSHUOHPLVFHOHYHUGLVLHEEHSHUOHURVVH HSHUOH JLDOOH

5DFFKHWWH 1RQ VRQR DOWUR FKH WXEL GL FDUWRQH ULQIRU]DWR ILJ FRQWHQHQWH OD FDULFD GL ODQFLR H XQ ERVVROHWWR FRQWH QHQWHODFRPSRVL]LRQHOXPLQRVD,SULPLWLSLGLUDFFKHWWHDYHYD QRXQFRQJHJQRG DFFHQVLRQHDVWUDSSRFRQFRUGLFHOODO RSHUDWR UH LPSXJQDWD IRUWHPHQWH FRQ OD PDQR VLQLVWUD OD UDFFKHWWD WH

QHQGROD OHJJHUPHQWH LQFOLQDWD D PHWj GHOOD VXD DOWH]]D GDYD XQR

VWUDSSRDOODFRUGLFHOOD6XFFHVVLYDPHQWHLOVLVWHPDG DFFHQVLRQH DGRWWDWRqVWDWRTXHOORJLjGHVFULWWRQHLUD]]L

&DUWXFFH 9HU\ GD VHJQDOD]LRQH 6RQR D VWHOOD ELDQFD D VWHOODURVVDHDVWHOODYHUGH6RQRIRUPDWHGDXQERVVRORGLRWWR QHIRUDWRSHUO LQQHVFRPLVFHODGLIXOPLQDWRGLPHUFXULRFORUDWR SRWDVVLFR H VROIXUR G DQWLPRQLR H FRQWHQHQWH OD VWHOOD FLOLQGUR GL PDWHULD SLULFD DYHQWH FRPSRVL]LRQH YDULDELOH D VHFRQGD GHO FRORUH 6LODQFLDQRDPH]]RDSSRVLWDSLVWROD9HU\DSHUFXVVLRQH FHQWUDOHVHUYRQRSHUODFRPXQLFD]LRQHDGLVWDQ]DFRPELQDQGRL VHJQDOLVHFRQGRLOFLIUDULRSUHVWDELOLWR1HJOLHVHUFLWLHVWHULVRQR XVDWH FDUWXFFH GHOOR VWHVVR WLSR PD GL FDOLEUR GLYHUVR ODQFLDWH FRQSLVWROHGLGL GLPHQVLRQLYDULHILJ

'XUDQWHODSULPDJXHUUDPRQGLDOHIXURQRDOWUHVuXVDWLGXHWLSL GLDUWLIL]L

D 6LELODQWH TXHVWR DUWLIL]LR VXO WLSR GHOOD UDFFKHWWD LO OXPLQDQWHILJ HUDFRQWHQXWRLQXQSLFFRORHVHPSOLFHWXER GLFDUWRQHFRVWLWXLWRGDXQWXERGLFDUWDFRPSUHVVDVXXQSXQWDOH GL OHJQR GHVWLQDWR D ULFHYHUH O LQQHVFR D IUL]LRQH FRPDQGDWR GDOODVROLWDIXQLFHOOD(VVR ODQFLDYD DOO DOWH]]D GL FLUFD P XQ WXERFKHUHVWDYDVRVSHVRDXQSDUDFDGXWHFKHHPHWWHYDXQOXQJR VLELORFDUDWWHULVWLFRXGLELOHDNPGLGLVWDQ]D , UD]]L VLELODQWL VHUYLYDQR D GDUH O DOODUPH LQ FDVR G DWWDFFR QHPLFRFRQJDVDVILVVLDQWL

E /DQFLDPHVVDJJL RODQFLDPDQLIHVWL HUDXQSLFFRORUD]]RD JRYHUQDOH FKH SRUWDYD XQ DVWXFFLR FLOLQGULFR QHO TXDOH SRWHYD HVVHUHFRQWHQXWRXQELJOLHWWRSRUWDDYYLVR DUURWRODWRVXVHVWHVVR $YHYD XQD SRUWDWD GL P 1HO SXQWR GL DUULYR HPHWWHYD XQD GHQVDQXEHGLIXPRJLDOORSURGRWWRGDXQERVVROHWWRGLPLVFHOD VLWXDWDVRSUDLOFDOLFH DVVDLYLVLELOHHFDUDWWHULVWLFD6HUYLYDSHU PDQWHQHUHLOFROOHJDPHQWRGHOOHSULPHOLQHH / DUWLIL]LRODQFLDPDQLIHVWLHUDFRPHLOSUHFHGHQWHPDVHUYLYD SHUODQFLDUHVXO QHPLFR XQ URWROR GL PDQLIHVWLQL $QFKH OD SRU WDWDHUDXQSR PLQRUHFLUFDP ÊGDRVVHUYDUHFKHLUD]]LXVDWLSULPDGHOUHJRODPHQWDUL QHOO (VHUFLWR HUDQR GL WLSL FKH GLIIHULYDQR VROR SHU OD JXDUQL ]LRQH DIXPDWDSHUOHVHJQDOD]LRQLGLXUQH DUD]]LPDOWLHDVWHOOHSHUOHVHJQDOD]LRQLQRWWXUQH D SDUDFDGXWH H D FDVWDJQROH XVDWL SHU HQWUDPEH OH VHJQD OD]LRQLGLXUQHHQRWWXUQH $FFHQQLDPR EUHYHPHQWH DL UD]]L PDWWL H D FDVWDJQROH GDWR FKHJOLDOWULWLSLQRQGLIIHULVFRQRGDLQRUPDOLUD]]LJLj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

% $57,),=,3(5$(5(,

)XURQR ODUJDPHQWH XVDWLGXUDQWH OD SULPD JXHUUD PRQGLDOH H VXFFHVVLYDPHQWH HEEHUR XQ QRWHYROH VYLOXSSR FRQ SHUIH]LR QDPHQWLGLFDUDWWHUHWHFQLFRDYHQWLORVFRSRGuDXPHQWDUHODVL FXUH]]DG LPSLHJRQHJOLDHUHLLQYRORRQGHHYLWDUHDERUGRTXDO VLDVLILDPPDFKHSRWHVVHGDUHOXRJRDSULQFLSLRG LQFHQGL/ DUWL IL]LRGHYHIXQ]LRQDUHGRSRDYHUODVFLDWRO DHUHR ,SULPLWLYLDUWLIL]LSHUDHUHLILJ FRQVLVWHYDQRLQFLOLQGUL FRQWHQHQWLOHYDULHJXDUQL]LRQLFKHYHQLYDQRDFFHVLGDJOLDYLHUL PHGLDQWHLOVROLWRVLVWHPDG DFFHQVLRQHDVWUDSSRHGHVSHOOHYDQR OHVWHOOHYDULDPHQWHFRORUDWHRSSXUHLQFDUWXFFHODQFLDWHGD DS SRVLWHSLVWROHFRQWHQHQWLOHYDULHVHJQDOD]LRQLFRQSDUDFDGXWHR VHQ]D 'DOOH SULPLWLYH FDUWXFFH 9HU\ VL q SDVVDWR D FDUWXFFH GD VH JQDOD]LRQL DYHQWL LO GLDPHWUR GL PP H LQILQH D FDUWXFFH IRU PDWHGD SDUWL XQD LQIHULRUHGL GLDPHWURPLQRUHGL VROLWR PPSHUXVXIUXLUHGHOODVWHVVDSLVWRODGLODQFLR HXQDVXSHULRUH GLGLDPHWURVXSHULRUHFRQWHQHQWLODJXDUQL]LRQHGLHIIHWWRQDWX UDOPHQWH VXSHULRUH D TXHOOR GHOOH QRUPDOL FDUWXFFH GD VHJQDOD ]LRQH/DILJPRVWUDXQDSLVWRODWHGHVFDSHULOODQFLRGLDUWL IL]LGDDHUHL 6XFFHVVLYDPHQWHYHQQHURVWXGLDWLGHJOLDUWLIL]LDGDFFHQVLRQH HOHWWULFD FKH YHQLYDQR ODQFLDWL FRQ DSSRVLWR WXER GL ODQFLR QHO FXLLQWHUQRHUDQRDSSOLFDWLGHLFRQWDWWLHOHWWULFLPHGLDQWHXQGL VSRVLWLYRO DUWLIL]LRQHOODVFLDUHO DHUHRFKLXGHYDXQFLUFXLWRYH ULILFDELOH D SDUWH FRQ VHPSOLFH JDOYDQRPHWUR FKH SURYRFDYD O DFFHQVLRQHGHOGLVSRVLWLYRGLLQQHVFDPHQWRGHOO DUWLIL]LR $OWUL DUWLIL]L SHU DHUHL VSHFLH JOL LOOXPLQDQWL D SDUDFDGXWH VRQR VWDWL FRVWUXLWL LQ PRGR WDOH FKH ODQFLDWL GDOO DHUHR LQ YROR GRSRXQFHUWRSHUFRUVRQHOYXRWRVRWWRODSUHVVLRQHGHOO DULDOD VSROHWWDG DFFHQVLRQHUXRWDQGRSURYRFD O DFFHQVLRQH GL XQD SLF FROD

$UWLIL]LSHUDHUHLXVDWLQHOODODJXHUUDPRQGLDOH

FDULFD GL ODQFLR FKH SURYRFD O DFFHQVLRQH GHO EHQJDOD H OD VXD HVSXOVLRQH FRO SDUDFDGXWH GDO O LQYROXFURFKHORFRQWLHQH 3HULOEXRQIXQ]LRQDPHQWRGHOGLVSRVLWLYRRF FRUUH FKH LO ODQFLR VLD IDWWR DG DOPHQR P G DOWH]]D /DILJPRVWUDXQDERPEDLOOXPLQDQWHFR VWUXLWDGDOODGLWWD5XJJLHULVHFRQGRTXHVWRFULWH ULR $OWUL DUWLIL]L XVDWL LQ DHURQDXWLFD 6RQR VWDWLXVDWL

EHQJDODG DWWHUDJJLRDFFHVLHOHWWULFDPHQWH GHVWLQDWLLQWDOX QLFDVLVSHFLHGLDWWHUUDJJLRIRU]DWRSHUO LOOXPLQD]LRQHGHOWHU UHQR6LDGRSHUDQRGLVROLWRDFRSSLHXQRSRWHQGRVHUYLUHSHULO ULFRQRVFLPHQWR GHO WHUUHQR H O DOWUR SHU O DWWHUUDJJLR SURSULD PHQWHGHWWR FLOLQGUL IXPRJHQLSHULQGLFDUH DJOLDHUHL LQ YROR OD GLUH]LRQH GHOYHQWR

ERPEH SHU ODQFLR D PH]]R GL PRUWDLR GL VHJQDOD]LRQL GD VHUYLUHVHFRQGRXQFRGLFHVWDELOLWRDJOLDHUHL FKHGHYRQRDWWHU UDUHQHLTXDOLODUDGLRVLDJXDVWD $GRJQLPRGROHJXDUQL]LRQLVRQRDQDORJKHDTXHOOHLQXVR QHJOLDUWLIL]LWHUUHVWUL DUWLIL]LLQFHQGLDULODVWULQHGLFHOOXORLGHFRQIRVIRUR & $57,),=,3(51$9,

1RQ GLIIHULVFRQR GD TXHOOL WHUUHVWUL $VVXPRQR SDUWLFRODUH LPSRUWDQ]DJOLDUWLIL]LLOOXPLQDQWLFRQWHQHQWLXQJURVVREHQJDOD DSDUDFDGXWH 1XPHURVHVRQROHVRFLHWjLQ,WDOLDFKHKDQQRFRVWUXLWRDUWLIL]L GDJXHUUDWUDOHWDQWHFLWLDPRL3ROYHULILFL6WDFFKLQLLQ5RPDOD GLWWD&DPRFLQLGL&RPROD0XJQDLRQLOD6RF$&1$HFF

'XUDQWHODVHFRQGDJXHUUDPRQGLDOHVRQRVWDWHODQFLDWHGD JOLDHUHLGHOOHODVWULQHLQFHQGLDULHFRQVLVWHQWLLQXQD3LFFRODOD VWUD GL FHOOXORLGH FRQ IRUDWXUD URWRQGD DO FHQWUR 6RSUD WDOH DSHUWXUDHUDDSSOLFDWDFRQGHLJDQFHWWLGLILORGLIHUURGHOODJDU ]DQHOODTXDOHHUDVLVWHPDWDXQDSLFFRODVIHUDGLIRVIRURGD JUDPPR /DJDU]DHUDLPEHYXWDGLXQOLTXLGRFKH HYDSRUDYDSLUDSL GDPHQWHGHOO DFTXD'RSRODHYDSRUD]LRQHGHOOLTXLGRLOIRVIRUR VLLQFHQGLDYDGDVp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

3$57(48,17$

&$3,72/2,

5,&(77$5,2',&20326,=,21,3,527(&1,&+(

6LqULWHQXWRXWLOHQHOODFRPSLOD]LRQHGHOULFHWWDULRVHJQDODUH QXPHURVH IRUPROH DQFKH DQWLFKH ULSRUWDWH D FRPSRVL]LRQH FHQWHVLPDOH &RPHVLRVVHUYHUjQHOO HVDPLQDUOHQHLYDULSDHVLHDVHFRQGD GHLSLURWHFQLFLVRQRXVDWHQXPHURVHVRVWDQ]HWDOYROWDOHSLGL VSDUDWH 2FFRUUHSUDWLFDPHQWHGDWHODSUHIHUHQ]DDFRPSRVL]LRQLFKH VLDQRVHPSOLFLHTXLQGLFRQSRFKLFRPSRQHQWL GLVLFXURHIIHWWR HG HFRQRPLFKH 3HUFLz PLVFXJOL FRPSRVWL FRQ SURGRWWL DO PDVVLPR / $GjODSUHIHUHQ]DDTXHVWHFRPSRVL]LRQLWLSLFKH OXFLELDQFKHQLWUDWRGLEDULRDOOXPLQLR]ROIR OXFLELDQFKHHFRQRPLFKHDEDVHGLVLOLFLXURGLFDOFLRQLWUDWR SRWDVVLFRHQLWUDWRGLEDULR OXFLURVVHFDUERQDWR GL VWURQ]LR FORUDWR SRWDVVLFRR SHUFOR UDWR VFLDODFFD OXFLYHUGLFORUDWRGLEDULRHVFLDODFFD OXFLJLDOOHQLWUDWRGLVRGLRDOOXPLQLR]ROIR 9ROHQGR DOOD VFLDODFFD VL SXz VRVWLWXLUH TXDOFKH UHVLQD VLQ WHWLFDLQSROYHUHWLSR9LSODFRPHqVWDWRIDWWRLQODUJDVFDODLQ *HUPDQLDQHOODUHFHQWHJXHUUDPRQGLDOH

&20326,=,21,$/8&(*,$//$ 3HUVWHOOH 1LWUDWRGLVRGLR 1LWUDWRGLSRWDVVLR 1LWUDWRGLEDULR &DUERQHGLOHJQR =ROIR $OOXPLQLR %LFDUERQDWRVRGLFR 3ROYHULQR *RPPD ODFFD R VFLD ODFFD 6DOH GL VWURQ]LR VRO IDWR 'HVWULQD R JRPPD DUDE &ORUDWRGLSRWDVVLR 2VVDODWRGLVRGLR 3HUVHJQDOD]LRQL 1LWUDWRSRWDVVLFR ªVRGLFR 2VVDODWRVRGLFR =ROIR &DUERQHGLOHJQR 0DJQHVLR &ORUXURGLSROLYLQLOH

3HUODQFHGLGHFRUD]LRQHEHQJDODHILDPPH

&ORUDWRSRWDVVLFR 1LWUDWRGLVRGLR 2VVDODWRGLVRGLR %LFDUERQDWRGLVRGLR 6DOHGLVWURQ]LRQLWUDWR =ROIR &RORIRQLD &DUERQHGLOHJQR *RPPDODFFDRVFLDODFFD

3HUIXRFKLGDWHDWURRGDWDYROD

1LWUDWRVRGLFR 2VVDODWRVRGLFR 1LWUDWRGLEDULR =ROIR &DUERQHGLOHJQR 6ROIXURG DQWLPRQLR 6FLDODFFDRJRPPDODFFD )LDFFROHRWRUFHDOHQWDFRPEXVWLRQH

&ORUDWRSRWDVVLFR &DUERQDWRVRGLFR 1LWUDWRSRWDVVLFR =ROIRILRULGL &DUERQHGLOHJQR 6WHDULQD

7RUFHDOSHUFORUDWRGLSRWDVVLR FRORUJLDOORDUDQFLRQH

3HUFORUDWRGLSRWDVVLR 2VVDODWRGLVRGLR 1LWUDWRGLEDULR 6DOHGLVWURQ]LRQLWUDWR *RPPDODFFDRVFLDODFFD =ROIR

/DFRPSRVL]LRQHQQRQ qGLOXQJDFRQVHUYD]LRQHHYDLPSLH JDWDVXELWR 3HUWUDFFLDQWL WHGHVFD

0LVFHODGLLJQL]LRQH =LUFRQLR 1LWUDWRSRWDVVLFR 3ROYHUHQHUD

0LVFHODLQWHUPHGLD

1LWUDWRGLEDULR 1LWUDWRSRWDVVtFR $OOXPLQLR =ROIR 3ROYHUHQHUD

0LVFHODLOOXPLQDQWH

1LWUDWRVRGLFR 0DJQHVLR &HUDVLQWHWLFDWLSR7 &RPSRVL]LRQLDOXFHJLDOORRUR 3HUVWHOOH

&ORUDWRGLSRWDVVLR %LFDUERQDWRVRGLFR *RPPDODFFDRVFLDODFFD « 3HUWRUFH

3HUFORUDWRGLVRGLR « $OOXPLQLR ««««««««« *RPPDDUDELFD « 3HUFDQGHOHURPDQH

2VVDODWRVRGLFR 1LWUDWRSRWDVVLFR =ROIR &DUERQHGLOHJQR *RPPDDUDELFDRGHVWULQD *RPPDODFFDRVFLDODFFD

3HUILDPPHFRQDOOXPLQLR

, ,,,,, 2VVDODWRVRGLFR $OOXPLQLR 3ROYHULQR 6ROIXURG DQWLPRQLR *RPPDDUDELFDRGHVWULQD

/D FRPSRVL]LRQH ,,, Gj OD VHQVD]LRQH G XQ FRORUH JLDOOR RUR IXJJHQWH O DOOXPLQLR q PHVFRODWR QHOOH SURSRU]LRQL GL S GL SROYHUHILQDSROYHUHGLPHGLDJUDQGH]]DHSGLDOOXPLQLR LQ VFDJOLH ,O SROYHULQR q FRO VHJXHQWH GRVDPHQWR S QLWUDWR SRWDVVLFRS]ROIRHSFDUERQH &20326,=,21,$/8&(5266$ 3HUVWHOOH &ORUDWRGLSRWDVVLR 1LWUDWRGLVWURQ]LR &DUERQDWRGLVWURQ]LR &DUERQHGLOHJQR 1HURIXPR 3HFHJUHFD *RPPDODFFDRVFLDODFFD =XFFKHURGLODWWH *RPPDDUDELFD

3HUVHJQDOD]LRQL , ,, ,,, ,9 9 &ORUDWRSRWDVVLFR 1LWUDWRGLVWURQ]LR &DUERQDWRGLVWURQ]LR 2VVDODWRGLVWURQ]LR *RPPDODFFDRVFLDODFFD =ROIR &DUERQHGLOHJQR 6ROIXURG DQWLPRQLR 3HFH /DFRPSRVL]LRQHQqLQGLFDWDSHUQDYLLQSHULFROR

9,

&RPSRVL]LRQLWHGHVFKHSHUVHJQDOD]LRQL/DQJKDQV 1LWUDWRGLVWURQ]LR *RPPDODFFD &ORUDWRSRWDVVLFR =ROIR &DUERQHGLOHJQD &DUERQDWRGLVWURQ]LR 1LWUDWRSRWDVVLFR =XFFKHURGLODWWH 6ROIXURGLDQWLPRQLR

&RPSRVL]LRQLWHGHVFKHFRQUHVLQHVLQWHWLFKH 1LWUDWRGLVWURQ]LR &ORUXURGLSROLYLQLOHLJHOLWHYLSODHFF 0DJQHVLR &HUDVLQWHWLFDRVWHDULQD 0RQRVWLUROR 3HUOXPLGLGHFRUD]LRQHEHQJDODHILDPPH

*XDUQL]LRQHODQFHROXPLGLGHFRUD]LRQHEHQJDOD ILDPPH &ORUDWRGLSRWDVVLR 1LWUDWRGLVWURQ]LR &DUERQDWRGLVWURQ]LR 1HURIXPR =ROIR *RPPDODFFD 3HUIXRFKLGDWHDWURHGDVDOD &ORUDWRGLSRWDVVLR 1LWUDWRGLVWURQ]LR =ROIR 6ROIXURG DQWLPRQLR &DUERQHGLOHJQR *RPPDODFFDRVFLDODFFD &DORPHODQR 6ROIXURGLUDPH &RORIRQLD $VIDOWRRELWXPH

3HUVDODFRQDFLGRSLFULFRRVXRLGHULYDWL &RPSRVL]LRQH'pVLJQROOH 3LFUDWRDPPRQLFR 1LWUDWRGLVWURQ]LR &RPSRVL]LRQH:HLQJDUW 1LWUDWRGLVWURQ]LR $FLGRSLHULFR &DUERQHGLOHJQR *RPLQDODFFD

)LDFFROHRWRUFHDOHQWDFRPEXVWLRQH &ORUDWRSRWDVVLFR 1LWUDWRGLVWURQ]LR =ROIRLQILRUL &DUERQHGLOHJQR 6WHDULQD

7RUFHEULOODQWLDOO DOOXPLQLR:HLQJDUW 3HUFORUDWRGLSRWDVVLR 1LWUDWRGLVWURQ]LR $OOXPLQLRLQSROYHUH ªLQVFDJOLH /LFRSRGLR =ROIR *RPPDODFFDRVFLDODFFD

7RUFHFRPXQL 3HUFORUDWRSRWDVVLFR 1LWUDWRGLVWURQ]LR =ROIR &ORUDWRSRWDVVLFR 1LWUDWRSRWDVVLFR &DUERQHGLOHJQR 5HVLQDWLSRVFLDODFFD )DULQDGLOHJQR 3DUDIILQDDEDVVRSXQWRGLIXVLRQHWLSR SHWURODWXP

3HUO DFFHQVLRQHGLTXHVWHWRUFHVLSXzXVDUHLOVLVWHPDJLjLQ XVRSHUJOLDUWLIL]LGDJXHUUDLWDOLDQLHFLRqGHLILDPPLIHULVYHGH VLLPEHYHUHXQ HVWUHPLWjFRQPLVFHODDOFORUDWRHVWURILQDUODFRQ XQDFDUWDLPEHYXWDGLSDVWDIRVIRURVD /HPLVFHOHDOFORUDWRSRVVRQRHVVHUHIRUPDWHFRQ &ORUDWRSRWDVVLFR )DULQDIRVVLOH 3ROYHUHGLYHWUR =ROIR *RPPD RSSXUH &ORUDWRSRWDVVLFR 6ROIXURG DQWLPRQLR &ROOD HODSDVWDIRVIRURVDULVSHWWLYDPHQWH )RVIRURURVVR 7ULVROIXURG DQWLPRQLR 3ROYHUHGLYHWUR *RPPD RSSXUH )RVIRURURVVR 2VVLGRQHURDOPDQJDQHVH &ROOD &RPSRVL]LRQHSHUWUDFFLDQWL 3HURVVLGRGLVWURQ]LR 0DJQHVLR 2VVDODWRGLVWURQ]LR

1% / RVVDODWR GL VWURQ]LR SXz DUULYDUH VLQR DO D VH FRQGD GHOOD OXPLQRVLWj Ê XWLOH DQFKH O DJJLXQWD GL SLFFROH SHU FHQWXDOLGLSROYHUHGL]LQFR &20326,=,21,$/8&(526($ 3HUVWHOOH &ORUDWRGLSRWDVVLR 6FLDODFFD &DUERQDWRGLVWURQ]LR

3HUIXRFKLGDWDYROD

1LWUDWRGLVWURQ]LR GLSRWDVVLR =ROIR &DUERQHGLOHJQR 6FLDODFFDRJRPPDODFFD 'HVWULQDRJRPPDDUDELFD

&20326,=,21,$/8&(9(5'( 3HUVWHOOH LWDOLDQHDPHULFDQHWHG &ORUDWRGLSRWDVVLR 1LWUDWRGLEDULR &ORUDWRGLEDULR *RPPDODFFDRVFLDODFFD 1HURIXPR &DUERQHGLOHJQR &DORPHODQR *RPPDDUDELFDRGHVWULQD =XFFKHURGLODWWH 3HUVHJQDOD]LRQL

&ORUDWRSRWDVVLFR 1LWUDWRGLEDULR =ROIR &DUERQHGLOHJQR

&RPSRVL]LRQLWHGHVFKHXVDWHQHO

1LWUDWRGLEDULR &ORUXURGLSROLYLQLOH 0DJQHVLR 6LOLFLR $FLGRUHVRUFLOLFR


&RPSRQHQWH

SHUODQFH

SHUEHQJDODHILDPPH

&ORUDWRSRWDVVLFR ªGLEDULR 1LWUDWRGLEDULR *RPPDODFFDRVFLDODFFD =XFFKHURGLODWWH 1HURIXPR &DORPHODQR 3HUIXRFKLGDWHDWURHGDVDOD

1LWUDWRGLEDULR &ORUDWRSRWDVVLFR =ROIR &DORPHODQR 1HURIXPR *RPPDODFFDRVFLDODFFD &ORUXURG DPPRQLRVDOHDPPRQLDFR &RPSRVL]LRQLDOO DFLGRSLFULFRHGHULYDWL GHO'pVLJQROOH

GHO%UX\qUH GHO:HLQJDUW

1LWUDWRGLEDULR 3LFUDWRG DPPRQLR $FLGRSLFULFR =ROIR &DUERQHGLOHJQDL

&RPSRVL]LRQLWHGHVFKHSHUVHJQDOD]LRQL/DQJKDQV

&ORUDWRSRWDVVLFR 1LWUDWRGLEDULR =ROIR &DUERQHGLOHJQR &DORPHODQR *RPPDODFFD

)LDFFROHRWRUFH

DOHQWDFRPEXVWLRQH QRUPDOL

&ORUDWRGLSRWDVVLR GLEDULR 1LWUDWRGLEDULR GLSRWDVVLR *RPPDODFFDRVFLDODFFD =ROIRLQILRUL 6WHDULQD &DUERQHGLOHJQR &DORPHODQR &RPSRVL]LRQLSHUWUDFFLDQWL

3HURVVLGRGLEDULR 2VVDODWRGLEDULR 0DJQHVLR *RPPDODFFD

&20326,=,21,$/8&($==855$ 3HUVWHOOH

&ORUDWRGLSRWDVVLR 6ROIDWRGLUDPHDPPRQLDFDOH 9HUGHGL6FKZHLQIXUWKYHUGHD]]XUUR 9HUGHGL3DULJL 1LWUDWRGLEDULR *RPPDODFFDRVFLDODFFD *RPPDDUDELFDRGHVWULQD /DWWRVLR $QWUDFHQH 0HWLOFHOOXORVD

3HUVHJQDOD]LRQL

&ORUDWRSRWDVVLFR 6ROIDWRGLUDPHDPPRQLDFDOH 1LWUDWRGLUDPHDPPRQLDFDOH =ROIR &DUERQHGLOHJQR 3HUODQFHGLGHFRUD]LRQHHFF

&ORUDWRGLSRWDVVLR 6DOHGLUDPHVROIDWRDPPRQLDFDOH 6DOHGLUDPHVROIDWR 6DOHGLUDPHRVVLFORUXUR =ROIR *RPPDODFFDRVFLDODFFD 'HVWULQDRJRPPDDUDELFD &DORPHODQR 1HOOHODQFHDFRORUHD]]XUURqRSSRUWXQRVRVWLWXLUHDOFDUWRF FLRGLFDUWDXQLQYROXFURGLVWDJQROD SHUHYLWDUH FKHQHOODFRP EXVWLRQH GHOOD FDUWD FRQWHQHQWH LO FDUERQLR GHOOD FHOOXORVD VL DOWHULLOFRORUHGHOODILDPPDD]]XUUD 7RUFHSHUILDFFROHDOHQWDFRPEXVWLRQH

&ORUDWRSRWDVVLFR 2VVLGRGLUDPH 1LWUDWRSRWDVVLFR =ROIRLQILRUL

)XRFKLGDWDYRODODQFHHWRUFHSHUIHVWLYLWjDOSHUFORUDWR 3HUFORUDWRSRWDVVLFR 6DOHGLUDPHFORUXURDPPRQLDFDOH 6DOHGLUDPHVROIDWRDPPRQLDFDOH =XFFKHURGLODWWH 6WHDULQD =ROIR $VIDOWR

&RPSRVL]LRQLSHUIXRFKLGDWDYRODDPHULFDQL:HLQJDUW

&ORUDWRSRWDVVLFR 9HUGHGL3DULJL 6WHDULQD 1LWUDWRGLEDULR &DORPHODQR &ORUXURDPPRQLFR *RPPDODFFD

&20326,=,21,$/8&(9,2/(77$ 3HUVWHOOH

&ORUDWRGLSRWDVVLR &ORUDWRGLVWURQ]LR &DUERQDWRGLUDPH *RPPDODFFD =ROIR


&ORUDWRGLSRWDVVLR *RPPDODFFD *HVVR 9HUGHSXUJDWR &DORPHODQR

3HUWRUFHSHUIHVWLYLWj

3HUFORUDWRGLSRWDVVLR 1LWUDWRGLVWURQ]LR 6ROIXURGLUDPHQHURIXVR &DORPHODQR =ROIR

&20326,=,21,$/8&,%,$1&+( 3HUVWHOOH 1LWUDWRSRWDVVLFR =ROIR © &DUERQHGLOHJQR 3ROYHULQR 1HURIXPR $QWLPRQLR 6ROIXURG DQWLPRQLR /LPDWXUDGLIHUURSDUDIILQDWD ªGL]LQFR $UVHQLFRURVVR *RPPDDUDELFDRGHVWULQD

8QTXDUWRLQSROYHUHWUHTXDUWLLQVFDJOLH

$VWHOODSHU©SLRJJHG DUJHQWRªHDSROYHULPHWDOOLFKHDOOXPLQLR]LQFRRPDJQHVLR 1LWUDWRGLEDULR ªGLSRWDVVLR $OOXPLQLRLQSROYHUH 0DJQHVLRLQSROYHUH =LQFRLQSROYHUH *RPPDODFFDRVFLDODFFD 3DUDIILQDDEDVVRSGLI =ROIR &DUERQHGLOHJQD 1HURIXPR $QWLPRQLRQHUR *RPPDDUDELFDRGHVWULQD &ORUDWRSRWDVVLFR %LFURPDWRSRWDVVLFR *OXWLQHOLQRFRWWRSHU 0LQLR $UVHQLFRURVVR )OXRUXURGLVRGLR

3HUVWHOOHDOSHUFORUDWR

3HUFORUDWRSRWDVVLFR $OOXPLQLR /LFRSRGLR

3HUVHJQDOD]LRQLVHQ]DDOOXPLQLR

1LWUDWRSRWDVVLFR =ROIR 3ROYHULQR 6ROIXURG DQWLPRQLR 1LWUDWRGLEDULR &DUERQHGLOHJQR *RPPDODFFDRVFLDODFFD 1%6LSRVVRQRXVDUH FRQ HIIHWWR GLYHUVR SL LQWHQVR TXHOOH DOO DOOXPLQLRXVDQGROHUHODWLYHFRPSRVL]LRQLSHUVWHOOH 3HUODQFHGLGHFRUD]LRQHEHQJDODHILDPPH

OXPLRODQFHEHQJDODILDPPH 1LWUDWRSRWDVVLFR =ROIR 3ROYHUHQHUD $QWLPRQLR $UVHQLFRURVVR 3HUJURVVLEHQJDODDWHUUDGLDPHWURFP

$OOXPLQLR 0DJQHVLR 1LWUDWRGLEDULR 1LWUDWRGLSRWDVVLR 2OLRGLULFLQR *RPPDDUDELFD 6LOLFLXURGLFDOFLR

&RPSRVL]LRQHWHGHVFDSHUEHQJDOD

3HURVVLGRGLEDULR 0LQLR 0DJQHVLRLQSROYHUH

3HUIXRFKLGDWHDWURHGDVDOD

1LWUDWRSRWDVVLFR =ROIR 6ROIXURG DQWLPRQLR $QWLPRQLR 0LQLR 2VVLGRGLFDOFLRFDOFHYLYD

)LDFFROHRWRUFHDOHQWDFRPEXVWLRQH

1LWUDWRSRWDVVLFR =ROIRILRUL 6ROIXURG DQWLPRQLR 6WHDULQD

7RUFHLOOXPLQDQWLDOO DOOXPLQLR

, ,,,,, 1LWUDWRGLEDULR 3HUHORUDWRSRWDVVLFR $OOXPLQLR =ROIR *RPPDDUDELFD 3DUDIILQDDEDVVRSXQWRGLIXVLRQH )DULQDGLOHJQR

1%1HOODIRUPXOD,,O DOOXPLQLRqSDUWHLQVFDJOLHS HUH VWR LQ SROYHUH /D JRPPD DUDELFD SXz HVVHUH VRVWLWXLWD FRQ GH VWULQDRDQFKHFRQOLFRSRGLR/DSDUDIILQDDESGLIQRQqDOWUR FKHLOFRVLGGHWWRSHWURODWXPFRPPHUFLDOHHSXzVRVWLWXLUVLFRQ ROLRGLULFLQRJOXWLQHGLOLQRFRWWRHFF

&RPSRVL]LRQHWHGHVFDSHUWUDFFLDQWL

,QWHUPHGLDULD 3HURVVLGRGLEDULR $OOXPLQLR ,OOXPLQDQWH 1LWUDWRGLEDULR $OOXPLQLR

&RPSRVL]LRQHIUDQFHVHG DFFHQVLRQHSHUSURLHWWLOLWUDFFLDQWL

3HURVVLGRGLEDULR 0DJQHVLR *RPPDODFFD *XVFLGLQRFHSROYHUL]]DWL

&RPSRVL]LRQLHVWHUHDHIIHWWLSDUWLFRODUL

, ,,,,, ,9 1LWUDWRGLSRWDVVLR =ROIR &DUERQHGLOHJQD 1HURIXPR 6ROIXURG DQWLPRQLR 3ROYHULQR $OOXPLQLR *RPPDDUDELFDRGHVWULQD *RPPDODFFDRVFLDODFFD $UVHQLFRURVVR 'LFXLSDUWLLQVFDJOLH

/D FRPSRVL]LRQH ,,, Gj FRPH OD VHQVD]LRQH GL XQ ELDQFR VIXJ JHQWHPHQWUHOD,9FRUULVSRQGHDGXQDSLRJJLDPLVWDELDQFDH JLDOODRUR

&RPSRVL]LRQLWHGHVFKHSHUO DFFHQVLRQHGHLPLVFXJOLSLURWHFQ LFL LQWHUPHGLDULHWUDSROYHUHQHUDHFRPSRVL]LRQHOXPLQRVD

1LWUDWRGLEDULR 1LWUDWRGLSRWDVVLR =ROIR $OOXPLQLR 3ROYHUHQHUD =LUFRQLR 7HWUDQLWURFDUED]ROR

&RPSRVL]LRQL WHGHVFKH XVDWH SHU O DFFHQVLRQH QHOOH PLVFHOH WUDFFLDQWL 1LWUDWRSRWDVVtFR =LUFRQLR &20326,=,21,$32/9(5( 3(5)82&+,',*8$51,=,21(

3HUVHUSHQWHOOLVHPSOLFLHEHQJDOHWWLSHUSLRJJLDFRQOXPLVRWWR

GDFPGLGLDPHWUR 3ROYHUHQHUD &DUERQHGXUR

3HUVHUSHQWHOOLDSLURHWWDHDJLUHOOR 3ROYHUHQHUD /LPDWXUDGuIHUUR 3HUFRORPEH 3ROYHULQR 3ROYHUHQHUDLQJUDQL /LPDWXUDGLIHUURLQDJKL

3HUEHQJDOHWWLSHUSLRJJLDFRQOXPLVRWWR GDFPGLGLDPHWUR 3ROYHUHQHUD 1LWUDWRSRWDVVLFR &DUERQHGXUR /LPDWXUDGLDFFLDLRLQSROYHUH

3HUJOREHWWLGLIXRFR 3ROYHUHQHUD 1LWUDWRSRWDVVLFR =ROIR &DUERQHGXUR

&RPSRVL]LRQLSHUIRQWDQHFRPXQL $OXFHFRPXQH

3ROYHUHQHUD &DUERQHGXUR

$ OXFHEULOODQWH 3ROYHUHQHUD /LPDWXUDGLIHUUR RSSXUH /LPDWXUDGLDFFLDLR )LOLHUDGLOHRQH 1LWUDWRSRWDVVLFR =ROIR $IXRFRFLQHVH

3ROYHUHQHUD )HUURIXVRLQSROYHUH 1LWUDWRSRWDVVLFR &DUERQHOHJJHUR =ROIR

&RPSRVL]LRQLSHUIRQWDQHGLQRWHYROHGLDPHWUR $OXFHEULOODQWH

3ROYHUHFRPXQHILQD 3ROYHUHLQJUDQL 1LWUDWRSRWDVVLFR =ROIR $FFLDLROLPDWXUD )LOLHUD &DUERQHOHJJHUR

$IXRFRFLQHVH

3ROYHUH 1LWUDWRSRWDVVLFR =ROIR &DUERQHOHJJHUR ,LPDWXUDGLIHUURIXVR &RPSRVL]LRQLSHUFDQGHOHURPDQHHPRVDLFL

'LDPSLFFROR'LDPHWURJUDQGH 3ROYHUH 1LWUDWRSRWDVVLFR =ROIR &DUERQH &RPSRVL]LRQLGHOO DQLPDGHLUD]]LGLPHGLRHJUDQGH GLDPHWUR

PHGLRHJUDQGHGLDPSLFFRORGLDP 3ROYHUH 1LWUDWRSRWDVVLFR =ROIR &DUERQHGXUR &RPSRVL]LRQLGLIXRFREULOODQWHHFLQHVHSHUJURVVLUD]]L

EULOODQWHEULOODQWHFLQHVH 3ROYHUH 1LWUDWRSRWDVVLFR =ROIR /LPDWXUDGLDFFLDLR GLIHUURIXVD &DUERQHOHJJHUR

&RPSRVL]LRQLHVWHUHSHUUD]]LHFDQGHOH

1LWUDWRSRWDVVLFR &DUERQHGLOHJQR =ROIR 'HVWULQDRJRPPDDUDELFD

&RPSRVL]LRQLSHUUD]]LGDWDYRODRFDUFLRIL JUDQGL DOXFHFRPXQHDOEULOODQWHDIXRFRFLQHVH 3ROYHUH &DUERQH 1LWUDWRSRWDVVLFR /LPDWXUDGLIHUURIXVR GLDFFLDLR =ROIR 1%,SLFFROLUD]]LGDWDYRODVLIDQQRHVFOXVLYDPHQWHFRQSRO YHUH &RPSRVL]LRQHSHUVWHOOHSHUJUDQDWDDVIHUD

3ROYHUH =ROIR &DUERQHGLFHUURRIDJJLR LQSROYHUH 1LWUDWRSRWDVVLFR 1HURIXPR 'HVWULQDRJRPPDDUDELFD

1%8VDQGRFDUERQHGLFHUURVLKDQQRVFLQWLOOHGLFRORUURVVLF FLRSHUVLVWHQWLPHQWUHLOFDUERQHGLIDJJLRGjVFLQWLOOHJLDOORGR UDWHPDGLPLQRUGXUDWD , YDUL FRPSRQHQWL DG HFFH]LRQH GHOOD GHVWULQD R JRPPD DUD ELFD YHQJRQR PHVFRODWL TXLQGL VL SDVVDQR VRWWR OD SDOOD H SRL VHWDFFLDWL TXHVWR PLVFXJOLR YLHQH PHVVR VX GL XQD ODVWUD GL PDUPRHVXOFHQWURVLIDXQSR GLODUJRSHUYHUVDUYLODVROX]LRQH DFTXRVDGLGHVWULQDRJRPPD6LIDXQDSDVWDGHQVLVVLPDHODVL EDWWHLQXQPRUWDLRGLPDUPRSHUXQWHPSRYDULDELOHDVHFRQGD GHOO HQWLWjGHOODFRPSRVL]LRQHSHUHV J VL EDWWRQR SHU FXUDQGR FKH OD FRPSRVL]LRQH VLD VHPSUHXPLGD $QFKH TXDQGR VLIDODVWHOODVLEDWWHODFRPSRVL]LRQHQHOODIRUPD

&RPSRVL]LRQHSHUVWHOOHSHUJUDQDWHDSDOOHELDQFKH

1LWUDWRSRWDVVLFR 3ROYHUH $QWLPRQLR =ROIR /DFRPSRVL]LRQHV LPSDVWDFRQVROX]LRQHDFTXRVDGLJRPPD DUDELFD &RPSRVL]LRQHSHUJUDQDWHOXPLQRVH

1LWUDWRSRWDVVLFR =ROIR 3ROYHUH &DQIRUD

&RPSRVL]LRQHSHUFDQGHOHURPDQH IRUPXODGHO6LJ'XH

1LWUDWRSRWDVVLFR &DUERQHGLOHJQR =ROIRILRULGL 'HVWULQD $FTXD

&RPSRVL]LRQLSHUERPEHRFDVWDJQROH 7LSRQRUPDOH

3ROYHULQR 1LWUDWRSRWDVVLFR =ROIR

7LSRIXOPLQDQWHDOFORUDWR &ORUDWRSRWDVVLFR 6ROIXURG DQWLPRQLR =ROIR &DUERQHOHJJHUR 1LWUDWRSRWDVVLFR 6DEELD

%RPEHRVFXUH

&ORUDWRSRWDVVLFR =ROIR 6ROIXURG DQWLPRQLR &DUERQHGLOHJQR 1LWUDWRSRWDVVLFR %RPEHDODPSR

&ORUDWRSRWDVVLFR 3HUFORUDWRSRWDVVLFR $OOXPLQLRQHUR =ROIR 1LWUDWRGLEDULR ªGLSRWDVVLR 0LVFHOHVLELODQWL

3LFUDWRSRWDVVLFR 1LWUDWSRWDVVLFR $FLGRJDOOLFR &ORUDWRSRWDVVLFR

3HWDUGLIHUURYLDUL FRPSRVL]LRQLDPHULFDQHDOSHUFORUDWR

3HUFORUDWRSRWDVVLFR 6ROIXURG DQWLPRQLR =ROIR

&RPSRVL]LRQLIUDQFHVLSHUFDUWXFFHPLOLWDULGDVHJQDOD]LRQH WLSR9HU\SHUFHQWXDOLDUURWRQGDWH $VWHOOHELDQFKH $OOXPLQLR 1LWUDWRGLEDULR 6ROIXURG DQWLPRQLR &ULROLWHIOXRUXURG DOOXPLQLRHVRGLR 2OLRGLULFLQRRGROLRGLYDVHOLQDQHXWUR

$VWHOODELDQFDFRQSDUDFDGXWH

$OOXPLQLRLQSROYHUH ªLQJUDQL 1LWUDWRGLEDULR 2OLRGLULFLQRRGLYDVHOLQDQHXWUR

'LPHQVLRQL GL XQ WLSR GL VWHOOD Q DOWH]]D UDUD GLD PHWURPPGXUDWDSHVRJU $VWHOOHURVVH

&ORUDWRGLSRWDVVLR &DUERQDWRGLVWURQ]LR 2VVDODWRGLVWURQ]LR *RPPDDFURLGHVFLDODFFD

$VWHOODURVVDFRQSDUDFDGXWH

&ORUDWRGLSRWDVVLR 2VVDODWRGLVWURQ]LR &DUERQDWRGLVWURQ]LR *RPPDDFURLGHVFLDODFFD 2OLRGLULFLQRRGLYDVHOLQDQHXWUR 6WHOOHYHUGL

&ORUDWRGLEDULR *RPPDDFURLGHVFLDODFFD &DUERQH

$VWHOODYHUGHSHUSDUDFDGXWH

&ORUDWRGLEDULR *RPPDDFURLGHVFLDODFFD 2OLRGLULFLQRRGLYDVHOLQDQHXWUR

&DUWXFFHDFDWHQDRDFRURQH

7UDWWDVLGLFDUWXFFHGDOXPLILVVDWLDFPO XQRGDOO DOWURVXGL XQD FRUGLFHOOD GL P GL OXQJKH]]D H GLVSRVWL LQ PRGR GD DF FHQGHUVL FRQWHPSRUDQHDPHQWH QHOO DWWLPR VWHVVR GHOO HVSXOVLRQH GDOODFDUWXFFLDODFDWHQDVRVSHVDDGXQSDUDFDGXWHEUXFLDVFHQ GHQGROHQWDPHQWH &RPSRVL]LRQHGHOOHVWHOOHELDQFKH

1LWUDWRGLEDULR $OOXPLQLR &ULROLWH 6ROIXURG DQWLPRQLR 9DVHOLQD

&RPSRVL]LRQHGHOOHVWHOOHURVVH

&ORUDWRGLSRWDVVLR 2VVDODWRGLVWURQ]LR &DUERQDWRGLVWURQ]LR *RPPDDFURLGHVFLDODFFD

&RPSRVL]LRQLWHGHVFKHSHUFDUWXFFHGDVHJQDOD]LRQLPLOLWDUL $OXFHYHUGH

1LWUDWRGLEDULR &ORUXURGLSROLYLQLOHFORUXUDWRDO 0DJQHVLR 6LOLFLR $FLGRJDOOLFRUHVRUFLOLFR

3HUOHFDUWXFFHDGVWHOOD J VLXVDYDSHU O LJQL]LRQH JGL SROYHUH H O LQWHUPHGLDULR GL J GL XQD PLVFHOD DO GL QL WUDWR 3RWDVVLFR GL QLWUDWR GL EDULR GL FDUERQH H GL DOOXPLQLR 'XUDWD GHOOD OXPLQRVLWj GHOOD VWHOOD VH FRQGL

$OXFHURVVD

1LWUDWRGLVWURQ]LR 0DJQHVLR &ORUXURGLSROLYLQLOH

3HVRGHOODVWHOODVLQJRODJGXUDWDVHF0LVFHODLQWHUPHGLDULD FRPHODSUHFHGHQWH &RPSRVL]LRQHGHOOHVWHOOHYHUGL

&ORUDWRGLEDULR *RPPDDFURLGHVFLDODFFD &DUERQHILQH

/XQJKH]]DGHLOXPLPPSHUOHVWHOOHELDQFKHPPSHUOH URVVHHYHUGL'XUDWDGLFRPEXVWLRQHGDDVHFRQGL &20326,=,21,3(5*,2&$772/,3,527(&1,&, &RPSRVL]LRQLSHUJLUDQGROHSLFFROLVROLJLUDQWL

3ROYHULQR 3ROYHUHQHUDLQJUDQL 1LWUDWRSRWDVVLFR =ROIR &DUERQHGLOHJQR /LPDWXUDGLIHUUR &RPSRVL]LRQHSHUYDPSH

3ROYHULQR &DUERQH 1LWUDWRSRWDVVLFR

&RPSRVL]LRQLSHUHUX]LRQLYXOFDQLFDULFDWHLQFRQL 3ROYHUHQHUDH]ROIR DGRVDPHQWRQLWUDWRSRWDVVLFR FDUERQHH=ROIR /LPDWXUDGLIHUUR

3HUVHUSHQWLGL)DUDRQH

$FLGRSLFULFRSXUR 5HVLGXLFDWUDPRVLGLROLGLOLJQLWH 2OLRGLOLQR $FLGRQLWULFRIXPDQWH

&RPSRVL]LRQHSHUQLGRGLVHUSHQWL

1LWUDWRSRWDVVLFR %LFURPDWRDPPRQLFR 'HVWULQD

&RPSRVL]LRQHSHUFDQGHOHWWHDVWHOOH

1LWUDWRGLEDULR /LPDWXUDGLIHUUR 3ROYHUHGLDOOXPLQLR 'HVWULQDJLDOOD 1LWUDWRSRWDVVLFR *RPPDDUDELFD

&RPSRVL]LRQLSHUILDPPLIHULODPSHJJLDQWLJLDSSRQHVL

1LWUDWRSRWDVVLFR &DUERQHGLOHJQR GLWLJOLR =ROIRLQSROYHUHFRP ILRUL 1HURIXPR &RPSRVL]LRQHSHUEDFFKHWWHDOXFHFRORUDWD &RORUURVVR

1LWUDWRGLVWURQ]LR $OOXPLQLR 3HUFORUDWRSRWDVVLFR *RPPDODFFDRVFLDODFFD

&RORUHD]]XUUR

1LWUDWRSRWDVVLFR =ROIR 6ROIXURG DQWLPRQLR

&RORUYHUGH

&ORUDWRGLEDULR $OOXPLQLR *RPPDODFFDRVFLDODFFD

5D]]LGDWDYRODWXUELQL

1LWUDWRSRWDVVLFR 3ROYHULQR &DUERQHGLOHJQR =ROIR /LPDWXUDGLIHUUR

&RPSRVL]LRQHSHUIXPDWDJULJLD

3HU RWWHQHUH JOL VWHVVL HIIHWWL SURYRFDWL GDO IXRFR GHJOL LQFHQGL FRQIXPRJULJLRVFXUR6LLPSLHJDQRLQFLOLQGULGHOGLDPHWURGL FPHOXQJKLFP 1LWUDWRSRWDVVLFR 1HURIXPR &DUERQHGLOHJQR &RORIRQLD $UVHQLFRURVVR

3HULQQHVFDUHGHWWDFRPSRVL]LRQHVLXVDXQPLVFXJOLRGLSGL QLWUDWRSRWDVVLFRSGL]ROIRSGLSROYHULQRHSGLVRO IXURG DQWLPRQLR

$OWUHFRPSRVL]LRQLSLURWHFQLFKHHVWHUH 3HUIDVFLGLVFLQWLOOH

1LWUDWRSRWDVVLFR GLEDULR 3HUFORUDWRSRWDVVLFR /LPDWXUDGLIHUURSROYHUH $OOXPLQLR 6ROIXURG DQWLPRQLR &DUERQHGLOHJQR =ROIR *RPPDDUDELFDRGHVWULQD )DVFLGLIXRFRVFLQWLOODQWH

3ROYHUHQHUD &DUERQHGLOHJQR /LPDWXUDGLIHUUR 1LWUDWRSRWDVVLFR =ROIR 9DVRGLILRUL

1LWUDWRSRWDVVLFR 3ROYHUHQHUDLQJUDQL 1HURIXPR =ROIR

&DVFDWHRUGLQDULH 'LDPHWURGHOFLOLQGURFP FP 1LWUDWRSRWDVVLFR &DUERQHGLOHJQR =ROIR /LPDWXUDGLIHUUR &DVFDWHDOSHUFORUDWR 3HUFORUDWRSRWDVVLFR $OOXPLQLR 'HVWULQD

&RPSRVL]LRQHSHUVHUSHQWHOOL©VDXFLVVRQVªHFF VHUSHQWHOOLVDXFLVVRQV 3ROYHULQR 3ROYHUHQHUDLQJUDQL 1LWUDWRSRWDVVLFR =ROIR &DUERQH

,FRVLGGHWWLVDXFLVVRQVRVDOVLFFLHFRUULVSRQGRQRJURVVRPR GRDLQRVWULVHUSHQWHOOLFRQSLURHWWDVRQROXQJKLFPHODUJKL FPFLUFD+DQQRLQIRQGRLOVROLWRWDSSRG DUJLOODVRSUDODSRO YHUH QHUD H OD FRPSRVL]LRQH H VXSHULRUPHQWH KDQQR XQD VWUR] ]DWXUD &20326,=,21,3(50,6&(/()802*(1( $)802%,$1&2

$EDVHGLQLWUDWL 9HFFKLDIRUPXOD 1LWUDWRSRWDVVLFR =ROIR &DUERQHGLOHJQD

)RUPXODXVDWDLQ,WDOLDGXUDQWHODJXHUUD 1LWUDWRGHSXUDWRVRGLFR 2OLRPLQHUDOH 6HJDWXUD $FTXD / LQQHVFDPHQWRGLTXHVWDPLVFHODVLIDFRQXQPLVFXJOLRGLS GLQLWUDWRSRWDVVLFRGLQLWUDWRVRGLFRHGLVHJDWXUD 0LVFHOHDOWHWUDFORUXURGLFDUERQLR %HUJHU%0 7HWUDFORUXURGLFDUERQLR =LQFRLQSROYHUH 2VVLGRGL]LQFR )DULQDIRVVLOH &ORUDWRVRGLFR &ORUXURDPPRQLFR &DUERQDWRGLPDJQHVLRSUHFLSLWDWR

0LVFHOHDOO HVDHORURHWDQR

,]]R$FQD$PHULF (VDFORURHWDQR =LQFRLQSROYHUH 2VVLGRGL]LQFR )DULQDIRVVLOH 1LWUDWRSRWDVVLFR %LWXPH &RORIRQLD &RPSRVL]LRQHDOWHWUDFORURHWDQR

7HWUDFORURHWDQR 2VVLGR]LQFR =LQFRLQSROYHUH 6LOLFLXURGLFDOFLR &ORUDWRGLVRGLR

&20326,=,21,3(50,6&(/()802*(1(&2/25$7(

+DGDWREXRQLULVXOWDWLODVHJXHQWHFRPSRVL]LRQHSHUWXWWHOHYD ULHIXPDWHFRORUDWHHFFHWWRTXHOOHQHUH 6RVWDQ]DFRORUDQWH &ORUDWRSRWDVVLFR =XFFKHURGLODWWH =ROIR &ORUXURG DPPRQLR

&RPSRVL]LRQLDIXPRJLDOOR

6L SRVVRQR DGRSHUDUH VRVWDQ]H LQRUJDQLFKH VROIXUR G DUVHQLFR RG RUJDQLFKH FRPH O DXUDPLQD * HG 2 LO FRVLGGHWWR JLDOOR DL JUDVVLHFF/ DXUDPLQDGDVRODGDUHEEHOXRJRDOODIRUPD]LRQHGL XQFRORUHJLDOORYHUGDVWUR HSHUFLzVLDJJLXQJHGLVROLWRXQSR GL FULVRLGLQD\FLUFDLOFKHHOLPLQDLOWRQRYHUGDVWURGHOIXPR

&RPSRVL]LRQLDEDVHGLSURGRWWLLQRUJDQLFL

1LWUDWRSRWDVVLFR 7ULVROIXURG DUVHQLFR =ROIR 6ROIXURG DQWLPRQLR 3ROYHULQR

9ROHQGRUDOOHQWDUHOD YHORFLWj GL FRPEXVWLRQH GL WDOL PLVFHOH VL SXzDJJLXQJHUHYHWURSROYHUL]]DWRRVDEELDVLOLFHD 8QDIXPDWDJLDOODWUDFFLDQWHSHUUD]]LqVWDWDFRQVLJOLDWDFRQOD VHJXHQWHFRPSRVL]LRQH $UVHQLFRURVVR =ROIR 1LWUDWRSRWDVVLFR

&RPSRVL]LRQLDEDVHGLSURGRWWLFRORUDQWLRUJDQLFL

JLDOODDUDQFLRQH &ULVRLGLQD *LDOORDXUDPLQD &ORUDWRSRWDVVLFR =XFFKHURGLODWWH *LDOORGLSDUDQLWURDQLOLQD )DULQDIRVVLOH

&RPSRVL]LRQL DPHULFDQH GHO 6HUYL]LR &KLPLFR 0LOLWDUH 6&0 DIXPRJLDOORDIXPRDUDQFLRQH &ORUDWRSRWDVVLFR %LFDUERQDWRGLVRGLR =ROIR =XFFKHURGLODWWH *LDOORDXUDPLQD2 QDIWDOHQD]RGLPHWLODQLOLQD DPLQRFORURDQWUDFKLQRQH . DPLQRDQWUDFKLQRQH

&RPSRVL]LRQLDIXPRURVVR

6RQRLPSLHJDWLVSHFLDOPHQWHODURGDPLQD%FKHLPSDUWLVFHXQ WRQROLOOD LOURVVRGLSDUDQLWURDQLOLQDLO6XGDQHFF

&RPSRQHQWLQJOHVLLWDOLDQHIUDQFHVL:HLQJDUW 6&0 5RVVRGLSDUDQLWURDQLOLQD 5RGDPLQD &ORUDWRSRWDVVLFR =XFFKHURGLODWWH 3HUFORUDWRSRWDVVLFR 6ROIXURG DQWLPRQLR 'HVWULQDRJRPPDDUDELFD 'LPHWLODPLQRURVLQGRQH 0HWLODPLQRDQWUDFKLQRQH %LFDUERQDWRVRGLFR =ROIR

&RPSRVL]LRQLDIXPRYHUGH

6LSRVVRQRDYHUHXQHQGRDOO DXUDPLQDLFRPSRQHQWLGHOOHIXPDWH D]]XUUHLQSDUWLFRODUHO LQGDFR RXVDQGRLOYHUGHPDODFKLWH ,WDOLDQH6&0'DYLV *LDOORDXUDPLQD2 ,QGDFR &ORUDWRSRWDVVLFR =XFFKHURGLODWWH 2VVDODWRGHOYHUGHPDODFKLWH 9HUGHPDODFKLWH ,GLSWROXLGLQRDQWUDFKLQRQH %LFDUERQDWRVRGLFR =ROIR 3HUFORUDWRSRWDVVLFR 6ROIXURG DQWLPRQLR *RPPDDUDELFD

&RPSRVL]LRQHDIXPRYLRODDPHULFDQD6&0

PHWLODPLQRDQWUDFKLQRQH GLDPLQR GLLGURDQWUDFKLQRQH %LFDUERQDWRVRGLFR &ORUDWRSRWDVVLFR =ROIR $IXPRD]]XUUR

,WDOLDQD,QJOHVH$PHULF'DYLV ,QGDFR &ORUDWRSRWDVVLFR =XFFKHURGLODWWH %OHXGLPHWLOHQH GLPHWLODPLQRDQWUDFKLQRQH 3HUFORUDWRSRWDVVLFR 6ROIXURG DQWLPRQLR *RPLQDDUDELFD $IXPRQHUR

6HQ]DFORUDWRDOO HVDFORURHWDQR

0DJQHVLRLQSROYHUH $OOXPLQLRLQSROYHUH (VDFORURHWDQR $QWUDFHQH 1DIWDOLQD $OIDQDIWROR

/D PLVFHOD LQQHVFDQWH q IRUPDWD GD XQ PLVFXJOLR VXO WLSR GL TXHOOR XVDWR SHU OH ERPEH IXPRJHQH LWDOLDQH DO QLWUDWR VRGLFR SGLQLWUDWRSRWDVVLFRGL]ROIRGLDUVHQLFRURVVRH GLJRPPDDUDELFDRGHVWULQD

$OFORUDWRSRWDVVLFR

&ORUDWRSRWDVVLFR 1DIWDOLQD )RVIRURURVVR &DWUDPH &DUERQHGLOHJQR &DWUDPHHSHFH

/D FRPSRVL]LRQH FRQWHQHQWH FORUDWR H IRVIRUR YD IDWWD FRQ SDU WLFRODULFDXWHOHLPEHYHQGRLOFORUDWRFRQLOFDWUDPHHSRLPHVFR ODQGR FRQ QDIWDOLQD ,O IRVIRUR YD DJJLXQWR SHU XOWLPR H FRQ PROWDFDXWHODDSRFRSHUYROWDSRWHQGRVLYHULILFDUHGHOOHHVSOR VLRQL

&$3,72/2,,

&$/&2/$=,21(',&20326,=,21,3,527(&1,&+(

3HU L SLURWHFQLFL LQ SRVVHVVR GL FRJQL]LRQL FKLPLFKH SXz LQ WHUHVVDUHVWDELOLUHVHLOPLVFXJOLRVWXGLDWRVLDWHFQLFDPHQWHHVDWWR HVHFRQYHQJD R PHQRDSSRUWDUYL GHOOH YDULDQWL R VWDELOLUHSHU FHQWXDOLGHLVLQJROLFRPSRQHQWL 'LDPRXQHVHPSLRGLWDOLFDOFROL 9(5,),&$'(//$',6321,%,/,7$ ' 266,*(12'$ 3$57('(//(6267$1=(&20%85(17,('(/)$% %,62*12' 266,*(12'$3$57('(//(6267$1=( &20%867,%,/, 6LDXQDFRPSRVL]LRQHDOXFHELDQFDFRVuFRPSRVWD 1LWUDWRGLEDULR%D12 S 1LWUDWRSRWDVVLFR.12 ª $OOXPLQLR$O *RPPDDUDELFD&+2 ª 2OLRGLULFLQRª

6LYRJOLDYHULILFDUHVHLQHVVDYLVLDRVVLJHQRDVXIILFLHQ]DH VHFRQYHQJDDSSRUWDUYLYDULDQWL ,OSHVRPROHFRODUHGHLYDULFRPSRVWLqLOVHJXHQWH 1LWUDWRGLEDULR%D12 3HVRDWRPLFREDULR 3HVRDWRPLFRRVVLJHQR 3HVRDWRPLFRD]RWR

4XLQGLLOSHVRPROHFRODUHGHOQLWUDWRGLEDULRq [[ DUURWRQGDWRLQ

1HOOR VWHVVR PRGR VL FDOFRODQR L SHVL PROHFRODUL GHJOL DOWUL SURGRWWL GHOPLVFXJOLR DUURWRQGDQGR SHU VHPSOLFLWj OH FLIUH GH FLPDOL 1LWUDWRGLSRWDVVLR.12 $OOXPLQLR$O *RPPDDUDELFD&+2 [[[[ 2OLRGLULFLQR&+2 [[[

&HGLELOLWj RVVLJHQR GD SDUWH GHL FRPEXUHQWL D VHFRQGD GHOODSUREDELOHUHD]LRQHGLGHFRPSRVL]LRQH 1LWUDWRGLEDULR%D12 %D21 2 1LWUDWRGLSRWDVVLR.12 .1 2 FLRqXQDPROHFRODGL.12 FHGH2

)DEELVRJQRGLRVVLJHQRGHOOHVRVWDQ]HFRPEXVWLELOLVXSSR QHQGRQHO RVVLGD]LRQHFRPSOHWD

$OOXPLQLR$O2 $O2 RVVLDDWRPRGLDOOXPLQLRUL FKLHGHGL2 *RPPDDUDELFD&+2 2 &2 +2 RVVLDPROHFRODGLJRPPDDUDELFDULFKLHGHDWRPLGLRVVLJH QR 2OLRGLULFLQR&+22 &2 +2RVVLD XQDPROHFRODGLROLRGLULFLQRULFKLHGHDWRPLGLRVVLJHQR 7UDVIRUPD]LRQHLQSHUFHQWXDOHGLRVVLJHQRGHLGDWLGLFXL VRSUD &RPEXUHQWLFHGLELOLWjSHUFHQWXDOHG RVVLJHQR

1LWUDWRGLEDULR R[ [ 1LWUDWRGLSRWDVVLR [ [[

&RPEXVWLELOLIDEELVRJQRSHUFHQWXDOHG RVVLJHQRFDOFRODWR FRPHVRSUD $OOXPLQLR [[ *RPPDDUDELFD [[ 2OLRGLULFLQR [[

9HULILFDGHOO RVVLJHQRGLVSRQLELOHQHOPLVFXJOLRLQHVDPH &RPEXUHQWL

1HOPLVFXJOLRLQHVDPHYLVRQRSGLQLWUDWRGLEDULR 6DSSLDPRFKHO RVVLJHQRGLVSRQLELOHGDSGLQLWUDWRGLEDULR qLO6LVWDELOLVFHTXLQGLODVHJXHQWHSURSRU]LRQH [ GLRVVLJHQRGLVSRQLELOHLQSGLQL WUDWRGLEDULR [; RGLRVVLJHQRGLVSRQLELOHLQSGL QLWUDWRGLSRWDVVLR &RPEXVWLELOL [[ GLRVVLJHQRULFKLHVWRGDOOHSGL DOOXPLQLR [ [ GL RVVLJHQR ULFKLHVWR GDOOH S GL JRPPDDUDELFD [[ GLRVVLJHQRULFKLHVWRGDOOHSGLROLR GLULFLQR 5LHSLORJR 1HOPLVFXJOLRYLqXQDULFKLHVWDG RVVLJHQRGL S 1HOPLVFXJOLRYLqXQDGLVSRQLELOLWjGLRVVLJHQRGL S / RVVLJHQRLQGLIHWWRQHOPLVFXJOLRqGLS

'LFRQVHJXHQ]DVLSRWUHEEHOHJJHUPHQWHYDULDUHODFRPSRVL ]LRQHGHOPLVFXJOLRWHQHQGRFRQWRQDWXUDOPHQWHGHLYDULIDWWRUL OXPLQRVLWj YHORFLWj GL FRPEXVWLRQH HFF H FKH LO SLURWHFQLFR 3UDWLFRIDEHQHEDVDQGRVLVWLOODVXDSHUVRQDOHHVSHULHQ]D

&$/&2/2 7(25,&2 '(//$ 48$17,7¬ ', 81 &20 321(17(&20%867,%,/('$$**,81*(5(3(5 $9(5( /$ &20%867,21( &203/(7$ '(/ 0,6&8 */,2 6LDEELDXQPLVFXJOLRLOOXPLQDQWHFRVWLWXLWRGDSDUWL 1LWUDWRGLEDULRS 1LWUDWRGLSRWDVVLR 2OLRGLULFLQR *RPPDDUDELFD

HVLYRJOLDVWDELOLWHODTXDQWLWjGLPDJQHVLRGDDJJLXQJHUHSHUOD FRPEXVWLRQHFRPSOHWD 'DOFDOFROLSUHFHGHQWLVLVDFKH O RVVLJHQRLQHFFHVVRGDOOHSGLQLWUDWRGLEDULR HSGLQLWUDWRSRWDVVLFR qGLS O RVVLJHQRLQGLIHWWRULFKLHVWRGDOOHSGLROLRGL ULFLQRHGDOOHSGLJRPPDDUDELFD qGLS SFLRqLQWRWDOHS &LRqODGLIIHUHQ]DFRPHRVVLJHQRLQHFFHVVRGLVSR QLELOHSHULOPDJQHVLRGDDJJLXQJHUHqGLS ,,PDJQHVLRRFFRUUHQWHVLFDOFRODQHOVHJXHQWHPRGR

,O SHVR DWRPLFR GHO PDJQHVLR q GL 4XHOOR GHOO RVVLJHQR VDSSLDPRFKHq ,OPDJQHVLREUXFLDDOO DULDVHFRQGRODUHD]LRQH 0J2 0J2

4XLQGL SHU S GL PDJQHVLR RFFRUURQR S GL RVVLJHQR H GL FRQVHJXHQ]DSHUSGLPDJQHVLRVLVWDELOLVFHODSURSRU]LRQH [

'LFRQVHJXHQ]DO RVVLJHQR[ ULFKLHVWRGDSGLPDJQHVLRq [ 2UDVDSHQGRFKHSGLRVVLJHQRVRQRULFKLHVWHSHUODFRP EXVWLRQHFRPSOHWDGLSGLPDJQHVLRSHUFRQRVFHUH

GDOOHSGLRVVLJHQRGLVSRQLELOLQHOQRVWURPLVFXJOLRTXDQWR PDJQHVLR VL SRVVD RVVLGDUH FRPSOHWDPHQWH EDVWD VWDELOLUH OD SURSRU]LRQH [[ 4XLQGLQHOPLVFXJOLRFLWDWRHFLRqGLSGLQLWUDWRGLEDULR S GL QLWUDWR GL SRWDVVLR S GL ROLR GL ULFLQR H S GL JRPPD DUDELFD SHU OD FRPEXVWLRQH FRPSOHWD VRQR VXIILFLHQWL WHRULFD PHQWHSGLPDJQHVLR &$/&2/27(25,&23(56267,78,5( &21'(7(50,1$7,())(77, 81(/(0(172$'81$/752

6L VXSSRQJDSHU HV GL QRQ GLVSRUUH SHULO QRWR PLVFXJOLR GL SGLQLWUDWRGLEDULRSGLQLWUDWRSRWDVVLFRSDOOXPLQLR SJRPPDDUDELFDHSGLROLRGLULFLQRGLDOOXPLQLRPDLQ YHFHDYHUHVRORPDJQHVLRHSHUUDJLRQLSDUWLFRODULVLYRJOLDRWWH QHUHXQ PLVFXJOLR D FRPEXVWLRQH LQFRPSOHWDVXO WLSR GL TXHOOD RWWHQXWDFRQLOPLVFXJOLRRULJLQDOHHFLRqFRQSDUWLG DOOXPL QLR ,OFDOFRORGDIDUHqVHPSOLFH 1HOPLVFXJOLRHVDPLQDWRFRQSGLDOOXPLQLRLOGLIHWWRGL RVVLJHQRHUDGHO 6L WUDWWD GL VWDELOLUH TXDQWR PDJQHVLR q RVVLGDELOH FRQ SGLRVVLJHQR 3HULOFKHVLVWDELOLVFHODSURSRU]LRQH [ [

'LFRQVHJXHQ]DVLFFRPHQHOPLVFXJOLRSUHFHGHQWHPHQWHVWX GLDWRFRQSGLQLWUDWRGLEDULRSGLQLWUDWRSRWDVVLFRS GL ROLR GL ULFLQR H S GL JRPPD DUDELFD SHU DYHUH OD FRPEX VWLRQH LQFRPSOHWD GHVLGHUDWD EDVWD DJJLXQJHUH D LO YDORUH WURYDWR GL SHU DYHUH OD TXDQWLWj FRPSOHVVLYD GL PDJQHVLR GHVLGHUDWDHFLRq

&$/&2/,3(5&(178$/,'(,0,6&8*/,

1RUPDOPHQWH L SLURWHFQLFL QHL ORUR PLVFXJOL IDQQR GHL UDS SRUWLVHPSOLFL SHUHV L S GL ]ROIR GL FDUERQH H GL QLWUDWR SRWDVVLFRHULSHWRQRFRVuLPLVFXJOL7RUQDLQYHFHXWLOHVDSHUHLQ SGLFRPSRVL]LRQHTXDQWRSHUFHQWRYLVRQRGHLVLQJROLLQ JUHGLHQWL /DFRVDqPROWRVHPSOLFHHVLWUDWWDGLVWDELOLUHVRORXQD SURSRU]LRQH6LDSHUHVXQPLVFXJOLRFRPSRVWRGD &ORUDWRGLSRWDVVLRS 1LWUDWRGLVWURQ]LR 6FLDODFFD 7RWDOHS

6LVWDELOLVFHDOORUDODSURSRU]LRQHVHVXSDUWLGLPLVFXJOLR YHQHVRQRGLFORUDWRVXGLPLVFXJOLRTXDQWHYHQHVDUDQ QRGLFORUDWR" [[ [ SGLFORUDWR

;[[ [ SGLQLWUDWRGLVWURQ]LR [[ [ SGLVFLDODFFD

&$3,72/2,,,

$1$/,6,&+,0,&$'(//(&20326,=,21, 3,527(&1,&+(,1*(1(5(

$ $1$/,6,&+,0,&$'(//(&20326,=,21, 3,527(&1,&+($ /8&,%,$1&+(2&2/25$7(

0ROWLSLURWHFQLFLVRQRVSHVVRGHVLGHURVLGLFRQRVFHUHODFRP SRVL]LRQHHVDWWDGHJOLDUWLIL]LYLVWLSHUHVVHUHLQ JUDGR GL ULSUR GXUOLWDQWRSLFKHqGLIILFLOHSRWHUVDSHUHGDLSLURWHFQLFLODIRU PXOD DGRWWDWD FKH SHU PROWL UDSSUHVHQWD XQ YHUR H SURSULR VH JUHWR ' DOWUDSDUWHVHQRQVLKDQQRJDUDQ]LHVXIILFLHQWLGDOIRUQLWR UHqDQFKHXWLOHWDOYROWDFRQWUROODUHOHPDWHULHSULPH FKHVLGH YRQR LPSLHJDUH H SHU OH TXDOL VL ULFRUUH D TXDOFKH ODERUDWRULR FKLPLFRDWWUH]]DWRDPHQRFKHQRQVLGLVSRQJDGLSLFFROLODER UDWRULFKLPLFLFRPHDYYLHQHQHJOLHQWLPLOLWDULFKHVLRFFXSDQR GLWDOLODYRUD]LRQL 3HUO DQDOLVLGHJOLDUWLIL]LVLSRVVRQRVHJXLUHGXHVLVWHPLDVH FRQGDFKHVLWUDWWLGLYHULILFDUHFRPSRVL]LRQLDHIIHWWLQRWLRSSX UHVFRQRVFLXWL 3HUXQDFRPSRVL]LRQHSLURWHFQLFDGLFXLVLYRJOLDIDUHO DQDOL VL TXDOLWDWLYD H TXDQWLWDWLYD VL HIIHWWXHUj GDSSULPD XQ SULPR HVDPHRFXODUHDGRFFKLRQXGRRFROPLFURVFRSLRHVVHQGRSRV VLELOHJLjFRQTXHVWRVWDELOLUHODSUHVHQ]DGLTXDOFKHFRPSRQHQ WHFKHVLFRPSOHWHUjFRQXQDSURYDDOODILDPPDGDWRFKHLQED VHDOODFRORUD]LRQHOXPLQRVDSURYRFDWDVDUjIDFLOLWDWDODULFHUFD FKLPLFD

4XLQGLVLVHJXLUjLOVHJXHQWHPHWRGRJHQHUDOHVLWUDWWHUjSUL PD FRQ DFTXD FDOGD OD FRPSRVL]LRQH L SURGRWWL QRQ VROXELOL LQ DFTXDVDUDQQRWUDWWDWLFRQXQDVROX]LRQHFDOGDGLDOFRROLQILQHOD SDUWHLQVROXELOHLQDFTXDHDOFRROSRWUjHVVHUHWUDWWDWD FRQDFLGL FRQFHQWUDWL SHU OD GHWHUPLQD]LRQH GHL PHWDOOL DOOR VWDWR OLEHUR H WDOXQLFDUERQDWL ,OUHVLGXRILQDOHq]ROIRFDUERQHHVRVWDQ]HRUJDQLFKHFKHVL ULFHUFDQRFRQPHWRGLDSSURSULDWL 3HULOWUDWWDPHQWRGLDOFXQLJUDPPLGHOODFRPSRVL]LRQHSLUR WHFQLFD FRQ DFTXD IUHGGD R FDOGD QHOOD SDUWH VFLROWD FLRq QHOOD VROX]LRQH ILOWUDWD VL SRVVRQR GHWHUPLQDUH TXDOLWDWLYDPHQWH H TXDQWLWDWLYDPHQWHLVDOLVROXELOLLQDFTXDGLUDPHEDULRVWURQ ]LR FDOFLR SRWDVVLR VRGLR O DPPRQLR H FLRq VLD JOL HOHPHQWL FKHO DFLGRGLVDOLILFD]LRQHHFLRqLOQLWULFRLOVROIRULFRLOFORUL FRO RVVDOLFR 1HOUHVLGXRPHGLDQWHHVWUD]LRQHFRQDOFRRODFDOGRHVXFFHV VLYDULSUHFLSLWD]LRQHFRQDFTXDVLGHWHUPLQDQROHUHVLQHJRPPD ODFFDHFF 7UDWWDQGR O LQVROXELOH LQ DOFRRO FRQ DFLGR FORULGULFR FRQ FHQWUDWR YHQJRQR VFLROWL WDOXQL PHWDOOL DOOR VWDWR OLEHUR ]LQFR IHUUR UDPH LOVROIXURG DQWLPRQLRHDOFXQLFDUERQDWLGL EDULR FDOFLRUDPH 1HOUHVLGXRILQDOHVLGHYHWURYDUHOR]ROIRHGLOFDUERQH 3RVVRQR WURYDUVL DOWUH VRVWDQ]H DQFRUD GL VROLWR RUJDQLFKH H TXHVWH VL WURYDQR FRQ PHWRGL RSSRUWXQL SUHVVR ODERUDWRUL DW WUH]]DWLDHIIHWWXDUHTXHVWHSDUWLFRODULULFHUFKH (VDPH ILVLFR GHL PLVFXJOLR GD DQDOL]]DUH 'LIILFLOPHQWH OD FRPSRVL]LRQHSXzHVVHUHELDQFD 6HVLSUHVHQWDGLFRORUHQHURSXzFRQWHQHUHFDUERQHGLOHJQR QHURIXPRSROYHULQRVROIXURG DQWLPRQLRDOOXPLQLRQHURTXDO FKHVDOHGLUDPHVROIXURRRVVLGR 6HLOFRORUHqEUXQRYLSXzHVVHUHSUHVHQ]DGLUHVLQHRDVIDO WR 6HJLDOODODFRPSRVL]LRQHSXzFRQWHQHUHVROIXURG DUVHQLFR JLDOOR 6HODFRPSRVL]LRQHKDFRORUHD]]XUURYLSXz HVVHUHSUHVHQ]D GLVDOLGLUDPHVROIDWRRLOVROIDWRDPPRQLDFDOH 6HURVVDODFRPSRVL]LRQHSXzFRQWHQHUHDUVHQLFRURVVRPLQLR RTXDOFKHUHVLQDGLFRORUHURVVRWLSRJRPPDODFFDRVFLDODFFD

6HLOFRORUHqYHUGHYLSXzHVVHUHSUHVHQ]DGLYHUGHD]]XUURR GLYHUGHGL3DULJL $O PLFURVFRSLR VL SRVVRQR IDFLOPHQWH LGHQWLILFDUH DOFXQH VR VWDQ]HFRPHO DOOXPLQLRODOLPDWXUDGLIHUUROR]ROIRODJRPPD ODFFDHFF

5LFHUFDGLDOFXQLVLQJROLFRPSRQHQWL&DUERQDWLSRVVRQRHV VHUHGHWHUPLQDWLWUDWWDQGROLFRQVROX]LRQHFRQFHQWUDWDGLXQDFL GRFORULGULFRRQLWULFR FKHGjOXRJRDVYLOXSSRGLDQLGULGHFDU ERQLFD 6ROIDWL VL XWLOL]]D OD QRWD UHD]LRQH FRQ VDOL GL EDULR LQ SUH VHQ]DGHLTXDOLOHVROX]LRQLDFLGHSHUDFLGRVROIRULFRSUHFLSLWDQR FRQIRUPD]LRQHGLVROIDWRGLEDULR &ORUXUL OD ULFHUFD YLHQ IDWWD DJJLXQJHQGR DOOD VROX]LRQH GD HVDPLQDUH DFLGLILFDWD FRQ DFLGR QLWULFR GLOXLWR GHO QLWUDWR G DU JHQWR FKH Gj OXRJR LQ SUHVHQ]D GL FORUXUL DG XQ SUHFLSLWDWR ELDQFRFDVHRVRGLFORUXURG DUJHQWRFKHLPEUXQLVFHUDSLGDPHQWH O DULD,OSUHFLSLWDWRGLFORUXURG DUJHQWRVLULGLVFLRJOLHVHWUDWWDWR FRQVROX]LRQHG DPPRQLDFD &ORUDWL OD SUHVHQ]D GL FORUDWL q VWDELOLWD WUDWWDQGR FRQ DFLGR VROIRULFR FRQFHQWUDWR XQD SLFFROD TXDQWLWj GL PLVFXJOLR FKH VL GHFRPSRQHVXELWRVHYLq SUHVHQ]DGLFORUDWLÊGDRVVHUYDUHFKH LSHUFORUDWLQRQGjQQRODUHD]LRQHGHLFORUDWLFRQDFLGRVROIRULFR SHUHVVLVLIDODULFHUFDLQVROX]LRQHGHOSRWDVVLR 1LWUDWL OD ORUR ULFHUFD q GLIILFLOH VH HVVL VRQR SUHVHQWL FRQ WHPSRUDQHDPHQWHFRQLFORUDWL6HTXHVWLVRQRDVVHQWLGRSRHV VHUVHQH DFFHUWDWL FRQ OD SURYD SUHFHGHQWH VL SURFHGH FRVu XQD FHUWDTXDQWLWjGLPLVFXJOLRGDHVDPLQDUHVLWUDWWDFRQDFLGRVRO IRULFRLQXJXDOYROXPHIDFHQGRLQPRGRFKHTXHVWRVFRUUDOHQ WDPHQWHOXQJROHSDUHWLGHOUHFLSLHQWHLQPRGRFKHODUHD]LRQH VLDFRPSOHWD6LDJJLXQJHTXLQGLOHQWDPHQWHXQDVROX]LRQHFRQ FHQWUDWD GL VROIDWR IHUURVR 6H DOOD VXSHUILFLH GL VHSDUD]LRQH GHL GXHOLTXLGLFKHQRQGHYRQRPHVFRODUVLFRPSDUHXQDFRORUD]LR QHURVVREUXQDYLq SUHVHQ]DGLQLWUDWL 6H DVVLHPH DL QLWUDWLVRQR DQFKH SUHVHQWL FORUDWL VL SXz SUR FHGHUHQHOVHJXHQWHPRGRGDOODVROX]LRQHDFTXRVDGDHVDPLQDUH VL HVWUDJJRQR PHGLDQWH DOFRRO OH UHVLQH HYHQWXDOPHQWH SUHVHQWL VLILOWUDVHHYHQWXDOPHQWHWRUELGDVL DJJLXQJHFDUERQDWR VRGLFR LQHFFHVVRHVLHYDSRUDDVHFFRDOORVFRSRGLWUDVIRUPDUHLFORUDWL

LQFORUXULFKHVLGHWHUPLQDQRQHOPRGRQRWR4XLQGLVLSURFHGH DOODULFHUFDGHLQLWUDWL

6DOLGLDPPRQLROHVROX]LRQLFRQWHQHQWLVDOLGLDPPRQLRSHU HVVDOHDPPRQLDFRVROIDWRGL UDPH DPPRQLDFDOHHFF VL WUDW WDQRFRQ XQ UHDWWLYR GHWWR GL 1HVVOHU DOOD FXL SUHVHQ]D GjQQR OXRJRDGXQSUHFLSLWDWREUXQR $JJLXQJHQGR XQD VROX]LRQH GL XQD EDVH IRUWH XQ LGURVVLGR DOFDOLQRGLVRGLRRGLFDOFLRVHVRQRSUHVHQWLVDOLDPPRQLDFDOL VLVYLOXSSDDPPRQLDFDDYHQWHLOQRWRFDUDWWHULVWLFRRGRUH

2VVDODWLFRPHQRWRVRQRVROXELOLLQDFTXDVRORJOLRVVDODWLDO FDOLQL FRPH TXHOOR GL VRGLR PHQWUH LQ JHQHUH WXWWL JOL RVVDODWL VRQRIDFLOPHQWHVROXELOLQHJOLDFLGL ,Q SUHVHQ]D G DFLGR VROIRULFR FRQFHQWUDWR FKH DJLVFH GD GL VLGUDWDQWHJOLRVVDODWLYHQJRQRGHFRPSRVWLFRQVYLOXSSRGLDQL GULGHFDUERQLFDHGRVVLGRGLFDUERQLRFKHEUXFLDFRQILDPPDD] ]XUUD 6LFFRPH LO QLWUDWR G DUJHQWR H LO FORUXUR GL EDULR DGR SHUDELOLSHUOHDOWUHGHWHUPLQD]LRQLIDQQRSUHFLSLWDUHO DFLGRRV VDOLFR FRVu VL SXz XVDUH LO FORUXUR GL FDOFLR FKH ID SUHFLSLWDUH O RVVDODWR GL FDOFLR ELDQFR VROXELOH LQ DFLGR FORULGULFR GD WDOH VROX]LRQHVLSXzULSUHFLSLWDUHFRQDPPRQLDFDO RVVDODWR GLFDO FLR &DORPHODQRFORUXURPHUFXURVR VLGHWHUPLQDVRWWRIRUPDGL QLWUDWR ,O FDORPHODQR ULVFDOGDWR FRQ XQD VROX]LRQH GL DP PRQLDFDGjXQDUHD]LRQHFDUDWWHULVWLFDHFLRqVLVHSDUDGHOPHU FXULR ILQHPHQWH VXGGLYLVR PHQWUH VL IRUPD ULPDQHQGR LQ GLVFLROWRGHOFORUXURGLPHUFXULDPPRQLRQHUR 5LFHUFD DQDOLWLFD JHQHUDOH 6L SUHQGH XQD FHUWD TXDQWLWj GHO PLVFXJOLR GD HVDPLQDUH J VL SHVD DFFXUDWDPHQWH DOOD ELODQFLDGLSUHFLVLRQHVLSRQHLQXQEHFNHUGLFLUFDFPñ ÊFRVWLWXLWRGDXQDVROX]LRQHDOGLLRGRPHUFXUDWRSRWDVVL FR H DO G LGURVVLGR GL SRWDVVLR 6L WURYD JLj SUHSDUDWR LQ YHQGLWDSUHVVROD6RF&DUOR(UEDLQ9LD,PERQDWL0LODQRFKH SXzIRUQLUHWXWWLLUHDWWLYLQHFHVVDUL

GLFDSDFLWjVLDJJLXQJRQRFLUFDFPñG DFTXDVLVFDOGDOHQWD PHQWHHVLILOWUD4XDQWRUHVWDVXOILOWURFLRqO LQVROXELOHLQDF TXD YLHQH ODYDWR DQFRUD FRQ FLUFD FPñ GL DFTXD EROOHQWH H WDOLDFTXHGLODYDJJLRVLDJJLXQJRQRDTXHOOHRWWHQXWHLQSUHFH GHQ]DHFRVWLWXLVFRQRODSDUWHVROXELOHLQDFTXDQL 4XDQWRqULPDVWRVXOILOWURVLHVVLFFDHVLSHVDODGLIIHUHQ]DGL SHVRWUDODTXDQWLWjRULJLQDULDSUHVDLQHVDPHHTXHOODULPDVWDVXO ILOWURUDSSUHVHQWDODTXDQWLWjGLVDOLVROXELOLLQDFTXD6LUHJLVWUD WDOHSHVRFKHVHUYHSRLSHUODGHWHUPLQD]LRQHSHUFHQWXDOHGLWDOL FRPSRQHQWL /D SDUWHVROLGD ULPDVWD VXO ILOWURVL DVSRUWD DFFXUDWDPHQWH LQ PRGR GD QRQ SHUGHUQH QHVVXQD TXDQWLWj QHDQFKH PLQLPD H VL FROORFDLQXQEHFNHURYHVLDJJLXQJHGHOO DOFRROHVLVFDOGDOHQ WDPHQWH SHU 4XLQGL VL ILOWUD DGRSHUDQGR OD VWHVVD FDUWD GD ILOWURSUHFHGHQWHHVLODYDFRQGHOO DOFRROPROWRFDOGRVLRWWLHQH FRVuODSDUWHGHOODFRPSRVL]LRQHVROXELOHLQDOFRROQ 4XDQWRqULPDVWRVXOILOWURYLHQHHVVLFFDWRHSHVDWRDFFXUDWD PHQWHRWWHQHQGRFRVuLOSHVRGHLFRPSRQHQWLVROXELOLLQDOFRRO /D GLIIHUHQ]D SHVR RULJLQDULR PHQR OD VRPPD GHL FRPSRQHQWL VROXELOLLQDFTXDHDOFRRO FLRqLOUHVLGXRULPDVWRVXOILOWURQRU PDOPHQWHSXzHVVHUHFRVWLWXLWRGD]ROIRFDUERQHGLOHJQDLPSX ULWjGHOOHUHVLQHHFF 6HVLSHQVDFKHYLSRVVDHVVHUHQHOODFRPSRVL]LRQHSDUDIIL QD R SHWURODWXP RSSXUH VWHDULQD VL WUDWWD LO UHVLGXR LQVROXELOH FRQXQVROYHQWHWLSREHQ]LQDODVFLDQGRHYDSRUDUHLOILOWUDWRSHU O HVDPHUHODWLYR 4XDQWR q FRVu ULPDVWR VXO ILOWUR GRSR O HVWUD]LRQH GHOO HYHQ WXDOHFRQWHQXWRGLSDUDIILQDRVWHDULQDFRQEHQ]LQDTXDVLFHUWD PHQWH GL FRORUH VFXUR YLHQH WUDWWDWR FRQ DFLGR FORULGULFR FRQ FHQWUDWR D FDOGR ,Q FDVR G XOWHULRUH LQVROXELOLWj WUDWWDVL TXDVL VLFXUDPHQWH GL FDUERQH GL OHJQR R QHURIXPR VHPSUH SUHVHQWL QHOOH FRPSRVL]LRQL SLURWHFQLFKH PHQWUH QHOOD SDUWH GLVFLROWDVL QHOO DFLGR FORULGULFR VL SURFHGH DOOD ULFHUFD GHL PHWDOOL GL UDPH IHUUR SLRPER ]LQFR DOOXPLQLR R GHOO DQWLPRQLR HYHQWXDOPHQWH SUHVHQWL6HO DQWLPRQLRIRVVHVRWWRIRUPDGLVROIXURORVYLOXS SRGLLGURJHQRVROIRUDWRQHVYHOHUjODSUHVHQ]D /DSUHVHQ]DGLIHUURVLULYHODFRQLOVROIRFLDQXURGLSRWDVVLRFKH Gj XQD FDUDWWHULVWLFD FRORUD]LRQH URVVD R FRQ LO IHUURFLDQXUR GL SRWDVVLRFKHGjXQDFRORUD]LRQHD]]XUUDEOHXGL3UXVVLD

,OSLRPERYLHQHVYHODWRGDOO DJJLXQWDGLXQDVROX]LRQH GL EL FURPDWR GL SRWDVVLR FKH LQ DPELHQWH OHJJHUPHQWH DFHWLFR Gj OXRJRDGXQSUHFLSLWDWRJLDOORFDUDWWHULVWLFRGLFURPDWRGLSLRP ER /DSUHVHQ]DG DQWLPRQLRVLVYHODIDFHQGREROOLUHOHJJHUPHQWH OD VROX]LRQH GD HVDPLQDUH SHU HOLPLQDUH OH WUDFFH GL LGURJHQR VROIRUDWR DJJLXQJHQGR FPñ GL DFLGR FORULGULFR FRQFHQWUDWR H ILOWUDQGR VX ILOWUR EDJQDWR LQ SUHFHGHQ]D FRQ DFLGR FORULGULFR GLOXLWR,OILOWUDWRVLWUDWWDFRQLGURJHQRVROIRUDWRFKHIDSUHFLSL WDUH O DQWLPRQLR VRWWR IRUPD GL VROIXUR G DQWLPRQLR GL FRORUH JLDOORDUDQFLDWR 6H VRQR SUHVHQWL DOWUH VRVWDQ]H WUDWWDQGR OD VROX]LRQH FRQ DPPRQLDFDVLDYUjXQDFRORUD]LRQHD]]XUUDLQSUHVHQ]DGLUDPH HXQSUHFLSLWDWRFODVVLFRELDQFRJHODWLQRVRGLLGUzVVLGRGLDOOX PLQLRVHqSUHVHQWHTXHVW XOWLPRVDOH / XOWLPRUHVLGXRLQVROXELOHSXzHVVHUHFRVWLWXLWRGD]ROIRFKH VHSUHVHQWHSXzHVVHUHULFRQRVFLXWRPHGLDQWHDJJLXQWDGLVROIX URGLFDUERQLRQHOTXDOHVLVFLRJOLHFRQXQDQXRYDYDULD]LRQHGL SHVRGHOUHVLGXR 6HVLKDQQRDQFRUDUHVLGXLLQVROXELOLPDLQSHUFHQWXDOLWUDVFX UDELOLHVVLVRQRGRYXWLFRQRJQL SUREDELOLWjDLPSXUH]]HFRQWH QXWHQHOOHPDWHULHSULPHHLQTXHVWRFDVRQRQVHQHSURFHGHDO O HVDPH LQ FDVR FRQWUDULR VL YHULILFDQR FRQ OH QRUPH EHQ QRWH QHOOHULFHUFKHGLFKLPLFDRUJDQLFD 5LFHUFDGHOOHVRVWDQ]HVROXELOLLQDFTXDÊ RSSRUWXQR HVDPL QDWRLQSUHFHGHQ]DLOFRORUHGHOODILDPPDUHVWULQJHUHO DQDOLVLDL SUREDELOLFRPSRQHQWLGHOODFRPSRVL]LRQHGLWDOHFRORUH6XSSR QLDPR FKH OD FRPSRVL]LRQH VLD D OXFH URVVD LQ TXHVWR FDVR OH VRVWDQ]HVROXELOLLQDFTXDSRVVRQRFRQVLVWHUHLQVDOLGLVWURQ]LR FORUDWR R SHUFORUDWR SRWDVVLFR QLWUDWR SRWDVVLFR H GL FROOH VROX ELOLLQDFTXDDEDVHFLRqGLGHVWULQDDPLGRGLIUXPHQWRJRPPD DUDELFDHFF 6LULVFDOGDODVROX]LRQHLQHVDPHHVLFRQFHQWUDILQRDSRUWDUOD DFLUFDFPñ6LODVFLDUDIIUHGGDUH6LDJJLXQJHTXLQGLDOFRRO XQHYHQWXDOHLQWRUELGDPHQWR R SUHFLSLWD]LRQH SXz HVVHUH PRWL YDWR GD SUHVHQ]D GL JRPPD DUDELFD R GHVWULQD H LQ WDO FDVR VL ILOWUDVLHVVLFFDHVLSHVD/DVROX]LRQHDOFROLFDSXzSHUzFRQWH QHUH DQFKH DPLGR SDVVDWR LQ VROX]LRQH VH QH SUHOHYDQR SRFKL

FPñHVLWUDWWDQRFRQXQDVROX]LRQHGLLRGXURGLSRWDVVLRHDFTXD GLFORURSRFKH JRFFH 6L RWWLHQHXQD FDUDWWHULVWLFD FRORUD]LRQH D]]XUUD ,OUHVLGXRGHOODVROX]LRQHILOWUDWDVLHYDSRUDDVHFFRHVLSHVD WDOH TXDQWLWj DJJLXQWD D TXHOOD HYHQWXDOPHQWH WURYDWD QHOOH GH WHUPLQD]LRQL GHOOD JRPPD H DPLGR GRYUHEEH FRUULVSRQGHUH DO SHVRSULPLWLYRJLjGHWHUPLQDWR 1HOUHVLGXRVLGRYUHEEHURWURYDUHLVDOLVROXELOLLQDFTXDWUD FXLTXHOOLGLVWURQ]LR 7DOHHOHPHQWRVLSXzGHWHUPLQDUHVRWWRODIRUPDGLFDUERQDWRGL VWURQ]LR PHGLDQWH FDUERQDWR G DPPRQLR FKH VL DJJLXQJH ILQ TXDQGRQRQFHVVDO HIIHUYHVFHQ]DLOFDUERQDWRGLVWURQ]LRVLUDF FRJOLHSHUILOWUD]LRQHVRWWRIRUPDGLXQSUHFLSLWDWRELDQFRFKHVL ODYDVLHVVLFFDHVLSHVDHVVRSXzVHUYLUHQHLFDOFROLSHUO HYHQ WXDOH WUDVIRUPD]LRQH LQ QLWUDWR FKH KD SUHVVR D SRFR OR VWHVVR SHVRPROHFRODUHGHOFDUERQDWRGLVWURQ]LRFRQWURL GHO QLWUDWR GL VWURQ]LR HVVLFFDWR Ê SUHIHULWR GD DOFXQL DXWRUL GHWHUPLQDUH OR VWURQ]LR DOOR VWDWR GL VROIDWR FKH VL SXz WLWRODUH IDFLOPHQWH FRQ XQD VROX]LRQH GL SHUPDQJDQDWR SRWDVVLFR R FDO FRODUHGLUHWWDPHQWH 1HOODVROX]LRQHILOWUDWDVLULFHUFDQRLVDOLGLSRWDVVLRVLHYD SRUDULVFDOGDQGROHQWDPHQWHRQGHHYDSRUDUHOHHYHQWXDOLWUDFFH GLVDOLG DPPRQLRSUHVHQWLSHUOD SUHFHGHQWH DJJLXQWD GL FDUER QDWRG DPPRQLRVHVLqGHWHUPLQDWRORVWURQ]LRFRPHFDUERQDWR 4XDQWRUHVWDqUDSSUHVHQWDWRGDVDOLGLSRWDVVLR 7DOXQHFRPSRVL]LRQLDOXFHURVVDSRVVRQRFRQWHQHUH]XFFKH UR GL ODWWH GDO DO GL VROLWR FKH VL WURYD LQ VROX]LRQH FRO FORUDWR /D VROX]LRQH GL FORUDWR H ]XFFKHUR GL ODWWH VL SRUWD D VHFFR SULPDVFDOGDQGRPRGHUDWDPHQWHH SRLHOHYDQGR OD WHPSHUDWXUD LOFORUDWRVLGHFRPSRQHFRQVYLOXSSRG RVVLJHQRHVHSDUD]LRQHGL FORUXURSRWDVVLFRGDOTXDOHVLSDVVDDOFRQWHQXWRSHUFHQWXDOHGL FORUDWR PHQWUH OR ]XFFKHUR GL ODWWH FKH VL q YRODWLOL]]DWR QHOOD FRPEXVWLRQHVLGHWHUPLQDSHUGLIIHUHQ]D / DQDOLVL GHOOH FRPSRVL]LRQL YHUGL q UHODWLYDPHQWH VHPSOLFH GDWRFKHLFRPSRQHQWLQRUPDOLVRQRLOFORUDWRGLEDULRODJRP PDODFFDHOR]XFFKHURGLODWWHDFXLWDOYROWDWURYDVLDJJLXQWRLO FDORPHODQR /D SURFHGXUDGD VHJXLUHq DQDORJD DOOD SUHFHGHQWH 6L HVWUDH FRQDFTXDFDOGDLOFORUDWRGuEDULRHGHYHQWXDOPHQWHOR]XFFKHUR

GLODWWHVLILOWUDHTXLQGLGDOUHVLGXRLQVROXELOHVLHVWUDHFRQ DO FRRO OD JRPPD ODFFD GHWHUPLQDQGR TXHVW XOWLPD PHGLDQWH HYD SRUD]LRQHDVHFFR ,OUHVLGXRLQVROXELOHVHY qqUDSSUHVHQWDWRGDOFORUXURPHU FXURVR R ]ROIR R QHURIXPR R FDUERQH ,Q DVVHQ]D GL ]ROIR VL GHWHUPLQDLOFORUXURPHUFXURVRVRWWRIRUPDGLQLWUDWRPHQWUHSHU GLIIHUHQ]DVLFDOFRODLOQHURIXPR6HY q]ROIRORVLHVWUDHSULPD FRQVROIXURGLFDUERQLRHSRLVLGHWHUPLQDLOFDORPHODQRHLOQH URIXPRHYHQWXDOPHQWHSUHVHQWL ,Q WDOXQH FRPSRVL]LRQL YHUGL q DQFRUD XVDWR LO QLWUDWR SR WDVVLFR /DULFHUFDFRQWHPSRUDQHDPHQWHGHOHORUDWRHQLWUDWRFRPHVL qYLVWRqXQSR SLFRPSOLFDWDÊDQFKHXVDWDSHUTXHVWLFDVLGL FRQWHPSRUDQHDSUHVHQ]DGHLGXHVDOLODGHWHUPLQD ]LRQHGHOFOR UDWR PHGLDQWH LO ©QLWURQª TXHVWR SURGRWWR DYHQWH OD IRUPROD &+1+12SUHFLSLWDLOFORUDWRVRWWRIRUPDGLFORUDWRGLQL WURQ FKH YD HVVLFFDWR LQ FURJLXROL GL *RRFK ULVFDOGDQGROR D ILQR D SHVR FRVWDQWH /D TXDQWLWj GL VDOH GL QLWURQ WURYDWD PROWLSOLFDWDSHUXQGHWHUPLQDWRIDWWRUH GjLOFRQWHQXWR LQFORUDWRSRWDVVLFRGHOODVROX]LRQHHVDPLQDWD $QFKHLOSHUFORUDWRSRWDVVLFRRVRGLFRVRQRWHRULFDPHQWHGH WHUPLQDELOL FRQ OR VWHVVR VLVWHPD VRWWR IRUPD GL SHUFORUDWR GL QLWURQTXDORUDVLDQRLQVROX]LRQH ,OIDWWRUHFRVWDQWHGDPROWLSOLFDUHSHUDYHUHLOFRQWHQXWRGHOSHU FORUDWRVRGLFRq 1D&O2 &+1+&O2

4XHOORGHOSHUFORUDWRSRWDVVLFRq 1HOO DQDOLVLGHOOHFRPSRVL]LRQLD]]XUUHLOVROIXURGLUDPHRO RV VLGRGLUDPHHYHQWXDOPHQWHSUHVHQWLVRQRLQVROXELOLLQDFTXDH TXLQGLUHVWDQRVXOILOWUR6HLQYHFHYLIRVVHURVDOLVROXELOLHVVLVL GHWHUPLQDQR QHOOD SDUWH GLVFLROWD LQ DFTXD PHGLDQWH O DJJLXQWD GL XQ HFFHVVR GL FDUERQDWR VRGLFR FKH IDUj SUHFLSLWDUH LO UDPH VRWWRIRUPDG XQDSROYHUHD]]XUURYHUGDVWUD / DQDOLVLGHOOHFRPSRVL]LRQLDOXFHELDQFDSXzODVFLDUSUHYH GHUHGXHFDVLJHQHUDOLFRPSRVL]LRQLFRQWHQHQWLQLWUDWRGLEDULRH SROYHULPHWDOOLFKHHFRPSRVL]LRQLDEDVHGLSROYHUHQHUDRVXRL

FRPSRQHQWLFRQO HYHQWXDOHSUHVHQ]DGLOLPDWXUDGLIHUURRDOWUL PHWDOOLLQSROYHUH 3HUOHFRPSRVL]LRQLGHOSULPRWLSRO DQDOLVLQRQqGLIILFLOH , FRPSRQHQWL SRVVRQR HVVHUH LO QLWUDWR GL EDULR JRPPD ODFFD DOOXPLQLRRPDJQHVLRH]ROIR 6L SXz HVHJXLUH LO PHWRGR JHQHUDOH WUDWWDPHQWR FRQ DFTXD FDOGDGHWHUPLQD]LRQHQHOVROXWRGHOEDULRVRWWRIRUPDGLVROIDWR PHGLDQWHDJJLXQWDGLDFLGRVROIRULFR&RPHqQRWRDGRJQL SWURYDWHGLVROIDWRGLEDULRFRUULVSRQGRQRSGLEDULR/D SDUWHLQVROXELOHLQDFTXDVHQRQY qSUHVHQ]DGLJRPPDODFFDVL WUDWWD FRQ DFLGR FORULGULFR FRQFHQWUDWR VL VFLRJOLH O DOOXPLQLR FKHVLGHWHUPLQDFRQO DPPRQLDFD PHQWUHLQVROXWRUHVWDOR]RO IR 6H WUDWWDVL GL VROR ]ROIRTXHVWR VL VFLRJOLHUj FRPSOHWDPHQWH LQVROIXURGLFDUERQLR6HLQYHFHVLULWLHQHHVVHUYLJRPPDODFFD LO UHVLGXR LQVROXELOH LQ DFTXD VL WUDWWD FRQ DOFRRO DOOR VFRSR GL HVWUDUUH OD JRPPD ODFFD 3RL VL GHWHUPLQDQR JOL DOWUL HOHPHQWL DOOXPLQLRH]ROIR QHOPRGRDFFHQQDWR ÊSHUzGDRVVHUYDUHFKHVHLQYHFHGLDOOXPLQLRIRVVHSUHVHQWH GHOPDJQHVLRTXHVWRLQVROX]LRQHDOFROLFDVLXQLVFHDOODJRPPD ODFFDHLULVXOWDWLDQDOLWLFLYHQJRQRIDOVDWLÊSUHIHULELOHLQSUH VHQ]DGLPDJQHVLRWUDWWDUHO LQVROXELOHLQDFTXDFRQDFLGRFORUL GULFRHTXLQGLVHSDUDUHFRQIRVIDWRVRGLFRDPPRQLFRLOPDJQH VLRFKHYLHQHFDOFRODWRFRQXQRGHLPHWRGLLQXVRSHUWDOHPH WDOORSHUHVTXHOORGHOOR6FKPLW]RGHO*LEEV 6H QHOOD FRPSRVL]LRQH IRVVH FRQWHPSRUDQHDPHQWH SUHVHQWH ]ROIR H PDJQHVLR q FRQYHQLHQWH QRQ LPSLHJDUH LO PHWRGR JH QHUDOH HG HVHJXLUH O DQDOLVL LPSLHJDQGR LQL]LDOPHQWH DFLGR FOR ULGULFRODVROX]LRQHFRQWHUUjLOPDJQHVLRHLVDOLGLEDULRPHQWUH OR]ROIRVLVHSDUDVLILOWUDHVLGHWHUPLQDQHOVROLWRPRGR'DOOD VROX]LRQHFORULGULFDVLSUHFLSLWDSULPDLOEDULRFRQDFLGRVROIRUL FRVRWWRIRUPDGLVROIDWRPHQWUHLOPDJQHVLRVLGHWHUPLQDQHOOD ULPDQHQWHVROX]LRQHVRWWRIRUPDGLIRVIDWRVRGLFRDPPRQLFRR FRPHSLURIRVIDWRGLPDJQHVLR+J32 SHUDJJLXQWDGLIRVIDWR VRGLFR 2OWUH LO PHWRGR JHQHUDOH VL SXz SHU OH OXFL ELDQFKH DOO DO OXPLQLR DQDOL]]DUH OD FRPSRVL]LRQH WUDWWDQGROD FRQ XQD VR OX]LRQHDFDOGRGLDFLGRFORULGULFRLQFXLVLODVFLDSHUDOFXQHRUH JU GL FRPSRVL]LRQH SHU RUH LQ XQ EHFNHU FRQ FPñ GL DFTXDFDOGDHFPñGLDFLGRFORULGULFR

,O QLWUDWR GL EDULR H O DOOXPLQLR VL VFLROJRQR PHQWUH UHVWDQR LQVROXELOL]ROIRHJRPPDODFFDFKHVLGHWHUPLQDQRFRQLPHWRGL JLjQRWL7UDWWDQGRODVROX]LRQHFRQWHQHQWHLOVDOHGLEDULRHO DO OXPLQLRFRQDFLGRVROIRULFRVLVHSDUDLOEDULRVRWWRIRUPDGLVRO IDWR6LILOWUDVLHVVLFFDHVLSHVD ,O ILOWUDWR q WUDWWDWR FRQ DPPRQLDFD H SUHFLSLWD O LGURVVLGR GL DOOXPLQLR 1HOOHFRPSRVL]LRQLDOXFHELDQFDQRQFRQWHQHQWLLOQLWUDWRGL EDULRPDDEDVHGLFRPSRQHQWLGHOODSROYHUHQHUDHOLPDWXUDGL IHUUR HFF LO QLWUDWR SRWDVVLFR SXz HVVHUH GHWHUPLQDWR DFFXUDWD PHQWHFRQFRPXQLPHWRGLDQDOLWLFLGDWRFKHQRQVLqGLVWXUEDWL GDOODSUHVHQ]DGLFORUDWLPHGLDQWHVROX]LRQHFRQDFTXD /HVROX]LRQLDFTXRVHGHLQLWUDWLVRQRFDUDWWHUL]]DWHGDOODFROR UD]LRQH D]]XUUD FKH DVVXPRQR VH WUDWWDWH FRQ GLIHQLODPLQD 6L GHWHUPLQD TXDQWLWDWLYDPHQWH LO QLWUDWR SRWDVVLFR FRQ XQR GHL PHWRGLQRWLLQFKLPLFDVHVLGHVXPHGDXQ PHWRGR GL GHWHUPL QD]LRQH GHO FRQWHQXWR G D]RWR LO GL D]RWR PROWLSOLFDWR SHU GjLOGLQLWUDWRSRWDVVLFR *OLDOWULFRPSRQHQWLVROXELOLLQDFTXDVLGHWHUPLQDQRQHOVR OLWRPRGRHFRVuTXHOOLVROXELOLLQDOFRRO 1HO UHVLGXR LQVROXELOH LQ DFTXD H DOFRRO VL FHUFDQR LO IHUUR OLPDWXUD O DOOXPLQLR]ROIRFDUERQHHFF 6L WUDWWD WDOH UHVLGXR FRQ DFLGR FORULGULFR H OD SDUWH SDVVDWD LQ VROX]LRQHVLWUDWWDFRQXQDEDVHLGURVVLGRGLVRGLRRGLDPPR QLR VL KD LQ SUHVHQ]D GL IHUUR R DOOXPLQLR XQ SUHFLSLWDWR FKH SXz HVVHUH R LGURVVLGR GL IHUUR R G DOOXPLQLR R HQWUDPEL WDOL LGURVVLGL 6H WDOH SUHFLSLWDWR VL VFLRJOLH LQ HFFHVVR GHOOD EDVH VLDPR LQ SUHVHQ]DGLDOOXPLQLRLQTXHVWRFDVRqGLFRORUHELDQFR VHQRQ VLVFLRJOLHYXROGLUHFKHqIHUURLQTXHVWRFDVRLOSUHFLSLWDWRqGL FRORUHURVVREUXQR 3HUz VLFFRPH SRVVRQR HVVHUYL FRQWHPSRUDQHDPHQWH L GXH PHWDOOL LO FRORUH GHOO LGURVVLGR IHUULFR PDVFKHUHUHEEH LO FRORUH ELDQFR GHOO LGURVVLGR G DOOXPLQLR VL SXz PRGLILFDUH SL YDQ WDJJLRVDPHQWHODULFHUFDQHOVHJXHQWHPRGR 6LGLYLGHODVROX]LRQHFORULGULFDLQGXHSDUWLXJXDOLXQDSDUWH VL WUDWWD FRQ OD VROX]LRQH GL LGURVVLGR GL VRGLR R G DPPRQLR FLRq VROX]LRQH G DPPRQLDFD ILQR D TXDQGR QRQ VL KD SL IRU PD]LRQH GL SUHFLSLWDWR O DOWUD SDUWH VL WUDWWD FRQ XQ HFFHVVR G LGURVVLGR 6H SHVDQGR LO SUHFLSLWDWR RWWHQXWR SULPD VHSDUDWD

PHQWHHVVRVLVFLRJOLHFRPSOHWDPHQWHLQXQHFFHVVRGLLGURVVLGR VLWUDWWDVLFXUDPHQWHGLDOOXPLQLRLQGLFD]LRQHFKHqFRQIHUPDWD LQ SUHFHGHQ]D GDO FRORUH GHO SUHFLSLWDWR G LGURVVLGR G DOOXPLQLR ELDQFR ,OUHVLGXRLQVROXELOHDQFKH LQ DFLGRFORULGULFR SXzFRQWHQHUH ]ROIRRFDUERQHRQHURIXPRVLODYDVLHVVLFFDVLSHVD4XLQGLVL HVWUDH FRQ VROIXUR GL FDUERQLR OR ]ROIR H SHU GLIIHUHQ]D VL KD LO QHURIXPRRFDUERQH % $1$/,6,'(//$32/9(5(1(5$

&RQVLVWHQHOODGHWHUPLQD]LRQHGHOO XPLGLWjGHOQLWUDWRSRWDV VLFR ]ROIR FDUERQH HG HYHQWXDOL LPSXUH]]H QRQFKp GHOO HVDPH RFXODUHHYHULILFDGHOODGHQVLWjFROGHQVLPHWUR%LDQFKL 1HOO HVDPH RFXODUH VL YHULILFDQR FRORUH OXFHQWH]]D XQLIRU PLWj GHL JUDQL H ORUR VSHVVRUH GHWHUPLQDWR FRQ VHWDFFLDPHQWL VXFFHVVLYL H FRO QXPHUR GHL JUDQL FRQWHQXWL LQ XQ JUDPPR GL SROYHUH FRPSOHWD O HVDPH OD UHVLVWHQ]D GHL JUDQL DOOD IUDQWX PD]LRQHHVHIDFHQGRSDVVDUHLJUDQLVXXQIRJOLRGLFDUWDRVXOOD PDQRYLODVFLDQRRQRPDFFKLHQHUDVWUH 6L SXz VHJXLUH SHU TXHVWD YHULILFD LO VLVWHPD GHVFULWWR GDO 9LOODYHFFKLDQHOVXRWUDWWDWRGL&KLPLFDDQDOLWLFDDSSOLFDWDYRO ,SDJ 3RFKL JUDPPL GL VRVWDQ]D VL ODYDQR ULSHWXWDPHQWH VXO ILOWUR FRQ DFTXD FDOGD VL VFLRJOLH FRVu LO QLWUDWR SRWDVVLFR ROWUH DO TXDOH VL ULFHUFDQR QHOOD VROX]LRQH LO VRGLR O DPPRQLR H DOWUL PHWDOOL L FORUDWL SHUFORUDWL HYHQWXDOPHQWH SUHVHQWL FRL VROLWL PHWRGLGHOO DQDOLVLPLQHUDOH6HODVROX]LRQHDFTXRVDGHOQLWUDWR SRWDVVLFRqEUXQDHRSDOHVFHQWHFLzLQGLFDODSUHVHQ]DGLVRVWDQ ]H SURYHQLHQWL GDO FDUERQH QRQ EHQ FRWWR ,O UHVLGXR VXO ILOWUR VHFFDWRVLODYDFRQVROIXURGLFDUERQLRWLHSLGRSDVVDLQVROX]LR QH OD PDJJLRUSDUWH GHOOR ]ROIR FKH FULVWDOOL]]D SRL ODVFLDQGROD HYDSRUDUH ,OQXRYRUHVLGXRqIRUPDWRGDOFDUERQHHGHYHQWXDOPHQWHYLVL ULFHUFDQRLFDUERQDWLRDOWUHVRVWDQ]HPLQHUDOLLQVROXELOL

$QDOLVLTXDQWLWDWLYD&RPSUHQGHOHGHWHUPLQD]LRQLVH JXHQWL

D 'HWHUPLQD]LRQH GHOO XPLGLWj J GL SROYHUH VL VHFFDQR QHOYXRWRVXDFLGRVROIRULFRRYYHURLQVWXIDDGDFTXDDWHPSH UDWXUDFRVWDQWHQRQVXSHULRUHDSUHIHULELOPHQWH ILQR DSHVRFRVWDQWH

E 'HWHUPLQD]LRQH GHO QLWUDWR SRWDVVLFR ,O UHVLGXR VHFFR GHOODGHWHUPLQD]LRQHSUHFHGHQWHVLWUDWWDULSHWXWDPHQWHVXILOWUR WDUDWRGRSRHVVLFFDPHQWRHEDJQDWRFRQDFTXDFDOGDILQFKpXQD JRFFLD GHO OLTXLGR FKH SDVVD QRQ GLD SL OD UHD]LRQH GHL QLWUDWL FRQODGLIHQLODPLQDVLHYDSRUDLOILOWUDWRDFTXRVRLQFDSVXODWD UDWDVLVHFFDLOUHVLGXRGDSSULPDFDXWDPHQWHDGROFHFDORUHSRL JUDGDWDPHQWHILQYHUVRHVLSHVD H 'HWHUPLQD]LRQHGHOOR]ROIR,O UHVLGXRGHOWUDWWDPHQWRFRQ DFTXD VHFFDWR VXO ILOWUR VWHVVR RYYHUR DOWUL J GL SROYHUH VL HVDXULVFRQRFRQVROIXURGLFDUERQLRLQHVWUDWWRUH6R[KOHWVLHYD SRUDODVROX]LRQHRWWHQXWDLQSDOORQFLQRWDUDWRVLVHFFDHVLSHVD LOUHVLGXR &RQ WDOH PHWRGR SRVVRQR ULPDQHUH LQGLHWUR SLFFROH TXDQWLWj GL ]ROIRLQVROXELOHRQGHDYHUHULVXOWDWLSLHVDWWLVLSXzSURFHGHUH FRVuVLWUDWWDQRJGLSROYHUHSHUWUHYROWHFRQDFTXDUHJLDHYD SRUDQGR RJQL YROWD D EDJQRPDULD LQ XOWLPR VL HYDSRUD DQFRUD FRQDFLGRFORULGULFRVLULSUHQGHFRQDFTXDVLILOWUDVLODYDLOUH VLGXR LQVROXELOH VL SRUWD LO ILOWUDWR FRQ OH DFTXH GL ODYDJJLR D YROXPH QRWR H VRSUD XQD SDUWH DOLTXRWD VL GHWHUPLQD OR ]ROIR SUHFLSLWDQGRORFRPHVROIDWRGLEDULR G 'HWHUPLQD]LRQHGHOFDUERQH6L IDSHUGLIIHUHQ]DRYYHUR SHVDQGRLOUHVLGXRGHLWUDWWDPHQWLFRQDFTXDHVROIXURGLFDUER QLRGRSRDYHUORODYDWRFRQDOFRROHVHFFDWRDVXILOWURWD UDWR

& 5,&(5&$'(// $&,'23,&5,&2(3,&5$7, 6LULFHUFDQR FROPHWRGR%XVFKH%OXPHFLRqVRWWRIRUPD GL SLFUDWR GL QLWURQ OD FXL VROXELOLWj q FRVu SLFFROD FKH OD SUH FLSLWD]LRQHVLSURGXFHDQFKHFRQODFRQFHQWUD]LRQHGL %DVWDJGLVRVWDQ]DFRQWHQHQWHDFLGRSLFULFRSHUODULFHU FDPHGLDQWHXQDVROX]LRQHGLDFHWDWRGLQLWURQ ,OSHVRWURYDWRGLSLFUDWRGLQLWURQPROWLSOLFDWRSHULOIDWWRUH ILVVRGjODTXDQWLWjGLDFLGRSLFULFRFRQWHQXWD QHOODFRPSRVL]LRQH

$33(1',&(

'$7,&2675877,9,68*/, (66,&&$72,3(5$57,),=,3,527(&1,&,

5LWHQLDPR IDUH FRVD XWLOH DL SLURWHFQLFL IRUQLUH EUHYL FHQQL VXOODSRVVLELOLWjG LPSLDQWDUHXQHVVLFFDWRLRSHUSURFHGHUHDOO HV VLFFDPHQWRGHLSH]]LSLURWHFQLFL 'XUDQWH OD SULPD JXHUUD PRQGLDOH LQ ,WDOLD IXURQR LPSLHJDWH QRWHYROL TXDQWLWj GL DUWLIL]L GD JXHUUD WDQWR HOOH IX FUHDWR XQ DSSRVLWR /DERUDWRULR 3LURWHFQLFR GHO &RPDQGR 6X SUHPRODFXLXOWLPDVHGHIX )HOLQR3DUPD HG DOWULSLFFROLOD ERUDWRULG $UPDWD IXURQR LVWLWXLWL GRYH SL IRUWH HUD LO FRQVXPR GLDUWLIL]LLQWDOHFLUFRVWDQ]DIXURQRFRVWUXLWLFRQPH]]LPRGH VWLGHJOLHVVLFFDWRLGLFXLGLDPRXQFHQQRULDVVXQWLYR ,QXQHVVLFFDWRLRVLOHYHSRWHUULVFDOGDUHODVRVWDQ]DGDHVVLF FDUH SULYDQGRODLQWXWWRRLQEXRQDSDUWHGHOO XPLGLWjRGHOO DFTXD HYHQWXDOPHQWHFRQWHQXWD&LzVLFRQVHJXHLQYLDQGRQHOODFDPHUD GL HVVLFFD]LRQH OD QHFHVVDULD TXDQWLWj G DULD ULVFDOGDWD DG XQD WHPSHUDWXUD LQ UHOD]LRQH DOOD VRVWDQ]D GD HVVLFFDUH LQ PRGR GD SRWHUFROULVFDOGDPHQWRGHOODVRVWDQ]DHOLPLQDUHYDSRUL]]DQGR ODWXWWDRSDUWHGHOO DFTXDFRQWHQXWDLQHVVD /HWXED]LRQLPHWDOOLFKHDWWUDYHUVDWHGDYDSRUHRDFTXDFDOGD R GDL SURGRWWL GHOOD FRPEXVWLRQH FKH SURYHQJRQR GDO IRUQHOOR HVWHUQRHFRVWLWXHQWLLFRUSLLUUDGLDQWLLOFDORUHSRVVRQRGLVSRUVL QHOO LQWHUQRRDOO HVWHUQRGHOORFDOHGLHVVLFFD]LRQHqSUHIHULELOH FROORFDUOH VRWWR LO SDYLPHQWR GL WDOH ORFDOH FKH VSHVVR q FRVWL WXLWR GD XQD UHWH PHWDOOLFD R JULJOLD OH VRVWDQ]H GD HVVLFFDUH VL GLVSRQJRQR LQ PRGR GD HVVHUH ODPELWH GDOO DULD FDOGD LQ PRGR XQLIRUPHLQRJQLORURSXQWR/DYHORFLWjFRQFXLO DULDFDOGDDW WUDYHUVDLOORFDOHG HVVLFFD]LRQHQRQGHYHVXSHUDUHPDOVHFRQ GRHLPVHFRQGRQHOOHWXED]LRQL / HVVLFDWRLR LQ RJJHWWRFRVWUXLWR SUHVVR OD , $UPDWD HUD FR VWLWXLWRGDXQSLFFRORIDEEULFDWRLVRODWRLQPXUDWXUDODWHUL]LDFRQ GXHORFDOLXQRFRQWHQHQWHODFDOGDLDHO DOWURODFDPHUDGLHVVLF

FD]LRQHLQFXLVLWURYDYDQROHWXED]LRQLLQODPLHUDDGGXWWULFLGHO FDORUH H OH FRPSRVL]LRQL GD HVVLFFDUH SRVWH VX DSSRVLWL VFDIIDOL DGDOYHDUH /HSDUHWLGHOODFDPHUDG HVVLFFDPHQWRHFFHWWRTXHOODGLVHSD UD]LRQH HUDQR GRSSLH FRQ LQWHUSRVWR FXVFLQR G DULD VSHVVRUH GHOPXUHWWRLQWHUQRFPHGLTXHOORHVWHUQRFP ,O ORFDOH HUD YHQWLODWR PHGLDQWH ERFFKH GL SUHVD GHOO DULD HVWHUQDSRVWHLQEDVVRHGLHVSXOVLRQHGHOO DULDVDWXUDGLYDSRUH G DFTXDFROORFDWHLQDOWR )LVVDWLLVHJXHQWLGDWLGLPDVVLPD &RPSRVL]LRQLGDHVVLFFDUHVDOLVWURQ]LRGLEDULRGLSRWDVVLR GLVRGLRHSROYHUHQHUD 4XDQWLWjGLFRPSRVL]LRQHGDHVVLFFDUHFLUFDTXLQWDOLVXSSR VWLFRQWHQHQWLLOG XPLGLWj 7HPSHUDWXUDPDVVLPDG HVVLFFDPHQWR PHGLDFDPHUDG HVVLFFDPHQWR (VVLFFDPHQWRIDWWRLQPRGROHQWRSHURUHVXSSRQHQGRDO PDVVLPR XQD WHPSHUDWXUD HVWHUQD GL H FRQ FRPSRVL]LRQL VXSSRVWHD 6XSHUILFLH GL HYDSRUL]]D]LRQH UHFLSLHQWL GL OHJQR GD P [ &RPEXVWLELOHDGRSHUDWROHJQDGROFH 6LFDOFRODODTXDQWLWjRUDULDFKHGHYRQRIRUQLUHLFRUSLULVFDOGDWL SHU WHQHUH FRQWR GHOOH GLVSHUVLRQL DWWUDYHUVR SDUHWL SDYL PHQWLHVRIILWWL SHUULVFDOGDUHOHFRPSRVL]LRQLRVRVWDQ]HGDHVVLFFDUH SHUHYDSRUDUHO DFTXDFRQWHQXWDLQWDOLVRVWDQ]H SHUULVFDOGDUHO DULDGLYHQWLOD]LRQH H FKH QHO QRVWUR FDVR FRQ OH LSRWHVL IDWWH FRUULVSRQGH D FLUFD FDORULH ,Q EDVH D WDOH GDWR VL FDOFRODQR OD VXSHUILFLH LUUDGLDQWH GDJOL HOHPHQWLULVFDOGDQWL3RVWDODOXQJKH]]DGLWDOLHOHPHQWLDPH DGRWWDWDXQDVH]LRQHFLUFRODUHVLKD 'LDPHWURGHJOLHOHPHQWLFP &LUFRQIHUHQ]Dª 6H]LRQHUHWWDPð /DTXDQWLWjWHRULFDRUDULDGLOHJQDGDEUXFLDUHqGLNJHLQ WRWDOHSHUJLRUQLFLUFDNJLQSUDWLFDXQSR VXSHULRUH

,PDWHULDOLHOD PDQRG RSHUD RFFRUUHQWH SHU FRVWUXLUHXQ HV VLFFDWRLRGHLJHQHUHGHOOHGLPHQVLRQLLQSLDQWDGLLQ[ HDOWH]]DDOO XVFLWDGDOFDPLQRPVRQRLVHJXHQWL *KLDLDHVDEELD Pñ &HPHQWRT &DOFHJUDVVDT 0DWWRQLFRPXQLQ (WHUQLWLQODVWUHPð 7UDYLHWUDYLFHOOLG DEHWHPñ 7DYROHVTXDGUDWHG DEHWHPð /LVWHOOLG DEHWHP 7HJROHFRPXQLQ 6HUUDPHQWDSHUSRUWHHILQHVWUHPð 0DWHULDOLPHWDOOLFLSHUFDOGDLDWXELHFDPLQRT 2UHODYRUDWLYHGLPXUDWRUHQ IDOHJQDPH Q PDQRYDOHQ LPELDQFKLQRHYHUQLFLDWRUHQ

%,%/,2*5$),$',/,%5,',3,527(&1,$(0(==, 3,527(&1,&,

*,29$11, '$ )217$1$ %HOOLFRUXP LQVWUXPHQWR UXPOLEHU 9$118&&,2%,5,1*8&&,2'HOD3LURWHFKQLD :,//,$0%2851(,QYHQWLRQVDQG'HYLFHV 6&+0,'/$33\URWHFKQLD )5$1d2,6 '( 0$/7+86 7UHDWLVH RI $UWLILFLDO )L UHZRUNV +$1=/(7/25$,11(MHDQ$SSLHU /D3\URWHFKQLH -2+1%$7(%RRNRIBILUHZRUNV -2+1%$%%,1*7213\URWHFKQLD 0<($WUHDWLVH RI $UWLILFLDO )LUHZRUNV IRU ZDUDQG UH FUHDWLRQ 6,0,(12:,(= 9ROONRPPHQH *HVFKW] )HXHUZHUNH XQG%FKVHQPH\VWHUQ\.XQVW +$)1,$(:,17(5/HSXOYHUHS\ULRUHFUHDWLRQ )5e=,(57UDLWpGHVIHX[G DUWLILFH 6,1&(5,6DOSHWHUVLHGHUXQG)HXHZHUNHU 3(5,1(7' 259$/(VVDLVXUOHVIHX[G DUWLILFHV 52%(57-21(67UHDWLVHRI$UWLILFLDO)LUHZRUNV &/$8'( )25781e 58**(5, (OpPHQWV GH S\UR WHFKQLH 58**,(5,DQG025(/'LH3\URWHFKQLH &/$8'()25781e3\URWHFKQLHPLOLWDLUH ' $5&(7 1RWLFH VXU OHV IXVpHV LQFHQGLDLUHV GH &RQ JUqYH &21*5Ê9($FRQFLVHDFFRXQWRQWKHRULJLQDQG3UR JUHVVRIWKH5RFNHW6\VWHP /($8'27)HX[G DUWLILFH *:0257,0(5$PDQXDORI3\URWHFKQLH

-5$9,&+,2'(3(5(76'25)7UDLWpGH3\URWHFKQLH PLOLWDLUH -$0(6&87%86+6\VWHPRI3\URWHFKQLFV 3(5(//,7UDWWDWRGL3LURWHFQLDPLOLWDUH/LYRUQR 025L7=0(<(53\URWHFKQLHUDLVRQQpH ' $1721,2%(50(-23\URWHFKQLD0LOLWDUH 58**,(5,+DQGEXFKOHLQ]X/XVWIHXUZHUNHUHL R0$57,1:(%6.<6FKXOHGHU/XVWIHXUZHUNHUHL %86+ +2))0$11 'LH .ULHJVIHXHUZHUNHUHL GHU .|QLJOLFK3UHXVVLVFKHQ$UWLOOHULH )0&+(57,(51RXYHOOHUHFKHUFKHVXUGHVIHX[G DU WLILFH %6%(5(1'62+1/XVWIHXHUZHUNHUHL *'866$8&(7UHDWLVHRQ&RORUHG)LUHVHWF 35$&7,&86$UWRI0DNLQJ)LUHZRUNV $'DQG39(5*1$8'3LURWHFKQLHPLOLWDLUHHWFLYL OH 35$&7,&860DQXDORI3\URWHFKQLH ('(6257,$8;/DSRXGYHHWODS\URWHFKQLH 830$11H0(<(57UDLWpVXUODSRXGUHOHVFRUSVH[ SORVLYHVHWODS\URWHFKQLH $/$0$55(1RXYHDXPDQXHOGHO DUWLILFLHU :+,77(025(DQG+($7+0LOLWDU\3\URWHFKQ\ 7+26.(17,6+7KHS\URWHFKQLVW7UHDVXU\ :+%52:1()LUHZRNV0DNLQJIRU$PDWHXUV $0e'e('(1,66(7UDLWp3UDWLTXHGHVIHX[G DUWLILFH 3$8/7(66,(5&KHPLHS\URWHFKQLTXH '20(1,&2$1721,7UDWWDWRGH3LURWHFKQLD&LYLOH ,b+16*HVFKLFKWHGHU([SORVLYVWRIIH -5--2&(/<15R\DO3\URWHFQLFV (6&(1%$&+(59$1'529(='LH)HXHUZHUNHUHL +%)$%(50LOLWDU\3\URWKHFQLFV /$1*+$16/HXWFKVlW]H $67+%52&.3\URWKHFQLFV ,==2(VSORVLYLHGDUWLILFLGHOJHQLR 02/,1$(VSORGHQWLHPRGRGLDSSOLFDUOL ',0$,2-21$3LURWHFQLDPRGHUQD $1$12))/DIXVpHGHJXHUUH /(+$//(853RXGUHVH[SORVLIVHW$UWLILFHV &::(,1*$570DQXDORI)LUHZRUNVXHG

7(11(

Pirotecnia e Fuochi Artificiali

Recommend Documents