$11$/(6©6HUKLVWVRFLRO©©©

RULJLQDOVFLHQWLILFSDSHU 8'&


ULFHYXWR
=221,0,$,675,27$
6DQGUD7$0$52
8QLYHUVLWjGL)LXPH)DFROWjGL)LORVRILDGL3ROD+53ROD9LD0DWHWL ß5RQMJRY
HPDLOVDQGUDWDPDUR#SXKLQHWKU
6,17(6,
,QTXHVWRODYRURYHUUDQQRSUHVHQWDWLLQRPLGHJOLDQLPDOLGRPHVWLFLQHLGLDOHWWLLVWULRWLGHOO
,VWULDVXGRFFLGHQWDOH
/
LVWULRWRQHOOHVXHYDULHWiURYLJQHVHYDOOHVHGLJQDQHVHJDOOHVDQHVHIDVDQHVHVLVVDQHVHUDSSUHVHQWDXQWHVRURSHU
ODOLQJXLVWLFDURPDQ]DLQTXDQWRoO
XQLFRGLDOHWWRQHRODWLQRDXWRFWRQRGHOODSHQLVRODLVWULDQDGHULYDQWHDQFRUDGD
TXHOO
DQWLFRODWLQRYROJDUHSDUODWRLQ,VWULDLQVHJXLWRDOODFRORQL]]D]LRQHURPDQDQHOD&$WWXDOPHQWHO
LVWULRWR
VWDOHQWDPHQWHVFRPSDUHQGRGLIURQWHDOO
LPSRQHQWHLQIOXVVROLQJXLVWLFRLVWURYHQHWRHFURDWRFLDFDYR
3DUROHFKLDYHLVWULRWR]RRQLPLDHWLPRORJLDGLDOHWWRORJLD,VWULD
,675,27=221<06
$%675$&7
7KHQDPHVRIGRPHVWLFDQLPDOVLQ,VWULRWGLDOHFWVZLOOEHSUHVHQWHGLQWKLVSDSHU2XUSXUSRVHLVWRVKRZWKURXJK
WKH HW\PRORJLFDO DQDO\VLV WKH GLUHFW GLVFHQGHQFH RI WKH ,VWULRW ]RRQ\PV IURP WKH 9XOJDU /DWLQ DQG WKH
FRUUHVSRQGHQFHRIVRPH,VWULRW]RRQ\PVZLWKWKHVDPHWHUPVLQRWKHU5RPDQFHGLDOHFWVDQGODQJXDJHV7KHVH,VWULRW
GLDOHFWV DUH YHU\ LPSRUWDQW IRU WKH 5RPDQFH /LQJXLVWLFV EHFDXVH WKH\ DUH WKH XQLTXH DXWRFKWKRQRXV 1HRODWLQ
GLDOHFWV LQ ,VWULD DQGQRZ XQGHU WKH LPSRQHQW LQIOXHQFH RI ,VWURYHQHWLDQ DQG&LDFDYLDQ GLDOHFWV WKH\ DUH VORZO\
G\LQJ
.H\ZRUGV,VWULRW]RRQ\PVHW\PRORJ\GLDOHFWRORJ\,VWULD
$11$/(6©6HUKLVWVRFLRO©©©
6DQGUD7$0$52=221,0,$,675,27$

,1752'8=,21(
/R VFRSR GL TXHVWR ODYRUR q TXHOOR GL GLPRVWUDUH
DWWUDYHUVR O
DQDOLVL HWLPRORJLFD GHJOL ]RRQLPL LO GLUHWWR
FROOHJDPHQWRGHOO
LVWULRWRFRQLOODWLQRHPHWWHUHLQOXFH
LOFDUDWWHUH URPDQ]RGLTXHVWHSDUODWH 6HFRQGRXQDS
SURFFLR GLDFURQLFR JOL ]RRQLPL LVWULRWL YHUUDQQR FRQ
IURQWDWLFRQLWHUPLQLODWLQLFODVVLFLHTXHOOLWDUGRODWLQLR
YROJDULPHQWUH LQ XQD SURVSHWWLYD VLQFURQLFD YHUUDQQR
PHVVLDFRQIURQWRJOL]RRQLPLLVWULRWLIUDGLORURHODORUR
HYHQWXDOHFRUULVSRQGHQ]DRGLVFRUGDQ]DFROYHQH]LDQR
FRLGLDOHWWLYLFLQLRFRQOHDOWUHOLQJXHURPDQ]H
3HU ULVDOLUH DOO
RULJLQH GHL VLQJROL ]RRQLPL FL VLDPR
VHUYLWL GHO '(, PHQWUH SHU OD ULFRVWUX]LRQH GHJOL VWUDWL
SL~ DQWLFKL FL VLDPR DWWHQXWL DO 5(: 3HU TXDQWR
ULJXDUGD OD VLQFURQLD RYYHUR JOL ]RRQLPL H OD WHUPL
QRORJLD GLDOHWWDOH LQ TXHVWLRQH HVVD q VWDWD UDFFROWD
GDOO
$/,QRQFKpGDLVHJXHQWLGL]LRQDUL''9'6)('&
1''79',9'59* ,QROWUHGLRJQLDQLPDOHq VWDWD
IDWWDXQ
LQWURGX]LRQHVWRULFRGHVFULWWLYDFKHQHVSHFLILFD
OHFDUDWWHULVWLFKHLOSDHVHG
RULJLQHHLOSHULRGRGHOODVXD
GRPHVWLFD]LRQH
&+(&26$±/
,675,272
/H SDUODWH LVWULRWH VRQR OH XQLFKH SDUODWH QHRODWLQH
DXWRFWRQH VXO WHUULWRULR LVWULDQR VYLOXSSDWHVL GLUHWWD
PHQWH GDO ODWLQR YROJDUH SDUODWR XQD YROWD LQ ,VWULD
PROWR SULPD FKH YHQLVVH LPSRUWDWR LO YHQH]LDQR LO FXL
LQIOXVVRFRPLQFLD LQWRUQR O
DQQR0LOOH H VL UDIIRU]D QHO
4XDWWURFHQWR )LOLSL'HDQRYLß
$ FRQWLQXDUH TXHVW
DQWLFD ODWLQLWj LVWULDQD HUDQR OH SHU
VRQH DXWRFWRQH GHO WHUULWRULR DSSDUWHQHQWL DOOR VWUDWR
VRFLDOH EDVVR FRQWDGLQLPDULQDL DJULFROWRUL FKHPDQ
WHQJRQR WXWW
RJJL YLYR TXHVW
LGLRPD QHRODWLQR LQ VHL
ORFDOLWjGHOO
,VWULDVXGRFFLGHQWDOHGLFXLGXH5RYLJQRH
)DVDQD VRQR VLWXDWH VXO PDUH PHQWUH OH ULPDQHQWL
'LJQDQR *DOOHVDQR 9DOOH H 6LVVDQR QHOO
HQWURWHUUD
4XHVWL VHL SRVWL DQFKH VH RFFXSDQR XQ
DUHD JHR
JUDILFDPHQWH QRQ PROWR HVWHVD DYHQWH LO UDJJLR GL 
NP QRQ FRVWLWXLVFRQR XQD ]RQD OLQJXLVWLFDPHQWH XQL
WDULD FRPH OR HUD LQ SDVVDWR TXDQGR O
LVWULRWR HUD
SDUODWR LQ WXWWD O
,VWULDHGHUDXQ WXWW
XQRFRO IULXODQRH
FRO GDOPDWLFR /D SULPD URWWXUD GHO ODWLQR YROJDUH
XQLWDULRQHOOD5RPDQLD OLQJXLVWLFDDYYHQQHGDO ,9DO ,;
VHF 7HNDYáLß   GRSR GL FKH OH OLQJXH
URPDQ]H FRPLQFLDQR LO ORUR VYLOXSSR H D FDXVD
GHOO
LQYDVLRQHVODYDLQTXHVWL WHUULWRULDYYHQXWDQHO9,H
9,, VHF VL IRUPDQR WUH GLDVLVWHPL URPDQ]L GLYHUVL LO
IULXODQRDQRUG O
LVWULRWR LQ ,VWULDH LOGDOPDWLFR LQ'DO
PD]LD H VXOOH VXH LVROH )LOLSL   , 5RPDQL
LVWULDQLVYLOXSSDURQRXQDORUROLQJXDO
LVWULRWRFKHVHJXu
XQSURSULRFRUVRILQRDOO
DUULYRGHL9HQH]LDQLFKHFRQLO
GRPLQLRSROLWLFR H FRPPHUFLDOH GHOOD 6HUHQLVVLPD LP
SRUWDURQR LO ORUR LGLRPDDTXHO WHPSR VLPERORGL FXO
WXUD H SUHVWLJLR H LQ ,VWULD LQ VHJXLWR DL FRQWDWWL TXRWL
GLDQLVLVYLOXSSyXQDOWURGLDOHWWRURPDQ]RO
LVWURYHQHWR
FKHFROWHPSRVRSSLDQWyO
LVWULRWRSDUODWRQHLYDULSDHVL
/DVWHVVDVRUWHODVXEuLOGDOPDWLFR
'DWR FKH QRQ F
HUD XQ FHQWUR SL~ IRUWH FKH FRO
OHJDVVH L SXQWL H OD JHQWH LVWULRWD D5RYLJQR'LJQDQR
6LVVDQR9DOOH)DVDQDH*DOOHVDQRVLVYLOXSSDURQRGHOOH
SDUODWH ORFDOL GLIIHUHQWL WUD ORUR RJQXQD FRQ GHOOH
FDUDWWHULVWLFKH SURSULH DQFKH VH VLPLOL DOOD ILQ ILQH LQ
TXDQWRULFRQGXFLELOLDXQDEDVHFRPXQH WXWWLGHULYDQR
GDO ODWLQR YROJDUH FKH HUD SDUODWR VX WXWWD OD SHQLVROD
LVWULDQDGDOD&LQSRL2JJLTXHVWHYHUHHSURSULH
LVROHOLQJXLVWLFKHLVWULRWHVRQRFLUFRQGDWHGDSDHVLLQFXL
VL SDUOD O
LVWURYHQHWR H LO GLDOHWWR FURDWR FLDFDYR FKH
VRSSULPRQRVHPSUHSL~OHXQLFKHDQWLFKHWHVWLPRQLDQ]H
QHRODWLQHLVWULDQH$WWXDOPHQWHLGLDOHWWLLVWULRWLYHQJRQR
XVDWLGDJUXSSLHWQLFLGLVFDUVDHQWLWjQXPHULFDHLVRODWL
IUD ORUR %XUÊLß*LXGLFL   ´ XQ GLDOHWWR
UHJRODWR DOO
XVR HVFOXVLYDPHQWH IDPLOLDUH HQWUR XQD
EUHYH FHUFKLD GHOOH PXUD H SULYR GL WUDGL]LRQH VFULWWD
FRP
qQRQVRORQRQVLULQQRYDPDSHUGHUDSLGDPHQWH
SDUROH H FRVWUXWWL FKH QRQ SRVVRQR YHQLU ULFUHDWL H
ULPSLD]]DWLQHOVLVWHPD&HUQHFFD%XUÊLß
*LXGLFL
s /RFDOLWj LQ FXL VL SDUOD O
LVWULRWR D 5RYLJQR LO
URYLJQHVH 52 D 9DOOH LO YDOOHVH 9$ D 'LJQDQR LO
GLJQDQHVH ', D *DOOHVDQR LO JDOOHVDQHVH *$ D
)DVDQDLOIDVDQHVH)$D6LVVDQRLOVLVVDQVH6,
l/RFDOLWjLQFXLVLSDUODYDO
LVWULRWRD3LUDQRLOSLUDQHVH
3,D3RODLOSROHVH32
&DUWLQD OLQJXLVWLFD GHOO
,VWULD GLVHJQR GL 5RPXDOG
=ODWXQLÞVXOPRGHOORGL'HDQRYLÞ
/LQJYLVWLàQL ]HPOMHYLG ,VWUH ULVED 5RPXDOGD =ODWXQLÞD
SRY]RUFX'HDQRYLÞ
$11$/(6©6HUKLVWVRFLRO©©©
6DQGUD7$0$52=221,0,$,675,27$

,SULPLGRFXPHQWLVFULWWLLQLVWULRWRULVDOJRQRDO
DQQR LQ FXL * 9HJH]]L 5XVFDOOR XQ DSSDVVLRQDWR GL
GLDOHWWRORJLD IHFH VWHQGHUH OH SULPH YHUVLRQL LVWULDQH
GHOOD3DUDERODGHO)LJOLXROSURGLJRSXEEOLFDWDQHO
GD 6DOYLRQL 9LGRVVLFK , SULPL WHVWL LVWURURPDQ]L QRQ
VRQR VRUWL SHU QHFHVVLWj SUDWLFKH FRPH DG HVHPSLR L
*LXUDPHQWLGL6WUDVEXUJR L3ODFLWLFDPSDQLQpVRQR LO
ULVXOWDWRGHOO
DVVXUJHUHRUJDQLFRGL XQ LGLRPD D OLQJXD
/DFRQTXLVWDGHOO
LVWULRWRVFULWWRqGRYXWDDOODFXULRVLWjGL
ILORORJL HG HUXGLWL ORFDOL 7HNDYáLß   2JJL
PROWL SRHWL XVDQR O
LVWULRWR FRPH PH]]R HVSUHVVLYR GL
JUDQGHVXJJHVWLYLWjVLSHQVLSHVD/%RJOLXQ'HEHOMXK
(=DQLQL*&XUWR/'HOWRQFKHFUHDQRXQ
DWPRVIHUD
DUFDLFD GL ULHYRFD]LRQH GHOOD FDPSDJQD GHJOL DQWLFKL
XVLHFRVWXPLGHOODORURJHQWH
5,*8$5'2$/120(
*,$VFROL KD GDWR D TXHVWR LGLRPDQHRODWLQR O
DS
SHOODWLYR RYYHUR LO QRPH GL LVWULRWR VX DQDORJLD FRQ
YHJOLRWR 'HDQRYLß   , OLQJXLVWL LWDOLDQL OR
FKLDPDQRLVWULDQRLOFKHQRQqVXIILFLHQWHPHQWHSUHFLVR
SHUTXDOLILFDUHTXHVWRLGLRPDSHUFKpLVWULDQLVRQRDQFKH
L GLDOHWWL YHQH]LDQR FLDFDYR VORYHQR GHOO
,VWULD FLRq
GLDOHWWLVLDURPDQ]LFKHVODYL3HWDU6NRNORKDFKLDPDWR
LVWURURPDQ]R LQ SDUDOOHOR FRQ L QRPL GL DOWUH OLQJXH
URPDQ]H FRPH DG HVHPSLR O
LVWURURPHQR LO UHWRUR
PDQ]R LOJDOORURPDQ]RHFF 'HDQRYLß
DQFKHVHXVDSXUHLOWHUPLQHGLLVWULRWHSUHYHQHWLHQFLRq
LVWULRWRSUHYHQHWR3HUVLQRLOJUDQGH'DQWHQHOODVXD'H
YXOJDULHORTXHQWLDSDUODQGRGHLYDULYROJDULQHOFDSLWROR
;, GHGLFDWR D TXHOOL FKH KDQQR EUXWWR H LQRUQDWR SDU
ODUHPHWWHDQFKHO
LVWULRWRHGLFHJOL,VWULDQLLTXDOL
FRQ FUXGHOL DFFHQWL GLFRQR &HV IDV WX" 'DQWH 
&LyFRQIHUPDFKH'DQWHQRQULWHQHYDO
LVWULRWRXQ
GLDOHWWRSDUWLFRODUPHQWHPHORGLRVR
,O SULPR OLQJXLVWD FKH VL q RFFXSDWR LQ PRGR
VFLHQWLILFRGHOOH SDUODWH LVWULRWH q VWDWR LO JRUL]LDQR*,
$VFROL LO TXDOH QHO SULPR YROXPH GHOO
$UFKLYLR JORW
WRORJLFR LWDOLDQR GD OXL GLUHWWR DIIHUPy  DQFKH WUD L
YROJKL GHOOD ,VWULD YHQHWD ULVXRQDQR DOFXQH SDUODWH FKH
PROWR VL VFRVWDQR GDO GLDOHWWR GL 9HQH]LD 4XDQWR DL
WHUULWRUL LVWULDQL D FXL DOOXGLDPR OD ORUR VWUDWLILFD]LRQH
GLDOHWWDOH HG HWQRORJLFD q VLFXUDPHQWH FRPSOLFDWD
$VFROL   3HQVDYD QDWXUDOPHQWH DOOR
VWUDWR DXWRFWRQR ODWLQR D TXHOOR IULXOLDQR YHQH]LDQR H
RJJLSRVVLDPROLEHUDPHQWHDJJLXQJHUHDQFKHO
HOHPHQWR
FURDWR QHOO
LGLRPD LVWULRWR LQ TXDQWR OD SUHVVLRQH H
O
LQIOXVVR GHO GLDOHWWR FURDWR FLDFDYR SDUODWR QHOOH
ORFDOLWjYLFLQHqRYYLR
,120,'(,3,»&2081,$1,0$/,'20(67,&,
1(,',$/(77,,675,27,(/$/25225,*,1(
4XDQGRVLSDUODGLDQLPDOLqLQGLVSHQVDELOHLQL]LDUH
SDUWHQGRDSSXQWRGDOQRPHJHQHULFR FKH OL DFFRPXQD
RYYHURDQLPDOL HEHVWLDPH SHU JOL DQLPDOL DOOHYDWL SHU
O
DJULFROWXUD H O
DOLPHQWD]LRQH ,O EHVWLDPH QHL GLDOHWWL
LVWULRWLYLHQH LQGLFDWRFRPHULSRUWD O
$/,QHO URYLJQHVH
DQD
PDMQHOYDOOHVHDQH
PDMQHOGLJQDQHVHDQL
PDMQHO
JDOOHVDQHVH 
EHVFH QHO IDVDQHVH EHÈWMH QHO VLVVDQHVH

EHÈßH $/,  6HFRQGR LO '(, OD SDUROD EHVWLDPH
VP;,,, VHFGHVLJQDQWH LOFRPSOHVVRGHJOLDQLPDOLGD
VWDOODGHULYDGDOODWPHG%(67,$0(1,1,6'(,
3UREDELOPHQWHGDOO
LWDOO
DVSDJQEHVWLDPHSHUEHVWLDMH
HSURYEHVWLDP/DSDURODEHVWLDVIqXQDYRFHGRWWD
FKH GHULYD GDO ODW %(67,$ VLQRQLPR GL %(/8$ FIU
ELVFLD1HL GLDOHWWL DOSLQL GRYH OD YRFH q GL WUDGL]LRQH
VHPLGRWWD EHVFLD VL q VSHFLDOL]]DWR SHU LQGLFDUH OD
SHFRUD 'DOOD IRUPD WDUGD %(67$ *ORVVH GHULYD LO IU
EHWHHO
DSRUWEHVWD1HO5(:WURYLDPRODYRFHODWLQD
%(67,$5(:Q/DSDURODDQLPDOHLQGLFDQWH
O

LQGLYLGXRGRWDWRGLVHQVL
DQW'DQWH
HVVHUHXPDQR

qXQDYRFHGRWWDGHULYDQWHGDO ODW$1,0$/ $/,6 
HV
VHUHYLYHQWH
SRL 
DQLPDOH
RSSRVWRD 
XRPR
1HLGLD
OHWWL LQGLFD GHWHUPLQDWL DQLPDOL LQ TXHOOL VHWWHQWULRQDOL
VSHFLDOPHQWHLOSRUFR'(,,O5(:ULSRUWDOHYRFL
ODWLQH $1,0$/ H $1,0$/,$ 5(:  Q  1HO
9'5WURYLDPRDQDPDOSODLSHUyqSUHVHQWHDQFKHOD
IRUPDDQHPDODLDQDPDOLDDQFKHDQLPDOLDXVDWRSHU
LQGLFDUH JOL DQLPDOL LQ JHQHUDOH GDO ODW $1,0$/,$
9'50DQ]LQL5RFFKLULSRUWDQREHV
FLD'6)('&
 PHQWUH &HUQHFFD FLWD OH YRFL YDOOHVL EHV
FLD
EHV
FLDPH H DQHPDO SO DL ''9   ,O 9*
ULSRUWDDQDPDOSODLHODYRFHWULHVWLQDEHVWLDQRQFKp
OHIRUPHEHV
FLDEHVFKLD9*'DOOD=RQFDFLWD
OH YRFL GLJQDQHVL DQHPDL 
DQLPDOL JUHJJH DUPHQWL
 H
EHVFLD 
EHVWLD
 9',   9HGLDPR FKH OD SDUROD
$1,0$/,6QVRVWDQWLYRQHXWURGHOODWHU]DGHFOLQD]L
RQH VL q FRQVHUYDWR QHL GLDOHWWL LVWULRWL QHOOH IRUPH
DQDPDODQHPDOPFDPELDQGRGLJHQHUH LQTXDQWR LO
QHXWUR q VWDWR HOLPLQDWR GDOOD OLQJXD HG q VWDWR IDWWR
FRQIOXLUH FRO PDVFKLOH FRPH DQFKH LO VXR SOXUDOH
$1,0$/,$,80QGLYHQWDWRDQDPDLDQHPDLDQLPDL
SOPFRQVHUYDWRQHOODIRUPDDQDPDOLDQHOURYLJQHVH
3HU TXHO FKH ULJXDUGD OD SDUROD %(67,$ $( I VR
VWDQWLYR IHPPLQLOHGHOODSULPDGHFOLQD]LRQH ODWLQD H OD
SDUROD ODWLQDPHGLRHYDOH%(67,$0(1 ,6 HVVH VL VRQR
PDQWHQXWHQHLGLDOHWWLLVWULRWLSHULQGLFDUHOD
EHVWLD
HLO

EHVWLDPH
FRVuFKHLO*$HLO6,XVDODSDURODEHVFH I
SO PHQWUH LO )$ KD EHÈWLH I SO LQYHFH LO 9$ XVD
EHVFLDPH QRPH FROOHWWLYR P VLQJ EHVFLD I VLQJ
ODW %(67,$ 0 ! EHVFLD SO EHVFH LO QHVVR VW VL
SDODWL]]DLQÊáQHO*$)$RYYHURGLYHQWDÊWQHO)$H
Êá QHO 6, 1HO 52 DSSDUH ELHÈßD ELHVWLD FLRq OD H
ODWLQDLQL]LDOHGLWWRQJDLQ\HODWPHG%(67,$0,1(0
!EHVFLDPHVW!Êá
/
DQDWUD$1$6
/
DQDWUD R DQLWUD q XQ XFFHOOR DFTXDWLFR GHJOL
$QDWLGL $QDWLGDH DSSDUWHQHQWHDOO
RUGLQHGHJOL$QVHUL
$11$/(6©6HUKLVWVRFLRO©©©
6DQGUD7$0$52=221,0,$,675,27$

IRUPL $QVHULIRUPHV 4XHVW
DQLPDOH KD LO EHFFR ODUJR
DSSLDWWLWRIRUQLWRGLODPHOOHHDOO
DSLFHKDXQ
XQJKLDOH
]DPSH D TXDWWUR GLWD GL FXL WUH SDOPDWH ,O SLXPDJJLR
GHOO
DQDWUDqOLVFLRHVSHVVRGLFRORULYLYDFLHVPDJOLDQWL
QHL PDVFKL GL FRORUL SL~ WHQXL QHOOH IHPPLQH 'DOOD
FRPXQH DQDWUD VHOYDWLFD R *HUPDQR UHDOH $QDV ER
VFKDV GLVFHQGRQR OH YDULH UD]]H GL DQDWUH GRPHVWLFKH
6PROQLNŸ/
DOOHYDPHQWRGHOOHDQDWUHq
DQWHULRUH LQ (XURSD D TXHOOR GHL SROOL )X SUDWLFDWR GDL
5RPDQL FKH QH DSSUH]]DYDQR OD FDUQH 0ROWH VSHFLH
VRQR DXWRFWRQH GHL QRVWUL WHUULWRUL FRPH OD 6SDWXOD
&O\SHDWD DOWUH VRQR PLJUDWULFL H YHQJRQR VROR G
LQ
YHUQR FRPH OD&ODQJXOD KLHPDOLV H OD1\RUFD Q\RUFD
(QFLFORSHGLD 7UHFFDQL  ,,,  6PROQLN 

/DSDURODDQDWUDDQLWUDWUDHRULJLQHGDOODWLQR$1$6
$7,6,7,6HWLPRORJLFDPHQWHFRUULVSRGHQWHDO WHGHVFR
(QWH DD WHGDQXW G
DUHD IUDQFHVH DQH SURYHQ]DOH
FDWDODQD VSDJQROD H SRUWRJKHVH /
LWDOLDQR H L VXRL
GLDOHWWL SUHVXSSRQJRQR LQYHFH OD YDULDQWH$1,75$ FIU
ODW YROJDUH &8/&,75$ 
FROWULFH
 SHU &8/&,7$ /
LWD
OLDQRPHULGLRQDOHKDSDSHUD '(, ,O5(: ULSRUWD
$1$6$7,6H
$1,75$ LWDQDWUD H DQLWUD YHQDQHUD
URP DQDGUD LVWULDQRQDQDUD SROHVDQR DQDUR SHU GHVL
JQDUH 
XQ
DQDWUD PDVFKLR
 5(:  Q  1HO
5(:&8/&,7$KDLOVLJQLILFDWRGL
FXVFLQR
5(:
Q&RUWHOD]]R=ROOL ULIHULVFRQR LO /9 
DQLWUDP
SHULO/&O$1$7(0GLRULJLQHLQGRHXURSHDDWWHVWDWR
DOOD ILQH GHO VHF ;,, ULWHQXWR XQ WHVRUR YROJDUH DQLWUD
'DQWHDQDGUDqJLjDWWHVWDWRQHO ODWPHGLHYDOH
GL9HQH]LDGHO6HOODYHQH]LDQD '(/,5RVD
PDQL FLWDDQDUDDQHUD 9*   /
DQDWUD VHOYDWLFD
YLHQH GHWWDPDVRUR RPDVRULQ 1''7  H O
DQDWUD
FRPXQH DQDUD 1''7  QHO '6)('& WURYLDPR
DQDUDHDQHUDSDUROHFKH VL WURYDQRQHOO
DUHDYHQHWDH
FKHVRQRVRUWHGDDQDGUDDWWHVWDWRD9HQH]LDQHO
'6)('&  QHO 9'5 L 3HOOL]]HU GDQQR OD SDUROD
URYLJQHVHDQDUDFLWDQGRDQFKHLYDULGLPLQXWLYLDQHUHLQ
DQLUHLQ DQDULHOD DQDULWD H LO WULHVWLQR DQDUD H DQHUD
9'5
/
DQDWUD5DFD6PROQLN
1HL ULVSHWWLYL GL]LRQDUL ULWURYLDPR OD SDUROD YDOOHVH
DQHUD''9ODIRUPDGLJQDQHVHDQHUD9',FKH
ROWUHDG
DQDWUD
KDDQFKHLOVLJQLILFDWRGL
GRQQDSLFFROD
H JUDVVD
 1HOO
$/, YHGLDPR FKH TXHVWR DQLPDOH YLHQH
FKLDPDWRQHO52DQDWUDQHO9$DQHUDQHO',*$)$
6,DQLWUD$/,
6L SXy QRWDUH FKH OR ]RRQLPR $1$6 $1$7,6 I
VRVWDQWLYR IHPPLQLOH LPSDULVLOODER GHOOD WHU]D GHFOLQ
D]LRQHODWLQDVLqFRQVHUYDWRQHLGLDOHWWLLVWULRWLVXEHQGR
TXHVWH HYROX]LRQL IRQHWLFKH /&O $1$7(0 ! /9

DQLWUDHSHQWHVLGHOODUHGLVVLPLOD]LRQHDD→D
Ÿ L QHO',*$ )$ 6, ! ODWPHGLHYDQDGUD VRQR
UL]]D]LRQH W !G !DQDUD QHO 52SHUGLWD GHOOD W !
DQHUDGLVVLPLOD]LRQHDŸD→DŸHQHO529$
',
/
DVLQR(4886$6,186
/
DVLQR q FODVVLILFDWR QHOO
RUGLQH GHL 3HULVVRGDWWLOL
QHOODIDPLJOLDGHJOL(TXLGLHGqDVFULWWRDOJHQHUH(TXXV
HDO VRWWRJHQHUH$VLQXV ´ FDUDWWHUL]]DWR GD GLPHQVLRQL
LQIHULRUL D TXHOOH GHO FDYDOOR GL FRUSRUDWXUD HVWUHPD
PHQWH VREULD H UHVLVWHQWH 4XHVW
DQLPDOH q SHUy
VHQVLELOLVVLPR DO IUHGGR H SHUFLy OD VXD DUHD GL GLI
IXVLRQHPHQWUH VL HVWHQGH VLQR DOO
HTXDWRUH QRQ FRP
SUHQGHOHUHJLRQLGHOQRUG(XURSDHGHOO
$VLD3DUHFKH
O
DGGRPHVWLFDPHQWR GHOO
DVLQR DEELD SUHFHGXWR TXHOOR
GHOFDYDOORH VLD DYYHQXWRQHOO
$IULFDRULHQWDOHPHQWUH
LQ (XURSD q VWDWR LQWURGRWWR QHOO
HSRFD QHROLWLFD *OL
DVLQL VHOYDWLFL DIULFDQL DSSDUWHQJRQR WXWWL D XQD VROD
VSHFLH(TXXVDVLQXVDIULFDQXVVRPDOLHQVLVGDOODTXDOH
q GHULYDWR O
DVLQR GRPHVWLFR FKH YLHQH DOOHYDWR H
XWLOL]]DWRFRPHDQLPDOHGD WLUR GD VRPD H GD VHOOD H
DQFKHSHUODVXDFDUQHHSHULOODWWHGHOO
DVLQD6PROQLN
(QFLFORSHGLD7UHFFDQL,9
/
DVLQR HUD XQ DQLPDOH UDUR LQ *UHFLD H GRYHYD
VHUYLUH DOO
HSRFD RPHULFD FRPH ULSURGXWWRUH 4XHVWR
FDUDWWHUHIXRVVHUYDWRDQFKHLQ,QGLDGRYHLOEUDKPLQR
YHQXWRPHQRDOYRWRGLFDVWLWj LPPRODYDXQDVLQRSHU
FRVuULDFTXLVWDUHODSHUGXWDIRU]DYLULOHHSHUODVDFUDOLWj
DWWULEXLWDGDLSRSROLSULPLWLYLDOO
DWWRGHOODJHQHUD]LRQH
O
DVLQR DFTXLVWy LQ TXDOFKH OXRJR DQFKH LO FDUDWWHUH
G
DQLPDOHVDFUR(QFLFORSHGLD7UHFFDQL,9
/D SDUROD DVLQR GHULYD GDO ODWLQR $6,186 SDVVDWR
DQFKHQHOJHUPDQLFRFIU WHG(VHO(VVHQGR O
DVLQRXQ
DQLPDOHDQDWROLFRPHGLWHUUDQHRLOODW$6,186LQFXLVL
QRWHUj OD PDQFDQ]D GL URWDFLVPR QRQ q YRFH LQGR
HXURSHDFIUJURQRV VXPHULFRDQVX HQHOEDVFRDVWR
'(,  1HO 5(: DFFDQWR DOOD IRUPD $6,186 WUR
YLDPRO
LVWULDQRDVLUO
LWDVLQRLOIUDQHLOSURYLONDW
DVH OR VS H SRUWDVQR 5(: Q 1HL GLDOHWWL
LVWULRWL OD SDUROD DVLQR H L VXRL GLPLQXWLYL DVLQHOOR D
YHQJRQRFKLDPDWLQHOURYLJQHVHVD
PMHUDQHOYDOOHVH
VDPH
UXO VD
PHUD QHO GLJQDQHVH VDPH
URO H VDPH
UROD
QHO JDOOHVDQHVH VD
PHU D VDPH
URO VDPH
UHWD QHO
IDVDQHVHÈD
PHU DHPXÈPXÈDQHO VLVVDQHVH ÈD
PHU
ÈD
PHUD$/,1HO9',SHU
DVLQR
WURYLDPRLOHPPL
VDPHU H DVHQR 9',   QHO 9'5 L 3HOOL]]HU
ULSRUWDQRODSDURODVRPLHU
VRPDURRDQLPDOHGDVRPD

$11$/(6©6HUKLVWVRFLRO©©©
6DQGUD7$0$52=221,0,$,675,27$

LO YDOOHVH H LO GLJQDQHVH VDPHU H LO YHQH]LDQR VRPDUR
IDFHQGRULVDOLUHODVXDRULJLQHDOODW6$*0$5,865(:
 ODW WDUGR 6$80$5,86 9'5  1HL YDUL
GL]LRQDULDEELDPRWURYDWRULVSHWWLYDPHQWHODIRUPDYDO
OHVHDVHQR '6)('&  OH YRFL VDPHU &DS VDPHURO
GVDPLHU 5VRPLHURVDPLU 9JOVRPDUR 9*
  ,O 5(: ULSRUWD 6$*0$5,86 
DQLPDOH GD
VRPD
HGL 
DVLQR
 YHJO VDPXU LW VRPDUR IUDQF VRP
PLHUVSVRPHUR5(:Q1HO1''7HQHO
''9 OD SDUROD VDPHU H OH VXH YDULDQWL VRQR DVVHQWL
FRPH SXUH QHL '(, QRQ q ULSRUWDWD O
HWLPRORJLD GHOOD
SDUROD VRPDUR FKH VHFRQGR QRL SRWUHEEH YHQLU FRO
OHJDWDDOODSDURODVRPDRYYHURFRQLOFDULFRFKHVLSRQH
DLJLXPHQWLGDOODWWDUGR6$80$GD6$*0$GDOJUHFR
VDJPD  DWRV Q '(,  1HO 1''7 WURYLDPR OD
YRFH DVLQR 1''7  QHO 9* 5RVDPDQL ULSRUWD OD
YRFHDVLQRD]HQ0JODVHPHEXUHLFR'
DVLQR
9*

3HU TXDQWR ULJXDUGD OD SDUROD PXV PXVR YRFH
GLIIXVD QHL GLDOHWWL LVWULRWL H YHQH]LDQL SHU GHQRPLQDUH
O
DVLQR HVVD DSSDUH QHO 9'5  QHO 9*  QHO
1''7 WURYLDPR PXV FKH H XQ
DSRFRSH GL PXVVR

DVLQR
 7UDH RULJLQH VHFRQGR =DPEDOGL GDO JUHFR
PRXVPRQ DQLPDOH GL 6DUGHJQD QRPH FRQ LO TXDOH L
5RPDQLGHVLJQDYDQRO
DVLQRHLOFDYDOORFDVWUDWL1''7
 0DQ]LQL 5RFFKL ULSRUWDQR OD SDUROD PXV PXVD
GHVLJQDQWLO

DVLQR
HO

DVLQD
VSLHJDQGRFKHO
HWLPRq
LQFHUWR'6)('&DQFKHVHSHULO5(:HSHULO'(,
HVVRqXQDUHWURIRUPD]LRQHGHOODWWDUGR086&(//$,O
5(: ULSRUWD 
086&(//$ 
JLRYDQH PXOR
 YHQ PXVR
IULXOPXV WRVFPLFFLR DFRPHYH]]HJJLDWLYLSHUO
D
VLQR5(:
9HGLDPRFKH OR ]RRQLPR ODWLQR$6,186 ,P VR
VWDQWLYRPDVFKLOHGHOODVHFRQGDGHFOLQD]LRQHVLqFRQ
VHUYDWR QHO YDOOHVH QHOOD IRUPD DVHQR PHQWUH q PROWR
SL~ LQ XVR LQ WXWWL L GLDOHWWL LVWULRWL OD IRUPD VDPHU
VDPHUXO VDPLHU 52 LQGLFDQWH O
 
DVLQR R DQLPDOH GD
VRPD
 GHULYDQWH ODW YROJ 6$*0$5,80 ! ODW
6$80$5,80 ! VDPHU LO GLWWRQJR ODWLQR DZ VL
PRQRWWRQJD LQ D H DYYLHQH O
DSRFRSH GHOOD YRFDOH
ILQDOH LHDJJLXQWDGHLVXIILVVLGLPLQXWLYLŸRO XO HWR
/
DVLQR2VHO(QFLFORSHGLD7UHFFDQL,9
VDPHUROVDPHUXOVDPHUHWR!VDPLHU OD HGLWWRQJD LQ
\H QHO 52 ODW WDUGR
 086&(//$0 ! PXV ODW
$6,180 ! DVHQR ,QWHUHVVDQWH q QRWDUH FKH JOL ]R
RQLPLPXVVD H VDPLHU VRQR SUHVHQWL DQFKH QHOOD WRSR
QRPDVWLFDLVWULDQDSHV6FXLRGHO6DPLHU5RYLJQR/D
0XVVD9DOOH*UDYLVL
,OEXHGRPHVWLFR%267$8586
1HO FRPXQH OLQJXDJJLR ]RRWHFQLFR SHU %RYLQL VL
LQWHQGRQR VROR OH UD]]HGHOOD VSHFLH%RV7DXUXV R EXH
GRPHVWLFR , ERYLQL DQLPDOL JUDQGL DSSDUWHQHQWL DOOD
IDPLJOLD GHL &DYLFRUQL UXPLQDQWL HUELYRUL YLYRQR VX
WXWWL L FRQWLQHQWL 6RQR FDUDWWHUL]]DWL GD IRUPD SHVDQWH
JUDQGH VWDWXUD H JDPEH FRUWH ,OPXVR q ODUJR LO FROOR
FRUWR FRQ XQD JLRJDLD XQ
LQVLHPH GL SLHJKH FKH SHQ
GRQRGDOODVXDJROD WRQGHJJLDQWH4XHVWLDQLPDOLYHQ
JRQR DOOHYDWL SHU OD ORUR FDUQH SHU LO ODWWH H FRPH
DQLPDOLGDODYRUR)RUQLVFRQRLQROWUHLOOHWDPHHOHSHOOL
(QFLFORSHGLD 7UHFFDQL  9,,  ,O VRWWRJHQHUH
GHLYHUL%RYLQLR WDXUL %RVQRQFRQRVFHSL~ OH VSHFLH
VHOYDWLFKH PHQWUH OH VSHFLH GRPHVWLFKH GLVFHQGRQR
GDOO
RUPDL VFRPSDUVR WRUR VHOYDWLFR %RV SULPLJHQLXV
WDXUXV FKH HUD GLIIXVR LQ $VLD (XURSD H LQ $IULFD
6PROQLN,OWRURVHOYDWLFRqVWDWRDGGRPHVWL
FDWR QHO  D& SUREDELOPHQWH FRQWHPSRUDQHD
PHQWH QHL WUH FRQWLQHQWL VRSUD FLWDWL 6RWWR O
LQIOXVVR
GHOOD GRPHVWLFD]LRQH H GHOOD VHOH]LRQH GD SDUWH GHO
O
XRPR QRQFKp D FDXVD GL GLIIHUHQWL FRQGL]LRQL JHR
JUDILFKH H FOLPDWLFKH VL VRQR FUHDWH ROWUH  UD]]H
ERYLQH GRPHVWLFKH FKH VL VXGGLYLGRQR LQ WUH JUDQGL
JUXSSLDVHFRQGDGHOOHORURDWWLWXGLQLHSHULSURGRWWLFKH
GDQQR ERYLQL SHU LO ODWWH SHU OD FDUQH H SHU LO ODYRUR
QRQFKpOHUD]]HFRQDWWLWXGLQLPLVWH4XHVW
XOWLPHVRQR
GLIIXVH VRSUDWWXWWR LQ (XURSD GL FXL OH SL~ FRQRVFLXWH
VRQR OD UD]]D 6LPPHQWKDO H TXHOOD DOSLQD 2SßD HQFL
NORSHGLMD    (QFLFORSHGLD 7UHFFDQL
9,,
/D YDFFD GD ODWWH R PXFFD YLHQH FKLDPDWD QHL
GLDOHWWLLVWULRWLQHO52DU
PHQWDQHO9$',*$)$H6,

YDND $/,  /D SDUROD YDFFD GHVLJQDQWH OD 
IHP
PLQDDGXOWDGHOEXH
GHULYDGDO ODW9$&&$HGqSDQ
URPDQ]D/DSDURODPXFFDqLQYHFHXQDGHQRPLQD]LRQH
HVFOXVLYDPHQWH WRVFDQD HG HPLOLDQD SUREDELOPHQWH
G
RULJLQH VYL]]HUD '(,   ,O 5(: ULSRUWD
9$&&$ UXP YDFD YHJO EDND IULXO UDNH VS YDFD
5(:Q1HO'(, ODYRFHDUPHQWRGHVLJQD
XQ 
EUDQFR GL DQLPDOL GRPHVWLFL
 PHQWUH QHL GLDOHWWL
YHQHWLHORPEDUGLDOSLQLDUPHQWDqSDVVDWDDLQGLFDUHOD

YDFFD
'HULYDGDO ODW$50(1780SDUROD GRFXPHQ
WDWD SHU WXWWR LO 0HGLR (YR DFFDQWR DO SL~ XVDWR
$50(17$ Q SO GRQGH XQD IRUPD IHPPLQLOH JLj LQ
(QQLRFIUDLVOMRUPXQL
EHVWLDGLJURVVDWDJOLD
YRFHGL
DUHD VHWW SDQURPDQ]D PD QRQ UXPHQD '(,  ,O
5(: ULSRUWD $50(1780 
EHVWLDPH JURVVR
 O
LW
DUPHQWR KD LQYHFH LO VLJQLILFDWR GL 
JUHJJH PDQGULD

$11$/(6©6HUKLVWVRFLRO©©©
6DQGUD7$0$52=221,0,$,675,27$

SRUWDUPHQWD5(:Q1HO1''7WURYLDPROD
YRFH YDFD IULXO YDFH 1''7  QRQFKp DUPHQWD

PXFFDYDFFDJLRYHQFD
QHOIULXODQRDUPHQWH1''7
/DSDURODDUPHQWDGHULYDGDOODW$50(1780FKH
HUD LO 
EHVWLDPHGD DWWDFFDUH DO FDUUR R DOO
DUDWUR
 LQGL
SHU HVWHQVLRQH 
EHVWLDPH ERYLQR UDJJUXSSDWR
 H QHO
GLDOHWWRSULPDO

DQLPDOHVLQJROR
SRLVROROD
IHPPLQD
GHO WRUR
0DDUPHQWD q RUPDL FRQVLGHUDWD SDUROD DQWL
TXDWD FRPH YDFFD q FUHGXWD YROJDUH YLHQH XVDWD OD
YDULDQWHPXFFD 5RVDPDQL FLWD YDFD 9*  &HU
QHFFDULSRUWDYDFDHDUPHQWD 
YDFFD
 ''9 LO
'6)('&YDFDLO9'5FLWDYDFDHXQPRGRGLGLUH
URYLJQHVH
(OWHPSRVHERXWDLQYDFD
FLRqLO WHPSRVWD
SHJJLRUDQGR 9'5/R]RRQLPR ODWLQR9$&&$ 
$(IVRVWDQWLYRIHPPLQLOHGHOODSULPDGHFOLQD]LRQHVLq
FRQVHUYDWRQHLGLDOHWWLLVWULRWLQHOODIRUPDYDFDVXEHQGRL
VHJXHQWL FDPELDPHQWL IRQHWLFL ODW 9$&&$! YDFD GH
JHPLQD]LRQH GHO QHVVR FRQVRQDQWLFR NN LQ N /D
SDUROD ODWLQD$50(1780 ,Q VRVWDQWLYRQHXWURGHOOD
VHFRQGDGHFOLQD]RQHLQGLFDQWHLO
EHVWLDPHERYLQR
VLq
FRQVHUYDWD QHOO
DQWLFR URYLJQHVH LQGLFDQGR SHUy VROR
OD 
YDFFDVLQJROD
HVXEHQGRFRVuROWUHDOFDPELDPHQWR
GL VLJQLILFDWR LO FDPELDPHQWR GHO JHQHUH LO QHXWUR VL
SHUGHHSDVVD LQTXHVWRFDVRDOJHQHUH IHPPLQLOH ODW
$50(1780Q!52DUPHQWDI

,OEXHHODYDFFD*RYHGRLQNUDYD(QFLFORSHGLD
7UHFFDQL9,,
,O WRUR RYYHUR LO PDVFKLR GHL ERYLQL YLHQH VH
OH]LRQDWRHDOOHYDWRSHU OD ULSURGX]LRQHHQHLSDHVL LQ
FXL VRQR SRSRODUL OH FRUULGH FRPH DQLPDOH GD
FRPEDWWLPHQWR1HLGLDOHWWLLVWULRWLLOWRURYLHQHGHWWRQHO
52
WZRURQHO9$H*$
WRUQHO',
WRURQHO)$ED
NLQ
QHO 6, WRUR HED
NLQ $/,  , 3HOOL]]HU FLWDQR WXRUR
9'5  &HUQHFFD FLWD WRU ''9  5RVDPDQL
Gj ODSDUROD WRUR H LO GHWWR 
7DLDU OD WHVWD DO WRUR
 FLRq
WURQFDUH GL QHWWR XQD TXHVWLRQH 9*  /D SDUROD
WRUR GHULYD GDO ODW 7$8586 SDQURPDQ]R FRQVHUYDWR
DQFKHQHO0H]]RJLRUQRFIUVLF WDJXUXFDOEU WDYXUX
WDYUX '(,  ,O 5(: ULSRUWD 7$8586 
WRUR

7$85$
JLRYDQHYDFFD
UXPWDXUIULXOWDXUSRUWWRXUD
5(:Q/R]RRQLPRODWLQR7$8586,P
VRVWDQWLYR PDVFKLOH GHOOD VHFRQGD GHFOLQD]LRQH VL q
FRQVHUYDWR QHL GLDOHWWL LVWULRWL QHOOH IRUPH WRUR WRU
WXRURHFFH]LRQIDWWDSHULOIDVDQHVHFKHKDED
NLQYRFH
GL RULJLQH FURDWD GRYXWD DOO
LQIOXHQ]D GHO FURDWR FLD
FDYR H VDUHEEH XQ GLPLQXWLYR GL EDN 
WRUR
 ODW
7$8580!WRURLOGLWWRQJRODWLQRDZVLPRQRWWRQJD
LQ R H OD X ILQDOH GLYHQWD R QHO ', H 6, H VXF
FHVVLYDPHQWH FDGHQHO*$ H9$ ! WRU DSRFRSH GHOOD
R QHO 9$ H*$ ! WXRUR IRUPD]LRQH QHO 52 GHO GLW
WRQJRZRDWWUDYHUVRODIDVHRGDOGLWWRQJRODWLQRDZ
,OEXHRYYHURLOPDVFKLRGHLERYLQLVRSUDWWXWWRGHOOH
UD]]HGRPHVWLFKHGHOOD VSHFLH%RV WDXUXV FDVWUDWRSHU
HVVHUHXWLOL]]DWRFRPHDQLPDOHGDODYRURHGDPDFHOOR
YLHQHFKLDPDWRQHLGLDOHWWLLVWULRWLQHO529$',*$
6,PDQ]RQHO)$PDQCR $/,/DSDURODEXH
VHFRQGR LO '(, GHULYD GDO ODWLQR %26 %29,6 SDQ
URPDQ]R /D IRUPD RVFRXPEUD GL XQ DQWLFR H GLIIXVR
WHPD LQGRHXURSHR FRUULVSRQGH DO JUHFR EXV VDQVFULWR
JDXKWHG.XKLQJOHVHFRZ
YDFFD
,QRULJLQHLQGLFDYD
O
DQLPDOH QHL GXH VHVVL HVVHQGR YDFFD XQ
LQQRYD]LRQH
SRVWHULRUH/DIRUPDWRVFDQDEXHSRJJLDVXEXRYHFIU
SO EXRL FRQ ULGX]LRQH GHO WULWWRQJR '(,  1HO
5(:WURYLDPR%26
EXH
UXPERXYJOEREXV&KLURQ
  YHJO EX LW ERYH EXH IULXO ER NDW ERX
5(:Q/DSDURODPDQ]RLQGLFDQWHLO
EXH
JLRYDQH
 q XQD YRFH G
DUHD SDGDQD H DOSLQD GRFXP
GDO ;,, VHF ODW UHJLRQDOH 
0$1',86 
SXOHGUR
 FIU
UXPHQRPDQ] 
SXOHGUR
 PHVVDSLFR -XSSLWHU 0HQ]DQD
GLYLQLWj DOOD TXDOH VL VDFULILFDYDQR L FDYDOOL UHOLWWR GHO
VRVWUDWR PHGLWHUUDQHR D FXL ID ULVFRQWUR LO JDOORODW
0$1186 
FDYDOOLQR
 GD XQ DQWHULRUH 
0$1'8 H LO
EDVFRPDQGR 
PXOR
GDXQ 
PDQGX 
DQLPDOHQRQDWWR
DOOD ULSURGX]LRQH
 '(,  ,O 5(: ULSRUWD 
0$1
',86FROVLJQLILFDWRVLDGL
PDQ]R
VLDGL
SXOHGUR
&RVu
QHOUXPPtQ]LQGLFDLO
SXOHGUR
PHQWUHQHOO
LWPDQ]R
LQGLFDLO
EXHJLRYDQHRPDQ]R
5(:Q,O
9',FLWDPDQ]LWWR 
JLRYHQFR
9', LO9'5PDQVR
LQGLFDQWH LO 
PDQ]R
 H L 3HOL]]HU VRVWHQJRQR FKH OD
SDUROD GHULYL GDO ODW YROJ 
0$1*-86 GL RULJLQH SUH
URPDQDDOSLQD 9',&HUQHFFDFLWDPDQVHWR 
JLR
YHQFR
HPDQVR 
PDQ]REXH
 ''9PDQ]RYLHQH
FLWDWR GD 3LQJXHQWLQL 1''7  1HO 9* WURYLDPR
PDQ]R 
EXH PDQ]R
 SHUy 5RVDPDQL PHWWH DFFDQWR
DQFKHOHIRUPHERERXPDQ]9*
3RVVLDPR FRQFOXGHUH FKH OD SDUROD ODWLQD %26
%29,6PVRVWDQWLYRPDVFKLOHLPSDULVLOODERGHOODWHU]D
GHFOLQD]LRQHVLqFRQVHUYDWRVROWDQWRQHOO
DQWLFRGLJQD
QHVH QHOOD IRUPD ERX VXEHQGR TXHVWH HYROX]LRQL IRQ
HWLFKH ODW %29(0!ERX DSRFRSHGHOOD H ILQDOH H
YRFDOL]]D]LRQHGHOODYLQX,QWHUHVVDQWHqQRWDUHFKH
OR ]RRQLPR ERYH VL q FRQVHUYDWR QHOOD WRSRQRPDVWLFD
LVWULDQDSHV%RYHGD2UVHUD*UDYLVL
/R]RRQLPRLVWULRWRPDQ]RGHULYDGDO ODWLQRYROJDUH

0$1',86 H FKH KD VXELWR OH VHJXHQWL HYROX]LRQL
IRQHWLFKHODWYROJ
0$1',80!PDQ]RWUDVIRUPD]L
RQHGHOQHVVRG\LQ]!PDQÌR]!Ì
3HU LQGLFDUH LO YLWHOOR 
EXH JLRYDQH ILQR D XQ DQQR
G
HWj
 LGLDOHWWL LVWULRWLXVDQR OHVHJXHQWL IRUPHYDG
MHO
QHO52YH
GHOQHO9$*$H6,YL
GHOQHO',H)$$/,

$11$/(6©6HUKLVWVRFLRO©©©
6DQGUD7$0$52=221,0,$,675,27$

/DSDURODYLWHOORGHULYDGDO ODW9,7(//86FKHqXQ
GLPLQXWLYRGL9,78/86Ÿ
YLWHOORJLRYDQH
SDQURPDQ]R
DHFFH]LRQHGHOUXPHQR'(,1HO5(:WURYLDPR
9,7(//86 LW YLWHOOR IULXO YLGLHO SURY YHGHO H LO ODW
YROJ 9,78/86 
YLWHOOR
 5(:  Q   Q
,O9'5FLWDYDGLHOSODLYLGLHORYLGDORQ9'5
 LO9',YHGHO 9', LO'6)('&YHGHO
SO ŸDL YLGHO '6)('&   LO ''9 WURYLDPR
YHGHO SOHL H YHGHOD 
YLWHOOD
 ''9  LO 1''7
YHGHO PD DQFKH YHGHOD] YHGHORQ YHGHOX] H YLGHO
1''7   1HO 9* YHGHO 7&DS 3LU 3 '
DQFKHVHD7ULHVWHHSL~XVDWRYLGHOYLGHODRHWHWD
5RVDPDQLDJJLXQJH LQROWUH OH IRUPHYDGLHO 52YHGLHO
SOYDGDLYLGLHO0JOYLGLRQ '
YLWHOOLQR
PDDQFKH
YLWHO9*9HGLDPRFKH
OD SDUROD ODWLQD 9,7(//86 , P VRVWDQWLYR PDVFKLOH
GHOODVHFRQGDGHFOLQD]LRQHGLPLQXWLYRGL9,78/86 ,
PEXHJLRYDQHVLqFRQVHUYDWDQHLGLDOHWWLLVWULRWLQHOOH
IRUPH YLGHO YHGHO YDGLHO VXEHQGR OH VHJXHQWL HYR
OX]LRQL IRQHWLFKH ODW 9,7(//80 ! YLGHO VRQRUL]
]D]LRQHGHOODW! GHGHJHPLQD]LRQHGHOQHVVR OO!
OQHO',HQHO)$!YHGHO L! HQHO9$*$6,!
YDGLHO GLWWRQJD]LRQH DVFHQGHQWH GHOOD H LQ \H QHO
52SOYDGDLFLRqDVVLPLOD]LRQHDŸH→DŸD
,OFDQH&$1,6)$0,/,$5,6
,O FDQH q LO SL~ DQWLFR H LO SL~ ILGDWR DQLPDOH
GRPHVWLFR DSSDUWHQHQWH DOO
RUGLQH GHL &DUQLYRUL H DOOD
IDPLJOLDGHL&DQLGL,SULPLFDQLGRPHVWLFLYLYHYHQRFRQ
O
XRPR DQFRUD QHOO
HWj QHROLWLFD HUDQR SLFFROL H
DVVRPLJOLDYDQRDOOXSRHDOORVFLDFDOORFKHHUDQRLORUR
FDSRVWLSLWL 1HOO
HWj GHO EURQ]R TXDQGR O
DOOHYDPHQWR
GHOOHSHFRUHUDJJLXQVHXQRVYLOXSSRQRWHYROHDSSDLRQR
GHOOH UD]]H FDQLQH SL~ JUDQGL FKH HUDQR JOL DQWHQDWL
SUHLVWRULFL GHJOL DWWXDOL FDQL GD SDVWRUH (QFLFORSHGLD
7UHFFDQL9,,,6PROQLN
,O FDQH q XQ DQLPDOH PROWR LPSRUWDQWH QHOOD VWRULD GL
WXWWLLSRSROLWDQWRFKHJOL(JL]LQHIHFHURXQRJJHWWRGL
FXOWR (VVL DOOHYDYDQRYHOWUL H VHJXJL LO SULPRGDO SHOR
URVVLFFLRO
DOWURSH]]DWRFKHVHUYLYDQRORURSHUGDUHOD
FDFFLDDOOHDQWLORSL,*UHFLSRVVHGHYDQRSDUHFFKLHUD]
]HFDQLQHFKH$ULVWRWHOHVROHYDHQXPHUDUHFRLQRPLGHL
SDHVL GD GRYH SURYHQLYDQR &ROXPHOOD LQYHFH QH FLWD
VROWDQWRWUHLOFDQHGDSDVWRUH&DQLVSHFXDULXVLOFDQH
FDVDOLQJR&DQLVGRPHVWLFXVHLOFDQHGDFDFFLD &DQLV
YHQDWLFXV(QFLFORSHGLD7UHFFDQL9,,,
/DSDURODFDQHGHULYDGDOODWLQR&$1,6,6PHI
HGqXQDYRFHLQGRHXURSHDFIUQHOJUHFRN\RQN\RQRV
qXQDSDURODSDQURPDQ]DDQFKHVHQHOORVSDJQRORKDLO
WHUPLQH SUHODWLQR SRUUR FIU FDQHSRUUR '(,  1HO
5(: WURYLDPR OD YRFH ODWLQD &$1,6 IULXO NDQ H

&$1,$ 
FDJQD
 5(:  Q   Q D
3LQJXHQWLQLFLWDODSDURODFDQXVDWDQHOWULHVWLQR1''7
H5RVDPDQLFLWDFDQSOFKHQFRQODVSHFLILFD]LRQH
FDQGHSDVWRU9*0DQ]LQL5RFFKLULSRUWDQROD
,OFDQH3HV6PROQLN
SDURODFDQ'6)('&&HUQHFFDGjODSDURODYDOOHVH
FDQ ''9  QHO 9'5 WURYLDPR OD SDUROD URYLJQHVH
FDQ 9'5  H QHO 9', 'DOOD =RQFD PHWWH LO GL
JQDQHVHFDQ9',1HOO
$/,WURYLDPRFKHLOFDQHGD
SDVWRUHYLHQHFKLDPDWRQHO URYLJQHVH 
NDQGH 
SHJRUD
QHOYDOOHVH
NDQSHJR
UHVQHOGLJQDQHVH
NDQSHJR
ULVR
QHOJDOOHVDQHVH 
NDQGHSDV
WRUQHO IDVDQHVHSDÈWR
UDMR
QHO VLVVDQHVH 
NDQ GH SDÈ
WRU $/,  3RVVLDPR
FRQFOXGHUH FKH OD SDUROD ODWLQD &$1,6 ,6 P XQ
VRVWDQWLYRSDULVLOODERPDVFKLOHGHOODWHU]DGHFOLQD]LRQH
VL q FRQVHUYDWD QHL GLDOHWWL ,5 VXEHQGR VROWDQWR D
GLIIHUHQ]D GHOO
LWDOLDQR FDQH O
DSRFRSH GHOOD YRFDOH
ILQDOHHODW&$1(0!FDQ!SONHQQHO9$',D!
H,QWHUHVVDQWHqQRWDUHFKHOR]RRQLPRFDQVLWURYDLQ
GLYHUVL WRSRQLPL LVWULDQL FRPH DG HV0DVVDFDQ 5R
YLJQR 9DO GH &DQ %ULRQL 9LOOD 'HFDQL ERUJDWD
FDSRGLVWULDQD FKH WUDH LO VXR QRPH GD XQD DQWLFD ID
PLJOLD RULXQGD GD 6XOPRQD QHJOL $EUX]]L FKH DYHYD
SHUVWHPPDXQFDQH*UDYLVL
/DFDSUD&$35$+,5&8629,6&$35$
/D FDSUD q XQ UXPLQDQWH HUELYRUR GHO VRWWRUGLQH
GHJOL$UWLRGDWWLOLIDPLJOLDGHL&DYLFRUQLDSSDUWHQHQWHDO
VRWWRJHQHUHGHOJHQHUH2YLV/
DGGRPHVWLFDPHQWRGHOOD
FDSUD ULVDOH DO SHULRGR SUHLVWRULFR H GD DOORUD LQ SRL
TXHVW
DQLPDOH IX DOOHYDWR SHU LO VXR ODWWH QXWULHQWH H
VDOYLILFRDVVDLDSSUH]]DWRQRQFKpSHUODFDUQHGHLFD
SUHWWL JLRYDQL /D FDSUD q FDUDWWHUL]]DWD GDOOD PXVFR
ODWXUDDVFLXWWDGDOOD IRUPDJUD]LRVD OH VXHFRVFH VRQR
VFDUQHLOYHQWUHEHQVYLOXSSDWRODFRGDqFRUWDJOLDUWL
IRUWLDVFLXWWLVROLGL/DIDFFLDqSL~FRUWDGLTXHOODGHOOD
SHFRUD SURYYLVWD GL FRUQD RPHQR O
RFFKLR q YLYDFH
FRQ O
LULGH FKLDUD JLDOOR OXFHQWH LO FROOR q OXQJR H
VRWWLOH LO PHQWR q VSHVVR SURYYLVWR GL EDUED (QFLFOR
SHGLD7UHFFDQL;;9/DSHOOHqVRWWLOH
SLHJKHYROHSURYYLVWDGL JKLDQGROH LO FXL VHFUHWRGD XQ
FDUDWWHULVWLFR RGRUH LUFLQR SUHVHQWH DQFKHQHO ODWWH /H
FDSUH VRQR DJLOL LUUHTXLHWH LQWHOOLJHQWL FXULRVH VFKHU
]RVHSDXURVHPDFRPEDWWLYH6LDGDWWDQRIDFLOPHQWHDG
DOODWWDUH L SLFFROL GL DOWUH VSHFLH FRPSUHVL L EDPELQL
6PROQLN(QFLFORSHGLD7UHFFDQL
;;9%UHKP
/DSDURODFDSUD GHULYD GDO ODWLQR&$35$ $( I GL
$11$/(6©6HUKLVWVRFLRO©©©
6DQGUD7$0$52=221,0,$,675,27$

&$3(5 35,P 
FDSUR
 FKHq XQD YRFH SDQURPDQ]D
'(,  1HO 5(: WURYLDPR OD YRFH ODWLQD &$35$
IULXONDYUDFUHPNDYUHWDYDOYHVWFDYUHWRVXII(780
5(:Q,O'6)('&ULSRUWDODSDURODFDYUD
HFDYHUDVRWWROHTXDOL0DQ]LQL5RFFKLVSHFLILFDQRFKH
HVVHQGRVWDWDULWURYDWDGD.DQGOHUSUHVVR3LQJXHQWHXQD
ODSLGHFRQXQDFDSUD VRSUD OD VL q ULWHQXWD OR VWHPPD
GHOO
,VWULD '6)('&  1HO 1''7 WURYLDPR OD YRFH
FDYUDGDOODW&$35$IH&$3(5PFKHFRPHGLFH
LO3LQJXHQWLQL9DUURQHFRQQHWWH D&$53(5( VWUDSSDUH
SHUORVSHUSHURFKHTXDVW
DQLPDOHIDGHLJHUPRJOLHGHL
FHVSXJOL 1''7  5RVDPDQL FLWD OD SDUROD FDYUD
9*  QHO''9 WURYLDPR OD SDUROD YDOOHVHFDYHUD
''9L3HOOL]]HUULSRUWDQRODYRFHFDSUDPDDQFKH
FDYDUD 9'5  &HUQHFFD FLWD FDYHUD ''9 
'DOOD =RQFD Gj OD SDUROD GLJQDQHVH FDYHUD 9', 
1HOO
$/, YHGLDPR FKH SHU GHVLJQDUH OD FDSUD WXWWL L
GLDOHWWL LVWULRWL XVDQR OD YRFH 
NDYHUD HFFHWWR LO UR
YLJQHVHFKHKD
NDYDUD$/,6LSXyYHGHUHFKHOD
SDURODODWLQD&$35$$(IVRVWDQWLYRIHPPLQLOHGHOOD
SULPD GHFOLQD]LRQH VL q FRQVHUYDWD QHL GLDOHWWL ,5
VXEHQGRTXHVWHWUDVIRUPD]LRQLIRQHPDWLFKHODW&$35$
0!FDYUDVRQRUL]]D]LRQHS!Y!FDYDUDDQDSWLVVL
GHOODDQHO52FDYHUDGLVVLPLOD]LRQHDŸD→D
ŸHQHO',*$)$6,9$,QWHUHVVDQWHqLOIDWWRFKH
TXHVWR]RRQLPR VLDSUHVHQWH LQPROWL WRSRQLPL LVWULDQL
FRPH DG HV &DYUDQR 3ROD &DYUHU 3ROD &DSUDULD
LVROHWWD QHO &DQDO GL )DVDQD RJJL GHWWD 6 *LURODPR
&DYUHUD 6LVVDQRD9DOFDYUHU 6LVVDQRD
&DYULVDQD %XLH VHQ]D FRQWDUH FKH&DSULV HUD
O
DQWLFR QRPH GL &DSRGLVWULD H FKH OD SDUWH SL~ DOWD
GHOOD FLWWj VL FKLDPDYD &DSULOH H L VXRL DELWDQWL
&DYUHVDQL*UDYLVL
3HU GHVLJQDUH LO FDSURQH R EHFFR L GLDOHWWL LVWULRWL
XVDQR LQ URYLJQHVH 
ELNR LQ YDOOHVH NDYH
URQ LQ GL
JQDQHVH 
ELNR LQ JDOOHVDQHVH 
EHNR LQ IDVDQHVH ND
YH
URQHNDY
URQHQHOVLVDQHVHNDYH
URQ $/,/D
SDURODEHFFR 
PDVFKLR GHOOD FDSUD
 q XQD YRFH G
DUHD
WRVFDQD VDUGD H LW VHWW FKH VHFRQGR LO '(, q LQ
VHSDUDELOH GDO ODW ,%(; ,&,6 
FDSUD VHOYDWLFD


FDPRVFLR
3OLQLR,VLGRUR6*HURODPRFRPH&$02;
2&,6 UHOLWWR PHGLWHUUDQHR ,O ODW &$3(5 q VRSUDY
YLVVXWRQHOVDUGRFUDEXHQHOO
DQWVSFDEUR'(,,O
5(: ULSRUWD OD YRFH ODWLQD&$352 21( LW FDSURQH
VSFDEURQ5(:Q%(&&86JDOOLWEHF
FR ORJ ELFFX VS ELFR 5(:  Q  1HO 9',
YLHQHFLWDWD ODYRFHFDYURQDGLVSHWWRGL 
ELNRSUHVHQWH
QHO $/, 9',  FDYURQ '6)('&  H QHO 9'5 L
3HOOL]]HU FLWDQR OH YRFL URYLJQHVL FDSURQ H FDYDURQ H
QRQ 
ELNR 9'5  9HGLDPR FKH OD SDUROD ODWLQD
FODVVLFD &$3(5 , P FKH q XQ VRVWDQWLYR PDVFKLOH
GHOOD VHFRQGD GHFOLQD]LRQH ULPDQH QHL GLDOHWWL ,5 SHU
GHVLJQDUH LO FDSURQH DQFKH VH TXHVWR ]RRQLPR GHULYD
GDO ODWLQRYROJDUH&$352 21(PHQWUHQHO52',H
*$ DFFDQWR DOOH IRUPH FLWDWH DSSDLRQR OH YRFL 
ELNR

EHNR GRYXWH DOO
LQIOXHQ]DGHOOD SDUROD LWDOLDQDEHFFR
GHULYDQWHGDOODWLQRYROJDUH%(&&86FKHqXQDYRFHGL
RULJLQHJDOOLFD,PXWDPHQWLIRQHWLFLDYYHQXWLVLSRVVRQR
ULDVVXPHUH QHOOR VFKHPD FKH VHJXH ODW FODVV
&$3580!ODWYROJ&$3521(0!FDYURQDSRFRSH
GHOODHILQDOHVRQRUL]]D]LRQHGHOODS!Y!FDYDURQ
DQDSWLVVL GHOOD D QHO 52 FKH VXFFHVVLYDPHQWH QHJOL
DOWULGLDOHWWL,5GLYHQWDHQHOODIRUPDFDYHURQODWYROJ
%(&&80!EHFRGHJHPLQD]LRQHGHOQHVVRNN!N
OD YRFDOH ILQDOH X ! R !ELFR H ! L QHO ', 52
,QWHUHVVDQWH q QRWDUH FKH OR ]RRQLPR EHFR VL q FRQ
VHYDWRQHOODWRSRQRPDVWLFDLVWULDQDSHULQGLFDUHLOSDHVH
GL9DOGHEHFR3ROD
/DFDSUD.R]D%UHKP
3HU GHVLJQDUH LO FDSUHWWR L GLDOHWWL LVWULRWL XVDQR OD
SDUROD NDYH
UHWR HFFHWWR LO 52 FKH KD NDS
ULWR $/,
 ,O 5(: ULSRUWD LO WHUPLQH ODWLQR YROJDUH 
&$35,
786 FRO VLJQLILFDWR GL 
FDSUHWWR
 5(:  Q 
3HOOL]]HUFLWDQR ODYRFHFDSULWR 9'5 LO'6)('&
ULSRUWDFDYHUHWDHFDYUHWDSHU
FDSUHWWD
'6)('&LO
''9 OD SDUROD YDOOHVH FDYHUHWR ''9  LO 9* FLWD
FDYUHWRFDYHUHWRFDYULWWRFLDYUHW 9*3RVVDLPR
FRQFOXGHUHFKH OR]RRQLPRFDSUHWWRQHOO
LVWULRWRGHULYD
GDOODWYROJDUH&$35,786FKHVLGLIIHUHQ]LDGDOODYRFH
GHO ODW FODVVLFR +$('8/86 , P GLPLQXWLYR GL
+$('86 , P H KD VXELWR OH VHJXHQWL HYROX]LRQL
IRQHWLFKH ODW YROJ &$35,780 ! FDSULWR OD YRFDOH
ILQDOH X ! R ! FDSUHWR ! FDYUHWR VRQRUL]]D]LRQH
GHOODS!Y!FDYHUHWRDQDSWLVVLGHOODH
,OFDYDOOR(4886&$%$//86
,O FDYDOOR q XQ TXDGUXSHGH GHJOL 8QJXODWL 3HULV
VRGDWWLOL DSSDUWHQHQWH DOOD VSHFLH (TXXV &DEDOOXV GHO
JHQHUH(TXXVGHOODIDPLJOLDGHJOL(TXLGLGLIIXVRLQYDULH
UD]]H LQ WXWWL L FRQWLQHQWL H DOOHYDWR SHU FDYDOFDUH SHU
SRUWDUHFDULFKLHSHUODFDUQH'LVWDWXUDSLXWWRVWRJUDQGH
HGL IRUPD UREXVWD FRQPXVFRODWXUHGHOEDFLQRHGHOOD
$11$/(6©6HUKLVWVRFLRO©©©
6DQGUD7$0$52=221,0,$,675,27$

FRVFLD SDUWLFRODUPHQWH YROXPLQRVH LO FROOR OXQJR H
PXVFRORVR OD FRGD GL PHGLD OXQJKH]]D FDUQRVD H
ULYHVWLWDGLOXQJKLFULQL*OLDUWLVRQRDOWLUREXVWLPXQLWL
GL ]RFFROR OH ODEEUD H OH QDULFL PRUELGH JOL RFFKL
JUDQGL H YLYDFL JOL RUHFFKL DVVDL FRUWL H D FDUWRFFLR
(QFLFORSHGLD 7UHFFDQL  ,;  6PROQLN
  , FDYDOOL GRPHVWLFL GHULYDQR GD GXH
VRWWRVSHFLHVHOYDWLFKHGDOJULJLR7DUSDQHGDOFDYDOORGL
3U]HZDOVNL ,O FDYDOOR IX FRQRVFLXWR H IDPLOLDUH VLQ GDL
WHPSL DQWLFKLVVLPL DJOL ,QGRHXURSHL H DL SRSROL WXUFR
WDUWDUL /D VXD SDWULD SXy GLUVL LO WHUULWRULR GHOOD VWHSSD
HXURSHRDVLDWLFDGRYH LGXHJUXSSLHWQLFLYHQQHURFRQ
HVVR LQ FRQWDWWR 6PROQLN   /D VXD GLI
IXVLRQH D VXGGL TXHVWD ]RQDG
RULJLQH q SL~ WDUGD VLD
SUHVVR JOL (JL]L H L 6XPHUL VLD QHO PRQGR VHPLWLFR ,
SULPLXVLFXL VHPEUDHVVHUH VHUYLWR LO FDYDOORXQDYROWD
UHVR GRPHVWLFR LQ HSRFD DQWHULRUH GRYHWWH HVVHUH
HVFOXVLYDPHQWH DQLPDOH GD FDFFLD QRQ IXURQR WDQWR
TXHOOLGLDLXWRDOO
XRPRTXDQWRTXHOOLDOLPHQWDULFRQOD
VXDFDUQH OD SHOOH H LO ODWWH 6ROR FRQ O
HWj GHLPHWDOOL
VHPEUDVLVLDFRPLFLDWRDVIUXWWDUHO
DQLPDOHSHULOWLURH
O
HTXLWD]LRQHFKHGRYHYDQRHVVHUHLGXHIRQGDPHQWDOLH
TXDVL XQLYHUVDOPHQWH DGRWWDWL PH]]L G
LPSLHJR GHO
FDYDOORQHOOHSLXVYDULDWHFLYLOWj(QFLFORSHGLD7UHFFDQL
,;
/D SDUROD FDYDOOR WUDH RULJLQH GDO ODW &$%$//86

FDYDOOR FDVWUDWR
 FIU QHOOH JORVVH &$%2 21,6

(4886 &$675$786
 DIILQH D &$32 21,6 
JDOOR
FDVWUDWR FDSSRQH
 
FDYDOOR GD ODYRUR
 FIU LQ (VFKLR
.$%$//(6JORVVDWR(5*$7(6+,3326FKHGDL WHPSL
GL9DUURQHFRPLQFLDDVRVWLWXLUHO
LQGRHXURSHR(4886
GDSSULPD FRO VHQVR SHJJLRUDWLYR ´ XQD YRFH
SDQURPDQ]DSDVVDWDGDO ODW DO FLPHULFR &DIDOO /R VL
ULWLHQH XQ UHOLWWR PHGLWHUUDQHR SHQHWUDWR QHO ODWLQR
SUREDELOPHQWHGDOFHOWROLJXUHHLQGLSHQHQWHPHQWHQHOOR
VODYR NRELOD 
FDYDOOD
 '(,  ,O 5(: ULSRUWD &$
%$//$ LW FDYDOOD SURY FDYDOD  Q  &$
%$//86 LW FDYDOOR UXP FDO IULXO NDYDO VS FDEDOOR
SRUWFDYDOORQ(48$
FDYDOOD
UXPLDSD
ORJ HEED NDW HJXD VS \HJXD H SHUFLy QHO VDUGR
ULPDQH HEEX SHU LQGLFDUH LO 
FDYDOOR
 5(:  Q
1HL GLDOHWWL LVWULRWL LO FDYDOOR YLHQH GHWWR ND
YDO
&RVu XQPRUHOOR FDYDOOR QHUR YHUUj FKLDPDWR D 9$ H
*$ ND
YDO QHJUR PHQWUH D ', ND
YDO QLJUR H LQWHUHV
VDQWHD)$ 
PRUR ,OFDYDOORGDOPDQWHOORELDQFRD9$
',*$VLFKLDPHUjND
YDOEMDQNRPHQWUHD)$VHPSOL
FHPHQWHEMDQ
NLQ4XHOORELJLROHDUGRHVWRUQRFDYDOOR
QHUDVWURFRQSLFFROHPDFFKLHELDQFKHYHUUjGHWWR
ELàR
QHO )$NR
EDOGRQHO*$ ND
YDO EMDQNR H QHJUR QLJUR
QHO ', QHO 9$ H*$ $/,  1HO 9'5 WURYLDPR LO
URYLJQHVH FDYDO 9'5  QHO 9', WURYLDPR OD
SDUROD GLJQDQHVH FDYDO 9',  QHO ''9 LO YDOOHVH
FDYDO ''9  QHO '6)('& FDYDO '6)('& 
5RVDPDQL FLWD OD YRFH FDYDOR 9*  PHQWUH 3LQ
JXHQWLQL ULSRUWD FDYDO FKH GHULYD GDO EDVVR ODWLQR &$
%$//86FKHqG
RULJLQHFHOWLFD*OLDQWLFKLHWLPRORJLVWL
,OFDYDOOR.RQM6PROQLN
FROOHJDYDQR LO QRPH D 
FDYDUH
 SHU O
DELWXGLQH GHO
O
DQLPDOH GL VFDYDUH LO WHUUHQR FRQ O
XQJKLD ,VLGRUR GL
6LYLJOLD 
&DEDOOXV GLFWXV TXRG XQJXOD WHUUDP FDYHW

1''7  9HGLDPR FKH OD SDUROD ODWLQD (4886 ,
PVRVWDQWLYRPDVFKLOHGHOODVHFRQGDGHFOLQD]LRQHQRQ
VL q FRQVHUYDWD QHL GLDOHWWL LVWULRWLPD FKH OR ]RRQLPR
FDYDOGHULYDGDO ODWLQRYROJDUH&$%$//86HKD VXELWR
TXHVWL FDPELDPHQWL IRQHWLFL ODW YROJ &$%$//80 !
FDYDO VSLUDQWL]]D]LRQH GHOO E LQ Y GHJHPLQD]LRQH
GHO QHVVR OO LQ O DSRFRSH GHOOD X ILQDOH 4XHVWR
]RRQLPRSHUVLVWHDQFRUDLQFHUWLWRSRQLPLLVWULDQLFRPH
DGHV9DO&DYDOOR&DYUDQR3ROD0RQWRGHLOL&DYDOH
5RYLJQR*UDYLVL
,OFRQLJOLR&81,&8/8625<&72/$*86
,O FRQLJOLR q XQ URGLWRUH GHOOD IDPLJOLD GHOOH /HSUL
/HSRULGDH YLYHQWH LQ YDULH VSHFLH VHOYDWLFKH H GR
PHVWLFKHLQWXWWLLFRQWLQHQWL,OFRQLJOLRYLHQHFDFFLDWRH
DOOHYDWR SHU OD VXD FDUQH SHU LO SHOR H OD SHOOLFFLD /H
UD]]HGRPHVWLFKHSL~FRQRVFLXWHSHUODSHOOLFFLDVRQRLO
FRQLJOLR DUJHQWHR H TXHOOR G
DQJRUD , FRQLJOL VRQR
PROWRQRFLYLSHUOHVHPLQHHSHUOHSLDQWDJLRQL$FDXVD
GHOOD ORUR YHORFH ULSURGX]LRQH LQ DOFXQL SDHVL FRPH
SH O
$XVWUDOLD VRQR GLYHQWDWL XQ HQRUPH SHULFROR SHU
O
DJULFROWXUD ,O FRQLJOLR VHOYDWLFR SURYLHQH GDOO
(XURSD
PHULGLRQDOH LQ TXDQWR L JUDQGL IUHGGL GHOOH HWj
JKLDFFLDOL OR KDQQR VSLQWR YHUVR OD SHQLVROD LEHULFD H
YHUVR O
$IULFD VHWWHQWULRQDOH GD GRYH JUD]LH DQFKH
DOO
DLXWRGHOO
XRPRFKHORKDDGGRPHVWLFDWRVLqGLIIXVR
LQWXWWRLOPRQGR6PROQLN
,OFRQLJOLR=DMHF(QFLFORSHGLD7UHFFDQL
$11$/(6©6HUKLVWVRFLRO©©©
6DQGUD7$0$52=221,0,$,675,27$

/D SDUROD FRQLJOLR GHULYD GDO ODWLQR &81,&8/86
G
RULJLQH LEHULFD VHFRQGR 3OLQLR HG (OLDQR FRQIHUPDWD
GDLQRPLEDVFKLNXLGD
NXQLHXQL[LFIUDQFKH
OHSUH

6RSUDYYLYHLQDOFXQLGLDOHWWLLWDOLDQLVHWWHQWULRQDOLQHOO
D
IUFRQLOFDWDOFRQLOOVSDJQRORFRQHMRSRUWFRHOKRHG
q SDVVDWR DO JUHFR NXQLNORV EUHW FRQLFO WHG .~QLJHO
KDRV &IU DQFKH 
FXQLFROR
 '(,  1HL GLDOHWWL
LVWULRWLLOFRQLJOLRYLHQHFKLDPDWRQHO52NX
QLORQHO9$
NX
QLO QHO ', NX
QHMR QHO *$ NX
QLMR QHO )$ H 6,
NR
QLOR$/,,O5(:ULSRUWD&81,&8/86FRQGXH
VLJQLILFDWL TXHOOR GL 
FRQLJOLR
 H TXHOOR GL 
FRUULGRLR
VRWWHUUDQHR
SURYFRQLKO LWFRQLJOLR VSFRQHMR SRUW
FRHOKR WULHVW H IULXO NXQLQ 5(:  Q  &HU
QHFFD ULSRUWD LO YDOOHVH FXQLO ''9  QHO 9'5
WURYLDPR OH YRFL URYLJQHVL FXQHLOJLR H FXQHLR 9'5
0DQ]LQL5RFFKLFLWDQROHYRFLFRQLFLRPDDQFKH
FXQLFLR FRQLJOLR X FRQLQ X (VVH ULVDOJRQR FRPH
VSLHJDQR JLXVWDPHQWH JOL DXWRUL DO ODW &81,&8/86 H
&81,186'6)('&5RVDPDQLGjOHSDUROHFRQLQ
FRQHJLR FRQLFLR FRQLJLR FRQLO FXQHLR FXQLQ HFF
9*  3LQJXHQWLQL ULSRUWD OD YRFH FXQLQ DFFRP
SDJQDWD GDO YHQH]LDQR FRQLR LVWULDQR FRQLQ H GHULYD
VHFRQGRO
DXWRUHGDOODW&81,&8/866WDWXWLGHO
&811,*/86&851,*/86 
IRVVD
 TXLQGL 
FRQLJOLR
 H

IRUR
FROOHJDWLD&81186QHOVHQVRSULPLWLYRGL
IRVVD
EXFD
 1''7  1HOOH 3RVWLOOH DO 5(: DFFDQWR D
FXQLFXOXV DSSDUH DQFKH LO SROHVDQR FRQHJLR H DOWUH
IRUPHGLDOHWWDOL LWDOFRPHLOPLONXQLOLSLHPFXQ
 VD
FXQLJOLX QLOOX 3RVWLOOH LWDOLDQHDO5(:Q
/R ]RRQLPR ODWLQR &81,&8/86 , P VRVWDQWLYR
PDVFKLOHGHOODVHFRQGDGHFOLQD]LRQHVLqFRQVHUYDWRQHL
GLDOHWWL LVWULRWL QHOOH IRUPH FXQLO FRQLO FXQHLR FXQLOR
VXEHQGR OH VHJXHQWL HYROX]LRQL ODW &81,&8/8 0 !

FXQLFORVLQFRSHGHOODXHVRVWLWX]LRQHGHOODX!Xß 
!FXQLOR LOQHVVRFOSHUGHODF!FRQLOR X!R
QHO)$!FXQHLRGLWWRQJD]LRQHL!H\QHO',*$
/DJDOOLQD*$//,1$(HLOJDOOR*$//86*$//86
/D JDOOLQD q XQ XFFHOOR GHOOD IDPLJOLD GHL )DVLDQLGL
3KDVLDQLGDH DSSDUWHQHQWH DL *DOOLIRUPL *DOOLIRUPHV
3URYLHQH GDOO
$VLD HG q VWDWD DGGRPHVWLFDWD LQ ,QGLD
FLUFD  DQQL ID H GD DOORUD VL VRQR DOOHYDWH PROWH
UD]]H FKH VL GLIIHUHQ]LDQR WUD GL ORUR SHU DOWH]]D FRU
,OJDOOR3HWHOLQ6PROQLN
SRUDWXUDSHU L FRORULGHOSLXPDJJLR H SHU OH XRYD FKH
GDQQR 7XWWH OH JDOOLQH GRPHVWLFKH GLVFHQGRQR SHUy
GDOODUD]]D*$//86*$//86SL~QRWDVRWWRLOQRPHGL
*DOOXV%DQNLYDFKHqLOFDSRVWLSLWHGHOOHJDOOLQHFRPXQL
HGHLSROOL1HOO
(XURSDFHQWUDOHODJDOOLQDQRQqYHQXWD
DWWUDYHUVR OH $OSL PD SUREDELOPHQWH GD 2ULHQWH VH
FRQGR 'DUZLQ TXHVW
DQLPDOH VL WURYDYD QHOO
(XURSD
VHWWHQWULRQDOHQHOD&6PROQLN,
SRSROL DQWLFKL FRQVLGHUDYDQR LO JDOOR O
DQQXQFLDWRUH
GHOOD OXFH JLRUQR LQ TXDQWR HJOL FRQ LO VXR YHUVR
VHJQDODYD ODQDVFLWDGLXQQXRYRJLRUQRH OD ILQHGHOOD
QRWWH$QFRUDL3HUVLDQLFRQRVFHYDQRLOELDQFRJDOORGHL
FLHOLHTXHOORQHURGHJOLLQIHULSRSRORDOTXDOHVLGHYHLO
PHULWR GL DYHU SRUWDWR OD JDOOLQD GRPHVWLFD YHUVR
O
RFFLGHQWH GRSR DYHUOD FRQRVFLXWD GDJOL ,QGLDQL FKH
O
DYHYDQR SUHFHGHQWHPHQWH DGGRPHVWLFDWD  DQQL
ID 3UHVVR L *UHFL OD JDOOLQD HUD O
DQLPDOH FKH YHQLYD
VFDPELDWR FRPH UHJDOR WUD OD JHQWH SRYHUD /D JDOOLQD
DYHYD XQD SDUWH LPSRUWDQWLVVLPD QHL ULWL H QHOOH
FHULPRQLH UHOLJLRVH IDWWR VWD FKH L 5RPDQL FKH HUDQR
PROWR VXSHUVWL]LRVL VL DWWHQHYDQR DOOH SURIH]LH GHJOL
DXJXUL FKH SUHYHGHYDQR LO IXWXUR LQWHUSUHWDQGR LO EHF
FDUHGHOOHJDOOLQH6PROQLN
/D SDUROD JDOOLQD GHULYD GDO ODWLQR *$//,1$ I GL
*$//86 SDQURPDQ]D /D SDUROD JDOOR GHVLJQDQWH LO

JDOORGRPHVWLFR
GHULYDGLUHWWDPHQWHGDO ODW*$//86
YLYR LQ WXWWR LO WHUULWRULR LWDOLDQR H QHOOD 5RPDQLD RF
FLGHQWDOH PD VRSUDIIDWWR QHO IUDQFHVH GD FRT /D VXD
HWLPRORJLDqGLVFXVVDVLULWLHQHVLDVWDWRXQXFFHOORGHOOD
*DOOLD JU 0HGRV 3HUVLNRV R IRUVH GL RULJLQH PHGL
WHUUDQHD JUNDODLV 
JDOOLQD
 '(, ,O5(: ULSRUWD
*$//86LWJDOORIULXOJDOVSHSRUWJDOOR5(:
Q  H*$//,1$ UXP JDLQD IULXO JDOLQH LW JDO
OLQDNDWHVSJDOOLQD5(:Q ,O9'5FLWD
JDOHLQD FRQ OH VSHFLILFD]LRQL JDOHLQD IDUDRQD 
XQD
VSHFLH GL SROOR VHOYDWLFR SL~ JUDQGHGL XQD JDOOLQD GL
FRORUFHQHURJQROREUL]]RODWR
JDOHLQDSHLSXOD
JEDVVD
H JUDVVD
 JDOR JDOLWR 9'5   ,O '6)('& UL
SRUWDJDOHWR 
JDOORJLRYDQH
JDOLQDHJDOLQDVD '6)('&
 LO9', JDOOHLQD H JDOOHLQD IDUDRQD QRQFKp JDOOLWWR
JDOOR]]R JDOORX]]R PHQWUH O
HVSUHVVLRQH JDOOLWWR GH
PRQWDJQD LQGLFD O
 
XSXSD R EXEEROD
 9',  LO
1''7JDOLQD1''7 LO''9JDOLQD ''9 LO
9* JDOLQD JDOHLQD JLDOLQD FRFD FRFR 9* 
O
$/,ULSRUWDWXWWHOHYRFLLVWULRWHGHVLJQDQWLLOJDOOHWWRQHO
52 H QHO', DYUHPR OD IRUPD JD
OLWR QHO 9$*$ )$
JD
OHWRQHO6,JD
ORßR $/,/R]RRQLPR ODW*$/
/,1$ $( I VRVWDQWLYR IHPPLQLOH GHOOD SULPD GHFOLQ
D]LRQHVLqFRQVHUYDWRLQWXWWLLGLDOHWWL,5UHVWDQGRTXDVL
LPPXWDWRGDOSXQWRGLYLVWDIRQHWLFRVXEHQGRVROWDQWROD
GHJHPLQD]LRQHGHOQHVVROO!OODW*$//,1$!JDOLQD
(VLVWRQR DOFXQL WRSRQLPL LVWULDQL FKH SUHQGRQR LO
QRPHLQEDVHDJOL]RRQLPLJDOORHJDOOLQDFRPHDGHV
3XQWD GHO *DOOR ,VROD H &DQDO GL /HPH  5RYLJQR
*DOOLJQDQD3LVLQR*DOOHVDQR*UDYLVL
,OSXOFLQRQHLGLDOHWWLLVWULRWLYLHQHFKLDPDWRQHO52H
$11$/(6©6HUKLVWVRFLRO©©©
6DQGUD7$0$52=221,0,$,675,27$

QHO ', SXO
VHMQ QHO 9$SL
SLQ QHO *$ SXO
VLQ QHO )$
SXO
ÈLQ SXOL
ÈLQ QHO 6, SXODÈ
WULQ $/,  /D SDUROD
SXOFLQRGHULYDGDOODWLQRWDUGR38//,&(186,186GD
38//86 GL DUHD LW H IU '(,  ,O 5(: ULSRUWD
38//86 
DQLPDOH JLRYDQH
 H 
JDOOR
 H 38//$ 
JDOOLQD

5(:  Q  QRQFKp 38//,&(186 H 
38/
/,&,186 LWSXOFLQRFUHPSXOH]HLQ IUSRXVVLQ 5(:
 Q 1HO 9'5 WURYLDPRSXOVHLQ 9'5 
QHO1''7SXOVLQ YHQSXOHVLQ 1''7  H QHO9*
SXOVLQ 9*QHO''9YHGLDPRFKHSXOFLQR YLHQH
GHWWR SLSs 3RVVLDPR FRQFOXGHUH FKH OD SDUROD ODWLQD
38//86 , P LQGLFDQWH O
 
DQLPDOH JLRYDQH
 H SRL LO

SXOFLQR
 VRVWDQWLYR PDVFKLOH GHOOD VHFRQGD GHFOLQ
D]LRQH VL q FRQVHUYDWR QHL GLDOHWWL LVWULRWL QHOOH IRUPH
VRSUD FLWDWH DWWUDYHUVR OD IDVH 38//,&(186 GHO WDUGR
DOWLQRSDUODWRVXEHQGRTXHVWHHYROX]LRQLIRQHWLFKHODW
38//80 ! WDUGR ODW 38//,&(180 ! SXOVLQ GH
JHPLQD]LRQHGHOQHVVR OO!ODSRFRSHGHOOD X ILQDOH
VLQFRSHGHOOD L QHO*$!SXOVHLQ GLWWRQJD]LRQH L !
H\QHO529$
/DJDOOLQDQHOODWUDGL]LRQHURPDQD.RNRÉY5LPVNL
WUDGLFLML3RYLMHVWOMXGVNRJURGD
6LFFRPH FRO QRPH JHQHULFR GL SROOR VL VXROH GH
VLJQDUH VLD LO JDOOR FKH OD JDOOLQD q LQWHUHVVDQWH YHGHUH
FKHQHLGLDOHWWLLVWULRWLTXHVWDIRUPDQRQYLHQHXVDWDPD
VL XVDQR LQYHFH OH IRUPH SXODVWUR SRODVWUR IRUPH FKH
GHVLJQDQR LO 
SROOR JLRYDQH
 RYYHUR LO 
SROODVWUR
 H OD

SROODVWUD
 4XHVWR DSSDUH ORJLFR LQ TXDQWR OD SDUROD
SROOR GHULYD GDO ODW 38//86 
DQLPDOH JLRYDQH
 FIU
JUHFR SRORV GL DUHD LW H URPDQ]D RFFLGHQWDOH '(,
9HGLDPR FKH LOSROODVWUR YLHQHGHWWR SX
ODVWUR D
52', SX
ODÈWUR D 6, H )$ SR
ODVWUR D9$ H*$ $/,
/R]RRQLPRSROODVWURD
SROORJLRYDQH
GHULYDGDO
ODW 38//$675$ 9DUURQH FKH D VXD YROWD GHULYD GD
38//86FIU ODWPHGLRHYDOH38//$67(5 D3D
GRYDFIUYHJOSROXDVWUR '(,1HO9* WURYLDPR
OH IRUPH SXODVWUR SXODVWUXV 9JO SRODVWULHOD 5 9*
QHO9'5 L3HOOL]]HUPHWWRQR OHYRFL URYLJQHVLSX
ODVWUR H LO GLP I SXODVWULHOD 9'5  ,O 5(: FLWD
38//$675$ 
JDOOLQD JLRYDQH
 LW SROODVWUR D YHJO
SROXDVWUR 5(:Q3RVVLDPRQRWDUHFKHJOL
]RRQLPLLVWULRWLSXODVWURDHSRODVWURDGHULYDQRGDOOD
WLQR WDUGR38//$67(5 ,PH38//$675$ $( IFKH
KDQQR VXELWR OH VHJXHQWL HYROX]LRQL IRQHWLFKH ODWPH
GLRHY38//$65$0!SXODVWUDRGHJHPLQD]LRQHGHO
QHVVR OO LQ OH WUDVIRUPD]LRQHGHOOD X ILQDOH LQ R!
SRODVWUR
,OJDWWR)(/,6&$7786
,O JDWWR q XQ DQLPDOH GRPHVWLFR GHO JHQHUH )HOLV
GHOODIDPLJOLDGHL)HOLGLDOOHYDWRSHUFRPSDJQLDHSHUOD
VXDDELOLWjQHOGDUHODFDFFLDDL WRSL ,OJDWWRGRPHVWLFR
GLVFHQGHGDOODVRWWRVSHFLHRULHQWDOH)HOLVVLOYHVWULVO\ELFD
GHOO
$IULFD VHWWHQWULRQDOH FKH q VWDWD DGGRPHVWLFDWD LQ
(JLWWR DWWRUQR DO  D& 6PROQLN   1HO
SHULRGRGHOOD99,GLQDVWLDLOJDWWRDYHYDXQDIXQ]LRQH
LPSRUWDQWHQHLULWLHQHOOHFHULPRQLHGLFXOWR WDQWRFKH
YHQQHPXPPLILFDWRDFFDQWRDOODGHD%DVW GLYLQLWjFRQ
ODWHVWDGLJDWWR$SSHQDGXUDQWHLOSHULRGRGHOOD;,,;,,,
GLQDVWLD LO JDWWR GLYHQWD XQ YHUR H SURSULR DQLPDOH
GRPHVWLFR ULFHUFDWR ROWUH FKH SHU OH YHQHUD]LRQL GL
FXOWRFRPHXQXWLOHVWHUPLQDWRUHGLWRSL/
XFFLVLRQHGL
TXHVW
DQLPDOH YHQLYD VDQ]LRQDWD FRQ OD PRUWH 2SßD
HQFLNORSHGLMD6PROQLN
/D IRUPDJDWWRqGRFXPHQWDWD GDO ;,, VHF H GHULYD
GDOODWVFLHQW)(/,6&$786ODWPHGLRHY*$77869,,,
VHF ODW WDUGR &$7786 FDWXV GRFXPHQWDWR GDO ,9
VHFGLHWLPRORJLDLQFHUWDIRUVHXQSUHVWLWRGDOOHOLQJXH
DIULFDQH FIU QXELDQR NDGLV H EHUEHUR NDGGLVND SHU
YHQXWDFL DWWUDYHUVR O
(JLWWR R O
$IULFD RFFLGHQWDOH ´
SDQURPDQ]R PD QRQ UXPHQR '(,  ,O 5(:
ULSRUWD&$7786 FKH q G
RULJLQH JDOOLFD LW JDWWR IULXO
JDW VS H SRUW JDWR 5(:  Q  1HL GLDOHWWL
LVWULRWL LO JDWWR YLHQH GHWWR JDWR &HUQHFFD FLWD OH YRFL
YDOOHVLJDWR D ''9  L 3HOOL]]HU FLWDQR LO WHUPLQH
URYLJQHVH JDWR 9'5  'DOOD =RQFD ULSRUWD LO
GLJQDQHVHJDWR9',QHO9*WURYLDPRJDWRJDWDH
JDW 52 JDWROLQ * H JLDW 0JO 9*  
3LQJXHQWLQLFLWDJDWRGLFHQGRFKHLOODW&$786qYRFH
DUPHQDGHO9VHF1''73RVVLDPRQRWDUHFKHOD
SDUROD GHO ODWLQR FODVVLFR )(/,6 ,6 I VRVWDQWLYR IHP
,OJDWWR0DàHN6PROQLN
$11$/(6©6HUKLVWVRFLRO©©©
6DQGUD7$0$52=221,0,$,675,27$

PLQLOHGHOOD WHU]DGHFOLQD]LRQHQRQVLqFRQVHUYDWDQHL
GLDOHWWL LVWULRWLPD FKH OR ]RRQLPRJDWR GHULYD GDO ODW
YROJDUH &$7786 H KD VXELWR TXHVWH HYROX]LRQL IR
QHWLFKHODW&$7780!JDWRVRQRUL]]D]LRQHGHOODN
! J GHJHPLQD]LRQH GHO QHVVR WW LQ W VRVWLWX]LRQH
GHOODXODWLQDILQDOHFRQODR
$OFXQL WRSRQLPL LVWULDQL GHULYDQR SURSULR GDOOR ]R
RQLPR JDWWR FRPH SHU HV3XQWD GHO *DWWR )LDQRQD
3RUWR GL 0DODJDWWD DQWLFD ORFDOLWj YLFLQR D 6LVVDQR
*UDYLVL
,OPDLDOH6866&52)$'20(67,&$
,OPDLDOH FKLDPDWR SL~ FRPXQHPHQWH SRUFR q XQ
DQLPDOHGRPHVWLFRRQQLYRURGHL6XLGLDSSDUWHQHQWHDOOD
IDPLJOLD GHJOL 8QJXODWL $UWLRGDWWLOL QRQ UXPLQDQWL ,O
PDLDOH YLHQH DOOHYDWR SHU OD FDUQH H SHU L SURGRWWL VH
FRQGDUL FKH SL~ GL RJQL DOWUR DQLPDOH WURYDQR XQD
FRPSOHWD XWLOL]]D]LRQH DOLPHQWDUH ´ GLIILFLOH GLUH FRQ
FHUWH]]D GRYH H TXDQGR VLD DYYHQXWR O
DGGRPHVWLFD
PHQWRGHOPDLDOHVHEEHQHVLSHQVLFKH VLDDYYHQXWR LQ
&LQDFLUFDDQQLD&HGDOuO
DOOHYDPHQWRVLVLDSRL
GLIIXVR QHJOL DOWUL SDHVL DVLDWLFL GRYH TXHVW
DQLPDOH
LQFRQWUy JUDQGH DYYHUVLRQH SHU UDJLRQL UHOLJLRVH H
LJLHQLFKHEDVWDSHQVDUHDJOL,VUDHOLWLHDL0DRPHWWDQLDL
TXDOLOD%LEELDH LO&RUDQRYLHWDQRGLPDQJLDUH ODFDUQH
GHL PDLDOH (QFLFORSHGLD 7UHFFDQL  ;;;,, 
6PROQLN/
DOOHYDPHQWRGHOPDLDOH
HEEH JUDQGH LPSRUWDQ]D SUHVVR L*UHFL H SUHVVR L 5R
PDQLFKHORFRQVLGHUDYDQRXQRGHJOLDQLPDOLGRPHVWLFL
GL PDJJLRU SUHJLR 1HOO
(XURSD RFFLGHQWDOH O
DGGR
PHVWLFDPHQWR GHO PDLDOH ULVDOH DO SHULRGR QHROLWLFR R
DOO
HWj GHOOD SLHWUD OHYLJDWD GDO  D& (Q
FLFORSHGLD7UHFFDQL;;;,,
6LQRQLPR GL PDLDOH q SRUFR SDUROD GRWDWD GL XQD
FRQQRWD]LRQH SL~ UHDOLVWLFD H SRSRODUHVFD 6HFRQGR LO
'(,ODSDURODSRUFRGHULYDGDOODWLQR325&86,PHG
q SDQURPDQ]D GD XQ ODWLQR 
325&86&8/86 FIU
,PDLDOL)LJXLHO3UDÉLàL)LJXLHO5LGHO

086&8/86 /(386&8/86 (VVHQGR LO QRPH ODWLQR
VFLHQWLILFRGHOPDLDOH 686 6&52)$'20(67,&$TXH
VWRODWLQR686VLqFRQVHUYDWRQHOORJXGVXHSRUWRJKHVH
VXFROVLJQLILFDWRGL 
VFURID
 '(, ,O5(: ULSRUWD
6&52)$ UXP VFURDID LW VFURID IULXO VNURYH 5(:
QH325&86
SRUFR
UXPSRUFVSSXHUFR
325&$SRUWRJKSRUFD325&(//86 LWSRUFHOOR UXP
SXUFHO 5(: S  Q  Q  H Q  ,O
'6)('& ULSRUWD SRUFR SRUVHO H SRUVLQ '6)('& 
3LQJXHQWLQLFLWD OH YRFLSRUFRSRU]HOSRU]HOHWSRU]LQ
QRQFKpVFURYDYHQFURD
WURLDRVFURID
GDOODW6&52)$
1''71HOOH3RVWLOOHDO5(:WURYLDPRVFURID
H LOSRO VFURD 3RVWLOOH LWDOLDQHDO5(:5RVDPDQL
FLWD SRUFR 9*  L 3HOOL]]HU ULSRUWDQR OH YRFL
URYLJQHVL SXRUFD SXRUFR 9'5  &HUQHFFD WLWROD
SRUFRSRUVHO''9HOHVWHVVHIRUPHDSSDLRQRQHO
9', 9',1HOO
$/,VL WURYDQR WXWWH OHYRFL LVWULRWH
GHVLJQDQWL OD WURLD R VFURID FKH D 5RYLJQR VL FKLDPD
SZRUFDPHQWUHD9$',)$*$6,SRUFD LOPDVFKLR
GHOODVFURIDYLHQHGHWWRSRUFRHFFHWWRQHOURYLJQHVHFKH
KDS
ZRUFR$/,3RVVLDPRFRQFOXGHUHFKHOD
SDUROD ODW 325&86 , P VRVWDQWLYR PDVFKLOH GHOOD
VHFRQGD GHFOLQD]LRQH ULPDQH LQ WXWWL L GLDOHWWL LVWULRWL
QHOOD IRUPD SRUFR D HFFHWWR QHO URYLJQHVH FKH QHOOD
SULPDVLOODEDKDLOGLWWRQJRDVFHQGHQWHSXRUFR9HGLDPR
FKH LO WHUPLQH ODWLQR YROJDUH 6&52)$ $( I q VWDWR
VRSSLDQWDWR GDOOD YDULDQWH IHPPLQLOH SRUFDPD DOFXQH
WUDFFHGHOO
DQWLFRVFURIDVLSRVVRQRWURYDUHQHOOH3RVWLOOH
DO5HZGRYH VWD LO WHUPLQHSROHVDQR VFURDQRQFKpQHO
YHQH]LDQR VFURYD FURD H LQ 'HDQRYLß WURYLDPR LO
URYLJQHVH VFUXYD PHQWUH OR ]RRQLPR ODWFODVV 686
68,6 I VRVWDQWLYR IHPPLQLOHGHOOD WHU]DGHFOLQD]LRQHq
VSDULWRGHO WXWWRQHLGLDOHWWL ,5 ODW325&8 0!SRUFR
ODXILQDOHGLYHQWDR!SXRUFRGLWWRQJD]LRQHGLR!
ZRQHO52 ODW6&52)$ 0!DQWSROVFURD FDGXWD
GHOODI!VFUXYDQHO52ODI!Y
,OPXOR(488608/86
´ XQ LEULGR FKH VL RWWLHQH GDOO
DFFRSSLDPHQWR GHO
O
DVLQRFRQODFDYDOOD$VVRPLJOLDGLSL~DOO
DVLQRSHUFKp
OD WHVWD qSHVDQWH OHRUHFFKLH VRQRJUDQGL H JURVVH OD
FULQLHUD q FRUWD H GULWWD OD JURSSD FRUWD H VWUHWWD +D
FRPHO
DVLQRVFDUVHHVLJHQ]HDOLPHQWDUL$OODVREULHWjLO
PXOR DJJLXQJH FDUDWWHUL SUHJHYROLVVLPL GL JUDQGH
UHVLVWHQ]D D OXQJKL SHUFRUVL LQ ORFDOLWj DOSHVWUL SULYH GL
VWUDGH FDUUHJJLDELOL 1HOOH GXH JUDQGL JXHUUH PRQGLDOL
KD GLPRVWUDWR OHPLJOLRUL DWWLWXGLQL LQ WXWWL L VHUYL]L SL~
GLIILFLOL H SHVDQWL FKH QHVVXQ DOWUR DQLPDOH DYUHEEH
SRWXWR VRVWHQHUH VHQ]D GDQQR 1HOOD UHJLRQH DGULDWLFD
HVLVWRQRPROWLPXOLFRPHSXUHQHOO
$IULFDVHWWHQWULRQDOH
(QFLFORSHGLD 7UHFFDQL  ;;,9  6PROQLN

/D SDUROD PXOR GHULYD GDO ODW 08/86 YRFH GL
SURYHQLHQ]DPHGLWHUUDQHDPDDVVHQWHQHOUXPHQRFRO
GLP086&(//86 FIUPXVVR /D YRFH q SDQGLDOHWWDOH
$11$/(6©6HUKLVWVRFLRO©©©
6DQGUD7$0$52=221,0,$,675,27$

'(, ,O5(:ULSRUWD08/86LWPXOR IULXONDW
PXO VSPXOR H 
086&(//$ 
PXOR
 YHQPXVR 5(:
 Q   Q  ,Q WXWWL L GLDOHWWL LVWULRWL
FRPHQH Gj WHVWLPRQLDQ]D O
$/, TXHVWR DQLPDOH YLHQH
FKLDPDWR 
PXOR HFFHWWR QHO URYLJQHVH GRYH OD SDUROD
KD XQ GLWWRQJR LQL]LDOHPRXOR $/,  ,O 9', FLWD
PRXOR 9', LO9'5PRXOR 9'5QHO''9
WURYLDPR PXOR ''9  QHO '6)('& WURYLDPR OD
SDUROD PXOR D FRQ LO VLJQLILFDWR GL 
UDJD]]R D

4XHVWD FRPH VSLHJDQR 0DQ]LQL 5RFFKL q XQD YRFH
SUHWWDPHQWH WULHVWLQD GDOO
LEULGR HTXLQR QDWR GD XQD
FDYDOODHXQDVLQRDWWUDYHUVRLOVLJQLILFDWRLQWHUPHGLRGL

UDJD]]R EDVWDUGR
 q ULPDVWR D GHVLJQDUH VROWDQWR LO

UDJD]]R
'6)('&HQHO1''7WURYLDPRODYRFH
PXOR 
IDQFLXOOREDVWDUGR
 
ILJOLR LOOHJLWWLPR
SDURODFKH
WUDH O
LPPDJLQH GDOO
LEULGR HTXLQR FKH L 5RPDQL
GLFHYDQR08/86SHU08&/86JUHFRP\FKORVSURED
ELOPHQWH GDO YRFPLVLR ULWHQHQGRVL WDOL DQLPDOL RULJL
QDUL GHO 3RQWR 1''7  QHO 9* 5RVDPDQL FLWD OD
SDURODPXOR
UDJD]]R
XQDYROWDULVWUHWWRDOVLJQLILFDWRGL

ILJOLR LOOHJLWWLPR
 GHULYDQWH GDOO
DQLPDOH LQ TXHVWLRQH
FKH q QDWR GD XQ DVLQR H XQD FDYDOOD 9*  9H
GLDPRFKH OR]RRQLPRODWLQR08/86 ,PVRVWDQWLYR
,OPXOR0XOD6PROQLN
PDVFKLOHGHOODVHFRQGDGHFOLQD]LRQHVLqFRQVHUYDWRQHL
GLDOHWWL LVWULRWL QHOOD IRUPD PXOR PRXOR VXEHQGR L
VHJXHQWL FDPELDPHQWL IRQHWLFL ODW 08/80 ! PXOR
X! R!PRXOR GLWWRQJD]LRQHGLVFHQGHQWHGHOOD X
LQRZQHO52
/
RFD$16(5'20(67,&86
/
RFD XQ XFFHOOR DSSDUWHQHQWH DOO
RUGLQH GHJOL $Q
VHULIRUPLqGLIIXVDVXWXWWLLFRQWLQHQWLVRSUDWWXWWRQHOOH
UHJLRQL SDOXGRVH 'DOO
RFD VHOYDWLFD GHWWD DQFKH FH
QHULQD $QVHU $QVHU VRQR GHULYDWH OH YDULH VSHFLH GL
RFKHGRPHVWLFKH/
RFDqLQHIIHWWLXQRWUDLSL~DQWLFKLH
XWLOL XFFHOOL GRPHVWLFL DOOHYDWD GD VHFROL SHU OD VXD
FDUQH SHU LO JUDVVR SHU OH XRYD JURVVH H SHU LO VXR
SLXPLQR 6PROQLN   (QFLFORSHGLD 7UHF
FDQL;;9
/
RFD*RV6PROQLN
/R]RRQLPRRFDqSUHVHQWHQHOURPDQ]RRFFLGHQWDOH
FIU IU RLH ;,, VHF SURY DXFD LQ TXDQWR LO ODWLQR
$16(5 
RFD
 q VWDWR VRVWLWXLWR GD XQ GHULYDWR GHO ODW
$9,6 
XFFHOOR
 VXO FXL GLPLQXWLYR $8&(//$ VL FRVWUXu
XQ
XRFD RFD DWWHVWDWR GD$YLHQR ,9  9 VHF H GDOOH
JORVVHQHOVHQVRGL
YRODWLOHGDFRUWLOHRFD
 '(,
,O5(:ULSRUWD$9,&$
$8&$LWRFDYHJO\DXFD
YHURQ RFR $9,&(//$ 
SLFFROR XFFHOOR
 RYYHUR $8
&(//$ SLHP XVHOD $9,&(//86 $8&(//86 LW XF
FHOORSURYDX]HOIULXOXßLHO5(:QQ
Q  3LQJXHQWLQL ULSRUWD OD YRFH RFD FRPH SXUH LO
GHWWR(VVHUHOILRGHO
RFDELDQFDFLRqHVVHUHIRUWXQDWR
1''7  5RVDPDQL FLWD OH YRFL RFD DQVHU GR
PHVWLFXV LDXFDRFRFR 9*&HUQHFFDFLWDRFD
''9  H L 3HOOL]]HU OD SDUROD XRFD 
XFFHOOR SDO
PLSLHGH GRPHVWLFR
 9'5  1HL GLDOHWWL LVWULRWL
O
RFDYLHQHGHWWDD52
ZRNDD9$',*$)$6,
RND
$/,HO
RFRPDVFKLRRSDSHURYLHQHGHWWR
ZRND
QHO52
RNRQHO)$SDSHURQHO',PDVÝRGHODRNDQHO
*$ SDSHUR QHO )$ H 
RNR QHO 6, $/,  ,O WHUPLQH
RFRqG
DUHDWRVFDQDVHWWHQWULRQDOHULIDWWRVXOIHPPLQLOH
RFD 6HFRQGR LO'(, OD SDURODSDSHUR LQGLFDQWH O
 
RFD
PDVFKLR
 q XVDWD VSHFLDOPHQWH D 3LVD H LQ WXWWD O
,WDOLD
PHULGLRQDOH GRYH VRVWLWXLVFH LO ODW WDUGR $8&$ '(,
3RVVLDPRFRQFOXGHUHFKHOR]RRQLPRRFDXRFD
QRQ GHULYD GDO ODWLQR FODVVLFR $16(5 ,6 I FKH q LO
QRPH VFLHQWLILFR GL TXHVW
DQLPDOH PD GDO ODWLQR
YROJDUH
$8&$DVXDYROWDGHULYDQWHGDOGLPLQXWLYRGL
$9,6 ,6 I RYYHUR $8&(//$ /DW YROJ $8&$ 0
>DWWHVWDWR GD $YLHQR ,99 VHF '(, @ ! RFD >LQ
XQD JORVVD GHO VHF ;, DQVHU HVW RFFD '(/, @ LO
GLWWRQJR ODWLQR DZ VL PRQRWWRQJD LQ R ! XRFD QHO
52DYYLHQHODGLWWRQJD]LRQHDVFHQGHQWHR!ZR
/DSHFRUD29,6$5,(6
/D SHFRUD UXPLQDQWH HUELYRUR GHO VRWWRUGLQH GHJOL
$UWLRGDWWLOL IDPLJOLD GHL &DYLFRUQL DSSDUWHQHQWH DO
JHQHUH2YLVQHOODIDPLJOLDGHJOL2YLQLqGLIIXVDLQWXWWH
OH UHJLRQL VLD DOOR VWDWR VHOYDWLFRFKHQHOOH YDULH UD]]H
GHOODVSHFLHGRPHVWLFD2YLV$ULHV,OFRUSRGHOODSHFRUD
q WR]]R EDVVRWWR DQFKH VH LQ FHUWH UD]]H SXy HVVHUH
VODQFLDWR VRUUHWWR GDPHPEUD DJLOL H VRWWLOL4XHVW
DQL
PDOHYHQQHDGGRPHVWLFDWRVLQGDOODSUHLVWRULDHDOOHYDWR
$11$/(6©6HUKLVWVRFLRO©©©
6DQGUD7$0$52=221,0,$,675,27$

LQ JUHJJL SHU LO VXR ODWWH SHU OD FDUQH VSHFLDOPHQWH
TXHOODGHJOLDJQHOOLSHU OD ODQDHSHU ODSHOOH %UHKP
  (QFLFORSHGLD 7UHFFDQL  ;;9 

/DSDURODSHFRUDGHVLJQD OD 
IHPPLQDGHOPRQWRQH

HLOVXRQRPHVFLHQWLILFRq2YLV$ULHVGHULYDGDO ODWLQR
3(&25$ I ;,,, VHF GDO QRPH FROOHWWLYR GL 3(&86 
25,6 Q DQFKH 3(&86 8',6 I SURSULDPHQWH 
SH
FRUD
 FRO VHQVR HVWHVR GL 
EHVWLDPH
 H SL~ WDUGL FRQ
TXHOORSDUWLFRODUHGL
EHVWLDPHPLQXWRHODQRVR
SHUFXL
SUHQGHLOSRVWRGL29,6VSHFLDOPHQWHQHOO
,WDOLDFHQWUR
PHULGLRQDOH '(,  ,O 5(: ULSRUWD OD YRFH ODWLQD
3(&86 
EHVWLDPH
 H 3(&25$ 
SHFRUD
 QDS SLHNHUH
WRVFSHFRURFUHPSHJRU
PDVFKLRVLDGHOODSHFRUDFKH
GHOOD FDSUD
 5(:  Q   Q  QHOOH
3RVWLOOH DO 5(:DFFDQWR D 3(&25$DEELDPR WURYDWR LO
SROHVDQR SLHJRUR 
PRQWRQH
 3RVWLOOH LWDOLDQH DO 5(:
Q3LQJXHQWLQLWLWRODSHJRUDHLOYHQH]LDQRH
LVWULDQR SLHJRUD GDO ODW 3(&25$ SO GL 3(&86 
EH
VWLDPHPLQXWR
 1''7  QHO 9* WURYLDPRSHJRUD
7UJSHJRUHODSHJXUD5SLHJRUDGLPSLHJRUHODQRQ
FKpSLHJXODSLHJXUD 9*&HUQHFFD WLWROD LO
YDOOHVH SHJRUD ''9  L 3HOOL]]HU GDQQR OH YRFL
URYLJQHVLSHJXUD H SLHJXUD LO YDOOHVH SHJRUD LO GLJQD
QHVH SLJXUD 9'5  H 'DOOD =RQFD FLWD OD YRFH
SLJXUD 9',  QHL GLDOHWWL LVWULRWL OD SHFRUD YLHQH
FKLDPDWDD529$*$)$6,YLHQHSHJRUD LQYHFHD
',SLJXUD $/,3RVVLDPRFRQFOXGHUHFKH ODYRFH
ODWLQDFODVVLFD3(&868',6IVRVWDQWLYRLPSDULVLOODER
IHPPLQLOHGHOOD WHU]DGHFOLQD]LRQHQRQVLqFRQVHUYDWR
QHL GLDOHWWL ,5 FRPH QHDQFKH OD YRFH 29,6,6 I PD
FKH JOL ]RRQLPL SHJRUD SLJXUD GHULYDQR GDO ODWLQR
YROJDUH 3(&25$ ,QYHFH OD YRFH ODW FODVV 3(&86 
25,6 VRVWDQWLYR QHXWUR GHOOD WHU]D GHFOLQD]LRQH KD
VXELWRROWUHDOODSHUGLWDGHOJHQHUHQHXWURXQRVSRVWD
PHQWR VHPDQWLFR GDO 
JUHJJH
 D XQD VROD 
SHFRUD
 ODW
YROJ 3(&25$0 ! SHJRUD VRQRUL]]D]LRQH GHOOD N
!J!SLHJRUD GLWWRQJD]LRQHDVFHQGHQWH H! \HQHO
52!SLJXUD
0DQGULDGLSHFRUHDOOH%ULH)LJXLHOßUHGDRYDF
QD%ULHMDK)LJXLHO5LGHO
,O PDVFKLR GHOOD SHFRUD GHWWR SHFRUR RPRQWRQH
YLHQHFKLDPDWRQHLGLDOHWWL LVWULRWLD52NDS
URQ D9$
',6,PRO
WRQD*$PRQ
WRQD)$PRQ
WRQHSHJR
URQ
$/,ORFRQIHUPDLO9',FRQODYRFHPROWRQ9',
PDQRQLO9'5SFRQODYRFHFDSURQFKHKDVROR
LO VLJQLILFDWR GL 
PDVFKLR GHOOD FDSUD
 9'5  /D
SDURODPRQWRQH DWWHVWDWD QHO ;,,, VHF FRPH 
PDVFKLR
GHOOD SHFRUD
 GHULYD GDO ODW PHGLRHYDOH 08/721,6
G
DUHD IUDQFHVH PRXWRQQHOYHQPRQWRQFRQ OD Q
SHUFKpLQWHVRFRPH
DQLPDOHFKHPRQWD
/DYRFHODWLQD
qGLSURYHQLHQ]DFHOWLFD LUOPROW '(,  ,O 5(:
ULSRUWD
08/7221(JDOO
PRQWRQH
YHQH]HIULXO
PROWRQ IU0RXWRQ 5(:  Q  1HO 9* WUR
YLDPRODSDURODPRQWRQPROWRQHPROWRP3LUPXOWRQ
5'0JO 9*    QHO1''7 WURYLDPR
PROWRQ FKH GHULYD GDOOD IRUPD DQWLFDPROWRQH D VXD
YROWD GLVFHQGHQWH GDO ODW PHGLRHYDOH 08/72 DEO
08/721( 1''7  QHO '6)('& WURYLDPR OD
SDUROD PROWRQ FKH q XQD YRFH WLSLFDPHQWH YHQHWD
LQYHFH O
LW PRQWRQH q GRYXWR D XQ DFFRVWDPHQWR
SDUHWLPRORJLFR D PRQWDUH '6)('&  3RVVLDPR
FRQFOXGHUH FKH JOL ]RRQLPL LVWULRWL PRO
WRQ PXO
WRQ
PRQ
WRQGHULYDQRQRQGDOODWFODVVLFR$5,(6(7,6P
VRVWDQWLYR PDVFKLOH GHOOD WHU]D GHFOLQD]LRQH PD GDO
ODWLQR YROJDUH 08/72 21( VXEHQGR TXHVWH HYR
OX]LRQL IRQHWLFKH ODWYROJ 08/721(0 ! PXOWRQ
DSRFRSHGHOOD H ILQDOH !PROWRQ!PRQWRQ O ! Q
SHUDQDORJLD FRO YHUERPRQWDUH9HGLDPRFKH ULVSHWWR
DOO
LWPRQWRQH LO YDOOHVH GLJQDQHVH VLVVDQHVH FRQVHU
YDQRLQWDWWDODEDVHODWLQDGLPRVWUDQGRFRVuXQDGLUHWWD
UHOD]LRQH FRQ LO ODWLQR H O
DUFDLFLWj GHL GLDOHWWL LVWUR
URPDQ]LRQHRODWLQL
/
DJQHOOR YLHQH FKLDPDWR LQ WXWWL L GLDOHWWL LVWULRWL
D
ñHO $/,  /D SDUROD DJQHOOR GHULYD GDO ODW
$*1(//86 SUHVHQWH JLj LQ 3ODXWR SDUROD FKH OHQWD
PHQWH VRSSLDQWD $*186, P HG q SDQURPDQ]D
,QWHUHVVDQWH q FKH OD YRFH DQWLFD DJQR P VLD VWDWD
XVDWD DQFRUD QHO ;9,, VHF FRO VLJQLILFDWR GL 
DJQHOOR

GDO ODW $*186, FIU QHO JU DPQRV ,Q JUDQ SDUWH
GHOOD5RPDQLDFHGHGLIURQWHDOGLPLQXWLYR$*1(//86
PD VRSUDYYLYH QHO 0H]]RJLRUQR '(,  ,O 5(:
ULSRUWD OD YRFH ODW $*186 $ 
DJQHOOR
 $*1(//86

DJQHOOR
 IULXO DñHO SRO DñROLQ 5(:  Q 
&RVu QHO 9', WURYLDPR OD YRFH GLJQDQHVH DJQDHO
9',  QHO '6)('& WURYLDPR DJQHO H DJQHOHWR
'6)('&  QHO 9'5 DJQHO SODL 9'5  3LQ
JXHQWLQL WLWROD DJQHO DJQHOD] DJQHOHWR 1''7 
5RVDPDQLFLWDOHIRUPHDJQHO'SODJQDLDJQLDJQROL
H DJQHOLQ & 9*  &HUQHFFD ULSRUWD DJQHO SOHL
''9  3RVVLDPR FRQFOXGHUH FKH OD SDUROD ODWLQD
$*1(//86 , P VRVWDQWLYR PDVFKLOH GHOOD VHFRQGD
GHFOLQD]LRQH GLPLQXWLYR GL $*186 , P VL q FRQ
VHUYDWRQHLGLDOHWWLLVWULRWLQHOOHIRUPHDJQHODJQDHO',
VXEHQGRTXHVWHHYROX]LRQLIRQHWLFKH ODW$*1(//80
! LW DJQHO SDODWDOL]]D]LRQH GHO QHVVR JQ! ñ GHJH
$11$/(6©6HUKLVWVRFLRO©©©
6DQGUD7$0$52=221,0,$,675,27$

PLQD]LRQHGHOQHVVROO!OHDSRFRSHGHOODXILQDOH!
DJQDHO DQDSWLVVL RYYHUR LQVHU]LRQH GHOOD YRFDOH D
DFFDQWRDOODHQHO',
,OWDFFKLQR0(/($*5,6*$//23$92
,O WDFFKLQR q XQ XFFHOOR GL JUDQGH VWDWXUD DSSDU
WHQHQWHDOODIDPLJOLD0HOHDJULGDHFDUDWWHUL]]DWDGDWHVWD
H FROOR QXGL SURYYLVWL GL FDUQXFROH HG HVFUHVFHQ]H
FDUQRVH OH TXDOL XQLWDPHQWH D XQ SURFHVVR HVWHQVLELOH
VLWXDWR VXOOD IURQWH V
LQJURVVDQR H VL DOOXQJDQR GXUDQWH
O
DWWHJJLDPHQWRHURWLFRUXRWDGHOPDVFKLRHDOO
RUGLQH
GHL*DOOLQDFHLSHUFXLSXyHVVHUHFRQVLGHUDWRXQJURVVR
JDOOLQDFHR,WDFFKLQLVRQRGHLFDPPLQDWRUL LQVWDQFDELOL
H SHUFRUURQR GLYHUWHQGRVL FKLORPHWUL H FKLORPHWUL DOOD
ULFHUFDGLFKLRFFLROHHSLFFROLLQVHWWLHFDYDOOHWWHSHUOH
TXDOL YDQQRPDWWL 6RQR WXWWDYLD FDSDFL GL DWWUDYHUVDUH
DPSL WUDWWL D YROR ,O WDFFKLQR GRPHVWLFR GHULYD GDO
0HOHDJULV *DOORSDYR WDFFKLQR VHOYDWLFR GHO 0HVVLFR
FKHLFRQTXLVWDGRUHVWURYDURQRJLjDGGRPHVWLFDWRSUHV
VRJOL$]WHFKLHFKHQHO;9,VHFSRUWDURQRLQ(XURSD,
WDFFKLQL GRPHVWLFL YHQJRQR DOOHYDWL SHU OD ORUR FDUQH
ELDQFD H VDSRULWD SHU OH XRYD FKH VRQR PROWR SL~
JUDQGLGLTXHOOHGLJDOOLQDHSHUOHSLXPH(QFLFORSHGLD
7UHFFDQL;;;,,,6PROQLN
,OWDFFKLQR3XUDQ(QFLFORSHGLD7UHFFDQL
;;;,,,
4XHVWR JDOOR G
,QGLD R JDOOLQDFHR GHOOH $PHULFKH
GHWWRDQFKHGLQGLRDFFDQWRD WDFFKLQR LO FXLQRPHGH
ULYDGDOO
RQRPDWRSHDGHOYHUVRGLTXHVWRDQLPDOHWDQWR
FKH QHOO
HPLO HVLVWRQR OH IRUPH WXFKHQ WXFKHLQD DF
FDQWR D WRF WRFD '(,  3LQJXHQWLQL FLWD OD YRFH
GLQGLR FKH GHULYHUHEEHGDO QRPHSROORG
,QGLD GRQGH
GLQGLR 1''7  L 3HOOL]]HU FLWDQR GHLQGLR VSLH
JDQGRFKHWDOHSDURODGHULYDGDOFROORTXLDOH G
,QGLD 
VHQWLWR RUPDL FRPH IRQRVLPEROLFR 9'5  5RVD
PDQL ULSRUWD OH YRFL GLQGLR H GLQGR $OWD ,WDO GHLQGR
9*   &HUQHFFD FLWD LO YDOOHVHGLQGLR ''9
'DOOD=RQFDODSDURODURYLJQHVHGHLQJLR 9',
1HOO
$/, WURYLDPR WXWWL L WHUPLQL LVWULRWL SHU GHVLJQDUH
TXHVW
DQLPDOH FKH q FKLDPDWRGLQGMR QHO 52*$',
)$ H 6, PHQWUH QHO YDOOHVH q GHWWR SXUR D FDXVD
GHOO
LQIOXHQ]DGHOFURDWRSXUDQFXLSHUyqVWDWDGDWD OD
GHVLQHQ]D PDVFKLOH LWDOLDQD Ÿ R $/,  1HOOH
3RVWLOOH DO 5(: WURYLDPR VRWWR OD SDUROD ,QGLD OH YRFL
VLFLQQLDHQQLDQDSHUGHVLJQDUHLO
WDFFKLQR
QRQFKpOH
YRFLLWDOGLQGRYHQGLQGLRHLOIUGLQGH,QWHUHVVDQWHq
LOIDWWRFKHF
qDQFKHO
DQWLFRWHUPLQHSROHVDQRGLQGLHWD
3RVWLOOH LWDOLDQHDO5(:Q3RVVLDPR
FRQFOXGHUHFKHODSDURODGLQGLRQRQKDDOFXQ
DWWLQHQ]D
FROQRPHVFLHQW ODW0HOHDJULV*DOORSDYR LQTXDQWR LO
WDFFKLQR IX LPSRUWDWR GDOO
$PHULFD LQ (XURSD DSSHQD
QHO;9,VHFHLQEDVHDOODSURYHQLHQ]DGHOO
DQLPDOHHDO
IDWWR FKH OD JHQWH FRPXQH FRQIRQGHYD JOL LQGLDQL
G
$PHULFDFRQJOLLQGLDQLG
,QGLDFKLDPyTXHVW
DQLPDOH
SROOR G
,QGLD GRQGH O
RGLHUQR GLQGLR SUHVHQWH QHL
GLDOHWWLLVWULRWL
&21&/86,21(
'DOOD FRPSDUD]LRQH VWRULFR HWLPRORJLFD GHJOL ]R
RQLPL LVWULRWL FRQ L WHUPLQL ODWLQL GD FXL GLVFHQGRQR H
FRQJOL ]RRQLPL YHQHWL IULXODQL R DSSDUWHQHQWL DG DOWUH
OLQJXHURPDQ]HVLVRQRULVFRQWUDWHGHOOHIRUWLVVLPHFRU
ULVSRQGHQ]HWUDLQRPLGHJOLDQLPDOLQHLGLDOHWWLLVWULRWLH
LQ TXHOOL YHQHWL H IULXODQL GRYXWH DO VHFRODUH GRPLQLR
SROLWLFR H FRPPHUFLDOH GL 9HQH]LD VX TXHVWL WHUULWRUL H
DOO
XQLWj OLQJXLVWLFD QHL VHFROL ,9,; GHO IULXODQR GHO
O
LVWULRWR H GHO GDOPDWLFR 1RQ PDQFDQR GHOOH LQWHUHV
VDQWL FRUULVSRQGHQ]H ]RRQLPLFKH FRQ OR VSDJQROR
SRUWRJKHVH DQWLFR IUDQFHVH SURYHQ]DOH H UXPHQR
SRLFKp O
LVWULRWR q XQ LGLRPD QHRODWLQR ,QROWUH VRQR
VWDWL WURYDWLGHLSUHVWLWL GDOGLDOHWWR FURDWRFLDFDYR FKH
WHVWLPRQLDQR O
LQIOXHQ]D UHFLSURFD GL GXH IDPLJOLH OLQ
JXLVWLFKH GLYHUVH OH TXDOL FRDELWDQR LQ ,VWULD GD WHPSL
ORQWDQLVVLPL9,VHF3HUTXHOFKHULJXDUGDODGLDFURQLD
H LO SDVVDJJLR GHL YDUL ]RRQLPL GDO ODWLQR FODVVLFR DO
ODWLQR YROJDUH H DL GLDOHWWL LVWULRWL VL VRQR SRWXWL QRWRUH
GHL FDPELDPHQWL IRQHWLFL FRVWDQWL&RVu QHOO
DPELWR GHO
YRFDOLVPR DEELDPR SL~ YROWH ULVFRQWUDWR OD PRQRW
WRQJD]LRQH GHL GLWWRQJKL ODWLQL H OD FUHD]LRQH GL GLW
WRQJKLVHFRQGDULODGLWWRQJD]LRQHDVFHQGHQWHHGLVFHQ
GHQWHVRSUDWWXWWRQHOURYLJQHVHO
DQDSWLVVLO
DSRFRSHH
ODVLQFRSHFRPHSXUHODGLVVLPLOD]RQHHO
DVVLPLOD]LRQH
GLDOFXQHYRFDOLPHQWUHLPXWDPHQWLFRQVRQDQWLFLVRQR
TXHOOL SL~ R PHQR WLSLFL OD VRQRUL]]D]LRQH OD VSL
UDQWL]]DLRQHO
HSHQWHVLODGHJHPLQD]LRQHGHOOHGRSSLH
&RQ LO SUHVHQWH DUWLFROR VL q YROXWD GDUH XQD UDVVHJQD
GHJOL]RRQLPLGRPHVWLFLHPHWWHUH LQ ULOLHYR LOFDUDWWHUH
VSLFFDWDPHQWH URPDQ]R GL TXHVWR DQWLFR GLDOHWWR QHR
ODWLQR FKH VWD SLDQ SLDQLQR VFRPSDUHQGR H FKH YLHQH
XVDWR DQFRUD SHU OR SL~ GDJOL DQ]LDQL QHOO
,VWULD VXGRF
FLGHQWDOH
$11$/(6©6HUKLVWVRFLRO©©©
6DQGUD7$0$52=221,0,$,675,27$

$11$/(6©6HUKLVWVRFLRO©©©
6DQGUD7$0$52=221,0,$,675,27$

,675,276.,=221,0,
6DQGUD7$0$52
6YHXáLOLÊWHX5LMHFL)LOR]RIVNLIDNXOWHWX3XOL+53XODXOLFD,0DWHWLßD5RQMJRYD
HPDLOVDQGUDWDPDUR#SXKLQHWKU
329=(7(.
9 ßODQNX VR SUHGVWDYOMHQD LPHQDGRPDßLK ÊLYDOL Y LVWULRWVNLK QDUHßMLK LQ SULPHUMDQD ] HWLPRORÈNHJD YLGLND ]
ODWLQVNLPL ]RRQLPL L] NDWHULK L]KDMDMR Y EHQHÈNHP IXUODQVNHP LQ GUXJLK URPDQVNLK MH]LNLK V NDWHULPL LPD
LVWULRWÈßLQDQHNDMVNXSQLKHOHPHQWRY
,VWULRWÈßLQDMHQHRODWLQVNRQDUHßMHNLJDY,VWULJRYRULMRRGULPVNHNRORQL]DFLMHOHWDSUQÈWQDSUHMDVHMH]
QDGDOMQMLPVORYDQVNLPSULVHOMHYDQMHPWHUSRGSROLWLßQLPLQGUXÊEHQLPYSOLYRP%HQHWNLQQMHQLKJRYRURYVSUHPHQLOR
LQRPHMLORQDÈHVWYDVLYMXÊQL,VWUL5RYLQM%DOH9RGQMDQÇLÈDQ*DOLÊDQDLQ)DÊDQDNDWHULKGLDOHNWLßHSUDYVRVL
]HORSRGREQLVHYHQGDUOHPDOFHUD]OLNXMHMRPHGVHERM,VWULRWÈßLQDNRWVWDURGDYQRQDUHßMHLPDPQRJHSRYH]DYHQH
OH ] EHQHÈNLPL LQ IXUODQVNLPL ]RRQLPL PDUYHß WXGL V ÈSDQVNLP SRUWXJDOVNLP LQ VWDURIUDQFRVNLP MH]LNRP 9
LVWULRWVNLK ]RRQLPLK MH DYWRULFD RGNULOD WXGL QHNDM ßDNDYVNLK L]SRVRMHQN NL NDÈHMR QD QDUHßQR L]SRVRMDQMH LQ
PHGVHERMQHYSOLYHMH]LNRYQLKGUXÊLQURPDQVNLKLQVORYDQVNLKQDURGRY=HWLPRORÈNRLQQDUHßQRDQDOL]RLVWULRWVNLK
]RRQLPRYDYWRULFDRSR]DUMDQD]DQLPLYHHOHPHQWHWHKDYWRKWRQLKLVWULRWVNLKQDUHßLM
.OMXÞQHEHVHGHLVWULRWÊáLQD]RRQLPLHWLPRORJLMDGLDOHNWRORJLMD,VWUD
$%%5(9,$=,21,
$/,  )LOLSL * %XUÇLÜ *LXGLFL %  $WODQWH
OLQJXLVWLFRLVWULRWR3ROD=80
''9 &HUQHFFD' 'L]LRQDULRGHO GLDOHWWR GL
9DOOH G
,VWULD&ROODQD GHJOL$WWL  5RYLJQR &HQWUR GL
5LFHUFKH6WRULFKH
'(,%DWWLVWL&$OHVVLR*'L]LRQDULRHWLPR
ORJLFRLWDOLDQRYRO,9)LUHQ]H*LXQWL%DUEHUDHGLWRUH
'(/,  &RUWHOD]]R 0 =ROOL 3  'L]LRQDULR
HWLPRORJLFRGHOODOLQJXDLWDOLDQD,,9%RORJQD
'6)('&  0DQ]LQL * 5RFFKL / 'L]LRQDULR
VWRULFR IUDVHRORJLFR HWLPRORJLFR GHO GLDOHWWR GL &DSR
GLVWULD&ROODQDGHJOL$WWL7ULHVWH5RYLJQR&HQWURGL
5LFHUFKH6WRULFKH
1''7  3LQJXHQWLQL * 1XRYR GL]LRQDULR GHO
GLDOHWWR WULHVWLQR VWRULFR HWLPRORJLFR IUDVHRORJLFR
0RGHQD'HO%LDQFRHGLWRUH
5(:  0H\HU/}ENH : :LQWHU &  5RPD
QLVFKHV HW\PRORJLVFKHV Z{UWHUEXFK +HLGHOEHUJ 8QL
YHUVLWlWVYHUODJ
9',  'DOOD =RQFD * $  9RFDERODULR GLJQD
QHVH Ÿ LWDOLDQR &ROODQD GHJOL $WWL  7ULHVWH5RYLJQR
/LQW&HQWURGL5LFHUFKH6WRULFKH
9'5  3HOOL]]HU $ 3HOL]]HU *  9RFDERODULR
GHO GLDOHWWR GL 5RYLJQR G
,VWULD &ROODQD GHJOL $WWL 
7ULHVWH5RYLJQR&HQWURGL5LFHUFKH6WRULFKH
9*(5RVDPDQL(9RFDERODULRJLXOLDQR7UL
HVWH(GL]LRQL/LQW
%,%/,2*5$),$
$VFROL * ,  $UFKLYLR *ORWWRORJLFR ,WDOLDQR
$*, YROXPH , 5RPD7RULQR)LUHQ]H (UPDQQR
/RHVFKHU
%DUWROL * 9LGRVVL *  $OOH SRUWH RULHQWDOL
G
,WDOLD GLDOHWWL H OLQJXH GHOOD 9HQH]LD *LXOLD H VWUDWL
ILFD]LRQLOLQJXLVWLFKHLQ,VWULD7RULQR(GLWRUH*KHURQL
%HQXVVL %  /
,VWULD QHL VXRL GXH PLOOHQQL GL
VWRULD &ROODQD GHJOL $WWL 9HQH]LD5RYLJQR &HQWUR GL
5LFHUFKH6WRULFKH
%UHKP$(ËLYRWÌLYRWLQMD/MXEOMDQD=DJUHE
%XUÇLÜ*LXGLFL % 1RWH JHQHUDOL VXOO
LGLRPD GL
6LVVDQR $WWL GHO , &RQYHJQR LQWHUQD]LRQDOH /LQJXH H
FXOWXUHLQFRQWDWWR3ROD1RYL6DG*UR7DULMD
%XUÇLÜ *LXGLFL %  $OFXQL DVSHWWL GHOOD WHUPL
QRORJLD GRPHVWLFD GHOO
LVWULRWR GL 6LVVDQR $WWL ;;9
5RYLJQR&HQWURGL5LFHUFKH6WRULFKH
%XUÇLÜ*LXGLFL% 7HUPLQRORJLDDJULFRODGL6LV
VDQR /D EDWWDQD  DQQR ;;;, DSULOHJLXJQR 
)LXPH(GLW
&HUDVXROR 3HUWXVL 0 5  ,O FRQWULEXWR GHO
O
HWLPRORJLD DOOD VWRULD GHOOD QHRODWLQLWj LVWULDQD $06,
YRO;&;;;9,,,7ULHVWH
&HUQHFFD'$QDOLVL IRQHPDWLFDGHOGLDOHWWRGL
9DOOHG
,VWULD6WXGLD5RPDQLFDHW$QJOLFD=DJUDELHQVLD
;;,,,=DJUHE
&HUQHFFD '  0RUIRORJLD GHO GLDOHWWR GL
9DOOHG
,VWULD,OQRPHHLOSURQRPH6WXGLD5RPDQLFDHW
$QJOLFD=DJUDELHQVLD=DJUHE
$11$/(6©6HUKLVWVRFLRO©©©
6DQGUD7$0$52=221,0,$,675,27$

&UHYDWLQ ) 2 URYLQMVNRP GLMDOHNWX $QQDOHV
 .RSHU =JRGRYLQVNRGUXÊWYR ]D MXÌQR 3ULPRUVNR
=QDQVWYHQRUD]LVNRYDOQRVUHGLÊáH
'DQWH  &KLDSSHOOL ) HG 7XWWH OH RSHUH
0LODQR(GL]LRQHGHO&HQWDXUR0XUVLD	&
'HDQRYLÜ0  $YYLDPHQWR DOOR VWXGLR GHO GLD
OHWWRGL5RYLJQRG
,VWULDJUDPPDWLFDWHVWLJORVVDULR=D
JUHE
'HDQRYLÜ 0  ÉWR MH LVWURURPDQVNL 5HSXEOLND
;EU=DJUHE
'HDQRYLÜ0 ,VWURURPDQVNH VWXGLMH -$=8YRO
=DJUHE
(QFLFORSHGLD 7UHFFDQL  (QFLFORSHGLD LWDOLDQD GL
VFLHQ]H OHWWHUH HG DUWL YROO ,,, ,9 9,, 9,,, ,; ;;,9
;;9 ;;;,, ;;;,,, 0LODQR5RPD ,VWLWXWR *LRYDQQL
7UHFFDQL
)DUn3$  3RVWLOOH LWDOLDQHDO5(:GL0H\HU Ÿ
/€ENH FRPSUHQGHQWL OH SRVWLOOH LWDOLDQH H ODGLQH GL &
6DOYLRQL 0HPRULH GHOO
,VWLWXWR ORPEDUR GL VFLHQ]H H
OHWWHUH;;;,,0LODQR
)LOLSL *  .RLQp LVWULDQD $WWL GHO , &RQYHJQR
,QWHUQD]LRQDOH/LQJXHHFXOWXUHLQFRQWDWWR3ROD
)LOLSL *  ,VWUVND RUQLWRQLPLMD SWLáMD LPHQD Y
LVWULRWVNLK JRYRULK $QQDOHV  .RSHU =JRGRYLQVNR
GUXÊWYR ]D MXÌQR 3ULPRUVNR=QDQVWYHQRUD]LVNRYDOQR
VUHGLÊáH
)LOLSL *  /H SDUODWH LVWULRWH /D EDWWDQD 
)LXPH(GLW
)LOLSL *  'LDOHWWRORJLD LVWULDQD 6FXROD 1RVWUD
)LXPH(GLW
*UDYLVL * $  1RPL ORFDOL LVWULDQL GHULYDWL GD
QRPLGLDQLPDOL/DSRUWDRULHQWDOH7ULHVWH
,YH $  , GLDOHWWL ODGLQRYHQHWL GHOO
,VWULD 6WUDV
EXUJR.DUO-7U€EQHU/LEUDMRŸ(GLWRUH
0XOMDÞLÜ È  'DV 'DOPDWLVFKH 4 X % 
%{KODX
2SÜDHQFLNORSHGLMD2SßDHQFLNORSHGLMDYRO
=DJUHE-XJRVODYHQVNLOHNVLNRJUDIVNL]DYRG
3RYLMHVW OMXGVNRJ URGD  5LPOMDQL ÌLYRWLQMH X
GRED 5LPOMDQD /MXEOMDQD=DJUHE =DORÌED PODGLQVND
NQMLJD
5LGHO $  $UFKDHR]RRORJLFDO LQYHVWLJDWLRQV LQ
1RUWK Ÿ HDVWHUQ ,WDO\ WKH H[SORLWDWLRQ RI DQLPDOV VLQFH
WKH1HROLWKLF3UHLVWRULD$OSLQDYRO7UHQWR0XVHR
7ULGHQWLQRGLVFLHQ]HQDWXUDOL
6DOYLRQL&9LGRVVLFK*9HUVLRQLLVWULDQHGHOOD
3DUDEROD GHO )LJOLXRO SURGLJR $UFKHRJUDIR WULHVWLQR V
,,,YRO9,,,7ULHVWH
6PROQLN+: 'DV JURVVH LOOXVWULHUWH WLHUEXFK
ËLYDOVNL6YHW/MXEOMDQD'UÌDYQD]DORÌED6ORYHQLMH
7DJOLDYLQL &  /H RULJLQL GHOOH OLQJXH QHRODWLQH
%RORJQD3DWURQ
7HNDYÞLÜ3,]SRYLMHVWLLVWURURPDQVNLKJRYRUD
SULMHOD] H\ X D\ X VYLMHWOX VWUXNWXUDOQH GLMDNURQLMH
)LORORJLMD=DJUHE-$=8
7HNDYÞLÜ38YRGXYXOJDUQLODWLQLWHW=DJUHE
7HNDYÞLÜ 3  3UREOHPDWLND LVWURURPDQVNLK VWX
GLMD'RPHWL$,95LMHND0DWLFDKUYDWVND
7HNDYÞLÜ3  ,O FRPXQHH OR VSHFLILFRQHO
GRPLQLR LVWURURPDQ]R 6WXGLD 5RPDQLFD HW $QJOLFD
=DJUDELHQVLD=DJUHE
7HNDYÞLÜ 3  3HU XQ DWODQWH OLQJXLVWLFR LVWULDQR
FRQ VSHFLDOH ULJXDUGR DL GLDOHWWL LVWURURPDQ]L 6WXGLD
5RPDQLFDHW$QJOLFD=DJUDELHQVLD=DJUHE
7HNDYÞLÜ 3  3UREOHPL WHRULFL H PHWRGRORJLFL
QHOOD ULFRVWUX]LRQH GHOO
LVWURURPDQ]R 6WXGLD 5RPDQLFD
HW$QJOLFD=DJUDELHQVLD=DJUHE
7HNDYÞLÜ 3  8Q
LQWXL]LRQH LPSRUWDQWH 4XDO
FKH HODERUD]LRQH GHO /DWLQR )RUVH 3URSULD H LQ
GLJHQDGHOO
,VWULD,Q&RPXQLFD]LRQHDO&RQYHJQR*,
$VFROL*RUL]LD
7HNDYÞLÜ3*UDPPDWLFDVWRULFDGHOO
LWDOLDQR,
)RQHPDWLFD%RORJQD,O0XOLQR
7HNDYÞLÜ 3  /
LVWURURPDQ]R GL IURQWH DOOD 5R
PDQLD SHUGXWD IUD LO IULXODQR H LO URPHQR ,Q 'DV
5RPDQLVFKHLQGHQ2VWDOSHQ:LHQ
7HNDYÞLÜ 3  3UREOHPL HVSHULHQ]H SURVSHWWLYH
QHOOHULFHUFKHGLOLQJXLVWLFDLVWURURPDQ]D,Q+RPHQDMH
D $YDUR *DOPHV 'H )XHQWHV , 0DGULG (GLWRULDO
*UHGRV
7HNDYÞLÜ 3  8Q VHFROR H PH]]R GL WUDGL]LRQH
VFULWWD GHOO
LVWURURPDQ]R ,Q /LQJXLVWLTXH FRPSDUHH HW
W\SRORJLH GHV ODQJXHV URPDQHV $FWHV GX ;9,, HPH
&RQJUHV ,QWHUQDWLRQDO GH /LQJXLVWLTXH HW 3KLORORJLH 5R
PDQHV
7HNDYÞLÜ 3  $VSHNWL HWLPRORÊNLK LVWUDÌLYDQMD X
VWXGLMX LVWURURPDQVNLK JRYRUD ,Q =QDQVWYHQL VNXS R
HWLPRORJLMLRGUÌDQ=DJUHE+$=85D]UHG]DILOR
ORÊNH]QDQRVWL
9LGRVVL0%DUWROL0$OOHSRUWHRULHQWDOLG
,WD
OLDGLDOHWWLHOLQJXHGHOOD9HQH]LD*LXOLDHVWUDWLILFD]LRQL
OLQJLVWLFKHLQ,VWULD7RULQR