25$GL0829(56, Q GHO
3HU JHQWLOH FRQFHVVLRQH GL ,%2 ,WDOLD )RWR GL )DELROD *L]]L DO FDPSR GL %HOODU\ ,QGLD FODVVLILFDWD QHO FRQFRUVR ´)DL VFDWWDUH OD VROLGDULHWj µ
(XURFXOWXUD 9LD GHO 0HUFDWR 1XRYR * 9LFHQ]D WHO ² ID[ ( PDLO RUD#HXURFXOWXUD LW
$QQR Q GHO UHJ 7ULE GL 9LFHQ]D Q GHOO· 'LUHWWRUH UHVSRQVDELOH 0LOHQD 1HEELD 'LUHWWRUH %HUQG )DDV 3HULRGLFR G·LQIRUPD]LRQH GL (XURFXOWXUD VXOOD PRELOLWj LQWHUQD]LRQDOH &ROODERUD ,QIRWUDLQLQJ 7XWWH OH SXEEOLFD]LRQL HGLWH GD (XURFXOWXUD VRQR VRJJHWWH DOOD QRUPDWLYD VXOOD SURSULHWj LQWHOOHWWXDOH HG L GLULWWL G·DXWRUH 3HUWDQWR q YLHWDWD OD ULSURGX]LRQH H OD GLVWULEX]LRQH DQFKH SDU]LDOH H LQ TXDOVLDVL IRUPD R PH]]R 7XWWL L GLULWWL VRQR ULVHUYDWL 1HVVXQR q DXWRUL]]DWR DG DSSRUUH WLPEUL ORJKL R DOWUL VLPEROL H GLFLWXUH VXL PDWHULDOL HGLWL GD (XURFXOWXUD VHQ]D DXWRUL]]D]LRQH VFULWWD
ZZZ HXURFXOWXUD LW
25$GL0829(56, Q GHO
6200$5,2 <$3 ,WDOLD 2,.26 6&, 6HUYL]LR &LYLOH ,QWHUQD]LRQDOH ,%2 ,WDOLD ,36,$ 7HUUH H /LEHUWj 8Q$OWUR0RQGR 2QOXV &90 &RPXQLWj 9RORQWDUL SHU LO 0RQGR 9,6 ² 9RORQWDULDWR ,QWHUQD]LRQDOH SHU OR 6YLOXSSR $5&6 $5&, &XOWXUD H 6YLOXSSR &()$ &RPLWDWR (XURSHR SHU OD )RUPD]LRQH H O·$JULFROWXUD &,69 &KLOGUHQ·V ,QWHUQDWLRQDO 6XPPHU 9LOODJHV )2&6,9 /DYRUR /DYRUR /DYRUR 6WXGLDUH DOO·HVWHUR ,QWHUFXOWXUDOLWj ,Q SUDWLFD 2IIHUWH GL ODYRUR 2IIHUWH GL VWDJH )LHUH GHO ODYRUR 9RORQWDULDWR 9RORQWDULDWR )RUPD]LRQH 6FDPEL FXOWXUDOL H FRUVL $JJLRUQDPHQWR 6HUYL]L
6HH WKH ZRUOG GLIIHUHQWO\ %H <$3S\ 'DO LQ FDPSR SHU OD VROLGDULHWj
GL /L]D =D\WVHYD GL $OIRQVR '·,SSROLWR
6HL SURQW# D SDUWLUH"
GL ,UHQH 0DVDOD
6ROH VRUULVL H VXGRUH $IIDFFLDWL DG DOWUL EDOFRQL 8Q·$OWUD9DFDQ]D
GL 6LOYLD 6SLQHOOL GL 'DQLHOH 6RFFLDUHOOL GL &ODXGLD 6DOD H +LOGH 0D\HU
6XOOH QRVWUH VWUDGH
GL &ODXGLD 0D]]DIHUUR
(VSHULHQ]D HVWLYD QHL 3DHVL 3RYHUL
D FXUD GHO 9,6
3URPXRYLDPR OD FXOWXUD GHOOD VROLGDULHWj
GL 0RLUD ' $PHOLR
/DVFLDWL FRLQYROJHUH
GL 9DOHQWLQD 5HDOH
8QD YLWD GD FLVYLQR
GL 9LQFHQ]D )DQL]]D
)2&6,9 H L FDPSL GL ODYRUR ,O 1R 3URILW QHO 5HJQR 8QLWR )DUH LO PHGLFR QHO PRQGR 6WDJLRQDOL QHO 5HJQR 8QLWR 5HJQR 8QLWR GD GRYH FRPLQFLR" /D SVLFRORJLD GHOO·LPPLJUDWR QHO YLYHUH DOO·HVWHUR &RPH DSULUH XQ FRQWR LQ EDQFD QHO 5HJQR 8QLWR ,Q 7RJR /LEDQR &RQJR 3DHVL %DVVL 'DOOD UHWH (85(6 ,Q (XURSD H LQ WXWWL L FRQWLQHQWL ,Q *HUPDQLD )UDQFLD $XVWULD H %HOJLR 3URSRVWH LQ 8JDQGD 6UL /DQND )LQODQGLD 69( LQ 1LJHULD 5HJQR 8QLWR /LWXDQLD 3RORQLD H 0ROGDYLD 6XPPHU 6FKRRO ,Q WXWWD (XURSD ,Q 6ORYHQLD 5RPDQLD &LSUR 7XUFKLD &RUVL 6$/72 <287+ (;3/25( 7+( :25/' 9(1(72 ,1 029,0(172
GL /XFLD 'H 6PDHOH &9 &RIIHH GL %HUQG )DDV GL %HUQG )DDV GL /LVD &RQIRUWR GL *LXOLR 6RYUDQ &9 &RIIHH D FXUD GL 0DULHOOD *LDPEUD D FXUD GL %HUQG )DDV D FXUD GL /HYL %HWWLQ D FXUD GL *LRUJLD 3HRWWD
D FXUD GL 0DULHOOD *LDPEUD
D FXUD GL %HUQG )DDV D FXUD GL 0DULHOOD *LDPEUD D FXUD GL *LDQOXLJL 5DJR
ZZZ HXURFXOWXUD LW
25$GL0829(56, Q GHO
&DPSL GL ODYRUR
6HH WKH ZRUOG GLIIHUHQWO\ %H <$3S\ Ěŝ /L]D =D\WVHYD <$3 <RXWK $FWLRQ IRU 3HDFH ,WDOLD q XQ·DVVRFLD]LRQH GL YRORQWDULDWR LQWHUQD]LRQDOH IRQGDWD QHO PHPEUR GHO &&,96 &RRUGLQDWLQJ &RPLWHH IRU ,QWHUQDWLRQDO 9ROXQWDU\ 6HUYLFH 8QHVFR H GL $//,$1&( RI (XURSHDQ 9ROXQWDU\ 6HUYLFH 2UJDQLVDWLRQV /DYRUDQGR QHOO·DPELWR GHOOD PRELOLWj JLRYDQLOH <$3 ,WDOLD VYROJH OH VHJXHQWL DWWLYLWj &DPSL GL YRORQWDULDWR LQWHUQD]LRQDOH ZRUNFDPSV LQ ,WDOLD H DOO·HVWHUR 3URJHWWL GL YRORQWDULDWR LQWHUQD]LRQDOH D PHGLR H OXQJR WHUPLQH 3URJHWWL GHO 3URJUDPPD *LRYHQW LQ $]LRQH 3URJHWWL GL HGXFD]LRQH DOOD SDFH DOO·LQWHUFXOWXUDOLWj H DOOD ULVROX]LRQH GHL FRQIOLWWL 6HPLQDUL H WUDLQLQJ LQWHUQD]LRQDOL
0DWWLD 0DJOLDQR &DPSR GL YRORQWDULDWR LQ 7DQ]DQLD
$OLFH %DURQL 3URJHWWR GL VDOYDJXDUGLD GHO SDWULPRQLR 81(6&2 LQ 3DOHVWLQD
3HU OD VWDJLRQH HVWLYD <$3 ,WDOLD SURSRQH FDPSL GL YRORQWDULDWR LQWHUQD]LRQDOH LQ (XURSD $PHULFD /DWLQD $IULFD H $VLD FKH GDQQR DL JLRYDQL OD SRVVLELOLWj GL SDUWLUH SHU XQD YDFDQ]D DOWHUQDWLYD H VRFLDOPHQWH XWLOH GL YLDJJLDUH LQ PRGR UHVSRQVDELOH GL IDUH XQD HVSHULHQ]D LQWHUFXOWXUDOH GL PLJOLRUDUH OH OLQJXH VWUDQLHUH H GL WURYDUH QXRYH DPLFL]LH LQ WXWWR LO PRQGR ,QROWUH VRQR XQD RSSRUWXQLWj SHU DFTXLVLUH QXRYH FRPSHWHQ]H FKH FRQWULEXLVFRQR DG DUULFFKLUH LO SURSULR FXUULFXOXP YLWDH , FDPSL VRQR DWWLYLWj GL VRVWHJQR GL SURJHWWL ORFDOL FKH GXUDQR VHWWLPDQH QHO SHULRGR GL JLXJQR OXJOLR DJRVWR H VHWWHPEUH H VL GLYLGRQR WUD L SURJHWWL DPELHQWDOL PDQXDOL VRFLDOL FXOWXUDOL SURJHWWL GL DQLPD]LRQH FRQ L EDPELQL FRQ L GLVDELOL HFF ,O JUXSSR q FRPSRVWR GD YRORQWDUL SURYHQLHQWL GD WXWWR LO PRQGR JHQHUDOPHQWH QRQ SL GL SHUVRQH GDOOR VWHVVR SDHVH OD OLQJXD FRPXQH q O·LQJOHVH ZZZ HXURFXOWXUD LW
25$GL0829(56, Q GHO
, FRVWL D FDULFR GHO YRORQWDULR VRQR TXRWD DVVRFLDWLYD (XUR TXRWD G·LVFUL]LRQH DO SURJHWWR (XUR YLWWR H DOORJJLR VRQR JDUDQWLWL GDOO·DVVRFLD]LRQH GL DFFRJOLHQ]D SHU WXWWD OD GXUDWD GHO SURJHWWR OH VSHVH GL YLDJJLR VRQR D FDULFR GHO YRORQWDULR 3ULPD GHOOD SDUWHQ]D VL ULFHYH XQ IRJOLR GL YLDJJLR FKLDPDWR LQIRVKHHW FRQ WXWWH OH LQIRUPD]LRQL XWLOL VX FRPH DUULYDUH LO SXQWR GL LQFRQWUR FRQ JOL DOWUL YRORQWDUL FRQWDWWL GL ULIHULPHQWR H GL HPHUJHQ]D FRVD SRUWDUH FRQ Vp HFF 6XO QRVWUR GDWDEDVH ZZZ \DS LW FDPSL GL ODYRUR D SDUWLUH GD PDU]R VRQR GLVSRQLELOL SL GL SURJHWWL LQ SDHVL GHO PRQGR 1HL FDPSL GL YRORQWDULDWR QRQ F·q XQD GDWD GL VFDGHQ]D SHU SUHVHQWDUH OD FDQGLGDWXUD SHUz q VHPSUH FRQVLJOLDWR GL PXRYHUVL LQ DQWLFLSR SHUFKp OD GLVSRQLELOLWj GHL SRVWL FDPELD QHO JLUR GL SRFKL JLRUQL 8QD YROWD VFHOWR LO SURJHWWR LVFULYHUVL DG XQ FDPSR GL ODYRUR q PROWR VHPSOLFH EDVWD LQYLDUFL OD VFKHGD GL LVFUL]LRQH 9() GLVSRQLELOH VXO QRVWUR VLWR
OD ULFHYXWD GHO YHUVDPHQWR GHOOD TXRWD VRFLR DQQXDOH HXUR H GHOOD TXRWD FDPSR HXUR /D TXRWD FDPSR QHO FDVR LQ FXL OD SURSULD FDQGLGDWXUD QRQ YHQJD DFFHWWDWD H R QRQ FL VLDQR SURJHWWL DOWHUQDWLYL D FXL VL q LQWHUHVVDWL YLHQH LQWHJUDOPHQWH ULPERUVDWD 3HU HVVHUH VHPSUH DJJLRUQDWL VXOOH RSSRUWXQLWj GL YRORQWDULDWR DOO·HVWHUR VHJXLWHFL VX )DFHERRN &DPSL GL 9RORQWDULDWR ,QWHUQD]LRQDOH <$3 ,WDOLD VX 7ZLWWHU #\DSLWDOLD 5HVSRQVDELOH 8IILFLR &RPXQLFD]LRQH &RQWDWWL SHU PDJJLRUL LQIRUPD]LRQL FDPSL#\DS LW < $ 3 <RXWK $FWLRQ IRU 3HDFH ,WDOLD 9LD 0DUFR 'LQR 5RVVL * 5RPD ZZZ \DS LW 7(/ )$;
(FFR XQ HVHPSLR GL XQ FDPSR GL ODYRUR LQ 6YL]]HUD &RGH :6 6&+ 'DWHV 1DPH ´+$< )(9(5µ ,1 7+( $/36 7\SH RI ZRUN (19, $*5, 352-(&7 ,Q WKH EHDXWLIXO UHJLRQ RI 'DYRV 6FKDW]DOS WKHUH LV WKH Å$OSLQXP´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·FORFN 7KH ZRUN ZLOO VWDUW DW R·FORFN
ZZZ HXURFXOWXUD LW
25$GL0829(56, Q GHO
9RORQWDULDWR QHL 6XG GHO PRQGR <$3 ²<RXWK $FWLRQ IRU 3HDFH ,WDOLD VHJQDOD L SURJHWWL GL YRORQWDULDWR QHL 6XG GHO PRQGR LQ $IULFD 7DQ]DQLD .HQ\D 7RJR 8JDQGD =DPELD 0DURFFR $VLD ,QGLD 1HSDO ,QGRQHVLD 0DOHVLD 7DLODQGLD 6UL /DQND 9LHWQDP 7DLZDQ *LDSSRQH &RUHD GHO 6XG H $PHULFD /DWLQD 0HVVLFR $UJHQWLQD 3HU (FXDGRU 6RQR HVSHULHQ]H QRQ VROR ORQWDQR GD FDVD PD DQFKH ORQWDQR GD WXWWR FLz FKH VLDPR DELWXDWL D FKLDPDUH ´HXURSHRµ D SDUWLUH GDL YDORUL H GDOOH UHOD]LRQL LQWHUSHUVRQDOL ILQR DOOH FRQGL]LRQL GL YLWD 6RQR HVSHULHQ]H VHPSUH SL IRUWL SL VWLPRODQWL H DOOR VWHVVR WHPSR VLFXUDPHQWH SL GLIILFLOL FKH VSHVVR SRUWDQR DOOD VFRSHUWD GHL PRQGL GLYHUVL GHOOH GLYHUVLWj FXOWXUDOL GHOOD FRRSHUD]LRQH H GHOOD VROLGDULHWj PD DQFKH GL VH VWHVVL 6RQR HVSHULHQ]H FKH SHU PROWL GLYHQWDQR XQ WXUQLQJ SRLQW ,QIDWWL LO YRORQWDULDWR VL ID QRQ SHU FDPELDUH LO
PRQGR PD SHU SLDQWDUH LO VHPH GL FDPELDPHQWR QHOOH SHUVRQH &L VRQR GXH WLSL GL SURJHWWL • D EUHYH WHUPLQH RYYHUR L FDPSL GL YRORQWDULDWR FKH GXUDQR VHWWLPDQH • D PHGLR H OXQJR WHUPLQH FKH KDQQR OD GXUDWD GD D PHVL /D GLIIHUHQ]D SULQFLSDOH WUD TXHVWL SURJHWWL QRQ q VROWDQWR LO SHULRGR GL SHUPDQHQ]D QHL FDPSL GL YRORQWDULDWR VL ODYRUD LQ JUXSSR PHQWUH LO SURJHWWR D PHGLR OXQJR WHUPLQH q VSHVVR LQGLYLGXDOH $OO·LQWHUQR GHO GDWDEDVH ZZZ \DS LW FDPSL GL ODYRUR L FDPSL GL YRORQWDULDWR VRQR LQGLFDWL FRPH SURJHWWL GL EUHYH GXUDWD L SURJHWWL GL PHGLR H OXQJR WHUPLQH LQYHFH KDQQR LO FRGLFH ´SHUPDQHQWµ R ´PWYµ
ZZZ HXURFXOWXUD LW
25$GL0829(56, Q GHO
6L WUDWWD VHPSUH GL VRVWHQHUH XQ SURJHWWR GL VYLOXSSR ORFDOH DWWUDYHUVR YDULH DWWLYLWj FRUVR GL OLQJXD SHU L EDPELQL VDOYDJXDUGLD GHOO·DPELHQWH VRSSRUWR GL XQ·DVVRFLD]LRQH GL YRORQWDULDWR HFF 3HU L SURJHWWL QHL 6XG VLD GL EUHYH FKH GL PHGLD OXQJD GXUDWD q SUHYLVWD XQD IRUPD]LRQH SUH SDUWHQ]D LQ FXL L YRORQWDUL LQ SDUWHQ]D SHU GLYHUVH PHWH QHL 6XG KDQQR OD SRVVLELOLWj GL FRQRVFHUVL FRQIURQWDUH OH ORUR DVSHWWDWLYH H PRWLYD]LRQL VYROJHUH ZRUNVKRS VXOO·LQWHUFXOWXUD ULFHYHUH L IHHGEDFN GHL YRORQWDUL FKH VRQR JLj SDUWLWL SHU JOL VWHVVL SURJHWWL LQ SDVVDWR H OH GLYHUVH LQIRUPD]LRQL SUDWLFKH DG HVHPSLR VXOO·DVVLFXUD]LRQH VXOOH HYHQWXDOL YDFFLQD]LRQL VFKHGH WHFQLFKH GHL SDHVL HFF
, FRVWL GL SDUWHFLSD]LRQH GD FRQVLGHUDUH VRQR • TXRWD DVVRFLDWLYD (XUR • TXRWD G·LVFUL]LRQH DO SURJHWWR (XUR O • H VSHVH GL YLDJJLR H LO FRQWULEXWR DJJLXQWLYR (;75$ )(( YHUVDWR GLUHWWDPHQWH DOO·DVVRFLD]LRQH GL DFFRJOLHQ]D JHQHUDOPHQWH WUD H (XUR LQ EDVH DO SDHVH H DO SURJHWWR • ,QROWUH q QHFHVVDULR SURYYHGHUH DOO·DVVLFXUD]LRQH H DOOH YDFFLQD]LRQL FRQVLJOLDWH • ,O YLWWR H O·DOORJJLR VRQR JDUDQWLWL GDOO·DVVRFLD]LRQH GL DFFRJOLHQ]D SHU WXWWD OD GXUDWD GHO SURJHWWR
(FFR XQ HVHPSLR GL XQ FDPSR GL YRORQWDULDWR LQ ,QGLD
&RGH DQG QDPH 5& *UDIILWL RQ ZDOO 'DWHV 7\SH RI ZRUN $57 &20 1XPEHU RI YROV 5XFKL FDPSXV LV ORFDWHG QHDU %DQGK YLOODJH ,W LV NP IURP .DOND DQG NP IURP &KDQGLJDUK %DQGK YLOODJH LV VPDOO ORFDWHG LQ LQWHULRU PRXQWDLQRXV DUHD DQG WKH YROXQWHHUV ZLOO KDYH D XQLTXH RSSRUWXQLW\ WR OLYH ZLWK QDWXUH LQ D SHDFHIXO HQYLURQPHQW 58&+, FDPSXV LV RQH NP IURP WKH YLOODJH :25. 9ROXQWHHUV ZLOO ZRUN LQ 5XFKL FDPSXV :RUN ZRXOG EH *UDIILWL SDLQWLQJ RQ ZDOO 6XEMHFW ZRXOG EH UHODWHG WR SHDFH DQG ORYH *OREDO ZDUPLQJ LQWHU FXOWXUDO HDUQLQJ JRRG PHVVDJH WKURXJK SDLQWLQJ RQ ZDOO IRU \RXWK DQG SXEOLF 9ROXQWHHU ZLOO JHW RULHQWDWLRQ EHIRUH VWDUWLQJ SURMHFW $GGLWLRQDO DFWLYLWLHV ZLOO LQFOXGH OHDUQLQJ RI YDULRXV GHYHORSPHQWDO LVVXHV DQG VROXWLRQV 7KH\ ZLOO YLVLW YDULRXV KXPDQLWDULDQ SURMHFWV DQG LQWHUDFW ZLWK WKH YLOODJHUV $&&202'$7,21 9ROXQWHHUV ZLOO OLYH LQ WKH 58&+, FDPSXV $OO EDVLF DPHQLWLHV ZLOO EH DYDLODEOH ZLWK OLEUDU\ IDFLOLWLHV $VLDQ VTXDW W\SH WRLOHW DQG (QJOLVK :& ZLOO EH DYDLODEOH 9HJHWDULDQ IRRG ZLOO EH VHUYHG $ FRRN ZLOO EH WKHUH EXW YROXQWHHUV DUH H[SHFWHG WR KHOS KLP DQG RFFDVLRQDOO\ FRRN WKHLU RZQ PHDOV DQG VHOI PDQDJHPHQW LV UHTXLUHG 6OHHSLQJ EDJV DUH DOVR QHFHVVDU\
ZZZ HXURFXOWXUD LW
25$GL0829(56, Q GHO
4XHOOR FKH QRQ LPSDUL DO EDQFR « LPSDUL DO FDPSR
8QGHU FDPSL GL YRORQWDULDWR SHU PLQRUHQQL ,Q XQ PRPHQWR VWRULFR LQ FXL q SDUWLFRODUPHQWH GLIILFLOH SHU L JLRYDQL HQWUDUH QHO PHUFDWR GL ODYRUR OH HVSHULHQ]H DOO·HVWHUR SRVVRQR GLYHQWDUH GHFLVLYH SHU LO SURSULR &XUULFXOXP 9LWDH 6HPSUH SL UDJD]]L FHUFDQR GL DEELQDUH LO SHUFRUVR GLGDWWLFR WUDGL]LRQDOH FRQ OH HVSHULHQ]H FRQFUHWH IDWWH ´VXO FDPSRµ 3HU IDUH XQD HVSHULHQ]D GL YRORQWDULDWR DOO·HVWHUR QRQ q QHFHVVDULR DVSHWWDUH GL HVVHUH PDJJLRUHQQL <$3 <RXWK $FWLRQ IRU 3HDFH ,WDOLD DVVRFLD]LRQH GL YRORQWDULDWR LQWHUQD]LRQDOH SURSRQH SHU OD VWDJLRQH HVWLYD FDPSL GL YRORQWDULDWR LQWHUQD]LRQDOH SHU PLQRUHQQL DQQL , FDPSL SHU PLQRUHQQL 7((1 VRQR DWWLYLWj GL YRORQWDULDWR GL VHWWLPDQH QHO SHULRGR HVWLYR JLXJQR OXJOLR DJRVWR VHWWHPEUH FKH YHGRQR UDJD]]L H SURYHQLHQWL GD WXWWR LO PRQGR VRVWHQHUH XQ SLFFROR SURJHWWR ORFDOH , FDPSL SHU PLQRUHQQL VRQR LQ (XURSD *HUPDQLD )UDQFLD (VWRQLD 6SDJQD )LQODQGLD 5XVVLD H JHQHUDOPHQWH SUHYHGRQR SLFFROH DWWLYLWj PDQXDOL FRPH FRVWUX]LRQH GL XQ PXUHWWR LQ SLHWUD R SXOL]LH GL XQ VHQWLHUR QHOOH ULVHUYH QDWXUDOL /D OLQJXD FRPXQH q O·LQJOHVH /·HVSHULHQ]D GL YRORQWDULDWR YLHQH FHUWLILFDWD GD <$3 ,WDOLD H SXz HVVHUH ULFRQRVFLXWD LQ DPELWR VFRODVWLFR SHU O·RWWHQLPHQWR GHL FUHGLWL , FRVWL D FDULFR GHO YRORQWDULR VRQR TXRWD DVVRFLDWLYD (XUR TXRWD G·LVFUL]LRQH DO SURJHWWR (XUR FRQWULEXWR DJJLXQWLYR (;75$ )(( YHUVDWR GLUHWWDPHQWH DOO·DVVRFLD]LRQH GL DFFRJOLHQ]D JHQHUDOPHQWH WUD H (XUR LQ EDVH DO SDHVH YLWWR H DOORJJLR VRQR JDUDQWLWL GDOO·DVVRFLD]LRQH GL DFFRJOLHQ]D SHU WXWWD OD GXUDWD GHO SURJHWWR OH VSHVH GL YLDJJLR VRQR D FDULFR GHO YRORQWDULR
, FDPSL GL YRORQWDULDWR DOO·HVWHUR SHU PLQRUHQQL VRQR GLVSRQLELOL GD PDU]R DOO·LQWHUQR GHO GDWDEDVH ZZZ \DS LW FDPSL GL ODYRUR 1RQ F·q XQD GDWD GL VFDGHQ]D SHU LVFULYHUVL DO FDPSR SHUz VXJJHULDPR GL PXRYHUVL FRQ ODUJR DQWLFLSR SHUFKp LO QXPHUR GL SURJHWWL SHU PLQRUHQQL q LQIHULRUH ULVSHWWR D TXHOOL SHU PDJJLRUHQQL
&DUORWWD &LFFLRWWL $QLPD]LRQH FRQ L EDPELQL LQ *HUPDQLD
8QD YROWD VFHOWR LO SURJHWWR LVFULYHUVL DG XQ FDPSR GL ODYRUR q PROWR VHPSOLFH EDVWD LQYLDUFL OD VFKHGD GL LVFUL]LRQH 9() GLVSRQLELOH VXO QRVWUR VLWR OD ULFHYXWD GHO YHUVDPHQWR GHOOD TXRWD VRFLR DQQXDOH HXUR H GHOOD TXRWD FDPSR HXUR /D TXRWD FDPSR QHO FDVR LQ FXL OD SURSULD FDQGLGDWXUD QRQ YHQJD DFFHWWDWD H R QRQ FL VLDQR SURJHWWL DOWHUQDWLYL D FXL VL q LQWHUHVVDWL YLHQH LQWHJUDOPHQWH ULPERUVDWD O·(;75$ )(( SXz HVVHUH YHUVDWD LQ FRQWDQWL DOO·DUULYR GHO YRORQWDULR DO FDPSR RSSXUH WUDPLWH LO ERQLILFR GRSR O·DFFHWWD]LRQH DO SURJHWWR
ZZZ HXURFXOWXUD LW
25$GL0829(56, Q GHO
(FFR XQ HVHPSLR GL XQ FDPSR SHU PLQRUHQQL GHOO·DQQR VFRUVR LQ )UDQFLD
&RGH 6- 1DPH (&2 6,7( &LWWj )$Î /( 6$,; )5$ 'DWHV 7\SH 7((1 WHHQDJHBFDPS $JHV 7\SH RI ZRUN 5(12 5HVWRUDWLRQ ([WUD )HH (85
,Q WKH SDVW WKHUH XVHG WR EH D VWLOO ZLWK ODYHQGHU D JUHHQKRXVH D YHJHWDEOH JDUGHQ DQG D K\GUDXOLF UDP PHFKDQLF V\VWHP WR SURYLGH WKH IDUP ZLWK SRWDEOH ZDWHU DW WKH )Dw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·IrWH GH OD PXVLTXq PXVLFDO IHVWLYDO WDNLQJ SODFH LQ -XQH $&&202'$7,21 LQ EHGURRPV RI WR SHRSOH /2&$7,21 WKH )Dw )DUP LV ORFDWHG NP IURP WKH YLOODJH RI /H 6DL[ NP IURP 9H\QHV 'pYROX\ DQG NP IURP *DS LQ 6RXWKHUQ $OSV RI )UDQFH
&RRUGLQDUH XQ FDPSR GL YRORQWDULDWR GL 6WHIDQR 9DUOHVH 3HU FKL YXROH YLYHUH O·HVSHULHQ]D GHO FDPSR GL YRORQWDULDWR D LQ ,WDOLD FRQRVFHUH OH UHDOWj H L SURJHWWL ORFDOL F·q O·RSSRUWXQLWj GL FRRUGLQDUH XQR R SL FDPSL GL YRORQWDULDWR LQWHUQD]LRQDOL FKH <$3 RUJDQL]]D LQ ,WDOLD QHO SHULRGR JLXJQR VHWWHPEUH ,O FRRUGLQDWRUH FRRUGLQDWULFH q XQ YRORQWDULR D FRPH WXWWL JOL DOWUL 7XWWDYLD LO FRRUGLQDWRUH GL XQ FDPSR GL ODYRUR FDPSOHDGHU KD LO UXROR GL JDUDQWLUH XQD EXRQD JHVWLRQH GHOOD YLWD FROOHWWLYD SHU XQ JUXSSR GL YRORQWDUL LQWHUQD]LRQDOL OR VYROJLPHQWR GHO ODYRUR SUHYLVWR H O RUJDQL]]D]LRQH GL DWWLYLWj LQWHUFXOWXUDOL GXUDQWH LO FDPSR L YRORQWDUL KDQQR OD SRVVLELOLWj GL FRQRVFHUH OD FXOWXUD GHO SDHVH RVSLWDQWH ,O FDPSOHDGHU ID LQROWUH GD PHGLDWRUH WUD <$3 H LO SURJHWWR ORFDOH H WUD <$3 H L YRORQWDUL LQWHUQD]LRQDOL
ZZZ HXURFXOWXUD LW
25$GL0829(56, Q GHO
,O FDPSOHDGHU GHYH DYHUH DQQL XQ·HVSHULHQ]D SUHFHGHQWH GL YRORQWDULDWR FRQRVFHQ]D GHOOD OLQJXD LQJOHVH VSLULWR GL DGDWWDPHQWR YRJOLD GL FRQRVFHUH YRORQWDUL GD WXWWR LO PRQGR GLVSRQLELOLWj SHU WXWWD OD GXUDWD GHO SURJHWWR GL VHWWLPDQH
/R <$3 JDUDQWLVFH YLWWR H DOORJJLR SHU OD GXUDWD GHO FDPSR O·DVVLFXUD]LRQH XQ PRGHVWR ULPERUVR IRUIHWDULR DJJLXQWLYR H ULPERUVD DO FRRUGLQDWRUH FRRUGLQDWULFH LO YLDJJLR SHU UDJJLXQJHUH LO OXRJR GHO FDPSR $ 5 ,QROWUH L FRRUGLQDWRUL FRRUGLQDWULFL KDQQR GLULWWR DG XQD TXRWD JUDWXLWD GL SDUWHFLSD]LRQH SHU XQ SURJHWWR GL YRORQWDULDWR DOO·HVWHUR
,O WUDLQLQJ SHU L FDPSOHDGHU $L YRORQWDUL H LQWHUHVVDWL H VDUj SURSRVWD OD FRRUGLQD]LRQH GL XQ SURJHWWR VROR LQ VHJXLWR DOOD SDUWHFLSD]LRQH DG XQ WUDLQLQJ D FXUD GL <$3 ,WDOLD , WHPL WUDWWDWL VDUDQQR <$3 H PRYLPHQWR LQWHUQD]LRQDOH FDPSL GL YRORQWDULDWR OHDGHUVKLS H SHHU VXSSRUW FRQIOLFW PDQDJHPHQW LQWHUFXOWXUDO OHDUQLQJ OH WHFQLFKH GL JHVWLRQH GL JUXSSL ,O WUDLQLQJ SHU L FDPSOHDGHU YLHQH RUJDQL]]DWR D ILQH DSULOH /D GHDGOLQH SHU SUHVHQWDUH OH FDQGLGDWXUH VDUj FRPXQLFDWD SUHVWR 6HJUHWDULR JHQHUDOH <$3 H IRUPDWRUH FRRUGLQDWRUL#\DS LW
,GHH SHU SDUWLUH
7UDLQLQJ SHU FDPSOHDGHU <$3 ,WDOLD LQYLWD D SDUWHFLSDUH DO WUDLQLQJ SHU FDPSOHDGHU SHU GLYHQWDUH FRRUGLQDWRUH GL FDPSL GL YRORQWDULDWR LQWHUQD]LRQDOH ,O WUDLQLQJ RIIUH DL SDUWHFLSDQWL OD SRVVLELOLWj GL IDPLOLDUL]]DUH FRQ OH FRPSHWHQ]H FKLDYH GHL SURFHVVL GL LQWHUFXOWXUDO OHDUQLQJ FRQIOLFW PDQDJHPHQW OHDGHUVKLS H WXWWL JOL DVSHWWL SUDWLFL FKH ULJXDUGDQR OD JHVWLRQH GHL FDPSL LQWHUQD]LRQDOL 'RYH" %RORJQD 4XDQGR" DSULOH / DUULYR q SUHYLVWR LO YHQHUGu DOOH RUH H OD SDUWHQ]D OD GRPHQLFD SRPHULJJLR 6FDGHQ]D DSULOH 7XWWH OH LQIRUPD]LRQL H OH PRGDOLWj GL SDUWHFLSD]LRQH VRQR LQ ZZZ \DS LW VHPLQDUL H WUDLQLQJV WUDLQLQJ FRRUGLQDWRUL 3HU DOWUH LQIRUPD]LRQL VFULYHUH D FRRUGLQDWRUL#\DS LW
ZZZ HXURFXOWXUD LW
25$GL0829(56, Q GHO
&DPSL GL ODYRUR
'DO LQ FDPSR SHU OD VROLGDULHWj Ěŝ $OIRQVR '·,SSROLWR Ύ %LVRJQD YHQLUH D 5RPD LQ SULPDYHUD SHU FRJOLHUH OR VSLULWR DXWHQWLFR FKH DQLPD O·2,.26 3L GL XQ·DVVRFLD]LRQH GL YRORQWDULDWR SRFR PHQR GL XQD FRPXQH DQQL · 1HOOD VHGH RSHUDWLYD GHOOD DVVRFLD]LRQH D 5RPD L VL VHQWRQR GDYYHUR OH VWDJLRQL QHOOH ORUR PHWDPRUIRVL GL FRORUL YRFL SURIXPL VDSRUL Ë FRPH XQ·DSSHQGLFH VHPSUHYHUGH FKH VL VWDFFD GDOOD &DSLWDOH DGDJLDQGRVL QHOOD SULPD SHULIHULD GL XQD VWUDGD FKH SRUWD DO PDUH /·RSHURVLWj VLOHQ]LRVD H ULVHUYDWD O·XPDQLWj DWWHQWD H SURIRQGD GHOOH SHUVRQH FKH Ou GHQWUR QRQ VROWDQWR ODYRUDQR PD FL YLYRQR UHQGH O·LQWHUD DWWLYLWj DUPRQLRVDPHQWH DWWLYD HG HIILFLHQWH %LVRJQD HQWUDUH H UHVSLUDUH IHUPDUVL H RVVHUYDUH 5DFFRJOLHUH OH VHQVD]LRQL DWWUDYHUVR L UDFFRQWL GHJOL DOWUL YRORQWDUL H PROWLSOLFDUOH ,PSRVVLELOH QRQ VHQWLUH IRUPDUVL GHQWUR O·HPEULRQH GHOOD FRQGLYLVLRQH
$ YROWH VL GHFLGH GL SDUWLUH FRVu (G q VROWDQWR O·LQL]LR XQD VFLQWLOOD XQ LVWLQWR FKH VWDL JLj VX XQ YROR GLUHWWR LQ TXDOFKH YLOODJJLR DIULFDQR 6SHVVR OD GHFLVLRQH GL SDUWLUH SHU XQ FDPSR GL ODYRUR QDVFH LQ TXHVWR PRGR SHU SRL GLSDQDUVL WUD LQIRUPD]LRQL GRFXPHQWL SURJHWWL $WWUDYHUVR LQFRQWUL GL RULHQWDPHQWR RJQXQR GHFLGHUj D VHFRQGD GHOOH SURSULH HVLJHQ]H PD VRSUDWWXWWR GHO SURSULR VHQWLUH 6X TXHVWD VFLD ODERULRVD O·2,.26 q GDO FKH q FRQRVFLXWD FRPH XQ JUDQGH EDFLQR GL ULVRUVH H VHUYL]L GL SXEEOLFD XWLOLWj SHU OD FROOHWWLYLWj 'DOOD FRQVHUYD]LRQH GHO SDWULPRQLR IRUHVWDOH FRQ SURJHWWL GL ULPERVFKLPHQWR DOOD ULFHUFD LQ FDPSR SVLFRORJLFR VRFLDOH GL VRVWHJQR DL JLRYDQL GD LQL]LDWLYH GL YRORQWDULDWR ORFDOH D SURJHWWL GL FRRSHUD]LRQH LQWHUQD]LRQDOH 7XWWR TXHVWR VSHVVR DWWUDYHUVR O·DXWRILQDQ]LDPHQWR DOWUH YROWH SRFKH LQYHFH JUD]LH DO FRQWULEXWR GHOOH LVWLWX]LRQL 1HVVXQR GLUj PDL DL YRORQWDUL FKH GHFLGRQR GL SDUWLUH SHU XQ FDPSR GL ODYRUR FKH VDUj IDFLOH R FKH VWDUDQQR FRPRGL H ULODVVDWL $OO·2,.26 VL SDUOD GL FRQGLYLVLRQH ( QRQ GL ´IDU TXDOFRVD GL XWLOH SHU JOL DOWUL ´ $L YRORQWDUL VL FKLHGH GL FRQGLYLGHUH XQD HVSHULHQ]D ´IRUWHµ GL VROLGDULHWj H YHQLUH D FRQWDWWR FRQ UHDOWj PROWR GLYHUVH ,O VXSSRUWR FKH XQ YRORQWDULR SXz RIIULUH q VHPSUH ILQDOL]]DWR H GLUHWWR DL ELVRJQL FRQFUHWL GHOOD SRSROD]LRQH ORFDOH FRQ VHQVR GL UHVSRQVDELOLWj H SURIRQGD FRQVDSHYROH]]D FKH QRQ SXz FDPELDUH LO PRQGR LQ WUH VHWWLPDQH PD FKH QRQ VL SXz ULQXQFLDUH D GDUH XQ YDOLGR FRQWULEXWR Ë LPSRUWDQWH ODVFLDUH D FDVD RJQL SUHJLXGL]LR H SRUWDUVL GLHWUR LQYHFH VSLULWR G·DGDWWDPHQWR YRJOLD G·DYYHQWXUD H FUHDWLYLWj SRWUHEEH QRQ HVVHUFL DFTXD FRUUHQWH R FLER LQYLWDQWH L VHUYL]L LJLHQLFL SRWUHEEHUR HVVHUH SUHFDUL H L OHWWL PROWR VFRPRGL 0D XQD FRVD SURSULR QRQ ELVRJQD GLPHQWLFDUH D FDVD RFFKL DSHUWL FKH VDSSLDQR UHJLVWUDUH SHOOLFROH PDL YLVWH H XQ FXRUH GLVSRQLELOH D ULFHYHUH VHQVD]LRQL H VHQWLPHQWL SHU WRUQDUH SRL D FDVD DUULFFKLWL
ZZZ HXURFXOWXUD LW
25$GL0829(56, Q GHO
,O SURJHWWR %RVFR LQ 6YL]]HUD $XVWULD H /LHFKWHQVWHLQ DOOD 85/ ZZZ RLNRV RUJ FDPSL SURJHWWRERVFR KWP
E F
O·2USKDQDJH 3URMHFW DWWLYLWj GL DQLPD]LRQH H DVVLVWHQ]D DL PLQRUL SUHVVR JOL 2UIDQRWURIL GHO .HQ\D H GHO 7RJR DOOD 85/ ZZZ RLNRV RUJ FDPSL RUSKDQDJHSURMHFW KWP
1XPHURVH FRQYHQ]LRQL DWWLYDWH FRQ OH XQLYHUVLWj LWDOLDQH H VWUDQLHUH FRQVHQWRQR GL YDORUL]]DUH L SHUFRUVL GL YRORQWDULDWR QHOO·DPELWR GL WLURFLQL H VWDJH
, YRORQWDUL , FDPSL GL ODYRUR VRQR DSHUWL D WXWWL $QFKH L PLQRUHQQL SRVVRQR SDUWHFLSDUH DL SURJHWWL q QHFHVVDULD SHUz O·DXWRUL]]D]LRQH GHL JHQLWRUL Ë SUHIHULELOH PD QRQ REEOLJDWRULD OD FRQRVFHQ]D GL XQD OLQJXD VWUDQLHUD LQJOHVH R IUDQFHVH
, FDPSL GL ODYRUR HVWLYL H L SURJHWWL VSHFLDOL /D OLVWD FRPSOHWD GHL FDPSL GL ODYRUR HVWLYL DL TXDOL q SRVVLELOH SDUWHFLSDUH VL SXz FRQVXOWDUH VXO VLWR ZZZ RLNRV RUJ FDPSL GHIDXOW KWP
2NRV LQROWUH SURPXRYH GLYHUVL SURJHWWL VSHFLDOL D ,O FRUVR GL OLQJXD DUDED LQ 0DURFFR LQ FROODERUD]LRQH FRQ &KDQWLHUV 6RFLDX[ 0DURFDLQHV ZZZ RLNRV RUJ FDPSL FRUVRDUDERFVP KWP
&RPH LVFULYHUVL /D TXRWD GL SDUWHFLSD]LRQH HXUR DL FDPSL GL ODYRUR FRSUH OH VSHVH GL DVVLFXUD]LRQH GL YLWWR H DOORJJLR QRQFKp JOL RQHUL GL WXWWH OH DWWLYLWj SUHYLVWH QHOOD UHDOL]]D]LRQH GHL SURJHWWL ,Q DOFXQH LQL]LDWLYH q SUHYLVWR DQFKH XQ FRQWULEXWR SHU OH VSHVH GL JHVWLRQH GHO FDPSR GL ODYRUR FKH YDULD D VHFRQGD GHOOH LQL]LDWLYH /H VSHVH H O RUJDQL]]D]LRQH GHO YLDJJLR SUHQRWD]LRQH GHO SRVWR HYHQWXDOH YLVWR HFF UHVWDQR LQYHFH D FDULFR GHO YRORQWDULR , SDVVL SHU SDUWHFLSDUH D XQ SURJHWWR VRQR L VHJXHQWL &RPSLODUH LQ OLQJXD LQJOHVH LO PRGXOR FKH VL WURYD VXO VLWR ZZZ RLNRV RUJ FDPSL DSSOLFDWLRQ KWP 6L SXz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·DWWHVWD]LRQH GHO YHUVDPHQWR HIIHWWXDWR 6L ULFHYH OD FRQIHUPD GRSR FLUFD RUH H VL SXz JLj SUHQRWDUH LO YROR DHUHR
Ύ 2,.26 VWDII YRORQWDULDWR#RLNRV RUJ ZZZ RLNRV RUJ FDPSL
ZZZ HXURFXOWXUD LW
25$GL0829(56, Q GHO
ZZZ HXURFXOWXUD LW
25$GL0829(56, Q GHO
ZZZ HXURFXOWXUD LW
25$GL0829(56, Q GHO
&DPSL GL ODYRUR
6HL SURQW# D SDUWLUH" Ěŝ ,UHQH 0DVDOD
&KL VLDPR ,O 6HUYL]LR &LYLOH ,QWHUQD]LRQDOH 6&, q XQ·RUJDQL]]D]LRQH LQWHUQD]LRQDOH GL YRORQWDULDWR FKH GD SL GL DQQL SURPXRYH DWWLYLWj H FDPSL GL YRORQWDULDWR VXL WHPL GHOOD SDFH H GHO GLVDUPR GHOOD FRRSHUD]LRQH H GHOOD VROLGDULHWj LQWHUQD]LRQDOH GHJOL VWLOL GL YLWD VRVWHQLELOL GHOOD FLWWDGLQDQ]D DWWLYD H GHOO·HGXFD]LRQH LQWHUFXOWXUDOH &RRSHUD FRQ OH SURSULH VWUXWWXUH LQWHUQD]LRQDOL H SDUWQHU ORFDOL LQ FLUFD SDHVL QHO PRQGR LPSHJQDQGR YRORQWDUL JLRYDQL H DGXOWL H UHDOWj ORFDOL DOOR VFRSR GL UDJJLXQJHUH ULVXOWDWL FRQFUHWL H FUHDUH OHJDPL GL VROLGDULHWj WUD JHQWH SURYHQLHQWH GD EDFNJURXQG JHRJUDILFDPHQWH FXOWXUDOPHQWH H VRFLDOPHQWH GLIIHUHQWL , SURJHWWL GL YRORQWDULDWR SRVVRQR HVVHUH D EUHYH WHUPLQH FDPSL GL YRORQWDULDWR GL VHWWLPDQH R D OXQJR WHUPLQH /79 GDL DL PHVL H SRVVRQR WUDWWDUH WHPL GLYHUVL DQWLUD]]LVPR VROLGDULHWj LQWHUQD]LRQDOH SDFH H DQWLPLOLWDULVPR DPELHQWH $L FDPSL SDUWHFLSDQR JUXSSL LQWHUQD]LRQDOL GL YRORQWDUL H OD FDUDWWHULVWLFD SULQFLSDOH q FKH VRQR VHPSUH RUJDQL]]DWL LQ FROODERUD]LRQH FRQ DVVRFLD]LRQL ORFDOL FKH ULVSRQGRQR PHJOLR DL ELVRJQL WHUULWRULDOL , SURJHWWL VRQR VHPSUH VYROWL DOO·LQVHJQD GHOOD
FRQFUHWH]]D H EDVDWL VXOOD ILORVRILD ´IDWWL QRQ SDUROHµ PD DOOR VWHVVR WHPSR SUHYHGRQR XQD SDUWH GL VWXGLR FKH OR 6&, RUJDQL]]D LQ UHOD]LRQH DOOH FDPSDJQH HG DOOH DWWLYLWj GL VHQVLELOL]]D]LRQH FKH GL YROWD LQ YROWD SRUWD DYDQWL ,O 6HUYL]LR FLYLOH ,QWHUQD]LRQDOH LQIDWWL q DQLPDWR GD XRPLQL H GRQQH FKH FRQ VHQVLELOLWj H ULVSHWWR KDQQR YRJOLD GL DWWLYDUVL VLD DOO·LQWHUQR GHL SURSUL WHUULWRUL GL DSSDUWHQHQ]D VLD QHO UHVWR GHO PRQGR FHUFDQGR GL FDPELDUH WXWWH TXHOOH VFHOWH SROLWLFR HFRQRPLFKH EDVDWH VXOOD PHUFLILFD]LRQH GHL EHQL FRPXQL H ORQWDQH GD XQD GHPRFUD]LD FKH VLD UHDOPHQWH SDUWHFLSDWLYD 9LYHUH H ODYRUDUH LQVLHPH D SHUVRQH SURYHQLHQWL GD EDFNJURXQG GLYHUVL DLXWD L YRORQWDUL D URPSHUH SUHJLXGL]L H VWHUHRWLSL ,Q TXHVWR VHQVR LO YRORQWDULDWR SXz HVVHUH FRQVLGHUDWR FRPH XQR VWLOH GL YLWD H FRPH GLPRVWUD]LRQH GHOOD UHDOH SRVVLELOLWj GL XQ PRQGR SL VROLGDOH H SDFLILVWD
&RV·q XQ FDPSR , FDPSL GL YRORQWDULDWR GHOOR 6&, VRQR XQ·RFFDVLRQH GL VFDPELR H DUULFFKLPHQWR UHFLSURFR GRYH VL YLYH H VL ODYRUD LQVLHPH D YRORQWDUL GD WXWWR LO PRQGR 6L VXSSRUWDQR YDULH DWWLYLWj GL XWLOLWj VRFLDOH FRQ GLYHUVL WHPL SURWH]LRQH DPELHQWDOH DQLPD]LRQH FRQ L EDPELQL DWWLYLWj FRQ ULIXJLDWL RUJDQL]]D]LRQH GL IHVWLYDO FXOWXUDOL ODYRUL PDQXDOL HFF
ZZZ HXURFXOWXUD LW
25$GL0829(56, Q GHO
2JQL JUXSSR q VXSSRUWDWR GD XQ &RRUGLQDWRUH GHO &DPSR 6RQR SUHYLVWL JLRUQL OLEHUL SRVVLELOPHQWH HVFXUVLRQL XQD SDUWH GL VWXGLR GRYH VL DIIURQWD LQ FKLDYH WHRULFD LO WHPD GHO FDPSR ,O ODYRUR GXUD GDOOH DOOH RUH DO JLRUQR D VHFRQGD GHO SURJHWWR GHO FDPSR
/·RELHWWLYR GHL FDPSL q GL VWLPRODUH L SDUWHFLSDQWL H OH FRPXQLWj ORFDOL DOOH WHPDWLFKH 6&, VWLOL GL YLWD VRVWHQLELOL FLWWDGLQDQ]D DWWLYD WHPDWLFKH GL JHQHUH SDFH H ORWWD DOOH GLVXJXDJOLDQ]H FHUFDQGR GL FRLQYROJHUH WXWWH OH IDVFH GL HWj H GL LQFOXGHUH VRJJHWWL VYDQWDJJLDWL HG HPDUJLQDWL , FDPSL VRQR XQ PRGR SHU HVVHUH DWWLYL QHOOD FROOHWWLYLWj H SHU SUHQGHU SDUROD LQ PHULWR DJOL VTXLOLEUL VRFLDOL LQ PDQLHUD DOWHUQDWLYD GD FRPH SURSRVWR GDO PRQGR GHOOD FRRSHUD]LRQH FODVVLFD H GHO WXULVPR 5LWURYDUVL LQ XQD FRPXQLWj FRPSOHWDPHQWH GLYHUVD GDOOD SURSULD H FRQYLYHUH FRQ YRORQWDUL ORFDOL H DOWUL LQWHUQD]LRQDOL YL SHUPHWWHUj GL LPPHUJHUYL QHOOD TXRWLGLDQLWj GL FXOWXUH H SRSROL GLIIHUHQWL DFTXLVHQGR FRVu QXRYH FRQVDSHYROH]]H H FKLDYL GL OHWWXUD SHU LQWHUSUHWDUH UHDOWj /H DWWLYLWj VRQR XQ SUHWHVWR SHU FRQRVFHUVL FRQIURQWDUVL H PHWWHUVL DOOD SURYD LQIDWWL VRQR IUD OH SL VYDULDWH GDOO·DQLPD]LRQH SHU UDJD]]L DG DWWLYLWj PDQXDOL UHVWDXUL SLWWXUD GD DWWLYLWj OHJDWH DOOD WXWHOD DPELHQWH DG DOWUH OHJDWH DOO·LQFOXVLRQH VRFLDOH 6RQR ODYRUL SHU L TXDOL QRQ VRQR ULFKLHVWH FRPSHWHQ]H VSHFLILFKH VH QRQ DGDWWDELOLWj DO FRQWHVWR DOOD YLWD VSDUWDQD DO ODYRUR GL JUXSSR ,Q TXHVW·RWWLFD XQ FDPSR GHO 6HUYL]LR &LYLOH ,QWHUQD]LRQDOH QRQ q VROR XQ·HVSHULHQ]D GL YRORQWDULDWR PD q XQ PRGR SHU ULVYHJOLDUH H LQGLUL]]DUH LO QRVWUR DWWLYLVPR SHU DPSOLDUH OD QRVWUD YLVLRQH GHO PRQGR H LQILQH SHU SURYDUH D FRQFUHWL]]DUH L QRVWUL LGHDOL VRFLDOL
Ë HQWXVLDVPDQWH VDSHUH TXDQWH SHUVRQH LQ TXHVWL DQQL ´VRQR SDVVDWH DWWUDYHUVR OR 6&,µ FKL SHU OXQJR WHPSR FKL SHU OD EUHYH GXUDWD GL XQ FDPSR GL YRORQWDULDWR 3HU PROWLVVLPL TXHVWD HVSHULHQ]D KD FRQWULEXWR DOOD SURSULD FUHVFLWD KD VWLPRODWR D LQWUDSUHQGHUH FDPPLQL H DG DOODUJDUH L SURSUL RUL]]RQWL D FDPELDUH GLUH]LRQH R FRQWLQXDUOD FRQ SL PRWLYD]LRQH ,O IDWWR GL HVVHUH XQ·$VVRFLD]LRQH FRQ XQD VWRULD FRVu OXQJD H DUWLFRODWD DOOH VSDOOH FL SRQH FRQWLQXDPHQWH GDYDQWL D QXRYH VILGH GDU YLWD D QXRYL FDPSL FKH GLDQR DL SDUWHFLSDQWL OD SRVVLELOLWj GL HVSULPHUH H VSHULPHQWDUH DO PHJOLR OD SURSULD FLWWDGLQDQ]D DWWLYD PHWWHQGRVL LQ JLRFR LQ SULPD SHUVRQD VXSHUDQGR OH EDUULHUH LGHRORJLFKH H FXOWXUDOL FKH FDUDWWHUL]]DQR OD QRVWUD VRFLHWj FRQ SDUWLFRODUH DWWHQ]LRQH DL SUREOHPL DWWXDOL PD DO WHPSR VWHVVR FHUFDQGR GL PDQWHQHUH LQ YLWD WXWWL JOL LGHDOL FKH WUDGL]LRQDOPHQWH DQLPDQR OR 6&, 8Q·XOWHULRUH VILGD q UDSSUHVHQWDWD GDOOD FULVL HFRQRPLFD FKH VWLDPR YLYHQGR FRQ FRQVHJXHQ]H HYLGHQWL DQFKH SHU LO PRQGR GHO YRORQWDULDWR ,Q TXHVWD SURVSHWWLYD XQ FDPSR SXz HVVHUH FRQVLGHUDWR FRPH XQ QXRYR PRGR GL LPSHJQDUH LO SURSULR WHPSR OLEHUR SHU PLJOLRUDUH OD FRPXQLWj OD FLWWj H SHUVLQR LO PRQGR LQ FXL YLYLDPR H DOOR VWHVVR WHPSR XQD QXRYD WLSRORJLD GL ´YLDJJLRµ FKH DEEDQGRQDQGR O·RWWLFD GHO PHUR VSHWWDWRUH WLSLFD GHO WXULVWD FL SHUPHWWD GL LQWHJUDUFL GDYYHUR FRQ OH QXRYH UHDOWj FRQ FXL VL YLHQH D FRQWDWWR
$XJXULDPR TXLQGL XQD EXRQD VWDJLRQH FDPSL D WXWWL QHOOD VSHUDQ]D FKH SRVVLDWH WURYDUH TXHVWD HVWDWH LQ XQ FDPSR 6&, TXHOOD RSSRUWXQLWj GL FRQWULEXLUH DO FDPELDPHQWR TXDQWR PDL XUJHQWH QHO FRQWHVWR VWRULFR LQ FXL YLYLDPR 8IILFLR 6WDPSD 6HUYL]LR &LYLOH ,QWHUQD]LRQDOH &RQWDWWL LQIR#VFL LWDOLD LW ZZZ VFL LWDOLD LW
&RQVXOWD OD PDSSD GHL FDPSL GHOOR 6&, LQ ,WDOLD KWWS J FR PDSV QTY]Q
ZZZ HXURFXOWXUD LW
25$GL0829(56, Q GHO
&DPSL GL YRORQWDULDWR DOO·HVWHUR 6HJQDOLDPR GXH GHOOH FHQWLQDLD GL FDPSL WUD FXL q SRVVLELOH VFHJOLHUH YLVLWDQGR LO VLWR ZZZ ZRUNFDPSV LQIR
3URJHWWR &KLULERJD
$V\OXP VHHNHU FHQWUH %( 6&,
(FXDGRU OXJOLR ,O SURJHWWR &KLULERJD q VLWXDWR D FLUFD FKLORPHWUL D 6XG (VW GL 4XLWR DG XQ·DOWH]]D GL PHWUL +D FRPH RELHWWLYR OD SURWH]LRQH GL XQ·DUHD GL FLUFD HWWDUL QHOOD TXDOH VL WURYDQR HVHPSODUL GL IORUD H IDXQD LQ YLD GL HVWLQ]LRQH /D IRQGD]LRQH JUD]LH DL YRORQWDUL LQWHUQD]LRQDOL VWD SURPXRYHQGR DOO·LQWHUQR GHOOD SRSROD]LRQH OH EDVL SHU LO ULFLFOR GHL ULILXWL VWD SLDQWDQGR QXRYL DOEHUL H LQVHJQDQGR DL EDPELQL L SULQFLSL GHOO·DJULFROWXUD IRUHVWDOH 4XHVWR SHU VHQVLELOL]]DUH ILQ GD SLFFROL JOL DELWDQWL ORFDOL DOOD FXUD H DO ULVSHWWR GHOO·DPELHQWH 4XHVWR SURJHWWR ID SDUWH GHL SURJUDPPL 1RUG 6XG , YRORQWDUL GRYUHEEHUR DYHUH DQQL SUHFHGHQWL HVSHULHQ]H GL YRORQWDULDWR H SUHQGHUH SDUWH DOOD IRUPD]LRQH H OLYHOOR GL SUHSDUD]LRQH RUJDQL]]DWL GDOOR 6&, ,WDOLD 0DJJLRUL LQIRUPD]LRQL FDPSLVXG#VFL LWDOLD LW
%HOJLR OXJOLR ,O &HQWUR GL 5L[HQVDUW ZZZ IHGDVLO EH 5L[HQVDUW QHZV VL RFFXSD GL VXSSRUWDUH L ULFKLHGHQWL DVLOR QHOOD SULPD IDVH GHOOH SURFHGXUH RIIUHQGR ORUR XQ VRVWHJQR PDWHULDOH PD DQFKH H VRSUDWXWWR GL VRFLDOLWj H LQWHUD]LRQH /·RELHWWLYR SULQFLSDOH GHO FDPSR q SURPXRYHUH OD FRPSUHQVLRQH LQWHUFXOWXUDOH H RUJDQL]]DUH DWWLYLWj OXGLFKH H ULFUHDWLYH SHU WXWWL JOL RVSLWL GHO FHQWUR PD VRSUDWWXWWR SHU L EDPELQL , YRORQWDUL VDUDQQR SHUFLz LPSHJQDWL QHOO·RUJDQL]]D]LRQH GL ZRUNVKRS GL GLYHUVR JHQHUH GDO WHDWUR DOO·DXWRSURGX]LRQH GDOOD PXVLFD DOOR VSRUW 6DUj DQFKH XQ·RFFDVLRQH SUH]LRVD SHU FRQRVFHUH OH SURFHGXUH GL DFFRJOLHQ]D GHO %HOJLR H FRQIURQWDUOH FRQ TXHOOH GHJOL DOWUL SDHVL LQ (XURSD H QHO UHVWR GHO PRQGR 0DJJLRUL LQIRUPD]LRQL ZRUNFDPSV#VFL LWDOLD LW
&DPSL QHO 6XG GHO PRQGR
6SHFLDOPHQWH LQ HVWDWH L SDUWQHU H OH EUDQFKH 6&, RUJDQL]]DQR FDPSL GL ODYRUR YRORQWDULR FRPH QHO 1RUG GHO PRQGR DQFKH LQ $VLD $IULFD $PHULFD /DWLQD H 0HGLWHUUDQHR 9LFLQR 2ULHQWH H 1RUG $IULFD 3XRL FRQVXOWDUH O·HOHQFR SURYYLVRULR VXO VLWR ZZZ ZRUNFDPSV LQIR LFDPSV VHDUFK KWPO"YLHZ FDPSV 4XHOOR GHILQLWLYR YHUUj GLVWULEXLWR GXUDQWH JOL LQFRQWUL GL IRUPD]LRQH REEOLJDWRUL
, FDPSL QHO 6XG GHO PRQGR SUHVHQWDQR VSHVVR FRQWHVWL SL GLIILFLOL GD JHVWLUH GL TXHOOL QHO 1RUG GHO PRQGR 3HU TXHVWR SULPD GHOOD SDUWHQ]D VRQR SUHYLVWL LQFRQWUL IRUPDWLYL FKH SHU L FDPSL GHO SHULRGR SULPDYHUD HVWDWH VL GLYLGRQR LQ SULPR H VHFRQGR OLYHOOR *OL LQFRQWUL SULPDYHULOL GL SULPR OLYHOOR VDUDQQR • 3LHPRQWH PDU]R LQIR H LVFUL]LRQL IRUPD]LRQH#VFL SLHPRQWH LW • 5RPD DSULOH /D &LWWj GHOO·8WRSLD LQIR H LVFUL]LRQL GDOO· PDU]R FDPSLVXG#VFL LWDOLD LW • %RORJQD DSULOH GD FRQIHUPDUH LQIR H LVFUL]LRQL ERORJQD#VFL LWDOLD LW • 3LHPRQWH H /RPEDUGLD PDJJLR LQIR H LVFUL]LRQL IRUPD]LRQH#VFL SLHPRQWH LW • 5RPD PDJJLR /D &LWWj GHOO·8WRSLD LQIR H LVFUL]LRQL FDPSLVXG#VFL LWDOLD LW • *OL LQFRQWUL D 1DSROL 3DGRYD H 6DUGHJQD VL VYROJHUDQQR LQ GDWH GD GHILQLUVL
ZZZ HXURFXOWXUD LW
25$GL0829(56, Q GHO
)RUPD]LRQL JUDWXLWH SHU FRRUGLQDUH XQ FDPSR ,O FRRUGLQDWRUH ID GD WUDPLWH WUD FKL RVSLWD LO SURJHWWR GHO FDPSR GL YRORQWDULDWR HG LO JUXSSR GL YRORQWDUL LQWHUQD]LRQDOL VWLPRODQGR OH GLVFXVVLRQL DOO·LQWHUQR GHO JUXSSR RFFXSDQGRVL LQ JHQHUDOH GHOO·RUJDQL]]D]LRQH H GHOOH UHOD]LRQL FRQ O·DVVRFLD]LRQH FKH KD RUJDQL]]DWR LO FDPSR Ë LPSRUWDQWH LQROWUH ULFRUGDUH FKH LO FRRUGLQDWRUH q D VXD YROWD XQ YRORQWDULR FKH SDUWHFLSD DOOH VWHVVH DWWLYLWj GHJOL DOWUL H SHU LO TXDOH DO SDUL GHJOL DOWUL QRQ VRQR SUHYLVWH UHWULEX]LRQL
/R 6&, JOL RIIUH JUDWLV OD SDUWHFLSD]LRQH DG XQR GHL WUH VHPLQDUL GL IRUPD]LRQH SHU FRRUGLQDWRUL • 6DUGHJQD GDO DO PDJJLR • 7RULQR GDOO· DO JLXJQR • 5RPD GDOO· DO JLXJQR 3HU FDQGLGDUVL R ULFHYHUH LQIRUPD]LRQL VFULYHUH D ZRUNFDPSV#VFL LWDOLD LW R FRQWDWWDUH OD 6HJUHWHULD 1D]LRQDOH DO QXPHUR
• SHU FKL YXROH VRVWHQHUH OH FRPXQLWj QHOOH VFHOWH FKH ULJXDUGDQR LO WHUULWRULR H OH ULVRUVH ORFDOL • SHU FKL FUHGH FKH ODYRUDUH LQVLHPH SRVVD DEEDWWHUH OH EDUULHUH JHRJUDILFKH FXOWXUDOL GL RULHQWDPHQWR VHVVXDOH GL UHOLJLRQH H GL DELOLWj • SHU FKL FUHGH FKH OD SDFH VL FRVWUXLVFD XQHQGR OH IRU]H H OH FDSDFLWj GL WXWWL • SHU FKL YXRO YLYHUH XQ·HVSHULHQ]D LQWHUFXOWXUDOH H GLQDPLFD ,QIR H LVFUL]LRQL FHQWUDOL]]DWH 6HUYL]LR &LYLOH ,QWHUQD]LRQDOH YLD &UXWR 5RPD ]RQD 0DUFRQL WHO FHOO H LQIR#VFL LWDOLD LW FDPSLVXG#VFL LWDOLD LW ZZZ VFL LWDOLD LW
ZZZ HXURFXOWXUD LW
25$GL0829(56, Q GHO
&DPSL GL ODYRUR
6ROH VRUULVL H VXGRUH GL 6LOYLD 6SLQHOOL
&KL VLDPR ,%2 XQ QRPH XQ UHEXV FKH LQ WUH OHWWHUH UDFFKLXGH LO GQD GHOOD QRVWUD DVVRFLD]LRQH ,%2 q O·DFURQLPR ILDPPLQJR GL ,QWHUQDWLRQDOH %RXZRUGH FKH VLJQLILFD ´6RFL &RVWUXWWRUL ,QWHUQD]LRQDOLµ ,O VRJQR GL ,%2 LQIDWWL q SURSULR TXHOOR GL FRVWUXLUH XQD VRFLHWj LQ FXL OH SDUROH G·RUGLQH VLDQR GLJQLWj VROLGDULHWj ULVSHWWR UHVSRQVDELOLWj EHQH FRPXQH H FROODERUD]LRQH SHU XQ LPSHJQR YHUVR XQ PRQGR SL HTXR JLXVWR H VRVWHQLELOH $VFROWDQGR OD VWRULD GL ,%2 VL VFRSUH FKH XQ JLRUQR GL WDQWL DQQL ID TXDQGR OD 6HFRQGD *XHUUD 0RQGLDOH HUD DSSHQD ILQLWD JLRYDQL H UDJD]]L FKH ILQR D SRFKL DQQL SULPD HUDQR VWDWL QHPLFL RSSUHVVL R LQYDVRUL GHFLGRQR GL XQLUVL SHU JHWWDUH OH IRQGDPHQWD GL TXHOOD FKH GL Ou D SRFR VDUHEEH VWDWD OD QXRYD (XURSD 1RQ O·(XURSD GHOOH FDUWLQH H GHL PDSSDPRQGL PD O·(XURSD VRFLDOH TXHOOD LQ FXL L FRQILQL GHJOL VWDWL QRQ HVLVWRQR VH F·q LO GHVLGHULR GL JXDUGDUH DOO·DOWUR FRPH XQ IUDWHOOR XQ FRPSDJQR H QRQ XQ QHPLFR WHQGHQGRJOL OD PDQR H VH SRVVLELOH XQ DEEUDFFLR 2JJL ,%2 ,WDOLD q XQD 21* 2QOXV ULFRQRVFLXWD GDO 0LQLVWHUR GHJOL $IIDUL (VWHUL H GD DOWUL RUJDQLVPL QD]LRQDOL HG LQWHUQD]LRQDOL PD FL SLDFH ULFRUGDUH FKH q QDWD SURSULR FRQ L FDPSL GL ODYRUR QHO VHFRQGR GRSRJXHUUD ( TXHVW·DQQR q XQ DQQR GDYYHUR VSHFLDOH SHU ,%2 ,WDOLD FKH KD JLj SL GL PH]]R VHFROR GL YLWD H VL DYYLFLQD D FRPSLHUH DQQL
&RVD IDFFLDPR /D PLVVLRQH GL ,%2 ,WDOLD q FUHDUH OH FRQGL]LRQL SHU O·DFFHVVR DOO·HGXFD]LRQH H DOOD IRUPD]LRQH QHL SDHVL LQ YLD GL VYLOXSSR FRQ LO FRLQYROJLPHQWR H OD SDUWHFLSD]LRQH GHOOH FRPXQLWj ORFDOL H VYLOXSSDUH XQD FRVFLHQ]D VRFLDOH QHL JLRYDQL WUDPLWH HVSHULHQ]H GL FRQGLYLVLRQH ODYRUR FRQFUHWR H JUDWXLWR D IDYRUH GHOOH SHUVRQH LQ VWDWR GL ELVRJQR 6RQR WUH OH PDFUR DWWLYLWj FKH ,%2 ,WDOLD SRUWD DYDQWL • LO 9RORQWDULDWR 6ROLGDULHWj 5HVSRQVDELOH DWWUDYHUVR L &DPSL GL /DYRUR H 6ROLGDULHWj LQ WXWWR LO PRQGR LO 6HUYL]LR 9RORQWDULR (XURSHR HG LO 6HUYL]LR &LYLOH LQ ,WDOLD H DOO·HVWHUR • OD &RRSHUD]LRQH ,QWHUQD]LRQDOH PHGLDQWH SURJHWWL GL VYLOXSSR QHO VHWWRUH HGXFDWLYR LQ 5RPDQLD ,QGLD 3HU HG (FXDGRU
• OD 3DUWHFLSD]LRQH /RFDOH DWWUDYHUVR XQD UHWH GL *UXSSL LQ YDULH FLWWj FKH RUJDQL]]DQR LQFRQWUL QHOOH VFXROH VX SDFH GLULWWL XPDQL JLXVWL]LD VRFLDOH H YRORQWDULDWR SURPXRYRQR LQL]LDWLYH GL VHQVLELOL]]D]LRQH H UDFFROWD IRQGL H VRVWLHQH VFHOWH HTXH VROLGDOL H VRVWHQLELOL &UHGLDPR FKH L &DPSL GL ODYRUR H VROLGDULHWj VLDQR RFFDVLRQL SHU YLYHUH GHO WHPSR LQ FRPSDJQLD GL WH VWHVVR H GL FKL VWD DFFDQWR HQWUDQGR LQ SXQWD GL SLHGL QHOOH YLWH H QHOOH UHDOWj FKH FRQRVFHUDL FRQ OD JHQHURVLWj GL PHWWHUWL D VHUYL]LR FRQ WXWWH OH WXH IRU]H H FRQ LO WXR VRUULVR &RQGLYLGHQGR FRQ DOWUH SHUVRQH IDWLFKH GLIILFROWj LPSDFFL VRGGLVID]LRQL H RELHWWLYL FRPXQL VDUj SL IDFLOH FRQRVFHUVL HQWUDUH LQ VLQWRQLD FUHDUH DPLFL]LH LQWHUQD]LRQDOL VFRSULUH QHO SURIRQGR OD FXOWXUD ORFDOH DSSUH]]DUH SXQWL GL YLVWD GLYHUVL FRQIURQWDUVL FRQ LQJLXVWL]LH R DPPLUDUH VFHOWH FRUDJJLRVH 1XRYH DPLFL]LH XQR VJXDUGR GLYHUVR VXOOH FRVH XQ·HVSHULHQ]D FKH ODVFHUj XQ VHJQR QHOOD WXD IRUPD]LRQH FKH QRQ VL IHUPHUj XQD YROWD WRUQDWL D FDVD PD FKH WL VWLPROHUj D FRVWUXLUH QHO WXR TXRWLGLDQR H QHO WXR IXWXUR XQ PRQGR IDWWR GL UHOD]LRQL GLYHUVH WXWWR TXHVWR q XQ FDPSR FRQ ,%2 ,WDOLD
1HWZRUN ,%2 (VLVWRQR VHGL ,%2 LQ $XVWULD %HOJLR %XOJDULD *HUPDQLD 6YL]]HUD 2ODQGD 8QJKHULD 5HSXEEOLFD &HFD H 3RORQLD /·RUJDQR GLUHWWLYR GL FRRUGLQDPHQWR q LO %XUHDX ,QWHUQDWLRQDO FKH KD LO FRPSLWR GL SURSRUUH JOL RELHWWLYL H OH VWUDWHJLH GL FRRUGLQDUH H SURPXRYHUH OH DWWLYLWj FRPXQL GHOOH YDULH VHJUHWHULH QD]LRQDOL &RQWDWWL LQIR#LERLWDOLD RUJ ZZZ LERLWDOLD RUJ 6N\SH FRQWDFW LER LWDOLD 5HVSRQVDELOH &DPSL GL /DYRUR H 6ROLGDULHWj 6DELQD 0DUFKHWWL )% ZZZ IDFHERRN FRP ,%2,WDOLD 7: KWWS WZLWWHU FRP ,%2,WDOLD <7 ZZZ \RXWXEH FRP XVHU ,%2,WDOLD 5HVSRQVDELOH &RPXQLFD]LRQH &DPSL
ZZZ HXURFXOWXUD LW
25$GL0829(56, Q GHO
$WWLYLWj VSHFLILFKH
&DPSL GL ODYRUR H VROLGDULHWj 6RVWHJQR FRQFUHWR D UHDOWj VRFLDOL H FRPXQLWj ORFDOL LPSHJQR FROOHWWLYR IRUPD]LRQH FRQRVFHQ]D FRQIURQWR VFRSHUWD DPLFL]LD H DQFKH GLYHUWLPHQWR 8Q FDPSR GL ODYRUR H VROLGDULHWj FRQ ,%2 ,WDOLD YXRO GLUH TXHVWR H PROWR GL SL
&RQFUHWDPHQWH
,O SHULRGR H OD GXUDWD 8Q·HVSHULHQ]D GL YRORQWDULDWR GL XQD GXH WUH R TXDWWUR VHWWLPDQH LQ (XURSD H QHO 6XG GHO PRQGR ,O SHULRGR q VROLWDPHQWH TXHOOR HVWLYR GD JLXJQR D VHWWHPEUH PD DOFXQL FDPSL VRQR DWWLYL DQFKH LQ DOWUL SHULRGL GHOO·DQQR R GXUDQWH OH IHVWLYLWj YDFDQ]H SDVTXDOL R QDWDOL]LH 7DOYROWD SHU TXDOFKH GHVWLQD]LRQH SRVVRQR HVLVWHUH SL WXUQL IUD]LRQDWL LQ YDUL SHULRGL FRVu LO YRORQWDULR SXz VFHJOLHUH OD OXQJKH]]D GHO FDPSR H LO SHULRGR FKH SUHIHULVFH
/H GHVWLQD]LRQL ,Q (XURSD $OEDQLD $XVWULD %HOJLR (VWRQLD )UDQFLD /LWXDQLD *HUPDQLD *UHFLD 3RORQLD 5RPDQLD 6SDJQD 7XUFKLD 8FUDLQD H 8QJKHULD )XRUL (XURSD %XUXQGL *XDWHPDOD ,QGLD 3HU 5HS 'HPRFUDWLFD GHO &RQJR H 7DQ]DQLD &RPXQLWj GL DFFRJOLHQ]D FDVH IDPLJOLD DVVRFLD]LRQL JUXSSL GL FLWWDGLQL SDUURFFKLH GL SHULIHULD IRUHVWHULH GL HUHPL /XRJKL FKH UDFFRQWDQR VWRULH GL JHQWH FRPXQH FKH KD GHFLVR SHUz GL PHWWHUVL LQ JLRFR SHU DSULUH OD SRUWD GHOOD SURSULD FDVD SHU VXSHUDUH JXHUUH H GLYLVLRQL SHU VSHULPHQWDUH VWLOL GL YLWD HFR VRVWHQLELOL SHU FDPPLQDUH LQVLHPH D FKL OD VRFLHWj KD HVFOXVR SHU QRQ VPHWWHUH PDL GL LPSDUDUH GDOO·LQFRQWUR FRQ O·DOWUR ZZZ LERLWDOLD RUJ LW FDPSL GL ODYRUR FDPSL
$ VHFRQGD GHOOD GHVWLQD]LRQH VFHOWD L YRORQWDUL VDUDQQR LPSHJQDWL LQ $WWLYLWj SUDWLFKH H PDQXDOL SLFFROL ODYRUL GL FRVWUX]LRQH WLQWHJJLDWXUD UHVWDXUR SXOL]LD HFF GL HGLILFL GHVWLQDWL D VFRSL VRFLDOL R FRPXQLWDUL $WWLYLWj GL DQLPD]LRQH HG HGXFD]LRQH QRQ IRUPDOH FRQ PLQRUL SHUVRQH GLVDELOL H YXOQHUDELOL PLJUDQWL DQ]LDQL $WWLYLWj GL WXWHOD H VHQVLELOL]]D]LRQH GHO SDWULPRQLR DPELHQWDOH SDUFKL QDWXUDOL VHQWLHUL FHQVLPHQWR VSHFLH IDXQLVWLFKH $OFXQL FDPSL SRVVRQR SUHYHGHUH XQ·DOWHUQDQ]D H R XQD FRPSUHVHQ]D GL DWWLYLWj PHQWUH LQ TXDOVLDVL FDPSR YLHQH GHGLFDWR GHO WHPSR D VSD]L GL GLDORJR LQWHUFXOWXUDOH JURXS PHHWLQJ LQFRQWUL R ODERUDWRUL GL DSSURIRQGLPHQWR VXOOD WHPDWLFD FDUDWWHUL]]DQWH LO SURILOR GHO FDPSR
/D JLRUQDWD WLSR 'DO OXQHGu DO YHQHUGu RUH DO JLRUQR GL ODYRUR FRQ LO ILQH VHWWLPDQD R DOPHQR GXH JLRUQL DOOD VHWWLPDQD OLEHUL GD VIUXWWDUH SHU PRPHQWL GL FRQYLYLDOLWj SHU YLVLWDUH LO 3DHVH R SHU YLYHUH OD UHDOWj HQWUR FXL VL q LQVHULWL HV VH VL ODYRUD QHOO·DOOHVWLPHQWR GL XQ IHVWLYDO q SRVVLELOH SDUWHFLSDUH GD VSHWWDWRUL QHL PRPHQWL OLEHUL /D SDUWH GHO ODYRUR KD XQ YDORUH FHQWUDOH FRPH LPSHJQR GL WHPSR PD VRSUDWWXWWR FRPH VWUXPHQWR GL VFRSHUWD H GL ULDSSURSULD]LRQH GHOOD UHDOWj H GHOOD SURSULD YLVLRQH GHO PRQGR
, FRPSDJQL GL YLDJJLR ODYRUR 1HL FDPSL LQ ,WDOLD H LQ (XURSD LO JUXSSR GL YRORQWDUL q IRUPDWR GD SHUVRQH GL GLYHUVH QD]LRQDOLWj 1HL FDPSL IXRUL (XURSD LQYHFH LO JUXSSR GL YRORQWDUL VDUj SHU OR SL FRPSRVWR GD LWDOLDQL , YRORQWDUL VRQR VRSUDWWXWWR JLRYDQL PD QRQ PDQFDQR FRPSDJQL SL JUDQGL
ZZZ HXURFXOWXUD LW
25$GL0829(56, Q GHO $ FKL q ULYROWR XQ FDPSR
6H q OD WXD SULPD HVSHULHQ]D H QRQ KDL PDL YLVVXWR XQ SHULRGR DOO·HVWHUR ,%2 ,WDOLD FRQVLJOLD GL VFHJOLHUH XQ FDPSR LQ ,WDOLD 1HO FDVR WX DEELD JLj DYXWR HVSHULHQ]H SUHJUHVVH GL YRORQWDULDWR LQ (XURSD OH GHVWLQD]LRQL VRQR GLYHUVH GD TXHOOH SL YLFLQH D TXHOOH SL GLIILFLOL GD UDJJLXQJHUH RSSXUH VH KDL YRJOLD GL YLDJJLDUH DOOD VFRSHUWD GHO 6XG GHO PRQGR O·$IULFD O·$VLD H O·$PHULFD /DWLQD WL VWDQQR DVSHWWDQGR &L VRQR SRL DOFXQL FDPSL DSHUWL D JUXSSL JLj FRVWLWXLWL IDPLJOLH JUXSSL SDUURFFKLDOL JUXSSL VFRXW R DOWUH DVVRFLD]LRQL 6ROR SRFKL FDPSL VRQR DSHUWL D ILJXUH VSHFLILFKH VROLWDPHQWH VDQLWDULH ILVLRWHUDSLVWL ORJRSHGLVWL WXWWL JOL DOWUL QRQ ULFKLHGRQR SDUWLFRODUL SURIHVVLRQDOLWj R FRPSHWHQ]H PD VROR EXRQD YRORQWj
GLVSRQLELOH QHOOD SDJLQD ZZZ LERLWDOLD RUJ LW FDPSL GL ODYRUR LVFUL]LRQH"VWDUW
0RGDOLWj GL SDUWHFLSD]LRQH
4XDQGR H FRPH LVFULYHUVL 3HU OH GHVWLQD]LRQL LQ (XURSD LO WHUPLQH XOWLPR q WUH VHWWLPDQH SULPD GHOOD SDUWHQ]D q LQYHFH FRQVLJOLDELOH LVFULYHUVL DOPHQR XQ PHVH H PH]]R SULPD SHU L FDPSL RUJDQL]]DWL IXRUL (XURSD ,O SULPR SDVVR q XQD SUH LVFUL]LRQH RQ OLQH QRQ YLQFRODQWH DOO·LQGLUL]]R ZZZ LERLWDOLD RUJ LW FDPSL GL ODYRUR FDPSL FRQWUROODQGR OD GLVSRQLELOLWj GL SRVWL SHU LO FDPSR VHOH]LRQDWR H FRPSLODQGR LO IRUPDW GL LVFUL]LRQH SHU LO FDPSR H LO WXUQR SUHVFHOWR 'L Ou D SRFKL JLRUQL VL YHUUj FRQWDWWDWL SHU XQ EUHYH FROORTXLR WHOHIRQLFR LQ FXL VL ULFHYHUj XOWHULRUL LQIRUPD]LRQL ULVSHWWR DO SURJHWWR VFHOWR H DOOD ORJLVWLFD 6XFFHVVLYDPHQWH VDUj LQYLDWR D FDVD LO FRQWUDWWR GL LVFUL]LRQH OD VFKHGD LOOXVWUDWLYD GHO FDPSR VFHOWR ² FRQWHQHQWH UHFDSLWL H FRQWDWWL GHL UHVSRQVDELOL VXO OXRJR HG OH LQGLFD]LRQL SHU LO SDJDPHQWR GHOOD TXRWD FDPSR /·XOWLPR VWHS SULPD GHOOD SDUWHQ]D q O·LQFRQWUR GL IRUPD]LRQH SUH FDPSR ZZZ LERLWDOLD RUJ LW FDPSL GL ODYRUR LVFUL]LRQH"VWDUW
(Wj SDUWHFLSDQWL /H PHWH LQ (XURSD VRQR DSHUWH D FRORUR FKH KDQ FRPSLXWR DQQL LQYHFH O·HWj PLQLPD SHU L FDPSL IXRUL (XURSD q DQQL Ë ULFKLHVWR XQ EXRQR VWDWR GL VDOXWH
&RVWL D FDULFR GHO YRORQWDULR
,Q IRUPD]LRQH ,PSRUWDQWL PRPHQWL GL IRUPD]LRQH FRQRVFHQ]D H LQIRUPD]LRQH SHU OD VXFFHVVLYD SDUWHFLSD]LRQH DO FDPSR GL ODYRUR VRQR JOL LQFRQWUL SUH FDPSR $G HVVL SDUWHFLSHUDQQR ROWUH DL UHVSRQVDELOL GL ,%2 ,WDOLD DQFKH H[ YRORQWDUL FKH SRUWHUDQQR OD ORUR HVSHULHQ]D DQFKH LQ EDVH DO WLSR GL FDPSR LQ ,WDOLD LQ (XURSD H QHO UHVWR GHO PRQGR D FXL q GHGLFDWR O·LQFRQWUR Ë XQ PRPHQWR SHU FRQRVFHUH ,%2 ,WDOLD O·DVVRFLD]LRQH GL FXL VL GLYHQWD YRORQWDUL FDSLUH FKL VLDPR H FRVD IDFFLDPR VWUHWWDPHQWH UDFFRPDQGDWL D FKL KD VHULH LQWHQ]LRQL GL SDUWLUH LQ SDUWLFRODUH SHU OH GHVWLQD]LRQL IXRUL (XURSD /·HOHQFR GHJOL LQFRQWUL SUH FDPSR q
/D TXRWD GL LVFUL]LRQH DO FDPSR q ½ SHU OH GHVWLQD]LRQL LQ (XURSD ½ SHU TXHOOH IXRUL (XURSD /D TXRWD FRPSUHQGH O·DVVLFXUD]LRQH ,O YLDJJLR q DXWRJHVWLWR GDO YRORQWDULR H YDULD PROWR D VHFRQGD GHOOD GHVWLQD]LRQH H GHO SHULRGR GHOOD SUHQRWD]LRQH ,O FRVWR VL DJJLUD VXL ½ LQ (XURSD GDL DJOL ½ H D YROWH DQFKH GL SL IXRUL (XURSD ,%2 VL LQWHUHVVHUj GHOOD YRVWUD SLDQLILFD]LRQH SHU FHUFDUH GL DUPRQL]]DUH LO YRVWUR YLDJJLR FRQ TXHOOR GHL YRVWUL IXWXUL FRPSDJQL GL ODYRUR ,Q DOFXQL FDPSL IXRUL (XURSD YLHQH ULFKLHVWR DQFKH XQ FRQWULEXWR SHU YLWWR H DOORJJLR FKH YDULD GDL DL HXUR DO JLRUQR (YHQWXDOL YDFFLQD]LRQL REEOLJDWRULH R FRQVLJOLDWH
ZZZ HXURFXOWXUD LW
25$GL0829(56, Q GHO
( SRL " 8QD YROWD WRUQDWR D FDVD
&RQFRUVR )RWRJUDILFR H &RQFRUVR /HWWHUDULR Ë IRQGDPHQWDOH FRQGLYLGHUH TXHOOR FKH VL q YLVVXWR DWWUDYHUVR IRWR H UDFFRQWL ( FRVD F·q GL PHJOLR FKH IDUH TXHVWR LQ XQ FRQFRUVR D SUHPL" ,%2 ,WDOLD SURPXRYH IUD L YRORQWDUL GHL FDPSL LO &RQFRUVR )RWRJUDILFR ´)DL VFDWWDUH OD VROLGDULHWjµ ZZZ LERLWDOLD RUJ LW FRQFRUVRIRWRJUDILFR HG LO &RQFRUVR /HWWHUDULR ´5DFFRQWLDPRFL XQ·HVSHULHQ]Dµ ZZZ LERLWDOLD RUJ LW FRQFRUVR OHWWHUDULR
69( H 6HUYL]LR &LYLOH ,O FDPSR SXz HVVHUH LO SULPR SDVVR SHU DOWUH HVSHULHQ]H GL YRORQWDULDWR LQWHUQD]LRQDOH ,%2 ,WDOLD SURPXRYH LQIDWWL DQFKH HVSHULHQ]H GL 6HUYL]LR 9RORQWDULR (XURSHR H GL 6HUYL]LR &LYLOH DOO·HVWHUR &·q FKL DG HVHPSLR q
SDUWLWR SHU XQ FDPSR LQ ,WDOLD KD IDWWR XQ·HVSHULHQ]D 69( LQ 3RORQLD HG q SRL SDUWLWR FRQ ,%2 SHU XQ DQQR GL 6HUYL]LR &LYLOH LQ *XDWHPDOD
9RORQWDULR ,%2 QHOOD WXD FLWWj 1RQ HVLVWH FRRSHUD]LRQH H YRORQWDULDWR LQWHUQD]LRQDOH VHQ]D LO YRORQWDULDWR H OD SDUWHFLSD]LRQH ORFDOH 3HU TXHVWR L YRORQWDUL FKH SDUWRQR SHU L FDPSL FKLHGLDPR OLEHUDPHQWH GL LPSHJQDUVL D VRVWHJQR GL ,%2 ,WDOLD DQFKH DO ORUR ULWRUQR XQHQGRVL DO *UXSSR ,%2 GHOOD SURSULD FLWWj R GLYHQWDQGR LO UHIHUHQWH SHU LO SURSULR
WHUULWRULR 3RWUDL LPSHJQDUWL DG HVHPSLR QHOO·LQL]LDWLYD ´8Q SDFFKHWWR GL VROLGDULHWjµ QHO PHVH GL GLFHPEUH RUJDQL]]DUH DSHULWLYL VROLGDOL YHQGLWD GL WRUWH ORWWHULH EDQFKHWWL LQIRUPDWLYL LQFRQWUL QHOOH VFXROH R VHUDWH SHU UDFFRQWDUH OD WXD HVSHULHQ]D
6WXIR GHL VROLWL FDPSL" 'LYHQWD &DPS OHDGHU 6H KDL WUD L H L DQQL XQD EXRQD FRQRVFHQ]D GHOOD OLQJXD LQJOHVH HVSHULHQ]D GL DQLPD]LRQH H JHVWLRQH JUXSSL H PDJDUL HVSHULHQ]D GL FDPSL GL ODYRUR GL YRORQWDULDWR SUHJUHVVD SXRL SDUWHFLSDUH DO FRUVR H GLYHQWDUH &DPS OHDGHU 3HU LO &DPS OHDGHU q SUHYLVWD O·DVVLFXUD]LRQH JUDWXLWD LO ULPERUVR VSHVH YLDJJLR H VRJJLRUQR H IDFHQGRQH ULFKLHVWD OD FHUWLILFD]LRQH SHU FUHGLWL IRUPDWLYL
3HU OD SDUWHFLSD]LRQH DO FRUVR q SUHYLVWD XQD PLQLPD TXRWD GL LVFUL]LRQH GL HXUR LO ZHHN HQG IRUPDWLYR q LO DSULOH H LO FRUVR VL WHUUj QHOOD VHGH GL ,%2 ,WDOLD D )HUUDUD 3HU XOWHULRUL LQIRUPD]LRQL VXOOH PRGDOLWj GL LVFUL]LRQH H SDUWHFLSD]LRQH ZZZ LERLWDOLD RUJ LW FDPSL GL ODYRUR GLYHQWD FDPS OHDGHU
ZZZ HXURFXOWXUD LW
25$GL0829(56, Q GHO
,R YRORQWDULD GLYHQWDWD DUWLVWD GHO &LUFXV 3DWLHQWR ,O FDPSR D FXL KR SDUWHFLSDWR VL q VYROWR D /HGFH XQ SLFFROR SDHVH GL DELWDQWL D FLUFD NP GD 3UDJD 1HO FHQWUR WHUDSHXWLFR /HGRYHF 0DUWLQ LO UHVSRQVDELOH GHOOD VWUXWWXUD KD DFFROWR PH HG L PLHL FRPSDJQL GL YLDJJLR FRPH GHJOL DPLFL , YRORQWDUL FKH KDQQR FRQGLYLVR FRQ PH L JLRUQL GL FDPSR SURYHQLYDQR GD YDULH SDUWL G·(XURSD F·HUD XQ EHO JUXSSR GL EHOJL DOOHJUL HG DPDQWL GHOOD ELUUD XQD UDJD]]D FRUHDQD XQD WHGHVFD GXH VSDJQROH GXH FHFKH HG XQ DOWUR UDJD]]R LWDOLDQR 1RQ q VHPSOLFH GHVFULYHUH D SDUROH OD PDJLD GHO OXRJR /HGRYHF q XQD FDVD SDUURFFKLDOH ´ULYLVLWDWDµ QHOOD TXDOH VL WURYD XQR VSOHQGLGR ODERUDWRULR GL DUWL FUHDWLYH XQ JUDQGH RUWR LO UHFLQWR SHU SHFRUH H FDSUH XQ IRUQR D OHJQD GRYH DEELDPR FRWWR LO SDQH RJQL VRUWD GL VWUXPHQWR PXVLFDOH DQFKH LO SLDQRIRUWH HG LO YLROLQR JUD]LH DL TXDOL LR HG XQD GHOOH YRORQWDULH EHOJKH DEELDPR IDWWR GHL EHL GXHWWL H WXWWL L WUXFFKL HG DWWUH]]L GHJQL GL XQ FLUFR SURIHVVLRQLVWD 6u LO FLUFR /HGRYHF OD FXL XWHQ]D q FRVWLWXLWD GD SHUVRQH FRQ GLVDJLR PHQWDOH KD FRPH SURSULR ELJOLHWWR GD YLVLWD OR VSHWWDFROR FLUFHQVH DQLPDWR VLD GDJOL RVSLWL FKH GDJOL RSHUDWRUL VWHVVL 'XUDQWH OD ILHUD GHO SDHVH TXHVW·DQQR SHU OD SULPD YROWD DQFKH QRL YRORQWDUL VLDPR VWDWL YHVWLWL WUXFFDWL H WUDVIRUPDWL LQ YHUL H SURSUL DUWLVWL GHO &LUFXV 3DWLHQWR %HK QRQ HVDJHULDPR FL DEELDPR SURYDWR FRQ ULVXOWDWL SL R PHQR EXIIL PD VWUDSSDQGR FRPXQTXH JOL DSSODXVL GHO SXEEOLFR DFFRPRGDQWH /H DWWLYLWj FKH DEELDPR VYROWR VRQR VWDWH PROWR YDULH PDL HFFHVVLYDPHQWH SHVDQWL H VHPSUH VXSHUYLVLRQDWH GDL UHVSRQVDELOL GHO FHQWUR RJQL PDWWLQD 0DUWLQ VL VHGHYD D WDYROD FRQ QRL GXUDQWH OD FROD]LRQH H FL SUHVHQWDYD OD ´7R 'R OLVWµ 2JQXQR GL QRL OLEHUDPHQWH SRWHYD GHFLGHUH D TXDOH DWWLYLWj SUHQGHUH SDUWH VL SRWHYDQR IDUH ODYRUL GL JLDUGLQDJJLR DIILDQFDUH LO IDEEUR QHOOD FRVWUX]LRQH GHO SDOFR UHFDUVL LQ FLWWj QHO FHQWUR WHUDSHXWLFR GL SURVVLPD LQDXJXUD]LRQH R GDUH XQD PDQR LQ FXFLQD VIDPDUH OH ERFFKH HUD XQD DWWLYLWj D WXWWL JOL HIIHWWL H JDUDQWLVFR FKH OH VRGGLVID]LRQL QRQ VRQR PDQFDWH VSHFLDOPHQWH TXDQGR LR H O·DOWUR LWDOLDQR DEELDPR
FXFLQDWR SL]]D SHU WXWWL XQD ODYRUDWD WUHPHQGD PD XQ QRWHYROH VXFFHVVR GL SXEEOLFR , ODYRUL GL PDQXWHQ]LRQH VRQR FRPXQTXH VWDWL VHPSUH ELODQFLDWL GD WHPSR OLEHUR GL TXDOLWj GDL EDJQL QHO YLFLQLVVLPR ODJR EDOQHDELOH DOOH SHGDODWH LQ PRXQWDLQ ELNH ILQR DL ODERUDWRUL FUHDWLYL VHQ]D RYYLDPHQWH GLPHQWLFDUH L GXH EHOOLVVLPL JLRUQL GL SXUD YDFDQ]D WUDVFRUVL D 3UDJD XQ YHUR JLRLHOOR ,Q ,WDOLD KR SRUWDWR OD FRQVDSHYROH]]D GL DYHU ULFHYXWR WDQWR VRSUDWWXWWR LQ WHUPLQL GL DUULFFKLPHQWR FXOWXUDOH KR FRQRVFLXWR SHUVRQH EHOOH KR UHODWLYL]]DWR DELWXGLQL H FRVWXPL FKH GDYR SHU VFRQWDWL HG KR DSSUH]]DWR OD FROODERUD]LRQH VLOHQ]LRVD GL SHUVRQH FKH FRPH PH YROHYDQR ´GDUH XQD PDQRµ H ´GDUVL OD PDQRµ 6XFFHGH VHPSUH FRVu G·DOWURQGH H TXHVWR q LO EHOOR GHL FDPSL SDUWL FRQYLQWR GL ODYRUDUH VXGDUH FRVWUXLUH SRL WRUQL H WL UHQGL FRQWR GL QRQ DYHU FDPELDWR TXDVL QXOOD GHOO·DPELHQWH FLUFRVWDQWH PD GL HVVHUWL UHVWDXUDWR XQ SRFKLQR WX DOWUR FKH EHDXW\ IDUP
3DROD &LFRJQDQL 9RORQWDULD ,%2 HVWDWH
ZZZ HXURFXOWXUD LW
25$GL0829(56, Q GHO
&DPSL GL ODYRUR
$IIDFFLDWL DG DOWUL EDOFRQL GL 'DQLHOH 6RFFLDUHOOL ´2JQXQR FUHGH FKH LO PRQGR VLD FRPH TXHOOR FKH YHGH DIIDFFLDQGRVL GDO SURSULR EDOFRQHµ GLFH XQ SURYHUELR ERVQLDFR ,36,$ SURPXRYH RFFDVLRQL GL YRORQWDULDWR LQWHUQD]LRQDOH FRPH RFFDVLRQL SHU ´DIIDFFLDUVL DG DOWUL EDOFRQLµ H TXLQGL FRPH RFFDVLRQH SULYLOHJLDWD H LQWHQVLYD GL HGXFD]LRQH DOOH UHOD]LRQL JLXVWH 7HUUH H /LEHUWj QHOOR VSHFLILFR q XQD SURSRVWD GL YRORQWDULDWR LQWHUQD]LRQDOH FKH KD DOOD EDVH O·LGHD GL XQ·HVSHULHQ]D GL YLWD FRPXQLWDULD H GL D]LRQH YRORQWDULD FKH XQLVFH SHUVRQH GL GLYHUVD SURYHQLHQ]D HVWUD]LRQH FXOWXUD H UHOLJLRQH LQWRUQR DG XQD HVSHULHQ]D FRPXQH ,36,$ ,VWLWXWR 3DFH 6YLOXSSR ,QQRYD]LRQH $&/, QDWD QHO q O·2QJ GHOOH $&/, HG q DWWXDOPHQWH FRPSRVWD GD VHGL ORFDOL LQ ,WDOLD H RSHUD FRQ GLYHUVL SURJHWWL GL FRRSHUD]LRQH QHL %DOFDQL LQ $IULFD H LQ $PHULFD /DWLQD ,36,$ KD FRPH PLVVLRQ LO SURPXRYHUH SURFHVVL GL FR RSHUD]LRQH FRPXQLWDULD LQWHUQD]LRQDOH SHU OR VYLOXSSR 3HU FR RSHUD]LRQH FRPXQLWDULD VL LQWHQGH XQD FRRSHUD]LRQH FKH VLD FR RSHUD]LRQH FKH DEELD FRPH EDVH OH GLYHUVH FRPXQLWj ORFDOL H FHUFKL GL PHWWHUOH LQ UHWH 3HUFKp OD FRRSHUD]LRQH VLD UHDOPHQWH FR RSHUD]LRQH FRPXQLWDULD VHUYH FKH O·RUJDQLVPR FKH OD SURPXRYH VLD UDGLFDWR QHOOH FRPXQLWj ORFDOL LWDOLDQH VLD UDGLFDWR QHOOH FRPXQLWj ORFDOL GHJOL DOWUL SRVWL GHO PRQGR GRYH LQWHQGH RSHUDUH DEELD OD FRQVDSHYROH]]D GL DYHUH XQ UXROR GL PHGLD]LRQH IDFLOLWD]LRQH VWLPROR GHO SURFHVVR GL VFDPELR WUD FRPXQLWj ORFDOL ,O 9RORQWDULDWR LQWHUQD]LRQDOH q XQR GHL WUH DPELWL GL LQWHUYHQWR GL ,36,$ LQVLHPH D (GXFD]LRQH DOOH 5HOD]LRQL JLXVWH H &RRSHUD]LRQH DOOR VYLOXSSR 1HOOR VSHFLILFR OD SURSRVWD GHL FDPSL GL YRORQWDULDWR LQWHUQD]LRQDOH HVWLYR VL VYLOXSSD DWWUDYHUVR LO SURJHWWR GHQRPLQDWR 7HUUH H /LEHUWj 1HOO DPELWR GL 7HUUH H OLEHUWj VRQR DSHUWH OH LVFUL]LRQL DL FDPSL GL YRORQWDULDWR LQWHUQD]LRQDOH SHU O·HVWDWH FDPSL GL DQLPD]LRQH H FDPSL GL ODYRUR LQ $OEDQLD %RVQLD (U]HJRYLQD .RVRYR %UDVLOH .HQ\D 0R]DPELFR 7HUUH H /LEHUWj YXROH HVVHUH XQ·RSSRUWXQLWj DWWUDYHUVR O·DQLPD]LRQH JLRYDQLOH H OD FRQRVFHQ]D GHO
FRQWHVWR WUDPLWH SHUFRUVL GL WXULVPR FRQVDSHYROH GL IRUPD]LRQH DOOD FLWWDGLQDQ]D DWWLYD H UHVSRQVDELOH DOO·LQWHUGLSHQGHQ]D H DOOD VROLGDULHWj Ë DGDWWD D WXWWL FRORUR FKH GHVLGHUDQR DSSURIRQGLUH OH WHPDWLFKH GHO FRQIOLWWR H R GHOOR VYLOXSSR H GHOOD FRRSHUD]LRQH H YLYHUH XQD SULPD H EUHYH HVSHULHQ]D LQ XQR GHL 3DHVL LQ FXL ,36,$ q SUHVHQWH 6L ULYROJH LQ PRGR SDUWLFRODUH D JLRYDQL LQWHUHVVDWL D VSHULPHQWDUVL D FDPELDUH D FRQRVFHUH UHDOWj GLYHUVH H DG LPSHJQDUVL FRQ O·LGHD FKH OD SDUWHFLSD]LRQH GL RJQXQR q LQ JUDGR GL LQFLGHUH QHO FDPELDUH LQ PHJOLR TXHVWR PRQGR 3HU ,36,$ q IRQGDPHQWDOH FKH OD SURSRVWD GL 7HUUH H /LEHUWj VLD IRUWHPHQWH OHJDWD DL SURJHWWL GL FRRSHUD]LRQH FKH D VXD YROWD VWD VRVWHQHQGR LQ ORFR ,Q TXHVWR PRGR SXz GLYHUVLILFDUH O·LPSHJQR SHU UDJJLXQJHUH DOFXQL GHL VXRL RELHWWLYL TXDOL OD FRQRVFHQ]D GHO FRQWHVWR ORFDOH H OD FRVWUX]LRQH GL UHOD]LRQH FRQ L SDUWQHU ORFDOL H FRQ JOL DWWRUL GLUHWWDPHQWH FRLQYROWL ,36,$ SURSRQH D WXWWL L YRORQWDUL ULHQWUDWL GDOO·HVSHULHQ]D HVWLYD GL SURYDUH D WURYDUH L PRGL H OH RFFDVLRQL SHU SRUVL FRPH VRJJHWWL GL LQL]LDWLYH GL VHQVLELOL]]D]LRQH VXL SURSUL WHUULWRUL LQ ,WDOLD VXL WHPL GHL GLULWWL GHOOR VYLOXSSR HTXR H VROLGDOH GHOOD SDFH H GHOOD SURPR]LRQH GL XQD YLVLRQH SL DPSLD H DSSURIRQGLWD GHL WHUULWRUL GRYH VL q VYROWD O·HVSHULHQ]D HVWLYD
6ILGD DOO·XOWLPR SDOORQFLQR D 6DSQD ² %RVQLD (U]HJRYLQD
ZZZ HXURFXOWXUD LW
25$GL0829(56, Q GHO
/H DWWLYLWj SULQFLSDOL GHO SURJHWWR 7HUUH H /LEHUWj VRQR $QLPD]LRQH H VSRUW &RQGLYLVLRQH GHO ODYRUR 7XULVPR H FRQRVFHQ]D GHO FRQWHVWR , YRORQWDUL FKH YDQQR QHL %DOFDQL VL UHFDQR SHU FLUFD JLRUQL LQ GLYHUVH ORFDOLWj GLYLVH WUD $OEDQLD %RVQLD (U]HJRYLQD H .RVRYR SHU IDUH FDPSL GL DQLPD]LRQH WUDGL]LRQDOH H VSRUW , YRORQWDUL FKH SDUWHFLSDQR DL FDPSL H[WUDHXURSHL VL UHFDQR SHU FLUFD JLRUQL LQ ORFDOLWj GLYLVH WUD %UDVLOH .HQ\D H 0R]DPELFR SHU IDUH DWWLYLWj GL DQLPD]LRQH FRQGLYLVLRQH GL DWWLYLWj ODYRUDWLYH WXULVPR UHVSRQVDELOH
3ULPD GL FRPSLODUH LO IRUP RQ OLQH GL LVFUL]LRQH q FRQVLJOLDWR OHJJHUH DWWHQWDPHQWH LO WHVWR GHVFULWWLYR GHO SURJHWWR 7HUUH H OLEHUWj ² FDPSL GL YRORQWDULDWR
)RUPD]LRQH H LVFUL]LRQL *OL LVFULWWL DL FDPSL GL YRORQWDULDWR KDQQR O REEOLJR GL SDUWHFLSDUH DL GXH ILQH VHWWLPDQD GL IRUPD]LRQH SUHYLVWL GDOO RUJDQL]]D]LRQH QHL JLRUQL JLXJQR H OXJOLR /H LVFUL]LRQL SHU L FDPSL GL YRORQWDULDWR LQ %UDVLOH .HQ\D H 0R]DPELFR FKLXGHUDQQR LO DSULOH PHQWUH TXHOOH SHU $OEDQLD %RVQLD (U]HJRYLQD H .RVRYR GHYRQR SHUYHQLUH HQWUR LO JLXJQR &RRUGLQDWRUH QD]LRQDOH 3URJHWWR 7HUUH H /LEHUWj WHUUH OLEHUWD#DFOL LW ZZZ WHUUHOLEHUWD RUJ
8Q·HVWDWH SDUWLFRODUH SURYDUH SHU FUHGHUH
&RP·q LO .RVRYR" %HOOR UDJD]]L DQ]L LQWHUHVVDQWH 1R q EHOOR &HUWR FL YXROH SD]LHQ]D DUULYL DOOD IURQWLHUD GL 0HUGDUH H GHYL DVSHWWDUH XQ VDFFR GL RUH 7L PHWWL LO FXRUH LQ SDFH QHVVXQR VL ODPHQWD L EDPELQL SDVVHJJLDQR VX H JL FHUFDQGR GL VJUDQFKLUVL OH JDPEH GRSR YLDJJL OXQJKLVVLPL 1RL OL DEELDPR LPLWDWL VLD QHOOD GLVWDQ]D ULFRSHUWD VLD QHO FDPPLQDUH GXUDQWH O·DWWHVD
TXHOOD WHQHUH]]D F·q OD VWDQFKH]]D GL GXH JLRUQL VHGXWL LQ TXHO FRPRGR IXUJRQH FDULFDWR DOO·LPSRVVLELOH
( SRL /XFD" 'jL UDFFRQWDFL VLDPR WURSSR FXULRVL &L VDUHEEHUR XQ VDFFR GL FRVH GD UDFFRQWDUH $EELDPR YLDJJLDWR GXH JLRUQL IHUPDQGRFL D =DJDEULD XQ YLDJJLR DFFRPSDJQDWR GDOOH PXVLFKH GHL %HDWOHV H GD WDQWL VRUULVL FRQ O·HNLS 6LDPR DUULYDWL D 3UL]UHQ LO JLRUQR GRSR DOOH GXH GL QRWWH DG DWWHQGHUFL WURYLDPR $QQD H 6RILD FKH FL DFFROJRQR FRQ XQ DEEUDFFLR FKH q LO EHQYHQXWR SL FDORURVR FKH SRWHYDQR ULVHUYDUFL ,Q
,O EDQ GHO ´&LFFLFLjµ D ,QKDVVRUR ² 0R]DPELFR
9HUDPHQWH" &HUWR 0D OD FRVD GD IDUPL YHQLUH OH ODFULPH DJOL RFFKL q OD FDVD FKH L UDJD]]L LQ VHUYL]LR FLYLOH $QQD 6RILD
ZZZ HXURFXOWXUD LW
25$GL0829(56, Q GHO
0DWWHR H 5DIIDHOOD KDQQR SUHSDUDWR OHQ]XROD SXOLWH H SURIXPDWH XQ OHWWR FRPRGR H XQ EDJQR LQ FXL SRWHUFL ULODVVDUH VRQR VWDWL IDQWDVWLFL 8Q SHQVLHUR SULPD GL DGGRUPHQWDUPL PL q SDVVDWR YHORFLVVLPR QHOOD PHQWH VRQR D 3UL]UHQ LQ .RVRYR GRPDQL D 'UDJDVK GRYH LQFRPLQFHUHPR LO FDPSR &KH WXWWR DEELD LQL]LR
1RQ q VFRQWDWR ULXVFLUH D FRQYLYHUH GXH VHWWLPDQH FRQ SHUVRQH FKH QRQ VL FRQRVFRQR WUD ORUR FRVu WDQWR EHQH 6RQR VWDWR SURSULR FRQWHQWR GL DYHUFL FRQGLYLVR XQ SR· GHOOD PLD YLWD PL KDQQR DUULFFKLWR IDWWR VWDUH EHQH PL PDQFDQR FRPH G·DOWUD SDUWH L JLRUQL DSSHQD SDVVDWL
0D OD FDVD FRP·HUD" ( 'UDJDVK"
6RQR VHPSUH HOHJDQWL VHFRQGR L FDQRQL .RVRYDUL PD OD FDPLFLD H OH VFDUSH D SXQWD SHUIHWWDPHQWH OXFLGH VRQR DVVROXWDPHQWH LUULQXQFLDELOL &HUWR WL JXDUGDQR FRPH IRVVL XQ DOLHQR XQ SR· q FRVu 1RYH LWDOLDQL D 'UDJDVK QRQ OL YHGRQR FHUWDPHQWH WXWWL L JLRUQL 7L JXDUGDQR VWUDQR TXDQGR ILQLWD O·DQLPD]LRQH YDL D IDUH OD VSHVD FRQ VHJQL GL WHPSHUD VXOOH JXDQFH RSSXUH TXDQGR VWHQGL L YHVWLWL DSSHQD ODYDWL VXO EDOFRQH 7L VHQWL XQ·DWWUD]LRQH ,QYHFH L EDPELQL VRQR WURSSR IRUWL $OFXQL OL ULFRQRVFL SHUFKp VRWWR LO FDSSHOOLQR VSXQWDQR GHOOH RUHFFKLH JLJDQWHVFKH 3HU ORUR RJQL JLRFR q XQD EDWWDJOLD FKH JULQWD ,O EDQ GHO WRUWHOOLQR q VWDWR XQ VXSHU VXFFHVVR DQFKH OH VDUGLQH VRQR VWDWH PROWR DSSUH]]DWH 6L VRQR GLYHUWLWL QRL SXUH Ë WURSSR EHOOR JXDUGDUH L EDPELQL PHQWUH WLIDQR SHU OD SURSULD VTXDGUD GXUDQWH XQD VWDIIHWWD TXDQGR XQ ODERUDWRULR SHU FUHDUH EUDFFLDOHWWL VWLPROD OD ORUR IDQWDVLD FUHDQGR ELJLRWWHULD GL SODVWLFD H ILOL PROWR FKLF ULVSHWWR DL JXVWL NRVRYDUL $ GLUH LO YHUR TXDOFKH SHQVLHUR PL q YHQXWR ULVSHWWR DO IXWXUR GL TXHVWL EDPELQL 6DUDQQR VHPSUH FRVu VRUULGHQWL" 0D SRL PL VRQR GHWWR ´'jL /XFD FHUFD GL GDUH LO PDVVLPR SHU IDUOL VWDUH EHQH GXUDQWH OD WXD SHUPDQHQ]D QHO ORUR SDHVHµ &UHGR FKH TXHVWR VLD FLz FKH ID OD GLIIHUHQ]D WUD XQD FRVD IDWWD EHQH HG XQD IDWWD PDOH PHWWHUFL WXWWR VH VWHVVR DIILQFKp SRVVD DYYHUDUVL LO GHVLGHULR GL YHGHUH IHOLFLWj VX YROWL GHOOH SHUVRQH FKH VL LQFRQWUHUDQQR 0L UHQGR VHPSUH SL FRQWR FKH OD PLD SL JUDQGH IHOLFLWj GLSHQGH GDOOD IHOLFLWj GL FKL PL VWD DWWRUQR GD FKL PL UHJDOD XQ VRUULVR FKH QHFHVVLWD FRPH ULQJUD]LDPHQWR GL XQ VRUULVR DQFRUD SL JUDQGH QRQ YL q DOWUR VFDPELR SRVVLELOH 4XHVWH HVSHULHQ]H QRQ PL LQWULVWLVFRQR PDL $Q]L VDSHWH FKH YL GLFR 9,9$ /$ 0$/,1&21,$ '(/ 5,72512 SHUFKp LQ ILQ GHL FRQWL VLJQLILFD FKH TXHO FKH KR YLVVXWR HUD TXHO FKH GHVLGHUDYR SULPD GL SDUWLUH
%HK HQWULDPR H L QRVWUL FDQGLGL SLHGL VL DSSRJJLDQR VX XQ IDQWDVWLFR SDYLPHQWR FRSHUWR GD WDSSHWL OH FXL IDQWDVLH QRQ VRQR DEELQDELOL D QLHQWH ,O QRVWUR VHGHUH WURYD FRQIRUWR VX XQ GLYDQR ULFRSHUWR GD XQD SHOOLFFLD GL ODQD FKH VL DSSLFFLFD DO FRUSR ,O WHPSR GL IDUH XQD SHUOXVWUD]LRQH UDSLGD GHOO·DSSDUWDPHQWR H VXELWR FL VLVWHPLDPR QHOOH GXH FDPHUH GD OHWWR q WHPSR GL DSULUH JOL ]DLQL JRQILDUH L PDWHUDVVLQL H VFRSULUH FKL VDUj LO YLFLQR GL VWDQ]D DO GL Oj GHOOD SROYHUH /D FDVD q FRQIRUWHYROH ROWUH DO EDJQR FL VRQR DQFKH GXH EDOFRQL 8QR Gj VX XQ FHQWUR FRPPHUFLDOH OD VWUXWWXUD SL IUHTXHQWDWD GHO SDHVH GRSR SDQLILFL H IUXWWLYHQGROL /·DOWUR Gj VXO PHUFDWR YHFFKLR GHOOD FLWWj GLHWUR VRUJH XQ SDQLILFLR GDO TXDOH DUULYDQR JLRUQR H QRWWH SURIXPL IDQWDVWLFL FKH VFDQGLVFRQR RJQL VLQJROD VIRUQDWD H LQIRUQDWD )DFFLDPR XQ JLRFR YL VHUYLUj SHU FDSLUH FKLXGHWH JOL RFFKL LPPDJLQDWH RUD GL XVFLUH VX TXHVWR SLFFROR EDOFRQH $L YRVWUL SLHGL F·q OD VSD]]DWXUD PHQWUH GDYDQWL D YRL OD YLVWD VL DSUH VXL PRQWL 3L LQ EDVVR LO PHUFDWR HG LO SDQLILFLR 2UD PHQWUH EHYHWH XQ VRUVR GL ELUUD RSSXUH YL DFFHQGHWH XQD VLJDUHWWD YHQLWH FROWL GD TXHVWR RGRUH FKH SL]]LFD OD JROD PD VWX]]LFD L YRVWUL ULFRUGL OHJDWL DO SDQH DSSHQD VIRUQDWR (FFR FRP·q 'UDJDVK XQ SRVWR VFRQRVFLXWR FKH PL KD IDWWR VHQWLUH D FDVD
( FRQ OD JHQWH WL VHL WURYDWR EHQH" 6RQR VWUDQL"
0D /XFD FRVD YXRL GLUH FRQ TXHOOD IDFFLD OL" /DERUDWRULR GL EROOH GL VDSRQH D 3UL]UHQ ² .RVRYR
( SRL FHUWR 6LOYDQ 6LOYLD FKLDPDWD 6LOYLDQD $QGUH GHWWR $OH[DQGHU &DWH 9DOH (OHQXFFLD 6WHIDQR H $QQLQD VRQR VWDWL IDQWDVWLFL &RPSDJQL GL DYYHQWXUD VWUHSLWRVL VRUULGHQWL FROODERUDWLYL H VHPSUH D GLVSRVL]LRQH
&KH VRQR HXIRULFR 6DSHWH FRPH VRQR IDWWR RJQL DQQR GLFR FKH YHUUz FRQ YRL VX XQD EHOOD VSLDJJLD FDUDLELFD D SUHQGHUH WDQWR VROH 0DJDUL D ,EL]D PL GLWH VHPSUH FKH FL VL GLYHUWH WDQWLVVLPR 3HUFKp QRQ OD *UHFLD DOORUD" 9RJOLDPR SDUODUH GHOO·,VROD G·(OED GHOOD 6DUGHJQD )RUPHQWHUD OH &DQDULH"
ZZZ HXURFXOWXUD LW
25$GL0829(56, Q GHO
0D TXHVW·DQQR YL YRJOLR IDUH XQD GRPDQGD SHQVDWH FKH VWDUVHQH OXFHUWRODWL DO VROH FRQ XQ EHO FRFNWDLO YDOJD XQ EHO FDPSR G·DQLPD]LRQH LQ ]RQH VFRQRVFLXWH" 3HQVDWH FKH VLD VRGGLVIDFHQWH TXDQWR URWRODUVL SHU WHUUj GXUDQWH L EDQ LPSHJQDUVL QHOO·RUJDQL]]D]LRQH GL DWWLYLWj FKH IDUDQQR FRQWHQWL L EDPELQL GL FKLVVj FKH UHPRWR YLOODJJLR" 3HQVDWH FKH LO FKLRVFKHWWR FRQ WDQWR GL WHWWR GL SDJOLD VLD EHOOR FRPH XQ EDU PROWR HFRQRPLFR YLFLQR DG XQD PRVFKHD GRYH SRFKH RUH SULPD KDL SDUODWR FRQ XQ SURIHVVRUH WXUFR" 3HQVDWH FKH XQ FRFNWDLO DEELD OR VWHVVR VDSRUH GL 5DNL WURSSR DOFROLFD DOOH FLQTXH GL SRPHULJJLR R FKH VLD GLYHUWHQWH FRPH XQD VHULVVLPD YLVLWD DO PRQDVWHUR LQ FXL TXHO PRQDFR FKH KD DO]DWR WURSSR LO JRPLWR WL KD YHQGXWR GHO EXRQ IRUPDJJLR GLYHQWDWR XQ PLQXWR GRSR O·DSHULWLYR LPSURYYLVDWR LQ DWWHVWD GHL YHVSUL" 3HQVDWH FKH YDOJD TXDQWR XQD YHVFLFD VXO WDOORQH FKH ULFRUGD LO WUHNNLQJ ´OHJJHURµ GHOOD 5XJRYD H[SHULHQFH GHOOD IDPLJOLD FKH WL KD RVSLWDWR SUHSDUDWR FHQD H FROD]LRQH GL TXHL EDPELQL FKH VHQ]D GHQWL ULGHYDQR D FUHSDSHOOH " &UHGL FKH SRVVD YDOHUH O·LPEDUD]]R QHO ULXVFLUH D FRQIRQGHUH OH SDUROH VHUEH FRQ TXHOOH DOEDQHVL SRFKH H VLFXUDPHQWH VEDJOLDWH SUHQGHQGRVL RFFKLDWDFFH SRFR UDVVLFXUDQWL H VSHUDQGR FKH TXDOFXQR DUULYL LQ WXR VRFFRUVR"
&UHGL FKH SRVVD YDOHUH XQ ULWRUQR SHJJLRUH GHOO·DQGDWD SHUFKp VH SHU HQWUDUH LQ .RVRYR OH RUH G·DWWHVD DOOD IURQWLHUD VRQR VWDWH TXDWWUR DO ULWRUQR SHU HQWUDUH LQ 6HUELD VRQR VHWWH PD QRQRVWDQWH TXHVWR ULHVFL DG DYHU YRJOLD GL VFKHU]DUH FRQ FKL DQFRUD QRQ VL q DGGRUPHQWDWR"
9RL DGHVVR 1R DVSHWWD $GHVVR XQD GRPDQGD WH OD IDFFLDPR QRL FL VWDL GLFHQGR FKH QHDQFKH O·DQQR SURVVLPR IDUHPR XQD YDFDQ]D WXWWL LQVLHPH""" $PLFL OH LVFUL]LRQL SHU L FDPSL VRQR DSHUWH D WXWWL EDVWD DYHU YRJOLD GL FDPELDUH LO FRVWXPH FRQ FXL VL q VHPSUH YLVVXWD O·HVWDWH &UHGHUH FKH LO GLYHUWLPHQWR SRVVD HVVHUH YLVVXWR DQFKH LQ DOWUL PRGL PD VRSUDWWXWWR YROHU JXDUGDUH LO PRQGR FRQ RFFKL GLYHUVL )LGDWHYL ELVRJQD SURYDUH SHU SRWHU FDSLUH FRVD YXRO GLUH JRGHUVL O·HVWDWH
/XFD $PEURJLR /LPRQWD 9RORQWDULR 'UDJDVK 'UDJDå .RVRYR
/H VWHOOH GHOOD %RVQLD $OOD ILQH XQ JLRUQR WL VYHJOL H VFRSUL FKH RUH SDVVDQR SL LQ IUHWWD VX XQ IXUJRQFLQR GD SLXWWRVWR FKH LQ PDFFKLQD H FKH VH DOOD GRJDQD WL JXDUGDQR VWUDQR SHUFKp KDL LO VRUULVR VWDPSDWR LQ IDFFLD DO ULWRUQR VDUj SHJJLR SHUFKp TXHO VRUULVR DYUDL YRJOLD GL XUODUOR D WXWWR LO PRQGR H QRQ VDUj VROR LO WXR PD QH DYUDL SRUWDWL GLHWUR WDQWL GD QRQ SRWHUOL FRQWDUH
YLVWH DQFKH OH VWULDWXUH ELDQFDVWUH GHOOD 9LD /DWWHD HUDQR QLWLGH HG HUDQR PLOLRQL GL PLOLRQL TXHL SXQWLQL FKH WL IDFHYDQR VHQWLUH PLQXVFROD H SHUVD LQ XQ PRQGR GL SRHVLD FKH L OLEUL GL VFXROD QRQ WH O·DYHYDQR PLFD GHWWR FKH HUD SRVVLELOH
/H VWHOOH &RPH OH VWHOOH TXDQGR OH YHGL EHOOH VWDPSDWH VXL OLEUL GL VFXROD FRL ORUR QRPL H OH GHILQL]LRQL FKH VH SRL WL VSRVWL GDOOD OXFH GL XQ ODPSLRQH WL VHQWL TXDVL IRUWH SHUFKp VRQR GL SL H VH KDL IRUWXQD LQ FDPSDJQD R DO PDUH OD QRWWH GL 6DQ /RUHQ]R PDJDUL WL VHPEUD TXDVL GL SRVVHGHUOH PD QRQ q QXOOD SHUFKp TXHOOH YHUH LR OH KR YLVWH VROR LQ %RVQLD /D OXFH HUD ORUR LO UHVWR QXOOD H XQD SLFFROD FKLHVD RUWRGRVVD RVVHUYDYD SHUFKp OH HUDYDPR VGUDLDWL GDYDQWL PD OHL q DELWXDWD D YHGHUQH GD RJQL SDHVH H UHOLJLRQH QH KD YLVWH WDQWH GL SHUVRQH SDVVDUH QHO WHPSR H QRQ KD SDXUD GHOO·DEEDLDUH ORQWDQR GHL FDQL R FKH GLFDQR LQ JLUR FKH FL VRQR L OXSL 0D QRQ FL SHQVDYDPR QHDQFKH QRL DL OXSL SHUFKp WDQWR WL SHUGHYL SHUFKp OH VWHOOH FRVu EHOOH QRQ OH DYHYL PDL
/DERUDWRULR GL JLUDQGROH D 0RVWDU ² %RVQLD (U]HJRYLQD
ZZZ HXURFXOWXUD LW
25$GL0829(56, Q GHO
/·DFTXD 3RL GL JLRUQR WL VYHJOL H FRPLQFLD /·DFTXD PLFD DUULYD LQ SDHVH PD F·q OD WDUJD GHJOL DPHULFDQL FKH OD SURPHWWH OD VWUDGD q XQ EXFR SHU TXHOOD SURPHVVD H LQWRUQR XQ YHUGH FKH OH FROOLQH LWDOLDQH QHL WXRL ULFRUGL VL ULWLUDQR LQWLPRULWH 0D q LO YHUVR GL XQ PDLDOH PHQWUH WL JXDUGL LQWRUQR FKH WL ULVYHJOLD LO SULPR VRUULVR XQR GHL WDQWL GL FXL VL GLFHYD SULPD H SRL DUULYDQR TXHOOL GHL EDPELQL SHUFKp OD OLQJXD PDGUH FRPXQH QRQ PDQFD HG q LO JLRFR
/D OLQJXD ( TXDQWR VL SDUOD FRQ TXHVWD OLQJXD 'RYUHVWL DVFROWDUH SLDQR SLDQR GLYHQWD FRPH LO VXRQR GL XQ YLROLQR FKH WL DFFRPSDJQD RYXQTXH H SRL L JHVWL OH HVSUHVVLRQL JOL VJXDUGL H SHQVL FKH LO OHRQH H OD JD]]HOOD DYHYDQR UDJLRQH D VYHJOLDUVL H D LQL]LDUH D FRUUHUH PD PDJDUL GLHWUR D XQD SDOOD VDUHEEH VWDWR PHJOLR
/D JXHUUD 3HU IRU]D WL VWDQFKL WL VWDQFKL VROR D JHVWLUH WXWWH TXHOOH HPR]LRQL FKH XQ LQWHUR DQQR GL YLWD PLODQHVH QRQ WL KD PDL GDWR 7L ODQFL QHO ILXPH HVFL D EHUH XQD ELUUD FKH SRL VH q VROR XQD q XQ PLUDFROR WL ULWURYL D PDQJLDUH OD FDUQH LO SHVFH FKH WL VHPEUDQR L SL EXRQL GHOOD WHUUD D EHUH JUDSSD FRPH VXFFR DOOH GL SRPHULJJLR H DG DVFROWDUH L UDFFRQWL GL XQ SDVVDWR FKH QRQ q SRL FRVu ORQWDQR H GL FXL WL ULWRUQDQR OH SDUROH TXDQGR JXDUGL OH FDVH IRUDWH GD EXFKL FKH QRQ VRQR FHUWR GRYXWL DO WHPSR R DOO·XVXUD PD D XQD JXHUUD FKH q ILQLWD TXDQGR DYHYR DQQL XQD JXHUUD FKH QRQ q TXHOOD PRQGLDOH GL FXL WL DUULYD VROR TXDOFKH EDUOXPH GDL QRQQL R GDJOL HQFRPLDELOL OLEUL GL VFXROD VHPSUH TXHOOL FKH QRQ WL DYHYDQR GHWWR FKH OH VWHOOH SRWHYDQR HVVHUH FRVu EHOOH
$O PXVHR ( SRL WL WURYL DG DVFROWDUH QRQ VROR FRQ OH RUHFFKLH PD FRQ JOL RFFKL OH SDUROH VL SRVVRQR DVVDJJLDUH WRFFDUH VHQWLUOH GHQWUR IRUWL TXDQGR D 6DUDMHYR QHO PXVHR VFRUUL OH LPPDJLQL OH IRWR WDQWH IRWR H OH ORUR EUHYL GLGDVFDOLH FRQWUR WXWWL L SULQFLSL PRGHUQL GHOO·HVSRVL]LRQH PXVHDOH YLQFH WULRQIDOPHQWH O·HVVHQ]LDOLWj
FKH q EUXFLDWD GXUDQWH O·DVVHGLR DO PHUFDWR FKH q VWDWR ERPEDUGDWR GXUDQWH O·DVVHGLR H SHQVDUH FKH VL q DQGDWL DYDQWL 6DOL VX XQ FROOH GD FXL SXRL RVVHUYDUH WXWWR SHUFKp 6DUDMHYR q FLUFRQGDWD GDL PRQWL H SDUWL FRQ OH IRWR FKH SLDFFLRQR WDQWR DL SDUHQWL KDL EHFFDWR O·RUD JLXVWD QHO FLQHPD LO FUHSXVFROR OR FKLDPDQR PDJLF KRXU F·q JHQWH DPPDVVDWD SDUWH XQ UD]]R H YLD WXWWL D PDQJLDUH FKH VLDPR GXUDQWH LO 5DPDGDQ H VROR RUD FL VL SXz ULHPSLUH OR VWRPDFR H DQFKH QRL YLD D PDQJLDUH PD VHPSUH FRQ JOL RFFKL FKH ROWUH DG DVFROWDUH VRQR DIIDPDWL JRORVL DYLGL GL UXEDUH SHU OD PHPRULD TXHOOH LPPDJLQL VWXSHQGH H LO ORUR VDSRUH 6DUDMHYR FRPXQTXH q SL EHOOD GRYH QRQ DUULYD QHVVXQR SHUFKp OD VHQWL UHVSLUDUH VRPPHVVD GHYL FDPPLQDUH WDQWR SHU OH VXH VWUDGH SHUFKp WL FRQFHGD XQ SR· GL FRQILGHQ]D ILQLUH LQ XQ FLPLWHUR HEUDLFR DEEDQGRQDWR VXL FROOL VEDJOLDQGR YROWH OD VWUDGD DUULYDUH DO PRQXPHQWR GL 7LWR DEEDQGRQDWR D VH VWHVVR DQFKH TXHOOR SDVVDUH VXO SRQWH GRYH TXHVWR OR VDSHYL DQFKH SULPD GL DUULYDUH KD SHUVR OD YLWD WUD WDQWD JHQWH DQFKH XQ LWDOLDQR FKH HUD Ou SHU XQD PDQLIHVWD]LRQH SDFLILFD GXUDQWH OD JXHUUD ( VHPSUH SHU VEDJOLR VHL DUULYDWD D SHUFRUUHUH DQFKH OD YLD FKH SUHQGH LO VXR QRPH
/D VHFRQGD VHWWLPDQD ( VL ULSDUWH SHUFKp OD VHFRQGD VHWWLPDQD QRQ q SL GXUD q GLYHUVD JLj WL VHQWL D FDVD L QXPHUL H L FRORUL TXHOOL OL KDL LPSDUDWL VHL OD SULPD FKH OLEHUD L SDOORQL GDOOD SDQFLD GHO IXUJRQFLQR GDYDQWL DOOD VFXROD H LQL]LD D JLRFDUH JLUL FRQ XQ SHQQDUHOOR LQ WDVFD FKH SHU IRU]D GL FRVH SHUGH LO WDSSR H WL ID GDOPDWD WXWWD OD WDVFD VFRSUL FKH OH WHPSHUH VRQR FRPH OH FUHPH GL EHOOH]]D H FKH D VSDOPDUOH VXO YLVR IDQQR EHQH FKH TXDQGR VLHWH WXWWL LQ FHUFKLR H L EDPELQL WL FHUFDQR FRQ OR VJXDUGR QRQ q WDQWR SHUFKp LQGRVVL XQD PDJOLHWWD JLDOOR FDQDULQR RIIHUWD JHQHURVDPHQWH GD ,SVLD PD SHUFKp SHU ORUR JLj VLJQLILFKL TXDOFRVD H VRQR L PRPHQWL SL EHOOL
6DUDMHYR *Lj SHUFKp F·q VSD]LR DQFKH SHU OD PDJLFD 6DUDMHYR FKH DPPLFFD DL WXULVWL FRL VXRL QHJR]LHWWL WXWWL XJXDOL PHQWUH L EDPELQL JLRFDQR SHU OH YLH GHO FHQWUR H OD VLJQRUD FRO EXUND VILRUD OD JLRYDQH LSHUWUXFFDWD LQ PLQLJRQQD 'RSR WXWWR q EHOOR WRFFDUH FRQ PDQR TXHVWD FRQYLYHQ]D SDVVDUH GDYDQWL DOOD ELEOLRWHFD
7LUR DOOD IXQH D 0DpV FRPXQLWj GL 1RYD (VSHUDQoD ² %UDVLOH
ZZZ HXURFXOWXUD LW
25$GL0829(56, Q GHO
( JLj OR GLFHYR GL VRUULVL GL ULFRUGL QH SRUWL GLHWUR WDQWL FRPH O·XOWLPR JLRUQR LQGLPHQWLFDELOH FKH OD QRWWH GHJOL 2VFDU LQ FRQIURQWR QRQ q QXOOD SHU OH IHVWH FKH WL IDQQR FKH WL FUHDQR TXDVL LPEDUD]]R SHUFKp WXWWD TXHOOD JLRLD TXHOOD ULFRQRVFHQ]D D WH QRQ VHPEUD GL DYHU IDWWR QXOOD GL HFFH]LRQDOH PD q XQ·RIIHVD VH QRQ JOL ILUPL OD PDJOLHWWD FRQ O·LQGHOHELOH DOOD IDFFLD GHOOH PDPPH H GHL ORUR EXFDWL
5LSDUWLUH
SHUFKp TXDQGR DUULYD LO PRPHQWR GL ULSDUWLUH WL VHPEUD LPSRVVLELOH VHL WULVWH 4XDOFXQR YRUUHEEH UHVWDUH PDJDUL WX QR SHUFKp FRPXQTXH OD WXD YLWD q LQ ,WDOLD SHUFKp VDL FRPH RJQL WDQWR VL GLFH LQ JLUR FKH ´QRQ q VHPSUH GRPHQLFDµ PD VDL DQFKH FKH JLj KDL PHVVR LQ FRQWR GL ULWRUQDUH SHUFKp q VWDWD VLFXUDPHQWH XQD GHOOH HVSHULHQ]H SL EHOOH GL WXWWD OD WXD YLWD
)UDQFHVFD 5RQFKL
´6HH \RX QH[W \HDUµ TXDOFKH JUDQGLFHOOR OR VD O·LQJOHVH PD IRUVH VDUHEEH VWDWR PHJOLR QRQ FDSLUH
9RORQWDULD D %RVDQVND .UXSD %RVQLD (U]HJRYLQD
7/ VKDNH ´0L ULEXWWR QHO WUDIILFR GHO PRQGR PD FRQ XQ·LVWDQWDQHD EHOOLVVLPD LQ WDVFDµ ´6RQR SDUWLWD VHQ]D VDSHUH FRVD VWHVVL UHDOPHQWH FHUFDQGR H VRQR ULHQWUDWD FRQ SL GL TXDQWR FUHGHYR GL SRWHU WURYDUH µ ´6RQR GDYYHUR ULFRUGL LQGHOHELOL H FKH QRQ KDQQR SUH]]Rµ ´+R WURYDWR LQVRPPD XQD VHFRQGD FDVD PD VRSUDWWXWWR XQD VHFRQGD IDPLJOLDµ +R VFRSHUWR XQD ´QHFHVVLWj IDWWD GL DWWLPL JHVWL H VJXDUGL FRVu SLFFROL PD WDOPHQWH SURIRQGL FKH GDYYHUR WL SRUWHUDL GHQWUR SHU WXWWD OD YLWDµ ´6RQR WRUQDWD FRQ XQD IHWWD GL PRQGR GHQWURµ ´'LFRQR FKH TXDQGR WL GLYHUWL LO WHPSR YROD IRUVH q SHU TXHVWR FKH GXH VHWWLPDQH WL VRQR VHPEUDWH FRUWH FRPH XQ EDWWLWR GL FLJOLDµ ´/H ORUR JULGD L VRUULVL H OH ELFLFOHWWH FRPSRVWH GD WXWWH OH ELFLFOHWWH GHO PRQGR KDQQR LQVHJXLWR LO QRVWUR IXUJRQH H FL KDQQR ODVFLDWR OD YRJOLD GL WRUQDUH GD ORUR µ ´6RQR PROWR FRQWHQWD GL DYHUH IDWWR TXHVWD HVSHULHQ]D FL ULWRUQHUHL VXELWR VH SRWHVVLµ ´¶6HH \RX QH[W \HDU TXDOFKH JUDQGLFHOOR OR VD O·LQJOHVH PD IRUVH VDUHEEH VWDWR PHJOLR QRQ FDSLUH SHUFKp TXDQGR DUULYD LO PRPHQWR GL ULSDUWLUH WL VHPEUD LPSRVVLELOH VHL WULVWHµ ´6DSHWH FKH YL GLFR" 9LYD OD PDOLQFRQLD GHO ULWRUQR SHUFKp LQ ILQ GHL FRQWL VLJQLILFD FKH TXHO FKH KR YLVVXWR HUD TXHOOR FKH GHVLGHUDYR SULPD GL SDUWLUH µ ´5LWRUQHUz Ë XQD SURPHVVD µ 4XHVWR q XQ FROODJH ULFDYDWR GDOOH WHVWLPRQLDQ]H GL 7/
6RQR SDUROH FKH FL SLDFH PROWR VHQWLU SURQXQFLDUH 6DSHUH FKH F q XQ ILOR FRQGXWWRUH H FRPXQH IUD OH QRVWUH FUHVFLWH SHUVRQDOL L QRVWUL ULFRUGL H OD QRVWUD YRJOLD GL WRUQDUH FL ID FDSLUH FKH VLDPR QHOOD GLUH]LRQH JLXVWD ( FRQWLQXHUHPR LO FDPPLQR
/H WHVWLPRQLDQ]H GL 7/ VRQR LQ KWWS WHUUHOLEHUWD ILOHV ZRUGSUHVV FRP WHVWLPRQLDQ]H SGI
/RUHQ]R %HOOLQL 9RORQWDULR D %LKDĄ 2UDåDF %RVQLD (U]HJRYLQD
ZZZ HXURFXOWXUD LW
25$GL0829(56, Q GHO
&DPSL GL ODYRUR
8Q·$OWUD9DFDQ]D Ěŝ &ODXGLD 6DOD H +LOGH 0D\HU Ύ
2ELHWWLYL
&KL VLDPR 8Q$OWUR0RQGR 2QOXV q XQ·DVVRFLD]LRQH FRPSRVWD GD YRORQWDUL FKH FRQGLYLGRQR SULQFLSL TXDOL LO ULFRQRVFLPHQWR H LO ULVSHWWR GHOOH GLYHUVLWj SHUVRQDOL H FXOWXUDOL OD OLEHUWj GL LGHH OD WXWHOD GHL GLULWWL XQLYHUVDOL H OD QRQYLROHQ]D DWWLYD FRPH PHWRGRORJLD GL D]LRQH WDOL FRQFHWWL YDQQR D FRQFUHWL]]DUVL QHL SURJHWWL FKH O·DVVRFLD]LRQH VWLPROD H VRVWLHQH VLD LQ ,WDOLD FRQ FDPSDJQH H DWWLYLWj GL SURPR]LRQH GHOOR VYLOXSSR H GHOOD FRRSHUD]LRQH LQWHUQD]LRQDOH VLD LQ ,QGLD 0DOL 7RJR H 6HQHJDO /H QRVWUH DWWLYLWj DOO·HVWHUR VL EDVDQR VXOO·DXWR RUJDQL]]D]LRQH GHL YRORQWDUL ORFDOL O·DXWR VRVWHQWDPHQWR QHO WHPSR H OD UHFLSURFLWj TXHVWH OLQHH JXLGD SHUPHWWRQR DOOH SRSROD]LRQL ORFDOL FRQ FXL FROODERULDPR GD DQQL GL HVSULPHUH OH SURSULH UHDOL QHFHVVLWj LQ PRGR FRQWHVWXDOL]]DWR H DFTXLVLUH FRQVDSHYROH]]D GHOOH SURSULH ULVRUVH H FDSDFLWj LPSHJQDQGRVL D WUDVPHWWHUH DJOL DOWUL O·DLXWR GD QRL ULFHYXWR Ë LQ TXHVWD FRUQLFH FKH VL LQVHULVFRQR OH RIIHUWH GHL FDPSL GL ODYRUR FKH SURSRQLDPR FRPH HVSHULHQ]H GL FROODERUD]LRQH WUD L YRORQWDUL LWDOLDQL H L YRORQWDUL GHOOH DVVRFLD]LRQL ORFDOL VXOOD EDVH GHOOD ILGXFLD UHFLSURFD
, FDPSL GL ODYRUR 8Q FDPSR GL ODYRUR q XQ PRGR DOWHUQDWLYR SHU YLYHUH OH SURSULH YDFDQ]H WXWWDYLD VL GLIIHUHQ]LD GD XQ YLDJJLR GL WXULVPR UHVSRQVDELOH 1HOO·HVSHULHQ]D GHL FDPSL YLHQH ULFKLHVWR XQ LPSHJQR ILVLFR TXRWLGLDQR XQ FRQWLQXR FRQWDWWR FRQ OD SRSROD]LRQH ORFDOH OD JHVWLRQH GHO WHPSR H GHOOH DWWLYLWj VHPSUH LQ LQWHUD]LRQH FRQ SHUVRQH FRQRVFLXWH GD SRFR WHPSR 3HU TXDQWR ULJXDUGD OH DWWLYLWj DOFXQH VRQR FRPXQL DL GLYHUVL 3DHVL DOWUH VRQR VSHFLILFKH SHU OH GLYHUVH ORFDOLWj FDSLWDOL R YLOODJJL DOWUH DQFRUD SRVVRQR HVVHUH PRGLILFDWH LQ EDVH DOOH FDUDWWHULVWLFKH GHL SDUWHFLSDQWL /H SRVVLELOLWj FKH RIIULDPR ULJXDUGDQR L 3DHVL DIULFDQL 0DOL 6HQHJDO H 7RJR
/·RELHWWLYR SULQFLSDOH GL XQ FDPSR GL ODYRUR QRQ q SRUWDUH VRUULVL QRQ q FDPELDUH LO VLVWHPD HGXFDWLYR ORFDOH R LQVHJQDUH FRPH VL FRVWUXLVFRQR VWUXWWXUH VROLGH H GXUDWXUH OD VROLGDULHWj q XQD FRPSRQHQWH HVVHQ]LDOH PD OR q DQFRUD GL SL VH LQWHJUDWD FRQ OD FRQRVFHQ]D H OR VFDPELR UHFLSURFR IUD SHUVRQH SRUWDWULFL GL FXOWXUH GLYHUVH SHU WUDGL]LRQL VWRULD FUHGHQ]H 3DUWHQGR GD TXHVWR SUHVXSSRVWR q HYLGHQWH FRPH FLz FKH SHU FHUWR QRQ GHYH HVVHUH PHVVR LQ YDOLJLD q LO SUHJLXGL]LR QRQ DLXWD O·LPPDJLQH GL XQ·$IULFD FKH VLD VROR PRVFKH DWWRUQR DJOL RFFKL IDPH JXHUUH H VIUXWWDPHQWR /·LGHD GL OXRJKL GD FRQRVFHUH WUDGL]LRQL GD DSSUHQGHUH VRUULVL GD ULFHYHUH TXHVWR Vu SXz GDUH VSHUDQ]D H VSLQJHUH D FUHGHUH LQ XQ FRQWLQHQWH ULFFR FRQ LO TXDOH q SRVVLELOH FROODERUDUH
&RPSHWHQ]H ULFKLHVWH 3HU OD PDJJLRU SDUWH GHOOH DWWLYLWj QRQ VRQR QHFHVVDULH FRPSHWHQ]H R DELOLWj VSHFLILFKH VL ULFKLHGRQR SHUz EXRQH FDSDFLWj UHOD]LRQDOL FKH FRPSUHQGRQR XPLOWj H GLVSRQLELOLWj QHL FRQIURQWL GHL YRORQWDUL ORFDOL )RQGDPHQWDOH q LQROWUH OD FDSDFLWj GL DGDWWDPHQWR D FOLPD H FRQGL]LRQL DELWDWLYH H DOLPHQWDUL GLYHUVH 8QD EXRQD FRQRVFHQ]D GHO IUDQFHVH q QHFHVVDULD SHU OH DWWLYLWj GL VHQVLELOL]]D]LRQH H GL IRUPD]LRQH VFRODVWLFD SHU L UDJD]]L GHOOD VFXROD VHFRQGDULD H JOL DGXOWL SHU JOL DOWUL FRPSLWL FRPSUHVD O DQLPD]LRQH H LO VRVWHJQR VFRODVWLFR DL EDPELQL SL SLFFROL QRQ q FRQGL]LRQH LQGLVSHQVDELOH
ZZZ HXURFXOWXUD LW
25$GL0829(56, Q GHO )RUPD]LRQH
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j FKH VL SRVVRQR LQFRQWUDUH VL FHUFD GL VWLPRODUH OD ULIOHVVLRQH H OD PHVVD LQ JLRFR SHUVRQDOH RIIUHQGR FRQVLJOL H VXJJHULPHQWL XWLOL SHU O·HVSHULHQ]D FKH FL VL DSSUHVWD D YLYHUH ,O FRUVR GL IRUPD]LRQH q LQL]LDWR LO PDU]R WXWWDYLD D FKL QRQ KD SRWXWR SDUWHFLSDUH 8Q$OWUR0RQGR 2QOXV RIIUH OD SRVVLELOLWj SUHYLR FROORTXLR WHOHIRQLFR SHUVRQDOH FRQ L UHVSRQVDELOL GHO FDPSR GL LQVHULUVL QHOOH JLRUQDWH GL IRUPD]LRQH YHUD H SURSULD SUHYLVWD SHU GRPHQLFD H GRPHQLFD LQGLFDWLYDPHQWH GDOOH RUH DOOH RUH FKH VL VYROJHUDQQR D 0LODQR LQ 9LD 0D]]DOL
4XRWD FDPSR /D TXRWD GL SDUWHFLSD]LRQH q GL (XUR SHU OH GXH WUH VHWWLPDQH GHO FDPSR HG q FRVu VXGGLYLVD (XUR FRPH FRQWULEXWR DL SURJHWWL (XUR SHU YLWWR H DOORJJLR &RQWULEXWR SHU VHWWLPDQH DJJLXQWLYH (XUR 6RQR HVFOXVH VSHVH H[WUD LQ JHQHUDOH H FRVWL GL YROR YLVWR DVVLFXUD]LRQL VDQLWDULH YDFFLQD]LRQL LQWHUQD]LRQDOL WDOL LPSRUWL SRVVRQR YDULDUH LQ UHOD]LRQH D GLYHUVL IDWWRUL LQ SDUWLFRODUH PHWD H SHULRGR XQD VWLPD PROWR DSSURVVLPDWLYD SXz DQGDUH GDL DL (XUR
0DOL
&$03, ', /$9252
&KL" 'XH JUXSSL GL FLUFD SHUVRQH 4XDQGR" 'DO DO DJRVWR q SRVVLELOH SUROXQJDUH OD SHUPDQHQ]D SULPD R GRSR LO FDPSR 'RYH" %DPDNR FDSLWDOH GHO 0DOL TXDUWLHUL GL .DODEDQ &RXUD H %DQFRQL &RVD" 0DWWLQD VRVWHJQR VFRODVWLFR GLVHJQR PDWHPDWLFD IUDQFHVH FDQWR SHU EDPELQL GDL DL DQQL FLUFD SRPHULJJLR DWWLYLWj YDULH WRUQHL VSRUWLYL DQLPD]LRQH FRUVL GL OLQJXD LQJOHVH R LWDOLDQR SHU UDJD]]L H R DGXOWL ODERUDWRUL DUWLJLDQDOL HFF
3$57(1=( ,1',9,'8$/,
6DUj LQROWUH SRVVLELOH SDUWLUH QHL PHVL GL OXJOLR DJRVWR VHWWHPEUH H GLFHPEUH DQFKH GD VROL R LQ SLFFROL JUXSSL SHU DWWLYLWj GL DQLPD]LRQH H OHWWXUD FRQ EDPELQL ODERUDWRUL GL WDJOLR H FXFLWR IDOHJQDPHULD WUDIRUR FRUVL GL OLQJXD LQJOHVH HFF SUHVVR OD VFXROD XPDQLVWD LO FHQWUR GL DVFROWR 2$6,6 H OD ELEOLRWHFD XPDQLVWD GL .DODEDQ &RXUD
7RJR
&KL" /H DWWLYLWj VRQR RUJDQL]]DWH LQ JUXSSL SL R PHQR QXPHURVL LQ EDVH DOOH ULFKLHVWH SHUYHQXWH LQ JHQHUH VRQR JUXSSL GD SHUVRQH 4XDQGR GRYH H FRVD" î 7XWWR O·DQQR ² /RPp FDSLWDOH GHO 7RJR &HQWUR $UWLJLDQDOH ´'L )RUWRµ ² )RUPD]LRQH DUWLJLDQDOH î 7XWWR O·DQQR ² /RPp DVLOR ´/D 0DLVRQ GHV (QIDQWVµ ² $QLPD]LRQH SHU EDPELQL î 7XWWR O·DQQR ² /RPp VHGH $VV -HG 7RJR ² ,R SDUOR LWDOLDQR
ZZZ HXURFXOWXUD LW
25$GL0829(56, Q GHO
î
'DO DO DJRVWR ² .RYHWR YLOODJJLR ² &RVWUX]LRQH /DWULQD GHO GLVSHQVDULR H DQLPD]LRQH FRQ L EDPELQL î 'DO DO DJRVWR ² .RXYp FLWWDGLQD ² &RVWUX]LRQH 0DJD]]LQR H $QLPD]LRQH FRQ L EDPELQL
&RVD" &RUVL GL LQJOHVH H LQIRUPDWLFD IRUPD]LRQH VDQLWDULD H SUHYHQ]LRQH $,'6 HGXFD]LRQH DPELHQWDOH PDQXWHQ]LRQH VWUXWWXUH FRUVL GL ZRORI H LWDOLDQR
&$032 1 *DUGHULH 8Q$XWUH0RQGH D 'DNDU &KL" 8Q JUXSSR GL SHUVRQH FLUFD 4XDQGR" 'XH VHWWLPDQH GRSR O· DJRVWR 'RYH" 'DNDU FDSLWDOH GHO 6HQHJDO TXDUWLHUH GL *LEUDOWDU &RVD" $WWLYLWj GL DQLPD]LRQH H ´GRSRVFXRODµ FRQ DOOLHYL GHOO·DVLOR H XQ JUXSSR GL VWXGHQWL GHOOH VFXROH HOHPHQWDUL SURYHQLHQWL GD GXH YLOODJJL GHOOD UHJLRQH GHOOD &DVDPDQFH GRYH VRQR DWWLYL SURJHWWL GL 8QDOWURPRQGR 2QOXV
( SRL"
6HQHJDO ,O SURJUDPPD q LQ YLD GL GHILQL]LRQH OH DWWLYLWj VRQR VXVFHWWLELOL GL PRGLILFKH LQ EDVH DOOH FDUDWWHULVWLFKH GHL SDUWHFLSDQWL DO JUXSSR GL ODYRUR H DOOH GLVSRQLELOLWj ORFDOL
&$032 1 6FXROD )DEUL]LR H &\ULO %HQ %DUDFN &KL" 8Q JUXSSR GL SHUVRQH FLUFD 4XDQGR" 'XH VHWWLPDQH GXUDQWH LO PHVH GL DJRVWR 'RYH" 'DNDU FDSLWDOH GHO 6HQHJDO TXDUWLHUH %HQ %DUDFN
/·HVSHULHQ]D LQ $IULFD SXz HVVHUH LO SULPR SDVVR FRQFUHWR DOO·LQWHUQR GL 8Q$OWUR0RQGR 2QOXV FRQ LO TXDOH LQL]LDUH XQ OXQJR SHUFRUVR GL DPLFL]LD FROODERUD]LRQH H VRVWHJQR GL SURJHWWL H LGHDOL FRPXQL ,O QRVWUR DXJXULR q FKH XQD VLPLOH HVSHULHQ]D SRVVD DFFRPSDJQDUH L YRORQWDUL SHU PROWR WHPSR GRSR LO ULHQWUR LQ ,WDOLD OD QRVWUD HVSHULHQ]D FL GLFH FKH TXHVWR VXFFHGHUj DQFKH TXHVW·DQQR 1HO PHVH GL VHWWHPEUH FL VDUj XQ LQFRQWUR FRQ WXWWL FRORUR FKH VDUDQQR SDUWLWL SHU L FDPSL GL ODYRUR DO ILQH GL FRQGLYLGHUH HPR]LRQL VHQVD]LRQL H YLVVXWL 9RORQWDULH GL 8Q$OWUR0RQGR 2QOXV &RQWDWWL FDPSL#XQDOWURPRQGR LW ZZZ XQDOWURPRQGR LW FRVD IDFFLDPR FDPSL GL ODYRUR KWP
/ LQVHJQDQWH YRORQWDULD DUULYD D VFXROD / DFFHVVR SL EUHYH DOOD VFXROD SHU QRL QRQ HUD LO SULQFLSDOH SDVVDYDPR DWWUDYHUVR XQ DUFR FLRq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
1RQ SRWHYDPR DQGDUH LQ IUHWWD SHUFKp QRQ HUDYDPR VROL SHUFKp FL GRYHYDPR VRUULGHUH SHUFKp GRYHYDPR HVVHUH DFFRPSDJQDWL SHUFKp L EDPELQL GRYHYDQR IDUH FDPELR QHOOR VWDUFL YLFLQL 6H FKLXGR JOL RFFKL VHQWR LO WHUUHQR VRWWR L SLHGL GLYHUVR FRPH VH XQ SDVVR IRVVH XQ YHUR SDVVR VHQWR OH ORUR YRFL VHQWR LO ORUR FDORUH YHGR L ORUR VJXDUGL $EELDPR WXWWL ELVRJQR GL JXDUGDUH DYDQWL FRQ DOWUL GL HVVHUH LQVLHPH GL VHQWLUFL YROXWL DFFHWWDWL &RQGLYLGHUH FLz FRQ EDPELQL FKH JXDUGDQR ILGXFLRVL DOOD YLWD H VL DIILGDQR D WH FKH YHGL SL ORQWDQR q XQD VHQVD]LRQH PHUDYLJOLRVD 6RQR VHUHQD QHOO HVVHUH WRUQDWD D FDVD PD RJQL WDQWR FKLXGR JOL RFFKL H
ZZZ HXURFXOWXUD LW
6LOYLD * 9RORQWDULD LQ 0DOL
25$GL0829(56, Q GHO
&DPSL GL ODYRUR
6XOOH QRVWUH VWUDGH GL &ODXGLD 0D]]DIHUUR
3HU ULVFRSULUH O XRPR QHOOD VXD FDUQH QHOOH VXH RVVD QHOOD VXD HVVHQ]D 3HU ULVFRSULUH LO SLDFHUH GL GL DVFROWDUH GL FDSLUH GL SURYDUH HPR]LRQL IRUWL FKH UHVWDQR DWWDFFDWH DO FXRUH SHU WXWWD OD YLWD 3HUFKp FL VRQR PLJOLDLD GL EDPELQL FKH KDQQR ELVRJQR GL FUHGHUH FKH QRQ VRQR VROL 3HUFKp FL VRQR PLJOLDLD GL GRQQH FKH KDQQR ELVRJQR GL WRFFDUH FRQ PDQR L SURSUL GLULWWL ,O QRVWUR GHVLGHULR q ORWWDUH FRQWUR OH WDQWH IRUPH GL SRYHUWj D SDUWLUH GDOOD SRYHUWj HFRQRPLFD 9RJOLDPR ORWWDUH FRQWUR IRUPH GL YLWD GLVXPDQD RSHUDUH SHUFKp LO JULGR GHL SRYHUL YHQJD DVFROWDWR 3HU IDU TXHVWR GREELDPR ´LPSDUDUH D FRQGLYLGHUH OD VWHVVD YLWD GHL SRYHUL FDPELDQGR OH QRVWUH DELWXGLQL H LO QRVWUR VWLOH GL YLWDµ HFFR FKH XQ EUHYH FDPSR GL ODYRUR VL WUDVIRUPD LQ XQ RFFDVLRQH GL FDPELDPHQWR 3HU VH H SHU JOL DOWUL 8Q SLFFROR VHPH LQ JUDGR GL FUHVFHUH H GDUH YLWD DOOD VSHUDQ]D
&KL VLDPR &RPXQLWj 9RORQWDUL SHU LO 0RQGR &90 q XQ 2UJDQLVPR GL 9RORQWDULDWR ,QWHUQD]LRQDOH GL LVSLUD]LRQH FULVWLDQD IRQGDWR QHO GD XQ JUXSSR GL YRORQWDUL ULHQWUDWL GDOO $IULFD H GDOO $PHULFD /DWLQD 'D SL GL DQQL &90 SURPXRYH QHL SDHVL GHO 6XG GHO PRQGR SURJHWWL GL VYLOXSSR H LQ ,WDOLD LQL]LDWLYH GL VHQVLELOL]]D]LRQH GHOO RSLQLRQH SXEEOLFD VXL SUREOHPL OHJDWL DOOR VTXLOLEULR IUD 3DHVL $WWXDOPHQWH &90 RSHUD LQ (WLRSLD H 7DQ]DQLD
VRVWHJQR SHU UDJD]]H FRQ O RELHWWLYR GL ULGXUUH OD SURSULD YXOQHUDELOLWj QHL FRQIURQWL GL +,9 $,'6 &90 VL RFFXSD SXUH GHJOL RUIDQL GL VWUDGD 6RQR PLOD LQ (WLRSLD &RQ &90 KDQQR OD SRVVLELOLWj GL WRUQDUH LQ IDPLJOLD GL LPSDUDUH XQ PHVWLHUH GL WRUQDUH D VFXROD &90 ODYRUD D VWUHWWR FRQWDWWR FRQ OH SRSROD]LRQL ORFDOL DQFKH VXO SUREOHPD GHOO $,'6 QHO WHQWDWLYR GL DUJLQDUH O HSLGHPLD H GL FRQWULEXLUH D XQD PLJOLRUH TXDOLWj GHOOD YLWD
'RYH VLDPR ,Q ,WDOLD VLDPR SUHVHQWL QHOOH 0DUFKH VHGH RSHUDWLYD H OHJDOH LQ $EUX]]R VHGH RSHUDWLYD LQ /RPEDUGLD H 9HQHWR JUXSSL WHUULWRULDOL , QRVWUL XIILFL 3DHVH DOO HVWHUR VRQR $GGLV $EHED (WLRSLD H %DJDPR\R 7DQ]DQLD
&DPSL GL ODYRUR VROLGDOH
&RVD IDFFLDPR &90 QDVFH FRQ O RELHWWLYR GL SRUWDUH O DFTXD SRWDELOH QHO 6XG GHO 0RQGR GRYH QRQ F q DL YLOODJJL H DOOH FRPXQLWj FRVWUHWWH D SHUFRUUHUH FKLORPHWUL RJQL JLRUQR SHU UDJJLXQJHUH XQD SR]]D G DFTXD FRQWDPLQDWD / DFTXD LQ (WLRSLD UDSSUHVHQWD OD SLHWUD PLOLDUH GHO &90 /D ILORVRILD q DLXWDUH OH FRPXQLWj ORFDOL D UHSHULUH DFTXD FRQ IDFLOLWj DWWUDYHUVR SURWH]LRQH GL VRUJHQWL SR]]L DFTXHGRWWL H LVWUXLUOH VXOOH FRQGL]LRQL LJLHQLFR VDQLWDULH &90 RSHUD DQFKH D VRVWHJQR GHOOH GRQQH H OH JXLGD DWWUDYHUVR SURJHWWL VSHFLILFL QHOOD FRQRVFHQ]D GHL SURSUL GLULWWL &90 DWWXD SHUFRUVL GL HGXFD]LRQH H
, QRVWUL FDPSL GL ODYRUR VRQR XQ PRPHQWR GL FRQRVFHQ]D H GL FRQGLYLVLRQH / RELHWWLYR SULQFLSDOH q TXHOOR GL DYYLFLQDUH GXH FXOWXUH GLYHUVH FRQ O LQWHQWR GL DUULFFKLUOH HQWUDPEH , QRVWUL FDPSL GL ODYRUR VROLGDOH VRQR SULPD GL WXWWR XQ HVSHULHQ]D GL YLWD LQGLYLGXDOH H GL IDPLJOLD D VWUHWWR FRQWDWWR FRQ OH FRPXQLWj ORFDOL XQ HVSHULHQ]D GL VFRSHUWD H GL DPLFL]LD , QRVWUL FDPSL GL ODYRUR SDUWRQR GDO SUHVXSSRVWR FKH L FDPELDPHQWL QHOOD VWRULD GHOO XRPR QRQ VRQR PDL VWDWL LO ULVXOWDWR GL JUDQGL LQYHVWLPHQWL HFRQRPLFL PD LO IUXWWR GL WDQWH ULVRUVH XPDQH FKH FUHDQR QXRYL UDSSRUWL WUD L VLQJROL H WUD L SRSROL GRYH OH SHUVRQH VRQR FKLDPDWH D YLYHUH LQ GLJQLWj H D FROODERUDUH WUD ORUR SHU OR VYLOXSSR LQWHJUDOH GHOO·XRPR
ZZZ HXURFXOWXUD LW
25$GL0829(56, Q GHO
4XDQWR GXUD VHWWLPDQH 7LSRORJLH , FDPSL VL GLYLGRQR SHU WLSRORJLD D VHFRQGD GHOOH DWWLYLWj 3DUWHFLSD]LRQH DG DWWLYLWj SUDWLFKH H PDQXDOL SLFFROL ODYRUL GL FRVWUX]LRQH WUDVSRUWR GL PDWHULDOL SHU OH WULQFHH H OD SURWH]LRQH GHL VLWL GL DFTXD SXOL]LD HFF $WWLYLWj GL DQLPD]LRQH HG HGXFD]LRQH FRQ L EDPELQL FRUVL GL LQJOHVH SLWWXUD WRUQHL VSRUWLYL ,QFRQWUL H R ODERUDWRUL GL DSSURIRQGLPHQWR FRQ OH DVVRFLD]LRQL ORFDOL GRQQH UDJD]]H H VWXGHQWL $WWLYLWj GL IRUPD]LRQH H VRFLDOL]]D]LRQH FRQ GRQQH UDJD]]H FRUVL GL FXFLQD GL ILODWXUD 'HVWLQD]LRQL (WLRSLD H 7DQ]DQLD 3HULRGR GD JLXJQR D VHWWHPEUH
FUHVFHUH DQFKH GRSR O HVSHULHQ]D GL ODYRUR FRQWULEXHQGR DOOD VXD FUHVFLWD ,O VHFRQGR UHTXLVLWR QHFHVVDULR SHUFKp O HVSHULHQ]D SRVVD HVVHUH YLVVXWD LQ PDQLHUD SURIRQGD q OD FRQRVFHQ]D GHOOD OLQJXD LQJOHVH /D FRPXQLFD]LRQH WUD GXH FXOWXUH GLIIHUHQWL q XQD FRQGL]LRQH QHFHVVDULD SHUFKp VL DUULYL DOOD YHUD FRPSUHQVLRQH UHFLSURFD 6L DFFHWWDQR SHUVRQH VLQJROH GDL DQQL *UXSSL GL PLQRUL VH DFFRPSDJQDWL 8OWHULRUL UHTXLVLWL XQ EXRQR VWDWR GL VDOXWH OH YDFFLQD]LRQL FRPH GD LQGLFD]LRQH GHO 0LQLVWHUR GHOOD 6DOXWH SDUWHFLSD]LRQH DJOL LQFRQWUL GL IRUPD]LRQH SULPD GHOOD SDUWHQ]D 1RQ SRVVRQR PDQFDUH VSLULWR GL DGDWWDPHQWR HQWXVLDVPR FRQGLYLVLRQH GHOOD QRVWUD PLVVLRQ H YRJOLD GL FDPELDUH LO PRQGR SDUWHQGR GD Vp H GDOOD SURSULD SLFFROD HVSHULHQ]D
&RVWL D FDULFR GHO YRORQWDULR 4XRWD GL LVFUL]LRQH ½ GD YHUVDUH DO PRPHQWR GHOO LVFUL]LRQH H FKH YHUUj GHYROXWD D VRVWHJQR GHO SURJHWWR FXL VL DGHULVFH FRQ OD SURSULD DWWLYLWj 9LDJJLR DXWRJHVWLWR GDO YRORQWDULR 9LWWR H DOORJJLR ½
,VFUL]LRQL $OPHQR PHVL SULPD GHOOD GDWD GL SDUWHQ]D Ë SRVVLELOH IDUH XQD SUH LVFUL]LRQH QRQ YLQFRODQWH DOO LQGLUL]]R FYP#FYP DQ LW SHU FKLHGHUH WXWWH OH LQIRUPD]LRQL GL FXL DYHWH ELVRJQR 6XFFHVVLYDPHQWH ULFHYHUHWH XQD VFKHGD GL LVFUL]LRQH FRPSOHWD LQ FXL SRWHU VFHJOLHUH GHVWLQD]LRQH H VSHFLILFD DWWLYLWj
&KL SXz SDUWHFLSDUH &RORUR FKH YRJOLRQR IDU SDUWH GL &90 GD TXDOVLDVL SDUWH GHO PRQGR SURYHQJDQR TXDOH FKH VLD OD ORUR UD]]D R LO ORUR FUHGR GHYRQR VHQWLUVL SDUWH GL TXHVWD ´&RPXQLWjµ H SLHQDPHQWH SDUWHFLSL GHJOL LGHDOL FKH LQVLHPH YRJOLDPR SURPXRYHUH ( SHU TXHVWR FKH LO SULPR UHTXLVLWR FKH FKLHGLDPR DL YRORQWDUL FKH VFHOJRQR GL SDUWLUH FRQ &90 q GL DYYLFLQDUVL DOOD QRVWUD DVVRFLD]LRQH GL VSRVDUQH RELHWWLYL H LGHDOL GL VHQWLUVL UHDOPHQWH SDUWH GHOOD ´FRPXQLWjµ GL DLXWDUOD D
5DFFRQWDFL OD WXD HVSHULHQ]D 5DFFRQWHUHPR OD WXD HVSHULHQ]D OH WXH HPR]LRQL L WXRL ULFRUGL GHO FDPSR GL ODYRUR VXO QRVWUR EORJ 6725,( '(/ 68' KWWS FYP DQ EORJVSRW LW $O ULHQWUR GDO FDPSR VDUj PROWR LPSRUWDQWH SDUWHFLSDUH DWWLYDPHQWH DOOH DWWLYLWj VXO WHUULWRULR GHOO DVVRFLD]LRQH PHWWHQGR OD SURSULD HVSHULHQ]D DO VHUYL]LR GHJOL DOWUL PRVWUDQGR L SURSUL FRQWULEXWL IRWRJUDILFL H QDUUDWLYL FRLQYROJHQGR H DWWLYDQGR JUXSSL GL ULIHULPHQWR /D FRQGLYLVLRQH GHO FDPSR GL ODYRUR OD JHQWH LQFRQWUDWD O HVSHULHQ]D YLVVXWD GRYUDQQR QHFHVVDULDPHQWH HVVHUH XQR VWLPROR SHU JOL DOWUL 3HU QRQ VPHWWHUH PDL GL LPSDUDUH GDOO LQFRQWUR FRQ O DOWUR &90 &RPXQLFD]LRQH &90 &RPXQLWj 9RORQWDUL SHU LO 0RQGR YLD GHOOH 5HJLRQL 3RUWR 6DQ *LRUJLR )0 FYP FRPXQLFD]LRQH#JPDLO FRP ZZZ FYP DQ LW
ZZZ HXURFXOWXUD LW
25$GL0829(56, Q GHO
&DPSL GL ODYRUR
(VSHULHQ]D HVWLYD QHL 3DHVL 3RYHUL D FXUD GHO 9,6
, SULQFLSL ,Q HVWDWH LO 9,6 ² 9RORQWDULDWR ,QWHUQD]LRQDOH SHU OR 6YLOXSSR H L 6DOHVLDQL GL 'RQ %RVFR LWDOLDQL SURSRQJRQR DL JLRYDQL H DJOL DGXOWL XQ·HVSHULHQ]D GL IRUPD]LRQH QHL 3DHVL 3RYHUL GHOOD GXUDWD GL XQ PHVH GD WUDVFRUUHUH LQ JUXSSR LQ XQD PLVVLRQH VDOHVLDQD D VWUHWWR FRQWDWWR FRQ OH SHUVRQH GHO SRVWR /·HVSHULHQ]D RIIUH OD SRVVLELOLWj GL DSSURIRQGLUH OD FRQRVFHQ]D GL DOWUH FXOWXUH H OH FDXVH GHOOD SRYHUWj H GHO VRWWRVYLOXSSR SHU FHUFDUH GL LQGLYLGXDUH SRVVLELOL VROX]LRQL GD DWWXDUH PHGLDQWH SURJHWWL GL VYLOXSSR H R GHFLGHQGR OD VFHOWD SHUVRQDOH GHO YRORQWDULDWR LQWHUQD]LRQDOH /D FRQRVFHQ]D GLUHWWD GHOOD UHDOWj GHL 3DHVL 3RYHUL SHUPHWWHUj DL SDUWHFLSDQWL XQD YROWD ULHQWUDWL GL HVVHUH FLWWDGLQL SL FRQVDSHYROL FDSDFL GL GLYHQWDUH RSHUDWRUL GL FDPELDPHQWR VRFLDOH H SROLWLFR /D JLRUQDWD WLSR FRPSUHQGH SUHJKLHUD DWWLYLWj GL DQLPD]LRQH FRQ L UDJD]]L HG L EDPELQL LQFRQWUL FRQ L SURWDJRQLVWL GHOOD ORFDOH YLWD VRFLDOH LQVHJQDQWL JLRUQDOLVWL UHOLJLRVL RSHUDWRUL VDQLWDUL DJULFROWRUL DUWLJLDQL HFF FHOHEUD]LRQH GHOO·(XFDULVWLD /·LQFRQWUR FRQ OH SHUVRQH DYYLHQH PHGLDQWH OD FRQGLYLVLRQH GHOOD YLWD GHOOD PLVVLRQH LO ODYRUR GL DQLPD]LRQH FRQ L JLRYDQL O·DVFROWR H OD SDUWHFLSD]LRQH DG DWWLYLWj GL VHUYL]LR SUHVWDQGR DWWHQ]LRQH D QRQ IDU SUHYDOHUH LO IDUH H O·HIILFLHQWLVPR WLSLFR GHOOD QRVWUD FXOWXUD
/·HVSHULHQ]D HVWLYD QRQ q XQ YLDJJLR WXULVWLFR OD PRWLYD]LRQH SURIRQGD FKH VSLQJH L SDUWHFLSDQWL q OD YRORQWj GL YLYHUH XQ·HVSHULHQ]D GL VHUYL]LR H GL FRQIURQWR FKH FRQGXUUj D XQ HVDPH VHULR GHOO·LPSRVWD]LRQH GHOOD SURSULD YLWD /D YLWD GHL SRYHUL OD ORUR GLJQLWj HYLGHQ]LDWD GDOOD PDQFDQ]D GL VRYUDVWUXWWXUH H D YROWH GDOOD PDQFDQ]D GHO QHFHVVDULR OD ORUR FDSDFLWj GL ULFRPLQFLDUH D ORWWDUH RJQL JLRUQR RSHUDQR XQ VLOHQ]LRVR TXDQWR HIILFDFH JLXGL]LR VXOOD TXDOLWj GHOOH QRVWUH VFHOWH H GHL QRVWUL SURJHWWL VX FLz FKH ULWHQLDPR LQGLVSHQVDELOH H VXOOR VSHVVRUH GHOOD QRVWUD VSLULWXDOLWj 1DWXUDOH FRQVHJXHQ]D q XQD YHULILFD GHO TXDGUR GL YDORUL D FXL LVSLUDUH OH SURSULH GHFLVLRQL H O·DFTXLVL]LRQH GL XQD QXRYD PHQWDOLWj SHU GLYHQLUH RSHUDWRUL GL SDFH H GL VYLOXSSR FDSDFL GL VFHOWH RSHUDWLYH FRHUHQWL FRQ TXDQWR VL q FRQRVFLXWR
*OL RELHWWLYL JHQHUDOL FKH VL YRJOLRQR SHUVHJXLUH VRQR OD IRUPD]LRQH SHUVRQDOH XPDQD FULVWLDQD H YRFD]LRQDOH GHL SDUWHFLSDQWL SHU SURJHWWDUH OD SURSULD YLWD LQ XQD GLPHQVLRQH GL VHUYL]LR H GL VROLGDULHWj DSHUWD DO PRQGR OD FRQRVFHQ]D GL FXOWXUH ´DOWUHµ H OD VWUXWWXUD]LRQH GL UDSSRUWL GL DPLFL]LD SHU LQGLYLGXDUH LQVLHPH DJOL LQWHUHVVDWL SRVVLELOL SURJHWWL GL VYLOXSSR H R SHU GHFLGHUH OD VFHOWD SHUVRQDOH GHO YRORQWDULDWR LQWHUQD]LRQDOH
ZZZ HXURFXOWXUD LW
25$GL0829(56, Q GHO
O·DFTXLVL]LRQH GL FRQRVFHQ]H H PRWLYD]LRQL SHU GLYHQLUH DO ULWRUQR LQ ,WDOLD HGXFDWRUH DOOD PRQGLDOLWj H RSHUDWRUH GL FDPELDPHQWR VRFLDOH H SROLWLFR
0RGDOLWj Ë LQGLVSHQVDELOH SDUWHFLSDUH DO FRUVR GL SUHSDUD]LRQH FKLDPDWR ´6FXROD GL 0RQGLDOLWjµ FKH VL WLHQH FRQ PRGDOLWj GLIIHUHQWL LQ YDULH 5HJLRQL LWDOLDQH DG RSHUD GHL 6DOHVLDQL GL 'RQ %RVFR H FKH JHQHUDOPHQWH LQL]LD WUD RWWREUH H GLFHPEUH GHOO·DQQR FKH SUHFHGH OD SDUWHQ]D 3HU FRQRVFHUH GRYH VL VYROJH LO FRUVR SL YLFLQR DOOD SURSULD FLWWj GL UHVLGHQ]D VL SXz FRQWDWWDUH LO 9,6 /D IUHTXHQ]D DO FRUVR q REEOLJDWRULD KD XQ FRVWR HVWUHPDPHQWH ULGRWWR 'RYH 3DHVL GHOO·(XURSD GHOO·(VW GHOO·$IULFD R GHO 6XG $PHULFD /D GHVWLQD]LRQH HIIHWWLYD q GHFLVD GDL 6DOHVLDQL GL 'RQ %RVFR HG q OHJDWD DOOD SURSULD 5HJLRQH GL UHVLGHQ]D
4XDQGR OD SDUWHQ]D DYYLHQH LQ JUXSSR QHO PHVH GL OXJOLR R QHO PHVH GL DJRVWR ,O VRJJLRUQR GXUD R VHWWLPDQH &RVWR D FDULFR GHL SDUWHFLSDQWL SHU $PHULFD GHO 6XG LO FRVWR q LQWRUQR D HXUR SHU O $IULFD q VXL HXUR SHU O·(XURSD GHOO·(VW LO FRVWR q GL HXUR 7DOL FRVWL VRQR DSSURVVLPDWLYL H VRQR FRPSUHQVLYL GL YLDJJLR HYHQWXDOL YLVWL H YDFFLQD]LRQL YLWWR H DOORJJLR &LUFD O· GHOOD VSHVD q OHJDWR DO FRVWR GHO YLDJJLR DHUHR (Wj SDUWHFLSDQWL ULVHUYDWD DL PDJJLRUHQQL O·HVSHULHQ]D HVWLYD SHU OH ILQDOLWj FKH VL SUHILJJH q FRQVLJOLDWD DL JLRYDQL GDL DL DQQL GLVSRQLELOL DG DFFRJOLHUQH O·LPSRVWD]LRQH 7HUPLQH LVFUL]LRQL L IUHTXHQWDQWL LO FRUVR GL SUHSDUD]LRQH SRVVRQR DYDQ]DUH OD SURSULD FDQGLGDWXUD JHQHUDOPHQWH WUD LO PHVH GL GLFHPEUH HG LO PHVH GL JHQQDLR
&RQWDWWL YLV#YROLQW LW ZZZ YROLQW LW YLV YRORQWDULDWR FOLFFDUH VX (VSHULHQ]H (VWLYH
ZZZ HXURFXOWXUD LW
25$GL0829(56, Q GHO
&DPSL GL ODYRUR
3URPXRYLDPR OD FXOWXUD GHOOD VROLGDULHWj GL 0RLUD ' $PHOLR
&KL VLDPR $5&6 $5&, &XOWXUD H 6YLOXSSR q QDWD QHO Ë XQD DVVRFLD]LRQH VHQ]D VFRSR GL OXFUR GL FRRSHUD]LRQH VROLGDULHWj H YRORQWDULDWR QD]LRQDOH H LQWHUQD]LRQDOH H 2UJDQL]]D]LRQH 1RQ *RYHUQDWLYD 21* ULFRQRVFLXWD FRPH WDOH GDO 0LQLVWHUR GHJOL $IIDUL (VWHUL
HVSULPHUH VH VWHVVR H IDU YDOHUH L GLULWWL JOREDOL /D FRRSHUD]LRQH GHFHQWUDWD DOOR VYLOXSSR DFTXLVLVFH XQ·LPSRUWDQ]D IRQGDPHQWDOH LQ TXDQWR SHU $5&6 VL WUDGXFH QHO FRLQYROJLPHQWR GHJOL HQWL ORFDOL QHOOD WHVVLWXUD GL UHOD]LRQL WUD WHUULWRUL LQ ,WDOLD H DOO·HVWHUR H QHOOD FRRSHUD]LRQH WUD FRPXQLWj 7DOH FRRSHUD]LRQH q TXLQGL GD LQWHQGHUH FRPH FRVWUX]LRQH GL UHOD]LRQL WUD FRPXQLWj ODYRUR FRQGLYLVR QHO 1RUG H QHO 6XG GHO PRQGR WUD L 1RUG H L 6XG FKH VRQR LQ RJQL 3DHVH GHO PRQGR SHU LQYHVWLUH OH FRPXQLWj VWHVVH GHO UXROR GL DJHQWL GL FDPELDPHQWR
*OL RELHWWLYL
/D PLVVLRQ 3HUVHJXLUH QHOO·DPELWR GHOOD VROLGDULHWj H GHOOD FRRSHUD]LRQH LQWHUQD]LRQDOH H GHFHQWUDWD FLz FKH $UFL VL LPSHJQD D SURPXRYHUH LQ ,WDOLD ILQ GDOOD FRVWLWX]LRQH LO VRVWHJQR DOO DVVRFLD]LRQLVPR H DOOH LQL]LDWLYH GHOOD VRFLHWj FLYLOH RUJDQL]]DWD FRPH VWUXPHQWL SHU OD SDUWHFLSD]LRQH DWWLYD GL WXWWH OH FLWWDGLQH H L FLWWDGLQL GHL EDPELQL GHL JLRYDQL GHL PLJUDQWL DOOD YLWD GHOOD FRPXQLWj
/D PLVVLRQ YLHQH WUDGRWWD LQ GLYHUVL RELHWWLYL FRQFUHWL O LPSHJQR SHU L GLULWWL GHOO LQIDQ]LD H OD VXD DXWRGHWHUPLQD]LRQH O HPSRZHUPHQW HFRQRPLFR H VRFLDOH GL JHQHUH OD VRVWHQLELOLWj DPELHQWDOH H VRFLDOH QHOOD ULFHUFD GHO EHQHVVHUH JOREDOH OD FRQVHUYD]LRQH H YDORUL]]D]LRQH GHO SDWULPRQLR FXOWXUDOH H PDWHULDOH OD WXWHOD GHL EHQL FRPXQL LO SURWDJRQLVPR GHOOH PLQRUDQ]H H GHL PLJUDQWL OD VROLGDULHWj QHOO HPHUJHQ]D OHJDWD DOO DOO DLXWR XPDQLWDULR
/D VWUDWHJLD $5&6 PHWWH DO FHQWUR GHOOH VXH DWWLYLWj OD SURPR]LRQH GHOOD SDUWHFLSD]LRQH GDO EDVVR H OD FRVWUX]LRQH GL OHJDPL GL VROLGDULHWj Ë XQ DSSURFFLR EDVDWR VXO VRVWHJQR DOO·DVVRFLD]LRQLVPR H DOOD VRFLHWj FLYLOH RUJDQL]]DWD FRPH QXFOHL LQ FXL O·LQGLYLGXR SXz
ZZZ HXURFXOWXUD LW
25$GL0829(56, Q GHO
Ë GD LQWHQGHUVL LQ TXHVWR VHQVR DQFKH LO FRLQYROJLPHQWR QHOOH DWWLYLWj GL $5&6 GHL FLUFROL H GHL &RPLWDWL 7HUULWRULDOL H 5HJLRQDOL $5&, GLIIXVL VX WXWWR LO WHUULWRULR LWDOLDQR FXRUH SXOVDQWH GHOO·$5&, HVSULPRQR H GLIIRQGRQR RYXQTXH OD FXOWXUD VROLGDOH GHOOH ORUR RULJLQL OH 6RFLHWj GL 0XWXR 6RFFRUVR OH &DVH GHO 3RSROR H DUULFFKLVFRQR OD VROLGDULHWj LQWHUQD]LRQDOH FRLQYROJHQGR H VHQVLELOL]]DQGR OD FLWWDGLQDQ]D WXWWD H OH LVWLWX]LRQL ORFDOL JUD]LH DO ODYRUR YRORQWDULR GL VHQVLELOL]]D]LRQH GHOOD EDVH VRFLDOH
*OL RELHWWLYL YHQJRQR SHUVHJXLWL DWWUDYHUVR O·XVR GL DOFXQL VWUXPHQWL ULFRQGXFLELOL D GXH PDFUR DUHH L SURJHWWL LO YRORQWDULDWR
,O YRORQWDULDWR
, SURJHWWL / LPSHJQR GL $5&6 VL FRQFUHWL]]D LQ LQWHUYHQWL H SURJHWWL GL VROLGDULHWj H FRRSHUD]LRQH LQWHUQD]LRQDOH FKH LQ HVWUHPD VLQWHVL VRQR GLUHWWL DOO DIIHUPD]LRQH GHL GLULWWL JOREDOL GHOOD SDFH H GHO GLDORJR DOOD SURPR]LRQH GHOOD FLWWDGLQDQ]D DWWLYD H GHOOD SDUWHFLSD]LRQH GHPRFUDWLFD VRVWHQHQGR LQ SDUWLFRODU PRGR O DVVRFLD]LRQLVPR FLYLOH H OD FRVWUX]LRQH GL UHWL WUD FRPXQLWj QHO PRQGR ,Q TXHVWD GLUH]LRQH VRQR SLDQLILFDWL H RULHQWDWL LQ DFFRUGR FRQ L SDUWQHU ORFDOL L SURJHWWL G LQWHUYHQWR VXO WHUULWRULR
/D YDORUL]]D]LRQH GHO YRORQWDULDWR DYYLHQH DWWUDYHUVR L FDPSL GL FRQRVFHQ]D JOL VWDJH JOL VFDPEL DOO·HVWHUR LO VHUYL]LR FLYLOH QD]LRQDOH H LO VHUYL]LR YRORQWDULR HXURSHR /·21* Gj VSD]LR D WXWWL FRORUR FKH KDQQR YRJOLD GL FRQWULEXLUH LQ SULPD SHUVRQD DOOD FRVWUX]LRQH GL UHOD]LRQL GL VROLGDULHWj 5HVSRQVDELOH FDPSL &RQWDWWL ZZZ DUFLFXOWXUDHVYLOXSSR LW DUFV#DUFL LW )DFHERRN ZZZ IDFHERRN FRP DUFVFXOWXUHVROLGDOL 7ZLWWHU #DUFVFXOWVRO
&DPSL GL ODYRUR H FRQRVFHQ]D $UFL DOO HVWHUR /H LVFUL]LRQL VFDGRQR LO PDJJLR 7RUQD DQFKH TXHVW·DQQR LO SURJUDPPD GHL FDPSL GL ODYRUR H FRQRVFHQ]D DOO (VWHUR GHOO·$UFL , FDPSL VRQR HVSHULHQ]H GL YLDJJL GL JUXSSR VL SDUWH WXWWL LQVLHPH GDOO·,WDOLD FRQ XQ DFFRPSDJQDWRUH H FL VL UHFD QHL OXRJKL GRYH UHDOL]]LDPR SURJHWWL GL FRRSHUD]LRQH DOOR VYLOXSSR H R GRYH DEELDPR UHOD]LRQL FRQVROLGDWH FRQ L SDUWQHU ORFDOL /H SURSRVWH QDVFRQR GD XQD SURIRQGD FRQRVFHQ]D GHO FRQWHVWR GHO ODYRUR GHL QRVWUL SDUWQHU H GD XQD PHWRGRORJLD GL ODYRUR FKH YXROH SURPXRYHUH OH UHOD]LRQL WUD FRPXQLWj HG XQ DSSURFFLR DOOD VROLGDULHWj LQWHUQD]LRQDOH IRQGDWR VXOOD UHFLSURFLWj
ZZZ HXURFXOWXUD LW
25$GL0829(56, Q GHO
, 3DHVL GHVWLQDWDUL SHU O·HVWDWH VRQR &XED 0R]DPELFR 5ZDQGD 3DOHVWLQD *LRUGDQLD H %UDVLOH /H SDUWHQ]H VRQR SURJUDPPDWH SHU L PHVL GL JLXJQR OXJOLR H DJRVWR /H LVFUL]LRQL VFDGRQR LO PDJJLR ,Q LQYHUQR VRQR SUHYLVWL FDPSL LQ 6HQHJDO H &DPHUXQ
/H DWWLYLWj GL RJQL FDPSR YDULDQR GD FRQWHVWR D FRQWHVWR PD VHPSUH VRQR DVVLFXUDWL LQFRQWUL GL FRQRVFHQ]D FRQ L SDUWQHU ORFDOL H OH UHDOWj FRPXQLWDULH SL LQWHUHVVDQWL GDO SXQWR GL YLVWD VRFLDOH H FXOWXUDOH H XQ LPSHJQR SL ´SUDWLFRµ FKH YD GDOO·DQLPD]LRQH FRQ EDPELQL D ODERUDWRUL FRQ GRQQH H JLRYDQL R DQFRUD DWWLYLWj GL HGXFD]LRQH DPELHQWDOH 6L WUDWWD GL HVSHULHQ]H XQLFKH SHU HQWUDUH LQ FRQWDWWR FRQ DVVRFLD]LRQL H PRYLPHQWL ORFDOL HG LPSHJQDUVL LQVLHPH D ORUR QHOOH DWWLYLWj FKH TXRWLGLDQDPHQWH JHVWLVFRQR $ &XED LQ JLXJQR VDUHPR LPSHJQDWL FRQ L EDPELQL GHOOD VFXROD SULPDULD VXOOH WHPDWLFKH GHOO·HGXFD]LRQH DPELHQWDOH LQ 3DOHVWLQD SDUWHFLSHUHPR DOOH DWWLYLWj GL GLIHVD H SURPR]LRQH GHL GLULWWL GHL EDPELQL H GHL JLRYDQL SRUWDWH DYDQWL GDL SDUWQHU ORFDOL 'HIHQFH IRU &KLOGUHQ H 23*$, ,Q %UDVLOH UHDOL]]HUHPR XQ ZRUNVKRS IRWRJUDILFR VHJXHQGR OD TXRWLGLDQLWj GHO 0RYLPHQWR 6HP 7HUUD LQ *LRUGDQLD UHDOL]]HUHPR FRUVL GL OLQJXD LWDOLDQD SHU JLRYDQL H GRQQH H YLVLWHUHPR OH DWWLYLWj GL XQ QRVWUR SURJHWWR GL FRRSHUD]LRQH LQWHUQD]LRQDOH QHO VHWWRUH GHOO·LPPLJUD]LRQH LQ 0R]DPELFR UHDOL]]HUHPR DWWLYLWj GL VFDPELR H VHPLQDUL FRQ L JLRYDQL ORFDOL H LQ 5ZDQGD FL FRQIURQWHUHPR FRQ OH GRQQH
GHOO·$VVRFLD]LRQH SDUWQHU 6HYRWD DWWLYDQGR LQVLHPH D ORUR SHUFRUVL GL VFDPELR H ODERUDWRUL DWWUDYHUVR FXL FRQRVFHUH H FRQIURQWDUH OH QRVWUH FXOWXUH 3HU SDUWHFLSDUH DL QRVWUL FDPSL GL ODYRUR QRQ VRQR ULFKLHVWH FRQRVFHQ]H VSHFLILFKH WUDQQH OD FRQRVFHQ]D GHOO·LQJOHVH R GHOOD OLQJXD YHLFRODUH XWLOL]]DWD VXO SRVWR H O DYHU FRPSLXWR L DQQL /·XQLFD FRVD LQGLVSHQVDELOH q OD FDSDFLWj GL DGDWWDPHQWR H O·LQWHUHVVH SHU OD UHDOWj ORFDOH /H TXRWH GL SDUWHFLSD]LRQH YDULDQR D VHFRQGD GHOOD GHVWLQD]LRQH /D TXRWD FRPSUHQGH VHPSUH LO YLDJJLR DHUHR JOL VSRVWDPHQWL LQ ORFR LO YLWWR O·DOORJJLR O·DVVLFXUD]LRQH VDQLWDULD H FLYLOH 6,6&26 DVVLFXUD]LRQH SHU FRRSHUDQWL H YRORQWDUL LQ PLVVLRQH DOO HVWHUR HG HYHQWXDOL FRVWL GL YLVWR , FDPSL GL ODYRUR LQWHUQD]LRQDOL GHOO·$UFL VRQR XQ·HVSHULHQ]D GL YRORQWDULDWR D EUHYH WHUPLQH GDL JLRUQL DOOH VHWWLPDQH GRYH VL YLYH H VL ODYRUD LQVLHPH RUJDQL]]DWL SHU SURPXRYHUH OD VROLGDULHWj H OD FRRSHUD]LRQH LQWHUQD]LRQDOH H DWWUDYHUVR O LPSOHPHQWD]LRQH GL DWWLYLWj FRQFUHWH VXO WHUUHQR SHU VYLOXSSDUH YDORUL TXDOL LO GLDORJR LQWHUFXOWXUDOH OD FROODERUD]LRQH H OD SDFH 3HU PDJJLRUL LQIR FRQVXOWDUH LO VLWR GL $5&6 R OD SDJLQD )DFHERRN 3HU LVFUL]LRQL R GRPDQGH FDPSLGLODYRUR#DUFL LW
ZZZ HXURFXOWXUD LW
25$GL0829(56, Q GHO
&DPSL GL ODYRUR
/DVFLDWL FRLQYROJHUH GL 9DOHQWLQD 5HDOH
(VSHULHQ]D GL YRORQWDULDWR LQ *XDWHPDOD SDUWHFLSD DO QRVWUR SURJHWWR ´$QGDUH D VFXROD q XQ GLULWWRµ &KL KD GHWWR FKH XQD YDFDQ]D QRQ SRVVD HVVHUH ´LPSHJQDWDµ" ,O &()$ &RPLWDWR (XURSHR SHU OD )RUPD]LRQH H O·$JULFROWXUD ULVSRQGH D TXHVWD GRPDQGD RIIUHQGR OD SRVVLELOLWj GL FRQRVFHUH LO *XDWHPDOD DWWUDYHUVR XQ YLDJJLR GL YRORQWDULDWR D 6DQWD &UX] GHO 4XLFKp GRYH q LQ FRUVR LO SURJHWWR GL VRVWHJQR D GLVWDQ]D ´$QGDUH D VFXROD q XQ GLULWWRµ
,O FDPSR D FXL &()$ YL LQYLWD VL VYROJHUj LO SURVVLPR DJRVWR GDOO· DO HG q ULYROWR D JLRYDQL GL HWj FRPSUHVD IUD L H L DQQL FKH YRJOLRQR FRQRVFHUH H FRQGLYLGHUH OD YLWD TXRWLGLDQD GL 6DQWD &UX] GHO 4XLFKp H GHO SURJHWWR /H DWWLYLWj SUHYLVWH FRQVLVWRQR QHO IRQGDPHQWDOH FRLQYROJLPHQWR GLUHWWR GHL SDUWHFLSDQWL DOOH DWWLYLWj GHO SURJHWWR FRPH OD FROODERUD]LRQH FRQ LO SHUVRQDOH &()$ OR VYROJLPHQWR GL DWWLYLWj GL DQLPD]LRQH FRQ L EDPELQL EHQHILFLDUL GHO SURJHWWR H OD FRQRVFHQ]D GHOOD UHDOWj DVVRFLDWLYD GHOOD ]RQD JXDWHPDOWHFD 6H FRQGLYLGHWH LO SUHFLVR GRYHUH GL SURPR]LRQH FXOWXUDOH GL VHQVLELOL]]D]LRQH HG HGXFD]LRQH DOOR VYLOXSSR D FXL LO SURJHWWR VL LVSLUD FRPH SUHVXSSRVWL LPSUHVFLQGLELOL GHO ULVSHWWR SHU OD GLJQLWj H OD OLEHUWj GL RJQL XRPR TXHVWR FDPSR YL GD OD SRVVLELOLWj GL VSHULPHQWDUYL LQ XQ·HVSHULHQ]D GLUHWWD GL YRORQWDULDWR H FRRSHUD]LRQH LQWHUQD]LRQDOH FKH GDUj QXRYL H LPSRUWDQWL VWLPROL DO YRVWUR SHUFRUVR GL VWXGL R DOOD YRVWUD FXULRVLWj H YRJOLD GL PHWWHUYL LQ JLRFR
9L FRQIURQWHUHWH FRQ LO FRQWHVWR GHOOD ]RQD GL VDQWD &UX] GHO 4XLFKp GRYH OH FRQGL]LRQL GL JUDYH GLVDJLR H SRYHUWj FDXVDQR XQ DOWLVVLPR WDVVR GL GHVFRODUL]]D]LRQH SHUFKp L EDPELQL LQL]LDQR D ODYRUDUH SUHVWLVVLPR SHU DLXWDUH L JHQLWRUL QHO ODYRUR GHL FDPSL R QHL ODYRUL GRPHVWLFL FRQ OD JUDYH FRQVHJXHQ]D GL WUDVFXUDUH OD VFXROD 4XHVWR SUREOHPD WRFFD GUDPPDWLFDPHQWH VRSUDWWXWWR OH EDPELQH GHVWLQDWH DG XQD YLWD GD DQDOIDEHWD SHUFKp SHU UDJLRQL VLD HFRQRPLFKH FKH FXOWXUDOL VRQR OH SULPH D HVVHUH VDFULILFDWH H TXDVL PDL LVFULWWH DO FLFOR VFRODVWLFR RSSXUH FDSLWD FKH YHQJDQR LVFULWWH H SRL LQ UHDOWj WHQXWH D FDVD SHU DLXWDUH OD PDGUH QHL ODYRUL GL FDVD GHOOH SHUVRQH DQDOIDEHWH QHO GLVWUHWWR VRQR GRQQH ,O SURJHWWR VL q VYLOXSSDWR GDO FRQIURQWR IUD L YRORQWDUL &()$ H OH GRQQH LQGLJHQH GHO 'LVWUHWWR GHO 4XLFKq LO UDSSRUWR GL ILGXFLD FKH VL q FUHDWR KD SHUPHVVR GL VYLOXSSDUH D]LRQL QXRYH H FRQGLYLVH /·HVSHULHQ]D GHO FDPSR GL YRORQWDULDWR YL FRQIHUPHUj TXDQWR q LPSRUWDQWH OD SDUWHFLSD]LRQH GHL EHQHILFLDUL DIILQFKp TXHVWL VYLOXSSLQR OD VHQVLELOLWj QHFHVVDULD D PLJOLRUDUH OD SURSULD YLWD H TXHOOD GHO ORUR SDHVH DWWUDYHUVR OD IRUPD]LRQH GHOOH QXRYH JHQHUD]LRQL
*UD]LH DOOH GLQDPLFKH GL FROODERUD]LRQH H FRPSDUWHFLSD]LRQH LO SURJHWWR SHUPHWWH D FLUFD EDPELQH GL IUHTXHQWDUH FRQ UHJRODULWj OD VFXROD
ZZZ HXURFXOWXUD LW
25$GL0829(56, Q GHO
HOHPHQWDUH IRUQHQGR ORUR XQD ERUVD GL VWXGLR H QHO FRQWHPSR SUHYHGHQGR XQ DFFRPSDJQDPHQWR FRVWDQWH VLD GHL PLQRUL VLD GHOOH ORUR IDPLJOLH SHU VFRQJLXUDUH ULWLUL H ERFFLDWXUH H FRQWULEXHQGR TXLQGL D GLIIRQGHUH OD FXOWXUD GL JHQHUH &RQGLYLGHUH TXHVWR RELHWWLYR q LO SULPR UHTXLVLWR SHU SDUWHFLSDUH IDWWLYDPHQWH DOO·RFFDVLRQH GL XQ FDPELDPHQWR FKH QRQ ULJXDUGD VROWDQWR L EHQHILFLDUL GHO SURJHWWR PD DQFKH VH VWHVVL SHUFKp O·HVSHULHQ]D GHO FDPSR GL YRORQWDULDWR q XQ·HVSHULHQ]D DOOR VWHVVR WHPSR GL YLDJJLR H XPDQD FKH RIIUH LQ PDQLHUD ´XQLFDµ OD SRVVLELOLWj GL FRQIURQWDUVL FRQ LO SDHVH FKH VL YD D YLVLWDUH H FRQ VH VWHVVL ,O FDPSR GL YRORQWDULDWR YL GDUj OD FRQVDSHYROH]]D GL DYHU WUDVFRUVR LO YRVWUR WHPSR OLEHUR DOOD FRVWUX]LRQH GL XQ PRQGR PLJOLRUH D FXL DYUHWH FRQWULEXLWR FRQ LO YRVWUR HQWXVLDVPR H OD YRVWUD SDVVLRQH 1RQ VRQR ULFKLHVWL LQIDWWL UHTXLVLWL IRQGDPHQWDOL VH QRQ OD FRQGLYLVLRQH GHL SULQFLSL VX FXL LO SURJHWWR VL VYLOXSSD H OD YRVWUD YRJOLD GL PHWWHUYL LQ JLRFR 9L LQYLWLDPR D FRQWDWWDUFL SHU DSSURIRQGLUH L WHPL GHO FDPSR H D SDUWHFLSDUH DJOL LQFRQWUL SUHYLVWL 3DUWHFLSDQGR DYUHWH OD SRVVLELOLWj GL FRQIURQWDUYL GLUHWWDPHQWH FRQ LO UHVSRQVDELOH GHO SURJHWWR ´$QGDUH D VFXROD q XQ GLULWWRµ H ULFHYHUHWH LQIRUPD]LRQL XWLOL VXO FRQWHVWR VRFLR FXOWXUDOH LQ FXL VL DQGUj D RSHUDUH H VXOOH DWWLYLWj FKH VL DQGUDQQR D VYROJHUH ,O FRVWR GHO FDPSR q D FDULFR GHO YRORQWDULR FRPSUHVR LO YROR GL DQGDWD H ULWRUQR
,O FRVWR VL DJJLUD VXL H FRPSUHQGH LO YROR JOL VSRVWDPHQWL LQWHUQL DEELDPR FDOFRODWR DQFKH L JLUL WXULVWLFL SRL VRQR RYYLDPHQWH D GLVFUH]LRQH GHOOD SHUVRQD LO YLWWR 2YYLDPHQWH HVVHQGR LO YROR D FDULFR
GHO YRORQWDULR VWD DOOD SHUVRQD VEULJDUVL SHUFKp FRQ LO SDVVDUH GHO WHPSR LO SUH]]R GHO ELJOLHWWR DXPHQWD /D VFDGHQ]D q SHU LO PDU]R OH LVFUL]LRQL SRVVRQR HVVHUH FKLXVH DQFKH SULPD QHO PRPHQWR LQ FXL VL UDJJLXQJRQR L VHL SDUWHFLSDQWL 3HU SDUWHFLSDUH DO FDPSR q QHFHVVDULR SUHQGHU SDUWH DJOL LQFRQWUL GL SUHSDUD]LRQH 9L LQYLWLDPR D XQ FRQIURQWR VX TXDOVLDVL SXQWR DIILQFKp SRVVD UHQGHUVL SL DJHYROH SRVVLELOH OD YRVWUD SDUWHFLSD]LRQH H TXLQGL SL FRQFUHWR LO YRVWUR DLXWR DO SURJHWWR
3HU RJQL LQIRUPD]LRQH SRWHWH VFULYHUH DO QRVWUR UHIHUHQWH 0LFKHOH &DWWDQL DOO·LQGLUL]]R PLFKHOHFDWWDQL FHID#JPDLO FRP ,O SULPR LQFRQWUR VL q VYROWR O· PDU]R SUHVVR OD QRVWUD VHGH LQ 9LD GHOOH /DPH Q D %RORJQD 5HVSRQVDELOH GHOO 8IILFLR 6WDPSD ZZZ FHIDRQOXV LW 6HJXLWH LO &()$ QHOOH VXH DWWLYLWj DQFKH VX )DFHERRN &()$ ² ,O VHPH GHOOD VROLGDULHWj ² 21/86
ZZZ HXURFXOWXUD LW
25$GL0829(56, Q GHO
&DPSL GL ODYRUR
8QD YLWD GD FLVYLQR GL 9LQFHQ]D )DQL]]D 8QD SDFH GXUHYROH H XQ PRQGR VHQ]D FRQIOLWWL" 8Q VRJQR PD DQFKH XQ LPSHJQR SHU L EDPELQL H L JLRYDQL GHO &,69 &KLOGUHQ·V ,QWHUQDWLRQDO 6XPPHU 9LOODJHV O·DVVRFLD]LRQH GL YRORQWDUL LQGLSHQGHQWH H DSROLWLFD FKH SURPXRYH O·HGXFD]LRQH DOOD SDFH H OH DPLFL]LH LQWHUFXOWXUDOL 3UHVHQWH GD FLQTXDQWD DQQL LQ SDHVL RUJDQL]]D RJQL DQQR QXPHURVH DWWLYLWj 3HU VDSHUQH GL SL DEELDPR LQWHUYLVWDWR 0DUFR /RUXVVR SUHVLGHQWH GHO &,69 1D]LRQDOH
4XDO q OD FKLDYH SHU WUDVIRUPDUH TXHVWD LGHD LQ UHDOWj" Ë TXHOOD DSSXQWR GL LQL]LDUH D ODYRUDUH SURSULR FRQ L EDPELQL H FRQ L JLRYDQL 6RQR VWDWL SHUFLz HODERUDWL SURJUDPPL FKH RIIURQR OD SRVVLELOLWj DL JLRYDQL GL LQFRQWUDUH L SURSUL FRHWDQHL GL DOWUH QD]LRQL H GL DOODFFLDUH DPLFL]LH LQWHUQD]LRQDOL 4XHVWR FRQVHQWH DJOL LQGLYLGXL GL VYLOXSSDUH XQD FRVFLHQ]D HG XQ DWWHJJLDPHQWR SRVLWLYL QHL FRQIURQWL GHJOL DOWUL FRPH SXUH TXHOOH DELOLWj H FRQRVFHQ]H SHU SRWHU YLYHUH ODYRUDUH H JLRFDUH FRQ JOL DOWUL LQGLSHQGHQWHPHQWH GDO UHWDJJLR FXOWXUDOH $WWUDYHUVR OD SDUWHFLSD]LRQH JOL LQGLYLGXL DUULYDQR DG XQD PLJOLRUH FRPSUHQVLRQH GL VH VWHVVL GHOOD SURSULD FXOWXUD H GL TXHOOD GHJOL DOWUL
&RPH IXQ]LRQD"
4XDQGR q QDWR LO &,69" (UD O·XQGLFL DJRVWR GHO /D GRWWRUHVVD 'RULV $OOHQ HUD VHGXWD VX XQD SDQFKLQD GL XQ SDUFR D 1HZ <RUN H OHJJHYD VX XQD ULYLVWD XQ DUWLFROR LQWLWRODWR ´,QVHJQDUH DO PRQGR FRPH HVVHUH OLEHULµ /·DUWLFROR GLVFXWHYD GHOOD IRQGD]LRQH GHOO·8QHVFR H GHL PRWLYL SHU FXL TXHVWR LVWLWXWR HUD VWDWR FUHDWR RVVLD XQLUH L SROLWLFL H L ILORVRIL /D WHVL VHFRQGR OD TXDOH ´Ë QHO VHWWRUH GHOO·DSSUHQGLPHQWR H GHOO·LQVHJQDPHQWR DGXOWR FKH OD EDWWDJOLD SHU XQ·RUJDQL]]D]LRQH SDFLILFD PRQGLDOH VDUj YLQWD R SHUGXWDµ SURYRFz XQD UHD]LRQH PROWR IRUWH QHOOD GRWWRUHVVD 'RULV $OOHQ FKH LQ TXDQWR SVLFRORJD LQIDQWLOH DYHYD XQD YLVLRQH GLDPHWUDOPHQWH RSSRVWD /HL SHQVDYD LQYHFH FKH HUD LPSRUWDQWH FRPLQFLDUH GDL EDPELQL SHUFKp ´LO PRGR LQ FXL DYUHEEHUR SUHVR GHFLVLRQL GD DGXOWL VL VDUHEEH EDVDWR VX DWWHJJLDPHQWL HG HPR]LRQL VYLOXSSDWL QHJOL DQQL SUH DGROHVFHQ]LDOLµ 'RULV $OOHQ ULWHQHYD LQIDWWL FKH O·XOWLPD VSHUDQ]D SHU OD SDFH D OXQJR WHUPLQH HUD DIILGDWD DL EDPELQL 1DFTXH FRVu LO &,69 GDOOD IHUPD FRQYLQ]LRQH FKH XQD SDFH GXUHYROH VLD SRVVLELOH VROR VH JOL LQGLYLGXL H L JUXSSL KDQQR OD SRVVLELOLWj GL FRQYLYHUH FRPH DPLFL
4XHVWH DWWLYLWj VRQR RUJDQL]]DWH H FRQGRWWH GD YRORQWDUL FKH UDFFROJRQR DQFKH OD PDJJLRU SDUWH GHL IRQGL QHFHVVDUL ,O ORUR VXSSRUWR DPPLQLVWUDWLYR q VXSSRUWDWR GDOO·XIILFLR LQWHUQD]LRQDOH LQ ,QJKLOWHUUD 1RQ DEELDPR VFRSR GL OXFUR VHOH]LRQLDPR L UDJD]]L GRSR DYHU YHULILFDWR FKH DEELDQR DVVLPLODWR L QRVWUL SULQFLSL /H IDPLJOLH SDJDQR SHU LO WUDVIHULPHQWR H XQD WDVVD LQWHUQD]LRQDOH PD OD SDUWHFLSD]LRQH q JUDWXLWD /D SUHSDUD]LRQH LQL]LD TXDVL XQ DQQR SULPD SHU IDU FDSLUH DL UDJD]]L VX FRVD VDUDQQR LPSHJQDWL
ZZZ HXURFXOWXUD LW
25$GL0829(56, Q GHO
&,69 D SUHVFLQGHUH GDO VHVVR GDOOD UD]]D GDOOD UHOLJLRQH GDOO·HWQLD GDOOH LGHRORJLH SROLWLFKH GDOOH FRQGL]LRQL VRFLR HFRQRPLFKH H GD TXDOVLDVL DOWUD GLVWLQ]LRQH
&KH UXROR KDQQR OH IDPLJOLH"
4XDO q LO PRGHOOR HGXFDWLYR" , SURJUDPPL GHO &,69 VHJXRQR XQ PRGHOOR HGXFDWLYR VSHULPHQWDOH RVVLD O·RSSRUWXQLWj G·LPSDUDUH GDOO·HVSHULHQ]D GLUHWWD LQ FXL SDUWHFLSDQWH H IDFLOLWDWRUH FRQGLYLGRQR OD UHVSRQVDELOLWj GL DSSUHQGHUH O·XQR GDOO·DOWUR /D IRUPD]LRQH q QHFHVVDULD SHU WXWWL L GHOHJDWL DGXOWL OR VWDII H L JLRYDQL FRQ UHVSRQVDELOLWj RUJDQL]]DWLYH ,O &,69 GDQGR HVWUHPR ULOLHYR DO YDORUH GHOO·DPLFL]LD HGXFD DWWUDYHUVR O·D]LRQH DWWLYLWj SUDWLFD H OD FRRSHUD]LRQH SLXWWRVWR FKH DWWUDYHUVR OD FRPSHWL]LRQH , SURJUDPPL VRQR LQWHUDWWLYL DFWLRQ RULHQWHG DWWHQWL DOOH GLIIHUHQ]H FXOWXUDOL PXOWLOLQJXH H VRSUDWWXWWR GLYHUWHQWL
,O &,69 RIIUH DQFKH DOOH IDPLJOLH O·RSSRUWXQLWj GL FRQRVFHUH PHJOLR OH DOWUH FXOWXUH H GL HVSORUDUH WHPDWLFKH LPSRUWDQWL FROOHJDWH DOOD SDFH H DOOD FRPSUHQVLRQH UHFLSURFD ,QROWUH DQFKH OH IDPLJOLH RVSLWDQWL HG L PHPEUL GHOOH VH]LRQL ULFHYRQR XQD IRUPD]LRQH GL EDVH HG XQ VXSSRUWR QHOOH ORUR HVSHULHQ]H
4XDOH OD VXD SHUVRQDOH HVSHULHQ]D QHO &,69" /H PLH HVSHULHQ]H VRQR VWDWH QXPHURVH LQL]LDQR FRQ XQ YLOODJJLR LQ 'DQLPDUFD D DQQL SURVHJXRQR SRL FRQ XQ LQWHUFKDQJH FRPH FR OHDGHU LQ %UDVLOH FRPH OHDGHU LQ 1RUYHJLD SRL KR IDWWR SDUWH GHOOR VWDII LQ XQ 6XPPHU &DPS D )LUHQ]H SRL DQFRUD VRQR DQGDWR FRPH OHDGHU LQ XQ YLOODJJLR LQ $XVWULD VRQR VWDWR DQFKH FDPS GLUHFWRU LQ XQ YLOODJJLR D )LUHQ]H H LQ XQ DOWUR D 0RGHQD KR SDUWHFLSDWR DO 0HHWLQJ ,QWHUQD]LRQDOH FKH VL q WHQXWR D 3DLSD LQ &RORPELD ( SRWUHL DQFRUD FRQWLQXDUH
&KH FRVD KD LPSDUDWR QHO &,69"
4XDOL VRQR OH DWWLYLWj LQWHUQD]LRQDOL" ,O YLOODJJLR O·LQWHUFKDQJH O·LQWHUQDWLRQDO VXPPHU FDPS LO VHPLQDU FDPS O·,QWHUQDWLRQDO <RXWK 0HHWLQJ O·,QWHUQDWLRQDO 3HRSOH·V 3URMHFW
,O YLOODJJLR SUHFLVDPHQWH LQ FKH FRVD FRQVLVWH" 4XHVWR SURJUDPPD FKH IX LO SULPR DG HVVHUH VSHULPHQWDWR HG DQFRUD RJJL q LO SL UDSSUHVHQWDWLYR FRQVLVWH LQ XQ FDPSR HVWLYR LQWHUQD]LRQDOH PXOWLOLQJXH 2IIUH XQ LQVLHPH GL DWWLYLWj HGXFDWLYH FXOWXUDOL H VSRUWLYH H SURPXRYH O·DPLFL]LD LQWHUQD]LRQDOH OD FRPXQLFD]LRQH LQWHUFXOWXUDOH H OD YLWD LQ FRPXQH DOO·LQVHJQD GHOOD FROODERUD]LRQH 'XUD JLRUQL 2JQL YLOODJJLR KD GHOHJD]LRQL GL QD]LRQL GLYHUVH 4XHVWH GHOHJD]LRQL VRQR IRUPDWH GD UDJD]]H UDJD]]L H XQ OHDGHU &L VRQR SRL MXQLRU GL DQQL H VWDII
+R LPSDUDWR D FRQIURQWDUPL FRQ DOWUL SXQWL GL YLVWD KR FRQRVFLXWR OD EHOOH]]D GHOOH DOWUH FXOWXUH KR VFRSHUWR WDQWL SDHVL ORQWDQL KR FDSLWR H VSHULPHQWDWR GLUHWWDPHQWH FKH JLRFDUH YLYHUH H ODYRUDUH FRQ SHUVRQH FRPSOHWDPHQWH GLYHUVH GD PH QRQ VROR q VWLPRODQWH PD SXz DQFKH HVVHUH HGXFDWLYR H GLYHUWHQWH KR LPSDUDWR VRSUDWWXWWR DG DPDUH OD SDFH SHUFKp KR RUPDL PROWL DPLFL LQ WXWWR LO PRQGR H QRQ VRSSRUWR O·LGHD GL SRWHUOL SHUGHUH D FDXVD GL TXDOFKH JXHUUD 5HVSRQVDELOH 8IILFLR 6WDPSD ZZZ FLVY RUJ ZZZ LW FLVY RUJ 0DUFR /RUXVVR P ORUXVVR#LW FLVY RUJ
&KH HWj GHYRQR DYHUH L SDUWHFLSDQWL" /D PDJJLRU SDUWH GHL SDUWHFLSDQWL DO &,69 KD XQ·HWj FRPSUHVD WUD JOL H L DQQL &L VRQR SRL L OHDGHU FKH GHYRQR DYHUH FRPSLXWR DQQL H WDQWL JLRYDQL FKH DLXWDQR O·RUJDQL]]D]LRQH , SURJUDPPL VRQR RIIHUWL D SDUWHFLSDQWL SUHSDUDWL VHOH]LRQDWL GDL YRORQWDUL GHO
ZZZ HXURFXOWXUD LW
25$GL0829(56, Q GHO
&DPSL GL ODYRUR
)2&6,9 H L FDPSL GL ODYRUR GL /XFLD 'H 6PDHOH
)2&6,9 q OD SL JUDQGH )HGHUD]LRQH GL 2UJDQLVPL GL 9RORQWDULDWR ,QWHUQD]LRQDOH GL LVSLUD]LRQH FULVWLDQD SUHVHQWH LQ ,WDOLD 2JJL QH IDQQR SDUWH 2UJDQL]]D]LRQL FKH FRQWDQR 6RFL JUXSSL G DSSRJJLR LQ ,WDOLD H ROWUH SHUVRQH WUD DGHUHQWL H VRVWHQLWRUL 6RQR ROWUH L YRORQWDUL HVSDWULDWL QHL QRVWUL SURJHWWL GL VYLOXSSR H FLUFD JOL RSHUDWRUL ORFDOL ,Q ,WDOLD SL GL YRORQWDUL FROODERUDQR DOOH LQL]LDWLYH SURPRVVH VXL WHUULWRUL H QHOOD JHVWLRQH GHL SURJHWWL QHL 396 FDPSL FRVu GLYHUVH WUD ORUR GDOO·DQLPD]LRQH VRFLDOH H 'DOOD VXD QDVFLWD )2&6,9 KD LPSLHJDWR ROWUH LQWHUFXOWXUDOH DOOD FRVWUX]LRQH H ULFRVWUX]LRQH GL YRORQWDUL FKH KDQQR PHVVR D GLVSRVL]LRQH GHOOH SLFFROH VWUXWWXUH GDOO·DUWLJLDQDWR DOOD WXWHOD SRSROD]LRQL SL SRYHUH LO SURSULR FRQWULEXWR XPDQR H DPELHQWDOH VRQR RFFDVLRQL SUH]LRVH QHOOH TXDOL SURIHVVLRQDOH 6L WUDWWD GL XQ LPSHJQR FRQFUHWR H GL FLDVFXQR VHQ]D QHFHVVLWj GL VSHFLILFKH FRPSHWHQ]H OXQJR SHULRGR LQ SURJHWWL GL VYLOXSSR QHL VHWWRUL VRFLR SURIHVVLRQDOL H PDJDUL VSHVVR VROR FRQ XQD FRQRVFHQ]D VDQLWDULR DJULFROR HGXFDWLYR IRUPDWLYR GL GLIHVD GHL EDVH GHOOD OLQJXD LQWHUQD]LRQDOH SDUODWD QHO SDHVH GL GLULWWL XPDQL H UDIIRU]DPHQWR LVWLWX]LRQDOH UHDOL]]D]LRQH SXz GDUH LO VXR FRQWULEXWR SHUVRQDOH 3DUDOOHODPHQWH OD )HGHUD]LRQH SURPXRYH LQ ,WDOLD 6SHVVR VL XQLVFRQR DOOD QRUPDOH DWWLYLWj GL YRORQWDULDWR FDPSDJQH GL VHQVLELOL]]D]LRQH H GL HGXFD]LRQH DOOR GHL FDPSR GL ODYRUR LQFRQWUL FRQ OD SRSROD]LRQH GHO VYLOXSSR H FRPSLH XQ LQWHQVR ODYRUR GL OREE\LQJ OXRJR ODERUDWRUL SHU DSSUHQGHUH WHFQLFKH DUWLJLDQDOL LVWLWX]LRQDOH SHU SURPXRYHUH OD JLXVWL]LD VRFLDOH SHU ORFDOL DG HV VL LPSDUDQR OH WHFQLFKH GHOOD SLWWXUD VX WXWWL JOL XRPLQL H OH GRQQH GHO SLDQHWD EDWLN D FRVWUXLUH H VXRQDUH VWUXPHQWL WLSLFL D VFROSLUH LO OHJQR FRQ OH WHFQLFKH GHO OXRJR D GHFRUDUH L WHVVXWL VHJXHQGR DQWLFKL PHWRGL WUDGL]LRQDOL ,QROWUH RJJL FRPH LHUL PROWH SHUVRQH VL LQWHUHVVDQR DOOD FRRSHUD]LRQH LQWHUQD]LRQDOH H DFFDUH]]DQR LO VRJQR GL SDUWLUH LQ OXQJD PLVVLRQH DOO·LQWHUQR GHL SURJHWWL VL VYLOXSSR GHOOH 21* LQ $IULFD $VLD R $PHULFD /DWLQD PD DO GL Oj GHO ORUR SHUFRUVR GL VWXGL H GHOOH ORUR HVSHULHQ]H SURIHVVLRQDOL QRQ KDQQR PDL DYXWR RFFDVLRQH SHU WHVWDUVL SHUVRQDOPHQWH QHOO·LQFRQWUR FRQ FRQWHVWL FRVu GLYHUVL GD TXHOOR GL SURYHQLHQ]D GDO SXQWR ,Q DQQL GL DWWLYLWj OD )2&6,9 q GLYHQWDWD XQ SXQWR GL ULIHULPHQWR SHU FRORUR L TXDOL VFHOJDQR XQ LPSHJQR FRQFUHWR QHOOD ORWWD DOOD SRYHUWj H DOOH GLVXJXDJOLDQ]H VLD FKH GHFLGDQR GL VSHQGHUH XQ JLRUQR XQ PHVH XQ DQQR R OD ORUR LQWHUD YLWD 3HU TXHVWR PRWLYR SHU OD )2&6,9 H SHU L VXRL 6RFL LO FDPSR GL ODYRUR UDSSUHVHQWD XQ·RSSRUWXQLWj SHU VSHULPHQWDUVL XQ·HVSHULHQ]D GL YLWD FRPXQLWDULD H GL VHUYL]LR YRORQWDULR GL JUDQGH YDORUH 6L WUDWWD GL HVSHULHQ]H FKH XQLVFRQR SHUVRQH GL GLYHUVD SURYHQLHQ]D FXOWXUD H UHOLJLRQH LQWRUQR DG XQ SURJHWWR FRPXQH GLYHQHQGR XQ PRPHQWR GL IRUPD]LRQH DOOD VROLGDULHWj /H DWWLYLWj VYROWH QHL
ZZZ HXURFXOWXUD LW
25$GL0829(56, Q GHO
GL YLVWD VRFLDOH FXOWXUDOH DPELHQWDOH , &DPSL GL ODYRUR RIIURQR TXHVWD RSSRUWXQLWj GL PHWWHUH DOOD SURYD VH VWHVVL OD SURSULD FDSDFLWj GL DGDWWDUVL GL FRPXQLFDUH FRQ JOL DOWUL H FUHDUH UHOD]LRQL SRVLWLYH FRQ SHUVRQH GL FXOWXUH GLIIHUHQWL H SRVVRQR GDYYHUR ULYHODUVL XWLOL EDQFKL GL SURYD GHOOH SURSULH PRWLYD]LRQL DO YRORQWDULDWR LQWHUQD]LRQDOH 0DOJUDGR OD EUHYLWj GHOO·HVSHULHQ]D LO FDPSR GL ODYRUR q XQ·RSSRUWXQLWj GL DQGDUH ROWUH OD IDFFLDWD H VSHULPHQWDUH SHUVRQDOPHQWH LO FRQWDWWR FRQ OH FRPXQLWj ORFDOL H O·HVSHULHQ]D GL FROODERUD]LRQH IDWWLYD FKH XQ FRPXQH YLDJJLR SHU WXULVPR QRQ RIIUH
*OL 2UJDQLVPL )2&6,9 FUHGRQR IRUWHPHQWH QHO YDORUH FXOWXUDOH GL TXHVWH HVSHULHQ]H H RYH VXVVLVWRQR OH FRQGL]LRQL GL VLFXUH]]D H OH SRVVLELOLWj ORJLVWLFKH SURJHWWDQR FRQ FUHVFHQWH IUHTXHQ]D TXHVWH LQL]LDWLYH 6SHVVR WHDWUR GHL ORUR FDPSL HVWLYL q XQ WHUULWRULR GRYH VRQR JLj LPSHJQDWL LQ SURJHWWL GL VYLOXSSR SHU TXHVWR q SRVVLELOH YHGHUH L YRORQWDUL GHL FDPSL GL ODYRUR FROODERUDUH SHU XQ EUHYH SHULRGR DFFDQWR DL YRORQWDUL GL OXQJD PLVVLRQH FKH RSHUDQR SHU DQQL LQ TXHL SDHVL DOO·LQWHUQR GL XQD SURJHWWXDOLWj SL DPSLD &KL SDUWH LQ XQ FDPSR GL ODYRUR GHL 6RFL )2&6,9 JRGH GXQTXH VSHVVR GL XQ RVVHUYDWRULR SULYLOHJLDWR SHU FRQRVFHUH OD JUDQGH PDFFKLQD GHOOD FRRSHUD]LRQH LWDOLDQD FRQ L VXRL VXFFHVVL OH VXH GLIILFROWj H OH SLFFROH LQFRHUHQ]H $O GL Oj GHO SLFFROR FRQWULEXWR FKH XQ PHVH GL YRORQWDULDWR SXz DSSRUWDUH JOL RUJDQLVPL )2&6,9 SURPXRYRQR FDPSL GL ODYRUR FRQVDSHYROL FKH TXHVWH HVSHULHQ]H VRQR XWLOL DO UDJJLXQJLPHQWR GL XQR GHJOL RELHWWLYL ILQDOL GHOOD ORUR PLVVLRQ VWLPRODUH OD FRQVDSHYROH]]D GHOOH FRPXQLWj GHO ´1RUGµ GHO PRQGR SHU ULVFRSULUH VWLOL GL YLWD SL HTXL H VYLOXSSDUH
XQD FDSDFLWj GL OHWWXUD GHOOD UHDOWj PRQGLDOH FKH OL SRUWL D YLYHUH XQD FLWWDGLQDQ]D UHDOPHQWH DWWLYD H VROLGDOH 3DUWHFLSDUH DL FDPSL GL ODYRUR KD XQ FRVWR FKH DQFRUD RJJL ULPDQH SUHYDOHQWHPHQWH D FDULFR GHO SDUWHFLSDQWH PDOJUDGR O·HQWH SURSRQHQWH FHUFKL GL IDFLOLWDUH JOL DVSHWWL ORJLVWLFL GHOO·HVSHULHQ]D DG HVHPSLR PHWWHQGR D GLVSRVL]LRQH OH VXH HYHQWXDOL VWUXWWXUH GL DFFRJOLHQ]D LQ ORFR R TXHOOH GHOOH RUJDQL]]D]LRQL ORFDOL SDUWQHU GHO FDPSR GL ODYRUR , FRVWL OHJDWL VRSUDWWXWWR DO YLDJJLR UHQGRQR TXHVWH HVSHULHQ]H ² VRSUDWWXWWR TXHOOH UHDOL]]DWH LQ SDHVL ´ORQWDQLµ FRPH LQ $PHULFD /DWLQD R LQ 2ULHQWH QRQ DFFHVVLELOL D WXWWL VRSUDWWXWWR L SL JLRYDQL DQFRUD QRQ LQVHULWL QHO PRQGR ODYRUDWLYR Ë LPSRUWDQWH FRQVLGHUDUH TXHVWH HVSHULHQ]H GL YRORQWDULDWR DOO·HVWHUR FRPH XQ UHDOH LQYHVWLPHQWR QHOOD SURSULD FUHVFLWD XPDQD QHO SURSULR DUULFFKLPHQWR FXOWXUDOH QHOO·DXPHQWR GHOOD FRVFLHQ]D GL Vp H FRQRVFHQ]D GHL SURSUL OLPLWL DXPHQWR GHOOD SURSULD DSHUWXUD PHQWDOH TXDOH FRUVR R PDVWHU GL JLRUQL SXz JDUDQWLUH WXWWR TXHVWR PDJDUL LQ XQD VROD HVWDWH" 8IILFLR YRORQWDULDWR )2&6,9 &RQWDWWL IRFVLY#IRFVLY LW ZZZ IRFVLY LW IDFHERRN FRP )2&6,9 WZLWWHU FRP )2&6,9
ZZZ HXURFXOWXUD LW
25$GL0829(56, Q GHO
/DYRUR
,O 1R 3URILW QHO 5HJQR 8QLWR &9 &RIIHH
,O 5HJQR 8QLWR UDSSUHVHQWD OD SDWULD GHO WHU]R VHWWRUH FRQ PLJOLDLD GL RSSRUWXQLWj GL YRORQWDULDWR H GL VWDJH SUHVHQWL RJQL JLRUQR VXO PHUFDWR 'D 21* FKH ORWWDQR SHU PHWWHUH ILQH DOOD SRYHUWj QHO PRQGR DG DVVRFLD]LRQL FKH WXWHODQR O·DPELHQWH R FHUFDQR XQD FXUD DO FDQFUR QHO 5HJQR 8QLWR F·q SRVWR SHU WXWWH OH FDXVH GHO PRQGR 3DUWLDPR GD XQD GRPDQGD FKH FL IDQQR LQ PROWL ´&KH WLSR GL ODXUHD VHUYH SHU ODYRUDUH LQ ,QJKLOWHUUD QHO 7HU]R 6HWWRUH"µ 'LSHQGH GDO ODYRUR FKH FHUFDWH 6H YL SLDFHUHEEH ODYRUDUH LQ XQ XIILFLR VWDPSD XQD ODXUHD LQ 6FLHQ]H GHOOH &RPXQLFD]LRQL SRWUHEEH WRUQDUH XWLOH 6H LQYHFH YRUUHVWH SL XQ ODYRUR GL ULFHUFD H DQDOLVL DOORUD YL YHUUj FHUWDPHQWH ULFKLHVWD XQD ODXUHD VSHFLILFD QHO VHWWRUH LQ FXL YRUUHVWH IDUH ULFHUFD DG HV 5HOD]LRQL ,QWHUQD]LRQDOL SHU 21* FKH ODYRUDQR LQ SDHVL LQ YLD GL VYLOXSSR ,Q OLQHD GL PDVVLPD H SHU ODYRUL FKH QRQ ULFKLHGRQR SHUFRUVL GL VWXGL VSHFLILFL VL SUHGLOLJRQR TXHL FDQGLGDWL FKH SXU QRQ DYHQGR XQD ODXUHD DEELDQR OH VHJXHQWL VNLOOV XQ IRUWH LQWHUHVVH YHUVR OD FDXVD DEEUDFFLDWD GDOO·DVVRFLD]LRQH JUDQGH PRWLYD]LRQH LPSHJQR HG HQWXVLDVPR &RPPXQLFDWLRQ VNLOOV GXQTXH QRQ FDQGLGDWHYL VH QRQ DYHWH XQD EXRQD FRQRVFHQ]D GHOO·LQJOHVH HVVHUH LQQRYDWLYL R FRPH GLFRQR JOL LQJOHVL ´WKLQN RXWVLGH WKH ER[µ VRSUDWWXWWR TXDQGR VL q D FRUWR GL IRQGL H ELVRJQD RUJDQL]]DUH XQ HYHQWR GL IXQGUDLVLQJ 6XSSRQHQGR FKH VL DEELD XQD EXRQD FRQRVFHQ]D GHOOD OLQJXD FRPH VL ID DG HQWUDUH QHO VHWWRUH GHOOH FKDULWLHV" 3ULPD GL SRWHU RWWHQHUH XQ ODYRUR UHPXQHUDWR q LQGLVSHQVDELOH DFTXLVLUH HVSHULHQ]D QHO VHWWRUH DWWUDYHUVR YRORQWDULDWR H VWDJH ( D YROWH VSHVVR JOL VWDJH GHYRQR HVVHUH SL GL XQR SULPD GL SRWHUVL FDQGLGDUH SHU ODYRUL UHPXQHUDWL 4XDVL WXWWH OH DVVRFLD]LRQL QRQ SURILW RIIURQR RSSRUWXQLWj GL VWDJH R YRORQWDULDWR 8QD YROWD FKH DYHWH FDSLWR TXDOH FDXVD YROHWH DSSRJJLDUH DOORUD q WHPSR GL FRPLQFLDUH OD YRVWUD ULFHUFD 6H VDSHWH JLj TXDOL VRQR OH DVVRFLD]LRQL SHU OH TXDOL YRUUHVWH ODYRUDUH DOORUD ULFHUFDWH OH RIIHUWH GL YRORQWDULDWR H WLURFLQLR GLUHWWDPHQWH VXO ZHEVLWH GHOO·RUJDQL]]D]LRQH QHOOH VH]LRQL -RE ² :RUN ZLWK 8V ² 9ROXQWHHULQJ ² *HW ,QYROYHG
6H LQYHFH VLHWH FHUWL GHOOD FDXVD GD DEEUDFFLDUH PD XQ SR· SL GXEELRVL VXOO·DVVRFLD]LRQH SHU FXL ODYRUDUH L VLWL ZHE GD XWLOL]]DUH SHU OD YRVWUD ULFHUFD VRQR &KDULW\ -RE ZZZ FKDULW\MRE FR XN H 7KLUG 6HFWRU ZZZ WKLUGVHFWRU FR XN 3HU OD ULFHUFD LQYHFH GL RSSRUWXQLWj GL VROR YRORQWDULDWR YLVLWDWH LO VLWR GL 'R ,W ZZZ GR LW RUJ XN ,O UXROR H OH UHVSRQVDELOLWj FKH LO YRORQWDULR ULFRSULUj VRQR GHVFULWWL FRQ HVWUHPD FKLDUH]]D H L VDODUL TXDQGR VDUHWH SURQWL SHU FHUFDUH SRVL]LRQL UHPXQHUDWH SXEEOLFDWL FRQ PROWD WUDVSDUHQ]D D GLIIHUHQ]D GHOO·,WDOLD *OL VWDJH SUHYHGRQR XQD GXUDWD GL R PHVL H XQD SUHVHQ]D LQ XIILFLR GL JLRUQL D VHWWLPDQD D YROWH DQFKH XQR LO FKH UHQGH FRQFLOLDELOL XQ ODYRUR UHPXQHUDWR ² VHPSOLFHPHQWH SHU PDQWHQHUVL HFRQRPLFDPHQWH ² H OR VWDJH LQGLVSHQVDELOH SHU DFTXLVLUH FRPSHWHQ]H QHO SURSULR VHWWRUH GL VWXGL H R GL LQWHUHVVH ,O ULPERUVR SUHYLVWR q GL SRFKH VWHUOLQH ² SUDQ]R H WUDVSRUWL DOO·LQFLUFD VWHUOLQH 6H OD ODXUHD QRQ q VHPSUH ULFKLHVWD ULYHVWRQR LQYHFH PROWD LPSRUWDQ]D OH SURIHVVLRQDO TXDOLILFDWLRQV RYYHUR TXHL GLSORPL ULFRQRVFLXWL QHO VHWWRUH H FKH YL UHQGHUDQQR SL FRPSHWLWLYL VXO PHUFDWR 'DO GLSORPD LQ )XQGUDLVLQJ ULFRQRVFLXWR GDOO·,QVWLWXWH RI )XQGUDLVLQJ SDVVDQGR SHU TXDOLILFKH LQ &DPSDLJQLQJ R 9ROXQWHHU 0DQDJHPHQW TXHVWL FRUVL GL VWXGLR SRWUHEEHUR ULYHODUVL GHFLVLYL SHU RWWHQHUH ODYRUL QHOOH FKDULWLHV VRSUDWWXWWR VH UHPXQHUDWL 3HU FHUFDUH LO FRUVR FKH ID DO FDVR YRVWUR YLVLWDWH 6NLOOV ² 7KLUG 6HFWRU ZZZ VNLOOV WKLUGVHFWRU RUJ XN /R VWHVVR 6NLOOV ² 7KLUG 6HFWRU KD UHFHQWHPHQWH SXEEOLFDWR XQD ULFHUFD VHFRQGR OD TXDOH LO QXPHUR GHL ODYRUDWRUL QHO WHU]R VHWWRUH q DXPHQWDWR GL TXDVL LO Ë SHUz DQFKH DXPHQWDWR LO QXPHUR GHL ODYRUDWRUL SDUW WLPH FKH QRQ ULHVFRQR D WURYDUH XQ IXOO WLPH /H GRQD]LRQL QHO WHU]R VHWWRUH VRQR LQYHFH FDODWH GHO QHO ( DOORUD TXDOH PRPHQWR PLJOLRUH SHU PRVWUDUH LO YRVWUR ODWR LQQRYDWLYR H FRQYLQFHUH LO GDWRUH GL ODYRUR FKH VLHWH LO FDQGLGDWR LGHDOH" &9 &RIIHH q VSHFLDOL]]DWR QHO WHU]R VHWWRUH FRQWDWWHFL VH DYHWH ELVRJQR GL SUHSDUDUH LO YRVWUR &9 H OHWWHUD PRWLYD]LRQDOH 3HU VDSHUQH GL SL FYDQGFRIIHH#FYDQGFRIIHH FRP
ZZZ HXURFXOWXUD LW
25$GL0829(56, Q GHO
/DYRUR
)DUH LO PHGLFR QHO PRQGR GL %HUQG )DDV &DUHHU FRXQVHOORU /D SURIHVVLRQH GHO PHGLFR q ULFKLHVWD LQ PROWL SDHVL $ 0DQFKHVWHU ODYRUDQR SL PHGLFL GHO 0DODZL GL TXHOOL FKH VRQR ULPDVWL LQ SDWULD PHGLFL LWDOLDQL VRQR VWDELOPHQWH LQVHGLDWL QHO 5HJQR 8QLWR /D 'DQLPDUFD DVVXPH WXWWR O·DQQR WUD L SRODFFKL *OL 6WDWL GHO *ROIR $UDER RIIURQR WUD H GROODUL HVHQWDVVH SHU DWWLUDUH PHGLFL FRQ DOPHQR FLQTXH DQQL GL HVSHULHQ]D /D 6YL]]HUD FHUFD VSHFLDOLVWL GL RJQL WLSR 6L SRWUHEEH DOOXQJDUH GL PROWR OD OLVWD GHJOL HVHPSL &L IHUPLDPR FRQ O·XOWLPR FKH ULJXDUGD XQ IDWWR VLQJRODUH PD FKH SURSULR SHU TXHVWR ID FDSLUH OH RSSRUWXQLWj LQ DOWUL SDHVL 1HO 5HJQR 8QLWR WURYLDPR DQFKH RSSRUWXQLWj GL ODYRUR GXUDQWH LO ILQH VHWWLPDQD RSSXUH SHU XQD VROD VHWWLPDQD 3HUFLz GD SDHVL FRPH OD *HUPDQLD VL PXRYRQR PHGLFL RVSHGDOLHUL SHU IDUH JOL ´VWUDRUGLQDULµ QHJOL RVSHGDOL LQJOHVL FRQ XQD SDJD RUDULD GL VWHUOLQH 8Q WXUQR GL RUH ID JXDGDJQDUH DQFKH GRSR OH WDVVH XQ FLIUD FKH VXSHUD D YROWH OR VWLSHQGLR PHQVLOH SHUFHSLWR LQ SDWULD /D VDQLWj HXURSHD PD QRQ VROR LQ TXDQWR DOOD SURIHVVLRQH GHO PHGLFR VL VWD VHPSUH GL SL LQWHUQD]LRQDOL]]DQGR 6H XQD YROWD VL DQGDYD DOO·HVWHUR VROR GD UDJD]]L SHU FRPSOHWDUH OD IRUPD]LRQH RJJL VL SXz DQGDUH TXDVL LQ RJQL PRPHQWR GHOOD FDUULHUD SURIHVVLRQDOH 1HOOD VROD *HUPDQLD HVHUFLWDQR TXDVL PHGLFL VWUDQLHUL 4XHVWD FLIUD VL WULSOLFD TXDQGR SUHQGLDPR LQ FRQVLGHUD]LRQH LO 5HJQR 8QLWR
5LFHUFD GHO ODYRUR 1HJOL XOWLPL DQQL YLVWD OD FDUHQ]D GL SHUVRQDOH VDQLWDULR VRQR QDWH PROWH DJHQ]LH SULYDWH VSHFLDOL]]DWH /D PDJJLRU SDUWH KD VHGH QHO 5HJQR 8QLWR PD QRQ VL OLPLWD D UHFOXWDUH SHU L SRVWL VXOO·LVROD 6SHVVR FHUFD SHU RUJDQL]]D]LRQL LQWHUQD]LRQDOL SHU RVSHGDOL SXEEOLFL H SULYDWL SHU JOL 6WDWL $UDEL SHU JOL 6WDWL 8QLWL SHU O·$XVWUDOLD HFF 5LYROJHUVL D TXHVWH DJHQ]LH QRQ FRPSRUWD XQD VSHVD SHU LO FDQGLGDWR LQ TXDQWR VRQR SDJDWH GDO FRPPLWWHQWH GHOOR VWLSHQGLR DQQXDOH RSSXUH DOFXQH PHQVLOLWj
/D SURFHGXUD GL VHOH]LRQH LQL]LD GL VROLWR FRQ OD FDQGLGDWXUD RQOLQH VHJXLWD GD XQ LQYLWR SHU LO FROORTXLR QHOOD VHGH GHOO·DJHQ]LD YLDJJLR D VSHVH GHO FDQGLGDWR 3RVVRQR VHJXLUH DOWUL FROORTXL SHU XOWHULRUL FKLDULPHQWL 3L YROWH O·DQQR DWWUDYHUVR OD UHWH HXURSHD (85(6 GHL &HQWUL SHU O·,PSLHJR QD]LRQDOL YDULH VWUXWWXUH VDQLWDULH HVWHUH FHUFDQR SHUVRQDOH DQFKH LQ ,WDOLD (YHQWXDOL GDWH GL VHOH]LRQH VRQR DQQXQFLDWH VXO VLWR ,Q WXWWH OH 5HJLRQL VRQR D GLVSRVL]LRQH JOL (XURFRQVLJOLHUL FKH DLXWDQR DQFKH L PHGLFL D FDSLUH FRPH PXRYHUVL SHU WURYDUH XQ ODYRUR DOO·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j VHJXLWH SHU O·DVVXQ]LRQH GL SHUVRQDOH D WHPSR GHWHUPLQDWR R LQGHWHUPLQDWR FDQGLGDWXUD GLUHWWD RSSXUH WUDPLWH FRQFRUVR /·XOWLPD ULJXDUGD GL SL SDHVL FRPH OD )UDQFLD H OD 6SDJQD PHQWUH OD SULPD q TXHOOD GLIIXVD QHL 3DHVL 1RUGLFL H IXRUL GDOO·(XURSD
5HWULEX]LRQH /R VWLSHQGLR GHO PHGLFR GLSHQGHQWH YDULD D VHFRQGD GHO SDHVH 3HU HVHPSLR XQ ´KRXVH RIILFHUµ LQJOHVH LQL]LD FRQ VWHUOLQH VH ODYRUD D /RQGUD ULFHYH XQ·DJJLXQWD SHU LO SL DOWR FRVWR GHOOD YLWD , VLWL GHJOL 2UGLQL H GHOOH $VVRFLD]LRQL 3URIHVVLRQDOL ULSRUWDQR VHPSUH OH XOWLPL QRYLWj UHODWLYDPHQWH D VWLSHQGLR H EHQHILW
ZZZ HXURFXOWXUD LW
25$GL0829(56, Q GHO
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
6LWL $XVWULD ZZZ DHU]WHNDPPHU DW LQIRUPD]LRQH )UDQFLD KWWS HPSORL IKI IU RIIHUWH ZZZ VWDIIVDQWH IU RIIHUWH ZZZ VDQWH JRXY IU FRQFRUVR ,UODQGD ZZZ PHGLFDOFRXQFLO LH LQIRUPD]LRQH ZZZ LPR LH LQIRUPD]LRQH /XVVHPEXUJR ZZZ FROOHJHPHQGLFDO OX LQIRUPD]LRQH ZZZ DPPG OX LQIRUPD]LRQH 3DHVL %DVVL ZZZ PHGLVFKHYDFDWXUHEDQN QO RIIHUWH KWWS NQPJ DUWVHQQHW QO LQIRUPD]LRQH 3RUWRJDOOR ZZZ PLQ VDXGH SW LQIRUPD]LRQH ZZZ RUGHPGRVPHGLFRV SW LQIRUPD]LRQH ZZZ IDFHERRN (XURFXOWXUD
ZZZ OLQNHGLQ FRP FRPSDQ\ HXURFXOWXUD
ZZZ WZLWWHU FRP HXURFXOWXUD
KWWS EORJ HXURFXOWXUD LW
ZZZ HXURFXOWXUD LW
25$GL0829(56, Q GHO
/DYRUR
6WDJLRQDOL QHO 5HJQR 8QLWR GL %HUQG )DDV &DUHHU FRXQVHOORU ,O 5HJQR 8QLWR q VHQ]D GXEELR LO SDHVH SL IUHTXHQWHPHQWH VFHOWR SHU LO ODYRUR VWDJLRQDOH $WWLUD LQ PRGR SDUWLFRODUH SHU OD OLQJXD H SHU VSHULPHQWDUVL LQ XQ FRQWHVWR VWUDQLHUR (QWUDPEL L PRWLYL SRUWDQR DG XQ DUULFFKLPHQWR GHO FXUULFXOXP YLWDH FKH XQD YROWD WRUQDWL D FDVD SXz WUDGXUVL LQ XQ ODYRUR FKH SULPD HUD LPSRVVLELOH / HVWDWH q VHPSUH LO SHULRGR LQ FXL OH RSSRUWXQLWj VRQR SL QXPHURVH 0D DQFKH LQ DOWUL SHULRGL LO ODYRUR VL WURYD SHUFKp LO WDVVR GL GLVRFFXSD]LRQH q PROWR EDVVR LQ UHOD]LRQH DOOD PHGLD HXURSHD FLUFD LQ FRQIURQWR D FLUFD 4XHVWR q XQ VHJQDOH FKLDUR FKH ODYRUL SHU TXDOFKH PHVH VRQR GLVSRQLELOL SHU HVHPSLR QHL VHUYL]L QHL QHJR]L QHL IDVW IRRG FRPH IDFFKLQR FRPPHVVR PDJD]]LQLHUH FDPHULHUH HFF /D VWUDJUDQGH PDJJLRUDQ]D GHL ODYRUL QRQ ULFKLHGH XQD SDUWLFRODUH SUHSDUD]LRQH SURIHVVLRQDOH 6SHVVR VL LPSDUD TXHOOR FKH F q GD LPSDUDUH QHOO DUFR GL GXH WUH JLRUQL /D UHWULEX]LRQH GL FRQVHJXHQ]D q EDVVD H FRUULVSRQGH DO VDODULR PLPLQR FLUFD (XUR DOO RUD RSSXUH q SL DOWD GL TXDOFKH GHFLQD GL SHQQ\ 1H ULVXOWD XQD UHWULEX]LRQH DSSHQD VXIILFLHQWH SHU VRSUDYYLYHUH H SDJDUH OH DOWH VSHVH GL YLWD WUDVSRUWL H DOORJJLR 1DWXUDOPHQWH LO GLVFRUVR FDPELD VH VL SXQWD DG XQ ODYRUR TXDOLILFDWR XWLOL]]DQGR OD SURSULD SURIHVVLRQH 0D VH OD GLVSRQLELOLWj q VROR GL TXDOFKH PHVH GLIILFLOPHQWH VL ULHVFH D PHWWHUOD D IUXWWR , ODYRUL VWDJLRQDOL VRQR VROLWDPHQWH DFFHVVLELOL SHU FKL KD DOPHQR DQQL 6L GHYH WHQHU SUHVHQWH FKH OD FRQFRUUHQ]D QRQRVWDQWH LO EXRQ DQGDPHQWR GHO PHUFDWR GHO ODYRUR q VHPSUH IRUWH ROWUH DL JLRYDQL LQJOHVL DUULYDQR PLJOLDLD GL ODYRUDWRUL VWUDQLHUL GD WXWWH OH SDUWL GHO PRQGR / DFFHVVR DO ODYRUR q QDWXUDOPHQWH GHWHUPLQDWR LQ PRGR GHFLVLYR GDO JUDGR GL FRQRVFHQ]D GHOOD OLQJXD 3L DOWD q OD FDSDFLWj GL FRPXQLFD]LRQH SL IDFLOH VDUj O LQVHULPHQWR QHO SRVWR GL ODYRUR &KL LQWHQGH PHWWHUVL DOOD SURYD VXOO LVROD EULWDQQLFD GHYH RULHQWDUVL VX YDUL IURQWL FRPH UHTXLVLWL PRGDOLWj H IRUPH GHOOD GRPDQGD WHPSL DVSHWWL EXURFUDWLFL &RQ TXHVWD SULPD SXQWDWD LQL]LDPR DG DQDOL]]DUH L SXQWL FUXFLDOL XQR SHU XQR H D SUHVHQWDUH L YDUL VHWWRUL SRVVLELOL FRQ XQD VHOH]LRQH GL RIIHUWH GL ODYRUR
/D GXUDWD ,O SHULRGR GL SHUPDQHQ]D ULFKLHVWR GDL GDWRUL GL ODYRUR QHO VHWWRUH DOEHUJKLHUR H WXULVWLFR q VROLWDPHQWH GL DOPHQR WUH PHVL WUD PDJJLR HG RWWREUH &Lz q GHWHUPLQDWR GDO IDWWR FKH GXUDQWH OD VWDJLRQH WXULVWLFD LO GDWRUH GL ODYRUR q LQWHUHVVDWR DG DYHUH XQR VWDII GL SHUVRQH DEEDVWDQ]D VWDELOL LQ PRGR GD DPPRUWL]]DUH LO WHPSR GHGLFDWR LQL]LDOPHQWH DOOD IRUPD]LRQH GHO ODYRUDWRUH VWUDQLHUR 8Q SDUFR GL GLYHUWLPHQWR SUHIHULVFH FKL KD D GLVSRVL]LRQH FLQTXH R VHL PHVL FLRq WXWWR LO SHULRGR GL DSHUWXUD 8Q IDVW IRRG LQYHFH KD XQ DOWR WDVVR GL WXUQ RYHU H VL DFFRQWHQWD DQFKH GL PHQR 8Q QHJR]LR GL DEELJOLDPHQWR YXROH LO FRPPHVVR SHU LO PDJJLRU WHPSR SRVVLELOH PHQWUH TXHOOR GL YHQGLWD H QROHJJLR GHOOH WDYROH GD VXUI DO PDUH SXz FHUFDUH DQFKH VROR SHU L PHVL FDOGL WUD JLXJQR H DJRVWR ,O VXSHUPHUFDWR q SDUWLFRODUPHQWH LQWHUHVVDWR GXUDQWH LO SHULRGR GHOOH IHULH GHL GLSHQGHQWL VWDELOL H QHO SHULRGR OXJOLR DJRVWR RIIUH DQFKH ODYRUL GL TXDWWUR R VHL VHWWLPDQH 8Q HFFH]LRQH q UDSSUHVHQWDWD GDL ODYRUL LQ DJULFROWXUD GRYH VRQR ULFKLHVWL SHULRGL GL SHUPDQHQ]D D SDUWLUH GD GXH VHWWLPDQH H GDL ODYRUL VDOWXDUL FRPH LO YRODQWLQDJJLR L WUDVORFKL L ODYRUL GL VFDULFR PDWHULDOL GRYH LO WHPSR ULFKLHVWR q GL SRFKH RUH R GL SRFKL JLRUQL ,Q TXHVWR FDVR SRLFKp OD UDFFROWD GHOOD IUXWWD R GL TXDOFKH DOWUR SURGRWWR DJULFROR VL HVDXULVFH LQ SRFKH VHWWLPDQH XQR GHYH JHQHUDOPHQWH VSRVWDUVL GD XQD UHJLRQH DOO DOWUD SHU WURYDUH ODYRUR GL QXRYR 6H O D]LHQGD KD XQ HPHUJHQ]D SHUFKp TXDOFXQR VL q GLPHVVR R VL q DPPDODWR GHYH DFFHWWDUH TXHOOR FKH F q 'L FRQVHJXHQ]D XQ ODYRUDWRUH FKH GLVSRQH VROR GL TXDWWUR VHWWLPDQH GL WHPSR SXz DQFKH ULXVFLUH D SUHQGHUH LO SRVWR 3HU QRQ OLPLWDUH OH SURSULH FKDQFH q LPSRUWDQWH ULVSRQGHUH FRQ FDXWHOD DOOD GRPDQGD +RZ ORQJ ZRXOG \RX OLNH WR VWD\" &RQYLHQH VHPSUH DGHJXDUH HVDWWDPHQWH OD ULVSRVWD DOOH DVSHWWDWLYH GHOO D]LHQGD
ZZZ HXURFXOWXUD LW
25$GL0829(56, Q GHO
'LVSRQLELOLWj ILQDQ]LDULD /H SULPH VHWWLPDQH QHO 5HJQR 8QLWR VRQR SDUWLFRODUPHQWH FRVWRVH VH VL FHUFD ODYRUR 2OWUH DOOH VSHVH GL YLDJJLR XQD SUHQRWD]LRQH TXDOFKH PHVH SULPD GHOOD SDUWHQ]D FRQ OH FRPSDJQLH D EDVVR FRVWR SXz IDU ULVSDUPLDUH DQFKH (XUR OH YRFL SL LPSHJQDWLYH GD DIIURQWDUH VRQR O DIILWWR GL XQD FDPHUD H O HYHQWXDOH FDX]LRQH $OO LQL]LR VL GHYH FDOFRODUH GL VSHQGHUH SL GHO QHFHVVDULR SHU IDUH OD VSHVD SHU SUHQGHUH L PH]]L SXEEOLFL SHU XVFLUH OD VHUD SHUFKp
QRQ VL FRQRVFRQR DQFRUD OH SRVVLELOLWj GL ULVSDUPLDUH VHQ]D ULQXQFLDUH 0HQWUH QHO SULPR PHVH OR VWLSHQGLR QRQ EDVWD SHU SDJDUH WXWWR YHGL YROR H FDX]LRQH QHO VHFRQGR PHVH LQYHFH GRYUHEEH EDVWDUH H SHUPHWWHUH DQFKH TXDOFKH SLFFROR FDSULFFLR 6H LO ODYRUR VL WURYD YHORFHPHQWH LO SULPR VWLSHQGLR VL SUHQGHUj SUREDELOPHQWH FLQTXH VHWWLPDQH GRSR O DUULYR FLz YXROH GLUH FKH VL GHYH GLVSRUUH FRPH PLQLPR GL XQD FRQVLVWHQWH FLDPEHOOD GL VDOYDWDJJLR ILQDQ]LDULR
6SHVD GD SURJUDPPDUH SHU LO SULPR PHVH LQ XQD JUDQGH FLWWj
(XUR
9LDJJLR YROR H WUHQR
$VVLFXUD]LRQL VDQLWDULD LQFLGHQWL EDJDJOLR
6SHVH GL WUDVSRUWR ORFDOH DEERQDPHQWR PHQVLOH
$OORJJLR
9LWWR
6SHVH SHU OD ULFHUFD GHO ODYRUR IRWRFRSLH WHOHIRQR
6SHVH SHU ´ULWRFFKLµ DOO·DEELJOLDPHQWR GL ODYRUR
7HOHIRQDWH D FDVD ,PSUHYLVWL 7RWDOH
PLQLPR HYHQWXDOH FDX]LRQH GL XQ PHVH SHU O·DOORJJLR
,GHH SHU SDUWLUH
ZZZ JDS\HDU LW (VSHULHQ]H GL YRORQWDULDWR LQWHUQD]LRQDOH /·$VVRFLD]LRQH *DS<HDU ZZZ JDS\HDU LW RIIUH O·RSSRUWXQLWj GL IDUH HVSHULHQ]H GL YRORQWDULDWR LQWHUQD]LRQDOH GL EUHYH H OXQJD GXUDWD LQ $IULFD &HQWUR $PHULFD H ,QGLD LQ SURJHWWL GL VYLOXSSR GL DVVRFLD]LRQL SDUWQHU 9XRL SDUWLUH SHU XQ·HVSHULHQ]D GL YRORQWDULDWR LQWHUQD]LRQDOH H IDUH OD GLIIHUHQ]D" *DS <HDU WL LQYLWD DOO·,QIR 'D\ GL YHQHUGu DSULOH D 0LODQR 7XWWH OH LQIRUPD]LRQL H OH PRGDOLWj GL SDUWHFLSD]LRQH VRQR LQ ZZZ HXURFXOWXUD LW LPDJHV &D9 JDS\HDU SGI 3HU DOWUH LQIRUPD]LRQL VFULYHUH D 0DUWD 0DLQLQL FRPXQLFD]LRQH#JDS\HDU LW
ZZZ HXURFXOWXUD LW
25$GL0829(56, Q GHO
6WXGLDUH DOO·HVWHUR
5HJQR 8QLWR GD GRYH FRPLQFLR" GL /LVD &RQIRUWR ,O ´SURJHWWRµ GL VWXGLDUH DOO·HVWHUR GLYHQWD VHPSUH SL FRQFUHWR SHU PROWL UDJD]]L FKH LQWHQGRQR VYLOXSSDUH OD ORUR IXWXUD FDUULHUD SURIHVVLRQDOH H IRUPDWLYD DSUHQGRVL FRVu OH SRUWH YHUVR SRVVLELOLWj GL LPSLHJR LQ ,WDOLD PD VRSUDWWXWWR LQ (XURSD 3DUWHQGR GD TXHVWR SUHVXSSRVWR q QHFHVVDULR DYHUH D GLVSRVL]LRQH XQ ´SURQWXDULRµ FKH SHUPHWWD GL DYYLFLQDUVL DOOD UHDOL]]D]LRQH GL TXHVWD PHUDYLJOLRVD PD DOWUHWWDQWR LPSHJQDWLYD LGHD /D EDVH GL SDUWHQ]D SHU TXDOVLDVL SURJHWWR q DYHU FKLDUR FKH FRVD VL YXROH IDUH TXDO q O·RELHWWLYR FKH VL YXROH UDJJLXQJHUH FKH LQIRUPD]LRQL VHUYRQR GRYH FHUFDUOH H TXLQGL FRPH IDUH" 1HO 5HJQR 8QLWR ,QJKLOWHUUD 6FR]LD *DOOHV H ,UODQGD GHO 1RUG VRQR ROWUH WUD 8QLYHUVLWj H FROOHJH OH SRVVLELOLWj GL VFHOWD SHU LQWUDSUHQGHUH XQ SHUFRUVR XQLYHUVLWDULR SRVW GLSORPD
&RPH DFFHGHUH DOOR VWXGLR XQLYHUVLWDULR QHO 5HJQR 8QLWR SDVVL GD FRPSLHUH 8QR GHL 3DHVL LQ JUDGR GL RIIULUH RSSRUWXQLWj GL VWXGLR LQWHUHVVDQWL q VLFXUDPHQWH LO 5HJQR 8QLWR OH LQIRUPD]LRQL GL DFFHVVR q SRVVLELOH WURYDUOH GLUHWWDPHQWH DWWUDYHUVR LO VLWR GHOOH 8QLYHUVLWj RSSXUH XWLOL]]DQGR LO SRUWDOH ZZZ XFDV DF XN VLWR FKH UDFFRJOLH OH ULFKLHVWH GL DGHVLRQH GHOOH 8QLYHUVLWj GHJOL VWXGHQWL ORFDOL H VWUDQLHUL
67(3 :+$7" 6FHJOLHUH LO FRUVR GL ODXUHD H O·XQLYHUVLWj R LO FROOHJH FKH FL SLDFHUHEEH IUHTXHQWDUH 6FHJOLHUH TXDOH FRUVR GL ODXUHD VHJXLUH H GRYH VWXGLDUH q OD SDUWH SL GLIILFLOH GHO SURJHWWR GL VWXGLR FLDVFXQR DYUj PRWLYD]LRQL DPEL]LRQL WDOHQWL LGHH GLYHUVH ULVSHWWR DO ODYRUR R SURJHWWR SURIHVVLRQDOH FKH LQWHQGH SHUVHJXLUH
/D SULPD FRVD GD IDUH SHU DFFHGHUH DOOH XQLYHUVLWj DQJORVDVVRQL q YHULILFDUH VH VL VRGGLVIDQR L 5(48,6,7, 0,1,0, (175< 5(48,5(0(176 SHU ULHQWUDUH QHOO·´(175< 352),/(µ (3 SUHYLVWL GD RJQL &RUVR GL /DXUHD GL RJQL 8QLYHUVLWj R &ROOHJH TXHVWL SRWUHEEHUR FDPELDUH D VHFRQGD GHO FRUVR LQWHUHVVDWR &RPH YHULILFDUH L UHTXLVLWL PLQLPL ULFKLHVWL" 3ULPD GL SUHVHQWDUH OD GRPDQGD GL DPPLVVLRQH q QHFHVVDULR YHULILFDUH D VHFRQGD GHO FRUVR VFHOWR VH VL VRGGLVIDQR L UHTXLVLWL PLQLPL SHU VRGGLVIDUH (QWU\ SURILOH FRPH DG HVHPSLR FRPH DG HVHPSLR O·DWWLQHQ]D GHO WLWROR GL VWXGLR VXSHULRUH OD SRVVLELOLWj GL IUHTXHQWDUH LO FRUVR OH DWWLWXGLQL SHUVRQDOL FKH VYROJHUH FRQ VXFFHVVR LO SHUFRUVR XQLYHUVLWDULR R VXSHUDUH XQ WHVW G·DPPLVVLRQH SHUFKp OD SURSULD FDQGLGDWXUD YDGD D EXRQ ILQH Ë SRVVLELOH WURYDUH LQIRUPD]LRQL GHWWDJOLDWH VXOO· (QWU\ SURILOH GHO FRUVR VFHOWR VXO VLWR GHOO·8QLYHUVLWj GL ULIHULPHQWR TXHVWR SRWUHEEH FDPELDUH DQFKH LQ EDVH DOO·8QLYHUVLWj FKH VL VFHJOLH IDUH DWWHQ]LRQH
67(3 $33/,&$7,21 )250 DWWUDYHUVR 8&$6 $& 8. /H XQLYHUVLWj H L FROOHJH KDQQR XQ ULIHULPHQWR FRVWDQWH SHU TXDQWR ULJXDUGD OH FDQGLGDWXUH GHJOL VWXGHQWL LO &HQWUR 6HUYL]L SHU O·DPPLVVLRQH DOO·8QLYHUVLWj ZZZ XFDV DF XN Ë SRVVLELOH SUHVHQWDUH ILQR DG XQ PDVVLPR GL FLQTXH ULFKLHVWH H FL VRQR WUH VFDGHQ]H VH VL GHFLGH GL SUHVHQWDUH OD SURSULD FDQGLGDWXUD DWWUDYHUVR 8&$6 RWWREUH JHQQDLR H PDU]R OH GDWH IDQQR ULIHULPHQWR D SDUWLFRODUL VFDGHQ]H GL FRUVL GL ODXUHD VSHFLILFL RWWREUH VFDGHQ]D SHU OH GRPDQGH î GHOO·DUHD VDQLWDULD FRPH DG HVHPSLR PHGLFLQD SURIHVVLRQDOH SURIHVVLRQL VDQLWDULH RGRQWRLDWULD PHGLFLQD YHWHULQDULD H FRUVL GL VFLHQ]H YHWHULQDULH î SHU WXWWL L FRUVL SUHVVR OH XQLYHUVLWj GL 2[IRUG H &DPEULGJH
ZZZ HXURFXOWXUD LW
25$GL0829(56, Q GHO
î 3HU TXHVWL SDUWLFRODUL FRUVL q QHFHVVDULR SUHVHQWDUH ULFKLHVWD XQ DQR SULPD
JHQQDLR VFDGHQ]D SHU î SHU WXWWL L FRUVL DG HFFH]LRQH GL TXHOOL VRSUD HOHQFDWL FRQ VFDGHQ]D RWWREUH H PDU]R VH OH ULFKLHVWH DUULYDQR GRSR TXHVWD GDWD QRQ q FHUWR FKH FL VLDQR DQFRUD SRVWL GLVSRQLELOL
PDU]R VFDGHQ]D SHU î SHU WXWWL L FRUVL LQHUHQWH O DUWH H FRUVL GL GHVLJQ HFFHWWR TXHOOL HOHQFDWL FRQ VFDGHQ]D JHQQDLR
Ë LPSRUWDQWH FKH O·DSSOLFDWLRQ IRUP DUULYL FRQ XQ SR· GL DQWLFLSR ULVSHWWR DOOD GDWD XIILFLDOH VH SHU TXDOFKH PRWLYR OH GRPDQGH GL DPPLVVLRQH DUULYDVVHUR ROWUH L WHUPLQL LQ RJQL FDVR ILQR DO JLXJQR VDUDQQR SUHVH LQ FRQVLGHUD]LRQH GDOOH XQLYHUVLWj VH FL VRQR DQFRUD SRVWL GLVSRQLELOL SHU L FRUVL SUHVFHOWL &RVD VXFFHGH GRSR" 8&$6 HODERUD OD GRPDQGD GL DPPLVVLRQH LQYLDQGR SRL XQD OHWWHUD GL EHQYHQXWR SHU SRVWD FRQIHUPDQGR GDWL SHUVRQDOL H OH VFHOWH IDWWH VXFFHVVLYDPHQWH OH 8QLYHUVLWj YDOXWHUDQQR OH GRPDQGH SHUYHQXWH H VXFFHVVLYDPHQWH OH 8QLYHUVLWj GHFLGHUDQQR GL IDUH R PHQR XQ·RIIHUWD DO FDQGLGDWR
67(3 /·2))(57$ '$ 3$57( '(//·81,9(56,7$· 2 ,/ &2//(*( 8QD YROWD LQYLDWD OD FDQGLGDWXUD H ULFHYXWD OD OHWWHUD GL EHQYHQXWR VX TXHVWD VDUj SRVVLELOH WURYDUH DQFKH XQD ORJLQ H XQD SDVVZRUG SHU YHGHUH RQ OLQH OR VWDWR GL DYDQ]DPHQWR GHOOD YRVWUD ULFKLHVWD Ë SRVVLELOH FKH O·8QLYHULVWj R LO &ROOHJH SUHVVR FXL DYHWH IDWWR OD OH ULFKLHVWH SHU LVFULYHUYL DO FRUVR GL ODXUHD SULPD GL IDUYL XQ·RIIHUWD YRJOLD FRQRVFHUYL H TXLQGL q QHFHVVDULR SUHSDUDVL SHU XQ ¶LQWHUYLVWD VXO FDPSR
&RPH SUHSDUDUVL DO PHJOLR SHU LO FROORTXLR ,O TXDQGR q H GRYH q SXQWXDOLWj H SUHFLVLRQH VRQR QHFHVVDULH SHU DIIURQWDUH FRQ VXFFHVVR LO FROORTXLR $UULYDUH FRQ TXDOFKH JLRUQR GL DQWLFLSR YLVLWDUH O·8QLYHUVLWj LO FDPSXV H LO VLWR ZHE 6H DYHWH ELVRJQR GL PDJJLRUL LQIRUPD]LRQL q QHFHVVDULR PHWWHUVL LQ FRQWDWWR FRQ O 8QLYHUVLWj R &ROOHJH ,QIRUPDUVL YLVLWDUH LO VLWR EORJ GHJOL VWXGHQWL H VLWL GL DVVRFLD]LRQL VWXGHQWHVFKH GRYH SRWHU UDFFRJOLHUH LQIRUPD]LRQL )DWH XQD OLVWD GL GRPDQGH FKH YRUUHVWH FKLHGHUH R GXEEL FKH DYHWH 6WXGLDUH OD YRVWUD DSSOLFDWLRQ IRUP OH PRWLYD]LRQL H JOL RELHWWLYL FKH DYHWH VFULWWR QHOO·DSSOLFDWLRQ IRUP GRYHWH ´PDVWLFDUOLµ FRQ VLFXUH]]D SHUFKp GD OL LQL]LHUj OD YRVWUD LQWHUYLVWD
(VVHUH VLFXUL VXL WHPL FDOGL QHOOD YRVWUD DUHD GLVFLSOLQDUH q EHQH FKH PRWLYLDWH DQFKH OD VFHOWD ULVSHWWR DOOH DUHH GLVFLSOLQDUL HG q VHPSUH SDUWLFRODUPHQWH DSSUH]]DWR HVVHUH DJJLRUQDWL VX HYHQWL R WHPDWLFKH GL DWWXDOLWj (VHUFLWDUVL SULPD LQ XQD ´VLPXOD]LRQHµ GL FROORTXLR LQ OLQJXD ´3UDFWLFH PDNHV SHUIHFWµ OH GRPDQGH SL IUHTXHQWL « 3HUFKp KDL VFHOWR TXHVWR FRUVR" FKH FRVD WL SLDFH GL SL GHO FRUVR FKH VWDL VWXGLDQGR" SHUFKp KDL VFHOWR TXHVWD XQLYHUVLWj" 1RQ DIIURQWDUH LO FROORTXLR VH OD QRWWH SULPD QRQ KDL GRUPLWR EHQH
$ FROORTXLR « FRQVLJOL HIILFDFL /H LQWHUYLVWH VRQR VHPSUH VQHUYDQWL VRSUDWWXWWR LQ XQ DOWUR 3DHVH VRSUDWWXWWR LQ XQ·DOWUD OLQJXD (·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«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q FKLDUR TXDOFRVD 6H TXDOFRVD QRQ q FKLDUR FKLHGHWH GL ULIRUPXODUH VROR FRVu ULXVFLUHWH D ULVSRQGHUH LQ PRGR DGHJXDWR HG HIILFDFH $VSHWWDWHYL O LQDVSHWWDWR WDOYROWD SRWUHEEH FDSLWDUH FKH O·LQWHUYLVWDWRUH YRJOLD FUHDUH XQ SR· GL SUHVVLRQH SURSRQHQGRYL SHU HVHPSLR XQ HVHUFL]LR R XQ WHVW PDQWHQHWH OD FDOPD H FHUFDWH GL ULVSRQGHUH FRQ OXFLGLWj )DUH GRPDQGH VH SXz HVVHUH XWLOH SHU WH IDUH GHOOH GRPDQGH DOO·LQWHUYLVWDWRUH RYYLDPHQWH q SRVVLELOH SXUFKp VLDQR RSSRUWXQH H DWWLQHQWL DO FRUVR 'RSR LO FROORTXLR FRVD IDUH" 'RSR LO FROORTXLR SURYDWH D ULSHQVDUH DOOH GRPDQGH IDWWH H SUHQGHWH DSSXQWL VH YL VLHWH FDQGLGDWL SHU DOWUH 8QLYHUVLWj q SRVVLELOH FKH OH GRPDQGH VLDQR VLPLOL FHUFDWH GL YDOXWDUH FRVD q DQGDWR EHQH H FRVD q SRVVLELOH PLJOLRUDUH «
ZZZ HXURFXOWXUD LW
25$GL0829(56, Q GHO
$ TXHVWR SXQWR DVSHWWDWH FKH O·8QLYHUVLWj YL SURSRQJD XQ· ´RIIHUWDµ R PHJOLR YL GLD O·RSSRUWXQLWj GL IUHTXHQWDUH LO FRUVR GL ODXUHD FKH DYHWH VFHOWR
67(3 '232 /·2))(57$ '(//·8,19(56,7 &RVD GHYR IDUH" 7UH DOWHUQDWLYH VH O·XQLYHUVLWj PL ID XQ·RIIHUWD 6H O·8QLYHUVLWj PL ID XQ·RIIHUWD SRVVR ULVSRQGHUH FRQ &RQIHUPD H DFFHWWD]LRQH 6L FRQIHUPD OD VFHOWD IDWWD FRQ O·DFFHWWD]LRQH GHO FRUVR ,Q TXHVWR FDVR O·DFFHWWD]LRQH GHOO·RIIHUWD q XQFRQGLWLRQDO RIIHU LQFRQGL]LRQDWD O XWHQWH DFFHWWD GL IUHTXHQWDUH LO FRUVR LQ XQ· 8QLYHUVLWj R &ROOHJH PD q QHFHVVDULR ULILXWDUH OH DOWUH RIIHUWH VH DEELDPR LQYLDWR SL ULFKLHVWH 9DOXWD]LRQH GHOO·DFFHWWD]LRQH (· SRVVLELOH WHQHUH LQ ´VWDQG E\µ O·DFFHQWD]LRQH GD SDUWH GL XQ· 8QLYHUVLWj PD q SRVVLELOH VROR SHU XQ FRUVR GL ODXUHD QHO FDVR LQ FXL VWDWH YDOXWDQGR R DVSHWWDQGR DOWUH ULVSRVWH ,Q TXHVWR FDVR OD VFHOWD q GL XQ· ´RIIHUWD FRQGL]LRQDWDµ 1RQ DFFHWWD]LRQH 8QD YROWD FKH DYHWH GHFLVR GL FRQIHUPDUH OD SULPD VFHOWD TXLQGL ´O· DFFHWWD]LRQHµ q QHFHVVDULR ULILXWDUH WXWWH OH DOWUH RIIHUWH 7HUPLQL HQWUR L TXDOL q QHFHVVDULR ULVSRQGHUH (· QHFHVVDULR ULVSRQGHUH HQWUR L WHUPLQL GL VHJXLWR HOHQFDWL ULVSHWWR DOOH RIIHUWH GHOOH 8QLYHUVLWj VH QRQ VL ULVSRQGH HQWUR LO WHUPLQH GDWR DOWULPHQWL QRQ VDUDQQR SUHVH LQ FRQVLGHUD]LRQH OH YRVWUH GRPDQGH &XVWRPHU &RQWDFW &HQWUH ZZZ XFDV DF XN DERXWBXV FRQWDFWBXV
1RQ q DWWLQHQWH LO FRUVR GL ODXUHD VFHOWR FRQ OH PRWLYD]LRQL H OH DWWLWXGLQL 4XLQGL VH QRQ VLHWH LQ SRVVHVVR GL QHVVXQD RIIHUWD GD SDUWH GHOO·8QLYHUVLWj DYYHUUj XQD FDQFHOOD]LRQH DXWRPDWLFD H VDUj SRVVLELOH LQL]LDUH XQ· DOWUD ULFHUFD ,QIDWWL QHO SHULRGR WUD OXJOLR H VHWWHPEUH JOL XWHQWL SRVVRQR DFFHGHUH DG XQ VHUYL]LR FKLDPDWR ´FOHDULQJµ GRYH q SRVVLELOH DFFHGHUH DG DOWUL VHUYL]L HG DVVLVWHQ]D SHU OD GRPDQGD GL DPPLVVLRQH
67(3 67$57,1* 81,9(56,7< 25 &2//(*( 3ULPD GL LQL]LDUH LQ XQ· 8QLYHUVLWj R &ROOHJH q QHFHVVDULR DVVLFXUDUVL GL DYHUH WXWWR SURQWR O·DOORJJLR OH ILQDQ]H O· RUJDQL]]D]LRQH GHO YLDJJLR OLEUL H DWWUH]]DWXUH QHFHVVDULH SHU LO FRUVR
3DUWH HFRQRPLFD
/H YRVWUH ILQDQ]H GHYRQR HVVHUH LQ RUGLQH SULPD GL SDUWLUH (· RSSRUWXQR FKH SRVVLDWH DSULUYL XQ FRQWR FRUUHQWH GRYH GHFLGHUHWH GL IUHTXHQWDUH O·8QLYHUVLWj VROLWDPHQWH FL VRQR DJHYROD]LRQL SHU JOL VWXGHQWL 3HQVDWH DG XQ·DVVLFXUD]LRQH FKH YL SRVVD WXWHODUH GD XQ SXQWR GL YLVWD VDQLWDULR LQIRUWXQL R DOWUR FRVu GD HVVHUH FRSHUWL SHU LQDVSHWWDWL LQFRQYHQLHQWL ,QIRUPDWHYL VX TXDQWR VDUDQQR OH WDVVH XQLYHUVLWDULH LO FRVWR PHGLR GHOOD YLWD JOL DIILWWL H LO FLER« PDJJLRUL GHWWDJOL VDUDQQR IRUQLWL VXO SURVVLPR QXPHUR
$OORJJLR
&RQWUROODUH O LGRQHLWj GHO YRVWUR DOORJJLR OH VSHVH GD VRVWHQHUH H O·DIILWWR q LPSRUWDQWH VDSHUH VH OH VSHVH GL O·HOHWWULFLWj JDV DFTXD H GL DVVLFXUD]LRQH VRQR LQFOXVH H VH GHFLGHUHWH GL FRQGLYLGHUH O·DOORJJLR FRQ DOWUL UDJJLXQJHWH XQ DFFRUGR SULPD 6WDELOLUH GHOOH UHJROH DLXWD D YLYHUH PHJOLR Ë FRQVLJOLDELOH YHULILFDUH VH FL VRQR ULOHYDWRUL GL IXPR H ULYHODWRUL GL PRQRVVLGR GL FDUERQLR H TXDQGR TXHVWH DSSDUHFFKLDWXUH VLDQR VWDWH FRQWUROODWH 9HULILFDUH FKH OH SRUWH H OH ILQHVWUH DEELDQR VHUUDWXUH VLFXUH &RQWUROODUH L VLWL ZZZ WKHVDF RUJ XN R ZZZ QDWLRQDOFRGH RUJ SHU YHULILFDUH XOWHULRUL LQIRUPD]LRQL VXJOL DOORJJL DVVLFXUD]LRQL H UHJRODPHQWL SUHYLVWL UHVSRQVDELOLWj GHJOL LQTXLOLQL H GHOO·DIILWWXDULR
,VFUL]LRQL 8OWLPD GHFLVLRQH
/D WXD GDWD GL ULVSRVWD q
PDU]R
PDJJLR
PDJJLR
JLXJQR
JLXJQR
JLXJQR
OXJOLR
OXJOLR
6H OH 8QLYHUVLWj QRQ KDQQR DFFHWWDWR OD YRVWUD DSSOLFDWLRQ IRUP H TXLQGL QRQ VLHWH LQ SRVVHVVR GL QHVVXQD RIIHUWD OH PRWLYD]LRQL SRWUHEEHUR HVVHUH GL GLYHUVD QDWXUD DG HVHPSLR /D ULFKLHVWD q VWDWD LQROWUDWD GRSR LO JLXJQR R FRPXQTXH ROWUH L WHUPLQL VWDELOLWL 1RQ FL VRQR SL SRVWL GLVSRQLELOL
7UDVSRUWR 6DSHU DQGDUH H WRUQDUH GDOO· 8QLYHUVLWj R &ROOHJH q LPSRUWDQWH SHUFKp LO ULWDUGR QRQ IDUj XQD EXRQD
ZZZ HXURFXOWXUD LW
25$GL0829(56, Q GHO
LPSUHVVLRQH VXL GRFHQWL &RQWUROODUH JOL RUDUL GHL WUHQL H GHJOL DXWREXV R XWLOL]]DUH XQD PDSSD SHU WURYDUH LO SHUFRUVR SL DGDWWR $QGDUH D SLHGL q VDOXWDUH PD DVVLFXUDWHYL GL HVVHUH LQ XQD ]RQD WUDQTXLOOD
&RPXQLFD]LRQH ,QGLVSHQVDELOH XQ WHOHIRQR FHOOXODUH XQ DFFRXQW GL SRVWD HOHWWURQLFD H XQ FROOHJDPHQWR LQWHUQHW
$OWUH FRVH GD SUHQGHUH 8QD OLVWD GL TXHOOR FKH SXz HVVHUH XWLOH SHU WUDVIHULUVL q LQGLVSHQVDELOH $G HVHPSLR OLEUL DWWUH]]DWXUH 79 VWHUHR ELDQFKHULD GD OHWWR VWRYLJOLH H DOWUR DQFRUD ,Q RJQL FDVR WXWWR TXDQWR SXz HVVHUH QHFHVVDULR SHU YLYHUH XQ·HVSHULHQ]D GDYYHUR IXRUL GDO FRPXQH
6WXGHQWV XQLRQV 1HO SURVVLPR QXPHUR QHO GHWWDJOLR WXWWR TXHOOR FKH q GD VDSHUH VX WDVVH XQLYHUVLWDULH FRVWR GHJOL DOORJJL FRVWR GHOOD YLWD H DOWUR DQFRUD VXOOH 8QLYHUVLWj LQ ,QJKLOWHUUD
5DQNLQJ 8QLYHUVLWj QHO 5HJQR 8QLWR ²
81,9(56,7< 1$0( &DPEULGJH /RQGRQ 6FKRRO RI (FRQRPLFV 2[IRUG ,PSHULDO &ROOHJH /RQGRQ 'XUKDP 6W $QGUHZV :DUZLFN 8QLYHUVLW\ &ROOHJH /RQGRQ /DQFDVWHU %DWK %ULVWRO <RUN ([HWHU /RXJKERURXJK 6RXWKDPSWRQ (GLQEXUJK *ODVJRZ .LQJ V &ROOHJH /RQGRQ 1RWWLQJKDP /HLFHVWHU 6XVVH[ 6XUUH\ %LUPLQJKDP 1HZFDVWOH 4XHHQ V %HOIDVW 5R\DO +ROORZD\ (DVW $QJOLD 6KHIILHOG 0DQFKHVWHU 62$6
678'(17 6$7,6)$&7,21 GD D
ZZZ HXURFXOWXUD LW
25$GL0829(56, Q GHO
,QWHUFXOWXUDOLWj
/D SVLFRORJLD GHOO·LPPLJUDWR QHO YLYHUH DOO·HVWHUR &RVD VXFFHGH QHOOD QRVWUD WHVWD TXDQGR HPLJULDPR" GL *LXOLR 6RYUDQ /D VWUDGD GHOO·HPLJUD]LRQH FKH FL FRQGXUUj YHUVR XQ DOWUR 3DHVH q OXQJD H WRUWXRVD 0D q UHDOPHQWH TXDOFRVD GL LQFRQWUROODELOH" Ë GDYYHUR IDWWD GL VRUSUHVH H GL PRPHQWL LQDVSHWWDWL FKH QRQ SRVVLDPR LQ DOFXQ PRGR SUHYHGHUH" )DVL GL EXLR VHJXLWH GD PRPHQWL GL JLRLD HG HFFLWDPHQWR VRGGLVID]LRQL JULQWD QRYLWj PD DQFKH GRORUL H WUDXPL GD GLVWDFFDPHQWR SDXUD GHO IDOOLPHQWR H PRPHQWL GL GHEROH]]D /D UHDOWj q LQYHFH FKH LO QRVWUR FHUYHOOR VHJXH XQ SHUFRUVR EHQ GHILQLWR VXGGLYLVR LQ IDVL FKH VL VXVVHJXRQR XQD GRSR O·DOWUD GXUDQWH WXWWD OD SHUPDQHQ]D DOO·HVWHUR Ë LO FDPSR GHOOD SVLFRORJLD LQWHUFXOWXUDOH FKH VH QH RFFXSD FRPH XQD ULVRUVD SHU FDSLUH FKH FRVD VLJQLILFD YLYHUH LQ XQ DOWUR 3DHVH H YLYHUH XQ FDPELDPHQWR VLJQLILFDWLYR D OLYHOOR SVLFRORJLFR H FXOWXUDOH WXWWL L GHWWDJOL QHO FDSLWROR ´/·LWDOLDQR VFDSSD SHUFRUVL SVLFRORJLFL GL FKL YD GL FKL UHVWD GL FKL WRUQDµ GL *DLD 'L &DVWUR H )UDQFHVFD %RYH ZZZ JRRGE\HPDPPD FRP OLEUR OLWDOLDQR VFDSSD 3UHQGLDPR FRPH ULIHULPHQWR OD WHRULD GHOOD FXUYD DG ´8µ GHOO·DGDWWDPHQWR 2EHUJ
/XQD GL PLHOH PHVL GL SHUPDQHQ]D QHO QXRYR 3DHVH ,Q TXHVWD SULPD IDVH OD SHUVRQD DSSHQD DUULYDWD QHO QXRYR 3DHVH HVSORUD QXRYL DVSHWWL GHO YLYHUH H VL GLYHUWH 7XWWR UDSSUHVHQWD XQD VFRSHUWD H KD XQ DVSHWWR DIIDVFLQDQWH HG LQWHUHVVDQWH /·LPPLJUDWR q LPSHJQDWR QHOOH SUDWLFKH EXURFUDWLFKH WURYDUH FDVD IDUH L GRFXPHQWL DSULUH XQ FRQWR EDQFDULR WURYDUH ODYRUR HFF LQL]LD D FRQRVFHUH QXRYH SHUVRQH H SLDQLILFD OD QXRYD YLWD FRQ DOWH DVSHWWDWLYH H SURJHWWL
/R VKRFN FXOWXUDOH Ë OD UHD]LRQH GL VKRFN VWUHVV H DQVLD QHL FRQIURQWL GHOOD FXOWXUD GHO 3DHVH LQ FXL VL YD D YLYHUH 4XHVWR WLSR GL UHD]LRQH FRVu HPRWLYDPHQWH IRUWH VL YHULILFD QHO SULPR SHULRGR GL WUDQVL]LRQH H QHOOH SULPLVVLPH IDVL GL
DFFXOWXUD]LRQH ,O PLJUDQWH VSHULPHQWD QHOOD TXRWLGLDQLWj XQD VHQVD]LRQH GL SHUGLWD GL PROWL VLPEROL D OXL IDPLOLDUL FXL UHDJLVFH FRQ VLQWRPL SVLFR ILVLFL GL VRYUDFFDULFR HPR]LRQDOH
&ULVL PHVL GL SHUPDQHQ]D QHO QXRYR 3DHVH 'RSR OD SULPD IDVH GL HXIRULD LO PLJUDQWH FRPLQFLD D VHQWLUVL LVRODWR IXRUL OXRJR ,QIDWWL q SURSULR LQ TXHVWR SHULRGR FKH OD SHUVRQD SXz DYYHUWLUH L SULPL VLQWRPL SVLFR ILVLFL OHJDWL DOOR VWUHVV GD DFFXOWXUD]LRQH VHQWLUVL GHSUHVVD DUUDEELDWD PDODWD IUXVWUDWD 8Q DOWUR HOHPHQWR FKH FDUDWWHUL]]D TXHVWD IDVH q LO IDWWR FKH O·LPPLJUDWR VL UHQGH FRQWR FKH DOFXQL FRPSRUWDPHQWL GHOOD FXOWXUD GL RULJLQH SRWUHEEHUR QRQ HVVHUH DFFHWWDWL QHOOD QXRYD FXOWXUD H TXLQGL q QHFHVVDULR DEEDQGRQDUH R PRGLILFDUH DOFXQL FRPSRUWDPHQWL
5LSUHVD PHVL GL SHUPDQHQ]D QHO QXRYR 3DHVH 'RSR XQ SHULRGR GL FULVL H GLIILFROWj LO PLJUDQWH VSHVVR VFHJOLH GL HVSORUDUH OD QXRYD FXOWXUD DFFHWWDQGRQH OD VILGD SVLFRORJLFD H FXOWXUDOH /D SHUVRQD VL DVVXPH OD UHVSRQVDELOLWj GHO SURSULR DGDWWDPHQWR VRFLRFXOWXUDOH H FHUFD GL WURYDUH XQ HTXLOLEULR WUD DVSHWWL SRVLWLYL H QHJDWLYL GHO QXRYR 3DHVH H XQ FRPSURPHVVR WUD OD FXOWXUD GL RULJLQH H TXHOOD RVSLWDQWH
$GDWWDPHQWR H ROWUH PHVL GL SHUPDQHQ]D QHO QXRYR 3DHVH 1HOO·XOWLPD IDVH GHO SURFHVVR GL DFFXOWXUD]LRQH GL DGDWWDPHQWR LO PLJUDQWH q VHPSUH SL LQWHJUDWR QHOOD VRFLHWj RVSLWDQWH KD XQ ODYRUR GHJOL DPLFL q LQ JUDGR GL FRPXQLFDUH H GL HVSULPHUVL FDSLVFH OD OLQJXD H O·XPRULVPR q FRQVDSHYROH GHOOD FXOWXUD GHO 3DHVH VD LQWHUDJLUH H FRPSRUWDUVL HIILFDFHPHQWH QHOOD QXRYD FXOWXUD HG q IHOLFH '·DOWUD SDUWH LQROWUH PDQWLHQH
ZZZ HXURFXOWXUD LW
25$GL0829(56, Q GHO
(FFR XQD OLVWD DJJLRUQDWD GHOOH QRVWUH SRVL]LRQL ODYRUDWLYH DSHUWH SL ULFHUFDWH LQ *HUPDQLD EDVWDQR XQD EXRQD FRQRVFHQ]D GHOO·LQJOHVH H GLPRVWUDUH GL VDSHUFL IDUH 6HQLRU 0RELOH 'HYHORSHU :HE 'HYHORSHU H FRPPHUFH /HDG 'HYHORSHU L26 $QGURLG 'HYHORSHU 5DLOV 5XE\ RQ 5DLOV 'HYHORSHU 6HQLRU RU 7HFKQLFDO %DFN HQG :HE 'HYHORSHU 0DJHQWR )UHHODQFH 6HQLRU %DFNHQG GHYHORSHU )URQW HQG :HE 'HYHORSHU 3+3 'HYHORSHU 6HQLRU -XQLRU 6HQLRU )URQW HQG -DYD6FULSW 'HYHORSHU 6HQLRU %DFN HQG -DYD 'HYHORSHU $ TXHVWR SXQWR WXWWR TXHOOR FKH UHVWD GD IDUH q LQYLDUH LO SURSULR &9 D PXRYHUVL#H[SDZD\ FRP VSHFLILFDQGR QHOO·RJJHWWR ´0XRYHUVL -2% 326,7,21 3(5 &8, 6, 67$ &(5&$1'2µ LQGLFDQGR OD SULPD GDWD GLVSRQLELOH GL LQL]LR HG XQ UHFDSLWR WHOHIRQLFR 1RQ DEELDWH SDXUD JLRFDWHYL WXWWH OH FDUWH D GLVSRVL]LRQH SHU WURYDUH ODYRUR LQ *HUPDQLD
OD SURSULD FXOWXUD G·RULJLQH GLYHQHQGR XQD SHUVRQD ELFXOWXUDOH RVVLD FDSDFH GL YLYHUH LQ GXH FRQWHVWL FXOWXUDOL GLYHUVL /D SHUVRQD q VRGGLVIDWWD GHOOD SURSULD YLWD H VL VHQWH EHQH /D GXUDWD HG LO SDVVDJJLR GD XQD IDVH DG XQ·DOWUD YDULD GD SHUVRQD D SHUVRQD &L VRQR DOWUL IDWWRUL FKH LQFLGRQR VXOOD TXDOLWj H VXOO·HVLWR GHOO·HVSHULHQ]D YLVVXWD ,Q SULPLV DOFXQH FDUDWWHULVWLFKH SHUVRQDOL SRVVRQR IDUH OD GLIIHUHQ]D SHUVRQH SL DSHUWH H IDYRUHYROL DOO·HVSORUDUH OXRJKL SHUVRQH H WUDGL]LRQL KDQQR SL SUREDELOLWj GL DGDWWDUVL IDFLOPHQWH R GL HYLWDUH HVSHULHQ]H WRWDOPHQWH QHJDWLYH ULVSHWWR D FKL LQYHFH WHQGH D FKLXGHUVL HG LVRODUVL $QFKH L IDWWRUL VRFLDOL KDQQR XQ UXROR GHWHUPLQDQWH &RQRVFHUH TXDOFXQR SULPD GL SDUWLUH R QHOOD SULPD IDVH GL WUDVIHULPHQWR FRVWLWXLVFH IRQWH GL VRVWHJQR SUDWLFR HG HPRWLYR SHU IDU IURQWH DOOH GLIILFROWj GHOOD SULPD IDVH ,QILQH OD ULFHUFD H O·DFFHVVR D ULVRUVH TXDOL FRPXQLWj VHUYL]L H FHQWUL SXz QRQ VROR RIIULUH XQ VXSSRUWR PD IDYRULUH DQFKH O·DSSUHQGLPHQWR GHOOD OLQJXD FRQWDWWL LQWHUSHUVRQDOL H O·LQVHULPHQWR QHO FRQWHVWR FXOWXUDOH &KH VL WUDWWL GL *HUPDQLD R GL XQ TXDOVLDVL DOWUR 3DHVH DO PRQGR ULFRUGDWHYL GL SHUVLVWHUH QHOOD YRVWUD VFHOWD GL YLWD H GL QRQ FHGHUH GL IURQWH DOOH SULPH GLIILFROWj FKH YL WURYHUHWH DG DIIURQWDUH
,GHH SHU SDUWLUH
1HOOD VH]LRQH *(50$1,$ VXO VLWR GL (XURFXOWXUD /D *HUPDQLD q RJJL LO 3DHVH SL SURPHWWHQWH VXO IURQWH GHOOH RIIHUWH GL ODYRUR LQ WXWWL L FDPSL 6XO SURSULR VLWR (XURFXOWXUD KD DSHUWR XQD QXRYD VH]LRQH GHGLFDWD D TXHVWR 3DHVH FRQ LQIRUPD]LRQL QRQ VROR VXO ODYRUR PD DQFKH VXOOR VWDJH OR VWXGLR LO YRORQWDULDWR HFF 9LVLWDWHOR ZZZ HXURFXOWXUD LW ! 3DUWLUH ! *HUPDQLD
ZZZ HXURFXOWXUD LW
25$GL0829(56, Q GHO
,Q SUDWLFD
&RPH DSULUH XQ FRQWR LQ EDQFD QHO 5HJQR 8QLWR &9 &RIIHH 6H SURJHWWDWH XQ WUDVIHULPHQWR D /RQGUD SHU FHUFDUH XQ QXRYR ODYRUR DVVLHPH DOOD ULFHUFD GHOOD FDVD H DOOD ULFKLHVWD GHO 1DWLRQDO ,QVXUDQFH 1XPEHU RYYHUR TXHO QXPHUR XWLOL]]DWR SHU UHJLVWUDUH L FRQWULEXWL YHUVDWL H DFFUHGLWDWL GHOOD VLQJROD SHUVRQD VDUj LQGLVSHQVDELOH DQFKH FRQVLGHUDUH O·DSHUWXUD GL XQ FRQWR EDQFDULR $YHUH LO FRQWR LQ EDQFD LQIDWWL YL VHUYLUj SHU LO SDJDPHQWR GHOO·DIILWWR L FRQWDQWL YHQJRQR DFFHWWDWL VROR SHU DIILWWL GL EUHYLVVLPD GXUDWD SHU LO SDJDPHQWR GHOOH EROOHWWH PD VRSUDWWXWWR SHU ULFHYHUH LO YRVWUR SULPR VWLSHQGLR LQJOHVH
ODYRUR Qp SURRI RI DGGUHVV FL VRQR DOFXQH EDQFKH FKH RIIURQR VROX]LRQL LGHDWH DSSRVLWDPHQWH SHU L QHR DUULYDWL FRPH OD +6%& FRQ LO FRQWR FRUUHQWH ¶3DVVSRUW· ,O FRVWR SHU LO FRQWR 3DVVSRUW q GL DO PHVH H SRWHWH IDUH ULFKLHVWD DQFKH SULPD GL SDUWLUH GDOO·,WDOLD 6H LQYHFH DYHWH SURRI RI DGGUHVV H FRQWUDWWR GL ODYRUR DOORUD O·DSHUWXUD GHO FRQWR q JUDWXLWD TXDORUD RSWLDWH SHU XQ FRQWR EDVLF
, FRQWL EDVLF QRQ KDQQR VROLWDPHQWH VSHVH JHVWLRQDOL
&RPH VL ID DG DSULUH XQ FRQWR LQ EDQFD"
$ GLIIHUHQ]D GHOO·,WDOLD DSULUH XQ FRQWR EDQFDULR q DEEDVWDQ]D VHPSOLFH H VH RSWDWH SHU XQ FRQWR EDVLF DQFKH JUDWXLWR
4XDOL GRFXPHQWL VHUYRQR"
8Q GRFXPHQWR GL LGHQWLWj 5HFDWHYL LQ EDQFD FRQ LO SDVVDSRUWR H QRQ FRQ OD FDUWD GL LGHQWLWj OD &, q LQ OLQJXD LWDOLDQD 3URRI RI DGGUHVV RYYHUR LO FRQWUDWWR GL DIILWWR XQD EROOHWWD LQWHVWDWD D QRPH YRVWUR XQD OHWWHUD LQYLDWD DO QXRYR GRPLFLOLR LQJOHVH GDOOD EDQFD LWDOLDQD LQVRPPD TXDOXQTXH FRVD FRQIHUPL FKH YLYHWH D /RQGUD 6H QRQ DYHWH DQFRUD XQD SURRI RI DGGUHVV LO FRQWUDWWR GL ODYRUR SXz IDFLOLWDUH O·DSHUWXUD GHO FRQWR 6H LQYHFH QRQ DYHWH DQFRUD Qp
$SULUH H FKLXGHUH XQ FRQWR q JUDWLV , SUHOLHYL EDQFRPDW D /RQGUD QRQ YHQJRQR VROLWDPHQWH DGGHELWDWL GL FRVWL DJJLXQWLYL 5LODVFLDUH DVVHJQL q IDFLOH YHORFH H JUDWXLWR $YHWH WXWWL L GRFXPHQWL" %HQH OR VWHS VXFFHVVLYR q TXHOOR GL ILVVDUH XQ DSSXQWDPHQWR SUHVVR OD ILOLDOH LQ FXL YRUUHWH UHFDUYL /D IDFLOLWj H YHORFLWj GL DSHUWXUD GHO FRQWR GLSHQGRQR PROWR GDOO·LPSLHJDWR FKH DYUHWH GL IURQWH 9L FRQVLJOLDPR XQ ORRN VPDUW YHVWLWHYL FRPH VH DQGDVWH DG XQ FROORTXLR GL ODYRUR 6H WXWWR SURFHGH SHU LO YHUVR JLXVWR D GLVWDQ]D GL XQ SDLR GL VHWWLPDQH YL YHUUj VSHGLWD OD YRVWUD QXRYD GHELW FDUG HG LO YRVWUR SLQ SHUVRQDOH &RVD UHVWD GD IDUH" 5LFHYHUH LO YRVWUR SULPR VDODULR H VSHQGHUOR FRPH YRUUHWH 3HU XOWHULRUL LQIRUPD]LRQL q SRVVLELOH YLVLWDUH LO VLWR ZZZ FYDQGFRIIHH FRP H OD SDJLQD )DFHERRN ZZZ IDFHERRN FRP &9DQG&RIIHH RSSXUH VFULYHUH D FYDQGFRIIHH#FYDQGFRIIHH FRP
ZZZ HXURFXOWXUD LW
25$GL0829(56, Q GHO
2IIHUWH GL ODYRUR ,Q 7RJR /LEDQR &RQJR 3DHVL %DVVL D FXUD GL 0DULHOOD *LDPEUD
7LWROR ,QVSHFWRU $QDO\WLFDO &KHPLVW 3 ,QVSHFWRU $GYDQFHG +HDOWK 6DIHW\ 6SHFLDOLVW 3 ,QVSHFWRU &KHPLFDO 3URGXFWLRQ 7HFKQRORJLVW 3 ,QVSHFWRU &: 0XQLWLRQV 6SHFLDOLVW 3 7HFKQLFDO 6XSSRUW 2IILFHU 3 3URRIUHDGLQJ $VVLVWDQW *6 $VVRFLDWH 3XEOLF ,QIRUPDWLRQ 2IILFHU 3 $VVRFLDWH 3URWHFWLRQ 2IILFHU 3
(QWH 23&:
6HGH 6LWR /·$MD KWWSV DSSV RSFZ RUJ 3+)2QOLQH 9DFDQF\/LVW DVS[ 3DHVL %DVVL "W\SH
23&:
/·$MD KWWSV DSSV RSFZ RUJ 3+)2QOLQH 9DFDQF\/LVW DVS[ 3DHVL %DVVL "W\SH
23&:
/·$MD KWWSV DSSV RSFZ RUJ 3+)2QOLQH 9DFDQF\/LVW DVS[ 3DHVL %DVVL "W\SH
23&:
KWWSV DSSV RSFZ RUJ 3+)2QOLQH 9DFDQF\/LVW DVS[ "W\SH KWWSV DSSV RSFZ RUJ 3+)2QOLQH 9DFDQF\/LVW DVS[ "W\SH ZZZ LFM FLM RUJ UHJLVWU\ LQGH[ SKS"S S S
ZZZ LFW\ RUJ VLG
ZZZ LFW\ RUJ VLG
6HQLRU /HJDO 2IILFHU 3
810,&7
/HJDO 2IILFHU &KDPEHUV 3 &DSDFLW\ EXLOGLQJ H VRVWHJQR LVWLWX]LRQDOH
810,&7
/·$MD 3DHVL %DVVL /·$MD 3DHVL %DVVL /·$MD 3DHVL %DVVL /·$MD 3DHVL %DVVL 6DUDMHYR %RVQLD (U] /·$MD 3DHVL %DVVL /·$MD 3DHVL %DVVL
0 / ) 0
7RJR
ZZZ POIP LW ODYRUDBFRQBQRL KWP
$PPLQLVWUD]LRQH H ILQDQ]D
&269
6XG 6XGDQ
5LIXJLDWL H VIROODWL
&,63
/LEDQR
$JULFROWXUD H $OOHYDPHQWR
,&8
5HS 'HP &RQJR
(VSHUWR MXQLRU QHO VHWWRUH SHVFD H LWWLFROWXUD (VSHUWR LQ DJULFROWXUD LUULJDWD $PPLQLVWUD]LRQH H ILQDQ]D $FTXD LPSLDQWL LGULFL H LJLHQH &RRUGLQDPHQWR H PDQDJHPHQW $PPLQLVWUDWRUH &DSR SURJHWWR
,&8
3HU
,&8
*LRUGDQLD
&263( &263(
$QJROD 6ZD]LODQG
,O *LRFDWWROR
5RPDQLD
$385,0$& $385,0$&
1LJHULD 1LJHULD
5HSUpVHQWDQW 3D\V
,QWHUYLWD
%HQLQ
$GPLQLVWUDWHXU
,QWHUYLWD
%HQLQ
$GPLQLVWUDWLYH &RRUGLQDWRU
$&) 6SDLQ
6\ULD
ZZZ ODYRUDUHQHOPRQGR LW GHWWDJOLR KWPO"DFWLRQ Y ZZZ ODYRUDUHQHOPRQGR LW GHWWDJOLR KWPO"DFWLRQ Y ZZZ LFX LW GHWWDJOLR SKS",' 6(=,21( 3HUVRQ DOH ULFKLHVWR ZZZ LFX LW GHWWDJOLR SKS",' 6(=,21( 3HUVRQ DOH ULFKLHVWR ZZZ LFX LW GHWWDJOLR SKS",' 6(=,21( 3HUVRQ DOH ULFKLHVWR ZZZ FRVSH LW FRVSH ROG FROODERUD SKS"L FO ZZZ FRVSH LW FRVSH ROG FROODERUD SKS"L FO ZZZ ODYRUDUHQHOPRQGR LW GHWWDJOLR KWPO"DFWLRQ Y KWWS YROLQW LW YLV DSXULPDF KWWS YROLQW LW YLV DSXULPDF KWWS ODYRUR LQWHUYLWD LW GHWWDJOLRBDQQXQFLR SKS"LGB DQ KWWS ODYRUR LQWHUYLWD LW GHWWDJOLRBDQQXQFLR SKS"LGB DQ ZZZ DFFLRQFRQWUDHOKDPEUH RUJ HPSOHR SKS LG SHUILO DGPLQLVWUDWLYH FRRUGLQDWRU
23&: ,&- ,&7< ,&7<
6&$'(1=$
ZZZ XQPLFW RUJ UHFUXLWPHQW KWPO
ZZZ XQPLFW RUJ UHFUXLWPHQW KWPO
ZZZ HXURFXOWXUD LW
1RQ LQGLFDWD 1RQ LQGLFDWD
25$GL0829(56, Q GHO
'DOOD UHWH (85(6
)RQWH (85(6 $)2/ 0LODQR (85(6 $)2/ 0LODQR (85(6 $)2/ 0LODQR (85(6 $)2/ 0LODQR (85(6 $)2/ 0LODQR (85(6 0LODQR
7LWROR ,1*(1,(85 ,1)250$7,&,(1 ([SHULHQFHG 0HFKDQLFDO &DG (QJLQHHU &RQWDFW &HQWHU $GYLVRU $GPLQ 3D\UROO 6SHFLDOLVW ' 3K' SRVLWLRQ LQ 3LH]RHOHFWULFV RI %LRPLPHWLF 0DWHULDOV &RPPHUFLDOH 7HOHIRQLFR
(QWH
6HGH
/LQN GHVFUL]LRQH
6FDGHQ]D
&1(6
)UDQFLD
ZZZ HXURFXOWXUD LW LPDJHV 25$GL0829(56, RG P HXUHVPLODQR SGI
QRQ LQGLFDWD
$&( ,QJHQLHXUV HQ DGYLHVEXUHDX
%HOJLR
ZZZ HXURFXOWXUD LW LPDJHV 25$GL0829(56, RG P HXUHVPLODQR SGI
DO SL SUHVWR
1RQ LQGLFDWR
3RORQLD
ZZZ HXURFXOWXUD LW LPDJHV 25$GL0829(56, RG P HXUHVPLODQR SGI
DO SL SUHVWR
1RQ LQGLFDWR
3RORQLD
ZZZ HXURFXOWXUD LW LPDJHV 25$GL0829(56, RG P HXUHVPLODQR SGI
DO SL SUHVWR
=HQWUDOH 8QLYHUVLWlW VYHUZDOWXQ J
*HUPDQLD
ZZZ HXURFXOWXUD LW LPDJHV 25$GL0829(56, RG P HXUHVPLODQR SGI
DO SL SUHVWR
,GHDOLVWD LW
6SDJQD
ZZZ HXURFXOWXUD LW LPDJHV 25$GL0829(56, RG P HXUHVPLODQR SGI
,GHH SHU SDUWLUH
Q SRVWL GL VWDII SHU FHQWUL GL YDFDQ]D VWXGLR DOO·HVWHUR ,7) LQ FROODERUD]LRQH FRQ (85(6 ,WDOLD RIIUH D FDQGLGDWL TXDOLILFDWL H PRWLYDWL OD SRVVLELOLWj GL HIIHWWXDUH XQD HVSHULHQ]D GL ODYRUR GXUDQWH OD VWDJLRQH HVWLYD FRPH PHPEUL GHO WHDP GL DVVLVWHQ]D HG DQLPD]LRQH GL JUXSSL GL JLRYDQL LQ HWj VFRODUH SDUWHFLSDQWL D YLDJJL VWXGLR DOO·HVWHUR 3HULRGR GD PHWj JLXJQR D ILQH DJRVWR 6HGL GL /DYRUR *UDQ %UHWDJQD ,UODQGD H )UDQFLD )LJXUH ULFKLHVWH GLUHWWRUL H DVVLVWHQWL GL FHQWUL YDFDQ]H VWXGLR DOO·HVWHUR DFWLYLW\ PDQDJHU SHU DWWLYLWj VSRUWLYH JURXS OHDGHU DFFRPSDJQDWRUL ²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² %(1(9(172 DSULOH 520$ DSULOH 9(1(=,$ DSULOH 3$/(502 PDJJLR /H RIIHUWH GHWWDJOLDWH VRQR LQ ZZZ HXURFXOWXUD LW LPDJHV 25$GL0829(56, RGP HXUHVLWI SGI
ZZZ HXURFXOWXUD LW
25$GL0829(56, Q GHO
2IIHUWH GL VWDJH ,Q (XURSD H LQ WXWWL L FRQWLQHQWL D FXUD GL %HUQG )DDV &DUHHU FRXQVHOORU
6WDJH UHWULEXLWL 3LRQHHUV LQWR 3UDFWLFH $VWHU GL %RORJQD KD DSHUWR XQD FDOO SHU PDQLIHVWD]LRQL GL LQWHUHVVH SHU SDUWHFLSDUH D 3LRQHHUV LQWR 3UDFWLFH SURJUDPPD GL PRELOLWj H IRUPD]LRQH QHOO DPELWR GHOOD VRVWHQLELOLWj H GHO FDPELDPHQWR FOLPDWLFR ULYROWR D WXWWL L SURILOL VFLHQWLILFL WHFQRORJLFL HFRQRPLFL LPSUHQGLWRULDOL H LVWLWX]LRQDOL H D WXWWH OH LPSUHVH DJHQ]LH HQWL GL ULFHUFD XQLYHUVLWj HQWL SXEEOLFL FKH RSHUDQR QHO FDPSR GHO FDPELDPHQWR FOLPDWLFR LQ (PLOLD 5RPDJQD H QHOOH UHJLRQL SDUWQHU +HVVHQ *HUPDQLD :HVW 0LGODQGV 5HJQR 8QLWR &RPXQLGDG 9DOHQFLDQD 6SDJQD &HQWUDO +XQJDU\ 8QJKHULD /RZHU 6LOHVLD 3RORQLD 6FDGHQ]D PDU]R 7XWWH OH LQIRUPD]LRQL H OH PRGDOLWj GL FDQGLGDWXUD VRQR LQ ZZZ DVWHU LW WLNL LQGH[ SKS"SDJH 3LRQHHUV 3HU DOWUH LQIRUPD]LRQL VFULYHUH D 3DPHOD 5DJD]]L SDPHOD UDJD]]L#DVWHU LW
3URJUDPPD /HRQDUGR SURJHWWR *LRYDQL &LWWDGLQL G (XURSD (GXFD]LRQH DOO (XURSD GL 5DYHQQD SURPXRYH LO SURJHWWR *LRYDQL &LWWDGLQL G (XURSD ,, )DVH QHOO·DPELWR GHO 3URJUDPPD /HRQDUGR DUWLFRODWR QHL VHJXHQWL EDQGL %DQGR SHU ERUVH GL VHWWLPDQH UHDOL]]DWR LQ FROODERUD]LRQH FRQ OD 3URYLQFLD GL 5DYHQQD $O VHJXHQWH OLQN VL SXz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
QRQ q QHFHVVDULR HVVHUH LVFULWWL DL &HQWUL SHU O·LPSLHJR %DQGR SHU ERUVH UHDOL]]DWR LQ FROODERUD]LRQH FRQ OD )RQGD]LRQH )ODPLQLD GL 5DYHQQD $O VHJXHQWH OLQN VL SXz WURYDUH OD GRFXPHQWD]LRQH EDQGR H IRUPXODULR GL FDQGLGDWXUD ZZZ IRQGD]LRQHIODPLQLD LW KRPH SKS"/DQJ LW P,WHP ,WH P %RUVH ODYRUR ,O EDQGR VFDGH LO DSULOH H SHU SDUWHFLSDUH DOOD VHOH]LRQH RFFRUUH HVVHUH WUD O DOWUR LQ SRVVHVVR GHL VHJXHQWL UHTXLVLWL HVVHUH ODXUHDWL SUHVVR XQR GHL &RUVL GL /DXUHD GHO &DPSXV GL 5DYHQQD QRQ DYHUH VXSHUDWR L DQQL G·HWj DOOD GDWD GL VFDGHQ]D GHO EDQGR %DQGR SHU ERUVH UHDOL]]DWR LQ FROODERUD]LRQH FRQ )RQGD]LRQH *LRYDQQL 'DOOH )DEEULFKH GL )DHQ]D H D %&& &UHGLWR FRRSHUDWLYR UDYHQQDWH H LPROHVH $O VHJXHQWH OLQN VL SXz WURYDUH OD GRFXPHQWD]LRQH EDQGR H IRUPXODULR GL FDQGLGDWXUD ZZZ LQEDQFD EFF LW LW LW OD EDQFD ERUVH GL VWXGLR H WLURFLQL DOO HVWHUR WLURFLQL DOO HVWHUR DVS["LG& /1 LW ,7 ,O EDQGR VFDGH LO DSULOH 3HU DOWUH LQIRUPD]LRQL VFULYHUH D (UQHVWR %DVLOH HGHX#PFOLQN QHW
3URJUDPPD /HRQDUGR SURJHWWR 7RZDUGV (XURSH ,O &ROOHJLR 8QLYHUVLWDULR $5&(6 GL 3DOHUPR SURPXRYH LO SURJHWWR 72:$5'6 (8523( QHOO·DPELWR GHO 3URJUDPPD /HRQDUGR FKH SUHYHGH WLURFLQL GL VHWWLPDQH QHOOH DUHH SURIHVVLRQDOL GHL %HQL FXOWXUDOL GHOO·,QIRUPDWLFD GHOOD &RRSHUD]LRQH LQWHUQD]LRQDOH H GHOO·$PELHQWH H WXWHOD GHO WHUULWRULR GD VYROJHUH LQ *HUPDQLD $XVWULD 5HJQR 8QLWR ,UODQGD GHO 1RUG 0DOWD ,UODQGD )UDQFLD 6SDJQD 3RUWRJDOOR %XOJDULD 5HS &HFD 6FDGHQ]D DSULOH 7XWWH OH LQIRUPD]LRQL H OH PRGDOLWj GL FDQGLGDWXUD VRQR LQ ZZZ DUFHV LW OHRQDUGR 3HU DOWUH LQIRUPD]LRQL VFULYHUH D OHRQDUGR#DUFHV LW
ZZZ HXURFXOWXUD LW
25$GL0829(56, Q GHO
)LHUH GHO ODYRUR ,Q *HUPDQLD )UDQFLD $XVWULD H %HOJLR D FXUD GL /HYL %HWWLQ
)LHUD *HUPDQLD -RE &DUHHU 0DUNHW +$1129(5 0(66( LQ +DOOH
'HVFUL]LRQH =DKOUHLFKH +LJKOLJKWV XQG UXQG QDPKDIWH QDWLRQDOH ZLH LQWHUQDWLRQDOH 8QWHUQHKPHQ DXI PHKU TP )OlFKH P|FKWHQ VLFK KLHU GLH ([SHUWHQ XQG 6SH]LDOLVWHQ YRQ PRUJHQ VLFKHUQ XQG ODGHQ GD]X HLQ VLFK XPIDVVHQG EHU KHUDXVIRUGHUQGH XQG VSDQQHQGH $XIJDEHQ XQG .DUULHUHFKDQFHQ ]X LQIRUPLHUHQ
6LWR
'DWD
ZZZ KDQQRYHUPHVV H GH
-REPHVVH .|OQ
'LH MREPHVVH GHXWVFKODQG WRXU IUHXW VLFK DXI HLQH 3UHPLHUH $P $SULO VWHXHUW GLH .DUULHUHPHVVH HUVWPDOV .|OQ DQ 0LW JXW HLQHU 0LOOLRQ (LQZRKQHUQ LVW GLH EHOLHEWH 'RPVWDGW GLH JU| WH 1RUGUKHLQ :HVWIDOHQV XQG GLH YLHUWJU| WH 6WDGW 'HXWVFKODQGV 'HP EHZlKUWHQ 0RWWR
ZZZ EDUODJPHVVHQ GH ZZZ MREPHVVHQ GH M REPHVVHQ PHVVH VWDQGRUWH NRHOQ VWDQ GRUW LQIRV
&DUHHU )DLU 0DQQKHLP
'LH &DUHHU )DLU -REPHVVH LQ 0DQQKHLP XQWHUVW W]W 6WXQGHQ XQG $EVROYHQWHQ LQ LKUHU EHUXIOLFKHQ /DXIEDKQ :lKUHQG GHP 5HFUXLWLQJ (YHQW VWHOOHQ QDWLRQDOH XQG LQWHUQDWLRQDOH
ZZZ FDUHHU XQL PDQQKHLP GH
-REPHVVH 2OGHQEXUJ
'LH YLHUWJU| WH 6WDGW 1LHGHUVDFKVHQV KDW HLQLJHV ]X ELHWHQ $OV 8QLYHUVLWlWVVWDGW ELHWHW 2OGHQEXUJ HLQH 0HQJH .DUULHUHSHUVSHNWLYHQ î XQG YHUI JW EHU JUR HV ZLUWVFKDIWOLFKHV 3RWHQWLDO 6HLW EHILQGHW VLFK GLH 6WDGW LP 7RXUNDOHQGHU XQG JDVWLHUW GDV ]ZHLWH 0DO LQ GHU EHUUHJLRQDO
&RQWDFW GLUHFW HQWUH • FDQGLGDWV GH IRUPDWLRQ FRPPHUFLDOH DX VHQV ODUJH GH EDF j EDF GpEXWDQWV RX H[SpULPHQWpV HW VRXFLHX[ -RE 5HQFRQWUHV GH G\QDPLVHU OHXU UHFKHUFKH G·HPSORL 0DUVHLOOH • HQWUHSULVHV HW HQVHLJQHV O\RQQDLVHV RX PDUVHLOODLVHV SURSRVDQW GHV SRVWHV GDQV OHV IRQFWLRQV FRPPHUFLDOHV HW OHV PpWLHUV GH OD GLVWULEXWLRQ &RQWDFW GLUHFW HQWUH • FDQGLGDWV GH IRUPDWLRQ FRPPHUFLDOH DX VHQV ODUJH GH EDF j EDF GpEXWDQWV RX H[SpULPHQWpV HW VRXFLHX[ -RE 5HQFRQWUHV GH G\QDPLVHU OHXU UHFKHUFKH G·HPSORL /\RQ • HQWUHSULVHV HW HQVHLJQHV O\RQQDLVHV RX PDUVHLOODLVHV SURSRVDQW GHV SRVWHV GDQV OHV IRQFWLRQV FRPPHUFLDOHV HW OHV PpWLHUV GH OD GLVWULEXWLRQ $XVWULD &DUHHU &RPSHWHQFH LVW GLH JU| WH .DUULHUHPHVVH LQ :HVW &DUHHU gVWHUUHLFK XQG VROO 6WXGLHUHQGHQ $EVROYHQW,QQHQ DP &RPSWHQFH 8QLYHUVLWlWVVWDQGRUW 7LURO XQG P|JOLFKHQ ]XN QIWLJHQ $UEHLWJHEHUQ ,QQVEUXFN GLH &KDQFH JHEHQ VLFK JHJHQVHLWLJ NHQQHQ ]X OHUQHQ %HOJLR 7RS (QJLQHHUV ,I \RX DUH DQ HQJLQHHULQJ JUDGXDWH DQG KDYH XS WR WZR \HDUV (XURSH 6XPPLW RI H[SHULHQFH LQ D OHDGLQJ FRPSDQ\ WKHQ WRS SOD\HUV IURP DOO %UX[HOOHV RYHU (XURSH DUH ZDLWLQJ WR WDON WR \RX DERXW WKHLU EHVW MREV 2QFH UHJLVWHUHG 7RS (QJLQHHUV (XURSH ZLOO DOORZ \RX WR
)UDQFLD
ZZZ HXURFXOWXUD LW
ZZZ EDUODJPHVVHQ GH ZZZ MREPHVVHQ GH M REPHVVHQ PHVVH VWDQGRUWH ROGHQEXUJ VWDQGRUW LQIRV
ZZZ MREUHQFRQWUHV I U VDORQ UHFUXWHPHQW IRUXP HPSORL MRE UHQFRQWUHV HQ UHJLRQ
ZZZ MREUHQFRQWUHV I U VDORQ UHFUXWHPHQW IRUXP HPSORL MRE UHQFRQWUHV HQ UHJLRQ
ZZZ F XQG F DW ZZZ FDUHHUVLQWHUQDW LRQDO FRP HYHQWV WRS HQJLQHHUV HXURSH KWPO
25$GL0829(56, Q GHO
9RORQWDULDWR
3URSRVWH LQ 8JDQGD 6UL /DQND )LQODQGLD
D FXUD GL *LRUJLD 3HRWWD 2UJDQL]]D]LRQH ,QWHUQDWLRQDO 9ROXQWHHUV 1HWZRUN 3DHVH 8JDQGD 7LSR )DUPLQJ (QYLURQPHQWDO DZDUHQHVV +,9$,'6 3UHYHQWLRQ $ZDUHQHVV 'HYHORSPHQW RI HQWUHSUHQHXUVKLS VNLOOV ,QL]LR $Q\ SHULRG RI WKH \HDU 'XUDWD ZHHNV &RQGL]LRQL HFRQRPLFKH 86' ² &DUDWWHULVWLFKH 5HTXLVLWL
(Wj WR /LQJXD ULFKLHVWD ,QJOHVH 3DJLQD ZHE ZZZ OHDUQLQJE\SOD\LQJ RUJ 2UJDQL]]D]LRQH (NRPDWNDDMDW 3DHVH +HOVLQNL )LQODQGLD 7LSR $WWLYLWj LQ IDWWRULD ,QL]LR 'D PDJJLR DG DJRVWR GL RJQL DQQR 'XUDWD 0LQLPR JLRUQL &RQGL]LRQL HFRQRPLFKH ½ TXRWD DVVRFLDWLYD ½ D QRWWH R ½ OD VHWWLPDQD &DUDWWHULVWLFKH 5HTXLVLWL , YRORQWDUL GRYUDQQR VYROJHUH OH DWWLYLWj LQ IDWWRULD SHU RUH DO JLRUQR JLRUQL OD VHWWLPDQD DOORJJLR LQ SLFFROL DSSDUWDPHQWL GD SHUVRQH (Wj /LQJXD ULFKLHVWD ,QJOHVH ZZZ HNRPDWNDDMDW IL 3DJLQD ZHE
([SHULHQFH WKH KDSSLQHVV VWUXJJOHV DVSLUDWLRQV DQG GUHDPV RI WKH SHRSOH \RX DVVLVW ² DOO ZKLOH GLVFRYHULQJ WKH EHDXW\ KLVWRU\ DQG FXOWXUH RI D IRUHLJQ ORFDWLRQ
:RUN RQ VRFLDO PHGLFDO FRQVHUYDWLRQ FRPPXQLW\ GHYHORSPHQW SURMHFWV VLGH E\ VLGH ZLWK PHPEHUV RI WKH FRPPXQLW\ DQG DFWXDOO\ VHH WKH UHVXOWV RI \RXU KDUG ZRUN
([SHFW WR LPPHUVH \RXUVHOI LQ WKH FRPPXQLW\ ² HDW ORFDO IRRG DQG GULQN OHDUQ FRPPRQ SKUDVHV OLVWHQ WR ORFDO PXVLF UHDOO\ JHW WR NQRZ WKH SHRSOH \RX VHUYH (Wj /LQJXD ULFKLHVWD ,QJOHVH 3DJLQD ZHE ZZZ YROXQWHHUVXJ QHW
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
2UJDQL]]D]LRQH +RSH %H\RQG :RUOGZLGH 3DHVH 8JDQGD 7LSR (GXFD]LRQH FRPXQLWj ODYRUR FRQ JLRYDQL ,QL]LR /·HQWH DFFRJOLH FDQGLGDWXUH GXUDQWH WXWWR O·DQQR 'XUDWD PHVH &RQGL]LRQL HFRQRPLFKH L FRVWL LQFOXGRQR IRUPD]LRQH LQL]LDOH VHWWLPDQD GL VDIDUL WUDVSRUWL LQ ORFR YLWWR H DOORJJLR FHUWLILFDWR &DUDWWHULVWLFKH 5HTXLVLWL 1RQ YL VRQR SDUWLFRODUL UHTXLVLWL PRWLYD]LRQH GLVSRQLELOLWj GL DSSUHQGLPHQWR (Wj /LQJXD ULFKLHVWD ,QJOHVH 3DJLQD ZHE ZZZ KEYROXQWHHUXJDQGD \RODVLWH FRP
ZZZ HXURFXOWXUD LW
25$GL0829(56, Q GHO
9RORQWDULDWR
69( LQ 1LJHULD 5HJQR 8QLWR /LWXDQLD 3RORQLD H 0ROGDYLD
D FXUD GL 0DULHOOD *LDPEUD
69( LQ WXWHOD DPELHQWDOH H PLQRUL RSSRUWXQLWj
69( LQ LQIRUPD]LRQH
/·$VVRFLD]LRQH *LRVHI ,WDO\ &DVHUWD FHUFD YRORQWDUL SHU L VHJXHQWL SURJHWWL 69( 6HUYL]LR 9RORQWDULR (XURSHR WXWWL FRQ VFDGHQ]D XUJHQWH Q SRVWR D 3R]QDQ 3RORQLD SHU PHVL GD DSULOH $PELWR PLQRUL RSSRUWXQLWj GLVDELOLWj Q SRVWR D 2ZF]DU\ 3RORQLD SHU PHVL GD DSULOH $PELWR WXWHOD DPELHQWDOH Q SRVWR D %\GJRV]F] 3RORQLD SHU PHVL GD DSULOH $PELWR PLQRUL RSSRUWXQLWj GLVDELOLWj Q SRVWL D &]HUQLFD 3RORQLD SHU PHVL GD VHWWHPEUH $PELWR LQWHJUD]LRQH FXOWXUDOH 7XWWH OH LQIRUPD]LRQL H OH PRGDOLWj GL FDQGLGDWXUD VRQR LQ ZZZ HXURFXOWXUD LW LPDJHV 25$GL0829(56, RGP VYHJL RVHI SGI ,QIR HYV#JLRVHI LW
/·$VVRFLD]LRQH &XOWXUDOH 6WUDXVV VWD FHUFDQGR XQ YRORQWDULR SHU LO VHJXHQWH SURJHWWR 69( FRQ VFDGHQ]D XUJHQWH Q SRVWR SUHVVR 5-26 $SYDOXV VWDODV D 5RNLVNLV /LWXDQLD SHU PHVL GDO $PELWR 0HGLD DQG FRPPXQLFDWLRQ <RXWK LQIRUPDWLRQ 7XWWH OH LQIRUPD]LRQL H OH PRGDOLWj GL FDQGLGDWXUD VRQR LQ ZZZ HXURFXOWXUD LW LPDJHV 25$GL0829(56, RGP VYHDU FLVWUDXVV SGI ,QIR HYV#DUFLVWUDXVV LW
69( LQ DQLPD]LRQH H DWWLYLWj FRQ DQLPDOL /·DVVRFLD]LRQH /LQN GL $OWDPXUD FHUFD YRORQWDUL SHU L VHJXHQWL SURJHWWL 69( 6HUYL]LR 9RORQWDULR (XURSHR Q SRVWR SUHVVR $/*$ H $'9,7 0ROGDYLD D &KLVLQDX 0ROGRYD SHU PHVL GD $PELWR /DYRUR FRQ DQLPDOL 6FDGHQ]D DSULOH Q SRVWR SUHVVR &DVD *DYURFKH H $'9,7 0ROGDYLD D &KLVLQDX 0ROGRYD SHU PHVL GD $PELWR FHQWUR SHU EDPELQL SURPR]LRQH GHO YRORQWDULDWR 6FDGHQ]D DSULOH 7XWWH OH LQIRUPD]LRQL H OH PRGDOLWj GL FDQGLGDWXUD VRQR LQ ZZZ HXURFXOWXUD LW LPDJHV 0XRYHUVL VYHOLQN SGI ,QIR HYV#OLQN\RXWK RUJ
69( LQ LQFOXVLRQH GLVDELOLWj H DWWLYLWj DOO·DSHUWR 3URJHWWR *LRYDQL GL 3DGRYD VHJQDOD L VHJXHQWL SURJHWWL 69( /·RUJDQL]]D]LRQH $PEHU ,QLWLDWLYHV FHUFD YRORQWDUL SHU XQR 69( VXO WHPD GHOO·LQFOXVLRQH VRFLDOH H FLWWDGLQDQ]D DWWLYD HXURSHD 'RYH 3O\PRXWK 5HJQR 8QLWR 'XUDWD GHO SURJHWWR GDO GLFHPEUH DO GLFHPEUH 6FDGHQ]D DSULOH ,QIRUPD]LRQL H FDQGLGDWXUH ZZZ SURJHWWRJLRYDQL SG LW SURJHWWRJLRYDQL LQGH[ SKS"RSWLRQ FRPBFRQWHQW YLHZ DUWLFOH LG $VYH QHO UHJQR XQLWR FDWLG $QHZV VSD]LR HXURSD ,WHPLG /·RUJDQL]]D]LRQH (HVWL (ULQRRUVRRW|| hKLQJ QR25 VWD FHUFDQGR YRORQWDUL SHU XQ SURJHWWR VXO WHPD GLVDELOLWj 'RYH 7DOOLQ (VWRQLD 'XUDWD GHO SURJHWWR GDO VHWWHPEUH DO JLXJQR 6FDGHQ]D DSULOH ,QIRUPD]LRQL H FDQGLGDWXUH ZZZ SURJHWWRJLRYDQL SG LW SURJHWWRJLRYDQL LQGH[ SKS"RSWLRQ
ZZZ HXURFXOWXUD LW
25$GL0829(56, Q GHO
FRPBFRQWHQW YLHZ DUWLFOH LG $VYH LQ HVWRQLD FDWLG $QHZV VSD]LR HXURSD ,WHPLG
69( LQ DWWLYLWj FRQ EDPELQL
/·RUJDQL]]D]LRQH &LUNHYQL VWUHGLVNR YROQHKR FDVX VY -DQD %RVND VWD FHUFDQGR YRORQWDUL SHU XQ SURJHWWR VXO WHPD GHOO·HGXFD]LRQH DWWUDYHUVR DWWLYLWj DOO·DULD DSHUWD 'RYH +DYLURY 5HS &HFD 'XUDWD GHO SURJHWWR GDO VHWWHPEUH DO JLXJQR 6FDGHQ]D DSULOH ,QIRUPD]LRQL H FDQGLGDWXUH ZZZ SURJHWWRJLRYDQL SG LW SURJHWWRJLRYDQL LQGH[ SKS"RSWLRQ FRPBFRQWHQW YLHZ DUWLFOH LG $VYH LQ UHSXEEOLFD FHFD FDWLG $QHZV VSD]LR HXURSD ,WHPLG
3HU LQIRUPD]LRQL VFULYHUH D SURJHWWRJLRYDQL#FRPXQH SDGRYD LW
/·$VVRFLD]LRQH &XOWXUDOH 6WUDXVV VWD FHUFDQGR YRORQWDUL SHU LO SURJHWWR ´,PSDFWLQJ <RXU :RUOG IRU WKH %HWWHUµ ,O SURJHWWR VL WHUUj QHOOH FLWWj GL ,EDGDQ 2\R 6WDWH 1LJHULD 7HPD DVVLVWHQ]D H FXUD DL EDPELQL GHO FHQWUR 3RVWL GLVSRQLELOL SHU SDUWHFLSDQWL ,WDOLDQL GDO DO GDO DO 6FDGHQ]D DSULOH 7XWWH OH LQIRUPD]LRQL H OH PRGDOLWj GL FDQGLGDWXUD VRQR LQ ZZZ HXURFXOWXUD LW LPDJHV 25$GL0829(56, RGP VYHDU FLVWUDXVV SGI ,QIR DUFLVWUDXVV#DUFLVWUDXVV LW
,GHH SHU SDUWLUH
DQQL R SL " 9RORQWDULDWR DOO·HVWHUR 6H KDL R SL DQQL H GHVLGHUL XQ·HVSHULHQ]D VLJQLILFDWLYD H QXRYL VWLPROL YLYHUH SHU DOFXQH VHWWLPDQH DOO·HVWHUR H YLVLWDUH XQD FLWWj HXURSHD FRQ YLDJJLR YLWWR H DOORJJLR SDJDWL GDOO·RUJDQL]]D]LRQH VYROJHUH YRORQWDULDWR RIIUHQGR TXDQWR SXRL H VDL IDUH H ULFHYHQGR HG LPSDUDQGR DOOR VWHVVR WHPSR 3XRL FDQGLGDUWL SHU XQ SURJHWWR GL YRORQWDULDWR VHQLRU 1RQ VRQR ULFKLHVWH SDUWLFRODUL FRPSHWHQ]H L UHTXLVLWL SULQFLSDOL VRQR DYHU YRJOLD GL PHWWHUVL LQ JLRFR VDSHUH O·LQJOHVH DG XQ OLYHOOR FKH SHUPHWWD GL FRPXQLFDUH EDVH LQWHUPHGLR R OD OLQJXD GHO 3DHVH DYHUH PRWLYD]LRQH SHU LO WHPD GHO SURJHWWR JDUDQWLUH OD SDUWHFLSD]LRQH DOOD SUHSDUD]LRQH H DOO·LQWHUR VRJJLRUQR DOO·HVWHUR HVVHUH YRORQWDUL H R DOPHQR HVVHUH LQWHUHVVDWL H D GLYHQWDUOR LQ IXWXUR QHO PRQGR DVVRFLDWLYR FRQ SULRULWj DO WHUULWRULR SDGRYDQR , SURJHWWL SRVVLELOL VRQR 3URJHWWR *(1,86 SURPRVVR GD ;HQD SRVWL LQ 3RORQLD SDUWHQ]D PDJJLR ULHQWUR PDJJLR VFDGHQ]D LQYLR FDQGLGDWXUH PDU]R SHU DWWLYLWj VX WHPDWLFKH IHPPLQLOL S H YLWD GHOOH GRQQH LPPDJLQH GHOOH GRQQH QHL PH]]L GL FRPXQLFD]LRQH IRWRJUDILD H JLRUQDOLVPR ,QIRUPD]LRQL H FDQGLGDWXUH FRRUG#[HQD LW 3URJHWWR :,6( SURPRVVR GD &63'6 SRVWL LQ 6SDJQD SHU ODYRUR FRQ L GLVDELOL SDUWHQ]D PDJJLR ULHQWUR JLXJQR VFDGHQ]D LQYLR FDQGLGDWXUH PDU]R ,QIRUPD]LRQL H FDQGLGDWXUH VHQLRU SDGRYD#JPDLO FRP , SDUWHFLSDQWL VHJXLUDQQR XQD IRUPD]LRQH SUH SDUWHQ]D JUDWXLWD 7XWWR FLz q SRVVLELOH JUD]LH DO 3URJUDPPD GHOO·8QLRQH (XURSHD GL $SSUHQGLPHQWR 3HUPDQHQWH //3 *UXQGWYLJ 9RORQWDULDWR 6HQLRU ;(1$ &HQWUR 6FDPEL H 'LQDPLFKH ,QWHUFXOWXUDOL 3DGRYD ZZZ [HQD LW
ZZZ HXURFXOWXUD LW
25$GL0829(56, Q GHO
)RUPD]LRQH
6XPPHU 6FKRRO ,Q WXWWD (XURSD
D FXUD GL %HUQG )DDV &DUHHU FRXQVHOORU *5(&,$ (SLGDXUR
*(50$1,$ (VVHQ
WK .XIVWHLQ 6XPPHU 6FKRRO IRU $UWV 0DQDJHPHQW
(06 6XPPHUVFKRRO 'DWH QG ² WK -XO\ 'HDGOLQH 0DUFK VW 2SHQ WR LQWHUQDWLRQDO DSSOLFDQWV :LWK WKH ODXQFK RI WKLV VLWH ZH G OLNH WR NHHS \RX XS WR GDWH RQ WKH ODWHVW LQIRUPDWLRQ UHJDUGLQJ WKH QH[W 6XPPHUVFKRRO )RU QRZ \RX FDQ ILQG RXW DERXW WKH SUHOLPLQDU\ VFKHGXOH DQG WKH DUULYDO LQ (VVHQ <RX FDQ DOVR UHDG XS RQ VRPH EDFNJURXQG LQIRUPDWLRQ DERXW (VVHQ DQG WKH 5XKU $UHD ZZZ XQL GXH GH HPV VXPPHUVFKRRO HPV #XQL GXH GH
'DWH 0D\ ² 'HDGOLQH DO SL SUHVWR 2SHQ WR VWXGHQWV RI DUWV PDQDJHPHQW FXOWXUDO VWXGLHV HYHQW PDQDJHPHQW WRXULVP PDQDJHPHQW SROLWLFDO VFLHQFHV DQG FXOWXUDO KHULWDJH PDQDJHPHQW ,QWHUHVWHG VWXGHQWV DQG SURIHVVLRQDOV RI RWKHU ILHOGV DUH DOVR ZHOFRPH )HH ½ LQFO FRQIHUHQFH IHH FRQIHUHQFH SDSHUV DFFRPPRGDWLRQ VKDUHG URRPV EUHDNIDVW GLQQHU WUDYHO FRVWV GXULQJ VHPLQDU HQWUDQFH IHHV H[FO WUDYHOOLQJ H[SHQVHV IRU DUULYDO DQG GHSDUWXUH RSWLRQDO H[FXUVLRQV ZZZ HXURFXOWXUD LW LPDJHV 25$GL0829(56, RGP VXPP HUVFKRRONXIVWHLQ SGI VXPPHUVFKRRO#IK NXIVWHLQ DF DW
*5(&,$ &KDQLD &UHWD
7, 6XPPHU 6FKRRO RQ ,QWHJULW\ 'DWH ²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
VW 6XPPHU 6FKRRO RQ 0HGLD )UDJPHQW &UHDWLRQ DQG 5HPL[LQJ 'DWH -XQH 'HDGOLQH VW RI 0DUFK 2SHQ WR SDUWLFLSDQWV IURP DOO RYHU WKH ZRUOG ² ERWK 3K' 06F VWXGHQWV RU \RXQJ UHVHDUFKHUV DQG PHGLD SURIHVVLRQDOV SUDFWLWLRQHUV )HHV ½ 7KH VXPPHU VFKRRO DLPV DW RIIHULQJ SDUWLFLSDQWV IURP DOO RYHU WKH ZRUOG ² ERWK 3K' 06F VWXGHQWV RU \RXQJ UHVHDUFKHUV DQG PHGLD SURIHVVLRQDOV SUDFWLWLRQHUV ² WRS OHYHO HGXFDWLRQ LQ WKH HPHUJLQJ DUHD RI PHGLD IUDJPHQW WHFKQRORJLHV DQG DSSOLFDWLRQV KWWS VXPPHUVFKRRO PHGLDPL[HU HX
/,78$1,$ 9LOQLXV
ZZZ HXURFXOWXUD LW
25$GL0829(56, Q GHO
6FDPEL FXOWXUDOL H FRUVL
,Q 6ORYHQLD 5RPDQLD &LSUR 7XUFKLD
D FXUD GL 0DULHOOD *LDPEUD /·$VVRFLD]LRQH 9LFRORFRUWR ZZZ YLFRORFRUWR RUJ GL 3HVDUR LQIRUPD FKH VRQR DQFRUD GLVSRQLELOL DOFXQL SRVWL SHU L VHJXHQWL VFDPEL ILQDQ]LDWL GDOO·8QLRQH (XURSHD
3HU DOWUH LQIRUPD]LRQL VFULYHUH D 'DQLHOH /XFDUHOOL GDQLHOH#YLFRORFRUWR RUJ /·$VVRFLD]LRQH $UFLVWUDXVV ZZZ DUFLVWUDXVV LW GL 3DOHUPR LQIRUPD FKH VRQR DQFRUD GLVSRQLELOL DOFXQL SRVWL SHU L VHJXHQWL FRUVL LQWHUQD]LRQDOL GL IRUPD]LRQH ILQDQ]LDWL GDOO·8QLRQH (XURSHD
6FDPELR /HW¶V ZDON WKURXJK WUDGLWLRQV FKH VL WHUUj LQ 7XUFKLD D *D]LDQWHS GDOO DO $SULOH VXO WHPD GHOOH WUDGL]LRQL FXOWXUDOL QHOOR VSHFLILFR OD PDQLIDWWXUD GL VFDUSH WUDGL]LRQDOL ORFDOL
7UDLQLQJ &RXUVH ´(PSOR\PHQW 8µ FKH VL VYROJHUj D 1LFRVLD &LSUR GDO DO $SULOH VXO WHPD JLRYDQL H ODYRUR
6FDPELR 5HGXFH 5HXVH 5HF\FOH FKH VL WHUUj D 6WUXPLFD LQ 0DFHGRQLD GDO DO $SULOH VXOO HGXFD]LRQH DPELHQWDOH DWWUDYHUVR ODERUDWRUL FUHDWLYL H FUHD]LRQH GL JLRFKL FRQ PDWHULDOL GL ULFLFOR SHU L UDJD]]L 6FDGHQ]D DJJLRUQDWD DO SL SUHVWR 7XWWH OH LQIRUPD]LRQL H OH PRGDOLWj GL FDQGLGDWXUD VRQR LQ ZZZ YLFRORFRUWR RUJ LQGH[ SKS"SDJH QHZV 3HU DOWUH LQIRUPD]LRQL VFULYHUH D 'DQLHOH /XFDUHOOL GDQLHOH#YLFRORFRUWR RUJ /·$VVRFLD]LRQH 9LFRORFRUWR ZZZ YLFRORFRUWR RUJ GL 3HVDUR LQIRUPD FKH VRQR DQFRUD GLVSRQLELOL DOFXQL SRVWL SHU L VHJXHQWL FRUVL LQWHUQD]LRQDOL GL IRUPD]LRQH ILQDQ]LDWL GDOO·8QLRQH (XURSHD
&RUVR :H DUH (XURSH FKH VL WHUUj LQ 6ORYHQLD &HOMH GDOO DOO $SULOH VXOOD &LWWDGLQDQ]D (XURSHD HG RSSRUWXQLWj HXURSHH GL PRELOLWj H IRUPD]LRQH SHU L JLRYDQL
&RUVR 'HVLJQ \RXU MRE FKH VL WHUUj LQ 6HUELD D 1RYL 6DG GDO $SULOH DO 0DJJLR VXOOH FRPSHWHQ]H QHL 1HZ 0HGLD FRPH VWUXPHQWR SHU IDFLOLWDUH O RFFXSD]LRQH JLRYDQLOH 6FDGHQ]D DJJLRUQDWD DO SL SUHVWR 7XWWH OH LQIRUPD]LRQL H OH PRGDOLWj GL FDQGLGDWXUD VRQR LQ ZZZ YLFRORFRUWR RUJ LQGH[ SKS"SDJH QHZV
6FDPELR FXOWXUDOH´+(//2µ
FKH VL VYROJHUj D 0DUPDULV 7XUFKLD GDO DO DSULOH VXO WHPD DSSUHQGLPHQWR LQWHUFXOWXUDOH FLWWDGLQDQ]D DWWLYD HXURSHD 6FDGHQ]D PDU]R 7XWWH OH LQIRUPD]LRQL H OH PRGDOLWj GL FDQGLGDWXUD VRQR LQ ZZZ HXURFXOWXUD LW LPDJHV 25$GL0829(56, RGP VFDP ELDUFLVWUDXVV SGI 3HU PDJJLRUL LQIRUPD]LRQL SURJUDPPD JLRUQDOLHUR GHVFUL]LRQH GHO SURJHWWR H SHU SUHVHQWD]LRQH GL FDQGLGDWXUD FRQWDWWDUH DUFLVWUDXVV#DUFLVWUDXVV LW /·$VVRFLD]LRQH -2,17 GL 0LODQR FHUFD SDUWHFLSDQWL SHU LO VHJXHQWH FRUVR
7UDLQLQJ FRXUVH 'HPR FKH VL VYROJHUj D &UDLRYD 5RPDQLD GDO DO DSULOH VXL GLULWWL XPDQL 6FDGHQ]D PDU]R 7XWWH OH LQIRUPD]LRQL H OH PRGDOLWj GL FDQGLGDWXUD VRQR LQ ZZZ HXURFXOWXUD LW LPDJHV 25$GL0829(56, RGP FRUVRM RLQW SGI 3HU DOWUH LQIRUPD]LRQL VFULYHUH D *LQHYUD VFDPEL#DVVRFLD]LRQHMRLQW RUJ
ZZZ HXURFXOWXUD LW
25$GL0829(56, Q GHO
$JJLRUQDPHQWR
&RUVL 6$/72 <287+ D FXUD GL *LDQOXLJL 5DJR &DUHHU FRXQVHOORU 6/29$&&+,$
FRQILGHQFH WR ZRUN ZLWK GLVDELOLW\ 5HDFK RXW WR \RXQJ SHRSOH ZLWK GLVDELOLW\ DQG IRFXV RQ DELOLW\ UDWKHU WKDQ GLVDELOLW\ *DLQ SURIHVVLRQDO VNLOOV ZZZ VDOWR \RXWK QHW WRROV HXURSHDQ WUDLQLQJ FDOHQGDU WUDLQLQJ WF DELOLW\ UDLVH \RXU DELOLW\ WR ZRUN ZLWK GLVDELOLW\ PD\ SRUWXJDO
3DUWQHUVKLS EXLOGLQJ $FWLYLW\ +HUH ZH DUH LQFOXGH XV 0D\ $SSOLFDWLRQ GHDGOLQH $SULO $ GD\V SDUWQHUVKLS EXLOGLQJ DFWLYLW\ ZKLFK DLPV WR EULQJ WRJHWKHU \RXWK ZRUNHUV ZRUNLQJ GLUHFWO\ ZLWK \RXQJ SHRSOH ZLWK IHZHU RSSRUWXQLWLHV WR SURYLGH VSDFH WR GHYHORS SDUWQHUVKLSV IRU IXWXUH VKRUW WHUP (96 SURMHFWV ZZZ VDOWR \RXWK QHW WRROV HXURSHDQ WUDLQLQJ FDOHQGDU WUDLQLQJ KHUH ZH DUH LQFOXGH XV
3UHPLHU /HDJXH &RPPXQLW\ 2XWUHDFK :RUNHUV 6HPLQDU
),1/$1',$
7UDLQLQJ &RXUVH $724 $GYDQFHG 7UDLQLQJ RQ 4XDOLW\ 0D\ $SSOLFDWLRQ GHDGOLQH $SULO $724 FRPHV IURP WKH ZRUGV $GYDQFHG 7UDLQLQJ RQ 4XDOLW\ ,W LV RQH RI PRVW ORYHG WUDLQLQJV IRU JURXS OHDGHUV LQ \RXWK H[FKDQJHV ,W JLYHV DQ RSSRUWXQLW\ WR HYDOXDWH DQG OHDQ PRUH 6DWLVIDFWLRQ LV JXDUDQWHHG ZZZ VDOWR \RXWK QHW WRROV HXURSHDQ WUDLQLQJ FDOHQGDU WUDLQLQJ DWRT DGYDQFHG WUDLQLQJ RQ TXDOLW\
7UDLQLQJ &RXUVH 7& $ELOLW\ UDLVH \RXU DELOLW\ WR ZRUN ZLWK GLVDELOLW\
0D\ $SSOLFDWLRQ GHDGOLQH $SULO $ VHPLQDU WR PDNH OLQNV EHWZHHQ FRPPXQLW\ RXWUHDFK ZRUNHUV DW ,QWHUQDWLRQDO 3UHPLHU /HDJXH )RRWEDOO &OXEV 7R VKDUH SUDFWLVH OHDUQ IURP RWKHUV VKRZFDVH WKH ZRUN KDSSHQLQJ LQ WKH (QJOLVK 3UHPLHU /HDJXH DQG LQVSLUH \RX WR PDNH LQWHUQDWLRQDO SURMHFWV ZZZ VDOWR \RXWK QHW WRROV HXURSHDQ WUDLQLQJ FDOHQGDU WUDLQLQJ SUHPLHU OHDJXH FRPPXQLW\ RXWUHDFK ZRUNHUV VHPLQDU
*(50$1,$
7UDLQLQJ &RXUVH <HV /HDUQLQJ
32572*$//2
0D\ $SSOLFDWLRQ GHDGOLQH $SULO $ FRXUVH WR JHW D EHWWHU XQGHUVWDQGLQJ RI GLVDELOLW\ DQG GHYHORS \RXWK ZRUNHU FRPSHWHQFLHV WRROV DQG
5(*12 81,72
-XQH $SSOLFDWLRQ GHDGOLQH $SULO ([SORULQJ DQG GHYHORSLQJ WKH FRPSHWHQFH WR IDFLOLWDWH DQG VXSSRUW WKH <RXWKSDVV SURFHVV VHOI GLUHFWHG OHDUQLQJ LQ <RXWK LQ $FWLRQ SURMHFWV ZZZ VDOWR \RXWK QHW WRROV HXURSHDQ WUDLQLQJ FDOHQGDU WUDLQLQJ \HV OHDUQLQJ VHOI GLUHFWHG OHDUQLQJ DQG WKH \RXWKSDVV SURFHVV LQ \RXWK LQ DFWLRQ SURMHFWV
ZZZ HXURFXOWXUD LW
25$GL0829(56, Q GHO
(;3/25( 7+( :25/' 9(1(72 ,1 029,0(172 q LO QHWZRUN GL VHUYL]L GL RULHQWDPHQWR DOOD PRELOLWj LQWHUQD]LRQDOH UHDOL]]DWR LQ FROODERUD]LRQH WUD LO &RPXQH GL 9HQH]LD (XURSH 'LUHFW 9HQHWR LO &RPXQH GL %DVVDQR GHO *UDSSD ,QIRUPD&LWWj H LO &RPXQH GL 7KLHQH 8UEDQ &HQWHU 2 $ 6 , (XURSD FRQ O RUJDQL]]D]LRQH WHFQLFD GL (XURFXOWXUD
7XWWL JOL DSSXQWDPHQWL GL (XURFXOWXUD QHOOD 5HJLRQH 9HQHWR LQ DSULOH
4XDQGR
&RVD
'RYH
$35,/(
DSULOH RUH
0REL IODVK /DYRUR VWDJLRQDOH OD FDQGLGDWXUD LQ OLQJXD LQJOHVH
6DOD ULXQLRQL 6HWWRUH 3ROLWLFKH GHOOR VYLOXSSR &RQWUD %XVDWR Q 9LFHQ]D ULVHUYDWR DL UHVLGHQWL QHL &RPXQL DGHUHQWL DO SURJHWWR
DSULOH RUH
0REL IODVK &DPSL GL ODYRUR &RPH VFHJOLHUH"
6DOD ULXQLRQL 6HWWRUH 3ROLWLFKH GHOOR VYLOXSSR &RQWUD %XVDWR Q 9LFHQ]D ULVHUYDWR DL UHVLGHQWL QHL &RPXQL DGHUHQWL DO SURJHWWR
DSULOH RUH
0REL )ODVK 6WXGLDUH LQ (XURSD
DSULOH RUH
0REL )ODVK &DQGLGDWXUD LQ OLQJXD WHGHVFD
DSULOH RUH
&RQIHUHQ]D *UHHQ MREV QHO PRQGR DQJORVDVVRQH
DSULOH RUH
&RQIHUHQ]D 'HVWLQD]LRQH 6YL]]HUD
DSULOH RUH DSULOH RUH DSULOH RUH
DSULOH RUH
,QIR H SUHQRWD]LRQL ,VFUL] REEOLJDWRULD ZZZ FRPXQH YLFHQ]D LW XIILFL GLSHFRILQ VYLOXSSR HFRQRPLFR SROLWLFKHGHOO DYRUR FRUVL SKS ,VFUL] REEOLJDWRULD ZZZ FRPXQH YLFHQ]D LW XIILFL GLSHFRILQ VYLOXSSR HFRQRPLFR SROLWLFKHGHOO DYRUR FRUVL SKS
6SRUWHOOR GL FRQVXOHQ]D LQGLYLGXDOH VXOOH RSSRUWXQLWj DOO HVWHUR &LFOR &HUFDQGR LO ODYRUR 'HVWLQD]LRQH $XVWUDOLD 1XRYD =HODQGD &LFOR &HUFDQGR LO ODYRUR
,QIRUPDFLWWj GL %DVVDQR GHO *UDSSD 9, WHO LQIRUPDFLWWD#FRPXQH EDVVDQR YL LW ,QIRUPDFLWWj GL %DVVDQR GHO *UDSSD 9, WHO LQIRUPDFLWWD#FRPXQH EDVVDQR YL LW ,QIRUPDFLWWj GL %DVVDQR GHO *UDSSD 9, WHO LQIRUPDFLWWD#FRPXQH EDVVDQR YL LW 8UEDQ &HQWHU 2 $ 6 , GL 7KLHQH 9, WHO XUEDQFHQWHU#FRPXQH WKLHQH YL LW 3ROR *LRYDQL &RQWUj %DUFKH 9LFHQ]D ULVHUYDWR DL UHVLGHQWL QHL &RPXQL DGHUHQWL DO SURJHWWR 6DOD FRQIHUHQ]H &KLRVWUL GL 6 WD &RURQD FRQWUD 6DQWD &RURQD 9LFHQ]D WHO
9RORQWDULDWR DOO HVWHUR
&D· )RVFDUL 9HQH]LD
0REL /LQH FRQVXOHQ]D LQGLYLGXDOH YLD 6N\SH
,QIRUPDJLRYDQL GHO &RPXQH GL %HOOXQR 3LD]]D 'XRPR %HOOXQR WHO ULVHUYDWR DL UHVLGHQWL QHO WHUULWRULR GHOOD SURYLQFLD GL %HOOXQR FRQ SULRULWj SHU LO &RPXQH GL %HOOXQR
LQIRUPDJLRYDQL#FRP XQH EHOOXQR LW
ZZZ HXURFXOWXUD LW