Linee guida per il marketing e la comunicazione ambientale - Green ...

',63(16( $662/20%$5'$ q XQD FROODQD FKH FRPSOHWD L VHUYL]L GL LQIRUPD]LRQH H DVVLVWHQ]D RIIHUWL GDOO·$VVRFLD]LRQH DL SURSUL DVVRFLDWL SHU DIIURQWDUH FRQ VXFFHVVR OD JHVWLRQHGHOO·LPSUHVD /D FROODQD UDFFRJOLH FRQWULEXWL H VWUXPHQWL GHGLFDWL DL GLYHUVL DPELWL GHOOD YLWD H GHOOD FXOWXUDD]LHQGDOH

                            /·RSHUDLQWXWWHOHVXHSDUWLqWXWHODWDGDOODOHJJHVXLGLULWWLG·DXWRUH



      /LQHHJXLGDSHULO0DUNHWLQJ HOD&RPXQLFD]LRQHDPELHQWDOH FRPHYDORUL]]DUHSURGRWWL HVHUYL]LVRVWHQLELOLHGHYLWDUH LULVFKLGHOJUHHQZDVKLQJ

         



       



,QGLFH 3UHID]LRQH.............................................................................................................................................7 3UHPHVVD ..............................................................................................................................................8 ,QWURGX]LRQH  3HUFKpH4XDQGR&RPXQLFDUH"   /¶DPELHQWHFRPHOHYDGHOOHVWUDWHJLHGLPDUNHWLQJHFRPXQLFD]LRQH ....................................14 2ULJLQLHGHYROX]LRQHGHOPDUNHWLQJDPELHQWDOH ......................................................................16 /HSULQFLSDOL³VILGH´DOO¶DGR]LRQHGLXQDVWUDWHJLDGLJUHHQPDUNHWLQJ ....................................18 $&KLH&RVD&RPXQLFDUH"  6WDNHKROGHUGLLPSUHVDHGHVWLQDWDULGHOODFRPXQLFD]LRQHDPELHQWDOH ..................................26 /¶LGHQWLILFD]LRQHGHLWDUJHWGHOODFRPXQLFD]LRQHDPELHQWDOH...................................................27 *OLVWUXPHQWLGLULFHUFDHDQDOLVLGHOODGRPDQGD ......................................................................31 6HQVLELOLWjDPELHQWDOHHFRQVXPRHFRORJLFRXQDUHOD]LRQHQRQXQLYRFD ..............................39 &RQVXPDWRUL³YHUGL´HVHJPHQWD]LRQHGHOPHUFDWRLULVFKLHOHRSSRUWXQLWj .......................46 /HYDULDELOLFKHLQFLGRQRVXOOHVFHOWHGLFRQVXPRHFRORJLFR ....................................................50 ,O3UH]]RGHOSURGRWWR   /D4XDOLWjR3HUIRUPDQFHGHOSURGRWWR   /D 9LVLELOLWj GHOOH FDUDWWHULVWLFKH DPELHQWDOL GHO SURGRWWR H O¶LPSHJQR GHOO¶D]LHQGD  /¶,PPDJLQHD]LHQGDOH   /¶,QIRUPD]LRQHDPELHQWDOH  /HJDUDQ]LHFHUWLILFD]LRQL   /DSURVVLPLWjGHOO¶LQGLYLGXR   &RPH&RPXQLFDUH"   &RUUHWWH]]DHGHIILFDFLDGHOODFRPXQLFD]LRQHDPELHQWDOHXQ¶HTXLYDOHQ]DQRQVFRQWDWD .....65 /D&KLDUH]]D ................................................................................................................................67 /¶$FFXUDWH]]DHOD6SHFLILFLWj .....................................................................................................69 /D5LOHYDQ]D ................................................................................................................................73 /D&RHUHQ]D .................................................................................................................................76 /¶$WWHQGLELOLWj ..............................................................................................................................77 /D&RPSDUDELOLWj .........................................................................................................................80 /D9LVLELOLWj ..................................................................................................................................82 'RYH&RPXQLFDUH"   8QDSOXUDOLWjGLVWUXPHQWLHGLFDQDOL ........................................................................................85 /DFRPXQLFD]LRQHDPELHQWDOHVXOSXQWRYHQGLWD......................................................................86 ,OUXRORGHOOD*UDQGH'LVWULEX]LRQH2UJDQL]]DWD*'2   ,SXQWLYHQGLWDVSHFLDOL]]DWL  /DFRPXQLFD]LRQHDPELHQWDOHVXLPHGLD³WUDGL]LRQDOL´ ..........................................................100 /DFRPXQLFD]LRQHDWWUDYHUVRODFHUWLILFD]LRQH ........................................................................113 /DFHUWLILFD]LRQHDPELHQWDOHGHLSURGRWWL   /D FRPXQLFD]LRQH GL SURGRWWR QHOO¶DPELWR GHOOH FHUWLILFD]LRQL GHL VLVWHPL GL JHVWLRQHDPELHQWDOH  /DFRPXQLFD]LRQHDPELHQWDOHVX,QWHUQHWH³1XRYL0HGLD´ ..................................................132 ,O&DXVH5HODWHG0DUNHWLQJ ......................................................................................................140 /HLQL]LDWLYHGLJUHHQPDUNHWLQJ³FROOHWWLYH´ ...........................................................................145



6LQWHVLGHOSHUFRUVRHFRQFOXVLRQL  $SSHQGLFH  $,QGDJLQLHULFHUFKHGLPHUFDWRDOFXQLULVXOWDWL ......................................................................160 $ 0DSSDWXUD GHL ULIHULPHQWL QRUPDWLYL H PHWRGRORJLFL QHO FDPSR GHOOD FRPXQLFD]LRQH DPELHQWDOHHGHOPDUNHWLQJDPELHQWDOH ........................................................................................162 $5LIHULPHQWLELEOLRJUDILFL ............................................................................................................171 $5LQJUD]LDPHQWL ..........................................................................................................................174



3UHID]LRQH 

,O WHPD GHOO¶DPELHQWH H SL LQ JHQHUDOH GHOOD VRVWHQLELOLWj VWD DVVXPHQGR XQ UXROR VHPSUHSLVWUDWHJLFRQHOO¶DWWLYLWjGHOOHLPSUHVHFKHFRQWLQXDQRDVIRU]DUVLGLLQGLYLGXDUH QXRYH RFFDVLRQL GL FUHVFLWD H RSSRUWXQLWj SHU PLJOLRUDUVL XOWHULRUPHQWH H DXPHQWDUH OD SURSULDFRPSHWLWLYLWj  /D VRFLHWj q VHPSUH SL DWWHQWD DL ULVYROWL DPELHQWDOL GHOOH SROLWLFKH H GHOOH VFHOWH LQGXVWULDOLJOLVWDQGDUGULFKLHVWLGLTXDOLWjGHOODYLWDVLLQQDO]DQRULFKLHVWDHGLVSRQLELOLWj GLLQIRUPD]LRQLVXTXHVWLDVSHWWLVWDQQRDXPHQWDQGR  &RQFHWWL FRPH ³*UHHQ HFRQRP\´ ³*UHHQ PDUNHWLQJ´ H ³&RPXQLFD]LRQH DPELHQWDOH´ KDQQR DVVXQWR XQ UXROR SULPDULR FKH VSLQJH OH LPSUHVH D WUDVPHWWHUH DL SURSUL VWDNHKROGHU QRQ VROR OH SHUIRUPDQFH UHODWLYH DO SURGRWWR PD DQFKH XQ PHVVDJJLR FKH UDIIRU]L O¶LGHQWLWj H O¶LPPDJLQH D]LHQGDOH 6LDPR GL IURQWH DG XQ YHUR H SURSULR FDPELDPHQWR GHOO¶DSSURFFLR GHOO¶LPSUHVD DO PHUFDWR FKH YHGH FRLQYROWH WXWWH OH IXQ]LRQL D]LHQGDOL  3RUWDUHDOO¶DWWHQ]LRQHGHOOHQRVWUHLPSUHVHO¶LPSRUWDQ]DGLFRPXQLFDUHDOPHJOLROHSURSULH SHUIRUPDQFH OHJDWH DOO¶DPELHQWH q VWDWD OD VSLQWD FKH KD JXLGDWR $VVRORPEDUGD QHOOD SUHGLVSRVL]LRQHGLTXHVWH/LQHHJXLGD/¶RELHWWLYRqTXHOORGLRIIULUHXQVXSSRUWRRSHUDWLYR SHU OD GHILQL]LRQH H UHDOL]]D]LRQH GL XQD VWUDWHJLD GL PDUNHWLQJ H FRPXQLFD]LRQH DPELHQWDOHLQJUDGRGLIRUQLUHPRWLYD]LRQLHDUJRPHQWLLGHQWLILFDUHOHSULQFLSDOLGLIILFROWj LQGLYLGXDUHOHRSSRUWXQLWjRIIHUWHHVHOH]LRQDUHLFRQWHQXWLHJOLVWUXPHQWLSLHIILFDFL  ,OWXWWRDWWUDYHUVRXQDSSURFFLRFRQVROLGDWRGLHOHPHQWLFKLDYHEDVDWLVXOSHUFKpTXDQGR DFKLFRVDFRPHHGRYHFRPXQLFDUH  8Q ULQJUD]LDPHQWR SDUWLFRODUH YD ULYROWR DOOH LPSUHVH H DL FRPSRQHQWL GHO *UXSSR GL /DYRURVXOOD4XDOLWj$PELHQWDOHFRVWLWXLWRSUHVVRLO6HWWRUH7HUULWRULR$PELHQWH(QHUJLD GL$VVRORPEDUGDHFRRUGLQDWRFRQLOSUH]LRVRDXVLOLRGHOOR,HIH8QLYHUVLWj%RFFRQL   $QWRQLR&RORPER 'LUHWWRUH*HQHUDOH$VVRORPEDUGD



3UHPHVVD   ,OJUHHQPDUNHWLQJPLUDDVYLOXSSDUHSURPXRYHUHHYDORUL]]DUHSURGRWWLHVHUYL]LLQJUDGR GL JHQHUDUH XQ ULGRWWR LPSDWWR DPELHQWDOH FRPSDUDWLYDPHQWH DOOH DOWHUQDWLYH RIIHUWH VXO PHUFDWR/HVWUDWHJLHGLJUHHQPDUNHWLQJVLVRQRVYLOXSSDWHVXOODVSLQWDGHOODVHPSUHSL ULOHYDQWH WHQGHQ]D GHL FRQVXPDWRUL DG HVSULPHUH VFHOWH GL DFTXLVWR FRQVDSHYROL ILQDOL]]DWHDSUHPLDUHOHD]LHQGHLPSHJQDWHVXOIURQWHGHOO¶HFRORJLDHDSUHIHULUHSURGRWWL HVHUYL]LSL³VRVWHQLELOL´VRWWRLOSURILORDPELHQWDOHHWLFRHVRFLDOH  )LQGDOOHSULPHHVSHULHQ]HWDOLVWUDWHJLHKDQQRSXQWDWRVXXQDVHJPHQWD]LRQHVSLQWDGHO WDUJHW GL PHUFDWR EDVDWD VXOOD FRQYLQ]LRQH FKH L FRVLGGHWWL ³FRQVXPDWRUL YHUGL´ IRVVHUR XQ IHQRPHQR GL QLFFKLD H OHJDWR DOOH FDUDWWHULVWLFKH VRFLRHFRQRPLFKH GHJOL LQGLYLGXL 4XHVWR DSSURFFLR VL q GLPRVWUDWR OLPLWDWLYR H IXRUYLDQWH D GLVSHWWR GL TXDQWR PROWH LQGDJLQLKDQQRWHQWDWRGLGLPRVWUDUHLQIDWWLQRQHVLVWHXQFRQVXPDWRUH³WLSR´RULHQWDWR LQRJQLFDVRDOOHVFHOWHGLFRQVXPRHFRORJLFR  6XSHUDQGR O¶DSSURFFLR ³GHPDQGRULHQWHG´ PROWH ULFHUFKH PRVWUDQR FKH RJJL LO FRQVXPR GHL SURGRWWL H VHUYL]L SL VRVWHQLELOL q SURQWR SHU XQ VDOWR GL TXDOLWj FKH VYLQFROL OH VWUDWHJLH GL PDUNHWLQJ GDOOH ORJLFKH GL XQ PHUFDWR GL QLFFKLD H PLUL DOOD SURPR]LRQH VX XQDVFDODFRPSHWLWLYDPROWRSLDPSLD /HFRQGL]LRQLDFXLTXHVWRVDOWRGLTXDOLWjVLYHULILFDVRQRGXHGDXQODWRLFRQVXPDWRUL DSUHVFLQGHUHGDOOHSURSULHFRQQRWD]LRQLVRFLRHFRQRPLFKHFKLHGRQRGLDYHUHFHUWH]]DGL FRQWULEXLUH HIIHWWLYDPHQWH DFTXLVWDQGR LO SURGRWWR DO PLJOLRUDPHQWR GHOO¶DPELHQWH 'DOO¶DOWURHVVLSUHWHQGRQRFKHOHTXDOLWjLQWHUPLQLGLSUHVWD]LRQLIXQ]LRQDOLHGHVWHWLFKH GHOSURGRWWRHFRORJLFRVLDQRDQDORJKHDTXHOOHGHLSURGRWWLFRQYHQ]LRQDOLHFKHLOSUH]]R QRQVLDHFFHVVLYDPHQWH VXSHULRUH  3HUXQSURGRWWRRVHUYL]LRHFRORJLFRHVVHUHFRPSHWLWLYRLQWHUPLQLGLTXDOLWjHSUH]]RQRQ qWXWWDYLDVXIILFLHQWHODYHUDVILGDSHULOJUHHQPDUNHWLQJqTXHOODGLUHQGHUHFRQFUHWRH ³SHUFHWWLELOH´LOPLJOLRUDPHQWRDVVRFLDWRDOFRQVXPRGHLSURGRWWL 4XHVWR RELHWWLYR SXz HVVHUH UDJJLXQWR VRSUDWWXWWR DWWUDYHUVR XQD FRPXQLFD]LRQH DGHJXDWD DL WHPL HFRORJLFL 4XDQGR OH LQIRUPD]LRQL FKH DUULYDQR DO FRQVXPDWRUH ULJXDUGDQR VRVWDQ]H LQTXLQDQWL FRQVXPL GL ULVRUVH HG HIIHWWL VXOO¶HFRVLVWHPD LQIDWWL LO SUREOHPD SL ULOHYDQWH SHU XQ¶D]LHQGD q FRPH FRPXQLFDUH LO SURSULR LPSHJQR LQ PRGR HIILFDFHHFRPSUHQVLELOH  2JJL OH D]LHQGH VWDQQR FHUFDQGR XQ HIILFDFH PL[ WUD FRPSOHWH]]D H FUHGLELOLWj GHOO¶LQIRUPD]LRQH DPELHQWDOH GD XQ ODWR H VHPSOLFLWj H DWWUDWWLYLWj GHL PHVVDJJL GDOO¶DOWUR 4XHVWD HVLJHQ]D ULVXOWD SDUWLFRODUPHQWH SUHVVDQWH QHJOL DWWXDOL VFHQDUL GL PHUFDWR D IURQWH GHL QRWHYROL ULVFKL UHSXWD]LRQDOL LQ FXL XQ¶D]LHQGD SXz LQFRUUHUH VH FRQVXPDWRUL H FOLHQWL SHUFHSLVFRQR OD VXD FRPXQLFD]LRQH FRPH ³JUHHQZDVKLQJ´ RYYHUR HVVHQ]LDOPHQWHFRPHWHQWDWLYRGLULYHQGLFDUHIDOVLPHULWLDOSURGRWWRRDOVHUYL]LRRIIHUWR VHQ]DXQUHDOHHGLPRVWUDELOHLPSHJQRDPLJOLRUDUQHOHSUHVWD]LRQLDPELHQWDOL  1HOTXDGURGHVFULWWRLOQRVWURODYRURLQWHQGHIRUQLUHXQRULHQWDPHQWRPHWRGRORJLFRHXQ VXSSRUWR RSHUDWLYR D WXWWH OH D]LHQGH LQWHUHVVDWH D FRQIURQWDUVL FRQ OH VILGH GHO JUHHQ PDUNHWLQJSHUWUDUQHXQUHDOHYDQWDJJLRFRPSHWLWLYR   )DELR,UDOGRH0LFKHOD0HOLV



,QWURGX]LRQH   ,O³JUHHQPDUNHWLQJ´HODFRPXQLFD]LRQHDPELHQWDOHUDSSUHVHQWDQRXQDOHYDVWUDWHJLFDH XQ¶RSSRUWXQLWjFRPSHWLWLYDGLJUDQGHLQWHUHVVHSHUOHD]LHQGHSLLQQRYDWLYH ,Q TXHVWR DPELWR RJJL OH D]LHQGH PDQLIHVWDQR VHPSUH SL LQWHQVDPHQWH O¶HVLJHQ]D GL GLVSRUUH GL ULIHULPHQWL H GL VWUXPHQWL FKH SRVVDQR HVVHUH GL VXSSRUWR DOOD GHILQL]LRQH GL VWUDWHJLH GL PDUNHWLQJ H GL FRPXQLFD]LRQH HIILFDFL ULVFRQWUDQGR VSHVVR XQD FDUHQ]D GL LQGLFD]LRQLUHDOPHQWHXWLOLVRWWRLOSURILORPHWRGRORJLFRHVRSUDWWXWWRRSHUDWLYR 6H GD XQD SDUWH OH D]LHQGH ULFRQRVFRQR OD FUHVFHQWH ULOHYDQ]D GHOO¶DPELHQWH IUD L WHPL FKH GHYRQR WHQHUH LQ FRQVLGHUD]LRQH QHOOH SURSULH VWUDWHJLH GL FRPXQLFD]LRQH ± H SL LQ JHQHUDOH QHOOH UHOD]LRQL FRQ L SURSUL VWDNHKROGHU H FRQ LO PHUFDWR ± GDOO¶DOWUD VRQR VRUSUHQGHQWHPHQWH SRFKL JOL VWUXPHQWL ILQDOL]]DWL FRQFUHWDPHQWH DOOD GHILQL]LRQH H DOOR VYLOXSSR GL XQD FRUUHWWD HG HIILFDFH FRPXQLFD]LRQH DPELHQWDOH UHODWLYD DL SURGRWWL H DL VHUYL]L ,OULFRQRVFLPHQWRGHOO¶LPSRUWDQ]DGHOODFRPXQLFD]LRQHDPELHQWDOHVLqLQIDWWLWUDGRWWRVXO SLDQR SUDWLFR VRSUDWWXWWR QHOO¶HPDQD]LRQH GD SDUWH GL HQWL HG RUJDQLVPL QD]LRQDOL H LQWHUQD]LRQDOLGLOLQHHJXLGDHVWDQGDUGPLUDWLDILVVDUHXQDVHULHGL³SULQFLSLJHQHUDOL´GD SRUUH DOOD EDVH GL XQD FRUUHWWD FRPXQLFD]LRQH DPELHQWDOH R QHO PLJOLRUH GHL FDVL ILQDOL]]DWL D VXSSRUWDUH RSHUDWLYDPHQWH OH D]LHQGH VROWDQWR LQXQR VSHFLILFR DPELWR GHOOD FRPXQLFD]LRQH TXHOOR GHOOD UHQGLFRQWD]LRQH DPELHQWDOH H GL VRVWHQLELOLWj 0ROWR PHQR ULFFRqYLFHYHUVDOR³VWUXPHQWDULR´DGLVSRVL]LRQHGHOOHD]LHQGHVXLWHPLGHOPDUNHWLQJH GHOOD FRPXQLFD]LRQH DPELHQWDOH SXEEOLFLWDULD H GL SURGRWWR $QFKH TXDQGR VRQR VWDWL UHDOL]]DWL LQROWUH GLIILFLOPHQWH TXHVWL VWUXPHQWL KDQQR SUHVR LQ HVDPH HG DIIURQWDWR OD TXHVWLRQHGHOFRPHLQWHJUDUHHIILFDFHPHQWHLOOLQJXDJJLRHJOLVWUXPHQWLFDUDWWHULVWLFLGHO PDUNHWLQJ ³WUDGL]LRQDOH´ FRQ TXHOOL SURSUL GHOOD FRPXQLFD]LRQH H GHO FRVLGGHWWR JUHHQ PDUNHWLQJ  ,Q TXHVWR FRQWHVWR LO *UXSSR GL /DYRUR 4XDOLWj $PELHQWDOH GL $VVRORPEDUGD KD VYLOXSSDWR OH SUHVHQWL /LQHH JXLGD VXO 0DUNHWLQJ H OD &RPXQLFD]LRQH DPELHQWDOH ULYROWH QRQ VROR D FRORUR FKH LQWHUQDPHQWH DOOH D]LHQGH VL RFFXSDQR GL DPELHQWH H GL 6LVWHPLGL*HVWLRQH$PELHQWDOHLQSDUWLFRODUH PDDQFKHDLUHVSRQVDELOLGHOPDUNHWLQJH GHOOD FRPXQLFD]LRQH FRQ O¶RELHWWLYR SULQFLSDOH GL IRUQLUH DL ³QRQ DGGHWWL DL ODYRUL´ OH PRWLYD]LRQL OH RSSRUWXQLWj H VRSUDWWXWWR JOL VWUXPHQWL SHU XWLOL]]DUH HIILFDFHPHQWH O¶DPELHQWHFRPHOHYDVWUDWHJLFDHFRPSHWLWLYDVXOPHUFDWR ,O *UXSSR ± QDWR QHO  QHOO¶DPELWR GHOOH DWWLYLWj GL VHUYL]L H UDSSUHVHQWDQ]D GL $VVRORPEDUGD D VXSSRUWR GHOOD FHUWLILFD]LRQH DPELHQWDOH H FRPSRVWR GD DOFXQH IUD OH D]LHQGHDVVRFLDWHFRQPDJJLRUHHVSHULHQ]DLQTXHVWRDPELWR±DQQRYHUDLQIDWWLIUDOHVXH ILQDOLWjFRVWLWXWLYHODGLIIXVLRQHGHOOHFRQRVFHQ]HQHOFDPSRGHOODJHVWLRQHDPELHQWDOHH OD SURPR]LRQH GHOOR VFDPELR GL HVSHULHQ]H IUD OH LPSUHVH DQFKH DWWUDYHUVR OD UHDOL]]D]LRQHGLVWUXPHQWLGDOWDJOLRRSHUDWLYRDVXSSRUWRGLWDOHJHVWLRQH 3XQWR GL SDUWHQ]D GHO ODYRUR q VWDWR LO ULFRQRVFLPHQWR GHOOD FRPSOHVVLWj GHO WHPD GD DIIURQWDUH 'DXQODWRLOPDUNHWLQJHODFRPXQLFD]LRQHDPELHQWDOHSUHVHQWDQRXQDVHPSUHPDJJLRUH LPSRUWDQ]DVWUDWHJLFDLQUDJLRQHGHOODFUHVFHQWHPDWXULWjFRPSHWHQ]DHFRQVDSHYROH]]D GHLGHVWLQDWDULGHOODFRPXQLFD]LRQHD]LHQGDOHHLQSDUWLFRODUHGHOFRQVXPDWRUHQRQVROR LQWHUPHGLR PD DQFKH ILQDOH  &Lz ULFKLHGH DOOH LPSUHVH XQR VIRU]R SURJHWWXDOH HG XQD YLVLRQH QRQ OLPLWDWL DO EUHYH SHULRGR H DOOD VIHUD GHJOL LQWHUHVVL SL LPPHGLDWL  PD DO FRQWUDULR OD FDSDFLWj GL GHILQLUH XQ DSSURFFLR FRQ RUL]]RQWL GL OXQJR SHULRGR UHODWLYL DOOD VRVWHQLELOLWjSHUOHJHQHUD]LRQLIXWXUH $OORVWHVVRWHPSRODULOHYDQ]DGHOODFRPXQLFD]LRQHDPELHQWDOHLQWHUPLQLGLUHSXWD]LRQH H GL LPPDJLQH D]LHQGDOH KD VSHVVR FRQWULEXLWR DG LQWHUSUHWDUOD LQ VHQVR ULGXWWLYR FRPH VWUXPHQWRGL³FRVWUX]LRQHGHOFRQVHQVR´VXXQWHPDVHQVLELOHFRPHO¶LPSDWWRDPELHQWDOH



ULVSHWWRDOTXDOHDGRWWDUHORJLFKHGLIHQVLYHSLXWWRVWRFKHRULHQWDUORDOODULFHUFDGLPDUJLQL FRPSHWLWLYL /D FRPSOHVVLWj GHO WHPD GLSHQGH LQROWUH GDOOD SURIRQGD LQIOXHQ]D FKH OH GLYHUVH FDUDWWHULVWLFKH GHOO¶LPSUHVD ± LQ WHUPLQL GL GLPHQVLRQH VHWWRUH GL DSSDUWHQHQ]D PHUFDWL GLULIHULPHQWRVLJQLILFDWLYLWjGHOO¶LPSDWWRDPELHQWDOHGHOO¶DWWLYLWjSURGXWWLYDHWF±KDQQR VXOOD VXD FRPXQLFD]LRQH DPELHQWDOH $ WDOH FRPSOHVVLWj FRUULVSRQGH VSHVVR XQD YLVLRQH SDU]LDOH GHOOD FRPXQLFD]LRQH DPELHQWDOH RYYHUR XQ LQVXIILFLHQWH FRRUGLQDPHQWR H LQWHJUD]LRQHDOO¶LQWHUQRGHOO¶D]LHQGDVRSUDWWXWWRIUDOHIXQ]LRQL³PDUNHWLQJ´H³DPELHQWH´  ,Q TXHVWR TXDGUR q HYLGHQWH FRPH XQD FRPXQLFD]LRQH DPELHQWDOH HIILFDFH QRQ SRVVD OLPLWDUVL DG LQGLYLGXDUH OD WLSRORJLD H OD TXDOLWj GHOOH LQIRUPD]LRQL GD FRPXQLFDUH H D VFHJOLHUHORVWUXPHQWRSLDGDWWRSHUIDUOR2FFRUUHULSHQVDUHHGHILQLUHJOLHOHPHQWLFKH FRVWLWXLVFRQR XQD YHUD H SURSULD VWUDWHJLD GL FRPXQLFD]LRQH O¶LQGLYLGXD]LRQH GHO GHVWLQDWDULR H GHJOL RELHWWLYL FKH O¶LPSUHVD VL SUHILJJH GL UDJJLXQJHUH QHL VXRL FRQIURQWL O¶LGHQWLILFD]LRQH GHO FRQVHJXHQWH PHVVDJJLR H GHOOH PRGDOLWj DWWUDYHUVR FXL WUDVPHWWHUH WDOH PHVVDJJLR WHQHQGR FRQWR GHOOH FDUDWWHULVWLFKH GHO VRJJHWWR D FXL q GHVWLQDWR WLSRORJLD H OLYHOOR GL DSSURIRQGLPHQWR GHOO¶LQIRUPD]LRQH OLQJXDJJLR GD DGRWWDUH LPSRVWD]LRQH HWF  7XWWR FLz GHYH HVVHUH VRUUHWWR LQROWUH GD XQD SURIRQGD FRQVDSHYROH]]D GHOOH PRWLYD]LRQL GL IRQGR FKH VWLPRODQR O¶LPSUHVD DOO¶DSHUWXUD HG DO GLDORJRYHUVRO¶HVWHUQR /H /LQHH JXLGD QDVFRQR FRQ O¶RELHWWLYR GL DIILDQFDUH OH LPSUHVH OXQJR TXHVWR SHUFRUVR VXSSRUWDQGROH RSHUDWLYDPHQWH QHOOD GHILQL]LRQH H UHDOL]]D]LRQH GL XQD VWUDWHJLD GL PDUNHWLQJ H GL FRPXQLFD]LRQH DPELHQWDOH UHODWLYD DL SURGRWWL H DL VHUYL]L RIIHUWL VXO PHUFDWRFKHVLDLQJUDGRGL  • IRUQLUH DQ]LWXWWR OH PRWLYD]LRQL H JOL DUJRPHQWL FKH LQGXFDQR OH LPSUHVH D SUHQGHUHLQFRQVLGHUD]LRQHO¶DPELHQWHFRPHOHYDGHOOHSURSULHVWUDWHJLHGLPDUNHWLQJ • LGHQWLILFDUH DOOR VWHVVR WHPSR OH SULQFLSDOL GLIILFROWj QHOOD YDORUL]]D]LRQH GHO WHPD QHOO¶DPELWR GHJOL VFKHPL FODVVLFL GHOOD FRPXQLFD]LRQH GL PDUNHWLQJ RYYHUR L SRVVLELOLDSSURFFLHVWUXPHQWLSHUVXSHUDUHWDOLGLIILFROWj • LQGLYLGXDUH OH RSSRUWXQLWj RIIHUWH GD IRUPH GL FHUWLILFD]LRQH H GL JDUDQ]LD GL WHU]DSDUWHFRQULIHULPHQWRLQSDUWLFRODUHDOODORURFRUUHWWDHGHIILFDFHYDORUL]]D]LRQH QHOFRQWHVWRGHOOHDWWLYLWjGLPDUNHWLQJHGLFRPXQLFD]LRQH • VHOH]LRQDUH L FRQWHQXWL H JOL VWUXPHQWL SL HIILFDFL SHU SRWHQ]LDUH DO PDVVLPR O¶HIILFDFLDFRPXQLFDWLYDRIIUHQGRLQGLFD]LRQLRSHUDWLYHLPPHGLDWDPHQWHVSHULPHQWDELOL HFRHUHQWLFRQOHHVLJHQ]HGHOPDUNHWLQJD]LHQGDOHSHUFRPSLHUHLSULPLSDVVLLQTXHVWD GLUH]LRQH  8Q DSSURFFLR PHWRGRORJLFR FRQVROLGDWR LQ PROWL DPELWL GHOOD FRPXQLFD]LRQH FRQVLVWH QHOO¶DQDOLVL GL DOFXQL HOHPHQWLFKLDYH VXOOD EDVH GHL TXDOL SXz HVVHUH FRVWUXLWD XQD VWUDWHJLDHIILFDFHVLQWHWL]]DELOLQHLVHJXHQWLVHLSXQWL  • 3HUFKpFRPXQLFDUH"±$OILQHGLJDUDQWLUVLODFDSDFLWjGLFRPXQLFDUHHIILFDFHPHQWH O¶D]LHQGD GRYUHEEH SULPD GL WXWWR DYHUH FKLDUL JOL RELHWWLYL FKH LQWHQGH UDJJLXQJHUH QHL FRQIURQWL GHL FOLHQWL H GHJOL DOWUL VWDNHKROGHU (¶ LQIDWWL HVVHQ]LDOH FRPPLVXUDUH JOL VIRU]L GL FRPXQLFD]LRQH DOOH ILQDOLWj FKH HVVD VL SRQH QHL FRQIURQWL GHL GLYHUVL GHVWLQDWDUL ,Q TXHVWR VHQVR JOL RELHWWLYL GHOOD FRPXQLFD]LRQH DPELHQWDOH SRVVRQR FDPELDUH H FDPELDQR VLJQLILFDWLYDPHQWH D VHFRQGD GHOOD WLSRORJLD GL VWDNHKROGHU FRQ FXL O¶D]LHQGD VL FRQIURQWD H GHO FRQWHVWR GL ULIHULPHQWR LQ FXL VL VYLOXSSDQR L IOXVVL GL FRPXQLFD]LRQH VL SHQVL DG HVHPSLR DOOD GLYHUVLWj GHOOH GLQDPLFKH UHOD]LRQDOL FKH FDUDWWHUL]]DQRLPHUFDWL%%±EXVLQHVVWREXVLQHVVULVSHWWRDTXHOOL%&EXVLQHVVWR FRQVXPHU LQDOFXQLFDVLSXzHVVHUHLPSRUWDQWHVHQVLELOL]]DUHHDWWLUDUHO¶DWWHQ]LRQH LQDOWULFDVLRIIULUHJDUDQ]LHDQFKHDWWUDYHUVR IRUPHGLFHUWLILFD]LRQH HGLQIRUPDUHLQ PRGRDSSURIRQGLWRHWF  • 4XDQGR FRPXQLFDUH" ± 8QD VWUDWHJLD HIILFDFH GRYUHEEH WHQHUH LQ FRQVLGHUD]LRQH DQFKHODYDULDELOHWHPSRUDOHLQWHUPLQLVLDGLFLUFRVWDQ]HHGHYHQWLHVWHUQLULVSHWWRDL



TXDOL SXz ULVXOWDUH HIILFDFH VLQFURQL]]DUH RYYHUR ³VIDVDUH´ OD FRPXQLFD]LRQH DPELHQWDOHVLDGLFRQGL]LRQLLQWHUQHDOO¶D]LHQGDFKHSRVVRQRVXJJHULUHGLDQWLFLSDUHR GLULPDQGDUHOHVSHFLILFKHDWWLYLWjGLFRPXQLFD]LRQH1HOFDPSRGHOJUHHQPDUNHWLQJLQ SDUWLFRODUHXQDVSHWWRVSHVVRVRWWRYDOXWDWRGDOOHD]LHQGHFKHGHFLGRQRGLSXQWDUHDOOD YDORUL]]D]LRQHGHOODSURSULDLPPDJLQHRGLTXHOODGHLORURSURGRWWLHVHUYL]L LQWHUPLQL GL HFFHOOHQ]D DPELHQWDOH ULJXDUGD OD FRQVDSHYROH]]D FKH OD VFHOWD GL FRPXQLFDUH FRVWLWXLVFHLOSXQWRG¶DUULYRGLXQSURFHVVRGLPDWXUD]LRQHGHOO¶D]LHQGDFKHGHYHSULPD SDVVDUH QHFHVVDULDPHQWH GDOOR VYLOXSSR GL XQD ³FUHGLELOLWj GHO IDUH´ RYYHUR GDO PLJOLRUDUH VLJQLILFDWLYDPHQWH OH SURSULH SHUIRUPDQFH DPELHQWDOL R TXHOOH GHL SURSUL SURGRWWLVHUYL]L HFKHVRORVXFFHVVLYDPHQWHSXzHVVHUHHIILFDFHPHQWHYDORUL]]DWDQHO ³GLUH´  • $ FKL FRPXQLFDUH" ± 2FFRUUH SRL LGHQWLILFDUH TXDOL VLDQR L SRVVLELOL GHVWLQDWDUL GHOOD FRPXQLFD]LRQH GHOO¶D]LHQGD H FRPH HVVL VLDQR FRQQRWDWL VLD LQ TXDQWR SRUWDWRUL GL YDORULLQWHUHVVLHGDVSHWWDWLYHVLDLQWHUPLQLGLORURFDSDFLWjGLUHFHSLUHFRPSUHQGHUH HG DSSUH]]DUH L PHVVDJJL FKH SRWUHEEHUR HVVHUH ORUR LQYLDWL 1HO FDVR VSHFLILFR GHOOH WHPDWLFKH OHJDWH DOO¶DPELHQWH H SL LQ JHQHUDOH DOOD VRVWHQLELOLWj q LPPHGLDWR ULFRQGXUUHLSRVVLELOLGHVWLQDWDULGHLIOXVVLGLFRPXQLFD]LRQHDWXWWHTXHOOHFDWHJRULHGL VRJJHWWL FKH D YDULR WLWROR GHWHQJRQR XQ LQWHUHVVH QHL FRQIURQWL GHOOH SUHVWD]LRQL DPELHQWDOL GHOO¶D]LHQGD L FRVLGGHWWL ³VWDNHKROGHU´  4XHVWH /LQHH JXLGD DIIURQWDQR LO WHPDGHOODFRPXQLFD]LRQHDPELHQWDOHVRSUDWWXWWRLQWHUPLQLGLFRPXQLFD]LRQHULYROWDDO PHUFDWRLQFXLO¶LPSUHVDRSHUDHGDOOHPRGDOLWjSHUXQVXRHIILFDFHXWLOL]]RTXDOHOHYD VWUDWHJLFDGLPDUNHWLQJ,QTXHVWRVHQVRLOGRFXPHQWRQRQHQWUDVSHFLILFDWDPHQWHQHO PHULWR GHOOD FRVLGGHWWD FRPXQLFD]LRQH ³LVWLWX]LRQDOH´ GL LPSUHVD RYYHUR GHOOD FRPXQLFD]LRQH FKH ULJXDUGD O¶LPSUHVD QHOOD VXD LQWHUH]]D H FKH SRQH DO FHQWUR GHO PHVVDJJLR OD VXD LGHQWLWj L VXRL YDORUL L VXRL SURJHWWL DQ]LFKp VSHFLILFL HOHPHQWL UHODWLYLDOODVXDDWWLYLWjLQSULPLVLVXRLSURGRWWLHVHUYL]L   • &RVDFRPXQLFDUH"±,OPHVVDJJLRHLFRQWHQXWLGHOODFRPXQLFD]LRQHFRVWLWXLVFRQRXQ HOHPHQWR FUXFLDOH QHOOD GHILQL]LRQH GL XQD VWUDWHJLD 2FFRUUH WXWWDYLD LQWHUSUHWDUH TXHVWR HOHPHQWR LQ PRGR SL HVWHVR ULVSHWWR DO VHPSOLFH ³FRQWHQXWR´ FKH VL LQWHQGH DWWULEXLUH DOOD FRPXQLFD]LRQH DPELHQWDOH 4XDQGR O¶D]LHQGD GHILQLVFH LO PHVVDJJLR GD WUDVPHWWHUH H LO ³FRVD´ FRPXQLFDUH QRQ SXz LQIDWWL SUHVFLQGHUH GDL GLYHUVL SXQWL GL YLVWD GD FXL HVVR SXz HVVHUH JXDUGDWR $O ILQH GL XQD FRUUHWWD LPSRVWD]LRQH GHOOD VWUDWHJLDQRQFRQWDFLRqVROWDQWRFLzFKHVLYXROHFRPXQLFDUHPDDQFKHFLzFKHVLSXz FRPXQLFDUH YDOH D GLUH OH D]LRQL UHDOL]]DWH H L ULVXOWDWL UDJJLXQWL GDOO¶D]LHQGD FKH SRWUHEEHUR HVVHUH YDORUL]]DWL DJOL RFFKL GHJOL VWDNHKROGHU R FKH DO FRQWUDULR QRQ q RSSRUWXQR FRPXQLFDUH &Lz q SDUWLFRODUPHQWH ULOHYDQWH LQ XQ DPELWR WUDGL]LRQDOPHQWH VHQVLELOH FRPH TXHOOR OHJDWR DOOH LPSOLFD]LRQL DPELHQWDOL GHOOH DWWLYLWj GL XQ¶RUJDQL]]D]LRQH FKH FRQGXFH DWWLYLWj LQ JUDGR DG HVHPSLR GL JHQHUDUH ULOHYDQWL LPSDWWL VXO WHUULWRULR '¶DOWUR FDQWR q LPSRUWDQWH DQFKH ³FRVD´ JOL VWDNHKROGHU VL DWWHQGRQR GL FRQRVFHUH DWWUDYHUVR OD FRPXQLFD]LRQH DPELHQWDOH H TXDQWR UHDOPHQWH SHUFHSLVFRQRGLFLzFKHYLHQHORURWUDVPHVVR  • &RPHFRPXQLFDUH"±6WUHWWDPHQWHOHJDWDDOODGHILQL]LRQHGHO³FRVD´FRPXQLFDUHqOD VFHOWDGHO³FRPH´IDUORQHOPRGRSLHIILFDFHROWUHFKp FRUUHWWR SRVVLELOHLQUHOD]LRQH DL GHVWLQDWDUL GHL PHVVDJJL H GHL FRQWHQXWL LGHQWLILFDWL (¶ QHOO¶HVSHULHQ]D GL PROWH D]LHQGH OD FRQVWDWD]LRQH FKH FLDVFXQD WLSRORJLD GL VWDNHKROGHU q FDUDWWHUL]]DWD GD VSHFLILFL FRQQRWDWL WDOL GD UHQGHUH LQIUXWWXRVD R SHJJLR FRQWURSURGXFHQWH XQD FRPXQLFD]LRQH FKH QRQ VLD ³WDJOLDWD VX PLVXUD´ VXO GHVWLQDWDULR QRQ VROR QHL FRQWHQXWLPDDQFKHQHOOLQJXDJJLRXWLOL]]DWR6LSHQVLDGHVHPSLRDOOHFRQVHJXHQ]H GL XQD FRPXQLFD]LRQH VX SDUDPHWUL DPELHQWDOL WURSSR DSSURIRQGLWD GHWWDJOLDWD H FRPSOHVVDQHLFRQIURQWLGLXQLQWHUORFXWRUHQRQGRWDWRGHOOHFRPSHWHQ]HVSHFLDOLVWLFKH SHUSRWHUODUHFHSLUHRDSSUH]]DUH  • 'RYH FRPXQLFDUH" ±/¶LPSRVWD]LRQHGLXQDVWUDWHJLDGLFRPXQLFD]LRQHQRQSXzFKH FRPSOHWDUVL FRQ OD VFHOWD GHJOL VWUXPHQWL H GHL FDQDOL DWWUDYHUVR FXL IDU SHUYHQLUH DL



SRWHQ]LDOLGHVWLQDWDULLOPHVVDJJLRHLFRQWHQXWLQHLTXDOLHVVRVLDUWLFROD6RWWRTXHVWR SURILORVHEEHQHOD³FDVVHWWDGHJOLDWWUH]]L´GHJOLVWUXPHQWLGLFRPXQLFD]LRQHLQFDPSR DPELHQWDOH VL YDGD SURJUHVVLYDPHQWH DUULFFKHQGR GL PROWH H GLYHUVLILFDWH RS]LRQL ± PXWXDWH GDO PDUNHWLQJ FRQYHQ]LRQDOH HV HYHQWL FDPSDJQH SXEEOLFLWDULH VSRQVRUL]]D]LRQL  R LQQRYDWLYH H OHJDWH DOOH VSHFLILFLWj GHO VHWWRUH HV ELODQFL H UDSSRUWLGLVRVWHQLELOLWjHWLFKHWWHHGLFKLDUD]LRQLDPELHQWDOLGLSURGRWWR'LFKLDUD]LRQH $PELHQWDOH (0$6  ± OD VFHOWD GHJOL VWUXPHQWL SL DGDWWL QRQ ULVXOWD DJHYROH Qp LPPHGLDWD 2FFRUUH LQIDWWL VHOH]LRQDUH JOL VWUXPHQWL LGRQHL LQ UHOD]LRQH DOOH VFHOWH H DOOH FRQVLGHUD]LRQL FKH VRQR VWDWH HIIHWWXDWH UHODWLYDPHQWH DL GHVWLQDWDUL H DOOH ORUR SUHURJDWLYH QRQFKp DJOL RELHWWLYLGHOOD FRPXQLFD]LRQH DPELHQWDOHLQPRGR GD SRWHUOL HIIHWWLYDPHQWH SHUVHJXLUH $QFKH OD VFHOWD GHO FDQDOH GL GLIIXVLRQH GD XWLOL]]DUH KD LPSOLFD]LRQLULOHYDQWLSHUO¶HIILFDFLDGHOODVWUDWHJLD6LSHQVLDOODGLYHUVLWjGLLPSDWWRFKH SXz DYHUH XQD VWHVVD FDPSDJQD SXEEOLFLWDULD UHDOL]]DWD DOWHUQDWLYDPHQWH VX PHGLD WHOHYLVLYLFDUWDVWDPSDWDZHEFDUWHOORQLVWLFDSXQWLYHQGLWDHWF  ,QOLQHDFRQO¶DSSURFFLR³SHULQWHUURJDWLYL´DSSHQDHVSRVWRLO*UXSSRGL/DYRURKDVFHOWR GL DGRWWDUH TXHVWL HOHPHQWLFKLDYH TXDOH VFKHPD GL ULIHULPHQWR SHU OD GHILQL]LRQH GHOOD VWUXWWXUD H GHL FRQWHQXWL GHOOH /LQHH JXLGD SURSRQHQGR QHL GLYHUVL FDSLWROL DOFXQH SRVVLELOL³ULVSRVWH´DLGLYHUVL³TXHVLWL´VRSUDGHOLQHDWL ,OULVXOWDWRqLOIUXWWRGLXQGXSOLFHODYRURGDXQDODWRODUDFFROWDDQDOLVLHFRQGLYLVLRQH GHOOH HVSHULHQ]H PDWXUDWH GD SDUWH GHOOH D]LHQGH FRPSRQHQWL LO *UXSSR H GDOO¶DOWUR O¶DWWLYLWj GL ULFHUFD HG DSSURIRQGLPHQWR GHL ULIHULPHQWL H GHOOH HVSHULHQ]H HVLVWHQWL QHL FRQWHVWLQD]LRQDOHHGLQWHUQD]LRQDOH 7XWWH OH LQIRUPD]LRQL OH LPPDJLQL H L GDWL XWLOL]]DWL LQ UHOD]LRQH DOO¶DWWLYLWj GL FRPXQLFD]LRQH H PDUNHWLQJ DPELHQWDOH GD SDUWH GL D]LHQGH HG DOWUL HQWL VRQR WUDWWL GD IRQWLSXEEOLFDPHQWHHOLEHUDPHQWHDFFHVVLELOL  ,O*UXSSRGL/DYRURqVWDWRFRPSRVWRGD  • %HFNHUV,QGXVWULDO&RDWLQJV,WDOLD6SD9DOWHU/DQGL • %UDFFR6SD±'DQLHOD$UQROGL • &LDO&RQVRU]LR,PEDOODJJL$OOXPLQLR±/XFD/DJX]]L • &RUVLFR9HWUR6UO&LUR'H%DWWLVWL • )DOFN5HQHZDEOHV6SD±8PEHUWR'H6HUYLH(QULFR)DOTXL • ,QGXVWULH&KLPLFKH)RUHVWDOL6SD±$QWRQLR6DVVL • 1RYHOLV,WDOLD6SD±*LXVHSSH'HGRQDWR • 2WLV6SD±(OHQD)DUHD • 3R]]ROL6SD&DUORWWD9LOOD • 6ROHWR6SD±%DUEDUD)HUURQLH)UDQFHVFD7RUUH • 6RQ\(XURSH/LPLWHG±6HGH6HFRQGDULD,WDOLDQD±&DWHULQD)UDQFHVFKHW • 7DPRLO,WDOLD6SD3DROR*ULSSLROR • 9HUQLFL(JLGLR0LOHVL6SD±$OHVVDQGUD&DQDYHVL • HVSHUWL'DYLGH%LDQFRURVVRH0DUFR0XUHOOL • $VVRORPEDUGD±*UD]LHOOD%ULFFKL  /¶HODERUD]LRQH GHL FRQWHQXWL H OD UHGD]LRQH GHO GRFXPHQWR VRQR VWDWH FXUDWH GDO SURI )DELR,UDOGRHGDOODGUVVD0LFKHOD0HOLVGHOOR,HIH±8QLYHUVLWj%RFFRQL  9D SUHFLVDWR FKH JOL HOHPHQWLFKLDYH GHVFULWWL FRQILJXUDQR OH WDSSH GL XQ SURFHVVR DWWUDYHUVR FXL SXz PDWXUDUH OD VWUDWHJLD GL FRPXQLFD]LRQH DOO¶LQWHUQR GL XQ¶D]LHQGD PD FKHQRQYLqQHFHVVDULDPHQWHXQXQLFRSXQWR GLSDUWHQ]DQpXQ VRORSXQWRGLDUULYRLQ WDOH SURFHVVR /H IDVL LQ FXL O¶D]LHQGD ULVSRQGH DOOH GRPDQGH VRSUD FRQVLGHUDWH SRVVRQR LQROWUH VRYUDSSRUVL HG LQWUHFFLDUVL IUD ORUR ,Q TXHVWR VHQVR L FDSLWROL GHOOH /LQHH JXLGD QRQ VRQR VWDWL FRQFHSLWL FRPH XQD ULJLGD VHTXHQ]D GL FRQWHQXWL GL FXL XQ¶D]LHQGD GHYH WHQHU SURJUHVVLYDPHQWH FRQWR QHOOD GHILQL]LRQH H UHDOL]]D]LRQH GHOOD SURSULD VWUDWHJLD GL FRPXQLFD]LRQHDPELHQWDOH



$O FRQWUDULR q DWWUDYHUVR O¶LQVLHPH GHOOH LQGLFD]LRQL GHJOL VSXQWL H GHOOH ULIOHVVLRQL HPHUJHQWL GDL GLYHUVL FDSLWROL FKH LO *UXSSR GL /DYRUR KD LQWHVR RIIULUH XQ FRQWULEXWR D VXSSRUWR VLD GLTXHOOH D]LHQGH FHUWLILFDWH H QRQ FHUWLILFDWH FKH JLjKDQQR GHFLVR GL IDUH GHOODYDULDELOHDPELHQWDOHXQDOHYDLPSRUWDQWHVHQRQGHFLVLYD GHOODSURSULDVWUDWHJLDGL PDUNHWLQJ H FRPXQLFD]LRQH VLD GL TXHOOH D]LHQGH FKH DQFRUD QRQ KDQQR PDWXUDWR WDOH VFHOWDPDFKHGDOODOHWWXUDGHO³3HUFKp´GHO³4XDQGR´HGHJOLDOWULTXHVLWLSRVWLSRVVRQR WURYDUHXWLOLULVSRVWHLQIDYRUHGLWDOHRULHQWDPHQWR  9D ULFRUGDWR FKH OD UHDOL]]D]LRQH GHOOH /LQHH JXLGD q VWDWD SRVVLELOH DQFKH JUD]LH DO FRQWULEXWR GL DOFXQL SURIHVVLRQLVWL ³DGGHWWL DL ODYRUL´ QHL VHWWRUL GHOOD FRPXQLFD]LRQH SXEEOLFLWDULDHGHOOHULFHUFKHGLPHUFDWRFRLQYROWLLQRFFDVLRQHGLVSHFLILFLLQFRQWULFKHLO *UXSSR GL /DYRUR KD RUJDQL]]DWR DO ILQH GL FRQGLYLGHUH LO SURSULR ODYRUR FRQ FRORUR FKH RSHUDQRQHOFDPSRGHOPDUNHWLQJHGHOODFRPXQLFD]LRQHFRPSLHQGRFRVuXQSULPRSDVVR YHUVR O¶RELHWWLYR GL IDU GLDORJDUH WDOL VRJJHWWL FRQ FRORUR FKH DOO¶LQWHUQR GHOOH D]LHQGH VL RFFXSDQR H VRQR UHVSRQVDELOL GHOOD JHVWLRQH DPELHQWDOH H GHL 6LVWHPL GL *HVWLRQH $PELHQWDOH1HOODVWHVVDSURVSHWWLYDLOODYRURqVWDWRLQROWUHFRQGLYLVRQHOOHVXHGLYHUVH IDVLUHDOL]]DWLYHFRQLO*UXSSR6HUYL]LSHUOD&RPXQLFD]LRQHGL,PSUHVDGL$VVRORPEDUGD  ,Q FKLXVXUD QRQ SRVVLDPR QRQ ULQJUD]LDUH DQFKH LO &RPLWDWR 7HFQLFR $PELHQWH H 6LFXUH]]DSHUO¶LQGLUL]]RSROLWLFRHO¶DSSRJJLRIRUQLWRDOSURJHWWR



0DVVLPLOLDQRGHJOL8EHUWL6LPRQH0XOHWWL0DXUR5RVVLH*LRUJLR9LOOD



3HUFKpH4XDQGR&RPXQLFDUH"   4XDQGRHSHUFKpDGRWWDUHXQDVWUDWHJLDGLJUHHQPDUNHWLQJ"  &RP¶qFDPELDWRLOPHUFDWRULVSHWWRDOSDVVDWR"  4XDOLYDQWDJJLHEHQHILFLSRVVRQRGHULYDUHGDXQ¶HIILFDFHFRPXQLFD]LRQHDPELHQWDOH"  4XDOLIDWWRULSRVVRQRRVWDFRODUHO¶DGR]LRQHGLXQDVWUDWHJLDGLJUHHQPDUNHWLQJR FRQWUDVWDUQHO¶HIILFDFLD"  

 /¶DPELHQWH FRPH OHYD GHOOH VWUDWHJLH GL PDUNHWLQJ H FRPXQLFD]LRQH  (¶ RSLQLRQH FRQVROLGDWD FKH OH LPSUHVH VYROJDQR XQ UXROR FUXFLDOH QHOOD WXWHOD GHO SDWULPRQLRDPELHQWDOHGHOSLDQHWDFRVuFRPHDPSLDPHQWHFRQGLYLVDqODYLVLRQHVHFRQGR FXL VLD VSHVVR OD SUHVVLRQH GHL ORUR VWDNHKROGHU LVWLWX]LRQL SXEEOLFKH DVVRFLD]LRQL DPELHQWDOLVWH FRQVXPDWRUL HWF  D VSLQJHUH PROWH LPSUHVH DG LQWHJUDUH QHOOH SURSULH VWUDWHJLH RELHWWLYL GL VDOYDJXDUGLD GHOO¶DPELHQWH )LQ GDOO¶RULJLQH GL WDOL SUHVVLRQL OD FRPXQLFD]LRQH VL q LPSRVWD FRPH XQD GHOOH OHYH SULQFLSDOL XWLOL]]DWH GDOOH LPSUHVH SHU ULVSRQGHUHDOOHLVWDQ]HGHLSURSULVWDNHKROGHU $SDUWLUHGDJOLDQQLRWWDQWDGHOVHFRORVFRUVRPROWHD]LHQGHKDQQRVYLOXSSDWRLQL]LDWLYHGL FRPXQLFD]LRQHPLUDWHDFRVWUXLUHRDUDIIRU]DUHODSURSULDLPPDJLQHGLDWWRULVHQVLELOLDOOH WHPDWLFKH HFRORJLFKH VSRQVRUL]]D]LRQL GL SURJHWWL GL WXWHOD DPELHQWDOH UHQGLFRQWD]LRQH GHL SURSUL LPSDWWL DWWUDYHUVR ELODQFL H UDSSRUWL DPELHQWDOL FDPSDJQH SXEEOLFLWDULH D VIRQGR DPELHQWDOH SHU L ORUR SURGRWWL HWF )UD TXHVWH DOFXQH LPSUHVH ³SLRQLHUH´ HFFHOOHQWLKDQQRVDSXWRGLPRVWUDUHSLGLDOWUHODUHDOHSRWHQ]LDOLWjHGHIILFDFLDVRWWRLO SURILORFRPSHWLWLYRGLXQDVWUDWHJLDRULHQWDWDDOODFRPXQLFD]LRQHLQFKLDYHDPELHQWDOH 3L VSHVVR OH D]LHQGH FKH KDQQR LQYHVWLWR LQ FRPXQLFD]LRQH DPELHQWDOH ± WUDVYHUVDOPHQWH VLD DOOD QD]LRQDOLWj VLD DO VHWWRUH GL DSSDUWHQHQ]D VLD DOOH GLPHQVLRQL RUJDQL]]DWLYH±KDQQRVFHOWRLQYHFHGLFRPXQLFDUHVHPSOLFHPHQWHXQJHQHULFRLPSHJQRD IDYRUHGHOODWXWHODGHOSDWULPRQLRDPELHQWDOHVHFRQGRLFDQRQLWLSLFLGHOODFRPXQLFD]LRQH LVWLWX]LRQDOH 1HOUHFHQWHSDVVDWRODORJLFDVRWWRVWDQWHDOODVFHOWDGLFRPXQLFDUHqVWDWDVRSUDWWXWWRGL WLSR ³UHDWWLYR´ GL IURQWH DOOH DFFXVH ULYROWH DO VLVWHPD LQGXVWULDOH QHO VXR FRPSOHVVR ± TXDOHPDJJLRUHUHVSRQVDELOHGHOO¶LPSRYHULPHQWRGHOOHULVRUVHQDWXUDOLGHOSLDQHWD±PROWH LPSUHVH KDQQR DGRWWDWR XQD VWUDWHJLD ³PLQLPDOLVWD´ GL VHPSOLFH GLFKLDUD]LRQH GL VHQVLELOLWj H LQWHUHVVH YHUVR LO WHPD D YROWH WHQWDQGR GL ³PDVFKHUDUH´ XQ¶HIIHWWLYD LQVHQVLELOLWj DOWUH YROWH VHPSOLFHPHQWH GLPRVWUDQGR GL QRQ HVVHUH SURQWH R FDSDFL GL DGGHQWUDUVLLQXQWHUUHQRFRPXQLFDWLYRQXRYRHGLPSHJQDWLYRFDULFRGLLPSOLFD]LRQLVRWWR LOSURILORGHLYDORULHWLFLHVRFLDOL  2JJLORVFHQDULRLQFXLOHD]LHQGHVLFRQIURQWDQRFRQOHRSSRUWXQLWjHFRQLULVFKL FKH VL DFFRPSDJQDQR DG XQD VWUDWHJLD GL ³JUHHQ PDUNHWLQJ´ q SL FRPSOHVVR ULVSHWWRDOSDVVDWR'DXQODWRPROWHLPSUHVHKDQQRPDWXUDWRODFRQVDSHYROH]]DGHOOD 2

1HOOH /LQHH JXLGD L WHUPLQL ³HFRORJLFR´ ³YHUGH´ ³JUHHQ´ ± ULIHULWL DOOD ILJXUD GHO FRQVXPDWRUH H SL LQ JHQHUDOH DO PDUNHWLQJ DOOH WHQGHQ]H H DOOH GLQDPLFKH GL FRQVXPR H GL PHUFDWR ± YHQJRQR XWLOL]]DWL GL IUHTXHQWHSHUUDJLRQLGLVHPSOLFLWjHVSRVLWLYDHRPHWWHQGRGLYLUJROHWWDUOLRJQLYROWDSXUQHOODFRQVDSHYROH]]D FKH HVVL UDFFKLXGRQR XQ FRQFHWWR H XQ IHQRPHQR FRPSOHVVL H ULFFKL GL VIDFFHWWDWXUH OD FXL FRPSUHQVLRQH GD SDUWHGHOOHLPSUHVHOH/LQHHJXLGDVLSURSRQJRQRDSSXQWRGLVXSSRUWDUH



QHFHVVLWjGLDYYLFLQDUVLDOWHPDGHOODFRPXQLFD]LRQHDPELHQWDOHDWWUDYHUVRXQDSSURFFLR QRQ VXSHUILFLDOH H JHQHUDOLVWD PD DO FRQWUDULR EDVDQGR OH SURSULH VFHOWH GL FRPXQLFD]LRQHVXXQIRUWHHFRQFUHWRLPSHJQRVXOIURQWHGHOPLJOLRUDPHQWRDPELHQWDOH ,Q TXHVWD ORJLFD q GLYHQXWR VHPSUH SL HYLGHQWH FKH XQ¶HIILFDFH VWUDWHJLD GL JUHHQ PDUNHWLQJ ULFKLHGH VWUXPHQWL H PRGDOLWj FKH QRQ VRQR LO VHPSOLFH DGDWWDPHQWR GL TXHOOL JLjGLVSRQLELOLSHULOPDUNHWLQJWUDGL]LRQDOH'DOO¶DOWURODWRVLq HYROXWRLOFRQVXPDWRUH± WDUJHWSULQFLSDOHGLWDOHVWUDWHJLD±VHPSUHSLDWWHQWRDOOHFRQVHJXHQ]HDPELHQWDOLGHOOH SURSULH VFHOWH GL DFTXLVWR H PROWR SL GLVSRQLELOH ULVSHWWR DO SDVVDWR D PRGLILFDUH OH SURSULH DELWXGLQL GL FRQVXPR LQ UHOD]LRQH D YDULDELOL FKH VIXJJRQR DL VROL SDUDPHWUL FRQYHQ]LRQDOL GHOOD ³TXDOLWj´ H GHO ³SUH]]R´ (¶ PXWDWR SURIRQGDPHQWH LO FRQWHVWR GL ULIHULPHQWR LQ FXL DYYHQJRQR OH VFHOWH G¶DFTXLVWR QRQ VROR LQ WHUPLQL GL FUHVFLWD H GL JOREDOL]]D]LRQH GHL PHUFDWL PD DQFKH GDO SXQWR GL YLVWD GHOOH SRVVLELOLWj RIIHUWH GDOOH QXRYHWHFQRORJLHGHOO¶LQIRUPD]LRQHHGHOODFRPXQLFD]LRQHFKHRJJLFRQVHQWRQRDOVLQJROR LQGLYLGXRFRQVXPDWRUH XQD GLVSRQLELOLWj H XQD UDSLGLWj GL DFFHVVR DOO¶LQIRUPD]LRQH LPSHQVDELOHQHOSDVVDWRSLUHFHQWH  ,Q TXHVWD RWWLFD VFRSR GHO SUHVHQWH FDSLWROR q TXHOOR GL IRUQLUH XQ TXDGUR GHOOH PRWLYD]LRQL H GHJOL DUJRPHQWL FKH RJJL LQGXFRQR OH LPSUHVH D SUHQGHUH LQ FRQVLGHUD]LRQH O¶DPELHQWH QHOOH SURSULH VWUDWHJLH GL PDUNHWLQJ H GL FRPXQLFD]LRQH ,O FDSLWROR SDUWH GDO SUHVXSSRVWR FKH TXHVWD VFHOWD SXz PDWXUDUH VROR VH H TXDQGR VXVVLVWRQR GHWHUPLQDWH FRQGL]LRQL H VL SURILOD FRQFUHWDPHQWH OD SRVVLELOLWj SHU O¶LPSUHVD GL FRPXQLFDUH DO FOLHQWH ± H LQ JHQHUDOH DOOR VWDNHKROGHU FXL LQWHQGH ULYROJHUVL±O¶HFFHOOHQ]DDPELHQWDOHSURSULDRGHLSURSULSURGRWWL ,O FDSLWROR KD XQ GXSOLFH RELHWWLYR GD XQ ODWR PLUD DG LGHQWLILFDUH OH RSSRUWXQLWj FRQQHVVH DOO¶DGR]LRQH GHOOD YDULDELOH DPELHQWDOH FRPH OHYD SXEEOLFLWDULD H FRPXQLFD]LRQDOH GDOO¶DOWUR VL SURSRQH GL HYLGHQ]LDUH L SULQFLSDOL IDWWRUL FKH SRVVRQR UHQGHUHGLIILFLOHTXHVWDVFHOWDDSDUWLUHGDOOHFRQGL]LRQLFKHSRVVRQRSUHYHQLUHO¶DGR]LRQH GLXQDVWUDWHJLDGLJUHHQPDUNHWLQJ$TXHVWLVFRSL  • LO SDUDJUDIR  ULSHUFRUUH OH WDSSH IRQGDPHQWDOL GHOOD QDVFLWD H GHOOR VYLOXSSR GHO ³JUHHQ PDUNHWLQJ´ TXDOH ULVSRVWD DO PDQLIHVWDUVL VXO PHUFDWR GL XQD VHULH GL RSSRUWXQLWj FRQQHVVH FRQ OD PDWXUD]LRQH GL XQD VHQVLELOLWj GHO FRQVXPDWRUH QHL FRQIURQWLGHOODWXWHODGHOO¶DPELHQWH  • LO VXFFHVVLYR SDUDJUDIR  HQWUD QHO PHULWR GL DOFXQH GHOOH SULQFLSDOL ³VLWXD]LRQLWLSR´ FKH D IURQWH GL WDOL RSSRUWXQLWj SRVVRQR WXWWDYLD GLVVXDGHUH O¶LPSUHVD GDOO¶LQWUDSUHQGHUH XQ SHUFRUVR RULHQWDWR DOOD YDORUL]]D]LRQH GHOOD SURSULD LGHQWLWj DPELHQWDOH HR GHOOH FDUDWWHULVWLFKH HFRORJLFKH GHL SURSUL SURGRWWL GHOLQHDQGR FRQWHVWXDOPHQWH LO SHUFRUVR ORJLFR FKH SXz FRQGXUUH O¶LPSUHVD D VXSHUDUH RVWDFROL H GLIILFROWjGLGLYHUVDQDWXUDHOLYHOORGLFRPSOHVVLWj  ,OFDSLWRORVLFKLXGHFRQXQRVFKHPDPLUDWRDUDSSUHVHQWDUHFRQFHWWXDOPHQWHO¶DSSURFFLR DWWUDYHUVR FXL SXz PDWXUDUH LQ D]LHQGD OD VFHOWD D IDYRUH GL XQD VWUDWHJLD GL JUHHQ PDUNHWLQJ WHQHQGR FRQWR DQFKH GHOOD GLPHQVLRQH WHPSRUDOH LQ FXL WDOH VFHOWD SXz FRPSLHUVL'LVHJXLWRLFDSLWROLVXFFHVVLYLPLUDQRTXLQGLDGDSSURIRQGLUH³FRPH´FHUFDUH GL FRQVHJXLUH FRQFUHWDPHQWH L YDQWDJJL H OH RSSRUWXQLWj GHOLQHDWL DWWUDYHUVR DSSURFFL H VWUXPHQWL FKH FRQVHQWDQR GL FRPXQLFDUH HIILFDFHPHQWH DO PHUFDWR O¶HFFHOOHQ]D DPELHQWDOHGHOO¶LPSUHVDHGHLVXRLSURGRWWL 



2ULJLQLHGHYROX]LRQHGHOPDUNHWLQJDPELHQWDOH  ,O PDUNHWLQJ DPELHQWDOH QDVFH FRQ O¶RELHWWLYR GL VYLOXSSDUH SURPXRYHUH H YDORUL]]DUHSURGRWWLHVHUYL]LLQJUDGRGLJHQHUDUHXQULGRWWRLPSDWWRDPELHQWDOH FRPSDUDWLYDPHQWH DOOH DOWHUQDWLYH RIIHUWH VXO PHUFDWR 6WRULFDPHQWH OH VWUDWHJLH GL PDUNHWLQJ DPELHQWDOH VL VRQR VYLOXSSDWH VXOOD VSLQWD GHOOD VHPSUH SL ULOHYDQWH WHQGHQ]D GHL FRQVXPDWRUL DG HVSULPHUH VFHOWH GL DFTXLVWR FRQVDSHYROL ILQDOL]]DWH D SUHPLDUHOHD]LHQGHLPSHJQDWHVXOIURQWHGHOO¶HFRORJLDHDSUHIHULUHSURGRWWLHVHUYL]LSL ³VRVWHQLELOL´ VRWWR LO SURILOR DPELHQWDOH HWLFR H VRFLDOH )LQ GDOOH SULPH HVSHULHQ]H SLRQLHULVWLFKHGLDOFXQHPXOWLQD]LRQDOLOHVWUDWHJLHGLPDUNHWLQJDPELHQWDOHSXQWDURQRVX XQD VHJPHQWD]LRQH VSLQWD GHO WDUJHW GL PHUFDWR IRQGDWD VXOOD FRQYLQ]LRQH FKH L FRVLGGHWWL ³FRQVXPDWRUL YHUGL´ IRVVHUR XQ IHQRPHQR GL QLFFKLD H PROWR OHJDWR DOOH FDUDWWHULVWLFKH VRFLRHFRQRPLFKH GL DOFXQH VSHFLILFKH FDWHJRULH GL LQGLYLGXL HWj UHGGLWR LVWUX]LRQHVHVVRVLWXD]LRQHIDPLOLDUHHWF   4XHVWR SULPR DSSURFFLR VL GLPRVWUz SUHVWR OLPLWDWLYR H IXRUYLDQWH D GLVSHWWR GL TXDQWR PROWH LQGDJLQL WHQWDYDQR GL GLPRVWUDUH LQIDWWL QRQ HVLVWH XQ FRQVXPDWRUH ³WLSR´ RULHQWDWR LQ RJQL FDVR DOOH VFHOWH GL FRQVXPR HFRORJLFR RYYHUR GLVSRVWR DG DFTXLVWDUH LO SURGRWWR YHQGXWR FRPH ³HFRORJLFR´ D SUHVFLQGHUH GDOOH SUHVWD]LRQL TXDOLWDWLYH H GDOO¶HIILFDFLD G¶XVR GHOOR VWHVVR 3URSULR O¶HUUDWD FRQYLQ]LRQH FKH YL IRVVHUR WDUJHW GL FOLHQWL H FRQVXPDWRUL GLVSRVWL D ULQXQFLDUH DOOD TXDOLWj GHO SURGRWWR SHU DYHUH JDUDQ]LH GL EDVVR LPSDWWR DPELHQWDOH DG RJQL FRVWR q VWDWD VSHVVR DOO¶RULJLQH GHO IDOOLPHQWR GHOOD VWUDWHJLD GL PDUNHWLQJ GL TXHOOH LPSUHVH FKH KDQQR SXQWDWR HVFOXVLYDPHQWH VXOOH FDUDWWHULVWLFKH HFRORJLFKH /¶HVHPSLR SL QRWR H FLWDWR q TXHOOR GHO GHWHUVLYR$WODVFKHQHJOLDQQLQRYDQWDQRQRWWHQQHLOSUHYLVWRVXFFHVVRFRPPHUFLDOHD FDXVD GHO IDWWR FKH OD FRPXQLFD]LRQH SXEEOLFLWDULD GHO SURGRWWR HQIDWL]]DYD OH FDUDWWHULVWLFKH HFRORJLFKH GHO GHWHUVLYR WUDVFXUDQGR FRPSOHWDPHQWH OD VXD HIILFDFLD LQ WHUPLQL GL SUHVWD]LRQL IXQ]LRQDOL RYYHUR FKH LO SURGRWWR ³ODYDVVH EHQH´ ROWUH DO IDWWR GL DYHUHXQEDVVRLPSDWWRDPELHQWDOH   2JJL XQ¶DQDOLVL QRQ VXSHUILFLDOH GHOOH WHQGHQ]H GL PHUFDWR LQGLFD FRPH QRQ HVLVWD XQ ³SURWRWLSR´ GL FRQVXPDWRUH YHUGH PD YL VLDQR GLYHUVH H QXPHURVH  WLSRORJLH GL FRQVXPDWRULHFOLHQWLFKHLQFHUWHFLUFRVWDQ]H VLGLPRVWUDQRSLSURSHQVLDOO¶DFTXLVWRGL SURGRWWL HFRFRPSDWLELOL 6H FRVu QRQ IRVVH OH D]LHQGH VL FRQIURQWHUHEEHUR FRQ XQD SHUFHQWXDOHGLFRQVXPDWRULHFRORJLFLVLPLOHLQGLYHUVLVHWWRUL,GDWLGLPHUFDWRPRVWUDQR LQYHFHGLIIHUHQ]HQRWHYROLDQFKHWUDVHWWRULGLPHUFDWRDIILQL,QTXHVWDORJLFDqTXLQGL HVVHQ]LDOH SHU XQ¶LPSUHVD FKH LQWHQGD SHUVHJXLUH VWUDWHJLH GL PDUNHWLQJ DPELHQWDOH DFFRPSDJQDUH DOO¶DQDOLVL GHO FRQVXPDWRUH LQWHVD FRPH VWXGLR GHOOH VXHVSHFLILFLWj XQDYDOXWD]LRQHGHOOHGLQDPLFKHGHOPHUFDWRYROWDDGLGHQWLILFDUHH D YDOXWDUH L VLQJROL IDWWRUL FKH PRWLYDQR O¶DFTXLVWR GHL SURGRWWL HFRORJLFL OHJDWL VLD DOOH WHQGHQ]HGHOODGRPDQGDVLDDOOHFDUDWWHULVWLFKHGHOO¶RIIHUWDGLTXHVWLSURGRWWLVLYHGDOD ILJXUD 



 6RWWR LO SURILOR VFLHQWLILFR LO PDUNHWLQJ DPELHQWDOH KD XQR VYLOXSSR UHODWLYDPHQWH UHFHQWH , SULPL FRQWULEXWL DFFDGHPLFL ULVDOJRQR DJOL DQQL ¶ PD q QHJOL DQQL µ FKH LO IHQRPHQR VL VYLOXSSD FRQ GLYHUVH SXEEOLFD]LRQL LQWHUQD]LRQDOL GHGLFDWH DO JUHHQ PDUNHWLQJ 7UD L SULQFLSDOL FRQWULEXWL VL YHGDQR +RSIHQEHFN :   &RGGLQJWRQ 2WWPDQ 6DEEDGLQ )UH\ 3LQL  4 ,Q VHJXLWR O¶D]LHQGD +HQNHO SURGXWWULFH GHO GHWHUVLYR IX FRVWUHWWD D PRGLILFDUQH OD VWUDWHJLD GL PDUNHWLQJ SUHVHQWDQGR O¶HFRORJLFLWj GHO SURGRWWR VROR FRPH EHQHILFLR FKH VL LQWHJUDYD LQ XQD FRPSOHVVLYD TXDOLWj SUHVWD]LRQDOH LQ JUDGR GL JDUDQWLUH SUHVWD]LRQL HFFHOOHQWL DQFKH LQ WHUPLQL ³WUDGL]LRQDOL´ HV HIILFDFLD GL ODYDJJLR    6L SHQVL DO PHUFDWR GHL GHWHUVLYL GRYH OD SHUFHQWXDOH GL SURGRWWL HFRORJLFL VILRUD LQ DOFXQL 3DHVL GHOO¶8( LO FRQIURQWDWRFRQLOPHUFDWRGHLSURGRWWLSHUO¶LJLHQHHODEHOOH]]DDYHQWHLOPHGHVLPRWDUJHWGLPHUFDWR  GRYHLSURGRWWLHFRORJLFLQRQUDJJLXQJRQRVSHVVRO¶GHOPHUFDWR



)LJXUD±*OLLQSXWSHUORVYLOXSSRGLXQDVWUDWHJLDGLJUHHQPDUNHWLQJ

       

$QDOLVLGHO FRQVXPDWRUHH GHOOH VXHVSHFLILFLWj

 $QDOLVLGHOPHUFDWR FDUDWWHULVWLFKH GHOODGRPDQGDH GHOO¶RIIHUWD 

,QSXW ,QSXW   6YLOXSSRGLXQD  VWUDWHJLDGL  JUHHQPDUNHWLQJ     6XSHUDQGR O¶DSSURFFLR GHPDQGRULHQWHG OH LQGDJLQL SL UHFHQWL PRVWUDQR FRPH RJJL LO FRQVXPR GHL SURGRWWL H VHUYL]L SL VRVWHQLELOL VLD ³SURQWR´ SHU XQ VDOWR GL TXDOLWj FKH VYLQFROL OH VWUDWHJLH GL PDUNHWLQJ GDOOH ORJLFKH GL XQ ³PHUFDWR GL QLFFKLD´HPLULLQYHFHDOODSURPR]LRQHVXXQDVFDODFRPSHWLWLYDPROWRSLDPSLD 'DXQODWRLFRQVXPDWRUL±DSUHVFLQGHUHGDOOHSURSULHFRQQRWD]LRQLVRFLRHFRQRPLFKH± FKLHGRQR LQIDWWL GL DYHUH FHUWH]]D GL SRWHU HIIHWWLYDPHQWH FRQWULEXLUH DFTXLVWDQGR L SURGRWWL ³YHUGL´ DO PLJOLRUDPHQWR GHOO¶DPELHQWH 'DOO¶DOWUR HVVL SUHWHQGRQR FKH OH TXDOLWj LQ WHUPLQL GL SUHVWD]LRQL IXQ]LRQDOL HG HVWHWLFKH GHO SURGRWWR HFRORJLFR VLDQR DQDORJKHDTXHOOHGHLSURGRWWLFRQYHQ]LRQDOLHFKHLOSUH]]RQRQVLDVXSHULRUHRPHJOLR FRPHVLYHGUjLQGHWWDJOLR³HFFHVVLYDPHQWHVXSHULRUH´ DOSUH]]RGLTXHVWLXOWLPL  ,Q SDVVDWR OH D]LHQGH KDQQR VSHVVR ULWHQXWR FKH OD QLFFKLD ³YHUGH´ GHO PHUFDWR IRVVH GLVSRVWD D SUHPLDUH XQ SURGRWWR TXDQWR SL TXHVWR VL GLIIHUHQ]LDYD ULVSHWWR DOOD FRQFRUUHQ]D HQIDWL]]DQGR OH SURSULH TXDOLWj DPELHQWDOL DQFKH D GLVFDSLWR GL TXHOOH ³WUDGL]LRQDOL´ ROWUH DO JLj FLWDWR HVHPSLR GHO GHWHUVLYR HFRORJLFR FRQ OLPLWDWD HIILFDFLD GL ODYDJJLR VL SHQVL DOOD FRPSDUVD VXO PHUFDWR GHOOH SULPH YHUQLFL DG DFTXD OH FXL SUHVWD]LRQLHUDQRHIIHWWLYDPHQWHLQIHULRULULVSHWWRDTXHOOHWUDGL]LRQDOLDEDVHVROYHQWH $O FRQWUDULR OH D]LHQGH VL FRQIURQWDQR RJJL FRQ O¶HVLJHQ]D PDWXUDWD QHL FRQVXPDWRUL GL FRQVLGHUDUH OH SUHVWD]LRQL DPELHQWDOL FRPH SDUWH LQWHJUDQWH GHOOD ³TXDOLWj WRWDOH´GHOSURGRWWR&LzKDFRQVHJXHQ]HDGHVHPSLRVXOODSURJHWWD]LRQHGHLSURGRWWL HFRORJLFLODFXLDWWHQ]LRQHYDVSRVWDQGRVLGDOOHFDUDWWHULVWLFKH³HVWHULRUL´TXDOLLOGHVLJQ R LO SDFNDJLQJ GHL SURGRWWL  DOOD ULFHUFD GL PDWHULDOL LQQRYDWLYL LQ JUDGR GL DFFRSSLDUH HOHYDWHSHUIRUPDQFHFRQXQLPSDWWRDPELHQWDOHULGRWWR9DULOHYDWRFRPHWDOHDWWHQ]LRQH GLYHUUjXQ¶HVLJHQ]DLPSUHVFLQGLELOHQHOSURVVLPRIXWXURSHUWXWWHOHD]LHQGHSURGXWWULFLGL EHQL FKH FRQVXPDQR HQHUJLD DVVRJJHWWDWH DOOD 'LUHWWLYD 8( ³(FRGHVLJQ´ FKH LPSRUUj ORUR FULWHUL GL SURJHWWD]LRQH VRVWHQLELOH $FFDQWR DOOH HVLJHQ]H GHO PHUFDWR OD VSLQWD DOO¶DGR]LRQH GL XQD VWUDWHJLD GL JUHHQ PDUNHWLQJ KD TXLQGL DQFKH XQD PDWULFH GL QDWXUD QRUPDWLYR  LVWLWX]LRQDOH ODGGRYH VL FRQVLGHUL FRPH WXWWL L VHWWRUL SURGXWWLYL VRQR RJJL LQWHUHVVDWL LQ PLVXUD FUHVFHQWH GD QRUPDWLYH H UHJRODPHQWD]LRQL GLYHUVH SHU HQWLWj HG LPSOLFD]LRQLDVHFRQGD DOOHVSHFLILFLWjGHLGLYHUVLDPELWLPDDFFRPXQDWHGDOO¶RELHWWLYRGL IRQGRGLDVVLFXUDUHODVRVWHQLELOLWjGHLSURGRWWLOXQJRWXWWRLOORURFLFORGLYLWD  3HUXQSURGRWWRRVHUYL]LR³HFRORJLFR´WXWWDYLDHVVHUHFRPSHWLWLYRLQWHUPLQLGLTXDOLWjH SUH]]R QRQ q VXIILFLHQWH OD YHUD VILGD SHU LO JUHHQ PDUNHWLQJ q TXHOOD GL UHQGHUH FRQFUHWR H ³SHUFHWWLELOH´ LO PLJOLRUDPHQWR DPELHQWDOH DVVRFLDWR DO FRQVXPR GHL SURGRWWL SHU ³FRQYLQFHUH´ LO FOLHQWHFRQVXPDWRUH GHOOD UHDOH XWLOLWj GHO VXR UXROR QHOOD WXWHOD GHOO¶DPELHQWH 'LYLHQH TXLQGL HVVHQ]LDOH OD FDSDFLWj GD SDUWH GHO SURGXWWRUH GL 

1XPHURVLHVHPSLGLWDOLLQGDJLQLVLWURYDQRQHOFDSLWRORVXFFHVVLYR³$&KLH&RVD&RPXQLFDUH"´  'LUHWWLYD &( GHO 3DUODPHQWR (XURSHR H GHO &RQVLJOLR GHO  UHODWLYD DOO¶LVWLWX]LRQH GL XQ TXDGURSHUO¶HODERUD]LRQHGLVSHFLILFKHSHUODSURJHWWD]LRQHHFRFRPSDWLELOHGHLSURGRWWLFRQQHVVLDOO¶HQHUJLD





UHQGHUH³YLVLELOL´R³WDQJLELOL´SHULOFRQVXPDWRUHRFOLHQWHLYDQWDJJLDPELHQWDOLOHJDWLDOOD VFHOWDGHOSURSULRSURGRWWRRVHUYL]LR 3HU DOFXQH WLSRORJLH GL SURGRWWL OD SL HOHYDWD SHUIRUPDQFH DPELHQWDOH SXz HVVHUH HYLGHQ]LDWD ILQ GDO FRQWDWWR YLVLYR SUHVVR OR VFDIIDOH GL YHQGLWD 4XHVWD q OD VWUDGD SHUFRUVD DG HVHPSLR GD DOFXQH UHDOWj GHOOD JUDQGH GLVWULEX]LRQH FKH QHJOL DQQL SL UHFHQWL KDQQR ³YLVLELOPHQWH´ ULGLVHJQDWR H SURJHWWDWR PROWL GHL ORUR SURGRWWL SHU PLQLPL]]DUHO¶LPSDWWRDPELHQWDOHGDLWXEHWWLGLGHQWLIULFLRSULYLGLFRQIH]LRQHLPEDOODJJLR VHFRQGDULR  DJOL VSD]]ROLQL FRQ WHVWLQD LQWHUFDPELDELOH GDL GHWHUVLYL IRUQLWL GL ULFDULFD ³IORVFLD´DJOLLPEDOODJJL³VDOYDFDUWRQH´ 3HU OD PDJJLRU SDUWH GHL SURGRWWL WXWWDYLD LO PLJOLRUDPHQWR DPELHQWDOH QRQ SXz HVVHUH SHUFHSLWR DO PRPHQWR GHOO¶DFTXLVWR LO FRQVXPDWRUH GHYH ³VSHULPHQWDUOR´ DWWUDYHUVR O¶XWLOL]]RGHOSURGRWWRVLSHQVLDOO¶HOHWWURGRPHVWLFRFKHLQIDVHGLXWLOL]]RFRQVXPDPHQR HQHUJLD ,QDOWULFDVLDQFRUDLOFRQVXPDWRUHGHYH³ILGDUVL´GHOSURGXWWRUHFRPHQHOFDVR GHOFRQWHQXWRGHOOHYHUQLFLHGHLGHWHUVLYLOHFXLFRQVHJXHQ]HVXOO¶DPELHQWHQRQVDUDQQR PDL YLVLELOL R WDQJLELOL DG XQ FRQVXPDWRUH PHGLR &RPH VL YHGUj DQFKH QHL FDSLWROL VXFFHVVLYL LQ TXHVWL FDVL O¶RELHWWLYR GHO PDUNHWLQJ DPELHQWDOH SXz HVVHUH UDJJLXQWR VRSUDWWXWWR DWWUDYHUVR XQD FRPXQLFD]LRQH DGHJXDWD DL WHPL HFRORJLFL DL YDQWDJJL FKH LO SURGRWWR SXz JDUDQWLUH H DOOD FDSDFLWj GL FRPSUHQGHUOL GD SDUWH GHO GHVWLQDWDULR FRQVXPDWRUHRFOLHQWHLQWHUPHGLR 4XDQGROHLQIRUPD]LRQLFKHDUULYDQRDOFRQVXPDWRUH ULJXDUGDQRVRVWDQ]HLQTXLQDQWLFRQVXPLGLULVRUVHHGHIIHWWLVXOO¶HFRVLVWHPDLOSUREOHPD SLULOHYDQWHSHUXQ¶D]LHQGDGLYHQWDTXLQGL³FRPHFRPXQLFDUHLOSURSULRLPSHJQRLQPRGR HIILFDFHHFRPSUHQVLELOH´  ,Q SDUWLFRODUH VXO IURQWH GHOOD FRPXQLFD]LRQH SXEEOLFLWDULD VL VRQR UHJLVWUDWL QHJOL DQQL SL UHFHQWL VLJQLILFDWLYL FDPELDPHQWL $G XQD IDVH LQL]LDOH LQ FXL HVVD VL EDVDYD VRSUDWWXWWRVXLPPDJLQLQDWXUDOLHYRFDWLYHHVORJDQJHQHULFLVXOULVSHWWRGHOO¶DPELHQWHLQ YRJD GDJOL DQQL µ QH q VXEHQWUDWD XQD LQ FXL OH D]LHQGH KDQQR SUHVR DWWR GHOOD PDWXUD]LRQHGDSDUWHGHOFRQVXPDWRUHHKDQQRGHFLVRGLSXQWDUHVXXQDFRPXQLFD]LRQH DSSURIRQGLWD VFLHQWLILFDPHQWH IRQGDWD H ULFFD GL GDWL VXJOL LPSDWWL GHO SURGRWWR &Lz KD SRUWDWR QHJOL DQQL QRYDQWD DOOR VYLOXSSR GL VWUXPHQWL PROWR FRPSOHVVL GL UHQGLFRQWD]LRQH DGDWWL VRSUDWWXWWR DG XQ SXEEOLFR GL VSHFLDOLVWL PD SRFR FRPSUHQVLELOL SHULQRQDGGHWWLDLODYRULVLSHQVLWLSLFDPHQWHDLFRVLGGHWWL³ELODQFLDPELHQWDOL´ HSRFR IUXLELOLTXDOLPH]]LGLFRPXQLFD]LRQHSXEEOLFLWDULD 2JJLODSULQFLSDOH³VILGD´SHUOHD]LHQGHqTXHOODGHOODULFHUFDGLXQHIILFDFHPL[ WUD FRPSOHWH]]D H FUHGLELOLWj GHOO¶LQIRUPD]LRQH DPELHQWDOH GD XQ ODWR H VHPSOLFLWjHDWWUDWWLYLWjGHLPHVVDJJLGDOO¶DOWURFKHqPROWRGLIILFLOHGDRWWHQHUH 0ROWHSOLFL VRQR JOL VWUXPHQWL H OH PRGDOLWj GL FXL SRVVRQR DYYDOHUVL OH LPSUHVH SHU DIIURQWDUHFRQVXFFHVVRTXHVWDVILGD3ULPDSHUzqQHFHVVDULRFKHHVVHVXSHULQRDOFXQH ³VLQGURPL´ FKH LQ PLVXUD H SHU UDJLRQL GLYHUVH SRVVRQR GLVVXDGHUOH GDOO¶LQWUDSUHQGHUH XQDVWUDWHJLDGLPDUNHWLQJHFRPXQLFD]LRQHLQFKLDYHDPELHQWDOH$OODORURWUDWWD]LRQHq GHGLFDWRLOSDUDJUDIRVXFFHVVLYR  

 /H SULQFLSDOL ³VILGH´ DOO¶DGR]LRQH GL XQD VWUDWHJLD GL JUHHQPDUNHWLQJ  8Q WHQWDWLYR GL FODVVLILFD]LRQH GHOOH PRWLYD]LRQL FKH SRVVRQR UHQGHUH GLIILFLOH SHU XQ¶LPSUHVDLQWUDSUHQGHUHXQDVWUDWHJLDGLFRPXQLFD]LRQHHPDUNHWLQJ³JUHHQ´ULFKLHGHGL GLVWLQJXHUHLQSULPDDQDOLVLGXH³IDWWLVSHFLH´SURIRQGDPHQWHGLYHUVHIUDORUR   LO FDVR LQ FXL OH ³UHPRUH´ H OH SHUSOHVVLWj GHOO¶LPSUHVD QHL FRQIURQWL GHOOD FRPXQLFD]LRQH DPELHQWDOH VLDQR ULFRQGXFLELOL DO IDWWR FKH HVVD QRQ SRVVLHGH UHDOPHQWH XQ¶LGHQWLWj ³JUHHQ´ ± Qp LQ WHUPLQL GL FXOWXUD H GL YDORUL SURSUL GHOO¶D]LHQGD Qp LQ WHUPLQL GL FDSDFLWj GL RIIULUH DO PHUFDWR SURGRWWL FRQ FDUDWWHULVWLFKHHFRORJLFKH±H





LO FDVR LQ FXL L WLPRUL GHOO¶LPSUHVD VRQR LQYHFH OHJDWL DOOD GLIILFROWj GL YDORUL]]DUH HIILFDFHPHQWH VXO PHUFDWR XQ VXR LPSHJQR UHDOH QHL FRQIURQWL GHOOD WXWHOD GHOO¶DPELHQWH HR ULVXOWDWL FRQFUHWL LQ WHUPLQL GL SUHVWD]LRQL HFRORJLFKH GHLVXRLSURGRWWL

   1HO SULPR FDVR L WLPRUL GHOO¶LPSUHVD VRQR FHUWDPHQWH IRQGDWL O¶DGR]LRQH GL XQD VWUDWHJLD GL JUHHQ PDUNHWLQJ EDVDWD VXOOD FRPXQLFD]LRQH GL XQD JHQHULFD VHQVLELOLWj QHL FRQIURQWL GHOO¶DPELHQWH QRQ VRUUHWWD GD LPSHJQL H ULVXOWDWL FRQFUHWL HVSRQH LQHVRUDELOPHQWH O¶LPSUHVD DO ULVFKLR GL OHGHUH OD SURSULD LPPDJLQH H FUHGLELOLWj VXO PHUFDWRILQRDOODSHUGLWDYHUDHSURSULDGHLFOLHQWLHDOO¶HURVLRQHGLTXRWHGLPHUFDWRGD SDUWHGHLFRQFRUUHQWL&LzDFFDGHLQTXDQWRLFRQVXPDWRULHLFOLHQWLFRPHDEELDPRYLVWR VWDQQR PDWXUDQGR XQD FRQVDSHYROH]]D GHOOH VFHOWH GL FRQVXPR VHPSUH FUHVFHQWH H VL GLPRVWUDQR LQ JUDGR VH QRQ GL ULFRQRVFHUH H YDOXWDUH FRUUHWWDPHQWH XQ PHVVDJJLR HFRORJLFR TXDQWRPHQR GL ³GLIILGDUQH´ QHO FDVR LQ FXL TXHVWR ULVXOWL YDJR JHQHULFR VXSHUILFLDOH 6L WUDWWD GL WXWWH TXHOOH VLWXD]LRQL ULFRQGXFLELOL D IHQRPHQL FRVLGGHWWL GL ³*UHHQZDVKLQJ´ WHUPLQH DQJORVDVVRQH FRQLDWR SHU LQGLFDUH OH VLWXD]LRQL LQ FXL XQ¶D]LHQGD LPSLHJD SL ULVRUVH DG DIIHUPDUH OD SURSULD VHQVLELOLWj DPELHQWDOH HR L EHQHILFL DPELHQWDOL GHL SURSUL SURGRWWL DWWUDYHUVR OD SXEEOLFLWj H LO PDUNHWLQJ SLXWWRVWR FKHQHOPHWWHUHLQDWWRPLVXUHUHDOPHQWHLQJUDGRGLULGXUQHO¶LPSDWWRDPELHQWDOH  ,Q DOWUL WHUPLQL LO WHQWDWLYR GL ³WLQJHUH GL YHUGH´ SURGRWWL H EUDQG FRPPHUFLDOL FRQGXFH O¶LPSUHVDDFRPPHWWHUHXQRRSL³HUURUL´FKHLOPHUFDWRqLQJUDGRGLULFRQRVFHUHLQXQ WHPSR SL R PHQR OXQJR DQFKH D VHFRQGD GHOO¶HQWLWj H GHOOD JUDYLWj GHJOL VWHVVL  VXEHQGRQHGLFRQVHJXHQ]DXQGDQQRLQWHUPLQLGLLPPDJLQHUHSXWD]LRQHHFUHGLELOLWj9D VRWWROLQHDWR FKH XQ¶D]LRQH GL JUHHQZDVKLQJ QRQ LPSOLFD QHFHVVDULDPHQWH OD ³PDODIHGH´ GHOO¶LPSUHVDRLQJHQHUDOHGHOVRJJHWWRFKHODFRPSLH 0ROWRSLIUHTXHQWHqLQIDWWLLO FDVR LQ FXL DOO¶RULJLQH GL XQ IHQRPHQR GL JUHHQZDVKLQJ YL VLDQR OD VXSHUILFLDOLWj GHOO¶DSSURFFLR DOOD FRPXQLFD]LRQH DPELHQWDOH HR XQD VFDUVD FRQRVFHQ]D GHL WHPL DPELHQWDOLFKHFLVLSURSRQHGLIDUSURSULHGLFRPXQLFDUHDOPHUFDWRHDJOLVWDNHKROGHUVL YHGDQRLQSURSRVLWRDOFXQLGHLSLIUHTXHQWLFDVLGLJUHHQZDVKLQJULSRUWDWLQHOER[  ,QVLQWHVLLOJUHHQZDVKLQJSRWUHEEHGHILQLUVLFRPH³XQ¶D]LRQHFKHLQJDQQDLOSXEEOLFR HQIDWL]]DQGR OH FUHGHQ]LDOL DPELHQWDOL GL XQ¶D]LHQGD R GL XQ SURGRWWR TXDQGR TXHVWHVRQRLQIRQGDWHRLUULOHYDQWL´  

%2;±*UHHQZDVKLQJLFDVLSLIUHTXHQWL

$VVHQ]DGL LQIRUPD]LRQL

1RQIRUQLUHLQIRUPD]LRQLGDWLRVSHFLILFKHFDUDWWHULVWLFKH DVXSSRUWRGL TXDQWRGLFKLDUDWRDWWUDYHUVRODSXEEOLFLWjRLOSDFNDJLQJGHOSURGRWWR6H O¶LQIRUPD]LRQHHVLVWHQRQGRYUHEEHURVXVVLVWHUHUHPRUHRWLPRULD FRPXQLFDUOD,QTXHVWRFDVRODGLIILFROWjSRWUHEEHULJXDUGDUHSLXWWRVWR LOFRPHFRPXQLFDUHHIILFDFHPHQWHO¶LQIRUPD]LRQHDWWUDYHUVRO¶XWLOL]]RGL OLQJXDJJLRVWLOHHFDQDOHLDSSURSULDWL

&DUDWWHULVWLFD LUULOHYDQWH

(QIDWL]]DUHXQDVLQJRODFDUDWWHULVWLFDGHOSURGRWWRSXEEOLFL]]DWR ULWHQHQGRODVXIILFLHQWHSHUFODVVLILFDUORFRPH³JUHHQ´PDLJQRUDQGR FRPSOHWDPHQWHDOWULDVSHWWLSLLPSRUWDQWL

  ,O WHUPLQH q XQ QHRORJLVPR IRUPDWR D SDUWLUH GDOOH SDUROH ³JUHHQ´ H ³ZKLWHZDVK´ WHUPLQH TXHVW¶XOWLPR FKH OHWWHUDOPHQWHVLJQLILFD³LPELDQFDUH´DQFKHQHOVHQVRGL³PDVFKHUDUH´³FRSULUHSDU]LDOPHQWH´³FRSULUHPDOH´,O WHUPLQHqVWDWRLQVHULWRSHUODSULPDYROWDQHOO¶2[IRUG(QJOLVK'LFWLRQDU\QHOFRQODVHJXHQWHGHILQL]LRQH ³'LVLQIRUPDWLRQGLVVHPLQDWHGE\ DQRUJDQLVDWLRQ HWF VR DV WR SUHVHQW DQ HQYLURQPHQWDOO\ UHVSRQVLEOH SXEOLF LPDJH D SXEOLF LPDJH RI HQYLURQPHQWDO UHVSRQVLELOLW\ SURPXOJDWHG E\ RU IRU DQ RUJDQLVDWLRQ HWF EXW SHUFHLYHGDVEHLQJXQIRXQGHGRULQWHQWLRQDOO\PLVOHDGLQJ´&RQFLVH2[IRUG(QJOLVK'LFWLRQDU\GHFLPDHGL]LRQH 



,QFRQVLVWHQ]D GHOO¶LPSHJQR

&RPXQLFDUHLQL]LDWLYH³JUHHQ´QRQLQVHULWHQHOFRQWHVWRGLXQDYLVLRQHH GLXQLPSHJQRFRPSOHVVLYLGHOO¶LPSUHVDQHLFRQIURQWLGHOO¶DPELHQWHHV FRPSHQVD]LRQHGHOOHHPLVVLRQLGL&2UHODWLYHDGXQVLQJRORHYHQWRFRQ XQSURJHWWRGLULIRUHVWD]LRQHFRQODSUHWHVDFKHO¶LQL]LDWLYDIDFFLD GLYHQWDUH³YHUGH´ODPDUFDRLOSURGRWWRGLULIHULPHQWR 

)LQWLPDUFKLH FHUWLILFD]LRQL ³6LQGURPH GHOO¶DPLFR LPPDJLQDULR´ 

)RUQLUHGDWLHLQIRUPD]LRQLSUHVHQWDQGROLFRPH³FHUWLILFDWL´PDFKHQRQ SUHYHGRQRO¶LQWHUYHQWRGLXQDWHU]DSDUWHLQGLSHQGHQWHFKHJDUDQWLVFD SURFHGXUHHYHULGLFLWjHVDSSRVL]LRQHVXOODFRQIH]LRQHGHLSURGRWWLGL PDUFKLHGHFRODEHO³ILQWL´DFXLQRQFRUULVSRQGHXQUHDOHSURFHVVRGL FHUWLILFD]LRQH 

$XWRFHOHEUD]LRQH  

³$XWRJORULILFDUVL´FRPXQLFDQGRFRPHHVVHQ]DGHOPHVVDJJLROD³ERQWj´ HODJHQHURVLWjGHOO¶LPSUHVDQHOVRVWHQHUHHRILQDQ]LDUHSURJHWWL DPELHQWDOLDQFKHGLLQFHUWDRGXEELDULOHYDQ]D 

$XWRFHOHEUD]LRQH  

3UHVHQWDUVLFRPH³SLYHUGL´SHUXQDGHWHUPLQDWDWLSRORJLDGLSURGRWWR ULVSHWWRDOODFRQFRUUHQ]DLQXQFRQWHVWRSURGXWWLYRLQFXLLQJHQHUDOHOH SHUIRUPDQFHDPELHQWDOLGHLEHQLVRQRQRWRULDPHQWHVFDUVH

6XJJHVWLRQLYLVLYH RQHOO¶XVRGHL WHUPLQL

8WLOL]]DUHWHUPLQLHVSUHVVLRQLRLPPDJLQLYROXWDPHQWH³VXJJHVWLYH´FKH HYRFDQRXQDVHQVLELOLWjDPELHQWDOHFKHQRQFRUULVSRQGHDOODUHDOWj RYYHUR³WLQJHUHGLYHUGH´XQDVHPSOLFHFRPXQLFD]LRQHFRPPHUFLDOH

$EXVRGL WHFQLFLVPL ³6LQGURPHGHO JUHHQQHUG´ 

8WLOL]]DUHGDWLLQIRUPD]LRQLHOLQJXDJJLRWHFQLFLFRPSOHVVLUHQGHQGR LQWHQ]LRQDOPHQWHGLIILFLOHSHULOFRQVXPDWRUHODORURFRPSUHQVLRQHHR YHULILFDUQHO¶DWWHQGLELOLWj

)RQWHHODERUD]LRQHSURSULDGDGLYHUVHIRQWL 

  *OL HVHPSL GL JUHHQZDVKLQJ ULSRUWDWL LQGXFRQR IDFLOPHQWH D FRQFOXGHUH FKH XQ¶LPSUHVD FKH ± QRQ SRWHQGR FRQWDUH VX UHDOL FDUDWWHULVWLFKH HFRORJLFKH GHL SURSUL SURGRWWL ± GHFLGHVVH GL ULQXQFLDUH DG XQD VWUDWHJLD GL FRPXQLFD]LRQH LQ VHQVR DPELHQWDOH HIIHWWXHUHEEH XQD VFHOWD FRUUHWWD PHWWHQGRVL DO ULSDUR GDO ULVFKLR GL LQFDSSDUH LQ XQD GHOOHVLWXD]LRQLGHOLQHDWHRLQDOWUHVLPLOL HTXLQGLGLYHQLUHSUHVWR RWDUGL³VILGXFLDWD´ GDOPHUFDWR  3LLQGHWWDJOLRVLDSULUHEEHURGXHSRVVLELOLVFHQDUL  • LO SULPR FRQQHVVR DG XQ DWWHJJLDPHQWR ³SDVVLYR´ GD SDUWH GHOO¶LPSUHVD FKH SXU ULFRQRVFHQGR O¶HVLVWHQ]D VXO PHUFDWR GL XQD GLVSRQLELOLWj D SUHPLDUH L SURGRWWL SL ³HFRORJLFL´HOHLPSUHVHUHDOPHQWHLPSHJQDWHQHOODVDOYDJXDUGLDDPELHQWDOHGHFLGHVVH GLFRQWLQXDUHDSURGXUUHSURGRWWL³FRQYHQ]LRQDOL´6LQRWLFKHLQTXHVWRFDVRO¶LPSUHVD QRQVDUHEEHFRPXQTXHDOULSDURGDXQDSRVVLELOHSHUGLWDGLFRPSHWLWLYLWjODYRUDUHSHU LO PLJOLRUDPHQWR DPELHQWDOH GHL SURGRWWL QRQ q SL  VROR OD ULVSRVWD DG XQD ULFKLHVWD GHO PHUFDWR PD DQFKH XQ¶HVLJHQ]D FRQQHVVD DOOD QHFHVVLWj GL HVVHUH FRQIRUPL DL VHPSUH SL QXPHURVL H VSHFLILFL UHTXLVLWL OHJLVODWLYL FKH OH LPSUHVH VRQR R VDUDQQR D EUHYH WHQXWHDULVSHWWDUHVLQGDOOHIDVLGLSURJHWWD]LRQH  • ,OVHFRQGRVFHQDULRSLDPEL]LRVRVDUHEEHSHUO¶LPSUHVDTXHOORGLSDUWLUHGDOO¶DWWXDOH LQFRQVLVWHQ]D GHOOH ³FUHGHQ]LDOL´ H GHOO¶LPSHJQR DPELHQWDOL SHU LQWUDSUHQGHUH XQ



SHUFRUVR PLUDWR DG LQYHVWLUH VHULDPHQWH QHOOD SURJHWWD]LRQH QHOOD ULFHUFD H QHOO¶LQQRYD]LRQH GHL SURSUL SURGRWWL DO ILQH GL VYLOXSSDUQH HR SRWHQ]LDUQH OH SHUIRUPDQFHDPELHQWDOL 1DWXUDOPHQWH QHDQFKH TXHVWR SHUFRUVR VDUHEEH SULYR GL GLIILFROWj HG RVWDFROL DG HVHPSLRLQWHUPLQLGL  o FRVWL ± VYLOXSSDUH SURFHVVL SL DWWHQWL DOO¶DPELHQWH SXz PLJOLRUDUH OH SUHVWD]LRQL GHOO¶LPSUHVD LQ WHUPLQL GL ULGX]LRQH GHJOL VSUHFKL RWWLPL]]D]LRQH GHOO¶XVR GHOOH PDWHULH SULPH H GHOO¶HQHUJLD HWF  PD ULFKLHGH DQFKH GL VRVWHQHUH VLJQLILFDWLYL FRVWLGLULRUJDQL]]D]LRQHQRQFKpLQYHVWLPHQWLLQQXRYHWHFQRORJLH6SHVVRLQROWUH q QHFHVVDULR VYLOXSSDUH QXRYH WLSRORJLH GL SURGRWWR H VL SRQH TXLQGL LO SUREOHPD GHOO¶HOLPLQD]LRQHRGHOODPRGLILFDGLLPSLDQWLJLjRSHUDQWLHRGHOO¶XWLOL]]RGLVFRUWH GLSURGRWWLFKHQRQULVSRQGRQRDLQXRYLVWDQGDUGDPELHQWDOL  o FRPSOHVVLWj RUJDQL]]DWLYD ± OR VYLOXSSR GL SURGRWWL ³JUHHQ´ ULFKLHGH QRQ GL UDGR FDPELDPHQWL RUJDQL]]DWLYL LQWHUQL DOO¶LPSUHVD OHJDWL IUD O¶DOWUR DOOD QHFHVVLWj GL RSHUDUH LQ PDQLHUD LQWHJUDWD H FRQ XQD IRUWH LPSRVWD]LRQH LQWHUIXQ]LRQDOH FKH VXSHUL OH EDUULHUH WUD L GLYHUVL SURFHVVL FKH VL VYROJRQR DOO¶LQWHUQR GHOOD VWHVVD LPSUHVD$TXHVWLVLDJJLXQJRQROHGLIILFROWjFRQQHVVHDOODQHFHVVLWjGLLQWHJUDUHLO SURSULRRSHUDWRDQFKHFRQTXHOORGHJOLDOWULDWWRULGHOODILOLHUDSURGXWWLYD o FXOWXUD D]LHQGDOHUHVLVWHQ]H LQWHUQH GHOO¶RUJDQL]]D]LRQH ± VSHVVR OH D]LHQGH PDQLIHVWDQR XQD IRUWH LQHU]LD DO FDPELDPHQWR OHJDWD DO SHVR FKH DVVXPRQR DO ORURLQWHUQRLUXROLOHURXWLQHLSURFHVVLHOHSURFHGXUHFRQVROLGDWH/DGLIIXVLRQH GL XQD FXOWXUD D]LHQGDOH FKH DEELD OD GLIHVD GHOO¶DPELHQWH IUD L VXRL YDORUL SXz FDXVDUH VRWWR TXHVWR SURILOR DWWULWL H FRQIOLWWL QHOOD PLVXUD LQ FXL L YDORUL DPELHQWDOL ULVXOWLQR ³GHVWDELOL]]DQWL´ ULVSHWWR DJOL DWWXDOL YDORUL HG HTXLOLEUL FKH UHJRODQRO¶DWWLYLWjGHOO¶LPSUHVD o OLPLWL WHFQRORJLFL ± SHU PLJOLRUDUH OH SUHVWD]LRQL DPELHQWDOL VRQR VSHVVR QHFHVVDUL LQJHQWL VIRU]L LQ WHUPLQL GL LQQRYD]LRQH WHFQRORJLFD GL SURFHVVR H GL SURGRWWR ,Q SDUWLFRODUH SRVVRQR HVLVWHUH OLPLWL RJJHWWLYL DOOD SRVVLELOLWj SHU O¶LPSUHVD GL PLJOLRUDUH VLJQLILFDWLYDPHQWH OD SURSULD SHUIRUPDQFH DPELHQWDOH DSSOLFDQGR OH FRQRVFHQ]HWHFQLFKHHVFLHQWLILFKHGLFXLGLVSRQHVLSHQVLDGHVHPSLRDOOH30,     ,O VHFRQGR WLSR GL WLPRUL ULFRPSUHQGH LQYHFH WXWWH TXHOOH VLWXD]LRQL LQ FXL OD WXWHOD GHOO¶DPELHQWH H LO PLJOLRUDPHQWR GHOOH SUHVWD]LRQL DPELHQWDOL VRQR HIIHWWLYDPHQWH SDUWH GHOOD FXOWXUD H GHJOL RELHWWLYL GHOO¶LPSUHVD ,Q TXHVWL FDVL VH IUD L SURGRWWL RIIHUWL GDOO¶D]LHQGD YH QH VRQR XQR R SL GRWDWL GL FDUDWWHULVWLFKH HFRORJLFKH YDORUL]]DELOL FRPH ³HFFHOOHQWL´ VXO PHUFDWR O¶RVWDFROR GD VXSHUDUH QRQ ULJXDUGD O¶LQFRQVLVWHQ]D GHO SURSULR LPSHJQR DPELHQWDOH EHQVu OD GLIILFROWj GL ULXVFLUH D WUDVIRUPDUH XQ YDQWDJJLR SUHVWD]LRQDOH UHDOH GL QDWXUD DPELHQWDOH LQ XQ YDQWDJJLR FRPSHWLWLYR ULFRQRVFLXWR GDO PHUFDWR $QFKH LQ TXHVWR FDVR q SRVVLELOH LGHQWLILFDUH GLYHUVH VLWXD]LRQLLQTXDGUDELOLLQWHUPLQLGL³VLQGURPL´  • XQD SULPD VLWXD]LRQH SXz HVVHUH GHILQLWD ³VLQGURPH GD VWDQGDUG´ SHU ULIHULUVL DO FDVR LQ FXL O¶LPSUHVD WHPH FKH OD FRPXQLFD]LRQH GHO VXR LPSHJQR VRWWR LO SURILOR DPELHQWDOH ± ULIHULWR VROR DG DOFXQH GHOOH VXH DWWLYLWj GHL VXRL SURGRWWL R VHUYL]L ± SRVVDPHWWHUHLQULVDOWRO¶DVVHQ]DGLWDOHLPSHJQRLQDOWUHDUHH HSHUWXWWLLULPDQHQWL SURGRWWL ³WUDGL]LRQDOL´ FKH HVVD FRQWLQXD DG RIIULUH VXO PHUFDWR /¶LPSUHVD WHPH FLRq FKHXQ¶HIILFDFHFRPXQLFD]LRQHGHOOHSUHVWD]LRQLHGHOOHFDUDWWHULVWLFKHDPELHQWDOLGLXQ VXRSURGRWWRRGLXQDVXD³OLQHD´GLSURGRWWLHFRORJLFL SRVVDLQGXUUHLFRQVXPDWRULD ULWHQHUH FKH JOL DOWUL SURGRWWL ± QRQ SRWHQGR YDQWDUH HJXDOL SUHVWD]LRQL ± VLDQR LQTXLQDQWLFLzFKHLQGHILQLWLYDSRWUHEEHWUDGXUVLLQXQGDQQRSHUO¶LPSUHVDQRQVROR GLLPPDJLQHPDDQFKHLQWHUPLQLGLYHQGLWHHIDWWXUDWR  • 8QDVHFRQGDIDWWLVSHFLHIDULIHULPHQWRDOO¶HVLVWHQ]DGLXQDFG³VLQGURPHGDJLXGL]LR XQLYHUVDOH´ RYYHUR DO WLPRUH FKH XQ¶HFFHVVLYD HQIDVL VXOOD VHQVLELOLWj DPELHQWDOH 

8Q¶RULJLQDULDHVSRVL]LRQHGLDOFXQHGLTXHVWH³VLQGURPL´VLWURYDLQ7URLOR 



DWWXDOH GHOO¶LPSUHVD SRQJD LQ HYLGHQ]D O¶DVVHQ]D GHOOD VWHVVD VHQVLELOLWj LQ SDVVDWR ULVXOWDQGROHVLYD SHU O¶LPPDJLQH GHOO¶LPSUHVD /D SHUFH]LRQH GHL FRQVXPDWRUL ³PDWXUL´ HFRQVDSHYROLSRWUHEEHLQIDWWLHVVHUHFKHO¶LPSUHVDILQRDTXHOPRPHQWRQRQVLDVWDWD WUDVSDUHQWHULVSHWWRDJOLLPSDWWLVRWWRLOSURILORDPELHQWDOHGHLVXRLSURGRWWL$QFKHLQ TXHVWR FDVR OD ³VLQGURPH´ SRWUHEEH LQGXUUH O¶LPSUHVD D LQWUDSUHQGHUH ULQXQFLDUH DO ³JUHHQ PDUNHWLQJ´ RYYHUR DG DWWXDUOR FRQ PROWH FDXWHOH H OLPLWD]LRQL UHQGHQGROR LQHIILFDFH  • $OWUH FDVLVWLFKH VL ULIHULVFRQR DG XQD VLQGURPH FKH SRWUHEEH GHILQLUVL ³GD VSLD]]DPHQWRGHOSDUWQHU´SHULQGLFDUHWXWWHTXHOOHVLWXD]LRQLLQFXLO¶LPSUHVDWHPH FKH LO FRPXQLFDUH LO SURSULR LPSHJQR DPELHQWDOH SRVVD PHWWHUH LQ GLIILFROWj DOWUH D]LHQGH FRQ FXL HVVD KD LPSRUWDQWL UHOD]LRQL FRPPHUFLDOL H FKH QRQ KDQQR OD VWHVVD VHQVLELOLWj HR OD VWHVVD YRORQWj R FDSDFLWj GL WUDGXUOD RSHUDWLYDPHQWH 6L SHQVL DG HVHPSLR DOOH SDUWQHUVKLS IUD LPSUHVH PD DQFKH H VRSUDWWXWWR DL UDSSRUWL GL ILOLHUD 8Q¶LPSUHVD PRWLYDWD D FRPXQLFDUH DO PHUFDWR O¶HFFHOOHQ]D DPELHQWDOH GHL SURSUL SURGRWWLSRWUHEEHHVVHUHGLVVXDVDGDOO¶LQWUDSUHQGHUHTXHVWRSHUFRUVRVHLVXRLIRUQLWRUL RDOFXQLIUDTXHVWL QRQSRVVRQRYDQWDUHSUHVWD]LRQLDPELHQWDOLDOWUHWWDQWRHFFHOOHQWLH VXVVLVWRQR DO FRQWHPSR XQD VHULH GL UDJLRQL FKH LQGXFRQR O¶LPSUHVD D QRQ FDPELDUH TXHVWL VWHVVL IRUQLWRUL SHUFKp VL WUDWWD GL SDUWQHU VWRULFL FRQ FXL HVVD KD XQ UDSSRUWR FRQVROLGDWR SHU UDJLRQL GL PHUFDWR HWF  4XHVWR WLSR GL WLPRUL SRVVRQR PDQLIHVWDUVL RJJLSLFKHLQSDVVDWRVHVLSHQVDFKHSHULOFRQVXPDWRUHILQDOHRGLHUQRLOFRQFHWWR GL ³ILOLHUD´ DVVRFLDWD DO SURGRWWR DFTXLVWDWR q GLYHQWDWR RUPDL IDPLOLDUH H FKH LO VXR ELVRJQR GL LQIRUPD]LRQH QRQ VL OLPLWD DO SURGRWWR ILQLWR PD ULJXDUGD VHPSUH SL JDUDQ]LHUHODWLYHDOODILOLHUDRDWXWWRLOVXRFLFORGLYLWD  • /¶HIIHWWR GL ³VSLD]]DPHQWR´ SRWUHEEH G¶DOWUR FDQWR QRQ OLPLWDUVL DOOH UHOD]LRQL FRQ L SDUWQHU FRPPHUFLDOL PD PDQLIHVWDUVL DQFKH LQ TXHOOH FRPSHWLWLYH QHL FRQIURQWL GHL FRQFRUUHQWL (¶ LO FDVR DG HVHPSLR GHOOH FDPSDJQH SXEEOLFLWDULH PLUDWH D SURPXRYHUHO¶HFFHOOHQ]DDPELHQWDOHGHLSURSULSURGRWWLDWWUDYHUVRODFRPXQLFD]LRQHGL SUHVWD]LRQL DPELHQWDOL TXDQWLILFDWH TXDOL L FRQVXPL LGULFL GL HQHUJLD HWF  /¶LPSUHVD SRWUHEEH WHPHUH OD UHD]LRQH GHL FRQFRUUHQWL ODGGRYH TXHVWL IRVVHUR LQ JUDGR GL FRPXQLFDUH SUHVWD]LRQL VXSHULRUL DOOH SURSULH H SHUILQR PHWWHUOH D GLUHWWR FRQIURQWR QHOO¶DPELWRGHOODFG³SXEEOLFLWjFRPSDUDWLYD´  • 8QDTXLQWDVLQGURPHSRWUHEEHHVVHUHGHILQLWD³GDGLVRULHQWDPHQWRGHOFOLHQWH´SHU LQGLFDUH TXHOOH VLWXD]LRQL LQ FXL O¶LPSUHVD WHPH FKH GDWD O¶LPPDJLQH FRQVROLGDWD FKH HVVD KD SUHVVR LO SXEEOLFR XQD FRPXQLFD]LRQH IRUWHPHQWH LPSURQWDWD LQ VHQVR DPELHQWDOH SRVVD ULVXOWDUH WURSSR LQQRYDWLYD GDQGR O¶LPSUHVVLRQH GL XQD IRUWH GLVFRQWLQXLWj ULVSHWWR DO SDVVDWR H FUHDQGR TXLQGL GLIILGHQ]D YHUVR O¶LQVLHPH GHOOH DWWLYLWj GHOO¶LPSUHVD 6L SHQVL DG HVHPSLR D TXHOOH LPSUHVH FKH SRVVLHGRQR XQ¶LPPDJLQH PROWR IRUWH VRWWR LO SURILOR GHOOH SUHVWD]LRQL ³WUDGL]LRQDOL´ HV DXWR GL OXVVR R VSRUWLYH YHUQLFL VSHFLDOL WHVVXWL ROLQHH GL DEELJOLDPHQWR GL DOWD PRGD  H FKH SRVVRQRYDQWDUHXQ¶HOHYDWDIHGHOWjDOODPDUFDLQGLSHQGHQWHPHQWHGDXQORURLPSHJQR DPELHQWDOHSHUOHTXDOLLQQRYDUHDQFKHVRORQHOVHQVRGL³DPSOLDUH´ FXOWXUDHYDORUL YHUVR O¶LPSHJQR DPELHQWDOH SRWUHEEH ULVFKLDUH GL LQWDFFDUH OD SHUFH]LRQH GL ³DOWD TXDOLWj´RGL³VWDWXV´GHOFOLHQWH  /¶HVSRVL]LRQH GL DOFXQH IUD OH SL IUHTXHQWL VLWXD]LRQL FKH SXz WURYDUVL DG DIIURQWDUH XQ¶LPSUHVD FKH VWLD YDOXWDQGR O¶DGR]LRQH GL XQD VWUDWHJLD GL ³JUHHQ PDUNHWLQJ´ PRVWUD GXQTXH FRPH SRVVDQR HVLVWHUH UDJLRQL QRQ EDQDOL Qp VXSHUILFLDOL FKH SRVVRQR DJLUH GD IUHQR RG RVWDFROR DO VXR HIILFDFH VYLOXSSR 3XU QHOOD GLYHUVLWj FKH FDUDWWHUL]]D WDOL ³VLQGURPL´ q HYLGHQWH FRPH O¶D]LHQGD GHEED YDOXWDUOH D IURQWH GHL SRVVLELOL YDQWDJJL FRPSHWLWLYLHEHQHILFLGLPHUFDWRFKHSRVVRQRGHULYDUHGDOO¶RIIHUWDGLSURGRWWLLQQRYDWLYLD IRUWHFRQQRWD]LRQHDPELHQWDOH  ,ULVFRQWULSRVLWLYLFKHLFRQVXPDWRULHLFOLHQWLLQWHUPHGLSRVVRQRRIIULUHHO¶RSSRUWXQLWjGL DPSOLDUHLWDUJHWHOHTXRWHGLPHUFDWRJUD]LHDGXQ¶HIILFDFHVWUDWHJLDGLJUHHQPDUNHWLQJ



SRUWDQR VSHVVR D VXSHUDUH OH VLQGURPL DSSHQD GHVFULWWH RYYHUR D FRQVLGHUDUOH FRPH ULVFKL FRQQDWXUDWL DOO¶LQQRYD]LRQH PD SURSULR SHU TXHVWR VSHVVR UHPXQHUDWL GDOO¶HVVHUH ³ILUVWPRYHU´RYYHURGDOODVFHOWDGLLQWUDSUHQGHUHTXHVWDVWUDWHJLDLQDQWLFLSRULVSHWWRDL FRQFRUUHQWL  0ROWLVRQRLULVFRQWULFKHRJJLFRQIRUWDQROHD]LHQGHFKHLQWHQGRQRDYYLDUHFDPSDJQHGL JUHHQPDUNHWLQJVXLULVXOWDWLFKHTXHVWDVFHOWDSXzSURGXUUHLQWHUPLQLFRPSHWLWLYL 3HUFLWDUHVRORXQHVHPSLRHPEOHPDWLFRDOSURSRVLWRVLSXzIDUHULIHULPHQWRDOOHD]LHQGH FKH QHOO¶8QLRQH (XURSHD KDQQR DGRWWDWR LO PDUFKLR HFRORJLFR (FRODEHO FIU FDSLWROL  H   H FKH QHO SURSULR VHWWRUH KDQQR VSHVVR UDSSUHVHQWDWR GHL YHUL H SURSUL LQQRYDWRUL JXDGDJQDQGRVL PDUJLQL GL FRPSHWLWLYLWj VLJQLILFDWLYL 'D UHFHQWL VWXGL ,UDOGR &DQFLOD  HPHUJHDGHVHPSLRFKHLOGHOOHD]LHQGHFKHKDRWWHQXWRO¶(FRODEHO(XURSHR KD UHJLVWUDWR LQFUHPHQWL QHOOH TXRWH GL PHUFDWR HR LQ WHUPLQL GL DFTXLVL]LRQH GL QXRYL FOLHQWLLQVHJXLWRDOO¶DGR]LRQHGHOPDUFKLR4XHVWLVWXGLKDQQRLQROWUHPLVXUDWRO¶DXPHQWR SHUFHQWXDOH QHO IDWWXUDWR LQGRWWR GDOO¶(FRODEHO H VHEEHQH PROWH D]LHQGH FHUWLILFDWH QRQ DEELDQR VDSXWR LVRODUH H TXDQWLILFDUH LO FRQWULEXWR VSHFLILFR GHO PDUFKLR VXOO¶DQGDPHQWR GHOOH YHQGLWH LO GDWR ULVFRQWUDWR GDOOR VWXGLR q GHFLVDPHQWH FRQIRUWDQWH LQ PHGLD O¶(FRODEHOJHQHUDXQDXPHQWRGHOIDWWXUDWRGHOLQXQDQQRFRQSXQWHPDVVLPHFKH UDJJLXQJRQRLO  $QDORJKL ULVFRQWUL VRSUDWWXWWR LQ WHUPLQL GL TXRWH GL PHUFDWR VRQR VWDWL RWWHQXWL GDOOH D]LHQGH FKH SHU SULPH KDQQR DGRWWDWR DOWUH WLSRORJLH GL PDUFKL HFRORJLFL QD]LRQDOL XWLOL]]DQGROLFRPHFKLDYHGLPDUNHWLQJ8QRVWXGLRGHOO¶2&6(ULSRUWDDGHVHPSLRFKHOD TXRWD GL PHUFDWR GHOOH YHUQLFL GRWDWH GL XQ PDUFKLR HFRORJLFR LQ *HUPDQLD QHOO¶XOWLPR YHQWHQQLRqVDOLWDGDOO¶DOQHOVHWWRUH³)DLGDWH´3HULSURGRWWLLQFDUWDWLVVXHOD TXRWD GL PHUFDWR q VDOLWD DO  LQ XQ DQDORJR DUFR WHPSRUDOH 1HOOR VWHVVR VWXGLR VL ULSRUWDFRPHQHL3DHVL1RUGLFLODFDUWDGDIRWRFRSLHHFRORJLFDHWLFKHWWDWDDEELDXQDTXRWD GL PHUFDWR GHO  PHQWUH L GHWHUVLYL GRWDWL GL PDUFKLR HFRORJLFR YDULDQR GDO  LQ 6YH]LDDOLQ1RUYHJLDHLQ)LQODQGLD 1RQYLGRYUHEEHURHVVHUHGXEELTXLQGLFKHXQDVWUDWHJLDGLJUHHQPDUNHWLQJLPSRVWDWD FRUUHWWDPHQWHGRSRDYHUVXSHUDWROHVLQGURPLVRSUDULFRUGDWHSRVVDFRQGXUUHO¶D]LHQGD DG³LQFDVVDUH´ULVXOWDWLVLJQLILFDWLYLVXOPHUFDWR  8QRGHJOLRELHWWLYLSULQFLSDOLGLTXHVWH/LQHHJXLGDqSURSULRTXHOORGLFRQYLQFHUHLOOHWWRUH FKH DWWUDYHUVR OD GHILQL]LRQH H DWWXD]LRQH GL XQ¶HIILFDFH VWUDWHJLD GL PDUNHWLQJ H FRPXQLFD]LRQH DPELHQWDOH q SRVVLELOH SUHYHQLUH R HYLWDUH OH VLQGURPL GHVFULWWH H DFTXLVLUH L PDUJLQL FRPSHWLWLYL FKH LO PHUFDWR SURPHWWH (¶ HYLGHQWH LQIDWWL FKH VROR DWWUDYHUVR XQ¶DGHJXDWD VWUDWHJLD FRPXQLFD]LRQDOH q SRVVLELOH SHU OH LPSUHVH FKH VRQR UHDOPHQWHLQJUDGRGLRIIULUHSURGRWWLHVHUYL]LHFFHOOHQWLVRWWRLOSURILORDPELHQWDOH  • GHVFULYHUHDOPHUFDWRLUHDOLYDQWDJJLDPELHQWDOLOHJDWLDOSURGRWWRHVHUYL]LR • JDUDQWLUHHTXLOLEULRWUDOHSUHVWD]LRQLDPELHQWDOLHOHSHUIRUPDQFHWUDGL]LRQDOLLQWHUPLQL GLTXDOLWjHIILFDFLDG¶XVRHVWHWLFDHWF • IRQGDUHO¶HFFHOOHQ]DDPELHQWDOHGHOSURGRWWRVHUYL]LRVXXQDSSURFFLRGLFROODERUD]LRQH HLQWHJUD]LRQHFRQODILOLHUD • IRUQLUH DO FOLHQWH H DO FRQVXPDWRUH LQGLFD]LRQL SHU YDORUL]]DUH DSSLHQR L SRWHQ]LDOL YDQWDJJL DPELHQWDOL GHO SURGRWWR VHQ]D DQGDUH LQ FRQWUDVWR FRQ O¶LPPDJLQH R OD UHSXWD]LRQHPDWXUDWDLQSDVVDWR  &RPHVLYHGUjQHOVHJXLWRO¶RELHWWLYRGL³VXSHUDUHODVLQGURPH´VLWUDGXFHLQWXWWLLFDVL LQTXHOORGLWURYDUHXQDULVSRVWDFRUUHWWDDWXWWLLGLYHUVLTXHVLWLSRVWLGDOODGHILQL]LRQHGL XQD VWUDWHJLD GL FRPXQLFD]LRQH DPELHQWDOH GDO ³FRPH LGHQWLILFDUH LOL GHVWLQDWDULRL FXL ULYROJHUVL´D³TXDOHPHVVDJJLRYHLFRODUH´D³FRPHVFHJOLHUHLOOLQJXDJJLRHLOSLFDQDOH SLHIILFDFLDWWUDYHUVRFXLFRPXQLFDUOR´HWF  

,Q,UDOGR



,FDSLWROLFKHVHJXRQRVLSURSRQJRQRTXLQGLGLVXSSRUWDUHO¶LPSUHVDQHOVRVWHQHUHTXHVWD ³VILGD´QHOOHGLYHUVHIRUPHLQFXLHVVDVLDUWLFROD9LQFHUODSXzULVXOWDUHIDFLOHRGLIILFLOHD VHFRQGD GHOOH SURVSHWWLYH GL PHUFDWR H GHOOH GLIIHUHQWL VLWXD]LRQL LQ FXL O¶LPSUHVD KD UHOD]LRQLSLRPHQRLQWHQVHFRQHPDJJLRUHRPLQRUHSRWHUHQHJR]LDOHQHLFRQIURQWLGL  VRJJHWWLHVWHUQLDGHVVDTXDOLSDUWQHUFRPPHUFLDOLIRUQLWRULHFRQFRUUHQWL





3HUFKpQRQ DGRWWDUHXQD VWUDWHJLDGL JUHHQ PDUNHWLQJH FRPXQLFD]LRQH DPELHQWDOH"

3HUFKpDGRWWDUH XQDVWUDWHJLDGL JUHHQ PDUNHWLQJH FRPXQLFD]LRQH DPELHQWDOH"

&RQQHVVLDOO¶DVVHQ]D GLXQUHDOH YDQWDJJLR SUHVWD]LRQDOH DPELHQWDOHGLXQ SURSULRSURGRWWR VHUYL]LR

5LVFKLRGL JUHHQZDVKLQJ

'LVRULHQWDPHQWRGHO FOLHQWH

6SLD]]DPHQWRGD FRQFRUUHQWL

6SLD]]DPHQWRGHO SDUWQHU

6LQGURPHGD ³JLXGL]LRXQLYHUVDOH´

5LVFKLRGLXVFLUHGDOPHUFDWRQHOPHGLROXQJRSHULRGRSHU O¶REVROHVFHQ]DGHLSURGRWWLHRSHUODORURQRQFRQIRUPLWjD UHTXLVLWLOHJLVODWLYLDPELHQWDOLLQIDVHGLSURJHWWD]LRQH UHDOL]]D]LRQHFRQVXPRRILQHYLWD

3HUFKpYLVRQRXQD VHULHGLLQFHUWH]]HH GLWLPRULOHJDWL DOO¶DGR]LRQHHDOOR VYLOXSSRGLXQD VWUDWHJLDGL FRPXQLFD]LRQHLQ FKLDYHDPELHQWDOH

&RQQHVVLDOOD GLIILFROWj GLWUDVIRUPDUHLO YDQWDJJLR SUHVWD]LRQDOH DPELHQWDOHUHDOHGL XQSURSULRSURGRWWR VHUYL]LRLQXQ YDQWDJJLR FRPSHWLWLYR ULFRQRVFLXWRVXO PHUFDWR

6LQGURPH³GD VWDQGDUG´

1RQFDPELDUHODSURSULD VWUDWHJLDGLPDUNHWLQJH FRQWLQXDUHDSURGXUUHEHQLH VHUYL]L³FRQYHQ]LRQDOL´

0$,

'20$1,

2**,

48$1'2&2081,&$5("

&DPELDUHODSURSULDVWUDWHJLD GLPDUNHWLQJLQYHVWHQGR QHOODULFHUFDHQHOORVYLOXSSR GLSURGRWWLFRQFDUDWWHULVWLFKH DPELHQWDOL

6XSHUDELOL DWWUDYHUVRXQD FRUUHWWDHG HIILFDFH FRPXQLFD]LRQH DPELHQWDOH

3HUFKpLOSURGRWWRVHUYL]LRGHOO¶D]LHQGDKDGHOOHFDUDWWHULVWLFKHHFRORJLFKHYDORUL]]DELOLVXO PHUFDWRFRQQHVVHDOODGLVSRQLELOLWjDOO¶DFTXLVWRGHOEHQHGDSDUWHGLXQDRSLIDVFHGL FRQVXPDWRULHDOO¶RSSRUWXQLWjGLHVWHQGHUHWDOHGLVSRQLELOLWjDGDOWULVHJPHQWLGHOPHUFDWR

3(5&+(¶&2081,&$5("

 14 dicembre 2010

$&KLH&RVD&RPXQLFDUH"   &RPHLGHQWLILFDUHLOWDUJHWGLULIHULPHQWRGHOODFRPXQLFD]LRQH"  4XDOLVWUXPHQWLSRVVRQRDLXWDUHO¶LPSUHVDQHOGHILQLUHLOSURSULRWDUJHW"  (VLVWHXQFRQVXPDWRUH³YHUGH´TXDOHWDUJHWLGHDOHFXLULYROJHUVL"6HHVLVWHTXDOLVRQROH VXHDVSHWWDWLYHHGLVXRLELVRJQL"  4XDOLVRQRLFRQWHQXWLGHOODFRPXQLFD]LRQHDPELHQWDOHDWWHVLGDOPHUFDWR" 

 6WDNHKROGHU GL LPSUHVD FRPXQLFD]LRQHDPELHQWDOH

H

GHVWLQDWDUL

GHOOD

 1HOO¶DPELWR GHOOH WHPDWLFKH GHOO¶DPELHQWH H GHOOD VRVWHQLELOLWj L SRVVLELOL GHVWLQDWDUL GHL IOXVVLGLFRPXQLFD]LRQHGHOO¶LPSUHVDVRQRULFRQGXFLELOLDWXWWHTXHOOHFDWHJRULHGLVRJJHWWL FKH D GLYHUVR WLWROR GHWHQJRQR XQ LQWHUHVVH QHL FRQIURQWL GHOOH SUHVWD]LRQL DPELHQWDOL GHOODVWHVVDLPSUHVDFRQVXPDWRULRFOLHQWLLQWHUPHGLLQSULPROXRJRPDDQFKHIRUQLWRUL GLVWULEXWRUL GLSHQGHQWL GHOO¶D]LHQGD HWF RYYHUR JOL ³VWDNHKROGHU´ QHO ORUR FRPSOHVVR  &LDVFXQD FDWHJRULD SUHVHQWD QDWXUDOPHQWH VSHFLILFKH FDUDWWHULVWLFKH LQ WHUPLQL QRQ VROR GL YDORUL LQWHUHVVL HG DVSHWWDWLYH PD DQFKH GL FDSDFLWj GL UHFHSLUH FRPSUHQGHUH HG DSSUH]]DUH L PHVVDJJL DG HVVD ULYROWL $OOR VWHVVR WHPSR OH PRWLYD]LRQL FKH VSLQJRQR XQ¶LPSUHVD D FRPXQLFDUH FRQ JOL VWDNHKROGHU YDULDQR SURIRQGDPHQWH LQ UHOD]LRQH DOOD WLSRORJLD GL VRJJHWWR FRQVLGHUDWR VH QHL FRQIURQWL GL XQ IRUQLWRUH GL PDWHULH SULPH O¶RELHWWLYR SXz HVVHUH TXHOOR GL FRLQYROJHUH OD ILOLHUD QHOOR VYLOXSSR GL LQL]LDWLYH PLUDWH D TXDOLILFDUHLOSURSULRSURGRWWRFRPHHFRORJLFROXQJRWXWWRLOVXRFLFORGLYLWDQHLFRQIURQWL GHO PHUFDWR ILQDOH O¶LPSUHVD SRWUHEEH HVVHUH LQWHQ]LRQDWD D FRPXQLFDUH O¶HFFHOOHQ]D GHO VXRSURGRWWRVLDVRWWRLOSURILORGHOODTXDOLWjVLDLQWHUPLQLGLSUHVWD]LRQLDPELHQWDOL )HUPD UHVWDQGR GXQTXH OD PROWHSOLFLWj GHJOL DPELWL LQ FXL SXz WURYDUH ULVSRVWD OD GRPDQGD³DFKLFRPXQLFDUH"´OH/LQHHJXLGDVLIRFDOL]]DQRVXJOLLQWHUORFXWRULULFRQGXFLELOL DOODFDWHJRULDGHLGHVWLQDWDULGHLSURGRWWLHGHLVHUYL]LGHOO¶D]LHQGDLQTXDOLWjVLDGL XWLOL]]DWRUL ILQDOLIUXLWRUL GL WDOL EHQL FOLHQWL LQWHUPHGL H FRQVXPDWRUL ILQDOL  VLD GL LQWHUPHGLDULGLVWULEXWRUL GL TXHVWL VXO PHUFDWR ILQDOH LQ TXDOLWj GL ULYHQGLWRUL RSHUDWRUL GHOOD JUDQGH GLVWULEX]LRQH HWF  $QFKH FLUFRVFULYHQGR OR VFHQDULR GHL GHVWLQDWDUL GHOOD FRPXQLFD]LRQH DPELHQWDOH D WDOL VRJJHWWL QRQ YHQJRQR QDWXUDOPHQWH PHQR OH FRQVLGHUD]LRQL HVSRVWH LQ PHULWR DOO¶HVWUHPD YDULDELOLWj GHOOH FDUDWWHULVWLFKH SURSULH GL FLDVFXQ VRJJHWWR H TXLQGL DOOD QHFHVVLWj GL VYLOXSSDUH XQ DSSURFFLR DOOD FRPXQLFD]LRQH VSHFLILFRSHURJQLLQWHUORFXWRUH6LSHQVLDWLWRORGLHVHPSLRDOODGLYHUVLWjGLDSSURFFLRH GL OLQJXDJJLR XWLOL]]DWL GD XQ¶LPSUHVD FKH VL ULYROJH DG XQ FOLHQWH LQGXVWULDOH SHU FRPXQLFDUH OH SUHVWD]LRQL GL XQ VXR SURGRWWR DWWUDYHUVR XQR VWUXPHQWR ³WHFQLFR´ TXDOH XQD'LFKLDUD]LRQH$PELHQWDOHGL3URGRWWRGDTXHOOLDGRWWDWLGDXQ¶LPSUHVDFKHLQWHQGH ODQFLDUHVXOPHUFDWRXQSURGRWWRFRQFDUDWWHULVWLFKHHFRORJLFKHLQQRYDWLYHDWWUDYHUVRXQD FDPSDJQDSURPR]LRQDOHULYROWDDOODJHQHUDOLWjGHLFRQVXPDWRULHFRQGRWWDDWWUDYHUVRVSRW SXEEOLFLWDULVXPHGLDWHOHYLVLYL.



 3HU XQ DSSURIRQGLPHQWR VXOOR VWUXPHQWR GHOOD 'LFKLDUD]LRQH $PELHQWDOH GL 3URGRWWR VL YHGD LO &DSLWROR GHGLFDWRDO³'RYH&RPXQLFDUH"´ 



,Q TXHVWR TXDGUR LO FDSLWROR DIIURQWD GDSSULPD LO WHPD GHOO¶LGHQWLILFD]LRQH GHL GHVWLQDWDUL GHOOD FRPXQLFD]LRQH DPELHQWDOH FRQ O¶RELHWWLYR GL VXSSRUWDUH O¶LPSUHVD QHOSHUFRUVRGLLQGLYLGXD]LRQHGHLVXRLLQWHUORFXWRULIUDLVRJJHWWLFRQFXLHVVDLQWHUDJLVFH QHOOH UHOD]LRQL FRQ LO PHUFDWR SHU SRL IRUQLUH XQD SDQRUDPLFD GHJOL VWUXPHQWL H GHOOH PRGDOLWj PHVVL D GLVSRVL]LRQH GDO PDUNHWLQJ WUDGL]LRQDOH SHU FRQRVFHUH H DQDOL]]DUH OH ORURDVSHWWDWLYHELVRJQLHGLQWHUHVVLHXQ¶HVHPSOLILFD]LRQHSUDWLFDLQUHOD]LRQHDOO¶XWLOL]]R GL WDOL VWUXPHQWL H PRGDOLWj LQ XQD SURVSHWWLYD GL JUHHQ PDUNHWLQJ H GL DQDOLVL GHOOD GRPDQGDLQFKLDYHHFRORJLFD  /DVHFRQGDSDUWHGHOFDSLWRORqGHGLFDWDLQYHFHDOWHPDVSHFLILFRGHO³FRVDFRPXQLFDUH´ DO FRQVXPDWRUH ILQDOH $QFKH VH QRQ q GHWWR FKH TXHVWR VLD LO SL LPSRUWDQWH IUD L GHVWLQDWDULGHOODFRPXQLFD]LRQHqLQQHJDELOHFKHTXHVWDILJXUDULFRSUDXQUXRORSULRULWDULR QHOOHVWUDWHJLHGLPDUNHWLQJGHOO¶LPSUHVD,QTXHVWRVHQVRTXHVWDSDUWHGHOOH/LQHHJXLGD VL SRQH O¶RELHWWLYR SULQFLSDOH GL ULVSRQGHUH DO TXHVLWR VH HVLVWH XQ FRQVXPDWRUH TXDOLILFDELOHFRPH³YHUGH´R³HFRORJLFR´LQWHVRTXDOHLQWHUORFXWRUHLGHDOHDFXLO¶LPSUHVD SRVVDHIILFDFHPHQWHLQGLUL]]DUHODFRPXQLFD]LRQHDPELHQWDOHVXOSURSULRPHUFDWRILQDOHGL ULIHULPHQWRHLQFDVRDIIHUPDWLYRTXDOLVLDQRLFRQWHQXWLGHOODFRPXQLFD]LRQHFKHHVVRVL DVSHWWDGLULFHYHUHGDOO¶LPSUHVD 3HU ULVSRQGHUH RFFRUUH DQ]LWXWWR SRUVL GDO SXQWR GL YLVWD GL XQ¶D]LHQGD FKH LQWHQGD DYYLFLQDUVL DO PHUFDWR GHL FRQVXPDWRUL FRQ WHQGHQ]H HFRORJLFKH H FRPSLHUH TXHOOR FKH XWLOL]]DQGR LO OLQJXDJJLR FDUDWWHULVWLFR GHO PDUNHWLQJ WUDGL]LRQDOH VL FRQILJXUD FRPH XQ SHUFRUVR GL DQDOLVL GHOOD GRPDQGD DPELHQWDOH FKH GD HVVR SRWHQ]LDOPHQWH SXz SURYHQLUHHRUHDOPHQWHSURYLHQH 

 /¶LGHQWLILFD]LRQH GHL WDUJHW GHOOD FRPXQLFD]LRQH DPELHQWDOH  ,OSULPRSDVVRFKHGRYUHEEHFRPSLHUHXQ¶LPSUHVDFKHLQWHQGHVYLOXSSDUHXQDVWUDWHJLDGL FRPXQLFD]LRQH DPELHQWDOH q GXQTXH TXHOOR GHOO¶LGHQWLILFD]LRQH GHL GHVWLQDWDUL FXL HVVD LQWHQGH ULYROJHUVL 6L WUDWWD GL XQ SDVVDJJLR IRQGDPHQWDOH LQWULQVHFDPHQWH OHJDWR DOOH VSHFLILFLWjGHOO¶RUJDQL]]D]LRQHQRQVRORLQWHUPLQLGLVHWWRUHGLDSSDUWHQHQ]DHGLPHUFDWL GL ULIHULPHQWR PD DQFKH GL FDUDWWHULVWLFKH LQGLYLGXDOL GHOO¶LPSUHVD LQ UHOD]LRQH DG HVHPSLRDOODVXDTXRWDGLPHUFDWRDOODFRPSRVL]LRQHGHOVXR³SRUWDIRJOLRSURGRWWL´HGDO UXROR FKH LQ HVVR KDQQR R FKH SRWUHEEHUR DYHUH  L SURGRWWL FRQ FDUDWWHULVWLFKH HFRORJLFKHDOO¶LQVLHPHGHLVXRLFOLHQWLHDOORURSHVRUHODWLYRLQWHUPLQLGLIDWWXUDWRHWF/D VFHOWDGHLGHVWLQDWDULGHOODFRPXQLFD]LRQHULFKLHGHLQROWUHXQ¶DWWHQWDYDOXWD]LRQHQRQVROR GHOODVLWXD]LRQHHGHOOHFDUDWWHULVWLFKHDWWXDOLGHOO¶LPSUHVDPDDQFKHGHOOHVXHSURVSHWWLYH GL FUHVFLWD H VYLOXSSR IXWXUH LQ UHOD]LRQH DQFRUD XQD YROWD VLD DOOH VXH SRWHQ]LDOLWj LQWHUQH HV SURJHWWL GL HVSDQVLRQH SLDQL GL ULFHUFD H VYLOXSSR  VLD DOOH RSSRUWXQLWj RIIHUWHGDOPHUFDWRLQXQFRQWHVWRGLQDPLFRLQFRQWLQXDHYROX]LRQH  /¶LGHQWLILFD]LRQH GHL GHVWLQDWDUL GHOOD VWUDWHJLD GL FRPXQLFD]LRQH QRQ SXz TXLQGL SUHVFLQGHUH GDOOD FRQRVFHQ]D H GDOOD FRPSUHQVLRQH GD SDUWH GHOO¶LPSUHVD GHO FRQWHVWRLQFXLHVVDYXROHFRPXQLFDUHLQWHUPLQLDQ]LWXWWRGLHVLJHQ]HDVSHWWDWLYH HSHUFH]LRQLGHLVXRLSRVVLELOLLQWHUORFXWRULULVSHWWRDOOHYDULDELOLFKHSRVVRQRLQFLGHUHVXOOH ORURVFHOWHGLDFTXLVWRHGLFRQVXPR4XHVWHXOWLPHLQFOXGRQRFRPHVLYHGUjVLDYDULDELOL ³WUDGL]LRQDOL´ ± D SDUWLUH GDOOD TXDOLWj H GDO SUH]]R GHL SURGRWWLVHUYL]L VLD YDULDELOL ³DPELHQWDOL´ ± ULFRPSUHQGHQGR LQ TXHVWH XOWLPH WXWWL TXHJOL DVSHWWL HG HOHPHQWL LQIRUPDWLYL SUHVWD]LRQDOL UHSXWD]LRQDOL HWF  FKH D GLYHUVR WLWROR VL OHJDQR DOOH FDUDWWHULVWLFKH DPELHQWDOL GHL EHQL HR GHOO¶LPSUHVD H FKH SRVVRQR LQIOXHQ]DUH VFHOWH H FRPSRUWDPHQWLGLDFTXLVWRHFRQVXPR  6HJXHQGR TXHVWR DSSURFFLR XQ XWLOH SXQWR GL SDUWHQ]D SHU O¶LPSUHVD q FRVWLWXLWR GDO WHQWDWLYR GL PHWWHUH LQ UHOD]LRQH O¶LQVLHPH GHL VRJJHWWL FRQ FXL HVVD



LQWHUDJLVFH VXO PHUFDWR FRQ O¶LQVLHPH GHOOH YDULDELOL FKH SRVVRQR LQFLGHUH VXOOH ORUR VFHOWH GL DFTXLVWR FRQ O¶RELHWWLYR GL ULFRVWUXLUH XQ TXDGUR FRPSOHVVLYR GHOO¶LPSRUWDQ]DHGHOSHVRUHODWLYLFKHFLDVFXQRGLWDOLVRJJHWWLDWWULEXLVFHDFLDVFXQDGHOOH YDULDELOL FRQVLGHUDWH ,O ILQH XOWLPR GL TXHVWR DSSURFFLR QDWXUDOPHQWH q TXHOOR GL XWLOL]]DUHTXHVWRTXDGURFRPHSULPRHOHPHQWRYDOXWDWLYRSHU³VHOH]LRQDUH´IUDLVRJJHWWL LGHQWLILFDWL L GHVWLQDWDUL LGHDOL HG L ³WDUJHW´ SL SURPHWWHQWL GHOOD FRPXQLFD]LRQH DPELHQWDOHOHJDWDDLSURGRWWLHDLVHUYL]L  /DPDWULFHULSRUWDWDLQWDEHOODDLXWDDGHVHPSOLILFDUHFRPHSRWUHEEHVYROJHUVLTXHVWR SHUFRUVR 1HOOH ULJKH VRQR LGHQWLILFDWL WXWWL L SRWHQ]LDOL GHVWLQDWDUL GHOOD FRPXQLFD]LRQH DPELHQWDOH±LQGLYLGXDWLFRPHVLqGHWWRIUDJOLLQWHUORFXWRULFKHDJLVFRQRVXOPHUFDWR± PHQWUH QHOOH FRORQQH VRQR HOHQFDWH XQD VHULH GL YDULDELOL LQ JUDGR GL LQIOXHQ]DUQH L FRPSRUWDPHQWL  )UDLSRVVLELOLGHVWLQDWDULVRQRULSRUWDWL  • LO FRQVXPDWRUH ILQDOH GLVWLQWR LGHDOPHQWH LQ TXDWWUR WLSRORJLH LQ UHOD]LRQH DOOD VXD PDJJLRUH R PLQRUH VHQVLELOLWj H SURSHQVLRQH DOO¶DFTXLVWR GL SURGRWWL HFRORJLFL LQGLIIHUHQWHLQDWWLYRDWWLYRSURDWWLYR6LWUDWWDGLXQDFODVVLILFD]LRQHFRQYHQ]LRQDOHHG XWLOL]]DWD D VROR WLWROR HVHPSOLILFDWLYR FKH ULPDQGD DOO¶DSSURFFLR FRPXQHPHQWH DGRWWDWR GDL SULPL WHQWDWLYL GL ULFRVWUX]LRQH GHO SURILOR GHO FRQVXPDWRUH YHUGH VRSUDWWXWWRQHOOHLQGDJLQLFRQGRWWHQHJOLDQQLQRYDQWD&RPHVLYHGUjSLDYDQWLFIU SDU  H VHJXHQWL  OD ILJXUD GHO FRQVXPDWRUH q LQ UHDOWj EHQ GLIILFLOPHQWH ³FODVVLILFDELOH´ LQ FDWHJRULH SUHGHILQLWH D SUHVFLQGHUH GD XQ¶DQDOLVL GHOOH OHYH PRWLYD]LRQDOL H GHOOH FRQGL]LRQL FKH QH VWLPRODQR OH VFHOWH GL DFTXLVWR 1RQGLPHQR TXHVWH WLSRORJLH GL VHJPHQWD]LRQL SRVVRQR ULVXOWDUH XWLOL D GHOLQHDUH O¶DSSURFFLR DQDOLWLFRFKHGRYUHEEHPXRYHUHHVXSSRUWDUHOHLPSUHVHYHUVRODFRQRVFHQ]DGHLORUR FOLHQWLSRWHQ]LDOLGHVWLQDWDULGHOODFRPXQLFD]LRQHDPELHQWDOH   • LO FRQVXPDWRUH LQWHUPHGLR R FOLHQWH LQGXVWULDOH SRVVLELOH GHVWLQDWDULR GHOOD FRPXQLFD]LRQH DPELHQWDOH GL WXWWH TXHOOH LPSUHVH FKH QRQ RSHUDQR GLUHWWDPHQWH VXO PHUFDWRILQDOHEHQVuQHLPHUFDWL%%EXVLQHVVWREXVLQHVV$QFKHLQTXHVWRFDVROD FODVVLILFD]LRQH SURSRVWD ± FKH GLVWLQJXH L FOLHQWL LQGXVWULDOL LQ D]LHQGH QRQ FHUWLILFDWH D]LHQGH FRQ VROD  FHUWLILFD]LRQH GHOOD TXDOLWj H D]LHQGH DQFKH  FRQ FHUWLILFD]LRQH DPELHQWDOH±PLUDDVXSSRUWDUHO¶DQDOLVLGHOPHUFDWRGDSDUWHGHOO¶LPSUHVDVXJJHUHQGR XQD IUD OH GLYHUVH SRVVLELOL FKLDYL GL OHWWXUD ³DPELHQWDOL´ LQ TXHVWR FDVR EDVDWD VXO SUHVXSSRVWR FKH DOOH WUH FDWHJRULH VRSUDHOHQFDWH FRUULVSRQGD XQ GLYHUVR WLSR GL VHQVLELOLWjHPDWXULWjULVSHWWRDOOHWHPDWLFKHDPELHQWDOL  • JOLRSHUDWRULGHOODGLVWULEX]LRQHULFRQGRWWLSHUVHPSOLFLWjDGXHVROHPDFURFDWHJRULH ±JUDQGHGLVWULEX]LRQHHSXQWLYHQGLWDDOGHWWDJOLR±ODGGRYHODUHDOWjRGLHUQDSUHVHQWD XQDFDVLVWLFDPROWRSLYDULHJDWDHFRPSOHVVDHVGLVWULEX]LRQHJHQHULFDULYHQGLWRUL VSHFLDOL]]DWL*'2HWF FXLVLVXSSRQHFRUULVSRQGDQRVLPPHWULFDPHQWHGLYHUVLWLSLGL GLQDPLFKH GL LQWHUD]LRQH H UHOD]LRQH FRQ O¶LPSUHVD H TXLQGL GLYHUVH HVLJHQ]H GL PDUNHWLQJHGLFRPXQLFD]LRQH  • OD 3XEEOLFD $PPLQLVWUD]LRQH VRJJHWWR VHPSUH SL ULOHYDQWH QHOOD SURVSHWWLYD GHO FRVLGGHWWR JUHHQ SXEOLF SURFXUHPHQW GLVWLQWD LQ GXH FDWHJRULH GL DFTXLUHQWL VXO PHUFDWRJOLHQWLGLJRYHUQRGHOWHUULWRULRHOHD]LHQGHVSHFLDOL]]DWHHVRVSHGDOL 



&RQVXPDWRUHILQDOH

&RQVXPDWRUH LQWHUPHGLR FOLHQWH LQGXVWULDOH 

















3URDWWLYR

$WWLYR

,QDWWLYR

,QGLIIHUHQWH



$]LHQGD FHUWLILFDWD $PELHQWH



3266,%,/,'(67,1$7$5,'(//$&2081,&$=,21($0%,(17$/( '(//¶,035(6$



































































7DEHOOD±0DWULFHGLFRUUHOD]LRQHGHVWLQDWDULGHOODFRPXQLFD]LRQHDPELHQWDOHYDULDELOLFKHSRVVRQRLQFLGHUHVXOOHVFHOWHGLDFTXLVWRHGLFRQVXPR &26$ 9$5,$%,/,&+(3266212,1&,'(5(68//(6&(/7(',$&48,672(',&216802 &2081,&$5(  5HSXWD]LRQH 3URVVLPLWj %HQHILFLR  ,QIRUPD]LRQH 9LVLELOLWjGHOOH %HQHILFLR )HGHOWj )RUPHGL ,PPDJLQH GHJOLHIIHWWL VXOODVDOXWHH  DPELHQWDOH FDUDWWHULVWLFKH HFRQRPLFR DO JDUDQ]LDH VRFLR DPELHQWDOLGHO VXOOD  4XDOLWj 3UH]]R GDWL DPELHQWDOLGHO SHULO EUDQG FHUWLILFD]LRQH DPELHQWDOH EHQHULVSHWWR VLFXUH]]DGHO  LQGLFDWRUL  EHQH FRQVXPDWRUH GHOO¶D]LHQGD DOFRQVXPDWRUH FRQVXPDWRUH $&+, &2081,&$5(         



 3XEEOLFD$PPLQLVWUD]LRQH

(QWHGL JRYHUQRGHO WHUULWRULR

$]LHQGDGL VHUYL]L 













































































































$]LHQGD FHUWLILFDWD VROR 4XDOLWj





$]LHQGD QRQ FHUWLILFDWD



*UDQGH GLVWULEX]LRQH



3XQWR 9HQGLWDDO GHWWDJOLR





'LVWULEX]LRQH

6HFRQGR LO SHUFRUVR SURSRVWR O¶LPSUHVD GRYUHEEH PXRYHUH GD XQD ULIOHVVLRQH LQWHUQD PLUDWD D PHWWHUH LQ UHOD]LRQH FLDVFXQD ³ULJD´ GHOOD PDWULFH FRQ FLDVFXQD ³FRORQQD´ FRQ O¶RELHWWLYR LGHDOH GL ³ULHPSLUH´ FLDVFXQD FDVHOOD GL LQFURFLR VRJJHWWRYDULDELOH FRQ XQ¶LQGLFD]LRQH DQ]LWXWWR GHOO¶LPSRUWDQ]D H GHO SHVR UHODWLYR FKH LO VRJJHWWR LQ TXHVWLRQH DWWULEXLVFH DOOD YDULDELOH LQ RJJHWWR 6H SHU TXDOFKH FDVHOOD OD UHOD]LRQH SXz DSSDULUH LPPHGLDWD HG LQWXLWLYD ± q IDFLOH DG HVHPSLR SHU TXDQWR QRQ VFRQWDWR  SUHVXPHUH FKH XQ¶D]LHQGD FHUWLILFDWD ,62  DWWULEXLVFD XQ SHVR ULOHYDQWH DOOD SUHVHQ]D GL IRUPH GL JDUDQ]LD GL WHU]D SDUWH GHL SURGRWWL FKH HVVD DFTXLVWD ± SHU OD PDJJLRU SDUWH GHOOH ³FRPELQD]LRQL´ QRQ q VHPSOLFH YDOXWDUH O¶LQIOXHQ]D UHODWLYD GHOOD VLQJRODYDULDELOHVXOOHVFHOWHGHOVLQJRORVRJJHWWR  6L DJJLXQJD FKH PROWH GHOOH YDULDELOL LQGLFDWH QHOOD PDWULFH SRWUHEEHUR HVVHUH XOWHULRUPHQWH GLVDJJUHJDWH LQ VRWWRFDWHJRULH GL PDJJLRUH GHWWDJOLR $G HVHPSLR LO WHPD GHOO¶LQIRUPD]LRQH DPELHQWDOH H GHJOL LQGLFDWRUL SRWUHEEH HVVHUH VFRPSRVWR LQ QXPHURVL VRWWRWHPL H DUJRPHQWL VSHFLILFL UHODWLYL DG HVHPSLR DOOH LQIRUPD]LRQL VXOOH SUHVWD]LRQL DPELHQWDOL GHO SURGRWWR HV FRQVXPL HQHUJHWLFL FRQVXPL LGULFL  PD DQFKH DOO¶LQIRUPD]LRQH VXOOH PRGDOLWj GL XWLOL]]R FRQVXPR H VPDOWLPHQWR GHL SURGRWWL OXQJR LO ORURFLFORGLYLWDHWF(¶HYLGHQWHFKHO¶LPSRUWDQ]DUHODWLYDGLFLDVFXQRGLTXHVWLHOHPHQWL LQFLGH LQ PRGR GLYHUVR VXOOH VFHOWH GL DFTXLVWR QHL GLYHUVL PHUFDWL H D VHFRQGD GHOOD WLSRORJLDGLVRJJHWWRFKHHIIHWWXDO¶DFTXLVWR(¶O¶D]LHQGDFKHVYLOXSSDHDGRWWDTXHVWR VWUXPHQWRDGRYHUOR³WDJOLDUHVXPLVXUD´ULVSHWWRDOOHSURSULHHVLJHQ]H 6LSHQVLDGHVHPSLRDOOHGLIIHUHQ]HWUDLOPHUFDWRGHJOLHOHWWURGRPHVWLFLLQJHQHUDOH±LQ FXLO¶LQIRUPD]LRQHVXOOHSUHVWD]LRQLGHLEHQLLQWHUPLQLGLFRQVXPLGLHQHUJLDqRJJLIUDOH SULQFLSDOL YDULDELOL LQ JUDGR GL GHWHUPLQDUH OH VFHOWH GL DFTXLVWR GHL FRQVXPDWRUL ± H LO PHUFDWR GHOOD FRVPHVL LQ FXL O¶LQIRUPD]LRQH VXOOH FDUDWWHULVWLFKH DPELHQWDOL GHL SURGRWWL LQWHUPLQLGLPDWHULHSULPHXWLOL]]DWHQDWXUDOLRGLVLQWHVLGLPHWRGLGLODYRUD]LRQHHWF  q DQFRUD SUHURJDWLYD GL VHJPHQWL EHQ GHILQLWL H FLUFRVFULWWL GHO PHUFDWR TXHOOL GHOOD FRVLGGHWWD³FRVPHVLELRORJLFD´R³FRVPHVLQDWXUDOH´ 3L LQ JHQHUDOH OD YDOXWD]LRQH GHOOH UHOD]LRQL FKH VFDWXULVFRQR GDL SRVVLELOL LQFURFL GHOOD PDWULFHGRYUHEEHLQFOXGHUHXQHVDPHGHOOHDWWLYLWjFRQGRWWHGDOO¶LPSUHVDLQSDVVDWRGHL WHPL GL LQWHUHVVH GHOOH DVSHWWDWLYH H GHOOH SHUFH]LRQL GHL GLYHUVL VRJJHWWL GHOOD ORUR FRQVDSHYROH]]D DPELHQWDOH GHOO¶LPPDJLQH SXEEOLFD GHOO¶D]LHQGD DWWXDOPHQWH GD ORUR SHUFHSLWD HWF 3HU VXSSRUWDUH O¶LPSUHVD LQ TXHVW¶DQDOLVL LO PDUNHWLQJ H OH WHFQLFKH GL ULFHUFDGLPHUFDWRRIIURQRXQDVHULHPROWRDPSLDGLSRVVLELOLPHWRGRORJLHHVWUXPHQWLSL RPHQRWUDGL]LRQDOLRLQQRYDWLYL1HOSDUDJUDIRVXFFHVVLYRQHYLHQHRIIHUWDXQDVLQWHWLFD SDQRUDPLFD DFFRPSDJQDWD GD XQ HVHPSLR SUDWLFR GL DSSOLFD]LRQH ULIHULWR DG XQ FDVR GL DQDOLVL GHOOD GRPDQGD LQ FKLDYH DPELHQWDOH 'L VHJXLWR L SDUDJUDIL   H  VYLOXSSDQRLQYHFHLOWHPDGHOO¶DQDOLVLGHOODGRPDQGDHGHOOHYDULDELOLFKHSRVVRQRLQFLGHUH VXOOH VFHOWH GL DFTXLVWR H FRQVXPR OH ³FRORQQH´ GHOOD PDWULFH  FRQ ULIHULPHQWR VSHFLILFR DOODILJXUDGHOFRQVXPDWRUHILQDOHDQFKHVHFRPHVLYHGUjPROWHGHOOHFRQVLGHUD]LRQLLQ HVVL FRQWHQXWL VRQR YDOLGH HG DSSOLFDELOL DQFKH ULVSHWWR DOOH DOWUH WLSRORJLH GL GHVWLQDWDUL FRQVLGHUDWL   

*OLVWUXPHQWLGLULFHUFDHDQDOLVLGHOODGRPDQGD  *OL VWUXPHQWL GL ULFHUFD H DQDOLVL PHVVL D GLVSRVL]LRQH GDO PDUNHWLQJ D VXSSRUWR GHOO¶LGHQWLILFD]LRQHGHOOHHVLJHQ]HDVSHWWDWLYHHGLQWHUHVVLGHOODGRPDQGDVRQRPROWHSOLFL H FRPSUHQGRQR VLD DQDOLVL H ULFHUFKH GL WLSR GHVN ± EDVDWH VXOOD ULFHUFD YDOXWD]LRQH HGHYHQWXDOHULHODERUD]LRQHGLLQIRUPD]LRQLJLjUDFFROWHGDDOWULFGGDWLVHFRQGDUL ±VLD LQGDJLQLHULFHUFKHDGKRFFRQFHSLWHHSURJHWWDWHLQWHUQDPHQWHDOO¶LPSUHVDLQIXQ]LRQH GL RELHWWLYL FRQRVFLWLYL VSHFLILFL FKH OH LQIRUPD]LRQL H L GDWL JLj HVLVWHQWL H GLVSRQLELOL QRQ FRQVHQWRQRGLVRGGLVIDUHFGGDWLSULPDUL   

1HO SULPR FDVR OH LQIRUPD]LRQL GHULYDQR VRSUDWWXWWR GD IRQWL HVWHUQH DOO¶LPSUHVD LVWLWX]LRQL SXEEOLFKH DVVRFLD]LRQL GL FDWHJRULD VWDPSD VSHFLDOL]]DWD GDWDEDVH FRPPHUFLDOL LVWLWXWL GL ULFHUFD GL PDUNHWLQJ LVWLWXWL FKH VYROJRQR LQGDJLQL PXOWL  FOLHQW LQWHUQHW HWF  PD SRVVRQR SURYHQLUH DQFKH GD IRQWL LQWHUQH DOOD VWHVVD TXDOL ELODQFL R VWDWLVWLFKHGLYHQGLWD *OLVWUXPHQWLGLGHVNUHVHDUFKSRVVRQRHVVHUHSDUWLFRODUPHQWHXWLOL LQXQDIDVHDQDOLWLFDSUHOLPLQDUHQHOODPLVXUDLQFXLFRQVHQWRQRGLGLVSRUUHDJHYROPHQWH DFRVWLFRQWHQXWLHLQWHPSLUDSLGLGLGDWLHGLLQIRUPD]LRQLFKHSHUPHWWRQRGLLQTXDGUDUH OH WHQGHQ]H GL XQ PHUFDWR R GL XQ VXR VHJPHQWR H OH RSSRUWXQLWj H L ULVFKL FKH OR FDUDWWHUL]]DQR&RPHVLYHGUjqHVWUHPDPHQWHLPSRUWDQWHSHUXQ¶LPSUHVDFKHGHFLGHGL DYYDOHUVL GHL ULVXOWDWL GL DQDOLVL H ULFHUFKH GHVN FKH HVVD DGRWWL XQ DSSURFFLR FULWLFR QHL FRQIURQWL GHO ORUR XWLOL]]R ³LQGLVFULPLQDWR´ HYLWDQGR FLRq GL LQFRUUHUH QHOO¶HUURUH GL FRQVLGHUDUOHXQSDWULPRQLRLQIRUPDWLYR³QHFHVVDULRHVXIILFLHQWH´SHUODFRVWUX]LRQHGHOOD SURSULD VWUDWHJLD GL FRPXQLFD]LRQH DPELHQWDOH DO GL Oj GHO IDWWR FKH VH LO SURGRWWR R LO VHUYL]LRVRQRPROWRLQQRYDWLYLRVHRJJHWWRGHOO¶DQDOLVLqXQDGRPDQGDFRQFDUDWWHULVWLFKH SDUWLFRODUL ± FRPH VSHVVR DFFDGH SHU L SURGRWWL HFRORJLFL ± q SRVVLELOH FKH QRQ HVLVWDQR LQIRUPD]LRQL JLj HODERUDWH H GLVSRQLELOL  3LXWWRVWR SXz HVVHUH RSSRUWXQR SUHYHGHUH XQD IDVHGLULFHUFDGHVNQHOODPLVXUDLQFXLTXHVWDUHQGDGLVSRQLELOLLQIRUPD]LRQLFKHDLXWDQR DFDSLUHPHJOLROHSUREOHPDWLFKHGDDQDOL]]DUHHDGLPSRVWDUHOHIDVLGLULFHUFDVXFFHVVLYH FRQPDJJLRUHSUHFLVLRQH1HLSDUDJUDILVXFFHVVLYLYHQJRQRIRUQLWLQXPHURVLHVHPSLVLDGHL ULVFKL FRQQHVVL DG XQD OHWWXUD VXSHUILFLDOH GHL ULVXOWDWL GHOOH DQDOLVL VX SUHVXQWL FRQVXPDWRUL³YHUGL´VLDYLFHYHUVDGHOOHRSSRUWXQLWjRIIHUWHGDXQDORURFRUUHWWDDQDOLVLH LQWHUSUHWD]LRQH  /H ULFHUFKH DG KRF LQILHOG UHVHDUFK R ULFHUFKH VXO FDPSR  FRQVLVWRQR LQYHFH QHOOD FUHD]LRQH GL QXRYL GDWL H LQIRUPD]LRQL QRQ ULOHYDWL SUHFHGHQWHPHQWH H TXLQGL UHSHULELOL VROR DWWUDYHUVR XQD ULFHUFD GLUHWWD /D ULFHUFD SXz UHDOL]]DUVLLQ TXHVWR FDVR DWWUDYHUVR GLYHUVL VWUXPHQWL H PRGDOLWj GL WLSR VLD TXDOLWDWLYR VLD TXDQWLWDWLYR ± TXDOL LQWHUYLVWH TXHVWLRQDULIRFXVJURXSHWF±HSXzHVVHUHFRQGRWWDVLDGLUHWWDPHQWHGDOO¶LPSUHVDVLD LQGLUHWWDPHQWH ULYROJHQGRVL D VRFLHWj VSHFLDOL]]DWH ,Q HQWUDPEL L FDVL O¶LPSHJQR ILQDQ]LDULRqQRUPDOPHQWHVLJQLILFDWLYRHSLHOHYDWRGLTXHOORULFKLHVWRSHUOHDQDOLVLGHVN PD JOL HVLWL GHOOD ULFHUFD IRUQLVFRQR LQ JHQHUH GDWL H LQIRUPD]LRQL PROWR SL VSHFLILFL H GHWWDJOLDWLLQUHOD]LRQHDOOHHVLJHQ]HFRQRVFLWLYHGHOO¶LPSUHVD (¶DSSHQDLOFDVRGLGLUHFKHVROLWDPHQWHXQ¶DFFXUDWD DQDOLVLFRPSUHQGH HQWUDPEH OHWLSRORJLHGLGDWL SULPDULH VHFRQGDUL HFKHQHOODVFHOWDGHOOHIRQWLHQHOO XWLOL]]R GHOOH UHODWLYH LQIRUPD]LRQL q HVWUHPDPHQWH LPSRUWDQWH YDOXWDUH OD TXDOLWj GHO GDWR LQ UHOD]LRQH DG XQD VHULH GL DVSHWWL TXDOL O¶DFFHVVLELOLWj O¶DWWHQGLELOLWj H OH PHWRGRORJLH XWLOL]]DWH OD FRPSOHWH]]D LO OLYHOOR GL DJJLRUQDPHQWR LO JUDGR GL GHWWDJOLR O¶DVVHQ]D GL LQWHUHVVLGDSDUWHGHOODIRQWHFKHSRWUHEEHURJHQHUDUHGLVWRUVLRQLQHLGDWLHWF  /D WDEHOOD  ULHSLORJD OH GXH PDFURFDWHJRULH GL PHWRGRORJLH GHOLQHDWH HVHPSOLILFDQGR DOFXQL GHL UHODWLYL VWUXPHQWL SL GLIIXVL , GXH ER[ VXFFHVVLYL LOOXVWUDQR LQYHFH ULVSHWWLYDPHQWH  • XQ HVHPSLR GL IRFXV JURXS PLUDWR DG LQGDJDUH O¶LPSRUWDQ]D UHODWLYD DWWULEXLWD GDL FOLHQWL GL XQ¶D]LHQGD GL HOHWWURGRPHVWLFL DOOH SRWHQ]LDOL FDUDWWHULVWLFKH DPELHQWDOL GL XQ VXRQXRYRSURGRWWR  • XQHVHPSLRGLTXHVWLRQDULRFKHSRWUHEEHHVVHUHXWLOL]]DWRDVXSSRUWRGHOODFRQGX]LRQH GL LQWHUYLVWH ILQDOL]]DWH DG DQDOL]]DUH OD SHUFH]LRQH GHL WDUJHW GHOOD FRPXQLFD]LRQH LQ UHOD]LRQHDOOHFDUDWWHULVWLFKHHFRORJLFKHGHLSURGRWWL



7DEHOOD±0HWRGRORJLHHVWUXPHQWLGLULFHUFDHDQDOLVLGHOPHUFDWR

'HVN5HVHDUFK

,QILHOG5HVHDUFK

 /DGHVNUHVHDUFKRULFHUFDDWDYROLQR  FRQVLVWHQHOODULFHUFDYDOXWD]LRQHHGHYHQWXDOH ULHODERUD]LRQHGLLQIRUPD]LRQLJLjUDFFROWHGD DOWULHGLVSRQLELOLDWHU]L/HLQIRUPD]LRQL GHULYDQRVRSUDWWXWWRGDIRQWLHVWHUQH DOO D]LHQGDTXDOL  ƒ LVWLWX]LRQLSXEEOLFKHHIRQWLVWDWLVWLFKH XIILFLDOLHV,67$7(85267$72&6( HWF  ƒ DVVRFLD]LRQLGLFDWHJRULD ƒ VWDPSDVSHFLDOL]]DWD ƒ GDWDEDVHFRPPHUFLDOL ƒ LVWLWXWLGLULFHUFDGLPDUNHWLQJ ƒ ,QWHUQHW ƒ «  /HLQIRUPD]LRQLSRVVRQRHVVHUHULIHULWH GLUHWWDPHQWHDOWHPDGLLQGDJLQHRSSXUH HVVHUHLQIRUPD]LRQLGLYHUVHVXDUHH FRQRVFLWLYHFROOHJDWHLQTXDOFKHPRGRDOOH SUREOHPDWLFKHLQHVDPH  5LHQWUDQRQHLGDWLVHFRQGDULDQFKHOH LQIRUPD]LRQLLQWHUQHDOO¶D]LHQGDTXDOLDG HVHPSLR  ƒ GDWLVXLIOXVVLGLXWHQ]DRGLYHQGLWD ƒ ELODQFLHVWDWLVWLFKHGLYHQGLWD ƒ «  /HULFHUFKHGHVNSRVVRQRULJXDUGDUH  ƒ LVHWWRULLQJHQHUDOHYROXPLFLFORGLYLWD IDWWRULFULWLFLGLVXFFHVVRHWF  ƒ LSURGRWWLOLQHHGLSURGRWWLSUH]]L SRVL]LRQDPHQWRFDQDOLGLVWULEXWLYLHWF  ƒ PHUFDWLVHJPHQWD]LRQHJHRJUDILFDH SVLFRJUDILFDLPSRUWHGH[SRUWHWF  ƒ FRQFRUUHQ]DTXRWHGLPHUFDWRFDSDFLWj FRPSHWLWLYDUHWHGLYHQGLWDSXQWLGL IRU]DGHEROH]]DHWF  ƒ VLVWHPDGLVWULEXWLYROLQHHGLSURGRWWL]RQH JHRJUDILFKHWUHQGGHOFDQDOHHWF  ƒ «

 ƒ 5LFHUFDGLPHUFDWR 5LFHUFDFRQGRWWDVXOFDPSRDOILQHGLUDFFRJOLHUH LQIRUPD]LRQLQXRYHQRQULOHYDWH SUHFHGHQWHPHQWHHTXLQGLUHSHULELOLVROR DWWUDYHUVRXQDULFHUFDGLUHWWDGDWLSULPDUL  6ROLWDPHQWHKDSHUVFRSRO DQDOLVLGHO FRPSRUWDPHQWRGHOOHFDUDWWHULVWLFKHHGHJOL DWWHJJLDPHQWLGHLFRQVXPDWRULHYLHQHVYROWD IDFHQGRULFRUVRDGXQFDPSLRQHGHOOD SRSROD]LRQH  ƒ )RFXVJURXS (¶XQDWHFQLFDFKHFRQVLVWHQHOODUHDOL]]D]LRQHGL XQ¶LQWHUYLVWDDGXQJUXSSRGLSHUVRQH VHOH]LRQDWRSHUHVVHUHUDSSUHVHQWDWLYRGLXQ SDUWLFRODUHVHJPHQWRGLPHUFDWR/DFRQGX]LRQH GHLIRFXVJURXSYLHQHHIIHWWXDWDGDHVSHUWLFKH XWLOL]]DQRWHFQLFKHQRQGLUHWWLYHSHUIDU HPHUJHUHFRQODPDVVLPDVSRQWDQHLWjOH RSLQLRQLGHJOLLQWHUYLVWDWL  ƒ ,QWHUYLVWHLQSURIRQGLWj 6RQRLQWHUYLVWHLQGLYLGXDOLUHDOL]]DWHGDXQ LQWHUYLVWDWRUHVSHFLDOL]]DWRLQLQGDJLQL TXDOLWDWLYH6LWUDWWDGLLQWHUYLVWHFKHLQGDJDQR LQSURIRQGLWjOHTXHVWLRQLRJJHWWRGLDQDOLVLLQ PRGRGDSHUYHQLUHDGXQDFRQRVFHQ]D GHWWDJOLDWDGHOOHVWHVVH3RVVRQRHVVHUH UHDOL]]DWHµIDFFLDDIDFFLD¶RSSXUH WHOHIRQLFDPHQWH  ƒ 0\VWHU\YLVLWVKRSSLQJ (¶XQDWHFQLFDGLULFHUFDQHOODTXDOHOH LQIRUPD]LRQLYHQJRQRULOHYDWHGDSHUVRQHFKH µUHFLWDQGR¶LOUXRORGLSUHVXQWLFOLHQWLYLVLWDQR SXQWLYHQGLWDRFRQWDWWDQRQXPHULYHUGLRDOWUR SHUSUHQGHUHQRWDGLWXWWLJOLDVSHWWLRJJHWWR GHOODULOHYD]LRQH  ƒ 6HVVLRQLHWQRJUDILFKH &RQVLVWRQRQHOO¶RVVHUYD]LRQHDWWHQWDGHL FRPSRUWDPHQWLGHLFOLHQWLSRWHQ]LDOL6L UHDOL]]DQRSDVVDQGRDOFXQLJLRUQLRRUHFRQ SHUVRQHVHOH]LRQDWHSHUUHJLVWUDUQHWXWWLL FRPSRUWDPHQWLGLUHWWDPHQWHRLQGLUHWWDPHQWH DWWLQHQWLDOODTXHVWLRQHLQHVDPH/D UHJLVWUD]LRQHSXzDYYHQLUHFRQYDULVWUXPHQWL DSSXQWLDXGLRFDVVHWWHYLGHRFDVVHWWHIRWRHWF  ƒ &$7,&RPSXWHU$VVLVWHG7HOHSKRQH ,QWHUYLHZ  6RQRLQWHUYLVWHWHOHIRQLFKHUHDOL]]DWHFRQLO VXSSRUWRGHOFRPSXWHU/¶LQWHUYLVWDWRUHXWLOL]]D XQTXHVWLRQDULRYLVXDOL]]DWRVXOORVFKHUPRGHO 3&HDQFKHOHFKLDPDWHWHOHIRQLFKHYHQJRQR RUJDQL]]DWHDWWUDYHUVRXQDSSRVLWRSURJUDPPD ,OVXSSRUWRGHOFRPSXWHUFRQVHQWHGLULGXUUHJOL HUURULHGLRWWLPL]]DUHLFRVWLDQFKHSHUFKp HOLPLQDODIDVHGHOO¶LQVHULPHQWRGDWLHYHORFL]]D O¶HODERUD]LRQH



 ƒ 3$3,3DSHUDQG3HQ,QWHUYLHZ  6RQROHWUDGL]LRQDOLLQWHUYLVWHUHDOL]]DWH³IDFFLD DIDFFLD´UHDOL]]DWHFRQO¶XWLOL]]RGLXQ TXHVWLRQDULRFDUWDFHRQHOTXDOHO¶LQWHUYLVWDWRUH WUDVFULYHOHULVSRVWHGDWHGDOODSHUVRQD LQWHUYLVWDWD  ƒ &$3,&RPSXWHU$VVLVWHG3HUVRQDO ,QWHUYLHZ  6RQRLQWHUYLVWH³IDFFLDDIDFFLD´LQFXL O¶LQWHUYLVWDWRUHVRPPLQLVWUDLOTXHVWLRQDULR DYYDOHQGRVLGLXQFRPSXWHU&LzFRQVHQWHGL RWWLPL]]DUHLWHPSLGLHODERUD]LRQHJUD]LH DOO¶LQVHULPHQWRGLUHWWRGHLGDWL  ƒ &$:,&RPSXWHU$VVLVWHG:HE ,QWHUYLHZ  6RQRLQGDJLQHRQOLQH,OTXHVWLRQDULR SXEEOLFDWRVXLQWHUQHWYLHQHFRPSLODWRLQ DXWRQRPLDGDJOLLQWHUYLVWDWLVHQ]DO¶LQWHUYHQWR GHOO¶LQWHUYLVWDWRUH 

 

%2;  ± 6YLOXSSR GHO SURGRWWR H FDUDWWHULVWLFKH DPELHQWDOL XQ HVHPSLRGLIRFXVJURXS  /D/LJKWHFKQLFV6S$±D]LHQGDOHDGHUQHOPHUFDWRLWDOLDQRGHJOLHOHWWURGRPHVWLFLSHUXVR FLYLOH ± KD GHFLVR GL ODQFLDUH VXO PHUFDWR XQ QXRYR SURGRWWR ³YHUGH´ OH FXL FDUDWWHULVWLFKHHFRORJLFKHVLDQRLOULVXOWDWRGHOODFRPELQD]LRQHGHOOHSUHVWD]LRQLGHOEHQH LQ WHUPLQL GL FRQVXPL HQHUJHWLFL H GL XQ FRPSRUWDPHQWR DWWLYR H FRQVDSHYROH GD SDUWH GHOFRQVXPDWRUHLQIDVHGLXWLOL]]RGHOEHQH $O ILQH GL FRQRVFHUH O¶LPSRUWDQ]D UHODWLYD DWWULEXLWD GDO PHUFDWR DOOH GLYHUVH SRWHQ]LDOL FDUDWWHULVWLFKHDPELHQWDOLGHOQXRYRSURGRWWRHGLVRQGDUQHO¶DFFHWWD]LRQHGDSDUWHGHOOR VWHVVR PHUFDWR  L YHUWLFL D]LHQGDOL GHFLGRQR GL IDU SUHFHGHUH OH IDVL GL GHVLJQ H SURJHWWD]LRQHGHOO¶DSSDUHFFKLRGDOO¶RUJDQL]]D]LRQHGLXQIRFXVJURXSWHPDWLFRFRQDOFXQL VRJJHWWL UDSSUHVHQWDWLYL GHOOH GLYHUVH IDVFH GL FRQVXPDWRUL ILQDOL ,Q FROODERUD]LRQH FRQ XQLVWLWXWRGLULFHUFKHGLPHUFDWROD/LJKWHFKQLFV ULXQLVFHTXLQGLXQJUXSSRVHOH]LRQDWR GLVRJJHWWLUDSSUHVHQWDWLYLGHLGLYHUVLVHJPHQWLGLFXLVLFRPSRQHLOPHUFDWRGHOEHQHDL TXDOLYLHQHFKLHVWRGLHVSULPHUHDWWUDYHUVRXQSXQWHJJLRQXPHULFRXQDYDOXWD]LRQHLQ PHULWR DOO¶LPSRUWDQ]D UHODWLYD GHOOH GLYHUVH FDUDWWHULVWLFKH DPELHQWDOL FKH DYUj LO QXRYR SURGRWWRDOORVWXGLR  • SUHVWD]LRQLLQWHUPLQLGLFRQVXPLHQHUJHWLFL • ULFLFODELOLWjGHLFRPSRQHQWLO¶LPEDOODJJLR • LQIRUPD]LRQHDOFRQVXPDWRUHVXOFRUUHWWRXVRGHOO¶DSSDUHFFKLR • SUHVHQ]DGLXQDIRUPDGLFHUWLILFD]LRQHGLSDUWHWHU]D   $YDOOHGHOIRFXVJURXSOHYDOXWD]LRQLHVSUHVVHGDLSDUWHFLSDQWLYHQJRQRSHVDWHLQEDVH DOO¶LPSRUWDQ]DUHODWLYDVXOIDWWXUDWRD]LHQGDOHGHOO¶XOWLPRDQQRGHOVHJPHQWRGLFOLHQWHOD UDSSUHVHQWDWRGDFLDVFXQVRJJHWWRDWWUDYHUVRXQDVFDODQXPHULFDGDD /DYDOXWD]LRQHILQDOHGHOO¶LPSRUWDQ]DGHOOHGLYHUVHFDUDWWHULVWLFKHHFRORJLFKHGHOEHQHVL RWWLHQHTXLQGLVRPPDQGRSHUFLDVFXQDFDUDWWHULVWLFDOHSUHIHUHQ]HHVSUHVVHGDFLDVFXQ VRJJHWWRHUDSSRUWDQGRLOSXQWHJJLRRWWHQXWRDOSXQWHJJLRPDVVLPRRWWHQLELOH





&DUDWWHULVWLFKHDPELHQWDOLGHOQXRYRSURGRWWR

&OLHQWH

3HVR UHODWLYR GHOFOLHQWH VXOIDWWXUDWR D]LHQGDOH QHOO¶XOWLPR DQQR

&RQVXPL HQHUJHWLFL VHFRQGROH FDWHJRULH GHILQLWH GDOO¶(QHUJ\ /DEHOGHOOD &(

,PEDOODJJL FRVWLWXLWLGD FRPSRQHQWL IDFLOPHQWH VHSDUDELOL SHU DJHYRODUQH LOULFLFODJJLR

3DUWLLQ SODVWLFD FRVWLWXLWH GD PDWHULDOH ULFLFODWRSHU DOPHQR O¶;

0DQXDOHGL LVWUX]LRQLD VXSSRUWRGHO FRUUHWWRXVR DPELHQWDOH GHOO¶DSSDUHFFKLR GDSDUWHGHO FRQVXPDWRUH

2WWHQLPHQWRGL XQD FHUWLILFD]LRQH DPELHQWDOHGL SURGRWWR

$ % & ' ( ) * + , / 0

          

          

          

          

          

          

 3XQWHJJLRRWWHQXWR











3XQWHJJLRPDVVLPR











2WWHQXWR0DVVLPR 











3HVRGHOFOLHQWH PROWRLPSRUWDQWH LPSRUWDQWH QRUPDOH 9RWD]LRQH LPSRUWDQWLVVLPR PROWRLPSRUWDQWH LPSRUWDQWH SRFRLPSRUWDQWH QRQ LPSRUWDQWH



%2;  ± /D UHDOL]]D]LRQH GL LQWHUYLVWH VXO FDPSR XQ HVHPSLR GL TXHVWLRQDULRDGRPDQGHFKLXVH   &RPHGRYUHEEHHVVHUHXQSURGRWWRSHUHVVHUHFRQVLGHUDWRYHUDPHQWH ³HFRORJLFR´" • •

•

&KHQRQVLDGDQQRVRSHUODVDOXWHGHOO¶XRPRHLQSDUWLFRODUHGHOO¶XWHQWHRFRQVXPDWRUH &RQXQLPSDWWRDPELHQWDOHULGRWWRQHOODIDVHGLXWLOL]]RHVOXQJDGXUDWDHPLVVLRQLLQ DWPRVIHUDQHOVXRORRLQDFTXDQRQSHULFRORVHSHUO¶DPELHQWHULGRWWLFRQVXPLHQHUJHWLFLHGL ULVRUVHGXUDQWHO¶XVRHWF  &RQXQLPSDWWRDPELHQWDOHULGRWWRQHOODIDVHGLSURGX]LRQHHVSURFHVVRSURGXWWLYRFRQ EDVVHHPLVVLRQLLQDWPRVIHUDRQHLFRUSLLGULFLHGLULILXWLULGRWWLFRQVXPLHQHUJHWLFLHGL ULVRUVHWHFQRORJLHSURGXWWLYHSHULOUHFXSHURGHJOLVFDUWLRO¶RWWLPL]]D]LRQHHQHUJHWLFDHWF 

•

&RPSOHWDPHQWHRLQSDUWHELRGHJUDGDELOHRFRPXQTXHQRQSHULFRORVRSHUO¶DPELHQWH TXDQGRYLHQHVPDOWLWR

•

5LFLFODELOHRUHFXSHUDELOHSHUDOWUHSURGX]LRQLHYHQWXDOPHQWHGLVDVVHPEODELOHSHUIDYRULUHLO UHFXSHUR 

•

&RPSRVWRGLPDWHULDOHULFLFODWRUHFXSHUDWRRSURGRWWRFRQULVRUVHULQQRYDELOL

•

&RQXQLPSDWWRDPELHQWDOHULGRWWRGXUDQWHO¶LQWHURFLFORGLYLWDPLQLPL]]DQGRHPLVVLRQL FRQVXPLGLHQHUJLDHPDWHULDGDOODSURJHWWD]LRQHGHOSURGRWWRVHUYL]LRILQRDOVXR VPDOWLPHQWRRUHFXSHUR DILQHYLWD



 &RVDYLHQHHIIHWWLYDPHQWHULFKLHVWRGDOPHUFDWRRJJL"



•

9HQJRQRVHPSUHULFKLHVWLVXOPHUFDWRSURGRWWLHVHUYL]LFRQOHFDUDWWHULVWLFKHGDYRLDSSHQD LQGLFDWH

•

9HQJRQRWDOYROWDULFKLHVWLVXOPHUFDWRSURGRWWLHVHUYL]LFRQOHFDUDWWHULVWLFKHGDYRLDSSHQD LQGLFDWH

•

9HQJRQRULFKLHVWLVXOPHUFDWRSURGRWWLHVHUYL]LFRQFDUDWWHULVWLFKHHFRORJLFKHPDQRQVRQR TXHOOH³LGHDOL´GDYRLDSSHQDLQGLFDWH

•

1RQYHQJRQRULFKLHVWLSURGRWWLHVHUYL]LFRQFDUDWWHULVWLFKHHFRORJLFKH



 ,SURGRWWLFRQTXHVWHFDUDWWHULVWLFKHVRQRUHDOPHQWHGLVSRQLELOLVXOPHUFDWR" •

6LORVRQRJHQHUDOPHQWHLQPROWHLPSUHVHIRUQLWULFL

•

6LORVRQRPDGLSHQGHVRSUDWWXWWRGDOODFDWHJRULDGLSURGRWWRRVHUYL]LR

•

6LVRQRDEEDVWDQ]DGLVSRQLELOLPDVRORLQSRFKHLPSUHVHIRUQLWULFLVWUDQLHUHRPXOWLQD]LRQDOL

•

6LVRQRDEEDVWDQ]DGLVSRQLELOLPDVRORLQSRFKHLPSUHVHFKHQRQODYRUDQRQHOFRQWHVWR ORFDOH

•

6LVRQRDEEDVWDQ]DGLVSRQLELOLPDVRORLQSRFKHLPSUHVHGLSLFFROHRPHGLHGLPHQVLRQL

•

6RQRGLVSRQLELOLVRORWDOYROWDQRQFLVRQRDEEDVWDQ]DIRUQLWRULSHUSRWHUIDUHXQDUHDOHVFHOWD

•

1RQRQVRQRDVVROXWDPHQWHGLVSRQLELOL



 4XDOLLPSDWWLVXOO¶DPELHQWHULVXOWDQRGHWHUPLQDQWLSHUYDOXWDUHO¶LPSDWWR DPELHQWDOHGLXQSURGRWWR" •

&RQWULEXWRDOSHJJLRUDPHQWRRPLJOLRUDPHQWRGHLSLULOHYDQWLLPSDWWLVXOO¶DPELHQWHJOREDOH HIIHWWRVHUUDDVVRWWLJOLDPHQWRGHOODIDVFLDG¶R]RQRSLRJJHDFLGHHXWURIL]]D]LRQHHWF 

•

,PSDWWLVXOO¶DPELHQWHORFDOHRUHJLRQDOHLQFXLLPDWHULDOLYHQJRQRXWLOL]]DWLLQTXLQDPHQWR GHOVXRORHGHOOHIDOGHGHLFRUSLLGULFLLPSDWWRVXOODTXDOLWjGHOO¶DULDLPSDWWRYLVLYRHWF 

•

&RQVXPLRULVSDUPLQHOO¶XWLOL]]RGLULVRUVHQDWXUDOLHQHUJLDULQQRYDELOHYVQRQULQQRYDELOH PDWHULHSULPHYVPDWHULDOLGLUHFXSHURHULXWLOL]]RGLVFDUWLFRQVXPLYVULVSDUPLGLDFTXD HWF 

•

,PSDWWRVXOO¶DPELHQWHQHOODIDVHGLILQHYLWDRVPDOWLPHQWRPDWHULDOHLQHUWHUHFXSHUDELOH QRQSHULFRORVRHWF 

•

'XUDWDQHOWHPSRGHOPDWHULDOHTXLQGLULPDQGDQGRLOILQHYLWDHVHQ]DQHFHVVLWjGLVRVWLWXLUOR FRQVXPDQGRQXRYHULVRUVHPDWHULDOLHGHQHUJHWLFKHHSURGXFHQGRULILXWL

•

'DQQRVLWjSHUO¶XRPRHSHUODVXDVDOXWH



 4XDOLLQIRUPD]LRQLVLYRUUHEEHURDYHUHVXOOHFDUDWWHULVWLFKHDPELHQWDOLGHL SURGRWWL" •

,QIRUPD]LRQLTXDOLWDWLYHHGHVFUL]LRQHGHOOHFDUDWWHULVWLFKHHFRORJLFKHGHOSURGRWWR

•

'DWLHLQGLFDWRULTXDQWLILFDWLUHODWLYLDLSDUDPHWULDPELHQWDOLSLULOHYDQWLUHODWLYLDOSURGRWWRR DOVHUYL]LR

•

'DWLHLQGLFDWRULTXDQWLILFDWLUHODWLYLDOOHSUHVWD]LRQLDPELHQWDOLGHOO¶D]LHQGDIRUQLWULFHSLLQ JHQHUDOHQRQVSHFLILFDPHQWHVXOSURGRWWRRVHUYL]LR 

•

,QIRUPD]LRQLFRPSDUDWLYHULVSHWWRDOOHDOWHUQDWLYHGLVSRQLELOLRDOOHD]LHQGHFRQFRUUHQWL 

•

,QIRUPD]LRQLVXOO¶DQGDPHQWRGHOOHSUHVWD]LRQLHGHLSDUDPHWULDPELHQWDOLQHOWHPSR

•

,QIRUPD]LRQLVXOULVSHWWRGHLSDUDPHWULGLOHJJHVXOSURGRWWRVHUYL]LRRVXOO¶RUJDQL]]D]LRQH 





 1HOODVFHOWDGLXQSURGRWWRqGHWHUPLQDQWHRWWHQHUHJDUDQ]LHVXOODVXDHFRORJLFLWj" •

6LDVVROXWDPHQWHIRQGDPHQWDOH

•

6LDEEDVWDQ]DLPSRUWDQWH

•

1RQRQqGHWHUPLQDQWH



 6HVuTXDOLIRUPHGLJDUDQ]LH" •

$XWRGLFKLDUD]LRQHGDSDUWHGHOSURGXWWRUHFRQDVVXQ]LRQHGLUHVSRQVDELOLWj

•

0DUFKLRHFRORJLFRFKHDWWHVWLODPLJOLRUHTXDOLWjHFRORJLFDGHOPDWHULDOHULVSHWWRDOOH DOWHUQDWLYHHV(FRODEHO(XURSHR 

•

&HUWLILFD]LRQHGHOODFRUUHWWH]]DGHOOHLQIRUPD]LRQLHGHLGDWLIRUQLWLGDOSURGXWWRUHFRPH YHULILFDWLHYHULWLHULHV(3'RDOWULSURILOLFRQIRUPLDOODQRUPD,62 

•

&HUWLILFD]LRQHDPELHQWDOHGHOO¶RUJDQL]]D]LRQHHV,62R(0$6 

•

&HUWLILFD]LRQHGLWHVWHIIHWWXDWLGLODERUDWRULFUHGLELOLHRRSSRUWXQDPHQWHDFFUHGLWDWLHV VHFRQGRODQRUPD,62 VXVSHFLILFKHFDUDWWHULVWLFKHDPELHQWDOLGHOPDWHULDOH

   8Q DSSURFFLR FKH SXz ULYHODUVL SDUWLFRODUPHQWH HIILFDFH VRSUDWWXWWR TXDQGR O¶D]LHQGD LQWHQGH LPSRVWDUH OD SURSULD VWUDWHJLD GL JUHHQ PDUNHWLQJ QHL FRQIURQWL GL XQR VSHWWUR GLYHUVLILFDWR GL FOLHQWL HR GL VWDNHKROGHU LQWHUHVVDWL DOOH SUREOHPDWLFKH DPELHQWDOL GHL SURSUL SURGRWWL R VHUYL]L q UDSSUHVHQWDWR GDOOD FRVLGGHWWD ³$QDOLVL WUDVYHUVDOH´ $WWUDYHUVRTXHVWRWLSRGLDQDOLVLYHQJRQRSRVWHGRPDQGHVLPLOLDTXHOOHULSRUWDWHQHOER[  VLPXOWDQHDPHQWH DOOH GLYHUVH FDWHJRULH GL VWDNHKROGHU SHU FRPSDUDUH OH GLYHUVH ULVSRVWHHLJDSFKHOHGLYLGRQRLQPDSSHGLRULHQWDPHQWRSHUODGHILQL]LRQHGHLVXFFHVVLYL SDVVLGHOODVWUDWHJLDGLPDUNHWLQJ 1RUPDOPHQWH DWWUDYHUVR O¶$QDOLVL WUDVYHUVDOH SRVVRQR HVVHUH DGRWWDWL GXH WLSL GL DSSURFFL  • YLHQHSRVWDOD VWHVVD GRPDQGDDFDWHJRULHGLYHUVHGLVRJJHWWLSHULGHQWLILFDUHL JDS SHUFHWWLYL R GL FRQVDSHYROH]]DLQIRUPD]LRQH LQ PRGR GD RWWHQHUH LQGLFD]LRQL VXL FRQWHQXWLYHUVRLTXDOLLQGLUL]]DUHODVWUDWHJLDGLFRPXQLFD]LRQHDPELHQWDOH  • RSSXUH YLHQH SRVWD XQD GRPDQGD VXOOH ³UHFLSURFKH DVSHWWDWLYH´ IUD L GLYHUVL DWWRUL RYYHUR VL LQGDJD VX FRVD XQ DWWRUH VL DVSHWWD GDOO¶DOWUR H DOO¶RSSRVWR FRVD LO VHFRQGR HIIHWWLYDPHQWH IRUQLVFH DO SULPR 8Q HVHPSLR SDUWLFRODUPHQWH SHUWLQHQWH DOO¶DPELWRGHOODFRPXQLFD]LRQHDPELHQWDOHqUHODWLYRDOWHQWDWLYRGLPLVXUDUHLOJDSWUD FRVD LO FRQVXPDWRUH VL DVSHWWD GL VDSHUH VXOO¶LPSDWWR DPELHQWDOH GHL SURGRWWL H FRVD LQYHFH O¶D]LHQGD ULWLHQH GL YROHUJOL FRPXQLFDUH R ULWLHQH FKH LO FRQVXPDWRUH LQ RJQL FDVRVLDVSHWWL   1HO ULTXDGUR VRWWRVWDQWH YLHQH ULSRUWDWR XQ HVHPSLR GL DSSOLFD]LRQH GHOO¶$QDOLVL WUDVYHUVDOH FRQGRWWD QHOO¶DPELWR GHO 3URJHWWR /,)( 3520,6( QHO FXL DPELWR q VWDWD VDJJLDWDOD GLIIHUHQWH SHUFH]LRQH GL FRVD GL GHEEDLQWHQGHUH SHU ³SURGRWWR HFRORJLFR´ GD SDUWHGLWUHDWWRULFKLDYHGHOPHUFDWRLFRQVXPDWRULLGLVWULEXWRULHLSURGXWWRUL



 &IU ,O 3URJHWWR 3520,6( ³352GXFW 0DLQ ,PSDFWV 6XVWDLQDELOLW\ WKURXJK (FRFRPPXQLFDWLRQ´  QDVFH SHU SURPXRYHUH SURGX]LRQL H FRQVXPL VRVWHQLELOL /¶LQL]LDWLYD q ILQDQ]LDWD GDOOD '* $PELHQWH GHOOD &RPPLVVLRQH (XURSHD QHOO¶DPELWR GHO 3URJUDPPD /LIH   ,QIRUPD]LRQH H &RPXQLFD]LRQH 3DUWQHU GHO SURJHWWR VRQR 5HJLRQH /LJXULD FDSRILOD  5HJLRQH /D]LR $1&& &223 (59(7 (PLOLD 5RPDJQD H $VVRFLD]LRQH ,QGXVWULDOL /LJXULD /¶LQGDJLQH FRQGRWWD QHOO¶DPELWR GHO 3URPLVH KD FRLQYROWR TXDVL  FRQVXPDWRUL DWWUDYHUVR XQ TXHVWLRQDULR 3HU PDJJLRUL LQIRUPD]LRQL VXOOD PHWRGRORJLD H VXL ULVXOWDWL GHOO¶LQGDJLQH VL YHGD LO VLWR ZZZOLIHSURPLVHLW



 *UDILFR±8QHVHPSLRGL$QDOLVLWUDVYHUVDOHVXOODGHILQL]LRQHGLSURGRWWRHFRVRVWHQLELOH



)RQWHZZZOLIHSURPLVHLW 

  6L QRWD FRPH WUD OH SRVVLELOL GHILQL]LRQL GL SURGRWWR HFRORJLFR O¶LPSDWWR JHQHUDWR QHO FRUVR GHO SURFHVVR SURGXWWLYR q QHWWDPHQWH SUHIHULWR DOOH DOWUH RS]LRQL FRQ XQD FRQYHUJHQ]D GHOOH WUH FDWHJRULH GL DWWRUL &Lz FRQWUDVWD FRQ OH FRQYLQ]LRQL GHULYDQWL GD LQGDJLQLUHDOL]]DWHLQWHPSLDQFKHUHFHQWLHGDOODOHWWHUDWXUDFKHLQGLFDTXHVWDYDULDELOH FRPHVSHVVRVRWWRYDOXWDWD&LzFKHDSSDUHqXQDPDUFDWDPDWXULWjGHOPHUFDWRLQPHULWR DO FRQFHWWR GL ³SURGRWWR HFRORJLFR´ FKH q LQ JUDGR GL SHUFHSLUH FRPH TXDOLILFDQWL JOL LPSDWWL DQFKH PHQR YLVLELOL PD FRQFUHWDPHQWH OHJDWL DOOH IDVL SURGXWWLYH 6H FLz QRQ VRUSUHQGHGDOSXQWRGLYLVWDGHLSURGXWWRULqLQYHFHXQVHJQDOHGLQHWWDGLVFRQWLQXLWjFRO SDVVDWRSHUTXDQWRULJXDUGDODSRVL]LRQHGHLFRQVXPDWRULHGHLGLVWULEXWRUL 'DTXHVWRHVHPSLRGL$QDOLVLWUDVYHUVDOHHPHUJHTXLQGLFKHO¶DWWULEXWRHFRORJLFRQRQqSL DVVRFLDWR D VLQJROH FDUDWWHULVWLFKH GHO SURGRWWR TXDOH O¶HVVHUH ULFLFODWR RSSXUH O¶HVVHUH SULYRGLLPEDOODJJLPDULFRPSUHQGHO¶LQWHURSURFHVVRSURGXWWLYRHSXzDVVXPHUHGLYHUVH IRUPHLQUHOD]LRQHDOOHVSHFLILFLWjGHOSURFHVVRVWHVVR  8QD GHOOH GLIIHUHQ]H VLJQLILFDWLYH IUD OD SHUFH]LRQH GHL WUH DWWRUL VL ULVFRQWUD LQYHFH VXO WHPD GHO UHFXSHUR GHL PDWHULDOL ULFLFODWR H ULFLFODELOH  , GLVWULEXWRUL VSHVVR FRLQYROWL LQ LQL]LDWLYH VXO IURQWH GHOOD UDFFROWD GLIIHUHQ]LDWD  VRQR L SL FRQYLQWL FKH XQ SURGRWWR SHU HVVHUH GHILQLWR ³HFRORJLFR´ GHEED HVVHUH SULQFLSDOPHQWH ULFLFODWR R ULFLFODELOH , SURGXWWRUL LQYHFH VRQR L PHQR DOOLQHDWL D WDOH DVVXQ]LRQH 3URSULR LQ UDJLRQH GL TXHVWR JDS SHUFHWWLYR VL SXz LQGLFDUH TXHVWR WHPD FRPH XQR GHL SXQWLFKLDYH GL XQ SRVVLELOH ³GLDORJR´WUDOHWUHFDWHJRULHGLDWWRULHTXLQGLFRPHXQSRVVLELOHDPELWRSULYLOHJLDWRSHU XQDFDPSDJQDGLFRPXQLFD]LRQHDPELHQWDOH9DQRWDWRLQROWUHFRPHXQDOWURDVSHWWRVX FXLYLqXQRVFDUWRVLJQLILFDWLYRVRSUDWWXWWRWUDGLVWULEXWRULHFRQVXPDWRULqLOWHPDGHOOD ³ILOLHUD FRUWD´ &Lz FKH HPHUJH GDOO¶DQDOLVL WUDVYHUVDOH TXLQGL q FKH VX TXHVWR WHPD OD VHQVLELOLWj GHL GLVWULEXWRUL H SURGXWWRUL q VHQ]¶DOWUR LQIHULRUH DOOH DVSHWWDWLYH GHL FRQVXPDWRULHRIIUHDPSLPDUJLQLGLPLJOLRUDPHQWR ,QXOWLPRGDOO¶DSSOLFD]LRQHGHOO¶DSSURFFLRGHOO¶$QDOLVLWUDVYHUVDOHQHOFDVRXWLOL]]DWRFRPH HVHPSLR HPHUJH FKLDUDPHQWH FRPH LO WHPD GHOO¶LPSDWWR VXOOH GLPHQVLRQL HWLFKH H VRFLDOL



GHO SURGRWWR FRPH SHUDOWUR DPSLDPHQWH GLPRVWUDWR GDOOD OHWWHUDWXUD SXz FRVWLWXLUH XQ IRUWHWUDLQRSHUORVYLOXSSRHODGLIIXVLRQHGHLSURGRWWLHFRORJLFL/¶LQGLFD]LRQHFKHVLSXz WUDUUH SHU LPSRVWDUH HIILFDFHPHQWH XQD VWUDWHJLD GL JUHHQ PDUNHWLQJ LQ TXHVWR FDVR q TXHOODGLFRQLXJDUHOHGLPHQVLRQLDPELHQWDOHHVRFLDOHLQPRGRGDSRWHQ]LDUHO¶´DSSHDO´ GHLSURGRWWLQHLFRQIURQWLGHLFRQVXPDWRULHGHLGLVWULEXWRUL  

 6HQVLELOLWj DPELHQWDOH H FRQVXPR HFRORJLFR XQD UHOD]LRQHQRQXQLYRFD  $ SDUWLUH GDJOL DQQL QRYDQWD LO GLIIRQGHUVL GHOOH WHQGHQ]H GL FRQVXPR HFRORJLFR KD FRQGRWWR DOOD UHDOL]]D]LRQH GL QXPHURVH ULFHUFKH HG LQGDJLQL GHPRVFRSLFKH D OLYHOOR VLD LQWHUQD]LRQDOH VLD QD]LRQDOH ± ILQDOL]]DWH D WUDFFLDUH L OLQHDPHQWL GHOOD ILVLRQRPLD GHO FRQVXPDWRUHYHUGHHGHOOHGLQDPLFKHGLFRQVXPRDGHVVRDVVRFLDWH±HFRQWHVWXDOPHQWH PROWH D]LHQGH D FRQVLGHUDUH L ULVXOWDWL GL WDOH ³LGHQWLNLW´ TXDOH SDWULPRQLR LQIRUPDWLYR ³QHFHVVDULR H VXIILFLHQWH´ SHU OD FRVWUX]LRQH GHOOD SURSULD VWUDWHJLD GL FRPXQLFD]LRQH DPELHQWDOH 8Q DVSHWWR FUXFLDOH FKH RFFRUUH SUHPHWWHUH DOO¶DQDOLVL GL DOFXQL IUD TXHVWL ULIHULPHQWL DWWLHQH OD GLVWLQ]LRQH WUD VHQVLELOLWj HFRORJLFD GHL VRJJHWWL LQGDJDWL H FRQVXPRHFRORJLFRGHJOLVWHVVLQRQVHPSUHEHQGHOLQHDWDGDTXHVWHSULPHLQGDJLQL Qp DOWUHWWDQWR FKLDUDPHQWH SHUFHSLWD GDOOH D]LHQGH IUXLWULFL GHJOL HVLWL GL TXHVWH /D GLIIXVLRQH GHOOH SUREOHPDWLFKH DPELHQWDOL IUD OH SUHRFFXSD]LRQL GHL FLWWDGLQL LQIDWWL ± WHVWLPRQLDWD GD PROWH LQGDJLQL GHPRVFRSLFKH ± VH GD XQD SDUWH SXz FRQIHUPDUH OD SUHVHQ]D GL XQD FUHVFHQWH VHQVLELOLWj D IDYRUH GHOOD WXWHOD DPELHQWDOH GDOO¶DOWUD QRQ FRPSRUWD QHFHVVDULDPHQWH FKH OD FRQVDSHYROH]]D GHL SUREOHPL DPELHQWDOL VL WUDGXFD LQ VFHOWH H FRPSRUWDPHQWL FRHUHQWL GHJOL DWWRUL VRFLDOL FKH WDOH FRQVDSHYROH]]D KDQQR HVSUHVVRDWWUDYHUVRTXHVWHLQGDJLQL  8Q¶D]LHQGD FKH VL DYYLFLQD DO FRQVXPDWRUH HFRORJLFR GRYUHEEH DQ]LWXWWR HVVHUH FRQVDSHYROH FKH DQFKH SHU YLD GHOOD IRUWH FRPSRQHQWH HPRWLYD GHO WHPD OD VHQVLELOLWj DPELHQWDOH GLFKLDUDWD VROR LQ DOFXQL LQGLYLGXL VL FRQFUHWL]]D LQ XQD VSLQWD PRWLYD]LRQDOH FKH FRQGXFH DOO¶DGR]LRQH GL FRPSRUWDPHQWL FRHUHQWL FRQ WDOH VHQVLELOLWj RYYHUR FKH DQFKH TXDQGR DGRWWDWL QRQ q GHWWR FKH WDOL FRPSRUWDPHQWL VLDQR QHFHVVDULDPHQWH ULFRQGXFLELOLDGDWWLGLDFTXLVWRHRGLFRQVXPRGLGHWHUPLQDWLEHQLHVHUYL]L ,Q DOWUL WHUPLQL VH OD VHQVLELOLWj DPELHQWDOH SXz FRQVLGHUDUVL XQD SUHFRQGL]LRQH SHU LO PDQLIHVWDUVL GL FRPSRUWDPHQWR GL FRQVXPR HFRORJLFR XQ¶D]LHQGD GRYUHEEH PLUDUH DG LQGDJDUH DWWUDYHUVR SURJUHVVLYL DSSURIRQGLPHQWL OH OHYH PRWLYD]LRQDOL FKH SRVVRQRIDUPDWXUDUHHGHYROYHUHWDOHVHQVLELOLWjLQFRPSRUWDPHQWLFRQFUHWLHLQ VFHOWHGLDFTXLVWRRULHQWDWHDOODYDORUL]]D]LRQHGHOODTXDOLWjDPELHQWDOHGHLVXRL SURGRWWL R VHUYL]L 5LFHUFKH GL PHUFDWR H LQGDJLQL GHPRVFRSLFKH IRUQLVFRQR XQ LPSRUWDQWH VXSSRUWR QHO SHUVHJXLUH WDOH RELHWWLYR D SDWWR FKH O¶D]LHQGD VLD FRQVDSHYROH GHLOLPLWLHGHLULVFKLGLXQDOHWWXUDVXSHUILFLDOHGHLORURULVXOWDWLHGHOODPROWHSOLFLWjGHOOH FKLDYLHGHLSLDQLGLOHWWXUDDWWUDYHUVRFXLTXHVWLSRVVRQRHVVHUHLQWHUSUHWDWL  8Q SULPR DVSHWWR XWLOH GD DSSURIRQGLUH FRQVLVWH QHO YHULILFDUH VH ROWUH DOOD JHQHULFD VHQVLELOLWj QHL FRQIURQWL GHL WHPL DPELHQWDOL TXHVWL YHQJDQR FRQVLGHUDWL XQD SULRULWj DQFKH QHO SL DPSLR FRQWHVWR GHL SUREOHPL GHOOH VRFLHWj GHL 3DHVL VYLOXSSDWL /H LQGDJLQL GHPRVFRSLFKH SRVVRQR IRUQLUH LQ TXHVWR VHQVR XQD EDVH LQIRUPDWLYD LPSRUWDQWH QHOO¶HYLGHQ]LDUH LO SHVR UHODWLYR GHL SUREOHPL DPELHQWDOL QHOOH SHUFH]LRQL GHL FLWWDGLQL ULVSHWWR DOOH DOWUH SULRULWj VRFLDOL 6H QHL SULPL DQQL QRYDQWD LQGDJLQL FRQGRWWHDQFKHLQ,WDOLDSRQHYDQRLQTXLQDPHQWRHGHJUDGRDPELHQWDOHDLSULPLSRVWLIUDL SUREOHPL SL JUDYL HG XUJHQWL GD ULVROYHUH QHOOD SHUFH]LRQH GHL FLWWDGLQL QHJOL DQQL SL UHFHQWL OH LQGDJLQL WHVWLPRQLDQR O¶HPHUJHUH GL DOWUH SULRULWj VRFLDOL GLVRFFXSD]LRQH LQIOD]LRQHHWF LQVWUHWWDFRQQHVVLRQHFRQORVFHQDULRVRFLRHFRQRPLFRPRQGLDOHFROSLWR GDO  GD XQD JUDYH FULVL ILQDQ]LDULD L FXL HIIHWWL VL VRQR UDSLGDPHQWH WUDVPHVVL



DOO¶HFRQRPLD UHDOH /D ILJXUD  LOOXVWUD L ULVXOWDWL GL XQD UHFHQWH LQGDJLQH FRQGRWWD GDOO¶2VVHUYDWRULR GHOOD &RPPLVVLRQH (XURSHD (XUREDURPHWUR VXOOH SULQFLSDOL SUHRFFXSD]LRQLGHLFLWWDGLQLHXURSHLULIHULWLDOODPHGLDGHOOHULOHYD]LRQLVXL3DHVL8(OH SUHRFFXSD]LRQL SHU O¶DPELHQWH FRPH VL YHGH VRQR SHUFHSLWH GDL FLWWDGLQL PROWR PHQR ULOHYDQWLULVSHWWRDOOHDOWUHWHPDWLFKHHSUREOHPLVRFLDOL  )LJXUD±/HSUHRFFXSD]LRQLGHLFLWWDGLQLHXURSHL(8(XUREDURPHWHUD 



)RQWH(8(XUREDURPHWHU 

  ,QRJQLFDVRO¶HVLVWHQ]DGLGDWLFKHGLPRVWULQRFKHLOWHPDDPELHQWDOHqSHUFHSLWRFRPH XQ SUREOHPD ULOHYDQWH DQFKH D FRQIURQWR FRQ DOWUH SULRULWj VRFLDOL QRQ q VXIILFLHQWH D JDUDQWLUH FKH YL VLD XQD FRQVHJXHQWH Qp WDQWRPHQR SURSRU]LRQDOH  DWWLYD]LRQH GL FRPSRUWDPHQWL R D]LRQL VSHFLILFKH YROWH DG DIIURQWDUH OH SUREOHPDWLFKH DPELHQWDOL GD SDUWHGLFKLKDHVSUHVVRWDOLFRQYLQ]LRQL2FFRUUHLQYHFHLQWHUURJDUVLVXOVLJQLILFDWRFKH O¶LQGLYLGXD]LRQH GL XQD ³TXHVWLRQH DPELHQWDOH´ DSHUWD SXz DVVXPHUH SHU JOL LQGLYLGXL QHOO¶DPELWR GHOOH SURSULH VFHOWH SULPD GL LGHQWLILFDUH H DQDOL]]DUH OH GLYHUVH RS]LRQL WUD FXLO¶DFTXLVWRGLSURGRWWLHFRFRPSDWLELOL DGLVSRVL]LRQHGHLGLYHUVLDWWRULVRFLDOLSHUDJLUH DIDYRUHGHOVXRPLJOLRUDPHQWR 8QSDVVRXOWHULRUHVLFRPSLUHEEHLQTXHVWRVHQVRVHODSHUFH]LRQHGLXQSUREOHPDOHJDWR DOOD WXWHOD GHOO¶DPELHQWH VL WUDGXFHVVH QHOO¶DIIHUPD]LRQH GD SDUWH GHOOD SRSROD]LRQH LQGDJDWDFKHLOPLJOLRUDPHQWRGHOOHFRQGL]LRQLDPELHQWDOLVLDXQRELHWWLYRGDSHUVHJXLUH GDO SXQWR GL YLVWD GHOOH SROLWLFKH SXEEOLFKH ,O SDVVDJJLR GD VHPSOLFL GLFKLDUD]LRQL GL SUHRFFXSD]LRQH DOO¶LQGLYLGXD]LRQH GL XQD JHUDUFKLD GL RELHWWLYL FKH LPSOLFKL OD GLVWULEX]LRQH GL ULVRUVH SXEEOLFKH SRWUHEEH SHQDOL]]DUH OH SULRULWj UHODWLYH DOOD WXWHOD DPELHQWDOH &RQVLGHUDUH O¶DPELHQWH XQ RELHWWLYR GHOOH SROLWLFKH SXEEOLFKH SRWUHEEH VLJQLILFDUH LQIDWWL DFFHWWDUH D]LRQL GL SROLF\ FKH SRWUHEEHUR LQGLUHWWDPHQWH R GLUHWWDPHQWHWRFFDUHLQWHUHVVLLQGLYLGXDOL  8QVHFRQGRDVSHWWRVXFXLIRFDOL]]DUHO¶DQDOLVLGHOODGRPDQGDULJXDUGDLOIDWWRFKHFRPH DQWLFLSDWR LO FRQVXPR HFRORJLFR FRVWLWXLVFH VROR XQD GHOOH PRGDOLWj D GLVSRVL]LRQH D GLVSRVL]LRQH GHO FLWWDGLQR FKH ULWHQJD OD WXWHOD DPELHQWDOH XQ RELHWWLYR SULRULWDULR  SHU PDQLIHVWDUHLOSURSULRLPSHJQRLQTXHVWRDPELWR8OWHULRULULIHULPHQWLXWLOLDGLGHQWLILFDUH OH WHQGHQ]H GHO FRQVXPR HFRORJLFR SRVVRQR HVVHUH RWWHQXWL VRWWR TXHVWR SURILOR DSSURIRQGHQGR OD GLVSRQLELOLWj GHJOL LQGLYLGXL QHL FRQIURQWL GL XQ LPSHJQR SHUVRQDOH&RQVLGHUDUHODWXWHODDPELHQWDOHXQDTXHVWLRQHVRFLDOHSULRULWDULDQRQqXQD PRWLYD]LRQH VXIILFLHQWH SHU DWWLYDUH FRPSRUWDPHQWL LQGLYLGXDOL ,O PLJOLRUDPHQWR DPELHQWDOH SXz HVVHUH FRQVLGHUDWR LQIDWWL DSSDQQDJJLR R SULQFLSDOH UHVSRQVDELOLWj  GL DWWRULGLYHUVLGDOVLQJRORFLWWDGLQRFRQVXPDWRUH6LJQLILFDWLYLULVFRQWULSRVVRQRHPHUJHUH DQFKHLQTXHVWRFDVRGDJOLHVLWLGLLQGDJLQLPLUDWHDYHULILFDUHOHFRQYLQ]LRQLGHOO¶RSLQLRQH SXEEOLFD FLUFD L VRJJHWWL UHVSRQVDELOL GHOO¶LQTXLQDPHQWR H GHL SUREOHPL DPELHQWDOL QHOOD PLVXUD LQ FXL TXHVWL HYLGHQ]LQR OD FRQVDSHYROH]]D GHL FLWWDGLQL GHOOD QHFHVVLWj GL XQ LPSHJQRLQGLYLGXDOH 

&RPPLVVLRQH(XURSHDD  ,Q$SSHQGLFH$VRQRULSRUWDWLDOFXQLULVXOWDWLGLXQDGHOOHSULPHLQGDJLQLFRQGRWWHLQ,WDOLDPLUDWHDYHULILFDUH OHFRQYLQ]LRQLGHOO¶RSLQLRQHSXEEOLFDFLUFDLVRJJHWWLUHVSRQVDELOLGHOO¶LQTXLQDPHQWRHGHOGHJUDGRDPELHQWDOH





,Q RJQL FDVR SXU UDSSUHVHQWDQGR XQ SUHVXSSRVWR LPSUHVFLQGLELOH SHU OR VYLOXSSR GHO FRQVXPR HFRORJLFR WDOH FRQVDSHYROH]]D QRQ q VXIILFLHQWH DG LQGLUL]]DUH OD GLVSRQLELOLWj GHOO¶LQGLYLGXR YHUVR FRPSRUWDPHQWL GL DFTXLVWR RULHQWDWL D YDORUL]]DUH O¶HFRFRPSDWLELOLWj GHL SURGRWWL (VLVWH LQIDWWL XQD YDVWD JDPPD GL DWWHJJLDPHQWL D]LRQL FRPSRUWDPHQWL FKHFRQVHQWRQRDGXQLQGLYLGXRGLUDJJLXQJHUHORVWHVVRRELHWWLYR3HUGLSLLOFRQVXPR GL XQ SURGRWWR HFRORJLFR ULFKLHGH DOO¶LQGLYLGXR LQWHQ]LRQDWR D PDQLIHVWDUH OD SURSULD VHQVLELOLWjDPELHQWDOHXQLPSHJQRVLJQLILFDWLYRFKHVLWUDGXFHQHOO¶LQYHVWLPHQWRGLULVRUVH HFRQRPLFKH QRQ GL UDGR FRPH VL YHGUj LQ PLVXUD VXSHULRUH ULVSHWWR D TXHOOD ULFKLHVWD SHUO¶DFTXLVWRGLXQSURGRWWRWUDGL]LRQDOH   /H D]LHQGH LQWHUHVVDWH DOOH GLQDPLFKH GHO FRQVXPR HFRORJLFR VL FRQIURQWDQR TXLQGL DQ]LWXWWR FRQ OD PROWHSOLFLWj GL FRPSRUWDPHQWL DOWHUQDWLYL DO FRQVXPR FKH O¶LQGLYLGXR ³VHQVLELOH H GLVSRVWR DG LPSHJQDUVL´ KD D GLVSRVL]LRQH XQD YROWD FKH DEELD WURYDWR PRWLYD]LRQL VXIILFLHQWL DOO¶LPSHJQR SHUVRQDOH /¶RELHWWLYR GHOO¶DQDOLVL GHO FRQVXPDWRUHGRYUHEEHTXLQGLHVVHUHTXHOORGLFRPSUHQGHUHFKHUXRORDEELDO¶DFTXLVWRGL SURGRWWLHFRORJLFLIUDLGLYHUVLFRPSRUWDPHQWLDGLVSRVL]LRQH  1HO  LO JLj FLWDWR 2VVHUYDWRULR (XUREDURPHWUR GRSR DYHU ULOHYDWR FKH O¶ GHL FLWWDGLQL HXURSHL VL GLFKLDUD FRQVDSHYROH GHOOD SURSULD UHVSRQVDELOLWj FRPH VLQJROR LQGLYLGXR QHOOD WXWHOD GHOO¶DPELHQWH KD HYLGHQ]LDWR FRPH VROR SHU LO  GHO FDPSLRQH LQWHUYLVWDWR TXHVWD FRQVDSHYROH]]D VL IRVVH WUDGRWWD QHO PHVH SUHFHGHQWH O¶LQGDJLQH QHOO¶DFTXLVWR GL SURGRWWL YHUGL GRWDWL GL XQ¶HWLFKHWWD HFRORJLFD VL YHGDQR L JUDILFL  H  

  $WWLWXGHV RI (XURSHDQ FLWL]HQV WRZDUGV WKH HQYLURQPHQW (&   /¶LQGDJLQH q VWDWD FRQGRWWD GDO  QRYHPEUHDOGLFHPEUHVXFLWWDGLQLVRSUDLDQQLGLWXWWLL3DHVL0HPEULGHOO¶8QLRQHDWWUDYHUVR LQWHUYLVWHGLUHWWH



*UDILFR±7XWHODGHOO¶DPELHQWHHLPSHJQRLQGLYLGXDOHOHRSLQLRQLGHLFLWWDGLQLHXURSHL

)RQWH(XUREDURPHWHU 

 *UDILFR±,FRPSRUWDPHQWLGHLFLWWDGLQLHXURSHLDWXWHODGHOO¶DPELHQWH

)RQWH(XUREDURPHWHU 



,Q ,WDOLD OD SURSHQVLRQH DOO¶DFTXLVWR GL SURGRWWL HFRORJLFL q VWDWD LQGDJDWD ILQ GDO  DWWUDYHUVRXQDULFHUFD HIIHWWXDWDGDO&HQVLVSHUO¶,VWLWXWRSHUO¶$PELHQWH$IURQWHGLXQD GLVSRQLELOLWj GHO  GHJOLLWDOLDQL D PRGLILFDUH L SURSUL FRPSRUWDPHQWL SHU FRQWULEXLUH DO ULVDQDPHQWR DPELHQWDOH O¶LQGDJLQH ULOHYz FKH VROR LO  YHGHYD LO SURSULR FRLQYROJLPHQWRLQGLUL]]DWRYHUVRXQDXPHQWRGLVSHVDSHUSURGRWWLPHQRLQTXLQDQWL,Q WHPSLSLUHFHQWLXQ¶LQGDJLQHGHOGL*).(XULVNRVXLFRPSRUWDPHQWLVRVWHQLELOLFKH JOL,WDOLDQLGLFKLDUDQRGLDGRWWDUHKDHYLGHQ]LDWRODULOHYDQ]DGLGLYHUVHD]LRQLULFRQGXFLELOL DG DWWL GL DFTXLVWR TXDOL ³FRQVXPDUH SURGRWWL GL VWDJLRQH´ R ³DFTXLVWDUH SURGRWWL IDWWL LQ ,WDOLD SHUFKp FRQVXPDQR PHQR HQHUJLH SHU LO WUDVSRUWR´ VL YHGD LO JUDILFR   ,O  GHJOL LQWHUYLVWDWL KD GLFKLDUDWR LQROWUH OD SURSULD GLVSRQLELOLWj D VSHQGHUH ³TXDOFRVD LQ SL´SHUO¶DFTXLVWRGLSURGRWWLDEDVVRLPSDWWRDPELHQWDOH   *UDILFR±,FRPSRUWDPHQWLGHLFLWWDGLQLLWDOLDQLDWXWHODGHOO¶DPELHQWH



)RQWH*).(XULVNR  

&HQVLV,3$ 



 ,QFRQFOXVLRQHOHLQGDJLQLFLWDWHVHGDXQODWRFRQIHUPDQRODULOHYDQ]DGHOFRQVXPRIUD OHPRGDOLWjXWLOL]]DWHGDLFLWWDGLQLSHUHVSULPHUHLOSURSULRLPSHJQRDPELHQWDOHGDOO¶DOWUD FKLDULVFRQR FKH OD GLVSRQLELOLWj GLFKLDUDWD  DG LQWHUYHQLUH D IDYRUH GHOO¶DPELHQWH VL PDQLIHVWDDQFKHDWWUDYHUVRDWWLYLWjFKHGLIILFLOPHQWHULHQWUDQRQHOODVIHUDGHOFRQVXPRH FKH FRQVLVWRQR SLXWWRVWR LQ D]LRQL FKH HVXODQR GDO FRPSRUWDPHQWR VXO PHUFDWR H GDOOH VFHOWHG¶DFTXLVWRTXDOLULVSDUPLRGLHQHUJLDUDFFROWDGLIIHUHQ]LDWDXVRGHLPH]]LSXEEOLFL HWF  /DILJXUDIRUQLVFHXQDUDSSUHVHQWD]LRQHVHPSOLILFDWDGHOSHUFRUVRGLDSSURIRQGLPHQWR GHOLQHDWRFKHXQ¶D]LHQGDGRYUHEEHFRPSLHUHSHUHYLWDUHGLLQFRUUHUHQHOOD³WHQWD]LRQH´GL DVVRFLDUH LQGLVFULPLQDWDPHQWH DOOD VHQVLELOLWj HFRORJLFD GLFKLDUDWD  GHL FRQVXPDWRUL FRPSRUWDPHQWLGLDFTXLVWR³YHUGH´GDSDUWHGHJOLVWHVVLVRJJHWWL  8QD YROWD FKLDULWD OD VRVWDQ]LDOH QRQ XQLYRFLWj GHOOD UHOD]LRQH WUD SUHRFFXSD]LRQH SHUORVWDWRGHOO¶DPELHQWHHVFHOWHGLFRQVXPRLOSHUFRUVRGLDQDOLVLGHOODGRPDQGD GL XQ¶LPSUHVD FKH LQWHQGD DYYLFLQDUVL DO PHUFDWR GHL FRQVXPDWRUL FRQ WHQGHQ]H HFRORJLFKH GRYUHEEH SURVHJXLUH FRQ O¶RELHWWLYR GL LQGDJDUH VH H FRPH OH GLQDPLFKH GL FRQVXPRRULHQWDWHDYDORUL]]DUHHD³SUHPLDUH´LSURGRWWLSLHFRORJLFLYDULQRLQUHOD]LRQH DOOHGLYHUVHWLSRORJLHGLSURGRWWRRVHUYL]LRFRQVLGHUDWRQRQFKpDOOHFDUDWWHULVWLFKHVRFLR HFRQRPLFKH GHL FRQVXPDWRUL $OO¶DSSURIRQGLPHQWR GL TXHVWL DVSHWWL VRQR GHGLFDWL L SURVVLPLSDUDJUDIL 



)LJXUD±6HQVLELOLWjHFRORJLFDHFRPSRUWDPHQWLGLDFTXLVWR³YHUGL´XQDUHOD]LRQHQRQXQLYRFD

,QVHQVLELOHDOWHPDDPELHQWDOH

&,77$',12&21680$725(

5HODWLYDPHQWHPHQRVHQVLELOHDOWHPDDPELHQWDOHD FRQIURQWRFRQDOWUHSULRULWjVRFLDOL

6HQVLELOHLQJHQHUDOHQHLFRQIURQWLGHOODWXWHODGHOO¶DPELHQWH

6HQVLELOHDO WHPDDPELHQWDOH DQFKHD FRQIURQWRFRQ DOWUHSULRULWj VRFLDOL

)DYRUHYROHDOO¶LPSLHJRGLULVRUVHSXEEOLFKHD IDYRUHGHOODWXWHODDPELHQWDOHDQFKHDVFDSLWR GLDOWUHSULRULWjVRFLDOL

'LVSRVWRDGLPSHJQDUVL DWWLYDUVLLQGLYLGXDOPHQWH

$WWUDYHUVR FRPSRUWDPHQWLGL DFTXLVWRGLSURGRWWLH VHUYL]L³YHUGL´

1111111111« $WWUDYHUVRDOWULFRPSRUWDPHQWLGLYHUVLGDOO¶DFTXLVWR OLPLWDUHLSURSULFRQVXPLLQGLYLGXDOL ERLFRWWDUHOHLPSUHVHLQVHQVLELOLDOWHPDDPELHQWDOHQRQ DFTXLVWDQGRQHLSURGRWWL ULXWLOL]]DUHLSURGRWWLDOOXQJDQGRQHODYLWDXWLOH PLQLPL]]DUHODSURGX]LRQHGLULILXWL ULGXUUHLFRQVXPLGLDFTXD LQYHVWLUHLQIRQGLG¶LQYHVWLPHQWR³YHUGL´ «



1SURGRWWLHVHUYL]LGLFXL 

111« SURGRWWLHVHUYL]L³YHUGL´

 &RQVXPDWRUL ³YHUGL´ H VHJPHQWD]LRQH GHO PHUFDWR L ULVFKLHOHRSSRUWXQLWj  /¶DQDOLVL GHOOH LQGDJLQL FRQGRWWH LQ DQQL GLYHUVL KD SHUPHVVR GL LGHQWLILFDUH O¶DWWR G¶DFTXLVWR FRPH XQD GHOOH SRVVLELOL IRUPH GL PDQLIHVWD]LRQH GHOOD GLFKLDUDWD VHQVLELOLWj DPELHQWDOH6HEEHQHFLzQRQFRUULVSRQGDVHPSUHSLHQDPHQWHDGXQDXPHQWRFRQVLVWHQWH GHOOHTXRWHGLPHUFDWRGLEHQLFKHSRVVRQRHVVHUHFODVVLILFDWLWUDTXHOOLDPLQRUHLPSDWWR DPELHQWDOH VLJQLILFDWLYH GLQDPLFKH GL FRQVXPR RULHQWDWH D SUHPLDUH L SURGRWWL SL HFRORJLFLSRVVRQRHVVHUHULQWUDFFLDWHLQDOFXQLVHWWRULHSHUDOFXQLSURGRWWL,QSDUWLFRODUH TXHVWR ULVXOWD HYLGHQWH VH VL FRQVLGHUD XQD IRUPD GL LPSHJQR YHUVR OD YDORUL]]D]LRQH DPELHQWDOHFKHIUHTXHQWHPHQWHYLHQHDVVRFLDWDDOFRQVXPRHFRORJLFRODGLVSRQLELOLWjD VRVWHQHUH XQD VSHVD PDJJLRUH SHU O¶DFTXLVWR GL TXHVWL SURGRWWL 6RWWR TXHVWR SURILOR ODJLjFLWDWDLQGDJLQH&HQVLVQHOVRQGDUHODGLVSRQLELOLWjGHJOLLWDOLDQLDSDJDUHXQSUH]]R SL HOHYDWR SHU L SURGRWWL HFRORJLFL ULOHYz OD ³OHJLWWLPLWj GL XQ SUH]]R SL HOHYDWR VRSUDWWXWWR SHU GHWHUVLYL FKH QRQ LQTXLQDQR >«@ SHU SURGRWWL DJULFROL QRQ WUDWWDWL FKLPLFDPHQWH >@ SHU YHUQLFL FROODQWL H EDWWHULH SULYL GL FRPSRQHQWL SHULFRORVH 3HU DOFXQL EHQL LQ SDUWLFRODUH OD GLVSRQLELOLWj D SDJDUH GLFKLDUDWD GDJOL LWDOLDQL VXSHUz DGGLULWWXUDLOGHOSUH]]RGHOSURGRWWRVXFFHGDQHRQRQHFRORJLFRVLYHGDODWDEHOOD% LQ$SSHQGLFH$  3LGLUHFHQWHXQ¶LQGDJLQHFRQGRWWDDOLYHOORLQWHUQD]LRQDOHGDO%RVWRQ&RQVXOWLQJ*URXS FRQIHUPD O¶HVWUHPD YDULDELOLWj GHL FRPSRUWDPHQWL GL DFTXLVWR YHUGL ULVSHWWR DOOH GLYHUVH FDWHJRULH PHUFHRORJLFKH GHL SURGRWWL H GHOOD GLVSRQLELOLWj D SDJDUH XQ SUH]]R VXSHULRUH SHU L SURGRWWL HFRORJLFL ULVSHWWR DL ORUR HTXLYDOHQWL ³WUDGL]LRQDOL´ QHOOD PLVXUD LQ FXL IRUQLVFDQR³EHQHILFLDJJLXQWLYL´VLYHGDQROHILJXUHH   )LJXUD±,FRPSRUWDPHQWLGLDFTXLVWRJUHHQGHLFRQVXPDWRULDOLYHOORPRQGLDOH

)RQWH%RVWRQ&RQVXOWLQJ*URXS  



)LJXUD±/DGLVSRQLELOLWjDSDJDUHGLSLLSURGRWWLYHUGLULVSHWWRDTXHOOLWUDGL]LRQDOL

)RQWH%RVWRQ&RQVXOWLQJ*URXS 

  /D GLVSRQLELOLWj D ULYROJHUVL YHUVR LO PHUFDWR FRPH DPELWR QHO TXDOH IDU YDOHUH L SURSUL RULHQWDPHQWL D IDYRUH GHOOH SURGX]LRQL SL HFRFRPSDWLELOL VHPEUD GXQTXH DYHUH XQD IRUWH FRPSRQHQWH VHWWRULDOH H GLSHQGHUH LQ PRGR VLJQLILFDWLYR GDOOD WLSRORJLD GL SURGRWWR SL FKH HVVHUH FRQVHJXHQ]D LQGLVWLQWD GHOOD VHQVLELOLWj DPELHQWDOH GHO FRQVXPDWRUH  &LzYLHQHFRQIHUPDWRVHDOODVWLPDGHOODGLVSRQLELOLWjDSDJDUHGHLFRQVXPDWRULVLDIILDQFDO¶DQDOLVLGLDOFXQL PHUFDWL(¶LQWHUHVVDQWHDGHVHPSLRO¶HYROX]LRQHGHOPHUFDWRGHOOHYHUQLFLDEDVVRFRQWHQXWRGLVROYHQWLVLDLQ *HUPDQLDFKHLQ,WDOLD,QXQRVWXGLRGHOVXLVLVWHPLGLHWLFKHWWDWXUDHFRORJLFDULVXOWzFKHO¶RSSRUWXQLWjGL VYLOXSSDUHSURGRWWLDEDVVRFRQWHQXWRGLVROYHQWLHUDEHQSUHVHQWHDLSURGXWWRULVLQGDJOLDQQLµ7XWWDYLDVLD D FDXVD GHOOH SUHVWD]LRQL QRQ SDUDJRQDELOL DL SURGRWWL DO VROYHQWH VXSHUILFLH PHQR OXFLGD FRORUL SL VSHQWL SUREOHPLLQIDVHGLHVVLFFDPHQWR VLDSHUDELWXGLQLUDGLFDWHQHJOLXWLOL]]DWRULLQXRYLSURGRWWLQRQHUDQRULXVFLWL DG DFTXLVLUH TXRWH VLJQLILFDWLYH GL PHUFDWR $OO¶LQL]LR GHJOL DQQL  HVVL FRSULYDQR SLFFROH SHUFHQWXDOL GHO PHUFDWRVSHFLDOPHQWHQHOOHDSSOLFD]LRQL³IDLGDWH´HGHUDQRSUHVVRFKpDVVHQWLWUDLFRQVXPDWRULSURIHVVLRQDOL 1HOPHUFDWRWHGHVFRLQVHJXLWRDOO¶LQWURGX]LRQHGHOO¶HWLFKHWWDHFRORJLFD$QJHOR%OXHSHUO¶DFFUHVFLXWDVHQVLELOLWj DPELHQWDOH WUD L FRQVXPDWRUL SULYDWL VL LQQHVFz XQ SURFHVVR GL GLIIXVLRQH GL TXHVWL SURGRWWL FKH LQGXVVH L SURGXWWRULGLYHUQLFLDGDFFHOHUDUHLOSURFHVVRLQQRYDWLYRLOPHUFDWRFUHEEHSHUODSUHVHQ]DGLSURGRWWLDOO¶DFTXD FRQ SUHVWD]LRQL PLJOLRUDWH HSHU OD FRPSHWL]LRQH WUD L SURGXWWRUL 4XHVWR FLUFROR YLUWXRVR IHFH Vu FKH L SURGRWWL DOO¶DFTXDDYHVVHURDOO¶HSRFDGHOORVWXGLRLOGHOPHUFDWRDOLYHOORJHQHUDOHHLOWUDOHYHUQLFLSHULO³IDL GDWH´,Q,WDOLDDOO¶LQL]LRGHJOLDQQLµODVLWXD]LRQHWHFQLFDHGLPHUFDWRHUDPROWRVLPLOHDTXHOODWHGHVFD/D TXRWDGLPHUFDWRGHOOHYHUQLFLDOO¶DFTXDQRQVXSHUDYDLOVHEEHQHIRVVHPROWRVXSHULRUH SHUDOFXQLSURGRWWL VSHFLDOL TXDOL TXHOOL SHU LO OHJQR ,Q VHJXLWR QHO VHWWRUH GHO ³IDL GD WH´ LO PHUFDWR q PXWDWR H VL VWLPD FKH L SURGRWWLDPLQRUFRQWHQXWRGLVROYHQWLDEELDQRUDJJLXQWRXQDTXRWDGLPHUFDWRGHO,UDOGR 



3HU XQ¶D]LHQGD FKH VL FRQIURQWD FRQ WHQGHQ]H GL FRQVXPR HFRORJLFR QDVFHQWL VXL SURSUL PHUFDWL GL ULIHULPHQWR q TXLQGL HVVHQ]LDOH LQ SULPR OXRJR FRPSUHQGHUH VH TXHVWH GLQDPLFKH VLDQR ULFRQGXFLELOL DOOH VFHOWH G¶DFTXLVWR GL XQ SDUWLFRODUH VHJPHQWR GL FRQVXPDWRUL ,Q DOWUH SDUROH FLz FKH O¶D]LHQGD RULHQWDWD D FRJOLHUH TXHVWH RSSRUWXQLWj GHYH VWDELOLUH SULPD GL VFHJOLHUH OD SURSULD VWUDWHJLD GL PDUNHWLQJ q VH HVLVWH XQ FRQVXPDWRUHYHUGHLOFXLSURILORSXzHVVHUHLGHQWLILFDWRHGHILQLWRFRPH³WDUJHW´ ,GDWLUHODWLYLDOOHGLVSRQLELOLWjDSDJDUHHO¶HVWUHPDGLVRPRJHQHLWjGHOOHTXRWHGLPHUFDWR RFFXSDWH GDL SURGRWWL HFRORJLFL LQ GLIIHUHQWL VHWWRUL GLPRVWUDQR FKH OH WHQGHQ]H GL FRQVXPR HFRORJLFR YDULDQR VLJQLILFDWLYDPHQWH D VHFRQGD GHOOD FDWHJRULD PHUFHRORJLFD H GXQTXH GLIILFLOPHQWH SRVVRQR HVVHUH VSLHJDWH VHPSOLFHPHQWH GDO FRPSRUWDPHQWR GL VHJPHQWL GL FRQVXPDWRUL SDUWLFRODUPHQWH VHQVLELOL FKH LQ TXHVWR FDVR GRYUHEEHUR PDQLIHVWDUHODSURSULDVHQVLELOLWjLQWXWWHOHVFHOWHG¶DFTXLVWR &LRQRQRVWDQWHVRSUDWWXWWR LQ SDVVDWR PROWH LQGDJLQL KDQQR FHUFDWR GL ³FRVWUXLUH´ O¶LPPDJLQH WLSR GHO FRQVXPDWRUH HFRORJLFR PHWWHQGR LQ UHOD]LRQH OD GLVSRQLELOLWj DG DFTXLVWDUH L SURGRWWL YHUGL FRQ GHWHUPLQDWH FDUDWWHULVWLFKH VRFLRHFRQRPLFKH TXDOL LVWUX]LRQH UHGGLWR FODVVH VRFLDOH VLWXD]LRQHIDPLOLDUHHWjHWF $WLWRORHVHPSOLILFDWLYRVLULSRUWDQRLULVXOWDWLGLXQDQRWD LQGDJLQH FRQGRWWD QHJOL 86$ QHO  FKH VXGGLYLVH LQ FLQTXH VHJPHQWL OD SRSROD]LRQH GHL SRWHQ]LDOL FRQVXPDWRUL QD]LRQDOL D VHFRQGD GHOOD ORUR GLIIHUHQWH ³SURSHQVLRQH´ DPELHQWDOLVWDWDEHOOD   7DEHOOD±/H³FDWHJRULH´GLFRQVXPDWRULYHUGL &DWHJRULD

,QWHUYLVWDWL

&DUDWWHULVWLFKH

 PLOLRQL

6LWUDWWDSHULOGLGRQQHFRQHWj PHGLDGLDQQLUHGGLWRHOHYDWRHOD FRQYLQ]LRQHGLSRWHUULVROYHUHL SUREOHPLHFRORJLFL6LFRQWDQRPROWH FRSSLHFRQILJOLSLFFROL

$SSOLFDQRLYDORULHFRORJLFLLQ FXLFUHGRQRIRUWHPHQWH

6LWUDWWDVRSUDWWXWWRGLXRPLQLFRQ HWjFRPSUHVDWUDHDQQLH OLYHOORFXOWXUDOHHVWUHPDPHQWH HOHYDWR

6RVWHQJRQRLYDORULHFRORJLVWL FRQGRQD]LRQLGLFKLDUDQGRVL WURSSRLPSHJQDWLSHU PRGLILFDUHLSURSUL FRPSRUWDPHQWL

 PLOLRQL

5HODWLYDPHQWHULFFKLHGLVWUXLWLQRQ FUHGRQRFKHLOSURSULRRSHUDWRSRVVD FRQWULEXLUHDOODVROX]LRQHGHLSUREOHPL DPELHQWDOL

1RQLQWHQGRQRPRGLILFDUHL SURSULFRPSRUWDPHQWLPD FKLHGRQRQRUPHSLVHYHUHDOOH LVWLWX]LRQL

³%URQWRORQL´R ³6FDULFDEDULOH´

 PLOLRQL

'LFXOWXUDHOLYHOORGLYLWDLQIHULRULDOOD PHGLDQD]LRQDOHGLPRVWUDQR FRQIXVLRQHGLVLQIRUPD]LRQHHVHQVR GLLPSRWHQ]DQHLSUREOHPLDPELHQWDOL

6RWWRYDOXWDQRLSURSULSURGRWWL YHUGLHQRQULWHQJRQRGLDYHUH UHVSRQVDELOLWjDWWULEXHQGROH DJOLDOWULFRQVXPDWRULDOOR 6WDWRHDOOHLPSUHVH

³,QGLIIHUHQWL´R ³&RQWUDUL´

 PLOLRQL

6LWUDWWDVRSUDWWXWWRGLXRPLQLFRQ EDVVDVFRODULWjHIRFDOL]]D]LRQHGL EUHYHSHULRGR

5LWHQJRQRLQXWLOHLOORURRSHUDWR LQIDYRUHGHOO¶DPELHQWH

³9HUGLSXUL´

³0DWHULDOLVWL´R ³6DOYDGDQDL YHUGL´

³,PPDWXUL´R ³*HUPRJOL YHUGL´

 PLOLRQL

'LVSRQLELOLWj

)RQWH*UHHQ*DXJH5HSRUW5RSHU6WDUFK:RUOGZLGH,QF 

 /D VWHVVD LQGDJLQH DSSURIRQGu OH UHOD]LRQL WUD OD GLVSRQLELOLWj DG DFTXLVWDUH SURGRWWL HFRORJLFL H VLQJROH FDUDWWHULVWLFKH VRFLDOL FXOWXUDOL HG HFRQRPLFKH GHL FLWWDGLQL FRQWULEXHQGRDFRQVROLGDUHXQDVHULHGLFRQYLQ]LRQLOHJDWHDOSURILORGHLFRQVXPDWRULYHUGL VLYHGDODWDEHOOD   • OH WUH FDWHJRULH GL VRJJHWWL SL SURSHQVL DO FRQVXPR HFRORJLFR L YHUGL SXUL L PDWHULDOLVWL H JOL LPPDWXUL  GLVSRQHYDQR GL UHGGLWL VXSHULRUL DOOD PHGLD QD]LRQDOH DO



FRQWUDULR GHOOH XOWLPH GXH FDWHJRULH /D UHOD]LRQH WUD UHGGLWR GLVSRQLELOH H VFHOWH GL FRQVXPR RULHQWDWH DOOD YDORUL]]D]LRQH GHOOH FDUDWWHULVWLFKH HFRORJLFKH GHL SURGRWWL FRQVROLGDWD GD PROWL VWXGL KD FRQWULEXLWR D FUHDUH H GLIIRQGHUH OD FRQYLQ]LRQH WUD PROWH LPSUHVH FKH TXHOOD GHL FRQVXPDWRUL YHUGL VLD GD FRQVLGHUDUH XQD QLFFKLD GL PHUFDWRGLpOLWH  • O¶LQGDJLQHULOHYzXQ¶DOWDSHUFHQWXDOHGLODXUHDWLDOO¶LQWHUQRGHOOHFDWHJRULHGHLYHUGLSXUL H GHL PDWHULDOLVWL FDUDWWHUL]]DWH GD XQ IRUWH LPSHJQR DPELHQWDOLVWD H GD XQD EXRQD GLVSRQLELOLWj D PRGLILFDUH L SURSUL FRPSRUWDPHQWL D IDYRUH GL VFHOWH SL FRQVDSHYROL VRWWRLOSURILORDPELHQWDOH,OOLYHOORGLLVWUX]LRQHLQIOXHQ]HUHEEHTXLQGLSRVLWLYDPHQWH OH WHQGHQ]H GHO FRQVXPR HFRORJLFR 8QD PDJJLRUH FRQRVFHQ]D GHOOD SUREOHPDWLFD SRWUHEEHLQIDWWLHVVHUHXQDIRQWHGLVHQVLELOL]]D]LRQHPDDQFKHGLILGXFLDQHOO¶XWLOLWj GHOSURSULRFRQWULEXWRDOPLJOLRUDPHQWRGHOODVLWXD]LRQHDPELHQWDOH  • $QFKH OR VWDWR FLYLOH QHOO¶LQGDJLQH DPHULFDQD q XQD YDULDELOH FKH FRQWULEXLVFH D GHOLQHDUH LO SURILOR GHO FRQVXPDWRUH YHUGH 5LVXOWz LQIDWWL FKH L WUH VHJPHQWL GL FRQVXPDWRUL SL VHQVLELOL DL WHPL DPELHQWDOL FRQWDYDQR XQD SHUFHQWXDOH GL FRQLXJDWL PROWR VXSHULRUH DOOD PHGLD q SODXVLELOH FKH XQR VWLOH GL YLWD FDUDWWHUL]]DWR GDOO¶DVVXQ]LRQH GL UHVSRQVDELOLWj DEELD ULFDGXWH SRVLWLYH DQFKH VXL FRPSRUWDPHQWL G¶DFTXLVWRVWLPRODQGRLOFRQVXPRGLSURGRWWLHFRORJLFL  • ,QILQH DQFKH OH FDUULHUH SURIHVVLRQDOL FKH HVLJRQR DVVXQ]LRQH GL UHVSRQVDELOLWj VHFRQGR O¶LQGDJLQH IDFLOLWDQR OD IRUPD]LRQH GL XQ DWWHJJLDPHQWR SL FRQVDSHYROH H DWWHQWR OD PDJJLRU SDUWH GHL GLULJHQWL H GHL SURIHVVLRQLVWL LQIDWWL DSSDUWHQHYD DOOD FDWHJRULDGHLYHUGLSXULRGHLPDWHULDOLVWL   7DEHOOD±/HFDUDWWHULVWLFKHVRFLRHFRQRPLFKHGHLFRQVXPDWRULYHUGL ,OUHGGLWRHLOFRQVXPRHFRORJLFR  5HGGLWRPHGLR PLJOLDLDGL GROODUL 

7RWDOH

³9HUGL SXUL´

³0DWHULDOLVWL´

³,PPDWXUL´

³%URQWRORQL´

³,QGLIIHUHQWL´













/¶LVWUX]LRQHHLOFRQVXPRHFRORJLFR 7RWDOH

³9HUGL SXUL´

³0DWHULDOLVWL´

³,PPDWXUL´

³%URQWRORQL´

³,QGLIIHUHQWL´

7LWRORGLVWXGLR ,QIHULRUHDOOD PDWXULWj













0DWXULWj













4XDOFKHDQQRGL XQLYHUVLWj













/DXUHD















/DVLWXD]LRQHIDPLOLDUHHLOFRQVXPRHFRORJLFR 7RWDOH

³9HUGL SXUL´

³0DWHULDOLVWL´

³,PPDWXUL´

³%URQWRORQL´

³,QGLIIHUHQWL´

6SRVDWR













1RQVSRVDWR













&RQILJOL VRWWRLDQQL















)RQWH*UHHQ*DXJH5HSRUW5RSHU6WDUFK:RUOGZLGH,QF 





/H LQGDJLQL VL IRFDOL]]DQR FRPH VL YHGH VRSUDWWXWWR VXOO¶RELHWWLYR GHOO¶LGHQWLILFD]LRQH H GHILQL]LRQHGHOODILJXUDGHOFRQVXPDWRUHYHUGH4XHVWRRELHWWLYRVHEEHQHHVWUHPDPHQWH XWLOH DOO¶D]LHQGD FKH LQWHQGH PHJOLR GHOLQHDUH OH FDUDWWHULVWLFKH VRFLRHFRQRPLFKH GHO SURSULR WDUJHW SRWHQ]LDOH ULVFKLD GL HVVHUH OLPLWDWLYR H LQ SDUWH GLVWRUVLYR VH LO ULVXOWDWR GHOOHLQGDJLQLYLHQHLQWHUSUHWDWRFRPHXQDVHJPHQWD]LRQHQHWWDGHOPHUFDWR 3RUUH LQ UHOD]LRQH OH VFHOWH GHO FRQVXPDWRUH FRQ OD VXD DSSDUWHQHQ]D DG XQD VSHFLILFD FODVVH VRFLDOH IDVFLD GL UHGGLWR HWj R VLWXD]LRQH IDPLOLDUH QRQ VSLHJD FRPSOHWDPHQWH L FRPSRUWDPHQWL HIIHWWLYDPHQWH ULVFRQWUDWL ,Q SDUWLFRODUH TXHVWR DSSURFFLR WHQGH D VHPSOLILFDUH H JHQHUDOL]]DUH OH WHQGHQ]H G¶DFTXLVWR OLPLWDQGRVL DG DQDOL]]DUH LO FRQVXPDWRUHVHQ]DWHQHUHLQFRQVLGHUD]LRQHDOWUHFRQGL]LRQLFKHFDUDWWHUL]]DQRLOPHUFDWR H FKH SRVVRQR LQIOXHQ]DUH L FRPSRUWDPHQWL GL FRQVXPR 8Q SULPR OLPLWH q JLj VWDWR DQWLFLSDWROHLQGDJLQLQRQGLVWLQJXRQRWUDGLYHUVHWLSRORJLHGLSURGRWWLWUDOHTXDOLFRPH YLVWROHGLIIHUHQ]HLQWHUPLQLGLTXRWHGLPHUFDWRVRQRLQYHFHQRWHYROL *OL VWXGL PLUDWL DOO¶LGHQWLILFD]LRQH GHO FRQVXPDWRUH YHUGH DQDOL]]DQR LOFRPSRUWDPHQWR GL FRQVXPR VHQ]D DSSURIRQGLUH OH PRWLYD]LRQL R OH FRQGL]LRQL FKH VWLPRODQR OD VFHOWD G¶DFTXLVWR H FKH GL YROWD GL YROWD UHQGRQR LO FRQVXPDWRUH XQ VRJJHWWR GLYHUVR GLIILFLOPHQWH³FODVVLILFDELOH´LQFDWHJRULHSUHGHILQLWH/¶DQDOLVLTXDOLWDWLYDGHOOHWHQGHQ]HGL PHUFDWRLQGLFDLQYHFHFRPHQRQYLVLDXQ³SURWRWLSR´GLFRQVXPDWRUHYHUGHPDYL VLDQRGLYHUVHHQXPHURVH WLSRORJLHGLFRQVXPDWRULFKHLQFHUWHFLUFRVWDQ]HVL GLPRVWUDQR SL SURSHQVL DOO¶DFTXLVWR GL SURGRWWL HFRFRPSDWLELOL 'L FRQVHJXHQ]D GLYLHQH HVVHQ]LDOH SHU O¶LPSUHVD FKH LQWHQGH SHUVHJXLUH VWUDWHJLH GL PDUNHWLQJ DPELHQWDOH DFFRPSDJQDUH DOO¶DQDOLVL GHO FRQVXPDWRUH XQD YDOXWD]LRQH GHOOH GLQDPLFKH GHO PHUFDWR YROWD DG LGHQWLILFDUH H YDOXWDUH L GLYHUVL IDWWRUL FKH PRWLYDQR O¶DFTXLVWR GHL SURGRWWL HFRORJLFL OHJDWL VLD DOOH WHQGHQ]H GHOOD GRPDQGD VLD DOOH FDUDWWHULVWLFKH GHOO¶RIIHUWDGLWDOLSURGRWWL  

 /H YDULDELOL FKH LQFLGRQR VXOOH VFHOWH GL FRQVXPR HFRORJLFR  8Q¶D]LHQGD LQWHUHVVDWD D UHQGHUH OD SURSULD RIIHUWD LO SL SRVVLELOH DGHUHQWH DOOH DVSHWWDWLYH GHOOD GRPDQGD VL FRQIURQWD FRQ OD QHFHVVLWj GL LGHQWLILFDUH L IDWWRUL FKH LQIOXHQ]DQR OD VFHOWD GL XQ SURGRWWR HFRORJLFR H GL YDOXWDUQH LO ³SHVR´ QHOOH PRWLYD]LRQL G¶DFTXLVWR SHU HODERUDUH XQD VWUDWHJLD GL PDUNHWLQJ FKH WHQJD LQ FRQVLGHUD]LRQH TXHOOL SLVLJQLILFDWLYLHLGHQWLILFDUHFRHUHQWHPHQWHLFRQWHQXWLGHOODFRPXQLFD]LRQHDPELHQWDOH 2ELHWWLYR GHO SDUDJUDIR q DQDOL]]DUH TXHVWL IDWWRUL H LO ORUR FRQWULEXWR QHO SURFHVVR GL PDWXUD]LRQH GHOOH GHFLVLRQL G¶DFTXLVWR GHL FRQVXPDWRUL FRQ ULIHULPHQWR LQ SDUWLFRODUH DOOHYDULDELOLSLVLJQLILFDWLYHFKHHQWUDQRLQJLRFRQHOOHGLQDPLFKHGLFRQVXPRHFRORJLFR  • LOSUH]]RGHOSURGRWWR • ODVXDTXDOLWjRSHUIRUPDQFH • OD³YLVLELOLWj´GHOOHFDUDWWHULVWLFKHDPELHQWDOLGHOSURGRWWRHO¶LPSHJQRGHOO¶D]LHQGD • O¶LPPDJLQHD]LHQGDOH • O¶LQIRUPD]LRQHDPELHQWDOH • OHJDUDQ]LHHOHFHUWLILFD]LRQL  • OD³SURVVLPLWj´ULVSHWWRDOFRQVXPDWRUH GHJOLHIIHWWLDPELHQWDOLOHJDWLDOSURGRWWR  

,O3UH]]RGHOSURGRWWR  ,O SUH]]R q XQ IDWWRUH WUDGL]LRQDOPHQWH SULRULWDULR QHOO¶RULHQWDUH OH VFHOWH G¶DFTXLVWR GHL FRQVXPDWRUL HG q LPPHGLDWR TXLQGL SHU O¶LPSUHVD FKLHGHUVL FRPH TXHVWR SRVVD LQFLGHUH QHOO¶DPELWR GHO FRQVXPR HFRORJLFR ,Q SDVVDWR VL q FRQVROLGDWD XQ¶LQWHUSUHWD]LRQH GHOOH GLQDPLFKHGLDFTXLVWRGHLSURGRWWLHFRORJLFLFKHVHJQDODYDODWHQGHQ]DGHLFRQVXPDWRULD 

SHUFHSLUH WDOL SURGRWWL FRPH ³LQIHULRUL´ ULVSHWWR DL FRQFRUUHQWL GDO SXQWR GL YLVWD GHOOH SUHVWD]LRQL G¶XVR H GHOOD TXDOLWj DG HVHPSLR O¶LPSLHJR GL PDWHULH SULPH ULFLFODWH R OD VRVWLWX]LRQH GL DOFXQH VRVWDQ]H FRQ DOWUH D PLQRUH LPSDWWR DPELHQWDOH GL GHULYD]LRQH YHJHWDOHSLXWWRVWRFKHGLVLQWHVLVRQRVSHVVRFRQVLGHUDWLLQWHUYHQWLULGXWWLYLGHOO¶HIILFDFLD GHOSURGRWWR $TXHVWDLQWHUSUHWD]LRQHVLqVSHVVRDFFRPSDJQDWDODFRQVWDWD]LRQHFKHOR VYLOXSSR H OD UHDOL]]D]LRQH GL SURGRWWL HFRORJLFL LPSOLFD XQ LPSHJQR GD SDUWH GHOOH D]LHQGH±LQWHUPLQLGLLQYHVWLPHQWLWHFQRORJLFLVHOH]LRQHGLPDWHULHSULPHHLQQRYD]LRQL GLSURFHVVR±LQHYLWDELOPHQWHULIOHVVRLQFRVWLGLSURGX]LRQHHTXLQGLLQSUH]]L SLHOHYDWL 4XHVWR LO SL GHOOH YROWH KD FRPSRUWDWR FKH L FRQVXPDWRUL QRQ IRVVHUR GLVSRVWL D VRSSRUWDUH O¶RQHUH GL XQ PDJJLRU LPSHJQR HFRQRPLFR SHU DFTXLVWDUH XQ SURGRWWR HFRORJLFRFRQWULEXHQGRVXOSLDQRDQDOLWLFRDVSLHJDUHORVFDUVRVXFFHVVRVXOPHUFDWRGL TXHVWLSURGRWWL  ,QWHPSLSLUHFHQWLODUHOD]LRQH³SURGRWWRSLHFRORJLFR FRVWLGLSURGX]LRQHSLDOWL  SUH]]R VXSHULRUH´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³WUDVIHULPHQWR´ GHL FRVWL VXO SUH]]R ILQDOH GHO SURGRWWR FRQVHQWHQGR LQ DOFXQLFDVLXQSUH]]RGLYHQGLWDLQIHULRUH  /DFRPSDUVDVXGLYHUVLPHUFDWLGLSURGRWWLHFRORJLFLYHQGXWLDSUH]]LLQIHULRULDTXHOOLGHL FRQFRUUHQWL³WUDGL]LRQDOL´KDFRQWULEXLWRDPRGLILFDUHO¶DWWHJJLDPHQWRGHLFRQVXPDWRULQHL FRQIURQWL GHOO¶RIIHUWD 6H LQ SDVVDWR LO SUH]]R VXSHULRUH GHL SURGRWWL HFRORJLFL SRWHYD HVVHUHFRQVLGHUDWRXQDQHFHVVLWjDQFKHVHVFDUVDPHQWH³DSSUH]]DWD´GDLFRQVXPDWRUL  RJJLOHHVSHULHQ]HGLPROWHD]LHQGHFRQYLQFRQRLOPHUFDWRDFRQVLGHUDUHLOSUH]]RXQD YDULDELOH QRQ VWUHWWDPHQWH GLSHQGHQWH GDOOH VFHOWH GL TXDOLWj DPELHQWDOH GHO SURGXWWRUH H TXLQGL DQFRUD SL ³FUXFLDOH´ QHOOD GHWHUPLQD]LRQH GHOOH GHFLVLRQL G¶DFTXLVWR4XHVWRLQGXUUHEEHDFRQVLGHUDUHLOSUH]]RFRPHXQIDWWRUHULOHYDQWHLQOLQHD FRQ OH GLQDPLFKH FRPSHWLWLYH WUDGL]LRQDOL VRSUDWWXWWR TXDQGR VXSHUD TXHOOR GHL FRQFRUUHQWL 6H TXHVWR VL YHULILFD LQIDWWL LO SURGRWWR YLHQH SHQDOL]]DWR GDOOH VFHOWH GHL FRQVXPDWRUL DQFKH GL TXHOOL HFRORJLFDPHQWH ³SL FRQVDSHYROL´ VHPSUH PHQR GLVSRVWL D ³JLXVWLILFDUH´LOVRYUDSSUH]]ROHJDWRDLFRVWLGLSURGX]LRQH   2FFRUUH WXWWDYLD FRQVLGHUDUH FKH LO SUH]]R ROWUH D ULIOHWWHUH LO FRVWR GL SURGX]LRQH UDSSUHVHQWD DQFKH XQ VHJQDOH SHU LO FRQVXPDWRUH UHODWLYR DOOD TXDOLWj H DOOH SUHVWD]LRQL GHO SURGRWWR ,Q TXHVWD ORJLFD DQFKH XQ SUH]]R LQIHULRUH D TXHOOR GL SURGRWWL ³QRQ HFRORJLFL´FRQFRUUHQWLSRWUHEEHFRVWLWXLUHXQRVYDQWDJJLRFRPSHWLWLYR&RPHVLq GHWWR LQIDWWL DO SURGRWWR HFRORJLFR SXz OHJDUVL XQD SHUFH]LRQH GL ³VFDUVD TXDOLWj´ R GL LQIHULRUHLGRQHLWjDOO¶XVRULVSHWWRDLVXFFHGDQHLWUDGL]LRQDOL6HLOVXRSUH]]RIRVVHWURSSR EDVVR FRPXQLFKHUHEEH DO FRQVXPDWRUH XQ VHJQDOH ³QHJDWLYR´ FRQIHUPDQGR TXHVWD SHUFH]LRQH ,O GLIIHUHQ]LDOH GL SUH]]R GHO SURGRWWR HFRORJLFR ULVSHWWR DO WUDGL]LRQDOH FRVWLWXLVFH LQ GHILQLWLYD XQ IDWWRUH ULOHYDQWH DQFKH QHL FDVL LQ FXL SRWUHEEH JLRFDUH D YDQWDJJLRGHOFRQVXPDWRUHILQDOH /HHVSHULHQ]HGHOOHD]LHQGHVXJJHULVFRQRTXLQGLFKHLOSUH]]RGHLSURGRWWLHFRORJLFL QRQ GHEED HVVHUH VLJQLILFDWLYDPHQWH GLYHUVR GD TXHOOR GHL SURGRWWL VXFFHGDQHL Qp VXSHULRUH Qp LQIHULRUH  6H IRVVH VXSHULRUH LQIDWWL LO FRQVXPDWRUH QRQ VDUHEEH GLVSRVWR DOO¶DFTXLVWR LQ TXDQWR QRQ ULXVFLUHEEH D JLXVWLILFDUH OD PDJJLRUH VSHVD SHU XQ 

 8Q¶HVSHULHQ]D D]LHQGDOH VLJQLILFDWLYD DO ULJXDUGR q UDSSUHVHQWDWD GDOOD &DUWLHUD /XFFKHVH FKH SHU RJQL VXD OLQHD GL SURGRWWR KD GD VHPSUH FRQVLGHUDWR O¶XWLOL]]R GHOOD FDUWD ULFLFODWD FRPH YDOLGD DOWHUQDWLYD DOO¶LPSLHJR GHOOD FHOOXORVD YHUJLQH , EHQHILFL HFRQRPLFL GHULYDQWL GDOO¶XWLOL]]R GL FDUWD GD PDFHUR ROWUH DG XQ ULOHYDQWH PLJOLRUDPHQWR LQ WHUPLQL GL LPSDWWR DPELHQWDOH  VRQR PROWR VLJQLILFDWLYL EDVWL SHQVDUH DL PLQRUL FRQVXPL GL DFTXDHGLHQHUJLDDOUHFXSHURGHOYDORUHGHOODPDWHULDVHFRQGDHLQILQHLQIXQ]LRQHGHOWLSRGLPDFHURHGL SURFHVVR SURGXWWLYR DGRWWDWR DL SRVVLELOL YDQWDJJL FRPSHWLWLYL GHULYDQWL GDOOD SRVVLELOLWj GL SUDWLFDUH XQ SUH]]R LQIHULRUH,UDOGR  



SURGRWWR FKH GL QRUPD FRQVLGHUD GL EDVVD SHUIRUPDQFH '¶DOWUD SDUWH LO SUH]]R HFFHVVLYDPHQWH LQIHULRUH QRQ IDUHEEH FKH FRQYDOLGDUH TXHVWD FRQYLQ]LRQH DJOL RFFKL GHO FRQVXPDWRUH DWWLYDQGR XQ FLUFROR YL]LRVR GDO TXDOH VDUHEEH GLIILFLOH XVFLUH LO SURGRWWR HFRORJLFR QRQ KD VXFFHVVR SHUFKp FRPSRUWD XQ SUH]]R WURSSR HOHYDWR LQ UDSSRUWR DOOH SHUIRUPDQFH SUHVXQWH VH O¶D]LHQGD DJLVFH VXO SUH]]R FRQVROLGD TXHVWD LPPDJLQH QHJDWLYD 4XHVWR FKLDPD LQ FDXVD LO VHFRQGR IDWWRUH FKH LQFLGH VXOOH VFHOWH G¶DFTXLVWR HFRORJLFRODTXDOLWjSHUFHSLWDGHOSURGRWWR  

/D4XDOLWjR3HUIRUPDQFHGHOSURGRWWR  /DTXDOLWjGHOSURGRWWRULPDQHGXQTXHXQIDWWRUHLPSUHVFLQGLELOHGHOOHVFHOWHGLDFTXLVWR QHOOD PDJJLRUDQ]D GHL FDVL LO FRQVXPDWRUH QRQ VL GLPRVWUD LQIDWWL GLVSRQLELOH D ULQXQFLDUHDOODTXDOLWjGHOSURGRWWRLQFDPELRGLPLJOLRULSHUIRUPDQFHDPELHQWDOL4XHVWR RULHQWDPHQWR HPHUJH DQFKH GD LQGDJLQL UHFHQWL $G HVHPSLR XQ¶LQGDJLQH FRQGRWWD DG DSULOH  GDOO¶2VVHUYDWRULR (XUREDURPHWUR ± PLUDWD D ULOHYDUH OH RSLQLRQL GHL FLWWDGLQL HXURSHLQHLFRQIURQWLGHOWHPDGHOODSURGX]LRQHHGHOFRQVXPRVRVWHQLELOH±KDVRQGDWR IUDO¶DOWURLOSHVRUHODWLYRQHOOHVFHOWHGLDFTXLVWRGHLFLWWDGLQLGLTXDWWURIDWWRUL±SUH]]R TXDOLWj LPSDWWR DPELHQWDOH GHL SURGRWWL H EUDQG GHL SURGRWWL ± ULOHYDQGR LO SULPDWR LQGLVFXVVR GHOOD TXDOLWj 6HFRQGR O¶LQGDJLQH O¶LPSDWWR DPELHQWDOH GHL SURGRWWL q FRQVLGHUDWR SL LPSRUWDQWH GHOOD ORUR TXDOLWj VROR GDO  GHJOL LQWHUYLVWDWL ,O  KD GLFKLDUDWRGLFRQVLGHUDUOR³XJXDOPHQWHLPSRUWDQWH´PHQWUHSHULOGHJOLLQWHUYLVWDWLq ³PHQRLPSRUWDQWH¶´GHOODTXDOLWj&RPSDUDWRFRQODYDULDELOHSUH]]RO¶LPSDWWRDPELHQWDOH GHL SURGRWWL YLHQH LQYHFH FRQVLGHUDWR ³SL LPSRUWDQWH´ GDO  GHJOL LQWHUYLVWDWL ³XJXDOPHQWHLPSRUWDQWH´GDOH³PHQRLPSRUWDQWH´GDOVLYHGDQRLQGHWWDJOLR OHILJXUH,H,,ULSRUWDWHLQ$SSHQGLFH$   /H LQGDJLQL VHPEUDQR TXLQGL FRQIHUPDUH O¶LQWHUSUHWD]LRQH SHU FXL L FRQVXPDWRUL VL GLFKLDUDQR GLVSRVWL D FRQVXPDUH SURGRWWL HFRORJLFL VROR D FRQGL]LRQH FKH LQ WHUPLQL GL TXDOLWj H GL HIILFDFLD TXHVWL VLDQR HTXLYDOHQWLDOO¶RIIHUWD WUDGL]LRQDOH 4XHVWR DSSURFFLR q VRWWHVR GDOOD FRQYLQ]LRQH FKH OH SUHVWD]LRQL DPELHQWDOL GHO SURGRWWR DJOL RFFKL GHO FRQVXPDWRUH VLDQR ³GLVWLQWH GD´ H ³FRQIURQWDELOL FRQ´ OH VXH SHUIRUPDQFH LQ WHUPLQL GL HIILFDFLD G¶XVR R TXDOLWj 6L VXSSRQH FLRq FKH LO FRQVXPDWRUH SRQJD D FRQIURQWR OH TXDOLWjHFRORJLFKHGHOSURGRWWRFRQOHVXHSHUIRUPDQFH³QRQDPELHQWDOL´H±SHUTXDQWR PRWLYDWR DOO¶DFTXLVWR GL SURGRWWL D PLQRUH LPSDWWR DPELHQWDOH ± QRQ ULQXQFL DOO¶HIILFDFLD GHO SURGRWWR 4XHVWR DSSURFFLR KD FDUDWWHUL]]DWR OH VWUDWHJLH GL PDUNHWLQJ GL PROWH D]LHQGH FKH KDQQR LQWUDSUHVR LQ SDVVDWR LQL]LDWLYH GL YDORUL]]D]LRQH GL OLQHH GL SURGRWWR HFRORJLFKH 6XOOD EDVH GHOO¶RVVHUYD]LRQH GL TXHVWH GLQDPLFKH VL ULWHQHYD FKH LO FRQVXPDWRUHYHUGHIRVVHGLVSRVWRDSUHPLDUHXQSURGRWWRTXDQWRSLTXHVWRIRVVHVWDWR LQ JUDGR GL GLIIHUHQ]LDUVL ULVSHWWR DOOD FRQFRUUHQ]D HQIDWL]]DQGR OH SURSULH TXDOLWj DPELHQWDOLDQFKHDGLVFDSLWRGLTXHOOH³WUDGL]LRQDOL´3XzHVVHUHXWLOHGDTXHVWRSXQWRGL YLVWD³DSSURVVLPDUH´OHTXDOLWjWUDGL]LRQDOLHTXHOOHHFRORJLFKHPHGLDQWHODGLVWLQ]LRQHWUD EHQHILFLR³VRJJHWWLYR´HEHQHILFLR³FROOHWWLYR´DVVRFLDWLDOFRQVXPRGLXQSURGRWWR  • LO EHQHILFLR VRJJHWWLYR q LO YDQWDJJLR FKH LO FRQVXPDWRUH SHUFHSLVFH QHOO¶DFTXLVWR H QHOO¶XVRGLTXHOORVSHFLILFRSURGRWWRDOFRQIURQWRFRQJOLDOWULFRQFRUUHQWLSLRPHQR HFRORJLFL ,O EHQHILFLR VRJJHWWLYR SXz HVVHUH UDSSUHVHQWDWR GDO UDSSRUWR WUD TXDOLWj SHUFHSLWD H SUH]]R RVVLD GDO FRQFHWWR GL YDORUH GHO SURGRWWR LQWHVR QHOOD VXD DFFH]LRQH FODVVLFD 4XHVWR SDUDPHWUR FRQWUDGGLVWLQJXH DQFKH L SURGRWWL FKH VRQR ³IULHQGO\´ QHL FRQIURQWL GHOO¶XWLOL]]DWRUH VWHVVR ± DOLPHQWL ELRORJLFL SURGRWWL GL HUERULVWHULDVWRIIHVHQ]DFRORUDQWLHWF±ULFRQGXFLELOLDXQFRQFHWWRGL³HFRORJLDGHOOD SHUVRQD´HFKHQRQYDQWDQRXQLPSDWWRDPELHQWDOHLQIHULRUHDLFRQFRUUHQWL



&IU3UDWHVL 



• LOEHQHILFLRFROOHWWLYRGHOSURGRWWRSXzHVVHUHLQWHVRLQYHFHFRPHLOOLYHOORGLLPSDWWR DPELHQWDOH GHO SURGRWWR GXUDQWH WXWWR LO VXR FLFOR GL YLWD FRVu FRPH SHUFHSLWR GDO FRQVXPDWRUH  6HVLULSRUWDQRLQXQDPDSSDTXHVWHGXHWLSRORJLHGLEHQHILFLRFUHVFHQWLULVSHWWLYDPHQWH VXOO¶DVVHGHOOHRUGLQDWHHGHOOHDVFLVVH VLRWWHQJRQRTXDWWURTXDGUDQWLFKHUDSSUHVHQWDQR OHGLYHUVHSRVVLELOLFROORFD]LRQLGLXQSURGRWWRLQUDJLRQHGLFRPHTXHVWRqSHUFHSLWRGDO FRQVXPDWRUH$VVHJQDQGRDGRJQLDVVHGXHOLYHOOLDOWRHEDVVR qSRVVLELOHIDUHDOFXQH FRQVLGHUD]LRQL UHODWLYDPHQWH DL TXDWWUR TXDGUDQWL FKH YHQJRQR D GHWHUPLQDUVL DOO¶LQWHUQR GHOODPDSSD)LJ   • QHO,TXDGUDQWHVLFROORFDQRLSURGRWWL³SRFRHYROXWL´FKHXQLVFRQRVFDUVDHFRORJLFLWjH SRFRYDORUH • QHO ,, TXDGUDQWH VL WURYDQR L SURGRWWL DG HOHYDWR EHQHILFLR VRJJHWWLYR SHUFHSLWL FRPH SRFRHFRORJLFL • QHO ,,, TXDGUDQWH VL FROORFDQR TXHL SURGRWWL FKH ULHVFRQR D VRGGLVIDUH LQ PRGR DGHJXDWRVLDODORURSHUIRUPDQFHVLDVRJJHWWLYDVLDFROOHWWLYD • LQILQH QHO ,9 TXDGUDQWH VL SRVL]LRQDQR L SURGRWWL HFRORJLFL FDUDWWHUL]]DWL GD XQD SHUIRUPDQFHG¶XVRLQIHULRUHULVSHWWRDLFRQFRUUHQWL  )LJXUD±EHQHILFLDPELHQWDOLVRJJHWWLYLHFROOHWWLYL %HQHILFLR 6RJJHWWLYR 3URGRWWL³SRFR HFRORJLFL´HDG HOHYDWREHQHILFLR VRJJHWWLYR

II

III

3URGRWWL³HYROXWL´DG HOHYDWREHQHILFLR LQGLYLGXDOHH FROOHWWLYR

%HQHILFLR &ROOHWWLYR 3URGRWWL³SRFR HYROXWL´QRQ HFRORJLFLHGLVFDUVD TXDOLWj

I

IV

3URGRWWLHFRORJLFL FRQVFDUVH SHUIRUPDQFH TXDOLWDWLYH

)RQWHHODERUD]LRQHGD3UDWHVLLQ,UDOGR 

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¶LQWHUQR GHO TXDUWR TXDGUDQWH SRLFKp QRQ HUDQR LQ JUDGR GL DVVRFLDUH QHL IDWWL R QHOOH VWUDWHJLH GL FRPXQLFD]LRQH  OH TXDOLWj SUHVWD]LRQDOLDTXHOOHHFRORJLFKH  /D FRQFH]LRQH GHO ULGRWWR LPSDWWR DPELHQWDOH FRPH TXDOLWj GLVWLQWD FRPSDUDELOH H LQ PROWL FDVL  DOWHUQDWLYD DOOH TXDOLWj SUHVWD]LRQDOL GHO SURGRWWR YD WXWWDYLD PXWDQGR QHOOH RSLQLRQL GHL FRQVXPDWRUL H LQ PLVXUD DQFRUD PDJJLRUH QHOOH VWUDWHJLH GHOOH D]LHQGH 2JJL OH D]LHQGH VL FRQIURQWDQR VHPSUH SL FRQ O¶HVLJHQ]D PDWXUDWD QHL FRQVXPDWRUL GL FRQVLGHUDUHOHSUHVWD]LRQLDPELHQWDOLFRPHSDUWHLQWHJUDQWHGHOODTXDOLWjFRPSOHVVLYDGHO SURGRWWR , ULVXOWDWL GHOOH LQGDJLQL ULFKLDPDWH QRQ VHJQDODQR TXLQGL OD PDQFDWD



GLVSRQLELOLWj GHL FRQVXPDWRUL D ULQXQFLDUH D FHUWH SUHVWD]LRQL TXHOOH G¶XVR  D IDYRUH GL DOWUH TXHOOH HFRORJLFKH  EHQVu OD QHFHVVLWj GL FRQVLGHUDUH TXHVWH FRPH FRPSRQHQWL FR HVVHQ]LDOLGHOODTXDOLWjHGHOO¶HIILFDFLDGHOSURGRWWR  3HU OH D]LHQGH FKH RIIURQR DO PHUFDWR SURGRWWL D EDVVR LPSDWWR DPELHQWDOH OD VILGD q TXHOOD GL FROORFDUVL QHO WHU]R TXDGUDQWH LQ FXL OH FDUDWWHULVWLFKH DPELHQWDOL VL LQWHJUDQR FRQ OH TXDOLWj SUHVWD]LRQDOL H QRQ YHQJRQR TXLQGL SHUFHSLWH GDO FRQVXPDWRUH FRPH XQ OLPLWHSHUO¶HIILFDFLDGHOSURGRWWR/HWHQGHQ]HFKHHPHUJRQRGDOOHD]LHQGHSLLQQRYDWLYH VRQR LQGLFL GL XQ PXWDPHQWR VLJQLILFDWLYR GHOOH VWUDWHJLH GL YDORUL]]D]LRQH GHL SURGRWWL HFRORJLFL DWWXDOPHQWH LQ DWWR 6H LQ SDVVDWR KDQQR SUHYDOVR L WHQWDWLYL GL YDORUL]]DUH L SURGRWWL HFRORJLFL VXOOD EDVH GL XQD GLIIHUHQ]LD]LRQH HVDVSHUDWD H GHOOD FUHD]LRQH GL µQLFFKLH¶ GL PHUFDWR RJJL VL FRPSUHQGH FKH XQ SURGRWWR KD VXFFHVVR VROR VH JDUDQWLVFH SUHVWD]LRQL FRPSHWLWLYH D WXWWR FDPSR 7UD TXHVWH SUHVWD]LRQL O¶LPSDWWR DPELHQWDOH DVVXPH LPSRUWDQ]D FUHVFHQWH H YLHQH FRQFHSLWR FRPH XQ ³VXUSOXV´ TXDOLWDWLYR FKH LQ DOFXQLFDVLGLYHQWDGHWHUPLQDQWHSHUOHPRWLYD]LRQLG¶DFTXLVWR  

 /D 9LVLELOLWj GHOOH FDUDWWHULVWLFKH DPELHQWDOL GHO SURGRWWR H O¶LPSHJQRGHOO¶D]LHQGD  $IILQFKp LO FRQVXPDWRUH SRVVD FRJOLHUH LO VXUSOXV HFRORJLFR DVVRFLDWR DG XQ SURGRWWR ± H GXQTXH ULFRQRVFHUH FKH TXHVWR VL SRVL]LRQD QHO WHU]R TXDGUDQWH ± q HVVHQ]LDOH FKH SHUFHSLVFD FRQFUHWDPHQWH L EHQHILFL DPELHQWDOL OHJDWL DO VXR FRQVXPR ,Q DOWUL WHUPLQLL FRQVXPDWRUL GLVSRVWL D SUHPLDUH XQ SURGRWWR HFRORJLFR GHYRQR HVVHUH FRQYLQWL FKH DWWUDYHUVRO¶DWWRG¶DFTXLVWRSRVVRQRFRQWULEXLUHDOPLJOLRUDPHQWRDPELHQWDOH &RPH DQWLFLSDWR LO FRQVXPR HFRORJLFR VL FRQILJXUD VSHVVR FRPH XQ FRPSRUWDPHQWR DOWHUQDWLYR D GLVSRVL]LRQH GHOO¶LQGLYLGXR FKH LQWHQGH LPSHJQDUVL D IDYRUH GHOO¶DPELHQWH 3HUSRWHUHVVHUHXQ¶RS]LRQHHIILFDFHLQPROWLFDVLO¶DFTXLVWRGLXQSURGRWWRGHYHRIIULUHDO FRQVXPDWRUHODFHUWH]]DGLSRWHULQTXDOFKHPRGR³FRPSHQVDUH´ODPDQFDWDDVVXQ]LRQH GLDOWULFRPSRUWDPHQWLFRQVDSHYROLDGHVHPSLRODSDUWHFLSD]LRQHDLSURJUDPPLGLULFLFOR RGLUDFFROWDGLIIHUHQ]LDWDGHLULILXWL  ,QDOWULWHUPLQLLOFRQVXPDWRUHFKHVFHJOLHO¶DWWRO¶DFTXLVWRFRPHIRUPDGLPDQLIHVWD]LRQH GHOOD VXD VHQVLELOLWj HFRORJLFD q SRUWDWR D VFHJOLHUH TXHL SURGRWWL FKH RIIURQR PDJJLRUL RSSRUWXQLWj GL FRQWULEXLUH DO PLJOLRUDPHQWR DPELHQWDOH ,Q TXHVWR VHQVR OD VILGD SHU L SURGXWWRUL q TXLQGL TXHOOD GL UHQGHUH SL SRVVLELOH FRQFUHWR H ³YLVLELOH´ LO PLJOLRUDPHQWRDVVRFLDWRDOFRQVXPRGHLSURSULSURGRWWL  ,Q TXHVWD ORJLFD YL VRQR WLSRORJLH GL SURGRWWL SHU L TXDOL OD PLJOLRUH SHUIRUPDQFH DPELHQWDOH q ³DXWRHYLGHQWH´ H WDQJLELOH ILQ GDO VHPSOLFH FRQWDWWR YLVLYR FKH LO FRQVXPDWRUHKDSUHVVRORVFDIIDOHGLYHQGLWD(¶LOFDVRDGHVHPSLRGHLGHQWLIULFLVHQ]D LPEDOODJJLRGHOORVSD]]ROLQRFRQWHVWLQDLQWHUFDPELDELOHGHLGHWHUVLYLIRUQLWLGLULFDULFD,O GHVLJQ OD FRPSRVL]LRQH L PDWHULDOL OD FRQIH]LRQH GL TXHVWL SURGRWWL VRQR VXIILFLHQWL D GLPRVWUDUH LQHTXLYRFDELOPHQWH DO FRQVXPDWRUH DYYHGXWR LO PLQRUH LPSDWWR DPELHQWDOH OHJDWRDOORURFRQVXPRVLYHGDQRDGHVHPSLRLSURGRWWLLQILJXUD 



)LJXUD±$OFXQLSURGRWWL³YLVLELOPHQWH´HFRORJLFL 

6SD]]ROLQLFRQWHVWLQD LQWHUFDPELDELOHLQPDWHULDOH SODVWLFRELRGHJUDGDELOH

'HQWLIULFLYHQGXWL VHQ]DLPEDOODJJLR VHFRQGDULR

)RQWL KWWSZZZVROX]LRQLEHQHVVHUHFRP VHWWHPEUH   

KWWSUREHUWRODSLUDQRYDLOVROHRUHFRP

DFFHVVL



,Q DOWUL FDVL LQYHFH LO FRQVXPDWRUH QRQ q LQ JUDGR GL YHULILFDUH O¶HFRFRPSDWLELOLWj GHO SURGRWWR DWWUDYHUVR VXH FDUDWWHULVWLFKH ³YLVLELOL´ PD GHYH XWLOL]]DUH OR VWHVVR (¶ LO FDVR DG HVHPSLR GHL GHWHUVLYL FRQFHQWUDWL FKH SHUPHWWRQR O¶XVR GL TXDQWLWj ULGRWWH SHU OD VWHVVDFDSDFLWjGLODYDJJLRRGHJOLLPEDOODJJLULXWLOL]]DELOLSHUDOWUHIXQ]LRQL,QTXHVWLFDVL LO SURGXWWRUH QRQ SXz IDU OHYD VXO IDWWRUH ³YLVLELOLWj´ GHL EHQHILFL DPELHQWDOL DOO¶DWWR G¶DFTXLVWR H OH FDPSDJQH SXEEOLFLWDULH GL TXHVWL SURGRWWL VRQR JHQHUDOPHQWH FDUDWWHUL]]DWHGDXQ¶HVSOLFLWDGHVFUL]LRQHGHLEHQHILFLHFRORJLFLDVVRFLDWLDOORURDFTXLVWRH FRQVXPR  ,Q ILJXUD  q ULSRUWDWR XQ HVHPSLR GL FDPSDJQD SXEEOLFLWDULD GL XQ GHWHUVLYR OD FXL IRUPXOD FRQFHQWUDWD FRQVHQWH XQ PLQRUH XWLOL]]R GL ULVRUVH H XQD PLQRUH SURGX]LRQH GL ULILXWL &RPH VL YHGH LO PHVVDJJLR SXEEOLFLWDULR ID OHYD VXOOD FRPELQD]LRQH GL EHQHILFL LQGLYLGXDOLHEHQHILFLSHUO¶DPELHQWH



)LJXUD±/DSXEEOLFLWjGLGHWHUVLYRSHUODYDWULFHFRQFHQWUDWREHQHILFL LQGLYLGXDOLHEHQHILFL³FROOHWWLYL´DPELHQWDOL

)RQWHKWWSZZZGL[DQLWDFFHVVRVHWWHPEUH 

 (VLVWRQR LQILQH SURGRWWL ULVSHWWR DL TXDOL LO FRQVXPDWRUH QRQ q LQ JUDGR GL FRQVWDWDUH GLUHWWDPHQWHODSLHOHYDWDHFRFRPSDWLELOLWjDGHVHPSLRSHUJOLHOHWWURGRPHVWLFLQRQq SRVVLELOH SHUFHSLUH HIIHWWL DPELHQWDOL OHJDWL DO SURGRWWR FKH YDGDQR DO GL Oj GHL FRQVXPL HQHUJHWLFLRGLDFTXD 4XHVWRSXzGLVLQFHQWLYDUHO¶DWWRG¶DFTXLVWRLQDVVHQ]DGLFHUWH]]H FKH TXHVWR UDSSUHVHQWL XQ FRQWULEXWR FRQFUHWR DO PLJOLRUDPHQWR DPELHQWDOH ,Q TXHVWL FDVL q FRPXQTXH IRQGDPHQWDOH FKH LO FRQVXPDWRUH VLD PHVVR QHOOH FRQGL]LRQL GL ULFRQRVFHUH O¶HFRORJLFLWj GHO SURGRWWR 3RLFKp TXHVWD QRQ q LPPHGLDWDPHQWH YLVLELOH Qp ³VSHULPHQWDELOH´ GXUDQWH O¶XVR DFTXLVWDQR ULOHYDQ]D DOWUL IDWWRUL FKH SRVVRQR LQIOXHQ]DUH OD SHUFH]LRQH FKH LO FRQVXPDWRUH KD GHO PLQRUH LPSDWWR DPELHQWDOH GHO SURGRWWR H VXL TXDOLOHD]LHQGHSRVVRQRLQWHUYHQLUHSHUIDYRULUHWDOHSHUFH]LRQH 7UDTXHVWLLSULQFLSDOL VRQR  • O¶LPPDJLQHGHOO¶D]LHQGDRYYHURODSHUFH]LRQHGHOVXRLPSHJQRVXOIURQWHDPELHQWDOH  • OHLQIRUPD]LRQLVXOODSHUIRUPDQFHDPELHQWDOHGHOSURGRWWR • ODSUHVHQ]DGLJDUDQ]LHFKHLOSURGRWWRHIIHWWLYDPHQWHVHDQFKHQRQ³YLVLELOPHQWH´ q SLHFRORJLFRGLDOWUL  

/¶,PPDJLQHD]LHQGDOH  1HO SURFHVVR GL PDWXUD]LRQH GHOOH SURSULH GHFLVLRQL G¶DFTXLVWR LO FRQVXPDWRUH SUHVWD FUHVFHQWH DWWHQ]LRQH DOO¶LPPDJLQH D]LHQGDOH ,Q PROWL FDVL LQIDWWL SHU XQ FRQVXPDWRUH SDUWLFRODUPHQWH VHQVLELOH DOOH WHPDWLFKH DPELHQWDOL q GLIILFLOH FRQVLGHUDUH XQ SURGRWWR ± DQFKH VH TXHVWR GLPRVWUD ³YLVLELOPHQWH´ XQ ULGRWWR LPSDWWR DPELHQWDOH ± GLVVRFLDQGROR



GDOO¶LPPDJLQHSHUFHSLWDHGDOODFUHGLELOLWjGHOO¶D]LHQGDSURGXWWULFH8Q¶LPSUHVDGLFXLQRQ VL FRQRVFH R QRQ VL SHUFHSLVFH O¶LPSHJQR DPELHQWDOH R FKH LQ SDVVDWR KD DYXWR HVSHULHQ]H QHJDWLYH QHO FDPSR GHOOD WXWHOD DPELHQWDOH GLIILFLOPHQWH SXz ULVXOWDUH FUHGLELOHDJOLRFFKLGHOFRQVXPDWRUHTXDQGRSURSRQHXQDOLQHDGLSURGRWWLHFRORJLFL  3HU LO FRQVXPDWRUH GLYHQWD TXLQGL LPSRUWDQWH FRQRVFHUH LO FRPSRUWDPHQWR GHOO¶LPSUHVD SURGXWWULFH DQFKH DWWUDYHUVR LO FRQVROLGDPHQWR GL XQ¶LPPDJLQH DPELHQWDOH ³SRVLWLYD´ 4XHVWD q LQ JUDGR GL LQIOXHQ]DUH O¶DWWR G¶DFTXLVWR DWWUDYHUVR PHFFDQLVPL GL ILGXFLD FRVWUXLWDQHOWHPSR HGL³IHGHOWjDOODPDUFD´QHLFDVLLQFXLO¶D]LHQGDDEELDDVVXQWRXQ SRVL]LRQDPHQWRIRUWHPHQWHRULHQWDWRDOODYDORUL]]D]LRQHGHOSURSULRLPSHJQRDPELHQWDOH QHO VXR VHWWRUH /D GHFLVLRQH G¶DFTXLVWR GL XQ SURGRWWR VL EDVD LQ PDQLHUD VHPSUH FUHVFHQWH VXOOH FRQRVFHQ]H H VXOOH LQIRUPD]LRQL UHODWLYH DOO¶LQWHUR VXR SURFHVVR GL WUDVIRUPD]LRQH H FRPPHUFLDOL]]D]LRQH /¶DFTXLVWR LQ TXHVWR FDVR q ± ROWUH FKH XQR VWUXPHQWRSHUVRGGLVIDUHLSURSULELVRJQL±XQ¶DSSURYD]LRQHPDQLIHVWDWDGDOFRQVXPDWRUH QHL FRQIURQWL GHOOD SROLWLFD JHVWLRQDOH GHOO¶LPSUHVD H TXLQGL DQFKH GHO VXR FRPSRUWDPHQWRVRFLDOHHGHFRORJLFR  2FFRUUH LQROWUH FRQVLGHUDUH FKH OD SHUFH]LRQH GHOO¶LPPDJLQH D]LHQGDOH SXz GLSHQGHUH LQ PRGR VLJQLILFDWLYR GDO VHWWRUH FXL DSSDUWLHQH O¶D]LHQGD8Q¶LQGDJLQH UHDOL]]DWDGD*).(XULVNRQHODGHVHPSLRGLPRVWUDFRPHLQDOFXQLVHWWRULLEUDQG D]LHQGDOL VLDQR SHUFHSLWL H JLXGLFDWL GDL FRQVXPDWRUL SL R PHQR QHOOR VWHVVR PRGR GDO SXQWR GL YLVWD GHOO¶LPSHJQR GHOOH UHODWLYH D]LHQGH LQ WHUPLQL GL UHVSRQVDELOLWj VRFLDOH LQ TXHVWR FDVR O¶LPPDJLQH GHO VHWWRUH JHWWD XQ DORQH VSHVVR QHJDWLYR  VXL PDUFKL FKH OR FRPSRQJRQRqLOFDVRGHOOHEDQFKHRGHOOHD]LHQGHSHWUROLIHUHVLYHGDODILJXUD ,Q DOWUL VHWWRUL YLFHYHUVD OH GLYHUVH PDUFKH VRQR YDOXWDWH LQ PDQLHUD GLIIHUHQ]LDWD GL DOFXQH VL ULFRQRVFH O¶LPSHJQR GL UHVSRQVDELOLWj VRFLDOH PHQWUH DG DOWUH VL DWWULEXLVFH XQ PLQRULQYHVWLPHQWRLQTXHVWDGLUH]LRQH )LJXUD   ± 9DULDELOLWj GHOOD FDSDFLWj GHL EUDQG GL GLIIHUHQ]LDUH O¶LPPDJLQH D]LHQGDOH QHL GLYHUVL VHWWRUL

)RQWH*).±(XULVNR 

$OWUHWWDQWR LQWHUHVVDQWH q O¶DQDOLVL GHOOD GLVSRQLELOLWj GHO FRQVXPDWRUH D FDPELDUH PDUFD ULVSHWWR DOOH SURSULH DELWXGLQL GL FRQVXPR FRQVROLGDWH 8Q¶DOWUD UHFHQWH LQGDJLQH 

 *). ± (XULVNR   8QLYHUVR GL ULIHULPHQWR SRSROD]LRQH LWDOLDQD PDJJLRUH GL  DQQL &DPSLRQH UDSSUHVHQWDWLYR GHOOD SRSROD]LRQH  LQWHUYLVWH SHUVRQDOL WHFQLFD &$3,  SHULRGR GL ULOHYD]LRQH  PDJJLR



FRQGRWWD QHOO¶DPELWR GHO JLj FLWDWR SURJHWWR HXURSHR /,)( 3520,6( KD PHVVR LQ OXFH VRWWR TXHVWR SURILOR FRPH L FRQVXPDWRUL RJJL VHJQDOLQR DQFKH XQD FHUWD ³GLVSRQLELOLWj D FDPELDUH´ DWWULEXHQGR DOOD PDUFD GHO SURGRWWR XQ SHVR PLQRUH GLTXDQWR FL VL SRWUHEEH DWWHQGHUHHVRSUDWWXWWRLQIHULRUHQHOODULOHYD]LRQHHIIHWWXDWDDTXHOORGHO³EDVVRLPSDWWR DPELHQWDOH´   ,QILQHXQDVSHWWRGDQRQWUDVFXUDUHULJXDUGDODILGXFLDFKHLOFRQVXPDWRUHULSRQHVSHFLH SHU FHUWH FDWHJRULH GL SURGRWWL QHL GLVWULEXWRUL DL TXDOL ULFRQRVFH XQ SDUWLFRODUH FRPPLWPHQW YHUVR L WHPL GHOO¶HFRORJLD , GLVWULEXWRUL LQIDWWL DWWUDYHUVR L ORUR PDUFKL R VHPSOLFHPHQWH OH ORUR SROLWLFKH YROWH D VHOH]LRQDUH GHWHUPLQDWH WLSRORJLH GL SURGRWWL VYROJRQR XQ UXROR IRQGDPHQWDOH QHOO¶DVVLFXUDUH LO FRQVXPDWRUH VXOO¶HIIHWWLYD TXDOLWj DPELHQWDOHGHLSURGRWWLFKHTXHVWRLQWHQGHDFTXLVWDUH  

/¶,QIRUPD]LRQHDPELHQWDOH  /¶LQIRUPD]LRQH q OR VWUXPHQWR SULQFLSDOH SHU UHQGHUH LO FRQVXPDWRUH FRQVDSHYROH VLD GHO YDORUH HFRORJLFR GHO SURGRWWR VLD GHOO¶LPSHJQR DPELHQWDOH GHOO¶LPSUHVD SURGXWWULFH /¶RELHWWLYR GHOO¶LQIRUPD]LRQH DPELHQWDOH q QHO SULPR FDVR PHWWHUH LQ OXFH L EHQHILFL DPELHQWDOL OHJDWL DO FRQVXPR GHO SURGRWWR ± DG HVHPSLR HYLGHQ]LDQGR L SUREOHPL D FXL SRQH ULPHGLR ± QHO VHFRQGR VRWWROLQHDUH O¶LPSHJQR GHOO¶D]LHQGD VXO IURQWH DPELHQWDOH LQ PRGR FKH TXHVWR LQFLGD SRVLWLYDPHQWH VXOO¶LPPDJLQH DPELHQWDOH GHO SURGRWWR ,Q SDUWLFRODUH O¶LQIRUPD]LRQH LQ FDPSR DPELHQWDOH GHYH UHQGHUH LO FRQVXPDWRUH FRQVDSHYROHGHOOD ULOHYDQ]D DPELHQWDOH GHO VXR DWWR G¶DFTXLVWR H GHO FRQWULEXWR FKH LO VXR FRPSRUWDPHQWR RIIUH DO PLJOLRUDPHQWR GHOOD VLWXD]LRQHDPELHQWDOH  ,QFRQVLGHUD]LRQHGHLSDUWLFRODULFRQWHQXWLGHOO¶LQIRUPD]LRQHDPELHQWDOHqQHFHVVDULRFKH OH IRUPH GL FRPXQLFD]LRQH YDGDQR DO GL Oj GHL WUDGL]LRQDOL FDQDOL SURPR]LRQDOL FKH LQ TXHVWR FDVR SRVVRQR ULVXOWDUH SRFR LQFLVLYL VXO FRQVXPDWRUH 4XHVW¶XOWLPRLQIDWWL KDOD QHFHVVLWjGLSRWHUGLVSRUUHGLLQGLFD]LRQLFKLDUHHGXQLYRFKHVXOOHHIIHWWLYHSUHVWD]LRQLGHL SURGRWWL 3HU TXHVWR YL q XQD SDUWLFRODUH DWWHQ]LRQH DOOD OHWWXUD GHOOH LQIRUPD]LRQL ULSRUWDWH VXOOH HWLFKHWWH GHOOH FRQIH]LRQL 7XWWDYLD VSHVVR L PHVVDJJL ULSRUWDWL VXOOH FRQIH]LRQLVRQRFRQWUDVWDQWLSRFRFKLDULHQRQSHUPHWWRQRDOFRQVXPDWRUHGLGLVWLQJXHUH WUDXQJHQHULFRULFKLDPRDYDORULHFRORJLFLHOHHIIHWWLYHSUHVWD]LRQLRTXDOLWjGHOSURGRWWR LQ FDPSR DPELHQWDOH 6RWWR TXHVWR SURILOR DOFXQL DPELWL GL LQIRUPD]LRQH VRQR RJJL QRUPDWL D OLYHOOR HXURSHR H QD]LRQDOH WLSLFDPHQWH TXHOOL VWUHWWDPHQWH OHJDWL DOOD WXWHOD GHOOD VDOXWH H VLFXUH]]D GHO FRQVXPDWRUH 6L SHQVL DG HVHPSLR DO VHWWRUH DOLPHQWDUH H DOOH LQGLFD]LRQL QXWUL]LRQDOL H VXOOD VDOXWH GHO FRQVXPDWRUH IRUQLWH VXOOH HWLFKHWWH GHL SURGRWWLDOLPHQWDULDWWUDYHUVRLFRVLGGHWWL³FODLPVQXWUL]LRQDOL´R³VDOXWLVWLFL´,QWHUPLQLGL FRUUHWWH]]D GHOO¶LQIRUPD]LRQH OH QRUPH D WXWHOD GHO FRQVXPDWRUH YLHWDQR RJJL RJQL LQIRUPD]LRQH  • LQHVDWWDSRFRFRPSUHQVLELOHRLQJDQQHYROH • FKHVXVFLWLGXEELFLUFDODVLFXUH]]DRO¶DGHJXDWH]]DQXWUL]LRQDOHGLDOWULSURGRWWL • FKHLQFRUDJJLRWROOHULXQFRQVXPRHFFHVVLYRGLXQGHWHUPLQDWRSURGRWWR • FKH LQFLWL D FRQVXPDUH XQ SURGRWWR DIIHUPDQGR R VXJJHUHQGR GLUHWWDPHQWH R LQGLUHWWDPHQWHFKHXQ¶DOLPHQWD]LRQHHTXLOLEUDWDQRQIRUQLVFHWXWWLJOLHOHPHQWLQXWULWLYL QHFHVVDUL • FKH FHUFKL GL ³VSDYHQWDUH´ LO FRQVXPDWRUH IDFHQGR ULIHULPHQWR DG DOWHUD]LRQL GHOOH IXQ]LRQLFRUSRUDOL 

&IUSDUDJUDIR  ,O 5HJ &( Q  ± QRWR DQFKH FRPH ³5HJRODPHQWR FODLPV´ ± UHODWLYR DOOH LQGLFD]LRQL QXWUL]LRQDOL H VXOOD VDOXWH IRUQLWH VXL SURGRWWL DOLPHQWDUL LQWHUHVVD TXDOVLDVL LQGLFD]LRQH QXWUL]LRQDOH H VXOOD VDOXWH SUHVHQWH QHOO¶HWLFKHWWDWXUD QHOOH FRPXQLFD]LRQL FRPPHUFLDOL H LQ WXWWH OH FDPSDJQH SURPR]LRQDOL H SXEEOLFLWDULH GHL SURGRWWLDOLPHQWDULHGHOOHEHYDQGHGHVWLQDWLDOFRQVXPRXPDQRYHQGXWLQHOOD8H2OWUHDLGLYLHWLVRSUDULSRUWDWL





 $ FLz YD DJJLXQWR LO SUROLIHUDUH GL IRUPH GL FRPXQLFD]LRQH FRQFHUQHQWL OH FDUDWWHULVWLFKH DPELHQWDOLGHLSURGRWWLQRQVHPSUHFUHGLELOLHVFDUVDPHQWHFRQWUROODWH,QTXHVWDORJLFD DOO¶LQIRUPD]LRQHGHYHDFFRPSDJQDUVLXQ¶DGHJXDWDJDUDQ]LDGHOODYHULGLFLWjHDWWHQGLELOLWj GHLFRQWHQXWLWUDVPHVVLDOFRQVXPDWRUH  

/HJDUDQ]LHFHUWLILFD]LRQL   8Q XOWHULRUH HOHPHQWR FKH SXz ³VXUURJDUH´ DOOD PDQFDQ]D GL YLVLELOLWj HFRORJLFD GHO SURGRWWR R DOO¶LPSRVVLELOLWj GL ³VSHULPHQWDUOD´ PHGLDQWH O¶XVR q UDSSUHVHQWDWR GDOOH IRUPH GL JDUDQ]LD UHODWLYH DL IDWWRUL SUHFHGHQWHPHQWH DQDOL]]DWL LPSHJQR DPELHQWDOH GHOO¶LPSUHVD H LQIRUPD]LRQH  ,Q DOWUH SDUROH QHO PRPHQWR LQ FXL LO FRQVXPDWRUH SHU RULHQWDUHOHVXHVFHOWHG¶DFTXLVWRIDDIILGDPHQWRVXOO¶LPPDJLQHDPELHQWDOHGHOO¶D]LHQGDR VXOOH LQIRUPD]LRQL GL SURGRWWR KD ELVRJQR GL FHUWH]]H FLUFD OD YHULGLFLWj GHL VHJQDOL FKH ULFHYH,QTXHVWLWHUPLQLO¶LPSHJQRGHOO¶D]LHQGDQHOPLJOLRUDPHQWRGHOODVLWXD]LRQH DPELHQWDOH DFTXLVWD PDJJLRUH FUHGLELOLWj VH ³FRQYDOLGDWR´ GD IRUPH GL FHUWLILFD]LRQHYLVLELOLHDFFUHGLWDWH  , FRQVXPDWRUL DYYHUWRQR XQ ELVRJQR GL FKLDUH]]D H WUDVSDUHQ]D QHL FRQIURQWL VLD GHOOH LQIRUPD]LRQLFKHULJXDUGDQROHLPSUHVHHLOORURLPSHJQRDPELHQWDOHLQJHQHUDOHVLDGHOOH LQIRUPD]LRQL ULJXDUGDQWL OH FDUDWWHULVWLFKH HFRORJLFKH GHL SURGRWWL ,Q HQWUDPEL L FDVL OD SUHVHQ]D GL IRUPH GL FHUWLILFD]LRQH H JDUDQ]LD ULODVFLDWH GD VRJJHWWL WHU]L SXz UDSSUHVHQWDUH SHU L FRQVXPDWRUL XQ IRUWH HOHPHQWR GL FUHGLELOLWj H GL JDUDQ]LD GL YHULGLFLWjGLTXDQWRO¶LPSUHVDFRPXQLFD ,QSDUWLFRODUHFRQULIHULPHQWRDLSURGRWWLVSHVVRLPHVVDJJLFKHJLXQJRQRDLFRQVXPDWRUL VRQR WURSSR JHQHULFL R WUDVPHVVL FRQ XQ OLQJXDJJLR WHFQLFR H SRFR FKLDUR $QFKH LQ TXHVWRFDVRTXLQGLOHIRUPHGLFHUWLILFD]LRQHGHOOHGLFKLDUD]LRQLGLSURGRWWRFRQIHUHQGR FUHGLELOLWjDLFRQWHQXWLGHOOHLQIRUPD]LRQLHJDUDQ]LDGLYHULGLFLWjSRVVRQR UDSSUHVHQWDUH XQRVWUXPHQWRXWLOHSHUVXSSRUWDUHOHGHFLVLRQLG¶DFTXLVWRGHLFRQVXPDWRUL4XHVWLXOWLPL ±³UDVVLFXUDWL´FKHOHTXDOLWjHFRORJLFKHGHLSURGRWWLQRQVRQRVROWDQWRDXWRGLFKLDUDWHGD SDUWHGHOOHLPSUHVHPDFRUULVSRQGRQRDGHIIHWWLYLEHQHILFLDPELHQWDOL±DWWUDYHUVRO¶DWWR G¶DFTXLVWRFRQWULEXLUHEEHURDWDOLEHQHILFL  ,Q WDEHOOD  VRQR LOOXVWUDWH DOFXQH GHOOH IRUPH GL FHUWLILFD]LRQH DPELHQWDOH GL SURGRWWR SL QRWH (¶ LQWHUHVVDQWH QRWDUH FRPH OR VYLOXSSR GL PDUFKL DPELHQWDOL GL SURGRWWR QD]LRQDOL QHJOL DQQL SL UHFHQWL VWLD LQWHUHVVDQGR DQFKH 3DHVL LQ YLD GL VYLOXSSR GHOO¶HVW HXURSHRPDDQFKHDVLDWLFLHVXGDPHULFDQLLQWDEHOODqULSRUWDWRFRPHHVHPSLRLOPDUFKLR QD]LRQDOH XFUDLQR  8Q DSSURIRQGLPHQWR VXO UXROR GHOOH IRUPH GL FHUWLILFD]LRQH H JDUDQ]LD QHOOD FRPXQLFD]LRQH H QHOOH VWUDWHJLH GL PDUNHWLQJ q WUDWWDWR LQ GHWWDJOLR QHO FDSLWRORGHGLFDWRDO³'RYH&RPXQLFDUH´

LO5HJRODPHQWRVWDELOLVFHLQROWUHFKHLFODLPVL GHYRQRHVVHUHEDVDWLVXGDWLVFLHQWLILFLFRQVROLGDWLHGLVSRQLELOL VHULFKLHVWLDOOHDXWRULWjFRPSHWHQWLLL GHYRQRHVVHUHULIHULWLDOODTXDQWLWjHIIHWWLYDHGDOODELRGLVSRQLELOLWjGHOOD VRVWDQ]D RJJHWWR GHOO¶LQGLFD]LRQH QHO SURGRWWR DOLPHQWDUH LLL  GHYRQR HVVHUH ULIHULWL DO FRQVXPR GL XQD UDJLRQHYROH TXDQWLWj GL SURGRWWR , FODLPV LQILQH GHYRQR HVVHUH IRUPXODWL LQ PDQLHUD WDOH GD ULVXOWDUH FRPSUHQVLELOLDOFRQVXPDWRUHPHGLRGHILQLWRGDOODJLXULVSUXGHQ]DFRPXQLWDULDFRPH³QRUPDOPHQWHLQIRUPDWRH UDJLRQHYROPHQWHDWWHQWRHFDXWR´)RQWHKWWSZZZDGLFRQVXPLWDFFHVVR    (¶ GHO  LO ODQFLR GHO SULPR GDWDEDVH PRQGLDOH GHJOL HFRODEHO (FRODEHO ,QGH[ FKH UHJLVWUD RJJL  HFRODEHOLQ3DHVLHVHWWRULKWWSZZZHFRODEHOLQGH[FRPDFFHVVR ,QFROODERUD]LRQHFRQ LO :RUOG 5HVRXUFHV ,QVWLWXWH KD SURGRWWR LO *OREDO (FRODEHO 0RQLWRU  SULPR UHSRUW PDL UHDOL]]DWR GL FHQVLPHQWRGHJOLHFRODEHOHVLVWHQWLDOLYHOORPRQGLDOH%LJ5RRP 



7DEHOOD±$OFXQLHVHPSLGLIRUPHGLFHUWLILFD]LRQHDPELHQWDOHGLSURGRWWRGLSDUWHWHU]D

 /¶(FRODEHOHXURSHRZZZHFRODEHOHX  (¶LOPDUFKLRHXURSHRGLTXDOLWjHFRORJLFDQDWRQHOHG RJJLJLXQWRDOODVXDWHU]DYHUVLRQH5HJ&( , IDEEULFDQWLJOLLPSRUWDWRULRLGLVWULEXWRULSRVVRQR ULFKLHGHUORXQDYROWDYHULILFDWRLOULVSHWWRGHLFULWHULSUHYLVWL GDOORVFKHPDGDSDUWHGHLSURGRWWLRGHLVHUYL]LFKH LQWHQGRQRRIIULUHVXOPHUFDWR    /¶$QJHOR%OXWHGHVFRZZZEODXHUHQJHOGH  (¶VWRULFDPHQWHLOSULPRSURJUDPPDXIILFLDOHGLHWLFKHWWDWXUD HFRORJLFDGHLSURGRWWLQDWRLQ*HUPDQLDQHOHULPDVWR O¶XQLFRSHUFLUFDXQGHFHQQLR)DFDSRLO0LQLVWHURIHGHUDOH WHGHVFRSHUO DPELHQWHODSURWH]LRQHGHOODQDWXUDHOD VLFXUH]]DQXFOHDUHHGqJHVWLWRGDOO $JHQ]LDIHGHUDOHSHU O DPELHQWHWHGHVFDHGDOO ,VWLWXWRWHGHVFRSHUODJDUDQ]LDGL TXDOLWjHODFHUWLILFD]LRQH    ,O&LJQR%LDQFRVFDQGLQDYRZZZVYDQHQVH  (¶LOSULPRPDUFKLRDPELHQWDOHGLSURGRWWRDFDUDWWHUH VRYUDQD]LRQDOHDWWLYRGDOLQ'DQLPDUFD)LQODQGLD ,VODQGD1RUYHJLDH6YH]LD)DFDSRDO*RYHUQRVYHGHVHH DOOR6ZHGLVK6WDQGDUGV&RXQFLO      /¶(FRPDUNJLDSSRQHVHZZZHFRPDUNMS  (¶LOPDUFKLRHFRORJLFRQD]LRQDOHJLDSSRQHVHGDO 3UHQGHVSXQWRGDOPRGHOORGHOO¶$QJHOR%OXWHGHVFRHGq JHVWLWRGDOO¶$VVRFLD]LRQH1D]LRQDOHSHUO¶$PELHQWH-DSDQ (QYLURQPHQW$VVRFLDWLRQ-($ (FRPDUN2IILFH      /¶16(QYLURQPHQWIUDQFHVHZZZPDUTXHQIFRP  $WWLYRGDOqLOPDUFKLRQD]LRQDOHIUDQFHVHHJHVWLWRGDO QHWZRUNLQWHUQD]LRQDOH$)125      ,O*UHHQ&UDQHXFUDLQRZZZHFRODEHORUJXD  (¶LOPDUFKLRQD]LRQDOHXFUDLQRJHVWLWRGDO3URJUDPIRU 'HYHORSPHQWRI(FRORJLFDO0DUNLQJLQ8NUDLQH



)LJXUD±8QHVHPSLRGLSDFNDJLQJFKHIDOHYDVXOODFHUWLILFD]LRQHDPELHQWDOHGHO SURGRWWR

,OWHVWRULSRUWDWRVXOOD FRQIH]LRQHGHOSURGRWWR ULSRUWD  ³4XHVWRSURGRWWRKD ULFHYXWRLOPDUFKLRGL TXDOLWjHFRORJLFDGHOOD8( SHUFKp &RQWULEXLVFHDOODORWWD FRQWURO¶LQTXLQDPHQWR LGULFRLOVXUULVFDOGDPHQWR GHOSLDQHWDHOHSLRJJH DFLGH )DYRULVFHODVDOYDJXDUGLD GHOOHIRUHVWH´

)RQWH,UDOGR 

  ,QRJQLFDVRODYLVLELOLWjGHOOHFDUDWWHULVWLFKHHFRORJLFKHGHOSURGRWWRROHLQIRUPD]LRQLH JDUDQ]LH DG HVVH UHODWLYH  q VWUHWWDPHQWH OHJDWD DOOD SHUFH]LRQH FKH LO FRQVXPDWRUH KD GHL SUREOHPL DPELHQWDOL OHJDWL DO SURGRWWR ,Q DOWUH SDUROH QHOO¶RULHQWDUH OH VFHOWH GL FRQVXPR HFRORJLFR GHJOL LQGLYLGXL DVVXPH ULOHYDQ]D DQFKH OD ³GLPHQVLRQH´ GHO WHPD DPELHQWDOH RYYHUR OD SURVVLPLWj GHOOR VSHFLILFR SUREOHPD DOOD VIHUD SHUVRQDOH GHO FRQVXPDWRUH  

/DSURVVLPLWjGHOO¶LQGLYLGXR  ,O FRQVXPDWRUH KD WUDGL]LRQDOPHQWH LQWHUSUHWDWR LO SURGRWWR HFRORJLFR FRPH VLQRQLPR GL SURGRWWR ³QDWXUDOH´ SULYR GL VRVWDQ]H GDQQRVH SHU OD VDOXWH GHOO¶XRPR R UHDOL]]DWR FRQ PDWHULDOL YHUJLQL H QRQ GL VLQWHVL *OL LQGLYLGXL HYLGHQWHPHQWH WHQGRQR D VWDELOLUH XQR VWUHWWROHJDPHWUDODORURVDOXWHHO¶DPELHQWHFRQVLGHUDQGRDPELHQWDOPHQWHFRPSDWLELOH FLz FKH QRQ GDQQHJJLD OD SHUVRQD OD VDOXWH GHOO¶LQGLYLGXR R LO VXR ³DPELHQWH´ SL SURVVLPRDGLPHQVLRQHXUEDQDORFDOHRQD]LRQDOH  $QFKH OH LQGDJLQL FRQIHUPDQR LQ JHQHUDOH OD WHQGHQ]D GHL FRQVXPDWRUL D FRQVLGHUDUH L SUREOHPL DPELHQWDOL SULQFLSDOPHQWH FRPH XQ SHULFROR SHU OD ORUR VDOXWH *OL LQGLYLGXL FLRq ± DQFKH VH SDUWLFRODUPHQWH SUHRFFXSDWL SHU OD VLWXD]LRQH GL GHJUDGR LQ FXL YHUVD O¶DPELHQWH ± WHQGRQR D FLUFRVFULYHUH OD ORUR VHQVLELOLWj D TXHJOL DVSHWWL GHO SUREOHPD DPELHQWDOHFKHSLOLULJXDUGDQRGDYLFLQR3LLQJHQHUDOHLGDWLFRQIHUPDQRO¶LSRWHVLGD WHPSRFRQVROLGDWDQHOOHDQDOLVLGHOSURILORSVLFRORJLFRGHOFRQVXPDWRUHFKHO¶LQWHUHVVHSHU OHWHPDWLFKHDPELHQWDOLULIOHWWDDOPHQRLQSDUWH ODSUHRFFXSD]LRQHFKHLGDQQLSURYRFDWL DOO¶DPELHQWHVLSRVVDQRULSHUFXRWHUHLQTXDOFKHPRGRVXOODSURSULDVDOXWH ,Q TXHVWL WHUPLQL QHOO¶RULHQWDUH OH VXH VFHOWH G¶DFTXLVWR LO FRQVXPDWRUH SRQH SDUWLFRODUHDWWHQ]LRQHDOODSURVVLPLWjGHOORVSHFLILFRSUREOHPDDPELHQWDOHDFXL LOSURGRWWRSRQHULPHGLR/DSRVVLELOLWjGLVDOYDUHOHIRUHVWHDPD]]RQLFKHRGLHYLWDUHLO 

$GHVHPSLRODJLjFLWDWDULFHUFD&HQVLV,3$KDHYLGHQ]LDWRLGLYHUVLVLJQLILFDWLDWWULEXLWLGDLFLWWDGLQLLWDOLDQL DO GHJUDGR DPELHQWDOH GD FXL q ULVXOWDWR FKH SHU LO  GHJOL LQWHUYLVWDWL WDOH VLWXD]LRQH q HVVHQ]LDOPHQWH FRQVLGHUDWDXQJUDYHULVFKLRSHUODVDOXWHILVLFD 



VXUULVFDOGDPHQWRGHOJORERWHUUHVWUHDGHVHPSLRqVLFXUDPHQWHPHQRVLJQLILFDWLYRSHULO FRQVXPDWRUH ULVSHWWR DOOD PDQFDQ]D GL VRVWDQ]H FDQFHURJHQH R DOOD SRVVLELOLWj GL QRQ SURGXUUH ULILXWL (¶ LPSRUWDQWH TXLQGL LQGLYLGXDUH GLIIHUHQWL OLYHOOL R ³GLPHQVLRQL´ GHO SUREOHPDDPELHQWDOHDFXLFRUULVSRQGHXQGLYHUVRJUDGRGLDWWHQ]LRQHHGLLQWHUHVVHGD SDUWHGHOFRQVXPDWRUHHTXLQGLXQDGLYHUVDPRGDOLWjGLSDUWHFLSD]LRQHDOODVROX]LRQHGHO SUREOHPD   • XQDGLPHQVLRQHJOREDOHHVGHIRUHVWD]LRQHFDPELDPHQWLFOLPDWLFLULGX]LRQHGHOOR VWUDWRGLR]RQRDFLGLILFD]LRQHHWF ULVSHWWRDOODTXDOHLOFRQVXPDWRUHSXzGHFLGHUHGL DGRWWDUH FRPSRUWDPHQWL LQGLSHQGHQWL ULVSHWWR DO FRQVXPR HV DGHULUH DG XQ¶DVVRFLD]LRQHDPELHQWDOLVWDSDUWHFLSDUHDPDQLIHVWD]LRQLGLSURWHVWDHWF   • XQD GLPHQVLRQH ORFDOH HVLQTXLQDPHQWR DFXVWLFR WUDIILFR XUEDQR LQTXLQDPHQWR GHOOH DFTXH HWF  SHU OD TXDOH L FLWWDGLQL SRVVRQR SUHQGHUH LQ FRQVLGHUD]LRQH OD SRVVLELOLWj GL PRGLILFDUH DOFXQLORUR FRPSRUWDPHQWL FRPH IDUH PDJJLRU XVR GHL PH]]L SXEEOLFLRSDUWHFLSDUHDLSURJUDPPLGLUDFFROWDGLIIHUHQ]LDWD  • XQD GLPHQVLRQH LQGLYLGXDOH HV SUHVHQ]D GL VRVWDQ]H FDQFHURJHQH QHL SURGRWWL DOLPHQWL JHQHWLFDPHQWH PRGLILFDWL HWF  SHU OD TXDOH O¶DWWR G¶DFTXLVWR UDSSUHVHQWD OD PRGDOLWjGLSDUWHFLSD]LRQH³SHUHFFHOOHQ]D´DOODVROX]LRQHGHOSUREOHPDDPELHQWDOH  ,QTXHVWLWHUPLQLqSRVVLELOHLQGLYLGXDUHQHOODFDSDFLWjGHOSURGRWWRGLJDUDQWLUHODVDOXWH LQGLYLGXDOH XQD GHOOH SULQFLSDOL GHWHUPLQDQWL GHO FRQVXPR HFRORJLFR 4XHVWH VRQR LQ VLQWHVL OH GLQDPLFKH FKH JXLGDQR LO SURFHVVR GL PDWXUD]LRQH GHOOH VFHOWH G¶DFTXLVWR GHL FRQVXPDWRUL H SHU O¶D]LHQGD LQWHUHVVDWD DG ³LQIOXHQ]DUH´ WDOH SURFHVVR q RSSRUWXQR LPSRVWDUHXQDVWUDWHJLDGLPDUNHWLQJVHFRQGRPRGDOLWjYROWHDYDORUL]]DUHODGLPHQVLRQH ³LQGLYLGXDOH´GHOO¶DVSHWWRDPELHQWDOHDFXLO¶D]LHQGDULYROJHLVXRLVIRU]LHLOVXRLPSHJQR GLPLJOLRUDPHQWR,QSDUWLFRODUHVLWUDWWHUjGLFRPXQLFDUHDOFRQVXPDWRUHODULOHYDQ]DGHO VXRDWWRG¶DFTXLVWRSHUODVROX]LRQHGHLPDFURSUREOHPLDPELHQWDOLHYLGHQ]LDQGRWXWWDYLD ODVLJQLILFDWLYLWjGLTXHVWLSUREOHPLDQFKHSHUODVXDVDOXWHHLOVXREHQHVVHUHIXWXUR  /D )LJXUD  ULHSLORJD OH SULQFLSDOL YDULDELOL FKH LQFLGRQR VXO FRQVXPR HFRORJLFR /R VFKHPD GL VHJXLWR VLQWHWL]]D LO SHUFRUVR ORJLFR GHOLQHDWR QHO FDSLWROR GL GHILQL]LRQH GHO WDUJHWGLULIHULPHQWRDVHJXLWRGHOO¶DGR]LRQHGLXQDVWUDWHJLDGLFRPXQLFD]LRQHDPELHQWDOH VFHOWDFKHFRPHVLqYLVWRSXzPDWXUDUHQHOO¶LPPHGLDWRSUHVHQWH R LQXQDSURVSHWWLYD IXWXUD LQ UHOD]LRQH DOOH GLYHUVH FRQGL]LRQL LOOXVWUDWH QHO SUHFHGHQWH FDSLWROR 



)LJXUD±/HSULQFLSDOLYDULDELOLFKHLQFLGRQRVXOFRQVXPRHFRORJLFR

  3UH]]R  3URVVLPLWj GHOO¶LQGLYLGXR

4XDOLWj H 3UHVWD]LRQL

$FTXLVWRH FRQVXPRGL SURGRWWLFRQ FDUDWWHULVWLFKH HFRORJLFKH

 ,QIRUPD]LRQH DPELHQWDOH

 *DUDQ]LH H FHUWLILFD]LRQL

,PPDJLQH D]LHQGDOH H %UDQG



9LVLELOLWj GHOOH FDUDWWHULVWLFKH HFRORJLFKHGHO SURGRWWR



' 2 0 $ 1 ,

2 * * ,

48$1'2 &2081,&$5("

$SDUWLUH GDOO¶DQDOLVLH GDOOD FRPSUHVLRQHGHO FRQWHVWRGL ULIHULPHQWRLQFXL RSHUDO¶D]LHQGD

(VWHUQRĺ &DUDWWHULVWLFKHHVSHFLILFLWjGHOO¶DPELHQWH HVWHUQR • 2IIHUWDGLSURGRWWLFRQFDUDWWHULVWLFKHHFRORJLFKHGD SDUWHGHLFRPSHWLWRUGLUHWWL • 2IIHUWDGLSURGRWWLFRQFDUDWWHULVLWFKHHFRORJLFKHLQ PHUFDWLILQDOLGLYHUVLGDTXHOOLLQFXLRSHUDDWWXDOPHQWH O¶LPSUHVD • 2IIHUWDGLSURGRWWLFRQFDUDWWHULVWLFKHHFRORJLFKHVXL PHUFDWLLQFXLO¶LPSUHVDVLDSURYYLJLRQDGDSDUWHGHL VXRLDWWXDOLIRUQLWRULRGDSDUWHGLDOWULVRJJHWWL  • &RQWHVWROHJLVODWLYRDWWXDOHHSURVSHWWLFR • «

  &RPH LGHQWLILFDUHLO WDUJHWGHOOD FRPXQLFD]LRQH DPELHQWDOH"

,QWHUQRĺ&DUDWWHULVWLFKHHVSHFLILFLWjGHOO¶D]LHQGD • 6HWWRUHLGLDSSDUWHQHQ]D • 0HUFDWRLGLULIHULPHQWRHVXDHTXRWDHGLPHUFDWR • &RPSRVL]LRQHGHO³SRUWDIRJOLRSURGRWWL´HLQFLGHQ]D UHODWLYDGHLSURGRWWLFRQFDUDWWHULVWLFKHHFRORJLFKH • &RPSRVL]LRQHGHO³SRUWDIRJOLRFOLHQWL´ • 3LDQLGLLQYHVWLPHQWRGLULFHUFDHVYLOXSSR • «

ILQDOL]]DWH DG LQGDJDUH

/HFDUDWWHULVWLFKHL ELVRJQLHOH DVSHWWDWLYHGHL GLYHUVLSRWHQ]LDOL WDUJHWGHOOD FRPXQLFD]LRQH DPELHQWDOH • FRQVXPDWRUH ILQDOH • FRQVXPDWRUH LQWHUPHGLRR FOLHQWHLQGXVWULDOH • RSHUDWRULGHOOD JUDQGH GLVWULEX]LRQH • 3XEEOLFD $PPLQLVWUD]LRQH • « LQWHUPLQLGL VHQVLELOLWj DPELHQWDOHTXDOH OHYDPRWLYD]LRQDOH DOO¶DFTXLVWR 

SHU LQGLYLGXDUH



5LFHUFKHVXOFDPSR • 5LFHUFKHGLPHUFDWRUHDOL]]DWHDGKRF • )RFXVJURXSH,QWHUYLVWHLQSURIRQGLWj • 0LVWHU\YLVLWVKRSSLQJ6HVVLRQLHWQRJUDILFKH • &$7,&RPSXWHU$VVLVWHG7HOHSKRQH,QWHUYLHZ 3$3,3DSHUDQG 3HQ,QWHUYLHZ &$3,&RPSXWHU$VVLVWHG3HUVRQDO,QWHUYLHZ  &$:,&RPSXWHU$VVLVWHG:HE,QWHUYLHZ  • «

$QDOLVLH ULFHUFKHGLWLSR ³LQILHOG´

 &RQLO VXSSRUWRGL XQDVHULHGL VWUXPHQWLGL ULFHUFDHGL DQDOLVLGHOOD GRPDQGD

$QDOLVLH ULFHUFKHGLWLSR ³GHVN´

5LFHUFKHDWDYROLQRVXGDWLJLjHVLVWHQWL HVLQGDJLQLGHPRVFRSLFKHVWDWLVWLFKH XIILFLDOLGDWDEDVHFRPPHUFLDOLHWF 

$&+,&2081,&$5("

   ,FRQWHQXWLGHOOD FRPXQLFD]LRQH DPELHQWDOH  • 3UH]]RGHOSURGRWWR • 4XDOLWjHSUHVWD]LRQL • 9LVLELOLWjGHOOH FDUDWWHULVWLFKH DPELHQWDOLGHO SURGRWWRH GHOO¶LPSHJQR GHOO¶D]LHQGD • ,PPDJLQHD]LHQGDOH • ,QIRUPD]LRQH DPELHQWDOH • *DUDQ]LHH FHUWLILFD]LRQL • 3URVVLPLWjGHJOLHIIHWWL DPELHQWDOLULVSHWWRDO FRQVXPDWRUH  HYDOXWDUQHLOSHVR QHOOHPRWLYD]LRQL G¶DFTXLVWRGHLGLYHUVL SRWHQ]LDOLGHVWLQDWDUL GHOODFRPXQLFD]LRQH

&26$ &2081,&$5("

&RPH&RPXQLFDUH"   4XDOLUHTXLVLWLGRYUHEEHSRVVHGHUHODFRPXQLFD]LRQHDPELHQWDOHSHUSRWHUHVVHUHDOOR VWHVVRWHPSRFRUUHWWDHGHIILFDFH"  ³4XDQWD´LQIRUPD]LRQHHTXDOHPHVVDJJLRDPELHQWDOHFRPXQLFDUHDOFRQVXPDWRUH"  $WWUDYHUVRTXDOHOLQJXDJJLRHTXDOHVWLOHGLFRPXQLFD]LRQH"  

 &RUUHWWH]]D HG HIILFDFLD GHOOD FRPXQLFD]LRQH DPELHQWDOHXQ¶HTXLYDOHQ]DQRQVFRQWDWD  /HD]LHQGHFKHVFHOJRQRGLLQIRUPDUHHVHQVLELOL]]DUHLFRQVXPDWRULVXLWHPLDPELHQWDOLVL PLVXUDQRRJJLFRQXQDFUHVFHQWHFRPSHWHQ]DFRQVDSHYROH]]DHPDWXULWjGHLGHVWLQDWDUL GHLSURSULIOXVVLFRPXQLFDWLYL6LqDQWLFLSDWRFRPHFLzULFKLHGDO¶DGR]LRQHGLVWUDWHJLHSL DWWHQWHHUHVSRQVDELOLULVSHWWRDOSDVVDWRUHODWLYDPHQWHDOODWLSRORJLDHDOOHFDUDWWHULVWLFKH GHOO¶LQIRUPD]LRQH WUDVPHVVD VLD DWWUDYHUVR LO SURGRWWR VLD QHOOH FDPSDJQH GL PDUNHWLQJ PLUDWH D SURPXRYHUOR $ IURQWH GL WDOH HVLJHQ]D GDOOD ILQH GHJOL DQQL QRYDQWD XQ FUHVFHQWH QXPHUR GL LVWLWX]LRQL H GL RUJDQL]]D]LRQLLQWHUQD]LRQDOL VL VRQR IDWWH SURPRWULFL GLXQDSSURFFLRDOODFRUUHWWDLQIRUPD]LRQHDPELHQWDOHGHGLFDQGRJUDQSDUWHGHOOHSURSULH DWWHQ]LRQLHGDWWLYLWjDOODFRPXQLFD]LRQHDPELHQWDOHHLQSDUWLFRODUHDTXHOODDWWXDWDSHU PH]]R GL GLFKLDUD]LRQLDSSRVWH VXL SURGRWWL *OL VIRU]L GL TXHVWL HQWL VL VRQR FRQFUHWL]]DWL SULQFLSDOPHQWH QHOOD SURGX]LRQH GL XQD VHULH GL VWDQGDUG PLUDWL DOOD GHILQL]LRQH GHL UHTXLVLWL H GHOOH FDUDWWHULVWLFKH FKH GRYUHEEH SRVVHGHUH O¶LQIRUPD]LRQH DPELHQWDOH SHU HVVHUH FRUUHWWD QHOOD FRQYLQ]LRQH FKH OR VYLOXSSR H OD GLIIXVLRQH GL TXHVWR WLSR GL ULIHULPHQWL FRQVHQWD DL FRQVXPDWRUL XQD VFHOWD PHJOLR LQIRUPDWD H SL FRQVDSHYROHHGLULIOHVVRFRQWULEXLVFDDJDUDQWLUHXQDFRUUHWWDFRPSHWL]LRQHWUDLVHPSUH SL QXPHURVL SURGXWWRUL DWWLYDPHQWH LPSHJQDWL VX TXHVWR IURQWH 3DUWLFRODUH ULOHYR KD DVVXQWRORVWDQGDUGGHOO¶,QWHUQDWLRQDO6WDQGDUG2UJDQL]DWLRQ,62FRQFHSLWRFRQ O¶RELHWWLYR GL SURPXRYHUH H IDYRULUH O¶DUPRQL]]D]LRQH GHL FRVLGGHWWL ³HQYLURQPHQWDO FODLPV´±RYYHUROHGLFKLDUD]LRQLUHODWLYHDOOHFDUDWWHULVWLFKHDPELHQWDOLGHLSURGRWWL±HGL HYLWDUH FKH DO FRQVXPDWRUH JLXQJDQR LQIRUPD]LRQL LQJDQQHYROL H QRQ DGHJXDWDPHQWH JDUDQWLWH LQ XQ DPELWR FRPH TXHOOR GHO PDUNHWLQJ HFRORJLFR VSHVVR VRJJHWWR D TXHVWL ULVFKL  ,Q TXHVWR VFHQDULR RFFRUUH IDUH XQ¶LPSRUWDQWH SUHPHVVD DOOR VYLOXSSR GHO SUHVHQWH FDSLWROR , VRSUDFLWDWL VWDQGDUG KDQQR LQ FRPXQH ±ROWUH DO IDWWR GL SRUVL FRPH RELHWWLYR TXHOOR GL VXSSRUWDUH OH D]LHQGH QHOOD UHDOL]]D]LRQH GL XQD FRUUHWWD DWWLYLWj GL FRPXQLFD]LRQH DPELHQWDOH ± LO SUHVXSSRVWR FKH XQ¶LQIRUPD]LRQH DPELHQWDOH FRUUHWWD VLD DQFKH XQ¶LQIRUPD]LRQH DPELHQWDOH HIILFDFH /¶DSSURFFLR DGRWWDWR GDOOD PDJJLRUDQ]D GHL ULIHULPHQWL HPDQDWL QHO FDPSR GHOOD FRPXQLFD]LRQH DPELHQWDOH DVVXPH FLRq FKH XQ¶LQIRUPD]LRQH DPELHQWDOH FRQIRUPH D WXWWD XQD VHULH GL UHTXLVLWL ± GL FKLDUH]]D GL WUDVSDUHQ]D GL YHULGLFLWj ± ULFRQGXFLELOL LQ VHQVR ODWR DO FRQFHWWR GL FRUUHWWH]]D VLD DXWRPDWLFDPHQWH DQFKH XQ¶LQIRUPD]LRQH HIILFDFH RYYHUR FDSDFH GL FRQVHJXLUH JOL RELHWWLYL FKH O¶RUJDQL]]D]LRQH GD FXL O¶LQIRUPD]LRQH SURYLHQH VL q SRVWD DWWUDYHUVR WDOH DWWLYLWj



81,(1,62(QYLURQPHQWDOODEHOVDQG'HFODUDWLRQV6HOIGHFODUHGHQYLURQPHQWDOFODLPV7\SH ,,HQYLURQPHQWDOODEHOOLQJ 



1HOO¶RWWLFD GHOOH /LQHH JXLGD q HVVHQ]LDOH ³IDUH XQ SDVVR LQGLHWUR´ ULVSHWWR DOO¶DGR]LRQH DFULWLFD GL WDOH HTXLYDOHQ]D ULFRQRVFHQGR FKH HIILFDFLD H FRUUHWWH]]D VRQR GXH GLPHQVLRQL GLVWLQWH GHOOD FRPXQLFD]LRQH DPELHQWDOH RYYHUR FKH O¶XQD QRQ LPSOLFD O¶DOWUDHYLFHYHUVD/DGLPHQVLRQHGHOO¶HIILFDFLDVLULIHULVFHLQIDWWLDQ]LWXWWRDOODFDSDFLWj GHOOD FRPXQLFD]LRQH GL FRQVHJXLUH JOL RELHWWLYL FKH LO PLWWHQWH VL q SUHILVVDWR GL UDJJLXQJHUH ULYROJHQGRVL DG XQ GHWHUPLQDWR GHVWLQDWDULR DWWUDYHUVR XQR VSHFLILFR PHVVDJJLR ,Q XQD SURVSHWWLYD GL PDUNHWLQJ XQD FRPXQLFD]LRQH DPELHQWDOH SXz TXLQGL GLUVLHIILFDFHQHOODPLVXUDLQFXLqLQJUDGRGL³DUULYDUH´DOGHVWLQDWDULRFRQVXPDWRUHHGL LQIOXHQ]DUQH GL YROWD LQ YROWD SHUFH]LRQL FRQYLQ]LRQL HG DVSHWWDWLYH ILQR D PRGLILFDUQH VFHOWH H FRPSRUWDPHQWL GL DFTXLVWR VHFRQGR JOL RELHWWLYL FKH O¶D]LHQGD VL q SURSRVWD GL FRQVHJXLUHDWWUDYHUVRTXHOODGDWDVWUDWHJLD  /DGLPHQVLRQHGHOODFRUUHWWH]]DDWWLHQHLQYHFHDOODVIHUDGHOODYHULGLFLWjGHOO¶DFFXUDWH]]D HGHOOD³QRQLQJDQQHYROH]]D´GHOODFRPXQLFD]LRQHLQGLSHQGHQWHPHQWHGDOODVXDPDJJLRUH RPLQRUHHIILFDFLD,QWHUPLQLGLFRPXQLFD]LRQHDPELHQWDOHFLzVLJQLILFDDGHVHPSLRFKH XQD VWUDWHJLD FKH IDFFLD OHYD VX XQ¶LQIRUPD]LRQH PROWR WHFQLFD H GHWWDJOLDWD FRPXQLFDWD DWWUDYHUVR O¶HWLFKHWWD GL XQ SURGRWWR SRVVD FHUWDPHQWH GLUVL FRUUHWWD PD WXWW¶DOWUR FKH HIILFDFHQHOODPLVXUDLQFXLLOOLQJXDJJLRHGLOOLYHOORGLDSSURIRQGLPHQWRXWLOL]]DWLULVXOWLQR LQDSSURSULDWLQRQVRORULVSHWWRDOOHFRQRVFHQ]HGHOFRQVXPDWRUHPHGLRGLTXHOSURGRWWR PDDQFKHGHLVXRLELVRJQLHGDVSHWWDWLYHGLLQIRUPD]LRQHDPELHQWDOH /HHVSHULHQ]HPDWXUDWHGDOOHD]LHQGHG¶DOWURFDQWRKDQQRVSHVVRGLPRVWUDWRFRPHQRQ YLVLDDOFXQDHTXLYDOHQ]DRDXWRPDWLVPRIUDLGXHFRQFHWWL  • GDXQDSDUWHLQIDWWLQXPHURVLVRQRLFDVLGLD]LHQGHFKHKDQQRFRQFHQWUDWRWXWWLLORUR VIRU]LQHOWHQWDWLYRGLUHQGHUHHIILFDFHODSURSULDFRPXQLFD]LRQHDPELHQWDOHSXQWDQGR HVFOXVLYDPHQWHVXDOFXQHVXHSHFXOLDULWj±DGHVHPSLRIDFHQGROHYDVXOO¶LQIOXHQ]DGHOOD VIHUDHPRWLYDGHOFRQVXPDWRUHQHLFRQIURQWLGLXQDFTXLVWRYHUGH±DWWUDYHUVRO¶XWLOL]]R GLLQIRUPD]LRQLHOLQJXDJJLPLUDWLDGHQIDWL]]DUHSUHVXQWLEHQHILFLDPELHQWDOLGHLSURSUL SURGRWWLPDGLIDWWRLPSUHFLVLYDJKLLQJDQQHYROLTXDQGRDGGLULWWXUDQRQYHULWLHUL(¶LO IHQRPHQRGHOOHFDPSDJQHSXEEOLFLWDULHGLJUHHQZDVKLQJWHUPLQHXVDWRSHULQGLFDUH FRPH VL q GHWWR TXDQGR XQ¶D]LHQGD LPSLHJD SL ULVRUVH DG DIIHUPDUH OD SURSULD VHQVLELOLWj DPELHQWDOH HR L EHQHILFL DPELHQWDOL GHL SURSUL SURGRWWL DWWUDYHUVR OD SXEEOLFLWjHLOPDUNHWLQJSLXWWRVWRFKHQHOPHWWHUHLQDWWRPLVXUHUHDOPHQWHLQJUDGR GLULGXUQHO¶LPSDWWRDPELHQWDOH,OVXFFHVVRHO¶HIILFDFLDGLTXHVWHFDPSDJQHVHYLVRQR VWDWL VRQR VWDWL VHPSUH GL EUHYH SHULRGR ODGGRYH QHO OXQJR WHUPLQH OH D]LHQGH FKH KDQQR LQFHQWUDWR OD ORUR VWUDWHJLD VX D]LRQL GL JUHHQZDVKLQJ KDQQR VXELWR HQRUPL GDQQL LQ WHUPLQL GL LPPDJLQH H UHSXWD]LRQH IDWLFDQGR D ULJXDGDJQDUH FUHGLELOLWj QHL FRQIURQWLGHOPHUFDWR  • 'DOO¶DOWUD SDUWH QRQ VRQR PDQFDWL L FDVL GL D]LHQGH FKH ± DYYLFLQDQGRVL SHU OD SULPD YROWD DO WHPD GHOOD FRPXQLFD]LRQH DPELHQWDOH ± KDQQR DGRWWDWR XQ¶LQWHUSUHWD]LRQH ULJLGDGHOFRQFHWWRGLFRUUHWWH]]DGHOO¶LQIRUPD]LRQHIDFHQGRXQ¶HTXLYDOHQ]DDOWUHWWDQWR VXSHUILFLDOH WUD TXHVWR FRQFHWWR H TXHOOR GL FRPSOHWH]]D SUHFLVLRQH HG HVDXVWLYLWj GHOO¶LQIRUPD]LRQH(¶LOFDVRRSSRVWRGLTXHOOHD]LHQGHFKHVSLQWHGDOWLPRUHGLHVVHUH DFFXVDWH GL JUHHQZDVKLQJ H TXLQGL GL VXELUQH L GDQQL FKH TXHVWR FRPSRUWD  KDQQR UHDOL]]DWR FDPSDJQH SXEEOLFLWDULH H GL PDUNHWLQJ FHQWUDWH VX XQ¶LQIRUPD]LRQH PROWR WHFQLFDHGHWWDJOLDWDFKHQRQVRQRVWDWH³FDSLWH´GDOODPDJJLRUDQ]DGHLFRQVXPDWRUL  ,Q TXHVWR TXDGUR q FKLDUR FKH OH GXH GLPHQVLRQL GHOOD FRUUHWWH]]D H GHOO¶HIILFDFLD GHOODFRPXQLFD]LRQHDPELHQWDOHSRVVRQRFRLQFLGHUHVRORQHOODPLVXUDLQFXLQRQ FL VL OLPLWL DG XWLOL]]DUH LQGLIIHUHQWHPHQWH L GXH WHUPLQL FRPH VLQRQLPL PD VL HQWUL QHO PHULWR GHOOH DFFH]LRQL LQ FXL TXHVWL VL LQWHQGRQR H FRQ FXL YHQJRQR XWLOL]]DWL 'DXQDSDUWHLQIDWWLVHVLDGRWWDXQFRQFHWWRGLHIILFDFLDGHOODFRPXQLFD]LRQHDPELHQWDOH GL OXQJR SHULRGR ± RYYHUR GL HIILFDFLD FKH VL PDQLIHVWD DWWUDYHUVR OD ILGHOL]]D]LRQH QHO 

&IUFDSLWROR



WHPSR GHO FOLHQWH YHUVR XQ GHWHUPLQDWR SURGRWWR FRQ FDUDWWHULVWLFKH HFRORJLFKH H LO ULFRQRVFLPHQWRVXOPHUFDWRGHOODFUHGLELOLWjGHOO¶D]LHQGDFKHORSURGXFH±VLqYLVWRFRPH VROR DWWUDYHUVR XQ¶LQIRUPD]LRQH FRUUHWWD OH D]LHQGH SRVVDQR FRQVHJXLUH WDOL ULVXOWDWL 'DOO¶DOWUD SDUWH ODGGRYH SHU FRPXQLFD]LRQH DPELHQWDOH FRUUHWWD VL LQWHQGD XQD FRPXQLFD]LRQHFKHQRQVRORGLFHLOYHURFRUUHWWH]]D³GHOFRQWHQXWR´ PDFKHORGLFHFRQ LO OLQJXDJJLR FRUUHWWR XVDQGR OD IRUPD L WHPSL H JOL VWUXPHQWL FRUUHWWL VL q YLVWR DOWUHWWDQWR FKLDUDPHQWH FRPH VROR TXHVWR DSSURFFLR VLD LQ JUDGR GL IDU FRQVHJXLUH DOO¶D]LHQGDJOLRELHWWLYLGLPDUNHWLQJHFRPXQLFD]LRQHFKHHVVDVLqGDWD,QDOWULWHUPLQL QHOOD PLVXUD LQ FXL OD FRUUHWWH]]D VL LQWHQGD FRPH YHULGLFLWj H FRPSOHWH]]D SHU O¶XVR RYYHUR DGHJXDWH]]D ULVSHWWR DOOR VSHFLILFR FRQWHVWR LQ FXL OD FRPXQLFD]LRQH YLHQH UHDOL]]DWD TXHVWDFRLQFLGHFRQO¶HIILFDFLD  )DWWDTXHVWDLPSRUWDQWHSUHPHVVDQHOVHJXLWRGHOFDSLWRORYLHQHSUHVHQWDWRXQTXDGUR GHL UHTXLVLWL FKH GRYUHEEH SRVVHGHUH XQD FRUUHWWD HG HIILFDFH FRPXQLFD]LRQH DPELHQWDOHTXDOHVLQWHVLFULWLFDGHLFRQWHQXWLGHJOLVWDQGDUGGHJOLVWXGLHGHLULIHULPHQWL RJJL HVLVWHQWL QHO FDPSR GHOOD FRPXQLFD]LRQH DPELHQWDOH FRQ ULIHULPHQWR LQ SDUWLFRODUH DOOH QRUPH GHGLFDWH DOOD FRPXQLFD]LRQH DPELHQWDOH DWWXDWD SHU PH]]R GL GLFKLDUD]LRQL DSSRVWH VXL SURGRWWL 3HU FLDVFXQ UHTXLVLWR DL FRQWHQXWL GHL ULIHULPHQWL WHRULFL H QRUPDWLYL FKH GLVFLSOLQDQR O¶DVSHWWR VL DIILDQFD O¶LOOXVWUD]LRQH GL DOFXQL HVHPSL UDSSUHVHQWDWLYLGLYROWDLQYROWDGHOULVSHWWRRGHOPDQFDWRULVSHWWRGHOUHODWLYRUHTXLVLWR ,Q FKLXVXUD VL ULSRUWD LQ DQDORJLD FRQ L SUHFHGHQWL FDSLWROL OR VFKHPD GL VLQWHVL GHO SHUFRUVR ORJLFR FRPSLXWR SHU ULVSRQGHUH DO TXHVLWR ³&RPH FRPXQLFDUH´ XQD YROWD LGHQWLILFDWLWDUJHWGLULIHULPHQWRHPHVVDJJLRDPELHQWDOH  

/D&KLDUH]]D  $OO¶LQIRUPD]LRQHDPELHQWDOHVLFKLHGHLQSULPROXRJRGLHVVHUHFKLDUDHFRPSUHQVLELOH (¶EHQHVSHFLILFDUHFKHLOUHTXLVLWRGHOODFKLDUH]]DQRQVLJQLILFDRYYHURQRQLPSOLFD FKH JOL LPSDWWL R L EHQHILFL DPELHQWDOL FRQQHVVL DG XQ SURGRWWR GHEEDQR HVVHUH HVSUHVVL LQ IRUPD VHPSOLFLVWLFD RYYHUR EDQDOL]]DWL DWWUDYHUVR VORJDQ &Lz FKH FL VL DWWHQGH GDOOH GLFKLDUD]LRQLGHLSURGXWWRULqFKHTXHVWHVLDQRFRPPLVXUDWHDOODFDSDFLWjGLFRPSUHQGHUOH GHO GHVWLQDWDULR 6H LO SURGRWWR q GHVWLQDWR DG XQ PHUFDWR GL IDPLJOLH DG HVHPSLR O¶LQIRUPD]LRQH QRQ GRYUHEEH XWLOL]]DUH WHUPLQL WHFQLFL RYYHUR XQ JHUJR SHU DGGHWWL DL ODYRUL IXRUL GDOOD SRUWDWD GHO FRQVXPDWRUH ILQDOH RYYHUR GRYUHEEH FKLDULUH VHPSUH LO VLJQLILFDWR GHOOH VLJOH H GHL WHUPLQL XWLOL]]DWL 'D XQR VWXGLR GDOO¶DJHQ]LD SHU O¶DPELHQWH VWDWXQLWHQVH ULVXOWD DG HVHPSLR FKH L FRQVXPDWRUL LQFRQWUDQR GLIILFROWj QHO FRPSUHQGHUH OH IRUPXOH FKLPLFKH GHL FRPSRQHQWL LQTXLQDQWL H FRQVHJXHQWHPHQWH QRQ DSSUH]]DQR FKH TXHVWH YHQJDQR ULSRUWDWH VXOOH FRQIH]LRQL D PHQR FKH QRQ VLDQR FRUUHGDWHGDDGHJXDWHVSLHJD]LRQL  ,Q VHFRQGR OXRJR XQ¶LQIRUPD]LRQH FKLDUD QRQ GRYUHEEH ODVFLDUH GXEEL FLUFD O¶³RJJHWWR´ D FXL VL ULIHULVFH 3Xz DFFDGHUH LQIDWWL GL LPEDWWHUVL LQ XQ¶LQIRUPD]LRQH DPELHQWDOH³DPELJXD´LQFXLFLRqQRQqFKLDURVHOHFDUDWWHULVWLFKHDPELHQWDOLGLFKLDUDWH VLULIHULVFDQRVRORDOSURGRWWRRDQFKHDOSURFHVVRDOO¶LPEDOODJJLRRDGXQDFRPSRQHQWH 8QGRFXPHQWRGHOOD)7&VWDWXQLWHQVHHYLGHQ]LDDOFXQLSRVVLELOLHTXLYRFLGDHYLWDUH 



/¶$SSHQGLFH$GHOOH/LQHHJXLGDULSRUWDODPDSSDWXUDGHLULIHULPHQWLUHODWLYLDOODFRPXQLFD]LRQHDPELHQWDOH XWLOL]]DWD SHU OR VYLOXSSR GHOFDSLWROR GLVWLQJXHQGR WUH WLSRORJLH GL ³IDPLJOLH´ GL GRFXPHQWL ULIHULPHQWL UHODWLYL DOOD VROD FRPXQLFD]LRQH DPELHQWDOH ULIHULPHQWL UHODWLYL DOOD FRPXQLFD]LRQH GL VRVWHQLELOLWj UHODWLYL FLRq DQFKH DOOH GLPHQVLRQL VRFLDOH HGHFRQRPLFD GHOOH DWWLYLWj GHOOHRUJDQL]]D]LRQL  ULIHULPHQWL UHODWLYL DOOD FRPXQLFD]LRQH DPELHQWDOHHSXEEOLFLWDULD   (QYLURQPHQWDO 3URWHFWLRQ $JHQF\ (3$  )RQWH 0DWHULDOL GLGDWWLFL &RUVR GL 0DUNHWLQJ HG (FRORJLD 0DVWHU 0(0$(8QLYHUVLWj/%RFFRQL0LODQR  )HGHUDO7UDGH&RPPLVVLRQ 



• LOWHUPLQH³ULFLFODELOH´DSSRVWRVXOODFRQIH]LRQHGLXQSURGRWWRULJXDUGDWXWWRLOSURGRWWR RSSXUHXQDVXDFRPSRQHQWHFRPHO¶LPEDOODJJLR" • 6HXQDODYDWULFHYDQWDXQOLPLWDWRFRQVXPRGLDFTXDTXHVWRWLHQHFRQWRGHOO¶DFTXDGL SURFHVVRXWLOL]]DWDSHUIDEEULFDUHLOSURGRWWR"  /¶LQIRUPD]LRQH LQROWUH QRQ GRYUHEEH GDUH OXRJR D IUDLQWHQGLPHQWL ULJXDUGDQWL OH D]LRQL FKH KDQQR FRQVHQWLWR DO SURGRWWR GL DFTXLVLUH TXDOLWj HFRORJLFKH ,O FDVR GHOOD SHUFHQWXDOHGLFDUWDULFLFODWDGLFKLDUDWDDOFRQVXPDWRUHqHPEOHPDWLFRDOSURSRVLWRWUDOD FDUWD GD PDFHUR FRVLGGHWWD ³SUHFRQVXPHU´ QRQ DQGUHEEHUR LQFOXVL TXHJOL VFDUWL GL SURGX]LRQHGHOOHFDUWLHUHFKHSRWUHEEHURHVVHUHULXWLOL]]DWLQHOORVWHVVRSURFHVVRFKHOLKD JHQHUDWL 4XHVWL LQIDWWL QRQ GLYHUUHEEHUR ULILXWL H TXLQGL LO ORUR ULFLFOR QRQ SXz FRQVLGHUDUVLFRPHXQEHQHILFLRDPELHQWDOHVLJQLILFDWLYR  8Q XOWLPR DVSHWWR UHODWLYR DOOD FKLDUH]]D GHOO¶LQIRUPD]LRQH DPELHQWDOH q OD OHJJLELOLWj 8Q¶LQIRUPD]LRQH VLQWHWLFD FRVWLWXLVFH XQ LQYLWR DOODOHWWXUD SHU LO FRQVXPDWRUH PHQWUH OD SUROLVVLWjSXzGLVLQFHQWLYDUOD(¶HYLGHQWHFKHLQDOFXQLFDVLODFKLDUH]]DGHOO¶HVSRVL]LRQH ULFKLHGH GL GLOXQJDUVL LQ VSLHJD]LRQL VXOOH HWLFKHWWH GHL SURGRWWL /D QRUPD ,62  VXJJHULVFH VRWWR TXHVWR SURILOR O¶XWLOL]]R GL IUDVL HVSOLFDWLYH FROOHJDWH DG XQ FODLP SULQFLSDOHSLFRQFLVR /DOHJJLELOLWjGHOO¶LQIRUPD]LRQHYDLQROWUHLQWHVDDQFKHQHOVHQVR³OHWWHUDOH´GHOODYLVLELOLWj GHL FDUDWWHUL FRQ FXL HVVD q VWDPSDWD DG HVHPSLR QHOOH FRQIH]LRQL R QHJOL LPEDOODJJL GHL SURGRWWL/D*XLGDGHO0LQLVWHURGHOO¶DPELHQWHLQJOHVHGHGLFDWDDLJUHHQFODLPVPHWWHLQ JXDUGLD VRWWR TXHVWR SURILOR GDOO¶XWLOL]]R GL FDUDWWHUL PLQXVFROL HR ORFDOL]]DWL VXO UHWUR GHOOHFRQIH]LRQLGHLSURGRWWLRLQJHQHUDOHLQSXQWLVFDUVDPHQWHYLVLELOL   )LJXUD±,UHTXLVLWLGLFKLDUH]]DGHOO¶LQIRUPD]LRQHDPELHQWDOH

&KLDUH]]DGHL WHUPLQLHGHOOH VLJOHXWLOL]]DWHHR ORURVSLHJD]LRQH

&RPSUHQVLELOLWj GHOOLQJXDJJLRLQ UHOD]LRQHDL GHVWLQDWDUL

&KLDUH]]DGHOO¶DPELWR DFXLVLULIHULVFH O¶LQIRUPD]LRQHDO SURGRWWRDO SURFHVVR DOO¶LPEDOODJJLRHWF 

&+,$5(==$ GHOO¶LQIRUPD]LRQH DPELHQWDOH

/HJJLELOLWjGHOO¶LQIRUPD]LRQH LQWHVDVLDFRPHLQFLVLYLWj HVVHQ]LDOLWjGHOFRQWHQXWR VLDFRPHOHJJLELOLWj³JUDILFD´ GHOWHVWR

$VVHQ]DGLDPELJXLWjQHOOH GLFKLDUD]LRQLFKHSRVVDQR GDURULJLQHD IUDLQWHQGLPHQWi





*UHHQ&ODLPV3UDFWLFDO*XLGDQFH'()5$ 



/¶$FFXUDWH]]DHOD6SHFLILFLWj  8Q VHFRQGR UHTXLVLWR IRQGDPHQWDOH GL XQ¶HIILFDFH FRPXQLFD]LRQH DPELHQWDOH ULJXDUGD OH FDUDWWHULVWLFKH GHOO¶LQIRUPD]LRQH FKH QRQ GRYUHEEH HVVHUH JHQHULFD PD ULIHULUVL DG DVSHWWLDPELHQWDOLVSHFLILFLHFRQFUHWL7XWWLLULIHULPHQWLQRUPDWLYLHYLGHQ]LDQRVRWWR TXHVWR DVSHWWR L ULVFKL FRQQHVVL DOO¶XWLOL]]R GL PHVVDJJL HG HVSUHVVLRQL GL FDUDWWHUH JHQHULFR SHU FRQQRWDUH O¶HFRORJLFLWj GHL SURSUL SURGRWWL VL SHQVL VROWDQWR DOO¶XWLOL]]R GLIIXVLVVLPRGHOSUHILVVR³HFR´FRQQHVVRDOODPDUFDDOQRPHGHOPRGHOORRDOODIXQ]LRQH VYROWD GDO SURGRWWR  /R VWDQGDUG ,62  LQ SDUWLFRODUH QRQ FRQVHQWH O¶DGR]LRQH GL WHUPLQL JHQHULFL TXDOL ³DPLFR GHOO¶DPELHQWH´ ³DPLFR GHOOD QDWXUD´ ³QRQ LQTXLQDQWH´ ³YHUGH´  0ROWRVSHVVRO¶XWLOL]]RLPSURSULRGLWHUPLQL³HYRFDWLYL´GHOODQDWXUDRGHOO¶DPELHQWHYLHQH DVVRFLDWR DOO¶XVR GL XQ OLQJXDJJLR PLUDWR D FRLQYROJHUH HPRWLYDPHQWH LO FRQVXPDWRUH DWWUDYHUVRHVSUHVVLRQLFKHIDQQROHYDVXOODVIHUDGHOVXREHQHVVHUHSHUVRQDOHHRGHLVXRL YDORUL(¶EHQHVRWWROLQHDUHFKHXQDFRUUHWWDHGHIILFDFHFRPXQLFD]LRQHDPELHQWDOH QRQFRQGDQQDDSULRULO¶XWLOL]]RGLXQRVWLOHHGLXQOLQJXDJJLRGLFRPXQLFD]LRQH FKHSXQWLQRDFRLQYROJHUHLOFRQVXPDWRUHVXOSLDQRHPRWLYR ³$UULYDUH DO FRQVXPDWRUH´ DJHQGR VXOOD VXD VIHUD GL YDORUL HPR]LRQL H FRQYLQ]LRQL  q DQ]LXQRGHJOLRELHWWLYLSULQFLSDOLGHOPDUNHWLQJ&LzFKHqVFRUUHWWRqLQYHFHO¶XWLOL]]RGL XQOLQJXDJJLRHGLXQRVWLOHHQIDWLFLILQLDVHVWHVVLLQDVVHQ]DFLRqGLXQUHDOHFRQWHQXWR GHOOD FRPXQLFD]LRQH LQ WHUPLQL GL SUHVWD]LRQL H EHQHILFL DPELHQWDOL VL YHGDQR DG HVHPSLRLFDVLULSRUWDWLQHOOHILJXUHH  ,Q TXHVWR VHQVR WDQWR SL O¶D]LHQGD XWLOL]]D TXDOL OHYH GL PDUNHWLQJ VWUXPHQWL FKH FRQIHULVFRQR DXWRUHYROH]]D H FUHGLELOLWj DL PHVVDJJL FRPXQLFDWL LQ SULPR OXRJR JOL VWUXPHQWL GL FHUWLILFD]LRQH GHVFULWWL LQ GHWWDJOLR QHO FDSLWROR VXFFHVVLYR ³'RYH &RPXQLFDUH´  WDQWR PLQRUH q LO ULVFKLR FKH HVVD FRPPHWWD O¶HUURUH GL OLPLWDUVL DG XQD FRPXQLFD]LRQHHQIDWLFDPDSULYDGLVRVWDQ]DHTXLQGLGLLQFDSSDUHQHOJUHHQZDVKLQJ   )LJXUD±8QHVHPSLRGLFODLPFKHIDOHYDVXOODVIHUDHPRWLYDGHOFRQVXPDWRUH

 /¶DIIHUPD]LRQH³FRQRVFHUDLDQFKHLOYROWRGLFKLPLKD FROWLYDWR´±ULSRUWDWDVXXQDFRQIH]LRQHGLXQSURGRWWR RUWRIUXWWLFROR±IDOHYDVXOODVIHUDHPRWLYDGHO FRQVXPDWRUHSURVSHWWDQGRJOLODSRVVLELOLWjGLDYHUH LQIRUPD]LRQLFRPSOHWHVXOODFROWLYD]LRQHGHOSURGRWWR DFTXLVWDWRDWWUDYHUVRXQFRQWDWWRGLUHWWRFRQJOL RSHUDWRULGHOODILOLHUD 



)RQWHHVWUDWWRGDLPEDOODJJLRGLSURGRWWRRUWRIUXWWLFROR 



)LJXUD±8QHVHPSLRGLFODLPFKHHQIDWL]]DLEHQHILFLLQGLYLGXDOLGHOO¶DFTXLVWRDVFDSLWRGLTXHOOL FRQQHVVLDOPLJOLRUDPHQWRGHOO¶DPELHQWH

/DFRPXQLFD]LRQHSXEEOLFLWDULD VFHJOLHLQDOFXQLFDVLGLIDUOHYD VXOO¶LQTXLQDPHQWRFRPH ³VLWXD]LRQHGLIDWWR´HGL SURPXRYHUHLOSURGRWWRFRPH SRVVLELOH³ULPHGLR´/¶LPPDJLQH ULSRUWDODSXEEOLFLWjGLXQ FOLPDWL]]DWRUHLQTXHVWRFDVRLO FODLPHQIDWL]]DLOVXUULVFDOGDPHQWR GHOSLDQHWDFRPHXQULVFKLRFKH KDFRQVHJXHQ]HSULPDGLWXWWR VXOODVIHUDLQGLYLGXDOHGHO FRQVXPDWRUHDSUHVFLQGHUHGDL VXRLHIIHWWLVXOO¶DPELHQWH 

 )RQWHHODERUD]LRQHGDSXEEOLFLWjVXFDUWDVWDPSDWD 

  /DILJXUDULSRUWDXQHVHPSLRGL³EXRQDSUDWLFD´LQWHUPLQLGLSXEEOLFLWjFKHUHDOL]]DXQ JLXVWR HTXLOLEULR IUD ULOHYDQ]D HG DFFXUDWH]]D GHO PHVVDJJLR DPELHQWDOH GD XQ ODWR H TXDOLWjGHOOHSUHVWD]LRQLGHOSURGRWWRGDOO¶DOWUR  • QHOODVH]LRQH³5,63(77$/¶$0%,(17(´LQIDWWLLOWHVWR³TXDQWLILFDLOEHQHILFLR´FKHVLSXz RWWHQHUHJUD]LHDOIDWWRFKHLOSURGRWWRFDUWXFFLDGLWRQHU qULFLFODWRHULJHQHUDWR  • PHQWUH QHOOD SDUWH ³3527(**, /$ 48$/,7$¶´ LO FRQVXPDWRUH YLHQH ³UDVVLFXUDWR´ VXO IDWWRFKHDFTXLVWDQGROHFDUWXFFH HFRORJLFKHQRQ³ULPSLDQJHUjLFRVLGGHWWL>SURGRWWL@ WUDGL]LRQDOL´EHQVuDYUj³SUHVWD]LRQLHGXUDWDDVVROXWDPHQWHLGHQWLFL´H³DQ]LTXDOFRVD LQSL>«@ULVSHWWDQGRO¶DPELHQWHLQFXLYLYH´



)LJXUD±8QHVHPSLRGLSXEEOLFLWjDPELHQWDOHDFFXUDWDHFRPSOHWD



)RQWHHVWUDWWRGDSXEEOLFLWjVXFDUWDVWDPSDWD 

  /H PRWLYD]LRQL GL TXHVWR UHTXLVLWR QRQ ULVLHGRQR VROWDQWR QHOOD YRORQWj GL HYLWDUH DIIHUPD]LRQLYDJKH±HTXLQGLQRQYHULILFDELOL±GDSDUWHGHLSURGXWWRULPDVRQRDOWUHVu OHJDWH DOOD QHFHVVLWj GL FRQYDOLGDUH VROWDQWR GLFKLDUD]LRQL FKH ULJXDUGDQR FRQWULEXWL DO PLJOLRUDPHQWR DPELHQWDOH LO SL SRVVLELOH FRQRVFLXWL H GLPRVWUDELOL 6HPSUH VHFRQGR OD  LQ SDUWLFRODUH LO FRQFHWWR GL ³6YLOXSSR 6RVWHQLELOH´ QRQ q DQFRUD VWDWR VXIILFLHQWHPHQWH VWXGLDWRSHUSRWHU VWDELOLUHFRQFHUWH]]D VHHLQFKH PLVXUDSXzHVVHUH FRQVHJXLWR DWWUDYHUVR OD FRPPHUFLDOL]]D]LRQH GL XQ SURGRWWR 3HU TXHVWR OR VWDQGDUG LPSHGLVFHO¶XWLOL]]RGLRJQLULIHULPHQWRDOODVRVWHQLELOLWj  3LLQ JHQHUDOH YD RVVHUYDWR FRPH VSHVVR LO ULFRUVR DG HVSUHVVLRQL YROWH D FRQQRWDUH LQ PDQLHUD JHQHULFD L SURGRWWL FRPH YHUGL VLD SL LO ULVXOWDWR GL XQ¶LUULVROWD LQGHFLVLRQH GD SDUWHGLPROWHLPSUHVHVXOODQHFHVVLWjFRQYHQLHQ]DGLLQWUDSUHQGHUHFRQVDSHYROPHQWHXQ



SHUFRUVR GL ULFRQYHUVLRQH GHOOH SURSULH VWUDWHJLH GL PDUNHWLQJ LQ VHQVR HFRORJLFR SLXWWRVWRFKHGLXQDVFDUVDFDSDFLWjGLFRPXQLFDUH 2OWUH D VSHFLILFDUH O¶DVSHWWR DPELHQWDOH D FXL VL ULIHULVFH XQD FRUUHWWD FRPXQLFD]LRQH GL SURGRWWR GRYUHEEH HVVHUH FRPSOHWD H QRQ SDU]LDOH H IRUQLUH LQGLFD]LRQL GHWWDJOLDWH R GDWL D VXSSRUWR GHL EHQHILFL GLFKLDUDWL ,Q XQR VWXGLR UHDOL]]DWR SHU FRQWR GHOOD &RPPLVVLRQH(XURSHDYHQJRQRLQGLYLGXDWHVRWWRTXHVWRSURILORDOFXQHVLWXD]LRQLWLSR  • XQ SURGRWWR GRYUHEEH DFFRPSDJQDUH DOOD GLFLWXUD ³ULFLFODWR´ OD SHUFHQWXDOH GHO PDWHULDOHUHFXSHUDWRFKHFRQWLHQH • OD FRVLGGHWWD ³H[WHQGHG OLIH´ GL XQ SURGRWWR GRYUHEEH HVVHUH SUHFLVDWD DWWUDYHUVR DG HVHPSLRLOQXPHURGLXWLOL]]LJDUDQWLWRSULPDGHOODURWWXUD • XQ SURGRWWR ELRGHJUDGDELOH GRYUHEEH VSHFLILFDUH LQ TXDQWR WHPSR LO SURFHVVR GL GHJUDGD]LRQHVLFRPSOHWD  /¶DFFXUDWH]]D GHOO¶LQIRUPD]LRQH GRYUHEEH LQROWUH HVVHUH JDUDQWLWD DQFKH JUD]LH DG LQGLFD]LRQL FKH FRQQHWWDQR OH FRQVHJXHQ]H DPELHQWDOL SRVLWLYH GL OXQJR SHULRGR R FRPXQTXH ORQWDQH GDOO¶XWLOL]]R TXRWLGLDQR GHO SURGRWWR  DOOH D]LRQL FKH OH JHQHUDQR DG HV JOL DOEHUL VDOYDWL JUD]LH DOOD FDUWD ULFLFODWD  ,Q TXHVWR VHQVR OD VSHFLILFLWj VL SXz WUDGXUUHDOO¶DWWRSUDWLFRQHOO¶LQIRUPDUHLOFRQVXPDWRUHVXOPRGRGLRSHUDUHSHUFKpTXHVWH FRQVHJXHQ]H VL YHULILFKLQR $G HVHPSLR OD ,62  FKLHGH FKH LO SURGXWWRUH QRQ VL OLPLWL D GHILQLUH LO SURSULR SURGRWWR FRPH ³GHVLJQHG IRU GLVDVVHPEOLQJ´ R FRPH ³FRPSRVWDELOH´ PD DFFOXGD OH LVWUX]LRQL UHODWLYH ULVSHWWLYDPHQWH DOOH RSHUD]LRQL GL GLVDVVHPEODJJLRHGLULGX]LRQHDFRPSRVW   )LJXUD±$FFXUDWH]]DHVSHFLILFLWjGHOO¶LQIRUPD]LRQHDPELHQWDOH

,QIRUPD]LRQHQRQ JHQHULFDRYDJD YHULILFDELOH

,QIRUPD]LRQH FRPSOHWDHQRQ SDU]LDOH

$&&85$7(==$H 63(&,),&,7$¶ GHOO¶LQIRUPD]LRQH DPELHQWDOH

5LIHULWDDGDVSHWWL DPELHQWDOLVSHFLILFL HFRQFUHWL

(VSOLFLWDULVSHWWRDLPRGLHG DOOHFRQGL]LRQLQHFHVVDULH DIILQFKpLOEHQHILFLR DPELHQWDOHFRQQHVVRDO SURGRWWRVLSRVVDPDQLIHVWDUH





)RQWH,UDOGR 



/D5LOHYDQ]D  ,Q WHU]R OXRJR SHU HVVHUH HIILFDFH O¶LQIRUPD]LRQH GRYUHEEH FRQFHQWUDUVL VX DVSHWWL DPELHQWDOL UHDOPHQWH VLJQLILFDWLYL SHU LO SURGRWWR VHQ]D WUDVFXUDUQH DOFXQR $G HVHPSLR VH XQ SURGXWWRUH DIIHUPDVVH FKH LO SURSULR IULJRULIHUR q HFRORJLFR VROWDQWR SHUFKp HPHWWH UXPRUH D VRJOLH LQIHULRUL D TXHOOH GHL FRQFRUUHQWL OD UHD]LRQH GHO FRQVXPDWRUH VDUHEEH GXSOLFH GD XQD SDUWH HJOL VL FKLHGHUHEEH VH O¶LQTXLQDPHQWR DFXVWLFR UDSSUHVHQWL UHDOPHQWH XQ DVSHWWR ULOHYDQWH SHU LO SURGRWWR GDOO¶DOWUD VRIIULUHEEH FRPXQTXH GL FDUHQ]H LQIRUPDWLYH ULJXDUGR WXWWL JOL DOWUL LPSDWWL FRQVXPL GL HQHUJLD FRQWHQXWR GL JDV UHIULJHUDQWL HWF  ,QQXPHUHYROL FDVL UHJLVWUDWL LQ SDVVDWR KDQQR GLPRVWUDWR OD WHQGHQ]D DG HQIDWL]]DUH DVSHWWL FKH QRQ FRVWLWXLVFRQR XQ YHUR SUREOHPD QHOOD JHVWLRQH DPELHQWDOH GHO SURGRWWR VL SHQVL DG HVHPSLR DOO¶DVVHQ]D GL XQD FRPSRQHQWH GDQQRVD LQ UHDOWj PDL XWLOL]]DWD Qp ULFKLHVWD SHU OD VXD IDEEULFD]LRQH  RYYHURSHUO¶DUHDJHRJUDILFDRSHUJOLXWLOL]]DWRULVXFXLODFRPSRQHQWHLPSDWWD  ,QILJXUDqULSRUWDWRO¶HVWUDWWRGLXQDSXEEOLFLWjGLXQ¶DXWRPRELOHLQFXLO¶LQIRUPD]LRQH VLIRFDOL]]DVXJOLDVSHWWLDPELHQWDOLVLJQLILFDWLYLGHOSURGRWWRIDFHQGROHYD  • VXOODFDSDFLWjGLYDORUL]]DUHFRQGDWLJOLDVSHWWLDPELHQWDOLULOHYDQWLSHULOSURGRWWR • VXOOD SRVVLELOLWj GL DUULFFKLUH OH LQIRUPD]LRQL GDWH DO OHWWRUH FRQ O LQYLWR D FRQVXOWDUH LO VLWRLQWHUQHWGHOODFDVDSURGXWWULFH  )LJXUD±8QHVHPSLRGLLQIRUPD]LRQHDPELHQWDOHULOHYDQWH



)RQWHHVWUDWWRGDSXEEOLFLWjVXFDUWDVWDPSDWD 

  /D VXFFHVVLYD ILJXUD  SUHVHQWD XQ HVHPSLR GHFLVDPHQWH PHQR HIILFDFH GL SXEEOLFLWj IRFDOL]]DWD VX DVSHWWL DPELHQWDOL LUULOHYDQWL SHU LO SURGRWWR H FKH WUDVFXUD LQYHFH TXHOOL HVVHQ]LDOL ,Q TXHVWR FDVR LO SURGRWWR XQ OHWWR  YLHQH HVSOLFLWDPHQWH TXDOLILFDWR FRPH ³HFRORJLFR´ PRWLYDQGR O¶DIIHUPD]LRQH LQ EDVH DO IDWWR FKH OD VXD VWUXWWXUD LQ OHJQR q WUDWWDWD FRQ ROLR YHJHWDOH H FHUD QDWXUDOH DVSHWWL PROWR PHQR ULOHYDQWL VRWWR LO SURILOR DPELHQWDOH ULVSHWWR DG HVHPSLR DO IDWWR FKH LO OHJQR VLD R PHQR GHULYDQWH GD IRUHVWH VRVWHQLELOL HFRQO DVVHQ]DGLHOHPHQWLPHWDOOLFL³SHUQRQGLVWXUEDUHLOVRQQR´



)LJXUD±8QHVHPSLRGLLQIRUPD]LRQHDPELHQWDOHLUULOHYDQWH



)RQWHHODERUD]LRQHGDSXEEOLFLWjVXFDUWDVWDPSDWD 

 

%2;  ± 8Q HVHPSLR GL DIIHUPD]LRQL ³OHWWHUDOPHQWH YHUH´ PD VXVFHWWLELOLGLIUDLQWHQGLPHQWLHGHTXLYRFL  /HYHUQLFLFRQWHQHQWLHOHYDWHFRQFHQWUD]LRQLGLSLRPERVRQRVWDWHULWLUDWHGDOFRPPHUFLR GDGLYHUVLDQQLLQWXWWLL3DHVLLQGXVWULDOL]]DWL3HUWDQWRXQFODLPDSSRVWRVXXQEDUDWWROR GL YHUQLFH FKH DIIHUPDVVH FKH LO SURGRWWR q ³VHQ]D SLRPER´ R ³VHQ]D SLRPER DJJLXQWR´ VDUHEEHOHWWHUDOPHQWHYHURPDIDFLOPHQWHPDOLQWHUSUHWDWR3HUHVHPSLRLOFRQVXPDWRUH SRWUHEEH HVVHUH LQGRWWR D ULWHQHUH FKH OD IRUPXOD]LRQH GHO SURGRWWR VLD FDPELDWD GL UHFHQWHRSSXUHFKHLSURGRWWLGHLFRQFRUUHQWLFRQWHQJRQRSLRPERLQPLVXUDVLJQLILFDWLYD  )RQWHDGDWWDPHQWRGD'()5$ 

  ,Q VHFRQGR OXRJR O¶LQIRUPD]LRQH DPELHQWDOH q ULOHYDQWH DQFKH TXDQGR QRQ ULYHQGLFD IDOVLPHULWLSHULSURGRWWLFXLVLDFFRPSDJQD8QHVHPSLRLQTXHVWRVHQVRqULSRUWDWRLQ ILJXUDFKHULSURGXFHXQ DIIHUPD]LRQHULSRUWDWDVXXQSURGRWWRVSUD\VSDJQRORSHUOD SXOL]LDGHOODFDVD/DGLFLWXUDVRVWLHQHFKHLOSURGRWWR³QRQqQRFLYRSHUORVWUDWRG R]RQR´ HGq³SULYRGHL&)&´PDRFFRUUHWHQHUHSUHVHQWLDOPHQRGXHHOHPHQWL  • FKHL&)&QRQVRQRSLGDWHPSRSUHVHQWLQHLSURGRWWLVSUD\SHUODSXOL]LDGHOODFDVD FRVuFRPHVWDELOLWRGDO3URWRFROORGL0RQWUHDO

 7UDWWDWRLQWHUQD]LRQDOHYROWRDULGXUUHODSURGX]LRQHHO XVRGHOOHVRVWDQ]HFKHPLQDFFLDQRORVWUDWRGLR]RQR ILUPDWR LO  VHWWHPEUH  HQWUDWR LQ YLJRUH LO ž JHQQDLR  H VRWWRSRVWR UHYLVLRQH QHO  /RQGUD  &RSHQDJKHQ 9LHQQD 0RQWUHDO H3HFKLQR 



• O DIIHUPD]LRQHqFRPXQTXHWURSSRYDJDLQTXDQWRL&)&QRQVRQROHXQLFKHVRVWDQ]H FKHGDQQHJJLDQRORVWUDWRG R]RQR  0DQWHQHUH LO FODLP HFRORJLFR UHODWLYR DOO¶DVVHQ]D GL FORURIOXRURFDUEXUL GRSR O¶HQWUDWD LQ YLJRUHGHOEDQGRVXTXHVWLJDVqLUULOHYDQWHHVHQ]DGXEELRIXRUYLDQWHLQTXDQWRHQXQFLD VHPSOLFHPHQWHFLzFKHqXQREEOLJRGLOHJJH 8Q¶XOWLPD QRWD]LRQH ULJXDUGD OD SHUFH]LRQH GHO PLJOLRUDPHQWR DPELHQWDOH GD SDUWH GHO FRQVXPDWRUH 6H XQ EHQHILFLR HFRORJLFR q VHPSUH VWDWR SURSULR GHO SURGRWWR H FRQQDWXUDWRDOVXRXWLOL]]RTXHVWRQRQGRYUHEEHHVVHUHFRPXQLFDWRFRPHXQ¶LQQRYD]LRQH ULOHYDQWH  )LJXUD±8QHVHPSLRGLXVRHUUDWRGLDIIHUPD]LRQLGHOWLSR³SULYRGL´

 /DGLFLWXUD±FKHULSURGXFH XQ DIIHUPD]LRQHULSRUWDWDVXXQ SURGRWWRVSUD\VSDJQRORSHUOD SXOL]LDGHOODFDVD±VRVWLHQHFKH LOSURGRWWR  ³QRQqQRFLYRSHUORVWUDWR G R]RQR´  HFKHq  ³SULYRGL&)&´



 )RQWH,UDOGR 



  )LJXUD±5LOHYDQ]DGHOO¶LQIRUPD]LRQHDPELHQWDOH

5HODWLYDDGDVSHWWL DPELHQWDOLUHDOPHQWH VLJQLILFDWLYLSHUO¶RJJHWWRFXL VLULIHULVFHSURGRWWR SURFHVVR« 

1RQULYHQGLFD IDOVLPHULWL

5,/(9$1=$ GHOO¶LQIRUPD]LRQH DPELHQWDOH

1RQHQIDWL]]DEHQHILFL SUHHVLVWHQWLGHOSURGRWWRR FRQQDWXUDWLDOVXRXWLOL]]R FRPHLQQRYD]LRQLULOHYDQWL

5LOHYDQWHSHU O¶DUHDRSHUL GHVWLQDWDULSUHVVR FXLO¶LPSDWWRVL SURGXFH 1RQWUDVFXUD DVSHWWLDPELHQWDOL VLJQLILFDWLYL

  

/D&RHUHQ]D  $OFXQH FDUDWWHULVWLFKH GHJOL HQYLURQPHQWDO FODLPV GHOLQHDWH GDOOD ,62  H GDJOL DOWUL ULIHULPHQWL ULFKLDPDQR OD QHFHVVLWj FKH TXHVWL VLDQR FRHUHQWL FRQ LO FRQWHVWR LQ FXL XQ SURGRWWR YLHQH IDEEULFDWR GLVWULEXLWR H FRQVXPDWR /H SRVL]LRQL HVSUHVVH GDOOD 'LUH]LRQH &RQVXPDWRUL GHOOD &( LQ XQ GRFXPHQWR FKH GHOLQHD O¶DSSURFFLR FRPXQLWDULR LQ TXHVWR FDPSRDGHVHPSLRVLIRFDOL]]DQRVXXQSUREOHPDVSHVVRVRWWRYDOXWDWRQHOO¶LQIRUPD]LRQH DPELHQWDOH  • FKHVLJQLILFDWRKDYDORUL]]DUHODULFLFODELOLWjGLXQSURGRWWRSUHVVRLOSXEEOLFRVHQRQYL qXQDGHJXDWRVLVWHPDSHUODUDFFROWDGLIIHUHQ]LDWD" • 3XzODVRODHYHQWXDOLWjGLXQUHFXSHURHVVHUHLGHQWLILFDWDFRPHXQEHQHILFLRDPELHQWDOH DJOLRFFKLGHOFRQVXPDWRUH"  

%2;  ± 8Q HVHPSLR GL SURGRWWL FKH YDQWDQR EHQHILFL DPELHQWDOL ³OHWWHUDOPHQWH YHUL´ PD QRQ QHFHVVDULDPHQWH RWWHQLELOL QHO FRQWHVWR LQ FXLLEHQLVRQRYHQGXWLHRXWLOL]]DWL  , VDFFKHWWL GL SODVWLFD LQ SROLHWLOHQH DG HFFH]LRQH GL TXHOOL VSHFLILFDPHQWH SURGRWWL H YHQGXWLSHUFRQWHQHUHULILXWLULFLFODELOL VRQRWHFQLFDPHQWHULFLFODELOLPDTXDQGRXWLOL]]DWL SHUFRQWHQHUHULILXWLJHQHULFLWHUPLQHUDQQRPROWRSUREDELOPHQWHLOORURFLFORGLYLWDLQXQD GLVFDULFD3HUWDQWRXQ FODLPDSSRVWR VXXQDFRQIH]LRQHGLVDFFKHWWLFKHDIIHUPDVVH FKH ³TXHVWR SURGRWWR q ULFLFODELOH´ VDUHEEH IRUPDOPHQWH H OHWWHUDOPHQWH YHUR PD QHOOD VRVWDQ]D QRQ QHFHVVDULDPHQWH UHDOL]]DELOH LQ WXWWL L FRQWHVWL LQ FXL LO SURGRWWR YLHQH YHQGXWRHXWLOL]]DWR  )RQWHDGDWWDPHQWRGD'()5$ 

  $OWUL EHQHILFL DPELHQWDOL SRVVRQR HVVHUH FRPXQLFDWL LQ PRGR LQFRHUHQWH ULVSHWWR DG HVHPSLRDOODFDWHJRULDGLSURGRWWLDFXLVLULIHULVFRQRGLFKLDUDUHFKHXQSURGRWWRLQFDUWD q ULFLFODELOH QRQLQGLFDXQ EHQHILFLR FRQVLVWHQWH ULVSHWWR DG XQ FRQWHVWR VHWWRULDOHLQ FXL ODUJD SDUWH GHL SURGRWWL VXFFHGDQHL KD OR VWHVVR YDQWDJJLR 8Q¶DOWUD LQFRHUHQ]D LQGLYLGXDWD GDO JLj FLWDWR VWXGLR GHOOD )HGHUDO 7UDGH &RPPLVVLRQ DPHULFDQD ULJXDUGD O¶HVDJHUD]LRQH GHL EHQHILFL DFTXLVLWL ULVSHWWR DOOD VLWXD]LRQH UHDOH $OFXQL EHQHILFL ³OHWWHUDOPHQWH´ YHUL SRVVRQR FLRq QDVFRQGHUH PLJOLRUDPHQWL HVLJXL ULVSHWWR DO YDORUH DVVROXWRRDOODQRUPDOHVLWXD]LRQHGHOVHWWRUH 6LSHQVLDGHVHPSLRDGXQDVLWXD]LRQHLQ FXL VL SURPXRYH XQ SURGRWWR DVVHUHQGR FKH TXHVWR FRQWLHQH LO  GL PDWHULDOH UHFXSHUDWRLQSLULVSHWWRDOODVXDIRUPXOD]LRQHSUHFHGHQWHODGGRYHGLIDWWRLOUHFXSHUR GLPDWHULDOHqSDVVDWRGDODOVXOSHVRGHOSURGRWWR,EHQHILFLDPELHQWDOLLOOXVWUDWL QHLFODLPVLQROWUHGRYUHEEHURULVXOWDUHFRHUHQWLFRQODIXQ]LRQHG¶XVRGHOSURGRWWR,O PHFFDQLVPR GL UHILOO R ULFDULFD DG HVHPSLR q SRFR VLJQLILFDWLYR VH LO SURGRWWR GL ULHPSLPHQWRqGLYHUVRGDTXHOORRULJLQDULRRVHYLHQHXWLOL]]DWRSHUIXQ]LRQLGLIIHUHQWL,Q TXHVWR FDVR VL ULHQWUHUHEEH QHOOH SUDWLFKH TXRWLGLDQH GL ULXWLOL]]R GRYXWH DOOD VHQVLELOLWj GHOFRQVXPDWRUHHQRQ DTXHOODGHOSURGXWWRUH DGHVXQDODWWDGLYHUQLFHFKHGLYHQWD YDVR SHU ILRUL  /D ,62  LQILQH PHWWH LQ JXDUGLD SURGXWWRUL H FRQVXPDWRUL GDOOH SRVVLELOLLQFRHUHQ]HPDOFHODWHQHLWHQWDWLYLGLGHVFULYHUHSLYROWHULIRUPXODQGROHIUDVLL EHQHILFLGHULYDQWLGDXQXQLFRLPSDWWRDPELHQWDOH





%2;  ± 8Q HVHPSLR GL ³PROWLSOLFD]LRQH LQJLXVWLILFDWD´ GL EHQHILFL DPELHQWDOL  8QDULVPDGLFDUWDFKHULSRUWDVVHVXOODFRQIH]LRQHO¶DIIHUPD]LRQH³&DUWDVELDQFDWDVHQ]D FORUR´ H OH VLJOH ³7&)´ 7RWDOO\ &KORULQH )UHH  HG ³(&)´ (OHPHQWDU\ &KORULQH )UHH FLRq FDUWDVELDQFDWDVHQ]DO¶XVRGLELRVVLGRGLFORURDJHQWHFKHSURGXFHGLRVVLQD SXzLQGXUUH LO FRQVXPDWRUH ³QRQ DGGHWWR DL ODYRUL´ D FUHGHUH FKH LO SURGRWWR YDQWL GLYHUVH SURSULHWj HFRORJLFKHPHQWUHGLIDWWRVLWUDWWDGLXQ¶XQLFDFDUDWWHULVWLFD  )RQWHDGDWWDPHQWRGD'()5$

  )LJXUD±&RHUHQ]DGHOO¶LQIRUPD]LRQHDPELHQWDOH

&RHUHQ]DFRQLOFRQWHVWR LQFXLLOSURGRWWRYLHQH IDEEULFDWRGLVWULEXLWR FRQVXPDWR

6RVWDQ]LDOLWjGHLEHQHILFL DPELHQWDOLFRPXQLFDWL DVVHQ]DGLIRUPXOD]LRQL SOXULPHDVVRFLDWHDGXQ XQLFREHQHILFLR

&2(5(1=$ GHOO¶LQIRUPD]LRQH DPELHQWDOH

&RHUHQ]DFRQOD IXQ]LRQHG¶XVR GHOSURGRWWR

&RHUHQ]DULVSHWWRDO VHWWRUHFDWHJRULD PHUFHRORJLFDGHO SURGRWWR

 

/¶$WWHQGLELOLWj  ,OUHTXLVLWRGHOO¶DWWHQGLELOLWjULFKLDPDODQHFHVVLWjFKHO¶LQIRUPD]LRQHDPELHQWDOHROWUHDG HVVHUHYHULWLHUDVLDYHULILFDELOHHSHUTXDQWRSRVVLELOHYHULILFDWDGDOORVWHVVRSURGXWWRUH RGDDOWULVRJJHWWL $TXHVWRILQHqRSSRUWXQRDFFRPSDJQDUHO¶LQIRUPD]LRQHFRQGDWL DPELHQWDOL RWWHQXWL DSSOLFDQGR PHWRGRORJLH GLIIXVH ULFRQRVFLXWH VFLHQWLILFDPHQWH IRQGDWHHULSURGXFLELOL  /D VFHOWD GL DOFXQL JUDQGL SURGXWWRUL LQ ,WDOLD YD RJJL RULHQWDQGRVL YHUVR O¶DGR]LRQH GHOOD PHWRGRORJLD /&$ /LIH &\FOH $VVHVVPHQW  FKH FRQVHQWH GL LQGLYLGXDUH JOL DVSHWWL DPELHQWDOL SL VLJQLILFDWLYL GL XQ SURGRWWR QHOO¶DUFR GHOOD VXD YLWD H GL SUHVHQWDUOL DJOL DFTXLUHQWLJUD]LHDLFRVLGGHWWLHFRSURILOHV1HOFDVRLOSURGXWWRUHVFHOJDGLFRQIRUWDUHOH SURSULH GLFKLDUD]LRQL FRQ GDWL UHODWLYL DJOL LPSDWWL DPELHQWDOL q XWLOH LQROWUH GLFKLDUDUH TXDOH PHWRGRORJLD q VWDWD XWLOL]]DWD H FRPH q VWDWD DSSOLFDWD DVVXQ]LRQL GL EDVH 

6LYHGDSLDYDQWLLOFDSLWRORGHGLFDWRDO³'RYH&RPXQLFDUH"´



PRGDOLWj H WHPSL SHU L WHVW VXO SURGRWWR HWF  6LD L GDWL VLD OD GRFXPHQWD]LRQH GL VXSSRUWRILQDOL]]DWLDFRPSURYDUHODYHULGLFLWjGHLFODLPVSRVVRQRHVVHUHUHVLGLVSRQLELOL DO SXEEOLFR VX ULFKLHVWD VHQ]D QHFHVVDULDPHQWH HVVHUH DOOHJDWL DO SURGRWWR FRVD FKH FRPHVLqYLVWRSRWUHEEH³DSSHVDQWLUH´O¶LQIRUPD]LRQHULVXOWDQGRGLIDWWRLQHIILFDFH   $SUHVFLQGHUHGDOOLYHOORGLDSSURIRQGLPHQWRHGLGHWWDJOLRDWWUDYHUVRLOTXDOHLOSURGXWWRUH LQWHQGH JDUDQWLUH OH SURSULH GLFKLDUD]LRQL GDL ULIHULPHQWL HVDPLQDWL HPHUJH XQD UDFFRPDQGD]LRQH SUHVVRFKp XQDQLPH D IDYRUH GHOO¶XWLOL]]R GL IRUPH GL FHUWLILFD]LRQH GL SDUWH WHU]D LQGLSHQGHQWH /¶HIILFDFLD GL TXHVWH XOWLPH q QDWXUDOPHQWH VWUHWWDPHQWH FRQQHVVD DOOD FUHGLELOLWj DXWRUHYROH]]D H ULFRQRVFLELOLWj GHOO¶HQWH HURJDWRUH 3HU TXHVWR PRWLYR OR VWDQGDUG ,62  VXJJHULVFH GL LQGLFDUH HVSOLFLWDPHQWH OD IRQWH GL XQ¶HYHQWXDOHFHUWLILFD]LRQHDPELHQWDOHGHOSURGRWWRRGHLFODLPV   )LJXUD±$WWHQGLELOLWjGHOO¶LQIRUPD]LRQHDPELHQWDOH

,QIRUPD]LRQH DFFRPSDJQDWD GDOO¶LQGLFD]LRQHGHOOD IRQWHSUHVVRFXLSXz HVVHUHDSSURIRQGLWD

,QIRUPD]LRQH YHUDFUHGLELOH HYHULILFDELOH

$77(1',%,/,7$¶ GHOO¶LQIRUPD]LRQH DPELHQWDOH

,QIRUPD]LRQHDFFRPSDJQDWD GDOO¶XWLOL]]RGLGDWLRWWHQXWL DSSOLFDQGRPHWRGRORJLH GLIIXVHULFRQRVFLXWHH ULSURGXFLELOL

,QIRUPD]LRQHYHULILFDWD DWWUDYHUVRIRUPHGL FHUWLILFD]LRQHGLSDUWH WHU]DLQGLSHQGHQWH

  ,QILJXUDqULSRUWDWRXQHVHPSLRGLSXEEOLFLWjVXFDUWDVWDPSDWDEDVDWDVRSUDWWXWWR VXOO¶DWWHQGLELOLWjGHOO¶LQIRUPD]LRQHFRPXQLFDWDDWWUDYHUVRWUHOHYH  • O¶XWLOL]]RGHOPDUFKLR(XURSHR(FRODEHO • O¶LQVHULPHQWRGLXQDWDEHOODGLFRQIURQWRFRQLUHTXLVLWLGHLGLYHUVLPDUFKLHFRORJLFL • LO ULFRUVR DG XQD IRQWH HVWHUQD DXWRUHYROH ULSRUWDQGR XQ HVWUDWWR GHOOD ULYLVWD ³$OWUR &RQVXPR´ UHODWLYR DO FRQIURQWR IUD GLYHUVL SURGRWWL LQ WHUPLQL GL TXDOLWj GHOOD FDUWD HFRORJLFD



)LJXUD±8QHVHPSLRGLLQIRUPD]LRQHDPELHQWDOHDWWHQGLELOH

)RQWH3XEEOLFLWjVXFDUWDVWDPSDWDLQ,UDOGR 



/D&RPSDUDELOLWj  4XDQGR OH SUHVWD]LRQL DPELHQWDOL GL XQ SURGRWWR GLYHQJRQR XQ FULWHULR GLULPHQWH SHU OD VFHOWDGHOFRQVXPDWRUHTXHVWLPDQLIHVWDO¶HVLJHQ]DGLSRWHUOHIDFLOPHQWHFRQIURQWDUHFRQ TXHOOH GHL SURGRWWL FRQFRUUHQWL ,Q TXHVWD ORJLFD O¶LQIRUPD]LRQH JLRFD XQ UXROR WDQWR SL LPSRUWDQWH TXDQWR SL ULHVFH DG RIIULUH XQD ³EDVH´ VX FXL RSHUDUH LO FRQIURQWR FRPSHWLWLYR /HD]LHQGHSLLQQRYDWLYHRJJLVLLQWHUURJDQRVXOOHRSSRUWXQLWjFRQQHVVHDOODGLIIXVLRQHGL LQIRUPD]LRQLDPELHQWDOLFRPSDUDWHFRQWHUPLQLGLULIHULPHQWRVLJQLILFDWLYL'DXQ¶LQGDJLQH GHOOR ,HIH±%RFFRQL ULVXOWD FKH QHOO¶DPELWR GHOOD FRPXQLFD]LRQH DPELHQWDOH G¶LPSUHVD YHQJRQR SURSRVWL LQGLFDWRUL GL SUHVWD]LRQH DPELHQWDOH UHODWLYL]]DWL VRSUDWWXWWR DL SDUDPHWULGLOHJJHDOOHSUHVWD]LRQLSDVVDWHHDOOHPHGLHGLVHWWRUH  /¶DYYLRLQ,WDOLDGHOUHJLPHGHOODSXEEOLFLWjFRPSDUDWLYDKDDSHUWRLQWHUHVVDQWLSURVSHWWLYH DQFKHSHUTXDQWRULJXDUGDLFRQIURQWLGLUHWWLFRQLFRQFRUUHQWLDQFKHVHO¶HVSHULHQ]DILQR DG RJJL UHJLVWUDWD QHO 3DHVH HYLGHQ]LD XQ IRUWH WLPRUH GD SDUWH GHOOH D]LHQGH ULVSHWWR DOO¶XWLOL]]R GL TXHVWD RSSRUWXQLWj 3LXWWRVWR OH LQGLFD]LRQL WUDWWH GDL GLYHUVL VWXGL H ULIHULPHQWL DQDOL]]DWL ULJXDUGDQR VRSUDWWXWWR OH FDXWHOH GD DGRWWDUH QHO FDVR LQ FXL LO SURGXWWRUH VFHOJD GL IRUQLUH LQIRUPD]LRQL GL SURGRWWR FRPSDUDWLYH 6H TXHVWR DFFDGH L WHUPLQL GL FRQIURQWR GHYRQR HVVHUH DVVROXWDPHQWH FKLDUL H QRQ HTXLYRFL 6L WUDWWHUj TXLQGL QHOOR VSHFLILFR GL HVSOLFLWDUH WXWWD XQD VHULH GL HOHPHQWL FKH QRQ FRQVHQWDQR LQWHUSUHWD]LRQL HUUDWH R DPELJXH GHOOH FRPSDUD]LRQL HIIHWWXDWH WUD FXL DG HVHPSLR  • LULIHULPHQWLDOSHULRGRWHPSRUDOHDFXLVLULIHULVFHLOFRQIURQWR • L SDUDPHWUL DPELHQWDOL D FXL VL ULIHULVFH LO FRQIURQWR H UHODWLYD PHWRGRORJLD GL HODERUD]LRQHHFDOFROR • LWHUPLQLDWWUDYHUVRFXLqHVSUHVVRLOFRQIURQWRDVVROXWLRUHODWLYL  /R VWXGLR GHOOD )7& DG HVHPSLR PHWWH LQ ULOLHYR FRPH VLD GHO WXWWR LQVRGGLVIDFHQWH SURSRUUHXQFRQIURQWRULVSHWWRDL³OHDGLQJFRPSHWLWRUV´VHQ]DXOWHULRULVSHFLILFD]LRQL ,O ULFRUVR DOO¶XWLOL]]R GL LQIRUPD]LRQL FRPSDUDWLYH GHYH LQROWUH HVVHUH WDOH SHU FXL LO FRQIURQWRSRVLWLYRULVSHWWRDGXQWHUPLQHGLSDUDJRQHQRQGHYHDQGDUHDGLVFDSLWRGLDOWUL QHJDWLYL 6L SHQVL DG HVHPSLR DOOD VLWXD]LRQH LQ FXL VL TXDQWLILFD LO ULGRWWR LPSDWWR DPELHQWDOH GL XQ SURGRWWR ULVSHWWR D TXHOOR DVVRFLDWR DOOR VWHVVR SURGRWWR LQ SDVVDWR ODGGRYHOHSHUIRUPDQFHGHLSURGRWWLFRQFRUUHQWLUHJLVWUDQRYDORULGLJUDQOXQJDPLJOLRUL



,QGDJLQHGHOLQ,UDOGR 



)LJXUD±&RPSDUDELOLWjGHOO¶LQIRUPD]LRQHDPELHQWDOH

(VSOLFLWD]LRQH GHLFRPSHWLWRUV D]LHQGHHR SURGRWWLRJJHWWR GHOFRQIURQWR

&203$5$%,/,7$¶ GHOO¶LQIRUPD]LRQH DPELHQWDOH

&KLDUH]]DHFRPSOHWH]]DGLWXWWLL WHUPLQLGHOFRQIURQWR - SHULRGRGLULIHULPHQWR - SDUDPHWULXWLOL]]DWL - ORURPHWRGRORJLDGL HODERUD]LRQHHGLFDOFROR - WHUPLQLDVVROXWLRUHODWLYLLQ FXLqHVSUHVVR - «

&RPSOHWH]]DH RJJHWWLYLWjGHO FRQIURQWRULVSHWWR DWXWWLLFRQFRUUHQWL

  ,O FRQFHWWR GL FRPSDUDELOLWj q DSSOLFDELOH DQFKH DO VLQJROR EHQH QHL FDVL LQ FXL O¶LQIRUPD]LRQHDPELHQWDOHVLDEDVDWDVXOODFRPSDUD]LRQHGHOOHSUHVWD]LRQLGLXQSURGRWWR ULVSHWWR DOOD SUHFHGHQWH YHUVLRQH GHOOR VWHVVR $QFKH LQ TXHVWR FDVR L WHUPLQL GHO FRQIURQWR GHYR HVVHUH FKLDUL H SULYL GL DPELJXLWj ,QROWUH QRQ q GHWWR FKH XQ PLJOLRUDPHQWR GHOOH SUHVWD]LRQL DPELHQWDOL GL XQ EHQH ULVSHWWR DO SDVVDWR SRVVD HVVHUH FRUUHWWDPHQWHFRPXQLFDWRDWWUDYHUVRXQFRQIURQWRTXDQWLILFDWRWUDO¶DWWXDOHSHUIRUPDQFH H OD SUHFHGHQWH VL YHGDQR JOL HVHPSL ULSRUWDWL QHO ER[  WUDWWL GDOOD OLQHD JXLGD GHO PLQLVWHURGHOO¶DPELHQWHLQJOHVH   

%2;  ± 4XDQWLILFD]LRQH GHOOH SUHVWD]LRQL DPELHQWDOL H FRPSDUDELOLWj DOFXQLHVHPSL  /¶D]LHQGD 3RZHUOLJKW 6S$ KD VYLOXSSDWR XQ QXRYR PRGHOOR GL EDWWHULD FKH SXz HVVHUH ULFDULFDWD ILQR D  YROWH PHQWUH LO SUHFHGHQWH PRGHOOR GHOOD VWHVVD EDWWHULD QRQ HUD ULFDULFDELOH ,Q TXHVWR FDVR QRQ q SRVVLELOH VYLOXSSDUH XQ FODLP EDVDWR VXO FRQIURQWR SHUFHQWXDOHWUDODYHFFKLDHODQXRYDSUHVWD]LRQHSRLFKpODTXDQWLILFD]LRQHGHOEHQHILFLR DSSRUWDWRGDUHEEHOXRJRDGXQFDOFRORLPSRVVLELOH  ULFDULFKH±ULFDULFKH      ∞ ULFDULFKH  /¶LQIRUPD]LRQHDPELHQWDOHGRYUHEEHTXLQGLHVVHUHDSSURSULDWDPHQWHHVSUHVVDLQTXHVWR FDVR FRPH GLIIHUHQ]D LQ WHUPLQL DVVROXWL DWWUDYHUVR XQ FODLP GHO WLSR ³2UD ULFDULFDELOH ILQRDYROWH´  1HOFDVRLQFXLLQYHFHXQQXRYRPRGHOORGLEDWWHULDGXUDVVHRUHULVSHWWRDOOHRUHGL GXUDWDGHOPRGHOORSUHFHGHQWHODGLIIHUHQ]D 





RUH±RUH    RUH  ,Q TXHVWR FDVR XQ DSSURSULDWR FODLP SRWUHEEH HVVHUH ³'XUD LO  LQ SL ULVSHWWR DO PRGHOORSUHFHGHQWH´ 1HO FDVR LQYHFH GL XQ SURGRWWR LO FXL SDFNDJLQJ q FDPELDWR QHOOD FRPSRVL]LRQH GHL PDWHULDOLSDVVDQGRDGHVHPSLRGDODOGLFRQWHQXWRULFLFODWRXQFODLPDSSURSULDWR SRWUHEEH HVVHUH ³&RQWLHQH LO  LQ SL GL PDWHULDOH ULFLFODWR ULVSHWWR DO SUHFHGHQWH LPEDOODJJLR´,QTXHVWRFDVRVDUHEEHTXLQGLFRUUHWWRHVSULPHUHLOFRQIURQWRDWWUDYHUVROD GLIIHUHQ]DDVVROXWDSDULD     PHQWUH XQ FRQIURQWR LQ WHUPLQL UHODWLYL FKH GLFKLDUDVVH XQ PLJOLRUDPHQWR GHO  SXU IRUPDOPHQWHYHURVDUHEEHIXRUYLDQWHHVXVFHWWLELOHGLIUDLQWHQGLPHQWR  



)RQWHDGDWWDPHQWRGD'()5$ 

 

/D9LVLELOLWj  $OFXQH FRQVLGHUD]LRQL FRQFOXVLYH ULJXDUGDQR OD FROORFD]LRQH GHOO¶LQIRUPD]LRQH DPELHQWDOH VXO SURGRWWR /¶LQGDJLQH GHOO¶(3$ SL YROWH ULFKLDPDWD ULSRUWD O¶HVLJHQ]D HVSUHVVD GDOOD PDJJLRUDQ]D GHO FDPSLRQH FKH YRUUHEEH L FODLPV DPELHQWDOL IDFLOPHQWH OHJJLELOL H ULQWUDFFLDELOL VXOOD FRQIH]LRQH ,Q SDUWLFRODUH L ER[ H L ULTXDGUL YHQJRQR LQGLFDWL FRPH PRGDOLWj DSSURSULDWH SHU UDFFKLXGHUH HG HYLGHQ]LDUH OH LQIRUPD]LRQL DPELHQWDOL DG XVR GHL FRQVXPDWRUL SL FRQVDSHYROL 4XHVWD LQGLFD]LRQH q LQ SLHQD VLQWRQLD FRQ TXDQWR SUHYLVWR GDOOD ,62  VH LO FODLP q DFFRPSDJQDWR GD IUDVL HVSOLFDWLYH R GD LQIRUPD]LRQLTXDQWLWDWLYHTXHVWHYDQQRFROORFDWHQHOOHLPPHGLDWHYLFLQDQ]HGHOORVWHVVR ,Q WHUPLQL SL JHQHUDOL L FRQVXPDWRUL LQWHUSHOODWL DXVSLFDQR XQD PDJJLRUH VWDQGDUGL]]D]LRQHQHLIRUPDWLFRQLTXDOLO¶LQIRUPD]LRQHYLHQHSUHVHQWDWDDOILQHGLULGXUUH ODFRQIXVLRQHLPSHUDQWHVXPROWLPHUFDWL   )LJXUD±9LVLELOLWjGHOO¶LQIRUPD]LRQHDPELHQWDOH

9,6,%,/,7$¶ GHOO¶LQIRUPD]LRQH DPELHQWDOH

5LQWUDFFLDELOLWj GHOO¶LQIRUPD]LRQH DPELHQWDOH

8WLOL]]RGLDSSURSULDWH PRGDOLWjJUDILFKHSHU SUHVHQWDUHHG HYLGHQ]LDUHOH LQIRUPD]LRQL

5LFRQRVFLELOLWj GHOO¶LQIRUPD]LRQH DPELHQWDOH 



8Q DFFHQQR D SDUWH PHULWDQR L VLPEROL FKH HYRFDQR O¶HFRORJLFLWj GHO SURGRWWR ,Q JHQHUDOH TXHVWL YHQJRQR ULWHQXWL XQR VWUXPHQWR XWLOH HG HIILFDFH PD VH XWLOL]]DWL HVVL GRYUHEEHUR ULVSRQGHUH DG DOFXQH FDUDWWHULVWLFKH FRQGLYLVH FRQ O¶LQIRUPD]LRQH GRYUHEEHUR FLRq HVVHUH FKLDUL IDFLOPHQWH LQWHUSUHWDELOL FRHUHQWL ULFRQRVFLXWL 8Q HVHPSLRVXWXWWLULJXDUGDLVLPEROLFKHUDIILJXUDQRLPPDJLQLQDWXUDOLDQLPDOLRYHJHWDOL  TXHVWHGRYUHEEHURHVVHUHXWLOL]]DWHVRORVHUHDOPHQWHFRQQHVVHDOO¶LPSDWWRRDOEHQHILFLR DPELHQWDOHGLFKLDUDWR  8QHVHPSLRGLXWLOL]]RVFRUUHWWRGLLPPDJLQLGHOODQDWXUDqLOOXVWUDWRQHOODILJXUDFKH ULSRUWD O¶LPPDJLQH VWDPSDWD VXOO¶LPEDOODJJLR GL DOFXQH EDWWHULH HVHPSLR GL VFDUVD FRUULVSRQGHQ]D IUD OD VLPERORJLD XWLOL]]DWD LPPDJLQH GHOO¶DOEHUR  H LO SURGRWWR 1RQ q FDVXDOH VRWWR TXHVWR SURILOR FKH O¶XQLFR VLPEROR LQFOXVR QHOOR VWDQGDUG ,62  VLD LO GLIIXVLVVLPR VHPSOLFH HG HYRFDWLYR ³FLUFROR GL 0RELXV´ 9D SUHFLVDWR FKH LO VLPEROR GL 0RELXV SXU QHOOD VXD VHPSOLFLWj DVVXPH VLJQLILFDWL GLYHUVL H VSHFLILFL D VHFRQGD GHOOD PRGDOLWj FRQ FXL YLHQH XWLOL]]DWR SRWHQGR LQGLFDUH VLD OD ULFLFODELOLWj GHO SURGRWWR VLD ± TXDQGR DFFRPSDJQDWR GD XQ YDORUH SHUFHQWXDOH ± LO FRQWHQXWR SHUFHQWXDOH GL PDWHULDOH ULFLFODWRGHOSURGRWWRVXFXLqDSSRVWRVLYHGDQROHGXHPRGDOLWjULSRUWDWHLQILJXUD   )LJXUD±8QHVHPSLRGLXVRVFRUUHWWR GLLPPDJLQLGHOODQDWXUD



)RQWH,UDOGR 

  )LJXUD±LOVLPERORGL0RELXVQHOOHVXHGXHGLYHUVHH FRUUHWWH PRGDOLWjGLXWLOL]]R

4XDQGRLOVLPERORGL0RELXV DSSDUHVHQ]DXQQXPHUR LQGLFDFKHLOSURGRWWRVXFXL qDSSRVWRq³ULFLFODELOH´  1HOFDVRLQFXLLOVLPERORGL 0RELXVVLDDFFRPSDJQDWRGD XQYDORUHSHUFHQWXDOH± QHOODILJXUDDFFDQWR±TXHVWR LQGLFDODFRPSRQHQWHGL PDWHULDOHULFLFODWRGHO SURGRWWRVXFXLqDSSRVWR  )RQWH'()5$ 







'DFRPXQLFDUHDWWUDYHUVR XQ¶LQIRUPD]LRQH

,QIRUPD]LRQHLQFDSDFHGL³DUULYDUH´DOWDUJHWLGHQWLILFDWRSHUFKp XWLOL]]DXQOLQJXDJJLRHRVWUXPHQWLHRWHPSLLQDGHJXDWLULVSHWWR DOOHFDUDWWHULVWLFKHGHOGHVWLQDWDULRLGHQWLILFDWRHVWURSSR WHFQLFDHRDSSURIRQGLWDHGHWWDJOLDWD 

7DUJHWSUHVFHOWRDGHV • FRQVXPDWRUHILQDOH • FRQVXPDWRUHLQWHUPHGLRR FOLHQWHLQGXVWULDOH • RSHUDWRULGHOOD*'2 • 3XEEOLFD$PPLQLVWUD]LRQH • « 

0HVVDJJLRDPELHQWDOH LGHQWLILFDWRDGHV • (FFHOOHQ]DDPELHQWDOHGHO SURGRWWR • &DUDWWHULVWLFKHHFRORJLFKHGHO SDFNDJLQJ • ,PSHJQRDPELHQWDOHGHOO¶D]LHQGD • 3UHVWD]LRQLDPELHQWDOLVXSHULRULDL FRPSHWLWRU • &RLQYROJLPHQWRGHOODILOLHUDSHU DVVLFXUDUHODVRVWHQLELOLWjGHOFLFOR GLYLWDGHLSURSULSURGRWWL • «

$&+,(&26$&2081,&$5("





&RUUHWWDPD LQHIILFDFH ĺWUDVSDUHQWHH YHULWLHUDPD LQDGHJXDWDULVSHWWRDO GHVWLQDWDULRFXLVL ULYROJH 

  

&KLDUDH9LVLELOH $FFXUDWDH6SHFLILFD  5LOHYDQWHH&RHUHQWH  &RPSDUDELOH 

&RUUHWWDHG HIILFDFH

(IILFDFHQHOEUHYH SHULRGR PDVFRUUHWWD ĺJUHHQZDVKLQJ 

 

&20(&2081,&$5("

 ³$UULYDDOGHVWLQDWDULR´ RYYHUR • 3UHGLVSRQHLOWDUJHW DOO¶DFTXLVWRHDOFRQVXPR GHOSURGRWWR • 5HQGHLOFRQVXPDWRUHHR LOIRUQLWRUHLQIRUPDWRH FRQVDSHYROHGHOO¶LPSHJQR DPELHQWDOHGHOO¶D]LHQGD • 6WLPRODLOFRQVXPDWRUHD FRQIURQWDUHOHSUHVWD]LRQL DPELHQWDOLGHLSURGRWWL FRQFRUUHQWL • «

 ,QIRUPD]LRQHFKHYHLFRODQGRXQ PHVVDJJLRDPELHQWDOHIDOVR LQJDQQHYROHRLUULOHYDQWHILQLVFHSHU GDQQHJJLDUHO¶D]LHQGDLQWHUPLQLGL LPPDJLQHHFRPSHWLWLYLWjVXO PHUFDWR

'RYH&RPXQLFDUH"  4XDOLVWUXPHQWLGLFRPXQLFD]LRQHVRQRSLHIILFDFLSHUSURPXRYHUHLSURGRWWLFRQ FDUDWWHULVWLFKHHFRORJLFKH"  &RPHYDULDO¶HIILFDFLDGLWDOLVWUXPHQWLLQUHOD]LRQHDOPHVVDJJLRGDFRPXQLFDUHHDO WDUJHWGLULIHULPHQWR"  $WWUDYHUVRTXDOLFDQDOLqRSSRUWXQRGLIIRQGHUHODFRPXQLFD]LRQHDPELHQWDOH"  

8QDSOXUDOLWjGLVWUXPHQWLHGLFDQDOL  1HL FDSLWROL SUHFHGHQWL VL q YLVWR FRPH OD FRPXQLFD]LRQH DPELHQWDOH VL ULYROJD DG XQD SOXUDOLWj GL VWDNHKROGHU H FRPH O¶RJJHWWR GHOOD FRPXQLFD]LRQH YDUL VHQVLELOPHQWH LQ IXQ]LRQH GHL GHVWLQDWDUL GHJOL RELHWWLYL H GHOOH FDUDWWHULVWLFKH GHOOH LPSUHVH FKH FRPXQLFDQR 9L VRQR WXWWDYLD DOFXQH FDUDWWHULVWLFKH EDVLODUL H FRPXQL FKH SRVVRQR HVVHUH ULFKLDPDWH $Q]LWXWWR OD FRPXQLFD]LRQH DPELHQWDOH DWWLHQH DOOD VIHUD GHL YDORUL D]LHQGDOLHLQTXDQWRWDOHHVVDDJLVFHVXOODSHUFH]LRQHFKHLGHVWLQDWDULKDQQRQRQVROR GHLSURGRWWLRVHUYL]LPDGHOO¶LQWHUDD]LHQGDGHOVXRUXRORLPSHJQRHUHSXWD]LRQH2JQL GLYHUVDWLSRORJLDGLGHVWLQDWDULRLQROWUHSUHVHQWDFDUDWWHULEHQGHILQLWLSUHGLVSRVL]LRQLH FDSDFLWj LQ WHUPLQL GL SHUFH]LRQH GHOOH LQIRUPD]LRQL DPELHQWDOL H SHUWDQWR ULFKLHGH XQ DSSURFFLROLQJXLVWLFRHVSRVLWLYRHGLFRQWHQXWLGLIIHUHQWHYHLFRODWRDWWUDYHUVRVWUXPHQWLH FDQDOLGLYHUVL,QTXHVWDORJLFDSDUWLFRODUHULOHYDQ]DDVVXPHQRQVRORO¶LGHQWLILFD]LRQHGHO WDUJHW PD DQFKH FRQWHVWXDOPHQWH O¶LQGLYLGXD]LRQH GL FDQDOL H GL VWUXPHQWL LQ JUDGR GL FRPXQLFDUH HIILFDFHPHQWH DG RJQL VSHFLILFR GHVWLQDWDULR LGHQWLILFDWR GRWDWR GL SURSULH FDUDWWHULVWLFKH LQ WHUPLQL GL VHQVLELOLWj H YDORUL FRPSHWHQ]H WHFQLFKH FRQRVFHQ]H VFLHQWLILFKH FXOWXUD DPELHQWDOH HWF  XQ GHWHUPLQDWR PHVVDJJLR FDSDFH GLLQIOXHQ]DUQHOHVFHOWHGLDFTXLVWRHGLFRQVXPR  ,Q TXHVWD SURVSHWWLYD RELHWWLYR GHO SUHVHQWH FDSLWROR q TXHOOR GL LOOXVWUDUH OH FDUDWWHULVWLFKH OH SRWHQ]LDOLWj HG L OLPLWL GHL GLYHUVL SRVVLELOL VWUXPHQWL H FDQDOL FKH O¶LPSUHVD SXz XWLOL]]DUH SHU FRPXQLFDUH OD SURSULD LGHQWLWj DPELHQWDOH HR OH FDUDWWHULVWLFKH H O¶HFFHOOHQ]D DPELHQWDOH GHL SURSUL SURGRWWL H VHUYL]L (¶ LQWXLWLYR FRPH FLDVFXQ FDQDOHVWUXPHQWR SRVVD DYHUH FDUDWWHULVWLFKH FKH SRWHQ]LDOPHQWH OR UHQGRQR LGRQHRDGXQDSOXUDOLWjGLGHVWLQDWDULHFRPHXQDVWHVVDVWUDWHJLDGLFRPXQLFD]LRQHSRVVD FRPSUHQGHUH GLYHUVL WDUJHW ,Q TXHVWR VHQVR q FKLDUR FKH OD VFHOWD GL XQ¶LPSUHVD GL SULYLOHJLDUH QHOOH SURSULH VWUDWHJLH O¶XVR GL XQ GHWHUPLQDWR VWUXPHQWR QRQ LPSOLFD O¶HVFOXVLRQH GHOO¶XWLOL]]R GHJOL DOWUL $O FRQWUDULR LO SL GHOOH YROWH LO VXFFHVVR GL XQD VWUDWHJLD GL FRPXQLFD]LRQH QDVFH SURSULR GDOO¶LQWHJUD]LRQH GL GLYHUVL VWUXPHQWL H FDQDOLHGDOOHVLQHUJLHGHULYDQWLGDOORURXWLOL]]RFRQJLXQWRFLzFKHSXzFRQWULEXLUH LQROWUHDGRWWLPL]]DUHO¶XVRGHOOHVSHVVROLPLWDWH ULVRUVHGLVSRQLELOL $WDOILQHqQHFHVVDULRSHUzFKHO¶LPSUHVDVLDLQJUDGRGL³DVVHPEODUH´HGL³FDOLEUDUH´L GLYHUVL PHVVDJJL DPELHQWDOL LQ IXQ]LRQH GHL WDUJHW LGHQWLILFDWL GLIIHUHQ]LDQGROL QHO GHFOLQDUHODSURSULDFRPXQLFD]LRQHPDVDOYDJXDUGDQGRO¶XQLYRFLWjHODFRHUHQ]DGLIRQGR GHLVXRLRELHWWLYLVWUDWHJLFLHYDORULGLULIHULPHQWR   



/DFRPXQLFD]LRQHDPELHQWDOHVXOSXQWRYHQGLWD  1HO PDUNHWLQJ ³WUDGL]LRQDOH´ LO SXQWR YHQGLWD ± OXRJR SHU HFFHOOHQ]D GL LQFRQWUR WUD GRPDQGDHGRIIHUWD±KDXQUXRORFKLDYHIUDJOLVWUXPHQWLGLFRPXQLFD]LRQHLQYLUWGHOOD VXD³SURVVLPLWjDOPRPHQWRGLDFTXLVWRGHOFRQVXPDWRUH´FKHFDUDWWHUL]]DODSURPR]LRQH GHLSURGRWWLLQTXHVWRFRQWHVWR(¶HYLGHQWHLQIDWWLFKHQHOPRPHQWRLQFXLVLUHFDVXO SXQWR YHQGLWD LO SRWHQ]LDOH FOLHQWHFRQVXPDWRUH q JLj LQ TXDOFKH PRGR XQ VRJJHWWR ³SUHGLVSRVWR DOOD VSHVD´ SHU TXDQWR LQ PLVXUD DQFKH PROWR GLYHUVD D VHFRQGD GHOOH VSHFLILFKHFRQGL]LRQLGHOFRQWHVWR (¶TXLQGLHVVHQ]LDOHSHULOFRQVXPDWRUHULFHYHUHXQPHVVDJJLR³DPELHQWDOH´VXOOXRJRLQ FXL q SRVVLELOH DFTXLVWDUH LO EHQH FXL TXHVWR PHVVDJJLR VL ULIHULVFH H FLz SXz ULVXOWDUH GHFLVLYR SHU RULHQWDUH OD VFHOWD G¶DFTXLVWR *OL VWXGL VXOOH GLQDPLFKH GHOOD GRPDQGD GL FRQVXPR VRWWROLQHDQR O¶LPSRUWDQ]D VRWWR TXHVWR SURILOR QRQ VROR GHOO¶LQIRUPD]LRQH IRUQLWDDOFRQVXPDWRUHVXOSXQWRYHQGLWDPDDQFKHGLDOWULDVSHWWLLQJUDGRGLDWWUDUORR UHVSLQJHUOR  H GL FRLQYROJHUOR HPRWLYDPHQWH LQ VHQVR SRVLWLYR R QHJDWLYR  )UD TXHVWL DVSHWWLDVVXPRQRSDUWLFRODUHULOHYDQ]DULVSHWWRDOJUHHQPDUNHWLQJODSURJHWWD]LRQHHOD JHVWLRQH GHJOL VSD]L H GHJOL DPELHQWL HV OD\ RXW PHUFHRORJLFR H GHOOH DWWUH]]DWXUH GLVSOD\ FRORUL VXRQL HWF  H JOL DVSHWWL GL WLSR UHOD]LRQDOH TXDOL OH LQWHUD]LRQL VLD WUD FRQVXPDWRUL SUHVHQWL VXO SXQWR YHQGLWD VLD WUD FRQVXPDWRUL H SHUVRQDOH DGGHWWR DOOH YHQGLWH (¶FKLDURTXLQGLFKHO¶LPSUHVDFKHYRJOLDYDORUL]]DUHLOSURSULRLPSHJQRHFRORJLFRR O¶HFFHOOHQ]D DPELHQWDOH GHL VXRL SURGRWWL DJHQGR VXO SXQWR YHQGLWD GHEED FRQVLGHUDUHHYDOXWDUHDWWHQWDPHQWHOHOHYHFRPXQLFD]LRQDOLFKHHVVRRIIUH  8Q SULPR YHLFROR LPPHGLDWR H GLUHWWR GL FRPXQLFD]LRQH DPELHQWDOH VXO SXQWR YHQGLWD q FRVWLWXLWRGDO SDFNDJLQJ GHL SURGRWWL VLDDWWUDYHUVROHVFHOWHGLPDWHULDOHHGLGHVLJQ VLDDWWUDYHUVROHLQIRUPD]LRQLVXGLHVVRULSRUWDWH 3HU DOFXQL SURGRWWL FRQ FDUDWWHULVWLFKH HFRORJLFKH TXHVWR WLSR GL VWUXPHQWR SXz HVVHUH SDUWLFRODUPHQWHLGRQHR DWUDVPHWWHUHLOPHVVDJJLRDPELHQWDOHRYYLDPHQWHDFRQGL]LRQH FKHLOFRQWHQXWRYHLFRODWRULVSHWWLTXHOOHFDUDWWHULVWLFKHGLFRUUHWWH]]DHGLHIILFDFLDFKHVL VRQRGHVFULWWHQHLFDSLWROLSUHFHGHQWL6LSHQVLWLSLFDPHQWHDWXWWLTXHLEHQLSHULTXDOLOD SURVVLPLWj DO FRQVXPDWRUH FRVWLWXLVFH XQD YDULDELOH LQ JUDGR GL LQFLGHUH VHQVLELOPHQWHVXOOHVFHOWHGLDFTXLVWRTXDOLDGHVHPSLRLSURGRWWLDOLPHQWDULSHULTXDOLOH LQIRUPD]LRQL ULSRUWDWH VXOOH HWLFKHWWH UHODWLYD D SURYHQLHQ]D GHL SURGRWWL PHWRGL GL FROWLYD]LRQH DVVHQ]D IUD JOL LQJUHGLHQWL GL RUJDQLVPL JHQHWLFDPHQWH PRGLILFDWL R GL GHWHUPLQDWL DGGLWLYL HWF  JLRFDQR XQ UXROR GHFLVLYR QHOOD FRPSDUD]LRQH IUD SURGRWWL FRQFRUUHQWLDOPRPHQWRGHOO¶DFTXLVWR  ,QDOWULFDVLqLQYHFHOD³YLVLELOLWj´GHOEHQHILFLRDPELHQWDOHDVVRFLDWRDOSURGRWWRHDO VXR SDFNDJLQJ FKH SXz DJLUH GD LPPHGLDWR FDQDOH GL FRPXQLFD]LRQH YHUVR LO SRWHQ]LDOH DFTXLUHQWH 6L SHQVL D WXWWH TXHOOH VLWXD]LRQL LQ FXL OD PLJOLRUH  SUHVWD]LRQH DPELHQWDOH GHO SURGRWWR q ³DXWRHYLGHQWH´ H WDQJLELOH ILQ GDO VHPSOLFH FRQWDWWR YLVLYR FKH LO FRQVXPDWRUH KD SUHVVR OR VFDIIDOH GL YHQGLWD HV GHWHUVLYL IRUQLWL GL ULFDULFD R EHQL YHQGXWLVHQ]DLPEDOODJJLR ,QTXHVWLFDVLLOSDFNDJLQJGLYHQWDLO³ELJOLHWWRGDYLVLWD´ GHOOD ILORVRILD HFRORJLFD FKH LVSLUD O¶LQWHUR SURGRWWR H WHQGH D FRPXQLFDUH LQ PRGR LPPHGLDWR H FRQFUHWR O¶LPSHJQR DPELHQWDOH DVVXQWR GDO SURGXWWRUH /D IXQ]LRQH ³VHJQDOHWLFD´GHOSDFNDJLQJLQJUDGRGLHVSULPHUHGLSULPRDFFKLWRO¶LPSHJQRDPELHQWDOH GHO SURGXWWRUH SXz ULVXOWDUH SDUWLFRODUPHQWH HIILFDFH QHJOL VSD]L HVSRVLWLYL GHO SXQWR YHQGLWD LQ TXDQWR FRQVHQWH LO FRVLGGHWWR ³DJJDQFLR YLVLYR´ QHL FRQIURQWL GHL FOLHQWL SDUWLFRODUPHQWHDWWHQWLDLWHPLGHOO¶HFRORJLD



.RWOHU qVWDWRIUDLSULPLVWXGLRVLDFRQVLGHUDUHLOSXQWRYHQGLWD±HLQSDUWLFRODUHO¶DWPRVIHUDGHOSXQWR YHQGLWDLQWHVDFRPHLQVLHPHGLHOHPHQWLILVLFLHQRQLQJUDGRGLSURGXUUHHIIHWWLHPR]LRQDOLQHOO¶DFTXLUHQWHWDOL GDDFFUHVFHUQHOHSUREDELOLWjGLDFTXLVWR±TXDOHVWUXPHQWRGLPDUNHWLQJFDSDFHGLLQIOXHQ]DUHJOLLQGLYLGXLQHOOH ORURGHFLVLRQLGLDFTXLVWR   3HU XQD GHVFUL]LRQH GHWWDJOLDWD GHOOH FDUDWWHULVWLFKH GL SURVVLPLWj DO FRQVXPDWRUH H GL YLVLELOLWj GHOO¶LQIRUPD]LRQHDPELHQWDOHVLYHGDLOFDSLWRORGHOOH/LQHHJXLGD



6LqYLVWRLQROWUHFRPHOD³FDUHQ]DRDVVHQ]DGLYLVLELOLWj´GHOEHQHILFLRDPELHQWDOHSRVVD HVVHUH SHU DOFXQL SURGRWWL ³FRPSHQVDWD´ GDOO¶HVLVWHQ]D GL IRUPH GL FHUWLILFD]LRQH H JDUDQ]LD VL YHGD DQFKH SL DYDQWL LO SDUDJUDIR   OH TXDOL WLSLFDPHQWH VSLHJDQR O¶HFFHOOHQ]D DPELHQWDOH DO FRQVXPDWRUH DWWUDYHUVR OD SUHVHQ]D GL XQ PDUFKLR R GL XQ¶HWLFKHWWD DSSRVWD VXO SDFNDJLQJ ODGGRYH LO EHQHILFLR QRQ ULVXOWL DEEDVWDQ]D HYLGHQWH GDOVRORGHVLJQGHOSURGRWWR  ,O FDQDOH LQIRUPDWLYR GLUHWWR FRVWLWXLWR GDO SDFNDJLQJ R DGGLULWWXUD GDOOR VWHVVR SURGRWWR  SXz WXWWDYLD QRQ HVVHUH VHPSUH VXIILFLHQWH D YHLFRODUH HIILFDFHPHQWH LO PHVVDJJLRDPELHQWDOHDGHVVRDVVRFLDWRRDGGLULWWXUD³QRQHVVHUHDSSOLFDELOH´6LSHQVL DL VHUYL]L PD DQFKH D EHQL PDWHULDOL SHU L TXDOL QRQ KD VHQVR SDUODUH GL SDFNDJLQJ DG HVHPSLR OH DXWRPRELOL  R DQFRUD D SURGRWWL SHU L TXDOL QRQ HVLVWRQR IRUPH GL FHUWLILFD]LRQHULFRQRVFLXWH,QTXHVWLFDVLODFRPXQLFD]LRQHDPELHQWDOHVXOSXQWRYHQGLWD GHYH DOORUD HVSULPHUVL DWWUDYHUVR IRUPH GLYHUVH FKH SRVVRQR FRPSUHQGHUH FDQDOL GL FRPXQLFD]LRQHVFULWWDHVFDUWHOORQLLQIRUPDWLYLSXEEOLFLWDULFROORFDWLDOO¶LQWHUQRGHOSXQWR YHQGLWD  PD VRSUDWWXWWR IRUPH GL FRPXQLFD]LRQH YHUEDOH FKH VL VYLOXSSDQR DWWUDYHUVR O¶LQWHUD]LRQHGLUHWWDIUDLOSRWHQ]LDOHFOLHQWHFRQVXPDWRUHHLOSHUVRQDOHDGGHWWR DOOHYHQGLWHHRDVSHFLILFKHDWWLYLWjGLSURPR]LRQHVXOSXQWRYHQGLWD (¶ FKLDUR TXLQGL FRPH ± ROWUH DOOD FDSDFLWj FRPXQLFDWLYD H UHOD]LRQDOH ± YHQJD DG DVVXPHUH XQ¶LPSRUWDQ]D IRQGDPHQWDOH LQ TXHVWL FDVL OD FRQRVFHQ]D GD SDUWH GHO SHUVRQDOH GL YHQGLWD GHOOH FDUDWWHULVWLFKH H GHOOH SUHVWD]LRQL DPELHQWDOL GHL SURGRWWL WDQWRSLVLJQLILFDWLYDTXDQWRPDJJLRUHqRJJLODFRQVDSHYROH]]DGHLFRQVXPDWRULULVSHWWR DOO¶HVLVWHQ]D GL SURGRWWL ³YHUGL´ H O¶HVLJHQ]D GL VRGGLVIDUQH L UHODWLYL ELVRJQL HG HVLJHQ]H LQIRUPDWLYH  7DOHFRPSHWHQ]DHFDSDFLWjHVSUHVVLYDqRJJLVHQ]DGXEELRSLGLIIXVDIUDJOLDGGHWWLDOOH YHQGLWH GL GHWHUPLQDWH FDWHJRULH GL SURGRWWL SULPL IUD WXWWL TXHOOL OH FXL FDUDWWHULVWLFKH HFRORJLFKHFRLQFLGRQRLQWXWWRRLQSDUWHFRQOHSUHVWD]LRQLVRWWRLOSURILORHQHUJHWLFRHR GHLFRQVXPLVLSHQVLDOVHWWRUHGHJOLHOHWWURGRPHVWLFLRDTXHOORDXWRPRELOLVWLFR 3HUDOWUL SURGRWWL L OLYHOOL GL PDWXULWj H FRPSHWHQ]D GHO SHUVRQDOH ULVSHWWR DOOH SUHVWD]LRQL DPELHQWDOL GHL SURGRWWL FKH HVVL YHQGRQR H SURPXRYRQR q GHFLVDPHQWH SL EDVVR H ³DUUHWUDWR´HGLYHQWDTXLQGLIRQGDPHQWDOHSHUO¶LPSUHVDFKHYRJOLDFRPXQLFDUHVXOSXQWR YHQGLWD DWWLYDUH LQL]LDWLYH PLUDWH D IRUPDUH R TXDQWRPHQR VHQVLELOL]]DUH DGHJXDWDPHQWHLOSHUVRQDOH 2OWUH DOOD IRUPD]LRQH GHO SHUVRQDOH YL q SRL XQD VHULH GL DOWUH SRVVLELOLWj GLSURPXRYHUH SURGRWWLHFRORJLFLQHLSXQWLYHQGLWDTXDOLDGHVHPSLRODSUHVHQ]DGLJUHHQFRUQHUGHGLFDWL RGLUHSDUWL³VHOIGLVFRXQW´DUHHIRUQLWHGLGLVWULEXWRULVHOIVHUYLFHSHUSURGRWWLDFTXLVWDELOL QHOOD TXDQWLWj GHVLGHUDWD FRQ FRQVHJXHQWH ULGX]LRQH GHJOL LPEDOODJJL  /D SRVVLELOLWj GL UHDOL]]DUHWXWWHTXHVWHLQL]LDWLYHGLSHQGHSHUz LQPLVXUDVLJQLILFDWLYDGDOODQDWXUDHGDO WLSR GL UDSSRUWR IUD LO VRJJHWWR WLWRODUH GHO SXQWR YHQGLWD H TXLQGL LO VXR SHUVRQDOH  H O¶LPSUHVDFKHGLTXHVWRVLDYYDOHSHUODGLVWULEX]LRQHGHLVXRLSURGRWWLHVHUYL]L 6HJXHQGR TXHVWD ORJLFD ULVXOWD XWLOH GLVWLQJXHUH OD FRPXQLFD]LRQH H SURPR]LRQH DPELHQWDOHGHLSURGRWWLHVHUYL]LVXOSXQWRYHQGLWDLQDOPHQRGXHSULQFLSDOLIDWWLVSHFLH  • ODFRPXQLFD]LRQHQHOO¶DPELWRGHOODJUDQGHGLVWULEX]LRQHRUJDQL]]DWD • ODFRPXQLFD]LRQHQHLSXQWLYHQGLWDVSHFLDOL]]DWL  $TXHVWHGXHWLSRORJLH±GHVFULWWHGLVWLQWDPHQWHQHLSDUDJUDILFKHVHJXRQRHDFFRPXQDWH GDOODFDUDWWHULVWLFDGLUHDOL]]DUVLLQXQOXRJR³ILVLFR´±RFFRUUHDJJLXQJHUQHXQDWHU]DFKH DOFRQWUDULRVLFDUDWWHUL]]DSURSULRSHULOVXRVYROJHUVLVXXQRVSD]LRYLUWXDOHVLWUDWWDGHO FRPPHUFLR VX ,QWHUQHW R HFRPPHUFH L FXL RSHUDWRUL WLSLFDPHQWH VRFLHWj GL ULYHQGLWD RQ OLQH  KDQQR LQL]LDWR D RIIULUH QHJOL DQQL SL UHFHQWL SURGRWWL FRQ FDUDWWHULVWLFKH HFRORJLFKH LQ ULVSRVWD DG XQD GRPDQGD FUHVFHQWH GD SDUWH GHL FRQVXPDWRULXWHQWL FKH HIIHWWXDQRLORURDFTXLVWLVXOZHE6RQRFRVuQDWLSULPDDOO¶HVWHURPDGDDOFXQLDQQLDQFKH LQ ,WDOLD XQD VHULH GL VLWL ZHE GL HFRPPHUFH ³JUHHQ´ FXL OH LPSUHVH SRVVRQR ULYROJHUVL SHU SURPXRYHUH H YHQGHUH L SURSUL SURGRWWL HFRORJLFL LQ UHWH VL YHGDQR JOL HVHPSL ULSRUWDWLQHOER[VRWWRVWDQWH 



%2;±(&RPPHUFHHSURGRWWLHFRORJLFL  1HJOL DQQL SL UHFHQWL ,QWHUQHW VWD HPHUJHQGR TXDOH LPSRUWDQWH FDQDOH GL YHQGLWD GL SURGRWWLFRQFDUDWWHULVWLFKHHFRORJLFKH2OWUHDOODSRVVLELOLWjGLULYHQGHUHSURGRWWLXVDWL LQIDWWL GD WHPSR SUHVHQWH VXO ZHE DWWUDYHUVR QHJR]L H DVWH RQ OLQH  OD UHWH VL VWD DIIHUPDQGR DQFKH TXDOH PH]]R SULYLOHJLDWR SHU O¶DFTXLVWR GL SURGRWWL YHUGL ³QXRYL´ OH FXLFDUDWWHULVWLFKHHFRORJLFKHSRVVRQRVLDHVVHUHFRQQDWXUDWHDLSURGRWWLHVSURGRWWL UHDOL]]DWLLQWHUDPHQWHFRQPDWHULDOHULFLFODWR VLDIDUHOHYDVXOOHVSHFLILFLWjGHOFDQDOH GLYHQGLWDXWLOL]]DWRLQTXDQWRODYHQGLWDRQOLQHFRQVHQWHGLGLPLQXLUHVHQVLELOPHQWHL SDVVDJJLGHOODILOLHUDQHFHVVDULSHUO¶DFTXLVWRGLGHWHUPLQDWLRJJHWWLRDOLPHQWL /DUHWH FRQVHQWH LQROWUH GL YHQLUH D FRQWDWWR FRQ SURGXWWRUL H PDUFKL QRQ VHPSUH DFFHVVLELOL QHL QHJR]L ³WUDGL]LRQDOL´ ,Q WDEHOOD VRQR ULHSLORJDWL DOFXQL IUD L SULQFLSDOL VLWL GL H FRPPHUFHGHGLFDWLDLSURGRWWLHFRORJLFL

(ED\JUHHQWHDP ZZZHED\JUHHQWHDPFRP

(¶LOVLWRGL(ED\SULPRJUDQGHSRUWDOHLQWHUQD]LRQDOHFKHFRQ ODORJLFDGHOOHDVWHYHQGHRJJHWWLXVDWL GHGLFDWRDOOD FRPSUDYHQGLWDGLSURGRWWL³YHUGL´HUHDOL]]DWRLQFROODERUD]LRQH FRQ*UHHQSHDFH &RPSUHQGHVH]LRQLGHGLFDWHDOO¶LQIRUPD]LRQHHDVXJJHULPHQWL SHUXQRVWLOHGLYLWD³VRVWHQLELOH´IUDFXLOHVH]LRQL³EX\JUHHQ´H ³VHOOJUHHQ´SHUDFTXLVWDUHHYHQGHUHLQPRGRHFRFRPSDWLELOH $OO¶LQWHUQRL³JUHHQWDONV´FRQWHQJRQRVXJJHULPHQWLHLGHHSHU LPEDOODUHLSURGRWWLGDVSHGLUHDOO¶DFTXLUHQWHLQPRGRHFRORJLFR XWLOL]]DQGRFDUWDULFLFODWDHPDWHULDOLULXWLOL]]DELOL

(WV\ ZZZHWV\FRP

(¶LOVLWRGLHFRPPHUFHSHUDQWRQRPDVLDSHUYHQGHUHJOLRJJHWWL ³IDLGDWH´LQFXLGHVLJQHUHDUWLJLDQLGLWXWWRLOPRQGRPHWWRQR RQOLQHOHSURSULHFUHD]LRQLUHDOL]]DWHFRQPDWHULDOHULFLFODWR

(PSRULRHFRORJLFR ZZZHPSRULRHFRORJLFRLW

,OVLWRFRQVHQWHGLDFTXLVWDUHRQOLQHSURGRWWLHFRORJLFLSUHVHQWL VXOPHUFDWRLWDOLDQRHVDOLPHQWLSURYHQLHQWLGDDJULFROWXUD ELRORJLFDSURGRWWLQDWXUDOLSHUODFXUDHODEHOOH]]DGHOFRUSR SHUODSXOL]LDGHOODFDVDRJJHWWLGLGHVLJQHWF 

*UHHQFRPPHUFH ZZZJUHHQFRPPHUFHLW

6LWRGLHFRPPHUFHGHGLFDWRDSURGRWWLYHUGLGLD]LHQGHLWDOLDQH FDUDWWHUL]]DWRIUDO¶DOWURSHULOVRVWHJQRDOOHSURGX]LRQLLWDOLDQH ³DILOLHUDFRUWD´,SURGRWWLLQVHULWLQHOODVH]LRQH³GLVWULEX]LRQHD NP´VRQRGLVWULEXLWLVXEDVHSURYLQFLDOHXQLFDPHQWHHQWURXQ UDJJLRFRVWLWXLWRGDOOHSURYLQFHGLUHWWDPHQWHFRQILQDQWLFRQ TXHOODLQFXLKDVHGHLOSURGXWWRUH

+XE\ ZZZKXE\LW

6LWRGLHFRPPHUFHGHGLFDWRDOO¶KDQGPDGHHDOOHIRUPHGLULFLFOR ³FUHDWLYR´HVJLRLHOOLULFDYDWLGDVFDUWLLQGXVWULDOL 

6LWRLWDOLDQRGLHFRPPHUFHKDXQEORJDJJLRUQDWRFRQ 7KH*UHHQ5RDG DSSURIRQGLPHQWLFXOWXUDOLGLWLSRDPELHQWDOH,QROWUHqSUHVHQWH ZZZWKHJUHHQURDGVKRSFRP XQIRUXPGHGLFDWRDOODGLVFXVVLRQHIUDJOLXWHQWL

0LQLPRLPSDWWR ZZZPLQLPRLPSDWWRFRP

3RUWDOHGLHFRPPHUFHULYROWRQRQVRORDVLQJROLFRQVXPDWRUL PDDQFKHDGHQWLJRYHUQDWLYLVFXROHVRFLHWjGL ULVWRUD]LRQHJUXSSLG DFTXLVWRVROLGDOHHWF



$FTXLVWLYHUGL ZZZDFTXLVWLYHUGLLW

,O VLWR q XQ YHUR H SURSULR ³FDWDORJR´ RQOLQH FKH SURPXRYH OD GLIIXVLRQH GL SURGRWWL HFRORJLFL QHO PHUFDWRLWDOLDQR VLDSXEEOLFR FKH SULYDWR ,Q TXHVWL DQQL KD UDSSUHVHQWDWR XQ XWLOH VWUXPHQWR GLODYRURSHUOH3XEEOLFKH$PPLQLVWUD]LRQLFKHVLVRQRDYYLFLQDWH DO*UHHQ3XEOLF3URFXUHPHQW

)RQWHDGDWWDPHQWRGDZZZJUHHQPHLWDFFHVVRIHEEUDLR 

 

,OUXRORGHOOD*UDQGH'LVWULEX]LRQH2UJDQL]]DWD*'2   3L YROWH QHOOH /LQHH JXLGD VL q DFFHQQDWR DOO¶LPSRUWDQ]D FKH SXz DYHUH QHO JUHHQ PDUNHWLQJ OD JUDQGH GLVWULEX]LRQH TXDOH VRJJHWWR LQWHUPHGLR WUD OD SURGX]LRQH H LO FRQVXPR/DIXQ]LRQHGLLQWHUPHGLD]LRQHFRPPHUFLDOHVXODUJDVFDODFRQIHULVFHLQIDWWLDO JUDQGHGLVWULEXWRUHXQUXRORFKLDYHQHOODJHVWLRQHGHJOLLPSDWWLDPELHQWDOLOHJDWLDOO¶LQWHUR FLFOR GL YLWD GHL SURGRWWL &Lz q GRYXWR DQ]LWXWWR DOO¶LQWHQVLILFD]LRQH H GLIIXVLRQH GHOOH DWWLYLWj GLVWULEXWLYH FKH QHJOL XOWLPL YHQW¶DQQL KD FRPSRUWDWR XQ VLJQLILFDWLYR DXPHQWR GHOOHSUHVVLRQLHVHUFLWDWHVXOO¶DPELHQWHVLSHQVLDJOLHIIHWWLOHJDWLDOWUDVSRUWRGHOOHPHUFL R DOO¶LPSDWWR VXO WHUULWRULR GL VXSHUPHUFDWL HG LSHUPHUFDWL  ,Q DJJLXQWD DOOH SUHVVLRQL DPELHQWDOL ³GLUHWWH´ OD JUDQGH GLVWULEX]LRQH VL q YLVWD LQROWUH DWWULEXLUH LQ PRGR VHPSUH SL HVSOLFLWR DQFKH XQ UXROR ³LQGLUHWWR´ GL SURPR]LRQH GHL PRGHOOL GL SURGX]LRQH H GL FRQVXPR VRVWHQLELOL 'D XQD SDUWH LQIDWWL L JUDQGL GLVWULEXWRUL VRQR ULWHQXWL ³VHQVRUL´ GHL WUHQG GL FRQVXPR HFRORJLFR H TXLQGL SULQFLSDOL GHSXWDWL D WUDVPHWWHUQH DQFKH L SL GHEROL LPSXOVL OXQJR OD FDWHQD GHL IRUQLWRUL 'DOO¶DOWUD HVVL SRVVRQR IXQJHUH GD ³DPSOLILFDWRUL´ GHOO¶HFFHOOHQ]D DPELHQWDOH GHL SURGRWWL RIIHUWL LQ TXDQWR VRQR LQ JUDGR GL UDIIRU]DUH OD FUHGLELOLWj H O¶LPPDJLQH HFRORJLFD GHL SURGXWWRULHVRVWHQHUHOHORURFDPSDJQHGLJUHHQPDUNHWLQJVWLPRODQGRODVHQVLELOLWjGHL FRQVXPDWRUL /D *UDQGH 'LVWULEX]LRQH q SHUWDQWR FKLDPDWD D VYROJHUH XQD IXQ]LRQH VHPSUH SL IRQGDPHQWDOH GDWD OD VXD QDWXUD GL VRJJHWWR LQWHUPHGLR WUD SURGX]LRQH H FRQVXPRQHOODYDORUL]]D]LRQHGHLSURGRWWLHFRORJLFL   $JOL RSHUDWRUL GHOOD JUDQGH GLVWULEX]LRQH GLVSRVWL DG DFFHWWDUH TXHVWD VILGD VL DSUH LQ FRQFUHWRXQDVHULHGLRSSRUWXQLWjHGLSRVVLELOLVWUDWHJLHSHUJLRFDUHDOPHJOLRLOSURSULR UXROR 5LSUHQGHQGR XQD GLVWLQ]LRQH SURSRVWD GD 2WWPDQ ULIHUHQGRVL DOOH WHPDWLFKH DPELHQWDOL   SXz ULVXOWDUH XWLOH LGHQWLILFDUH WUH WLSL GL VWUDWHJLH GL JUHHQ PDUNHWLQJPHVVHLQDWWRGDOODJUDQGHGLVWULEX]LRQHRULHQWDWHDGLIIHUHQWLSULRULWjH RELHWWLYL  • OHVWUDWHJLHLQKRXVHYROWHDJHVWLUH³DWWLYDPHQWH´JOLLPSDWWLDPELHQWDOLFRQQHVVLDOOH SURSULHDWWLYLWjVXOSXQWRYHQGLWDHGDVHQVLELOL]]DUQHLIUHTXHQWDWRUL • OH VWUDWHJLH HFRORJ\SXOO PLUDWH D ³WUDLQDUH´ L SURGXWWRUL YHUVR LQQRYD]LRQL GL SURFHVVRHGLSURGRWWRFRVuGDIRUQLUHDGHJXDWHJDUDQ]LHDOFOLHQWH • OH VWUDWHJLH HFRORJ\SXVK ILQDOL]]DWH D ³VRVSLQJHUH´ OH VFHOWH GHO FOLHQWH LQGLUL]]DQGROHYHUVRLSURGRWWLDPLQRUHLPSDWWRDPELHQWDOH 4XHVWHVWUDWHJLHVRQR VLQWHWLFDPHQWHGHVFULWWHGLVHJXLWRFRQO¶RELHWWLYRGLLOOXVWUDUQHOH LPSOLFD]LRQLGDOSXQWRGLYLVWDGHOOHLPSUHVHFKHYRJOLDQRXWLOL]]DUHLOFDQDOHGHOODJUDQGH GLVWULEX]LRQHSHUSURPXRYHUHODTXDOLWjDPELHQWDOHGHLORURSURGRWWL  

/HVWUDWHJLH,QKRXVH  /HVWUDWHJLHLQKRXVHPLUDQRDGLPRVWUDUHFKH LOGLVWULEXWRUHqLQJUDGRGLFRQWULEXLUHLQ PRGR FRQFUHWR H GLUHWWR DO PLJOLRUDPHQWR DPELHQWDOH DQ]LWXWWR SUHQGHQGRVL FXUD GHJOL LPSDWWLSURGRWWL³LQFDVDSURSULD´8QSULPRDVSHWWRFUXFLDOHVRWWRTXHVWRSURILORDWWLHQH



DOODSURJHWWD]LRQHHDOO¶DOOHVWLPHQWRGHOOHVWUXWWXUHFKHRVSLWDQRLSXQWLYHQGLWD ,O PLJOLRUDPHQWR DPELHQWDOH LQ TXHVWR FDVR VL ULIHULVFH VRSUDWWXWWR DOO¶RFFXSD]LRQH GHO VXRORDOO¶LPSDWWRYLVLYRDLFRQVXPLGLHQHUJLDHGLDOWUHULVRUVHQDWXUDOL  /DSURJHWWD]LRQHGHJOLHGLILFLLVSLUDWDDFULWHULGLDUFKLWHWWXUD³ELRFOLPDWLFD´SXzSURGXUUH VLJQLILFDWLYL EHQHILFL DPELHQWDOL VSHVVR DFFRPSDJQDWL GD ULOHYDQWL ULVSDUPL VXL FRVWL GL JHVWLRQH  JUD]LH DOO¶RWWLPL]]D]LRQH GHOOH UHOD]LRQL HQHUJHWLFKH FRQ O¶HFRVLVWHPD FLUFRVWDQWH PHGLDQWH XQD SURJHWWD]LRQH PLUDWD DG LQVHULUH O¶HGLILFLR QHO WHUULWRULR VHQ]D FUHDUH EDUULHUH FKH OR ³VLJLOOLQR´ 4XHVWR DYYLHQH FRQ LQWHUYHQWL TXDOL O¶HVSRVL]LRQH GHOOH VXSHUILFLYHWUDWHSHUFDWWXUDUHODOXFHQDWXUDOHHSHUO¶DFFXPXORGLFDORUHODYHQWLOD]LRQH DWWUDYHUVR EUH]]H HVWHUQH UHFXSHUDWH FRQ O¶LQGX]LRQH GL FRUUHQWL LQWHUQH OD VFKHUPDWXUD GHOOH VWUXWWXUH SHU GLIHQGHUOH GDOOH HVFXUVLRQL WHUPLFKH 4XHVWL LQWHUYHQWL FRQVHQWRQR GL PLQLPL]]DUH O¶XWLOL]]R GL HQHUJLD H OH HPLVVLRQL LQTXLQDQWL GHL VLVWHPL GL FRQGL]LRQDPHQWRULVFDOGDPHQWR YHQWLOD]LRQH H LOOXPLQD]LRQH ,Q DOFXQL 3DHVL HXURSHL $XVWULD5HJQR8QLWR qRUPDLGLIIXVDODSUDVVLGLFHUWLILFDUHJOLHGLILFLFRVWUXLWLVHJXHQGR FULWHUL GL ELR HG HFRFRPSDWLELOLWj ,Q ,WDOLD GDJOL LQL]L GHJOL DQQL µ DOFXQL JUDQGL GLVWULEXWRUL KDQQR DGRWWDWR VLPLOL FULWHUL &223 DG HVHPSLR LQ PROWH VWUXWWXUH XWLOL]]D VLVWHPL GL FLUFROD]LRQH G¶DULD D EDVVR FRQVXPR HQHUJHWLFR SRUWDWD YDULDELOH  H FRQ PDVVLPRXWLOL]]RGLDULDHVWHUQDIUHHFRROLQJ  $OFXQHHVSHULHQ]HHVWHUHSURYDQRFRPHODSURJHWWD]LRQHGHOSXQWRYHQGLWDFRQFULWHULGL VRVWHQLELOLWj VLD XQD VFHOWD SUHPLDQWH DQFKH VRWWR LO SURILOR GHO JUHHQ PDUNHWLQJ (¶ GLPRVWUDWR FKH RSHUDUH OH VFHOWH G¶DFTXLVWR LQ XQ FRQWHVWR FKH HQIDWL]]D O¶DWWHQ]LRQH DOO¶DPELHQWH FRQ LQWHUYHQWL VWUXWWXUDOL ³FRPXQLFD´ DL IUHTXHQWDWRUL GHO SXQWR YHQGLWD O¶LPSHJQR DPELHQWDOH OL VHQVLELOL]]D HG q LQ JUDGR GL UHVSRQVDELOL]]DUHPDJJLRUPHQWHOHVFHOWHFKHYHQJRQRFRPSLXWHDOVXRLQWHUQR  8Q VHFRQGR DVSHWWR FUXFLDOH GHOOH VWUDWHJLH LQ KRXVH q FRVWLWXLWR GDOOD JHVWLRQH GHJOL HIIHWWLDPELHQWDOLOHJDWLDOOHDWWLYLWjGLGLVWULEX]LRQHTXDOLLULILXWLSURGRWWLHUDFFROWL SUHVVRLOSXQWRYHQGLWDOHHPLVVLRQLGHULYDQWLGDOO¶XWLOL]]RGHJOLLPSLDQWLGLUHIULJHUD]LRQH GHOOH PHUFL R JOL LPSDWWL FRQQHVVL DO WUDVSRUWR ,Q SDUWLFRODUH OD GXSOLFH IXQ]LRQH GHO SDFNDJLQJ GL SURWHJJHUH LO SURGRWWR H GL SURPXRYHUOR VXJOL HVSRVLWRUL DWWULEXLVFH UHVSRQVDELOLWjQRQVHFRQGDULHDLGLVWULEXWRULQHOODJHVWLRQHGHOSUREOHPDGHJOLLPEDOODJJL 'D DOFXQL DQQLOD JUDQGH GLVWULEX]LRQH LWDOLDQD KDLQWUDSUHVR D]LRQL GL VXSSRUWR ORJLVWLFR DLSURGXWWRULHDLFRQVXPDWRULSHULOULWLURODUDFFROWDHO¶LQYLRDOULFLFODJJLRGHLPDWHULDOLGL LPEDOODJJLR GHL FRQWHQLWRUL H GHL SURGRWWL HVDXVWL VL SHQVL DL YXRWL GL ERWWLJOLH R DL ³SURGRWWL GL VRVWLWX]LRQH´ YROXPLQRVL R SHVDQWL FRPH JOL HOHWWURGRPHVWLFL  3HU TXDQWR ULJXDUGD JOL LPEDOODJJL ROWUH DOOD UDFFROWD GHJOL LPEDOODJJL VHFRQGDUL FKH VL IHUPDQR SUHVVR L SURSUL SXQWL YHQGLWD L GLVWULEXWRUL VRQR LPSHJQDWL LQ PLVXUD FUHVFHQWH DQFKH QHOODUDFFROWDGLTXHOOLSULPDUL  6RWWR LO SURILOR GHOOD JHVWLRQH GHOOH DWWLYLWj GL WUDVSRUWR OD VLWXD]LRQH LWDOLDQD DSSDUH ODUJDPHQWH SHUIHWWLELOH DQFKH D FDXVD GL SUREOHPL LQIUDVWUXWWXUDOL IXRUL GDOOD SRUWDWD GHOOH D]LHQGH GL GLVWULEX]LRQH  VRSUDWWXWWR VH FRQIURQWDWD FRQ TXHOOD GL DOWUL 3DHVL HXURSHL,OGLVWULEXWRUHVYL]]HUR0LJURVDGHVHPSLRKDGDWHPSRDYYLDWRD]LRQLLQFLVLYH TXDOL OD SURJHWWD]LRQH GHL SRUWDFRQWDLQHUV LQ PRGR FKH VLDQR IDFLOPHQWH WUDVIHULELOL GD PH]]R JRPPDWR D YDJRQH IHUURYLDULR H O¶RWWLPL]]D]LRQH GHL WUDJLWWL ,Q TXHVWR ILORQH VL LQTXDGUDQRDQFKHODSURJHWWD]LRQHGHLFRQWHQLWRULLQPRGRFKHODVXSHUILFLHGLFDULFRVLD PXOWLSOD GHOOD VXSHUILFLH GHOOH XQLWj GD WUDVSRUWDUH H VL VDWXUL LO PH]]R H OD VFHOWD GL LPSLHJDUH FDVVHWWH GL SODVWLFD PRGXODUL H ULXWLOL]]DELOL  SHU LO WUDVSRUWR GL SURGRWWL



 $QFKH LQ TXHVWR FDVR VLJQLILFDWLYL YDQWDJJL HFRQRPLFL SRVVRQR DFFRPSDJQDUH O¶LPSHJQR DPELHQWDOH VH VL DQDOL]]DODSURGX]LRQHGLULILXWLGHOWUDGHLWDOLDQRVLQRWDFRPHROWUHLOVLDFRVWLWXLWRGDLPEDOODJJLIDFLOPHQWH VHOH]LRQDELOLFDUWDFDUWRQHHSODVWLFD SHULTXDOLHVLVWHXQPHUFDWRGHOOHPDWHULHVHFRQGH,ULVXOWDWLUDJJLXQWL LQ TXHVWR DPELWR GDOOD GLVWULEX]LRQH LWDOLDQD HYLGHQ]LDQR WXWWDYLD ULOHYDQWL PDUJLQL GL PLJOLRUDPHQWR GD XQD ULFHUFD VXO FDPSR FRQGRWWD QHO  GDOOR ,()( %RFFRQL VX DOFXQL SXQWL YHQGLWD GHOOD JUDQGH GLVWULEX]LRQH QHOO¶DUHDPLODQHVHqULVXOWDWRLQIDWWLFKHVROWDQWRLOGLTXHVWLqGRWDWRGLXQD³RDVLHFRORJLFD´HVWHUQDSHU ODUDFFROWDGHLULILXWL



RUWRIUXWWLFROL $QFKH LQ TXHVWR FDVR OD YDOHQ]D GL TXHVWH PLVXUH GL PLJOLRUDPHQWR FRPSOHVVLYH SXz ULIOHWWHUVL LQ XQ¶D]LRQH GL JUHHQ PDUNHWLQJ QHL FRQIURQWL GHO FOLHQWH GHO SXQWRYHQGLWDYDORUL]]DQGR H UHQGHQGR YLVLELOL JOL LPSHJQL FKH O¶D]LHQGD DVVXPH QHLFRQIURQWLGHOO¶DPELHQWHHTXLQGLPLUDQGRDFRQGL]LRQDUHFRQVHJXHQWHPHQWHL FRPSRUWDPHQWLG¶DFTXLVWR  ,Q VLQWHVL TXLQGL OD JUDQGH GLVWULEX]LRQH SXz VYROJHUH XQ UXROR FKLDYH TXDOH VRJJHWWRSURPRWRUHGLLQL]LDWLYHPLUDWHDOODFRUUHWWDJHVWLRQHHULGX]LRQHGHJOLLPSDWWL DPELHQWDOL OHJDWL DO FLFOR GL YLWD GHL SURGRWWL VWLPRODQGR OD VHQVLELOLWj GHO IUHTXHQWDWRUH GHO SXQWR YHQGLWD H LPSOLFLWDPHQWH VXSSRUWDQGR O¶DGR]LRQH GL FRPSRUWDPHQWLFRHUHQWLFRQO¶³DWPRVIHUD´GHOFRQWHVWRGLDFTXLVWR  8QDVHFRQGDLPSRUWDQWHLPSOLFD]LRQHSHUOHLPSUHVHSURGXWWULFLFRQQHVVDDOO¶HVSHULHQ]D PDWXUDWDGDOOD*'2QHOO¶DPELWRGHOOHVWUDWHJLHLQKRXVH ULJXDUGDODJHVWLRQHDPELHQWDOH GHLSXQWLYHQGLWD(¶GHJOLDQQLSLUHFHQWLLQIDWWLLOWHQWDWLYRGLDOFXQHLPSUHVHLQGXVWULDOL GLIDUGLYHQWDUHLSURSULSXQWLYHQGLWDDOGHWWDJOLRHFDWHQHGLQHJR]L³OXRJKLGLHOH]LRQH´ LQ FXL SURPXRYHUH L SURSUL SURGRWWL FRQ FDUDWWHULVWLFKH HFRORJLFKH H VHQVLELOL]]DUH L FRQVXPDWRUL YHUVR O¶DGR]LRQH GL VWLOL GL YLWD SL VRVWHQLELOL ,Q TXHVWR VHQVR OH LPSUHVH SURGXWWULFLFKHJHVWLVFRQRGLUHWWDPHQWHLORURSXQWLYHQGLWDSRVVRQREHQHILFLDUH GHO SDWULPRQLR GL HVSHULHQ]D PDWXUDWD GDOOD JUDQGH GLVWULEX]LRQH LQ WXWWL L GLYHUVL DPELWL LQ FXL VL VRVWDQ]LD WDOH JHVWLRQH VRWWR LO SURILOR DPELHQWDOH DG HVHPSLRLQWHUPLQLGL  • DVVRUWLPHQWR GHOO¶RIIHUWD (¶ HYLGHQWH FKH ROWUH DOOD YHQGLWD GL VSHFLILFL SURGRWWL ³YHUGL´ XQ¶LPSUHVD FKH YRJOLD SURPXRYHUH L SURSUL QHJR]L TXDOL ³SXQWL YHQGLWD VRVWHQLELOL´ GRYUHEEH DVVLFXUDUVL FKH O¶DVVRUWLPHQWR FRPSOHVVLYR GHOO¶RIIHUWD VLD FRHUHQWHFRQLOVXRLPSHJQRDPELHQWDOH  • ORFDOL]]D]LRQH GHL SXQWL YHQGLWD DG HVHPSLR SULYLOHJLDQGR OXRJKL IDFLOPHQWH UDJJLXQJLELOLFRQLPH]]LSXEEOLFLRSSXUHIRUQHQGRDLFOLHQWLVHUYL]LQDYHWWDJUDWXLWLFKH XWLOL]]DQRYHLFROLDEDVVRLPSDWWRDPELHQWDOH  • VRVWHQLELOLWj GHOOH VWUXWWXUH H GHJOL LPSLDQWL GHO SXQWR YHQGLWD DGRWWDQGR VROX]LRQL GL HGLOL]LD VRVWHQLELOH HV GRWDQGR L ORFDOL GL VLVWHPL GL LVRODPHQWR WHUPLFR XVDQGR SHU SDYLPHQWL H ULYHVWLPHQWL PDWHULDOL GHULYDQWL GDO ULFLFOR GL DOWUL SURGRWWL  ULTXDOLILFDQGRJOLLPSLDQWLHOHWWULFLHGLULVFDOGDPHQWRHRFRQGL]LRQDPHQWRHWF  • DUUHGDPHQWR GHJOL LQWHUQL FKH FRVWLWXLVFH IUD O¶DOWUR DQFKH XQD IRUPD GL FRPXQLFD]LRQH LPPHGLDWD GHL YDORUL GL VRVWHQLELOLWj GHO SXQWR YHQGLWD 6RWWR TXHVWR DVSHWWRVRQRRJJLGLVSRQLELOLVROX]LRQLLQGXVWULDOLDWWHQWHDOO¶DPELHQWHTXDOLODVFHOWDGL VFDIIDOLEDQFRQLRHVSRVLWRULUHDOL]]DWLVRODPHQWHFRQOHJQRSURYHQLHQWHGDFROWLYD]LRQL VRVWHQLELOLRSSXUHGLDUUHGLUHDOL]]DWLLQFDUWRQHDOYHRODUHULFLFODWR  • JHVWLRQH GHOSDFNDJLQJGHOOHPHUFLDOORVFRSRGLULGXUUHDOPLQLPRLOPDWHULDOHGL VFDUWR SURGRWWR H O¶XWLOL]]R GL FDUWD H FDUWRQH DG HVHPSLR ULXWLOL]]DQGR JOL LPEDOOL FRQ FXLOHPHUFLYHQJRQRFRQVHJQDWHDOSXQWRYHQGLWDSHUHIIHWWXDUHQXRYHVSHGL]LRQL  • JHVWLRQHGHOO¶RSHUDWLYLWjLQWHUQDULSHQVDQGRLQFKLDYHDPELHQWDOHOHDWWLYLWjVYROWH VXO SXQWR YHQGLWD DG HVHPSLR ULGXFHQGR O¶XWLOL]]R GHOOD FDUWD H VHUYHQGRVL GL SURFHGXUH GLJLWDOL SHU OD JHVWLRQH GHO QHJR]LR XWLOL]]DQGR SURGRWWL HFRORJLFL SHU OD



 1HO SHUVHJXLPHQWR GHOOH VWUDWHJLH LQ KRXVH VLQWHWLFDPHQWH GHVFULWWH SXz ULVXOWDUH XWLOH O¶DGR]LRQH GD SDUWH GHOOD JUDQGH GLVWULEX]LRQH GL VROX]LRQL JHVWLRQDOL RULHQWDWH DOOD SUHYHQ]LRQH GHJOL LPSDWWL DPELHQWDOL 6RWWR TXHVWRSURILORLOVHWWRUHGHOODGLVWULEX]LRQHVWDFRPSLHQGRGDDOFXQLDQQLVLJQLILFDWLYLSDVVLLQTXHVWRFDPSR 7UD OH SULPH UHDOWj GHOOD GLVWULEX]LRQH FKH KDQQR RWWHQXWR OD FHUWLILFD]LRQH DPELHQWDOH LO JUXSSR $XFKDQ ± 5LQDVFHQWH RWWHQQH QHO  OD SULPD FHUWLILFD]LRQH DPELHQWDOH ,62  SHU LO SURSULR LSHUPHUFDWR GL /H 0DQVLQ)UDQFLD



SXOL]LD GHJOL DPELHQWL H GHJOL DUUHGL ULFLFODQGR HR VPDOWHQGR FRUUHWWDPHQWH OH FDUWXFFHG¶LQFKLRVWURHWRQHUSHUVWDPSDQWLHIRWRFRSLDWULFLHWF

  /HVWUDWHJLH3XOO  /H VWUDWHJLH SXOO FRQVLVWRQR HVVHQ]LDOPHQWH QHOO¶RULHQWDUH OH VFHOWH GHOOH D]LHQGH IRUQLWULFL H LQ SDUWLFRODUH TXHOOH GL PLQRUL GLPHQVLRQL  YHUVR SURGX]LRQL SL HFR FRPSDWLELOL4XHVWHVWUDWHJLHSRVVRQRFRQFUHWL]]DUVLLQD]LRQLFRQGRWWHVXSLDQLGLYHUVL GDOOD VHPSOLFH WUDVPLVVLRQH GHL QXRYL ELVRJQL GL FRQVXPR SHUFHSLWL DOOD VHOH]LRQH GHL IRUQLWRULDWWUDYHUVRPHFFDQLVPLGLLQVHULPHQWRQHOOHYHQGRUOLVWFRQGL]LRQDWLDUHTXLVLWLGL VRVWHQLELOLWj DOOD FROODERUD]LRQH FRQ L IRUQLWRUL QHOOD SURJHWWD]LRQH H IDEEULFD]LRQH GL SURGRWWLSLVRVWHQLELOLFRVLGGHWWD³FRPDNHUVKLS´   ,Q ,WDOLD GD RUPDL GLYHUVL DQQLOD JUDQGH GLVWULEX]LRQH KD FRPLQFLDWR D JLRFDUH XQ UXROR VLJQLILFDWLYR QHOOH VWUDWHJLH GL ³JUHHQ DQG VRFLDO SXUFKDVLQJ´ DG HVHPSLR QHOOR VYLOXSSR GHOPDUFKLRFRPXQLWDULR(FRODEHO0ROWHFDWHQHGLGLVWULEX]LRQHIUDFXL&RRS(VVHOXQJDH 3$0  KDQQR LQIDWWL DYYLDWR O¶HWLFKHWWDWXUD HFRORJLFD 8( GL SURSUL SURGRWWL QHOO¶DPELWR GHOODFGPDUFDSULYDWDRSULYDWHODEHO,QTXHVWDORJLFDqFKLDURFRPHO¶HVSDQVLRQH GHOOD JDPPD GL SURGRWWL FHUWLILFDWL QHOOH PDUFKH SULYDWH FRVWLWXLVFD XQ YRODQR SHU OD GLIIXVLRQHGHLPDUFKLHFRORJLFLROWUHFKpXQ¶RSSRUWXQLWjGLVYLOXSSRSHULIRUQLWRUL 3LLQJHQHUDOHqFUHVFLXWRLOUXRORHO¶LPSHJQRGHOODJUDQGHGLVWULEX]LRQHQHOSURPXRYHUH LO FRQVXPR UHVSRQVDELOH H QHOOD GLIIXVLRQH GL SURGRWWL FRQ FDUDWWHULVWLFKH HFRORJLFKH QHOO¶DPELWRGHOODYHQGLWDGHLSULYDWHODEHOGDOODULGX]LRQHGHJOLLPEDOODJJLDOODGLIIXVLRQH GL VLVWHPL GL FROWLYD]LRQH ELRORJLFL HWF  /D JDPPD GHL SULYDWH ODEHO GHOOD JUDQGH GLVWULEX]LRQHVLDUWLFRODLQXQDVHULHGL³XQLYHUVLPHUFHRORJLFL´WUDVYHUVDOLDOO¶DVVRUWLPHQWR LO FXL GLYHUVR SURILOR PLUD D ULVSRQGHUH D GLIIHUHQWL HVLJHQ]H GL FRQVXPR 2JJL IUD JOL RELHWWLYLGHOODUHDOL]]D]LRQHGHLSURGRWWLDPDUFKLRGDSDUWHGHOOD*'2DFFDQWRD PRWLYD]LRQLSL³WUDGL]LRQDOL´HVUHDOL]]DUHHGLVWULEXLUHSURGRWWLFKHFRQLXJKLQRXQ SUH]]RFRQFRUUHQ]LDOHFRQXQDOWROLYHOORGLVHUYL]LRTXDOLWjHVLFXUH]]DRSSXUHUHDOL]]DUH H GLVWULEXLUH SURGRWWL GL ODUJR FRQVXPR FKH VLDQR FRQYHQLHQWL H GL EXRQD TXDOLWj  XQ UXRORVLJQLILFDWLYRKDDVVXQWRODFRPPHUFLDOL]]D]LRQHGLSURGRWWLFKHPHWWDQRLQ ULVDOWRLYDORULVRFLDOLHDPELHQWDOLGHOOD*'2  ,QILJXUDqULSRUWDWRXQHVWUDWWRGDO%LODQFLRGL6RVWHQLELOLWjGLXQDFDWHQDGHOOD*'2 RSHUDQWH LQ ,WDOLD FKH ULHSLORJD OH GLYHUVH OLQHH GL SURGRWWL SULYDWH ODEHO GHOO¶D]LHQGD q VLJQLILFDWLYRULOHYDUHFRPHVXVHWWHOLQHHFRVWLWXHQWLODJDPPDGHLSURGRWWLSULYDWHODEHO VHL VLDQR UHODWLYH D SURGRWWL OH FXL FDUDWWHULVWLFKH GLVWLQWLYH IDQQR OHYD VX DVSHWWL DPELHQWDOLHRVRFLDOLFRPSUHQGHQGR  • SURGRWWLELRORJLFL • SURGRWWLGRWDWLGLFHUWLILFD]LRQLDPELHQWDOLGLSDUWHWHU]D(FRODEHO(XURSHR  • SURGRWWLSURYHQLHQWLGDILOLHUDFRQWUROODWD • SURGRWWLGHOFRPPHUFLRHTXRHVROLGDOH • SURGRWWLFROOHJDWLDGLQL]LDWLYHGLFDXVHUHODWHGPDUNHWLQJ



/¶DGR]LRQHGLWDOLVWUDWHJLHKDLQGRWWRDOFXQLIRUQLWRULFRPHOD*HQHUDO'HWHUJHQWV DFRPSLHUHLOSULPRSDVVR LQ,WDOLDYHUVRO¶(FRODEHO,QDOWULFDVLqVWDWRORVWHVVRIRUQLWRUHDGHVHPSLROD&DUWLHUD/XFFKHVHDSURSRUUHLO SURGRWWRHWLFKHWWDWR(FR/XFDUW DSUHQGRVLQXRYLVSD]LFRPSHWLWLYLQHOOHSULYDWHODEHOVGHOOHFDWHQHGHOODJUDQGH GLVWULEX]LRQHFIU)UH\,UDOGR)UH\,UDOGR3UDWHVL   ,O&DXVH5HODWHG0DUNHWLQJqGHVFULWWRSLDYDQWLLQTXHVWRVWHVVRFDSLWROR



)LJXUD±8QHVHPSLRGLJDPPDSULYDWHODEHOGHOOD*'2

)RQWH%LODQFLRGL6RVWHQLELOLWj$XFKDQZZZDXFKDQLWDFFHVVRIHEEUDLR 

  



/HVWUDWHJLH3XVK  $OOHVWUDWHJLHSXVKLQILQHVRQRULFRQGXFLELOLWXWWLOHD]LRQLGLSURJHWWD]LRQHUHDOL]]D]LRQH HSURPR]LRQHGHLSURGRWWLHFRORJLFLRVRFLDOPHQWHUHVSRQVDELOL1HJOLXOWLPLTXLQGLFLDQQL OD JUDQGH GLVWULEX]LRQH KD FRPSLXWR HQRUPL SDVVL QHOO¶RIIHUWD GL SURGRWWL FRQ PLJOLRUL SUHVWD]LRQL DPELHQWDOL VHPSUH SL FRQVDSHYROH FKH L SURSUL VSD]L HVSRVLWLYL UDSSUHVHQWDQRODORUR³DUHQDFRPSHWLWLYD´LGHDOH(¶LQIDWWLVXJOLVFDIIDOLGHLVXSHUPHUFDWL FKH JUD]LH DG XQ FRQWDWWR FRQ LO FRQVXPDWRUH SUROXQJDWR H ³FRPSDUDWLYR´ ULVSHWWRDLSURGRWWLFRQFRUUHQWLTXHVWLSURGRWWLPHJOLRULHVFRQRDIDUYDOHUHLOSURSULR VXUSOXV HFRORJLFR GDOOH FDUDWWHULVWLFKH GHL PDWHULDOL H GHO GHVLJQ EDVWL SHQVDUH DOOH YLVLELOLPRGLILFKHDOSURGRWWRLQWURGRWWHFRQOH HFRULFDULFKH DOOHHWLFKHWWHLQIRUPDWLYH H PDUFKL DPELHQWDOL H SL UHFHQWHPHQWH DQFKH VRFLDOL  LQ JUDGR GL RIIULUH JDUDQ]LH DO FRQVXPDWRUHFRQVDSHYROH /DULOHYDQ]DGHOODPRGHUQDGLVWULEX]LRQHFRPHOXRJRSULYLOHJLDWRGHOFRQVXPRHFRORJLFRq ULFRQRVFLXWD DQFKH GD GLYHUVH LQGDJLQL ,Q WDEHOOD  VRQR ULSRUWDWH OH WLSRORJLH GL SURGRWWRHFRORJLFRSLIUHTXHQWHPHQWHULVFRQWUDWHQHLSXQWLYHQGLWDGHOOD*'2DQDOL]]DWL QHOO¶DPELWRGLXQDULFHUFDFRQGRWWDGDOOR,()(%RFFRQLQHO  7DEHOOD±/DGLIIXVLRQHGLSURGRWWLHFRORJLFLQHOOD*'2 GHLSXQWLYHQGLWDLQFXLqVWDWR ULVFRQWUDWR

7LSRGLSURGRWWR 3URGRWWLDOLPHQWDULELRORJLFLHVFOXVHIUXWWDHYHUGXUD 



'HQWLIULFLVHQ]DDVWXFFLRLQFDUWRQH



'HWHUVLYLSHUEXFDWRFRQHFRULFDULFKH



)UXWWDHYHUGXUDGDDJULFROWXUDELRORJLFD



'HWHUVLYLSULYLGLIRVIDWL



6SD]]ROLQLFRQWHVWLQHLQWHUFDPELDELOL



'HWHUVLYLSHUODYDVWRYLJOLHFRQHFRULFDULFKH



0DLRQHVHVHQ]DDVWXFFLRLQFDUWRQH



3URGRWWLLQFDUWDULFLFODWD



6DFFKHWWLSHULULILXWLLQSODVWLFDLQSDUWH ULFLFODWD



3URGRWWLFRQO¶(FRODEHOHXURSHR



'HWHUJHQWLFRQULFDULFKHIORVFH



)RQWH,UDOGR 

  /D JUDQGH GLVWULEX]LRQH SXz LQROWUH VWLPRODUH OD GRPDQGD GL SURGRWWL SL VRVWHQLELOL DGRWWDQGR VWUDWHJLH GL PDUNHWLQJ FKH PLULQR D VHQVLELOL]]DUH L FRQVXPDWRUL VXL WHPL DPELHQWDOL H VRFLDOL  H DG RULHQWDUQH OH VFHOWH 4XHVWH VL WUDGXFRQR SUHYDOHQWHPHQWH LQ D]LRQL PLUDWH D SURPXRYHUH L SURGRWWL SL VRVWHQLELOL SUHVVR L SXQWL YHQGLWD ,Q SDUWLFRODUH LO UDIIRU]DPHQWR GHOO¶LPSHJQR VXO IURQWH GHOOD ³HGXFD]LRQH DOOD VRVWHQLELOLWj´ GHO FRQVXPDWRUH UDSSUHVHQWD XQ XOWHULRUH SDVVR DYDQWL FKH PROWL GLVWULEXWRUL KDQQR GHFLVR GL FRPSLHUH 6H JLj DOO¶LQL]LR GHJOL DQQL QRYDQWD XQ¶LQGDJLQH &,(6GLPRVWUDYDFKHLOGHLGLVWULEXWRULDWWXDYDD]LRQLGLVHQVLELOL]]D]LRQHDPELHQWDOH QHLFRQIURQWLGHLFOLHQWLDWWUDYHUVRGLVWULEX]LRQHGLUHWWDGLPDWHULDOHLQIRUPDWLYRSUHVVRL SXQWL YHQGLWD H SXEEOLFD]LRQH GL RSXVFROL H DUWLFROL VXL SURSUL KRXVH RUJDQ  RJJL TXHVWH 

)UDOHSULPHLQGDJLQLFRQGRWWHVXOPHUFDWRLWDOLDQRDOORVFRSRGLLQGDJDUHLOUXRORGHOODJUDQGHGLVWULEX]LRQH QHOODSURPR]LRQHGHLSURGRWWLHFRORJLFLXQDULFHUFDUHDOL]]DWDQHOGD$VWUDIHFHHPHUJHUHFKHLOGHJOL LWDOLDQL ULWHQHYD FKH ³L EXRQL VXSHUPHUFDWL LSHUPHUFDWL H GLVFRXQW GRYUHEEHUR RIIULUH SURGRWWL HFRORJLFL´ QHO  TXHVWD SHUFHQWXDOH HUD ULVXOWDWD GL TXDVL  SXQWL LQIHULRUH  ,O  VL GLFKLDUDYD FRQYLQWR FKH ³OD ORUR RIIHUWD H YHQGLWD FUHVFHUj LQ IXWXUR GD SDUWH GHOOD GLVWULEX]LRQH´ GD FRQIURQWDUH FRQ LO SL PRGHVWR  GHO   H EHQ LO  VL GLFHYD LQWHQ]LRQDWR D SUHIHULUH SXQWL YHQGLWD FKH ³RIIULUDQQR SURGRWWL H FRQIH]LRQL YHUDPHQWHHFRORJLFL´



YDQQR DUULFFKHQGRVL GL QXRYH LQL]LDWLYH TXDOL DG HVHPSLR O¶LQWHUD]LRQH GLUHWWD FRQ LO FOLHQWH  /D JLj FLWDWD LQGDJLQH ,HIH±%RFFRQL KD DQDOL]]DWR OH VWUDWHJLH GHOOD JUDQGH GLVWULEX]LRQH LWDOLDQD QHL FRQIURQWL GHOOH WHPDWLFKH DPELHQWDOL LQ SDUWLFRODUH ULJXDUGR DL SURGRWWL HFRORJLFLGHOVHWWRUH³QRQIRRG´1HOO¶DPELWRGHOODULFHUFDVRQRVWDWHUHDOL]]DWHIUDO¶DOWUR XQD VHULH GL LQWHUYLVWH JXLGDWH GD XQ TXHVWLRQDULR FRQ L UHVSRQVDELOL GL  IUD L SULPL JUXSSLFRPPHUFLDOLGHOVHWWRUHSHUTXRWHGLPHUFDWR 'DOOD ULFHUFD HPHUJH DQ]LWXWWR FRPH O¶RSSRUWXQLWj FRPSHWLWLYD OHJDWD DOOD YDORUL]]D]LRQH GHJOL DVSHWWL ³HFRORJLFL´ UHODWLYL VLD DOOH DWWLYLWj D]LHQGDOL VLD DL SURGRWWL RIIHUWL VLD RJJL SLHQDPHQWH UHFHSLWD GD SDUWH GHOOH D]LHQGH GHOOD *'2 , GDWL UDFFROWL LQIDWWL VHJQDODQR FKHODGLVSRQLELOLWjDGLPSHJQDUVLQHOODYDORUL]]D]LRQHGHLWHPLGHOO¶HFRORJLDqXQDVFHOWD VWUDWHJLFDGHJOLRSHUDWRUL  $L UHVSRQVDELOL GHOOD *'2 LWDOLDQD q VWDWR FKLHVWR LQ SDUWLFRODUH TXDOH IRVVH QHOOD ORUR SHUFH]LRQHLOUXRORGHOVHWWRUHQHOOHSROLWLFKHGLPLJOLRUDPHQWRDPELHQWDOH/¶DVSHWWRSL LQWHUHVVDQWH GHOOH ULVSRVWH D TXHVWD GRPDQGD q FKH QHVVXQR GHJOL LQWHUYLVWDWL KD GHOLQHDWR XQ UXROR VHFRQGDULR SHU OD JUDQGH GLVWULEX]LRQH WXWWL VL VRQR GLPRVWUDWL FRQVDSHYROLGLSRWHUJLRFDUHXQUXRORGHFLVLYRQHOSURPXRYHUHPRGHOOLGLSURGX]LRQHHGL FRQVXPRSL³VRVWHQLELOL´VLYHGDLOJUDILFR   *UDILFR±OOUXRORGHOOD*'2QHOOHSROLWLFKHGLPLJOLRUDPHQWRDPELHQWDOH 5 4,5 4 3,5 3 2,5 2 1,5 1 0,5 Iniziatie di sensibilizzazione con NGO

Adozione di SGA

Adozione e richieste di garanzie

Incentivi comportamenti ecologici

Interventi strutturali nei pdv

Campagne informative

Criteri ambientali per la selezione dei fornitori

Offerta prodotti ecologici

Sviluppo prodotti ecologici a marca privata

0

)RQWH,UDOGR 

  ,O JUDILFR  ULSRUWD OH ULVSRVWH DOOD GRPDQGD FKLXVD SRVWD DL UHVSRQVDELOL GHOOD JUDQGH GLVWULEX]LRQH ³&RPH SDUWHFLSDUH DO PLJOLRUDPHQWR GHOOH SUHVWD]LRQL DPELHQWDOL GHO VLVWHPDHFRQRPLFR"4XDOLLQL]LDWLYHHVWUXPHQWLSRVVRQRULYHODUVLSLHIILFDFLSHUOD*'2 LQTXHVWDSURVSHWWLYD"´

  ,Q XQD FDPSDJQD UHDOL]]DWD DOFXQL DQQL ID GD &RRS LQ FROODERUD]LRQH FRQ *UHHQSHDFH L YRORQWDUL GHOO¶DVVRFLD]LRQHDPELHQWDOLVWDDFFRPSDJQDYDQRLFOLHQWLDOO¶LQWHUQRGHOSXQWRYHQGLWDPRVWUDQGRORURLSURGRWWL DOLPHQWDUL QRQ PRGLILFDWL JHQHWLFDPHQWH H LQIRUPDQGROL GHL SRWHQ]LDOL ULVFKL OHJDWL D VFHOWH G¶DFTXLVWR QRQ FRQVDSHYROL,UDOGR   'LUH]LRQHJHQHUDOHPDUNHWLQJFDWHJRU\PDQDJHUIXQ]LRQHDFTXLVWLSULYDWHODEHOHDPELHQWHTXDOLWj  $XFKDQ5LQDVFHQWH(VVHOXQJD0HFDGHV&RQDG,QWHUGLV3$0&RRS,WDOLD6HOH[H8QHV



3HU FLDVFXQD GHOOH RS]LRQL GL ULVSRVWD IRUQLWH JOL LQWHUYLVWDWL KDQQR HVSUHVVR XQD YDOXWD]LRQHGHOODORURULOHYDQ]DSHUFHSLWDOXQJRXQDVFDODGD³ SRFRULOHYDQWH´D³  PROWRULOHYDQWH´  'DOOH ULVSRVWH HPHUJH FKH VH GD XQ ODWR YL q OD SHUFH]LRQH FKH O¶DPELHQWH SRVVD FRVWLWXLUH XQ YDQWDJJLR FRPSHWLWLYR GDOO¶DOWUR YL q OD FRQVDSHYROH]]D FKH LO PHUFDWR YDGD RULHQWDWR H LQIOXHQ]DWR SHU RWWHQHUH TXHVWR ULVXOWDWR (¶ VLJQLILFDWLYR FKH OD *'2DWWULEXLVFDVRSUDWWXWWRDVpVWHVVDODFDSDFLWjHLOFRPSLWRGLUHDOL]]DUHD]LRQLPLUDWH SURSULRDTXHVWRRELHWWLYR,QTXHVWDORJLFDO¶DWWLYLWjGLSURPR]LRQHGHLSURGRWWLHFRORJLFL YLHQHULWHQXWDPROWRULOHYDQWHVRSUDWWXWWRFRQULIHULPHQWRDOORVYLOXSSRGLWDOLSURGRWWLQHO SULYDWH ODEHO (¶ LQ TXHVWR DPELWR LQIDWWL FKH VHFRQGR OH D]LHQGH GHOOD *'2 VL ULYHOD WHFQLFDPHQWHSLSUDWLFDELOHHQHOFRQWHPSRFRPPHUFLDOPHQWHSLIUXWWXRVRLOODQFLRGL OLQHHGLSURGRWWR³HFRORJLFKH´ $OFXQL VXJJHULPHQWL QHOOD SURVSHWWLYD GHO JUHHQ PDUNHWLQJ GHULYDQWL GDOO¶DQDOLVL GHOOH HVSHULHQ]HLQGDJDWHVRQRTXLGLVHJXLWRSURSRVWL  • 3Xz HVVHUH RSSRUWXQR SXQWDUH VXOOD JHVWLRQH GHOOD PDUFD SULYDWD FKH FRQVHQWHGLVYLQFRODUVLGDDOFXQHULJLGLWjLPSRVWHGDOPHUFDWRWUDGL]LRQDOHDG HVHPSLRODVFDUVDSURSHQVLRQHDPXWDUHO¶LPPDJLQHRODIRUPXOD]LRQHGLXQSURGRWWR JLjIDPLOLDUHDOFRQVXPDWRUH HGLLQFLGHUHSLHIILFDFHPHQWHVXOO¶RIIHUWDGDSDUWH GHLIRUQLWRULSLSURSHQVLDGDVVHFRQGDUHOHHVLJHQ]HGHLGLVWULEXWRULVXXQSURGRWWR QRQGLPDUFD   • /HFDPSDJQHLQIRUPDWLYHGHVWLQDWHDLFRQVXPDWRULGHYRQRHVVHUHFRQVLGHUDWH VWUXPHQWLSULRULWDULSHUODVHQVLELOL]]D]LRQHGHOFLWWDGLQRFOLHQWHFKHDFFHGHDL SXQWLYHQGLWDGHOOD*'2HVVHQ]LDOLSHUSUHSDUDUHLOFDPSRDGXQDUHDOHFRPSHWLWLYLWj GHLSURGRWWLHFRORJLFL3DUWLFRODUHHIILFDFLDSRVVRQRRIIULUHVROX]LRQLLQQRYDWLYHGLJUHHQ PDUNHWLQJ ³LQIRUPDWLYR´ H GL RULHQWDPHQWR GHO FRQVXPDWRUH VXO SXQWR YHQGLWD 1H VRQRHVHPSL  o O¶DSSRVL]LRQH GL VSHFLDOL GLVSOD\ GL VHJQDOD]LRQH FKH ULFKLDPLQR O¶DWWHQ]LRQH GHO FOLHQWH VX WXWWL L SURGRWWL DFFRPXQDWL GD SUHVWD]LRQL DPELHQWDOL ³HFFHOOHQWL´ q LO FDVR GHL SURGRWWL ELRORJLFL SURPRVVL GD (VVHOXQJD  D FXL SRVVRQR HVVHUH DVVRFLDWH FDPSDJQH SURPR]LRQDOL 4XHVWDPLVXUDSXzHVVHUHSDUWLFRODUPHQWHHIILFDFHVHDEELQDWDDOFDUWHOOLQR GHOSUH]]R o OD GLVWULEX]LRQH GL PDWHULDOH LQIRUPDWLYR DWWUDYHUVR HVSRVLWRUL DG HVHPSLRDOOHFDVVH RGDSDUWHGLRSHUDWRULDOO¶LQWHUQRGHOSXQWRYHQGLWD o OD SURPR]LRQH GL SURGRWWL HFRORJLFL DWWUDYHUVR SROLWLFKH GL VFRQWR H FRQWHVWXDOHVHJQDOD]LRQHQHOODFDUWHOORQLVWLFDRVXOGRUVRGHLFDUUHOOL o OD UHDOL]]D]LRQH GL LVROH HFRORJLFKH FKH ULXQLVFRQR L SURGRWWL HFRORJLFL LQ PRGRGDVXJJHVWLRQDUHLOFOLHQWHHVHJQDODUHOD³VSHFLDOH´FDUDWWHULVWLFDFKH OLDFFRPXQDDQFKHVHTXHVWDVROX]LRQHKDO¶LQFRQYHQLHQWHGL³JKHWWL]]DUH´ OD TXDOLWj DPELHQWDOH GLVWDFFDQGR L SURGRWWL JUHHQ GD TXHOOL WUDGL]LRQDOL H QRQFRQVHQWHQGRXQFRQIURQWRGLUHWWR  o O¶DGR]LRQH GL SROLWLFKH GL SDFNDJLQJ RPRJHQHH SUDWLFDELOH VRSUDWWXWWR VXL SURGRWWL D PDUFD SULYDWD  FKH FUHLQR LO FRVLGGHWWR HIIHWWR ³PDFFKLD GL FRORUH´ LPPHGLDWDPHQWH YLVLELOH JUD]LH DOOR VSD]LRVFDIIDOH GHGLFDWR H TXLQGLLQJUDGRGLDWWLUDUHO¶DWWHQ]LRQHGHOFOLHQWH o OD GHILQL]LRQH GL ³SHUFRUVL JXLGDWL´ SHU LO FRQVXPDWRUH FRQVDSHYROH DOO¶LQWHUQRLFRUULGRLHOH³QDYDWH´GHOSXQWRYHQGLWDDGHVHPSLRDWWUDYHUVR ODVHJQDOHWLFD³YHUGH´ROLQHHWUDFFLDWHVXOSDYLPHQWRFKHJXLGLQRLOFOLHQWH DJOL VFDIIDOL LQ FXL VRQR HVSRVWL L SURGRWWL FRQ OH PLJOLRUL SUHVWD]LRQL DPELHQWDOL  • 0HQRGLIIXVLPDDOWUHWWDQWRHIILFDFLVRQRGDULWHQHUVLJOLVWUXPHQWLSL³LQWUXVLYL´QHOOH GLQDPLFKHGLVFHOWDGHLFRQVXPDWRULLQJUDGRGLLQFHQWLYDUHRIRU]DUHLOFDPELDPHQWR



•

GLDOFXQLFRPSRUWDPHQWLTXDOLDGHVHPSLRLGHSRVLWLFRQFDX]LRQHRODUHVWLWX]LRQH GHL YXRWL R GHL SURGRWWL D ILQHYLWD DQFKH D  FDXVD GHOOH SRVVLELOL GLIILFROWj RSHUDWLYH FRQ FXL O¶DSSOLFD]LRQH GL TXHVWL VWUXPHQWL VSHVVR VL VFRQWUD H GDOO¶DOWUR LO OLPLWDWR VXFFHVVRFKHKDQQRDYXWRLQSDVVDWRTXHVWHLQL]LDWLYH  8QD VROX]LRQH DOWHUQDWLYD PHQR ³IRU]RVD´ PD SXU VHPSUH LQ JUDGR GL LQFHQWLYDUH FRPSRUWDPHQWL SURDWWLYL q UDSSUHVHQWDWD GDOOH UDFFROWH SXQWL WHVVHUH IHGHOWj RG RIIHUWHGLRPDJJLFKHWHQGDQRDSUHPLDUHODVFHOWDGHLSURGRWWLSLHFRORJLFL

  )LJXUD±8QHVHPSLRGL³LVRODHFRORJLFD´VXXQSXQWRYHQGLWDGHOODJUDQGH GLVWULEX]LRQHSHUODYDORUL]]D]LRQHGLSURGRWWLFRQO¶(FRODEHO(XURSHR



)RQWH,UDOGR 

 

,SXQWLYHQGLWDVSHFLDOL]]DWL  6L q YLVWR SL YROWH FRPH WUD OH FRQGL]LRQL FKH SRVVRQR SURPXRYHUH WUHQG GL FRQVXPR HFRORJLFRPROWHIDFFLDQRULIHULPHQWRDOODFDSDFLWjGHOO¶RIIHUWDGLFRLQYROJHUHHPRWLYDUHLO FOLHQWH FRQYLQFHQGROR D VXSHUDUH OH SHUSOHVVLWj QHL FRQIURQWL GL SURGRWWL DQFRUD RJJL SHUFHSLWL FRPH QRQ HTXLYDOHQWL VRSUDWWXWWR LQ WHUPLQL SUHVWD]LRQDOL  DL VXFFHGDQHL ³WUDGL]LRQDOL´ SL LQTXLQDQWL ,Q TXHVWD SURVSHWWLYD OD VILGD FRQ FXL LO PRGHUQR WUDGH VL FRQIURQWDRJJLYHGHIDYRULWLJOLRSHUDWRULFKHPHJOLRULHVFRQRDWUDVPHWWHUHDOFOLHQWHXQ FRQFHWWRGLTXDOLWjDPELHQWDOHFRPHVXUSOXVFKHHJOLqLQJUDGRGLSHUFHSLUHQHOO¶DFTXLVWR FRQVDSHYROH VXSHUDQGR LO ³SUHJLXGL]LR´ SHU FXL ³HFRORJLD  ULQXQFLD DG DOFXQH SUHURJDWLYH´/DGLVWULEX]LRQHVSHFLDOL]]DWDLQSDUWLFRODUHVHPEUDSRWHUJLRFDUHXQUXROR GD SURWDJRQLVWD LQ YLUW GL DOFXQH SHFXOLDULWj FKH QH FDUDWWHUL]]DQR L PRGHOOL RUJDQL]]DWLYL L FDQDOL GL YHQGLWD H OH GLQDPLFKH UHOD]LRQDOL QHL FRQIURQWL GL IRUQLWRUL H FOLHQWL  8QD SULPD VSHFLILFLWj GHOOD GLVWULEX]LRQH VSHFLDOL]]DWD VRWWR LO SURILOR HFRORJLFR q LO VXR HOHYDWR JUDGR GL LQWHJUD]LRQH FRQ OD FDWHQD GHOOD IRUQLWXUD 8QR GHL SDVVL SL



GLIILFLOLGDFRPSLHUHSHUFRQTXLVWDUHODILGXFLDGHOFOLHQWHFKHFKLHGHSURGRWWLSL³YHUGL´ LQIDWWLqTXHOORGLJDUDQWLUHFKHODJHVWLRQHGLWXWWRLOORURFLFORGLYLWDVLDFDUDWWHUL]]DWD GDVFHOWHFRPSDWLELOLFRQO¶DPELHQWH 'DTXHVWRSXQWRGLYLVWDFKLGLVWULEXLVFHLOSURGRWWRSXzHIILFDFHPHQWHDVVXPHUHXQUXROR GLJDUDQWHQHLFRQIURQWLGHOFOLHQWH³FRQVDSHYROH´GLSUHVWD]LRQLHFRORJLFKHUHODWLYH D WXWWD OD ILOLHUD VHOH]LRQDQGR LQ EDVH D FULWHUL DPELHQWDOL L SURGRWWL FKH RIIUH VFHJOLHQGR DFFRUWDPHQWH L SURSUL IRUQLWRUL FRQWUROODQGR JOL DSSURYYLJLRQDPHQWL H UHQGHQGR WUDVSDUHQWL WXWWH OH LQIRUPD]LRQL ULJXDUGDQWL JOL LPSDWWL DPELHQWDOL FKH DYYHQJRQR QHOOH IDVL D PRQWH GHOOD YHQGLWD GHO SURGRWWR /D FRPXQLFD]LRQH SXz HVVHUH HIILFDFHPHQWH LPSRVWDWD VXOOH JDUDQ]LH H VXO FRQWUROOR GHOOD ILOLHUD FKH OD GLVWULEX]LRQH VSHFLDOL]]DWDqVSHVVRLQJUDGRGLHVHUFLWDUH ,Q PROWLVVLPL FDVL UHDOL]]DUH TXHVWR FRQWUROOR H GDUQH FRQWR DO FOLHQWH q WXWW¶DOWUR FKH VHPSOLFH %DVWL SHQVDUH DL GLYHUVL VHWWRUL PHUFHRORJLFL FRQWUDGGLVWLQWL GD XQ¶HVWUHPD IUDPPHQWD]LRQH GHOOD ILOLHUD SURGXWWLYD H GLVWULEXWLYD SURGRWWL WHVVLOL SURGRWWL LQ OHJQR SURGRWWLYHUQLFLDQWLHWF QHOFXLDPELWRVLPROWLSOLFDQRLSRWHQ]LDOLLPSDWWLDPELHQWDOLHL UHODWLYLVRJJHWWLUHVSRQVDELOL'DTXHVWRSXQWRGLYLVWDSHUPROWLGLVWULEXWRULVSHFLDOL]]DWL RSHUDUHLQXQDILOLHUDFDUDWWHUL]]DWDGDUDSSRUWLFRQVROLGDWLHFRQWLQXDWLYLFRQLSURGXWWRUL UDSSUHVHQWD XQ YDQWDJJLR LQ WHUPLQL GL FDSDFLWj YDORUL]]DUH TXHVWH OHYH GL JUHHQ PDUNHWLQJQHLFRQIURQWLGHOFOLHQWH  8QD VHFRQGD ³DUPD YLQFHQWH´ D GLVSRVL]LRQH GHO GLVWULEXWRUH VSHFLDOL]]DWR QHOOD ORJLFD GHOOD FRPXQLFD]LRQH DPELHQWDOH GL SURGRWWR ULVLHGH QHOOD SHFXOLDUH IRUPD G¶DFTXLVWR SUHVFHOWDGDLFOLHQWLGLTXHVWRFDQDOH &RPH q QRWR L IDEELVRJQL H OH DVSHWWDWLYH GHO FOLHQWH GHOOD GLVWULEX]LRQH VSHFLDOL]]DWD VL GLVWLQJXRQR VRSUDWWXWWR SHU OD QHFHVVLWj GL WURYDUH H[SHUWLVH H ULVRUVH GRWDWH GL FRPSHWHQ]HVSHFLILFKHQHOSXQWRYHQGLWDFRQFXLLQWHUDJLUHSLLQWHQVDPHQWHULVSHWWRDG DOWUH RFFDVLRQL G¶DFTXLVWR ,Q DOWUH SDUROH DO FOLHQWH GHYH HVVHUH RIIHUWR DQFKH XQ VXSSRUWR ³FRQVXOHQ]LDOH´ PLUDWR D WUDVPHWWHUH FRQRVFHQ]H HG LQIRUPD]LRQL VSHFLILFKHUHODWLYHDOSURGRWWRHDOODVXDXWLOL]]D]LRQH. 4XHVWDSHFXOLDULWjGHOFDQDOH VSHFLDOL]]DWRRIIUHXQDVLJQLILFDRSSRUWXQLWjLQWHUPLQLGLJUHHQPDUNHWLQJ 6LqGHWWRFRPHOHSUHVWD]LRQLDPELHQWDOLGLXQSURGRWWRVLDQRVSHVVRLQYLVLELOLRLQWDQJLELOL SHULOFRQVXPDWRUH FKH ORDFTXLVWDSHUODSULPDYROWDVLSHQVLDOFRQVXPRGLHQHUJLDGL XQ HOHWWURGRPHVWLFR  H FRPH LQ PROWL FDVL TXHVWH QRQ VLDQR QHSSXUH VSHULPHQWDELOL XWLOL]]DQGR LO SURGRWWR VWHVVR DG HVHPSLR OD SURYHQLHQ]D GHO OHJQR GL FXL q IDWWR XQ PRELOH  4XHVWR FRVWLWXLVFH XQ OLPLWH DOOD GLIIXVLRQH GHL SURGRWWL HFRORJLFL QRQ DGHJXDWDPHQWH DSSUH]]DWL TXDQGR LO FOLHQWH VHSSXU ³FRQVDSHYROH´ QRQ SXz UHQGHUVL FRQWRGLFRPHLOVXRDWWRG¶DFTXLVWRFRQWULEXLVFDDPLJOLRUDUHO¶DPELHQWH,QTXHVWLFDVLLO FRQFHWWRGLYHQGLWD³DVVLVWLWD´GLYLHQHIRQGDPHQWDOHSHUFRQVHQWLUHODVHQVLELOL]]D]LRQH GLUHWWD GHO FOLHQWH H O¶HYLGHQ]LD]LRQH GHL EHQHILFL H YDQWDJJL DPELHQWDOL GHO SURGRWWR QRQ LPPHGLDWDPHQWH SHUFHWWLELOL 6RQR QXPHURVL JOL HVHPSL UHODWLYL DOO¶HIILFDFLD GL TXHVWR DSSURFFLRXQRGHLTXDOLqULSRUWDWRQHOER[ 

 ,O FDVR ,NHD QHO VHWWRUH GHOO¶DUUHGDPHQWR q VLJQLILFDWLYR D TXHVWR SURSRVLWR /¶LPSHJQR DPELHQWDOH GHO GLVWULEXWRUH VYHGHVH VL q ILQ GDOO¶LQL]LR FRQFHQWUDWR VXOOD QHFHVVLWj GL GLPRVWUDUH DO FOLHQWH FKH L SURGRWWL LQWHUPHGLXWLOL]]DWLQRQIRVVHURFDXVDGLLPSDWWLDPELHQWDOLVLJQLILFDWLYL,QSDUWLFRODUHO¶DWWHQ]LRQHGL,NHDVLq IRFDOL]]DWD VXO FRQVLVWHQWH XWLOL]]R GL ULVRUVH IRUHVWDOL FKH OD SURGX]LRQH GL PRELOL LQ OHJQR SURGRWWR GL SXQWD  FRPSRUWD LO  GHOOH PDWHULH SULPH XWLOL]]DWH q LQIDWWL FRVWLWXLWR GD OHJQR R ILEUH GL OHJQR  &Lz FKH FDUDWWHUL]]DODVWUDWHJLDD]LHQGDOHqODFRQVDSHYROH]]DFKHDJOLDPEL]LRVLSULQFLSLJXLGDDGRWWDWLQHOFDPSRGHOOH SROLWLFKHDPELHQWDOLQHOqWUDLIRQGDWRULGHO)RUHVW6WHZDUGVKLS&RXQFLO GHEEDQRDFFRPSDJQDUVLVIRU]L VLJQLILFDWLYLVXOIURQWHGHOODJHVWLRQHGHJOLDSSURYYLJLRQDPHQWLHGHLUDSSRUWLFRQLIRUQLWRUL3HUTXHVWRPRWLYR QHO  ,NHD FRPLQFLz DG XWLOL]]DUH LO PHWRGR /&$ SHU OD YDOXWD]LRQH GHOO¶LPSDWWR DPELHQWDOH GHL SURGRWWL LQWHUPHGLXWLOL]]DWLDSDUWLUHGDOWUXFLRODUHODFFDWRHODPLQDWR 2JJLO¶LPSHJQRGHOO¶D]LHQGDYHUVRODVRVWHQLELOLWj GHOOHSURGX]LRQLLQOHJQRWURYDDSSOLFD]LRQHLQPROWLDPELWLGDOODULQXQFLDDGXWLOL]]DUHOHJQDPHSURYHQLHQWHGD IRUHVWHYHUJLQL R DOWUH IRUHVWH SURWHWWH SHU OD IDEEULFD]LRQH GL SURGRWWL LQ OHJQR PDVVLFFLR DOO¶LPSLHJR GL OHJQR WURSLFDOHHVLOWHN VRORQHLFDVLLQFXLSURYHQJDGDIRUHVWHEHQJHVWLWHHFHUWLILFDWHVHFRQGRLUHTXLVLWL)6&R FHUWLILFD]LRQLHTXLYDOHQWL 7DOLD]LRQLULFKLHGRQRQRWHYROLVIRU]LVRSUDWWXWWRQHLFRQIURQWLGHLIRUQLWRUL±VRWWRSRVWL DGXQRVFUXSRORVRPRQLWRUDJJLRSHUGHWHUPLQDUHO¶RULJLQHGHOOHJQRDFTXLVWDWR±HVROOHFLWDWLDXWLOL]]DUHOHJQR FHUWLILFDWR RJQLTXDOYROWD FLz q FRPPHUFLDOPHQWH H WHFQLFDPHQWH IDWWLELOH (¶ HYLGHQWH FRPH L ULVXOWDWL RWWHQXWL GDOO¶D]LHQGD VLDQR LO IUXWWR GL XQD VWUDWHJLD FKH KD SRWXWR IDUH DIILGDPHQWR VX XQD UHWH GL IRUQLWRUL EHQ ³UDGLFDWD´VXFXLLOGLVWULEXWRUHQRQKDVWHQWDWRDIDUDWWHFFKLUHLSURSULSULQFLSLGLFRUUHWWDJHVWLRQHDPELHQWDOH



 

%2;  ± 3XQWL YHQGLWD VSHFLDOL]]DWL H YHQGLWD DVVLVWLWD O¶HVHPSLR GL &DVWRUDPD  )UD L GLVWULEXWRUL FKH KDQQR SHUFRUVR FRQ PDJJLRUH GHFLVLRQH H LPSHJQR OD YLD GHO FRQWDWWR FRQ LO FOLHQWH DWWUDYHUVR OD YHQGLWD ³DVVLVWLWD´ XQ HVHPSLR VLJQLILFDWLYR q &DVWRUDPD1HOO¶HVSHULHQ]DGHOJUXSSRIUDQFHVHqHYLGHQWHODVWUDWHJLDPLUDWDDIRUQLUHDO FOLHQWH XQD VHULH GL VHUYL]L ³D FRUUHGR´ GHO SURGRWWR IUD FXL VL IDQQR VHPSUH SL ODUJR TXHOOLGLWLSRDPELHQWDOH/DVHPSOLFHPDHIILFDFHVFHOWDGLRIIULUHDOFOLHQWHXQDVHULHGL LQIRUPD]LRQLHFRQVLJOLUHODWLYLDOO¶LPSLHJR³HFRORJLFDPHQWHFRUUHWWR´GLYDULSURGRWWLDOGL Oj GHOOD ORUR SURPR]LRQH GLUHWWD PRVWUD FRPH LO GLVWULEXWRUH DEELD FROWR DSSLHQR O¶LPSRUWDQ]DGLTXHVWDOHYDGLJUHHQPDUNHWLQJ4XHVWDVWUDWHJLDVLEDVDVXOSUHVXSSRVWR FKH LO FOLHQWH ³FRQVDSHYROH´ VL DWWHQGD GD XQ GLVWULEXWRUH VSHFLDOL]]DWR VHQVLELOH DOOH WHPDWLFKH HFRORJLFKH QRQ VROR DOFXQH JDUDQ]LH GL SURGRWWR PD DQFKH VXJJHULPHQWL VXOO¶DFTXLVWR VXOO¶XWLOL]]R H VXOOR VPDOWLPHQWR GHL SURGRWWL &DVWRUDPD RIIUH TXHVWL VXJJHULPHQWL SHU L SURGRWWL SHU OD FDVD DG HV FRPH LVRODUH SHU ULVSDUPLDUH HQHUJLD FRPH UHJRODUH OD YHQWLOD]LRQH HWF  GD JLDUGLQDJJLR HV FRPH VFHJOLHUH H GRVDUH L ILWRVDQLWDUL FRPH UHDOL]]DUH XQ FRPSRVW  H GD EULFRODJH FRPH OHJJHUH OH HWLFKHWWH DPELHQWDOLGHLSURGRWWLFRPHFRQVHUYDUOLFRUUHWWDPHQWHHWF   )RQWH,UDOGR 

  1RQ YD VRWWRYDOXWDWR LQROWUH FKH OD GLVWULEX]LRQH VSHFLDOL]]DWD LQ PROWLVVLPL FDVL UDSSUHVHQWD OD SULQFLSDOH ³DUHQD´ GL FRQIURQWR GLUHWWR WUD L SURGXWWRUL H XQD SDUWLFRODUH WLSRORJLDGLFRQVXPDWRULLQJUDGRGLJLRFDUHXQUXRORFKLDYHQHOODGLIIXVLRQHGHLSURGRWWL YHUGLJOLXWLOL]]DWRULSURIHVVLRQDOL4XHVWLVLVRQRVSHVVRULYHODWLWUDLPHQRGLVSRQLELOL DGDFTXLVWDUHSURGRWWLHFRORJLFLDFDXVDGHOODVFDUVDTXDOLWjHGHIILFDFLDG¶XVRSHUFHSLWD 4XDQGR OD FDWHJRULD GHJOL XWLOL]]DWRUL SURIHVVLRQDOL KD VXSHUDWR TXHVWD SHUFH]LRQH H KD DFFHWWDWR L SURGRWWL HFRORJLFL WXWWDYLD QH KD DQFKH VHJQDWR LO VXFFHVVR q VWDWR LO FDVR DG HVHPSLR GHOOH YHUQLFL DOO¶DFTXD LQ *HUPDQLD RYYHUR GHL PDWHULDOL GD FRVWUX]LRQH LQ DOFXQL 3DHVL GHO 1RUG (XURSD &Lz GLPRVWUD FRPH PROWH GHOOH FKDQFH GL GLIIXVLRQH GHL SURGRWWLHFRORJLFLVLOHJKLQRDOODFDSDFLWjGHLSURGXWWRULRGHLGLVWULEXWRULGLSHUVXDGHUHJOL XWLOL]]DWRUL FKH QH IDQQR XVR VX ODUJD VFDOD ,O FDVR GHO PHUFDWR LWDOLDQR GHL SURGRWWL FROODQWL SHU HGLOL]LD q HPEOHPDWLFR VHEEHQH YL VLDQR LPSDWWL GLUHWWL DQFKH GDO SXQWR GL YLVWD GHOOD VDOXWH XPDQD GHL SURGRWWL FRQWHQHQWL HOHYDWH GRVL GL VROYHQWLOD SUHVHQ]D GL TXHVWH VRVWDQ]H UDSSUHVHQWD WXWWRUD DJOL RFFKL GL PROWL DSSOLFDWRUL SURIHVVLRQDOL LO SULQFLSDOHLQGLFDWRUHGL³TXDOLWj´GHOSURGRWWR  6WUHWWDPHQWH OHJDWD DOOD SUHFHGHQWH q LQILQH OD WHU]D SHFXOLDULWj VX FXL OD GLVWULEX]LRQH VSHFLDOL]]DWDSXzIDUOHYDFRPHVXSSRUWRDOOHVWUDWHJLHGLJUHHQPDUNHWLQJGHLSURGXWWRUL /H GLQDPLFKH G¶DFTXLVWR LQ TXHVWR FDQDOH HQIDWL]]DQR LO FRQIURQWR GLUHWWR DSSURIRQGLWR H ³LQIRUPDWR´ WUD SURGRWWL FRQFRUUHQWL &Lz SXz FRQVHQWLUH DOOH SUHVWD]LRQL DPELHQWDOL GL GLYHQLUH XQD YDULDELOH GLVFULPLQDQWH QHOOD VFHOWD GD SDUWH GHO FOLHQWH VRSUDWWXWWR TXDQGR OH DOWUH SUHVWD]LRQL VL HTXLYDOJRQR R QRQ SUHVHQWDQR HFFHOOHQ]H VLJQLILFDWLYH  6L q YLVWR LQIDWWL FRPH PROWL VWXGL VXO FRQVXPR HFRORJLFR HYLGHQ]LQRFRPHODTXDOLWjDPELHQWDOHVLDHIILFDFHSHUODGLIIHUHQ]LD]LRQHGHOSURGRWWRQHL FDVLLQFXLYHQJDQRJDUDQWLWHSUHVWD]LRQLG¶XVRHTXLYDOHQWLULVSHWWRDLSURGRWWLWUDGL]LRQDOL HLQSUHVHQ]DGLXQULGRWWLVVLPRVSUHDGQHOSUH]]R &LzVLJQLILFDFKHXQDVWUDWHJLDGLJUHHQPDUNHWLQJULVXOWDHIILFDFHTXDQGRFKLFRQIURQWDL SURGRWWL q PHVVR QHOOH FRQGL]LRQL GL YDOXWDUH FRUUHWWDPHQWH H SLHQDPHQWH DQFKH LO GLIIHUHQ]LDOHLQWHUPLQLGLSUHVWD]LRQLDPELHQWDOL4XHVWRDFFDGHSLIUHTXHQWHPHQWHQHOOD 

 $QFKH JUD]LH DOO¶LPSHJQR GHOOD GLVWULEX]LRQH VSHFLDOL]]DWD LQ 3DHVL FRPH JOL 6WDWL 8QLWL TXHVWD VLWXD]LRQH q FDPELDWD D IDYRUH GL XQD PDJJLRUH VHQVLELOLWj DPELHQWDOH GHJOL DSSOLFDWRUL 2JJL XQ¶D]LHQGD LWDOLDQD FRPH OD 0DSHLSXzYDQWDUHXQQRWHYROHVXFFHVVRGLSURGRWWLHFRORJLFLFHUWLILFDWLVXLPHUFDWLDPHULFDQLPHQWUHLOPHUFDWR QD]LRQDOHVLGLPRVWUDDQFRUDSRFRUHFHWWLYR



GLVWULEX]LRQHVSHFLDOL]]DWDGRYHLOFOLHQWHUDFFRJOLHLQIRUPD]LRQLVXOSURGRWWRFRQXQ¶RWWLFD FRPSDUDWLYD GDO SHUVRQDOH GL YHQGLWD FKH q GRWDWR GL FRPSHWHQ]H VSHFLILFKH SUHVXPLELOPHQWHLQJUDGRGLVSLHJDUHDQFKHJOLDVSHWWLDPELHQWDOL   

/DFRPXQLFD]LRQHDPELHQWDOHVXLPHGLD³WUDGL]LRQDOL´  /DFRPXQLFD]LRQHSXEEOLFLWDULDVLqDYYDOVDVLQGDOOHSURSULHRULJLQLGLXQDPROWHSOLFLWjGL VWUXPHQWLGLFRPXQLFD]LRQHGDOODVWDPSDTXRWLGLDQDHSHULRGLFDDOO¶DIILVVLRQHVWDWLFDH GLQDPLFD DOODWHOHYLVLRQHDOFLQHPDDOODUDGLR)UDTXHVWLLPH]]LGLFRPXQLFD]LRQHGL PDVVDUDGLRWHOHYLVLYLHGHOODFDUWDVWDPSDWDKDQQRVHPSUHJLRFDWRXQUXRORFKLDYHTXDOL PROWLSOLFDWRUL H DPSOLILFDWRUL GHL PHVVDJJL SXEEOLFLWDUL GRWDWL GL XQ HQRUPH SRWHQ]LDOH LQ WHUPLQL GL LQIOXHQ]D VXOOH VFHOWH H VXL FRPSRUWDPHQWL GHJOL XWHQWL 2JJL DO UXROR GL TXHVWL PHGLD ³WUDGL]LRQDOL´ VL DJJLXQJRQR OH DOWUHWWDQWR ULOHYDQWL SRWHQ]LDOLWj FRPXQLFDWLYH GHL FRVLGGHWWL ³QXRYL PHGLD´ FKH D SDUWLUH GD ,QWHUQHW RIIURQR RJJL XQD PROWHSOLFLWj GL FDQDOL GL FRPXQLFD]LRQH ZHE FRPPXQLWLHV VRFLDO QHWZRUN IRUXP GL GLVFXVVLRQHHWF6LYHGDSLDYDQWLLOSDUDJUDIR   ,Q TXHVWR TXDGUR ULIHULPHQWL DOO¶HFRORJLD H DOOD VRVWHQLELOLWj DPELHQWDOH QHOOD FRPXQLFD]LRQH SXEEOLFLWDULD VXL PHGLD WUDGL]LRQDOL VRQR VWDWL SUHVHQWL VLQ GD TXDQGR OH D]LHQGH KDQQR LQL]LDWR D YDORUL]]DUH LO SURSULR LPSHJQR DPELHQWDOH QHOOH VWUDWHJLH GL PDUNHWLQJ $QFRUD RJJL LO PHVVDJJLR SXEEOLFLWDULR YHLFRODWR VX VWDPSD UDGLR H WHOHYLVLRQH q XQR GHL SULQFLSDOL VWUXPHQWL GL FRPXQLFD]LRQH DPELHQWDOH FRPH GLPRVWUDQR DQFKH L GDWL GL XQ UHFHQWH VWXGLR ,SVRV SUHVHQWDWR DOOD %LHQQDOH ,QWHUQD]LRQDOH GHOOD &RPXQLFD]LRQH $PELHQWDOH  ULSRUWDWL QHO JUDILFR  OD FRVLGGHWWD ³DGYHUWLVLQJ DERYH WKH OLQH´ FRVWLWXLWD GDL PDVV PHGLD WUDGL]LRQDOL WHOHYLVLRQH UDGLR H VWDPSD  UDSSUHVHQWD DQFRUD LO SULQFLSDOH FDQDOH GL FRPXQLFD]LRQH DPELHQWDOHSHUOHLPSUHVHUHJLVWUDQGRLOGHOOHULVSRVWHIRUQLWHGDOOHD]LHQGHDSDUL PHULWRFRQTXHOOHLQGLFDQWLO¶´XIILFLRVWDPSD   /¶XVRGHLPHVVDJJLSXEEOLFLWDULSHUUHDOL]]DUHFDPSDJQHGLJUHHQFRPPXQLFDWLRQVLqSRL GLIIHUHQ]LDWR PROWR D VHFRQGD GHOO¶RJJHWWR GHOOD FRPXQLFD]LRQH R GHO WDUJHW D FXL LO PHVVDJJLRqLQGLUL]]DWR,QDOFXQLFDVLODSXEEOLFLWjHFRORJLFDqGHULYDWDGDXQLPSHJQRD IDYRUH GHOO¶DPELHQWH PROWR LQWHQVR LQ DOWUL FDVL VL q WUDWWDWR SL GL XQ¶RSHUD]LRQH GL ³FRVPHVL´SHUPLJOLRUDUHO¶LPPDJLQHD]LHQGDOHVSLQWDGDOOHRSSRUWXQLWjGLPHUFDWR&RPH VLqYLVWRQHLSDUDJUDILSUHFHGHQWLLQTXHVW¶XOWLPDVLWXD]LRQHODSXEEOLFLWjDPELHQWDOHQRQ VXSSRUWDWD GD XQ LPSHJQR UHDOH QHL SURFHVVL SURGXWWLYL KD VSHVVR GDWR RULJLQH D IHQRPHQL GL JUHHQZDVKLQJ GDQQHJJLDQGR DOOD OXQJD OH LPSUHVH FKH KDQQR UHDOL]]DWR TXHVWHFDPSDJQHSXEEOLFLWDULHHLQGHEROHQGRODFUHGLELOLWjFRPSOHVVLYDVXOPHUFDWRGHOOD SXEEOLFLWj D VIRQGR HFRORJLFR 1HO QRVWUR 3DHVH LQROWUH OD FRVFLHQ]D GHOOD QHFHVVLWj GL DUJLQDUH LO IHQRPHQR GHO JUHHQZDVKLQJ q UHODWLYDPHQWH UHFHQWH ILQR D SRFKL DQQL ID OH VWHVVH DVVRFLD]LRQL GHL FRQVXPDWRUL HUDQR LQ JUDQ SDUWH ³FXOWXUDOPHQWH LPSUHSDUDWH´ ULVSHWWR DO JUHHQZDVKLQJ H SHUORSL LPSHJQDWH QHO IURQWHJJLDUH DOWUH HPHUJHQ]H D VRVWHJQRGHLFRQVXPDWRULFIU3UDWHVL  



 5RPD  PDU]R  %LHQQDOH ,QWHUQD]LRQDOH GHOOD &RPXQLFD]LRQH $PELHQWDOH A (GL]LRQH ZZZELFDRQOLQHLW



*UDILFR±3ULQFLSDOLFDQDOLGLJUHHQPDUNHWLQJHFRPXQLFD]LRQHDPELHQWDOH

)RQWH,SVRV 

  3RQHQGRVL GDO SXQWR GL YLVWD GL XQ¶LPSUHVD FKH VFHOJD GL FRPXQLFDUH LO VXR LPSHJQR DPELHQWDOH H GL SURPXRYHUH L VXRL SURGRWWL ³YHUGL´ DWWUDYHUVR L FDQDOL UDGLRWHOHYLVLYL H GHOOD FDUWD VWDPSDWD q LPSRUWDQWH TXLQGL DQDOL]]DUH OH RSSRUWXQLWj H L ULVFKL FRQQHVVL D WDOH VFHOWD DO ILQH GL YDOXWDUQH O¶HIILFDFLD ULVSHWWR DOOH HVLJHQ]H LQIRUPDWLYH GHL FOLHQWLFRQVXPDWRUL ,QTXHVWRDPELWRQRQVRQRPROWHOHLQGDJLQLUHDOL]]DWHDOORVFRSRGLLQGDJDUHODSUHVHQ]D H OH FDUDWWHULVWLFKH GHOOD SXEEOLFLWj HFRORJLFKH VXL PHGLD 5LVXOWD XWLOH TXLQGL ULSRUWDUH L SULQFLSDOL ULVXOWDWL GL XQD UHFHQWH ULFHUFD FRQGRWWD GDOOD 6FXROD 6XSHULRUH 6DQW¶$QQD GL 3LVDPLUDWDDGDQDOL]]DUHODGLIIXVLRQHHOHFDUDWWHULVWLFKHGHLULIHULPHQWLDOO¶DPELHQWHQHL PHVVDJJL SXEEOLFLWDUL SUHVHQWL VX ULYLVWH H TXRWLGLDQLLWDOLDQL LQWHUSUHWDQGRQH L ULVXOWDWL FRPHLQGLFD]LRQLRSHUDWLYHSHUXQHIILFDFHJUHHQPDUNHWLQJRULHQWDWRDOO¶XWLOL]]RGHLPHGLD WUDGL]LRQDOL /R VWXGLR q VWDWR ILQDOL]]DWR D FRQRVFHUH TXDQWR H DWWUDYHUVR TXDOL PRGDOLWj OH LPSUHVH XWLOL]]LQRODYDULDELOHDPELHQWDOHQHOOHSURSULHFDPSDJQHSXEEOLFLWDULHVXFDUWDVWDPSDWD TXDOL VRQR JOL HOHPHQWLIRQGDQWLOH GLYHUVH VWUDWHJLH GL FRPXQLFD]LRQHH TXDOLL VHWWRUL LQ FXL WDOL VWUDWHJLH VL GLPRVWUDQR SL HIILFDFL *OL DPELWL LQGDJDWL VSD]LDQR GDOOH FDUDWWHULVWLFKH GHOOD ULYLVWD DL FRQWHQXWL GHO PHVVDJJLR TXDOLO¶RJJHWWR GL ULIHULPHQWR OD SUHVHQ]DGLHOHPHQWLGLJDUDQ]LDHWF ILQRDOO¶LPSRVWD]LRQHJUDILFD  8QHOHPHQWRGLSDUWLFRODUHLQWHUHVVHSHUOHLPSUHVH FKHLQWHQGDQRFRPXQLFDUHLOSURSULR LPSHJQR DPELHQWDOH DWWUDYHUVR OD FDUWD VWDPSDWD ULJXDUGD L ULVXOWDWL GHOO¶LQGDJLQH LQ WHUPLQLGLSUHVHQ]DVLDGLDVSHWWLDPELHQWDOLFRQQHVVLDOO¶RJJHWWRGHOPHVVDJJLRVLD GLULIHULPHQWLDJOLLPSDWWLDTXHVWLFRQQHVVL &RPH VL q GHWWR LQ SUHFHGHQ]D OD FDSDFLWj GHOO¶LPSUHVD GL FRPXQLFDUH LQ PRGR FKLDUR FRHUHQWH HG HIILFDFH DO FOLHQWHFRQVXPDWRUH LO FRQWULEXWR FKH HJOL SXz GDUH DO 

/¶LQGDJLQHqGHVFULWWDLQGHWWDJOLRLQ)UH\HWDO   /D PHWRGRORJLD GL LQGDJLQH KD XWLOL]]DWR FRPH ULIHULPHQWL WHUPLQRORJLFL UHODWLYL DJOL DVSHWWL DPELHQWDOL H DJOL LPSDWWLDPELHQWDOLULVSHWWLYDPHQWHODGHILQL]LRQHGLDVSHWWRDPELHQWDOHGHO5HJRODPHQWR(PDV&(H GLLPSDWWRDPELHQWDOHGHOGDO'/JV





PLJOLRUDPHQWRGHOO¶DPELHQWHSDVVDVRSUDWWXWWRDWWUDYHUVRO¶HVSOLFLWD]LRQHGLXQDUHOD]LRQH ³FDXVD ± HIIHWWR´ SL GLUHWWD SRVVLELOH RYYHUR ³FRPSUD TXHVWR SURGRWWR PLJOLRUHUDL TXHVWL DVSHWWL DPELHQWDOL´ 4XHVWD FKLDYH GL OHWWXUD DSSDUH IRQGDPHQWDOH QHOOD VWUDWHJLD GL JUHHQ PDUNHWLQJ LQ TXDQWR WUDVPHWWH OD VHQVD]LRQH DO FRQVXPDWRUH GL SDUWHFLSDUH DOO¶RELHWWLYR GHO PLJOLRUDPHQWR DWWUDYHUVR O¶DFTXLVWR GHO SURGRWWR H TXLQGL QH PRWLYD OD VFHOWDFRQVDSHYROH  /D SUHVHQ]D GL ULIHULPHQWL DG DVSHWWL DPELHQWDOL FRQQHVVL DOO¶RJJHWWR GHO PHVVDJJLR q VWDWDLQHIIHWWLULVFRQWUDWDLQXQDODUJDPDJJLRUDQ]DGHLPHVVDJJLDQDOL]]DWLSDUL DOO¶GHOWRWDOH /¶HOHYDWDDWWHQ]LRQHGDSDUWHGHOOHD]LHQGHVRSUDWWXWWRDOWHPDGHOOH HPLVVLRQL LQ DWPRVIHUD H GHL FRQVXPL HQHUJHWLFL SXz LQWHUSUHWDUVL LQ UHOD]LRQH DOOD ULOHYDQ]DFKHO¶RSLQLRQHSXEEOLFDDWWULEXLVFHDTXHVWLDVSHWWL )UDJOLDQQXQFLSXEEOLFLWDULVXFDUWDVWDPSDWDFKHULVXOWDQRSLHIILFDFLQHOFRPXQLFDUHJOL DVSHWWL DPELHQWDOL GHO SURGRWWR XWLOL]]DQGR DQFKH LQGLFDWRUL GL SUHVWD]LRQH YH QH VRQR PROWL ULFRQGXFLELOL DO VHWWRUH DXWRPRELOLVWLFR IHQRPHQR UDIIRU]DWR DQFKH DOOH SURVSHWWLYH GHOLQHDWH GDOOH GLUHWWLYH HXURSHH FKH SRQJRQR LO IXWXUR REEOLJR GL LQIRUPD]LRQH SXEEOLFD VXOOH HPLVVLRQL LQ DWPRVIHUD  ,Q ILJXUD  q ULSRUWDWR XQ HVWUDWWR GL XQ PHVVDJJLR SXEEOLFLWDULRSDUWLFRODUPHQWHHIILFDFHVRWWRTXHVWRSURILOR  )LJXUD±8QHVHPSLRGLSXEEOLFLWjDPELHQWDOHEDVDWDVXLQGLFDWRULGLSUHVWD]LRQH

)RQWHHODERUD]LRQHGDSXEEOLFLWjVXFDUWDVWDPSDWD 



  /¶XWLOL]]R GL HVSOLFLWL H FKLDUL ULIHULPHQWL DJOL DVSHWWL DPELHQWDOL SL ULOHYDQWL GHO SURGRWWR SXEEOLFL]]DWRQRQqSUHURJDWLYDGHOVHWWRUHDXWRPDqSUHVHQWHLQDOWULPROWLDOWULVHWWRUL DQFKH LQ FDWHJRULH PHUFHRORJLFKH GL ODUJR FRQVXPR DOOH TXDOL LO FRQVXPDWRUH JHQHUDOPHQWH QRQ DVVRFLD XQ LPSDWWR DPELHQWDOH VLJQLILFDWLYR 1HO FDVR GHOOH FDO]DWXUH DG HVHPSLR q LQWHUHVVDQWH FRPH VL SRVVDQR HQIDWL]]DUH DVSHWWL TXDOL O¶XWLOL]]R GL PDWHULDOHRUJDQLFRHULFLFODWRVLYHGDODILJXUD       



 )LJXUD±8QHVHPSLRGLSXEEOLFLWjDPELHQWDOHUHODWLYDDGXQSURGRWWRGL ODUJRFRQVXPR

)RQWHHODERUD]LRQHGDSXEEOLFLWjVXFDUWDVWDPSDWD 



  /D GLIIXVLRQH GL LQIRUPD]LRQL VXJOL DVSHWWL DPELHQWDOL FRQQHVVL DOO¶RJJHWWR GHO PHVVDJJLR QRQ q VHPSUH FRUUHGDWD GD ULIHULPHQWL DJOL LPSDWWL DPELHQWDOL GL SURGRWWL H VHUYL]L SUHVHQWLVRORQHOGHLPHVVDJJLHFRORJLFL/¶HIIHWWRVHUUDqVLFXUDPHQWHO¶LPSDWWRSL FRQRVFLXWR VWXGLDWR H ³SDYHQWDWR´ D OLYHOOR JOREDOH H IRUVH SURSULR SHU TXHVWR q FRPXQHPHQWH ULFKLDPDWR VX JLRUQDOL H ULYLVWH   /¶LPSDWWR SL IUHTXHQWHPHQWH ULFKLDPDWR GDOOH SXEEOLFLWj HFRORJLFKH q O¶HVDXULPHQWR GHOOH ULVRUVH QDWXUDOL   VRSUDWWXWWRQHLPHVVDJJLGHOVHWWRUHHQHUJHWLFRHGHOVHWWRUHDUUHGDPHQWR  4XHVWDLQGLFD]LRQHSXzHVVHUHLQWHUSUHWDWDGDXQODWRFRPHVLQWRPRGHOODGLIILFROWj D WUDWWDUH JOL ³LPSDWWL´ DPELHQWDOL QHOOD FRPXQLFD]LRQH SXEEOLFLWDULD D FDXVD GHOOD FRPSOHVVLWjGHLWHPLHGHOOLQJXDJJLRHFFHVVLYDPHQWHWHFQLFRQHFHVVDULRDVSLHJDUOLQRQ DGHJXDWR DO FRQWHVWR SXEEOLFLWDULR  H GDOO¶DOWUR O¶RSSRUWXQLWj GL VYLOXSSDUH IRUPH GL FRPXQLFD]LRQH FDSDFL GL DYYLFLQDUH LO FOLHQWH DOOD GLPHQVLRQH GHOO¶LPSDWWR DPELHQWDOH VL SHQVLDOO¶DWWXDOLWjGHOWHPDGHOO¶HIIHWWRVHUUDHGHOODFRVLGGHWWD³FDUERQIRRWSULQW´ 



7DEHOOD   $VSHWWL DPELHQWDOL WUDWWDWL QHOOD SXEEOLFLWj H PHVVDJJL HFRORJLFL ULIHULWL DG LPSDWWL DPELHQWDOL $VSHWWRDPELHQWDOH

1XPHURGLPHVVDJJL

3HUFHQWXDOH













3UHVHQ]DDVVHQ]DVRVWDQ]HSHULFRORVH





3URGX]LRQHGLULILXWL





&RQVXPLGLHQHUJLD &RQVXPLGLULVRUVHQDWXUDOL (PLVVLRQLLQDWPRVIHUD

6HWWRUH   ,PSDWWR

6HWWRUHDXWR

 6HWWRUH SURGX]LRQH FDUEXUDQWLHG HQHUJLD

6HWWRUH SURGX]LRQH SQHXPDWLFL

6HWWRUH VHUYL]LH WHU]LDULR

$OWUR









 

(VDXULPHQWRGHOOHULVRUVH QDWXUDOL









 

,QTXLQDPHQWRGHOO DULD









 

(IIHWWRVHUUD

)RQWH)UH\HWDO 

 3DUWLFRODUPHQWHHIILFDFHSXzULYHODUVLDGHVHPSLRODVROX]LRQHGLULSRUWDUHQHOFRQWHQXWR GHLPHVVDJJLHFRORJLFLHVSOLFLWDPHQWHLEHQHILFLDPELHQWDOLGHULYDQWLGDOO¶DFTXLVWRGHO SURGRWWRVHUYL]LRSXEEOLFL]]DWRRYYHURGLVROOHFLWDUHFRPSRUWDPHQWLFRUUHWWLGDSDUWHGHO FRQVXPDWRUH GHO SURGRWWR QHOO¶XWLOL]]R RSSXUH QHOOR VPDOWLPHQWR R QHO UHFXSHUR GHO SURGRWWR  1HL FDVL LQ FXL OH D]LHQGH VFHOJRQR XQR VWLOH GL FRPXQLFD]LRQH SL ³GLUHWWR´ SRVVRQR DUULYDUH DG LQVHULUH QHO PHVVDJJLR SXEEOLFLWDULR VROOHFLWD]LRQL ULYROWH DO FRQVXPDWRUH SHUFKp DGRWWL XQ FRPSRUWDPHQWR UHVSRQVDELOH H OR WUDGXFD LQ FRHUHQWL GHFLVLRQL G¶DFTXLVWR6LFRQVLGHULDGHVHPSLRO¶DQQXQFLRSXEEOLFLWDULRGLXQRSHUDWRUHGHOODJUDQGH GLVWULEX]LRQHULSRUWDWRLQILJXUD



)LJXUD±8QHVHPSLRGLSXEEOLFLWjDPELHQWDOHFKHUHVSRQVDELOL]]DLOFRQVXPDWRUH



)RQWHHODERUD]LRQHGDSXEEOLFLWjVXFDUWDVWDPSDWD 

  ,QDOWULFDVLO¶D]LHQGDIRUQLVFHLQGLFD]LRQLVXFRPHULGXUUHJOLVSUHFKLOHJDWLDOO¶XWLOL]]RGHO SURGRWWRRQHLFDVLSLDYDQ]DWLRIIUHDOFRQVXPDWRUHODSRVVLELOLWjGLULWLUDUHLOSURGRWWR D ILQH YLWD 8Q HVHPSLR SDUWLFRODUPHQWH LQWHUHVVDQWH LQ UDJLRQH GHOOD VXD LQWHUVHWWRULDOLWj q UDSSUHVHQWDWR GDOO¶DQQXQFLR ULSRUWDWR LQ ILJXUD  UHODWLYR DOOD SURPR]LRQHGLXQJHVWRUHWHOHIRQLFRFKHSURPXRYHLOUHFXSHURGHJOLDSSDUHFFKLFHOOXODUL   )LJXUD±8QHVHPSLRGLSXEEOLFLWjDPELHQWDOHFKH SURPXRYHLOUHFXSHURGHLSURGRWWLDILQHYLWD

)RQWHHODERUD]LRQHGDSXEEOLFLWjVXFDUWDVWDPSDWD 







,Q PROWL FDVL OD SXEEOLFLWj HFRORJLFD SXz HVVHUH HIILFDFHPHQWH FDUDWWHUL]]DWD GD XQ DSSURFFLR ³PXOWLGLPHQVLRQDOH´ LQ FXL LO PHVVDJJLR ³YHUGH´ q DIILDQFDWR GD ULIHULPHQWL SL R PHQR PDUFDWL  DG DOWUL DVSHWWL TXDOL OD VDOXWH H OD VLFXUH]]D GHO FRQVXPDWRUH RSSXUH OD GLPHQVLRQH HWLFD GHOO¶LPSUHVD , GDWL GHOOD FLWDWD LQGDJLQH 6DQW¶$QQDPRVWUDQRODWHQGHQ]DGHOOHLPSUHVHDUHDOL]]DUHPHVVDJJLHFRORJLFLVRSUDWWXWWR FRUUHODWL DO EHQHVVHUH H DOOD VDOXWH GHL FRQVXPDWRUL   4XHVWD VFHOWD SXz HVVHUH FRQVLGHUDWD SDUWLFRODUPHQWH LPSDWWDQWH VXOOD VFHOWD GHO FRQVXPDWRUH LQ TXDQWR ID OHYD VXOOH YDULDELOL FKH VRQR SL ³SURVVLPH´ DOOD VIHUD GHL ELVRJQL H GHOOH SUHRFFXSD]LRQL LQGLYLGXDOL 4XHVWR DSSURFFLR GLVSLHJD WXWWH OH SURSULH SRWHQ]LDOLWj QHOOH FDWHJRULH GL SURGRWWL FKH KDQQR XQ LPSDWWR GLUHWWR VXOOD VDOXWH H VXOOD VLFXUH]]D GHO FRQVXPDWRUH TXDOL JOL DOLPHQWL 6L FRQVLGHUL DG HVHPSLR O¶HYLGHQWH VLQHUJLD IUD DPELHQWH H VDOXWH QHOOD FRPXQLFD]LRQH GHL SURGRWWL ELRORJLFL FRPH HVHPSOLILFDWR GDOOD SXEEOLFLWj LQ ILJXUD   )LJXUD±8QHVHPSLRGLSXEEOLFLWjFKHYDORUL]]D OHVLQHUJLHWUDDPELHQWHHVDOXWHGHOFRQVXPDWRUH

)RQWHHODERUD]LRQHGDSXEEOLFLWjVXFDUWDVWDPSDWD  



 8Q DOWUD OHYD SRWHQ]LDOPHQWH PROWR PRWLYDQWH q UDSSUHVHQWDWD GDO ULFKLDPR HVSOLFLWR DJOL DVSHWWL HFRQRPLFL H GL TXDOLWj GHL SURGRWWL SXEEOLFL]]DWLLQ FRQQHVVLRQH DOOD ORUR SUHVWD]LRQHDPELHQWDOH,OGHLPHVVDJJLHFRORJLFLLGHQWLILFDWLQHOO¶LQGDJLQHSUHVHQWD LQIDWWL ULIHULPHQWL DOOH SUHVWD]LRQL GHO SURGRWWR $QFKH O¶HFRQRPLFLWj H OD FRQYHQLHQ]D ± IDWWRUL WUDGL]LRQDOPHQWH SULRULWDUL QHOO¶RULHQWDUH OH VFHOWH G¶DFTXLVWR GHL FRQVXPDWRUL ± FRVWLWXLVFRQR ULFKLDPL ³IRUWL´ QHOO¶DPELWR GHOOD FRPXQLFD]LRQH DPELHQWDOH 'DOOR VWXGLR HPHUJH FKH LO  GHOOH RUJDQL]]D]LRQL KD LQVHULWR DO ILDQFR GL LQIRUPD]LRQL DPELHQWDOL DQFKH ULIHULPHQWL DO SUH]]R H DOOD FRQYHQLHQ]D HFRQRPLFD VSHVVR OHJDWL DOOH RSSRUWXQLWj GL ULVSDUPLR GRYXWH SURSULR DOOD PLJOLRUH TXDOLWj DPELHQWDOH GHO SURGRWWR VL SHQVL DOO¶HIILFLHQ]DHQHUJHWLFDRDOEDVVRFRQVXPRLGULFROHJDWRDOO¶XWLOL]]RGHJOLHOHWWURGRPHVWLFL SL³LQQRYDWLYL´  



 7DEHOOD0HVVDJJLHFRORJLFLSHUVHWWRUH 6HWWRUH GLD]LRQH 6HWWRUH DXWRPRELOLVWLFR

6HWWRUH LQIRUPDWLFR

6HWWRUH SURGX]LRQH FDUEXUDQWL HHQHUJLD 

6HWWRUH VHUYL]LH WHU]LDULR

5LIHULPHQWLTXDOLWjHSUHVWD]LRQLGHOSURGRWWR  









5LIHULPHQWLDOIDWWRUHSUH]]R 









  5LIHULPHQWLDTXDOLWj HDSUH]]RGHOSURGRWWR

)RQWH)UH\HWDO   

,O PHVVDJJLR SXEEOLFLWDULR ULSRUWDWR LQ ILJXUD  ULVXOWD SDUWLFRODUPHQWH LQQRYDWLYR LQ TXDQWRULHVFHDGLURQL]]DUHVXOODILJXUDGHOFRQVXPDWRUH³YHUGH´WHQWDQGRGLFRQYLQFHUH LO SURSULR WDUJHW GL PHUFDWR FKH LO VHUYL]LR SURSRVWR QRQ GHEED HVVHUH ³UHOHJDWR´ DL VROL FOLHQWL JXLGDWL GDOOD VHQVLELOLWj DPELHQWDOH PD SXz RIIULUH DQFKH EHQHILFL GL WLSR HFRQRPLFR  )LJXUD±8QHVHPSLRGLSXEEOLFLWjDPELHQWDOHFKHSURPXRYHODFRQYHQLHQ]DHFRQRPLFD GHOOHVFHOWHHFRORJLFKH

)RQWHHODERUD]LRQHGDSXEEOLFLWjVXFDUWDVWDPSDWD 



  ,QILQH YD HYLGHQ]LDWR FKH OD SXEEOLFLWj D VIRQGR HFRORJLFR VXL PHGLD WUDGL]LRQDOL VLD WHOHYLVLYL VLD VX FDUWD VWDPSDWD  IDQQR DPSLR ULFRUVR DG LPPDJLQL HYRFDWLYH FKH UDSSUHVHQWDQRVSHVVRLOSULPRIDWWRUHG¶LPSDWWRVXOFRQVXPDWRUHVROOHFLWDWRGDOULFKLDPR DVLJQLILFDWLORJLFLRDQDORJLFL1HLFDVLSLRYYLJOLDQQXQFLVLDIILGDQRDGDPELHQWD]LRQLH VFHQDUL SDHVDJJLVWLFL QDWXUDOL FDUDWWHUL]]DWL GDOOD SUHGRPLQDQ]D GHO YHUGH ,Q DOWUL FDVL YHQJRQR XWLOL]]DWH LPPDJLQL GL DQLPDOL FKH VWLPRODQR LO ODWR DIIHWWLYR H SURWHWWLYR GHO OHWWRUHRVSHWWDWRUHGHOODSXEEOLFLWj8QHVHPSLRGLXWLOL]]RGLWDOLLPPDJLQLqODSXEEOLFLWj 

GHOOD FRPSDJQLD DHUHD $LURQH FKH JLRFD DQFKH VXO GRSSLR VLJQLILFDWR GHO SURSULR QRPH FRPPHUFLDOHULFKLDPDWRGDOO¶RPEUDGHOO¶DLURQH   )LJXUD±8QHVHPSLRGLSXEEOLFLWjDPELHQWDOH FKHSXQWDVXOO¶XWLOL]]RGLLPPDJLQLHYRFDWLYH



)RQWHHODERUD]LRQHGDSXEEOLFLWjVXFDUWDVWDPSDWD 

  $QFKHTXDQGRLOPHVVDJJLRKDFRPHSURWDJRQLVWHOHSHUVRQHYLqXQDQHWWDSUHYDOHQ]D GL LPPDJLQL FKH HYRFDQR OD WXWHOD GHOO¶DPELHQWH D EHQHILFLR GHOOH JHQHUD]LRQL IXWXUH H TXLQGL ULSURSRQJRQR VRSUDWWXWWR LO PRGHOOR GL ³PDWHUQLWj´ HR GL ³IDPLJOLD UHVSRQVDELOH´ VLYHGDO¶HVHPSLRULSRUWDWRGLVHJXLWR   )LJXUD±8QHVHPSLRGLSXEEOLFLWjDPELHQWDOH FKHIDOHYDVXOODWXWHODGHOOHJHQHUD]LRQLIXWXUH

 )RQWHHODERUD]LRQHGDSXEEOLFLWjVXFDUWDVWDPSDWD 



/¶LQGDJLQH GHOOD 6FXROD 6XSHULRUH 6DQW $QQD VXOOD SXEEOLFLWj DPELHQWDOH QHOOD FDUWD VWDPSDWDFRQIHUPDFKHOHLPPDJLQLSLIUHTXHQWHPHQWHXWLOL]]DWHULFKLDPDQRO¶DPELHQWH LOGHLPHVVDJJLDQDOL]]DWL 1HOO¶DPELWRGLTXHVWHLOGHOOHLPPDJLQLHYRFDQRXQ ULIHULPHQWRDSLDQWHHGDQLPDOLLOULFKLDPDO¶DPELHQWD]LRQHQDWXUDOHGHOPHVVDJJLR PHQWUHLQXQDOWURGHLFDVLVLHYLQFHXQOHJDPHUHDOHWUDOHSHUIRUPDQFHDPELHQWDOL GHO SURGRWWR H OH LPPDJLQL SURSRVWH VL YHGD LO JUDILFR   4XHVWL GDWL VRWWROLQHDQR LQ PRGR LQHTXLYRFDELOH O¶LPSRUWDQ]D GHOO¶XWLOL]]R GL LPPDJLQL HYRFDWLYH H LQ JUDGR GL UDIIRU]DUH LO PHVVDJJLR DPELHQWDOH FRQWHQXWR QHOOD SXEEOLFLWj SRQHQGR QDWXUDOPHQWH DWWHQ]LRQH DOOD FRHUHQ]D WUD LPPDJLQL XWLOL]]DWH H EHQHILFL UHDOL FRQQHVVL FRQ LO SURGRWWR LQFRQIRUPLWjFRQTXDQWRVXJJHULWRGDOODQRUPD,62   *UDILFR3UHVHQ]DGLLPPDJLQLHDVSHWWRGLULIHULPHQWR



)RQWH)UH\HWDO 

  /H FRQVLGHUD]LRQL SURSRVWH VLQRUD UHODWLYDPHQWH DOOD FDUWD VWDPSDWD SRVVRQR HVVHUH DPSOLDWHDJOLDOWULPHGLDWUDGL]LRQDOLTXDOLLPH]]LUDGLRWHOHYLVLYL6RWWRLOSURILORVSHFLILFR GHO JUHHQ PDUNHWLQJ TXHVWL FDQDOL GL FRPXQLFD]LRQH SUHVHQWDQR DOFXQH GLIIHUHQ]H VRVWDQ]LDOL ULVSHWWR DOODFDUWD VWDPSDWD FKH SRVVRQR SRWHQ]LDUQH R GLPLQXLUQH O¶HIILFDFLD UHODWLYD3HUTXDQWRULJXDUGDODWHOHYLVLRQHDGHVHPSLRRFFRUUHWHQHUHLQFRQVLGHUD]LRQH FKHTXHVWD  • JDUDQWLVFH XQ ULOHYDQWH LPSDWWR VX XQ WDUJHW GL PDVVD H TXLQGL FRQVHQWH GL ULYROJHUVL PHJOLR DO WDUJHW JHQHUDOH GHL FOLHQWLFRQVXPDWRUL FKH QRQ VLDQR FRQWUDGGLVWLQWLGDHOHYDWDFRQVDSHYROH]]DPDYDQQRVHPPDL³HGXFDWL´DOODVHQVLELOLWj DPELHQWDOH • FRQVHQWHPDJJLRUHFUHDWLYLWjHGXQSLDOWROLYHOORGLFRLQYROJLPHQWRHPRWLYR FKHSHUWHPLVRFLDOLTXDOLO¶HFRORJLFDSXzFRVWLWXLUHODSULQFLSDOHOHYDPRWLYD]LRQDOH • FRPSRUWDWXWWDYLDFRVWLPROWRSLHOHYDWLFKHVSHVVRUDSSUHVHQWDQRGHOOHYHUHH SURSULHEDUULHUHDOO¶LQJUHVVRGHOPHUFDWRSXEEOLFLWDULR • VSHVVR QRQ SHUPHWWH XQ JUDGR GL DSSURIRQGLPHQWR VXIILFLHQWH SHU WUDWWDUH GL WHPDWLFKHWHFQLFKHTXDOLJOLLPSDWWLDPELHQWDOLGLXQSURGRWWR  3HU TXDQWR ULJXDUGD LQYHFH OD SXEEOLFLWj DPELHQWDOH DWWUDYHUVR LO PH]]R UDGLRIRQLFR RFFRUUHFRQVLGHUDUHOHVHJXHQWLVSHFLILFLWj  • O¶DVFROWRGHOODUDGLRDYYLHQHVSHVVRLQFRQWHPSRUDQHDFRQDOWUHDWWLYLWjLQFXL O¶DVFROWDWRUH q LPSHJQDWR H VRSUDWWXWWR GXUDQWH L VXRL VSRVWDPHQWL FLz SHUPHWWH GL LQIOXHQ]DUH OH VFHOWH GHO FRQVXPDWRUH LQ PRPHQWL PROWR SL SURVVLPL DOO¶DWWR 

•

•

• •

G¶DFTXLVWR FKH VSHVVR SHU L SURGRWWL HFRORJLFL ID DIILGDPHQWR SURSULR VX PHFFDQLVPL G¶LPSXOVR SL LQ JHQHUDOH OH GLYHUVH SRVVLELOLWj GL DVFROWR FRQVHQWLWH GDO PHGLD UDGLRIRQLFR LQ FDVD FRPH GXUDQWH XQR VSRVWDPHQWR LQ FRQWHPSRUDQHD R PHQR FRQ DOWUH DWWLYLWj  QHOOH GLYHUVH IDVFH RUDULH FRQVHQWRQR GL WDUDUH H GL IRFDOL]]DUH PHJOLR LO PHVVDJJLR ULVSHWWR DOOD FRPSRVL]LRQH GHOO¶DXGLHQFH H DO SURILOR GHOO¶DVFROWDWRUH OD UDGLR SHUPHWWH GL UHDOL]]DUH FDPSDJQH GL PDUNHWLQJ FRQ FRSHUWXUD QD]LRQDOH XWLOL]]DQGR L JUDQGL QHWZRUN PD FRQVHQWH VRSUDWWXWWR GL RULHQWDUH LO PHVVDJJLR HFRORJLFR D FRQWHVWL UHJLRQDOL SURYLQFLDOL H ORFDOL FLz SXz ULYHODUVL SDUWLFRODUPHQWH HIILFDFH SHU L SURGRWWL H L VHUYL]L HFRORJLFL LQ TXDQWR LO FRQFHWWR GL VRVWHQLELOLWj DPELHQWDOH q VRSUDWWXWWR OHJDWR DOOD GLPHQVLRQH ORFDOH GRYH VL PDQLIHVWDQRPROWLGHJOLLPSDWWL O¶XWLOL]]RGHOPH]]RUDGLRIRQLFRLQROWUHLPSOLFDXQFRVWRGHFLVDPHQWHPHQRHOHYDWR ULVSHWWRDOPH]]RWHOHYLVLYR LQILQH LO SULQFLSDOH OLPLWH GHOOD SXEEOLFLWj UDGLRIRQLFD ULVSHWWR DO WHPD GHO JUHHQ PDUNHWLQJ q RYYLDPHQWH O¶LPSRVVLELOLWj GL YLVXDOL]]DUH VLD OH FDUDWWHULVWLFKH HFRORJLFKH GHO SURGRWWRVHUYL]LR VLD GL LQVHULUH ULFKLDPL FKH QRQ VLDQR TXHOOL GHOO¶DPELHQWD]LRQHVRQRUD DJOLVFHQDULQDWXUDOL

 ,FDQDOLUDGLRWHOHYLVLYLQHJOLXOWLPLDQQLKDQQRDVVXQWRXQUXRORFUHVFHQWHQHOOHFDPSDJQH GL JUHHQ PDUNHWLQJ JUD]LH VRSUDWWXWWR DO FRQWHVWXDOH DXPHQWR GHO OLYHOOR GL DWWHQ]LRQH SRVWDQHOO¶DPELWRGHOSDOLQVHVWRDLWHPLDPELHQWDOL /¶RSSRUWXQLWj GL FROORFDUH XQ PHVVDJJLR WHOHYLVLYR LQ FRLQFLGHQ]D FRQ XQD WUDVPLVVLRQH LQFHQWUDWD VXL WHPL GHOOD QDWXUD H GHOO¶DPELHQWH ULYROJHQGRVL FRVu DG XQ WDUJHW JLj VHQVLELOL]]DWR  RYYHUR GL HIIHWWXDUH WHOHSURPR]LRQL DOO¶LQWHUQR GL WDOL WUDVPLVVLRQL q VHPSUH SL DPSLD H GLYHUVLILFDWD , GDWL D GLVSRVL]LRQH VXL SDOLQVHVWL WHOHYLVLYL DG HVHPSLRHYLGHQ]LDQRVSD]LGHGLFDWLVSHFLILFDPHQWHDOWHPDDPELHQWDOHRUPDLULOHYDQWLVL YHGDODWDEHOOD   7DEHOOD±/DGLIIXVLRQHGHOOHWHPDWLFKHDPELHQWDOLVXOPHGLXPWHOHYLVLYR

&DQDOH 5DL 5DL 5DL 5HWH &DQDOH ,WDOLD /D

2UHVHWWLPDQDOLGHGLFDWHDLWHPLDPELHQWDOLGDWUDVPLVVLRQLWHOHYLVLYH RUHHPLQXWL RUH RUHHPLQXWL RUH RUDHPLQXWL RUH RUH

)RQWH,UDOGR 

  6HEEHQH LO FRQWHVWR SUHGLVSRQJD TXLQGL DOOR VYLOXSSR GL FDPSDJQH GL SXEEOLFLWj DPELHQWDOH VXO PH]]R WHOHYLVLYR YD FRQVWDWDWR FKH QHOOD UHDOWj TXHVWR YLHQH XWLOL]]DWR GDOOHD]LHQGHFKHIDQQRJUHHQPDUNHWLQJLQPLVXUDPLQRUHULVSHWWRDOODFDUWDVWDPSDWDH FRQPRGDOLWjVSHVVRPHQR³LQFLVLYH´6LSHQVLDGHVHPSLRFKHGDXQ¶LQGDJLQHGHOOR,()( ±8QLYHUVLWj%RFFRQLVYROWDQHOO¶DQQRVXFLUFDFDPSDJQHSXEEOLFLWDULHFRQVSRW PXOWLSOL DQDOL]]DWHQHOSHULRGRDJRVWRRWWREUHVROWDQWRLOIDFHYDHVSOLFLWRULIHULPHQWR DLWHPLGHOO¶HFRORJLDRGHOODQDWXUDLQVHQVRSLODWR  ,Q XQ SDQRUDPD SRYHUR GL DQDOLVL GL TXHVWR WLSR VL VHJQDOD DQFKH O¶HVLVWHQ]D GLXQ¶DOWUD LQGDJLQH FRQGRWWD VXO PHGLXP WHOHYLVLYR GD SDUWH GHOOD ULYLVWD $OWURFRQVXPR LQ FROODERUD]LRQH FRQ O¶2VVHUYDWRULR GL 3DYLD /¶LQGDJLQH KD PRQLWRUDWR JOL VSRW WHOHYLVLYL D FRQWHQXWR DPELHQWDOH FRQ OR VFRSR GL YHULILFDUH OD YHULGLFLWj GHO PHVVDJJLR 6RQR VWDWL YLVLRQDWL L SDVVDJJL SXEEOLFLWDUL VXOOH UHWL 5DL 0HGLDVHW H VX /D SHU GXH VHWWLPDQH D JLXJQRHDVHWWHPEUH,QWRWDOHVXVSRWVRQRULVXOWDWLULIHULELOL DO WHPD DPELHQWDOH TXLQGL XQ GDWR SDUL DO  QHWWDPHQWH VXSHULRUH DO SUHFHGHQWH



DQFKHLQUDJLRQHGHOORVFDUWRWHPSRUDOH /¶LQGDJLQHWXWWDYLDKDULOHYDWRFKHQHOO¶ GHLSDVVDJJLWHOHYLVLYLVLWUDWWDYDGLFDVLHYLGHQWLGLJUHHQZDVKLQJ  3HU VLQWHWL]]DUH OH SRVVLELOL VWUDWHJLH FRPXQLFD]LRQDOL FKH SRVVRQR HVVHUH DGRWWDWH QHOO¶DPELWR GHO JUHHQ PDUNHWLQJ VXL PHGLD WUDGL]LRQDOL q SRVVLELOH LGHQWLILFDUH DOFXQL DSSURFFL ³WLSLFL´ XWLOL]]DWL GDOOH D]LHQGH QHO YDORUL]]DUH OD FRPSRQHQWH DPELHQWDOHGHLSURGRWWL 6H FL VL ULIHULVFH DL UHTXLVLWL GL FKLDUH]]D DFFXUDWH]]D H VSHFLILFLWj FRPSDUDELOLWj ULOHYDQ]DHDWWHQGLELOLWjWUDFFLDWLQHLSDUDJUDILSUHFHGHQWLVLSRVVRQRLGHQWLILFDUHTXDWWUR GLIIHUHQWL ³DSSURFFL´ FDUDWWHUL]]DWL GDOOD FDSDFLWj GL SXQWDUH HIILFDFHPHQWH VX DOFXQL GL TXHVWLUHTXLVLWLSLXWWRVWRFKHVXDOWUL  • LO SULPR DSSURFFLR FKH SXz GHILQLUVL ³*UH\´  q VHQ]¶DOWUR LO SL FDXWR H GL ³EDVVR SURILOR´4XHVWRDSSURFFLRqFDUDWWHUL]]DWRGDOODVFHOWDGLIDUHGHOODFRPSRQHQWH³HFR´ XQ HOHPHQWR SUHVHQWH PD PLQRULWDULR QHO PHVVDJJLR SXEEOLFLWDULR 6L WUDWWD GL SXEEOLFLWj FRQWHQHQWL HVFOXVLYDPHQWH XQ ULIHULPHQWR DDJOL DVSHWWRL DPELHQWDOHL GHO SURGRWWR HV HPLVVLRQH GL &2  R DOOD FDSDFLWj GHOO¶D]LHQGD GL JHVWLUOL LQ PDQLHUD HIILFDFH 1RQ VRQR JHQHUDOPHQWH SUHVHQWL GHWWDJOL VXOO¶LPSDWWR DPELHQWDOH JHQHUDWR H QRQ VRQR IRUQLWH LQIRUPD]LRQL TXDQWLWDWLYH VXOOH SUHVWD]LRQL Qp WDQWRPHQR JDUDQ]LH DWWUDYHUVR FHUWLILFD]LRQL (¶ FKLDUDPHQWH XQ DSSURFFLR FKH SXQWD VXO ULFKLDPR ³HPRWLYR´ DO WHPD DPELHQWDOH PD QRQ VX XQ¶LQIRUPD]LRQH TXDOLILFDWD HG LQ JUDGR GL³UHVSRQVDELOL]]DUH´LOFOLHQWH  • LQIRUPD]LRQLSLDFFXUDWHULIHULWHDGDVSHWWLDPELHQWDOLVLJQLILFDWLYLGHOSURGRWWRHDOOD SUHVHQ]D GL HOHPHQWL FRPSDUDWLYL VSHFLDOPHQWH VXJOL HOHPHQWL GL QDWXUD HFRQRPLFD VRQRLQYHFHSUHVHQWLQHOVHFRQGRDSSURFFLRDOODSXEEOLFLWjDPELHQWDOHGHILQLELOHFRPH ³/LJKW JUHHQ´ 6L WUDWWD GL SXEEOLFLWj DPELHQWDOL FKH VFHOJRQR GL IRUQLUH DO FRQVXPDWRUH VRSUDWWXWWR LQIRUPD]LRQL VXL EHQHILFL DPELHQWDOL FRQQHVVL DOO¶DFTXLVWRHVULGX]LRQHGHOFRQWULEXWRDOFDPELDPHQWRFOLPDWLFR SHUPHWWHQGRXQ FRQIURQWR DQFKH GL QDWXUD HFRQRPLFD ULVSHWWR DL SURGRWWL FRQFRUUHQWL ,Q TXHVWR DSSURFFLR VRQR SDUWLFRODUPHQWH YDORUL]]DWH OH VLQHUJLH FRQ JOL DVSHWWL TXDOLWDWLYL H GL FRQYHQLHQ]DHFRQRPLFDDVVRFLDWLDLEHQHILFLSHUO¶DPELHQWH  • LO WHU]R DSSURFFLR ³*UHHQ´  q UDSSUHVHQWDWR GD SXEEOLFLWj DPELHQWDOL LQ FXL OD FRPSRQHQWH DPELHQWDOH GHO SURGRWWR q VXSSRUWDWD GD XQD FRPXQLFD]LRQH FKH SUHVHQWD FRQ GLYHUVR JUDGR GL LQWHQVLWj TXDVL WXWWH OH FDUDWWHULVWLFKH SUHYLVWH QHOOR VWDQGDUG ,62  6L VFHJOLH GL LQGLFDUH LQ PDQLHUD FKLDUD JOL LPSDWWL DPELHQWDOLJHQHUDWLGDOSURGRWWRFRQLOVXSSRUWRGLLQIRUPD]LRQLWHFQLFKHGLQDWXUD TXDQWLWDWLYD HV LQGLFDWRUL QDWXUDOPHQWH PROWR SL IUHTXHQWL QHOOD FDUWD VWDPSDWD FKH FRQFHGH PDJJLRU VSD]LR SHU O¶DSSURIRQGLPHQWR WHFQLFR  QRQFKp GD DFFXUDWH LQIRUPD]LRQLVXLEHQHILFLDPELHQWDOLFRQQHVVLDOO¶DFTXLVWR  • O¶XOWLPR DSSURFFLR GHILQLELOH FRPH ³6ROLG JUHHQ´ DQDORJDPHQWH DO SUHFHGHQWH q FRPSRVWR GD SXEEOLFLWj GRYH LO PHVVDJJLR DPELHQWDOH SUHVHQWD HOHYDWL OLYHOOL GL PDWXUD]LRQH LQ SDUWLFRODU PRGR VXOOD FKLDUH]]D GHOO¶LQIRUPD]LRQH ,QROWUH DO ILQH GL UHQGHUH LO PHVVDJJLR PDJJLRUPHQWH DWWHQGLELOH DJOL RFFKL GHO FRQVXPDWRUH VRQR XWLOL]]DWH IRUPH GL JDUDQ]LD GHOOD YDOLGLWj GHOO¶LQIRUPD]LRQH IRUQLWD PHGLDQWH FHUWLILFD]LRQL ULODVFLDWH GD VRJJHWWL HVWHUQL HR DSSURFFL GL FDXVH UHODWHG PDUNHWLQJ TXDOLVSRQVRUL]]D]LRQLRFROODERUD]LRQLFRQVRJJHWWLWHU]LGRWDWLGLFUHGLELOLWjLQWHPDGL WXWHODGHOO¶DPELHQWH   3HU RIIULUH XQD PLVXUD GL TXDQWR TXHVWL DSSURFFL VLDQR HIIHWWLYDPHQWH GLIIXVL QHOOD UHDOWj VSHFLILFD GHOOD FDUWD VWDPSDWD QHOOD WDEHOOD VHJXHQWH YLHQH ULSRUWDWD XQD VLQWHVL GHOOH 

)RQWH$OWURFRQVXPR



FDUDWWHULVWLFKH GHL TXDWWUR DSSURFFL H XQD PLVXUD GL TXDQWR HVVL VLDQR SUHVHQWL SHUFHQWXDOPHQWHQHOFDPSLRQHGLSXEEOLFLWjDQDOL]]DWRQHOORVWXGLRGHOOD6FXROD6XSHULRUH 6DQW $QQD  7DEHOOD±*OLDSSURFFLDOODFRPXQLFD]LRQHSXEEOLFLWDULDQHLPHGLDWUDGL]LRQDOL



$FFXUDWH]]D &RPSDUDELOLWj HVSHFLILFLWj



&KLDUH]]D







/LJKW JUHHQ





*UHHQ



6ROLG JUHHQ



*UH\

5LOHYDQ]D

$WWHQGLELOLWj



































)RQWH)UH\HWDO 

  /H LQGLFD]LRQL HPHUJHQWL GDOOR VWXGLR HYLGHQ]LDQR LQ PRGR FKLDUR OD SUHVHQ]D GL GLYHUVL ³VWLOL GL FRPXQLFD]LRQH´ QHOO¶DPELWR GHOOH SXEEOLFLWj D VIRQGR DPELHQWDOH VXOOD FDUWD VWDPSDWD /¶DQDOLVL LGHQWLILFD OD SUHVHQ]D GL GLYHUVL DSSURFFL RULHQWDWL D SHUVHJXLUH GLIIHUHQWLRELHWWLYLFRVWUXLWLLQFRHUHQ]DFRQWDOLRELHWWLYLHIDFHQWLOHYDVXIDWWRULGLYHUVL ,Q SDUWLFRODUH JOL DSSURFFL LGHQWLILFDWL PRVWUDQR XQ FUHVFHQWH OLYHOOR GL FUHGLELOLWj GHOO¶LPSHJQR DPELHQWDOH H GHOOD FDSDFLWj GL UHQGLFRQWDUOR LQ PRGR WUDVSDUHQWH H SHU TXHVWRSRWHQ]LDOPHQWHSLHIILFDFHDOFRQVXPDWRUH 6LYDGDOO¶DWWHJJLDPHQWRGHOJUXSSR *UH\ ± VHPSOLFHPHQWH RULHQWDWR D SHUVHJXLUH XQ¶RSHUD]LRQH GL LPPDJLQH OHJDWD D WHPL DPELHQWDOL GL DWWXDOLWj ULFRQGXFLELOH DO JUHHQZDVKLQJ  VHQ]D LO WHQWDWLYR GL VRVWDQ]LDUH WDOHLPSHJQRRLULVXOWDWLDFXLKDSRUWDWR±ILQRDOJUXSSR6ROLG*UHHQQHOFXLDPELWRVL VFHJOLHGLDWWHVWDUHODYHULGLFLWjGHOO¶LPSHJQRHGHLULVXOWDWLDWWUDYHUVRXQDFHUWLILFD]LRQHGL SDUWHWHU]D  $O FUHVFHUH GHOOD YRORQWj GL IDU WUDVSDULUH H WUDVPHWWHUH O¶LPSHJQR H L ULVXOWDWL DXPHQWD OD FRPSOHVVLWj GHJOL VWUXPHQWL XWLOL]]DWL VL SHQVL DSSXQWR DOOD FHUWLILFD]LRQH R DOOD FRPXQLFD]LRQH GL GDWL H LQGLFDWRUL QHOOH SXEEOLFLWj  FRVu FRPH OD QHFHVVLWj GL XWLOL]]DUH TXHVWH JDUDQ]LH H LQIRUPD]LRQL FRPH OHYH PRWLYD]LRQDOL SHU LO FRQVXPDWRUH ,OSDQRUDPDGHOLQHDWRPRVWUDFKLDUDPHQWHFKHVHO¶RELHWWLYRqTXHOOR³VRIW´GLVDJJLDUHOD ULVSRVWDGHLFRQVXPDWRULORVIRU]RqPLQRUHDQFKHLQWHUPLQLGLLPSHJQRQHOFRPXQLFDUH O¶DWWHQ]LRQH SHU O¶DPELHQWH 6H O¶RELHWWLYR q LQYHFH SL DPEL]LRVR LO VHW GL VWUXPHQWL VL GHYH DUULFFKLUH OH HVLJHQ]H GL PRWLYDUH LO FRQVXPDWRUH VL DPSOLILFDQR H TXLQGL O¶DWWHQ]LRQH GHL FRQIURQWL GHL FRQWHQXWL GHOOD FRPXQLFD]LRQH VL DFFHQWXD 1H q FKLDUR HVHPSLR O¶HVLJHQ]D ULVFRQWUDWD D FRPLQFLDUH GDO JUXSSR *UHHQ GL SURSRUUH QHOOD SXEEOLFLWjXQDPLVXUDGHOFRQWULEXWRDPELHQWDOHFKHLOFRQVXPDWRUHSXzGDUHDFTXLVWDQGR LO SURGRWWR UHFODPL]]DWR ,O FRQVXPDWRUH GHO JUXSSR /LJKW *UHHQ LQYHFH GHYH FKLDUDPHQWH HVVHUH DQFRUD PRWLYDWR GD FRQYHQLHQ]D HFRQRPLFD GHO SURGRWWR FKH QRQ YLHQHYDORUL]]DWRTXLQGLSULQFLSDOPHQWHSHUOHVXHSUHVWD]LRQLDPELHQWDOL  9D DQFKH FRQVWDWDWR FKH SUHVXPLELOPHQWH O¶LQWHUORFXWRUH VXO PHUFDWR GHL TXDWWUR DSSURFFLFDPELDJUDGDWDPHQWHOHSURSULHFDUDWWHULVWLFKHHTXLQGLOHSURSULHDVSHWWDWLYH 1H q FKLDUR VLQWRPR OD QHFHVVLWj VHQWLWD VROR SHU L JUXSSL *UHHQ H 6ROLG *UHHQ GL DJJLXQJHUH LQIRUPD]LRQL GL GHWWDJOLR VXJOL LPSDWWL DPELHQWDOL RYYHUR VXOOH FRQVHJXHQ]H VXOO¶DPELHQWH QRQ VROR VXJOL LQJUHGLHQWL GHO SURGRWWR R VXOOH PRGDOLWj G¶XVR FKH OH FDXVDQR  H GL DOODUJDUH JOL DPELWL LQIRUPDWLYL LQFOXGHQGR DQFKH JOL LPSDWWL DPELHQWDOL JHQHUDWL LQ DOWUH IDVL GHO FLFOR GL YLWD LQ DJJLXQWD DO PHUR XWLOL]]R GD SDUWH GHO FRQVXPDWRUH 



/DFRPXQLFD]LRQHDWWUDYHUVRODFHUWLILFD]LRQH  &RPH DQWLFLSDWR QHL FDSLWROL SUHFHGHQWL SHU RULHQWDUH OH SURSULH VFHOWH G¶DFTXLVWR LO FOLHQWHFRQVXPDWRUH ³FRQVDSHYROH´ KD VHPSUH SL ELVRJQR GL SRWHU DYHUH FHUWH]]H VXOOD UHSXWD]LRQH DPELHQWDOH GHOO¶D]LHQGD R VXOOD UHDOH HFFHOOHQ]D GHOOH SHUIRUPDQFHDPELHQWDOLGHOSURGRWWRRGHOVHUYL]LRFKHVLDFFLQJHDGDFTXLVWDUH 3HU SRFKLVVLPH WLSRORJLH GL SURGRWWL ³HFRORJLFL´ OD PLJOLRUH SHUIRUPDQFH DPELHQWDOH ULVSHWWR DL FRQFRUUHQWL SXz ULVXOWDUH HYLGHQWH ILQ GDO FRQWDWWR YLVLYR SUHVVR OR VFDIIDOH GL YHQGLWD HV SURGRWWL SHU O¶LJLHQH GHOOD FDVD YHQGXWL QHOOD VROX]LRQH ³UHILOO´  R VSHULPHQWDWD DWWUDYHUVR O¶XWLOL]]R HV FRQVXPR HQHUJHWLFR GL XQ HOHWWURGRPHVWLFR  PD SHUODPDJJLRUSDUWHGHLSURGRWWLLOPLJOLRUDPHQWRDPELHQWDOHQRQSXzHVVHUHSHUFHSLWRLQ PRGR WDQJLELOH GDO FOLHQWH LO TXDOH GHYH DIILGDUVL DOOH GLFKLDUD]LRQL GHO SURGXWWRUH ,Q TXHVWL FDVL O¶RELHWWLYR GHO PDUNHWLQJ DPELHQWDOH SXz HVVHUH UDJJLXQWR VRSUDWWXWWR DWWUDYHUVR OD SRVVLELOLWj GL DYYDOHUVL GL JDUDQ]LH R FHUWLILFD]LRQL GL SDUWH WHU]D LQGLSHQGHQWHLQJUDGRGLFRQIHULUHPDJJLRUHFUHGLELOLWjDOPHVVDJJLRWUDVPHVVR $ WDO SURSRVLWR q VLJQLILFDWLYR QRWDUH FRPH OH JLj FLWDWH LQGDJLQL SHULRGLFKH GL (XUREDURPHWUR GLPRVWULQR FRPH LQWHUURJDWL VXOOD ILGXFLD ULSRVWD LQ GLYHUVH IRQWL GL LQIRUPD]LRQHDPELHQWDOHDVVRFLD]LRQLDPELHQWDOLVWHDVVRFLD]LRQLGHLFRQVXPDWRULPDVV PHGLD LVWLWX]LRQL SXEEOLFKH LQGXVWULD HWF  L FLWWDGLQL HXURSHL FROORFKLQR VLVWHPDWLFDPHQWH DOO¶XOWLPR SRVWR OH LPSUHVH FRQVLGHUDQGR OD ORUR LQIRUPD]LRQH HPLQHQWHPHQWHGLFDUDWWHUH³SXEEOLFLWDULR´  /H D]LHQGH FKH VFHOJRQR GL LQIRUPDUH H VHQVLELOL]]DUH L FOLHQWLFRQVXPDWRUL VXL WHPL DPELHQWDOL VL FRQIURQWDQR RJJL FRPH VL q GHWWR FRQ OD FUHVFHQWH FRQVDSHYROH]]D FRPSHWHQ]D H PDWXULWj GHL GHVWLQDWDUL GHL SURSUL IOXVVL FRPXQLFDWLYL &Lz FRPSRUWD OD QHFHVVLWjGLDGRWWDUHVWUDWHJLHSLDWWHQWHULVSHWWRDOSDVVDWRUHODWLYDPHQWHDOODWLSRORJLD H DOOH FDUDWWHULVWLFKH GHOO¶LQIRUPD]LRQH WUDVPHVVD VLD DWWUDYHUVR LO SURGRWWR HV VXO SDFNDJLQJ VLDQHOOHFDPSDJQHSXEEOLFLWDULHPLUDWHDSURPXRYHUOR /D VROX]LRQH SL HIILFDFH H GLIIXVD q TXLQGL TXHOOD GL ULFRUUHUH DOOD YDOXWD]LRQH GL HQWL LQGLSHQGHQWL FKH DVVLFXULQR O¶HFFHOOHQ]D DPELHQWDOH DWWUDYHUVR PHFFDQLVPL GL YHULILFDFRQWUROORHFHUWLILFD]LRQH4XHVWRFRQVHQWHGLJDUDQWLUHDOFRQVXPDWRUHFKHLO VXR DFTXLVWR DEELD HIIHWWLYDPHQWH SUHPLDWR XQ SURGRWWR HFRORJLFDPHQWH SL FRPSDWLELOH GHLFRQFRUUHQWLRXQ¶D]LHQGDSLDWWHQWDDOOHSUREOHPDWLFKHDPELHQWDOL /H IRUPH GL FHUWLILFD]LRQH DPELHQWDOH RJJL D GLVSRVL]LRQH GHOOH D]LHQGH FKH YRJOLDQR XWLOL]]DUOH FRPH OHYH GL PDUNHWLQJ SRVVRQR GLVWLQJXHUVL HVVHQ]LDOPHQWH LQ GXH JUDQGL ILORQL  • OD FHUWLILFD]LRQH GL XQ¶D]LHQGD RG RUJDQL]]D]LRQH  RYYHUR GHOOH VXH DWWLYLWj H SURFHVVLSURGXWWLYL • ODFHUWLILFD]LRQHGLXQSURGRWWRRVHUYL]LRRIIHUWRVXOPHUFDWRGDOO¶D]LHQGD  3XUHVVHQGRXQDVXGGLYLVLRQHGHOWXWWR³DXWRHVSOLFDWLYD´qRSSRUWXQRVRWWROLQHDUHFKHOD FHUWLILFD]LRQHUHODWLYDDOO¶D]LHQGDVLDSSOLFDVHPSUHHVROWDQWRDOOHDWWLYLWjFKHVRQRVRWWRLO VXR FRQWUROOR JHVWLRQDOH RYYHUR SL SUHFLVDPHQWH DOOH ³DWWLYLWj VYROWH GDO SHUVRQDOH GHOO¶RUJDQL]]D]LRQHRGDSHUVRQHFKHRSHUDQRSHUVXRFRQWR´,UDOGR&DQFLOD 3HU XQ¶D]LHQGDLQGXVWULDOH DG HVHPSLR OD FHUWLILFD]LRQH DPELHQWDOH VL ULIHULVFH QRUPDOPHQWH DOOD JHVWLRQH GHOOH DWWLYLWj VYROWH ³DOO¶LQWHUQR GHL FDQFHOOL´ GHO VLWR LQ FXL DYYLHQH OD SURGX]LRQH (¶ LPSRUWDQWH QRWDUH FKH LQ TXHVWR FDVR XQD FHUWLILFD]LRQH GHO VLVWHPD GL JHVWLRQH GL XQ¶D]LHQGD FRPH DG HVHPSLR OD 5HJLVWUD]LRQH (0$6 R OD FHUWLILFD]LRQH ,62 ULJXDUGDWXWWDODSURGX]LRQHHQRQSXzFRQFHQWUDUVLVROWDQWRVXVSHFLILFKHOLQHHGL SURGRWWRSUHVHQWLLQXQDSLDPSLDJDPPDRIIHUWDDOPHUFDWR  /D FHUWLILFD]LRQH GL SURGRWWR LQYHFH FRQFHQWUD OD VXD DWWHQ]LRQH SURSULR VX XQD VLQJROD OLQHD GL SURGRWWR FRQVLGHUDQGR O¶LQWHUR VXR FLFOR GL YLWD LQWHVR FRPH O¶LQVLHPH GHOOH DWWLYLWj FKH YHQJRQR VYROWH DO ILQH GL SURGXUUH LO EHQH R LO VHUYL]LR H FKH VL VYLOXSSDQR ³GDOOD FXOOD´ HV HVWUD]LRQH GHOOH PDWHULH SULPH  VLQR ³DOOD WRPED´ HV JHVWLRQH GHL



ULILXWL FKH VL SURGXUUDQQR QHO ILQH YLWD R ORUR UHFXSHUR  ,Q TXHVWR VHQVR XQD FHUWLILFD]LRQH DPELHQWDOH UHODWLYD DO SURGRWWR GLIIHULVFH GDOOD FHUWLILFD]LRQH (0$6 R ,62 SHUFKpSXzULJXDUGDUHDQFKHVRORXQVLQJROR³FLFORGLYLWD´GLXQDVSHFLILFDOLQHDGL SURGRWWLDOO¶LQWHUQRGHOODJDPPDRIIHUWDGDOO¶D]LHQGD  ,Q XQ PRQGR JOREDOL]]DWR H FDUDWWHUL]]DWR GD UHOD]LRQL EDVDWH VX VFDPEL LVWDQWDQHL GL LQIRUPD]LRQLFDQDOLGLFRPXQLFD]LRQHLQIRUPDWL]]DWLHGHFLVLRQLUDSLGHHQHFHVVDULDPHQWH EDVDWH VX WDOL LQIRUPD]LRQL O¶DXWRUHYROH]]D GHJOL VFKHPL H OD FHUWH]]D GL WUDVSDUHQ]DRPRJHQHLWjHULJRUHQHOODORURDSSOLFD]LRQHqJDUDQ]LDGLVHULHWjH GL SRVVLELOH ULVFRQWUR GD SDUWH GHJOL VWDNHKROGHU H GHO PHUFDWR VRSUDWWXWWR QHOOH UHOD]LRQL FRPPHUFLDOL 3HU TXHVWD UDJLRQH WXWWH OH IRUPH GL FHUWLILFD]LRQH DPELHQWDOH D SUHVFLQGHUHGDOIDWWRFKHULJXDUGLQRO¶D]LHQGDRLOSURGRWWRVHUYL]LR SXULQPRGRGLYHUVR IDQQR WXWWH OHYD VX VLVWHPL GL QRUPD]LRQH RYYHUR GHILQL]LRQH GL UHTXLVLWL SHU OD FHUWLILFD]LRQH H GL ³UHJROH GHO JLRFR´ SHU LO VXR ULODVFLRPDQWHQLPHQWR  VXOO¶REEOLJR GL ULFRUUHUH D VRJJHWWL WHU]LLQGLSHQGHQWL SHU ULFKLHGHUH XQD YHULILFD GL FRQIRUPLWj H LQILQH VXXQDTXDOFKHIRUPDGLDFFUHGLWDPHQWRGLWDOLVRJJHWWL  1HL SDUDJUDIL VHJXHQWL YHQJRQR SURSRVWH DOFXQH LQGLFD]LRQL H VXJJHULPHQWL UHODWLYL DOO¶XWLOL]]R GHOOH GLYHUVH SRVVLELOL IRUPH GL FHUWLILFD]LRQH DPELHQWDOH FRPH VWUXPHQWL GL PDUNHWLQJ H LQ SDUWLFRODUH FDQDOL GL FRPXQLFD]LRQH LQGLUL]]DWD GLUHWWDPHQWH DO FOLHQWHFRQVXPDWRUH SHU IRUQLUJOL JDUDQ]LH VXOOD FUHGLELOLWj H YHULGLFLWj GHOO¶HFFHOOHQ]D DPELHQWDOH $O ILQH GL HVSRUUH FRQ FKLDUH]]D OH RSSRUWXQLWj RIIHUWH GDOOH GLYHUVH FHUWLILFD]LRQL DPELHQWDOL YHQJRQR WUDWWDWH VHSDUDWDPHQWH OH SULQFLSDOL WLSRORJLH GL VFKHPL FHUWLILFDWLYL LOOXVWUDQGRQH L FRQWHQXWL OH JDUDQ]LH IRUQLWH H L PRGL SL HIILFDFL SHU FRPXQLFDUOH DO PHUFDWR 3HU FRHUHQ]D FRQ O¶LPSRVWD]LRQH GHOOH /LQHH JXLGD FL VL VRIIHUPD VRSUDWWXWWR VXOOH FHUWLILFD]LRQL DPELHQWDOL UHODWLYH DL SURGRWWL H VHUYL]L H VL DFFHQQD LQ FKLXVXUD DOOD SRVVLELOLWj GL XWLOL]]DUH OD FHUWLILFD]LRQH DPELHQWDOH UHODWLYD DOOH SUHVWD]LRQL GHOO¶D]LHQGD SHU WUDVPHWWHUH PHVVDJJL UHODWLYL VLD DOOD UHSXWD]LRQH DPELHQWDOH FKH DOO¶HFFHOOHQ]D GHL VXRLSURGRWWL  

/DFHUWLILFD]LRQHDPELHQWDOHGHLSURGRWWL  1HOFRUVRGHJOLXOWLPLGXHGHFHQQLO¶,62KDSURPRVVRORVYLOXSSRHODGLIIXVLRQHGLQRUPH H FHUWLILFD]LRQL FKH GRYUHEEHUR FRQVHQWLUH DL FRQVXPDWRUL XQD VFHOWD PHJOLR LQIRUPDWD H SL FRQVDSHYROH H TXLQGL FRVWLWXLUH XQ HFFHOOHQWH VXSSRUWR DOOH VWUDWHJLH GL FRPXQLFD]LRQHHPDUNHWLQJGHOOHD]LHQGH /H QRUPH ,62 GHOOD VHULH  GHWWDQR LQIDWWL L SULQFLSLJXLGD IRQGDPHQWDOL SHU XQD FRUUHWWD FRPXQLFD]LRQH DPELHQWDOH UHODWLYD DL SURGRWWL SURSRQHQGR XQ ³FDWDORJR´ GHOOH SRVVLELOLIRUPHGLFRPXQLFD]LRQHDWWUDYHUVRODFHUWLILFD]LRQH /H GLYHUVH WLSRORJLH GL VFKHPL SUHYLVWL GD TXHVWH QRUPH VRQR DFFRPXQDWH GDO WHUPLQH ³DVVHU]LRQL DPELHQWDOL´ 6HFRQGR O¶,62 TXHVWH DVVHU]LRQL D SUHVFLQGHUH GDOOD IRUPD FKH DVVXPRQRGHYRQR  • HVVHUHYHULILFDELOLDFFXUDWHULOHYDQWLHQRQLQJDQQHYROL • HVVHUH EDVDWH VX PHWRGRORJLH VFLHQWLILFKH FKH SHUPHWWDQR O¶DFFXUDWH]]D H OD ULSURGXFLELOLWjGHLULVXOWDWL • SUHQGHUHLQFRQVLGHUD]LRQHJOLDVSHWWLUHODWLYLDO³FLFORGLYLWD´GHOSURGRWWR  /H GLYHUVH IRUPH GL ³DVVHU]LRQL DPELHQWDOL´ H OH UHODWLYH IRUPH GL FHUWLILFD]LRQH VRQR GLVWLQWH LQ WUH FDWHJRULH FLDVFXQD UHJRODPHQWDWD DWWUDYHUVR XQD VSHFLILFD QRUPD GL ULIHULPHQWR  • 7,32,PDUFKLHFRORJLFLYRORQWDULEDVDWLVXXQVLVWHPDFKHFRQVLGHUDWXWWLJOLLPSDWWL DPELHQWDOLGLXQSURGRWWR³Dƒ´ HLOVXRLQWHURFLFORGLYLWDGDOOD³FXOOD´RYYHUROD 

VXD SURJHWWD]LRQH DOOD ³WRPED´ RYYHUR LO PRPHQWR LQ FXL FHVVD GL HVHUFLWDUH OD SURSULDIXQ]LRQHHGHYHHVVHUHVPDOWLWRRUHFXSHUDWRWUDTXHVWHULHQWUDDGHVHPSLR LOPDUFKLRHXURSHRGLTXDOLWjHFRORJLFD(FRODEHO   • 7,32,,DXWRGLFKLDUD]LRQLDPELHQWDOLGDSDUWHGLSURGXWWRULLPSRUWDWRULRGLVWULEXWRUL GL SURGRWWL UHODWLYH DG XQD FDUDWWHULVWLFD DPELHQWDOH GHO SURGRWWR GHILQLWH DQFKH DXWRGLFKLDUD]LRQLWUDOHTXDOL´5LFLFODELOH´³%LRGHJUDGDELOH´HWF  

• 7,32 ,,, (FRSURILOHV R 'LFKLDUD]LRQL $PELHQWDOL GL 3URGRWWR FKH ULSRUWDQR GLFKLDUD]LRQL EDVDWH VX SDUDPHWUL DPELHQWDOL SUHVWDELOLWL H FKH FRQWHQJRQR XQD TXDQWLILFD]LRQH GHJOL LPSDWWL DVVRFLDWL DO FLFOR GL YLWD GHO SURGRWWR 6RQR VRWWRSRVWH D XQFRQWUROORLQGLSHQGHQWHHSUHVHQWDWHLQIRUPDFKLDUDHFRQIURQWDELOH   9D VRWWROLQHDWR FKH WXWWH OH IRUPH GL FHUWLILFD]LRQH D FXL TXHVWH QRUPH SRVVRQR GDUH OXRJR VRQR ULJRURVDPHQWH YRORQWDULH RYYHUR YHQJRQR ULFKLHVWH HG HYHQWXDOPHQWHRWWHQXWHGDOOHD]LHQGHSURGXWWULFLRHURJDWULFLGLVHUYL]L VXOODEDVHGHOOD YRORQWj GL FRJOLHUH RSSRUWXQLWj FRPSHWLWLYH H PDL LQ VHJXLWR DG REEOLJKL QRUPDWLYL 3HU TXHVWD UDJLRQH WXWWL TXHVWL VFKHPL GL FHUWLILFD]LRQH YHQJRQR QRUPDOPHQWH LGHQWLILFDWL VRSUDWWXWWRFRPHOHYHGLJUHHQPDUNHWLQJDGLVSRVL]LRQHGHOOHD]LHQGH $OFXQHWLSRORJLHGLFHUWLILFD]LRQHGLSURGRWWRVRQRXWLOL]]DELOLGLUHWWDPHQWHVXOSURGRWWR R VXOO¶LPEDOODJJLR DQFKH SULPDULR  DOWUH LQ DFFRPSDJQDPHQWR DOOH DVVHU]LRQL DQFKH SXEEOLFLWDULH  R DOOH GLFKLDUD]LRQL FRQ FXL VL LQWHQGH DWWLUDUH O¶DWWHQ]LRQH GHO SRWHQ]LDOH DFTXLUHQWHHRULHQWDUQHODVFHOWD 'LVHJXLWRYHQJRQRSURSRVWHDOFXQHLQGLFD]LRQLGLRULHQWDPHQWRHVXJJHULPHQWLRSHUDWLYL SHU XQ¶HIILFDFH YDORUL]]D]LRQH GL FLDVFXQ WLSR GL FHUWLILFD]LRQH GL SURGRWWR QHOO¶RWWLFD GHO PDUNHWLQJ  

,0DUFKLHFRORJLFL(WLFKHWWH³GL7LSR,´   /H FHUWLILFD]LRQL DPELHQWDOL ³GL WLSR ,´ VL SUHVHQWDQR FRPH XQ PDUFKLR HFRORJLFR WLSLFDPHQWHXQVLPERORRXQORJRLGHQWLILFDWLYR FKHVHJQDODODPLJOLRUHSHUIRUPDQFH GHOSURGRWWRVRWWRLOSURILORDPELHQWDOHULVSHWWRDWXWWLTXHLSURGRWWLFRQFRUUHQWL FKHQRQSRVVRQRYDQWDUHORVWHVVRULFRQRVFLPHQWR /¶HOHPHQWR GLVWLQWLYR GL TXHVWR WLSR GL FHUWLILFD]LRQL GL SURGRWWR q TXLQGL OD VHOHWWLYLWj RYYHUR LO IDWWR FKH LO PDUFKLR YHQJD DVVHJQDWR VROWDQWR DL SURGRWWL FRQ OH SHUIRUPDQFH DPELHQWDOL PLJOLRUL DOO¶LQWHUQR GL XQD FHUWD FDWHJRULD VXOOD EDVH GL VWDQGDUG GL TXDOLWj SUHGHILQLWLQRUPDOPHQWHVRWWRIRUPDGLLQGLFDWRULGLSUHVWD]LRQHDPELHQWDOH  ,PDUFKLHFRORJLFLVRQRLQIDWWLFDUDWWHUL]]DWLGDXQDVHULHGLUHTXLVLWLPLUDWLDJDUDQWLUQH ODFUHGLELOLWjHODIRQGDWH]]DVFLHQWLILFDSULPRIUDWXWWLTXHOORUHODWLYRDOODQHFHVVLWjFKHL ³FULWHUL´LQEDVHDLTXDOLqULODVFLDWRLOPDUFKLR VLDQRUDSSUHVHQWDWLGDVRJOLHTXDQWLWDWLYH UHODWLYHDSUHVWD]LRQLDPELHQWDOLGHOSURGRWWR RGHOVHUYL]LRGHWHUPLQDWHLQEDVHDGXQR VWXGLR /&$ /LIH &\FOH $VVHVVPHQW  H VLDQR IRQGDWL VX XQ DSSURFFLR PXOWLFULWHULD RYYHUR ULJXDUGLQR SL DVSHWWL DPELHQWDOL FKH FRPSOHVVLYDPHQWH UDSSUHVHQWLQR OD JUDQ SDUWHGHJOLLPSDWWLULFRQGXFLELOLDOFLFORGLYLWDGHOSURGRWWRRGHOVHUYL]LR   ,O IXQ]LRQDPHQWR GL XQR VFKHPD GL FHUWLILFD]LRQH ³GL WLSR ,´ q SLXWWRVWR VHPSOLFH XQD YROWDLQGLYLGXDWD XQD QXRYD FDWHJRULD GL SURGRWWL R VHUYL]L IXQ]LRQDOPHQWH HTXLYDOHQWLH LQFRQFRUUHQ]DIUDORURDJOLRFFKLGHOFRQVXPDWRUHGDVRWWRSRUUHDGHWLFKHWWDWXUDRYYHUR GD LQVHULUH QHO FDPSR GL DSSOLFD]LRQH GHO PDUFKLR HFRORJLFR  H GRSR DYHU GHILQLWR FRQ SUHFLVLRQH TXDOL SURGRWWL R VHUYL]L YL ULHQWUDQR H TXDOL QR VL SURFHGH DG DQDOL]]DUH H YDOXWDUHJOLLPSDWWLDPELHQWDOLGLXQ³SURGRWWRWLSR´UDSSUHVHQWDWLYRGHOOHFDUDWWHULVWLFKH GHOODFDWHJRULDGLDSSDUWHQHQ]D6XOODEDVHGHJOLLPSDWWLLQGLYLGXDWLFRPHSLVLJQLILFDWLYL YHQJRQRLQILQHGHILQLWLLFULWHULFKHLSURGRWWLRVHUYL]LDSSDUWHQHQWLDOODFDWHJRULDGHYRQR ULVSHWWDUHSHURWWHQHUHO¶DVVHJQD]LRQHGHOPDUFKLR



6HXQ¶D]LHQGDSURGXWWULFHLFXLSURGRWWLRVHUYL]LULHQWULQRQHOFDPSRGLDSSOLFD]LRQHGHO PDUFKLR³GLWLSR,´qLQJUDGRGLGLPRVWUDUHODFRQIRUPLWjDWDOLFULWHULDWWUDYHUVRDQDOLVL GLODERUDWRULRGRFXPHQWD]LRQHD]LHQGDOHHVRSUDOOXRJKLVXOFDPSRGDSDUWHGLYHULILFDWRUL GLSDUWHWHU]D SXzULFKLHGHUHLOPDUFKLR DO VRJJHWWRJHVWRUHGHO UHODWLYRVFKHPD GL FHUWLILFD]LRQH H IUHJLDUVHQH FRPH YDQWDJJLR FRPSHWLWLYR QHL FRQIURQWL GHL FRQFRUUHQWL  2FFRUUH WHQHUH SUHVHQWH FKH XQ PDUFKLR HFRORJLFR UDSSUHVHQWD XQ ULFRQRVFLPHQWR GL HFFHOOHQ]DSHUWDQWRYLHQHFRQFHVVRVRORDTXHLSURGRWWLFKHKDQQRUHDOPHQWHXQULGRWWR LPSDWWR DPELHQWDOH ULVSHWWR DL FRQFRUUHQWL 1RUPDOPHQWH SHU JDUDQWLUH FKH XQ SURGRWWR ULPDQJD VX SUHVWD]LRQL GL HFFHOOHQ]D QHO WHPSR JOL VFKHPL GL FHUWLILFD]LRQH GL ³WLSR ,´ DGRWWDQRO¶DSSURFFLRGHOODFRVLGGHWWD³IURQWLHUDPRELOH´RYYHURLFULWHULSHULOULODVFLRGHO PDUFKLR YHQJRQR SHULRGLFDPHQWH UHYLVLRQDWL H UHVL SURJUHVVLYDPHQWH SL UHVWULWWLYL LQ PRGRWDOHGDIDYRULUHLOPLJOLRUDPHQWRFRQWLQXRGHOODTXDOLWjDPELHQWDOHGHLSURGRWWLQHO WHPSR 9D LQILQH VRWWROLQHDWR FKH QHOOD JUDQ SDUWH GHL FDVL L PDUFKL ³GL WLSR ,´ LPSRQJRQR FRQGL]LRQLPLQLPHDFFHWWDELOLGLHIILFDFLDG¶XVRHGLSUHVWD]LRQH³WUDGL]LRQDOH´DOSURGRWWR FHUWLILFDWR HV UHVLVWHQ]D DO ODYDJJLR GHL FRORUL GL WLQWXUD QHL FDSL G¶DEELJOLDPHQWR  LQ PRGRGDJDUDQWLUHFKHTXHVWRVLDFRPSHWLWLYRULVSHWWRDLFRQFRUUHQWLDQFKHVRWWRLOSURILOR TXDOLWDWLYR  ,OPDUFKLRHFRORJLFRYLHQHQRUPDOPHQWHDSSRVWRVXOSDFNDJLQJGHOSURGRWWRPD SXz HVVHUH XWLOL]]DWR DQFKH QHO FRQWHVWR GL FDPSDJQH LQIRUPDWLYH H PDWHULDOH SURPR]LRQDOH UHDOL]]DWR GDOO¶D]LHQGD SHU VXSSRUWDUH VWUDWHJLH GL PDUNHWLQJ ³RQH WR RQH´,QVLQWHVLXQ¶D]LHQGDFKHULHVFDDGRWWHQHUHXQPDUFKLRHFRORJLFRQHOO¶DPELWRGHOOD SURSULDFRPXQLFD]LRQHDPELHQWDOHSXzIDUOHYDVXLVHJXHQWLSXQWLTXDOLILFDQWL  • LO SURSULR SURGRWWRVHUYL]LR ULVSHWWD FULWHUL GL HFFHOOHQ]D SHU TXDQWR ULJXDUGD OH SHUIRUPDQFHDPELHQWDOLDYHQGRVXSHUDWRWHVWULJXDUGDQWLGLYHUVHVRJOLHTXDQWLILFDWHLQ LQGLFDWRULGLSUHVWD]LRQH • LO SURSULR SURGRWWRVHUYL]LR q FHUWLILFDWR FRPH UHODWLYDPHQWH ³PLJOLRUH´ GL WXWWL L FRQFRUUHQWL FKH QRQ KDQQR FRQVHJXLWR OR VWHVVR ULVXOWDWR VL SUHVXPH LQIDWWL FKH QRQ VLDQRVWDWLLQJUDGRGLULVSHWWDUHJOLVWHVVLFULWHULGLHFFHOOHQ]D  • L FULWHUL ULJXDUGDQR WXWWL JOL DVSHWWL DPELHQWDOL VLJQLILFDWLYL GHO SURGRWWR H WXWWH OH IDVL GHO VXR ³FLFOR GL YLWD´ RYYHUR SUHQGRQR LQ FRQVLGHUD]LRQH RJQL LPSDWWR FKH VL JHQHUDGDTXDQGRLOSURGRWWRqSURJHWWDWRHVYHQJRQRVHOH]LRQDWHOHPDWHULHSULPH  ILQR D FKH QRQ DUULYD D ³ILQHYLWD´ H YLHQH VPDOWLWR RG RSSRUWXQDPHQWH UHFXSHUDWR RSSXUHULFLFODWRSHUGDUYLWDDGDOWULSURGRWWL • FRQODVFHOWDGHOSURGRWWRFHUWLILFDWRGDOPDUFKLR³GLWLSR,´VLSXzTXLQGLJDUDQWLUHFKH LO FOLHQWHFRQVXPDWRUH UHDOPHQWH FRQWULEXLVFD DO PLJOLRUDPHQWR DPELHQWDOH GHO VLVWHPDSURGXWWLYR • LO ULFRQRVFLPHQWR q ULODVFLDWR GD XQD SDUWH WHU]D LQGLSHQGHQWH TXDOH IRQWH DXWRUHYROH H FUHGLELOH GL FHUWLILFD]LRQH LQ PROWL FDVL FRPH DG HVHPSLR SHU O¶(FRODEHO (XURSHRVLWUDWWDGLXQDIRQWHLVWLWX]LRQDOH  • LOPDUFKLRTXDORUDGHULYLGDXQRVFKHPDGLFHUWLILFD]LRQHXIILFLDOHHFRQGLYLVRDOLYHOOR QD]LRQDOH R LQWHUQD]LRQDOH JRGH DQFKH GHO VXSSRUWR GL PROWL VWDNHKROGHU VRFLDOL DGHVHPSLROHDVVRFLD]LRQLDPELHQWDOLVWHHFRQVXPHULVWH   

%2;±8Q(VHPSLRGL(WLFKHWWHGL7LSR,LOPDUFKLR(XURSHR(FRODEHO  ,O PDUFKLR ³GL TXDOLWj DPELHQWDOH´ (FRODEHO q JHVWLWR GDOOD &RPPLVVLRQH (XURSHD HG q ULODVFLDWRGDRUJDQLVPLFRPSHWHQWLFKHRSHUDQRQHJOL6WDWL0HPEULGHOO¶8(/RVFKHPDGL FHUWLILFD]LRQH DOOD EDVH GHO PDUFKLR (FRODEHO q VWDWR LVWLWXLWR QHO  HG q VWDWR UHFHQWHPHQWH UHYLVLRQDWR FRQ LO 5HJRODPHQWR &( SXEEOLFDWR VXOOD *88( / GHOJHQQDLR



/R VFKHPD GHOO¶(FRODEHO HXURSHR VL IRQGD VX XQ DSSURFFLR PXOWLFULWHULD VHFRQGR FXL L FULWHULGLDVVHJQD]LRQHGHOPDUFKLRQRQVRQREDVDWLVXXQXQLFRSDUDPHWURPDSLXWWRVWR VX XQR VWXGLR FKH DQDOL]]D JOL LPSDWWL DPELHQWDOL GHO SURGRWWRVHUYL]LR GXUDQWH WXWWR LO FLFORGLYLWDGDOO¶HVWUD]LRQHGHLPDWHULDOLDOODSURGX]LRQHGLVWULEX]LRQHHGLVPLVVLRQHGHOOR VWHVVR/¶HVLJHQ]DGLJDUDQWLUHDLFRQVXPDWRULHDOOHLPSUHVHSDUWHFLSDQWLODFUHGLELOLWjLO ULJRUH VFLHQWLILFR H OD VHOHWWLYLWj GHOO¶(FRODEHO KD GHWWDWR OD VFHOWD GL SURFHGHUH DOOD YDOXWD]LRQHGHJOLLPSDWWLDPELHQWDOLVHFRQGRODPHWRGRORJLD/&$6XOODEDVHGHJOLLPSDWWL LQGLYLGXDWL FRPH SL VLJQLILFDWLYL LQ RWWLFD /&$ YHQJRQR GHILQLWL L FULWHUL FKH L SURGRWWLVHUYL]LDSSDUWHQHQWLDOODFDWHJRULDGHYRQRULVSHWWDUHSHURWWHQHUHO¶DVVHJQD]LRQH GHOO¶(FRODEHO,UDOGR&DQFLOD   $ IHEEUDLR  HUDQR  OH OLFHQ]H (FRODEHO YDOLGH LQ ,WDOLD  SHU XQ WRWDOH GL  SURGRWWLVHUYL]LHWLFKHWWDWLGLVWULEXLWLLQJUXSSLGLSURGRWWLXQVXFFHVVRPDWXUDWRQHJOL XOWLPLDQQLHJUD]LHVRSUDWWXWWRDOFRQWULEXWRGHOODFDWHJRULD³VHUYL]LGLULFH]LRQHWXULVWLFD´ OLFHQ]H  QHO FXL DPELWR VL VRQR PROWLSOLFDWH OH FHUWLILFD]LRQLGL DOEHUJKL H FDPSHJJL DIDUGDWUDLQRSHUOHFDWHJRULHGLSURGRWWLGLODUJRFRQVXPR  &RQODUHFHQWHUHYLVLRQHOD&RPPLVVLRQH(XURSHDKDSLDQLILFDWRGLLQWURGXUUHQHOFDPSR GLDSSOLFD]LRQHGHOO¶(FRODEHODQFKHLSURGRWWLDOLPHQWDULILQRUDHVFOXVL  ,OORJRGHOODFHUWLILFD]LRQH(FRODEHOqLOVHJXHQWH 

    4XDORUD XQ¶D]LHQGD GHFLGD GL XWLOL]]DUH XQ PDUFKLR HFRORJLFR QHOO¶DPELWR GHOOD SURSULD VWUDWHJLD GL JUHHQ PDUNHWLQJ SXz IDUH DIILGDPHQWR VX DOFXQH LQGLFD]LRQL SHU XQ¶HIILFDFH FRPXQLFD]LRQH  • YDORUL]]DUH OD FUHGLELOLWj H O¶DXWRUHYROH]]D GHO VRJJHWWR LVWLWX]LRQDOH  FKH KD ULODVFLDWRLOPDUFKLRSXQWDQGRVXOOD³WHU]LHWj´HVXOO¶LQGLSHQGHQ]DGHOOHJDUDQ]LHIRUQLWH HVSLHJDQGROHDOFOLHQWH • IDUH ULIHULPHQWR DL PHFFDQLVPL GL ULJRURVD YHULILFD H GL FRQWUROOR SHULRGLFR VXO ULVSHWWRGHLFULWHULHGHOO¶DJJLRUQDPHQWRGLTXHVWLXOWLPLQHOWHPSR • IDU OHYD VXO IDWWR FKH LO PDUFKLR q GLIIXVDPHQWH ULFRQRVFLXWR FRPH JDUDQ]LD GL HFFHOOHQ]D DPELHQWDOH VRSUDWWXWWR VH HVVR q DSSOLFDELOHLQ PROWH DOWUH FDWHJRULH GL SURGRWWR • DFFRPSDJQDUHLOPDUFKLRFRQXQDVLQWHWLFDLOOXVWUD]LRQHGHLPRWLYLSHUFXLqVWDWR ULODVFLDWR DO SURGRWWRVHUYL]LR LQ TXHVWLRQH HV ³4XHVWR SURGRWWR KD RWWHQXWR LO PDUFKLRGLHFFHOOHQ]DDPELHQWDOHSHUFKp FRQVHQWHXQQRWHYROHULVSDUPLRLGULFRHXQD PLQLPL]]D]LRQHGHOOHHPLVVLRQLGLJDVDGHIIHWWRVHUUD´ 

  ,Q DOFXQL FDVL OH IUDVL GL DFFRPSDJQDPHQWR VRQR SUHVWDELOLWH GDO JHVWRUH GHO VLVWHPD GL FHUWLILFD]LRQH DG HVHPSLRGDOOD&RPPLVVLRQH(XURSHDSHUO¶(FRODEHO(XURSHR



• DUULFFKLUHLOPDUFKLRFRQLQGLFD]LRQLULYROWHDOFOLHQWHFRQVXPDWRUHSHUVSLHJDUHLO FRUUHWWR XWLOL]]R GHO SURGRWWR LQ PRGR FKH TXHVWL UHDOL]]L FRQFUHWDPHQWH L YDQWDJJL DPELHQWDOL JDUDQWLWL GDO PDUFKLR VWHVVR HV FRPH GLVDVVHPEODUH XQ SURGRWWR D ILQH YLWDHUHFXSHUDUQHOHFRPSRQHQWLULFLFODELOL  • ODGGRYH SUHYLVWL HYLGHQ]LDUH FKH LO SURGRWWR KD VXSHUDWR DQFKH WHVW GL ³HIILFDFLD G¶XVR´ FKH YLQFRODQR O¶DFFHVVR DO PDUFKLR HFRORJLFR DVVLFXUDQGR DO FOLHQWH XQD HOHYDWD TXDOLWj SUHVWD]LRQDOL FRPSDUDELOH D TXHOOD GHL SURGRWWL FRQFRUUHQWL SL LQTXLQDQWL  

%2;  ± 8Q HVHPSLR GL XWLOL]]R GHOO¶(FRODEHO QHOOD VWUDWHJLD GL FRPXQLFD]LRQHDPELHQWDOHLOFDVR0DWHULV3DLQWV  8QFDVRLQWHUHVVDQWHGLXWLOL]]RGHOO¶(FRODEHOQHOOHVWUDWHJLHGLFRPXQLFD]LRQHHGL JUHHQPDUNHWLQJqTXHOORGL%DOGLQL9HUQLFLXQPDUFKLRGL0DWHULV3DLQWV,WDOLDD]LHQGD OHDGHU LQ ,WDOLD QHO VHWWRUH GHOOH YHUQLFL H GHOOH SLWWXUH SHU O HGLOL]LD 1HO VXR VHWWRUH %DOGLQL q VWDWD OD SULPD D]LHQGD LQ ,WDOLD D SRWHUVL IUHJLDUH GHO PDUFKLR FRPXQLWDULR (FRODEHO GHFLGHQGR DOOD ILQH GHJOL DQQL QRYDQWD GHO VHFROR VFRUVR GL RIIULUH XQD ULVSRVWD HIILFDFH DG XQ PHUFDWR FKH O¶D]LHQGD SHUFHSLYD FRPH VHPSUH SL RULHQWDWR DG XQD ILORVRILDGLWXWHODGHOO DPELHQWHHGHOODTXDOLWjGHOODYLWD 1HO SHUFRUVR SHU O¶RWWHQLPHQWR GHO PDUFKLR (FRODEHO O¶D]LHQGD KD GRYXWR JDUDQWLUH LO ULVSHWWRGHLFULWHULGHILQLWLSHUODFRUULVSRQGHQWHFDWHJRULDGLSURGRWWLYHUQLFLDQWL1HOFDVR GHOOHSLWWXUHSHULQWHUQLDGHVHPSLRLFULWHULDGRWWDWLGDOOD&RPPLVVLRQH(XURSHDKDQQR PLUDWRDLVHJXHQWLRELHWWLYLGDSHUVHJXLUHGDSDUWHGHOO¶D]LHQGDULFKLHGHQWH   XQLPSLHJRHIILFLHQWHGHOSURGRWWRHODULGX]LRQHDOPLQLPRGHLULILXWL  OD GLPLQX]LRQH GHL ULVFKL DPELHQWDOL H GL DOWUR JHQHUH DG HVHPSLR SHU O¶R]RQR WURSRVIHULFR ULGXFHQGROHHPLVVLRQLGLVROYHQWL ODULGX]LRQHGHOULODVFLRQHOOHDFTXHGLVRVWDQ]HWRVVLFKHRFRPXQTXHLQTXLQDQWL  1HOOD FDWHJRULD GL SURGRWWL GHOOH ³SLWWXUH H YHUQLFL´ O¶(FRODEHO (XURSHR SRQH SDUWLFRODUH HQIDVL VXOOD QHFHVVLWj GL IRUQLUH LQIRUPD]LRQL VXOO¶XVR SRLFKp O¶LPSDWWR FKH OD ORUR DSSOLFD]LRQHSXzFDXVDUHVXOO¶DPELHQWHqGHWHUPLQDWRLQPLVXUDULOHYDQWHGDOPRGRLQFXL LOFRQVXPDWRUHXWLOL]]DLOSURGRWWR(¶HVVHQ]LDOHSHUWDQWRFKHXQSURGRWWRFHUWLILFDWRFRQ O¶(FRODEHODEELDDQFKHXQDIXQ]LRQH³HGXFDWLYD´GHOO¶XWLOL]]DWRUHJXLGDQGRORQHOO¶DGR]LRQH GLFRUUHWWHPRGDOLWjGLFRQVHUYD]LRQHDSSOLFD]LRQHHVPDOWLPHQWRGHOSURGRWWR /¶D]LHQGD KD FROWR O¶RFFDVLRQH SHU LPSRVWDUH XQD FDPSDJQD GL PDUNHWLQJ PROWR RULHQWDWD DO FRLQYROJLPHQWR GHJOL XWLOL]]DWRUL ULSRUWDQGR VXOO¶LPEDOOR GHL SURSUL SURGRWWLLQDFFRPSDJQDPHQWRDOPDUFKLR(FRODEHOLQGLFD]LRQLTXDOL   ³0HVFRODUH EHQH SULPD GHOO¶XVR H QRQ DSSOLFDUH D WHPSHUDWXUH LQIHULRUL D  ƒ& R LQ FRQGL]LRQLGLHOHYDWDXPLGLWj5LFKLXGHUHLPPHGLDWDPHQWHGRSRO¶XVR´  ³3XOLUH JOL DWWUH]]L XVDWL HOLPLQDQGR OD PDJJLRU TXDQWLWj SRVVLELOH GL SURGRWWR IDFHQGR OHYDULSHWXWDPHQWHVXOERUGRLQWHUQRGHOODFRQIH]LRQH´  ³1RQ GLVSHUGHUH QHOO¶DPELHQWH GRSR O¶XVR OD SLWWXUD LQXWLOL]]DWD GHYH HVVHUH HOLPLQDWD VHFRQGROHGLVSRVL]LRQLGHOO¶DXWRULWjORFDOH´  $L ILQL GL XQD FRPSOHWD WUDVSDUHQWH HG HIILFDFH LQIRUPD]LRQH DOO¶XWLOL]]DWRUH LQROWUH q SDUWLFRODUPHQWHLQWHUHVVDQWHODVFHOWDGHOO¶D]LHQGDGLUHQGHUHGLVSRQLELOHHVFDULFDELOHGD VLWR ZHE OD ³6FKHGD GL VLFXUH]]D´ GL WXWWL L SURGRWWL (FRODEHO RYH VRQR ULSRUWDWH DOWUH LQGLFD]LRQLSLVSHFLILFKHVXOOHFRUUHWWHPRGDOLWjGDVHJXLUHGDSDUWHGHOO¶XWLOL]]DWRUH1HOOD VFKHGD XQD VH]LRQH q DG HVHPSLR GHGLFDWD DOOH ³2VVHUYD]LRQL VXOOR VPDOWLPHQWR´ DOO¶LQWHUQR GHOOD TXDOH YLHQH VSHFLILFDWR ³1RQ VFDULFDUH PDL LQ IRJQDWXUH R DFTXH VXSHUILFLDOLRVRWWHUUDQHH6HLOULILXWRqVROLGRVLSXzVPDOWLUHLQGLVFDULFDODFXLWLSRORJLD GHYHHVVHUHLQGLYLGXDWDVHFRQGRLFULWHULILVVDWLGDOODOHJJH4XHVWRFULWHULRqYDOLGRDQFKH SHULFRQWHQLWRULYXRWLGRSRDGHJXDWRODYDJJLR´



/H LQIRUPD]LRQL DO FRQVXPDWRUH LQILQH QRQ VRQR VROR ILQDOL]]DWH D VXSSRUWDUOR QHO FRUUHWWR FRPSRUWDPHQWR GD DVVXPHUH SHU OLPLWDUH L SURSUL LPSDWWL DPELHQWDOL PD VRQR DOWUHVu PLUDWH DG DXPHQWDUQH OD FRQVDSHYROH]]D FLUFD LO VLJQLILFDWR H OH JDUDQ]LH RIIHUWH GDO PDUFKLR (FRODEHO DQFKH DO ILQH GL RULHQWDUH OH VFHOWH VXO PHUFDWR ,Q TXHVWD RWWLFD VXOO¶LPEDOORGHOSURGRWWRYLHQHULSRUWDWDODVHJXHQWHIUDVH³4XHVWRSURGRWWRKDRWWHQXWR LO PDUFKLR GHOO¶8QLRQH (XURSHD (FRODEHO SHU XVR LQWHUQR LQ TXDQWR FRQWULEXLVFH DOOD ULGX]LRQH GHOO¶LQTXLQDPHQWR LGULFR DWPRVIHULFR H GHL ULILXWL 3HU DYHUH PDJJLRUL LQIRUPD]LRQL VXL FULWHUL GL DVVHJQD]LRQH GHO PDUFKLR (FRODEHO FRQVXOWDUH LO VLWR ZHE ZZZHFRODEHOHX´   

/DFHUWLILFD]LRQHGHOOH(WLFKHWWH³GL7LSR,,´  &RPH JLj DQWLFLSDWR JOL HQYLURQPHQWDO FODLPV FRVWLWXLVFRQR GHOOH DVVHU]LRQL DPELHQWDOL ³DXWRGLFKLDUDWH´ GD SDUWH GHOO¶D]LHQGD SURGXWWULFH LQ PHULWR D VSHFLILFKH FDUDWWHULVWLFKH DPELHQWDOL GHO SURSULR SURGRWWR 4XHVWR HOHPHQWR UDSSUHVHQWD LO FRQQRWDWRGLVWLQWLYRGLTXHVWDWLSRORJLDGL³HWLFKHWWH´SUHYLVWHGDOO¶,62FKHOHGLIIHUHQ]LD QHWWDPHQWH GDOOH DOWUH GXH LQ TXDQWR FRQVHQWH DOO¶D]LHQGD GL VFHJOLHUH D SULRUL XQ DPELWR GL YDORUL]]D]LRQH GHOOH SUHVWD]LRQL DPELHQWDOL GHO SURSULR SURGRWWR H GL LPSHUQLDUH OD SURSULD VWUDWHJLD GL FRPXQLFD]LRQH DPELHQWDOH ULYROWD DO FOLHQWHFRQVXPDWRUHVXTXHVW¶XQLFRYDQWDJJLRDPELHQWDOH /¶HVHPSLR ULSRUWDWR LQ ILJXUD  ULSURGXFH XQ¶DVVHU]LRQH FKH VL IRFDOL]]D VXOOD VROD ELRGHJUDGDELOLWjGHLSURGRWWLFDUDWWHULVWLFDFKHOLUHQGHIDFLOPHQWH³FRPSRVWDELOL´  )LJXUD8QHVHPSLRGLFHUWLILFD]LRQHGL HWLFKHWWHGL7LSR,,



)RQWHZZZMXVWPHDQVFRPDFFHVVRIHEEUDLR 

  6HEEHQH OH DXWRGLFKLDUD]LRQL GL WLSR ,, QRQ QDVFDQR SHU HVVHUH FHUWLILFDELOL GD XQD SDUWH WHU]DHQRQVLEDVLQRVXFULWHULYDOXWDWLYLSUHGHILQLWLHULFRQRVFLXWLORVWDQGDUG,62 YLHQH VSHVVR DVVXQWR FRPH OLQHDJXLGD SHU SRWHU YDOXWDUH OD FRUUHWWH]]D GL DVVHU]LRQL SXEEOLFLWDULH FKH ULYHQGLFDQR TXDOLWj DPELHQWDOL GHO SURGRWWR 4XHVWR VWDQGDUG VL SRQH O¶HVSOLFLWR RELHWWLYR GL SURPXRYHUH H IDYRULUH O¶DUPRQL]]D]LRQH GHL FRVLGGHWWL HQYLURQPHQWDO FODLPV DO ILQH GL HYLWDUH FKH DO FRQVXPDWRUH JLXQJDQR LQIRUPD]LRQL LQJDQQHYROL H QRQ DGHJXDWDPHQWH JDUDQWLWH LQ XQ DPELWR FRPH TXHOOR GHO PDUNHWLQJ HFRORJLFR VSHVVR VRJJHWWR D ULVFKL GL JUHHQZDVKLQJ &RPH VL q YLVWR QHO FDSLWROR  OR VYLOXSSRHODGLIIXVLRQHGHOORVWDQGDUGQHOOHLQWHQ]LRQLGHOO¶,62GRYUHEEHURFRQVHQWLUHDL FRQVXPDWRUL XQD VFHOWD PHJOLR LQIRUPDWD H SL FRQVDSHYROH H GL ULIOHVVR JDUDQWLUH 

XQDFRUUHWWDFRPSHWL]LRQHWUDLVHPSUHSLQXPHURVLSURGXWWRULDWWLYDPHQWHLPSHJQDWLVX TXHVWRIURQWH  ,Q TXHVWD ORJLFD DOFXQL HQWL YHULILFDWRUL H DOWUL VRJJHWWL RSHUDQWL QHOO¶DPELWR GHOOD FHUWLILFD]LRQHKDQQRSURJUHVVLYDPHQWHPDWXUDWRODFRQYLQ]LRQHFKHOHDVVHU]LRQLGLWLSR,, SRWHVVHUR FRPXQTXH HVVHUH RJJHWWR GL YDOXWD]LRQH GL ³FRQIRUPLWj´ H GL FRQYDOLGD GDSDUWHGLXQHQWHWHU]R (¶ RSSRUWXQR FKLDULUH FKH QHL FDVL SL VHPSOLFL SXz WUDWWDUVL DQFKH VRODPHQWH GL XQD FRQYDOLGD GL TXDQWR GLFKLDUDWR GDOO¶D]LHQGD ULVSHWWR D TXDQWR HIIHWWLYDPHQWH DYYLHQH QHL SURSUL SURFHVVL SURGXWWLYL H QHO FLFOR GL YLWD GHO SURSULR SURGRWWR ,Q SUDWLFD VL WUDWWD GL XQ¶DWWHVWD]LRQHGLYHULGLFLWj  ,QDOWULFDVLHVLVWHXQDFFRUGRIUDHQWHYHULILFDWRUHRFHUWLILFDWRUHHGD]LHQGDODTXDOHq FKLDPDWD D VYLOXSSDUH DXWRQRPDPHQWH XQ ³GLVFLSOLQDUH GL SURGRWWR´ FKH LQFOXGH DQFKH DVSHWWLDPELHQWDOLHVHFRQGRLGHWWDPLGLXQ5HJRODPHQWRVWDELOLWRGDOO¶HQWHULFKLHGHHG RWWLHQH FKH TXHVW¶XOWLPR YHULILFKL O¶HIIHWWLYD DSSOLFD]LRQH GL WDOH GLVFLSOLQDUH DL ORWWL GL SURGX]LRQHRIIHUWLVXOPHUFDWR  1HL FDVL SL HYROXWL OH DVVHU]LRQL GL WLSR ,, SRVVRQR FRVWLWXLUH LO IRQGDPHQWR GL YHUL H SURSULVFKHPLGLFHUWLILFD]LRQHQHOFXLDPELWRXQVRJJHWWRJHVWRUHVYLOXSSDHDSSOLFD XQ VHW GL UHTXLVLWL ULIHULWL DG XQD GHWHUPLQDWD FDUDWWHULVWLFD DPELHQWDOH GHO SURGRWWR 6L WUDWWD GHOOH FHUWLILFD]LRQL GL SURGRWWR FRVLGGHWWH ³VLQJOH FULWHULRQ´ $G HVHPSLR XQR VFKHPD GL FHUWLILFD]LRQH SXz FRQFHQWUDUVL VXOOH HPLVVLRQL GL JDV VHUUD GD SDUWH GL XQ SURGRWWRQHOVXRFLFORGLYLWDHVXOODORURHYHQWXDOHFRPSHQVD]LRQHGDSDUWHGHOO¶D]LHQGD SURGXWWULFH VL SHQVL DOOH QXPHURVH HWLFKHWWH DQFKH GL PDWULFH SULYDWLVWLFD GLVSRQLELOLLQ TXHVWRDPELWR RYYHURVXOULVSDUPLRHQHUJHWLFRO¶HWLFKHWWD(QHUJ\6WDUPROWRGLIIXVD R DQFRUDVXOODSURYHQLHQ]DGDIRUHVWHJHVWLWHVHFRQGRFULWHULGL³VRVWHQLELOLWj´GHOODFHOOXORVD SHUSURGRWWLLQFDUWDDGHVOHHWLFKHWWH)6&R3()&  ,QWXWWLTXHVWLFDVLqHYLGHQWHFKHGHYHHVVHUYLXQDVFHOWDGDSDUWHGHOO¶D]LHQGDDSULRUL IRUWHPHQWH RULHQWDWD D YDORUL]]DUH XQ VROR DVSHWWR DPELHQWDOH H D IRFDOL]]DUH SULQFLSDOPHQWH VX TXHVWR RELHWWLYR OD SURSULD VWUDWHJLD GL PDUNHWLQJ ,O ULVFKLR q FKH JOLLQWHUORFXWRUL SL DYYHGXWL VXO PHUFDWR R IUD JOL VWDNHKROGHU VRFLDOL  FRQWHVWLQR OD VRWWRYDOXWD]LRQHGLDOWULDVSHWWLDPELHQWDOLFKHWDORUDSRWUHEEHURSHUILQRHVVHUHLQJUDGR GLFRQWURELODQFLDUHLYDQWDJJLDPELHQWDOLGHOO¶DVSHWWRVXFXLO¶D]LHQGDSXQWD  

%2;   8Q (VHPSLR GL HWLFKHWWD GL 7LSR ,, FHUWLILFDWD OD &DUERQ )RRWSULQW  /DFUHVFHQWHDWWHQ]LRQHFKHLPHGLDHOHLVWLWX]LRQLKDQQRDVVHJQDWRLQTXHVWLXOWLPLDQQL DOOH SUREOHPDWLFKH GHL FDPELDPHQWL FOLPDWLFL KD LQGRWWR OD QDVFLWD H OD SUROLIHUD]LRQH GL VLVWHPLFKHPLVXUDQRHFHUWLILFDQRODTXDQWLWjGL&2HTXLYDOHQWHHPHVVDQHLSURFHVVLGL SURGX]LRQHWUDVIRUPD]LRQHGLVWULEX]LRQHYHQGLWDHILQHYLWDGHLSURGRWWL 'LYHUVH VRQR OH LQL]LDWLYH D OLYHOOR LQWHUQD]LRQDOH FKH KDQQR UHDOL]]DWR GD WHPSR TXHVWR WLSR GL HWLFKHWWD IUD FXL LO ³&DUERQ )RRWSULQW´ VYLOXSSDWR GD &DUERQ 7UXVW QHO 5HJQR 8QLWRLO³&HUWLILHG&DUERQ)UHH´XWLOL]]DWRQHJOL6WDWL8QLWLHVYLOXSSDWRGD&DUERQ)XQGRUJ )RXQGDWLRQ LO ³&DUERQ&RQQHFW´ XWLOL]]DWR LQ &DQDGD H VYLOXSSDWR GD &DUERQ&RXQWHG (VSHULHQ]H DQDORJKH GLUHFHQWH VL VWDQQR VYLOXSSDQGR LQ 6YL]]HUD ,WDOLD LQ 6SDJQD H LQ 6YH]LD&DULDQL  8QD GHILQL]LRQH FRQGLYLVD GL &DUERQ )RRWSULQW q OD VHJXHQWH LO ULVXOWDWR GHOO¶DQDOLVL GHOOH HPLVVLRQL GL JDV VHUUD JHQHUDWH GDO FLFOR GL YLWD GHO SURGRWWR R VHUYL]LR VWHVVR RSSRUWXQDPHQWHLGHQWLILFDWRLQUHOD]LRQHDGXQDGHILQLWDXQLWjIXQ]LRQDOH 1HO  q VWDWD VYLOXSSDWD H SXEEOLFDWD GD SDUWH GHO %ULWLVK 6WDQGDUG ,QVWLWXWH XQD QRUPDFKHFRQWLHQHXQDVHULHGLLQGLFD]LRQLSHULOFDOFRORGHOOD&DUERQ)RRWSULQWVLWUDWWD GHOOD 3XEOLFO\ $YDLODEOH 6SHFLILFDWLRQ ³6SHFLILFDWLRQ IRU WKH DVVHVVPHQW RI WKH OLIH F\FOH JUHHQKRXVHJDVHPLVVLRQVRIJRRGVDQGVHUYLFHV´3$6  



/D QRUPD GHILQLVFH L FULWHUL SHU OD YDOXWD]LRQH GHOOH HPLVVLRQL GL JDV VHUUD GHULYDQWL GDO FLFOR GL YLWD GHL SURGRWWL R GHL VHUYL]L EDVDQGRVL VXOOH WHFQLFKH H VXL SULQFLSL GHOOD YDOXWD]LRQH GHO FLFOR GL YLWD /&$  GHILQLWH VHFRQGR JOL VWDQGDUG ,62  H  &DULDQL /RVWDQGDUGYLHQHXWLOL]]DWRGD&DUERQ7UXVWXQ¶RUJDQL]]D]LRQHQRSURILW LQJOHVHFKHVLSRQHFRPHRELHWWLYRTXHOORGLVXSSRUWDUHLOVHWWRUHSULYDWRHSXEEOLFRYHUVR VROX]LRQL D EDVVR FRQWHQXWR GL FDUERQLR SHU DVVHJQDUH O¶HWLFKHWWD ³SURGXFW FDUERQ IRRWSULQW´ FKH WURYD DSSOLFD]LRQH VX EDVH QD]LRQDOH LQ *UDQ %UHWDJQD H LQ PLVXUD FUHVFHQWH DQFKH VH DQFRUD OLPLWDWD VX VFDOD HXURSHD IUD DOFXQH D]LHQGH SLRQLHUH LQWHUHVVDWHDOWHPD $QDORJKH LQL]LDWLYH VRQR LQ FRUVR GD SDUWH GHL 0LQLVWHUL GHOO¶$PELHQWH H GHOOR 6YLOXSSR (FRQRPLFR LQ FROODERUD]LRQH FRQ LO QHWZRUN GL 5HJLRQL GHQRPLQDWR &$57(6,2 SHU JLXQJHUH DOOR VYLOXSSR GL XQR VFKHPD SHU OD FHUWLILFD]LRQH FDUERQEDVHG GHL SURGRWWL GHO 0DGHLQ,WDO\ZZZUHWHFDUWHVLRLW     )LJXUD8QHVHPSLRGLSXEEOLFLWjFKHIDOHYDVXOODFHUWLILFD]LRQHGLXQ¶HWLFKHWWDGL7LSR,,



)RQWH3R]]ROL6S$ 

 

/H(3''LFKLDUD]LRQL$PELHQWDOLGL3URGRWWR(WLFKHWWH³GL7LSR,,,´  /H'LFKLDUD]LRQLDPELHQWDOLGL3URGRWWR(QYLURPHQWDO3URGXFW'HFODUDWLRQV(3' R(FR SURILOHV VRQR GRFXPHQWL VLQWHWLFL FKH GLVHJQDQR XQ VHPSOLFH ³SURILOR´ GHOOH SUHVWD]LRQL DPELHQWDOL GL XQ SURGRWWRVHUYL]LR H FKH SHUPHWWRQR GL FRPXQLFDUH GDWLHLQIRUPD]LRQLRJJHWWLYHFRQIURQWDELOLHFUHGLELOLDOULJXDUGR Ê LPSRUWDQWH VRWWROLQHDUH FKH L FRQWHQXWL GL XQD (3' KDQQR FDUDWWHUH HVFOXVLYDPHQWH LQIRUPDWLYR QRQ SUHYHGHQGR DO FRQWUDULR GHO ³7LSR ,´  FULWHUL GL YDOXWD]LRQH SUHIHULELOLWjROLYHOOLPLQLPLFKHLOSURGRWWRRVHUYL]LRGHEEDULVSHWWDUHPDKDQQRVHPPDL O¶RELHWWLYR GL PHWWHUH LO FOLHQWH GHVWLQDWDULR GHO GRFXPHQWR LQ JUDGR GL FRPSLHUH XQD VFHOWDFRQVDSHYROHHFRUUHWWDPHQWHLQIRUPDWDDOO¶DWWRG¶DFTXLVWR  /D ILQDOLWj SULQFLSDOH GL TXHVWR VWUXPHQWR q TXHOOD GL HYLGHQ]LDUH OH SHUIRUPDQFH DPELHQWDOL GL XQ SURGRWWRVHUYL]LR DXPHQWDQGRQH OD YLVLELOLWj H SURPXRYHQGR XQ FRQIURQWR IUD SURGRWWL IXQ]LRQDOPHQWH HTXLYDOHQWL &Lz QH HYLGHQ]D OH JUDQGL SRWHQ]LDOLWj VLD SHU L SURGRWWL GL ODUJR FRQVXPR XVXDOPHQWH SURSRVWL DO FRQVXPDWRUL LQ SXQWL YHQGLWD H VSD]L HVSRVLWLYL FKH FRQVHQWRQR XQD FRPSDUD]LRQH GLUHWWD GHOOH ORUR FDUDWWHULVWLFKH H WDORUD DQFKH GHOOH ORUR SUHVWD]LRQL LQFOXVH TXHOOH DPELHQWDOL  VLD GHL EHQL LQWHUPHGL GHVWLQDWL DO FOLHQWH LQGXVWULDOH FRVLGGHWWR ³%%´  $O ILQH GL FRQVHQWLUH LO FRUUHWWR FRQIURQWR WUD (3' GL SURGRWWL IXQ]LRQDOPHQWH HTXLYDOHQWL L SURGRWWL GHYRQR HVVHUHFODVVLILFDWLLQJUXSSLFKLDUDPHQWHGHILQLWLDWWUDYHUVRFULWHULRPRJHQHL  8QR GHL SXQWL GL IRU]D GHOOR VWUXPHQWR (3' q FRVWLWXLWR GDOO¶RSSRUWXQLWj FKH OD GLFKLDUD]LRQHVLDYHULILFDWDHFRQYDOLGDWDGDXQHQWHGLWHU]DSDUWHDFFUHGLWDWRDOILQHGL JDUDQWLUH OD FRPSOHWH]]D HVDXVWLYLWj H YHULGLFLWj GHOOH LQIRUPD]LRQL LQ HVVD FRQWHQXWH /¶HVLWR GHOOH DWWLYLWj GL YHULILFD H FRQYDOLGD q UDSSUHVHQWDWR GDOOD FRQFHVVLRQH GL XQD FHUWLILFD]LRQH H GL XQ PDUFKLR FKH DFFRPSDJQD OD 'LFKLDUD]LRQH $PELHQWDOH GHO 3URGRWWR $OWUR SXQWR GL IRU]D GHOOR VWUXPHQWR q UDSSUHVHQWDWR GDOOD VROLGD EDVH VFLHQWLILFD VX FXL SRJJLDQR OH LQIRUPD]LRQL FRPXQLFDWH DOO¶HVWHUQR OH SUHVWD]LRQL DPELHQWDOL GL SURGRWWR ULSRUWDWH QHOOH (3' LQIDWWL VRQR EDVDWH VX ± H JDUDQWLWH GD ± L ULVXOWDWL GL XQ¶DQDOLVL GHO FLFORGLYLWD/&$ FRQGRWWDQHOULVSHWWRGHOOHQRUPH,62  /D (3' DSSDUH FRPH XQ LQVLHPH GL GDWL DPELHQWDOL TXDQWLILFDWL FRVWLWXLWR GD FDWHJRULH SUHVWDELOLWH GL SDUDPHWUL EDVDWL VXOO¶/&$ VHEEHQH QRQ VLD HVFOXVD OD SUHVHQ]D GL LQIRUPD]LRQL DPELHQWDOL DXVLOLDULH UHODWLYH DG DVSHWWL FKH OD PHWRGRORJLD GHOO¶DQDOLVLGHOFLFORGLYLWDQRQULHVFHD FRJOLHUHHVLPSDWWLYLVLYLUXPRUHSHULFRORVLWj HGDQDOLVLGLULVFKLRHFF /D(3'FRQWLHQHLQROWUHLQIRUPD]LRQLOHJDWHDOFRUUHWWRXVRGHO SURGRWWRHDOVXRVPDOWLPHQWRTXDQWLILFDQGRDGHVHPSLRLGLYHUVLLPSDWWLOHJDWLDLYDUL VFHQDUL GL ILQH YLWD /H LQIRUPD]LRQL GD SXEEOLFDUH QHOOD (3' GHYRQR HVVHUH DSSURSULDWH ULVSHWWR DO JUXSSR GL SURGRWWR DOO¶XWLOL]]DWRUH H GHYRQR HVVHUH SUHVHQWDWH LQ XQ IRUPDWR VWDQGDUG *OL LQGLFDWRUL GL SHUIRUPDQFH DPELHQWDOH FKH ULVXOWDQR GDOOD /&$ GHYRQR HVVHUH VLQWHWL]]DWL QHOOD YHUD H SURSULD (3' VHFRQGR XQR VFKHPD HVSRVLWLYR FKH SUHYHGH LQIRUPD]LRQLTXDOL  • LOFRQVXPRGLHQHUJLDULQQRYDELOHHQRQ  • ODSURGX]LRQHGLULILXWL • O¶LPSDWWR VXOOH SULQFLSDOL SUREOHPDWLFKH DPELHQWDOL GL WLSR JOREDOH H UHJLRQDOH HIIHWWR VHUUDDVVRWWLJOLDPHQWRGHOODIDVFLDG¶R]RQRDFLGLILFD]LRQHHFF  • LOUHFXSHURRLOULFLFODJJLRGHOSURGRWWRRGLVXHFRPSRQHQWL • HWF  /DVWUXWWXUDGHOVLQWHWLFRGRFXPHQWR³(3'´VLFRPSRQHGLWUHVH]LRQL   XQDSULPDVH]LRQHFRQWLHQHLQIRUPD]LRQLGLFDUDWWHUHJHQHUDOHVXOO¶RUJDQL]]D]LRQHH VXOSURGRWWRRVHUYL]LRRJJHWWRGHOOD'LFKLDUD]LRQH



  QHOOD VHFRQGD VH]LRQH YHQJRQR LQYHFH ULSRUWDWL L YHUL H SURSUL ULVXOWDWL GHOOR VWXGLR /&$ DWWUDYHUVR OD SUHVHQWD]LRQH GL LQGLFDWRUL UHODWLYL DG HVHPSLR DO FRQVXPR GL ULVRUVH ULQQRYDELOL H QRQ DO FRQVXPR GL HQHUJLD HOHWWULFD DL ULILXWL SURGRWWL DOOH SULQFLSDOL FDWHJRULH GL LPSDWWR TXDOL LO *:3 ± *OREDO :DUPLQJ 3RWHQWLDO R O¶2'3 ± 2]RQH'HSOHWLRQ3RWHQWLDO VROLWDPHQWHVXGGLYLVLLQIDVHGLSURGX]LRQHHIDVHG¶XVR   OD WHU]D H XOWLPD VH]LRQH q ULVHUYDWD DOOH LQIRUPD]LRQL DGGL]LRQDOL FKH SRVVRQR HVVHUH GL LQWHUHVVH SHU L OHWWRUL GHOO¶(3' H FKH SHU OLPLWL HG LPSRVWD]LRQH PHWRGRORJLFDQRQULHVFRQRDGHVVHUHYHLFRODWHGDXQRVWXGLR/&$TXDOLDGHVHPSLR LQGLFD]LRQLULVHUYDWHDOO¶XWLOL]]DWRUHGHOSURGRWWRDOILQHGLDGRWWDUHFRPSRUWDPHQWLFKH ULGXFDQRO¶LPSDWWRDPELHQWDOHQHOODIDVHGLXVRHGLVPDOWLPHQWRGHOORVWHVVR   /¶D]LHQGDFKHLQWHQGHRWWHQHUHXQD³FHUWLILFD]LRQH´RSHUPHJOLRGLUHXQD³FRQYDOLGD´  GHYH VRWWRSRUUH OD SURSULD (3' QRQFKp L SURFHVVL D]LHQGDOL FKH QH FRQVHQWRQR H JDUDQWLVFRQR OD FUHGLELOLWj H LO ULJRUH PHWRGRORJLFR O¶HIILFDFLD FRPXQLFDWLYD H LO FRQWLQXRDJJLRUQDPHQWRDGXQYHULILFDWRUHRSSRUWXQDPHQWHDFFUHGLWDWRFKHLQ,WDOLD VL LGHQWLILFD FRQ DOFXQL IUD L SL QRWL HQWL FKH RSHUDQR DQFKH QHJOL DPELWL GHOOD FHUWLILFD]LRQHGHLVLVWHPLTXDOLWjHGHLVLVWHPLGLJHVWLRQHDPELHQWDOH 9D VRWWROLQHDWR FKLDUDPHQWH FKH LQ TXHVWR FDVR VL WUDWWD GL XQD FHUWLILFD]LRQH GHOOH LQIRUPD]LRQLHGHLGDWLFRQWHQXWLQHOO¶(3'QRQFKpGHOVLVWHPDLQIRUPDWLYRD]LHQGDOH FKH OL KD SURGRWWL  H QRQ LQYHFH FRPH DYYLHQH SHU L PDUFKL HFRORJLFL ³GL WLSR ,´ GHOOH SUHVWD]LRQLDPELHQWDOLGHOSURGRWWR 8QDYROWDRWWHQXWDODFRQYDOLGDHODUHJLVWUD]LRQHGHOO¶(3'O¶D]LHQGDSXzXWLOL]]DUHTXHVWR ³HFRSURILOR´ FRPH VWUXPHQWR GL FRPXQLFD]LRQH H PDUNHWLQJ DFFRPSDJQDQGROR DO SURGRWWRVHUYL]LRGLFXLYXROHYDORUL]]DUHLYDQWDJJLDPELHQWDOLIDFHQGRDIILGDPHQWRVXOOH VHJXHQWLJDUDQ]LH  • OD FHUWLILFD]LRQH GHL GDWL H GHJOL LQGLFDWRUL FRQWHQXWL QHOOD GLFKLDUD]LRQH GL SURGRWWR QRQFKp GHOOH PHWRGRORJLH SHU OD ORUR HODERUD]LRQH IRUQLVFH XQ TXDGUR DIILGDELOH GHOOD³LPSURQWDHFRORJLFD´GHOSURGRWWRVWHVVR • OD ULJRURVD PHWRGRORJLD /&$ DSSOLFDWD GDOOD VWHVVD D]LHQGD SURGXWWULFH VL EDVD VX SUHVXSSRVWLHLSRWHVLGLVFHQDULRXJXDOLSHUWXWWLLSURGRWWLGHOODVWHVVDFDWHJRULD DVVLFXUDQGRODFRPSDUDELOLWjWUD(3'GLSURGRWWLVLPLOL • OD SUHVHQ]D GL GDWL TXDQWLILFDWL IDFLOLWD XQ FRQIURQWR GLUHWWR IUD SURGRWWL FRQFRUUHQWL VXOOD EDVH GHOOH UHDOL SUHVWD]LRQL DPELHQWDOL DG HVHPSLR LQ XQ¶RWWLFD GL SXEEOLFLWjFRPSDUDWLYDFRQLSULQFLSDOLFRQFRUUHQWL • OD ULFKLHVWD GL UHQGLFRQWDUH VX SRFKL LQGLFDWRULFKLDYH UHODWLYL DL SULQFLSDOL LPSDWWL DPELHQWDOL DOFXQL GHL TXDOL GL JUDQGH DWWXDOLWj HIIHWWR VHUUD JHQHUDWR GDO SURGRWWR VRVWDQ]H OHVLYH GHOOD IDVFLD G¶R]RQR DFTXD WRWDOH FRQVXPDWD ULILXWL JHQHUDWL SHU RJQL XQLWjGLSURGRWWRIDEEULFDWDHWF JDUDQWLVFHXQ¶HIILFDFHFRPXQLFD]LRQHQHLFRQIURQWLGL GLYHUVLLQWHUORFXWRULD]LHQGDOLDVHFRQGDGHOOHSUHRFFXSD]LRQLFKHOLJXLGDQRHVGDOOD (3'SXzHVVHUHIDFLOPHQWHHVWUDSRODWDXQDFDUERQIRRWSULQWGHOSURGRWWRGHFLVDPHQWH DIILGDELOHSHUILQLSXEEOLFLWDUL  • L FRQWHQXWL GHOOD (3' XIILFLDOPHQWH FRQYDOLGDWL SRVVRQR RIIULUH XQ IOXVVR GL GDWL H LQGLFDWRUL FKH DOLPHQWD XQD FRPXQLFD]LRQH SL VLQWHWLFD H GLUHWWD QHOO¶DPELWR GHOOHLQL]LDWLYHGLPDUNHWLQJVXLSURGRWWLGHOO¶D]LHQGD  

%2;,OVLVWHPDLQWHUQD]LRQDOH(3'Š  8QR GHL SULPL SURJUDPPL GL 'LFKLDUD]LRQL $PELHQWDOL GL 3URGRWWR VYLOXSSDWL DOO¶LQWHUQR GHOODFRUQLFHSURSRVWD GDOO¶,62 qLO³&HUWLILHG(QYLURQPHQWDO3URGXFW'HFODUDWLRQ´ 4XHVWR VFKHPD RULJLQDULDPHQWH VYLOXSSDWR LQ XQ 3DHVH 0HPEUR 6YH]LD  q RJJL LO SL GLIIXVRVXOWHUULWRULRGHOO¶8QLRQH(XURSHDHVLqFDQGLGDWRDGDVVXPHUHXQUXRORGHFLVLYR QHO SURPXRYHUH XQ¶DUPRQL]]D]LRQH D OLYHOOR LQWHUQD]LRQDOH 6H QH ULSRUWD GL VHJXLWR LO ORJR



       ,VWLWXLWR QHO  JUD]LH DQFKH DOO¶LPSXOVR GL DOFXQL VHWWRUL LQGXVWULDOL LO SURJUDPPD q LQIDWWL XQD GHOOH LQL]LDWLYH GL PDJJLRU VXFFHVVR QHO SDQRUDPD LQWHUQD]LRQDOH GHOOH GLFKLDUD]LRQL DPELHQWDOL GL 7LSR ,,, DQQRYHUDQGR SURGRWWL GRWDWL GL (3' FHUWLILFDWH LQ GLYHUVL 3DHVL (XURSHL ,WDOLD H 6YH]LD VRSUDWWXWWR SRL %HOJLR 3RORQLD 5HSXEEOLFD &HFD 5XVVLDH/LWXDQLD HGH[WUDHXURSHL*LDSSRQH&RUHDGHO6XG   ,O VLVWHPD (3' DWWXDOPHQWH q JRYHUQDWR GD XQ ³RUJDQLVPR FRPSHWHQWH´ RULJLQDULDPHQWH LQFDULFDWR GDO JRYHUQR VYHGHVH GL JHVWLUH LO SURJUDPPD OR VZHGLVK HQYLURQPHQWDOPDQDJHPHQWFRXQFLO6(0&LOTXDOHLQTXDOLWjGL³SURJUDPRSHUDWRU´ KD SURJUHVVLYDPHQWH DSHUWR OD SDUWHFLSD]LRQH DL SURSUL RUJDQL GHOLEHUDQWL GL UDSSUHVHQWDQWL GL DOWUL 3DHVL , SULQFLSDOL FRPSLWL GHO 6(0& VRQR TXHOOL GL VYLOXSSDUH L UHTXLVLWL GHOOR VFKHPD GHILQLUH L JUXSSL GL SURGRWWL VYLOXSSDUH R DSSURYDUH OH 3&5 ± 3URGXFW &DWHJRU\ 5XOHV FRQ FXL FRQGXUUH JOL VWXGL /&$ H UHGLJHUH OH GLFKLDUD]LRQL FRRUGLQDUH WXWWL L VRJJHWWL FRLQYROWL QHOO¶DWWXD]LRQH GHO SURJUDPPD UHJLVWUDUH OH GLFKLDUD]LRQL H SURPXRYHUH LO VLVWHPD FRQ DWWLYLWj GL LQIRUPD]LRQH SUHVVR L GHVWLQDWDUL SRWHQ]LDOL 8Q GDWR VLJQLILFDWLYR q FKH ROWUH XQ WHU]R GHOOH (3' FRQYDOLGDWH GDO VLVWHPD ROWUH   VRQR VWDWH SXEEOLFDWH GD D]LHQGH FKH RSHUDQR LQ ,WDOLD 4XHVWR GDWR LQGLFD FRPH LO FRQWHVWR FRPSHWLWLYR LWDOLDQR VLD VWDWR LQ JUDGR GL YDORUL]]DUH OH RSSRUWXQLWj RIIHUWH GD TXHVWRQXRYRVWUXPHQWRGLPDUNHWLQJDPELHQWDOHFDSDFHGLVSRVDUHDGXQDQRWHYROH FDSDFLWjFRPXQLFD]LRQDOHXQDVROLGDEDVHVFLHQWLILFDLQJUDGRGLFRQIHULUHFUHGLELOLWj DOO¶D]LHQGD SURGXWWULFH 3URSULR TXHVWH FDUDWWHULVWLFKH KDQQR HYLGHQWHPHQWH IDWWR SUHVD VXO VLVWHPD SURGXWWLYR LWDOLDQR FKH VL FRQIURQWD FRQ XQ PHUFDWR ³LQWHUPHGLR´ GHVWLQDWDULR SULYLOHJLDWR GHOOH (3'  FKH SHU SRWHU DSSUH]]DUH L SURGRWWL ³HFRORJLFL´ PDQLIHVWD VHPSUH PDJJLRUH ELVRJQR GL LQIRUPD]LRQL FKLDUH IDFLOPHQWH FRPSUHQVLELOL H DXWRUHYROL  )UDOHD]LHQGHFKHKDQQRVFHOWRGLSURPXRYHUHLYDQWDJJLDPELHQWDOLGHLSURSULSURGRWWLH VHUYL]LDWWUDYHUVRO¶XWLOL]]RGHOO¶(3'YLVRQRFRPHFLVLSRWUHEEHDWWHQGHUHDOFXQLFRORVVL PXOWLQD]LRQDOL FRQ VHGL SURGXWWLYH QHO QRVWUR 3DHVH $%% 7HWUDSDN &DUOVEHUJ HWF  H DOFXQH JUDQGL D]LHQGH QD]LRQDOL (1(/ %DULOOD %X]]L  8QLFHP *UDQDUROR  PD GDO VLVWHPDQRQVRQRHVFOXVHOHSLFFROHHSLFFROLVVLPHLPSUHVHOHFXLHVSHULHQ]HGLPRVWUDQR FRPH TXHVWR LQQRYDWLYR VWUXPHQWR GL FRPXQLFD]LRQH DPELHQWDOH VLD FRVu IOHVVLELOH GD SRWHUVLDGDWWDUHDOOHHVLJHQ]HGLVLQWHVLGHOOHLQIRUPD]LRQLDPELHQWDOLVHPSOLILFD]LRQHGHL WHFQLFLVPL H SURPR]LRQH GHOO¶LPPDJLQH DPELHQWDOH D WXWWR WRQGR GHOO¶LPSUHVD SURSULH GHOOHPLQRULGLPHQVLRQLSURGXWWLYHHGHLVHWWRULSLWUDGL]LRQDOLOHJDWLDSURGRWWLVLSHQVL DO FDVR GHO SLFFROLVVLPR SURGXWWRUH GL WDSSL GL VXJKHUR &RPSDQ\ &RUN  HG DL VHUYL]L HPEOHPDWLFRO¶HVHPSLRGHOOD/LJXULDHGHOOHVXHTXDWWURSULQFLSDOLGLVFDULFKH     ,Q WHUPLQL GL FRPXQLFD]LRQH DPELHQWDOH DOFXQH LQGLFD]LRQL H VXJJHULPHQWL SRVVRQR VXSSRUWDUHO¶XWLOL]]RGLXQD(3'GDSDUWHGHOO¶D]LHQGDLQWHUHVVDWD  • XWLOL]]DUH OD SDUWH LQWURGXWWLYD GHOOD 'LFKLDUD]LRQH SHU RIIULUH XQ TXDGUR VLQWHWLFR GHOO¶LPSHJQR DPELHQWDOH GHOO¶D]LHQGD H GHOOH FDUDWWHULVWLFKH TXDOLWDWLYH H SUHVWD]LRQDOLGHOSURGRWWR • IDUH ULIHULPHQWR DG DOWUH IRUPH GL FHUWLILFD]LRQH GL FXL O¶D]LHQGD R L SURSUL SURGRWWL 

6RFLHWjPLVWDSRVVHGXWDGDOOR6WDWRGDVRFLHWjSULYDWHHDXWRULWjORFDOLVYHGHVL



VRQRGRWDWL • LQWURGXUUHULTXDGULLQIRUPDWLYLHGHVSOLFDWLYLFKHIDFLOLWLQRODFRPSUHQVLRQHGHLGDWL WHFQLFLGDSDUWHGHLOHWWRULQRQDGGHWWLDLODYRUL • XWLOL]]DUH XQ OLQJXDJJLR VHPSOLFH H QRQ WHFQLFR SHU FRPPHQWDUH O¶DQGDPHQWR H L SHVL UHODWLYL GHJOL LPSDWWL DPELHQWDOL SUHVHQWDWL QHL JUDILFL GHOOD (3' HV VSLHJDUH SHUFKpDOFXQHIDVLGHOFLFORGLYLWDLQFLGRQRSLGLDOWUHVXOODSURGX]LRQHGLJDVHIIHWWR VHUUD  • XWLOL]]DUH JUDILFL H ILJXUH FKH HVSULPDQR LQ PRGR LPPHGLDWDPHQWH LQWHUSUHWDELOH L IOXVVLGLPDWHULDOLHQHUJLHHULVRUVHQHOO¶DPELWRGHOFLFORGLYLWDGHOSURGRWWR • LQWURGXUUH XQ JORVVDULR ILQDOH SHU HVSOLFLWDUH LO VLJQLILFDWR GHJOL DFURQLPL H GHOOH VLJOH HVUHODWLYHDOOHVRVWDQ]HFKLPLFKH XWLOL]]DWHVSLHJDQGRJOLHIIHWWLDQFKHLQUHOD]LRQH DOODVDOXWHGHOO¶XRPRRFRPXQTXHDGLPHQVLRQL³SURVVLPH´DOO¶LQGLYLGXR • DWWULEXLUH OD GRYXWD LPSRUWDQ]D DOOD WHU]D SDUWH GHOO¶(3' GRYH q RSSRUWXQR RIIULUH LQGLFD]LRQL GL WDJOLR SUDWLFR H RSHUDWLYR VXOO¶XWLOL]]R GHO SURGRWWR H OH FRUUHWWH PRGDOLWj GL VPDOWLPHQWR R GL UHFXSHUR SDUWHQGR GDO SUHVXSSRVWR FKH LO FOLHQWHFRQVXPDWRUH q WDQWR SL PRWLYDWR TXDQWR VL VHQWH FRLQYROWR H SDUWHFLSH GHO PLJOLRUDPHQWR DPELHQWDOH OHJDWR DOOD VXD VFHOWD GHO SURGRWWR  FLz SXz ULJXDUGDUH DQFKH EDQDOPHQWH LO VXJJHULPHQWR GL LQIRUPDUVL SUHVVR LO &RPXQH GL DSSDUWHQHQ]D VXOOHPRGDOLWjSLFRUUHWWHSHUODUDFFROWDGLIIHUHQ]LDWDGHOSURGRWWRHVDXVWR • XWLOL]]DUHLGDWLHJOLLQGLFDWRULSURGRWWLGDOO¶(3'FRPHEDVHVFLHQWLILFDSHUFDPSDJQH GL PDUNHWLQJ SL PLUDWH H FLUFRVFULWWH HVWUDSRODQGROL GDO FRQWHVWR GHOOD VWHVVD 'LFKLDUD]LRQHHUHQGHQGROLSLFRPSUHQVLELOLDOYDVWRSXEEOLFRDWWUDYHUVR³HTXLYDOHQ]H´ FRQ IDWWRUL GL LPSDWWR SL YLFLQL DOO¶HVSHULHQ]D TXRWLGLDQD HV O¶LPSDWWR LQ WHUPLQL GL FRQVXPRLGULFRHTXLYDOHDQGRFFHPHGLHGLXQLWDOLDQRO¶LPSDWWRHQHUJHWLFRHTXLYDOH DLN:KJHQHUDWLGDXQDFHQWUDOHGLXQDGHWHUPLQDWDSRWHQ]DHWF  • IRUQLUH XQD VLQWHWLFD H FKLDUD VSLHJD]LRQH GHO SURFHVVR GL YHULILFD H FRQYDOLGD GHOOD VWHVVD (3' LOOXVWUDQGR OD QDWXUD GHJOL HQWL FRLQYROWL OD ORUR LQGLSHQGHQ]D H LO UXRORULFRSHUWR  

%R[/D(3'ŠGHOOD%LUUD&DUOVEHUJ  /D ILOLDOH LWDOLDQD GHOOD PXOWLQD]LRQDOH &DUOVEHUJ KD FRQVHJXLWR QHO  OD FRQYDOLGD H UHJLVWUD]LRQHGHOOD(3'SHUODELUUDDPDUFKLR&DUOVEHUJŠHDPDUFKLR7XERUJŠSURGRWWD SUHVVRLOSURSULRVWDELOLPHQWRGL,QGXQR2ORQDHGHVWLQDWDDOFRQVXPRSUHVVRSXEEDUH ULVWRUDQWL       /,/Z/KED/Ed>/WZKKddK;WͿ      /ZZĂƌůƐďĞƌŐΠĞdƵďŽƌŐΠ              

 



    

      /ŶƚĞƌŶĂƚŝŽŶĂůWΠŽƉĞƌĂƚĞĚďLJ dŚĞ/ŶƚĞƌŶĂƚŝŽŶĂůWŽŶƐŽƌƚŝƵŵ;/Ϳ WĐŽĚĞ͗ϮϰϯϭϬʹĞĞƌŵĂĚĨƌŽŵŵĂůƚ;ŚƚƚƉ͗ͬͬƵŶƐƚĂƚƐ͘ƵŶ͘ŽƌŐͬƵŶƐĚͬĐƌͬƌĞŐŝƐƚƌLJͬƌĞŐĐƐ͘ĂƐƉ͍ůсϵΘ>ŐсϭΘŽсϮϰϯϭϬͿ ŝĐŚŝĂƌĂnjŝŽŶĞŵďŝĞŶƚĂů ĞĚŝWƌŽĚŽƚƚŽWƌĞͲĞƌƚŝĨŝĐĂƚĂͲEƵŵĞƌŽĚŝZĞŐŝƐƚƌĂnjŝŽŶĞ͗yyy ĂƚĂĚŝƉƉƌŽǀĂnjŝŽŶĞ͗ϯϭ͘ϭϮ͘ϮϬϭϬͲ ZĞǀŝƐŝŽŶĞ͗ϬͲsĂůŝĚĂƵ ŶĂŶŶŽĚĂůů͛ĂƉƉƌŽǀĂnjŝŽŶĞʹŶŶŽĚŝƌŝĨĞƌŝŵĞŶƚŽĚĂƚŝ͗ϮϬϬϵ



/¶DGR]LRQH GHOOR VWUXPHQWR (3' q VWDWD XQD VFHOWD GL FRPXQLFD]LRQH DPELHQWDOH GHWWDWD GDOOD FUHGLELOLWj GHOOR VWUXPHQWR H GDOOD SRVVLELOLWj GL XWLOL]]DUOR SHU GLPRVWUDUH VFLHQWLILFDPHQWHLOPLJOLRUDPHQWRGHJOLLPSDWWLDPELHQWDOLRWWHQXWRQHJOLXOWLPLDQQLJUD]LH DOO¶DWWXD]LRQHGLDOFXQHLQQRYD]LRQLGLSURFHVVRHGLSURGRWWR/DVFHOWDGLFRPXQLFD]LRQH KD ULJXDUGDWR XQ DPSLR VSHWWUR GL SURGRWWL ULFRQGXFLELOL D WUH VFHQDUL GLVWULEXWLYL GLIIHUHQWL  )XVWLLQDFFLDLRGDO )XVWL'0DVWHUGDO %RWWLJOLHLQYHWURDSHUGHUHGDFO  ,FRQILQLGHOVLVWHPDDQDOL]]DWRQHOORVWXGLR/&$KDQQRULFRPSUHVRWXWWHOHIDVLGHOFLFORGL YLWDGHOODSURGX]LRQHGHOODELUUDGDOODFROWLYD]LRQHGHJOLLQJUHGLHQWLILQRDOORVPDOWLPHQWR GHL IXVWL H GHOOH ERWWLJOLH GRSR LO FRQVXPR ,Q SDUWLFRODUH O¶(3' PHWWH LQ HYLGHQ]D L EHQHILFL DPELHQWDOL GHOOD WHFQRORJLD GL GLVWULEX]LRQH WUDPLWH IXVWL ' 0DVWHU LQ 3(7 DVVRFLDWDDQXRYLLPSLDQWLGLVSLOODWXUDVYLOXSSDWLGD&DUOVEHUJ,WDOLDFKHVRVWLWXLVFRTXHOOL WUDGL]LRQDOL 0HQWUH LQ TXHVWL XOWLPL OD ELUUD YLHQH VSLOODWD WUDPLWH O¶DSSOLFD]LRQH GL XQD SUHVVLRQH GL &2 LQWHUQDPHQWH DL IXVWL OD WHFQRORJLD ' 0DVWHU SUHYHGH O¶DSSOLFD]LRQH GL XQD SUHVVLRQH GL DULD HVWHUQDPHQWH DO IXVWR HOLPLQDQGR LQ TXHVWR PRGR O¶XWLOL]]R GL ERPEROHGL&24XHVWRULVXOWDWRVRWWRLOSURILORWHFQLFRLQVLHPHDOODPLQLPL]]D]LRQHGHO SHVRGHOOHPDWHULHSULPHXWLOL]]DWHHDOODGUDVWLFDULGX]LRQHGHLWUDVSRUWLKDFRQVHQWLWRGL UDJJLXQJHUH SHUIRUPDQFH QRWHYROPHQWH PLJOLRUDWLYH /D VROX]LRQH SDUWLFRODUPHQWH LQWHUHVVDQWHGHOOD(3'GHOODELUUD&DUOVEHUJŠH7XERUJŠFRQVLVWHQHOIDWWRFKHO¶D]LHQGD KD SRWXWR RSHUDUH XQ FRQIURQWR GLUHWWR IUD VROX]LRQL DOWHUQDWLYH JUD]LH DOOD VFHOWD GL LQFOXGHUHQHOODVWHVVD'LFKLDUD]LRQHOHGLYHUVHVROX]LRQLGLSDFNDJLQJHGLVWULEXWLYH ,QTXHVWRPRGRHVVHQGROHWUHDOWHUQDWLYHULFRPSUHVHQHOORVWHVVRVWXGLR/&$O¶D]LHQGD KDSRWXWRFRPSDUDUHLUHODWLYLLQGLFDWRULDPELHQWDOLULIHULWLDOORVWHVVRJUXSSRGLSURGRWWLH GHULYDQWL GDOO¶DSSOLFD]LRQH GHOOH PHGHVLPH 3&5 ± 3URGXFW &DWHJRU\ 5XOHV ,O ULVXOWDWR SDUWLFRODUPHQWH HIILFDFH VRWWR LO SURILOR GHO JUHHQ PDUNHWLQJ q VLQWHWL]]DWR QHO JUDILFR VHJXHQWH 







, ULVXOWDWL GHOOD /&$ VLQWHWL]]DWL QHOOD (3' QRQ VRQR VWDWL XWLOL]]DWL VROWDQWR FRPH VWUXPHQWR GL FRPXQLFD]LRQH D Vp VWDQWH PD KDQQR DQFKH IRUQLWR XQD EDVH LQIRUPDWLYD FUHGLELOH H VFLHQWLILFDPHQWH IRQGDWD SHU HODERUDUH LQGLFDWRUL GL VXSSRUWR DOOD FRPXQLFD]LRQHD]LHQGDOHLQGLUL]]DWDD³QRQDGGHWWLDLODYRUL´ 4XHVWR KD ULFKLHVWR XQR VIRU]R XOWHULRUH SHU HVSULPHUH JOL LQGLFDWRUL LQ WHUPLQL FRPSUHQVLELOL DO FLWWDGLQR H TXLQGL ULIRUPXODWL LQ SDUDPHWUL DPELHQWDOL YLFLQL DOOD SHUFH]LRQH GHOOD YLWD TXRWLGLDQD GHO VLQJROR /D VROX]LRQH q ULVXOWDWD SDUWLFRODUPHQWH HIILFDFH SHU OD FRPXQLFD]LRQH GHL YDQWDJJL DPELHQWDOL FKH FRQWUDGGLVWLQJXRQR XQD GHOOH VROX]LRQL GLVWULEXWLYH SHU OD TXDOH VRQR VWDWH DGRWWDWH ³HTXLYDOHQ]H´ LQ JUDGR GL HVSULPHUH DG HVHPSLR OH HPLVVLRQL GL JDV VHUUD ULVSDUPLDWL LQ WHUPLQL GL ³FDSDFLWj GL DVVRUELPHQWRGL&2GLQDOEHUL´HGL³QGLYLDJJLLQEXVGD0LODQRD5RPDULVSDUPLDWL´ 4XHVWDVROX]LRQHSUDWLFDELOHSHUzVRORDOGLIXRULGHOGRFXPHQWR(3'DOFXLLQWHUQRQRQ VRQR FRQVHQWLWL SDUDJRQL FRQ GDWL QRQ FRPSUHVL QHOOR VWXGLR /&$  VL SXz ULYHODUH SDUWLFRODUPHQWH HIILFDFH SHU OD FRPXQLFD]LRQH LQGLUL]]DWD DO FRQVXPDWRUH ILQDOH GHO SURGRWWR   

/DFRPXQLFD]LRQHGLSURGRWWRQHOO¶DPELWRGHOOHFHUWLILFD]LRQL GHLVLVWHPLGLJHVWLRQHDPELHQWDOH  6HEEHQHODFRPXQLFD]LRQHDPELHQWDOHPLUDWDHVVHQ]LDOPHQWHDUDIIRU]DUHO¶LPPDJLQHHOD UHSXWD]LRQH GHOO¶D]LHQGD QRQ VLD RJJHWWR GHOOH SUHVHQWL /LQHH JXLGD YL VRQR FDVL LQ FXL DQFKH TXHVWD SXz HVVHUH XWLOL]]DWD FRPH OHYD GL JUHHQ PDUNHWLQJ SHU OD SURPR]LRQH GHL ³YDQWDJJL DPELHQWDOL´ OHJDWL DL SURGRWWL R DL VHUYL]L RYYHUR SL LQ JHQHUDOH SXz HVVHUH DWWLYDWD LQ DIILDQFDPHQWR H DG LQWHJUD]LRQH GHOOD FRPXQLFD]LRQH GL SURGRWWR SHU SRWHQ]LDUQHO¶HIILFDFLD ,Q TXHVWR VHQVR FL VHPEUD XWLOH IRUQLUH DOFXQL VXJJHULPHQWL UHODWLYL DOO¶DPELWR GHOOD FHUWLILFD]LRQHGLD]LHQGDRYYHURGHOVXRVLVWHPDGLJHVWLRQHDPELHQWDOH HDOOHPRGDOLWj FRQ FXL HVVD SXz UDIIRU]DUH OD VHJQDOD]LRQH DO FOLHQWHFRQVXPDWRUH GHOO¶HFFHOOHQ]D DPELHQWDOHGLXQEUDQG  /D FRPXQLFD]LRQH DPELHQWDOH QHOO¶DPELWR GHOOH FHUWLILFD]LRQL ,62  HG (0$6 SXz HVVHUH GHILQLWD FRPH O¶LQVLHPH GHOOH DWWLYLWj H GHJOL VWUXPHQWL GL FRPXQLFD]LRQH FKH XQ¶RUJDQL]]D]LRQH UHDOL]]D FRLQYROJHQGR LQWHUORFXWRUL LQWHUQL HG HVWHUQL FRQ O¶RELHWWLYR GL GLIIRQGHUH OD SROLWLFD DPELHQWDOH JOL RELHWWLYL GL PLJOLRUDPHQWR H L ULVXOWDWL UDJJLXQWL H RJQL DOWUD LQIRUPD]LRQH FKH SRVVD ULJXDUGDUH O¶HVLWR GHOOD JHVWLRQH GHJOLDVSHWWLDPELHQWDOLGDSDUWHGHOODSURSULDRUJDQL]]D]LRQHROHPRGDOLWjSHU SUHYHQLUOL /H PRWLYD]LRQL SHU FXL XQ¶D]LHQGD FHUWLILFDWD GHFLGH GL FRPXQLFDUH LQIRUPD]LRQL ULJXDUGDQWLLOSURSULRFRPSRUWDPHQWRVRQRQXPHURVHHVSHVVRFRQQHVVHDOO¶HVLJHQ]DGL SLDQLILFDUH H JHVWLUH OD SURSULD ³LPPDJLQH´ QHL FRQIURQWL GL VSHFLILFKH FDWHJRULH G¶LQWHUORFXWRUL R SHU JHVWLUH L IOXVVL SHU OD UHFLSURFD LQIRUPD]LRQH H FRPSUHQVLRQH  FRQ GLIIHUHQWLVWDNHKROGHU*OLRELHWWLYLVSHFLILFLSHUFXLXQ¶D]LHQGDVFHJOLHGLLQWUDSUHQGHUHXQ SHUFRUVR GL FRPXQLFD]LRQH QHOO¶DPELWR GHL VLVWHPL GL JHVWLRQH DPELHQWDOH VRQR VRVWDQ]LDOPHQWHGXH   0LJOLRUDUH OD SURSULD LPPDJLQH H OD SURSULD UHSXWD]LRQH SUHVHQWDQGRVL DJOL VWDNHKROGHU H GHVFULYHQGR LO SURSULR LPSHJQR YHUVR XQD PDJJLRUH VRVWHQLELOLWj DPELHQWDOH  3UHVHQWDUH H SURPXRYHUH O¶HFRFRPSDWLELOLWj GHL SURSUL SURGRWWL H GHL SURSUL VHUYL]L 4XHVWR LPSHJQR q VWUHWWDPHQWH OHJDWR DO JUHHQ PDUNHWLQJ H SXz HVVHUH SHUVHJXLWR XWLOL]]DQGR LQIRUPD]LRQL H GDWL QRQFKp LQL]LDWLYH HG DWWLYLWj FRQGRWWH QHOO¶DPELWRGHLVLVWHPLGLJHVWLRQHDPELHQWDOHFHUWLILFDWL,62HUHJLVWUDWL(0$6 



9DQDWXUDOPHQWHSUHFLVDWRFKHQHOFDVRGHOO¶(0$6FRPHVLYHGUjROWUHODFRPXQLFD]LRQH DPELHQWDOH q DQFKH XQ UHTXLVLWR GHOOR VFKHPD SHU RWWHQHUH OD UHJLVWUD]LRQH VHFRQGR LO 5HJRODPHQWR &( HVSUHVVR DWWUDYHUVR OD ULFKLHVWD GL SUHGLVSRUUH H UHQGHUH GLVSRQLELOHDOSXEEOLFROD'LFKLDUD]LRQH$PELHQWDOH(0$6 $QFKH QHO FDVR GHOOH D]LHQGH FHUWLILFDWH VHFRQGR OR VWDQGDUG ,62  WXWWDYLD VL PDQLIHVWD O¶RSSRUWXQLWj GL RWWHQHUH XQD ³FHUWLILFD]LRQH´ GL SDUWH WHU]D LQGLSHQGHQWH GHO SURSULR %LODQFLR R 5DSSRUWR $PELHQWDOH R GL 6RVWHQLELOLWj UHGDWWR H YHULILFDWR VHFRQGR FULWHUL H VWDQGDUG ULFRQRVFLXWL QHO FDPSR GHOOD UHQGLFRQWD]LRQH H GHOOD YHULILFD HVWHUQD TXDOLDGHVHPSLRJOLVWDQGDUGGHOOD*OREDO5HSRUWLQJ,QLWLDWLYHHGHOO¶$$   8Q¶RUJDQL]]D]LRQH FHUWLILFDWD FKH YRJOLD FRPXQLFDUH LQ PRGR SURDWWLYR DOO¶HVWHUQR OH SURSULH SROLWLFKH H LQL]LDWLYH DPELHQWDOL LQ PDQLHUD FKLDUD FRUUHWWD H FRPSOHWD GHYH LQQDQ]LWXWWR LGHQWLILFDUH JOL VWDNHKROGHU FKH FRQVLGHUD L SURSUL WDUJHW SULQFLSDOL TXLQGL IRUPXODUH LO PHVVDJJLR H VFHJOLHUH OH PRGDOLWj H JOL VWUXPHQWL GL FRPXQLFD]LRQH SL DGDWWL SHU UDJJLXQJHUH L SURSUL GLIIHUHQWL SXEEOLFL $ VHFRQGD GHL FDVL O¶D]LHQGD SRWUj DG HVHPSLR RSWDUH SHU VROX]LRQL ³WUDGL]LRQDOL´ TXDOL FRPXQLFDWL VWDPSD LQWHUYLVWH FRQ L PHGLD FRQIHUHQ]H RSXVFROL LOOXVWUDWLYL RSSXUH SL OHJDWH DOOH VWUDWHJLH GL JHVWLRQH DPELHQWDOH TXDOL VWUXPHQWL GL ³UHSRUWLVWLFD´ DPELHQWDOH VL YHGD OD WDEHOOD   4XHVW¶XOWLPR WLSR GL VWUXPHQWL YLHQH XWLOL]]DWR GDOOH D]LHQGH UHODWLYDPHQWH SL ³DYDQ]DWH´ QHOOD JHVWLRQH DPELHQWDOH D VHFRQGD GHOOH FDUDWWHULVWLFKH GHOO¶RUJDQL]]D]LRQH H GHOOD YRORQWj GL DGRWWDUH OR VWUXPHQWR QHO SL DPSLR FRQWHVWR GHOO¶DSSOLFD]LRQHGHOORVFKHPDGLFHUWLILFD]LRQHDPELHQWDOHYRORQWDULR  7DEHOOD±*OLVWUXPHQWLGLFRPXQLFD]LRQHDPELHQWDOHEDVDWLVXOODUHSRUWLVWLFD

%LODQFL $PELHQWDOL

6WUXPHQWLGLFRQWDELOLWjGHLIOXVVLGLFRQVXPLGLULVRUVHHGLHPLVVLRQLGL LQTXLQDQWLHYHQWXDOPHQWHDQFKHPRQHWL]]DWLDWWUDYHUVRXQ¶DQDOLVLFRVWL EHQHILFL SHUOHLPSUHVHFKHYRJOLRQRVYLOXSSDUHXQDFRQRVFHQ]DSL DSSURIRQGLWDGHOOHWHPDWLFKHDPELHQWDOLFROOHJDWHDOORURVLVWHPDSURGXWWLYR HFKHVFHOJRQRGLFRQGLYLGHUHTXHVWLGDWLHSUHVWD]LRQLFRQLSURSUL VWDNHKROGHU

5DSSRUWL $PELHQWDOL

'RFXPHQWLGLFDUDWWHUHGLYXOJDWLYRXWLOLDFRPXQLFDUHDOSXEEOLFROHSULQFLSDOL LQIRUPD]LRQLTXDOLWDWLYHHTXDQWLWDWLYHVXOODUHOD]LRQHHVLVWHQWHWUDDWWLYLWj SURGXWWLYDGHOO¶D]LHQGDHRGHOVXRSURGRWWRL HO¶DPELHQWHQDWXUDOH

%LODQFLH5DSSRUWL GL6RVWHQLELOLWj

6WUXPHQWLGLFRPXQLFD]LRQHVLPLOLDOOHSULPHGXHWLSRORJLHFKHHVWHQGRQRLO SURSULRDPELWRGLLQWHUHVVHDOODWUDWWD]LRQHGHLFRQWHQXWL³FODVVLFL´GLXQ UHSRUWRGLXQELODQFLRHVODPLVVLRQHGHOO¶LPSUHVDLFULWHULHOHPRGDOLWjGL JHVWLRQHO¶LPSHJQRQHOPLJOLRUDPHQWRGHOOHSUHVWD]LRQL DWHPDWLFKHDIILQLD TXHOOHDPELHQWDOLHULFRQGXFLELOLDOSLHVWHVRFRQFHWWRGL³VYLOXSSR VRVWHQLELOH´TXDOLDGHVHPSLRJOLDVSHWWLHWLFLHVRFLDOLOHLQL]LDWLYHD VRVWHJQRGHOODFRPXQLWjDOODUJDWDODJHVWLRQHGHOODVDOXWHHGHOODVLFXUH]]D GHLODYRUDWRULRSHUILQRGHOOHULVRUVHLPPDWHULDOLGHOO¶D]LHQGDFRVLGGHWWR ³%LODQFLRGHJOL,QWDQJLELOL´  7LSLFDPHQWHVLWUDWWDGLVWUXPHQWLFKHUHQGLFRQWDQRH[SRVWLULVXOWDWL FRQVHJXLWLGDOO¶D]LHQGDQHOODJHVWLRQHGHLGLYHUVLDVSHWWLDPELHQWDOLFRQQHVVL DOOHVXHDWWLYLWj3LLQQRYDWLYRqLOFDVRGLDOFXQHD]LHQGHDIILDQFDQRDOOD FRPXQLFD]LRQHGLWDOLULVXOWDWLVRWWRIRUPDGLELODQFLR³FRQVXQWLYR´ XQ ELODQFLR³SUHYHQWLYR´GLVRVWHQLELOLWjDWWUDYHUVRFXLFRPXQLFDQRDJOL VWDNHKROGHUJOLRELHWWLYLHLWDUJHWTXDQWLILFDWLFKHHVVHVLSURSRQJRQRGL FRQVHJXLUHHQWURXQDUFRWHPSRUDOHGHILQLWRJHQHUDOPHQWHO¶DQQRVRODUH  HUHQGLFRQWDUHH[SRVWQHOODVXFFHVVLYDHGL]LRQHGHOGRFXPHQWR 

 3HUXQDSSURIRQGLPHQWRVXLSULQFLSLHOHILQDOLWjHVVHQ]LDOLGLTXHVWLVWUXPHQWLVLYHGDO¶$SSHQGLFH$GHOOH /LQHHJXLGD



'LFKLDUD]LRQL $PELHQWDOL(0$6

6WUXPHQWRGLFXLGLVSRQJRQROHRUJDQL]]D]LRQLFKHGHFLGRQRGLDGHULUHDO 5HJRODPHQWR(0$6FRPXQLWDULRSHUFRPXQLFDUHOHSURSULHSUHVWD]LRQL DPELHQWDOLDOOHSDUWLLQWHUHVVDWH(VVHQGRFRQYDOLGDWDQHOODVXDIRUPDHQHO VXRFRQWHQXWRGDXQ9HULILFDWRUH$FFUHGLWDWRDOLYHOORQD]LRQDOHOD 'LFKLDUD]LRQH(0$6qUHJRODPHQWDWDGDUHTXLVLWLHVSUHVVLGDOFLWDWR 5HJRODPHQWRHTXLQGLO¶D]LHQGDqPROWR³JXLGDWD´QHOORVYLOXSSRGHLVXRL FRQWHQXWLFKHVRQRRJJHWWRGLYHULILFD &LzFRQVHQWHGLSUHVHQWDUHFRQ JUDQGHWUDVSDUHQ]DHFUHGLELOLWjO RSHUDWRGHOO RUJDQL]]D]LRQHHJOLLPSHJQL FKHHVVDVLDVVXPHSHUJOLDQQLIXWXUL

 

/¶D]LHQGD FHUWLILFDWD FKH FRPXQLFD FRQ L SURSUL VWDNHKROGHU FRQ XQR VWUXPHQWR GL UHSRUWLVWLFD DPELHQWDOH SXz VFHJOLHUH GL XWLOL]]DUH XQD GLIIXVLRQH ³PLUDWD´ UHDOL]]DQGR FRSLH FDUWDFHH GHL GRFXPHQWL HG LQGLUL]]DQGROH D WXWWL JOLLQWHUHVVDWL RSSXUH SULYLOHJLDUH FRPH FDQDOH FRPXQLFDWLYR ,QWHUQHW VWUXPHQWR FDSDFH GL UDJJLXQJHUH XQ QXPHUR PDJJLRUH GL XWHQWL DGXQ FRVWR SL EDVVR FRQ HOHYDWL PDUJLQL GL DGDWWDELOLWj D GLIIHUHQWL HVLJHQ]HFRPXQLFDWLYH ,QGLSHQGHQWHGDOODWLSRORJLDHGDJOLVWUXPHQWLVHOH]LRQDWLSHUODFRPXQLFD]LRQHLOVLWRZHE ULHVFHVSHVVRDPROWLSOLFDUQHOHRSSRUWXQLWjGLGLIIXVLRQHHDGDPSOLILFDUQHOHSRWHQ]LDOLWj LQIRUPDWLYH VRSUDWWXWWR TXDQGR O¶D]LHQGD GHGLFD XQD VSHFLILFD VH]LRQH GHO VLWR DOOD FRPXQLFD]LRQH DPELHQWDOH PDQWHQHQGROD DJJLRUQDWD H LOOXVWUDQGR LQ PRGR VHPSOLFH H VLQWHWLFR D WXWWL JOL XWHQWL OH SULQFLSDOL FRPSRQHQWL LQIRUPDWLYH GHJOL VWUXPHQWL GL UHSRUWLVWLFDVRSUDGHVFULWWLVLDQFKHYHGDLOVXFFHVVLYRSDUDJUDIR   *OL VWUXPHQWL GL UHSRUWLVWLFD H GL FRPXQLFD]LRQH DPELHQWDOH G¶LPSUHVD SRVVRQR HVVHUH XWLOL]]DWL QHOO¶DPELWR GL XQD VWUDWHJLD GL JUHHQ PDUNHWLQJ D FRQGL]LRQH FKH ULVXOWLQR HIILFDFLOHJJLELOLHFRPSUHQVLELOL³HDV\WRUHDG´ QHLFRQIURQWLGHJOLLQWHUORFXWRULFKH O¶D]LHQGDKDLGHQWLILFDWRFRPHWDUJHW$OFXQHLQGLFD]LRQLSHUO¶LPSRVWD]LRQHHUHGD]LRQHGL GRFXPHQWLDYHQWLTXHVWHFDUDWWHULVWLFKHSRVVRQRHVVHUHOHVHJXHQWL  • SUHGLOLJHUH GRFXPHQWL PROWR VLQWHWLFL LQ JUDGR GL VRGGLVIDUH LQ SRFKH SDJLQH L UHTXLVLWLPLQLPLGHO5HJRODPHQWR(0$6HRGHOORVWDQGDUGGLUHQGLFRQWD]LRQHXWLOL]]DWR FRPHULIHULPHQWRPHWRGRORJLFR • SXQWDUH VX IRUPDWL JUDILFL RULJLQDOL HV EURFKXUH SLHJKHYROH GL SRFKH SDJLQH ULSRUWDQWHVRORJOLLQGLFDWRULDPELHQWDOLHOHLQIRUPD]LRQLSLLPSRUWDQWLUHODWLYHDOVLWR SURGXWWLYR  • XWLOL]]DUH VFKHPL LOOXVWUDWLYL DG HVHPSLR SXz HVVHUH XWLOH SHU ³DOOHJJHULUH´ O¶HVSRVL]LRQH GL GDWL WHFQLFL SHU VLQWHWL]]DUH OD GHVFUL]LRQH GL LPSLDQWL R SURFHVVL SURGXWWLYLDUWLFRODWLWUDPLWHDGHVHPSLRIORZFKDUW RSHUVHPSOLILFDUHO¶LOOXVWUD]LRQHGL SURFHVVLD]LHQGDOLGLWLSRJHVWLRQDOH • DUULFFKLUH LO GRFXPHQWR FRQ IRWRJUDILH SXz UHQGHUH SL YLYDFH H DFFDWWLYDQWH LO GRFXPHQWR TXDQGR DG HVHPSLR OH IRWRJUDILH ULWUDJJRQR LO VLWR JOL LPSLDQWL GL SURGX]LRQH HR GL WUDWWDPHQWR L SURGRWWL HFF HVVH ULVXOWDQR SDUWLFRODUPHQWH HIILFDFL QHOO¶DYYLFLQDUHLOOHWWRUHDOODUHDOWjGHOO¶LPSUHVD  • ULSRUWDUHGLVHJQLLOOXVWUDWLYLRIXPHWWLSXzIDYRULUHODGLIIXVLRQHGHOGRFXPHQWRWUDJOL LQWHUORFXWRUL SL JLRYDQL XQ ³WDUJHW´ FRPXQLFD]LRQDOH FRQVLGHUDWR SULRULWDULR GD PROWH D]LHQGH • QRQ SRUVL LO VROR RELHWWLYR GL ULSRUWDUH GDWL H LQGLFDWRUL UHODWLYL DOOH SURSULH SUHVWD]LRQL DPELHQWDOL R PLVXUH GL VLQWHVL VLJQLILFDWLYH PD DQFKH TXHOOR GL UHQGHUH WDOL LQIRUPD]LRQLTXDQWRSLDFFHVVLELOLHLQWHOOHJLELOLDQFKHDXQSXEEOLFRPHQRHVSHUWR • DFFRPSDJQDUH JUDILFL H WDEHOOH FRQ XQD EUHYH VSLHJD]LRQH GHJOL RELHWWLYL GHOOH JUDQGH]]HRGHLWUHQGFKHLQWHQGRQRUDSSUHVHQWDUHGHLSDUDPHWULXWLOL]]DWLGHOOHXQLWj GLPLVXUDGLULIHULPHQWRRGLFRPHVRQRVWDWLFRVWUXLWLLUHODWLYLLQGLFDWRUL  • PRWLYDUHO¶LQGLFL]]D]LRQHGHLGDWLDXQRVSHFLILFRDQQREDVHHVSOLFLWDUHSHUHVWHVROH VLJOHLQXVRWUDJOL³DGGHWWLDLODYRUL´FRPHDGHVHPSLRTXHOOHUHODWLYHDJOLHOHPHQWLR DLFRPSRVWLFKLPLFL  



4XHVWHLQGLFD]LRQLYDOJRQRVRSUDWWXWWRQHOFDVRLQFXLO¶D]LHQGDLQWHQGDWUDWWDUHJOLLPSDWWL DPELHQWDOLOHJDWLDLSURSULSURGRWWLHVHUYL]LFKHVRQRVRORLQGLUHWWDPHQWHULFRPSUHVLQHO FDPSR GL DSSOLFD]LRQH GHO VLVWHPD GL JHVWLRQH DPELHQWDOH FHUWLILFDWR ,62 R UHJLVWUDWR (0$6 $ WDO SURSRVLWR LO ER[ GL VHJXLWR SURSRQH XQ DSSURIRQGLPHQWR UHODWLYR DOOD 'LFKLDUD]LRQH$PELHQWDOH(0$6  

%2;   *OL DVSHWWL DPELHQWDOL GL SURGRWWR QHOOD 'LFKLDUD]LRQH $PELHQWDOH(0$6  /D'LFKLDUD]LRQH$PELHQWDOHSUHYLVWDGDO5HJRODPHQWR(0$6qXQLQVLHPHGLLQIRUPD]LRQL ULJXDUGDQWL O¶RUJDQL]]D]LRQH H OD VXD DWWLYLWj JOL LPSDWWL FKH WDOL DWWLYLWj KDQQR VXOO¶DPELHQWHOHPRGDOLWjDGRWWDWHSHULOSHUVHJXLPHQWRGLPLJOLRULSUHVWD]LRQLDPELHQWDOL H L UHODWLYL ULVXOWDWL QRQFKp O¶HQXQFLD]LRQH GHJOL RELHWWLYL H GHL SURJUDPPL GHILQLWL SHU LO IXWXUR 7DOL LQIRUPD]LRQL GHYRQR HVVHUH DJJLRUQDWH RJQL DQQR H OH PRGLILFKH IDWWH SHULRGLFDPHQWHFRQYDOLGDUHGDOYHULILFDWRUHDPELHQWDOH 1RQVRIIHUPDQGRVLVXOODGHVFUL]LRQHGHLFRQWHQXWLGHOOD'LFKLDUD]LRQH$PELHQWDOHVLYHGD ,UDOGR &DQFLOD   q VLJQLILFDWLYR LQYHFH VRWWROLQHDUH DOFXQH VXH FDUDWWHULVWLFKH SHFXOLDULFKHQHIDQQRXQSRVVLELOHSHUQRGLXQDFRPXQLFD]LRQHDPELHQWDOHQHOO¶DPELWRGL XQDVWUDWHJLDGLJUHHQPDUNHWLQJUHODWLYDDLSURGRWWLHDLVHUYL]LGHOO¶RUJDQL]]D]LRQH  9LVRQRGXHFKLDYLGLOHWWXUDFKHqRSSRUWXQRFRQVLGHUDUHLQTXHVWDRWWLFD   GD XQ ODWR O¶RSSRUWXQLWj GL WUDWWDUH QHOO¶DPELWR GHOOD 'LFKLDUD]LRQH (0$6 L FRVLGGHWWLDVSHWWLDPELHQWDOLOHJDWL³LQGLUHWWL´DOSURGRWWR  GDOO¶DOWUR OD SRVVLELOLWj UHFHQWHPHQWH LQWURGRWWD GDO 5HJRODPHQWR QHOOD VXD WHU]D YHUVLRQH GL XWLOL]]DUH LQIRUPD]LRQL HVWUDWWH GDOOD 'LFKLDUD]LRQH $PELHQWDOH DFFRPSDJQDQGROH DO ORJR (0$6 SHU VSHFLILFKH ILQDOLWj GL FRPXQLFD]LRQH LQ FRQWHVWL SDUWLFRODULHGHYHQWXDOPHQWHULYROWDDGLQWHUORFXWRULGLPHUFDWR  &RQ ULIHULPHQWR DO SULPR DVSHWWR VHQ]D LQROWUDUVL LQ XQD WUDWWD]LRQH WHFQLFD H PHWRGRORJLFD SHU FXL VL ULPDQGD DG $VVRORPEDUGD   YD VRWWROLQHDWR FRPH ULIHULPHQWL DOOD QHFHVVLWj GL YDOXWDUH JOL DVSHWWL DPELHQWDOL ³LQGLUHWWL´ FRQQHVVL DO FLFOR GL YLWD GHO SURGRWWR VLDQR QXPHURVL QHO 5HJRODPHQWR (0$6 FRVu FRPH SHUDOWUR QHOOD ,62  3XU QRQ FKLHGHQGR FKH O¶RUJDQL]]D]LRQH HIIHWWXL XQ¶DQDOLVL GL TXHVWR WLSR PROWR LPSHJQDWLYD H GLVSHQGLRVD VRSUDWWXWWR SHU OH 30,  HQWUDPEL L ULIHULPHQWL LQIDWWL VWLPRODQROHLPSUHVHLQGXVWULDOLDGDYYLFLQDUVLDOOHORJLFKHGHOFLFORGLYLWDQHOYDOXWDUHJOL DVSHWWLLQGLUHWWL ,Q TXHVWD SURVSHWWLYD XQD FRUUHWWD DSSOLFD]LRQH GHL UHTXLVLWL GHOO¶(0$6 PHWWH D GLVSRVL]LRQH GHOO¶D]LHQGD DOFXQL HOHPHQWL FRQRVFLWLYL UHODWLYL DJOL DVSHWWL DPELHQWDOL GHO SURGRWWR VX FXL HVVD QRQ KD XQ FRQWUROOR LPPHGLDWR H GLUHWWR FKH SRVVRQR HVVHUH YDORUL]]DWLQHOO¶DPELWRGHOOD'LFKLDUD]LRQH$PELHQWDOH 6SHVVR TXHVWH LQIRUPD]LRQL H GDWL QRQ VRQR IDFLOPHQWH RWWHQLELOL H OD JHVWLRQH GHJOL DVSHWWL DPELHQWDOL ³LQGLUHWWL´ SXz ULVXOWDUH VRWWRYDOXWDWD QHOO¶DPELWR GHOOD 5HJLVWUD]LRQH (0$6 *OL LPSDWWL DPELHQWDOL GHO SURGRWWR UDJJLXQJRQR LQIDWWL DWWRUL H IDVL GHO FLFOR GL YLWD FRQ FXL GLIILFLOPHQWH O¶LPSUHVD SURGXWWULFH KD FRQWDWWL GLUHWWL 4XHVWR QRQ UHQGH VHPSOLFHDVVXPHUHFRPHRELHWWLYRGHOVLVWHPDODJHVWLRQHGLTXHVWLUDSSRUWL 1HOFDVRLQFXLLQYHFHO¶D]LHQGDDEELDYDORUL]]DWRLQVHQVRSRVLWLYRJOLDVSHWWLDPELHQWDOL ³LQGLUHWWL´QHOO¶DPELWRGHOSURSULR6LVWHPDGL*HVWLRQH$PELHQWDOHTXHVWLSRVVRQRHVVHUH SLHQDPHQWHLQWHJUDWLQHOOD'LFKLDUD]LRQH$PELHQWDOHXWLOL]]DQGROHVHJXHQWLDFFRUWH]]H 

  $OFXQL RVVHUYDWRUL KDQQR LQGLYLGXDWR L SURGURPL GL XQD WHQGHQ]D YHUVR OD SURJUHVVLYD HVWHQVLRQH GHJOL RELHWWLYLHGHOFDPSRGLDSSOLFD]LRQHGHLVLVWHPLGLJHVWLRQHDOOHSUREOHPDWLFKHDPELHQWDOLFRQQHVVHDOSURGRWWR R DO VHUYL]LR  GHILQHQGR LO ULVXOWDWR GL TXHVWD ³LQWHJUD]LRQH´ FRQ LO WHUPLQH 32(06 ± 3URGXFW 2ULHQWHG (QYLURQPHQWDO0DQDJHPHQW6\VWHPV



IDUHVHPSUHULIHULPHQWRDOOHIRQWLGHLGDWL HGHJOLLQGLFDWRUL UHODWLYLDJOLLPSDWWLGHO SURGRWWRFKHYHQJRQRXWLOL]]DWL LQGLFDUHFRQFKLDUH]]DLVRJJHWWLHVWHUQLDOO¶D]LHQGDFRQFXLqQHFHVVDULRLQWHUDJLUHSHU SRWHUUHDOL]]DUHXQDFRUUHWWDJHVWLRQHGHJOLDVSHWWLDPELHQWDOLLQGLUHWWL  ODGGRYH ULVXOWL GLIILFLOH RWWHQHUH GDWL H LQGLFDWRUL DPELHQWDOL GLUHWWDPHQWH OHJDWL DJOL LPSDWWL DPELHQWDOL GL DOWUH IDVL GHOOD ILOLHUD R GHO FLFOR GL YLWD GHO SURGRWWR XWLOL]]DUH LQGLFDWRUL ³LQGLUHWWL´ UHODWLYL DG HVHPSLR DOOD ³LQWHQVLWj´ GHOO¶LPSHJQR GHOO¶D]LHQGD QHL FRQIURQWL GHL IRUQLWRUL HV D]LRQL GL IRUPD]LRQH H VHQVLELOL]]D]LRQH  GHOOH LQL]LDWLYH GL VHOH]LRQHHDFTXLVWRGLPDWHULHSULPHSLHFRFRPSDWLELOHHVSHUFHQWXDOHGHJOLDFTXLVWL JUHHQ RYYHURLQGLFDWRULLQGLUHWWLGLSUHVVLRQHVXOO¶DPELHQWHHVSHUFHQWXDOHGLPH]]LGL WUDVSRUWRPHQRLQTXLQDQWLRSHUFHQWXDOHGLPHUFLFKHYLDJJLDQRVXIHUURYLD  YDORUL]]DUHO¶DGR]LRQHGLFULWHULDPELHQWDOLQHOODSURJHWWD]LRQH  GHVFULYHUH OH LQL]LDWLYH GL FRRSHUD]LRQH FRQ L SDUWQHU GHOOD ILOLHUD SHU O¶DGR]LRQH GL SURGRWWLPDWHULDOL FRPSRQHQWL DFFHVVRUL HR VROX]LRQL WHFQRORJLFKH D PLQRUH LPSDWWR DPELHQWDOH HV DFFRUGL FRQ L IRUQLWRUL GL LPEDOODJJL SHU OD UHDOL]]D]LRQH GL SURGRWWL D PLQRUHLPSDWWRDPELHQWDOHRPXOWLXVR   HQIDWL]]DUH OD UHDOL]]D]LRQH GL VHUYL]L ULVSRQGHQWL DL FULWHUL GL HWLFKHWWH GL SURGRWWR VL YHGD SDUDJUDIL SUHFHGHQWL  H TXLQGL OD SUHVHQ]D GL PDUFKL R FHUWLILFD]LRQL DPELHQWDOL HR D FULWHUL GL IRUQLWXUD ³YHUGL´ HV FULWHUL GHO *33 ± *UHHQ 3XEOLF 3URFXUHPHQWVYLOXSSDWLVXVFDODQD]LRQDOHHFRPXQLWDULD   &RQULIHULPHQWRDOVHFRQGRDVSHWWRYDVRWWROLQHDWRFKHXQDGHOOHLQQRYD]LRQLSLULOHYDQWL GHO 5HJRODPHQWR FRVLGGHWWR ³(0$6 ,,,´ 5HJ &(  FRQVLVWH SURSULR QHO WHQWDWLYR IRUWHPHQWH DXVSLFDWR GD SDUWH GHOOH LPSUHVH JLj UHJLVWUDWH  GL UHDOL]]DUH DSSLHQROHSRWHQ]LDOLWjGHO/RJR(0$6$WDOILQHLOQXRYR5HJRODPHQWRSUHYHGHXQD ULYROX]LRQDULD VHPSOLILFD]LRQH GHOOH UHJROH FKH QH GLVFLSOLQDQR O¶XVR FRQWHPSODQGRQH XQ¶XQLFD YHUVLRQH HG HOLPLQDQGR WXWWH OH UHVWUL]LRQL HVLVWHQWL TXLQGL FRQVHQWHQGRQH O¶XVR LQ DFFRPSDJQDPHQWR D TXDOXQTXH LQIRUPD]LRQH FRQYDOLGDWD DQFKH D ILQL SXEEOLFLWDUL DG HFFH]LRQH GHOOD QHFHVVLWj GL HYLWDUH SRVVLELOL FRQIXVLRQL FRQ L PDUFKL GL TXDOLWjHFRORJLFDGLSURGRWWRVLYHGDQRLSDUDJUDILSUHFHGHQWL HGLOGLYLHWRGLXWLOL]]RLQ DEELQDPHQWRFRQGLFKLDUD]LRQLFRPSDUDWLYHULJXDUGDQWLDOWUHDWWLYLWjRDOWULVHUYL]L )DWWHVDOYHTXHVWHHFFH]LRQLqHYLGHQWHFRPHTXHVWDLQQRYD]LRQHDSUDLQWHUHVVDQWLVVLPH SURVSHWWLYH SHU XQD FRPXQLFD]LRQH DPELHQWDOH SL ³SURGXFWRULHQWHG´ GD SDUWH GHOOHD]LHQGHUHJLVWUDWH(0$6SXUQHOO¶DPELWRGLXQRVFKHPDGLFHUWLILFD]LRQHFKHFRPH DEELDPRYLVWRqUHODWLYRDOO¶RUJDQL]]D]LRQHHQRQDOSURGRWWRVHUYL]LR 







1HO FDVR LQ FXL XQ¶D]LHQGD LQWHQGHVVH SURPXRYHUH LQIRUPD]LRQL R GDWLLQGLFDWRUL HVWUDWWL GDOODSURSULD'LFKLDUD]LRQH$PELHQWDOLOHJDWLDOODGLPHQVLRQHGHOSURGRWWRRGHOVHUYL]LRH DFFRPSDJQDUOL FRQ LO ORJR (0$6 q FRPXQTXH QHFHVVDULR WHQHUH LQ FRQVLGHUD]LRQH OH FRQGL]LRQL ILVVDWH GDOO¶$UW  FRPPD  GHO 5HJRODPHQWR &( LO TXDOH VWDELOLVFHFKH  ³4XDOVLDVLLQIRUPD]LRQHDPELHQWDOHSXEEOLFDWDGDXQ¶RUJDQL]]D]LRQHUHJLVWUDWDSXzUHFDUH LO ORJR (0$6 D FRQGL]LRQH FKH WDOH LQIRUPD]LRQH IDFFLD ULIHULPHQWR DOO¶XOWLPD GLFKLDUD]LRQHDPELHQWDOHRDXQDGLFKLDUD]LRQHDPELHQWDOHDJJLRUQDWDGHOO¶RUJDQL]]D]LRQH GDOODTXDOH qVWDWDWUDWWDHFKHXQYHULILFDWRUH DPELHQWDOHO¶DEELDFRQYDOLGDWDGRSRDYHU DFFHUWDWRFKHVLWUDWWDGLLQIRUPD]LRQL SUHFLVH GLPRVWUDWHHYHULILFDELOL SHUWLQHQWLHXWLOL]]DWHLQXQFRQWHVWRRDPELWRDSSURSULDWR UDSSUHVHQWDWLYHGHOODSUHVWD]LRQHDPELHQWDOHFRPSOHVVLYDGHOO¶RUJDQL]]D]LRQH GLIILFLOPHQWHVRJJHWWHDLQWHUSUHWD]LRQLHUURQHHH VLJQLILFDWLYHLQUHOD]LRQHDOO¶LPSDWWRDPELHQWDOHFRPSOHVVLYR´  (¶ HYLGHQWH FKH TXDORUD O¶D]LHQGD LQWHQGHVVH YDORUL]]DUH LQ FDPSDJQH GL PDUNHWLQJ LQIRUPD]LRQLULJXDUGDQWLJOLLPSDWWLGHOSURGRWWRDQGUHEEHVRWWRSRVWRDOODYDOXWD]LRQHGHO 9HULILFDWRUH$FFUHGLWDWRDQFKHORVSHFLILFRFRQWHVWRLQFXLHVVHYHQJRQRXWLOL]]DWHSHUILQL SURPR]LRQDOLHVFDUWHOORQLVWLFDVWUDGDOHSXEEOLFLWjWHOHYLVLYDEURFKXUHD]LHQGDOHHWF   

 /D FRPXQLFD]LRQH DPELHQWDOH VX ,QWHUQHW H ³1XRYL 0HGLD´  1HOO¶DPELWR GHL PH]]L GL FRPXQLFD]LRQH GL PDVVD VL q GHWWR FRPH DFFDQWR DL PHGLD WUDGL]LRQDOLVLDSUDRJJLDOOHLPSUHVHXQDPSLRYHQWDJOLRGLQXRYHRSSRUWXQLWjFRQQHVVH DOORVYLOXSSRHDOODFUHVFHQWHGLIIXVLRQHGHLFRVLGGHWWL³QXRYLPHGLD´WHFQRORJLHEDVDWHVX ,QWHUQHW H VXOOD FRPXQLFD]LRQH PRELOH FKH FRQVHQWRQR DJOL XWHQWL GL FUHDUH H GL FRQGLYLGHUHFRQWHQXWLWHVWXDOLLPPDJLQLYLGHRHDXGLR1HVRQRHVHPSLLVRFLDOQHWZRUN L EORJ L IRUXP H SL LQ JHQHUDOH WXWWH TXHOOH IRUPH GL ³DJJUHJD]LRQH LQWHUDWWLYD´ IUD XWHQWLFKHFRPXQLFDQRHFRQGLYLGRQRLQIRUPD]LRQLVXOZHELQWHPSRUHDOH  /DGLIIXVLRQHGLTXHVWLQXRYLFDQDOLGLFRPXQLFD]LRQHqXQIHQRPHQRFKHVXVFLWDXQIRUWH LQWHUHVVH GD SDUWH GL FKL VL RFFXSD GL PDUNHWLQJ /H FDUDWWHULVWLFKH GLVWLQWLYH SURSULH GHL QXRYLPHGLD±LQWHUPLQLGLYDVWLWjGHOORUREDFLQRGLXWHQ]DHGLLQWHUD]LRQHIUDJOL XWHQWL ± VHJQDQR LQIDWWL XQ SDVVDJJLR IRQGDPHQWDOH QHOO¶DSSURFFLR DOOD FRPXQLFD]LRQH GHOOH LPSUHVH H DO ORUR PRGR GL UDSSRUWDUVL DL FRQVXPDWRUL ,Q SDUWLFRODUH OH QXRYH WHFQRORJLH RIIURQR DL FRQVXPDWRUL OD SRVVLELOLWj GL HVSULPHUH H GL FRQGLYLGHUH FRQ DOWUL XWHQWLVXOZHEOHORURRSLQLRQLVXOOHLPSUHVHHVXOOHORURD]LRQLHFRPSRUWDPHQWLQRQFKp YDOXWD]LRQL VXLORUR SURGRWWL H VHUYL]L VHQ]D FKH TXHVWH SRVVDQR LQ DOFXQ PRGR YDOXWDUH SUHYHQWLYDPHQWHLFRQWHQXWLYHLFRODWLHRFRQWUROODUQHODGLIIXVLRQH  *UD]LHDTXHVWHSRVVLELOLWjLFRQVXPDWRULQRQVRQRSLTXLQGLVRJJHWWLGHVWLQDWDULSDVVLYL GHLPHVVDJJLSXEEOLFLWDULHSURPR]LRQDOLPDGLYHQWDQRHVVLVWHVVL³DXWRUL´H³YHLFRODWRUL´ GLQXRYLPHVVDJJLSRVLWLYLHQHJDWLYLUHODWLYLDOOHLPSUHVHHDLORURSURGRWWLHVHUYL]LFKH HVVL DFTXLVWDQR H FRQVXPDQR /DGGRYH L PHGLD WUDGL]LRQDOL KDQQR GHWHUPLQDWR SHU DQQL XQ IOXVVR GL FRPXQLFD]LRQH XQLGLUH]LRQDOH ± HVVHQ]LDOPHQWH SXQWDQGR D UDJJLXQJHUH LO FRQVXPDWRUH DWWUDYHUVR OD ³ULSHWL]LRQH GL XQ PHVVDJJLR´ FKH IRVVH LQ JUDGR GL LQIOXHQ]DUQHOHVFHOWHGLDFTXLVWRHFRQVXPR± ORVYLOXSSRGHOOHWHFQRORJLHGLJLWDOLXQLWR DOO¶HYROX]LRQH GHO ZHE H GHOOH UHWL GL WHOHFRPXQLFD]LRQH JHQHUD RJJL XQ QXRYR DSSURFFLRDOODFRPXQLFD]LRQHLPSUHVDHGLSURGRWWRGLWLSRSDUWHFLSDWLYRLQFXL



DFFDQWR DL FRQWHQXWL LVWLWX]LRQDOL LQIRUPDWLYL H SURPR]LRQDOL ³WUDGL]LRQDOL´ YHLFRODWL GDOOH LPSUHVHFRQYLYRQRTXHOOLFUHDWLFRQGLYLVLHGLIIXVLGDJOLXWHQWLFRQVXPDWRUL  /¶HQRUPH SRWHQ]LDOLWj GL TXHVWL QXRYL FDQDOL GL FRPXQLFD]LRQH q FRQIHUPDWD DQFKH GDOOH LQGDJLQLSLUHFHQWLFKHPLUDQRDTXDQWLILFDUHLOIHQRPHQRGHOODGLIIXVLRQHGHLQXRYLPHGLD H D PHWWHUQH D IXRFR OH LPSOLFD]LRQL SHU OH LPSUHVH LQ WHUPLQL GL PDUNHWLQJ )UD TXHVWHLQSDUWLFRODUHLO³SDVVDSDUROD´IUDJOLXWHQWLFKHVLVFDPELDQRVXOZHERSLQLRQLH YDOXWD]LRQL VXL SURGRWWL H VHUYL]L VDUHEEH LQ JUDGR VHFRQGR GLYHUVH LQGDJLQL GL LQIOXHQ]DUH LO FRPSRUWDPHQWR GL DFTXLVWR SL GL TXDOVLDVL PHVVDJJLR SXEEOLFLWDULR ³WUDGL]LRQDOH´ 8Q SULPR GDWR XWLOH VRWWR TXHVWR SURILOR SURYLHQH GD XQD ULFHUFD FRQGRWWD D OLYHOOR LQWHUQD]LRQDOH GDOOD 1LHOVHQ VX XQ SDQHO GL ROWUH  XWHQWL GL ,QWHUQHW FKH PRVWUD FRPH EHQ LO  GHJOL LQWHUYLVWDWL FRQVLGHUL OH RSLQLRQL H OH UDFFRPDQGD]LRQL GL DOWUL FRQVXPDWRUL XQD IRQWH DWWHQGLELOH SHU OD YDOXWD]LRQH GHL SURSUL DFTXLVWLGLSURGRWWLHVHUYL]LHEHQLOYDOXWLLSURSULDFTXLVWLEDVDQGRVLVXOOHRSLQLRQL FRQGLYLVHGDLFRQVXPDWRULVXOZHEVLYHGDLOJUDILFR   *UDILFR±,OUXRORGHOOHRSLQLRQLGHLFRQVXPDWRULQHOODYDOXWD]LRQHGHJOLDFTXLVWL

)RQWH1LHOVHQ*OREDO2QOLQH&RQVXPHU6XUYH\±±3DHVL 



  4XHVWD WHQGHQ]D q VXSSRUWDWD DQFKH GDOO¶HYLGHQ]D LWDOLDQD GHOOD ULFHUFD FRQGRWWD GDOOD 1LHOVHQ FKH FRQIHUPD LO UXROR SULRULWDULR GL ,QWHUQHW FRPH IRQWH GL ULFHUFD GHOOH LQIRUPD]LRQL VXL SURGRWWL H VHUYL]L GD DFTXLVWDUH VL YHGD LO JUDILFR   /¶LQGDJLQH ULOHYD LQROWUH XQD FUHVFLWD GHO QXPHUR GL FRQVXPDWRUL FKH VL UHFDQR QHO SXQWR YHQGLWD ³ILVLFR´SHUDYHUHHYLGHQ]D³PDWHULDOH´GLXQSURGRWWRPDFKHSRLHIIHWWXDQRO¶DFTXLVWRVX ,QWHUQHWGDOGHODOGHO  6HPSUHLQ,WDOLDLOGHLFRQVXPDWRUL³OHJJHRSLQLRQLGLDOWULFRQVXPDWRULVXIRUXPH EORJ´LO³SDUWHFLSDDWWLYDPHQWHDOOHGLVFXVVLRQLVXSURGRWWLHVHUYL]L´PHQWUHLO GLFKLDUDGL³QRQFRPSUDUHXQSURGRWWRGRSRDYHUOHWWRXQJLXGL]LRQHJDWLYRVXLQWHUQHW´   

&IU3UXQHVWL 4XDQGRLOSDVVDSDUROD³ZRUGRIPRXWK´ qSDUWLFRODUPHQWHLQWHQVRVLJHQHUDO¶HIIHWWREX]]URQ]LR GDFXL GHULYDLOFRVLGGHWWREX]]PDUNHWLQJWHUPLQHFRQLDWRSHULQGLFDUHTXHOO LQVLHPHGLRSHUD]LRQLGLPDUNHWLQJYROWH DG DXPHQWDUH LO QXPHUR H LO YROXPH GHOOH FRQYHUVD]LRQL LQ UHWH ULJXDUGDQWL XQ SURGRWWR R XQ VHUYL]LR H FRQVHJXHQWHPHQWHDGDFFUHVFHUHODQRWRULHWjHODEXRQDUHSXWD]LRQHGLXQDPDUFD 57 3HULRGR GL ULIHULPHQWR GLFHPEUH  ± GLFHPEUH  )RQWH 1LHOVHQ 2QOLQH 2VVHUYDWRULR 0XOWLFDQDOLWj   



*UDILFR±,OUXRORGL,QWHUQHWQHOODULFHUFDGLLQIRUPD]LRQLOHJDWHDJOLDFTXLVWL

)RQWH1LHOVHQ&RQVXPHU2VVHUYDWRULR0XOWLFDQDOLWj 



  ,QILQHQRQSXzQRQHVVHUHVRWWROLQHDWDOµHIILFDFLDGHOFDQDOH,QWHUQHWLQSURSRU]LRQH DL FRVWL FKH TXHVWR FDQDOH ULFKLHGH 1H VLD GLPRVWUD]LRQH LO IDWWR FKH OD UHWH ZHE q GLYHQXWD XQ FDUGLQH GHOOD FRPXQLFD]LRQH DQFKH SHU OH 30, LQ TXDQWR PHQWUH OH DOWUH LQL]LDWLYH FRPXQLFDWLYH FRPPHUFLDOL GHYRQR HVVHUH LQHYLWDELOPHQWH SURSRU]LRQDWH DOOD FDSDFLWj G LQYHVWLPHQWR GHOO D]LHQGD L FRVWL ULGRWWL GL ,QWHUQHW SRVVRQR FRQWULEXLUH D OLYHOODUHTXHVWRJDS 1HOOH JUDQGL LPSUHVH OD FRPXQLFD]LRQH q DIILGDWD LQIDWWL DG XQD IXQ]LRQH GHGLFDWD FKH VSHVVR XVXIUXLVFH GL XQ SURSULR EXGJHW $O FRQWUDULR QHOOH D]LHQGH SLFFROH IDWWRUL TXDOL HVLJXLWj GL ULVRUVH HFRQRPLFKH HG XPDQH  GHGLFDELOL XQLWD DOOD VFDUVD FDSDFLWj GL SHUFHSLUH O¶LPSRUWDQ]D GL WDOH DWWLYLWj FRQWULEXLVFRQR DG XQD ULGRWWD GLIIXVLRQH GHOOD FRPXQLFD]LRQH D]LHQGDOH WUDPLWH ,QWHUQHW EDVWL SHQVDUH FKH QHO SDQRUDPD GHOOH 30, LWDOLDQHVRORLOKDXQVLWRZHE $GLPRVWUD]LRQHGLFLzqSRVVLELOHFLWDUHXQRVWXGLRHIIHWWXDWRGD$VVRORPEDUGDQHO QHOTXDOHqHPHUVRFKHVXLPSUHVHORPEDUGHLQWHUYLVWDWHFDPSLRQHFRPSRVWRSHULO GDD]LHQGHLQIHULRULDLGLSHQGHQWL LOXVD,QWHUQHWVIUXWWDQGRQHOHFDSDFLWj FRPXQLFD]LRQDOLPDLQYHVWHLQWDOHVWUXPHQWRVROWDQWRLOGHOOHULVRUVHLQGLUL]]DWHDOOD FRPXQLFD]LRQHHVWHUQDFRQIHUPDQGRFKH  • OHD]LHQGHULWHQJRQRLPSRUWDQWH³FRPSDULUH´LQUHWHPDVRQRVSHVVRSUHVHQWLFRQXQ VLWR ,QWHUQHW GL EDVVD TXDOLWj H QRQ SDUWLFRODUPHQWH HODERUDWR FRQ VFDUVH FDSDFLWj FRPXQLFDWLYHHUHDOL]]DWRFRQXQEXGJHWULGRWWR • OR VWUXPHQWR YLHQH UHDOL]]DWR LQ JHQHUH GD SHUVRQDOH D]LHQGDOH R GD GLWWH QRQ VSHFLDOL]]DWHQHOODFRPXQLFD]LRQHD]LHQGDOH  1HOFRPSOHVVRLGDWLULSRUWDWLVRQR VXIILFLHQWLSHU FRQIHUPDUHFRPHOHLPSUHVH RJJLQRQ SRVVDQR IDUH D PHQR GL FRQVLGHUDUH QHO GHILQLUH OD SURSULD VWUDWHJLD GL PDUNHWLQJ OH LQIOXHQ]H H JOL HIIHWWL VXO PHUFDWR GL TXHVWL QXRYL VWUXPHQWL H FDQDOL GL FRPXQLFD]LRQH LQGLSHQGHQWHPHQWHGDOODVFHOWDGLSXQWDUHRPHQRVXGLHVVLSHUORVYLOXSSRGHOODVWHVVD VWUDWHJLD0DTXDOLVRQROHLPSOLFD]LRQLGLTXHVWRIHQRPHQRGDOSXQWRGLYLVWDGHO PDUNHWLQJHGHOODFRPXQLFD]LRQHLQFKLDYHDPELHQWDOH" 

  3HU XQ DSSURIRQGLPHQWR VXOO¶LPSHJQR HFRQRPLFR FRQQHVVR DOO¶XWLOL]]R GHL GLYHUVL VWUXPHQWL H FDQDOL GL FRPXQLFD]LRQHVLYHGDLOVXFFHVVLYRFDSLWROR  )RQWH$VVRORPEDUGD



8QDSULPDRVVHUYD]LRQHqUHODWLYDDOO¶LQQHJDELOHIDWWRFKH,QWHUQHWFRVWLWXLVFDSHUSURSULD QDWXUDXQDVROX]LRQHLGHDOHSHUOHD]LHQGHFKHVLDQRLPSHJQDWHVXOIURQWHGHOO¶HFFHOOHQ]D DPELHQWDOH 9L q LQIDWWL XQD FRQVLGHUD]LRQH IRQGDPHQWDOH FKH YDORUL]]D O¶HVWUHPD FRHUHQ]D IUD O¶LPSHJQR DO ULVSHWWR GHOO¶DPELHQWH H OD VFHOWD GL XQ PH]]R GL FRPXQLFD]LRQH FKH FRQVHQWH XQ HOHYDWR OLYHOOR GL ³GHPDWHULDOL]]D]LRQH´ GHOOH UHOD]LRQL D]LHQGDOL 6L SHQVL DOOH QRWHYROLVVLPH RSSRUWXQLWj GL ULVSDUPLDUH PDWHULH SULPH FDUWD LQ SULPLV  H ULVRUVH FRQVXPR GL HQHUJLD SHU JOL VSRVWDPHQWL GHOOD IRU]D YHQGLWD  FRQQHVVH DOO¶DGR]LRQH GL XQD VWUDWHJLD GL PDUNHWLQJ EDVDWD VXOO¶XWLOL]]R GHO ZHE 3HU TXHVWDUDJLRQHJUDQSDUWHGHOOHD]LHQGHFKHSXQWDVXOJUHHQPDUNHWLQJULWLHQHGLSRWHU UHQGHUHSLFUHGLELOHODSURSULDVFHOWDDQFKHDWWUDYHUVRODPLQLPL]]D]LRQHGHJOLLPSDWWL DPELHQWDOL GHL SURFHVVL GL FRPXQLFD]LRQH ODQFLDQGR DL SURSUL VWDNHKROGHU XQ IRUWH VHJQDOHGLFRHUHQ]D  8QD VHFRQGD FRQVLGHUD]LRQH ULJXDUGD LO ULFRQRVFLPHQWR FKH L QXRYL PHGLD SRVVRQR FRVWLWXLUHXQ³WHUUHQRSULYLOHJLDWR´SHUOHLPSUHVHFKHYRJOLDQRVYLOXSSDUHXQDVWUDWHJLDGL JUHHQPDUNHWLQJLQYLUWGHOODFRQGLYLVLRQHGLDOFXQLYDORULIRQGDQWLSURSULVLDGHOOD FRPXQLFD]LRQHDPELHQWDOHVLDGHLQXRYLPHGLD 7UDVSDUHQ]D FUHGLELOLWj H FRLQYROJLPHQWR GHO FRQVXPDWRUH ± LQWHVL VLD FRPH FRQGLYLVLRQH DQFKH HPRWLYD GL LGHQWLWj H YDORUL VLD FRPH DWWLYD SDUWHFLSD]LRQH GHO FRQVXPDWRUH DOOD FUHD]LRQH GHOO¶LPPDJLQH GHOOD PDUFD GL XQ SURGRWWRVHUYL]LR LQ FXL ULFRQRVFHUVLVRQRLQIDWWLIUDJOLHOHPHQWLFKLDYHDOODEDVHVLDGLXQDFRUUHWWDHGHIILFDFH FRPXQLFD]LRQH DPELHQWDOH VLD GHO VXFFHVVR GHOOD GLIIXVLRQH GHL QXRYL PH]]L GL FRPXQLFD]LRQH  ,QWHU]ROXRJRO¶RSSRUWXQLWjGLVYLOXSSDUHXQDVWUDWHJLDGLJUHHQPDUNHWLQJDWWUDYHUVRLO ZHE QDVFH DQFKH GDOOD VLJQLILFDWLYD VRYUDSSRVL]LRQH WHVWLPRQLDWD GD QXPHURVH LQGDJLQL GHOOH GXH IDVFH GL PHUFDWR UDSSUHVHQWDWH GDL FRQVXPDWRUL ³HFRORJLFDPHQWH FRQVDSHYROL´ H GDL FRQVXPDWRUL ³WHFQRORJLFDPHQWH DYYHGXWL´ FKH ROWUHDG HVVHUHSUHVHQWLLQUHWHKDQQR IDPLOLDULWjFRQOHSRVVLELOLWjGLLQWHUD]LRQH± LQFOXVRO¶DWWRGLDFTXLVWRFKHHVVDRIIUHHVRQRGLVSRVWLDGXWLOL]]DUOH  ,Q TXHVWD ORJLFD XQ¶HIILFDFH VWUDWHJLD GL JUHHQ PDUNHWLQJ FRQGRWWD DWWUDYHUVR LO ZHE H L QXRYL PHGLD GRYUHEEH SDVVDUH DWWUDYHUVR OD YDORUL]]D]LRQH GL TXHVWH DIILQLWj VXSSRUWDWD GD XQ¶DSSURIRQGLWD FRQRVFHQ]D GHOOH FDUDWWHULVWLFKH GL TXHVWL FDQDOL GL FRPXQLFD]LRQH (¶ HYLGHQWH LQIDWWL FKH ROWUH D IRUQLUH DOOH LPSUHVH XQ¶RSSRUWXQLWj XQLFD GL GLDORJR H GL LQWHUD]LRQH FRQ L FRQVXPDWRUL JOL VWHVVL FDUDWWHUL GLVWLQWLYL FRPXQL GHOOD SDUWHFLSD]LRQH FRQGLYLVLRQH WUDVSDUHQ]D SRVVDQR UDSSUHVHQWDUH DQFKHODIRQWHGLSRVVLELOLULVFKLGL³FDWWLYDFRPXQLFD]LRQH´ODGGRYHOHLPSUHVHQRQVLDQR LQJUDGRGLJHVWLUHTXHVWLVWUXPHQWLFRQVXIILFLHQWHFRQVDSHYROH]]D6LSHQVLDGHVHPSLR DOFDVRLQFXLXQ¶LPSUHVDVYLOXSSLQHOO¶DPELWRGHOSURSULRVLWRZHELVWLWX]LRQDOHXQIRUXP GHGLFDWR DOOD SURSULD OLQHD HFRORJLFD GL SURGRWWL DOLPHQWDUL LQ FXL L FRQVXPDWRUL SRVVRQR QRQ VROR SRUUH GRPDQGH GLUHWWDPHQWH DOO¶D]LHQGD HV VXOOD SURYHQLHQ]D GHOOH PDWHULH SULPH VXL PHWRGL GL FRQWUROOR GHOOD ILOLHUD VXOOD SUHVHQ]D GL DGGLWLYL H 2*0 IUD JOL LQJUHGLHQWL HWF  PD DQFKH LQWHUDJLUH VFDPELDQGRVL RSLQLRQL H FRPPHQWL VXOOH ORUR HVSHULHQ]HGLDFTXLVWRHFRQVXPRGHLSURGRWWL  /¶XWLOL]]RGLTXHVWRWLSRGLVWUXPHQWRULFKLHGHDOO¶LPSUHVDGLHVVHUHFRQVDSHYROHFKHVHGD XQ ODWR HVVR SXz FRVWLWXLUH XQ FDQDOH SULYLOHJLDWR SHU ³VSLHJDUH´ DL FRQVXPDWRUL OH FDUDWWHULVWLFKH HFRORJLFKH GHL SURSUL SURGRWWL ± GLIIHUHQ]LDQGR IUD O¶DOWUR OH SRVVLELOLWj GL DSSURIRQGLPHQWR GHOOH LQIRUPD]LRQL IRUQLWH GD TXHOOH SL LPPHGLDWH H GLYXOJDWLYH FRPSUHQVLELOLDOODPDJJLRUDQ]DGHLFRQVXPDWRULDTXHOOHSLWHFQLFKHDFFHVVLELOLVRORDG XQDIDVFLDSLULVWUHWWDGLXWHQWL±GDOO¶DOWURHVVRSXzHVVHUHXWLOL]]DWRFRQVXFFHVVRVROR



 )UD OH DOWUH O¶LQGDJLQH FRQGRWWD GDO JLj FLWDWR SURJHWWR 3520,6( KD PHVVR LQ HYLGHQ]D O¶HIILFDFLDSHUFHSLWD GDL FRQVXPDWRUL DVVRFLDWD DOOD FRPXQLFD]LRQH VXO ZHE 6HFRQGR O¶LQGDJLQH OD FRPXQLFD]LRQH VXO ZHE UDSSUHVHQWD SHU L FRQVXPDWRUL LO VHFRQGR VWUXPHQWR GL FRPXQLFD]LRQH LQ RUGLQH GL HIILFDFLD ZZZOLIHSURPLVHLW 



QHOOD PLVXUD LQ FXL DO ³VXUSOXV´ HFRORJLFR GHL SURGRWWL SURPRVVL DWWUDYHUVR LO GLDORJRLQUHWHFRUULVSRQGDQREHQHILFLHYDQWDJJLSUHVWD]LRQDOLDPELHQWDOLUHDOL  &RQULIHULPHQWRDOOHSRVVLELOLWjGLGLYHUVLILFD]LRQHGHOPHVVDJJLRYDGHWWRFKHXQDVSHWWR IRQGDPHQWDOH GHOOD FRPXQLFD]LRQH DPELHQWDOH FRQQHVVD DOO¶XVR GHL QXRYL PHGLD  q SURSULRTXHOORGHOODVWUDWLILFD]LRQHGHLPHVVDJJLFKHODFRPXQLFD]LRQHZHEFRQVHQWH JUD]LHDOODYDULHWjGLVWUXPHQWLHGLOLYHOOLDGLVSRVL]LRQHGHOO¶XWHQWH*OLDVSHWWLLSHUWHVWXDOL GL ,QWHUQHW H OD YDULHWj GHOOH PRGDOLWj GL FRPXQLFD]LRQH LQIDWWL IDQQR Vu FKH O¶D]LHQGD SRVVD ³GRVDUH´ LO QXPHUR GL LQIRUPD]LRQL GHOOD SURSULD FRPXQLFD]LRQH DPELHQWDOH VWUDWLILFDQGRODLQEDVHDLSURSULSXEEOLFLDGHVHPSLRGLVWLQJXHQGR  • FRQWHQXWLGLSULPROLYHOORFRPSUHQVLELOL³DWXWWL´HYHLFRODWLDWWUDYHUVRO¶KRPHSDJHGHO VLWR D]LHQGDOH H L EDQQHU GHOO¶D]LHQGD DG HVHPSLR LO FODLP HFRORJLFR SULQFLSDOH GHOO¶D]LHQGD  • FRQWHQXWL GL VHFRQGR OLYHOOR SHU JOL XWHQWL LQWHUHVVDWL DG DSSURIRQGLUH YHLFRODWL QHOOH SDJLQH LQWHUQH GHO VLWR ZHE D]LHQGDOH H QHOOH )$4 ± )UHTXHQWO\ $VNHG 4XHVWLRQV OH ³SURYH´DVRVWHQJRGHOFODLPSULQFLSDOHTXDOLDGHVHPSLROHLQIRUPD]LRQLJHQHUDOLVXOOH PRGDOLWj GHL FRQWUROOL DPELHQWDOL H VX VDOXWH H VLFXUH]]D HIIHWWXDWL VXL SURGRWWL GHOO¶D]LHQGD  • FRQWHQXWL GL WHU]R OLYHOOR SHU JOL XWHQWL HVSHUWL FROORFDWL LQ DUHH ULVHUYDWH GHO VLWR D]LHQGDOHLQXQDQHZVOHWWHUGHGLFDWDDWWUDYHUVRXQFRQWDWWRGLUHWWRHWFWLSLFDPHQWH LQIRUPD]LRQLDSSURIRQGLWHGHWWDJOLDWHHGHVSUHVVHFRQOLQJXDJJLRWHFQLFR   (¶ HYLGHQWH FKH OD FDSDFLWj GL XVDUH H GRVDUH OD VWUXWWXUD SLUDPLGDOH WLSLFD GHOOD FRPXQLFD]LRQHLQIRUPD]LRQH VXO ZHE  XQLFR FDQDOH FDSDFH GL FRQGHQVDUOD H GL UHQGHUOD IUXLELOH LQ TXHVWR PRGR ± UDSSUHVHQWD XQ HOHPHQWR FUXFLDOH GL XQD VWUDWHJLD JUHHQ FRQGRWWDVXLQXRYLPHGLD 3LLQJHQHUDOHO¶LPSUHVDGHYHHVVHUHLQJUDGRGLIRUQLUHGDWLHLQIRUPD]LRQLFUHGLELOLHGL FRPXQLFDUOH VXO ZHE QHL WHPSL H FRQ LO OLQJXDJJLR JLXVWL 6RWWR TXHVW¶XOWLPR SURILOR YD GHWWR LQIDWWL FKH DQFKH OD VFHOWD GHOOR ³VWLOH GL FRPXQLFD]LRQH´ LQ UHWH q WXWW¶DOWUR FKH EDQDOH SURSULR SHU O¶HQRUPH SRWHQ]D DPSOLILFDWULFH GHL PHVVDJJL FKH FRQWUDGGLVWLQJXH TXHVWR FDQDOHFKHFRQVHQWHGLUDJJLXQJHUHXQQXPHURHQRUPHGLFRQVXPDWRULLQWHPSL PROWR SL UDSLGL GL TXDQWR QRQ IDFFLDQR FDQDOL GL FRPXQLFD]LRQH LVWLWX]LRQDOL SL WUDGL]LRQDOL  9L q LQROWUH XQ DOWUR DVSHWWR WXWW¶DOWUR FKH VHFRQGDULR LQ FXL VL VRVWDQ]LD OD FDSDFLWj GHOO¶LPSUHVD GL JHVWLUH FRQVDSHYROPHQWH L QXRYL PHGLD $QFKH TXDQGR SXz YDQWDUH FUHGHQ]LDOL DPELHQWDOL IRUWL OD OLEHUWj GL DFFHVVR H GL SDUWHFLSD]LRQH FKH FDUDWWHUL]]D PHGLD TXDOL EORJ VRFLDO QHWZRUN H ZHE FRPPXQLWLHV q WDOH SHU FXL q VHPSUH UHDOH LO ULVFKLRSHUO¶LPSUHVDGLGRYHUGLDORJDUHHLQWHUDJLUHLQUHWHFRQVRJJHWWLFKHHVSULPRQR RSLQLRQL QHJDWLYH VXL VXRL SURGRWWL R FRQWUDULH DL VXRL FRPSRUWDPHQWL ,Q TXHVWR VHQVR O¶LPSUHVD FKH GHFLGH GL YDORUL]]DUH OD VXD LGHQWLWj R L VXRL SURGRWWL YHUGL DWWUDYHUVR L QXRYL PHGLD GHYH IDUOR FRQ OD FRQVDSHYROH]]D FKH TXHVWL FDQDOL VIXJJRQR DOOH ORJLFKH GL FRQWUROOR VXOOD YHLFROD]LRQH GHL PHVVDJJL H VXOO¶LPPDJLQHGHOODPDUFDSURSULHGHLPH]]LGLFRPXQLFD]LRQHWUDGL]LRQDOLHFKH OHRSSRUWXQLWjGLFRPXQLFDUHHIILFDFHPHQWHDLFRQVXPDWRULLOSURSULRLPSHJQRDPELHQWDOH HOHFDUDWWHULVWLFKHHFRORJLFKHGHLSURSULSURGRWWLSRVVRQRHVVHUHFROWHVRORDWWUDYHUVRXQD SDUWHFLSD]LRQHWUDVSDUHQWHHFUHGLELOHDLGLDORJKLRQOLQH  (¶ DQFKH LQ UDJLRQH GHO WLPRUH GL QRQ ULXVFLUH D JRYHUQDUH SLHQDPHQWH OH GLQDPLFKH SURSULHGHLQXRYLPHGLDFKHOHLQGDJLQLPRVWUDQRFRPHQRQWXWWHOHLPSUHVHILQRDGRJJL DEELDQRVDSXWRFRJOLHUHSLHQDPHQWHO¶RSSRUWXQLWjGLXVDUHLOZHEFRPHFDQDOHGLVYLOXSSR 

 ,O WHUPLQH LQJOHVH EDQQHU ± EDQGLHUD YHVVLOOR R VWULVFLRQH ± YLHQH XWLOL]]DWR SHU LQGLFDUH OD ³VWULVFLD´ FKH VROLWDPHQWH FRPSDUH DOO¶LQL]LR GL XQD SDJLQD ZHE H FKH ULSRUWD LO QRPH GHO VLWR &RQ L WHUPLQL ZHE EDQQHU R EDQQHU DG FL VL ULIHULVFH DOOD SXEEOLFLWj UHDOL]]DWD DWWUDYHUVR O¶XVR GL XQ EDQQHU JHQHUDOPHQWH XQ OLQN  8Q EDQQHUSXzHVVHUHVWDWLFRTXDQGRYLHQHIUXLWRFRVuFRP q RSSXUHDWWLYRRLQWHUDWWLYRTXDQGRFRQVHQWHXQD YROWDFOLFFDWRGLUDJJLXQJHUHXQ DOWUDSDJLQDZHE 



GHOOHSURSULHD]LRQLGLJUHHQPDUNHWLQJ/DJLjFLWDWDLQGDJLQH,SVRVGDTXHVWRSXQWRGL YLVWD VH GD XQ ODWR KDULOHYDWR FKH LO  GHOOH D]LHQGH XWLOL]]DLO ZHE TXDOH VWUXPHQWR GHOODSURSULDVWUDWHJLDGLPDUNHWLQJVLYHGDLOJUDILFRQHOSDUDJUDIRGHGLFDWRDLPHGLD WUDGL]LRQDOL KDHYLGHQ]LDWRSDUDOOHODPHQWHLOJDSWUDODSHUFH]LRQHFKHJOLXWHQWLKDQQR GHL FDQDOL DWWUDYHUVR FXL ULFHYRQR FRPXQLFD]LRQH DPELHQWDOH H L FDQDOL DWWUDYHUVR FXL SUHIHULUHEEHUR ULFHYHUH WDOH LQIRUPD]LRQH VL YHGD LO JUDILFR   /D PDJJLRU FDUHQ]D SHUFHSLWDGLLQIRUPD]LRQHDPELHQWDOHVLUHJLVWUDLQIDWWLSURSULRVXOFDQDOHZHE  QRQRVWDQWHTXHVWRVLDXWLOL]]DWRRUPDLGDOODPDJJLRUDQ]DGHOOHD]LHQGH  $ IURQWH GL WDOH PDJJLRUDQ]D YD VSHFLILFDWR FKH SHU LO  GHOOHLPSUHVH GHOO¶LQGDJLQH O¶DGR]LRQH GHO ZHE FRPH FDQDOH GL PDUNHWLQJ VL OLPLWD DOO¶XWLOL]]R GHO VLWR LVWLWX]LRQDOH D]LHQGDOH FRPH VHPSOLFH ³YHWULQD´ SHU L SURSUL SURGRWWL RYYHUR VROR SHU IRUQLUH LQIRUPD]LRQLLQPRGRXQLGLUH]LRQDOHVHQ]DSRVVLELOLWjGLLQWHUD]LRQHFRQO¶XWHQ]D PHQWUH VROR LO  KD GLFKLDUDWR GL GLVSRUUH GL XQ VLWR LQWHUDWWLYR FKH SHUPHWWH FLRq XQD SDUWHFLSD]LRQHGHOO¶XWHQWHDWWUDYHUVRIRUXPWHVWGLYDOXWD]LRQHGHLVHUYL]LHWF  *UDILFR±,OJDSGLLQIRUPD]LRQHDPELHQWDOHSHUFHSLWRGDLFRQVXPDWRULQHLGLYHUVLPHGLD

)RQWH1LHOVHQ&RQVXPHU2VVHUYDWRULR0XOWLFDQDOLWj 



  ,QTXHVWRTXDGURVHQ]DODSUHWHVDGLIRUQLUHXQDWUDWWD]LRQHHVDXVWLYDGHOOHLPSOLFD]LRQL FRQQHVVHDOORVYLOXSSRGHLQXRYLPHGLDSHULOPDUNHWLQJDPELHQWDOHqSRVVLELOHGHOLQHDUH DOPHQR GXH SRVVLELOL DSSURFFL DOO¶LQIRUPD]LRQH H DOOD FRPXQLFD]LRQH VXO ZHE FKH OH LPSUHVHSRVVRQRIDUHSURSULLQXQDSURVSHWWLYDGLJUHHQPDUNHWLQJ   8Q SULPR DSSURFFLR SXz GHILQLUVL VHPSOLFHPHQWH FRPH VWUDWHJLD GL DVFROWR GHOOD UHWH SHU LQGLFDUH WXWWH TXHOOH D]LRQL FRPSLXWH GDOOH LPSUHVH FKH ULFRQRVFHQGR OD ULFFKH]]DLQIRUPDWLYDGHOZHEPLUDQRDIDUHSURSULRWDOHSDWULPRQLRDQDOL]]DQGRQHH YDOXWDQGRQH OH LPSOLFD]LRQL GDO SXQWR GL YLVWD GHOO¶LGHQWLWj H GHOOH FDUDWWHULVWLFKH DPELHQWDOL SURSULH H GHL SURSUL SURGRWWL /H PRGDOLWj GL DVFROWR GHOOD UHWH SRVVRQR HVVHUHGLYHUVHPDLQRJQLFDVRVLEDVDQRVXXQDPDSSDWXUDSUHOLPLQDUHGHOOHIRQWLRQ OLQHGDPRQLWRUDUHDOORVFRSRGLUDFFRJOLHUHHDQDOL]]DUHOHRSLQLRQLHLIHHGEDFNGHJOL XWHQWL LQ UHOD]LRQH VLD D WHPDWLFKH DPELHQWDOL JHQHUDOL FRQQHVVH DOO¶DWWLYLWj



GHOO¶LPSUHVD HR DO VXR VHWWRUHPHUFDWR VLD DG DVSHWWL FRQQHVVL DOOD VXD VSHFLILFD UHDOWjD]LHQGDOHHDLVXRLSURGRWWL 6L SHQVL DG HVHPSLR DOOH PRGDOLWj GL ULFHUFD VXO ZHE FRQGRWWH DWWUDYHUVR SDUROH FKLDYH .H\ZRUGV  PLUDWH DG LQWHUFHWWDUH FRQVXPDWRUL ³YHUGL´ DOO¶LQWHUQR GL VRFLDO QHWZRUNHZHEFRPPXQLWLHVRDGHILQLUHLOSRVL]LRQDPHQWRGHOVLWRD]LHQGDOHULVSHWWR DLFRPSHWLWRUVRDGHWHUPLQDWHWHPDWLFKHJUHHQRDQFRUDDOSRVL]LRQDPHQWRGLUHWWR GHOODFRPXQLFD]LRQHSXEEOLFLWDULDVXVRFLDOQHWZRUNGHGLFDWLDOO¶DPELHQWH 7DOHVWUDWHJLDFRVWLWXLVFHODPRGDOLWjSLVHPSOLFHSHUOHLPSUHVHSHUUDSSRUWDUVLDL QXRYLPHGLDDQFKHSHUFKpSRQH³DOULSDUR´GDLULVFKLVRSUDFLWDWLGLQRQVDSHUJHVWLUH LQ PDQLHUD DGHJXDWD H WHPSHVWLYD XQ UDSSRUWR LQWHUDWWLYR H ELGLUH]LRQDOH FRQ JOL XWHQWL,QTXHVWRVHQVRO¶DVFROWRGHOODUHWHSXzHVVHUHLOSULPRSDVVRFRPSLXWR GDXQ¶LPSUHVDFKHVWLDYDOXWDQGROHRSSRUWXQLWjGL VYLOXSSRGL XQD VWUDWHJLD GLJUHHQPDUNHWLQJVXOZHE   8Q VHFRQGR SRVVLELOH DSSURFFLR DL QXRYL PHGLD LPSOLFD LQYHFH FKH OH LPSUHVH QRQ VL OLPLWLQR DOO¶DVFROWR PD GHFLGDQR DQFKH GL ³SDUODUH VXO ZHE´ DWWUDYHUVR XQD FRPXQLFD]LRQHLQWHUDWWLYDFRQLSURSULLQWHUORFXWRULVXOODUHWH$QFKHLQTXHVWR FDVRHVLVWRQRGLYHUVHSRVVLELOLWjDWWXDWLYHDQFKHSHUFKp FLDVFXQDWLSRORJLDGLPHGLD KD SURSULH SRWHQ]LDOLWj FDUDWWHULVWLFKH H PRGDOLWj GL XWLOL]]R $G HVHPSLR L EORJ L IRUXP H LQ JHQHUDOH L VLWL FKH YHLFRODQR FRQWHQXWL JHQHUDWL GDJOL XWHQWL VRQR VWUXPHQWLFKHFRPHVLqGHWWRLQFRUDJJLDQRLFRQVXPDWRULDSDUWHFLSDUHDWWLYDPHQWH DO GLDORJR LQ UHWH IRUPXODQGR RSLQLRQL H FRPPHQWL ,Q TXHVWR VHQVR ROWUH DG HVVHUH XQRVWUXPHQWRSUH]LRVRSHURWWHQHUHIHHGEDFNHVVLSRVVRQRUDSSUHVHQWDUHDQFKHXQ FDQDOH SULYLOHJLDWR DWWUDYHUVR FXL O¶LPSUHVD FRPXQLFD FRQ JOL XWHQWL DOOR VFRSR GL VXSHUDUH PROWL GL TXHJOL HOHPHQWL FKH QHO FRUVR GHOOD WUDWWD]LRQH VL VRQR GHVFULWWL FRPH RVWDFROL DG XQ¶HIILFDFH VWUDWHJLD GL PDUNHWLQJ 6L SHQVL DG HVHPSLR DL SUHJLXGL]LGHLFRQVXPDWRULLQWHUPLQLGLSUHVWD]LRQLLQIHULRULGHLSURGRWWLYHUGLULVSHWWR D TXHOOL WUDGL]LRQDOL RYYHUR DL WLPRUL GHOOH LPSUHVH FKH OH SURSULH DWWLYLWj GL JUHHQ PDUNHWLQJYHQJDQRSHUFHSLWHGDLFRQVXPDWRULFRPHD]LRQLGLJUHHQZDVKLQJ $G HVHPSLR FRQ ULIHULPHQWR DL VRFLDO QHWZRUN OH LPSUHVH SRVVRQR LQWHUDJLUH FRQ L SURSULFRQVXPDWRULDWWUDYHUVRPRGLGLYHUVL  • GDOOD FUHD]LRQH GL XQ SURSULR SURILOR VX VRFLDO QHWZRUN SRSRODUL H ³JHQHUDOLVWL´ DFFRPXQDQGR ³DPLFL´ H FRPXQLFDQGR DG XQ DPSLR SXEEOLFR D FRVWL EDVVLVVLPL VL SHQVL WLSLFDPHQWH D ³)DFHERRN´ H DOOD SRVVLELOLWj GL FUHDUH GHOOH³SDJLQHIDQ´GHOO¶D]LHQGDDOO¶LQWHUQRGHOVRFLDOQHWZRUN  • DOOD SDUWHFLSD]LRQH DWWLYD DOO¶LQWHUQR GL VRFLDO QHWZRUN ³JUHHQ´ GHGLFDWL DOOHWHPDWLFKHGHOO¶DPELHQWHHGHOODVRVWHQLELOLWj • DOOD FUHD]LRQH GLUHWWD GL XQ SURSULR VRFLDO QHWZRUN TXDOH FRPPXQLW\ LQ JUDGRGLDJJUHJDUHFRQVXPDWRULILGHOL]]DWLGHLSURSULEUDQG • DOOD UHDOL]]D]LRQH GL SURJHWWL GL FURZGVRXUFLQJ QHRORJLVPR FRQLDWR SHU GHILQLUH TXHOOH LQL]LDWLYH LQ FXL XQ¶LPSUHVD R DOWUD RUJDQL]]D]LRQH  XWLOL]]D JOL VWUXPHQWL ZHE SHU ULYROJHUVL DG XQD FRPXQLWj YLUWXDOH SHU OR VYLOXSSR GL XQ SURJHWWR GL XQ VHUYL]LR R GL XQ SURGRWWL VL YHGD O¶HVHPSLR ULSRUWDWR QHO ER[ VRWWRVWDQWH  

(VLVWRQRVRIWZDUHGLWUDFFLDPHQWRVSHFLILFDPHQWHGHSXWDWLDOO¶DQDOLVLGHLFRQWHQXWLGHOZHE  /¶DVFROWR GHOOD UHWH IRUQLVFH DOO¶LPSUHVD JOL LQSXW LQIRUPDWLYL IRQGDPHQWDOL DO ILQH GL GHWHUPLQDUH LO SRVL]LRQDPHQWR VXO ZHE FKH HVVD LQWHQGH DYHUH QHOO¶DPELWR GHOOD SURSULD VWUDWHJLD GL PDUNHWLQJ H FRPXQLFD]LRQH/¶D]LRQHSULQFLSDOHVYROWDGDXQXWHQWHVXOZHEqLQIDWWLODULFHUFD±HVVHQ]LDOPHQWHDWWUDYHUVR PRWRULGLULFHUFDHVRFLDOQHWZRUN±HLQTXHVWRVHQVRODYRUDUHVXOOHGLQDPLFKHFRVLGGHWWH6(26HDUFK(QJLQH 2SWLPL]DWLRQ RWWLPL]]D]LRQH SHU PRWRUL GL ULFHUFD  H 6(0 6HDUFK (QJLQH 0DUNHWLQJ FDPSDJQH SXEEOLFLWDULH GDO EDQQHU DJOL DQQXQFL SHU SDUROH FKLDYH WLSLFL GL *RRJOH H )DFHERRN  VRQR HOHPHQWL LPSRUWDQWL GL XQD VWUDWHJLD3RVL]LRQDUVLVLJQLILFDDQFKHSUHVLGLDUHHFLzVLJQLILFDFKHJOLDPELWLZHEVHOH]LRQDWLTXDOL³OXRJKL´SHUOR VYLOXSSRGLVWUDWHJLHGLWLSRLQWHUDWWLYRGHYRQRHVVHUHDQ]LWXWWRSUHVLGLDWLJUD]LHDSUHVHQ]H³LVWLWX]LRQDOL´TXDOL TXHOOHJDUDQWLWHDSSXQWRGDOVLWRZHED]LHQGDOHGDFDPSDJQHSXEEOLFLWDULHGDOODSUHVHQ]DQHLVRFLDOQHWZRUN HWF 





 (¶ HYLGHQWH FKH O¶DGR]LRQH GL TXHVWR VHFRQGR DSSURFFLR FRPSRUWD XQ LPSHJQR HG XQ OLYHOORGLDWWHQ]LRQHVXSHULRULDTXHOOLULFKLHVWLGDOVHPSOLFHDVFROWRGHOODUHWHSURSULR SHUFKpLPSOLFDFKHO¶LPSUHVDVLUHOD]LRQLDWWLYDPHQWHFRQJOLXWHQWL$OORVWHVVRWHPSR HVVR RIIUH RSSRUWXQLWj GL FRPXQLFD]LRQH PROWR SL VLJQLILFDWLYH FKH OH LPSUHVH SRVVRQR FRJOLHUH VROR DWWUDYHUVR XQD SDUWHFLSD]LRQH WUDVSDUHQWH H FUHGLELOHDLGLDORJKLRQOLQH,QTXHVWRVHQVRWDOHDSSURFFLRSXzHVVHUHSURSULRGL TXHOO¶LPSUHVD FKH KD PDWXUDWR XQD PDJJLRUH HVSHULHQ]D QHO FDPSR GHOOD FRPXQLFD]LRQH H YDORUL]]D]LRQH LQ FKLDYH DPELHQWDOH GHOOD VXD LGHQWLWj H GHL VXRL SURGRWWL  

%2;&RPXQLFD]LRQHDPELHQWDOHHQXRYLPHGLDLOFDVR6RQ\  1HO FRQWHVWR GHO SURSULR LPSHJQR D IDYRUH GHOOD VRVWHQLELOLWj FKH VSD]LD GDOOD ULFHUFD H VYLOXSSR GL SURGRWWL DG DOWD HIILFLHQ]D HQHUJHWLFD DOOD VFHOWD UHVSRQVDELOH GL PDWHULDOL ULXWLOL]]DELOL H ULFLFODELOL QHO  6RQ\ (XURSH KD ODQFLDWR FRQ LO ::) XQ¶LQL]LDWLYD FRQJLXQWD GL FURZGVRXUFLQJ SHU OD FUHD]LRQH GL XQD FRPXQLWj YLUWXDOH FKH IXQJHVVH GD ³ODERUDWRULR´ SHU O HODERUD]LRQH FROOHWWLYD GL VROX]LRQL WHFQRORJLFKH DSSOLFDELOL DL SUREOHPL DPELHQWDOL ,O SURJHWWR ± GHQRPLQDWR ³2SHQ 3ODQHW ,GHDV´ ZZZRSHQSODQHWLGHDVFRP  H UHDOL]]DWR FRQ LO VXSSRUWR GHOOD VRFLHWj GL GHVLJQ H LQQRYD]LRQH ,GHR ± q VWDWR ILQDOL]]DWR D FRLQYROJHUHJOLXWHQWLLQYLWDQGROLDULFRQVLGHUDUHO¶XVRGHOOHWHFQRORJLHFRQWHPSRUDQHHSHU DIIURQWDUH TXHVWLRQL DPELHQWDOL TXDOL L FDPELDPHQWL FOLPDWLFL OD ELRGLYHUVLWj H OD FRQVHUYD]LRQHGHOOHULVRUVHLGULFKHHLQFRUDJJLDQGROLDSURSRUUHLQQRYD]LRQLWHFQRORJLFKH ³VRVWHQLELOL´ D SDUWLUH GD WHFQRORJLH HVLVWHQWL GD LPSLHJDUH LQGLYLGXDOPHQWH R LQ FRPELQD]LRQLLQHVSORUDWH  ,OSURJHWWRVLqEDVDWRVXOFRLQYROJLPHQWRHVXOFRQWULEXWRGHOODFRPXQLWjYLUWXDOHLQRJQL IDVH GHOOD SURJHWWD]LRQH H UHDOL]]D]LRQH GHOOD ³QXRYD WHFQRORJLD´ GDOO¶LGHDLVSLUD]LRQH LQL]LDOH DOOD PHVVD D SXQWR SDVVDQGR SHU OD VXD YDOXWD]LRQH H UHDOL]]D]LRQH ILQDOH /D IOHVVLELOLWjSURSULDGHOODSLDWWDIRUPDZHEKDFRQVHQWLWRDJOLXWHQWLPHPEULGHOODFRPXQLWj GL FRQGLYLGHUH L SURSUL FRQWULEXWL FRQ PH]]L GL FRPXQLFD]LRQH GLYHUVL WHVWL RULJLQDOL H FRPPHQWLIRWRJUDILHGLJLWDOLRYLGHR  /HROWUHLGHHUDFFROWHDWWUDYHUVRODSLDWWDIRUPDVRQRVWDWHVRWWRSRVWHDXQSURFHVVR GL YDOXWD]LRQH H VHOH]LRQH GD SDUWH GHOOD FRPPXQLW\ H GD XQD FRPPLVVLRQH GL HVSHUWL 6RQ\ H ::) GDO TXDOH VRQR HPHUVL RWWR SURJHWWL FKH VRQR VWDWL HVDPLQDWL SHU GHWHUPLQDUQHODIDWWLELOLWjVRWWRLOSURILORWHFQLFRHDPELHQWDOH 1HOJHQQDLRqVWDWRSURFODPDWRLOSURJHWWRYLQFLWRUHFKHYHUUjUHDOL]]DWRGDOSURSULR LGHDWRUHFRQLOFRQWULEXWRGHOWHDP5LFHUFDHVYLOXSSRGL6RQ\LOFRQFHSW³*UHHQ%RRN´GL 3DXO)ULJRXW6LWUDWWDGLXQ¶DSSOLFD]LRQHWUDVYHUVDOHDSLSLDWWDIRUPHFKHVIUXWWDQGROH XWLOLW\ GL JHRORFDWLRQ H L VRFLDO JDPH PLUD DG DJJUHJDUH XWHQWL SURYHQLHQWL GDOOD VWHVVD DUHDJHRJUDILFDSHUGDUHYLWDDPRELOLWD]LRQLVXEDVHYRORQWDULDFRVLGGHWWH³IODVKPRE´  SHUUHDOL]]DUHLQL]LDWLYHORFDOLVXOOHWHPDWLFKHDPELHQWDOL 





)RQWH6RQ\(XURSH/LPLWHG±6HGH6HFRQGDULD,WDOLDQD 

 





,QFKLXVXUDYDRYYLDPHQWHULEDGLWRFRPHO¶XWLOL]]RSL³UXGLPHQWDOH´GHOFDQDOHZHESHU ODFRPXQLFD]LRQHDPELHQWDOHVLDDQFRUDXQDPRGDOLWjPROWRGLIIXVDQRQFKpSUHYDOHQWHLQ GLYHUVL VHWWRUL  IUD OH D]LHQGH LPSHJQDWH VX TXHVWR IURQWH RYYHUR O¶LPSLHJR GHO VLWR ,QWHUQHW SHU OD VHPSOLFH GLIIXVLRQH GL LQIRUPD]LRQL H GDWL DPELHQWDOL UHODWLYL DOOH SUHVWD]LRQLDPELHQWDOLGHOO¶D]LHQGDHGHYHQWXDOPHQWHDQFKHGHLVXRLSURGRWWLVHUYL]L 6RWWR TXHVWR SURILOR UHFHQWL LQGDJLQL KDQQR PHVVR LQ HYLGHQ]D XQ¶DPSLD YDULHWj H GLVRPRJHQHLWjGLIRUPHLQFXLYLHQHUHVDGLVSRQLELOHLQIRUPD]LRQHDPELHQWDOHVX,QWHUQHW 8QDULFHUFDXQLYHUVLWDULDLQJOHVHFRQGRWWDVXJUDQGLLPSUHVHLQ3DHVLKDULOHYDWR FRPHVROWDQWRGLTXHVWHD]LHQGHQRQDYHVVHURXQVLWR,QWHUQHWHGHOOHULPDQHQWLVROR  QRQ RIIULVVHUR DO QDYLJDWRUH LQIRUPD]LRQL GL WLSR DPELHQWDOH ,O GDWR q DQFRUD SL VLJQLILFDWLYR VH VL FRQVLGHUD FKH DOOD WHPDWLFD DPELHQWDOH QRUPDOPHQWH YLHQH DWWULEXLWD XQD QRWHYROH ULOHYDQ]D PLVXUDWD LQ ³QXPHUR GL OLQN FKH GLYLGRQR TXHVWH LQIRUPD]LRQL GDOO¶KRPH SDJH´ 'DOOD VWHVVD ULFHUFD HPHUJH FKH EHQ  LPSUHVH GHO FDPSLRQH SXEEOLFDQRRQOLQHXQSURSULRGRFXPHQWRGLUHSRUWLQJ  $OWUH LQGLFD]LRQL VLJQLILFDWLYH SHU FRPSUHQGHUH TXDOH VLD OD ULOHYDQ]D GHO VLWR ZHE SHU OD FRPXQLFD]LRQH ³LVWLWX]LRQDOH´ HPHUJRQR GD XQR VWXGLR FRQGRWWR GDOOD 6FXROD 6XSHULRUH 6DQW $QQD GL 3LVD VSHFLILFDPHQWH PLUDWR DG DQDOL]]DUH LO OHJDPH WUD ,QWHUQHW H OD FHUWLILFD]LRQH DPELHQWDOH 1HO 5HJRODPHQWR (0$6 O¶RUJDQL]]D]LRQH UHJLVWUDWD q LQFRUDJJLDWD D ULFRUUHUH DOO¶XWLOL]]R GHOOD SXEEOLFD]LRQH HOHWWURQLFD 3HU YHULILFDUH O¶XWLOL]]R GHOOD FRPXQLFD]LRQH DPELHQWDOH q VWDWR HIIHWWXDWR XQR VWXGLR UHODWLYDPHQWH DOOH RUJDQL]]D]LRQL LWDOLDQH UHJLVWUDWH (0$6 'L  RUJDQL]]D]LRQL UHJLVWUDWH DQDOL]]DWH  GHOWRWDOH KDQQRXQVLWR,QWHUQHWPHQWUHQRQXWLOL]]DQRTXHVWRFDQDOHFRPH VWUXPHQWRGLFRPXQLFD]LRQH'DOO¶DQDOLVLqLQROWUHHPHUVRFKH  • LOGHOOHRUJDQL]]D]LRQLXWLOL]]DLOORJR(0$6DOO¶LQWHUQRGHOSURSULRVLWR,QWHUQHW • LOXWLOL]]DO¶DWWHVWDWRGLDYYHQXWDUHJLVWUD]LRQH • LOIRUQLVFHLQUHWHOD'LFKLDUD]LRQH$PELHQWDOH • LOGHOOHRUJDQL]]D]LRQLIRUQLVFHDQFKHDOWUHLQIRUPD]LRQLDPELHQWDOL /¶DQDOLVLLQILQHKDPHVVRLQOXFHFRPHOHD]LHQGHFKHSUHVHQWDQRXQVLVWHPDGLJHVWLRQH DPELHQWDOH DSSOLFDWR GD SL DQQL D]LHQGH UHJLVWUDWH GDO  DO   VFHOJDQR LQ PLVXUD VXSHULRUH H XWLOL]]LQR SL ³LQWHQVDPHQWH´  OR VWUXPHQWR ,QWHUQHW FRPH FDQDOH FRPXQLFDWLYRSUHIHUHQ]LDOHSHUOHSURSULHDWWLYLWj  

,O&DXVH5HODWHG0DUNHWLQJ &RQO¶HVSUHVVLRQH³&DXVH5HODWHG0DUNHWLQJ´&50 VLIDULIHULPHQWRDOOHVLWXD]LRQLLQ FXLXQ¶LPSUHVDSHUVHJXHFRQJLXQWDPHQWHXQRELHWWLYRFRPPHUFLDOHH LOVRVWHJQRDGXQD ³FDXVD VRFLDOH´SHULOWUDPLWHGLXQRRSL HQWLQRQSURILW(¶ODIRUPDSLHVSOLFLWDGL XWLOL]]R GHOOD VHQVLELOLWj VRFLDOH H DPELHQWDOH GHL SURSUL LQWHUORFXWRUL SHU GLIIHUHQ]LDUVL ULVSHWWR DOOD FRQFRUUHQ]D 6L EDVD VXOOD PROWHSOLFLWj GHL YDQWDJJL SHU WXWWL L VRJJHWWL FRLQYROWL SHU O¶LPSUHVD FKH RWWLHQH XQ YDQWDJJLR FRPSHWLWLYR SHU O¶HQWH QRQ SURILW FKH  ,OGHOOHD]LHQGHGHOFDPSLRQHDQDOL]]DWRLQVHULVFHO¶DPELHQWHIUDLOLQNGLDSSURIRQGLPHQWRGHOODVWHVVD KRPHSDJHSHULOGLHVVHVRQRQHFHVVDULOLQNHSHULOVRORWUHRSL)RQWH,UDOGR   /HSHUFHQWXDOLVRQRVWDWHGHWHUPLQDWHULVSHWWRDOQXPHURGLD]LHQGHFKHGLVSRQJRQRGLXQVLWRLQWHUQHWHQRQ VXOQXPHURWRWDOHGHOOHRUJDQL]]D]LRQLUHJLVWUDWH(0$6   ,O WHUPLQH KD SL GL  DQQL HVVHQGR VWDWR FRQLDWR GDOO¶$PHULFDQ ([SUHVV SHU FDUDWWHUL]]DUH LO VXSSRUWR DO IRQGRSHULOUHVWDXURGHOOD6WDWXDGHOOD/LEHUWj/¶LPSUHVDGRQDYDFHQWSHURJQLDFTXLVWRHIIHWWXDWRFRQFDUWD GLFUHGLWRHGROODURSHURJQLQXRYDFDUWDGLFUHGLWR,OVXFFHVVRIXFODPRURVRGLFDUWHGLFUHGLWRLQSLH XQDGRQD]LRQHSDULDPLOLRQLGLGROODUL   (VLVWRQR GXH GHILQL]LRQL GL &DXVH5HODWHG PDUNHWLQJ &50  TXHOOD DPHULFDQD SL UHVWULWWLYD VHFRQGR OD TXDOH LO &50 SUHVXSSRQH SHU O¶LPSUHVD O¶RWWHQLPHQWR GL XQ LQFUHPHQWR GHOOH YHQGLWH QHOOD FOLHQWHOD WDUJHW SUHYHGHFKHODGRQD]LRQHVLDVXERUGLQDWDDOODWUDQVD]LRQHFRPSRUWDLOFRLQYROJLPHQWRGHOFOLHQWH9DUDGDUDMDQ 0HQRQ TXHOODHXURSHDSLDPSLDFKHSXzJLXQJHUHDGLQFOXGHUHQHO&50RJQLLQL]LDWLYDGLFRUSRUDWH JLYLQJ0LFKHOLQL 



XVXIUXLVFH GL XQ VRVWHJQR DOOD SURSULD DWWLYLWj H SHU LO FOLHQWH FKH ULFHYH XQ SURGRWWRVHUYL]LRSLULFFRQHOTXDOHVRQRFRPSUHVHYDOHQ]HLPPDWHULDOLDJJLXQWLYH  /HLQL]LDWLYHGL&50FKHKDQQRYLVWRQHOQRVWUR3DHVHXQIRUWHVYLOXSSRQHJOLXOWLPLDQQL VL FRQFHQWUDQR XVXDOPHQWH LQ DOFXQL VHWWRUL SUHYDOHQWL VRVWHJQR DOO¶LQIDQ]LD VDQLWj ULFHUFDVFLHQWLILFDFRRSHUD]LRQHDOORVYLOXSSRHDPELHQWH /¶DVSHWWR FUXFLDOH FKH FRQQRWD TXHVWH RSHUD]LRQL FKH DOWULPHQWL VDUHEEHUR VHPSOLFHPHQWH ILODQWURSLFKH q OD YRORQWj GD SDUWH GHOO¶D]LHQGD GL YDORUL]]DUOH VRWWR LO SURILORFRPSHWLWLYR  • FRLQYROJHQGR DWWLYDPHQWH L FOLHQWLFRQVXPDWRUL FRPH DWWRUL SULQFLSDOL GHO PHFFDQLVPR GL GRQD]LRQH H VRVWHJQR DOO¶RUJDQL]]D]LRQH QRQ SURILW FKH q SDUWQHU GHOO¶LQL]LDWLYD WLSLFDPHQWH XQ¶DVVRFLD]LRQH DPELHQWDOLVWD  OHJDQGROR DOO¶DFTXLVWR GHL SURSULSURGRWWLRVHUYL]L • RSSXUH FRPXQLFDQGR DO FOLHQWHFRQVXPDWRUH O¶DWWXD]LRQH GL LQL]LDWLYH FKH VHEEHQHQRQORFRLQYROJDQRGLUHWWDPHQWHSRVVRQRVHQVLELOL]]DUORVXLWHPLDPELHQWDOL PLJOLRUDUH OD UHSXWD]LRQH GHOO¶D]LHQGD DL VXRL RFFKL H FRQYLQFHUOR LQILQH D SUHIHULUH L SURGRWWL H VHUYL]L GHOO¶D]LHQGD ULVSHWWR DL FRQFRUUHQWL SHU SUHPLDUH LO VXR FRPSRUWDPHQWRYLUWXRVR  ,Q TXHVWD ORJLFD GLYLHQH SDUWLFRODUPHQWH LPSRUWDQWH VDSHU FRPXQLFDUH HIILFDFHPHQWH JOL RELHWWLYL OH PRGDOLWj H O¶HVLWR GL XQ¶LQL]LDWLYD GL &50 LQ PRGR GD ULVXOWDUH SHUVXDVLYL QHLFRQIURQWLGHOFOLHQWHFRQVXPDWRUH  /H DWWLYLWj GL FRPXQLFD]LRQH FRQQHVVH DOOH FDPSDJQH GL &DXVH5HODWHG PDUNHWLQJ XWLOL]]DQR XQD PROWHSOLFLWj GL PHGLD GDOOD VWDPSD DG ,QWHUQHW DOO¶XWLOL]]R GHL SXQWL YHQGLWD DOOD UHDOL]]D]LRQH GL HYHQWL DO GLUHFW PDUNHWLQJ DJOL KRXVH RUJDQHWF4XHVWHVWUDWHJLHGLFRPXQLFD]LRQHQHOO¶DPELWRGHOPDUNHWLQJVRQRTXHOOHFKH LPSOLFDQR LO PDJJLRU OLYHOOR GL FRLQYROJLPHQWR GHJOL VWDNHKROGHU LQ SULPLV GHL FOLHQWLFRQVXPDWRUL 'LVHJXLWRVLULSRUWDXQHVHPSLRGLFDPSDJQDSXEEOLFLWDULDLPSHUQLDWDVXO&50GDSDUWHGL XQ¶D]LHQGD GL SURGX]LRQH GL UXELQHWWL LQ FROODERUD]LRQH FRQ LO ::) H EDVDWD VXOOD VHQVLELOL]]D]LRQHDOO¶XWLOL]]RUD]LRQDOHGHOODULVRUVDLGULFD



 6HFRQGR XQ¶LQGDJLQH FRQGRWWD GD ,SVRV([SORUHU QHO  VX VLJQLILFDWR UXROR H YDORUH FKH L FLWWDGLQL DVVRFLDQR DO PDUNHWLQJ VRFLDOH GHOOH LPSUHVH WDOL LQL]LDWLYH LQFRQWUDQR LO IDYRUH GHO SXEEOLFR QHO  GHL FDVL VRQRYDQWDJJLRVHSHUFKpUHDOL]]DQREHQHILFLSHUO¶LPSUHVDHODFDXVDVRVWHQXWDRUDSSUHVHQWDQRXQDPRGDOLWj SRVLWLYD SHU ILQDQ]LDUOD  LO  KD XQ RSLQLRQH QHJDWLYD LQ TXDQWR FRQVLGHUD LO PDUNHWLQJ VRFLDOH XQ PRGR GLVWRUWRGLIDUHSXEEOLFLWj RGLVYLOLUHODFDXVD 5HODWLYDPHQWHDOOHLPSUHVHFKHVYROJRQRDWWLYLWjGL PDUNHWLQJ VRFLDOH LO  GHL FLWWDGLQL ULWLHQH FKH D VRVWHQHUH FDXVH VRFLDOL VLDQR OH LPSUHVH SL HYROXWH H PRGHUQHLOOHLPSUHVHFKHVLFRPSRUWDQRVHFRQGRQRUPDWLYDHGHWLFDLOOHLPSUHVHFKHGHYRQR³IDUVL SHUGRQDUHTXDOFRVD´   'DOO¶2VVHUYDWRULR 1LHOVHQ ,WDOLD6RGDOLWDV SHU LO PRQLWRUDJJLR GHJOL LQYHVWLPHQWL GHOOH LPSUHVH GLUHWWL D FRPXQLFDUHLQL]LDWLYHGL&50QHOVRQRVWDWLULOHYDWLDQQXQFLSXEEOLFLWDULSHUXQYDORUHGLROWUH PLOLRQL GL (XUR  GHO PHUFDWR GHOOD SXEEOLFLWj  UHDOL]]DWL GD  LPSUHVH 7DOL GDWL KDQQR UHJLVWUDWR QHO XQDXPHQWRGHOLQQXPHURHGHOLQYDORUHULVSHWWRDODQQXQFLULOHYDWLSHUXQ LQYHVWLPHQWR SDUL D FLUFD  PLOLRQL GL HXUR  /H LPSUHVH VRQR GLYHQXWH  GL FXL  QXRYH TXLQGL  KDQQR LQYHVWLWR LQ HQWUDPEL JOL DQQL LQ FDPSDJQH &50  4XHVWL YDORUL VL GLVFRVWDQR PROWR GD TXHOOL GHL 3DHVL DQJORVDVVRQLGRYHJOLLQYHVWLPHQWLLQ&50VDUHEEHURGLPLOLDUGLGLGROODULQHJOL86$HGLPLOLRQLGLVWHUOLQH LQ8.



)LJXUD8QHVHPSLRGLFDPSDJQDGL&50GL VHQVLELOL]]D]LRQHGHLFRQVXPDWRUL

)RQWHHODERUD]LRQHGDSXEEOLFLWjVXFDUWDVWDPSDWD 



  1XPHURVH ULFHUFKH KDQQR LQGDJDWR L YDQWDJJL SHU OH LPSUHVH FRQQHVVL DOO¶DGR]LRQH GL LQL]LDWLYH GL &50 6HFRQGR XQ¶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¶LQFUHPHQWR GHOOH YHQGLWH ,Q JHQHUDOH q SRVVLELOHRVVHUYDUHFKHLQ,WDOLDOHLQL]LDWLYHGL&50VRQROLPLWDWHULVSHWWRDGDOWULFRQWHVWL VLD QHOOH GLPHQVLRQL LO QRVWUR 3DHVH KD XQD WUDGL]LRQH PROWR LQIHULRUH D TXHOOD DQJORVDVVRQH QHOOD EHQHILFHQ]D H QHO VRVWHJQR DJOL HQWL QRQ SURILW  VLD QHOOD ULOHYDQ]D VWUDWHJLFD  • OHULVRUVHPHVVHDGLVSRVL]LRQHGHOOHFDPSDJQHVRQRLQIDWWLOLPLWDWHHVSRUDGLFKH • OH FDPSDJQH VRQR SRFR YDORUL]]DWH LQ XQD SURVSHWWLYD GL PDUNHWLQJ LQWHUQR FRPH VSHVVRDYYLHQHDOO¶HVWHUR  • YLqXQDFDUHQ]DGLLQGLFDWRULHGLVFKHPLFKHFRQVHQWDQRGLPRQLWRUDUHHIILFDFHPHQWH O¶DQGDPHQWRGHOOHD]LRQLLQWUDSUHVHHGLDQDOL]]DUHLULVXOWDWL • HPHUJHXQDVFDUVDULOHYDQ]DVWUDWHJLFDGHOODUHOD]LRQHGLSDUWQHUVKLSFKHYHQJRQRDG LVWLWXLUVLFRQJOLHQWLQRQSURILWVRORLQDOFXQLFDVLODSDUWQHUVKLSULVXOWDSLVWUDWHJLFDH GLYHQWDTXLQGLYDORUL]]DELOHDQFKHQHOO¶DPELWRGHJOLDOWULVWUXPHQWLGLFRPXQLFD]LRQH  4XDORUD XQ¶D]LHQGD VXSHUDQGR TXHVWH ³EDUULHUH´ GHFLGHVVH GL LQWUDSUHQGHUH XQD VWUDWHJLDGL&50ORVSHWWURGLRS]LRQLDGLVSRVL]LRQHVDUHEEHSLXWWRVWRDPSLR /DWDEHOOD



VRWWRVWDQWHULSRUWDDOFXQHWLSLFKHLQL]LDWLYHGL&50SUHYDOHQWHPHQWHXWLOL]]DWHQHOO¶DPELWR GHOJUHHQPDUNHWLQJ   7DEHOOD±$OFXQHWLSRORJLHGL&DXVH5HODWHG0DUNHWLQJ

&DXVH5HODWHG 0DUNHWLQJGL WUDQVD]LRQH

)RUPDGLFROODERUD]LRQHFRPPHUFLDOHLQFXLXQ¶D]LHQGDSURILWFRQWULEXLVFH DOO¶DWWLYLWjRDOODUHDOL]]D]LRQHGLXQSURJHWWRGLXQDD]LHQGDQRQSURILW IRUQHQGRULVRUVHILQDQ]LDULHRPDWHULDOLLQSURSRU]LRQHDOIDWWXUDWRGHULYDQWH GDOODFROODERUD]LRQH

&DXVH5HODWHG 0DUNHWLQJGL SURPR]LRQHGHOOD FDXVDRMRLQW SURPRWLRQ 

3UHYHGHXQWUDVIHULPHQWRGLULVRUVHGDOO¶D]LHQGDSURILWDTXHOODQRQSURILW,O SURGRWWRLQTXHVWRFDVRqXWLOL]]DWRFRPHPH]]RSHUODWUDVPLVVLRQHGHOOD FDXVDVRVWHQXWDGDOODQRQSURILW2SHUD]LRQLGLTXHVWRJHQHUHVRQRTXHOOH FKHYHGRQRODSUHVHQ]DGLPHVVDJJLRGLRSXVFROLLQIRUPDWLYLGLXQDQRQ SURILWLQDOOHJDWRDOSURGRWWRGHOODSDUWQHUSURILW

&DXVH5HODWHG 0DUNHWLQJGL OLFHQVLQJ

&DXVH5HODWHG 0DUNHWLQJGLMRLQW IXQGUDLVLQJ

6SRQVRUL]]D]LRQL

 $WWLHQHODFRQFHVVLRQHGDSDUWHGHOODQRQSURILWGHOSURSULRPDUFKLRHGHOOD SRVVLELOLWjGLXWLOL]]DUORVXOSURGRWWRRVXOVXRSDFNDJLQJLQFDPELRGHOOD FRUULVSHWWLYDTXDQWLILFD]LRQHHFRQRPLFDSHU³UHPXQHUDUQH´O¶XVRLQWHUPLQL SURPR]LRQDOL4XHVWDWLSRORJLDGL&50DVVXPHODQDWXUDGLXQUDSSRUWRGL IRUQLWXUDLPSRUWDQWHSHUO¶D]LHQGDSURILWDOILQHGLTXDOLILFDUHLOSURGRWWR DEELQDWRDOPDUFKLRGHOODQRQSURILW1DWXUDOPHQWHO¶D]LHQGDQRQSURILWSXz SRUUHFRQGL]LRQLSHUODFRQFHVVLRQHGHOSURSULRPDUFKLRDGHVFKHLO SURGRWWRIRUQLVFDJDUDQ]LHPLQLPDOLVXOFRQWHQLPHQWRGHOSURSULRLPSDWWR DPELHQWDOH    $WWUDYHUVRTXHVWRWLSRGLFROODERUD]LRQHO¶D]LHQGDJDUDQWLVFHLOVRVWHJQRDOOD FDXVDQRQSURILWSRQHQGRVLFRPHLQWHUPHGLDULRSHUODUDFFROWDIRQGLWUDL SURSULFOLHQWLHO¶HQWHQRQSURILW,QTXHVWHRSHUD]LRQLOHGRQD]LRQLVRQR IDFROWDWLYHHO¶DPPRQWDUHGHILQLELOHLQGLYLGXDOPHQWH$YROWHLQROWUHLO GRQDWRUHSXzVFHJOLHUHDOO¶LQWHUQRGLXQSDQLHUHSURSRVWRGDOO¶D]LHQGDSURILW ODQRQSURILWEHQHILFLDULD4XHVWDWLSRORJLDYLHQHVRSUDWWXWWRXWLOL]]DWDGD D]LHQGHHURJDWULFLGLVHUYL]LTXDOLEDQFKHHJUDQGHGLVWULEX]LRQH ,QL]LDWLYHGLTXHVWRWLSRSRVVRQRHVVHUHUHDOL]]DWHDQFKHDWWUDYHUVRUDFFROWH SXQWLLQVHUHQGRQHOFDWDORJRGHLSURGRWWLGHOODUDFFROWDSXQWLDQFKHXQD GRQD]LRQHDIDYRUHGLXQRUJDQL]]D]LRQHQRQSURILWRSSXUHRUJDQL]]DQGR FRQFRUVLDSUHPLRODFXLSDUWHFLSD]LRQHqVXERUGLQDWDDGXQDGRQD]LRQH  8Q¶DOWUDIRUPDGL&50qODVSRQVRUL]]D]LRQHLQWHVDFRPHVXSSRUWRGLUHWWR IRUQLWRDGXQ¶RUJDQL]]D]LRQHQRQSURILWLQWHUPLQLGLULVRUVHILQDQ]LDULH RUJDQL]]DWLYHHPDQDJHULDOL SHUODUHDOL]]D]LRQHGLLQL]LDWLYHGLUDFFROWDIRQGL RGLVHQVLELOL]]D]LRQHYHUVRWHPDWLFKHVRFLDOLHDPELHQWDOL

70

3HUHVHPSLRLWLWRODULGLFDUWHGLFUHGLWR&DUWD6LRGHOOD&DUWD)LGDW\(VVHOXQJDDFFXPXODQRDXWRPDWLFDPHQWH SXQWL DG RJQL DFTXLVWR HIIHWWXDWR H DO UDJJLXQJLPHQWR GL XQ GHWHUPLQDWR SXQWHJJLR SRVVRQR GHFLGHUH GL GHVWLQDUHLOFRUULVSHWWLYRLQGHQDURGHLSXQWLDFFXPXODWLDGXQ¶RUJDQL]]D]LRQHQRQSURILW



&DXVH5HODWHG 0DUNHWLQJEDVDWR VX³&RUSRUDWH JLYLQJ´

$OFXQHIRUPHGL&50VLEDVDQRVXOFRVLGGHWWR³FRUSRUDWHJLYLQJ´2YYHURVX LQL]LDWLYHFKHSUHYHGRQRLOFRLQYROJLPHQWRGHOSHUVRQDOHLQWHUQRGHOO¶D]LHQGD $GHVHPSLRDWWUDYHUVRXQDFRPXQLFD]LRQHLVWLWX]LRQDOHO¶LPSUHVDSXz LQYLWDUHLVXRLGLSHQGHQWLDGHGLFDUHDOFXQHRUHGLODYRURDOO¶DWWLYLWjGL YRORQWDULDWR/HRUHGLODYRURVRQRFRPXQTXHUHWULEXLWHGDSDUWHGHOO¶D]LHQGD SURPRWULFHGHOO¶LQL]LDWLYD 8QDIRUPDSDUWLFRODUHqLO³SD\UROOJLYLQJ´YDOHDGLUHXQSURJUDPPDGL SURPR]LRQHGHOODUDFFROWDIRQGLULYROWRDOSHUVRQDOHLQFXLODVWHVVDD]LHQGDVL IDSRUWDYRFHQHOUDFFRJOLHUHOHRIIHUWHGHLGLSHQGHQWLFKHSRVVRQRVFHJOLHUH RGLHIIHWWXDUHXQDGRQD]LRQHPHQVLOHRGLGRQDUHXQDRSLRUHGLSHUPHVVR UHWULEXLWR ,QILQHLO³JLYLQJ´SXzDQFKHHVVHUHYROWRDFRLQYROJHUHDOWULLQWHUORFXWRUL GHOO¶D]LHQGDFRPHDGHVHPSLRQHOFDVRGHO³1RJDGJHWSURPRWLRQ´,Q TXHVWRFDVRO¶D]LHQGDVRVWLWXLVFHLUHJDOLGL1DWDOHSHULFOLHQWLRLJDGJHWFKH QRUPDOPHQWHYHQJRQRUHDOL]]DWLLQRFFDVLRQHGLXQHYHQWRD]LHQGDOHFRQL IRUQLWRULFRQXQDGRQD]LRQHDIDYRUHGLXQ¶RUJDQL]]D]LRQHQRQSURILW

)RQWH$GDWWDPHQWRGD6RGDOLWDV1HWZRUNH&HQWURSHUOR6YLOXSSRGHOOD&65LQZZZIXQGUDLVLQJLWDFFHVVR IHEEUDLRHGD0LFKHOLQL   

3HUUDJJLXQJHUHSLHQDPHQWHLSURSULRELHWWLYLGLPDUNHWLQJOHJDWLDGRSHUD]LRQLGLTXHVWR WLSR O¶D]LHQGD LPSHJQDWD VXO IURQWH GHO &50 GHYH HVVHUH LQ JUDGR GL FRPXQLFDUH H YDORUL]]DUHDGHJXDWDPHQWHOHLQL]LDWLYHLQWUDSUHVHQHLFRQIURQWLGHLSURSULLQWHUORFXWRULVXO PHUFDWR $TXHVWRSURSRVLWRDOFXQH³FDXWHOH´SRVVRQRHVVHUHVXJJHULWHSHUO¶HIILFDFHLPSRVWD]LRQH GLXQDVWUDWHJLDGLFRPXQLFD]LRQHVXOOHLQL]LDWLYHGL&50  • LOFOLHQWHRFRQVXPDWRUHGHVWLQDWDULRGHLPHVVDJJLFKHSURPXRYRQRRVHPSOLFHPHQWH GHVFULYRQR  LQL]LDWLYH GL &50 KD PDWXUDWR XQD FRQVDSHYROH]]D PROWR VXSHULRUH DO SDVVDWRHYDTXLQGLFRUUHWWDPHQWHHGHWWDJOLDWDPHQWHLQIRUPDWRVXDVSHWWLTXDOL DGHVHPSLRJOLRELHWWLYLVSHFLILFLGHOO¶RSHUD]LRQHGL&50QRQXQJHQHULFRVXSSRUWRDG XQ¶DVVRFLD]LRQH DPELHQWDOLVWD PD FROOHJDWR DG XQ SURJHWWR RSHUDWLYR  OH PRGDOLWj G¶LPSLHJR GHL IRQGL GDSDUWH GL TXHVW¶XOWLPD VH SUHYLVWR QHOO¶DFFRUGR  OD SHUFHQWXDOH GHLULFDYLGHVWLQDWLDOO¶RUJDQL]]D]LRQHQRQSURILWULVSHWWRDTXDQWRUDFFROWRODSUHVHQ]D GL FRQWUROOL VXOO¶RSHUDWR GHOO¶D]LHQGD QRQSURILW TXDORUD VL WUDWWL GL XQD SLFFROD RUJDQL]]D]LRQH ORFDOH HWF /H JDUDQ]LH IRUQLWH VXO EXRQ ILQH GHOO¶LQL]LDWLYD VRQR PROWR LPSRUWDQWL SHU PRWLYDUH H FRQYLQFHUH LO FRQVXPDWRUH LQ SDUWLFRODUH WXWWH OH IDVL GHO SURJUDPPD FROODERUDWLYR FRQ O¶D]LHQGD QRQ SURILW TXDOXQTXH HVVR VLD  FKH VWD DOOD EDVH GHO &50 GHYRQR HVVHUH RSSRUWXQDPHQWH UHQGLFRQWDWH DO FOLHQWHFRQVXPDWRUH QRQVRORODIDVHGL³ODQFLRSURPR]LRQDOH´GHOO¶LQL]LDWLYD  • OD SUHVHQ]D GHO PDUFKLR FRQRVFLXWR QHO QRQ SURILW FRPH DG HVHPSLR TXHOOD GL XQ¶DVVRFLD]LRQH DPELHQWDOLVWD QD]LRQDOH R LQWHUQD]LRQDOH  VXO SURGRWWR R VXO VXR SDFNDJLQJ SXz LQJHQHUDUH O¶HIIHWWR ³FHUWLILFD]LRQH DPELHQWDOH´ H LQGXUUH QHO FRQVXPDWRUH OD VHQVD]LRQH FKH VLD ³SUHIHULELOH´ DQFKH SHUFKp KD XQ LPSDWWR DPELHQWDOH LQIHULRUH D TXHOOR GHL FRQFRUUHQWL 'D TXHVWR SXQWR GL YLVWD OH VFHOWH FRPXQLFD]LRQDOL SRVVRQR HVVHUH GXH R VL FKLDULVFH FKH OD SUHVHQ]D GHO ORJR q HVFOXVLYDPHQWHPLUDWDDVHJQDODUHODGHVWLQD]LRQHGHLSURYHQWLGHOO¶RSHUD]LRQHGL&50 RSSXUH VL FRQFRUGD FRQ O¶RUJDQL]]D]LRQH QRQ SURILW FKH YL VLD XQ VLVWHPD GL SUH YDOXWD]LRQHGHLSURGRWWLSHUYDJOLDUQHODTXDOLWjDPELHQWDOHSULPDGLULWHQHUOLGHJQLGL HVVHUHRJJHWWRGHOODFDPSDJQD  • q SDUWLFRODUPHQWH HIILFDFH QHOOD ORJLFD GHOOD ³SURVVLPLWj´ GHJOL HIIHWWL DPELHQWDOL ULVSHWWRDOFOLHQWHFRQVXPDWRUHSXQWDUHVXFDPSDJQHGL&50FKHDEELDQRDGRJJHWWR PLJOLRUDPHQWLDPELHQWDOLSHUFHWWLELOLGLUHWWDPHQWHGDOFRQVXPDWRUHPHJOLRVH QHOOD SURSULD HVSHULHQ]D TXRWLGLDQD H FRPXQLFDUJOL TXHVWD UHOD]LRQH ³FDXVDHIIHWWR´ HVSOLFLWDPHQWHDGHVVXOSDFNDJLQJGHOSURGRWWRRQHOOHSXEEOLFLWj  



• O¶LQL]LDWLYD GL &50 SXz ULYHODUVL SL LQFLVLYD VH O¶D]LRQH PLJOLRUDWLYD VXOO¶DPELHQWH FKH GHULYD GDOOD FROODERUD]LRQH FRQ O¶RUJDQL]]D]LRQH QRQ SURILW ULJXDUGD XQ DVSHWWR DPELHQWDOHFKHqFRUUHODELOHDOSURGRWWRGHOO¶D]LHQGDRFRPXQTXHPLUDDULGXUUH LPSDWWL DPELHQWDOL FKH SRVVRQR GHULYDUH GDOO¶DFTXLVWR GDO FRQVXPR R GDOOR VPDOWLPHQWR GL TXHO SURGRWWR VL SHQVL DG HVHPSLR DOO¶RSHUD]LRQH ³VSLDJJH SXOLWH´ GL /HJDPELHQWH ILQDQ]LDWD HVVHQ]LDOPHQWH GD D]LHQGH GHO VHWWRUH GHL SURGRWWL GL GHWHUJHQ]DLFXLLPEDOODJJLLQSODVWLFDVRQRVSHVVRO¶HOHPHQWRPDJJLRUPHQWHSUHVHQWH QHLULILXWLULWURYDWLVXLOLWRUDOLLQSHULRGLIXRULVWDJLRQH   • SHU UDIIRU]DUH UHDOPHQWH OD UHSXWD]LRQH GHOO¶D]LHQGD O¶LQL]LDWLYD GL &50 GRYUHEEH HVVHUH XQD WDSSD GL XQ ³SHUFRUVR´ FRPSOHVVLYR H QRQ HVVHUH XQD WDQWXP R VH DQFKHORIRVVHqDOPHQRRSSRUWXQRFKHWDOHRSHUD]LRQHVLLQTXDGULLQXQDVWUDWHJLDSL DPSLD D IDYRUH GL XQ¶DVVRFLD]LRQH DPELHQWDOLVWD R D VRVWHJQR GL XQ FHUWR SURJHWWR GL PLJOLRUDPHQWR DPELHQWDOH WUDVPHWWHQGR FRVu XQ VHJQDOH GL FRHUHQ]D H FRQWLQXLWj GHOO¶LPSHJQRD]LHQGDOH  

/HLQL]LDWLYHGLJUHHQPDUNHWLQJ³FROOHWWLYH´  ,Q FRQFOXVLRQH GHO FDSLWROR q XWLOH SURSRUUH DOFXQH EUHYL FRQVLGHUD]LRQL UHODWLYH DG XQ SDUWLFRODUH DSSURFFLR DO PDUNHWLQJ SDUWLFRODUPHQWH DGDWWR DOOH WHPDWLFKH GL QDWXUD VRFLDOH H DPELHQWDOH /¶DYHUH D FKH IDUH FRQ XQ EHQH FROOHWWLYR FRPH O¶DPELHQWH VROLWDPHQWH FRQVLGHUDWR FRPH RELHWWLYR GL SROLWLFKH SXEEOLFKH GL WXWHOD H FRQVHUYD]LRQH VSHVVR VSLQJH OH VLQJROH D]LHQGH D ULQXQFLDUH DG XWLOL]]DUOR FRPH FKLDYH GL PDUNHWLQJ GLVLQFHQWLYDWHGDOULVFKLRGLHVSRUVLDOO¶DWWHQ]LRQHGHJOLLQWHUORFXWRULVRFLDOLSLDWWHQWLDOOD YDOHQ]D³FROOHWWLYD´GHJOLDVSHWWLHFRORJLFL ,Q DOWUL FDVL SL LQQRYDWLYL OH D]LHQGH VFHOJRQR GL ULFRUUHUH DG DSSURFFL H VWLOL GL FRPXQLFD]LRQH FKH VXSHULQR LO ULVFKLR GL DIIURQWDUH LO WHPD GHOO¶HFRORJLD GD XQ SXQWR GL YLVWD SULYDWR H LQGLYLGXDOLVWLFR ULVSRQGHQGR DOOD VILGD DPELHQWDOH VXOOR VWHVVR SLDQR ³FROOHWWLYR´FKHORFDUDWWHUL]]D (¶LOFDVRPROWRIUHTXHQWHLQFXLXQ¶D]LHQGDGHFLGHGLIDUHDIILGDPHQWRVX  • FROODERUD]LRQL FRQ VRJJHWWL LVWLWX]LRQDOL SDUWHFLSDQGR R VRVWHQHQGR LQL]LDWLYH GL HGXFD]LRQHDPELHQWDOHGLHQWLSXEEOLFL • LQL]LDWLYH VHWWRULDOL FKH QDVFRQR GDOOD FROODERUD]LRQH FRQ D]LHQGH DQFKH HYHQWXDOPHQWH FRQFRUUHQWL  DSSDUWHQHQWL DOOR VWHVVR FRPSDUWR SURGXWWLYR RG RSHUDQWL VXOORVWHVVRPHUFDWR  8Q HVHPSLR HPEOHPDWLFR GL TXHVWR DSSURFFLR FKH SHUDOWUR XQLVFH OD GLPHQVLRQH ³LVWLWX]LRQDOH´ FRQ TXHOOD ³FRRSHUDWLYD´ IUD D]LHQGH GHOOR VWHVVR VHWWRUH VL ULIHULVFH DOO¶DWWLYLWjGLFRPXQLFD]LRQHSXEEOLFLWDULDGHLFRQVRU]LREEOLJDWRULSHULOUHFXSHURGHL GLYHUVLPDWHULDOLGDLPEDOODJJLRLVWLWXLWLSHUOHJJHHGRSHUDQWLVRWWRO¶HJLGDGHO&21$,/H QXPHURVH H VSHVVR HIILFDFL FDPSDJQH GL FRPXQLFD]LRQH GHL GLYHUVL FRQVRU]L &,$/ &20,(&2 &25(9( &25(3/$ HWF  VL GLVWLQJXRQR SHU HVVHUH SULQFLSDOPHQWH ILQDOL]]DWH D  • VHQVLELOL]]DUH O¶RSLQLRQH SXEEOLFD VXO UXROR GHOOH D]LHQGH FKH RSHUDQR QHOO¶DPELWR GHOODUDFFROWDHGHOUHFXSHUR • SURPXRYHUH H YDORUL]]DUH O¶LPSHJQR GHOOH D]LHQGH SURGXWWULFL FKH DGHULVFRQR DO FRQVRU]LR JDUDQWHQGR LO UHFXSHUR GHL PDWHULDOL  H VRVWHQJRQR OD FDSDFLWj GHO VLVWHPD GLULSURGXUUHEHQLLQWHUPHGLFRQPDWHULDOLULFLFODWL • GDUH YLVLELOLWj DOOH D]LHQGH XWLOL]]DWULFL FKH IDQQR OHYD VXOOD UHFXSHUDELOLWj H ULFLFODELOLWjGHLPDWHULDOLGDLPEDOODJJLRFKHVFHOJRQRSHULSURSULSURGRWWL



• HGXFDUH LO FOLHQWHFRQVXPDWRUH DG DGRWWDUH FRPSRUWDPHQWL FRUUHWWL QHOOD IDVH GL XWLOL]]R GHO SURGRWWR H GL VPDOWLPHQWR R PHJOLR SUHGLVSRVL]LRQH H DYYLR DO UHFXSHUR GHOPDWHULDOHGDLPEDOODJJLR  )LJXUD8QDSXEEOLFLWjGHO&,$/PLUDWDD VHQVLELOL]]DUHLOFRQVXPDWRUHVXOODUDFFROWDGLIIHUHQ]LDWD



)RQWH&RQVRU]LR,PEDOODJJL$OOXPLQLR 

  (¶ HYLGHQWH FRPH TXHVWR WLSR GL LQL]LDWLYH JDUDQWLVFDQR XQD VHULH GL YDQWDJJL QRWHYROL VRWWRLOSURILORGHOO¶HIILFDFLDFRPXQLFDWLYDLQDPELWRDPELHQWDOHLQTXDQWR  • WUDVPHWWRQR XQ VHJQDOH GL LPSHJQR FRPSOHVVLYR GHO VHWWRUH H TXLQGL RIIURQR PDJJLRULSRVVLELOLWjGLLQFLGHUHVXFDPELDPHQWL³VWUXWWXUDOL´GHOVLVWHPDFKHO¶LPSHJQR GLXQDVLQJRODD]LHQGDQRQSRWUHEEHJDUDQWLUH 

• FRQIHULVFRQR DO PHVVDJJLR XQD PDJJLRUH FUHGLELOLWj DQFKH SHUFKp TXHVWR QRUPDOPHQWHQRQYLHQHDVVRFLDWRDOQRPHGLXQSURGRWWRRGLXQ¶D]LHQGDEHQVu DGXQD³VROX]LRQH´FROOHWWLYDFKHSRWUHEEHPLJOLRUDUHXQSUREOHPDVRFLDOHVXUURJDQGR LQSDUWHLOUXRORGHOOHLVWLWX]LRQLVLSDUODLQIDWWLGLFRPXQLFD]LRQHSDUDLVWLWX]LRQDOH  

• FRQVHQWRQR DQFKH DOOH D]LHQGH GL PLQRUL GLPHQVLRQL H WLSLFDPHQWH GRWDWH GL VFDUVH ULVRUVH GD LQYHVWLUH QHO PDUNHWLQJ GL DYHUH DFFHVVR D FDPSDJQH GL LQIRUPD]LRQHSXEEOLFLWDULDVXJUDQGLQHWZRUNHPHGLDDGLIIXVLRQHQD]LRQDOHHLQPROWL FDVLGLDYYDOHUVLGLFRQVXOHQWLHDJHQ]LHSXEEOLFLWDULHVSHFLDOL]]DWH   



)LJXUD8QDSXEEOLFLWjGHO&25(9(PLUDWDDGHGXFDUH DOO¶DGR]LRQHGLFRPSRUWDPHQWLFRUUHWWLQHOORVPDOWLPHQWRSURGRWWL

)RQWHHODERUD]LRQHGDSXEEOLFLWjVXFDUWDVWDPSDWD   







3RVVLELOLFDQDOL HVWUXPHQWLGL FRPXQLFD]LRQH GHOPHVVDJJLR



 &( 2) 5) 5, (& 7$ 7& $( 00 (( 11 77 ((



&20( &2081,&$5("

• &DUWDVWDPSDWD • 7HOHYLVRQH • 5DGLR

• ,QWHUQHWVLWRD]LHQGDOH LVWLWX]LRQDOHHDOWULVLWL  • :HEFRPPXQLWLHV • 6RFLDOQHWZRUN • «

(&RPPHUFH

3XQWR9HQGLWD VSHFLDOL]]DWR

 *UDQGH'LVWULEX]LRQH



,QRFFDVLRQHGLHYHQWLRLQL]LDWLYHGHGLFDWLUHDOL]]DWL DWWUDYHUVRFDQDOLILVLFLHRYLUWXDOL+RXVHRUJDQFDUWDFHRR GLJLWDOH 'LUHFWPDUNHWLQJHVSRQVRUL]]D]LRQLSURPR]LRQLQHL SXQWLYHQGLWD«

6XL0HGLD WUDGL]LRQDOL

6XL1HZ 0HGLD

³9LUWXDOH´

 6XO3XQWR 9HQGLWD

³)LVLFR´

1HJR]LRWUDGL]LRQDOH

,QL]LDWLYHGL&DXVH 5HODWHG0DUNHWLJ

&DPSDJQH SXEEOLFLWDULH LQGLYLGXDOLH³FROOHWWLYH´ 

 &HUWLILFD]LRQLHPDUFKL GLSURGRWWRDPELHQWDOL

,QWHUD]LRQHH YHQGLWD³DVVLVWLWD´

&RUQHUHVSRVLWLYLGHGLFDWLH LQWHUD]LRQHGLUHWWDFRQLO FRQVXPDWRUH

3ULYDWHODEHOFRQ FDUDWWHULVWLFKHHFRORJLFKH

3DFNDJLQJFRQLQIRUPD]LRQL DPELHQWDOLVXOSURGRWWR

'29(&2081,&$5("

3RVVLELOLOHYHGL FRPXQLFD]LRQH GHOPHVVDJJLR

6LQWHVLGHOSHUFRUVRHFRQFOXVLRQL   ,OSHUFRUVRGHOLQHDWRQHLFDSLWROLSUHFHGHQWLKDJXLGDWRO¶LPSUHVDQHOODGHILQL]LRQHGLXQD VWUDWHJLDGLFRPXQLFD]LRQHHGLJUHHQPDUNHWLQJIRFDOL]]DWDVXOO¶HFFHOOHQ]DDPELHQWDOHGHO SURSULRSURGRWWRRGHOVHUYL]LR ,O SXQWR G¶DUULYR GHO SHUFRUVR GHOLQHDWR KD RIIHUWR DO OHWWRUH XQD VHULH GL FRQVLGHUD]LRQL VXOO¶XWLOLWj H VXOOD SRWHQ]LDOH HIILFDFLD GHJOL VWUXPHQWL H GHL FDQDOL GL FRPXQLFD]LRQL DWWLYDELOL H GL LQGLFD]LRQL RSHUDWLYH XWLOL]]DELOL QHOO¶LPSRVWD]LRQH H QHOOD UHDOL]]D]LRQH GL WDOH VWUDWHJLD &RPH JLj HYLGHQ]LDWR QHO FDSLWROR  YD VRWWROLQHDWR FKH JOL VWUXPHQWL HL FDQDOL GL FRPXQLFD]LRQH SUHVHQWDWLQRQ VRQR DOWHUQDWLYL EHQVu FRVWLWXLVFRQR XQD VRUWD GL ³FDVVHWWD GHJOL DWWUH]]L´ GD FXL HVWUDUUH OH SRVVLELOL VROX]LRQL D VHFRQGD GHOOH HVLJHQ]H H GHLIDEELVRJQLGHOPDUNHWLQJGHOO¶D]LHQGDHGHLWDUJHWFKHHVVDVLSURSRQHGLUDJJLXQJHUH *OLVWUXPHQWLHLFDQDOLSURSRVWLLQROWUHKDQQRLOSUHJLRGLUDIIRU]DUVLDYLFHQGD H GL SRWHQ]LDUH OD SURSULD D]LRQH TXDQGR VRQR XWLOL]]DWL LQ VLQHUJLD SHU FRQYRJOLDUHDOWDUJHWSUHVFHOWRLPHVVDJJL³FDUDWWHUL]]DQWL´LGHQWLILFDWLFRPHGHVFULWWRQHO FDSLWRORDWWUDYHUVRPRGDOLWjLPSURQWDWHDOULVSHWWRGLXQDVHULHGLSULQFLSLGLFKLDUH]]D HYHULGLFLWjFKHFRPHVLqYLVWRQHOWHU]RFDSLWRORFRVWLWXLVFRQRO¶XQLFDYLDSRVVLELOHSHU UHDOL]]DUHXQDFRPXQLFD]LRQHDPELHQWDOHFRUUHWWDHGHIILFDFH  *LXQWD DO FRPSOHWDPHQWR GHO SHUFRUVR SHUWDQWR O¶D]LHQGD LQWHUHVVDWD DG LQWUDSUHQGHUH XQD VWUDWHJLD GL FRPXQLFD]LRQH DPELHQWDOH HIILFDFH VXO SURSULR SURGRWWRVHUYL]LR KD SURJUHVVLYDPHQWHFRPSRVWRLOVHJXHQWHTXDGURVWUDWHJLFRHRSHUDWLYR   +DFKLDULWRLSURSULRELHWWLYLGLJUHHQPDUNHWLQJHOHPRWLYD]LRQLGLIRQGRFKH VSLQJRQRDYDORUL]]DUHVXOPHUFDWRO¶HFFHOOHQ]DDPELHQWDOHGHLSURSULSURGRWWLVHUYL]L R DQFKH VHPSOLFHPHQWH OH FDUDWWHULVWLFKH SUHVWD]LRQDOL LQ FDPSR DPELHQWDOH FKH SRVVRQR GLVWLQJXHUOL GDOOD FRQFRUUHQ]D LQGLYLGXDQGR OH SULRULWj GD SHUVHJXLUH LQ SUHSDUD]LRQHGHOO¶DYYLRGHOOHD]LRQLGLFRPXQLFD]LRQH  +D LGHQWLILFDWR L SURSUL WDUJHW VXO PHUFDWR TXDOLILFDQGROL LQ EDVH DOOH ORUR DVSHWWDWLYH IDEELVRJQL HV GL JDUDQ]LH GL LQIRUPD]LRQL HWF  OHYH PRWLYD]LRQDOL H FDSDFLWj GL UHFHSLUH H FRPSUHQGHUH JOL VWLPROL FKH SRVVRQR HVVHUH WUDVPHVVL DWWUDYHUVRODFRPXQLFD]LRQHDPELHQWDOH  +D FRPSUHVR ³FRVD´ LO FOLHQWHFRQVXPDWRUH DQFKH D VHFRQGD GHOOD SURSULD QDWXUDHSUHGLVSRVL]LRQHVLDWWHQGHGLULFHYHUHGDOODFRPXQLFD]LRQHHVXTXDOL YDULDELOLHJOLqGLVSRVWRDGDWWLYDUHLOSURSULRFRPSRUWDPHQWRG¶DFTXLVWRHDGDWWULEXLUH XQDSUHIHUHQ]DDOOHDOWHUQDWLYHSL³HFRORJLFKH´FKHJOLYHQJDQRSUHVHQWDWH  +D YHULILFDWR OD SRVVLELOLWj GL FRPXQLFDUH DO FOLHQWHFRQVXPDWRUH L FRQWHQXWL DWWHVLFRQPRGDOLWjHVWLOLGLYHUVLHGDWWUDYHUVRO¶HQIDVLVXDOFXQHFDUDWWHULVWLFKHH ³PHVVDJJLFKLDYH´FRQFXLODFRPXQLFD]LRQHSXzHVVHUHLPSRVWDWDGHFLGHQGRVXTXDOL IDUOHYDQHOO¶DPELWRGHOODSURSULDVWUDWHJLDGLJUHHQPDUNHWLQJ  +D LQILQH ³HVSORUDWR´ O¶DPSLR H GLYHUVLILFDWR PRQGR GHJOL VWUXPHQWL H FDQDOL GHO JUHHQ PDUNHWLQJ DFTXLVHQGR LQIRUPD]LRQL VXOOH ORUR FDUDWWHULVWLFKH H VXOOH PRGDOLWj FRQ FXL SRVVRQR HVVHUH XWLOL]]DWL DQFKH LQ VLQHUJLD QHOO¶DPELWR GL XQD VWUDWHJLDGLFRPXQLFD]LRQHDPELHQWDOH  (¶ D TXHVWR SXQWR FKH LO OHWWRUH SXz ³FRPSRUUH´ LO SURSULR VHW GL VWUXPHQWLFDQDOL D VHFRQGDGHOOHVFHOWHRSHUDWHQHLSDVVLSUHFHGHQWLGHOSHUFRUVRLQPRGRGDVRGGLVIDUHOH DVSHWWDWLYHGHOSURSULRWDUJHWGLPHUFDWRHGLWUDVPHWWHUHLPHVVDJJLDWWHVLQHOPRGRSL HIILFDFH SRVVLELOH 3URSULR SHUFKp L GLYHUVL VWUXPHQWL H FDQDOL GL FRPXQLFD]LRQH SRVVRQR HVVHUHLPSLHJDWLLQVLHPHLQPRGRGDSRWHQ]LDUVLYLFHQGHYROPHQWHRFFRUUHSULPDGLWXWWR FKH O¶D]LHQGD DEELD FKLDUL L OLPLWL H OH SRVVLELOLWj GL DYYDOHUVL GL FLDVFXQR GL HVVL 1HOOH HVSHULHQ]H D]LHQGDOL LO IDWWRUH FKH q LQ JUDGR GL LQIOXHQ]DUH PDJJLRUPHQWH OD VFHOWD GHL GLYHUVLVWUXPHQWLqUHODWLYRDOO¶LPSHJQRHFRQRPLFR FKHHVVLFRPSRUWDQR



8Q¶LQGLFD]LRQH LQ WHUPLQL GL TXDQWLILFD]LRQH GHOOH ULVRUVH HFRQRPLFKH RJJL LQYHVWLWH GDOOH LPSUHVH LWDOLDQH LQ FDPSDJQH GL FRPXQLFD]LRQH DPELHQWDOH q ULSRUWDWD QHO JUDILFR  WUDWWRGDOODJLjFLWDWDLQGDJLQH,SVRVHULIHULWRDOELHQQLR  *UDILFR±*OLLQYHVWLPHQWLGHOOHLPSUHVHQHOOHFDPSDJQHGLFRPXQLFD]LRQHDPELHQWDOH

 )RQWH,SVRV 

Oltre 250.000 €

4%

da 100.000 € a 250.000 €

12%

10%

da 60.000 € a 100.000 €

da 30.000 € a 60.000 €

23%

da 15.000 € a 30.000 €

23%

Fino a 15.000 €

28%

0%

5%

10%

15%

20%

25%

30%

  3ULPD GL IRUQLUH OH LQGLFD]LRQL GL RULHQWDPHQWR XWLOL D ³FRPSRUUH´ LO SURSULR VHW GL VWUXPHQWLFDQDOL SUHIHULWR TXLQGL q XWLOH SURSRUUH DOFXQH FRQVLGHUD]LRQL FLUFD O¶LPSHJQR ULFKLHVWR GDOOH SULQFLSDOL FDWHJRULH SUHVHQWDWH QHO FDSLWROR SUHFHGHQWH $ WDO ILQH QHOOD WDEHOODYLHQHVWLPDWDXQDYDOXWD]LRQHG¶LPSHJQRGHLGLYHUVLVWUXPHQWLHFDQDOL GL FRPXQLFD]LRQH WUDWWDWL VSLHJDQGRQH OH UDJLRQL DQFKH LQ UHOD]LRQH DOOH GLQDPLFKH DSSOLFDWLYHSURSULHGLFLDVFXQR 7DEHOOD  ± 6WLPD GHOO¶LPSHJQR HFRQRPLFR FRQQHVVR DOO¶LPSLHJR GL FLDVFXQR VWUXPHQWRFDQDOH GL FRPXQLFD]LRQHDPELHQWDOH

'RYH" *OLVWUXPHQWLHLFDQDOL GHOODFRPXQLFD]LRQH 

3G9±3DFNDJLQJ

4XDOH LPSHJQR" ¼ 

3HUFKp"

¼

*OLLQWHUYHQWLVXOSDFNDJLQJQRQFRPSRUWDQRFRVWL VLJQLILFDWLYLHLQPROWLFDVLSURGXFRQRLQWHUHVVDQWL ULVXOWDWLLQWHUPLQLGLULGX]LRQHGHOPDWHULDOHXWLOL]]DWR FRQFRQVHJXHQWHULVSDUPLRGLFRVWL

  $]LHQGH LQWHUYLVWDWH  )DWWXUDWR GHOOH D]LHQGH LQWHUYLVWDWH GD  D  HXUR  GD  D  HXUR  GD  D  HXUR  GD  D  HXUR  GD  D  HXUR ROWUHHXURQRQLQGLFD



3G9±(FRPPHUFH

¼

,FDQDOLGHOFRPPHUFLRHOHWWURQLFRJDUDQWLVFRQR ULVSDUPLPROWRULOHYDQWLVLDVXLFRVWLGHOOD FRPXQLFD]LRQHVLDVXLFRVWLGHOODFRQWUDWWXDOLVWLFD YHQGLWDGHOSURGRWWR3RVVRQRDXPHQWDUHLFRVWLGL GLVWULEX]LRQHDVHFRQGDGHOOHPRGDOLWjXWLOL]]DWH

¼¼

*OLLQWHUYHQWLVXOOHVWUXWWXUHGHLSXQWLYHQGLWDSRVVRQR LPSOLFDUHLQYHVWLPHQWLWDORUDVLJQLILFDWLYL9D VRWWROLQHDWRWXWWDYLDFKHPROWRVSHVVRTXHVWL LQWHUYHQWLQHOOXQJRSHULRGRFRQVHQWRQRGL DPPRUWL]]DUHO¶LQYHVWLPHQWRLQL]LDOHVRSUDWWXWWR JUD]LHDOODUD]LRQDOL]]D]LRQHQHOO¶XVRGHOO¶HQHUJLD

3G9±3ULYDWHODEHO

¼¼

/DQHJR]LD]LRQHFRQXQRSHUDWRUHGHOOD*'2SHU LQVHULUHLSURSULSURGRWWLQHOOD3ULYDWH/DEHOSRVVRQR FRPSRUWDUHULEDVVLGHOSUH]]RHTXLQGLSUHVVLRQLVXL PDUJLQLHVXLFRVWLDEEDVWDQ]DULOHYDQWL

3G9±'LVSOD\HLQIR

¼

,FRVWLLQTXHVWRFDVRVLULIHULVFRQRHVVHQ]LDOPHQWH DOODUHDOL]]D]LRQHJUDILFDHDOODVWDPSDGHLPDWHULDOL LQIRUPDWLYLQRQFKpDJOLHYHQWXDOLHVSRVLWRUL 

¼

$QFKHLQTXHVWRFDVRVLSRVVRQRVWLPDUHFRVWL UHODWLYDPHQWHFRQWHQXWLULFRQGXFLELOLSULQFLSDOPHQWH DOODGLYHUVDRUJDQL]]D]LRQHGHJOLVSD]LGLYHQGLWDHDOOD QHFHVVLWjGLGRWDUVLGLVSHFLDOLVFDIIDODWXUHR HVSRVLWRULGHOODPHUFH 

¼¼¼

*OLVFRQWLHOHSURPR]LRQLVRQRSHUORURVWHVVDQDWXUD IUDOHD]LRQLSLFRVWRVHLQTXDQWRFRPSRUWDQRXQD ULQXQFLDVXLPDUJLQLJHQHUDWLGDOOHYHQGLWHGHL SURGRWWL,QPROWLFDVLWXWWDYLDTXHVWLSRVVRQRHVVHUH FRQWURELODQFLDWLGDOO¶DXPHQWRGHOOHYHQGLWHHLQ SDUWLFRODUHSRVVRQRDYHUHXQUXRORVWUDWHJLFRQHO ODQFLRGLSURGRWWLLQQRYDWLYL

¼¼

/HD]LRQLGLTXHVWRWLSRULFKLHGRQRFRVWLRUJDQL]]DWLYLH ORJLVWLFLFKHSRVVRQRHVVHUHULOHYDQWL,QROWUHYDQQR FRQVLGHUDWLLFRVWLGLHYHQWXDOHDGDWWDPHQWRHPRGLILFD GHLSURFHVVLD]LHQGDOLSHUFRQVHQWLUHXQHIILFDFH UHFXSHUR9DSHUzULFRQRVFLXWRFKHTXHVWHD]LRQL JDUDQWLVFRQRLQWURLWLPRQHWDUL³SDUDOOHOL´GHULYDQWLGDO PDWHULDOHUHFXSHUDWRRGDOVXRHIIHWWLYRULXWLOL]]R

¼¼¼

/DYHQGLWDDVVLVWLWDFRVWLWXLVFHXQDPRGDOLWj HVWUHPDPHQWHHIILFDFHPDFRPSRUWDXQHYLGHQWH LQQDO]DPHQWRGHLFRVWLDFDXVDGHOODQHFHVVLWjGL GHGLFDUHSHUVRQDOHDOFRQWDWWRFRQLOFOLHQWHHGHJOL LQWHUYHQWLIRUPDWLYLULFKLHVWLSHUFRQVHQWLUQHO¶LPSLHJR

¼¼

/DSXEEOLFLWjVXFDUWDVWDPSDWDLPSOLFDFRVWL HVWUHPDPHQWHGLYHUVLILFDWLDVHFRQGDGHOWDUJHW SUHVFHOWRHGHOFDQDOHXWLOL]]DWRHVGLPHQVLRQH ORFDOHRQD]LRQDOHWLUDWXUDHWF ,QJHQHUDOHq SRVVLELOHFRQVLGHUDUHTXHVWDVFHOWDPHGLDPHQWH FRVWRVDVHFRQIURQWDWDFRQOHDOWUHRS]LRQLSUHVHQWDWH QHOODYRUR

3G9±$OOHVWLPHQWR

3G9±,VROHHSHUFRUVL

3G9±6FRQWLHSURPR

3G9±&DX]LRQHHYXRWL DUHQGHUH

3G9±9HQGLWDDVVLVWLWD

07±3XEEOLFLWjVX VWDPSD



07±3XEEOLFLWj 5DGLR79

&$±0DUFKL(FR, 

&$±*UHHQ&ODLPV,, 

&$±(FRSURILOHV,,, 

&$±&HUWLILFD]LRQH G¶LPSUHVD

10±6RFLDOQHWZRUNH FRPPXQLWLHV

¼¼¼

$QFKHLQTXHVWRFDVRVLSUHVHQWDODVWHVVD GLVRPRJHQHLWjJLjHYLGHQ]LDWDFRQULIHULPHQWRDOOD FDUWDVWDPSDWDDPSOLILFDWDGDOO¶HVWUHPD GLYHUVLILFD]LRQHGHLFDQDOLUDGLRWHOHYLVLYLWUDLTXDOL VHQ]DDOFXQGXEELRTXHOOLUDGLRIRQLFLVRQR GHFLVDPHQWHPHQRFRVWRVL (¶WXWWDYLDLQQHJDELOHFKH VLDSHULFRVWLUHDOL]]DWLYLGHJOLVSRWVLDSHUO¶DFFHVVR DLPHGLDLFRVWLVLDQRSLHOHYDWLULVSHWWRDOODFDUWH VWDPSDWD

¼¼

,PDUFKLHFRORJLFLGL7LSR,FRPHDGHVHPSLR O¶(FRODEHO(XURSHRULFKLHGRQRDOO¶D]LHQGDGL GLPRVWUDUHODFRQIRUPLWjDSDUDPHWULSUHGHILQLWL, FRVWLFRQQHVVLFRQO¶DGR]LRQHGHOPDUFKLRGLSHQGRQR HVVHQ]LDOPHQWHGDOOHWLSRORJLHGLDQDOLVLGLODERUDWRULR HGLSURFHGXUHLQWHUQHFKHO¶D]LHQGDGHYHVYLOXSSDUH SHUIRUQLUHWDOLJDUDQ]LH$FLzVLDJJLXQJHLQDOFXQL FDVLLOSDJDPHQWRGLXQDUR\DOW\SHUO¶XWLOL]]RGHO PDUFKLR3XUQRQSUHYHGHQGRLQYHVWLPHQWL ³VWUXWWXUDOL´TXLQGLTXHVWRVWUXPHQWRqPHGLDPHQWH FRVWRVRSHUO¶D]LHQGDFKHVFHJOLHGLFHUWLILFDUVL

¼

1RQWXWWHOHDVVHU]LRQLDPELHQWDOLGLWLSR,,VRQR VRJJHWWHDGXQVLVWHPDGLFHUWLILFD]LRQH/DGGRYHOR VLDQRDOORVWDWRDWWXDOHQRQVRQRSUHYLVWLFRVWLPROWR HOHYDWLFKHVLULIHULVFRQRSHUJUDQSDUWHDOOD GLPRVWUD]LRQHGLYHULGLFLWjGHOFODLPFKHVLLQWHQGH FRPXQLFDUHDOFOLHQWH1HLFDVLLQFXLFRPHSHUOD &DUERQ)RRWSULQWqQHFHVVDULRUHDOL]]DUHXQRVWXGLR /&$LFRVWLVRQRVLPLOLDTXHOOLGHOODFDWHJRULD VXFFHVVLYD(WLFKHWWHGL7LSR,,, 

¼¼

,FRVWLGHOOH(WLFKHWWHGL7LSR,,,FRPHDGHVHPSLR O¶(3'Š VLULIHULVFRQRVRSUDWWXWWRDOODQHFHVVLWjGL DYYDOHUVLGLVXSSRUWRFRQVXOHQ]LDOHHVWHUQRSHU HIIHWWXDUHORVWXGLR/&$VXOSURGRWWRRVXOVHUYL]LR DQFKHDWWUDYHUVRO¶XWLOL]]RGLVRIWZDUHHGDWDEDVH DFTXLVWDELOLVXOPHUFDWR HDOODQHFHVVLWjGLVRWWRSRUUH ORVWXGLRLQVLHPHDOODGLFKLDUD]LRQHDPELHQWDOHGL SURGRWWRFKHQHULVXOWDDGXQDYHULILFDGLWHU]DSDUWH

¼¼¼

)UDOHGLYHUVHIRUPHGLFHUWLILFD]LRQHDPELHQWDOH SUHVHQWDWHQHOOH/LQHHJXLGDODFHUWLILFD]LRQHGHO 6LVWHPDGL*HVWLRQH$PELHQWDOHLQDFFRUGRFRQLO 5HJRODPHQWR(0$6RODQRUPD,62qVHQ]¶DOWUR TXHOODSLFRVWRVD&LzqGRYXWRSULQFLSDOPHQWHDO FRVWRGHOODFRQVXOHQ]DDJOLLQYHVWLPHQWLVSHVVR QHFHVVDULSHUDGHJXDUHJOLLPSLDQWLSURGXWWLYLDLFRVWL GLWLSRRUJDQL]]DWLYRHDOWHPSRGHOSHUVRQDOHLQWHUQR GDGHGLFDUHDOOHDWWLYLWjSUHYLVWHFRPHUHTXLVLWL9DQQR FRQVLGHUDWLLQROWUHLFRVWLGHOODYHULILFDH FHUWLILFD]LRQHGLSDUWHWHU]D

¼

*OLVWUXPHQWLHLFDQDOLFKHXWLOL]]DQRLOZHEFRPH RSSRUWXQLWjGLFRPXQLFD]LRQHHGLPDUNHWLQJVRQR VHQ]DGXEELRLSL³FRQYHQLHQWL´SHUO¶D]LHQGD LQWHUHVVDWDVLDSHUJOLLQYHVWLPHQWLULGRWWLVLDSHULO UDSSRUWRFRVWRHIILFDFLDPLVXUDELOHLQVSHVDGD VRVWHQHUHSHUWDUJHWUDJJLXQWR



10±6LWRZHE D]LHQGDOH

&50±&DXVH5HODWHG 0DUNHWLQJ

,&±,QL]LDWLYHGL FROODERUD]LRQH

/(*(1'$  3G9SXQWRGLYHQGLWD 070HGLDWUDGL]LRQDOL &$&HUWLILFD]LRQLDPELHQWDOL 101XRYLPHGLD &50&DXVH5HODWHG0DUNHWLQJ ,&,QL]LDWLYHGLFROODERUD]LRQH

5LVSHWWRDOODFDWHJRULDSUHFHGHQWHLQTXHVWRFDVR YDQQRFRQVLGHUDWLDQFKHLFRVWLSHUODPDQXWHQ]LRQHH O¶DJJLRUQDPHQWRGHOVLWRGDGHVWLQDUHDIRUQLWRUL VSHFLDOL]]DWL&LzQRQLQFLGHWXWWDYLDVXOODYDOXWD]LRQH FRPSOHVVLYDGHOO¶RQHUHHFRQRPLFRULFKLHVWR DOO¶D]LHQGD

¼

¼¼

¼

/HGLYHUVHIRUPHGL&50LOOXVWUDWHQHOO¶DPELWRGHOOH /LQHHJXLGDSRVVRQRULFKLHGHUHFRVWLPROWR GLYHUVLILFDWL'DWDODQDWXUDGLTXHVWDD]LRQHGL PDUNHWLQJWXWWDYLDVLSXzIDFLOPHQWHVWLPDUHFKH TXDOXQTXHD]LRQHSUHYHGDODPRELOLWD]LRQHGLULVRUVH HFRQRPLFKHGDGHVWLQDUHDOSURJHWWRH DOO¶RUJDQL]]D]LRQHQRQSURILWFRLQYROWD$SUHVFLQGHUH GDTXDOHIRQWHYHQJDQRVRWWUDWWHOHULVRUVHFOLHQWL GLSHQGHQWLIRUQLWRULHFF TXLQGLO¶D]LRQHFRPSRUWD XQLPSHJQRPHGLDPHQWHVLJQLILFDWLYR /HLQL]LDWLYHGLWLSRFROODERUDWLYRVRQRSHUGHILQL]LRQH LQJUDGRGLSURGXUUHQRWHYROLVLQHUJLHJHQHUDWHGDOOD FRQGLYLVLRQHGHOOHULVRUVHQHFHVVDULHDOODFRSHUWXUD GHOOHGLYHUVHVSHVHGLXQDFDPSDJQDGLPDUNHWLQJ DJHQ]LDGLSXEEOLFLWjXVFLWHVXLPHGLDHFF 4XHVWR UHQGHLOFDQDOHGLFRPXQLFD]LRQHDPELHQWDOH ³FRRSHUDWLYR´SDUWLFRODUPHQWHDGHJXDWRDOOHSLFFROHH 0HGLH,PSUHVHDSSDUWHQHQWLDGXQRVWHVVRFRPSDUWR SURGXWWLYRRGRSHUDQWLVXOOHVWHVVRPHUFDWR

 ¼ SRFRFRVWRVR  ¼¼ PHGLDPHQWHFRVWRVR  ¼¼¼ PROWRFRVWRVR

 8QD YROWD RWWHQXWR LO TXDGUR GHOOH ULVRUVH HFRQRPLFKH QHFHVVDULH SHU VRVWHQHUH JOL LQYHVWLPHQWL QHOOD VWUDWHJLD GL JUHHQ PDUNHWLQJ O¶D]LHQGD SXz SURFHGHUH QHOOD VHOH]LRQH GHJOL VWUXPHQWLFDQDOL SL HIILFDFL SHU L GLYHUVL WDUJHW GL PHUFDWR VXOOD EDVH GHOOH FRQQRWD]LRQL FKH FLDVFXQR GL TXHVWL DVVXPH UHODWLYDPHQWH DL FRQWHQXWL DWWHVL DL PHVVDJJLFKLDYH DSSURSULDWL H DJOL DSSURFFL FRPXQLFD]LRQDOL SL DSSUH]]DWL FRVu FRPH HPHUJHQWLGDOO¶DSSOLFD]LRQHGHLSUHFHGHQWLFDSLWROLGHOOH/LQHHJXLGD 3HUFRQFOXGHUHLOSHUFRUVRSUHVHQWDWR qXWLOHSURSRUUHXQDPDWULFH GL VLQWHVL PLUDWDD VXSSRUWDUHO¶D]LHQGDQHOO¶LGHQWLILFD]LRQHGHOORGHJOLVWUXPHQWRLHFDQDOHLSLHIILFDFHLLQ UHOD]LRQHDOODFRPELQD]LRQHVFDWXUHQWHGDOO¶LQFURFLRIUD  • ³FKL´ qVRQR LOL WDUJHW SULRULWDULRL GHOOD FRPXQLFD]LRQH DPELHQWDOH GL SURGRWWRGDSDUWHGHOO¶D]LHQGDH • ³FRVD´ VL LQWHQGH WUDVPHWWHUH FRPH ³PHVVDJJLRFKLDYH´ QHOO¶DPELWR GHOOD VWUDWHJLDGLJUHHQPDUNHWLQJ  /D VHJXHQWH PDWULFH TXLQGL VXJJHULVFH SHU FLDVFXQ GHVWLQDWDULR LO VHW GL VWUXPHQWL SL HIILFDFL SHU FRPXQLFDUH L PHVVDJJL FKH O¶LQWHUORFXWRUH VL DWWHQGH H UHSXWD IRQGDPHQWDOL VXOODEDVHGHOOHSURSULHDVSHWWDWLYH /DPDWULFHFRVWLWXLVFHXQDVHPSOLILFD]LRQHGLTXHOODJLjSURSRVWDQHOFDSLWRORGRYH



 • SHUFKLDUH]]DHVSRVLWLYDVRQRVWDWH³DFFRUSDWH´DOFXQHFDWHJRULHGLVRJJHWWLWDUJHWLQ UHOD]LRQHDLGHVWLQDWDULFRQVXPDWRUHILQDOHHFOLHQWHLQWHUPHGLR  

• VRQR VWDWH HOLPLQDWH OH YDULDELOL QRQ ULFRQGXFLELOL GLUHWWDPHQWH DO WHPD DPELHQWDOH R FRPXQTXH SHU OH TXDOL OD VWUDWHJLD GL FRPXQLFD]LRQH DPELHQWDOH SXz DJLUH FRQ DOWUH OHYHVXOODSHUFH]LRQHGDSDUWHGHOFOLHQWHFRQVXPDWRUH  &LDVFXQD³FDVHOODGLLQFURFLR´GHOODPDWULFHFRQWLHQHO¶LQGLFD]LRQHGHJOLVWUXPHQWLVXJJHULWL FRPH SL HIILFDFL SHU IRUQLUH DOOD FRUULVSRQGHQWH WLSRORJLD GL FOLHQWHFRQVXPDWRUH LO FRQWHQXWR H LO ³PHVVDJJLRFKLDYH´ FKH TXHVWR VL DWWHQGH H FKH TXLQGL VRQR PHJOLR LQ JUDGRGLSUHPLDUHORVIRU]RFRPXQLFD]LRQDOHGHOO¶D]LHQGDLGHQWLILFDQGRTXLQGLLO³GRYH´q SLRSSRUWXQRFRPXQLFDUHDTXHOGHWHUPLQDWRVRJJHWWRTXHOGHWHUPLQDWRPHVVDJJLR  $OO¶D]LHQGDLQWHUHVVDWD DG LQWUDSUHQGHUH OD VWUDWHJLD GL JUHHQ PDUNHWLQJ q LQILQH ODVFLDWD ODYDOXWD]LRQH³FRVWLEHQHILFL´ULVSHWWRDLGLYHUVLVWUXPHQWLHFDQDOLSURSRVWL 



 6L SHQVL DG HVHPSLR DOOD YDULDELOH ³SUH]]R´ ULVSHWWR DOOD TXDOH O¶D]LHQGD SXz IDU SHUFHSLUH XQ ³EHQHILFLR HFRQRPLFR´ HYHQWXDOPHQWH DQFKH FRPSHQVDWLYR GL XQ VXSHULRUH HVERUVR ULVSHWWR DL SURGRWWL WUDGL]LRQDOL FRQFRUUHQWL





&RQVXPDWRUHILQDOH

3266,%,/,'(67,1$7$5,'(//$&2081,&$=,21($0%,(17$/( '(//¶,035(6$

   $&+, &2081,&$5(

07±3XEEOLFLWj VXVWDPSD 3G9±'LVSOD\ HLQIR

)RUPHGL JDUDQ]LDH FHUWLILFD]LRQH

&$±0DUFKL HFR,  07±3XEEOLFLWj VXVWDPSD 3G9±'LVSOD\ HLQIR

&26$ &2081,&$5(    



3URDWWLYRDWWLYR

,QDWWLYRLQGLIIHUHQWH

&$±&ODLPV,,  &$±(FRSURILOHV ,,,  07±3XEEOLFLWj VXVWDPSD 3G9±'LVSOD\H LQIR 3G9±9HQGLWD DVVLVWLWD 10±6RFLDO QHWZRUNH FRPPXQLWLHV 10±6LWRZHE D]LHQGDOH

3G9±3DFNDJLQJ 3G9±,VROHH SHUFRUVL 07±3XEEOLFLWj VXVWDPSD 07±3XEEOLFLWj 5DGLR79

3G9±3DFNDJLQJ 3G9±( FRPPHUFH 3G9±,VROHH SHUFRUVL 07±3XEEOLFLWj VXVWDPSD 07±3XEEOLFLWj 5DGLR79 10±6LWRZHE D]LHQGDOH

,QIRUPD]LRQH DPELHQWDOH

07±3XEEOLFLWj VXVWDPSD 3G9±'LVSOD\H LQIR 3G9±9HQGLWD DVVLVWLWD

9LVLELOLWjGHOOH FDUDWWHULVWLFKH DPELHQWDOL

3G9±(FRPPHUFH 3G9±6FRQWLHSURPR 3G9±9HQGLWDDVVLVWLWD 07±3XEEOLFLWjVX VWDPSD 07±3XEEOLFLWj 5DGLR79 10±6RFLDOQHWZRUNH FRPPXQLWLHV

3G9±6FRQWLHSURPR 3G9±9HQGLWDDVVLVWLWD 07±3XEEOLFLWjVX VWDPSD 07±3XEEOLFLWj 5DGLR79

3G9±3DFNDJLQJ 3G9±'LVSOD\HLQIR 3G9±,VROHHSHUFRUVL 3G9±&DX]LRQHH YXRWLDUHQGHUH 3G9±9HQGLWD DVVLVWLWD 07±3XEEOLFLWjVX VWDPSD &$±&ODLPV,,  &$±(FRSURILOHV ,,,  10±6RFLDOQHWZRUN HFRPPXQLWLHV ,&±,QL]LDWLYHGL FROODERUD]LRQH 3G9±3DFNDJLQJ 3G9±'LVSOD\HLQIR 3G9±,VROHHSHUFRUVL 3G9±&DX]LRQHH YXRWLDUHQGHUH 3G9±9HQGLWD DVVLVWLWD 07±3XEEOLFLWjVX VWDPSD ,&±,QL]LDWLYHGL FROODERUD]LRQH 

5HSXWD]LRQH ,PPDJLQH

3G9±$OOHVWLPHQWR 07±3XEEOLFLWjVX VWDPSD 07±3XEEOLFLWj 5DGLR79 &$±&HUWLILFD]LRQH G¶LPSUHVD 10±6RFLDO QHWZRUNH FRPPXQLWLHV 10±6LWRZHE D]LHQGDOH &50±&DXVH 5HODWHG0DUNHWLQJ ,&±,QL]LDWLYHGL FROODERUD]LRQH 3G9±$OOHVWLPHQWR 07±3XEEOLFLWjVX VWDPSD 07±3XEEOLFLWj 5DGLR79 &$±&HUWLILFD]LRQH G¶LPSUHVD &50±&DXVH 5HODWHG0DUNHWLQJ ,&±,QL]LDWLYHGL FROODERUD]LRQH



&RPSHWLWLYLWj ULVSHWWRDOOH SUHVWD]LRQL³QRQ DPELHQWDOL´HIILFDFLD G¶XVRHVWHWLFD TXDOLWjWUDGL]LRQDOH HWF 

3URVVLPLWjGHJOL HIIHWWLDPELHQWDOL GHOEHQHULVSHWWRDO FRQVXPDWRUH FOLHQWH

%HQHILFLR VXOODVDOXWH HRVLFXUH]]D GHO FRQVXPDWRUH FOLHQWH

3G9±3ULYDWH ODEHO 3G9±6FRQWLH SURPR 3G9±&DX]LRQHH YXRWLDUHQGHUH 07±3XEEOLFLWj 5DGLR79

3G9±'LVSOD\H LQIR 3G9±9HQGLWD DVVLVWLWD 07±3XEEOLFLWj VXVWDPSD 07±3XEEOLFLWj 5DGLR79

&$±0DUFKLHFR ,  3G9±'LVSOD\H 3G9±3ULYDWH LQIR ODEHO 3G9±9HQGLWD 3G9±6FRQWLH DVVLVWLWD SURPR 3G9±&DX]LRQHH 07±3XEEOLFLWj VXVWDPSD YXRWLDUHQGHUH 07±3XEEOLFLWj 07±3XEEOLFLWj 5DGLR79 5DGLR79 10±6RFLDO 10±6RFLDO QHWZRUNH QHWZRUNH FRPPXQLWLHV FRPPXQLWLHV 10±6LWRZHE D]LHQGDOH

%HQHILFLR HFRQRPLFRSHU LOFRQVXPDWRUH FOLHQWH

9$5,$%,/,&+(3266212,1&,'(5(68//(6&(/7('¶$&48,672(&216802

&OLHQWHLQWHUPHGLR XWLOL]]DWRUHLQGXVWULDOHRSURIHVVLRQDOH 

   $&+, &2081,&$5(

&26$ &2081,&$5(    

$]LHQGDFHUWLILFDWD4XDOLWjR $PELHQWH 

$]LHQGDQRQFHUWLILFDWD



&$±0DUFKL HFR,  

&$±0DUFKL HFR,  &$± &HUWLILFD]LRQH G¶LPSUHVD 

)RUPHGL JDUDQ]LDH FHUWLILFD]LRQH

&$± &HUWLILFD]LRQH G¶LPSUHVD 3G9±9HQGLWD DVVLVWLWD 07±3XEEOLFLWj VXVWDPSD 10±6LWRZHE D]LHQGDOH ,&±,QL]LDWLYHGL FROODERUD]LRQH

&$±&ODLPV,,  &$±(FRSURILOHV ,,,  &$± &HUWLILFD]LRQH G¶LPSUHVD 3G9±9HQGLWD DVVLVWLWD 07±3XEEOLFLWj VXVWDPSD 10±6LWRZHE D]LHQGDOH ,&±,QL]LDWLYHGL FROODERUD]LRQH

,QIRUPD]LRQH DPELHQWDOH

3G9±3DFNDJLQJ 3G9±( FRPPHUFH 3G9±9HQGLWD DVVLVWLWD 10±6LWRZHE D]LHQGDOH

3G9±3DFNDJLQJ 3G9±( FRPPHUFH 3G9±9HQGLWD DVVLVWLWD 10±6LWRZHE D]LHQGDOH

9LVLELOLWjGHOOH FDUDWWHULVWLFKH DPELHQWDOL



&$±&HUWLILFD]LRQH G¶LPSUHVD ,&±,QL]LDWLYHGL FROODERUD]LRQH 07±3XEEOLFLWjVX VWDPSD &50±&DXVH 5HODWHG0DUNHWLQJ

&$±&HUWLILFD]LRQH G¶LPSUHVD ,&±,QL]LDWLYHGL FROODERUD]LRQH 07±3XEEOLFLWjVX VWDPSD &50±&DXVH 5HODWHG0DUNHWLQJ 

5HSXWD]LRQH ,PPDJLQH

&$±&ODLPV,,  &$±(FRSURILOHV ,,,  3G9±3DFNDJLQJ 07±3XEEOLFLWjVX VWDPSD

&$±&ODLPV,,  &$±(FRSURILOHV ,,,  3G9±3DFNDJLQJ 07±3XEEOLFLWjVX VWDPSD

3URVVLPLWjGHJOL HIIHWWLDPELHQWDOL GHOEHQHULVSHWWRDO FRQVXPDWRUH FOLHQWH

3G9±(FRPPHUFH 3G9±9HQGLWDDVVLVWLWD 07±3XEEOLFLWjVX VWDPSD 10±6LWRZHE D]LHQGDOH

3G9±(FRPPHUFH 3G9±9HQGLWDDVVLVWLWD 07±3XEEOLFLWjVX VWDPSD 10±6LWRZHE D]LHQGDOH

&RPSHWLWLYLWj ULVSHWWRDOOH SUHVWD]LRQL³QRQ DPELHQWDOL´HIILFDFLD G¶XVRHVWHWLFD TXDOLWjWUDGL]LRQDOH HWF 

3G9±6FRQWLH SURPR 3G9±&DX]LRQHH YXRWLDUHQGHUH 3G9±9HQGLWD DVVLVWLWD ,&±,QL]LDWLYHGL FROODERUD]LRQH

3G9±6FRQWLH SURPR 3G9±&DX]LRQHH YXRWLDUHQGHUH 3G9±9HQGLWD DVVLVWLWD ,&±,QL]LDWLYHGL FROODERUD]LRQH

%HQHILFLR HFRQRPLFRSHU LOFRQVXPDWRUH FOLHQWH

9$5,$%,/,&+(3266212,1&,'(5(68//(6&(/7('¶$&48,672(&216802

3G9±3DFNDJLQJ 3G9±9HQGLWD DVVLVWLWD 10±6LWRZHE D]LHQGDOH

3G9±3DFNDJLQJ 3G9±9HQGLWD DVVLVWLWD &$± &HUWLILFD]LRQH G¶LPSUHVD 10±6LWRZHE D]LHQGDOH

%HQHILFLR VXOODVDOXWH HRVLFXUH]]D GHO FRQVXPDWRUH FOLHQWH

&$±0DUFKL HFR,  &$±&ODLPV ,,  

&$±0DUFKL HFR,  &$± &HUWLILFD]LRQH G¶LPSUHVD 

&$±0DUFKL HFR,  &$±&ODLPV ,,  &$±(FR SURILOHV,,,  

)RUPHGL JDUDQ]LDH FHUWLILFD]LRQH

1HJR]LDO GHWWDJOLR

$]LHQGDGLVHUYL]L

*UDQGH GLVWULEX]LRQH

   $&+, &2081,&$5(

&26$ &2081,&$5(    

'LVWULEX]LRQH

3XEEOLFD$PPLQLVWUD]LRQH



&$±&ODLPV,,  &$±(FRSURILOHV ,,,  &$± &HUWLILFD]LRQH G¶LPSUHVD 3G9±9HQGLWD DVVLVWLWD 07±3XEEOLFLWj VXVWDPSD 10±6LWRZHE D]LHQGDOH ,&±,QL]LDWLYHGL FROODERUD]LRQH

&$±&ODLPV,,  &$±(FRSURILOHV ,,,  10±6LWRZHE D]LHQGDOH 3G9±9HQGLWD DVVLVWLWD

&$±&ODLPV,,  &$±(FRSURILOHV ,,,  &$± &HUWLILFD]LRQH G¶LPSUHVD 10±6LWRZHE D]LHQGDOH

,QIRUPD]LRQH DPELHQWDOH

3G9±3DFNDJLQJ 3G9±( FRPPHUFH 3G9±9HQGLWD DVVLVWLWD 10±6LWRZHE D]LHQGDOH



&$±&ODLPV,,  &$±(FRSURILOHV ,,,  3G9±3DFNDJLQJ 07±3XEEOLFLWjVX VWDPSD

&$±&ODLPV,,  &$±(FRSURILOHV ,,,  3G9±3DFNDJLQJ 3G9±(FRPPHUFH 3G9±&DX]LRQHH YXRWLDUHQGHUH 

10±6RFLDO QHWZRUNH FRPPXQLWLHV 3G9±3DFNDJLQJ 10±6LWRZHE 3G9±&DX]LRQHH D]LHQGDOH YXRWLDUHQGHUH &50±&DXVH 5HODWHG0DUNHWLQJ  &$±&HUWLILFD]LRQH G¶LPSUHVD ,&±,QL]LDWLYHGL FROODERUD]LRQH 07±3XEEOLFLWjVX VWDPSD &50±&DXVH 5HODWHG0DUNHWLQJ 

&$±&ODLPV,,  &$±(FRSURILOHV ,,,  3G9±3DFNDJLQJ

5HSXWD]LRQH ,PPDJLQH

&$±&HUWLILFD]LRQH 3G9±3DFNDJLQJ G¶LPSUHVD 3G9±3ULYDWH 10±6LWRZHE ODEHO D]LHQGDOH 3G9±&DX]LRQHH &50±&DXVH YXRWLDUHQGHUH 5HODWHG0DUNHWLQJ

9LVLELOLWjGHOOH FDUDWWHULVWLFKH DPELHQWDOL

3URVVLPLWjGHJOL HIIHWWLDPELHQWDOL GHOEHQHULVSHWWRDO FRQVXPDWRUH FOLHQWH

07±3XEEOLFLWjVX VWDPSD 10±6LWRZHE D]LHQGDOH &$±0DUFKLHFR, 

3G9±(FRPPHUFH 3G9±9HQGLWDDVVLVWLWD 10±6LWRZHE D]LHQGDOH   

3G9±(FRPPHUFH &$±0DUFKLHFR, 

&RPSHWLWLYLWj ULVSHWWRDOOH SUHVWD]LRQL³QRQ DPELHQWDOL´HIILFDFLD G¶XVRHVWHWLFD TXDOLWjWUDGL]LRQDOH HWF 

3G9±3DFNDJLQJ 3G9±9HQGLWD DVVLVWLWD &$± &HUWLILFD]LRQH G¶LPSUHVD 10±6LWRZHE D]LHQGDOH

3G9±6FRQWLH SURPR 3G9±9HQGLWD DVVLVWLWD 3G9±( FRPPHUFH  

3G9±6FRQWLH SURPR 3G9±&DX]LRQHH YXRWLDUHQGHUH 3G9±9HQGLWD DVVLVWLWD 

3G9±3DFNDJLQJ 3G9±9HQGLWD DVVLVWLWD 10±6LWRZHE D]LHQGDOH

3G9±6FRQWLH SURPR 3G9±( FRPPHUFH

%HQHILFLR VXOODVDOXWH HRVLFXUH]]D GHO FRQVXPDWRUH FOLHQWH &$±0DUFKLHFR ,  &$± &HUWLILFD]LRQH G¶LPSUHVD 3G9±3DFNDJLQJ 10±6LWRZHE D]LHQGDOH

%HQHILFLR HFRQRPLFRSHU LOFRQVXPDWRUH FOLHQWH

9$5,$%,/,&+(3266212,1&,'(5(68//(6&(/7('¶$&48,672(&216802



&$±0DUFKL HFR,  &$±&ODLPV ,,  &$±(FR SURILOHV,,,  &$± &HUWLILFD]LRQH G¶LPSUHVD

)RUPHGL JDUDQ]LDH FHUWLILFD]LRQH

&$±&ODLPV,,  &$±(FRSURILOHV ,,,  &$± &HUWLILFD]LRQH G¶LPSUHVD 10±6LWRZHE D]LHQGDOH

,QIRUPD]LRQH DPELHQWDOH

/(*(1'$ 3G9SXQWRGLYHQGLWD 070HGLDWUDGL]LRQDOL &$&HUWLILFD]LRQLDPELHQWDOL 101XRYLPHGLD &50&DXVH5HODWHG0DUNHWLQJ ,&,QL]LDWLYHGLFROODERUD]LRQH 1$QRQDSSOLFDELOH



   $&+, &2081,&$5(

&26$ &2081,&$5(    

(QWHGLJRYHUQRGHO WHUULWRULR

3G9±3DFNDJLQJ

9LVLELOLWjGHOOH FDUDWWHULVWLFKH DPELHQWDOL



&$±&HUWLILFD]LRQH G¶LPSUHVD &50±&DXVH 5HODWHG0DUNHWLQJ

5HSXWD]LRQH ,PPDJLQH

&$±&ODLPV,,  &$±(FRSURILOHV ,,,  3G9±3DFNDJLQJ

3URVVLPLWjGHJOL HIIHWWLDPELHQWDOL GHOEHQHULVSHWWRDO FRQVXPDWRUH FOLHQWH

&$±0DUFKLHFR, 

&RPSHWLWLYLWj ULVSHWWRDOOH SUHVWD]LRQL³QRQ DPELHQWDOL´HIILFDFLD G¶XVRHVWHWLFD TXDOLWjWUDGL]LRQDOH HWF 

1$

%HQHILFLR HFRQRPLFRSHU LOFRQVXPDWRUH FOLHQWH

9$5,$%,/,&+(3266212,1&,'(5(68//(6&(/7('¶$&48,672(&216802

&$±0DUFKLHFR ,  &$± &HUWLILFD]LRQH G¶LPSUHVD  

%HQHILFLR VXOODVDOXWH HRVLFXUH]]D GHO FRQVXPDWRUH FOLHQWH



      $SSHQGLFH



$,QGDJLQLHULFHUFKHGLPHUFDWRDOFXQLULVXOWDWL   'D(XULVNR/DIDPLJOLDHO¶DPELHQWH   8Q¶LQGDJLQH (XULVNR GHO  PLUDWD D YHULILFDUH OH FRQYLQ]LRQL GHOO¶RSLQLRQH SXEEOLFD FLUFDLVRJJHWWLUHVSRQVDELOLGHOO¶LQTXLQDPHQWRRIIUHXQULVFRQWURFLUFD ODFRQVDSHYROH]]D GHLFLWWDGLQLLWDOLDQLGHLSULPLDQQLQRYDQWDLQPHULWRDOSURSULRFRLQYROJLPHQWRVLYHGDOD WDEHOOD $  6HEEHQH FRPH FL VL SRWHYD DWWHQGHUH OH SULQFLSDOL UHVSRQVDELOLWj IRVVHUR DWWULEXLWH D JRYHUQR H LQGXVWULD q VLJQLILFDWLYR FKH OH UHVSRQVDELOLWj GHL FLWWDGLQL QRQ YHQLVVHUR VRWWRYDOXWDWH 6H VL FRQVLGHUD LO GDWR FXPXODWR UHODWLYR DOOH ULVSRVWH GL FRORUR FKH ULWHQJRQR L FLWWDGLQL µPROWR¶ R µDEEDVWDQ]D¶ UHVSRQVDELOL GHOO¶LQTXLQDPHQWR   VL RWWHQJRQR ULVXOWDWL QRQ VLJQLILFDWLYDPHQWH LQIHULRUL ULVSHWWR DJOL DOWUL GXH VRJJHWWL  SHUO¶LQGXVWULDHSHULOJRYHUQR ,OGDWRULIOHWWHXQSURFHVVR±JUDGXDOHPDFRVWDQWH QHOO¶DUFRGHJOLDQQLQRYDQWD±GLDVVXQ]LRQHGLFRQVDSHYROH]]DGDSDUWHGHLFLWWDGLQLGL HVVHUH FRUUHVSRQVDELOL GHO SUREOHPD DPELHQWDOH LQ TXDQWR GLUHWWDPHQWH FRLQYROWL LQ DWWLYLWj JHQHUDWULFL GL ULOHYDQWL LPSDWWL DPELHQWDOL LO FRQVXPR O¶XWLOL]]R GL PH]]L GL WUDVSRUWRORVPDOWLPHQWRGHLULILXWLHWF   7DEHOOD$±,UHVSRQVDELOLGHOO¶LQTXLQDPHQWRVHFRQGRJOLLWDOLDQL(XULVNR   ,QGXVWULD *RYHUQR &LWWDGLQL 9DORUL 9DORUL 9DORUL 0ROWR    $EEDVWDQ]D    3RFR    3HUQLHQWH     )RQWH(XULVNR 



    'D &(16,6 &HQWUR 6WXGL ,QYHVWLPHQWL 6RFLDOL   ,3$ ,VWLWXWR SHU O¶$PELHQWH    2VVHUYDWRULR VXL FRPSRUWDPHQWL DPELHQWDOL LQ ³ƒ 5DSSRUWR$PELHQWHHFRPSRUWDPHQWLVRFLDOL´,3$0LODQR



7DEHOOD%±'LVSRQLELOLWjGHJOLLWDOLDQLDSDJDUHGLSLSHUSURGRWWLHFRORJLFL&HQVLV     2OWUH  7RWDOH 3URGRWWLDJULFROLQRQWUDWWDWLFKLPLFDPHQWH











$XWRFRQPDUPLWWHFDWDOLWLFKH











'HWHUVLYLFKHQRQLQTXLQDQRFRUVLG¶DFTXDHPDUL











$XWRHOHWWULFKH











4XDGHUQLHOLEULLQFDUWDULFLFODWD











9HUQLFLFROODQWLEDWWHULHQRQLQTXLQDQWL











3URGRWWLIDUPDFHXWLFLRWWHQXWLFRQWHFQRORJLHQRQ LQTXLQDQWL











%HYDQGHLQFRQWHQLWRULGLYHWURDQ]LFKpGLSODVWLFD











&RVPHWLFLQRQWHVWDWLVXDQLPDOL











3QHXPDWLFLLQJRPPDULFLFODWD











)RQWH&HQVLV,3$ 

 



  'D &RPPLVVLRQH (XURSHD 3XEOLF 2SLQLRQ LQ WKH (XURSHDQ 8QLRQ  )LUVW 5HVXOWV(XUREDURPHWHUGLFHPEUH  /¶LQGDJLQHFRQGRWWDDGDSULOHGDOO¶2VVHUYDWRULR(XUREDURPHWUR±PLUDWDDULOHYDUHOH RSLQLRQL GHL FLWWDGLQL HXURSHL QHL FRQIURQWL GHO WHPD GHOOD SURGX]LRQH H GHO FRQVXPR VRVWHQLELOH±KDVRQGDWRIUDO¶DOWURLOSHVRUHODWLYRQHOOHVFHOWHGLDFTXLVWRGHLFLWWDGLQLGL TXDWWUR IDWWRUL ± SUH]]R TXDOLWj LPSDWWR DPELHQWDOH GHL SURGRWWL H EUDQG GHL SURGRWWL ± ULOHYDQGRLOSULPDWRLQGLVFXVVRGHOODTXDOLWjVLYHGDQROHILJXUH,H,, ,QWHUPLQLUHODWLYL ODILJXUD,PRVWUDFRPHO¶LPSDWWRDPELHQWDOHGHLSURGRWWLVLDFRQVLGHUDWRSLLPSRUWDQWH GHOOD ORUR TXDOLWj VROR GDO  GHJOL LQWHUYLVWDWL LO  KD GLFKLDUDWR GL FRQVLGHUDUOR µXJXDOPHQWH LPSRUWDQWH¶ PHQWUH SHU LO  GHJOL LQWHUYLVWDWL q µPHQR LPSRUWDQWH¶ GHOOD TXDOLWj&RPSDUDWRFRQODYDULDELOHSUH]]RO¶LPSDWWRDPELHQWDOHGHLSURGRWWLYLHQHLQYHFH FRQVLGHUDWRµSLLPSRUWDQWH¶GDOGHJOLLQWHUYLVWDWLµXJXDOPHQWHLPSRUWDQWH¶GDO HµPHQRLPSRUWDQWH¶GDO  )LJXUD , ± /¶RSLQLRQH GHL FLWWDGLQL HXURSHL VXOOH VFHOWH GL DFTXLVWR GHL SURGRWWL (XUREDURPHWUR  

 )RQWH(8(XUREDURPHWHUD   )LJXUD,,±2SLQLRQHGHLFLWWDGLQLHXURSHLVXOOHVFHOWHGLDFTXLVWRLPSRUWDQ]DUHODWLYDGHOO¶ LPSDWWRDPELHQWDOHGHLSURGRWWLULVSHWWRDTXDOLWjSUH]]RHEUDQG(XUREDURPHWUR 



)RQWH(8(XUREDURPHWHUD 





81*OREDO&RPSDFW ZZZXQJOREDOFRPSDFWRUJ

$FFRXQW$ELOLW\ ZZZDFFRXQWDELOLW\QHW

$$ $FFRXQW$ELOLW\ 3ULQFLSOHV6WDQGDUG ±$$$36

*OREDO5HSRUWLQJ ,QLWLDWLYH ZZZJOREDOUHSRUWLQJRUJ

6RJJHWWR(QWH FXLIDFDSRLOULIHULPHQWR

&RPPXQLFDWLRQRQ 3URJUHVV±3UDFWLFDO *XLGHWRWKH8QLWHG 1DWLRQV*OREDO &RPSDFW

*OREDO5HSRUWLQJ ,QLWLDWLYH± 6XVWDLQDELOLW\ 5HSRUWLQJ*XLGHOLQHV µ/LQHH*XLGD*5,¶ 

5LIHULPHQWR

6WDQGDUGGL SURFHVVRGL DFFRXQWDELOLW\ 

6WDQGDUGGL UHQGLFRQWD]LRQH

6WDQGDUGGL UHQGLFRQWD]LRQH

7LSRORJLD QDWXUDGHO ULIHULPHQWR

 ULIHULPHQWRUHODWLYRDOODFRPXQLFD]LRQHDPELHQWDOHHSXEEOLFLWDULD





)RUQLUHSULQFLSLHOLQHHJXLGDGHOSURFHVVRGLUHQGLFRQWD]LRQH /DVHULH$$FRPSUHQGHWUHVWDQGDUGROWUHDOO¶$$$36 YLVRQRO¶$$$6SULQFLSLGLYHULILFDHVWHUQDDVVXUDQFH H O¶$$6(6PDQXDOHGLVWDNHKROGHUHQJDJHPHQW 







$QQRGL HPLVVLRQH GHOO¶XOWLPD HGL]LRQHGHO GRFXPHQWR

*XLGDUHHVXSSRUWDUHODUHQGLFRQWD]LRQHGHOOHSUHVWD]LRQLGHOOH RUJDQL]]D]LRQLDGHUHQWLDO*OREDO&RPSDFWHDLULVXOWDWLGDTXHVWH FRQVHJXLWLULVSHWWRDLGLHFLSULQFLSLGHO*&VRWWRVFULWWL  &RQWLHQHXQUDFFRUGRHVSOLFLWRDOOH/LQHH*XLGD*5,TXDOH ULIHULPHQWRSHUJOLLQGLFDWRULGLSUHVWD]LRQH

)RUQLUHSULQFLSLHOLQHHJXLGDDOOHRUJDQL]]D]LRQLSHUOD UHDOL]]D]LRQHGLXQUDSSRUWRGLVRVWHQLELOLWjSULQFLSLGLUHSRUWLQJ VWUXWWXUDHFRQWHQXWRGHOUDSSRUWR  (¶ORVWDQGDUGWUDLSLGLIIXVLHULFRQRVFLXWLQHOFDPSRGHO UHSRUWLQJGLVRVWHQLELOLWjHLOULIHULPHQWRSULQFLSDOHGHO FRPSOHVVLYRIUDPHZRUN*5,FRPSRVWRGDGLYHUVLGRFXPHQWL 6XSSOHPHQWL6HWWRULDOL3URWRFROOLWHFQLFL

)LQDOLWjHGHOHPHQWLSULQFLSDOL GHOULIHULPHQWR

 ULIHULPHQWRUHODWLYRDOODFRPXQLFD]LRQHDPELHQWDOHVRFLDOHHGHFRQRPLFD³GLVRVWHQLELOLWj´ 

 ULIHULPHQWRUHODWLYRDOODFRPXQLFD]LRQHDPELHQWDOH

$ 0DSSDWXUD GHL ULIHULPHQWL QRUPDWLYL H PHWRGRORJLFL QHO FDPSR GHOOD FRPXQLFD]LRQH DPELHQWDOHHGHOPDUNHWLQJDPELHQWDOH



,62 ZZZLVRFKRUJ

,62 ZZZLVRFKRUJ

,62±*DVDG HIIHWWRVHUUD 

$FFRXQW$ELOLW\ ZZZDFFRXQWDELOLW\QHW

$FFRXQW$ELOLW\ ZZZDFFRXQWDELOLW\QHW

,62± &RPXQLFD]LRQH DPELHQWDOHOLQHH JXLGDHGHVHPSL

$$6WDNHKROGHU (QJDJHPHQW 6WDQGDUG± $$6(6

$$$VVXUDQFH 6WDQGDUG±$$$6

/LQHHJXLGDSHUOD UHQGLFRQWD]LRQH GHOOHHPLVVLRQLGL JDVDGHIIHWWR VHUUD

/LQHHJXLGDVXOOD FRPXQLFD]LRQH DPELHQWDOH

6WDQGDUGGL VWDNHKROGHU HQJDJHPHQW

6WDQGDUGGL YHULILFDHVWHUQD DVVXUDQFH 



)RUQLUHDOOHLPSUHVHHDOOHLVWLWX]LRQLXQRVWUXPHQWRFRPXQHGL ULIHULPHQWRSHUTXDQWLILFDUHJHVWLUHHULGXUUHOHHPLVVLRQLGLJDV DGHIIHWWRVHUUD /DQRUPDVLFRPSRQHGLWUHSDUWLFKHSRVVRHVVHUHXWLOL]]DWH VHSDUDWDPHQWHRFRPHLQVLHPHGLVWUXPHQWLLQWHJUDWLSHU ULVSRQGHUHDLGLIIHUHQWLELVRJQLLQPDWHULDGLGLFKLDUD]LRQLH YHULILFKHGHOOHHPLVVLRQLGHLJDVDGHIIHWWRVHUUD

)RUQLUHXQDJXLGDDOOHRUJDQL]]D]LRQLVXSULQFLSLJHQHUDOL SROLWLFDVWUDWHJLDHDWWLYLWjUHODWLYDPHQWHDOODFRPXQLFD]LRQH DPELHQWDOHLQWHUQDHGHVWHUQD $SSOLFDELOHGDWXWWHOHRUJDQL]]D]LRQL±DSUHVFLQGHUHGD GLPHQVLRQHVHWWRUHORFDOL]]D]LRQHVWUXWWXUDHWF±HGDOIDWWR FKHTXHVWHDEELDQRXQVLVWHPDGLJHVWLRQHDPELHQWDOH

)RUQLUHXQTXDGURGLULIHULPHQWRSHUODSURJHWWD]LRQH O¶LPSOHPHQWD]LRQHODYHULILFDHODFRPXQLFD]LRQHGHOSURFHVVRGL VWDNHKROGHUHQJDJHPHQW (¶DSSOLFDELOHDOOHSLGLYHUVHWLSRORJLHGLFRLQYROJLPHQWR FRLQYROJLPHQWLIXQ]LRQDOLHVFXVWRPHUFDUH  FRLQYROJLPHQWLVXWHPDWLFKHVSHFLILFKHHVLGLULWWLXPDQL  FRLQYROJLPHQWLWUDVYHUVDOLDWXWWDO¶RUJDQL]]D]LRQHHVLO UHSRUWLQJHODYHULILFD  (¶DSSOLFDELOHDOFRLQYROJLPHQWRLQWHUQRHDTXHOORHVWHUQRHDOOD UHOD]LRQHIUDTXHVWL

*XLGDUHODYHULILFDHVWHUQDGHOODUHSRUWLVWLFDGLVRVWHQLELOLWj )RUQLVFHXQDSLDWWDIRUPDSHU³DOOLQHDUH´JOLDVSHWWLQRQILQDQ]LDUL GHOODVRVWHQLELOLWjFRQLOUHSRUWLQJHODYHULILFDILQDQ]LDUL 9LHQHXWLOL]]DWRSHUODYDOXWD]LRQHGHOPRGRLQFXLOH RUJDQL]]D]LRQLFKHIDQQRXQDUHQGLFRQWD]LRQHJHVWLVFRQROD VRVWHQLELOLWjHSHUHVSULPHUHWDOHJHVWLRQHHUHODWLYH SHUIRUPDQFH QHOOHFGGLFKLDUD]LRQLGLDVVXUDQFH











,62± (WLFKHWWHH GLFKLDUD]LRQL DPELHQWDOL

,62± (WLFKHWWHH GLFKLDUD]LRQL DPELHQWDOL±(WLFKHWWH HGLFKLDUD]LRQL DPELHQWDOL3ULQFLSL JHQHUDOL

,62&'± &DUERQ)RRWSULQWGHL 3URGRWWL 3DUWH 4XDQWLILFD]LRQH 3DUWH &RPXQLFD]LRQH

,62 ZZZLVRFKRUJ

,62 ZZZLVRFKRUJ

,62 ZZZLVRFKRUJ

3ULQFLSLH SURFHGXUHSHUOR VYLOXSSRGL HWLFKHWWH DPELHQWDOH YRORQWDULH VRWWRSRVWHD FHUWLILFD]LRQH HVWHUQD

3ULQFLSLJHQHUDOL SHUORVYLOXSSRH O XWLOL]]RGL HWLFKHWWHH GLFKLDUD]LRQL DPELHQWDOL

6WDQGDUGSHULO FDOFRORGHO&DUERQ )RRWSULQWGL SURGRWWR



'HILQLUHSULQFLSLHSURFHGXUHSHUORVYLOXSSRGLHWLFKHWWH DPELHQWDOLYRORQWDULHVRWWRSRVWHDFHUWLILFD]LRQHHVWHUQD 6WDELOLUHOHSURFHGXUHGLFHUWLILFD]LRQHSHUO DVVHJQD]LRQH GHOO HWLFKHWWD ,SURJUDPPLGLHWLFKHWWDWXUDDPELHQWDOHGL7LSR,VRQRYRORQWDUL SRVVRQRHVVHUHJHVWLWLGDRUJDQLVPLSXEEOLFLRSULYDWLHGHVVHUH GLFDUDWWHUHQD]LRQDOHUHJLRQDOHRLQWHUQD]LRQDOH /DQRUPDIDULIHULPHQWRDLSULQFLSLJHQHUDOLGHILQLWLQHOOD,62 

6WDELOLUHLSULQFLSLJXLGDSHUORVYLOXSSRHO XWLOL]]RGLHWLFKHWWHH GLFKLDUD]LRQLDPELHQWDOL /DQRUPDQRQqGHVWLQDWDDOO XWLOL]]RFRPHVSHFLILFDDILQLGL FHUWLILFD]LRQHHUHJLVWUD]LRQH

)RUQLUHXQULIHULPHQWRPHWRGRORJLFRSHULOFDOFRORGHO&DUERQ )RRWSULQWGLSURGRWWRHSHUODVXDFRPXQLFD]LRQH ,OJUXSSR,627&*UHHQKRXVH*DV0DQDJHPHQWDQG UHODWHGDFWLYLWLHV VWDGLVFXWHQGRODSXEEOLFD]LRQHGLXQR VWDQGDUG,62SHULO&DUERQ)RRWSULQWGLSURGRWWR,62 H GLXQDOLQHDJXLGDSHUO¶DSSOLFD]LRQHGHOOD,62SHULO &DUERQ)RRWSULQWGLRUJDQL]]D]LRQH,62:' 





3XEEOLFD]LRQH DWWHVDQHO 



,62± (WLFKHWWHH GLFKLDUD]LRQL DPELHQWDOL

,62± (WLFKHWWHH GLFKLDUD]LRQL DPELHQWDOL

,62 ZZZLVRFKRUJ

,62 ZZZLVRFKRUJ

3ULQFLSLH SURFHGXUHSHUOR VYLOXSSRGL GLFKLDUD]LRQLFKH ULSRUWDQR LQIRUPD]LRQL EDVDWHVX SDUDPHWULGHILQLWL FKHFRQWHQJRQR XQDTXDQWLILFD]LRQH GHJOLLPSDWWL DPELHQWDOL DVVRFLDWLDOFLFORGL YLWDGHOSURGRWWRH GHLSURJUDPPL FRUULVSRQGHQWL

6SHFLILFKHH UHTXLVLWLSHUOH DVVHU]LRQL DPELHQWDOLDXWR GLFKLDUDWH VHQ]DO¶LQWHUYHQWR GLXQRUJDQLVPRGL FHUWLILFD]LRQH 



6WDELOLUHLSULQFLSLHVSHFLILFDUHOHSURFHGXUHSHUORVYLOXSSRGL GLFKLDUD]LRQLDPELHQWDOLGLSURGRWWRFKHFRQVHQWDQRLOFRQIURQWR IUDSURGRWWLEDVDWRVXFULWHULDPELHQWDOLHVLDQRVRWWRSRVWHDG XQDYHULILFDGLSDUWHWHU]DLQGLSHQGHQWH )DULIHULPHQWRDLSULQFLSLJHQHUDOLGHILQLWLQHOOD,62

6SHFLILFDUHLUHTXLVLWLSHUOHDVVHU]LRQLDPELHQWDOLDXWR GLFKLDUDWHGLFKLDUD]LRQLVLPEROLHJUDILFLULJXDUGDQWLLSURGRWWL  'HVFULYHUHLWHUPLQLXWLOL]]DWLFRPXQHPHQWHQHOOHDVVHU]LRQL DPELHQWDOLHIRUQLUHOHTXDOLILFKHSHULOORURXWLOL]]R 'HVFULYHUHXQDPHWRGRORJLDJHQHUDOHGLYDOXWD]LRQHHYHULILFD SHUOHDVVHU]LRQLDPELHQWDOLDXWRGLFKLDUDWHHLPHWRGLVSHFLILFLGL YDOXWD]LRQHHYHULILFDSHUOHDVVHU]LRQLVHOH]LRQDWHQHOODQRUPD VWHVVD 3UHYHGHXQDVHULHGLYLQFROLGDULVSHWWDUHVXOOHPRGDOLWjGL GLIIXVLRQHHLUHTXLVLWLVXLFRQWHQXWLGHOO¶LQIRUPD]LRQH LQGLSHQGHQWHPHQWHGDOO¶LQWHUYHQWRGLXQRUJDQLVPRWHU]RGL FHUWLILFD]LRQH /DQRUPDIDULIHULPHQWRDLSULQFLSLJHQHUDOLGHILQLWLQHOOD,62 







&RPPLVVLRQH(XURSHD KWWSHFHXURSDHXHQYLURQ PHQWHPDVLQGH[BHQKWP

(XURSHDQ&RPPLVVLRQ 'LUHFWRUDWH*HQHUDO+HDOWK  &RQVXPHU3URWHFWLRQ KWWSHFHXURSDHXGJVKHDO WKBFRQVXPHULQGH[BHQKWP

*XLGHOLQHVIRU 0DNLQJDQG $VVHVVLQJ (QYLURQPHQWDO &ODLPV

,62 ZZZLVRFKRUJ

,62 ZZZLVRFKRUJ

5HJRODPHQWR(0$6 &(Q $OOHJDWR,9 &RPXQLFD]LRQH $PELHQWDOH 

,62 *HVWLRQHDPELHQWDOH 9DOXWD]LRQHGHO FLFORGLYLWD± 5HTXLVLWLHOLQHHJXLGD

,62 *HVWLRQHDPELHQWDOH 9DOXWD]LRQHGHO FLFORGLYLWD3ULQFLSL HTXDGURGLULIHULPHQWR

/LQHHJXLGDSHUOR VYLOXSSRHOD YDOXWD]LRQHGL HQYLURQPHQWDO FODLPV

'LFKLDUD]LRQH $PELHQWDOH (0$6 

5HTXLVLWLHOLQHH JXLGDSHUOD YDOXWD]LRQHGHO FLFORGLYLWD/&$ 



6XSSRUWDUHODFRUUHWWDUHDOL]]D]LRQHGLHQYLURQPHQWDOFODLPVGL SURGRWWRRVHUYL]LUHGD]LRQHGHOOHGLFKLDUD]LRQLXWLOL]]RGL VLPEROLHWF  &RQWLHQHHVSOLFLWRULPDQGRDOORVWDQGDUG,62TXDOH VWDQGDUGGLGHWWDJOLRFXLULIHULUVL 

)RUQLUHDOSXEEOLFRHDJOLDOWULVRJJHWWLLQWHUHVVDWLLQIRUPD]LRQL VXOO¶LPSDWWRHVXOOHSUHVWD]LRQLDPELHQWDOLGHOO¶RUJDQL]]D]LRQHFKH FRQVHJXHODUHJLVWUD]LRQH(0$6

/DQRUPDVSHFLILFDLUHTXLVLWLHIRUQLVFHOLQHHJXLGDSHUOD YDOXWD]LRQHGHOFLFORGLYLWD/&$ OXQJRWXWWHOHIDVLSUHYLVWH GDOOD,62

&RPSUHQGH ODGHILQL]LRQHGHOO RELHWWLYRHGHOFDPSRGLDSSOLFD]LRQH GHOO /&$ O¶LQYHQWDULRGHOFLFORGLYLWD/&,  ODYDOXWD]LRQHGHOO LPSDWWRGHOFLFORGLYLWD/&,$  3ULQFLSLHTXDGURGL O¶LQWHUSUHWD]LRQHGHOFLFORGLYLWD ULIHULPHQWRSHUOD ODUHQGLFRQWD]LRQHHODUHYLVLRQHFULWLFDGHOO /&$ YDOXWD]LRQHGHO OHOLPLWD]LRQLGHOO /&$ FLFORGLYLWD/&$  OHFRUUHOD]LRQLWUDOHIDVLGHOO /&$ OHFRQGL]LRQLSHUO XWLOL]]RGHOOHVFHOWHGHLYDORULHGHJOLHOHPHQWL IDFROWDWLYL 1RQGHVFULYHLQGHWWDJOLRODWHFQLFDGLYDOXWD]LRQHGHOFLFORGLYLWD HQRQVSHFLILFDPHWRGRORJLHSHUOHVLQJROHIDVLGHOO /&$











8.'HSDUWPHQWIRU (QYLURQPHQW)RRGDQG 5XUDO$IIDLUV'()5$  KWWSZZZGHIUDJRYXN

8.'HSDUWPHQWIRU (QYLURQPHQW)RRGDQG 5XUDO$IIDLUV'()5$  KWWSZZZGHIUDJRYXN

&,35 &KDUWHUHG,QVWLWXWHRI3XEOLF 5HODWLRQV  ZZZFLSUFRXN

*XLGDQFHRQ³&)& )UHH´DQGRWKHU HQYLURQPHQWDO FODLPVDQG VWDWHPHQWVRQ $HURVROV

&,35%HVW3UDFWLFH *XLGHOLQHVIRU (QYLURQPHQWDO 6XVWDLQDELOLW\ &RPPXQLFDWLRQV

8.'HSDUWPHQWIRU (QYLURQPHQW)RRGDQG 5XUDO$IIDLUV'()5$  KWWSZZZGHIUDJRYXN

*XLGDQFHRQ ³%LRGHJUDGDEOH´DQG RWKHUHQYLURQPHQWDO FODLPVLQWKH &OHDQLQJ3URGXFWV 6HFWRU

*UHHQ&ODLPV± 3UDFWLFDO*XLGDQFH± +RZWRPDNHD*RRG (QYLURQPHQWDO&ODLP

*UHHQ&ODLPV&RGH

8.'HSDUWPHQWIRU (QYLURQPHQW)RRGDQG 5XUDO$IIDLUV'()5$  KWWSZZZGHIUDJRYXN

6XSSRUWDUHOHD]LHQGHFKHSURGXFRQRHRFKHFRPPHUFLDOL]]DQR SURGRWWLQHOVHWWRUHGHLEHQLGLFRQVXPRSHULJLHQHHSXOL]LD QHOO¶XWLOL]]RFRUUHWWRGHJOLµHQYLURQPHQWDOFODLPV¶ HV³%LRGHJUDGDELOH´ 

6XSSRUWDUHLQGHWWDJOLRO¶DSSOLFD]LRQHGHO*UHHQ&ODLPV&RGH '()5$ 'RFXPHQWRFRPSOHPHQWDUHDO³*UHHQ&ODLPV&RGH´GHO'()5$ &RQWLHQHHOHPHQWLGLUDFFRUGRDQRUPHHVWDQGDUGLQWHUQD]LRQDOL VXHWLFKHWWHHGLFKLDUD]LRQLDPELHQWDOLGLSURGRWWR(8(FRODEHO (QHUJ\6WDU3DSHU3URILOHDQG:DVKULJKW 

)RUQLUHDOOHD]LHQGHLSULQFLSLJHQHUDOLGLULIHULPHQWRSHU FRPXQLFDUHDLFRQVXPDWRULJOLLPSDWWLDPELHQWDOLDVVRFLDWLDL SURSULSURGRWWL &RQWLHQHHVSOLFLWRULPDQGRDOORVWDQGDUG,62TXDOH VWDQGDUGGLGHWWDJOLRFXLULIHULUVL

/LQHHJXLGDVXOOD FRPXQLFD]LRQH DPELHQWDOH



)RUQLUHXQSXQWRGLULIHULPHQWRLQWHUPLQLGLEHVWSUDFWLFHVDL VRJJHWWLFKHVLRFFXSDQRGLFRPXQLFD]LRQHDPELHQWDOH &RQWLHQHHOHPHQWLGLUDFFRUGRDQRUPHHVWDQGDUGGLJHVWLRQH DPELHQWDOH6HULH,62VWDQGDUGLQGXVWULDOL1D]LRQL8QLWH '()5$&DUERQ7UXVW:5$3 

/LQHHJXLGD VHWWRULDOLDOO¶XWLOL]]R 6XSSRUWDUHOHD]LHQGHFKHSURGXFRQRHRFKHFRPPHUFLDOL]]DQR GHJOL SURGRWWL$HURVROQHOO¶XWLOL]]RFRUUHWWRGHJOLµHQYLURQPHQWDOFOLDPV¶ ³HQYLURQPHQWDO HV³&)&)UHH´  FODLPV´

/LQHHJXLGD VHWWRULDOLDOO¶XWLOL]]R GHJOL ³HQYLURQPHQWDO FODLPV´

/LQHHJXLGDVXOOH GLFKLDUD]LRQLHOH HWLFKHWWH DPELHQWDOLGL SURGRWWR

&RGLFHGLSULQFLSL JXLGDUHODWLYHDOOH HWLFKHWWHHDOOH GLFKLDUD]LRQL DPELHQWDOLGL SURGRWWR















3ULQFLSOHVDQG *XLGHOLQHVIRU (QYLURQPHQWDO /DEHOOLQJDQG $GYHUWLVLQJ

$*XLGHWR (QYLURQPHQWDO /DEHOVIRU 3URFXUHPHQW 3UDFWLWLRQHUVRIWKH 8QLWHG1DWLRQV 6\VWHP

,QGXVWU\&DQDGD &RPSHWLWLRQ%XUHDX ZZZFEEFJFFD

81*0 8QLWHG1DWLRQV *OREDO0DUNHW ZZZXQJPRUJ

%6,'()5$ KWWSZZZGHIUDJRYXN

%6,'()5$ KWWSZZZGHIUDJRYXN

*XLGHWR3$6  +RZWRDVVHVVWKH FDUERQIRRWSULQWRI JRRGVDQGVHUYLFHV

3$6 6SHFLILFDWLRQIRUWKH GHPRQVWUDWLRQRI FDUERQQHXWUDOLW\

%6,'()5$ KWWSZZZGHIUDJRYXN

3$6 6SHFLILFDWLRQIRUWKH DVVHVVPHQWRIWKHOLIH F\FOHJUHHQKRXVHJDV HPLVVLRQVRIJRRGVDQG VHUYLFHV

6XSSRUWDUHLQGHWWDJOLRO¶DSSOLFD]LRQHGHOORVWDQGDUG3$6 %6,'()5$

/LQHHJXLGDSHU O¶DSSOLFD]LRQHGHOOR VWDQGDUG3$6 %6, '()5$

3ULQFLSLJXLGDHG HVHPSOLILFD]LRQL FRQFUHWH SHUO¶XWLOL]]R FRUUHWWRGHOOH GLFKLDUD]LRQL DPELHQWDOLQHOOD FRPXQLFD]LRQH SXEEOLFLWDULD



6XSSRUWDUHO¶DSSOLFD]LRQHGHOODOHJLVOD]LRQHQD]LRQDOHFDQDGHVH QHOVHWWRUHGHOODFRPXQLFD]LRQHSXEEOLFLWDULDHDPELHQWDOH *XLGDVRVWLWXLWDGDOODVXFFHVVLYD(QYLURQPHQWDOFODLPV$JXLGH IRULQGXVWULHVDQGDGYHUWLVHUV

*XLGDDOOHHWLFKHWWH )RUQLUHDFRORURFKHRSHUDQRQHOSURFXUHPHQWXQTXDGUR DPELHQWDOLSHU, DSSURIRQGLWRGHOOHGLYHUVHHWLFKHWWHDPELHQWDOLILQDOL]]DWRDOORUR UHVSRQVDELOLGHO FRUUHWWRXWLOL]]RQHOOHSURFHGXUHGLJDUHIRUQLWXUD SURFXUHPHQW

6SHFLILFKHH )RUQLUHDOOHRUJDQL]]D]LRQLLUHTXLVLWLSHUFRPXQLFDUH UHTXLVLWLSHUOD GLPRVWUD]LRQHGHOOD FRUUHWWDPHQWHLOORURVWDWXV³FDUERQQHXWUDO´ FDUERQQHXWUDOLW\

)RUQLUHXQRVWDQGDUGSHULOFDOFRORGHOOHHPLVVLRQLGLJDVDG HIIHWWRVHUUDQHOO¶DPELWRGHOFLFORGLYLWDGHLSURGRWWL 6LEDVDVXLSUHHVLVWHQWLULIHULPHQWLPHWRGRORJLFLSHULOFDOFRORGHO FLFORGLYLWDGLSURGRWWLHVHUYL]L,62H,62  VSHFLILFDQGRQHO¶DSSOLFD]LRQHFRQULIHULPHQWRDOOHHPLVVLRQLGL JDVVHUUDHGHILQHQGRXOWHULRULWHFQLFKHHSULQFLSLSHUOD YDOXWD]LRQH

6SHFLILFKHH UHTXLVLWLSHUOD YDOXWD]LRQHHOD FRPXQLFD]LRQH GHOOHHPLVVLRQLGL JDVDGHIIHWWR VHUUD













$GYHUWLVLQJ6WDQGDUGV $XWKRULW\$6$  ZZZDVDRUJXNDVD

,62 ZZZLVRFKRUJ

,62,(&*XLGH± 3XUFKDVH LQIRUPDWLRQRQ JRRGVDQGVHUYLFHV LQWHQGHGIRU FRQVXPHUV

'DQLVK1DWLRQDO &RQVXPHU$JHQF\ ZZZIRUEUXJGN

.LQJILVKHU ZZZNLQJILVKHUFRP

&DQDGLDQ6WDQGDUGV $VVRFLDWLRQ ZZZFVDFD

7KH%ULWLVK&RGHRI $GYHUWLVLQJ6DOHV 3URPRWLRQDQG 'LUHFW0DUNHWLQJ

(WKLFDODQG (QYLURQPHQWDO 0DUNHWLQJ&ODLPVD *XLGHOLQHIURPWKH 1RUGLF&RQVXPHU 2PEXGVPHQ

5HVSRQVLEOH 0DUNHWLQJ3ROLF\ 6WDQGDUGDQG *XLGHOLQHV

(QYLURQPHQWDO &ODLPV$JXLGHIRU LQGXVWULHVDQG DGYHUWLVHUV

6XSSRUWDUHOHVRFLHWjGHOJUXSSRQHOO¶DGR]LRQHHQHOORVYLOXSSRGL SUDWLFKHGL´UHVSRQVLEOHPDUNHWLQJ´LQFOXVLJOLDVSHWWL DPELHQWDOL 

/LQHHJXLGDSHULO ³UHVSRQVLEOH PDUNHWLQJ´GL HPDQD]LRQH SULYDWDD]LHQGD PXOWLQD]LRQDOH 

*XLGDDOOH LQIRUPD]LRQLVX SURGRWWLHVHUYL]L GDIRUQLUHDL FRQVXPDWRULSULPD GHOO¶DFTXLVWR







&RGLFHGLFRQGRWWD GHOO¶DVVRFLD]LRQHGL /DQRUPDFRQWLHQHXQFDSLWRORGHGLFDWRDOFRUUHWWRXWLOL]]RGHJOL FDWHJRULDLQJOHVH HQYLURQPHQWDOFODLPV GHOO¶LQGXVWULD SXEEOLFLWDULD )RUQLUHSULQFLSLHUDFFRPDQGD]LRQLJHQHUDOLLQGLUL]]DWHD SURGXFWGHVLJQHUV SURGXWWRUL DJHQ]LHGLFRQVXPDWRUL « SHUODVWHVXUDHFRPXQLFD]LRQHDLFRQVXPDWRULGLLQIRUPD]LRQL FKHFRQVHQWDQRGLFRPSDUDUHHVFHJOLHUHLEHQLHVHUYL]LGD DFTXLVWDUH







$VVLFXUDUHFKHLFODLPVDPELHQWDOLHVRFLDOLXWLOL]]DWLGDOOD D]LHQGHQHOPDUNHWLQJVLDQRFRQIRUPLDOODQRUPDWLYDQD]LRQDOH GDQHVH /DOLQHDJXLGDqO¶HYROX]LRQHGLGXHGRFXPHQWLRULJLQDUL ³(QYLURQPHQWDO0DUNHWLQJ´ H³(QYLURQPHQWDO\2ULHQWHG &ODLPV´ 

/LQHDJXLGD GHOO¶$JHQ]LDGHL &RQVXPDWRUL GDQHVHDOO¶XVRGHL FODLPVVRFLDOLH DPELHQWDOL

6XSSRUWDUHO¶DSSOLFD]LRQHGHOODQRUPD,62HGHOOD OHJLVOD]LRQHQD]LRQDOHFDQDGHVHQHOVHWWRUHGHOODFRPXQLFD]LRQH SXEEOLFLWDULDHDPELHQWDOH /DQRUPDQDVFHFRPHHYROX]LRQHGHOODSUHFHGHQWH3ULQFLSOHVDQG *XLGHOLQHVIRU(QYLURQPHQWDO/DEHOOLQJDQG$GYHUWLVLQJGHO

/LQHDJXLGDSHULO VHWWRUHLQGXVWULDOH HSHUJOLRSHUDWRUL QHOOD FRPXQLFD]LRQH SXEEOLFLWDULDSHUOH HWLFKHWWH DPELHQWDOLGLWLSR ,,



7KH*UHHQZDVK *XLGH

5HIHUHQFH'RFXPHQW IRUWKHGHYHORSPHQW RIHQYLURQPHQWDO PDUNHWLQJFODLP JXLGHV

/D/LQHDJXLGD±UHDOL]]DWDGDXQ¶DJHQ]LDGLFRPXQLFD]LRQH LQJOHVH±IRUQLVFHXQDVHULHLQGLFD]LRQLVXFRPHULFRQRVFHUHOH IRUPHGLSXEEOLFLWjLQJDQQHYROHLQPDWHULDGLDPELHQWHH VRVWHQLELOLWj

/LQHDJXLGDSHU ULFRQRVFHUHIRUPH HSUDWLFKHGL ³JUHHQZDVKLQJ´ QHOODSXEEOLFLWj QHOOHSXEEOLFKH UHOD]LRQLHQHO SDFNDJLQJ

)XWHUUD6XVWDLQDELOLW\ &RPPXQLFDWLRQ ZZZIXWHUUDFRXN



)RUQLUHXQLQTXDGUDPHQWRGHOWHPDGHJOLDVSHWWLQRUPDWLYLH GHOOHHVSHULHQ]HLQHUHQWLJUHHQPDUNHWLQJHGHQYLURQPHQWDO FODLPVULYROWRDOOHDJHQ]LHFKHLQWHQGRQRVYLOXSSDUHXQDJXLGD VXOWHPD

5HIHUHQFH GRFXPHQWSHUOD UHDOL]]D]LRQHGL XQDOLQHDJXLGDVX JUHHQPDUNHWLQJ HQYLURQPHQWDO FODLPV

,13(15,&3& ,QWHUQDWLRQDO&RQVXPHU 3URWHFWLRQDQG(QIRUFHPHQW 1HWZRUN ZZZLFSHQRUJ





$5LIHULPHQWLELEOLRJUDILFL   $VVRORPEDUGD   /LQHH JXLGD SHU O¶LGHQWLILFD]LRQH OD YDOXWD]LRQH H OD JHVWLRQH GHJOL$VSHWWL$PELHQWDOL,QGLUHWWLQHOO¶DPELWRGHL6LVWHPLGL*HVWLRQH,62HG(PDV $VVRORPEDUGD$UHD$PELHQWHH6LFXUH]]D0DU]R  %RVWRQ &RQVXOWLQJ *URXS   &DSWXULQJ 7KH *UHHQ $GYDQWDJH IRU &RQVXPHU &RPSDQLHVJHQQDLRKWWSZZZEFJFRP  %LJ 5RRP :RUOG 5HVRXUFHV ,QVWLWXWH    *OREDO (FRODEHO 0RQLWRU ZZZHFRODEHOLQGH[FRPDFFHVVRQRYHPEUH   &DULDQL 5   /D 3URGXFW &DUERQ )RRWSULQW LQ ,UDOGR ) &DQFLOD ( D FXUD GL   /H&HUWLILFD]LRQL$PELHQWDOLSHUOH,PSUHVH,O6ROH2UH0LODQR  &(16,6 &HQWUR 6WXGL ,QYHVWLPHQWL 6RFLDOL   ,3$ ,VWLWXWR SHU O¶$PELHQWH    2VVHUYDWRULR VXL FRPSRUWDPHQWL DPELHQWDOL LQ³ƒ 5DSSRUWR $PELHQWH H FRPSRUWDPHQWL VRFLDOL´,3$0LODQR  &RGGLQJWRQ: (QYLURQPHQWDO0DUNHWLQJ0F*UDZ+LOO1HZ