3705720130301113348

Page 1

$112 180(52 *(11$,2

<M= AFARA9LAN= H=J A ;ALL9<AFA <A DMH9LGLAF9 ?9K N=F<AL= /XSDWRWLQD *DV 9HQGLWH OD VRFLHWj SDUWHFLSDWD GDO &RPXQH FKH VL RF FXSD GL YHQGLWD GL JDV PHWDQR QHO QRVWUR WHUULWRULR GRSR LO %RQLV *DV YDUD DOWUH GXH LQL]LDWLYH FKH VDUDQQR RSHUDWLYH JLj D SDUWLUH GDOOH SURVVLPH VHWWLPDQH D IDYRUH GHL OXSDWRWLQL H VRSUDWXWWR GL TXHOOL LQ GLIÀ FROWj ©/D SULPD LQWHQGH DJHYRODUH L FLWWDGL QL FKH KDQQR GLIÀ FROWj D UDJJLXQJHUH À VLFDPHQWH L QRVWUL XIÀ FL VRSUDWWXWWR OD IDVFLD DQ]LDQD GHOOD SRSROD]LRQH LQ TXHVWL FDVL GLHWUR ULFKLHVWD GHOO·LQ WHUHVVDWR VDUHPR QRL D UHFDUFL D GR PLFLOLR GHO FOLHQWH SHU VEULJDUH OH SUD WLFKH ² KD DQQXQFLDWR 7RPHOOHUL ² /D VHFRQGD QRYLWj LQYHFH YHGH /XSDWR WLQD FRPH LQWHUORFXWRUH DQFKH SHU OH TXHVWLRQL UHODWLYH DOO·LPSLDQWR WHUPL FR GHOOH DELWD]LRQL /D QRVWUD D]LHQGD ULFHYHUj OH VHJQDOD]LRQL GHL FLWWDGLQL H IDUj GD WUDPLWH FRQ GLWWH FRQYHQ]LR QDWH FKH HVHJXLUDQQR LO VHUYL]LR ,O WXWWR FRQ SLDQL WDULIIDUL LQIHULRUL DOOD

PHGLD GL PHUFDWR H FRQ OD SRVVLELOLWj SHU L FOLHQWL GL /XSDWRWLQD GL SURYYH GHUH DL SDJDPHQWL LQ PRGR UDWHL]]DWR GLUHWWDPHQWH DOO·LQWHUQR GHOOD EROOHWWD GHO JDVª ,Q SUDWLFD OD SDUWHFLSDWD IDUj GD UHIHUHQWH SHU L VXRL FOLHQWL H L SRWHQ]LDOL QXRYL VXSSRUWDQGROL QHOOH TXHVWLRQL LQHUHQWL DOO·LPSLDQWR WHUPLFR DG HVHPSLR LQ FDVR GL URWWXUD GHOOD FDOGDLD H GHL FRQWUROOL SHULRGLFL REEOLJDWRUL 3HU XVXIUXLUH GHO VHUYL]LR VL SRWUj WHOHIRQDUH DJOL XIÀ FL GL /XSD WRWLQD FKH SURYYHGHUDQQR DG LQYLDUH XQ WHFQLFR VSHFLDOL]]DWR LO TXDOH IRU PXOHUj XQ SUHYHQWLYR LO FOLHQWH SRWUj SRL SDJDUH OD VSHVD LQ SL UDWH H VHQ]D LQWHUHVVL QHOOH EROOHWWH GHO JDV ©'D TXDQGR /XSDWRWLQD q QDWD FL VLDPR GDWL GHOOH OLQHH JXLGD SUHFLVH IRUQLUH WDULIIH FKLDUH H FRQFRUUHQ]LDOL HPHWWHUH IDWWXUH FRPSUHQVLELOL VH JXLUH LO FLWWDGLQR LQ RJQL SDVVDJJLR H DJHYRODUH OH IDPLJOLH LQ GLIÀ FROWj FRQ L SDJDPHQWL ² KD HVRUGLWR O·DP

PLQLVWUDWRUH XQLFR GL /XSDWRWLQD *DV 9HQGLWH /RULDQR 7RPHOOHUL ² 4XHVWR LPSHJQR FKH QHJOL DQQL VL q FRQVROL GDWR FL KD SRUWDWL DG HVVHUH SUHVHQWL VXO WHUULWRULR DQFKH DWWUDYHUVR IRUPH GL VSRQVRUL]]D]LRQH GL HYHQWL H PD QLIHVWD]LRQL JDUDQWHQGR GHJOL RWWLPL ULVXOWDWL LQ WHUPLQH GL À GHOL]]D]LRQHª /XSDWRWLQD *DV 9HQGLWH q EHQ UDGL FDWD QHO WHUULWRULR GDWR FKH FRSUH OD PDJJLRU SDUWH GHOOH ROWUH PLOD XWHQ ]H SULYDWH GL 6DQ *LRYDQQL /XSDWRWR H

VL VWD RUD HVSDQGHQGR DQFKH D %XWWD SLHWUD 9LOODIUDQFD H 3HVFDQWLQD ©/XSDWRWLQD *DV SHU LO QRVWUR SDHVH UDSSUHVHQWD GDYYHUR OD VRFLHWj GHL OXSDWRWLQL LPSHJQDWD FRQ LQWHUYHQWL LQ YDUL DPELWL DQFKH D VRVWHJQR GHO VRFLDOH ² DIIHUPD LO VLQGDFR )HGHULFR 9DQWLQL ² *Lj QHL PHVL VFRUVL LQIDWWL OD VRFLHWj KD PHVVR D GLVSRVL]LRQH PLOD HXUR SHU XQ ERQXV HFRQRPL FR VXOOD EROOHWWD GHO JDV H SHU VDQDUH PRURVLWj SUHJUHVVHª

62&,2 81,&2 &2081( ', 6$1 *,29$11, /83$7272 $'(5,6&, $//$ 5$7$ &267$17( ( 121 $95$, 62535(6( ', %2//(77( ,1$63(77$7( 9,6,7$ ,/ 126752 6,72 ZZZ OXSDWRWLQDJDV LW

3HU TXDOVLDVL LQIRUPD]LRQH FL WURYL LQ YLD 6 6HEDVWLDQR Q DL VHJXHQWL RUDUL /XQHGu 6DEDWR (PDLO LQIR#OXSDWRWLQDJDV LW 1XPHUR 9HUGH 9LHQL D WURYDUFL H D FRQRVFHUFL XQR VFDPELR GL LGHH q XWLOH HG HYLWD OH VFHOWH VEDJOLDWH

*(11$,2

2

&521$&$ ', 6$1 *,29$11,

; <=D :M=$ D9 :9LL9?DA9 ;GFLAFM9 %ORFFR GHJOL LQFHQHULWRUL ÀQR DO QXRYR SLDQR UHJLRQDOH 4XHVWR LO WHVWR GHOO·DUWLFROR DSSURYDWR GD &RQVLJOLR UH JLRQDOH JLRYHGu GLFHPEUH ´1HOOH PRUH GHOO·DSSURYD ]LRQH GHO QXRYR SLDQR UHJLR QDOH SHU OD JHVWLRQH GHL ULÀXWL XUEDQL H VSHFLDOL FRPH SUH YLVWR GDOOD OHJJH UHJLRQDOH JHQQDLR Q ´1XRYH QRUPH LQ PDWHULD GL JHVWLR QH GHL ULÀXWLµ FKH GHÀQLVFH LO IDEELVRJQR JHVWLRQDOH GL UHFXSHUR H VPDOWLPHQWR GHL ULÀXWL QRQ SXz HVVHUH DX WRUL]]DWR O·DYYLR H O·DPSOLD PHQWR GL QXRYL LPSLDQWL GL WUDWWDPHQWR WHUPLFR SHU UL ÀXWL VROLGL XUEDQL LQ 9HQHWR 4XHVWR p LO WHVWR GHOO·DUWLFROR DJJLXQWLYR YRWDWR D PDJJLR UDQ]D FRQWUR LO YROHUH GHOOD /HJD H GHOO·DVVHVVRUH &RQWH 8QD YLWWRULD GL FKL FRPH LO JUXSSR GHO 3' VL q VHPSUH RSSRVWR DOOD SUROLIHUD]LRQH GL LPSLDQWL GL LQFHQHULPHQ WR FRPH &D· GHO %XH SULPD

DQFRUD GL DYHUH LO SLDQR UH JLRQDOH GHL ULÀXWL /D /HJD HVFH GRSSLDPHQWH VFRQÀWWD SHUFKp YLHQH ERFFLDWD OD VXD SURSRVWD GL ULQYLDUH OD OHJJH LQ FRPPLVVLRQH 8Q JUDQGH ULVXOWDWR IUXWWR GL XQ OXQ JR ODYRUR 3HU OD FURQDFD IDYRUHYROL DOO·DUWLFROR FKH EORFFD FRQWUDUL DVWH QXWR 2UD VDUj LPSRUWDQWH SRUWDUH DYDQWL OD EDWWDJOLD FRQWUR &D· GHO %XH YLJLODUH H WHQHUH XQLWR LO IURQWH GHO 12 FKH YLYH JUD]LH DOOD IRU]D GHL FRPLWDWL GHOOH DVVRFLD]LRQL DPELHQWDOLVWH GHOOH DPPL QLVWUD]LRQL FRPXQDOL H GHOOH IRU]H SROLWLFKH 3G LQ SULPLV FRQWUDULH DOO·LQFHQHULWRUH 1H SDUOHUHPR GXUDQWH XQ·DV VHPEOHD SXEEOLFD 9(1(5'Ï *(11$,2 DOOH DO FHQ WUR FXOWXUDOH GL 6DQ *LRYDQQL /XSDWRWR 6DUDQQR SUHVHQWL WUD JOL DOWUL )UDQFR %RQIDQWH H 5REHUWR )DVROL FRQVLJOLHUL UHJLRQDOL GHO 3G H LO VLQGDFR OXSDWRWLQR )HGHULFR 9DQWL

QL 3DUWHFLSLDPR LQ WDQWL SHU GDUH IRU]D DOOD EDWWDJOLD FRQ WUR O·LQFHQHULWRUH

0DUFR 7DLHWWD 6HJUHWDULR 3G GL 6DQ *LRYDQQL /XSDWRWR

EGNAE=FLG - KL=DD=2 ?J9RA= 9A DMH9LGLAFA H=J D= >AJE= J9??AMFL= ,O 0RYLPHQWR 6WHOOH GL 6DQ *LRYDQQL /XSDWRWR p RUJRJOLRVR GL DQQXQFLDUH LO WUDJXDUGR UDJJLXQWR $EELDPR UDFFROWR LO PDV VLPR QXPHUR SRVVLELOH GL ÀUPH SHU OD &DPHUD SHU LO 6HQDWR H WXWWR TXH VWR LQ PHQR GL TXDWWUR VHWWLPDQH , EDQFKHWWL GHOOD GRPH QLFD VRWWR LO YLDOH DOEH UDWR VRQR VWDWH XQ YHUR VXFFHVVR ,QIDWWL VRQR VWDWH QXPHURVLVVLPH OH SHUVRQH GL 6DQ *LRYDQ QL H ]RQH OLPLWURIH FKH VL VRQR OHWWHUDOPHQWH ULYHU VDWL YHUVR LO QRVWUR JD]H ER SHU ÀUPDUH 'D QRWDUH FRPH JUD]LH DOO·RUJDQL]]D]LRQH SLD QLÀFDWD FRQ WXWWR LO 0R

YLPHQWR YHURQHVH PROWL VRQR DIÁXLWL DQFKH GD ]RQH QRQ SURSULDPHQWH YLFLQDQWL DO QRVWUR &R PXQH /·DWWLYLVPR H OD SDUWHFL SD]LRQH VL VRQR UDGGRS SLDWL LQ WHUPLQL GL QXPHUL H OH SHUVRQH GHOXVH GDOOD SDUWLWRFUD]LD VL VRQR À QDOPHQWH ULDYYLFLQDWH DOOD FRVD SXEEOLFD 8Q JUD]LH TXLQGL GL FXRUH 8Q FXRUH DWWLYR SXOVDQWH JLRYDQH HG HQ WXVLDVWD 9HQHUGu JHQ QDLR DEELDPR LQL]LDWR SURSULR GD 6DQ *LRYDQ QL /XSDWRWR JOL LQFRQWUL SXEEOLFL SHU SUHVHQWDUH L FDQGLGDWL YHURQHVL H GHO OD FLUFRVFUL]LRQH 9HQHWR DOOD FLWWDGLQDQ]D ,QROWUH FL VDUj XQ VXFFHVVLYR LQ

FRQWUR D 6 0DULD GL =H &L YHGUHPR LQ 3DUODPHQ YLR VHPSUH DOOH RUH WR ( VDUj XQ SLDFHUH SUHVVR 6DOD &LYLFD GL YLD 0RYLPHQWR 6WHOOH 3ULPR 0DJJLR Q 6DQ *LRYDQQL /XSDWRWR

*(11$,2

3

&521$&$ ', 6$1 *,29$11,

9<GLL9 MF 9EA;G ,PSHJQR &LYLFR KD HODERUDWR XQ SURJHWWR FKLDPDWR ´$GRW WD XQ $PLFRµ FKH YXROH LQ FHQWLYDUH O·DGR]LRQH GHL FDQL DEEDQGRQDWL ULFRYHUDWL SUHVVR LO FDQLOH FRQYHQ]LRQDWR FRQ LO FRPXQH 7DOH SURJHWWR KD GXH ÀQDOLWj DGRWWDUH XQ FDQH DEEDQGRQDWR FKH FRVWLWXL VFH VHQ]D GXEELR XQ JHVWR GL FLYLOWj UHJDODQGR JLRLD VLD D FKL OR DGRWWD FKH DO FDQH VWHV VR GDQGR XQ VHQVR DOOD VXD HVLVWHQ]D ,QIDWWL VH SXUH EHQ WUDWWDWR QHO FDQLOH QRQ q OD VWHVVD FRVD SHU XQ FDQH DSSDU WHQHUH DG XQD IDPLJOLD /·DOWUR VFRSR q TXHOOR GL ULGXUUH OH SUHVHQ]H QHO FDQLOH H OH UHODWL YH VSHVH D FDULFR GHO FRPXQH 6HFRQGR OD QRVWUD SURSRVWD LO &RPXQH GL 6DQ *LRYDQQL /XSDWRWR DO ÀQH GL DJHYRODUH O·DGR]LRQH GHL FDQL SUHVHQWL QHO FDQLOH FRQYHQ]LRQDWR FRQ FHGHUj XQ FRQWULEXWR DOO·DGRW WDQWH D WLWROR GL ULPERUVR GHOOH VSHVH QHFHVVDULH SHU JDUDQWLUH OD VDOXWH GHO FDQH GL QDWXUD LJLHQLFR VDQLWDULD YHWHULQD ULD IDUPDFHXWLFD R FRPXQTXH

DVVLPLODELOL ÀQR DOO·LPSRUWR PDVVLPR GL HXUR VXOOD EDVH GHOOD GRFXPHQWD]LRQH UHQGLFRQWDWD $OO·DGRWWDQWH VDUj IRUQLWD OD VFKHGD VDQLWDULD GHO FDQH FKH ULSRUWD OH FRQGL]LRQL GL VDOXWH GHOO·DQLPDOH JOL HVDPL H JOL LQWHUYHQWL HIIHWWXDWL OH SURÀ ODVVL YDFFLQDOL ,O FRPXQH GDUj FRUVR D VXD GLVFUH]LRQH D FRQWUROOL SHULR GLFL DWWL D YHULÀFDUH LO FRUUHWWR PDQWHQLPHQWR GHJOL DQLPDOL SHU DFFHUWDUH LO ORUR FRUUHWWR WUDWWDPHQWR $ ÀQH GHOO·DGR]LRQH VXO VLWR LVWLWX]LRQDOH GHO &RPXQH GH YRQR HVVHUH SUHGLVSRVWH HG DJJLRUQDWH DSSRVLWH SDJLQH ZHE GRYH VLDQR SXEEOLFDWH IRWR H FDUDWWHULVWLFKH VDOLHQWL GHL FDQL FKH SRVVRQR HVVHUH DGRWWDWL (· SUHYLVWD DQFKH O·DGR]LRQH D GLVWDQ]D GL XQ FDQH ULFRYHUDWR SUHVVR LO FDQLOH FRQYHQ]LRQDWR SHU VLQJROH SHUVRQH R D JUXSSL GL SHUVRQH HV VFXROH DVVRFLD ]LRQL HFF« 6DUj FRVu SRVVLEL OH SUHSDUDUVL DG XQD HYHQWXD

OH IXWXUD DGR]LRQH GHÀQLWLYD R DOPHQR UHJDODUH TXDOFKH SDVVHJJLDWD H TXDOFKH FRFFROD LQ SL DL FDQL GHO FDQLOH /D SURSRVWD GL ,PSHJQR &LYL FR SUHYHGH DQFKH O·LVWLWX]LRQH GHOOD *LRUQDWD GHJOL DPLFL GHL FDQL SHU ULFRQRVFH LO YDORUH VRFLDOH GHOO·DGR]LRQH GHL FDQL DEEDQGRQDWL H SL LQ JHQHUDOH GHOO·DPLFL]LD WUD L FDQL H OH SHU VRQH 'XUDQWH TXHVWD JLRUQDWD VDUDQQR LQYLWDWL WXWWL FRORUR

FKH KDQQR SUHVR FDQL LQ DGR ]LRQH GHÀQLWLYD R D GLVWDQ]D GDO &DQLOH FRQYHQ]LRQDWR SHU ULFHYHUH XQ ULQJUD]LDPHQWR SXEEOLFR GD SDUWH GHOO·$PPL QLVWUD]LRQH FRPXQDOH ,QROWUH VDUDQQR RUJDQL]]DWH LQL]LDWLYH SHU SURPXRYHUH H YDORUL]]DUH LO SURJHWWR ´$GRWWD XQ $PL FRµ H OD SUHVHQ]D GHL FDQL QHO OD QRVWUD FRPXQLWj ,PSHJQR &LYLFR LPSHJQRFLYLFR# LW

JAKH=LLG H=J ?DA 9DLJA = H=FK9J= 9DD9 ;GK9 HM::DA;9 ;GE= FGKLJ9 9RUUHL ULFRUGDUH DL SURSULH WDUL GL FDQL JUDQGL H SLFFROL FKH TXDQGR O·DPLFR ÀGR ID L SURSUL ELVRJQL LO SDGURQH R OD SDGURQD OL GRYUHEEH UDF FRJOLHUH H FKH DUHD FDQL QRQ VLJQLÀFD JDELQHWWR SHU FDQL PD XQ·DUHD GRYH ODVFLDUH FRUUHUH LQ VLFXUH]]D L QRVWUL DPLFL DQLPDOL Ë XQ LQGHFHQ]D FKH JOL RSHUDL FKH WDJOLDQR O·HU ED QHL JLDUGLQL SXEEOLFL H L EDPELQL FKH FL JLRFDQR YDGDQR D FDVD ORUGDWL SHU FROSD GHOO·LQFLYLOWj GL DOFX QL FKLDPDWL LQGHJQDPHQWH ´FLWWDGLQLµ 6H IDWH ORUR RV VHUYD]LRQH YL ULVSRQGHUDQ QR VWL]]LWL GL IDUYL JOL DIIDUL YRVWUL R QHOOD PLJOLRUH GHOOH LSRWHVL 9L GLUDQQR PDJDUL

FRQ IDUH VHUDÀFR FKH QRQ VL VRQR DFFRUWL SHUFKp PHQWUH ÀGR IDFHYD TXHOOR FKH OD QD WXUD JOL LPSRQH GL IDUH VWD YDQR IXPDQGR XQD VLJDUHW WD H JXDUGDYDQR GD XQ·DOWUD SDUWH QDWXUDOPHQWH VWDWH SXU FHUWL FKH SXUH OD FLFFD ÀQLUj SHU WHUUD 6DUHEEH LQWHUHVVDQWH FDOFR ODUH TXDQWR ULVSDUPLHUHEEH OD FROOHWWLYLWj VH VL SRWHVVH HYLWDUH GL UDFFRJOLHUH ULÀXWL GL RJQL JHQHUH DEEDQGRQDWL VXO VXROR SXEEOLFR H GHVWL QDUH TXHVWL VROGL D FKL QH KD ELVRJQR 8Q FDQH GLVSHQVD VHPSUH WDQWR DIIHWWR H PHUDYLJOLRVD H GLVLQWHUHVVDWD DPLFL]LD VSHVVR H· OD JUDQGH FRP SDJQLD GL DQ]LDQL VROL PD

KD ELVRJQR GL SDGURQL HGXFDWL H FLYLOL FKH FR QRVFDQR OH UHJROH GHOOD FRQYLYHQ]D &HUWR FL VRQR SUREOHPL SL JUDYL VSHFLDOPHQ WH LQ TXHVWR SHULRGR PD SHU PLJOLRUDUH XQD VRFLHWj H IDUH GLYHQWD UH YHUDPHQWH PRGHUQD XQD QD]LRQH VL GHYH FRPLQFLDUH GDO FRP SRUWDPHQWR QHOOH FRVH HOHPHQWDUL SHU DUULYDUH DOOH TXHVWLRQL SL LP SRUWDQWL LO PHWRGR H· VHPSUH OR VWHVVR H FRQ VLVWH QHO FRQVLGHUDUH OD FRVD SXEEOLFD FRPH QR VWUD )DEUL]LR =HUPDQ &RQVLJOLHUH FRPXQDOH

*(11$,2

4

&521$&$ ', 6$1 *,29$11,

;AEAL=JA2 FMGN9 ?=KLAGF=$ 9EHDA9E=FLG = J=KL9MJG 'DO JHQQDLR OD JHVWLRQH GHL FLPLWHUL GL 6DQ *LRYDQQL /X SDWRWR H GL 5DOGRQ q SDVVDWD QHO OH PDQL GHL SULYDWL 4XHVWR D VH JXLWR GL GHOLEHUD]LRQL GL *LXQWD H &RQVLJOLR FRPXQDOH DSSURYDWH ULVSHWWLYDPHQWH LQ JHQQDLR H IHE EUDLR H FKH SUHYHGRQR OD FRQFHVVLRQH GHL VHUYL]L FLPLWHULD OL D WHU]L SHU OD GXUDWD GL DQQL 9RJOLR SUHFLVDUH SHUz FKH SHU L OXSDWRWLQL FKH GRYHVVHUR VXELUH OD SHUGLWD GL XQ FRQJLXQWR O·LQ WHUORFXWRUH VDUj VHPSUH LO FRPX QH 4XLQGL SHU HVSOHWDUH WXWWH OH SUDWLFKH FL VL GHYH UHFDUH SUHVVR O·XIÀFLR 6WDWR &LYLOH SRVWR DO SLD QR WHUUD GHO SDOD]]R PXQLFLSDOH ,QROWUH SHU L SULPL PHVL GHO L OXSDWRWLQL WURYHUDQQR SUHVVR LO FDPSRVDQWR OR VWHVVR DGGHWWR FRPXQDOH FKH ÀQRUD KD JHVWLWR LO VHUYL]LR TXHVWR SHU JDUDQWLUH XQ SDVVDJJLR ´PRUELGRµ DOOD QXRYD

JHVWLRQH , QRVWUL FLPLWHUL YHUVD QR LQ FRQGL]LRQL LQGHJQH H YLVWD OD VLWXD]LRQH GHOOH FDVVH FRPXQD OL VROR O· DSSRUWR GHO SULYDWR SXz JDUDQWLUH JOL LQWHUYHQWL QHFHVVDUL DIÀQFKq 6DQ *LRYDQQL /XSDWRWR DEELD OXRJKL GL VHSROWXUD GLJQL WRVL FKH RQRULQR L QRVWUL GHIXQWL HG DOO·DOWH]]D GHO WHU]R FRPXQH SL SRSRORVR GHOOD SURYLQFLD 1HO FRUVR GHO WHPSR LQIDWWL QRQ VL VRQR PDL HIIHWWXDWL LQWHUYHQWL LPSRUWDQWL GL VLVWHPD]LRQH PD FL VL q OLPLWDWL DOOD RUGLQDULD PD QXWHQ]LRQH /D GLWWD FKH JHVWLUj L VHUYL]L FLPLWHULDOL HIIHWWXHUj ODYRUL GL VLVWHPD]LRQH ULVWUXW WXUD]LRQH HG DPSOLDPHQWR VLD GHO FLPLWHUR GL 6DQ *LRYDQQL VLD GL TXHOOR GL 5DOGRQ , SULPL LQWHUYHQWL FKH LQL]LHUDQQR JLj QHO FRUVR GHO SUHYHGRQR LO UHVWDXUR GHO FLPLWHUR PRQXPHQ WDOH H OD VLVWHPD]LRQH GHO IDE

EULFDWR DQWLVWDQWH LO FDPSRVDQWR VWHVVR 8Q DOWUR LQWHUYHQWR LO FXL LQL]LR q SUHYLVWR SHU TXHVW·DQQR ULJXDUGD XQ QXRYR DPSOLDPHQWR GHO VHWWRUH GL VXG RYHVW &RP SOHVVLYDPHQWH O·LQYHVWLPHQWR WRWDOH GD SDUWH GHOOD GLWWD q SDUL D VHL PLOLRQL GL (XUR , ODYRUL GL DPSOLDPHQWR H VLVWHPD]LRQH VXGGLYLVL LQ RWWR VWUDOFL H ´VSDO PDWLµ QHO FRUVR GL VHWWH DQQL FRPSRUWHUDQQR XQD VSHVD SDUL D TXDWWUR PLOLRQL H PH]]R GL (XUR

,QROWUH OD VWHVVD GLWWD YHUVHUj DO FRPXQH XQ FRQWULEXWR DQQXR GL (XUR 6LDPR FRQVDSHYROL FKH RJQL FDPELDPHQWR DOO·LQL]LR SXz FDXVDUH XQ SR· GL GLVDJLR WXWWDYLD FRPH $PPLQLVWUD]LRQH YLJLOHUHPR DIÀQFKp QRQ VL YHULÀ FKLQR GLVVHUYL]L H FKH WXWWR SUR FHGD UHJRODUPHQWH H VHFRQGR OD WHPSLVWLFD SUHYLVWD 'DQLHOH 7XUHOOD ,O 9LFHVLQGDFR H DVVHVVRUH DL VHUYL]L GHPRJUDÀFL

FGNAL H=J D= K=<A <=A K=??A >AFG 9 E9JRG <ANA=LG H=J A $ VHJXLWR GHOOD FKLXVXUD 9ROWXUQR *OL HOHWWRUL GHOOD E=RRA H=K9FLA AF NA9 K;9AGD= GHOOD VFXROD ,SSROLWR 3LQGH VH]LRQL H SULPD DOOD PRQWH GL SLD]]D 8PEHUWR , ² VHGH GL VHJJLR HOHWWRUDOH ² VL VRQR UHVL QHFHVVDUL DOFX QL VSRVWDPHQWL GL VH]LRQL , FLWWDGLQL FKH ÀQR DG RUD YRWDYDQR DOOD 3LQGHPRQWH FRQÁXLUDQQR LQ DOWUH VHGL *OL HOHWWRUL ULFHYHUDQQR D GRPLFLOLR O·HWLFKHWWD FRQ O·DJJLRUQDPHQWR GHOOD WHV VHUD HOHWWRUDOH 1HO GHWWDJOLR VRQR SUHYLVWL L VHJXHQWL VSRVWDPHQWL $Q GUDQQR D YRWDUH DOOD VFXROD &HURQL GL YLD 6DQWD 7HUHVD *OL HOHWWRUL GHOOD VH]LRQH FKH SULPD YRWDYDQR DOOD VFXROD &DQJUDQGH RYYHUR JOL DELWDQWL GHOOH YLH $GGD $O]DULQL $UQR %UHQWD &D GXWL GHO /DYRUR %RUJR &DVH 3RSRODUL )RVVD &RQWDULQD ,VDUFR ,VRQ]R /D]LR /RP EDUGLD 0DUFKH 0LQFLR 0ROLVH 3LHPRQWH 5LFDPL ÀFLR 6DQWD /XFLD 6DQWD 7HUHVD /RFDOLWj 6RULR 7D JOLDPHQWR 7LFLQR 8PEULD

VFXROD 3LQGHPRQWH FLRq L UHVLGHQWL QHOOH YLH $GLJH YLFROR %HYHUDUD )HUUDULV )UD· 'D 6FKLR *UROHWWH 3DFH 3DTXDUD 3LDYH 3R 3RUWR 6DQW·$QWRQLR 6DQWD &DWHULQD GD 6LHQD YLFROR 6DUFD &LHFD 7RVFDQD 6DQ )UDQFHVFR G·$VVLVL )RVFR OR *DULEDOGL 0DGRQQLQD 9HUGL &RORPER 0DQ ]RQL $QGUDQQR D YRWDUH DOOD VFXROD &DQJUDQGH GL YLD &D· GHL 6RUGL WXWWL JOL HOHWWRUL GHOOD VH]LRQH SURYHQLHQWL GDOOD 3LQGH PRQWH FKH FRPSUHQGH OH YLH PRQV *REEL /RGHJD ULR 0HU]DUL 'RQ 0LODQL 0LVWXUD 1HQQL 'RQ 6WXU ]R 'RQ 6WRSSDWR 7XUDWL =DQHWWL ,QROWUH JOL HOHWWRUL GL SLD]]D 8PEHUWR , ² FKH SULPD VL UH FDYDQR DO VHJJLR GHOOD 3LQ GHPRQWH ² YRWHUDQQR DOOD VFXROD HOHPHQWDUH &HVDUL LQ YLD 0DUFRQL

Ë VWDWD ULDSHUWD YLD 6FDLROH OD VWUDGD FKLXVD WHPSRUDQHDPHQ WH SHU O·HVHFX]LRQH GL VFDYL GL $FTXH 9HURQHVL UHODWLYL DOOD UHWH IRJQDULD &RQ LO ULWRUQR DOOD QRU PDOH YLDELOLWj q VWDWR DQFKH GH FLVR GL YLHWDUH ÀQR DO PDU]R LO WUDQVLWR GHL PH]]L VXSH ULRUL D WRQQHOODWH QHO WUDWWR FRPSUHVR WUD O·LQWHUVH]LRQH FRQ YLD &DPSDJQLQL H YLD 'HOOD 3DFH 3UHVVR LO &RPXQH GL %XWWDSLHWUD VL q WHQXWR XQ WDYROR WHFQLFR D FXL KD SDUWH FLSDWR DQFKH XQD UDS SUHVHQWDQ]D OXSDWRWLQD $OOD SUHVHQ]D GHOOD SUR YLQFLD GL 9HURQD H GHOOD GLWWD HVHFXWULFH GHL OD YRUL LO &RPXQH GL 6DQ *LRYDQQL /XSDWRWR KD PDQLIHVWDWR OD YRORQWj GL YLHWDUH LO WUDIÀFR SH VDQWH LQ YLD 6FDLROH ÀQR D WXWWR LO PHVH GL PDU]R HQWUR TXHOOD GDWD LQIDW WL YHUUj ULSULVWLQDWD GH

ÀQLWLYDPHQWH OD VHGH VWUDGDOH FRQ O·DVIDOWDWXUD ,O WHVWR GHOO·RUGLQDQ]D HPHVVD GDO &RPXQH VDUj LQYLDWR DOOD 3URYLQFLD FKH SURYYHGHUj D LQGLYLGXDUH OH GHYLD]LRQL SHU L PH]]L SHVDQWL ,QROWUH XQD FRQIHUHQ]D GHL VHUYL]L KD FRLQ YROJHUj DQFKH JOL DOWUL &RPXQL LQWHUHVVDWL GDOOD PRGLÀFD YLD ELOLVWLFD ,VROD GHOOD 6FDOD 2S SHDQR %RYRORQH %XWWDSLHWUD H 9HURQD

*(11$,2

5

&521$&$ ', 6$1 *,29$11,

AF%GML ?9R9$ >GLG <9DD9 DAF=9 <=DDG K;GFLJG 9HQHUGu JHQQDLR D &DVD 1RYDULQL VL q VYROWR ,Q 2XW *D]D LQWHUHVVDQWH UHSRUWDJH IRWRJUDÀFR GL 0DWWLD &DFFLDWR UL 'RSR XQD VHTXHQ]D GL IRWR GHGLFDWH DG XQ FDPSR GL SURIX JKL VLULDQL LQ IXJD GDOOD JXHUUD FLYLOH FKH LQVDQJXLQD LO ORUR SDHVH &DFFLDWRUL FRQ XQD IRU WH SDUWHFLSD]LRQH HPRWLYD FL KD UDFFRQWDWR JOL DVVDOWL GHL FRORQL LVUDHOLDQL DL SDVWRUL H EDPELQL SDOHVWLQHVL GHL YLOODJJL SUHVVR FXL VRQR VRUWL JOL LQVHGLDPHQWL HEUDLFL 6HPSUH FRQ OH IRWR GL 0DWWLD VLDPR DUULYDWL DOOD VWUL VFLD GL *D]D 1HOOD SUHVHQWD]LR QH GHOOD VHUDWD VL OHJJH ´4XHVWD VWULVFLD GL WHUUD *$=$ LQFDSD FH GL HVVHUH YLVVXWD ÀQR LQ IRQ GR GD FKL SHU IRUWXQD FRPH QRL QRQ QH ID SDUWH q RJJL SXQWR FHQWUDOH GHOO·LQFRQWUR VFRQWUR GHO PRQGR DUDER FRQ TXHOOR

RFFLGHQWDOH 'LYHQXWD HPEOH PD GHO ORUR SHUSHWXR GLODQLDUVL QHL VHFROL 2JJL QHOO·LQFDSDFLWj GL XQD ULVROX]LRQH H GRSR VYD ULDWL WHQWDWLYL G·LQFRQWUR FL VL GHYRQR SRUUH GHOOH GRPDQGH VXO SHUFKp TXHVWD JXHUUD PRQ GLDOH WDFLWD HG LQDVFROWDWD QRQ KD ÀQHµ ( OH IRWR HG LO UDFFRQ WR GL &DFFLDWRUL FL KDQQR GDWR XQ·LGHD GL TXDQWR VLD LUUHDOH OD YLWD EUXOLFDQWH FKLXVD GD XQ PXUR H GHOOR VFRQWUR LPSDUL WUD VDVVL H UD]]L DUWLJLDQDOL FRQWUR DHUHL FDUUL DUPDWL ERPEH )RU VH ULPDQH LO GXEELR VH LO YHUR QRFFLROR QRQ VLD OR VFRQWUR WUD PRQGR DUDER HG RFFLGHQWH VH JOL LQWHUHVVL LQ JLRFR VLDQR RFFL GHQWDOL R HXURSHL HG DPHULFDQL /·(XURSD DYUHEEH LQWHUHVVH DG DYHUH UDSSRUWL DPLFKHYROL FRQ LO PRQGR DUDER FRQ LO TXDOH QRQ VROR FRQÀQD D VXG PD KD XQD

VHULH GL LQWUHFFL FXOWXUDOL VWRULFL HG HFRQRPLFL FKH GRYUHEEHUR SRUWDUH DO ULVSHWWR UHFLSURFR H QRQ DOOR VFRQWUR 6FRSR GHOOD VHUDWD HUD DQFKH UDFFRJOLHUH IRQGL LQ EHQHÀFHQ ]D SHU O·RUJDQL]]D]LRQH QRQ JRYHUQDWLYD &,66 &RRSHUD ]LRQH ,QWHUQD]LRQDOH 6XG 6XG ,Q SDUWLFRODUH L IRQGL ÀQDQ]LH UDQQR XQ SURJHWWR GL SURPR

]LRQH GHOOD VDOXWH SVLFRVRFLDOH GL GRQQH JLRYDQL H EDPELQL GL 1DEOXV QHL 7HUULWRUL 3DOHVWLQH VL 2FFXSDWL FKH ULJXDUGD IDPLJOLH H DELWDQWL DWWUD YHUVR DWWLYLWj GL IRUPD]LRQH GL VRVWHJQR VFRODVWLFR VSRUWLYH H DUWLVWLFKH 3HU PDJJLRUL LQIRU PD]LRQL VXOOH DWWLYLWj GHO &,66 H FRPH FRQWULEXLUH YLVLWDWH LO VLWR ZZZ FLVVRQJ RUJ

?=FALGJA 9 K;MGD9 H=J <AJ= FG 9DD9 <JG?9 6L WHUUj JLRYHGu JHQQDLR DOOH RUH SUHVVR O·$XGLWRULXP GHOOD 6FXROD 0HGLD ´0DUFRQLµ GL 6 *LRYDQQL /XSDWRWR XQ LQFRQ WUR LQIRUPDWLYR VXL SHULFROL GHOOD

GURJD 9LVWL L FRQWHQXWL H OH LPPD JLQL OD VHUDWD q ULYROWD DO 62/2 38%%/,&2 $'8/72 /H GDWH GHL VXFFHVVLYL LQFRQWUL FKH DYUDQQR XQD FDGHQ]D PHQVLOH YHUUDQQR FRPXQLFDWH QRQ DSSHQD GHÀQL WH /D IDPLJOLD HGXFD L ÀJOL PD VXOO·DUJRPHQWR ´GURJDµ FRVD VDQ QR L JHQLWRUL" +DQQR FRQRVFHQ]H VXIÀFLHQWL SHU SRWHU FRQIURQWDUVL FRQ L SURSUL ÀJOL VXL SHULFROL FRQ VHJXHQWL DOO·XVR GL GURJKH" /D ULVSRVWD QHOOD PDJJLRU SDUWH GHL FDVL QRQ q DIIHUPDWLYD SXUWURSSR 3URSULR SHU TXHVWR PRWLYR O·$VVR FLD]LRQH *HQLWRUL ´$ $OHDUGLµ H LO &RPLWDWR *HQLWRUL ´$ 'H *DVSH ULµ GL 5DOGRQ LQ FROODERUD]LRQH

FRQ LO 'LSDUWLPHQWR 'LSHQGHQ]H GHOO·8/66 GL 9HURQD H LO SDWUR FLQLR GHOO·$VVHVVRUDWR DOO· ,VWUX ]LRQH KDQQR SURJUDPPDWR XQ FLFOR GL LQFRQWUL ULYROWR DL JHQLWRUL 0HGLFL H QHXURSVLFRORJL LQIRUPH UDQQR H GLPRVWUHUDQQR JOL HIIHWWL GDQQRVL GHOOH VRVWDQ]H SVLFRDWWLYH H VXJJHULUDQQR FRPSRUWDPHQWL SURWHWWLYL H SUHYHQWLYL GD DGRWWD UH LQ IDPLJOLD 8QR VSHFLÀFR LQ FRQWUR VDUj GHGLFDWR DL SHULFROL GL WUDVPLVVLRQH GL PDODWWLH LQIHWWLYH TXDOL O·+LY H O·HSDWLWH ´4XDQGR L JHQLWRUL PL KDQQR SURSRVWR GL SDWURFLQDUH TXHVWR FLFOR GL LQFRQ WUL KR DFFHWWDWR VXELWR FRQ HQWX VLDVPR ² DIIHUPD LO 9LFHVLQGDFR

A :9E:AFA <A E9FAF9 $ 1RV\ %H XQ·LVROD GHO 0DGDJDVFDU YLYH XQD GRQQD LWDOLDQD GL QRPH 0D QLQD LQVHJQDQWH GL ÀORVRÀD LQ SHQ VLRQH $UULYR· QHO SHU WUDVFRU UHUYL XQD YDFDQ]D H DIIDVFLQDWD GDO SRVWR GHFLVH GL WUDVIHULUVL VWDELOPHQ WH ´9LYHQGR O·LVROD YHQQL D FRQWDWWR FRQ OH SUREOHPDWLFKH ORFDOL H FRQ OD FRQGL]LRQH LQ FXL JUDYDYDQR PROWL EDPELQL VLD GDO SXQWR GL YLVWD ÀVLFR

FKH GD TXHOOR GHOO·LVWUX]LRQH µ ,QL]LR· FRVL· D SDJDUH OD UHWWD VFR ODVWLFD DG DOFXQL EDPELQL ,Q SRFR WHPSR OH ULFKLHVWH VL PROWLSOLFDURQR &RPLQFLz D FRVWUXLUH DOFXQH VFXROH H VWLSHQGLDUH L PDHVWUL /H SULPH VWUXW WXUH RVSLWDYDQR EDPELQL RJJL OH VFXROH GL 0DQLQD VRQR H SL GL L EDPELQL FKH YL DFFHGRQR JUD WXLWDPHQWH 1HO O·DVVRFLD]LRQH

GLYHQWD 21/86 /·DVVRFLD]LRQH RSH UD LQ ,WDOLD LQ VLQWRQLD FRQ OH QHFHVVLWj ULOHYDWH GD 0DQLQD D 1RV\ %H 3HU LO VXR LPSHJQR 0DQLQD &RQVLJOLR KD ULFHYXWR GDO 3UHVLGHQWH GHOOD 5HSXE EOLFD *LRUJLR 1DSROLWDQR LO WLWROR

FRQ GHOHJD DOO·,VWUX]LRQH 'DQLHOH 7XUHOOD $Q]L OL ULQJUD]LR SHUFKp q LPSRUWDQWH WHQHUH DOWD OD JXDU GLD QHL FRQIURQWL GL XQ GUDPPD TXHOOR GHOOD GURJD SXUWURSSR DQ FRUD PROWR SUHVHQWH QHOOD QRVWUD VRFLHWj DQFKH VH PHQR YLVLELOH GL TXDOFKH GHFHQQLR ID /·RELHWWLYR q TXHOOR GL FRLQYROJHUH L JHQLWRUL SHU YDORUL]]DUH LO GLDORJR HGXFDWLYR HG HVSULPHUH LQVLHPH XQ GHFLVR ULÀX WR DOOH GURJKHµ FRQFOXGH 7XUHOOD ,O FDOHQGDULR FRQ OH GDWH GHJOL LQFRQ WUL YHUUj FRPXQLFDWR DWWUDYHUVR L PHQVLOL ORFDOL OH VFXROH OXSDWRWLQH H SXEEOLFDWR VXL VLWL LVWLWX]LRQDOL ZZZ LF VDQJLRYDQQLOXSDWRWR LW ZZZ FRPXQHOXSDWRWR LW GL 8IÀFLDOH GHOOD 5HSXE EOLFD ,WDOLDQD SHU PHULWL 2UD 0DQLQD q LQ ,WDOLD 6WD VHJXHQGR XQ WRXU LQ JLUR SHU OR VWLYDOH H YHU Uj DQFKH D 6DQ *LRYDQQL /XSDWRWR ,O *HQQDLR VDUj LQ 6DOD &LYLFD SUHVVR LO &HQWUR &XOWXUDOH SHU XQD VHUDWD GL SUHVHQWD]LRQH GHOOD VXD $VVRFLD]LR QH O·LQFRQWUR VRVWHQXWR GDOO·$VVHV VRUDWR DOOD &XOWXUD GL 6DQ *LRYDQQL /XSDWRWR DYUj LQL]LR DOOH RUH

*(11$,2

6

&521$&$ ', 6$1 *,29$11,

J9;;GDL9 <=D N=J<=$ :GDDG = ;9D=F<9JAG $ VHJXLWR GHOOH QXPHURVH UL FKLHVWH GD SDUWH GHL FLWWDGLQL LQIRUPLDPR FKH OH GDWH GHO VHUYL]LR GL UDFFROWD GHO YHU GH QRQ VRQR VWDWH LQVHULWH QHO FDOHQGDULR GHOOD UDFFROWD GLIIHUHQ]LDWD SHU ULVSHWWDU QH OH WHPSLVWLFKH GL VWDPSD 9HUUDQQR FRPXQLFDWH LQ XQ FDOHQGDULR D SDUWH 'DO JHQQDLR LQIDWWL VL SRWUj ULWL UDUH SUHVVR OD QRVWUD VHGH LO EROOR DUDQFLRQH GD DSSOLFDUH VXO ELGRQH SHU XVXIUXLUH GHO VHUYL]LR GHO YHUGH $QFKH SHU LO VL SRWUj RWWHQHUH LO ERO OR D IURQWH GL XQ YHUVDPHQWR GL HXUR GL FRQWULEXWR DQ QXR FRVWR LQYDULDWR ULVSHWWR DO ,QVLHPH DOO·DGHVLYR JOL XWHQWL ULFHYHUDQQR XQD FRSLD FDUWDFHD GHO FDOHQGDULR GHO YHUGH GRYH VRQR ULSRUWDWL WXWWL L ULWLUL GHO , QRVWUL XIÀFL VRQR DSHUWL GDO OXQHGu DO YHQHUGu GDOOH RUH DOOH H LO PDUWHGu H LO JLRYHGu DQ FKH DO SRPHULJJLR GDOOH RUH DOOH /D UDFFROWD D GR PLFLOLR GHOOH UDPDJOLH H GHJOL VIDOFL G·HUED YLHQH XWLOL]]DWD GD FLUFD GXHPLODWUHFHQWR FLW

WDGLQL GL 6DQ *LRYDQQL /X SDWRWR 4XHVW·DQQR OD SLDQL ÀFD]LRQH GHL SDVVDJJL q VWDWD SHUIH]LRQDWD WHQHQGR FRQWR DQFKH GHOOH ULFKLHVWH DYDQ]D WH GDL OXSDWRWLQL WUD TXHVWH LO UDGGRSSLR GHL JLRUQL GL UDFFROWD QHO PHVH GL PDU]R $ JHQQDLR LQYHFH QRQ VL WHUUj OD UDFFROWD GHO YHUGH ,O SULPR PHVH GHOO·DQQR LQIDWWL FRP SRUWD SUREOHPL GL SUHOLHYR D FDXVD GHO IUHGGR LO YHUGH VL FRPSDWWD H JHOD DOO·LQWHUQR FRQ SRVVLELOL URWWXUH GHO ELGR QH ,O SULPR SUHOLHYR GHO QXR YR DQQR GXQTXH DYYHUUj LQ IHEEUDLR LO H IHEEUD LR H SRL DOOD ÀQH GHO PHVH LO H IHEEUDLR $QFKH D PDU]R FRPH GHWWR VL WHUUDQQR GXH JLUL GL UDFFRO WD QHOOH VWHVVH GDWH GL IHEEUD LR &RQ DSULOH SRL LQL ]LHUDQQR L SDVVDJJL UHJRODUL VHWWLPDQDOL ÀQR DOOD ÀQH GL RWWREUH FRPH GL FRQVXHWR ,O ELGRQH GRYUj HVVHUH SRVL]LR QDWR DOO·HVWHUQR GHOOD SURSULH Wj OD VHUD SULPD GHO JLRUQR GL VYXRWDPHQWR /H ]RQH $ % H & LQ FXL q VWDWR GLYLVR LO WHUUL

WRULR FRPXQDOH VRQR OH VWHVVH GHJOL DQQL SDVVDWL *OL XWHQWL GRPHVWLFL FKH DYHVVHUR QHFHVVLWj GL VPDO WLUH LO YHUGH LQ TXHVWR PHVH FRPXQTXH SRWUDQQR IDUOR SRUWDQGROR JUDWXLWDPHQWH DOO·(FRFHQWUR GL YLD &LPLWHUR 9HFFKLR WXWWL L JLRUQL IHULDOL GDOOH DOOH LO PDUWHGu H LO JLRYHGu DQFKH LO SRPHULJ JLR GDOOH DOOH H LO VDEDWR GDOOH DOOH 'D XOWLPR ULFRUGLDPR FKH

FRQ LO QXRYR DQQR O·(FRPR ELOH VDUj SUHVHQWH VXO WHUULWR ULR LQ TXHVWL JLRUQL YHQHUGu H JHQQDLR GDOOH DOOH LQ YLD 8JR )RVFROR GD YDQWL O·LQJUHVVR GHOOH VFXROH PHGLH ´0DUFRQLµ JLRYHGu JHQQDLR GDOOH DOOH D 3R]]R QHO SDUFKHJJLR VXO ODWR GHVWUR GHOO·LPERFFR GL YLD &DPDFLFL H D 5DOGRQ GDOOH DOOH SLD]]D 'H *DVSHUL 6*/ 0XOWLVHUYL]L 6UO

69(90 +0 :769;,336 <--0*0 +0 =0( 4<9(;690 4(9 c .06 ¶ c =,5 ¶ 0:63( ,*636.0*( ¶ =0( *040;,96 =,**/06 ;,3 ¶ ¶ 69(90 +0 (7,9;<9(! 3<5,+Ó ¶ c 4(9;,+Ó ¶ ¶ c 4,9*63,+Ó ¶ c .06=,+Ó ¶ ¶ =,5,9+Ó c :()(;6 ¶ :,9=0A06 +0 9(**63;( 05.64)9(5;0 :,9=0A06 .9(;<0;6 ( +640*0306! 79,56;(A0650 (3 59 5<4,96 =,9+, 9(**63;( 769;( ( 769;(! (;;0=6 +(3 .,55(06 (3 .0<.56 3<5 .06 ¶ c =,5 ¶ 7965;6 05;,9=,5;6 9,7,90)030;±! 5‡ =,9+, :,.5(3(A0650 .<(:;0 ,+ ,4,9.,5A( .(:! (;;0=6 69, :<

*(11$,2

7

&8/785$

?=F=KAK <9Q = L@= O9L;@ AF ;GF;=JLG 6DEDWR 0DU]R D 6DQ *LRYDQQL /XSDWRWR VL WHUUj LO ¶*(1(6,6 '$<· QHOO·DPEL WR GHOOH UDVVHJQH 3URJUHVVLR QL 6RQRUH HG $FXVWLFDPHQWH RUJDQL]]DWR GDOOD DVVRFLD ]LRQH FXOWXUDOH %DOGHU LQ FROODERUD]LRQH FRQ O·DVVR FLD]LRQH FXOWXUDOH $UWQRYH H FRQ LO 3DWURFLQLR GHOO·$V VHVVRUDWR DOOD &XOWXUD GHO &RPXQH GL 6DQ *LRYDQQL $O 7HDWUR $VWUD LQ DQWHSUL PD SHU 9HURQD H SURYLQFLD DOOH RUH L 7KH :DWFK SUHVHQWHUDQQR LO ORUR QXRYR VSHWWDFROR FKH SHU OD SULPD YROWD ULSURSRUUj JUDQ SDU WH GHL EUDQL GHO FDSRODYRUR OLYH GHL *(1(6,6 GHO 6HFRQGV 2XW ,O PRGR XQLFR LQ FXL VROR L 7KH :DWFK VDQ QR LQWHUSUHWDUH L EUDQL GHL *HQHVLV FRQWDQGR WUD O·DOWUR VX XQD YRFH FKH PDL FRPH

QHVVXQ·DOWUD EDQG HXURSHD R H[WUDHXURSHD VL DYYLFLQD D TXHOOD GL 3HWHU *DEULHO GDUj OD SRVVLELOLWj XQLFD GL SRWHU DVFROWDUH DQFKH L PDJQLÀFL EUDQL GHOOD SULPD HUD &ROOLQV FRPH VH IRVVHUR LQWHUSUHWDWL GD TXHO *DEULHO FKH DOO·HSR FD HUD DSSHQD XVFLWR GDOOD EDQG 'HOOR VKRZ IDUDQQR SDUWH DQFKH TXDOFKH VSXQ WR GDOOD SURGX]LRQH RULJLQDOH 7KH :DWFK EDQG FKH GD WHPSR VL GLVWLQJXH QHO FDPSR GHO SURJ URFN FODVVL FR PRQGLDOH FRQ GHO PDWHULDOH RULJLQDOH GL LVSLUD]LRQH *H QHVLV DVVROXWDPHQWH VRUSUHQGHQWH SHU WXW WL JOL DVFROWDWRUL GHL *HQHVLV H GHO SURJ PHORGLFR LQ JHQHUDOH

,Q RFFDVLRQH GHO FRQFHUWR GH 7KH :DWFK GDOOH RUH DOOH FRQ LQJUHVVR OL EHUR DO FHQWUR FXOWXUDOH GL SLD]]D 8PEHUWR , YL VDUj XQR VSD]LR GHGLFDWR HVFOXVL YDPHQWH DOOD EDQG VLPEROR GHO SURJUHVVLYH FRQ ÀOPDWL

UDUL O·HVSRVL]LRQH GL OLEUL H GHO GLVFKL OR VFULWWRUH H JLRUQDOLVWD PXVLFDOH *LDQQL 'HOOD &LRSSD FKH LOOXVWUH Uj OD VWRULD H O·HYROX]LRQH PXVLFDOH GHL *HQHVLV 8QD RFFDVLRQH XQLFD SHU JOL DS SDVVLRQDWL GHL *HQHVLV H GHOOD EXRQD PXVLFD , ELJOLHWWL GHO FRQFHU WR GHL 7KH :DWFK VL SRVVRQR DFTXLVWDUH LQ SUHYHQGLWD D 9HUR QD SUHVVR %R[ 2IÀFH 9LD 3DOORQH $ H D 6DQ *LRYDQQL /X SDWRWR SUHVVR O·HGL FROD 'H 7RJQL FDU WROLEUHULD $YRJDUR 0HUFDQWL O·HGLFROD %LPEDWR H DO 7HDWUR $VWUD 3HU LQIRUPD]LRQL ZZZ LW EDO GHU

J=< ;9FRA9F2 9DAE=FL9RAGF= ;GFK9H=NGD= /·DVVRFLD]LRQH FXOWXUDOH ´)XRUL GDO &RURµ LQL]LD LO QXRYR DQQR FRQ WDQWH EXRQH LQWHQ]LRQL H FRQ XQD QXRYD VHUDWD GL DSSUR IRQGLPHQWR VXO WHPD GHOOD VD OXWH 0DUWHGu JHQQDLR VL q WHQXWD D &DVD 1RYDULQL OD FRQIHUHQ]D SXEEOLFD ´/·DOL PHQWD]LRQH FRQVDSHYROH VFHOWH VDOXWDUL HG HWLFKH ,O YHJDQHVL PR XQ FRQWULEXWR VSHFLDOH SHU OD FRPSUHQVLRQH GL TXHVWD VFHO WDµ +D SDUWHFLSDWR DO GLEDWWLWR LO GRWW $OHVVDQGUR )RUPHQWL

PHGLFR QXWUL]LRQLVWD YHURQH VH QRWR SHU OH VXH GLHWH D EDVH GL FHUHDOL H YHUGXUH /D VXD UH OD]LRQH FL DLXWHUj D FDSLUH SHU FKp DOFXQL DOLPHQWL DJLVFRQR LQ PRGR EHQHÀFR VXO QRVWUR RUJD QLVPR (UD SUHVHQWH DQFKH 5HG &DQ]LDQ EDVVLVWD VWRULFR GHOOD IDPRVD EDQG LWDOLDQD GHL 3RRK H DXWRUH GHOOD UHFHQWH XVFLWD ELEOLRJUDÀFD ´+R YLVWR VHV VDQWD YROWH ÀRULUH LO FDOLFDQWRµ FKH KD UDFFRQWDWR OD VXD VYROWD DOLPHQWDUH 6HFRQGR 0DUWLQD )XVDUR XQR GHL VRFL IRQGDWR UL GHOO·DVVRFLD]LRQH )XRUL GDO &RUR ´$EELDPR VFHOWR TXHVWR WHPD SHUFKp PROWR VHQWLWR GDL OXSDWRWLQL VRSUDWWXWWR LQ XQ WHUULWRULR FRPH LO QRVWUR ULFFR GL FROWLYD]LRQL H DOOHYDPHQWL ,QROWUH q XQ DUJRPHQWR FKH WRF FD OD VIHUD DPELHQWDOH D FXL QRL WHQLDPR SDUWLFRODUPHQWH ULFRU GLDPR FKH )XRUL GDO FRUR KD JLj RUJDQL]]DWR XQ LQFRQWUR VXOOH ULFDGXWH QHJDWLYH GHOO·LQFHQHUL WRUH GL &j GHO %XH VXOOD VDOXWH GHL OXSDWRWLQL ² QGU H YRUUHP PR DIIURQWDUH OD TXHVWLRQH VRWWR XQ SURÀOR VFLHQWLÀFR HG HWLFRµ 1HO FRUVR GHOOD VHUDWD VL SRWUj

DSSURIRQGLUH OD TXHVWLRQH DOL PHQWDUH FRQ LO FRQWULEXWR GL XQ SHUVRQDJJLR GHO PRQGR GHOOR VSHWWDFROR FKH GD DQQL SRUWD DYDQWL TXHVWD VFHOWD FRQ GHWHU PLQD]LRQH $G LQWURGXUUH OD

VHUDWD OD SURLH]LRQH GL XQ EUHYH YLGHR FRPSRVWR GD LQWHUYLVWH UHDOL]]DWH GDL YRORQWDUL GHOO·DV VRFLD]LRQH DO PHUFDWLQR .P =HUR GL 6DQ *LRYDQQL /XSDWRWR QHOOR VFRUVR PHVH

D9 HARR=JA9 JAKLG LJ9 D= HJAE= <=D N=F=LG /D 3L]]HULD 5LVWz GL 'DQLHOH 'RQDWHOOL YLD )RVFROR VL q SLD]]DWD DO VHWWLPR SRVWR WUD OH PLJOLRUL SL]]HULH GHO 9HQHWR /D FODVVLÀFD q VWDWD VWLODWD GDO &RUULHUH GHOOD 6HUD FKH KD SUH VR LQ FRQVLGHUD]LRQH OD TXDOLWj GHOOH PDWHULH SULPH OD OLHYLWD ]LRQH QDWXUDOH OD ULFHUFD GHL JXVWL HG DFFRVWDPHQWL /D QRVWUD SURYLQFLD YHGH EHQ TXDWWUR SL]]HULH QHL SULPL GLH FL SRVWL FRQ DO SULPR OD SL]]HULD , 7LJOL GL 6DQ %RQLIDFLR RUPDL FRQRVFLXWD D OLYHOOR QD]LRQD OH DO WHU]R OD SL]]HULD 6DSRUq GL 6DQ 0DUWLQR %XRQ $OEHUJR DO VHWWLPR FRPH GLFHYDPR OD SL]]HULD 5LVWz GL 6DQ *LRYDQQL

/XSDWRWR HG DOO·RWWDYR OD SL] ]HULD /D 3OXPH GL 3HVFKLHUD GHO *DUGD 3HU 'DQLHOH 'RQDWHOOL VL WUDWWD GL XQ ULFRQRVFLPHQWR SHU O·RWWLPR ODYRUR VYROWR LQ TXHVWL DQQL VLD VXOOD TXDOLWj GHOOD SL] ]D FKH VXOOD SURPR]LRQH GHO EXRQ PDQJLDUH

*(11$,2

8

&8/785$

?J9F<A 9HHMFL9E=FLA 9< 9;MKLA;9E=FL= 5LSDUWH FRQ LO QXRYR DQQR OD (GL]LRQH GHOOD UDVVH JQD $FXVWLFDPHQWH RUJD QL]]DWD GDOOD DVVRFLD]LRQH $UWQRYH LQ FROODERUD]LR QH FRQ O·DVVRFLD]LRQH %DO GHU H FRQ LO SDWURFLQLR GHO &RPXQH GL 6DQ *LRYDQQL /XSDWRWR $VV $OOD &XO WXUD H DOOH 3ROLWLFKH *LR YDQLOL 7XWWD OD UDVVHJQD VL VYRO JHUj DO 7HDWUR $VWUD GL 6DQ *LRYDQQL /XSDWRWR LQ 9LD 5RPD % H VDUj DSHUWD GDO FHOHEUH FKL WDUULVWD 7ROR 0DUWRQ YH QHUGu IHEEUDLR 5HGXFH GDOOH SHUIRUPDQFH FRQ ,DQ 3DLFH H 5RJHU *ORYHU GHL 'HHS 3XUSOH H GDOOD SDUWHFLSD]LRQH DO 3URJ ([KLELWLRQ 7ROR 0DUWRQ q XQR GHL SULQFLSDOL FKL WDUULVWL SURJ URFN EOXHV LWDOLDQL 3HU O·RFFDVLRQH LO FKLWDUULVWD WUHYLJLDQR JLj H[ 2UPH VL HVLELUj FRQ OR VWRULFR FRPSDJQR GL YLDJJLR $OGR 7DJOLDSLHWUD 6SHWWDFROR GD QRQ SHUGHUH D ½ SUHYHQGLWD ,O JLRUQR VDEDWR IHEEUD LR VDOLUDQQR VXO SDOFR GHO 7HDWUR $VWUD L 6RQRKUD SHU O·XQLFD GDWD HVFOXVLYD QHO OD ORUR FLWWj GHO ORUR QXR

YR ´$FRXVWLF 7ULR 7RXUµ /XFD H 'LHJR )DLQHOOR DOOH FKLWDU UH DFFRPSDJQDWL GDO EDVVR GL /XFLD QR ´6HPµ 6DQWRUR SUHVHQWHUDQQR L ORUR PLJOLRUL VXFFHVVL LQ YHUVLRQH DFXVWLFD PD DQFKH EUDQL VWR ULFL URFN EOXHV FRQ L TXDOL VRQR FUHVFLXWL H FRVWUXLWR LO ORUR SHUFRUVR DUWLVWLFR ,QJUHVVR ½ SUH YHQGLWD ,O FRQFHUWR VDUj DSHUWR GDOOD FDQWDXWULFH VYL]]HUD $OLFH 0RQGLD FKH SUHVHQWHUj LO VXR QXRYR DOEXP ´6FDFFRµ 6DEDWR IHEEUDLR FL VDUj LO JUDQGH ULWRUQR D 9H URQD GHL 0HUFDQWLQÀHUD

9HFFKLDµ ÀQR DO SL UHFHQWH ´$QLPH 6DO YHµ /D EDQG ULSUR SRUUj JOL DUUDQJLD PHQWL RULJLQDOL SHU XQ WXIIR QHO SDVVDWR GL UDUD EHOOH]]D ,Q DSHUWXUD LO FDQWDX WRUH YHURQHVH 5X EHQ FKH SUHVHQWHUj LO VXR XOWLPR GLVFR ´,O /DYRUR SL 'XURµ ,QJUHVVR ½ SUH YHQGLWD ,O IHEEUDLR VDUj LO WXUQR GL 'DQLOR 6DF FR VWRULFD YRFH GHL 1RPDGL FKH UHFHQWH PHQWH KD LQWUDSUHVR LO SHUFRUVR VROLVWD FRQ LO ORUR QXRYR VSHWWD FROR RPDJJLR D )DEUL]LR 3UHVHQWHUj L EUDQL GHO VXR 'H $QGUq XQD VHOH]LRQH QXRYR DOEXP ´8Q $OWUR GL EUDQL UHFXSHUDWL GD 0Hµ ,Q DSHUWXUD XQ VHW JOL HVRUGL GH ´/D &LWWj DFXVWLFR GHO FDQWDXWRUH 'LHJR 3HWWHQD , ELJOLHWWL VL SRVVRQR DF TXLVWDUH LQ SUHYHQGLWD GD 9HURQD %R[ 2IÀFH 9LD 3DOORQH $ H D 6DQ *LRYDQQL /XSDWRWR SUHVVR O·HGLFROD 'H 7RJQL FDUWR OLEUHULD $YRJDUR 0HUFDQ WL O·HGLFROD %LPEDWR H DO 7HDWUR $VWUD 3HU LQIRUPD]LRQL ZZZ DUWQRYH LW LQIR DUWQRYH#JPDLO FRP

AD NAGDAFAKL9 >J9FCA= ?9NAF AF ;GEMF= 6DEDWR JHQQDLR QHOOD VDOD FRQVLOLDUH GHO &RPXQH GL 6DQ *LRYDQQL /XSDWRWR LO FHOH EUH YLROLQLVWD LUODQGHVH )UDQ NLH *DYLQ H OD PRJOLH 0LFKHOOH /DOO\ DQLPD H YRFH GHO JUXSSR IRON ´'H 'DQQDQµ VRQR VWDWL ULFHYXWL GDO VLQGDFR )HGHULFR 9DQWLQL H GDOO·DVVHVVRUH DOOD FXOWXUD 0DUFR 7DLHWWD FKH KDQ QR ULQJUD]LDWR SXEEOLFDPHQ WH LO PXVLFLVWD RVSLWH GHO IDQ FOXE OXSDWRWLQR )UDQNLH *DYLQ 'H 'DQQDQ *DYLQ FKH JLj VL HVLEu D 6DQ *LRYDQQL /XSD WRWR QHO VDUj GL QXRYR VXO SDOFR GHO 7HDWUR $VWUD LQ DXWXQQR $G RWWREUH LQIDWWL SDUWHFLSHUj DOOD QXRYD UDV

VHJQD ´6DQJLR ,ULVK )RONµ RUJDQL]]DWD GDOO·DVVRFLD]LRQH $UW1RYH LQ FROODERUD]LRQH FRQ O·DVVRFLD]LRQH %DOGHU /D QRVWUD FLWWj VL FRQIHUPD SHU

ULFFKH]]D GL SURSRVWD H TXDOLWj GHJOL VSHWWDFROL SXQWR FHQWUD OH SHU OD PXVLFD 1HO FRUVR GHO YHUUj YDORUL]]DWD DQFKH OD PXVLFD WUDGL]LRQDOH H IRON VLD

FRQ O·DSSXQWDPHQWR GL RWWREUH FRQ LO ´6DQJLR ,ULVK )RONµ FKH FRQ LO ´6W 3DWULFN·V 'D\µ FKH VL WHUUj LO PDU]R )UDQNLH *DYLQ q XQD GHOOH OHJ JHQGH SL JHQXLQH GHOOD PXVL FD LUODQGHVH 'DOOD VXD SULPD DSSDUL]LRQH WHOHYLVLYD TXDQGR DYHYD VHL DQQL ÀQR DOOH DSSD UL]LRQL H UHJLVWUD]LRQL FRQ DUWL VWL GHO FDOLEUR GL (DUO 6FUXJJV 6WHSKDQH *UDSHOOL (OYLV &R VWHOOR 6LU <HKXGL 0HQXKLQ HG L ¶5ROOLQJ 6WRQHV· ,O ´SULQFLSH GHL YLROLQLVWL LUODQGHVLµq DQFKH PHPEUR IRQGDWRUH H OHDGHU GHOOD EDQG GL IDPD LQWHUQD ]LRQDOH WUDGL]LRQDOH LO VXSHU JUXSSR ¶'H 'DQQDQ·

*(11$,2

9

&8/785$

;AFIM= K=J9L= H=J 9NNA;AF9JKA 9DD9 EMKA;9 ;D9KKA;9 $ &DVD 1RYDULQL QHL JLRUQL H H IHEEUDLR H PDU]R RUH VL VYROJHUj OD UDVVH JQD ¶&ODVVLFD SHU WXWWL· RUJDQL] ]DWD GDOOD DVVRFLD]LRQH FXOWXUDOH %DOGHU LQ FROODERUD]LRQH FRQ O·DVVRFLD]LRQH FXOWXUDOH $UWQR YH H FRQ LO 3DWURFLQLR GHOO·$V VHVVRUDWR DOOD &XOWXUD GHO &R PXQH GL 6DQ *LRYDQQL /H VHUDWH FKH KDQQR O·LQWHQWR GL DYYLFLQDUH LQ PRGR VHPSOLFH OH SHUVRQH DOO·DVFROWR FRQVDSHYROH H SLDFHYROH GHOOD PXVLFD FODV VLFD VDUDQQR WHQXWH GD /XNDV )UDQFHVFKLQL FRQ O·DXVLOLR GL YL GHR H O·DVFROWR GHOOD PXVLFD /XNDV )UDQFHVFKLQL GD ROWUH DQQL VL RFFXSD GL FULWLFD PXVLFD OH FODVVLFD FROODERUDQGR SHU YD ULH WHVWDWH WUD FXL /·$GLJH 5DGLR 3RSRODUH 1HWZRUN GL 9HURQD H 0LODQR WLHQH UHJRODUPHQWH FRQ IHUHQ]H VXO PHORGUDPPD H OD PXVLFD FODVVLFD LQ YDULH VHGL LVWL WX]LRQDOH FRPH WHDWUL HG DVVRFLD ]LRQL +D VYROWR H VYROJH DWWLYLWj GLGDWWLFD SUHVVR L &RQVHUYDWRUL GL 7UHQWR 9LFHQ]D H &DVWHOIUDQ FR 9HQHWR VX DXWRUL H LQWHUSUHWL PXVLFDOL $WWXDOPHQWH GLULJH LO VLWR ZHE GL 2SHUD/LEHUD FRQ

FRUULVSRQGHQ]H GDL YDUL WHDWUL LWDOLDQL HG (VWHUL H QHO &RPXQH GL 6DQ *LRYDQQL /XSDWRWR LQVH JQDR DOO·8QLYHUVLWj GHO 7HPSR /LEHUR SHU LO WHU]R DQQR XQ FRU VR VXOOD VWRULD GHOO·2SHUD /LULFD ©6DQ *LRYDQQL /XSDWRWR q XQD FLWWj LQQDPRUDWD GHOOD PXVLFD OR FRQIHUPDQR L WDQWL FRQFHUWL H JOL VSHWWDFROL PXVLFDOL FKH VL VYROJRQR QHO QRVWUR WHUULWRULR FRPXQDOH QHO FRUVR GHOO·DQ QR ² FRPPHQWD O·DVVHVVRUH DOOD FXOWXUD 0DUFR 7DLHWWD ² 4XH VWR FRUVR GDUj O·RSSRUWXQLWj GL DYYLFLQDUVL DOOD EHOOH]]D GHOOD PXVLFD FODVVLFD JUD]LH DOO·DS SRUWR GL XQ GRFHQWH PROWR DS SUH]]DWR GDL OXSDWRWLQLª ,O SURJUDPPD q LO VHJXHQWH 0HUFROHGu IHEEUDLR 1RWH LQWURGXWWLYH GHOOH RULJLQL PXVL FD ,O GUDPPD OLWXUJLFR OD SROL IRQLD L WURYDWRUL $UV 1RYD /D QDVFLWD GHOOD PXVLFD VWUXPHQWD OH GDO ;,, VHFROR ,O &LQTXHFHQ WR ,WDOLDQR DIÀDQFDWR DOOD QDVFLWD GHOO·RSHUD OLULFD ,O WHDWUR SXE EOLFR 0RQWHYHUGL H %DFK VFXROD H VWLOL /D PXVLFD IUDQFHVH DOOD FRUWH GHO 5H GL )UDQFLD /XOO\ H

5DPHDX 0HUFROHGu IHEEUDLR &R UHOOL ,O FRQFHUWR JURVVR 9LYDOGL LO FRQFHUWR VROLVWLFR +D\GQ OD VLQIRQLD 0HUFROHGu IHEEUDLR +lQGHO VWLOH H ULYROX]LRQH LQ JOHVH 0R]DUW H O·LQYHQWLYD PX VLFDOH %HHWKRYHQ VWLOH H SUDVVL 0HUFROHGu IHEEUDLR ,O YLUWXRVLVPR VROLVWLFR /LV]W H 3DJDQLQL ,O URPDQWLFLVPR RWWR FHQWHVFR 6FKXEHUW 0HQGHOVVR KQ 6FKXPDQQ *OL LWDOLDQL FRQ

O·RSHUD VL SUHFOXGRQR OD VLQIR QLD 0HUFROHGu PDU]R /D PX VLFD UXVVD IUDQFHVH H WHGHVFD D FDYDOOR WUD ¶ H ¶ 6WUDXVV 0DKOHU 5DYHO 6WUDYLQVNLM 1XRYL VWLOL GHOOD FRVLGGHWWD PX VLFD FRQWHPSRUDQHD 6KRHQEHUJ %DUWRN 6RVWDNRYLFK

/H VHUDWH VRQR DG LQJUHVVR OLEH UR 3HU LQIRUPD]LRQL ZZZ LW EDOGHU H )%

>=EEAFA;A<AG $ MF GJJA:AD= F=GDG?AKEG 'RQQH GL RJQL HWj PD VRSUDWWXW WR JLRYDQL H JLRYDQLVVLPH PROWR VSHVVR YHQJRQR XFFLVH 1HOOD FURQDFD VL XVD OD SDUROD ´IHPPL QLFLGLRµ XQ QHRORJLVPR RUULELOH SHU LO VXR HYRFDUH OD IHPPLQD H QRQ OD 'RQQD 6JUDGHYROH H DPD UR SHUVLQR QHO VXRQR LO WHUPLQH ´IHPPLQLFLGLRµ q XQD FDWHJRULD FULPLQRORJLFD WULVWHPHQWH QRWD QRQFKp LQ LQFUHPHQWR FRVWDQWH /D 'RQQD q UHOHJDWD D IHPPLQD D RJJHWWR VHVVXDOH R VHPSOLFH PHQWH GL SRVVHVVR FRPH XQD TXDOVLDVL VXSSHOOHWWLOH )LQR D TXDQGR q XWLOH q REEHGLHQWH q VXFFXED« YLHQH ODVFLDWD YLYH UH 4XDQGR PDQLIHVWD XQD VXD

YRORQWj VLD QHO WURQFDUH XQD UHOD]LRQH DIIHWWLYD R XQ OHJDPH FRQLXJDOH TXDQGR GHVLGHUD DE EUDFFLDUH XQ·DOWUD UHOLJLRQH R YXROH VFHJOLHUH DXWRQRPDPHQWH GHOOD VXD YLWH H GHO VXR IXWXUR TXDQGR VL ULEHOOD D XQD YLROHQ ]D YLHQH XFFLVD GD LQQDPRUDWL UHVSLQWL GD PDULWL VHSDUDWL GD SDGUL LQGHJQL GL TXHVWR GROFH QRPH GD ODLGL VWXSUDWRUL &KL OHJJHVVH LQ TXHVWH PLH SD UROH DQFKH VROR XQD WUDFFLD GL IHPPLQLVPR q IXRUL VWUDGD 1RQ F·q QHFHVVLWj GL IDUH ULIHULPHQWR D PRYLPHQWL D ULYHQGLFD]LRQL D ULYROX]LRQL SHU DIIHUPDUH TXDQ WR VLD RUULELOH H VHQ]D UHPLVVLRQH

RJQL WLSR GL YLROHQ]D VHQ]D GL VWLQ]LRQH GL JHQHUH IUD PDVFKL OH H IHPPLQLOH ,Q TXHVW·XOWLPR FDVR F·q O·DJJUDYDQWH GHOOD PL QRUH IRU]D ÀVLFD XQD FDUDWWHULVWL

FD IHPPLQLOH QRQ FHUWR XQ GLIHW WR 3HU L YLJOLDFFKL FKH YRJOLRQR IDU GHO PDOH DG XQD GRQQD XQ YDQWDJJLR $ ' =

*(11$,2

11

63257

HJ=EA9LG DG KHGJL 9D ?J9F ?9D9 ,O GLFHPEUH DO 7HDWUR $VWUD GL 6DQ *LRYDQQL /XSD WRWR KD DYXWR OXRJR LO *UDQ *DOj GHOOR 6SRUW OD SULPD HGL]LRQH GHOOD SUHVWLJLRVD NHUPHVVH FKH KD SUHPLDWR L PLJOLRUL VSRUWLYL GHOO·DQQR ,O *UDQ *DOj GHOOR 6SRUW RU JDQL]]DWR GDOO·$VVHVVRUDWR DOOR 6SRUW GHO FRPXQH GL 6DQ *LRYDQQL /XSDWRWR q XQ HYHQWR SHQVDWR SHU SUHPLDUH L PLJOLRUL DWOHWL GHOO·DQQR H OH UHDOWj VSRUWLYH FKH VL VRQR PDJJLRUPHQWH GLVWLQWH QHO VLD D OLYHOOR ORFDOH FKH QD]LRQDOH 8QD PDQLIHVWD]LR QH FKH QRQ VL OLPLWD TXLQGL DO WHUULWRULR OXSDWRWLQR PD FKH DVVXPH DGGLULWWXUD FRQQRWD WL ROLPSLFL DUULYDQGR ÀQR D /RQGUD 8QD VHUDWD SHQ VDWD H FRVWUXLWD SHU RIIULUH DOOD FLWWDGLQDQ]D XQD NHUPHVVH G·HFFH]LRQH SHU DVVDSRUDUH GD YLFLQR LO YHUR VSLULWR GHO OR 6SRUW H SRWHU LQFRQWUDUH FDPSLRQL GL FDUDWXUD LQWHU QD]LRQDOH /·DPPLQLVWUD]LR QH FRPXQDOH KD PHVVR LQ SD OLR RWWR SUHPL DVVHJQDWL GD XQD JLXULD GL JLRUQDOLVWL GL

FXL XQR GL DVVROXWR SUHVWLJLR D OLYHOOR QD]LRQDOH ,O /XSR G·2UR SUHPLDYD LQIDWWL XQ DWOHWD R XQD VTXDGUD SUHVHQ WH LQ WHUULWRULR QD]LRQDOH FRQ XQ OHJDPH D 6DQ *LRYDQQL /XSDWRWR R SURYLQFLD ,O SUH PLR FRQVHJQDWR GDO VLQGDFR )HGHULFR 9DQWLQL q DQGDWR DOOH ´)DUIDOOHµ OD VTXDGUD LWDOLDQD GL JLQQDVWLFD ULWPLFD FKH DOOH 2OLPSLDGL GL /RQGUD KDQQR FRQTXLVWDWR OD PH GDJOLD GL EURQ]R $OWUR SUH PLR GL DVVROXWR SUHVWLJLR q LO 6$1*,263257 FRQVHJQDWR GLUHWWDPHQWH GDOO·LGHDWRUH H DUWHÀFH GL TXHVWR *UDQ *DOj O·$VV UH DOOR 6SRUW GL 6DQ *LR

YDQQL /XSDWRWR (QULFR 0DQ WRYDQHOOL D 0$18(/ '( 9(&&+, FRPH DWOHWD GHOO·DQ QR GHO FRPXQH OXSDWRWLQR ,O SUHPLR ',5,*(17( q DQ GDWR DOOD 'LULJHQ]D GHOO·$& /HJQDJR 6DOXV PHQWUH LO SUHPLR 0$1,)(67$=,2 1( q DQGDWR D /$ *5$1'( 6),'$ /D 3ROLVSRUWLYD )21 '$=,21( %(17(*2', VL q DJJLXGLFDWD LO SUHPLR $77, 9,7$· *,29$1,/( PHQWUH OD 32/,63257,9$ *$/0 21/86 q VWDWD SUHPLDWD SHU OD FDWHJRULD ',9(5 6$0(17( $%,/, , SLFFROL $PLFL GHOO·$6' 3R]]R VRQR LQYHFH ULVXOWDWL

PHULWHYROL GHO SUHPLR )$,5 3/$< $1'5($ $5*(17$ HQQH SDOODYROLVWD LQ IRU]D DOOD 6LVOH\ 7UHYLVR q LQYHFH LO *,29$1( 3,Õ 3520(7 7(17( ,O *UDQ *DOj GHOOR 6SRUW q VWDWR RUJDQL]]DWR FRQ LO SDWURFLQLR GHOOD 5HJLRQH 9HQHWR H GHOOD 3URYLQFLD GL 9HURQD *OL 6SRQVRU 8IÀ FLDOL GHOOD PDQLIHVWD]LRQH VRQR /83$727,1$ *$6 '(&$7+/21 %(67 :( 67(51 &7& +27(/ 9( 521$ H 0(',$35,17 FKH KDQQR VSRVDWR LO SURJHWWR ,O *UDQ *DOj GHOOR 6SRUW VL LQ VHULVFH LQ XQ SURJHWWR D SL DPSLR UDJJLR FKH O·$VVHVVR UH (QULFR 0DQWRYDQHOOL VWD PHWWHQGR LQ SLHGL DWWUDYHUVR XQD VHULH GL LQL]LDWLYH OHJDWH DO PRQGR 6SRUWLYR PLUDQGR DG XQR VYLOXSSR WHUULWRULDOH D ©&UHGR FKH QLHQWH FRPH OR 6SRUW SRVVD HVVHUH YHLFROR GL FRVu WDQWL LGHDOL SRVLWLYL (FFR SHUFKp ² SURVHJXH 0DQ WRYDQHOOL ² OR 6SRUW YXROH HV VHUH VROWDQWR XQ FDQDOH SHU DQGDUH D PLJOLRUDUH O·DSSHDO GHOO·LQWHUR WHUULWRULR µ

*9 ;JGFGK;9D9L9 9DD9 LGJJ= <=A D9E:=JLA 'RPHQLFD JHQQDLR D 9HURQD DYUj OXRJR OD A HGL ]LRQH GHOOD &52126&$ /$7$ $//$ 7255( '(, /$0%(57, JDUD SRGLVWLFD &RPSHWLWLYD 3URPR]LRQDOH ´9(57,&$/ 635,17µ RU JDQL]]DWD GDO *6' 0RP ERFDU ´5LVR 6DQ 0DUFRµ SDWURFLQDWD H RPRORJDWD GDO &HQWUR 6SRUWLYR ,WDOLDQR &RPLWDWR 3URYLQFLDOH GL 9H URQD &RPPLVVLRQH $WOHWLFD ,O SHUFRUVR VDUj FRPSRVWR GD XQ SULPR EUHYH WUDWWR VX VWUDGD H SRL GDOOD VFDODWD DOOD SUHVWLJLRVD H VWRULFD 7RUUH GHL /DPEHUWL GL JUDGLQL ,O ULWURYR q ÀVVDWR DOOH LQ 3LD]]D &RUWLOH 0HUFDWR 9HF FKLR YLFLQR D 3LD]]D (UEH GRYH VL WURYD OD 7RUUH GHL /DPEHUWL H GRYH VDUDQQR SRVWL OD ´FRQVHJQD SHWWRUDOLµ XQ FDUDWWHULVWLFR ´ULVWRUR D

WHPD VXOOD QRVWUD 9HURQDµ H OH ´SUHPLD]LRQLµ DO WHUPLQH GL FLDVFXQD FDWHJRULD / LVFUL]LRQL SRWUDQQR HVVH UH LQROWUDWH WUDPLWH H PDLO PRPERFDU#WLQ LW RSSXUH )D[ RSSXUH WUDPLWH LQYLR SRVWDOH DO *6' 0RPERFDU 9LD 0DUFRQL 6DQ *LRYDQQL /XSDWRWR 95 /D VHGH VRFLDOH VDUj DSHUWD RJQL *LRYHGu VHUD GDOOH DOOH /D &URQRVFDODWD GHOOD 7RUUH GHL /DPEHUWL IDUj GD DSUL SLVWD DOOD A HGL]LRQH GHO 3DOLR GHO GUDSSR YHUGH GL 9HURQD FRUVD SRGLVWLFD GHO OD GLVWDQ]D GL NP FKH UDSSUHVHQWD OD FRUVD SL VWRULFD DQWLFD H ORQJHYD DO PRQGR QDWD QHO SL GL RWWRFHQWR DQQL ID H FKH VWD SHU DUULYDUH DOOH HGL]LR QL DSSXQWDPHQWR SURJUDP

PDWR SHU LO /D WRUUH GHL /DPEHUWL q XQD WRUUH PHGLRHYDOH DOWD PHWUL FKH VYHWWD GD SLD] ]D (UEH QHO FHQWUR VWRULFR GHOOD FLWWj GL 9HURQD /D VXD FRVWUX]LRQH LQL]Lz QHO 6X GL HVVD IXURQR SRVWH GXH FDPSDQH GL FXL OD SL SLFFROD GHWWD 0DUDQJRQD VHUYLYD SHU VHJQDODUH JOL LQ FHQGL H OH RUH GHOOD JLRUQDWD

PHQWUH OD SL JUDQGH GHWWD 5HQJR SHU UDGXQDUH LO FRQ VLJOLR FRPXQDOH H SHU FKLD PDUH DOOH DUPL L FLWWDGLQL /D 7RUUH GHWLHQH LO SULPDWR GL HGLÀFLR SL DOWR GHOOD FLWWj GL 9HURQD VHJXLWD GDO ELDQ FR FDPSDQLOH GHO GXRPR DOWR P H GDO FRVLGGHWWR ´*UDWWDFLHOR GL 9HURQDµ DOWR PHWUL 0DXUL]LR 6LPRQDWR

*(11$,2

14

&521$&$ ', =(9,2

;GJKG H=J ?DA 9<=EHAE=FLA =D=LLGJ9DA 6L VYROJHUj LO JHQQDLR SUHVVR LO &HQWUR &LYL FR &XOWXUDOH GL =HYLR SLD] ]D 6DQWD 7RVFDQD GDOOH RUH XQ FRUVR GL DJJLRU QDPHQWR H ULTXDOLÀFD]LRQH SURIHVVLRQDOH GHGLFDWR LQ WLWRODWR ¶(OH]LRQL 3ROLWLFKH ² *OL DGHPSLPHQWL GHL FRPXQL /H RSHUD]LRQL GHJOL XIÀ FL HOHWWRUDOL GL VH]LRQH· ,O FRUVR q RUJDQL]]DWR GD $ Q X V F D $VVRFLD]LRQH QD]LRQDOH XIÀFLDOL GL VWDWR FLYLOH H G·DQDJUDIH FRQ LO SDWURFLQLR GHO FRPXQH GL =HYLR , UHVSRQVDELOL RUJD QL]]DWLYL VRQR *LXVHSSH 92==$ ² 5HVSRQVDELOH 6HU YL]L 'HPRJUDÀFL GHO &RPX QH GL =(9,2 WHO *LDQOXLJL 1$9$552 &RP SRQHQWH *LXQWD 1D]LRQDOH $186&$ WHO 9LWWRULD *$772 &RPXQH GL 9LJDVLR H )ORUD *2%%2 &RPXQH GL &DVWHO G·$]]D QR ,O SURJUDPPD q LO VHJXHQWH 2UH $SHUWXUD GHL OD YRUL 6DOXWR GD SDUWH GHOOH DXWRULWj SUHVHQWL H GHO &RP SRQHQWH *LXQWD 1D]LRQDOH

$186&$ *LDQOXLJL 1$ 9$552 2UH ,/ 6,67(0$ (/(7725$/( 3(5 /( (/(=,21, 32/,7,&+( /H PRGDOLWj GL HVSUHV VLRQH GHO YRWR ,O FRUSR HOHWWRUDOH JOL HOHWWRUL UHVLGHQWL DOO·HVWHUR H LO YRWR SHU FRUULVSRQGHQ]D */, $'(03,0(17, 35(3$5$725, ,O FDOHQGDULR GHOOH RSH UD]LRQL /D JHVWLRQH GHJOL HOHWWRUL UHVLGHQWL DOO·HVWHUR *OL HIIHWWL GHOOH QXRYH QRUPH LQ PDWHULD GL LVFUL]LR QH DQDJUDÀFD /D SUHGLVSR VL]LRQH H O·DXWHQWLFD]LRQH GHOOH OLVWH GD XVDUH SHU OD YRWD]LRQH 'LEDWWLWR H TXH VLWL */, 8)),&, (/(772 5$/, ', 6(=,21( &RP SRVL]LRQH FRVWLWX]LRQH FROOHJDPHQWL FRQ O·8IÀFLR HOHWWRUDOH FRPXQDOH 3UHVL GHQWL VFUXWDWRUL VHJUHWD UL ² QRPLQD VRVWLWX]LRQH FRPSLWL H UHVSRQVDELOLWj 5DSSUHVHQWDQWL GHOOH OLVWH ² GHVLJQD]LRQH UHTXLVLWL ID FROWj /H VH]LRQL RVSHGDOLH UH L VHJJL VSHFLDOL 9DOLGLWj

^ E '/Ks EE/ >hW dKdK͗ ĂƉƉĂƌƚĂŵĞŶƚŽ ŝŶ ŽƚƚŝŵŽ ƐƚĂƚŽ ϭϮϬ ŵƋ ƵůƚŝŵŽ ƉŝĂŶŽ ĐŽŶ ĐƵĐŝŶĂ ƐŽŐŐŝŽƌŶŽ͕ ϯ ĐĂŵĞƌĞ͕ Ϯ ďĂŐŶŝ͕ ĚŝƐŝŵƉĞŐŶŽ͕ ƌŝƉŽƐƚŝŐůŝŽ͕ Ϯ ďĂůĐŽŶŝ͕ ĐĂŶƚŝŶĂ Ğ ĂŵƉŝŽ ŐĂƌĂŐĞ͘ WŽƐƐŝďŝůŝƚă Ěŝ ĂĐƋƵŝƐƚŽ Őŝă Ă ƌĞĚĚŝƚŽ ŽƉƉƵƌĞ ůŝďĞƌŽ Ăů ƌŽŐŝƚŽ͘ ͘ ͘ ŝŶ ĂƚƚĞƐĂ Ěŝ ǀĞƌŝĨŝĐĂ ƵƌŽ ϭϮϴ͘ϬϬϬ͕ϬϬ

^ /DDK />/ Z Ͳ ŝŶĨŽΛĐĂƐĞŝŵŵŽďŝůŝĂƌĞ͘ŶĞƚ WŝĂnjnjĂ hŵďĞƌƚŽ /Σ͕ ϮϬ ^ĂŶ 'ŝŽǀĂŶŶŝ >ƵƉĂƚŽƚŽ ;sZͿ

dĞů Ϭϰϱ͘ϱϰϴϳϲϭ ʹ ϯϰϴ͘ϮϲϲϴϬϯϬ dž ZƵŽůŽ / sZ ϮϭϮϬ

GHOOH RSHUD]LRQL /( 23( 5$=,21, 35(/,0,1$5, &RQWUROOR GHO PDWHULDOH /LVWH GHJOL HOHWWRUL 6FKHGH SHU OD YRWD]LRQH 9HUEDOL GHOOH RSHUD]LRQL 7DEHOOH GL VFUXWLQLR 5HJLVWUL YDUL %ROOR GHO VHJJLR 0DQLIHVWL 8UQH 6HULH GL EXVWH SHU OD FRQIH ]LRQH GHL SOLFKL HFF $XWHQ WLFD]LRQH GHOOH VFKHGH GL YR WD]LRQH , 9(5%$/, '(//( 23(5$=,21, '(//·8)), &,2 ', 6(=,21( &RPSL OD]LRQH GD SDUWH GHO 6HJUHWD ULR YHULÀFD GHOO·HVDWWH]]D H FRPSOHWH]]D GHL GDWL ÀUPD GHL FRPSRQHQWL GHO VHJJLR

DOOHJDWL /( 23(5$ =,21, ', 927$=,2 1( $PPLVVLRQH GHJOL HOHWWRUL DOOD YRWD]LRQH &DVL VSHFLDOL FKH SRVVR QR YHULÀFDUVL QHO FRUVR GHOOD YRWD]LRQH ,O YRWR GHL FRPSRQHQWL GL VHJ JLR GHL PLOLWDUL GHL GH WHQXWL GHL ULFRYHUDWL LQ RVSHGDOL R FDVH GL FXUD ,O YRWR GHJOL HOHWWRUL QRQ GHDPEXODQWL LO YRWR DVVLVWLWR LO YRWR D GRPLFLOLR /H RSH UD]LRQL GL ULVFRQWUR DO WHUPLQH GHOOD YRWD ]LRQH /( 23(5$=,21, ', 6&587,1,2 6SRJOLR H UHJLVWUD]LRQH GHL YRWL &DVL GL QXOOLWj ² 6FKHGH ELDQFKH 9RWL FRQWHVWDWL 2SHUD]LRQL GL FRQWUROOR GHOOR VSRJOLR 5LVXOWDWR GHJOL VFUXWLQL /$ &+,8685$ '(, 9(5%$/, ( /$ )250$=,21( '(, 3/,&+, &21 */, $77, '(//$ 927$=,21( /( 6$1=,21, 35(9,67( '$/ 7,72/2 9,, '(/ ' 3 5 0$5=2 1 2UH 4XHVLWL H FDVL SUDWL FL ² 2UH &RQFOXVLRQH ODYRUL ^ĂŶ 'ŝŽǀĂŶŶŝ >ƵƉĂƚŽƚŽ ĂƉƉĂƌƚĂŵĞŶƚŽ ƌĞĐĞŶƚĞ ŽƚƚŝŵĂŵĞŶƚĞ ƌŝĨŝŶŝƚŽ ƐŝƚŽ Ăů ƐĞĐŽŶĚŽ ĞĚ ƵůƚŝŵŽ ƉŝĂŶŽ͕ ĚŝƐƉŽƐƚŽ ƐƵ ĚƵĞ ůŝǀĞůůŝ Ğ ĐŽŵƉŽƐƚŽ ĚĂ ŝŶŐƌĞƐƐŽ͕ ƐŽŐŐŝŽƌŶŽ ĐŽŶ ĐƵĐŝŶĂ͕ ĐĂŵĞƌĂ ĐŽŶ ĐĂďŝŶĂ ĂƌŵĂĚŝŽ͕ ďĂŐŶŽ Ğ ůĂǀĂŶĚĞƌŝĂ͕ ƉŝĂŶŽ ŵĂŶƐĂƌĚĂƚŽ ĐŽŶ ĚƵĞ ĐĂŵĞƌĞ͕ ďĂŐŶŽ͕ ƌŝƉŽƐƚŝŐůŝŽ Ğ ďĂůĐŽŶĞ͘ 'ĂƌĂŐĞ ĚŽƉƉŝŽ Ăů ƉŝĂŶŽ ŝŶƚĞƌƌĂƚŽ͘ ͘ ͘ ŝŶ ĂƚƚĞƐĂ Ěŝ ĚĞĨŝŶŝnjŝŽŶĞ

ƵƌŽ ϭϵϬ͘ϬϬϬ͕ϬϬ

),12 $/

Issuu converts static files into: digital portfolios, online yearbooks, online catalogs, digital photo albums and more. Sign up and create your flipbook.