Sei sulla pagina 1di 34

0DQXDOHGHO'XQJHRQ0DVWHU

'HVFUL]LRQL$PELHQWD]LRQL

6H]LRQH/H5D]]HFKHDELWDQR.U\QQ

, .DJDQHVWL &KLVRQRHFRPHYLYRQR 

, .DJDQHVWL QRWL FRPH JOL (OIL 6HOYDJJL LQ OLQJXD &RPXQH VRQR OD WHU]D UD]]D +DQQR FRPEDWWXWR FRQ JOL HOIL GL
4XDOLQHVWLGXUDQWHODJXHUUDWUDOHUD]]H,QFDPELRGHOODORUROHDOWj.LQ.DQDQDVVHJQzORUROHPRQWDJQHG(UJRWKFLz
DFFDGHYDSULPDFKHJOLHOILGL4XDOLQHVWLHTXHOOLG(UJRWKIRVVHURVHSDUDWLGDO&DWDFOLVPD
6RQRXQSRSRORFKLXVRHDSSDUWDWRFKHQRQDPDLFRQWDWWLFRQJOLDOWUL8QDYROWDVLFKLDPDYDQR(OILGL)URQWLHUD6RQR
JXHUULHULIRUPLGDELOLHKDQQRVHUYLWR.LQ.DQDQFRQGHYR]LRQHPDQRQDPDQRODFLWWj6LVRQRPLVFKLDWLFRQL'UXLGLH
KDQQRDSSUHVRODORURFXOWXUD+DQQRULSUHVRJOLDQWLFKLFRVWXPLGHJOL(OIL/DPLDJHQWHOLFRQVLGHUDEDUEDULSURSULR
FRPHODYRVWUDJHQWHFRQVLGHUDEDUEDULJOLXRPLQLGHOOH3LDQXUH
, .DJDQHVWLVRQRVHPSUHVWDWLSRYHULGDOSXQWRGLYLVWDPDWHULDOH3RYHULSHULQRVWULFULWHULDQFKHVHQRQVHFRQGRLORUR
6RQRFDFFLDWRULHUDFFRJOLWRUL1RQFROWLYDQRWHUUHQLQRQIRUJLDQRPHWDOOL
>@JOLDQ]LDQLGHL.DJDQHVWL GLYHQWDQR VHPSUHSLRVWLOL VHOYDJJLHEHOOLFRVLTXDQGR YHGRQRFKHORURLJLRYDQLVH QH
YDQQRDWWUDWWLGDOOHULFFKH]]HGHL4XDOLQHVWLHFKHLOORURDQWLFRPRGRGLYLYHUHqPLQDFFLDWR

7KRQ7VDODULDQ )LXPHGHL0RUWL
7KRQ7VDODURWK )LXPHGHOOD0RUWH
7KRQ6DUJRQ
)LXPHG$UJHQWRSHUL6LOYDQHVWL
4XDQGRODOXQDGDUJHQWRVRUJHSLHQDQHOFLHORLOILXPHVLWUDVIRUPDLQXQULYRGDUJHQWRIXVRHGq
XQRVSHWWDFROREHOOLVVLPR


, &ODQGHL1DQLGL)RVVR

, QDQLGLIRVVRR$JKDUFRPHHUDFKLDPDWDODORURUD]]DHUDQRGDYYHURGHJOLLQIHOLFL8OWLPDFDVWDGHOODVRFLHWjGHL
QDQLHUDQRGDSSHUWXWWRHGDSSHUWXWWRYLYHYDQRQHOODVSRUFL]LDHQHOORVTXDOORUHULIXJLDQGRVLQHLSRVWLDEEDQGRQDWLGD
WXWWLDQFKHGDJOLDQLPDOL&RPHWXWWLLQDQLVLULXQLYDQRLQFODQHVSHVVRSDUHFFKLFODQYLYHYDQRLQVLHPHJRYHUQDWLGDL
ULVSHWWLYLFDSLRSSXUHGDXQVRORFDSRFODQSDUWLFRODUPHQWHSRWHQWH
1RQHUDIDFLOHGLVWLQJXHUHLVHVVL/HIHPPLQHQRQDYHYDQRSHOLVXOPHQWRPDOHVXOOHJXDQFHVuHGLQGRVVDYDQRODFHUL
JUHPELXOLVWUHWWLLQYLWD,QRJQLFDVRHUDQREUXWWHFRPHLPDVFKL0DOJUDGRODVSHWWRGHSULPHQWHOHVLVWHQ]DGHLQDQLGL
IRVVRHUDJHQHUDOPHQWHDOOHJUD
7UHFODQYLYHYDQRD;DN7VDURWKJOL6OXGL%XOSHL*XOS

,O.HQGHUHOR*QRPR

/H YHFFKLH OHJJHQGH GL *UD\JHP GL *DUJDWK ODVFLDYDQR LQWHQGHUH FKH OH UD]]H GHL NHQGHU H GHJOL JQRPL IRVVHUR
YDJDPHQWHLPSDUHQWDWH,QGXEELDPHQWHLOJLRYDQHJQRPRDYHYDWUDWWLGDNHQGHUOHPDQLVRWWLOLOHVSUHVVLRQHYLYDFHH
RFFKLHWWL IXUEL H DFXWL FXL QRQ VIXJJLYD QXOOD 0D OH VRPLJOLDQ]H VL IHUPDYDQR Ou /R JQRPR QRQ DYHYD QLHQWH GHO
FRPSRUWDPHQWRVSLJOLDWRHGLVLQLELWRGHONHQGHU(UDQHUYRVRVHULRLQGDIIDUDWRHFRQODULDSURIHVVLRQDOH

6H]LRQH/D6WRULDGL.U\QQ

/D6WRULDGHOOD&UHD]LRQHVHFRQGRJOL,UGD

6HFRQGRLQRVWULDQWHQDWL LWUHGHLFKHQRLFRQRVFLDPRFRPH3DODGLQH7DNKLVLVH*LOHDQGLPRUDYDQRXQWHPSRLQVLHPH
VXO SLDQR LPPRUWDOH (VVL HUDQR IUDWHOOL SHUFKp QDWL GD &DRV 3DGUH GHO 7XWWR H GHO 1XOOD 3DODGLQH HUD LO PDJJLRUH
FRVFLHQ]LRVRHUHVSRQVDELOH*LOHDQHUDLOVHFRQGRJHQLWRVWXGLRVRHFRQWHPSODWLYR7DNKLVLVODSLJLRYDQHHUDO
XQLFD
ILJOLDHDGHWWDGLDOFXQLODSUHIHULWDHGHUDLQTXLHWDDPEL]LRVDHDQQRLDWD
7DNKLVLVYROHYDLOSRWHUHYROHYDGRPLQDUHVXJOLDOWULPDSHUTXDQWRWHQWDVVHQRQULXVFLYDDGLPSRUVLDLIUDWHOOLSHUFKp
3DODGLQHDYHYDXQDYRORQWjWURSSRIRUWHH*LOHDQHUDVHPSUHGLVWUDWWR6XOODEDVHGLWXWWRTXHVWRQRL,UGDULWHQLDPRFKH
LOPRQGRGL.U\QQHWXWWHOHIRUPHGLYLWDSUHVHQWLVXTXHVWRSLDQRVLDQRVWDWLFUHDWLSHULVWLJD]LRQHGL7DNKLVLVFKHHUD
FDSDFHGLGLYHQWDUHGHFLVDPHQWHDVWXWDHDIIDVFLQDQWHTXDQGRYROHYDTXDOFRVD
7DNKLVLV VL UHFz TXLQGL GDL GXH IUDWHOOL PDJJLRUL HG HVSRVH ORUR OD VXD LGHD GL FUHDUH XQ PRQGR H GHJOL VSLULWL FKH YL
GLPRUDVVHUR FRQ 3DODGLQH EDGz D VRWWROLQHDUH FRPH TXHVWL VSLULWL DYUHEEHUR SRUWDWR RUGLQH LQ XQ XQLYHUVR DOWULPHQWL
FDRWLFRHTXHVWLFKHGDWHPSRHUDWXUEDWRSHULOIDWWRFKHODORURYLWDQRQDYHYDXQRVFRSRRXQVLJQLILFDWRGLHGHLOVXR
DVVHQVR LQVLHPH FRQ TXHOOR GHOOD VXD FRQVRUWH 0LVKDNDO (QWUDPEL LQIDWWL HUDQR PROWR VRGGLVIDWWL DOO
LGHD GL XQ
FDPELDPHQWR
1DWXUDOPHQWHKDLSDUODWRGLTXHVWRFRQLO3DGUHHKDLRWWHQXWRLOVXRSHUPHVVRYHUR" RVVHUYzSHUz3DODGLQH
&HUWDPHQWHPLRFDURIUDWHOOR UHSOLFz7DNKLVLVHDQFKHVHGRYHYDHVVHUHFRQVDSHYROHGHOIDWWRFKHOHLVWDYDPHQWHQGR
3DODGLQHFKLXVHJOLRFFKLGDYDQWLDOODYHULWjSHUFKpHUDLPSD]LHQWHGLGDUHRUGLQHDOO
XQLYHUVR

7DNKLVLV VL UHFz TXLQGL GD *LOHDQ H JOL SDUOz GHOOH RSSRUWXQLWj GL VWXGLR FKH VDUHEEHUR GHULYDWH GDOO
RVVHUYDUH FRPH
FUHDWXUHGLYHUVHGDORURUHDJLYDQRLQVYDULDWHVLWXD]LRQL
*LOHDQ WURYz O
LGHD LQWHUHVVDQWH H QRQ DYHQGR FRQVRUWH QRQ FL VRQR QRWL]LH GL FRVD OH IRVVH VXFFHVVR  VL FRQVXOWz FRQ
=LYLO\QXQGLRFKHVLGLFHHVLVWDFRQWHPSRUDQHDPHQWHVXWXWWLLSLDQLLQWXWWLLWHPSLHFKHqJLXQWRGDXQRGHJOLDOWUL
SLDQLLPPRUWDOLFKHYLHQHLQGLFDWRVHPSOLFHPHQWHFRPHO
2OWUH
=LYLO\QJXDUGzGDYDQWLHGLHWURDGHVWUDHDVLQLVWUDLQDOWRHLQEDVVRHDOODILQHGLFKLDUzFKHTXHOODHUDXQDEXRQDLGHD
SHUFXL*LOHDQDFFRQVHQWLDOSURJHWWRGHOODVRUHOOD
1DWXUDOPHQWHKDLSDUODWRGHOODFRVDFRQLO3DGUHYHUR" DJJLXQVHFRPHSHUXQULSHQVDPHQWRVHQ]DQHSSXUHVROOHYDUH
ORVJXDUGRGDOOLEURFKHVWDYDOHJJHQGR
&HUWDPHQWHPLRFDURIUDWHOOR UHSOLFz7DNKLVLV
*LOHDQ VDSHYD FKH OHL VWDYD PHQWHQGR SHUFKp =LYLO\Q OR DYHYD DYYHUWLWR FKH OR DYUHEEH IDWWR PD O
RSSRUWXQLWj GL
DFTXLVLUHQXRYRVDSHUHHUDSHUOXLXQDWHQWD]LRQHWURSSRJUDQGHHSHUTXHVWRFKLXVHJOLRFFKLGDYDQWLDOODYHULWj
$YHQGRRWWHQXWRO
DVVHQVRGHLIUDWHOOL7DNKLVLVSURFHGHWWHDUHDOL]]DUHLOVXRSLDQR
1HOO
2OWUHYLYHXQGLRFKLDPDWR5HRU[GHOFXLSDVVDWRQRQVLVDPROWRDQFKHVHFRUURQRYRFLFKHXQDWHUULELOHWUDJHGLD
GL TXDOFKH WLSR OR DYHVVH VSLQWR DG HYLWDUH OD FRPSDJQLD GHJOL DOWUL LPPRUWDOL 5HRU[ YLYHYD GD VROR VXO VXR SLDQR H
SDVVDYDLOWHPSRDFUHDUHFRVHVSOHQGLGHHRUULELOLPHUDYLJOLRVHHWHUULELOLODVXDXQLFDJLRLDHUDODFUHD]LRQHPDQRQ
VDSHYDFRVDIDUVHQHGHJOLRJJHWWLFKHUHDOL]]DYDHGRSRDYHUOLXOWLPDWLOLJHWWDYDYLDDQFRUDRJJLGLWDQWRLQWDQWRFDSLWD
GLYHGHVVHXQRSUHFLSLWDUHGDOFLHORQHOODIRUPDQRWDFRPHVWHOODFDGHQWH
7DNKLVLVVLUHFzGXQTXHGD5HRU[HFRPLQFLzDLQFHQVDUHOHVXHFUHD]LRQL
3HUzqGDYYHURXQSHFFDWRFKHWXOHGHEEDEXWWDUHYLD FRQFOXVH+RLQPHQWHXQSLDQRFKHWLSHUPHWWHUjGLFUHDUH
TXDOFRVDFKHQRQWLDQQRLHUjHFKHWLRIIULUjQXRYHVILGHSHURJQLJLRUQRGHOODWXDYLWDLPPRUWDOH&UHHUDLXQPRQGRH
ORSRSROHUDLGLVSLULWLLQVHJQDQGRORURWXWWHOHDUWLFKHFRQRVFL
5HRU[ULPDVHDIIDVFLQDWRGDOO
LGHDFKHOHVXHLQFHVVDQWLFUHD]LRQLDYHVVHURLQILQHXQLPSLHJRHXQ
XWLOLWjHIXSURQWRDG
DFFRQVHQWLUH
+DLSDUODWRGLTXHVWRFRQLO3DGUH" GRPDQGzD7DNKLVLV
6HQRQORDYHVVLIDWWRQRQVDUHLPDLYHQXWDGDWH ULVSRVHOHL
(VVHQGRVHPSOLFHHLQJHQXR5HRU[QRQVLUHVHFRQWRFKH7DNKLVLVVWDYDPHQWHQGR
$ TXHOSXQWRJOLGHLVLUDGXQDURQR3DODGLQH0LVKDNDOHLORURILJOL*LOHDQHODVXDXQLFDILJOLDQDWXUDOHLQVLHPHDJOL
DOWULILJOLGDOXLDGRWWDWL7DNKLVLVLOVXRFRQVRUWH6DUJRQQDVHLORURILJOL9HQQHDQFKH5HRU[FKHSRUWzFRQVpODVXD
LQFXGLQH H Oj LQ PH]]R DOOD QRWWH FXSD H LQILQLWD GHO &DRV YLEUz LO SULPR FROSR GL PDUWHOOR VX XQ SH]]R GL PHWDOOR
LQFDQGHVFHQWH
,Q TXHO PRPHQWR L GXH IUDWHOOL IXURQR FRVWUHWWL D JXDUGDUH LQ IDFFLD OD YHULWj 7DNKLVLV QRQ DYHYD FRQVXOWDWR LO &DRV
3DGUH GHO 7XWWR H GHO 1XOOD &RQVDSHYROH FKH OXL VL VDUHEEH RSSRVWR DO VXR SLDQR GL SRUWDUH RUGLQH QHOO
XQLYHUVR
7DNKLVLVJOLHORDYHYDGHOLEHUDWDPHQWHWHQXWRQDVFRVWRFRVDGLFXLHUDLQGXEELRFKHLVXRLIUDWHOOLIRVVHURFRQVDSHYROL
,O&DRVDYUHEEHSRWXWRGLVWUXJJHUHLVXRLILJOLHLOORURQXRYRJLRFDWWRORLQTXHOSUHFLVRPRPHQWRPDFRPqSURSULRGHL
JHQLWRULGHFLVHLQYHFHGLLPSDUWLUHORURXQDOH]LRQH
,Q HIIHWWL FUHHUHWH O
RUGLQH WXRQz PD LR SURYYHGHUz SHUFKp WDOH RUGLQH JHQHUL OD GLVFRUGLD LQ PH]]R D YRL H IUD
FRORURFKHGLPRUHUDQQRVXOYRVWURPRQGR
1XOOD SRWHYD RUPDL HVVHUH IDWWR SHU PRGLILFDUH O
DFFDGXWR OH SULPH VFLQWLOOH JHQHUDWH GDO PDUWHOOR GL 5HRU[ HUDQR JLj
GLYHQWDWHVWHOOHODFXLOXFHDYHYDJHQHUDWRVSLULWLYLYHQWLTXLQGL5HRU[IRUJLzXQPRQGRVXFXLTXHJOLVSLULWLSRWHVVHUR
YLYHUH
( IXDOORUDFKHODPDOHGL]LRQHSURQXQFLDWDGDO&DRVFRPLQFLzDUHQGHUVLPDQLIHVWD
7DNKLVLV YROHYD FKH JOL VSLULWL DSSHQD FUHDWL IRVVHUR VRWWR LO VXR FRQWUROOR SHUFKp LQWHQGHYD LPSDUWLUH ORUR RUGLQL H
FRVWULQJHUOLDREEHGLUHDOODVXDYRORQWj3DODGLQH YROHYDLQYHFHDYHUH JOL VSLULWLVRWWROD VXD JXLGDFRQO
LQWHQ]LRQHGL
DOOHYDUOLHGLDYYLDUOLOXQJRODVWUDGDGHOODYLUW*LOHDQLQILQHWURYDYDSRFRYDQWDJJLRVHHQWUDPEHOHFRVHDOPHQRGD
XQSXQWRGLYLVWDDFFDGHPLFRHYROHYDLQYHFHFKHJOLVSLULWLULPDQHVVHUROLEHULGLVFHJOLHUHODVWUDGDFKHSLSUHIHULYDQR
LQTXDQWRTXHVWRDYUHEEHUHVRLOPRQGRXQSRVWRPROWRSLLQWHUHVVDQWH
, WUH IUDWHOOL OLWLJDURQR H L ORUR ILJOL H JOL GHL GHJOL DOWUL SLDQL YHQQHUR FRLQYROWL QHOOD EDWWDJOLD FKH GLHGH LQL]LR DOOD
*XHUUDGL7XWWLL6DQWL
'DOO
DOWRLO3DGUHGHO7XWWRHGHO1XOODVFRSSLzLQXQDULVDWDVSDYHQWRVDDVHQWLUVL
$OODILQH3DODGLQHH*LOHDQVLUHVHURFRQWRFKHTXHOODEDWWDJOLDDYUHEEHSRWXWRGLVWUXJJHUHWXWWDODFUHD]LRQHXQLURQROH
IRU]HFRQWURODVRUHOODHSXUQRQULXVFHQGRDVFRQILJJHUODODFRVWULQVHURDOPHQRDYHQLUHDSDWWL&RQULOXWWDQ]D7DNKLVLV
DFFRQVHQWLDOIDWWRFKHWXWWLHWUHGRYHVVHURJRYHUQDUHLQVLHPHLOQXRYRPRQGRPDQWHQHQGRXQHTXLOLEULRIUDORURQHOOD
VSHUDQ]DGLSRUUHFRVuILQHDOODPDOHGL]LRQHVFDJOLDWDGD3DGUH&DRV
, WUH GHL GHFLVHUR FKH FLDVFXQR GL ORUR DYUHEEH GDWR DJOL VSLULWL GRQL FKH DYUHEEHUR SHUPHVVR ORUR GL YLYHUH H GL
SURVSHUDUHVXTXHOPRQGRDSSHQDIRUPDWR
3DODGLQH GLHGH DJOL VSLULWL LO ELVRJQR GL HVHUFLWDUH FRQWUROOR LQ PRGR FKH RSHUDVVHUR SHU VRWWRPHWWHUH OH FRVH FKH OL
FLUFRQGDYDQRHSRUWDVVHURFRVuORUGLQHQHOPRQGR
7DNKLVLV GLHGH DJOL VSLULWL O
DPEL]LRQH H LO GHVLGHULR HVVL QRQ DYUHEEHUR VROWDQWR FRQWUROODWR LO PRQGR PD DYUHEEHUR
FRVWDQWHPHQWHFHUFDWRGLPLJOLRUDUORHGLPLJOLRUDUHORURVWHVVL
*LOHDQGLHGHDJOLVSLULWLLOGRQRGHOODOLEHUDVFHOWD&LDVFXQRGLHVVLVDUHEEHVWDWROLEHURGLSUHQGHUHOHSURSULHGHFLVLRQLH
QHVVXQVLQJRORGLRDYUHEEHGHWHQXWRLOSRWHUHDVVROXWR

4XHLGRQLHUDQRWXWWLEXRQLHSRVLWLYLDSDWWRGLQRQHVVHUHSRUWDWLDJOLHVWUHPL
,OELVRJQRGLHVHUFLWDUHFRQWUROORQHOODVXDIRUPDHVWUHPDSRUWDDOODSDXUDGHLFDPELDPHQWLDOODVRSSUHVVLRQHGLQXRYH
LGHHDOO
LQWROOHUDQ]DYHUVRWXWWRFLzFKHqGLYHUVR
8QDPEL]LRQH SRUWDWD DOO
HVWUHPR FRQGXFH DOOD GHWHUPLQD]LRQH GL LPSDGURQLUVL GHO SRWHUH D WXWWL L FRVWL H GL
VFKLDYL]]DUHJOLDOWULLGHVLGHULSRVVRQRGLYHQWDUHRVVHVVLRQLJHQHUDQGRO
DYLGLWjODOXVVXULDO
DYDUL]LDHODJHORVLD/D
OLEHUWjQHOODVXDIRUPDHVWUHPDqDQDUFKLD
*OLVSLULWLDFTXLVLURQRXQDIRUPDILVLFDVFDWXUHQGRGDOO
LPPDJLQD]LRQHGHJOLGHL'DOODPHQWHGL3DODGLQHJLXQVHURJOL
HOILODVXDUD]]DLGHDOHFKHWUDHGLOHWWRGDOFRQWUROORGHOPRQGRILVLFRHDPD PRGHOODUORVHFRQGRODVXDYRORQWj8QD
UD]]DORQJHYDHSRFRVRJJHWWDDLFDPELDPHQWL
7DNKLVLVLPPDJLQzXQDUD]]DGLHVVHULGLVXSUHPDEHOOH]]DHJRLVWLHDPEL]LRVLTXDQWROHLHSURGXVVHJOLRUFKL$PDQR
D PDQRFKHOHORUREUDPRVLHFUHEEHURODORUREHOOH]]DQHYHQQHFRQVXPDWDPDHVVLVRQRDQFRUDLPPHQVDPHQWHIRUWLH
SRVVHQWL4XDQWRDQRL,UGDVLSXzGLUHFKHVLDPRDQRVWUDYROWDFUHD]LRQLGL7DNKLVLVSHUFKpLQRULJLQHHUDYDPRRUFKL
4XDQGR DEELDPR YLVWR FRVD VWDYD VXFFHGHQGR DOOD QRVWUD JHQWH DOFXQL GL QRL VL VRQR ULYROWL D 3DODGLQH HG KDQQR
LPSORUDWRLOVXRDLXWR/XLFLKDSHUPHVVRGLVRWWUDUFLDOGRPLQLRGHOOD5HJLQDGHOOH7HQHEUHPDLOSUH]]RFKHDEELDPR
SDJDWRqVWDWRHOHYDWRQRQDYUHPPRSLSRWXWRYLYHUHQHOOHYLFLQDQ]HGHOOHDOWUHUD]]HSHUQRQFDGHUHSLLQWHQWD]LRQH
H VDUHPPRGRYXWLGLYHQWDUHXQSRSRORLVRODWRHVROLWDULRFKHWUDHYDSLDFHUHGDOVXRVWHVVRLVRODPHQWRDOSXQWRGDEDGDUH
D SUHVHUYDUOR3HUILQRXQLUFLSHUJHQHUDUHGHLGLVFHQGHQWLVDUHEEHVWDWRGLIILFLOHSHUQRLFRVDFKHFRQLOWHPSRKDSRUWDWR
DOGHFUHVFHUHGHOQRVWURQXPHUR&RPXQTXHJOL,UGDKDQQRDFFHWWDWRWXWWHTXHVWHFRQGL]LRQLSHUVRWWUDUVLDOIDWRGHLORUR
IUDWHOOLHTXHVWRVSLHJDSHUFKpLOPRQGRQRQVDSSLDQXOODGLQRLRDEELDIDOVHFRJQL]LRQLDOULJXDUGR
*LOHDQ LPPDJLQz OD UD]]D GHJOL XPDQL FKH KDQQR OD YLWD SL EUHYH H VRQR L SL UDSLGL D FDPELDUH ROWUH DG HVVHUH
IDFLOPHQWHLQGRWWLDVFKLHUDUVLRUDFRQTXHVWDHRUDFRQTXHOODID]LRQH
3HUVXRGLYHUWLPHQWRSHUVRQDOHHSHUDXPHQWDUHODFRQIXVLRQHLO3DGUHFUHzJOLDQLPDOLHLUULWzQRWHYROPHQWHLVXRLILJOL
DWWULEXHQGR GHL YDQWDJJL D PROWL GL HVVL H LQ SDUWLFRODUH DL GUDJKL HVVL SRVVLHGRQR LQIDWWL VDJJH]]D LQWHOOLJHQ]D XQD
OXQJDYLWDODPDJLDODIRU]DILVLFDHDQQLIRUPLGDELOLHILQGDTXDQGRKDQQRIDWWRODORURFRPSDUVDVX.U\QQWXWWHOH
DOWUHVSHFLHOLKDQQRFRPEDWWXWLRSSXUHKDQQRFHUFDWRGLDOOHDUVLFRQHVVL
,QTXHVWRPRGRVLJLXQVHDOO
LQVWDXUD]LRQHGHOO
HTXLOLEULRQHOPRQGR*OLHOILVLFRQVLGHUDYDQRO
LQFDUQD]LRQHGHOEHQH
H ULWHQHYDQR JOL RUFKL OD SHUVRQLILFD]LRQH GHO PDOH q LQWHUHVVDQWH QRWDUH FRPH OD YLVLRQH GHO PRQGR GD SDUWH GHJOL
RUFKLVLDGLDPHWUDOPHQWHRSSRVWDHGHVVLVLFRQVLGHULQREXRQLYHGHQGRFRPHPDOYDJLJOLHOILHOHDOWUHUD]]HGHFLVH
D VWHUPLQDUOL *OLXPDQLSUHVLQHOPH]]RSRWHYDQRHVVHUHLQGRWWLFRQIDFLOLWjDVFKLHUDUVLRUDFRQJOLXQLHRUDFRQJOL
DOWULFRVDFKHIDFHYDQRGLFRQWLQXR
$YHQGRQHOVDQJXHLGRQLGLWXWWLJOLGHLLOELVRJQRGLFRQWUROODUHO
DPEL]LRQHLGHVLGHULHODOLEHUWjGLVFHJOLHUHVHXVDUOL
SHU LO EHQH R SHU LO PDOH JOL XPDQL VRQR XQD UD]]D FKH DWWUDYHUVD YHORFH OR VFRUUHUH GHO WHPSR FUHDQGR FDPELDQGR
DOWHUDQGRHGLVWUXJJHQGRFRVDFKHGLVROLWRYLHQHFKLDPDWDSURJUHVVR
)X VHPSUH GXUDQWH TXHVWR SHULRGR FKH OD PDJLD IHFH OD VXD DSSDUL]LRQH QHO PRQGR )UD WXWWL L ILJOL GHJOL GHL WUH LQ
SDUWLFRODUH HUDQR FUHVFLXWL LQVLHPH H DYHYDQR VYLOXSSDWR XQ LQVROLWR DIILDWDPHQWR 6ROLQDUL ILJOLR GL 3DODGLQH H GL
0LVKDNDO1XLWDULILJOLRGL7DNKLVLVHGL6DUJRQQDVH/XQLWDULILJOLDGL*LOHDQ3HUTXDQWRWXWWLJOLGHLIRVVHURGRWDWLGHO
SRWHUH GHOOD PDJLD LQ TXHL WUH WDOH SRWHUH HUD LQFUHPHQWDWR GDOO
DPRUH SHU OD PDJLD H GDOOD GHGL]LRQH D WDOH DUWH FKH
VHUYLYDDIRUPDUHXQYLQFRORIUDORURFKHSXUHHUDQRGHOWXWWRGLYHUVLVRWWRRJQLDOWURDVSHWWR
$OORVFRSSLRGHOOD*XHUUDGL7XWWLL6DQWLTXHLWUHYHQQHURVRWWRSRVWLDSUHVVLRQHGDSDUWHGHLORURJHQLWRULSHUFKpVL
VFKLHUDVVHURFRQTXHVWDRFRQTXHOODID]LRQHHSRLFKpWHPHYDQRFKHTXHOODJXHUUDSRWHVVHGLVWUXJJHUHFLzFKHHVVLSL
DPDYDQR OD PDJLD L WUH FXJLQL JLXUDURQR GL HVVHUH VHPSUH IHGHOL DOOD PDJLD H JOL XQL DJOL DOWUL H DEEDQGRQDURQR LO
SDQWHRQGHJOLGHLDVVXPHQGRVSRJOLHPRUWDOLHSUHQGHQGRDYDJDUHVXOODVXSHUILFLHGL.U\QQ
2JQXQR GL HVVL WURYz TXLQGL XQ VHJXDFH IUD L PRUWDOL H JOL WUDVPLVH LO GRQR GHOOD PDJLD SHUFKp YHQLVVH D VXD YROWD
GLIIXVRIUDDOWULPRUWDOLFKHLQFDVRGLQHFHVVLWjDYUHEEHURSRWXWRLQYRFDUHLWUHGHLSHUULFHYHUHDVVLVWHQ]D)DWWRTXHVWR
L WUH FXJLQL ODVFLDURQR .U\QQ PD ULPDVHUR YLFLQR DG HVVR JLUDQGR LQ FHUFKLR QHO FLHOR H VRUYHJOLDQGR FRORUR FKH VL
VHUYLYDQRGHLORURGRQLFRQRFFKLILVVLHDWWHQWLFKHLPRUWDOLLGHQWLILFDQRFRQOHWUHOXQHGL.U\QQO
DUJHQWHD6ROLQDULOD
URVVD/XQLWDULHO
LQYLVLELOH WUDQQHFKHSHULVXRLVHJXDFL 1XLWDUL
1RL,UGDVLDPRGRWDWLGLSRWHULPDJLFLLPPHQVDPHQWHIRUWLPDQRQVDSSLDPRFRQFHUWH]]DGDGRYHHVVLVLDQRJLXQWLLQ
TXDQWRQRQVLDPRDOOLQHDWLFRQLPDJKLGL.U\QQHVLDPRDQ]LFRQVLGHUDWLGDORURFRPHGHLULQQHJDWLLQTXDQWRHVVL
YHGRQRLQQRLXQDPLQDFFLDXQSHULFRORSHULWUHRUGLQLLQFXLVRQRUDFFROWL/DQRVWUDPDJLDqTXLQGLXQRGHLPRWLYLSHU
FXLHYLWLDPRRJQLFRQWDWWRFRQOHDOWUHVSHFLHHVVDqGLFUXFLDOHLPSRUWDQ]DSHUODQRVWUDVRSUDYYLYHQ]DLQTXDQWRRJQL
,UGDQDVFHHVVHQGRQHJLjGRWDWRFHO
KDSHUFRVuGLUHQHOVDQJXHHODXVDFRQODVWHVVDQDWXUDOH]]DFRQFXLLPSLHJDJOL
DOWUL VHQVL GHOOD YLVWD GHOO
XGLWR GHOO
ROIDWWR GHO JXVWR H GHO WDWWR H SRLFKp D QHVVXQR YLHQH FKLHVWR GL VSLHJDUH SHU
TXDOH PRWLYR q LQ JUDGR GL YHGHUH QRQ ULWHQJR FKH LO PRQGR HVWHUQR DEELD LO GLULWWR GL FKLHGHUFL GL VSLHJDUH FRPH
IDFFLDPRDUHDOL]]DUHTXHOOLFKHDGHVVRVHPEUDQRGHLPLUDFROL
5LSUHQGLDPRRUDODVWRULDGHOODFUHD]LRQH
,O QXRYR PRQGR HUD JLRYDQH H VHOYDJJLR FRPH OR HUDQR DQFKH JOL VSLULWL GHL PRUWDOL FKH OR DELWDYDQR /DYRUDQGR
GXUDPHQWHJOLHOIL VRWWRPLVHURODORURSDUWHGHOPRQGR PHQWUHJOLRUFKLLPSDUDYDQRDGDGDWWDUVLDOODORURHJOLXPDQL
FHUFDYDQRGLPRGHOODUHHGLPLJOLRUDUHODSDUWHDGHVVLDVVHJQDWD2SSUHVVRFRPHVHPSUHGDOODVROLWXGLQH5HRU[VLRIIUu
GLDLXWDUOLHGDDOORUDSDUHFKHOXLVLDYHUDPHQWHIHOLFHVROWDQWRTXDQGRVLPHVFRODDLPRUWDOL
5HRU[LQVHJQzDGXQJUXSSRGLXPDQLLQQXPHUHYROLFRVHFRPSUHVDODWHFQLFDSHUIRUJLDUHO
DFFLDLRHVXELWRJOLHOILHJOL
RUFKLFRPLQFLDURQRDGHVLGHUDUHTXHOPHWDOORFKHQRQHUDQRLQJUDGRGLSURGXUUHHYHQQHURGDJOLXPDQLSHUFRPSUDUH

VSDGH FROWHOOL H DWWUH]]L LQ DFFLDLR *OL XPDQL V


LQRUJRJOLURQR DOORUD GHOOH ORUR FDSDFLWj H SUHVHUR D YDQWDUVHQH
GLPHQWLFDQGRVXOODVSLQWDGHOO
RUJRJOLRGLRQRUDUH5HRU[LOORURPDHVWURHDUULYDQGRDGGLULWWXUDDGHYLWDUHLOGLRTXDQGR
TXHVWLYHQLYDIUDORURGHULGHQGRORDFDXVDGHOODVXDEDVVDVWDWXUDHVPLQXHQGRLOVXRLQWHUHVVHSHUTXHOO
DUWHFKHSXUH
VWDYDIUXWWDQGRORURWDQWHULFFKH]]H
,QIXULDWR5HRU[PDOHGLVVHTXHJOLXPDQLHOLSULYzGHOOHDELOLWjFKHDYHYDLQVHJQDWRORURWXWWHWUDQQHTXHOODG
LQYHQWDUH
GLHULJHUHHGLFRVWUXLUHGHFUHWDQGRDOWHPSRVWHVVRFKHHVVLIRVVHURGLEDVVDVWDWXUDJULQ]RVLHFKHYHQLVVHURGHULVLGDOOH
DOWUHUD]]HLQEUHYHOLWUDVIRUPzHFUHzJOLJQRPL
'XUDQWHTXHVWRSHULRGRQRWRFRPH(UDGHO&UHSXVFRORO
HTXLOLEULRGHOPRQGRFKHQRQ HUDPDL VWDWRSDUWLFRODUPHQWH
VWDELOHFRPLQFLzDYDFLOODUHQRQDFFRQWHQWDQGRVLSLGLTXHOORFKHDYHYDQRJOLXPDQLFRPLQFLDYDQRDGHVLGHUDUHLEHQL
GHLYLFLQLHJOLRUFKLLQFLWDWLGD7DNKLVLVYROHYDQRDUULYDUHDOSRWHUHJOLHOILGDOFDQWRORURGHVLGHUDYDQRHVVHUHODVFLDWL
LQ SDFHHGHUDQRSURQWLDFRPEDWWHUHSHUGLIHQGHUHLOORURLVRODPHQWR
3HU LQWHQVLILFDUH LO VXR FRQWUROOR VXJOL XPDQL 7DNKLVLV SRUWz DOORUD VX TXHVWR SLDQR XQR GHJOL GHL GHOO
2OWUH LO GLR
+LGGXNHOFKHqSHUVXDQDWXUDXQYHURHSURSULRPHUFDQWHFKHDPDFRQWUDWWDUHHEDUDWWDUHHFKHqPROWRDELOHLQTXHVWR
FDPSR +LGGXNHO YLGH VXELWR QHO YDFLOODUH GHOO
HTXLOLEULR JHQHUDOH XQ PRGR SHU DFFUHVFHUH LO SURSULRSRWHUH OD JXHUUD
VDUHEEHLQIDWWLVWDWDSURSL]LDSHUJOLDIIDULLQTXDQWRDYUHEEHIDWWRDXPHQWDUHODSURGX]LRQHGLDUPLGLDUPDWXUHHGLFLER
SHUQXWULUHOHWUXSSHHGDOPRPHQWRFKHIUDOHDOWUHFRVHFRPPHUFLDYDDQFKHLQDQLPHGHLPRUWL+LGGXNHOSUHYLGHGL
SRWHUULFDYDUHLQTXHOFDPSRXQSURILWWRQRQLQGLIIHUHQWH1HOODVSHUDQ]DGLDFFHQWXDUHODFRQIXVLRQHJHQHUDOH+LGGXNHO
VLUHFzTXLQGLGD&KLVOHYGHDGHOOHIRUHVWHHGHOODQDWXUDHIDFHQGRULFRUVRDLVXRLPRGLSLSHUVXDVLYLODFRQYLQVHFKH
HYHQWLFDWDVWURILFLVLVWDYDQRSURILODQGRDOO
RUL]]RQWH
VROR TXHVWLRQH GL WHPSR SULPD FKH VFRSSL XQD JXHUUD FRQFOXVH LQ WRQR GROHQWH ( FKH QH VDUj DOORUD
GHOO
DPELHQWH"/HIRUHVWHYHUUDQQRDEEDWWXWHSHUFRVWUXLUHWRUULGDDVVHGLRJLRYDQLDOEHULVDUDQQRWUDVIRUPDWLLQDUFKL
H IUHFFHLFDPSLYHUUDQQRGHYDVWDWLHLQFHQGLDWL'REELDPRSRUUHILQHXQDYROWDSHUWXWWHDTXHVWDORWWDIUDOHGLYHUVH
UD]]HQDWXUDOPHQWHQHOO
LQWHUHVVHGHOODQDWXUD
( WX FRV
KDL GD JXDGDJQDUFL LQ WXWWR TXHVWR" GRPDQGz &KLVOHY 1RQ ULHVFR D FUHGHUH FKH WX VLD LQWHUHVVDWR DOOH
FXFFLRODWHGLFRQLJOLVHOYDWLFL
1HVVXQRSHQVDPDLFKHLRDEELDXQFXRUH VLODPHQWz+LGGXNHO
3HUFKpqGLIILFLOHYHGHUHDOGLVRWWRGHOO
XQWXRVLWjGHOOHWXHSDUROH ULEDWWp&KLVOHY
6HSURSULRYXRLVDSHUORODJXHUUDDYUHEEHXQHIIHWWRVFRQYROJHQWHVXLPHUFDWLILQDQ]LDULLOYDORUHGHOO
RURFUROOHUHEEH
ILQR D GLYHQWDUH SUDWLFDPHQWH QXOOR H L FRQWDGLQL QRQ SRWUHEEHUR YHQGHUH OH ORUR PHUFL DO PHUFDWR QHO EHO PH]]R GL
XQ
LQYDVLRQH,QROWUHLFRQLJOLPLSLDFFLRQRPROWR
1HOORVWXIDWRIRUVH VRVSLUz&KLVOHY3HUDOWURFDSLVFRFRVDLQWHQGLSHUFKpGDWHPSRYHGRFUHVFHUHO
LQTXLHWXGLQHIUD
OHUD]]HHVHQWRDXPHQWDUHGLSDULSDVVRODPLDSUHRFFXSD]LRQH+RSDUODWRFRQ*LOHDQPDVDLFRPqIDWWR1RQDO]D
PDLORVJXDUGRGDTXHOOLEURHFRQWLQXDDVFULYHUHVFULYHUHVFULYHUH
3DUODUHFRQ7DNKLVLVQRQqSLIDFLOH VEXIIz+LGGXNHO4XDQGRQRQqFRQ6DUJRQQDVDJXDUGDUHLPLQRWDXULLQWHQWL
D SUHQGHUVL D UDQGHOODWH LQ WHVWD q LPSHJQDWD D VFDWHQDUHSHVWLOHQ]H FDUHVWLH H LQRQGD]LRQL HQRQ KD SL WHPSRSHU
TXHOOLFRPHQRL
&RVDVXJJHULVFLGLIDUHGDOPRPHQWRFKHVHPEULDYHUHXQSLDQR"
,RQHKRVHPSUHXQRPLDFDUDDPLFDDPDQWHGHJOLDOEHUL6HODQHXWUDOLWjGLYHQWDVVHODIRU]DGRPLQDQWHGHLPRQGR
DOORUDO
HTXLOLEULRULPDUUHEEHFRVWDQWHHQRQVLDOWHUHUHEEHPDLJLXVWR"
6XSSRQJR GL Vu FRQYHQQH FRQ FDXWHOD &KLVOHY GLIILGDQGR GL +LGGXNHO PD QRQ WURYDQGR PRWLYR SHU FRQWUDGGLUOR
3HUzQRQFDSLVFR
$K9DGD5HRU[HFKLHGLJOLGLFUHDUHSHUWHXQDJHPPDFKHFRQWHQJDO
HVVHQ]DVWHVVDGHOODQHXWUDOLWjHFKHVHUYD
FRPH DQFRUD LQ PRGR GD IDU Vu FKH OD QHXWUDOLWj GLYHQWL OD IRU]D GRPLQDQWH GL .U\QQ H VRSUDIIDFFLD L GXH HVWUHPL
RSSRVWLFKHFRVuVDUDQQRYLQFRODWLDTXHOFHQWURQHXWUDOHHQRQSRWUDQQRDOORQWDQDUVLGDHVVR
( FRVDQHIDUzGLTXHVWDJHPPDXQDYROWDFKHVDUjVWDWDFUHDWD"'RYUHLIRUVHDIILGDUODDOODWXDFXVWRGLD" FKLHVH
&KLVOHY FKH SXU HVVHQGR XQD GHD JHQWLOH DYHYD XQD FHUWD SURSHQVLRQH SHU LO VDUFDVPR VRSUDWWXWWR QHO SDUODUH FRQ
+LGGXNHO
6DQWR&LHORQR HVFODPzTXHVWL VJRPHQWR1RQYRUUHLPDLXQDVLPLOHUHVSRQVDELOLWj/DFRVDSLORJLFDVDUHEEH
GDUODLQFXVWRGLDDTXDOFXQRGLFXLWLILGLQRQFUHGLDQFKHWX"
&KLVOHY ILVVz LQWHQVDPHQWH +LGGXNHO FKH SHUz IHFH VIRJJLR GL XQ
DVVROXWD LQQRFHQ]D H GL XQD VLQFHUD SUHRFFXSD]LRQH
SHULOGHVWLQRGHOPRQGR'HOUHVWRVLGLFHYDFKHODVXDDELOLWjIRVVHWDOHFKHSHUILQROD5HJLQD7DNKLVLVDYHYDSHUVRFRQ
OXLLQSLGLXQDWUDWWDWLYD
&RPH FRQVHJXHQ]D GL TXHOOD FRQYHUVD]LRQH &KLVOHY ODVFLz OD VXD IRUHVWD H VL DJJLUz SHU LO PRQGR LQ IRUPD PRUWDOH
YHGHQGRFRVHFKHODWXUEDURQRSURIRQGDPHQWHIXFLQHG
DFFLDLRFKHDUGHYDQRGLXQURVVRDFFHVRDQFKHQHOFXRUHGHOOD
QRWWH HOIL FKH OXFLGDYDQR OH VSDGH GD SRFR RWWHQXWH XPDQL FKH FRQWDYDQR LO ORUR GHQDUR RUFKL FKH VL HVHUFLWDYDQR D
VWDFFDUHWHVWH
$GGRORUDWD &KLVOHY GHFLVH FKH HUD QHFHVVDULR IDUH TXDOFRVD H SUHVH LQ FRQVLGHUD]LRQH O
HYHQWXDOLWj GL GLVFXWHUH GHO
SUREOHPDFRQLOVXRFRQVRUWH=LYLO\QLOGLRFKHSRWHYDYHGHUHWXWWLLSLDQLHWXWWLLWHPSLIXWXULHSDVVDWL6DSHYDSHUz
SHU HVSHULHQ]D FKH RWWHQHUH XQD ULVSRVWD VHPSOLFH H FRQFLVD GD SDUWH GL =LYLO\Q HUD LPSRVVLELOH SHUFKp OXL VHPEUDYD
VHPSUHGHFLGHUHGLIDUHXQDFRVDHSRLFDPELDYDLGHDSHUDYHUYLVWRODVLWXD]LRQHGDXQ
DOWUDSURVSHWWLYDHVFHJOLHYDGL
DJLUHGLYHUVDPHQWHVDOYRFDPELDUHDQFRUDLGHDSHUDYHUYLVWROHFRVHGDXQDWHU]DDQJROD]LRQHHILQLUHSRLSHUQRQIDUH
QXOOD

&RQVDSHYROHFKHLQTXHVWRFDVRHUDLQYHFHQHFHVVDULRDJLUH&KLVOHYGHFLVHGLIDUORGLSHUVRQDHVLUHFzGD5HRU[
8QRGHLPRWLYLSHUFXL5HRU[WUDVFRUUHYDWDQWRWHPSRLQFRPSDJQLDGHJOLXPDQLHUDFKHQHVVXQRGHJOLGHLVLUHFDYDPDL
D WURYDUORTXLQGLOXLULPDVHVWXSHIDWWRHFRPSLDFLXWRGLULFHYHUHXQDYLVLWDVRSUDWWXWWRGDSDUWHGLXQDFUHDWXUDEHOODH
GROFHFRPH&KLVOHY
/HLGDOFDQWRVXRVLVHQWLVRSUDIIDUHGDOOHDWWHQ]LRQLGLFXL5HRU[ODULFRSUuFRPLQFLDQGRDFRUUHUHGLTXDHGLOjSHU
SUHQGHUHGHLELVFRWWLGDRIIULUOHLQFLDPSDQGRQHOIUDWWHPSRQHOPRELOLRQHOWHQWDUHGLULQWUDFFLDUHODWHLHUDHRIIUHQGROH
GD PDQJLDUH WXWWR FLz FKH OHL SRWHYD GHVLGHUDUH XQ FRPSRUWDPHQWR FKH GHVWz LQ &KLVOHY XQ VHQVR GL FROSD GL IURQWH
DOO
HYLGHQWH VROLWXGLQH GHO VXR RVSLWH LQGXFHQGROD D ULPSURYHUDUVL SHU DYHUOR WUDVFXUDWR H D JLXUDUH D VH VWHVVD FKH LQ
IXWXURVDUHEEHYHQXWDDWURYDUORSLVSHVVR
0HQWUHVRUVHJJLDYDLOWqHVSRVHTXLQGLODVXDULFKLHVWDD5HRU[FKHVLPRVWUzILQWURSSROLHWRGLVRGGLVIDUODVHYROHYD
XQDJHPPDO
DYUHEEHDYXWDQHDYUHEEHDYXWHDFHQWLQDLDOHPLJOLRULGHOO
XQLYHUVR
$UURVVHQGR&KLVOHYULEDGuFKHOHLYROHYDXQDVRODJHPPDLQFXLUDFFKLXGHUHO
HVVHQ]DGHOODQHXWUDOLWj
( TXHVW
HVVHQ]D FRVD VDUHEEH HVDWWDPHQWH" FKLHVH 5HRU[ DFFDUH]]DQGRVL OD EDUED FRQ OD IURQWH DJJURWWDWD LQ
XQ
HVSUHVVLRQHSHQVRVD
(FFR FRPLQFLz&KLVOHYDOTXDQWRSHUSOHVVDO
HVVHQ]DGHOODQHXWUDOLWjq
,OFDRV" VXJJHUu5HRU[
&KLVOHYULIOHWWpVXOODFRVDJXDUGDQGRVLLQWRUQRFRQXQFHUWRWLPRUHSHUHVVHUHFHUWDFKHLO3DGUHGHO7XWWRHGHO1XOOD
O
LQFDUQD]LRQHGHO&DRVQRQDYHVVHVHQWLWR
&UHGLFKHQHSRWUHPPRFDWWXUDUHXQDSLFFRODSDUWH" FKLHVHTXLQGL1RQWDQWDDSSHQDLOQHFHVVDULRSHUDQFRUDUHOD
QHXWUDOLWjQHOPRQGR"
&RQVLGHUDOR IDWWR VLJQRUD ULVSRVH 5HRU[ FRQ XQD GLVLQYROWXUD GDYYHUR VSOHQGLGD 'RYH GHYR FRQVHJQDUH TXHVWD
JHPPD"
3RUWDODD/XQLWDUL ULVSRVH&KLVOHYFKHDYHYDULIOHWWXWRDOXQJRVXTXHOSUREOHPD/HLqODSLYLFLQDDOPRQGRHGq
FRQWLQXDPHQWHFRLQYROWDFRQLPRUWDOLHOHORURDWWLYLWjTXLQGLVDUjODFXVWRGHSLLQGLFDWD
5HRU[ DQQXu OH EDFLz OD PDQR DQGz D VEDWWHUH FRQWUR XQ
RWWRPDQD URYHVFLz OD SURSULD WD]]D GD Wq H VL SUHFLSLWz
LPPHGLDWDPHQWHQHOODVXDIXFLQDURVVRLQYROWRFRPHXQSRPRGRUR
6ROOHYDWDGDOOHVXHSUHRFFXSD]LRQL&KLVOHYIHFHULWRUQRFRQJUDWLWXGLQHQHOODVXDIRUHVWD
1RQ VL VD FRPH 5HRU[ VLD ULXVFLWR D FDWWXUDUH XQ IUDPPHQWR GL &DRV H D UDFFKLXGHUOR QHOOD JHPPD PD TXDQWR q
DFFDGXWR LQ VHJXLWR q FKLDUD WHVWLPRQLDQ]D FKH OXL GRYHWWH ULXVFLUH QHO VXR LQWHQWR 5HRU[ FUHz OD FRVLGGHWWD *HPPD
*ULJLDHTXDQGRHEEHILQLWRO
DIILGzDOODFXVWRGLDGL/XQLWDULFKHVLVHQWLLPPHGLDWDPHQWHDWWUDWWDGDOODJHPPDHODSRVH
QHOFHQWURGHOODOXQDURVVDFRQWHPSODQGRODTXDVLGLFRQWLQXRSHUFKpTXHOODSLHWUDDYHYDORVWUDQRHIIHWWRGLLQGXUUHWXWWL
FRORURFKHODYHGHYDQRDGHVLGHUDUOD
,QFOXVR QDWXUDOPHQWH LO VXR VWHVVR FUHDWRUH 5HRU[ 1RQ DSSHQD HEEH FRQVHJQDWR OD JHPPD D /XQLWDUL LQIDWWL 5HRU[
VFRSUuFRQVFRQFHUWRGLVRJQDUHOD*HPPD*ULJLDWXWWHOHQRWWLHFRPLQFLzDULPSLDQJHUHGLHVVHUVHQHVHSDUDWRDOSXQWR
GDUHFDUVLGD/XQLWDULHFKLHGHUOHXPLOPHQWHFKHJOLHODUHVWLWXLVVH
/XQLWDUL SHUz ULILXWz SHUFKp DQFKH OHL VRJQDYD OD JHPPD RJQL QRWWH H DO ULVYHJOLR OH SLDFHYD YHGHUOD VFLQWLOODUH VXOOD
OXQDURVVD
5HRU[VLLQIXULzHULPXJLQzHDOODILQHHVFRJLWzLOPRGRGLUHFXSHUDUHOD*HPPD*ULJLDDVVXQWDIRUPDPRUWDOHDSSDUYH
LQPH]]RDOODUD]]DGDOXLFUHDWDTXHOODGHJOLJQRPLHVFHOVHIUDWXWWLXQRJQRPROHFXLLQYHQ]LRQLHUDQRILQRUDVWDWHOH
PHQRGLVWUXWWLYHSHUODYLWDJOLDUWLHOHSURSULHWjDOWUXLPRVWUDQGRJOLLQVRJQROD*HPPD*ULJLD
1DWXUDOPHQWHORJQRPRFRPLQFLzDGHVLGHUDUHODJHPPDSLGLTXDOVLDVLDOWUDFRVDFLIRVVHVX.U\QQFRQODSRVVLELOH
HFFH]LRQH GL XQ FDFFLDYLWH PXOWLWHVWH D YDSRUH FKH SHUDOWUR HUD LPSRVVLELOH DG RWWHQHUVL SHUFKp LO SURJHWWR HUD DQFRUD
DUHQDWR LQ VHGH GL FRPLWDWR H GHFLVH GL FDWWXUDUH OD *HPPD *ULJLD &RPH IHFH SHU ULXVFLUFL q JLj UHJLVWUDWR GD DOWUH
FURQDFKHTXLQGLEDVWLGLUHFKHO
LPSUHVDULFKLHVHXQDVFDODPDJLFDGLYHUVHFDUUXFROHHDUJDQLXQDUHWHPDJLFDHXQSR

GLDLXWRGDSDUWHGL5HRU[HFKHDOODILQHORJQRPRFDWWXUzOD*HPPD*ULJLDPHGLDQWHODUHWHPDJLFDPHQWUH/XQLWDUL
HUDGDOODSDUWHRSSRVWDGHOPRQGR
3URSULRTXHOORFKHPLVHUYLYDSHUDOLPHQWDUHLOPLRFRPELQDWRDODPDURWDQWHSHUDIIHWWDUHVRWWDFHWLHUHJRODUHODEDUED
FRPPHQWz OR JQRPR H VWDYD SHU LQVHULUH OD SLHWUD QHOO
LQYHQ]LRQH TXDQGR 5HRU[ JOL VL SUHVHQWz QHL SDQQL GL XQ DOWUR
JQRPRHSUHWHVHODSLHWUDSHUVH
, GXH OLWLJDURQR H QHO FRUVR GHOOD GLVFXVVLRQH OD *HPPD *ULJLD VJXVFLz IXRUL GDOOD UHWH H VFRPSDUYH GLPRVWUDQGR GL
HVVHUHTXDOFRVDGLSLHGLGLYHUVRGDFLzFKHVXSSRQHYDQR5HRU[/XQLWDULORJQRPRRFKLXQTXHDOWUR
&RQ VXR VRPPR VWXSRUH 5HRU[ YLGH OD JHPPD IOXWWXDUH YLD QHOO
DULD H VL ODQFLz DO VXR LQVHJXLPHQWR FRPH DQFKH OR
JQRPRHXQDVFKLHUDGLVXRLSDUHQWL VHQ]DSHUzULXVFLUHDULSUHQGHUOD'DTXHOPRPHQWROD*HPPD*ULJLDVLVFDWHQzSHU
WXWWR .U\QQ VHPLQDQGR LO FDRV VXOOD VXD VFLD DOWHUDQGR DQLPDOL H SLDQWH LQIOXHQ]DQGR JOL LQFDQWHVLPL GHL PDJKL H
FDXVDQGRQRWHYROLSUREOHPLDWXWWL
$ TXHVWR SXQWR WXWWL JOL GHL VL DFFRUVHUR LQILQH GHOO
HVLVWHQ]D GHOOD *HPPD *ULJLD H VLD 3DODGLQH FKH 7DNKLVLV
V
LQIXULDURQR FRQ 5HRU[ SHU DYHUOD IRUJLDWD VHQ]D SULPD FRQVXOWDUVL FRQ ORUR YHUJRJQRVD &KLVOHY FRQIHVVz OD SDUWH
DYXWDQHOSLDQRHIHFHDQFKHLOQRPHGL+LGGXNHOFKHSHUzVLOLPLWzDVFUROODUHOHVSDOOHHDVFRSSLDUHLQXQDIUDJRURVD
ULVDWD
,QIDWWL LO VXR SLDQR DYHYD IXQ]LRQDWR H LQYHFH GL JDUDQWLUH O
HTXLOLEULR DGHVVR OD *HPPD *ULJLD OR VWDYD DOWHUDQGR
XOWHULRUPHQWHJOLHOILVWDYDQRSURJHWWDQGRGLHQWUDUHLQJXHUUDFRQJOLXPDQLFKHDORURYROWDHUDQRSURQWLDFRPEDWWHUH
FRQWURGLHVVLHJOLRUFKLHUDQRLPSD]LHQWLGLDIIURQWDUHFKLXQTXH

1HOIUDWWHPSROD*HPPD*ULJLDYHQQHFDWWXUDWDGDXQXPDQRGLQRPH*DUJDWKFKHFRQO
DXVLOLRGLSDUHFFKLFRQJHJQL
PDJLFLULXVFuDLQWUDSSRODUODQHOSURSULRFDVWHOOR RDOPHQRULWHQQHGLDYHUORIDWWRDQFKHVHqPLRSDUHUHFKHOD*HPPD
*ULJLDJOLSHUPLVHGLFDWWXUDUODLQTXDQWRQHVVXQDPDJLDXPDQDDPHQRWDqPDLULXVFLWDDWHQHUODYLQFRODWDDOXQJR 
*OLJQRPLFKHGDGHFHQQLVWDYDQRLQVHJXHQGRODJHPPDDVVHGLDURQRDOORUDLOFDVWHOORGL*DUJDWKHULXVFLURQR SHUSXUR
FDVR DGDSULUHXQDEUHFFLDQHOOHPXUDIDFHQGRFRVuLUUX]LRQHQHOFRUWLOHHLPSDGURQHQGRVLGHOODJHPPD
4XDQGR O
HEEHUR LQ PDQR XQD PHWj GHJOL JQRPL ULFKLHVH FKH YHQLVVH VSDFFDWD LQ GXH SHUFKp HUDQR HVWUHPDPHQWH
FXULRVLGLYHGHUHFRVDF
HUDGHQWURPHQWUHJOLDOWULSURSRVHURGLULSRUWDUODLQGLHWURFRQORURHGLFXVWRGLUODDFDXVDGHO
VXRYDORUH
,QTXHOPRPHQWRXQ
LQWHQVDOXFHJULJLDVLGLIIXVHWXWW
LQWRUQRDFFHFDQGRWXWWLHTXDQGRIXGLQXRYRSRVVLELOHYHGHUHQHO
FRUWLOHF
HUDQRVROWDQWRGXHJUXSSLGLJQRPLLQWHQWLDOLWLJDUHIUDORUR/DFRVDSLVWXSHIDFHQWHSHUzHUDFKHJOLJQRPL
QRQ HUDQR SL WDOL LO SRWHUH GHOOD *HPPD *ULJLD OL DYHYD DOWHUDWL WUDVIRUPDQGR TXHOOL FKH DYHYDQR GHVLGHUDWR
FRQVHUYDUHODSLHWUDSHULOVXRYDORUHLQQDQLHTXHOOLFKHYROHYDQRDSULUODSHUFXULRVLWjLQNHQGHU
4XDQWRDJOLJQRPLFKHHUDQRULPDVWLIXRULGHOFDVWHOORSHUFKpLPSHJQDWLDODYRUDUHDOODORURSLUHFHQWHLQYHQ]LRQHOD
EDOHVWUDDWDPEXURFRQIXRFRFRQWLQXR LQVHJXLWRQRWDFRPH%DOHVWUD*DWOLQJGDO QRPHGHOVXRLQYHQWRUH7HVWDPDWWD
*DWOLQJ HVVL ULVXOWDURQR HVVHUH ULPDVWL LPPXQL GDJOL HIIHWWL GHOOD OXFH PDJLFD GHOOD *HPPD *ULJLD H ULWHQQHUR FKH
TXHVWRIRVVHGRYXWRDLFDQGHODEULDGROLRGHVWLQDWLDGLOOXPLQDUHGLQRWWHLOFDPSRGLEDWWDJOLDFKHHUDQRVWDWLLQYLDWLQHO
FLHORDTXHOORVFRSR PHGLDQWHXQSDOORQHSLHQRGL JDV SURGRWWRFRQXQD WHFQLFDWURSSRFRPSOLFDWDSHUGHVFULYHUODLQ
TXHVWD VHGH PD FKH ULFKLHGHYD O
LPSLHJR GL VXFFR GL OLPRQH SLQ]H PHWDOOLFKH H DFTXD  $ TXDQWR SDUHYD FRORUR FKH
HUDQRVRSUDYYLVVXWLDOO
LQHYLWDELOHHVSORVLRQHGHOSDOORQHHUDQRULPDVWLJQRPL
1HOIUDWWHPSROD*HPPD*ULJLDHUDVFRPSDUVDDOO
RUL]]RQWHHGDDOORUDVLD5HRU[FKHDOWULKDQQRIDWWRVYDULDWLWHQWDWLYL
SHUUHFXSHUDUOD/D*HPPD*ULJLDSHUPHWWHDOOHSHUVRQHGLDIIHUUDUODSRLOHXVDSHUzSHULSURSULVFRSLRIRUVHSHULO
SURSULRGLYHUWLPHQWRHTXDQGRVLVWDQFDOHODVFLDOLEHUHULSUHQGHQGRODVXDIXJD
$GHVVR WXWWDYLD VLDPR QRL ,UGD DG DYHUOD LQ QRVWUR SRVVHVVR H VLDPR DQFKH VWDWL L SULPL D VRWWRPHWWHUOD DOOD QRVWUD
YRORQWj DOPHQR VHFRQGR O
$UELWUR 4XHVWD QRWWH OXL DSULUj OD JHPPD H XVHUj OD PDJLD UDFFKLXVD DO VXR LQWHUQR SHU
SURWHJJHUHSHUVHPSUHQRLHODQRVWUDWHUUDGDOOHLQFXUVLRQLGHJOLHVVHULXPDQL

/H&LQTXH7RUULGHOOD*UDQGH6WUHJRQHULDHOHORUR)RUHVWH

8QWHPSRDG$QVDORQHUDQRHVLVWLWHFLQTXH7RUULGHOOD*UDQGH6WUHJRQHULD(VVHQGROHURFFDIRUWLGHLPDJKLTXHOOHWRUUL
HUDQRYLVWHFRPHXQD PLQDFFLDGDTXDQWLWHPHYDQRLOORURSRWHUHHDOILQHGLGLIHQGHUVLGDHYHQWXDOLDWWDFFKLL PDJKL
DYHYDQRGDWRDFLDVFXQDWRUUHXQDIRUHVWDFKHODSURWHJJHVVH/DIRUHVWDGHOOD7RUUHGL'DOLJRWKSURFXUDYDLQFKLXQTXH
YLVLDYYHQWXUDVVHXQFUHVFHQWHVHQVRGLOHWDUJLDFKHSRUWDYDDFDGHUHLQXQVRQQRSURIRQGRHVHQ]DVRJQL/D7RUUHGL
,VWDUFKHHUDFUROODWDGXUDQWHLO&DWDFOLVPDHUDFLUFRQGDWDGDXQERVFRFKHIDFHYDGLPHQWLFDUHFRPSOHWDPHQWHDFKLYL
HQWUDYDLOPRWLYRGHOODVXDSUHVHQ]DOuPHQWUHODIRUHVWDGHOOD7RUUHGHOOH5RYLQHJHQHUDYDLQTXDQWLYLSHQHWUDYDQRWDOL
SDVVLRQL FRQWUDVWDQWL GD LQGXUOL D SHUGHUH LQWHUHVVH LQ TXDOVLDVL DOWUD FRVD /D IRUHVWD FLUFRVWDQWH OD 7RUUH GL :D\UHWK
DYHYDLQYHFHLOGRQRGLHYLWDUHJOLLQWUXVLFKHSHUTXDQWRFLSURYDVVHURQRQHUDQRLQJUDGRGLWURYDUOD3LWHUULELOHGL
WXWWLHUDSHUzLO%RVFKHWWRGL6KRLNDQSHUFKpPHQWUHOHDOWUHIRUHVWHHUDQREHQHGHWWHGDLVHJXDFLGL6ROLQDULH/XQLWDUL
HVVRHUDVWDWREHQHGHWWRGDLVHJXDFLGL1XLWDULOH9HVWL1HUH
/HJLJDQWHVFKHTXHUFHGHO%RVFKHWWRDSSDULYDQRLPPRELOLHQHVVXQYHQWRQHSSXUHTXHOORYLROHQWRGLXQFLFORQHRGLXQ
XUDJDQRHUDLQJUDGRGLVPXRYHUHXQDVRODIRJOLDGHLPDVVLFFLUDPLFKHVLQWUHFFLDYDQRLQDOWRILQRDFUHDUHXQDYROWD
WDQWR VSHVVD FKH OD OXFH GHO VROH QRQ HUD LQ JUDGR GL SHQHWUDUOD FRQ OD FRQVHJXHQ]D FKH LO %RVFKHWWR GL 6KRLNDQ HUD
DYYROWRLQXQDQRWWHSHUHQQHHGHUDTXLQGLJHOLGRFRPHODPRUWH
1XLWDULVWHVVRDYHYDJHWWDWRXQLQFDQWHVLPRGLWLPRUHVXOERVFRWXWWLFRORURFKHYLVLDYYLFLQDYDQRSHUILQRTXDQWLHUDQR
VWDWL LQYLWDWL GDO 6LJQRUH GHOOD 7RUUH DYYHUWLYDQR XQ WHUURUH SDUDOL]]DQWH FKH VL VYLOXSSDYD QHO FXRUH GL RJQL SHUVRQD
YLYHQWHHFKHLQGXFHYDLSLDQRQWROOHUDUHQHSSXUHGLDUULYDUHLQYLVWDGHJOLDOEHULGHOERVFRPHQWUHOHSHUVRQHGRWDWH
GLXQJUDQGHFRUDJJLRULXVFLYDQRDVWHQWRDJLXQJHUHGDYDQWLDGHVVRGLVROLWRVWULVFLDQGRVXOOHPDQLHVXOOHJLQRFFKLD
3RFKLVLHUDQRVSLQWLSLROWUHGLFRVu&DUDPRQ0DMHUHOD5HYHUHQGD)LJOLD&U\VDQLDH.LWLDUD/HXOWLPHGXHDYHYDQR
ULFHYXWR XQ PHGDJOLRQH FKH FRQWUDVWDVVH LO WHUURUH H OH DLXWDVVH D SDVVDUH PHQWUH &DUDPRQ HUD ULXVFLWR D VWHQWR DG
HPHUJHUHVHQ]DLPSD]]LUH

/D6WRULDGHL*ORELGHL'UDJKLGDO5DFFRQWRGL5DLVWOLQ

'XUDQWH O(Wj GHL 6RJQL TXDQGR TXHOOL GHO PLR 2UGLQH HUDQR ULVSHWWDWL H ULYHULWL VX .U\QQ YL HUDQR FLQTXH 7RUUL
GHOO$OWD0DJLD4XDQGRVFRSSLzOD6HFRQGD*XHUUDGHLGUDJKLLSLDXWRUHYROLGHOPLR2UGLQHVLUDGXQDURQRQHOOD
SLLPSRUWDQWHGHOOH7RUUL/D7RUUHGL3DODQWKDVHFUHDURQRLJORELGHLGUDJKL4XHOOLGHOOH9HVWL%LDQFKHHQWUDURQR
SHU SULPL QHOOD VWDQ]D SL DOWD GHOOD 7RUUH TXDQGR VRUVH 6ROLQDUL OD OXQD GDUJHQWR 3RL /XQLWDUL VSXQWz QHO FLHOR
LQWULVD GL VDQJXH HG DOORUD HQWUDURQR TXHOOL GHOOH 9HVWL 5RVVH ,QILQH FKL VFUXWDYD L FLHOL DOOD VXD ULFHUFD SRWHYD
VFRUJHUHLOYROWRGL1XLWDULLOGLVFRQHURWUDOHVWHOOHHDQFKHTXHOOLGHOOH9HVWL1HUHHQWUDURQRQHOODVWDQ]D)XXQR
VWUDQR PRPHQWR QHOOD VWRULD GHOOD PDJLD TXDQGR WXWWH OH LQLPLFL]LH WUD /H 9HVWL IXURQR DFFDQWRQDWH &DSLWz VROR
XQDOWUD YROWD TXDQGR L PDJKL VL FRDOL]]DURQR QHOOH %DWWDJOLH 3HUGXWH PD D TXHO WHPSR QRQ HUD DQFRUD SRVVLELOH
SUHYHGHUOR (UD VXIILFLHQWH LQ TXHO PRPHQWR VDSHUH FKH OH JUDQGL IRU]H GHO PDOH SRWHYDQR HVVHUH GLVWUXWWH 3HUFKp
ILQDOPHQWHDYHYDPRFDSLWRFKHLOPDOHHUDLQWHQWRDGLVWUXJJHUHWXWWDODPDJLDGHOPRQGR,OPDOHYROHYDVWDELOLUHLO

SRWHUHLQFRQWUDVWDWRGHOODVXDPDJLD7UDTXHOOLGHOOH9HVWL1HUHIRUVHTXDOFXQRDYHYDSURYDWRDGDOOHDUVLFRQTXHO
JUDQGHSRWHUHPDVLHUDQREHQSUHVWRUHVLFRQWRFKHQHVDUHEEHURVWDWLVRORJOLVFKLDYLFKHQRQVDUHEEHURPDLULXVFLWL
D GRPLQDUOR(FRVuXQDQRWWHLQFXLWXWWHOHWUHOXQHHUDQRSLHQHQHOFLHORQHOOD7RUUHGL3DODQWKDVIXURQRFRVWUXLWLL
JORELGHLGUDJKL
4XHOODQRWWHOHPDJLHLPSLHJDWHIXURQRJUDQGLHSRWHQWLFRVuSRWHQWLFKHSRFKLYLUHVLVWHWWHURHLQILQHFUROODURQRFRQLO
FRUSR H OD PHQWH GLVWUXWWL 0D LO PDWWLQR GRSR FLQTXH JOREL VSOHQGHYDQR VXL ORUR SLHGLVWDOOL VIDYLOODQWL GL OXFH FRQ
ORVFXULWj GHOOH WHQHEUH 7XWWL WUDQQH XQR IXURQR SUHVL GD 3DODQWKDV H WUDVSRUWDWL WUD PLOOH SHULFROL ILQR DG RJQXQD
GHOOHDOWUHTXDWWUR7RUUL(FRVuLJORELDLXWDURQRLOPRQGRDOLEHUDUVLGDOGRPLQLRGHOOD5HJLQDGHOO2VFXULWj
>@JUDQGLGLVJUD]LHSRWHYDQRDEEDWWHUVLVXFRORURQRQDEEDVWDQ]DDELOLHSRWHQWLQHOOXVRGHOODPDJLDHFKHDYHVVHUR
WHQWDWRGLFRPDQGDUHLJOREL7XWWRFLzFKHVLVDSHYDGHLJORELGHLGUDJKLDQGzGLVSHUVRGXUDQWHOH%DWWDJOLH3HUGXWH
'XHVLUDFFRQWDYDVFRPSDUYHURGXUDQWHOD&DGXWDGHOOH7RUULGHOO$OWD0DJLDGLVWUXWWLSHUFKpQRQILQLVVHURLQPDQR
DOODPDUPDJOLD/HQRWL]LHVXJOLDOWULWUHVFRPSDUYHURFRQODPRUWHGHLPDJKLFKHOLFRVWUXLURQR

/D6WRULDGHO.HQGHU3DNVOLQJHUHGHO&KLHULFRGL0RUJLRQ5DFFRQWDWDGD7DV

8QDYROWDXQFKLHULFRGL0RUJLRQFKHVDUHEEHLOGLRGHOODSHVWLOHQ]DHGHOODPDODWWLDqYHQXWRD.HQGHUPRUHLQFHUFD
GL SURVHOLWL (LGHUGRZQ 3DNVOLQJHU DYHYD VHPSUH GHVLGHUDWR HVVHUH XQ FKLHULFR TXLQGL VL q RIIHUWR YRORQWDULR H SXU
DIIHUPDQGRFKHOXLQRQHUDSUHFLVDPHQWHLOJHQHUHGLVRJJHWWRFKH0RUJLRQDYHYDLQPHQWHLOFKLHULFRJOLSHUPLVHGL
IDUH XQ WHQWDWLYR (EEHQH OD VWHVVD VHWWLPDQD LQ FXL (LGHUGRZQ HEEH LQGRVVDWR OD YHVWH QHUD TXDVL RJQL NHQGHU GL
.HQGHUPRUHVLPLVHDOHWWRFRQXQEUXWWRUDIIUHGGRUHQRQVLVHQWuPDLXQVLPLOHWRVVLUHVWDUQXWLUHHVRIILDUHGLQDVR
4XHOORFKHVWDYDSHJJLRHUDLOFKLHULFRGL0RUJLRQFKHULPDVHDOHWWRSHUXQDVHWWLPDQDWRVVHQGRILQRDFRQVXPDUVLL
SROPRQL ,O PHULWR GL DYHU VFDWHQDWR TXHOOHSLGHPLD DQGz WXWWR DG (LGHUGRZQ HG DQFKH VH LO UDIIUHGGRUH IX XQD
VHFFDWXUD H ULPDQHPPR D FRUWR GL ID]]ROHWWL FL VHQWLPPR PROWR RUJRJOLRVL GL OXL SHUFKp SULPD GL DOORUD LO SRYHUR
(LGHUGRZQQRQHEEHPDLPROWRVXFFHVVRLQQXOOD/XLGLFKLDUzGLIDUXQWHQWDWLYRFRQLFDOOLHPDJDULGRSRFRQODWLJQD
PDQRQDSSHQDHEEHVPHVVRGLVWDUQXWLUHLOFKLHULFRGL0RUJLRQJOLWROVHOHYHVWLQHUHHODVFLzGLFROSRLOYLOODJJLRVHQ]D
FKHQHVVXQRGLQRLQHFDSLVVHLOPRWLYR

+XPDH0DJLXV

6LGLFHYDFKH+XPDIRVVHDQGDWRLQEDWWDJOLDFRQXQPDJRDOVXRILDQFRHFKHLGXHVLIRVVHURVHUYLWLVLDGHOODVSDGDFKH
GHOODPDJLDSHUVFRQILJJHUHLORURQHPLFLLOPDJRVLFKLDPDYD0DJLXVXQD9HVWH5RVVDFKHHUDVWDWDDPLFDGL+XPD
ILQGDOOLQIDQ]LDORVWHVVRDFXLHUDXQWHPSRDSSDUWHQXWRORPRQLPR%DVWRQHXQRGHJOLRJJHWWLPDJLFLSLSRWHQWLGL
WXWWR.U\QQ0DJLXVSHUzQRQYHQLYDTXDVLPDLPHQ]LRQDWRGDLFDYDOLHULTXDQGRHUDQRORURDQDUUDUHODVWRULDGL+XPD
R FRPXQTXH TXDQGR YHQLYD FLWDWR OR VL IDFHYD FRQ ULOXWWDQ]D H UHOHJDQGROR DG XQ UXROR GHFLVDPHQWH VHFRQGDULR ,
&DYDOLHULEDGDYDQRVHPSUHDVRWWROLQHDUHFKH+XPDQRQDYHYDPDLIDWWRDIILGDPHQWRVX0DJLXVHFKHDQ]LSLGLXQD
YROWDTXHOQRELOHFDYDOLHUHDYHYDULVFKLDWRODYLWDSHUSURWHJJHUHLOVXRSLGHEROHDPLFR
1DWXUDOPHQWHL PDJKLGL.U\QQUDFFRQWDYDQRXQDVWRULDGHOWXWWRGLYHUVD1HOODORURYHUVLRQH0DJLXVHUDLOYHURHURH
FKHDYHYDGDWRODYLWDSHUODPLFRHGHUDDQGDWRLQFRQWURDGXQDPRUWHWHUULELOHSHUPDQRGHLVXRLQHPLFLPHQWUH+XPD
IDFHYD VHPSUH OD ILJXUD GHO SHUVRQDJJLR VHFRQGDULR XQ LQGLYLGXR VLPSDWLFR WXWWR FRUDJJLR H IRU]D ILVLFD FKH DYHYD
VHPSUHIDWWRDIILGDPHQWRVX0DJLXVSHUFKpDSSURQWDVVHSHUOXLLSLDQLGLEDWWDJOLD
/DYHULWjLQHUHQWHDTXHVWLDQWLFKLIDWWLULSRVDYDQHOODWRPEDYXRWDGL+XPD

/D6WRULDGHL3RUWDOL

0ROWR WHPSR ID HVLVWHYDQR FLQTXH SRUWDOL GLVORFDWL LQ FLDVFXQD GHOOH FLQTXH 7RUUL GHOOD *UDQGH 6WUHJRQHULD &UHDWL
PHGLDQWH OD PDJLD L 3RUWDOL HUDQR VWDWL VWXGLDWL DOOR VFRSR GL IRUQLUH DL PDJKL LO PH]]R SHU YLDJJLDUH GD XQD WRUUH
DOODOWUDVHQ]DGRYHUFRQVXPDUHHQHUJLHLQLQFDQWHVLPLSHUWHOHSRUWDUVLGDXQOXRJRDOODOWUR
&RQYLQWLGLFUHDUHSRUWHFKHFRPXQLFDVVHURVROWDQWRIUDORURLPDJKLQRQVLHUDQRUHVLFRQWRGLDYHUFUHDWRSHUFDVRXQD
VWUDGDFKHFROOHJDYDLOQRVWURPRQGRDGXQDOWURSLDQRGHOOHVLVWHQ]DPDOD5HJLQD7DNKLVLVVHQHDFFRUVH,QWUDSSRODWL
QHOO$ELVVROHLHLVXRLGUDJKLPDOYDJLVWDYDQRFHUFDQGRGDWHPSRODYLDSHUDUULYDUHVX.U\QQPDHUDQREORFFDWLGD
3DODGLQH H GDL GUDJKL EXRQL 3DODGLQH DYHYD SHUz EHQ SRFR FRQWUROOR VXL PDJKL FKH HUDQR IDPRVL SHU IDUH OH FRVH D
PRGRORUR7DNKLVLVWURYzLQILQHXQPDJRGDOOD9HVWH1HUDFKHSRWHYDHVVHUHLQGRWWRLQWHQWD]LRQHHSUHVHDGDSSDULUJOL
LQVRJQRRJQLQRWWHFRQOHVHPELDQ]HGLXQDGRQQDEHOOLVVLPDVXVVXUUDQGRJOLSURPHVVHVHGXFHQWLILQRDTXDQGRLOPDJR
FRPLQFLzDGHVVHUHRVVHVVLRQDWRGDOSHQVLHURGLTXHOODGRQQDPHUDYLJOLRVDJLXUzGLWURYDUODHIDUODVXD
6RQR SULJLRQLHUD VX XQ DOWUR SLDQR LQ XQ DOWUR WHPSR JOL GLVVH 7DNKLVLV 6ROWDQWR WX FRQ LO WXR SRWHUH PL SXRL
OLEHUDUHHSHUIDUORGRYUDLROWUHSDVVDUHLO3RUWDOH7LHQLQHOODPHQWHODPLDLPPDJLQHHGLRWLJXLGHUz
2VVHVVLRQDWRGDOGHVLGHULRLOPDJRROWUHSDVVzLO3RUWDOHFRQODYLVLRQHGL7DNKLVLVFKHJOLEUXFLDYDQHOVDQJXH1HVVXQR
VDFRVDJOLVLDVXFFHVVRSHUFKpQRQIHFHSLULWRUQR,O3RUWDOHSHUzHUDRUPDLDSHUWRHOD5HJLQD7DNKLVLVHOHVXHOHJLRQL
GLGUDJKLVHQHVHUYLURQRSHUVFLDPDUHVX.U\QQVFDWHQDQGRTXHOODFKHOHOHJJHQGHGHILQLVFRQRFRPHOD3ULPD*XHUUD
GHL 'UDJKL ,O FRUDJJLRVR FDYDOLHUH +XPD ULFDFFLz QHOO$ELVVR OD 5HJLQD GHOOH 7HQHEUH HG L PDJKL FKH DGHVVR VL
YHUJRJQDYDQR SURIRQGDPHQWH GHOODFFDGXWR WHQWDURQR GL VLJLOODUH L 3RUWDOL 6IRUWXQDWDPHQWH FRORUR FKH OL DYHYDQR
FUHDWLHUDQRPRUWLGXUDQWHOD*XHUUDGHL'UDJKLHFRQHVVLHUDQRVFRPSDUVLLOORURVDSHUHSHUFXLLPDJKLVXSHUVWLWLQRQ
SRWHYDQR FKLXGHUH L 3RUWDOL PD VROWDQWR UHQGHUH LPSRVVLELOH ROWUHSDVVDUOL R DOPHQR FUHGHWWHUR GL HVVHUFL ULXVFLWL

LPSRQHQGRODFRQGL]LRQHFKHOHVROHSHUVRQHLQ JUDGRGLVXSHUDUHTXHOOHVRJOLHSRWHVVHURHVVHUHXQ PDJRGDOOD9HVWH


1HUDHGXQFKLHULFRGDOOD9HVWH%LDQFDLQTXDQWRVXSSRQHYDQRFKHXQDVLPLOHHPSLDDOOHDQ]DIRVVHLPSRVVLELOHHFKH
TXLQGLL3RUWDOLIRVVHURRUPDLVLFXUL
&RQLOSDVVDUHGHO7HPSRHFRQODVFHVDGL,VWDUSHULRGRLQFXLLPDJKLYHQQHURSHUVHJXLWDWLGDOODFKLHVDWUHGHOOH7RUUL
GHOOD*UDQGH6WUHJRQHULDYHQQHURGLVWUXWWHRVFRPSDUYHURLQVLHPHDLORUR3RUWDOL,PDJKLFKHYLYHYDQRQHOOD7RUUHGL
3DODQWKDVDFFRQVHQWLURQRDOORUDGLDEEDQGRQDUODLQFDPELRGHOODSURPHVVDGDSDUWHGHO5HSUHWHFKHDYUHEEHURSRWXWR
FRQWLQXDUH D SUDWLFDUH OD PDJLD D :D\UHWK PD SULPD GL ODVFLDUH OD WRUUH WUDVIHULURQR SHU VLFXUH]]D LO 3RUWDOH QHOOD
IRUWH]]DGHO7HVFKLRLPPDJLQDQGRFKHOjQHVVXQRORDYUHEEHWURYDWR

6RWWRLO5HJQRGHO5H3UHWHGL,VWDU

0ROWRWHPSRIDGXUDQWHLOUHJQRGHO5HSUHWHGL,VWDULOPRQGRHUDJRYHUQDWRGDOOHIRU]HGHOEHQHRDOPHQRHUDFRVu
FKH HVVH VL GHILQLYDQR $OFXQL VL FKLHGHYDQR VH SUHJLXGL]LR LQWROOHUDQ]D RGLR H SHUVHFX]LRQH IRVVHUR GDYYHUR YLUW
DSSUH]]DWHGD3DODGLQHPDLO5HSUHWHDYHYDDPPDQWDWRTXHLSHFFDWLGLEHOOHYHVWLELDQFKHLPSHGHQGRDFKLXQTXHGL
YHGHUHODFRUUX]LRQHFKHVLFHODYDVRWWRGLHVVH
,O 5HSUHWH HG L VXRL VHJXDFL WHPHYDQR WXWWL FRORUR FKH HUDQR GLYHUVL GD ORUR LO FKH FRVWLWXLYD XQD OXQJD OLVWD FKH VL
IDFHYDTXRWLGLDQDPHQWHVHPSUHSLOXQJDHLQFXLLPDJKLILJXUDYDQRDOSULPRSRVWR)ROOHLQIXULDWHDWWDFFDYDQRPDJKL
GLTXDOXQTXHDIILOLD]LRQHDVVDOWDYDQROHORURWRUULDSSLFFDQRLOIXRFRDOOHORURVFXROHOLODSLGDYDQRROLEUXFLDYDQRVXO
URJR &RQVLGHUDWR LO ORUR SRWHUH L PDJKL DYUHEEHUR SRWXWR GLIHQGHUVL PD VDSHYDQR FKH IDUOR DYUHEEH FRPSRUWDWR
PDJJLRULVWUDJLHVSDUJLPHQWLGLVDQJXHTXLQGLDOODILQHSUHIHULURQRULWLUDUVLGDOPRQGRSHUQDVFRQGHUVLQHOOXQLFRSRVWR
VLFXUROD7RUUHGHOOD*UDQGH6WUHJRQHULDGL:D\UHWK

6(=,21(/82*+,3$57,&2/$5,
,O%RVFRGL'DUNHQ
v $L0DUJLQL

>@VEXFz LQ XQDPSLD UDGXUD YHUGHJJLDQWH 'DO WHUUHQR VJRUJDYD XQDFTXD OLPSLGD FKH VFRUUHQGR VX GHOOH SLHWUH
SLDWWHIRUPDYDXQSLFFRORUXVFHOOR1HOODUDGXUDOHUEDHUDIROWDHGLQYLWDQWHHDLVXRLPDUJLQLJOLDOEHULVHPEUDYDQR
PRQWDUHODJXDUGLD3URSULRTXDQGRIXURQRLQYLVWDGHOODUDGXUDODOXFHGHOVROHVLDUURVVzHVLVSHQVHWUDJOLDOEHUL
DSSDUYHUROHRPEUHQHEELRVHGHOODQRWWH
>@OHRPEUHGHOODQRWWHVLLQILWWLYDQRDWWRUQRDORUR4XHLVXRQLGHOERVFRFKHGLJLRUQRHUDQRVHPEUDWLORURLQQRFXL
VHPEUDYDQRRUDVLQLVWULHPLQDFFLRVL
>@VLUHVHFRQWRGLDYHUSHUVRODSURSULDYLVWDGDHOIRLQYHFHGLYHGHUHLFDOGLFRQWRUQLURVVLGHLVXRLFRPSDJQL
YHGHYDVRORRPEUHVFXUHVXOORVIRQGRDQFRUSLVFXURGHOODUDGXUD


v , JXHUULHUL1RQ0RUWL

( TXHLJXHUULHULHUDQRPRUWL
1LHQWDOWURFKHXQDWHQXHIXJDFHOXFHELDQFDVHJQDYDLFRQWRUQLGHLORURFRUSL(UDFRPHVHLOFDORUHFRUSRUHRFKH
HUDVWDWRORURLQYLWDIRVVHUHVWDWRRUULELOPHQWHLQORURDQFKHGRSRODPRUWH/DFDUQHHUDPDUFLWDODVFLDQGRGLHWUR
OLPPDJLQH GO FRUSR ULFRUGDWD GDOODQLPD PD TXHVWXOWLPD DSSDUHQWHPHQWH ULFRUGDYD DOWUH FRVH , JXHUULHUL
LQGRVVDYDQR LOULFRUGRGDQWLFKHDUPDWXUH LPSXJQDYDQR LO ULFRUGRGDUPLFKHSRWHYDQR LQIOLJJHUH XQD PRUWHEHQ
SUHVHQWH QHO ULFRUGR 0D L PRUWL YLYHQWL QRQ DYHYDQR ELVRJQR GDUPL SHU XFFLGHUH EDVWDYD ORUR OD VROD SDXUD
RSSXUHLOWRFFRWRPEDOHGHOOHORURPDQL
>@UHVWDYDQR PXWLHQRQIDFHYDQRDOFXQ JHVWR PLQDFFLRVROLPLWDQGRVLDEORFFDUHODVWUDGD,PSRVVLELOHFRQWDUOL
GDWRFKHOHORUROXFLEULOODYDQRHVDWWXWLYDQRLQFRQWLQXD]LRQH
6RQRJOLVSLULWLGLXRPLQLPRUWLFKHDYHYDQRJLXUDWRGLFRPSLHUHXQDFHUWDLPSUHVD1RQULXVFLURQRDPDQWHQHUHLO
JLXUDPHQWR HG RUD VRQR FRQGDQQDWL D ULSHWHUH DOOLQILQLWR OD VWHVVD LPSUHVD ILQR D JLXQJHUH DOOD OLEHUD]LRQH SHU
WURYDUHLOYHURULSRVRGHOODPRUWH
>@ODFDOFDGHLJXHUULHULVLDSUuXQD ILJXUDSLWUHPHQGDHWHUULILFDQWHGHOOHDOWUHIHFHODSURSULDDSSDUL]LRQH/R
VSHWWURHUDSLDOWRGLWXWWLJOLDOWULHSRUWDYDXQDFRURQDOXFHQWH/DVXDSDOOLGDDUPDWXUDHUDULFFDPHQWHGHFRUDWDGL
JLRLHOOLVFXULHGLOVXRYROWRHUDDWWHJJLDWRDOSLWHUULELOHGRORUH


v /D*XDUGLDQDGHOOD)RUHVWD

1HVVXQRHQWUDFRQOHDUPLQHOERVFRGL'DUNHQ
6RQR OD *XDUGLDQD GHOOD IRUHVWD ,O EXLR VL DSUu HG XQ EULYLGR UHYHUHQ]LDOH OLHYH FRPH XQ YHQWR SULPDYHULOH
SHUFRUVHDOFRPSDJQLD/DOXFHDUJHQWHDGHOODOXQDLQRQGDYDXQDOWRVSHURQHGLURFFLDVXFXLVWDYDXQXQLFRUQR/L
JXDUGDYDIUHGGDPHQWHFRQJOLRFFKLLQWHOOLJHQWLSLHQLGLLQILQLWDVDJJH]]D

/D EHOOH]]D GHOOXQLFRUQR WRFFDYD LO FXRUH >@ ,O VXR PDQWR HUD ODUJHQWR GHOOD OXQD LO VXR FRUSR HUD GL SHUOD
OXFHQWHODVXDFULQLHUDFRPHODVSXPDPDULQD/DWHVWDVHPEUDYDVFROSLWDQHOPDUPRPDPDLXQXRPRHQHSSXUH
XQQDQRDYUHEEHURVDSXWRFRJOLHUHOHOHJDQ]DODJUD]LDGHOVXRFROORSRGHURVRHGHOVXRSHWWRPXVFRORVR/H]DPSH
HUDQRIRUWLPDGHOLFDWHJOL]RFFROLSLFFROLHIHVVLFRPHTXHOOLGLXQDFDSUD
/D PLVVLRQHGHOGDLQRqGLIRUQLUHVRVWHQWDPHQWRDOFDFFLDWRUHVLDHVVRXRPRROXSR1RLQRQSLDQJLDPRFKLPXRUH
FRPSLHQGRODSURSULDPLVVLRQH

v /D9DOOHGHOOH1HEELH

6SXQWz ODOED PD LO FKLDURUH ILOWUDYD DWWUDYHUVR XQD QHEELD FRVu ILWWD FKH 7DVVOHKRII SHQVz FKH DYUHEEH SRWXWR
SUHQGHUVHQHXQDPDQFLDWDHGLQILODUVHODLQWDVFD,FRPSDJQLFDPPLQDYDQRYLFLQLDWUDWWLWHQHQGRVLSHUPDQRQHO
WLPRUHGLSHUGHUVL/DULDVLLQWLHSLGu>@SURFHGHYDQRVXXQWHUUHQRFKHVHPEUDYDPDWHULDOL]]DUVLVRWWRLORURSLHGL
VEXFDQGRGDOODQHEELD)LQDOPHQWHLOWHUUHQRVLDSSLDWWuVRWWRLORURSLHGLHQRQVLLQHUSLFDURQRQpVFHVHURSLJOL
DOEHULVLGLUDGDURQRHLFRPSDJQLFDPPLQDURQRVX PRUELGDHUEDDYYL]]LWDGDO IUHGGRGHOOLQYHUQR $QFKHVH WXWWL
ORUR ULXVFLYDQR D YHGHUH VROR D SRFKL SDOPL GDO QDVR QHOOD QHEELD JULJLD HEEHUR OLPSUHVVLRQH GL WURYDUVL LQ
XQDPSLDUDGXUD
/D9DOOHGHOOH1HEELHWDQWLDQQLIDSULPDGHOFDWDFOLVPDHUDXQRGHLSRVWLSLDPHQLGL.U\QQ/DEHOOH]]DGHOOD
9DOOHGHOOH1HEELHqVFRPSDUVD8QDYROWDODIRUWH]]DGHOOD9DOHWRUUHJJLDYDVXOODQHEELDFRPHVHJDOOHJJLDVVHVX
XQDQXYROD,OVROHFKHVRUJHYDDOODOEDGLSLQJHYDGLURVDOHQHEELHGHOPDWWLQRHOHSURVFLXJDYDDPH]]RJLRUQRFRVu
FKH OH JXJOLH VYHWWDQWL GHOOD IRUWH]]D HUDQR YLVLELOL SHU FKLORPHWUL H FKLORPHWUL 9HUVR VHUD OD QHEELD WRUQDYD D
FRSULUHODIRUWH]]DFRPHXQPDQWRYHOOXWDWR'LQRWWHODOXQDURVVDHODOXQDGDUJHQWRULIXOJHYDQRVRSUDOHQHEELH
FKHEULOODYDQRQHOODORURSDOOLGDOXFH9LDIIOXLYDQRSHOOHJULQLGDRJQLSDUWHGL.U\QQ
/D YDOOHqLPSHQHWUDELOH8Q WHPSRYLVLSRWHYDDFFHGHUHLQGXHSXQWLXQRSRUWDYDDOOH WHUUHGHJOL XPDQLGRYHL
&DYDOLHUL DYHYDQR LO ORUR DYDPSRVWR ODOWUR FRQGXFHYD DOOH WHUUH GHJOL RUFKL (QWUDPEL L SDVVDJJL VFRPSDUYHUR
GXUDQWHLO&DWDFOLVPD
,O SDHVDJJLR QRQ FDPELDYD &DPPLQDYDQR QHOOHUED DOWD 1RQ FHUDQR DOEHUL 'L WDQWR LQ WDQWR XQ JUDQGH PDVVR
VEXFDYDGDOORVFXULWjHWXWWRILQLYDOu1RQFHUDQRWUDFFHGLXFFHOOLQRWWXUQLRDOWULDQLPDOL

v ,O3RQWHGHO3DVVDJJLRHGLO0RQXPHQWRGHO'UDJR'DUJHQWR

/D OXFH GHOOD WRUFLD EXFz OD QHEELD 7XWWL YLGHUR OD VDJRPD VSHWWUDOH GL TXDOFRVD ROWUH OD QHEELD ,Q XQ SULPR
PRPHQWRVLPDWHULDOL]]zFRVuLQGHILQLWDPHQWHFKHLFRPSDJQLQRQULXVFLURQRDULFRQRVFHUOD3RLLOVLOHQ]LRGHOOD
QRWWHIXURWWRGDXQJRUJRJOLRFRPHGLDFTXDFKHEROOLVVHLQXQDSHQWROD/DQHEELDVLLQILWWuODULDVLIHFHFDOGDH
SHVDQWH
6RUJHQWL FDOGH HFFR VSLHJDWD OD QHEELD SHUVLVWHQWH H TXHVWD VDJRPD VFXUD LO SRQWH FKH OH DWWUDYHUVD 'LULJHQGR OD
WRUFLD VX XQ ULOXFHQWH SRQWH GL SLHWUD VXOOH DFTXH ULEROOHQWL GHL ULYROL FKH VFRUUHYDQR VRWWR L SLHGL ULHPSLHQGR OD
QRWWHGLQHEELDFDOGDYDSRURVD
,O 3RQWH GHO 3DVVDJJLR HUD XQ OXQJR OHYLJDWR DUFR GL SXUR PDUPR ELDQFR 6XOOH VXH ILDQFDWH VFROSLWH FRQ
EDVVRULOLHYL FKH VHPEUDYDQR YLYL OXQJKH FRORQQH GL &DYDOLHUL FDPPLQDYDQR VLPEROLFDPHQWH DWWUDYHUVR OH DFTXH
JRUJRJOLDQWL ,O SRQWH HUD FRVu DOWR FKH QRQ ULXVFLYDQR D YHGHUQH OD VRPPLWj DWWUDYHUVR LO WXUELQLR GHOOH QHEELH
YDSRURVH(GHUDDQWLFRFRVuDQWLFRFKHQHSSXUH XQ QDQRQRQSRWHYDVWDELOLUQHODIDWWXUD1RQHUDDUWLJLDQDWRGHL
QDQLQpGHJOLHOILHQHDQFKHGHJOLXPDQL1RQFHUDQRSDVVDPDQLFHUDVRORODUFRGLPDUPROLVFLRHVFLQWLOODQWH
DYYROWRQHLYDSRULFKHVLDO]DYDQRVHQ]DVRVWDGDOOHVRUJHQWLFDOGH
4XDQGR6ROLQDUL ODOXQDGDUJHQWR IXDOOR]HQLWKODQHEELDVLWUDVIRUPzLQXQIXOJRUHULVSOHQGHQWHGDUJHQWR/H
QHEELHVLGLUDGDURQR*XDUGDQGRLQDOWRLFRPSDJQLYLGHUROHQHEELHVHSDUDUVLFRPHDIIXVRODWHGLWDFKHVLDSULYDQR
H ULYHODYDQRODOXQDGDUJHQWRSLHQDHUDGLRVDQHOFLHORVWHOODWR,OIXOJRUHGHOODOXQDULVSOHQGHWWHVXOOHEROOHGDFTXD
FKHJRUJRJOLDYDQRLQXQDGDQ]DDUJHQWDWD5LIXOVHVXOSRQWHGLPDUPRGRYHL&DYDOLHULVHPEUDYDQRSUHQGHUHYLWD
QHOWHPSRHWHUQRWUDVFRUVRDGDWWUDYHUVDUHODFRUUHQWHFDOGD
6RSUDDLFRPSDJQLVLLQQDO]DYDWDQWRLQDOWRFKHODVXDWHVWDDYUHEEHSRWXWRGLVWUXJJHUHXQDOXQDODILJXUDGLXQ
GUDJRVFROSLWRQHOODURFFLDGLXQDPRQWDJQDVFLQWLOODQWHGDUJHQWRDOFKLDURUHGHOODOXQD

v /D7RPEDGL+XPD

6H SRUWDWH LO PDOH LQ TXHVWR OXRJR YHGUHVWH L YROWL GHL YRVWUL SHJJLRUL QHPLFL WUD OH VWDWXH GL SLHWUD /RUURUH H OR
VSDYHQWRFKHYLLQFXWHUHEEHURYLLPSHGLUHEEHURGLSDVVDUH
>@ PHQWUH HQWUDYD LQ FLz FKH YLGH HVVHUH XQ FHUFKLR GL VWDWXH RJQXQD GHOOH TXDOL SUHVHQWDYD XQLPSUHVVLRQDQWH
TXDVLVSDYHQWRVDVRPLJOLDQ]DFRQLVXRLDPLFL$OFHQWURGLTXHOVLOHQ]LRVRDQHOORGLSLHWUDVRUJHYDXQWHPSLR
'LVHPSOLFHIRUPDUHWWDQJRODUHLOWHPSRVSXQWDYDWUDODQHEELD3RJJLDYDVXXQDEDVHRWWDJRQDOHGLOXFLGLJUDGLQL
$QFKHLOWHPSLRHUDIDWWRGLRVVLGLDQDHODQHUDVWUXWWXUDEULOODYDEDJQDWDGDOODQHEELDSHUSHWXD(UDFRPHVHWXWWR
IRVVHVWDWRVFROSLWRSRFKLJLRUQLSULPDVXOOHQLWLGHFKLDUHOLQHHGHLULOLHYLQRQFRPSDULYDDOFXQDWUDFFLDGHOORJRULR
GHO WHPSR , FDYDOLHUL RJQXQR FRQ OD 'UDJRQODQFH ORWWDYDQR DQFRUD FRQWUR HQRUPL PRVWUL , GUDJKL VWULGHYDQR
VLOHQ]LRVDPHQWH UDJJHODWL QHOOD PRUWH WUDILWWL GDOOH OXQJKH VRWWLOL DVWH GHOOH ODQFH )UHGGH SRUWH GL EURQ]R VL
VFKLXVHURVXVLOHQ]LRVLFDUGLQL>@

$OOLQWHUQR

,O VHSROFUR HUD YXRWR DG HFFH]LRQH GL XQ FDWDIDOFR GL RVVLGLDQD FKH VL LQQDO]DYD DO FHQWUR GHOOD VWDQ]D
,PPDJLQL FHVHOODWH GL &DYDOLHUL WUDVSRUWDYDQR OD EDUD PD LO FRUSR GHO FDYDOLHUH GHVWLQDWR D JLDFHUH QHOOD
EDUDHUDVFRPSDUVR8QDQWLFRVFXGRHUDGHSRVWRDLSLHGLGHOIHUHWURHDFFDQWRHUDSRVDWDXQDVSDGD>@
/DWRPEDQRQHUDJUDQGH,OVHSROFURVLHOHYDYDLQPH]]RDOODVWDQ]DHFRQWUROHSDUHWLVLDOOLQHDYDQRGHOOH
SDQFKH GL SLHWUD GRYH SUREDELOPHQWH FRORUR FKH FRPSLDQJHYDQR LO GHIXQWR SRWHYDQR ULSRVDUVL PHQWUH
UHQGHYDQR RPDJJLR DOOD VDOPD ,Q IRQGR DOOD VWDQ]D VL HUJHYD XQ SLFFROR DOWDUH GL SLHWUD 6XOOD VXD
VXSHUILFLH HUDQR VFROSLWL L VLPEROL GHOO2UGLQH GHL &DYDOLHUL OD FRURQD OD URVD HG LO PDUWLQ SHVFDWRUH ,O
WDYRORHUDFRVSDUVRGLSHWDOLGLURVDHGLHUEHVHFFKHHODORURGHOLFDWDIUDJUDQ]DDOHJJLDYDDQFRUDOHJJHUD
QHOODULDGRSRFHQWLQDLDGLDQQL6RWWRODOWDUHLQFDVWRQDWDQHOSDYLPHQWRGLSLHWUDVLWURYDYDXQDJUDQGH
SLDVWUDGLIHUURFRQXQDQHOORLQPH]]R
>@ VL DYYLFLQz VXOORUOR GHO EXFR H VELUFLz GHQWUR (UD EXLR 3HUVLQR FRQ OD WRUFLD QRQULXVFLYD D YHGHUH
QLHQWHLQIRQGRDTXHOEXFR8QYDJRRGRUHGLPXIIDVDOuGDOORVTXDUFLRQHOSDYLPHQWRHQLHQWDOWUR
/DWRPEDHOHVWDWXHVRQRRSHUDGLXRPLQLPDLOJUDQGHGUDJRQRQqVWDWRFRVWUXLWRGDOOHPDQLGLXQXRPR
QpGLXQHOIRQpGLXQQDQR(GqFRVuYHFFKLRFKHLOVHSROFURqTXDVLPRGHUQR
,OILDQFRGHOODUXSHQRQqVWDWRVFROSLWRGDOOHPDQLGLQHVVXQRGHJOLHVVHULYLYHQWLFKHFDPPLQDQRFRQGXH
]DPSHVX.U\QQPDGHYHHVVHUVLWUDWWDWRGLXQDFUHDWXUDGRWDWDGLXQDIRU]DVWUDRUGLQDULDHQRUPHDODWD

v ,O0DUHGHO6DQJXHGL,VWDU

6LWURYDYDQRVXOORUORHVWHUQRGHO0DUHGHO6DQJXHGL,VWDU
,O VROH HUD XQD JLJDQWHVFD SDOOD GRUDWD LQ HTXLOLEULR VXOORUL]]RQWH RULHQWDOH TXDQGR OD 3HUHFKRQ VL DGGHQWUz QHOOH
DFTXHURVVHFRPHODYHVWHLQGRVVDWDGDLPDJKLURVVHFRPHLOVDQJXH
>@ DFTXH WRUELGH H URVVH 1RQ SRWHYDQR YHGHUH PROWR ORQWDQR 8QD SHUSHWXD WHPSHVWD JUDYDYD GDO FLHOR
DPPDQWDQGROHDFTXHGXQDFROWUHJULJLRSLRPER
,OVDQJXHGLWXWWLFRORURFKHVRQRPRUWLD,VWDUTXDQGRODPRQWDJQDGLIXRFRFROSuLOWHPSLRGHO5H6DFHUGRWH
SHUVSDYHQWDUHLPDULQDLGLDFTXDGROFH
/DFTXD GHO PDUH DFTXLVWD TXHO FRORUH D FDXVD GHOOD WHUUD FKH YLHQH VROOHYDWD GDO IRQGR 5LFRUGDWL FKH QRQ q
VDEELDTXHOODVRSUDFXLVWLDPRQDYLJDQGRFRPHLOQRUPDOHIRQGRGHOORFHDQR4XHVWDXQWHPSRHUDWHUUDIHUPDOD
FLWWjFDSLWDOHGL,VWDUHWXWWDODVXDULFFDFDPSDJQDLQWRUQR4XDQGRODPRQWDJQDGLIXRFRqFDGXWDKDVSDFFDWROD
WHUUDLQGXH/HDFTXHGHOO2FHDQRVLVRQRSUHFLSLWDWHGHQWURFUHDQGRXQQXRYRPDUH$GHVVRODULFFKH]]DGL,VWDU
JLDFHPROWRLQSURIRQGLWjVRWWROHRQGH
$QFKHFRQLOPRYLPHQWRGHOOHRQGHHGHOOHPDUHHLOWHUULFFLRSHVDQWHFRPqGRYUHEEHVHGLPHQWDUHSLGLTXDQWR
VHPEULDYHUIDWWR
6HPHWWHVVLODPDQRGHQWURODFTXDSRWUHVWLVHQWLUHLJUDQHOOLGHOWHUULFFLRSUREDELOHFKHFLVLDXQPDHOVWURPDO
FHQWURGHO0DUHGHO6DQJXHFKHYRUWLFDFRQIRU]DWDOHGDWUDVFLQDUHLOWHUULFFLRVXGDOIRQGR>(PDQWHQHUORDJLWDWR
LQVRVSHQVLRQH@0DFKHTXHVWRVLDYHURRSSXUHVLDXQDOWUDGHOOHVWRULH>SRFKLORVDQQRSRFKLOKDQQRYLVWRSRFKL
VRQRVWDWLWDQWRIROOLGDQDYLJDUHGHQWURODWHPSHVWDFKHJUDYDVRSUDLOPDUH@
6RSUD GL OXL OH YHOH HUDQR WHVH DO YHQWR LO VDUWLDPH VWLUDWR DOOR VSDVLPR /D QDYH VRWWR WXWWH OH YHOH FKH SRWHYDQR
UHJJHUHSDUHYDEDO]DUHVRSUDOHRQGHODVFLDQGRVLDOOHVSDOOHXQDVFLDGLVFKLXPDELDQFDVWUD


'HQWUROD7HPSHVWD

8Q ODPSR IUDVWDJOLDWR ODFHUz OD FRUWLQD JULJLD /H QHEELH VL VHSDUDURQR ULOHYDQGR XQR VSHWWDFROR
UDFFDSULFFLDQWH1XELQHUHWXUELQDYDQRLQPH]]RDLYHQWLUXJJHQWLDFFRPSDJQDWHGDXQFUHSLWLRGLIROJRULYHUGL
FKH FDULFDYDQR ODULD GHOODFUH RGRUH GHOOR ]ROIR /DFTXD URVVD VL OHYDYD LQ DOWR SHU SRL ULFDGHUH %LDQFKH
FUHVWH JRUJRJOLDYDQR VXOOD VXSHUILFLH VLPLOL DOOD VFKLXPD FKH XVFLYD GDOOD ERFFD GL XQ XRPR PRUHQWH 3HU XQ
LQVWDQWHQHVVXQRULXVFuDPXRYHUVL7XWWLSRWHYDQRUHVWDUHOjFRQJOLRFFKLVJUDQDWLDILVVDUHTXHOORVSHWWDFROR
VHQWHQGRVL PLVHUL H PLQXVFROL FRQWUR OH VSDYHQWHYROL IRU]H GHOOD QDWXUD 3RL LO YHQWR Ou FROSu /D QDYH
EHFFKHJJLz H UROOz VIHU]DWD GDOODOEHUR VSH]]DWR FKH VL WUDVFLQDYD GLHWUR 'XQ WUDWWR OD SLRJJLD VL DEEDWWp
VIHU]DQWHVXGLORURODJUDQGLQHWHPSHVWzLOSRQWHGLOHJQRODFRUWLQDJULJLDVLFKLXVHDQFRUDXQDYROWDLQWRUQRD
ORUR (VHJXHQGR JOL RUGLQL GL 0DTXHVWD VL DUUDPSLFDURQR VXOOH VDUWLH SHU UXRWDUH OH YHOH ULPDVWH 8Q DOWUR
JUXSSRODYRUDYDGLVSHUDWDPHQWHSHUUHFLGHUHODOEHURVSH]]DWRFKHURWHDYDLQWRUQRFRPHLPSD]]LWR,PDULQDLOR
DJJUHGLURQRFRQOHDVFHWDJOLDQGRYLDOHFRUGHODVFLDQGRORSUHFLSLWDUHQHOODFTXDFRORUHVDQJXH/LEHUDWDGDO
SHVR IUHQDQWH GHOODOEHUR OD QDYH VL UDGGUL]]z OHQWDPHQWH 0DOJUDGR IRVVH DQFRUD VEDOORWWDWD GDO YHQWR OD
3HUHFKRQSDUHYDLQJUDGRGLGRPLQDUHODWHPSHVWDSHUILQRFRQXQDOEHURLQPHQR
>@VLYROWDURQRSHUJXDUGDUHDWWUDYHUVRODSLRJJLDEDWWHQWHJULJLDFRPHLOSLRPER
>@DYDQ]DURQRYDFLOODQGRLQPH]]RDOODSLRJJLDDJJUDSSDQGRVLDOOHFRUGH>@
>@HUDGLIILFLOHGLVWLQJXHUHSHUILQRODSUXDGHOODQDYHLQPH]]RDOODSLRJJLDHDOPDUHDJLWDWRGHOYHQWR
,OYHQWRXOXODYDVSH]]DQGRLOVDUWLDPH/HRQGHVLVFKLDQWDYDQRVRSUDODSUXD/DSLRJJLDVIHU]DYDODWROGDFRQ
OD IRU]D GL WDQWL FROWHOOL H L FKLFFKL GL JUDQGLQH FRPLQFLDURQR DG DPPXFFKLDUVL VXO SRQWH ULYHVWHQGROR GXQD
FURVWDGLJKLDFFLR

3RLXQDUDIILFDGLYHQWRFROSuODQDYH8QRQGDVLQIUDQVHVXGLORUR/DFTXDSUHFLSLWzLQWRUQRDORURFRPHXQD
FDVFDWDVFKLXPHJJLDQGRELDQFDIDFHQGRFDGHUHJOLXRPLQLHPDQGDQGROLDVOLWWDUHVXOSRQWH/DQDYHVEDQGz
7XWWLVLDIIHUUDURQRDTXHOORFKHSRWHYDQRFRUGDPHUHWLTXDOXQTXHFRVDSHUHYLWDUHGLYHQLUH VSD]]DWLIXRUL
ERUGR>,OWLPRQLHUH@FRPEDWWHYDFRQWURODUXRWDGHOWLPRQHTXDVLXQDFRVDYLYHQWHFKHJOLVDOWDYDWUDOHPDQL
$OFXQHYHOHVLODFHUDURQRLQGXHDOFXQLXRPLQLVFRPSDUYHURQHO0DUHGHO6DQJXHOHYDQGRXUODWHUULILFDQWL3RL
OHQWDPHQWHODQDYHWRUQzDUDGGUL]]DUVLFRQLOOHJQRFKHFLJRODYDSHUORVIRU]R
,O PRYLPHQWR GHOOD QDYH VWDYD FDPELDQGR 1RQ VWDYDQR SL EHFFKHJJLDQGR DOOLPSD]]DWD $GHVVR VWDYDQR
DYDQ]DQGRFRQXQPRYLPHQWRXQLIRUPHXQPRYLPHQWRSHUTXDOFKHPRWLYRDQFRUDSLVLQLVWURSHUFKpHUDFRVu
LQQDWXUDOH


,QWUDSSRODWLQHO0DHOVWURP

/D3HUHFKRQVLSUHFLSLWDYDLQDYDQWLVILRUDQGRODVXSHUILFLHGHOODFTXDOHJJHUDFRPHXQXFFHOOR0DHUD
XQ XFFHOOR GDOOH DOL WDUSDWH FKH FDOFDYD OD PDUHD WXUELQDQWH GXQ FLFORQH GDFTXD DGGHQWUDQGRVL LQ
XQRVFXULWjURVVRVDQJXH
4XHOOD IRU]D WHUULELOH OLVFLDYD OH DFTXH GHO PDUH ILQR D IDUOH DSSDULUH VLPLOL D YHWUR GLSLQWR 8Q UXJJLWR
FDYHUQRVR HWHUQR VLQQDO]DYD GD TXHOOH QHUH SURIRQGLWj 3HUILQR OH QXEL GHOOD WHPSHVWD URWHDYDQR
LQWHUPLQDELOPHQWHLQWRUQRDGHVVRFRPHVHWXWWDODQDWXUDIRVVHLQWUDSSRODWDQHOPDHOVWURPSUHFLSLWDQGR
YHUVRODSURSULDGLVWUX]LRQH
7XWWLTXHOOLDERUGRGHOODQDYHFRQGDQQDWDVHQHVWDYDQRLQVLOHQ]LRFRQJOLRFFKLVSDODQFDWLSHUORUURUHGL
TXHOOR FKH YHGHYDQR (UDQR DQFRUD DG XQD FHUWD GLVWDQ]D GDO FHQWUR LO YRUWLFH DYHYD FKLORPHWUL H
FKLORPHWULGLGLDPHWUR/DFTXDVFRUUHYDOLVFLDHYHORFH6RSUDHLQWRUQRDORURLYHQWLXOXODYDQRDQFRUDOD
SLRJJLDVIHU]DYDDQFRUDLORURYROWL0DQRQDYHYDLPSRUWDQ]D1RQODYHGHYDQRSL9HGHYDQRVROWDQWR
FKHYHQLYDQRWUDVSRUWDWLVSLHWDWDPHQWHYHUVRLOFHQWURGHOODWHQHEUD
'RSR LO SULPR &KRF 0DTXHVWD FRPLQFLz D XUODUH RUGLQL IUHQHWLFL 6WRUGLWL JOL XRPLQL FRPLQFLDURQR DG
HVHJXLUOLPDLORURVIRU]LHUDQRLQXWLOLOHYHOHFKHYHQLYDQRLVVDWHFRQWURTXHOWXUELQHVLODFHUDYDQRLFDYL
VLVSH]]DYDQRVFDJOLDQGRLQDFTXDJOLXRPLQLXUODQWL
3HU TXDQWR VL VIRU]DVVH LO WLPRQLHUH QRQ SRWHYD IDU YLUDUH OD QDYH R OLEHUDUOD GDOOD VSDYHQWRVD PRUVD
GHOODFTXD (UD FRPH VH VWHVVH FHUFDQGR GLPSHGLUH DO PRQGR GL UXRWDUH VX VH VWHVVR 0DTXHVWD ORWWDYD
DQFRUD SHU VDOYDUH OD QDYH XUODQGR RUGLQL VRSUD OXOXODUH GHO YHQWR H LO VRUGR URPER FKH VFDWXULYD GDOOH
SURIRQGLWj GHO PDHOVWURP 0D LO VXR HTXLSDJJLR VWRUGLWR GDO WHUURUH QRQ OH REEHGLYD SL 4XDOFXQR GHL
VXRL XRPLQL SLDQJHYD TXDOFXQ DOWUR LPSUHFDYD /D PDJJLRU SDUWH QRQ SURGXFHYD DOFXQ VXRQR PD
ILVVDYDQR LQRUULGLWL H DIIDVFLQDWL LO JLJDQWHVFR YRUWLFH FKH OL VWDYD WUDVFLQDQGR LQHVRUDELOPHQWH GHQWUR
OLPPHQVD RVFXULWj GHOODELVVR &RQ DJRQL]]DQWH RQLULFD OHQWH]]D OD QDYH VL PLVH LQ HTXLOLEULR VXOORUOR
GHOOHDFTXHYRUWLFDQWLFRPHVHLOOHJQRVWHVVRGLFXLHUDIDWWRLOYDVFHOORHVLWDVVHLQSUHGDDOWLPRUH
&RQXQXOWLPRWUHPLWRGDVSH]]DUHLOFXRUHOD3HUHFKRQVFLYROzROWUHORUORGHQWURTXHOODUXJJHQWHWHQHEUD
YRUWLFDQWH
,OOHJQRVLVSH]]zFUHSLWDQGRJOLDOEHULFDGGHURJOLXRPLQLYHQQHURVFDJOLDWLYLDXUODQWLGDLSRQWLLQFOLQDWL
PHQWUHTXHOORVFXULWjURVVRVDQJXHULVXFFKLDYDJLOD3HUHFKRQGHQWURTXHOOHIDXFLVSDODQFDWH

6,/9$1(67,

'DROWUHTXDWWURFHQWRDQQL/RUDFYLYHYDLQTXHOODWHUUD/DYHYDYLVWDSUHQGHUHIRUPDHILRULUHULJRJOLRVDVRWWROHPDQL
GHOOD VXD JHQWH $YHYDQR DWWUDYHUVDWR DQFKH PRPHQWL GLIILFLOL /RUDF HUD XQR GHL SRFKL DQFRUD YLYL VX .U\QQ DG DYHU
DVVLVWLWRDO&DWDFOLVPD0DJOLHOILGL6LOYDQHVWLYLDYHYDQRUHVLVWLWRPHJOLRGLDOWULDOPRQGRWHQHQGRVLDGLVWDQ]DGDOOH
DOWUH UD]]H (VVL VDSHYDQR SHUFKp JOL DQWLFKL 'HL JOL DYHYDQR DEEDQGRQDWR DYHYDQR LQGLYLGXDWR LO PDOH QHOOD UD]]D
XPDQDDQFKHVHQRQULXVFLYDQRDVSLJDUVLFRPHPDLLFKLHULFLHOILIRVVHURVFRPSDUVL
$JOLHOILGL6LOYDQHVWLHUDJLXQWDQRWL]LDWUDPLWHYHQWLJOLXFFHOOLHDOWULPH]]LPLVWHULRVLGHOOHVRIIHUHQ]HGHLORURFXJLQL
GL4XDOLQHVWLGHLGLVDVWULFKHDYHYDQR IDWWRVHJXLWRDO&DWDFOLVPD(VHEEHQHDGGRORUDWLDLUDFFRQWLGLVDFFKHJJLHGL
RPLFLGLJOLHOILGL6LOYDQHVWLVLHUDQRFKLHVWLFRVDOWURFLVLSRWHYDDVSHWWDUHGDOPRPHQWRFKHLORURFXJLQLYLYHYDQRWUD
JOLXPDQL6LULWLUDURQRQHOOH IRUHVWHULQXQFLDQGRDO PRQGRHVWHUQRHLQGLIIHUHQWLDOIDWWRFKHLO PRQGRHVWHUQRDYHVVH
ULQXQFLDWRDORUR


,O%RVFR

*OL DOEHUL , OXVVXUHJJLDQWL DOEHUL GL 6LOYDQHVWL $OEHUL SD]LHQWHPHQWH PRGHOODWL QHL VHFROL GL PHUDYLJOLD H GL
ILDED 7XWWLQWRUQR DOOD FRPSDJQLD YL HUDQR DOEHUL 0D TXHVWL DOEHUL RUD VL ULYROWDYDQR FRQWUR L ORUR SDGURQL
WUDVIRUPDQGRVLLQERVFKLYLYHQWLGHOORUULGR8QDULSXJQDQWHOXFHYHUGHILOWUDYDIUDOHIRJOLHWUHPRODQWL
7DQLVVLJXDUGzDWWRUQRLQRUULGLWR'XUDQWHWXWWDODVXDYLWDDYHYDDVVLVWLWRDPROWLVSHWWDFROLVWUDQLHWHUULELOL
PDQHVVXQRXJXDJOLDYDTXHOORFKHJOLVLSDUDYDGDYDQWL8QDVLPLOHYLVWDSHQVzSRWHYDIDUORLPSD]]LUH6LJLUz
LQWXWWHOHGLUH]LRQLFHUFDQGRGLVSHUDWDPHQWHXQDYLDGLXVFLWDPDQRQFHUDVFDPSR7XWWLQWRUQRYLHUDQRVROR
DOEHULJOLDOEHULVL6LOYDQHVWL0RVWUXRVDPHQWHFDPELDWL
/RVSLULWRGLRJQLDOEHURFKHORFLUFRQGDYDVHPEUDYDLQWUDSSRODWRQHOWRUPHQWRLPSULJLRQDWRQHOWURQFR,UDPL
DJJURYLJOLDWL VHPEUDYDQR JOL DUWL GL TXHOOR VSLULWR FKH VL FRQWRUFHYDQR LQ DJRQLD /H UDGLFL WHQDFL VL

DJJUDSSDYDQRDOWHUUHQRQHOWHQWDWLYRGLVSHUDWRGLIXJJLUH/DOLQIDGHJOLDOEHULYLYHQWLVFRUUHYDDILRWWLGDJOL
HQRUPLVTXDUFLQHOWURQFR/RVWRUQLUHGHOOHIRJOLHDVVRPLJOLDYDDXQXUORGLWHUURUHDXQJULGRGLGRORUH*OL
DOEHULGL6LOYDQHVWLSLDQJHYDQRVDQJXH


/D7RUUHGHOOH6WHOOHVLHUJHYDVRSUDLUDPLGHLSLRSSL

8QDQHEELDYHUGHJUDYDYDVX6LOYDQHVWLFRPHVHDQFKHLOVXRORIRVVHLQGHFRPSRVL]LRQH
FRPHXQDQHEELDLPSHQHWUDELOHXQDSDUHWHGLQXOOD1RQYHGRQLHQWHQRQVHQWRQLHQWH
0HQWUH VL DJJLUDYD QHO ERVFKHWWR VLPLOH DG XQD SULJLRQH SHU L GDQQDWL LO VXR RUURUH LQJLJDQWu XOWHULRUPHQWH
$OFXQL DQLPDOL EDO]DURQR IXRUL WUD JOL DOEHUL WRUPHQWDWL H VL ODQFLDURQR DGGRVVR DL VXRL FRPSDJQL >@ IX
FRVWUHWWR D GLVWRJOLHUH OR VJXDUGR SHUFKp DQFKH JOL DQLPDOL HUDQR PRVWUXRVL H GHIRUPL RUUHQGH VHPELDQ]D
YLYHQWLGLPRUWHLPSHULWXUD
7UD JOL DQLPDOL GHIRUPL FRUUHYDQR OHJLRQL GL JXHUULHUL HOIL H OD YLVWD GHL ORUR WHVFKL HUD XQR VSHWWDFROR
LQVRSSRUWDELOH1HJOLLQFDYLYXRWLGHLORURYROWLQRQEULOODYDQRJOLRFFKLODFDUQHQRQFRSULYDODILQHRVVDWXUD
GHOOH ORUR PDQL &DYDOFDYDQR FRQ LO ORUR FRPSDJQL FRQ OXFLGH VSDGH JURQGDQWL GL VDQJXH 0D VH FROSLWL GD
XQDUPDVSDULYDQRQHOQXOOD
(SSXUH OH IHULWH FKH ORUR LQIOLJJHYDQR HUDQR UHDOL &DUDPRQ ORWWDYD FRQWUR XQ OXSR GDO FXL FRUSR XVFLYDQR
VHUSHQWLTXDQGRDO]zJOLRFFKLHYLGHXQ JXHUULHURHOIRFKHFRQ PDQRJULIDJQDDO]DYDFRQWURGLOXLODODQFLD
VFLQWLOODQWH
/XQLFD FRVD FKH IHFHUR IX ORWWDUH SHU RJQL FHQWLPHWUR GL WHUUHQR FKH JXDGDJQDYDQR ,QQXPHUHYROL YROWH
ULFDFFLDURQRLQGLHWURJOLVSLULWLGHJOLHOILVRORSHUHVVHUHGLQXRYRDWWDFFDWLGDQXJROLVHPSUHSLIROWL$WUDWWLLO
VROH EULOODYD ILOWUDQGR DWWUDYHUVR OD YHUGH IRVFKLD VRIIRFDQWH 3RL LPSURYYLVDPHQWH OH WHQHEUH GHOOD QRWWH
LQFRPEHYDQRVXOODWHUUDFRPHOHDOLGHLGUDJKL0DSURSULRPHQWUHORVFXULWjVLIDFHYDSLILWWDLQWUDYLGHUROD
7RUUH,OPDUPRVIDYLOODQWHGHOOD7RUUHELDQFKHJJLDYDDOWRQHOFLHOR/DFRVWUX]LRQHVLHOHYDYDLQPH]]RDGXQD
UDGXUDHVLSURWHQGHYDFRPHXQGLWRVFKHOHWULFRFKHHPHUJHQGRGDXQDWRPEDLQGLFDVVHLFLHOLODVV


/DVSLHJD]LRQHGL5DLVWOLQ

3HUFRUUHUHPRODVWUDGDGHOODPRUWHSHUFKpRJQLPRVWUXRVDFUHDWXUDPDLFRPSDUVDQHLVRJQLVFRQYROJHQWLH
WRUPHQWDWLGHLPRUWDOLFLVLSDUHUjGDYDQWLSHUIHUPDUFL6DSSLDWHVRORFKHVWLDPRFDPPLQDQGRLQXQVRJQR
OLQFXERGL/RUDF&KHqDQFKHLOQRVWURLQFXER)RUVHFLDSSDULUDQQRYLVLRQLGHOQRVWURIXWXURSHUDLXWDUFLR
SHUWUDWWHQHUFL5LFRUGDWHYLFKHDQFKHVLLQRVWULFRUSLVRQRVYHJOLOHQRVWUHPHQWLGRUPRQR/DPRUWHHVLVWH
VROR QHL QRVWUL VRJQL D PHQR FKH QRL QRQ FUHGLDPR FKH HVLVWD UHDOPHQWH 1RQ SRVVLDPR VYHJOLDUFL SHUFKp
/RUDF FUHGH PROWR IHUPDPHQWH QHO VRJQR PHQWUH YRL QRQ QH VLHWH FRQYLQWL 4XDQGR DQFKH YRL VDUHWH
DVVROXWDPHQWH FHUWL VHQ]D XOWHULRUL GXEEL R LQFHUWH]]H FKH VL WUDWWD GL HIIHWWLYDPHQWH GL XQ VRJQR DOORUD
ULWRUQHUHWHDOODUHDOWj


/D7RUUHGHOOH6WHOOH

/D7RUUHGHO6ROHGL4XDOLQRVWHUDVWDWDFRVWUXLWDDGLPLWD]LRQHGHOOD7RUUHGHL6WHOOH/HGXHWRUULHUDQRVLPLOL
PDQRQXJXDOL8QDHUDLQRQGDWDGLOXFHODOWUDRVFXUDWDGDOOHWHQHEUH/DWRUUHVLLQQDO]DYDLQVSLUDOLGLPDUPR
FKH VIDYLOODYDQR FRQ LO IXOJRUH GHOOH SHUOH (UD VWDWD FRVWUXLWD SHU DFFRJOLHUH OD OXFH GHOOH OXQH FRVu FRPH OD
7RUUH GHO 6ROH LPEULJOLDYD OD OXFH GHO VROH /H ILQHVWUH LQFDVWRQDWH QHOOD WRUUH HUDQR GHFRUDWH GL JHPPH FKH
LPSULJLRQDYDQR HG HVDOWDYDQR LO FKLDURUH GHOOH GXH OXQH 6ROLQDUL H /XQLWDUL  L UDJJL  DUJHQWDWL H URVVDVWUL VL
LQWUHFFLDYDQRLQGDQ]HGLOXFHQHOODJUDQGHVDOD
0D RUD OH JHPPH HUDQR URWWH ,O IXOJRUH OXQDUH FKH ILOWUDYD DVVXPHYD XQD WRQDOLWj GLVWRUWD H ODUJHQWR VL
WUDVIRUPDYDQHOELDQFRSDOORUHGLXQFDGDYHUHLOURVVRQHOYLROHQWRFRORUHVDQJXH

/$7255(',:$<5(7+

6LGLFHFKHFKLYDGDLQFHUFDGHOOD7RUUHGL:D\UHWKQRQODSRVVDWURYDUHHFKHVLDLQYHFHODWRUUHVWHVVDDLQFRQWUDUHFKL
ODVWDFHUFDQGRHFKHVHTXHVWRVLDXQLQFRQWURSRVLWLYRRQHJDWLYRGLSHQGHGDOOHPRWLYD]LRQLGHOODYLVLWDXQYLDQGDQWH
SXz DGGRUPHQWDUVL OD VHUD LQ XQ FDPSR GL JUDQR H VYHJOLDUVL OLQGRPDQL FLUFRQGDWR GDOOD IRUHVWD DQFKH VH FLz FKH OD
IRUHVWDGHFLGHUjGLIDUHGLOXLGLSHQGHUjGDOODYRORQWjGHLPDJKLSUHVHQWLQHOODWRUUH
7XWWHOHFUHDWXUHODWHPRQRHSHUILQRLGUDJKLGLTXDOVLDVLFRORUHREDQGLHUDULILXWDQRGLYRODUHYLFLQRDGHVVD

,/5(*12',7+25%$5',1

,OORURUHJQRQHOOHPRQWDJQHVHPEUDYDHVVHUHLQHVSXJQDELOH
, QDQL DYHYDQR EORFFDWR ODFFHVVR DO UHJQR GL 7KRUEDUGLQ GRSR LO &DWDFOLVPD LQWHUURPSHQGR FRPSOHWDPHQWH OH
FRPXQLFD]LRQLWUD1RUGH6XGGDOPRPHQWRFKHOXQLFDYLDWUDOH0RQWDJQH.KDUROLVSDVVDYDDWWUDYHUVR7KRUEDUGLQ


, &DQFHOOL

/LQJUHVVRD6RXWKJDWHFRPHXQHQRUPHWDVVHOORVXOILDQFRGHOODPRQWDJQD(UDXQDGHOOHGLIHVHGHLQDQLFKH
GRSRLO&DWDFOLVPDHOHGLVSHQGLRVH*XHUUHGHL1DQLDYHYDQRWHQXWRLOPRQGRORQWDQRSHUEHQWUHFHQWRDQQL

,O FDQFHOOR GL FLUFD  PHWUL DOOD EDVH H GL TXDVL  PHWUL GL DOWH]]D HUD D]LRQDWR GD XQ PHFFDQLVPR FKH OR
VSLQJHYD GHQWUR H IXRUL GDOOH PRQWDJQH &RQ XQR VSHVVRUH GL SL GL  PHWUL DO FHQWUR LO FDQFHOOR  HUD
LQGLVWUXWWLELOHFRPHQHVVXQDOWURVX.U\QQDGHFFH]LRQHGHOFDQFHOORGHOOHVWHVVHGLPHQVLRQLFKHVLDSULYDVXO
ODWR VHWWHQWULRQDOH GHOOH PRQWDJQH /D SHUL]LD GHJOL DQWLFKL QDQL PXUDWRUL HUD VWDWD WDOH FKH VH FKLXVL L GXH
FDQFHOOL HUDQR LQGLVWLQJXLELOL GDOOH SDUHWL GHOOD PRQWDJQD /D FKLXVXUD GHL FDQFHOOL XQ WXRQR ULPERPEz
GDOOLQWHUQRGHOODPRQWDJQD,OPHFFDQLVPRFKHD]LRQDYDLOFDQFHOORFRPLQFLzDVURWRODUVLFKLXGHQGRFRQXQR
VWULGRUHLOFDQFHOOR,OFDQFHOORVLFKLXVHGHILQLWLYDPHQWHFRQXQWRQIRVRUGR

62/$&(

6(=,21(/(&,77$
',.5<11

/D WDYHUQD GHOO8OWLPD &DVD VRUJHYD LQ DOWR DG HFFH]LRQH GHOOD ERWWHJD GHO IDEEUR , FLWWDGLQL DYHYDQR GHFLVR GL
ULIXJLDUVLWUDJOLDOEHULGXUDQWHLOWHUURUHHLOFDRVVHJXLWRDO&DWDFOLVPDHFRVu6RODFHHUDGLYHQWDWDXQDFLWWjDHUHDXQD
GHOOHSRFKHYHUHPHUDYLJOLHVXSHUVWLWLGL.U\QQ5REXVWLFDPPLQDPHQWLDHUHLGLOHJQRXQLYDQROHFDVHHOHERWWHJKHLQ
FXLFLQTXHFHQWRDQLPHVLGHGLFDYDQRDOOHSURSULHDWWLYLWj


/D/RFDQGDGHOO8OWLPD&DVD

,QWXWWRLOPRQGRFLYLOHVLVDSHYDFKHODWDYHUQDGHOO8OWLPD&DVDHUDXQRVWHOORSHULYLDJJLDWRULHGXQDIRQWHGL
SHWWHJROH]]L ,O JUDQGH DOEHUR FRQWRUWR VL OHYDYD WUD JOL DOEHUL FLUFRVWDQWL 7UD OH RPEUH GHL YDOOHQ L SDQQHOOL
FRORUDWL GHOOH LQYHWULDWH ULOXFHYDQR YLYDFL HG XQ EUXVLR DQLPDWR ILOWUDYD GDOOH ILQHVWUH $SSHVH DL UDPL GHOOH
ODQWHUQHLOOXPLQDYDQRLJUDGLQLGHOODVFDOD
/DWDYHUQDGHOO8OWLPD&DVD HUDOHGLILFLRSL JUDQGHGL6RODFHHVRUJHYDDSLGLGRGLFL PHWULGDO VXROR /H
VFDOH VL LQHUSLFDYDQR VX SHU LO WURQFR FRQWRUWR GHOODQWLFR YDOOHQ VL SRWHYD XGLUH TXDOVLDVL YLVLWDWRUH PROWR
SULPDGLYHGHUOR8QVDFFRGLDPRUHHUDVWDWRVRIIXVRQHOOHFDOGHWRQDOLWjGHOOHJQRSHUzQpODPRUHQpLOVHJR
ULXVFLYDQRSLDQDVFRQGHUHOHFUHSHGHLWDYROLYHWXVWLRDLPSHGLUHFKHRJQLWDQWRXQDYYHQWRUHVLVHGHVVHVX
XQD VFKHJJLD /D WDYHUQD GHOO8OWLPD &DVD QRQ HUD OXVVXRVD FRPH FHUWH FKH FHUDQR D +DYHQ SHUz HUD
FRQIRUWHYROH/DOEHURYLYRVXFXLHUDVWDWDFRVWUXLWDUDFFRJOLHYDDPRUHYROPHQWHDWWRUQRDGHVVDLYHFFKLUDPL
PHQWUH OH SDUHWL H OD PRELOLD ULVSHFFKLDYDQR WDQWR SLJQRODPHQWH L FRQWRUQL GHOODOEHUR FKH QRQ VL FDSLYD SL
GRYHILQLVVHORSHUDGHOODQDWXUDHGRYHFRPLQFLDVVHTXHOODGHOOXRPR

$OO,QWHUQR

'LVHUDTXDQGRHUDDSHUWDVSDODQFDQGROHSRUWHVLYHQLYDFROSLWLLQSLHQRGDXQRQGDWDGLOXFHGLEDFFDQR
H GLFDORUHQRQFKpGDOSURIXPRGHOOHSDWDWHVSH]LDWHGL2WLN
,O EDQFRQH VHPEUDYD VRUJHUH H FKLQDUVL FRPH XQD OXFLGD RQGD DWWRUQR DO OHJQR YLYHQWH FKH OR VRVWHQHYD
PHQWUHGDOOHLQYHWULDWHGHOOHILQHVWUHIDVFLGLOXFHGDLFRORULYLYDFLVLVWHQGHYDQRDFFRJOLHQWLQHOODVDOD
/D JUDQGH VDOD FRPXQH VL LQFXUYDYD DWWRUQR DO WURQFR GHO YDOOHQ HG L UDPL SL SLFFROL GHOODOEHUR
VRVWHQHYDQRLOSDYLPHQWRHLOVRIILWWR,OFDPLQHWWRSRVWRTXDVLLQIRQGRDOODVDOD(UDLOVRORPDQXIDWWRGL
SLHWUDLQWXWWDODWDYHUQDPDLQDQLODYHYDQRVFROSLWRLQPRGRFKHVHPEUDVVHSDUWHLQWHJUDQWHGHOODOEHURH
FKHVDOLVVHFRQQDWXUDOH]]DWUDLVXRLUDPL8QDFHVWDDFFDQWRDOFDPLQHWWRHUDSLHQDGLOHJQDGLSLQRHGL
VSXQWDWXUHUDFFROWHLQDOWDPRQWDJQDQHVVXQFLWWDGLQRGL6RODFHDYUHEEHPDLFRQFHSLWRGLSRWHUEUXFLDUHOD
OHJQDGHLSURSULJUDQGLDOEHUL,QFXFLQDFHUDXQXVFLWDSRVWHULRUHHUDXQVDOWRGLTXDVLTXLQGLFLPHWULPD
DOFXQLDYYHQWRULGL2WLNODWURYDYDQRPROWRFRPRGD
$OFHQWURGHOODVDODFHUDFRPXQHFHUDXQWDYROROXQJRHVWUHWWR
8Q DQJROR YLFLQR DO FDPLQR HUD IRUPDWR GD XQLUUHJRODULWj GHOODOEHUR GL YDOOHQ H ULPDQHYD LPPHUVR
QHOORPEUD


, %RVFKLGHOOD9DOOHGL6RODFH

, IROWLERVFKLGHOOD YDOOHGL 6RODFHHUDQRXQD PDVVDYHUGH YLEUDQWHGLYLWD6RWWROLQWULFDWDFRUWLQDGHLYDOOHQ


ILRULYDQR OD VFRSHWWD GHO PXUDJOLROR $O VXROR VL DYYLWLFFKLDYDQR OH IDVWLGLRVH VWUDQJXJOLH OLDQH VX FXL
RFFRUUHYD SDVVDUH FRQ PROWD DWWHQ]LRQH GDWR FKH SRWHYDQR DOOLPSURYYLVR DYYLOXSSDUH XQD FDYLJOLD
LQWUDSSRODQGRODYLWWLPDLPSRWHQWHILQFKpTXHVWDQRQYHQLYDGLYRUDWDGDLWDQWLSUHGDWRULGHOODYDOOHIRUPDQGR
FRVuDOODVWUDQJXJOLDLOVXRQXWULPHQWRLOVDQJXH/DSLVWDGLWHUUDEDWWXWDFKHFRQGXFHYDD+DYHQ
/D SURIRQGD RVFXULWj VRWWR OH IRJOLH ILDPPHJJLDQWL UHQGHYD LPSRVVLELOH YHGHUH QHO ERVFR DQFKH D SRFKL
FHQWLPHWULGDOODVWUDGD

,OODJRGL&U\VWDOPLU

/DVFLDQGR JOLDOEHULGLYDOOHQGL6RODFHFLVLDGGHQWUDYDWUDLSLQLFKHFLUFRQGDYDQRLOODJRGL&U\VWDOPLU /H


VWHOOHEULOODYDQRJHOLGHQHOEOXFXSRGHOFLHOR/DOXQDURVVD /XQLWDUL VLVWDYDOHYDQRGDOOHDFTXHFRPHXQGLWR
LQVDQJXLQDWR/DVXDVRUHOODQRWWXUQD 6ROLQDUL VLHUDJLjOHYDWDWLQJHQGRGDUJHQWRLOODJR

;$.76$527+

/D3DOXGH

>/DVWUDGDFKHFRQGXFHYDD;DN7VDURWK@
9LDJJLDYDQRVXOODVWUDGDGLVVHVWDWDTXDQGRDQGDURQRDILQLUHLQXQDSDOXGH
,O WHUUHQR VL IDFHYD VHPSUH SL VSXJQRVR HG L JUDQGL DOEHUL PRQWDQL VL IDFHYDQR SL UDGL VRVWLWXLWL GD VWUDQL
DOEHUL FRQWRUWL , PLDVPL RVFXUDYDQR LO VROH HG DPPRUEDYDQR ODULD /D YHFFKLD VWUDGD HUD ULFRSHUWD GDSLHWUH
VFRQTXDVVDWH HG LO WHUUHQR SDOXGRVR HUD DL VXRL ODWL PRWD YLVFLGD H QHUD 'L WDQWR LQ WDQWR GHJOL DOEHUL GDOOH
UDGLFLQXGHHFRQWRUWHVLOHYDYDQRGDOODSDOXGHVXOODTXDOHODVFLDYDQRSHQGHUHOHSURSULHOLDQH/DQHEELD>OL@
DYYROVH H EHQ SUHVWR OD YLVLELOLWj VL ULGXVVH D SRFKL PHWUL 2FFRUUHYD PXRYHUVL FDXWDPHQWH SRLFKp VDUHEEH
EDVWDWRXQSDVVRIDOVRSHUSUHFLSLWDUHQHOVXGLFLROLPRVWDJQDQWHFKHOLFLUFRQGDYD
$OOLPSURYYLVRLOVHQWLHURVLSHUVHQHOOHRVFXUHDFTXHGHOODSDOXGH$QFRUDWRDGXQDOEHURXQUR]]RSRQWHGL
OLDQHLQWUHFFLDWHVLVWHQGHYDVXOOHDFTXHFRPHXQDUDJQDWHOD
/D WUDYHUVDWD GHO SRQWH QRQ IX SLDFHYROH /H OLDQH HUDQR ULYHVWLWH GD XQ PXVFKLR YLVFLGR FKH OH UHQGHYD
VGUXFFLROHYROL HG LO SRQWH RVFLOODYD VLQLVWUDPHQWH RJQL YROWD FKH TXDOFXQR FL SDVVDYD VRSUD 6RWWR GL ORUR HG
DWWRUQRDORURFHUDQROHDFTXHRVFXUHGDOOHTXDOLRFFKLVLQLVWULOLVSLDYDQRIDPHOLFL
*LXQVHURLQILQHDGXQSXQWRLQFXLODWHUUDIHUPDDYHYDILQHHGDYDQWLDORURQRQFHUDXQSRQWHGLOLDQHPD
VRORXQDGLVWHVDGLDFTXHOLPDFFLRVH&UHDWXUHLQYLVLELOLHYLVFLGHVWULVFLDYDQRQHOODFTXDSRFRSURIRQGD
/DJLXQJODQRQHUDSRLWURSSRILWWDHVRSUDLOYHUGHGHOODYHJHWD]LRQHVLULXVFLYDDLQWUDYHGHUHLOVROH
,QILQH JLXQVHUR DG XQR VSHFFKLR GDFTXD SDOXVWUH FRVu DPSLR FKH QHVVXQ SRQWH GL OLDQH DYUHEEH SRWXWR
YDOLFDUOR8QDOEHURJLJDQWHVFRVLVWHQGHYDVXOODFTXDFRQXQWURQFRFRVuDPSLRGDODVFLDUSDVVDUHGXHSHUVRQH
DIILDQFDWH

,QVXSHUILFLH

>@GRYHWWHDPPHWWHUHGLQRQDYHUYLVWRXQOXRJRFRVuVTXDOOLGR/DVWUDGDOLFRQGXVVHDOFRUWLOHGLXQHGLILFLR
GLURFFDWRGDOTXDOHUHVWDYDQRLQSLHGLVRORTXDWWURDOWHFRORQQHFKHQRQVRUUHJJHYDQRSLQLHQWH8QPXUHWWR
FLUFRODUHDOWRSRFRSLGLXQPHWURGDWHUUDVLULYHOzHVVHUHXQSR]]R
$ 1RUGGHOSR]]RVRUJHYDOXQLFRHGLILFLRVIXJJLWRDOODGLVWUX]LRQHGHO&DWDFOLVPD(UDXQDEHOODFRVWUX]LRQH
GL SXUD SLHWUD ELDQFD VRUUHWWD GD FRORQQH DOWH H VRWWLOL /H VXH JUDQGL SRUWH GRSSLH GRUDWH ULIOHWWHYDQR OD OXFH
GHOODOXQD7XWWLJOLDOWULHVSORUDURQROD]RQDVHQ]DWURYDUHDOWULHGLILFLLQWDWWL/DEHOOH]]DGHOOHFRORQQHVYDVDWH
HUDULFRUGDWDVRORGDLIUDPPHQWLDOVXROR/HVWDWXHHUDQRLQIUDQWXPLDYROWHVILJXUDWHLQPRGRJURWWHVFR(UD
WXWWRDQWLFRFRVuDQWLFRFKHLOQDQRVLVHQWuJLRYDQH

,OWHPSLRGL0LVKDNDO'HDGHOOD*XDULJLRQH

1RQHUDXQJURVVRHGLILFLR/HGXHVDOHGHGLFDWHDOFXOWRHUDQRDLODWLRSSRVWLGHOFRUULGRLRFKHSRUWDYDDOODVDOD
FHQWUDOHTXHOODGHOODVWDWXD8QDJUDQGHFXSRODVLHOHYDYDDOGLVRSUDGLXQSDYLPHQWRGLILQHPRVDLFR6RWWROD
FXSRODSURSULRDOFHQWURGHOODVDODFHUDXQDVWDWXDGLPDUPRGLJUD]LDHGHOHJDQ]DVLQJRODUL(UDODVWDWXDDG
HPDQDUHOXQLFDOXFHGHOWHPSLR/DVWDWXDHUDGLXQDGRQQDGDOOHDPSLHYHVWLHVXOYLVRGLPDUPRHUDGLSLQWDGL
XQDVSHUDQ]DUDGLRVDDSSHQDVPRU]DWDGDXQDSXQWDGLWULVWH]]D'DOFROOROHSHQGHYDXQRVWUDQRDPXOHWR
1HOOD VWDQ]D VEXFDYDQR DOWUH GXH VDOH FLUFRODUL GHFRUDWH GDIIUHVFKL FKH L OLFKHQL DYHYDQR UHVR LQGHFLIUDELOL
'XHSRUWDOLGRSSLGRURFRQGXFHYDQRDG(VW8QDVFDODVFHQGHYDDOODFLWWjGLURFFDWDVRWWRVWDQWH,OOLHYHUXPRUH
GHOODULVDFFDULFRUGDYDORURFKHVLWURYDYDQRLQFLPDDXQSLFFRGDFXLVLGRPLQDYD1HZVHD

6RWWRWHUUUDOD&LWWj'LURFFDWD

/DQRWWHGHO&DWDFOLVPDHUDVWDWDXQDQRWWHGRUURUHSHUODFLWWjGL;DN7VDURWK4XDQGRODPRQWDJQDGLIXRFR
DYHYDFROSLWR.U\QQODWHUUDVLHUDVSDFFDWD/DQWLFDHVSOHQGLGDFLWWjHUDVFLYRODWDGDOILDQFRGHOODPRQWDJQD
FDGHQGRLQXQHQRUPHFDYHUQDIRUPDWDGDLVRPPRYLPHQWLGHOWHUUHQR(FRVuHUDDQGDWDSHUGXWDQHOVRWWRVXROR
H PROWLFUHGHYDQRFKHIRVVHVWDWDLQJKLRWWLWDGD1HZVHD/DFLWWjSHUzHVLVWHYDDQFRUDLVXRLHGLILFLGLURFFDWL
GLVVHPLQDWLVXLYDULOLYHOOLGHOODFDYHUQD
/HGLILFLRLQFXLHUDQRFDGXWLLFRPSDJQL HFKH7DQLVFUHGHYDGRYHVVHHVVHUHVWDWRXQIRUQR HUDVXXQOLYHOOR
LQWHUPHGLRSXQWHOODWRGDOOHURFFHFRQWURODSDUHWHGHOGLUXSR/DFTXDGHLWRUUHQWLVRWWHUUDQHLVJRUJDYDWUDOH
URFFHHVFRUUHYDQHOOHVWUDGHODPEHQGROHURYLQH
7DQLVVHJXuFRQORVJXDUGRLOFRUVRGHOODFTXDVFRUUHYDQHOPH]]RGLXQDVWUDGDVHOFLDWDSDVVDQGRWUDFDVHH
ERWWHJKHGRYHXQWHPSRXQSRSRORDYHYDYLVVXWRHODYRUDWR
4XDQGRODFLWWjHUDFDGXWDJOLDOWLHGLILFLFKHDYHYDQRXQWHPSRILDQFKHJJLDWRODVWUDGDHUDQRFDGXWLXQRVRSUD
ODOWUR IRUPDQGR XQD VSHFLH GDUFDWD GL ODVWUH GL PDUPR VSH]]DWH VRSUD LO VHOFLDWR 3RUWH H ILQHVWUH
VEDGLJOLDYDQRQHOODVWUDGDWXWWRHUDVLOHQ]LRWUDQQHLOUXPRUHGHOODFTXDFKHVJRFFLRODYD/DULDHUDSUHJQDGHO
UXPRUHGHOGLVIDFLPHQWRFKHRSSULPHYDORVSLULWR$QFKHVHDOOLYHOORSLEDVVRODULDHUDSLWLHSLGDFKHVRSUD
ODWHWUDJJLQHGHOODWPRVIHUDJHODYDLOVDQJXH

>@ SDVVDQGR VRWWR ODUFDWD GL HGLILFL GLURFFDWL /D VWUDGD VL DSULYD LQ XQD SLD]]D H TXL ODFTXD GLYHQWDYD XQ
ILXPHFKHVFRUUHYDDG2YHVW$OGLOjGHOUXPRUHGHOILXPH7DQLVSHUFHSuFRQSUHRFFXSD]LRQHXQDOWURUXPRUH
LOIUDVWXRQRGLXQDJUDQGHFDVFDWD
>@JOLHURLDJJLUDURQRODSLD]]DLQYDVDGDOILXPHDWUDWWLFDPPLQDQGRFRQODFTXDILQHDOOHFDYLJOLH*LXQWLLQ
IRQGRDOODVWUDGDLFRPSDJQLVFRSULURQRODFDVFDWDODVWUDGDVLSHUGHYDQHOYXRWRHLOILXPHVFURVFLDYDWUDOH
FRORQQHVSH]]DWHFDGHQGRSHUSLGLFHQWRPHWULYHUVRLOIRQGRGHOODFDYHUQD/jLQIRQGRFHUDLOUHVWRGHOOD
FLWWjGLURFFDWDGL;DU7VDURWK
8QDOXFHILRFDILOWUDYDGDOVRIILWWRGHOODFDYHUQDHSHUPHWWHYDGLYHGHUHLOFXRUHGHOODFLWWjVSDUVRVXOIRQGRGHO
EDUDWUR*OLHGLILFLHUDQRLQGLYHUVLVWDWLGLFRQVHUYD]LRQHDOFXQLHUDQRFRPSOHWDPHQWHLQWDWWLDOWULQRQHUDQR
FKH PDFHULH 6XOOD FLWWj JUDYDYD XQD QHEELD JHOLGD FUHDWD GDOOH QXPHURVH FDVFDWH FKH VL ULYHUVDYDQR QHOOD
FDYHUQD *UDQ SDUWH GHOOH VWUDGH VHUD WUDVIRUPDWD LQ ILXPL FKH LQVLHPH VL JHWWDYDQR QHO SURIRQGR DELVVR D
1RUG7UDODQHEELDLFRPSDJQLULXVFLURQRDGLQWUDYHGHUHOHQRUPHFDWHQDDSRFKHFHQWLQDLDGLPHWULGLGLVWDQ]D
GD GRYH VL WURYDYDQR H QRWDURQR FKH ODVFHQVRUH HUD LQ JUDGR GL IDU VDOLUH  R VFHQGHUH GHL FDULFKL SHU TXDVL
WUHFHQWRPHWUL

/DVFRSHUWDGL;DN7VDURWK

, %XOSHUDQRGLYHQWDWLLOFODQSLLQYLVWDGL;DN7VDURWKTXDQGR1XOSK%XOSXEULDFRXQDQRWWHHUDFDGXWRLQ
XQEXFRHDYHYDVFRSHUWRODFLWWj/DPDWWLQDGRSRSLVREULRODYHYDGLFKLDUDWDSURSULHWjGHOSURSULRFODQ,
%XOS YL VL HUDQR VXELWR WUDVIHULWL H QHJOL DQQL VXFFHVVLYL DYHYDQR FRQFHVVR JUD]LRVDPHQWH DQFKH DL FODQ GHJOL
6OXGHGHL*OXSGLRFFXSDUHODFLWWj
1HOOD FLWWj GLURFFDWD QRQ VL YLYHYD PDOH DOPHQR VHFRQGR LO PHWUR GL JLXGL]LR GHL QDQL GL IRVVR ,O PRQGR
HVWHUQRQRQOLGLVWXUEDYDDQFKHSHUFKpQRQDYHYDODPLQLPDLGHDFKHVLWURYDVVHUROuHFRPXQTXHQRQJOLHQH
LPSRUWDYD QLHQWH , %XOS DYHYDQR PDQWHQXWR VHQ]D VIRU]R LO SURSULR SUHGRPLQLR VXJOL DOWUL FODQ VRSUDWWXWWR
SHUFKp HUD VWDWR XQ %XOS GL LQGROH VFLHQWLILFD *OXQJJX DG LQYHQWDUH ODVFHQVRUH VHUYHQGRVL GL GXH HQRUPL
FDOGDLHFKHJOLDQWLFKLDELWDQWLGHOODFLWWjDYHYDQRXVDWRSHUVFLRJOLHUHLOODUGR/DVFHQVRUHSHUPLVHDLQDQLGL
IRVVRGLHVSDQGHUHOHSURSULHDWWLYLWjSUHGDWRULHDOODJLXQJODVRSUDODFLWWjVHSROWDFRVuFKHLOORUROLYHOORGLYLWD
QHULVXOWzQRWHYROPHQWHPLJOLRUDWR
*OXQJJX%XOSGLYHQWzXQHURHHIXDFFODPDWR+LJKEXOSDOOXQDQLPLWj'DDOORUDLOFDSRGHLFODQHUDVHPSUH
VWDWRXQ%XOS
*OLDQQLSDVVDURQRHGDOOLPSURYYLVRLOPRQGRHVWHUQRSUHVHDGLQWHUHVVDUVLGL;DN7VDURWK/DUULYRGHOGUDJR
H GHL GUDFRQLFL IHFH YROJHUH DO SHJJLR OHVLVWHQ]D GHL QDQL GL IRVVR 6XOOH SULPH L GUDFRQLFL DYHYDQR DYXWR
OLQWHQ]LRQH GL VWHUPLQDUH TXHJOL VSRUFKL SDUDVVLWL PD L QDQL GL IRVVR JXLGDWL GDO JUDQGH 3KXGJH HUDQR VWDWL
FRVuDELHWWDPHQWHVRWWRPHVVLHVWULVFLDQWLFKHLGUDFRQLFLVLHUDQROLPLWDWLDIDUHGLORURGHJOLVFKLDYL
( FRVuGRSRFHQWLQDLDGDQQLFKHYLYHYDQRD;DN7VDURWKLQDQLGLIRVVRVHUDQRWURYDWLFRVWUHWWLDODYRUDUHSHU
ODSULPDYROWD,GUDFRQLFLDYHYDQRUHVWDXUDWROHFDVHLPSRVWRXQDGLVFLSOLQDPLOLWDUHHUHVRODYLWDDPDUDSHUL
QDQLFKHHUDQRRUDDGLELWLDOODFXFLQDDOOHSXOL]LHHDOODPDQXWHQ]LRQH

/DVDODGHOWURQRGHLQDQLGLIRVVR

, FRPSDJQL VL WURYDYDQR DOOD FRUWH GHJOL $JKDU GL IURQWH DO WURQR GL XQ QDQR GL IRVVR SUHVHQWDWR ORUR FRPH
JUDQGH+LJKEXOS
/DFLWWjGL;DN7VDURWKHUDVWDWDVSRJOLDWDGLRJQLVXRRJJHWWRSUH]LRVRGDLQDQLGLIRVVRFKHOLDYHYDQRXVDWL
SHUGHFRUDUHODVDODGHOWURQRGHOORURVLJQRUH,JQDULGHOEXRQJXVWRHVHJXHQGRODILORVRILDFKHVHXQPHWURGL
VWRIIDGRUDWDqEHQHTXDUDQWDPHWULVRQRDQFRUDPHJOLRLQDQLGLIRVVRDYHYDQRIDWWRGHOODVDODGHOWURQRXQ
FDSRODYRUR GHOOD FRQIXVLRQH 8QD SHVDQWH H VGUXFLWD WDSSH]]HULD GRUDWD ULFRSULYD RJQL FHQWLPHWUR GL VSD]LR
OLEHUR PHQWUH GDO VRIILWWR SHQGHYDQR JUDQGL DUD]]L DOFXQL GHL TXDOL FDSRYROWL  , GHOLFDWL DUD]]L HUDQR VWDWL
ULFRSHUWLGLFRORULFKLDVVRVLHVWULGHQWLGDLQDQLFKHYROHYDQRUDYYLYDUOLXQSR$OFXQLULPDVHURVFRQFHUWDWLGL
IURQWHDXQDUD]]RVXFXLXQ+XPDVFDUODWWRDIIURQWDYDXQGUDJRDSDOOLQLYHUGL
/DVDODHUDDQFKHDGRUQDGLDJJUD]LDWHVWDWXHGLQXGLPDDQFKHLQTXHVWRFDVRLQDQLGLIRVVRFRQVLGHUDQGRLO
PDUPR ELDQFR WULVWH H GHSULPHQWH DYHYDQR YROXWR YLYDFL]]DUOH FRQ GHL WRFFKL GL FRORUHQHL SXQWL FUXFLDOL ,
FRPSDJQLVWHQWDURQRGLUHVWDUHVHULLQTXHOPXVHRGHOORUURUH

)/276$0


3ULPRDSSURFFLR

>@ VL  WURYDYDQR QHO YLFROR VFXUR GL XQD FLWWj GRYH JHQHUDOPHQWH OH XQLFKH FRVH FKH VL LQFRQWUDYDQR HUDQR
UDWWLXEULDFKLHFRUSLVHQ]DYLWD,OQRPHGLTXHOODVTXDOOLGDFLWWjHUD)ORWVDP 1GWL5HOLWWL*DOOHJJLDQWL WDOH
QRPH HUD DSSURSULDWR GDO PRPHQWR FKH VRUJHYD VXOOD FRVWD GHO 0DUH GL 6DQJXH GL ,VWDU H FKH VHPEUDYD XQ
UHOLWWRGLYDVFHOORGLVWUXWWRDEEDQGRQDWRVXJOLVFRJOL3RSRODWDGDOODIHFFLDGHOOD PDJJLRUSDUWHGHOOHUD]]HGL
.U\QQRUD)ORWVDPHUDDQFKHXQDFLWWjRFFXSDWDSHUFRUVDGDLGUDJKLJREOLQHPHUFHQDULGLWXWWHOHUD]]HFKH
DWWUDWWLGDOODSDJDDOWDHGDLERWWLQLGLJXHUUDYHQLYDQRDGDUUXRODUVLFRQL3DGURQL

7$56,6/$%(//$


,OSDVVDWR

>@OHJJHQGDULRSRUWRGLPDUHRUDFLUFRQGDWRGDOODWHUUDIHUPD
4XDQGRODPRQWDJQDGLIXRFRFDGGHGDOFLHOR WUHFHQWRDQQLID FUHzDOFXQLPDULFRPHDG;DN7VDURWKPDQH
GLVWUXVVHDOWUL7UHFHQWRDQQLSULPD7DUVLVOD%HOODHUDODFDSLWDOHGHOOHWHUUHGL$EDQDVLQLD'DOuVSLHJDYDQROH
YHOHOHQDYLGDOOHELDQFKHDOLGLUHWWHDWXWWHOHWHUUHFRQRVFLXWHGL.U\QQ/uIDFHYDQRULWRUQRSRUWDQGRRJQLWLSR
GLRJJHWWRSUH]LRVRHVWUDQRPRVWUXRVRRGHOLFDWR,OPHUFDWRGL7DUVLVHUDXQRVSHWWDFRORILDEHVFR,PDULQDL
FDPPLQDYDQRFRQDULDVSDYDOGDHEDOGDQ]RVDSHUOHVWUDGHGL7DUVLVFRQJOLRUHFFKLQLGRURFKHEULOODYDQRDO
SDULGHOOHORURDUPLVIDYLOODQWL6XOOHQDYLYLDJJLDYDQRPHUFDQWLHVRWLFLFKHYHQLYDQRGDWHUUHORQWDQHDYHQGHUH
OHORURPHUFLVXLPHUFDWLGL7DUVLV$OFXQLLQGRVVDYDQRDELWLGDLFRORULEULOODQWLHYLYDFLVHWHIOXHQWLDGRUQDWHGL
JLRLHOOL 9HQGHYDQR VSH]LH H Wq SURIXPDWL DUDQFH H SHUOH JDEELH FRQ XFFHOOL GDOOH SLXPH YDULRSLQWH $OWUL
YHVWLWLGLUR]]HSHOOLYHQGHYDQROHPRUELGHSHOOLFFHGLVWUDQLDQLPDOLJURWWHVFKLFRPHFRORURFKHOLFDFFLDYDQR
$QFKHLFRPSUDWRULDOPHUFDWRGL7DUVLVHUDQRDOWUHWWDQWRVWUDQLHGHVRWLFLPDSHULFRORVLTXDQWRLPHUFDQWL*OL
VWUHJRQL FRQ OH ORUR SDODQGUDQH ELDQFKH URVVH R QHUH SHUFRUUHYDQR L ED]DU DOOD ULFHUFD GL VWUDQL H UDUL
FRPSRQHQWL SHU L ORUR LQWUXJOL PLVWHULRVL R SHU L ORUR LQFDQWHVLPL *XDUGDWL FRQ VRVSHWWR DQFKH DOORUD
FDPPLQDYDQRWUDODIROODLVRODWLHVROL(UDQRLQSRFKLDULYROJHUHODSDURODSHUILQRDTXHOOLYHVWLWLGLELDQFRH
QHVVXQRRVDYDLPEURJOLDUOL
$QFKH L FKLHULFL DQGDYDQR DOOD ULFHUFD GHJOL LQJUHGLHQWL SHU OH ORUR SR]LRQL ULVDQDWULFL 6X .U\QQ LQIDWWL
HVLVWHYDQRJLjLVDFHUGRWLSULPDGHO&DWDFOLVPD$OFXQLHUDQRGHYRWLDJOLGHLEXRQLDOWULDJOLGHLQHXWUDOLHDOWUL
LQILQHDOOHGLYLQLWjGHOPDOH7XWWLORURHUDQRPROWRSRWHQWL/HORURSUHJKLHUHQHOEHQHRQHOPDOHYHQLYDQR
VHPSUHHVDXGLWH
( SRL WUD L SHUVRQDJJL VWUDQL HG HVRWLFL FKH VL FRQFHQWUDYDQR QHL ED]DU GL 7DUVLV OD %HOOD FDPPLQDYDQR L
&DYDOLHUL GL 6RODPQLD PDQWHQHYDQR ORUGLQH HUDQR L FXVWRGL GHOOH WHUUH GL 7DUVLV H FRQGXFHYDQR OH ORUR
GLVFLSOLQDWHHVLVWHQ]HQHOODVWUHWWDRVVHUYDQ]DGHO&RGLFHHGHOOD0LVXUD,&DYDOLHULHUDQRGHYRWLD3DODGLQHHG
HUDQRFRQRVFLXWLSHUODORURSLDXEELGLHQ]DDJOLGHL
/D FLWWj IRUWLILFDWD GL 7DUVLV DYHYD XQ VXR HVHUFLWR VL UDFFRQWDYD FKH QRQ HUD PDL VWDWR VFRQILWWR GDOOH IRU]H
GHJOL LQYDVRUL /D FLWWj HUD JRYHUQDWD VRWWR ORFFKLR DWWHQWR GHL &DYDOLHUL GD XQD )DPLJOLD 1RELOH HG DYHYD
DYXWR OD IRUWXQD GL FDSLWDUH VRWWR OD JXLGD GL XQD IDPLJOLD GRWDWD GLEXRQ VHQVR VHQVLELOLWj H JLXVWL]LD 7DUVLV
GLYHQQHFRVu XQWHPSLRGLFXOWXUDL VDJJLGHOOH WHUUHYLFLQHYL VLUDGXQDURQRSHUGLVFXWHUHVFDPELDUVLLOORUR
VDSHUH )XURQR LVWLWXLWH VFXROH XQD JUDQGLRVD ELEOLRWHFD H IXURQR LQQDO]DWL WHPSOL DJOL GHL *LRYDQL XRPLQL H
GRQQHDQVLRVLGLVDSHUHYHQLYDQRD7DUVLVVWXGLDUH
/HSULPHJXHUUHGHLGUDJKLQRQDYHYDQRWRFFDWR7DUVLV/HQRUPHFLWWjIRUWLILFDWDLOVXRHVHUFLWRSRGHURVROH
VXH IORWWH GL QDYL GDOOH ELDQFKH DOL H L VXRL YLJLOL &DYDOLHUL GL 6RODPQLD LQWLPRULYDQR SHUVLQR OD 5HJLQD
GHOO2VFXULWj3ULPDFKHHOOD SRWHVVHFRQVROLGDUHLOVXRSRWHUHHFROSLUHOD&LWWj1RELOH +XPDVFDFFLzLVXRL
GUDJKL GDL FLHOL ( IX FRVu FKH 7DUVLV SURVSHUz H GLYHQQH GXUDQWH O(Wj GHOOD 3RWHQ]D XQD GHOOH SL ULFFKH H
JORULRVHFLWWjGL.U\QQ
0D SURSULR FRPH SHU PROWH DOWUH FLWWj VX .U\QQ FRQ ORUJRJOLR FUHEEH DQFKH OD VXD YDQLWj 7DUVLV FKLHGHYD
VHPSUHSLDJOLGHLULFFKH]]DSRWHUHJORULD,OSRSRORYHQHUDYDLO6RPPR6DFHUGRWHGL,VWDUFKHYHGHQGROD
VRIIHUHQ]D QHOOD WHUUD SUHWHQGHYD QHOOD VXD DUURJDQ]D FLz FKH JOL GHL DYHYDQR FRQFHVVR DOOXPLOH +XPD
3HUVLQR L &DYDOLHUL GL 6RODPQLD YLQFRODWL GDOOH ULJLGH OHJJL GHOOD 0LVXUD ULQFKLXVL LQ XQD UHOLJLRQH FKH HUD
GLYHQWDWDXQULWXDOHVHQ]DDOFXQDSURIRQGLWjHUDQRYLWWLPDGHOGRPLQLRGHOSRWHQWH6DFHUGRWH
3RLYHQQHLO&DWDFOLVPDXQDQRWWHGLWHUURUHXQDQRWWHGLSLRJJLDGLIXRFR,OVXRORVLVROOHYzJRQILDQGRVLHVL
VSDFFzHJOLGHLQHOODYRORJLXVWDLUDVFDJOLDURQRXQDPRQWDJQDGLSLHWUDVX.U\QQSXQHQGRLO*UDQ6DFHUGRWH
GL,VWDUHLOVXRSRSRORSHUODORURVXSHUELD
,O SRSROR IHFH DSSHOOR DL &DYDOLHUL GL 6RODPQLD 9RL FKH VLHWH UHWWL H YLUWXRVL DLXWDWHFL XUODYDQR WUD OH
ODFULPH3ODFDWHJOLGHL
0DL&DYDOLHULIXURQRLPSRWHQWL,OIXRFRSLRYYHGDLFLHOLHODWHUUDVLVSDFFz/HDFTXHGHOPDUHVLULWLUDURQROH
QDYLDIIRQGDURQRHVLFDSRYROVHUROHPXUDGHOODFLWWjVLVJUHWRODURQR
$O WHUPLQH GL TXHOOD QRWWH GL RUURUH 7DUVLV HUD FLUFRQGDWD GDOOD WHUUDIHUPD /H QDYL GDOOH ELDQFKH DOL HUDQR
LPPRELOLVXOODVDEELDFRPHXFFHOOLIHULWL
6DQJXLQDQWLHGLQSUHGDDOORVELJRWWLPHQWRLVRSUDYYLVVXWLFHUFDURQRGLULFRVWUXLUHODORURFLWWjQHOODVSHUDQ]DGL
YHGHU VSXQWDUH DOORUL]]RQWH OHVHUFLWR GHL &DYDOLHUL GL 6RODPQLD VSHUDQGR GL YHGHUOL PDUFLDUH GDOOH ORUR
IDYRORVHIRUWH]]HGHO1RUGGLYHGHUOLDUULYDUHGD3DODQWKDV6RODQWKXV9LQJDDUG.HHS7KHOJDUGGLUHWWLD6XG
YHUVR7DUVLVSHUDLXWDUOLHSURWHJJHUOLDQFRUDXQDYROWD
0DL&DYDOLHULQRQJLXQVHUR$YHYDQRDQFKHVVLOHORURGLIILFROWjHQRQSRWHYDQRODVFLDUH6RODPQLD3HUGLSL
VH DQFKH DYHVVHUR SRWXWR PHWWHUVL LQ PDUFLD FHUDQR QXRYH DFTXH RUD XQ QXRYR PDUH D VHSDUDUH OH WHUUH GL
$EDQDVLQLD,QDQLFKLXVHURODFFHVVRDOORURUHJQRGL7KRUEDUGLQWUDOHPRQWDJQHQRQODVFLDURQRSLHQWUDUH
QHVVXQRHFRVuDQFKHLSDVVLWUDOHPRQWDJQHGLYHQQHURLQYDOLFDELOL*OLHOILVLULWLUDURQRD4XDOLQHVWLDVDQDUHOH
ORURIHULWHDGGHELWDQGRODFROSDSHUODFDWDVWURIHDJOLXPDQL%HQSUHVWR7DUVLVSHUVHRJQLFRQWDWWRFRQOHWHUUH
GHO1RUG(FRVuGRSRLO&DWDFOLVPDTXDQGRIXFKLDURFKHL&DYDOLHULDYHYDQRDEEDQGRQDWRODFLWWjYHQQHLO

*LRUQR GHOOD &DFFLDWD ,O QRELOH GHOOD FLWWj VL WURYz LQ XQD SRVL]LRQH GHOLFDWD 1RQ  HUD IHUPDPHQWH FRQYLQWR
GHOOD FRUUX]LRQH GHL &DYDOLHUL PD VDSHYD FKH LO SRSROR DYHYD ELVRJQR GL VFDULFDUH OD FROSD VX TXDOFRVD R
TXDOFXQR 6H HJOL VL IRVVH VFKLHUDWR FRQ L &DYDOLHUL QRQ VDUHEEH SL ULXVFLWR D JRYHUQDUH OD FLWWj H IX TXLQGL
FRVWUHWWRDFKLXGHUHJOLRFFKLVXOOHIROOHLQIHURFLWHFKHDWWDFFDYDQRLSRFKL&DYDOLHULULPDVWLD7DUVLV,YDORURVL
JXHUULHULGL6RODPQLDIXURQRDOORQWDQDWLGDOODFLWWjRDVVDVVLQDWL
'RSRXQSRGLWHPSRORUGLQHULWRUQzD7DUVLV,O1RELOHHODVXDIDPLJOLDULFRVWLWXLURQRXQQXRYRHVHUFLWR0D
PROWHFRVHHUDQRFDPELDWH,OSRSRORHUDFRQYLQWRFKHJOLDQWLFKL'HLFKHDYHYDQRDGRUDWRSHUWDQWRWHPSROL
DYHVVHUR DEEDQGRQDWL $YHYDQR WURYDWR QXRYL 'HL GD YHQHUDUH PD TXHVWL QXRYL GHL UDUDPHQWH ULVSRQGHYDQR
DOOHORURSUHJKLHUH7XWWHOHIRU]HVDFHUGRWDOLSUHVHQWLQHOODWHUUDGL7DUVLVSULPDGHO &DWDFOLVPDHUDQRDQGDWH
GLVSHUVHHGHUDQRVFRPSDUVH 3UROLIHUDYDQRLQYHFHLFKLHULFLSRUWDWRULGLIDOVHSURPHVVHHGLIDOVHVSHUDQ]H,
ILQWLJXDULWRULHGLFLDUODWDQLDWWUDYHUVDYDQRLOWHUULWRULRGHOODFLWWjPHWWHQGRLQYHQGLWDLORURWRFFDVDQDIDVXOOL
3RFRDOODYROWDPROWDJHQWHVFRPSDUYHGD7DUVLV,PDULQDLFRQODORUREDOGDQ]DQRQSDVVHJJLDYDQRSLWUDOH
YLX]]HGHOPHUFDWRJOLHOILLQDQLHOHDOWUHUD]]HQRQYLDFFRUUHYDQRSL$OODJHQWHULPDVWDD7DUVLVDQGDYD
EHQH FRVu &RPLQFLDURQR DG DYHU SDXUD HG D QRQ ILGDUVL GHO PRQGR HVWHUQR /DUULYR GL IRUHVWLHUL YHQLYD
VFRUDJJLDWR0D7DUVLVHUDVWDWDSHUWDQWRWHPSRXQFHQWURGLFRPPHUFLFKHOHJHQWLGHLFLUFRQGDULSLORQWDQL
FKHSRWHYDQRDQFRUDUDJJLXQJHUH7DUVLVFRQWLQXDYDQRDUHFDUYLVL,OIXOFURSHULIHULFRGHOODFLWWjIXULFRVWUXLWRH
OuVLVYLOXSSzXQQXRYRFHQWURGLFRPPHUFL/DSDUWHLQWHUQDLWHPSOLOHVFXROHODJUDQGHELEOLRWHFDIXODVFLDWD
LQ URYLQD ,O ED]DU IX ULDSHUWR PD RUD HUD VROR XQ PHUFDWR SHU L FRQWDGLQL HG XQ IRUR XQD SLD]]D SHU L IDOVL
FKLHULFL FKH SUHGLFDYDQR OH QXRYH UHOLJLRQL /D SDFH VL VWHVH VXOOD FLWWj FRPH XQD SHVDQWH FROWUH *OL DQWLFKL
JLRUQL GL JORULD HUDQR TXDVL XQ VRJQR H IRUVH QHVVXQR YL DYUHEEH SL FUHGXWR VH QRQ IRVVH VWDWR SHU OD
WHVWLPRQLDQ]DYLYHQWHGHOFHQWURGHOODFLWWj
2UDQDWXUDOPHQWHD7DUVLVHUDQRJLXQWHYRFLGLJXHUUDPDQRQDYHYDQRWURYDWRFUHGLWRDQFKHVHLO1RELOHVL
HUDDIIUHWWDWRDPDQGDUHLQDYDQVFRSHUWDLOVXRHVHUFLWRSHUFKpVRUYHJOLDVVHOHSLDQXUHYHUVR6XG6HTXDOFXQR
JOLFKLHGHYDSHUFKpULVSRQGHYDFKHHUDVRORXQHVHUFLWD]LRQHVXOFDPSRQLHQWHGLSL/HYRFLGDOWURFDQWR
SURYHQLYDQR GDO 1RUG H WXWWL VDSHYDQR FKH L &DYDOLHUL GL 6RODPQLD WHQWDYDQR GLVSHUDWDPHQWH GL ULVWDELOLUH LO
ORURSRWHUH(UDLQFUHGLELOHILQRDFKHSXQWRSRWHYDQRVSLQJHUVLTXHLWUDGLWRULGHL&DYDOLHULHUDQRFDSDFLDQFKH
GLIDUFLUFRODUHVWRULHVXOULWRUQRGHLGUDJKL

/$&,77$',48$/,1267

, FRPSDJQLVLWURYDYDQRVXXQDFROOLQDGDFXLVLGRPLQDYDODIDYRORVDFLWWjGL4XDOLQRVW
$JOLDQJROLGHOODFLWWjVLOHYDYDQRTXDWWURVQHOOHJXJOLHOXFHQWLGLSLHWUDELDQFDYHQDWDGLDUJHQWR7UDXQDJXJOLDHODOWUD
VL OHYDYDQR DUFKL DJJUD]LDWL FUHDWL DQWLFDPHQWH GD IDEEUL QDQL VHPEUDYDQR IUDJLOLVVLPL HSSXUH SRWHYDQR UHJJHUH DOOD
FDULFDGLXQHVHUFLWR*OLDUFKLHUDQRLVROLFRQILQLGL4XDOLQRVWFKHQRQDYHYDPXUDPDDQ]LDEEUDFFLDYDODQDWXUD
, VXRL HGLILFL DUULFFKLYDQR OD QDWXUD LQYHFH GL GLVVLPXODUOD &DVH H ERWWHJKH HUDQR LQWDJOLDWH QHO TXDU]R URVD DOWH H
VODQFLDWHFRPHSLRSSLVLVODQFLDYDQRLQLPSRVVLELOLVSLUDOLVXOOHVWUDGHODVWULFDWHGLTXDU]R$OFHQWURXQDJUDQGHWRUUH
GRUREUXQLWRULIOHWWHYDLOVROHHVHPEUDYDSUHQGHUHYLWDQHOJLRFRGHLULIOHVVLFKHUHVWLWXLYD6HPEUDYDFKHD4XDOLQRVW
GLPRUDVVHURXQDSDFHHXQDEHOOH]]DDQWLFKHRUPDLVFRQRVFLXWHQHOUHVWRGL.U\QQ
,PERFFDURQROHSULPHVWUDGHGHOODFLWWj/HVWUDGHGLSROYHUHGLTXDU]RHUDQRFRVWHJJLDWHGDSLRSSL/HIRJOLHFDQWDYDQR
LQGRUDWHGDOODOXFHGHOSULPRPDWWLQR/HGHFRUD]LRQLGLTXDU]RULOXFHYDQRDOVROHFUHDQGRSLFFROLDUFREDOHQLRYXQTXH
ORFFKLRVLSRVDYD7XWWRVHPEUDYDHVVHUHFRPHJOLHOILORDPDYDQREHOORRUGLQDWRLPPXWDELOH

/D7RUUHGHO6ROH

/D WRUUH GHO VROH HUD OHGLILFLR SL DOWR GL 4XDOLQRVW ,O VROH FKH VL ULIOHWWHYD VXOOD VXD VXSHUILFLH GRUDWD GDYD
XQLOOXVLRQHGLPRYLPHQWRURWDWRULR

/D6DODGHOOD7RUUHGHO3UHVLGHQWHGHL6ROL

, FRPSDJQLHQWUDURQRQHOODVDODGHOSUHVLGHQWHGHL6ROL3HUFHQWLQDLDGDQQLQHVVXQXRPRHUDVWDWROuGHQWUR
1HVVXQ .HQGHU ODYHYD PDL YLVWD H JOL XQLFL QDQL DG HVVHUFL VWDWL HUDQR VWDWL TXHOOL FKH ODYHYDQR FRVWUXLWD
FHQWLQDLD GL DQQL SULPD /D VDOD HUD URWRQGD H VHPEUDYD SL JUDQGH GHOOD VWHVVD WRUUH FKH ODFFRJOLHYD
5HDOL]]DWD LQWHUDPHQWH LQ PDUPR ELDQFR QRQ HUD VRVWHQXWD GD WUDYL Qp GD FRORQQH $OWD GHFLQH GL PHWUL
FXOPLQDYDLQXQDFXSRODGRYHXQRVSOHQGLGRPRVDLFRUDIILJXUDYDLOFLHORD]]XUURLOVROHLQXQDPHWjODOXQD
DUJHQWHD H URVVD QHOODOWUD PHWj XQLWH GD XQ DUFREDOHQR 1RQ FHUDQR ODPSDGH XQ VLVWHPD GL ILQHVWUH H GL
VSHFFKL IDFHYD Vu FKH OD VDOD IRVVH LOOXPLQDWD VHPSUH TXDOH IRVVH OD SRVL]LRQH GHO VROH , IDVFL GL OXFH
FRQYHUJHYDQR DO FHQWUR GHOOD VWDQ]D LOOXPLQDQGR XQ SRGLR 1RQ FHUDQR VHGLH L FDSRIDPLJOLD HUDQR LQ SLHGL
QHOODVDOD*OLHOILVLVSRVDYDQRXQDVRODYROWDHGDOODPRUWHGHOFRQLXJHHUDODPRJOLHDGHUHGLWDUHLOWLWRORGL
FDSRIDPLJOLD,OYLRODqLOFRORUHGHOOXWWR
/HYHVWLURVVHSHUJOLHOILVLDYYLFLQDYDQRSHULFRORVDPHQWHDOPDOH

0217(121,03257$*OLJQRPLL&DYDOLHULHORULJLQHGHOQRPH

*OLJQRPLYLYHYDQRVXO0RQWH1RQLPSRUWDGDWHPSRLPPHPRUDELOHHGDOPRPHQWRFKHHUDQRJOLXQLFLDFXLLPSRUWDYD
GHO PRQWH HUDQR DQFKH JOL XQLFL FKH QH GHFLGHYDQR OH VRUWL &HUWDPHQWH HVVL HUDQR JLj Ou TXDQGR L SULPL FDYDOLHUL
DSSURGDURQR D 6DQFULVW SURYHQHQGR GDO UHJQR GL 6RODPQLD IRQGDWR GD SRFR SHU FRVWUXLUYL L ORUR SRVVHGLPHQWL HG
HGLILFDUYLODORURIRUWH]]DOXQJRODSDUWHRFFLGHQWDOHGHOODORURIURQWLHUD
'D VHPSUH GLIILGHQWL YHUVR JOL HVWUDQHL JOL JQRPL VL DOODUPDURQR TXDQGR YLGHUR DSSURGDUH VXL ORUR OLGL XQD QDYH FKH
WUDVSRUWDYD RUGH GL XPDQL DOWL GDO YLVR DUFLJQR H GDOODVSHWWR EHOOLFRVR 'HFLVL D SUHVHUYDUH GDJOL XRPLQL TXHOOR FKH
FRQVLGHUDYDQRXQSDUDGLVRVHJUHWRGHOODPRQWDJQDJOLJQRPLSDVVDURQRDOOD]LRQH&RQVLGHUDWLODUD]]DSLHYROXWDGDO
SXQWRGLYLVWDWHFQRORJLFRGL.U\QQ HUDQRIDPRVLSHUDYHULQYHQWDWRLOPRWRUHDYDSRUHHODPROODDVSLUDOH JOLJQRPL
GDSSULPD SHQVDURQR GL QDVFRQGHUVL QHOOH FDYHUQH GHOOD PRQWDJQD PD SRL HEEHUR XQLGHD PLJOLRUH 1DVFRQGHUH OD
PRQWDJQDVWHVVD
'RSROXQJKLPHVLGLODYRURHGLIDWLFKHLQWHUPLQDELOLGHLSLJUDQGLJHQLGHOODPHFFDQLFDJOLJQRPLHUDQRSURQWL,OORUR
SLDQR"$YUHEEHURIDWWRVSDULUHODPRQWDJQD)XLQTXHVWRIUDQJHQWHFKHXQRGHLPHPEULGHOOD&RUSRUD]LRQHGHL)LORVRIL
SUHFLVz FKH HUD SUREDELOH FKH L &DYDOLHUL DYHVVHUR JLj QRWDWR OD PRQWDJQD FKH HUD OD SL DOWD GHOOLVROD /LPSURYYLVD
VFRPSDUVDGHOPRQWHQRQDYUHEEHIRUVHVWX]]LFDWRXQSRODFXULRVLWjGHJOLXPDQL"
4XHOODGRPDQGDFUHzLOFDRVWUDJOLJQRPL6FDWHQzGLVFXVVLRQLLQWHUPLQDELOLFKHGXUDURQRJLRUQLHJLRUQL,OGLOHPPD
GLYLVHJOLJQRPLGHOOD&RUSRUD]LRQHGHL)LORVRILLQGXHID]LRQLTXHOOLFKHFUHGHYDQRFKHVHXQDOEHURFDGHYDLQPH]]R
D XQD IRUHVWD H QHVVXQR OR VHQWLYD FLz QRQ GL PHQR ODOEHUR SURGXFHYD LO UXPRUH GL XQR VFKLDQWR H TXHOOL FKH
VRVWHQHYDQRFKHQRQHUDFRVu4XDQWRTXHVWXOWLPRSUREOHPDIRVVHFROOHJDWRDOODGRPDQGDRULJLQDULDYHQQHDOODOXFHLO
VHWWLPR JLRUQR JLRUQR LQ FXL IX SURQWDPHQWH IDWWD XQD UHOD]LRQH DO FRPLWDWR 1HO IUDWWHPSR JOL LQJHJQHUL PHFFDQLFL
ULVHQWLWL DYHYDQR FRPXQTXH GHFLVR GL PHWWHUH LQ DWWR OLQJHJQRVR VWUDWDJHPPD ( YHQQH LO JLRUQR IDWLGLFR DQFRUD
FRPPHPRUDWRQHJOLDQQDOLGL6DQFULVW PHQWUHTXDVL WXWWRLOUHVWRDQGzSHUGXWRGXUDQWHLOFDWDFOLVPD LO*LRUQRGHOOH
8RYD0DUFH
4XHO JLRUQR XQDQWHQDWRGL /RUG*XQWKDUVL VYHJOLzDQFRUDDVVRQQDWRGRPDQGDQGRVL VHVXR ILJOLR IRVVHQXRYDPHQWH
FDGXWRGDOWHWWRGHOSROODLR/HSLVRGLRVLHUDYHULILFDWRVRORSRFKHVHWWLPHSULPD,OUDJD]]RVWDYDGDQGRODFDFFLDDGXQ
JDOOR 3RUWDOR QHOOD YDVFD ERIRQFKLz WUD OH QHEELH GHO VRQQR ODQWHQDWR GL *XQWKDU DOOD PRJOLH H VL JLUz QHO OHWWR
WLUDQGRVLOHFRSHUWHVXOODWHVWD1RQSRVVR ULVSRVHODPRJOLHLQVRQQROLWD,OFDPLQRVWDIXPDQGR
)XVRORTXDQGRVLVYHJOLDURQRFRPSOHWDPHQWHHQWUDPELVLUHVHURFRQWRFKHLOIXPRFKHULHPSLYDODFDVDQRQSURYHQLYD
GDOFDPLQRHODSX]]DLQVRSSRUWDELOHQRQDUULYDYDGDOSROODLR
, GXHFRUVHURIXRUL/DVWHVVDLGHDYHQQHDQFKHDWXWWLJOLDOWULUHVLGHQWLGHOODQXRYDFRORQLDFKHVLSUHFLSLWDURQRLQVWUDGD
VHQWHQGRVLVRIIRFDUHGDOIXPRHWDSSDQGRVLLOQDVRSHUUHVLVWHUHDOODSX]]DFKHSHJJLRUDYDGLPLQXWRLQPLQXWR
7XWWDYLDQRQULXVFLURQRDYHGHUHQXOOD6XOODFRORQLDDOHJJLDYDXQDVSHVVDFRUWLQDJLDOORJQRODFKHDYHYDLOIHWRUHGLXRYD
ODVFLDWHDOVROHSHUWUHJLRUQL1HOJLURGLSRFKHRUHWXWWLJOLDELWDQWLGHOODFRORQLDHUDQRQDXVHDWLGDOORGRUH5DFFROVHUR
FRSHUWHYHVWLWLHVLGLUHVVHURSUHFLSLWRVDPHQWHYHUVRODVSLDJJLD5HVSLUDQGRVROOHYDWLODEUH]]DPDULQDHFRPLQFLDQGR
D GRPDQGDUVLVHVDUHEEHURPDLSRWXWLULWRUQDUHDOOHORURFDVH
0HQWUHGLVFXWHYDQRFRQJOLRFFKLILVVLVXOODQXEHJLDOODVWUDDOORUL]]RQWHLQDWWHVDFKHTXHVWDVLVROOHYDVVHJOLDELWDQWL
GHOOD FRORQLD VL VWXSLURQR QRWHYROPHQWH GL YHGHU VEXFDUH WUD LO IXPR FLz FKH VHPEUDYD XQ HVHUFLWR GL SLFFROH FUHDWXUH
GDOOD SHOOH VFXUD H YHGHUOH FDGHUH TXDVL VHQ]D YLWD DL ORUR SLHGL ,O JHQHURVR SRSROR GL 6RODPQLD VRFFRUVH
SUHPXURVDPHQWHLSRYHULJQRPLHIXFRVuFKHOHGXHUD]]HFKHDELWDYDQRD6DQFULVWVLLQFRQWUDURQR
/LQFRQWUR GHJOL JQRPL H GHL &DYDOLHUL IX DPLFKHYROH /D JHQWH GL 6RODPQLD GLPRVWUDYD XQ LQYHWHUDWR ULVSHWWR SHU
TXDWWUR FRVH ORQRUH SHUVRQDOH LO &RGLFH OD 0LVXUD H OD 7HFQRORJLD ( IX FRVu FKH OD FDUUXFROD ODOEHUR OD YLWH H
OLQJUDQDJJLRLGLVSRVLWLYLSHUHYLWDUH ORVSUHFRGL IDWLFDLQYHQWDWLLQTXHOSHULRGRGDJOLJQRPL VXVFLWDURQRHQRUPH
LPSUHVVLRQHWUDL&DYDOLHUL)XVHPSUHGXUDQWHTXHOSULPRLQFRQWURFKHLOPRQWHQRQLPSRUWDIXFRVuEDWWH]]DWR
, &DYDOLHUL VFRSULURQR VXELWR FKH OH VRPLJOLDQ]H VXSHUILFLDOL GHJOL JQRPL FRQ L QDQL VL OLPLWDYDQR DOOD VWDWXUD EDVVD H
WR]]D *OL JQRPL HUDQR FUHDWXUH VFKHOHWULFKH FRQ SHOOL DEEURQ]DWH H FDSHOOL ELDQFKL QHUYRVLVVLPH HG LUDVFLELOL ( SRL
SDUODYDQR FRVu UDSLGDPHQWH FKH L &DYDOLHUL SHQVDURQR LQ XQ SULPR PRPHQWR FKH SDUODVVHUR XQD OLQJXD VWUDQLHUD (
LQYHFH YHQQH IXRUL FKH HUD XQ &RPXQH SDUODWR YHORFLVVLPDPHQWH /D UDJLRQH GL WXWWD TXHOOD IUHWWD QHO SDUODUH HPHUVH
TXDQGR XQR GHJOL DQ]LDQL HEEH OD VYHQWXUDWD LGHD GL FKLHGHUH FRPH VL FKLDPDVVH LO PRQWH &RQ XQD WUDGX]LRQH
DSSURVVLPDWLYDVXRQDYDSUHVVDSSRFRFRVu
81*5$1'((1250($/7,66,02&808/2&267,78,72'$',9(56,675$7,',52&&,$&+(12,$%%,$02,'(17,),&$72
&20(*5$1,72 266,',$1$ 48$5=2&2175$&&(',81$/7520,1(5$/(68&8,67,$02$1&25$/$925$1'2&+(+$
81 682 6,67(0$ ,17(512 ', 5,6&$/'$0(172 &+( 67,$02 $1&25$ 678',$1'2 3(5 &23,$5/2 35,0$ 2 32, &+(
(0(5*(,1683(5),&,((6&255(/81*2/(3$5(7,'(/*5$1'((1250($/7,66,02&808/2
1RQLPSRUWDVLDIIUHWWzDGLUHODQ]LDQR
1RQLPSRUWD/HVSUHVVLRQHIHFHFROSRVXJOLJQRPL&KLDYUHEEHPDLGHWWRFKHTXHVWLXPDQLSRWHYDQRULGXUUHTXDOFRVD
GL FRVu JLJDQWHVFR H PHUDYLJOLRVR LQ TXDOFRVD GL FRVu VHPSOLFH HG DO WHPSR VWHVVR LQFUHGLELOPHQWH VWXSHQGR 'D TXHO
JLRUQRODPRQWDJQDVLFKLDPz0RQWH1RQLPSRUWDFRQODJUDQGHVROOLHYRGHOOD&RUSRUD]LRQHGHL7RSRJUDIL
'DTXHOJLRUQRL&DYDOLHULHJOLJQRPLGL6DQFULVWFRQYLVVHURLQSHUIHWWDDUPRQLD,&DYDOLHULSUHVHQWDYDQRDJOLJQRPL
WXWWLLTXHVLWLGLQDWXUDWHFQRORJLFDFKHGRYHYDQRULVROYHUHHJOLJQRPLVIRUQDYDQRFRVWDQWHPHQWHQXRYHLQYHQ]LRQL
5,6&$/'$ /$ 52&&,$ $' 81$ 7(03(5$785$ 3(5 &8, 6, 75$6)250$ ,1 67$72 /,48,'2 2 *$66262 &+( 2*1, 7$172

/DSDUWHFHQWUDOHGHOODFLWWjGHJOLJQRPLDOOLQWHUQRGHO0RQWH1RQLPSRUWD

>@GLHGHXQRVWUDWWRQHDXQDFRUGDFKHSHQGHYDGDOODOWR5LVXRQzXQILVFKLR6TXLOODURQRGXHFDPSDQHOOLHXQ
JRQJULPERPEz,QILQHFRQXQLQFUHGLELOH]DIIDWDGLYDSRUHFKHSHUSRFRQRQOLOHVVzWXWWLTXDQWLGXHPDVVLFFL
SRUWDOLGDFFLDLRLQFDVWUDWLQHOODURFFLDVLDSULURQRVFLYRODQGROHQWDPHQWH,SRUWDOLVLEORFFDURQRHQHOJLURGL
TXDOFKH LVWDQWH TXHOOD VWDQ]D SXOOXODYD GL JQRPL FKH JULGDYDQR JHVWLFRODYDQR H GLVFXWHYDQR GL FKL IRVVH OD
FROSD6LWURYDYDQRQHOODSDUWHFHQWUDOHGHOODFLWWjGHJOLJQRPL&RVWUXLWDDOOLQWHUQRGLTXHOODFKHXQDYROWDHUD
ODFDYLWjGLXQYXOFDQRODFLWWjHUDODUJDFHQWLQDLDGLPHWULHGLJUDQOXQJDSLDOWD/DFLWWjHUDVWDWDFRVWUXLWDD
VWUDWLDWWRUQRDOSR]]R

7UHQWDFLQTXHOLYHOOL

,O SLDQR EDVVR GHOOD FDYLWj VWLSDWR GL FDWDSXOWH RJQL WLSR GL FDWDSXOWD PDL FRQFHSLWD GDJOL JQRPL &HUDQR
FDWDSXOWH D ILRQGD DG DUFR LQFURFLDWR FDWDSXOWH D EDOHVWUD LQ OHJQR GL VDOLFH FDWDSXOWH D YDSRUH DQFRUD
VSHULPHQWDOL JOL JQRPL VWDYDQR VWXGLDQGR FRPH UHJRODUH OD WHPSHUDWXUD GHOODFTXD  $WWRUQR DOOH FDWDSXOWH
VRSUDOHFDWDSXOWHVRWWROHFDWDSXOWHHWUDOHFDWDSXOWHHUDQROHJDWHFKLORPHWULHFKLORPHWULGLIXQLFKHFUHDYDQR
XQ DVVRUWLPHQWR LQFUHGLELOH GL LQJUDQDJJL UXRWH H FDUUXFROH WXWWL FKH VL DYYROJHYDQR H JLUDYDQR FRQ XQ JUDQ
VWULGRUHGDUJDQLHPDQRYHOOH)XRULGDOSDYLPHQWRIXRULGDOOHPDFFKLQHVWHVVHHGDOOHSDUHWLVEXFDYDQRHQRUPL
OHYHFKHGHFLQHHGHFLQHGLJQRPLVSLQJHQGRRWLUDQGRRHQWUDPEHOHFRVHDOWHPSRVWHVVR

/DERUDWRULR(VDPL/LYHOOR6NLPERVK

8QRJQRPRJHVWLFROzUDEELRVDPHQWHYHUVRGLORURLQGLFDQGRXQDOXQJDILODGLJQRPLFKHDWWHQGHYDQRLOSURSULR
WXUQR 7DV EDO]z VXO VHJJLROLQR GHOOHQRUPH FDWDSXOWD D ILRQGD ILVVDQGR FRQ LPSD]LHQ]D OD SDUWH DOWD GHOOD
FDYLWj GHO PRQWH 6RSUD GL Vp ULXVFLYD D VFRUJHUH JQRPL FKH OR VELUFLDYDQR GD YDULH EDOFRQDWH WXWWL TXDQWL
FLUFRQGDWLGDJUDQGLPDFFKLQHILVFKLIXPLHGHQRUPLFRVHLQIRUPLFKHSHQGHYDQRGDOOHSDUHWLGHOPRQWHFRPH
SLSLVWUHOOL
,OFDSRWLUzXQDIXQH/DIXQHIDVXRQDUHXQFDPSDQHOORVXOOLYHOORHGDYYLVDFKHFqTXDOFXQRLQDUULYR6HLO
FDPSDQHOORQRQVXRQDDOORUDVXRQDXQVHFRQGRFDPSDQHOORFKHGLFHORURFKHLOSULPRQRQKDVXRQDWR
/DORQJLWXGLQHHODODWLWXGLQHYHQJRQRFDOFRODWHODFDWDSXOWDYLHQHVLVWHPDWDQHOODJLXVWDSRVL]LRQHSHUPDQGDUH
LOSDVVHJJHUR
$EELDPRIDWWRGHJOLVWXGLFKHDVVLFXUDQRFKHYRODUHqSLVLFXURFKHFDPPLQDUH
,O SDVVHJJHUR YROD VXO OLYHOOR H TXDQGR q DOODOWH]]D GHOOD VXD WUDLHWWRULD FRPLQFLD D VFHQGHUH XQ SRFR LO
OLYHOORJHWWDXQDUHWHVRWWRGLOXLDFFKLDSSDQGRORFRPHIRVVHXQDPRVFDHORWLUDVX
/D VLQFURQL]]D]LRQH q LQJHJQRVD SHUFKp WXWWR GLSHQGH GD XQ JDQFLR FKH DEELDPR VWXGLDWR DQFKH VH Fq
TXDOFRVDFKHVSRVWDXQSRODVLQFURQL]]D]LRQHPDXQFRPLWDWR
/D UHWH VL q DSHUWD WURSSR SUHVWR LQYHFH FKH DSULUVL GRSR FKH LO SDVVHJJHUR HUD YRODWR ROWUH H GL DIIHUUDUOR
TXDQGRFRPLQFLDYDDFDGHUHVLHUDDSHUWDSULPDFKHLOSDVVHJJHURDUULYDVVHDOOLYHOOR>@)L]EDQVEDWWpFRQWUR
ODUHWHFKHORDSSLDWWuFRPHXQDSDOHWWDSHUDPPD]]DUHJOLLQVHWWL3HUXQDWWLPRLOPDJRYLVLDJJUDSSzFRQOH
EUDFFLDHOHJDPEHSLHJDWHSRLSUHFLSLWz,PPHGLDWDPHQWHVTXLOODURQRFDPSDQHOOLHJRQJ4XHOORqODOODUPH
FKHLQGLFDFKHODUHWHQRQVLqDSHUWDDOPRPHQWRJLXVWR/DOODUPHIDVFDWWDUHXQGLVSRVLWLYRSHUDSULUHODUHWHDO
OLYHOORSURSULRLQWHPSRRRSVXQSRWDUGLPDQRQLPSRUWDFqDQFRUDLOOLYHOOR
7DVYLGHVWXSHIDWWRFKHLIRQGLGLVHLHQRUPLEDULOLVLDSULYDQROXQJROHSDUHWLGHOOLYHOORHURYHVFLDYDQRVXO
SDYLPHQWRDOFHQWURGHOODVWDQ]DPLJOLDLDGLVSXJQH&LzVXFFHGHYDQHOFDVRLQFXLWXWWHOHUHWLSHURJQLOLYHOOR
QRQIXQ]LRQDVVHUR
3HUIRUWXQDODUHWHGHOOLYHOORVLDSUuVRWWRLOPDJRDSSHQDLQWHPSRSHUDFFKLDSSDUOR3RLVLFKLXVHLQWRUQRD
OXLHFRQXQPRYLPHQWRDIUXVWDOREXWWzVXOODEDOFRQDWD
6HLOVLVWHPDILQDOHGLHPHUJHQ]DFRQOHVSXJQHQRQVLD]LRQDYDSHUWHPSRVHOHVSXJQHDUULYDQRXQDWWLPLQR
WURSSRWDUGLVFDWWDODOODUPHHURYHVFLDXQHQRUPHEDULOHGDFTXDDOFHQWURGHOODVWDQ]DHGDOPRPHQWRFKHD
TXHOSXQWROHSXJQHVRQRJLjOuVLIDSULPDDSXOLUHYLDWXWWRLOPDFHOOR
7DVVLDVSHWWDYDGLWURYDUHRJQLVRUWDGLPHUDYLJOLDQHO/DERUDWRULRPDIXVRUSUHVRGLFDSLWDUHLQYHFHLQXQD
VWDQ]DTXDVLYXRWD /DPELHQWHHUDLOOXPLQDWRGD XQEXFRQHOODSDUHWHGHOOD PRQWDJQDFKHODVFLDYD ILOWUDUHOD
OXFHGHOVROH4XHOVHPSOLFHPDLQJHJQRVRGLVSRVLWLYRHUDVWDWRVXJJHULWRDJOLJQRPLGDXQQDQRLQYLVLWD,O
QDQRDYHYDFKLDPDWRILQHVWUDTXHOORVWUDRUGLQDULRPHWRGRGLOOXPLQD]LRQHJOLJQRPLHUDQRPROWRRUJRJOLRVL
GLDYHUORDGRWWDWR1HOODVWDQ]DHUDQRVLVWHPDWLWUHWDYROLHSRFKLDOWULRJJHWWL

,O&RPSLWRGHOOD9LWD

$G RJQL JQRPR DOOD QDVFLWD YLHQH DVVHJQDWR LO &RPSLWR GHOOD 9LWD H GD TXHO PRPHQWR LQ SRL OXQLFD VXD
DPEL]LRQH q TXHOOD GL DVVROYHUH TXHO &RPSLWR (VVR VL WUDPDQGD GL SDGUH LQ ILJOLR SHU WXWWH OH JHQHUD]LRQL
ILQFKp QRQYLHQHDVVROWRIDFHQGRPHULWDUHDTXHOORJQRPR HGDOODVXDIDPLJOLDLOJLXVWR SRVWRQHOODOWUDYLWD
QRQSRVVRQRDFFHGHUHDOODOWUDYLWDILQFKpQRQKDQQRDVVROWRLO&RPSLWR

/(&,77$'(//(92/$17,

6XOORUL]]RQWH HUD DSSDUVR XQR VSHWWDFROR LQFUHGLELOH (UD WDOPHQWH RUUHQGR FKH D WXWWD SULPD QHVVXQR YROOH FUHGHUFL
RJQXQRSHQVDYDGHQWURGLVpGLHVVHUHLPSD]]LWR0DORJJHWWRVLDYYLFLQzGLSLHWXWWLIXURQRFRVWUHWWLDGDPPHWWHUHOD
VXDUHDOWjDQFKHVHTXHVWRQRQVHUYuDGLPLQXLUHORUURUH
)XFRVuFKHODJHQWHGL.U\QQHEEHPRGRGLFRQWHPSODUHSHUODSULPDYROWDODSLLQJHJQRVDPDFFKLQDGDJXHUUDGL/RUG
$ULDNDV OH FLWWDGHOOH YRODQWL /DYRUDQGR QHOOH SURIRQGLWj GHO WHPSLR GL 6DQFWLRQ JOL XVXIUXLWRUL GL PDJLD GDOOH 9HVWL
1HUH HG L FKLHULFL VFXUL DYHYDQR VWUDSSDWR XQ FDVWHOOR GDOOH VXH IRQGDPHQWD H ODYHYDQR SRVWR QHL FLHOL $GHVVR
JDOOHJJLDQGRLQPH]]RDWHPSHVWRVHQXELJULJLRVFXUHLOOXPLQDWDGDEDUEDJOLIUDVWDJOLDWLGLOXFHELDQFDFLUFRQGDWDGD
FHQWR VWRUPL GL GUDJKL URVVL H QHUL OD FLWWDGHOOD VL SURILODYD VRSUD .DODPDQ RVFXUDQGR LO VROH GL PH]]RJLRUQR H
SURLHWWDQGRODVXDVSDYHQWRVDRPEUDVXOODFLWWj
/DJHQWHIXJJuGDOOHPXUDLQSUHGDDOWHUURUH/DSDXUDGHLGUDJKLRSHUDYDLOVXRWUHPHQGRLQFDQWHVLPRIDFHQGRVuFKHLO
SDQLFRHODGLVSHUD]LRQHVLDEEDWWHVVHURVXWXWWLFRORURFKHDELWDYDQRD.DODPDQ

/$7255('(/62002&+,(5,&2

/D 7RUUH GHO 6RPPR &KLHULFR VL HUJHYD VROLGD VXO YHUVDQWH RFFLGHQWDOH GHO 3DVVR :HVWJDWH OXQLFR YDOLFR FKH
DWWUDYHUVDYDOD&DWHQDGHOOHPRQWDJQH+DEEDNXNFKHVHSDUDYDQROD6RODPQLDRULHQWDOHGD3DODQWKDV&KLXQTXHYRODVVH
UDJJLXQJHUH3DODQWKDVSHUXQDOWUDYLDDYUHEEHGRYXWRDWWUDYHUVDUHOHPRQWDJQHSHUFHQWLQDLDGLFKLORPHWULRSDVVDUHSHU
LOGHVHUWRRYLDPDUH(OHQDYLFKHSDVVDYDQRDWWUDYHUVRL&DQFHOOLGL3DODGLQHHUDQRIDFLOLEHUVDJOLHVSRVWLDOIXRFRGHOOH
FDWDSXOWHGHJOLJQRPL
/D 7RUUH GHO 6RPPR FKLHULFR HUD VWDWD FRVWUXLWD QHOO(Wj GHOOD 3RWHQ]D , QDQL LQ TXHO SHULRGR DYHYDQR SURJHWWDWR H
FRVWUXLWR OD PDJJLRU SDUWH GHOOH RSHUH GL DUFKLWHWWXUD 0D L QDQL QRQ DYHYDQR SURJHWWDWR TXHVWD WRUUH /DUWHILFH
GHOORSHUDGRYHYDHVVHUHVWDWRXQXEULDFRRXQSD]]RDJOLRFFKLGLXQQDQR8QDSDUHWHGLYLVRULDHVWHUQDIDWWDGLSLHWUD
IRUPDYD XQ RWWDJRQR HG HUD OD EDVH GHOOD 7RUUH 2JQL SXQWR GHO PXUR RWWDJRQDOH HUD VRUPRQWDWR GD XQD WRUUHWWD 8Q
PXURRWWDJRQDOHLQWHUQRIRUPDYDYDEDVHGLXQDVHULHGLWRUULHFRQWUDIIRUWLFKHVLHUJHYDQRVQHOOHHGHOHJDQWLYHUVROD
7RUUHFHQWUDOHVWHVVD5LVSRQGHYDDXQSURJHWWRDEEDVWDQ]DQRUPDOHPDTXHOORFKHVFRQYROJHYDLOQDQRHUDODPDQFDQ]D
GL SXQWL GL GLIHVD LQWHUQL 1HO PXUR HVWHUQR VL DSULYDQR WUH JUDQGL SRUWH GDFFLDLR LQYHFH GL XQ VROR SRUWDOH FRPH
VDUHEEHVHPEUDWRSLUDJLRQHYROHGDOPRPHQWRFKHSHUGLIHQGHUHWUHSRUWHFLYROHYDXQQXPHURLQFUHGLELOHGLXRPLQL
2JQXQDGLHVVHVLDSULYDVXXQFRUWLOHVWUHWWRLQIRQGRDOTXDOHVLWURYDYDXQDVDUDFLQHVFDFKHSRUWDYDGLUHWWDPHQWHLQXQ
HQRUPHFRUULGRLR2JQXQRGLTXHVWLWUHFRUULGRLVLLQFURFLDYDQHOFXRUHGHOOD7RUUHVWHVVD
1HVVXQRHUDPDLHQWUDWRQHOOD7RUUH3HUL&DYDOLHULHUDLQYLRODELOH,OVRORFKHSRWHVVHHQWUDUHQHOOD7RUUHHUDLO6RPPR
&KLHULFRVWHVVR,QRULJLQHOD7RUUHHUDVWDWDVRORXQSXQWRGLVRUYHJOLDQ]DGHOSDVVRQRQORDYHYDEORFFDWR0DSRL
DOODVWUXWWXUDSULQFLSDOHJOLDELWDQWLGL3DODQWKDVDYHYDQRDJJLXQWRXQDSDUWHQXRYDFKHLVRODYDLOSDVVR(UDSURSULRLQ
TXHVWDSDUWHQXRYDFKHYLYHYDQRL&DYDOLHULHGLIDQWL

3$/$17+$6

&RVWUXLWD GDL QDQL LQ XQ SHULRGR LPSUHFLVDWR GHOO(UD GHOOD *UDQGH]]D 3DODQWKDV HUD GLYLVD LQ GXH VH]LRQL OD &LWWj
9HFFKLD H OD &LWWj 1XRYD OD SULPD HUD FLUFRQGDWD GD PXUD H GLVSRVWD VHFRQGR XQDFFXUDWD SLDQWD FLUFRODUH FRQ RWWR
UDJJL FKH SRUWDYDQR DO SXQWR FHQWUDOH LQ FXL HUD VLWXDWR LO SDOD]]R GHO VLJQRUH GHOOD FLWWj 'DO PRPHQWR FKH SHUz
3DODQWKDVHUDGDWHPSRFUHVFLXWDGLSLGLTXDQWRSHUPHWWHVVHURJOLDQJXVWLFRQILQLGHOOD&LWWj9HFFKLDLVXRLDELWDQWL
DYHYDQRFRVWUXLWROD&LWWj1XRYDFKHVLVWHQGHYDDOGLIXRULGHOOHPXUDHGHUDLOFHQWURGHOGLVWUHWWRFRPPHUFLDOHVHGH
GHOOHSULQFLSDOLFRUSRUD]LRQLHGHOOHGLPRUHGHLPHUFDQWLSLDEELHQWL3DODQWKDVYDOHYDEHQHODSHQDGLHVVHUYLVWD/D
FLWWjHUDVWDWDIDYROHJJLDWDSHUILQRGXUDQWHO(WjGHOOD3RWHQ]DSHUODVXDEHOOH]]DHODVXDJUD]LD1RQFHUDQHVVXQDOWUD
FLWWj VX .U\QQ FKH SRWHVVH YHQLUH SDUDJRQDWD DG HVVD SHU OR PHQR VHFRQGR LO SHQVLHUR XPDQR &RVWUXLWD VHFRQGR XQR
VFKHPD FLUFRODUH FRPH XQD UXRWD LO FHQWUR HUD DOOD OHWWHUD LO PR]]R GHOOD FLWWj 7XWWL L SULQFLSDOL HGLILFL SXEEOLFL VL
WURYDYDQROuHOHJUDQGLHDPSLHVFDOLQDWHHOHVQHOOHFRORQQHODVFLDYDQRVHQ]DILDWRSHUODORURJUDQGLRVLWj'DTXHVWR
FHUFKLRFHQWUDOHJOLDPSLYLDOLVLGLSDUWLYDQRQHOOHRWWRSULQFLSDOLGLUH]LRQLGHOODEXVVROD3DYLPHQWDWLFRQSLHWUHWDJOLDWH
LQPRGRGDFRPEDFLDUHDOODSHUIH]LRQH RSHUDGHLQDQLQDWXUDOPHQWH HERUGDWLGDDOEHULOHFXLIRJOLHHUDQRVLPLOLDGXQ
PHUOHWWRGRUDWRSHUWXWWRODUFRGHOODQQRTXHVWLYLDOLFRQGXFHYDQRDOSRUWRVXOPDUHDQRUGHGDOOHVHWWHSRUWHGHO0XUR
GHOOD &LWWj 9HFFKLD 3HUVLQR TXHOOH SRUWH HUDQR FDSRODYRUL GL DUFKLWHWWXUD RJQXQD SURWHWWD GD  PLQDUHWL JHPHOOL OH FXL
WRUULJUD]LRVHVLOHYDYDQRLQDOWRSHUSLGLPHWUL/RVWHVVR9HFFKLR0XURHUDVFROSLWRFRQFRPSOLFDWLGLVHJQLFKH
UDFFRQWDYDQRODVWRULDGL3DODQWKDVGXUDQWHO(WjGHL6RJQL$OGLOjGHO0XURGHOOD&LWWj9HFFKLDVLVWHQGHYDOD&LWWj
1XRYD3URJHWWDWDFRQJUDQFXUDSHUFKpVLFRQIRUPDVVHDOGLVHJQRRULJLQDULROD&LWWj1XRYDVLVWHQGHYDGDO0XURGHOOD
&LWWj 9HFFKLD VHFRQGR OR VFKHPD FLUFRODUH FRQ JOL VWHVVL DPSL YLDOL DOEHUDWL 0D QRQ FHUDQR PXUD LQWRUQR DOOD &LWWj
1XRYD$L3DODQWKDQLOHPXUDQRQSLDFHYDQRLQPRGRSDUWLFRODUH SRLFKpJXVWDYDQRLOGLVHJQRGLQVLHPH HGDOJLRUQR
GRJJL QLHQWH YHQLYD FRVWUXLWR VLD QHOOD &LWWj 9HFFKLD FKH LQ TXHOOD 1XRYD VHQ]D SULPD FRQVXOWDUH LO GLVHJQR
FRPSOHVVLYR VLD GHQWUR FKH IXRUL $OOD VHUD ,O SURILOR GL 3DODQWKDV VXOORUL]]RQWH HUD DIIDVFLQDQWH SHU ORFFKLR WDQWR
TXDQWRODFLWWjPHGHVLPDFRQXQHFFH]LRQH

8QDSDQRUDPLFDGHOODFLWWjHOD7RUUHGHOO$OWD6WUHJRQHULD

,O VROH VWDYD DIIRQGDQGR GLHWUR OH PRQWDJQH FRSHUWH GL QHYH VWULDQGR LO FLHOR URVVR H SRUSRUD 4XHL YLEUDQWL
FRORULULVSOHQGHYDQRQHOELDQFRSXURGHJOLHGLILFLGL3DODQWKDVTXDQGRLOUDURPDUPRWUDVOXFLGRFRQFXLHUDQR
FRVWUXLWL FDWWXUDYD TXHOOD OXFH PRUHQWH /DXUDQD QRQ DYHYD PDL LPPDJLQDWR FKH XQD WDOH EHOOH]]D SRWHVVH
HVLVWHUHQHOPRQGRGHJOLXPDQL5LYDOHJJLDYDFRQODVXDDPDWDSDWULDGL4XDOLQHVWL
3RLLVXRLRFFKLYHQQHURDWWUDWWLGDXQRVFXULWjDOOLQWHUQRGLTXHOODWUHPXODUDGLRVLWjSHUODFHD8QDWRUUHLVRODWD
VLQQDO]DYDILQRDOFLHOR(UDDOWDDQFKHVHLOSDOD]]RVRUJHYDVXOILDQFRGLXQDFROOLQDODVRPPLWjGHOODWRUUH
HUD VROR OLHYHPHQWH SL EDVVD ULVSHWWR DOOD VXD OLQHD YLVLYD )DWWD GL PDUPR QHUR OD WRUUH ULVDOWDYD LQ QHWWR
FRQWUDVWRFRQLOPDUPRELDQFRGHOODFLWWjFLUFRVWDQWH/DXUDQDYLGHFKHXQWHPSRGHLPLQDUHWLGRYHYDQRDYHU
UHVR PHQR DVSUD H FXSD OD VXD OXFLGD VXSHUILFLH PD DGHVVR TXHVWL DSSDULYDQR VEULFLRODWL H LQIUDQWL )LQHVWUH
EXLH VLPLOL D RFFKLDLH YXRWH ILVVDYDQR FLHFKH LO PRQGR 8Q UHFLQWR FLUFRQGDYD OD WRUUH$QFKH LO UHFLQWR HUD
QHURHVXOODSRUWDFKHVLDSULYDQHOUHFLQWR/DXUDQDYLGHVYROD]]DUHTXDOFRVD3HUXQDWWLPRSHQVzFKHIRVVHXQ
JLJDQWHVFRXFFHOOROjLQWUDSSRODWRSRLFKpVHPEUDYDDQFRUYLYR
>@1RQFUHGRFKHVLDFRVuWHUULELOH,QTXDOFKHPRGROD7RUUHVHPEUDJLXVWD/DYRVWUDFLWWjqPROWREHOOD
PDWDOYROWDODVXDEHOOH]]DqFRVuIUHGGDSHUIHWWDFKHQHSSXUHODYHGRSL0DGRSRDYHUYLVWRTXHOODTXHOOD
SHFFDQHOODYRVWUDFLWWjODVXDEHOOH]]DULVDOWDQHOODPLDPHQWHVHFDSLVFL

/DVWRULDGL$VWLQXVFLUFDOD7RUUHGHOO$OWD6WURJRQHULDGL3DODQWKDV

/D PLD VWRULD GHYH FRPLQFLDUH FRQ TXHOOH FKH VRQRGLYHQWDWH QRWH DSRVWHULRUL FRPH OH EDWWDJOLH3HUGXWH
'XUDQWHO(UDGHOOD3RWHQ]DTXDQGRLO*UDQ6DFHUGRWHGL,VWDUFRPLQFLzDVXVVXOWDUHDOODYLVWDGHOOHRPEUH
GHWWHDOOHVXHSDXUHXQQRPHXVXIUXLWRULGLPDJLD/LWHPHYDWHPHYDLOORURLPPHQVRSRWHUH1RQFDSLYDH
SHUFLzTXHVWRGLYHQQHXQDPLQDFFLDSHUOXL)XIDFLOHVROOHYDUHLOSRSROLQRFRQWURJOLXVXIUXLWRULGHOODPDJLD
0DOJUDGRIRVVHURDPSLDPHQWHULVSHWWDWLGLORURQRQFLVLHUDPDLILGDWLVRSUDWWXWWRSHUFKpFRQVHQWLYDQRFKH
WUDOHORURILOHYLIRVVHURLUDSSUHVHQWDQWLGLWXWWLHWUHLSRWHULGHOOXQLYHUVROH9HVWL%LDQFKHGHO%HQHOH9HVWL
5RVVHGHOOD1HXWUDOLWjHOH9HVWL1HUHGHO0DOH3RLFKpHVVLFDSLYDQRPHQWUHLO*UDQ6DFHUGRWHQRQFDSLYD
FKHO8QLYHUVRRVFLOODLQHTXLOLEULRIUDTXHVWLWUHSRWHULHWXUEDUHOHTXLOLEULRVLJQLILFDLQYLWDUHODGLVWUX]LRQH
(FRVuLOSRSRORLQVRUVHFRQWURJOLXVXIUXLWRULGHOODPDJLD/H&LQTXH7RUULGHOOD*UDQGH6WUHJRQHULDIXURQRL
EHUVDJOL SULQFLSDOL QDWXUDOPHQWH SRLFKp HUD LQ TXHVWH WRUUL FKH L SRWHUL GHOORUGLQH HUDQR VRSUDWWXWWR
FRQFHQWUDWLLQTXHVWHWRUULFKHLJLRYDQLPDJKLYHQLYDQRDGDIIURQWDUHOH3URYH TXHOOLFKHRVDYDQRIDUOR 
3RLFKpOH3URYHVRQRDUGXHHSHJJLRULVFKLRVH,QYHURIDOOLUHVLJQLILFDXQDFRVDVROWDQWRODPRUWH$FDXVD
GLTXHVWDPRUWDOHSXQL]LRQHLQFDVRGLQVXFFHVVRYRFLVLQLVWUHIXURQRGLIIXVHVXOOH7RUULGHOO$OWD6WUHJRQHULD
,QYHURJOLXVXIUXLWRULGHOODPDJLDFHUFDURQRGLVSLHJDUHFKHTXHVWHHUDQRVROWDQWRFHQWULGLDSSUHQGLPHQWRH
FKHFLDVFXQJLRYDQHPDJRFKHULVFKLDYDODYLWDORIDFHYDGLSURSULDVSRQWDQHDYRORQWjEHQVDSHQGRTXDOHUD
OR VFRSR GLHWUR OH 3URYH ,QROWUH TXL QHOOH 7RUUL L PDJKL WHQHYDQR L ORUR OLEUL GHJOL LQFDQWHVLPL H OH ORUR
SHUJDPHQH L ORUR VWUXPHQWL GL PDJLD 0D QHVVXQR FUHGHWWH ORUR 6WRULH GL VWUDQL ULWL ULWXDOL H VDFULILFL VL
GLIIXVHURWUDODJHQWHDOLPHQWDWLGDO*UDQ6DFHUGRWHHGDLVXRLFKLHULFLSHULSURSULILQL
(YHQQHLOJLRUQRLQFXLLOSRSRORVLVROOHYzFRQWURJOLXVXIUXLWRULGLPDJLD(VROWDQWRSHUODVHFRQGDYROWD
QHOOD VWRULD GHOO2UGLQH OH 9HVWL VL ULXQLURQR /D SULPD YROWD HUD VWDWD GXUDQWH OD FUHD]LRQH GHL JOREL GHL
GUDJKL FKH FRQWHQHYDQR OH HVVHQ]H GHO EHQH H GHO PDOH OHJDWH LQVLHPH GDOOD QHXWUDOLWj  'RSR VH QHUDQR
DQGDWHSHUOHORURVHSDUDWHVWUDGH$GHVVRUHVHDOOHDWHGDXQDFRPXQHPLQDFFLDVLXQLURQRDQFRUDXQDYROWD
SHUSURWHJJHUHLORURDGHSWL
, PDJKL VWHVVL GLVWUXVVHUR GXH GHOOH 7RUUL SLXWWRVWR FKH ODVFLDUH FKH OD IROOD LQIHURFLWD OH LQYDGHVVH
LQWHUIHUHQGR FRQ FLz FKH HUDDO GL Oj GHOOD ORUR FRPSUHQVLRQH /D GLVWUX]LRQH GL TXHVWH GXH 7RUUL GHYDVWz LO
WHUULWRULRLQWRUQRDGHVVHHVSDYHQWRLO*UDQ6DFHUGRWHSRLFKpXQD7RUUHGHOO$OWD6WUHJRQHULDHUDVLWXDWDDG
,VWDU HG XQDOWUD D 3DODQWKDV ,Q TXDQWR DOOD WHU]D QHOOD IRUHVWD GL :D\UHWK D SRFKL LPSRUWDYD FLz FKH QH
VDUHEEH VWDWR SRLFKp HUD ORQWDQD GDL FHQWUL FLYLOL]]DWL ( FRVu LO *UDQ 6DFHUGRWH DYYLFLQz  JOL XVXIUXLWRUL GL
PDJLDFRQXQHVLEL]LRQHGLSLHWj6HDYHVVHURODVFLDWRLQSLHGLOHGXH7RUULDYUHEEHFRQVHQWLWRORURGLULWLUDUVL
LQ SDFH ODVFLDQGR FKH WUDVIHULVVHUR L ORUR OLEUL OH SHUJDPHQH H JOL VWUXPHQWL PDJLFL QHOOD 7RUUH GHOO$OWD
6WUHJRQHULDD:D\UHWK$GGRORUDWLHQWUDPELJOLXVXIUXLWRULGLPDJLDDFFHWWDURQRTXHVWDRIIHUWD
3HUFKpQRQKDQQRFRPEDWWXWR"
,OWXRJLRYDQHDPLFRULPDQHYDHVDXVWRDQFKHGRSRDYHUODQFLDWRTXDOFKHLQFDQWHVLPRUHODWLYDPHQWHPLQRUH
( XQD YROWD FKH XQ LQFDQWHVLPR q VWDWR ODQFLDWR VFRPSDUH SHU VHPSUH GDOOD VXD PHPRULD D PHQR FKHQRQ
OHJJDLOSURSULROLEURGLQFDQWHVLPLHORVWXGLDQFRUDXQDYROWD4XHVWRqYHURDQFKHSHULPDJKLGHOSLDOWR
OLYHOOR ( FRVu FKH JOL GHL FL SURWHJJRQR GD FRORUR FKH DOWULPHQWL SRWUHEEHUR GLYHQWDUH WURSSR SRWHQWL HG
DVSLUDUHDOODGLYLQLWjPHGHVLPD*OLVWUHJRQLGHYRQRGRUPLUHGHYRQRHVVHUHLQJUDGRGLFRQFHQWUDUVLGHYRQR
SDVVDUH RJQL JLRUQR GHO WHPSR D VWXGLDUH &RPH SRWUHEEHUR UHJJHUH DG XQD IROOD GL DVVHGLDQWL" (G LQROWUH
FRPH SRWUHEEHUR GLVWUXJJHUH OD SURSULD JHQWH" 1R VHQWLURQR FKH GRYHYDQR DFFHWWDUH ORIIHUWD GHO *UDQ
6DFHUGRWH 3HUILQR OH 9HVWL 1HUH DOOH TXDOL LPSRUWDYD SRFR GHOOD SRSROD]LRQH YLGHUR FKH VDUHEEHUR VWDWH
VFRQILWWHHFKHODPDJLDVWHVVDDYUHEEHSRWXWRDQGDUHSHUGXWDGDOPRQGR6LULWLUDURQRGDOOD7RUUHGHOO$OWD
0DJLDGL,VWDUHTXDVLVXELWRLO*UDQ6DFHUGRWHHQWUzSHURFFXSDUOD3RLDEEDQGRQDURQRODOWUD7RUUHTXLD
3DODQWKDV(ODVWRULDGLTXHVWD7RUUHqWHUULELOH5LFRUGREHQHTXHOJLRUQR0LSRUWDURQRLORUROLEULHOHORUR

SHUJDPHQHSHUFKpYHQLVVHUR FRQVHUYDWLQHOODELEOLRWHFDSRLFKpFHUDQRPROWLPROWLVVLPLOLEULHSHUJDPHQH
QHOOD7RUUHSLGLTXDQWLJOLXVXIUXLWRULGLPDJLDSRWHVVHURSRUWDUHD:D\UHWK6DSHYDQRFKHOLDYUHLFXVWRGLWL
HVDOYDJXDUGDWL0ROWLGHLOLEULGLQFDQWHVLPLHUDQRDQWLFKLHQRQSRWHYDQRSLHVVHUHOHWWLSHUFKpHUDQRVWDWL
ULOHJDWLFRQLQFDQWHVLPLSURWHWWLYLLQFDQWHVLPLGHLTXDOLHUDVWDWDSHUGXWDOD&KLDYH,OSRSRORGL3DODQWKDV
VL UDFFROVH LQWRUQR OD 7RUUH TXDQGR LO SL LQ DOWR QHOO2UGLQH OR VWUHJRQH GDOOH 9HVWL %LDQFKH FKLXGHYD OH
VRWWLOLSRUWHGRURGHOOD7RUUHVHUUDQGROHFRQXQDFKLDYHGDUJHQWR,O6LJQRUHGL3DODQWKDVORVVHUYDYDFRQ
EUDPRVLD 7XWWL VDSHYDQR FKH LO 6LJQRUH LQWHQGHYD HQWUDUH QHOOD 7RUUH FRPH DYHYD IDWWR LO VXR PHQWRUH LO
*UDQ6DFHUGRWHGL,VWDU,VXRLRFFKLVLDWWDUGDYDQRDYLGLVXOOD7RUUHSRLFKpOHOHJJHQGHVXOOHPHUDYLJOLHFKH
VLWURYDYDQRDOVXRLQWHUQRVLDEXRQHFKHPDOYDJLHVLHUDQRGLIIXVHLQWXWWDODQD]LRQH/RVWUHJRQHFRPLQFLz
D SRUJHUH OD FKLDYH GDUJHQWR DO 6LJQRUH $OOLPSURYYLVR XQD GHOOH 9HVWL 1HUH FRPSDUYH D XQD ILQHVWUD GHL
SLDQL VXSHULRUL 0HQWUH OD JHQWH OR ILVVDYD LQ SUHGD DOORUURUH HJOL XUOz /D SRUWD ULPDUUj FKLXVD HG L
FRUULGRLYXRWLILQRDTXDQGRQRQYHUUjLOJLRUQRLQFXLLOSDGURQHVLDGHOSDVVDWRFKHGHOSUHVHQWHWRUQHUjFRQ
LOSRWHUH3RLLOPDJRPDOHILFRVDOWzJLEXWWDQGRVLVRSUDODUHFLQ]LRQH(PHQWUHOHJXJOLHGDUJHQWRHGRUR
WUDILJJHYDQROD9HVWH1HUDODQFLzXQDPDOHGL]LRQHVXOOD7RUUH,OVXRVDQJXHPDFFKLzLOWHUUHQRODUJHQWRH
ORURVLQDULGLURQRVLFRQWRUVHURGLYHQQHURQHUL/DYLYLGD7RUUHELDQFDHURVVDVELDGuILQRDGLYHQWDUHXQD
SLHWUDFRORUHJULJLRJKLDFFLRLVXRLQHULPLQDUHWLVLVEULFLRODURQR,O6LJQRUHHGLOSRSRORIXJJLURQRLQSUHGD
DOWHUURUHILQRDGRJJLQHVVXQRKDSLRVDWRDYYLFLQDUVLDOOD7RUUHGL3DODQWKDV1HSSXUHL.HQGHUFKHQRQ
WHPRQRQLHQWHDTXHVWRPRQGR/DPDOHGL]LRQHqFRVuSRWHQWHGDWHQHUHORQWDQLWXWWLLPRUWDOL
(TXHOODTXHOODFRVDVFXUDFKHKRYLVWRVEDWWHUHLQFKLRGDWDDOUHFLQWR
6uqTXHOORFKHULPDQHGHOFRUSRGHOOD9HVWH1HUDDOPHQRqTXHVWRFKHVXSSRQLDPR1HVVXQRqVWDWRFDSDFH
GLDYYLFLQDUVLDEEDVWDQ]DSHUVFRSULUOR

/HVWUDGHFKHFRQGXFRQRDOERVFKHWWRGL4XHUFHGL6KRLNDQ

>@ILVVzILOHGLHGLILFLYXRWLHVLOHQ]LRVL
>@DGGHQWUDQGRVLVHPSUHSLQHOFXRUHGHOODFLWWj6XXQODWRVROWDQWRDSRFKLLVRODWLGLGLVWDQ]DVLQQDO]DYD
OD VSOHQGLGD GLPRUD GHO 6LJQRUH GL 3DODQWKDV 'DO SXQWR LQ FXL VL WURYDYDQR SRWHYDQR YHGHUH OH VXH JXJOLH
WRUUHJJLDQWL0DGDYDQWLDORURQLHQWHHUDYLVLELOH2JQLFRVDHUDVPDUULWDQHOORPEUD
7DV VELUFLDYD GHQWUR OH ILQHVWUH H ILFFDYD LO QDVR GHQWUR L YDQL GHOOH SRUWH GHJOL HGLILFL GDYDQWL DL TXDOL
SDVVDYDQR HUDQRYXRWLHDEEDQGRQDWL 
7DVVROOHYzORVJXDUGRVROOHYzORVJXDUGRVXJOLHGLILFLFKHVLLQQDO]DYDQRVXOODWRRSSRVWRDOORUR(UDQREHQ
WHQXWL $ TXDQWR SDUHYD L 3DODQWKDQL HUDQR WDOPHQWH RUJRJOLRVL GHOOD ORUR FLWWj GD VSHQGHUH VROGL SHUILQR SHU
PDQWHQHUHLQEXRQRVWDWRJOLHGLILFLYXRWL&HUDQRQHJR]LDELWD]LRQLGLRJQLJHQHUHHGHUDRYYLRFKHODORUR
VWUXWWXUD HUD VROLGD /H VWUDGH HUDQR SXOLWH H VJRPEUH GD ULILXWL H VSD]]DWXUD 0D HUD WXWWR GHVHUWR 4XHOOD XQ
WHPSR HUD VWDWD XQD ]RQD SURVSHUD SHQVz LO .HQGHU  SURSULR QHO FXRUH GHOOD FLWWj 3HUFKp QRQ OR HUD DGHVVR"
3HUFKpPDLWXWWLVHQHUDQRDQGDWL"*OLGDYDXQDVHQVD]LRQHGLVRSUDQQDWXUDOH>@
1RQqLQYHUQRVDOYRFKHTXLLQWRUQR
>@UDJJLXQVHURLOSXQWRLQFXLWHUPLQDYDOLVRODWR4XLJOLHGLILFLVLQWHUURPSHYDQRDOOLPSURYYLVRHVRUJHYDLO
ERVFKHWWR>@SDUHYDVROWDQWRXQFRPXQHERVFKHWWRGLTXHUFHDQFKHVHFHUWDPHQWHHUDQROHTXHUFHSLDOWHFKH
LOQDQRRLO.HQGHU DYHVVHURPDLYLVWRQHLOXQJKLDQQLSDVVDWLDGHVSORUDUH.U\QQ
0D TXDQGR L GXH VL DYYLFLQDURQR VHQWLURQR TXHOOD VWUDQD VHQVD]LRQH GL JHOR GLYHQWDUH SL LQWHQVD ILQR D
TXDQGR IX SHJJLRUH GL TXDOXQTXH IUHGGR DYHVVHUR PDL SURYDWR SULPD SHUILQR GHO IUHGGR GHO JKLDFFLDLR GHOOD
0XUDJOLDGL*KLDFFLR(UDSHJJLRUHSHUFKpSUHYHQLYDGDOOLQWHUQRHQRQDYHYDVHQVR
3HUFKpPDLDYUHEEHGRYXWRIDUFRVuIUHGGRVROWDQWRLQTXHOODSDUWHGHOODFLWWj",OVROHVSOHQGHYD1RQFHUDXQD
VROD QXYROD QHO FLHOR 0D EHQ SUHVWR OH ORUR GLWD VLQWRUSLGLURQR LUULJLGHQGRVL )OLQW QRQ FH OD IDFHYD SL D
UHJJHUH OD VXD DVFLD GD EDWWDJOLD H IX FRVWUHWWR D ULPHWWHUOD QHO VXR IRGHUR FRQ PDQL WUHPDQWL 7DV EDWWHYD L
GHQWLOHVXHRUHFFKLHDSSXQWLWHDYHYDQRSHUVRRJQLVHQVLELOLWjHGHUDVFRVVRGDEULYLGLYLROHQWL
7DV DUULYz DL PDUJLQL GHO ERVFKHWWR GL TXHUFH H TXL LO FXRUH JOL YHQQH PHQR 1RUPDOPHQWH L .HQGHU VRQR
LPPXQLGDOODVHQVD]LRQHGHOODSDXUDSHUFLzVROWDQWRXQ.HQGHUSRWHYDHVVHUVLVSLQWRWDQWRDYDQWL0DDGHVVR
7DV VL WURYz LQ SUHGD GHO SL LUUDJLRQHYROH WHUURUH FKH DYHVVH PDL VSHULPHQWDWR ( TXDOXQTXH FRVD OR VWHVVH
FDXVDQGRVLWURYDYDDOOLQWHUQRGLTXHOERVFKHWWRGLTXHUFH
/HQWDPHQWH SDUODQGR WUD Vp 7DV  VL IHFH VWUDGD D SRFR D SRFR LQ PH]]R DL WURQFKL GL TXHUFLD 1RQ DQGz
ORQWDQR QHSSXUH ROWUHSDVVz GHO WXWWR OH ILOH GHJOL DOEHUL FKH IRUPDYDQR LO SHULPHWUR HVWHUQR GHO ERVFKHWWR
SRLFKpDGHVVRSRWHYDYHGHUHGLUHWWDPHQWHQHOFHQWURVWHVVRGHOODYHJHWD]LRQH
7DVVOHKRIIUHVWzVHQ]DILDWRVLJLUzGLVFDWWRHVLPLVHDFRUUHUH
)LQDOPHQWHUDJJLXQVHUROHVWUHPLWjGHOODVWUDGD
)DFHYDFDOGR,OVROHVSOHQGHYD
3RWHYDQR XGLUH OH YRFL GHOOD JHQWH YLYD H UHDOH DOHJJLDUH DWWUDYHUVR ODULD ILQR DOOH ORUR RUHFFKLH GDOOH VWUDGH
DIIROODWHSLROWUH)OLQWVLIHUPzDQVDQWHHGHVDXVWRERFFKHJJLDQGRSHUULSUHQGHUHILDWR
>@&RVHUD"ULXVFuDFKLHGHUHTXDQGRILQDOPHQWHULXVFuDSDUODUHYLQFHQGRLOPDUWHOODUHGHOSURSULRFXRUH
,OYROWRGHO.HQGHUHUDSDOOLGRFRPHODPRUWH8XQDWWRUUHEDOEHWWz>7DV@GHJOXWHQGRFRQYRFHUDXFD
>@(UDODFRVDSLRUULELOHFKHDEELDYLVWRLQYLWDPLDDJJLXQVHLO.HQGHUFRQVROHQQLWjUDEEULYLGHQGR

'DYDQWLDO%RVFKHWWRGL6KRLNDQ

>@OLQFDQWHVLPR VLHUD JLjLPSDGURQLWRGLOXLDYYLOXSSDQGRORQHOWHUURUHXQDSDXUDWHUULELOHGHELOLWDQWHH


LUUDJLRQHYROH(UDSDXUDGHOODPRUWHDFXLTXDQWLHQWUDYDQRQHOERVFKHWWRDQGDYDQRLQFRQWURVHQ]DIDOORHOD
SDXUDDQFRUDSLJUDQGHGHOWRUPHQWRHWHUQRPLQDFFLDWRGRSRODPRUWH
>@QRQHUDLQJUDGRGLFRPEDWWHUHGDVRORFRQWURTXHOODVHQVD]LRQHSHUFKpHVVDHUDLVSLUDWDGDXQGLRTXLQGL
VHQWu LO WHUURUH GHYDVWDUOR SURVFLXJDUOR VHUUDJOL L YLVFHUL H FRQWUDUJOL OR VWRPDFR OR VHQWu LQDULGLUOL OD ERFFD
SDUDOL]]DUOLLPXVFROLHLQXPLGLUJOLGLVXGRUHOHPDQL3RFRPDQFzFKHHVVRORVSLQJHVVHDGGLULWWXUDDFUROODUHLQ
JLQRFFKLR
$GHVVRSRWHYDVHQWLUHOHYRFLGHLQRQPRUWLVHFFKHHIUDJLOLFRPHRVVD
,OWXRVDQJXHLOWXRFDORUHODWXDYLWDVRQRQRVWUL1RVWUL9LHQLSLYLFLQRSRUWDFLLOWXRGROFHVDQJXHODWXD
FDUQHFDOGDSHUFKpQRLDEELDPRIUHGGRXQIUHGGRLQVRSSRUWDELOH9LHQLSLYLFLQRSLYLFLQR
$OWHPSRVWHVVRORVFXULWjGHOERVFRTXHOEXLRHWHUQRPDLULVFKLDUDWRGDQHVVXQDOXFHWUDQQHIRUVHGDTXHOOD
LQYLVLELOHGHOODOXQDQHUDVLULYHUVzVXGLORUR
,QGXUUH SUHJKLHUH D 7DVNKLVLV QRQ DYUHEEHUR DYXWR ULVSRVWD LQ TXDQWR LO GRPLQLR GHOOD 6XD 2VFXUD 0DHVWj
FHVVDYDDOOLPLWDUHGLTXHOERVFRQHOTXDOHLOVLJQRUHVXSUHPRHUDVXRILJOLR1XLWDULVLJQRUHGHOODPDJLDQHUD
HWXWWLVDSHYDQRFKH1XLWDULGDYDGLUDGRDVFROWRDOODPDGUH
(VVHUHIDWWRDSH]]LGDOOHXQJKLHDIILODWHGHLQRQPRUWLOHVVHUHWUDVFLQDWRQHOVRWWRVXRORPHQWUHVLGLEDWWHYDH
DUWLJOLDYDLOWHUUHQRQHOVHQWLUVLVRIIRFDUHDSRFRDSRFRVDSHQGRFKHTXDQGRODPRUWHIRVVHVRSUDJJLXQWDFRPH
XQDWWRGLPLVHULFRUGLDODVXDDQLPDVDUHEEHULPDVWDSHUVHPSUHSULJLRQLHUDFRVWUHWWDDVHUYLUH&KHPRVKGLR
GHLQRQPRUWL

'HQWURLO%RVFKHWWRGL6KRLNDQ

/HYRFLRUUHQGHGHO%RVFKHWWRGL6KRLNDQWDFHYDQROHPDQLGHLQRQPRUWLFKHFHUFDYDQRGLWUDVFLQDUHOHORUR
YLWWLPH QHO VRWWRVXROR SHUFKp VL XQLVVHUR D ORUR QHOOHWHUQD IDPHOLFD RVFXULWj VL DJLWDYDQR LUUHTXLHWH VRWWR OH
IRJOLH PDUFH PD QRQ DWWDFFDYDQR H WXWWLQWRUQR JOL DOEHUL PRQWDYDQR FXSL OD JXDUGLD PD SDUHYDQR GLVSRVWL D
SHUPHWWHUHDLFRPSDJQLGLSDVVDUH
/DYLDQRQHUDIDFLOHSHUFKpQHO%RVFKHWWRGL6KRLNDQQRQHVLVWHYDQRVHQWLHULDOPHQRQRQSHULFRPSDJQLFKH
GRYHWWHURFUHDUVHQHXQRDPDQRDPDQRFKHSURFHGHYDQRORWWDQGRSHUDSULUVLXQYDUFRQHOOLQWULFDWRVRWWRERVFR
ILWWRGLVSLQHPHQWUHXQGLVJXVWRVRRGRUHGLPRUWHHGLSXWUHVFHQ]DPLQDFFLDYDTXDVLGLVRIIRFDUOL
4XLLOVXRORHUDXPLGRHVSXJQRVRLOIDQJRIOXLYDORURVRWWRLSLHGLHDFTXDPDUFLDDIILRUDYDDULHPSLUHOHORUR
LPSURQWH LQWRUQR ODULD HUD IUHGGD H XPLGD LQWULVD GL FRQGHQVD FKH FRPH LO VXGRUH GL XQ PDODWR LQ SUHGD D
EULYLGLGDIHEEUHFRODYDORUROXQJRODSHOOHHQHOFROOR
2JQL SDVVR HUD SHUYDVR GL WHUURUH SHUFKp L PRUWL QHO %RVFKHWWR QRQ SDUODYDQR FRQ YRFH VWHQWRUHD PD
VXVVXUUDYDQRSDUROHFKHVLVHQWLYDQRDSSHQDHFKHHUDQRFROPHGLGLVSUH]]RHGLXQRVSDYHQWRVRGHVLGHULR
,OYLDJJLRVHPEUDYDLQWHUPLQDELOHDQFKHSHUFKpODSDXUDWUDVIRUPDYDLVHFRQGLLQRUHHOHRUHLQDQQLPHQWUH
ORVFXULWjVXVVXUUDQWHLOIHWRUHLQWROOHUDELOHHLOIUHGGRFKHLQWRUSLGLYDOHRVVDHJOLDUWLFRPLQFLDYDQRDORJRUDUH
LFRPSDJQL
$ SRFR D SRFR LO WHUUHQR VL IHFH VHPSUH SL XPLGR H FDPPLQDUH GLYHQQH SURJUHVVLYDPHQWH SL GLIILFLOH
VRSUDWWXWWRSHULOJXHUULHURFKHDFDXVDGHLSHVDQWLVWLYDOLHGHOSHVRGHOODUPDWXUDVSURIRQGDYDILQRDOOHFDYLJOLH
LQTXHOODIHWLGDIDQJKLJOLDHDGRJQLSDVVRHUDFRVWUHWWRDIDUHXQRVIRU]RHQRUPHSHUOLEHUDUHXQSLHGHHSRUOR
GDYDQWL DOODOWUR FRPEDWWHQGR XQD FRVWDQWH H IDWLFRVD EDWWDJOLD FRQWUR LO WHUUHQR H WURYDQGRVL DG DYHUH EHQ
SUHVWRLOUHVSLURDIIDQQRVRSHULOSURWUDWWRVIRU]RILVLFR6HPSUHSLHVDXVWRVHQWuOHJDPEHFKHEUXFLDYDQRSHU
ODIDWLFDHFHUFzGLWURYDUHWUDWWLGLWHUUHQRSLVROLGREDGDQGRDGRYHPHWWHYDLSLHGLVHQ]DSHUzULVFRQWUDUH
QHVVXQDGLIIHUHQ]DHFRQWLQXDQGRDVSURIRQGDUHVHPSUHGLSLDIDUHVHPSUHSLIDWLFDDOLEHUDUVL6WDQFRSL
VWDQFRGLTXDQWRDYUHEEHORJLFDPHQWHGRYXWRHVVHUHFRQLOUHVSLURFKHJOLXVFLYDTXDVLDVLQJKLR]]LGDOODJROD
LQILQHVLDUUHVWzHVLJLUzDJXDUGDUHOHSURSULHLPSURQWH
6LVWDYDQRULHPSLHQGRGLVDQJXH/DULDIHWLGD
/DULD VRWWRVWDQWH JOL DOEHUL VHPEUDYD LQIDWWL XQ OLTXLGR FKH JOL IOXLVVH QHOOH QDULFL H QHOOD ERFFD FRPD DFTXD
VFXUDHROHRVDFKHORIHFHWRVVLUHULSHWXWDPHQWH6HQWHQGRLSROPRQLFKHJOLEUXFLDURQRVLFRVWULQVHDWUDUUHXQ
SURIRQGRUHVSLURFRQLOVRORULVXOWDWRGLHVVHUHDVVDOLWRGDYLROHQWLFRQDWLGLYRPLWRFRPHVHDYHVVHWHQWDWRGL
EHUH GHOODFTXD GL SDOXGH PHQWUH PLQXVFROL SXQWL OXPLQRVL FKH FRPLQFLDYDQR DG DSSDULUH DO OLPLWDUH GHO VXR
FDPSRYLVLYRORDYYHUWLYDQRFKHVWDYDSHUGHQGRSURJUHVVLYDPHQWHFRQRVFHQ]DSHUOLPSRVVLELOLWjGLUHVSLUDUH
$QQDVSDQGRSHULQDODUHXQSRGDULDIXFRVWUHWWRDGDUUHVWDUVL

/DWWDFFRGHL1RQ0RUWL

(YLGHLPRUWLFKHOLDVSHWWDYDQR
0DQLSULYHGLFDUQHULGRWWHDGXQVHPSOLFHLQVLHPHGLWHQGLQLHGLRVVDHPHUVHURGDOIDQJRVFXURHDIIHUUDURQR
OH FDYLJOLH GHO JXHUULHUR PHQWUH YRFL VWULGXOH ULGHYDQR H VJKLJQD]]DYDQR WXWWLQWRUQR TXHOOH PDQL
FRPLQFLDURQR D WLUDUH FRQ IRU]D GLVXPDQD FHUFDQGR GL WUDVFLQDUH LO FDYDOLHUH QHO VRWWRVXROR SHUFKp VL XQLVVH
DJOLDOWULQRQPRUWLQHOORURLQTXLHWRULSRVR

/HYDQGR OD VSDGD FRQ XQ JULGR QH FDOz  OD ODPD OXFHQWH VXOOH PDQL FKH OR WUDWWHQHYDQR PD TXDQGR OH HEEH
UHFLVHGDLSROVL VFKHOHWULFL QH DIILRUDURQRVXELWRDOWUHFKH JOLDIIHUUDURQRLSLHGLHLSROSDFFLHSHUTXDQWH QH
WURQFDVVHDOWUHHPHUVHURGLYROWDLQYROWDVHPSUHSLQXPHURVHDULQIRU]DUHODSUHVDILQRDTXDQGROXLVLUHVH
FRQWRFKHVWDYDSHUGHQGRODVXDEDWWDJOLDHFKHORVWDYDQRWUDVFLQDQGRQHOVRWWRVXRORFRPHGLPRVWUDYDLOIDWWR
FKHHUDJLjVSURIRQGDWRQHOIDQJRILQRDOOHJLQRFFKLD

1HVVXQD0DJLD

,OPDJRVFDWWzLQDYDQWLSHUFHUFDUHGLDLXWDUORFRQOHPDJLFKHSDUROHVXOOHODEEUDHGLPSHJQDWRDORWWDUHSHU
WURYDUHLOILDWRQHFHVVDULRDSURQXQFLDUH3DUODUHHUDSHUzLPSRVVLELOHSHUFKpODSRFDDULDGLFXLGLVSRQHYDQRJOL
HUD QHFHVVDULD SHU QRQ VRIIRFDUH 'LVSHUDWR SURYz D FROSLUH OH PDQL VFKHOHWULFKH FRQ OLPSXJQDWXUD GHO VXR
%DVWRQHHOHRVVDVLIUDQWXPDURQRLWHQGLQLVLODFHUDURQR

6FHQGHO2VFXULWj

'HQVDHSDOSDELOHORVFXULWjVLDEEDWWpVXGLORURFRPHVHIRVVHVWDWDLQDWWHVDGHOORFFDVLRQHSHUPDQLIHVWDUVL

/D7RUUH

,QTXHOPRPHQWRGDYDQWLDORURDSSDUYHOD7RUUHGHOOD*UDQGH6WUHJRQHULDXQDOWRHGLILFLRIDWWRGLPDJLDHGL
PDUPR QHUR FKH VL SURWHQGHYD QHO FLHOR FKH HUD WXWWR RVFXUR LQWRUQR DG HVVD LQ TXDQWR QHSSXUH OH VWHOOH VL
DYYLFLQDYDQR DOOD 7RUUH GL 3DODQWKDV 7UH OXQH ULVSOHQGHYDQR VX GL HVVD OD OXFH DUJHQWHD GL 6ROLQDUL IDFHYD
VFLQWLOODUH LO PDUPR QHUR SHUFKp DQFKH VH HUD XQD GLYLQLWj YHQHUDWD GDOOH 9HVWL %LDQFKH FRPH L VXRL IUDWHOOL
DQFKH6ROLQDULULYHULYDRJQLIRUPDGLPDJLDODOXFHFDUPLQLDGL/XQLWDULVLULYHUVDYDLQYHFHVXLSLQQDFROLURVVR
VDQJXH FKH VRYUDVWDYDQR OD WRUUH H VRSUD GL HVVL VRSUD OD EDOFRQDWD QRWD FRPH LO &DPPLQR GHOOD 0RUWH
IOXWWXDYDODOXQDQHUD1XLWDULVSHFLDOHJXDUGLDQDGLTXHVWDWRUUHHYLVLELOHVRORDOOH9HVWL1HUH
1HOOHSRUWHQRQFHUDQHVVXQDVHUUDWXUDYLVLELOHHSDUHYDFKHSHUDSULUOHIRVVHVXIILFLHQWHXQDVSLQWDHWXWWDYLD
QHVVXQRSURWHVHODPDQRSHUIDUORQHVVXQRVLPRVWUzSURSHQVRDWRFFDUHTXHOIHUURFKHJURQGDYDGHOODVWUDQD
FRQGHQVDSURSULDGHO%RVFKHWWRGL6KRLNDQ
,QJLURQRQVLYHGHYDQHVVXQRHQRQFHUDQROXFLDOOHILQHVWUHGHOODWRUUH

1HOJLDUGLQR

(UDXQSRVWRGHFLVDPHQWHVWUDQRGRYHFUHVFHYDQRILRULHGHUEHQHFHVVDULFRPHFRPSRQHQWLSHUJOLLQFDQWHVLPL
&ROWLYDWHHDFFXGLWHGDJOLDSSUHQGLVWLTXHOOHSLDQWHVLVYLOXSSDYDQRSHUORSLGLQRWWHHSURVSHUDYDQRVRWWROD
OXFH LQYLVLELOH GL 1XLWDUL OD EHOODGRQQD JLJOLR GHOOD PRUWH RUFKLGHH QHUH URVH QHUH UXWD JLXVTXLDPR
SDSDYHURPDQGUDJRODDVVHQ]LRYLVFKLRLOORURSURIXPRGROFHHVRIIRFDQWHJUDYDYDQHOODULDLPPRWD

,JXDUGLDQLGHOODWRUUH

(UDQRGDSSHUWXWWR
2FFKLELDQFKLHILVVL6ROWDQWRRFFKLQLHQWHWHVFKLRRFROORREUDFFLDRWRUVRRJDPEHVROWDQWRRFFKLHPDQL
VSDYHQWRVHLQFXLHUDUDFFKLXVRLOJHORGHOODPRUWH
'RYHYDQRHVVHUHFHQWLQDLDHVFLQWLOODYDQRWXWWLGLXQSDOOLGREDJOLRUHJHOLGRDOODOXFHLQYLVLELOHGL1XLWDUL
*OLRFFKLFRQWLQXDURQRD IDUVLVHPSUHSLYLFLQLH PDQLELDQFKHHSULYHGL XQFRUSRDSSDUYHURQHOEXLRGLWD
VFKHOHWULFKHSXQWDURQRLQGLUH]LRQHGHOFXRUHPDUWHOODQWHGHLFRPSDJQL

,OODERUDWRULR

/D VWDQ]D HUD HQRUPH FHUWR PROWR GL SL GL TXDQWR FKLXQTXH DYUHEEH SRWXWR UDJLRQHYROPHQWH DVSHWWDUVL
FRQVLGHUDWD OD VXD SRVL]LRQH H OH GLPHQVLRQL GHOOH DOWUH FDPHUH GHOOD WRUUH WDQWR FKH 7DV HEEH OD VWUDQD
VHQVD]LRQH FKH DYHVVH FRPLQFLDWR DG DPSOLDUVL QHO PRPHQWR LQ FXL OXL YL HUD HQWUDWR XQLWD DOOD VHQVD]LRQH
DQFRU SL HFFLWDQWH FKH HVVD VWHVVH FRQWLQXDQGR D FUHVFHUH 4XHVWD HUD OLPSUHVVLRQH GHULYDQWH GDO IDWWR FKH
RJQLYROWDFKHJXDUGDYDXQSXQWRGLYHUVRGHOODFDPHUDQHOGLVWRJOLHUHORVJXDUGRSHUSRLJXDUGDUHDQFRUDLQ
TXHOODVWHVVDGLUH]LRQHJOLFDSLWDYDGLVFRUJHUHRJJHWWLFKHHUDFHUWRQRQFLIRVVHURVWDWLXQPRPHQWRSULPD
/RJJHWWRSLJURVVRFKHFLIRVVHQHOODERUDWRULRHUDXQWDYRORJLJDQWHVFRLQWDJOLDWRQHOODSLHWUDFKHRFFXSDYD
TXDVL WXWWR LO FHQWUR GHOOD FDPHUD 8Q WDYROR FRVu OXQJR FKH RFFXSDYD TXDVL WXWWR LO FHQWUR GHOOD FDPHUD XQ
WDYROR FRVu OXQJR FKH 7DVVOHKRII DYUHEEH SRWXWR VGUDLDUVL VX GL HVVR WUH YROWH FRQVHTXHQ]LDOPHQWH H DYHUH
DQFRUDVSD]LRSHUODFRGDLQFXLHUDQRUDFFROWLLVXRLFDSHOOLQRQFKHDYUHEEHPDLGHVLGHUDWRVGUDLDUVLLQPH]]R
DWXWWDTXHOODSROYHUHFKHHUDUDFFROWDVXRJQLFRVDLQXQRVWUDWRPROWRVSHVVRLQFXLRUDDSSDULYDQROHWUDFFH
ODVFLDWHVXOSDYLPHQWRGDLFRPSDJQLPDVRORTXHOOHQRQDSSDULYDXQLPSURQWDGLWRSLHQHDQFKHXQDUDJQDWHOD
>@SURLHWWzODOXFHVXLQQXPHUHYROLVFDIIDOLVXLTXDOL7DVVOHKRIIULFRQREEHDOFXQLYROXPLGDOODFRSHUWLQDEOX
QRWWHFKHHUDQRDSSDUWHQXWLDOOLQIDPH PDJR)LVWDQGDQWLOXVDOWULFKHDYHYDQRODFRSHUWLQDQHUDFRQLQFLVLRQL
DUJHQWR R URVVD FRQ OHWWHUH LQ RUR SRWHYDQR HVVHUH DSSDUWHQXWL D 5DLVWOLQ R HUDQR IRUVH VWDWL ODVFLDWL Ou GDL
SUHFHGHQWLDELWDQWLGHOODWRUUH

3UREDELOPHQWHFHUDGDLPSD]]LUHVHTXDOFXQRRVDVVHJXDUGDUHDQFKHVRORODFRSHUWLQDVHXQPDJRGLUDQJR
LQIHULRUH WHQWDYD GL OHJJHUH XQ LQFDQWHVLPR FKH QRQ HUD DGDWWR D OXL ULVFKLDYD GL LPSD]]LUH DOOLVWDQWH  XQD
PLVXUDGLVLFXUH]]D

,O3RUWDOHGHOO$ELVVR

8QD JURVVDSRUWDRYDOH PRQWDWDVXXQDSLDWWDIRUPDGLSLHWUDULDO]DWDRUQDWDHULQIRU]DWDGDOOHWHVWHGLFLQTXH


GUDJKLLOFXLFROORVLQXRVRVLVQRGDYDGDOSDYLPHQWR/HFLQTXHWHVWHJXDUGDYDQRYHUVROLQWHUQRGXHGDXQODWR
HWUHGDOODOWURHOHFLQTXHERFFKHHUDQRVSDODQFDWHLQXQLQWHUPLQDELOHFDQWRGLORGHDOOD5HJLQDGHOOH7HQHEUH
(DOOLQWHUQRGHO3RUWDOHUHJQDYDXQRVFXULWjFKHVROWDQWRODPDJLDSRWHYDSHQHWUDUH
2JQLYROWDFKHODWHQGDFKHORQDVFRQGHYD YHQLYDVROOHYDWDOHFLQTXHWHVWH VLDQLPDYDQRHVLDFFHQGHYDQRGL
XQDOXFHGLFRORUHGLYHUVRD]]XUUDYHUGHURVVDELDQFDHQHUDSURQWHDGXFFLGHUHTXDOVLDVLPDJRDEEDVWDQ]D
VWROWRGDWHQWDUHGLHQWUDUHGLVXDLQL]LDWLYD
$EEDJOLDWRGDOODOXFH3DOLQVEDWWpGRORURVDPHQWHOHSDOSHEUHHVLPDVVDJJLzJOLRFFKLEUXFLDQWL,OFKLDURUHFKH
HPDQDYDGDOOHWHVWHGLGUDJRVLQWHQVLILFzSHUzDQFRUDGLSLHOXLSRWpVHQWLUHFLDVFXQDGLHVVHFKHFRPLQFLDYD
DFDQWLOHQDUHTXDOFRVD
'DOORVFXULWjDOORVFXULWjODPLDYRFHHFKHJJLDQHOYXRWRUHFLWzODSULPD
'DTXHVWRPRQGRDOSURVVLPRODPLDYRFHJULGDYLWDVFDQGuODVHFRQGD
'DOORVFXULWjDOORVFXULWjLRFKLDPR6RWWRLPLHLSLHGLWXWWRqVDOGRFDQWLOHQzODWHU]D
,OWHPSRVFRUUHDWWLHQLWLDOODWXDURWWDPRUPRUzODTXDUWD
3RLFKpSHUILQRJOL'HLVRQRDEEDWWXWLGDOIDWRSLDQJHWHYRLWXWWLFRQPHVXVVXUUzLQILQHODTXLQWD
/DYLVWD JOL VLRIIXVFzHOH ODFULPH JOLFRODURQRFRSLRVHOXQJRLO YROWRSHUORVIRU]RGLYHGHUHDWWUDYHUVRLO
FKLDURUH DEEDJOLDQWH GHO SRUWDOH SRL  OH OXFL PXOWLFRORUL SUHVHUR D  YRUWLFDUH IROOHPHQWH UXRWDQGR LQWRUQR
DOOHVWHUQRGHOODJUDQGHDSHUWXUDSHUYDVDGDOQXOODFKHVSLFFDYDDOFHQWURGHOSRUWDOH

/D&DPHUDGHOOH9LVLRQL

8QD VWDQ]D FLUFRODUH DO FHQWUR GHOOD TXDOH FHUD XQD SROOD GDFTXD VFXUD FKH RFFXSDYD TXDVL WXWWR ODPELHQWH
FRQODVRODHFFH]LRQHGLXQDSLFFRODSDVVHUHOODXQDILDPPDD]]XUUDVFDWXULYDGDOFHQWURGHOODSROODVHQ]DSHUz
HPHWWHUH IXPR H VHQ]D FKH IRVVH SRVVLELOH FDSLUH FKH VRUWD GL FRPEXVWLELOH XVDVVH ODVFLDQGR LQ RPEUD OD
PDJJLRUSDUWHGHOODFDPHUD
'XQWUDWWRLQWUDYLGHURXQPRYLPHQWRLQWRUQRDOOLPLWDUHGHOODSROOD
$GXQFHUWRSXQWRGHOODVXDIDPLJHUDWDFDUULHUDORVKDODILGL'DODPDULOQHUR5DLVWOLQKDWHQWDWRGLFUHDUHOD
YLWDHTXHVWLVRQRVWDWLLULVXOWDWL(VVLVRQRQRWLFRPHL9LYL
, 9LYL PDVVH VDQJXLQDQWL VLPLOL D ODUYH VWULVFLDYDQR VL FRQWRUFHYDQR R VL WUDVFLQDYDQR OXQJR L ERUGL GHOOD
SROOD HPHWWHQGR GLH VXRQL GD FXL HUD SHUz LPSRVVLELOH FDSLUH VH VL WUDWWDVVH GL SDUROH R VROWDQWR GL YHUVL GL
DQJRVFLDHGLVRIIHUHQ]D
1RQ RFFRUUH VSUHFDUH ROWUHPRGR OD FRPSDVVLRQH SHUFKp L 9LYL VRQR FRPXQTXH TXHOOL FKH VWDQQR PHJOLR GL
FRORURQRWLFRPHL0RUWL
, 9LYL FLDQJRWWDURQR SLHQL GL HFFLWD]LRQH H SDUHFFKL GL HVVL VL WUDVFLQDURQR ILQR DO OLPLWDUH GHOOD SROOD SHU
LQGLFDUHODFTXDFRQOHORURVWHVVHDSSHQGLFLGHIRUPL
6L DYYLFLQz DO OLPLWDUH GHOOD SROOD EDGDQGR D QRQ FDOSHVWDUH QHVVXQR GHL 9LYL PHQWUH VL PXRYHYD H
QHOODEEDVVDUHORVJXDUGRVXOODFTXDVFXUDLQXQSULPRPRPHQWRQRQYLGHQXOODWUDQQHLOULIOHVVRGHOODILDPPD
D]]XUUD $ SRFR D SRFR SHUz HVVR VL IXVH FRQ OH DFTXH FKH VL DJLWDURQR OHJJHUPHQWH H JOL GLHGHUR XQD FRVu
FRQFUHWDVHQVD]LRQHGLHVVHUHVXOSXQWRGLSUHFLSLWDUHQHOODSROODFKHOXLSURWHVHODPDQRSHUDSSXQWHOODUVLHSHU
SRFRQRQWRFFz ODSHUVRQDFRQFXLYROHYDFRPXQLFDUH 
1RQ DSSHQD FRQFOXVH OD FRQYHUVD]LRQH OLQFDQWHVLPR WHUPLQz H OXL WRUQz D WURYDUVL DFFDQWR DG XQD SROOD GL
DFTXDVFXUD1HOIUDWWHPSRSDUHFFKL9LYLJOLVLHUDQRUDFFROWLLQWRUQRHGHUDQRLQWHQWLDWDVWDUHHDGDFFDUH]]DUH
FRQLQWHUHVVHODVXDDUPDWXUD

,O1HJR]LRGL0DJLD'L-HQQD

,QGLFDWR GDOOLQVHJQD GHOOH WUH OXQH TXHOOD DUJHQWR TXHOOD URVVD H TXHOOD QHUD DSSHQD VRSUD OD SRUWD,O QHJR]LR GHOOD
PDJLDGL-HQQDVLWURYDYDQHOODSDUWHPLJOLRUHGHOOD&LWWj1XRYDFRVDFKHFDXVDYDXQFHUWRGLVDJLRDLSURSULHWDULGHOOH
ERWWHJKHYLFLQHFKHQXWULYDQRXQDSURIRQGDGLIILGHQ]DQHLFRQIURQWLGHJOLDUFDQLFOLHQWLFKHORIUHTXHQWDYDQR'DOWUR
FDQWRHUDULVDSXWRFKH-HQQDHUDXQDIDYRULWDGL'DODPDULO6LJQRUHGHOOD7RUUHGHOOD*UDQGH6WUHJRQHULDHDQFKHVHOD
ULFRQRVFLXWD ILJXUD GL SRWHUH H GL DXWRULWj GHOOD FLWWj HUD LO 6LJQRUH GL 3DODQWKDV QHVVXQ FLWWDGLQR DYUHEEH PDL RVDWR
TXDOFRVDFKHSRWHVVHGHVWDUHOHLUHGHO6LJQRUHGHOOD7RUUH

$OOLQWHUQR

/DERWWHJDHUDSLXWWRVWRJUDQGHHGDOODSSDUHQ]DGHFLVDPHQWHSURVSHUD6HLEDFKHFKHGLOHJQRGDOODVRPPLWjLQ
YHWUR HUDQR SLHQH GL DQHOOL VSLOOH SHQGHQWL FULVWDOOL EUDFFLDOL IHPPLQLOL H SDUDSROVL LQ PHWDOOR DOFXQL
VSOHQGLGLDOWULRUULELOLHDOWULDQFRUDGLDVSHWWRUHODWLYDPHQWHFRPXQHYDVLGLYHWURFRQWHQGHQWLGLWXWWRGDJOL

RFFKL GL WULWRQH LPPHUVL LQ XQ OLTXLGR YLVFKLRVR D TXHOOL FKH VHPEUDYDQR URWROL GL OLTXLUL]LD DQFKH D
GLVSRVL]LRQH GHL PDJKL SDWLWL GL GROFL  HUDQR GLVSRVWL FRQ RUGLQH VXJOL VFDIIDOL )LOH GL OLEUL SHU LQFDQWHVLPL
HUDQR GLVSRVWL OXQJR OH SDUHWL GLYLVL SHU FDWHJRULH GDO FRORUH GHOOD FRSHUWLQD H GD TXDOFKH UXQD D YROWH LQFLVD
VXOOD FRVWD SHUJDPHQH DUURWRODWH H OHJDWH FRQ QDVWUL GL GLYHUVL FRORUL HUDQR ULSRVWH LQ SLFFROL FRQWHQLWRUL
SROYHURVL FXVWRGLH SHU SHUJDPHQH VDFFKH GL FXRLR GL YHOOXWR R GL VHPSOLFH SDQQR SHU L PDJKL SL SRYHUL 
HUDQRHVLELWHLQEHOODYLVWDVXXQWDYRORLQVLHPHDGXQEHOODVVRUWLPHQWRGLFROWHOOL/HVSLOOHHJOLDOWULRJJHWWL
PDJLFLHUDQRWXWWLFKLXVLQHOOHEDFKHFKHHVHQ]DGXEELRSURWHWWLGDLQFDQWHVLPLVHQ]DFRQWDUHFKHOXLQRQDYHYD
LGHD GL TXDOH IRVVH OR VFRSR GL FLDVFXQR GL HVVL HG DYUHEEH SRWXWR SUHQGHUH UXEDUH  TXDOFRVD FKH VDUHEEH
ULVXOWDWRSLGDQQRVRSHUOXLFKHSHU
8QDWHQGDURVVDFKLXGHYDOHVWUHPLWjGLIRQGRGHOQHJR]LR

,O3RUWR

/DEDUFDVLDGGHQWUzIUDOHDOWUHFKHVLDIIROODYDQRQHOSRUWR
(QRUPL JDOHH PHUFDQWLOL FRQ XQ HTXLSDJJLR FRVWLWXLWR GD PLQRWDXUL VL DIILDQFDYDQR D JURVVL SHVFKHUHFFL SLORWDWL GD
XPDQL GDOOD FDUQDJLRQH VFXUD RULJLQDUL GHOO(UJRWK VHWWHQWULRQDOH PHQWUH SLFFROH FKLDWWH PHUFDWR VLQWUXIRODYDQR LQ
PH]]R D TXHOOD FDOFD XUWDQGR HG LQIDVWLGHQGR L QDWDQWL SL JUDQGL FRQ LO ULVXOWDWR GL SURYRFDUH XQD WHPSHVWD GL
LPSUHFD]LRQL H D YROWH TXDOFKH VHFFKLDWD GL DFTXD GL VHQWLQD R GL WHVWH GL SHVFH FRPH XOWHULRUH IRUPD GL SURWHVWD $G
DXPHQWDUHODFRQIXVLRQHFRQWULEXLYDDQFKHXQDQDYHGLJQRPLFKHHUDDSSHQDHQWUDWDQHOSRUWRLQGXFHQGREXRQDSDUWH
GHOOHDOWUHLPEDUFD]LRQLDWRJOLHUHODQFRUDSHUFHUFDUHGLPHWWHUHODPDJJLRUGLVWDQ]DSRVVLELOHIUDORURHJOLJQRPLLQ
TXDQWR QHVVXQR FKH IRVVH GRWDWR GHO PLQLPR EXRQ VHQVR DYUHEEH ULVFKLDWR OD YLWD H OLQWHJULWj ILVLFD ULPDQHQGR QHOOH
YLFLQDQ]H GL TXHOOD VLQJKLR]]DQWH PRVWUXRVLWj D YDSRUH ,Q PH]]R D TXHO FDRV LO FDSLWDQR GHO SRUWR VL VSRVWDYD GL
FRQWLQXRGLTXDHGLOjDERUGRGHOODVXDQDYHGDLFRORULVSHFLDOLDVFLXJDQGRVLODWHVWDFDOYDPDGLGDGLVXGRUHHJULGDQGR
RUGLQLDLFDSLWDQLGHOOHGLYHUVHQDYLPHGLDQWHXQPHJDIRQR
6L SRWHYD DWWUDFFDUH DO PROR SXEEOLFR FKH VHPEUDYD XQLVROD GL SDFH LQ PH]]R DG XQD IRUHVWD GL DOEHUDWXUH VH
SDUDJRQDWRDLPROLSULQFLSDOLSDJDQGRXQDWDULIIDYDULDELOHLQEDVHDOWHPSRGDWWUDFFR
(VVHQGRLOVXRDFFHVVRULVWUHWWRDOOHSLFFROHLPEDUFD]LRQLLQSUHYDOHQ]DOHEDUFKHGDGLSRUWRGHLULFFKLLOSRUWRSXEEOLFR
HUDPROWR PHQRDIIROODWR$EEDVVDQGRODYHODHDYYLFLQDQGRVLDIRU]DGLUHPLEDVWDYDWURYDUHXQ PROROLEHURJHWWDUH
ODQFRUDHDVVLFXUDUHOLPEDUFD]LRQHDOPRORFRQXQDJRPHQD
8QQDQRGDOODEDUEDJULJLDHDUUXIIDWDHGDOYROWRVHJQDWRGDJOLHOHPHQWLSURSULRGLFKLWUDVFRUUHOHVXHJLRUQDWHHVSRVWR
DOULIOHVVRGHOVROHVXOODFTXD


/D&RUSRUD]LRQHGHL/DGUL

/D&RUSRUD]LRQHGHL/DGULGL3DODQWKDVSRWHYDYDQWDUVLHGLVROLWRORIDFHYDFRQRUJRJOLRGLHVVHUHODFRUSRUD]LRQHSL
DQWLFD GHOOD FLWWj $QFKH VH QHVVXQD GDWD XIILFLDOH LQGLFDYD OD VXD IRQGD]LRQH L VXRL PHPEUL SUREDELOPHQWH QRQ
VEDJOLDYDQR QHOODYDQ]DUH TXHOODIIHUPD]LRQH SHUFKp GL FHUWR D 3DODQWKDV FHUDQR VWDWL GHL ODGUL SULPD FKH FL IRVVHUR
DUJHQWLHULVDUWLSURIXPLHULRDSSDUWHQHQWLDGXQDTXDOVLDVLGHOOHDOWUHFRUSRUD]LRQLFKHDGHVVRILRULYDQRQHOODFLWWj
/D&RUSRUD]LRQHGHL/DGULULVDOLYDDLWHPSLDQWLFKLDGXQJHQWLOXRPRFKLDPDWR3HWHLO*DWWRFKHHUDVWDWRDFDSRGLXQD
EDQGDGLODGURQLFKHYLYHYDQRQHOOHDUHHVHOYDJJHGL6RODPQLD3HWHLO*DWWR FKHQRQGRYHYDLOVXRVRSUDQQRPHDOIDWWR
GL HVVHUH DJLOH H VLOHQ]LRVR FRPH XQ JDWWR EHQVu DOOHVVHUH VWDWR XQD YROWD IXVWLJDWR FRQ XQ JDWWR D QRYH FRGH  HUD
HVWUHPDPHQWHVHOHWWLYRQHOODVFHOWDGHOOHVXHYLWWLPHLQTXDQWRHYLWDYDLQRELOLFKHYLDJJLDYDQRFRQXQDVFRUWDDUPDWD
WXWWLLPDJKLLPHUFHQDULHFKLXQTXHDYHVVHDOODFLQWXUDXQDVSDGDSHUFKpVRVWHQHYDGLHVVHUHPROWRULOXWWDQWHDYHUVDUH
GHOVDQJXHVRSUDWWXWWRLOVXR
'LFRQVHJXHQ]DVFHJOLHYDGLGHUXEDUHLYLDQGDQWLVROLWDULHGLVDUPDWLVWDJQLWLLWLQHUDQWLPHQHVWUHOOLJLURYDJKLYHQGLWRUL
DPEXODQWLSRYHULVWXGHQWLFKLHULFLHGqTXLQGLLQXWLOHGLUHFKHOXLHODVXDEDQGDDYHYDQRXQDFHUWDGLIILFROWjDVEDUFDUH
LOOXQDULRDQFKHVH3HWHFRQWLQXDYDDVSHUDUHFKHXQJLRUQRDYUHEEHURIHUPDWRXQRVWDJQLQRVROWDQWRSHUVFRSULUHFKH
TXHVWLDYHYDXQDVDFFDGLJHPPHQDVFRVWDVXOODVXDSHUVRQDFRVDFKHSHUDOWURQRQVXFFHGHYDPDL'XUDQWHXQLQYHUQR
SDUWLFRODUPHQWHGLIILFLOHQHOTXDOHODVXDEDQGDHUDRUPDLULGRWWDLQFRQGL]LRQLWDOLFKHLEDQGLWLHUDQRDUULYDWLDPDQJLDUH
OHORURVWHVVHVFDUSHHGDGDGRFFKLDUVLIDPHOLFDPHQWHDYLFHQGD3HWHLO*DWWRGHFLVHGLPLJOLRUDUHODSURSULDSRVL]LRQH
VRFLDOH H VJXVFLz YLD GL VRSSLDWWR GDO FDPSR SHU DQGDUH D FHUFDUH IRUWXQD R DOPHQR XQD FURVWD GL SDQH QHOOD FLWWj GL
3DODQWKDVGDSRFRIRQGDWD6WDYDROWUHSDVVDQGROHPXUDQHOFXRUHGHOODQRWWHTXDQGRVLPEDWWpLQXQDJXDUGLDFLWWDGLQD
H FRORUR FKH LQVLVWRQR D YHGHUH 3HWH LO *DWWR VRWWR XQD OXFH URPDQWLFD VRVWHQJRQR FKH OXL VFDJOLz OD JXDUGLD JL GDL
EDVWLRQLSHUSRLHQWUDUHLQWULRQIRQHOODFLWWj4XDQWLVLVRQRLQYHFHSUHVLLOGLVWXUERGLOHJJHUHODYHUDYLFHQGDGL3HWHLO
*DWWR KDQQR LQYHFH VFRSHUWR OD YHUVLRQH HIIHWWLYD GHOOD VWRULD FLRq FKH GRSR HVVHUH VWDWR EORFFDWR VXOOH PXUD H
PLQDFFLDWRGLPRUWHLOFRUDJJLRVR3HWHLO*DWWRVLJHWWzLQJLQRFFKLRHVLDJJUDSSzDOOHJDPEHGHOODJXDUGLDLPSORUDQGR
PLVHULFRUGLD ,Q TXHO PRPHQWR OXRPR VFLYROz VX XQ WUDWWR GL SLHWUD JKLDFFLDWD D FDXVD GHOOH EUDFFLD GL 3HWH VWUHWWH
VDOGDPHQWHLQWRUQRDOOHVXHJLQRFFKLDQRQULXVFuDPDQWHQHUHOHTXLOLEULRLQFLDPSDQGRDOGLOjGHOPXUR
3HWH LO *DWWR FKH DYHYD DYXWR LO EXRQ VHQVR GL DEEDQGRQDUH OD SUHVD DOOXOWLPR PRPHQWR FRQWLQXz D PDQWHQHUH XQD
QRWHYROHSUHVHQ]DGLVSLULWRHGRSRHVVHUHVFHVRGDOOHPXUDLQPRGRSLFRQYHQ]LRQDOHGHSUHGzLOFRUSRGHOODJXDUGLD
SHU SRL VJXVFLDUH LQ FLWWj GRYH VL LQVWDOOz LQ XQD VWDOOD SHU OH PXFFKH 6L SRWUHEEH TXLQGL GLUH FKH OD &RUSRUD]LRQH
QDFTXHGDOORVWHUFRGLYDFFD3HWHFRQWLQXzVHPSUHDVRVWHQHUHGLHVVHUHVWDWROXLDIRQGHUHOD&RUSRUD]LRQHGHL/DGUL
PDLQUHDOWjVLULWLHQHFKHODYHUDIRQGDWULFHVLDVWDWDODVXDDPDQWHXQDGRQQDGHLQDQLGLQRPH%HW0DQR6YHOWD

,ODGULOLWLJDQRWUDORURGLFHXQYHFFKLRGHWWRDPDQRDPDQRFKH3DODQWKDVGLYHQWDYDSLJUDQGHHSLULFFDLODGUL
FKH RSHUDYDQR LQ HVVD FRPLQFLDYDQR LQ HIIHWWL D OLWLJDUH VX EDVH UHJRODUH &DSLWDYD LQIDWWL VSHVVR FKH VL WURYDVVHUR D
VDFFKHJJLDUHXQDFDVDFKHHUDVWDWDJLjGHUXEDWDODQRWWHSUHFHGHQWHRSSXUHFRPHDFFDGGHLQXQDSDUWLFRODUHRFFDVLRQH
FKH WUH GLYHUVL JUXSSL GL ODGUL FRQYHUJHVVHUR VXOOD GLPRUD GHOOR VWHVVR VLJQRUH QHOOR VWHVVR PRPHQWR ,Q TXHO FDVR LO
ULVXOWDWR IX XQD PLVFKLD IXULERQGD FKH VYHJOLz LO ORUG HG L VXRL VHUYL SHUPHWWHQGR ORUR GL FDWWXUDUH WXWWL L ODGUL H GL
ULQFKLXGHUOL LQ FDQWLQD SHU SRL LPSLFFDUOL LO JLRUQR VXFFHVVLYR 3XUWURSSR 3HWH LO *DWWR IX XQR GL HVVL H VL GLFH FKH
FRPEDWWpFRPHXQGHPRQLRILQRDOODPRUWHDQFKHVHLWHVWLXIILFLDOLULSRUWDYDQRFKHVLDFFDVFLzJHPHQGRDLSLHGLGHOOD
IRUFDHGRYHWWHHVVHUHWUDVFLQDWRSHUODFROORWWRODVXSHULJUDGLQL'RSRTXHOGLVDVWUR%HW0DQR6YHOWDFRQYRFzWXWWLL
WDJOLDERUVH L WDJOLDJROH HG L ERUVDLROL FKH ULXVFu D SHUVXDGHUH DG XVFLUH GDL ORUR QDVFRQGLJOL ULYROVH ORUR XQ GLVFRUVR
WUDVFLQDQWH VRVWHQHQGR FKH VDUHEEH VWDWR PROWR PHJOLR PHWWHUH LQ FRPXQH LO ORUR WDOHQWR VXGGLYLGHUH LO WHUULWRULR H
GLYLGHUH OH VSRJOLH SLXWWRVWR FKH SHVWDUVL L SLHGL D YLFHQGD 4XHL ODGUL DYHYDQR WXWWL YLVWR L FRUSL GHL ORUR FRPSDJQL
GRQGRODUHGDOODIRUFDTXLQGLIXURQRSURQWLDGDFFRQVHQWLUHHQRQHEEHURPDLDSHQWLUVHQH
/D &RUSRUD]LRQH GHL /DGUL ULVXOWz HVVHUH XQ WDOH VXFFHVVR FKH XQ QXPHUR VHPSUH PDJJLRUH GL ODGUL GRWDWL GL WDOHQWR
FRQYHUVHVX3DODQWKDVJUD]LHDFDSLLQWHOOLJHQWLODFRUSRUD]LRQHSURVSHUz,VXRLPHPEULHODERUDURQRGHOOHOHJJLLQWHUQH
HG XQ FRGLFH GL FRPSRUWDPHQWR FKH GRYHYDQR HVVHUH VRWWRVFULWWL GD WXWWL FRORUR FKH HQWUDYDQR D IDU SDUWH GHOOD
&RUSRUD]LRQH L TXDOL DYUHEEHUR SHUFHSLWR XQD SRU]LRQH GHL ORUR SURILWWL LQ FDPELR GL DGGHVWUDPHQWR DOLEL FKH
UHJJHVVHURLQWULEXQDOHQDVFRQGLJOLVLFXULTXDQGROHJXDUGLHGHO6LJQRUHGL3DODQWKDVHUDQRLQFDFFLDGLTXDOFXQR
/DWWXDOH TXDUWLHU JHQHUDOH GHOOD &RUSRUD]LRQH DYHYD VHGH LQ XQ PDJD]]LQR DEEDQGRQDWR DOOLQWHUQR GHOOD FLQWD GHOOH
PXUDFLWWDGLQHYLFLQRDLPROLGRYHHVVDSURVSHUDYDLPSXQHPHQWHGDDQQL$LQWHUYDOOLUHJRODULLO6LJQRUHGL3DODQWKDV
SURPHWWHYD DL FLWWDGLQL FKH DYUHEEH FKLXVR OD &RUSRUD]LRQH GHL /DGUL H GL WDQWR LQ WDQWR GXUDQWH ODQQR OH JXDUGLH
FLWWDGLQH VIHUUDYDQR XQ DWWDFFR FRQWUR LO PDJD]]LQR /H VSLH GHOOD &RUSRUD]LRQH VDSHYDQR SHUz VHPSUH TXDQGR HVVH
VWDYDQRSHUDUULYDUHPDRJQLYROWDOHJXDUGLHWURYDYDQRXQPDJD]]LQRYXRWRQRQRVWDQWHTXHVWRLO6LJQRUHGL3DODQWKDV
DQQXQFLDYDDOODFLWWDGLQDQ]DFKHOHDWWLYLWjGHOOD&RUSRUD]LRQHHUDQRVWDWHVWURQFDWHHGLFLWWDGLQLDELWXDWLDTXHVWHYDQH
SURPHVVHFRQWLQXDYDQRDFKLXGHUHDFKLDYHODSRUWDODQRWWHHGLOPDWWLQRVXFFHVVLYRDFRQWDUHVWRLFDPHQWHOHSHUGLWH
VXELWH $ GLUH LO YHUR SXU GHWHVWDQGROD L FLWWDGLQL GL 3DODQWKDV HUDQR DOTXDQWR RUJRJOLRVL GHOOD ORUR &RUSRUD]LRQH GHL
/DGULSHUFKpLOFRPXQHPHUFDQWHFKHFRPXQTXHFRPPHWWHYDIXUWLVXVFDODSLULGRWWDFRQLVXRLSUH]]LWURSSRJRQILDWL
SRWHYDODPHQWDUVLGHOODSUHVHQ]DGHLODGULHOHJLRYDQLGRQQHSRWHYDQRVRJQDUHGLVDOYDUHFRQLOORURDPRUHXQDXGDFH
EDQGLWRGDXQDYLWDGHGLWDDOFULPLQH'LFRQVHJXHQ]DJOLDELWDQWLGL3DODQWKDVJXDUGDYDQRFRQGLVSUH]]RDOOHFLWWjSL
SLFFROHFKHQRQDYHYDQRXQD &RUSRUD]LRQHGHL/DGULHSDUODYDQRFRQVXSHULRULWjGHLSRVWLFRPH )ORWVDPGRYHLODGUL
QRQHUDQRRUJDQL]]DWLGLFRQVHJXHQ]DVHPEUDYDQRHVVHUHGLFDWHJRULDPROWRLQIHULRUHULVSHWWRDTXHOOLGL3DODQWKDV$
FRQIHUPD GL WXWWR FLz HUDQR VROLWL UDFFRQWDUH OD VWRULD GL XQ QRELOH ODGUR FKH GRSR HVVHUH HQWUDWR QHOOD FDVD GL XQD
SRYHUD YHGRYD HG DYHU YLVWR LQ TXDOL FRQGL]LRQL YLYHVVH TXHOOD GRQQD OH DYHVVH DGGLULWWXUD ODVFLDWR GHO GHQDUR XQD
VWRULDODFXLYHULGLFLWjDYUHEEHQDWXUDOPHQWHSRWXWRHVVHUHPHVVDLQGLVFXVVLRQHGDWXWWHOHSRYHUHYHGRYHGL3DODQWKDV
FKHSHUDOWURQRQYHQLYDQRFHUWRLQWHUSHOODWHDOULJXDUGR

,OYLFRORGHOOD9LDGHL/DGUL

,OYLFRORHUDEXLRHGHVHUWR
1RQVLDFFRUVHGHJOLRFFKLFKHOLRVVHUYDURQRPHQWUHSHUFRUUHYDQRLOYLFRORHVHTXDOFXQRVLIRVVHDGGHQWUDWR
GDVRORJOLDYUHEEHURGLFHUWRWDJOLDWRODJROD
4XHJOL RFFKL SHUz FRQRVFHYDQR H DFFHWWDYDQR LO ODGUR DFFRPSDJQDWRUH HG XQD VHULH GL ULFKLDPL GXFFHOOL GL
PLDJROLLVHUYuDJXLGDUHVLDOXLFKHODFRPSDJQLDDWWUDYHUVRODUHWHGLVHQWLQHOOHHGLVSLHGHOOD&RUSRUD]LRQH

,OPDJD]]LQR

,OPDJD]]LQRHUDXQHGLILFLRJLJDQWHVFRDGGRVVDWRDOOHPXURFLWWDGLQHHSRLFKpHUDIDWWRGHOODORURVWHVDSLHWUD
VHPEUDYDXQDVRUWDGLHVFUHVFHQ]DRGLXQWXPRUHFKHIRVVHHPDQDWRGDOODVXSHUILFLHGHOPXURSHUHVWHQGHUVL
QHOOHVWUDGHXQLPSUHVVLRQHDFFHQWXDWDGDOODVXSHUILFLH JULJLDEXWWHUDWDHFDGHQWH /HSRFKHILQHVWUHSUHVHQWL
HUDQRVSRUFKHRURWWHEXFKLFKHHUDQRVWDWLWDSSDWLFRQDOFXQHFRSHUWH FKHSRWHYDQRHVVHUHULPRVVHLQFDVRGL
DWWDFFRDOOHGLILFLRRIIUHQGRXQHFFHOOHQWHSRVL]LRQHGLWLURDJOLDUFLHUL ODSRUWDVSHVVDHPDVVLFFLDHUDIDWWDGL
OHJQRULQIRU]DWRLQIHUURUHFDYDVXLEDWWHQWLXQPDUFKLRFDUDWWHULVWLFR
,OODGUREXVVzFRQWURTXHOOHJQRLQPRGRVWUDQRHFRPSOHVVRHLQUHOD]LRQHDLVXRLFROSLXQSDQQHOORSRVWRLQ
EDVVR VL VSRVWz HG XQ RFFKLR VELUFLz IXRUL VWXGLDQGR LO ODGUR SULPD GL VSRVWDUH OD SURSULD DWWHQ]LRQH VXOOD
FRPSDJQLDHULSRUWDUODLQILQHVXOODGURFRQHVSUHVVLRQHVRVSHWWRVDSHUSRLVYDQLUH8QDWWLPRGRSRLOSDQQHOOR
VLULFKLXVH

/LQWHUQRGHOPDJD]]LQR

/LQWHUQRGHO PDJD]]LQRHUDFDYHUQRVR3DUWHGHOODPELHQWHHUDRFFXSDWRGDWDYROLHVHGLHLQ PDQLHUDWDOHGD


IDUOR VHPEUDUH OD VDOD FRPXQH GL XQD ORFDQGD LO WXWWR HUD ULVFKLDUDWR GD WRUFH ILVVDWH DOOH SDUHWL H GD VSHVVH
FDQGHOH FKH DUGHYDQR VXL WDYROL DL TXDOL VHGHYDQR SHUVRQH LQWHQWH D EHUH D PDQJLDUH D JLRFDUH GD]]DUGR D
SDUODUHRDGRUPLUHJHQWHGLRJQLHWjHGLRJQLUD]]DYLYHQWHVX$QVDORQ/D&RUSRUD]LRQHGHL/DGULSRWHYD
LQIDWWLDYHUHOHVXHSHFFKHPHQRLOSUHJLXGL]LRQRQULHQWUDYDIUDHVVHFRPHGLPRVWUDYDODYLVWDGLGXHXPDQL
LQWHQWL D EHUH FDPHUDWHVFDPHQWH LQ FRPSDJQLD GL WUH HOIL GL XQ QDQR FKH JLRFDYD D GDGL FRQ XQ RUFR GL XQ

RUFKHWWR H GL XQ NHQGHU LPSHJQDWL D JDUHJJLDUH QHO EHUH 3RFR ORQWDQR XQD PDJD GDOOD 9HVWH 5RVVD VWDYD
SRUWDQGRDYDQWLFRQXQPLQRWDXURXQDFFDORUDWDGLVFXVVLRQHLQHUHQWHD6DUJRQQDVHGRYXQTXHFHUDQREDPELQL
FKH FRUUHYDQR H JLRFDYDQR IUD L WDYROL ,O UHVWR GHO PDJD]]LQR HUD LPPHUVR QHOORPEUD LO FKH LPSHGu DOOD
FRPSDJQLDGLYHGHUHFRVDFRQWHQHVVH

/H)RJQH

,OVLVWHPDIRJQDULRWLSXzSRUWDUHLQTXDOVLDVLSXQWRGL3DODQWKDVGLFHYDQRLODGUL
6HPSUHFKHDSUHQGRXQDJUDWDQRQVLYHQLVVHFROWLGDFRQDWLGLYRPLWRTXDQGRGDOORVFXULWjVDOuXQIHWRUHFRVuRUULELOHGD
VHPEUDUHGRWDWRGLIRUPDHGLYLWDSURSULD
6FHQGHQGRGDXQDVFDODDSLROLPHWDOOLFL

/DVWRULD

1HVVXQR VDSHYD FRQ HVDWWH]]D LQ FKH PRGR IRVVH VWDWR FUHDWR TXHO ODELULQWR FKH HUD LO VLVWHPD IRJQDULR GL
3DODQWKDV $OFXQL VRVWHQHYDQR FKH OH IRJQH HUDQR VWDWH SURJHWWDWH GDL FRVWUXWWRUL GHOOD &LWWj 9HFFKLD H FKH
HUDQR VWDWH FRVWUXLWH LQVLHPH DG HVVD PD HVLVWHYDQR DQFKH DOWUH VWRULH VHFRQGR FXL LO VLVWHPD IRJQDULR HUD
HVLVWLWRPROWRSULPDGHOODFLWWjFRVWUXLWRGDXQDQD]LRQHGLQDQLRUPDLGLPHQWLFDWDGDWHPSR6HFRQGRDOFXQH
YHUVLRQLGLTXHOODVWRULDLQDQLVDUHEEHURVWDWLVFDFFLDWLGDOORURODELULQWRVRWWHUUDQHRSHURSHUDGHJOLXPDQLFKH
QHOUHQGHUVLFRQWRGHOOHQRUPHSRWHQ]LDOHGLTXHOODUHWHGLJDOOHULHDYHYDQRGHFLVRGLHUJHUHODORURFLWWjVXGL
HVVD

$OOLQWHUQR

6HQ]DGXEELRODUHWHIRJQDULDVHPEUDYDLQHIIHWWLXQDVRUWDGLSLFFRODFLWWjVRWWHUUDQHDLQTXDQWROHSDUHWLHUDQR
GL SLHWUD H VRVWHQXWH GD DUFKLWUDYL GHOOR VWHVVR PDWHULDOH LO IRQGR HUD SDYLPHQWDWR OLVFLR H OLYHOODWR FHUDQR
SHUILQR YHFFKL DQHOOL GL IHUUR LQILVVL DOOH SDUHWL LO FXL VFRSR D JLXGLFDUH GD FRPH LO PXUR WXWWLQWRUQR HUD
FKLD]]DWR GL QHUR HUD XQ WHPSR TXHOOR GL UHJJHUH GHOOH WRUFH ,O VRIILWWR HUD WDOPHQWH EDVVR FKH XQ XRPR HUD
FRVWUHWWR D SURFHGHUH TXDVL SLHJDWR LQ GXH VXOOD SDYLPHQWD]LRQH XPLGD VGUXFFLROHYROH H D YROWH FRVWHOODWD GD
PXFFKL GL ULILXWL FKH PDUFLYDQR 'RYXQTXH FHUDQR WRSL FKH IXJJLYDQR DOODSSURVVLPDUVL GL XRPLQL H VL HUD
FRVWUHWWLDFDPPLQDUHFRQFDXWHODSHUQRQFRUUHUHLOULVFKLRGLVFLYRODUHHGLFDGHUHSHUTXDQWRDYYDQWDJJLDWL
SHUILQRGDOFKLDURUHGLXQDWRUFLD
/DJDOOHULDLQFXLLSHUVRQDJJLVLHUDQRFDODWLFRUUHYDGLUHWWDPHQWHVRWWRLOYLFRORWDQWRGLULWWDFKHIRUVHLQTXHO
PRPHQWRVWDYDQRSDVVDQGRSURSULRVRWWROHSHUVRQHVXOODVWUDGDVWHVVDHSHUTXDOFKHWHPSRTXHVWRSHUPLVHORUR
GL FRQWLQXDUH DG DYHUH XQLGHD DEEDVWDQ]D SUHFLVD GL GRYH VL WURYDYDQR LQ UDSSRUWR DOODFLWWj VRYUDVWDQWH SRL
SHUz LO FXQLFROR GHVFULVVH XQD VHULH GL VYROWH WRUWXRVH H VERFFz QHOOLQWHUVH]LRQH GL DOWUH WUH JDOOHULH FKH VL
GLUDPDYDQRLQGLUH]LRQLGLYHUVHOXLQRQVHSSHSLGDFKHSDUWHDQGDUH
6XOODSDUHWHVXSHULRUHGHOPXURGLXQDGLTXHVWHGLUDPD]LRQLVSLFFDYDQRGHLVHJQLGLGXHGLYHUVLWLSL8QDVHULH
HUDVHQ]DGXEELRLQFUHGLELOPHQWHDQWLFDHOHOHWWHUHFKHODFRPSRQHYDQRHUDQRIRUPDWHGDWHVVHUHPXOWLFRORUL
FKHFRVWLWXLYDQRXQPRVDLFR$GHVVRPROWHWHVVHUHQRQFHUDQRSLFUHDQGRXQDVHULHGLEXFKLQHOGLVHJQRH
DOWUHHUDQRFRSHUWHGDPXIIDPDLSRFKLVLPEROLYLVLELOLVHPEUDYDQRHVVHUHTXHOOLGHOOLQJXDJJLRGHLQDQL
6RWWR JOL DQWLFKL PRVDLFL FHUDQR GHL VHJQL SL UHFHQWL FKH HUDQR FRVWLWXLWL GD VHPSOLFL H UR]]L GLVHJQL VXOOD
SLHWUDFRQXQRVWUXPHQWRDSSXQWLWRIRUVHXQFROWHOORFKHVHPEUDYDQRVFDUDERFFKLLQIDQWLOLIRUPDWLGDFXELH
FHUFKLVRWWRFXLHUDQRYLVLELOLGHOOHIUHFFH
,VHJQLHUDQRVWDWLIDWWLGDLODGULFKHKDQQRWUDFFLDWRTXHVWLGLVHJQLLQ PRGRGDSRWHUVLRULHQWDUH/DFDVDGHO
6LJQRUHGL3DODQWKDVFRQLVXRLFLQTXHWLPSDQLXQJURVVRHDOWRUHWWDQJRORFRQVRSUDXQSLFFRORWULDQJRORqOD
7RUUH GHOOD *UDQGH 6WUHJRQHULD PHQWUH XQD FXSROD URWRQGD FRQ FLQTXH SXQWH q LO 7HPSLR GL 3DODGLQH XQ
WULDQJRORVRVWHQXWRGDDOFXQHOLQHHHUDOD*UDQGH%LEOLRWHFD(ODIUHFFLDLQGLFDGDFKHSDUWHDQGDUH
$OWULGLVHJQLVLWURYDQRDGRJQLLQWHUVH]LRQH
4XHOOLFKHVLSHUGRQRTXDJJLGLYHQWDQRFLERSHUWRSL

/D*UDQGH%LEOLRWHFD

/DIDFFLDWDGLPDUPRELDQFRGHOOD*UDQGH%LEOLRWHFDGL3DODQWKDVFRQLOSRUWLFRVRUUHWWRGDFRORQQHHOHVWUHWWHILQHVWUH
VFXUHHUDXQRGHJOLHGLILFLSLDQWLFKLGHOODFLWWjULYHULWRHULVSHWWDWRGDWXWWLFRORURFKHYLVLDYYLFLQDYDQR/HSHUVRQH
FKH QH DWWUDYHUVDYDQR L JLDUGLQL SDUODYDQR LQ WRQR VRPPHVVR QRQ SHUFKp LO VLOHQ]LR IRVVH LPSRVWR PD SHUFKp ODULD
VWHVVD FKH IUXVFLDYD IUD JOL DOEHUL VHPEUDYD VXVVXUUDUH L VHJUHWL VHFRODUL UDFFKLXVL QHOOD ELEOLRWHFD $GHVVR L FRPSDJQL
HEEHURODVHQVD]LRQHFKHVHVLIRVVHVRIIHUPDWRDGDVFROWDUHDYUHEEHURSRWXWRVHQWLUHXQRGLTXHLVHJUHWL
/D OXFH GHOOD WRUFLD ULVFKLDUz OD YDVWD VDOD LOOXPLQDQGR ILOH GL YROXPL ULOHJDWL VX OXQJKL VFDIIDOL FKH VL HVWHQGHYDQR D
SHUGLWD GRFFKLR YHUVR ODOWR ILQR DG HVVHUH LQJKLRWWLWL GDO EXLR QHOOD VWHVVD PLVXUD LQ FXL OD VWRULD LQ HVVL FRQWHQXWD
YHQLYDLQJKLRWWLWDGDOSDVVDWR/DOXFHFDGGHDQFKHVXOODXWRUHGHLOLEULHGHOOHSHUJDPHQH

/RVWXGLRGL$VWLQXV

$VWLQXVVWDYDODYRUDQGRDOODVXDVFULYDQLDLQWHQWRDVFULYHUHHGLWDQWRLQWDQWRXQRGHJOL(VWHWLFLVLSUHVHQWDYD
QHOOD VWD VWDQ]D FRQ IDUH HVWUHPDPHQWH VLOHQ]LRVR SHU QRQ GLVWXUEDUOR SURFHGHQGR D UDFFRJOLHUH L YROXPL
XOWLPDWL SHU SRUWDUOL QHOOD ELEOLRWHFD GRYH YHQLYDQR GLVSRVWL LQ RUGLQH FURQRORJLFR $VWLQXV QRQ HUD VROLWR
VROOHYDUHODSHQQDGDOOLEURHVPHWWHUHGLVFULYHUHWUDQQHFKHSHULQWLQJHUODGLWDQWRLQWDQWRQHOFDODPDLRFRQXQ
JHVWRWDQWRUDSLGRFKHORFFKLRQRQHUDLQJUDGRGLVHJXLUOR

 8QD&HOOD

$SHUWD OD SRUWD HQWUz QHOOD VWDQ]D XQD SLFFROD FHOOD VLPLOH D TXHOOH LQ FXL YLYHYDQR JOL (VWHWL L PRQDFL FKH
GHGLFDYDQR OD YLWD D ODYRUDUH QHOOD ELEOLRWHFD HG D VHUYLUH LO VXR VLJQRUH 6FDUVDPHQWH DUUHGDWD OD VWDQ]D
FRQWHQHYD XQ OHWWR XQ ODYDER VX FXL FHUDQR XQD EURFFD GDFTXD  XQD FDUDIID HG XQD FDQGHOD DFFHVD
OHVWUHPLWj GHO OHWWR HUD QDVFRVWD QHOORPEUD PD VX GL HVVD VL VFRUJHYD XQ IDJRWWR FKH HUD SUREDELOPHQWH
FRVWLWXLWRGDDELWLGLULFDPELR

/D7DYHUQDGHOO2FDHGHO3DSHUR

/D 7DYHUQD GHOO2FD H GHO 3DSHUR VRUJHYD DG XQ DQJROR GRYH GXH VWUDGH ODWHUDOL VL FRQJLXQJHYDQR D IRUPDUH XQ
WULDQJROR HVVHQGR VWDWD FRVWUXLWD VXOOD VXD SXQWD OD WDYHUQD DYHYD GL FRQVHJXHQ]D OD IRUPD GL XQD IHWWD GL WRUWD HG
HVVHQGR DGLDFHQWH DOOD ERWWHJD GHO IDEEUR DYHYD DFTXLVLWR XQ VRWWLOH VWUDWR GL IXOLJJLQH SURYHQLHQWH GDO VXR IXRFR FKH
WLQJHYDGLIXPROHSDUHWLFRSHUWHGLHGHUDDYYL]]LWD4XDOFXQRDYHYDIDWWRLOWHQWDWLYRGLODYDUHDOPHQROHILQHVWUHFRQLO
VROR HVLWR GL VSDUJHUH PDJJLRUPHQWH OR VSRUFR FKH VL HVWHQGHYD DQFKH DOOLQVHJQD ORFD HG LO SDSHUR FRQ LO FROOR
LQWUHFFLDWR FKH ILJXUDYDQR VX GL HVVD DYHYDQR DYXWR XQ WHPSR OH SHQQH ELDQFKH PD DGHVVR GDYDQR OLPSUHVVLRQH GL
HVVHUHDSSHQDHPHUVLGDXQEDULOHGLFDUERQH,OWDYHUQLHUHHUDXQXRPRPDJULVVLPRHGDOYROWRSDOOLGRSURSHQVRDQRQ
IDUPDLHQWUDUHLNHQGHU,OIRQGRDOODWDYHUQDHUDRFFXSDWDGDLWDYROLSHJJLRULTXHOOLYLFLQRDOOHFXFLQH,OUXPRUHGHL
SLDWWLOHJULGDGHOFXRFRHGLOUXPRUHGHLPDQWLFLFKHDOLPHQWDYDQRLOIXRFRFRSULYDQRRJQLFRQYHUVD]LRQHDOSXQWRGL
DYHUGLIILFROWjDVHQWLUHODVXDVWHVVDYRFH,OFLERqFDWWLYRHGLOYLQRqDQFKHSHJJLRUHHUDLOFRPSOLPHQWRPLJOLRUH
FKHHUDVWDWRULYROWRDOODWDYHUQD%RFFDOLGLYLQRDOOR]HQ]HURYLQRSLDWWLGLSDQHHIDJLROLFRQXQVDFFRGLSHSHURQFLQR
HUDQROHVSHFLDOLWjGLFDVD

.$/$0$1

)LRUHQWHFLWWjSRUWXDOHVLWXDWDDGHVWGL3DODQWKDVOXQJRODFRVWD6HWWHQWULRQDOH
.DODPDQQRQHUDJUDQGHTXDQWR3DODQWKDVQpDOWUHWWDQWRUDIILQDWDPDFRPHHUDQRVROLWLDIIHUPDUHFRQRUJRJOLRLVXRL
DELWDQWLHUDGRWDWDGLPDJJLRUHEXRQVHQVRFRVDLQGXEELDPHQWHGRYXWDDOODSURVSHUDFODVVHPHGLDFKHDYHYDDFTXLVLWR
VHPSUH PDJJLRUHULFFKH]]DHSRWHUHGRSRLWHPSLFXSLGHOOD*XHUUDGHOOH/DQFH3DODQWKDVHUDXQDFLWWjGLQRELOLHGL
GDPH GL FDYDOLHUL H GL PDJKL PHQWUH .DODPDQ HUD XQD FLWWj GL FRPPHUFLDQWL H GL DUWLJLDQL HG HUD JRYHUQDWD GDOOH
FRUSRUD]LRQLFRQWUROODWHGDXQJRYHUQDWRUHHOHWWRGDLPHPEULGHOOHFRUSRUD]LRQLVWHVVH
4XDOVLDVL XRPR R GRQQD XPDQR QDQR R HOIR FKH IRVVH FKH SRVVHGHYD XQDWWLYLWj DSSDUWHQHYD DG XQD FRUSRUD]LRQH
FRPHTXHOODGHJOL$UJHQWLHULGHLIDEEULFDQWLGL6SDGHGHL/RFDQGLHULGHL%LUUDLGHOOH&XFLWULFLGHL6DUWLGHL&DO]RODL
GHL 7DJOLDWRUL GL *HPPH H FHQWR DOWUH FRPSUHVD OD &RUSRUD]LRQH GHL 5LWURYDWRUL OXQLFD JHVWLWD GD XQ NHQGHU FKH FL
IRVVH LQ WXWWR $QVDORQ $ .DODPDQ FKLXQTXH SHUGHVVH TXDOFRVD HUD VROLWR UHFDUVL LPPHGLDWDPHQWH SUHVVR TXHOOD
FRUSRUD]LRQH /D FLWWj DYHYD PLOL]LD FRPSRVWD GD XQD PLVFHOD GL PHUFHQDUL D SDJDPHQWR H GLFLWWDGLQL FRPDQGDWL GD
VROGDWL YHWHUDQL , PHUFHQDUL QRQ HUDQR L VROLWL DYYHQWXULHUL VHPSUH SURQWL DOOH ULVVH H GLVSRVWL DG DLXWDUH TXDOFXQR D
FRPEDWWHUH FRQWUR JOL RUFKHWWL LQ FDPELR GHO FRVWR GL XQ RWUH GL YLQR PD DOWUHWWDQWR GLVSRVWL DG DLXWDUH JOL RUFKHWWL LQ
FDPELR GHOOD VWHVVD FLIUD LQ TXDQWR RJQL PHUFHQDULR FKH YHQLYD DVVROGDWR SHU FRPEDWWHUH SHU .DODPDQ ULFHYHYD XQD
FDVDQHOODFLWWjFRPHSDUWHGHOSDJDPHQWRHQWUDYDDIDUSDUWHGHOOD&RUSRUD]LRQHGHL0HUFHQDULHDYHYDGLULWWRDOYRWR
FRQLOULVXOWDWRFKHLPHUFHQDULFKHDFFHWWDYDQRTXHVWHFRQGL]LRQLVLWUDVIRUPDYDQREHQSUHVWRLQFLWWDGLQLFKHDYHYDQR
JOLVWHVVLLQWHUHVVLQHOODPELWRGHOODFLWWjHGHUDQRTXLQGLSLFKHGLVSRVWLDFRPEDWWHUHSHUGLIHQGHUOD

6(=,21(3(5621$**,121*,2&$17,

 /DG\-HQQD

8QDGRQQDEHOODHGHVRWLFDDYYROWDLQXQDFRVWRVDYHVWHURVVDIDWWDGLYHOOXWRGLVHWDHERUGDWDLQRURDYYLOXSSDWD
GDXQLQWHQVRSURIXPRFKHOHLXVDYDSHUPDVFKHUDUHJOLRGRULDYROWHVJUDGHYROLGHLFRPSRQHQWLSHULQFDQWHVLPLFKH
SRUWDYDLQXQDVHULHGLVDFFKHGLVHWDDSSHVHDGXQDFLQWXUDGLFXRLRHGDUJHQWR/DGRQQDHUDDIIDVFLQDQWHSRWHQWH
PLVWHULRVD
1RPH*QRVKRVKDOODPDULRQLQLOOLV\\OSKDQLWGLVGLVVOLK[GLH6LIHUPzXQDWWLPRSHUSLJOLDUHILDWR,OSULPRQRPH
PDSRLPLFKLDPDQRDQFKH

 )HZPDVWHU7RHGH

(UD LQ DUFLRQH D XQ SLFFROR SRQL GDOOH ]DPSH SHORVH FKH SURFHGHYD D FDSR FKLQR FRPH VH VL YHUJRJQDVVH GHO
SURSULRFDYDOLHUH8QDSHOOHJULJLDHPDFXODWDULFDGHYDLQSLHJKHDWWRUQRDOYROWRGHOFDYDOLHUH'XHURVDRFFKLHWWL
SRUFLQLRVVHUYDYDQRLOPRQGRGDVRWWRXQHOPRGLIRJJLDPLOLWDUHFRQXQHVSUHVVLRQHGLPDOHYROHVXSHULRULWjVXOOD
VXDIDFFLDSLDWWD,OVXRFRUSRJUDVVRHIODFFLGRVWUDULSDYDWUDXQSH]]RHODOWURGLXQDYLVWRVDHSDFFKLDQDDUPDWXUD
(UDXQ+REJREOLQ

 0DTXHVWD.DU7KRU

6HFRQGR%DV2KQ.RUDI GHWWR.RI HUDXQPLQRWDXURHFFH]LRQDOPHQWHIRUWHHGHUDQRWRFKHSRWHYDDPPD]]DUH


VHQ]D SURYRFD]LRQH XQD GHOOH UDJLRQL SHU FXL VL HUD IDWWR PDULQDLR 3HUHFKRQ 9DVFHOOR VQHOOR FRQFHSLWR SHU
YHOHJJLDUHYHORFHHSHUOHPDQRYUHUDSLGH,GHDOHSHULFRPPHUFLGL0DTXHVWDSHULTXDOLHUDQHFHVVDULRVJXVFLDUH
GHQWUR H IXRUL GDL SRUWL UDSLGDPHQWH VFDULFDQGR R SUHQGHQGR D ERUGR FDULFKL FKH QRQ VDUHEEH WRFFDWR D OHL
QHFHVVDULDPHQWHSUHQGHUHDERUGRRFRQVHJQDUH'LWDQWRLQWDQWRDUURWRQGDYDLOVXRUHGGLWRFDWWXUDQGRXQRSXOHQWD
QDYH PHUFDQWLOH FKH YHOHJJLDYD IXRUL GD 3DODQWKDV R GD 7DUVLV VRUSUHQGHQGROD DQFRUD SULPD FKH VDSHVVH FLz FKH
VWDYDDFFDGHQGR8QUDSLGRDEERUGDJJLRLOVDFFKHJJLRXQDIXJDVHQ]DFRQVHJXHQ]H
0DTXHVWDHUDDQFKHHVSHUWDQHOEDWWHUHLQYHORFLWjOHQDYLGHL6LJQRULGHL'UDJKLDQFKHVHVLHUDIDWWDXQDTXHVWLRQH
GL SULQFLSLR GL ODVFLDUOH ULJRURVDPHQWH VWDUH 3HUz DGHVVR WURSSR VSHVVR VL YHGHYDQR OH QDYL GHL 6LJQRUL FKH
VFRUWDYDQRL YDVFHOOL PHUFDQWLOL0DTXHVWDFLDYHYDULPHVVRVROGLQHJOL XOWLPLGXH YLDJJL(UDXQDGHOOHUDJLRQL
SHUFXLVLHUDGHJQDWDGLWUDVSRUWDUHSDVVHJJHULTXDOFRVDFKHQRQDYUHEEHPDLIDWWRLQFLUFRVWDQ]HQRUPDOL

 +LJKEXOS3KXGJHLO*UDQGH

,O JUDQGH +LJKEXOS 3KXGJH  HUD XQ QDQR GL IRVVR FRPH PLOOH DOWUL (UD TXDVL LQWHOOLJHQWH VL GLFHYD FKH IRVVH
IDYRORVDPHQWHULFFRHGHUDXQIDPLJHUDWRYLJOLDFFR
,QXWLOHGLUHFKHLOJUDQGH3KXGJHQRQJUDGLYDTXHVWRVWDWRGLFRVH>1GUODUULYRGHLGUDFRQLFL@3DVVDYDOXQJKHRUH
SHQVDQGRDFRPHIDUHDGHOLPLQDUHLOGUDJR2YYLDPHQWHVDSHYDGRYHUDLOVXRQLGRHGDYHYDDQFKHVFRSHUWRXQD
VWUDGDVHJUHWDSHUSHQHWUDUYL$Q]LOXLVWHVVRYLHUDSHQHWUDWRXQDYROWDFKHLOGUDJRQRQFHUD3KXGJHHUDULPDVWR
HQWXVLDVWD GHOOD TXDQWLWj GL VSOHQGLGL VDVVL H PRQHWH OXFHQWL UDFFROWD QHOOH JUDQGH VDOD VRWWHUUDQHD ,Q JLRYHQW LO
JUDQGH+LJKEXOSDYHYDYLDJJLDWRVDSHYDFKHODJHQWHGHOPRQGRHVWHUQRDSSUH]]DYDTXHLEHLVDVVLLQFDPELRGHL
TXDOLHUDGLVSRVWDDGDUHWHVVXWLFRORUDWLLQTXDQWLWj 3KXGJHDYHYDXQGHEROHSHUJOLDELWLVJDUJLDQWL 6XGXHSLHGL
+LJKEXOSGLVHJQzXQDPDSSDSHUQRQGLPHQWLFDUVLFRPHULWRUQDUHDOWHVRURFRQYHUDSUHVHQ]DGLVSLULWRUXEzDQFKH
DOFXQLGHLVDVVLSLSLFFROL3KXGJHDYHYDVRJQDWRSHUPHVLHPHVLTXHOWHVRURPDSHUGXHPRWLYLQRQFLDYHYDPDL
IDWWR ULWRUQR ,O SULPR HUD FKH LO GUDJR QRQ VL HUD SL DOORQWDQDWR HG LO VHFRQGR HUD FKH 3KXGJH QRQ FDSLYD XQ
DFFLGHQWHGHOODPDSSD
$KVHVRORLOGUDJRVHQHIRVVHDQGDWRXQDYROWDSHUWXWWHSHQVDYDRVHTXDOFKHHURHIRVVHYHQXWRDWUDILJJHUORFRQ
ODVXDVSDGD

 %XSX

$YHYDXQJURVVRQDVREXOERVRHGLFDSHOOLOHVWDYDQRULWWLVXOODWHVWD,QGRVVDYDXQDELWRODFHURHUDWWRSSDWRGHOOH
JURVVH VFDUSH GHOOH FDO]H FKH OH VFLYRODYDQR VXOOH JLQRFFKLD 6HPEUDYD SHUz HVVHUH XQ FDSR WUD L QDQL GL IRVVR
SRLFKp WXWWL OD JXDUGDYDQR FRQ ULVSHWWR 4XHVWR DYHYD D FKH IDUH FRQ OD JURVVD H SHVDQWH ERUVD FKH VL WUDVFLQDYD
GLHWURDWUDFROODQHOODTXDOHRJQLWDQWRLQFLDPSDYD/DERUVDVHPEUDYDSHUzHVVHUHPROWRLPSRUWDQWHSHUOHLWDQWR
FKHTXDQGRXQRGHJOLDOWULQDQLGLIRVVRFHUFzGLWRFFDUODVLYROWzGLVFDWWRHJOLDSSLRSSzXQRVFKLDIIR

 *HRIIUH\LO/LQFLDWRGHWWR/\QFK

6L WUDWWDYD GL XQ XRPR DOWR H VQHOOR FRQ PDQL HVWUHPDPHQWH JUDQGL H VRWWLOL OH FXL OXQJKH GLWD HUDQR LQ FRVWDQWH
PRYLPHQWR VFKLRFFDQGR FRQWUDHQGRVL R DJLWDQGRVL HVVHQGR XQ ERUVDLROR WDQWR DELOH FKH VL UDFFRQWDYD IRVVH
ULXVFLWR XQD YROWD D VILODUH XQD FDVDFFD GL VHWD GL GRVVR DG XQ ORUG VHQ]D FKH TXHVWL VH QH DFFRUJHVVH ODVFLDQGR
LQWDWWDODFDVDFFD/\QFKVRVWHQHYDFKHTXHJOLHVHUFL]LVHUYLYDQRDPDQWHQHUJOLDJLOLOHGLWD,OVXRYROWRQRQDYHYD
QXOODFKHORGLVWLQJXHVVHHODVXDFDUDWWHULVWLFDGLPDJJLRUHVSLFFRLQOXLHUDXQFHUFKLRGLXQURVVRDFFHVRFKHJOL
VHJQDYDODJROD LOVHJQRFKHODFRUGDJOLKDODVFLDWRVXOFROORTXDQGRDYHYDQRSURYDWRDOLQFLDUORHGDFLzLOQRPH 

 $PRWKXV6LJQRUHGL3DODQWKDV

PDOJUDGR IRVVH XQ XRPR LQWHOOLJHQWH L VXRL SHQVLHUL DYHYDQR OD WHQGHQ]D D YDJDUH LQ UHJLRQL LQHVSORUDWH DYHYD
ELVRJQRGLHVVHUHFRVWDQWHPHQWHJXLGDWRSHUULPDQHUHVXOODUJRPHQWRFHQWUDOH

 $VWLQXV

,OVXRYROWRQRQqQpYHFFKLRHQpJLRYDQHQHSSXUHGLPH]]DHWjHUDOLVFLRSULYRGLUXJKHQHXWURFRPHODFDUWD
VXFXLOXLVFULYHYDFRVWDQWHPHQWHSHUUHJLVWUDUHORVFRUUHUHGHOWHPSRVX.U\QQ1HVVXQDHPR]LRQHFDUDWWHUL]]DYD
TXHOYROWRRTXHOOXRPRSHUFKpOXLDYHYDYLVWRWURSSHFRVHSHUHVVHUHDQFRUDFRPPRVVRGDTXDOVLDVLVSHWWDFRORJOL
IRVVH RIIHUWR $YHYD GHVFULWWR OD QDVFLWD GHO PRQGR ODVFHVD GHOOD &DVD GL 6LOYDQRVW OD FUHD]LRQH GHOOD *HPPD

*ULJLD OD FRVWUX]LRQH GL 7KRUEDUGLQ OH LPSUHVH GL +XPD QHOOD 6HFRQGD *XHUUD GHL 'UDJKL /D *XHUUD GHO
5HJLFLGLRODIRUPD]LRQHGHL &DYDOLHULGL6RODPQLD ODIRQGD]LRQHGL,VWDUDYHYDFRQWLQXDWRDVFULYHUHGXUDQWHOD
WHUULELOHGLVWUX]LRQHFDXVDWDGDO&DWDFOLVPDPHQWUHOHSDUHWLVWHVVHGHOODELEOLRWHFDWUHPDYDQRWXWWLQWRUQRDOXL
$YHYDVFULWWRGHOODFDGXWDGHL&DYDOLHULGL6RODPQLDGHOODYYHQWRGHLIDOVLSUHWLGHOULWRUQRGHLGUDJKLGHOOD*XHUUD
GHOOH/DQFH$OFXQLGLFHYDQRFKHPROWRPROWRWHPSRSULPDOXLIRVVHVWDWRXQPRQDFRDOVHUYL]LRGL*LOHDQHFKHD
TXHOWHPSRDYHVVHFRPLQFLDWRDVFULYHUHODVXDVWRULDDGHVVRIDPRVDVHFRQGRODOHJJHQGD*LOHDQHUDULPDVWRFRVu
LPSUHVVLRQDWR GDO VXR ODYRUR FKH DYHYD ULFRPSHQVDWR TXHO PRQDFR GRQDQGRJOL OLPPRUWDOLWj D SDWWR FKH
FRQWLQXDVVHDVFULYHUH$OWULVRVWHQHYDQRLQYHFHFKHTXHOOXRPRHUDLOGLR*LOHDQLQSHUVRQD
&RORURFKHVLYHQLYDQRDWURYDUHDOODVXDSUHVHQ]DULXVFLYDQRGLUDGRDULFRUGDUHSRLLVXRLOLQHDPHQWLPDQHVVXQR
GLPHQWLFDYDPDLJOLRFFKLVFXULSHQHWUDQWLRQQLYHJJHQWLSULYLGLFRPSDVVLRQHHGLSLHWj

6(=,21(67$7,67,&+(',*,2&2

4XHVWD VH]LRQH QRQ q SL GHGLFDWD DOOH GHVFUL]LRQL PD DOOH VWDWLVWLFKH DOOH WDEHOOH H WXWWR FLz FKH KD FKH IDUH FRQ L
QXPHUL SHUJLRFDUHFRQOHUHJROHGHOO$' '

.HQGHU

&OLPD$PELHQWH

)UHTXHQ]D
2UJDQL]]D]LRQH
$WWLYLWj
'LHWD$OLPHQWD]LRQH
,QWHOOLJHQ]D
7HVRUL

$OOLQHDPHQWR


1GL$SSDUL]LRQL
&ODVVH$UPDWXUD
0RYLPHQWR
+LW'LFH
7+$&
1$WWDFFKL
'DQQLVX$WWDFFR
$WWDFFKL6SHFLDOL
'HIHVH6SHFLDOL
5HVLVWHQ]D0DJLFD
'LPHQVLRQL
0RUDOH
3XQWL(VSHULHQ]D

7URSLFDOH
6XE7URSLFDOH
7HPSHUDWR &ROOLQD *LXQJOD
H0RQWDJQD
5DUD
*UXSSLGL)DPLJOLD
7XWWH
2QQLYRUL
'DD
6YDULDWL
 ,QGLYLGXDOL7LSR2HG;
 7DQH7LSR304;
/DZIXOR&KDRWLF1HXWUDO








FRQ$UPD
9HGL6RWWR
9HGL6RWWR
9HGL6RWWR
3LFFROD
6HQ]D3DXUD
'LYHUVL

,NHQGHUVRQRSLFFROLXPDQRLGLLQVD]LDELOPHQWHFXULRVLH
VHQ]D SDXUD FRQ XQ
DELOLWj PLVWHULRVD QHO PHWWHUVL QHL
JXDL  , NHQGHU DVVRPLJOLDQR SL D GHL EDPELQL XPDQL
VHEEHQH VRQR PXVFRORVL L PDVFKL GL TXHVWD UD]]D VRQR
WLSLFDPHQWH DOWL  SLHGL H SHVDQR FLUFD  OLEEUH OH
IHPPLQH VRQR OHJJHUPHQWH SL SLFFROH , NHQGHU DGXOWL
UDUDPHQWHHFFHGRQRODOWH]]DGLSLHGLRGLOSHVRGL
OLEEUH , NHQGHU KDQQR OH RUHFFKLH D SXQWD FDUDWWHULVWLFD
WLSLFDGHJOLHOIL/HORURFKLRPHKDQQRVYDULDWHWLQWHFKH
YDQQR GDO ELRQGR VDEELD DO PDUURQH FKLDUR HR VFXUR DO
UDPH URVVR HFF GL VROLWR OH SRUWDQR OXQJKH FRQ XQD
YDULHWj GL WUHFFH HR FRGH GL FDYDOOR 3HQQH QDVWUL ILRUL
HG DOWUL DUWLFROL VLPLODUL VRQR VSHVVR XWLOL]]DWH QHOOH
SHWWLQDWXUH , ORUR RFFKL VRQR GL VYDULDWL FRORUL GDO EOX
SDOOLGR DO QRFFLROD $PDQR YHVWLUVL FRQ LQGXPHQWL
VROLWDPHQWHLQFXRLRPRUELGRPDVRSUDWWXWWRDUULFFKLUH


LORURJLXEEHWWLFRQGHOOHERUVHDWUDFROODPXQLWHGLXQLQILQLWjGLWDVFKHQHOOHTXDOLSRUWDQRXQDVHULHGLRJJHWWLGDORUR
ULWHQXWL WHVRUL GL IDPLJOLD SHQQH GL XFFHOOL GHQWL GL DQLPDOL DQHOOL ID]]ROHWWL SLFFROL DWWUH]]L  WRSL PRQHWH SH]]L GL
FDUQHHVVLFFDWDPDVRSUDWWXWWRPDSSH 4XDOVLDVLFRVDSRWUHEEHFDWWXUDUHODWWHQ]LRQHGLXQNHQGHUHVHFLVLGLVWUDHSHU
SLGLXQVHFRQGRFLWURYHUHPPRVLFXUDPHQWHDOOHJJHULWHOHQRVWUHWDVFKH

&RPEDWWLPHQWR
, NHQGHU ORWWDQR VHULDPHQWH HG LQ PRGR LPSODFDELOH TXDOFKH YROWD XWLOL]]DQGR GHOOH WHFQLFKH LQDVSHWWDWH FKH SRVVRQR
SRUWDUHDOODYLWWRULDLORURFRPSDJQL6RQRLPPXQLDWXWWHOHIRUPHGLSDXUDLQFOXGHQGRDQFKHTXHOODPDJLFDROWUHDG
DYHUHGHL7LUL6DOYH]]DFRQWURLQFDQWHVLPLHYHOHQRFRQXQERQXVGL4XDQGRVRQRGDVROLHSULYLGLTXDOVLDVLGLIHVDL
NHQGHUKDQQRXQDSHQDOLWjGLVXOODVRUSUHVDGHLQHPLFL
/D GLIHVD FODVVLFD GL XQ NHQGHU q OD ORUR DELOLWj GL LUULWDUH L QHPLFL XWLOL]]DQGR GHJOL DEXVL YHUEDOL 4XDOVLDVL FUHDWXUD
ULQIDFFLDWD GD XQ NHQGHU SHU SL GL XQ URXQG GHYH HIIHWWXDUH XQ WLUR VDOYH]]D FRQWUR VRIILR 3HU DWWDFFDUH FRQ XQ

LQFDQWHVLPRRGLQL]LDUHXQDWWDFFRVHOYDJJLRSHUOGURXQGYLHQHDSSOLFDWDXQDSHQDOHGLVXOWLURHGXQDSHQDOHGL
VXOOD&ODVVH$UPDWXUD
,NHQGHUXWLOL]]DQRXQDGLVFUHWDYDULHWjGLDUPLHULFHYRQRXQERQXVGLVXOWLURTXDQGRXVDQRILRQGHRGDUFKL/DORUR
DUPD IDYRULWD q O+RRSDN XQD FRPELQD]LRQH VSHFLDOH GL XQ EDVWRQH FRVWLWXLWR SULQFLSDOPHQWH GD XQ OHJQR PROWR
UHVLVWHQWH FRQ OLQVHULPHQWR GL XQD ILRQGD QHOOD 7HVWD /
DOWUD SXQWD GHO EDVWRQH q DJX]]D FRQ LO ULQIRU]R GL PHWDOOR
4XDQGRORVLXVDQHOODPRGDOLWjILRQGDHVVRFDXVDOGGLGDQQRFRQWURSLFFROLQHPLFLHGOGTXDQGRORVLXVD
QHOODOWURPRGRFRQWURLJUDQGLQHPLFL
/DPDJJLRUSDUWHGHLNHQGHUQRQWROOHUDQRODUPDWXUDVHSLSHVDQWHGHOFXRLRRVLPLODUH


*XHUULHUR

&ODVVH

0DJR

&KLHULFR

9DJDERQGR

/LYHOOR0DVVLPR

&RPEDWWHQWH
(VSORUDWRUH
3DODGLQR
&DYDOLHUH6RODPQLFR
6WUHJRQH5LQQHJDWR
,OOXVLRQLVWD5LQQHJDWR
0DJRGL$OWD6WUHJRQHULD
6DFHUGRWH
'UXLGR
6DQWR2UGLQHGHOOH6WHOOH
/DGUR
%DUGR

 
 
1RQ'LVSRQLELOH
1RQ'LVSRQLELOH
1RQ'LVSRQLELOH
1RQ'LVSRQLELOH
1RQ'LVSRQLELOH

 

'RWH1DWXUDOH
1RQ'LVSRQLELOH


 .HQGHUFKHUDJJLXQJRQRFRPHYDORUHGL)RU]DSRVVRQRUDJJLXQJHUHLO/LYHOOR

6LWLUDSHULYDORULLQL]LDOLGHOOH$ELOLWjGHL.HQGHUFRQXQDSHQDOLWjGLVXOOD)RU]DPDFRQODJJLXQWDGLXQERQXVGL
 VXOOD 'HVWUH]]D , NHQGHU FKH QRQ VRQR ODGUL KDQQR GL EDVH LO  GL SUREDELOLWj GL ULXVFLUH D FRPSLHUH XQ )XUWR
PHQWUHVXJOL6NLOOVGL /HWWXUDQRQ KDQQR QHVVXQDSRVVLELOLWjHGLOYDORUHGLEDVHSHUOR 6NLOO $UUDPSLFDUVLqGHO
TXHVWHSUREDELOLWjQRQSRVVRQRFDPELDUHLQVHJXLWRVRORLOYDORUHGLGHVWUH]]DHGLPRGLILFDWRULUD]]LDOL,YDORULPLQLPL
HPDVVLPLGHOOH$ELOLWjLQL]LDOLVRQRLQGLFDWHTXLGLVHJXLWR


$ELOLWj

)RU]D
'HVWUH]]D
&RVWLWX]LRQH
,QWHOOLJHQ]D
&RQRVFHQ]D
&DULVPD

9DORUH
0LQLPR







9DORUH
0DVVLPR


















'LYLQLWj
3DODGLQH
0LVKDNDO
0DMHUH
.LUL-ROLWK
+DEEDNXN
%UDQFKDOD
6ROLQDUL
7DNKLVLV
6DUJRQQDV
0RUJLRQ
&KHPRVK
=HERLP
+LGGXNHO
1XLWDUL
*LOHDO
6LUULRQ
5HRU[
&KLVOHY
=LYLO\Q
6KLQDUH
/XQLWDUL


6(=,21($33(1',&(
3RWHUL0DJJLRUL

/HJJH'LIHVD
3HQVLHUR1XPHUL
/HJJH3HQVLHUR
/HJJH*XHUUD
9LDJJLDUH
1XPHUL
3HQVLHUR
&DRV7HPSR
&DRV3HQVLHUR
&DOFROL
3HQVLHUR
&DRV
&DRV
3HQVLHUR1XPHUL
1XPHUL7HPSR
&DRV
/HJJH*XHUUD
&DOFROL
3HQVLHUR
9LDJJLDUH
3HQVLHUR1XPHUL

3RWHUL0LQRUL

3HQVLHUR*XHUUD2UGLQH
*XDULJLRQH9LDJJLDUH
'LIHVD7HPSR
3URWH]LRQH
7HPSR*XHUUD
7HPSR9LDJJLDUH
1XPHUL7HPSR
'LIHVD*XHUUD
1XPHUL*XHUUD
1XPHUL3HVWLOHQ]D
*XHUUD1RQ0RUWL
7HPSR0DUH
%DUDWWDUH1HJR]LDUH
&DOFROL
6WXGLR3HQVLHUR
1XPHUL
&UHD]LRQH'LIHVD3HQVLHUR
&DRV
7HPSR
/HJJH
&DOFROL

Potrebbero piacerti anche