Sud 06

Page 1

Z\K

*69, »5.9(;, )UDQFHVFR )RUODQL

³3RQHWH LO FDVR FKH XQ YDSRUH FRQ GXH R WUHFHQWR DUPDWL SRUWDQGR FLQTXH R VHLPLOD IXFLOL FRQ XQ FHQ WRPLOD IUDQFKL SDUWLVVH GD *HQRYD VL GLULJHVVH VX 3URFLGD SRQHVVH LQ OLEHUWj WXWWL L GHWHQXWL TXLQGL VL JHWWDVVH VXOOD FRVWD H PXRYHVVH VX 1DSROL 5LXVFLUHEEH" /D SRSROD ]LRQH GHOOD FDSLWDOH OR DVVHFRQGH UHEEH" *OL DQGUHEEH LQFRQWUR SHU DUPDUVL" OHWWHUD GL 3LVDFDQH GHO VHWWHPEUH D )DQHOOL GD &DVVHVH /D VSHGL]LRQH GL 6DSUL /¶LPSUHVD GL 3LVDFDQH SDUWH GD TXL GD XQ¶LSRWHVL ,O SDVVDJJLR DOO¶DWWR VDUj TXDVL LPPHGLDWR $ PHQR GL XQ DQQR GDOO¶LQYLR GHOOD OHWWHUD TXHOOD FKH q QRWD D WXWWL FRPH OD VSHGL]LRQH GL 6DSUL SUHQGH LQL]LR ,Q XQD VWRULD LOOXVWUDWD VL GLFH ³1HO SRUWR GL *HQRYD VDOJRQR FRPH SDVVHJJLHUL DOOD VSLFFLRODWD VXO &DJOLDUL &DUOR 3LVDFDQH *LRYDQQL 1LFRWHUD´ H VHJXRQR DOWUL YHQWL QRPL 'D XQ FDOHQGDULR GHOO¶HSRFD VDSSLDPR FKH q *LRYHGu *LRUQR GL VDQW¶(JLGLR SURWHWWRUH GHL PXODWWLHUL H GHL FDUUHWWLHUL 6DSHYD 3LVDFDQH FKH OD YLD GHO SDWLEROR D 1DSROL TXHOOD SHUFRUVD GDL PDUWLUL GHOOD 5HSXEEOLFD 3DUWHQRSHD SDVVD YD SHU LO FRPSOHVVR FRQYHQWXDOH GL VDQW¶(JLGLR" ,O GXH /XJOLR VHPSUH GL *LRYHGu 3LVDFDQH PXRUH XFFL VR H QRQ VXLFLGD FRPH VL YRUUHEEH 0D WRUQLDPR DOOD OHWWHUD LQYLD WD D )DQHOOL 4XDQGR 3LVDFDQH GHFLGH GL LPEDUFDUVL DOOD YROWD GL 3RQ]D DYHQGR WURYDWR SL RSSRU WXQR FRPLQFLDUH OD ULYROX]LRQH QHO &LOHQWR q GDYYHUR FRQYLQWR GL SRWHUFHOD IDUH" ,Q XQD SRHVLD PHQR IDPRVD GL TXHOOD GHO 0HUFDQWLQL /D VSLJRODWULFH GL 6DSUL XQ SRHWD )UDQFHVFR 'H /XFD 'D ¶DOO¶DQH PD¶ ¶L 3RQ]D GLFH ( WXW W¶DUUDJJLDWR FRPPH HUD YHQXWR VH QH LHWWH QFD]]DWR H DYYHOXWR ¶8 UHSXEEOLFDQR FUHGHYD ¶L SXUWj ¶QD SDUROD EERQD H SH¶ FKHVWR V¶DVSHW WDYD FKH FH DEEDWWHYHQR ¶L PPDQH ( LQYHFH ¶X SLJOLDLHQR SH¶ EULJDQWH FD V¶ ¶D SLJOLD FX 5H FX 3DSD H FX L 6DQWL , IUDWHOOL %DQGLHUD $QWRQLR 3DQL]]L 3LVDFDQH WXWWL VDFULIL FDWL VXOO¶DOWDUH GHOO¶LQJUDWLWXGLQH GHL OLEHUDWL YHUVR L OLEHUDWRUL ,Q FKH PRGR LQWHUSUHWDUH LO UDQFRUH GHOOD SRSROD]LRQH FKH VL DEEDWWH VX GL HVVL FRQ LQDXGLWD YLROHQ]D" &HUFDQGR PDWHULDOH LFRQRJUDILFR VX 3LVDFDQH PL VRQR LPEDWWXWR VX XQD GRSSLD UDSSUHVHQWD]LRQH GHOOD PRUWH GL 3LVDFDQH /D ³PLVH HQ VFqQH´ q OD VWHVVD 3LVDFDQH q FXUYR VX XQ ODWR OD VFLDEROD VJXDLQDWD PHQWUH L FRPSDJQL PXRLRQR WUD URQFROH H IRUFRQL 0D JXDUGDQGR SL GD YLFLQR FL DFFRUJLDPR QRQ VRODPHQWH GHOOD FRUULVSRQGHQ]D FRQ OD EHOOD H OD EUXWWD PRUWH GHO 3LVDFDQH PD DQFKH GHL GXH GLIIH UHQWL DSSURFFL DO SHUVRQDJJLR ,Q XQD LPPDJLQH GHFLVDPHQ WH EUXWWD FXVWRGLWD DO PXVHR GHO 5LVRUJLPHQWR 3LVDFDQH q LQ EDVVR , FRQWDGLQL VFHQGRQR YHUVR GL OXL 1HOO¶DOWUD q LO FRQWUDULR 3LVDFDQH q LQ DOWR D GHVWUD H OD SRSROD]LRQH LQIHURFLWD ULPRQWD OH SHQGLFL SHU DFFRSSDUOR 1HOOD SULPD XQ FRQ WDGLQR WR]]R GDL PRGL VHOYDJJL H FUXHQWL FDOSHVWD OD EDQGLHUD LWDOLD QD 1HOO¶DOWUD OD EDQGLHUD q SURWHWWD GDO FRUSR GL 3LVDFDQH 1HOOD SULPD F¶q XQ JDOHRWWR FKH OR GLIHQGH PHQ WUH QHOO¶DOWUD DFFDQWR DO FRQWDGLQR VFRUJLDPR XQ PLOLWDUH ERUERQLFR FRQ OD EDLRQHWWD PHVVD FKH OR WUD ILJJH ( OD SLVWROD" 1HVVXQD WUDFFLD $YUHL SRWXWR FRPLQFLDUH GD TXHO TXDGUR TXDOH GHL GXH H GD TXHOOH IDFFH /H VWHVVH 0L VRQR DSSDV VLRQDWR DOOD VWRULD GL 3LVDFDQH GD TXDQGR KR YLVWR OD SLVWROD QHOOD EDFKHFD GHO SLFFROR PXVHR GHOOD QRVWUD VFXROD OD 1XQ]LDWHOOD &KH IDFFLD KD XQD SLVWROD FKH VLD VHUYLWD SHU XQ¶XOWLPD YROWD" 3LVWROD q FDO

FLR FDQH ERFFD GL IXRFR 6XLFLGLR QRQ IX HG HSSXUH OD VWRULRJUDILD SUR 3LVDFDQH KD VHPSUH DPPHV VR TXHVWD WHVL (G q IXRFR DPLFR TXHOOR FKH VL GLULJH FRQWUR VH VWHV VR LQ TXHOO¶DWWR HVWUHPR FKH q LO VXLFLGLR" (¶ IXRFR DPLFR TXHOOR FKH LQFHQGLD L YHVWLWL GL -DQ 3DODFK QHOOD SLD]]D GL 3UDJD LQ XQD SUL PDYHUD FKH HUD JLj LQYHUQR" ( GHJOL VWXGHQWL LUDQLDQL GL TXHVWL JLRUQL" 6H VROR TXHOOD ERFFD DYHV VH OD SDUROD O¶XOWLPD SDUROD VXOOD YLWD H OD PRUWH GL 3LVDFDQH )RUVH GRYUHPPR SHQVDUH DO EHOOLVVLPR ILOP HG DOWUHWWDQWR VXJJHVWLYR WLWROR 4XDQWR q EHOOR OX PXULUL DFFLVX 1HOOD VSHGL]LRQH GHO 3LVDFDQH F¶q XQ¶LQFRVFLHQWH SXOVLRQH GL PRUWH 3L FKH DO PDUWLUH FLRq TXHOOR D FXL OD PRUWH q LPSRVWD H FKH LO PDUWLUH DFFHWWD SHU SURWHJJHUH LO SURSULR FUHGR LQ 3LVDFDQH SRVVLDPR GLUH FKH OD PRUWH VH OD YD D FHUFDUH ³FKH SRWHYD UHVWDUVHQH WUDQTXLOOR´ 3HU FHUWL YHUVL ID SHQVDUH SL DO JHQHUDOH &XVWHU 0D OR VDSHYDWH FKH O¶XQLFR VRSUDYYLVVXWR D /LWWOH %LJ +RUQ IX LO WURPEHWWLHUH -RKQ 0DUWLQ *LRYDQQL 0DUWLQL QDWR D 6DOD &RQVLOLQD LQ SURYLQFLD GL 6DOHUQR LO JHQQDLR GHO VWHVVL OXRJKL LQ FXL IX DPPD]]DWR 3LVDFDQH" 'L 3LVDFDQH q VWDWR GHWWR WXWWR H LO FRQWUDULR GL WXWWR $YYHQWXULHUR VSLD GHJOL LQJOHVL GRQ *LRYDQQL LPSHQLWHQWH GLVWUXWWRUH GL IDPL JOLH ELRQGR RFFKL D]]XUUL 6DUj IXRFR DPLFR TXHOOR GL FKL QRQ FDSLVFH H FKH q YROJR SRSROR SRSROD]LRQH PDVVD JHQWH" 0D SRL SHUFKp FDSLUH" ( FKL" &RVD" 9LFWRU +XJR KD GHWWR FKH IRVVH SL JUDQGH GHOOR VWHVVR *DULEDOGL 'L OXL /XFLR &ROOHWWL KD VFULWWR ³0D QR %DVWD QRQ FRQIRQGHUH ,O SUREOHPD q FKH VH Vu KDQQR UHVSRQ VDELOLWj R DPEL]LRQL SXEEOLFKH QRQ VL SXz FRQWLQXDUH D GRUPLUH 8QD SROLWLFD IDWWD GL VRJQL SURGXFH LQFXEL *HQWH FRPH *XHYDUD F¶q VHPSUH VWDWD 3LVDFDQH SHU HVHP SLR ( FH QH VDUDQQR DOWUL LQ IXWXUR´ &RUULHUH GHOOD VHUD

(Wj FLUFD DQQL 5D]]D ELDQFD $OWH]]D P FLUFD &DSHOOL FDVWDQL ULFFL EDUED H EDIIL ULFFL VRSUDFFLJOLD IROWH 1DVR GLULWWR /DEEUD VRWWLOL ERFFD VRFFKLXVD FRQ WUDFFH GL QLFRWLQD 0DQFD LO SUHPRODUH LQIHULRUH VLQLVWUR 2FFKL WHQGHQWL DOO¶D]]XUUR &RVWLWX]LRQH QRUPDOH &RVu (UQHVWR ³&KH´ *XHYDUD 1RQ VR VH 3LVDFDQH IXPDVVH ,Q WDQWR FKH H[ DOOLHYR SRVVR LPPD JLQDUH GL Vu PD HUD ELRQGR QRQ FDVWDQR DQFKH VH FRQ EDUED H EDIIL ULFFL *OL RFFKL H OH VRSUDFFLJOLD IROWH VL DVVRPLJOLDQR HG HQWUDP EL DYHYDQR XQ LUUHVLVWLELOH DPRUH SHU OH GRQQH $ VFRQYROJHUPL SHUz VRQR VWDWL DOFXQL GHWWDJOL ± (UQHVWR &KH JXH YDUD PXRUH ,O JLXJQR ± &DUOR 3LVDFDQH PXRUH LO OXJOLR (QWUDPEL KDQQR WUHQWDQRYH DQQL DOOD PRUWH $ SURFXUDUOD VRQR GLUHW WDPHQWH R LQGLUHWWDPHQWH JOL VWHVVL FRQWDGLQL %ROLYLDQL R GHO &LOHQWR FKH YROHYDQR DIIUDQFDUH &L VRQR VROR GLHFL DQQL GL GLIIHUHQ]D SHU FKp QRQ VLD SDVVDWR HVDWWDPHQWH XQ VHFROR GDOO¶XQD DOO¶DOWUD LPSUHVD 8QR VEDUFR DFFRPSDJQD L ULVSHWWLYL SURJHWWL H D VDOLUH VXOOH LPEDUFD]LR QL FL VRQR HTXLSDJJL GL FLUFD YHQWL SHUVRQH , GLFLDVVHWWH XRPLQL VXSHUVWLWL GHOO¶LQL]LDOH JUXSSR GL JXHUULJOLHUL FKH KD LQL]LDWR O¶DYYHQWXUD EROLYLD QD FRQ LO ³&KH´ YHQJRQR VRUSUH VL GD FLQTXH EDWWDJOLRQL GL UDQJHU /D FRVD VRUSUHQGHQWH q FKH DFFDGH OR VWHVVR FRQ DOWUL HURL ULVRUJLPHQWDOL , IUDWHOOL %DQGLHUD LQ JLXJQR FUHGHQGR WUDWWDUVL GHOO¶LQVXUUH ]LRQH PD]]LQLDQD VFRSSLDWD QHO UHVWR GHOOD &DODEULD HG HVWHVDVL ILQR &RVHQ]D VEDUFKHUDQQR FRQ

FRPSDJQL 0D OH SRSROD]LRQL H ELVRJQHUHEEH ULIOHWWHUH VXO WHUPL QH VRVWLWXLWR LQ VHJXLWR GD SRSROR HUDQR YHUDPHQWH SRFR DYYH]]H DOOD ULYROWD" /D VWRULD FL GLFH SURSULR LO FRQWUDULR ,O &LOHQWR VL HUD UHVR SUR WDJRQLVWD GHOOH SL JUDQGL ULYROWH WUD LO µ H LO µ /¶HSLORJR IX WUD JLFR H O¶DFFDQLPHQWR GHL %RUERQH FRQWUR L ULYROWRVL H L SDHVL %RVFR VRSUDWWXWWR IX FRVu YLROHQWR FKH VFDWHQz O¶LQGLJQD]LRQH GL WXWWD O¶(XURSD ,Q GDWD OXJOLR )UDQFHVFR , HPLVH LO VHJXHQWH 'HFUHWR $UW ³,O &RPXQH GL %RVFR QHO &LUFRQGDULR GL &DPHURWD QHO SULQ FLSDWR &LWHULRQH q VRSSUHVVR ,O VXR QRPH VDUj FDQFHOODWR GDOO¶DOER GHL &RPXQL GHO UHJQR ,O VXR WHQLPHQ WR q DJJUHJDWR D TXHOOR OLPLWURIR GL 6DQ *LRYDQQL D 3LUR´ $UW ³*OL DELWDQWL GL %RVFR SRWUDQQR ILVVDUH LO ORUR GRPLFLOLR LQ 6DQ *LRYDQQL D 3LUR R GRYXQTXH ORUR SLDFFLD PD Qp HVVL Qp DOWUL SRWUDQQR ULFRVWUXLUH PDL SL OH DEL WD]LRQL FKH IRUPDYDQR O¶DJJUHJDWR GL TXHO FRPXQH Qp LQ TXHO VLWR RYH HVLVWHYD Qp LQ DOWUR GHOO¶DQWLFR VXR WHQLPHQWR 'RSR LO ULWRUQR QHO 9DOOR GL 'LDQR GHL %RUERQL´ 6DQ]D YDQWDYD LO WHU]R SRVWR QHOOD VSHFLDOH FODVVLILFD GHO SL DOWR QXPHUR GL ULYROX]LRQDUL DUUH VWDWL FRQ XRPLQL FRVu ULSDUWLWL LQ FODVVL SRVVLGHQWL FLQTXH FRQWDGLQL VHWWH $UWLJLDQL VHWWH ,PSLHJDWL H SURIHVVRUL FLQTXH 5HOLJLRVL XQR 6LD &DUOR 3LVDFDQH FKH LO ³&KH´ LQFRUDJJLDQR L SURSUL XRPLQL TXDOFKH LVWDQWH SULPD GHOOD GLVIDW WD DSSHOODQGRVL DG DOWUL OLEHUDWRUL &RVu O¶HURH VXGDPHULFDQR ³5DFFRQWDQR FKH LO &KH GLVVH 1RQ YL SUHRFFXSDWH VRQR VLFXUR FKH QRQ ULPDUUz SULJLRQLHUR SHU PROWR WHPSR SHUFKp PROWL SDHVL SURWHVWHUDQQR SHU PH TXLQGL QRQ F¶q ELVRJQR QRQ YL SUHRFFXSDWH WDQWR QRQ FUHGR FKH PL VXFFHGD QLHQW¶DOWUR ´ ( 3LVDFDQH ³*OL XIILFLDOL FKH JXLGDQ OH WUXSSH HJOL DQGDYD GLFHQGR VRQ PLHL DQWLFKL FROOHJKL VR EHQ LR FRPH OD SHQVDQR PLR IUDWHOOR q WUD ORUR FRPH GXQTXH SRWHWH WHPHUH FKH LQWHQGDQR VWHU PLQDUFL" ( D FKL QHO UHFDUJOL GHO FLER SHU OD JLRUQDWD HVSULPHYD LO GXEELR FKH GRYHVVHUR SRL PDQFDU JOL LO WHPSR H OD YRJOLD SHU FRQVX PDUOR HJOL DOOXGHQGR DL ERUERQLFL ULEDWWHYD FRQ XQ VRUULVR FKH YROH YD HVVHUH WUDQTXLOOL]]DQWH ³EHQH PDQJHUHPR DVVLHPH´ (UD TXHVWD ORUR XQD ILGXFLD QHO O¶XRPR LQ VH VWHVVL QHL SURSUL IUDWHOOL" , IUDWHOOL 6HPSUH QHOOD ELRJUDILD GL 3LVDFDQH FXUDWD GD 1HOOR 5RVVHOOL YLHQH ULSRUWDWR XQ SDVVDJJLR LPSRUWDQWH LQ TXDQWR D IXRFR DPLFR GL IUDWHOOR D IUDWHOOR (¶ OD FRPSDJQD GL 5RVROLQR 3LOR FKH JOL VFULYH FHUFDQGR GL IDUOR GHVLVWHUH GDOO¶LPSUHVD GHOOR VEDU FR $YUHEEH GRYXWR FRQVHJQDUH XQ FDULFR G¶DUPL 3LVDFDQH PD OD FRVD QRQ JOL ULXVFu ³'LR QRQ q Qq SXz HVVHUH FRQ OD WXD FDXVD 'LR QRQ SHUPHWWH OH JXHUUH FLYLOL QHOOH TXDOL LO IUDWHOOR XFFLGH LO IUDWHOOR´ H DOOXGH VSLH WDWDPHQWH DOOD FLUFRVWDQ]D FKH XQ IUDWHOOR GL 3LOR FRPH LO IUDWHOOR GL 3LVDFDQH q XQ ERUERQLFR UHD]LRQD ULR´ ³7X DPL WXR IUDWHOOR FRPH XQ WXR SDGUH H VLHWH QHPLFL GL SDUWLWR H IDWH OD JXHUUD WUD YRL´ ( FRVD GLUH GHOOH FRPSDJQH (QULFKHWWD 'H /RUHQ]R FKH DEEDQ GRQD PDULWR H ILJOL SHU 3LVDFDQH /D VWRULD GHL ULYROX]LRQDUL q FRVWHOODWD GL WDOL ILJXUH IHPPLQLOL SLXWWRVWR QHOO¶RPEUD FRPH $QLWD *DULEDOGL &ULVWLQD GL %HOJLRLRVR 0DUJDUHW )XOOHU H *LXOLD &DODPH /H FRPSDJQH L IUDWHOOL OD IDPLJOLD LO IXRFR DPLFR FKH DWWDFFD O¶LGHD DQFKH VH JLXVWD &KH *XHYDUD H 3LVDFDQH GDOO¶LQL]LR GHOO¶LPSUHVD VL LPEDWWHUDQQR QHOOH VWHVVH ULIOHVVLRQL 6FULYH LO ³&KH´

³&DUL YHFFKL 8Q¶DOWUD YROWD VHQWR VRWWR L PLHL WDOORQL OD FRVWROD GL 5RQ]LQDQWH H WRUQR VXOOD YHFFKLD VWUDGD &HUWDPHQWH PROWL PL FKLD PHUDQQR DYYHQWXULHUR H OR VRQR PD GL XQ WLSR GLYHUVR H GL TXHOOL FKH PHWWRQR D GLVSRVL]LRQH OD SUR SULD SHOOH SHU GLPRVWUDUH OD SURSULD YHULWj 8Q JUDQGH DEEUDFFLR GDO YRVWUR ILJOLRO SURGLJR UHFDOFLWUDQ WH SHU YRL ³ (SSXUH VDUDQQR L IUDWHOOL DG LPSHGLUH D 3LVDFDQH OD VRUWH WRF FDWD DO &KH , FRUSL GHL VXRL FRP SDJQL QRQ WUHFHQWR QRQ WXWWL PRUWL ± PD SRL FKH LPSRUWD ± IXURQR VHSROWL LQ IRVVH FRPXQL ³9HQQHUR LPPHGLDWDPHQWH EUX FLDWL LQ XQ LPPHQVR URJR 6ROR LQXPDWR VL GLVVH 3LVDFDQH SHU YRORQWj GL TXHO 0XVLWDQR FKH FRPDQGDYD OH WUXSSH ERUERQL FKH H PHPRUH G¶HVVHUH VWDWR DOOD 1XQ]LDWHOOD YHQW¶DQQL SULPD VXR FRPSDJQR GL VWXGL ´ ,O FRUSR GHO &KH VXEu XQ GHVWLQR SL WUDJLFR ³LQ HIIHWWL XQD PDFDEUD VFHQD SHUPHWWH LO JLRUQR DL SROL ]LRWWL DUJHQWLQL GL YHULILFDUH FKH OH LPSURQWH GLJLWDOL FKH HVVL SRV VLHGRQR GHO &KH ± WUDPLWH OD VXD FDUWD G¶LGHQWLWj Q ± VRQR LGHQWLFKH D TXHOOH GHOOD PDQR FRQVHUYDWD QHO EDUDWWROR GL IRUPDOGHLGH ´ $ FRQFOXVLRQH GL TXHVWR EUHYH YLDJJLR FRV¶DOWUR DJJLXQJHUH" &KH IXRFR DPLFR q TXHOOR GHO IUDWHOOR FRQWUR LO IUDWHOOR TXHOOR GHOO¶DU PD SXQWDWD DOOD WHPSLD QHO JHVWR HVWUHPR TXHOOR GHOO¶LGHD VHFRQGR FXL QHVVXQD LGHD YDOH OD SHQD" &HUWR QRQ TXHVW¶XOWLPD H TXDQWR DPHUHPPR ULSHWHUH FRQ LO &KH ³ ,QGLHWUR" 1HDQFKH SHU SUHQGHUH OD ULQFRUVD ´ 6H OH SRSROD]LRQL QRQ FDSL YDQR DOORUD SHUFKp FDSLUHEEHUR DGHVVR" 1XOOD q SL SHULFRORVR GHL QRVWUL JLRUQL GHO GLVLQFDQWR GHO FLQLVPR VWULVFLDQWH GL TXH JOL VWHVVL FKH SURFODPDQR OD ILQH GHOOD SROLWLFD &KH QRQ q GD FKH SDUWH VWDUH PD VLFXUDPHQWH HVVH UH SDUWH GL XQ SURJHWWR 'L XQ SURJHWWR FKH VDSSLD WUDVFLQDUH H WUDVSRUWDUH FKH FL SRUWL D FUHGHUH 4XHOO¶LQILQLWj GL FRVH FKH ULJXDU GDQR OD IHOLFLWj GL XQ LQGLYLGXR H GL XQD FRPXQLWj 'DO VXR IDUH OD VSHVD LQ XQ VXSHUPHUFDWR DO YLYHUH GL LGHH H FUHGHUFL H FUHGH UH FKH VLD SRVVLELOH $YUHL YROXWR GLUH D /XFLR &ROOHWWL FKH VIRUWXQD WDPHQWH DOWUR FKH LQFXEL TXL QRQ VL VRJQD QHPPHQR VL GRUPH 1RQ DVSHWWLDPR LPSRWHQWL FKH OH XOWL PH JRFFH GL SLRJJLD VSHQJDQR OH XOWLPH ILDPPH GL XQ VHFROR DQFR UD D YHQLUH 1RQ DVSHWWLDPR SL

Z\K PERIODICO DI CULTURA ARTE E LETTERATURA NUOVA SERIE N n NUMERO SPECIALE SPEDIZIONE IN ABBONAMENTO POSTALE SUHVLGHQWH RQRUDULR *LXVHSSH &DWHQDFFL GLUHWWRUH UHVSRQVDELOH (OHRQRUD 3XQWLOOR GLUHWWRUH DUWLVWLFR )UDQFHVFR )RUODQL GLUH]LRQH H DPPLQLVWUD]LRQH /LEUHULD 'DQWH 'HVFDUWHV UHGD]LRQH /XFD $Q]DQL 5DLPRQGR 'L 0DLR &ODXGLR )UDQFKL 3DROR *UD]LDQR 0DUWLQD 0D]]DFXUDWL 5HQDWD 3UXQDV 3DROR 7UDPD 0RQLFD =XQLFD SURJHWWR JUD¿ FR H LPSDJLQD]LRQH 0DUFR 'H /XFD LPSLDQWL H VWDPSD ©$UWH 7LSRJUD¿ FDª

<5 (;;6 :,4730*,

$QWRQLR *KLUHOOL

+R ULWURYDWR IUD OH PLH YHFFKLH FDU WH XQ DUWLFROR FKH VFULVVL SHU ³6XG´ DOOH VRJOLH GHO µ H FKH FUHGR VLD VWDWR SXEEOLFDWR LQ FRUVLYR FRUSR SHUFKp GRYHYD HVVHUH XQD VSHFLH GL HGLWRULDOH ( PL KD FROSLWR ULSRUWDQGRPL OLP SLGDPHQWH DOOD PHPRULD LO QRVWUR VHQWLPHQWR GRPLQDQWH GL DOORUD XQ SDVVDJJLR VXOOD ULFRVWUX]LRQH (UD DQFKH SHU QRL OD SDUROD G¶RUGLQH GL TXHL PHVL PD FL VWDYD D FXRUH SXQ WXDOL]]DUH FKH FRVD H LQ QRPH GL FKH ULFRVWUXLUH ©OD PDVVD GHL SUREOHPL FKH VL DIIROODQR DOOD QRVWUD DQJR VFLD ± VFULYHYR LQ SUHGD DG XQD IRUWH HPR]LRQH SXU VH VHQ]D WURSSD HOH JDQ]D ± YLHQH DVVROXWDPHQWH GRSR OD VROX]LRQH GHO SUREOHPD GL UHFX SHUDUH XQD FRVFLHQ]D XQD PRUDOLWj 4XHVWR q LO QRVWUR LPSHJQR XQD ULYROX]LRQH PRUDOH *LDFFKp UHVWD QR VXERUGLQDWH DOOD ULYROWD GHOOH FR VFLHQ]H RJQL ULIRUPD RJQL UHYLVLR QH GL LVWLWXWL RJQL HSXUD]LRQH« 0D QRQ GHYRQR HVVHUFL HTXLYRFL PRUD OLWj q SHU QRL ULFHUFD LQTXLHWXGLQH ULQXQFLD ( FRUDJJLR PDJDUL LO FR UDJJLR GL ULWURYDUFL VROLª &RQIXVDPHQWH HQIDWLFDPHQWH WHQWDYR GL VSLHJDUH SULPD GL WXWWR D PH VWHVVR SHUFKp DYHYDPR GDWR YLWD D ³6XG´ WUDVFLQDWL GDOO¶LQWXL]LRQH H GDOOD JHQHURVLWj GL 3DVTXDOH 3UXQDV ©TXHVWD ULYLVWD HVFH SHU XQD QRVWUD SUHVHQ]D FRPPRVVD q XQ DWWR VHP SOLFH H IUHVFR FRPH TXHVWR DQQR FKH QDVFH GDOOD VSHUDQ]D« 2OWUH TXHVWD IHGH QRQ DEELDPR SURJUDPPL QRQ ODQFLDPR PDQLIHVWL« Ê OD QRVWUD VWHVVD LGHQWLWj LO 6XG OD FRQGL]LRQH QRVWUD LQQRFHQWH GL HVVHUHª 8VFLYD PR GD XQD GLWWDWXUD YHQWHQQDOH FKH HUD VWDWD OD PHQ]RJQD LQFDUQDWD DO O¶LQWHUQR GL XQ GLVHJQR GHPHQ]LDOH GL JUDQGH]]D H GL DUURJDQ]D LO VROR PRGR GL OLEHUDUFHQH HUD O¶DIIHUPD ]LRQH OD ULFHUFD OD GLIHVD GHOOD YHUL Wj GHQWUR H LQWRUQR D QRL ( IRUVH QRQ q SHU XQD FRLQFLGHQ]D SXUDPHQWH RFFDVLRQDOH FKH ³6XG´ ULWRUQD SL GL FLQTXDQW¶DQQL GRSR LQ XQ PRQGR SRSRODWR GL QXRYR GDL IDQWDVPL GHOOD YLROHQ]D GHOOD YRO JDULWj GHOO¶LQJDQQR /D GLPHQVLRQH LQWHUQD]LRQDOH GHOOD ULYLVWD GL (OHR QRUD 3XQWLOOR H GL )UDQFHVFR )RUOD QL q LQ TXDOFKH PRGR OD VWHVVD DOOD TXDOH VLD SXUH LQ FRQGL]LRQL VWRULFKH FRVu GLYHUVH JXDUGDYDPR QRL TXDQ GR FL ULXQLPPR D 0RQWH GL 'LR QHOOD FDVD GHL 3UXQDV SRFKH GHFL QH GL PHWUL GD TXHO FROOHJLR GHOOD 1XQ]LDWHOOD LQ FXL SHU FRVu GLUH HUD FUHVFLXWD OD IDPLJOLD GL 3DVTXDOLQR /D SULJLRQH IDVFLVWD HUD VWDWD VRI IRFDQWH SURSULR SHUFKp FL DYHYD HVFOXVL QRQ VROR GDO PRQGR UHDOH

LQIR WHO ID[ LQIR#GDQWHGHVFDUWHV LW IUDQFHVFR IRUODQL#ZDQDGRR IU JUD¿ FD H LPSDJLQD]LRQH PDUFRGHOXFD#PDF FRP UHGD]LRQH 0LODQR %LDJLR &HSROODUR $QGUHD ,QJOHVH 0DUJKHULWD 5HPRWWL UHGD]LRQH 1HZ <RUN )UDQFHVFD &DGHO UHGD]LRQH 3DULJL 3DXOD /DJR &DUUHUD 1LFROD ,RGLFH /DNLV 3URJXLGLV 3KLOLSSH 6FKOLHQJHU )UDQoRLV 7DLOODQGLHU /DXUD 7RSSDQ UHGD]LRQH 7UHQWR 6LOYLD %HUWRORWWL 0DXUL]LR 1DUGRQ 0DVVLPR 5L]]DQWH 6WHIDQR =DQJUDQGR UHGD]LRQH 1XQ]LDWHOOD &HVDUH $]DQ 0DULR %HUQDUGL 'RPHQLFR *ULIRQL FRO 'DQWH =DPSD

FRPH SRWHYDPR DSSHQD LQWUDYH GHUOR QHL ILOP DPHULFDQL R VRYLHWLFL QHL OLEUL GL .DIND R QHL FDSRODYRUL GL 0HOYLOOH R GL 7KRPDV 0DQQ QHL UDUL FRQWDWWL FRQ L YLVLWDWRUL VWUDQLHUL R FRQ OD ORUR OLEHUD VWDPSD PD GDO JUDQGH H WHUULELOH GLEDWWLWR WUD GH PRFUD]LD ERUJKHVH H EROVFHYLVPR 0RUDOLWj SHUFLz HUD SHU QRL QRQ DYHU SDXUD GL JXDUGDUH LQ IDFFLD OD UHDOWj FRQRVFHUOD ILQR LQ IRQGR H ILQ GRYH IRVVH SRVVLELOH FDPELDUOD OLEHUDUOD GDOOD LQJLXVWL]LD H GDO WHU URUH PD FRQ SLHQD FRJQL]LRQH GHOOD FXOWXUD PRGHUQD ,Q TXHO WHPSR HEEL SHUVRQDOPHQ WH OD VWUDRUGLQDULD YHQWXUD GL DEELQD UH DOO¶HVSHULHQ]D GL ³6XG´ YLVVXWD SXUWURSSR VROWDQWR QHOOD IDVH LQL ]LDOH TXHOOD PLODQHVH GHO ³3ROLWHF QLFR´ GL 9LWWRULQL $YHYR VHJXLWR FRPH JLRUQDOL VWD OD 4XLQWD $UPDWD DPHULFDQD GD 1DSROL D 0LODQR H SRFKL JLRUQL GRSR OD IXJD GHJOL XOWLPL WHGHVFKL H O¶DPDULVVLPD WUDJHGLD GL SLD]]DOH /RUHWR DYHYR EXVVDWR DOOD SRUWD GL (OLR GLHWUR 3RUWD 9HQH]LD 3HU QRL UDJD]]L GHO *XI GL 1DSROL FKH QHO ¶ LQVLHPH FRQ LO ³0DQLIHVWR GHL FRPXQLVWL´ FL HUDYDPR LQQDPRUD WL GL $PHULFDQD O¶DQWRORJLD FKH OR VFULWWRUH VLFLOLDQR DYHYD GHGLFDWR DL SL JUDQGL VFULWWRUL GHJOL 6WDWL 8QLWL 9LWWRULQL HUD XQ LGROR ( SHU PH SRWHU SDUWHFLSDUH VLD SXUH LQ XQ UXROR PDU JLQDOLVVLPR DQFKH DOOD EDWWDJOLD GHO ³3ROLWHFQLFR´ IX XQ SUHPLR LQDVSHW WDWR XQD HPR]LRQH VFRQYROJHQWH 'RSR ³6XG´ VL VSDODQFDYD XQ¶DO WUD ILQHVWUD VXO PRQGR FRQWHPSRUD QHR FRVu FRPH HVVR HUD DUULYDWR DOOD PRUWDOH EDWWDJOLD FRQWUR LO IDVFLVPR H D TXHOO¶DOWUD EDWWDJOLD PHQR VDQ JXLQRVD PD IRUVH DQFRU SL DUGXD FRQWUR O¶HPDUJLQD]LRQH GHL FHWL H GHL SDHVL SRYHUL &RPH QHO IDPRVR UDFFRQWR GL +HPLQJZD\ EUHYH IX OD YLWD IHOLFH WDQWR GL ³6XG´ TXDQWR GHO ³3ROLWHF QLFR´ IXQHVWDWD TXHVW¶XOWLPD GDO O¶RVWLOLWj PLRSH H VXSSRQHQWH GHO SDUWLWR D FXL SXUH QRL HG (OLR JXDU GDYDPR DOORUD FRQ DVVROXWD ILGXFLD 0D LO ULFRUGR WHQDFH FKH VHUELDPR GHO ODYRUR GL TXHO PLUDELOH RSHUDWR UH FXOWXUDOH FKH IX O¶DXWRUH GL 8RPL QL H QR H DQFRU SL OD PLUDFRORVD UHVXUUH]LRQH GHOOD ULYLVWD GL 3UXQDV GHOOD 2UWHVH GL &RPSDJQRQH GL /D &DSULD GLPRVWUDQR TXDQWR IHOLFL H IHUWLOL IRVVHUR TXHL WHQWDWLYL QHOO¶DW PRVIHUD LQFDQGHVFHQWH GHJOL DQQL GHOOD OLEHUWj 7DQWR SL VROLGDOH q LO YHFFKLR JLRUQDOLVWD TXDQWR SL LO QXRYR ³6XG´ VL LVSLUD DOOD µWHFQLFD GHOOR VSDHVDPHQWR¶ H SDUWHFLSD DOO¶DY YHQWXUD GL ©XQD YLWD QRPDGH H DO FRQWHPSR VWDQ]LDOHª SURSULR FRPH IRWR GL /XFD $Q]DQL LO TXL VRWWRVFULWWR RWWXDJHQDULR

LQGLUL]]L UHGD]LRQL YLD 0H]]RFDQQRQH 1DSROL ELV 5XH 6HGDLQH 3DULV 1XQ]LDWHOOD YLD *HQHUDOH 3DULVL 1DSROL

FROODERUDWRUL 3DROD 'H /XFD 5REHUWD 'HOOD 9ROSH 3LHUR %HUHQJR *DUGLQ $QWRQLR *KLUHOOL )UHGHULTXH *LDFRPD]]L 6pEDVWLDQ ,]]R $OHVVDQGUD 0RVFD 6WHIDQLD 1DUGLQL &LUR 3DJOLD 0DWWHR 3DOXPER 6LOYLR 3HUUHOOD )HOLFH 3LHPRQWHVH 'RPHQLFR 6FDUSD )UDQFHVFD 6SLQHOOL 0DULD /DXUD 9DQRULR

(GL]LRQH UHDOL]]DWD FRQ LO FRQWULEXWR GHO &HQWUR 5HJLRQDOH SHU LO &RPPHUFLR FRQ O¶(VWHUR GHOOD &DPSDQLD

Z\K

90=0:;( ,<967,( 9,=<, ,<967i,55, ,<967,(5 9,=0,> ,<967f0:*/, A,0;:*/90-; 9,=0:;( ,<967,(

WLYPVKPJV KP J\S[\YH HY[L L SL[[LYH[\YH

,IBRERIA $ANTE $ESCARTES

%

.HIYPLSL (SIHYVZH 7PL[YV (UKYPZHUP ,\NLUPV )HYIH 9LUH[V )LUPU[LUKP 4HYPV )LYUHYKP (TIYVNPV )VYZHUP 4HYPV *HTWHNU\VSV .P\ZLWWL *H[LUHJJP (U[VUPV *VUJPUH =P[[VY\NV *VU[PUV *HYSH +L 9PZV -YHUJLZJV -VYSHUP 9HMMHLSSV -YHUJOPUP (U[VUPV .OPYLSSP +VTLUPJV .YPMVUP (UUH 4HYPH 6Y[LZL (SLZZHUKYV 6Y[PZ 4HYJV 7LSSPJJPH 9LUH[H 7Y\UHZ .PHUUP :JVNUHTPNSPV 9VJJV :JV[LSSHYV 4HYPV :[LMHUPSL .HL[HUV ;HUaP

ZWLJPHSL U\UaPH[LSSH

¼


Z\K

03 7(,:, +,33, (8<03,

,+0;690(3,

*LXVHSSH &DWHQDFFL

0DUFR 3HOOLFFLD

Ê LO QRPH LQ OLQJXD PDGUH GHOOD 5HSXEEOLFD G¶$OEDQLD 6KTLSHULD FKH DSSXQWR YXRO GLUH SRVWR GHOOH DTXLOH )RUVH OR HUD DL WHPSL LQ FXL QDFTXH LO QRPH FRPH SRWHYD HVVHUOR O¶$EUX]]R WHUUD GHOOH DTXLOH UHDOL HG RJJL QRQ OR q SL 6WD GL IDWWR FKH QHJOL RWWR PHVL GD PH SDV VDWL QHL %DOFDQL GL DTXLOH QHDQFKH O¶RPEUD 7XWWR HUD LQL]LDWR FRQ XQ HYHQWR WUD FDSR H FROOR FRPH LQL]LD VHPSUH WXWWR SHU FKL ID LO PLR PHVWLHUH HVWR WH SDUDWL ]DLQL VHPSUH SURQWL H YLD 'D XQD VHWWLPDQD DOO¶DOWUD DYHYR VHJXLWR XQR VWUDQR LWLQHUD ULR FKH SHU OH SULPH GXH WDSSH 7HUQL HG $QFRQD SRWUHEEH TXDVL VHPEUDUH XQ UDOO\ HQRJDVWURQRPLFR /D WHU]D WDSSD VPHQWLYD WXWWR 7LUDQD &LQTXHFHQWR DQQL GHOOD FDSLO ODUH GRPLQD]LRQH RWWRPDQD FKH LPPHPRUH GHOO¶LQVHJQDPHQWR GHOOH OHJLRQL GL 5RPD QHL WHUULWRUL FRQ TXLVWDWL LPSRQHYD UHOLJLRQH XVL H SROLWLFD H PDQWHQHYD OH DXWRQRPLH ORFDOL FRPSUHVVH VRWWR FHQHUL GDOOH TXDOL HPHUJHYDQR FRQWLQXL IRFRODL GL GLVJUHJD]LRQH 9HQWL DQQL WUD OH SL GLYHUVH H IDQWDVLRVH IRUPH GL JRYHUQR WUD UHJLPL WULE H IDPLJOLH FXOPL QDWL LQ TXDOFKH GHFLQD GL PHVL GL JRYHUQDWRUDWR LWDOLDQR TXDQGR LO UH VDEDXGR HUD SXUH 5H G¶$OEDQLD DL TXDOL QHVVXQR VL SUHVH OD EULJD GL SRUUH ILQH SRLFKp FL SHQVz OD JXHUUD 3RL XQD TXDUDQWLQD GHOO¶LQGHFLVR UHJLPH FRPXQLVWD GL (QYHU +R[D VHPSUH GLEDWWXWR GDOOD SUHVVDQ WH HVLJHQ]D GL WURYDUH XQ SRWHQWH YLFLQR QHO VHQVR GHOO¶LGHRORJLD FKH WXWHODVVH O¶$OEDQLD GDOOH PLUH IDJRFLWDQWL GHJOL LPSHULDOLVWL YLFLQL RFFLGHQWDOL /¶$OEDQLD KD FRVu KD DYXWR LO VXR SHULRGR VRYLHWLFR FRQ WXWWL L EDP ELQL QDWL DOO¶HSRFD HG RUD DWWHP SDWL FLQTXDQWHQQL FKH VL FKLDPDQR %DVKNLP FLRq 8QLRQH LQ RQRUH GHOOD SULPD & GL &&&3 FKH SRL LQ FLULOOLFR q OD 6 GL 6RMX] H FKH YXROH SURSULR GLUH TXHOOR LO SHULRGR FLQH VH FKH KD ODVFLDWR FRPH YHVWLJLD LO IDPRVR .DODVKQLNRY LQ YHUVLRQH JLDOOD HG LQILQH TXHOOR DXWDUFKLFR XQD YROWD UHVRVL FRQWR LO GLWWDWRUH +R[D FKH L JLJDQWL GHOO¶HVW QRQ RIIUL YDQR IUDWHOODQ]D PD GRPLQLR ( VROR FLQTXH DQQL GL GHPRFUD]LD HOHWWLYD GLVVROWDVL QHO FRQWR GHOOD VHUYD GL FKL PHWWHQGR GD SDUWH LGHR ORJLH GL SDUWLWR H LGHDOL GL OLEHUWj GRYHWWH SHQVDUH TXHO JLRUQR GL SUL PDYHUD D FRPH FRPSUDUH LO SDQH YLVWR FKH L VXRL SRFKL OHNH JLRFDWL G¶D]]DUGR VXOOH LUUHVSRQVDELOL SUR PHVVH GHOOH ILQDQ]LDULH SLUDPLGDOL SUHVWR IDOOLWH DYHYDQR SUHVR LO YROR YHUVR EHQ DOWUH WDVFKH QRQ FHUWR DOEDQHVL HG DOWUR QRQ DYHYD GD IDUH FKH VFHQGHUH QHOOH VWUDGH H VSDFFDUH TXHO SRFR FKH HUD ULPDVWR LQ SLHGL GDL SUHFHGHQWL SHULRGL 4XHVWR HUD LO GLFHPEUH GHO LQ $OEDQLD PHQWUH FL DWWHUUDYR GHQ WUR FRO YROR GLUHWWR 5RPD 7LUDQD GHOOH 'DO ILQHVWULQR GHOO¶DH UHR FKH UXOODYD YHGHYR FRUUHUPL D ILDQFR XQ FDQH FKH SHU QXOOD LQWLPRULWR GDO UXPRUH LQIHUQDOH FKH OH WXUELQH GRYHYDQR IDUH FL VFRUWDYD DEEDLDQGR YHUVR OD ]RQD GL VEDUFR &XVWRPV $GYLVRU FRQVLJOLHUH GRJDQDOH HUD VFULWWR VXL ELJOLHWWLQL GD YLVLWD SURQWDPHQWH IDWWLPL WURYDUH D 7LUDQD GD VROHUWL VHJUHWDULH XQD SULPD DYYLVDJOLD GHO IDWWR FKH 7LUDQD QRQ VDUHEEH VWDWD OD PLD VHGH ILVVD SRLFKp GRJDQD HYRFD FRQILQL H O¶$O EDQLD GL FRQILQL QH KD WDQWL )HGHUD]LRQH -XJRVODYLD D QRUG H D QRUG HVW DQFRUD QRQ GHO WXWWR HVSORVD LQ 0RQWHQHJUR 6HUELD H .RVRYR 0DFHGRQLD DG HVW PD QRQ FKLD PDWHOD 0DFHGRQLD VH SDUODWH FRQ XQ JUHFR D FRVWR GL VFHUYHOODUYL D FRPSUHQGHUH LO IDQWDVLRVR HG LSRFULWD DFURQLPR )<520 FRQ

Z\K

90=0:;( ,<967,( 9,=<, ,<967i,55, ,<967,(5 9,=0,> ,<967f0:*/, A,0;:*/90-; 9,=0:;( ,<967,(

FXL OH ³QD]LRQL OLEHUH´ KDQQR FUH GXWR GL ULVROYHUH O¶LQFUHGLELOH HG LUULVROYLELOH QD]LRQDOLVPR HOOHQR EDOFDQLFR )RUPHU <XJRVODYLDQ 5HSXEOLF RI 0DNHGRQLD 3HUFKp ©0DFHGRQLD LV *UHHFHª FRPH XUODYDQR D FDUDWWHUL FXELWDOL L YLROHQWL PDQLIHVWL RYXQTXH DSSHVL DL SRVWL GL FRQILQH FRQ OD *UHFLD OD 0DFHGRQLD q OD *UHFLD H OD *UHFLD q OD 0DFHGRQLD FRQ VRYUDEERQGDQ]D GL LPPDJLQL LVSLUDWH DG $OHVVDQGUR LO *UDQGH FKH SRL OXL $OHVVDQGUR L JUHFL GHOOH OHJKH FLWWDGLQH OL DYHYD UDQGHOODWL GL VDQWD UDJLRQH 0DNHGRQLD LV *UHHFH FRQ EXRQD SDFH GHOO¶RPRQLPD UHJLRQH GHOOD YHFFKLD MXJRVODYLD FRPXQLVWD FKH KD DYXWR LO WRUWR XQD YROWD QDWD FRPH QD]LRQH OLEHUD H LQGLSHQGHQWH PD SRL GD FKL" GL HVVHUH SDUWH GL TXHO WHUULWRULR FKH URPDQL H JUHFL FKLDPDYDQR DSSXQWR 0DFHGRQLD GHO TXDOH O¶DOWUD PHWj q RJJL UHJLRQH JHRJUDILFD H GLVWUHWWR DPPLQLVWUD WLYR QHO QRUG HVW GHOOD PRGHUQD *UHFLD FKH QH ULYHQGLFD SUHSRWHQWH PHQWH LO QRPH LQ XVR HVFOXVLYR (G DOORUD QRQ LO QRPH 0DFHGRQLD PD O¶LPSURQXQFLDELOH QRPH GL ³TXHOOD FKH QHOOD YHFFKLD UHSXEEOL FD GL MXJRVODYLD VL FKLDPDYD PDFH GRQLD´ )<520 DSSXQWR &KH FL FUHGLDWH R QR &RPH VH VL ULVFKLDVVH RJQL JLRUQR O¶LQFLGHQWH GLSORPDWLFR WUD ,WDOLD HG $XVWULD SHU O¶XVR GHO QRPH 7LUROR ( OR VL ULVROYHVVH FKLDPDQGR O¶$O WR $GLJH ³TXHOOR FKH LQ DXVWULD VL FKLDPHUHEEH WLUROR GHO VXG´ 0D ODJJL q WXWWD XQ¶DOWUD FRVD HG LO JRYHUQR PDFHGRQH H[ MXJRVOD YR VH QH LQILVFKLD GL FLz FKH YXROH OD *UHFLD H GHO QRPH FRQ FXL OR FKLDPDQR OH DOWUH QD]LRQL H VWDPSD OH VXH EHOOLVVLPH EDQFRQRWH IDFHQGR ODUJR XVR GHO QRPH FRQWHVR H GL LPPDJLQL HOOHQL]]DQWL GHO *UDQGH 0DFHGRQH H EL]DQWLQH *UHFLD DSSXQWR D VXG FRO FRQIL QH GLVWHVR VX TXHL PRQWL GHOO¶(SLUR FKH YLGHUR IHUPDUVL H PRULUH L UDJD] ]L FROOH GLYLVH GHL VROGDWL IDVFLVWL FKH QRQ VROR QRQ SHQHWUDURQR QHOOH UHQL GHOOD *UHFLD PD LQ *UHFLD QRQ FL PLVHUR QHDQFKH SLHGH VH QRQ GRSR FKH L QD]LVWL IXURQR FRUVL D SRUUH ULPHGLR DOOH WUDJLFKH IDQID URQDWH GHOO¶LQJLXVWLILFDWDPHQWH RWWL PLVWD LQTXLOLQR GL SLD]]D 9HQH]LD 7UHPHQGR ULPHGLR FKH L PDUWLUL GL &HIDORQLD H &RUI SDJDURQR FRQ OD YLWD QHPPHQR GXH DQQL GRSR 6X TXHL PRQWL FL VRQR GHOOH VFULW WH HQRUPL IDWWH FRL PDFLJQL FKH VL SRVVRQR OHJJHUH D GHFLQH GL FKLOR PHWUL GL GLVWDQ]D EHOOH H WUHPHQGH (UDQR ULYROWH DL VROGDWL LWDOLDQL H GLFRQR ©2;,ª FKH VL OHJJH 2., H FKH VLJQLILFD ©48,ª ©48, YL IHUPHUHPR ª ©48, FRPLQFHUHPR D ULFDFFLDUYL LQGLHWUR ª H FRVu IHFHUR 'D 7LUDQD DO FRQILQH FRQ OD *UHFLD QRQ FL VRQR SL GL FKLORPHWUL 0D SHU JLXQJHUYL ELVRJQDYD ODVFLDUH LO GLVWUHWWR GL 7LUDQD H GRSR DYHU DWWUDYHUVDWR TXHOOL GL .DYDMH /XVKQLH )LHU %HUDW RSSXUH D VHFRQGD GHOO¶LWLQHUDULR FRQVLJOLDWR GD VRPPRVVH H VWDJLRQL GL (OEDVDQ /LEUDK]G H 3RJUDGHF DIIUHWWDUVL D WUDQVLWDUH LQ TXHOOR GL 9ORUH 9DORQD QHO TXDOH ©LO JRYHUQR QRQ DVVLFXUD LO FRQWUROOR VXOOH EDQGH GL ULEHOOLª FRPH LQIRUPDYD SDWHUQDPHQWH LO ERO OHWWLQR SHU LO SHUVRQDOH DPHULFDQR /¶DXWLVWD DQJHOR FXVWRGH DOEDQH VH ;KHSL SURQXQFLD *HSL FKH OD 0LVVLRQH DIILGDYD D QRL ³LQWHUQD ]LRQDOL´ LQ TXHVWL YLDJJL IRUVH SHU WUDQTXLOOL]]DUPL PHQWUH PL PRVWUD YD OR VTXDUFLR SURYRFDWR QHO SRQWH GD XQD ERPED PL GLFHYD ©QRQ WL SUHRFFXSDUH 0DUFR RUPDL VRQR GXH VHWWLPDQH FKH QRQ IDQQR SL VDOWDUH L SRQWL D 9DORQD PD QRL FRPXQTXH DIIUHWWLDPRFLª 3RL ILQDOPHQWH DWWUDYHUVR LO GLVWUHWWR FKH SUHQGH LO QRPH GDOOD EHOOLVVLPD &LWWj GL 3LHWUD OD FLWWj GL ,VPDLO .DGDUH *MURNDVWHU H FKH

FKLVVj SHUFKp q VWDWD LWDOLDQL]]D WD LQ $UJLURFDVWUR FRPH %HUDW LQ 3HUDWL H %DOOVK LQ %DODVWR ILQR DO FRQILQH 7XWWD O¶$OEDQLD q JUDQGH FRPH LO 3LHPRQWH 2JQL GLVWUHWWR q XQD YLD GL PH]]R WUD LO WHUULWRULR GL XQD SLF FROD SURYLQFLD H TXHOOR GL XQ JUDQGH FRPXQH LWDOLDQR 6X GL XQD UDWWRSSD WLVVLPD 6DOHUQR 5HJJLR &DODEULD FL VDUHEEHUR YROXWH QRQ SL GL GXH RUH 1RL FH QH PHWWHYDQR PHGLDPHQWH RWWR 3HUFKp L WXUFKL VL OLPLWDYDQR D VIUXWWDUH OD URPDQD YLD (JQDWLD HG (QYHU +R[D HUD WURSSR LPSHJQDWR D FRVWUXLUH L VXRL PLOOH EXQNHU DQWLFDU UR PD TXDOFXQR GLFH FKH VRQR VHW WHFHQWRPLOD LR QH KR YLVWL FHQWLQDLD HG LQ XQR WUDVIRUPDWR LQ ULVWRUDQWH KR SXUH PDQJLDWR EHQH ,Q HQWUDPEL L FDVL VROGL PDWH ULDOL H YRORQWj SHU OH DXWRVWUDGH QRQ FH Q¶HUDQR ( TXLQGL O¶XQLFD VWUDGD D GXH FRUVLH SHU VHQVR GL PDUFLD q FRVWLWXLWD GDL FKLORPHWUL FKH TXDVL FRQJLXQJRQR 7LUDQD FRQ O¶DHURSRUWR GL 5LQDV FRVWUXLWL GDL JHQLHUL GHOO¶(VHUFLWR ,WDOLDQR QRQ GXUDQWH OD FRQTXLVWD GHO PD GXUDQWH OD SULPD PLVVLRQH $OED GHO 3HU JOL DOWUL FKLORPHWUL SURYYHGHYDQR O¶DXWLVWD ³ORFDOH´ HG LO 3DGUHWHUQR $ SDUWH L SRQWL EXFDWL GDOOH ERPEH GHL 9DORQHVL OH VWUDGH QRQ VHPSUH HUDQR WDOL LQ TXDQWR WDOYROWD LQYDVH GD ILXPL WDOYROWD HVVH VWHVVH FRVWL WXLWH GD OHWWL GL ILXPL H TXLQGL WUDQVL WDELOL VROR LQ DOFXQH SUHFLVH VWDJLRQL D ULVFKLR ± VH VEDJOL JLRUQL ± GL IDUH XQ EDJQR IXRUL SURJUDPPD WDOYROWD VHPSOLFHPHQWH FDGXWH QHOO¶LQFXULD SHU FXL XQ VHPSOLFH DFTXD]]RQH SRWHYD WUDVIRUPDUOH LQ SDOXGL LQYD OLFDELOL SHUILQR GDL SRVVHQWL IXRUL VWUDGD 1LVVDQ ELDQFKL FRQ OH VWHOOH GHOO¶(XURSD H OD VFULWWD ©%DVKNLPL (YURSLDQª VXJOL VSRUWHOOL H OD WDUJD GLSORPDWLFD URVVD H ELDQFD 1HO PH]]R SHUz SDQRUDPL PR] ]DILDWR H SDHVDJJL GD GLSLQWR &LHOL G¶DUJHQWR H JUDQGL GLVWHVH FKH IDQQR VHPEUDUH PLOOH YROWH DPSOLILFDWD OD YDVWLWj GL XQ WHUULWRULR LQ UHDOWj PROWR SLFFROR ,PSURYYLVH WUDFFH GL YLWD WHVWLPRQLDWH GL YROWD LQ YROWD GDOOD FRPSDUVD GL XQD URWDLD H FRQ XQ SR¶ GL IRUWXQD DQFKH GHO UHODWL YR WUHQR R GDOO¶DVVHPEUDPHQWR GL SHUVRQH SHU LO PHUFDWR VHWWLPDQDOH GHO EHVWLDPH FKH VL WLHQH VX GL XQD FROOLQD DG XQD GLVWDQ]D LQFDOFROD ELOH GD TXDOXQTXH FRVD DVVRPLJOL DG XQD FLWWj 2 GD XQ LQFURFLR HYLGHQWHPHQWH ULWHQXWR QHYUDOJLFR SHU LO WUDEDOODQWH HTXLOLEULR GL TXHL JLRUQL LQFUHGLELOPHQWH SUHVLGLDWR GD XQ LQTXLHWDQWH FDUUR DUPDWR FLQHVH FRQ OD VFULWWD ©3ROLFLDª VX GL XQ ILDQFR H GD QXPHURVL NDODVKQLNRY FKH SXQWDQR DG RJQL PDFFKLQD FKH VL DYYLFLQD &RQWLQXH VRUSUHVH GL XQ PRQGR D YHQWL PLQXWL GL DHUHR HSSXUH PROWR SL VLPLOH DG XQ SLDQHWD DOLHQR FKH QRQ DOO¶DOWUD VSRQGD GHOO¶$GULDWLFR 8QD GLJD DUWLILFLDOH LQ URYLQD DOOD VRPPLWj GL XQD YDOOH WUD FROOLQH JULJLRYHUGL H SRL QHOOD YDOOH GRYH WL DVSHWWL PDJDUL XQ FRUVR G¶DFTXD L SR]]L GL SHWUROLR GHO GLVWUHWWR GL 3RJUDGHF TXDVL WXWWL DEEDQGRQDWL H FULVWDOOL]]DWL QHOOH ORUR SRVH GL GLQR VDXUL PRUHQWL PD GDL SRFKL FKH IXQ ]LRQDQR DVVLFXUD ;KHSL VL HVWUDH LO SHWUROLR PLJOLRUH GHO PRQGR FKH WURYL LQ YHQGLWD LQ ERWWLJOLH GL FRFD FROD DL PDUJLQL GHOOD VWUDGD /DGGRYH FUHGL FKH OD FLYLOWj QRQ VLD PDL DUULYDWD GRSR RUH GL PDUFLD VHQ]D VHJQR XPDQR WL HVSORGRQR GDYDQWL WRUUL GL FHPHQWR DOWH GLHFL PHWUL DSSDUHQWHPHQWH GLVORFDWH D FDVR D SUHVLGLDUH SUDWL LQFROWL H VWHU SDJOLH FKH YLVWH GD YLFLQR VL ULYHOD QR DQWURSRPRUIH GRQQH H XRPLQL FRQ OR VJXDUGR GXUR HG DOWR YHUVR HVW FRO IXFLOH H FROOD IDOFH PHQWUH OD GLGDVFDOLD VSLHJD DOO¶LPSUREDELOH LQYDVRUH FKH ©RJQL DOEDQHVH q XQ VROGDWRª 'HILQLWLYD SURYD LQVLHPH

LPPDJLQH GL *DHWDQR 7DQ]L

+,33, ;9(+0A0650 DL EXQNHU GHOOD VLQGURPH GD DVVH GLR FKH GRYHYD URYLQDUH L VRQQL GHO GLWWDWRUH /¶HVWHQXDQWH VDOLWD D WRUQDQWL GL XQD PRQWDJQD GLHWUR DG XQ FDPLRQ FLVWHUQD FKH QRQ VL VFLQGH LQ SH]]L VROR SHU OD VXD VWHVVD EXRQD YRORQWj ILQR D FKH LO JXLGDWRUH QRQ DSSHQD OD VWUDGD OR SHUPHWWH PHWWH OD IUHF FLD D GHVWUD H FRQ FLz FRPXQLFD LO YLD OLEHUD D ;KHSL LO TXDOH SURQWR ID UXJJLUH LO GHOOD 1LVVDQ H VRUSDVVD ULQJUD]LDQGR FRQ FROSL GL FODFVRQ &RVu YLFLQR DO ERUGR GHOOR VWUDSLRPER ± RYYLDPHQWH VHQ]D SDUDFDUUL ± FKH LR GDO PLR SRVWR GL SDVVHJJHUR YHGR VROR O¶DELVVR VRWWR OD PDFFKLQD ILQR D FKH QRQ FKLXGR JOL RFFKL WHUURUL]]DWR ( GDOOD FLPD GHOOD PRQWDJQD OR VSHWWDFROR XQ ODJR HQRUPH D SHUGLWD G¶RF FKLR RYXQTXH VL GLULJD OR VJXDUGR &RSHUWR GL EUXPD HSSXUH WDQWR OLP SLGR GD SHUPHWWHUH OD YLVLRQH ILQR D GHFLQH GL FKLORPHWUL GL GLVWDQ]D ( ODGGRYH WL DVSHWWL GL YHGHUH O¶DOWUD VSRQGD GHO ODJR VRUJRQR GDOO¶DF TXD OH HQRUPL PRQWDJQH LQQHYDWH *DOLFLFD 7RPRURV H 3HWULQR Ê LO ODJR GL 2KULG DO FRQILQH FRQ OD 0DFHGRQLD TXHOOD MXJRVODYD LO SL SURIRQGR ODJR G¶(XURSD /D ULGLVFHVD GHOOD PRQWDJQD WL SUHVHQWD JOL VWHVVL WRUQDQWL H JOL VWHVVL FDPLRQ GL SULPD +R VFRSHUWR FKH LQ $OEDQLD YDQQR D ILQLUH WXWWL TXHL PH]]L GL WUDVSRUWR SXEEOLFL H SULYDWL FKH LQ ,WDOLD HG LQ (XURSD SHU OD ORUR IDWLVFHQ]D QRQ SRWUHEEHUR SL FLUFRODUH D QRUPD GL OHJJH ( FKLVVj WUDPLWH TXDOH FDQDOH TXHL PH]]L WRUQDQR D SRWHU FLUFRODUH ODJJL ORQWDQR GDOO¶RFFLGHQWH GHOOD VLFXUH]]D VWUDGDOH 9DJRQL IHUURYLDUL FDPLRQ DXWRPRELOL DXWREXV SLR YXWL TXL GLUHWWDPHQWH GDJOL DQQL ¶ LWDOLDQL H PROWR SUREDELOPHQWH QRQ FRPH DLXWL XPDQLWDUL ,Q ULYD DO ODJR OH PRQWDJQH LQQH YDWH FKH VHPEUDQR XVFLUH GDOO¶DFTXD LQ IRQGR DOO¶RUL]]RQWH YLVLYR VRQR XQR VSHWWDFROR FKH QRQ GLPHQWLFKL SL $QFKH LQ PH]]R DO QXOOD L ULVWR UDQWL LQ $OEDQLD QRQ PDQFDQR PDL GRSR TXHOOR QHO EXQNHU FH QH DSSDUH XQR FRVWUXLWR VX SDODILWWH QHO ODJR D GLHFL TXLQGLFL PHWUL GDOOD ULYD 6L PDQJLD SHVFH DSSHQD SHVFDWR VRVSHVL VX GL XQ¶DFTXD FRVu IHUPD H FULVWDOOLQD FKH VH QRQ FL IRVVHUR OH LQFUHVSDWXUH FDXVDWH GDJOL DQLPDOHWWL

DFTXDWLFL FKH YHQJRQR D SUHWHQGHUH OH PROOLFKH H QRQ VDQQR FKH GLYHU UDQQR FLER EHQ SUHVWR D ORUR YROWD QRQ FL VL UHQGHUHEEH FRQWR GL HVVHUH QHO EHO PH]]R GL XQ ODJR ( ILQDO PHQWH OH PRQWDJQH FKH VHJQDQR LO FRQILQH WUD $OEDQLD H *UHFLD H FRQ HVVR TXHOOR WUD (XURSD RFFLGHQWDOH HG (XURSD GHOO¶HVW 'L FROSR OD VWUDGD LQFHUWD H WUH PDQWH FKH DEELDPR SHUFRUVR ILQ¶RUD GLYHQWD XQ¶DXWRVWUDGD D TXDWWUR FRU VLH 'L FROSR VL ULYHGRQR FDUWHOOL VWUD GDOL H PDFFKLQH GHOOD SROL]LD GLVWUL EXWRUL QHJR]L HG LQVHJQH SXEEOLFLWD ULH 8Q HQRUPH FDUWHOOR FL FRPXQLFD FKH O¶8QLRQH (XURSHD VWD VSHQGHQGR XQD FLIUD LPSURQXQFLDELOH LQ TXD OXQTXH YDOXWD SHU FRVWUXLUH O¶DVVH YLDULR FKH SUHQGHQGR OH PRVVH GDO O¶LQWXL]LRQH GHO FRQVROH &DLR ,JQD]LR TXHOOR GHOOD YLD (JQDWLD FRQJLXQ JHUj WXWWD O¶(XURSD ILVLFD GD VXG HVW D QRUG GDL 'DUGDQHOOL D 6WRFFROPD 'L FROSR PL ULVHQWR D FDVD SRWHQ GR VYHQWRODUH LO PLR SDVVDSRUWR FRQ OH OXFFLFDQWL VWHOOH GRUDWH HXURSHH D FLUFROR HG HVVHQGR DXWRUL]]DWR D YDUFDUH LO FRQILQH DWWUDYHUVR OD SRUWD FRQ VX VFULWWR ©8 ( &LWL]HQVª ODVFLDQGR D ODWR O¶LQFUHGLELOH ILOD SHU HQWUDUH GD H[WUDFRPXQLWDULR GRYH FHQWLQDLD GL DOEDQHVL VL DFFDOFDQR WHQWDQGR GL DFFHGHUH LQ (XURSD H GD GRYH QRYH VX GLHFL YHUUDQQR UHVSLQWL VHQ]D WURSSL FRPSOLPHQWL FHQWR PHWUL LQGLHWUR VX TXHOOD SRO YHURVD FROOLQHWWD GRYH XQ FDQFHOOR FRO ILOR VSLQDWR VHJQD O¶LQL]LR R OD ILQH GHO PRQGR RFFLGHQWDOH H GD GRYH XQD PLQDFFLRVD SRVWD]LRQH GL PLWUDJOLDWULFH GHOO¶HVHUFLWR JUHFR ULFRUGD D WXWWL TXDOH GHL GXH q LO SDHVH GDO TXDOH VL YXROH IXJJLUH H TXDOH TXHOOR LQ FXL VL YXROH HQWUDUH +R IDWWR FLUFD GLHFL YROWH LO YLDJ JLR WUD 7LUDQD HG LO FRQILQH QHOOR VSD]LR GL TXHL PHVL 'XUDQWH XQR GHJOL XOWLPL TXDQGR RUPDL HUD VRSLWD O¶HPR]LRQH SHU L SDQRUDPL GLYHQXWL FRQVXHWL LO FDVR PL ULVHUYDYD XQ¶XO WLPD LQFUHGLELOH HPR]LRQH &XUYH VHJXRQR D FXUYH H FROOLQH D FROOLQH 6ROR LO FRVWDQWH H UDVVLFXUDQWH EURQ WROLR GHO PRWRUH SDVVD GDL ILQHVWULQL VRFFKLXVL &RPH VH PL DVSHWWDVVH SURSULR Ou FKLVVj GD TXDQWR DG XQ LQFURFLR D XQ FHQWLQDLR GL PHWUL GDYDQWL D PH SD]LHQWD WUDQTXLOOD XQD ILJXUD IDPLOLDUH DUDQFLRQH PD FKH DOOH SULPH QRQ VR ULFRQRVFHUH FRQ

FKLDUH]]D /¶LQFURFLR VL DYYLFLQD 7XWWR LQWRUQR F¶q XQ VLOHQ]LR LUUHDOH $QFKH OR VWHUHR GL ;KHSL VWUDQD PHQWH WDFH LO VXR DGRUDWR $UERUH GL ©1DSROL SXQWR H D FDSRª /D ILJXUD DUDQFLRQH q XQ DXWREXV $Q]L QRQ XQ DXWREXV EHQVu O¶DXWREXV LO WLSLFR SDUDOOHOHSLSHGR FRQ UXRWH H VHGLOL GHOO¶$7$& O¶D]LHQGD GHL WUDVSRUWL GL 5RPD GL ILQH DQQL ¶ 0DQ PDQR FKH PL DYYLFLQR VHQWR FKH TXHVWR QRQ q XQ LQFRQWUR FDVXDOH 5HVSLUR OD WHQVLRQH GHOO¶HYHQWR PDJLFR 9HGR O¶DGHVLYR URWRQGR FRQ GHQWUR LO GLVHJQR GHOOD PDQR FKH LQVHULVFH OD PRQHWD HQRUPH QHOOD IHVVXUD DG LQGLFDUH FKH VX TXHOO¶DXWREXV QRQ SRWHYL VDOLUH VH QRQ DYHYL JOL VSLF FL LQ TXDQWR F¶HUD LQ VHUYL]LR XQD GHOOH XOWLPH HPHWWLWULFL DXWRPDWLFKH GL ELJOLHWWL SULPD GHOO¶DYYHQWR GHOOH REOLWHUDWULFL $UULYR D SRWHU OHJJHUH LO QXPHUR GHOOD OLQHD FRQJHODWR VX TXHOO¶XOWLPR YLDJJLR FKH GHYH DYHU IDWWR D 5RPD SULPD GL HVVHUH GHFODV VDWR D PHUFH SHU L SDHVL H[WUDHXURSHL LO Ê LO PLR 4XHOOR FKH KR RGLDWR SHUFKp PL KD SRUWDWR PLJOLDLD GL YROWH DQFRUD DVVRQQDWR GDOOD YLD 2VWLHQVH D YLDOH $YHQWLQR GRYH IDFH YR OH PHGLH Ê Ou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

,O &ROOHJLR 0LOLWDUH GL 1DSROL FKH QHO JHQQDLR GHO DYHYD DV VXQWR OD GHQRPLQD]LRQH GL 6FXROD 0LOLWDUH GL 1DSROL HG LO DSULOH DYHYD ULFHYXWR GDOOH PDQL GHO SULQFLSH HUHGLWDULR 8PEHUWR GL 6DYRLD LO /DEDUR GLHGH FRPH VHPSUH DQFKH LQ RFFDVLRQH GHOOD VHFRQGD JXHUUD PRQGLDOH LO VXR WULEXWR GL VDQJXH DOOD 3DWULD WH VWLPRQLDWR GD PHGDJOLH G¶RUR DO YDORU PLOLWDUH FRQIHULWH DG DO WUHWWDQWL H[ DOOLHYL FDGXWL GXUDQWH OH RSHUD]LRQL EHOOLFKH 'RSR LO WHUULILFDQWH ERPEDUGD PHQWR GHO GLFHPEUH FKH URYHVFLz VX 1DSROL XQ XUDJDQR GL IHUUR H GL IXRFR FROSHQGR LQ GLVFULPLQDWDPHQWH RELHWWLYL FLYLOL H PLOLWDUL H FDXVDQGR ROWUH PRUWL H IHULWL H TXHOOL QRQ PHQR GHYDVWDQWL GHO GLFHP EUH H GHO JHQQDLR LO FRPDQGDQWH GHOOD 1XQ]LDWHOOD &RORQQHOOR )UDQFHVFR 0RFFLD RU GLQz LO WUDVIHULPHQWR GHOOD 6FXROD 0LOLWDUH D %HQHYHQWR GRYH JOL DO OLHYL ULPDVHUR VROR SRFKL PHVL GDO IHEEUDLR DO WHUPLQH GHOO¶DQ QR VFRODVWLFR DOORUFKp IXURQR LQYLDWL SUHVVR OH SURSULH ID PLJOLH SHU WUDVFRUUHUYL OH YDFDQ]H HVWLYH« ,QWDQWR 1DSROL LO VHWWHPEUH Gj YLWD DOOD PHUDYLJOLRVD HSRSHD GHOOH ³4XDWWUR JLRUQDWH´ H VXELWR GRSR JOL $OOHDWL HQWUDQR QHOOD FLWWj VHPLGLVWUXWWD PD ILHUD GHOO¶HURLVPR GHL SURSUL ILJOL QHO GLIHQGHUQH LQWHJULWj H OLEHUWj $ 3L]]RIDOFRQH QHO 5RVVR 0DQLHUR L SRFKL XIILFLDOL ULPDVWL LQ RUJDQLFR DOOD 1XQ]LDWHOOD HG L SURIHVVRUL LQTXDGUDWL GDOO¶LQGL PHQWLFDELOH )UDQFHVFR &DUXVR ± FKH ULFRUGDQGR GL HVVHUH HQ WUDWR DOOD 1XQ]LDWHOOD PHQWUH VXL IURQWL GHO QRUG ,WDOLD VL VSDUDYDQR OH FDQQRQDWH GHOOD SULPD JXHU UD PRQGLDOH LQFLWDYD WXWWL D QRQ PROODUH RUD FKH O¶HSRSHD GHOOH ³4XDWWUR JLRUQDWH´ DYHYD UHVWL WXLWR DOOD FLWWj OD VXD GLJQLWj HG L WHGHVFKL HUDQR LQ URWWD ± GHFLVHUR FKH VROR UHVWDQGR DL SURSUL SRVWL VLD SXUH LQ SRFKL ORFDOL H VHQ]D DO OLHYL VL VDUHEEH SRWXWR DIIHUPDUH LO GLULWWR GHOOD VHFRODUH ,VWLWX]LRQH D FRQVHUYDUH OD VXD VHGH VWRULFD *OL $OOHDWL ELVRJQRVL GL VSD]L SHU OH ORUR WUXSSH UHTXLVLURQR LQIDWWL EHQ SUHVWR LO FRPSOHVVR GHOOD 1XQ]LDWHOOD ODVFLDQGR DO O¶DJJXHUULWR PDQLSROR GHL VXRL ³GLIHQVRUL´ SRFKL ORFDOL QHL TXDOL SRWHYDQR PXRYHUVL QRQ JUDGLWL RVSLWL ULVSHWWDQGR OH IHUUHH FRQVH JQH GHL PLOLWDUL SDOHVWLQHVL FKH YL DYHYDQR VWDELOLWR LO ORUR TXDUWLHUH JHQHUDOH ,Q TXHVWL ORFDOL IXURQR FRVu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¶DVVDOWR DOOD PRQDUFKLD D 1DSROL HUD GD SRFR LQL]LDWR GDO OD 1XQ]LDWHOOD SDOHVWUD GL VWX GLR GHL SULQFLSL VDEDXGL 9LWWRULR (PDQXHOH ,,, H $PHGHR G¶$RVWD FKH VL LQFRPLQFLz D YRFLIHUDUH FKH OD VWHVVD GRYHVVH HVVHUH FKLXVD SHU OR VWDWR GL GHJUDGR QHO TXDOH HUD VWDWD ULGRWWD &RPH q VHPSUH DFFDGXWR LQ TXHVWL FDVL IX VXELWR PRELOLWD

]LRQH 3UXQDV FKLHVH GL HVVHUH ULFHYXWR LPPHGLDWDPHQWH GD 5H 8PEHUWR ,, GL IURQWH DO TXDOH XUOz ©0DHVWj OD 1XQ]LDWHOOD GHYH YL YHUHª SURPHWWHQGRJOL LO SL FRP SOHWR H FRQFUHWR LPSHJQR SHU OD ULQDVFLWD GHOO¶ ,VWLWXWR )UDQFHVFR &DUXVR DOO¶HSRFD GHFDQR GHO &RUSR LQVHJQDQWH GRSR DYHU WXRQDWR GLQDQ]L D SUR IHVVRUL DOOLHYL HG H[ DOOLHYL ULXQLWL D SUHVLGLR GHOOD 1XQ]LDWHOOD ©EL VRJQD VDSHU VXRQDUH OH FDPSDQH SHU LQWURQDUH OH RUHFFKLH D FKL SXz DLXWDUFLª TXDVL DJJUHGu LO VXR ³DQWLFR´ DOOLHYR 0DULR 3DOHUPR F DOO¶HSRFD VHQDWR UH FRPXQLVWD H 6RWWRVHJUHWDULR DOOD *XHUUD GLFHQGRJOL ©DYUHVWL WX LO FRUDJJLR GL ILUPDUH LO GH FUHWR SHU OD VRSSUHVVLRQH GHOOD 1XQ]LDWHOOD"ª ©/D ULYROWD LQ EUHYH GLODJz /¶RSLQLRQH SXEEOLFD QDSROHWDQD IHFH VHQWLUH OD VXD YRFH )X XQ FRUR HG LO SHULFROR GHOOD VRS SUHVVLRQH IX SUHVWR VFRQJLXUDWR ,QWDQWR 3UXQDV SHU PDQWHQHUH IHGH DOO¶LPSHJQR DVVXQWR GLQDQ]L DO 5H LQFRPLQFLz D FRUUHUH SHU O¶,WDOLD VX FDPLRQV PLOLWDUL DOOD ULFHUFD GL EDQFKL DELWL YLYHUL SHU JOL DOOLHYL L SURIHVVRUL LO SHU VRQDOH WXWWR %XVVD D PLOOH XVFL D PLOOH FXRUL 'L VXD LQL]LDWLYD LQFOXGHYD L SURIHVVRUL QHOOD FDWH JRULD GL DGGHWWL DL ODYRUL SHVDQ WL YROHYD DLXWDUOL FRQRVFHQGR OH SUHFDULH FRQGL]LRQL GHOOH ORUR IDPLJOLH 0D LO 0LQLVWUR 3DOHUPR OR FKLDPDYD D 5RPD SHU DGGHEL WDUJOL GXH PLOLRQL JLj VSHVL GDOOR 6WDWR &RQ SURQWD UHD]LRQH GLIHQ GH L SURIHVVRUL GLPRVWUD FRPH LO ORUR ODYRUL LQ TXHO SDUWLFRODUH PRPHQWR GL PDOHGXFD]LRQH GLOD JDQWH ULFKLHGHYD XQ LPSHJQR SL JUDYH GL TXDOVLDVL DOWUD IDWLFD ,O 0LQLVWUR DVFROWD JOL Gj UDJLRQH JOL VWULQJH OD PDQR H JOL DEEXRQD LO JUDYH GHELWR 3RFKH PHVL GRSR JOL DOOLH YL DYHYDQR OD GLYLVD OH PHQVH IXQ]LRQDYDQR OH DXOH HUDQR OL EHUH GDJOL LQYDVRUL /D FDXVD FRQTXLVWz DQFKH JOL DOOHDWL FKH FRQVHQWLURQR FKH OD 1XQ]LDWHOOD FRQWLQXDVVH D YLYHUH FRPH /LFHR &RQYLWWR GL FXL LO &RPDQGDQWH QH GLYHQLYD 3UHVLGH &RVu IX VDOYD OD 1XQ]LDWHOOD 1DSROL H O¶,WDOLD GHYRQR DG XQ SRHWD OD VXD VDOYH]]Dª

VWUL GL FULWLFD OHWWHUDULD HG LQVH JQDQWL GL JHQHUD]LRQL GL DOOLHYL ,O QRYHPEUH *LXVHSSH 0LQDFL 6DPELDVH GL 6DQWDVHYHULQD DOOLHYR GHO FRUVR H DOO¶HSRFD &DSLWDQR FRPDQGDQWH GHOOD ,, FRPSDJQLD GHO /LFHR &RQYLWWR 1XQ]LDWHOOD VRWWRVFULYHYD SHU FLQTXHFHQWR OLUH LO SULPR DEERQDPHQWR DO SHULRGR ³6XG TXLQGLFLQDOH GL OHWWHUDWXUD HG DUWH´ DSSDUVR D 1DSROL LO QRYHPEUH SUHFHGHQ WH HGLWR GD $QJHOR 6HPHVWHQH SVHXGRQLPR GL 3DVTXDOH 3UXQDV FKH QH HUD LO 'LUHWWRUH /D 'LUH]LRQH H OD UHGD]LRQH DPPLQLVWUDWLYD GL ³6XG´ DIILGD WD D &DUOD 'H 5LVR H DL 6HJUHWDUL GL UHGD]LRQH 5DIIDHOH /D &DSULD H $QJHOR &DYDOOR DYHYDQR VHGH LQ YLD *HQHUDOH 3DULVL Q DO O¶LQWHUQR GHO ORFDOL GHO /LFHR &RQYLWWR 1XQ]LDWHOOD H SUHFLVD PHQWH LQ XQD GHOOH VWDQ]H GHOO¶DS SDUWDPHQWR GHO VXR FRPDQGDQWH LO &RORQQHOOR 2OLYLHUR 3UXQDV 4XHVWR SULPR QXPHUR ± VWDP SDWR GD 'LQR $PRGLR QHOOD WL SRJUDILD GL 9LFR 6DQ *LRYDQQL D 3LJQDWHOOL ± UHDOL]]DWR FRQ XQD WHFQLFD VREULD HG HIILFDFH FRQ PRGHUQLWj GL OLQJXDJJL H GL WHPD WLFKH FRQ UXEULFKH EHQ LPSRVWDWH FXUDWH GD JLRYDQL FKH DYUHEEHUR SRL GHWWD OD ORUR QHOOD VWRULD GHO FLQHPD GHO WHDWUR GHOO¶DUWH FRQ XQ FRUUHGR LFRQRJUDILFR RULJLQD OH HG HIILFDFH LPSRVWDWR GLUHWWD PHQWH GDO 3UXQDV FKH FRQ O¶DOWUR SVHXGRQLPR GL *LDQQL 7HXODGD VL VRIIHUPD VXL SUREOHPL GL 1DSROL H GHO 0H]]RJLRUQR LQ JHQHUDOH FL GLPRVWUD FKH ³6XG´ q ©O¶DWWXD ]LRQH GL XQ SURJHWWR OXFLGDPHQWH FRQFHSLWR XQ FRPSLWR WHPHUDULR SHU FKLXQTXH ILJXUDUVL SHU XQ JUXSSR GL YHQWHQQL DSSHQD XVFLWL GDL UXGHUL GL XQD FLWWj ERPEDU GDWD H VFRQILWWD SURQWD D WXWWR SXU GL VRSUDYYLYHUH TXDO¶HUD OD 1DSROL GHO ª &KH ³6XG´ QRQ VLD XQ JLRUQD OH TXDOVLDVL FKH QRQ VLD QDWR SHU WLUDUH OD YRODWD ± FRPH WDQWL IRJOL DOO¶HSRFD GLYHUVDPHQWH VXEDOWHU QL DL QXRYL YLQFLWRUL ± D TXDOFKH IRU]D SROLWLFD R SVHXGR SROLWLFD FKH VL SURSRQHVVH SHU FLz VWHVVR GL ©VWDUH IXRUL GDOOD SROLWLFD QRQ SHU VIXJJLUOH PD DO FRQWUDULR SHU SRWHU PHJOLR LQIOXLUH VX GL HVVDª VL GHGXFH WXWWR SHU LQWHUR GDOO¶HGLWRULDOH GL SUHVHQWD]LRQH

O¶³$99,62´ FKH 3UXQDV GLULJH DL OHWWRUL FRQ DUGRUH H JHQXLQLWj JLRYDQLOL GL FXL SLDFH TXL ULSRU WDUH DOFXQL VSXQWL GHOOD GLURP SHQWH DSHUWXUD ©4XHVWR JLRUQDOH QDVFH GD XQ QRVWUR ELVRJQR VSLULWXDOH GD XQD QRVWUD HVLJHQ]D WDQWR SURIRQGD FKH SL D OXQJR QRQ SRWHYDPR WDFHUOD 'LFR FKH TXHVWR JLRUQDOH LR O¶KR SRUWDWR QHO YHQWUH FRPH OH GRQQH L ILJOL H SRWUHEEHUR HVVHUH VDQJXH FRPH q LO QRVWUR VSLULWR PLR H GHJOL DPLFL FKH FROODER UHUDQQR TXHVWR QHUR VX ELDQFR >«@ 1RL QDVFLDPR RJJL LQVLHPH D TXHVWR JLRUQDOH LQWLWRODWR ³6XG´ /D QRVWUD QDVFLWD DQDJUDILFD VL q SHUGXWD QHO EXLR FKH FL KD SUHFH GXWLª HG DQFRUD LO JLRUQDOH VL GLFH QHOOH LQWHQ]LRQL GHO VXR GLUHWWRUH ©FRQWUR RJQL FODVVLILFD]LRQH QX PHUD]LRQH VH]LRQDPHQWR FRQWUR RJQL SROLWLFD VXGGLYLVLRQH GHO VHQ WLPHQWR RJQL FKLHVLVWLVPR FRQWUR RJQL EDUULHUD GRJDQDOHª 0HPRUDELOH SRL LO 3RVW VFULS WXP QHO TXDOH FRQ VLQJRODUH OXQ JLPLUDQ]D q DQWLFLSDWD OD YRFD ]LRQH HXURSHD GL 1DSROL H GHO 6XG VXOOD TXDOH H SHU OD TXDOH VL VWD LQ TXHVWL DQQL JLRFDQGR GD DWWXDOL SURWDJRQLVWL GHOOD SROLWLFD GHOOD FXOWXUD H GHOOD VRFLHWj FLYLOH OD JUDQGH VFRPPHVVD GHOOD 1DSROL GHO GXHPLOD ©8QD FRVD YRUUHL DJJLXQJHUH SHU JOL XRPLQL FKH FL OHJJHUDQQR PHULGLRQDOL H QRQ PHULGLRQDOL 9RUUHL HYLWDUH O¶HTXLYRFR GL XQD WHVWDWD FRVu SUHFLVDPHQWH ORFDOL] ]DWD FRPH ³6XG´ ³6XG´ QRQ KD LO VLJQLILFDWR GL XQ JHRJUDILD SROLWLFD Qp WDQWR PHQR VSLULWXDOH LO 6XG KD SHU QRL LO VLJQLILFDWR GL ,WDOLD (XURSD 0RQGR 6HQWHQGRFL PHULGLRQDOL FL VHQ WLDPR HXURSHL 7HQLDPR D VRWWROL QHDUH 6XG SHUFKp YRJOLDQR VRWWR OLQHDUH TXHVWD QRVWUD FRQGL]LRQH HG D TXHVWD FRQGL]LRQH OD QRVWUD QD]LRQDOLWj GL PHULGLRQDOL OD VHQ WLDPR LQ QRL FRPH XQD FRQGL]LRQH GL HXURSHL 3HUFKp 1DSROL q ,WDOLD (XURSD 0RQGR DOORUFKp HQWUL QHO OH FRVFLHQ]H FKH OR VSLULWR q IXJJL WR DOOH SLFFROH PDVVRQHULH DOOD FRVWUX]LRQH PDWHULDOH H PRUDOH GL XQ SDHVDJJLR VXSLQD G¶XQ DSSD UHQWH VWDWR GL IDWWR DOOD FDUWROLQD FRO SLQR HG LO 9HVXYLR FKH IXPD

DOORUFKp HQWUL QHOOH FRVFLHQ]H DQ FKH TXL SURSULR TXL TXL VRSUDW WXWWR FKH OR VSLULWR QRQ KD SHVL H ELODQFH DOORUFKp QRL H JOL DOWUL VL VDSSLD FKH OR VSLULWR QRQ KD ODWL WXGLQHª 4XHVWD LQGLSHQGHQ]D GDOOD SROLWLFD IX TXLQGL XQD OLQHD LQ GHIOHWWLELOH SHU LO JLRYDQH 3UXQDV FKH SUHIHUu IDU PRULUH LO JLRUQDOH GRSR DSSHQD VHWWH QXPHUL DQ]LFKp ULQXQ]LDUH DG HVVD /D EUHYH VWDJLRQH GL ³6XG´ q FRVu ULFRUGDWD LQ PDQLHUD TXDQ WR PDL HIILFDFH GD 3LHUR $QWRQLR 7RPD QHO VXR YROXPH *LRUQDOL H JLRUQDOLVWL D 1DSROL ©)UD LO QRYHPEUH HG LO VHWWHPEUH 3DVTXDOH 3UXQDV H *LDQQL 6FRJQDPLJOLR VYHQGHQ GR LO SULPR L JLRLHOOL GL IDPLJOLD SXEEOLFDURQR VHWWH QXPHUL GL 68' XQ LQWHUHVVDQWH HG LQWUHSLGR TXLQGLFLQDOH D XVFLWH« DOWHUQH QHO TXDOH DOOD ULFHUFD GHOOD QXRYD GHPRFUD]LD VL FRQLXJDYD XQD YL JRURVD H QXRYD SURVSHWWLYD SHU OD VSURYLQFLDOL]]D]LRQH FXOWXUDOH H OHWWHUDULD GHO 0H]]RJLRUQR *LR Fz G¶DQWLFLSR DQFKH VXOOD EHQ SL FDSDFH HVSHULHQ]D GL (OLR 9LWWRUL QL FRQ ,O 3ROLWHFQLFR D 0LODQR )X SL GL XQ JLRUQDOH 68' XQR GHL SULPL HVHPSL HGLWRULDOL GL WHVWDWD FHQDFROR LQWRUQR DOOD TXDOH IHFH OD UXRWD OD ULQDVFHQWH OHWWHUDWXUD QDSROHWDQD 6L DOWHUQDURQR ILUPH LWDOLDQH H VWUDQLHUH -HDQ 3DXO 6DUWUH $O IRQVR *DWWR 'RPHQLFR 5HD 0L FKHOH 3ULVFR 5DIIDHOH /D &DSULD $QQDPDULD 2UWHVH /XLJL &RPSD JQRQH )UDQFHVFR 5RVL 7RPPDVR *LJOLR 5RFFR 6FRWHOODUR *LXVHS SH 3DWURQL *ULIILª 1XPHURVL QHL VHWWH QXPHUL GL ³6XG´ L ULIHULPHQWL GL OHJDPL FRQ OD 1XQ]LDWHOOD OD VHGH GHOOD 'L UH]LRQH H GHOOD 5HGD]LRQH GHO SH ULRGLFR LO GHSRVLWR GHL PDWHULDOL SURIHVVRUL XIILFLDOL DOOLHYL HG H[ DOOLHYL FKH IDFHYDQR D JDUD SHU ID YRULUH OD YLWD GHO FRUDJJLRVR JLRU QDOH VXO TXDOH VFULYHYDQR WUD JOL DOWUL LO 3URI 5DIIDHOOR )UDQFKLQL GRFHQWH GL VWRULD H ILORVRILD GHO /L FHR FRQYLWWR H O¶H[ DOOLHYR 0DULR 6WHIDQLOH FRUVR ( TXHVWR LQWLPR H TXDVL LPSHU FHWWLELOH OHJDPH QRQ q PDL YHQXWR PHQR &RVu QHO LQ RFFDVLRQH GHO FLQTXDQWHQQDOH GL ³6XG´ H GHO GHFHQQDOH GHOOD PRUWH GHO VXR

GLUHWWRUH 3DVTXDOH 3UXQDV O¶$V VRFLD]LRQH H[ DOOLHYL 1XQ]LDWHOOD GLHGH DOOH VWDPSH XQ JUD]LRVR DPDUFRUG 1XQ]LDWHOOD « TXDQGR VL EDOODYD SHU IDUH FXOWXUD LQ FXL VL ULFRUGDQR DSSXQWR L SUL PL ³YDJLWL´ GL ³6XG´ QHOOD FXOOD GHO 5RVVR 0DQLHUR H OH DFURED]LH GHL JLRYDQL GL ³6XG´ SHU PDQGDUH DYDQWL LO JLRUQDOH (G q RYYLR FKH GDOO¶DPELHQWH GHOOD 1XQ]LDWHOOD HVVL DWWLQJHYDQR LQ PDVVLPD SDUWH FRQ DEERQDPHQWL HG DLXWL YDUL WUD L TXDOL DSSXQWR LO ULFDYDWR GHOOD YHQGLWD GHL ELJOLHWWL SHU SDUWH FLSDUH DL EDOOHWWL SURPR]LRQDOL RUJDQL]]DWL SHU L JLRYDQL DOOLHYL &RVu QHO )UDQFHVFR )RU ODQL H[ DOOLHYR GHJOL DQQL RWWDQWD FRQ XQ IROWR JUXSSR GL JLRYDQL LQ WHOOHWWXDOL SUHYDOHQWHPHQWH LWDOLD QL H IUDQFHVL FRQ OD EHQHGL]LRQH GHO &RPDQGDQWH GHOOH 1XQ]LDWHOOD H GHOO¶$VVRFLD]LRQH 1D]LRQDOH H[ DOOLHYL 1XQ]LDWHOOD GLHGH QXRYD YLWD D ³6XG´ SHULRGLFR GL FXOWXUD DUWH H OHWWHUDWXUD DIILGDWR DOOD GL UH]LRQH GL (OHRQRUD 3XQWLOOR H DOOD FXUD HGLWRULDOH GHOOD FDVD HGLWULFH 'DQWH 'HVFDUWHV GL 5DLPRQGR 'L 0DLR FKH FRQWLQXD D FDUDWWH UL]]DUVL FRPH ³WHVWDWD FHQDFROR´ LQWRUQR DOOD TXDOH IDQQR OD UXRWD VFULWWRUL HG DUWLVWL GL RJQL HWj H QD ]LRQDOLWj &RVu LQILQH RJJL GRSR VHV VDQWD DQQL HVDWWL GDOOD QDVFLWD GL ³6XG´ O¶$VVRFLD]LRQH 1D]LRQDOH H[ DOOLHYL 1XQ]LDWHOOD KD SURSL ]LDWR O¶XVFLWD GL TXHVWR VSHFLDOH QHO TXDOH VRQR ULSRUWDWL WXWWL JOL DUWLFROL FKH SDUODQR GL 1XQ]LDWHO OD H GL 1XQ]LDWHOOL RYYHUR VFULWWL GL TXHVWL XOWLPL DSSDUVL QHL SUL PL VHL QXPHUL GHOOD QXRYD VHULH GL ³6XG´ YL q GL ³6XG´ VHFRQGD PDQLHUD FLRq TXHVWD DQFKH XQ QXPHUR ]HUR GLIIXVR LQ DOOHJDWR DO ,O 0DWWLQR GL 1DSROL GHO PDJJLR LQ EHQ FHQWRYHQWL PLOD FRSLH , OHWWRUL GL ³6XG´ VRQR FHUWR TXLQGL FRPSUHQGHUDQQR OH UD JLRQL FKH KDQQR LQGRWWR LO GLUHW WRUH DUWLVWLFR )UDQFHVFR )RUODQL FRPSOLFH LO GLUHWWRUH UHVSRQVDEL OH (OHRQRUD 3XQWLOOR L UHGDWWRUL WXWWL LO SURJHWWLVWD JUDILFR 0DUFR 'H /XFD H SHUFKp QR DQFKH OR VFULYHQWH D GHGLFDUH TXHVWR VSH FLDOH GHO SHULRGLFR DOOD 1XQ]LD WHOOD H DL VXRL SURIHVVRUL XIILFLD OL DOOLHYL HG H[ DOOLHYL LQ RFFDVLR QH GHO ORUR ,; 5DGXQR QD]LRQDOH

)D\DG 3UXQDV H 0DVWURVWHIDQR PHQWUH OHJJRQR XQ QXPHUR GL 6XGL /D GHVFUL]LRQH GL TXHVWL PR PHQWL q SDUWH GL XQ DUWLFROR GDO WLWROR 0DHVWj OD 1XQ]LDWHOOD GHYH YLYHUH« GHOOD JLRUQDOL VWD *HPLQD )HUQDQGR DSSDUVR VXO PHQVLOH ³)URQWLHUD´ HGLWR D &DJOLDUL QHO PDJJLR 1HOOD GLVVHVWDWD H SUHFDULD VHGH GHOOD 1XQ]LDWHOOD GHJOL DQQL FLRQRQRVWDQWH FRQWL QXDYDQR D JHUPRJOLDUH L IHUPHQ WL OHWWHUDUL FKH GD VHPSUH DYHYD QR FRQWULEXLWR DG LQIXRFDUH HG DIIDVFLQDUH OH JLRYDQL PHQWL HG L FXRUL GHL VXRL DOOLHYL /¶DYYHQWXUD GHOOD ULYLVWD ³6XG´ GL 3DVTXDOH 3UXQDV FKH GDO SDGUH 2OLYLHUR DYHYD HUHGL WDWR OD SDVVLRQH SHU OH OHWWHUH H GHL VXRL DPLFL GL FXL VL SDUOHUj GDSSUHVVR KD OH VXH UDGLFL QHO ORQWDQR ILQH VHWWHFHQWR DOORUFKp QHL ORFDOL GHOOD 5HDO $FFDGHPLD 0LOLWDUH 9LQFHQ]LR 'H 0XUR SRL 6HJUHWDULR SHUSHWXR GHOO¶$FFD GHPLD 3RQWDQLDQD LQVHJQDYD OD OLQJXD LWDOLDQD SHU SURVHJXLUH QHOOD SULPD PHWj GHOO¶RWWRFHQ WR DOORUFKp %DVLOR 3XRWL SULPD H )UDQFHVFR 'H 6DQFWLV SRL QH IHFHUR SXQWR GL ULIHULPHQWR SHU LO ORUR LQVHJQDPHQWR HG DQFRUD QHO QRYHFHQWR FRQ /XLJL 5XVVR H )ORULDQR GHO 6HFROR VRPPL PDH


Z\K

7,9 :<+

03 9(.(AA6 +0 465;, +0 +06

1RQ FL HUDYDPR SL ULYLVWH GD TXDQGR QHL SULPL DQQL &LQTXDQ WD HUD DQGDWD YLD GD 1DSROL &L LQFRQWUDPPR D 5DSDOOR QHO GL FHPEUH GHO $QGDL GD OHL SHU FKLHGHUOH XQ IDYRUH 8Q ID YRUH PROWR VSHFLDOH FKH HUR VL FXUD QRQ PL DYUHEEH UL¿ XWDWR XQ VXR VFULWWR FKH ULFRUGDVVH JOL DQQL GL ³6XG´ H GHL VXRL SURWD JRQLVWL LQ RFFDVLRQH GHOOD LP PLQHQWH ULVWDPSD DQDVWDWLFD GHO JLRUQDOH $FFHWWz VHQ]D HVLWD]LRQL ©0HWWHUz GD SDUWH RJQL PLR LP SHJQRª PL GLVVH 1RQ PL GHOX VH $L SULPL GL JHQQDLR GHO

<5 05,+0;6 +0 ,+<(9+6 :*(97,;;(

&DUOD 'H 5LVR

*LXVHSSH &DWHQDFFL

5HQDWD 3UXQDV

(UDQR WUDVFRUVL RUDPDL TXD UDQW¶DQQL GDOOD SULPD XVFLWD GH ,O PDUH QRQ EDJQD 1DSROL H TXH VWD GHGLFD VFULWWD G¶LPSHWR VXOOD SDJLQD ELDQFD GL XQD GHOOH VXH XOWLPH HGL]LRQL /D PHU QH EDL JQH SDV 1DSOHV HGLWR GD *DOOL PDUG ULDQQRGz O¶DQWLFD DPLFL ]LD IUD $QQD 0DULD H PH QHO ULP SLDQWR PDL VRSLWR SHU OD SHUGLWD GL XQ DPLFR H GL XQ IUDWHOOR

Z\K

90=0:;( ,<967,( 9,=<, ,<967i,55, ,<967,(5 9,=0,> ,<967f0:*/, A,0;:*/90-; 9,=0:;( ,<967,(

WH LQ FLPD D 0RQWH GL 'LR ¿ QDO PHQWH SODFDWL QHOOH SDXUH VWUH PDWL GDOOH WUDJHGLH GHOOD JXHUUD PD LQ¿ QH FRQGRWWL SHU PDQR GDO OD SDFH GDOO¶HQWXVLDVPR GDO ©UL VYHJOLR GHOOD UDJLRQHª 0DJLFKH VWDQ]H GL ULQDVFL WD H GL QDVFLWH 1HOO¶RWWREUH GHO ³6XG´ XVFLYD FRQ XQ QX PHUR VSHFLDOH GL TXDUDQWD SDJL QH H QHOOD QRVWUD FDVD QDVFHYD XQ EDPELQR 2OLYLHUR H 0DULDQQD L JHQL WRUL L QRVWUL JHQLWRUL FRPSOLFL WHPHUDUL GL RJQL LPSUHVD µSDW WHJJLDURQR¶ QHOOD UHGD]LRQH GL ³6XG´ D SRFKL PHWUL GDOOD VWDQ]D GL TXHO SDUWR FDVDOLQJR OD VFHO WD GHO QRPH D FXL VL DUULYz GRSR XQ OXQJR H VRIIHUWR FRPSURPHV VR 3DWUL]LR SHU 6DQWD 3DWUL]LD H /XFD SHU /XFKLQR 9LVFRQWL ( IX JUDQ IHVWD SHU WXWWL LQ TXHL JLRUQL GL ¿ QH HVWDWH DQFRUD FDOGL H OXPLQRVL *LRUQL LQ FXL QRQRVWDQWH OH GLI¿ FROWj HFRQRPLFKH QHO OD SLFFROD PD DPEL]LRVD UH GD]LRQH GL 0RQWH GL 'LR QXO OD DSSDULYD LQVRUPRQWDELOH

'LR LO 3UXQDV« HUD FRVu SLFFROR H RVWLQDWR SUHVWR 1DSROL DYUHE EH VRIIRFDWR DQFKH OXL QHOOH VXH EUDFFLD VPLVXUDWH (UD FRPH XQD IRUPLFD URVVD VXO YHUVDQWH GHOOD PRQWDJQD QRQ YHGHYD H QRQ WRO OHUDYD OD WHUULELOH 0DHVWj GL TXH VWD FRUUHYD OHJJHUD H LQVHQVLELOH SHQVDQGR GL FRVWUXLUH TXL OH VXH GLIHVH OH VXH IRUWH]]Hª &RVu $QQD 0DULD 2UWHVH OR GH VFULYH QHOO¶HSLORJR GHOO¶XOWLPR UDFFRQWR ©,O VLOHQ]LR GHOOD UD JLRQHª GHO VXR OLEUR SL IDPR VR ,O PDUH QRQ EDJQD 1DSROL (UD LO ( IX SURSULR LQ TXHOOR VWHVVR DQQR FKH DQFKH SHU OXL JLXQVH LQHVRUDELOH LO WHPSR GL ODVFLDUH 1DSROL VJXVFLDUH YLD FRQ UDEELD H GHOXVLRQH GD TXHOOH ©VXH EUDFFLD VPLVXUDWHª 2VWLQDWDPHQWH FRVWUXu OH VXH µIRUWH]]H¶ LQ RJQL OXRJR SRVVL ELOH SURLHWWDQGROH DQFKH ROWUH VH VWHVVR GDQGR D RJQXQR OD FRQVD SHYROH]]D GHOOH SURSULH FDSDFLWj &RVu IX SHU ³6XG´ H ¿ QR DO DJRVWR GHO

)LQ GD EDPELQR 3DVTXDOH 3UX QDV LO PLR LQGLPHQWLFDELOH SL FDUR DPLFR VL VHQWLYD GLUHWWR UH GL JLRUQDOL H DSSHQGHYD DOOD SRUWD GHOOD VXD FDPHUD LO FDU WHOOR /D 'LUH]LRQH $YHYD SRFR SL GL YHQW¶DQQL TXDQGR UHD OL]]z LO VXR VRJQR FRQ ³6XG ± JLRUQDOH GL FXOWXUD´ FKH q VWDWR LO SULPR PRYLPHQWR FXO WXUDOH LPPHGLDWDPHQWH GRSR OD JXHUUD QHOOD QRVWUD FDUD 1DSROL 3UHQGHQGR YLWD GDOOD VFRQILWWD SURSULR GD FLz FKH DYUHEEH SRWXWR GHILQLWLYDPHQ WH GLVWUXJJHUOD OD 1DSROL GHOOD FXOWXUD SRWq LQL]LDUH D ULVRUJH UH SHU YRORQWj GL XQ JUXSSR GL LQWHOOHWWXDOL SLHQL GL LQWHOOLJHQ ]D H DPRUH SHU OD FLWWj 4XHO OL SHU O¶DSSXQWR FKH GLHGHUR YLWD DOOD ULYLVWD GRYH VFULVVHUR LQ WDQWL DOORUD QRQ DQFRUD LOOX VWUL PD FKH LQ VHJXLWR OR VD UHEEHUR GLYHQWDWL SHU RSHUH LP SRUWDQWL QHOOD OHWWHUDWXUD QHO JLRUQDOLVPR QHOOR VSHWWDFROR ³6XG´ RWWHQQH VXELWR XQ YLYR VXFFHVVR PD QRQ HEEH YLWD OXQ JD SHU WDQWL PRWLYL VRSUDWWXW

WR SHUFKp SHU IDUH XQ JLRUQD OH FL YRJOLRQR PROWL TXDWWULQL H QRL QH DYHYDPR EHQ SRFKL 'HFLGHPPR LQIDWWL JLj DOO¶LQL ]LR GL ILQDQ]LDUH ³6XG´ FRQ L QRVWUL JLRYDQLOL DYHUL FRPLQ FLz SURSULR 3DVTXDOH YHQGHQ GR XQ FDQH OXSR GL JUDQ UD]]D PD GL SHVVLPR FDUDWWHUH FKH XVDYD IDUH LUUX]LRQH QHOOH QR VWUH ULXQLRQL H VL VFDWHQDYD DQ FKH TXDQGR F¶HUDQR YLVLWH QHO VDORWWR GL FDVD 3UXQDV SLRP EDQGR IUD OH VLJQRUH DOOH TXD OL DPDYD VWUDSSDUH L FLYHWWXROL FDSSHOOLQL GHOO¶HSRFD &RQ SUR IRQGD JLRLD DSSUHQGR OD ULQD VFLWD GL ³6XG´ H YL GRPDQGR PD QH DYHWH FDQL GD YHQGHUH«"

1HO PDU]R VFRUVR L JLRUQDOL KDQQR IDWWR XQ JUDQ SDUODUH GHO FHQWRFLQ TXDQWHVLPR DQQLYHUVDULR GHOOD QD VFLWD GL (GXDUGR 6FDUSHWWD O¶DXWR UH DWWRUH QDWR D 1DSROL LO PDU]R FKH SRUWz OD VFHQD SDUWHQRSHD GL ILQH 2WWRFHQWR YHUVR OD PRGHUQL Wj LQ SDUDOOHOR FRQ TXDQWR DYYHQL YD LQ )UDQFLD , SULPL DQQL GHO 1R YHFHQWR FRLQFLVHUR FRQ O¶DSLFH GHO VXFFHVVR GL 6FDUSHWWD H OH FURQDFKH SDUODQR GL XQD 1DSROL FKH SHU PH ULWR VRSUDWWXWWR GL 6FDUSHWWD ³VDSH YD ULGHUH FRPH 3DULJL´ ,O PDU]R QHOOD EHOOLVVLPD 9LOOD ³/D 6DQWDUHOOD´ DO 9RPHUR FKH 6FDUSHWWD DYHYD ULVHUYDWR DOOH VXH PHGLWD]LRQL DUWLVWLFKH GHFUHWDQ GR ³4XL ULGR LR´ HEEH OXRJR XQ VRQ WXRVR ULFHYLPHQWR SHU IHVWHJJLDUH L VXRL FLQTXDQW¶DQQL H FRLQYROJHUH WXWWL FRPH GLFHYD LO ELJOLHWWR GL LQYL WR LQ XQD IUDJRURVD VDOXWDUH ULVDWD $O ULFHYLPHQWR HUD VWDWR LQYLWDWR WUD L WDQWL PD WXWWL VHOH]LRQDWLVVLPL RVSLWL $FKLOOH $IDQ GH 5LYHUD XQ DPLFR GL YHFFKLD GDWD GL 6FDUSHWWD FKH VL HUD PROWR DGRSHUDWR QHL SD OD]]L URPDQL SHUFKp QHOO¶RFFDVLR QH TXHVWL ULFHYHVVH GDO 5H 9LWWRULR

6FDUSHWWD UDPPDULFDWR GDOO¶DV VHQ]D GHOO¶DPLFR QRQ PHQR GHOOD PDQFDWD FRQFHVVLRQH GHOOD WDQWD DJRJQDWD µ&RPPHQGD¶ FRQVHJQz DO &RORQQHOOR 3LJDIHWWD SHUFKp OR ID FHVVH SHUYHQLUH DG $IDQ GH 5LYHUD XQ HOHJDQWH YROXPHWWR FRQWHQHQWH XQ VXR VFULWWR DXWRJUDIR GRYH VILGX FLDWR PD QRQ SHU TXHVWR UDVVHJQD WR RVVHUYD ©'¶DYq D &RPPHQGD P¶q SDVVD WD D YRJOLD« Ê EUXWWR DYHUOD D VWLHQWH« H DJJLR FDSLWR« &KH TXDQQR QRQ V¶DUUREED H QRQ VH PEURJOLD Vu VHPSH QLHQWH VWD JUD]LD PH SXz ID VRUWDQWR WX« )DPPH VWD EXRQR $FKLOOH H QLHQ WH FKL ª $IDQ GH 5LYHUD FRPSUHVH LO PHV VDJJLR H LQGLUL]]z D 6FDUSHWWD XQ VLPSDWLFR ELJOLHWWR ©&DUR (GXDUGR OD PLD SURPHV VD HUD FKH SHU L WXRL FLQTXDQW¶DQ QL VDUHVWL VWDWR LQVLJQLWR GHOOD µ&RPPHQGD¶ HEEHQH SURSULR GDO OLEUHWWR FKH PL KDL WDQWR DIIHW WXRVDPHQWH RPDJJLDWR DSSUHQ GR FKH L FLQTXDQW¶DQQL OL FRPSLUDL

/D ULSURGX]LRQH GL TXHOOD LQHGL WD µGHGLFD¶ YXRO HVVHUH O¶RPDJJLR GHOOD 1XQ]LDWHOOD DO JUDQGH DUWLVWD GL XQD 1DSROL QRQ SL FDSLWDOH FKH XQ VHFROR ID ULXVFLYD DQFRUD D PDQ WHQHUVL DOPHQR DUWLVWLFDPHQWH DO O¶DOWH]]D GL 3DULJL

465;, ,*/0(

0DULR 6WHIDQLOH

&KL QHO FXRUH GHOOD QRWWH QDSROH WDQD VL ODVFLD DOOH VSDOOH LO EHO FR ORQQDWR GL 6DQ )UDQFHVFR GL 3DROD FKH UHFLQJH LQ XQ ELDQFR DEEUDFFLR OD JUDQGH 3LD]]D GHO 3OHELVFLWR FKL DEEDQGRQD FRQ XQ VDOXWR OD VWXSHQ GD IDFFLDWD GHO 3DOD]]R 5HDOH H OH VWDWXH GHJOL RWWR UH FKH WHQQHUR QHL VHFROL OD FLWWj QRELOLVVLPD FKL YD LQ FHUFD GHJOL VSHWWUL SL DQWLFKL VDOJD FRQ L VXRL SHQVLHUL SHU OD ULSLGD VWUD GD FKH ODVFLD &KLDLD DOOD VXD GHVWUD SHU UDJJLXQJHUH 3L]]RIDOFRQH 6L IDYROHJJLD ± IRUVH q OD YHULWj ± FKH TXL VX TXHVWD FROOLQHWWD GHWWD QHL WHPSL SL DQWLFKL 0RQWH (FKLD H DOOH VXH SHQGLFL YHUVR LO PDUH IRVVH

FDVD 3UXQDV DOOD 1XQ]LDWHOOD GD VLQLVWUD (QQLR 0DVWURVWHIDQR $QQD 0DULD 2UWHVH $QWRQLR *UDVVL 6DP\ )D\DG 3DVTXDOH 3UXQDV *LDQQL 6FRJQDPLJOLR

15%) 2!'!::) $%,,! .5.:)!4%,,!

PL JLXQVH OD VXD OXFLGD H DFFRUD WD WHVWLPRQLDQ]D /H JLDFFKHWWH JULJLH GHOOD 1XQ]LDWHOOD $ PDU JLQH XQD EUHYH QRWD D SHQQD ©KR VFULWWR TXHVWH SDJLQH SHQ VDQGR DOOD IRWR JUDQGH FKH WX PL KDL SRUWDWR GRYH VLDPR LQ FLQ TXH /¶KDL SUHVHQWH"ª 2JJL OH µPDJLFKH VWDQ]H¶ GHO OD 1XQ]LDWHOOD KDQQR ULDSHUWR OH ORUR SRUWH SHU IDU ULYLYHUH XQD VWD JLRQH ULFFD H LQWHQVD YLVVXWD SUR SULR VWDQ]D SHU VWDQ]D GD RJQXQR GL QRL H GDL µUDJD]]L GL 6XG¶ LP PHUVL H SURWHWWL GD TXHOOH DQWLFKH H UDVVLFXUDQWL PXUD URVVH SLDQWD

%DVWDURQR WXWWDYLD SRFKL PHVL H L WDQWL SUREOHPL SUHVHUR LO VR SUDYYHQWR GLYHQWDQGR GH¿ QLWL YDPHQWH LQVRVWHQLELOL ,QIDWWL TXHOOH VWUDRUGLQDULH TXDUDQWD SDJLQH VDUHEEHUR VWDWH GRSR HURLFKH ULQXQFH H VWRULFKH GHFLVLRQL OH XOWLPH GHOO¶XOWLPR QXPHUR GL ³6XG´ 3UHVWR LQ RJQXQR ULDI¿ RUz O¶DQ WLFR SHVVLPLVPR 0D TXHO ©VLOHQ]LR GHOOD UDJLR QHª ODFHUDQWH DQDWHPD GL $QQD 0DULD 2UWHVH QRQ VL LPSDGUR Qu GL WXWWL R DOPHQR QRQ GL XQR GL ORUR ©LO UDJD]]R GL 0RQWH GL

3DVTXDOH 3UXQDV FKLQR VXOOH PDFFKLQH H 3URJHWWR ³6XG´ $UFKLYLR 5HQDWD 3UXQDV HODERUD]LRQH 0DUFR 'H /XFD

(3 .9<776 :<+

3, -094, +0 ¸:<+¹

*LDQQL 6FRJQDPLJOLR

H LQQDQ]LWXWWR GLWHPL SHUFKp VL FKLDPD FRVu FRO QRPH GL XQD YHUJLQH XQD YHFFKLD SXWWDQD VH PDL TXHVWD FLWWj FKH QRQ VL SXz DPDUH PD VROWDQWR IRWWHUH HEEH FDQGLGL YHOL DO VXR QHUR VHVVR PRUWH ULVYHJOLD L VXRL SULPL DELWDWRUL OH VXH LQWDWWH DOEH PRUWH ID ULVRUJHUH LO VXR SULPR JULGR LR PL QDVFRQGHUz FRQ WH WXWWD XQD QRWWH LO FDSR DGRUQR GHL WUDOFL GHOOD YLWH L SLHGL VXOOD IRVVD GHO YXOFDQR SHU VWUDSSDUH QHOO¶RUD GHO WUDSDVVR XQ¶DOORGROD D TXHVWR FLHOR WX QRQ SXRL PRUWH DFFRPSDJQDUPL SHU WXWWL L PLHL JLRUQL VROWDQWR QHJOL LQJDQQL GHL YLFROL GL SRUWR H GDUPL OXFH SHU OH QDYL LQ HVLOLR DO PDUH GHOOD QRWWH H TXHVWR SLDQWR GL ULJDJQROL HWHUQL H TXHVWR EXLR GL YROWL FRQVDSHYROL H OXQJD OD WXD VWUDGD DOOD FROOLQD PRUWH TXDQGR WX DFFHQGL OH URVVH H YHUGL OXFL D TXHVWD WURLD GDO YROWR GL FRFRPHUR H OD LQJLQRFFKL DL SLHGL GHL WXRL VDQWL H OD IDQIDUD VSDFFD LO QRVWUR ULVR H LO FXRUH DFFHQGL QHO SHWWR GHL PRQHOOL FRQ OH RVVD EUXFLDWH H LO VHVVR DSHUWR PRUWH

WX QRQ GDL SDFH DL QRVWUL RFFKL H LO SRSROR GHL JX¿ GDO JLDFLJOLR GHL PRQWL H GDOOH QRWWL GLVFHQGH VLQR DOO¶DOED H FDQWD L JLRUQL QHL YLFROL DO PDWWLQR H D TXHVWR FLHOR GROFH q LO WUDPRQWR HG LO WULVWH SUHVDJLR GHOOH QRWWROH D VHUD H SRL GLWHPL SHUFKp TXHVWD WURLD FKH VL FKLDPD 1HDSROLV FRPH XQD UHJLQD SHUFKp TXHVWR VFLDFDOOR VHPSUH YLYR FKH KD IDPH GHL VXRL PRUWL H GHOOD URVVD FDUQH GHL YLYHQWL VL Gj EHOOHWWR TXDQGR YLHQH VHUD H JRQ¿ D LO YLVR VXOOH PDFUH RVVD GHL VXRL PXUL VELOHQFKL H EDOOD OD TXDGULJOLD FRL FDYDOOL HG LO WDQJR VHQWLPHQWDOH FRQ OH QRWWXUQH YRFL GHL VXRL DPDQWL GLWHPL SHUFKp TXHVWD UHJLQD FRPH XQD SXWWDQD VL XEULDFD FRQ O¶DOFRRO GHQDWXUDWR H GLYRUD VH VWHVVD FRQ L ¿ JOL H PDL FRO QRPH G¶XQD YHUJLQH SRUWz O¶DOORGROD DO VXR ¿ DQFR H GLp VH VWHVVD DO JLRUQR H UHVH JUD]LH DO FUHDWR GLWHPL SHUFKp HEEH Vu GROFL FXUYH DOOH FROOLQH H VWHOOH H IXRFR DL PRQWL H LO JLDOOR H LO YHUGH GHJOL VSHFFKL H GHO VROH H LO SLDQWR JULJLR GHOOD URVVD OXFH H LO YHUGH H D]]XUUR GHOOH DFTXH PDULQH H LO VHJQR GHOOD IURQWH VXL PLHL RFFKL FRPH XQ GRQR FHOHVWH

H VSHFFKLR GHOO¶LQIHUQR OH PLH SXSLOOH FRPH URVVL ¿ RUL HG q QHUR SDSDYHUR LO ORU IUXWWR H L PLHL FRPSDJQL FRPH JLUDVROL VX TXHVWR FDPSR DUDWR GDJOL VSHWWUL GLWHPL GXQTXH R IUDWHOOL SXU WURSSR DPDWL QHOO¶RGLR FKH P¶DVVDOH DOORU FKH QHOOH YRFL GL QRL ¿ JOL H QHO FDPPLQR GHL JLRUQL H QHO SDVVR GHL ODFHUL QLSRWL QHO VDOVR RGRUH GHL SHVFL VXOOD ULYD H QHO SLDQWR H QHO JULGR GHL YLFROL GLVFHVL LQ VX OH DFTXH DOOD IRJQD GHL YLVL EUXOLFDQWL RJQXQR SXz FRQRVFHUH OD PRUWH QHJOL RFFKL G¶XQ FRPSDJQR HG LO UHVSLUR GHOOH VXH QRWWL H LO PDFHUR DOOH YHVWL H LO VRQQR LQDSSDJDWR IDUH YHOR DOOH SDOSHEUH SHVDQWL H OH FLYHWWH XUODUH GDL FDSHOOL GLWHPL GXQTXH VH O¶DOORGROD XQ JLRUQR FDQWHUj DOOH ELDQFKH WHUUD]]H H DJOL RUL]]RQWL GL TXHVWR PDUH FRPH XQD ODWULQD VH L JX¿ VSDULUDQQR FRQ OD QRWWH H QRVWUD PDGUH FRPH XQD SXWWDQD LO QHUR VHVVR FRPH JROD DSHUWD FRSULUj GHL VXRL IUXWWL FRPH XQ YHOR GL ELDQFRVSLQL H GL JLRLRVL PLUWL H OD VXD IURQWH DOOD GROFH]]D DSHUWD HG L VXRL RFFKL DOOD PRUWH ORQWDQL HG LO VXR SHWWR DOOD VHWH UHFOLQR VXO PDQWR ULVSOHQGHQWH GHOOH DFTXH DOORUD R PRUWH SXRL FRQGXUFL DO YDUFR FRQ OH WURPEH H OH DUSH GHO WXR ULVR H GL TXHVWL FRORUL SXRL VHJQDUFL GHO URVVR H YHUGH VSDFFR GHL FRFRPHUL DSHUWL D QHUL VHPL H DOOD URVD FHOHVWH GHL WXRL URJKL DFFHQGHUH SHU PH OD WXD FROOLQD

(OLD $LRO¿ GLVHJQR %pOD %jOj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¿ /RUHQ]D 3RUFKHGGX *LURODPR 0DURWWD 5REHUWR 3DR OHOOD *LDLPH 3LQWRU )UDQFHVFR 3L VWROHVH 9DVFR 3UDWROLQL 3DVTXDOH 3UXQDV 3DROR 5LFFL )UDQFR 5RVL /RXLV 6DXUR *LDQFDUOR 6FDOIDWL *LDQQL 6FRJQDPLJOLR 5RFFR 6FRWHO ODUR *DHWDQR 6LIR *HUPDQR 6LOYD )UDQFHVFD 6SDGD 0DULR 6WHIDQLOH :LOOLDP 6WHLJ GLVHJQL 6WHLQEHUJ GLVHJQL *XLGR 7DWD¿ RUH GLVHJQL 'DQWH 7URLVL 9HUFRUV SVHXGRQLPR GL -HDQ %XOOHU 9LWWRULR 9LYLDQL 7KRPDV :ROIH 1HO SURJHWWR HGLWRULDOH HODERUDWR LQ YLVWD GHOOD ULSUHVD GL XQ QXRYR ³6XG´ TXHVWR HUD O¶RUJDQLJUDPPD 3DVTXDOH 3UXQDV GLUHWWRUH *LDQQL 6FRJQDPLJOLR UHGDWWRUH FDSR $QQD 0DULD 2UWHVH HG (QQLR 0DVWURVWH IDQR UHGDWWRUL 5RFFR 6FRWHOODUR H /HRQDUGR 6LQLVJDOOL GDOOD /XFDQLD 8JR 9LWWRULQL GDOOD 3XJOLD $QGUHD &DPLOOHUL GDOOD 6LFLOLD $QWRQLR *KL UHOOL 0DXUL]LR %DUHQGVRQ (QULFR * 0DWWLD GD 5RPD 7RPPDVR *LJOLR GD 0LODQR UXEULFKH WHPDWLFKH HUDQR DVVHJQDWH D /XLJL &RPSDJQRQH SHU OD QDUUDWLYD 5DIIDHOOR )UDQFKLQL SHU OD ¿ ORVR¿ D *LDQQL 6FRJQDPLJOLR SHU OD PXVLFD H OD UDGLR (GRDUGR 9LWWR ULD SHU O¶DUFKLWHWWXUD H O¶XUEDQLVWLFD

(PDQXHOH ,,, GL 6DYRLD O¶RQRULIL FHQ]D GL µ&RPPHQGDWRUH GHO 5H JQR¶ FXL (GXDUGR DSSODXGLWR HG RVDQQDWR GD PH]]D ,WDOLD WHQHYD PROWLVVLPR $IDQ GH 5LYHUD ± FKH HUD VWDWR DOOLHYR GHO 5HDO &ROOHJLR 0LOLWDUH GHOOD 1XQ]LDWHOOD GDO DO JLXQJHQGR EHQ SUHVWR DL YHUWLFL GHO OD FDUULHUD PLOLWDUH H GHOOD SROLWLFD ULYHVWHQGR WUD LO HG LO OH FDULFKH GL 6RWWRVHJUHWDULR DOOD *XHU UD H GL 0LQLVWUR GHL /DYRUL 3XEEOLFL ± IX FRVWUHWWR SHU PRWLYL GL VDOXWH PRUu O¶DQQR VXFFHVVLYR D GLVHUWDUH LO ULFHYLPHQWR IDFHQGR SHUz SHUYH QLUH QHOO¶RFFDVLRQH D 6FDUSHWWD XQ VXR PHVVDJJLR QHO TXDOH JOL FRQIHU PDYD O¶RUPDL SURVVLPD FRQFHVVLRQH GHOOD WDQWR DWWHVD µ&RPPHQGD¶ /DWRUH GHO PHVVDJJLR IX QHO OD FLUFRVWDQ]D LO &RORQQHOOR GL 6 0 'HVLGHULR 3LJDIHWWD FR PDQGDQWH GHO &ROOHJLR 0LOL WDUH GL 1DSROL H JLj $LXWDQ WH GL FDPSR GL $IDQ GH 5LYHUD

LO SURVVLPR PDU]R ª /¶LQFUHGLELOH HUURUH QHOOD GDWD GL QDVFLWD GD QHVVXQR HYLGHQ]LDWR FRQWHQXWR QHO OLEUHWWR FHOHEUDWLYR GL 6FDUSHWWD RSHUD GHO SURIHVVRUH (Q ULFR 0RQWDOGR PLVH GL EXRQXPRUH 6FDUSHWWD FKH SURPLVH VLPSDWLFD PHQWH GL IHVWHJJLDUH LQ VHJQR GL UL SDUD]LRQH O¶RUPDL SURVVLPD µ&RP PHQGD¶ DOOD 1XQ]LDWHOOD &RQ XQR VWUDSSR DO SURWRFROOR FKH YROHYD OH RQRULILFHQ]H FRQVHJQDWH GDO 3UHIHW WR QHO SDOD]]R GHO *RYHUQR $IDQ GH 5LYHUD FRPSOLFH LO &RORQQHO OR 3LJDIHWWD IHFH RUJDQL]]DUH XQD GLVFUHWD FHULPRQLD DOO¶LQWHUQR GHO 5HDO &ROOHJLR 0LOLWDUH GHOOD 1XQ ]LDWHOOD QHO FRUVR GHOOD TXDOH SRWq FRQVHJQDUH DO JUDQGH $UWLVWD OD WDQ WR DJRJQDWD µ&RPPHQGD¶ /H FURQDFKH GHOO¶HSRFD ULSRUWD QR O¶HYHQWR FKH IX DFFRPSDJQDWR GD XQ LPSURYYLVDWR DSSODXGLWLV VLPR VKRZ FRQ LO TXDOH 6FDUSHW WD GD SDU VXR LQWUDWWHQQH DOOLHYL XIILFLDOL H RVSLWL GHOOD 1XQ]LDWHOOD

OD FLWWj SL DQWLFD TXHOOD SULPD 3D OHSROL IRQGDWD VXO JROIR SL DPDEL OH Oj GRYH RUD Y¶q &DVWHO GHOO¶2YR &HUWDPHQWH DQFRUD RJJL D SHU FRUUHUH FRQ SDVVR GL GDQ]D OH JUD GLQDWH FKH GDOOD 6ROLWDULD D PH]]D FRVWD VXO PRQWH VFHQGRQR D 6DQWD /XFLD JOL DELWDQWL GL TXL KDQQR IDW WH]]H H PRYHQ]H H SDUODWD FKH DS SDUWHQJRQR SLXWWRVWR D OHJJHQGDUL WHPSL FKH QRQ DL QRVWUL PHFFDQLFL JLRUQL H D EHQ VFUXWDUH QHL SRUWRQL FKH V¶DSURQR OXQJR LO &KLDWDPRQH FLRq OD VWUDGD FKH ODPELVFH DIIHWWXR VDPHQWH LO SLHGH GHOOD FROOLQD SXU VL ULFRUGDQR OH DQWLFKH JURWWH VFDYDWH SHU SULPD DELWD]LRQH R SHU OXRJR GL FXOWR R GL ODYRUR R GL JLRFR 0D VH L EDVWLRQL QDWXUDOL H DUWLIL FLDOL L FLXIIL G¶HUED VHFFD FKH FUH VFRQR QHJOL VSDFFKL GHO JLDOOR WXIR O¶RGRU GHOO¶DFTXD IHUUXJLQRVD FKH VJRUJD JL H YLHQH LPPHVVD LQ SDQ FLXWLVVLPH DQIRUH GL FUHWD SHU GLVVH WDUH L VXSHUVWLWL LQQDPRUDWL GHO FR ORUH ORFDOH VH WXWWR TXHVWR q 0RQWH (FKLD H DQFRUD 3L]]RIDOFRQH D VD OLUYL GDOOD SDUWH FKH V¶q GHWWR LQQDQ ]L FL VL ULWURYD D 0RQWH GL 'LR , QRPL VRQR WUH H PLOOH L ULFRUGL GDJOL DQWLFKLVVLPL DELWDWRUL DL PH GLRHYDOL PRQDFHOOL FKH YL WHQHYDQR FRQYHQWR DL SDWUL]L VHWWHFHQWHVFKL FKH YL SRVHUR GLPRUD DL FDYDOOL DG GHVWUDWL FKH YL VDOLURQR DO SULQFLSLR GHO VHFROR H ILQR D SRFKL DQQL RU VRQR SHU IDU OH ORUR ULYHUHQ]H QHO 7HDWUR 3ROLWHDPD FKH RJQL 1DWDOH VL PXWDYD LQ FLUFR HTXHVWUH 4XDOFXQR GL TXHVWL ULFRUGL VL UL WURYD VDOHQGR SHU OD SULPD SDUWH GHOOD VWUDGD FKH V¶LQWLWROD DO SDWULRWD *HQQDUR 6HUUD H GHYLDQGR PDJDUL VXOOD VLQLVWUD SHU TXHOOH VWUDGHWWH FKH LPSURYYLVDPHQWH V¶LQFURFLDQR ,O VLOHQ]LR GHOOD QRWWH ID ULPERP EDUH OD WHUUD SHUFRUVD GDO SLHGH DQ FKH SL FDXWR H LO IDWWR q FKH ODU JKLVVLPH H SURIRQGH JURWWH V¶DSUR QR QHO FXRUH VWHVVR GHOOD FROOLQD GXUDQWH O¶XOWLPD JXHUUD JOL DELWDQWL GL &KLDLD GL 6DQWD /XFLD GL 6DQ WD &DWHULQD GL /DUJR &DUROLQD VL ULWURYDQR VRWWRWHUUD XQD FLWWj EHQ GHOLPLWDWD QHL VXRL FXQLFROL ODWHUD OL QHL VXRL SR]]L G¶DFFHVVR QHOOH

VXH JDOOHULH SL DQWLFKH H TXDQGR V¶DJJLXQVH LO JUDQGH WUDIRUR GHOOD 9LWWRULD FKH YD GDO &KLDWDPRQH DS SXQWR DL JLDUGLQL GHOOD /LWRUDQHD DL SLHGL GL 3DOD]]R 5HDOH LO WHUPLWDLR IX FRPSOHWR $ UDJJLXQJHUH OD VSLDQDWD WHUPL QDOH GL 3L]]RIDOFRQH IUD DOWL H VH YHUL SDOD]]L SDWUL]L XQD YROWD HUDQR L EHUVDJOLHUL FKH TXL VX DYHYDQR OD ORUR FDVHUPD H JOL DGROHVFHQWL GHO OD 1XQ]LDWHOOD FKH DQFRUD WURYDQR VHGH QHO YHFFKLR H VXSHUER HGLILFLR ERUERQLFR PD q DYYHQWXUD GD WHQ WDUVL DO FROPR GHOOD QRWWH ULWURYDUH DO GL Oj GHOOH JUDQGL TXLQWH EDURF FKH GL SLHWUD VFXUD OD VWUDGHWWD TXDVL FDPSHVWUH FKH DWWUDYHUVDQGR D XQ FHUWR SXQWR XQ DJJORPHUDWR TXD VL PHGLRHYDOH GL FDVH ID DIIDFFLD UH IUD JOL VSDOWL GL WXIR H ID FRJOLHUH &DVWHO GHOO¶2YR VRWWRVWDQWH FRPH XQR VFRJOLR SUHVR DO ODFFLR GD PLO OH ULIOHVVL ( ULGLVFHQGHUH SRL QHOOD VROLWX GLQH QRWWXUQD SHU OD VFDOHWWD FKH PHQD DO 3RQWH GL &KLDLD ± LO SRQWH FKH VFDYDOFD O¶DQWLFKLVVLPR EXUUR QH FKH GLYLGHYD 3L]]RIDOFRQH GDO O¶DOWUD DWWLJXD FROOLQD GHOOH 0RUWHOOH ± R SHU OD VWUDGHWWD DQJXVWD GL 6DQWR 6SLULWR GL 3DOD]]R FKH GDOOD VWXSHQ GD 3LD]]D GL 6DQWD 0DULD GHJOL $Q JLROL SRUWD DO /DUJR &DUROLQD R SUR SULR SHU LO 3DOORQHWWR 6DQWD /XFLD GRYH WDOYROWD V¶LQFRQWUDQR EDUFKH LQ VHFFR WLUDWH ODVV VXOOH JUDGLQDWH GDL SHVFDWRUL SL DQWLFKL TXHOOL FKH ULFRUGDQR L IDVWL GHO ORUR WHUULWRULR SULYLOHJLDWR GDL UH H DPDWLVVLPR GD JOL VWUDQLHUL 0RQWH GL 'LR 3L]]RIDOFRQH 0RQWH (FKLD QRPL FKH GXUDQR QHO OD PHPRULD QRPL FKH V¶DJLWDQR QHO FXRUH FRPH PRVVL GD XQ OHJJHUR YHQWR H OL YD ULWURYDQGR H GHOLEDQGR O¶DYYHQWXURVR H DYYHQWXUDWR YLDJ JLDWRUH FKH VFRSUH 1DSROL QRWWXUQD IHOLFH FLWWj GL PLWL H OHJJHQGH 7UDWWR GD 0DULR 6WHIDQLOH $ULD GL 1DSROL $]LHQGD $XWRQRPD GL 6RJJLRUQR &XUD H 7XULVPR GL 1DSROL V G

,<73,(

5HQDWR %HQLQWHQGL (W SODFLGXV /LPRQ RPHQTXH (XSORHD FDULQLV 8Q GHOL]LRVR SUDWR HG (XSOHD IHOLFH SUHVDJLR DL QDYLJDQWL 6WD]LR 6LOY ,,, &RVu FL WRFFD LQ VRUWH GL DVFROWDUH DQFR UD OD ULVDFFD OLHYH GL XQ PDUH SHQVRVR H FDOPR H OH YRFL OLHWH GHO ERUJR FKH GHJUDGDQR H GLUDGDQR VLQR D VSHJQHUVL JL YHUVR 0HJDULGH 3L LQ Oj OD SUXD VRWWLOH GL XQD EDUFD VYHWWD WUD L IOXWWL D GRSSLDUH OD SXQWD GHO &DVWHOOR YHUVR SL IRUWXQDWL SUHVD JL OD YHGR DQFRUD FRPEDWWHUH ILHUD LQ XQ¶DULD GL VDOH H GL VSXPD FHUWD GHOOD YLWWRULD H GHO VXR IDWR 1RL IXPPR D 3L]]RIDOFRQH 9L JLXQ JHPPR GD XQ PRQGR YDULR H GLVWDQWH IDWWR GL GLIIHUHQ]H HG HVWUDQHLWj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¶RJQL DOWUR YH GHVWL QDVFHUH VXOOD ULYD VLQXRVD GL XQ PDUH JUHFR OD VLUHQD 3DUWHQRSH 'L SRL 1DSROL VRUWD VRWWR LO WXR VJXDUGR OLHWR H FHUWR IRVWL WX OD PDJD SUH]LRVD FKH HGLILFz GDO SLDQR GL (FKLD O¶LSRJHR SURIRQGR FKH RVFXUR VL GLSDU WH D UDJJLXQJHUH LO FDVWUXP GL /XFXO OR 1RL FRQRVFHPPR JOL DQIUDWWL RVFXUL GHOOH WXH SURIRQGLWj H TXL VLDPR FHUWL LO PDUH DQFRUD HFKHJJLD WUD OH SLHWUH JLDO OH GL WXIR (XSOHD 'DYYHUR LO WXR VRUWLOHJLR JH IRWR GL 'DYLGH 6DOD QHUz LO FDOHLGRVFRSLR SROLFURPR FKH GHIRUPD VLPPHWULFD H UXWLODQWH O¶HV

VHQ]D GHO YHUR R VRUWu SLXWWRVWR LO YHQ WR GL EUXPD FKH VSRVWD YHUVR LO PDUH H DOORQWDQD OD QHEELD VRWWLOH FKH DYYROJH H QDVFRQGH OD GLYLQD $OHWHLD H OD PR VWUD D QRL PRUWDOL SXUD H LQHOXWWDELOH" 'L FXL IRUVH QRQ VL DYYLGH XQD WXD DQ FHOOD IHGHOH $QQD 0DULD 'D TXL JXDUGDVWL XQ JLRUQR 3DUWHQRSH H L VXRL ILJOL $K PDL WL DYYHGHVWL FKH DQFRUD SRWHYDQR (X SOHD H OH VXH WUDPH 'L FHUWR SHQVDVWL FKH L WUDWWL VRWWLOL GHOOD WXD SHQQD H GHO OD WXD DQLPD IRVVHUR OD IDOODFH SDURXVLD GL XQ¶DOWUD YHULWj DQWDJRQLVWD H LPPH PRUH GL TXHOOD FKH DYUHVWL FROWR ORQWD QR GDO 0RQWH (FKLD SL LQ EDVVR WUD OH PLOOH YHQH GHO FRUSR YLYR GL 1DSROL $QQD 0DULD $QFRUD ULVXRQD YLYD WUD L FRORQQDWL H L FRUULGRL DQWLFKL OD WXD YRFH LO YHQWR FKH VDOH GDOOD FLWWj FRQ IXVD QH RUGLQD VRPPHVVR OH WXH SDUROH GL YHULWj 'L FHUWR HVVH IXURQR SHU QRL FH QH DYYHGLDPR DGHVVR O¶HVWUHPR DWWR GHO OD QRVWUD JLRYLQH]]D FRPH IX SHU YRL FKH VIXJJLYDWH ILHUL DOOD SHUILGD OXVLQJD GL RJQL ULFDWWR ( WX 3LHWUR DQWLFD ILJXUD GL UDJD]]R H GL DOOLHYR GDOO¶DFHUED IRJJLD GL HURH QRQ HVLWDVWL D JXDUGDUH QHJOL RFFKL JODXFKL LO SULPR ILRUH GHOOD QXRYD (X URSD SULPD FKH WL IRVVH VWUDSSDWR SHU VHPSUH TXHOOR GHOOD WXD JLRYDQH YLWD &L SLDFTXH ULFRUGDUH VSHVVR FKH SL GHL UHDO SUHFHWWL SRWq LO GHEROH VRIILR GHOOD QXRYD (XURSD H WX 5RVVR 0DQLH UR ULPDQHVWL ULWWR QHOOD SROYHUH GHOOD WL UDQQLGH SHU QXOOD DWWRQLWR GHO FODPRUH GHOOH RUGH OD]]DUH &L SLDFH SHQVDUH FKH QHJOL DQWUL DOWL H VRWWLOL GHO 0RQWH (FKLD OD GLYD (XSOHD DQFRUD UDFFRQWD DO PDUH FKH YL VL LQVL QXD TXHVWD YHULWj $QFKH QRL IXPPR D 3L]]RIDOFRQH ILJOL LQFRQVDSHYROL GHOOD GHD $QFKH QRL QRQ VIXJJLPPR DOOH VXH WUDPH H LO VXR VRIILR VRWWLOH DQFRUD DF FRPSDJQD GLVFUHWR H SUHPXURVR OD VWR ULD DQFKH SHU HVVD OLHWD GHOOH QRVWUH YLWH

3LHWUR /RVVD H[ DOOLHYR GHOOD 5HDOH $FFDGHPLD 0LOLWDUH GHOOD 1XQ]LDWHOOD QHOO¶DQQR GHOOD VXD IRQGD]LRQH PDUWLUH GHOOD 5HSXEEOLFD 1DSROHWDQD


&5/#/

Z\K

Z\K

90=0:;( ,<967,( 9,=<, ,<967i,55, ,<967,(5 9,=0,> ,<967f0:*/, A,0;:*/90-; 9,=0:;( ,<967,(

VRUJLPHQWR 'LIHQVRUL VWUHQXL GHOOH XOWLPH URFFDIRUWL ERUERQLFKH *DH WD 0HVVLQD H &LYLWHOOD H JDULEDO GLQL QHO H SRL DQFRUD HSLVRGL FRPH TXHOOR GL XQ H[ DOOLHYR FKH IX XIILFLDOH DXVWULDFR GRSR O¶8QL Wj H FRPEDWWp FRQWUR L SLHPRQWHVL D &XVWR]D QHO )UDWHOOL DPL FL FRPSDJQL GL FRUVR VL VSDUDURQR OHWWHUDOPHQWH DGGRVVR LQ TXHVWH H DOWUH EDWWDJOLH ILQR DOO¶RFFXSD]LR QH QD]LVWD DOOD 5HSXEEOLFD VRFLDOH LWDOLDQD DOOD ORWWD SDUWLJLDQD GHOOD UHVLVWHQ]D GRYH YL IX DQFRUD XQ H[ DOOLHYR FKH DYHYD SURYDWR OH FDUFH UL IDVFLVWH H O¶HVLOLR FKH ILQR DOO¶XO WLPR FRPEDWWp SHU OD 5HSXEEOLFD GL 6DOz )XRFKL H FRQWURIXRFKL FKH D SUHVFLQGHUH GDOO¶LGHD IRXFDXOWLDQD GHOOD µSURGX]LRQH GL VROGDWL¶ VRQR SURYD GL XQD UHDOH H SURIRQGD UH VSRQVDELOLWj GHOOH VFHOWH SROLWLFKH H VRFLDOL GHL VLQJROL H GHOOD OLEHUWj GHOOH FRVFLHQ]H QDWH GD TXHO PR GHOOR HGXFDWLYR FRVu WRWDOL]]DQWH 9LYLDPR LQ XQ¶HSRFD SULYD GL DW WHQ]LRQH DOO¶HGXFD]LRQH GHOOD SHU VRQD H WXWWD YROWD DOOD WUDVPLVVLRQH GL WHFQLFKH H GL HVSHGLHQWL SHU UDJ JLXQJHUH ILQL GL GXEELD HWLFLWj ,Q TXHVW¶RWWLFD OD GHOD]LRQH FKH VLD IXRFR DPLFR GHQXQFLD SXEEOLFD GHOOH FROSH DOWUXL R YHUD H SURSULD FDOXQQLD PDVFKHUDWD GD XQ M¶DFFX VH q SUDWLFD GLIIXVD 6LDPR ORQWDQL GDL FRQWURIXRFKL GL 3L]]RIDOFRQH H GL WDQWH UHDOWj FRPH TXHOOD LQ FXL L IUDWHOOL FRPEDWWHYDQR WUD ORUR VRWWR OD VSLQWD GHJOL LGHDOL VHQ]D O¶LSRFULVLD GHO IDOVR DPLFR SURQWL SHUVLQR D PRULUH R DG DIIURQ WDUVL FRPH SDUL VX IURQWL RSSRVWL 3HU IRUWXQD OH HFR GL TXHL FROSL D YROWH ULVXRQDQR DQFRUD D PRQLWR

+0 7(<3 )6>3,: , +0 (3;90 :<+ $PEURJLR %RUVDQL

/D PLD QDWXUDOH DWWUD]LRQH SHU LO 6XG q VWDWD UDIIRU]DWD QHJOL XOWL PL DQQL GD XQ VLQFHUR RUURUH SHU OH LGHH SROLWLFKH LQFXEDWH DO 1RUG H HVWHVH DOO¶LQWHUR SDHVH FRQ OD IRU]D FDWRGLFD 0D JLj LQ SDVVDWR LO YL]LR GL VFHQGHUH VRWWR LO SDUDOOHOR VL HUD PDQLIHVWDWR LQ PH FRQ DS SDVVLRQDWL YLDJJL FKH PL SRUWDYD QR ORQWDQR GDO FRQILQH VYL]]HUR FLRq GDO OXRJR GRYH OD QDWXUD PL DYHYD FROORFDWR DOOD QDVFLWD VHQ]D JXDUGDUH EHQH FRVD DYHVVL GHQWUR OD WHVWD 1HO VHJXHQGR LO PLR LVWLQWR GL IXJD IHFL XQ YLDJJLR LQ 0DURFFR SHU LQFRQWUDUH 5RGULJR 5H\ 5RVD IUDWHOOR GHOOD PLD DPL FD 0DULD 0DUWD 5RGULJR q DQFKH OXL XQ FHUFDWRUH GL 6XG 1DWR LQ *XDWHPDOD YLYHYD DOORUD D 7DQ JHUL GD TXDOFKH DQQR 6L HUD VWD ELOLWR Ou GRSR DYHU IUHTXHQWDWR XQ

FRUVR GL VFULWWXUD FUHDWLYD WHQXWR GD 3DXO %RZOHV GRYH HUD ULVXO WDWR O¶DOOLHYR SL SURPHWWHQWH ,Q TXHO SHULRGR 5RGULJR DVSHWWDYD FKH %RZOHV JOL WUDGXFHVVH LO VXR VHFRQGR OLEUR LQ LQJOHVH ,O SUL PR 7KH EHJJDU NQLIH %RZOHV OR DYHYD JLj WUDGRWWR FRQ PRO WD JHQHURVLWj H IDWWR SXEEOLFDUH GDOOD &LW\ /LJKW GHO VXR DPLFR )HUOLQJKHWWL 2UD 5RGULJR q XQR VFULWWRUH DIIHUPDWR LQWHUQD]LR QDOPHQWH *XLGDWR GDO PLR DPLFR FDP PLQDYR SHU XQD 7DQJHUL VHJUH WD ELYDFFDQGR LQ LPSUREDELOL ORFDOL GRYH RUFKHVWULQH DUFDLFKH VXRQDYDQR VRWWR EDOGDFFKLQL GL VHWH ULFDPDWH 1RL IXPDYDPR XQ Sz GL NLI H DVFROWDYDPR OD PXVLFD SDUODQGR GL OHWWHUDWXUD 5RGULJR DYHYD XQD IUHTXHQWD ]LRQH TXRWLGLDQD GL FDVD %RZ OHV H XQ JLRUQR PL SRUWz GD OXL

3DXO %RZOHV DELWDYD QHOOD SDUWH DOWD GL 7DQJHUL VXOOD FROOLQD GHOOD FLWWj $O TXLQWR SLDQR GL XQD FDVD FRVWUXLWD GD LWDOLDQL FKH ULFRUGDYD OH FRVWUX]LRQL GHO SLDQR 7XSLQL )DQIDQL GHO GRSRJXHUUD 5RGULJR PL DYHYD GHWWR SULPD GL SDUWLUH FKH %RZOHV DPDYD PRO WR OD SDVWD FRVu PL SUHVHQWDL DOOD VXD SRUWD FRQ XQ SDFFR GL WDJOLD WHOOH IDWWH LQ FDVD H XQD FRQIH]LR QH GL 'H &HFFR FKH PL HUR SRUWD WR GDOO¶,WDOLD %RZOHV JUDGu PROWR L GRQL H FL LQWURGXVVH LQ XQ JUDQGH VRJJLRUQR FRQ GHL FXVFLQL VSDUVL SHU WHUUD XQ GLYDQR XQD JUDQ GH OLEUHULD H XQ FDPLQR DFFHVR 6XO GLYDQR F¶HUD LO VXR DPLFR H IDFWRWXP 0RKDPPHG 0UDEHW FKH IXPDYD XQD SLSD GL NLI H FH OD SDVVDYD ILORVRIDQGR VXL GHVWL QL GHOO¶XRPR $OWUL RVSLWL FKLDF FKLHUDYDQR PHQWUH %RZOHV VWDYD FRQ OH VSDOOH DO FDPLQHWWR DFFHVR

$YHYD DSSHQD VXELWR XQ LQWHUYHQ WR FKLUXUJLFR HG HUD XQ SR¶ SUR YDWR 6DSHQGRPL LWDOLDQR PL GLV VH VXELWR GL DYHU FRQRVFLXWR PROWL DQQL SULPD )HUQDQGD 3LYDQR H (W WRUH 6RWWVDVV ,R DOORUD JOL LQGLFDL OD FUDYDWWD FKH SRUWDYR TXHVWD O¶KD GLVHJQDWD 6RWWVDVV JOL GLVVL 0H O¶KD UHJDODWD OXL %RZOHV VL HUD PROWR GLYHUWL WR GHOOD FRLQFLGHQ]D H SDUODQGR GHOO¶,WDOLD PL GLVVH FKH SURSULR LQ TXHL JLRUQL JOL HUD DUULYDWR XQ WHOHJUDPPD GDO VXR DJHQWH /R DYYHUWLYD FKH XQ UHJLVWD LWDOLD QR YROHYD IDUH XQ ILOP GD ,O Wq QHO GHVHUWR *OL FKLHVL LO QRPH GHO UHJLVWD H OXL PL FRQGXVVH QHO VXR VWXGLR &HUFz VXOOD VFULYDQLD VRPPHUVD GD XQ PDJPD GL FDU WH OD OHWWHUD GHOO¶DJHQWH 1RQ WUR YDQGROD VL VIRU]z GL ULFRUGDUH H LQILQH SURQXQFLz LO QRPH XQ SR¶ VWRUSLDWR GL %HUWROXFFL 3RFKL UL

FRUGDQR FKH %RZOHV DYHYD JLj DYXWR XQ UDSSRUWR FRQ LO FLQHPD LWDOLDQR FRPH VFHQHJJLDWRUH GL 6HQVR IRUVH XQR GHL SULPL VXRL DWWL SHU LO 6XG 0D GL 6XG QH DYHYD DPDWL WDQ WL %RZOHV $ FRPLQFLDUH GDO 6XG GHOO¶$PHULFD GRYH DYHYD YLDJ JLDWR FRQ -DQH FKH DYHYD GHVFULW WR LQ DOFXQL UDFFRQWL EHOOLVVLPL FRQWHQXWL LQ /D GHOLFDWD SUHGD 3RL L 6XG GHOO¶RULHQWH D &H\ORQ GRYH DYHYD DELWDWR SHU XQ DQQR VX XQ¶LVROD VHPSUH FRQ OD PRJOLH )LQR DO 6XG FKH DYHYD VFHOWR SHU VWDELOLUVL GHILQLWLYDPHQWH TXHOOR GL 7DQJHUL 3DUODPPR GL DOWUL 6XG GHL 0DUL GHO 6XG TXHO SRPHULJJLR 3DUODPPR GL 0HOYLOOH GL 7DLSL ( TXHL GLVFRUVL HEEHUR XQ JUDQ GH HIIHWWR VX GL PH 0L SRUWDUR QR D SURJHWWDUH LO YLDJJLR D 1XNX +LYD H D VFULYHUH $GGLR (GHQ

4XDQGR XVFLL %RZOHV FRQ VTXLVLWD FRUWHVLD PL DFFRPSD JQz DOOD SRUWD 5LQJUD]LDQGRPL DQFRUD SHU OD SDVWD PL FKLHVH GL DVSHWWDUH DOO¶LQJUHVVR H VSDUu LQ XQD VWDQ]D 5LFRPSDUYH SRFR GRSR FRQ XQD FRSLD GL XQD WUD GX]LRQH LWDOLDQD GL 7KH VSLGHU KRXVH H PH OD UHJDOz $QGDQGR JL SHU OH VWUDGH GL 7DQJHUL FRQ 5RGULJR PL FKLHGH YR FRVD DYHVVH FRQVHUYDWR TXH VW¶XRPR GHO VXR ORQWDQR 1RUG GL XQ¶$PHULFD FKH DYHYD OD VFLDWR DQFRUD PROWR JLRYDQH GL XQD FXOWXUD FKH FHUWR QRQ VHQWL YD VXD 6LFXUDPHQWH VL HUD WHQXWR OD SDUWH PLJOLRUH OH DPLFL]LH GL 7HQQHVVHH :LOOLDPV GL 7UX PDQ &DSRWH GL .HURXDF GL %XUURXJKV GL &RUVR H GL WXWWL JOL DPLFL FKH DO 6XG QRQ JXDU GDYDQR FRQ RFFKL GL UDSLQD

3( *0(5*0( 7,9 3( *0(5*0( 7904( 7(9;, 8QD WHQ]RQH YHUQDFRODUH DO 5HDO &ROOHJLR 0LOLWDUH GHOOD ³1XQ]LDWHOOD´ 3LHWUR $QGULVDQL 9RJOLRQR JOL HVSHUWL GHO GLDOHW WR SL HVSUHVVLYR H SRSRODUH GHO PRQGR FKH TXHVWR HXIRQL FR LGLRPD HEEH RULJLQH WDQWL VH FROL ID VXOOH FRVWLHUH GHO *RO IR GL &DVWHO GHOO¶2YR RYH YHUVL H PHORGLH VL RWWHQHYDQR SHU XQ QXOOD H OH FDQRUH DUJRPHQWD ]LRQL LQWRUQR D &XFFRSLQWR FX SLGR HEEHUR OD SUHFHGHQ]D VR SUD RJQL DOWUR JHQHUH GL DIIDUL ,O GLYLQR 3RHWD QHO 'H YXOJDUL HORTXHQWLD RYH WUDWWD OH RULJLQL H OH TXDOLWj GHOOH OLQJXH QHRODWL QH GLFKLDUz GL WHQHUH LQ JUDQGH FRQVLGHUD]LRQH µOD SXJOLHVH¶ DO ORUD FRVu YHQLYD GHWWR LO GLDOHWWR QDSROHWDQR SHU LO VHQWLPHQWR H O¶HORTXLR FRPXQLFDWLYR FKH HVVD HVSULPHYD $QFKH O¶DPDQWH GL )LDPPHWWD YROOH GLOHWWDUVL D VFUL YHUH QHOO¶LGLRPD GL 3DUWHQRSH QHO VSHGu GD 1DSROL XQ¶HOH JDQWH HSLVWROD GL DUJRPHQWR GR PHVWLFR LQ TXHO GLDOHWWR DOO¶DPLFR )UDQFHVFKLQR GH¶ %DUGL PHUFDQ WH ILRUHQWLQR FKH DOORUD RSHUDYD D *DHWD $OOD FRUWH GHO VDJJLR 5R EHUWR L FRUWLJLDQL H L PHQHVWUHO OL ROWUH DOO¶RFFLWDQLFD DYHYDQR DGRWWDWR LO YROJDUH ORFDOH )UDQ FHVFR 3HWUDUFD LOOXVWUH RVSLWH QHO GL TXHO 0RQDUFD RQRUz µLO SXJOLHVH¶ FRQ TXDOFKH WHUPLQH HG HVSUHVVLRQH FKH LQVHUu QHOOH VXH PLVVLYH H QHL VXRL FDQWL $OIRQVR , G¶$UDJRQD GRSR HV VHUVL LQVWDOODWR VXO WURQR IX FRQ TXLVWDWR GDO PXVLFDOH GLDOHWWR QD SROHWDQR $OORUD VL DGRSHUz DI ILQFKp TXHOO¶LGLRPD YHQLVVH QR ELOLWDWR H FRPDQGz FKH QHO VXR UHJQR IRVVH DGRWWDWR DQFKH QHJOL DWWL SXEEOLFL LQ TXDQWR OD ODWLQD H OD WRVFDQD OH ULWHQHYD OLQJXH RVSL WL , VXRL VXFFHVVRUL OR LPLWDURQR , SURFHVVL DL %DURQL FRQJLXUDWL DL GDQQL GL )HUGLQDQGR , H VXR IL JOLR $OIRQVR YHQQHUR UHGDWWL FRO QDSROHWDQR DXOLFR R FRUWLJLDQR PLVWR D TXHL ODWLQLVPL GHL TXDOL L JLXUHFRQVXOWL QRQ KDQQR PDL SR

!-)#/ *65;96-<6*/0 ( 70AA6-(3*65, 0DULR %HUQDUGL

WXWR IDUH D PHQR ,O WHDWUR GHJOL XOWLPL GL 1DSROL DQQRYHUD IDUVH H VDFUH UDSSUHVHQWD]LRQL LQ GLD OHWWR FRQ PXVLFD )UD JOL DXWRUL YDQQR PHQ]LRQDWL 3LHWUR $QWRQLR &DUDFFLROR VHFROR ;9 ± GRSR LO H -DFRSR 6DQQD]]DUR 1D SROL 1HO SULPR &LQTXHFHQWR LO PLOL WH *LURODPR %ULWRQLR GD 6LFLJQD QR LQ XQ SRHPHWWR LQ WHU]D ULPD /R WULRQIR DIILGD DOOD VL UHQD 3DUWHQRSH LO FRPSLWR GL FH OHEUDUH LQ QDSROHWDQR OH JHVWD FRPSLXWH GDO FRQVRUWH GL 9LWWR ULD &RORQQD )UDQ FHVFR )HUUDQWH G¶$YDORV QHOOD HURLFD EDWWDJOLD GL 3DYLD 1HOOR VWHVVR VHFROR LO SULQFLSH GHL SRHWL HSLFL LWDOLDQL 7RUTXDWR 7DVVR 6RUUHQWR ± 5RPD FDQWz LQ QDSROHWDQR SHU ERFFD GL *LDOOXLVH SHUVRQDJ JLR GHOOD FRPPHGLD *O¶LQWULJKL G¶DPRUH $QFKH LO VXR FRQWHPSR UDQHR *LRYDQ %DWWLVWD GHOOD 3RU WD 1DSROL ± QHL VXRL ODYRUL WHDWUDOL DGRWWz SHUVRQDJJL FKH VL HVSULPHYDQR QHO PHGHVL PR YHUQDFROR 1HO LQ 7RVFDQD /HRQDU GR 6DOYLDWL )LUHQ]H FRQVROH GHOO¶$FFDGHPLD )LRUHQ WLQD HG LQVLJQLWR GHOOD &URFH GHO O¶2UGLQH GL 6DQWR 6WHIDQR YROOH DVVDSRUDUH L SLDFHUL GHOO¶LGLRPD GL 3DUWHQRSH SDUDIUDVDQGRYL OD QRQD QRYHOOD GHOOD SULPD JLRUQD WD GHFDPHURQLDQD QHOOD TXDOH (OL VD UDFFRQWD FRPH *XLGR GL /XVL JQDQR SULPR UH GL &LSUR GRSR DYHU YHQGLFDWR OH RIIHVH GL XQD GRQQD GL *XDVFRJQD GD SXVLOOD QLPH GLYLHQH YDORURVR , FDSRODYRUL SRHWLFL GHO ;9,, VHFROR UHGDWWL D 1DSROL QHOO¶LGLR PD VHEHWLDQR GD *LXOLR &HVDUH &RUWHVH ;9, VHF ± F D *DEULHOH )DVDQR ;9,, VHF $QGUHD 3HUUXFFL 3DOHUPR ± 1DSROL YHQJRQR SXEEOL FDWL LQ VRQWXRVH YHVWL WLSRJUDIL

FKH FRUUHGDWH FRQ LVWUXWWLYH IL JXUH VLPEROLFKH GD IDPRVL SLWWRUL H GHGLFDWL DL YLFHUp DOO¶DOWR FOH UR H DO SDWUL]LDWR 1RWD q ULPDVWD OD OXVVXRVD HGL]LRQH FKH DSSURQ Wz -DFRYR 5DLOODUGR QHO SHU /R 7DVVR 1DSROHWDQR ]Rq /D *LHURVDOHPPH OLEHUDWD GH OR VLR 7RUTXDWR 7DVVR YRWDWD D OOHQJXD QRVWD GD *DEULHOH )DVDQR GH VWD FHWDWH H GGD OR VWLVVR UDSSUHVHQ WDWD D OOD OORVWULVVLPD 1REHOHWj 1DSROHWDQD 3DVVz LQ SURYHUELR OD ULVWDPSD GHOO¶RSHUD SUHSDUDWD GD /XLJL 0LFKHOH 0X]LL QHO SHU GHGLFDUOD D 'RQQD $XURUD 6DQVHYHULQR *UXPHQWR 3RWHQ]D ± 1DSROL OD SRHWHV VD PHFHQDWH SL DPDWD GL TXHOOD 1DSROL $ 'RQQD $XURUD q VWDWD GHGLFDWD XQD GHOOH SULPH RSHUH EXIIH FRPPHGLH LQ PXVLFD FRQ OLEUHWWR YHUQDFROHVH Ê ULVDSXWR SRL FKH O¶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q WHVWLPRQLDWR GD DOFXQL VXRL ODYRUL SRHWLFL D ORUR GHGLFDWL *LXVHSSH 6DYHULR 3ROL VFULVVH OL EUHWWL PXVLFDWL GD *LXVHSSH 9LOOL FR H *LRYDQQL 3DLVLHOOR 1HO LO 3ROL HEEH FRQ O¶$Y YRFDWR 1LFROD 9DOOHWWD XQ JDUED WR VFDPELR HSLVWRODUH GL TXDWWUR VRQHWWL LQ GLDOHWWR QDSROHWDQR QHL TXDOL DUJRPHQWDYD LQ PRGR VFLHQWLILFR LO WHUUHPRWR DYYHQXWR

D 1DSROL LQ TXHO OXJOLR H QHO PH GHVLPR WHPSR YHQLYD GLVVLPXOD WR XQ WHUUHPRWR SROLWLFR FKH SUH PHYD DOO¶RUL]]RQWH IUDQFHVH 4XHVWD GRWWD H FRUWHVH WHQ]RQH IUD XQ SURIHVVRUH GHOO¶$FFDGH PLD 0LOLWDUH GHO 1XQ]LDWHOOD HG XQ ODLFR DQWLFLSDYD GL FLUFD YHQWL DQQL O¶DVWLRVR FHUWDPH IDWWR DQFR UD GL VRQHWWL LQ QDSROHWDQR IUD XQ GRFHQWH GL FRGHVWD 6FXROD H XQ HVWHUQR (UD O¶DQQR DFFDGHPLFR 1DSROL GRWWD H SRSROD UH HUD LPSHUYHUVDWD GD XQD VRU WD GL SVLFRVL FDQRUD GD 7H YRJOLR EHQH DVVDMH GHOO¶RWWLFR 5DIIDH OH 6DFFR H *DHWDQR 'RQL]HW WL /¶HOLVLU G¶DPRUH GHOOR VWHVVR 'RQL]HWWL YHQLYD WUDGRWWD LQ XQ GHOL]LRVR QDSROHWDQR GD )LOLSSR &DPPDUDQR DVVXPHQGR LO WL WROR /H 3DFFKLDQH GH 6DUQR DO 7HDWUR 1XRYR D 0RQWHFDOYDULR WULRQIDYDQR FRPPHGLH PXVLFDOL GHO OLEUHWWLVWD $QGUHD 3DVVDUR ,O ELJOLHWWR GHO ORWWR VWRUQDWR PX VLFDWR GD 3LHWUR 5DLPRQGL /D IHVWD GH &DUGLWHOOR PXVLFDWR GD 3DROR )DEUL]L /¶HTXLYRFR GHOOH OHWWHUH R /D ILGDQ]DWD GL 3XOFL QHOOD PXVLFDWD GDO FRQWH *LR YDQQL 0RUHWWL FRQ SHUVRQDJJL FKH FDQWDYDQR LQ SXUR H SLDFHQ WH GLDOHWWR O¶DYYRFDWR (PDQXH OH 3DOHUPR H LO %DURQH 0LFKHOH =H]]D YRWDYDQR D OHQJXD QRVWD OH RSHUH SL PXVLFDWH GHO WHD WUR GL 3LHWUR 0HWDVWDVLR TXDQGR O¶DEDWH )UDQFHVFR )XRFR SURSR VH DO 0DJJLRUH 0LFKHOH 1RYH ULQR FRPDQGDQWH GHO &ROOHJLR 0LOLWDUH GHOOD 1XQ]LDWHOOD GL DGRWWDUH XQ SURSULR PHWRGR FKH DYUHEEH SHUPHVVR DJOL DOXQQL GL DSSUHQGHUH LO ODWLQR LQ VHL PHVL /¶HVSHULPHQWR QRQ ULVXOWz GHL SL IHOLFL 'RSR DYHUH LOOXVWUDWR L SULPL VDJJL GHOOD VXD QXRYD GLGDWWLFD QHL ORFDOL GHO &ROOHJLR O¶DEDWH GRYHWWH DEEDQGRQDUH OµLPSUHVD

SHUFKp LQIDVWLGLWR GDOOH ODUYDWH GLVDSSURYD]LRQH GL DOFXQL GRFHQ WL SUHVHQWL DOO¶HVDPH ,Q SDUWLFRODU PRGR JOL IXURQR RVWLOL L SURIHVVR UL &DUOR 5RFFKL H 1LFROD 7RQGL ,Q GLIHVD GHOOD VXSSRVWD LUULYH UHQ]D VXELWD O¶DEDWH FRPSRVH XQ RSXVFROR VDWLULFR GDO WLWROR /D FLDQFLD GLYLVD LQ GLHFL EDJDW WHOOH VFULWWD GD XQ FLHFR SHU XVR GL FKL YHGH HG DQFKH GL FKL QRQ YHGH H FUHGH GL YHGHUH FRQ LO TXD OH YROOH VFDJOLDUH YLROHQWH LQYHWWL YH FRQWUR L VXRL GHWUDWWRUL &RP¶HUD QDWXUDOH G¶DVSHWWDU VL O¶DEDWH 5RFFKL QRQ VH OD WHQ QH SHU EXRQD O¶DSRVWURIH *OL UL VSRVH OHVWDPHQWH FRQ XQ DOWUR OLEUHWWR FXL GLHGH LO QRPH /D FLDQFLD SHU OD FLDQFLD 1]HSUHFH H YHUDFH PXRGR GH FLDQFLDUH GH OR VFRODUR GH Q¶DX WUR VFRODUH GH &ROD &DSDVVR D OR VFULWWRUH GH OH GLHFH VFKHIHQ]R VH FLDQFLH QHO TXDOH HOHQFz GLH FL VDSLGL VRQHWWL LQ GLDOHWWR FKH FHUWDPHQWH QRQ IHFHUR OD IHOLFL Wj GHO )XRFR ,O TXDOH GL ULPDQ GR ULVSRVH FRQ VRQHWWL LQ WRVFR HG LQ QDSROHWDQR FKH SHU SXE EOLFL]]DUH DO PDVVLPR OD UDP SRJQD FRQWUR L VXRL ULYDOL GHOOD 1XQ]LDWHOOD OL IHFH FRUUHUH DQ FKH LQ IRJOLHWWL PDQRVFULWWL SHU RJQL DQJROR GHOOD FLWWj 0ROWL GL TXHL YHOHQRVL YRODQWLQL YHQQHUR UDFFROWL GDO 5RFFKL FKH GRSR DYHUFL RSHUDWR VRSUD XQ¶DW WHQWD FRUUH]LRQH OL ULVSHGu DO PLW WHQWH 5LSRUWLDPR TXL GL VHJXLWR OH FKLRVH FKH HJOL SURIHVVRUH GL OD WLQR OHWWHUDWXUD LWDOLDQD H VWRULD GHO &ROOHJLR GHOOD 1XQ]LDWHOOD DSSRVH D PR¶ GL OH]LRQH GL OLQ JXD QDSROHWDQD DOOD IUL]]DQ WL ULPH YHUQDFRODUL GHO VRQHWWR $OOR =L $EEDWH ; GHGLFDWRJOL GDOO¶DEDWH )UDQFHVFR )XRFR ©/D SDUROD 6RQLHWWR q YL]LRVD ,O QDSROHWDQR GLFH 6RQHWWR FRPH LO 7RVFDQR QHO SOXUDOH SXz GLUVL

6RQLHWWH H 6RQHWWH H TXL PHULWH UHEEH XQ JURVVR 6RQHWWR &KL GHYH VFULYHUVL FRQ GXH F 0DUGLWWR FRQ GXH P 3UzSHR q HUURUH GLFHVL R SUzSH WR R SURSULR 6JXDTXLWWR QRQ VL WURYD LQ TXHVWR GLDOHWWR >3UREDELOPHQWH LO )XRFR VL ULIHULYD DO YRFDEROR VTXDTXqF FKLR FKH LQ QDSROHWDQR VLJQLILFD QDQR UDFKLWLFR ED]]XWR @ ,R SHU DOWUR LJQRUR LO %HUJDPD VFR &UHDQ]D QRQ YD PD &UHDQ ]D EHQVu /¶DPLFR QRQ VL WURYD PD DPPLFR 6SXQWXWR q ULPD VWR LQGLHWUR LO 1DSROHWDQR GLFH 6SRQWXWR 'L 6WLHVVR H QRQ VWLVVR FKH GL UHPR"ª 1HL YHUVL GHO )XRFR L SURIHV VRUL 1LFROD 7RQGL H &DUOR 5RF FKL YHQJRQR LGHQWLILFDWL FRQ L QRPLJQROL 0DVRQH H /R =L¶ $E EDWH ; 4XHVW¶XOWLPR DSSHOODWL YR q LO WLWROR GHO 6RQHWWR FRUUHW WR GDO 5RFFKL H ULSRUWDWR TXL GL VHJXLWR $EEj YHUHIHFDWR V¶q OR GLWWR /OR 9RMH FKLDPD OO¶$VHQR FRU QXWR 7X FFD VL FKL GH &KuOOHWR PDU GLWWR 'LFH FFD TXDQQR LR SDUOR VR VSXQWXWR 6H YHGH FFD VL SUzSHR QX VJXD JXLWWR ( OR &HUYLHOOR WXMR JLj VH QQ¶q MXWR &KH &LDQFLD SHU OD &LDQFLD DS SLOD « =LWWR /O¶DPLFR WXMR SDUODQQR FFR FUHDQ]D &FD WX FKLDPH 0DVWRQH «DU UDVVRVLD Ê EXRQR VXOR D VVH JUDWWj OD SDQ ]D $OOR PLHWRGR PLR Qz VFURFFD QL[ 7X QRQ FDSLVFH QLHQWH QIHGH PLD 6H WX VWLHVVR FRQILHVVH FFD VHL QL[ FRQWLQXD

©6L GHEERQR DELWXDUH L JLRYDQL DG HVVHUH EHQHILFL TXLQGL QRQ VL SHU PHWWHUj FKH IDFFLDQR GD GHODWRUL GHOOH DOWUXL PDQFDQ]Hª 4XHVWR HUD XQR GHL SULQFLSL FDU GLQH GHOO¶HGXFD]LRQH PRUDOH GHJOL DOOLHYL SUHYLVWR GDOO¶2UGLQDQ]D SHU OD 5HJLD $FFDGHPLD 0LOLWDUH GHO OD 1XQ]LDWHOOD GHO FRPPD GHOO¶DUWLFROR ,, GHO 9 FDSLWROR LO TXDOH WURYDYD IRQGDPHQWR QHOOD FRQYLQ]LRQH FKH ©FRQYLHQH SUR PXRYHUH O¶DUPRQLD WUD WXWWL JO¶LQGL YLGXL GHO &ROOHJLR H TXLQGL ELVR JQD RSSRUVL D WXWWL JOL RVWDFROL FKH VRQR DWWL D GLVWXUEDUODª /¶2UGLQDQ]D HUD VWDWD UHGDWWD GDO &RORQQHOOR *LXVHSSH 3DULVL LO TXDOH QHJOL DQQL SUHFHGHQWL HUD VWD WR D OXQJR DOO¶HVWHUR SHU VWXGLDUH L PRGHOOL HXURSHL GL HGXFD]LRQH PL OLWDUH 1HO )HUGLQDQGR ,9 GL %RUERQH DYHYD XQLILFDWR O¶$FFD GHPLD GL $UWLJOLHULD H *HQLR IRQ GDWD QHO FRQ TXHOOD GL )DQWH ULD H &DYDOOHULD %DWWDJOLRQH 5HDO )HUGLQDQGR GHO VHJXHQGR LO PRGHOOR IUDQFHVH LQ FXL JOL XIILFLDOL GL WHUUD H L FRUSL WHFQLFL DYHYDQR OR VWHVVR LWHU IRUPDWLYR ILQR DOOD VSH FLDOL]]D]LRQH H DEEDQGRQDQGR FRVu LO SUHFHGHQWH PRGHOOR VSDJQROR ,O 3DULVL XRPR FROWR H LQWHOOLJHQWH VL RFFXSz GL IDU QDVFHUH H GLULJHUH OD QXRYD VWUXWWXUD LVWLWXHQGROD VHFRQ GR L SL DYDQ]DWL GHWWDPL GHOOD SH GDJRJLD PLOLWDUH XQR GHJOL DVSHWWL SL LQQRYDWLYL GHO VXR SLDQR IX SHUz TXHOOR GL XQLUH DOO¶LQVHJQDPHQWR GHOOH GLVFLSOLQH WHFQLFR VFLHQWLIL FKH TXHOOR GHOOH PDWHULH XPDQL VWLFKH H GL FXUDUH FRQ SDUWLFRODUH DWWHQ]LRQH OD IRUPD]LRQH HWLFD GHO FLWWDGLQR SULPD FKH GHO PLOLWDUH ,O IXQ]LRQDPHQWR SUDWLFR GHOOD QHR QDWD $FFDGHPLD LQVHGLDWD QHOO¶H[ QRYL]LDWR JHVXLWD GL 3L]]RIDOFRQH FRQ O¶DQQHVVD FKLHVD GHOOD 1XQ]LD WHOOD GD FXL OD VWHVVD SUHVH LO QRPH QRQ GLIIHULYD LQYHFH GDO PRGHOOR FKH VL HUD DQGDWR VYLOXSSDQGR LQ (X URSD WUD LO ;9,, H LO ;9,,, VHFROR

&RPH PDJLVWUDOPHQWH KD PHVVR LQ OXFH 0LFKHO )RXFDXOW LQ 6RUYH JOLDUH H 3XQLUH QHO ;9,,, VHFROR QDFTXHUR OH PRGHUQH VWUXWWXUH GL HGXFD]LRQH PLOLWDUH LO FXL VFRSR HUD TXHOOR GL ³IDEEULFDUH´ VROGDWL FDVHUPH SHU OD WUXSSD FROOHJL H DF FDGHPLH PLOLWDUL SHU L TXDGUL VXSH ULRUL VRUVHUR FRVu LQ WXWWD (XURSD ,O SUHFHGHQWH FXL VL LVSLUDYDQR LQ JUDQ SDUWH OH QXRYH VWUXWWXUH HGX FDWLYH HUD TXHOOR GHJOL LVWLWXWL UHOL JLRVL 2OWUH GLHFL VHFROL GL PRQD FKHVLPR DYHYDQR LQIDWWL SURGRWWR XQ FRUSXV GL QRUPH SHU OD GLVFLSOL QD GHOOD FRQYLYHQ]D H SHU O¶HGXFD ]LRQH GHL JLRYDQL FKH QRQ DYHYDQR HJXDOL QHOOD FLYLOWj RFFLGHQWDOH ,O PRQDVWHUR FULVWLDQR FKH QXOOD KD D FKH IDUH FRQ L FROOHJLD URPDQL R FRQ O¶DQWLFD WUDGL]LRQH GHO PRQD FKHVLPR RULHQWDOH SDUWLFRODUPHQ WH SUDWLFDWD DOO¶LQWHUQR GHO EXGGL VPR QDFTXH GDOOH SULPH FRPX QLWj GL DQDFRUHWL $ SDUWLUH GDO ,,, VHFROR XQ QXPHUR VHPSUH SL HOH YDWR GL XRPLQL DEEDQGRQDYD OD YLWD VHFRODUH SHU ULWLUDUVL LQ SUHJKLHUD H PHGLWD]LRQH LQ ]RQH GHVHUWLFKH H LVRODWH FHUWL GHOO¶LPPLQHQWH SD UXVuD GL IURQWH DOO¶LPEDUEDULPHQWR GHOOD YLWD SXEEOLFD QHOO¶HWj GHO WDU GR ,PSHUR 6L IRUPDURQR EHQ SUH VWR FRPXQLWj GL PRQDFL 4XDOVLDVL FRPXQLWj QHFHVVLWD SHU VXD QDWXUD GL GLVFLSOLQD GL QRUPH FRQGLYLVH GL FRPSLWL H TXLQGL GL HGXFD]LRQH &RQYLYHQ]D HG HGXFD]LRQH VRQR GXH WHUPLQL LPSUHVFLQGLELOL GHO YL YHUH XPDQR FRVLFFKp FRQ TXHVWH SULPH FRPXQLWj QDFTXHUR SUHVFUL ]LRQL H GLYLHWL , SULPL D UHGLJH UH GHL UHJRODPHQWL IXURQR %DVLOLR PRUWR QHO H 3DFRPLR PRUWR QHO 2JQL FRPXQLWj JRGHYD GL SLHQD DXWRQRPLD HG HUD DPPL QLVWUDWD VHPSUH GD XQD JXLGD XQ DEDWH GDO JUHFR DEEj SDGUH FXL L PRQDFL GRYHYDQR REEHGLHQ]D HV VHQGR OD GLVFLSOLQD H OD VRWWRPLV VLRQH D XQD YRORQWj HVWHUQD VHJQR GL XPLOWj H VWUXPHQWR GL DYYLFLQD PHQWR D 'LR 7UDODVFLDQGR L SUHFHWWL SL RYYL FRPH L GLYLHWL GL FDUDWWHUH DOLPHQWDUH VRFLDOH H VHVVXDOH GXH IXURQR L SULQFLSDOL DVSHWWL VX FXL VL IRQGDURQR L UHJRODPHQWL O¶RUJDQL]

]D]LRQH GHO WHPSR H OD VXGGLYLVLR QH GHOOR VSD]LR 7XWWR FLz FKH HVL VWH VFRUUH QHO WHPSR H VL HVWHQGH LQ XQR VSD]LR SHU DJLUH VXOO¶LQWLPR GL XQD SHUVRQD QRQ VHUYLYDQR OD PD OuD GHL SUHGLFDWRUL R LO FDULVPD GH JOL DQWLFKL ILORVRIL Qp L PLUDFROL GL &ULVWR , UHJRODPHQWL GHL PRQDVWH UL D SDUWLUH GD TXHOOR EHQHGHWWLQR 9, VHFROR VL FRQFHQWUDYDQR VXO O¶RUJDQL]]D]LRQH GHO WHPSR OD FXL SDUFHOOL]]D]LRQH DYYLHQH QRQ VROR VFDQGHQGR OD JLRUQDWD LQ RUH LQ FXL LQFDVHOODUH JOL LPSHJQL GL ODYRUR H GL VWXGLR GL RJQXQR PD DQFKH QHL PLQXWL H QHJOL DWWLPL GHOOD GXUD WD GHOOH SUHJKLHUH GHL FDQWL GHOOH ODXGL ,O WHPSR YLHQH FRVu VXGGLYL VR PLQX]LRVDPHQWH FRQ VWUXPHQWL VHPSUH SL SHUIH]LRQDWL DWWL D VFDQ GLUH L ULWPL GHOOD PHQWH WHQHQGROD RFFXSDWD FRQ XQD GXUDWD XJXDOH H VLQFURQD SHU WXWWL /D GLVWHQVLR DQL PL YLHQH FRVu RPRORJDWD DOO¶LQJUD QDJJLR JHQHUDOH GHOOD PDFFKLQD PRQDVWLFD 6LPLOPHQWH IXQ]LRQD OD FHOOD O¶XQLWj PLQLPD H IRQGD PHQWDOH GHOOR VSD]LR DELWDWLYR GHO O¶KDELWDW GHOO¶KDELWXV 3ULPD GL /H &RXUEXVLHU L PRQDFL DYHYDQR LQGL YLGXDWR LO OLYHOOR ]HUR GHOOR VSD]LR QHFHVVDULR DOOD YLWD TXRWLGLDQD QRQ WDQWR SHU DEEUDFFLDUH OD SRYHUWj GHOOD YLWD PRQDVWLFD LPLWDQGR SHU TXDQWR SRVVLELOH JOL DQWLFKL PRQD FL VWLOLWL FKH YLYHYDQR DSSXQWR VX XQD FRORQQD TXDQWR SHU DQQLHQWD UH OR VSD]LR SHUVRQDOH IRQWH GL GL VRUGLQH 4XHVWR DYYLHQH QHOO¶DUFR GL DOFXQL VHFROL LQ VHJXLWR GDO PR QDFKHVLPR FHQRELWLFR VL VWDFFKH UDQQR GXH FRVWROH TXHOOD GHO PR QDFKHVLPR PHQGLFDQWH GHL IUDWL LQL]LDWR GD 6DQ )UDQFHVFR H TXHO OD GD FXL GHULYDURQR GLUHWWDPHQWH L UHJRODPHQWL GHOOH DFFDGHPLH PL OLWDUL PD DQFKH GHOOH VFXROH GHOOH IDEEULFKH GHJOL RVSHGDOL GHOOH FDU FHUL GHO PRQDFKHVLPR µPLOLWDQWH¶ GHL FKLHULFL UHJRODUL FRPH L *HVXLWL ,JQD]LR GD /R\ROD DIILQz HQRUPH PHQWH LO SRWHQ]LDOH HGXFDWLYR FRU UHWWLYR GHO PRQDVWHUR WUDVIRUPDQ GR OD FDULWj FULVWLDQD LQ XQD YHUD H SURSULD PLOLWLD &KULVWL , UHJRODPHQWL GHL FROOHJL H GHO OH DFFDGHPLH VRUWL LQ (XURSD QHO

(QULFR &RVHQ] $OOLHYL GHO ;9,,, VHFROR VRVWLWXLURQR QXRYD PHQWH DOOD PLOLWLD &KULVWL OD PLOL WLD UHJLV HUHGLWDQGRQH SHUVLQR OH VWUXWWXUH DUFKLWHWWRQLFKH FRPH QHO FDVR GHOOD 1XQ]LDWHOOD ,O PLOLWDUH SRVVLHGH XQD GLIIHUHQ ]D UDGLFDOH ULVSHWWR DO UHOLJLRVR LO GHWWR DQWLFOHULFDOH KRPR KRPLQL OXSXV VHG PRQDFXV PRQDFL OXSLFL VVLPXV GHQXQFLD XQD ULYDOLWj QRQ VHQ]D XQ¶HFFHVVLYD YLV SROHPLFD FKH QHL FRQWHVWL FKLXVL H SULYL GL GL VWUD]LRQL SXz LQJHQHUDUH FRQIOLWWL WUD L µUHFOXVL¶ 2UD VH QHOOD PLOLWLD SHU OD FRQTXLVWD GHO UHJQR GHL FLH OL QRQ VHUYH QHFHVVDULDPHQWH DYHUH FRPSDJQL G¶DUPDWD LQ TXHOOD GHL UHJQL WHUUHQL OD VROLGDULHWj H O¶XQLR QH WUD FRPPLOLWRQL q IRQGDPHQWDOH 6XO FDPSR GL EDWWDJOLD OH YLWH GHL VROGDWL VRQR OHJDWH DG XQR VWHVVR GHVWLQR FRPH SHUVLQR LO SL NLWVFK GHL ILOP GL JXHUUD QRQ PDQFD PDL GL ULFRUGDUFL ,O IXRFR GHOO¶DPLFR VL FKLDPD WUDGLPHQWR HG q SXQLWR FRQ OD PRUWH VXO FDPSR VHQ]D SURFHVVR H VHQ]D HVLWD]LRQH VL FRPEDWWH SHU LO EHQH H OD VDOYH]]D GHOOD SDWULD SRFR FRQWDQR OH PRWLYD]LRQL SHUVRQDOL &RVu VL VSLHJD DOPHQR LQ WHUPL QL GL XWLOLWj SHU FKL JRYHUQD LO GL YLHWR GL GHOD]LRQH WUD JOL DOOLHYL PD YL q GL SL O¶HGXFD]LRQH PRUDOH q DELWXGLQH D IDUH LO EHQH GHO SURVVL PR ,O ;9,,, VHFROR ROWUH D HVVHUH LO VHFROR GHL OXPL q VRSUDWWXWWR LO VHFROR GHOOD ULFHUFD GHOOD SXEEOLFD IHOLFLWj OD TXDOH QRQ SXz SUHVFLQ GHUH GDOO¶DUPRQLD WUD JOL LQGLYLGXL FKH FRPSRQJRQR OD VRFLHWj FLYL OH 3HU LO FRQVHJXLPHQWR GL TXHVWD DUPRQLD VHUYH XQD VROLGD HGXFD ]LRQH PRUDOH FKH q DPRUH SHU OD YHULWj SHU OD JLXVWL]LD SHU LO EHQH GL Vp VWHVVL H GHO SURVVLPR 4XHVWD q IRUVH OD OH]LRQH SL JUDQGH GHO O¶2UGLQDQ]D GHO 3DULVL H GHOOD 1XQ ]LDWHOOD $ ULSURYD GHOOD YDOLGLWj GL TXHVWR RULHQWDPHQWR VWDQQR OH YLWH GL PLJOLDLD GL DOOLHYL FKH QHJOL XOWL PL GXH VHFROL KDQQR VFHOWR LQ DX WRQRPLD H LQ FRVFLHQ]D GD TXDOH SDUWH VWDUH H GD TXDOH SDUWH FRP EDWWHUH 5HSXEEOLFDQL H 5HDOLVWL VL DIIURQWDURQR GXUDQWH LO H GX UDQWH LO SHULRGR IUDQFHVH ERUERQLFL H SDWULRWL LWDOLDQL QHL PRWL GHO 5L

=(, =0*;0: -<6*6 (40*6 ( .(,;( 5HQDWR %HQLQWHQGL

*UDHFLD FDSWD IHUXP YLFWRUHP FHSLW 2UD]LR ©/H ULSHWXWH H PDQLIHVWH SUXRYH FKH KDQ GDWR JOL LQGLYLGXL GHOO¶$F FDGHPLD 0LOLWDUH GL QRQ DYHU FRUUL VSRVWR DOOH EHQHILFKH PLUH GHO 5H H VSHFLDOPHQWH L 3URIHVVRUL DGGHWWL DOOD PHGHVLPD H JOL 8IILFLDOL FKH OD 6R YUDQD &OHPHQ]D DYHD SUHSRVWL SHU OD GLUH]LRQH GL TXHOOD *LRYHQW 0LOLWD UH KDQQR ILQDOPHQWH LQGRWWR 6 0 D VRSSULPHUH OD VXGGHWWD 5HDOH $FFD GHPLD H WXWWL JOL 8IIL]LDOL H 3URIHV VRUL GHOOD PHGHVLPD QHOO¶DWWR GL RU GLQDUH FKH WXWWL JOL $OXQQL LPPHGLD WDPHQWH VL ULWLULQR DOOH ULVSHWWLYH ORUR &DVHª 1HOO¶HVWDWH GHO VXELWR GRSR O¶LQJUHVVR LQ 1DSROL GHOOH RUGH VDQ IHGLVWH GHO &DUGLQDOH 5XIIR OD 1XQ ]LDWHOOD FKLXGHYD FRQ WDOL PRWLYD ]LRQL LO SULPR FLFOR GHOOD VXD EUHYH YLWD GXUDWR VROL GRGLFL DQQL UHD GL DYHU RSHUDWR VFHOWH GL SRVL]LRQH H GL LQWHUYHQWR QRQ FRQVRQH DO UHJL PH UHVWDXUDWR 6L WUDWWDYD LQ HIIHW WL GHOOD SULPD GL XQD OXQJD VHULH GL FLUFRVWDQ]H JLXGLFDWH GLIIRUPL GDO OH DVSHWWDWLYH GHOO¶HVWDEOLVKPHQW GL WXUQR FKH DYUHEEH VHPSUH VXEuWR H WHQWDWR TXLQGL GL UHSULPHUH OR VSL ULWR LQGRPDELOH GHJOL LQTXLOLQL GHO 5RVVR 0DQLHUR /D 6FXROD FKLXGH YD WHPSRUDQHDPHQWH L EDWWHQWL QHO PRPHQWR IRUVH SL DOWR SHU LGHDOL Wj H FXOWXUD SROLWLFD GL XQD 1DSROL GHVWLQDWD QHOO¶ XVFLUH GDO GLFLRWWHVL PR VHFROR D XQ OHQWR H LQHYLWDELOH GHFOLQR /D OXQJD VWRULD GHOO¶,VWLWXWR DYUHEEH UHJLVWUDWR QHO FRUVR GHL GH FHQQL IUHTXHQWL TXDQWR LQHYLWDELOL WHQWDWLYL GL RPRORJD]LRQH SRVWXPD GD SDUWH GHO QXRYR YLQFLWRUH 4XH VWD LQWHUSUHWD]LRQH GHL VHQWLPHQWL H GHO SHQVLHUR GHL UDJD]]L GL 0RQWH GL 'LR GHVFULWWL VHPSUH GRYHURVDPHQ WH H PHFFDQLFDPHQWH LQFOLQL DG RE EHGLUH H PXWDUH SHU FRPSLDFHUH LO QXRYR UHJLPH LSVR IDFWR SL JLXVWR H OHJLWWLPR GHO SUHFHGHQWH QRQ UHQ

GH JLXVWL]LD D XQD YLVLRQH YLFKLDQD GHOO¶HVVHQ]D VWRULFD HG XPDQD GHOOD 1XQ]LDWHOOD /¶HYHQWR FKH PHJOLR FRQWUDVWD JOL DVSHWWL SHFXOLDUL GL WDOH LQWHUSUHWD]LR QH q VHQ]D GXEELR O¶DVVHGLR GL *DHWD FKH LO IHEEUDLR GHFUHWz OD ILQH GHO 5HJQR 7DOH YLFHQGD LO OXR JR LQ FXL VL VYROVH O¶DQQR LO PHVH LO JLRUQR H DQFRUD OD VHULH LQILQLWD GHO OH ODSLGL H GHOOH VWHOL HUHWWH R DQFRUD HULJLELOL VXO PDOIHUPR H DPELJXR WHU UHQR GHOOD PHPRULD GL XQD VWRULD GD DOFXQL VXELWD H GD DOWUL GRPLQDWD DG DOFXQL VFLSSDWD GD DOWUL FRQTXLVWDWD SHU DOFXQL ILQLWD SHU DOWUL LQL]LDWD GH FUHWDURQR LQ HIIHWWL DQFKH OD ILQH GHOOD FRHVLVWHQ]D GHO YHFFKLR H GHO QXRYR GHOO¶REEHGLHQ]D H GHOOD ULEHOOLRQH GHOOD WUDGL]LRQH H GHOO¶LQQRYD]LRQH *DHWD IX DQFKH LO UHGGH UDWLRQHP GL XQ¶XPDQLWj FKH FRPSOHVVLYDPHQWH VL DPz PD QRQ SRWp IDUOR ILQR LQ IRQ GR SHUFKp VWULQJHYD LQVLHPH WURSSH GLIIHUHQ]H XQ¶XPDQLWj FUHVFLXWD SHU LQWHQGHUFL QHOOR VWHVVR KXPXV FXOWX UDOH FKH UHVH SRVVLELOL JOL DYYHQLPHQ WL QDUUDWL IRUVH FRQ LO QRVWUR PHGHVL PR LQWHQWR GDO OXFLGLVVLPR 6FLDVFLD GH , 3XJQDODWRUL +D VHQVR HQWUDQGR QHOOH VLQJROH YLFHQGH XPDQH SDUOD UH GL PLJOLRUH R SHJJLRUH FRQFH]LRQH GHOOD VWRULD H GHOOD SROLWLFD LQ FRORUR FKH D *DHWD WHVWLPRQLDURQR GL DSSDU WHQHUH D PRQGL GLYHUVL" &Lz DYUHEEH VLFXUDPHQWH VHQVR QHOOH SDJLQH GHO OR 6SLQL GHO 9LOODUL R GHO 0RUJKHQ 0D QRL TXL QRQ DEELDPR OD OHQWH FKH WXWWR XQLIRUPD H FKH UHVWLWXLVFH LO TXDGUR PRQRFURPDWLFR GHOOD YHUL Wj SRVWXPD H VSOHQGHQWH 3UHIHULDPR SHQVDUH D XQ VROLWDULR ILORVRIR QDSR OHWDQR LPSHJQDWR DG DSSOLFDUH DOOD VWRULD GHO VXR VHFROR OD GRWWULQD GHO YHUXP IDFWXP LQWURGRWWD QHOOH SDJL QH GHO VXR 'H DQWLTXLVVLPD LWDORUXP VDSLHQWLD /D YLFHQGD GL *DHWD QHO OH WDQWH WUDPH HVLVWHQ]LDOL GHJOL H[ DOOLHYL GHOOD 1XQ]LDWHOOD FKH Ou WHVWL PRQLDURQR VX RSSRVWL IURQWL SULPD DQFRUD FKH XQ FUHGR SROLWLFR XQD SURIRQGD RQHVWj LQWHOOHWWXDOH FL RIIUH OR VSXQWR SHU ULFRUGDUH XQD VLQJRODUH VSHFLH GL IXRFR DPLFR *LXVHSSH )HU UDUHOOL FRUVR QHOO¶HVHU FLWR LWDOLDQR IRUVH JXDUGz QHJOL RFFKL LO VXR FRPSDJQR GL FRUVR &RVWDQWL QR $QGUHX]]L FRUVR FKH JOL VSDUDYD FRQWUR GDOOH ILOH ERUER QLFKH &RVu IRUVH DYYHQQH WUD (QUL FR &RVHQ] FRUVR XIIL FLDOH LWDOLDQR H 0DWWHR 1HJUL FRU VR IHGHOH DO %RUERQH H DQFRUD WUD 9LQFHQ]R $IDQ GH 5LYHUD FRUVR H &DUOR 0H]]DFD SR FRUVR /D OHWWXUD GL IDWWL H FLUFRVWDQ]H FKH WDQWR VDUHEEH UR SDUVL D 9LFR GHJQL GL FRQVLGHUD ]LRQH SHU LO ORUR VLJQLILFDWR H UHDOL VPR VWRULFR ULFKLDPD DOOD PHPRULD OH SDUROH PHUDYLJOLRVH H WHUULELOL GH /D *XHUUD GL 3LHUR FDQ]RQH SRH VLD GL XQ PDL DEEDVWDQ]D FRPSLDQWR )DEUL]LR GH $QGUq 4XHO FRQIURQWR FRQ OD ©GLYLVD GL XQ DOWUR FRORUHª FKH FRPSDUH QHL YHUVL GHO FDQWDXWR UH JHQRYHVH SXz IRUVH SL IDFLOPHQ WH IDUFL FRPSUHQGHUH OD WUDJHGLD SHU TXHVWR DQFRU SL JUDQGH GL FRORUR FKH FRQ OD GLYLVD GHOOR VWHVVR FROR UH DYHYDQR FHUWR FRQGLYLVR VSHUDQ ]H H LOOXVLRQL WUD OH PXUD GHO 5RVVR 0DQLHUR ,PPDJLQLDPR SXU VHQ]D DOFXQ LQWHQWR GL DSRORJLD GHOOR VFRQ ILWWR FKH OD QHFHVVLWj H OD ORJLFD GHOOD UDJLRQ GL 6WDWR VLDQR SDVVDWH DOO¶LQ GRPDQL GHOO¶DVVHGLR GL *DHWD D UDF FRJOLHUH L WULEXWL LGHRORJLFL GHO YLQ FLWRUH H D FRQILQDUH L YLQWL QHO JKHWWR GL XQD FDVHUPD RVFXUD H GL XQD PH PRULD LPPHPRUH 0D QRL DEELDPR IDWWR OR VWHVVR SHUFRUVR GL FRORUR FKH IXURQR SURWDJRQLVWL GHO IXRFR DPLFR GL *DHWD 6DSSLDPR SHUWDQWR FKH HVVL IXURQR LGHQWLFL QHOO¶DQLPR GL TXHOOD LGHQWLWj FKH GRYUHEEH SL VSHVVR DS SDUWHQHUH D FKL JRYHUQD H SHU TXHVWR OHJLWWLPD VROR VXE VSHFLH YLFWRULDH OH SURSULH UDJLRQL

/H QRWD]LRQL H L ULIHULPHQWL VWRULFL VRQR WUDWWL GDO YROXPH /D 1XQ]LDWHOOD GL *LXVHSSH &DWHQDFFL


Z\K

05(<+0;0 4(,:;90 +0 5<5A0(;,33(

Z\K

90=0:;( ,<967,( 9,=<, ,<967i,55, ,<967,(5 9,=0,> ,<967f0:*/, A,0;:*/90-; 9,=0:;( ,<967,(

QXD LO 0DUVHOOL ± ©F¶HUD GD UH VWDUQH UDSLWLª ©0D FKH JUDPPDWLFD 4XHVWD VL WUDVIRUPDYD LQ ORJLFD OD OR JLFD VL DSSOLFDYD DOO¶DUWH O¶DUWH GLYHQWDYD YLWD PHGLDQWH L EUDQL GHJOL VFULWWRUL VWXSHQGDPHQWH OHWWL PHUDYLJOLRVDPHQWH FRP PHQWDWL ( L IDQFLXOOL GLYHQWD QR JLRYDQL DQ]L WHPSR H L JLR YDQL VL VHQWLYDQR« DQHODQWL GL SRHWDUH H GL FRPEDWWHUH SHU OD OLEHUWjª

4(,:;96 ,;;69,

$OHVVDQGUR 2UWLV

5DIIDHOOR )UDQFKLQL

4XDOFKH YROWD PL FDSLWD GL VHQ WLUPL GLUH ©7X LQVHJQL DOOD 1XQ ]LDWHOOD GXQTXH VHL LO VXFFHVVR UH GL 'H 6DQFWLVª 1RQ PL UHVWD FKH ULVSRQGHUH GDQGR UDJLRQH DO PLR LQWHUORFXWRUH VROR GDO SXQWR GL YLVWD FURQRORJLFR H SUHQGHQGR FRPH XQ EHQHYROR VFKHU]R O¶DO OXVLRQH DOOD TXDOLWj GHOO¶LQVHJQD PHQWR 7XWWDYLD D ULIOHWWHUFL OD FRVD SL GLIILFLOH SHU XQ GRFHQWH GL TXHVWD 6FXROD QRQ q WDQWR LO VX SHUDUH RQRUHYROPHQWH LO FRQFRU VR VSHFLDOH PHGLDQWH FXL YL VL DF FHGH TXDQWR UDJJLXQJHUH OD FRQ VDSHYROH]]D GL QRQ HVVHUH LQGH JQR GHL SURSUL SUHGHFHVVRUL FKH WDORUD JUDQGHJJLDQR WDQWR QHO UL FRUGR H TXDVL QHO PLWR GHOOD QR VWUD VWRULD GHJOL XOWLPL GXH VHFROL GD FRQVLJOLDUFL VSHVVR GL GLPHQ WLFDUH FKH HVVL LQVHJQDYDQR SUR SULR DO QRVWUR SRVWR TXRWLGLDQR GL ODYRUR 5HVWD SHUz LO IDWWR FKH HVVHQGR )UDQFHVFR 'H 6DQFWLV H SULPD GL OXL %DVLOLR 3XRWL H GRSR *LRDFFKLQR %URJQROLJR /XLJL 5XVVR 0DUFR *DOGL 0LFKHODQ JHOR 6FKLSD 1LQR &RUWHVH $Q

WRQLR &RUVDQR 3LHUR 3LHUL FRQ DOWUL FKH OR VSD]LR F¶LPSHGLVFH GL HOHQFDUH SDUWH LQWHJUDQWH GL XQD WUDGL]LRQH q QRVWUR SUHFLVR GRYHUH FRQWLQXDUOD H VH SRVVLEL OH DUULFFKLUOD 0D UHVWD DQFKH LO IDWWR FKH TXHVWR QRQ q XQ HOHQ FR GL SURIHVVRUL PD GL 0DHVWUL H 0DHVWUL VL GLYHQWD VROR GRSR OXQJKL DQQL GL FRQWDWWR DVVLGXR FRQ JOL VWXGL H FRQ OD 6FXROD HSSXUH VH PL JXDUGR DWWRUQR LQ TXHVWD 1XQ]LDWHOOD RGLHUQD LQ QXOOD LQIHULRUH H IRUVH SHU FHUWL UL JXDUGL PLJOLRUH ULVSHWWR D TXHOOD GHL GHFHQQL WUDVFRUVL YHGR DVVDL GHJQDPHQWH FRQWLQXDWD O¶LQVLJQH WUDGL]LRQH GL VDSHUH GHJOL DQWLFKL GRFHQWL GD TXHOOL DWWXDOL ( QRPL QHUz VROR L SL DQ]LDQL WUD L PLHL HPLQHQWL &ROOHJKL /XLJL 'L %H QHGHWWR 0DULR 0HRUOD *LXVHSSH 3HWURQL $QGUHD $PLFL QHO IHUYL GR DSSDVVLRQDWR PDJLVWHUR GHL TXDOL ULYLYH H VL UDYYLYD O¶DQWLFD ILDPPD FKH QHL OHWWHUDWL H VWRUL FL H ILORVRIL RUD ULFRUGDWL IXVH LQ XQ¶XQLFD SDVVLRQH GRWWULQD H SD WULD VFLHQ]D H OLEHUWj FRPH QHO IROWR JUXSSR GL VFLHQ]LDWL PDWH

3( *0(5*0( 7,9 3( *0(5*0(

PDWLFL H QDWXUDOLVWL GL FXL WUD JOL DOWUL VRQR YDQWR 2WWDYLR &ROHF FKL H )HGHOH $PDQWH 0DULDQR '¶$\DOD H )LOLSSR &DVVROD 0L FKHOH *HUHPLFFD HG (UULFR $O YLQR QRQ VDL SHU FLDVFXQR GRYH ILQLVFD OR VWXGLRVR H FRPLQFL LO SDWULRWD H VH WX GHEED ULFRUGDUOR SHU O¶XQR R SHU O¶DOWUR PRWLYR 0D GL TXHVWR QHVVXQR FKH DE ELD YLVVXWR GD DOOLHYR R GD GR FHQWH WUD QRL SRWUj PHUDYLJOLDUVL SHUFKp LQVHJQDUH DOOD 1XQ]LDWHOOD q XQ DWWR GL SDVVLRQH FLYLOH DVVDL SULPD FKH O¶DGHPSLPHQWR GL XQ FRPSLWR XIILFLDOH FRPH H PROWR SL FKH LQ TXDOVLDVL DOWUR WLSR GL VFXROD SXEEOLFD SHUFKp VH DOWLVVL PD q RUPDL OD SHUFHQWXDOH GL DOOLH YL FKH VFHOJRQR OLEHUDPHQWH DOOD ILQH GHO WULHQQLR OLFHDOH GL SURVH JXLUH SUHVVR OH $FFDGHPLH OD QR ELOLVVLPD FDUULHUD GHOOH DUPL QRQ WUDVFXUDELOH q LO QXPHUR GL FROR UR FKH DVVDL VSHVVR SHU UDJLRQL LQGLSHQGHQWL GDOOD ORUR YRORQWj HQWUDQR QHOOD YLWD FLYLOH /D PDJ JLRUDQ]D GHJOL LVFULWWL DOOD QRVWUD $VVRFLD]LRQH q FRVWLWXLWD GD ORUR H GD ORUR TXHVWD q WHQXWD LQ YLWD

FRQ JUDQGH SDVVLRQH H WDORUD FRQ VDFULILFL VHJQR HYLGHQWH FKH JOL DOOLHYL LPSDUDQR TXL D HVVHUH EXRQL FLWWDGLQL ROWUH FKH RWWLPL VROGDWL SHUFKp VDQQR REEHGLUH DOOD SURSULD FRVFLHQ]D ROWUH FKH HVHPSODUPHQWH DOOD GLVFLSOLQD PLOLWDUH FRQWULEXHQGR SHU SDUWH ORUR D FRQVHUYDUH XQ¶DOWD WUDGL ]LRQH FKH q DUGXR PD VSOHQGLGR FRPSLWR GHL GRFHQWL ULQQRYDUH RJQL DQQR QHOO¶XPLOH PDFHUDQ WH IDWLFD GHOOH RUH GL OH]LRQH 8PLOH PD QRQ GLPHQWLFDWD ID WLFD FKp JOL DOOLHYL GHOOD 1XQ ]LDWHOOD KDQQR XQD TXDOLWj FKH q UDUR LQGL]LR GL DQLPR JHQHURVR OD JUDWLWXGLQH SHL ORUR 0DHVWUL FRPH GL UHFHQWH DEELDPR WXWWL DYXWR PRGR GL WHVWLPRQLDUH LQ XQ¶RFFDVLRQH GRORURVD TXDQGR OL YHGHPPR H VHQWLPPR D QRL FRQJLXQWL GD OXWWR ILOLDOH SHU OD VFRPSDUVD GHO QRVWUR FDUR LQ GLPHQWLFDELOH FROOHJD H 'HFDQR )UDQFHVFR &DUXVR QHO FXL QRPH EHQ VL SRVVRQR ULDVVXPHUH SHU QRL GHOOD 1XQ]LDWHOOD YLUW GL GRFHQWL H DIIHWWXRVD VWLPD GL GLVFHSROL

)UD L QRVWUL 0DHVWUL IUD FROR UR FKH FRVWLWXLVFRQR XQ ULIH ULPHQWR DOWR SHU WXWWL WURYLD PR FHUWDPHQWH OD ILJXUD LQ GLPHQWLFDELOH GL (WWRUH *DO OR PDHVWUR FRPH JLXULVWD H GRFHQWH FRPH LQWHOOHWWXDOH H FRPEDWWHQWH SHU OD OLEHUWj FRPH PDJLVWUDWR H 3UHVLGHQ WH GHOOD &RUWH &RVWLWX]LRQDOH 3HU WDOH OXPLQRVR YLVVXWR (W WRUH q VWDWR H VDUj FHOHEUDWR GDO OH PDVVLPH $XWRULWj GD VWXGLR VL GDL VXRL WDQWL HVWLPDWRUL SHU QRL GHOOD 1XQ]LDWHOOD FL VRQR LQ YHULWj ULFRUGL ULPSLDQWL H DPPDHVWUDPHQWL DQFRU SL IRUWL H SURIRQGL TXHOOL OHJDWL DOOD IL JXUD GL (WWRUH DPLFR H[ DOOLHYR H QRVWUR 3UHVLGHQWH 2QRUDULR 'D JUDQGH DPLFR (WWRUH FL KD GRQDWR VHPSUH DIIHWWR H JHQH URVLWj FKL KD EXVVDWR DOOD VXD SRUWD KD VHPSUH WURYDWR DLXWR H FRQIRUWR FRQVLJOLR HG LQVH JQDPHQWR DVFROWR H SD]LHQ]D FRPSUHQVLRQH H SDUWHFLSD]LR QH XPDQLWj H WHQHUH]]D 'D H[ DOOLHYR 3UHVLGHQWH 2QRUDULR GHOOD QRVWUD $VVR

/H LPPDJLQL FRQWHQXWH LQ TXHVWH SDJLQH SURYHQJRQR GDOO¶DUFKLYLR GL *LXVHSSH &DWHQDFFL

:,*65+( 7(9;, 8QD WHQ]RQH YHUQDFRODUH DO 5HDO &ROOHJLR 0LOLWDUH GHOOD 1XQ]LDWHOOD 3LHWUR $QGULVDQL ´/D SDUROD 6RQHWWR q YL]LRVD ,O QDSROHWDQR GLFH 6RQHWWR FRPH LO 7RVFDQR QHO SOXUDOH SXz GLUVL 6RQLHWWH H 6RQHWWH H TXL PHUL WHUHEEH XQ JURVVR 6RQHWWR &KL GHYH VFULYHUVL FRQ GXH F 0DU GLWWR FRQ GXH P 3zSHR q HUUR UH GLFHVL R SUzSHWR R SURSULR 6JXDTXLWWR QRQ VL WURYD LQ TXH VWR GLDOHWWR >3UREDELOPHQWH LO )XRFR VL ULIHULYD DO YRFDEROR VTXDTXqFFKLR FKH LQ QDSROHWDQR VLJQLÀ FD QDQR UDFKLWLFR ED]]X WR @ ,R SHU DOWUR LJQRUR LO %HU JDPDVFR &UHDQ]D QRQ YD PD &UHDQ]D EHQVu /·DPLFR QRQ VL WURYD PD DPPLFR 6SXQWXWR q ULPDWUR LQGLHWUR LO 1DSROHWDQR GLFH 6SRQWXWR 'L 6WLHVVR H QRQ VWLVVR FKH GL UHPR"µ 1HL YHUVL GHO )XRFR L SURIHVVR UL 1LFROD 7RQGL H &DUOR 5RFFKL YHQJRQR LGHQWLÀ FDWL FRQ L QRPL JQROL 0DVRQH H /R =L· $EEDWH ; 4XHVW·XOWLPR DSSHOODWLYR q LO WLWROR GHO 6RQHWWR FRUUHWWR GDO 5RFFKL H ULSRUWDWR TXL GL VHJXLWR $EEj YHUHIHFDWR V·q OR GLWWR /OR 9RMH FKLDPD OO·$VHQR FRU QXWR 7X FFD VL FKL GH &KuOOHWR PDUGLWWR 'LFH FFD TXDQQR LR SDUOR VR VSXQWXWR 6H YHGH FFD VL SUzSHR QX VJXD JXLWWR ( OR &HUYLHOOR WXMR JLj VH QQ·q MXWR &KH &LDQFLD SHU OD &LDQFLD DSSLOD « =LWWR /O·DPLFR WXMR SDUODQQR FFR FUHDQ]D &FD WX FKLDPH 0DVWRQH «DU UDVVRVLD

Ë EXRQR VXOR D VVH JUDWWj OD SDQ]D $OOR PLHWRGR PLR Qz VFURFFD QL[ 7X QRQ FDSLVFH QLHQWH QIHGH PLD 6H WX VWLHVVR FRQÀ HVVH FFD VHL QL[ )UDQFHVFR )XRFR FHUWDPHQ WH QRQ HUD XQ HVSHUWR GHOO¶LGLR

PD GL 3DUWHQRSH PD QHDQFKH XQR VSURYYHGXWR QHO PRQGR GHOOD GL GDWWLFD H GHOOD SHGDJRJLD GHOOD OLQJXD GHO /D]LR FRPH /R =u $E EDWH ; FL KD IDWWR FUHGHUH FRL VXRL PRUGDFL VFULWWL $SSUHVH QHO JOR ULRVR 6HPLQDULR GL 7HDQR 6L ULYHOz VXELWR LQJHJQR YL YDFH H SURIRQGR FRQRVFLWR UH GHOOH VFLHQ]H QDWXUDOL PD WHPDWLFKH H GHOOD PHGLFLQD

,QVHJQz OHWWHUDWXUD LWDOLDQD ILQR DO TXDQGR SHU PRWLYL SROL WLFL GRYHWWH ULSDUDUH D 0DUVLJOLD 6XFFHVVLYDPHQWH VL WUDVIHUu D 3LVD H QHO ¶ ILQDOPHQWH SRWp WRUQDUH D 1DSROL RYH GHGL Fz PROWH GHOOH VXH HQHUJLH GRW WULQDOL DOO¶LQVHJQDPHQWR H DOOD SXEEOLFD]LRQH GL SURSULH RSH UH VFLHQWLILFKH HG HFRQRPLFKH 6L ILUPDYD IDFHQGR DFFRPSD

JQDUH LO VXR QRPH GDO WLWROR GL $EDWH H QRQ GD TXHOOR GL GRWWR UH DQFKH VH HUD LQ SRVVHVVR GHOOD ODXUHD LQ VFLHQ]H ILVLFKH H PDWH PDWLFKH

)X 6RFLR &RUULVSRQGHQWH GHOOD 5HDOH $FFDGHPLD GHOOH 6FLHQ]H GL 1DSROL

FLD]LRQH H EHQHPHULWR GHOOD QRVWUD )RQGD]LRQH FL KD FRQ FUHWDPHQWH GLPRVWUDWR FRPH YD YLVVXWR O¶DWWDFFDPHQWR DOOD 1XQ]LDWHOOD ,QIDWWL FL FRQILGz ©FRPH WXWWL JOL H[ LR SXUH VRQR TXHO FKH VRQR DQFKH SHU TXDQ WR UHJDODWRPL GDOOD 1XQ]LDWHOOD QHJOL DQQL SL VLJQLILFDWLYL GHO OD PLD IRUPD]LRQH SHUFLz VHQ WR VHPSUH XQ SURIRQGR GHELWR GL JUDWLWXGLQH YHUVR OD 6FXROD SHUFLz TXDQGR 1XQ]LDWHOOD R $VVRFLD]LRQH FKLDPDQR«ª 8QD FRQYLQ]LRQH TXHVWD FKH OR SRUWz ILQR DOO¶XOWLPR VILGDQ GR DQFKH L JLXVWL ULPSURYHUL GHL PHGLFL H GHOO¶DPRUHYROH VLJQR UD (EH D SDUWHFLSDUH DG RJQL FHULPRQLD UDGXQR DVVHPEOHD FRQVLJOLR QD]LRQDOH LPSHJQR R LQL]LDWLYD FKH ULJXDUGDVVH OD QRVWUD 6FXROD R O¶$VVRFLD]LRQH (JOL SXU VHPSUH LPSHJQDWR SURIHVVLRQDOPHQWH SXU DIIOLWWR GD VHUL SUREOHPL GL VDOXWH SXU µLPSRUWDQWH¶ H DO YHUWLFH GHOOH LVWLWX]LRQL QRQ KD PDL GLPHQ WLFDWR OD 1XQ]LDWHOOD /¶KD VHU YLWD FRQ XQD GHGL]LRQH HG XQD HIILFDFLD HVHPSODUL 6L q VHP SUH HVSRVWR H EDWWXWR FRQ SUR IRQGD FRQYLQ]LRQH SHUFKp OD VXD H QRVWUD 6FXROD 0LOLWDUH FRQWLQXDVVH D FUHVFHUH LQ TXD OLWj H WUDGL]LRQL LQ YDORUH SHU OD QRVWUD 3DWULD H SHU O¶(XURSD 'XUDQWH XQD GHOOH XOWLPH YLVL WH LQ RVSHGDOH FRQ 7RQL H SRFR SULPD FKH FL ODVFLDVVH WURYDL (WWRUH SDUWLFRODUPHQWH DIIOLWWR H VWDQFR PD VXELWR FRPH LQ RJQL LQFRQWUR SDUODQGR GHOOD 6FXROD GHOOD %L[LR GHJOL DOOLH YL GHJOL DPLFL H[« VL DQLPz FRQWLQXDQGR D VWULQJHUPL OD PDQR SXU IDWLFDQGR QHO UHVSL UDUH H SDUODUH FL FKLHVH GL UH VWDUH DQFRUD 1RL FKH WHPHYD PR GL DIIDWLFDUOR SUROXQJDQGR OD QRVWUD SUHVHQ]D FL VHQWLP PR IHOLFL GL FRQWLQXDUH TXHO O¶LQFRQWUR GL LQFURFLDUH SL D OXQJR TXHOOR VJXDUGR H TXHO VRUULVR XQ VRUULVR FKH QHVVXQR GL QRL SRWUj GLPHQWLFDUH (JOL SXUH FKLHVH GL DYHUH ©YL FLQL LQ TXHO JLRUQR JOL DOOLH YL H JOL H[ GHOOD 1XQ]LDWHOODª &L YROOH YLFLQL SHU GLPRVWUDUH DQFRUD DL VXRL FDUL DO 3UHVL GHQWH GHOOD 5HSXEEOLFD DL VXRL FRQFLWWDGLQL FKH OXL HUD ILHUR GHOOD VXD 6FXROD H FKH YROHYD SHU HVVD FRQVLGHUD]LRQH H FXUH 9ROOH UHJDODUH DOOD 1XQ]LDWHO OD DQFKH XQ SR¶ GHO VXR XOWLPR H VROHQQH PRPHQWR WHUUHQR &RVu TXHO GHVLGHULR GLYHQQH SHU QRL XQ µRUGLQH¶ YLVVXWR FRQ VWUXJJHQWH ULPSLDQWR FKLDPDQ GRFL DG REEHGLUH (WWRUH UHJDOz D QRL WXWWL DOOLHYL HG H[ DOOLH YL SUHVHQWL QHO FRUWLOH G¶RQR UH GHOOD &RQVXOWD R ORQWDQL OD VXEOLPH FRPPR]LRQH GL HVVHUH ILHUL FRQ OXL GHOOD QRVWUD 6FXROD H GL HVVHUH ILHUL GL OXL H GHO VXR GROFLVVLPR DIIHWWR &RVu (WWRUH q HQWUDWR D IDU SDUWH DQFKH GHOOD VWRULD H GHO OH WUDGL]LRQL GHOOD 1XQ]LDWHOOD ,O VXR HVHPSLR L VXRL LQVHJQD PHQWL H OH VXH SURSRVWH IDUDQ QR SDUWH DQFKH GHOOR VSOHQGLGR IXWXUR GHO µ5RVVR 0DQLHUR´

4(,:;90 -9(5*,:*6 +, :(5*;0:

PDHVWUR GL JUDPPDWLFD QHO 5HDO &ROOHJLR 0LOLWDUH GHOOD 1XQ]LDWHOOD GDO DO *LXVHSSH &DWHQDFFL /D 1XQ]LDWHOOD FRPH 5HJDO $F FDGHPLD 0LOLWDUH SULPD 5HDO &ROOHJLR 0LOLWDUH SRL H 6FXROD 0LOLWDUH RJJL GL µ0DHVWUL¶ FRQ OD µ0¶ PDLXVFROD QH KD DYXWL WDQWL H WXWWL YDOHQWLVVLPL PD WUD TXHVWL LO µ0DHVWUR¶ SHU HFFHO OHQ]D FKH QRQ SRWHYD GL FHUWR PDQFDUH LQ TXHVWD UDVVHJQD GL ³6XG´ q VWDWR HG q )UDQFHVFR 'H 6DQFWLV 9HQXWR GDOOD QDWLD ,USLQLD D 1DSROL HQWUz GD VXELWR QHOOD 6FXROD GL XQ DOWUR JUDQGH 0DH VWUR GHOOD 1XQ]LDWHOOD TXHO %D VLOLR 3XRWL LOOXVWUH SURIHVVRUH GL LWDOLDQR H SXULVWD LQWUDQVLJHQWH FRQTXLVWDQGRQH SUHVWR OD VWLPD H VLPSDWLD &RVu TXDQGR LO 3XRWL LPSH JQDWR QHOO¶LQVHJQDPHQWR SUL YDWR H QHOOH WHQ]RQL DFFDGH PLFKH FKH FRQWUDSSRQHYDQR L SXULVWL DJOL DFFDGHPLVWL GHO OD &UXVFD ULWHQQH GL QRQ SR WHU DFFHWWDUH OD FDWWHGUD GL SUR IHVVRUH RUGLQDULR GL JUDPPDWL FD GHO 5HDO &ROOHJLR 0LOLWDUH RIIHUWDJOL GDOO¶,VSHWWRUH GHJOL ,VWLWXWL GL ,VWUX]LRQH 0LOLWDUH &DUOR )LODQJLHUL UDFFRPDQGz D TXHVWR TXHOOR FKH ULWHQHYD

HVVHUH LO VXR PLJOLRUH DOOLHYR H SHUFLz VWHVVR SL GHJQR GL WDQ WR RQRUH )UDQFHVFR 'H 6DQF WLV FKH FRVu µWRPR WRPR¶ LQL]Lz LO VXR FDPPLQR QHO PRQGR GHO OD 6FXROD ( TXL SLDFH ULSRUWDUH OD GHVFUL ]LRQH FKH LO 'H 6DQFWLV ID GL FR PH DSSUHVH GHOOD VXD QRPLQD 8Q JLRUQR VWDYDPR D SUDQ]R FRUH D FRUH (QULFR HG LR )X PDYDQR TXHL PDFFKHURQL GL ]L WD H LR OL GLYRUDYR FRQ JOL RF FKL TXDQGR VL XGu VXRQDUH LO FDPSDQHOOR &KL q" $QQDUHOOD FRUUH H WRUQD VXELWR ©*OL q XQ VLJQRUH WXWWR UL FDPDWR G¶RUR FKH YXRO VD SHUH VH DELWD TXL 'H 6DQF WLVª ©0D q XQR VEDJOLR ª GLVV¶LR ©5LFDPDWL G¶RUR QRQ YHQJRQR D FDVD QRVWUDª ULIOHWWp (QULFR ©YDQQR D FDVD GL SULQFLSLª ©( FRVWXL GHY¶HVVHUH TXDOFKH SULQFLSHª QRWDL LR ©$QQDUHOOD GLJOL FKH KD VEDJOLDWRª $QQDUHOOD WRUQD H GLFH FKH TXHO JDODQWXRPR QRQ KD VED JOLDWR H FKH OD FDVD q TXH VWD H FKH FHUFD )UDQFHVFR 'H 6DQFWLV H KD XQD FDUWD SHU OXL ©$OOD EXRQ RUD )DWWL GDUH GXQTXH TXHVWD FDUWDª 7RUQz H YLGL XQ SOLFR FRQ XQ JUDQ EHO VXJJHOOR FKH PL IHFH O¶HIIHWWR GHOO¶XR PR ULFDPDWR G¶RUR H TXD VL QRQ YROHYD URPSHUOR

©)DL SUHVWR ª JULGDYD (QUL SH ULFDPDWR GL RUR GLYHQLUH XQ XVFLHUH JDOORQDWR FKH IDFHYD LO FR EDWWHQGR L SLHGL ( LR DSULL H YLGL LO QRPH GHO SH]]HQWH 5H FRQ WDQWR GL OHWWHUH /¶DSSURFFLR GHO 'H 6DQFWLV ©6DUj XQ SDVVDSRUWRª GLV VL 0D TXDQGR YLGL FK¶HUD LO FRQ OD 1XQ]LDWHOOD QRQ IX SH GHFUHWR GL PLD QRPLQD D SUR Uz GHL SL IHOLFL &RQ LO VRSUDQ IHVVRUH GHO &ROOHJLR 0LOLWD QRPH GL µ&KLRVD¶ DWWULEXLWRJOL UH FL OHYDPPR LQ SLq H FL DE GDL VXRL DOOLHYL SHU OD VXD DEL EUDFFLDPPR H VH QRQ HUD SHU WXGLQH GL ULPDQGDUH VSHVVR QHO Y H U J R J Q D FRUVR GHO GL $QQDUHO OH VXH OH]LR QL DOOH VHF OD FL VDUHP PR PHVVL D ³*OL q XQ VLJQR FDQWL FKLRVH EDOODUH FRVu UH WXWWR ULFDPD GHO &DYDOFD SD]]D DOOH WR G¶RUR FKH YXRO H GHL )LRUHWWL JUH]]D F¶LQ 6DQ )UDQ VDSHUH VH DELWD GL YDVH FHVFR LO 'H TXL 'H 6DQFWLV´ 6DQFWLV GL $QQDUHOOD ³0D q XQR VED YHQQH LQ EUH FL JXDUGDYD JOLR ´ GLVV¶LR W U D V R J Q D W D YH OR ]LPEHO FRQ OD ERFFD OR GHOO¶LQWH UR &ROOHJLR PH]]¶DSHU VSURIRQGDQ WD FRPH YR OHVVH GLUH H QRQ GLUH GR LQ XQD YHUD H SURSULD GLVSH ©$K 4XHO VLJQRUH"«ª GL UD]LRQH FHPPR D GXH H IXPPR Oj 0D LO EXRQ 0DHVWUR ± FRPH FL GRYH TXHO EUDY¶XRPR FL DW ULFRUGD 1LFROD 0DUVHOOL XQ VXR WHQGHYD DQWLFR DOOLHYR GL TXHJOL DQQL ± ©*UD]LH JUD]LH ª GLVV¶LR ©SUHVH SUHVWR VX GL QRL OD SL VLFXUD ULYLQFLWD FL DPPDQVu D FRQ HIIXVLRQH ©6LJQXUu ¶R ULDORª GLVV¶HJOL VHJQR FKH L OLRQFHOOL ILQLVFRQR FDYDQGRVL LO EHUUHWWR FRQ LO SUHJDUH GLQDQ]L DO VHP ,R JXDUGDL (QULFR (QULFR SOLFH VJXDUGR GHO GRPDWRUH JXDUGz PH LQ GXH SRWHPPR ( WXWWR TXHVWR RWWHQQH VHQ]D DSSHQD IDUH XQ FDUOLQR (JOL JULGD H VHQ]D IUXVWD PD VROWDQ SDUWu ERUERWWDQGR H IRUVH GL WR FRQ LO PDJQHWLVPR GHOOH OHW FHD ©&KH VIHOHQ]L ª ( QRL FL WHUH H GHO VXR FDUDWWHUHª JXDUGDPPR H ULGHPPR WXW ©Ê TXDQGR DQGDYDQR DOOD VXD WL H GXH YHGHQGR TXHO SULQFL VFXROD GL JUDPPDWLFDª ±FRQWL

( XQ DOWUR DQWLFR DOOLHYR GHO 'H 6DQFWLV ± *LXVHSSH )HUUD UHOOL ± QHOOD VXD PRQRJUDILD VXO &ROOHJLR 0LOLWDUH HGLWD QHO LQ RFFDVLRQH GHOOH FHOHEUD]LRQL GHO VXR SULPR VHFROR GL YLWD GR SR DYHU GHVFULWWR LQ PDQLHUD LP SDUHJJLDELOH O¶DWPRVIHUD FKH VL YLYHYD QHO QHO 5HDO &RO OHJLR 0LOLWDUH HG LO YDORUH GHL SURIHVVRUL FKH YL LQVHJQDYDQR ©FKH QRQ LVWUXLYDQR VRODPHQWH PD HGXFDYDQR HGXFDYDQR PH QR FROOH SDUROH FKH FROO¶HVHP SLR FRPSLHQGR WXWWL L ORUR GR YHUL QRQ HVFOXVR TXHOOR FKH VL KD YHUVR OD SDWULDª SDVVDQGR D SDUODUH GHO 'H 6DQFWLV VFULYHYD ©0D FKL VRUSDVVz WXWWL QHO O¶HGXFDUH JOL DOXQQL DG DPD UH O¶,WDOLD VHEEHQH QH SDUODVVH PHQR GHJOL DOWUL IX )UDQFHVFR GH 6DQFWLV ( FLz DFFDGGH QRQ VROR SHU O¶LQGROH GHOO¶LQVHJQD PHQWR VXR PD DQFKH SHU OH DOWH GRWL GL FXL HJOL HUD IRUQLWR ,Q VHJQDQGR VHQ]¶DULD GRPPDWL FD PD FRO WRQR GHOOD FRQYHUVD ]LRQH GLPRVWUDQGRVL SL DPL FR FKH PDHVWUR OHJJHQGR FR PH SRFKLVVLPL OHJJRQR FRP PHQWDQGR QRQ SHU GRWWRUHJJLD UH PD SHU FKLDULUH TXHO FKH OHJ JHYD LQWHUURPSHQGR OD OHWWXUD FRQ TXDOFKH RVVHUYD]LRQH VR EULD H VDJDFH FKH QRQ VFLXSD YD PD HFFLWDYD O¶DWWHQ]LRQH GHL JLRYDQL IDFHQGR LQVRPPD FLz FKH SRL GLVVH FKH GRYHYD HVVH UH O¶LQVHJQDPHQWR YDOH D GLUH GLVFHQGHUH VLQR DL JLRYDQL SHU VROOHYDUOL VLQR DO PDHVWUR )UDQ FHVFR 'H 6DQFWLV SL GL WXWWL IH FH FDSLUH DL VXRL GLVFHSROL FKH LO OLEUR QRQ HUD TXHO SURYHUELD OH QHPLFR ORUR FKH DYHYDQR FUH GXWR FKH LO OLEUR SXz HVVHUH XQ YHUR DPLFR XQ YHUR WHVRUR 2U TXDQGR VL q JXDGDJQDWR TXHVWD YLWWRULD QHOO¶DQLPR GHL JLRYDQL VL q SHUFRUVD PHWj GHOOD YLD FKH VL GHYH SHUFRUUHUH SHU HGXFDU OL 6L OHVVHUR DOORUD DYLGDPHQ WH QRQ VROR L OLEUL SUHVFULWWL PD TXDQWL VH QH SRWHWWHUR OHJJHUH VL FRPSUHVH FKH OD OHWWXUD GHL JUDQGL OLEUL q XQD FRQYHUVD]LR QH FRL JUDQGL XRPLQL FKH OL KDQ QR VFULWWL VL JXVWz LO SLDFHUH FKH QDVFH GDO VDSHUH VSXQWz O¶RUJR JOLR VX TXHOOH IURQWL JLRYDQLOL TXDQGR VL VDSHYD TXDOFKH FRVD FKH JOL DOWUL QRQ VDSHYDQR LQ VLHPH FROO¶RUJRJOLR VSXQWz DQ FKH LO GLVSUH]]R YHUVR FRORUR FKH HUDQR GHGLWL SL DJOL VFKHU ]L JLRYDQLOL FKH DOOD OHWWXUD H VSXQWz DQFKH OD FULWLFD PD HUD SUHPDWXUD H XQD FLWD]LRQH YDOH YD XQ UDJLRQDPHQWRª $JJLXQ JHUH DOWUR SHU WUDWWHJJLDUH OD IL JXUD GL TXHVWR VRPPR 0DHVWUR VDUHEEH FRVD DUGXD SHU FKLXQ TXH QRQ DEELD DYXWD OD IRUWXQD GL DYHUOR D 0DHVWUR &KH GLUH TXLQGL GL GLYHUVR H GL SL VHQ]D WXUEDUH O¶DWPR VIHUD H OD VHPSOLFLWj GL TXH VWH DQWLFKH OHWWXUH VH QRQ FKH TXHVWH SDJLQH VFULWWH GD DOOLH YL GLYHQXWL RUPDL DGXOWL SHU ULFRUGDUH TXHOOR FKH LO OR UR 0DHVWUR DYHYD VDSXWR LQ FXOFDUH QHL ORUR DQLPL H QHO OH ORUR PHQWL GRYUHEEHUR HV VHUH SUHVH D PRGHOOR H IDU ULIOHWWHUH GRFHQWL H GLVFHQWL GHOOD QRVWUD 6FXROD DOOD YL JLOLD GL TXHVWD ULIRUPD JOR EDOH FKH VWD µLQYHVWHQGROD¶

7(636 )(9)0 , )(:;( $QWRQLR &RQFLQD

8Q µIUDWHOOR GHOOD FRVWD¶ 'DOPD WD V¶LQWHQGH )X OD SULPD SHUVRQD QRUPDOH FKH LQFRQWUDL GRSR LO PLR WUDXPD WLFR LQJUHVVR DOOD 1XQ]LDWHOOD LQ JUHVVR GHO WLSR )XOO 0HWDO -DFNHW &RPDQGL XUODWL GD WXWWH OH SDUWL FRUUHUH FRUUHUH FRUUHUH« 3RFR SL GL WUHQW¶DQQL OXL 4XLQGLFL LR VWXGHQWH GHO SULPR OLFHR FODVVLFR VH]LRQH % 'RYH 3DROR %DUEL LO PLWLFR 3DROR %DU EL LQVHJQDYD 6WRULD H )LORVRILD 'DOPDWL WXWWL H GXH H TXLQGL VXELWR FDULFDWR LR GL WXWWH OH UH VSRQVDELOLWj GL HVVHUH DOO¶DOWH]]D FRPH VH 1LFFROz 7RPPDVHR LQ SHUVRQD VWHVVH Ou DG DPPRQLUPL H D SHVDUPL $QGz EHQH LO OLFHR FRQ 3DR OR %DUEL 0D LO PHULWR IX VRSUDWWXWWR VXR« 8RPR SHUEHQH LQQDQ]L WXWWR 8RPR ULJRURVR H JLXVWR SRL 8RPR DIIHWWXRVR H SLHQR GL LURQLD H GL DUJX]LD LQILQH *LRYDQH GLULJHQWH GHPRFUL VWLDQR DOORUD ,Q XQD 1DSROL GDY YHUR SRFR DIIDVFLQDWD GDOOD '& H XQ SR¶ VRVSHWWRVD GL TXHVWR WD OH %DUEL SHU WXWWL WULHVWLQR WDQWR SHU VHPSOLILFDUH FKH YROHYD LQ VHJQDUH OH UHJROH GHOOD GHPRFUD ]LD H GHO YLYHUH FLYLOH LQ XQD FLWWj SURYDWD HUDQR L SULPL DQQL &LQ TXDQWD GD LQILQLWL OXWWL RIIHVH GLIILFROWj ( %DUEL FL SURYz WHVWDUGR FR PH SRFKL 'LYLGHQGR OD VXD JLRU QDWD WUD OH OH]LRQL DOOD 1XQ]LDWHO OD H O¶LPSHJQR SROLWLFR TXHVWR SHUz PDL SURFODPDWR R GLYXOJDWR LQ FODVVH VH QRQ LQGLUHWWDPHQWH TXDQGR OR VYROJLPHQWR GL XQ UD JLRQDPHQWR VWRULFR R ILORVRILFR OR SRUWDYD QDWXUDOPHQWH D VRVWH QHUH OD IRU]D H OH UDJLRQL GHOOD GH PRFUD]LD QRQ QHFHVVDULDPHQWH FULVWLDQD 6L GLYHUWLYD FRQ TXDOFXQR GL QRL D FRPPHQWDUH FRQ ERQRPLD H KXPRU ODWHQWL VLPSDWLH µODXUL QH¶ FRQVLGHUDQGR LO &RPDQGDQ WH $FKLOOH /DXUR SDFH DOO¶DQLPD VXD XQ SHUVRQDJJLR GD FRPPH GLD DOO¶LWDOLDQD H FHUWDPHQWH QRQ XQ IHQRPHQR SROLWLFR 3DROR %DUEL RJJL JLRFKHUHE EH LQ XQ WRUQHR µRYHU ¶ 4XD VL LQFUHGLELOH GD LPPDJLQDUH TXDQGR DQFRUD VSHVVR VHPSUH OR LQYLWLDPR QRL YHFFKL UDJD] ]L GHOOD 1XQ]LDWHOOD DQQL &LQ TXDQWD D ULFRUGDUH QRPL YROWL HSLVRGL GL XQ SHULRGR FDUR JUD WL WXWWL D 3DROR %DUEL SHU HVVH UH VWDWR XQ EUDYR IUDWHOOR PDJ JLRUH ROWUH FKH XQ LQGLPHQWLFD ELOH SURIHVVRUH 0L VJULGHUHEEH SHU TXHVWH HVSUHVVLRQL GL DIIHW WR VRFFKLXGHQGR JOL RFFKL LQWHO OLJHQWL PD VRUULGHQGR FRQ VRG GLVID]LRQH H DQWLFD DPLFL]LD


Z\K

<--0*0(30 , + 6 ; ; 6 9 0 3DUWHQ]D GHOOD PRQJROILHUD QHO FRUWLOH JUDQGH GHOOD 1XQ]LDWHOOD IRWR DUFKLYLR &DWHQDFFL

67,9( +0 +0:;9(A065,

03 4,:;0,9, +,33, (940

*LXVHSSH &DWHQDFFL

TXLQGL PRWLYR GL GHYLDPHQWR SHU OH SHUVRQH DGGHWWH DOOD 5HDO $F FDGHPLD 0LOLWDUH H GL URYLQD SHU O¶HGXFD]LRQH GHL JLRYDQL VDUHEEH LQILQH LQHYLWDELOH O¶DV VHPEUDPHQWR GHOOD JHQWH R]LRVD H QH GHULYHUHEEH ©OD FXULRVLWj GHL JLRYDQL GL DVFROWDUH GDOOH ILQHVWUH GHOOD 1XQ]LDWHOOD L SRFR RQHVWL GL VFRUVL FKH VL WHQHVVHURª ,O PLQLVWUR GHOOD JXHUUD $FWRQ FRQGLYLGHQGR OH SUHRFFXSD]LRQL GHO 3DULVL SRLFKp LO GXFD GL 0L JQDQR HUD JXDUGLD GHO &RUSR GHO 5H SURSRVH D TXHVW¶XOWLPR GL QHJDUH O¶DXWRUL]]D]LRQH RWWHQHQ GRQH O¶DVVHQVR 1RQ PHQR LQWUD SUHQGHQWH HUD O¶DOWUR LOOXVWUH GXFD GL 1RMD FKH DYHYD PHVVR JOL RF FKL VX GL XQ JLDUGLQR GHOOD 1XQ ]LDWHOOD FKH YROHYD DFTXLVWDUH ©SHU PHWWHUH LQ TXDGUR LO SURSULR FKH D FDXVD GHOO¶DOWUR ULPDQHYD IXRUL VJXDUGRª /¶DFFRUSDPHQWR GHO JLDUGLQR GHOOD 1XQ]LDWHOOD JOL DYUHEEH FRVu SHUPHVVR GL FUHD UH XQD GHSHQGDQFH FKH LQWHQGHYD XWLOL]]DUH ILWWDQGROR ©SHU GLYHUWL PHQWR GHOO¶RUQDWD JLRYHQW ª FKH DELWDYD QHOOD ]RQD GL 0RQWHGLGLR ,O FRPDQGDQWH GHOOD 1XQ]LDWHO OD EULJDGLHUH GHOOD OHRQHVVD GHWWH DO UH SDUHUH FRQWUDULR VRVWHQHQGR FKH TXHO JLDUGLQR VDUHEEH VWDWR LPSLHJDWR SHU ©GLYHUWLPHQWR GHO OD JLRYHQW PLOLWDUH SHU LVWUXLUYL DOFXQR JLRFKL JLQQDVWLFL H SHU OH LVWUX]LRQL QHOOH SUDWLFKH G¶DUWL JOLHULDª ,O UH D GLPRVWUD]LRQH GL TXDQWR DYHYD D FXRUH OH VRUWL GHOOD 5HDO $FFDGHPLD QRQ DGHUu DOOD ULFKLH VWD &RVu O¶XQLFD DWWLYLWj ODYRUDWL YD LQ ]RQD HVWUDQHD DOOD 5HDO $F FDGHPLD ULPDVH LO ERWWHJKLQR SHU OD YHQGLWD GHO SDQH FKH YHQLYD SURGRWWR QHO IRUQR HVLVWHQWH QHO IDEEULFDWR GHOOD 1XQ]LDWHOOD LQ YLUW GL XQD DXWRUL]]D]LRQH LQ WDO VHQVR FKH L SDGUL 6RPDVFKL DYH YDQR GDWD DJOL DPPLQLVWUDWRUL GHL UHJL )RUQL H 3DVWL VXO ILQLUH GHO YHUVR LO FRUULVSHWWLYR PHQ VLOH GL YHQWL GXFDWL 6XEHQWUDWD O¶DQQR VXFFHVVLYR LQ WDO OXRJR OD 5HDO $FFDGHPLD 0LOLWDUH JOL $P PLQLVWUDWRUL GHOOD FLWWj GL 1DSR OL FKLHVHUR FKH YHQLVVH UHYRFDWD O¶DXWRUL]]D]LRQH DL UHJL )RUQL GL FRQWLQXDUH DG XWLOL]]DUH LO IRUQR GHOOD 1XQ]LDWHOOD LQ TXDQWR HVVR HUD XELFDWR LQ XQ OXRJR SLR H FRPH WDOH GL JLXULVGL]LRQH GHOOD FLWWj SHU FXL SRWHYD H GRYHYD HVVHUH XWLOL] ]DWR SHU OD VRPPLQLVWUD]LRQH DL VROL DOXQQL GHOO¶$FFDGHPLD /D TXHUHOOH GXUz ILQR DO DOORUFKp IX DEROLWD OD SULYDWL YD GHOOD SURGX]LRQH GHO SDQH

8QR GHL PHVWLHUL SL DQWLFKL q VLFXUDPHQWH TXHOOR GHO JXHUULH UR /¶RSHUD IRQGDPHQWDOH GHOOD FXOWXUD JUHFD QRQ q DOWUR FKH OD FURQDFD GL XQD JXHUUD LQ FXL VL LQWUHFFLDQR VWRULH H YLFHQGH GL XRPLQL G¶DUPH FRPH SXUH JUDQ SDUWH GHOOD OHWWHUDWXUD H GHOO¶DUWH VXFFHVVLYH SHU QRQ SDUODUH GHL SURGRWWL DUWLVWLFL H SVHXGR DUWLVWL FL FRQWHPSRUDQHL 0D SHU FDSLUH FKL q O¶XRPR G¶DUPL ELVRJQD q FKLDUR FDSLUH FRVD q OD JXHUUD 2OWUH O¶LPPDJLQH NXEULFNLDQD GHOO¶RPLQLGH DUPDWR GL RVVR FKH VFRSUH DO WHPSR VWHVVR OR VWUX PHQWR H O¶DVVDVVLQLR LQ FXL OD JXHUUD GLYLHQH XQR GHL SUHGLFDWL LQVFLQGLELOL GHOO¶HVVHUH XPDQR HVLVWH XQD LQWHUHVVDQWH ULIOHVVLR QH VXOOD JXHUUD FKH KD WHQWDWR GL UD]LRQDOL]]DUOD H FRPSUHQGHUOD 0HQWUH QHO VHLFHQWR L JLXVQDWX UDOLVWL QH DIIHUPDQR OH OHJLWWLPD GHULYD]LRQH GDOOD 1DWXUD VWHV VD QHOO¶RWWRFHQWR DVVLVWLDPR DG XQD VYROWD JUD]LH DOOD ULIOHVVLRQH GHO JHQHUDOH SUXVVLDQR .DUO YRQ &ODXVHZLW] D OXQJR FRPDQGDQWH GHOOD 6FXROD GL *XHUUD L FXL DS SXQWL YHQQHUR SXEEOLFDWL SRVWXPL &HOHEUH q OD VXD IUDVH ©OD JXHUUD q OD FRQWLQXD]LRQH GHOOD SROLWLFD FRQ DOWUL PH]]Lª LQWHVD D UDFFR JOLHUH OD YLROHQ]D GHOOD JXHUUD DO O¶LQWHUQR GL XQ SURFHVVR SROLWLFR YLVWR SHUz FRPH O¶DIIHUPD]LRQH GL XQD QD]LRQH VXOOH DOWUH KHJH OLDQDPHQWH GHOOR VSLULWR GL XQD FL YLOWj VXOOH DOWUH LQWHVH FRPH DOLH QH /D JXHUUD SHUWDQWR SHU YRQ &ODXVHZLW] KD FRPH RELHWWLYR LO UDJJLXQJLPHQWR GL XQR VFRSR SUHFLVR H DVVROXWR O¶HOLPLQD]LR QH GHO QHPLFR 4XHVWD LGHD DVVR OXWD GHO SURFHVVR SROLWLFR FRPH DQQLHQWDPHQWR GHOO¶DOWUR OHJDWD DOO¶XVR VWUXPHQWDOH GHOOD IRU]D KD GDWR LPSRUWDQWL VWUXPHQWL DJOL LGHRORJL WDQWR GL GHVWUD TXDQWR GL VLQLVWUD 1HOO¶RUL]]RQWH PDU[LVWD GL SDFLILFD]LRQH XQLYHUVDOH DWWUD YHUVR O¶HOLPLQD]LRQH GHL FRQIOLW WL GL FODVVH q IDFLOH FDSLUH FRPH O¶HOLPLQD]LRQH VWHVVD GHOOD GL VWLQ]LRQH WUD OH FODVVL H QRQ OD ULVROX]LRQH SDFLILFD GHO FRQIOLW WR UDSSUHVHQWDVVH O¶RELHWWLYR GD DWWXDUH FRQ RJQL PH]]R DQQLHQ WDQGR DQFKH ILVLFDPHQWH OH FODV VL QXPHULFDPHQWH PLQRUL H /H QLQ HEEH FRPH q QRWR LQ JUDQGH FRQVLGHUD]LRQH OD GRWWULQD PLOLWD UH GHO JHQHUDOH SUXVVLDQR 7UD JOL DXWRUL FKH VYLOXSSDUR QR LQYHFH D GHVWUD OD WHRULD GHO OD JXHUUD GL VWDPSR FODXVHZLW ]LDQR PHULWD DWWHQ]LRQH XQ DOWUR PLOLWDUH LO JHQHUDOH HVWRQH JHU

*XLOOHW ULXVFu D PHWWHUH VX XQ JUXSSR GL JXHUULHUL IXRUL GDO FR PXQH FKH GLHGHUR ILOR GD WRUFHUH DJOL ,QJOHVL VXSHULRUL QXPHULFD PHQWH H SHU DUPDPHQWL DVVDOWDQ GR PH]]L FRUD]]DWL D FDYDOOR R D SLHGL FRQ ERWWLJOLH LQFHQGLDULH H IXFLOL ,Q XQR GL TXHVWL DVVDOWL DO O¶LQL]LR GHO ODQFLz SHU EHQ GXH YROWH OD FDULFD FRQWUR XQD FR ORQQD GL FRUD]]DWL FKH DO VHFRQ GR DWWDFFR ULVSRVHUR FRO IXRFR GHJOL RELFL D ]HUR *XLOOHW ODVFLz LQFUHGXOL JOL ,QJOHVL LQ TXHOOR FKH IX O¶XOWLPR DVVDOWR GL FDYDOOHULD FKH VXELURQR LQ $IULFD PHQWUH OR VTXDGURQH GL 'XEDW YHQLYD GH FLPDWR GDL FROSL GHL FRUD]]DWL LO µ/DZUHQFH G¶$UDELD LWDOLDQR¶ ODQ FLDYD L VXRL XRPLQL DO JULGR ©6D YRLDª 1HL PHVL VXFFHVVLYL WD JOLDWR IXRUL GDOOH OLQHH LWDOLDQH VL QDVFRVH PLPHWL]]DQGRVL SHUIHW WDPHQWH WUD L ORFDOL H PHWWHQGR D IHUUR H IXRFR OD UHJLRQH IDFHQGR VL EHIID GHL VHUYL]L VHJUHWL LQJOHVL FKH OR ULFHUFDYDQR FRQ RJQL PH] ]R 'D TXL VL ULIXJLz VXFFHVVLYD PHQWH QHOOR <HPHQ GRYH WUDVFRU VH GXH DQQL DGGHVWUDQGR OH WUXSSH GHOO¶,PDP SHU SRL ULHQWUDUH LQ ,WD OLD 4XL QHO PXWDWR VFHQDULR GHO

O¶,WDOLD GLYLVD WUD $OOHDWL D VXG H $VVH D QRUG FROODERUz FRQ L VXRL DQWLFKL QHPLFL SHU OD OLEHUD]LR QH PD ODVFLz O¶(VHUFLWR D VHJXLWR GHOOD ILQH GHOOD 0RQDUFKLD 3HU XQ SR¶ IHFH LO SURIHVVRUH XQLYHUVLWD ULR WHQHQGR OD FDWWHGUD GL DQWURSR ORJLD FXL VHJXLURQR FLUFD DQQL GL EULOODQWH FDUULHUD GLSORPDWLFD LQ SDHVL GHO 0HGLR 2ULHQWH WUD FXL OR <HPHQ H LQ ,QGLD 'DO YLYH LQ ,UODQGD GRYH DGGHVWUD FDYDOOL PD YLHQH VSHVVR D 5RPD D WURYD UH L ILJOL 3DROR H $OIUHGR HQWUDP EL H[ DOOLHYL GHOOD 1XQ]LDWHOOD Ê VWDWR LQVLJQLWR GL PROWH DOWLVVLPH RQRULILFHQ]H H PHGDJOLH H D QR YDQWDFLQTXH DQQL q DQFRUD OXFLGR H SUHVWDQWH /D ILJXUD GL $PHGHR *XLOOHW SHU TXDQWR IXRUL GDO FRPXQH q TXHOOR GL XQ XRPR LO FXL PHVWLH UH GL JXHUULHUR VL IRQGH FRQ OD VXD QDWXUD 9D GHWWR FKH HJOL ULQXQFLz D VSRVDUVL SULPD GHOOD *XHUUD SHU QRQ VRWWUDUVL DG HVVD FRVu FRPH $FKLOOH SUHIHUu OD JORULD PLOOHQD ULD DOOD SURSULD GLVFHQGHQ]D /D JXHUUD DOORUD VHPEUD HVVHUH TXD VL XQ GDLPRQ FKH VL LPSRVVHVVD GL DOFXQL XRPLQL UHQGHQGROL FDSDFL GL D]LRQL FKH QRQ SRVVRQR HVVHUH

JLXVWLILFDWH GD DOWUR FKH GD VH VWHV VH (FFR FKH IRUVH WRJOLHQGR O¶RJ JHWWR GHO FRPEDWWHUH ULPDQH VROR LO FRPEDWWHUH LQ Vp QRQ SHU 'LR R $OODK Qp SHU LO SHWUROLR R SHU LO GRPLQR VX WHUULWRUL QRQ SHU OD JORULD R SHU O¶RQRUH Qp SHU YHQ GHWWD R SHU GRYHUH PD SHU FRP EDWWHUH SHU VRGGLVIDUH LO GDLPRQ GHO JXHUULHUR )RUVH OD SHQVDQR GL YHUVDPHQWH JOL DIUR DPHULFDQL FKH KDQQR VFHOWR O¶,UDT FRPH DOWHUQD WLYD DOOD PLVHULD R DOOD GHOLQTXHQ ]D R L QRVWUL UDJD]]L FKH FRQ OD SDJD VWUDRUGLQDULD SRWUDQQR DO UL WRUQR VSRVDUVL R FRPSUDUVL XQ¶DX WR QXRYD HSSXUH VRQR FRQYLQWR FKH YL VLD XQD µYRFD]LRQH¶ DOO¶DU WH GHOOD JXHUUD FKH VXSHUD TXDOVLD VL FDOFROR UD]LRQDOH $OODUJDQGR L QRVWUL RUL]]RQWL L PRYLPHQWL JLR YDQLOL LO WHUURULVPR R O¶HFR WHUUR ULVPR UHFOXWDQR L ORUR DWWLYLVWL ID FHQGR IRUVH SL OHYD VXO FDUDWWHUH PLOLWDQWH FKH VXL FRQWHQXWL YHUL H SURSUL GHOOD ORWWD )RUVH VROR DF FHWWDQGR GL YHGHUH OD JXHUUD LQ XQ¶RWWLFD SL YDVWD H DOOR VWHV VR WHPSR SL LQWLPD ULXVFLUHPR YHUDPHQWH D FRPSUHQGHUOD QHOOD VXD LQWLPD QDWXUD FRVu GLVWUXWWL YD H DO WHPSR VWHVVR VHGXFHQWH 'L PHVWLHUH DYYHOHQDWRUH LQWHUQR FXFLQH IRWR DUFKLYLR &DWHQDFFL

0DULR %HUQDUGL ©0XOWRV ODERUHV PDJQXV PHUL WLVª LQ SLHQD HUD QDSROHRQLFD QHO TXHVWR GLYHQQH LO PRWWR GHOOH ©6FXROH 0LOLWDUL SURYYLVR ULHª FKH DOWUR QRQ HUDQR FKH O¶XO WLPD GHQRPLQD]LRQH FKH DYHYD DVVXQWR GRSR O¶RFFXSD]LRQH IUDQ FHVH O¶DQWLFD 5HDO $FFDGHPLD 0LOLWDUH GHOOD 1XQ]LDWHOOD LVWLWXL WD FLUFD XQ YHQWHQQLR SULPD QHO GD )HUGLQDQGR ,9 GL %RU ERQH *LXVHSSH %RQDSDUWH VDOLWR LQ TXHOO¶DQQR VXO WURQR GL 1DSROL DYHYD FRVL YROXWR PHWWHUH VXELWR LQ FKLDUR FKH QHOOD 1XQ]LDWHOOD L PHULWL HUDQR GLUHWWDPHQWH SURSRU ]LRQDOL DO µODYRUR¶ H DOO¶LPSHJQR FKH VL SRQHYD QHOO¶DGHPSLHUH DL SURSUL FRPSLWL ( SHUFKp L JLRYDQL QRQ DYHVVHUR D µGLVWUDUVL¶ 5H *LXVHSSH GLVSR VH FKH O¶DUHD FLUFRVWDQWH OH 6FXR OH PLOLWDUL IRVVH GLFKLDUDWD µ]RQD IUDQFD¶ FRQ LO FRQVHJXHQWH GLYLH WR SHU FKLXQTXH GL SRWHUYL VYRO JHUH DWWLYLWj OXFUDWLYH H IXRUYLDQ WL SHU OD JLRYHQW PLOLWDUH FKH OH IUHTXHQWDYD )X LQ WDO PRGR SRVWD OD SDUROD ILQH DOOH DQQRVH YLFHQ GH JLXGL]LDULH DOO¶HSRFD DQFRUD LQ FRUVR FKH DYHYDQR FRQWUDVVH JQDWR L UDSSRUWL GHOOD 1XQ]LDWHOOD FRQ L VXRL SRWHQWL YLFLQL GXUDQWH LO SULPR SHULRGR ERUERQLFR 'L IDWWR QHJOL DQQL LPPHGLDWD PHQWH D ULGRVVR GHOOD LVWLWX]LRQH GHOOD 5HDO $FFDGHPLD 0LOLWDUH GXH QRELOL LO GXFD GL 0LJQDQR HG LO 'XFD GL 1RMD VL LQGXVWULD URQR QRQ SRFR SHU WUDUUH SURILWWR GDOO¶LQVHGLDPHQWR LQ ]RQD GL WDQ WL JLRYDQL FDGHWWL WXWWL SURYHQLHQWL GD DJLDWH IDPLJOLH ,O SL LQWUDSUHQGHQWH IX LO GXFD GL 0LJQDQR FKH QHO VHWWHPEUH DSUL DUELWUDULDPHQWH QHO YLFROR GHOOD 1XQ]LDWHOOD H ©SUR SULDPHQWH DOO¶DQJROR DFFRVWR DOOD FKLHVDª XQD SRUWD GL GLHFL SDO PL FRQ VRSUD XQ EDOFRQFLQR DOOR VFRSR GL VWDELOLUYL XQD VRUEHWWHULD FRQ FDIIq VXVFLWDQGR O¶LPPHGLDWD SUHRFFXSDWD UHD]LRQH GHOO¶LVSHW WRUH GHOO¶LVWLWXWR 3DULVL FKH LQYLz XQD UHOD]LRQH DO PLQLVWUR GHOOD *XHUUD SUHFLVDQGR FKH OD VRUEHW WHULD GLYHUUHEEH OXRJR GL WUDW WHQLPHQWR SHULFRORVR DO FRVWXPH GHL JLRYDQL IDUHEEH VSHQGHUH PROWL VROGL DL FDGHWWL H OL FDULFKH UHEEH GL GHELWL HVVHQGR VLWXD WD LQ XQD VWUDGD IUDQFD µLPPXQH¶ GDOOH YLVLWH GHO JLXGLFH GL TXDU WLHUH ± DKLPq TXDQWR XWLOH VDUHE EH RJJLJLRUQR XQ VLIIDWWR JLXGLFH ± VL UHQGHUHEEH XQ ULGRWWR GL JLR FKL SURLELWL SRWUHEEH GLYHQLUH ©XQ DVLOR GL GRQQH OLEHUWLQHª H

Z\K

90=0:;( ,<967,( 9,=<, ,<967i,55, ,<967,(5 9,=0,> ,<967f0:*/, A,0;:*/90-; 9,=0:;( ,<967,(

PDQLFR )ULHGULFK YRQ %HUQKDU GL FKH GHWWR SHU LQFLVR QRQ KD QHVVXQ OHJDPH SDUHQWDOH FRQ LO FRPSLODWRUH GHO SUHVHQWH DUWLFR OR (JOL q QRWR SHU DYHU FULWLFD WR O¶HFFHVVLYD GHEROH]]D GHO VXR JRYHUQR DOO¶LQL]LR GHO ¶ H SHU HVVHUH VWDWR XQR GHL WHRULFL GHOOH LGHH SDQJHUPDQLFKH H SURWR QD ]LVWH FKH WULRQIDURQR VXELWR GRSR OD VXD PRUWH DYYHQXWD QHO ,O JHQHUDOH WHGHVFR VL SUHRFFX Sz QHOOD VXD RSHUD 9RP KHXWLJHQ .ULHJH GL GLIHQGHUH OD QHFHVVLWj JXHUUD DWWLQJHQGR DQFKH DO UHWDJ JLR JLXVQDWXUDOLVWLFR ©'DO TXDQGR ,PPDQXHO .DQW SXEEOL Fz LQ HWj DYDQ]DWD LO VXR WUDWWDWR 'HOOD 3DFH 3HUSHWXD PROWL KDQ QR FRQVLGHUDWR XQ DVVXQWR FKH OD JXHUUD UDSSUHVHQWL OD GLVWUX]LRQH GL RJQL EHQH H O¶RULJLQH GL RJQL PDOH $ GLVSHWWR GL TXDQWR OD VWR ULD LQVHJQD QRQ VL VHQWH QHVVXQD FRQYLQ]LRQH GHO IDWWR FKH OD JXHU UD WUD OH QD]LRQL VLD LQHYLWDELOH H GL TXDQWR OD FUHVFLWD GHOOD FLYLO Wj VLD VRVWHQXWD GDOOD VWHVVD IRU]D FKH VSLQJH DOOD JXHUUD 0D LQGL VWXUEDWD GD VLIIDWWH XPDQH WHRULH H GDO PXWDU GHL WHPSL OD JXHUUD KD FRQWLQXDWR DQFRUD HG DQFRUD D PDUFLDUH GL QD]LRQH LQ QD]LRQH FRO IUDJRUH GHOOH DUPL H KD GLPR VWUDWR LO VXR SRWHUH WDQWR GLVWUXW WLYR TXDQWR FUHDWLYR H SXULILFD WRUH 0D QRQ q ULXVFLWD DG LQVH JQDUH DOO¶XPDQLWj TXDOH q OD VXD QDWXUD /XQJKL SHULRGL GL JXHUUD ORQWDQR GDO FRQYLQFHUH JOL XRPL QL GHOOD QHFHVVLWj GHOOD JXHUUD KDQQR DO FRQWUDULR VHPSUH UDY YLYDWR OD YRORQWj GL HVFOXGHUH OD JXHUUD RYH SRVVLELOH GDO GHFRU VR SROLWLFR GHOOH QD]LRQLª ,O EUD QR q WUDWWR GDO VHFRQGR YROXPH GHOOD VXFFLWDWD RSHUD GDO VRWWR WLWROR /D *HUPDQLD H OD *XHUUD 9HQWXUD GLIIXVLVVLPD DOOD YLJL OLD GHOOD *UDQGH *XHUUD &RQWL QXD LO QRVWUR ©4XHVWD YRORQWj H TXHVWD VSHUDQ]D VRQR RYXQTXH GLVVHPLQDWH SHUVLQR RJJLJLRUQR 6L SODXGH DO PDQWHQLPHQWR GHOOD SDFH FRPH O¶XQLFR RELHWWLYR FKH JOL VWDWLVWL GHEEDQR FRQVHJXLUH 4XHVWR LQGLVWLQWR GHVLGHULR GL SDFH KD UDJJLXQWR DL QRVWUL JLRUQL XQR VSHFLILFR SRWHUH VXJOL DQLPL GHJOL XRPLQL 4XHVWD DVSLUD]LRQH WURYD OD VXD HVSUHVVLRQH SXEEOLFD QHOOH OHJKH H QHL FRQJUHVVL SHU OD SDFH OD VWDPSD GL RJQL SDHVH H GL RJQL SDUWLWR SROLWLFR DSUH FRQ HVVD OH SURSULH FRORQQH /D IRU]D GL TXHVWD FRUUHQWH q WDOPHQWH IRU WH FKH OD PDJJLRUDQ]D GHL *RYHU QL SURIHVVDQR DG RJQL RFFDVLRQH FKH OD QHFHVVLWj GL PDQWHQHUH OD

SDFH q LO YHUR VFRSR GHOOD ORUR SROLWLFDª 9RQ %HUQKDUGL GHVFUL YH XQD VLWXD]LRQH FKH ULVSHFFKLD HVDWWDPHQWH LO FRPSRUWDPHQWR GHL JRYHUQL H GHOO¶RSLQLRQH SXE EOLFD GL RJJL $ GLVSHWWR GHO GHVL GHULR JHQHUDOL]]DWR GL SDFH LO JH QHUDOH GLIHQGH OD QHFHVVLWj GHOOD JXHUUD FRQ XQD SDUDEROD FKH GD YRQ &ODXVHZLW] SDVVD SHU LO SR VLWLYLVPR O¶HYROX]LRQLVPR ULWRU QD DL JLXVQDWXUDOLVWL H DQFRUD SL LQGLHWUR DG (UDFOLWR ©/D JXHUUD q OD QHFHVVLWj ELRORJLFD GL SUL PDULD LPSRUWDQ]D XQ HOHPHQWR UHJRODWRUH QHOOD YLWD GHOO¶XPDQL Wj DO TXDOH QRQ FL VL SXz VRWWUDU UH VHQ]D FKH QRQ QH FRQVHJXD XQ LQVDOXEUH HYROX]LRQH FKH HVFOX GD RJQL SURJUHVVR GHOOD UD]]D H TXLQGL RJQL DXWHQWLFD FLYLOWj ³/D JXHUUD q PDGUH GL WXWWH OH FRVH´ +HUDFOLWXV ,O VDJJLR GHOO¶DQWL FKLWj ULFRQREEH FLz DVVDL SULPD GL 'DUZLQª , EUDQL ILQ TXL FLWDWL VL FRPPHQ WDQR GD VROL FRQ O¶HYLGHQ]D GL FLz FKH VRQR VWDWL L FRQIOLWWL GHO ¶ &Lz FKH FROSLVFH q O¶DYHU FRPSUH VR OD SHUVLVWHQ]D GD XQ ODWR GHOOD GLIIXVLRQH GHOOD JXHUUD FKH L JR YHUQL LQGXEELDPHQWH FRQVLGHUD QR XQD YDOYROD GL VIRJR H XQ¶RF FDVLRQH GL SDOLQJHQHVL SHU VFRQ JLXUDUH VWDJQD]LRQL HFRQRPLFKH H GDOO¶DOWUR GHO SDFLILVPR FRQ XQD GLQDPLFD FKH XQD VFLHQ]D FKH VWXGLDVVH OD SVLFKH GHOOH QD ]LRQL FRPH IRVVH TXHOOD GHJOL LQ GLYLGXL QRQ HVLWHUHEEH D GHILQLUH VFKL]RIUHQLFD /R LDWR OLQJXLVWLFR FUHDWR GDOO¶XVR GHL WHUPLQL µPLV VLRQH GL SDFH¶ H VLPLOL SHU GHIL QLUH D]LRQL PLOLWDUL QRQ q FKH XQD FRQIHUPD GL TXDQWR SXU SHUSH WUDQGR JOL VWHVVL PHFFDQLVPL EHO OLFL GHO SDVVDWR OD FRVFLHQ]D FR PXQH OL ULILXWL LQ WRWR RJJL FRVu FRPH DOOD YLJLOLD GHL SDVVDWL FRQ IOLWWL PRQGLDOL &RVD q GXQTXH OD JXHUUD" 4XHO OD FRVD FKH VL ID PD QRQ VL GLFH VL SRWUHEEH DIIHUPDUH R SRHWLFD PHQWH O¶D]LRQH FKH QRQ RVD SUR QXQFLDUH LO VXR QRPH Ê LQGXEELR FKH OD JXHUUD VLD LQWLPDPHQWH OH JDWD DOOD VWRULD GHOOD FLYLOWj PD q DOWUHWWDQWR LQQHJDELOH FKH JOL XRPLQL DEELDQR VHPSUH GHVLGHUD WR OD SDFH RUD TXHVWD SDUWLFROD UH FRQGL]LRQH ULHVFH IRUVH D GDUFL OD SHUFH]LRQH GL TXDQWR OD JXHUUD OXQJL GDOO¶HVVHUH XQ PH]]R SUR SULR GL XQR VSLULWR SXUDPHQWH UD ]LRQDOH VLD LQ UHDOWj XQD PDQLIH VWD]LRQH GHOO¶XPDQR DVVLPLODELOH D TXHL FRPSRUWDPHQWL TXDOL DG HVHPSLR LO FRUWHJJLDPHQWR LO JLR FR O¶DUWH LQ FXL HPHUJH OD QDWXUD

SL SURIRQGD GHOO¶HVVHUH XPDQR FLRq TXHO PLVWR GL SURIRQGR FRLQ YROJLPHQWR H DSSDJDPHQWR LQWH ULRUH XQLWR SHUz DG XQ HYLGHQWH GLVLQWHUHVVH SHU OH FRQVHJXHQ]H SUDWLFKH 5D]LRQDOPHQWH OD JXHU UD q XQ TXDOFRVD GL HVWUHPDPHQWH GDQQRVR SHU WXWWH OH SDUWL LQ FDX VD H GLIILFLOPHQWH VL ULXVFLUHEEH D GLPRVWUDUH LO FRQWUDULR $QFKH LQ QDWXUD TXDOVLDVL HWRORJR GLPR VWUHUHEEH IDFLOPHQWH FRPH IDWWD HFFH]LRQH SHU OD FDFFLD D VFRSR DOLPHQWDUH LQ UHDOWj JOL DQLPDOL IXJJRQR OR VFRQWUR ILVLFR SUH IHUHQGR OLPLWDUVL DO µPRVWUDUH OH DUPL¶ SLXWWRVWR FKH XVDUOH /D FRQGL]LRQH GL ULILXWR H DWWUD]LR QH DO FRQWHPSR q VLPLOH D FRPH TXDQGR VLDPR DWWUDWWL GD TXDOFRVD GL SURIRQGDPHQWH ULSXJQDQWH GD FXL SHUz QRQ ULXVFLDPR D GLVWUDU UH OD QRVWUD DWWHQ]LRQH &RVu SXUH VRQR TXHOOH DWWLYLWj GLVSHQGLRVH H SULYH GL XQ ULWRUQR SUDWLFR QHO OH TXDOL SURIRQGLDPR XQD JUDQGH TXDQWLWj GL ULVRUVH HFRQRPLFKH H GL HQHUJLH SHU VHPSOLFH ³JXVWR´ GL IDUOR FRPH LO JLRFR G¶D]]DU GR 1HOOH SDUROH GL YRQ %HUQKDU GL OHJJLDPR XQ LQIHUYRUDPHQWR FKH q TXHOOR GHO SURIHWD GHOO¶DUWL VWD R GHOO¶DPDQWH $ FRQIHUPD GL TXHVWR PL SLDFH FLWDUH XQ HVHP SLR YLYHQWH GL JXHUULHUR $PH GHR *XLOOHW PHJOLR FRQRVFLXWR FRPH LO µ&RPDQGDWH 'LDYROR¶ RJJHWWR GL QXPHURVH ELRJUDILH H GL XQD PRVWUD DSSHQD FRQFOXVD VL (JOL XVFu QHO D YHQWXQ DQQL GDOO¶$FFDGHPLD GL )DQWHULD H &DYDOOHULD GRYH VL HUD GLVWLQWR SHU HVVHUH XQ RWWLPR FDYDOLHUH 3UHVWz VHUYL]LR LQ /LELD QHO H SRL QHO ¶ LQ (WLRSLD H DQFRUD LQ 6SDJQD *LRYDQLVVLPR HUD JLj FRQRVFLXWR SHU OD VXD FDSDFLWj GL DGGHVWUDUH H FRPDQGDUH XRPLQL H PH]]L 1HO YHQQH LQYLD WR LQ $IULFD 2ULHQWDOH FRO &D YDOOHJJHUL 0RQIHUUDWR 4XL O¶DQ QR VXFFHVVLYR FRPSu XQ¶LPSUHVD QHOO¶DUHD GL 'RXJXU 'XEj FKH ID UHEEH LQYLGLD DO PLJOLRUH GHL QR VWUL HURL GL FHOOXORLGH SHU OLEHUD UH OD SRSROD]LRQH ORFDOH RSSUHVVD GD XQ JUXSSR GL ULEHOOL FRQGXFH XQ DWWDFFR FRQWUR TXHVWL EDQGLWL 1HOOD FDULFD LO VXR FDYDOOR ULPD QH VXO FDPSR H GRSR DYHU SHUVR DQFKH LO FDYDOOR FHGXWRJOL GDO VXR VHFRQGR LQVHJXH D SLHGL LPEUDF FLDQGR XQD PLWUDJOLDWULFH JOL XO WLPL ULEHOOL VHQ]D GDU ORUR VFDP SR 4XL LQL]LD OD VXD µOHJJHQGD¶ LO JRYHUQR LWDOLDQR D SDUWLUH GDO FRVWLWXLVFH GHOOH %DQGH D &DYDOOR IRUPDWH GD HULWUHL GL VROL WR FRPDQGDWL GD XIILFLDOL LWDOLDQL

:(9,46 3( 5<5A0(;,33( , 0 :<60 4(,:;90 0DULR &DPSDJQXROR

4XDQGR XQD LVWLWX]LRQH FRPH OD 1XQ]LDWHOOD YLYH SHU ROWUH DQQL H UHVLVWH D WXWWL L WHUUHPRWL GHOOD 6WRULD YXRO GLUH FKH KD VR OLGH IRQGDPHQWD TXHOOH FKH QRL FKH O¶DEELDPR IUHTXHQWDWD FKLD PLDPR WUDGL]LRQL ,R VRQR FRQYLQWR FKH TXHVWH SRJJLQR LQ SULPR OXRJR VXOOD 2U GLQDQ]D SHU OD 5HDO $FFDGHPLD GHO FKH WXWWL DWWULEXLVFRQR D *LXVHSSH 3DULVL H QHOOD TXDOL Wj GHL 0DHVWUL FKH VL VRQR VXFFH GXWL QHOO¶LQVHJQDPHQWR ILQ GDOOD IRQGD]LRQH DYYHQXWD QHO 0H QH VRQR SHUVXDVR TXDQGR LQ RFFDVLRQH GHO %LFHQWHQDULR GHOOD 6FXROD IXL LQFDULFDWR GL SUHSD

UDUH XQD 0RVWUD LWLQHUDQWH FKH FKLDPDL 8QD 6FXROD QHOOD 6WRULD $ VRVWHJQR GL TXHVWD PLD FRQ YLQ]LRQH ULSRUWR LO WHVWR GHOOD WD YROD GHGLFDWD DL SURIHVVRUL FKH VFULVVL GRSR DYHU FRQVXOWDWR OD LQHVDXULELOH ELEOLRWHFD GL *LXVHS SH &DWHQDFFL 2EEOLJKL GH¶3URIHVVRUL ©, ± 4XDQGR XQ XRPR RQHVWR DFFHWWD O¶XIIL]LR GL 0DHVWUR HQ WUD LQ XQ GLIILFLOH PD VDFUR LPSH JQR SRLFKp VL UHQGH UHVSRQVDELOH GHOOD ULXVFLWD GHL VXRL $OOLHYL HG D OXL DWWULEXLUVL GHEERQR OH WULVWH FRQVHJXHQ]H FKH SRVVRQR QDVFH UH GDL ORUR HUURUL LQ WXWWR LO FRU VR GHOOD YLWD 1RQ YL q FXUD DGXQ TXH QRQ YL q GLOLJHQ]D FKH SRVVD GLUVL VRYHUFKLD 'LOLJHQWH VDUj VH VDUj LQVWDQFDELOH LQ UHQGHUVL VHP

SUH SL LVWUXLWR QHOOH PDWHULH FKH IRUPDU GHEERQR O¶RJJHWWR GHOOH VXH OH]LRQL VH LPSLHJKHUj WXWWD OD SRVVLELOH DWWHQ]LRQH LQ LVWUXLUH H VH QRQ VL ODVFHUj ULEXWWDUH GDJOL RVWDFROL FKH SRWUj LQFRQWUDUHª ©,, ± /D SULPD FXUD GL XQ 3UR IHVVRUH VDUj GL JXDGDJQDUVL OD VWLPD GHJOL $OOLHYL FLRq OD EXR QD RSLQLRQH GHOOD VXD RQHVWj HG DELOLWj RSLQLRQH VXOOD TXDOH VRQR IRQGDWH WXWWH OH GLPRVWUD]LRQL GL ULVSHWWR H G¶RVVHTXLR FKH JO¶LQ IpULRUL GHEERQR DL 6XSHULRULª ©,,, 6L GHYH DFTXLVWDU FRQ XJXDOH SUHPXUD O¶DIIHWWR GHJOL $O OLHYL 6LD LQVRPPD EXRQR FRQVX PDWR VRIIpUHQWH XPDQR SUHQGD LO WXRQR GL SDGUH QH LPLWL OD FRQ GRWWD HG L VHQWLPHQWL VLD VHPSUH DIIDELOH VHQ]D GHEROH]]D HVDWWR VHQ]D YDQLWj PRVWUL D WXWWL H FR VWDQWHPHQWH EHQHYROHQ]D HG DI

IHWWR H VDUj GD WXWWL EHQYROXWR HG DPDWRª 2UGLQDQ]D SHU OD 5HDO $FFDGHPLD 0LOLWDUH 3DUWH ,O &DS ,9 $UW (UD DSSHQD WUDVIHULWD O¶$FFDGH PLD 0LOLWDUH D 3L]]RIDOFRQH TXDQ GR YL IX FKLDPDWR DG LQVHJQDUH IL VLFD &DUOR /DXEHUJ FKH GLHFL DQQL GRSR VDUHEEH VWDWR 3UHVLGHQWH GHO *RYHUQR SURYYLVRULR GHOOD 5HSXE EOLFD 3DUWHQRSHD ©0D OD FDWWHGUD FKH HJOL WHQHYD SHU LQFDULFR IX GDWD QHO FRQFRUVR DG $QQLEDOH *LRUGDQR QDWLYR GL 2WWDLDQR FKH JLRYDQLVVLPR TXDVL DQFRUD DGROH VFHQWH VL HUD ULYHODWR JHRPHWUD GL SULPD IRU]D H D VHGLFL DQQL DYHYD ULVROXWR XQ SUREOHPD GL WRSRJUDILD FXL ULPDVH QHOOD VFLHQ]D LO QRPH GL 2WWDLDQRª % &URFH 9LWH GL DYYHQ WXU GL IHGH H GL SDVVLRQL 0HQR IRUWXQDWL GL /DXEHUJ

$OOLHYL DO FDPSR HVWLYR IRWR DUFKLYLR &DWHQDFFL

FKH ULXVFu D VFDPSDUH LQ )UDQ FLD IXURQR 3DVTXDOH %DIIL ID PRVR ODWLQLVWD H )UDQFHVFR 6D YHULR *UDQDWD FKH HUD JLj VWDWR SURIHVVRUH GHOO¶$FFDGHPLD 0L OLWDUH QHO H FKH LQVHJQD YD PDWHPDWLFD H ILORVRILD DOOD 1XQ]LDWHOOD GDO 6LD %DIIL FKH *UDQDWD FXL QRQ JLRYz QHS SXUH O¶DELWR WDODUH VDOLURQR VXO SDWLEROR SHU DYHU DGHULWR DOOD 5HSXEEOLFD 3DUWHQRSHD $ WH VWLPRQLDQ]D GL TXHOOD OLEHUWj GL SHQVLHUR FKH ILQ GDL SULPL DQQL KD FDUDWWHUL]]DWR GRFHQWL H DOOLH YL GHOOD 1XQ]LDWHOOD WURYLDPR DG LQVHJQDUH QHOOR VWHVVR SHULR GR 9LWR &DUDYHOOL PDWHPDWLFR H DVWURQRPR DXWRUH GL WHVWL VFLHQ WLILFL DVVDL VWLPDWR GDL %RUERQL GL FXL FL SLDFH ULSRUWDUH GDOO¶LQ WURGX]LRQH DOO¶DVWURQRPLD TXH VWD IUDVH ©6LGHYH VFULYHUH SHU LVWUXLUH QRQ SHU VRUSUHQGHUH H VL LVWUXLVFH TXDQGR LO GLIILFLOH VL PHQD DO IDFLOH H QRQ TXDQGR LO IDFLOH VL SURFXUD GL UHQGHUH PL VWHULRVDPHQWH GLIILFLOHª &RQ &DUDYHOOL QRQ YD GLPHQ WLFDWR 9LQFHQ]LR 'H 0XUR LP SHJQDWR DVVHUWRUH GHOOH LGHH LO OXPLQLVWLFKH FKH IX WUD L PDJ JLRUL FROODERUDWRUL VH QRQ LVSL UDWRUL GHO 3DULVL QHOOD YRORQWj GL LPSULPHUH XQR VSLULWR QXR YR QHOO¶LQVHJQDPHQWR ©(QWUDWH GXQTXH HQWUDWH JLRYDQL YDOR URVL LQ WXWWL L VHJUHWL GHOOD QD WXUD PD QRQ REOLDWH TXHOOL GHO FXRUH XPDQR IRUPDWHYL OR VSL ULWR JLXVWR OD PHQWH SHQHWUDQWH HG DWWLYD FRJOL VWXGL PDWHPDWL FL PD QRQ FKLXGHWH LO PRUH DO EHOOR GHOOD QDWXUD UHJRODWH QRQ HVWLQJXHWH OD IRU]D GHOO¶LPPD JLQD]LRQH O¶DULGLWj H OD VWUHWWH] ]D GHOOH LGHH JHRPHWULFKH QRQ YL IDFFLD SHUGHUH LO FRUDJJLR GL DEEUDFFLDUH LGHH SL FRPSOLFDWH H SL HVWHVH O¶DULGD H ULJRURVD YHULWj QRQ HVFOXGD OD YDULHWj H OD GHOLFDWH]]D GH¶ SLDFHUL GHO O¶DQLPRª $OWUHWWDQWR VWLPDWR IX 5DIIDH OH 1LROD LQVHJQDQWH GL PDWHPD WLFD H DUWLJOLHULD FKH IX DOOLHYR GRFHQWH H LVWUXWWRUH H WHUPLQz OD VXD FDUULHUD QHO FRPH PD UHVFLDOOR GL FDPSR 1RQ VL SXz WDFHUH GL 0DULDQR '¶$\DOD VFULWWRUH IHFRQGR DO OLHYR GDO DO H SURIHV VRUH GL JHRPHWULD GHVFULWWLYD H EDOL VWLFD GDO DO $O ORQWDQDWR GDOOD 1XQ]LDWHOOD SHU OH VXH LGHH OLEHUWDULH DOOD FDGXWD GHL %RUERQL IX FRPDQGDQWH GHO OD *XDUGLD 1D]LRQDOH H TXLQGL

GHSXWDWR 6L EDWWp FRQ SDVVLRQH QHO QXRYR 3DUODPHQWR 1D]LRQD OH SHU HYLWDUH OD FKLXVXUD GHOOD 1XQ ]LDWHOOD 4XHOOD GL '¶$\DOD IX O¶HSRFD LQ FXL )UDQFHVFR 'H 6DQFWLV (Q ULFR $OYLQR H JOL DO WUL GL FXL VL q GHWWR LVSLUDURQR QHOOD 1XQ]LD WHOOD TXHOOR VSLULWR QD]LRQDOH FKH DYUHEEH SRUWDWR PROWL DOOLHYL D GLYHQWDUH SURWD JRQLVWL GHOO¶XQLWj G¶,WDOLD /D 1XQ]LDWHOOD KD FRPSLXWR GD SRFR FHQWR DQQL TXDQGR YLH QH DG LQVHJQDUYL VWRULD 0LFKH ODQJHOR 6FKLSD VWXGLR VR WUD L SL DFXWL GHO 0H] ]RJLRUQR G¶,WDOLD FKH FRQ &UR FH H 'L *LDFRPR IRQGz LQ TXH JOL DQQL ³1DSROL 1RELOLVVLPD´ $SSHQD ILQLWD OD JXHUUD D FXL DYHYD SDUWHFLSDWR QHOOH WULQFHH GHO &DUVR YHQQH DOOD 1XQ]LD WHOOD /XLJL 5XVVR JUDQGLV VLPR VWRULFR GHOOD OHWWH UDWXUD LWDOLDQD 3HU DSSHQD XQ DQQR YL LQVH JQz 1LQR &RUWHVH ©XQR GHL SL PRGHUQL VWRULFL GHO 0H]]RJLRUQRª PD YL ULPDVH VHPSUH DIIHWWXRVDPHQWH OHJDWR QHO SURFHGHUH GHOOD VXD FDUULHUD GL SURIHVVRUH XQLYHUVLWDULR H GL XRPR SROLWLFR 3HU YHQW¶DQQL LQYHFH LQVH JQz DOOD 1XQ]LDWHOOD )ORULDQR 'HO 6HFROR FKH &URFH QHL GLDUL GHILQu ©XRPR GL JUDQGH SURELWj H VLFXUD IHGHª H LQ TXHJOL DQQL IX LO GLUHWWRUH GHO ³0H]]RJLRUQR´ 3HU OXQJKL DQQL LQVHJQz OHW WHUH H ODWLQR XQ GHOLFDWR SRHWD *LXVHSSH 3HWURQL GL FXL L VXRL DOOLHYL ULFRUGDQR OD SURIRQGD FXOWXUD H OD JHQWLOH]]D G¶DQLPR 3DROR %DUEL SURIHVVRUH GL ILORVRILD H XRPR SROLWLFR KD SRUWDWR QHOO¶DXOD GL 6WUDVEXUJR TXHOO¶DQVLD GL YHULWj H GL FRQ FUHWH]]D FKH DYHYD FHUFDWR GL WUDVPHWWHUH DL VXRL DOOLHYL ,QVLHPH DJOL XRPLQL GL FKLDUD IDPD FKH KDQQR LQVHJQDWR DOOD 1XQ]LDWHOOD H FKH KDQQR FRQWUL EXLWR DG DFFUHVFHUH LO SUHVWLJLR GHOOD VFXROD QRQ YDQQR FHUWR GLPHQWLFDWL WXWWL TXHOOL FKH FRQ FRVWDQWH DWWLYLWj KDQQR GHGLFD WR OD ORUR YLWD DOO¶LQVHJQDPHQWR QHOOD 1XQ]LDWHOOD FRQWULEXHQGR FRQ O¶HVHPSLR DOOD IRUPD]LRQH GHJOL DOOLHYL 8QR SHU WXWWL )UDQFHVFR &DUXVR SURIHVVRUH GDO DO FKH ULXVFu FRQ OD VXD D]LRQH DSSDVVLR QDWD DG HYLWDUH OD FKLXVXUD GHOOD 6FXROD QHOO¶XOWLPR GRSRJXHUUD


Z\K

5<5A0(;,33( +6=, *64, 8<(5+6 *LXVHSSH &DWHQDFFL

&DUOR GL %RUERQH FRQTXLVWDQGR OD QHO PDJJLR GHO DYHYD UH VWLWXLWR D 1DSROL OD GLJQLWj H O¶RU JRJOLR GL HVVHUH FDSLWDOH GL XQR 6WDWR DXWRQRPR FKH DEEUDFFLDYD WXWWR LO 0H]]RJLRUQR GHOOD SHQL VROD H OD 6LFLOLD FRVu GD IDUQH LO SL YDVWR GHJOL 6WDWL LWDOLDQL 1DSROL JRGHYD GHOO¶LQGLSHQ GHQ]D QD]LRQDOH GD PHQR GL GXH OXVWUL TXDQGR DJOL LQL]L GHJOL DQQL TXDUDQWD GHO 6HWWHFHQWR VL WUR Yz SHU L VXRL VWUHWWL OHJDPL FRQ OD 6SDJQD FRLQYROWR QHO JUDQGH FRQIOLWWR RULJLQDWR GDOOD VXFFHV VLRQH DXVWULDFD 3HU HVVHUH DOO¶DOWH]]D GL FLPHQ WDUVL LQ XQD JXHUUD GL GLPHQVLRQH HXURSHD IXURQR GD VXELWR LGHQWL ILFDWH OH LQL]LDWLYH SHU GRWDUH 1D SROL HG LO 5HJQR GL XQD 6FXROD GL DUWLJOLHULD 1DFTXH FRVu QHO GDSSULPD XQD ³6FXROD SUDWLFD GL DUWLJOLH ULD´ DOOD TXDOH VHJXu QHO XQD SULPD $FFDGHPLD GL DUWLJOLHULD GL FXL RUJDQL]]D]LRQH PLOLWDUH IX DI ILGDWD DO FRQWH *D]]ROD H TXHOOD GLGDWWLFD DO FHOHEUH PDWHPDWLFR 1LFROz 'L 0DUWLQR 4XHVWD SULPD $FFDGHPLD XEL FDWD LQ XQ IRUWLQR VLWXDWR QHOOD ]RQD GHO 3RQWH GHOOD 0DGGDOH QD HEEH SHUz YLWD HIILPHUD SHU &DUOR GL %RUERQH GRSR O¶LQJUHV VR H OR VWD]LRQDPHQWR QHO GL XQD VSHGL]LRQH QDYDOH LQJOH VH QHO *ROIR GL 1DSROL FKH DYHYD IDWWR HPHUJHUH GUDPPDWLFDPHQWH OH HVLJHQ]H GHOOD GLIHVD H OD EDW WDJOLD GL 9HOOHWUL QHO FRQ 2UGLQDQ]D GHO VHWWHPEUH LVWLWXu QHOO¶HGLILFLR GHOOD 3DQDWLUD QHO ERUJR GL 6 /XFLD D 1DSROL OD 5HDO $FDGHPLD H 6FROD GL PDWWH PDWLFD ³SHUFKp´ JOL 8IILFLDOL FD GHWWL GHOOH WUXSSH UHJLH SRWHVVHUR DELOLWDUVL SHU HQWUDUH D VHUYLUH QHO FRUSR GHJOL LQJHJQHUL HG LQ TXHO OR GL DUWLJOLHULD &RQ TXHVWH OXQJLPLUDQWL 2UGL QDQ]H GL &DUOR GL %RUERQH HE EHUR LQ EXRQD VRVWDQ]D LQL]LR

GHPLD PLOLWDUH VXFFHVVLYDPHQWH LQJOREDWD FRQ 5HDO RUGLQH GHO DJRVWR LQ XQ FRUSR VHSDUDWR HG DXWRQRPR GHQRPLQDWR GDSSUL PD %DWWDJOLRQH 5HDO )HUGLQDQGR H SRL WUDVIRUPDWR QHOOD 5HDO $F FDGHPLD 0LOLWDUH GHO %DWWDJOLRQH 5HDO )HUGLQDQGR /D 5HDO $FFDGHPLD 0LOLWDUH GHO %DWWDJOLRQH 5HDO )HUGLQDQ GR LQILQH FRQ 5HDO RUGLQL GHO RWWREUH GHO PDU]R H GHO PDJJLR DVVXPHYD XQD QXRYD IRUPD H OD GHQRPLQD]LRQH GL 5HDO $FFDGHPLD 0LOLWDUH ,O QRYHPEUH OD QXRYD $FFD GHPLD XELFDWD QHOO¶H[ 1RYL]LDWR GHL *HVXLWL VXOOD FROOLQD GL 3L] ]RIDOFRQH IRUWHPHQWH YROXWD GD )HUGLQDQGR ,9 GL %RUERQH ³SHU FKp QHOO¶DUWH GHOOD JXHUUD H QHJOL RUQDQWL FRVWXPL OD PLOLWDUH JLR YHQW RWWLPDPHQWH DPPDHVWUD WD FUHVFHVVH D JORULD H VLFXUH]]D GHOOR 6WDWR´ LQL]LDYD L VXRL FRUVL JLXQWL RJJL D TXRWD ,O QXRYR ,VWLWXWR VRUWR VXO SUR JHWWR GHO WHQHQWH *LXVHSSH 3DUL VL H GL XQ JUXSSR GL XIILFLDOL FKH DYHYDQR IDWWR WHVRUR GHOOH HVSH ULHQ]H WUDWWH GDOOD ORUR YLVLWD GXUDWD EHQ GXH DQQL GDO DO DOOH SL IDPRVH $FFDGHPLH PLOLWDUL DWWLYH LQ (XURSD DFTXL VWz EHQ SUHVWR VROLGD IDPD HG LO PRGHOOR HGXFDWLYR FKH OD LQIRU PDYD IX RJJHWWR GL VWXGLR WDQWR FKH SXz GLUVL FKH DQFRUD RJJL L SULQFLSL FDUGLQH GHOOD VWHVVD FRQ WLQXDQR DG HVVHUH O¶HOHPHQWR SRU WDQWH GHOOD 6FXROD 0LOLWDUH 1XQ ]LDWHOOD /D EUHYH VWDJLRQH GHOOD 5HSXE EOLFD QDSROHWDQD JHQQDLR JLXJQR YLGH OD 1XQ]LDWHO OD ± FKH DYHYD LQWDQWR DVVXQWD OD GHQRPLQD]LRQH GL 1D]LRQDOH $F FDGHPLD 0LOLWDUH ± VYROJHUH XQ UXROR GL VLJQLILFDWLYR ULOLHYR GD HVVD LQIDWWL SURYHQLYDQR LO 3UH VLGHQWH GHOOD 5HSXEEOLFD &DUOR /DXEHUJ GHILQLWR GD %HQHGHWWR &URFH LO SULPR FRVSLUDWRUH GHO

- 0 3 , :

IRWR $UFKLYLR 1XQ]LDWHOOD

05;,95,; , 3»0:63( */, 565 *»Ï¯

+( :<+ ( :<+

3DUODUH GL FHQWUR H GL SHULIH ULD VHPEUD GDYYHUR SOHRQDVWL FR /¶DYYHQWR GL ,QWHUQHW KD RU PDL QHJDWR FLWWDGLQDQ]D D TXHVWL GXH WHUPLQL VXL TXDOL VL q EDVDWD OD FLYLOWj O¶RUJRJOLR GHOOH YDULH QD]LRQL OD VXGGLWDQ]D DOPHQR FXOWXUDOH WUD OH VWHVVH &RQ ,QWHU QHW PXRLRQR LO WHPSR H ORVSD]LR FRPH FDWHJRULH PHQWDOL VH QH YD OD PHPRULD VWRULFD L YDORUL FRQ GLYLVL H WHVWLPRQLDWL OH GLIIHUHQ ]H 7XWWR GLYHQWD VLPXOWDQHR H TXLQGL XJXDOH SHU WXWWL 7XWWR GL YHQWD SURYLQFLD GL XQ FHQWUR FKH QRQ F¶q *OL 6WDWL SHUGRQR LO ORUR YLVVXWR JOL XRPLQL L ORUR ULFRUGL /D FLYLOWj q LO SUHVHQWH QHO VXR GLYHQLUH QHO VXR QDYLJDUH QHO VXR ULQQHJDUH LO SDVVDWR VSHJQHQ GR OXFL HG LOOXPLQDQGR HUURUL /¶DYHYD JLj FDSLWR FRQ XQD FHU WD DPDUH]]D SL XPDQD FKH OHW WHUDULD &DPXV QHO TXDQGR GXUDQWH LO VXR YLDJJLR LQ $PHULFD GHO 6XG QHO VXR GLDULR DQQRWDYD FRQ XQD WULVWH PHUDYLJOLD ©SL O¶DHUHR YD YHORFH H PHQR )UDQFLD 6SDJQD ,WDOLD KDQQR LPSRUWDQ]D (UDQR QD]LRQL HFFROH SURYLQFH H GRPDQL IUD]LRQL GHO PRQGR«ª ,O SUREOHPD q FKH LO PRQGR QRQ F¶q SL Ê XQ LQVLHPH GL GDWL UH ODWLYL DO TXL HG RUD /D YLUWXDOLWj GLYHQWD UHDOWj O¶LSRWHWLFR GLYHQWD HIIHWWLYR 'LYHQLDPR WXWWL DELWDQ WL GL XQ¶LVROD FKH QRQ F¶q PD FKH FL FRQGL]LRQD /¶HWLFD QRQ q SL TXHOOD GHOOD UHVSRQVDELOLWj WDQWR FDUD D 0D[ :HEHU H D +DQV -RQDV PD GHO OD FRPXQLFD]LRQH GRYH FRQWD LO IDUH ULVSHWWR DO SUHYHGHUH H GRYH LO YDOXWDUH OH FRQVHJXHQ]H KD VFDUVD LPSRUWDQ]D 6RQR DQFKH FDPELDWL L UDSSRU WL GL SURGX]LRQH OH FRQGL]LRQL GL ODYRUR VL ULFKLHGH VHPSUH SL VSL ULWR G¶LQL]LDWLYD H GL DGDWWDPHQWR %LVRJQD HVVHUH IOHVVLELOL 6HPEUD FKH LO UXROR GHO IDWWRUH XPDQR DEELD DVVXQWR PDJJLRUH ULOHYDQ]D LQ UHDOWj LO ODYRUDWRUH q GLYHQWDWR SL YXOQHUDELOH ULVSHWWR DL FDPELDPHQWL GHOO¶RUJDQL]]D ]LRQH GHO ODYRUR q GLYHQWDWR XQ VHPSOLFH SXQWR IDFLOPHQWH ULP SLD]]DELOH DOO¶LQWHUQR GL XQD UHWH FRPSOHVVD /¶HVSDQVLRQH GHOOD VRFLHWj GHOO¶LQIRUPD]LRQH FRQ OD FRQ VHJXHQWH JOREDOL]]D]LRQH GHJOL VFDPEL KD GDWR RULJLQH DG XQD ULYROX]LRQH VLPLOH QHOOD SRUWDWD D TXHOOD GHOOD ULYROX]LRQH LQGX VWULDOH 8QD ULYROX]LRQH FKH VH q SXU YHUR FKH VRWWUDH SRSROL H SDH VL DOO¶LVRODPHQWR HFRQRPLFR SHU SRUWDUOL DO PHUFDWR GHOOD FRPSH WL]LRQH SXz GLIIRQGHUH SURJUHVVR H GHPRFUD]LD FRPH DQFKH QXRYH SRYHUWj H VFKLDYLW &L VRQR WXWWH OH FRQGL]LRQL SHU OD ULFRPSDUVD GHOOH LGHRORJLH GL RJQL WLSR H VX RJQL YHUVDQWH 7XW WH ILQDOL]]DWH D IDUH GHOO¶XRPR XQ PH]]R H QRQ XQ ILQH«

6SHWW 5HGD]LRQH GL ³6XG´ ± 1DSROL +R SDUWHFLSDWR DO FRQFRUVR 6XG GHO OXJOLR LQYLDQGR XQD SRHVLD $YUz SLDFHUH GL FRQRVFHUH O¶HVLWR ,QWDQWR LQYLR O¶DFFOXVD SRHVLD H SUHJR PL VLDQR LQYLDWL LQ DVVHJQR L QXPHUL GL 6XG FKH IUDWWDQWR XVFL UDQQR 6DOXWL 5 6FRWHOODUR 7ULFDULFR ± DJRVWR

'RPHQLFR *ULIRQL

OH YLFHQGH GHOOD 1XQ]LDWHOOD WDOL GD IDUOD HVVHUH OD SL DQWLFD $F FDGHPLD PLOLWDUH GHO PRQGR SL DQWLFD DQFRUH GHOOD 5R\DO 0LOLWD\ $FDGHP\ G¶,QJKLOWHUUD VRUWD QH H GHOOD (oROH 5R\DO 0LOLWDL UH GL )UDQFLD IRQGDWD QHO 3URSULR LQ TXHJOL DQQL 1DSR OL DWWUDYHUVDYD XQ SHULRGR GL HF FH]LRQDOH VSOHQGRUH 3RFKH DOWUH FLWWj DO PRQGR HUDQR LQIDWWL LQ TXHJOL DQQL LQ JUDGR GL RIIULUH DL YLVLWDWRUL XQD SL YDVWD JDPPD GL VHGX]LRQL /D QDWXUH OH DYHYD GRQDWR XQ SDHVDJJLR HG XQ FOLPD LQFRP SDUDELOL $ FLz VL DJJLXQJHYDQR L VHQVD]LRQDOL ULWURYDPHQWL DU FKHRORJLFL GL (UFRODQR H GL 3RP SHL FKH IDFHYDQR HVFODPDUH D *RHWKH LQ TXHJOL DQQL LQ YLVLWD LQ ,WDOLD ³PROWH VYHQWXUH VRQR DFFD GXWH D TXHVWR PRQGR PD SRFKH KDQQR SURFXUDWR DL SRVWHUL DOWUHW WDQWR JLRLH´ 1HO FRQWHPSR LO 9HVXYLR DO O¶HSRFD LQ SLHQD DWWLYLWj ULQXQ ]LDQGR DOOD VXD FDWWLYHULD VL GLOHW WDYD SURGXFHQGRVL LQ VSHWWDFRODUL HVLEL]LRQL EHOOH D YHGHUVL PD FKH QRQ SURYRFDYDQR GDQQL 1DSROL ULFFD GL RSHUH PRQX PHQWDOL H GL FROOH]LRQL G¶DUWH SUH VWLJLRVLVVLPH FRQ 7HDWUL QHL TXD OL VL SRWHYD DVFROWDUH OD PLJOLRUH RSHUD EXIID G¶(XURSD HUD YLVWD FRPH XQD GHOOH PHWH SL DPELWH GDL YLDJJLDWRUL GL ILQH VHWWHFHQWR GRYH SHUVLQR L TXDUDQWDPLOD OD] ]DURQL FKH YLYHYDQR G¶HOHPRVLQD H GRUPLYDQR VXOOH VWUDGH OD FXL SHULFRORVLWj DYHYD XQ WHPSR IDWWR SDUODUH GL 1DSROL FRPH GL XQ 3D UDGLVR DELWDWR GD GLDYROL VL HUD QR WUDVIRUPDWL LQ XQD DWWUD]LRQH IRONORULVWLFR 1HO 5H &DUOR LQWDQWR OD VFLDYD 1DSROL SHU VDOLUH VXO WUR QR GL 6SDJQD H JOL VXFFHGHYD LO ILJOLR )HUGLQDQGR FKH FRQ 5HDO RUGLQH GLFHPEUH GHFUH WDYD OD IXVLRQH GHOOH GXH $FFDGH PLH SUHHVLVWHQWL QHOOD 5HDO $FFD

PRGHUQR 5LVRUJLPHQWR LWDOLDQR HG DOWUL GXH DXWRUHYROL FRPSR QHQWL GL TXHO JRYHUQR SURYYLVR ULR L SURIHVVRUL 3DVTXDOH %DIIL H 0LFKHOH *UDQDWD H VHPSUH DG HVVD DSSDUWHQHYD LO PDJJLRUH 7RPPDVR 6XVDQQQD DVVXUWR DOOD FDULFD GL 0LQLVWUR GHOOD JXHUUD HG LO 3URI &OLQR 5R VHOOL LOO¶XVWUH VFHQ]LDWR GL IDPD HXURSHD 3DVVDQR SRFR SL GL TXDWWUR PHVL HG LO JLXJQR LO &DU GLQDOH 5XIIR GLYHQWDYD SDGURQH GL 1DSROL SRQHQGR ILQH DO VRJQR UHSXEEOLFDQR /DXEHUJ ULSDUDYD LQ )UDQFLD L SURIHVVRUL %DIIL *UDQDWD H 5R VHOOL YHQLYDQR DIIRUFDWL D 3LD] ]D GHO 0HUFDWR LO WHQHQWH 3LHWUR /RVVD DOOLHYR GHO FRUVR GHFD SLWDWR 7XWWR TXHVWR FRVWz FDUR DOOD 1XQ]LDWHOOD GL FXL LO 0LQLVWUR GHO OD *XHUUD GL )HUGLQDQGR ,9 -RKQ $FWRQ FRQ 5 GLVSDFFLR GHO OXJOLR RUGLQz OD FKLXVXUD ³SHU OH ULSHWXWH H PDQLIHVWH SUXR YH GDWH GL QRQ FRUULVSRQGHUH DOOH EHQHILFKH PLUH GHO 5H´ 'RSR VHL DQQL GL HIILPHUD HVL VWHQ]D OD 1XQ]LDWHOOD FKH FRQ 5HDO GLVSDFFLR GHO DSULOH DYHYD DVVXQWR OD GHQRPL QD]LRQH GL 5HDO &RQYLWWR 0LOLWD UH H GDO GLFHPEUH TXHOOD GL 5HDO $FFDGHPLD 0LOLWDUH D VH JXLWR GHOO¶RFFXSD]LRQH IUDQFHVH QHO PDJJLR IX QXRYDPHQ WH DQFKH VH VROR SHU SRFKL PHVL FKLXVD 1HO VHWWHPEUH YHQQH ULD SHUWD GD 5H *LXVHSSH %RQDSDUWH SULPD DVVXPHQGR OD GHQRPLQD ]LRQH GL 6FXROD GL $UWLJOLHULD H *HQLR H SRL TXHOOD GL 6FXROH 3R OLWHFQLFR 0LOLWDUL 3L UDGLFDOH OD ULIRUPD GL 5H *LRDFFKLQR 0XUDW FKH OD ULRUGL Qz VXO SURWRWLSR GHOOD 6FXROD 3R OLWHFQLFD IUDQFHVH IDFHQGROH DV VXPHUH FRQ 5 ' DJRVWR OD GHQRPLQD]LRQH GL 6FXROD 5HD OH 3ROLWHFQLFD H 0LOLWDUH 'RSR OD VHFRQGD UHVWDXUD]LRQH ERUERQLFD O¶RUGLQDPHQWR PXUDW WLDQR YHQQH PDQWHQXWR GDO YHF FKLR UH )HUGLQDQGR ,9 FKH VL OL PLWz QHO D FDPELDUH OD GH QRPLQD]LRQH GHOOD 6FXROD 5HDOH 3ROLWHFQLFD H 0LOLWDUH LQ TXHOOD GL 5HDO ,VWLWXWR 3ROLWHFQLFR 0LOLWDUH

&RQ 5 ' GHO JHQQDLR VL SHUYHQQH SRL DG XQ QXRYR RUGL QDPHQWR GHOOH 6FXROH GHOO¶(VHU FLWR DUWLFRODWR LQ GXH $FFDGHPLH LO 5HDO &ROOHJLR 0LOLWDUH FRQ VHGH QHOO¶H[ QRYL]LDWR GHL *HVXL WL GL 3L]]RIDOFRQH FRQ LO FRPSLWR GL IRUQLUH XIILFLDOL DOO¶DUWLJOLHULD DO JHQLR HG DOOR VWDWR PDJJLRUH H OD 5HDO $FFDGHPLD 0LOLWDUH FRQ VHGH QHO FRQYHQWR GL 6DQ *LRYDQ QL D &DUERQDUD GDOOD TXDOH XVFL YDQR JOL XIILFLDOL GHVWLQDWL DJOL DO WUL &RUSL ,O SHULRGR FKH VHJXu GDO DO IX XQR GHL SL IHFRQGL GHOOD YLWD GHOOD 1XQ]LDWHOOD FKH DIILGDWD DG XQ FRUSR GL LOOXVWUL XI ILFLDOL H SURIHVVRUL IRUPz LO ILRU ILRUH GHJOL XIILFLDOL GHOO¶HVHUFLWR ERUERQLFR 'RSR L PRWL GHO FKH YLGH UR DQFRUD XQD YROWD DOOLHYL XIIL FLDOL H SURIHVVRUL GHOOD 1XQ]LD WHOOD LQILDPPDUVL SHU L IHUPHQWL GL LWDOLDQLWj GLYHQXWL VHPSUH SL YLYL H GLIIXVL )HUGLQDQGR ,, SUR IRQGDPHQWH VFRVVR GL TXHVWR HQ QHVLPR WUDGLPHQWR GHOOD ³VXD´ $FFDGHPLD PLOLWDUH GRSR DYHU WUDVIHULWR OD &RUWH QHOOD VRQWXR VD 5HJJLD GL &DVHUWD YROOH FKH DQFKH OD 1XQ]LDWHOOD WUDVORFDVVH LQ 7HUUD GL ODYRUR DGDWWDQGR SHU HVVD O¶DQWLFD UHVLGHQ]D GHL &DUDID D 0DGGDORQL GRYH LO 5HDO &ROOH JLR 0LOLWDUH HEEH OD VXD VHGH GDO DO 5LHQWUDWD SHU GLVSRVL]LRQH GL 5H )UDQFHVFR ,, QHOOD VXD DQWL FD VHGH GL 3L]]RIDOFRQH OD 1XQ ]LDWHOOD FRQREEH DQFK¶HVVD FRQ O¶LQJUHVVR GL *DULEDOGL D 1DSROL QHO VHWWHPEUH LO GUDPPD FKH DFFRPSDJQz OD FDGXWD GHO 5HJQR GHOOH 'XH 6LFLOLH H VHJQz O¶LQL]LR GHO SHULRGR SL EXLR GHOOD VXD XOWUDVHFRODUH VWRULD , 6DYRLD LQIDWWL ULWHQHQGR OD 1XQ]LDWHOOD XQD LVWLWX]LRQH ILOR ERUERQLFD SURYYLGHUR VXELWR D UL GLPHQVLRQDUQH LO UXROR FRVu FRQ 5 ' PDJJLR ROWUH D PRGL ILFDUQH OD GHQRPLQD]LRQH LQ TXHO OD GHO &ROOHJLR 0LOLWDUH LQ 1DSR OL OD WUDVIRUPDURQR GHFODVVDQ GROD LQ ,VWLWXWR VHFRQGDULR GHVWL QDWR DL JLRYDQL FKH XVFLYDQR GDO SULPR FRUVR GL JLQQDVLR SHU SUH SDUDUOL DO SDVVDJJLR DOOH $FFD GHPLH HG DOOH 6FXROH 0LOLWDWL ,O GHJUDGR FKH QH VHJXu IX SURJUHV VLYR WDQWR FKH QHO IX SUH VHQWDWD LQ 3DUODPHQWR XQD SURSR VWD GL VRSSUHVVLRQH VYHQWDWD VROR SHU O¶DSSDVVLRQDWD GLIHVD FKH QH IHFHUR 0DULDQR G¶$\DOD HG DOWUL GHSXWDWL PHULGLRQDOL $QFKH TXH VWR PRPHQWR EXLR IX SHUz SUHVWR VXSHUDWR H OD 1XQ]LDWHOOD ULWRUQz DG DIIHUPDUVL IHFRQGD QXWULFH GL EHOOL LPSHJQL H GL FXRUL JHQHURVL WDQWR FKH L 6DYRLD D GLPRVWUD]LR QH GHO ORUR PXWDUH DWWHJJLDPHQ WR QHO YL LVFULVVHUR LO SULQ FLSH HUHGLWDULR LO IXWXUR 9LWWRULR (PDQXHOH ,,, , YLROHQWL ERPEDUGDPHQWL FKH VL ULYHUVDURQR VXO ILQLUH GHO H QHL SULPL PHVL GHO VX 1D SROL LQGXVVHUR SRL LO 0LQLVWHUR GHOOD *XHUUD D GLVSRUUH QHO PDU ]R GHO LO WUDVIHULPHQWR GHOOD 6FXROD 0LOLWDUH GD 1DSROL D %H QHYHQWR QHL ORFDOL DWWXDOPHQWH VHGH GHOO¶2VSHGDOH 5XPPR GRYH DVVXPHYD OD GHQRPLQD]LRQH GL /LFHR &RQYLWWR ³1XQ]LDWHOOD´ /¶HVLOLR D %HQHYHQWR GXUz SRFR LQIDWWL LO IHEEUDLR OD 1XQ ]LDWHOOD IX WUDVIHULWD QXRYDPHQWH QHOOD VXD DQWLFD VHGH GL 3L]]RIDO FRQH FKH D JXHUUD ILQLWD IX RFFX SDWD GDOOH WUXSSH DOOHDWH FRQ OH TXDOL IX JLRFRIRU]D FRQYLYHUH 3RFKL PHVL SULPD GHOOD SUR FODPD]LRQH GHOOD 5HSXEEOLFD LQ RFFDVLRQH GHOOH FHOHEUD]LRQL GHO DQQLYHUVDULR GHOOD IRQGD

]LRQH GHOOD 1XQ]LDWHOOD LO QR YHPEUH YHGH OD OXFH LO SUL PR QXPHUR GL ³6XG´ TXLQGLFLQD OH GL OHWWHUDWXUD HG DUWH 'LUHWWRUH GHO SHULRGLFR q 3D VTXDOH 3UXQDV ILJOLROR GHO &R PDQGDQWH GHOOD 1XQ]LDWHOOD QHO OD FXL DELWD]LRQH DOO¶LQWHUQR GHO O¶,VWLWXWR HEEH OD VHGH OD UHGD]LR QH DPPLQLVWUDWLYD ,O SHULRGLFR FKH ULPDVH LQ YLWD ILQR D VHWWHPEUH FRQ L VXRL GHWWH QXPHUL HGLWL IX OD SDOHVWUD QHOOD TXDOH VL FLPHQWDURQR JLRYD QL FKH VDUHEEHUR GLYHQXWL IDPRVL TXDOL )UDQFHVFR 5RVL 5DIIDHOH /D &DSULD *LXVHSSH 3DWURQL *ULIIL 'RPHQFR 5HD $QWRQLR *KLUHOOL /XLJL &RPSDJQRQH $QQDPDULD 2UWHVH O¶H[ DOOLHYR 0DULR 6WH IDQLOH F H 5DIIDHOOR )UDQFKLQL SURIHVVRUH GL 6WRULD H )LORVRILD QHOOD 1XQ]LDWHOOD ,O VHWWHPEUH OD 1XQ]LDWHOOD L FXL DOOLHYL HUDQR LQWDQWR ULWRUQDWL D YHVWLUH OD GLYLVD FKH GD JULJLR YHUGH HUD GLYHQWDWD GL FRORUH FD FKL DVVXQVH OD QXRYD GHQRPLQD ]LRQH GL &ROOHJLR 0LOLWDUH GL 1D SROL RWWHQHQGR LO VXFFHVVLYR PDJJLR OD EDQGLHUD ,O QRYHPEUH OD 1XQ ]LDWHOOD DVVXQVH LQILQH O¶DWWXDOH GHQRPLQD]LRQH GL 6FXROD 0LOL WDUH ³1XQ]LDWHOOD´ HG LO PDU ]R RWWLHQH GL SRWHU XVXIUXL UH GHOOR VWHPPD DUDOGLFR H GHO PRWWR ³SUHSDUR DOOD YLWD HG DOOH DUPL´ 4XHVWH LQ EUHYH OD YLFHQGH GHO OD 1XQ]LDWHOOD FKH DEELDPR YROX WR ULFRUGDUH DL OHWWRUL GL ³6XG´ FKH YHGRQR LPSRUVL RJQL QXPHUR GHO SHULRGLFR GXH SDJLQH DG HVVD GH GLFDWH SHU FXL q VHPEUDWR JLXVWR FKH VDSHVVHUR TXDOFKH FRVD LQ SL GHO ³OXRJR´ QHO TXDOH IX LPPDJL QDWR UHDOL]]DWR H FRQFOXVR WUD LO HG LO LO SULPR FLFOR GL ³6XG´ H QHO TXDOH QHO ³6XG´ q ULQDWR DG LQL]LDWLYD GL XQ QXWULWR JUXSSR GL H[ 1XQ]LDWHOOD DJOL ³RU GLQL´ GHO 0DHVWUR )UDQFHVFR )RU ODQL H[ DOOLHYR QRQ VL GLUHEEH GHO FRUVR ± &RPH VL YHGH QHL VXRL DQQL GL VWRULD GRYXQTXH KD DYXWR VHGH OD QRVWUD 6FXROD QRQ KD PDL SHU GXWR OD VXD LGHQWLWj GL LVWLWX]LRQH IRUPDWLYD GL HFFHOOHQ]D GDO 3RQ WH GHOOD 0DGGDOHQD DOOD 3DQDWLFD DO ERUJR 6 /XFLD GDO 5RVVR 0D QLHUR GL 3L]]RIDOFRQH DO 3DOD]]R 'XFDOH GHL &DUDID GL 0DGGDORQL GD 3L]]RIDOFRQH D %HQHYHQWR H SHU ILQLUH DOO¶DWWXDOH DPSOLDPHQ WR LQ GLUH]LRQH GHO FRPSOHVVR %L[LR VHPSUH VXO FROOH GL 3L]]R IDOFRQH &¶q SLXWWRVWR GD RVVHUYDUH FKH ³O¶DWWUD]LRQH IDWDOH´ FKH OHJD OD 1XQ]LDWHOOD D 3L]]RIDOFRQH KD DYXWR FRPH FRQVHJXHQ]D FKH FKLXQTXH QHO WHPSR KD FHUFDWR GL VFLQGHUH WDOH ELQRPR 1XQ]LDWHOOD 3L]]RIDOFRQH q ILQLWR PDOH FRVu DOORUFKp )HUGLQDQGR ,, GL %RUER QH QHO GLVSRUUH LO WUDVIHULPHQWR D 0DGGDORQL GDO DO GXH DQQL GRSR FUROOz OD PRQDUFKLD ERUERQLFD FRVu DQFRUD TXDQGR 5H 9LWWRULR (PDQXHOH ,,, GL 6D YRLD QH GHFUHWz LO WUDVIHULPHQWR D %HQHYHQWR FDGGH OD PRQDUFKLD VDEDXGD HG LQILQH TXDQGR QHL SULPL DQQL µ GHO QRYHFHQWR VL SHQVR GL GHORFDOL]]DUOD QHOOD ]RQD RULHQWDOH GL 1DSROL FDGGH OD ³ 3UL PD 5HSXEEOLFD´ , JRYHUQDQWL GL RJJL ±%DVVROL QR ,HUYROLQR 0DUWLQR FHUWDPHQWH SL VDJJLDPHQWH SHU HYLWDUH DOWUH VFLDJXUH DOOH ,VWLWX]LRQL FXL VRQR SURSRVWL LO QRYHPEUH KDQQR GHFLVR GL ORFDOL]]DUH GHIL QLWLYDPHQWH OD VHGH GHOOD 1XQ]LD WHOOD VXOOD FROOLQD GL 3L]]RIDOFR QH XQHQGR O¶DQWLFD &DVHUPD 3D ULVLR FRQ OD &DVHUPD 1LQR %L[LR

Z\K

90=0:;( ,<967,( 9,=<, ,<967i,55, ,<967,(5 9,=0,> ,<967f0:*/, A,0;:*/90-; 9,=0:;( ,<967,(

5HQDWD 3UXQDV D 5RFFR 6FRWHOODUR

Ê VRUSUHQGHQWH VFRSULUH DQFR UD RJJL FKH DQFKH LQ XQD ORQWDQD µSHULIHULD¶ TXDO¶HUD OD %DVLOLFDWD GHO GRSRJXHUUD DIIOLWWD GD DQWLFD SRYHUWj H QXRYD PLVHULD 5RFFR 6FRWHOODUR JLRYDQH H VFRQRVFLXWR SRHWD QRQ VROR FRQRVFHVVH 68' QHRQDWR JLRUQDOH OHWWHUDULR QDSR OHWDQR PD QH IRVVH DQFKH XQ DW WHQWR H DSSDVVLRQDWR OHWWRUH /HWWXUH FHUWDPHQWH UXEDWH DOO¶LQ WHQVD DWWLYLWj SROLWLFD FKH SURSULR LQ TXHJOL DQQL YLGHUR 6FRWHOODUR QRQ VROR LPSHJQDWR VRFLDOPHQ WH PD SURWDJRQLVWD DSSDVVLRQDWR QHOOD ORWWD SHU O¶RFFXSD]LRQH GHO OH WHUUH D ILDQFR GHL EUDFFLDQWL OX FDQL 1HO DYHYD IRQGDWR OD VH]LRQH GHO 3DUWLWR 6RFLDOLVWD GL 7ULFDULFR H QHO DSSHQD YHQ WLWUHHQQH SHU HVSOLFLWD YRORQWj GHL FRQWDGLQL QH YHQLYD HOHWWR VLQGD FR SHU LO µSDUWLWR VRFLDOLVWD GL XQLWj SUROHWDULD¶ 5HODWLYDPHQWH DOOD ULFRVWUX]LR QH GHO SURFHVVR GL IRUPD]LRQH FXOWXUDOH GHOOH OHWWXUH GHOOH FX ULRVLWj LQWHOOHWWXDOL GL 6FRWHOODUR QH VFULYH DPSLDPHQWH )UDQFR 9L WHOOL QHOOD SRVWID]LRQH GHO YROXPH GD OXL VWHVVR FXUDWR 7XWWH OH SRH VLH GL 5RFFR 6FRWHOODUR ©6H PL VL FKLHGHVVH GL LQGLFDUH SHU LO SULPR SXQWR LO FDPSR RULJLQDULR GHOOH VROOHFLWD]LRQL QRQ HVLWHUHL D WURYDUOR QHOOD ULYLVWD 68' FKH VYROJHYD XQD LQIDWLFDEL OH D]LRQH GL ULQQRYDPHQWR DQFKH DWWUDYHUVR OD GLIIXVLRQH GHOOD FR QRVFHQ]D GHJOL VFULWWRUL VWUDQLHUL 6FRWHOODUR OHJJHYD LO SHULRGLFR H Ou QHO QXPHUR GHO JHQQDLR GHO ¶ IX SXEEOLFDWD XQD VXD SRHVLD«ª 5RFFR DQLPDWR GD JUDQGH HQHU JLD H YLYDFLWj LQWHOOHWWXDOH GRWL SHU VXD QDWXUD DXWHQWLFDPHQWH SR SRODUL GHVLGHUDYD TXLQGL IRUWH PHQWH HVVHUH SUHVHQWH DQFKH QHO PRQGR OHWWHUDULR PD VRSUDWWXWWR SDUWHFLSH GL XQD ©OHWWHUDWXUD GL XR PLQL WUD JOL XRPLQLª FRPH VFULYH YD VX 68' 3DVTXDOH 3UXQDV WUD VPHWWHQGRYL OD VXD FXOWXUD FRQWD GLQD PHULGLRQDOH L VXRL LGHDOL OH VXH DSSDVVLRQDWH H JHQHURVH ORWWH SROLWLFKH FRQGRWWH LQ SULPD SHUVR QD SHU LO VXR DPDWR H GLPHQWLFDWR VXG ©«DOOR VWHVVR PRGR FRQ FXL PD VX XQ SLDQR UD]LRQDOH VWRULFR H FULWLFR XQ DOWUR JLRYDQH 3LHUR *REHWWL OR HUD VWDWR QHO SULPR GR SRJXHUUD ± VHFRQGR XQ¶DIIHUPD ]LRQH GL &DUOR /HYL ± SHU LO PRQGR RSHUDLR H LQWHOOHWWXDOH GHO QRUGª 1HO PDJJLR GHO ¶ LQ RFFDVLR QH GHOOD FDPSDJQD UHIHUHQGDULD SHU OD QDVFLWD GHOOD 5HSXEEOLFD 6FRWHOODUR LQFRQWUD &DUOR /HYL SLWWRUH VFULWWRUH DWWLYR DQWLIDVFL VWD LQ DQQL SUHFHGHQWL DUUHVWDWR H SRL FRQILQDWR LQ /XFDQLD H 0DQOLR 5RVVL 'RULD JLj QRWR VWXGLRVR GL HFRQRPLD DJUDULD GHO PH]]RJLRUQR 8QD VWLPD UHFLSURFD DOLPHQWD H OHJD VDOGDPHQWH TXHVWH WUH SHUVR QDOLWj FRVu GLYHUVH WUD ORUR H SHU ©«LO SLFFROR UDJD]]R GDL FDSHOOL URVVL H GDO YLVR LPEHUEH GL EDPEL QR«ª FRVu OR ULFRUGD DQFRUD &DU OR /HYL HVVL GLYHQWHUDQQR SUH]LR VL LQVRVWLWXLELOL DPLFL H PDHVWUL XQLWL LQ XQ UDSSRUWR VROLGDOH H TXD VL IUDWHUQR ILQR DOOD VFRPSDUVD GL 5RFFR LPSURYYLVD H LQDVSHWWDWD FKH DYYHUUj LO GLFHPEUH GHO ¶ 1HOO¶DJRVWR GHO ¶ 6FRWHOODUR GHFLGH GL SDUWHFLSDUH FRQ XQD VXD SRHVLD DO FRQFRUVR LQGHWWR DOFXQL

PHVL SULPD GD 68' VXO TXDOH VL DQGDYDQR YLD YLD SXEEOLFDQGR WH VWL H SRHVLH GL DXWRUL JLj QRWL VLD LWDOLDQL FKH VWUDQLHUL FRPH (OLRW 6DUWUH (PPDQXHO (VHQLQ 2UWHVH 7UD OH RSHUH LQYLDWH DO JLRUQD OH OD JLXULD GL 68' FRPSRVWD GD /XLJL &RPSDJQRQH $QQD 0DULD 2UWHVH 5DIIDHOH /D &DSULD )UDQ FR 5RVL &DUOD 'H 5LVR H 3DVTXDOH 3UXQDV VX FRQFRUUHQWL VHJQDOD H GHFLGH GL SXEEOLFDUH VROR OD SRH VLD GL 5RFFR 6FRWHOODUR /LEHUDWH XRPLQL O¶HUJDVWRODQR , VXRL WHPL H OD VXD FDSDFLWj GL GDUH YRFH DL VLOHQWL ©FRQWDGLQL OD FHUL GHO VXGª VRQR JLj SUHVHQWL H FRPH PRWLYDWR GDOOD JLXULD SUHQ GRQR FRUSR LQ XQ ©«HIIHWWLYR QX FOHR GUDPPDWLFR VYROJHQGROR VX XQ QRWHYROH H UHDOH SLDQR SRHWLFRª 4XHVWD SRHVLD IUD O¶DOWUR DYHYD DYXWR XQD VXD SUHFHGHQWH YHUVLR QH GDWDWD JLXJQR ¶ H FRVu LQIDWWL q SURSRVWD QHOO¶LQWHUD SURGX]LRQH SRHWLFD GHO FXUDWD GDO 9LWHOOL 6FRWHOODUR ULWHQQH LQYHFH RSSRUWX QR PRGLILFDUOD SHU LO FRQFRUVR LQ DOFXQH VXH SDUWL VRVWLWXHQGR SHU HVHPSLR DOOD SDUROD FDUFHUDWR LO WHUPLQH HUJDVWRODQR YHUVLRQH UL PDVWD IHGHOPHQWH OHJDWD D 68' DQFKH QHO WLWROR H FKH RJJL ULSUR SRQLDPR FRVu FRPH IX SXEEOLFDWD QHO ,O JLXGL]LR SRVLWLYR GHOOD JLXULD H OD SXEEOLFD]LRQH GHOOD VXD SRHVLD LQFRUDJJLDQR 6FRWHOODUR D FRQWL QXDUH OD FROODERUD]LRQH D 68' LQ YLDQGR PHVL GRSR DO JLRUQDOH XQ VXR EUHYH UDFFRQWR 8QD WHVWXJJLQH 0D VIRUWXQDWDPHQWH q LQ ULWDU GR LO JLRUQDOH VWD SHU XVFLUH FRQ LO VXR XOWLPR QXPHUR 8QD FR UDJJLRVD YRORQWj GL LQGLSHQGHQ ]D SROLWLFD XQLWD D LQVRUPRQWDELOL GLIILFROWj HFRQRPLFKH QH GHWHU PLQDQR OD FKLXVXUD GHILQLWLYD QHO GLFHPEUH GHO $UULYHUj LQ UL WDUGR FRPH LO VXR VWHVVR DXWRUH FL KD UDFFRQWDWR TXDVL VHVVDQW¶DQQL GRSR QHO Q GL TXHVWR JLRUQDOH DQFKH LO SRHPHWWR 7HPSR LQYLDWR D 68' FRQWHPSRUDQHDPHQWH GD 3RUWR (PSHGRFOH H ILUPDWR GD XQ DOWUR JLRYDQH FRHWDQHR GL SHULIH ULD O¶DOORUD YHQWLGXHQQH $QGUHD &DPLOOHUL ,O UDFFRQWR 8QD WHVWXJJLQH GDW WLORVFULWWR VXOOH WUH IDFFLDWH GL XQ GRSSLR IRJOLR GL FDUWD SLHJDWR LQ GXH HUD RUGLQDWDPHQWH ULSRVWR FRQ DOWUL LQ XQD FDUWHOOLQD FRQ OD GLFLWX UD ©68' GD SXEEOLFDUH QHO SURV VLPR QXPHUR ª ( FRQ XQD SLFFR OD FXULRVLWj LQ SL LO WHVWR HUD XOWH ULRUPHQWH SLHJDWR H VSLOODWR LQ XQ IRJOLR GL YHUJDWLQD FRQ XQ DSSXQWR PDQRVFULWWR GD 3DVTXDOH 3UXQDV ©,/ 0(5,',21( 352*5(66, 92´ ± PHQVLOH GL FXOWXUD H SROL WLFD ± IRUPDWR 3ROLWHFQLFR PHQVL OH ± SDJLQH ± SUH]]R OLUH ª $QFRUD XQ QXRYR SURJHWWR GXQ TXH FKH QRQ VROR SUHYHGHYD O¶XWL OL]]R GL TXHO UDFFRQWR PD FHUWD PHQWH LQGLFDYD QHOOR VWHVVR 5RF FR 6FRWHOODUR XQ SRVVLELOH SUH]LR VR FROODERUDWRUH H QHL VXRL WHPL GL ORQWDQH SHULIHULH FXOWXUDOL XQD IRQ WH GL DPEL]LRVH LQHGLWH VFHOWH HGL WRULDOL ,O WXWWR q SDUWH GHOO¶DUFKLYLR VWR ULFR GL 68' JLRUQDOH IRQGDWR H GL UHWWR GD 3DVTXDOH 3UXQDV DQFKH OXL DSSHQD YHQWXQHQQH QHO H GD OXL JHORVDPHQWH FRQVHUYDWR ILQR DO DQQR GHOOD VXD VFRPSDUVD 0DL SXEEOLFDWR GD 68' IRU VH DQFRUD LQHGLWR HPHUJH RUD GDO EXLR H YHGH OD OXFH 3HU OD WH VWXJJLQH GXQTXH GLUHEEH LO VXR VWHVVR DXWRUH ULFRUGDQGR XQR GHL VXRL SULPL YHUVL ©Ê IDWWR JLRU QR VLDPR HQWUDWL LQ JLXRFR DQFKH QRL ± FRQ L SDQQL H OH VFDUSH FKH DYHYDPR ± /H OHSUL VL VRQR ULWL UDWH H L JDOOL FDQWDQR ± ULWRUQD OD IDFFLD GL PLD PDGUH DO IRFRODUHª

&DUOR /HYL 5RFFR 6FRWHOODUR DUFKLYLR 3UXQDV

<508<,: 30),9(;, <64050 3»,9.(:;63(56 5RFFR 6FRWHOODUR

&KLXVR QHO FHUFKLR FKH GLVHJQL URWHDQGR OH WXH PDQL SURWHVH YHUVR XQ VHJQR GL OLEHUD]LRQH PHQWUH LQVLVWH TXHVWD SLRJJLD FKH SRUWD QHOOD VWDQ]D WDQWD OXFH TXDQWR EDVWD DOOH WLHSLGH FDSSHO OH KDQ EXVVDWR DOOD WXD SRUWD QHO VL OHQ]LR L FRQWDGLQL ODFHUL GHO 6XG

L FDO]RODL WLVLFL GLSLQWL FRPH O¶DFTXD VSRUFD GHOOD VXR OD ( VXO OLEUR OH SDUROH ULDFTXLVWDQR LO FDORUH GHOOD ILDP PD /¶RUD GHL IDOFKL VROLWDUL LQGXFH DO UHIULJHULR GHOO¶RPEUD GHOOH DFDFLH /H YRFL VRQR OH PDOHGL]LRQL GHL PLHWLWRUL FRQWUR LO VROH QRQ q WHPSR FKH OD WXD PDQR LQHUWH

WUDFFL PRWWL VLELOOLQL VXOO¶DUHQD DFFDOGDWD +DL WX HUJDVWRODQR QHO WXR FXRUH DSSHVR DOOH VXH VEDUUH FRVu VROR FRPH VHL , PLHWLWRUL VL VRQ GDWL FRQYHJQR TXHVWD VHUD D EDWWHU SXJQL VXOOD VSDOOD GHO GDWRUH GL ODYRUR ( VHQWR FKH W¶LQVRUJH OD SUHJKLH UD IUD OH ORUR FDQ]RQL H OH EHVWHP PLH /LEHUDWH XRPLQL O¶HUJDVWRODQR


Z\K

3( *(:( +,33, 690.050 , +,3 .06956

3HUPHWWHWHPL FRPH VHJQR GL JUD WLWXGLQH LQ TXHVWD FHULPRQLD FKH RQRUD L PLHL FRPSDJQL GHOO¶2GLQ 7HDWUHW H PH GL ULFRUGDUH JOL LQL ]L /H SULPH SDUROH GL XQ QRWR WH VWR WHDWUDOH 0HUGUH ,O SL FRQRVFLXWR IUD JOL LQFLSLW GHO GUDPPD HXURSHR IRUVH DQ GUHEEH HYLWDWR LQ TXHVWR VROHQQH FRQVHVVR 0D QRQ VL SXz SHUFKp TXHVWD VRUSUHQGHQWH HVFODPD]LR QH q VHQ]D GXEELR OD SL VLJQL ILFDWLYD /D SURYRFD]LRQH FRQ FXL -DUU\ DSUu 8EX 5RL TXDQGR IX VFULWWD H GHWWD OD SULPD YROWD GRYHWWH HV VHUH GHIRUPDWD 0HUGUH SHU UL VXOWDUH DFFHWWDELOH 2JJL VH QRQ IRVVH GHIRUPDWD H FRQWUDIIDWWD VDUHEEH WDOPHQWH EDQDOH GD SDV VDUH LQRVVHUYDWD 4XHVWD SDUROD GLVWRUWD GRYUHEEH HVVHUH VFULWWD VXOOH EDQGLHUH GHL QRVWUL WHDWUL VH L WHDWUL DO]DVVHUR DQFRUD EDQGLHUH LQ FLPD DL ORUR WHWWL FRPH D /RQ GUD DL WHPSL GL 6KDNHVSHDUH 4XHOOD SDUROD VXOOD EDQGLH UD QRQ q XQ LQVXOWR Ê XQ ULILXWR Ê TXHVWR FKH LO WHDWUR OR VDSSLD R QR GLFH DO PRQGR FKH OR FLU FRQGD ( SHU GLUOR FRQ HIILFDFLD H FRHUHQ]D GHYH DOORQWDQDUVL GDO OLQJXDJJLR TXRWLGLDQR ULHODER UDUOR H VLWXDUOR LQ XQR VSD]LR SD UDGRVVDOH /R VSD]LR SDUDGRVVDOH q O¶XQLFD SDWULD GHO WHDWUR 3HU TXHVWD SDWULD -DUU\ KD FUHDWR XQ¶LPPDJLQH VDUFDVWLFD H DQWLWH WLFD GHJQD GL ILJXUDUH FRPH HP EOHPD VX XQD EDQGLHUD ©4XDQW j O¶DFWLRQ TXL YD FRPPHQFHU HOOH FH SDVVH HQ 3RORJQH F¶HVW j GLUH 1XOOH 3DUWª (UD LO GLFHPEUH TXDQ GR DOOD ULEDOWD GHO 7KpkWUH GH /¶2HXYUH GL 3DULJL -DUU\ SURQXQ FLz TXHVWH SDUROH FKH SRVVRQR UL VXOWDUH DPDUH LURQLFKH SHUVLQR GLVSHUDWH ± WXWWR WUDQQH FKH WUL VWL R SURYRFDWRULH 6RQR DOOHJUH H SLHQH GL YLWDOLWj FRPH O¶KXPRXU QRLU FKH KR LPSDUDWR D FRQRVFH UH H DG DSSUH]]DUH TXL LQ 3ROR QLD 'RYUHPPR SHUz ULIOHWWHUH VX XQ IDWWR TXDQGR -DUU\ PLVH VXOOD FDUWD TXHOOH SDUROH JLRLRVH H QL FKLOLVWH 1XOOH 3DUW OR VFULVVH FRQ OH LQL]LDOL PDLXVFROH 1RQ FRPH XQ¶DVVHQ]D PD FRPH XQ¶LGHQWL Wj /D 3RORQLD q OD PLD SDWULD SUR IHVVLRQDOH /¶KR VHPSUH SHQVD WR SHUFKp TXL KR YLVVXWR JOL DQQL IRQGDPHQWDOL GHO PLR DSSUHQGL VWDWR 4XL DVVLPLODL OD OLQJXD GL ODYRUR O¶DWWHJJLDPHQWR FULWLFR YHUVR OD VWRULRJUDILD OH EDVL GHO VDSHUH H OH WHQVLRQL LGHDOL GHOO¶DU WLJLDQDWR WHDWUDOH /D 3RORQLD IX O¶DPELHQWH FKH JXLGz L PLHL SUL PL SDVVL YHUVR LO PLR GHVWLQR 2JJL QHO PRPHQWR GHO ULWRUQR DOOD FDVD GHOOH PLH RULJLQL GRSR TXDVL PH]]R VHFROR PL FKLHGR VH OD 3RORQLD QRQ VLD ULPDVWD OD PLD SDWULD SURIHVVLRQDOH VRSUDW WXWWR SHU OD VXD IRUWH YRFD]LRQH D UDSSUHVHQWDUH SHU PH LO UHDPH GL 1XOOH 3DUW &KH FRVD YROHYD GLUH -DUU\ FRQ TXHOO¶HVSUHVVLRQH QHO ORQ WDQR " $FFHQQDYD VROWDQ WR DOOR VPHPEUDPHQWR SROLWLFR GHOOD QD]LRQH SRODFFD" ( D FKH FRVD DFFHQQDYD VFULYHQGR OH SD UROH PDLXVFROH" ,O JUHFR O¶DYHYD VWXGLDWR VHULDPHQWH D VFXROD ( LQ JUHFR QXOOH SDUW GLYHQWD RX WySRV 8WRSLD (UD DQFKH D TXHVWR FKH DOOXGHYD QHO VXR JDLR H YLWD

03 3<4, :7,5;6 0DULR %HUQDUGL

,QWHUYLVWD D 9LWWRUXJR &RQWLQR VX (]UD 3RXQG

(XJHQLR %DUED H[ DOOLHYR GHOOD 1XQ]LDWHOOD

'LVFRUVR LQ RFFDVLRQH GHO FRQ IHULPHQWR GHOOD /DXUHD +RQRULV &DXVD GD SDUWH GHOO¶8QLYHUVLWj GL 9DUVDYLD PDJJLR

Z\K

90=0:;( ,<967,( 9,=<, ,<967i,55, ,<967,(5 9,=0,> ,<967f0:*/, A,0;:*/90-; 9,=0:;( ,<967,(

OH KXPRXU QRLU" 1RL OR VDSSLD PR ILQ WURSSR EHQH DWWUDYHUVR OH QRVWUH HVSHULHQ]H H OD 6WRULD FKH KD DFFRPSDJQDWR OH QRVWUH YLWH TXDQWR O¶8WRSLD DEELD D FKH YH GHUH FRQ O¶KXPRXU QRLU 3DUOR GL -DUU\ SHQVDQGR DOOD PLD 3RORQLD GL SL GL TXDUDQW¶DQ QL ID HG HFFR HPHUJHUH :LWROG *RPEURZLF] H LO VXR )HUG\GX UNH /R VDSHYDPR D PHPRULD ,O OLEUR GL *RPEURZLF] FRPH XQ JUDQGH PLWR EHIIDUGR IRUQLYD OH SDUROH L SDUDGLJPL H OH WLSR ORJLH DWWUDYHUVR FXL *URWRZVNL H LR FL SDUODYDPR ( LPPHGLDWD PHQWH QHO WHDWUR LQWHULRUH GHOOD PLD PHQWH *RPEURZLF] H -DUU\ VL DFFRVWDQR D XQ DUWLVWD FKH KD SRSRODWR GL LPPDJLQL LQGHOHELOL LO WHDWUR GHO VHFRQGR 1RYHFHQWR H GHO TXDOH YRUUHL HYRFDUH OD SUH VHQ]D 7DGHXV] .DQWRU 'L QDVFLWD H VFXROD VRQR LWDOLD QR '¶HGXFD]LRQH SROLWLFD QRU YHJHVH 3URIHVVLRQDOPHQWH SR ODFFR 1HO TXDQGR QHO WHD WUR ODERUDWRULR 5]HGyZ GL -HU ]\ *URWRZVNL H /XGZLFN )ODV]HQ GRYHYR PHWWHUH LQ VFHQD XQ WHVWR SHU LO PLR VDJJLR GL UHJLD SHQVDL DOOH PLH UDGLFL DOOD 'LYLQD &RP PHGLD GL 'DQWH $OLJKLHUL 3URJHW WDYR XQR VSD]LR WHDWUDOH GRSSLR GXH SDOFRVFHQLFL DL GXH HVWUHPL GHOOD VDOD H LO YLDJJLR GL 'DQWH LQ PH]]R IUD JOL VSHWWDWRUL QHO OR VSD]LR GHO 'LVRUGLQH ± XQD SD UROD DQFKH TXHVWD GD VFULYHUH FRQ OD PDLXVFROD FRPH 1XOOH 3DUW &HUFDYR XQR VFHQRJUDIR H PL UL YROVL D .DQWRU &L LQFRQWUDPPR H SDUODPPR D OXQJR (UD FXULRVR H JHQWLOH 1RQ PRVWUz DIIDWWR LO FD UDWWHUDFFLR FKH VL GLFHYD D 2SR OH" ( LQ TXDOH WHDWUR DO =LHPL 2SROVNLHM" *OL ULVSRVL FKH ODYR UDYR FRQ *URWRZVNL 5LFRUGR LO ODPSR GHO VXR VJXDUGR .DQWRU VL DO]z VHQ]D XQD SDUROD H PL SLDQWz LQ DVVR 1RQ O¶KR SL ULYLVWR 4XHVWD q DQHGGRWLFD QRQ q VWR ULD /H ULYDOLWj OH JHORVLH OH JOR ULH H OH SDXUH VRQR VFKLXPD HIIL PHUD H QRQ YDQQR FRQIXVH FRQ OH SRWHQWL RQGH GHO PDUH FKH VL DF FDQLVFRQR FRQWUR OD VWDELOLWj GHOOD WHUUDIHUPD 6H ULFKLDPR DOOD PHPRULD OH RQGH DSSDUHQWHPHQWH VFRPSDUVH QRQ IDFFLR O¶DSSHOOR G¶XQD XPDU OD NODVD GL XQD µFODVVH PRUWD¶ 7DGHXV] .DQWRU +HLQHU 0 OOHU -XOLDQ %HFN &DUPHOR %HQH -HU ]\ *URWRZVNL 4XHVWH RQGH VRQR GLYHQWDWH FRUUHQWL SURIRQGH WHP SHUDQR LO FOLPD LQ FXL QRL DJLDPR SURIHVVLRQDOPHQWH VRQR LO QRVWUR PRQGR 6H TXHVWR PRQGR TXHVWR SRWHQWH UHDPH GL 1XOOH 3DUW WHQ WLDPR GL ULQFKLXGHUOR QHL FRQILQL FKH FKLDPLDPR µSDVVDWR¶ VLDPR QRL LQ UHDOWj D PRULUH 4XHOOH SHUVRQH DSSDUHQWHPHQ WH VFRPSDUVH QRQ VRQR L QRVWUL ULFRUGL 6RQR LO QRVWUR VDQJXH VRQR OR VSLULWR FKH FL PDQWLHQH LQ YLWD &KL PL FRQRVFH OR VD SL G¶RJQL DOWUD HVSHULHQ]D SHU PH OD 3RORQLD IX *URWRZVNL 1RQ VHU YH ULSHWHUH FLz FKH KR GHWWR JLj WDQWH YROWH 4XHVWD FHULPRQLD GHO q OD VFHQD SL UHFHQWH GL XQ LQWUHFFLR FKH FRPLQFLz QHO FRQ O¶LQFRQWUR D 2SROH G¶XQ LWD OLDQR GL DQQL HPLJUDWR LQ 1RU YHJLD FKH DYHYD PROWR YLDJJLD WR FRQ XQ UHJLVWD SRODFFR GL DQQL FKH DYHYD JLUDWR SRFR SHU LO PRQGR PD DYHYD FRPLQFLDWR D HVSORUDUH OD JHRJUDILD YHUWLFD OH FRQRVFHYD O¶DUWH GHOOD SROLWLFD H GHOOD GLVVLGHQ]D H VDSHYD PHW WHUOH DO VHUYL]LR GHOOD VROD OLEHUWj VSLULWXDOH 5LFRQRVFR LQ -HU]\ *URWRZVNL LO PLR 0DHVWUR (SSXUH QRQ PL VHQWR Qp XQ VXR DOOLHYR Qp XQ VXR VHJXDFH /H VXH GRPDQGH

VRQR GLYHQXWH OH PLH /H PLH UL VSRVWH VRQR VHPSUH SL GLYHUVH GDOOH VXH -HU]\ *URWRZVNL DYHYD EXRQ VHQVR SHU TXHVWR HUD GLVWUXWWR UH GHO VHQVR FRPXQH H GHOOH LO OXVLRQL (UD O¶XRPR GHO SDUD GRVVR H WUDVIRUPz LO SDUDGRVVR LQ XQ FRQFUHWR SDHVH &RQTXLVWz OD SURSULD DXWRUHYROH]]D QHL WHU ULWRUL GHO WHDWUR (UD XQ SURIHWD QHO VHQVR RULJLQDULR GHOOD SDUROD SHUFKp QRQ SDUODYD LQ QRPH SUR SULR PD LQ QRPH GL XQ¶RJJHWWL YLWj SRFR HYLGHQWH 3RVH OD GRPDQGD IRQGDPHQWD OH SHU LO WHDWUR GHO QRVWUR WHPSR OD SL GRORURVD H GHFLVLYD SHU LO VXR DYYHQLUH ,O WHDWUR FRPH DUWH OR LQWHUHVVDYD VROR FRPH SXQWR GL SDUWHQ]D Qp VL LOOXGHYD FKH GDOO¶HVWHWLFD H GDOO¶RULJLQDOLWj GLSHQGHVVH LO VXR SRWHQ]LDOH IX WXUR &KLHVH VHPSOLFHPHQWH ©&KH FRVD YRJOLDPR IDUQH GHO WHD WUR"ª /H GRPDQGH SURIHWLFKH QRQ FRQLDQR SDUROH QXRYH 6RYYHUWR QR OH HVSUHVVLRQL FRPXQL 4XDQ WH YROWH O¶DEELDPR VHQWLWD ULSHWH UH TXHVWD GRPDQGD D FKH VHUYH LO WHDWUR" /H YHUH ULVSRVWH QRQ FL UDJJLXQJRQR DWWUDYHUVR OH SDUR OH VRQR IDWWL &KH FRVD YRJOLDPR IDUQH GHO WHDWUR" 'REELDPR UDVVHJQDUFL D HVVHUH FXVWRGL GHOOH VXH IRUPH JRYHUQDWL GDL WXULVWL GDL IXQ]LR QDUL GHO PHFHQDWLVPR GDL UHJR ODPHQWL GHO VROHQQH PXVHR GHOOR µVSHWWDFROR YLYHQWH¶" 2 YRJOLD PR GHFLGHUH FRQ OH QRVWUH D]LR QL SHUFKp TXHVWR DUWLJLDQDWR VLD FRVu QHFHVVDULR D RJQXQR GL QRL FKH FRVD YDGD HVWUDWWR GD TXHVWR SUHVWLJLRVR UHSHUWR G¶XQD VRFLHWj FKH QRQ F¶q SL FRQ FKL ORWWDUH SHU ULFRQRVFHUH L VHJUHWL H OH SR WHQ]LDOLWj GHO QRVWUR DUWLJLDQDWR FRPH H GRYH ULIRQGHUH H XWLOL] ]DUH L VXRL PDWHULDOL H OH VXH VR VWDQ]H" *URWRZVNL KD WUDVIRUPDWR XQ PRGR GL GLUH XQ GLVDJLR GLIIX VR H OD VFRQWHQWH]]D GHOOD JHQWH GL WHDWUR LQ XQD YHUD GRPDQGD ( KD ULVSRVWR FRQ O¶HYLGHQ]D GHL

VHPSUH GXH SHUVRQH VHQ]D VSHW WDWRUH QRQ F¶q DWWRUH ± H QHSSXUH 3HUIRUPHU DQFKH VH VFULWWR FRQ OHWWHUD PDLXVFROD 4XDOXQTXH VLD SRL LO PRGR LQ FXL OD QR]LRQH GL µVSHWWDWRUH¶ YHQJD GD QRL LQWHU SUHWDWD GHILQLWD LQFDUQDWD R LP PDJLQDWD 'RPDQGH LGHQWLFKH ± ULVSRVWH GLYHUJHQWL 1RQ q O¶RUWRGRVVLD IHGHOH PD O¶LQFRQWUR DWWUDYHU VR OH GLIIHUHQ]H FKH SHUPHWWH DO SDVVDWR GL FLUFRODUH LQ QRL FRPH LQ XQ VLVWHPD VDQJXLJQR ,O UHDPH GL 1XOOH 3DUW SURPHW WH DFFHWWD]LRQH LVSLUD VHQVR GL LVRODPHQWR HVDOD FKLPHUH H LQ DOFXQL UDUL FDVL VSLQJH YHUVR OD SURIRQGLWj Ê TXHVWR FKH OD WHF QLFD UHJDOD TXDQGR VL DYDQ]D OXQJR OD VXD VWUDGD OD FRQVDSH YROH]]D FKH OD FRVWUL]LRQH GLYHQ WD XQR VWUXPHQWR GL OLEHUWj 1HO UHDPH GL 1XOOH 3DUW VHQ WLHUL FKH SDUWRQR GD OXRJKL GL VWDQWL VL LQFRQWUDQR H VL IRQGR QR $OWUL FKH KDQQR OD VWHVVD RUL JLQH H VHPEUDQR LQGLVVROXELOL VL ELIRUFDQR 3RVVLDPR VFRSULU YL OH VFDOH FKH HVSORUDQR 9HUVR O¶DOWR H YHUVR LO EDVVR OD JHRJUD ILD YHUWLFDOH ( SRVVLDPR WURYDUH IRUWH]]H µGDOOH PXUD GL YHWUR¶ LQ FXL WHFQLFD H WHQVLRQL LGHDOL LQ YHQWDQR VWUDWHJLH FKH FL SHUPHW WRQR GL YLYHUH QHO QRVWUR WHPSR VHQ]D HVVHUH GHO QRVWUR WHPSR 1HOOR VSD]LR SDUDGRVVDOH GHO WHDWUR VL SRVVRQR FRVWUXLUH VWRULH SDUDOOHOH D TXHOOD 6WRULD FKH FL LQJORED H FL WUDVFLQD H WUDVIRU PDUH LQ VROLGH UHOD]LRQL XPDQH L YDORUL FKH SDLRQR VROR VRJQL H LQJHQXLWj 3DUOR GL IDWWL FRPSLXWL %DVWD DYHUH XQR VJXDUGR VXIILFLHQWH PHQWH DFXWR H VSHULPHQWDWR SHU GLVWLQJXHUH OD VWRULD VRWWHUUDQHD GHO WHDWUR QHO PRQGR PRGHUQR &RVD IDUQH GHO WHDWUR" /D PLD ULVSRVWD VH GHEER WUDGXU OD LQ SDUROH q XQ¶LVROD JDOOHJ JLDQWH XQ¶LVROD GL OLEHUWj 'H ULVRULD SHUFKp q XQ JUDQHOOR GL VDEELD QHO YRUWLFH GHOOD VWR ULD H QRQ FDPELD LO PRQGR 6D FUD SHUFKp QRQ FDPELD QRL

6SHULPHQWR LO UHDPH GL 1XOOH 3DUW FRPH XQ UHJQR DEEDQGRQD WR GDL VXRL UH H GDOOH VXH UHJLQH /D VXD YLWD q UHJRODWD GD PROWH GLVFLSOLQH H QHVVXQD /HJJH Ê LO OXRJR LQ FXL VL SXz GLUH ©QRª VHQ]D VSURIRQGDUH QHOOD QHJD]LRQH GHJOL REEOLJKL H GHL OHJDPL Ê LO OXRJR GHO 5LILX WR FKH QRQ VL VHSDUD GDOOD UHDO Wj FLUFRVWDQWH DQ]L GRYH O¶DWWR GL ULILXWDUH SXz HVVHUH FHVHOOD WR FRPH XQ JLRLHOOR FRPH XQD IDYROD DWWUDHQWH FKH SRL FL VRU SUHQGH TXDQGR FL VHPEUD FKH SDUOL GL RJJL H SURSULR D QRL 2JJL LR VRQR FRPPRVVR SHU FKp VRQR GHQWUR XQD IDYROD H TXHVWD IDYROD q D 9DUVDYLD FKH PL YLHQH UDFFRQWDWD 4XDOH OXRJR SXz UDSSUHVHQWDUH LO FDVWHOOR GHO OH IDYROH PHJOLR GHOO¶XQLYHUVLWj GHOOH RULJLQL GHO PLR SHUFRUVR SURIHVVLRQDOH DOOD TXDOH ULWRUQR FRPH GRFWRU KRQRULV FDXVD QHO TXLQWR DWWR GHOOD PLD YLWD" (SSXUH LQ TXHVWR VWHVVR PR PHQWR ULYHGR OH RVVD FKH L EXOO GR]HU VFDYDYDQR DOOD OXFH IUD OH PDFHULH GL 9DUVDYLD DQFRUD DO O¶LQL]LR GHJOL DQQL 6HVVDQWD $S SDUWHQJR D TXHOOD JHQHUD]LRQH GL JLRYDQL DIIDPDWL GL OLEUL FKH TXDQGR DO]DYDQR JOL RFFKL UL VFKLDYDQR GL YHGHUH RVVD IUD OD WHUUD H OH PDFHULH SRUWDWH YLD GDL FDPLRQ FKH ULFRVWUXLYDQR O¶(X URSD GRSR OD 6HFRQGD *XHUUD 0RQGLDOH 6FRSULYDQR XQ¶DOWUD IDPH ROWUH TXHOOD SHU LO VDSHUH H L OLEUL &RPH VH VHQ]D OHJJHUH QRQ VL SRWHVVH UHVSLUDUH PD WXWWL L OLEUL SRL IRVVHUR Ou SHU QDVFRQ GHUH OD YHULWj 3HU DOFXQL GL QRL FKH KDQQR JR GXWR O¶HORTXHQ]D H OD SRHVLD GHL OLEUL DFFDQWR DOO¶RUULGR PXWLVPR GHOOH RVVD GHJOL DQRQLPL DVVDV VLQDWL LO WHDWUR q VWDWR XQ SRQWH IUD OD IDPH GL VDSHUH H OD IDPH GL TXHO FKH VL ULYHOD TXDQGR VL DEEDQGRQD LO VDSHUH 8Q SRQWH FKH VL SXz FRVWUXLUH FRQ PHWRGR VHFRQGR OH PLJOLRUL UHJROH GHO O¶DUFKLWHWWXUD PD FKH QRQ q IDW WR SHUFKp FL VL IHUPL VX GL HVVR FRPH VH IRVVH XQ WUDJXDUGR 6u LO WHDWUR q XQ¶DUWH 0D OD VXD

EHOOH]]D QRQ EDVWD D UDSLUFL 4XH VW¶DUWH q VWDWD D OXQJR VYDOXWDWD 3RL ILQDOPHQWH q VWDWD DSSUH]]D WD H SUHPLDWD FRPH PHULWD 'H JOL DSSUH]]DPHQWL H GHL SUHPL L PLHL FRPSDJQL GHOO¶2GLQ H LR YL ULQJUD]LDPR FRPPRVVL 0D DE ELDPR YLVWR OH RVVD 1RQ VL SXz SUHWHQGHUH FKH OD SRPSD GHOOH FHULPRQLH WHDWUDOL H OD ORUR VR OHQQLWj DSSDJKL OD QRVWUD IDPH , YRVWUL SDOD]]L GHOOH IDYROH VRQR IDWWL SHU HVVHUH YLVLWDWL H ODVFLD WL 6H FL DWWDFFKLDPR D HVVL FL WUDVIRUPLDPR LQ ILJXUH LOOXVRULH QHOOH PDQL GHOOH VWUHJKH H GHJOL RUFKL FKH VLDPR GLYHQWDWL $PR LO WHDWUR SHUFKp PL ULSX JQDQR OH LOOXVLRQL 1RQ FUHGR FKH OR VFRQWHQWR ± TXHVWR VSLULWR GL ULEHOOLRQH FKH PL FDYDOFD ± SRV VD DOOD ILQH DFTXLHWDUVL 4XDQGR VHPEUD ULGRWWR DO VLOHQ]LR VHQ WR O¶RGRUH GHOOD PHQ]RJQD VDOLUH DOOH QDULFL 6H OR VFRQWHQWR VL DF TXLHWDVVH GHO WHDWUR QRQ VDSUHL SL FKH IDUPHQH 5LSHWHUH ULSHWHUH ULSHWHUH /¶D]LRQH LQ WHDWUR q IDWWD SHU HV VHUH ULSHWXWD QRQ SHU UDJJLXQJH UH XQR VFRSR H DQGDUH ROWUH 5L SHWHUH VLJQLILFD UHVLVWHUH RSSRU UH UHVLVWHQ]D DOOR VSLULWR GHO WHP SR DOOH VXH SURPHVVH H PLQDFFH 6ROR GRSR HVVHUH VWDWD ULSHWXWD H ILVVDWD XQD SDUWLWXUD SXz FRPLQ FLDUH D YLYHUH &DGUj DQFRUD PROWD QHYH LO JHOR WRUQHUj 'DOO¶LQWHUQR GL TXHVWR ODERULRVR VFRQWHQWR IDW WR GL D]LRQL DSSOLFDQGR TXHVWR DUWLJLDQDWR GHOOD GLVVLGHQ]D FKH FKLDPR WHDWUR L PLHL FRPSD JQL GHOO¶2GLQ H LR FL VIRU]LDPR GL QRQ FHGHUH DOOH WHQWD]LRQL GHO SURJUHVVR H DOO¶LPSHWR GHO WHP SR 6HQ]D WXUEDPHQWR FRQ DF FDQWR L QRVWUL PRUWL DPDWL H SHU QRL VHPSUH LQ YLWD JXDUGLDPR TXHO FKH GL QRL JLRUQR SHU JLRU QR VH QH YD $QFRUD XQD YROWD L PLHL FRP SDJQL GHOO¶2GLQ 7HDWUHW H LR YL ULQJUD]LDPR 'D TXHVWD FDW WHGUD QRQ DEELDPR DOWUD OH ]LRQH GD WUDVPHWWHUH D SDUR OH D FRORUR FKH KDQQR RJJL YHQWL R YHQWLFLQTXH DQQL

+,33( *(:( IDWWL FRPSLXWL +D SUHVR GDOOD SURIHVVLRQH WHDWUDOH FLz FKH VHU YLYD SHU FUHDUH XQD ULJRURVD GL VFLSOLQD GL OLEHUWj VJDQFLDWD GD OHJDPL FRQ TXDOVLDVL PHWDILVLFD R GRWWULQD +D FLUFRVFULWWR XQD UHJLRQH PROWR SDUWLFRODUH GHO UHDPH GL 1XOOH 3DUW XQR \RJD VHQ]D XQD PLWRORJLD FRQGLYLVD +D WUDFFLDWR OD URWWD GL XQ YLDJ JLR YHUWLFDOH D SDUWLUH GDO WHDWUR $OOD UDGLFH GHOOD GRPDQGD IRQ GDPHQWDOH *URWRZVNL SLDQWz XQ WRWHP OD WHFQLFD 1RQ VL ULIHULYD DOOD PDQLSROD]LRQH GHJOL RJJHWWL H GHOOH PDFFKLQH PD DOO¶LQGDJL QH HPSLULFD GHOO¶D]LRQH XPDQD GHOO¶HVVHUH XPDQR QHOOD VXD LQWH UH]]D H LQWHJULWj /D WHFQLFD HUD OD SUHPHVVD SHU XQ¶XQLRQH GLIIL FLOH D YROWH SUHFDULD GL TXHO FKH QHOOD YLWD TXRWLGLDQD q GLYLVR LO FRUSR H OD PHQWH OD SDUROD H LO SHQVLHUR O¶LQWHQ]LRQH H O¶D]LRQH ,O WRWHP HUD OD WHFQLFD GHOO¶DWWR UH FLRq GHOOD UHOD]LRQH IUD XQ HV VHUH XPDQR H O¶DOWUR µ$WWRUH¶ VL GLFH DO VLQJRODUH PD VRWWLQWHQGH

7(5, 5,96

*DEULHOH $OEDURVD $QWLFKH PDQL UDGLFL SLDJDWH VSH]]DQR OD FURVWD UXYLGD 6D GL SLHWUD GL HUEH LO SDQH GL VHQWLHUR DOSLQR *XDQFH URVVH OD VWXID DWWL]]D LO VDQJXH GHO FRUSR LQWLUL]]LWR 2UPDL IXRUL q EXLR VFRPSDLRQR L WHWWL GL ORVD LO YHQWR VEDWWH D WUDWWL JOL LQILVVL 6XO WDYROR GL OHJQR XQ ELFFKLHUH GL YLQR FDOGR VRUULVL HVDXVWL XQ SR¶ HEHWL VL SDUOD FRL JHVWL &KH GROFH TXHO SDQH D SH]]R D SH]]R ,O YHFFKLR FROWHOOR OD ODPD VPDJULWD GDOO¶XVR VFLRJOLH LO ERXGLQ

Ê VDQJXH H FDORUH GDOOD IUHGGD PRQWDJQD YHUPLJOLR FDORUH VL VFLRJOLH LO ERXGLQ 0DQL VSHVVH WDWXDWH GL WHUUD VEULFLRODQR FDVWDJQH URYHQWL KDQQR DSSHQD PXQWR LO ODWWH VFKLXPRVR FKH RUD EROOH VXOOD VWXID 5LWL VHPSOLFL PLOOHQDUL VL VYROJH LQ SRFKL PHWUL OD VHPSOLFLWj GHOO¶(VVHUH OD YDVWLWj GHOOH SLFFROH FRVH OD FUXGH]]D GHOOD IDWLFD O¶LJQRUDQ]D GHOOD EHDWLWXGLQH

ERXGLQ WHUPLQH YDOGRVWDQR LQGLFD XQ VDODPH VDQJXLQDFFLR SURGRWWR ORFDOPHQWH

9LWWRUXJR &RQWLQR FODVVH H[ DOOLHYR GHOOD 6FXROD 0LOLWDUH 1XQ]LDWHOOD IRWRJUDIR GLUHWWRUH GL IRWRJUDILD LQ LPSRUWDQWL SUR GX]LRQL FLQHPDWRJUDILFKH SUR IHVVRUH GHOO¶$FFDGHPLD GL %HOOH $UWL GL 5RPD 1HO DOO¶DSL FH GL XQD FDUULHUD GL IRWRUHSRU WHU GHO EHO PRQGR LQWHUQD]LRQD OH HQWUz LQ XQD SURIRQGD FULVL VSLULWXDOH H SROLWLFD ,O FRQIURQ WR GHO VLVWHPD FDSLWDOLVWD FRQ TXHOOR GHOOH GHPRFUD]LH SRSROD UL HQWUDPEL FRQWUDGGLWWRUL H SLH QL GL IDOVLWj OD UHDOWj GHO 9LHW QDP H GHL SDH VL ROWUHFRUWLQD UDFFRQWD &RQWL QR OR JHWWDURQR LQ XQD SURIRQ GD FULVL LGHROR JLFD /D GRPDQGD HUD TXHOOD GL VHP SUH LQ FKH FRVD FUHGHUH" ©)X OD FXOWXUD IXURQR OH JUDQGL LGHH D VDOYDUPLª DIIHUPD &RQWL QR ( O¶LQFRQWUR FRQ OD JUDQGH FXOWXUD GHO 1RYHFHQWR FRO SRHWD PqQWRUH GHL JUDQGL SRHWL DYYHQ QH FDVXDOPHQWH DO )HVWLYDO GL 6SROHWR 4XL 3RXQG SDUWHFLSDYD D XQD OHWWXUD GL SRHWL H &RQWLQR FRQ VXD JUDQGH VRUSUHVD DVFROWz O¶DPHULFDQR DIIHUPDUH FKH HJOL DYHYD OHWWR QRQ XQ VXR WHVWR PD XQD SRHVLD DQWLFD GL GXHPLOD DQ QL FKH HJOL DYHYD VHPSOLFHPHQ WH WUDGRWWR GDO FLQHVH &RVu QDF TXH LO UDSSRUWR WUD (]UD 3RXQG H 9LWWRUXJR &RQWLQR GDOOD FXL FRO ODERUD]LRQH YLGH OH VWDPSH QHO LO YROXPH (]UD 3RXQG LQ ,WDO\ ± )URP WKH 3LVDQ &DQWRV ± 6SRWV DQG 'RWV &RQWLQR KD YLVVXWR LQWHQVD PHQWH JOL XOWLPL RWWR DQQL GL YLWD GL 3RXQG GDO DQQR LQ FXL LO IRWRJUDIR HEEH O¶HVFOXVLYD GHO OH LPPDJLQL GHO SRHWD ILQR DOOD PRUWH DYYHQXWD QHO D 9H QH]LD &RQWLQR DFFRPSDJQz LO SRHWD VXL OXRJKL GHL 3LVDQ &DQ WRV H IX LO IRWRJUDIR GHOO¶LQFRQ WUR FRQ 3DVROLQL DYYHQXWR QHOOD FDVD GL 3RXQG LO RWWREUH GHO (JOL q VWDWR DQFKH LO WH VWLPRQH GHOO¶LVRODPHQWR LQ FXL VL HUD YRORQWDULDPHQWH FKLXVR LO SRHWD GRSR OH DPDUH YLFLVVLWXGL QL FKH OR DYHYDQR SURIRQGDPHQ WH VHJQDWR 7HVWLPRQH TXLQGL GH JOL XOWLPL PHVVDJJL GL 3RXQG DI ILGDWL DOOD PRJOLH H D SRFKLVVLPL LQWLPL

WDJRQLVWL GHO QRVWUR WHPSR GL ID UH FRVH LPSRUWDQWL FKH ULPDQJR QR ,O UHVWR OH EDQDOLWj SDVVDQR YHORFHPHQWH H QRQ ULPDQH FKH QLHQWH ª &RQWLQXD &RQWLQR ©6XELWR PL DFFRUVL FKH LQ HIIHWWL 3RXQG DYH YD DQFRUD PROWR GD GLUH H DQD OL]]DQGR O¶HVSHULHQ]D GUDPPDWL FD FKH DYHYD YLVVXWR OR SRUWDL LQ PROWL SRVWL LQFOXVL L OXRJKL GHO OD VRIIHUHQ]D QHOOD VSHUDQ]D FKH TXHVWR OR VROOHFLWDVVH D GLUH GHOOH XOWLPH FRVH /D PLD IX XQD VSH UDQ]D YD QD 7XWWR TXHOOR FKH QH YHQQH IXRUL QRQ IX DOWUR FKH OD FRQ IHUPD GL FLz FKH SRL VFULVVH LQ XQ YHUVR PDNH VWURQJ WKH ROG GUHDPV UHQ GL IRUWL L YHFFKL VRJQL ª

³)X OD FXOWXUD IXURQR OH JUDQGL LGHH D VDOYDUPL´

&RQWLQR PRWLYD FRVu OD VFHOWD GL GHGLFDUVL D 3RXQG SHUVRQDOL Wj GLIILFLOH H DQFRUD RJJL PROWR RVWHJJLDWD VH QRQ GLPHQWLFDWD ©LQQDQ]LWXWWR XQ GHVLGHULR GL FR QRVFHUH H GLIHQGHUH TXHVW¶XRPR GLIHQGHUH XQ GLULWWR GL GHPRFUD ]LD UDJJLXQJHUH OD YHULWj ,QROWUH QRQ F¶HUD QHVVXQR WUD OH SHUVRQH GHO PRQGR GHOOD FXOWXUD FRVu QR WD H DOOR VWHVVR WHPSR SL LJQRWD GL FXL ULPDQHVVH TXDOFRVD GD GL UH 3RXQG QHO VXR VLOHQ]LR DYHYD WDQWLVVLPR GD GLUH H DQFRUD RJJL q FRVu /D PDQFDWD DVVHJQD]LRQH GHO 1REHO OD VLWXD]LRQH SROLWLFD GL DOORUD H GL RJJL DQFRUD JUDYDQR VXOOD IRUWXQD GL 3RXQG &Lz FKH PL KD JXLGDWR QHOOD PLD FDUULHUD H FKH YRUUHL ODVFLDUH FRPH PHV VDJJLR DL JLRYDQL q FKH FRO WHP SR FKH DEELDPR D GLVSRVL]LRQH GREELDPR FHUFDUH GL HVVHUH SUR

/D JDEELD ©,Q PDFFKLQD JL UDPPR YDUL OXRJKL G¶,WDOLD ,R HEEL O¶LGHD GL ULDQGDUH VXO OXRJR GHOOD JDEELD (UDYDPR LQ 7RVFD QD D )LUHQ]H DYHYD QHYLFDWR H DQGDPPR DO PDUH SHU VIXJJLUH DOOD QHYH 'RUPLPPR D 3LVD LR LO SRHWD H OD PRJOLH 2OJD 5XGJH OD TXDOH ULQWX]]z FRVu LO SRUWLH UH FKH O¶DYHYD FKLDPDWD VLJQR UD 3RXQG ©SHU WUHQW¶DQQL QRQ PL VRQR IDWWD FKLDPDUH VLJQR UD 3RXQG H QRQ KR LQWHQ]LRQH GL LQL]LDUH RUDª /D 5XGJH PD GUH GL 0DU\ GH 5DFKHOZLW] FRQ GLYLGHYD FRQ PH LO GHVLGHULR GL VSURQDUH LO SRHWD LO TXDOH SDUOD YD SRFKLVVLPR DOORUD LQ TXDOFKH PRGR 'HFLGHPPR FRVu GL SRU WDUOR D &ROWDQR VXO OXRJR GRYH QHO HUD VWDWR ULQFKLXVR LQ XQD YHUD H SURSULD JDEELD GL GH WHQ]LRQH XQD VSHFLH GL JDEELR QH SHU SROOL FRPH TXHOOH FKH VL YHGRQR RJJL D *XDQWDQDPR PD SULYD GL WHWWR OD TXDO FRVD GL VWXUEz PROWLVVLPR 3RXQG HVVHQ GR URVVR GL FDSHOOL ª ©1HO ¶ ¶ 3RXQG VL HUD UH FDWR LQ $PH ULFD GD GRYH WRUQz LQ ,WD OLD FRQ LO SD GUH 4XDQGR O¶,WDOLD HQ WUz LQ JXHUUD HJOL FLWWDGL QR DPHULFD QR VL WURYz LQ XQ SDHVH QHPLFR 1RQ VL SRWp SHUz PXRYHUH H UDJJLXQJHUH XQR GHL SDHVL DOOHDWL R QHX WUDOH SHUFKp LO SDGUH HUD JUDYHPHQWH PDOD WR 0RULUj GL Ou D SRFR HG q VH SROWR DO FLPLWHUR GL 5DSDOOR ª ©/D FDWWXUD DSSXUDL LQ VHJXL WR HUD DYYHQXWD FRVu 3RXQG GD 5DSDOOR VL SUHVHQWz D *HQRYD DSSHQD DUULYDURQR JOL DPHULFDQL SUREDELOPHQWH QHO PDJJLR GHO µ LQVLHPH DOOD PRJOLH DO FR PDQGR DOOHDWR /D PRJOLH YHQ QH PDQGDWD VXELWR D FDVD PHQ WUH 3RXQG YHQQH WUDWWHQXWR SHU XQ SDLR GL VHWWLPDQH /D ILJOLD SURYz LQ TXHL JLRUQL D YHGHUH LO SDGUH PD XWLOL]]DQGR LO SUHWH VWR GHO FRJQRPH GLYHUVR OH YHQ

QH QHJDWR LO SHUPHVVR 3RXQG VFRPSDUYH H YHQQH SRUWDWR DO 'LVFLSOLQDU\ &HQWHU GL &ROWDQR QHO 7RPEROR QHL SUHVVL GL 3L VD 'L Oj SRWHYD YHGHUH SLD]]D GHL 0LUDFROL 1HO 'LVFLSOLQDU\ &HQWHU HUDQR WUDWWHQXWL SULQFL SDOPHQWH VROGDWL DPHULFDQL FKH DYHYDQR FRPPHVVR UHDWL H LWD OLDQL IDVFLVWL DXWRUL GL UHDWL SR OLWLFL H FRPXQLª 'D DOFXQL IDVFLVWL LQFRQWUDWL GD &RQWLQR LQ VHJXLWR HJOL VHS SH FKH ORUR SHUVRQH FROWH FKH FRQRVFHYDQR LO SRHWD SHU IDPD HUDQR DOO¶RVFXUR GHOOD SUHVHQ]D GL 3RXQG QHO FDPSR /R SVLFR ORJR GHO FDPSR VFULVVH XQD QR WD LQ FXL VRVWHQHYD OD IROOLD GL 3RXQG ,O SRHWD YHQQH SRL SRU WDWR LQ RWWREUH LQ $PHULFD 3HU OH OHJJL VSHFLDOL FKL DYHYD SRUWDWR JLRYDPHQWR DO QHPLFR HUD SDVVL ELOH GL PRUWH 3RXQG HUD DFFXVD WR GL DYHU IDWWR GHOOH WUDVPLVVLR QL DOOD UDGLR IDVFLVWD *LXULGLFD PHQWH LO SUREOHPD HUD GL YDOX WDUH TXDQWR OD WUDVPLVVLRQH DOOD UDGLR HTXLYDOHVVH DO JLRYDPHQWR DO QHPLFR YDOXWD]LRQH FKH QRQ HEEH PDL XQ HVLWR 3RXQG VL GL IHVH FRVu ©,R KR LQWHVR ULVSHW WDUH OD &RVWLWX]LRQH DPHULFDQD FKH SUHYHGH OD OLEHUWj GL SDUROD /LEHUWj GL SDUROD VHQ]D OLEHUWj GL SDUROD DOOD UDGLR SHU XQ SRH WD FKH OLEHUWj q"ª 9HUUj HFFHSLWD O¶LQVDQLWj GL PHQWH OD FRUWH QRQ HQWUz QHL WHUPLQL JLXULGLFL YHUL H SURSUL 4XDVL WXWWH OH ELRJUDILH GL 3RXQG ULSRUWDQR O¶LQVDQLWj GL PHQWH FRPH XQ HVFDPRWDJH SHU JUD]LDUH LO SRHWD DOWULPHQWL SDV VLELOH GL SHQD GL PRUWH 0D VLD PR SRL FHUWL FKH LO WULEXQDOH VD UHEEH ULXVFLWR D GLPRVWUDUH FKH HVSULPHUH LO SURSULR SHQVLHUR LQ XQD WUDVPLVVLRQH UDGLRIRQLFD HUD DOWR WUDGLPHQWR H QRQ LO VHPSOL FH HVHUFL]LR GL XQD OLEHUWj FRVWL WX]LRQDOH" 3RXQG YHQQH ULQFKLXVR QHO FDUFHUH SVLFKLDWULFR GL 6W (OL ]DEHWK :DVKLQJWRQ 6FULWWRUL H LQWHOOHWWXDOL DPHULFDQL LQVRU VHUR 1HO 3RXQG UL FHYHWWH LO %ROOLQ JKHQ 3UL ]H LO SUH PLR GHOOD %LEOLRWHFD GHO &RQ J U H V V R RYYHUR LO P D V V L P R ULFRQRVFL PHQWR FKH O¶$PHUL FD SRWHYD WULEXWDUH D XQR VFULWWRUH DPHULFDQR 'HO OD JLXULD IDFHYDQR SDUWH WUD JOL DOWUL 7 6 (OLRW : + $XGHQ $OOHQ 7DWH 3URVHJXH &RQWLQR ©&RVu VHQ]D GLUH QXOOD D 3RXQG LQ XQD PDWWLQD ULJLGD H LQYHUQDOH LO JHQQDLR FL DYYLDPPR DO OD ULFHUFD GHOOR VSD]LR GHOOD JDEELD GHO ¶ PD O¶LQYHUQR LQFLGHYD VXO WHUULWRULR GHO FDP SR 2UD F¶HUD XQD FRRSHUDWLYD DJULFROD 2JQL WUDFFLD HUD VWDWD FDQFHO ODWD LQFOXVH OH EDVL GL FHPHQ WR GHOOH JDEELH ,R RVVHUYDYR

,Q PDFFKLQD JL UDPPR YDUL OXR JKL G¶,WDOLD ,R HE EL O¶LGHD GL ULDQGD UH VXO OXRJR GHOOD JDEELD (UDYDPR LQ 7RVFDQD D )L UHQ]H DYHYD QHYL FDWR H DQGDPPR DO PDUH SHU VIXJJLUH DOOD QHYH

3RXQG HG HJOL VWHVVR QRQ UL FRQRVFHYD PROWR GHO SDHVDJ JLR 6DSHYR FKH QRQ PL GRYH YR DVSHWWDUH XQ¶DIIHUPD]LRQH HVSOLFLWD PD 3RXQG IX HVWUHPD PHQWH GLVWDFFDWR 5DJJLXQJHPPR LQILQH LO OXR JR GHOOD JDEELD LQ XQ WHUUHQR GL FLUFD PHWUL TXDGUL VL IHU Pz H IHFH XQ VHJQR GL Vu FRQ OD WHVWD (UD Ou FDSLPPR LR H 2OJD (JOL QRQ SURIIHUu XQD VROD SDUR OD LQ WXWWD OD PDWWLQDWD 'LVVH VROR ©9HGHYR OD WRU UH GL 3LVDª PD OD YHJHWD]LRQH LPSHGLYD OD YLVWD GHOOD SLD]]D 9LYHPPR OD PHPRULD YLUWXDOH GL 3RXQG GHOOD JDEELD FKH QRQ IX PDL ULWURYDWD IRUVH WXWWR HUD GDYYHUR FDPELDWR 3RXQG GHVL GHUDYD YHGHUH 3HWHULFK FKH HUD PDODWR D )LHVROH IRUVH SHU FDQ FHOODUH O¶LQFXER GHOOD JDEELD ª ©4XDQGR SXEEOLFDPPR 6SRWV DQG GRWV IX 3RXQG D UL YHGHUH OH ER]]H GHO OLEUR SRL FKp LR DYHYR GLIILFROWj SHU VRQDOL (JOL DJJLXQVH SRL D PLD LQVDSXWD TXHVWD IUDVH

3HU TXDQWR KR SRWXWR FRQVWDWD UH HVVD QRQ q SUHVHQWH LQ QHVVXQD GHOOH HGL]LRQL GL $ OXPH VSHQWR H SXz IRUVH HVVHUH FRQVLGHUDWR O¶XO WLPR WHVWDPHQWR GL 3RXQG 0DNH VWURQJ WKH ROG GUHDPV /HDVW WKLV RXU ZRUOG ORVH KHDUW 5HQGL IRUWL L YHFFKL VRJQL 3HUFKp TXHVWR QRVWUR PRQGR QRQ SHUGD FRUDJJLR

$ OXPH VSHQWRª

9 0 * 6 9 + (; 0

<5( 3,;;,9( $JRVWR 0LODQR &DUR 3DVTXDOH LHUL PDWWLQD SURYDL XQD GHOOH SL EHOOH RUH FKH FRQRVFR GD TXDQ GR VRQR D 0LODQR ,Q SRUWLQHULD F¶HUD XQD JURVVD OHWWHUD WXWWD SLH QD GL GLVHJQL H GL ILUPH XQD OHW WHUD GHL PLHL DPLFL GL 0RQWH GL 'LR XQD OHWWHUD FKH VWDYR DVSHW WDQGR FRPH QHO GHVHUWR FRPH QHO GHVHUWR VL DVSHWWDQR L VRFFRUVL SHU QRQ PRULUH &KH GHEER GLUWL 1LHQWH ULHVFH D IDUPL GLPHQWLFDUH TXHO OD SLFFROD LVROD GL 0RQWH GL 'LR QHOOD VWHSSD GHOOD FLWWj OH QRVWUH FRQYHUVD]LRQL OD ODPSDGD VXOOD PDFFKLQD GD VFULYHUH O¶DUULYR GL *LDQQL L VXRL ³XIID´ O¶DUULYR GL 3DVTXDOH GL &KLFD GL (QQLR OH FRQYHUVD]LRQL FRO 3RQWHILFH GL JOL FKH PL SHUGRQL VH LQVLVWR LQ TXHVWR ULFRUGR &DUR PROWR FDUR 3DVTXD OH 0LOOH YROWH GXUDQWH LO JLRUQR GHVLGHUR YLROHQWHPHQWH YHGHUH YHGHUH TXDOFXQR GHL PLHL DPLFL IUDWHOOL 1RQ OL QRPLQR SL 7X OL VDL

1RQ F¶q JLRUQR FKH QRQ SHQVL D WXWWL YRL H QRQ L ODVFL DQ GDUH FRQ OD IDQWDVLD VHQ]D DFFRU JHUPHQH D VDOLUH OD VFDOD JULJLD FKH SRUWDYD D TXHOOD FDVD SHU PH IDQWDVWLFD H ULHQWUL LQ TXHOOD FDVD FRPH LQ VRJQR YL ULYHGD

$QQD 0DULD 2UWHVH


Turn static files into dynamic content formats.

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