Il borghese n 01 gennaio 2015 by IL BORGHESE

“Poste Italiane S.p.A. – Spedizione in abbonamento postale – D.L. 353/2003 (conv. in L. 27/02/2004 n. 46) art. 1, comma 1, Roma/Aut. N. 72/2009”

M SI AF SA IA LV CA I C PI HI TA PU LE Ò MENSILE - ANNO XV - NUMERO 1 - GENNAIO 2015 - € 7

Salviamo i nostri «marò» del «San Marco»

IL CANDIDO

LA DESTRA ITALIANA

Quindicinale di Satira e di Politica Fondato da Giovannino Guareschi Direttore Alessio Di Mauro Condirettore Egidio Bandini Direttore responsabile Luciano Lucarini

Putin, Storia di un leader La Russia, l’Europa, i valori

NOVITÀ

Amedeo Giustini

Julius Evola

Eliana Ercolino

FUORI TUTTI Extra omnes

Mito e realtà del fascismo

Dottrina sociale della Chiesa

Prefazione di Fabio Torriero

A cura di Gianfranco de Turris

pagg. 130 • euro 16,00

pagg. 250 • euro 18,00

pagg. 220 • euro 17,00

NOVITÀ

pagg. 250 • euro 18,00

Rivista Quadrimestrale di Geopolitica e Globalizzazione diretta da Eugenio Balsamo

NOVITÀ

Nelli Goreslavskaya

IMPERI

Rivista trimestrale di storia diretta da Giuseppe Parlato

NOVITÀ

Una rivista per nuove sintesi culturali diretta da Fabio Torriero

NOVA HISTORICA

Julius Evola

Il Popolo italiano (1956 - 1957) A cura di Giovanni Sessa

Il Mondo (1924 - 1925) Lo Stato Democratico (1925) Il Sereno (1924)

pagg. 188 • euro 17,00

A cura di Marco Rossi pagg. 130 • euro 15,00

Julius Evola Rassegna Italiana (1933 - 1952) A cura di Gian Franco Lami pagg. 180 • euro 16,00

Julius Evola Regime Corporativo (1935 - 1940) A cura di Gian Franco Lami pagg. 114 • euro 15,00

Via G. Serafino, 8 - 00136 Roma - Tel. 06/45468600 - Fax 06/39738771 - e-mail: luciano.lucarini@pagine.net

*HQQDLR

,/ %25*+(6(

6200$5,2 '(/ 180(52 0HQVLOH - $QQR ;9 - *HQQDLR - Â¼ 4XHVWD WHVWDWD QRQ XVXIUXLVFH GHL IRQGL SHU LO ILQDQ]LDPHQWR SXEEOLFR GHOOÂ¶HGLWRULD 3LFFROD 3RVWD /D PRJOLH GL &HVDUH GL &ODXGLR 7HGHVFKL )LJOLR GL Â©7URLNDÂª GL 5LFFDUGR 3DUDGLVL /D Â©&XSRODÂª GL 6DQ 3LHWUR GL )UDQFR -DSSHOOL &RUUX]LRQH SROLWLFD GL )LOLSSR GH -RULR , EHFFKLQL GHOOD 'HVWUD GL $GDOEHUWR %DOGRQL /Â¶XUOR H OÂ¶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Â©FRQQHFWLRQÂª GH /R 6YL]]HUR Â©*ROSHÂª LQ 9DWLFDQR GL $QGUHD ,DFRYLWWL &Â¶HUD XQD YROWD GL +HUYp $ &DYDOOHUD 8Q EXRQ SUHFHWWRUH GRPHVWLFR GL $OHVVDQGUR &HVDUHR 3HU IDUH FRVD" GL 0DULR &RGD ,QYHUVLRQH GL QRUPDOLWj GL $PHULFR 0DVFDUXFFL 'HOOD GLWWDWXUD GL 0LFKHOH /R )RFR 6HQ]D LOOXVLRQL GL 0 0 /D YLFHQGD 'H 0DJLVWULV GL 7HRGRUR .OLWVFKH GH OD *UDQJH , FKLUXUJKL GHOOD GHFUHVFLWD GL 0LPPR 'HOOD &RUWH 2FFXSDUH QRQ q SL UHDWR GL $OHVVDQGUR 3 %HQLQL 'D Â©&RVD QRVWUDÂª D Â©&RVD ORURÂª GL 5XJJLHUR &DSRQH ,O SUH]]R GHO ULVFKLR GL (UULFR 3DVVDUR 'HPRJUDILD H LPPLJUD]LRQH GL $QWRQLR 6DFFj &RPH 5HQ]L Â©PXQJHÂª LO 7RUR GL (QHD )UDQ]D 9HQWL GL *XHUUD" GL $QGUHD 0DUFLJOLDQR 2EDPD D FDFFLD GL YRWL GL )UDQFHVFR 5RVVL , %DOFDQL GHO SURJUHVVLVPR GL *LDQQL &RUUHJJLDUL $VLD /D 7ULSOLFH DOOHDQ]D RULHQWDOH GL 0DU\ 3DFH ,VUDHOH 'DO 7HPSLR LQVDQJXLQDWR GL 'DQLHOD %LQHOOR Â©3RGHPRVÂª VL RUJDQL]]D GL *LDQSLHUR 'HO 0RQWH *UDQ %UHWDJQD 5LYROWD ROWUHPDQLFD GL *LXVHSSH 'H 6DQWLV /Â¶Â©,VLVÂª DOOH SRUWH GL $OIRQVR 3LVFLWHOOL *HUPDQLD Â©8OWUDVÂª FRQWUR VDODILVWL GL 0DVVLPR &LXOOR /Â¶DQJROR GHOOD SRHVLD

,/ 0(*/,2 '( Â©,/ %25*+(6(Âª Â©&RVD 1RVWUDÂª DQWLIDVFLVWD GL &DUOR 'H %LDVH ,O Â©3FLÂª URPDQR Â©8Q SDUWLWR GL SHVFHFDQLÂª GL 0DULR 7HGHVFKL

/( ,17(59,67( '(/ Â©%25*+(6(Âª 8JR 1HVSROR /D QXRYD IRUPD D FXUD GL $QQD 0DULD 6DQWRUR &DUOR 9LYDOGL-)RUWL /H ULIRUPH GL 5HQ]L VRQR FRQWUR OÂ¶,WDOLD D FXUD GL $OEHUWR 6SDJQD

7(5=$ 3$*,1$ /D GRSSLD YLWD GL 3LHUR &DODPDQGUHL GL $ %DUEHUD -/LEHUWj FRQGL]LRQDWD GL SDUROD GL * 'H 7XUULV -$WWUDYHUVDQGR (YROD GL 9 &RQWH -/Â¶,WDOLD 3DWULD DQFKH GHOOD PXVLFD GL 5 5RVDWL &RPPHGLH PRUWDOL GL 0 /R )RFR -,O WUDPRQWR GHOOD OXQD GL $ 6DFFj -Â©&RPSDJQRÂª 9LGHOD GL 0 6LJQRUHOOL -Â©,O JHPHOOR DODWR GHO SHULFRORÂª GL ) 7RJQL -/HL GLVVH Vu GL ( 5DIIDHOH

/,%5, 1829, ( 9(&&+, 3HUVRQH GL FDUWD GL ( 3DVVDUR -)HUQDQGR 3HVVRD R GHOOD 0ROWLWXGLQH GL * 6HVVD -6FKHGH GL $$ 99 /H LOOXVWUD]LRQL GHJOL DUWLFROL VRQR LQ ODUJD SDUWH SUHVH GD ,QWHUQHW H TXLQGL YDOXWDWH GL SXEEOLFR GRPLQLR

'LUHWWRUH (GLWRULDOH

/8&,$12 /8&$5,1, 'LUHWWRUH 5HVSRQVDELOH

&/$8',2 7('(6&+, F WHGHVFKL#LOERUJKHVH QHW +$112 &2//$%25$72 $GDOEHUWR %DOGRQL $OHVVDQGUR %DUEHUD $OHVVDQGUR 3 %HQLQL 0DXUL]LR %HUJRQ ]LQL 'DQLHOD %LQHOOR *LXVHSSH %ULHQ]D $QGUHD %UL]]L 5XJJLHUR &DSRQH +HUYp $ &DYDOOHUD $OHVVDQGUR &HVDUHR 0DV VLPR &LXOOR 0DULR &RGD 9LWDOGR &RQWH *LDQQL &RUUHJJLDUL 5LFFDUGR &RUVHWWR )LOLSSR GH -RULR *LXVHSSH 'H 6DQWLV *LDQIUDQFR 'H 7XUULV *LDQSLHUR 'HO 0RQWH 0LPPR 'HOOD &RUWH (QHD )UDQ ]D 5RODQGD *LDQQLQL 5DIIDHOOR *LRUJHW WL $QGUHD ,DFRYLWWL )UDQFR -DSSHOOL 7HRGRUR .OLWVFKH GH OD *UDQJH $OGR /L JDEz 0LFKHOH /R )RFR $QGUHD 0DUFL JOLDQR $PHULFR 0DVFDUXFFL 0LQR 0LQL 0DU\ 3DFH $QWRQLR 3DQWDQR 3DROR (PL OLR 3DSz 5LFFDUGR 3DUDGLVL (UULFR 3DV VDUR $OIRQVR 3LVFLWHOOL (PPDQXHO 5DI IDHOH 5LFFDUGR 5RVDWL )UDQFHVFR 5RVVL $QWRQLR 6DFFj $QQD 0DULD 6DQWRUR 0DXUR 6FDFFKL 5LFFDUGR 6FDUSD $GULD QR 6HJDWRUL *LRYDQQL 6HVVD )UDQFHVFD 6LFLOLDQR 0DUFHOOR 6LJQRUHOOL $OEHUWR 6SDJQD $GULDQR 7LOJKHU )HUQDQGR 7R JQL 0DQOLR 7ULJJLDQL &DUOR 9LYDOGL)RUWL

'LVHJQDWRUL *,$11, ,6,'25, *,8/,$12 1,675, 5HGD]LRQH HG $PPLQLVWUD]LRQH 9LD *XDOWLHUR 6HUDILQR 5RPD

WHO )D[ OXFLDQR OXFDULQL#SDJLQH QHW 3$*,1( 6 U O $XW 7ULE GL 5RPD Q GHO 6WDPSDWR SUHVVR 0RQGR 6WDPSD 6 U O 9LD GHOOD 3LVDQD 5RPD 50

3HU JOL DEERQDPHQWL VFULYHUH D ,/ %25*+(6( 8IILFLR $EERQDPHQWL 9LD *XDOWLHUR 6HUDILQR 5RPD

! "

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

NOVITĂ&#x20AC;

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

, 2,::,8, 3(99035 80./, +(::0259*80::, <(445 04+080@@(:, ( - <0( ",8(-045 !53( 5 (22( ,3(02

NOVITĂ&#x20AC;

$ #H Nelli Goreslavskaya

Amedeo Giustini

Putin, Storia di un leader

FUORI TUTTI Extra omnes

La Russia, lâ&#x20AC;&#x2122;Europa, i valori

Prefazione di Fabio Torriero

pagg. 250 â&#x20AC;˘ euro 18,00

pagg. 130 â&#x20AC;˘ euro 16,00

0(16,/( - $112 ;9 - 180(52 - *(11$,2

/$ 02*/,( GL &HVDUH GL &/$8',2 7('(6&+, 5RPD 'LFHPEUH 2**, OD VWRULD QRQ VL LQVHJQD SL /D UHWH LQ SDUWLFRODUH :LNLSHGLD KD VRVWLWXLWR OLEUL H VDSHUH 3HU FXL VH SDUOLDPR GHOOD Â©PRJOLH GL &HVDUHÂª D PROWL YHUUHEEH GD SHQVDUH D &HVDUH &UHPRQLQL OHDGHU GL XQ JUXSSR PXVLFDOH RSSXUH D &HVDUH 3UDQGHOOL DOOHQDWRUH GL FDOFLR DVVDL IDPRVR *DLR *LXOLR &HVDUH JHQHUDOH VFULWWRUH DYYRFDWR q FROXL LO TXDOH UDSSUHVHQWD QHOOD VWRULD GL 5RPD LO SXQWR SL DOWR GHOOD VWRULD UHSXEEOLFDQD )RUPDWR DO PRV PDLRUXP VHJXu LO FXUVXV KRQRUXP ILQR LQ IRQGR RWWHQHQGR LQ DQQR OH QRPLQH SROLWLFKH QHFHVVDULH DG DVVXUJHUH DO FRQVRODWR 8QD GHOOH FDULFKH IX TXHOOD GL 3RQWHILFH 0DVVLPR /Â¶H OH]LRQH FRPSRUWDYD OÂ¶XWLOL]]R GHOOD GRPXV SXEEOLFD FRPH UHVLGHQ]D ,Q TXHOOÂ¶HSRFD HUD VSRVDWR FRQ 3RPSHD 6LOOD OD TXDOH GXUDQWH OD IHVWD GHOOD 'HD %RQD ULVHUYDWD HVFOXVLYD PHQWH DOOH GRQQH ULPDVH FRLQYROWD LQ XQR VFDQGDOR GRYXWR DOOD SUHVHQ]D GL 3XEOLR &ORGLR VXR SUHVXQWR DPDQWH DOOÂ¶LQWHUQR GHOOH PXUD GHOOD FDVD &HVDUH ULSXGLz 3RPSHD 1HO FRUVR GHO SURFHVVR WXWWD YLD QRQ WHVWLPRQLz FRQWUR &ORGLR H VL GLFKLDUz FHUWR GHOOÂ¶LQQRFHQ]D GL 3RPSHD *LXVWLILFz LO GLYRU]LR FRQ OD IDPRVD IUDVH ULSRUWDWD GD 3OXWDUFR Â©/D PRJOLH GL &HVDUH GHYH QRQ VROR HVVHUH RQHVWD PD DQFKH VHPEUDUH RQHVWDÂª 4XHVWR SUHDPEROR ROWUH D GHQXQFLDUH OD QRVWUD HWj VL LQVHULVFH QHOOD WUDJHGLD VH QRQ IDUVD FKH VWD VTXDVVDQGR LO PRQGR SROLWLFR H FRRSHUDWLYR VLD URPDQR VLD QD]LRQDOH Â©0DILD FDSLWDOHÂª &RQ TXHVWD GHILQL]LRQH 3URFXUD H &DUDELQLHUL KDQQR UHVR XIILFLDOH TXHOOR FKH WXWWL VDSHYDQR GD GHFHQQL $ 5RPD WXWWR VL FRPSUD 2JQL FRVD H RJQL SHUVRQD KD XQ SUH]]R 6SHFLDOPHQWH LQ SROLWLFD ,O FRVWR GHOOD SROLWLFD HVLVWH GD VHPSUH LO YRWR GL VFDP ELR SXUH 6H WRUQLDPR D &HVDUH HJOL VL LQGHELWz D OLYHOOR VWUDRUGLQDULR SURSULR SHUFKp OD SROLWLFD FRVWDYD &RPSUDUH VHQDWRUL WULEXQL L YRWL GHOOD SOHEH WXWWR DYHYD XQ SUH]]R 'DOOH LQGDJLQL DOPHQR GD TXDQWR XVFLWR VXL JLRUQDOL H VXOOD UHWH ULVXOWD FKH L SROLWLFL FRLQYROWL IRVVHUR WUDVYHUVDOL DJOL VFKLHUDPHQWL XQD VSHFLH GL Â©JUDQGH FRDOL]LRQHÂª GHOOD FRUUX]LRQH $SSDOWL FRQFHVVL LQ FDPELR GL Â©VWHFFKHÂª DOOÂ¶DVVHVVRUH DO FRQVLJOLHUH DO IXQ]LRQDULR $ GLPRVWUD]LRQH FKH TXDQ GR VL WUDWWD GL VROGL VRQR WXWWL XJXDOL OR VWHVVR PRQGR FDW WROLFR DWWLYR QHO VRFLDOH q VWDWR WUDYROWR ,O VLQGDFR 0DULQR FRPH LQ SUHFHGHQ]D 'Â¶$OHPD H 'H %HQHGHWWL KD GLFKLDUDWR GL HVVHUH DOOÂ¶RVFXUR GL TXDQWR VL VYROJHYD LQWRUQR D OXL 3HU FXL R q VFHPR R XQ JUDQ EX

JLDUGR 4XDQGR VL WUDWWz GL %HUOXVFRQL R GL $QGUHRWWL SHUz LO FRUR GHOOH YHVWDOL Â©GHPRFUDWLFKHÂª VFULVVHUR FKH Â©QRQ SRWHYDQR QRQ VDSHUHÂª GL TXDQWR DYYHQLYD DWWRUQR D ORUR $L WHPSL GL $QGUHRWWL *DHWDQR &DOWDJLURQH JUDQGH ILQDQ]LDWRUH GHOOD FRUUHQWH DQGUHRWWLDQD TXDQGR OR FKLDPD YD )UDQFR (YDQJHOLVWL VHJUHWDULR GHO Â©GLYR *LXOLRÂª VROHYD ULVSRQGHUH Â©$ )UDÂ¶ FKH WWH VHUYH"Âª /R VWHVVR %HUOXVFRQL LQ TXHVWL XOWLPL YHQWÂ¶DQQL KD Â©SRPSDWRÂª GHQDUR SHU WHQHUH LQ YLWD OD VXD FUHDWXUD SROLWLFD PD ILQR D XQ FHUWR SXQWR /Â¶XRPR FKH VL YDQWDYD GL QRQ OLFHQ]LDUH PDL QHVVXQR KD FKLXVR L FRUGRQL GHOOD ERUVD ODVFLDWR L SDOD]]L H PHVVR LQ FDVVD LQWHJUD]LRQH LO SHUVRQDOH URPDQR GL )RU]D ,WDOLD &KH RFFRUURQR L VROGL SHU IDUH SROLWLFD OR KDQQR VFR SHUWR DQFKH L Â©GXUL H SXULÂª GHOOD )LRP /D IHOSD LQ YDUL FRORUL FRQ OD VFULWWD Â©),20Âª VXO GDYDQWL SURGRWWD LQ PLOD SH]]L VL YHQGH VXOOD UHWH D HXUR /D VWHVVD VLQLVWUD URPDQD FRQ XQ GDWR FKH VL ULIOHWWH VXO QD]LRQDOH q XVFLWD FRQ OH RVVD URWWH GDOOÂ¶XOWLPR VRQGDJJLR ,362 3$ Â©1RQ VRUSUHQGH TXLQGL FKH WUH LWDOLDQL VX TXDW WUR H LO SHU FHQWR WUD JOL HOHWWRUL GHO 3G VLDQR FRQYLQWL FKH WXWWH OH DPPLQLVWUD]LRQL FKH VL VRQR VXFFHGXWH D 5RPD QHJOL XOWLPL DQQL DEELDQR OH VWHVVH UHVSRQVDELOLWj ULVSHWWR D TXDQWR DYYHQXWR PHQWUH LO SHU FHQWR DWWULEXLVFH OD FRO SD DOOÂ¶DPPLQLVWUD]LRQH GL FHQWURGHVWUD JXLGDWD GD $OHPDQ QR H LO SHU FHQWR D TXHOOH GL FHQWURVLQLVWUDÂª &RUULHUH GHOOD 6HUD /D UHDOWj URPDQD q FKH HVLVWHYD XQD RUJDQL]]D]LRQH FULPLQDOH EDVDWD VXOOD FRUUX]LRQH SHU DYHUH DSSDOWL ,Q TXHVWR PRGR L VROGL SXEEOLFL YHQLYDQR HURJDWL DJOL Â©DPLFLÂª FKH SURYYHGHYDQR D SDJDUH LO Â©SL]]RÂª DO SROLWLFR GL WXUQR 6HFRQGR %X]]L SDGURQH GHOOD Â© *LXJQRÂª L VROGL SHU JOL H[WUDFRPXQLWDUL UHQGHYDQR SL GHOOD GURJD /D FULVL LQIDWWL KD FROSLWR DQFKH Ou QRQ Â©WLUDÂª SL 4XHOOR VWHVVR %X]]L FKH FRQGDQQDWR SHU DYHU XFFLVR FRQ FRO WHOODWH LO VXR VRFLR LQ VHJXLWR IX JUD]LDWR GD 6FDOIDUR %HU OXVFRQL VHQ]D PDL DYHU XFFLVR QHVVXQR q VWDWR ODSLGDWR H FRVWUHWWR DL GRPLFLOLDUL IUD OH EUDFFLD GHOOD 3DVFDOH 7XWWR TXHVWR FRVD FÂ¶HQWUD FRQ OD PRJOLH GL &HVDUH" &Â¶HQWUD DOOD OXFH GHOOD FDQGLGDWXUD GHOOD 0HORQL DOOD FDULFD GL VLQGDFR GL 5RPD &Â¶HQWUD DOOD OXFH GHOOD Â©FDPSDJQD DFTXLVWLÂª FKH $XJHOOR 1FG VWD SRUWDQGR DYDQWL SHU DOOHDU VL FRQ $OILR 0DUFKLQL Â©0DQL SXOLWHÂª TXHVWD OD IUDVH FKH GD 7DQJHQWRSROL LQ SRL SHU OD 'HVWUD KD VHPSUH LQGLFDWR OD SURSULD RQHVWj 0D ROWUH DG HVVHUOD GHYH DQFKH VHPEUDUOD ( 0RQWHFDUOR KD GLPRVWUDWR FKH Â©LO EHO VRJQR HUD ILQLWRÂª $QFKH SHUFKp WXWWL TXHOOL FKH RJJL ULYHQGLFDQR OD ORUR RQHVWj GRYUHEEHUR VSLH JDUH GRYH SUHQGHYDQR L VROGL SHU OH FDPSDJQH HOHWWRUDOL 7XWWL L SROLWLFL GHOOD GHVWUD FRLQYROWL R PHQR GHYRQR IDUH XQ SDVVR LQGLHWUR /DVFLDUH LO SRVWR D YROWL QXRYL QRQ FRLQYROWL QHOOD Â©JUDQGH FRUUX]LRQHÂª ,O SRSROR QRQ YXROH SL HVVHUH UDSSUHVHQWDWR GD FKL UXED R Gj OÂ¶LPSUHVVLRQH GL DYHU UXEDWR 9XROH JHVWLUH LQ SULPD SHUVRQD LO 3DHVH QRQ SDJDUH WDVVH FKH ILQLVFRQR LQ PDQR DOOH EDQFKH R DOOD GHOLQTXHQ]D ,O SRSROR KD GLYRU]LDWR GD TXHVWD SROLWLFD GLVRQHVWD

Per una politica al servizio del popolo e non dei partiti , per la sovranità nazionale economica e monetaria, per una Europa dei popoli e delle Na-

zioni, per l'uscita dall'Euro e la lotta ai «bankster»

REAGISCI! Aderisci ai Circoli de

Per tutti coloro che si assoceranno e che sono già abbonati del «Borghese», la quota 2015 sarà già compresa nell'abbonamento SCHEDA Dl ISCRIZIONE COGNOME ........................................................ NOME ............................................................. . NATO A .......................................................... PROV ...... I L _ / _ / _ DOMICILIATO A ..... ........ ..... .............................. PROV ...... CAP .................. VIA ...... ... ..... ... ..... .. .............................. .. .......... N...... fNT ..... se ........... . TELIAB ............................. TEL/UFF .......................... CELL .................... .

EM@IL ........ . .................................................................@......................................... . DATl PERSONALI

TITOLO DT STUDIO ... ................................................. .. .... PROFESSIONE ........................ ... ........ . ATTIVITÀ .. ............. ............... .... ........... ... ............ ......... ABB. NUM........................................ .. Dichiaro di accettare le norme dello Statuto. i progranuni e le direttive dell'Associazione dei Circoli del {<Borghese» Ricevuta l' informativa sulJ · utilizz.azione dei miei dati personali. ai sensi dell ·Art. J OLegge 67 5/9. consento al loro !rclttamento nella misura necessaria per il proseguimento degli scopi associativi. DATA _ / _ / _

FIRMA - - - - - - - - - - -

(DA lNVTARE PER FAX ALLO 06/39738771 oppure CJRCOLI@ILBORGHESE.NET)

*HQQDLR

,/ %25*+(6(

),*/,2 GL ©7URLNDª GL 5,&&$5'2 3$5$',6, ©6( )$//,$02 QRL DUULYD OD 7URLNDª Ê XQ 5HQ]L VFXUR LQ YRO WR TXHOOR FKH QHO SRPHULJJLR GL PHUFROHGu GLFHPEUH ODQFLD TXHVWR PHVVDJJLR DL VXRL GRSR DYHU ULFHYXWR D 3DOD]]R &KLJL OD SUHVLGHQWH GHO )PL &KULVWLQH /DJDUGH 3DOD]]R &KLJL KD DSSHQD GLIIXVR XQD QRWD GRYH VL VSLHJD FKH OD YLVLWD GHO ©GLUHWWRUHª GHO )PL q VWDWD VHPSOLFHPHQWH XQD YLVLWD GL FRUWH VLD DO 3UHVLGHQWH GHO &RQVLJOLR /D VRVWDQ]D GHOO¶LQFRQWUR q EHQ DOWUD /DJDUGH H 5HQ]L KDQQR UDJLRQDWR GHOOD FRQFUHWD SRVVLELOLWj FKH O¶,WDOLD YHQJD FRPPLVVDULDWD GD %FH )PL H &RPPLVVLRQH 8H ,SRWHVL FKH FLUFROD GDOOD VFRUVD HVWDWH PD GD TXDOFKH VHWWLPDQD GDWD RUPDL SHU FHUWD GD DPELHQWL GHOOD ILQDQ]D HXURSHD LO WHPSR GL DUFKL YLDUH LO VHPHVWUH GL SUHVLGHQ]D LWDOLDQD LQ (XURSD H O¶,WDOLD YHU Uj FRPPLVVDULDWD GDOOD 7URLND 8Q DWWR FKH SRWUHEEH DYYHQLUH QHL SULPL PHVL GHO SURVVLPR DQQR TXLQGL R DO PDVVLPR DJOL LQL]L GHOOD SULPDYHUD TXDQGR O¶,WDOLD GRYUj DIIURQWDUH L VXRL HVDPL GL ULSDUD]LRQH LQ (XURSD 3ULPD GHOOD YLVLWD GL FRUWHVLD GL /DJDUGH 5HQ]L DYHYD OHWWR OD UDPSRJQD FKH LO SUHVLGHQWH GHOOD &RPPLVVLRQH (XURSHD -HDQ&ODXGH -XQFNHU - YLD LQWHUYLVWD DOOD )UDQNIXUWHU $OOJHPHLQH =HLWXQJ - KD GHVWLQDWR DOO¶,WDOLD FRQ WRQL FKH QHOO¶ VL ULVHUYD YDQR DL 3DHVL FRORQLDOL /¶,WDOLD H OD )UDQFLD - DPPRQLVFH -XQF NHU VXOOD )D] - GRYUDQQR DWWXDUH VHQ]D LQGXJL OH SURPHVVH GL QXRYH ULIRUPH H QXRYL VIRU]L SHU ULHQWUDUH QHL SDUDPHWUL GHO 3DWWR GL 6WDELOLWj GHOOD 8H DOWULPHQWL ©OH FRQVHJXHQ]H QRQ VD UDQQR SLDFHYROLª $QFRUD SL FKLDUDPHQWH ©'REELDPR ILGDUFL GL LWDOLDQL H IUDQFHVL H SRL YHGUHPR SUREDELOPHQWH QHO PHVH GL PDU]R FRPH q DQGDWD VHQ]D OH PLVXUH DQQXQFLDWH FL VDUj XQ DJJUDYDPHQWR GHOOD SURFHGXUD SHU GLVDYDQ]R HFFHVVLYRª )UDQFLD H ,WDOLD LQIDWWL QRQ VRQR VWDWH SURPRVVH GDOO¶(X URSD SHU OH ORUR PDQRYUH LO SULPR JLXGL]LR GL %UX[HOOHV VXO ELODQFLR q VHPSOLFHPHQWH XQD IOHELOH DSHUWXUD GL FUHGLWR QHL FRQIURQWL GHL GXH 3DHVL ODWLQL ULPDQGDWL DOO¶HVDPH GL PDU ]R 'RYH OD &RPPLVVLRQH HXURSHD SRWUHEEH FKLHGHUH D ORUR XQD QXRYD PDQRYUD FRUUHWWLYD FKH O¶,WDOLD SRWUHEEH QRQ ULXVFL UH D VRVWHQHUH ,O FLHOR VRSUD 5RPD H 3DULJL q UHVR DQFRUD SL RVFXUR GDOOD SHUWXUED]LRQH JUHFD FKH YLUD DOOD WHPSHVWD QHO PRPHQWR LQ FXL $WHQH WRUQD DG HVVHUH OD VRUYHJOLDWD VSHFLDOH GDL PHUFDWL WUH PHERQGL SHU OH HOH]LRQL SUHVLGHQ]LDOL DQWLFLSDWH H GHOOD SRVVL ELOH SUREDELOH YLWWRULD GHOOD OLVWD 6\UL]D LQWHQ]LRQDWD D ULJHWWDUH UDGLFDOPHQWH OH FRQGL]LRQL SRVWH GDOOD 7URLND QHO 3DHVH 5HQ]L VHQWH OD SUHVVLRQH GHOO¶DVVHGLR H FHUFD GL VSDULJOLDUH L IURQWL FRP¶q DELWXDWR D IDUH QHO FRUWLOH LWDOLDQR FRQ LO JLRFR GHOOH WUH FDUWH DO WDYROR GHOOH ULIRUPH ©6H SHUILQR LO )PLª GL FH ©FKH QRQ q HVDWWDPHQWH XQD VH]LRQH GHO 3DUWLWR &RPXQLVWD D :DVKLQJWRQ FKLHGH DOO¶(XURSD GL LQYHVWLUH VXOOD FUHVFLWD TXDOFKH GRPDQGD L SDUWQHU 8H GRYUDQQR SXUH FRPLQFLDUH D IDUVHODª 0D q XQ WHQWDWLYR SDWHWLFR H YHOOHLWDULR TXHOOR GL FHU FDUH QHO )RQGR PRQHWDULR XQD VSRQGD FRQWUR OD 8H 8Q WHQWD WLYR FKH ODVFLD SUHVWR LO FDPSR DO QHUYRVLVPR /D FRQILGHQ]D GL 5HQ]L DL VXRL ODVFLDWD WUDSHODUH DG DUWH - ©6H QRQ FH OD IDF FLDPR QRL DUULYD OD 7URLNDª - q XQ DYYHUWLPHQWR DOOH RSSRVL ]LRQL LQWHUQH H HVWHUQH DOOH SDUWL VRFLDOL DJOL LWDOLDQL ODVFLDWH

PL ODYRUDUH QRQ GLVWXUEDWH PDQRYUH H PDQRYUDWRUH QRQ PHW WHWH L EDVWRQL WUD OH UXRWH , VDFULILFL FKH YL FKLHGR RJJL VRQR QLHQWH ULVSHWWR D TXHOOL FKH YL FKLHGHUj OD 7URLND 8QD PLQDFFLD SHUFKp 7URLND ID ULPD FRQ *UHFLD H VLJQLIL FKHUHEEH SHU O¶,WDOLD XQD FHVVLRQH GL VRYUDQLWj FRQVLGHUHYROH XQ UHJLPH GL DOWUL WDJOL VDFULILFL ULJRUL 7URLND LQVRPPD q XQD SDUROD FKH ID SDXUD H FKH QRQ D FDVR 5HQ]L XVD SHU VSDYHQWDUH SHU SLHJDUH UHVLVWHQ]H LQWHUQH HG HVWHUQH SHU ILVVDUH OD SHUFH ]LRQH GL Vp H GHO VXR HVHFXWLYR FRPH XOWLPD VSLDJJLD SHU L SR YHUL LWDOLDQL VSDYHQWDWL H GHSUHVVL 5HQ]L YXROH ILVVDUH OD SHUFH]LRQH FKH KDQQR DYXWR GHO 3G H GHO VXR VHJUHWDULR LO SHU FHQWR GHJOL LWDOLDQL FKH VRQR DQGDWL D YRWDUH DOOH XOWLPH HXURSHH 6DOYR FKH RJJL TXHOOD SHU FHQWXDOH QRQ DUULYD QHPPHQR DO SHU FHQWR H OD ILGXFLD QHO SUHPLHU q VRWWR LO SHU FHQWR LQIHULRUH D TXHOOD FKH DYHYD (QULFR /HWWD SULPD GL HVVHUH EUXWDOPHQWH GHVWLWXLWR GD 5HQ]L 8Q QHUYRVLVPR SDOSDELOH TXHOOR GHO SUHPLHU &KH PLQDF FLD O¶DUULYR GHOOD 7URLND FRPH VH OD FROSD GL XQ GHIDXOW IRVVH GHJOL LWDOLDQL FKH QRQ JOL KDQQR GDWR LO SHU FHQWR LQ FKH HOH]LRQL SRL" H FRPH VH DO FRQWUDULR TXHVWR HVLWR GHOOD FULVL QRQ FHUWLILFDVVH LO IDOOLPHQWR GHO VXR JRYHUQR , GDWL HFRQRPLFL VRQR PROWR GXUL 4XHOOL GHOOD SURGX]LRQH LQGXVWULDOH GL RWWREUH LQGLFDQR XQ QXRYR FDOR FRQ XQD SHUGLWD FRPSOHVVLYD ULVSHWWR D GXH DQQL ID GL ROWUH GXH SXQWL SHUFHQ WXDOL OD GLVRFFXSD]LRQH q DL PDVVLPL VWRULFL LO GHILFLW QRQ UHJ JH LO SHU FHQWR L FRQVXPL FDODQR H FHUWR JOL RWWDQWD HXUR LQ EXVWD SDJD QRQ KDQQR GDWR ORUR QXRYR LPSXOVR /¶,WDOLD LQVRPPD GL Oj GHOOH PLQDFFH UHQ]LDQH SRWUHEEH HVVHUH UHDOPHQWH FRVWUHWWD D FKLHGHUH O¶LQWHUYHQWR GHOOD WURLND H O¶©DLXWRª GHO )RQGR PRQHWDULR LQWHUQD]LRQDOH &¶q XQ LQGLFDWRUH VHQVLELOH FKH VHJQD LO FRQILQH ROWUH LO TXDOH F¶q LO GHIDXOW LO SHU FHQWR GHO UDSSRUWR ©GHELWR 3LOª 1RL VLDPR FLQTXH SXQWL VRWWR TXHVWD VRJOLD 6LDPR FLRq VXOOD OLQHD URVVD 6H WRFFKLDPR TXHOOD FLIUD FRPLQFHUj O¶HIIHWWR IXJD GL LQYHVWLPHQWL H FDSLWDOL H VDUj O¶LQL]LR GHO QDXIUDJLR /D SURFHGXUD GL LQWHUYHQWR GHO UHVWR SRWUHEEH HVVHUH JLj FRPLQFLDWD FRQ O¶DYYHUWLPHQWR GHOOD &RPPLVVLRQH HXURSHD DWWUDYHUVR -XQFNHU SRL SRWUHEEH DUULYDUH XQD OHWWHUD VXO PR GHOOR GL TXHOOD LQYLDWD DO JRYHUQR %HUOXVFRQL H VXFFHVVLYD PHQWH FLz FKH QH FRQVHJXH 8Q LQFXER 'RYH ULVFKLD GL ILQLUH TXHOOD FKH GRYHYD HVVHUH OD PDUFLD WULRQIDOH GHO ©URWWDPDWRUHª FKH VWD GLYHQWDQGR XQD ORJRUDQWH JXHUUD GL WULQFHD Ê OD SDOXGH FKH KD VHPSUH SRSROD WR JOL LQFXEL GL 5HQ]L FKH RUD VL LQFDUQD ( FKH FRPH VL GLFH YD OR ID GLYHQWDUH UHDWWLYR 'L IURQWH SRL DO GDWR GHO JRYHUQR FKH YD VRWWR VXOOD OHJJH FRVWLWX]LRQDOH DOOD PLQRUDQ]D 3G FKH WRUQD D RUGLUH WUDSSROH H LPERVFDWH DOOD UHVLVWHQ]D GL )RU]D ,WDOLD VXL WHPSL GHOOD OHJJH HOHWWRUDOH 5HQ]L ID YHQWLODUH DL VXRL XOWUj HOH]LRQL DQWLFLSDWH FRQ LO ©0DWWDUHOOXPª DOOD YLJLOLD GHO OR VFLRSHUR JHQHUDOH ID SUHFHWWDUH GDO PLQLVWUR GHL WUDVSRUWL /XSL GL IURQWH DOOR VFDQGDOR 0DILD FDSLWDOH GRYH LQVLHPH D XQD GHVWUD VWUDFFLRQD q LPSOLFDWR VX ODUJD VFDOD DQFKH LO 3G LPSURYYLVD XQ SDFFKHWWR GL PLVXUH UHSUHVVLYH VWUDRUGLQDULH FKH GHVWDQR SHUSOHVVLWj SHUVLQR QHJOL DOOHDWL GL JRYHUQR GHOO¶1FG FKH SDUODQR GL GHFUHWD]LRQH VXOO¶RQGD HPRWLYD /D 7URLND GXQTXH FKH LQGXFH D SHQVDUH FKH 5HQ]L QRQ FUHGD SL QHPPHQR QHOOD FDUWD GHOOH HOH]LRQL DQWLFLSDWH &KH SRWHVVH ILQLUH FRVu GHO UHVWR VL VDSHYD L JRYHUQL 0RQWL H /HWWD H SRL TXHOOR GL 5HQ]L WXWWL QRQ HVSUHVVL GDO FRUSR HOHWWRUDOH PD GD 1DSROLWDQR - LQ YLD G¶XVFLWD - VRQR VWDWL OD SUHPHVVD DOOD 7URLND KDQQR GLFLDPR DYYLDWR LO ODYRUR 2UD VH OD 7URLND YHU Uj VDUj XQ GUDPPD QDWXUDOPHQWH PD SRWUHEEH HVVHUH DQFKH O¶XOWLPD RFFDVLRQH SHUFKp O¶,WDOLD VL VYHJOL H UHDJLVFD ( F¶q XQD VROD YLD SHU IDUOR ULQHJR]LDUH LO GHELWR FRQ O¶XVFLWD GDOO¶HXUR &KLVVj VH GD XQ PDOH QRQ SRVVD VRUWLUH XQ EHQH

,/ %25*+(6(

/$©&832/$ª GL 6DQ 3LHWUR GL )5$1&2 -$33(//, &+( DEEXIIDWD UDJD]]L 6H VXOOD SDQFD OD FDSUD FDPSD VXL PLJUDQWL GL VROGL VH QH IDQQR WDQWL ( TXHVWR VSLHJD SHUFKp O¶, WDOLD QHJOL XOWLPL DQQL KD VXEuWR XQD YHUD H SURSULD LQYDVLRQH /¶RUGD GL ©ULIXJLDWLª - TXDVL WXWWL IDVXOOL - FKH VL ULYHUVD GDOO¶$ IULFD VXOOH QRVWUH FRVWH q SHU DOFXQL XQ EXVLQHVV GL SURSRU ]LRQL FLFORSLFKH ( GHQWUR FL VRQR WXWWL GHVWUD VLQLVWUD FHQ WUR FDWWROLFL EDFLDSLOH DWHL FRQFODPDWL DQWLUD]]LVWL LQ VHUYL]LR SHUPDQHQWH HIIHWWLYR VWUHQXL GLIHQVRUL GHOOD ©GLYHUVLWjª ]LQ JDUHVFD H SHUYLFDFL HVDOWDWRUL GHOOD ©QHJULWXGLQHª Ê - YD GD Vp - LO WULRQIR GHO SROLWLFDPHQWH FRUUHWWR ,O SUREOHPD q FKH WXWWL TXHVWL ILODQWURSL XPDQLWDUL OD ORUR FDULWj SHORVD OD IDQQR FRQ L VROGL QRVWUL 3HU GLUOD FRQ XQD IUDVH DO WHPSR VWHVVR ODSLGDULD H GLGDVFDOLFD GHO PLWLFR 6WHIDQR 5LFXFFL ©Ê IDFLOH ID HU IUR FLR FRU FXOR GHML DUWULª *OL ©DUWULª RYYLDPHQWH VLDPR WXWWL QRL FKH SDJKLDPR OH WDVVH VLQR DOO¶XOWLPR FHQWHVLPR H FKH QRQ OXFULDPR VXJOL DIIDUL VSRUFKL GHOOD SROLWLFD ( SL ©DUWULª GL WXWWL VRQR SRL JOL DELWDQWL GL TXHOOH SHULIHULH GHJUDGDWH H GL TXHL SLFFROL SDHVL FKH YLYRQR OHWWHUDOPHQWH DVVHGLDWL GD FDPSL QRPDGL H FHQWUL G¶DFFRJOLHQ]D SHU ©ULIXJLDWLª $ SHQVDUH PDOH - FRPH VRVWHQHYD $QGUHRWWL - VL ID SHFFDWR PD V¶LQGRYLQD ,Q DOWUL WHUPLQL FRPH VL ID D QRQ SHQVDUH FKH TXHVWD DOOX YLRQH GL SURIXJKL ULYHUVDWDVL VXOO¶,WDOLD QRQ VLD VWDWD IDYRULWD DJHYRODWD SURSL]LDWD H IRUWHPHQWH YROXWD GDOOH OREELHV FKH VSHFXODQR VXOO¶LPPLJUDWR" ©9HQJKLQR VLJQRUL YHQJKLQRª XU ODYDQR JOL LPERQLWRUL GHL FLUFKL DOOD ILQH GHOO¶2WWRFHQWR ©3L JHQWH HQWUD SL EHVWLH VL YHGRQRª &RQ JOL LPPLJUDWL q OD VWHV VD FRVD SL QH HQWUDQR H SL TXDOFXQR JXDGDJQD /R FRQIHUPD OD RUPDL FHOHEUH IUDVH GL 6DOYDWRUH %X]]L VRGDOH GL 0DVVLPR &DUPLQDWL H ERVV GHOOD FRRSHUDWLYD © JLXJQRª ©7X F¶KDL LGHD TXDQWR FH JXDGDJQR VXJOL LPPLJUD WL" ,O WUDIILFR GL GURJD UHQGH GL PHQRª %X]]L LQVRPPD KD FDSLWR FKH OH GLVJUD]LH DOWUXL VRQR OD VXD IRUWXQD 7DQWR q YHUR FKH DOOD ILQH GHO LQYLD LO VH JXHQWH PHVVDJJLR DXJXUDOH DL VXRL DPLFL ©6SHULDPR FKH LO VLD LQ DQQR SLHQR GL PRQQH]]D SURIXJKL LPPLJUDWL VIROODWL PLQRUL SLRYRVR FRVu FUHVFH O¶HUED GD WDJOLDUH H PD JDUL FRQ TXDOFKH EXIHUD GL QHYH (YYLYD OD FRRSHUD]LRQH VR FLDOHª 0D %X]]L &DUPLQDWL H L FRUURWWL SROLWLFL URPDQL ORUR VRGD OL D EHQ JXDUGDUH QRQ VRQR FKH OD SXQWD GHOO¶LFHEHUJ /D SDU WH SL YLVLELOH PD VLFXUDPHQWH OD SL SLFFROD ,QWDQWR F¶q GD GLUH SHU TXHOOR FKH ULJXDUGD 5RPD FKH L PLOLRQL LQFDVVDWL GDOOD FRRSHUDWLYD © JLXJQRª VRQR SRFKL VSLFFLROL /D SDUWH GHO OHRQH OD IDQQR OH RUJDQL]]D]LRQL GL VLQLVWUD H TXHOOH FDWWROL FKH /R VRVWLHQH XQD IRQWH LQVRVSHWWDELOH O¶$VVRFLD]LRQH OXJOLR FKH VL EDWWH FRQWUR OD ©VHJUHJD]LRQHª GHL URP /¶DVVR FLD]LRQH KD SXEEOLFDWR XQ FRUSRVR OLEUR ELDQFR LQWLWRODWR 1R PDGL 6SD LQ FXL VRQR PLQX]LRVDPHQWH HOHQFDWH OH VSHVH VR VWHQXWH SHU L FDPSL URP H OH RUJDQL]]D]LRQL FKH KDQQR LQWDVFD WR L VROGL 6L VFRSUH FRVu FKH QHO LO &RPXQH GL 5RPD H OR 6WDWR LWDOLDQR KDQQR VSHVR SL GL PLOLRQL GL HXUR SHU PDQ WHQHUH RWWR FDPSL QRPDGL FRQ XQD SRSROD]LRQH FRPSOHVVLYD GL FLUFD SHUVRQH $ IDUH OD SDUWH GHO OHRQH VRQR VWDWH OH RUJDQL]]D]LRQL GL VLQLVWUD FRPH O¶$UFLVROLGDULHWj VHJXLWH D

*HQQDLR

UXRWD GDOOH FRRS GL LVSLUD]LRQH FDWWROLFD 0D VH GDO EXVLQHVV GHL FDPSL QRPDGL VL SDVVD D TXHOOR GHOO¶DVVLVWHQ]D DL ©ULIXJLDWLª O¶RUGLQH VL LQYHUWH H OH RUJDQL]]D]LRQL FDWWROLFKH VWDFFDQR TXHOOH ODLFKH GL SDUHFFKLR OXQJKH]]H %DVWD JXDUGD UH SHU HVHPSLR OH DWWLYLWj GHOO¶$UFLFRQIUDWHUQLWD GHO 6DQWLVVL PR 6DFUDPHQWR H 7ULIRQH ,Q SDUWLFRODUH OH DWWLYLWj GL TXHVWL GHYRWL ©PDQDJHU GHO VR FLDOHª FRPH DPDQR GHILQLUVL VL FRQFHQWUDQR VXOO¶DFFRJOLHQ]D GHL ULFKLHGHQWL DVLOR H GHL ULIXJLDWL SROLWLFL XQR GHL VHWWRUL GL SXQWD GHOOD JLXQWD 9HOWURQL SDUWHQGR DQFKH TXL GDJOL VJRPEH UL GHOOD JUDQGH RFFXSD]LRQH GL ULFKLHGHQWL DVLOR D 7LEXUWLQD /D FDSDFLWj GL UHSHULUH VWUXWWXUH DGHJXDWH WUDPLWH LO FLUFXLWR GHOOH SURSULHWj HFFOHVLDOL XQLWR DOOD ORUR FRQVLVWHQWH FDSDFLWj HFRQR PLFD JDUDQWLWD GDOOD &KLHVD H TXLQGL GL DQWLFLSR JOL SHUPHWWH GL DSULUH QXPHURVL FHQWUL GL DFFRJOLHQ]D TXDVL WXWWL ILQDQ]LDWL VHQ]D QHVVXQD SURFHGXUD SXEEOLFD PD LQ DIILGDPHQWR GLUHWWR VLQR D GLYHQWDUH XQD YHUD H SURSULD SRWHQ]D HFRQRPLFD FKH RSHUD QHO VRFLDOH ,Q SRFKL DQQL O¶$UFLFRQIUDWHUQLWD KD GL IDWWR PHVVR DOO¶DQJROR OH WDQWH DVVRFLD]LRQL VWRULFKH FKH ODYRUDQR VXOO¶DFFRJOLHQ]D DL PLJUDQWL H DL ULIXJLDWL SROLWLFL /¶$UFLFRQ IUDWHUQLWD GHO 6DQWLVVLPR 6DFUDPHQWR H 7ULIRQH q DUULYDWD D JHVWLUH EHQ &HQWUL GL DFFRJOLHQ]D SHU O¶DVLOR H O¶LPPLJUD ]LRQH ROWUH DO &HQWUR 3ROLIXQ]LRQDOH (QHD SHU XQ WRWDOH GL SRVWL OHWWR &HQWUL ILQDQ]LDWL GD VRJJHWWL GLYHUVL WXWWL IDFHQWH FDSR D &RPXQH H 3UHIHWWXUD FRQ LPSRUWL GLYHUVL Ê SL FKH SODXVLELOH UDJLRQDUH VX XQD PHGLD GL HXUR DO JLRUQR SHU RVSLWH DFFROWR 8Q IDWWXUDWR SUHVXPLELOH DQQXR TXLQGL VROWDQWR GD TXHVWD YRFH GL TXDVL PLOLRQL GL HXUR 8Q¶DOWUD RUJDQL]]D]LRQH FDWWROLFD FKH VL RFFXSD GL DFFRJOLHUH L ULIXJLDWL q LO &HQWUR $VWDOOL JHVWLWR GDL JHVXLWL ,O &HQWUR $VWDOOL SRVVLH GH GHFLQH GL VWUXWWXUH IUXLVFH GL FRSLRVL FRQWULEXWL SXEEOLFL HG q RYYLDPHQWH QHO FXRUH GHO JHVXLWD -RVH %HUJRJOLR LQ DUWH )UDQFHVFR , ( TXHVWR VSLHJD D YROHU HVVHUH PDOHYROL LO WR QDQWH ©YHUJRJQD ª FRQ FXL LO 3RQWHILFH JUDWLILFz QRL LWDOLDQL LQ TXDQWR UHVSRQVDELOL - FKLVVj SHUFKp - GHO QDXIUDJLR GL XQ SH VFKHUHFFLR FDULFR GL LPPLJUDWL DO ODUJR GL /DPSHGXVD LQ FXL SHUVHUR OD YLWD SHUVRQH QHOO¶RWWREUH %HUJRJOLR LQ TXHOO¶RFFDVLRQH IX GXULVVLPR ©&KL GL QRL KD SLDQWR SHU TXH VWR IDWWR H SHU IDWWL FRPH TXHVWR" 3HU OD PRUWH GL TXHVWL IUDWHO OL H VRUHOOH"ª FKLHVH D PXVR GXUR ©&KL KD SLDQWR SHU TXHVWH SHUVRQH FKH HUDQR VXOOD EDUFD" 3HU OH JLRYDQL PDPPH FKH SRUWDYDQR L ORUR EDPELQL" 3HU TXHVWL XRPLQL FKH GHVLGHUDYD QR TXDOFRVD SHU VRVWHQHUH OH SURSULH IDPLJOLH" 6LDPR XQD VRFLHWj FKH KD GLPHQWLFDWR O¶HVSHULHQ]D GHO SLDQJHUH GHO ³SDWLUH FRQ´ OD JOREDOL]]D]LRQH GHOO¶LQGLIIHUHQ]Dª /D FROSD GL WXWWR QDXIUDJLR FRPSUHVR HUD RYYLDPHQWH GL QRL LWDOLDQL H RFFLGHQWDOL ©/D FXOWXUD GHO EHQHVVHUH FKH FL SRUWD D SHQVDUH D QRL VWHVVLª DJJLXQVH ©FL UHQGH LQVHQVLELOL DOOH JULGD GHJOL DOWUL FL ID YLYHUH LQ EROOH GL VDSRQH FKH VRQR EHOOH PD QRQ VRQR QXOOD VRQR O¶LOOXVLRQH GHO IXWLOH GHO SURYYLVRULR FKH SRUWD DOO¶LQGLIIHUHQ]D YHUVR JOL DOWULª 3RL YLVWR FKH F¶HUD SHQVz EHQH GL ULYROJHUH XQ ©SHQVLHUR GL JUDWLWXGLQHª DL ©FDUL LPPLJUDWL PXVXOPDQL FKH VWDQQR LQL ]LDQGR LO GLJLXQR GL 5DPDGDQ FRQ O¶DXJXULR GL DEERQGDQWL IUXWWL VSLULWXDOL /D &KLHVDª KD GHWWR ©YL q YLFLQD QHOOD ULFHU FD GL XQD YLWD SL GLJQLWRVD SHU YRL H OH YRVWUH IDPLJOLHª ( TXL LO SHQVLHUR FRUUH GL QXRYR D 6WHIDQR 5LFXFFL $ TXHVWR SXQWR QRQ VL FRPSUHQGH VH %HUJRJOLR TXHOOD YROWD VL ©LQFD]]zª SHU LO QRVWUR HJRLVPR PD FKH q FROSD QR VWUD VH L SHVFKHUHFFL VWUDFROPL DIIRQGDQR" R SHUFKp ©ULIXJLDWLª LQ TXDQWR GHIXQWL QRQ DYUHEEHUR SRWXWR XVXIUXLUH GHOOH FDULWDWHYROL FXUH GHO &HQWUR $VWDOOL R GHOO¶$UFLFRQIUDWHU QLWD GHO 6DQWLVVLPR 6DFUDPHQWR H 7ULIRQH 1RL SHU TXDQWR FL ULJXDUGD FRQWLQXLDPR D ULWHQHUH FKH DYHVVH UDJLRQH $QGUHRWWL ©$ SHQVDU PDOH VL ID SHFFDWR«ª

*HQQDLR

,/ %25*+(6(

/¶8/7,02 6&$1'$/2 520$12

&2558=,21( SROLWLFD Ê OD SULPD FDXVD GHO GLVDVWUR SROL WLFR HFRQRPLFR H PRUDOH GHO 3DHVH GL ),/,332 '( -25,2 ,/ 35(6,'(17( GHOOD 5HSXEEOLFD SXU LQ SURFLQWR GL ODVFLD UH LO VXR LQFDULFR H TXLQGL QHOOD IHOLFH FRQGL]LRQH GL GLUH WXWWD OD YHULWj DL VXRL FRQQD]LRQDOL KD SUHIHULWR GLIHQGHUH LQ UHDOWj OD FRQGL]LRQH SROLWLFD HVLVWHQWH H VL q EDWWXWR FRQWUR OH XQDQLPL FHQVXUH GLUHWWH DOOD FODVVH GLULJHQWH GHSUHFDQGR QRQ OD FRUUX]LRQH RUPDL JHQHUDOL]]DWD GL HVVD PD OH FULWL FKH FKH JLXVWDPHQWH JOL LWDOLDQL OH ULYROJRQR ,O EXEERQH PDUFLR FKH q VFRSSLDWR D 5RPD QRQ OR KD HYLGHQWHPHQWH PROWR FRPPRVVR /R VWHVVR 3UHVLGHQWH - DO TXDOH RFFRUUH GDUH O¶DWWHQXDQWH GL DYHU YLVVXWR SHULJOLRVDPHQWH PRPHQWL SROLWLFL GL HFFH]LRQDOH GLIILFROWj - QRQ VL q DFFRUWR FKH OD PDJJLRUDQ]D DVVROXWD GHO 3DHVH FRPH QRL GD OXQJKLVVLPR WHPSR DEELDPR SUHYLVWR ULILXWD LQ WRWR OD FODVVH SROLWLFD QRQ ID SL DOFXQD GLIIHUHQ]D WUD PDJJLRUDQ]D HG RSSRVL]LRQH H QHPPHQR WUD L SDUWLWL FKH FRQVLGHUD WXWWL RPRORJDWL QHO PDODIIDUH H QRQ VL UHFD SL QHS SXUH D YRWDUH FRQVLGHUDQGR O¶DVWHQVLRQH FRPH O¶XQLFD IRUPD GL FRQWHVWD]LRQH SRVVLELOH GDWR FKH GL SL H GL PHJOLR QRQ VD H QRQ SXz IDUH 6H 1DSROLWDQR DYHVVH YROXWR YHUDPHQWH IRWRJUDIDUH GDOO¶DOWR GHOOD VXD FDULFD H VRSUDWWXWWR GDOOD VXD HVSHULHQ]D SROLWLFD OD YHUD VLWXD]LRQH GHO 3DHVH DYUHEEH GRYXWR GLUH TXDOFRVD GL SL TXDQGR HOHWWRUL VX QRQ VL VRQR SUHVHQWDWL DO YRWR QHOOH UHFHQWL HOH]LRQL UHJLRQDOL LQ (PLOLD 5RPDJQD H VHPSUH VX LQ &DODEULD 0D DQFKH TXL KD EDQDOL]]DWR ,Q UHDOWj L IDWWL GL 5RPD FKH QRL LQWHQGLDPR FRPPHQWDUH VRQR VSHFXODUL ULVSHWWR DOOD GLVLVWLPD WRWDOH GHL FLWWDGLQL LWDOLDQL YHUVR OD SROLWLFD HG LOOXVWUDQR SODVWLFDPHQWH OH UDJLRQL GL TXH VWD VILGXFLD FKH RUPDL q GLYHQXWD DVVROXWD /D PDODSROLWLFD q SDGURQD GHO VLVWHPD SROLWLFR H OD JHQWH VH QH q DFFRUWD *OL HSLVRGL DYYHQXWL QHOOD &DSLWDOH VRQR JUDYLVVLPL PD QRQ SL GL WDQWL DOWUL 4XDQGR JOL HOHWWL GHO SRSROR QRQ VRQR SL VFHOWL GD TXHVWR PD LQ UHDOWj GDL FDSL-EDVWRQH FKH OL JRYHUQDQR QRQ F¶q PROWR GD VSHUDUH FLUFD OD ORUR RQHVWj SHUVRQDOH H QHSSXUH FLUFD OD ORUR FDSDFLWj TXDOLWj FKH QRQ YHQJRQR QHSSXUH ULFKLHVWH TXDQGR VWLSXODQR LO ©SDWWR LP SOLFLWRª FRQ FKL OL KD IDYRULWL SURFDFFLDQGR ORUR OD FDULFD ( FRVu QHO WHPSR DEELDPR DVVLVWLWR GDO LQ SRL FLRq GDOOD IDOVD SURPHVVD GHOOD ©ULYROX]LRQH OLEHUDOHª GL %HUOX VFRQL DG XQ SURJUHVVLYR GHWHULRUDPHQWR GHOOD TXDOLWj GHOOD FODVVH SROLWLFD VLD QHOOD PDJJLRUDQ]D FKH QHOO¶RSSRVL]LRQH 2JJL DOFXQL YDORUL VRQR VFRPSDUVL GDO PRGR GL HVVHUH GHOOD FDVWD GRPLQDQWH FDSDFLWj RQHVWj LGHDOL GD PHWWHUH LQ SUD WLFD D EHQHILFLR GHOOD FROOHWWLYLWj LQVRPPD WXWWR FLz FKH GRYUHEEH FRQQRWDUH FKL ©EULJDª SHU RWWHQHUH XQD FDULFD SXEEOLFD VRQR YHQXWL PHQR $Q]L FKL SDUODVVH GL TXHVWH FRVH GDWR LO SXQWR VFLDJXUDWR FXL VLDPR RUPDL SHUYHQXWL SRWUHEEH HVVHUH DFFXVDWR GL LSRFULVLD RYYHUR VH SURIHVVDV

VH H LQWHQGHVVH PHWWHUH LQ RSHUD SHU GDYYHUR TXHVWL SULQFu SL VL FDQGLGHUHEEH SHU HVVHUH LPPHGLDWDPHQWH DOORQWDQDWR 0D UHYHQRQV j QRV PRXWRQV FRPH GLFRQR L IUDQFHVL 4XDQGR $OHPDQQR GLYHQQH VLQGDFR GL 5RPD PROWH VSHUDQ]H HUDQR SXQWDWH VX GL OXL H PROWL VL DXJXUDYDQR FKH HJOL IRVVH PLJOLRUH GHO VXR DQWDJRQLVWD - FKH FRPXQTXH DQFKH SHUFKp QRQ DYHYD OD WHQWD]LRQH GL DSSURILWWDUH GHOOD FRVD SXEEOLFD SHU ULHPSLUVL OH WDVFKH SRVWR FKH HUD GDYYHUR ULFFR GL IDPLJOLD - QRQ HUD DWWDFFDELOH VRWWR TXHVWR SURILOR PD FRVu QRQ q VWDWR SRLFKp OD JHVWLRQH GL $ VL q FRQWUDGGLVWLQWD GD VXELWR SHU HVVH UH OD SL LQHIILFDFH H FOLHQWHODUH FKH SRVVLDPR ULFRUGDUH 8Q DVSHWWR FKH DYUHEEH PHULWDWR EHQ DOWUR DSSURIRQGL PHQWR PD FKH EHQFKp VH QH SDUODVVH WDQWR QRQ q PDL VWDWR VDQ]LRQDWR q TXHOOR UHODWLYR DOOH PLJOLDLD GL DVVXQ]LRQL QHOOH PXQLFLSDOL]]DWH IDWWH GXUDQWH OD SHUPDQHQ]D LQ FDULFD GL $OH PDQQR FKH VLFXUDPHQWH SHVHUDQQR VXL ELODQFL IXWXUL GHO &R PXQH SHU PLOLDUGL GL (XUR 6LQ GD DOORUD TXDOFXQR DYUHEEH GRYXWR FKLHGHUJOL XQD UDJLRQH GL FLz VXO SLDQR JLXGL]LDULR ROWUH FKH SROLWLFR DQFKH H VRSUDWWXWWR SHUFKp TXHVWH DVVXQ]LR QL FOLHQWHODUL H VHQ]D FRQFRUVR HUDQR GHVWLQDWH D EHQHILFDUH VROWDQWR L VXRL DPLFL H JOL DPLFL GHJOL DPLFL 0D FRVu QRQ IX 2JJL O¶LQFKLHVWD GHO 3URFXUDWRUH &DSR GHOOD 5HSXEEOLFD VWD VFRSUHQGR FRPH GLFRQR D 5RPD ©JOL DOWDULQLª GL TXHVWR VSDYHQWRVR H WUDJLFR HGLILFLR GL FRUUX]LRQH &RQILGLDPR FKH O¶LQFKLHVWD SRVVD UDJJLXQJHUH LO VXR ILQH H FLRq XQD FRQGDQQD HVHPSODUH SHU WXWWL L FRLQYROWL PD VRSUDW WXWWR SHU TXHOOL FKH - FRPH $OHPDQQR - KDQQR ULFRSHUWR FDUL FKH SXEEOLFKH PD SRLFKp QHOOD YLFHQGD VRQR FRLQYROWL QRPL GL WDQWL ©SRWHQWLª QRQ RVLDPR VSHUDUOR DQFKH VH FH OR DXJX ULDPR GL YHUR FXRUH H SHU TXDQWR ULJXDUGD QRL IDUHPR GL WXWWR SHUFKq TXHVWR DYYHQJD ,O GDQQR PRUDOH H PDWHULDOH FKH GDOOH YLFHQGH URPDQH GHULYD DOO¶LQWHUD SRSROD]LRQH q LQHQDUUDELOH &RPH FRQYLQFHUH L JLRYDQL D VHUEDUH FRPSRUWDPHQWL GL RQHVWj H GL FRQVDSHYR OH]]D TXDQGR VL WURYDQR GL IURQWH D VLPLOL HVHPSL" ( TXDQWR DO GDQQR PDWHULDOH TXDQWR DJOL DSSDOWL WUXFFDWL RFFRUUH ULIOHWWHUH DO IDWWR FKH SHU HVWUDUUH GD TXHVWD WLSRORJLD GL FRQWUDWWR OH WDQ JHQWL H LO GHQDUR LQ QHUR RFFRUUH DVVLFXUDUH DOO¶DSSDOWDWRUH XQ HQRUPH YDQWDJJLR WDFHQGR VX ULFKLHVWH VHPSUH SL HVRVH FR PH YDULDQWL LQ FRUVR G¶RSHUD UHYLVLRQH SUH]]L H TXDQW¶DOWUR &RVu OR VYDQWDJJLR SHU OD FROOHWWLYLWj VXSHUD SHUILQR H GL PROWH YROWH O¶DPPRQWDUH GHOOD WDQJHQWH /D OLHYLWD]LRQH GHOOD VSHVD SXEEOLFD GLSHQGH LQ ODUJD PL VXUD GDOOD FRUUX]LRQH SROLWLFD HG RYYLDPHQWH WXWWL VLDPR FR VWUHWWL D SDJDUH VRWWR IRUPD GL WDVVH HG LPSRVWH H SUH]]L SXE EOLFL OH UXEHULH QD]LRQDOL H ORFDOL 7XWWL VLDPR SL R PHQR FROSLWL PD q FHUWR FKH L SL HVSRVWL H TXHOOL FKH YL ULPHWWRQR GL SL VRQR L SHUFHWWRUL GL UHGGLWL ILVVL L SHQVLRQDWL FRQ WULVWLVVLPH ULSHUFXVVLRQL VXOOD VSHVD SULYDWD TXHOOD GHOOH IDPLJOLH FRVWUHW WH DG XQ UHJLPH GL PHUD VRSUDYYLYHQ]D

,/ %25*+(6(

4XDQWR DOOD ULVSRVWD GHOOH 3XEEOLFKH LVWLWX]LRQL D WDQWD YHUJRJQD ULIOHWWLDPR VXO IDWWR FKH LO 3UHIHWWR FKH SHU LQFDULFR GL $OIDQR GRYUj LQGDJDUH VH SURSRUUH R QR OR VFLRJOLPHQWR GHO &RPXQH GL 5RPD q VWDWR GDWR XQ FRPSLWR EHQ DUGXR JLDFFKp SDUH FKH HJOL DEELD LQ SDVVDWR ULFRSHUWR FDULFKH GL YLJLODQ]D H FRQWUROOR VXOOD HPHUJHQ]D LPPLJUDWL QHOOD &DSLWDOH 5HQ]L SRL FKH DYHYD SURPHVVR PLVXUH LPPHGLDWH HG DSR FDOLWWLFKH FRQWUR L ©FRUURWWLª VHPEUD VL DFFRQWHQWL GL XQ GLVH JQR GL OHJJH FKH RYYLDPHQWH GRYUj VHJQDUH LO SDVVR GL IURQWH DG DOWUL JUDYLVVLPL SUREOHPL JLj DIILGDWL DO 3DUODPHQWR SHU OD ORUR VROX]LRQH OHJLVODWLYD 4XLQGL DQFRUD XQD YROWD q IRUVH VROWDQWR QHOO¶D]LRQH GHOOD 0DJLVWUDWXUD FKH GREELDPR FRQILGDUH SHU GDUH SURYD FKH XQD UHD]LRQH D TXHVWL IDWWL FRPXQTXH HVLVWH H SXz HVVHUH VRGGLVIDW WD TXDQWR PHQR VXO SLDQR HSLGHUPLFR GHOOD JLXVWD LUD FKH WXWWL FL SHUYDGH" +R ILGXFLD QHO 3URFXUDWRUH 3LJQDWRQH PD WURSSH YROWH OD QRVWUD JLXVWL]LD q PDQFDWD DJOL DSSXQWDPHQWL &L VRQR FDVL FKH FL GLFRQR GL FRQGL]LRQDPHQWL RGLRVL GHL ©SRWHUL IRU WLª JOL HQWL SXEEOLFL OH EDQFKH L SRWHQWDWL HFRQRPLFL JOL LVWL WXWL SUHVLGHQ]LDOL HWF GL FROSHYROL VLOHQ]L GL REOLWHUD]LRQL LQFRQFHSLELOL $EELDPR YLVWR O¶RUURUH GHO FDVR &XFFKL GHOOD VHQWHQ]D VXOO¶(WHUQLW $JJLXQJR LO FDVR 4XLQWDYDOOH H TXDOFKH JLRUQR ID TXHOOR GHO 3 0 )HOLFL FKH KD DUFKLYLDWR O¶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©QXRYL SRYHULª FKH FUHVFRQR VHPSUH GL SL GL QXPHUR ( F¶q GD VSH]]DUH LO IRUWH OHJDPH FKH XQLVFH SROLWLFL FRUURWWL H EDQGH FULPLQDOL GL FXL HVVL VL VHUYRQR H FKH G¶DOWUD SDUWH VL VHUYRQR GL ORUR , FRUURWWL GHYRQR HVVHUH FROSLWL VRSUDWWXWWR VXOOH ULFFKH]]H PDOH DFTXLVWDWH H QHOOD GHWHUPLQD]LRQH ©IHUPDª FLRq VHQ]D SRVVLELOL VFRQWL GHOO¶DSSOLFD]LRQH GHOOD SHQD 4XHVWR DXVSLFLR ULJXDUGD VRSUDWWXWWR FRORUR FKH SURYHQHQGR GDOOD GHVWUD SROL WLFD IHFHUR VHPSUH JUDQGL FDPSDJQH PRUDOL H ULPSURYHUDURQR DJOL DOWUL GL QRQ HVVHUH DEEDVWDQ]D LQWUDQVLJHQWL 2JJL DYHQGR DEEDQGRQDWR OH ORUR UDGLFL LGHDOL JOL LQGLYL GXL FRPH $OHPDQQR HG L VXRL VRGDOL VRQR DQFRU SL GD FHQVX UDUH H GD FRQGDQQDUH &KLDUR q FKH VH ILQDOPHQWH TXHVWD YROWD L YHUL FROSHYROL SDJKHUDQQR H QRL FROWLYLDPR XQD YLYD VSHUDQ]D LQ WDO VHQVR LO SUREOHPD q GHVWLQDWR D SHUPDQHUH LQ WXWWD OD VXD JUDYLWj OD FRPSRVL]LRQH GHOOD FODVVH SROLWLFD OD VXD SUHSDUD]LRQH H OD VXD RQHVWj (FFR SHUFKp q QHFHVVDULR XQ SURIRQGR ULYROJLPHQ WR FKH SRUWL JHQWH QXRYD QHOOD SROLWLFD FRPH WDQWH YROWH KD DXVSLFDWR %HQHGHWWR ;9, 6L WUDWWD GL UHVWDXUDUH O¶XQLWj SROLWL FD GHL FDWWROLFL OD FXL PDQFDQ]D VL VHQWH PROWR SURSULR TXDQ GR FL VL WURYD LQ IUDQJHQWL FRPH TXHOOR FKH VWLDPR YLYHQGR WUD VFRQFHUWR GLVJXVWR H GLVSHUD]LRQH QHO IXWXUR 3RVVLDPR GLUH LQ WXWWD YHULWj FKH OD SUHSDUD]LRQH GHOOD FODVVH SROLWLFD SUHFH GHQWH DO H FLRq DOOD SUHVD GL SRWHUH GL %HUOXVFRQL HUD LQILQLWDPHQWH PDJJLRUH H FRVu O¶RQHVWj SHUVRQDOH GHOOD PDJ JLRU SDUWH GHL VXRL FRPSRQHQWL 9HUR q FKH DOORUD L FDWWROLFL FRQWDYDQR QHOOD YLWD SXEEOLFD FRPH RUD QRQ q SL /D PDQFDQ]D GL XQ YHUR FHQWUR SROLWLFR PDL FRPH RUD VL DYYHUWH H VL GHSORUD 3UHVLGHQWH GHOOD &RQVXOWD GHL 3HQVLRQDWL H GHL 3HQVLRQDWL 8QLWL

*HQQDLR

, %(&&+,1, GHOOD 'HVWUD GL $'$/%(572 %$/'21, 48$1'2 DEELDPR DSSUHVR FRQ DPDUH]]D H GLVJXVWR DO WHPSR VWHVVR OD QRWL]LD GHOOR VFDQGDOR FKH VL q DEEDWWXWR VXO FRPXQH GL 5RPD H LQ SDUWLFRODUH VXOOD JHVWLRQH FDSLWR OLQD GL *LDQQL $OHPDQQR VLDPR DQGDWL FRQ LO SHQVLHUR DO VDJJLR GHO JLRUQDOLVWD GHO 6HFROR $QWRQLR 3DQQXOOR XVFLWR UHFHQWHPHQWH $WWLYLVWL 6HWWLPR 6LJLOOOR 1HO VXR YROXPLQRVR OLEUR GXH WRPL O¶DXWRUH ULFRVWUXL VFH LQ SDUWH OD VWRULD GHOOH VH]LRQL URPDQH GHO 0VL QHJOL DQQL FKH YDQQR GDO DO DQQR GHOO¶DVVDVVLQLR GHO JLRYDQH PLVVLQR 3DROR 'L 1HOOD &L DYHYD FROSLWR LQ SDUWLFRODUH OD SUHID]LRQH GL 6WHQLR 6ROLQDV FKH VHPEUD FDO]L D SHQQHOOR VXJOL DYYHQLPHQWL FKH KDQQR DIIRVVDWR GHILQLWLYDPHQWH OD GHVWUD URPDQD 6ROLQDV LQIDWWL VL q VRIIHUPDWR VX TXHL SROLWLFL GL GHVWUD ©LQ VHUYL ]LR SHUPDQHQWH HIIHWWLYR FKH VL VRQR ULYHODWL L EHFFKLQL GHOO¶DWWLYLVPR FKH IXª 8QR GL TXHVWL EHFFKLQL q SXUWURSSR $OHPDQQR Ê EHQH ULFRUGDUH FKH 6WHQLR 6ROLQDV URPDQR FODVVH JLRUQDOLVWD SUROLILFR H EULOODQWH VFULWWRUH DWWXDOPHQ WH LQYLDWR HG HGLWRULDOLVWD GH ,O *LRUQDOH GL FXL KD GLUHWWR SHU FLQTXH DQQL OH SDJLQH FXOWXUDOL QHJOL DQQL 6HWWDQWD KD PLOLWDWR D GHVWUD H KD IDWWR SDUWH GHO JUXSSR GL JLRYDQL JXLGDWL GD 0DUFR 7DUFKL FKH GLHGHUR YLWD DOOD 1XRYD 'H VWUD LO FXL ULIHULPHQWR HUD O¶LQWHOOHWWXDOH IUDQFHVH $ODLQ 'H %HQRLVW 3L DYDQWL ULSUHQGHUHPR LO -¶$FFXVH GL 6ROLQDV DL EHF FKLQL GHOOD GHVWUD 4XDOFXQR GLUj FRPH VL q DIIDQQDWR DG DIIHUPDUH OR VWHV VR $OHPDQQR FKH OD VSRUFD IDFFHQGD ULJXDUGD SXUH HVSRQHQ WL GL SULPR SLDQR GHOOD VLQLVWUD SDUODPHQWDUL FRQVLJOLHUL FR PXQDOL H UHJLRQDOL GHO 3G OH SUHFHGHQWL JLXQWH 5XWHOOL H 9HO WURQL LO VLQGDFR ,JQD]LR 0DULQR EOD EOD EOD« 1H HUDYDPR VLFXUL SURSULR SHUFKp QHO ©PRQGR GL PHU GDª GL FXL KD SDUODWR )UDQFHVFR 6WRUDFH ULIHUHQGRVL DOO¶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©URPª - 1HO SHQLWHQ]LDULR %X]]L VL HUD ODXUHDWR LQ OHWWHUH SULPD GL HVVHUH JUD]LDWR GDO SUHVLGHQWH GHOOD 5HSXEEOL FD 3HUVRQDJJLR GL WXWWR ULOLHYR TXLQGL VH q ULXVFLWR LQ WUHQW¶DQQL D HGLILFDUH XQD YHUD H SURSULD KROGLQJ 'RGLFL FRR SHUDWLYH FRQ SURILWWL PLOLRQDUL FROOHJDWH FRQ OD FRRSHUD]LRQH URVVD GHOO¶(PLOLD H 5RPDJQD LPSLHJDWH LQ YDUL VHWWRUL SURGX

Il Centro Studi Pino Rauti e la Casa Editrice Pagine Organizzano

Concorso per il miglior articolo giornalistico:

“L’ATTUALITÀ DEL PENSIERO POLITICO DI PINO RAUTI” Regolamento:

I partecipanti dovranno inviare alla direzione di Pagine, via Gualtiero Serafino, 8 - 00136 Roma, un elaborato di taglio giornalistico della lunghezza massima di 3 cartelle, 40 righe di 70 battute, aventi per tema “L’ATTUALITÀ DEL PENSIERO POLITICO DI PINO RAUTI”. Fra i partecipanti la giuria (il cui giudizio è insindacabile) sceglierà 10 finalisti ai quali verrà dato un premio in libri di 100 € cadauno a scelta tra libri o riviste della casa editrice Pagine. Tra i partecipanti la giuria sceglierà anche i tre vincitori ai quali verranno assegnate tre borse di studio oltre a premi in buoni libro. Al terzo classificato verrà consegnato una borsa di studio di 200 € di cui 100 € in libri o riviste Pagine. Al secondo classificato verrà consegnata una borsa di studio di 400 € di cui 200 € in libri o riviste della casa editrice Pagine. Al primo classificato verrà consegnata una borsa di studio di 750 € di cui 250€ in libri o riviste della casa editrice Pagine. La giuria, il cui giudizio è insindacabile, è formata da: Dott.ssa Isabella Rauti (presidente del premio e presidente del “Centro Studi Pino Rauti”), Dr. Luciano Lucarini (presidente del premio), Dr. Fabio Torriero (direttore rivista La Destra italiana), Professor Giuseppe Parlato (direttore rivista Nova Historica), Dr. Alessio Di Mauro (direttore rivista Il Candido). Segretaria Generale del Premio: Dott.ssa Federica Pizzuti. Gli elaborati dei partecipanti devono arrivare entro e non oltre il 10 settembre 2015 e la premiazione dei vincitori e il ricordo di Pino Rauti si terranno il 5 novembre 2015, presso Palazzo Ferrajoli, Piazza Colonna, 355 Roma. I vincitori non presenti alla premiazione non hanno diritto al premio. Gli elaborati vincitori verranno pubblicati su riviste di argomento storico/sociale della casa editrice Pagine ed i vincitori saranno invitati alla trasmissione televisiva Il Borghese in diretta in date da concordare. Gli elaborati possono essere inviati per raccomandata con R.R., o per e-mail alla Redazione della Casa Editrice Pagine (c.a. Dott.ssa Federica Pizzuti). Il Presidente della giuria Dr. Luciano Lucarini

m~ÖáåÉ • Via Gualtiero Serafino, 8 • 00136 Roma (Rm) • Tel. 06/45468600 • Fax 06/39738771 mail: federica.pizzuti@pagine.net

,/ %25*+(6(

]LRQH HQHUJLD GHL ULILXWL ORFD]LRQH LPPRELOL HGLOL]LD PHQVH JHVWLRQH RVSHGDOL H FDVH GL FXUD SHU OXQJRGHJHQ]D DVVLVWHQ]D GRPLFLOLDUH FRVWUX]LRQL DXWRWUDVSRUWR SXOL]LH DFFRJOLHQ]D GHL ULIXJLDWL H DL FDPSL ©URPª %X]]L LQWHUFHWWDWR PHQWUH SDUOD FRQ 0DVVLPR &DUPLQDWL JOL ULFRUGD TXDO q LO VXR EXVL QHVV SULQFLSDOH O¶HPHUJHQ]D DELWDWLYD L FHQWUL GL DFFRJOLHQ]D SHU ULIXJLDWL H LPPLJUDWL L FDPSL QRPDGL ©5HQGH SL GHOOD GURJDª GLFH VRGGLVIDWWR D &DUPLQDWL

,O %RUJKHVH QHO QXPHUR GHOOR VFRUVR QRYHPEUH KD VYROWR XQD GHWWDJOLDWD LQFKLHVWD VX TXHVWR DUJRPHQWR ©&KLDFFKLHUH H GHPDJRJLDª VRIIHUPDQGRVL VXO ©EXVLQHVV GHOO¶RVSLWDOLWjª FLWDQGR QHOOR VSHFLILFR OD ©(ULFKHV &RQVRU]LRª GL %X]]L

$OO¶LQL]LR GHO VXR PDQGDWR $OHPDQQR SHU GDUH XQ VH JQR GL GLVFRQWLQXLWj FRQ LO SDVVDWR VL HUD LPSHJQDWR D WD JOLDUH L IRQGL DOOH FRRSHUDWLYH TXDVL WXWWH GL VLQLVWUD &RVu QRQ q VWDWR $Q]L L VRYYHQ]LRQDPHQWL DOOH FRRSHUDWLYH URVVH VRQR QRWHYROPHQWH OLHYLWDWH GXUDQWH OD VXD JHVWLRQH /D IDPLJHUDWD FHQD GHO DSSDUVD VXL JLRUQDOL GRYH VL VFRUJRQR $OHPDQQR 6DOYDWRUH %X]]L LO PLQLVWUR *LXOLD QR 3ROHWWL HUD SUHVLGHQWH GHOOD /HJD GHOOH FRRSHUDWLYH LO FDSRJUXSSR GV 8PEHUWR 0DUURQL HG DOWUL HUD XQ¶RFFDVLRQH - VL q JLXVWLILFDWR O¶H[ VLQGDFR -SHU IHVWHJJLDUH OD QDVFLWD GHOOD © JLXJQR 6HUYL]Lª 1RQ q FRVu 8PEHUWR &URSSL H[ DVVHVVRUH GHOOD JLXQWD $OHPDQQR SRL GLPHVVRVL KD ULFRUGDWR LO GLFHPEUH VFRU VR DOO¶$UHQD GL *LOHWWL FKH LQ TXHOO¶RFFDVLRQH VL IHVWHJJLD YD XQ PHFFDQLVPR HVFRJLWDWR SHUFKp LO FRPXQH QRQ DYHYD SL VROGL SHU SDJDUH OH FRRSHUDWLYH 6PHQWHQGR $OHPDQQR &URSSL KD SUHFLVDWR FKH ©,O FRPXQH VL HUD LQYHQWDWR LQ PDQLHUD ELSDUWLVDQ XQ PHFFDQL VPR SHU FXL OH FRRSHUDWLYH YHQJRQR SDJDWH DQFRUD RJJL FRQ XQ¶DQWLFLSD]LRQH EDQFDULD JDUDQWLWD GDO FRPXQH FRQ LO VLVWHPD GHO FRVLGGHWWR SUR VROXWR FKH QRQ q DPPHVVR GDOOD FRQWDELOLWj GHOOD SXEEOLFD DPPLQLVWUD]LRQH (UD XQ WUXFFR LOOHJLWWLPR PD VL WUDWWDYD GL WXWHODUH OD SL JUDQGH FRRSH UDWLYD URVVD GL 5RPDª &RPH PDL LO ©QHURª $OHPDQQR ULPDQJLDQGRVL XQ VXR SUHFLVR LPSHJQR VFHVH D SDWWL FRQ OH FRRS ©URVVHª DFFR JOLHQGR OH ULFKLHVWH GL 6DOYDWRUH %X]]L FKH QRQ GLPHQWL FKLDPROR VHJXLYD LQGLFD]LRQL H VXJJHULPHQWL GL 0DVVLPR &DUPLQDWL" /D ULVSRVWD D TXHVWR LQWHUURJDWLYR VL WURYD LQ XQ SDVVDJ JLR GL XQ DUWLFROR GL 0DVVLPR )LQL ©6H SULPD HUD OD SROLWL FD FRUURWWD H FRUUXWWLELOH D GLULJHUH OH GDQ]H DGHVVR GHYH XEELGLUH DOOD FULPLQDOLWj FXL VL q VWUHWWDPHQWH LQWUHFFLD WDª ,O )DWWR 4XRWLGLDQR ,O ©PRQGR GL PH]]Rª FKH YLHQH GD ORQWDQR GLFHPEUH $IIRVVDWL L SDUWLWL WUDGL]LRQDOL (VLVWRQR VROWDQWR FRPLWDWL GL DIIDUL ELSDUWLVDQ - $L SDUWLWL WUDGL]LRQDOL - FRQ VWDWXWL UHYLVRUL FRQWL RUJDQL GLVFLSOLQDUL RUJDQL]]D]LRQL FHQWUDOL H SHULIHULFKH FRQJUHVVL VH]LRQDOL SURYLQFLDOL H QD]LRQDOL - GD WHPSR VL VRQR VRVWLWXLWL L FRPLWDWL G¶ DIIDUL GL FXL IDQQR SDUWH QRQ VROWDQWR L SROLWLFL PD SXUH LPSUHQGLWR UL SUHVLGHQWL GL HQWL FRQVRU]L H FRRSHUDWLYH URVVH H ELDQ FKH RUJDQLVPL GL YRORQWDULDWR PDODYLWRVL G¶RJQL OLYHOOR 6SHUDYDPR FKH D 5RPD H QHO /D]LR SULPD FRQ OH DIIHU PD]LRQL GL 6LOYDQR 0RIID DOOD 3URYLQFLD H FRQ )UDQFHVFR 6WRUDFH DOOD 5HJLRQH SRL FRQ LO WULRQIR GL $OHPDQQR DO &RPXQH OD GHVWUD DYUHEEH SRWXWR H GRYXWR GLIIHUHQ]LDUVL GDOOD VLQLVWUD FRQ XQ QXRYR PRGR GL IDUH SROLWLFD EDVDWD VXL YDORUL H QRQ VXJOL DIIDUL VXOOD VROLGDULHWj H VXOO¶LQWHUHV VH GHOOD FROOHWWLYLWj H QRQ VXL WRUQDFRQWL SHUVRQDOL 8QD GHVWUD FKH VL HUD UDIIRU]DWD LQ WXWWR LO 3DHVH GRSR O¶LQFKLHVWD

*HQQDLR

0DQL 3XOLWH /D JHQWH GHOOD VWUDGD JXDUGDYD D GHVWUD FRQ ILGXFLD SHUFKp OD ULWHQHYD FDSDFH H VRSUDWWXWWR RQHVWD , ©FDPHUDWLª GL PHUHQGD KDQQR SDSSDWR LQWDVFDWR VSHFXODWR - )DPLOLVPR H FOLHQWHOLVPR VXOOR VWHVVR SLDQR GHOOD FRUUX]LRQH H GHOOD FRQFXVVLRQH - 6XELWR GRSR OH HOH]LR QL FRPXQDOL GHO DYHYDPR DYXWR OD SHUFH]LRQH FKH QRQ FL VDUHEEH VWDWD GLVFRQWLQXLWj FRQ LO SDVVDWR TXDQGR DEELDPR DSSUHVR FKL HUD VWDWR GHVLJQDWR DOOD JXLGD GHOOH VRFLHWj SDUWHFL SDWH FKH DVVHJQDQR DSSDOWL DIILGDQR ODYRUL DVVXPRQR SHUVR QDOH $OHPDQQR DYHYD SLD]]DWR LQ (QWL H 0XQLFLSDOL]]DWH L VXRL DPLFL IHGHOLVVLPL 7UD TXHVWL 5LFFDUGR 0DQFLQL (XU VSD )UDQFR 3DQ]LURQL $PD H $GDOEHUWR %HUWXFFL $WDF 6RIIHUPLDPRFL XQ DWWLPR VXO SULPR 0DQFLQL XQ SDVVDWR JLRYDQLOH LQ RUJDQL]]D]LRQL GL HVWUHPD GHVWUD PROWR YLFLQR D *LXVHSSH 'LPLWUL LO IRQGDWRUH DVVLHPH D 5REHUWR )LRUH GL ©7HU]D 3RVL]LRQHª HUD LO FDVVLHUH GL $OHPDQQR 7HVRULHUH GHOOH FDPSDJQH HOHWWRUDOL GHO H GHO /¶(QWH (XU q XQD VRFLHWj SHU D]LRQL DO SHU FHQWR GHO PLQLVWHUR GHOO¶(FR QRPLD H DO SHU FHQWR GHO &RPXQH GL 5RPD FKH SXz FRQWD UH VX XQ SDWULPRQLR GL PLOLRQL GL HXUR 1HO GLFHPEUH GHO ©LO SRUFRQHª FRVu OR FKLDPDQR L VXRL DPLFL DQQXQFLDYD DOOD VWDPSD XQ SLDQR GL RSHUH SHU O¶(XU FKH D VXR SDUHUH DYHYD QHFHVVLWj GL XQ JUDQGH SURJHWWR GL ULTXDOLILFD]LRQH FRQVLGHUDQGR JOL DPEL]LRVL SURJHWWL LQ FDQWLHUH WUD FXL OD ©1XYRODª GL 0DVVLPLOLDQR )XVNDV OR VYRO JLPHQWR GL XQ *UDQ 3UHPLR DXWRPRELOLVWLFR GL ©) ª OR VIUXW WDPHQWR GHOO¶DUHD GRYH VRUJHYD LO 9HORGURPR 2OLPSLFR GL YLDOH GHOO¶2FHDQR 3DFLILFR GHPROLWR LQ PRGR LQRSLQDWR FRQ FDULFKH GL GLQDPLWH LO OXJOLR GHO QRQRVWDQWH L SDUHUL QHJDWLYL GHJOL DELWDQWL GHOOD ]RQD GL DPELHQWDOLVWL H XUEDQLVWL ,O IDUDRQLFR DQQXQFLR GL 0DQFLQL FKH JLj DOORUD HUD WHQXWR VRWWR VFDFFR PDWWR GD &DUPLQDWL H GD %X]]L IDFHYD SDUWH GHOOD ©IDVH GXHª GHOO¶DPPLQLVWUD]LRQH FDSLWROLQD ,O SLDQR GL 0DQFLQL HUD VWDWR VRWWRVFULWWR HQWXVLDVWLFDPHQWH GDO VLQGDFR FKH QHO IUDWWHPSR DYHYD QRPLQDWR LO SUHVLGHQWH GHOO¶©8QLRQH LQGXVWULDOL GL 5RPDª LO PDQDJHU $XUHOLR 5HJLQD DOOD JXLGD GHOOD )RQGD]LRQH ©0XVLFD SHU 5RPDª VLF HG HUD VWDWR FR VWUHWWR DG D]]HUDUH OD JLXQWD SHU VEDUD]]DUVL GHO VXR DPLFR )UDQFHVFR 0DULD 2UVL GHOHJDWR DO GHFRUR XUEDQR 2UVL VSH FLDOL]]DWR LQ DVWH LPPRELOLDUL H DVVLFXUD]LRQL HUD VWDWR DFFXVD WR GL WUDQVD]LRQL LPPRELOLDUL VRVSHWWH JHVWLRQH GL VRFLHWj H FRQWL EDQFDUL LQWHVWDWL D SHUVRQH ILWWL]LH 4XDWWUR DQQL SULPD

0( /¶+$112 )$772 &26Î 1HOOD IRWRJUDILD *LDQQL $OHPDQQR

*HQQDLR

,/ %25*+(6(

HUD VWDWR FRLQYROWR LQ XQ¶LQFKLHVWD PROWR SL JUDYH VXOOD WUXI ID DL GLVDELOL FDPSDQL 3HU LQFLVR q VHPSUH LQ TXHVWR SHULRGR FKH $OHPDQQR DYH YD VWUHWWR DFFRUGL FRQ XQ JUXSSR GL UDSDFL FRVWUXWWRUL SHU GDUH DYYLR DOOD 1XRYD 7RU %HOOD 0RQDFD 5DGHUH DO VXROR O¶HVLVWHQ WH SHU HGLILFDUH FDVH GL WUH SLDQL VX XQD VXSHUILFLH SL DPSLD GLVWUXJJHQGR RYYLDPHQWH XQD EXRQD IHWWD GHOOD FDPSDJQD H TXLQGL GHO YHUGH 3DUHQWRSROL H OH PD]]HWWH SHU L ©EXVª - (YYLYD OD VRFLH Wj GHL PDJQDFFLRQL - $GDOEHUWR %HUWXFFL FRPPHUFLDOLVWD JLj RVFXUR FRQVLJOLHUH FRPXQDOH GL $Q HUD OHJDWR D ILOR GRSSLR FRQ 9LQFHQ]R 3LVR OXRJRWHQHQWH GHO VLQGDFR IHGHUDOH GL 5R PD FRRUGLQDWRUH QHO /D]LR GHO 3GO 3LVR H[ 7HU]D 3RVL]LRQH TXDWWUR DQQL GL FDUFHUH SHU EDQGD DUPDWD q VHPSUH VWDWR O¶RPEUD GL $OHPDQQR FKH KD LPSRVWR D )LQL GL PHWWHUOR LQ OLVWD DOOD &DPHUD GHL GHSXWDWL DOOH SROLWLFKH GHO 'RSR LO QDXIUDJLR GL $OHPDQQR DOOH HOH]LRQL FRPX QDOL 3LVR D QRYHPEUH KD ODVFLDWR LO 3GO DGHQGR DO 1XRYR &HQ WUR 'HVWUD GL $QJHOLQR $OIDQR VHJXHQGR OD VWHVVD VWUDGD GL XQD IHGHOLVVLPD GL *LDQQL %DUEDUD 6DOWDPDUWLQL Ê SXUD FRLQ FLGHQ]D DQQRWDUH FKH QHJOL VWHVVL PHVL DQFKH O¶DWWXDOH FRQ VRUWH GHOO¶H[ VLQGDFR ,VDEHOOD 5DXWL KD IDWWR LQJUHVVR DOOD FRUWH GL $OIDQR FRPH FRQVXOHQWH" ©)UDQFRQHª 3DQ]LURQL LQYHFH XQ SDVVDWR GD GHPRFULVWLD QR HUD VHJUHWDULR JHQHUDOH GHOOD )RQGD]LRQH ©1XRYD ,WDOLDª GL FXL $OHPDQQR q LO SUHVLGHQWH 0DQFLQL 3DQ]LURQL %HUWXFFL QHVVXQR GHL WUH KD WHUPLQDWR LO SURSULR PDQGDWR SHUFKp LQTXLVLWL GDOOD PDJLVWUDWXUD SHU OR VFDQGDOR ©3DUHQWRSROLª YHUJRJQRVR HSLVRGLR GL FOLHQWHOLVPR H IDPLOLVPR DOWUHWWDQWR JUDYH GHOOD FRUUX]LRQH H GHOOD FRQFXV VLRQH ,O SULPR q VWDWR VUDGLFDWR GDOOD UHPXQHUDWD SROWURQD GDL &DUDELQLHUL SHUFKp DFFXVDWR GL HVVHUVL LQWDVFDWR PD]]HWWH LQ PHULWR DG XQD IRUQLWXUD GL ILOREXV %UHGDPHQDULQL SHU LO WUD VSRUWR D 5RPD 6LD 3DQ]LURQL FKH %HUWXFFL XQD YROWD LQGDJDWL VL VRQR GLPHVVL ,QIHOLFH PD PROWR LQGLFDWLYD OD IUDVH GL %HUWXFFL DG XQ FURQLVWD GHO 0HVVDJJHUR FKH OR LQWHUYLVWDYD SHU LO FRVLGGHWWR VFDQGDOR 3DUHQWRSROL ©/D VLQLVWUD KD PDJQDWR ILQR DG RJJL RUD WRFFD D QRL«ª &RPH GLUH DQFKH OD GHVWUD DSSDUWLHQH DOOD VRFLHWj GHL PD JQDFFLRQL 0DQFLQL LQ DWWHVD GHO SURFHVVR SHU OH PD]]HWWH %UHGDPH QDULQL q VWDWR GL QXRYR DUUHVWDWR SHUFKp DVVLHPH D 3DQ]LURQL IDFHYD SDUWH GL XQ VLVWHPD FRUUXWWLYR UDPLILFDWR GL ©XQ¶RUJDQL]]D]LRQH D GHOLQTXHUH GL VWDPSR PDILRVR VSHFLD OL]]DWD LQ HVWRUVLRQH WUXIID XVXUD FRUUX]LRQH ULFLFODJJLR GL FDSLWDOL LOOHFLWL WXUEDWLYD G¶DVWD IDOVH IDWWXUD]LRQL DSSURSULD ]LRQH LQGHELWDª ,O WXWWR DL GDQQL GL XQD FLWWj DOOR VWUHPR H SURVVLPD DOOD EDQFDURWWD 6H OL RVVHUYDWH EHQH 0DQFLQL H 3DQ ]LURQL DYUHEEHUR EHQ ILJXUDWR - DQFKH FRPH VHPELDQ]H - QHL ILOP GL 4XHQWLQ 7DUDQWLQR H $UWKXU 3HQQ 6WHQLR 6ROLQDV ©,O YHUPH HUD QHOOD PHODª - 7RUQLDPR DOOD SUHID]LRQH GL 6ROLQDV ©*OL DQQL 6HWWDQWDª VFULYH 6WHQLR 6ROLQDV ©VRQR VWDWL DQQL WUDJLFL VL VD 0D FLz FKH OL UHQGH DQFRUD SL SHQRVL q FKH VRQR VWDWL DQQL LQXWLOL /L DEELDPR DWWUDYHUVDWL UHFODPDQGR LO QRVWUR GLULWWR D HVLVWHUH DG DYHUH XQD YRFH D VRVWHQHUH XQ¶LGHD H TXDOFXQR SHU TXHVWR F¶q DQ FKH PRUWR OD YLWWLPD GL XQD VWUDQD DVVXUGD JXHUUD GD UDJD] ]L GHOOD YLD 3DDO GRYH QRQ VL PRULYD SHU XQD SROPRQLWH PD SHU XQ FROSR GL SLVWROD GL VSUDQJD GL FKLDYH LQJOHVH« 2JJL QRQ OL ULFRUGD SL QHVVXQR QHPPHQR TXHOOD GHVWUD SROLWLFD

FKH DYUHEEH SRWXWR H R GRYXWR ULYHQGLFDUOL QRQ IRVVH FKH q VSDULWD DQFK¶HVVD LQJRLDWD QHO GLPHQWLFDWRLR GHOOH IDOVH DWWH VH GHOOH LQWHVH VEDJOLDWH 0DL FRPH TXDQGR OD SDUROD 'HVWUD KD DYXWR LO VXR TXDUWR G¶RUD GL FHOHEULWj KD VPHVVR GL DYHUH XQ VHQVR &Lz FKH q ULPDVWR q XQD PHPRULD GL SDUWH LQGLYL GXDOH H FRPXQLWDULD FRPXQTXH PLQRULWDULD Ê VWRULD GL LHUL PD SHU XQ UDJD]]R G¶RJJL q FRPH IRVVH XQ VHFROR ID 1RQ JOL LQWHUHVVD QRQ OD FRQRVFH ª 'L XQD IDQWRPDWLFD GHVWUD OD FXL VLJOD YLHQH XWLOL]]DWD VROWDQWR SHU OH FRPSHWL]LRQL HOHWWRUDOL IDQQR SDUWH DQFRUD L SURIHVVLRQLVWL GHOOD SROLWLFD FKH KDQQR VRWWHUUDWR VFLHQWHPHQWH O¶DWWLYLVPR H WXWWR FLz FKH DYHYD UDSSUHVHQWDWR 6HFRQGR 6ROLQDV ©)LQR D TXDQGR OD VWRULD H OD FURQDFD KDQQR SHUSHWXDWR LO ³JKHWWR GHL YLQWL´ O¶LOOXVLRQH GL XQD ³GLYHUVLWj QH q VWDWR LO FHPHQWR H OD UDJLRQH GHO IDVFLQR 6L VWDYD Ou GDOOD SDUWH GHO WRUWR SHUFKp VFRPRGD QRQ UHGGLWL]LD 1RQ SURPHWWHYD FDUULHUH 4XDQGR FRQ OD FDGXWD GL %HUOLQR q YHQXWR JL WXWWR ³JKHWWR GHL YLQWL´ FRPSUHVR FL VL q DFFRUWL FKH Ou GHQWUR SROLWLFDPHQWH SDUODQGR L SROLWLFL LQ VHUYL]LR SHUPDQHQWH GL FXL VRSUD H TXHOOL GL FRPSOHPHQWR HUD FRPH Ou IXRUL OH HYHQWXDOL HFFH]LRQL VL VD FRQIHUPDQR OD UHJROD OD VWHVVD DQVLD GL FRQTXLVWD GL VHGHUVL DO WDYROR LPEDQGLWR GHOOD YLWWRULD OD VWHVVD YRJOLD GL DIIDUL SUHEHQGH SULYLOHJL ,O YHUPH HUD QHOOD PHOD GHWWR EUXWDOPHQWH GHWWR VHPSOLFHPHQWH &RVu JOL HVFOXVL GL LHUL JOL DWWLYLVWL HVFOXVL GL LHUL VL VRQR ULWURYDWL D HVVHUH JOL HVFOXVL GHOO¶RJJL XQ SLFFROR-JUDQGH HVHUFLWR VHQ]D DOWUH EDQGLHUH FKH ORUR VWHVVLª ,O ©3RUWR GHOOH QHEELHª QRQ HVLVWH SL - &RPH QRQ FRQGLYLGHUH OH DPDUH PD VFKLHWWH ULIOHVVLRQL GL 6WHQLR 6ROL QDV TXDQGR XQ H[ FRORQQHOOR GL )LQL FRQ FLQLVPR DUURJDQ ]D H YRUDFLWj DVVLVWHYD LPSRWHQWH RSSXUH ULFDWWDWR" LQ &DPSLGRJOLR DO EDQFKHWWR GL XQD FRQJUHJD GL PDOIDWWRUL" ©+R IDWWR GHJOL HUURUL« +R VFHOWR PDOH L FROODERUDWR UL« 'RYHYR FRQRVFHUOL PHJOLR«ª ©QRQ PL VRQR DFFRUWR FKL VL FRPSRUWDYD PDOHª VFDQGLVFH O¶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« )RUVH L VRGDOL GL $OHPDQQR QRQ VDSHYDQR FKH QHOOD FDSLWDOH LO ©3RUWR GHOOH QHEELHª GRYH OD SROLWLFD XVDYD LO VXR SHVR SHU FRQGL]LRQDUH H FRQIRQGHUH OH LQFKLHVWH GHOOD PDJLVWUDWXUD KD ODVFLDWR LO SRVWR DG XQD 3URFXUD FKH QRQ JXDUGD LQ IDFFLD D QHVVXQR ,O VXR XQLFR VFRSR q GL ULSRUWD UH OD OHJDOLWj FRQ O¶DLXWR GHOOH IRU]H GHOO¶RUGLQH DQFKH DOO¶LQWHUQR GHOOH LVWLWX]LRQL ©,O %RUJKHVHª GD WHPSR DYHYD GHQXQFLDWR FRQ XQD VHULH GL VHUYL]L OD ©GLVLQYROWDª JHVWLRQH GHO &DPSLGRJOLR GD SDUWH GL $OHPDQQR Ê VXIILFLHQWH VFRUUHUH D ULWURVR OD FROOH]LRQH GHO JLRUQDOH 'REELDPR GDUH DWWR DO GLUHWWRUH &ODXGLR 7HGHVFKL GL DYHUH ULSRVWR ILGXFLD QHL VXRL SULQFLSDOL FROODERUDWRUL 6H DYHVVLPR ILQWR GL QRQ VHQWLUH L PLDVPL FKH SURYHQLYDQR GDO &DPSLGRJOLR DYUHPPR WUDGLWR OD QDWXUD VWHVVD GHO JLRUQDOH DQWLFRQIRUPLVWD H YHLFROR GL FRQWURLQIRUPD]LRQH 6H PLJOLDLD GL DEERQDWL H GL OHWWRUL QRQ FL KDQQR DEEDQGR QDWR LQ TXHVWL DQQL YXRO GLUH FKH DEELDPR VFHOWR OD VWUDGD JLXVWD TXHOOD GHOOD YHULWj H VRSUDWWXWWR GHOO¶RQHVWj

,/ %25*+(6(

/¶85/2 ( /¶2',2 GHOOH SHULIHULH GL )5$1&(6&$ 6,&,/,$12 725 6$3,(1=$ TXDGUDQWH HVW GHOOD &DSLWDOH 6LDPR D GLHFL FKLORPHWUL GDO FXRUH GL 5RPD PD GD TXL /D *UDQGH %HO OH]]D q ORQWDQLVVLPD +D DSSHQD VPHVVR GL SLRYHUH H L VDF FKHWWL GL LPPRQGL]LD WUDERFFDQR GDL FDVVRQHWWL UX]]RODQGR JL VXOO¶DVIDOWR LQWUDOFLDQGR OD YLDELOLWj GHOOH DXWR *OL KDQQR DSSHQD GDWR IXRFR ©PD QRQ SH¶ GD¶ IDVWLGLR FRPH IDQQR L ]LQJDUL 6ROR SH¶ OLEHUj OH VWUDGHª VL JLXVWLILFD /X FD FKH KD XQD JUDQ YRJOLD GL SDUODUH H GL IDU HVSORGHUH LO ULVHQWLPHQWR ,O ULVXOWDWR q GLDPHWUDOPHQWH RSSRVWR OH FH QHUL GHOOD VSD]]DWXUD D FRQWDWWR FRQ O¶DFTXD KDQQR UHVR DQFRU SL YLVFLGR O¶DVIDOWR 0D WDQW¶q ©4XHVWR TXL q LO TXDGUDQWH GHL ULILXWL WRVVLFL H GHOOD VRFLHWjª VERWWD $QJH OR QRQ QDVFRQGHQGR O¶DPDUH]]D H YROJHQGR XQR VJXDUGR WULVWH DOOH OXFLQH GL 1DWDOH FKH EULOODQR DL EDOFRQL GHO VHU SHQWRQH GL FDVH SRSRODUL GHOO¶$WHU /XL DELWD LQ TXHVWD SHUL IHULD GD TXDUDQW¶DQQL LQ TXHVWD ©ULVHUYD GHJOL LQYLVLELOLª GL 5RPD ORQWDQR GD 5RPD FKH RJJL D IRU]D GL FDPELDPHQWL q GLYHQWDWD XQ 7ULDQJROR GHOOH %HUPXGD L FXL OLPLWL VRQR LO &HQWUR GL 3ULPD $FFRJOLHQ]D QHOO¶DQHOOR GL 9LD 0RUDQGL FKH RVSLWD XQ YLD-YDL GL VWUDQLHUL GDO L FDPSL URP GL 9LD 6DOYLDWL FRQ DQQHVVD FKLHVHWWD GL 6DQ &LULOOR VFRQVD FUDWD GRYH ©DOORJJLDQRª L URPHQL OD 3DOPLUR 7RJOLDWWL FRQ OH SURVWLWXWH H L WUDQV FKH JLURYDJDQR LQGLVWXUEDWL 7XWW¶LQWRUQR XQ SXOOXODUH GL DFFDPSDPHQWL L VRWWHUUDQHL GHOOH FDVH SRSRODUL VRQR VWDWL RFFXSDWL GD UXPHQL H DOEDQH VL LQ YLD 5XFHOODL YL VRQR L VLULDQL VEDUFDWL GD /DPSHGXVD LQ YLD &ROODWLQD L ULIXJLDWL SROLWLFL PHQWUH D YLD 7LUDWHO OL q QDWD OD FLWWj PHWLFFLD GL 0HWURSROL] D ILDQFR D XQ GHSR VLWR GL IULJRULIHUL H ODYDWULFL H D XQ¶HQRUPH GLVFDULFD FKH HQWUR TXDOFKH PHVH SUREDELOPHQWH UDSSUHVHQWHUj O¶HSL FHQWUR GHOO¶(FRGLVWUHWWR DL TXDOL VL DJJLXQJRQR L URJKL GL DXWR H FDVVRQHWWL GL 9LD &DUUj H GL YLD %DOHVWULQL ©/H DP PLQLVWUD]LRQL FRPXQDOL GHJOL XOWLPL YHQW¶DQQL KDQQR FRQ FHQWUDWR LQ TXHVW¶DUHD RJQL WLSR GL ³ULILXWR´ 4XL F¶q XQD GLVFDULFD XPDQDª ULQFDUD OD GRVH $QJHOR PHQWUH DOODUJD OH EUDFFLD TXDVL D YROHU VRWWROLQHDUH TXDQWR VLD VWXSUDWD OD WHUUD FKH OR FLUFRQGD , SURIXJKL VRQR VWDWL ©VFDULFDWLª LQ TXHVWH ]RQH VHQ]D VSLHJDUH DL UHVLGHQWL FKL HUDQR GD GRYH YHQLYDQR SHUFKp H SHU TXDQWR HUDQR Ou ( SRL F¶q VHPSUH OHL OD FULVL FKH DWWDQDJOLD JOL DQLPL H FKH TXL KD IDWWR SL GDQQL GL TXDQWR VL SRVVD FUHGHUH *OL VFRQWUL GHOOH XOWLPH VHWWLPDQH KDQQR UDJJLXQWR OD YLUXOHQ]D GHJOL DQQL µ H LO FOLPD q TXHOOR GHOOH EDQOLHX SDULJLQH ,O FRSLRQH VL ULSHWH RJQXQR UHFLWD XQD SDUWH LQ XQ FDQRYDFFLR GL GLVDJLR FKH KD FRQWDJLDWR TXDVL WXWWH OH SHULIHULH ©GLPHQWLFDWHª GHOOD &D SLWDOH F¶q OD VRIIHUHQ]D GL FKL KD SHUVR XQ ODYRUR H F¶q OD GLVSHUD]LRQH GL TXHL JLRYDQL FKH LO ODYRUR QRQ OR WURYDQR SURSULR R FKH KDQQR DGGLULWWXUD VPHVVR GL FHUFDUOR ( SRL F¶q OD GLIILGHQ]D FKH VL WUDVIRUPD LQ SDXUD GHO ©GLYHUVRª , GLYHUVL TXHOOL FKH QHJOL DQQL µ HUDQR FDODEUHVL H DEUX]]H VL FKH VRQR GLYHQWDWL UXPHQL H DOEDQHVL QHJOL DQQL µ H FKH RJJL VRQR L ULIXJLDWL H JOL ]LQJDUL 3DXUD GHOO¶DOWUR GHOO¶LPPLJUDWR 8QD SDXUD FKH VIRFLD QHOO¶RGLR 2GLR QHL FRQIURQWL GHL IOXVVL VHQ]D FRQWUROOR FKH LQ DJJLXQWD DOO¶LP

*HQQDLR

PRELOLWj GHOOH LVWLWX]LRQL KDQQR GDWR LO YLD D XQD JXHUUD WUD SRYHUL (SSXUH ELVRJQHUHEEH DVFROWDUOD TXHVWD JHQWH ELVR JQHUHEEH FRPSUHQGHUH L ORUR GLVDJL (¶ SDVVDWR SRFR SL GL XQ PHVH GD TXDQGR SURSULR TXL GDYDQWL DO /RU\ %DU D SRFKL PHWUL GDO FHQWUR GL 9LD 0RUDQGL q VFRSSLDWD OD ULYRO WD GL TXDUWLHUH FRQWUR L LPPLJUDWL GHO &HQWUR GL DFFR JOLHQ]D 0D ©QRQ VLDPR IDVFLVWL H QHDQFKH UD]]LVWLª VL JLX VWLILFDQR SURQWDPHQWH $QJHOR H /XFD TXDVL LQ FRUR ©6LDPR SHUVRQH SHUEHQH QRL PD VLDPR VWDQFKL GL YLYHUH ³DFFHUFKLDWL´ GD TXHVWL TXL LQ XQ DQHOOR GL FHPHQWRª 6RQR HVDVSHUDWL VL VHQWRQR HVSURSULDWL GL RJQL GLULWWR D IURQWH GL XQD WROOHUDQ]D JDUDQWLWD D FKL PROWR VSHVVR QRQ ULVSHWWD OH UHJROH ©4XHVWL TXLª FRQWLQXD $QJHOR LQGLFDQGR LO &HQWUR ©VSRUFDQR OH VWUDGH H KDQQR WUDVIRUPDWR L SDU FKL LQ VFHQDUL GD ILOP KRUURU 7HQJRQR OD PXVLFD D SDOOD DOOH WUH GL QRWWH VL DIIDFFLDQR QXGL H SLVFLDQR GDOOH ILQH VWUH ODQFLDQR SRPRGRUL R SHJJLR FROWHOOL VXL SDVVDQWL H LQIDVWLGLVFRQR OH UDJD]]H /D JHQWH KD SDXUD GL XVFLUH GD FDVDª /H SURYYLGHQ]H GLVSRVWH SHU L QXRYL DUULYDWL VRQR SULYLOHJL QRQ SL DPPLVVLELOL ©&L VRQR JLj DEEDVWDQ]D SRYHULª DJJLXQJRQR ©QRQ KD VHQVR IDUQH DUULYDUH DOWULª 4XL WXWWR q SRYHUR - OH VWUDGH L SDOD]]L OD JHQWH - H FL YXR OH SRFKLVVLPR LQ XQD SROYHULHUD D IDU Vu FKH OD JXHUUD WUD SRYHUL VL WUDVIRUPL LQ XQD JXHUUD WUD SRSROL ,O GLVDJLR FUHVFH H EHQFKp DG RJJL OD VLWXD]LRQH VHPEUD HVVHUVL DVVHVWDWD LQ XQD VRUWD GL SVHXGR-QRUPDOLWj ORUR VRQR SURQWL D ULSRUWDUH OD SURSULD UDEELD LQ VWUDGD /D PLFFLD q JLj LQQHVFDWD 5LSHWRQR FKH TXHOOR FKH q VXFFHVVR QHOOH VFRUVH VHWWLPDQH q VROWDQWR O¶LQL]LR H VL SUHSDUDQR QHOOH ©WULQFHHª DG DIIURQWDUH XQD QXRYD JXHUUD LQ TXDOH DOWUR PRGR FKLD PDUOD" 9RJOLRQR XQD FXUD LPPHGLDWD H IRUWH GL ULTXDOLIL FD]LRQH 1RQ FHUWR TXHOOD FKH LQWHQGH LO &RPXQH QRQ VHU YRQR OLEUHULH H ELEOLRWHFKH TXL 1RQ VHQWRQR OD PDQFDQ]D GL ULIHULPHQWL FXOWXUDOL 9RJOLRQR SXOL]LD GHOOH VWUDGH YR JOLRQR ODPSLRQL ©SHUFKp OXFH YXRO GLUH VLFXUH]]Dª YRJOLRQR OD PDQXWHQ]LRQH GHOO¶DVIDOWR YRJOLRQR FKH LO FDPSR URP GL 9LD 6DOYLDWL FRQ L VXRL URJKL WRVVLFL GL FRSHUWRQL EUXFLDWL FKLXGD GHILQLWLYDPHQWH L EDWWHQWL ©&RQ OD VFXVD GHOOD WROOH UDQ]D H GHOO¶LQWHJUD]LRQH L URP IDQQR FRPH MH SDUH ( SXUH OD SROL]LD DOOH YROWH FL Gj FRQWURª 6RQR VWXIL GHO EXRQLVPR VHQ]D VHQVR ©GL XQD FHUWD VLQLVWUD FKH YXROH LPSRUFL LO SROL WLFDOO\ FRUUHFW PD FKLVVHQHQIUHJD ª 1RQRVWDQWH L PRQLWL GHOOD %ROGULQL GHOOD &DULWDV GHOOR VWHVVR )UDQFHVFR ORUR KDQQR UHDJLWR FRQWUR OD ©YLROHQ]Dª GHOOH LVWLWX]LRQL FKH IRU ]DQR HG HVDVSHUDQR XQ¶LQWHJUD]LRQH FKH QRQ SXz HVVHUFL ( KDQQR UHDJLWR VEDJOLDQGR" IDFHQGRVL JLXVWL]LD GD VROL +DQQR FDFFLDWR L SROLWLFL GD TXL 0D /XFD QRQ q G¶DFFRUGR ©&KL OL KD PDQGDWL YLD KD VEDJOLDWR SH¶ µQD YROWD FKH TXDO FXQR YHQLYD D YHGH¶ FRPH VWLDPR LR OL DYUHL IDWWL HQWUDUH SXUH D FDVD PLD SHU IDUJOL YHGHUH LQ FKH FRQGL]LRQL YLYLD PR ,O 3UHVLGHQWH GHOOD 5HSXEEOLFD O¶HVWDWH DELWD TXL YLFLQR OD UHVLGHQ]D HVWLYD GHO &DSR GHOOR 6WDWR q D &DVWHOSRU]LDQR D SRFKL FKLORPHWUL GD 7RU 6DSLHQ]D 1 G 5 PD QHVVXQR TXL VL RFFXSD GL QRLª 3HUFKp OD ULVSRVWD SROLWLFD q VWDWD GHEROH QRQ q ULXVFLWD D WHQHUH L QHUYL VDOGL +D FDYDOFDWR OD SURWHVWD SHU UDJJUDQHOODUH TXDOFKH YRWR OH SHULIHULH VL VD VRQR VHU EDWRL HOHWWRUDOL PD LQ WXWWL TXHVWL DQQL QRQ q ULXVFLWD D PHW WHUH LQ FDPSR SROLWLFKH VRFLDOL FDSDFL GL DWWHQXDUH OH VRIIH UHQ]H H GL FUHDUH RSSRUWXQLWj QRQRVWDQWH OH ULFKLHVWH LQYRFD WH GD DQQL /¶XQLFD ULVSRVWD GDOOR 6WDWR q DUULYDWD FRQ O¶LP SRVL]LRQH GHOOD FRQYLYHQ]D FRQ L FDPSL URP WXWWL DEXVLYL H IXRUL FRQWUROOR FRQ L URJKL WRVVLFL FRQ OD GHOLQTXHQ]D FRQ OR VSDFFLR GL GURJD FRQ L IOXVVL LQGLVFULPLQDWL GL LPPLJUDWL ( QRQ VHUYH DOLPHQWDUH DOWUR RGLR FKH SURSULR FRPH L ULILXWL WRVVLFL KD JLj DYYHOHQDWR O¶DULD

*HQQDLR

,/ %25*+(6(

520$ 081,&,3,2 ;,9 ( , ©520ª

/( =21( IUDQFKH GL 52/$1'$ *,$11,1, , &$03, URP VRSUDWWXWWR QHOOH JUDQGL FLWWj VRQR VHPSUH SL XQ SUREOHPD SHU LO WHUULWRULR H O¶LQWHJUD]LRQH FRQ OD FLWWDGLQDQ ]D LWDOLDQD $OOD ILQH GHOOR VFRUVR DQQR q EDO]DWD DJOL RQRUL GHOOD FURQDFD DQFKH QD]LRQDOH OD VWRULD GHO FDPSR URP LQ YLD &HVDUH /RPEURVR QHOOD SDUWH QRUG GL 5RPD ,O FDPSR VRUJH YLFLQR DOOD YLD 7RUUHYHFFKLD H FRVWHJJLD LO JUDQGH SDUFR GHOO¶H[ PDQLFRPLR ©6DQWD 0DULD GHOOD 3LHWjª RJJL $VO H VHGH GL XIILFL PXQLFLSDOL QRQFKp SDUFR YHUGH SHU DGXOWL H EDPELQL H WUH VFXROH VXSHULRUL XQ DOEHUJKLHUR XQ OLFHR FODVVLFR H XQ LVWLWXWR FRPPHUFLDOH /D ]RQD GHO FDPSR URP SXz GHILQLUVL ©]RQD PRUWDª LQ TXDQWR QRQ FL VRQR DWWLYLWj FRPPHUFLDOL H OD H[ VFXROD FDOFLR SHU EDPELQL FKH DYHYD XQD SDUWH GHO SDUFR RJJL KD DEEDQGRQDWR OD VHGH H JOL VSRJOLDWRL VRQR VWDWL RFFX SDWL GDL URP , FLWWDGLQL HYLWDQR GL FDPPLQDUH R SDVVDUH QHOOH DUHH DGLDFHQWL DO FDPSR SHUFKp ]RQD SHULFRORVD /¶HVLVWHQ]D GHO FDPSR q SHUFHELOH SHU WUH PRWLYL /D SUHVHQ]D WXWWH OH VHUH GL IXPL WRVVLFL SHU L IXRFKL FKH GDO FDPSR H GDOOH ]RQH OLPLWURIH YHQJRQR DFFHVL FRPH DWWLYL Wj GL VPDOWLPHQWR GL PDWHULDOH FKLPLFR FRPH SQHXPDWLFL H VFDUWL HGLOL &KL YLYH DQFKH D GLVWDQ]D GDO FDPSR QRQ SXz UH VSLUDUH WDOL IXPL H VRQR L EDPELQL D ULVHQWLUQH PDJJLRUPHQWH ,O ©SHOOHJULQDJJLRª FRQWLQXR DG RJQL RUD GD SDUWH GL GRQ QH H XRPLQL SHU VYXRWDUH WXWWL L FDVVRQHWWL ,O ©PHUFDWLQR GHO UXEDWRª FKLXVR PD SRL ULDSHUWR H SUHVL GLDWR GDOOH IRU]H GHOO¶RUGLQH HYLGHQWHPHQWH GHVWLQDWH D WDOH FRPSLWR SHUFKp ULWHQXWR ©SULRULWDULRª SHU OD VLFXUH]]D GHL FLW WDGLFL ©QRUPDOLª R GHO FRPPHUFLR GHL ©URPª" ,O FDPSR VL q IDWWR FRQRVFHUH GDOOD FURQDFD SHU O¶DWWDFFR DOOH VFXROH OLPLWURIH H DL VXRL JLRYDQL VWXGHQWL GD SDUWH GHL UH VLGHQWL FRQ LO ODQFLR GL ERWWLJOLH H SLHWUH DWWDFFKL SRL SDU]LDO PHQWH VPHQWLWL GDL GLULJHQWL VFRODVWLFL SHU SDXUD GL FDWWLYD SXEEOLFLWj ,Q VHJXLWR FLUFD GXHFHQWR VWXGHQWL KDQQR RUJDQL] ]DWR XQD PDQLIHVWD]LRQH SHU UHDJLUH DOO¶HQQHVLPD DJJUHVVLRQH GHL ORUR FRHWDQHL SUHVHQWL DQFKH PLOLWDQWL GL ©&DVDSRXQGª VROLGDOL FRQ L UDJD]]L /D VWDPSD ©GL UHJLPHª KD DSSRJJLDWR XQD SRVL]LRQH R O¶DOWUD VRIIHUPDQGRVL FKL VXOO¶DJJUHVVLRQH DL UDJD]]L FKL VPHQWHQGROD H SRQHQGRVL GDOOD SDUWH GHO FDPSR H GHL VXRL DELWDQWL PLOODQWDQGR GLULWWL GL TXHVWL OHVL GDOOH SURWH VWH GHJOL VWXGHQWL *OL DELWDQWL GHO TXDUWLHUH VL VRQR UHVL FRQWR FKH OD FRSHUWXUD PHGLDWLFD GHL IDWWL QRQ DYHYD SRUWDWR DG DOFXQD FRQFOXVLRQH /H IDPLJOLH GHL UDJD]]L FKH IUHTXHQWDQR TXHOOH VFXROH VDQQR FKH TXHVWH DJJUHVVLRQH UDSLQH H YHVVD]LRQL VRQR IUHTXHQWL H ULSHWXWH GD DQQL 7XWWL VRQR FRQVDSHYROL FKH OD ]RQD q SHULFROR VD H FKH L UHVLGHQWL GHO FDPSR YLYRQR LQ XQ UHJLPH GL LOOHJDOLWj ,O SUREOHPD YHUWH VXO FRQFHWWR GL LQWHJUD]LRQH FKH VL YXROH DVVXPHUH FRPH YDOLGR OHJDOPHQWH H VRFLDOPHQWH ,O 3UHVLGHQWH GHO 0XQLFLSLR 9DOHULR %DUOHWWD GL FHQWUR VLQLVWUD QHOOH YDULH GLFKLDUD]LRQL VL q VSHVVR FRQWUDGGHWWR UL JXDUGR OH FRQGL]LRQL GHL SUHIDEEULFDWL GRYH YLYRQR L UHVLGHQWL URP VXL YDUL DOODFFL LOOHJDOL H IRUWXLWL SHU OH XWHQ]H VXO QXPH UR YDJR GHL UHVLGHQWL LQ XQD UHFHQWH GLFKLDUD]LRQH VL SDUOD GL

SRFR SL GL SHUVRQH PD UDSSRUWL PHQR UHFHQWL ULIHULVFRQR FKH LO QXPHUR VXSHUL GL JUDQ OXQJD OH SHUVRQH SHU OR SL VHQ]D GRFXPHQWL LQROWUH YLHQH ULEDGLWR FKH L FRVWL GL JHVWLRQH GL WXWWD O¶DUHD ULFDGRQR VXO &RPXQH H VXO 0XQLFLSLR TXLQGL VX WXWWL L FLWWDGLQL ©D SRVWRª ,O FDPSR URP GL 7RUUHYHFFKLD q O¶HVHPSLR ODPSDQWH GL FRPH LQ ,WDOLD VL DIIURQWDQR OH SUREOHPDWLFKH GHOOD JHVWLRQH GHOOH VWUXWWXUH FKH RVSLWDQR L FRVLGGHWWL ©]LQJDULª ,O SUREOHPD GHOO¶LQWHJUD]LRQH VL ID VHPSUH SL SHUVLVWHQWH DQFKH SHUFKp QRQ EDVDWD VXO ULVSHWWR GHOOD OHJDOLWj H GL UHJROH FRQGLYLVH 4XHVWL JUXSSL FKH GL QRPDGH KDQQR EHQ SRFR DL JLRUQDOLVWL ULEDGLVFRQR LO ORUR SUHWHVR ©GLULWWRª D YROHU YLYHUH VHFRQGR OH ORUR ©OHJJL H FRQVXHWXGLQLª H QRQ OH OHJJL GHOOR 6WDWR ,O WHUUL WRULR H OD FROOHWWLYLWj VRQR ©YLROHQWDWLª GDOOH ORUR DWWLYLWj ©LUUHJRODULª FKH LQTXLQDQR H DOOD ILQH SUHWHQGRQR SXUH FKH OR 6WDWR SDJKL OH VSHVH SHU LO ORUR PDQWHQLPHQWR /¶LQWHJUD]LR QH FRPH OD VFRODUL]]D]LRQH DQFKH FRQ LQFHQWLYL HFRQRPLFL SHU OH IDPLJOLH FKH IDFHVVHUR IUHTXHQWDUH OH VFXROH DL SURSUL ILJOL q GHFLVDPHQWH IDOOLWD SHUFKp L SXOOPDQ GHOOH YDULH FRRSH UDWLYH RJJL VRWWR LQFKLHVWD FKH SUHQGRQR H SRUWDQR L EDPELQL D VFXROD GDL FDPSL URP HVFRQR SUHVVRFKp YXRWL OD PDWWLQD 6L FKLHGH LQWHJUD]LRQH D XQ SRSROR H DG HWQLH FKH QRQ GHVLGHUDQR WDOH LQWHJUD]LRQH SHUFKp YRJOLRQR PDQWHQHUH SURSUL PRGXV YLYHQGL QHOOH DWWLYLWj ©ODYRUDWLYHª H QHOOR VWLOH GL YLWD OH SLDWWD IRUPH FRPXQL FRQ FXL VL q FHUFDWR GL ODYRUDUH VRQR VWDWH SUHVH FRPH SUHWHVWL SHU DYHUH DJHYROD]LRQL VXSHULRUL DJOL VWHVVL FLWWD GLQL LWDOLDQL FKH RUPDL DJHYROD]LRQL QRQ QH KDQQR SL )UH JLDUVL GHOOD SDUROD ©LQWHJUD]LRQHª LQ IRUPD SRVLWLYD H IDFHQGR VL GLIHQVRUL GHO ©EHQH H GHO JLXVWRª SRUWD DOOH FRQVHJXHQ]H FKH FRQRVFLDPR ,Q TXHVWR FDVR O¶LQWHJUD]LRQH q D GDQQR GL XQ LQWHUR TXDUWLHUH D GLVFDSLWR GL WUH LVWLWXWL VXSHULRUL L FXL VWX GHQWL VRQR WHUURUL]]DWL RJQL YROWD FKH HQWUDQR HG HVFRQR GD VFXROD O¶DFFXVD GL EORFFDUH L UDJD]]L URP IUHTXHQWDQWL FRQ PDQLIHVWD]LRQL q VWDWD SURQWDPHQWH VPHQWLWD GDOOD TXHVWXUD 1RQ FL SXz HVVHUH LQWHJUD]LRQH QHJDQGR L GLULWWL GHL FLWWDGLQL LWDOLDQL H IDYRUHQGR O¶LOOHJDOLWj FRVD FKH DYYLHQH FRQ LO FRQ VHQVR GHO PXQLFLSLR H GHO FRPXQH GL 5RPD D SHUPHWWHUH LO ©PHUFDWLQR GHO 5XEDWRª GHVWLQDQGR SDUWH GHL YLJLOL GL 5RPD &DSLWDOH DO VXR SUHVLGLR LQYHFH FKH D YLJLODUH VXOOD VLFXUH]]D GHJOL VWXGHQWL 6H OD SROL]LD PXQLFLSDOH WXWHOD L ©PHUFDWLQL GHO UXEDWRª SHUFKp D QRL LWDOLDQL QRQ YLHQH SHUPHVVR GL DYHUH JOL VWHVVL PHUFDWLQL VHQ]D OLFHQ]D H VHQ]D LO SDJDPHQWR GL DOFXQD WDVVD 4XDOL LQWHUHVVL HFRQRPLFL FL VRQR QHO FRQVHQWLUH LQ TXH VWR H LQ YDUL FDPSL LQ ,WDOLD XQD VRUWD GL ©7HUUD GHL )XRFKLª QD]LRQDOH H URP" 4XDOH SROLWLFR SHUPHWWHUHEEH WXWWR TXHVWR IDFHQGR UHVSLUDUH DL SURSUL ILJOL OD GLRVVLQD GHL ULILXWL EXWWDWL Oj SHU SRFKL HXUR VH QRQ TXHO SROLWLFR FKH KD LO FRPSLWR GL DS SRJJLDUH OH ©SROLWLFKH DVVLVWHQ]LDOLª YHUVR L 5RP PDOJUDGR WXWWR H WXWWL SHUFKp L IRQGL SXEEOLFL GHVWLQDWL DOO¶DVVLVWHQ]D VLD QR GHVWLQDWL D TXHOOH DVVRFLD]LRQL H FRRSHUDWLYH URVVH H FDWWR OLFKH FKH VL GHGLFDQR D TXHVWH SUREOHPDWLFKH" &L VL FKLHGH SHUFKp LQ ,WDOLD FL GHEEDQR HVVHUH GHL ©QRQ /XRJKL QRQ OHJDOLª QRQ DFFHVVLELOL DO FLWWDGLQR GRYH VH DUULYD QR IRU]H GHOO¶RUGLQH H JLRUQDOLVWL TXHVWL YHQJRQR DVVDOLWL GH UXEDWL H FRQ PDFFKLQH H DWWUH]]DWXUH GDQQHJJLDWH VROWDQWR SHU FKp UHJLVWUDQR OR VYROJHUVL GHOOD YLWD QHL FDPSL ,QROWUH FL VL GRPDQGD FRVD FL VLD GD QDVFRQGHUH H SHUFKp L YLJLOL XUEDQL RUJDQL]]DWL GDO PXQLFLSLR WXWHOLQR ©DWWLYLWj LOOHJDOLª H QRQ SURWHJJDQR L QRVWUL VWXGHQWL FKH YDQQR D VFXROD" , FLWWDGLQL LWDOLDQL GHYRQR SUHWHQGHUH GDL ORUR DPPLQLVWUD WRUL OD OHJDOLWj LQ SULPD LVWDQ]D VHQ]D GHURJKH VROWDQWR LQ TXHVWR PRGR FL VL SRWUj WURYDUH DG XQ WDYROR SHU XQD YHUD LQWH JUD]LRQH FRQ TXHOOD SDUWH GHOOD SRSROD]LRQH QRPDGH FKH DF FHWWD XQ SDWWR FRQGLYLVR GL FRQYLYHQ]D RSSXUH VDUj QHFHVVDULR HOLPLQDUH TXHVWH ]RQH IUDQFKH

,/ %25*+(6(

9$'(0&80 3(5 , *,29$1,

$//$50( LQWUXVL GL 0$852 6&$&&+, Â©$//$50( LQWUXVL $OODUPH LQWUXVL Âª WXRQDYD OD YRFH GDJOL DOWRSDUODQWL VRYUDVWDWD GDO VXRQR GL XQD VLUHQD TXDQGR VL YLR ODYD XQ SHULPHWUR LQYDOLFDELOH $FFDGHYD QHOOD UHDOWj DFFDGH YD QHL ILOP DGHVVR IRUVH QHPPHQR SL QHL ILOP 1RQ VL FDSL VFH SDUH FKL RJJL VLDQR JOL LQWUXVL Qp TXDOH VLD LO SHULPHWUR LQYDOLFDELOH /H QRVWUH IURQWLHUH QD]LRQDOL GHFLVDPHQWH WXWWR VRQR IXRUFKp LQYDOLFDELOL ,O QRVWUR VLVWHPD GÂ¶DOODUPH VL q URWWR H SDUOLDPR GHO VLVWHPD SULQFLSDOH TXHOOR GHQWUR GL QRL LO VHQ VR GL DXWRFRQVHUYD]LRQH LO EXRQ VHQVR LQVRPPD q VYDQLWR ,Q ,WDOLD DUULYD FKLXQTXH TXDQGR H FRPH YXROH /Â¶DOODUPH UHVWD PXWR IRUVH XQ EDVLVWD KD GLVLQVHULWR OD VLUHQD R KD GDWR LO VRQQLIHUR DJOL ,WDOLDQL DIILQFKp QRQ SRVVDQR XGLUH QXOOD 4XDOFXQR SHUz VL VWD VYHJOLDQGR HJXDOPHQWH /R JULGDQR OH SHULIHULH DQFKH OH IRU]H GHOOÂ¶RUGLQH VRQR VWDQFKH H FKLVVj FKH WDQWH GL TXHOOH YROWH GL IURQWH DO SUREOHPD Â©HVWHUQRÂª LO SRSROR ULHVFD VWDYROWD D ULFRPSDWWDUVL $GGLWDUH FRPH UD]]L VWL WXWWL TXHOOL FKH QRQ FRQFRUGDQR FRQ OD SROLWLFD GHOOÂ¶LQYD VLRQH OHJDOL]]DWD q QRQ VROWDQWR ID]LRVR q SURSULR GD GHIL FLHQWL , IDWWL GL 7RU 6DSLHQ]D H GL 7RUUHYHFFKLD QHOOD &DSLWD OH FRVu FRPH TXHOOL DQDORJKL DFFDGXWL D 7RULQR QHO PHVH GL 1RYHPEUH JOL LQVXOWL DL SROL]LRWWL GD SDUWH GL LPPLJUDWL UHVL DXGDFL GDO SHUPLVVLYLVPR GLODJDQWH ILQR DO IHULPHQWR GL XQD GRQQD LQ GLYLVD VRQR WXWWL DYYHQLPHQWL FKH VHJQDQR OÂ¶DJ JUDYDUVL GL XQD VLWXD]LRQH RUPDL LQVRVWHQLELOH , 5RP ODQFLD QR VDVVL GDYDQWL DOOH VFXROH PD SHU OD %ROGULQL Â©L 5RP YDQ QR YDORUL]]DWLÂª FRPH ULSRUWDYD LO *LRUQDOH LO 1RYHP EUH H JLRYDQL LQ FHUFD GL YLVLELOLWj ILJOL GL SDSj FKH VL VRQR DXWRHOHWWL GLIHQVRUL GHJOL ]LQJDUL DJJUHGLVFRQR FKL YXROH YHGHUH L FDPSL QRPDGL FRPÂ¶q VXFFHVVR D 0DWWHR 6DOYLQL OÂ¶ 1RYHPEUH D %RORJQD /DUJKH IUDQJH GHOOD SROLWLFD VH JXLWDQR D GDUH PDQIRUWH DJOL VWUDQLHUL VFHOOHUDWL VLDQR HVVL 5RP 6LQWL R 9DWWHODSHVFD 0DVRFKLVPR" &RQYLQ]LRQL LGHR ORJLFKH" &Â¶q IRUVH GL PH]]R OD ULFHUFD GHOOD VDQWLWj D VFDSLWR GL QRLDOWUL FLWWDGLQL FKH SDJKLDPR OH WDVVH H FKH DO SULPR VJDUUR FL EHFFDQR VXELWR WUDFFLDWL FRPH VLDPR LQ RJQL PRGR SRVVLELOH" )RUVH H IRUVH QR Â©7X FÂ¶KDL LGHD TXDQWR FH JXDGDJQR VXJOL LPPLJUDWL" ,O WUDIILFR GL GURJD UHQGH PHQRÂª GLFH 6DOYDWRUH %X]]L GXUDQWH XQD WHOHIRQDWD 8QD IUDVH FKH VSLHJD PHJOLR GL WDQWL IURQ]ROL SHUEHQLVWL H EHQSHQVDQWL OD UHDOWj FKH VWD GLHWUR LO VLVWHPD DFFRJOLHQ]D %X]]L FDSR GHOOD FRRSHUDWLYD URVVD JLXJQR VL HUD EHQ LQVHULWR LQ XQ JLUR GÂ¶DIIDUL QLHQWH PDOH GRYH L IRQGL SHU L FHQWUL GÂ¶DFFRJOLHQ]D YHQLYDQR LQ SDUWH GLURWWDWL D YDULH FRRSHUDWLYH *OL LQTXLUHQWL KDQQR FKLDPDWR Â©6LVWHPD 2GHYDL QHÂª OÂ¶RUJDQL]]D]LRQH PDILRVD FKH VIUXWWDYD D SURSULR YDQWDJ JLR OÂ¶HPHUJHQ]D LPPLJUDWL LQ TXDQWR WUD L QRPL FKH FRQWDQR q FRPSDUVR /XFD 2GHYDLQH XRPR FKH VHGHYD DO 7DYROR GL FRRUGLQDPHQWR QD]LRQDOH VXOOÂ¶LPPLJUD]LRQH H FKH VL YDQWDYD GDOOD VXD SRVL]LRQH SULYLOHJLDWD GL SRWHU RULHQWDUH L IOXVVL GL GDQDUR 2GHYDLQH q VWDWR 9LFHFDSR GL *DELQHWWR GHO VLQGDFR 9HOWURQL SRL GLUHWWRUH GHOOD 3ROL]LD SURYLQFLDOH GL 5RPD GDO TXDQGR =LQJDUHWWL HUD 3UHVLGHQWH GHOOD 3URYLQFLD ILQR DO

*HQQDLR

H LQROWUH VL RFFXSDYD GHOOD JHVWLRQH GHL JUDQGL HYHQWL SHU FRQWR GHO &DPSLGRJOLR 2UEHQH QRQ ID FHUWR SLDFHUH YHGHUH $OHPDQQR DEEUDFFLDWR R VHGXWR D SRFD GLVWDQ]D GD JHQWDJOLD FRPH LO ERVV GHJOL ]LQJDUL &DVDPRQLFD TXHOOL FKH D 7RU 9HU JDWD UHJQDQR SUHVVRFKp LQGLVWXUEDWL SHU FDSLUFL PD ELVRJQD GLUH OH FRVH FRPH VWDQQR OH UXEHULH FRORUDWH GL URVVR SHU PH]]R GHOOH FRRSHUDWLYH OD IDQQR GD SDGURQH LQ TXHVWD VWRULD GL DVVRFLD]LRQL PDILRVH IUDPPLVWH D YHUJRJQRVH SROLWLFKH VRFLDOL 6RUJRQR SRL OHFLWH GRPDQGH DO SHQVLHUR FKH QHO 3ROHWWL DWWXDOH PLQLVWUR GHO /DYRUR QRQ LQGDJDWR SHL IDWWL GL 5RPD q EHQH SUHFLVDUOR DOORUD SUHVLGHQWH GL /HJD &RRS DQGz D XQD FHQD RUJDQL]]DWD GD %X]]L 0DUH 1RVWUXP q VHUYLWD D VDOYDUH PROWH YLWH FL GLFRQR TXHO FKH q VLFXUR q FKH KD LQFUHPHQWDWR OD WUDWWD GHJOL HVVHUL XPDQL H LQYRJOLDWR PLJOLDLD GL $IULFDQL D UDJJLXQJHUH OH QR VWUH FRVWH QRQ GD XOWLPR KD VLJQLILFDWR SURILWWR SHU OÂ¶LQGRWWR GL WLSR PDILRVR GL FXL IDFHYDQR SDUWH XRPLQL GL ILGXFLD GHOOD VLQLVWUD SL HVDWWDPHQWH GHO 3G FRPH DSSXQWR 2GHYDLQH DUUH VWDWR LO 'LFHPEUH 'DO SULPR 1RYHPEUH 0DUH 1RVWUXP KD SDVVDWR LO WHVWLPRQH D 7ULWRQ RSHUD]LRQH FRQGRWWD GD )URQWH[ - YDOH D GLUH GDOOÂ¶8H FXL KDQQR DGHULWR QXPHURVL 3DHVL HXUR SHL L PHGLD VLQLVWURUVL WLSR 5HSXEEOLFD LO 2WWREUH KDQQR JLj FRQWHVWDWR LO IDWWR FKH 7ULWRQ QRQ DLXWHUj L SURIXJKL PD SHQVHUj PDJJLRUPHQWH DOOD GLIHVD GHOOH IURQWLHUH DJJLXQJHQ GR FKH L IRQGL VWDQ]LDWL VRQR LQIHULRUL ULVSHWWR D TXHOOL PHVVL D GLVSRVL]LRQH SHU 0DUH 1RVWUXP &Â¶q GDYYHUR XQD SDUWH GHJOL ,WDOLDQL FKH SHQVD SL DJOL LPPLJUDWL LUUHJRODUL FKH DJOL ,WDOLDQL VWHVVL 6H QRQ VL FKLDPD PDVRFKLVPR TXHVWRÂ« ,O SXQWR q FKH GL GHOLQTXHQ]D QH DEELDPR JLj D VXIILFLHQ ]D JUD]LH D PROWL QRVWUL FRQQD]LRQDOL SDUWH GHL TXDOL VSLQWL DG DJLUH LQ PRGR LOOHFLWR SURSULR D FDXVD GÂ¶XQ JRYHUQR FKH DQ]L FKp FRPSRUWDUVL GD EXRQ SDGUH GL IDPLJOLD VL DWWHJJLD GD DJX]]LQR SHU WROOHUDUH OD GHOLQTXHQ]D YHQXWD GD IXRUL 6H KR XQ ILJOLR ODGUR QRQ VLJQLILFD FKÂ¶LR GHEED DFFRJOLHUH LQ FDVD WXWWL L ODGUL GHO TXDUWLHUH LO TXDUWLHUH q WXWWR DWWRUQR D QRL H GDOOD ERUJDWD Â©$IULFDÂª GL GHOLQTXHQWL QH VRQR DUULYDWL D LRVD 6H OD FULPLQDOLWj GLIIXVD VHPSUH SL VSHVVR JLXQJH GDO FRQWL QHQWH QHUR LO FRQVWDWDUOR QRQ SXz HVVHUH YLVWR FRPH UD]]LVPR PROWR VHPSOLFHPHQWH LO GHJUDGR H L FULPLQL DXPHQWDQR LQ PRGR SURSRU]LRQDOH DOOÂ¶LPPLJUD]LRQH VRSUDWWXWWR TXHOOD DIUL FDQD &KH FRVD FUHGHYDQR JOL $IULFDQL DUULYDWL LQ ,WDOLD GL SRWHU DQGDUH LQ JLUR OLEHUDPHQWH RFFXSDQGR FDVH VSDFFLDQGR GURJD H LQFUHPHQWDQGR OD SURVWLWX]LRQH" *Lj WXWWR TXHVWR DY YLHQH VHJQR FKH QRQ VL q YROXWR SRUUH XQ IUHQR DO SUREOHPD /Â¶,WDOLD q XQ FRQWHQLWRUH SLFFROR QRQ q DUGXR FDSLUH FKH WXWWL QRQ FL VL VWD SHUFLz ELVRJQHUj VFHJOLHUH R IXRUL ORUR R IXRUL QRL /Â¶XOWLPD RS]LRQH q SHU FKL VFULYH LQDPPLVVLELOH 0HQWUH PXRUH OD SUHYLGHQ]D OÂ¶RFFXSD]LRQH GLYLHQH VHP SUH SL SUHFDULD H DXPHQWDQR OH WDVVH PHQWUH L SLFFROL DJULFRO WRUL LQL]LHUDQQR D YHQGHUH L SURSUL WHUUHQL SHU L FRVWL WURSSR HOHYDWL VL ULYHUVDQR VX VXROR LWDOLFR QXRYL RFFXSDQWL ODYRUDWR UL FKH SHU GXH VSLFFL VDUDQQR L PH]]DGUL GHO IXWXUR 3HU WURSSR WHPSR DEELDPR VHQWLWR SURSRVWH DWWH D IDU GLYHQWDUH ,WDOLDQL DGGLULWWXUD FKL QRQ SDUOD OD QRVWUD OLQJXD H PDJDUL YLHQH GD ]RQH GHO PRQGR GRYH VL SUDWLFD LO 9RRGRR H L GLULWWL XPDQL VRQR JLRUQDOPHQWH FDOSHVWDWL &Â¶q XQ GLVHJQR FKH YHGH LQ FRVWRUR L IXWXUL ,WDOLDQL" 1RL QRQ FL VWLDPR 'HOLQTXHQ]D q GHOLQTXHQ]D H VH RJJL HVVD KD LQL]LDWR D SDUODUH VZDKLOL R URPDQu QRQ q FHUWR FROSD GL FKL OR ID QRWDUH PD GL FRORUR FKH VXO GHJUDGR H OD FULPLQDOLWj FL VSHFXODQR H IRUVH VSHUDQR GL IDU IXRUL JOL ,WDOLDQL TXHOOL YHUL FKH SHUz QRQ VL DUUHQGHUDQQR 1RL QRQ FL DUUHQGHUHPR 1RQ VL WUDWWD SL GL DFFHWWDUH R PHQR OÂ¶LQHOXWWDELOLWj GL XQÂ¶,WDOLD PXOWLHWQLFD PD GL ULILXWDUH FDWHJRULFDPHQWH XQÂ¶,WDOLD VHPSUH SL SRYHUD FRUURWWD H SULYD GHJOL HOHPHQWL WLSLFL GL XQD 1D]LRQH

*HQQDLR

,/ %25*+(6(

0$),$ &$3,7$/(

/$ &5,&&$ GLVIDWWLVWD GL 5,&&$5'2 6&$53$ ©63(662 QRQ q LO PHULWR PD O¶LPEURJOLR &KH YLHQH LQFRURQDWR LQ &DPSLGRJOLRª SRHWz D VXR WHPSR FLWR D PHQWH 7ULOXVVD ( FRPH QRQ ULFRUGDUH LO EXRQ 0DVVLPR G¶$]HJOLR O¶XQLFR SLH PRQWHVH GHO 5LVRUJLPHQWR D FRQRVFHUH EHQH O¶DPELHQWH GHOOD 5RPD GHO 3DSD 5H SRLFKp Y¶LQL]Lz OD FDUULHUD GLSORPDWLFD 9L FRQREEH WXWWL GDO IXWXUR 3LR ,; DOO¶RVWH &LFHUXDFFKLR LO VX EDOSLQR LO TXDOH DFFHWWz FRQ IDYRUH LO WUDVIHULPHQWR GHOOD &DSL WDOH D )LUHQ]H PD SXQWz L SLHGL FRQWUR LO VXR WUDVORFR GD )L UHQ]H D 5RPD 6FULVVH ©6DUHEEH FRPH SRUWDUH XQD JLRYDQH VSRVD >LO 5HJQR G¶,WDOLD@ D WUDVFRUUHUH OD SULPD QRWWH GL QR]]H LQ XQ OHWWR GRY¶q DSSHQD PRUWR XQ YHFFKLR EDYRVR >LO SRWHUH WHPSRUDOH GHOOD VHGH YHVFRYLOH URPDQD@ª ,PPDJLQH SHVDQWH GHWWDWD GDO WHUURUH FKH OD FRUUX]LRQH FXULDOH SRWHVVH LQIHWWDUH LO QXRYR 6WDWR XQLWDULR FRVWDWR WDQWL VDFULILFv 4XHO FKH ID PDOH DO OHWWRUH LQ TXHVWD LQFKLHVWD VX 0DILD &DSLWDOH q OD VHQVD]LRQH GL QRQ DYHU FRQRVFLXWR SHUVRQH H IDWWL VSHFLILFL PD VHPSUH LQWXLWR WXWWR UHVSLUDQGROR QHOO¶DULD OH QRPLQH HWHUR GLUHWWH GHJOL DPPLQLVWUDWRUL GHOOH D]LHQGH PXQLFLSDOL]]DWH LO ©PDQJLD PDQJLDª GHOOD FDULWj SXEEOLFD JOL DSSDOWL HG L FRQFRUVL WUXFFDWL H TXDQW¶DOWUR ©$ )Uj FKH WH VHUYH"ª IX IUDVH FRQVXHWD LQ ERFFD DG XQR VWRULFR VHJUHWDULR GL *LXOLR $QGUHRWWL LO TXDOH VH QH DYYDOVH VLQR D FKH QRQ IX SXEEOLFDWD $OORUD LO SROLWLFR OLFHQ]Lz LO SRYHUR H IHGHOLVVLPR VHJUHWDULR VX GXH SLHGL FRQ XQ¶HVSUHVVLRQH DJJKLDFFLDQWH GHO VXR FLQLVPR 4XHOOD PDWWLQD LO GLYR *LXOLR HQWUz QHOO¶XIILFLR YLGH DQFRUD O¶(YDQJHOLVWL DOOD VXD VFULYDQLD H SURQXQFLz ©3HUFKp QRQ WL VHL DQFRUD VXLFLGDWR"ª &KL VFULYH FRPH DYYRFDWR VD FKH QRQ SXz FRQRVFHUVL DOFXQFKp VX DIIDUL JLXGL]LDUv D PHQR GL QRQ DYHUH D GLVSRVL]LR QH OH FDUWH GHL IDVFLFROL GHL SXEEOLFL PLQLVWHUL GHJOL DYYRFDWL H GHL PDJLVWUDWL JLXGLFDQWL GHL SURFHVVL LQ FRUVR 4XLQGL QRQ VWLPD YHULWLHUD OD FURQDFD JLXGL]LDULD VHPSUH WHQGHQ]LRVD H ULWLHQH OD SUHVXQ]LRQH G¶LQQRFHQ]D VLQR D VHQWHQ]D SDVVDWD LQ JLXGLFDWR XQD PLVXUD GL EXRQ VHQVR SULPD DQFRUD FKH XQ GLULW WR LQDOLHQDELOH GHOO¶LPSXWDWR /¶LPSUHVVLRQH G¶XQD LQFKLHVWD VLIIDWWD VXOOD SXEEOLFD RSLQLRQH G¶DOWUD SDUWH q XQ IDWWR SROLWLFR H VRFLDOH LQ Vp H GL TXHVWR ELVRJQD SDUODUH 6H O¶LPSLDQWR DFFX VDWRULR WURYDVVH FRQIHUPD QHOOH SURYH O¶DVVRFLD]LRQH FULPLQD OH VDUHEEH VWDWD DVVROXWDPHQWH WUDVYHUVDOH DL SDUWLWL SROLWLFL UDSSUHVHQWDWL LQ &DPSLGRJOLR HG LQ 5HJLRQH GDOO¶XOWUDV 0DVVL PR &DUPLQDWL QHJOL DQQL VHWWDQWD GHO PHPEUR GHL 1DU QHRIDVFLVWL D /XFD 2GHYDLQH YLFH FDSR GL JDELQHWWR GHOOD JLXQWD GL :DOWHU 9HOWURQL TXDQGR IX VLQGDFR GL 5RPD 9HQLD PR DOO¶HIIHWWR GHOO¶DIIDUH VXOOD SXEEOLFD RSLQLRQH GL 'HVWUD DOOD TXDOH VL ULYROJH TXHVWD WHVWDWD /¶,WDOLDQR GL 'HVWUD PHGLR QRQ VL VHQWH SHU QXOOD UDVVLFXUD WR GDOO¶HYHQWXDOH QDWXUD WUDVYHUVDOH GL TXHVWR DVVHULWR FXSROR QH URPDQR DQ]L ,O IDWWR FKH HVSRQHQWL SROLWLFL GHOOD 'HVWUD SRVVDQR HVVHUH LQ FRPEXWWD SHO PDODIIDUH FRQ UDSSUHVHQWDQWL GHOOD 6LQLVWUD OR FRQYLQFH FKH ©WDQWR VRQR WXWWL XJXDOLª &Lz OR VSLQJH DOO¶DVWHQVLRQLVPR HOHWWRUDOH 7XWWD OD IDFFHQGD KD SHUz LO SUREDELOH H VDOXWDUH HIIHWWR DQFKH G¶XQ GLVLQFDQWR GL

IURQWH DOOD GHPDJRJLD SRSXOLVWD FKH VWD FRUURPSHQGR OH 'H VWUH XQ SRFR LQ WXWWD (XURSD OD FDPSDJQD FRQWUR L FRVWL GHOO¶DVVLVWHQ]D DJOL LPPLJUDWL HG DJOL ]LQJDUL DG RSHUD G¶XQ SHUVRQDOH SROLWLFR SURQWR DG HVVHUH LO SULPR D OXFUDUFL VRSUD TXHOOD FRQWUR JOL VSHUSHUL GHOOH VRYYHQ]LRQL GHOO¶8QLRQH HXUR SHD GD SDUWH GHL SL VROHUWL D SDUWHFLSDUH DOOH JDUH SHU RWWHQHU QH O¶DVVHJQD]LRQH D SURJHWWL IDUORFFKL VFULWWL D EHOO¶DSSRVWD H YLD HQXPHUDQGR H PDQJLDQGR 4XHVWD RSLQLRQH SXEEOLFD GHJOL LQJHQXL EHQ SHQVDQWL YLHQH SUHVD GD DOFXQL VRVSHWWL 1RQ q FKH OD 'HVWUD 1D]LRQDOH QHOOD GHFOLQD]LRQH PLVVLQD GL *LRUJLR $OPLUDQWH R LQ TXHOOD GHPRFUDWLFR-PRQDUFKLFD GL $OIUHGR &RYHOOL IRVVH HVWUDQHD DOOD JUHSSLD VROWDQWR SHUFKp WHQXWD IXRUL GDOO¶©DUFR FRVWLWX]LRQDOHª" 1RQ VDUj FKH GD TXDQGR LO FHGLPHQWR GHO ©PXUR GL %HUOLQRª H GHOOD ©FRUWLQD GL IHUURª VX FXL SRJJLz O¶DUFR FRVWLWX]LRQDOH GHOOD ©UHSXEEOLFD DQWLIDVFLVWD QDWD GDOOD UHVLVWHQ]Dª OR IHFH FDGHUH D SH]]L HVVD VL WUDVIRUPz LQ XQD JUDQGH $OOHDQ]D 1D]LRQDOH SHU SUHFLSLWDUVL VXO SLDWWR GD SRUWDWD GHOOD SDVWDVFLXWWD FRPH LO 7RWz GL 0LVHULD H QRELOWj" &HUWL HSLVRGv GL VRVWHJQR HVWHUQR DOOD 'F GHOOD SUL PD UHSXEEOLFD TXDQGR VHUYu IXURQR DSHULWLYL HG DQWLSDVWL" ( OR VSRVWDUH O¶DWWHQ]LRQH GHOO¶RSLQLRQH SXEEOLFD GL 'HVWUD D OLYHOOR VXSHUQD]LRQDOH HG LQWHUQD]LRQDOH FRQ OD GHQXQFLD GHOO¶DFFRUGR VSDUWLWRULR GHOOH VSRJOLH G¶,WDOLD VXO SDQILOR %UL WDQQLD DQFRUDWR DO ODUJR GL &LYLWDYHFFKLD GHOOH FRVSLUD]LRQL GHO FLUFROR %LOGHUEHUJ GHOOH SDUWHFLSD]LRQL QDVFRVWH QHOO¶DV VHWWR SURSULHWDULR GHOOH EDQFKH FHQWUDOL H FRVu GHOOD %FH ROWUH DG HVVHUH XQ¶RSHUD GL GLVWUD]LRQH GL PDVVD SHU VSRVWDUH OR VJXDUGR GDOOH PDQJLDWRLH QD]LRQDOL QRQ DVVXPH IRUVH DJOL RFFKL GL TXHOOD PHGHVLPD SXEEOLFD RSLQLRQH O¶DVSHWWR GHOOH FHQVXUH PRVVH GDJOL HVFOXVL SHUFKp QRQ LQYLWDWL D EDQFKHWWR FROO¶LPSOLFLWD ULFKLHVWD G¶LQYLWR GLHWUR ULFDWWR" 4XHVWD 'HVWUD QRQ SXz ODPHQWDUVL GL QRQ ULXVFLUH DG DYHUH LO YRWR GHJOL DVWHQVLRQLVWL SHO VHPSOLFH IDWWR FKH q XQD FRQFDX VD GHOO¶DVWHQVLRQLVPR ,Q UHDOWj VH F¶q XQD FRVD LQYLVD DO SRVVL ELOH HOHWWRUH G¶XQD 'HVWUD q OD GHPDJRJLD VRWWR OD TXDOH q IDFL OH FHODUH OD FRUUXWWHOD ,O PRGR GL FRVWUXLUH XQD 'HVWUD GLYHUVD QRQ q TXHOOR EHQLQWHVR GL ULQXQFLDUH DOOD FULWLFD VRFLDOH H SROL WLFD SHU GLYHQLUH ORGDWRUL GHOOH ©PDJQLILFKH VRUWL H SURJUHVVLYHª GHOOD GHPRFUD]LD FRVu FRP¶q H GHO JOREDOLVPR GHO FDSLWDOLVPR ILQDQ]LDULR Ê TXHOOR SHUz GL IDU VHJXLUH D TXHVWD QHFHVVDULD SDUV GHVWUXHQV QRQ XQ PHUR GLVIDWWLVPR IRUPDOPHQWH PDVFKH UDWR GD XQ VRYUDQLVPR FKH YRUUHEEH ULFRVWUXLUH OD VRYUDQLWj QD]LRQDOH DG XQ OLYHOOR WHUULWRULDOH FKH QRQ SXz PDQLIHVWDUH VRYUDQLWj HFRQRPLFD LQ TXDQWR QRQ LQ JUDGR GL FRQWUROODUH XQ FLUFROR DXWRULSURGXWWLYR GHOOD ULFFKH]]D LQGLSHQGHQWH PD GL SURSRUUH XQ¶LQWHJUD]LRQH SROLWLFD GHOO¶8QLRQH HXURSHD LQ FRQ GL]LRQH G¶LQTXDGUDUH LQ XQD FRPSLXWD SROLWLFD LQWHUQD HG HVWHUD VXSHUQD]LRQDOH OD YLWD HFRQRPLFD H VRFLDOH VYLQFRODQGROD GDL SRWHUL SULYDWL FKH OD JHVWLVFRQR SHU LQWHUHVVL SULYDWL LQ DVVHQ]D GHL SRWHUL HG LQWHUHVVL SXEEOLFL FRVWUXLUH JOL 6WDWL 8QLWL G¶(XUR SD SHU GDUH UDSSUHVHQWDQ]D DOOD FRPXQLWj GHOO¶(XURSD 1D]LRQH 3HU TXDQWR DWWLHQH DOO¶¼XUR WDQWR SHU IDUH XQ HVHPSLR QRQ IHU PDUVL DOOH GHFODPD]LRQL UHWRULFR GLVIDWWLVWH SHU SURSRUUH XQ ULWRUQR DG XQD OLUHWWD LWDOLDQD FKH YHUUHEEH JHVWLWD FRPH OD JHVWu &DUOR $]HJOLR &LDPSL PLJOLRUH FRPH &DSR GHOOR 6WDWR FKH TXDOH JRYHUQDWRUH GHOOD %DQFD G¶,WDOLD PD SURSRQHQGR XQD ULIRUPD QHL UDSSRUWL IUD %FH &RPPLVVLRQH GL JRYHUQR H 3DUOD PHQWR HXURSHR SHU RWWHQHUH XQ ¼XUR JHVWLWR FRPH O¶DYUHEEH VDSXWR JRYHUQDUH XQ 3DROR %DIIL 4XHVWL IX FRQWUDULR QRQ DG XQD PRQHWD HXURSHD PD DG XQD PRQHWD HXURSHD LQ XQ FRQWHVWR LVWLWX]LRQDOH SULYR G¶XQ JRYHUQR SROLWLFR HXURSHR LQ TXDQWR VH QRQ JRYHUQDWD GDOOD SROLWLFD TXHOOD PRQHWD OR VDUHEEH VWDWD GDO FRPLWDWR G¶DIIDUL GHO %ULWDQQLD SHU JOL VFRSL OXFUDWLYL GHOOR VWHVVR 3DROR %DIIL LQ TXDO PRPHQWR HEEH XQD VROD VSRQGD SROLWLFD *LRYDQQL 0DODJRGL

,/ %25*+(6(

48(67,21( 025$/(

,/ )$/62 SUREOHPD GL $'5,$12 6(*$725, 2*1, YROWD FKH VDOWD IXRUL TXDOFKH VFDQGDOR GDOOD IRJQD SROLWL FD GHOOD UHSXEEOLFD WXWWH OH DQLPH EHOOH GHOOH GHPRFUDWLFKH UDSSUHVHQWDQ]H GL SDUWLWR VL WURYDQR VJRPHQWH H DIDVLFKH WUD EHODWL GL LPSRWHQ]D H SLDJQLVWHL GL DPDUH]]D 7XWWH D FKLHGHUVL &RPH SXz HVVHUH DFFDGXWR" 'RYH DOOLJQDYDQR OH PHOH PDUFH" &RVD q VIXJJLWR DO FRQWUROOR" ,Q FKH PRGR ULGDUH FUHGLELOLWj DOOH LVWLWX]LRQL" 9LD YLD SRQHQGRVL LQXWLOL TXHVLWL H SURVSHWWDQ GR DOWUHWWDQWH VWHULOL VROX]LRQL Ê WXWWR XQ EOXII XQ WDQWR OXFLGR TXDQWR ODLGR JLRFR GHOOH SDUWL XQ LQIDQWLOH H PHILWLFR QDVFRQGHUH LO YHUR SUREOHPD - L ILORVRIL GLUHEEHUR RQWRORJLFR - FKH LQFDQFUHQLVFH H PHWDVWDWL] ]D LO VLVWHPD $ 5RPD QHOO¶XOWLPD HPHUVLRQH GL GHJUDGR H GL ORVFD FRQ QLYHQ]D WUDVYHUVDOH WUD LVWLWX]LRQL H FULPLQDOLWj VL q SDUODWR GL VWUDQJRODPHQWR PDILRVR GHJOL DSSDUDWL SROLWLFL GL SHUYHUVD LQWUXVLRQH GHOO¶LOOHJDOLWj DWWUDYHUVR FDQDOL VRPPHUVL H SHUVRQD OL LQGHELWH FRPSOLFLWj %DOOH &L WURYLDPR GL IURQWH DG XQ VLVWH PD FKH q QDWR PDILRVR FKH FRQ OD PDILD KD FRQTXLVWDWR LO SR WHUH FRQ OD PDILD FRQWLQXD D GHWHQHUOR LQ FRUUHLWj FRQ TXHO GLVSRVLWLYR FRUUXWWRUH GHOOH FRVFLHQ]H FKH VL FKLDPD GHPRFUD ]LD &RUUHYD O¶DQQR TXDQGR QHJOL 6WDWL 8QLWL ERVV PDILR VL OLEHUL HQWUDYDQR HG XVFLYDQR GDOOH FDUFHUL GL PDVVLPD VLFX UH]]D SHU LQFRQWUDUH PDILRVL GHWHQXWL DFFRPSDJQDWL GD XRPL QL GHO JRYHUQR H GD XIILFLDOL GHL VHUYL]L VHJUHWL ,Q ,WDOLD 6 ( DYHYD PHVVR DOOH VWUHWWH L PDILRVL FRVWULQJHQGROL DOOD ODWLWDQ]D ROWUHRFHDQR WDQWR FKH 0RVHV 3RODNRII ILJOLR GL LPPLJUDWL HEUHL UXVVL QRQFKp DYYRFDWR GL 6DOYDWRUH /XFDQLD SL QRWR FRPH &KDUOHV ©/XFN\ª /XFLDQR GRYHWWH DPPHWWHUH ©$ JLXGL FDUH GDL ULVXOWDWL VHL FRVWUHWWR D ULFRQRVFHUH FKH FHUWL PHWRGL QRQ VDUDQQR DFFHWWDELOL LQ GHPRFUD]LD PD FRQWUR OD PDILD SDUH FKH IXQ]LRQLQRª H D WDOH SURSRVLWR SDUOz GHOOD ©IHURFH UH SUHVVLRQH GHO IHQRPHQR PDILRVR FKH LO SUHIHWWR GL IHUUR &HVDUH 0RUL VWDYD VSLHWDWDPHQWH SRUWDQGR DYDQWL VX RUGLQH GL 0XV VROLQL µFRQ TXDOVLDVL PH]]R¶ª &DUOR 0DULD /RPDUWLUH /D SUL PD WUDWWDWLYD 6WDWR-PDILD 0XUVLD 0LODQR $ XQ FHUWR SXQWR GHOOD VWRULD SHUz LO FDSLWDOH LQWHUQD]LRQD OH QRQ SRWHQGR SL DPPHWWHUH O¶HVLVWHQ]D GL XQ UHJLPH LQ DQ WDJRQLVPR FRQ LO JLj DWWLYDWR JRYHUQR PRQGLDOH DWWUDYHUVR OD 6RFLHWj GHOOH 1D]LRQL GHFLGH GL XQLUH OH IRU]H FRQ DOWUL VHUYLOL VRGDOL SHU DWWDFFDUOR GDO SXQWR GL YLVWD PLOLWDUH &RPH IDUH" 2FFRUUHYDQR HVSHUWL GHO WHUULWRULR FKH FRRUGLQDVVHUR OH D]LRQL GL VEDUFR H FRVD DQFRUD SL HVVHQ]LDOH TXLQWH FRORQQH FKH VXSSRUWDVVHUR XQ JRYHUQR GL SRVW-LQYDVLRQH &KL PHJOLR DOOR UD GHL GHOLQTXHQWL VIXJJLWL DOOH PDJOLH GHO IDVFLVPR LWDOLFR" (FFR FKH LO SHUVRQDJJLR GL VSLFFR VFHOWR SHU FDULVPD D FRQYRJOLDUH OH IRU]H FRQWUR LO IDVFLVPR QRQ SXz FKH HVVHUH XQ ERVV PDILRVR 4XHVWD SURVSHWWLYD SHU XQ PRPHQWR VFRPELQD FHUWL IXQ]LRQDUL DPHULFDQL ©/LEHUDUH /XFLDQR GL IDWWR JUD ]LDUOR« PHWWHUH LQ OLEHUWj XQ SOXULRPLFLGD FRQ XQ FXUULFXOXP FULPLQDOH XQLFR QHOOD VWRULD LO SL SHULFRORVR JDQJVWHU DPHUL FDQRª" 6u Ê FRVu FKH GHFLGRQR H LQL]LDQR OH WUDWWDWLYH

*HQQDLR

&RQWDWWL VRQR SUHVL WUD GHOLQTXHQWL DQFRUD LQ OLEHUWj H UHJ JHQWL GHOOH FRVFKH FULPLQDOL LQ FDUFHUH ,O GXEELR FKH VRUJH q VH TXHVWL SRVVDQR HVVHUH DIILGDELOL PD TXHVWR q EHQ SUHVWR GLV VROWR GL IURQWH DOOH DVVLFXUD]LRQL FKH /XFN\ /XFLDQR RIIUH DO VXR OHJDOH ©$YYRFDWR IDFFLD SUHVHQWH DL VXRL DPLFL GHOO¶LQWHO OLJHQFH FKH OH SULJLRQL VLFLOLDQH VRQR SLHQH GL DQWLIDVFLVWL XR PLQL G¶RQRUH SHUFKp JOL XRPLQL G¶RQRUH VRQR SHU IRU]D DQWL IDVFLVWLª IDFHQGR SDVVDUH OD VFRQWDWD VROOHFLWD]LRQH D ©OLEHUDUH L PDILRVL GHWHQXWL FRQVLGHUDQGROL SULJLRQLHUL SROLWL FL H LPSLHJDUOL SHU DVVLFXUDUVL LO SLHQR FRQWUROOR GHOOH ]RQH RFFXSDWHª &RVu QDVFH O¶DJJUHVVLRQH DPHULFDQD DOO¶,WDOLD H TXHVWH q LO QXFOHR GL IRQGD]LRQH GHOOD UHSXEEOLFD GHPRFUDWLFD QDWD GDOOD UHVLVWHQ]D FRQ OD U YROXWDPHQWH PLQXVFROD $OWUR FKH SDGUL GHOOD &RVWLWX]LRQH 4XHVWR VLVWHPD KD DYXWR VROWDQWR GHL PDJQDFFLD FKH D UDJLRQH $OGR 6DQWDPD ULD GHILQLVFH , ©SDGULQLª GHOOD 3DWULD 6HWWLPR 6LJLOOR 5RPD 6RQR PDILRVL FRPH LO SULQFLSH GRQ /XFLR 7DVFD GRQ &DORJHUR 9L]]LQL *HQFR 5XVVR 0LFKHOH 1DYDUUD 9LWR *HQR YHVH D FRVWLWXLUH OD SULPD UHSXEEOLFD DWWUDYHUVR LQFDULFKL SROL WLFL HG DPPLQLVWUDWLYL Ê LQXWLOH IXRUYLDQWH FRQIXVLYR VFULYHUH DUWLFROL H VDJJL VXO SUREOHPD PDILRVR H VXOOH VXH LQJHUHQ]H QHJOL DIIDUL SXEEOLFL GHOOR 6WDWR SHUFKp TXHVWR VLVWHPD q VWDWR FRQFHSLWR FRQ O¶LQ VHPLQD]LRQH PDILRVD VL q FRQVROLGDWR FRQ TXHVWD SUDVVL FULPL QDOH HG KD O¶LPSULQWLQJ JHQHWLFR GHL PDPPDVDQWLVVLPD %DVWD OHJJHUH OD GRFXPHQWD]LRQH VWRULFD ,O VLVWHPD-,WDOLD q IHQRWLSLFDPHQWH PDILRVR H SHU FKLXQ TXH FDGD QHOOD WUDSSROD GHOOD GLVTXLVL]LRQH DVHWWLFD H QHXWUD GHOOD TXHVWLRQH YDOH O¶DYYHUWLPHQWR FKH - QJHU Gj LQ 5LYDURO VXOOD PRGDOLWj GL DIIURQWDUH L SUREOHPL GHOOD FRQWHPSRUDQHLWj ©,O WHQWDWLYR GL YHQLUH D FDSR GL XQ¶HSRFD FRQ L VROL PH]]L RI IHUWL GD TXHVWD VL FRQVXPD QHO JLUDUH D YXRWR LQWRUQR DL VXRL OXRJKL FRPXQL QRQ SXz ULXVFLUHª 6ROWDQWR VSRVWDQGR OR VJXDUGR GDO GLWR DOOD OXQD VL SXz DYHUH XQD YLVLRQH FRPSOHVVLYD UDGLFDOH H SHU FHUWL YHUVL EUXWD OH GHO IHQRPHQR GHQXQFLDWR D 5RPD PD ULSHWXWDPHQWH SURSR VWR QHOOH SDJLQH GHL JLRUQDOL H QHL SURJUDPPL WHOHYLVLYL 4XHVWD UHSXEEOLFD LWDOLDQD q QDWD FRQ WUH DQRPDOLH LO PDU FKLR GHO WUDGLPHQWR FKH KD FUHDWR O¶DWWLWXGLQH DOO¶LPEURJOLR H DOOD LQIHGHOWj LO EDWWHVLPR PDILRVR FKH KD FUHDWR XQD PHQWDOL Wj DQWLVRFLDOH H DQWLOHJDOLWDULD OD WUXIID GHOOD GHPRFUD]LD WHU UHQR GL FROWXUD GL FRUUX]LRQH LQWULJKL H LQIH]LRQH PRUDOH 1HVVXQD YLROHQ]D SHUFLz Qp SUHYDULFD]LRQH GD SDUWH XQD VWUXWWXUD FULPLQDOH QHL FRQIURQWL GHOOH LVWLWX]LRQL DWWUDYHUVR O¶RSSRUWXQLVPR GL TXDOFKH PHOD PDUFLD PD FDVR PDL XQ LQWH UR FHVWLQR LQIHVWDWR GDL YHUPL FRQ TXDOFKH PHOD VDQD UHIUDWWD ULD 4XLQGL SDUDIUDVDQGR XQ YHFFKLR DGDJLR VXO FRPXQLVPR QRQ VL SXz HVVHUH GHPRFUDWLFL H DQWLIDVFLVWL LQVLHPH LQWHOOLJHQ WL H LQ EXRQD IHGH SHUFKp VH VL q LQ EXRQD IHGH YXRO GLUH FKH VL q VFHPL H VH VL q LQWHOOLJHQWL YXRO GLUH FKH F¶q TXDOFKH LQWHUHV VH GD GLIHQGHUH 'D TXHVWH FDWHJRULH RJQL TXHVWLRQH PRUDOH q XQ LPEURJOLR H XQ¶RSHUD]LRQH PLVWLILFDQWH

©8Q WHPSR KR YLVVXWR LQ XQ VLVWHPD GRYH QRQ VL SRWHYD GLUH QLHQWH VRQR DUULYDWR LQ XQ VLVWHPD GRYH VL SXz GLUH WXWWR H FLz QRQ VHUYH D QLHQWHª $/(.6$1'5 ,6$(9,ý 62/ä(1,&<

*HQQDLR

,/ %25*+(6(

$17,32/,7,&$

/(*,77,0$ GLIHVD GL 5$))$(//2 *,25*(77, 48$1'2 XQ DJHQWH SDWRJHQR DJJUHGLVFH XQ LQGLYLGXR OD QDWXUD PHWWH LQ DWWR WXWWD XQD VHULH GL GLIHVH SHU RVWDFRODUH WDOH DJJUHVVLRQH 3ULPR HIIHWWR q OR VFRSSLDUH GHOOD IHEEUH FKH LQ JHQHUH SL q DOWD H SL GLPRVWUD OD YLROHQ]D GHOOD UHD]LRQH GHO ILVL FR DOO¶DWWDFFR HVWHUQR ,O PRQLWR GHO 3UHVLGHQWH 1DSROLWDQR FRQWUR O¶DQWLSROLWLFD GHILQLWD HYHUVLYD FKH LQ Vp SHU Vp q JLXVWLVVLPR H FRUUHWWR VH QRQ PL IDFHVVH SLDQJHUH PL IDUHEEH ULGHUH QHOOD DWWXDOH VLWXD ]LRQH 6RVWHQHUH LQIDWWL FKH OD UHD]LRQH VHPSUH SL GXUD H IXULRVD GL ROWUH LO SHU FHQWR GHJOL ,WDOLDQL FRQWUR TXHVWD FODV VH GL SROLWLFL LPEHOOL LQFDSDFL FRUURWWL H FRU UXWWRUL JUDVVDWRUL GHOOD SHJJLRUH VSHFLH QHVVXQR HVFOXVR DWWUDYHUVR PRYL PHQWL GL DQWLSROLWLFD FR PH L 6WHOOH LQ SDUWH OD /HJD H FHUWH IUDQJH GHL &HQWUL VRFLDOL QRQ VROWDQ WR q SHULFRORVR H LQJLXVWL ILFDWR PD PL VFRQFHUWD q JLXVWLILFDWLVVLPR LQYHFH 1HO GLULWWR SHQDOH HVLVWH OD VFULPLQDQWH GHOOD OHJLW WLPD GLIHVD FKH FRPH LO WHUPLQH VWHVVR LQGLFD q OD QRQ SXQLELOLWj GL FKL DJJUHGLWR VL GLIHQGH DQFKH FRPPHWWHQGR LSR WHVL GL UHDWL DQFKH JUDYL SHU VDOYDUH VH R DOWUL GD WDOL SHULFROL $ IURQWH GL ODGURFLQv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¼ DO PHVH PHQWUH XQ WHU]R GHOOH IDPLJOLH q DOOD VRJOLD GHOOD SRYHUWj GL FRQWLQXL DX PHQWL GHOOH WDVVH GL RJQL JHQHUH GL ODXWL LQFDULFKL D FRQVX

OHQWL IDVXOOL H LQXWLOL D IURQWH GHOOD YHUJRJQD GHO VDFFR GL 5RPD GRYH VRQR FRLQYROWL WXWWL L SDUWLWL FRVD SXz IDUH LO SRSROR OD JHQWH FRPXQH FLRq SHU RSSRUUH D TXHVWD FODVVH GL RSSUHVVRUL FLDOWURQL VH QRQ XQ ULILXWR WRWDOH" %HQ YHQJDQR TXHVWL PRYLPHQWL FKH VRQR OR VDSSLDPR EHQH GL SURWHVWD WDQWD H GL SURSRVWD SRFD +DQQR SHUz XQ PHULWR TXHOOR FKH FRQ LO YRWR R GLVHUWDQGR OH XUQH FHUFD QR GL IDU FDSLUH LO GLVDJLR GHOO¶,WDOLD YHUD H UHDOH FKH q VR VWDQ]LDOPHQWH SDFLILFD H ODERULRVD DL VXRL VJRYHUQDQWL ,O IDWWR JUDYH q FKH TXHVWL VFLDJXUDWL SROLWLFDQWL QRQ VROWDQWR QRQ FDSLVFDQR TXHVWD VLWXD]LRQH HVSORVLYD PD TXHOOL SL DFXWL IDQQR DGGLULWWXUD ILQWD GL QRQ FDSLUOD SHU FRQWLQXDUH QHO ORUR PDODIIDUH 1HVVXQD SHUVRQD GL EXRQ VHQVR SXz FUHGHUH VHULDPHQWH DOO¶DQWLSROLWLFD LQWHVD FRPH OD GLVWUX]LRQH GHO VHUYL]LR GL DOFXQL L PLJOLRUL D IDYRUH GHL WDQWL PD TXDQGR OD SROLWLFD TXHOOD SL GHWHULRUH XVD LO SURSULR SRWHUH GL FRVu SRFKL SHU L SURSUL VSRUFKL LQWHUHVVL FRPH VL SXz UDJLRQHYROPHQWH SUHQGHUVHOD FRQ L FLWWDGLQL QDXVHDWL H VILGXFLDWL" 0D LO 3UHVLGHQWH 1DSROLWDQR GRYH YLYH" /R VD FKH OD JHQWH XUOD FRQWUR L ODGUL FRQWUR O¶LQGLIIHUHQ]D QHL FRQIURQWL GHL WDQWL VHPSUH SL GLVRFFXSDWL" Ê SXUD IRUWXQD FKH DQFRUD QRQ VLD VXFFHVVR GD QRL TXHOOR FKH DQQL ID q DFFDGXWR LQ *UHFLD Ê SXUD IRUWXQD FKH LO EXRQ VHQVR O¶DWWDFFDPHQWR DOOH SURSULH WUDGL]LRQL OD HGXFD]LRQH GL WDQWL FL DEELD SUHVHU YDWR GD IHURFL ULYROWH GL SLD]]D FRQ PRUWL H IHULWL 3ROLWLFDQWL GD VWUD SD]]R SUH]]RODWL HG LQHWWL YL VLHWH DFFRUWL FKH FL VRQR WXWWH OH FRQGL]LRQL SHUFKp SRV VD YHULILFDUVL XQ EDJQR GL VDQJXH" ( VH 'LR FL VFDPSL FLz DFFDGHVVH OR VDSHWH FKH OH SULPH WHVWH FKH FDGUDQQR VD UDQQR OH YRVWUH FRQ SLHQD VRGGLVID]LRQH GHO SRSROR LQIHURFLWR HG DQFKH PLD" ( FRPH SRWUHEEH GDUVL WRUWR DOOD IROOD LQIXULDWD VH YRL VLHWH JOL XQLFL H VROL UHVSRQVDELOL GL TXHVWD VLWXD]LRQH" 3UHVLGHQWH 1DSROLWDQR VFHQGD GDO &ROOH SDUOL FRQ OD JHQWH VL ULYROJD FRQ XQ PHVVDJJLR DOOH &DPHUH SHUFKp L SDUWLWL WXWWL QHVVXQR HVFOXVR HOLPLQLQR VXELWR OD DWWXD OH FODVVH GLULJHQWH VRVWL WXHQGROD FRQ SHUVRQH VHULH FDSDFL FRUUHWWH HG RQHVWH H ODGGRYH VL YHULILFDVVH XQ IDWWR VFRUUHWWR QH VLDQR DOORQWDQDWL VXELWR H GHILQLWLYDPHQWH JOL DXWRUL /D FROSD GL TXHVWR VIDVFLR QRQ q GL *ULOOR R GHO VXR 0RYLPHQWR R GL 6DOYLQL R GHOOD QXRYD /HJD q GL TXHVWD FODVVH SROLWLFD SXWUHVFHQWH FKH GD WURSSR WHPSR ©LDP IH WHWª 2UD LO VXR SX]]R QDXVHDERQGR KD DPPRUEDWR WXWWR LO 3DHVH HG q GLYHQXWR LQVRSSRUWDELOH DYY UJLRUJHWWL#JPDLO FRP

,/ %25*+(6(

/$ 9(5$ 5,92/8=,21( '(/ ;;, 6(&2/2

6, &+,$0$ SDUWHFLSD]LRQH GL &$5/2 9,9$/',-)257, 1(/ EXRQ WHPSR DQWLFR SULPD FKH OD EDUEDULH FRQVXPLVWL FD VSD]]DVVH YLD L OHJDPL HOHPHQWDUL IUD JOL XRPLQL H ULGX FHVVH D EUDQGHOOL OD VRFLHWj LQWHUD HUD VDJJLD XVDQ]D DOO¶L QL]LR GL RJQL QXRYR DQQR VRVSHQGHUH OH FRQVXHWH DWWLYLWj H IRUPXODUH SURSRVLWL SHU LO IXWXUR 1HO WHQWDWLYR GL PDQWHQH UH TXHVWD VDQD WUDGL]LRQH VRQR DQGDWR DOOD ULFHUFD QHOOD ELEOLRWHFD GL IDPLJOLD GL TXDOFKH FODVVLFR GHO SHQVLHUR RJJL GLPHQWLFDWR 0L VRQR FRVu LPEDWWXWR QHO FHOHEUH H SURYRFDWRULR VDJJLR GL $OIUHGR 2ULDQL 5LYROWD LGHDOH OD FXL ULOHWWXUD SRWUHEEH ULYHODUVL PROWR XWLOH DQFKH SHU JOL XRPLQL H VSHFLDOPHQWH SHU L SROLWLFL GHL QRVWUL JLRUQL 1RQ q TXL LO FDVR GL FRPSLHUH XQD HVHJHVL SXQWXDOH GHO WHVWR %DVWL SHUz FRQVLGHUDUH TXHVWD VHPSOLFH DIIHUPD]LR QH SHU FRPSUHQGHUQH O¶LQWHUR VLJQLILFDWR ©/D ORWWD GHOO¶H OHPHQWR LQGLYLGXDOH FROO¶HOHPHQWR VRFLDOH FRVWLWXLVFH OD VRVWDQ]D GHOOD VWRULD ILQFKp O¶LQGLYLGXR QRQ VLD OLEHUR QHOOR 6WDWR QRQ OR VDUj QHOOD IDPLJOLD O¶HPDQFLSD]LRQH GDO WLUDQQR GLYHQWHUj XQ¶HPDQFLSD]LRQH GDO SDGUH LO ULFR QRVFLPHQWR GL XQ GLULWWR SROLWLFR SURGXUUj XQD ULFRJQL]LR QH GHO GLULWWR GRPHVWLFRª /¶HVLJHQ]D GL XQ¶DUPRQLD VRFLD OH FKH VRVWLWXLVFD LO FDRV SURGRWWR GDOO¶HJRLVPR FLHFR H GDOOD FRQVHJXHQWH ORWWD GL FODVVH O¶KREEHVLDQD JXHUUD GL WXWWL FRQWUR WXWWL VL WURYD DQFRU SL FKLDUDPHQWH HVSUHVVD QHOO¶RSHUD GL *LRYDQQL *HQWLOH SXEEOLFDWD QHO GUDPPDWLFR DXWXQQR GHO *HQHVL H VWUXWWXUD GHOOD VRFLHWj GHGLFD WD DOO¶XPDQHVLPR GHO ODYRUR ©,O ODYRUDWRUH QRQ q VHPSOL FHPHQWH ODYRUDWRUH JHQHULFR ,O ODYRUR GHOO¶DUWLVWD q GLYHU VLVVLPR GD TXHOOR GHOOR VSD]]LQR H SHUILQR GD TXHOOR GHOO¶LQJHJQHUH 7DQWR q YHUR FKH VSHVVR DFFDGH FKH O¶XQR QRQ VLD GLVSRVWR D ULFRQRVFHUH LO YDORUH GHO ODYRUR GHJOL DOWUL VH QRQ q HVVR SURGXWWLYR GL EHQL FRUULVSRQGHQWL DL VXRL ELVRJQL ,O ODYRUR VL GLIIHUHQ]LD H LO ODYRUDWRUH ODYR UDQGR QHO VXR JHQHUH YLHQH DG DSSDUWHQHUH D XQD FDWHJR ULD OD TXDOH HFRQRPLFDPHQWH KD LQWHUHVVL SHFXOLDUL FKH VRQR GLYHUVL GDJOL LQWHUHVVL GHOOH DOWUH H GHYRQR DFFRUGDU VL FRQ JOL LQWHUHVVL GL WXWWH OH DOWUH FDWHJRULH LQ JXLVD GD FRVWLWXLUH LO VLVWHPD GHOOD VRFLHWj FLYLOH FKH q PDWHULD GHO OR 6WDWR /D YRORQWj LQGLYLGXDOH D FXL q FRQJUXHQWH OD YR ORQWj GHOOR 6WDWR QRQ q SHUWDQWR XQD YRORQWj LQGLVFULPLQD WD PD XQD YRORQWj GLIIHUHQ]LDWD LQ XQ VLVWHPD RUJDQLFR LQ FXL RJQL LQGLYLGXR YROHQGR VH VWHVVR YXROH LO VLVWHPD 4XHVWR LO FRQFHWWR GHOOR 6WDWR PRGHUQR FKH YXROH HVVHUH OR 6WDWR GHOOD OLEHUWj DGHUHQWH DOOH HIIHWWLYH GHWHUPLQD]LRQL GHO SRSROR D FXL VL GHYH DWWULEXLUH TXHVWD OLEHUWjª ,O JUDQGH ILORVRIR OLEHUDOH H LGHDOLVWD LQ XQ FHUWR SHULR GR GHOOD VXD YLWD FUHGHWWH LQ WRWDOH EXRQD IHGH FKH LO VLVWH PD FRUSRUDWLYR IDVFLVWD SRWHVVH UDSSUHVHQWDUH LO SULPR SDVVR GL XQD HYROX]LRQH YHUVR TXHVWD VLQWHVL DUPRQLFD WUD XQLWj H PROWHSOLFLWj SHU OD TXDOH OD OLEHUWj GHOO¶LQGLYLGXR VDUHEEH YHQXWD D FRLQFLGHUH QDWXUDOPHQWH FRQ OD YRORQWj FROOHWWLYD HVSUHVVD QHOOR 6WDWR 3RLFKp OD VWRULD QRQ q IDWWD GL VH H GL PD q GLIILFLOH VXSSRUUH RJJL D TXDOH HVLWR DYUHE

*HQQDLR

EH FRQGRWWR O¶DVVHWWR FRUSRUDWLYR RYH IRVVH GXUDWR H VH GDYYHUR TXHVWR FRPH VSHUDYD *HQWLOH DYUHEEH VFKLXVR OH SRUWH D TXHOOD SL DOWD IRUPD GL FRQYLYHQ]D LQ FXL OH YHF FKLH FRQWUDSSRVL]LRQL GL FODVVH DYUHEEHUR ODVFLDWR LO SRVWR DG XQD QXRYD LGHQWLILFD]LRQH IUD LQWHUHVVH SDUWLFRODUH H JHQHUDOH 3HUDOWUR QHVVXQD LGHRORJLD GHO 1RYHFHQWR SXU SURFOD PDQGR GL SHUVHJXLUH TXHVWR VFRSR OR KD PDL GDYYHUR UDJ JLXQWR &Lz YDOH LQGLVWLQWDPHQWH SHU WXWWL L YLQFLWRUL GHOOD VHFRQGD JXHUUD PRQGLDOH VLDQR HVVL L FDSLWDOLVWL DPHULFDQL R L FRPXQLVWL VRYLHWLFL 6FULYH LQ SURSRVLWR LO VRFLRORJR WHGHVFR .XUW 6FKLOOLQJ QHO VXR DSSUH]]DWR VDJJLR *HVFKL FKWH GHU VR]LDOHQ ,GHHQ SXEEOLFDWR D 6WRFFDUGD QHO PD DQFRUD ODUJDPHQWH DWWXDOH ©,O FRPSLWR FKH TXHVWH LGHR ORJLH VL SRQJRQR q OD SUDWLFD LQWHJUD]LRQH SROLWLFD GHOOH PDVVH QHOO¶HUD LQGXVWULDOH VRWWR GHWHUPLQDWH SDUROH G¶RU GLQH FRQFHUQHQWL LO SRWHUH H JOL LQWHUHVVL ( FLz SHUFKp OH YHFFKLH IRUPH VWDWDOL QRQ VRQR SL LQ JUDGR GL DVVROYHUH TXHVWR FRPSLWR /D ORUR GHEROH]]D VL q PDQLIHVWDWD DQ]L WXWWR GRSR OD JXHUUD PRQGLDOH H FLz LQ HJXDO PLVXUD SUHV VR L YLQWL H SUHVVR L YLQFLWRUL 0D QRQ q OD FROSD GHOOD JXHU UD YLQWD R SHUGXWD FRPH VSHVVR VL FUHGH /D JXHUUD KD IDWWR VRODPHQWH SDOHVH TXHO FKH D SL R PHQR OXQJD VFD GHQ]D DQFKH VHQ]D GL HVVD VDUHEEH DYYHQXWR OD PRGLILFD ]LRQH GHOOH IRUPH GL YLWD GHOO¶XRPR H FRQ HVVD OD PRGLIL FD]LRQH GHO VXR FDUDWWHUH H GHL YLQFROL VX FXL SRJJLD OD FRQYLYHQ]D XPDQD /¶DXWRUH FHQWUD FRVu LO YHUR SUREOHPD GHOO¶HSRFD PRGHU QD FKH Qp OH SL VSLHWDWH ULYROX]LRQL H JXHUUH Qp OH SL IHURFL GLWWDWXUH VRQR ULXVFLWH D ULVROYHUH UHVWLWXLUH DOO¶XRPR OD VXD JLXVWD FROORFD]LRQH QHOOD VRFLHWj VFRQYROWD GDOO¶LQ GXVWULDOLVPR GHJOL XOWLPL WUH VHFROL FKH KD GLVWUXWWR JOL HTXLOLEUL WUDGL]LRQDOL VHQ]D PDL ULFRPSRUOL LQ DVVHWWL SL DYDQ]DWL DOWUHWWDQWR YDOLGL /D FRQIOLWWXDOLWj SHUPDQHQWH FKH QH q VHJXLWD VHJQD FRQ XQD VFLD LQLQWHUURWWD GL VDQJXH O¶LQ FDSDFLWj GHOOD SROLWLFD GL GDU YLWD DG XQD QXRYD DUPRQLD VRFLDOH /D VILGD FKH RJJL VL SRQH DO SHQVLHUR SROLWLFR SUL PD FKH DOOD SROLWLFD DWWLYD q FRVWUXLUH XQD DOWHUQDWLYD GL JRYHUQR GHOOD VRFLHWj LQ JUDGR GL HGLILFDUH XQ RUGLQH FRH UHQWH FRPH IRQGDPHQWR GL IRUPH GL FRQYLYHQ]D ILQDOPHQWH DOO¶DOWH]]D GHL WHPSL QXRYL TXHOOL GHOOD WHFQRORJLD DYDQ]D WD H GHOOD JOREDOL]]D]LRQH Ê PLD FRQYLQ]LRQH FKH HVLVWD XQD VROD SRVVLELOH VWUDGD SHU HYLWDUH LO SURJUHVVLYR GHFOLQR H LQ WHPSL SL OXQJKL LO WUDFROOR GHOOD QRVWUD FLYLOWj O¶DYYHQWR GL XQD VRFLHWj LQWH JUDOPHQWH SDUWHFLSDWLYD 1HL SUHFHGHQWL FDSRYHUVL KR ULFRU GDWR FRPH DOFXQL GHL JLJDQWL GHOOD VWRULD DYHVVHUR JLj HVSUHVVR D FKLDUH OHWWHUH WDOH SXQWR GL YLVWD VHEEHQH PDQ FDVVH ORUR LQHYLWDELOPHQWH O¶DSSURIRQGLPHQWR WHFQLFR FKH QRL RJJL SRVVHGLDPR $ WDO SURSRVLWR LQ XQ UHFHQWH DUWLFR OR KR IDWWR FHQQR D XQR GHJOL DSSURFFL SL DYDQ]DWL G¶LQJH JQHULD VRFLDOH FKH q OD 6RFLRFUD]LD RODQGHVH VRUWD H PDWX UDWD QHO FOLPD FXOWXUDOH QRUG-HXURSHR H SHUFLz VWUHWWD SD UHQWH SXU DYHQGROD ODUJDPHQWH VXSHUDWD GL TXHOOD 0LWEH VWLPPXQJ R FRGHFLVLRQH FKH D SDUWLUH GDOO¶XOWLPR GRSR JXHUUD VL q ULYHODWD XQR GHL SLODVWUL GHOOR VWUDRUGLQDULR PLUD FROR HFRQRPLFR GHOOD *HUPDQLD 6H TXHVWR 3DHVH PDOJUD GR OD FULVL UHVWD OD PDJJLRUH SRWHQ]D FRQWLQHQWDOH OR GHYH LQ ODUJD PLVXUD SURSULR DOOD EDVVD FRQIOLWWXDOLWj VRFLDOH FKH OR KD VHPSUH FDUDWWHUL]]DWR ( QRQ SHUFKp FRPH PROWL FUH GRQR LQ *HUPDQLD VL ODYRUL SL FKH LQ ,WDOLD DO FRQWUDULR &RPH QXPHUR GL RUH H GL JLRUQL ODYRUDWL OD 5HSXEEOLFD IHGHUDOH VL FROORFD DG XQ OLYHOOR DVVDL SL EDVVR GHO QRVWUR SHU HVHPSLR WXWWH OH IHVWLYLWj FDWWROLFKH GD QRL DEROLWH QHO GDO JRYHUQL $QGUHRWWL-%HUOLQJXHU ROWUDOSH HVLVWRQR

*HQQDLR

,/ %25*+(6(

DQFRUD DOOH TXDOL VL DJJLXQJRQR TXHOOH SURWHVWDQWL H OH UL FRUUHQ]H QD]LRQDOL /¶RUDULR FRPH GD QRL q GL RWWR RUH PD OD VHWWLPDQD FRUWD q XQLYHUVDOPHQWH SUDWLFDWD DOO¶LQIXRUL GHOOH FDWHJRULH LPSHJQDWH LQ TXHL VHUYL]L GL SXEEOLFR LQWH UHVVH FKH QRQ OD FRQVHQWRQR 0D DOORUD FRPH VL VSLHJD FKH SXU ODYRUDQGR PHQR VL SURGXFD PROWR GL SL " /D ULVSRVWD q VHPSOLFH DQFKH VH OH WHVWH YXRWH GHL QRVWUL SROLWLFL GHL VHGLFHQWL HFRQRPLVWL H GHL WHFQLFL ORUR DVVHUYLWL PRVWUDQR GL QRQ FRPSUHQGHUOD DIIDWWR LO SULQFLSLR GL TXDQWLWj LQ FXL HVVL FUHGRQR DO SDUL GL WXWWL L SLFFROL EXURFUDWL SULYL GL LQWHOOLJHQ]D FUHDWLYD YDOH EHQ SRFR D SDUDJRQH GL TXHOOR GL TXDOLWj &Lz FKH FRQWD QRQ q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j DYDQ]DWD GHYH HVVHUH LQWHJUDWD QHOOR 6WDWR ILQR D GLULJHUOR LQ SULPD SHUVRQD 7DOH HVLJHQ]D QDVFH FRPH ULVSRVWD DO SDOHVH IDOOLPHQWR R SHU PHJOLR GLUH VXSHUDPHQWR GHOOD GHPRFUD]LD 4XHVWD LQIDWWL VL UHJJH VX GXH SULQFuSL TXHOOR PDJJLRULWDULR H TXHOOR UDSSUHVHQWDWLYR FKH VHSSXU YDOLGL GXH VHFROL RU VRQR LQ TXDQWR ULYHQGLFD]LRQL GL OLEHUWj GDOO¶DVVROXWLVPR QH KDQQR RJJL GHWHUPLQDWR OD FULVL /D UDSSUHVHQWDQ]D HVHUFLWDWD GDL SDUWLWL KD LQGRWWR L SRWHUL IRUWL DG DVVLFXUDUVL FRO GHQDUR O¶DVVRJJHWWDPHQWR GHOOH PDJJLR UDQ]H GD HVVL HVSUHVVH SHU TXHVWR OD UDSSUHVHQWDQ]D SROLWL FD GHOOD YRORQWj SRSRODUH KD SHUGXWR GL HIILFDFLD H DGGLULW WXUD GL VLJQLILFDWR WDQWR FKH DVVLVWLDPR DOO¶DIIHUPDUVL GL XQ QXRYR IHXGDOHVLPR VX VFDOD SODQHWDULD LQFDUQDWR GDOOH FR VFKH PDODYLWRVH GHOO¶DOWD ILQDQ]D 7DOH q LO PRWLYR SHU FXL *HUDUG (QGHQEXUJ GRFHQWH HPHULWR GHOO¶8QLYHUVLWj GL 8WUHFKW H LVSLUDWRUH GHO PRGHOOR VRFLRFUDWLFR GHILQLVFH TXHVW¶XOWLPR FRPH LO WHU]R VWDGLR QHOO¶RUJDQL]]D]LRQH VRFLDOH GRSR O¶DVVROXWLVPR H OD GHPR FUD]LD (VVR VL IRQGD VXO FRQFHWWR GL SDUWHFLSD]LRQH WRWDOH DSSOLFDWD QRQ VRODPHQWH DO PRQGR GHOOD SURGX]LRQH PD DOOD VRFLHWj LQWHUD LQL]LDQGR GDOOD IDPLJOLD SHU SDVVDUH DOOD VFXROD DL TXDUWLHUL DL FRPXQL DOOH UHJLRQL DOOR 6WDWR &L FROORFKLDPR SHUFLz DG XQ OLYHOOR PROWR SL DYDQ]DWR GHOOH WHRULH SDUWHFLSDWLYH ILQ TXL FRQRVFLXWH WDQWR FKH OD VXD DSSOLFD]LRQH FRPSRUWHUHEEH O¶DYYHQWR GL XQ DVVHWWR VRFLDOH WRWDOPHQWH QXRYR FKH IDWLFKLDPR SHUILQR D LPPDJLQDUH '¶DOWUD SDUWH FRPH ULOHYD JLXVWDPHQWH LO SURIHVVRUH FLWDWR GL IURQWH DO FUROOR GHOOD GHPRFUD]LD H DOO¶LQJRYHUQDELOLWj GHO VLVWHPD FKH DG HVVD VL ULFKLDPD HVLVWRQR GXH VROH SRV VLELOLWj WHRULFKH R XQD UHJUHVVLRQH YHUVR O¶DVVROXWLVPR VLD SXUH QHOOD YHUVLRQH PRGHUQD GHOOD GLWWDWXUD R XQ EDO]R LQ DYDQWL YHUVR XQD VRFLHWj FKH LQWHJUL GLUHWWDPHQWH LO FLWWDGL QR QHOOR 6WDWR ULGLPHQVLRQDQGR LO SRWHUH GL TXHJOL LQWHU PHGLDUL SDUWLWLFL GLYHQXWL RVWDJJLR GHL QXRYL IHXGDWDUL 7HU WLXP QRQ GDWXU 1HO GUDPPD GL TXHVWD VFHOWD RFFRUUH SHUDO WUR RVVHUYDUH FKH LQ XQD VRFLHWj FRPH OD QRVWUD DG DOWD WHFQRORJLD VDUHEEH SUDWLFDPHQWH LPSRVVLELOH SHU FKLXQ TXH HVHUFLWDUH LO JRYHUQR VHQ]D FRQVHQVR 3HUFLz O¶XQLFD DOWHUQDWLYD UHDOLVWLFD DO IDOOLPHQWR GHOOD GHPRFUD]LD QRQ q OLPLWDUH XOWHULRUPHQWH OD VRYUDQLWj SRSRODUH EHQVu HVWHQGHU OD D WXWWL H FLz Gj UDJLRQH DJOL LQJHJQL LOOXPLQDWL FKH JLj XQ VHFROR ID SUHGLFHYDQR OXFLGDPHQWH WDOL VYLOXSSL

/2 63$=,2 SROLWLFR ,Q PDUJLQH DOOD &RQIHUHQ]D SUR JUDPPDWLFD GHO )URQWH 1D]LRQDOH GL $'5,$12 7,/*+(5 %(//$ PDQLIHVWD]LRQH TXHOOD GHO QRYHPEUH D &KLDQFLD QR WDQWD JHQWH LQWHUYHQWL GL VSHVVRUH PROWD DWWHQ]LRQH SDUHFFKLD SDVVLRQH PD VRSUDWWXWWR XQ LQVLHPH GL LGHH H GL SURSRVWH GL FXL O¶,WDOLD QRQ SRWUj IDUH D PHQR Ê VWDWR LO ELJOLHWWR GD YLVLWD GHO )URQWH 1D]LRQDOH LQ YLVWD GHO SURVVLPR &RQJUHVVR 1D]LRQDOH ,GHH H SURSRVWH FKH KDQQR WURYDWR LPPHGLDWD FRQIHUPD LQ TXDQWR q DFFDGXWR D 5RPD LQ TXHVWL XOWLPL JLRUQL $EELDPR ULOHYDWR FRPH VLD RUPDL GLYHQWDWR LPSRVVLELOH GLYLGHUH OD GHVWUD GDOOD VLQLVWUD SHUFKp HQWUDPEH DO VHUYL]LR GHL SRWHUL IRUWL H FRPSOLFL QHL JRYHUQL FKH KDQQR DIIRVVDWR O¶,WDOLD HG LO PDODIIDUH GL 5RPD YHGH PLVFKLDWL HOHPHQWL GHOOD GHVWUD H GHOOD VLQLVWUD VLD H[WUDSDUODPHQWDUH FKH GL JRYHUQR PD VRQR DQQL FKH TXHVWR DFFDGH FRPH L IDWWL GHO 026( GL 9HQH]LD H GHOO¶([SR GL 0LODQR FRQIHUPDQR $EELDPR VRVWHQXWR FKH SHU IDU XVFLUH O¶,WDOLD GDOOD FULVL VL GHYH UHFXSHUDUH O¶HWLFD QHOOD SROLWLFD H QHOOD VRFLH Wj H TXHVWL XOWLPL DQQL DEELDPR YLVWR XQD FODVVH VHGLFHQWH SROLWLFD FKH GD XQD SDUWH FL KD FKLHVWR ILXPL GL GHQDUR LQ WDVVH H SHUGLWD GL VHUYL]L H GDOO¶DOWUD KD UXEDWR WUXIIDWR H UDSLQDWR ILXPL GL GHQDUR GDOOH FDVVH SXEEOLFKH $EELDPR LQGLYLGXDWR LQ TXHVWR FRQVRFLDWLYLVPR SROLWL FR DO VHUYL]LR GL LQWHUHVVL VRYUDQD]LRQDOL HG DQWL-LWDOLDQL LO YHUR QHPLFR GHJOL LQWHUHVVL GHO QRVWUR SRSROR FKH KD FUHDWR XQD YROXWD GLVDIIH]LRQH GD SDUWH GHOOD JHQWH QHL FRQIURQWL GHOOD SROLWLFD 6L q LQGLYLGXDWR QHO OLEHULVPR XQ¶DQWLGHPRFUDWLFD GRW WULQD HFRQRPLFD DVVXUWD D OLYHOOR GL LGHRORJLD LO YHUR ©FDQFURª GHL WHPSL PRGHUQL FKH PLQD OD FRQYLYHQ]D FLYLOH UHDOL]]D SHU OD PLWL]]D]LRQH GHOO¶XWLOH SHUVRQDOH DG RJQL FRVWR OD VFRPSDUVD GHOO¶HWLFD H GHO PHULWR H UHQGH JOL XR PLQL VHPSUH PHQR VRFLDOL /¶XQLFD VROX]LRQH SHU XVFLUH GD TXHVWR PDFDEUR WXQQHO q FRQ XQR VSUD]]R GL GLJQLWj ULFRQTXLVWDUH OD VRYUDQLWj SHUGXWD LQ FDPSR FXOWXUDOH ULILXWDQGR WXWWL L PRGHOOL VRY YHUVLYL FKH YHQJRQR GD ROWUHRFHDQR LQ FDPSR SROLWLFR VYLQFRODQGRFL GDOO¶DEEUDFFLR OHWDOH GHL JUDQGL JUXSSL HFR QRPLFR-ILQDQ]LDUL LQ FDPSR PRQHWDULR WRUQDQGR SURSULH WDUL GHOOD PRQHWD GHOOD VXD HPLVVLRQH H GHOOD VXD FLUFROD ]LRQH LQ FDPSR HFRQRPLFR OLEHUDQGRFL GD WXWWH TXHOOH FRPEULFFROH LQWHUQD]LRQDOL FKH SRQJRQR VXOOR VWHVVR SLDQR GL XJXDJOLDQ]D FRPPHUFLDOH QD]LRQL FRPH O¶,WDOLD FKH KD XQ¶DOWD FRQFH]LRQH GHOOD WXWHOD GHO ODYRUR FRQ DOWUH FKH SULYLOHJLDQR LO ODYRUR VFKLDYLVWLFR H VHQ]D JDUDQ]LH FRPH OD &LQD O¶,QGLD« ,O WXWWR RYYLDPHQWH VDUHEEH D VFDSLWR GL TXHOOD FXSROD PDILRVD DSROLGH H VHQ]D VWRULD FKH DWWUDYHU VD WUDVYHUVDOPHQWH LO PRQGR H OR GRPLQD WUDPLWH FULPLQDOL DWWL ILQDQ]LDUL FKH UHDOL]]DQR FRQ LO FRQWUROOR GHOO¶HPLVVLR QH PRQHWDULD H FRQ LO PHUFDWR D]LRQDULR

,/ %25*+(6(

/¶,WDOLD q OD SL EHOOD QD]LRQH GHO PRQGR ULFFD GL VWRULD H GL FXOWXUD H FH OD YRJOLRQR VFLSSDUH JUD]LH DO WUDGLPHQWR GHOOD QRVWUD VHGLFHQWH FODVVH SROLWLFD FRQ OD WUXIID GHOO¶H PLVVLRQH PRQHWDULD HG LO ULFDWWR GHO GHELWR SXEEOLFR /D QRVWUD ULFFKH]]D SULQFLSDOH q OD FDSDFLWj FUHDWLYD GHO QRVWUR SRSROR LO QRVWUR SULPR HOHPHQWR GL XQLWj QD]LRQDOH H GL ULFRQRVFLPHQWR LGHQWLWDULR q OD OLQJXD LWDOLDQD *UD]LH DL PLQLVWUL GHL YDUL JRYHUQL FKH VL VRQR VXFFHGX WL PROWL QRVWUL ©FHUYHOOLª VRQR DOO¶HVWHUR DG DUULFFKLUH OH DOWUXL QD]LRQL H DGGLULWWXUD DOFXQH OHJJL LPSRUWDQWL GHOOR 6WDWR VXOOD FXL XWLOLWj q PHJOLR VWHQGHUH XQ YHOR SLHWRVR YHQJRQR FKLDPDWH LQ OLQJXD DQJORVDVVRQH OD ULIRUPD GHO ODYRUR GLYHQWD ©MRE DFWª OD UHYLVLRQH GHOOD VSHVD SXEEOLFD q ©VSHQGLQJ UHYLHZª H YLD GL TXHVWR SDVVR

*HQQDLR

&RPH VL SXz VSHUDUH GL ULVROOHYDUH O¶,WDOLD FRQ HVVHUL GL WDOH IDWWD DO JRYHUQR" /¶,WDOLDQR q XQ SRSROR VRFLDOH H VRFLHYROH HUHGH GHO JUDQGH VSLULWR GL DFFRJOLHQ]D GHOOD 5RPD DQWLFD XQ SRSROR FKH YLYH LQ DOOHJULD H VHUHQLWj VH DWWRUQR D VH KD JHQWH JDLD H VHUHQD /¶DQJORVDVVRQH q XQ SRSROR LQGLYLGXDOLVWD H DVR FLDOH FKH YLYH SHU VH VWHVVR H FRQWUR JOL DOWUL 1RQ EDUDWWHUHL SHU QHVVXQD FRVD DO PRQGR LO QRVWUR PRGR GL HVVHUH H OR GLIHQGHUz FRQ WXWWH OH IRU]H 9RUUHL FKH WXWWL JOL ,WDOLDQL IDFHVVHUR OR VWHVVR LQVLHPH LQ XQ JUDQGH )URQWH 1D]LRQDOH VHQ]D GHVWUD H VHQ]D VLQL VWUD SHU WRUQDUH D JRGHUFL FLz FKH FL DSSDUWLHQH OD QRVWUD VWXSHQGD WHUUD FRQ WXWWH OH VXH ULVRUVH FXOWXUDOL XPDQH HG DPELHQWDOL

0DILD &DSLWDOH XQ WHUUHPRWR D VFRSSLR ULWDUGDWR ,/ 0,2 SULPR 1DSDSLMUL DUULYD D VHGLFL DQQL &RPSUDWR LQ XQ QHJR]LR GL DEELJOLDPHQWR GL &RUVR )UDQFLD Ê O¶LQYHU QR GHO H VRQR WUD JOL XOWLPL DGROHVFHQWL D FHGHUH DO JLXEERWWR VLPEROR GL TXHJOL DQQL 6HWWHFHQWR PLOD OLUH &KH SDVVDQR GDO SRUWDIRJOLR GL PLD PDGUH D TXHOOR GHO ERVV GL ©0DILD &DSLWDOHª 0DVVLPR &DUPLQDWL &KH ©HU JXHUFLRª VLD FULPLQDOH ©YHURª GL TXHOOL FKH ©FRPDQGDQR D 5RPDª OR VHQWR GLUH GDL PLHL FRHWDQHL JLj YHQW¶DQQL ID ©0D FRPH QRQ OR VDL" &KH LO QHJR]LR q GHU ³QHUR´"ª GRPDQGDQR VRUSUHVL L FXOWRUL GHOOD OHWWHUDWXUD VWUD JLVWLFD GHJOL DQQL µ FKH LQ YLWD ORUR DYHYDQR OHWWR WUH R TXDWWUR OLEUL 0D WXWWL VXOOD %DQGD GHOOD 0DJOLDQD R VXOO¶HYHU VLRQH SROLWLFD ©&KL FD]]R q ³HU QHUR´"ª ULVSRQGR &RVu VFRSUR D VHGLFL DQQL GDL UDFFRQWL GL UDJD]]LQL GHOOD VHFRQGD OLFHR VFLHQWLILFR FKH D 5RPD F¶q DQFRUD XQR VFDPSROR GL %DQGD GHOOD 0DJOLDQD GL FXL q FDSR WDOH 0DVVLPR &DUPLQDWL 'HWWR ©HU JXHUFLRª 'HWWR ©HU FHFDWRª 'HW WR ©HU QHURª *OL DGROHVFHQWL GHJOL DQQL µ KDQQR IDQWDVLD ( L UDFFRQWL GL ERFFD LQ ERFFD OLHYLWDQR GD 3LD]]D (XFOLGH H SLD]]D GHL *LXRFKL 'HOILFL FRPH LQ XQ JLRFR GL SDVVDSDUROD D FKL OD VSDUD SL JURVVD ©$ &DUPLQDWLª DOORUD ©ULVSRQGRQR SROLWLFL DVVHVVRUL JXDUGLH H[ QDU JDOHRWWL LPSUHQGLWRUL ORFDODUL IDFFHQGLHUL H VHJUHWDULH LQVRVSHWWDELOL ª $VFROWR OH VWRULH GHL SLVFKHOOL GHOOD 5RPD EHQH FRQ XQ PLVWR GL FXULRVLWj H VFHWWLFLVPR OR VWHVVR FRQ FXL RJJL VL VHQWH GL TXHO JUDQGH ULVWRUDQWH VSXQWDWR D 3RQWH 0LOYLR ©0D FRPH" QRQ OR VDL FKH q JHVWLWR GDOOD &DPRUUD "ª 3RL ULQFRQWUR LO ©QHURª QHO FLQHPD GL 3LD]]D &DYRXU ,R KR SDJDWR LO ELJOLHWWR H OXL QRQ q SL JXHUFLR PD KD O¶D VSHWWR JUDGHYROH GL 5LFFDUGR 6FDPDUFLR QHO ILOP WUDWWR GDO URPDQ]R GL *LDQFDUOR 'H &DWDOGR 'H &DWDOGR QRQ q XQ SLVFKHOOR GL 3RQWH 0LOYLR PD XQ PDJLVWUDWR 4XDOFRVD GL YHUR WUD OH ULJKH GHO VXR IXPHWWRQH GD XQ PLOLRQH GL FRSLH GHYH SXU HVVHUFL &RVu OH UDJD]]LQH DSSLFFLFDQR OD IDFFLD GL &DUPLQDWL-6FDPDUFLR VXOOD SRUWD GHOOD FDPHUHWWD R VXO GLDULR GL VFXROD ,QFRQWUR 'H &DWDOGR SHU FDVR DOO¶XQLYHUVLWj ©/D 6DSLHQ]Dª 'H YLVX JOL GLFR FKH TXHO SURGRWWR FXOWXUDOH FKH PLWL]]D FHUWL SHUVRQDJJL q ORQWDQR GDOO¶HWLFD 0L ULVSRQGH FKH HWLFD q XQD SDUROD ©IDVFLVWDª &DSLVFR FKH QRQ SRVVR GLDORJDUH FRQ XQ PDJLVWUDWR FKH VFULYH URPDQ]L VX &DUPLQDWL LQYHFH GL DUUHVWDUOR H SHU DQQL PL WRFFD VXELUPL XQ ©QHURª D SLHGH OLEHUR FKH VRPLJOLD D 6FDPDUFLR 'HO UHVWR FKH IRVVH XQ FULPLQDOH YHUR QHO µ QRQ O¶DYHYR FUHGXWR SRL WDQWR $ TXHOO¶HWj SHQVDYR FKH L PDILRVL YHUL DYHVVHUR OD IDFFLD GL TXHOOL FKH KDQQR VEULFLRODWR %RUVHOOLQR H )DOFRQH /H LPPDJLQL GL FDUQH H DVIDOWR PLVFKLDWL DQFR UD OH SRUWR QHJOL RFFKL ,O GLFHPEUH GHO VDOJR LQ PDFFKLQD SHU DQGDUH DO ODYRUR ,O WUDIILFR q SL OHQWR GHO µ TXDQGR OR IUHJDYR FRQ O¶6K +RQGD WUXFFDWR $GGRVVR QRQ KR SL LO 1DSDSLMUL 0LD PDGUH GHYH DYHUOR UHJDODWR DOOH VXRUH GHOO¶,ULVK ,QVWL WXWH VXOOD &DVVLD $FFHQGR OD UDGLR H DSSUHQGR OD QRWL]LD YHFFKLD GL YHQW¶DQQL &RQ L VHJXJL GHOOD 3URFXUD FKH DUULYDQR ILQDOPHQWH D ©0DILD &DSLWDOHª 4XDQGR EDVWDYD FKLHGHUH DL SLVFKHOOL GHO PXUHWWR D 3LD]]D *LRFKL 'HOILFL FKH VDQQR FRPH VDQQR L VDPSLHWULQL 7L VDOH OD UDEELD )DQQR L ILOP IDQQR JOL VFULWWRUL VL FDQGLGDQR LQ SROLWLFD PLWL]]DQR L FULPLQDOL /L ODVFLDQR D SLH GH OLEHUR ILQR D TXDQGR GHFLGRQR FKH ©EDVWDª 3HUFKp OD 3URFXUD DUULYD YHQW¶DQQL GRSR L PLHL FRPSDJQL GL VFXROD" 3HUFKp LQ ,WDOLD L JLXGLFL VFULYRQR DJLRJUDILH VX &DUPLQDWL DQ]LFKp DUUHVWDUOR" Ê YHUR OD SROLWLFD LWDOLDQD VWD D SH]]L 0DUFLD FRUURWWD LPEDVWDUGLWD 0D OD PDJLVWUDWXUD QRQ VH OD SDVVD PHJOLR ( OD 3URFXUD GL 5RPD q DQFRUD TXHO ©SRUWR GHOOH QHEELHª GRYH QRQ q FRQVHQWLWR YHGHUH ROWUH LO SURSULR QDVR 5,&&$5'2 &256(772

*HQQDLR

,/ %25*+(6(

/$ 6,78$=,21( JLRYDQLOH GL $1'5($ %5,==, &RVD VLJQLILFD HVVHUH JLRYDQL" 6LJQLILFD HVVHUH VSUH JLXGLFDWL LUULYHUHQWL ULEHOOL VRJQDWRUL 1HO VRJQR GL XQ GRPDQL GLYHUVR VL VRVWDQ]LD O¶HVVHUH JLRYDQL ©(66(5( JLRYDQH H QRQ HVVHUH ULYROX]LRQDULR q XQD FRQWUDG GL]LRQH SHUILQR ELRORJLFD ª 3UHQGHQGR TXHVWD DVVXQ]LRQH FRPH WHVL YDOLGD VXOOD TXDOH ODYRUDUH QLHQW¶DOWUR UHVWD FKH PHWWHUVL OH PDQL QHL FDSHOOL 'LVRFFXSD]LRQH JLRYDQLOH DO SHU FHQWR DVVHQ]D WRWDOH GL PRUDOLWj GL VSHUDQ]D QHO GRPDQL LPSRVVLELOLWj HFRQRPLFD H VSHVVR XPDQD GL PHWWHUH VX IDPLJOLD *HQHUD]LRQL SULYH GL FHUWH]]H VLD PDWHULDOL VLD VSLULWXD OL VL DSSUHVWDQR D GLYHQLUH OD FODVVH GLULJHQWH GL XQD QDYH FKH VWD DIIRQGDQGR /¶HWj GHOOD SULPDYHUD SHU OH QRVWUH JHQHUD]LRQL VL VWD ULYHODQGR XQ HWHUQR DXWXQQR $OOH QRVWUH VSDOOH OH PDFHULH GL XQ ©PXURª GDYDQWL DL QRVWUL RFFKL OD ©QRWWH GHO PRQGRª FKH FRPH XQD QHEELD DYYROJH H VRIIRFD RJQL RSHUD XPDQD )XRU GL UHWRULFD O¶HSRFD LQ FXL YLYLDPR q FDUDWWHUL]]DWD GDOOD SUHGRPLQDQ]D DVVROXWD GL XQ VLVWHPD HFRQRPLFR VRFLDOH FKH GRSR OD FDGXWD GHO IDPRVR PXUR GL FXL VRSUD q GLYHQXWD LGHRORJLD LPSHUDQWH LO OLEHULVPR $QDOL]]DQGR WXWWH OH YDULH IDFFH GHO SUREOHPD FL DFFRU JLDPR FKH O¶XQLFR IDWWRUH UHVSRQVDELOH GHOOD VLWXD]LRQH DWWXDOH q SURSULR LO OLEHULVPR XQ¶LGHRORJLD FKH VL EDVD VXO FDQQLEDOLVPR HFRQRPLFR VXOOD OHJJH QRQ GHO SL IRUWH PD GHO SL IRUWXQDWR H GHO SL IXUER 8Q VLVWHPD XQLSRODUH GL SHQVLHUR FKH KD GLVJUHJDWR FRPSOHWDPHQWH LO FRQFHWWR GL FRPXQLWj GDOOD IDPLJOLD SULPLJHQLD VWUXWWXUD VRFLDOH FR PXQLWDULD ILQR DG DUULYDUH DOOD 1D]LRQH HVHPSLR SL DOWR GL FRPXQLWj ,O OLEHULVPR q QLHQW¶DOWUR FKH LQGLYLGXDOLVPR PDWHULDOL VWLFR q O¶HURLFR VDFULILFLR GL RJQL JLXVWL]LD VRFLDOH VXOO¶DO WDUH GHO 'LR GHQDUR 'LVJUHJDWD OD IDPLJOLD H DQQLHQWDWR OR 6WDWR RYYHUR ©O¶HQWH JLXULGLFR FKH ID GL XQ SRSROR XQD 1D]LRQHª QRQ HVLVWRQR SL VWUXWWXUH VRFLDOL LQ JUDGR GL HGXFDUH OD FROOHWWLYLWj JLRYDQLOH DO VHQVR GL FRPXQLWj H DO YLYHU FLYLOH LQ JHQHUH 6H D TXHVWH FRQVLGHUD]LRQL DJJLXQJLDPR LO VHUYLOLVPR SROLWLFR HFRQRPLFR H FXOWXUDOH GL WXWWR LO 9HFFKLR &RQWL QHQWH YHUVR O¶LQYDVRUH G¶ROWUH RFHDQR FRPH XQ¶HTXD]LRQH LO ULVXOWDWR q PDWHPDWLFR UDJD]]L FKH QRQ KDQQR XQ¶HGXFD ]LRQH SHUFKp QRQ OD SRVVRQR SL DYHUH YLVWH OH FRQVLGHUD ]LRQL DSSHQD IDWWH VL ULWURYDQR D SHUFRUUHUH LQILQLWL ©VHQWLHUL LQWHUURWWLª FKH RYYLDPHQWH QRQ SRUWDQR GD QHVVX QD SDUWH VH QRQ DOO¶DEEUXWLPHQWR QHOOD GURJD QHOO¶DOFRO H DOO¶LQGLYLGXDOLVPR SL WHWUR 1RQ FL GREELDPR VRUSUHQGHUH VH OD PDJJLRU SDUWH GL QRL JLRYDQL KD FRPH XQLFR VRJQR TXHOOR GL GLYHQWDUH XQD URFNVWDU R XQ DWWRUH R XQD PRGHO OD RSSXUH VH O¶XQLFD VSHUDQ]D q QRQ HVVHUH IUHJDWR R IUHJD UH LO SURVVLPR H VH O¶XQLFD DVSLUD]LRQH SHU LO IXWXUR q GL YHQWDUH PLOLDUGDULR 6LDPR QLHQW¶DOWUR FKH VRWWRSURGRWWL GHO ©WHFQR-FDSLWDOLVPRª DWRPL GL XQ HOHPHQWR XQLFR H VHQ]D YLWD IHGHOL DG XQD VROD UHOLJLRQH LO GHQDUR

,Q VLQWHVL SHU GLUOD FRQ OH SDUROH GL +HLGHJJHU ©9LYLDPR QHO WHPSR GHOOD IXJD GHJOL 'HL GHOOD GLVWUX]LRQH GHOOD 7HUUD GHOOD PDVVLILFD]LRQH GHOO¶XRPR GHO SUHYDOHUH GHOOD PHGLRFULWjª 6H TXHVWD DG RJJL q OD VLWXD]LRQH O¶XQLFR ULPHGLR q ©IDUH IURQWHª 1RQ q SL LO WHPSR GL LQGXJLDUH QRL JLRYDQL GREELDPR XQLUH OH IRU]H H SUHWHVWXRVDPHQWH ULSUHQGHUFL TXHOOR FKH FL q VWDWR WROWR 'REELDPR ULSUHQGHUFL LO GRPDQL /¶XQLFD VDO YH]]D SHU LO QRVWUR 3DHVH H SHU O¶(XURSD WXWWD q DEEDWWHUH VHQ]D SLHWj LO VLVWHPD OLEHUDO-OLEHULVWD FKH VRIIRFD OD JROD GL WXWWH OH SDWULH GHO PRQGR 3HU TXHVWR FUHGR VLD DVVROXWD PHQWH QHFHVVDULR FUHDUH XQ )URQWH 1D]LRQDOH FKH VLD LQ QDQ]LWXWWR DQWLOLEHULVWD SRLFKp VH q YHUR FRPH q YHUR FKH ©RJQL SRSROR KD OD VXD ULYROX]LRQHª q DQFKH YHUR FKH RJQL HSRFD KD LO VXR RSSUHVVRUH HEEHQH RJJL QRL QRQ YHGLDPR FKH JOL DUWLJOL GL ©/DG\ 8 $ª EUDPDUH OD WHUUD HG LO VDQJXH G¶(XURSD 3HU TXHVWH UDJLRQL ULWHQLDPR FKH FRQWLQXDUH D IDUH SROLWLFD VXOO¶DQWLFRPXQLVPR H VXL YHFFKL VFKHPL LQ JHQHUH VLD ILQH D Vp VWHVVR H EHQ SRFR LQWHOOLJHQWH 'RE ELDPR SUHQGHUH FRVFLHQ]D GHOO¶HSRFD QHOOD TXDOH YLYLDPR OD FDGXWD GHOOD GLFRWRPLD GHVWUD-VLQLVWUD q FKLDUD H VRWWR JOL RFFKL GL WXWWL GHVWUD H VLQLVWUD HQWUDPEH VHUYH GHO WXUERFDSLWDOLVPR RUPDL GD DQQL VL VRQR DFFRUGDWH SHU FRQWUROOD UH H VIUXWWDUH DO PHJOLR LO SRSROR LO TXDOH DQFRUD RJJL YLHQH WUDWWR LQ LQJDQQR GDOO¶LQIRUPD]LRQH EUDFFLR DUPDWR GHO VLVWHPD FKH FRQWLQXD LQLQWHUURWWDPHQWH D SURSLQDUH O¶XVDWD H VXSHUDWD GLFRWRPLD GL FXL VRSUD ©/D QRVWUD VWUDGD QRQ YD Qp D GHVWUD Qp D VLQLVWUD YD DYDQWL GULWWD ª 9D DYDQWL GULWWD YHUVR OD FRVWUX]LRQH GL XQ SDUWLWR FKH JXLGL OH PDVVH YHUVR OD OLEHUWj FKH ULFRVWUXLVFD XQR 6WDWR IRUWH SUHVHQWH H VRFLDOH FKH SUHGRPLQL VXOO¶HFR QRPLD OD TXDOH GHYH HVVHUH FRQVLGHUDWD VROWDQWR OR VODQFLR YLUWXRVR GL XQ SRSROR FKH SURGXFH LO VXR IXWXUR H QRQ XQ SDGURQH DVWUDWWR DO TXDOH VDFULILFDUH OD FRPXQLWj OD WUDGL]LR QH H O¶XPDQLWj GHOO¶LQGLYLGXR $YDQWL GULWWD QHO VLFXUR VROH GHO VRFLDOLVPR QD]LRQDOH YHUVR OD ULFRQTXLVWD GHOOD VRYUDQL Wj FKH EDUEDUDPHQWH FL q VWDWD WROWD VLD FXOWXUDOH VLD HFRQR PLFD $YDQWL GULWWD YHUVR XQ XQLFR H FDWHJRULFR VRJQR XQ SRSROR OLEHUR H VRYUDQR XQR 6WDWR IRUWH H SUHVHQWH XQD 1D]LRQH SRWHQWH 3HU TXHVWH UDJLRQL QRL JLRYDQL QRQ VLDPR SL GLVSRVWL DG DFFHWWDUH LO ULSURSRUVL GHOOD GLFRWRPLD VRSUD GHVFULWWD VLDPR FRVFLHQWL FKH DG RJJL O¶XQLFD GLFRWRPLD SUHVHQWH q TXHOOD FKH GLYLGH FKL VWD GDOOD SDUWH GHO SRSROR H FKL GDOOD SDUWH GHL SRWHUL IRUWL FKL VWD GDOOD SDUWH GHOOD WUDGL ]LRQH H FKL GDOOD SDUWH GHO PRQGLDOLVPR FKL VWD GDOOD SDUWH GHOO¶LQWHUFXOWXUD H FKL GDOOD SDUWH GHOOD PXOWLFXOWXUD ,Q TXHVWD EDWWDJOLD HSRFDOH IDFFLDPR QRVWUD O¶HWHUQD JXHU UD GHO VDQJXH FRQWUR O¶RUR OD JLRYHQW IURQWLVWD FKH FL DFFLQ JLDPR D FRVWUXLUH QRQ GRYUj SL IDUH OD ILOD SHU LO QXRYR PR GHOOR GL VPDUWKSKRQH R SHU DFTXLVWDUH XQD QXRYD PDJOLHWWD UDIILJXUDQWH OD EDQGLHUD D VWHOOH H VWULVFH PD GRYUj IRUPDUVL VLD FXOWXUDOPHQWH FKH SROLWLFDPHQWH DOO¶LQWHUQR GHO PRYLPHQ WR JLRYDQLOH GL FXL VRQR LO UHVSRQVDELOH 6ROWDQWR FRVu ULXVFLUH PR D IRUPDUH XQD IXWXUD FODVVH GLULJHQWH PHWLFRORVD H SUHSD UDWD DG DIIURQWDUH OH VILGH FKH OD VWRULD FL SRUUj GDYDQWL 1RL VDUHPR O¶DYDQJXDUGLD G¶D]LRQH H GL SHQVLHUR GL WXWWD OD SDWULD QRL DQWLOLEHULVWL DQWLERUJKHVL QRL ULEHOOL QRL DULVWR FUDWLFL SUROHWDUL H JXHUULHUL FKH FRQFHSLDPR OD YLWD FRPH ORWWD QRL FRPXQLWDULVWL QRL VRFLDOLVWL QD]LRQDOL 1RL HWHUQDPHQWH ULYROX]LRQDUL VLDPR SURQWL D GLFKLDUDUH JXHUUD DO VLVWHPD H ULSUHQGHUFL TXHO GRPDQL FKH FL DSSDUWHQ QH H FKH GL QXRYR FL DSSDUWHUUj &RRUGLQDWRUH QD]LRQDOH GHO ©)URQWH 1D]LRQDOH *LRYDQLª

,/ %25*+(6(

Â©/$%25$725,2 38*/,$Âª

/,7, D VLQLVWUD GL 0$1/,2 75,**,$1, /$ 38*/,$ q VWDWD GHILQLWD QHJOL XOWLPL DQQL D SDUWLUH GDOOÂ¶DSULOH GHO TXDQGR 1LFKL 9HQGROD GLYHQQH SUHVL GHQWH GHOOD 5HJLRQH XQ Â©ODERUDWRULR GHOOD VLQLVWUDÂª SHU OD YLWWRULD GHOOD Â©3ULPDYHUD SXJOLHVHÂª SHU OD QDVFLWD GL XQD SDUWHFLSD]LRQH SROLWLFD VXO WHUULWRULR FRQ OH Â©IDEEULFKH GL 1LFKLÂª FKH HEEHUR SHUz EUHYH YLWD OH HOH]LRQL YLQWH GL FRQWLQXR DOOD 5HJLRQH H DO &RPXQH FRQ OÂ¶H[SORLW GL 0LFKH OH (PLOLDQR RJJL FRRUGLQDWRUH GHO 3G SXJOLHVH H FDQGLGDWR DOOH HOH]LRQL UHJLRQDOL GHOOD SURVVLPD SULPDYHUD (PLOLDQR KD UDJJLXQWR XQ ULOLHYR GL SULPR SLDQR QHO SDUWLWR D OLYHOOR QD]LRQDOH 0D QHOOH XOWLPH VHWWLPDQH IUD L GXH HVSRQHQWL GL 6LQLVWUD L UDSSRUWL JLj GLIILFLOL VL VRQR DFFHQWXDWL 'D QRYHPEUH VFRUVR LQ SRL q VWDWD XQ FUHVFHQGR 7XWWR q FRPLQFLDWR TXDQGR 9HQGROD KD DFFXVDWR (PLOLDQR GL FRQGXUUH RSHUD]LRQL SHU DOODUJDUH OD FRDOL]LRQH GL VLQLVWUD DL JUXSSL LQ IXJD GDO FHQWURGHVWUD OÂ¶8GF FKH KD DGHULWR SHU OH SURVVLPH HOH]LRQL UHJLRQDOL DOOD FRDOL]LRQH GHO FHQ WURVLQLVWUD ( VL q VRVSHWWDWD OD VWHVVD VWUDWHJLD DQFKH SHU OD /LVWD 6FKLWWXOOL DO &RPXQH GL %DUL SDVVDWD LQ EORFFR GDO FHQWURGHVWUD DO FHQWURVLQLVWUD ,QYHFH 9HQGROD q D IDYRUH GL XQ FHQWURVLQLVWUD Â©GXUR H SXURÂª FKH OXL ULFRQRVFH QHOOD PDJJLRUDQ]D XVFHQWH DOOD 5HJLRQH H SHUFLz KD ULEDGLWR OD QHFHVVLWj GL QRQ IDUH SDWWL Qp Â©LPEDUFDUHÂª DOWUH OLVWH H SDUWL WL ,Q DOWUH SDUROH LO UDJLRQDPHQWR GL 9HQGROD QHL FRQIURQWL GL (PLOLDQR ULIHUHQGRVL D 1FG H 8GF VDUHEEH TXHVWR FKH FÂ¶HQWULDPR QRL LO FHQWURVLQLVWUD GHOOD Â©SULPDYHUD SXJOLH VHÂª FRQ OD &RVWLWXHQWH 3RSRODUH GL $QJHOLQR $OIDQR H 3LHU )HUGLQDQGR &DVLQL" (PLOLDQR GD DELOH SROLWLFR KD ODYRUDWR SHU LQFOXGHUH JOL VFRQWHQWL GHO FHQWURGHVWUD DO SXQWR GD DYHU SRUWDWR GDOOD VXD SDUWH JLj GD WHPSR DGGLULWWXUD TXDOFKH HVSRQHQWH GHOOÂ¶DOORUD $Q 0D SHU OÂ¶LQWHVD FRQ OÂ¶8GF OD VLWXD]LRQH q GLYHUVD (PLOLD QR KD VSLHJDWR DL JLRUQDOLVWL FKH QHPPHQR WDQWR WHPSR ID QHOOD SULPD PHWj GL QRYHPEUH IX SURSULR 9HQGROD HG HVSRQHQWL GL 6HO D VROOHFLWDUJOL GDWR LO VXR UXROR QHO 3G OD ULFKLHVWD GL YRWL DOOÂ¶8GF SHU VDOYDUH LO ELODQFLR UHJLRQDOH H OD *LXQWD UHJLRQD OH ( QHL IDWWL JUD]LH DOOÂ¶DFFRU GR SRUWDWR D WHUPLQH GD (PLOLD QR FRQ OÂ¶8GF 9HQGROD H OD *LXQWD IXURQR VDOYH 9HQGROD QHJz WXWWR DQQXQFLz LO ULWLUR GHO SURSULR FDQGLGDWR 'DULR 6WqID QR GDOOH 3ULPDULH DOOH TXDOL 6HO TXLQGL QRQ DYUHEEH SDUWHFLSD WR 0D QHO JLUR GL YHQWLTXDWWUÂ¶R

*HQQDLR

UH 9HQGROD DFFROVH OÂ¶LQYLWR GL (PLOLDQR D XQ Â©IDFFLD D IDF FLDÂª H RUH GRSR WXWWR HUD ULHQWUDWR 1HO GRFXPHQWR XQL WDULR GRSR OD ULXQLRQH VL GLVVH FKH GHOOD SUHVHQ]D GHOOÂ¶8GF LQ FRDOL]LRQH VL VDUHEEH SDUODWR LQ VHJXLWR (PLOLDQR GRSR DYHU VWUDYLQWR DOOH 3ULPDULH SHU FHQWR 6WqIDQR H 0LQHUYLQL KD FRQIHUPDWR TXHVWD SRVL]LRQH GHPDQGDQGR OD GHFLVLRQH DOOD FRDOL]LRQH 1HO IUDWWHPSR OÂ¶H[ VLQGDFR GL %DUL KD DYYLDWR PDQRYUH GL DYYLFLQDPHQWR FRQ L JULOOLQL 0D L UDSSRUWL IUD 9HQGROD HG (PLOLDQR ULHQWUDQR VHPSUH LQ XQD VRUWD GL SDFH DUPDWD 1RQ q XQ FDVR FKH LQWHUYLVWDWR GDO &RUULHUH GHO 0H]]RJLRUQR QHL JLRUQL GHOOD SROHPLFD 0LFKHOH (PLOLDQR KD DWWDFFDWR SHVDQWHPHQWH LO JRYHUQDWRUH 9HQGROD DUJRPHQWDQGR DOFXQL IDOOLPHQWL GHOOD VXD JHVWLRQH SROLWLFD Â©/H SULQFLSDOL YHUWHQ]H FKH DIIOLJJRQR OD 5HJLRQHÂª KD GHWWR (PLOLDQR Â©VRQR ULPDVWH DSHUWH 6XOOÂ¶,OYD GL 7DUDQWR VRQR VWDWL FRPPHVVL HUURUL FODPRURVL QRQ D FDVR LR VRQR OÂ¶XQLFR HVSRQHQWH GHO FHQWURVLQLVWUD FKH SRVVD PHWWHUH SLHGH D 7DUDQWR /D OHJJH FKH PLUDYD D FRQWHQHUH OH HPLV VLRQL LQ DWPRVIHUD HUD SL FRQJHQLDOH DOOÂ¶D]LHQGD FKH DOOD JHQWH 'LYHUVR VDUHEEH VWDWR VH DYHVVLPR RSHUDWR FRQ LO FRQWUROOR ÂµLQ FRQWLQXRÂ¶ GHL FDPLQL &Â¶q SRL LO FLFOR GHL ULILX WL 9HQGROD KD FKLXVR L WHUPRYDORUL]]DWRUL SXEEOLFL H OD VFLDWR TXHOOL SULYDWL IDYRUHQGR L 0DUFHJDJOLD L /RPEDUGL ,R VRQR SHU JOL LPSLDQWL GL FRPSRVWDJJLR LQ WXWWL L &RPX QL Âª 6XOOD VDQLWj (PLOLDQR KD ULFRUGDWR FKH Â©VL GLFHYD IDF FLDPROD SRFR FRVWRVD H SL YLFLQD DL FLWWDGLQL /Â¶RSHUD]LR QH QRQ q ULXVFLWD 6L VRQR VSHVL VROGL SHU ULPRGHUQDUH RVSHGDOL LQWHUPHGL SRL GHVWLQDWL DOOD FKLXVXUD /D SHUFH ]LRQH GHOOD VDQLWj GD SDUWH GHL FLWWDGLQL QRQ q EXRQDÂª ,O ULIHULPHQWR q FKH GLHFL DQQL ID LO SXQWR SULQFLSDOH GHOOD FDPSDJQD HOHWWRUDOH GL 9HQGROD IX SURSULR OD VDQLWj IDPRVR LO PDQLIHVWR FRQ OH OXQJKH FRGH DL &XS GHO 3ROLFOL QLFR GL %DUL VHFRQGR QHO 6XG H LO SULPR SXQWR GHO VXR SURJUDPPD SUHYHGHYD OÂ¶HOLPLQD]LRQH GHL WLFNHW /D FRGD DL &XS VL q DOOXQJDWD DQFRUD H L WHPSL GL DWWHVD SHU XQD 7$& R XQÂ¶HFRJUDILD VRQR LQILQLWL 1RQ VROWDQWR OD *LXQWD 9HQGROD KD LQWURGRWWR XQD TXRWD ILVVD GL HXUR SHU ULFHWWD SDUWHFLSD]LRQH DO FRVWR FXL VRQR WHQXWL L SD]LHQWL QRQ HVHQWL SHU OH SUHVWD]LRQL VSHFLDOLVWLFKH FRPH DQFKH OD TXRWD ILVVD SHU OH SUHVWD]LRQL GL SURQWR VRFFRUVR SDUL D HXUR /D 5HJLRQH KD IDWWR VDSHUH FKH VRQR SUHYLVWH GDOOD

*HQQDLR

,/ %25*+(6(

)LQDQ]LDULD GHO PD VROWDQWR SRFKLVVLPH UHJLRQL LQ ,WDOLD OH KDQQR LQWURGRWWH )UD TXHVWH OD 3XJOLD GL 9HQGROD (PLOLDQR ID VDSHUH FKH VH GRYHVVH GLYHQWDUH JRYHUQDWR UH GHOOD 5HJLRQH 3XJOLD DVVXPHUHEEH ©XQ PRGHOOR GLYHUVR GD TXHOOR GL 9HQGROD 1LFKL QRQ DYHYD XQ SDUWLWR DOOH VSDO OH FKH OR VXSSRUWDYD H KD VFHOWR XQ PRGHOOR YHUWLFLVWLFR FKH SUHYHGHYD O¶LQWHUYHQWR GHO SUHVLGHQWH GHO &RQVLJOLR GHOOD ULXQLRQH GHL SDUWLWL GL PDJJLRUDQ]Dª 1RQ VROWDQWR &¶q VWDWR DQFKH XQ VLPSDWLFR VLSDULHWWR FKH Gj OD PLVXUD GHO OLYHOOR GL SROHPLFD DQFKH IUD FHQWURVL QLVWUD H FHQWURGHVWUD 1HOOR VFRQWUR IUD 9HQGROD H (PLOLDQR VXOOD QHFHVVLWj GL ©LPEDUFDUHª O¶8GF FKH q LQ VWUHWWD FRDOL]LRQH FRQ LO 1FG 9HQGROD GLVVH ©0D VWLDPR SDUODQGR GHOOD LSRWHVL FKH LR GHEED WURYDUPL LQ FRDOL]LRQH 0DVVLPR &DVVDQR H[ )RU]D ,WDOLD RUD FRRUGLQDWRUH UHJLRQDOH 1FG H VRWWRVHJUHWDULR DO 0LQLVWHUR GHO /DYRUR H GHOOH 3ROLWLFKH 6RFLDOL 1 G 5 " Ê EXRQR SHU JOL DPDQWL GL 6WHSKHQ .LQJ QRQ SHU PHª *OL VFRQWUL IUD &DVVDQR LUULGXFLELOH DQWLFRPXQLVWD H DQWLYHQGROLDQR H LO JRYHUQDWRUH VLQ GD TXDQGR LO VRWWRVH JUHWDULR HUD FRQVLJOLHUH UHJLRQDOH VL VRQR VHPSUH VXVVHJXL WL QHO WHPSR 9HQGROD OR KD GHILQLWR ©SHUVRQDJJLR KRUURUª ULFKLDPDQGRVL FKLDUDPHQWH D 6WHSKHQ .LQJ PHQWUH QHO WHPSR &DVVDQR JOL KD DIILEELDWR YDUL VRSUDQQRPL 9HQGR OD" ,O ©)DYROLHUH GHOOH 3XJOLHª SHU LO VXR DPRUH SHU OH SRH VLH H OH IDYROH 9HQGROD ©XRPR ]HUR GHOOD SROLWLFD LWDOLDQDª H ULSUHQGHQGR LO WRUPHQWRQH GL &KHFFR =DORQH KD ULSHWXWR ©9HQGROD PD OHL GD PH FKH F YXROH"ª 0D D &DVVDQR O¶DFFRVWDPHQWR DOO¶KRUURU H DL SHUVRQDJJL GL 6WHSKHQ .LQJ QRQ q DQGDWR JL ©6LJQRU 9HQGRODª KD VFULW WR LQ XQD OHWWHUD DSHUWD ©OD YHUD GLIIHUHQ]D IUD PH H OHL VWD QHOOH PDQL /H VXH VRQR IUHVFKH GL FRQWLQXH ULSDVVDWH GDOOD PDQLFXUH OH PLH KDQQR L FDOOL FKH GLVWLQJXRQR FKL q QDWR QHO OH SHULIHULH GLURFFDWH GHOOH QRVWUH FLWWj GHO 6XG PRQGR D OHL H DL VXRL VFRQRVFLXWRª H JOL ULFRUGD FKH OXL ©QRQ VD FKH FRVD YXRO GLUH GRYHU VJREEDUH VLQ GD UDJD]]LQR SHU FRQWULEXLUH DO ELODQFLR XPLOH GHOOD IDPLJOLDª ( SRL YD JL GXUR ©3RLFKp OHL q O¶LPPDJLQH SHUIHWWD GHO SULYLOHJLDWR FKH YLYH PHQGLFDQGR YRWL LQ FDPELR GL SURPHVVH QRQ VD QHDQFKH FKH FRVD VLD OD VRGGLVID]LRQH GL UDJJLXQJHUH WUDJXDUGL IRQGDPHQWDOL QHOOD YLWD GL RJQL XRPR SRWHQGR FRQWDUH HVFOXVLYDPHQWH VXOOH SUR SULH IRU]Hª ULIHUHQGRVL DQFKH DOOH ©UHVSRQVDELOLWj GHOO¶HVVHUH SDGUH H PDULWRª 0D &DVVDQR WRUQDQGR DOO¶KRUURU KD GHWWR FKH ©1HOOH VXH IDYROH QRQ F¶q WUDFFLD GL XQD UHJLRQH RUPDL SULYD GL XQD VDQLWj GHJQD H FRQ OD GLVRFFXSD]LRQH FKH VXSHUD WXWWL L UHFRUG QHJDWLYL GHO 6XG ,WDOLDª 5LSUHQGHQGR OD GLFKLDUD ]LRQH GL 9HQGROD VXO GHVLGHULR GL GHGLFDUVL SULQFLSDOPHQWH DOOD VFULWWXUD &DVVDQR KD ULODQFLDWR ©'RYUHEEH GHGLFDUVL DOOD SDVVHJJLDWDª ©QHL VXRL RVSHGDOL R LQ XQD IDEEULFD GHOOD VXD UHJLRQH 7URYHUj VXRL FRQFLWWDGLQL FKH VRIIURQR FKH SDJDQR FKH QHVVXQR ULVSHWWDª &DVVDQR KD FRQFOXVR GLFHQGR FKH ©/¶LQFDQWDWRUH QRQ LQFDQWD SL 1HO JLUR GL GXH-WUH DQQL q SDVVDWR GD SUREDELOH FL FUHGHYD VROR OHL SUHVLGHQWH GHO &RQVLJOLR D OHDGHU SDUROD IRUWH GHO GXH SHU FHQWR GHJOL LWDOLDQL /HDGHU D PHWj SHUFKp DQFKH OD VXD PLQRUDQ]D RUPDL QRQ ULHVFH SL D VWDUOH GLHWURª ,O VRWWRVHJUHWDULR DO /DYRUR H FRRUGLQDWRUH GHO 1FG SHU OD 3XJOLD FRQFOXGH OD OHWWHUD DSHUWD VRWWROLQHDQGR ©Ê FROSD PLD VH (PLOLDQR SUHQGH OH GLVWDQ]H GD OHL" Ê FROSD PLD VH LO SUHVLGHQWH 5HQ]L QRQ QH YXROH VDSHUH" Ê FROSD PLD VH OR VWHVVR VXR VLQGDFR GL 7DUDQWR 6WqIDQR QDYLJD YHUVR DOWUL OLGL" (G q FROSD PLD VH LO JUXSSR GLULJHQWH GL 6HO VFHJOLH LQ JUDQ SDUWH LO 3G" /HL 9HQGROD q ULXVFLWR LQ XQD VROD RSH UD]LRQH VL q DXWRURWWDPDWRª

0(',2(92 ( ',17251,

',5,772 GL FKLDSSD GL 0,12 0,1, &216(17,7(0, O¶DXWRFLWD]LRQH - XQD SUDWLFD PDOHGXFDWD OR VR - SHU ULSUHQGHUH LO GLVFRUVR DIIURQWDWR LQ FKLXVXUD GHOO¶DUWLFROR VXOO¶ (WHUQR ULWRUQR ©>,Q DQWLFR @ VL GRYHWWH DWRPL]]DUH O¶XRPR ULVSHWWR DOO¶RUJDQLVPR FLYLOH FRQ LO FRQFHWWR GL SHUVRQD SHU UHDOL]]DUH OD URWWXUD GHOO¶XQLWj GHO SHQVLHUR YLJHQWH HG LQVWDX UDUH XQ GLYHUVR RUGLQH WRWDOLWDULR DQFRUFKp VSLULWXDOH QHO WHPSR DWWXDOH q VWDWD DWWXDWD O¶DWRPL]]D]LRQH GHOO¶XRPR DWWUD YHUVR LO VRJJHWWLYLVPR SHU VFDUGLQDUH DOOD EDVH LO VLVWHPD GHL YDORUL HVLVWHQWH DOOR VFRSR GL VRVWLWXLUYL XQ DOWUHWWDQWR WRWDOLWD ULR LQ VHQVR PDWHULDOLVWD 1XRYR 2UGLQH 0RQGLDOH ©9HUUj GXQTXH XQ QXRYR PHGLR HYR" ©3HU FKL QRQ VH QH IRVVH DQFRUD DFFRUWR - Ê JLj DUULYDWR GD XQ SH]]R H QRL FL VLDPR GHQWUR LQ SLHQR ª ,Q VRVWDQ]D VLDPR LQ SUHVHQ]D GL XQ QXRYR VFRQWUR GL FL YLOWj WUD LO 9HFFKLR 0RQGR LQ SUHFLSLWRVD GHFDGHQ]D HG LO 1XR YR 2UGLQH 0RQGLDOH 1:2 VXSSRUWDWR VWUXPHQWDOPHQWH GDOOD QXRYD LGHRORJLD GHO JHQGHU XQ LQFURFLR IUD XQD GRWWULQD SVHXGR-VFLHQWLILFD H XQ RELHWWLYR SROLWLFR ,GHRORJLD FKH VL SUHVWD HIILFDFHPHQWH SHU RWWHQHUH O¶DWRPL]]D]LRQH GHOO¶XRPR JLDFFKp LO VXR IRQGDPHQWR q OD QRQ-HVLVWHQ]D GHOOD GLIIHUHQ]D ELRORJLFD WUD PDVFKL H IHPPLQH HVVHQGR - OD GLIIHUHQ]D - HVFOXVLYDPHQWH FXOWXUDOH 3HU FDSLUFL SHU LO JHQGHU LO 5RFFR QD]LRQDOH QRQ q PDVFKLR SHU HYLGHQ]D GL DWWULEXWL PD SHU HVVHUH VWDWR HGXFDWR GDL PDVFKL 'LFDVL OR VWHVVR SHU TXDOVLDVL VWUDULSDQWH IHPPLQD VXSHUGRWDWD GD PDGUH QDWXUD OD VWHVVD q VROWDQWR XQ SURGRWWR FXOWXUDOH IUXWWR GL XQ¶HGXFD]LRQH IHPPL QLOH 6H QRQ FL IRVVHUR TXHVWH GHSUHFDWH FRVWUX]LRQL FXOWXUDOL QRQ FL VDUHEEHUR GLIIHUHQ]H WUD GRQQH H XRPLQL H LO JHQHUH XPDQR VDUHEEH IDWWR GL VRJJHWWL WXWWL XJXDOL 'D FLz OD VSHFLRVD FRQVHJXHQ]D FLDVFXQR D q TXHOOR FKH YXROH HVVHUH VHQ]D FRQ GL]LRQDPHQWL GL JHQGHU OHJJL VHVVR 'D TXL LO JHQLWRUH H LO JHQLWRUH GD TXL LO ©GLULWWR GL FKLDSSDª LVWLWX]LRQDOL]]DWR FRQ LO PDWULPRQLR JD\ GD TXL OD WUXSSD G¶DVVDOWR GHO /*%7 DFURQLPR GHO PRYLPHQWR FKH UDJJUXSSD OHVELFKH JD\ ELVHV VXDOL WUDQVJHQGHU SHU LPSRUUH LO GLULWWR DOOD VFHOWD GL JHQHUH H OD FRQGDQQD SHU FKL RVD PHWWHUH LQ GLVFXVVLRQH WDOH GLULWWR ,Q DOWUL WHPSL OD VDWLUD JROLDUGLFD DYUHEEH IDWWR VWUDPH LQJHQHURVDPHQWH GL TXHVWD LGHRORJLD PD QRQ RJJL FKH L SUR SXJQDWRUL GHO 1:2 OD VRVWHQJRQR SHU LO ORUR ILQH 5LSRUWR GD )DFHERRN XQ SRVW D ILUPD GL *DODGULHO 'L /RULHQ GDO WLWROR ©&+, &¶Ê ',(752 /*%7ª © «/¶RUJDQL]]D]LRQH q ILQDQ ]LDWD GD PROWH IRQGD]LRQL WUD FXL OD ULYLVWD SRUQRJUDILFD 3OD\ER\ DWWUDYHUVR OD 3OD\ER\ )RXQGDWLRQ FRQ PLOD GRO ODUL O¶DQQR OD 0DF$UWKXU )RXQGDWLRQ PLOD GROODUL OD IRQGD]LRQH GHOOD FDVD DXWRPRELOLVWLFD )RUG GROOD UL O¶2SHQ 6RFLHW\ ,QVWLWXWH GHO ILQDQ]LHUH *HRUJH 6RURV PLOD GROODUL DQQXL LO *ROGPDQ )XQG GL 6DQ )UDQFLVFR FKH QHO KD GHYROXWR EHQ GXH PLOLRQL GL GROODUL OD 7XUQHU )RXQGDWLRQ GHO 7HG 7XUQHU GL &QQ FKH YHUVD PLOD GROODUL RJQL DQQR FRPH OD 5RFNHIHOOHU )RXQGDWLRQ /H PHGHVLPH IRQGD]LRQL SRL FRQ O¶DJJLXQWD GL .RGDN +HZOHWW-3DFNDUG $PHULFDQ $LUOLQHV $SSOH $7 7 %3 &KHYURQ &LWLJURXS

,/ %25*+(6(

&UHGLW 6XLVVH )LUVW %RVWRQ 'DLPOHU &KU\VOHU 'HOO 'HXWVFKH %DQN (UQVW <RXQJ (VWHH /DXGHU ,QWHO ,EP - 3 0RUJDQ &KDVH &R -RKQVRQ -RKQVRQ /HYL 6WUDXVV &R 0HUULO /\QFK 0HW/LIH 0LFURVRIW 1LNH 3HSVLFR 7R\RWD 8EV ;H UR[ ILQDQ]LDQR SHU GHFLQH GL PLJOLDLD GL GROODUL OD SL LPSRU WDQWH RUJDQL]]D]LRQH *D\ FRQ VHGH D :DVKLQJWRQ ' & OD +XPDQ 5LJKWV &DPSDLJQ 3DUWLFRODUPHQWH DWWHQWD DOOD FDXVD RPRVHVVXDOH q OD 0RWRUROD L FXL GLSHQGHQWL QRQ SRVVRQR HVSULPHUH OLEHUDPHQWH OH SURSULH RSLQLRQL PHQWUH DVVLVWRQR D FRUVL SURPRVVL GDOOD VRFLHWj VX FRPH HOLPLQDUH OÂ¶RPRIRELD VXO SRVWR GL ODYRUR /Â¶D]LHQGD KD LQROWUH GHGLFDWR DO PRQGR JOEW XQÂ¶DSSRVLWD VH]LRQH GHO SURSULR VLWR ZHE FKLDPDWD 0RWR3UL GH 0D QRQ q OÂ¶XQLFD FRUSRUDWLRQ D GDUVL GD IDUH /D 6RQ\ SHU HVHPSLR q WUD L IRQGDWRUL GL 0WY *D\ &KDQQHO H LQ SL VSRQVRUL]]D JOL DWWLYLVWL SUR-QR]]H JD\ H SUR-DERUWR GHOOD 5RFN IRU &KRLFH FKH FRLQYROJH QXPHURVL DUWLVWL GHO FDOLEUR GL 3HDUO -DP 6RXO $V\OXP 5HG +RW &KLOL 3HSSHUV ,JJ\ 3RS 5 ( 0 *UHHQ 'D\ &\QGL /DXSHU 3HWHU *DEULHO H 7UDF\ &KDSPDQ ,O JLj FLWDWR PXOWLPLOLDUGDULR *HRUJH 6RURV SRL GXUDQWH OÂ¶XOWLPD FDPSDJQD SUHVLGHQ]LDOH DPHULFDQD KD GHFLVR GL FRQFHQWUDUH WXWWH OH VXH HQHUJLH SHU FHUFDUH GL VFRQILJJHUH %XVK FROSHYROH GL DYHU WUDGLWR L SULQFuSL LQ FXL FUHGH OÂ¶2SHQ 6RFLHW\ ,QVWLWXWH 6RURV q GLYHQWDWR FRVu LQ EUHYH WHPSR LO SL JUDQGH GRQDWRUH GHOOD VWRULD SROLWLFD DPHULFDQD ILQDQ]LDQGR SHU ROWUH PLOLRQL GL GROODUL 2QJ FKH JUD]LH DOOD OHJJH GHOOH XOWLPH HOH]LRQL DPHULFDQH KDQQR SRWXWR ULFH YHUH IRQGL H ILQDQ]LDPHQWL LOOLPLWDWL SHU OH SURSULH EDWWDJOLH FXOWXUDOL ,Q SDUWLFRODUH 6RURV FRQWDWWz (OOHQ 0DOFRP OD UH VSRQVDELOH GL (PLO\Â¶V /LVW LO SL JUDQGH FRPLWDWR SUR-FKRLFH GÂ¶$PHULFD H 6WHYH 5RVHQWKDO GHOOÂ¶$IO-&LR ,QVLHPH 0DOFRP H 5RVHQWKDO KDQQR FRVu GDWR YLWD DOOÂ¶HQQHVLPR JUXSSR SRUWD YRFH GHOOH LVWDQ]H RPRVHVVXDOL $PHULFD &RPLQJ 7RJHWKHU $FW /Â¶DOWUD SRWHQWH OREE\ GL RULHQWDPHQWR UDGLFDOH H OLEHU WDULR ILQDQ]LDWD JHQHURVDPHQWH GD 6RURV QHO q 0R YH2Q RUJ 1DWR SHU GLIHQGHUH OÂ¶RSHUDWR GL %LOO &OLQWRQ TXHVWR JUXSSR GL SUHVVLRQH LQVLHPH DOOÂ¶$FW KD UDFFROWR SHU OH SUHVL GHQ]LDOL FLUFD PLOLRQL GL GROODULÂª &RPH VL YHGH VLDPR LQ SUHVHQ]D GL XQD YHUD H SURSULD PDFFKLQD GD JXHUUD PHVVD LQ SLHGL GDO FDSLWDOLVPR LQWHUQD]LR QDOH DO TXDOH VL DJJLXQJRQR OH 1D]LRQL 8QLWH H VRSUDWWXWWR OÂ¶8QLRQH (XURSHD FKH KDQQR VSRVDWR TXHVWÂ¶LGHRORJLD GHO JHQ GHU LQ TXDQWR FRQVLGHUDWD XQÂ¶LGHRORJLD XJXDOLWDULD &RPH UL SRUWD *LURODPR )XULR GLDFRQR GHOOD 'LRFHVL GL 5RPD Â©/Â¶8QLRQH (XURSHD KD DGGLULWWXUD VWDELOLWR VRVWDQ]LRVL ILQDQ ]LDPHQWL SHU IDYRULUH OD GLIIXVLRQH GHOOÂ¶LGHRORJLD GHO JHQGHU LQ (XURSD LO FKH KD VLJQLILFDWR FKH FKLXQTXH LQ XQD 8QLYHUVLWj LQ XQ FRQWHVWR GL ULFHUFD PHWWD LO WHUPLQH JHQGHU QHO VXR SUR JUDPPD GLYHQWL LGRQHR D ULFHYHUH GHL VROGL 4XHVWR KD IDWWR Vu FKH LO WHUPLQH DEELD DYXWR XQD UDSLGD GLIIXVLRQH SHUFKp DQFKH SHUVRQH FKH VL RFFXSDYDQR GL FRVH GLYHUVH KDQQR LQVHULWR OD SDUROD JHQGHU LQ PRGR WDOH GD DYHUH ILQDQ]LD PHQWL &RVu LO WHUPLQH q GLYHQWDWR IDPLOLDUHÂª 2GGLR IDPLOLDUH - PDJDUL - q HFFHVVLYR GLI IXVR GLFLDPR GDO PRPHQWR FKH LO WHUPLQH ULVXOWD LPSRVLWLYR SHUFKp Â©FH OR GLFH OÂ¶(XURSDÂª 4XHOOD VWHVVD (XURSD FKH LQFDSDFH GL FRVWLWXLUVL FRPH XQ RUJDQLVPR GL VFDOD VXSHULRUH VLQWHVL GHOOH GLYHUVH H RUJDQLFKH FRPSRQHQWL QD]LRQDOL SUH WHQGH LQ QRPH GL XQD LGHRORJLFD XJXDJOLDQ]D GL IRUPDUVL - VRWWR LO FRQGL]LRQDPHQWR GHO 1:2 - FRPH VRPPD GL VXGGLWL LQGLIIHUHQ]LDWL SULYL GL LGHQWLWj DWRPL]]DWL ILQR DOOÂ¶HVWUHPR OLPLWH GHOOÂ¶DQQXOODPHQWR GHO JHQHUH ELRORJLFR 8QD UDGLFDOH UHJUHVVLRQH DOOÂ¶HOHPHQWDUH FKH DQQXOOD

*HQQDLR

RJQL LVWLWX]LRQH FLYLOH FRVWUXLWD QHL PLOOHQQL SHU VRVWLWXLUOD SURJUHVVLYDPHQWH FRQ QXRYH LVWLWX]LRQL IRQGDWH WUD OÂ¶DOWUR VXO Â©GLULWWR GL FKLDSSDÂª SURPRVVR H FRQGL]LRQDWR GDO WRWDOLWD ULVPR HFRQRPLFR GHO 1:2 3HUFKp DOOD ILQH OÂ¶RELHWWLYR LO ILQH GL TXHVWD QHIDVWD H UHWURJUDGD VWUDWHJLD q GL QDWXUD VWUHWWD PHQWH HFRQRPLFD FUHDUH XQ PRQGR GL Â©VXGGLWLÂª FRVWLWXLWR GD SURGXWWRUL H - VRSUDWWXWWR - FRQVXPDWRUL /Â¶DWWDFFR DOOH LVWLWX]LRQL FLYLOL FKH FL LGHQWLILFDYDQR SULPD GHOOD GHJHQHUHVFHQ]D QHOOD TXDOH VLDPR GHFDGXWL QRQ q LO VROR IURQWH GL GLVVROX]LRQH DSHUWR VRWWR LO FRQGL]LRQDPHQWR GHO 1:2 1RQ VL VDUHEEH SRWXWR DUULYDUH DOOD FRQGL]LRQH DWWXDOH VH QRQ VL IRVVH SURYYHGXWR D FDQFHOODUH OD GLVFLSOLQD FKH FDUDW WHUL]]D OÂ¶LGHQWLWj OD 6WRULD /D PDLXVFROD q YROXWD SHU GLVWLQ JXHUOD GDOOD VWRULD FRQ OD PLQXVFROD FKH YHQLYD LQVHJQDWD QHOOH VFXROH SULPDULH VHFRQGDULH H VXSHULRUL 9HQLYD SHUFKp D VHJXLWR GHO QXRYR RUGLQDPHQWR VFRODVWLFR EDVDWR VXOOH Â©7UH ,Âª DQFKH OÂ¶LQVHJQDPHQWR GHOOD VWRULD q VWDWR IRUWHPHQWH ULGRW WR /D UDJLRQH q HYLGHQWH $QFKH ULGRWWD DOOÂ¶LQL]LDOH PLQXVFR OD RYYHUR DOOD VWRULD GHL SURWDJRQLVWL DQ]LFKp GHL SURFHVVL OD VWHVVD LQVHJQDYD FKH LO QRVWUR PRQGR DQFRUFKp LPSHUVRQDWR QHO EHQH H QHO PDOH GD XRPLQL GL HFFH]LRQH DYHYD FRQWULEXLWR D IRUPDUH OÂ¶(XURSD HG LO FRVLGGHWWR 2FFLGHQWH 2FFRUUHYD DOORUD VH QRQ FDQFHOODUOD DOPHQR VELDGLUOD H TXHVWR q VWDWR IDWWR LQ TXDUWD H TXLQWD HOHPHQWDUH OÂ¶LQVHJQDPHQWR GHOOD VWR ULD FKH GRYUHEEH ULJXDUGDUH LO PRQGR DQWLFR SULPD GHO 0H GLRHYR q VWDWR ULGRWWR DG XQÂ¶RUD H PH]]D DOOD VHWWLPDQD ,Q TXHVWR ODVVR GL WHPSR YL q DSSHQD LO WHPSR GL LQVHJQDUH DG DOXQQL GL QRYH H GLHFL DQQL FKH PDJDUL KDQQR SUREOHPL GL VHPSOLFH OHWWXUD TXDOFKH FHQQR GHJOL DYYHQLPHQWL GL *UHFLD H 5RPD FKH UHFHSLUDQQR FRPH XQD PHVFRODQ]D GL IDWWL GDWH QRPL ILDEH PLWL H OHJJHQGH 8QD YROWD HQWUDWL QHOOH VFXROH PHGLH LO PRQGR GHL &HVDUL GL 7DFLWR GL &LFHURQH GL 9LUJLOLR H GL 2UD]LR GL $UFKLPHGH H 9LWUXYLR QRQ VL VWXGLHUj SL 0HQ FKH PHQR DYYHUUj SHU JOL (WUXVFKL SHU L )HQLFL GL 0R]LD R SHU L 6DUGL GHL QXUDJKL ,O JLRYDQH VFRODUR DQGUj DOOH VFXROH PHGLH VPDQHWWDQGR DELOPHQWH LO VXR WDEOHW R LO SHUVRQDO FRPSXWHU H LJQRUHUj IHOLFHPHQWH R PHQR Â©FKL IXU OL PDJJLRU VXLÂª TXDOH VLD VWDWR LO VXR SDWULPRQLR LGHQWLWDULR TXDOH IX LO UXROR GHL VXRL DQWHQDWL QHOOD FRVWUX]LRQH GHO PRQGR H - SHU VXD IRUWXQD - QRQ VL UHQGHUj FRQWR GHOOD PLVHUDELOLWj GHOOD VXD FRQGL]LRQH 1RQ FRVWUXWWRUH GHO PRQGR PD UHLILFDWR DG RJJHWWR GHO SUR FHVVR HFRQRPLFR QH VDUj LO GLVWUXWWRUH LQFRQVDSHYROH 6DUj SUREDELOPHQWH OÂ¶XOWLPR ILJOLR GL JHQLWRUL YLYLSDUL SHUFKp LO 1:2 GLVWUXWWR ILQDQFR LO ULFRUGR VWRULFR GHO PRQGR SDVVDWR SRWUj DYYLDUH HXJHQHWLFDPHQWH OD SURGX]LRQH VX PLVXUD GHOOD QXRYD XPDQLWj %HQYHQXWL QHO 0RQGR 1XRYR GHO 0HGLRHYR H GLQWRUQL

8/75$7$66(

*HQQDLR

,/ %25*+(6(

5('',72 ', &,77$',1$1=$

1$785$ ( 9$/25( GHOOD PRQHWD GL $1721,2 3$17$12 *,$&,172 $XULWL OHJJHQGDULR 0DHVWUR GHO GLULWWR *XDUGLDJUHOH &KLHWL RWWREUH -5RPD DJRVWR QHOOH LQGDJLQL VX TXHOOD ILORVRILD GHGLFz O¶HVLVWHQ]D DOOD FRQRVFHQ]D GHOOD ©QDWXUD H GHO YDORUH GHOOD PRQHWDª 2VVHUYD]LRQH LQGDJDWD H SUHFLVDWD SHU SULPR QHOOD VWRULD GD (]UD 3RXQG LO JUDQGH LQVXSHUDWR SHQVDWRUH DPHULFDQR FKH VFHOVH O¶,WDOLD GHO YHQWHQQLR IDVFLVWD SHU UHVLGHQ]D H - OXL VHV VDQWHQQH GRSR DQQL GL UHFOXVLRQH PDQLFRPLDOH ©ULHGXFDWLYDª LPSRVWDJOL VHQ]D VHQWHQ]D LQ ULWRUVLRQH GDL VXRL JRYHUQDQWL FRQFLWWDGLQL GHJOL 86$ H ©OLEHUDWRUL G¶,WDOLDª - SHU FRQFOXGHUYL JOL XOWLPL DQQL GHOOD IHUYLGD HVLVWHQ]D DYYHQXWD LO QRYHPEUH D 9HQH]LD RYH q VHSROWR /R D VSURSRVLWR FLHFDPHQWH H FLXFDPHQWH ©DGRUDWRª HG HVDOWDWR .DUO 0DU[ LQYDVDWR GD GLDOHWWLFL IXURUL FRQWUR LO FDSL WDOH VHQ]D DYHU FRQVLGHUDWR OD ©VWUXWWXUD VSLULWXDOH H FUHDWLYD GHO ODYRUR LQ RJQL PDQLIHVWD]LRQHª WUDVFXUz VHPSUH OD PRQH WD PHGLDWULFH GL ©VFKLDYLW VHFRODUHª LPSRVWD GD DOFXQL LQGL YLGXL PRQRSROLVWL VXOOH PROWLWXGLQL /D ©QDWXUD HG LO YDORUH GHOOD PRQHWDª VRQR FDUGLQL IRQ GDPHQWDOL SHU O¶HVLVWHQ]D XPDQD 0D O¶XRPR QH IX GLVWUDWWR QHL VHFROL GD SUHWHVWXRVH UDJLRQL PLOODQWDWH VRYHQWH FRPH VXSHULRUL GD FKL GHWHQQH LO SRWHUH VLD SROLWLFR VLD UHOLJLRVR &RVu IXURQR LPSRVWH OH DGRUD]LRQL - DFFRPSDJQDWH VHPSUH GD RIIHUWH FRQFUHWH SHU JOL LQWHUPHGLDUL RIILFLDQWL QHL WHPSOL QHL VDQWXDUL H QHOOH FKLHVH - GL LFRQH GL LGROL H PRWWL ©SDUROD GL GLRª VIDYLOODQWL GL RUR D GLVFDSLWR GHL YDORUL VSLULWXDOL *LDFLQWR $XULWL DQFKH FRQ XQD VFXROD DSSRVLWD - DGGLWDWD ©HUHWLFDª GDL FRQIRUPLVWL H GDL ULGLFROL HFRQRPLVWL D VHUYL]LR GHJOL DIIDULVWL XVXUDL - GD OXL FUHDWD FRQLz LQ ,WDOLD DOFXQL GLVH JQL GL OHJJH FKH IXURQR SUHVHQWDWL QHOOD ;,, OHJLVODWXUD GHO 6HQDWR GHOOD 5HSXEEOLFD FRO Q QHO H QHOOD ;,,, FRO Q 0D LO IHEEUDLR IX LPSRVWR LQ JUDQ VLOHQ]LR - LPER QHQGR IDOVL YDQWDJJL SHU L SRSROL - DO GL VRSUD GHOOD YRORQWj GHL FLWWDGLQL LO 7UDWWDWR GL 0DDVWULFKW FKH SHU YROHUH GL VFDOWUL JRYHUQDQWL OHJDWL LQ VXGGLWDQ]D DG DIIDULVWL DSROLGL HEEH YLJR UH D FDULFR GHJOL LJQDUL HXURSHL LO QRYHPEUH 4XHO WUDWWDWR VRYYHUWu FRQ LPSRVWD ULQXQFLD OD VRYUDQLWj QD]LRQDOH VSHFLDOPHQWH UHODWLYD DOOD PRQHWD H OD VXD JHVWLRQH PHGLDQWH OD FRQFHVVLRQDULD EDQFD FHQWUDOH , FLWWDGLQL IXURQR WUDYROWL GDOOD LPSRVL]LRQH GHOOD PRQHWD ©HXURª FKH LPERQLWD FRPH VDOYLILFD H PLUDFRORVD GD JRYHUQDQWL FRUURWWL H GLVRQHVWL GL IDWWR UDSSUHVHQWz LO IDQJR QHO TXDOH IXURQR VYLOXSSDWH OH SL JUDQGL PDOHIDWWH GHL WHPSL PRGHUQL VRWWR IRUPD GL FULVL PR QHWDULH - H FRQVHJXHQWL PRGLILFKH DOOD SURGX]LRQH HG DO FRVWX PH - VXELWH VROWDQWR GDL SRSROL PD QRQ GDOOH ROLJDUFKuH FKH FRQ IDOVD GHPRFUD]LD JHVWLURQR LO SRWHUH $IIUDQWR PD QRQ GRPR GD SUREOHPL ILVLFL FKH OR FRQGXV VHUR DOOD ILQH WHUUHQD DG DQQL GL HWj DOO¶LQL]LR GHO ;;, VH FROR LO SURIHVVRUH $XULWL YROOH DGDWWDUH OH SUHFHGHQWL VXH SUR SRVWH GL OHJJH DOOD QXRYD LPSRVWD PRQHWD ©HXURª FRQ LO VH JXHQWH WHVWR GL VROL WUH DUWLFROL FRVWLWXHQWL LO ©GLVHJQR GL OHJJHª FKH q SLHWUD PLOLDUH SHU OD DSSOLFD]LRQH GHOOD ©QDWXUD H GHO YDORUH GHOOD PRQHWDª VHFRQGR L FULWHUL GL (]UD 3RXQG

DUW /¶HXUR DOO¶DWWR GHOOD DFFHWWD]LRQH QDVFH GL SUR SULHWj GHL FLWWDGLQL HXURSHL HG q DFTXLVLWR D WDO ILQH QHOOD GLVSRQLELOLWj GHJOL 6WDWL 0HPEUL $UW $G RJQL FLWWDGLQR q DWWULEXLWR XQ FRGLFH GHL UHGGLWL VRFLDOL PHGLDQWH LO TXDOH DG HVVR YLHQH DFFUHGLWDWD OD TXRWD GL UHGGLWR FDXVDWD GDOOD DFFHWWD]LRQH PRQHWDULD H GD DOWUH HYHQWXDOL IRQWL GL UHGGLWR LQ DWWXD]LRQH GHO FRPPD GHOO¶DUW GHOOD &RVWLWX]LRQH $UW $FFHWWDWD OD SURSULHWj GHOO¶HXUR LQ UDSSUHVHQ WDQ]D GHOOD FROOHWWLYLWj QD]LRQDOH LO *RYHUQR q OHJLWWLPDWR D WUDWWHQHUH DOO¶RULJLQH TXDQWR QHFHVVDULR SHU OH HVLJHQ]H ILVFDOL GL SXEEOLFD XWLOLWj &KLDULVFR HG LQWHJUR PDOJUDGR OD FKLDUD VLQWHVL ODSLGDULD GHL WUH DUWLFROL SURSRVWL &RO SULPR DUWLFROR VL GHILQLVFH OD SURSULHWj LQWHJUDOH GHOOD PRQHWD ©HXURª q VROWDQWR GHL FLWWDGLQL PHGLDQWH OD VXD GLVSR QLELOLWj QHJOL 6WDWL PHPEUL GHOOD 8QLRQH (XURSHD Ê FRVu HVDO WDWR LO UXROR GHL FLWWDGLQL EDVH - H FRQGL]LRQH GL HVLVWHQ]D - GHOOR 6WDWR GL DSSDUWHQHQ]D FKH DGHULVFH D WLWROR IXQ]LRQDOH DOOD 8QLRQH (XURSHD 8QLRQH PDL VRIIRFDWULFH R VXUURJDWULFH GHOOH LGHQWLWj QD]LRQDOL H GHL YDORUL VSLULWXDOL H WUDGL]LRQDOL LQ TXHVWH GRPLQDQWL 6WDWL PHPEUL FKH ©GHYRQRª REEOLJR GL UHQGLFRQWR DL FLWWDGLQL WXWWL VLD SHU OR VSLULWR GHOOH SDUROH FR VWLWXHQWL O¶DUWLFROR FKH GHOOH DOWUH SRVWH QHL GXH VXFFHVVLYL ,O ©UHQGLFRQWR REEOLJDWRULRª - LJQRUDWR QHOOH FDUWH FRVWL WX]LRQDOL ©GHPRFUDWLFKHª - q LPSOLFLWR QHO VHFRQGR DUWLFROR 4XL VL SURSRQH XQ ©FRGLFH GHL UHGGLWL VRFLDOLª GL HYLGHQWH YDORUH RSSRVWR DO FRUUHQWH ©FRGLFH ILVFDOHª FKH RJJL VL GHYH XVDUH VROWDQWR SHU JOL DGHPSLPHQWL ©LQ GHELWRª QHOOH WUDQVD ]LRQL H QHL YHUVDPHQWL ILVFDOL &RO ©FRGLFH GHL UHGGLWL VRFLDOLª VL DWWULEXLVFH DG RJQL FLWWDGLQR XQ UXROR DXWRQRPR H ULOHYDQWH GL QDWXUD H IXQ]LRQH ©LQWURLWDQWHª FKH LPSOLFD RSSRVWD SRVL]LRQH YHUVR OD LQYHWHUD WD - YLJHQWH GD DQQL - FRVWUL]LRQH GHOO¶LQGLYLGXR DO VROR ©SDJDUHª FKH SUHVFLQGH GDOOD FRQGL]LRQH SDWULPRQLDOH R GL LQGLJHQ]D GHO VLQJROR /R ©DFFUHGLWR GHOOD TXRWD GL UHGGLWR FDXVDWD GDOOD DF FHWWD]LRQH PRQHWDULDª LPSOLFD RSHUD]LRQH GL GLVWULEX]LRQH ©SDOHVH HG LPPHGLDWDª GL UHGGLWR VWDWDOH FKH FRPSRUWD ©UHQGLFRQWRª SXEEOLFR Ê RYYLR FRPH q QHOOD UHDOWj FKH OD FLUFROD]LRQH PRQHWD ULD - VRWWR TXDOVLDVL IRUPD SDOHVH H YLUWXDOH OH PRGHUQH WUDQ VD]LRQL SHU YLD HOHWWURQLFD - FRPSRUWD XWLOL FKH ILQRUD VDOYR OD SDUHQWHVL GHO YHQWHQQLR IDVFLVWD FKH FRQWUROODYD FRQ LQVX SHUDWH OHJJL VSHFLILFKH WXWWR LO VLVWHPD EDQFDULR DVVRJJHWWDWR

©3HU UHGLPHUVL ELVRJQD VRIIULUH %LVRJQD FKH PLOLRQL H PLOLRQL GL LWDOLDQL GL RJJL H GL GRPDQL YHGDQR VHQWDQR QHOOH ORUR FDUQL H QHOOD ORUR DQLPD FKH FRVD VLJQLILFDQR OD GL VIDWWD H LO GLVRQRUH FKH FRVD YXRO GLUH SHUGH UH O¶LQGLSHQGHQ]D FKH FRVD YXRO GLUH GD VRJ JHWWR GLYHQWDUH RJJHWWR GHOOD SROLWLFD DOWUXL FKH FRVD YXRO GLUH HVVHUH FRPSOHWDPHQWH GLVDUPDWL ELVRJQD EHUH O¶DPDUR FDOLFH ILQR DOOD IHFFLD 6ROR WRFFDQGR LO IRQGR VL SXz ULVDOLUH YHUVR OH VWHOOH 6ROR O¶HVDVSHUD]LRQH GL HVVHUH WURSSR XPLOLDWL GDUj DJOL LWDOLDQL OD IRU]D GHOOD ULVFRVVD ª %HQLWR 0XVVROLQL

,/ %25*+(6(

DO *RYHUQR GHOOR 6WDWR OH EDQFKH PDL KDQQR FRQGLYLVR FRQ L FLWWDGLQL $Q]L L ELODQFL GHOOH D]LHQGH EDQFDULH FKH PLOODQWD QR QDWXUD H UXROR - QRQ YHUL - GL ©LVWLWXWLª VRQR VHPSUH UHGDWWL GDOOH VWHVVH HG DXWRFHUWLILFDWL FRVu FKH JOL XWLOL ILQDOL VRQR PR GHVWL DUWHIDWWL H ULVLELOL ,O SURIHVVRUH $XULWL UDFFROVH TXDQWR LQGLFDWR QHOOD FDUWD FRVWLWX]LRQDOH GHOOR 6WDWR LWDOLDQR - WHVWR VWUDFROPR GL ODFXQH FKH LJQRUD OR ©REEOLJR GL UHQGLFRQWR DL FLWWDGLQLª PD VL LQFD JOLD LQ VWHULOL SURFODPL GL ©DQWLIDVFLVPRª DWWHVWDQGR VSLULWR GLVFULPLQDWRUH VXOOH LGHH H VXL VHQWLPHQWL - DO FRPPD GHOOR DUW >/D SURSULHWj SULYDWD q ULFRQRVFLXWD H JDUDQWLWD GDOOD OHJJH FKH QH GHWHUPLQD L PRGL GL DFTXLVWR GL JRGLPHQWR H L OLPLWL DOOR VFRSR GL DVVLFXUDUQH OD IXQ]LRQH VRFLDOH H GL UHQ GHUOD DFFHVVLELOH D WXWWL @ ,Q SL FRQVLGHUz DQFKH L YHURVLPLOL HG HYHQWXDOL SURYHQWL GD RJQL DWWLYLWj IUXWWLIHUD VWDWDOH R GD DOLHQD]LRQL GL EHQL VWDWDOL LQWURGXFHQGR LQ YLD LPSOLFLWD LO FULWHULR FKH LO IUXWWR GL TXHOOH DWWLYLWj QRQ GRYHVVHUR ILQLUH QHO VHPSUH QHEXORVR FDOGHURQH JHVWLWR - WUDPLWH OH D]LHQGH EDQFD ULH - GDJOL DIIDULVWL FKH ©LQ QRPH GHOOD GHPRFUD]LDª VRQR DO YHUWLFH GHOOR 6WDWR H GHOOH D]LHQGH SXEEOLFKH SHU OXFUDUQH ©WDQJHQWLª D VROR HVFOXVLYR ORUR IDYRUH FRPH DFFDGH GD DQQL &RQ O¶DUWLFROR *LDFLQWR $XULWL SURSRVH TXDQWR LO JHQ QDLR (]UD 3RXQG VXJJHUu GL SHUVRQD DO &DSR GHO JRYHUQR GHO WHPSR 0XVVROLQL QHOO¶XQLFR ORUR LQFRQWUR DYYHQXWR LQ 3DOD]]R &KLJL RYH TXHO SHUVRQDJJLR DQFKH PLQLVWUR GHJOL $IIDUL (VWHUL ULFHYHYD JOL RVSLWL VWUDQLHUL /R RUPDL OHJJHQGDULR VXJJHULPHQWR SURSRVWR GDO SHQVDWR UH-SRHWD (]UD 3RXQG PDL FRPSUHVR GDOOD SOHWRUD RWWXVD GL DPHULFDQLVWL FKH PRQRSROLVWL GHO VHWWRUH ILQVHUR GL DYHUH VWXGLDWR O¶RSHUD GL 3RXQG DFFHQQDWR QHO ©&DQWR ;/,ª HG HVSOLFLWDWR VLD QHO SHULRGLFR 0HULGLDQR GL 5RPD LO GLFHPEUH HG DQFKH QHO YROXPHWWR ©2UR H /DYRURª SXEEOLFDWR QHO ©WDVVDQGR LO GHQDUR DO PRPHQWR GHOOD HPLVVLRQH SUHVVR OD EDQFD FHQWUDOH VL HVLPRQR L FLWWDGLQL GDO SDJDUH OH WDVVHª VRUSUHVH 0XVVROLQL 1RQ UDJJLXQVH HVLWR LPPHGLDWR 0D LQ DUFKLYLR GL 6WDWR O¶XOWLPD GHOOH LQVLVWHQ]H VFULWWH GD 3RXQG VXO WHPD GDWDWD PDJJLR KD FKLRVD PXVVROL QLDQD ©G¶RUGLQH DO 0LQLVWUR GHOOH )LQDQ]Hª 3XUWURSSR GXH PHVL GRSR O¶LPEHFLOOLWj H OD IHOORQuD GL ©TXHO PH]]R IH WRª (]UD 3RXQG &DQWR /;;,, GL 9LWWRULR WHU]R UH LQHWWR HG DYLGR IHFH QDXIUDJDUH RJQL FRVD LQVLHPH FRQ O¶,WDOLD LQWHUD ,O SURIHVVRUH $XULWL YDUz OH VXH SURSRVWH GL OHJJH FKH IX URQR VRWWRVFULWWH GD SDUODPHQWDUL GL RSSRVWH ID]LRQL QHOOR VSLULWR GHOOD UHDOL]]D]LRQH GL YHUD ©GHPRFUD]LD LQWHJUDOHª FKH QRQ WHQQH FRQWR GHOOD UHDOWj VXFFXEH GHOOR 6WDWR LWDOLDQR H GHOOD YLJHQWH ©8QLRQH (XURSHDª DOOD FHUFKLD GHJOL DIIDULVWL DSROLGL FKH WUDPLWH OD VHFRQGD JXHUUD PRQGLDOH VL LPSRVVHVVD URQR GHO JORER 9D LQIDWWL ULFRUGDWR FKH SURSULR QHOOD VHGXWD RUJDQL]]DWLYD GHOOH 1D]LRQL 8QLWH VYROWD D 6DQ )UDQFLVFR LO DSULOH HPHUVH WUD OH LPSRVL]LRQL GHL YLQFLWRUL OD SURSRVWD GHO VHQDWRUH VWDWXQLWHQVH )XOEULJKW FKH ILVVz LO IXWXUR GHOO¶(XURSD GLVWUXWWD GDOOH 1D]LRQL 8QLWH VRWWR IRUPD JUDGXDOH GL ©FRPXQLWj HFRQR PLFD HXURSHD GHOOH IRQWL HQHUJHWLFKHª H VXFFHVVLYD GL ©8QLRQH (XURSHDª &RPH VL q FRQFUHWDWR SHU LPSRVL]LRQH GL SHGLVVH TXL ©VFLXVFLjª YHUVR OD ILQH GHO ;; VHFROR ( LO DSULOH IX LPSRVWR GDWD GL ©IHVWD QD]LRQDOHª LQ ,WDOLD DQFKH SHU OR LQVHGLDPHQWR GHO SUHVLGHQWH DPHULFDQR +DUU\ 7UXPDQ ,O SURIHVVRUH $XULWL ULOHYz FKH QHO WUDWWDWR GL 0DDVWULFWK QRQ IX GHWHUPLQDWD OD SURSULHWj GHOOD PRQHWD ©HXURª PD FL VL DSSOLFz VROWDQWR DOOD ©HPLVVLRQH PRQHWDULDª GDQGR SHU VFRQ WDWR FKH OD ©DFFHWWD]LRQHª GL TXHO WLWROR PRQHWDULR IRVVH LPSOL FLWD QHOOD LPSRVL]LRQH DL FLWWDGLQL 0D VXO SLDQR JLXULGLFR H

*HQQDLR

SUDWLFR q SURSULR OD IDVH GL ©DFFHWWD]LRQHª GD SDUWH GHJOL HX URSHL FKH UDWLILFD OD YDOLGLWj GHO WLWROR ( SHU FLz QHOOD GHILQL ]LRQH GHOOD ©DFFHWWD]LRQHª q LPSOLFLWR LO UXROR ©VRYUDQRª GHO FLWWDGLQR FKH FRQGL]LRQDQWH VL DYYDOH GL TXHOOR VWUXPHQWR SHU VXR YDQWDJJLR H EHQHILFLR DYYDORUDQGRQH O¶HVLVWHQ]D 9XRWR JLXULGLFR IRQGDPHQWDOH FKH VL ULIOHWWH SHUVLQR VXL ©IDOVDULª FKH VWDPSDQR O¶HXUR LO ORUR UHDWR q UHODWLYR DOOD VROD ©IDOVLILFD]LRQH GL WLWRORª PD QRQ D GDQQR ©SDWULPRQLDOH GHL FLWWDGLQL HXURSHLª L TXDOL QXOOD KDQQR GD GLYLGHUH FRQ OD VWDP SDQWH HG HPLWWHQWH EDQFD FHQWUDOH HXURSHD FKH q D]LHQGD SUL YDWD D VFRSR GL OXFUR 9D SHUz ULOHYDWR FKH O¶LWDOLDQR 0RYLPHQWR 3ROLWLFR 6WHO OH VWD SURSRQHQGR XQ VXR ©UHGGLWR GL FLWWDGLQDQ]Dª FKH QXOOD KD GD VSDUWLUH FRO IRQGDPHQWDOH FRQFHWWR - ILORVRILFR JLXULGL FR SUDWLFR - SURSRVWR GDO SURIHVVRUH $XULWL 4XHO ©UHGGLWR GL FLWWDGLQDQ]Dª LQIDWWL VHUYLUHEEH VROWDQWR SHU VRSSHULUH DOOH QHFHVVLWj PLQLPH HVLVWHQ]LDOL GHL SL VIRUWXQDWL HG LQGLJHQWL FLWWDGLQL LWDOLDQL WDJOLDWL IXRUL HG DYYLOLWL VXO SLDQR XPDQR GDOOD DYLGD SURWHUYLD GHL JHVWRUL VHWWDQWHQQDOL GHOOD SROLWLFD LWDOLDQD 8Q ©PLQLPR SHU HVLVWHUHª FKH QHFHVVLWD GL ©FRSHUWXUH GL ELODQFLRª QHOOH VSHVH VWDWDOL 3URYYLGHQ]D EHQ GLYHUVD GDO QDWXUDOH ©UHGGLWR VRFLDOHª SURSRVWR GDO SURIHVVRUH $XULWL H GLVFHQGHQWH GDL FULWHUL GL (]UD 3RXQG FKH VFDWXULVFH LQ DXWRPDWLFR GDOOR LUUHJJLPHQWDUH OH VIXJJHQWL LQFRPPHQVXUDWH SOXVYDOHQ]H GHOOD EDQFD FHQWUDOH VRFLHWj SHU D]LRQL H GL WXWWR LO VLVWHPD EDQFDULR DWWXDOH QRQ DVVRJJHWWDWL SHU FRPSLDFHQWL OHJJL DG KRF DL GRYHUL ILVFDOL FKH LQFRPERQR VX RJQL FLWWDGLQR 9D SHU GRYHUH GL YHULWj VWRULFD ULFRUGDWR FKH OH IRQGD PHQWDOL OHJJL EDQFDULH LWDOLDQH GHO H GHO - FXL WXWWR LO PRQGR DWWLQVH RJJL QRQ YLJRQR QHOOR 6WDWR LWDOLDQR D FDXVD GL D]LRQH GHPROLWULFH FRQFUHWDWD GD FKL KD JHVWLWR LO SRWHUH QHJOL XOWLPL DQQL ( QHPPHQR OD ©GLUHFWLR YRORQWD WLVª GHO 0LQLVWUR GHOOH )LQDQ]H GHOOD 5HSXEEOLFD 6RFLDOH ,WD OLDQD 'RPHQLFR 3HOOHJULQL *LDPSLHWUR FKH FRO 'HFUHWR 0L QLVWHULDOH Q GHO SXEEOLFDWR VXOOD *D]]HWWD 8I ILFLDOH G¶,WDOLD Q GHO FRPPLVVDULz OD %DQFD G¶,WDOLD DVVRJJHWWDQGROD LQWHJUDOPHQWH QHOOH ULVHUYH H QHO SDWULPRQLR DOOH QHFHVVLWj GHOOR 6WDWR H GHL FLWWDGLQL LWDOLDQL WXWWL &RQ VXFFHVVLYR HQRUPH 87,/( GHO ELODQFLR VWDWDOH H EHQHILFLR GL WXWWL L FLWWDGLQL H GHL GHSRVLWDQWL QHOOH EDQFKH FKH QRQ IXURQR DQJDULDWL GD LPSRVL]LRQL ILVFDOL H QHPPHQR GD ,9$ DO WHPSR DO SHU FHQWR RJJL DO SHU FHQWR LQ JUDYDPH DOOD SURGX]LRQH H SUHVWR DGGLULWWXUD DOOR VFULWHULDWR SHU FHQWR YROXWR GDO ©ULVROXWRUHª ©JRYHUQLFFKLR FRQVRFLDWLYR 5HQ]Lª 0D OD 6WRULD GHO SDVVDWR FRQ JOL HQRUPL EHQHILFL SHU LO 3RSROR QRQ ULJXDUGD O¶,WDOLHWWD RGLHUQD DYYLOLWD GD XVXUDL DSROLGL H GD ©VFLXVFLjª FKH OL VHUYRQR

$$ !%

/ 0

! !" & (( )% ! !"

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

" ("% $ % !$ - ? +-= 3%5/%72 68 48)67) 3%+-1) ()//) 02(-*-',) (- /-602 -1+/)6) ',) (20-1% /F ')%1-% -1 92'%&2/%5-2 ',-)67) 48%6- -03267) %8725-7%7-9%0)17) %( 5:)// ? 48%172 0%- )/248)17) %//% /8') (- 48%172 %''%() )6)03-2 (%//F 5(-1) ()- -251%/-67- '21 81 %77)++-%0)172 2++- 1)//% 5)%/7= 121 -1 81 520%1<2 %17-8723-'2 B ,- (% %17% 148-6-<-21) -//-&)5%/) 23385) ()//) 3523267) 48% '21752//% -/ 3%66%72 '21752//% -/ *87852 ',- '21752//% -/ 35) 6- 5-'%77%725-) (- '%0&-%0)17- +5%00%7-'%/- ) 6-17%77-'- 6)17) '21752//% -/ 3%66%72C "1 35)')772 6-% ()772 68&-72 ) %9%1<%7) (%//) "1-9)56-7= (- !5-)67) ) "(-1) 0% *256) 32 6)1<% -32'5-6-) ',) 9%/) 7%172 3)5 /) (-77%785) 9)5) 2 -0 ',- 6%112 2 5-'25(%12 ',) 250%- %1',) /% /)77)5%785% 67% 0%+-1%5) 48%172 3)5 /) ()02'5%<-)

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

35)6)17) 327)9% 48-1(- '21752//%5) -/ 3%66%72 ) (- '216) +8)1<% %1',) -/ *87852 (%72 ',) /) 02 (-*-',) 68/ *87852 )**)778%7) 1)/ 3%66%72 6- 5-3)5'827)9%12 68/ *87852 121 62/7%172 %+)1(2 68- *%77- 6725-'- ) 32/-7- '- 75%6'256- 0% %1',) -17)59)1)1(2 68//% /)77)5%785% '5-9) 5:)// 1)//% %33)1(-') (- +8%C ',) 48)67F8/7-0% ,% /2 6'232 (- Davide Tedeschini 6)03/-*-'%5) 3%52/) ) 48-1(- '21')77- (- Ridateci *%5 (-0)17-'%5) -/ 6)162 ()//% /-1+8% la Gioconda 35)')()17) /F%5',)/-1+8% (- /-0-7%5) pagg. 130 â&#x20AC;˘ euro 15,00 6)16- ) 6-+1-*-'%7- ()- 7)50-1- ) ()//) *5%6- (- -03)(-5) 48-1(- 81 3)16-)52 '203/)662 ) '5-7-'2 % 81 /%72 (81 48) '21 /% 1)2/-1+8% B6- 327)9% 277) 1)5) 81F)1250) '2175%<-21) ()/ 92'% &2/%5-2C (%//F%/752 '216-()5%72 ',) B/% 6725-% )5% +-= 67%7% 5-6'5-77%C &-62+1%9% -17)59)1-5) 68//% /)77)5%785% '216-()5%1 (2 B $ ((*$ "! '% ( '!))% &'!# "

!$) '!)- " )) ' )*' $) $) " !+%"*,!%$ &%) + (( ' (% )) (%"% *$ )' *,!%$ ! %"% ! . %# !' ""1 ") ' ,!%$ %#&" ) " Julius Evola ( $(% " "!$ * !%C 26@ 6- '20-1 Mito e realtĂ '-A % B75%(855)C 6)'21(2 - '5-7)5- ()//% del fascismo 1)2/-1+8% %8725- '20) B ,%.)63)%5) A cura di Gianfranco de Turris -/721 :-*7 ;521 -'.)16 ) %/75-C pagg. 230 â&#x20AC;˘ euro 18,00 2 6'5-7725) -1+/)6) ',) (85%17) -/ '21*/-772 021(-%/) %9)9% '20&%77872 -/ 1%<-602 6%3)9% &)1) 3)5 )63)5-)1<% informazioni al 339 8449286 3)5621%/) (85%17) /% +8)55% '-9-/) 63% Via G. Serafino, 8 â&#x20AC;˘ 00136 Roma â&#x20AC;˘ Tel. 06 45468600 e-mail: luciano.lucarini@pagine.net

ĂĄ=ĂĽĂŹĂ§ĂŽĂĄ=Ă¤ĂĄĂ&#x201E;ĂŞĂĄ Ă&#x2021;Ă&#x2030;

" !E

,/ %25*+(6(

,O FRQWUROOR VXO SDVVDWR H VXOOH RSHUH G¶LQJHJQR OR HIIHWWXD DWWXDOPHQWH LO 3ROLWLFDPHQWH &RUUHWWR FRQ OR VFRSR GL VDOYD JXDUGDUFL GD WXWWR TXHOOR FKH RJJL VL ULJHWWD LQ QRPH GL XQ SUHVXQWR EXRQLVPR HJDOLWDULVPR GHPRFUDWLFLVPR DQWLUD]]L VPR HFFHWHUD D WXWHOD GHOOD ©GLJQLWjª GL SUHVXQWH PLQRUDQ]H H DGGLULWWXUD GHOOH EHVWLH ( SURSULR FRPH :LQVWRQ 6PLWK OH QXRYH UHJROH IDQQR HPHQGDUH OH RSHUH GHO SDVVDWR FLz FKH XQ WHPSR HUD QRUPDOH DGHVVR q DQRUPDOH GHYH YHQLUH FRQGDQQD WR H FDQFHOODWR 4XDOFKH HVHPSLR /D GHPRFUDWLFD $PD]RQ KD FHQVXUDWR L FDUWRQL DQLPDWL 7RP H -HUU\ GL +DQQD-%DUEHUD TXDQGR DSSDUH LO SHUVRQDJJLR GHO JDWWRQH FRQ LO VLJDUR R OD GRPHVWLFD QHJUD 0DPP\ 'XH 6FDUSH LQ TXDQWR FL IDQQR VDSHUH L JHVWRUL GL $PD]RQ HVVL ©LQFDUQDQR DOFXQL SUHJLXGL]L HWQLFL H UD]]LDOL FKH HUDQR VEDJOLDWL XQ WHPSR H OR ULPDQJRQR RJJLª ,Q SUHFHGHQ]D HUD VWDWR RJJHWWR GL IXULRVD SROHPLFD LO IDPRVR IXPHWWR GHO EHOJD +HUJp JLDFFKp LQ XQD VXD DYYHQWX UD 7LQWLQ LQ $IULFD LO SHUVRQDJJLR DYHYD QHL FRQIURQWL GHL ©QDWLYLª XQ DWWHJJLDPHQWR VLPLOH D TXHOOL FKH VL XVDYDQR QHJOL DQQL 7UHQWD QRQ VROWDQWR QHL IXPHWWL QHOOD QDUUDWLYD H QHL ILOP PD SURSULR QHOOD UHDOWj FKH TXHVWL ULVSHFFKLDQR 8QD LSRFULVLD FKH KD GHO GHPHQ]LDOH 6WUDQR FKH QHVVXQR VL VLD DFFRUWR GL /RWKDU LO QHUERUXWR VHUYLWRUH GL 0DQGUDNH H GL WDQWL DOWUL IXPHWWL HVRWLFL GHOO¶HSRFD« 'XH FDVL FODPRURVL HG HVHPSOLILFDWLYL GL GRYH SXz FRQ GXUUH VLPLOH IXURUH FHQVRULR GD IDU LQYLGLD D VRQR DOWUHWWDQWL URPDQ]L SHU UDJD]]L +XFOHEHUU\ )LQQ GL 0DUN 7ZDLQ H 3LSSL &DO]HOXQJKH GL $VWULG /LQG JUHQ ,O SULPR FKH PROWLVVLPL DYUDQQR OHWWR SHUFKp q XQ FODVVLFR GHOO¶DYYHQWXUD JLRYDQLOH H OLEHUWDULD KD DYXWR XQD HGL]LRQH GHOOD $ODEDPD 1HZ 6RXWK %RRNV LQ FXL VRQR VWDWH PRGLILFDWH QRQ PHQR GL GXHFHQWR SDUROH ©LQDSSURSULDWHª R ©GLVWXUEDQWLª VHFRQGR L ELJRWWL FXUDWRUL SHU L JLRYDQL GL RJJL LQQDQ]LWXWWR QLJJHU VRVWLWXLWR FRQ VODYH FRPH VH VFKLDYR IRVVH GDO ORUR SXQWR GL YLVWD RYYLR PHQR

*HQQDLR

©RIIHQVLYRª GL QHJUR /D SRYHUD 3LSSL KD DYXWR OD VWHVVD VRUWH DQFK¶HVVD LQ RGRUH GL UD]]LVPR ©5HJLQD QHJUDª q GLYHQWDWD ©5HJLQD GHL 0DUL GHO 6XGª H ©5H QHJURª XQ VHPSOLFH ©5Hª ( QHOOD VHULH WHOHYLVLYD WUDVPHVVD GDOOD WHOHYLVLRQH VYHGHVH VRQR VWDWH WDJOLDWH WXWWH OH VFHQH LQ FXL OD UDJD]]LQD GDL FDSHOOL URVVL LPLWD XQ FLQHVH« 'D QRQ FUHGHUH HSSXUH q OD FUXGD H WULVWH UHDOWj 6SHULDPR FKH ,O JLRUQDOLQR GL *LDQ %XUUDVFD R PDJDUL 3LQRFFKLR QRQ DWWL ULQR O¶DWWHQ]LRQH GL TXHVWL RFFKLXWL H RWWXVL FHQVRUL &RPH VL VD DOFXQL URPDQ]L LQ RULJLQH SHU DGXOWL VRQR VWDWL DGDWWDWL ULGRWWL FRQGHQVDWL SHU O¶LQIDQ]LD DG HVHPSLR , YLDJJL GL *XOOLYHU GL 6ZLIW H 5RELQVRQ &URVRH GL 'HIRH PD PDL LQ IXQ]LRQH GHL WDE FUHDWL H LPSRVWL GDO 3ROLWLFDPHQWH &RUUHWWR PD VROWDQWR SHU VHPSOLILFDUOL H UHQGHUOL SL OHJJLELOL DL UDJD]]L 6LFFKp LQ UHFHQWL HGL]LRQL WHOHYLVLYH H FLQHPDWRJUDILFKH LO UDSSRUWR WUD 5RELQVRQ H LO ©VHOYDJJLRª 9HQHUGu q VWDWR PRGLIL FDWR DQQDFTXDWR UHYLVLRQDWR SHU QRQ IDU DSSDULUH O¶RFFLGHQWD OH FRPH XQ FRORQL]]DWRUH H SUHYDULFDWRUH« 1RQ WXWWL VDQQR FKH XQ IDPRVLVVLPR JLDOOR GL $JDWKD &KULVWLH LQ RULJLQH LQWLWRODWR 'LHFL SLFFROL QHJUL 7HQ /LWWOH 1LJJHUV H GLYHQQH 'LHFL SLFFROL LQGLDQL FRPH RJJL q QRWR QHO O¶DQQR GRSR OD VXD PRUWH 3RWHQ]D GHO FRQIRUPLVPR ( OR VWHVVR 7RONLHQ SHU OD GHVFUL]LRQH QRQ SURSULR SLDFHYROH GHJOL RUFKL H GHL JREOLQ QH ,O 6LJQRUH GHJOL $QHOOL GD TXDOFKH EHOOR VSLULWR q VWDWR WDFFLDWR GL UD]]LVPR 8QD ILVVD]LRQH H RVVHVVLRQH GHO JHQHUH YROHQGR SRWUHEEH SUHQGHUH GL PLUD WXWWD OD OHWWHUDWXUD PRQGLDOH D FRPLQFLDUH GDL IDYROLVWL FODVVLFL (VRSR H )HGUR VLQR D 'DQWH 6KDNHVSHDUH H LQQXPHUHYROL DOWUL QRPL SHU QRQ SDUODUH GHL WHVWL VDFUL GHOOH JUDQGL UHOLJLRQL 1RQ VL VDOYH UHEEH QHVVXQR ( FL YRUUHEEH XQ 0LQLVWHUR GHOOD 9HULWj XQLYHUVDOH $VSHWWLDPR FKH TXL LQ ,WDOLD FL VLD FKL FKLHGD GL FDPELDUH LO WLWROR GL XQ IDPRVR URPDQ]R GL -RVHSK &RQUDG ,O QHJUR GHO 1DUFLVVXV« /D VLWXD]LRQH q DEEDVWDQ]D JUDYH GDWR FKH FHUWH YROWH DOFXQH LQL]LDWLYH SDUWRQR GDO EDVVR H QRQ GDOO¶DOWR FRPH GL VROLWR DYYLHQH 8QD DVVRFLD]LRQH VWXGHQWHVFD GHOOD 8QLYHU VLWj GL &DOLIRUQLD KD FKLHVWR DL GRFHQWL FRPH UDFFRQWD 3DR OR 'H 6WHIDQR ©GL VHJQDODUH FRQ XQ EROOLQR URVVR L OLEUL µSHULFRORVL¶ FRQ VFHQH YROHQWH UD]]LVWH HURWLFKH RPRIR EH FODVVLVWH PLVRJHQH HFFHWHUD TXHOOH OHWWXUH FLRq FKH SRWUHEEHUR µFDXVDUH VLQWRPR GL GLVWXUER GD VWUHVV SRVWUDX PDWLFR¶ª 8QD ULFKLHVWD GL JLRYDQL DPHULFDQL FKH YLYRQR LQ XQ PRQGR SLHQR GL WXWWH TXHVWH VFHQH QRQ VROWDQWR QHOOD UHDOWj GL RJQL JLRUQR PD DQFKH QHL ILOP H LQ 79 H GRYH D OLYHOOR OHWWHUDULR VWD LPSD]]DQGR LO SRUQR VRIW GHOOH VFULWWUL FL ( FKH GL FHUWR SURWHVWHUHEEHUR VH TXDOFXQR YLHWDVVH ORUR GL DQGDUH D YHGHUH XQ ILOP LQDGDWWR DL ©PLQRUL GL DQQLª 8Q SXULWDQHVLPR DEHUUDQWH FKH VHUYH D EHQ DOWUR 7XWWR FLz QRQ q FKH TXHOOD ©WUDGX]LRQH LGHRORJLFD FKH q FRPH GLUH O¶DOWHUD]LRQH FRPSOHWD GHO VHQVR H GHO OLQJXDJJLRª HIIHWWXDWD VXL OLEUL LQ 8Q JUDQGH VFULWWRUH GL IDQWD VFLHQ]D FRPH 5D\ %UDGEXU\ VFRPSDUVR WUH DQQL ID DIIHU PDYD LQ XQ¶LQWHUYLVWD FRPSUHVD LQ 6LDPR QRL L PDU]LDQL DSSHQD SXEEOLFDWR GDOOD %LHWWL FKH IDUH SUHVVLRQH VX XQ DXWRUH SHUFKp PRGLILFKL OH VXH RSHUH SHU YHQLUH LQFRQWUR DL YROHUL GHOOD PDJJLRUDQ]D R GL XQD TXDOVLDVL PLQRUDQ]D q HTXLYDOHQWH DO URJR GHL OLEUL GD OXL GHVFULWWR QHO VXR SURIHWL FR )DKUHQKHLW 0D TXHOOH GHL ©GHPRFUDWLFLª VRQR VRO WDQWR EXRQH LQWHQ]LRQL SHU GHILQL]LRQL H FKH QRQ KDQQR SURSULR QXOOD D FKH YHGHUH FRQ OH LQWHQ]LRQL SHUDOWUR LGHQWL FKH GHOOH GLWWDWXUH «

La satira "''il''' ---..--.-·----~IVI

IN N'YI"

....

::.!"'r:-!"..=t:-

M_....r-""'.':

)11~ /"~·i · '"' ;>

__ ·-_ ____ -·------··--

1EUA l1111fZZO _ LA SA<;A COMTlf.IUA •.•

L....,..,..';'1._

,,.,

-·-::-r.. ·--;;:.~

==-. .-.. __..,_. ·--

----·-..... ·-·· :;:-.:.-:::.-__::

--·-lf•:.:

==·=~ -:::=:::::

=-~:.= " r ' - - f .. ~

=---~ -::-----

Direttore

Alessio Di Mauro •

condirettore Egidio

Bandini • Direttore responsablle Luciano Lucarini

www.nuovocandido.it

,/ %25*+(6(

,/ 325721( ', %521=2

&21&,/,2 ©FRQQHFWLRQª GH /2 69,==(52 35(0(66$ GRYHURVD ,O UHJQDQWH SRQWHILFH ID SLHQDPHQWH H OHJLWWLPDPHQWH LO VXR PHVWLHUH GL ©YHVFRYR GL 5RPDª WXWWL JOL DOWUL WLWROL FKH QRQ JOL SLDFFLRQR - GD ©YLFDULR GL &ULVWRª D ©VRPPR SRQWHILFH GHOOD FKLHVD XQLYHUVDOHª - OL KD IDWWL WRJOLHUH GDOO¶DQQXDULR SRQWLILFLR 0D SHULRGLFDPHQWH VL DYDQ]DQR H VL HVLELVFRQR WHVL VXJJHVWLYH H DUGLWH FKH JHWWDQR XQD TXDOFKH RPEUD VXOOH SURFHGXUH H VXOOD VWHVVD OHJLWWLPLWj - OD IRUPD q VRVWDQ]D - GHOOD VXD HOH]LRQH DO VR JOLR GL 3LHWUR 'D SULQFLSLR IX LO OLEUR GL $QWRQLR 6RFFL 1RQ q )UDQ FHVFR ,O SROHPLVWD WRVFDQR FDWWROLFLVVLPR GD XQ ODWR VR VWLHQH FKH %HQHGHWWR ;9, VL VDUHEEH GLPHVVR GDOO¶HVHUFL ]LR GHOOH IXQ]LRQL GL SDSD PD QRQ GDOOR VWDWXV GL FDSR GHO OD &KLHVD LQ TXDQWR TXHVWR VFHOWD QRQ VDUHEEH VROWDQWR LP SRVVLELOH PD VDUHEEH DQFKH VWDWD HVFOXVD GDOOR VWHVVR SDSD WHGHVFR GDOO¶DOWUR ULFRVWUXLVFH GHWWDJOLDWDPHQWH OD YRWD]LR QH GHFLVLYD QHO FRQFODYH GHO PDU]R SHU FRQFOXGHUH FKH OR VFUXWLQLR GHFLVLYR GRYHYD HVVHUH ULSHWXWR LO JLRUQR GRSR D FDXVD GL XQD VFKHGD LQ SL VFKHGD ELDQFD IRUVH ULPDVWD DWWDFFDWD D TXHOOD GL XQ FDUGLQDOH YRWDQWH FKH DYUHEEH LQYDOLGDWR TXHOOD FRQWD 6RFFL FLWD DUWLFROL GHOOD ©8QLYHUVL 'RPLQLFL *UHJLVª VXOOH UHJROH GHO FRQFODYH H FRQFOXGH FKH IRUPDOPHQWH O¶HOH]LRQH GL %HJRJOLR VDUHEEH LQYDOLGD ,QVRPPD XQD VLWXD]LRQH VHQ]D SUHFHGHQWL QHOOD VWRULD GHOOD &KLHVD H UHVD DQFRU SL LQVRVWHQLELOH GDOOD SUHVHQ]D LQ 9DWLFDQR GL XQ VHFRQGR SDSD D VXR GLUH WXWWRUD SLHQD PHQWH OHJLWWLPR H FKH SHU JLXQWD QRQ KD GLVPHVVR O¶DELWR ELDQFR FRQ FXL VL PRVWUD LQ WXWWH OH RFFDVLRQL XIILFLDOL FXL YLHQH LQYLWDWR GDO VXR ©VXFFHVVRUHª 6DUj FRVu PROWR SUR EDELOPHQWH DQFKH LQ RFFDVLRQH GHOOH LPPLQHQWL VROHQQL FHOHEUD]LRQL QDWDOL]LH &RPH QRQ EDVWDVVH LO SDPSKOHW GL 6RFFL DFFROWR FRQ PROWR LPEDUD]]R H WURSSL VLOHQ]L DL SULPL GL GLFHPEUH q DUULYDWD XQ¶DOWUD LQGLVFUH]LRQH FRQ XQD ELRJUDILD GL SDSD )UDQFHVFR SXEEOLFDWD LQ *UDQ %UHWDJQD 7KH *UHDW 5HIRU PHU ,Q LWDOLDQR SHU 0RQGDGRUL FRPH LO YROXPH GL 6RFFL VL q VFHOWR LO WLWROR 7HPSR GL PLVHULFRUGLD 9LWD GL -RUJH 0DULD %HUJRJOLR /¶DXWRUH q $XVWHQ ,YHUHLJK VWXGLRVR DG GHQWUR DOOH FRVH FDWWROLFKH H SHU DOFXQL DQQL DGGHWWR VWDPSD GHO FDUGLQDOH 0XUSK\ 2¶ &RQQRU XQR GHL TXDWWUR SRUSRUDWL FKH - GRSR OH GLPLVVLRQL GL %HQHGHWWR - DYUHEEHUR GDWR YLWD D XQD VRUWD GL ©FRPLWDWR HOHWWRUDOHª SUR-%HUJRJOLR )LQ TXL QXOOD GL LOOHFLWR /H QRUPH YLJHQWL QRQ LPSHGLVFRQR DL FDU GLQDOL GL SDUODUH WUD ORUR SHU VFDPELDUVL OH LGHH H RULHQWDUVL VXOO¶LPSRUWDQWLVVLPD VFHOWD GD FRPSLHUH QHO FKLXVR GHOOD 6LVWLQD 0D L TXDWWUR SHU OD FURQDFD ROWUH 2¶&RQQRU L FDUGLQD OL 'DQHHOV /HKPDQQ H .DVSHU GLYHQXWR LO ©PHJDIRQRª GHO QXRYR SDSD DYUHEEHUR IDWWR PROWR GL SL WUDVJUHGHQGR OH UHJROH DYUHEEHUR FKLHVWR LO SUHYHQWLYR DVVHQVR GHO ORUR FDQGLGDWR H O¶DYUHEEHUR RWWHQXWR

*HQQDLR

$SSHQD SXEEOLFDWR LO OLEUR q VFDWWDWR XQ DOODUPDWR WDPWDP ( VXELWR OD IUDVH ULSRUWDWD D SDJLQD ©6L DVVLFXUD URQR LO VXR DVVHQVRª q VWDWD FRUUHWWD LQ XQ SL PRUELGR ©FUHGHYDQR FKH QRQ VL VDUHEEH RSSRVWR DOOD VXD HOH]LRQHª 5LFKLDPDWR DOO¶RUGLQH OR VWHVVR DXWRUH KD ©WZLWWDWRª OD VH JXHQWH SUHFLVD]LRQH SDOHVHPHQWH LQGRWWD ©,O FDSLWROR GHO OLEUR VXO FRQFODYH OHWWR QHOOD VXD LQWHUH]]D UHQGH VLFXUD PHQWH FKLDUR FKH -0% OH LQL]LDOL GHO SDSD O¶DEEUHYLD]LR QH VL GHYH DO OLPLWH LQYDOLFDELOH GHL FDUDWWHUL LPSRVWR GD 7ZLWWHU QRQ IHFH DVVROXWDPHQWH QXOOD SHU FRRSHUDUH DOOD VXD HOH]LRQHª ( XIILFLDOPHQWH LO UHVSRQVDELOH GHOOD VDOD VWDPSD YDWL FDQD SDGUH /RPEDUGL KD GLFKLDUDWR FKH L TXDWWUR FDUGLQDOL WLUDWL LQ EDOOR FRPH ©JUDQGL HOHWWRULª QRQ VL DVVLFXUDURQR DIIDWWR LO FRQVHQVR SUHYHQWLYR GHO SRUSRUDWR DUJHQWLQR SUL PD GL GLYHQWDUH VXRL VSRQVRU WUD L FRPSRQHQWL GHO VDFUR FROOHJLR ©(VVLª KD VSLHJDWR /RPEDUGL ©QHJDQR HVSOLFLWD PHQWH TXHVWD GHVFUL]LRQH GHL IDWWL VLD SHU TXDQWR ULJXDUGD OD ULFKLHVWD GL XQ FRQVHQVR GD SDUWH GHO FDUG %HUJRJOLR VLD SHU TXDQWR ULJXDUGD OD FRQGX]LRQH GL XQD FDPSDJQD SHU OD VXD HOH]LRQH H GHVLGHUDQR FKH VL VDSSLD FKH VRQR VWXSLWL H FRQWUDULDWL SHU TXDQWR SXEEOLFDWRª 7XWWR D SRVWR TXLQGL" 0LFD WDQWR YLVWR FKH OR VWHVVR DXWRUH LQJOHVH ULSRUWD QHO OLEUR DQFKH TXDQWR DFFDGGH LO JLRUQR GRSR O¶HOH]LRQH GHO QXRYR SDSD ©,O JLRUQR GRSR )UDQFHVFR LQFRQWUz O¶LQWHUR FROOHJLR FDUGLQDOL]LR FRPSUH VL L QRQ HOHWWRUL QHOOD VDOD GHOOH EHQHGL]LRQL 4XDQGR FRP SDUYH LO FDUGLQDOH 0XUSK\ 2¶ &RQQRU OR DEEUDFFLz H DJL WDQGR O¶LQGLFH LQ VHJQR GL ULPSURYHUR GLVVH FRQ XQD ULVD WD µÊ FROSD VXD &KH FRVD PL KD IDWWR"¶ 0XUSK\ 2¶ &RQ QRU FKH KD SL GL RWWDQW¶DQQL QRQ HUD HQWUDWR LQ FRQFODYH TXLQGL OD VXD µUHVSRQVDELOLWj¶ SRWHYD HVVHUH VROR SUHFHGHQ WH DOO¶H[WUD RPQHVª ( TXHVWR SDUWLFRODUH FRPSOLFD XOWHULRU PHQWH OH FRVH 1HOOH VXH SHULRGLFKH ULSURSRVL]LRQL L GXH YROXPL LO SUREOHPD SDUH WXWW¶DOWUR FKH IRUPDOH H ULJXDUGD OD VRVWDQ]D GL XQ SRQWLILFDWR FKH D IURQWH GL XQD LQGLVFXVVD SRSRODULWj H GL XQ HOHYDWR JUDGLPHQWR ©H[WUD HFFOHVLDª TXLQGL WUD L QRQ-FDWWROLFL VRSUDWWXWWR QHJOL DPELWL SL ODLFLVWL DOO¶LQWHU QR GHO FDWWROLFHVLPR WUD L SUHWL H WUD L IHGHOL FRQ OH VXH GH FLVLRQL H L VXRL LQWHUYHQWL KD DOLPHQWDWR SL GLYLVLRQL FKH XQLWj KD VXVFLWDWR SL VFRQFHUWR FKH DSSUH]]DPHQWR Ê LQHYLWDELOH FKH WDOXQH DUGLWH DSHUWXUH GRWWULQDOL DEELD QR SURYRFDWR UHD]LRQL GLUHWWH H LQGLUHWWH Ê VFRQWDWR FKH OD VSDFFDWXUD UHJLVWUDWD QHOOH YRWD]LRQL VLQRGDOL SL GHOLFDWH VLD GD FRQVLGHUDUH XQ VHJQDOH DOODUPDQWH SHU O¶DXWRUHYROH] ]D H SHU O¶LPPHGLDWR IXWXUR GHOOD FKLHVD (G q FRPSUHQVL ELOH FKH D VROL GXH DQQL GDOO¶HVSORGHUH GHOOR VFDQGDOR 9DWL FDQ OHDNV VLDQR WXWWRUD SUHVHQWL - LQ GRVL H LQ SUHVHQ]H FRQ VLVWHQWL - YHOHQL H DYYHOHQDWRUL DOO¶LQWHUQR GHOOH PXUD ,Q XQ VLPLOH FRQWHVWR DQFKH OH YRFL OH LQWHUSUHWD]LRQL H L WHQWDWLYL GL GHOHJLWWLPDUH LO SDSD UHJQDQWH SDUGRQ LO YH VFRYR GL 5RPD FRQWULEXLVFRQR D UHQGHUH DOODUPDQWH LO TXDGUR FRPSOHVVLYR FKH QRQ DFFHQQD D GDUH VHJQDOL FRQ FUHWL GL XVFLWD GDOOD FULVL GHOOH YRFD]LRQL H GHL IHGHOL SUDWL FDQWL VRSUDWWXWWR QHOOD YHFFKLD (XURSD H QHOOD VWHVVD $PH ULFD /DWLQD GL %HUJRJOLR GRYH QRQ VL UHJLVWUD DOFXQD ULSUH VD H DQ]L OD SUHVHQ]D GHOOH VHWWH ©FULVWLDQHª DQWL-FDWWROLFKH VL q IDWWD DQFRUD SL DJJUHVVLYD H DJJXHUULWD 4XDQWR D QRL FLWWDGLQL LWDOLDQL TXHVWD VWRULD GHO SDSD - IRUVH OHJLWWLPR IRUVH QR - QRQ VSDYHQWD SL GL WDQWR 6RQR WUH DQQL FKH VLDPR JRYHUQDWL GD SUHVLGHQWL GHO FRQVLJOLR ©DEXVLYLª PDL YRWDWL Qp VFHOWL FRPH WDOL GDJOL HOHWWRUL VH QRQ LQ TXDOFKH ULVWUHWWR H ODLFLVVLPR FRQFODYH GDOOH SDUWL GL %UX[HOOHV H GHO 4XLULQDOH«

*HQQDLR

,/ %25*+(6(

Â©*2/3(Âª LQ 9DWLFDQR GL $1'5($ ,$&29,77, -25*( 0DULR %HUJRJOLR q LO SULPR JHVXLWD HOHWWR SDSD QHOOD VWRULD GHOOD &KLHVD &DWWROLFD 3ULPD GHOOÂ¶DYYHQWR GL SDSD )UDQ FHVFR LQIDWWL L FDUGLQDOL JHVXLWL DYHYDQR VHPSUH ULFRSHUWR LO UXROR GL Â©DQWLSDSDÂª R Â©SDSD QHURÂª YLJLODQGR QHOOÂ¶RPEUD VXOOÂ¶RSHUDWR GHO VDQWR SDGUH 3HU TXHVWR GRSR OD VXD HOH]LRQH JOL DGGHWWL DL ODYRUL DYHYDQR FDSLWR FKH TXHVWR QRQ VDUHEEH VWDWR XQ SDSD Â©GL WUDQVL]LRQHÂª FRPH DOFXQL LSRWL]]DYDQR %HUJRJOLR VL q LQIDWWL SUHVHQWDWR FRPH LO SDSD GHJOL Â©XOWLPLÂª VFHJOLHQGR LO QRPH GL )UDQFHVFR FRPH LO VDQWR GL $VVLVL GD VHPSUH VLPEROR GL SRYHUWj H XPLOWj H FHUFDQGR GL ODQFLDUH VLQ GD VXELWR GHL PHVVDJJL FKLDUL FKH ULSRUWDVVHUR OD &KLHVD DOOR VSLULWR GHOOH RULJLQL ,Q QRPH GL TXHVWR ULQQRYDPHQWR LO SDSD KD VRVWLWXLWR DO FXQL YHUWLFL GHO *RYHUQR GHOOD &KLHVD QRPLQDQGR RWWR QXRYL FRQVLJOLHUL H ULGLPHQVLRQDQGR LO SHVR GHO FRVLGGHWWR Â©SDUWLWR URPDQRÂª IRUPDWR GDOOD &XULD H GDOOD &(, DOOD FXL JXLGD q ULPDVWR LO FDUGLQDOH $QJHOR %DJQDVFR ,Q VHJXLWR OR VFRQWUR WUD LO SDSD H JOL DPELHQWL YDWLFDQL q SURVHJXLWR LQ RFFDVLRQH GHOOD VRVWLWX]LRQH QHO UXROR-FKLDYH GL VHJUHWDULR GL 6WDWR GHO FDUGLQDOH 7DUFLVLR %HUWRQH LO TXDOH q VWDWR LQ FDULFD GDO DO WHQHQGR EXRQL UDSSRUWL FRQ L YDUL DPELHQWL SROLWLFL LQFOXVR LO 0RYLPHQWR &LQTXH 6WHOOH GL %HSSH *ULOOR FKH q VWDWR ULFHYXWR LQ XGLHQ]D XIILFLDOH QHO 3XU FRQVHUYDQGR DWWUDYHUVR L VXRL IHGHOLVVLPL LO FRQWUROOR GHL GLFDVWHUL ILQDQ]LDUL H GHOOD VDQLWj VX WXWWL %DPELQ *HV H ,GL %HUWRQH q VWDWR VRVWLWXLWR QHOOÂ¶RWWREUH GDO FDUGLQDOH 3LHWUR 3DUROLQ DQFKÂ¶HJOL JHVXLWD PD KD FRQWLQXDWR DG DELWDUH QHOOÂ¶DSSDUWDPHQWR ULVHUYDWR DO 6HJUHWDULR GL 6WDWR QHO 3DOD]]R $SRVWROLFR GRYH )UDQFHVFR KD VFHOWR GL QRQ YLYHUH SHUFKp VHUYLYD DQFRUD WHPSR SHU FRPSOHWDUH L ODYRUL GL ULVWUXWWXUD]LR QH GHO OXVVXRVR DWWLFR QHO 3DOD]]R 6DQ &DUOR GRYH WUDVFRUUHUj OD SHQVLRQH 8Q DSSDUWDPHQWR GL PHWUL TXDGUDWL FKH QH XQLVFH GXH TXHOOR FKH HUD GHOOÂ¶H[ FRPDQGDQWH GHOOD *HQGDU PHULD 9DWLFDQD &DPLOOR &LELQ PRUWR QHO H TXHOOR FKH DYHYD RFFXSDWR PRQVLJQRU %UXQR %HUWDJQD VFRPSDUVR QHOOÂ¶RWWREUH ILQR DO YLFHSUHVLGHQWH GHO 3RQWLILFLR &RQVLJOLR SHU L WHVWL OHJLVODWLYL ,QXWLOH GLUH FKH SDSD )UDQFH VFR QRQ KD JUDGLWR &RVu FRPH QRQ KD JUDGLWR OR VWLOH FRQ FXL %HUWRQH KD IHVWHJJLDWR L VXRL DQQL FRQ XQ SDUW\ UHJDOH IUD SRUFHOODQH DUJHQWL FULVWDOOL H XQ PHQ D EDVH GL WDUWXIR GÂ¶$O ED LQQDIILDWR GD YLQL SLHPRQWHVL GL JUDQ SUHJLR $WWULWL FRQ OD &(, GL %DJQDVFR VL VRQR LQYHFH YHULILFDWL LQ RFFDVLRQH GHOOÂ¶LQFUHVFLRVD YLFHQGD ULJXDUGDQWH OD YHQGLWD GHL VDFUDPHQWL GD SDUWH GL DOFXQH SDUURFFKLH &URQDFKH ORFDOL KDQQR LQIDWWL GHQXQFLDWR OD SUDWLFD DWWXDWD GD PROWL SDUURFL GL VWLODUH XQ YHUR H SURSULR SUH]]DULR SHU PDWULPRQL EDWWHVLPL FUHVLPH H IXQHUDOL 3UHVVR OD &KLHVD GL 6 6WHIDQR 5RWRQGR VXO &HOLR D 5RPD OD VSHVD PLQLPD SHU FHOHEUDUH XQ PDWULPRQLR q GL HXUR FXL YD DJJLXQWD XQÂ¶RIIHUWD Â©OLEHUDÂª SHU FKL YLHQH GD IXRUL FLWWj 1HO SDHVH GL 9LOOD %DJJLR QHO SLVWRLHVH OÂ¶DQ]LDQR SDUURFR FKLHGHQGR HXUR SHU FRQYRODUH D QR]]H H SHU EDWWHVLPL H IXQHUDOL KD IDWWR LQIXULDUH OD FRPXQLWj GHL IHGHOL FKH KD VFULWWR XQD OHWWHUD GLUHWWDPHQWH DO SDSD 0HQWUH QHOOD FKLHVD GL

6DQ )UDQFHVFR GL $VVLVL D 7HUPROL OÂ¶RIIHUWD PLQLPD SHU OD SUHSDUD]LRQH H OD FHOHEUD]LRQH GHO PDWULPRQLR q ILVVDWD D HXUR HXUR DO PRPHQWR GHOOD FKLXVXUD GHOOD SUDWLFD H DO PRPHQWR GHOOD FHOHEUD]LRQH 2IIHUWH OLEHUH PD QRQ WURSSR DQFKH D 9HQH]LD 3HU VSRVDU VL QHOOD FULSWD GL 6DQ 0DUFR VHUYRQR DOPHQR HXUR FHQWR LQ SL SHU OD %DVLOLFD GL 6DQWD 0DULD $VVXQWD GHO 7RUFHOOR 7DULIIH VLPLOL VRQR SUHVHQWL DQFKH DO 6XG 8Q PDWULPRQLR QHOOD %DVLOLFD GL 6DQ 1LFROD D %DUL SXz FRVWDUH DQFKH HXUR PHQWUH /H ,HQH WUH DQQL ID VFRSULURQR SDUURFL QDSROHWDQL FKH FKLHGHYDQR ILQR D HXUR ,O FDUGLQDOH GL 1DSROL &UH VFHQ]LR 6HSH SL YROWH KD WXRQDWR FRQWUR OD YHQGLWD GL 0HVVH H VDFUDPHQWL QHOOD SL JUDQGH GLRFHVL GHO 0H]]RJLRUQR ILQR D YLHWDUOR SHU LVFULWWR QHOOD VXD OHWWHUD SDVWRUDOH Â©3HU DPRUH GHO PLR SRSRORÂª VRVWHQHQGR OD Â©OLEHUDOL]]D]LRQH GHOOH RIIHUWH GHL IHGHOL >SHU@ FRUUHJJHUH LO VRVSHWWR GL DOFXQL VHFRQGR L TXDOL DQFKH L VDFUDPHQWL VL FRPSUDQR $ WXWWL SURVHJXH GREELDPR RIIULUH LO YROWR GL XQD &KLHVD DQLPDWD GDO VROR GHVLGHULR GL VHUYLUH VHQ]D QXOOD D SUHWHQGHUHÂª $QFKH SDSD )UDQFHVFR VL q VFDJOLDWR FRQWUR TXHOOL FKH KD GHILQLWR Â©SUHWL DIIDULVWLÂª FKH IDQQR XQD YHUD H SURSULD RSHUD GL Â©FRUUX]LRQH FKH VFDQGDOL]]D LO SRSRORÂª Â©/H &KLH VHÂª KD SURVHJXLWR %HUJRJOLR Â©QRQ GHYRQR PDL GLYHQWDUH FDVH GL DIIDUL SHUFKp OD UHGHQ]LRQH GL *HV q VHPSUH JUD WXLWDÂª ,O SDSD KD IDWWR DQFKH XQD PHGLWD]LRQH VXO 9DQJHOR FKH UDFFRQWD OÂ¶HSLVRGLR LQ FXL *HV FDFFLD L PHUFDQWL GDO WHPSLR Â©SHUFKp KDQQR WUDVIRUPDWR OD FDVD GL SUHJKLHUD LQ XQ FRYR GL ODGULÂª H KD FRQFOXVR GLFHQGR FKH Â©QRQ VL SRVVR QR VHUYLUH GXH SDGURQL R UHQGL LO FXOWR DO 'LR YLYHQWH R UHQGL LO FXOWR DL VROGL DO GHQDURÂª %DJQDVFR VHPEUD QRQ DYHU JUDGLWR OÂ¶DIIRQGR GHO SDSD VRVWHQHQGR FKH Â©L VDFUDPHQWL QRQ VRQR SDJDWL LQ QHVVXQ PR GRÂª H ODVFLDQGR LQWHQGHUH FKH LO FOLPD WUD L GXH QRQ q PROWR GLVWHVR 3HU %DJQDVFR GXQTXH Â©OH RIIHUWH FKH IHGHOL H ODLFL LQWHQGRQR GDUH LQ IRUPD OLEHUD VRQR XQ PRGR SHU FRQWULEXLUH DOOH QHFHVVLWj PDWHULDOL GHOOD FKLHVD , QRVWUL SDUURFL KD FRQ FOXVR GL IURQWH D VLWXD]LRQL GL LPSRVVLELOLWj GL XQÂ¶RIIHUWD VLFX UDPHQWH QRQ ULILXWDQR GL GDUH QHVVXQ VDFUDPHQWRÂª 0D IRUVH OÂ¶DWWR SL SHUHQWRULR GL %HUJRJOLR YHUVR OD &XULD FÂ¶q VWDWR LQ RFFDVLRQH GHO 6LQRGR VXOOD IDPLJOLD VYROWRVL LQ RWWREUH QHOOD FXL UHOD]LRQH ILQDOH VL OHJJH FKH Â©6HQ]D QHJDUH OH SUREOHPDWLFKH PRUDOL FRQQHVVH DOOH XQLRQL RPRVHV VXDOL VL SUHQGH DWWR FKH YL VRQR FDVL LQ FXL LO PXWXR VRVWHJQR ILQR DO VDFULILFLR FRVWLWXLVFH XQ DSSRJJLR SUH]LRVR SHU OD YLWD GHL SDUWQHUVÂª SHU FXL OD &KLHVD VL SURSRQH GL Â©HODERUDUH FDP PLQL UHDOLVWLFL GL FUHVFLWD DIIHWWLYD H GL PDWXULWj XPDQD HG HYDQJHOLFD LQWHJUDQGR OD GLPHQVLRQH VHVVXDOHÂª 8QD YROWD SXEEOLFDWD OD UHOD]LRQH L SDGUL VLQRGDOL KDQQR VFRSHUWR FKH QRQ YL HUDQR ULSRUWDWH OH YDULH SRVL]LRQL DVVXQWH GXUDQWH OD GLVFXVVLRQH PD VROWDQWR TXHOOH GHL FRVLGGHWWL Â©QRYDWRULÂª LQ VLQWRQLD FRQ OH LQGLFD]LRQL GL SDSD %HUJRJOLR &RPH KD VFULWWR 6DQGUR 0DJLVWHU VX /Â¶(VSUHVVR Â©LO QXRYR YHUER ULIRUPDWRUH LPPHVVR QHO FLUFXLWR PRQGLDOH GHL PHGLD YDOH SL GHO IDYRUH HIIHWWLYDPHQWH UDFFROWR WUD L SDGUL VLQRGDOLÂª /Â¶LPSUHVVLRQH q FKH LO 6LQRGR FKH KD DIIURQWDWR DQFKH LO WHPD GHOOD &RPXQLRQH SHU OH SHUVRQH GLYRU]LDWH VL VLD RFFX SDWR SL GHJOL RPRVHVVXDOL DOOÂ¶LQWHUQR GHO 9DWLFDQR SLXWWRVWR FKH GL TXHOOL DO GL IXRUL /R VWHVVR SDSD QRQ ID PLVWHUR LQIDWWL GHOOD SUHVHQ]D GL SUHODWL RPRVHVVXDOL FKH FRSURQR SRVWL GL SRWHUH DOWLVVLPL QHOOD JHUDUFKLD , *HVXLWL VRQR GD VHPSUH OÂ¶RUGLQH SL SRWHQWH GHOOD &KLHVD &DWWROLFD SRLFKp GD VHPSUH GHWHQJRQR DOWH FRQRVFHQ]H VFLHQ WLILFKH /Â¶DXWRUHYROH]]D GHOOÂ¶RSHUDWR GL SDSD )UDQFHVFR FL FRQIHUPD OD IRU]D GHOOÂ¶RUGLQH PD OH SRVL]LRQL DVVXQWH GXUDQWH LO 6LQRGR FL IDQQR XQ SRÂ¶ GXELWDUH $Q]L FL IDQQR SUHRFFXSDUH

,/ %25*+(6(

/Â¶81,9(56,7Â¬

&Â¶(5$ XQD YROWD GL +(59e $ &$9$//(5$ 6, 1$55$ FKH XQ WHPSR OÂ¶8QLYHUVLWj HUD OD VHGH GHOOD UL FHUFD 6u DQFKH VL DYYLDYDQR JOL VWXGHQWL DOOH SURIHVVLRQL YL SRWHYDQR HVVHUH GRFHQWL XQ SRÂ¶ DUURJDQWL YL SRWHYD HVVH UH TXDOFKH IDYRULWLVPR FRPH GD VHPSUH DFFDGH QHOOH YLFHQ GH TXRWLGLDQH PD VRSUDWWXWWR OÂ¶8QLYHUVLWj HUD HVSUHVVLRQH GHOOD ULFHUFD 'D TXDOFKH WHPSR TXHVWR q GLYHQXWR XQD QDU UD]LRQH ,O WULRQIR GHOOH VWDWLVWLFKH GHOOÂ¶8QLRQH HXURSHD GHOOR VFLHQWLVPR GHOOD PDVVLILFD]LRQH GHOOD JOREDOL]]D]LR QH GHO OLEHUDOLVPR WDUGR-FDSLWDOLVWLFR KD GHYDVWDWR WXWWR /Â¶XQLFD ULFHUFD FKH FRQWD q TXHOOD ILQDOL]]DWD DL YDQWDJJL GHO PHUFDWR /R 6WDWR VL GHILOD DQ]L Â©VL DOOHJJHULVFHÂª OH VWDWLVWLFKH LQRQGDQR GL LQXWLOL H VWUXPHQWDOL R DVWUDWWH FRP SDUD]LRQL OH YDOXWD]LRQL TXDQWLWDWLYH VRQR OD QHJD]LRQH GHO ULFRQRVFLPHQWR GHOOD TXDOLWj LO QXPHUR GHL GRFHQWL XQLYHU VLWDUL H GHJOL VWXGHQWL XQLYHUVLWDUL GHFUHVFH YLVWRVDPHQWH 4XHVWÂ¶XOWLPR q XQ IHQRPHQR VX FXL RFFRUUH VRIIHUPDU VL ,O GHFUHPHQWR GHO QXPHUR GHL GRFHQWL XQLYHUVLWDUL FKL VL SHQVLRQD QRQ YLHQH VRVWLWXLWR H L QHRDELOLWDWL QRQ VRQR FKLDPDWL VRSUDWWXWWR VH HVWHUQL DOOÂ¶LVWLWX]LRQH H OÂ¶DXPHQWR GHL SUHFDUL ULFHUFDWRUL D WHPSR GHWHUPLQDWR H YDULH IRUPH GL LQFDULFDWL DQQXDOL PRVWUD FRQ FKLDUH]]D FDUWHVLDQD OD ODWLWDQ]D GHOOR 6WDWR H OÂ¶LQFDSDFLWj GHL YDUL PLQLVWUL FKH LQ TXHVWL XOWLPL DQQL VL VRQR LQVHGLDWL DOOD Â©0LQHUYDÂª GL UHD OL]]DUH TXDOFRVD GL EXRQR GL Oj GDL JXDVWL FKH KDQQR JHQH UDWR ,O GHFUHPHQWR GHOOD SRSROD]LRQH XQLYHUVLWDULD VL VSLHJD FRQ LO IDWWR FKH OD ODXUHD RUPDL PDOGHVWUDPHQWH DUWLFRODWD WUD WULHQQDOH H PDJLVWUDOH QRQ JDUDQWLVFH DOFXQ SRVWR GL ODYRUR ( DOORUD SHUFKp ODXUHDUVL" 6H LO WLWROR GL VWXGLR q YROWR DO FRQVHJXLPHQWR GL XQ SRVWR SXEEOLFR TXHVWR QRQ FÂ¶q 6H q YROWR DOOD OLEHUD SURIHVVLRQH HVLVWH XQD JLXQJOD LQ FXL OD FRQFRUUHQ]D VSLHWDWD QRQ JDUDQWLVFH OD VHUHQD VR SUDYYLYHQ]D VH QRQ SHU SRFKL 'Â¶DOWUD SDUWH QRQ q XQ FDVR VH L SURJUDPPL WHOHYLVLYL LQVLVWRQR QHO GLUH FKH YL VRQR EUDYL JLRYDQL FKH WRUQDQR DG XQD LPSUHQGLWRULD WHUULHUD R DOOD ULVFRSHUWD GL YHFFKL PH VWLHUL GD LQQRYDUH ,QVRPPD LO PHVVDJJLR VXEOLPLQDOH q WRUQDWH D IDUH L FRQWDGLQL H JOL DUWLJLDQL 6ROWDQWR FKH L JLR YDQL SOXULODXUHDWL FRQ GRWWRUDWL GL ULFHUFD H PDVWHU QRQ VDQ QR SL IDUH Qp L FRQWDGLQL Qp JOL DUWLJLDQL ( SHU IDUH L FRQ WDGLQL LPSUHQGLWRUL RFFRUURQR WHUUHQL H FDSLWDOL ROWUH FKH FDSDFLWj JHVWLRQDOL FKH QRQ FL VRQR 6L DVVLVWH TXLQGL DOOD OHQWD WUDJHGLD GL XQÂ¶LQWHUD JHQH UD]LRQH FKH SHVD RUPDL VXJOL DQ]LDQL JHQLWRUL H FKH QRQ VL VD FKH ILQH IDUj 1RQ EDVWDQR L WDQWL SURFODPL GHO JRYHUQR DWWXDOH D ULVROYHUH OD VLWXD]LRQH H OÂ¶HVDVSHUD]LRQH FUHVFH DQFKH SHUFKp PHQWUH OD 3HQLVROD q VRVWDQ]LDOPHQWH LQYDVD GD LPPLJUDWL FKH FHUFDQR XQD VRSUDYYLYHQ]D TXDOH FKH VLD LO FHWR PHGLR q VWDWR VRIIRFDWR GDL WDQWL EDO]HOOL FKH FRQWL QXDPHQWH VRUJRQR FRPH IXQJKL ,O GUDPPDWLFR GLVVHVWR GL LQWHUH DUHH JHRJUDILFKH LWDOLDQH FKH VRQR VWDWH WUDYROWH GDO PDOWHPSR HVSULPH DO SUHVHQWH OD GUDPPDWLFD UHDOWj GL XQ

*HQQDLR

3DHVH FKH VL VIDVFLD DQFKH D FDXVD GL XQ LQGLYLGXDOLVPR HVDVSHUDWR H GL XQD SROLWLFD WRWDOPHQWH ORQWDQD GD XQD YL VLRQH HWLFD GHOOD UHDOWj /D GLYLVLRQH WUD ULFFKL YHUDPHQWH WDOL H SRYHUL q RUPDL XQ GDWR FKH VL DIIHUPD FRQ IRU]D FUH VFHQWH 3HU WDOH DVSHWWR LO VLOHQ]LR GHOOD FODVVH XQLYHUVLWDULD q VLJQLILFDWLYD GL XQD UHVD VHQ]D FRQGL]LRQL &Lz YDOH SDUWL FRODUPHQWH SHU OH )DFROWj XPDQLVWLFKH RUPDL GHO WXWWR GH PRWLYDWH H YROWH D FRQVHUYDUH TXHO SRFR FKH ULPDQH 7DO YROWD VL WUDWWD GL GRFHQWL FKH KDQQR GHO WXWWR SHUGXWR OD FRQ VDSHYROH]]D GL UDSSUHVHQWDUH LO YHUWLFH FXOWXUDOH GHOOD QD ]LRQH H FKH WLUDQR D JXDGDJQDUH TXDWWUR SDJKH SHU LO OHVVR 6u FL VRQR OH VWDWLVWLFKH PD HVVH VRQR XQD ILFWLR QRQ UDS SUHVHQWDQR VH QRQ OÂ¶LQJDQQR GL XQD WXWHOD FKH QRQ VHUYH D QLHQWH /D FODVVH SROLWLFD RUPDL DQVLPD OH EDQFKH KDQQR LQ PDQR LO UHDOH SRWHUH OD FODVVH PHGLD FKH DYHYD LQYHVWLWR QHO IDUVL XQD FDVD q DOOD GLVIDWWD LO VLVWHPD SLUDPLGDOH GHOOD FXOWXUD q GD WHPSR DQQXOODWR SHU XQD PDVVLILFD]LRQH FKH QRQ KD HOHYDWR OD FXOWXUD EHQVu LO QXPHUR GHL QXOODIDFHQWL ,QWDQWR L GLYHUVL FDQDOL WHOHYLVLYL VRQR SLHQL GL WUDVPLVVLRQL LQ FXL L YDUL SROLWLFDQWL RIIURQR ULFHWWH H GDQQR FRQVLJOL 3RL HVSORGRQR JOL VFDQGDOL /D GLVIDWWD HFRQRPLFD VRWWLQWHQGH TXHOOD PRUDOH 4XL QRQ VL YXROH GLUH FKH DOWURYH OH FRVH VLDQR PLJOLRUL PD RFFRUUH SHQVDUH D FDVD SURSULD ( FKL VL JXDUGD LQWRUQR ULVFRQWUD LQFDSDFLWj H VSDYHQWR PHQWUH DX PHQWDQR OD FULPLQDOLWj H OD YLROHQ]D 1HOOH HOH]LRQL OÂ¶DVWHQ VLRQLVPR SUHYDOH LQ PDQLHUD UDGLFDOH /D GLVWDQ]D WUD L FLW WDGLQL H L SROLWLFL q VRVWDQ]LDOH 1HOOD IDWWLVSHFLH GHOOÂ¶8QLYHUVLWj HVVD q GLYHQXWD XQD ODQGD LQ FXL LO ODXUHDWR DFTXLVWD WLWROL XQ Â©WLWROLILFLRÂª IDUUD JLQRVR FRQ XQD EXURFUDWL]]D]LRQH LQWHUQD VSDYHQWRVD VWD WXWL UHJRODPHQWL FRPPLVVLRQL FRPLWDWL H FRVu YLD ,O WHP SR SHU OD ULFHUFD VL q ULGRWWR PHQWUH q FUHVFLXWD OD REEOLJD WD SDUWHFLSD]LRQH D WDQWH ULXQLRQL /D ULFHUFD SHU VXD QDWXUD q OLEHUD q LO VRJQR GHOOÂ¶LQWHOOLJHQ]D , QRVWUL PLQLVWUL KDQQR VRIIRFDWR OÂ¶DYYHQWXUD GHOOH LGHH LQ IDYRUH GHOOH OXQJDJJLQL EXURFUDWLFKH ,Q TXHVWR VRQR VWDWL YHUDPHQWH RFFKLXWL VRO WDQWR FKH KDQQR WRWDOPHQWH GLPHQWLFDWR WUD OH WDQWH FRVH FKH JOL VWXGHQWL GHYRQR HVVHUH SUHSDUDWL H GRYUHEEHUR WUR YDUH XQ HVLWR QHO PRQGR GHOOH SURIHVVLRQL 0D LO IXWXUR GHL JLRYDQL QRQ SL JLRYDQL QRQ LQWHUHVVD D FKL JHVWLVFH OD UHV SXEOLFD 2UD L Â©JLRYDQLÂª VHPEUDQR HVVHUH UDVVHJQDWL PD VLQR D TXDQGR" ( VLQR D TXDQGR SRWUDQQR HVVHUH DLXWDWL GD JOL DQ]LDQL JHQLWRUL" /R VFHQDULR FKH VL SUHDQQXQ]LD q VHP SUH SL IRVFR

*HQQDLR

,/ %25*+(6(

81 %821 SUHFHWWRUH GRPHVWLFR GL $/(66$1'52 &(6$5(2 48$1'2 LO SXEEOLFR SLDQJH H ULVFKLD GL HVVHUH QRFLYR LO SULYDWR LQVRUJH H FRVu IDFHQGR ULHVFH D GDUH LO PHJOLR GL Vp &RPH DYYHQQH JLj XQ WHPSR FRQ 2UELOLR LO SODJRVXV PDHVWUR FKH FRVWULQJHYD LO JLRYDQH 2UD]LR LQ VHJXLWR GHVWLQDWR D GL YHQWDUH DLR XQ HOHPHQWR GL VSLFFR DOO¶LQWHUQR GHO FLUFROR PH FHQD]LDQR H TXLQGL GHOOD FXOWXUD G¶HWj DXJXVWHD DG LPSDUDUH D VXRQ GL SHUFRVVH O¶2GXVLD GL /LYLR $QGURQLFR XQD VRUWD GL pSRV QD]LRQDOH VX FXL RJQL DOOLHYR GRYHYD IRUPDUVL RQGH FRQRVFHUH QHO GRYXWR PRGR JOL DOERUL GHOOD OHWWHUDWXUD ODWLQD 1HL VXRL FHOHEUL 3UDFHSWD DG 0DUFXP ILOLXP &DWRQH LO &HQVRUH DQLPDWR GDO QRELOH LQWHQWR GL UHGLJHUH XQ WHVWR GL ULIHULPHQWR SHU O¶HGXFD]LRQH GHO SURSULR ILJOLR LQGLFD FRQ FKLDUH]]D WXWWL L ULVFKL FRQQHVVL DG XQ¶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¶RELHWWLYR SL LPSRUWDQWH FXL VDFULILFDUH RJQL DOWUR ©YDORUH QRQ QHJR]LDELOHª QHSSXUH XQD SDUROD SHU LO SHUGXUDUH GHOOR VIDFHOR HGXFDWLYR FKH WURYD QHO GLQDPLFR GXR ©UHQ]LJLDQQLQLª XQD FRUVLD SUHIHUHQ]LDOH FKH QRQ SRWUHE EH QRQ DOODUPDUH TXDOXQTXH XRPR GL EXRQVHQVR FULVWLDQR R QR FKH VLD 'RSR OD IDUVHVFD PHVVLQVFHQD GHOOD ULIRUPD GHOOH ULIRUPH VEDQGLHUDWD DJOL ©RWWR YHQWLª WDQWR VH Q¶q SDUODWR VRWWR LO VROH GL OXJOLR FKH DYUHEEH GRYXWR IDUFL DEEURQ]DUH PD FKH LQYHFH QRQ VL q QHSSXUH DIIDFFLDWR GRSR LO SURFODPD GHOOH WUHQWDVHL RUH GL ODYRUR LQ FODVVH SHU L GRFHQWL OD SURPHVVD GHOOH VFXROH DSHUWH GDOOH VHWWH GHO PDWWLQR DOOH XQGLFL GL VHUD PD VHQ]D OXFH H VHQ]D ULVFDOGDPHQWR FKp FRVWDQR WURSSR XQ¶DOWUD HQRUPH EXIDOD KD GDWR LO FROSR GL JUD]LD DOOR VSLQWR H GDQQRVR ULIRUPLVPR ©JLDQQLQRª RYYHUR LO ODVFLD H SUHQGL LO WRJOL H PHWWL UHODWLYR DOOD FRPPLVVLRQH GHJOL HVDPL GL 6WDWR SHU FXL VH q GL FUHGLELOLWj FKH YRJOLDPR SDUODUH q GDYYHUR SRFD TXHO OD DQFRUD ULPDVWD VLFFKp EDGLDPR D QRQ VSUHFDUOD GHO WXWWR H SHU VHPSUH (FFR SHUFKp q LPSRUWDQWH LQL]LDUH DG DWWLYDUVL PD ILQ GD RUD H SHU EHQH SHU WURYDUH XQ YHUR PDJLVWHU XQ SUHFHWWRUH ULJRURVDPHQWH SULYDWR FKH ULVXOWL GHJQR GL TXHVWR QRPH H FKH VYROJD GDYYHUR OD QRELOH SURIHVVLRQH GHOO¶LQVHJQDUH VHQ]D ODVFLDUVL VRIIRFDUH GDL ODFFL H GDL ODFFLXROL GHOOD PLFLGLDOH EXURFUD]LD LWDOLDQD H VRSUDWWXWWR VHQ]D IDUVL FRLQYROJHUH GDL PRUWLILFDQWL FULWHUL FKH FRQGL]LRQDQR H GHWHUPLQDQR OD YLWD GL VFXROH H VFXROHWWH YDULH 6H VFXROD GHYH HVVHUH GXQTXH FKH OR VLD VHFRQGR LO YHUR HWLPR GHOOD SDUROD JUHFD GD FXL GHULYD RYYHUR ©WHPSR OLEH

URª PD VSHVR EHQH DOO¶LQWHUQR GL XQ YHUR FDPPLQR GL IRUPD ]LRQH H GL PDWXUD]LRQH Ê LQIDWWL LQXWLOH VH QRQ GDQQRVR DQGDUH LQ (XURSD D FKLHGHUH DLXWL SHU JOL H[WUDFRPXQLWDUL SL R PHQR RQHVWL HG LQ SDWULD ODVFLDUVL VRIIRFDUH H VFKLDFFLDUH GDOO¶DYDQ]DWD LQDUUHVWD ELOH GHOO¶LVODP H GDOOD SHUGLWD GL TXDOXQTXH LGHQWLWj QD]LRQDOH FRVu FRPH q LQLTXR DEEDQGRQDUH L QRVWUL JLRYDQL DOOD SHUQL FLRVD GHULYD GL XQD SVHXGRIRUPD]LRQH SXEEOLFD FKH UXED ORUR DOPHQR WUHGLFL DQQL GL YLWD PD FKH LQ FDPELR QRQ RIIUH DOWUR VH QRQ OD GHVRODQWH SURVSHWWLYD GHOOD GLVRFFXSD]LRQH PD FRQ LO GLSORPD H VHPSUH SL VSHVVR FRQ OD ODXUHD LQ WDVFD 2YYH UR LO PLJOLRUH HORJLR GHOO¶LQXWLOH &RPH UHDJLUH D WDOH VIDVFLR" 8Q SURILOR GHOO¶DLR FXL DIIL GDUH L SURSUL ILJOL SRWUj IRUVH ULVXOWDUH XWLOH ,QQDQ]LWXWWR LO PDHVWUR FKH SRWUj DLXWDUH L QRVWUL ILJOL D FUHVFHUH GRYUj SHU IRU]D GL FRVH HVVHUH FROWR RYYHUR SUHSDUD WR RYYHUR DYHUH VWXGLDWR VXO VHULR H GRYUj GLPRVWUDUH FRQFUH WDPHQWH TXHVWD VXD LPSUHVFLQGLELOH TXDOLWj DOWUR FKH FRUVL FRUVHWWL DELOLWDQWL H QRQ LQIDUFLWL GHOOH EXURFUD]LD SL EHFHUD PD GHO WXWWR SULYL GL FRQWHQXWL H GL YDORUL 'RWH TXHVWD FKH SRWUj HVVHUH DFFHUWDWD IDFLOPHQWH DQFKH DOO¶LQWHUQR GHO FRQGR PLQLR LQ FXL SRQLDPR SRWUj LQ VHJXLWR LQVHJQDUH H GRYUj HVVHUVL IRUPDWR FRQ XQD VROLGD FXOWXUD XPDQLVWLFD DO FHQWUR GHOOD TXDOH LO ODWLQR HG LO JUHFR GRYUDQQR VYROJHUH XQ UXROR FKLDUR H FHUWR %DVWD FRQ L GRFHQWL WXWWRORJL FRVWUHWWL D VSHFLD OL]]DUVL VXO SDVVR DVVXQWR GDOOH IRUPLFKH GXUDQWH OH PLJUD]LR QL R D FRQRVFHUH OH ULFHWWH GHO %XUXQGL R GHOOH *DODSDJRV SHU PHWWHUH D VXR DJLR OR VWUDQLHUR GL WXUQR DOOD FXL YRORQWj QRQ GHYH HVVHUH VDFULILFDWR LO QRVWUR PRGHOOR HGXFDWLYR ,O SUHFHWWRUH LQ RJJHWWR LQROWUH GRYUj HVVHUH PRUDOPHQWH VDQR H QRQ GRYUj RFFXSDUVL GL SROLWLFD RQGH QRQ FRUUHUH LO ULVFKLR JLj ILQ WURSSR HYLGHQWH H ULSHWXWR G¶LQGLFDUH SHU ILOR H SHU VHJQR DL UDJD]]L FKL YRWDUH H FKL QR H JXDUGD FDVR GL PDJQLILFDUH TXDVL VHPSUH FDQGLGDWL GL VLQLVWUD GD VHPSUH DQFKH ILQ WURSSR SUHVHQWL DOO¶LQWHUQR GHOOH LVWLWX]LRQL VFRODVWL FKH 6DUHEEH LQROWUH DVVDL DXVSLFDELOH FKH OR VWHVVR QRQ VL GHV VH VFUXSRORVDPHQWH GD IDUH FRVD FKH - SXUWURSSR - VWD DFFD GHQGR FRQ ILQ WURSSD IUHTXHQ]D QHOOH VFXROH SXEEOLFKH SHU LQIOXHQ]DUH O¶RULHQWDPHQWR VHVVXDOH GHL UDJD]]L H GHJOL DGROH VFHQWL DIILGDWLJOL YLVWR FKH RJJL FRPH RJJL DVVLVWLDPR ILQ WURSSR VSHVVR DG DOODUPDQWL HSLVRGL GL GRFHQWL FKH SRQWLILFD QR LQ IDYRUH GHOO¶RPRVHVVXDOLWj H FKH VL GDQQR GD IDUH SHU GLIIRQGHUH PDWHULDOL ILOPDWL H GRFXPHQWL YROWL D IDYRULUH TXH VWR WLSR GL VFHOWD /DVFLDPR SHU IDYRUH FKH L QRVWUL UDJD]]L VRSUDWWXWWR L PDVFKLHWWL V¶LQQDPRULQR GD VROL GHOOH EHOOH IDQFLXOOH FKH LQ FRQWUHUDQQR VXO ORUR FDPPLQR H ULVSHWWLDPR SHU IDYRUH OD VWUXWWXUD H O¶LGHQWLWj GHO QRVWUR FRUSR $QGDUH FRQWUR OD QDWX UD FRQWUR OD IHGH H FRQWUR L YDORUL LQ HVVD UDGLFDWL QRQ SXz FKH VSDODQFDUH OH SRUWH DOOD URYLQD WRWDOH GL XQ¶XPDQLWj JLj DVVDL GHFDGHQWH H GL XQ 3DHVH FKH FRPH O¶,WDOLD QRQ KD GDY YHUR PROWH DOWUH SRVVLELOLWj GL IDUFHOD VH QRQ SXQWD D OLEHUDUVL DO SL SUHVWR GHL FLDUODWDQL FKH VRVWHQJRQR GL YROHUOD H TXHO FKH q SHJJLR GL VDSHUOD DQFKH JRYHUQDUH 8OWLPH PD HVVHQ]LDOL TXDOLWj GHO SUHFHWWRUH TXL ULWUDWWR O¶RSHURVLWj OR ]HOR LO VHQVR GHO GRYHUH OD SXUH]]D GL YLWD OD UHWWLWXGLQH PRUDOH O¶RQHVWj LQWHOOHWWXDOH LO WXWWR D YDQWDJJLR GL XQ SURILOR FKH FRPH TXHOOR TXL WUDFFLDWR GRYUHEEH DFFHQ GHUH QHOO¶DQLPR GHL JLRYDQL XQD VDQD H IHUYRURVD HPXOD]LRQH H QRQ FRPH RUD DFFDGH IDVWLGLR R UHSXOVLRQH 6H FRPH DEELDPR YLVWR O¶LVWUX]LRQH SXEEOLFD LWDOLDQD KD IDOOLWR LQ WRWR RUD IDFFLDPR LQ PRGR FKH O¶DYYHQWR GL XQ DLR SULYDWR SRVVD RIIULUH DL UDJD]]L HG DL ORUR JHQLWRUL XQ¶XOWLPD VSHUDQ]D SULPD GHOOR VIDVFLR WRWDOH

,/ %25*+(6(

75(',&, $11, ', 6&82/$ ( 678',2

3(5 )$5( &26$" GL 0$5,2 &2'$ /$ 5,63267$ DOOD GRPDQGD q DIIHUPDWLYD HG HFFR LO SHU FKp 9L VHPEUD IRUVH JLXVWR FKH L QRVWUL UDJD]]L WUDVFRUUD QR OD EHOOH]]D GL WUHGLFL DQQL VXL EDQFKL GL VFXROD SHU SRL DUULYDUH DOO¶XQLYHUVLWj QHOOD PDJJLRU SDUWH GHL FDVL SL DQDOIDEHWL GL TXDQGR KDQQR LQL]LDWR LO ORUR SHUFRUVR GL IRU PD]LRQH" ,O IDOOLPHQWR FKH FRVu YD FKLDPDWR HVLVWH H GL SHQGH GD WUH IDWWRUL LQ SDUWLFRODUH FKH FRPELQDWL LQVLHPH GDQQR YLWD DG XQD PLVFHOD D GLU SRFR HVSORVLYD ,O SULPR SHU LPSRUWDQ]D q OD VFDUVD DWWHQ]LRQH FKH OH IDPLJOLH GHGLFDQR DL UDJD]]L ,QIDWWL RJJL FRPH RJJL VL VWD DVVLVWHQGR DO SURJUHVVLYR H SHULFRORVR GLVVLSDUVL GL TXHVWL SUH]LRVL TXDQWR LQGLVSHQVDELOL QXFOHL DOO¶LQWHUQR GHL TXDOL XQ JLRYDQH GRYUHEEH IRUPDUVL H FUHVFHUH VHPSUH GL SL LQ YLUW H VDSLHQ]D FRP¶q VFULWWR GD TXDOFKH SDUWH $PHQL LQJDQQL G¶XQ WHPSR YLVWR FKH RJJL EHQ SHULFRORVDPHQWH GLYHUVD q O¶LGHD GL ©IDPLJOLDª ,O VHFRQGR LQYHFH q GD ULFHUFDUVL QHO WUDGLPHQWR FKH OD VFXROD VWHVVD KD RSHUDWR QHL FRQIURQWL GHOOD VXD PLVVLRQH LQL]LDOH H WDOH VFHPSLR QRQ q DWWULEXLELOH LQ WRWR DOO¶HPDQD ]LRQH GL QXRYL HG LQTXLHWDQWL UHJRODPHQWL EHQVu DO SURJUHV VLYR VFROODPHQWR FKH VL q YLD YLD YHQXWR D FUHDUH WUD O¶LVWL WX]LRQH VFRODVWLFD H OD UHDOWj 8QD GLPHQVLRQH TXHVW¶XOWLPD LQWHUDPHQWH H GLVWUXWWL YDPHQWH GRPLQDWD GDOO¶LQJHUHQ]D GL PH]]L GL FRPXQLFD ]LRQH D GLU SRFR GDQQRVL IUXWWR GL XQD PDVVLILFD]LRQH VHO YDJJLD H FRQGRWWD DG ROWUDQ]D 6HPSUH SL VFDUVH SHUWDQWR VL IDQQR OH RFFDVLRQL SHU XQ FRQIURQWR FRVWUXWWLYR H GHPRFUDWLFR DO FXL LQWHUQR QRQ SUHYDOJDQR OH ORJLFKH GHOO¶LQGRWWULQDPHQWR H GHO WXWWR VXEL WR PD VL SXQWL VHPPDL DOOD UHDOL]]D]LRQH GL XQD FUHVFLWD YHUD HG HYLGHQWH ,O WHU]R PRWLYR QRQ PHQR LPSRUWDQWH q GD ULVFRQWUDUVL QHOOD QROXQWDV GHO JLRYDQH LO TXDOH VHEEHQH SURYHQJD GD XQD EXRQD IDPLJOLD FKH q ULXVFLWD FRQ VXFFHVVR D WUDVPHW WHUH GHL YDORUL GHYH FRPXQTXH FRQIURQWDUVL FRQ LO PRQGR FLUFRVWDQWH H VSHVVR H YROHQWLHUL YLHQH HPDUJLQDWR VLD GDL VXRL FRHWDQHL FRQ OD FROSHYROH FRPSOLFLWj GHJOL HGXFDWRUL SRFR LPSHJQDWL QHO ULGXUUH OD GLVWDQ]D WUD XQ UDJD]]R FKH QRQ OD SHQVD FRPH OD PDVVD HG LO JUXSSR FODVVH RUPDL GHO WXWWR VRJJLRJDWR GDOOD IDEEULFD GHO YXRWR H GDOO¶TXDOL QHP PHQR SL L GRFHQWL LQWHQGRQR RUDPDL JXDUGDUH 9HUUHEEH GXQTXH GD FKLHGHUVL ©VH WDQWR PL Gj WDQWR SHUFKp DQGDUH D VFXROD SHU FRVu WDQWR WHPSR" 3HUFKp LQYH VWLUH OXQJKL H SUH]LRVL DQQL GL YLWD LQ TXDOFRVD FKH RUDPDL QRQ HVLVWH SL GD WHPSR" 8QLFR RELHWWLYR UDJJLXQWR FRQ TXHVWD VWUDWHJLD XQ JLR YDQH GHOXVR H GHPRWLYDWR IUXVWUDWR XPLOLDWR HG DEEDQGR QDWR H TXLQGL IDFLOH SUHGD GL DOFRRO GL GURJD H YLD GLFHQ GR 4XHVWD q OD VFXROD LWDOLDQD DQFKH SHU HVVHUH LO OXRJR O¶DPELHQWH LQ FXL FRPH FL KD ULFRUGDWR TXDOFXQR JLRUQL ID VL RFFXSD SHU YLYHUH DYYHQWXUH HURWLFKH QHL VDFFKL D SHOR 'LIILFLOH VRSUDYYLYHUH LQ TXHVWD VFXROD RYYHUR JDEELD GL PDWWL FKH LO VXVVHJXLUVL GL 0LQLVWUL QRQ KD FRQWULEXLWR D PLJOLRUDUH WXWW¶DOWUR 7UD XQ WDJOLR TXL HG XQ WDJOLR Ou OD QRVWUD SRYHUD VFXROD VWD GLYHQWDQGR VHPSUH SL UHIXJLXP SHFFDWRUXP QHO TXDOH LO FDRV UHJQD VRYUDQR H O¶LJQRUDQ]D

*HQQDLR

SURVSHUD D PHUDYLJOLD FRVu FRPH L GLSORPL PXQLILFDPHQWH FRQFHVVL GDOO¶DOWR 1RQ F¶q GD VRUSUHQGHUVL LQIDWWL VH DOFXQL LQVHJQDQWL VFHO JRQR GHOLEHUDWDPHQWH GL VYXRWDUH L SURJUDPPL GL SULYDUOL GHJOL DVSHWWL FKH QRQ YDQQR D JHQLR XWLOL]]DQGR FRPH VFXVD FKH OR IDQQR SHU LO EHQH GHL ORUR VWXGHQWL L TXDOL QRQ VL VD DQFRUD FRQ FHUWH]]D SHU TXDOH PRWLYR VRQR LQGLFDWL FRPH FDXVD GHOOH QXPHURVH IUHQDWH QHOOR VYROJLPHQWR GHOO¶DWWLYLWj GLGDWWLFD RYYHUR ©QLHQWH SL QLHQWH XJXDOH D QXOODª 1RQ q WXWWR SXUWURSSR $OWUR IDWWRUH UHVSRQVDELOH GHOOR VFDUVR UHQGLPHQWR GHJOL VWXGHQWL q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¶XQLYHUVLWj SRVVD PLJOLRUDUH OH FRVH VL LPPHWWRQR LQ XQ QXRYR SD]]HVFR FLUFXLWR FKH GXUD FLQTXH-VHL-VHWWH-RWWR DQQL VH WXWWR YD EHQH SHU SRL DQGDUH D VSDVVR FRQ OD ODXUHD LQ WDVFD 2VVHUYLDPR TXDOFKH GDWR GHOOD GLVRFFXSD]LRQH JLRYDQLOH QHOO¶DUWLFROR SXEEOLFDWR LO VHWWHPEUH VX ,O )DWWR 4XR WLGLDQR ©/¶,VWDW QHO VXR EROOHWWLQR ULOHYD FKH LO WDVVR GL GLVRF FXSD]LRQH GHL - HQQL RYYHUR OD TXRWD GHL GLVRFFXSDWL VXO WRWDOH GL TXHOOL RFFXSDWL R LQ FHUFD q SDUL DO SHU FHQWR HG q DQFRUD LQ FUHVFLWD GL SXQWL SHUFHQWXDOL ULVSHWWR DO PHVH SUHFHGHQWH H GL SXQWL QHO FRQIURQWR WHQGHQ]LDOH 6L WUDWWD GHO GDWR SL DOWR GDO GDWD GL LQL]LR GHOOH VHULH VWRULFKH WULPHVWUDOL 8QD VLWXD]LRQH SUHRFFXSDQWH FRQIHUPDWD DQFKH GDO &RQVLJOLR QD]LRQDOH GHOO¶HFRQRPLD H GHO ODYRUR &QHO FKH QHOO¶XOWLPR UDSSRUWR GLFH ³,PSRVVLELOH WRUQDUH DL OLYHOOL GL RFFXSD]LRQH SUH-FULVL´ª 'DWL DOODUPDQWL FKH QRQ SRVVRQR IDUH DOWUR FKH SHJJLR UDUH RUD GDWR FKH LQVLGLRVL YHQGLWRUL GL WDSSHWL QRQFKp GL IXPR VL IUHJLDQR GL SURPHVVH FKH QRQ SRWUDQQR HVVHUH PDQWHQXWH FRQ WDQWD VHPSOLFLWj &RVD ELVRJQHUHEEH IDUH SHU ULVROYHUH TXHVWR SUREOHPD" 6DUHEEH IRUVH SURSHGHXWLFR FKLXGHUH SHU XQ SR¶ OD VFXROD R IRUVH DGGLULWWXUD LO %HO 3DHVH " Ê JLXVWR IRUVH QRQ VWX GLDUH SL " 2 DOPHQR QRQ IDUH SL FRVu ILQWD GL VWXGLDUH PD VHPPDL ILQJHUH LQ XQ DOWUR PRGR SL DVVHQQDWR HFFR SL FUHGLELOH /D ULVSRVWD q QHJDWLYD DOPHQR SHU DOFXQH GL TXHVWH GR PDQGH QRQ SHU WXWWH 8QD VROX]LRQH SODXVLELOH FL VDUHEEH RYYHUR TXHOOD GL QRQ UHJDODUH SL GLSORPL H ODXUHH FRQ SXQ WHJJL PDVVLPL SHU YDORUL]]DUH LQYHFH L UDJD]]L PHULWHYROL DLXWDQGROL D IDUVL VWUDGD YDORURVDPHQWH HG DXWRQRPDPHQWH QHO PRQGR GHO ODYRUR DOO¶LQWHUQR GHO TXDOH q DVVDL GLIILFLOH LQVHULU VL H FRQWLQXDUH D JDUHJJLDUH VHQ]D FKH VL DEELD LO FRVLGGHWWR VDQWR SURWHWWRUH LQ 3DUDGLVR FKH IDFFLD PLUDFROL &HUFDQGR GL DGGLYHQLUH DG XQD VROX]LRQH DOOD GRPDQGD FKH DOO¶LQL]LR FL VLDPR SRVWL q EHQH FRQWLQXDUH D VSHUDUH FKH DWWUDYHUVR L QXPHURVL VDFULILFL FKH LO PRQGR GHOOD VFXROD H GHO SRVW-VHFRQGDULR ULFKLHGRQR L QRVWUL UDJD]]L SRVVDQR UHDOL]]DUVL FRQ RQHVWj VRSUDWWXWWR LQWHOOHWWXDOH QHO PRQGR ODYRUDWLYR QHOOD SRVL]LRQH FKH D ORUR q SL DGHJXD WD &RQFOXGLDPR FRQ TXHVWR VLPSDWLFR DIRULVPD GL 0DULD 0RQWHVVRUL ©/D VFXROD q TXHOO¶HVLOLR LQ FXL O¶DGXOWR WLHQH LO EDPELQR ILQ TXDQGR q FDSDFH GL YLYHUH QHO PRQGR GHJOL DGXOWL VHQ]D GDU IDVWLGLRª

*HQQDLR

,/ %25*+(6(

©*(1'(5ª 1(//( 6&82/(

,19(56,21( GL QRUPDOLWj GL $0(5,&2 0$6&$58&&, ©*(1,725, LQ JDOHUD VH LO ILJOLR QRQ YD D VFXROD GL WUDQVª 4XHVWR LO WLWROR FKH LO QRYHPEUH VFRUVR FDPSHJJLDYD VXO TXRWLGLDQR /LEHUR FRQ ULIHULPHQWR DG XQ DUWLFROR GL 0DULR *LRUGDQR Ê DYYHQXWR LQ *HUPDQLD H SXUWURSSR QRQ VL WUDWWD GL XQR VFKHU]R 'XH JHQLWRUL VRQR VWDWL DUUHVWDWL SHUFKp QRQ KDQQR PDQGDWR OD SURSULD ILJOLD DGROHVFHQWH D IUHTXHQWDUH XQ FRUVR GL HGXFD]LRQH VHVVXDOH RUJDQL]]DWR GDOOD VFXROD XQ FRUVR GRYH VL SDUODYD GL VHVVR RUDOH VHVVR DQDOH UDSSRUWL IUD RPRVHVVXDOL H OHVELFKH H VL SUHVHQWDYD OD GLIIHUHQ]D GL JHQHUH FRPH XQ TXDOFRVD GD QRQ FRQVLGHUDUH /D 3ROL]LD VL q SUHVHQWDWD D FDVD GHOOD FRSSLD DUUHVWDQGR SULPD LO SDGUH H SRL OD PDGUH FROSHYROH GL FRQWLQXDUH D QRQ PDQGDUH OD ILJOLD DO FRUVR ©SUR JD\ª ,O WXWWR LQ EDVH DO SUHVXSSRVWR DVVXUGR VHFRQGR FXL L JHQLWRUL LPSHGHQGR OD IUHTXHQWD]LRQH GHOOH OH]LRQL GL VHVVR DOOD UDJD]]D ULVFKLH UHEEHUR GL IDU FUHVFHUH LQ OHL VWHUHRWLSL RPRIREL HGXFDQGR OD FRVu DO PDQFDWR ULVSHWWR GHOOH ©GLYHUVLWjª 5RED GD PDWWL HSSXUH q WXWWR YHUR QRQ VL VWD VX ©6FKHU]L D 3DUWHª 4XDOFXQR SRWUHEEH RELHWWDUH ©9D EHQH q DFFDGXWR LQ *HUPDQLD PD GD QRL LQ ,WDOLD XQD FRVD GHO JHQHUH QRQ DYYHUUj PDLª 1H VLHWH SURSULR FRVu VLFXUL" &L VRQR RWWLPH SRVVLELOLWj FKH TXDQWR SULPD FHUWL IDWWL SRVVDQR YHULILFDUVL DQFKH LQ TXDOFKH FLWWDGLQD GHOOD 3HQLVROD 1H YROHWH OD SURYD" ,Q PROWL LVWLWXWL LWDOLDQL JLj GD WHPSR VL WHQJRQR OH]LRQL GL JHQGHU FRQ O¶RELHWWLYR GL WUDVPHWWHUH QHJOL DOXQQL FRQFHWWL VROWDQWR DSSDUHQWHPHQWH ULYROWL D FRQ WUDVWDUH OH GLVFULPLQD]LRQL /D WHPDWLFD VHVVXDOH YLHQH VHPSUH SL SUHVHQWDWD FRQ LO FKLDUR LQWHQWR GL IDU SUHYDOHUH QHO PLQRUH O¶LGHD FKH L UDSSRUWL IUD SHUVRQH GHOOR VWHVVR VHVVR QRQ VROWDQWR VLDQR SHUIHWWDPHQWH QRUPDOL PD DGGL ULWWXUD SXUH PLJOLRUL GL TXHOOL HWHURVHVVXDOL QRQ q QHFHVVD ULR DYHUH XQ SDGUH HG XQD PDGUH YDQQR EHQH DQFKH GXH PDGUL R GXH SDGUL O¶LPSRUWDQWH q FKH VL DPLQR H YLYDQR IHOLFL 3HUIHWWR PD FRPH OD PHWWLDPR FRQ OD ILQDOLWj SUR FUHDWLYD GHO PDWULPRQLR" )LQR D SURYD FRQWUDULD H VHQ]D DOFXQD SRVVLELOLWj GL VPHQWLWD XQ ILJOLR SXz QDVFHUH VROWDQ WR GDOO¶XQLRQH IUD XQ XRPR H XQD GRQQD 1HVVXQ SUREOHPD LQIDWWL VL q RYYLDWR DQFKH D TXHVWR *Lj QHJOL DVLOL YHQJRQR GLVWULEXLWH ILDEH LOOXVWUDWH QHOOH TXDOL VL VSLHJD FRPH XQ EDPELQR SRVVD QDVFHUH DQFKH GD GXH SHUVRQH GHOOR VWHVVR VHVVR EDVWD FKH OD PDPPD VH QH YDGD LQ TXDOFKH FOLQLFD VSHFLDOL]]DWD SRVVLELOPHQWH DOO¶HVWHUR GRYH FRQ O¶LQVHPL QD]LRQH DUWLILFLDOH LO FRVLGGHWWR ©VHPLQRª SRWUj UHVWDUH LQFLQWD H SDUWRULUH SRL WRUQDWD D FDVD FRQ LO ELPER LQ EUDF FLR SRWUj ULFRQJLXQJHUVL FRQ OD SURSULD FRPSDJQD H YLYHUH WXWWL LQVLHPH FRPH XQD QRUPDOH IDPLJOLD /D &XULD GL 0LODQR KD LQYLDWR QHO PHVH GL QRYHPEUH XQD FLUFRODUH D WXWWL JOL LQVHJQDQWL GL UHOLJLRQH GHOO¶DUFLGLR FHVL FKLHGHQGR GL VHJQDODUH WXWWL TXHJOL LVWLWXWL LQ FXL YHQ JRQR RUJDQL]]DWL FRUVL GL JHQGHU /D QRWD KD VFDWHQDWR XQ YHVSDLR GL SROHPLFKH FRQ OH VROLWH RUJDQL]]D]LRQL JD\ FKH KDQQR XUODWR DOOR VFDQGDOR DFFXVDQGR OD &XULD DPEURVLDQD

GL YROHU ©VFKHGDUHª OH VFXROH LPSHJQDWH QHOOD ORWWD DOO¶R PRIRELD 'RY¶q OR VFDQGDOR" 1RQ q IRUVH OHJLWWLPR GD SDU WH GHOOH DXWRULWj UHOLJLRVH LQIRUPDUVL VX FRPH FHUWH WHPDWL FKH GL FDUDWWHUH HWLFR YHQJRQR WUDWWDWH QHOOH VFXROH" 1RQ q DOWUHWWDQWR OHJLWWLPR FKH DL GRFHQWL GL UHOLJLRQH VL FKLHGD GL FRQWUDVWDUH OR VYLOXSSR GL FHUWH LGHH" 2YYLDPHQWH QHVVXQR VWD GLFHQGR FKH L SURIHVVRUL FDWWROLFL GHEEDQR HGXFDUH JOL DOXQQL DO GLVSUH]]R GHOOH SHUVRQH JD\ FL PDQFKHUHEEH DOWUR PD SHU TXDOH PRWLYR VL GRYUHEEH QHJDUH ORUR LO VD FURVDQWR GLULWWR GL LQVHJQDUH FKH LO PDWULPRQLR q VHPSUH H VROWDQWR IUD XQ XRPR HG XQD GRQQD H FKH L EDPELQL KDQQR LO GLULWWR GL FUHVFHUH LQ XQD IDPLJOLD IRUPDWD GD XQ SDSj HG XQD PDPPD" &RQWUDVWDUH O¶RPRIRELD HGXFDQGR DO ULVSHWWR GHOOH SHUVRQH q XQD FRVD LQGRWWULQDUH L EDPELQL VX XQD SUHVXQWD QRUPDOLWj FKH QRQ HVLVWH q FRVD EHQ GLYHUVD 3HU FKp VH GXH SHUVRQH GHOOR VWHVVR VHVVR YRJOLRQR YLYHUH LQ VLHPH VRQR OLEHULVVLPH GL IDUOR PD VHQ]D SUHWHQGHUH GL RWWHQHUH FLz FKH PDGUH QDWXUD JOL QHJD RVVLD LO GLULWWR GL SRWHU DYHUH ILJOL FRVu FRPH QRQ VL SRVVRQR HTXLSDUDUH L EDPELQL QDWL DOO¶LQWHUQR GL XQD IDPLJOLD FRQ TXHOOL ©FUHDWLª LQ ODERUDWRULR 'DOOD &XULD PLODQHVH VL VRQR DIIUHWWDWL D ULWLUDUH OD FLU FRODUH LQFULPLQDWD H D VSLHJDUH FKH VL q WUDWWDWR GL XQ PD OLQWHVR VL FKLHGHYD VROWDQWR GL FRQRVFHUH D SXUR VFRSR LQIRUPDWLYR TXDQWL H TXDOL LVWLWXWL LQFOXGRQR QHL SURSUL SURJUDPPL WHPDWLFKH OHJDWH DOOD VHVVXDOLWj H DO JHQGHU 1RQ F¶HUD QHVVXQ ELVRJQR GL VFXVDUVL H QRQ HUD DVVROXWD PHQWH QHFHVVDULR ULWLUDUH TXHOOD FLUFRODUH SHUFKp LO ULVSHWWR GHOOD GLJQLWj XPDQD QRQ VL LQVHJQD IDFHQGR FUHGHUH DL EDPELQL FKH HVVHUH JD\ q EHOOR TXDVL FRQGL]LRQDQGR O¶R ULHQWDPHQWR VHVVXDOH GHJOL DOXQQL ILQR D VSLQJHUOL D GLYHQ WDUH VLQ GD SLFFROL RPRVHVVXDOL H OHVELFKH 7XWWR TXHVWR VWD DYYHQHQGR SXU LQ DVVHQ]D GL TXHOOD WDQWR LQYRFDWD OHJJH FRQWUR O¶RPRIRELD FKH VL YRUUHEEH LQWURGXUUH LQ ,WDOLD FRQ LO SUHWHVWR GL WXWHODUH L JD\ ,PPD JLQDWH YRL FRVD SRWUHEEH DFFDGHUH XQD YROWD FKH TXHVWD OHJJH GRYHVVH HQWUDUH LQ YLJRUH DG XQ LQVHJQDQWH FKH PD JDUL VL RSSRQHVVH DOO¶DGR]LRQH GL SURJUDPPL SUR JHQGHU QHOOH VFXROH LO OHJLWWLPR GLVVHQVR ULVFKLHUHEEH GL HVVHUH WDFFLDWR GL RPRIRELD FRQ LO ULVXOWDWR GL WDSSDUH OD ERFFD D TXDQWL VL RVWLQDQR D FRPEDWWHUH FRQWUR O¶HTXLSDUD]LRQH GHOOH XQLRQL JD\ DOOH IDPLJOLH WUDGL]LRQDOL ,O ULVFKLR q GL ULWURYDUVL FRPH OD *HUPDQLD FRQ L JHQLWRUL DUUHVWDWL TXDOR UD GRYHVVHUR ULILXWDUVL GL IDU IUHTXHQWDUH DL SURSUL ILJOL FRU VL VFRODVWLFL ©SUR JD\ª ©SUR OHVERª R ©SUR WUDQVª 3HU JD UDQWLUH GLULWWL D FKL VL FRQVLGHUD GLVFULPLQDWR VL ILQLUHEEH FRQ LO GLVFULPLQDUH FKL QRQ VL YXROH RPRORJDUH DOOD PRGD GHO SROLWLFDPHQWH FRUUHWWR ULILXWDQGR XQD VRFLHWj FDSRYRO WD GRYH OD QRUPDOLWj q FRQVLGHUDWD XQ UHDWR 5LVFKLHUHEEH GL ILQLUH VRWWR SURFHVVR SHUVLQR LO GLULJHQWH GL XQ LVWLWXWR SULYDWR FDWWROLFR R QRQ FKH GRYHVVH ULILXWDUVL GL DVVXPHUH XQ LQVHJQDQWH GLFKLDUDWDPHQWH RPRVHVVXDOH DQFKH VH PD JDUL JOL VWHVVL JHQLWRUL FKH SDJDQR OD UHWWD IRVVHUR L SULPL D SUHWHQGHUOR GLHWUR OD PLQDFFLD GL ULWLUDUH L ILJOL GD TXHOOD VFXROD 1R FRQ WXWWR LO ULVSHWWR SHU L GLULWWL GHOO¶LQGLYLGXR QRQ VL SXz LPSRUUH O¶DFFHWWD]LRQH GHOO¶RPRVHVVXDOLWj SHU OHJJH $QFKH SHUFKp VH q YHUR FKH D SDUROH WDQWL VL GLFKLD UDQR IDYRUHYROL DO SLHQR ULFRQRVFLPHQWR GHL GLULWWL JD\ SRL VRQR SRFKL FRORUR FKH JUDGLUHEEHUR DYHUH GDYYHUR ILJOL RPRVHVVXDOL SHUFKp DOOD ILQH OD VRFLHWj GHO SROLWLFDPHQWH FRUUHWWR ROWUH FKH LQWROOHUDQWH H UD]]LVWD YHUVR FKL QRQ VL DGHJXD q DQFKH VRVWDQ]LDOPHQWH LSRFULWD

,/ %25*+(6(

62&,(7¬

'HOOD GLWWDWXUD GL 0,&+(/( /2 )2&2 62&5$7( DOO¶LQFLUFD QHO D & GLFHYD SL R PHQR ©OD SX QL]LRQH SHU OD GLVDWWHQ]LRQH GHJOL XRPLQL DOOD FRVD SXEEOLFD q HVVHUH DPPLQLVWUDWL GD PDOYDJLª 6HPEUD LQFUHGLELOH FKH QHO TXHVWD PDVVLPD VLD DQFR UD YDOLGD (YLGHQWHPHQWH OH FDUDWWHULVWLFKH GL XQD FRPXQLWj QRQ VRQR FDPELDWH QRQRVWDQWH L PXWDPHQWL WHFQLFL H VRFLDOL /D GLVDWWHQ]LRQH q XQ GDWR FRVWDQWH FKH GXUD PLOOHQQL H VL FRQFUHWL]]D LQ XQ IRUWH VHQVR LQGLYLGXDOH GHOOD SURSULD HVLVWHQ ]D FKH VRSUDWWXWWR LQ 3DHVL FXOWXUDOPHQWH ©HJRLVWLª FRQILQD FRQ OD QRLD SHU TXDOVLYRJOLD DWWLYLWj ULYROWD DOO¶HVWHUQR ,QIDWWL GHOOD PROWLWXGLQH GL SHUVRQH QRL ULFRUGLDPR VROWDQ WR DOFXQL FRORUR FKH SHU TXDOFKH PRWLYR DQFKH QRQ HWLFR VL IDQQR QRWDUH PHQWUH LJQRULDPR PLOLRQL GL YROWL FKH WUDQVLWDQR QHOOH VWUDGH R QHJOL XIILFL YROWL GL SHUVRQH HFFH]LRQDOL R GL SHUVRQH SUHVH VROWDQWR GDO ELVRJQR GL VRSUDYYLYHUH &RVu VLDPR HVSRVWL DO JUDQGH ULVFKLR GL DFFHQGHUH OD ODP SDGLQD VXO PRQGR XQR R GXH YROWH O¶DQQR H GL VFRSULUH FKH TXHOOL FKH VL VWDQQR RFFXSDQGR GHOOD QRVWUD YLWD VRQR SHUVRQH GL FXL QRQ VDSSLDPR QXOOD &HUFKLDPR LQ TXHO EDJOLRUH GL OXFH GL LQGLYLGXDUQH OH FDUDWWHULVWLFKH FL ILGLDPR GHO ORUR VRUULVR FDSWLDPR TXDOFKH IUDVH VROLWDPHQWH FRQYHQ]LRQDOH OL LQTXD GULDPR LQ XQ DPELWR FKH FL VHPEUD SHUWLQHQWH H GL VROLWR VED JOLDPR 3HUFKp L QRVWUL LQWHUORFXWRUL OR VDQQR FKH QRL VLDPR GLJLXQL GL WXWWR VEDORUGLWL GL IURQWH DL SUREOHPL LQGLIHVL H LQHUPL SRFR FRUDJJLRVL H DSSURILWWDQR SHU DFTXLVLUH SRWHUH VHPSUH GL SL ILQR D IDUFL FRQVLGHUDUH XQLFDPHQWH QXPHUL 3UHQGLDPR &OLQL (UD QRVWUR PLQLVWUR FRQ O¶RQQLSRWHQWH 0RQWL OR VDSHYDWH" &OLQL ULSHWR LO FRJQRPH PD QRQ WDQWR

*HQQDLR

WHPSR ID XQ DQQR H PH]]R IRUVH GXH %HQH &OLQL LO PLQLVWUR ULFHYHYD WDQJHQWL GD FKLXQTXH PLOLRQL GL HXUR SURPXRYHYD OD ILGDQ]DWD PDQGDYD WXWWR LQ 6YL]]HUD (SSXUH HUD GLYHQWDWR PLQLVWUR *DODQ HUD 0LQLVWUR GHOOD &XOWXUD GHOOD &XOWXUD ULSH WR 6L RFFXSDYD VROWDQWR GL ULFHYHUH WDQJHQWL WDQWLVVLPL VROGL FRQ L TXDOL YLYHYD LQ XQD VSHFLH GL 5HJJLD GL &DVHUWD 0D QRQ WDQWR WHPSR ID XQ SR¶ GL WHPSR ID /R ULFRUGDWH" 6DSHWH FKL IRVVH" 1R FHUWR HUDYDPR WXWWL GLVWUDWWL %HUOXVFRQL VWHVVR RUPDL FRQWD VXO IDWWR FKH JOL XRPLQL VRQR SHFRUH VPDJULWH DOOD ULFHUFD GL XQ SDVWRUH 'RSR GLFLDV VHWWH DQQL GL JRYHUQR H SL R PHQR VHWWH RWWR GHGLFDWL DOOH HVFRUW FL KD SRUWDWR GULWWL LQ ERFFD DL FRPXQLVWL TXHOOL FKH OXL GHWHVWDYD H FKH RUD JOL FRQFHGRQR GL QRQ DQGDUH LQ TXHOOD JDOHUD FKH ORUR VWHVVL JOL KDQQR SUHSDUDWR 2JJL FRQ XQD PDQR q DYYLQJKLDWR D 5HQ]L H FRQ O¶DOWUD LQGLFD SHUFRUVL WULWL GL XQD YLWD VHQ]D WDVVH (FFR OD SURYD DV VROXWD FKH LO SRSROR q GLVWUDWWR QRQ VL ULFRUGD SL LO EXQJD EXQJD (PLOLR )HGH H /HOH 0RUD OD &DUIDJQD H OD *HOPLQL H SHQVD FKH %HUOXVFRQL SRVVD DQFRUD HVVHUH XQD VROX]LRQH 3ODWRQH SHQVDYD FKH OD GHPRFUD]LD IRVVH XQ FDWWLYR VLVWH PD GL JRYHUQR LQ TXDQWR HUD OD SUHPHVVD SHU OD GLWWDWXUD $Q FKH LQ TXHVWR FDVR OD ILORVRILD DYHYD YLVWR ORQWDQR RJJL VLDPR LQ SLHQD GLWWDWXUD XQ XRPR VROR DO FRPDQGR HG LQWRUQR D OXL VROR FRPSDUVH H PDODWL WHUPLQDOL &RPH SHQVLDPR FKH QDVFD XQD GLWWDWXUD" &RVu TXDQGR QRQ KDL DOWHUQDWLYH TXDQGR QHO SDQWDQR HVLVWH VROWDQWR XQ WHUUHQR VLFXUR TXDQGR VH WL WURYL LQ XQD FDELQD HOHWWRUDOH QRQ VDL GRYH VEDWWHUH OD WHVWD 6LDPR HVDWWDPHQWH LQ TXHVWD VLWXD ]LRQH HG q EHQH UHQGHUFL FRQWR FKH LO SHJJLR GHYH DQFRUD DUUL YDUH H FKH OD FDELQD HOHWWRUDOH q ORQWDQD 6LDPR LQ SLHQD GLWWD WXUD PDVFKHUDWD QHDQFKH SRL WDQWR DOOHYLDWD GD FHQWLQDLD GL VHUYL VFLRFFKL HGXOFRUDWD GDOOD WHOHYLVLRQH JLXVWLILFDWD GDOO¶H PHUJHQ]D 1LHQWH VLQGDFDWL PDQJDQHOODWH DJOL RSHUDL XRPLQL FKLDYH QHL SRVWL-FKLDYH QHVVXQD RSSRVL]LRQH ILQH GHL SDUWLWL 3XUWURSSR SHU L FLWWDGLQL GLVWUDWWL DQFKH QHVVXQ PLJOLRUD PHQWR GHOOD SURSULD YLWD 0D OD GLWWDWXUD q TXHVWR XQ XRPR VROR LQ PH]]R D PROWL PRUWL GL IDPH

6(1=$ ,//86,21, ,O PHUFROHGu OXJOLR GHO VL WHQQH D 5RPD XQ FRQYHJQR ©*OL LQFRQWUL GHOOD 'HVWUDª QHO FRUVR GHO TXDOH &ODXGLR 7H GHVFKL ©SXQWz LO GLWR VX TXHOOR FKH q VLFXUDPHQWH XQ WUDJXDUGR GD UHDOL]]DUH OD ULVFRSHUWD GHOOH SHULIHULHª 'D DOORUD ILQR DG RJJL LO %RUJKHVH KD VYLVFHUDWR LO SUREOHPD GHOOH SHULIHULH LQGLYLGXDQGROH FRPH ©IHQRPHQR WXWWR PRGHUQR GRYXWR DOOD IUDPPHQWD]LRQH GHOO¶XQLWj GHOO¶HVLVWHQ]D >FKH@ LGHQWLILFD WXWWR FLz FKH ULVXOWD PDUJLQDOH DOOD FLWWj LQWHVD FRPH HVSUHVVLR QH FRQFUHWD WDQJLELOH GHOOD FLYLOWjª /H LQGLYLGXz DOWUHVu FRPH ©IDVFLD GL FRQILQH GL XQ LQVHGLDPHQWR OD ERUGHUOLQH DELWDWD GD XQD VSHFLH DQWURSRORJLFDPHQWH PXWDQWH LO ERUGHUHU O¶DELWDQWH GHO FRQILQH OD YLWWLPD LQFRQVDSHYROH GHOOD SLDQLILFD]LRQH XUEDQLVWLFDª 4XHVWD ©VSHFLH DQWURSRORJLFDPHQWH PXWDQWHª FKH DELWD OH QRVWUH SHULIHULH LQ VSHFLH TXHOOH SL HVWUHPH DOWUR QRQ q FKH OD FUHDWXUD GHO WRWDOLWDULVPR HFRQRPLFLVWD FKH O¶KD IRUJLDWD FRPH ©VFKLDYD SRVW-PRGHUQDª OH KD VUDGLFDWR RJQL LGHQWLWj GL WLSR WUDGL]LRQDOH FRQGL]LRQDQGROD D GLYHQLUH XQ LQVLHPH GL DWRPL LQGLIIHUHQ]LDWL VROOHFLWDWL GD ELVRJQL LQGRWWL H SHUWDQWR VRJJHWWD D UHDJLUH VROWDQWR SHU VXJJHVWLRQL HPRWLYH VXVFLWDWH DG DUWH 2JJL - ILQH PHQWUH VFULYLDPR - L PXWDQWL GHOOH SHULIHULH HVWUHPH VRSUDWWXWWR D 5RPD HG D 0LODQR VL VWDQQR ULEHOODQGR DOOR VWDWR GL GHJUDGR LQ FXL VRQR FRVWUHWWL D YLYH UH H VFDWHQDQR TXHOOH FKH XQ OXRJR FRPXQH GHILQLVFH ©JXHUUH WUD SRYHULª 6WDQQR PDWXUDQGR OH FRQGL]LRQL SHU XQD ULYROX]LR QH FRQWUR XQD FODVVH SROLWLFD FRUURWWD H SDUDVVLWDULD SUHRFFXSDWD GL VXFFKLDUH TXDQWR SL VDQJXH SRVVLELOH GDL PXWDQWL" 1RQ FL IDFFLDPR LOOXVLRQL 1RQ F¶q XQD SUHVD GL FRVFLHQ]D GHOOD SURSULD FRQGL]LRQH GL VFKLDYLW QRQ YL q O¶HVLJHQ]D GL ULVFDWWR GDOOD VWHVVD PD VROWDQWR SDVVLYD DFFHWWD]LRQH GHOOR VWDWR GL HPDUJLQD]LRQH SXUFKp OLEHUDWR GDOOD FRQYLYHQ]D FRQIOLWWXDOH FRQ L ©GLYHUVLª 1HVVXQR VHPEUD UHQGHUVL FRQWR GHO FRQGL]LRQDPHQWR DPELHQWDOH FXL YHQJRQR VRWWRSRVWL TXHVWL PXWDQWL GD XQD DVWUDWWD H SHUQLFLRVD VLWXD]LRQH XUEDQLVWLFD HG HGLOL]LD FKH UHOHJD DOOD VXEDOWHUQLWj VRFLDOH JOL DELWDQWL GHOOH SHULIHULH HVWUHPH ULVSHWWR D TXHOOL GHOOH SHULIHULH GHOOD VSHFXOD]LRQH FKH FRVWLWXLVFRQR SL GHO SHU FHQWR GHOOD FLWWj HGLILFDWD Ê FRPSUHQVLEL OH OD SULPD IDVH GL RJQL ULYROX]LRQH GL RJQL JUDQGH FDPELDPHQWR q DQWURSRORJLFD 6H QRQ F¶q LO VXSHUDPHQWR GHOO¶DWWXDOH FRQGL]LRQH GL VHUYLW VH QRQ F¶q XQ JUDQGH FDPELDPHQWR FXOWXUDOH QRQ SRWUj HVVHUFL ULVFDWWR H WDQWRPHQR ULYROX]LRQH 0 0

*HQQDLR

,/ %25*+(6(

/$ 9,&(1'$ 'H 0DJLVWULV GL 7(2'252 ./,76&+( '( /$ *5$1*( /¶25',1$1=$ GHO 7$5 &DPSDQLD FRQ OD TXDOH q VWDWD VRVSHVD OD VRVSHQVLRQH GL /XLJL GH 0DJLVWULV GDOOD FDULFD GL 6LQGDFR GL 1DSROL H ULQYLDWR LO SURFHVVR DOOD &RUWH FRVWLWX]LRQDOH SHU O¶DF FHUWDPHQWR GHOOD OHJLWWLPLWj GHOOH UHODWLYH QRUPH GHOOD OHJJH ©6HYHULQRª ULYHOD QHOOD WHFQLFLWj GHOOD PRWLYD]LRQH LO FDUDW WHUH VTXLVLWDPHQWH SROLWLFR GHOO¶RJJHWWR QRWR GD PLOOHQQL PD GLPHQWLFDWR SRXU FDXVH GDL JLXVWL]LDOLVWL 0LOOHQQL SHUFKp FRPH VL SXz OHJJHUH LQ 7XFLGLGH JLj QH ULOHYDYD O¶LPSRUWDQ]D SHU OD GHPRFUD]LD 3HULFOH LO TXDOH QHO GHVFULYHUH HG HORJLDUH OD &RVWLWX]LRQH DWHQLHVH DIIHUPDYD ©,O VXR QRPH q GHPRFUD]LD SHUFKp DIILGLDPR OD FLWWj QRQ D XQ¶R OLJDUFKLD PD D XQD SL YDVWD FHUFKLD GL FLWWDGLQL« SHU TXDQWR ULJXDUGD JOL RQRUL RJQXQR YLHQ SUHVFHOWR VHFRQGR OD IDPD FKH JRGH QRQ SHU O¶DSSDUWHQHUH DOO¶XQR R DOO¶DOWUR SDUWLWR D SUHIHUHQ]D GHO YDORUH 1p DYYLHQH FKH OD SRYHUWj RIIXVFKL LO SUHVWLJLR H DUUHVWL OD FDUULHUD GL FKL SXz UHQGHUH EXRQL VHUYLJL DOOD FLWWjª 3HUFLz QHOOH &RVWLWX]LRQL GHPRFUDWLFKH q HVVHQ]LD OH VLD FKH LO SRSROR VFHOJD FKL JRYHUQD VLD FKH RJQL FLWWDGLQR SRVVD HVVHUH VFHOWR H DFFHGHUH DOOH FDULFKH SXEEOLFKH 4XDQWR DO SULPR DVSHWWR LQ GHPRFUD]LD D HOHJJHUH H D YD OXWDUH VH LO SUHVFHOWR KD SHUVHJXLWR FRQ OD VXD D]LRQH LO EHQH GL WXWWL SRVVRQR HVVHUH VROWDQWR L WXWWL FLRq L FLWWDGLQL FKH HOHJJHQGROR R QRQ HOHJJHQGROR QH YDOXWDQR O¶RSHUDWR H O¶LGR QHLWj D FRQVHJXLUH TXHOOR LQ FDVR LQYHUVR VH VRQR GHL IXQ]LR QDUL IRUQLWL GHO ©VDSHUH VSHFLDOL]]DWRª QRQ q GHPRFUD]LD SHU FKp LO JLXGL]LR GDWR GDO FRUSR HOHWWRUDOH SXz HVVHUH VRYYHUWLWR GD TXHVWL 4XHVW¶XOWLPR FDVR VL SRQH LQ PRGR GHFLVLYR VH D HVVHUH SHUVHJXLWL GDOO¶$XWRULWj JLXGL]LDULD VRQR OH PDVVLPH FDULFKH GHOOR 6WDWR TXHOOH FKH GDQQR DOOD FRPXQLWj OD FDSDFLWj GL DJL UH SROLWLFDPHQWH &DSR GHOOR 6WDWR JRYHUQR SDUODPHQWR LQ PLVXUD PHQR GUDPPDWLFD RYH DG HVVHUH JLXGLFDWL H FRQGDQQD WL VRQR L JRYHUQDQWL GHPRFUDWLFDPHQWH HOHWWL GHJOL HQWL ORFDOL 3HUFKp VH XQ 6LQGDFR SXz HVVHUH VRVSHVR FLRq FRVWUHWWR D QRQ JRYHUQDUH PDOJUDGR HOHWWR TXHOOR FKH QH FRQVHJXH q FKH LO FRQVHQVR SRSRODUH FKH KD RWWHQXWR H WXWWRUD VL SUHVXPH DEELD QRQ KD FDUDWWHUH GHFLVLYR TXHOOR FKH LQYHFH FRPSHWH DO FROOHJLR GL WUH JLXGLFL FKH O¶KDQQR JLXGLFDWR H GDWR LO PHFFD QLVPR GHOOD OHJJH YLJHQWH GL IDWWR O¶KDQQR DQFKH DOORQWDQDWR GDOOD FDULFD LQ FXL HUD VWDWR LQWURQL]]DWR GDJOL HOHWWRUL 6FULYHYD 9LWWRULR (PDQXHOH 2UODQGR SROHPL]]DQGR FRQ /HRQ 'XJXLW - LO TXDOH ULWHQHYD FKH DQFRUFKp FRQGDQQDWR DQ]L GHWHQXWR LO SROLWLFR SRWHVVH H GRYHVVH FRQWLQXDUH D VYRO JHUH OH VXH IXQ]LRQL LVWLWX]LRQDOL - FKH VDUHEEH VWDWR EL]]DUUR FKH LO 3UHVLGHQWH GHOOD 5HSXEEOLFD IUDQFHVH ULFHYHVVH OR =DU LQ YLVLWD XIILFLDOH QRQ DOO¶(OLVHR PD DOOD 6DQWp 3HU FXL LO JLXULVWD VLFLOLDQR ULWHQHYD FKH VL GRYHVVH DSSOLFDUH LO SULQFLSLR WUDGL ]LRQDOH GHOO¶LQYLRODELOLWj LUUHVSRQVDELOLWj LQFRHUFLELOLWj GHOOH DXWRULWj SROLWLFKH DSLFDOL 6H GL FRQYHUVR SUHYDOHYD O¶LQYHUVR VDUHEEH LQ GHILQLWLYD QRQ LO FRUSR HOHWWRUDOH PD L 7ULEXQDOL H GHFLGHUH FKL JRYHUQD VLD D OLYHOOR VWDWDOH VLD ORFDOH ( GL WDOH FRQFH]LRQH VL Gj DWWR LQ FHUWD PLVXUD QHOO¶RUGL QDQ]D GHO 7$5 ,O 7$5 LQIDWWL JLXGLFD FKH O¶LQWHUSUHWD]LRQH GDWD DOOD OHJJH ©6HYHULQRª ©VL ULYHOHUHEEH DQFKH LQ FRQWUDVWR

FRQ LO GLULWWR GL HOHWWRUDWR DWWLYR SRWHQGR GHWHUPLQDUH XQ¶DOWH UD]LRQH GHL ULVXOWDWL GHO SURFHGLPHQWR HOHWWRUDOH H TXLQGL GHOOD OLEHUD HVSUHVVLRQH GL YRWR« LQYHUR OD PRGLILFD GHL UH TXLVLWL GL FDQGLGDELOLWj GHOO¶HOHWWR VXFFHVVLYDPHQWH DOO¶HVSUHV VLRQH GHO YRWR ILQLVFH SHU YDQLILFDUH OD YRORQWj HVSUHVVD GDO FRUSR HOHWWRUDOH HOLPLQDQGRQH JOL HIIHWWL SHU FDXVH LUULOHYDQWL DO PRPHQWR LQ FXL OD VFHOWD HOHWWRUDOH VL HUD PDQLIHVWDWD LQ IDYRUH GL GHWHUPLQDWL FDQGLGDWL LQ VHJXLWR GLFKLDUDWL QRQ SL LGRQHLª &RVu ©JLXULGLFDPHQWHª O¶DIIHUPD]LRQH q FRUUHWWD H QHOOD UHDOWj H QHOOD GRWWULQD SROLWLFD FLz VLJQLILFD FKH LO JLXGL]LR SRSRODUH q LQWDQJLELOH GD TXHOOR JLXGL]LDULR 3HUDOWUR H LQ VHFRQGR OXRJR OD QRVWUD &RVWLWX]LRQH QHOO¶DUW , FRPPD GLVSRQH ©WXWWL L FLWWDGLQL GHOO¶XQR H GHOO¶DOWUR VHVVR SRVVRQR DFFHGHUH DJOL XIILFL SXEEOLFL HG DOOH FDULFKH HOHWWLYH LQ FRQGL]LRQL GL HJXDJOLDQ]D VHFRQGR L UHTXL VLWL VWDELOLWL GDOOD OHJJHª &Lz SHUFKp O¶DFFHVVR DOOD IXQ]LRQH GL JRYHUQR QRQ q XQ FDUDWWHUH QRUPDOH GL WXWWL L UHJLPL SROLWLFL QHOOH IRUPH VWDWDOL DULVWRFUDWLFKH R DULVWR-PRQDUFKLFKH SL ULJLGDPHQWH LQ TXHOOH SL FRHUHQWL YLJH O¶RSSRVWR SULQFLSLR FKH D HVSOHWDUH OH IXQ ]LRQL SXEEOLFKH VLDQR VROWDQWR JOL DSSDUWHQHQWL D GHWHUPLQDWL FHWL VRFLDOL R OD UHJROD GHO SDUL LQ FRQWUDVWR FRQ TXHOOD LQGLYL GXDELOH QHOO¶DUW FKH D ULFRSULUH FDULFKH SXEEOLFKH VL SXz DFFHGHUH VROWDQWR SHU FKLDPDWD GHO VRYUDQR 1HOO¶XQ FDVR LO GLULWWR VH GL GLULWWR LQ VHQVR WHFQLFR SXz SDUODUVL DSSDUWLHQH VROWDQWR DG DOFXQL QHOO¶DOWUR D QHVVXQR ,O 7$5 KD ULWHQXWR FKH GDWD ©O¶DSSDUWHQHQ]D GHO GLULWWR GL HOHWWRUDWR SDVVLYR DOOD VIHUD GHL GLULWWL LQYLRODELOL GL FXL DOO¶DUW GHOOD &RVWLWX]LRQH « RJQL RSHUD]LRQH LQWHUSUHWDWLYD GHEED LVSLUDUVL DG XQ UHJLPH GL IDYRU SHU FKL LQWHQGD DFFHGH UH D FDULFKH SXEEOLFKH HG HOHWWLYHª 1RWD DQFKH LO 7$5 FKH LO GXEELR GL FRPSDWLELOLWj FRVWLWX ]LRQDOH FRQFHUQH OD VXVVLVWHQ]D GL XQ HFFHVVLYR VELODQFLDPHQ WR LQ IDYRUH GHOOD SUHYLVLRQH QRUPDWLYD GL WDOH PLVXUD FDXWHOD WLYD GL VDOYDJXDUGLD GHOOD PRUDOLWj GHOO¶DPPLQLVWUD]LRQH SXE EOLFD ULVSHWWR DOO¶DPSLR IDYRU DVVLFXUDWR DO GLULWWR GL DFFHVVR DOOH FDULFKH SXEEOLFKH 4XLQGL LO 7$5 VIURQGDQGR LO GLVFRUVR GL RJQL PDUJLQDOLWj WHFQLFD KD ULWHQXWR FKH OLPLWDUH XQ GLULWWR IRQGDPHQWDOH SHU FRQQRWDUH XQ UHJLPH SROLWLFR FRPH GHPRFUD]LD D IDYRUH GL HVLJHQ]H SXU FRQGLYLVLELOL GL FDUDWWHUH ©PRUDOHª QRQ q FRQIRU PH DL SULQFuSL GHOOD IRUPD - 6WDWR GHPRFUDWLFD ( FLRq FKH XQ JLXVWL]LDOLVPR GD URWRFDOFR FKH GLPHQWLFD TXDOFKH PLOOHQQLR GL SHQVLHUR SROLWLFR RFFLGHQWDOH q OHVLYR GHOOD GHPRFUD]LD 4XLQGL ULQJUD]LDPR 3HULFOH SHU DYHU FKLDULWR YHQWLTXDWWUR VHFROL ID TXDOL QH VRQR HOHPHQWL HVVHQ]LDOL

,/ %25*+(6(

(&2120,67,

, &+,585*+, GHOOD GHFUHVFLWD GL 0,002 '(//$ &257( )$ 0$/( DPPHWWHUOR PD q GLIILFLOH QHJDUOR 6RSUDWWXWWR TXDQGR VRQR L IDWWL FKH OR FRQIHUPDQR 3HU UHQGHUVHQH FRQ WR q VXIILFLHQWH JLUDUVL LQWRUQR HG DOOXQJDUH JOL RFFKL VXOOD UHDOWj FKH FL FLUFRQGD H VX FRPH VWD HYROYHQGR OD UHDOWj H OH FRQVHJXHQ]H FKH QH VWDQQR GHULYDQGR LQ (XURSD PD LQ SDUWLFRODUH SHU TXHOOR FKH FL ULJXDUGD SL GD YLFLQR O¶,WDOLD HG LO 0H]]RJLRUQR &ULWLFLWj H SUHFDULHWj GL FXL VROWDQWR FKL QRQ YXROH SXz QRQ DFFRUJHUVL 0D GL FRVD SDUOLDPR" Ê SUHVWR GHWWR GHJOL HFRQRPLVWL FKH VHFRQGR 6qEDVWLHQ5RFK 1LFRODV VFULWWRUH IUDQFHVH PHJOLR QRWR FRPH GH &KDPIRUW ©VRQR GHL FKLUXUJKL FKH SRVVHJJRQR XQ RWWLPR VFDOSHOOR H XQ ELVWXUL VEUHFFLDWR ODYRUDQR D PHUDYLJOLD VXO PRUWR LO GHELWR SXEEOLFR 1 G 5 H PDUWLUL]]DQR LO YLYR LO FLWWDGLQR FRPXQH 1 G 5 ª ( TXHVWR VL EDGL EHQH QHOOD VHFRQGD PHWj GHO µ TXDQGR FLRq JOL HFRQRPLVWL HUDQR DQFRUD GHL SHQVDWRUL LQGLSHQGHQWL FRQ SRFKL FRQWDWWL IUD ORUR SULYL GL ©WURIHLª GD VIRJJLDUH VHQ]D LO VXSSRUWR GHOOH PRGHUQH WHFQRORJLH HG D SURQXQFLDUH DQFKH VROWDQWR LO WHUPLQH ©JOREDOL]]D]LRQHª LO PLQLPR FKH SRWHVVH FDSLWD UH HUD GL HVVHUH LQJDEELDWL LQ XQD FDPLFLD GL IRU]D H WUDVIH ULWL LQ PDQLFRPLR 6LFFKp DOOD OXFH GL TXHVWR VXR ©SDUDGRVVR VXJOL HFRQR PLVWLª YLHQH GD FKLHGHUVL TXDOH FRQVLGHUD]LRQH DYUHEEH DYXWR LO 'H &KDPIRUW GHJOL HFRQRPLVWL VH IRVVH YLVVXWR RJJL 4XDQGR FLRq OD JOREDOL]]D]LRQH JUD]LH DOO¶DYDQ]D PHQWR WHFQRORJLFR q GLYHQWDWD SDUROD GL XVR TXRWLGLDQR JOL HFRQRPLVWL FKH FRQWDQR VRQR SROOL GD DOOHYDPHQWR FUHVFLXWL QHOOH EDWWHULH GHOOD JUDQGH ILQDQ]D LQWHUQD]LRQDOH )RQGR 0RQHWDULR ,QWHUQD]LRQDOH EDQFKH FHQWUDOL ERUVH HG DJHQ]LH GL UDWLQJ FRQ FXUULFXOXP ULGRQGDQWL GL WLWROL DFTXLVLWL SDUWHFLSDQGR D PDVWHU H VWDJHV VSHVVR ©FRVWRVLVVLPLª H VHPSUH ULVHUYDWL D SRFKL ©HOHWWLª VHJQDOD WL GDOOH XQLYHUVLWj G¶pOLWp FDSDFL GL GLVFHWWDUH LQ LQJOHVH WHGHVFR PD DQFKH LQ IUDQFHVH H PDJDUL VHSSXUH LWDOLDQL FRQ TXDOFKH GLIILFROWj DG HVSULPHUVL QHOOD OLQJXD GRYH LO ©GROFH Vu VXRQDª R PHJOLR VXRQDYD 3UREDELOPHQWH VDUHEEH DQGDWR JL DQFRUD SL GXUD PHQWH H FHUWDPHQWH VL VDUHEEH JXDUGDWR EHQH GDO VRVWHQHUH FRPH ID LO IUDQFHVH -HDQ-3DXO .DXIPDQQ RYYHUR FKH ©O¶HFRQRPLD GLSHQGH GDJOL HFRQRPLVWL TXDQWR LO WHPSR GDL PHWHRURORJLª 3HUFKp TXHVWR VLJQLILFKHUHEEH QRQ DYHUH FRQVDSHYROH]]D GHL WHPSL QXRYL H FRPH JOL VWUX]]L QD VFRQGHUH OD WHVWD VRWWR OD VDEELD SHU QRQ YHGHUH O¶DPDUD OXFH 6H q YHUR LQIDWWL FKH LO WHPSR QRQ GLSHQGH GDL PH WHRURORJL RJJL FRPH RJJL TXDQGR JUD]LH DOOH QXRYH WHF QRORJLH D GHWWDUH L WHPSL GHOOD YLWD VRFLDOH HG HFRQRPLFD GHL 3DHVL VRQR OH JUDQGL FHQWUDOL ILQDQ]LDULH LQWHUQD]LRQDOL LQXWLOH ULSHWHUOH WDQWR VRQR OH VWHVVH JLj LQGLFDWH SULPD FXL SHUz YD DJJLXQWD O¶8QLRQH (XURSHD FKH FRVWUXLWD VXL WUDWWDWL PRQHWDUL KD FRPH XQLFD VWHOOD FRPHWD SURSULD OD ILQDQ]D H TXLQGL OD PRQHWD O¶HFRQRPLD q VHPSUH SL GL SHQGHQWH GDJOL HFRQRPLVWL 3HFFDWR SHUz FKH WURSSR SUHVL

*HQQDLR

GDO SURSULR HGRQLVPR FRQWLQXDQR D VSHFFKLDUVL QHO ODJR GHOOD SROLWLFD - DOOD TXDOH SHU DOWUR LQ IRU]D GHO SURSULR ©FXUVXV KRQRUHPª FRVWUXLWR DG DUWH GD FKL KD ELVRJQR GL ORUR SHU VRVWHQHUH OH SURSULH SUHWHVH FKLHGRQR VHPSUH QXRYH JUDWLILFD]LRQL RIIUHQGROH LQ FDPELR OD FRPSOLFLWj LQGLVSHQVDELOH SHU SRWHU RWWHQHUH LQVLHPH L ULVSHWWLYL RELHW WLYL - H QRQ UHQGHQGRVL FRQWR GL TXDQGR q DUULYDWR LO PR PHQWR GL IHUPDUVL FRQWLQXDQR D ODYRUDUH GL ELVWXUL VXL ©SRYHUL YLYLª H FRVu GD PDUWLUL OL WUDVIRUPDQR LQ ©PRUWLª 6HQ]D ROWUHWXWWR ULXVFLUH D SRUWDUH D WHUPLQH OD ORUR RSHUD G¶DUWH RYYHUR LO ULVDQDPHQWR GHL FRQWL FKH DQ]L SHJJLRUD QR FRVu FRPH DUUHWUD O¶HFRQRPLD UHDOH H GHJUDGD OD YLWD GHL FLWWDGLQL 3HU GLPRVWUDUOR FRPLQFLR GDOO¶LQL]LR SURSRQHQ GRYL XQD VHULH GL GRPDQGH OH FXL ULVSRVWH YL GDUDQQR OD VLQWHVL GL TXDQWR LO ©SDUDGRVVR VXJOL HFRQRPLVWLª GL GH &KDPIRUW VLD DQFRUD YDOLGR DG ROWUH DQQL GL GLVWDQ]D /LPLWDQGRPL RYYLDPHQWH SHU UDJLRQL GL VSD]LR DOO¶,WDOLD &KL q VWDWR FKH SHU LQGHEROLUH H PHWWHUH OH PDQL SROLWLFDPHQWH H VRSUDWWXWWR HFRQRPLFDPHQWH VXOO¶,WDOLD KD SHQVDWR DG XQ FRPSORWWR FRQWUR %HUOXVFRQL XQLFR RVWD FROR D TXHVWR GLVHJQR LQYHQWDQGRVL XQD YDOXWD]LRQH GHOOD VROLGLWj GHO QRVWUR 3DHVH IRQGDWR VROWDQWR VXO GHELWR SXE EOLFR ILQJHQGR G¶LJQRUDUH XQD ULFHUFD GHOO¶8QLYHUVLWj WHGH VFD GL )ULJXUER VHFRQGR OD TXDOH TXHOOR LWDOLDQR HUD XQR GHL GHELWL SL VRVWHQLELOL GHO PRQGR UHODWLYDPHQWH DJOL LPSHJQL UHDOPHQWH GD ULVSHWWDUH GL SL PRVWUDQGR GL GL PHQWLFDUH FKH OD IRU]D GL XQ 3DHVH VL PLVXUD VXO GHELWR SXEEOLFR PD UDSSRUWDWR DO ULVSDUPLR GHOOH IDPLJOLH FKH DO PRPHQWR HUD LO SL VLJQLILFDWLYR G¶(XURSD" /¶8QLRQH HX URSHD FRQ LO VXSSRUWR GHOOD %FH FKH ULVSRQGH VROWDQWR DOOD 0HUNHO LQVLQXDQGR LO GXEELR VXOO¶LQVRVWHQLELOLWj GHO GHELWR LWDOLDQR &KL KD DSHUWR OH GDQ]H SHU LO JLXELODPHQWR EHUOXVFR QLDQR" /D 'HXWVFKH %DQN FKH QHO OXJOLR GHO FRQ XQD GHFLVLRQH WUDXPDWLFD KD ODQFLDWR VXO PHUFDWR GHJOL POG GL HXUR GL %WS LQ VXR SRVVHVVR IDFHQGR LQVRUJHUH QHJOL LQYHVWLWRUL LVWLWX]LRQDOL OD VHQVD]LRQH GHOO¶DYYLFLQDUVL GL XQ ULVFKLR G¶LQVROYHQ]D GHOO¶,WDOLD &KL KD YHLFRODWR TXHVWR PHVVDJJLR FRQ WDQWD GHWHU PLQD]LRQH GD LQGXUUH JOL LQYHVWLWRUL D FUHGHUH FKH RUPDL O¶,WDOLD IRVVH DG XQ SDVVR GDO GHIDXOW" /H $JHQ]LH GL 5DWLQJ HG LQ SDUWLFRODUH TXHOOD 6WDQGDUG 3RRU OD SL ULQRPDWD FKH UDFFRJOLHQGR DO YROR O¶DVVLVW GHOOD 'HXWVFKH KDQQR DEEDVVDWR O¶RXWORRN GHOO¶H[ %HOSDHVH PHWWHQGR LQ IXJD JOL LQYHVWLWRUL VSLQJHQGROL YHUVR L %XQG WHGHVFKL DO SXQWR FKH LQ TXHO IUDQJHQWH OD *HUPDQLD q ULXVFLWD D ILQDQ]LDUVL D FRVWR TXDVL ]HUR PHQWUH LO GLIIHUHQ]LDOH %XQG %WS q DVFHVR D OLYHOOL TXDVL SDURVVLVWLFL ROWUH LO SHU FHQWR &KL GRSR DYHUOR LVSLUDWR KD UDFFROWR H ULODQFLDWR LO PHVVDJJLR GHOOH $JHQ]LH GL UDWLQJ LPSRQHQGR D *LRUJLR 1DSROLWDQR GL PDQGDUH D FDVD %HUOXVFRQL H VRVWLWXLUOR FRQ XQ XRPR DOOLQHDWR VXOOH VXH SRVL]LRQL TXLQGL GL VXD ILGX FLD H SHU FRQVHJXHQ]D SL IDFLOPHQWH FRQGL]LRQDELOH" /¶8QLRQH HXURSHD FKH REEHGLVFH VROWDQWR DOOD 0HUNHO HG DL SRWHUL IRUWL GHOOH JUDQGL FHQWUDOL ILQDQ]LDULH GHO PRQGR QRQFKp D TXHO JUXSSR GL DVVRFLD]LRQL VHPLVHJUHWH GHO ©*RYHUQR XQLFR GHO PRQGRª GHO ©*UXSSR %LOGHUEHUJª ©&RPPLVVLRQH WULODWHUDOHª $ TXHVWR SXQWR LO SL HUD IDWWR PD SHUFKp LO FRPSORWWR DYHVVH VXFFHVVR ELVRJQDYD FRP SOHWDUOR FRQ OD FDFFLDWD GL %HUOXVFRQL HG LO ULFRUVR D ©WHFQLFLª GL SURYDWD ILGXFLD 8Q GLVHJQR FKH TXLQGL QRQ VDUHEEH PDL ULXVFLWR VH QRQ DYHVVH WURYDWR VSRQGH VROLGLV VLPH LQ TXHVW¶,WDOLD FKH L VXRL JRYHUQDQWL KDQQR VYHQGXWR HG DVVHUYLWD DG XQ¶(XURSD GRYH OD GHPRFUD]LD q FRPH O¶DUDED IHQLFH ©FKH FL VLD RJQXQR OR GLFH GRYH VLD QHVVXQ

*HQQDLR

,/ %25*+(6(

OR VDª ( FRVu VRQR DUULYDWL 0DULR 0RQWL FRQ 9LWWRULR *ULO OL HG (OVD )RUQHUR (QULFR /HWWD FRQ )DEUL]LR 6DFFRPDQQL 0DWWHR 5HQ]L FRQ 3LHUFDUOR 3DGRDQ 7XWWL ULJRURVDPHQWH QRQ HOHWWL WXWWL VFLHQWHPHQWH JUDGLWL DJOL LGHDWRUL GHO SUR JHWWR ©DVVHUY,WDOLDª SHUFKp FUHVFLXWL QHOOH ORUR VFXGHULH RG DOOD ORUR RPEUD 7XWWL DG HFFH]LRQH GL 5HQ]L HFRQRPLVWL H TXLQGL SLHQDPHQWH FRQVDSHYROL GHOOD SHULFRORVLWj GHL ©FRPSLWL D FDVDª DVVHJQDWRFL GD %UX[HOOHV VRSUDWWXWWR UHODWLYDPHQWH DOOD ULGX]LRQH GHO GHELWR SXEEOLFR LQ WHPSL UDSLGL HG DQFRUD GL SL LQ SUHVHQ]D GL XQD SUHVVLRQH ILVFDOH JLj DOWLVVLPD 0D WXWWL KDQQR ILQWR GL QRQ DFFRUJHUVHQH HG KDQQR VXSLQDPHQWH IDWWR FLz FKH L ORUR ©SDGURQLª JOL DQGD YDQR ULFKLHGHQGR 1RQ SULPD SHUz GL DYHU UDVVLFXUDWR JOL LWDOLDQL FKH JUD]LH DOOH ORUR ©PDQRYUHª LO 3DHVH VL VDUHEEH ULVROOHYDWR &RVu FL KDQQR URYHVFLDWR DGGRVVR XQD OXQJD WHRULD GL GHFUHWL GDL WLWROL GHFLVDPHQWH VXJJHVWLYL ©6DOYD ,WDOLDª ©&UHVFL ,WDOLDª ©6HPSOLILFD ,WDOLDª ©6YLOXSSRª ©6YLOXSSR ª ©6EORFFD ,WDOLDª ©&RPSHWLWLYLWjª ©-REV DFWª GL OHJJL GL VWDELOLWj ULIRUPH GHO ODYRUR H GHOOH 3HQVLR QL 3UHVHQWDWL FRPH OD SDQDFHD HG LQGLVSHQVDELOL DOOD ULGX ]LRQH GHOOD PRQWDJQD GL GHELWL GHO 3DHVH HG DO GUDVWLFR ULGLPHQVLRQDPHQWR GHOOD SUHVVLRQH ILVFDOH 7XWWH SHUz XJXDOPHQWH IDOOLPHQWDUL H VHQ]D ULVXOWDWL HIIHWWLYL ,Q SRVLWL YR RYYLDPHQWH SHUFKp GL FULWLFLWj DJJLXQWLYH QH KDQQR FUHDWH LQ TXDQWLWj LQGXVWULDOH ILQHQGR UHJRODUPHQWH SHU SHJJLRUDUH OD VLWXD]LRQH /¶,WDOLD LQYHFH GL FUHVFHUH KD FRQWLQXDWR DG DUUHWUDUH LO 3DHVH q ILQLWR LQ UHFHVVLRQH 6R QR HVSORVH FDVVD LQWHJUD]LRQH GLVRFFXSD]LRQH H OLYHOOL GL SRYHUWj DQFKH LQ FRQVHJXHQ]D GHOOR VFRQVLGHUDWR DXPHQWR GHOOD SUHVVLRQH ILVFDOH - FRQ WULEXWL LPSRVWL LQ YLD UHWURDWWL YD YHGL O¶,UDS FKH GRYHYD HVVHUH FDQFHOODWD PD q VWDWD ULPRGXODWD LQ DXPHQWR SHU LO HG DQWLFLSDWD DFFRQWL VXL UHGGLWL IXWXUL DFFLVH WDULIIH H FRVWL GHL VHUYL]L SHU DOWUR DVVROXWDPHQWH LQDGHJXDWL - FKH FRQWLQXD D VWULWRODUH JOL LWDOLDQL PHQWUH GHOOD VSHQGLQJ UHYLHZ FKH GRYHYD UDS SUHVHQWDUH LO SULPR VHJQDOH GHO ©QXRYR FKH DYDQ]Dª RUPDL VL VRQR SHUVH OH WUDFFH GHOOH WDQWH ULIRUPH DQQXQFLDWH VRQR ULPDVWH VROR TXHOOH UHODWLYH DO VLVWHPD HOHWWRUDOH GL 6HQDWR H SURYLQFH 3HU QRQ SDUODUH SRL GHJOL ©HVRGDWLª ODYRUDWRUL FKH LQ VHJXLWR DG XQD GHWHUPLQD]LRQH GHO JRYHUQR DYHYDQR GHFLVR GL DQGDUVHQH LQ SHQVLRQH DQWLFLSDWDPHQWH PD FKH LQ VHJXLWR DG XQD GHFLVLRQH FRQWUDULD GHOOR VWHVVR JRYHUQR VL VRQR SRL ULWURYDWL VHQ]D ODYRUR SULYL GL VWLSHQGLR H VHQ]D SHQVLRQH ,Q FRPSHQVR SHUz GDO QRYHPEUH DG RJJL SUHPLHU H PLQLVWUL GHOO¶HFRQRPLD QRQ KDQQR IDWWR DOWUR FKH ULILODUFL SHU GLUOD DOOD QDSROHWDQD ©SDFFKLª LOOXVWUDQGRFL VOLGH H GHI GRFXPHQWL HFRQRPLD H ILQDQ]H H FRQ O¶LQWHQWR GL VSDUJHUH LQWRUQR DO ORUR RSHUDWR VSLFFLROL GL RWWLPLVPR DQQXQFLDQGR ULSDUWHQ]H ULSUHVH H TXLQGL FUHVFLWD 6ROWDQ WR FKH WUDWWDQGRVL GL SUHYLVLRQL LQJLXVWLILFDWH H SULYH GL IRQGDPHQWL VRQR PLVHUDPHQWH FUROODWH HG RJQL YROWD ULQ YLDWH GL PHVH LQ PHVH TXDQGR QRQ DGGLULWWXUD GL DQQR LQ DQQR &RQWULEXHQGR FRVu DG DXPHQWDUH OD SUHFDULHWj D] ]HUDQGR OD ILGXFLD GHJOL LWDOLDQL HG DOORQWDQDQGR VHPSUH SL OH VSHUDQ]H GL XQD ULSUHVD SURVVLPD YHQWXUD ©*OL HFRQRPLVWLª VRVWHQHYD -RKQ .HQQHW *DOEUDLWK ©QRQ DYDQ]DQR SUHYLVLRQL SHUFKp VRQR LQ JUDGR GL IDUOR PD VROWDQWR SHUFKp TXDOFXQR OH ULFKLHGHª 6RSUDWWXWWR JOL DVSLUDQWL ©XRPLQL GHOOD 3URYYLGHQ]Dª 3UREDELOPHQWH SHU GHQLJUDUH JOL DOWUL H SURPR]LRQDUH VH VWHVVL ( LQWDQWR JUD ]LH DG HQWUDPEL O¶,WDOLD H O¶(XURSD DIIRQGDQR

2&&83$5( QRQ q SL UHDWR 3UHQGLDPRFL OD FDVD GL $/(66$1'52 3 %(1,1, 6212 PROWL DQQL GD TXDQGR FDXVD DQFKH O¶LQGLVFULPLQDWR LQJUHVVR GL PLJOLDLD H PLJOLDLD GL LPPLJUDWL VL OHYDQR OH SURWHVWH SHU OH FRQGL]LRQL GHOOH FDUFHUL SHJJLRUDWH SHU O¶DOWR QXPHUR GL ©LQTXLOLQLª XQD FRQGL]LRQH LQVRVWHQLELOH SHU O¶HVLJXR VSD]LR D GLVSRVL]LRQH SHU OD SURPLVFXLWj H SHU O¶LJLHQH SURWHVWH TXRWLGLDQH VROOHYDWH DQFKH GDOOH VWHVVH LVWLWX]LRQL DFFXVDWH GL DFFDQWRQDUH XQ SUREOHPD FKH SRQH LO 3DHVH QHJOL XOWLPL SRVWL WUD OH QD]LRQL RFFLGHQWDOL SHU OH FRQGL]LRQL DO OLPLWH GHOOD WRUWXUD 7URSSL WDQWLVVLPL GHWH QXWL VHSSXU SHU EUHYL SHULRGL DIIROODQR OH SDWULH JDOHUH FRVu FRPH WDQWLVVLPH FDXVH SHQDOL H FLYLOL DIIROODQR OH FDQ FHOOHULH GHL QRVWUL WULEXQDOL Ê TXHVWD HPHUJHQ]D GHOOD JLXVWL]LD FKH LO JRYHUQR 5HQ ]L LQWHQGH ULVROYHUH FRQ QXRYH QRUPH GD LPPHWWHUH QHOOD SUHYLVWD ULIRUPD GHOOD JLXVWL]LD PD DO PRPHQWR ULPDQH WXWWR QHO FDVVHWWR GHOOH EXRQH LQWHQ]LRQL 8QR VFKHPD SH Uz GL GHFUHWR GHOHJDWR KD DYXWR LO YLD OLEHUD GDO &RQVLJOLR GHL 0LQLVWUL VHQ]D VROOHYDUH SDUWLFRODUL FODPRUL LO GHFUHWR LQ TXHVWLRQH VWDELOLVFH OD QRQ SXQLELOLWj GHL UHDWL FKH FRP SRUWDQR XQD SHQD LQIHULRUH DJOL DQQL FLQTXH GL GHWHQ]LRQH /H SHQVDQR WXWWH GXQTXH SHU VQHOOLUH OH SUHVHQ]H FDU FHUDULH H SHU DJJUDYDUH GL FRQWUR OD JLj GLIILFLOH YLWD GHOOD JHQWH FKH QRQ UXED FKH SDJD OH WDVVH H OH EROOHWWH H FKH RJQL JLRUQR V¶LQYHQWD FRPH WLUDUH DYDQWL FRQ PLFURVFRSL FKH SHQVLRQL EDVVL VDODUL H VHQ]D DOFXQD DVVLVWHQ]D /¶DQ ]LDQD FKH QRQ YXROH HVVHUH ULFRYHUDWD H ULPDQGD LO JLRUQR GHO VXR LQJUHVVR LQ RVSHGDOH SHUFKp WHPH D UDJLRQH GL SHUGHUH LO VXR PRGHVWR DOORJJLR GRYUj ULPDQGDUH DQFRUD D OXQJR LO PRPHQWR GL IDUVL FXUDUH LQIDWWL O¶XVFLUH GL FDVD HTXLYDOH SHU PROWL DVVHJQDWDUL GL FDVH SRSRODUL D SHUGHUH LO SRVVHVVR GHOO¶DSSDUWDPHQWR RUJDQL]]D]LRQL PDODYLWRVH VIUXWWDQGR LO PDOHVVHUH JHQHUDOH H OD GLIIXVD SRYHUWj JHVWL VFRQR LQ SURSULR OH DVVHJQD]LRQL GHOOH FDVH SRSRODUL TXHOOH VILWWH HG DQFKH TXHOOH DELWDWH GD SHUVRQH UHJRODUPHQWH SD JDQWL OH TXDOL LQ QXPHURVH RFFDVLRQL VL VRQR WURYDWH FRQ OD SRUWD VIRQGDWD H VRVWLWXLWD FRQ QXRYH VHUUDWXUH &RQ FLIUH FRPSUHVH WUD L HG L ¼ VLD ©GLULWWRª GL RFFXSDUH XQ DSSDUWDPHQWR H VH q DELWDWR GD TXDOFKH DQ ]LDQR PDJDUL WHPSRUDQHDPHQWH DVVHQWH QHVVXQ SUREOHPD L QXRYL LQTXLOLQL SRWUDQQR VWDUH WUDQTXLOOL QHVVXQR SRWUj H WUD SRFR D WHUPLQH GL OHJJH ULSULVWLQDUH LO SUHFHGHQWH LQTXL OLQR ( TXHVWR D 0LODQR D 5RPD HG LQ DOWUH JUDQGL FLWWj LWDOLDQH QRQ WURYHUj DOFXQR RVWDFROR YLVWR FKH FRQ OD QXRYD OHJJH GHOHJD SUHVWR LQ YLJRUH QRQ VDUj SUHYLVWD DOFXQD VDQ]LRQH SHQDOH RFFXSDUH XQ DSSDUWDPHQWR VDUj XQ JLRFR SL IDFLOH , JUXSSL RUJDQL]]DWL SDWWXJOLH FULPLQDOL VSDOOHJJLDWL GD ©DQWDJRQLVWLª H ©FHQWUL VRFLDOLª DYUDQQR GD FRPSLHUH LQ EDVH DO SULPR FRPPD GHOO¶DUW GHO &RGLFH 3HQDOH LO ORUR ODYRUR VHQ]D WHPHUH OD UHSUHVVLRQH GHOOH )RU]H GHOO¶RU GLQH $JOL DVVHJQDWDUL LQWHQGLDPR TXHOOL YHUL L OHJDOL SRV VHVVRUL GHJOL LPPRELOL QRQ UHVWD DOWUR GD IDUH FKH EDUULFDU

,/ %25*+(6(

VL LQ FDVD GRSR DYHU IDWWR VFRUWD GL JHQHUL GL SULPD QHFHV VLWj &KL VRQR TXHVWL QXRYL LQTXLOLQL JOL RFFXSDQWL IDYRULWL GDO SDJDPHQWR GL WDQJHQWL" 0ROWL JOL VWUDQLHUL TXHL FODQGH VWLQL IDWWL HQWUDUH LQ ,WDOLD VHQ]D UHJROH H VHQ]D DOFXQ FRQ WUROOR DOWUL L GHOLQTXHQWL FRPXQL FKH XWLOL]]DQR DSSDUWD PHQWL H FDQWLQH GL LQWHUL VWDELOL FRPH PDJD]]LQR GL PHUFL UXEDWH SURQWH SHU HVVHUH ULFLFODWH 7UHQW¶DQQL GL LQWHUHVVDWR EXRQLVPR KD SHUPHVVR O¶XUEDQL]]DUVL VHQ]D ULVSHWWR SHU OHJJL H YLYHUH FLYLOH GL FRPXQLWj QRPDGL FKH RJJL ILJX UDQR WUD JOL XVXUSDWRUL GHO GLULWWR DOO¶DELWD]LRQH PHWWHQGR VXO ODVWULFR L QRVWUL FRQQD]LRQDOL VHPSUH PHQR DVFROWDWL VHPSUH PHQR GLIHVL H FRVWUHWWL DOOD PLVHULD GDOO¶LQFDSDFLWj H GDOOD FRQQLYHQ]D GL JLXQWH DIIDULVWLFKH LQWHQWH D JRYHUQD UH FRQWUR L FLWWDGLQL /¶LQFUHGLELOH OHJJH GHOHJD QRQ VL q DFFRQWHQWDWD GL GH SHQDOL]]DUH LO IXUWR GHJOL LPPRELOL VL q VSLQWD DQFKH D JUD WLILFDUH FRQ O¶LPPXQLWj FKL ©SHU SURFXUDUH D Vp R DG DOWUL XQ LQJLXVWR SURILWWR GHYLD DFTXH RYYHUR LPPXWD QHOO¶DOWUXL SURSULHWj OR VWDWR GHL OXRJKLª ,Q SUDWLFD QRQ VDUj SL SDV VLELOH GL XQD FRQGDQQD ILQR D WUH DQQL FKL HIIHWWXD GHYLD]LR QL GL FDQDOL 1RQ q FRVD GD SRFR TXHVWR FROSR GL VSXJQD VXO VLVWHPD GL LUULJD]LRQH FRQVLGHUDQGR L GDQQL HG L OXWWL SURYRFDWL QHJOL XOWLPL DQQL LQ WDQWH UHJLRQL GD LQGLYLGXL LQFRPSHWHQWL H SULYL GL VFUXSROL 1RQ q SHQVDELOH FRPXQTXH FKH OD OHJJH GHOHJD GHO DSULOH VLD SDVVDWD VHQ]D FROSR IHULUH GD &DPHUD H 6HQDWR QRQ SXz WUDWWDUVL GL XQD GLVWUD]LRQH TXDQGR FRQ LO SULPR FRPPD OH VRFLHWj FKH JHVWLVFRQR LO SDWULPRQLR LPPRELOLDUH GHOOH UHJLRQL QRQ VRQR SL DELOLWDWH SHU IDU HIIHWWXDUH JOL VJRPEHUL GHOOH FDVH DEXVLYDPHQWH RFFXSDWH 6L KD OD VHQVD]LRQH GL XQ ©IDYRUHª IDWWR D IRU]H VRYYHUVLYH SHU OHJLWWLPDUH TXHOOR FKH OHJLWWLPR QRQ q VH QRQ XVFLUj GDO 3DUODPHQWR H GDO *RYHUQR XQ VHFFR QR D TXHVWR FRP PD VL SDVVHUj DOO¶DWWXD]LRQH GL XQ GRSSLR FULPLQH OHJDOL] ]DWR XQ DOWUR FROSR PRUWDOH YHUUj LQIHUWR QRQ FHUWR DOOH YDULH FDVWH GHO GHQDUR H GHOOD SROLWLFD PD FRPH VHPSUH D TXHOOD PROWLWXGLQH GL LQGLYLGXL FKH KDQQR JLj SHUGXWR LO ORUR ©VWDWXVª GL FHWR PHGLR 6H GLDPR XQD UDSLGD RFFKLDWD DO QRVWUR GLODQLDWR 3DHVH GREELDPR FRQ GLVDJLR ULOHYDUH FRPH O¶LPSUHQGLWRULD VWUD QLHUD XIILFLDOPHQWH ORQWDQD GDL FRQILQL LWDOLDQL q LQYHFH SUHVHQWH UHDOPHQWH DOOD IDFFLD GHOOH UHVWUL]LRQL EXURFUDWL FKH H GHO SRWHUH VLQGDFDOH FRQ XQD SROLWLFD LQGXVWULDOH XQ WHPSR DSSOLFDWD DO WHU]R PRQGR TXDQGR FRVu YHQLYDQR GHILQLWH YDVWH UHJLRQL GHO VXG GHO JORER /R VWHVVR GLVSUH] ]R SHU LO ODYRUR H VH YRJOLDPR DQFKH GHOOD YLWD GHL GLSHQ GHQWL XQ FDVR SHU WXWWL LO URJR GL 7RULQR QHOOH DFFLDLHULH GL SURSULHWj JHUPDQLFD FKH FRVWz OD YLWD D VHWWH RSHUDL H FKH D GLVWDQ]D GL SRFKL DQQL VWDYD FRVWDQGR LO SRVWR GL ODYRUR DL GXHPLOD GLSHQGHQWL GHOO¶DFFLDLHULD GL 7HUQL 6H q LO JRYHUQR DG DJLUH R SHU XQD FODPRURVD VYLVWD R SHU XQ LQIDPH FDOFROR FRQWUR JOL LQWHUHVVL H OD VWHVVD VR SUDYYLYHQ]D GHO SRSROR LWDOLDQR FRVD SRVVLDPR DVSHWWDUFL GDJOL LPPLJUDWL JOL XQLFL FKH DQFRUD DSURQR SDUWLWH ,9$ H VXOO¶HVHPSLR GHO WULRQIDQWH GHJUDGR VL VHQWRQR DXWRUL]]DWL D IDUH FLz FKH YRJOLRQR FRPSUHVD O¶RFFXSD]LRQH GL FDVH JLj DVVHJQDWH" 7XWWR O¶LQVLHPH GDOO¶LQTXLQDPHQWR GHO WHUUL WRULR DOO¶DEEDQGRQR GHOOH FLWWj DG DVVRFLD]LRQL D GHOLQTXH UH LQYLWD L IXUEL GL RJQL HWQLD VSLQJH L PDOIDWWRUL LQWHUQL HG HVWHUQL DG DGHJXDUVL DO VLVWHPD GHOOD VRSUDIID]LRQH 6DUDQ QR FRPH VHPSUH JOL RQHVWL FDFFLDWL D IRU]D GDOOH SURSULH DELWD]LRQL D GLPRVWUDUH FKH F¶q JLXVWL]LD IDFHQGR FDXVD DJOL RFFXSDQWL DEXVLYL H DWWHQGHQGR ILGXFLRVL DQQL XQD GHILQLWLYD VHQWHQ]D

*HQQDLR

'D ©&RVD QRVWUDª D ©&RVD ORURª %UX[HOOHV V¶DOOXQJD DQFKH VXL EHQL PDILRVL GL 58**,(52 &$321( ,/ 6(77(0%5( YHQLYD DSSURYDWD OD OHJJH ©5RJQRQL/D 7RUUHª OD © ª FKH ULVSRQGHYD DOOH LVWDQ]H GL FRQWUDVWR GHOOH PDILH DWWUDYHUVR OD FRQILVFD GL EHQL LPPRELOL WLWROL H FRQWL FRUUHQWL 9D UDPPHQWDWR FKH LO VHTXHVWUR GL EHQL ULYH QLHQWL GDOO¶DWWLYLWj FULPLQDOH JLj HVLVWHYD QHO QRVWUR FRGLFH PD OD ©5RJQRQL-/D 7RUUHª DSULYD D YDULH RQOXV H VWUXWWXUH SVHXGR-FDULWDWHYROL O¶HQRUPH VSD]LR GHOOD JHVWLRQH GHL SDWUL PRQL FRQILVFDWL ( DQFKH TXDQGR GLPRVWUDWR FKH L EHQL VRQR VWDWL HUURQHDPHQWH VHTXHVWUDWL DUGXD VL FRQIHUPD OD VWUDGD SHU IDUOL WRUQDUH DO OHJLWWLPR SURSULHWDULR *LRUQL ID KD IDWWR FDSROLQR VX PROWH WHVWDWH LO SUREDELOH ULWRUQR GL GRQ &LRWWL DOOD YLWD GD SUHWH ,Q PROWL VL VRQR FKLHVWL VH DYUHEEH PDL DEEDQGRQDWR OD VXD FUHDWXUD ©/LEHUDª VWUXWWXUD FKH JHVWLVFH D WLWROR TXDVL HVFOXVLYR WXWWL L SDWULPRQL FRQILVFDWL VX WHUULWR ULR LWDOLDQR DOOH PDILH 1HVVXQR KD ULVSRVWR D TXHVW¶LQWHUUR JDWLYR Ê HYLGHQWH FKH O¶LPSRUWDQ]D GHO FRQWUDVWR SDWULPR QLDOH DOOH PDILH VRQR GHYDVWDQWL JOL HIIHWWL GL VHTXHVWUL H FRQILVFKH SHU OH RUJDQL]]D]LRQL FULPLQDOL VLD SDVVDWD LQ PDQL SL JUDQGL HG HXURSHH 'DO OXJOLR VFRUVR O¶DWWLYLWj OHJLVODWLYD GHOO¶8H KD GDWR LO YLD D XQ )XJ HXURSHR XQ IRQGR XQLFR GL JLXVWL]LD HXURSHR LQ FXL FRQIOXLUDQQR WXWWL L SDWULPRQL VHTXH VWUDWL DOOH PDILH 3DWULPRQL FKH VDUDQQR D GLVSRVL]LRQH HVFOX VLYD GHOOD VWUXWWXUD HXURSHD LPPRELOL H WHUUHQL YHUUDQQR VRWWUDWWL WRWDOPHQWH DOOD JHVWLRQH GHO 3DHVH GRYH LQVLVWRQR H GDQDUR H WLWROL QRQ DQGUDQQR FHUWR QHOOH FDVVH GHO 3DHVH GRYH VL VYROJHYD O¶DWWLYLWj FULPLQDOH &RVu LO YDORUH DJJLXQWR FKH GHULYD GDOO¶XWLOL]]R SHU ILQL VRFLDOL GHL EHQL FRQILVFDWL IRUWHPHQWH YROXWR GD ©/LEHUDª GL GRQ &LRWWL QHO FKH UDFFROVH ROWUH XQ PLOLRQH GL ILUPH LPSRQHQGR O¶DSSURYD]LRQH GHOOD OHJJH ULVFKLD GL GLYHQLUH DSSDQQDJJLR GL EXURFUD]LH HXURSHH 6HFRQGR L GDWL IRUQLWL GDOO¶$JHQ]LD QD]LRQDOH GHL EHQL FRQILVFDWL DOOH PDILH LO WRWDOH GHJOL LPPRELOL GHILQLWLYD PHQWH FRQILVFDWL KD VXSHUDWR WUD LO HG LO OH XQLWj O¶ SHU FHQWR LQVLVWH QHOOH UHJLRQL GHO 0H]]RJLRUQR 0HQWUH VRQR OH D]LHQGH FRQILVFDWH GHILQLWLYDPHQWH LQGXVWULH DWWLYLWj DUWLJLDQDOL H FRPPHUFLD OL D]LHQGH DJULFROH« /D QRUPDWLYD LWDOLDQD SUHYHGH FKH VROWDQWR XQD SDUWH GHOOH VRPPH VHTXHVWUDWH SRVVD HVVHUH XWLOL]]DWD TXRWD SDU WH DIIOXLVFH QHOO¶DSSRVLWR FDSLWROR GHO ELODQFLR GHOOR 6WDWR DLXWD L FRQWL QHOOH OHJJL GL VWDELOLWj ,QIDWWL q XQ GHFUHWR GHO 3UHVLGHQWH GHO &RQVLJOLR GHL 0LQLVWUL FKH GL YROWD LQ YROWD VWDELOLVFH OD TXRWD FKH SXz HVVHUH ULXWLOL]]DWD ©ILQR D XQD SHUFHQWXDOH QRQ VXSHULRUH DO SHU FHQWR UHODWLYDPHQWH DOOH VROH ULVRUVH RJJHWWR GL VHTXHVWUR SHQDOH R DPPLQLVWUDWLYR GLVSRQLELOL SHU PDVVD LQ EDVH D FULWHUL VWDWLVWLFL H FRQ PRGDOLWj URWDWLYD DUW FRPPD GHO G O ª &RQWLQXD D SDJLQD

FOTOGRAFIE del BORGHESE

9(17Â¶$11, '232 - /$ 9(1'(77$ ', *+,12 ', 7$&&2 1HOOD IRWRJUDILD %HWWLQR &UD[L ,Q GXH GLVFRUVL DOOD &DPHUD FKLDPz L SDUWLWL DOOD UHVSRQVDELOLWj FLUFD LO ILQDQ]LDPHQWR LOOHFLWR DL SDUWLWL H VL GRPDQGz FKL FÂ¶HUD GLHWUR DOOD Â©JLXVWL]LD DG RURORJHULDÂª

/$ '(675$ ,1 )5$1&,$ - ,/ 6255,62 '(//$ 9,7725,$ 1HOOD IRWRJUDILD 0DULRQ 0DUHFKDO /H 3HQ 9LFHSUHVLGHQWH GHO Â©)URQW 1DWLRQDOÂª - )RWR $QVD

/$ '(675$ ,1 ,7$/,$ - /$ 6025),$ '(//$ ',6)$77$ 1HOOD IRWRJUDILD *LRUJLD 0HORQL

,/ )$6&,12 Â©&5,0,1$/(Âª '(/ 520$1=2 1HOOD IRWRJUDILD 5LFFDUGR 6FDPDUFLR LO Â©1HURÂª GL Â©5RPDQ]R &ULPLQDOHÂª

/$ 1250$/,7Â¬ Â©&5,0,1$/(Âª '(//$ &2558=,21( 1HOOD IRWRJUDILD 0DVVLPR &DUPLQDWL LO Â©1HURÂª GL Â©0DILD &ULPLQDOHÂª

&203$*12 '29( 6(," - ,/ )$/62 0,72 '(//$ 5,92/8=,21( 1HOOD IRWRJUDILD 3DOPLUR 7RJOLDWWL

&203$*12 '29( 6(," - ,/ 9(52 0,72 '(//$ &216(59$=,21( 1HOOD IRWRJUDILD *LRUJLR 1DSROLWDQR

Â©0$),$ &$3,7$/(Âª - '232 $9(5/$ '$7$ $ %(5( $ 7877, 1HOOD IRWRJUDILD LO VLQGDFR GL 5RPD ,JQD]LR 0DULQR

,/ *29(512 6, Ê 52772 /( *$0%( 68//$ *,867,=,$ 1HOOD IRWRJUDILD $OHVVLD 0RUDQL UHVSRQVDELOH *LXVWL]LD QHOOD VHJUHWHULD GHO ©3'ª

,/ ©*5,//2 48$/8148(ª - /$ 086,&$ Ê ),1,7$ 1HOOD IRWRJUDILD %HSSH *ULOOR

*/, $0,&, 6( 1( 9$112 1HOOD IRWRJUDILD )HGHULFR 3L]]DURWWL VLQGDFR GL 3DUPD - )RWR $QVD

/$ 675$7(*,$ '(/ Â©3'Âª - &$7(1$&&,2 68//$ Â©/(232/'$Âª 1HOOD IRWRJUDILD 0DULD (OHQD %RVFKL 0LQLVWUR SHU OH 5LIRUPH &RVWLWX]LRQDOL

,O 0HJOLR GH Â©LO %25*+(6(Âª

Â©&RVD 1RVWUDÂª DQWLIDVFLVWD 6HQVD]LRQDOL H LQHGLWL GRFXPHQWL VXOOD UHVWDXUD]LRQH GHOOD PDILD LQ ,WDOLD LQ QRPH GHOOD GHPRFUD]LD H DOOÂ¶RPEUD GHJOL (VHUFLWL DOOHDWL GL &$5/2 '( %,$6(

2JJL VL SDUOD PROWR GL PDILD H GL FRUUX]LRQH SROLWLFD PD FL VL JXDUGD EHQH GDO GLUH Â©FRPH QDVFHÂª LO QXRYLVVLPR IHQRPH QR FKL QH SRUWD OD UHVSRQVDELOLWj GRYH VL DQQRGDQR OH FRPSOL FLWj 6X TXHVWL DUJRPHQWL FÂ¶q VHPSUH VWDWR QHO QRVWUR 3DHVH LO VLOHQ]LR SL ILWWR 5LWHQLDPR FKH VLD GRYHURVD OD SXEEOLFD]LRQH GHL GRFXPHQWL LQ QRVWUR SRVVHVVR QRQ VROWDQWR SHU IDU OXFH VX XQÂ¶DOWUD YHUJRJQRVD SDJLQD GHOOD VHFRQGD JXHUUD PRQGLDOH PD DQFRU SL SHUFKp q SURSULR GD TXHVWH QHIDQGH]]H FKH OD PDILD DVVRFLD]LRQH VHJUHWD TXDQWR VL YXROH SUHWHVH H SUHWHQGH WXWWRUD FRVu FRPH RWWHQQH LO ULFRQRVFLPHQWR GHO WLWROR GL GH PRFUDWLFD SHUFKp SHUVHJXLWDWD GDO IDVFLVPR H SHU DYHU VSLDQD WR OD YLWWRULD DJOL DQJOR-DPHULFDQL LQ $IULFD 6HWWHQWULRQDOH FRQ OR VSLRQDJJLR QHO 0HGLWHUUDQHR DWWUDYHUVR OD PDILD GHL SH VFKHUHFFL H SHU DYHU GDWR XQD SURILFXD SUH]LRVD FROODERUD]LR QH QHOOD FRQTXLVWD GHOOD 6LFLOLD QHO /Â¶LQFKLHVWD GL FXL LQL]LDPR OD SXEEOLFD]LRQH q VWDWD VFULWWD GD &DUOR 'H %LDVH SHU LO QXPHUR VSHFLDOH LQ FRUVR GL VWDPSD FKH /D 'HVWUD GHGL FD DO 0H]]RJLRUQR /Â¶,'($ GL VIUXWWDUH OÂ¶RUJDQL]]D]LRQH PDILRVD LWDOR-DPHULFDQD OD 2OG :RUOG 0DILD OD PDILD GHO YHFFKLR PRQGR YHQQH DJOL DPH ULFDQL DQFRU SULPD FKH VEDUFDVVHUR VXOOH FRVWH GHO 1RUG $IULFD /D HEEHUR GXH PDJLVWUDWL ULFKLDPDWL DOOH DUPL FRQ LO JUDGR GL FDSLWDQR GL YDVFHOOR OÂ¶LWDOR-DPHULFDQR $QWRQLR 0DUORH GHIRUPD]LRQH GHO FRJQRPH LWDOLDQR 0DUVDOD H OÂ¶RULXQGR LUODQ GHVH -DPHV 2Â¶0DOOH\ ,O SULPR PDILRVR DG HVVHUH UHFOXWDWR XIILFLDOPHQWH SHU FXUD UH OD VLFXUH]]D GHO SRUWR GL 1HZ <RUN H GHL SLURVFDIL LYL DWWUDF FDWL IX OÂ¶LWDOR-DPHULFDQR -RVHSK /DQ]D GHWWR 6RFNV R -RH =RO FD LO ERVV LQGLVFXVVR GHO UDFNHW GHOOD SHVFD , IUXWWL GL TXHVWD SULPD FROODERUD]LRQH Â©0DULQD VWDWXQLWHQVH-PDILDÂª IXURQR WDO PHQWH HFFLWDQWL OÂ¶,QWHOOLJHQFH 1DY\ ULXVFu DG DUUHVWDUH PROWL DJHQWL QD]LVWL VSLH JLDSSRQHVL H PROWL LWDOLDQL ULWHQXWL IDVFLVWL FKH OD 0DULQD QH DIILGz OD GLUH]LRQH DG XQ DOWR XIILFLDOH LO FR PDQGDQWH +DIIHQGHU FRQ LO FRPSLWR GL VYLOXSSDUH TXHVWR SDUWL FRODUH H VWUDQR PD LPSRUWDQWLVVLPR VHWWRUH 'LHWUR VXJJHULPHQWR GL /DQ]D +DIIHQGHU FDSu FKH SHU RW WHQHUH XQD HVSDQVLRQH SURGXWWLYD GHO VHUYL]LR HUD DVVROXWDPHQ WH QHFHVVDULR DYHUH OD FROODERUD]LRQH GHO FDSR ULFRQRVFLXWR GL WXWWD OD PDILD VLFXOR-DPHULFDQD OÂ¶XRPR FKH XQLFR SRWHYD GDUH RUGLQL D WXWWD OD PDODYLWD H QRQ VROWDQWR D TXHVWD DPHULFDQD H VLFLOLDQD H VRSUDWWXWWR VDSHYD IDUVL REEHGLUH QRQRVWDQWH FKH GD FLUFD VHWWH DQQL IRVVH ULQFKLXVR QHO SHQLWHQ]LDULR GL 'DQQHPR UD 6DOYDWRUH /XFDQLD PHJOLR FRQRVFLXWR FRQ LO QRPH GL EDWWD JOLD /XFN\ /XFLDQR

/XFN\ /XFLDQR QRQ KD ELVRJQR GL OXQJKH SUHVHQWD]LRQL SRL FKp FRPH HEEH D GLUH LO JHQHUDOH (LVHQKRZHU PHWWHQGR SLHGH LQ 6LFLOLD /XFLDQR HUD SL QRWR GL OXL H GL 0XVVROLQL WDQWR LQ $PH ULFD TXDQWR QHOOD VXD WHUUD 1DWR QHO QHOOD ]RQD SL FDOGD GHOOD PDILD /HUFDUD )ULGGL LO JLRYDQLVVLPR /XFLDQR GRSR DYHU XFFLVR FRQ TXDWWUR FROSL GL SLVWROD LO JDQJVWHU 0LNH 3HWUXFFL GLYHQQH LO OXRJRWHQHQWH GL -RH 0DVVHULD GHWWR -RH WKH %RVV )X /XFN\ /XFLDQR DG RUJDQL]]DUH OÂ¶8QLRQH H )UDWHOODQ]D 6LFLOLDQD H DG LQJOREDUYL WXWWL L FDPRUULVWL FDODEUHVL L JXDSSL QDSROHWDQL H L PDILRVL VSDUVL LQ GLYHUVH FRVFKH VLFFKp TXHVWD VRFLHWj GDO QRPH FRVu URPDQWLFR VL WUDVIRUPz LQ XQ YDVWR SRWHQWH H DWWLYR VRGDOL ]LR GHOLQTXHQ]LDOH XQD YHUD H SURSULD 0XUGHU &RUSRUDWLRQ $QRQLPD DVVDVVLQL FRPH VL FKLDPz LQ VHJXLWR &DGXWH SHU XQ HUURUH GL XQ VXR SLFFLRWWR DOFXQH SURYH QHO OH PDQL GHOOD 3ROL]LD /XFLDQR IX WUDVFLQDWR GDYDQWL DG XQ WULEX QDOH H FRQGDQQDWR D TXDUDQWÂ¶DQQL GL JDOHUD SHU WUDWWD GHOOH ELDQ FKH H VIUXWWDPHQWR GHOOD SURVWLWX]LRQH 4XDQGR DO FRPDQGDQWH +DIIHQGHU FRQ OÂ¶DSSURYD]LRQH GHO 'LSDUWLPHQWR H GHO &DSR GL 6WDWR 0DJJLRUH GHOOD 0DULQD YHQ QH LQ PHQWH GL VHUYLUVL GL TXHVWR SHUVRQDJJLR /XFN\ /XFLDQR FRPH DEELDPR GHWWR VL WURYDYD QHO SHQLWHQ]LDULR GL 'DQQHPR UD GD GRYH GLULJHYD XQD FRPSOLFDWD PDFFKLQD FKH VWHQGHYD L VXRL WHQWDFROL GHOLWWXRVL ILQR LQ 6LFLOLD )X OÂ¶DYYRFDWR 0RVHV 3XOLDNRI H[ XIILFLDOH GHOOD 0DULQD DPHULFDQD GXUDQWH OD SULPD JXHUUD PRQGLDOH HG H[ 6RVWLWXWR SURFXUDWRUH JHQHUDOH GHJOL 6WDWL 8QLWL FRQ 5RRVHYHOW QRQ VRO WDQWR D LQWHUHVVDUVL DO WUDVIHULPHQWR GL /XFLDQR LQ XQ FDUFHUH SL YLFLQR D 1HZ <RUN TXHOOR GL *UHDW 0HDGRZ GRYH SDUH FL VLD VWDWR SRL GL QRPH PD QRQ GL IDWWR PD DQFKH D FRQYLQFHUH /XFLDQR DG DFFHWWDUH LO FRPDQGR GL TXHOOD FKH IX FKLDPDWD OD QXRYD )RU]D $UPDWD GHJOL 6WDWL 8QLWL /Â¶LQWHUD RSHUD]LRQH YHQ QH GHQRPLQDWD IRUVH LQ RQRUH D /XFLDQR R SHU RPDJJLR DO JHU JR VLFXOR-DPHULFDQR GHO 3RQWH GL %URFFROLQR VL WUDWWz FRPXQ TXH GL XQÂ¶RSHUD]LRQH FKH QRQ KD OÂ¶HJXDOH QHOOD VWRULD PLOLWDUH GL RJQL WHPSR H GL RJQL 3DHVH )RUVH SHU FLz WXWWL FRORUR FKH YL KDQQR SUHVR SDUWH GLUHWWDPHQWH R LQGLUHWWDPHQWH VX TXHVWR DU JRPHQWR VL VRQR WULQFHUDWL GLHWUR XQD ILWWD H VSHVVD FRUWLQD GL VLOHQ]LR 1RQ SDUOz -RH 9DODFKL QRQ GLVVH XQD SDUROD LO FRPDQ GDQWH +DIIHQGHU VFRPSDUYHUR WXWWL L GRFXPHQWL GHOOD 2SHUD ]LRQH 3RQWH GL %URFFROLQR GDJOL DUFKLYL GHOOD ,QWHOOLJHQFH 1DY\ /R VWHVVR (VWHV .HIDXHU QHO VXR OLEUR &ULPH LQ $PHULFD GHO VL OLEHUD FRQ SRFKL H LPEDUD]]DWL SHULRGL GL TXHVWD YDVWD RSHUD]LRQH /XFN\ /XFLDQR FKH IX JUD]LDWR LO IHEEUDLR GDO *RYHUQDWRUH GHOOR 6WDWR GL 1HZ <RUN H VXR DFHUULPR QHPL FR 7KRPDV 'HZH\ VL OLPLWz D GLFKLDUDUH Â©+R RWWHQXWR LO SHU GRQR H OD JUD]LD SHU L VHUYL]L UHVL DJOL 6WDWL 8QLWLÂª 2PHUWj FRPSOHWD GXQTXH H TXDQGR XQR GHL OXRJRWHQHQWL GL /XFN\ /XFLDQR LO JDQJVWHU -RKQQ\ 'XQQ DO TXDOH OD 0DULQD DYHYD DIILGDWR LO VHUYL]LR GL VLFXUH]]D GHOOD ]RQD RULHQWDOH GHO SRUWR GL 1HZ <RUN GLFKLDUz FKH VDUHEEH VWDWR SURQWR D IDUH UL YHOD]LRQL H FRPLQFLz GL IDWWR D IDUQH IX DUUHVWDWR H ULHVXPDQGR YHFFKL GHOLWWL D VXR FDULFR IX FRQGRWWR QHO VXOOD VHGLD HOHWWULFD /H DXWRULWj DPHULFDQH VPHQWLURQR LO SRFR FKH -RKQQ\ 'XQQ DYHYD GHWWR DIIHUPDQGR FKH OÂ¶LQYDVLRQH LQ 6LFLOLD Â©IX SHU FLz FKH FRQFHUQH LO VHUYL]LR VHJUHWR XQ YHUR DXWHQWLFR IDOOLPHQWRÂª 6ROR XQ DOWR XIILFLDOH GHOOD PDULQD FKH YROOH SHUz PDQWHQHUH OÂ¶LQFRJQLWR VFULVVH DL SL DFFUHGLWDWL TXRWLGLDQL DPHULFDQL FKH L FRQWDWWL FRQ L JDQJVWHUV H L PDILRVL SURFXUDURQR LQ 6LFLOLD VLD WUD L JDODQWXRPLQL FKH QHOOD PDODYLWD SUH]LRVL VHUYL]L H IXQ]LR QDURQR FRQ JUDQGLVVLPD XWLOLWj SHU OH $UPDWH DOOHDWH ,O YHUWLFH GHO FRPDQGR GHOOD 2SHUD]LRQH %URFFROLQR HUD LQ $PHULFD QHOOH PDQL GL /XFN\ /XFLDQR H GHO FRPDQGDQWH +DI IHQGHU L TXDOL DYHYDQR FXUDWR RJQL SL PLQXWR SDUWLFRODUH $

,O 0HJOLR GH ©LO %25*+(6(ª WXWWL L ©SLFFLRWWLª DUUXRODWL QHOOH GLYLVLRQL GHO JHQHUDOH 3DWWRQ DG HVHPSLR IXURQR FRQVHJQDWL ID]]ROHWWL GL VHWD ELDQFD FRQ OD OHW WHUD ©/ª XIILFLDOPHQWH SUHVD D VLPEROR GL OLEHUWj R IRUWXQD /XFN\ LQ UHDOWj HUD O¶LQL]LDOH GL /XFDQLD LO YHUR FRJQRPH GL /XFN\ /XFLDQR H VHUYLYD GL ULFRQRVFLPHQWR QHL UDSSRUWL WUD DPHULFDQL H PDILD VLFLOLDQD ,Q ,WDOLD GRYHYD RSHUDUH 9LWR *HQRYHVH GHWWR /LWWOH 1HDSR OLV O¶XRPR FKH HUHGLWHUj GD $QDVWDVLD OR VFHWWUR GL FDSR DVVROX WR GHOOD PDILD LWDOR-DPHULFDQD H OR PDQWHUUj ILQR DO IHEEUDLR JLRUQR GHOOD VXD PRUWH LQVLHPH D &DORJHUR 9L]]LQL H VRWWR OD YLJLODQ]D GHO FRORQQHOOR &KDUOHV 3ROHWWL UDSSUHVHQWDQWH GHO 'LSDUWLPHQWR GL 6WDWR H GHO FRORQQHOOR GHOO¶,QWHOOLJHQFH 6HU YLFH O¶LQJOHVH +DQFRN 6H SHU 9LWR *HQRYHVH ULPSDWULDWR SULPD GHOOR VFRSSLR GHO OH RVWLOLWj QRQ HUD VWDWR GLIILFLOH LQVHGLDUVL LQ ,WDOLD FRPH DYHYD QR IDWWR L FRORQQHOOL 3ROHWWL H +DQFRN" +DQFRN ULXVFu D VEDUFDUH QHOO¶DSULOH PHQWUH L QRVWUL VROGDWL FRPEDWWHYDQR O¶XOWLPD GLVSHUDWD EDWWDJOLD LQ $IULFD 6HW WHQWULRQDOH GD XQ VRPPHUJLELOH GDYDQWL DOOD FRVWD RULHQWDOH GHO OD 6LFLOLD 'D TXL UDJJLXQVH XQD FDVD GL FDPSDJQD QHOOH YLFL QDQ]H GL *HOD RYH RVSLWH GHOO¶RQRUHYROH $UWXUR 9HUGHUDPH LQL]Lz D WHVVHUH OH VXH WUDPH SHU SUHSDUDUH LO WHUUHQR H UHQGHUH IDFLOH H LQFUXHQWR OR VEDUFR GHJOL DOOHDWL $OOD VXD DWWLYLWj H D TXHOOD GHL VXRL FRPSOLFL LWDOLDQL PDILRVL R DQWLIDVFLVWL VL GHYRQR L WUHPHQGL ERPEDUGDPHQWL FKH VFRQYROVHUR VRSUDWWXWWR L TXDU WLHUL SL SRSRODUL GL &DWDQLD 3DOHUPR H &DOWDQLVVHWWD &KDUOHV 3ROHWWL LO IXWXUR *RYHUQDWRUH PLOLWDUH DOOHDWR GL *H OD 1DSROL 5RPD )LUHQ]H H 0LODQR UDJJLXQWD FODQGHVWLQDPHQ WH OD 6LFLOLD GRSR DYHU SUHVR FRQWDWWR FRQ OD PDILD H FRQ DOFXQH SHUVRQDOLWj IUD FXL LO EDURQH /XFLR 7DVFD %RUGRQDUR FKH IX SRL QRPLQDWR GDJOL LQYDVRUL VXELWR GRSR OR VEDUFR 6LQGDFR GL 3D OHUPR SRVH LO VXR TXDUWLHU JHQHUDOH QHOO¶$EED]LD GL 0RQUHDOH RYH GLPRUz SHU TXDVL XQ DQQR YHVWHQGR FRQ O¶DSSURYD]LRQH GHOOH VXSHULRUL DXWRULWj HFFOHVLDVWLFKH LO VDLR GHL PRQDFL H UL VSHWWDQGR OD UHJROD FRQYHQWXDOH FRQ GXH VROH HFFH]LRQL TXDQ GR HUD VLFXUR GL QRQ HVVHUH YLVWR GD VJXDUGL LQGLVFUHWL LO IXPR H LO ZKLVN\ 0HQWUH QRQ KD ELVRJQR GL SUHVHQWD]LRQH SHUFKp LPSOLFDWR LQ WXWWH OH YLFHQGH SROLWLFKH H PDILRVH GHOOD 6LFLOLD &DORJHUR 9L]]LQL SL QRWR FRQ O¶DSSHOODWLYR GL GRQ &DOz &DSR GHOOD PD ILD VLFLOLDQD GDO DO IX FRQVLGHUDWR LO YHUR ©SDWULDUFDª GHOOD ©RQRUDWD VRFLHWjª GDOOD DXWRULWj SLHQD H LQGLVFXVVD &RQ OD UHVD GHOO¶,WDOLD D GLIIHUHQ]D GL TXDQWR VHSSH IDUH LO 0DUHVFLDOOR %DGDJOLR FKH SXUH DYHYD FRQVHJQDWD D GRPLFLOLR GHJOL DOOHDWL OD )ORWWD H DYHYD GLVJUHJDWR O¶(VHUFLWR OD PDILD GL /XFN\ /XFLDQR &DORJHUR 9L]]LQL H 9LWR *HQRYHVH FKH HUD VWDWR QRPLQDWR FDSR GL JDELQHWWR GHO *RYHUQDWRUH DOOHDWR GHL WHUULWRUL LWDOLDQL RFFXSDWL FRORQQHOOR &KDUOHV 3ROHWWL SUHVHQWz DJOL DQJORDPHULFDQL LO FRQWR ( IX XQ FRQWR SLXWWRVWR VDODWR SRLFKp SUHWHVH OD ULDELOLWD]LRQH GHO PDILRVR *HQFR 5XVVR OXRJRWHQHQWH GL GRQ &DOz SURFHVVDWR SHU DELJHDWR WHQWDWR RPLFLGLR DVVRFLD]LRQH D GHOLQTXHUH GLVHU]LRQH O¶LQVHGLDPHQWR QHOOD PDJJLRU SDUWH GHL &RPXQL VLFLOLDQL GL HOHPHQWL PDILRVL R SURWHWWL GDOOD PDILD SHUFKp GLFHYDQR VLFXUL HOHPHQWL DQWLIDVFLVWL OD SLHQD OLEHUWj DOOD PDILD QHOOD RUJDQL]]D]LRQH GHL PHUFDWL GHL FHUHDOL GHOOD SHVFD GHJOL RUWRIUXWWLFROL OD FUHD]LRQH H LO ULFRQRVFLPHQWR GL SVHXGR FRPLWDWL GL EHQHILFHQ]D DOOR VFRSR GL UDFFRJOLHUH GHQDUR IUD JOL HPLJUDWL LWDOLDQL LQ $PHULFD SHU ULSDUDUH FKLHVH RVSHGDOL FDP SDQLOL RUIDQRWURIL FLPLWHUL &RVu QXPHURVL ERVV VLFXORDPHULFDQL ULHQWUDWL LQ 6LFLOLD SHU O¶2SHUD]LRQH %URFFROLQR VL UHVHUR EHQHPHULWL SUHVVR OH DXWRULWj HFFOHVLDVWLFKH GL RJQL UDQJR EHQHPHUHQ]H WUDPDQGDWH DL SRVWHUL LQ ODSLGL PXUDWH QHL OXRJKL UHVWDXUDWL H QHOOR VWHVVR WHPSR DFFXPXODURQR FRQ TXHVWH FRO OHWWH QRQ WXWWH LQYHVWLWH HQRUPL ULFFKH]]H FKH SRL VHUYLURQR SHU

RUJDQL]]DUH LO UDFNHW GHOOD ERUVD QHUD GHO FRQWUDEEDQGR GHO WD EDFFR H GHJOL VWXSHIDFHQWL 7XWWR FLz QDWXUDOPHQWH FRQ LO WDFLWR FRQVHQVR H TXDOFKH YROWD FRQ JUDYLVVLPH H GHOLWWXRVH FRPSOLFLWj GHL UDSSUHVHQWDQWL DOOHDWL DQQLGDWL QHOOD IDPLJHUDWD $0*27 $OOLHG 0LOLWDU\ *RYHUQPHQW 2FFXSHG 7HUULWRU\ $EELDPR DOFXQL GRFXPHQWL DVVROXWDPHQWH LQHGLWL FKH IX URQR SURGRWWL GDOO¶DJHQWH 2 & 'LFNH\ GHO &ULPLQDO ,QYHVWLJD WLRQ 'LYLVLRQ DO 6RVWLWXWR SURFXUDWRUH GLVWUHWWXDOH $OIUHG 0DF .HQ]LH H GHJOL LQYHVWLJDWRUL ' )R[ H &OLIIRUG *HLJHU D FDULFR GHO FDSR JDELQHWWR GHO FRORQQHOOR 3ROHWWL LO PDILRVR 9LWD *HQR YHVH FKH FRQIHUPDQR WXWWR TXHOOR GD QRL VLQ TXL GHWWR /L ULSRU WLDPR LQWHJUDOPHQWH 'RFXPHQWR QXPHUR %LJOLHWWR GL YLVLWD GL $OIUHGR &HWUROL FRORQQHOOR GHOO¶(VHUFLWR ,WDOLDQR UHVLGHQWH D 3RWHQ]D ©/¶DJHQWH 'LFNH\ VSLHJD FKH &HWUROL H *HQRYHVH XVDYDQR SUHQGHUH VHQ]D DYHUQH O¶DXWRULWj DXWRPH]]L GDL SDUFKL PDF FKLQH ULSDUDUOL H ULYHQGHUOL 6L WUDWWDYD GL XQ¶DWWLYLWj LOOHJDOH SHUFKp JOL DXWRPH]]L HUDQR GL SURSULHWj R GHO *RYHUQR LWDOLDQR R GHO *RYHUQR PLOLWDUH DOOHDWR LQ VHJXLWR D FRQILVFD FRPH ERW WLQR GL JXHUUD 4XHVWR FRORQQHOOR YHQQH DUUHVWDWR GDOOD 3ROL]LD LWDOLDQD D 1ROD SHU WDOH VXD DWWLYLWj LOOHJDOHª 'RFXPHQWR QXPHUR 1RYH ODVFLDSDVVDUH GHO *RYHUQR 0LOLWDUH $OOHDWR D 1RLD ©6HFRQGR O¶DJHQWH 'LFNH\ O¶LPSRUWDQ]D GL TXHVWL ODVFLD SDVVDUH XIILFLDOL WURYDWL LQ SRVVHVVR GL 9LWR *HQRYHVH VSLHJD OD VXD SRWHQ]D H L VXRL DJJDQFL FRQ O¶$0* (UD GLIILFLOH RWWHQHUH L ODVFLDSDVVDUH H OD ORUR FRQFHVVLRQH IDFHYD SDUWH GHL VLVWHPL XVDWL GDOO¶$0* SHU FRPEDWWHUH OD ERUVD QHUD FDXVDWD GDOOD VFDUVLWj GL YLYHUL LQ ,WDOLD /¶DJHQWH 'LFNH\ ID ULOHYDUH FKH TXDWWUR GL TXHVWL ODVFLDSDVVDUH XQR GHL TXDOL GDWDWR QRYHP EUH HUDQR LQWHVWDWL DO SRUWDWRUH H QRQ DG XQ SDUWLFRODUH LQGLYL GXR FLz DYUHEEH FRQVHQWLWR D *HQRYHVH GL GDUH LO ODVFLDSDVVD UH D FKLXQTXH HJOL ULWHQHVVH RSSRUWXQR H GL FXL SRWHVVH VHUYLUVL SHU OD VXD DWWLYLWj GL PHUFDWR QHUR 7UH ODVFLDSDVVDUH HUDQR LQWHVWDWL D *HQQDUR 1DSROLWDQD 6HFRQGR O¶DJHQWH 'LFNH\ 1D SROLWDQD HUD XQ PDFHOODLR ,O ODVFLDSDVVDUH VX FDUWD LQWHVWDWD GHOO¶$0* ILUPDWR GDO PDJJLRUH 6WHSKHQ <RXQJ H FRQ WLPEUR XIILFLDOH GHOO¶$0* GLFH µ,O SRUWDWRUH GHO SUHVHQWH q DXWRUL]]D WR D ULIRUQLUVL GL EHQ]LQD SHU FRQWR GL TXHVWR XIILFLR¶ 6HFRQGR O¶DJHQWH 'LFNH\ VL WUDWWD GL XQR VWUDQR ODVFLDSDVVDUH LQ FRQVL GHUD]LRQH GHO IDWWR FKH q LQWHVWDWR DO SRUWDWRUH HG HTXLYDOH DG XQD DXWRUL]]D]LRQH LQ ELDQFR DG RWWHQHUH EHQ]LQD DJHYROD]LR QH EHQ UDUD GD RWWHQHUH /¶DJHQWH 'LFNH\ GLFH GL DYHU LQWHUUR JDWR LQ SURSRVLWR LO PDJJLRUH <RXQJ LO TXDOH KD VRVWHQXWR FKH LO IRJOLR HUD VWDWR GD OXL ILUPDWR LQ ELDQFR H FKH OH SDUROH VXFFL WDWH HUDQR VWDWH DJJLXQWH LQ VHJXLWR ª 'RFXPHQWR QXPHUR 8Q SH]]R GL FDUWD FRQ L QRPL GL )RUWXQDWD )UHGD 0DULR 2WWDYLDQL H $QWRQLR 0DQ]R ©/¶DJHQWH 'LFNH\ VSLHJD FKH TXHVWH WUH SHUVRQH IDFHYDQR SDUWH GL XQ JUXSSR GL GLFLDVVHWWH DUUHVWDWH LQ ,WDOLD GDOO¶DJHQWH 'LFNH\ VWHVVR SHU 0HUFDWR QHUR /¶DJHQWH 'LFNH\ GLFH FKH GR SR HVVHUH VWDWH LQ FDUFHUH SHU FLQTXH VHWWLPDQH YHQQHUR OLEHUD WH LQ EDVH DG XQ RUGLQH XIILFLDOH GHOO¶(VHUFLWR (JOL LQGDJz VX TXHVWR RUGLQH H VFRSUu FKH LO WLPEUR XIILFLDOH HUD VWDWR UXEDWR HG HUD VWDWR XVDWR DOOR VFRSR 8QR GHJOL LPSXWDWL JOL GLVVH LQ VHJXLWR GL DYHU SDJDWR WUHQWDPLOD OLUH LO SURSULR ULODVFLR ª 'RFXPHQWR QXPHUR %LJOLHWWR GL YLVLWD GL 6DELQR -DQGR OL GL 1DSROL ©/¶DJHQWH 'LFNH\ VSLHJD FKH FRVWXL q LO SUHVLGHQWH GHO %DQ FR GL 1DSROL >LQ UHDOWj HUD XQ GLUHWWRUH 1 G 5 @ HG q DYYRFDWR 5DSSUHVHQWz *HQRYHVH TXDQGR O¶DJHQWH 'LFNH\ LQROWUz DO 7UL EXQDOH LWDOLDQR OD ULFKLHVWD GL HVVHUH DXWRUL]]DWR D FRQWUROODUH LO FRQWR EDQFDULR GL *HQRYHVH H OD FDVVHWWD GL VLFXUH]]D DOOD %DQFD GHO /DYRUR GL 1DSROL /D ULFKLHVWD YHQQH UHVSLQWD ª

,O 0HJOLR GH ©LO %25*+(6(ª 'RFXPHQWR QXPHUR %LJOLHWWR GL YLVLWD GL 2UHVWH %HUWRF FKL GL 0LODQR ©/¶DJHQWH 'LFNH\ VSLHJD FKH %HUWRFFKL q XQ IXQ]LRQD ULR UHJLRQDOH GHOOD &RPSDJQLD ,WDOLDQD GL (OHWWULFLWj FKH q LQ VRVWDQ]D XQ RUJDQLVPR JRYHUQDWLYR 6HFRQGR 'LFNH\ FRVWXL HUD VWDWR DYYHUWLWR FKH *HQRYHVH LQYHVWLYD JURVVH VRPPH GL GHQDUR LQ D]LRQL GL YDULH FRPSDJQLH HOHWWULFKH LWDOLDQH H VL GLFHYD FKH IRVVH SURSULHWDULR GHOOD VRFLHWj HOHWWULFD FKH ULIRUQLYD LO FRPXQH GL 1ROD 6L SHQVD FKH *H QRYHVH DEELD ULFHYXWR YHQWLFLQTXHPLOD GROODUL QHO PDJJLR SRFR GRSR FKH O¶,WDOLD HUD VWDWD RFFXSDWD GDOOH WUXS SH DOOHDWH H FKH DEELD LQYHVWLWR TXHVWR GHQDUR LQ D]LRQL HOHWWULFKH 6HFRQGR 'LFNH\ LO FRQWUROOR GHOOD 6RFLHWj HOHW WULFD YHQLYD VIUXWWDWR GD *HQRYHVH FRPH PH]]R SHU LQGXUUH JOL LQGXVWULDOL H JOL DOWUL FRPPHUFLDQWL OD FXL DWWLYLWj GL SHQGHYD GDOOH IRUQLWXUH GL HQHUJLD HOHWWULFD D IDUH LO VXR JLXRFR 6HFRQGR 'LFNH\ OD 3ROL]LD LWDOLDQD VWDYD LQGDJDQ GR VXL UDSSRUWL WUD *HQRYHVH H LO FDUWHOOR HOHWWULFR LQ VH JXLWR DG XQ HVSRVWR GL XQ LQGXVWULDOH FKH GLFHYD GL QRQ HV VHUH ULXVFLWR D RWWHQHUH O¶HQHUJLD /¶DUUHVWR GL *HQRYHVH GD SDUWH GHOO¶DJHQWH 'LFNH\ SRVH ILQH D TXHVW¶LQFKLHVWD SHU TXDQWR QH VD OR VWHVVR DJHQWH 'LFNH\ $ TXDQWR SDUH *H QRYHVH QRQ YHQQH LQWHUURJDWR GDOOD SROL]LD LWDOLDQD ª Ê EHQH VDSHUH FKH O¶DJHQWH 'LFNH\ PDWULFROD q VWDWR O¶RQHVWR HG LQJHQXR SROL]LRWWR FKH LJQDUR GL WXWWL L UHWURVFHQD GHOOD PDILD LWDOR-DPHULFDQD H DVVROXWDPHQWH HVWUDQHR D WXWWH OH QHIDQGH]]H GHO *RYHUQR 0LOLWDUH $OOHD WR UDSSUHVHQWDWR GDO VXR SL QRWR HVSRQHQWH &KDUOHV 3ROHW WL QHO DUUHVWz 9LWR *HQRYHVH 7XWWL L WHQWDWLYL FRPSLXWL GD SDUWH DPHULFDQD H WXWWL JOL RVWD FROL IUDSSRVWL SHU FRQYLQFHUOR D ULWLUDUH OD GHQXQFLD GL QXPHURVL UHDWL D FDULFR GL 9LWR *HQRYHVH ULVXOWDURQR LQXWLOL H YDQL $Q]L GDYDQWL DO 3URFXUDWRUH GLVWUHWWXDOH %HOGRN O¶DJHQWH 'LFNH\ SURGXVVH QXRYH SURYH GHL GHOLWWL GHO PDILRVR 6WUDOFLDPR GDO YHU EDOH DQFKH TXHVWR GRFXPHQWR q DVVROXWDPHQWH LQHGLWR DOFXQL SDVVL YHUDPHQWH LQWHUHVVDQWL FRPH DG HVHPSLR TXHVWR ©$JHQWH 'LFNH\ 1HOOD SULPD PHWj GL PDJJLR GHO µ LQL ]LDL XQD LQGDJLQH FRPSOHWD VX 9LWR *HQRYHVH $OORUD WXWWL VDSH YDQR FKH *HQRYHVH HUD VWDWR LQWHUSUHWH QHJOL XIILFL GHO *RYHUQR 0LOLWDUH $OOHDWR QHO FRPXQH GL 1RLD 4XDQGR LR DUULYDL QHOOD ]RQD YHUVR OD ILQH GL PDJJLR 9LWR *HQRYHVH R QRQ F¶HUD R VL WHQHYD QDVFRVWR , JLXJQR PL UHFDL LQ XQD YLJQD VLWXDWD D FLUFD VHWWH PLJOLD GD 1ROD HVDWWDPHQWH QHO &RPXQH GL 6DQ *HQQDUR GRYH WURYDL SDUHFFKL DXWRFDUUL GHOO¶(VHUFLWR GHJOL 6WDWL 8QLWL GLVWUXWWL FRO IXRFR 6HJXHQGR OH WUDFFH GL TXHVWL DX WRFDUUL JUD]LH DL QXPHUL GL WDUJD HG DOWUH LQGLFD]LRQL VFRSULP PR FKH HUDQR VWDWL UXEDWL GDOOH EDQFKLQH GHO SRUWR GL 1DSROL HUDQR VWDWL FRQGRWWL LQ XQ PDJD]]LQR GL ULIRUQLPHQWR GHOO¶(VHU FLWR GRYH HUDQR VWDWL FDULFDWL VRSUDWWXWWR GL IDULQD H ]XFFKHUR H TXLQGL HUDQR VWDWL SRUWDWL QHOOD ]RQD GRYH LR VWHVVR OL DYHYR WURYDWL PHQWUH LO ORUR FDULFR HUD VWDWR WUDVIHULWR VX DXWRPRELOL H WUDVSRUWDWR LQ FLWWj YLFLQH SHU HVVHUH YHQGXWR GRSR GL FKH JOL DXWRFDUUL HUDQR VWDWL GLVWUXWWL ,O JLXJQR R YHUVR WDOH GDWD PLVL DJOL DUUHVWL GXH VROGDWL FDQDGHVL DVVHQWL GDL ORUR UHSDUWL 4XHVWL GXH VROGDWL PL GLFKLDUDURQR GL DYHU FRQGRWWR XQ FHUWR QXPHUR GL DXWRFDUUL QHOOD ]RQD FRPH KR GHWWR SULPD /D SDUWH LPSRUWDQWH GHOOH ORUR GLFKLDUD]LRQL SHU TXHO FKH LQ TXHVWR PR PHQWR FL LQWHUHVVD q FKH SDUWHQGR DYHYDQR DYXWR O¶RUGLQH GL SUHVHQWDUVL DO OXRJR GL GHVWLQD]LRQH FRQ TXHVWH SDUROH G¶RUGL QH µ&L PDQGD 9LWR *HQRYHVH¶ RSSXUH µ4XHVWL DXWRFDUUL VRQR PDQGDWL GD 9LWR *HQRYHVH¶ /¶DXWRFDUUR YHQLYD SUHVR LQ FRQVH JQD GD DOWUL HVVL YHQLYDQR SDJDWL H VH QH DQGDYDQR ª &RQWLQXD-

LO %RUJKHVH QRYHPEUH

,/ ©3&,ª 520$12

©8Q SDUWLWR GL SHVFHFDQLª GL 0$5,2 7('(6&+, 1(, JLRUQL GL )HUUDJRVWR QHJOL XIILFL GHVHUWL GL XQ JUDQGH SD OD]]R URPDQR DOFXQL XRPLQL KDQQR OXQJDPHQWH HVDPLQDWR H GLVFXVVR TXHO FKH OR 6WDWR GRYUHEEH SRWHU IDUH QHO FDVR PRO WR SUREDELOH FKH L FRPXQLVWL HQWUR OH SURVVLPH VHWWLPDQH GL VHWWHPEUH YHQJDQR QXRYDPHQWH PRELOLWDWL GDOO¶8566 FRQWUR LO SRWHUH FHQWUDOH Ê RSLQLRQH ODUJDPHQWH GLIIXVD QHJOL DPELHQWL LQWHUQD]LRQDOL LQIDWWL FKH O¶,WDOLD VLD VWDWD SUHVD GL PLUD GDL GLULJHQWL GHO FRPXQLVPR PRQGLDOH FRPH XQR GHL ©SXQWL GH EROLª GHO VLVWHPD DWODQWLFR H TXLQGL FRPH XQD GHOOH ©FHUQLHUHª GD IDU VDOWDUH SULPD FKH JOL 6WDWL 8QLWL DEELDQR HOHWWR LO QXRYR 3UHVLGHQWH 8QD YROWD WDQWR SHUFLz JOL ©HVSHUWLª QRQ VRQR VWDWL PRELOLWDWL SHU PHWWHUOL DL VHUYL]LR GL 0LNH %RQJLRUQR PD LO ULVXOWDWR ILQDOH QRQ q VWDWR PROWR GL YHUVR GD TXHOOL GL /DVFLD R UDGGRSSLD ,QIDWWL VL q GRYXWR FRQVWDWDUH FKH OR 6WDWR LWDOLDQR GLVSRQH GL EHQ SRFKH DUPL FRQWUR LO 3&, H VL q VWDWL FRVWUHWWL D ULFRQRVFHUH FKH QRQ F¶q QHPPHQR OD SRVVLELOLWj GL SULYDUH LO SDUWLWR GL 7RJOLDWWL GHOOD VXD DWWXDOH HQRUPH IRU]D HFRQRPLFD 3HU GLPRVWUDUH TXDOH VLD O¶LPSRUWDQ]D GDO SXQWR GL YLVWD ILQDQ]LDULR GHO FRPXQLVPR LWDOLDQR EDVWHUj SUHQGHUH EUHYH PHQWH LQ HVDPH OD VLWXD]LRQH GL 5RPD 9HUR q SHU HVHPSLR FKH LO 3&, SRVVLHGH D 7RULQR XQD JUDQGH IRQGHULD XQD WLSR JUDILD D 1RYDUD VDOH FLQHPDWRJUDILFKH D 0LODQR H QHOOD VWHVVD FDSLWDOH PD QRL YRJOLDPR RJJL ULIHULUFL DOOH SURSULHWj LPPR ELOLDUL FKH GDQQR DO ©SDUWLWR GHO SRSRORª O¶DVSHWWR FODVVLFR GHO ©SDUWLWR GHL SHVFHFDQLª ,QFRPLQFLDPR GDOO¶LQL]LR OD VHGH FHQWUDOH ,O IDEEULFD WR QRWR FRPH ©3DOD]]R 'RQJRª SHUFKp VHPEUD VLD VWDWR ILQDQ]LDWR SHU EXRQD SDUWH FRQ GHQDUL SURYHQLHQWL GDO ERWWL QR GL :DOWHU $XGLVLR RFFXSD OD ]RQD IUD YLD GHOOH %RWWH JKH 2VFXUH YLD $UDFRHOL H YLD GHL 3RODFFKL VXELWR GLHWUR SLD]]D GHO *HV D SRFKL PHWUL GD SLD]]D 9HQH]LD QHO FXR UH GL 5RPD LQVRPPD GRYH LO WHUUHQR FRVWD FLIUH LQFUHGLEL OL ,O IDEEULFDWR q FRPSRVWR GL TXDWWUR SLDQL HG XQ DWWLFR SHU XQ WRWDOH GL FHQWRRWWR YDQL HG DSSDUWLHQH DOOD 6RFLHWj ,PPRELOLDUH $UDFRHOL 6 U O FRQ VHGH LQ FRUVR 5LQDVFLPHQ WR VRFLHWj GHO SDUWLWR , PHGLDWRUL URPDQL IDQQR DVFHQ GHUH D XQ PLOLDUGR LO YDORUH GHOO¶LPPRELOH 'HO UHVWR EDVWD SHQVDUH FKH OD $UDFRHOL DOORUFKp QHO DFTXLVWz LO UXVWL FR GDOOD 6RFLHWj GL 5LDVVLFXUD]LRQH GHQXQ]Lz QHO FRQWUDWWR GL FRPSUDYHQGLWD OD FLIUD GL WUHQWD PLOLRQL GL OLUH JOL HVSHU WL GHO ILVFR VDQQR EHQH FRPH LQWHUSUHWDUH XQD GHQXQ]LD GHO JHQHUH DQFKH VH LO VHUYL]LR WULEXWL FRQVLGHUD DQFRUD ©3DOD]]R 'RQJRª FRPH ©VWDELOH DOOR VWDWR UXVWLFRª QRQ JUDYDWR GD LPSRVWH ,Q FRPSHQVR JUDYDQR VXO IDEEULFDWR VHWWDQWD PLOLRQL GL LSRWHFKH GHO %DQFR 6DQ 3DROR GL 7RUL QR GRYH LO SDGUH GHL IUDWHOOL 3DMHWWD ULFRSULYD XQ GHOLFDWR LQFDULFR H TXHVWR SHUPHWWH GL FRQVLGHUDUH VRWWR XQD OXFH WXWWD SDUWLFRODUH LO YHFFKLR LVWLWXWR WRULQHVH QHL FXL DUFKLYL SDVVDURQR DQFKH JOL DVVHJQL GHO GHPRFULVWLDQR 5HVWDJQR DPPLQLVWUDWRUH GHOOD '&

,O 0HJOLR GH ©LO %25*+(6(ª 0D LO 3&, QRQ VL FRQFHSLVFH VHQ]D XQD ©VFXRODª HG HFFR DOORUD IUD LO YHQWLGXHVLPR HG LO YHQWLWUHHVLPR FKLORPHWUR GHOO¶$SSLD 1XRYD LQ ORFDOLWj ©'XH 6DQWLª XQ DOWUR FRPSOHV VR WXWWR GL SURSULHWj GHOOD ,PPRELOLDUH $UDFRHOL ,O FRVLGGHWWR ©,VWLWXWR 3DOPLUR 7RJOLDWWLª FRPSRVWR GL GXH FRUSL GL IDEEULFD FLUFRQGDWL GD RUWL H JLDUGLQL VRUJH VX XQ DSSH]]DPHQWR GL GLHFLPLODTXDWWURFHQWR PHWUL TXDGUL q RUJDQL]]DWR LQ WXWWR H SHU WXWWR FRPH XQD JUDQGH IRUHVWHULD H QHL JLRUQL GHOOD 2OLP SLDGH IXQ]LRQHUj HVDWWDPHQWH FRPH JOL DOEHUJKL YDWLFDQL FKH O¶8QLWj DGGLWD DOO¶RGLR GHJOL DOEHUJDWRUL SULYDWL $ ILDQFR GHOO¶©,VWLWXWR ª VX DOWUL GXH DSSH]]DPHQWL GL WHUUHQR FKH VRP PDQR D FLUFD PLOOH PHWUL TXDGUL VRUJRQR GD XQ ODWR OH DELWD ]LRQL GHO GLUHWWRUH GHO JLDUGLQLHUH H GHO PDJD]]LQLHUH H GDOO¶DOWUR OD YLOOD SHUVRQDOH GL 3DOPLUR 7RJOLDWWL ,O YDORUH QRPLQDOH GHQXQ]LDWR VRODPHQWH SHU TXHVWR XOWLPR DFTXLVWR IX QHO GL VHWWH PLOLRQL GL OLUH PD OD VWLPD q ODUJDPHQWH VXSHULRUH H FLz SURYD FKH LO FDSR GHO 3&, VL WUDWWD EHQH ,Q WRWDOH DL ©'XH 6DQWLª LO 3&, SRVVLHGH EHQL SHU WUHFHQWR PLOLR QL FLUFD GL OLUH 3RL KD LQL]LR OD VHULH GHJOL LPPRELOL GHVWLQDWL DL IXQ]LR QDUL ,O 3&, LQIDWWL HVVHQGR XQ SDUWLWR ©SURSULHWDULRª QRQ FRVWLWXLVFH FRRSHUDWLYH WUD L GLSHQGHQWL LQQDO]D L SDOD]]L PD QH ULPDQH SDGURQH LQ SURSULR $O QXPHUR GL YLD GHL 4XDWWUR 9HQWL OR VWDELOH GL SURSULHWj GHOOD VROLWD ,PPREL OLDUH $UDFRHOL FRPSUHQGH XQGLFL DSSDUWDPHQWL HG q YDOXWD WR VXL QRYDQWD PLOLRQL 4XL IUD JOL DOWUL HEEH XQD FDVD O¶H[ JHVXLWD SDGUH 7RQGL FRQ OD VXD ©FRPSDJQDª GRSR OD IXJD GDOOD 8QLYHUVLWj *UHJRULDQD ,Q YLD &DPLOOR GH¶ /HOOLV DQ JROR YLD )ROFR 3RUWLQDUL XQ¶DOWUD VRFLHWj FRPXQLVWD OD 6$7( 6RFLHWj $QRQLPD 7HUUHQL (GLOL]L VHPSUH FRQ VHGH LQ FRUVR 5LQDVFLPHQWR SRVVLHGH XQ IDEEULFDWR GL FLQTXH SLDQL ROWUH DOOR VFDQWLQDWR FRQ VHVVDQWD YDQL H GXH DXWRUL PHVVH HG XQD SRU]LRQH GL DOWUR LPPRELOH FRPSUHQGHQWH TXDWWUR DSSDUWDPHQWL FRQ O¶LQWHUR SLDQR DWWLFR 4XL DELWD 6HFFKLD H TXL DELWDYD D OXL YLFLQR SULPD GL ODVFLDUH LO 3&, DQFKH LO VXR VHJUHWDULR 6HQLJD ,O YDORUH GHO FRPSOHV VR q GL FLUFD FHQWRFLQTXDQWD PLOLRQL $OWUL LPPRELOL ULVXOWDQR DQFRUD D QRPH GHOOD 6$7( $O FLYLFR QXPHUR GL YLD 0RQWH &ULVWDOOR XQ IDEEULFDWR FRQ WUH DSSDUWDPHQWL HG DQQHVVD XQ¶DUHD GL VHLFHQWRVHWWDQWRWWR PHWUL TXDGUL YDOXWDWR LQ YHQWLFLQTXH PLOLRQL GL OLUH ,Q YLD 3DYLD QXPHUR XQ JUDQGH IDEEULFDWR GL VHWWH SLDQL FRQ DELWD]LRQL ERWWHJKH H FRUWH YDOXWDWR LQ DOPHQR GXHFHQWRYHQWL PLOLRQL GL OLUH ,Q YLD 3DYLD KDQQR OD ORUR GLPRUD SHUVRQDJJL FRPH $XGL VLR '¶2QRIULR HG DOFXQL HOHPHQWL GLYHQXWL FHOHEUL DOO¶LQWHUQR GHO 3&, SHU OH ORUR GLVDYYHQWXUH FRQLXJDOL WDQWR FKH D ©3DOD]]R 'RQJRª VL XVD GLUH VFKHU]DQGR FKH LQ YLD 3DYLD FHUWH PRJOL QRQ KDQQR IDWWR FKH SDVVDUH GD XQ SLDQHURWWROR DOO¶DOWUR 8Q¶DOWUD VRFLHWj OD ,PPRELOLDUH 1XRYD 1RPHQWDQD q SUR SULHWDULD GL XQR VWDELOH DL QXPHUL H GL YLD *XDWWDQL LQ GXH PRGHUQLVVLPL IDEEULFDWL GL FLUFD FHQWR YDQL HG DFFHVVRUL KDQ QR VHGH JOL XIILFL GHOOD ©/HJD 1D]LRQDOH GHOOH &RRSHUDWLYHª QRWRULDPHQWH FRQWUROODWD GDO 3&, ,O YDORUH GHJOL LPPRELOL YLHQH IDWWR DVFHQGHUH D FLUFD PH]]R PLOLDUGR 8Q¶DOWUD VRFLHWj DQFRUD OD ,PPRELOLDUH &DWHQD SRVVLHGH LQYHFH LQ ORFDOLWj ©*URWWD /XSDUDª QHO FRPXQH GL $ULFFLD XQ FDVHJJLDWR GL TXDWWUR SLDQL FRQ XQD VXSHUILFLH GL VHWWDQWD DUH FLUFD GHO YDORUH GL ROWUH FLQTXDQWD PLOLRQL *Lj VHGH GHOOD VFXROD GHOO¶8QLRQH 'RQQH ,WDOLDQH LO IDEEULFDWR q RJJL D GL VSRVL]LRQH GHOOD &DPHUD &RQIHGHUDOH GHO /DYRUR GL 5RPD H SURYLQFLD $ *URWWDIHUUDWD SRL O¶©,VWLWXWR 1D]LRQDOH &RQIHGH UDOH GL $VVLVWHQ]Dª XQ RUJDQR DIILOLDWR DOOD &*,/ H VRYYHQ ]LRQDWR GDOOR 6WDWR KD VLVWHPDWR OD VXD ©6FXROD GL DVVLVWHQ]D

VRFLDOHª QHOOD YLOOD GL SURSULHWj GHOOD 6RFLHWj %RVFKHWWR YDOX WDWD DG ROWUH VHVVDQWD PLOLRQL GL OLUH 3RL YL VRQR JOL DSSDUWDPHQWL LVRODWL FRPH TXHOOR DOOD &LU FRQYDOOD]LRQH 1RPHQWDQD DQJROR YLD &LRFLDULD TXHOOR LQ ODUJR 2ULDQL TXHOOR LQ YLDOH (ULWUHD TXHOOR LQ YLD 1R PHQWDQD H FRVu YLD 1HOO¶XOWLPR DELWD LO VHQDWRUH 7XUFKL FKH QHOOD VXD YHVWH GL FDSR GHOOD FRPPLVVLRQH ILQDQ]LDULD GHO 3&, HYLGHQWHPHQWH KD SUHIHULWR HYLWDUH L ©FRPSDJQL FRLQTXL OLQLª ,O YDORUH GHJOL DSSDUWDPHQWL-LVRODWL FKH LO SDUWLWR SRVVLH GH LQ 5RPD VL ID DVFHQGHUH D FLUFD FHQWR PLOLRQL GL OLUH ,O ©FRVWUXWWRUH SULQFLSHª GHO SDUWLWR QHOOD FLWWj GL 5RPD q O¶LPSUHVDULR 0DU]L 0DUFKHVL FKH IX DQFKH LO UHDOL]]DWRUH GL ©3DOD]]R 'RQJRª XQ XRPR LO FXL YDORUH LQ WHUPLQL GL GHQDUR VL FDOFROD RJJL LQ PROWL PLOLDUGL Ê RSLQLRQH JHQHUDOH FKH DQ FKH PROWL VWDELOL FRVWUXLWL GDO 0DUFKHVL DO YLDOH 0DUFRQL FLRq QHOOD ]RQD RJJL IDYRULWD GDOOR ©VYLOXSSR ROLPSLFRª VLDQR GL SURSULHWj GHO 3&, H TXLQGL 3DOPLUR 7RJOLDWWL DYUHEEH IDWWR DQFKH OXL OD VXD EUDYD VSHFXOD]LRQH &RVD FKH QRQ GHYH GHVWDU PHUDYLJOLD SRLFKp LO 3&, D 5RPD GLVSRQH GL ODUJKLVVLPL PH]]L FRPH q GLPRVWUDWR GDL ODYRUL SHU OD FRVWUX]LRQH GHOOD QXRYD VHGH IHGHUDOH LQ YLD GHL )URQWDQL VX WHUUHQR JLj GL SURSULHWj GHOO¶LQJHJQHU 5HQDWR $UPHOOLQL 3HU O¶LQL]LDWLYD q VWDWD SUHYHQWLYDWD XQD VSHVD GL GXHFHQWRFLQTXDQWD PLOLRQL GL OLUH FKH VDOLUj SHUz D TXDWWURFHQWR FLUFD H FRPH DO VROLWR VL FHUFD GL FRSULUH OD JURVVD PDQRYUD ILQDQ]LDULD UDFFRJOLHQGR VRWWRVFUL]LRQL SUHVVR JOL LVFULWWL , TXDOL LVFULWWL GRYUHEEHUR SRL ULVROYHUH DQFKH LO SUREOHPD GHOOH VHGL VH]LRQDOL FKH REEHGHQ GR DG XQD GLUHWWLYD FHQWUDOH YHUUDQQR WXWWH VLVWHPDWH LQ ORFDOL GL SURSULHWj GHO SDUWLWR FRQ XQD VSHVD PHGLD GL FLQTXH PLOLRQL SHU VH]LRQH 6L FRQVLGHULQR OH WDEHOOH GHJOL XIILFL WHVVHUDPHQWR FRPXQLVWL FKH LOOXVWUDQR OD FRPSRVL]LRQH VRFLDOH GHO SDUWLWR VL SHQVL DOOR VWDWR GL SRYHUWj LQ FXL D GHWWD GL 7RJOLDWWL YLYH LO ©SUROHWDULDWRª H VL FRPSUHQGHUj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¶HGLILFLR PHQWUH LO PDFFKLQD ULR YHQXWR GDOOD )UDQFLD VX FRPELQD]LRQH FRQ O¶XIILFLR FRP PHUFLDOH GHO 3& IUDQFHVH YDOH ROWUH VHWWHFHQWR PLOLRQL ( FRVD VL YXROH GL SL SHU ULFRQRVFHUH DO 3&, OD TXDOLILFD GL ©SDUWLWR GL SHVFHFDQLª" 1HOOD JDUD SHU VSHQGHUH D ILQL SROLWLFL OH FHQWL QDLD GL PLOLRQL GL SURYHQLHQ]D LQFRQIHVVDELOH ©3DOD]]R 'RQ JRª WLHQH YDORURVDPHQWH WHVWD D 3LD]]D GHO *HV LO %RUJKHVH DJRVWR

# $

!9A +77+6+ 46+0+:'8' *'0 ! ! ! " " 8' 0/1/8'8/77/1' 232 3086+ /0 4+6 )+283 /2,'88/ ? ,368+ /0 8/136+ *9((/3 ).+ / (+2/ 4377'23 +77+6+ 6+78/89/8/ 2+0 )3673 *+0 463)+*/1+283 G/2)6+1+283 *+00' 5938' *'0 4+6 )+283 '0 4+6 )+283 ? 4377/(/0+ /2 :/' +))+</32'0+ 7308'283 )32 92 *+)6+83 *+0 1/2/7863 *+00G )3231/' 138/ :'83 C D /0 1/2/78+63 *+00+ /2'2<+ .' 6+)+28+1+28+ 6/ *3883 0' 5938' '0 4+6 )+283 )328/ ,'88/ 0' 1'77' *' )9/ ? 4377/(/0+ 46+0+:'6+ ? )378/89/8' *' 6/7367+ 7+59+786'8+ 2+/ 730/ 463)+*/1+28/ 4+2'0/ )3146+7/ 59+00/ */ 46+:+2</3 2+ + '11/2/786'8/:/ G/143683 46+0+:'(/0+ 78'(/0/83 *' 92 *+)6+83 *+0 46+7/*+28+ *+0 327/-0/3 */ /2/786/ :/+2+ 6/ 4'68/83 86' /2/78+63 *+00G/28+623 4+6 0' 898+0' *+00' 7/)9 6+<<' 49((0/)' + *+0 73))3673 49((0/)3 ,'883 7'0:3 0G/2)6+ 1+283 *+0 32*3 */ 730/*'6/+8= 4+6 0+ :/88/1+ *+00+ 6/)./+78+ +78367/:+ + *+/ 6+'8/ */ 8/43 1',/373 + /2/78+63 *+00' -/9 78/</' C D 0 6+7/*93 :/+2+ '7)6/883 '00+ +286'8+ *+0 (/0'2)/3 *+003 $8'83 889'01+28+ 7323 /28+78'8+ '0 32*3 &2/)3 /978/</' /8' 0/'23 6/7367+ 4+6

1/0/32/ */ +963 /11+*/'8'1+28+ */7432/(/0/ 1/0/32/ */ (+2/ )32,/7)'8/ + 1/0/32/ */ 6/7367+ 7+59+786'8+ *'8/ :+2-323 '--/362'8/ 79/ 7/8/ *+00' #'-/32+6/' +2+6'0+ *+003 $8'83 6+4+6/(/0/ '2).+ '0 7/83 *+00' '1+6' !+6 0' -+78/32+ *+/ (+2/ 13(/0/ ? 78'8' '2).+ )6+'8' ! !! %% ## ! ! ).+ ,'223 *+00G 8'0/' /0 !'+7+ +9634+3 /2 )/1' '00' )0'77/,/)'

! " ! ! ! ! ! ,367+ ,'07'8+ *'0 ,'883 ).+ 2+/ !'+7/ *+00G ! ! 7+59+786/ '00' )6/1/2'0/8= 36-'2/<<'8' 6+0+-'2*3 /0 8+61/2+ 1',/' '00+ )32,/7).+ /2 8+66/836/3 /8'0/'23 #'-/32/ 469*+2</'0/ )/ /2:/8'23 '* '2*'6+ )'98/ /2,'88/ 7323 7+146+ 4/B ,6+59+28/ / )'7/ */ 6+78/89</32+ *+/ (+2/ 6636/ -/9*/</'6/ + )32)097/32/ 863443 ',,+88'8+ 1' )32 +:/*+28+ /14'883 1+*/'8/)3 .'223 4368'83 ' 7+59+786'6+ (+2/ ' 73--+88/ 43/ 7)34+68/ )31+ C232 )300+-'8/ '* 36-'2/<<'</32/ )6/1/2'0/D + 6/)./+78+ 6/7'6)/836/+ 7323 8'28+ 86344+ ' 232 ,'223 )+683 )'0'6+ -0/ '44+8/8/ */ )./ :366+((+ -+78/6+ / 4'86/132/ )32,/7)'8/ )37@ ,/3))'23 0+ 4634378+ */ 0+--+ *G/2/</'8/:' 43430'6+ */ ! '773)/'</32/

"9+783 69136+ 79/ )'4/8'0/ 1',/37/ .' '00+68'83 0G&2/3 2+ +9634+' 36' 7+6/'1+28+ /28+6+77'8' ' 1+88+6+ 2+00+ 1'2/ */ 92G'-+2</' *+00G ( ! ! ! )32,/7)'8/ '00' )6/1/2'0/8= $+)32*3 1308/ 92' 1/796' 98/0+ ' 7)'6*/2'6+ 0+ '0)./1/+ */ (/0'2)/3 *+/ !'+7/ 43:+6/ *+00G&2/32+ +9634+' 59+00/ ).+ 4+6 ,'6 59'*6'6+ / )328/ ( !! % ! ! !! #

NOVITĂ&#x20AC;

Julius Evola

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

NOVITĂ&#x20AC;

Julius Evola

!& %F Il Popolo italiano (1956 - 1957)

A cura di Giovanni Sessa

Il Mondo (1924 - 1925) Lo Stato Democratico (1925) Il Sereno (1924) A cura di Marco Rossi

pagg. 188 â&#x20AC;˘ euro 17,00

pagg. 130 â&#x20AC;˘ euro 15,00

,/ %25*+(6(

,/ 35(==2 GHO ULVFKLR GL (55,&2 3$66$52 ©0, WRFFD ULSDUWLUH 'HYR ULIDUH OH SHUVLDQH GL FDVDª TXH VWD IUDVH VHQWLWD SHUVRQDOPHQWH GDOOD ERFFD GL XQ VRWWXIIL FLDOH GHOOH QRVWUH )RU]H $UPDWH q OD EDVH GL SDUWHQ]D GHO QRVWUR FRQWULEXWR RGLHUQR H VL FROOHJD DOOD VWUHWWD DWWXDOLWj LQ SHULRGL GL EORFFKL VWLSHQGLDOL H UHYLVLRQL GHL FRQWL Ê XQ¶XVFLWD LQIHOLFH GL XQ VLQJROR ©PHUFHQDULRª GLVSR VWR D LQWUDSUHQGHUH XQD PLVVLRQH PLOLWDUH IXRUL GDL FRQILQL QD]LRQDOL VROWDQWR VXOO¶LPSXOVR GL UDJLRQL HFRQRPLFKH R q UDSSUHVHQWDWLYD GHOOD JHQHUDOLWj GHL PLOLWDUL LQ VHUYL]LR" /D ©YLO SHFXQLDª SRL q GDYYHUR XQD EDVVD PRWLYD]LRQH FRQ WUDULD D RJQL SULQFLSLR HWLFR FXL GHYH XQLIRUPDUVL O¶XRPR FRQ OH VWHOOHWWH RSSXUH q XQ LQFHQWLYR OHJLWWLPR HG LPSUH VFLQGLELOH SHU O¶DVVXQ]LRQH GHL SDUWLFRODUL ULVFKL FRQQHVVL DOO¶DWWLYLWj LQ ]RQH G¶RSHUD]LRQL" /D VHOH]LRQH GHO SHUVRQD OH GHVWLQDWR D RSHUDUH IXRUL DUHD SXz DYYHQLUH SULQFLSDO PHQWH VX EDVH YRORQWDULD IDFHQGRVL FRQGL]LRQDUH FRVu GD IDWWRUL SHUVRQDOL HFRQRPLFL VRSUDWXWWR PD DQFKH SURIHV VLRQDOL HVLVWHQ]LDOL HWF R GHYH DYYHQLUH D VHJXLWR GL XQD ULFRJQL]LRQH GHOOH PLJOLRUL SURIHVVLRQDOLWj D GLVSRVL]LRQH SUHVFLQGHQGR GDO FRQVHQVR GHOO¶LQWHUHVVDWR" 3HU TXDQWR ULJXDUGD OH PRWLYD]LRQL FKH VSLQJRQR LO SHUVRQDOH DG DFFHWWDUH R DGGLULWWXUD D FDQGLGDUVL SHU XQ LPSLHJR LQ ]RQD GL FRPEDWWLPHQWR HVVH VRQR OH SL YDULH &¶q FKL SDUWH SHU IDUH XQ¶HVSHULHQ]D GL YLWD FRQIURQWDUVL FRQ XQD UHDOWj GLYHUVD GD TXHOOD FRQRVFLXWD YHGHUH SRVWL QXRYL H VFRSULUH FLYLOWj HVRWLFKH &¶q FKL VL PHWWH LQ PLPH WLFD SHU HYDGHUH GD XQD JULJLD UHDOWj TXRWLGLDQD SHU GLPHQ WLFDUH XQ DPRUH ILQLWR R SHU DOORQWDQDUVL GD XQD IDPLJOLD RSSULPHQWH &¶q FKL VL DUUXROD LQ XQ FRUSR GL VSHGL]LRQH SHU VIXJJLUH DO WUDQ-WUDQ G¶XIILFLR SHU UDPPHQWDUH D VH VWHVVR GL HVVHUH XQ PLOLWDUH H QRQ XQ EXURFUDWH R DQFKH VROWDQWR SHU OLEHUDUVL GL XQD VLWXD]LRQH GL LPSLHJR QRQ FRQ IDFHQWH DOOH SURSULH DWWLWXGLQL SURIHVVLRQDOL H PRUDOL SHU OLEHUDUVL GL XQ DPELHQWH GL ODYRUR GRYH VL VLD VRWWRSRVWL D YHVVD]LRQL HG LQFRPSUHQVLRQL SHU VHQWLUVL XWLOH DOO¶RUJD QL]]D]LRQH LQ XQ UXROR SL SRVVLELOH YLFLQR DOOD SURSULD LQGROH SHUVRQDOH &¶q FKL YD LQ PLVVLRQH SHU FRQYLQ]LRQL LGHRORJLFKH SHU PDFKLVPR R DGGLULWWXUD FRPH SDODGLQR GHOO¶2FFLGHQWH QHO IDPLJHUDWR ©VFRQWUR GL FLYLOWjª 0D GL Oj GL TXHVWH VSLQWH LGHDOL SXUH ODUJDPHQWH GLIIX VH QRQ Y¶q GXEELR FKH OD PRWLYD]LRQH HFRQRPLFD ULPDQJD TXHOOD SUHYDOHQWH 4XHVWR VL VFRSUH VRSUDWWXWWR QHO PRPHQ WR GHOO¶HYHQWXDOH WUDJHGLD TXDQGR XQR GHL QRVWUL FDGH H L JLRUQDOLVWL VFDYDQR QHOOD YLWD SULYDWD GHOOR VIRUWXQDWR VFR SUHQGR ELODQFL IDPLOLDUL LQ URVVR ILJOL GD PDQWHQHUH PXWXL DFFHVL H VLPLOL /D SURVSHWWLYD GL UDFLPRODUH FRQ TXDOFKH PHVH GL GLDULD XQ EHO JUX]]ROHWWR GD LPSLHJDUH DO ULWRUQR LQ SDWULD SHU VRVWHQHUH SHU HVHPSLR O¶LPSHJQR ILQDQ]LDULR GL XQ PDWULPRQLR q XQD PROOD SRWHQWH FKH DJLVFH VRSUDW WXWWR VXL UDQJKL LQIHULRUL GHOOH )RU]H $UPDWH YRORQWDUL GL WUXSSD VRWWXIILFLDOL SL JLRYDQL 'HWWR TXHVWR YD SUHFLVDWR FKH OD PRWLYD]LRQH HFRQRPL FD QRQ q GL SHU Vp GLVGLFHYROH PD OR GLYHQWD QHO PRPHQWR LQ FXL VLD O¶XQLFD D PXRYHUH XQ PLOLWDUH YHUVR L WHDWUL GL

*HQQDLR

JXHUUD 1RQ q SHQVDELOH UDJLRQDUH FRPH FRQWUDFWRU D SDJD PHQWR 1RQ q SRVVLELOH YHQGHUH DQ]L VYHQGHUH OD SURSULD SURIHVVLRQDOLWj LQ FDPELR GL ULFRQRVFLPHQWL PRQHWDUL 6L SXz OHJLWWLPDPHQWH SUHWHQGHUH GL HVVHUH UHPXQHUDWL DGH JXDWDPHQWH SHU LO PDJJLRU ULVFKLR FRUVR ULVSHWWR DL SURSUL FROOHJKL LQ SDWULD VHQ]D PDL GLPHQWLFDUH FKH VL q Ou SHU WHQHUH DOWR LO SUHVWLJLR GHO 3DHVH H GHOOH SURSULH )RU]H $U PDWH SHU SDFLILFDUH WHUULWRUL H JHVWLUH VLWXD]LRQL GL FULVL SHU VSHJQHUH VXO QDVFHUH IRFRODL GL YLROHQ]D FKH SRWUHEEHUR HVWHQGHUVL LQ IRUPD GL DWWL WHUURULVWLFL ILQR DL QRVWUL OLGL %LVRJQD IDU YDOHUH L SURSUL GLULWWL PD QHOOR VWHVVR WHPSR DGHPSLHUH ILQR LQ IRQGR DL SURSUL GRYHUL FRPSUHVL TXHOOL PRUDOL GHWWDWL GDOOD 'LVFLSOLQD 0LOLWDUH H GDOOH WUDGL]LRQL GL 5HSDUWR )LQ TXL OD TXHVWLRQH q VWDWD DQDOL]]DWD GDO SXQWR GL YL VWD GHO VLQJROR 6H VL SDVVD D FRQVLGHUDUOD GDO SXQWR GL YLVWD GHOO¶RUJDQL]]D]LRQH - H FRVu VL ULVSRQGH DO WHU]R TXHVLWR - F¶q GD GLUH FKH OH )RU]H $UPDWH QRQ SRVVRQR GLSHQGHUH LQWHJUDOPHQWH GDOOD YRORQWj GHL SURSUL DSSDUWHQHQWL SHU IRUPDUH L FRUSL GL VSHGL]LRQH /H PLVVLRQL DOO¶HVWHUR VRQR XQ EDQFR GL SURYD LPSHJQDWLYR SHU GLVSRVLWLYL PLOLWDUL VLD SHU OH FRQGL]LRQL WDWWLFKH GHOOR VFHQDULR PLQDFFH DVLPPH WULFKH UXROR GHOOD SRSROD]LRQH FLYLOH VLD SHU OH FRQGL]LRQL SROLWLFKH GHOO¶LQWHUYHQWR UHJROH G¶LQJDJJLR SROHPLFKH LGHRORJLFKH VLD SHU OH ULFDGXWH PHGLDWLFKH RSLQLRQH SXE EOLFD H GLSORPDWLFKH UDSSRUWL FRQ JOL DOOHDWL GL RJQL LQFL GHQWH H TXHVWR LPSHJQR q WDQWR SL DUGXR SHU XQ HVHUFLWR TXHOOR LWDOLDQR FKH VROWDQWR GD SRFKL OXVWUL KD SUHVR D ODYR UDUH UHJRODUPHQWH LQ XQD SURLH]LRQH HVWHUQD H DOO¶LQWHUQR GL FRDOL]LRQL LQWHUQD]LRQDOL H LQWHUIRU]H $OOD OXFH GL TXHVWH GLIILFROWj RJJHWWLYH q QHFHVVDULR DYHUH JOL XRPLQL PLJOLRUL SHU EHQ ILJXUDUH LQ TXHVWD YHWULQD PRQGLDOH H GDUH XQ¶LPPDJLQH GL )RU]H $UPDWH HIILFLHQWL H FRUUHWWH HVSUHVVLRQH GL XQ 3DHVH FKH JDUDQWLVFH O¶DVVROYL PHQWR GL PDQGDWL LQWHUQD]LRQDOL H VRYUDQD]LRQDOL LQ XQD FRUQLFH GL VLFXUH]]D SHU L SURSUL UDSSUHVHQWDQWL /D 'LIHVD GHYH GXQTXH DWWXDUH XQD VHYHUD VHOH]LRQH GHL SURSUL UDQJKL DOOD ULFHUFD GHOO¶©XRPR JLXVWR DO SRVWR JLXVWRª /D YRORQWj GHOO¶LQWHUHVVDWR GHYH HVVHUH VROWDQWR XQ SDUDPHWUR GL TXHVWD VFHOWD GD YDOXWDUH FRPSDUDWLYDPHQWH LQVLHPH FRQ JOL DOWUL 1RQ VROWDQWR PD DQFKH OH PRWLYD]LR QL D EDVH GHOOD FDQGLGDWXUD LQGLYLGXDOH GRYUHEEHUR HVVHUH DWWHQWDPHQWH YDJOLDWH DO ILQH GL YHULILFDUQH OD FRQJUXLWj DQFKH LQ UDSSRUWR DL WUDVFRUVL GL VHUYL]LR GHO VLQJROR H DOOH VXH YDOXWD]LRQL FDUDWWHULVWLFKH

*HQQDLR

,/ %25*+(6(

'(02*5$),$ H LPPLJUD]LRQH GL $1721,2 6$&&¬ 48$1'2 WDOXQL SDUWLWL LWDOLDQL HG HXURSHL FHUFDQGR XQD ORUR LQGLYLGXD]LRQH VX SUREOHPL HIIHWWLYL ULWHQJRQR FKH OD LPPL JUD]LRQH FODQGHVWLQD VLD LO PDOH GD FRPEDWWHUH H VDOYDWL GD HVVD ULVDQHUHPPR OH QRVWUH VRFLHWj FRPPHWWRQR XQR VEDJOLR GLPRVWUDWLYR GL XQD SROLWLFD FKH YLYH GL PRPHQWDQHLWj H LQLGR QHD DG XQD YLVLRQH SURVSHWWLFD 6FULYHYR QHO PLR OLEUR (XUR SD R PRUWH 'LQR (GLWRUH FKH FL GHELOLWHUj O¶LPPLJUD ]LRQH UHJRODUH SHU XQD UDJLRQH VHPSOLFLVVLPD q GL JUDQ OXQJD OD SL QXPHURVD H SUROLILFD GL FRQVHJXHQ]D 6DUDQQR OD GHPR JUDILD OD QDWDOLWj D FRQGL]LRQDUFL ,QYHFH GL FUHDUH DJLWD]LRQL FHUWR VXVFLWDWULFL GL FRQVHQVR IDFLOLWDWR PD LUULVRULR VDUHEEH RSSRUWXQD O¶LQGLFD]LRQH GL XQD SROLWLFD SHU OH QRVWUH IDPLJOLH SHU OD FDVD SHU JOL DVLOL PD FLz VXVFLWHUHEEH PHQR UXPRUH H VXJJHVWLRQH HOHWWRUDOH 6H QRL QRQ IDFFLDPR ILJOL O¶LPPLJUD ]LRQH VDUj LUULPHGLDELOH H FKH VLD UHJRODUH R PHQR FDPELHUj OD QRVWUD FRPSRVL]LRQH $OPHQR HVVHUQH FRVFLHQWL %LVRJQD VSLQJHUVL DG XQD LQWHQVLVVLPD SROLWLFD GHOOD QDWDOLWj QD]LRQDOH FDVH VXVVLGL DVLOL QLGR FRVWR GHJOL DOLPHQWL H GHJOL LQGXPHQ WL 8QD VFDUSHWWD SHU XQ EDPELQR OD VL SDJD TXDQWR XQD VFDUSD GL PHGLD TXDOLWj SHU DGXOWR ,QVRPPD XQD SROLWLFD WRWDOH SHU OH QDVFLWH 'L WXWWL LQWHQGLDPRFL 0D VRSUDWWXWWR HG DQFKH OH QRVWUH 0D UHVWLDPR DQFRUD DOOD VXSHUILFLH GHO IHQRPHQR ©LPPLJUD]LRQHª /D ©JUDQGH SRYHUWjª VL q PRVVD H VWD LQRQGDQGR LO SLDQHWD GHO EHQHVVHUH ,QYHFH GL UHVWDUH D PR ULUH GL IDPH JXHUUH H PDODWWLH LO SLDQHWD GHL SRYHUL VL LQRO WUD LQYDGH IXJJH SHULVFH WHQWD RVD QRL FDOOLGLVVLPL ULWHQLDPR GL DYYDQWDJJLDUFL GL TXHVWH HVSORVLRQL H VRWWR DPPDQWR GL DFFRJOLHQ]D GLULWWL XPDQL IUDWHUQLWj XJXD JOLDQ]D FHUFKLDPR GL UHVWDXUDUH OD VFKLDYLW D FDVD QRVWUD 9HQLWH YHQLWH YL GDUHPR XQ ODYRUR IXRULOHJJH GLYHUUHWH PDQRYDODQ]D GHO FULPLQH VDUHWH RFFXSDWL LQ QHUR VL FKH QRQ SDJKHUHWH WDVVH H QRQ OH SDJKHUj FKL YL LPSLHJD XVX IUXLUHWH GHOOH SURWH]LRQL VDQLWDULH YL PHWWHUHPR LQ SULPD ILOD DJOL DVLOL QLGR YL PROWLSOLFKHUHWH PHQWUH QRL FL ©GHQDWDOL]]LDPRª HYHQWXDOPHQWH DQGUHWH LQ JDOHUD D QR VWUH VSHVH PHWWHUHWH VX QHJR]LHWWL GRYH WXWWR VDUj LUUHJROD UH PD FRQVHQWLWR IDWLFKHUHWH GDOO¶DOED DOOD QRWWH FLQTXH RWWR LQ XQD VWDQ]D TXHO FKH JXDGDJQHUHWH OR VSHGLUHWH DL SDUHQWL PLVHULVVLPL ULVDUFLUHWH FRQ LO YRVWUR VDQJXH LO FRVWR GHL WUDVSRUWDWRUL PD LQ TXHVWR SDQGHPRQLR YHUQLFLDWR GL PRUDOLWj VL LQVWDXUD QHO YHQWUH GL RJQL SDHVH JHQWH GROHQ WLVVLPD RSSUHVVD LUDWD DYLGD SURQWD D IDU YDOHUH OD IDWLFD GHO YLDJJLR FRQ XQR VSLULWR GL LPSRVVHVVDPHQWR GL FRQVX PR FKH VROWDQWR FKL PHQWLVFH ILQJH GL QRQ FRJOLHUH /D SUHGLFD]LRQH GHOOD WHRULD GHO ©VRQR EUDYH SHUVRQH QRQ WXWWL VRQR GHOLQTXHQWL YRJOLRQR H GHYRQR HVVHUH WUDWWDWL FRPH QRL XQ WHPSR DQFKH QRL VLDPR VWDWL LPPLJUDWL IDQQR L ODYRUL FKH QRL QRQ IDFFLDPRª q YDQLORTXLR QHL SRVVHQWL LQJUDQDJJL GHOOD 6WRULD $OOD 6WRULD GL Oj GHOOH IUDVL LQWH UHVVD FKH YHUUj IXRUL GD TXHVWR SDQGHPRQLR ULSHWR &KH

SRVVD YHQLUH XQ UDIIRU]DPHQWR GHOOH QRVWUH FLYLOWj q PLUDJ JLR &KH XQ LQGXLVWD XQ PXVVXOPDQR FRQWULEXLVFDQR DOOD ©QRVWUDª FLYLOWj q XQ D]]DUGR GD QRQ ULVFKLDUH )RUVH DQFR UD QRQ FRPSUHQGLDPR LO VHQVR GL ULYDOVD GL TXHVWL SRSROL GL DQWLFKLVVLPD DQWLFD FLYLOWj L TXDOL QRQ YLYRQR FKH SHU O¶RFFDVLRQH GHOOD ULYDOVD 6XSSRUUH FKH DFFUHVFLXWL GL QX PHUR QRQ VL IDUDQQR YDOHUH FRQ SUHSRWHQ]D VH ULHVFRQR q WUDWWDUH OD 6WRULD H OD YLFHQGD GHOOH PDVVH FRPH OH UHOD]LRQL LQGLYLGXDOL DPLFKHYROL 6H SUROLILFDQR H QRL FL GHFXUWLDPR D RJQL JHQHUD]LRQH QRQ JRYHUQHUHPR JOL VWUDQLHUL 'L Oj GD RJQL YDQLORTXLR VSHVVR EHQ LQWHQ]LRQDWR LO ©IDWWRª GHPR JUDILFR q DSRGLWWLFR $O GXQTXH LO FDSLWDOLVPR RGLHUQR FUHGH GL DYHU WURYDWR OD VROX]LRQH DOOD VXD FULVL H DO VXR PXWDPHQWR FRQ ODYRUDWR UL SUHIHULELOPHQWH VWUDQLHUL PHQR HVLJHQWL ULFDWWDELOL ELVR JQRVLVVLPL H SRLFKp O¶RFFXSD]LRQH FKH QRQ IDOOD q OD JHQH ULFD D SDUWH OD TXDOLILFDWLVVLPD JOL VWUDQLHUL VRQR DFFRQFL ,O ©VLVWHPDª VL q LQYHQWDWD OD VROX]LRQH SHU OD UHVWDXUD]LRQH R O¶DFFUHVFLPHQWR GHO SURILWWR YHUR LQFXER GHO FDSLWDOLVWD GLVSRVWR D WXWWR SXU GL ULPSLQ]DUOR &RQ JOL VWUDQLHUL LO ULVD QDPHQWR GHO FDSLWDOLVPR DSSDUH RWWHQLELOH 0LOLRQL GL SHU VRQH VRWWRSDJDWH DGGLULWWXUD D FDVD GHO FDSLWDOLVWD *OL 6WDWL 8QLWL VRQR HVHPSODUL D SURSRVLWR &RQ HIIHWWL LPSUHYLVWL R FKH QRQ VL YRJOLRQR YHGHUH /D FRQFRUUHQ]LDOLWj WUD ODYRUD WRUL VWUDQLHUL H ODYRUDWRUL QD]LRQDOL O¶DIIOL]LRQH GL HQWUDPEL O¶LPPLJUD]LRQH VRVWLWXWLYD H QRQ VROWDQWR LQWHJUDWLYD VH JOL VWUDQLHUL JHQHUDQR PDJJLRUPHQWH , ©VLVWHPLª SURGXWWLYL L TXDOL FUHGRQR GL UHQGHUVL FRPSHWLWLYL DQFKH FRQ O¶DEEDVVD PHQWR GHL VDODUL PHGLDQWH JOL VWUDQLHUL VL WURYHUDQQR XQD PDUHD GL QXRYL QDWL H DOOD OXQJD SHU OD OHJJH GHL QXPHUL VH L ©VLVWHPLª ULWHQJRQR GL SRWHUOL GRPLQDUH OR SRWUj HVFOX VLYDPHQWH FRQ OD YLROHQ]D &KL FUHGH FKH VLD PLVVLRQH GH PRFUDWLFD DFFRJOLHUH H VIUXWWDUH VHQ]D GLUOR VL GRYUj DS SDUHFFKLDUH DG HVVHUH DQWLGHPRFUDWLFR TXDQGR LO QXPHUR GHJOL VWUDQLHUL VDUj LQGLJHULELOH H OR VIUXWWDPHQWR LQVRSSRU WDELOH VSHFLH LQ WHPSR GL FULVL $QFKH LQ WDO FDVR JOL 6WDWL 8QLWL VRQR VLQWRPDWLFL 1LHQWH GD DJJLXQJHUH VH QRQ TXH VWR XQ VLVWHPD q PDODWR TXDQGR VL FXUD LQ PRGR GD DJJUD YDUH OD PDODWWLD 5LWHQHUH GLU VDOYDUFL FRQ VWUDQLHUL H OLPLWL JHQHUDOL]]DWL DL VDODUL UHVL FRQFRUUHQ]LDOL q LPSRYHULUH OH VRFLHWj DUULFFKLUH SRFKL VXVFLWDUH XQD PDVVD G¶XUWR FKH VROWDQWR OD YLROHQ]D ULXVFLUj VH ULXVFLUj D UDIIUHQDUH *OL 6WDWL 'HPRFUDWLFL VL DYYLDQR DOO¶$XWRULWDULVPR SHU FRQWL QXDUH OD IDUVD GHOOH LPPLJUD]LRQL D LOOXVRUL VFRSL XPDQLWDUL PD GL IDWWR SHU VDODUL VPLQXLWL &RQ IDWLFD VDFULILFL GHOLQ TXHQ]LDOLWj HURLVPR SUHSRWHQ]D UDSDFLWj VSLULWR DJJUHJD WLYR JOL VWUDQLHUL VRSUDYYLYHUDQQR DYDQ]HUDQQR VL PROWLSOL FKHUDQQR YRUUDQQR SRWHUH &LDVFXQR JLXGLFKL D VXR JDUER VH ULWLHQH RSSRUWXQR H DSSURYDELOH WDOH IXWXUR &¶q GD FRQ FHSLUH FKH OR VL YRJOLD WDQWR q O¶HQWXVLDVPR GHOO¶DFFRJOLHQ ]D $O FDSLWDOLVPR LQWHUQD]LRQDOH LQWHUHVVD LO ODYRUDWRUH D EDVVR FRVWR QRQ LO ODYRUDWRUH QD]LRQDOH H OD 1D]LRQH Ê IDWDOH GREELDPR ULSULVWLQDUH pOLWH SDWULRWWLFKH SRFKL PD VFHOWL GLIHQVRUL GHOOD QRVWUD FLYLOWj H GHL QRVWUL LQWHUHVVL WXWWL SRVVRQR YHQLUH SXUFKp QRQ VSH]]LQR GLVSHUGDQR GH JUDGLQR OD QRVWUD FLYLOWj H QRQ WUDVIRUPLQR L QRVWUL 3DHVL LQ PHUFDWLQL H LQ XQ WHUUHQR GL ORWWD SHU OD VRSUDYYLYHQ]D &¶q LO ULVFKLR GL XQD LPPLJUD]LRQH DO ULEDVVR DEEDVVDWULFH O¶DI IOXVVR GHL SDULD XQLYHUVDOL H FKH YRJOLDPR WDOL 1RQ LOOXGLD PRFL GHFDGUHPPR DQFKH QRL &KH IDUH" )LJOL QRVWUL ( VDOYDUH DG RJQL FRVWR OH QRVWUH pOLWH 6H YL VRQR 2 ULFR VWUXLUOH 6HQ]D FRQGLVFHQGHQ]D /D TXDOLWj q WXWWR

,/ %25*+(6(

&20( 5(1=, Â©PXQJHÂª LO 7RUR GL (1($ )5$1=$ 1(//( VWDQ]H GHO SRWHUH GD XQ SRÂ¶ GL WHPSR FLUFROD OD SD UROD GÂ¶RUGLQH GL FROSLUH L UHGGLWL GD FDSLWDOH FRQ OD FRQYLQ ]LRQH FKH HVVL FRVWLWXLVFDQR XQ Â©SRUWR IUDQFRÂª GL FXL LO QRVWUR 3DHVH GL GHEED YHUJRJQDUH VRSUDWWXWWR QHO FRQIURQ WR FRQ L SDUWQHU HXURSHL ( FRVL LQWHUYHQWR GRSR LQWHUYHQ WR WUD L WDQWL SULPDWL GL SUHVVLRQH ILVFDOH LQ FXL OÂ¶,WDOLD SUL PHJJLD LQ (XURSD OD ODFXQD GHOOD WDVVD]LRQH GHOOH Â©UHQGLWH ILQDQ]LDULHÂª q VWDWD UDSLGDPHQWH FROPDWD 3UHFLVLDPR FKH OÂ¶XOWLPR LO ULWRFFR GDO DO SHU FHQ WR GHOOÂ¶DOLTXRWD VXOOH UHQGLWH ILQDQ]LDULH IRUWLVVLPDPHQWH YROXWR GD 5HQ]L q VWDWR SUHFHGXWR GD XQD VHULH LQQXPHUH YROH GL LQWHUYHQWL FKH YDQQR GDOOD QXRYD LPSRVWD GL EROOR GHFLVD GDOOÂ¶HVHFXWLYR 0RQWL FRQ OÂ¶LQQDO]DPHQWR GDO SHU FHQWR DO SHU FHQWR H GDO SUHFHGHQWH LQQDO]DPHQWR GHO SUHOLHYR VXL FDSLWDO JDLQ GDO DO SHU FHQWR GLVSR VWR QHO GDO JRYHUQR %HUOXVFRQL 1RQ YD SRL GLPHQWL FDWR OÂ¶LQWHUYHQWR VXOOD Â©7RELQ WD[Âª 1HOOD VRVWDQ]D VL FDOFROD FKH LO ULVSDUPLDWRUH YHGH FROSLUH L SURSUL ULVSDUPL LQ XQD PLVXUD YDULDELOH FKH YD GD XQ PLQLPR GHO SHU FHQWR D ROWUH LO SHU FHQWR 9HGLD PR FRQ XQ HVHPSLR QXPHULFR GL FKLDULUH YHORFHPHQWH FR PH LO SUHOLHYR HIIHWWLYR VLD EHQ ROWUH OD QXRYD DOLTXRWD Â©XIILFLDOHÂª GHO SHU FHQWR ,PPDJLQLDPR GL LQYHVWLUH PLOD HXUR H RWWHQHUH XQ UHQGLPHQWR GHO SHU FHQWR LQ XQ DQQR FRQ XQ SURILWWR GL HXUR $ TXHVWD VRPPD GHYR VRWWUDUUH LO SHU FHQWR RVVLD HXUR &Â¶q SRL OÂ¶LPSRVWD GL EROOR GHOOR SHU PLO OH FKH VL DSSOLFD VXOOÂ¶LQWHUR FDSLWDOH LQYHVWLWR H FKH LQ TXH VWR FDVR YDOH HXUR $OOD ILQH SDJKHUz DOOÂ¶HUDULR HXUR LO SHU FHQWR GHL PLHL JXDGDJQL 0D DWWHQ]LRQH VH LO UHQGLPHQWR RWWHQXWR LQ XQ DQQR IRVVH LQYHFH GHO SHU FHQWR LO SUHOLHYR VDUHEEH GL HXUR SDUL DO SHU FHQWR GHL SURILWWL 6H SRL VL SURFHGH DOOD YHQGLWD H VH VL WUDWWD GL WLWROL GL VRFLHWj LWDOLDQH GREELDPR DJJLXQJHUH OD Â©7RELQ WD[Âª SDUL DOOÂ¶ SHU FHQWR 0ROWH VRQR OH RVVHUYD]LRQL FKH TXHVWD QXRYD PRGD SRQH DOOÂ¶DWWHQ]LRQH GHOOÂ¶HFRQRPLVWD ,Q SUHPHVVD H FRQ VSHFLILFR ULIHULPHQWR DO SURYYHGL PHQWR GL WDVVD]LRQH GHOOH UHQGLWH ILQDQ]LDULH YROXWD GD 5HQ]L YDQQR SUHOLPLQDUPHQWH VRWWROLQHDWH GXH TXHVWLRQL ,Q SULPR OXRJR FRPH WDOH LPSRVWD VLD LQ HIIHWWL GLVWRUVL YD ,QIDWWL LQ XQD IDVH LQ FXL LO JRYHUQR FRQWLQXD D ULPSURYH UDUH EDQFKH H LVWLWX]LRQL ILQDQ]LDULH SHU OD VFDUVD HURJD]LRQH GL FUHGLWL DOOH LPSUHVH FKH VL DGRWWL XQD SROLWLFD ILVFDOH FKH QRQ YD FHUWR D IDYRULUH OH PRGDOLWj DOWHUQDWLYH FRQ FXL TXHVWH VWHVVH LPSUHVH SRVVDQR ILQDQ]LDUVL VXRQD SLXWWRVWR LQFRHUHQ WH ,QIDWWL OD SUHYLVWD Â©VSLQWDUHOODÂª DL WLWROL GL 6WDWR D VFDSLWR GL REEOLJD]LRQL VRFLHWDULH HG D]LRQL QRQ YD FHUWR QHOOD GLUH ]LRQH GL DJHYRODUH LO ULFRUVR DO PHUFDWR 6HFRQGDULDPHQWH OD FRPSOLFD]LRQH FKH LQWURGXFH QHL UDSSRUWL - JLj GLIILFLOL - WUD ILVFR H FLWWDGLQR , SUREOHPL FKH OÂ¶DSSOLFD]LRQH GHOOD QRUPD GHWHUPLQD SRVVRQR PHWWHUH LO ULVSDUPLDWRUH GL IURQWH D VFHOWH QRQ VHPSOLFLVVLPH H QRQ

*HQQDLR

FRQVHQWRQR GL UXEULFDUH LO IHQRPHQR D PHUD FRQVHJXHQ]D WLSLFD D WXWWH OH IDVL GL WUDQVL]LRQH GD XQD SUHYLVLRQH QRU PDWLYD DG XQD QXRYD 7XWWDYLD QRQ VRQR VROWDQWR TXHVWL L SUREOHPL ,O YHUR ULVFKLR GD PROWL SDYHQWDWR H QRQ VRWWRYDOXWDELOH q LQ UHDOWj XQ DOWUR 'D XQD SDUWH XQ SRVVLELOH HIIHWWR GLVLQFHQWLYDQWH SHU L FDSLWDOL SURYHQLHQWL GDOOÂ¶HVWHUR GDOOÂ¶DOWUR FRQVLGHUDWD OD GLIIXVLRQH GHO ULVSDUPLR WUD OH IDPLJOLH LWDOLDQH XQD WDV VD]LRQH FKH FROSLVFD SDUDGRVVDOPHQWH GL SL L ULVSDUPLD WRUL FRQ L UHGGLWL SL EDVVL FKH TXHOOL FRQ DOWL UHGGLWL $SSURIRQGLDPR SHU SULPR TXHVWÂ¶XOWLPR DVSHWWR ,Q ,WDOLD LO UDSSRUWR WUD DWWLYLWj ILQDQ]LDULH GHWHQXWH GDOOH ID PLJOLH H UHGGLWR GLVSRQLELOH q VWRULFDPHQWH SL HOHYDWR ULVSHWWR DJOL DOWUL 3DHVL HXURSHL QHO ULVSHWWR D GHOOÂ¶DQQR SUHFHGHQWH 4XDQWR DOOD FRPSRVL]LRQH GHO SRU WDIRJOLR JOL LQYHVWLPHQWL GLUHWWL H LQGLUHWWL RVVLD WUDPLWH IRQGL LQ D]LRQL TXRWDWH H QRQ TXRWDWH UDSSUHVHQWDYDQR LO SHU FHQWR FLUFD GHOOH DWWLYLWj ILQDQ]LDULH GHOOH IDPLJOLH LWDOLDQH H IUDQFHVL D IURQWH GL YDORUL GHO H SHU FHQWR ULIHULELOL ULVSHWWLYDPHQWH DOOH IDPLJOLH WHGHVFKH H VSDJQR OH &RQ ULJXDUGR DOOH DOWUH FODVVL GL DWWLYLWj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Â¶q SHUDOWUR XQ GLVFRUVR SL DPSLR GD IDUH 6HFRQGR L FDOFROL GHOOÂ¶8IILFLR VWXGL &RQIFRPPHUFLR GLIIXVL LQ RFFDVLR QH GHO FRQYHJQR Â©7DJOLDPR OH WDVVH QRQ WDVVLDPR OD FUHVFL WD ,QGLFH GL FLYLOWj SHU XQ 3DHVH PRGHUQRÂª WHQXWRVL D 5R PD OR VFRUVR OXJOLR OD SUHVVLRQH ILVFDOH q SDUL DO SHU FHQWR GHO 3LO DO QHWWR GHOOÂ¶HFRQRPLD VRPPHUVD FKH q VWLPD WD LQWRUQR DO SHU FHQWR GHO SURGRWWR LQWHUQR ORUGR 6XJOL HIIHWWL GL WDOH OLYHOOR GL SUHVVLRQH ILVFDOH VXOOD FUHVFLWD FÂ¶q XQD JHQHUDOH FRQGLYLVLRQH WUD JOL HFRQRPLVWL RSLQLRQL VLQWHWL]]DWH GDOOÂ¶HFRQRPLVWD DPHULFDQR /DIIHU LQ XQD UDSSUHVHQWD]LRQH JUDILFD QRWD DSSXQWR FRPH FXUYD GL /DIIHU QHO VHQVR FKH HVVD q FRQWURSURGXFHQWH QRQ VROWDQWR SHU OR VYLOXSSR GHOOÂ¶HFRQRPLD PD DQFKH SHU OD VWHVVD IL QDQ]D SXEEOLFD LQ TXDQWR JHQHUD XQD GLPLQX]LRQH GHOOH HQWUDWH ,Q YHULWj OD YHUVLRQH RULJLQDOH GL /DIIHU SUHYHGHYD XQD FDPSDQD VLPPHWULFD H GXQTXH SRQHYD OÂ¶DSLFH LQ FRU ULVSRQGHQ]D GL XQÂ¶DOLTXRWD DO SHU FHQWR OD TXDOH LPSOL FD FKH SHU RJQL RUD GL ODYRUR LO FRQWULEXHQWH ODYRUD PL QXWL SHU Vp VWHVVR H PLQXWL SHU OR 6WDWR $OWUH YHUVLRQL ULWUDJJRQR SHUz XQ DSLFH VSRVWDWR VXOOD VLQLVWUD H GXQTXH LPSOLFDQR OD QHFHVVLWj GL XQÂ¶DOLTXRWD DQFRUD PLQRUH 'XQ TXH FRPXQTXH VWLDQR HIIHWWLYDPHQWH OH FRVH QHO QRVWUR 3DHVH OD SUHVVLRQH YLDJJLD LQWRUQR DG XQ DEERQGDQWH SHU FHQWR H FRPH WDOH VLDPR LQ XQD VLWXD]LRQH HYLGHQWH PHQWH FULWLFD 6L VRVWLHQH FKH LO FDULFR ILVFDOH q GLVWULEXLWR PDODPHQWH WUD L FLWWDGLQL H TXHVWR GHWHUPLQHUHEEH XQD VSHUHTXD]LRQH LQDPPLVVLELOH DGGLULWWXUD VRWWR LO SURILOR &RVWLWX]LRQDOH H[ DUW VHFRQGR FXL Â©WXWWL VRQR WHQXWL D FRQFRUUHUH DOOH VSHVH SXEEOLFKH LQ UDJLRQH GHOOD ORUR FDSDFLWj FRQWULEXWL YD ,O VLVWHPD WULEXWDULR q LQIRUPDWR D FULWHUL GL SURJUHVVL

! #$ $% % $%# # %% # $ ' ' %*= @ *--&("#*+& +" $*1$.23"-6" $)& "+$4-* /"("-. /.$. . # &## "& % ! # &## %# & % # -4++" %* 04&++& 31.//& 3"22& $ ! # $ # !# # = .,& $.-'&1,"3. %"* %"3* %&++" # " 3&-3*",. 4- &2/&1*,&-3. ,&-3"+& ,,"(*-*",. $)& (*7 &5*%&-6*"3* +?&5"2*.-& .+31& "% &22&1& "+3" 8 %*5&12" %" %.,"-* .(-* /&12.-" *,/1&2" & /"13*3" 5" *-*6* " /"("1& " '*-. "++?4+3*,. $&-3&2*,. 04"-3. 1*$)*&23. %"++. 3"3. *3"+*"-. ,"-$"-. $1*3*$)& "++" $.11&33&66" %* 3"+& 23*," 4-" #4.-" .,"-%*",.$* .1" +? 3"+*" 8 /*; 1*$$" 1433. 1*2/.- /"13& %&* $*33"%*-* -.- /"("-. 04"-3. %.543. /&1 5*" %&1& %* -. @ +&$*3. 24//.11& $)& ,.+3& *,/1&2& & ,.+3* %&++?&5"2*.-& &2&1$*6* $.,,&1$*"+* $ % ,"1(*-"+* 2&,/+*$&,&-3& $)*4 .- 8 *+ $"2. 3433"5*" %&* 1&%%*3* %" $"/*3"+& $)& *-2*& %&1&##&1. ,.+3& 31"-2"6*.-* /1*5"3& %"* +"5.1* %* (,& $.- 04&++* 24(+* *,,.#*+* +& 3"22& +& /"("-. &1 "+31. $ %% ! 5&12. 2* /4: 2.23&-&1& $)& &22* 2.-. 2.((&33* " 4-" 3"22" 1*2&%& 2* 1*5&+&1&##&1. -.- /*; 2.23&-*#*+* & 2/"1*1&##&1. 6*.-& 2&,/+*'*$"3" "%%*1*3341" %* '"5.1& - &''&33* *+ -.231. %"+ ,&1$"3. *+ 2*23&," '*2$"+& 1*2&15" "* 1&%%*3* /1.5&-*&-3* %" "+$4-& '.-3* 4+ #1&5*22*,. 3&1,*-& 3433"5*" /.31&##& "-$)& &22&1$* 4-" 3"22"6*.-& '"$*+*3"3" $.,& -&+ $"2. "% &2&,/*. "/ 4- "4,&-3. %&++& &-31"3& 23"3"+* % &$$. *+ /4-3. @ +&$*3. /4-3. %&++" 3"22"6*.-& "++" '.-3& 24* 1&%%*3* /1.5&-*&-3& 1*2/.-%&1& $)& +. 3"3. *3"+*"-. %*5&-3&1&##& /*; "22&--"3. %"++" +.$"6*.-& %&(+* *,,.#*+* & %"* 1&%%*3* %* $"/*3"+& -&++& 2$&+3& %* 2/&2" - &''&33* " #&-& 5&%&1& -.- $?8 ,. &1 * 1&%%*3* %" $"/*3"+& *- /"13*$.+"1& 2* )" 4- 31"33",&-3. 3*5. /&1 *+ 04"+& 4- "4,&-3. %* &-31"3& %&##" $.-5*-$&1& /&$4+*"1& /&1 +& /&12.-& '*2*$)& 8 23"3" /1&5*23" 4-" 3"22"6*.-& /.+*3*$"-3* & #41.$1"3* " &+*,*-"1& 2/1&$)* 2/&2& $+*&-3&+"1* "++" '.-3& $.- 1*3&-43" %&'*-*3*5" ,&-31& /&1 +& *,/1&2& 8 /1& &/*2.%* %* $.1146*.-& *; 2&,/+*$& 24//.11& $)& "-6* $* 5*23" 4-" &2&-6*.-& /"16*"+& %* 04&23* 1&%%*3* 433"5*" $.,& 2"1&##& 4- -4.5. <3&2.1&33.= %" 2/"13*12* & %" 2/&-%&1& 5*23. 04&+ #&-&'*$*. 2* 8 -.3&5.+,&-3& 1*%.33. %"+

4-04& 8 +&$*3. $.-$+4%&1& $)& 2& /"("22&1. 3433* /" !&%*",. %* %*/"-"1& *+ %4##*. 24+ 1&"+& &''&33. %* 3"+& ()&1&,,. %* /*; &1 $.11.#.1"1& +?&2/&1*,&-3. ,&-3"+& *,/.23" 24(+* *-5&23*,&-3* /1.5&-*&-3* %"++?&23&1. $.- * %"3* %* '"33. #"23" (4"1%"1& +& 2&1*& 23.1*$)& +?"4,&- $$42" - ?*,/.23" -.- 8 4-*'.1,& 24* ,&1$"3* (+.#" 3. %* 1&$4/&1. %&++?&5"2*.-& '*2$"+& 8 2&,/1& 23"3. "$$., +*66"3* & -&,,&-. 24* /1*-$*/"+* ,&1$"3* &41./&* *+ 1*24+ /"(-"3. %"++" 31"2'.1,"6*.-& %&* <3&2.1&33*= *- -4.5" 2/&2" 3"3. 8 $)& $*: %&3&1,*-&1&##& 4-" 1*%46*.-& %&(+* *-5&23* 23"3"+& " 24" 5.+3" 2&(4*3" %" -4.5" 3"22"6*.-& .- ,* ,&-3* & %&(+* 2$",#* & $)& *+ $"+. /.13&17 *-&5*3"#*+,&-3& 1*24+3" $)& *+ 1&$4/&1"3. 8 23"3. ,"* 43*+*66"3. /&1 +" 1*%4 "++" 1*%46*.-& %&++" +*04*%*37 %&* ,&1$"3* &% " ,"((*.1& 6*.-& %&++& 3"22& & "% .(-* "4,&-3. %&++& &-31"3& '*2$"+* 8 5.+"3*+*37 24* $.12* "6*.-"1* 2&,/1& $.11*2/.23. 4- *-$1&,&-3. %&++& 2/&2& & %* $.-2& ?"1(.,&-3. -.- 8 $.-5*-$&-3& 4+ /4-3. *-'"33* 2* /4: (4&-6" %&++& /1&3&2& 31*#43"1*& '"$*+,&-3& 1*#"33&1& $)& +& 2$&+3& %&(+* *-5&23*3.1* 2.-. *- 1&"+ 37 %&33"3& %" $1*3&1* 04"+* +?&''*$*&-6" %&+ ,&1$"3. 23&22. & +" 24" 2.+*%*37 & $)& 04*-%* *+ 1*2$)*. /"5&-3"3. -.- 8 $.29 1*+&5"-3& -.+31& +?./&1"3.1& $)& 54.+& *-5&23*1& 24+ +4-(. /&1*.%. -.- 2* 2/" Dal 6 ottobre 2014 5&-3" %* '1.-3& "% 4- "4,&-3. %&++" 3"22"6*.-& Canale 897 di SKY .+3* 1*3&-(.-. $)& +" 04&23*.-& Digitale terrestre 86 e 71 per territorio %&++" 3"22"6*.-& %&++& 1&-%*3& '*-"-6*" Roma e Lazio 1*& & %&(+* &''&33* %&++" 23&22" 24* ,&1 $"3* %* $"/*3"+& 2*" <& ! . In streaming su www.lablu.it. !# . "& % & Ore 21-22 # %%*= &$.-%. 3"+* &$.-.,* 23* < Seguici con ! # ! # # ) &% %# ! #, $ %&%% %% # $%# % $$ "& % ' % % # !# # $% %# #$ $ #* % e %# ' #$ % $ ! - # = " 5&-*",. "+ %4##*. $)& /*; %* 3433* ,.231" +" '"+2*37 *%&.+.(*$" "++" #"2& %&+ /1&+*&5. 24* 1&%%*3* %" $"/*3" +& &% /*; *- (&-&1"+& 24++?"4,&-3. %&++" 3"22"6*.-& < ! $$ # %&%% in diretta ! # = *7 *-"4%* 2$1*5&5" < + % % % ' Presentano: ) $%# # %&%% Giuseppe Sanzotta, giĂ direttore ! # % $$ "& % % de â&#x20AC;&#x153;Il Tempoâ&#x20AC;? di Roma %# & ' ' # $ $% ) Luciano Lucarini, editore !# ' % "& $% $ "& % $$ # ! $$ # $ ) % # Puoi telefonare in diretta e fare le domande agli ospiti presenti Il numero telefonico sarĂ sempre in sovraimpressione ) $ # $& % "& % ! & % # #

,/ %25*+(6(

68//¶(8523$

9(17, GL JXHUUD" GL $1'5($ 0$5&,*/,$12 9(17, GL JXHUUD VXOO¶(XURSD $ EHQ SHQVDUFL QRQ q OD SUL PD YROWD GD FKH OD &DGXWD GHO 0XUR GL %HUOLQR H OD FRQVH JXHQWH LPSORVLRQH GHOO¶,PSHUR 6RYLHWLFR VHJQz OD ILQH GHOOD *XHUUD )UHGGD 9L q VWDWD OD VDQJXLQRVD VFRPSRVL]LR QH GHOOD -XJRVODYLD GHO GRSR 7LWR FRQ L SURGURPL GHO FRQ IOLWWR FLYLOH SULPD LQ 6ORYHQLD H &URD]LD SRL LQ %RVQLD LQILQH LQ .RVRYR ( YL q VWDWD - H DQFRUD SHUGXUD - OD TXH VWLRQH GHOO¶2VH]LD GHO 6XG FRQWHVD FDXVD GL XQD JXHUUD ODPSR QHO IUD 5XVVLD H *HRUJLD FKH ULVFKLz GL FRLQ YROJHUH O¶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p WHQGLDPR WURSSR WHPSR D GLPHQWLFD UH FKH DQFKH TXHOOD q (XURSD FKH TXHOOL VRQR L QRVWUL ©YLFLQL GL FDVDª OH FXL VSRQGH VRQR FRPXQTXH EDJQDWH GDO 0DUH 1RVWUR GDO 0HGLWHUUDQHR R GDOOD VXD SURSDJJLQH RULHQWDOH FKH q LO 0DU 1HUR H GLPHQWLFDQGR VRSUDWWXWWR FKH OD , *XHUUD 0RQGLDOH LO SULPR FRQIOLWWR JOREDOH GHOOD VWRULD YHQQH LQQHVFDWD SURSULR GDOOD TXHVWLRQH EDOFDQLFD 0D WDQWR q H OD QRVWUD SHUFH]LRQH KD FRQWLQXDWR D QRQ PXWDUH LQ TXHVWL XOWLPL GXH GHFHQQL ODVFLDQGRFL EDORFFDUH FRQ OD IDQIDOXFD FKH LQ IRQGR YLYLDPR SXU VHPSUH QHO ©PLJOLRUH H SL SDFLILFR GHL PRQGL SRVVLELOLª FRPH VHQ WHQ]LDYD TXHO VXEOLPH LGLRWD GHO GRWWRU 3DQJORVV GL 9ROWDL UH 3RL SHUz q DUULYDWD FRPH PDFLJQR FDGXWR QHOOR VWD JQR O¶8FUDLQD ( OH FRVH R PHJOLR OD QRVWUD SHUFH]LRQH GHOOH FRVH q UDGLFDOPHQWH PXWDWD Ê VWDWD FRVWUHWWD D FDP ELDUH SHUFKp O¶8FUDLQD OD ULYROWD GL 3LD]]D 0DLGDQ SULPD OD VHFHVVLRQH GHOOD &ULPHD SRL LQILQH OD JXHUUD FLYLOH QHO 'RQEDV QRQ UDSSUHVHQWD VROWDQWR XQ SUREOHPD ORFDOH PD WHQGH TXDVL IDWDOPHQWH D FRLQYROJHUH LO PRQGR LQWHUR /¶(XURSD 2FFLGHQWDOH LQ SULPR OXRJR FKH FRQ OD VXD WHQ GHQ]D DG LQJOREDUH .LHY - SURYRFDWD GDOOH VPDQLH GL 3ROR QLD H /LWXDQLD GLHWUR DOOH TXDOL VL FHOD PDODPHQWH O¶LQWH UHVVH GL %HUOLQR - KD SURYRFDWR OD UHD]LRQH GL 0RVFD LQQH VFDQGR XQD UHD]LRQH D FDWHQD FKH VLQR DO JLRUQR SULPD EHQ GLIILFLOPHQWH VDUHEEH VWDWD SUHYHGLELOH ( SRL OD 5XV VLD OD ULVRUJHQWH - VRWWR OD JXLGD GHOOR ]DU 9ODGLPLU 3XWLQ - SRWHQ]D GHO YHFFKLR 2UVR 5XVVR - FKH VHPSUH SL WHQGH D ULFRQTXLVWDUH LO UXROR GL SOD\HU JHRSROLWLFR JOREDOH SHUGX WR URYLQRVDPHQWH GRSR LO IDOOLPHQWR GHOO¶8UVV H FKH GL FRQVHJXHQ]D QRQ SXz SHUPHWWHUH FKH TXDOFXQR - HXURSHL H VRSUDWWXWWR DPHULFDQL - YHQJDQR D SDVFRODUH LQ TXHOOR FKH GDO &UHPOLQR YLHQH SXU VHPSUH YLVWR FRPH LO VXR SULYDWLV VLPR ©JLDUGLQR GL FDVDª ( LQILQH :DVKLQJWRQ ULFKLDPDWD VXOOR VFHQDULR HXURSHR TXDQGR GD TXDVL XQ YHQWHQQLR OD

*HQQDLR

VXD DWWHQ]LRQH R PHJOLR OD VXD QDWXUDOH YRFD]LRQH JHRSROL WLFD VHPEUDYD VHPSUH SL SRODUL]]DWD VXOOR VFHQDULR SDQ3DFLILFR GRYH VL YD GL JLRUQR LQ JLRUQR VWDJOLDQGR VHPSUH SL O¶RPEUD GHOOD &LQD GL TXHOOR FKH DOOD &DVD %LDQFD YLHQH FRQVLGHUDWR LO YHUR ©FRPSHWLWRUª GHO SURVVLPR IXWX UR 5LFKLDPDWD SHUz :DVKLQJWRQ LQ (XURSD GDO ULVYHJOLR GDO OHWDUJR GHOO¶2UVR UXVVR H GDOOD SDOHVH LQFDSDFLWj GHJOL DOOHDWL HXURSHL GL JHVWLUH HG DIIURQWDUH OD VLWXD]LRQH FKH SXUH DYHYDQR QRWHYROPHQWH FRQWULEXLWR D FUHDUH &Kp TXH VWD (XURSD - LQWHQGHQGR O¶DUHD 8H - WXWWR q PHQR FKH XQ VRJJHWWR SROLWLFR XQLWDULR FRQ XQD OLQHD GL SROLWLFD HVWHUD FRHUHQWH ( VRSUDWWXWWR FRQ XQD IRU]D PLOLWDUH FDSDFH GL VRVWHQHUOD HG DIIHUPDUOD TXHVWD OLQHD TXDQG¶DQFKH OH GL YHUVH &DQFHOOHULH - GLYLVH VX WXWWR GD XQ JLRFR LQWUHFFLDWR GL LQWHUHVVL SDUWLFRODUL - ULXVFLVVHUR LQILQH D WURYDUOD 3HUFKp QRQ VL SXz IDUH SROLWLFD HVWHUD - H GL FRQVHJXHQ]D QHSSXUH YHUD SROLWLFD HFRQRPLFD - VHQ]D IRU]D PLOLWDUH H QRQ SXz HVVHUYL IRU]D PLOLWDUH VHQ]D LQYHVWLUH LQ TXHVWD 0HQWUH LQ (XURSD 2FFLGHQWDOH OH )RU]H $UPDWH - SULYH GL TXDOVLYRJOLD FRRUGLQDPHQWR DO GL Oj GHOOH RUPDL VHPSUH SL REVROHWH VWUXWWXUH GHOOD 1DWR - QHVVXQR DSSDUH GLVSRVWR DG LQYHVWLUH /D )UDQFLD q LQ FULVL H VHPSUH SL LQYROXWD QHL VXRL SUREOH PL LQWHUQL OD *HUPDQLD FRQWLQXD RWWXVDPHQWH D YROHU HV VHUH XQ JLJDQWH HFRQRPLFR H DO FRQWHPSR XQ SLJPHR VXO SLDQR SROLWLFR-PLOLWDUH OD *UDQ %UHWDJQD EDOOD GD VROD H JXDUGD ROWUH $WODQWLFR YLQFRODWD DO ORJRUR ©UDSSRUWR SULYL OHJLDWRª FRQ L FXJLQL DPHULFDQL *OL DOWUL QRQ FRQWDQR ( SHU TXDQWR ULJXDUGD O¶,WDOLD OD VFXUH GHL WDJOL REEOLJDWL GL ELODQFLR VHPEUD RJQL JLRUQR GL SL LQVLGLDUH O¶HIILFLHQ]D YLWDOH SHU L QRVWUL LQWHUHVVL GHOOH QRVWUH )RU]H $UPDWH VX TXHVWR VL YHGD O¶XOWLPR QXPHUR GH ,O 1RGR GL *RUGLR ULYL VWD GL VWXGL JHRSROLWLFL GDO WLWROR ©:DU *DPHV-*LRFKL GL *XHUUDª ZZZ QRGRGLJRUGLR RUJ &RPXQTXH O¶DWWHQ]LRQH GL :DVKLQJWRQ q VWDWD IRU]DWD PHQWH ULFKLDPDWD VXOOR VFHQDULR HXURSHR GD WHPSR ULWHQX WR GL VHFRQGDULD LPSRUWDQ]D WDQWR GDOOD &DVD %LDQFD FKH GDOOR VWHVVR 3HQWDJRQR 8QD GLFLDPR FRVu ©GLVWUD]LRQHª GXUDWD RUPDL FLUFD YHQW¶DQQL H FKH KD SURGRWWR XQ VRVWDQ ]LDOH YDFXXP QHOOD VWUDWHJLD VWDWXQLWHQVH GD WHPSR SURLHW WDWD TXDVL HVFOXVLYDPHQWH YHUVR 2ULHQWH FRQ O¶RFFKLR SXQ WDWR VXO FRPSOHVVR PRQGR GHO *ROIR $UDELFR H VRSUDWWXWWR LQ GLUH]LRQH GHOOD &LQD 'RYH OD VWUDWHJLD VWDWXQLWHQVH FHUFD GL FRQWHQHUH OH DPEL]LRQL GL 3HFKLQR H OH VXH PLUH VXOO¶DUHD SDQ-3DFLILFD FLUFRQGDQGR OD &LQD FRQ XQD VRUWD GL ©YDOORª WHVVXWR FRQ XQD FRPSOHVVD UHWH GL DOOHDQ]H FKH SUHYHGH O¶DFFRUGR QRQ VHPSUH IDFLOH FRQ DQWLFKL RUPDL DOOHDWL TXDOH LQ SULPR OXRJR LO *LDSSRQH - FKH QRQ D FDVR VRWWR OD JXLGD GL .HQ]R $EH VWD UDSLGDPHQWH ULDUPDQGR - H O¶$X VWUDOLD - VHPSUH SL GHWHUPLQDWD DG DVVXPHUH LO UXROR GL FRQWUROORUH GHOO¶2FHDQLD - QXRYL ILQR D LHUL LPSHQVDELOL DPLFL TXDOH LO 9LHWQDP H DOWUL SRWHQ]LDOL PD ULOXWWDQWL FRPH O¶,QGLD R DPELJXL FRPH LO 3DNLVWDQ 8Q GLVHJQR FRPSOHV VR WUDFFLDWR DL WHPSL GL *HRUJH : %XVK GDOO¶DOORUD 6HJUH WDULR GL 6WDWR &RQGROHH]]D 5LFH SRUWDWR SRL DYDQWL FRQ GHFLVLRQH GD +LOODU\ &OLQWRQ H RJJL FRQWLQXDWR GDOO¶DWWXDOH LQTXLOLQR GL )RJJ\ %RWWRP - ) .HUU\ /D SURLH]LRQH SDQ-3DFLILFD KD SHUz FRPH GLFHYDPR ODVFLDWR VRVWDQ]LDOPHQWH LPSUHSDUDWL JOL VWUDWHJKL GL :D VKLQJWRQ GL IURQWH DO SUHSRWHQWH ULWRUQR VXOOD VFHQD JOREDOH GL 0RVFD &RVWULQJHQGROL TXLQGL DG XQD SROLWLFD FKH WURS SR VSHVVR KD GDWR O¶LPSUHVVLRQH GL HVVHUH LPSURYYLVDWD H SRFR FRHUHQWH /D 1DWR - OD ©YHFFKLD 1DWRª FRPH O¶DYHYD

*HQQDLR

,/ %25*+(6(

GHILQLWD VSUH]]DQWH 'RQDOG 5XPVIHOG - q VWDWD WLUDWD IXRUL LQ WXWWD IUHWWD GDO ULSRVWLJOLR H ULVSROYHUDWD FRQ DFFHQWL UHWRULFL FKH HFKHJJLDQR TXHOOL GHOOD *XHUUD )UHGGD &HU FDQGR FRVu GL ULQVDOGDUH XQ VLVWHPD GL DOOHDQ]H DQFRUD LQ YLJRUH FHUWR PD FRPXQTXH GD WHPSR ULWHQXWR GD WXWWL L FRQWUDHQWL VHPSUH PHQR QHFHVVDULR H YLQFRODQWH 4XHVWR KD FRPSRUWDWR OD QHFHVVLWj GD SDUWH GL :DVKLQJWRQ GL DIIL GDUVL SL DL QXRYL PHPEUL GHOOD 1DWR WXWWL H[ VDWHOOLWL GHOOÂ¶8UVV SLXWWRVWR FKH DJOL DOOHDWL VWRULFL WURSSR FRPSUR PHVVL SHU LQWHUHVVL HFRQRPLFL FRQ 0RVFD ( FRVu LQ TXHVWR PRPHQWR D UDSSUHVHQWDUH OD SXQWD GHOOD Â©ODQFLDÂª RFFLGHQ WDOH SXQWDWD FRQWUR OÂ¶2UVR UXVVR VRQR OD 3RORQLD H L 3DHVL %DOWLFL PHQWUH DOWUL FRPH )UDQFLD HG ,WDOLD LQ SULPLV DS SDLRQR EHQ SRFR GLVSRQLELOL D Â©PRULUH SHU .LHYÂª R DQFKH VROWDQWR D FRQWLQXDUH VLQR LQ IRQGR VXOOD VWUDGD GHOOH ULWRU VLRQL HFRQRPLFKH UHFLSURFKH FKH VWDQQR GDQQHJJLDQGR OH ORUR HFRQRPLH LQWHUQH 4XDQWR DOOD *HUPDQLD FRQWLQXD D IDUH LO SHVFH LQ EDULOH FHUFD GL VIUXWWDUH OD VLWXD]LRQH FULWLFD D SURSULR IDYRUH - WUDHQGR XQ LQGXEELR YDQWDJJLR GDO EORF FR GHOOD FRVWUX]LRQH GHO 6RXWK 6WUHDP GHVWLQDWR D YHLFROD UH LO JDV UXVVR YHUVR L 3DHVL PHGLWHUUDQHL EORFFR FKH OD UHQGH LQ TXDQWR SXQWR GÂ¶DUULYR GHOOÂ¶RSSRVWR 1RUWK 6WUHDP - SLSHOLQH GDOOD 5XVVLD DOOD FRVWD WHGHVFD DWWUDYHUVR LO %DOWL FR - GL IDWWR FRQWUROORUH GHJOL DSSURYYLJLRQDPHQWL HQHUJHWL FL GL JUDQ SDUWH GHOOÂ¶(XURSD RFFLGHQWDOH PD GDOOÂ¶DOWUR ODWR SURSULR SHU TXHVWR %HUOLQR QRQ SXz ULVFKLDUH GL DOLHQDUH FRPSOHWDPHQWH L SURSUL UDSSRUWL FRQ 0RVFD 3HU DOWUR SRODFFKL H EDOWLFL VRQR SHU DOWUR DOOHDWL VFR PRGL SHULFRORVL YLVWR LO ORUR DWDYLFR DVWLR YHUVR OÂ¶DQWLFR GRPLQDWRUH UXVVR QRQFKp OD ORUR VFDUVD FRQVLVWHQ]D VLD PLOLWDUH FKH HFRQRPLFD &RVu :DVKLQJWRQ VL q WURYDWD FR VWUHWWD D IDU OHYD VXOOÂ¶DUPD GHO PHUFDWR GHO JDV H GHO SHWUR OLR SHU FHUFDUH GL ILDFFDUH OD GHWHUPLQD]LRQH GL 3XWLQ ( OD VWUDWHJLD GHO FRQWLQXR ULEDVVR GHL SUH]]L GHL FRPEXVWLELOL

YD OHWWD SURSULR LQ TXHVWR VHQVR JLDFFKp LO VLVWHPD 5XVVLD q DQFRUD SUHVVRFKp WRWDOPHQWH GLSHQGHQWH GDOOÂ¶HVSRUWD]LRQH GL JDV H SHWUROLR 6L WUDWWD SHUz GL XQD ODPD D GRSSLR WD JOLR ,QIDWWL SHU DYYLDUH TXHVWD VWUDWHJLD OD &DVD %LDQFD KD GRYXWR JDUDQWLUVL OÂ¶DSSRJJLR GHL SDHVL SURGXWWRUL GHO *ROIR 'DQGR LQ FRQWUDFFDPELR OD JDUDQ]LD GHO VXR FUHVFHQWH LP SHJQR LQ 0HGLR 2ULHQWH SHU GHEHOODUH OD PRQWDQWH PLQDF FLD UDSSUHVHQWDWD GDO &DOLIIDWR GHOOR 6WDWR ,VODPLFR H IRUVH VRSUDWWXWWR SHU FRQWHQHUH OH DPEL]LRQL GL 7HKHUDQ LO SULQ FLSDOH ULYDOH JHRSROLWLFR ROWUH FKH Â©UHOLJLRVRÂª GHL 6DXGLWL ,PSHJQL SHUz VHPSUH SL GLIILFLOL GD PDQWHQHUH FRQWHP SRUDQHDPHQWH YLVWR FKH OÂ¶,UDQ GHJOL D\DWROODK UDSSUHVHQWD QHOOD UHJLRQH LO SULQFLSDOH EDOXDUGR FRQWUR OÂ¶HVSDQGHUVL GHOOR 6WDWR ,VODPLFR GHL IDQDWLFL VDODILWL H FKH VROWDQWR XQÂ¶DOOHDQ]D FRQ 7HKHUDQ SRWUHEEH TXLQGL SHUPHWWHUH GL GHEHOODUH LO &DOLIIR VHQ]D FRVWULQJHUH JOL 6WDWHV DG LQYLDUH GLUHWWDPHQWH QHOOD UHJLRQH OH SURSULH WUXSSH RS]LRQH FKH %DUDFN 2EDPD QRQ YXROH QHSSXUH SUHQGHUH LQ FRQVLGHUD ]LRQH $OOÂ¶RSSRVWR XQ ,UDQ WURSSR LQGHEROLWR SRWUHEEH VSLDQDUH OD VWUDGD DOOÂ¶HVSDQVLRQH GHJOL LVODPLVWL FKH IDFLO PHQWH PLUHUHEEHUR D FRQTXLVWDUH DQFKH /D 0HFFD H 0HGL QD L OXRJKL 6DQWL GHOOÂ¶,VODP D VFDSLWR GHOOD VHPSUH SL LQVLFXUD PRQDUFKLD VDXGLWD 9D LQROWUH WHQXWR FRQWR GHO IDWWR FKH L SURGXWWRUL DUDEL GL JDV H SHWUROLR - HG DOWUL FRQVLPLOL DOOHDWL GL :DVKLQJWRQ - VWDQQR ULPHWWHQGR HQRUPL FDSLWDOL SHU TXHVWD SROLWLFD GHO ULEDVVR GHL SUH]]L GL PHUFDWR H QRQ q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Â¶$PPLQLVWUD ]LRQH 2EDPD H SL LQ JHQHUDOH SHU LO SULPDWR JHRSROLWLFR VWDWXQLWHQVH 6HQ]D FRQWDUH FKH VHFRQGR PROWL DQDOLVWL XQD 5XVVLD PHVVD WURSSR DOOH VWUHWWH VRWWR LO SURILOR HFRQRPLFR SRWUHEEH UHDJLUH FRQ XQ Â©FROSR GL WHVWDÂª GDQGR GL SLJOLR DOOH DUPL H DSUHQGR XQ FRQIOLWWR GDOOH SURSRU]LRQL H GDL FRQILQL LPSUHYHGLELOL 8Q SRÂ¶ ULSHWHQGR XQR VFKHPD FRPH TXHOOR FKH QHO SRUWz LO *LDSSRQH D VIHUUDUH OÂ¶DWWDFFR D 3HDUO +DUERU 7XWWDYLD FRPH KD VRWWROLQHDWR 'LPLWUL 7UHQLQ - FKH q LO GLUHWWRUH GHL &DUQHJLH (QGRZPHQW GL 0RVFD VH]LRQH UXVVD GL XQR GHL SL LQIOXHQWL WKLQN WDQN LQWHUQD]LRQDOL - OD VLWXD ]LRQH RJJL DSSDUH UDGLFDOPHQWH GLYHUVD VLD GD TXHOOD FKH VL SUHVHQWDYD DOOÂ¶DOED GHOOD ,, *XHUUD 0RQGLDOH VLD GD TXHOOD FKH KD FDUDWWHUL]]DWR OD OXQJD VWDJLRQH GHOOD *XHUUD )UHGGD ,QIDWWL L GXH GHFHQQL GHOOD FRVLGGHWWD Â©JOREDOL]]D]LRQHÂª H GHO UHODWLYR ULODVVDUVL GHL UDSSRUWL LQ WHUQD]LRQDOL KDQQR SURGRWWR XQ WDOH LQWUHFFLR GL LQWHUHVVL ILQDQ]LDUL HG LQGXVWULDOL IUD 5XVVLD H 6WDWL 8QLWL GD UHQGHUH HVWUHPDPHQWH LPSUREDELOH VLD LO FRQIOLWWR GLUHWWR IUD 0RVFD H :DVKLQJWRQ VLD LO ULDEEDVVDUVL GHOOD &RUWLQD GL )HUUR ,QVRPPD QRQRVWDQWH OH LQFHUWH]]H GL TXHVWL JLRUQL - HG L SHULFROL FKH QRQ YDQQR VRWWRYDOXWDWL - QRQ FL WURYHUHPPR DOOÂ¶DOED GL XQD QXRYD *XHUUD FDOGD R IUHGGD FKH VLD PD VWDUHPPR VHPSOLFHPHQWH YLYHQGR OÂ¶HQQHVLPD IDVH GL TXHO OD LQWHUPLQDELOH Â©SDUWLWD D VFDFFKLÂª FKH FDUDWWHUL]]D LO UDS SRUWR GL IRU]D IUD OH PDJJLRUL 3RWHQ]H QHOOD QRVWUD HSRFD

,/ %25*+(6(

$01,67,$ 3(5 7877,

2%$0$ D FDFFLD GL YRWL GL )5$1&(6&2 5266, &21 O¶DPQLVWLD SHU PLOLRQL GL LPPLJUDWL LOOHJDOL 2EDPD Gj O¶HQQHVLPD FRQIHUPD GL HVVHUH XQ YHUR PDU[LVWD 'RSR OD FODPRURVD VFRQILWWD VXD H GHO 3DUWLWR GHPRFUDWLFR DOOH HOH]LRQL GL PHGLR WHUPLQH GHOOR VFRUVR QRYHPEUH F¶HUD FKL VRVWHQHYD FKH RUPDL OD SUHVLGHQ]D 2EDPD DYHYD FKLXVR L EDWWHQWL 7XWWL L 3UHVLGHQWL VRQR SL GHEROL QHJOL XOWLPL GXH DQQL GHO ORUR PDQGDWR HG 2EDPD OR VDUHEEH VWDWR DQFRUD GL SL YXRL SHUFKp LO VXR WDVVR GL JUDGLPHQWR WUD JOL $PHULFDQL q LQ FDGXWD OLEHUD YXRL VRSUDWWXWWR SHUFKp LO 3DUWLWR UHSXEEOLFD QR FRQWUROOD VLD OD &DPHUD FRQ XQD UREXVWD PDJJLRUDQ]D GL SL GL GHSXWDWL VLD LO 6HQDWR &RVu QRQ q SHUFKp LO PDU[LVWD 2EDPD q LQGLIIHUHQWH DL OLPLWL SRVWLJOL GDOOD &RVWLWX]LRQH HG D TXHOOH FRQVLGHUD]LRQL VLD ORJLFKH FKH SROLWLFKH FKH YRUUHEEHUR FKH XQ SROLWLFR WHQHVVH FRQWR GHOOH HOH]LRQL HG LQ TXHVWR FDVR GHO IDWWR FKH OH XOWLPH DQFKH VH QRQ OR YHGHYDQR FDQGLGDWR GLUHWWDPHQWH VRQR VWDWH XQ ULSXGLR GL OXL H GHOOH VXH SROLWLFKH 4XL QRQ YLHQH XVDWR O¶DJJHWWLYR ©PDU[LVWDª D FDVR %DUDFN 2EDPD OR q SHU IRUPD]LRQH H WHPSHUDPHQWR H QRQ OR YHGH FKL QRQ OR YXRO YHGHUH 3HU XQ PDU[LVWD OH OHJJL OH WUDGL]LRQL LQ VHQVR ODWR OD FXOWXUD GL XQ 3DHVH FRPH JOL 6WDWL 8QLWL VDUHEEH UR OD FRGLILFD]LRQH GL XQ VLVWHPD UD]]LVWD LQJLXVWR GLVFULPL QDWRULR EUXWDOPHQWH FDSLWDOLVWD /¶XRPR VXSHULRUH TXLQGL FKH q LO PRGR LQ FXL LO PDU[LVWD FRQFHSLVFH VH VWHVVR H JOL DSSDUWH QHQWL DOOD VWHVVD VHWWD q GHO WXWWR DXWRUL]]DWR DG DJLUH SHU UDJ JLXQJHUH LO SURSULR VFRSR ROWUHSDVVDQGR OD ©VRYUDVWUXWWXUDª GDWD GDOOH LVWLWX]LRQL GHOOD VRFLHWj FDSLWDOLVWD /H OHJJL YHUH SHU LO PDU[LVWD VRQR TXHOOH GHO SURSULR FUHGR SROLWLFR H TXHOOH FKH SHUPHWWRQR GL UDJJLXQJHUH JOL VFRSL PDU[LVWL 2UD %DUDFN 2EDPD q SL SHULFRORVR GL SULPD 6D FKH QRQ KD QLHQWH GD SHUGHUH SHUFKp QDWXUDOPHQWH QRQ VL SXz ULFDQGL GDUH QHO 1RQ KD SL ELVRJQR GL QDVFRQGHUVL GLHWUR XQ¶DSSDUHQ]D GL SROLWLFR RELHWWLYR H GL FHQWUR 9D GULWWR DL VXRL VFRSL FRQ OD VROLWD WDWWLFD FKH QRQ LQFDQWD RUPDL SL QHVVXQR /D WDWWLFD q ORJRUD PD OD ULSURSRQH WDQWR SHU VDOYDUH OH IRUPH H QHOOD VSHUDQ]D FKH TXDOFXQR FUHGD FKH OXL GDYYHUR YRJOLD ULVROYHUH L SUREOHPL /R VFKHPD GL 2EDPD q TXHVWR F¶q XQ SUREOHPD GUDVWLFR LUULVROYLELOH LO ULPHGLR FKH WXWWL VL DVSHWWDQR OR VL GLFKLDUD LPSURSRQLELOH SHU UDJLRQL SUDWLFKH ULPHGLR FKH VXEGRODPHQWH QRQ YLHQH VFRQIHVVDWR LQ OLQHD WHRULFD VL SURSRQH OD VROX]LR QH OD VL DJJDQFLD DUWLILFLDOPHQWH DOOH ©WUDGL]LRQL DPHULFDQHª HG LQILQH VL FLWDQR OH 6FULWWXUH D FRQIHUPD GHOOD VROX]LRQH *OL HOHWWRUL VFRQIHVVDQR 2EDPD FRQ OH HOH]LRQL LO GL QR YHPEUH H OXL - FRPH VH DYHVVH DYXWR XQ PDQGDWR SROLWLFR GD TXHL ULVXOWDWL - LO GHOOR VWHVVR PHVH OL JUD]LD FRQ OD FRQFHV VLRQH GHOO¶DPQLVWLD DJOL LPPLJUDWL LOOHJDOL &KH VL WUDWWL GL XQD PLVXUD DUELWUDULD LPSRSRODUH OR VD OXL VWHVVR DOWULPHQWL DYUHE EH SURYYHGXWR SULPD GHOOH HOH]LRQL /D ULIRUPD GHO ©SUREOHPD GHOO¶LPPLJUD]LRQHª q DUELWUDULD H QRQRVWDQWH FHUWL WHUPLQL GHEEDQR HVVHUH XVDWL FRQ PROWD FDXWHOD LQFRVWLWX]LRQDOH 2EDPD SURFHGH ROWUHSDVVDQGR LO &RQJUHVVR RUJDQR GHSXWDWR D IDUH OH OHJJL DWWUDYHUVR XQ RUGL

*HQQDLR

QH HVHFXWLYR FLRq XQ DWWR QRUPDWLYR GHO JRYHUQR VXO TXDOH LO &RQJUHVVR QRQ SXz LQWHUYHQLUH /¶RUGLQH HVHFXWLYR - SURSULR SHU OD VXD GHOLFDWH]]D - GR YUHEEH HVVHUH XVDWR VROWDQWR SHU VSHFLILFDUH UHQGHUH SUDWLFD PHQWH RSHUDWLYH OH GLVSRVL]LRQL R L GLULWWL H JOL REEOLJKL JLj VWDELOLWL FRQ XQD OHJJH QRQ SXz O¶RUGLQH HVHFXWLYR VWHVVR FUHD UH GLULWWL R REEOLJKL 2EDPD FRQ O¶DPQLVWLD KD FKLDUDPHQWH FRQWUDYYHQXWR TXH VWR OLPLWH FRVWLWX]LRQDOH /D VXD PLQDFFLD GL ©LQWHUYHQLUHª FRPH KD IDWWR SL YROWH SHU HVHPSLR LQ PDWHULD GL VDODULR PLQLPR VH LO &RQJUHVVR QRQ VL GHFLGHUj D OHJLIHUDUH QHO PRGR FKH YXROH OXL q XQD SUHWHVD FKH QRQ KD IRQGDPHQWR DOFXQR QHO VLVWHPD DPHULFDQR Ê LO &RQJUHVVR FKH ID OH OHJJL H VH LO 3UHVLGHQWH QRQ JUDGLVFH SXz EORFFDUOH FRQ LO VXR GLULWWR GL YHWR FKH SXz FRPXQTXH HVVHUH VXSHUDWR VH LO &RQJUHVVR ULDSSURYD OD OHJJH UHVSLQWD GDO 3UHVL GHQWH FRQ OD PDJJLRUDQ]D GHL 0D q IXRUL GD RJQL ORJLFD FRVWLWX]LRQDOH FKH LO &RQJUHVVR GHEED IDU OHJJL QHO PRGR FKH YXROH 2EDPD DOWULPHQWL OXL q ©FRVWUHWWRª DG LQWHUYHQLUH )XRUL GDOOD ORJLFD FRVWLWX]LRQDOH PD SHUIHWWDPHQWH LQ DFFRUGR FRQ OD ORJLFD PDU[LVWD 3HU UHQGHUH DFFHWWDELOH O¶DPQLVWLD 2EDPD FRPH GLFHYD PR KD ULVSHWWDWR LO VROLWR VFKHPD +D GHVFULWWR OD VLWXD]LRQH GHJOL LPPLJUDWL FODQGHVWLQL FR PH LUULVROYLELOH HG KD QHJDWR FKH LO SURYYHGLPHQWR FKH DQGDYD LOOXVWUDQGR IRVVH XQ¶DPQLVWLD $Q]L D VXR GLUH OD VLWXD]LRQH DWWXDOH FRUULVSRQGHUHEEH DG XQ¶DPQLVWLD ©/¶DPQLVWLD q LO VL VWHPD GL LPPLJUD]LRQH FKH DEELDPR RJJL ª 6HFRQGR 2EDPD ©PLOLRQL GL SHUVRQH FKH YLYRQR TXL VHQ]D SDJDUH OH ORUR WDVVH R ULVSHWWDUH OH UHJROH PHQWUH L SROLWLFL XVDQGR LO SUREOHPD SHU VSDYHQWDUH OH SHUVRQH H JXDGDJQDUH YRWL GXUDQWH OH HOH]LRQL 4XHVWD q OD YHUD DPQLVWLDª 1DWXUDOPHQWH QRQ IDU ULVSHWWDUH OD OHJJH LQ TXHVWR FDVR TXHOOD FKH VWDELOLVFH FKL SXz HQWUDUH QHO WHUULWRULR GHJOL 6WDWL 8QLWL QRQ HTXLYDOH SHU QLHQWH DG XQ¶DPQLVWLD $PQLVWLD q O¶DWWR FRQ TXDOH XQR 6WDWR VFXVD OD YLROD]LRQH GL XQD OHJJH 1HOOH VXD SURSRVWD 2EDPD YXROH DQFKH IDU FUHGHUH FKH OXL FRQGLYLGH L YDORUL DPHULFDQL 4XLQGL UDVVLFXUD JOL $PHULFDQL FKH TXHOOR FKH SURSRQH q VROWDQWR XQ SDWWR FRQ JOL LPPLJUDWL FKH QRQ SRWUDQQR VWDUH QHJOL 6WDWL 8QLWL LQ YLD SHUPDQHQWH PD VROWDQWR WHPSRUDQHDPHQWH FKH GRYUDQQR SDJDUH OH WDVVH HG DYHU OD IHGLQD SHQDOH SXOLWD DOWULPHQWL QLHQWH DPQLVWLD QLHQWH EHQHILFL 6RQR WXWWH DIIHUPD]LRQL FKH SRVVRQR DSSDULUH YHUH VROWDQWR LQ YLD SLXWWRVWR WHRULFD ,Q EDVH DOO¶RUGLQH HVHFXWLYR LO SHUPHVVR WHPSRUDQHR KD GXUDWD GL WUH DQQL PD q IDFLOH LSRWL]]DUH FKH HVVR VDUj ULQQRYD WR VHFRQGR OH VWHVVH SHUFHQWXDOL FKH YDOJRQR SHU LO ©'$&$ª FKH VRQR L SHUPHVVL FRQFHVVL SHU FKL q DUULYDWR QHJOL 86$ SULPD GHJOL DQQL L ULFKLHGHQWL GHYRQR DYHUH DOPHQR DQQL H QRQ ROWUH , SHUPHVVL LQ TXHVWLRQH YHQJRQR ULQQRYDWL FRQ XQD SHUFHQWXDOH GHO SHU FHQWR 6XO IDWWR GL SDJDUH OH WDVVH OD TXHVWLRQH SRWUHEEH DYHUH ULVYROWL FRPLFL 3RLFKp JOL LQWHUHVVDWL DOPHQR TXHOOL FKH QRQ VRQR LPSHJQDWL LQ DWWLYLWj FULPLQDOL q SUREDELOH FKH VYROJDQR GHL ODYRUL D EDVVD UHWULEX]LRQH q SL IDFLOH FKH LQYHFH GHO SD JDPHQWR GHOOH WDVVH VLDQR DXWRUL]]DWL D ULFHYHUH XQ ULPERUVR &KH TXHVWR 3UHVLGHQWH YRJOLD GDYYHUR ULPDQGDUH DO SUR SULR 3DHVH TXHOOL FKH QRQ KDQQR OD IHGLQD SHQDOH SXOLWD q PRO WR GXEELR &RQ L SHUPHVVL OHJDWL DO ©'$&$ª OD SHUFHQWXDOH q FRVu DOWD SURSULR SHUFKp - H TXHVWD q XQD YHULWj VWDWLVWLFD - L SUHFHGHQWL SHQDOL KDQQR FRQWDWR SRFKLVVLPR ,QILQH %DUDFN 2EDPD KD YROXWR FLWDUH OH 6FULWWXUH ©/H VFULWWXUH FL UDFFRQWDQR FKH QRQ GREELDPR RSSULPHUH XQR VWUDQLHUR SHUFKp QRL FRQRVFLDPR LO FXRUH GL XQR VWUDQLH

*HQQDLR

,/ %25*+(6(

UR - DQFKH QRL HUDYDPR VWUDQLHUL XQD YROWD 0LHL FDUL $PHUL FDQL VLDPR H VDUHPR VHPSUH XQD QD]LRQH GL LPPLJUDQWL $Q FKH QRL HUDYDPR VWUDQLHUL XQD YROWD Âª , PLOLRQL GL LPPLJUDWL LQ TXHVWLRQH QRQ VRQR JOL LPPLJUDWL OHJDOL GHO SDVVDWR FKH ULVSHWWDYDQR OH UHJROH SHU HQWUDUH QHJOL 6WDWL 8QLWL 6RQR SHUVRQH FKH KDQQR YLRODWR OD OHJJH SHU HQWUD UH QHO WHUULWRULR DPHULFDQR ,Q SL q HVWUHPDPHQWH RIIHQVLYR QHL FRQIURQWL GHL Â©VXRL FDUL $PHULFDQLÂª LQVLQXDUH FKH QRQ DWWULEXLUH DJOL LPPLJUDWL FODQGHVWLQL GHL EHQHILFL HTXLYDOH DG RSSULPHUOL /D OHJDOL]]D]LRQH GHOOD SHUPDQHQ]D GL PLOLRQL GL SHUVRQH VHFRQGR DOFXQH YHUVLRQH VDUHEEHUR FLQTXH VHFRQGR DOWUH SL GHO GRSSLR PRGLILFKHUj OD FRPSRVL]LRQH GHOOÂ¶HOHWWRUDWR /D PDJJLRU SDUWH GL TXHVWL QXRYL HOHWWRUL GRYUHEEH HVVHUH GL RUL JLQH ODWLQR-LVSDQLFD HWQLD FKH WUDGL]LRQDOPHQWH YRWD LO FHQWURVLQLVWUD D SDUWH TXHVWR IDWWRUH VWDWLVWLFR FRQWD LO IDWWR SL FKH SUREDELOH FKH FKL KD DYXWR LO EHQHILFLR GL YHGHUH OHJDOL]]DWD OD VXD SRVL]LRQH VDUj QDWXUDOPHQWH SRUWDWR D YRWDUH LO SDUWLWR FKH TXHVWR KD UHVR SRVVLELOH (FFR XQD GHOOH UDJLRQL GL TXHVWD DPQLVWLD 2EDPD q DQGD WR D SUHQGHUVL PLOLRQL GL QXRYL YRWL SHU LO 3DUWLWR GHPRFUDWLFR 3HU L 5HSXEEOLFDQL DQFKH SUHVFLQGHQGR GDOOH QXPHURVH TXH VWLRQL GL SULQFLSLR QRQ ULEHOODUVL FRQWUR TXHVWR VRSUXVR GL 2EDPD HTXLYDUUHEEH D ODVFLDUVL UHWURFHGHUH D SDUWLWR GL PLQR UDQ]D SHU LO IXWXUR SURVVLPR /Â¶DPQLVWLD q XQÂ¶DUPD D GRSSLR WDJOLR SHUFKp OL PHWWH VXEL WR DOOD SURYD 8QÂ¶D]LRQH GHEROH R OD ULFHUFD GL XQ FRPSURPHVVR D WXWWL L FRVWL GLPRVWUHUHEEH DJOL HOHWWRUL FKH L 5HSXEEOLFDQL QRQ KDQQR VDSXWR UDSSUHVHQWDUH OH ORUR HVLJHQ]H 2EDPD OL KD VILGDWL 6H ORUR QRQ UDFFRJOLHUDQQR OD VILGD VLJQLILFD FKH QRQ PHULWDYDQR TXHO YRWR 3L GL 2EDPD VRQR ORUR FKH GD WXWWD OD IDFFHQGD GHOOÂ¶DP QLVWLD ULVFKLDQR GL DYHUH PROWR GD SHUGHUH

68' $0(5,&$

, %$/&$1, GHO SURJUHVVLVPR GL *,$11, &255(**,$5, /( 5(&(17, HOH]LRQL SUHVLGHQ]LDOL VYROWHVL LQ WUH 3DHVL VX GDPHULFDQL - LQ RUGLQH GL WHPSR %ROLYLD %UDVLOH HG 8UX JXD\ - KDQQR GHFUHWDWR OD YLWWRULD GHL FDQGLGDWL GL VLQLVWUD 'RSR TXHOOD GHOOD %DFKHOHW LQ &LOH QHO GLFHPEUH GHO H GL 6DQWRV LQ &RORPELD - FDQGLGDWR FHUWDPHQWH QRQ GHILQL ELOH GL VLQLVWUD VHPPDL GL LPSURQWD PRGHUDWD PD DSSRJ JLDWR GDL SDUWLWL GL VLQLVWUD FRQWUR LO SL FRQVHUYDWRUH 8ULEH - RUD q VWDWD OD YROWD GL 0RUDOHV GHOOD 5RXVVHI H GD XOWLPR GL 7DEDUp 9i]TXH] FDQGLGDWR GHO Â©)UHQWH DPSOLRÂª XQD FRDOL]LRQH FKH YD GDL VRFLDOGHPRFUDWLFL H GDL GHPRFULVWLDQL GL VLQLVWUD DJOL H[ WXSDPDURV H DL WURVWNLVWL SDVVDQGR SHU FRPXQLVWL H SURJUHVVLVWL YDUL (YR 0RUDOHV KD VWUDYLQWR RWWHQHQGR ROWUH LO VHVVDQWD SHU FHQWR GHL YRWL GLYHUVDPHQWH GD 'LOPD 5RXVVHII FKH QRQ q DUULYDWD DO FLQTXDQWDGXH SHU FHQWR PHQWUH 7DEDUp 9i]TXH] KD RWWHQXWR DO EDOORWWDJJLR ROWUH LO FLQTXDQWDWUp SHU FHQWR GHL YRWL EDWWHQGR LO FDQGLGDWR GHO SDUWLWR QD]LRQDOLVWD /XLV /DFDOOH 3RX (SSXUH TXHVWL GDWL FKH SDLRQR XQLYRFL QHOOD ORUR GLUH ]LRQH QRQ GHEERQR LQJDQQDUH 2JQL 3DHVH ODWLQR DPHULFDQR KD FDUDWWHULVWLFKH WDOL FKH RJQL WHQWDWLYR GL RPRJHQHL]]DUH XQD WHQGHQ]D SROLWLFD UHJLRQDOH ULVXOWHUHEEH IXRUYLDQWH (YR 0RUDOHV JXLGD XQ 3DHVH GRPLQDWR GDOOÂ¶DUUHWUDWH]]D H FRQWUDVVHJQDWR GD XQ LQGLJHQLVPR FKH WUDH OHJLWWLPD]LRQH GDOOD FRPSRVL]LRQH HWQLFD GHOOD SRSROD]LRQH FKH FRQWD ROWUH LO FLQTXDQWDFLQTXH SHU FHQWR GL LQGLRV H VROWDQWR XQ TXLQGLFL SHU FHQWR GL HXURSHL 0RUDOHV LQGLR GL RULJLQH TXHFKXD H FRPSRQHQWH GL ULOLHYR GHOOD UXPRURVD FRPSD JQLD GHO VRFLDOLVPR ODWLQR DPHULFDQR OD $/%$ $OLDQ]D %ROLYDULDQD SDUD ORV 3XHEORV GH 1XHVWUD $PpULFD FXL IDQ QR SDUWH DQFKH 9HQH]XHOD (FXDGRU &XED 1LFDUDJXD H DOWUH LVROHWWH FDUDLELFKH IX LQ SDVVDWR XQ VLQGDFDOLVWD FRFD OHUR RVVLD UDSSUHVHQWDQWH GHL FROWLYDWRUL GHOOD FRFD SUR GRWWR TXHVWR FKH WXWWRUD FRVWLWXLVFH XQ DIIDUH GL HQRUPH LPSRUWDQ]D SHU LO 3DHVH VRSUDWWXWWR SHU OÂ¶HWQLD TXHFKXD H DQFKH SHU TXHVWR OH UHLWHUDWH SURPHVVH GHO SUHVLGHQWH GL FRPEDWWHUH OD SURGX]LRQH GL Â©SDVWD-EDVHÂª GL FRFDLQD FKH DWWUDYHUVR $UJHQWLQD H %UDVLOH GRYH YLHQH WUDVIRUPDWD ILQLVFH LQ (XURSD VRQR ULPDVWH OHWWHUD PRUWD ,O %UDVLOH OÂ¶XQLFD YHUD SRWHQ]D VXEFRQWLQHQWDOH q DO FRQWUDULR LO 3DHVH SL LQGXVWULDOL]]DWR GHOOD UHJLRQH H OÂ¶LQ GXEELD LGHRORJLD SURJUHVVLVWD GL /XOD SULPD H GHOOD 5RXV VHII RUD KD VHPSUH GRYXWR IDUH L FRQWL FRQ XQD FODVVH GLUL JHQWH HFRQRPLFD GL RULJLQH HXURSHD H FROOH HVLJHQ]H GL VYLOXSSR H GÂ¶LQGXVWULDOL]]D]LRQH ILQHQGR SHU DQQDFTXDUH OH VXH SXOVLRQL SL PDVVLPDOLVWLFKH 'LYHUVD DQFRUD OD VLWXD ]LRQH XUXJXDJLD TXHVWR SLFFROR 6WDWR FKH PLVXUD PHQR GL PHWj GHOOÂ¶,WDOLD H SRSRODWR GD SRFR SL GL TXDWWUR PLOLRQL GL DELWDQWL q VHPSUH VWDWR FRQVLGHUDWR OD 6YL]]HUD GHO 6XG $PHULFD SHU LO VXR GLQDPLVPR ILQDQ]LDULR LO VXR VHJUHWR EDQFDULR H LPSRUWDQWL DJHYROD]LRQL LPSRVLWLYH QRQ FÂ¶q DUJHQWLQR R EUDVLOLDQR GHOOD XSSHU FODVV FKH QRQ DEELD XQD

,/ %25*+(6(

FDVD VXOOD FRVWD XUXJXDJLD GDOOH SDUWL GHOOD HVFOXVLYD H ULQRPDWD VSLDJJLD GL 3XQWD GHO (VWH (SSXUH D JXLGDUOR GD FLQTXH DQQL YL q VWDWR O¶H[ WXSDPDUR -RVH ©3HSHª 0XMLFD LO TXDOH KD VDSXWR PHVFRODUH LQ XQ FRFNWDLO GDL JXVWL YD ULDELOL FXOWXUD SURJUHVVLVWD GHSHQDOL]]D]LRQH GHOO¶DERUWR H OHJDOL]]D]LRQH GHOOH GURJKH OHJJHUH H SUHURJDWLYH XOWUDFD SLWDOLVWH TXDOL LO PDQWHQLPHQWR GHO VHJUHWR EDQFDULR H G¶X QD QRUPDWLYD ILVFDOH FKH IDYRULVFH OD SUHVHQ]D GL VRFLHWj GL WULDQJROD]LRQH FRPPHUFLDOH H ILQDQ]LDULD SUHURJDWLYH FKH VLFXUDPHQWH LO QXRYR SUHVLGHQWH PDQWHUUj LQWHJUH (OHWWR ©3DHVH GHOO¶DQQRª GDOO¶(FRQRPLVW TXHVWD FLWD]LRQH OD GLFH OXQJD VXO ©SURJUHVVLVPRª - DOPHQR HFRQRPL FR - GHOOD SLFFROD H WXWWR VRPPDWR VWDELOH H[ SURYLQFLD DU JHQWLQD FKH - HYLGHQWHPHQWH LQVRIIHUHQWH DOOH UHVWUL]LRQL FKH OD VXD SDUWHFLSD]LRQH DO 0HUFRVXU FRPSRUWD - JXDUGD FRQ LQWH UHVVH DOOD $OLDQ]D GHO 3iFLILFR RVVLD O¶XQLRQH FRPPHUFLDOH H GRJDQDOH FXL DSSDUWHQJRQR DWWXDOPHQWH &LOH 3HU &RORPELD H 0HVVLFR FKH JOL FRQVHQWLUHEEH XQ¶DSHUWXUD DL PHUFDWL RJJL SLXWWRVWR ULVWUHWWD H JUDYDWD GD GD]L DVVDL SHVDQWL 1RQ FL SRVVLDPR GLPHQWLFDUH GHOO¶$UJHQWLQD FKH LQ TXH VWR YDULHJDWR TXDGUR SROLWLFR VHPSUH KD UDSSUHVHQWDWR XQ¶HF FH]LRQH FRVWLWXLWD GDOO¶DVVROXWD PDUJLQDOLWj GHL PRYLPHQWL PDU[LVWL FXL 3pURQ H OD GRWWULQD JLXVWL]LDOLVWD WROVHUR RJQL UDJLRQH G¶HVVHUH DVVRUEHQGRQH OD VSLQWD ULYROX]LRQDULD HG LQFDQDODQGROD YHUVR XQ SDWULRWWLVPR HFRQRPLFR H SROLWLFR ,O PHGHVLPR DWWHJJLDPHQWR VL ULWURYD - DOPHQR LQ DSSD UHQ]D - QHOO¶RGLHUQR ©SHURQLVPRª OH YLUJROHWWH VRQR G¶RE EOLJR NLUFKQHULVWD RJJL ULQIRFRODWR GDOOD SROHPLFD FRQWUR L F G ©RQGRV EXLWUHVª H OH GHFLVLRQL JLXGL]LDULH VWDWXQLWHQVL FRQWUR O¶$UJHQWLQD FKH KDQQR GDWR DOOD ©3UHVLGHQWDª LO GHVWUR SHU SURFODPL GL VWDPSR QD]LRQDOLVWD $QFKH GD TXHO OH SDUWL SHUz FXOWXUD SURJUHVVLVWD H LQYRFD]LRQH GL ©GLULWWL FLYLOLª OD IDQQR GD SURWDJRQLVWL JLj LQ YLJRUH LO PDWULPRQLR RPRVHVVXDOH H DOWUH SHULFRORVH VFLRFFKH]]H FRPH LO ©GHOLWWR GL JHQHUHª LO JRYHUQR q DVVDL JHQHURVR QHL VXVVLGL D IDYRUH GL DOWUL VXGDPHULFDQL EROLYLDQL FRORPELDQL H SH UXYLDQL LQ SDUWLFRODUH FKH VHQ]D XQ ODYRUR ULFRUGD TXDOFR VD" ILQLVFRQR SHU LQIROWLUH O¶HVHUFLWR GHOOD PLFURFULPLQDOLWj FKH WURYD QHO WUDIILFR GL GURJD XQ LPSLHJR UHGGLWL]LR /D .LUFKQHU RJJL LQ SHVDQWH FDOR GL SRSRODULWj VLD SHU JOL VFDQGDOL ILQDQ]LDUL FKH FRLQYROJRQR OHL HG LO VXR HQWRX UDJH VLD SHU OD SHVDQWH FULVL HFRQRPLFD DJJUDYDWD GDOOH VHQWHQ]H GHL WULEXQDOL QRUGDPHULFDQL KD UHFHQWHPHQWH JLR FDWR OD FDUWD 3XWLQ ,Q YLVLWD D %XHQRV $LUHV LO SUHVLGHQWH UXVVR q VWDWR ULFHYXWR H WUDWWDWR FRPH XQ SUH]LRVR DOOHDWR , IRQGL PLOLDUGDUL FKH L %5,&6 KDQQR VWDQ]LDWR SHU L ULVSHWWL YL GHILFLW UDSSUHVHQWDQR XQ VLFXUR LQWHUHVVH SHU OH DVILWWLFKH FDVVH DUJHQWLQH H QRQRVWDQWH LO YHWR GHOOD 5RXVVHII ©TXHL IRQGL VHUYRQR VROWDQWR SHU JOL 6WDWL DSSDUWHQHQWL DL %ULFVª O¶$UJHQWLQD JXDUGD RUD FRQ LQWHUHVVH YHUVR OD 5XVVLD FKH HQWUR SRFKL PHVL VDUj SUHVHQWH QHL VXRL SURJUDPPL WHOHYL VLYL FRQ XQ SURSULR FDQDOH - 5XVVLD 7RGD\ 4XHVWD QXRYD IURQWLHUD DYUj GHJOL VYLOXSSL" &¶q GD VSH UDUOR SHU LO EHQH GHOO¶$UJHQWLQD H SHU XQ HTXLOLEUDWR DVVHW WR PXOWLSRODUH DQFKH VH O¶XPRUH YDULDELOH GHOOD .LUFKQHU H OD VXD SROLWLFD VFKL]RIUHQLFD - FKH OD SRUWDQR GD XQD SDUWH DG LQWUDWWHQHUH UDSSRUWL XIILFLDOL FRQ 6RURV DG DFFHWWDUH OD SUHVHQ]D LQYDVLYD GHOOD 0RQVDQWR QHO VHWWRUH VWUDWHJLFR GHOOD VRMD H D FHGHUH SDUWH GHOOH ULFFKH]]H HQHUJHWLFKH DOOD &KHYURQ PHQWUH GDOO¶DOWUD WXRQD FRQWUR PXOWLQD]LRQDOL H VSHFXODWRUL LQWHUQD]LRQDOL - QRQ FRVWLWXLVFRQR VLFXUDPHQWH XQ UDVVLFXUDQWH ELJOLHWWR GD YLVLWD SHU XQ HVSHUWR HG DVWXWR JLRFDWRUH GL VFDFFKL FRPH LO OHDGHU UXVVR L SUHVLGHQWL DU JHQWLQL SHUz SDVVDQR O¶LPSRUWDQ]D JHRSROLWLFD GHO &RQR 6XU DO FRQWUDULR UHVWD

*HQQDLR

/$ 75,3/,&( DOOHDQ]D RULHQWDOH GL 0$5< 3$&( /2 6&2562 QRYHPEUH D 3HFKLQR VL q WHQXWR LO 9HUWLFH GHOOD &RRSHUD]LRQH (FRQRPLFD GHOO¶$VLD GHO 3DFL ILFR RVVLD O¶$3(& XQ HYHQWR GL QRWHYROH ULOHYDQ]D QRQ FKp RFFDVLRQH GL LQFRQWUR SHU LPSRUWDQWL &DSL GL 6WDWR H GL *RYHUQR WUD FXL RYYLDPHQWH %DUDFN 2EDPD H 9ODGLPLU 3XWLQ 7DOH VXPPLW LQWHUQD]LRQDOH FRPSRVWR GDOOH HFRQR PLH GL 3DHVL SXz HVVHUH FRQVLGHUDWR FRPH XQD WDSSD GL XQ SHUFRUVR FKH YHGH LO OHJLWWLPR ULGLPHQVLRQDPHQWR GHO UXROR GHJOL 86$ QHO 0DU &LQHVH 2ULHQWDOH H VXO TXDOH LQFL GRQR SL IDWWRUL JHRSROLWLFL UHODWLYL D GLYHUVL 6WDWL , OHD GHUV GL 6WDWL 8QLWL H &LQD KDQQR VWLSXODWR XQ DFFRUGR DO ILQH GL OLPLWDUH OH HPLVVLRQL GL JDV VHUUD 0D D SDUWH WDOH GRYHURVR QHJR]LDWR GHWWR IRUXP VDUj ULFRUGDWR SHU OD SUR SRVWD GL 3HFKLQR GHO ©)UHH WUDGH DUHD RI WKH $VLD 3DFLILFª FRQVLVWHQWH LQ XQ¶DUHD GL OLEHUR VFDPELR HFRQRPLFRFRPPHUFLDOH FKH UDSSUHVHQWD OD FRQWURIIHQVLYD GHOOD &LQD DO ©7UDQV 3DFLILF SDUWQHUVKLSª RVVLD OD VWUDWHJLD D VWHOOH H VWULVFH SHU FRQWUDVWDUH O¶DYDQ]DWD GHO 'UDJRQH ,QROWUH O¶$3(& SDVVHUj DOOD 6WRULD SHU YLD GHOOD VWUHWWD GL PDQR WUD LO 3ULPR 0LQLVWUR JLDSSRQHVH 6KLQ]R $EH HG LO 3UHVLGHQWH FLQHVH ;L -LQSLQJ DO ORUR SULPR LQFRQWUR XIILFLDOH , GXH OHDGHUV KDQQR GLVFXVVR VXOOD GHOLFDWD HG DQQRVD TXHVWLRQH GHOOH LVROH FRQWHVH GL 6HQNDNX-'LDR\X FDXVD DQFKH GL SUHJUHVVL LQFLGHQWL GLSORPDWLFL FRQYHQHQGR HQ WUDPEL VXOOD QHFHVVLWj GL LVWLWXLUH XQ PHFFDQLVPR GL JHVWLR QH GHOOH FULVL 4XHVWR LO UDVVLFXUDQWH FRPPHQWR GL ;L ©&LQD H *LDSSRQH VRQR YLFLQL GL FDVD Ê QHOO¶LQWHUHVVH IRQGDPHQWDOH GHL GXH SRSROL H QHOO¶DVSHWWDWLYD JHQHUDOH GHOOD FRPXQLWj LQWHUQD]LRQDOH FKH L UDSSRUWL WUD L GXH 3DH VL SURFHGDQR LQ PRGR VWDELOH H VDQRª $OWUHWWDQWR ILGXFLRVH OH SDUROH GL $EH ©$EELDPR IDWWR XQ SULPR SDVVR YHUVR LO PLJOLRUDPHQWR GHOOH UHOD]LRQL ELODWHUDOL 3HQVR FKH RUD FRPLQFHUHPR D ODYRUDUH FRQFUHWDPHQWHª 3HU FRPSUHQGHUH DSSLHQR OD SRUWDWD GHOOH GLFKLDUD]LRQL H GHL UHFLSURFL LPSH JQL DVVXQWL VL UHQGH QHFHVVDULD XQD GLJUHVVLRQH VWRULFD )LQR D WDOH GDWD 7RN\R DYHYD DIIHUPDWR OD SLHQD VRYUDQLWj VX WDOL LVROH HG LO VHPSOLFH IDWWR GL ULFRQRVFHUH RUD O¶HVL VWHQ]D GL SRVL]LRQL GLYHUVH R PHJOLR GL ULYHQGLFD]LRQH GHOOH VWHVVH UDSSUHVHQWD SHUWDQWR DJOL RFFKL GL 3HFKLQR XQ GHFLVLYR SDVVR DYDQWL /H 6HQNDNX FKLDPDWH 'LDR\X GDOOD &LQD VRQR XQ DUFL SHODJR GL FLQTXH LVROH VLWXDWH QHO 0DU &LQHVH 2ULHQWDOH RJJHWWR GL GLVSXWDWD WHUULWRULDOH LQ YHULWj DQFKH GD SDUWH GL 7DLZDQ 6WDQGR DOO¶LQWHUSUHWD]LRQH QLSSRQLFD 7RN\R QH KD DFTXLVWDWR OD VRYUDQLWj QHO FRPH FRQVHJXHQ]D GHOOD YLWWRULD GHOOD SULPD JXHUUD VLQR-JLDSSRQHVH LQ RVVHTXLR DOOH QRUPH GHO GLULWWR LQWHUQD]LRQDOH VXOO¶RFFXSD]LRQH GL WHUUH GLVDELWDWH 1HO FRQ OD VFRQILWWD QHOOD 6HFRQGD *XHUUD PRQ GLDOH WDOL LVROH SDVVDURQR VRWWR O¶DPPLQLVWUD]LRQH GHJOL 86$ ,Q GDWD VHWWHPEUH D 6DQ )UDQFLVFR LO *LDSSR QH HG DOWUL 3DHVL VRWWRVFULVVHUR XQ WUDWWDWR GL 3DFH LO TXDOH SUHYHGHYD DOWUHVu O¶LVWLWX]LRQH GL XQ SURWHWWRUDWR GD SDUWH GHJOL 6WDWL 8QLWL VXO 3DHVH QLSSRQLFR 1HO QHO

Dal 6 ottobre, ogni lunedì Canale 897 di SKY Digitale terrestre 86 e 71 per territorio Roma e Lazio In streaming su www.lablu.it. Ore 21-22

Seguici con e

in diretta Presentano: Giuseppe Sanzotta, già direttore de “Il Tempo” di Roma Luciano Lucarini, editore Puoi telefonare in diretta e fare le domande agli ospiti presenti Il numero telefonico sarà sempre in sovraimpressione

,/ %25*+(6(

ULVSHWWR GHO FLWDWR WUDWWDWR OH LVROH WRUQDURQR VRWWR FRQWUROOR JLDSSRQHVH 7XWWDYLD OD 5HSXEEOLFD 3RSRODUH &LQHVH H OD 5HSXEEOLFD GL 7DLZDQ QRQ ILJXUDURQR WUD L ILUPDWDUL GL WDOH WUDWWDWR GL SDFH H GXQTXH QRQ FRQVLGHUDURQR OHJLWWLPD OD VRYUDQLWj HVHUFLWDWD VXOOH 6HQNDNX GD 7RN\R 7DOL LVROH ULYHVWRQR XQÂ¶LPSRUWDQ]D VWUDWHJLFD IRQGD PHQWDOH SRLFKp SHUPHWWRQR LO GLULWWR HVFOXVLYR GL VIUXWWD PHQWR GHOOH ULVRUVH QDWXUDOL ROWUH DOOD SRVVLELOLWj GL YLJLODUH VXOOH URWWH QDXWLFKH GHOOÂ¶DUHD 6HFRQGR YDUL VWXGL LQIDWWL DO ODUJR GHO 0DU &LQHVH 2ULHQWDOH JLDFHUHEEHUR QRWHYROL ULVHU YH GL SHWUROLR SDUL D FLUFD - PLOLDUGL GL EDULOL HVWUDL ELOL FKH JDUDQWLUHEEHUR OÂ¶DSSURYYLJLRQDPHQWR HQHUJHWLFR SHU FLQTXDQWÂ¶DQQL *OL 6WDWL 8QLWL KDQQR LQL]LDWR D VXELUH XQ LQQHJDELOH GHWHULRUDPHQWR GHO FRQQXELR FRQ LO 3DHVH GHO 6RO /HYDQWH HVLVWHQWH ILQR D SRFKL PHVL ID DQFKH SHU YLD GLUHWWD ROWUH FKH GL ULIOHVVR RVVLD D FDXVD GL XQR VYLOXSSR YLVLELOPHQWH SRVLWLYR GHL UDSSRUWL VLQR-QLSSRQLFL FRPH SRFÂ¶DQ]L LOOX VWUDWR /Â¶HSLVRGLR VL q FRQFUHWL]]DWR QHO GLFHPEUH TXDQGR LO 3ULPR 0LQLVWUR $EH YHVWLWR FRQ DELWR GD FHULPR QLD VL q UHFDWR QHO Â©IDPLJHUDWRÂª 6DQWXDULR <DVXNDQL QHO FHQWUR GL 7RN\R OXRJR GL FXOWR LQ FXL VL RQRUDQR L FLUFD PLOLRQL GL JLDSSRQHVL FDGXWL LQ WXWWH OH JXHUUH ,O FDVXV EHOOL q FRQVLVWLWR QHO IDWWR WDOH SHU FXL WUD TXHL 3DWULRWL QLSSRQL FL YH QH ULHQWULQR TXDWWRUGLFL L TXDOL VRQR VWDWL FRQGDQQDWL RYYLDPHQWH DUELWUDULDPHQWH GDOOH SRWHQ]H XVFLWH YLQFLWULFL GDOOD 6HFRQGD *XHUUD PRQGLDOH FRPH Â©VXSHU FULPLQDOL GL JXHUUDÂª ,PPHGLDWD q VWDWD OD UHD]LRQH GHJOL 86$ FKH KDQQR FULWLFDWR DVSUDPHQWH WDOH FRQGRWWD UHSXWDQGRVL SURIRQGD PHQWH GHOXVL &RPXQTXH LO *RYHUQR $EH VWD SHUVHJXHQGR XQÂ¶LQHVRUDELOH SROLWLFD GL WRWDOH DIIUDQFDPHQWR GDJOL 6WDWL 8QLWL /D FRVWLWX]LRQH QLSSRQLFD q HQWUDWD LQ YLJRUH QHO H GL IDWWR IX LPSRVWD GDJOL $PHULFDQL 3UHFLVDPHQWH IX UHGDWWD GDL FROODERUDWRUL GHO *HQHUDOH 0DF $UWKXU DOOÂ¶H SRFD &RPDQGDQWH GHOOH )RU]H GL 2FFXSD]LRQH H VROWDQWR LQ VHJXLWR WUDGRWWD LQ OLQJXD JLDSSRQHVH $OOÂ¶DUW GL WDOH &DUWD q VDQFLWD LQGHURJDELOPHQWH QRQ VROWDQWR OD ULQXQFLD DOOD JXHUUD DOOD PLQDFFLD HG DOOÂ¶XVR GHOOD IRU]D PD DQFKH LO GLYLHWR GL PDQWHQHUH SURSULH )RU]H $UPDWH VLDQR HVVH GL PDUH WHUUD DULD H GL ULFRQRVFHUH XQ GLULWWR GL EHOOLJHUDQ]D &RQ OR VFRSSLR GHOOD JXHUUD GL &R UHD QHO q VWDWD SURPRVVD XQD GLI IHUHQWH LQWHUSUHWD]LRQH GL WDOH DUW VIR FLDWD SRL QHO FRQ OÂ¶LVWLWX]LRQH GL XQD )RU]D FRQ FRPSLWL HVFOXVLYDPHQWH GL GLIHVD OHJLWWLPD RYYHUR OD 6HOI 'HIHQV )RUFHV R Â©-HLWDLÂª )LQR DO TXHVWD SXU HVVHQGR GRWDWD GL HTXLSDJJLDPHQWL DOOÂ¶DYDQJXDUGLD QRQFKp FDUDWWHUL]]DQGR VL SHU FDSDFLWj HOHYDWH QRQ HUD LPSLHJD ELOH RSHUDWLYDPHQWH LQ DOFXQ FRQWHVWR RIIHQVLYR LQ TXDQWR FRPH UHWDJJLR GHO OD *XHUUD )UHGGD YLJHYD OD FRVLGGHWWD Â©GRWWULQD <RVKLGDÂª FKH GLVSRQHYD LO VXEDSSDOWR GHOOD GLIHVD QD]LRQDOH DJOL 86$ 9LFHYHUVD LO *RYHUQR $EH VWD DW WXDQGR XQD SROLWLFD EDVDWD VXOOÂ¶RUJRJOLR QD]LRQDOH FKH SRUWL LO 3DHVH VLD DG XQD ULDIIHUPD]LRQH GHO SURSULR UXROR LQ DP ELWR LQWHUQD]LRQDOH VLD DG XQD UHYLVLRQH GHOOD JHVWLRQH GHOOD 'LIHVD VWHVVD 1HO GLFHPEUH LQIDWWL LO Â©&RPLWDWR SHU OD 6LFXUH]]D QD]LRQDOHÂª HG LO Â©*DELQHWWR GHO 3ULPR 0LQLVWURÂª KDQQR DGRWWDWR FRQ

*HQQDLR

JLXQWDPHQWH LO Â©1DWLRQDO 6HFXULW\ 6WUDWHJ\Âª QRQFKp LO Â©1DWLRQDO 'HIHQVH 3URJUDP *XLGHOLQHV IRU )< DQG %H\RQGÂª ,O SULPR GRFXPHQWR KD VDQFLWR OÂ¶DEEDQGRQR SHU OH )RU]H $UPDWH GHO WUDGL]LRQDOH LQWHUYHQWR LQ RWWLFD GL VROD DXWRGLIHVD PHQWUH GD XQ SXQWR GL YLVWD VWUDWHJLFR VRQR LQ YLD GL SRWHQ]LDPHQWR OH $UPL DHUR-QDYDOL FRQ JXDUQLJLRQL GLVORFDWH QHOOÂ¶LVROD PHULGLRQDOH GL .\XVKX OH )RU]H VSH FLDOL HG DQWL-WHUURULVPR OÂ¶,QWHOOLJHQFH OD F\EHU-VHFXULW\ OD FRRSHUD]LRQH LQWHUQD]LRQDOH &RQ LO VHFRQGR GRFXPHQWR VRQR VWDQ]LDWL FLUFD PLOLDUGL GL (XUR SHU LO TXLQTXHQ QLR - 2YYLDPHQWH JOL 86$ SDWLVFRQR DQFKH FUL WLFL UDSSRUWL FRQ OD &LQD , PDJLVWUDWL VWDWXQLWHQVL GHOOD 3HQQV\OYDQLD KDQQR UHFHQWHPHQWH DFFXVDWR FLQTXH $OWL 8IILFLDOL GHOOÂ¶(VHUFLWR &LQHVH GL DYHU LQGHELWDPHQWH VRW WUDWWR GRFXPHQWL VHJUHWL D YDULH FRPSDJQLH DPHULFDQH FRPH $OFRD 86 6WHHO H :HVWLQJKRXVH WUD LO HG LO FDJLRQDQGR XQ GDQQR HFRQRPLFR SDUL D PLOLDUGL OÂ¶DQQR ,QFULPLQD]LRQL FKH 3HFKLQR KD SURQWDPHQWH JLXGLFDWR Â©DVVXUGH H ILWWL]LHÂª 7XWWDYLD QHO OD ;LQKXD OÂ¶$JHQ ]LD GL VWDPSD GHO JRYHUQR FLQHVH SXEEOLFz XQ GRVVLHU FKH GRFXPHQWDYD XQD GHOLWWXRVD DWWLYLWj GHOOD 1DWLRQDO 6HFXUL W\ $JHQF\ VWDWXQLWHQVH OD TXDOH WUD PDU]R HG DSULOH VL q LQWURGRWWD LQ FLUFD PLOLDUGL GL FRPSXWHU FLQHVL ,Q GDWD GLFHPEUH VL VWDYD YHULILFDQGR XQ LQFLGHQWH QHO 0DU &LQHVH 0HULGLRQDOH /Â¶LQFURFLDWRUH ODQFLDPLVVLOL DPH ULFDQR 866 &RZSHQV VWDYD PRQLWRUDQGR OD QXRYD SRUWDHUHL FLQHVH /LDRQLQJ LQ DFTXH LO FXL WUDQVLWR HUD VWDWR LQWHUGHWWR GD 3HFKLQR &RVu XQÂ¶XQLWj DQILELD FLQHVH FRQ IXQ]LRQH GL VFRUWD GL TXHVWÂ¶XOWLPD KD WDJOLDWR OD URWWD DOOD QDYH 86$ OD TXDOH KD GRYXWR DUUHVWDUH OH HOLFKH SHU HYLWDUH OD FROOLVLR QH 1RQ VRQR PDQFDWH DOWUH SURYRFD]LRQL VWDWXQLWHQVL 'XH ERPEDUGLHUL %- DPHULFDQL KDQQR VRUYRODWR OD =RQD GL 'LIHVD $HUHD LVWLWXLWD GD 3HFKLQR VXO 0DU &LQHVH 2ULHQWD OH VHQ]D FKH HVVL ULYHODVVHUR OD SURSULD URWWD GL IDWWR YLR ODQGR OH GLVSRVL]LRQL GÂ¶LGHQWLILFD]LRQH ,Q RJQL FDVR VL ULOHYD FRPH OD &LQD GHWHQJD XQ HOHYDWR SRWHUH QHL FRQIURQ WL GHJOL 86$ ,O 'UDJRQH LQIDWWL KD FRQFHVVR D TXHVWÂ¶XOWL PR LQJHQWL ILQDQ]LDPHQWL LPSOHPHQWDWL VRWWR IRUPD GL LQYHVWLPHQWL H SRVVLHGH DG RJJL QRWHYROL TXDQWLWDWLYL GL WLWROL D]LRQDUL D EDVVR UHQGLPHQWR GHQRPLQDWL LQ GROODUL

*HQQDLR

,/ %25*+(6(

,O )RQGR 6RYUDQR &KLQD ,QYHVWPHQW &RUSRUDWLRQ KD RSHUDWR DFTXLVL]LRQL VLD QHO VHWWRUH ILQDQ]LDULR FRPH %ODF NVWRQH H 0RUJDQ 6WDQOH\ VLD LQ TXHOOR PDQLIDWWXULHUR FR PH OD GLYLVLRQH FRPSXWHU GHOOD ,%0 QHO SHU XQ YDOR UH GL FLUFD PLOLDUGL GL GROODUL Ê EHQH ULFRUGDUH FKH O¶R GLHUQD FULVL LQ 8FUDLQD GD FXL q VFDWXULWD O¶LPSRVL]LRQH GL LOOHJLWWLPH VDQ]LRQL LQ GDQQR GL 0RVFD VH GD XQ ODWR KD QRWHYROPHQWH HVDFHUEDWR L UDSSRUWL WUD 86$ H )HGHUD]LRQH 5XVVD GDOO¶DOWUR KD IRUQLWR O¶RFFDVLRQH SHU LQWHQVLILFDUH OD JLj HVLVWHQWH DOOHDQ]D VWUDWHJLFD GL TXHVW¶XOWLPD FRQ OD &L QD VLD D OLYHOOR FRPPHUFLDOH VLD D OLYHOOR GL IRUQLWXUD GL PDWHULDOH EHOOLFR 'DO 3HFKLQR LPSRUWD PLOD EDULOL GL SHWUROLR UXVVR DO JLRUQR FRQ XQ DXPHQWR SUHYLVWR HQWUR LO ILQR D PLOLRQL GL EDULOL DO JLRUQR 0D FHUWDPHQWH O¶DFFRUGR SL LPSRUWDQWH GD XQ SXQWR GL YLVWD JHRSROLWLFR q TXHOOR VWLSXODWR D 6KDQJKDL QHO PDJJLR WUD OH GXH FRPSDJQLH HQHUJHWLFKH VWDWDOL OD *D]SURP H OD &KLQD 1DWLRQDO 3HWUROHXP &RUSRUDWLRQ FKH SUHYHGH XQD IRUQLWXUD WUHQWHQQDOH GL JDV UXVVR GDO QHOOR VSH FLILFR PLOLDUGL GL PHWUL FXEL DOO¶DQQR ,O YDORUH FRPSOHV VLYR GHO FRQWUDWWR DPPRQWD D PLOLDUGL GL GROODUL 3HU OD UHDOL]]D]LRQH GHO SURJHWWR *D]SURP VL q LPSHJQDWD FRQ PLOLDUGL GL GROODUL PHQWUH OD FRQWURSDUWH SHU OD FRVWUX]LR QH GHOOD VH]LRQH FLQHVH GHO JDVGRWWR LQYHVWH FLUFD PL OLDUGL GL GROODUL ,Q PHULWR LQYHFH DOOD IRUQLWXUD GL PDWHULD OH EHOOLFR GDO 3HFKLQR KD DFTXLVWDWR FDFFLDWRUSHGL QLHUL UXVVL GL FODVVH 6RYUHPHQQ\ HTXLSDJJLDQGROL FRQ JOL 66-1- ©6XQEXUQª WHPLELOL PLVVLOL FUXLVH DQWLQDYH FRQ JLWWDWD GL NP DQFK¶HVVL GL SURYHQLHQ]D UXVVD 'DOOD PHWj GHJOL DQQL QRYDQWD GHO VHFROR VFRUVR VHPSUH 3HFKLQR KD DFTXLVWDWR VRWWRPDULQL UXVVL FODVVH .LOR DU PDWL FRQ JOL 66-1- ©6L]]OHUª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q GRWDWD GL HIILFLHQWL PLVVLOL EDOLVWLFL DQWLQDYH ')- ' FRQ JLWWDWD GL NP OHWDOL SHU OH IORWWH QHPL FKH 8Q¶XOWLPD FRQVLGHUD]LRQH PHULWD 7DLZDQ RYYHUR OD 5HSXEEOLFD GL &LQD DOWULPHQWL GHWWD )RUPRVD )LQR DO WDOH LVROD GD VHPSUH ULWHQXWD GDOOD 5HSXEEOLFD 3RSRODUH &LQHVH FRPH SDUWH GHO SURSULR WHUULWRULR JRGHYD GL RWWLPL UDSSRUWL FRQ JOL VWDWXQLWHQVL L TXDOL VWDQGR DO 7DLZDQ UHOD WLRQV $FW QH HUDQR DQFKH L IRUQLWRUL GL DUPL $ GLPRVWUD]LRQH GL FLz VL ULOHYD LO SULPR VLVWHPD UDGDU HDUO\ ZDUQLQJ SHU OD GLIHVD DQWL-PLVVLOLVWLFD FHGXWR GDJOL 86$ QHO SHU PLOLDUGL GL GROODUL 7XWWDYLD O¶DV VHWWR JHRSROLWLFR LQ VHJXLWR VL q ULEDOWDWR 'DO DO IHE EUDLR LQIDWWL &LQD H 7DLZDQ VL VRQR ULXQLWH LQ XQ YHUWLFH XIILFLDOH D OLYHOOR JRYHUQDWLYR GRSR DQQL GL UDSSRUWL FULWLFL /¶LQFRQWUR VL q ULSHWXWR LO JLXJQR /H PRWLYD]LRQL GHO SHUVHJXLWR H GXQTXH UDJJLXQWR ULDYYL FLQDPHQWR YDQQR ULFHUFDWH QHL SURILFXL VFDPEL FRPPHU FLDOL UHFLSURFL FKH QHO KDQQR WRFFDWR OD VRJOLD GL PLOLDUGL GL GROODUL ROWUH WXWWR HVVHQGR O¶HFRQRPLD GL )RUPRVD GLSHQGHQWH LQ ODUJD PLVXUD GD 3HFKLQR ,QROWUH FRVu RSHUDQGR OD &LQD VRWWUDH DO ULYDOH GL VHPSUH RYYHUR LO JRYHUQR D VWHOOH H VWULVFH XQ SDUWQHU SULYLOHJLDWR H VWUDWHJL FR GDOO¶DUHD GHO 3DFLILFR 2ULHQWDOH

/$ 12675$ ,19,$7$ ,1 ,65$(/(

'$/ 7(03,2 LQVDQJXLQDWR D FXUD GL '$1,(/$ %,1(//2 *(586$/(00( QRYHPEUH - $OO¶LQGRPDQL GHOO¶DV VDVVLQLR GL TXDWWUR UDEELQL H XQ SROL]LRWWR FXL q VHJXLWD O¶XFFL VLRQH GL GXH SDOHVWLQHVL DWWHQWDWRUL GD SDUWH GHOOH IRU]H GL VLFX UH]]D LVUDHOLDQH OD VLQDJRJD .HKLODW %QH\ 7RUDK VXOOD YLD $JDVVL GL *HUXVDOHPPH q GLYHQXWD LO OXRJR GHO GLJLXQR SHQL WHQ]LDOH FKH TXL VL FKLDPD ©LO SLFFROR NLSSXUª $ PHWj JLRUQDWD DOFXQH FHQWLQDLD GL HEUHL DYHYDQR OD VFLDWR L ORUR LPSHJQL TXRWLGLDQL SHU UDGXQDUVL QHO ULRQH HEUHR-RUWRGRVVR GL +DU 1RI VXO SRVWR GHO JUDYH HSLVRGLR GL YLROHQ]D /H TXDWWUR YHGRYH +D\D %UDLQD <DDNRED H %DW 6KHYD D QRPH DQFKH GHL RUIDQL IUD WXWWL KDQQR TXLQGL ODQFLDWR XQ DSSHOOR ©'HVLGHULDPR FKH IDFFLDWH EHQHILFLHQ ]D &KL SXz GRQL DOPHQR VKHNHO GLHFL HXUR SHUFKp TXHVWR QXPHUR KD LO VLJQLILFDWR GL HVVHUH LO WULSOR GL FKH QHOO¶HEUDLVPR q LO VLPEROR GHOOD YLWDª KD FKLHVWR OD SRUWD YRFH GHOOH TXDWWUR GRQQH $QFKH GDOO¶,WDOLD q JLXQWR XQ JHVWR GL VROLGDULHWj FRQ OD YLVLWD GHO YLFHPLQLVWUR GHJOL (VWHUL %HQHGHWWR GHOOD 9HGRYD H GHO VRWWRVHJUHWDULR DOOD 3UHVLGHQ]D GHO &RQVLJOLR 6DQGUR *R ]L DFFRPSDJQDWL GDOO¶DPEDVFLDWRUH LWDOLDQR D 7HO $YLY )UDQ FHVFR 0DULD 7DOz &RQ LO JUXSSR GL YLVLWDWRUL F¶HUD DQFKH O¶H EUHR GL RULJLQL LWDOLDQH 1LVVLP 6HUPRQHWD FKH DYHYD DIIURQWD WR XQR GHJOL DVVDOLWRUL VFDJOLDQGRJOL DGGRVVR XQ WDYROR H XQD VHJJLROD ,O UDEELQR <DDNRY 0RVKH 6SLW]HU KD LQWDQWR VSDODQFDWR OH SRUWH GHOOD VLQDJRJD DQFKH D XQD SLFFROD GHOHJD]LRQH GL SDOH VWLQHVL /H VDOH GHOOD VLQDJRJD PRVWUDQR L VHJQL GHOOD VSDUDWR ULD FRQ L IRUL GHL SURLHWWLOL $OFXQL IRUL KDQQR ODVFLDWR LO VHJQR DQFKH VXOOH ILQHVWUH ROWUH FKH VXOOH SDUHWL QRQFKp VXOO¶$UFD FKH FXVWRGLVFH L URWROL GHOOD %LEELD /H SRUWH VRQR DQFRUD VIRQGDWH EXWWDWH JL D VSDOODWH GDJOL DJHQWL GXUDQWH L SRFKL PLQXWL GL IUHQHVLD LQ FXL VL FUHGHYD FKH FL IRVVHUR DQFRUD DWWHQWDWRUL QDVFRVWL , WHVWL PDFFKLDWL FRQ LO VDQJXH GHOOH YLWWLPH LQYHFH VRQR VWDWL VRWWHUUDWL 1HOOH FURQDFKH GHO JLRUQR GRSR O¶DWWHQWDWR L TXRWLGLDQL HEUHR-RUWRGRVVL ULSRUWDQR OH WHVWLPRQLDQ]H GDO OXRJR GHOOD VWUDJH , WLWROL VRQR YLVWRVL 'HJOL DVVDOLWRUL SDOHVWLQHVL VL SDUOD SRFR H VL FRPPHQWD VROWDQWR FKH ©HUDQR EHOYH XPDQHª ,O UDEELQR 'DYLG <RVVHI ULYHOD SHUz FKH JOL DWWHQWDWRUL KDQQR ULGRWWR XQ DQ]LDQR UHOLJLRVR LQ ILQ GL YLWD FROSHQGROR DOOD WHVWD H UHFLGHQGRJOL XQ EUDFFLR H XQ RUHFFKLR FRQ DVFH H FROWHOOL <RVVHI QRQ FKLHGH YHQGHWWD FRPH QHVVXQR GHJOL HEUHL UDGXQDWLVL QHOOD VLQDJRJD PD QRQ QDVFRQGH O¶DYYHUVLRQH SHU TXHJOL HEUHL XOWUDQD]LRQDOLVWL FKH YRUUHEEHUR FDPELDUH OR VWD WXV TXR GHOOD VSLDQDWD GHOOH 0RVFKHH ©+DQQR LUULWDWR ROWUH XQ PLOLDUGR GL PXVXOPDQLª VRVWLHQH LO UDEELQR ©,Q TXHO OXRJR VDFUR SHU L PXVXOPDQL D QRL HEUHL q YLHWD WR DQGDUFLª ULEDGLVFH <RVVHI ©+R SHUILQR VFULWWR DO SUHPLHU %HQ\DPLQ 1HWDQ\DKX GL PXUDUQH O¶LQJUHVVR PD QRQ KR PDL ULFHYXWR XQD ULVSRVWDª FRQFOXGH LO UHOLJLRVR 1HOOR VWHVVR PRPHQWR QHOOD FLWWj YHFFKLD GL *HUXVDOHPPH FKH VL WURYD QHOOD SDUWH RULHQWDOH GHOOD FLWWj RFFXSDWD GDJOL

,/ %25*+(6(

LVUHDOLDQL QHO VILODQR L SHOOHJULQL JLXQWL GDOO¶,WDOLD FRQ XQ YLDJJLR SUHFHGHQWHPHQWH RUJDQL]]DWR GDOO¶2SHUD 5RPDQD 3HOOHJULQDJJL 253 ,O ORUR WRXU q VWDWR VROWDQWR SDU]LDOPHQWH ULDJJLXVWDWR GRSR O¶DWWHQWDWR DOOD VLQDJRJD 6RQR FLUFD LQ GXHFHQWR H SURYHQJRQR SULQFLSDOPHQWH GDO 9HQHWR R GD DOWUH UHJLRQL GHO QRUG H FHQWUR ,WDOLD 6L WUDWWD SHU OR SL GL SHQVLRQDWL FRQ TXDOFKH UDUD SUHVHQ]D GL JLRYDQL PD WXWWL VRQR SLHQL GL FXULRVLWj H DSSDUHQWHPHQWH QRQ VL ODVFLDQR FRQGL]LRQDUH GDOOD WHQVLRQH SDOSDELOH FKH VL DYYHUWH QHOOH VWUHWWH YLH GHOOD FLWWj YHFFKLD $WWUDYHUVDQGR FRQ ORUR L YDUL ULRQL LQ FXL q VFUXSRORVD PHQWH VXGGLYLVD OD SDUWH YHFFKLD GL *HUXVDOHPPH ULRQH HEUDLFR PXVXOPDQR H FULVWLDQR VL FRPSUHQGH FRPH O¶LQL]LDWL YD GHOO¶2US GL WUDVIRUPDUH TXHOOD FKH QHOOH LQWHQ]LRQL SUHFH GHQWL DOO¶DWWHQWDWR GRYHYD HVVHUH XQD OXQJD PDUFLD LQVLHPH D XQ IROWR QXPHUR GL SDOHVWLQHVL LQ XQD 9LD &UXFLV YXROH DYHUH LO VLJQLILFDWR GL VWLPRODUH DWWUDYHUVR OD SUHJKLHUD XQD ULIOHV VLRQH VXOOD SDFH H VXOOD ULFRQFLOLD]LRQH , SHOOHJULQL VRQR VWUL] ]DWL LQ XQ¶DIIROODWD 9LD &UXFLV IUD FRUGRQL GL JLRYDQL VROGDWHV VH H VROGDWL LVUDHOLDQL L TXDOL DSSDLRQR WUDQTXLOOL HG DQFKH GLVSRQLELOL D IDUVL IRWRJUDIDUH LQVLHPH DL IHGHOL H DL JLRUQDOLVWL /H WHQVLRQL GL TXHVWL JLRUQL SHUz KDQQR FRVWUHWWR JOL RUJD QL]]DWRUL GHO YLDJJLR D ULGLPHQVLRQDUH LO SURJUDPPD GHO WRXU LQ 7HUUD 6DQWD /D PDUFLD GHOOD SDFH DYUHEEH GRYXWR VYROJHUVL SDUWHQGR GD %HWOHPPH LQ WHUULWRULR SDOHVWLQHVH VXSHUDQGR XQR GHL FKHFN-SRLQW SHU HQWUDUH D SLHGL D *HUXVDOHPPH ,VUDHOH 0D FRQ OD WUDVIRUPD]LRQH QHOOD SL FODVVLFD 9LD &UX FLV WUD L VROL YLFROL GHOOD FLWWj YHFFKLD DOFXQH GHOHJD]LRQL FRPH TXHOOD GHL SDOHVWLQHVL QRQ KDQQR SL SRWXWR SDUWHFLSDUH VH QRQ LQ XQ QXPHUR YHUDPHQWH HVLJXR 3DGUH ,EUDKLP )DOWDV XQ IUDWH IUDQFHVFDQR SDOHVWLQHVH DWWXDOH UHVSRQVDELOH GHOOD &XVWRGLD GL 7HUUD 6DQWD DIIHUPD ©,Q DVVHQ]D GL WURYDUH XQD VROX]LRQH SHU *HUXVDOHPPH QRQ FL VDUj PDL OD SDFH LQ WXWWR LO 0HGLR 2ULHQWHª 3DGUH )DOWDV SRL VL ULIHULVFH DOOD VSLDQDWD GHOOH 0RVFKHH GRYH VRUJH OD PRVFKHD $O $TVD FKH q LO WHU]R OXRJR VDFUR SHU L PXVXOPDQL GRSR /D 0HFFD H 0HGLQD ©0D OD VSLDQDWDª VSLHJD LO IUDQFHVFDQR SDOHVWLQHVH ©q ULYHQGLFDWD GD DOFXQL JUXSSL GL HEUHL HVWUHPLVWL FKH OD YRJOLRQR SHU OH ORUR SUHJKLHUH 8Q JHVWR FKH ULVFKLHUHE EH GL DFFHQGHUH OD PLFFLD IDFHQGR VFRSSLDUH DQFRUD SL IHUR FLD $ TXHO SXQWR RJQL FRVD VIXJJLUHEEH D TXDOVLDVL FRQWUROOR ª /D 9LD &UXFLV GHL SHOOHJULQL LWDOLDQL FRPLQFLDWD QHO ULRQH PXVXOPDQR VL FRQFOXGH GRSR WUH RUH DO 6DQWR 6HSROFUR 6RWWR XQ VROH DQFRUD FDOGR SHU HVVHUH D *HUXVDOHPPH GRYH VSHVVR LQ LQYHUQR FL VRQR DEERQGDQWL QHYLFDWH OD FLWWj YHFFKLD RJJL KD PRVWUDWR LO VXR YROWR PLJOLRUH FRQ OH ERWWH JKH DSHUWH D GLVSRVL]LRQH GHOOH QXPHURVH FRPLWLYH GL WXULVWL FKH RJQL JLRUQR GD WXWWR LO PRQGR DUULYDQR TXL &L GLVVHWLDPR GL WDQWR LQ WDQWR FRQ OH VSUHPXWH GL PHOR JUDQR GDO VDSRUH DVSULJQR PD SL GROFL VH PLVFKLDWH FRQ JOL DUDQFL PHQWUH FL DUUDPSLFKLDPR VX H JL SHU JOL DQWLFKL JUDGL QL GL SLHWUD FKLDUD FKH VL VQRGDQR LQ WXWWL L ULRQL GHOOD FLWWj YHF FKLD 4XL D *HUXVDOHPPH QHVVXQ HGLILFLR H QHVVXQD VWUXWWXUD SXz HVVHUH GL XQ FRORUH GLYHUVR GDO VDEELD FKLDUR 'DO 0RQWH GHJOL 8OLYL LO SDQRUDPD q PROWR HYRFDWLYR SHU TXHVWD FLWWj VLPEROR GL XQ RGLR DFFHFDQWH H VRUGR D TXDOVLDVL DEER]]R GL QHJR]LDWR 'RPDQL q YHQHUGu JLRUQR VDFUR DL PXVXOPDQL 1RL DQGUH PR D YLVLWDUH LO 0XUR GHO 3LDQWR FKH VL WURYD VRWWR DOOD VSLDQD WD GHOOH PRVFKHH ,Q ORQWDQDQ]D DO WUDPRQWR VL RGRQR L FROSL GL DOFXQH JUD QDWH $UULYDQR GDL TXDUWLHUL DUDEL GL *HUXVDOHPPH HVW GRYH VL VWD SURWHVWDQGR FRQWUR L QXRYL LQVHGLDPHQWL HEUDLFL FKH RJQL JLRUQR GL SL VL VWDQQR ©PDQJLDQGRª D IHWWH OD ORUR SRU]LRQH GL FDSLWDOH

*HQQDLR

32/,7,&$ 63$*12/$

©32'(026ª VL RUJDQL]]D GL *,$13,(52 '(/ 0217( ©32'(026ª VL RUJDQL]]D VL Gj XQD VWUXWWXUD WHUULWRULDOH H XQ SURJUDPPD GD SDUWLWR SL IRUWH /H LQFKLHVWH OR GDQQR LQ FUHVFLWD /D FRUUX]LRQH GLODJDQWH FKH SHUYDGH GL VILGXFLD L FLWWDGLQL QHL FRQIURQWL GHO SDQRUDPD SROLWLFR VSDJQROR OD GLVRFFXSD]LRQH SHUVLVWHQWH H L SUREOHPL EDQFDUL QH IDQQR TXDVL OD WHU]D IRU]D D ULGRVVR GHO 33 H GHO 362( 1DWR FR PH PRYLPHQWR VXOOD VFLD GHO 0 H GHJOL LQGLJQDWL LQWRUQR D 3DEOR ,JOHVLDV SURIHVVRUH GHOO¶8QLYHUVLWj &RPSOXWHQVH GL 0DGULG KD JLj RWWHQXWR RWWLPL ULVXOWDWL QHOOH VFRUVH HOH]LRQL HXURSHH HG RUD SXQWD DO VXFFHVVR QHOOH SURVVLPH PXQLFLSDOL HG DXWRQRPLVWLFKH 3DEOR ,JOHVLDV KD GHWWR FKH ©3RGHPRVª q ©O¶XQLFD VFR SD FDSDFH GL VSD]]DUH OD FRUUX]LRQHª HG q LO ULVXOWDWR GHO IDOOLPHQWR GHO UHJLPH 9XROH OLEHUDUVL GHOOD ©FDVWDª ULIRU PDUH OD &RVWLWX]LRQH LQWHUYHQLUH QHL SUREOHPL GHO GHELWR SXEEOLFR ULGXUUH O¶RUDULR GL ODYRUR D RWWR RUH SHU WXWWL H DO]DUH OH LPSRVWH , ODYRUDWRUL GHYRQR SDUWHFLSDUH DOOD JH VWLRQH GHOOH LPSUHVH H GHL VHUYL]L SXEEOLFL q QHFHVVDULD XQ¶HIILFDFH UHJROD]LRQH QHO VHWWRUH GHL WUDVSRUWL ELVRJQD ULGXUUH O¶HWj SHQVLRQDELOH GD D DQQL 8QD IRUWH LPSR VWD SURJUHVVLYD VXO FDSLWDOH GHYH ULGXUUH OH ULFFKH]]H HG DEROLUH L SULYLOHJL FROSHQGR LQ PRGR FRQWXQGHQWH LO VLVWHPD GHOOD SURSULHWj L EHQL GHOOH FRQJUHJD]LRQL UHOLJLRVH GHYRQR HVVHUH UHTXLVLWL D EHQHILFLR GL WXWWD OD QD]LRQH /D GLVRFFX SD]LRQH YD FRPEDWWXWD FRQ XQ GHFLVR LQWHUYHQWR GHOOR 6WDWR H OH SHUVRQH PHQR DEELHQWL GHYRQR HVVHUH GLIHVH QHOOH ORUR HVLJHQ]H GL SURFXUDUVL L EHQL HVVHQ]LDOL FRQWUROODQGR L FRVWL GHL SURGRWWL GL SULPD QHFHVVLWj %LVRJQD VWLPRODUH OH LPSUH VH GL LQWHUHVVH QD]LRQDOH HG RFFRUUH VWDELOLUH GD]L VXOOH LP SRUWD]LRQL QHL VHWWRUL VWUDWHJLFL 8Q DSSRVLWR RUJDQLVPR SXEEOLFR GHYH ILQDQ]LDUH OR VYLOXSSR LQGXVWULDOH GHOOD 6SD JQD OD VSHVD SXEEOLFD H OH WDVVH GHYRQR DXPHQWDUH DQFKH GHWHUPLQDQGR XQ LQJHQWH GHILFLW SXEEOLFR SHU GDUH LPSXOVR DO 3,/ H FUHDUH ODYRUR OD EDQFD FHQWUDOH GRYUj SRL LQWHUYH QLUH FRQ DFTXLVWL GLUHWWL D VROOHYDUH OD VLWXD]LRQH 6XO SUR EOHPD FDWDODQR ©3RGHPRVª q IDYRUHYROH D XQ UHIHUHQGXP VXOO¶LQGLSHQGHQ]D 6X TXHVWL SXQWL FKH KDQQR FDUDWWHUL]]DWR O¶D]LRQH GL ©3RGHPRVª QHL PHVL VFRUVL F¶q FKL YHGH DVSHWWL GHO IDVFL VPR XVFLWR GD SLD]]D 6DQ 6HSROFUR H GHO IUDQFKLVPR GHL SHULRGL SL RVFXUL GRSR OD JXHUUD FLYLOH H D FKL SHQVD FKH WXWWR TXHVWR QRQ VL SRVVD UHDOL]]DUH QHOOD 8( ©3RGHPRVª KD ULVSRVWR FKH YXROH XVFLUH GDOO¶HXUR H ULWURYDUH SHU OD 6SDJQD OD VRYUDQLWj SHUGXWD 6RUJRQR LQVLGLRVH LOOD]LRQL DSSDUH XQ DQWLFDSLWDOLVPR HVSUHVVLRQH GHL SHJJLRUL UHJLPL WRWDOLWDUL GHO µ LQ FXL JOL HVWUHPL VL WRFFDQR QHO WRJOLHUH GL PH]]R RJQL DFFHQQR GL OLEHUWj ©3RGHPRVª YXROH DQFKH SRUWDUH OD 6SDJQD IXRUL GDOOD 1$72 H URPSHUH JOL DFFRUGL GL GLIHVD FRQ JOL 86$ Ê WLSLFR GL WXWWH OH IRU]H WRWDOLWDULH 6L q IDWWR LQ SDVVDWR H ULWRUQD DO SUHVHQWH GLQDQ]L DL SURJHWWL GHOOD 5XVVLD H GHOOD &LQD GL ULGLVHJQDUH LO TXDGUR JHRSROLWL FR D ORUR EHQHILFLR 6RQR QRWL L FRQWDWWL GL 3DEOR ,JOHVLDV H

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ivista Bimestrale $.*") +- ) - = .. '/* $' )/-* Per nuove sintesi culturali -$)0) $ ) * $ #$ - - ' + -/$ ' diretta da Fabio Torriero +-*"- (( +$9 $(+*+*' -$ -' - $) (* * ' / )/ $ *)!$. # '' $( +- . + - . (+$* +08 ) - ) '' .$)$./- ./- ( ( .+ 1 )/ $' 1*/ )/ ( $* +-*"- (($ ' //*- '$ .$ ! ))* + - .. - $) *(+$0/$

# ))* $(*./- /* ''*- ,0 ''* $ : * (*.; 6 0)= -( *++$* / "'$* 0) +*'$/$ $ ./- ( .$)$./- .$ +08 +*-/ - 1 )/$ ) # *) 0) / "'$* (* - /* +*'$/$ 6 '= -/ $ ( )$+*' - $ $''0 - $' +*+*'* + - *),0$./ - ( )/ ) - $' +*/ - : * (*.; +-*( // +$9 $ ,0 )/* # ))* //*

1 -.* 10*' +$9 / /* ( )* ( - /* +0- $).$)0 ) * # )*) .$ + -1 --4 '' Rivista Quadrimestrale .*++- ..$*) '' '$ -/4 ( $' -$. #$* di Geopolitica e Globalizzazione '' !$) /- .+ - .* $ /4 $1$' .+ diretta da Eugenio Balsamo ")*' 6 $.+*./ ! -.$ " - // ) 3$*) $' $.*-$ )/ ( )/* +-*1* /* '' *--03$*) + -( // '' Via G. Serafino, 8 â&#x20AC;˘ 00136 Roma â&#x20AC;˘ Tel. 06 45468600 â&#x20AC;˘ e-mail: luciano.lucarini@pagine.net $).$)0 -.$ ) $ "$* #$ $ +*/ -

,/ %25*+(6(

/$ *5$1'( )8*$ '$ %58;(//(6

5,92/7$ ROWUHPDQLFD *OL ,QJOHVL FRQWUR OD Â©8(Âª GL *,86(33( '( 6$17,6 /Â¶$5($ LQWRUQR DOOD FLWWDGLQD GL 5RFKHVWHU FRQ L VXRL FD UDWWHULVWLFL YLOODJJL FLUFRQGDWL GDL SUDWL YHUGL FRVu DPDWL GDL WXULVWL GL WXWWR LO PRQGR QRQ VHPEUD SHU QXOOD XQ OXRJR GL ULYROX]LRQDUL H LQWHOOHWWXDOL GLVVLGHQWL HSSXUH GLHWUR OD WUDQ TXLOOLWj GL TXHVWD SURVSHURVD SURYLQFLD LQJOHVH FRYD XQ IRUWH ULVHQWLPHQWR FKH VWD JLj IDFHQGR VHQWLUH L VXRL HIIHWWL QHL FRUULGRL GHO SRWHUH GL :HVWPLQVWHU H SUHVWR SRWUHEEH VFXRWHUH QHOOH VXH IRQGDPHQWD OÂ¶LQWHUD 8QLRQH (XURSHD ,O PRWLYR SHU FXL WXWWL L PH]]L GL LQIRUPD]LRQH VWDQQR JXDUGDQGR FRQ LQWHUHVVH D TXHVWD ]RQD GHO .HQW VWD QHO IDWWR FKH LO 1RYHPEUH L FLWWDGLQL GHO VHJJLR HOHWWRUDOH GL 5RFKHVWHU VDUDQQR FKLDPDWL DOOH XUQH LQ XQD HOH]LRQH VSH FLDOH SHU GHVLJQDUH LO ORUR GHSXWDWR H LO IDYRULWR q 0DUN 5HFNOHVV XQ H[ GHSXWDWR FRQVHUYDWRUH FKH KD FDPELDWR FDVDFFD HG q GLYHQWDWR PHPEUR GHOOR 8QLWHG .LQJGRP ,QGHSHQGHQW 3DUW\ XQ SDUWLWR HXURVFHWWLFR FKH YXROH IDU XVFLUH OD *UDQ %UHWDJQD GDOOÂ¶8QLRQH (XURSHD &RPH PROWL SROLWLFL FRQVHUYDWRUL 5HFNOHVV QRQ QXWUH PROWD VLPSDWLD SHU LO SULPR PLQLVWUR 'DYLG &DPHURQ H ULWLHQH FKH LO 3DUWLWR FRQVHUYDWRUH QRQ KD QHVVXQD LQWHQ]LR QH GL XVDUH LO SXJQR GXUR FRQWUR %UX[HOOHV H GHFLGHUH XQD YROWH SHU WXWWH GL IDU XVFLUH OD *UDQ %UHWDJQD GDOOÂ¶8QLRQH (XURSHD 7DOH IUXVWUD]LRQH VWD DOOD EDVH GHO VXFFHVVR GHOOR 8.,3 H VH L VRQGDJJL VDUDQQR FRQIHUPDWL LO SDUWLWR GL 1LJHO )D UDJH SRWUj FRQWDUH VX XQÂ¶DOWUD YLWWRULD LPSRUWDQWH FKH VHJXH GL SRFKL PHVL OÂ¶HOH]LRQH GL 'RXJODV &DUVZHOO DOOD &DPHUD GHL &RPXQL &RPH 5HFNOHVV DQFKH &DUVZHOO HUD XQ GHSXWDWR FRQVHU YDWRUH FKH KD GHFLVR GL GLYHQWDUH PHPEUR GHOOR 8.,3 H OD VXD HOH]LRQH QHO VHJJLR GL &ODFWRQ KD IDWWR VFDOSRUH YLVWR FKH HUDQR GHFHQQL FKH XQ SDUWLWR PLQRUH QRQ RWWHQHYD XQ VHJJLR LQ SDUODPHQWR &RPÂ¶HUD SUHYHGLELOH TXHVWD YLWWRULD KD FDXVDWR DOODUPH WUD OH ILOD GHO 3DUWLWR FRQVHUYDWRUH GDWR FKH HVLVWH LO ULVFKLR FRQFUHWR FKH LO SDUWLWR GL )DUDJH SRVVD VRWWUDUUH DEEDVWDQ]D YRWL GD LPSHGLUH D 'DYLG &DPHURQ GL YLQFHUH OH HOH]LRQL SDUODPHQWDUL GHO 3HU WDOH PRWLYR LO JRYHUQR KD FHUFDWR GL JXDGDJQDUH LO WHUUHQR SHUGXWR DQQXQFLDQGR PLVXUH SL VHYHUH VXOOÂ¶LPPL JUD]LRQH H GLFKLDUDQGR FKH XQ UHIHUHQGXP VXOOD SHUPDQHQ ]D QHOOÂ¶8QLRQH (XURSHD VDUj WHQXWR VXELWR GRSR OH HOH]LR QL PD OÂ¶RSLQLRQH SXEEOLFD LQJOHVH KD DFFROWR WDOL SURPHVVH FRQ PROWR VFHWWLFLVPR JLDFFKp q FKLDUR D PROWL FKH WXWWH OH GLUHWWLYH H L WUDWWDWL HXURSHL GL IDWWR QRQ SHUPHWWRQR QHVVX QD OLEHUWj GÂ¶D]LRQH H OÂ¶XQLFD VFHOWD q XVFLUH GDOOD 8( 7DOH FRQVDSHYROH]]D KD VSLQWR PROWLVVLPL HOHWWRUL DG DSSRJJLDUH OR 8.,3 QRQRVWDQWH OD VFDUVD FUHGLELOLWj GL DOFXQL GHL VXRL FDQGLGDWL R OÂ¶DVVHQ]D QHO VXR SURJUDPPD GL VROX]LRQL FUHGLELOL VX DOFXQL WHPL TXDOL OÂ¶LPPLJUD]LRQH R L

*HQQDLR

VHUYL]L SXEEOLFL H TXHVWR SHUFKp YRJOLRQR GDUH XQ VHJQDOH IRUWH DL WUH SDUWLWL WUDGL]LRQDOL FKH LO WURSSR q WURSSR H FKH q DUULYDWD OÂ¶RUD GL OLEHUDUVL GDO JLRJR GL %UX[HOOHV 6H TXHVWR QRQ EDVWDVVH D JHWWDUH EHQ]LQD VXO IXRFR q VWDWD XQD GLFKLDUD]LRQH IDWWD GD -HDQ &ODXGH -XQNHU VHFRQ GR FXL OD *UDQ %UHWDJQD GRYUHEEH YHUVDUH QHOOH FDVVH GL %UX[HOOHV XQD FLIUD DJJLXQWLYD GL XQ PLOLDUGR H VHWWHFHQWR PLOLRQL GL VWHUOLQH DOOÂ¶LQFLUFD WUH PLOLDUGL GL HXUR 7DOH ULFKLHVWD KD IDWWR DQGDUH VX WXWWH OH IXULH DOFXQL SROLWLFL FRQVHUYDWRUL H LPEHVWLDOLWR OD VWDPSD HXURVFHWWLFD OD TXDOH QRQ KD SHUVR RFFDVLRQH GL XVDUH WDOH VWRULD SHU DWWDFFDUH OÂ¶8QLRQH (XURSHD $O PRPHQWR QRQ q FKLDUR VH &DPHURQ ULXVFLUj D HYLWDUH LO QXRYR VDODVVR LPSRVWR GD %UX[HOOHV PD OH GLIIHUHQ]H WUD OD *UDQ %UHWDJQD H JOL DOWUL 3DHVL GHOOÂ¶8QLRQH (XURSHD FRQWLQXDQR D FUHVFHUH VHPSUH GL SL H DQFKH WUD L SL DU GHQWL HXURSHLVWL VL IDÂ¶ VWUDGD OÂ¶LGHD FKH XQD VHSDUD]LRQH FRQVHQVXDOH q OD VROX]LRQH PLJOLRUH SHU HQWUDPEL $ FRQIHUPDUH TXHVWD WHVL q VWDWD XQD GLFKLDUD]LRQH IDWWD GD $QJHOD 0HUNHO RJQL WHQWDWLYR GHOOD *UDQ %UHWDJQD GL SRUUH OLPLWL DOOÂ¶LPPLJUD]LRQH YD FRQWUR L WUDWWDWL FRPXQLWDUL PD VH LO JRYHUQR EULWDQQLFR LQVLVWH FRQ TXHVWH PLVXUH UH VWULWWLYH DOORUD q PHJOLR FKH OD *UDQ %UHWDJQD HVFD GDOOÂ¶8 QLRQH (XURSHD 4XHVWÂ¶XVFLWD GHOOD 0HUNHO KD VRUSUHVR XQ SRÂ¶ WXWWL JLDFFKp OD FDQFHOOLHUD LQ SDVVDWR VL q VHPSUH RSSRVWD D RJQL WHQWDWLYR EULWDQQLFR GL XVFLUH GDOOD 8( PD HYLGHQWHPHQWH QHDQFKH XQD SHUVRQD SRWHQWH FRPH OHL KD SRWXWR LJQRUDUH OD UDEELD GHL FLWWDGLQL EULWDQQLFL H LQ PROWL VSHUDQR FKH TXHVWD VYROWD SRVVD SRUWDUH D XQ GLYRU]LR DPLFKHYROH &RVD DFFDGUj QHL SURVVLPL PHVL q GLIILFLOH GLUOR PD TXHO FKH q FHUWR q FKH LO GHVWLQR GHOOD *UDQ %UHWDJQD H GHOOD 8( VDUj GHFLVR GD PROWLVVLPL IDWWRUL DOFXQL GHL TXDOL VRQR DO IXRUL GHO FRQWUROOR GHL VLQJROL FDSL GL 6WDWR

*HQQDLR

,/ %25*+(6(

$7/$17( *(232/,7,&2

/¶©,6,6ª DOOH SRUWH H OD 5XVVLD FKH VL DOORQWDQD GL $/)2162 3,6&,7(//, )5217( GHOO¶(VW /H YLFHQGH GHO 'RQEDVV VRQR XVFLWH IXRUL GDO TXDGUDQWH GHL PHGLD H GHL WHOHJLRUQDOL VHJQR FKH F¶q XQD YRORQWj GLIIXVD GL GLPHQWLFDUH TXHVWD FULVL (SSXUH JOL HIIHWWL VRQR DEEDVWDQ]D LPSRUWDQWL H LQYHVWRQR LQ SLHQR O¶,WDOLD 3DHVH FKH FRQ O¶(VW HXURSHR VXELWR GRSR OD FDGXWD GHO PXUR KD FROWLYDWR XQ IHFRQGR LQWHUVFDPELR FRPPHU FLDOH HQHUJHWLFR H DYUHEEH WXWWR O¶LQWHUHVVH D SDFLILFDUH OD UHJLRQH 1HO 'RQEDVV UXVVR VL FRPEDWWH DQFRUD H QRQ VRQR UDUH OH YLROD]LRQL GHL GLULWWL XPDQL /H VDQ]LRQL FKH O¶8QLRQH (XURSHD KD FRPPLQDWR DOOD 5XVVLD H OH UHD]LRQL FKH QRQ VL VRQR IDWWH DWWHQGHUH GDO &UHPOLQR KDQQR JUDYHPHQWH SHQD OL]]DWR JOL LPSUHQGLWRUL LWDOLDQL OH PHUFL LWDOLDQH QRQ IOXL VFRQR SL OLEHUDPHQWH YHUVR LO JUDQGH PHUFDWR UXVVR H QHO OR VWHVVR WHPSR VL q EORFFDWR LO SURJHWWR GL FRUULGRLR HQHU JHWLFR PHULGLRQDOH , ODYRUL GL 6RXWK 6WUHDP VRQR VWDWL LQ WHUURWWL H VL QRWL DQFKH TXL LO GRSSLR VWDQGDUG FKH OD *HU PDQLD LPSRQH DOO¶(XURSD GD XQ ODWR HVVD IUXLVFH GHL EHQH ILFL GHO 1RUWK 6WUHDP LO JDVGRWWR FKH SDVVD DWWUDYHUVR OD UHJLRQH EDOWLFD H SRPSD HQHUJLD DOOD *HUPDQLD GDOO¶DOWUR ODWR OD SRVL]LRQH ©JXHUUDIUHGGLVWDª GHOOD 0HUNHO FRQWULEXL VFH D IDU DUHQDUH LO SURJHWWR JHPHOOR GL 6RXWK 6WUHDP ,Q TXHVWL JLRUQL LO SUH]]R GHO SHWUROLR VWD FUROODQGR H JOL HIIHWWL SHU O¶HFRQRPLD UXVVD VRQR JUDYL PD O¶DXWRPRELOLVWD LWDOLDQR VL q DFFRUWR GL TXHVWR FDOR" 3RFR R QLHQWH OD EHQ ]LQD q VFHVD GL SRFKL FHQWHVLPL VHJQR FKH VXO FRVWR GHO FDUEXUDQWH VL VWD HVHUFLWDQGR XQ YHUR H SURSULR VFLDFDOODJ JLR GD SDUWH GHL JHVWRUL GHOOD GLVWULEX]LRQH FKH JXDGDJQD QR GL SL VX XQD PHUFH FKH DOOD IRQWH FRVWD PHQR GD SDUWH GHOOR 6WDWR FKH FRQWLQXD D VXSHU-WDVVDUH OD EHQ]LQD ,PPD JLQLDPR FRVD DFFDGUj WUD TXDOFKH PHVH TXDQGR LO SUH]]R GHO EDULOH WRUQHUj D VDOLUH DOORUD LQ PDQLHUD GLUHWWDPHQWH SURSRU]LRQDOH LO FDUEXUDQWH VDOLUj SHU O¶DXWRPRELOLVWD SUR YRFDQGR XQ XOWHULRUH VWUR]]DPHQWR GHOOD HFRQRPLD UHDOH 5XVVLD HG (XURSD 2FFLGHQWDOH VL DOORQWDQDQR TXDQGR LQYHFH GRYUHEEHUR SURFHGHUH OXQJR OD VWUDGD GL XQD VSRQ WDQHD LQWHJUD]LRQH 4XHVWD LQWHJUD]LRQH KD L VXRL VLPEROL QHOO¶DVWURQDYH ODQFLDWD QHOOR VSD]LR FRQ GHQWUR O¶DVWURQDXWD LWDOLDQD H DOWUL YLDJJLDWRUL HXURSHL H UXVVL TXHOOD DVWURQDYH FKH KD SRUWDWR QHJOL VSD]L L VHJQL GHOOD UHOLJLRVLWj RUWRGRV VD OH LFRQH GL 0DULD H GHO &ULVWR 3DQWRFUDWRUH /¶(XURSD KD WXWWR GD JXDGDJQDUH GDOOD FUHD]LRQH GL XQD JUDQGH VLQHU JLD GD /LVERQD ILQR D 9ODGLYRVWRN PHQWUH DGHVVR q LQJDE ELDWD LQ TXHVWD UHWH GL VDQ]LRQL H FRQWUR-VDQ]LRQL OD QXRYD FRUWLQD GL IHUUR SDVVD DWWUDYHUVR LO 'RQEDVV LQVDQJXLQDWR H VHSDUD DUWLILFLDOPHQWH OH GXH SDUWL FKH GRYUHEEHUR DWWUDUVL FRPH L GXH SROL GL XQD FDODPLWD 0D OD SDUWH FKH RUD SL ODQJXH VHPEUD HVVHUH TXHOOD RFFLGHQWDOH QHOOD ULFFD H XQ SR¶ DUURJDQWH *HUPDQLD q FDSLWDWR FKH XQ SDGUH GL IDPLJOLD VLD VWDWR DUUHVWDWR SHU DYHU RVDWR DIIHUPDUH OD OLEHUWj GHO

SURSULR ILJOLR GD TXHOOH LQGHFHQWL OH]LRQL GL PHUFLILFD]LRQH VHVVXDOH WUDQV-JHQGHU FKH YHQJRQR VSDFFLDWH SHU ©HGXFD]LRQHª Ê DVVDL VTXDOOLGD OD YLWD VRWWR LO WDOORQH GL TXHVWR VWUDQR LPSHUR WHGHVFR FKH QRQ VL ULIj DL JUDQGL GHO 5RPDQWLFLVPR PD DOOH VXE-FXOWXUH QRWWXUQH GL 6DQ )UDQFL VFR ( LQWDQWR VXO IURQWH VXG FRVD DFFDGH" )URQWH 6XG ©0DUH 1RVWUXPª q VWDWR DUFKLYLDWR PD ©7ULWRQª VH QRQ q ]XSSD q SDQ EDJQDWR /D IURQWLHUD PDULW WLPD PHULGLRQDOH ULPDQH XQD SRUWD DSHUWD H JOL VEDUFKL SURVHJXRQR LQ PDVVD XQ IOXVVR DVVROXWDPHQWH VUHJRODWR GL SHUVRQH FRQWLQXD LQ XQ PRPHQWR LQ FXL OD GLVRFFXSD]LRQH VRSUDWWXWWR TXHOOD JLRYDQLOH VFKL]]D LQ DOWR FRQIHUPDQGR O¶DVVROXWD LPSRVVLELOLWj GL LQWHJUDUH QXRYL YHQXWL 3DUODUH G¶LQYDVLRQH q HVWUHPLVWLFR" 0D TXDOH WHUPLQH XVDUH VH DOO¶DIIOXVVR LQFRQWUROODWR VHJXH O¶©RFFXSD]LRQHª GL FDVH SRSRODUL FRVWUXLWH FRQ OH WDVVH IDWLFRVDPHQWH VSUHPXWH D JHQHUD]LRQL GL ODYRUDWRUL LWDOLDQL" Ê RYYLR FKH SHUVRQH HQWUDWH VHQ]D DYHU SHUFHSLWR DOFXQD UHVLVWHQ]D VL VHQWDQR LQ GLULWWR GL HQWUDUH DQFKH LQ FDVD H GL RFFXSDUH JOL LPPRELOL ,O FHUFKLR VL FKLXGH VH FRQVLGHULDPR DOWUL GXH VRJJHWWL OD FULPLQDOLWj FRPXQH H OD FODVVH SROLWLFD FRUURWWD $ 5RPD LO ERVV LQ FRPEXWWD FRL SROLWLFL FDSLWROLQL KD SDFDWDPHQWH FRPPHQWDWR ©O¶LPPLJUD]LRQH q PHJOLR GHOOD GURJDª 8Q EXVLQHVV PLOLRQDULR VWD GLHWUR TXHOOD FKH YLHQH UHWRULFD PHQWH GHILQLWD ©DFFRJOLHQ]Dª 0LOLRQL GL HXUR GHO FRQWUL EXHQWH IOXLVFRQR QHOOH WDVFKH GL TXHVWL PDQDJHU FKH GXQ TXH KDQQR ELVRJQR GHOO¶LPPLJUDWR FRPH FDXVD RFFDVLRQDOH GHO ORUR DUULFFKLPHQWR 4XHVWR TXDGUR JLj VTXDOOLGR GL SHU Vp GLYHQWD SHULFROR VR VH VL FRQVLGHUD LO IDWWRUH IRQGDPHQWDOLVPR LVODPLFR $OOD FKHWLFKHOOD O¶,6,6 q DUULYDWD D 'HUQD DOOH SRUWH GHOO¶,WDOLD 'RSR OD FDGXWD GL *KHGGDIL LO FDRV q DOOH QRVWUH SRUWH PD QRQ q WDQWR LO FDRV HVWHUQR FKH SUHRFFXSD TXDQWR OR VPDUUL PHQWR GL LGHH H GL YDORUL FKH VL PDQLIHVWD DOO¶LQWHUQR 6LD GHWWR IUDQFDPHQWH XQD IHOLFH HFFH]LRQH D TXHVWR VPDUUL PHQWR JHQHUDOH FL DSSDUH OD 5XVVLD GL 9ODGLPLU 3XWLQ

,/ %25*+(6(

Â©8/75$6Âª FRQWUR VDODILVWL *OL KRROLJDQV WHGHVFKL VL VFKLH UDQR FRQWUR JOL LVODPLVWL UDGLFDOL GL 0$66,02 &,8//2 6$5Â¬ SHUFKp YHGRQR PLQDFFLDWR LO ORUR VWLOH GL YLWD HVWUHPR FDOFLR DOFRRO VHVVR H YLROHQ]D GDOOD SUHGLFD]LRQH GL FKL YRUUHEEH LQWURGXUUH OD OHJJH LVODPLFD LQ *HUPDQLD VDUj SHU FKp QRQ VRSSRUWDQR LO SURVHOLWLVPR QHL FRQIURQWL GHL ILJOL GL LPPLJUDWL FKH QRQ KDQQR QHVVXQD YRJOLD GL LQWHJUDUVL R DVVL PLODUVL DL FRVWXPL H DOOD FXOWXUD WHGHVFD VWD GL IDWWR FKH L WLIRVL WHGHVFKL SL HVWUHPL KDQQR DFFDQWRQDWR OH ORUR ULYDOLWj H VL VRQR XQLWL SHU PDQLIHVWDUH OD ORUR DVVROXWD DYYHUVLRQH DL SUR SDODWRUL GL RGLR DQWL-RFFLGHQWDOH 6H TXDOFKH SUHGLFDWRUH SUR SRQH GL IUXVWDUH SXEEOLFDPHQWH FKL YLHQH VRUSUHVR XEULDFR LO VDEDWR VHUD IXRUL GDL SXE q QDWXUDOH DWWHQGHUVL XQD UHD]LRQH XJXDOH H FRQWUDULD GD FKL QRQ LQWHQGH DFFHWWDUH OÂ¶LPSRVL]LRQH GL QRUPH HWLFR-UHOLJLRVH GÂ¶LPSRUWD]LRQH FKH SUHYHGRQR DG HVHPSLR LO EDQGR GHJOL DOFROLFL 1XOOD GL RULJLQDOH VH VL SHQVD FRPH QHO 5HJQR 8QLWR XQ SDLR GL DQQL ID JOL KRROLJDQV ULYDOL GHOOH VTXDGUH GL FDOFLR SL LPSRUWDQWL DEELDQR PHVVR GD SDUWH JOL RGv UHFLSURFL SHU XQLUVL FRQWUR LO QHPLFR FRPXQH OÂ¶LVODPLVPR UDGLFDOH FKH DYUHEEH FRPH RELHWWLYR OÂ¶LQWURGX]LRQH GHOOD 6KDULD &RPH LQ ,QJKLOWHUUD LO EHUVDJOLR GHJOL LQIHURFLWL VXSSRUWHU WHGHVFKL VRQR L Â©SUHGLFDWRUL GHOOÂ¶RGLRÂª FKH IDFHQGR OHYD VXO IDOOLPHQWR GHO PRGHOOR Â©PXOWLNXOWLÂª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Â¶2OWUHPDQLFD +R*H6D q OD VLJOD FKH UDFFR JOLH L VLPSDWL]]DQWL GHOOÂ¶LQL]LDWLYD WHGHVFD FKH KD ULVFRVVR XQ LPPHGLDWR TXDQWR LQDVSHWWDWR VXFFHVVR H VWD SHU Â©+RROLJDQV *HJHQ 6DODILVWHQÂª $OOD SULPD FRQYRFD]LRQH XIILFLDOH LO RWWREUH VFRUVR D &RORQLD JOL VWHVVL RUJDQL]]DWRUL QRQ VL DVSHW WDYDQR SL GL XQ PLJOLDLR GL SDUWHFLSDQWL LQYHFH QHOOD SLD]]D GL IURQWH DOOD 6WD]LRQH FHQWUDOH GHOOD FLWWj WHGHVFD VL VRQR ULWUR YDWL FLUFD KRROLJDQV ,QL]LDOPHQWH JOL Â©DQWL-VDODILVWLÂª KDQQR PDQWHQXWR XQ DWWHJJLDPHQWR VHYHUR H FRPSRVWR LQWHU URWWR GL WDQWR LQ WDQWR GD TXDOFKH VORJDQ PLQDFFLRVR FRQWUR JOL HVWUHPLVWL LVODPLFL SRL KDQQR SHQVDWR EHQH GL VFDULFDUH OÂ¶D GUHQDOLQD DFFXPXODWD VFDJOLDQGRVL FRQWUR OÂ¶LPSRQHQWH FRUGR QH GL VLFXUH]]D SUHGLVSRVWR GDOOH ORFDOL IRU]H GHOOÂ¶RUGLQH 1H VRQR VHJXLWL WDIIHUXJOL H LQFLGHQWL FRQ GLYHUVL DJHQWL IHULWL H XQ SRÂ¶ GL HVDJLWDWL SRUWDWL LQ FRPPLVVDULDWR D VEROOLUH OD UDEELD ,O EUDFFLR SROLWLFR GHL FRVLGGHWWL Â©.DWHJRULH &Âª OD SROL]LD WHGH VFD DWWULEXLVFH TXHVWD GHQRPLQD]LRQL DL WLIRVL SL YLROHQWL q LO 3(*,'$ LO QHRQDWR PRYLPHQWR GHL Â©3DWULRWL (XURSHL FRQWUR OÂ¶,VODPL]]D]LRQH GHOOÂ¶2FFLGHQWHÂª FKH UHSOLFDQR LO PRGHOOR GHOOD ('/ EULWDQQLFD $QFKH OD ORUR SULPD PDQLIHVWD]LRQH D

*HQQDLR

'UHVGD KD ULVFRVVR XQ JUDQGH VXFFHVVR FRQ GHFLQH GL PLJOLDLD GL SDUWHFLSDQWL , PHGLD WHGHVFKL KDQQR GDWR DPSLR ULVDOWR D TXHVWH QXRYH RUJDQL]]D]LRQL VRVSHWWDWH GL HVVHUH LQ FRPEXWWD FRQ OÂ¶HVWUHPD GHVWUD [HQRIRED H UD]]LVWD 'RSR L IDWWL GL &RORQLD H 'UHVGD q VXELWR VFDWWDWR OÂ¶DOODUPH GHO 0LQLVWHUR GHJOL ,QWHUQL FKH KD GHFLVR GL YLHWDUH GLPRVWUD]LRQL GL DQDORJR WHQRUH JLj SUR JUDPPDWH D %HUOLQR H LQ DOWUH FLWWj WHGHVFKH )UDQFRIRUWH +DQQRYHU H $PEXUJR 1HOOD FDSLWDOH WHGHVFD HUDQR DWWHVL VHFRQGR OH VWLPH GHOOD SROL]LD FLUFD VXSSRUWHUV $ SUHRFFXSDUH OH DXWRULWj GL %HUOLQR VRQR VWDWL VRSUDWWXWWR L SUHVXQWL OHJDPL WUD L JUXSSXVFROL GL HVWUHPD GHVWUD FKH DJL VFRQR DOOÂ¶LQWHUQR GHO WLIR YLROHQWR WHGHVFR H OD QXRYD RUJDQL] ]D]LRQH DQWL-LVODPLFD 0D L OHDGHU GL +R*H6D KDQQR ULEDGLWR FKH OD ORUR LQL]LDWLYD q DVVROXWDPHQWH Â©DSROLWLFD H DSDUWLWLFDÂª H QRQ ODQFLD Â©SURFODPL UD]]LVWLÂª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Â¶DOWUD VTXDGUD PD GL RSSRVWD LGHRORJLD SROLWL FD DQDUFKLFL H FRPXQLVWL LQ SULPLV 1HO JOL *QX+RRQWHUV KDQQR ODQFLDWR XQD FDPSDJQD VX XQ IRUXP LQWHUQHW ULVHUYDWR GHQRPLQDWD Â©:HLO 'HXWVFKH VLFKÂ¶V QRFK WUDXHQÂª Â©3HUFKp L WHGHVFKL KDQQR DQFRUD FRUDJ JLRÂª FRQ OR VFRSR GL SLDQLILFDUH D]LRQL GLPRVWUDWLYH FRQWUR L OHDGHU GHOOÂ¶HVWUHPLVPR UDGLFDOH LVODPLFR LQ *HUPDQLD $OOÂ¶L QL]LR GHO LO IRUXP KD VXEuWR XQ DWWDFFR GD SDUWH GL DOFXQL KDFNHU FKH QH KDQQR ULYHODWR L FRQWHQXWL H OH ILQDOLWj $ TXHVWR SXQWR SHUz LQYHFH GL GLVVROYHUVL JOL DQLPDWRUL GHOOÂ¶LQL]LDWLYD VRQR XVFLWL DOOR VFRSHUWR H KDQQR SURPRVVR XQD VHULH GÂ¶LQL]LD WLYH SXEEOLFKH VRWWR OD QXRYD VLJOD GL Â©+RROLJDQV FRQWUR L 6DODILWLÂª 'RSR DYHU VSHULPHQWDWR VXO ZHE OD ORUR FDSDFLWj GL DWWUD]LRQH OD ORUR SDJLQD )DFHERRN KD UDFFROWR LQ EUHYH WHP SR SL GL Â©DPLFLÂª HG q VWDWD LPPHGLDWDPHQWH RVFXUDWD GDL FHQVRUL GHO VRFLDO-QHWZRUN L OHDGHU GL +R*H6D KDQQR GHFLVR FKH L WHPSL HUDQR PDWXUL SHU VFHQGHUH LQ VWUDGD 6RQR LQ PROWL D FKLHGHUVL FKL VLDQR TXHVWL QXRYL KRROLJDQV H TXDOH VLD LO ORUR UHDOH RELHWWLYR ,O ORUR VXFFHVVR QHO UDFFR JOLHUH LQ FRVu SRFR WHPSR XQ YDVWR FRQVHQVR LQ XQ PRQGR FRPH TXHOOR GHJOL XOWUDV GRYH FHUWR QRQ VSLFFDQR LQWHQ]LRQL SDFLILFKH H LQL]LDWLYH ILODQWURSLFKH q VWDWR DVFULWWR DO VHQVR GL IUXVWUD]LRQH GL XQD ODUJD IDVFLD GHOOD SRSROD]LRQH WHGHVFD VHPSUH SL LQFOLQH D FRQVLGHUDUH LO JRYHUQR IHGHUDOH SRFR DWWHQWR H UHDWWLYR ULJXDUGR OÂ¶HVSDQVLRQH GHOOÂ¶LVODP UDGLFDOH QHO 3DHVH

7(5=$ 3$*,1$ 81 *,85,67$ 75$ '8( 5(*,0,

/D GRSSLD YLWD GL 3LHUR &DODPDQGUHL GL $/(66$1'52 %$5%(5$ 3,(52 &DODPDQGUHL IX XQ LQVLJQH JLX ULVWD FHOHEUDWR DQFRU RJJL SHU LO VXR UXROR SROLWLFR SL FKH SHU OD VXD VFLHQ]D (JOL VL SRVH QHOOD VHFRQGD IDVH GHOOD VXD YLWD FRPH LO Â©FDQWRUH GHOOD 5HVLVWHQ]DÂª PD IX DQFKH DOWUH FRVH H VSHVVR DPELJXH ,Q VLQWHVL FR PH GRFHQWH XQLYHUVLWDULR IX XQ SUR FHVVXDOLVWD FLYLOH FRPH DYYRFDWR XQ FLYLOLVWD QHO IX XQ FROODERUDWRUH GHO PLQLVWUR *UDQGL QHOOD VWHVXUD GHO &RGLFH GL 3URFHGXUD &LYLOH 1HO GR SRJXHUUD HEEH XQ UXROR QHOOÂ¶$VVHP EOHD FRVWLWXHQWH H SRL QHO 3DUODPHQWR SHU GLYHQLUH LQILQH - FRPH VL q GHWWR - OÂ¶LQYHQWRUH GHO PLWR GHOOD 5HVLVWHQ]D ,Q FRQWHPSRUDQHD HEEH DQFKH XQ UXROR QHO PDQFDWR SURFHVVR FLYLOH SHU L IDWWL GL YLD 5DVHOOD 'XUDQWH LO YHQ WHQQLR QRQ IX FHUWDPHQWH XQ IDVFLVWD PD QRQ IX QHSSXUH DQWLIDVFLVWD VSHFLH VH FRQ TXHVWR WHUPLQH VL LQWHQGH XQ RSSRVLWRUH GHO UHJLPH )X SLXWWRVWR XQ DIDVFLVWD $QWLIDVFLVWD YHUR OR GL YHQQH - H VHQ]D FRUUHUH ULVFKL - VRO WDQWR D SDUWLUH GDOOD PHWj GHO GRSR OÂ¶DYDQ]DWD GHJOL $OOHDWL QHOOÂ¶,WD OLD FHQWUR-PHULGLRQDOH 'HWWR FLz YHGLDPR DOFXQL SXQWL GHOOD VXD ELRJUDILD 3HU OD FXL ULFR VWUX]LRQH FL VHUYLUHPR FRPH IRQWH SULQFLSDOH GHO WHVWR GHO JLXULVWD )UDQ FR &LSULDQL 3LHUR &DODPDQGUHL H OD SURFHGXUD FLYLOH DSSDUVR LQ VHFRQGD HGL]LRQH QHO SHU OH (GL]LRQL 6FLHQWLILFKH ,WDOLDQH 3HU XOWHULRUH IRQWH OLPLWDWD DJOL DQQL GHOOD JXHUUD FLYLOH WRUQD XWLOH OD SUHID]LRQH GHOOR VWRULFR 6HUJLR /X]]DWWR DOOD ULVWDPSD ODWHU]LDQD GHO GHO OLEUR GL &DOD PDQGUHL 8RPLQL H FLWWj GHOOD 5HVL VWHQ]D (JOL VL ODXUHz FRQ OXL D 3LVD QHO 1HO FRQVHJXu LO VHFRQGR SRVWR QHO FRQFRUVR D 3DGRYD SHU OD FDWWHGUD GL SURFHGXUD FLYLOH ,Q FRQVH JXHQ]D IX FKLDPDWR DG LQVHJQDUH D 0HVVLQD SHU SRL VSRVWDUVL SHU WDSSH D

6LHQD 7UD L FRPPLVVDUL GHO FRQFRUVR VSLFFD LO QRPH GL $OIUHGR 5RFFR 1HO LO JLXULVWD GLYHQQH RUGLQDULR $QFKH LQ TXHVWR FDVR GHOOD FRPPLV VLRQH IDFHYD SDUWH 5RFFR ,QVRPPD VDOu LQ FDWWHGUD DQFKH JUD]LH DO SDUHUH IDYRUHYROH GHOOÂ¶LGHRORJR QD]LRQDOLVWD H SRL PLQLVWUR JXDUGDVLJLOOL 6XO WHUUHQR SROLWLFR QHO PDJJLR VRWWRVFULVVH LO PDQLIHVWR DQWLID VFLVWD GL %HQHGHWWR &URFH VHQ]D SHUz FKH FLz SUHFOXGHVVH DG XOWHULRUL DWWHJ JLDPHQWL GL GLVVHQVR ,O QRYHPEUH GHO SUHVWz JLXUDPHQWR DO UHJLPH FRQ OD IRUPXOD GL ULWR ,Q JHQHUDOH FROWLYz UDSSRUWL GL DPLFL]LD FRQ SHU VRQDJJL RVWLOL DO UHJLPH PD QRQ IHFH QXOOD FRQWUR GL HVVR QHDQFKH D OLYHOOR PLQLPR 1HO FRPSOHVVR FRPH VFULVVH LO ILJOLR )UDQFR SHU OXL WXWWR VL OLPLWz Â©DO PDVVLPR D TXDOFKH EURQWROLR R D TXDOFKH EDU]HOOHWWDÂª $ OXJOLR GHO JXDUGDVLJLOOL GLYHQQH 'LQR *UDQGL &RQ OXL QDVFH OÂ¶LPSHJQR GLUHWWR GL &DODPDQGUHL QHO FDPSR GHOOD SURGX]LRQH OHJLVODWLYD *UDQGL SXQWz DG XQD UHYLVLRQH GHL SURJHWWL SUHFHGHQWL (EEH TXDVL VXEL WR OÂ¶LGHD GL FRLQYROJHUH GLUHWWDPHQWH TXHOOL FKH HUDQR DO PRPHQWR L SL DX WRUHYROL SURFHVVXDOLVWL FLYLOL RYYHUR &DUQHOXWWL 5HGHQWL H &DODPDQGUHL 1HO WUD L WUH SURFHVVXDOLVWL FLYL OL GHFLVH GL SULYLOHJLDUH LO UDSSRUWR FRQ &DODPDQGUHL VWDELOHQGR UDSSRUWL TXDVL DPLFDOL *UDQGL LO JOL FKLHVH GL SUHSDUDUJOL Â©OR VFKHPD GHOOD SDUWH WHFQLFD GHO GLVFRUVR VXO & 3 & Âª SHU XQÂ¶HVSRVL]LRQH FKH HIIHWWXz SRL LO PDJJLR DO 6HQDWR &RQ OÂ¶RFFDVLRQH JOL ULIHUu GL DYHU GHWWR D 0XVVROLQL FKH GHL WUH WHFQLFL Â©LO SL IDVFLVWD q LO QRQ IDVFLVWD &DODPDQGUHLÂª $G DSULOH *UDQGL JOL DIILGz OÂ¶XOWLPD UHYL VLRQH GHO FRGLFH 8QD IDWLFD FKH LO JLXULVWD VL DFFROOz Â©YROHQWLHULÂª ,Q FRQWHPSRUDQHD LO PLQLVWUR JOL FKLHVH GL SUHSDUDUH OD UHOD]LRQH DO 5H VXO

& 3 & $ FRQWL IDWWL HJOL IX LO UHGDWWR UH SULQFLSDOH GHOOD VWHVXUD GHILQLWLYD GHO FRGLFH 1HOOD UHOD]LRQH DO 5H LOOX VWUz FRPH OXL VWHVVR VFULVVH Â©L SULQ FuSL GL SROLWLFD OHJLVODWLYD DL TXDOL OD ULIRUPDÂª HUD LVSLUDWD QRQFKp Â©OH SL LPSRUWDQWL LQQRYD]LRQL LQ FXL TXHL SULQFuSLÂª DYHYDQR WURYDWR FRQFUHWD DWWXD]LRQH $VVHUu DQFRUD FKH VL HUD IDWWR LO PLJOLRU FRGLFH GL WXWWL L WHPSL H FKH FLz HUD PHULWR QRQ VROWDQWR GHO OD GRWWULQD PD DQFKH GHO IDVFLVPR &RPH KD RVVHUYDWR )UDQFR &LSULDQL HJOL Â©GHWWH DO FRGLFH OH EDVVL GRWWULQD OLÂª FKH L PLQLVWUL SULPD 6ROPL H SRL *UDQGL QRQ DYHYDQR VDSXWR GDUJOL /D VXD FROODERUD]LRQH DO FRGLFH QRQ IX VROWDQWR WHFQLFD Â©PD DQFKH SROLWL FD H VSRQWDQHDÂª 3HUDOWUR LO JLXULVWD DYHYD FROODERUDWR DQFKH DOOD VWHVXUD GHO 9, OLEUR GHO &RGLFH &LYLOH H DO QXRYR RUGLQDPHQWR JLXGL]LDULR ,Q WXWWD OD YLFHQGD &DODPDQGUHL VL HUD PRVWUDWR Â©FDUR H EXRQR FRPH VHP SUHÂª FLRq DVVROXWDPHQWH GLVSRQLELOH FRPH VFULVVH *UDQGL LQ XQD OHWWHUD GHOOÂ¶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Â¶ PDJJLR VL UHFD D 5RPD SHU SHURUDUH OÂ¶DLXWR GHO QXRYR JXDUGDVL JLOOL $OIUHGR 'H 0DUVLFR ,O PLQLVWUR VL LPSHJQD GLUHWWDPHQWH FRQ 0XVVROL QL FKH ULVROYH LPPHGLDWDPHQWH OD FR VD D VXR IDYRUH 3HU TXHVWR DLXWR FKLHVWR H RWWHQXWR &DODPDQGUHL QRQ VHUEHUj DOFXQD JUDWLWXGLQH $ ILQH OXJOLR LO UHJLPH FUROOD ,O DJRVWR GHO VL KD LO SULPR HVSOLFLWR LQWHUYHQWR DQWLIDVFLVWD GL &DODPDQGUHL VXO &RUULHUH GHOOD VHUD ,O DJRVWR YLHQH QRPLQDWR UHWWRUH GHOOÂ¶8QLYHUVLWj GL )LUHQ]H 'RSR OÂ¶ VHWWHPEUH WHPHQGR IDVWLGL GD SDUWH GL WHGHVFKL H IDVFLVWL VL ULIXJLD SURYYL VRULDPHQWH D 7UHJJLDLD ,Q VHJXLWR LO RWWREUH VL VSRVWD D &ROFHOOR 8P

EUR GRYH ULPDQH QRYH PHVL ILQR DO OXJOLR RYYHUR ILQR D TXDQGR JOL $OOHDWL LQYDGRQR O¶,WDOLD FHQWUR PHUL GLRQDOH &DODPDQGUHL VL WUDVIHULVFH ILQDOPHQWH D 5RPD SHU SRL WRUQDUH D )LUHQ]H &RPLQFLD DOORUD SHU OXL FR PH VFULYH /X]]DWWR ©XQ¶DWWLYLWj SROL WLFD IUHQHWLFDª 'DWD LQ TXHVWR SHULR GR OD VXD DGHVLRQH DO 3DUWLWR G¶D]LR QH DQFKH VH LQ DOFXQL VFULWWL VXFFHVVL YL KD SUHWHVR GL DQWLFLSDUOD ,O SXQWR GROHQWH SHUz q FKH LO IXWXUR ©FDQWRUH GHOOD 5HVLVWHQ]Dª DOOD ORWWD SDUWLJLDQD QRQ DYHYD SDUWHFLSDWR 6FULYH D TXH VWR SURSRVLWR /X]]DWWR QHOOD FLWDWD SUHID]LRQH FKH IUD LO H LO ©&DODPDQGUHL HVLWz D ULFRQRVFHUH QHL SDUWLJLDQLª JOL HURL VXFFHVVLYL ( DJ JLXQJH LO IRUJLDWRUH GHO PLWR GHOOD 5HVLVWHQ]D DVVLVWp ©DOOD QDVFLWD GHO PRYLPHQWR SDUWLJLDQR QRQ VROWDQWR VHQ]D FRQWULEXLUYL GL SHUVRQD PD FRQVLGHUDQGROR FRQ VXIILFLHQ]D R DG GLULWWXUD FRQ GLIILGHQ]Dª ,Q TXHVWD VLWXD]LRQH VL LQVHULVFH LO FRPSOHVVR H SHU FHUWL YHUVL GUDPPDWL FR UDSSRUWR FRO ILJOLR )UDQFR ,Q XQ SULPR PRPHQWR LO JLRYDQH VL q PR VWUDWR XQ IDVFLVWD FRQYLQWR ,Q TXHVWD IDVH KD SDUWHFLSDWR QHO DL /LWWR ULDOL GL 5RPD SHU LO WHDWUR Ê VWDWR SRL FROODERUDWRUH QHJOL DQQL - GHO SHULRGLFR IDVFLVWD /D 5XRWD /D JXHUUD H LO VXR DQGDPHQWR GHWHUPLQD QR LQ OXL XQD VYROWD ,O VHWWHPEUH LO ILJOLR YD D WURYDUH LO 3DGUH D

,/ %25*+(6( 7UHJJLDLD H JOL DQQXQFLD LO SURSRVLWR GL SDUWHFLSDUH DOOD ORWWD SDUWLJLDQD QHOOH ILOH GHO PRYLPHQWR FRPXQLVWD &DODPDQGUHL IHFH GL WXWWR SHU GLVVXD GHUOR GDOO¶DGHVLRQH VHQ]D DOFXQ ULVXO WDWR ,O PDU]R XQ JUXSSR GL SDUWLJLDQL GHL *$3 WUD FXL LO ILJOLR )UDQFR UHDOL]]z D 5RPD LQ YLD 5DVHO OD O¶DWWHQWDWR FRQWUR JOL DOWRDWHVLQL GHO EDWWDJOLRQH %R]HQ 1H PRULURQR QHOO¶LPPHGLDWR FXL VH QH DJJLXQ VH XQ DOWUR QHOOH RUH VXFFHVVLYH $G HVVL VL VRPPDURQR DOFXQL FLYLOL WUH R TXDWWUR - LO QXPHUR q LQFHUWR IRUVH DQFKH XQ SDUWLJLDQR HVWUDQHR DOO¶DW WHQWDWR , WHGHVFKL VX RUGLQH GL +LWOHU GHFLVHUR OD UDSSUHVDJOLD GHOOH $UGHD WLQH QHO UDSSRUWR GL GLHFL D XQR &DODPDQGUHL LJQRUD FKH QHOOD YL FHQGD q FRLQYROWR LO ILJOLR $OOD GDWD GHO PDU]R DQQRWD QHO VXR 'LDULR O¶DWWHQWDWR H OD UDSSUHVDJOLD DPPHW WHQGR GL IDWWR XQ QHVVR WUD OH GXH FR VH &RPPHQWD /X]]DWR ©&DODPDQGUHL VL DFFRQWHQWDYD GL DOOXGHUH DJOL DWWHQWDWRUL FROSHYROL LQGLUHWWL GHOO¶HF FLGLR GHOOH )RVVH $UGHDWLQHª $VVXPH LQ VHJXLWR FKH O¶DWWHQWDWR q DWWULEXLWR D ©FRPXQLVWL EDGRJOLDQLª FKH VDUHE EHUR OH SULQFLSDOL YLWWLPH GHOOD UDS SUHVDJOLD LQVRPPD VXR ILJOLR SRWUHE EH HVVHUH FRLQYROWR VLD FRPH DWWHQWD WRUH FKH FRPH YLWWLPD $SSUHQGHUj LQILQH FKH q YLYR 'D TXL FRPLQFLD D PDQLIHVWDUH DWWHQ]LRQH SHU LO FRPXQL VPR LQVRPPD FRPLQFLD DG DFFHWWDUH OH VFHOWH GHO ILJOLR $ OXJOLR GHO LO 7ULEXQDOH GL 5RPD FRQGDQQz .DSSOHU DOO¶HUJDVWR OR SHU DYHU IDWWR XFFLGHUH FLQTXH SHU VRQH LQ SL ULVSHWWR D TXDQWR GHFLVR 1HOO¶RFFDVLRQH VWDELOu SHUz FKH O¶DW WHQWDWR GL YLD 5DVHOOD HUD XQ ©DWWR LO OHJLWWLPR GL JXHUUDª ,Q FRQVHJXHQ]D GL FLz D PDU]R GHOO¶DQQR VXFFHVVLYR VHWWH IDPLOLDUL GHOOH YLWWLPH GHOOH $U GHDWLQH LQWHQWDURQR FDXVD FLYLOH QHL FRQIURQWL GHL PDQGDQWL H GHJOL DWWHQ WDWRUL WUD L TXDOL )UDQFR &DODPDQGUHL ,O PDU]R TXHVWL VL YLGH QRWLILFDWD OD FLWD]LRQH 'XH JLRUQL GRSR LQIRUPz LO SDGUH 3LHUR &DODPDQGUHL HVVHQGR DOO¶HSRFD LQ TXDQWR SUHVLGHQWH GHO &RQVLJOLR QD]LRQDOH IRUHQVH LO SL DXWRUHYROH DYYRFDWR G¶,WDOLD ©VWDQGR GLHWUR OH TXLQWHª VL VFDWHQz &LSULDQL 6FHOVH L GLIHQVRUL GHO IL JOLR &RPDQGLQL H -HPROR H GHWWz SHU WXWWL JOL LPSXWDWL OD OLQHD GLIHQVL YD /D GRPDQGD IX ULJHWWDWD QHO VHQ VR FKH QRQ IX DPPHVVR LO SURFHVVR 0D L VRFFRPEHQGL LPSXJQDURQR OD GHFLVLRQH LQ $SSHOOR H LQ &DVVD]LRQH 1HO OH VH]LRQL XQLWH SUHVLHGXWH

*HQQDLR GD (UQHVWR $XOD FRQIHUPDQGR LO UL JHWWR VRVWHQQHUR FKH O¶DWWHQWDWR GR YHYD FRQVLGHUDUVL OHJLWWLPR LQ EDVH DOOD OHJLVOD]LRQH VXFFHVVLYD DO IDWWR ,Q SDUWLFRODUH JUD]LH DO GHFUHWR OHJL VODWLYR DSULOH Q HPDQD WR GDO JRYHUQR FRQ HIILFDFLD UHWURDWWL YD ,Q SUHFHGHQ]D QHO PHQWUH VL DWWHQGHYD OD VHQWHQ]D GHO 7ULEXQDOH GL 5RPD LO QXRYR FDSR GHOOR 6WDWR (LQDXGL VX SURSRVWD GHO FDSR GHO JR YHUQR 'H *DVSHUL FRQIHUu DJOL DWWHQ WDWRUL GHOOH PHGDJOLH DO YDORU PLOLWDUH ,Q SDUWLFRODUH D )UDQFR &DODPDQGUHL LO PDU]R IX DVVHJQDWD OD PHGDJOLD G¶DUJHQWR &RPH KD VFULWWR )UDQFR &LSULDQL OH PHGDJOLH IXURQR ©FRQIHULWH SHU IDU FDSLUH DL JLXGLFL FRPH VL GRYHYDQR FRPSRUWDUHª 6L WUDWWD GL PHGDJOLH FKH ROWUHWXWWR IXUR QR FRQVHJQDWH DJOL LQWHUHVVDWL WUHQW¶DQQL GRSR L IDWWL D ULSURYD FKH OD IDFFHQGD HUD WXWW¶DOWUR FKH OLQHDUH 7UD O¶DOWUR QHO VX LPSXOVR GHJOL HUHGL GHOOH YLWWLPH FLYLOL GL YLD 5DVHO OD VL ULDSUu OD TXHVWLRQH LQ VHGH SHQD OH ,O *,3 GL 5RPD RUGLQz O¶DUFKLYLD ]LRQH SHU LQWHUYHQXWD DPQLVWLD VHQ]D SHUz HVFOXGHUH OD FROSHYROH]]D GHJOL LPSXWDWL $ SDUWH FLz OD VHQWHQ]D DV VROXWRULD GHO SULPD FKH DUULYDV VH QRQ HUD SHU QXOOD VFRQWDWD 'D FLz O¶LPSHJQR GHO SDGUH ,O JLXGLFH (OLD FKH DYHYD PHVVR OD SDUROD ILQH DOOD YLFHQGD JLXGL]LDULD GL )UDQFR H GHL VXRL FRPSDJQL HUD VWDWR SHUVRQDO PHQWH OHJDWR DO JLXULVWD &RQ OXL DYH YD SDUWHFLSDWR D YDULH LQL]LDWLYH 3HU HVHPSLR QHO PDU]R GHO DYHYD SDUWHFLSDWR D %DUL DOOD FRQIHUHQ]D GL &DODPDQGUHL SHU O¶LQDXJXUD]LRQH GHO &LUFROR JLXULGLFR 3RFKL PHVL GRSR LQ JLXJQR D 0LODQR DYHYD SUHVLHGXWR FRQ OXL LO FRQYHJQR VXO JLXGLFH LVWUXW WRUH 3LHUR &DODPDQGUHL PRUu D VHWWHP EUH GHO 1RQ YLGH GXQTXH O¶DV VROX]LRQH GHILQLWLYD GHO ILJOLR PD QRQ F¶q GXEELR FKH HJOL VL VLD PRELOL WDWR SHU RWWHQHUH TXHO ULVXOWDWR /R IHFH GHWWDQGR OD OLQHD GLIHQVLYD DJOL DYYRFDWL OR IHFH FROWLYDQGR OH UHOD ]LRQL DOPHQR FRQ XQ JLXGLFH LQWHUHV VDWR OR IHFH IRUQHQGR DOLEL JLXULGLFL QHOOH ULYLVWH VSHFLDOL]]DWH /R IHFH VRSUDWWXWWR GLYHQWDQGR LO ©FDQWRUHª GL TXHOOD 5HVLVWHQ]D D FXL QRQ DYHYD SDUWHFLSDWR 1HO VXR OLEUR GHO VX 8RPLQL H FLWWj GHOOD 5HVLVWHQ]D SH UDOWUR WUD OH WDQWH FLWWj LQGLFDWH VL JXDUGz EHQH GDOO¶LQFOXGHUH DQFKH 5R PD H GL IDUH ULIHULPHQWL D YLD 5DVHOOD H DOOH $UGHDWLQH ,QVRPPD QRQRVWDQ WH WXWWR OH ULVHUYH VX TXHOO¶D]LRQH OH PDQWHQHYD

*HQQDLR

,/ %25*+(6(

/LEHUWj FRQGL]LRQDWD

GL SDUROD GL *,$1)5$1&2 '( 7855,6 7877, VDQQR FKH OD &RVWLWX]LRQH LWD OLDQD VDQFLVFH OD OLEHUWj GL HVSUHVVLR QH GL SDUROD GL SHQVLHUR HFFHWHUD 1HVVXQR OR PHWWHUHEEH LQ GXEELR 0D VROWDQWR FRQ ©OD SL EHOOD GHO PRQGRª FL VL SUHQGH OD EULJD GL PHW WHUOD VRWWR FRQGL]LRQH 4XDOH" &KH OD OLEHUWj GL SDUROD YDOH VHFRQGR FKL SDUOD H GHOO¶DUJRPHQWR GL FXL WUDWWD 8Q¶LSRFULVLD SHU QRQ GLU SHJJLR 'XH FDVL HVHPSODUL /D UHJLRQH )ULXOL 9HQH]LD *LXOLD UHWWD GDO FHQWURVLQLVWUD KD ILQDQ]LDWR FRQ YHQWLPLOD HXUR OD FDVD HGLWULFH .DSSD 9X GL 8GLQH VSHFLDOL]]DWD IUD O¶DOWUR LQ OLEUL QHJD]LRQLVWL VXOOH IRL EH /¶DVVHVVRUH DOOD FXOWXUD *LDQQL 7RUUHQWL GL IURQWH DOOH SURWHVWH VL q FRVu JLXVWLILFDWR ©1RQ VRQR DVVROX WDPHQWH G¶DFFRUGR FRQ OH WHVL QHJD ]LRQLVWH GHO GUDPPD VWRULFR VXOOH IRLEH PD VH EORFFDVVLPR L IRQGL DQ GUHPPR D LQWDFFDUH OD OLEHUWj GL HVSUHVVLRQH H GL SHQVLHURª ,O *LRU QDOH GLFHPEUH *LXVWLVVLPR 3DUROH GD WHQHUH D PHQWH 9HGLDPR VH OD ©OLEHUWj GL HVSUHVVLRQHª YDOH DQFKH SHU XQD FDVD HGLWULFH R XQ FRQYHJQR FKH VL RFFXSDVVHUR GHOO¶2ORFDXVWR LQ FKLDYH QRQ GLFLDPR DGGLULWWXUD QHJD ]LRQLVWD PD ULGX]LRQLVWD FKHVVz QRQ VRQR PRUWL VHL PLOLRQL GL HEUHL PD DO PDVVLPR XQR H PH]]R R VL DIIHUPDV VH FKH OD ULVLHUD GL 6DQ 6DED HUD VRO WDQWR XQ FDPSR GL FRQFHQWUDPHQWR H GL WUDQVLWR FRPH DOFXQL VWRULFL VRVWHQ JRQR H QRQ XQ OXRJR GL VWHUPLQLR 3URWHVWDVVH R VL LQGLJQDVVH QHO FDVR ELVRJQHUj ULFRUGDUH DOO¶HVLPLR DVVHV VRUH TXHVWH VXH IUDVL GHJQH GL XQ GH PRFUDWLFR YHUR SHUFKp QRQ UHVWLQR VROWDQWR EXRQH LQWHQ]LRQL 6HFRQGR HVHPSLR H SURSULR QHOOR VWHVVR JLRUQR 8Q ULFHUFDWRUH GL VWRULD FRQWHPSRUDQHD )UDQFHVFR &DVVDWD VXO VLWR ZZZ JOLVWDWLJHQHUDOL FRP KD SXEEOLFDWR LO GLFHPEUH XQ LQWHUYHQ WR LQWLWRODWR LQ VWLOH SXUDPHQWH JR OLDUGLFR GL FXL JOL VL GHYH UHQGHU PH ULWR )HUPLDPR LO YLUXV GHOOD ULYDOX WD]LRQH GL (YROD GRYH WUD O¶DOWUR DI IHUPD ©,QWHQGLDPRFL LQ XQ UHJLPH GHPRFUDWLFR H OLEHUDOH XQ¶RSHUD]LRQH GHO JHQHUH q OHJLWWLPD QHOOD PLVXUD

LQ FXL HQWUR L OLPLWL GL OHJJH FKLXQ TXH SXz VWXGLDUH FLz FKH YXROH H RU JDQL]]DUH VLPSRVL DQFKH VWUDYDJDQWL ,Q TXHVWR FDVR XQ SUREOHPD VHULR GL RSSRUWXQLWj VL SRQH SHUz VH WUD L UHODWRUL ILJXUDQR GLYHUVL GRFHQWL GL GLVFLSOLQH GLIIHUHQWL FKH LQVHJQDQR QHOOH XQLYHUVLWj LWDOLDQHª ,O &DVVDWD FKH VL ULSHWH q XQR VWRULFR FRQWHPSR UDQHLVWD QRQ XQR VWRULFR GHOOH UHOLJLR QL VH OD SUHQGH FRQ XQ FRQYHJQR RUJDQL]]DWR D 5RPD LO GLFHPEUH GDOOD )RQGD]LRQH (YROD H GDOOD $FFD GHPLD GHL )LODOHWL LQWLWRODWR ©/¶HUHGLWj GL -XOLXV (YRODª HG L FXL UHODWRUL HUDQR WXWWL GRYHQWL GL YDULH XQLYHUVLWj LWDOLDQH FKH VL VRQR RFFX SDWL GHL YDUL DPELWL GHO SHQVLHUR HYR OLDQR ILORVRILD VWRULD SROLWLFD DUWH HUPHWLVPR WUDGL]LRQH H DSSXQWR VWRULD GHOOH UHOLJLRQL ,O FKH KD IDWWR LQRUULGLUH LO &DVVDWD ,O TXDOH GD EUD YR VWRULFR QHOOD ULFRVWUX]LRQH GHOOD YLWD GL (YROD VL q GLPHQWLFDWR GL GLUH PD JXDUGD XQ SR¶ SURSULR LQ TXH VW¶RFFDVLRQH FKH SXU FRLQYROWR QHO SURFHVVR GHL )$5 LO ILORVRIR YHQQH DVVROWR FRPH EHQ VD LO FKH QRQ q XQ SDUWLFRODUH GL VHFRQGDULD LPSRU WDQ]D ,O &DVVDWD LQROWUH DWWULEXLVFH D (YROD FRVH GD OXL PDL VFULWWH LO ©VROGDWR SROLWLFRª Qp SHQVDWH LO WHRULFR GHO ©QHRSDJDQHVLPRª FKH LQYHFH FULWLFz H GL LQIOXHQ]H PDL HVLVWLWH OD ©WHRULD HYROLDQD GHOO¶D]LR QH KD LQIOXHQ]DWR L SURWDJRQLVWD GHOOD HYHUVLRQH QHUDª OHJJHQGD PHWURSROL WDQD GXUD D PRULUH QRQRVWDQWH OH SUR YH LQ FRQWUDULR 6LFFKp LO &DVVDWD SURSRQH XQD OHYDWD GL VFXGL DFFDGHPLFD FRQWUR TXHVWD LQL]LDWLYD XQD YHUD H SURSULD FURFLDWD FRQ YHQDWXUH ULFDWWDWRULH &RPH VL YHGH FKLDUDPHQWH WXWWL SRVVR GLUH TXHO FKH YRJOLRQR QR" 6RSUDW WXWWR VH OR IDQQR FRPH VFULYH LO 1R VWUR (URH $QWLHYROLDQR SHU XVDUH XQ VXR YH]]R ©HQWUR L OLPLWL GL OHJ JHª TXDOL QRQ VL VSHFLILFD 1HO FRQ YHJQR GHO GLFHPEUH SDUH FKH L ©OLPLWL GL OHJJHª QRQ VLDQR VWDWL VXSH UDWL 0D« 0D LO IDWWR q FKH FRQ TXH VWD LQL]LDWLYD VL q ©ULYDOXWDWR XQ IDVFL VWDª H TXLQGL VH QH GHYH GHGXUUH LO

IDVFLVPR VWHVVR 4XLQGL QRQ VH QH GRYHYD SDUODUH 4XLQGL XQ OLPLWH DOOD OLEHUWj GL HVSUHVVLRQH HVLVWH 4XLQGL HVVD YDOH VROWDQWR VH L QRVWUL GRFHQWL SDUODQR GL FHUWH FRVH H QRQ GL DOWUH GHILQLWH ©DQWLVFLHQWLILFKHª HG HSLVWH PRORJLFDPHQWH VFRUUHWWH 4XLQGL L GRFHQWL XQLYHUVLWDUL QRQ GHYRQR SDU WHFLSDUH D LQL]LDWLYH GL XQ FHUWR WLSR RFFXSDUVL GL FHUWH ILJXUH WLSR SRVVLD PR SHQVDUH LQ TXDQWR FRQVLGHUDWL ©IDVFLVWLª H ©QD]LVWLª QRQ VROWDQWR (YROD PD DQFKH *HQWLOH 3RXQG 0DULQHWWL +DPVXQ &pOLQH - QJHU HFF HFF /D OLEHUWj GL SHQVLHUR q GXQ TXH FRQGL]LRQDWD GDOO¶DUJRPHQWR SHUFKp QXOOD DYUHEEH DYXWR FHUWR GD GLUH LO &DVVDWD VH LO FRQYHJQR IRVVH VWDWR GHGLFDWR DJOL DHGL GHO FRPXQL VPR VWDOLQLVPR PDRLVPR WLSR 1HUX GD 6DUWUH 3LFDVVR HFF HFF $ PH SDUH FKH TXHVWD OHYDWD GL VFXGL VLD O¶HVSUHVVLRQH SL ODPSDQWH FKH XQD FDVWD GL GRFHQWL VLD RUPDL DOOD IUXWWD VL VWLD DFFRUJHQGR FKH GRSR DQQL L ORUR GLYLHWL H RVWUDFL VPL QRQ VRQR SL XQD EDUULHUD DQWLGH PRFUDWLFD DOOD OLEHUD HVSUHVVLRQH GL XQ SHQVLHUR SULYR GL YLQFROL LGHRORJL FL H FKH OD WHUUD VWD IUDQDQGR VRWWR L ORUR SLHGL PHWWHQGR LQ FULVL XQ LQWHUR VLVWHPD FXOWXUDOH /DQFLDQR SUHRFFX SDWL DOODUPL SURPXRYRQR 7ULEXQDOL GHOO¶,QTXLVL]LRQH 6WRULFLVWLFD 6RQR JOL XOWLPL DQDWHPL FKH YRUUHEEHUR IDU SUHVD VXOOD SDXUD H LO FRQIRUPLVPR FKH DQFRU DOOLJQDQR QHOO¶DPELWR DFFD GHPLFR 9RJOLDPR SURSULR VSHUDUH FKH QRQ VLD SL FRVu H FKH LO FRUDJJLR GL TXDQWL KDQQR SDUWHFLSDWR DO FRQYH JQR GHO QRYHPEUH GLD L VXRL IUXWWL

,/ %25*+(6(

&$9$/&$5( /¶$57( &20( 3(16,(52

$WWUDYHUVDQGR (YROD GL 9,7$/'2 &217( /( (55$1=( FXOWXUDOL GL -XOLXV (YROD FRVWLWXLVFRQR OHWWXUH SHUWXUEDQWL SHU OH FDWDORJD]LRQL VRFLDOL SRQHQGRVL VHPSUH IXRUL-VFKHPD 0ROWHSOLFL VRQR OH VXH SUHVHQ]H SLWWXUD H SRHVLD ILORVRILD H SROLWLFD GRWWULQH RULHQWDOL H VLPEROLVPR RFFLGHQWDOH HVRWHULVPR H WHFQLFKH LQL]LDWLFKH HFF /D VXD FRQRVFHQ]D VHQ]D SUHFRQFHWWL q XQ YLDJJLR LQWULJDQWH PD VFRQYHQLHQWH SHU OH IRUPXOH DFTXLVLWH OH VXH DOFKL PLH FRPSUHQGRQR OD VSLULWXDOLWj WUD VFHQGHQWH FRPH LO PDJQHWLVPR GHOOD 0HWDILVLFD GHO 6HVVR WLWROR GHO VXR OLEUR GHO 4XHVWD FRPSOHVVD H SULVPDWLFD ILJXUD YLHQH WDOYROWD ©IUDPPHQWDWDª FRQ LO ULVFKLR GL VPDUULUQH FRVu XQ SRVVLELOH ILOR FRQGXWWRUH 8Q SHQVLH UR XQ¶DUWH SRVVRQR ULFKLHGHUH HVL VWHQ]H H PRPHQWL GLIIHUHQWL QHO ORUR VYROJHUVL SHU WURYDUH OD FRQVDSHYROH WRWDOLWj GHO SURSULR SURFHGLPHQWR (YROD ULILXWD GL GLVWLQJXHUH H VHSDUDUH L PRPHQWL SL VLJQLILFDWLYL GHO VXR SHUFRUVR FXOWXUDOH 1H ULYHQGLFD LO VHQVR FRPSOHVVLYR H OD FRQWLQXLWj IUD O¶HVSUHVVLRQH DUWLVWLFD H OR VYROJHUVL ILORVRILFR ©1HOO¶HVVHQ]LDOH VXVVLVWH XQD FRQWLQXLWj DWWUDYHUVR WXWWH OH YDULH IDVL GHOOD PLD DWWLYLWjª ,Q WXWWR FLz FKH SHUFRUUH SHQVLHUR DUWH FXOWXUD PDQWLHQH VHPSUH XQD SURSULD DXWRQRPLD FKH GHVWDELOL]]D OH DOWUXL GHOLPLWD]LRQL 1HL VXRL SDVVDJJL IUD )XWXULVPR H 'DGD IRUPXOD XQ SUR FHGLPHQWR-SHUFRUVR GL SHQVLHUR FKH HVSULPH FRQ LPPDJLQL SLWWRULFKH H SRHWLFKH 4XHVWH UDGLFDOL DYDQJXDUGLH VRQR SURWHVH LQIDWWL D UHFLGHUH L PLWL GHOO¶DUWH SDVVDWD H SUHVHQWH FRQIURQ WDQGRVL FRQ OD VXD FULVL L VXRL VLVWHPL H OD VRFLHWj ©(VSULPHUH q XFFLGHUHª (YROD SXz ULVXOWDUH XQ LQWHULRUH ULIHULPHQWR DQFKH QHO OLQJXDJJLR DUWLVWLFR GHOO¶DWWXDOH VRFLHWj GHERU GDQWH GL SDUROH H LPPDJLQL ©VHQ]D SURIRQGLWjª GLYHQWDQGR WHVWLPRQLDQ ]D H ULIOHVVLRQH 4XHVWR GLVFRUVR HVSUHVVLYR YXROH GLYHQWDUH PDVFKHUD VSLULWXDOH LQ HVSDQVLRQL H VLQHVWHVLH QRQ IDFLOPHQWH FDWDORJDELOL 5LFRUUR

DO WLWROR GHO OLEUR GL -XOLXV (YROD &D YDOFDUH OD WLJUH SHU XVDUOR RJJL FRPH PHWDIRUD FRQFHWWXDOH GL OHWWXUD H D]LRQH QHJOL DPELWL GHOO¶DU WH GHO SHQVLHUR H GHOO¶HVLVWHQ]D LQGLYLGXDOH H FROOHWWLYD 3Xz LQGLFD UH DQFRUD LO ©FRPH SRUVLª YHUVR TXH VWL WHUULWRUL FRQ OR VWDFFDUVL DULVWRFUD WLFDPHQWH GDOOH DSSDUHQ]H ©VHQ]D VSHVVRUHª GHOO¶DWWXDOLWj SXU QRQ HQ WUDQGR QHFHVVDULDPHQWH QHOOD SDVVLYL Wj R ULQXQFLD R YLFHYHUVD FRQ O¶DI IURQWDUOH LQ TXDOFKH PRGR ULFRUUHQGR DQFKH D UDGLFDOL GLVSHUVLRQL H DSSD UHQ]H G¶DUWH ,O GHWWR HVWUHPR RULHQWDOH ©FDYDOFDUH OD WLJUHª FRQWLQXD D ULJXDU GDUH O¶HVVHUH FKH QRQ VHQWH DSSDUWH QHQ]D SURIRQGD Qp YLQFROL LQWHULRUL FRQ LO PRQGR FLUFRVWDQWH SXz GLYHQLUH ©XQ PDQXDOH GL DXWRGLIHVD SHUVRQDOHª H LQWHULRUH 6H VL ULHVFH D FDYDOFDUH XQD WLJUH VDSHQGROD DQFKH ©DVFROWDUHª SXz DFFDGHUH FKH SRVVD DYYHQLUH XQ FDPELR GL GLUH]LRQH &D YDOFDUH OD WLJUH UDSSUHVHQWD OD YLWD VWHVVD H LO VXR SHQVLHUR GL VYROJLPHQ WR DQFKH LQ FKLDYH DUWLVWLFD Ê XQ WH VWDPHQWR ULYROWR D FKL ULFRQRVFHQGRVL LQWHULRUPHQWH LQ FHUWL SHUFRUVL GHOO¶HVL VWHQ]D ULWLHQH GL YLYHUH LQ XQ¶HSRFD GL GLVVROX]LRQH (YROD FRQ TXHVWR OLEUR FKLXGH XQ FLFOR WRUQDQGR VXOOH SRVL ]LRQL GHOOD JLRYHQW FKH OR DYHYDQR VSLQWR YHUVR OD QHJD]LRQH UDGLFDOH GHO PRQGR H GHL YDORUL HVLVWHQWL ILQR DO SXQWR-]HUR GHO 'DGDLVPR GRSR DYHU WUDQVLWDWR QHO )XWXULVPR /¶DXWRUH QHO SHUFRUVR GL TXHVWR FLQTXDQWHQQLR DUULYD DJOL DQQL µ FRQ OH ORUR WHQVLR QL SROLWLFKH DUWLVWLFKH H OH LSRWHFKH LGHRORJLFKH ,QGLFD SHUz O¶HVDXUL PHQWR GHL OLQJXDJJL GHOOH DYDQJXDUGLH VWRULFKH FRQ O¶DVVROXWD LPSUREDELOLWj GL XQD ORUR ULQQRYDELOH UDSSUHVHQWD ]LRQH ©,Q UHDOWj L PRYLPHQWL D FXL PL LQWHUHVVDL HEEHUR XQ YDORUH QRQ WDQWR LQ TXDQWR DUWH PD DSSXQWR FRPH VH JQR H PDQLIHVWD]LRQH GL XQR VWDWR G¶DQLPR GHO JHQHUH TXLQGL SHU OD ORUR GLPHQVLRQH PHWD-DUWLVWLFD H SHUILQR DQWLDUWLVWLFDª

*HQQDLR /¶HVSHULHQ]D SLWWRULFD H SRHWLFD GL (YROD QHO PRYLPHQWR GDGD SXU EUHYH QHOOD WHPSRUDOLWj ULVXOWD LQWHQVD DQFKH QHJOL DVSHWWL LQWHOOHWWXDOL SUH VHQWL H LOOXPLQDQWL QHOOD VWHVVD SUDWLFD DUWLVWLFD /H VXH ©UDSSUHVHQWD]LRQLª VRQR XQR GHL JUDGL ]HUR GHOO¶DVWUD]LR QH GHO SULPR 1RYHFHQWR FRQ LO VXR ODVFLDUH LO SHQVLHUR-LPPDJLQH GHOOD SLWWXUD SHU GHGLFDUVL DOOD ILORVRILD FRQ LO VXR LQWHUYHQLUH QHOO¶DUWH H FRQ OD VXD LQGLIIHUHQ]D SHU LO FUHDUH R QRQ (YROD FRQ JOL VFULWWL H OD SLWWXUD DWWUDYHUVD OH FRQWUDGGL]LRQL GDGD ILQR DOOH FRQVHJXHQ]H HVWUHPH H LPSUHYH GLELOL 1H FRQGLYLGH O¶HVVHQ]D UDGLFD OH RSSRVLWLYD D RJQL YDORUH DFTXLVLWR GHOO¶DUWH H GHOOD PRUDOH LO SDUDGRVVR O¶DUELWULR LO QRQ-VHQVR GLYHQWDQR SRVL]LRQH ILORVRILFD ©WUDGRWWDª LQ LPPDJLQL /D VXD SDUDGRVVDOLWj q DQFKH TXHOOD GL DGHULUH DO 'DGDLVPR FKH ULILXWD OD IRUPXOD]LRQH GL OLQ JXDJJL VWDELOLWL SHU SRL WHRUL]]DUQH XQD SRVVLELOH HVWHWLFD QHO WHVWR GHO HG HVSULPHUQH RSHUH FRQ XQ LQWULQVHFR HTXLOLEULR H YDORUH DUWLVWL FR FRQWUDULDPHQWH DOOD YRORQWj GL TXHVWR PRYLPHQWR /H LPPDJLQL FKH (YROD DIILGD DOOD VXD SLWWXUD H SRHVLD ULVXOWDQR DQFKH LPPDJLQL-FRQFHWWR FKH DF FRPSDJQDQR LQ PDQLHUD VRWWHUUDQHD LO VXR SURFHGLPHQWR GL SHQVLHUR 1HO 'DGDLVPR FKH KD FRPSUHVR LO ©EOXII GHOO¶DUWH PRGHUQD H O¶LOOXVLRQH GL TXHVWD ULFHUFD GHO QXRYRª O¶DUWH SXz OLEHUDUH SHU OD SULPD YROWD QHOOD VXD VWRULD XQD ULVSRVWD H FRQFH]LRQH VSL ULWXDOH (YROD ULWRUQDQGR VXFFHVVLYDPHQ WH VXO 'DGDLVPR OR GHILQLVFH ©XQ OLPLWH LQ HVVR O¶DUWH QHO VXR YDORUH UHOLJLRVR H LQ JHQHUDOH FRPH VSRQWD QHD HVSUHVVLRQH LQ IRUPD XQLYHUVDOH UHDOL]]D OD SURSULD QHJD]LRQHª *OL DSSDUH FRPH O¶DSSURGR HVWUHPR GHOO¶DUWH PRGHUQLVVLPD - FLRq DVWUDWWD - OLPLWH LQVXSHUDELOH GHO QLFKLOLVPR DUWLVWLFR QRQ LQWUDYHGHQGR QHOO¶DPEL WR GHOOD IRUPD GRSR 'DGD XQD SRVVL ELOLWj GL VYLOXSSR /D VXD VLJQLILFDWLYD UDGLFDOLWj HVSULPH OD FRQFOXVLRQH GHOOH LVWDQ]H SL SURIRQGH FKH DYHYD QR DOLPHQWDWR L PRYLPHQWL G¶DYDQ JXDUGLD /H VWHVVH FDWHJRULH DUWLVWLFKH VRQR QHJDWH QHOOD ULFHUFD GL SDVVDJJL YHUVR OH IRUPH FDRWLFKH GL XQD YLWD SULYD GL UD]LRQDOLWj ,O 'DGD TXDOH IRUPD HVWUHPD H VLQWHWLFD GHOO¶DYDQ JXDUGLD QRYHFHQWHVFD JLXQJH DOOD ©WDEXOD UDVDª GD SHUVHJXLUH DO GL IXRUL GHL FDQRQL FRQVXHWL GHOO¶HVSUHV VLRQH HVWHWLFD

*HQQDLR

8*2 1(632/2

/D QXRYD IRUPD GL $11$ 0$5,$ 6$17252 $//$ *DOOHULD /D 1XRYD )RUPD D /DQFLDQR 8JR 1HVSROR VL SUHVHQWD FRQ XQ DELWR FKH VWULGH FRQ OR VODQFLR GHL VXRL GLVHJQL SDQWDORQL QHUL VFDUSH QHUH H PDJOLD QHUD VRWWR D XQD JLDFFD SXUH QHUD ,QWRUQR D OXL LQYHFH OH VXH RSHUH VIDYLOODQR FRQ OH WLQWH GHL JLDOOL GHL URVVL H GHL EOX PHVFRODWL SXUL LQ XQ WULSXGLR GL FRORUL FKH FRPSOLFD OD FRPSUHQVLRQH GHOOD VXD HWj &ODVVH q GLSORPDWR DOOÂ¶$F FDGHPLD GL %HOOH $UWL q ODXUHDWR LQ OHWWHUH FRQ XQD WHVL LQ VHPLRORJLD PD KD DQFKH IUHTXHQWDWR ILORVRILD LQGXO JHQGR D OHWWXUH GL HUPHQHXWLFD H DQ QRYHUDQGR WUD JOL DPLFL SL FDUL )HU UDULV /ROOL 9DWWLPR 2GLIUHGGL H LQ SDVVDWR 6DQJXLQHWL FRQ XQD IUHTXHQ WD]LRQH GXUDWD TXDUDQWÂ¶DQQL H $OGD 0HULQL FKÂ¶HUD GL FDVD 1HO VXR VWXGLR GÂ¶LPSHFFDELOH OLQGRUH LQ YLD 6XVD LQ XQD IDEEULFD UHVWDXUDWD QHO FHQWUR GL 7RULQR VILGD OD WDYROR]]D D LQILOWUDUVL QHO WHGLR TXRWLGLDQR 1RQ VROWDQWR SHU FKL FHU FD LO SLDFHUH GL SRVVHGHUH XQ TXDGUR R XQD VXD VFXOWXUD PD DQFKH SHU SUR JHWWDUH ILJXUD]LRQL H VHJQL FKH PXWL QR OD SHUFH]LRQH GL OXRJKL PROWR DI IROODWL GL FXQLFROL VRWWHUUDQHL GHOOD PHWUR GL SLD]]H H VSD]L DSHUWL RSSX UH SHU DIIUDQFDUH PH]]L FRQVXHWL GL WUDVSRUWR GDO VHQVR GL XWLOLWj FKH OL LQWULVWLVFH IDFHQGR GLYHQWDUH RSHUH GÂ¶DU WH LQ PRYLPHQWR XQ WUDP XQ SXOOPDQ XQD 9HVSD 3LDJJLR H XQÂ¶DXWRPRELOH 7R\R WD 7UDVIRUPD OH IDF FLDWH GHL FHQWUL FRP PHUFLDOL 'LVHJQD SHU JOL RURORJL 6ZDWFK SHU WD]]LQH GD FDIIq *LQRUL SHU FDPSD JQH SXEEOLFLWDULH H SRL FRVWXPL H VFHQR JUDILH GL RSHUH OLULFKH H QHO OD PDJOLD URVD GHO *LUR GÂ¶,WDOLD 1HJOL DQQL 6HVVDQWD FRQ 0DULR 6FKLIDQR

,/ %25*+(6( GRSR OÂ¶LQFRQWUR FRQ -RQDV 0HNDV <RNR 2QR H 3DXO $GDP 6LWQH\ FRQ XQD WHOHFDPHUD ULSUHQGH L SL JUDQGL DUWLVWL VRQR ILOP VSHULPHQWDOL OD FXL YLVLRQH RJJL DIIDVFLQD QHL PXVHL GL WXWWR LO PRQGR /Â¶LQWURGX]LRQH GHOOD PRVWUD q FXUDWD GD (OVD %HWWL Â©6RQR DQGDWR QHJOL 6WDWL 8QLWL FKÂ¶HUR JLRYDQH +R FRQRVFLXWR $QG\ :DUKRO KR YLVWR JOL HVLWL GHOOD 3RS $UW KR LQL]LDWR D ODYRUDUH Ou H SRL D 7RULQR OD FLWWj FKH LQ ,WDOLD KD SL VSHULPHQWDWR H KD GDWR RULJLQH DOOÂ¶$U WH 3RYHUD D FXL KR SDUWHFLSDWR ,Q TXHJOL DQQL KR ILOPDWR %DM 3LVWROHWWR 0HU] H %RHWWL /Â¶XQLFR ILOP FRQ )RQ WDQD OÂ¶KR IDWWR LR QHO Âµ Â©7XWWL L PLHL ODYRUL KDQQR XQ GH VLGHULR GL EHOOD HVHFX]LRQH QRQ GLFR XQ GHVLGHULR GL EHOOH]]D FKH VDUHEEH DQFKH WURSSR SHUFKp GHILQLUH OD EHO OH]]D q DVVDL GLIILFLOH 6L SRWUHEEH GLUH FRPH GLFHYD LO JUDQGH ILORVRIR 5RJHU 6FUXWRQ FKH OD EHOOH]]D q XQD SURPHVVD GL IHOLFLWj QRQ q XQ RJJHWWR ILVLFR q XQ LGHDOH /Â¶LGHD GL EHOOH]]D KD SHUz PROWR D FKH IDUH FRQ OD EHOOD HVHFX]LRQH FKH ULFKLHGH XQ WHPSR XQD OHQWH]]D H XQ FHVHOOR FRPH ID TXDOFKH VFULWWRUH FRQ OD SDUROD 3HQ VR D ,WDOR &DOYLQR WRULQHVH UDIILQDWR SHU HFFHOOHQ]D FRQ OD VXD VWRULD GHOOD OHJJHUH]]D R D /HRSDUGL R DOOD JUDQGH SRHVLD UXVVD FRQ TXHVWD FXUD UDIILQDWLVVLPD GHO OHPPD Â©$ PH SLDFH FKH OÂ¶DUWH SRVVD PL PDUH TXHVWR DWWHJJLDPHQWR HVVHUH UDIILQDWD QHOOD ULFHUFD QHOOD JLXVWD SRVL]LRQH GHOOH FRVH SHU RWWHQHUH XQ ULVXOWDWR H TXLQGL QRQ VROWDQWR GL IDFLOH H LPPHGLDWD HVHFX]LRQH FRPH SHU DQQL q VWDWR GLFKLDUDWR FLRq FKH OÂ¶DUWH VLD XQ UHDG\ PDGH XQ RJJHWWR JLj IDWWR H FKH XQD FRVD VLD XQÂ¶RSH UD DQFKH VH QRQ OÂ¶KR IDWWD LR ,QYHFH

UHSXWR H DQFRUD GL SL RJJL FKH OÂ¶DU WH VL GHEED IDUH OHQWDPHQWH VL GHEED SHQVDUH HG HVHJXLUH EHQH H FKH SRV VD VSD]LDUH DQFKH LQ WHFQLFKH H GLVFL SOLQH SHUFKp URPSH OÂ¶LGHD GL RQQLSR WHQ]D Â©6H VL SHQVD DOOH DYDQJXDUGLH VWRULFKH JOL DUWLVWL LQWHUYHQLYDQR LQ WXWWH OH VLWXD]LRQL QRQ EDVWDYD IDUH RSHUH GD PHWWHUH LQ XQ PRQGR YHF FKLR PD OÂ¶LGHDOH HUD SHQVDUH D XQ PRQGR DUPRQLFDPHQWH SL QXRYR $GHVVR q LO PRPHQWR GL ULYHGHUH OD IXQ]LRQH GHOOÂ¶DUWLVWD FKH QRQ q TXH VWR FUHWLQR GL JHQLR FKH VD VROR GLSLQ JHUH R IDUH PD GHYÂ¶HVVHUH DQFKH LQWHOOHWWXDOH FRPH DFFDGHYD QHOOH DYDQJXDUGLH GHO 1RYHFHQWR 6H SHQ VLDPR DL IXWXULVWL DL VXUUHDOLVWL DL FXELVWL H DL GDGDLVWL ULIOHWWHYDQR VFULYHYDQR H VDSHYDQR GL FKH FRVD SDUODUH 0Â¶LQWHUHVVD OD ILJXUD GHOOÂ¶DUWLVWD FROWR FRQ XQÂ¶LGHD H XQ LGHDOH FKH SRVVD SHQVDUH FKH OD 6WR ULD QRQ YD YHUVR LO QXOOD R YHUVR LO EDUDWUR SHU FXL TXDOVLDVL FRVD SXz DQGDU EHQH 1R 0D ULVSRQGD D XQD OLQHD D XQD GLUHWWLYD H SRL OD VHJXD 4XLQGL QDVFRQR FRVu TXHVWH PLH RSH UH H SRL OÂ¶LGHD GL VSD]LDUH FRPH GLFHYDQR DSSXQWR L IXWXULVWL Â©3HQVLDPR D 'HSHUR H D %DOOD +DQQR ODYRUDWR LQ WXWWL JOL DPELWL DQFKH QHL PDQLIHVWL SXEEOLFLWDUL 'H SHUR q VWDWR LO SULPR DUWLVWD LWDOLDQR FKH QHO q DQGDWR QHJOL 6WDWL 8QLWL FRQ XQD IDWLFD LPPDQH H VXO ELJOLHWWR GD YLVLWD RULJLQDOH FKH LR KR QRQ FÂ¶HUD VFULWWR 'HSHUR DUWLVWD PD 'HSHUR FXVFLQL SDUDOXPL WDSSHWL HFFHWHUD 4XLQGL OÂ¶DUWH YXROH H GHYH RFFXSDUH DQFKH VSD]L FKH VHPEUHUHE EHUR PLQRUL FROODWHUDOL SRL TXHVWD VWRULD GHO PLQRUH q WXWWD GD GLVFXWHUH PD GLFLDPR FKH OÂ¶DUWH RFFXSD OD YLWD FHUFD GL HQWUDUH QHJOL LQWHUVWL]L GHOOD YLWD H GL GLIIRQGHUVL LQ FDPSL DQFKH GLYHUVL FKH QRQ VRQR TXHOOL GHO GHVLJQ SHUFKp VHQQz XQR FRPSUD XQR VSUHPLDJUXPL HG q XQ RJJHWWR GÂ¶DUWH 1R 1RQ q XQ RJJHWWR GÂ¶DUWH Â©4XLQGL HFFR DQFKH LO PLR VWXGLR SHU HVHPSLR QRQ q XQR VWXGLR YRL OR VDSHWH ]R]]R GHJOL DUWLVWL FKH EXWWDQ WXWWR SHU WHUUD SHUFKp FUHDQR QHOOH QRWWL GL WHPSHVWD VWXSLGDJJLQL FKH DEELDPR VHQWLWR GLUH PD q XQR VWXGLR FKH q XQD FDVD GÂ¶DUWH FRPH YROHYD QR OH DYDQJXDUGLH VWRUL FKH FRPH LO %DXKDXV WHGH

VFR FRPH OD FDVD G¶DUWH GL 3UDPSR OLQL GL 'HSHUR GL %DOOD 7UD O¶DOWUR q XQ SRVWR GRYH WX YDL H SRWUHVWL DQFKH GLUPL GLVHJQDPL XQ WDYROR R XQ RJ JHWWR LQ FXL FL VL SXz DQFKH VHGHUH PD FKH VLD XQ RJJHWWR G¶DUWH %H¶ SHUFKp QR" Ê FRPSLWR GHOO¶DUWLVWD IDUH DQFKH TXHVWR ©3RL PL VRQR PROWR DSSDVVLRQDWR DL QXPHUL ,O QXPHUR LQYDGH OD QRVWUD YLWD GD TXDQGR FL DO]LDPR D TXDQGR DQGLDPR D GRUPLUH SHU XQ FRQWR XQ RUDULR R XQ WHOHIRQR 0D QRQ q VRO WDQWR TXHVWR ,R PL VRQR RFFXSDWR GL XQ QXPHUR LQ SDUWLFRODUH FKH q LQILQLWR FKH q OD VH]LRQH DXUHD FKH KD PROWR D FKH IDUH FRQ O¶DUWH 3HQ VLDPR D XQ SHQWDJRQR UHJRODUH SUHQGLDPRQH OD GLDJRQDOH GLYLGLD PROD SHU LO ODWR 'DUj LQILQLWR 9RL GLUHWH %HK" 4XHVWR QXPHUR q TXHOOR FKH SUHVLHGH DOOD FUHD]LRQH GHOO¶DUWH GDOOD 3LUDPLGH GL &KHRSH DL JLRUQL QRVWUL /D SLUDPLGH GL &KHRSH q VWDWD FRVWUXLWD VX TXHVWD SURSRU]LRQH TXHOOD FKH /XFD 3DFLR OL TXHVWR JUDQGH PDWHPDWLFR ILRUHQ WLQR FKH LQVHJQDYD PDWHPDWLFD D /HRQDUGR KD FKLDPDWR DSSXQWR VH]LRQH DXUHD SHU JOL LQJOHVL JROGHQ UDWLR ,O IURQWDOH GHO 3DUWHQRQH GL )LGLD LO 3DOD]]R GHOOH 1D]LRQL 8QLWH H FRVu YLD VRQR VWDWL FRVWUXLWL VXOOD VH]LRQH DXUHD FKH q SUHVHQWH DQFKH QHOOH VFXOWXUH QHOOH SURSRU]LRQL SHU IHWWH GHOOD 9HQHUH GL 0LOR ( FKH FRV¶KD GL VWUDRUGLQDULR" Ê FKH YRL VH JXDUGDWH XQ UHWWDQJROR FRVWUXLWR VXOOD VH]LRQH DXUHD DYHWH LO VHQVR GL XQ HTXLOLEULR SHUIHWWR 3RWUHL GLUYL GHOOH FRVH FKH ODVFLDQR VRUSUHVL (LVHQVWHLQ QHO IDUH OD &RUD]]DWD 3RWsPNLQ GLFKLDUD FKH LO IRWRJUDPPD GHO ILOP OR FRVWUXLYD VX TXHVWD PLVXUD DXUHD RSSXUH FKH LQ QDWXUD VLFFR PH L UDPL GHJOL DOEHUL FUHVFRQR VH FRQGR OD VHULH GL )LERQDFFL )LER QDFFL q XQ PDWHPDWLFR SLVDQR OD VHULH GL )LERQDFFL q XQ¶DOWUD VHULH LQILQLWD GRYH RJQL QXPHUR q XJXDOH DOOD VRPPD GHL GXH QXPHUL SUHFH GHQWL PD TXDQWR SL YRL VDOLWH QHOOD VHULH GL )LERQDFFL H SUHQGHWH XQ QX PHUR H OR GLYLGHWH SHU LO VXR DQWHFH GHQWH WURYHUHWH VHPSUH $OORUD FDSLWH FKH LO QXPHUR FRPLQFLD D GL YHQWDUH LQWHUHVVDQWH QHOOD FUHD]LRQH DUWLVWLFD QHOOD YLWD H DQFKH LQ TXHO VLPEROR GL LGHDOH XWRSLFR GL UD]LRQD OLWj SHUIHWWD PD FUHDWLYD /D UD]LRQD OLWj D GLIIHUHQ]D GL TXDQWR OD JHQWH VROLWDPHQWH SRVVD SHQVDUH QRQ q VWHULOH ,R WURYR SHU HVHPSLR FKH L PDWHPDWLFL L PDWHPDWLFL SXUL VLDQR FUHDWLYLª

,/ %25*+(6(

*HQQDLR

/¶,WDOLD 3DWULD DQFKH GHOOD PXVLFD GL 5,&&$5'2 526$7, ,1 3,Ô RFFDVLRQL DEELDPR VWLJPDWL]]DWR L OXRJKL FRPXQL VXO 3DWULPRQLR 0XVHD OH LWDOLDQR PHQR FRQRVFLXWR VHJQDWD PHQWH TXHOOR GL WLSR HWQRJUDILFR 7XWWD YLD O¶LJQRUDQ]D FKH DWWDQDJOLD LO QRVWUR SRSROR VHPEUD QRQ DYHU FRQILQL 5D JLRQ SHU FXL VH VL SXz FRPSUHQGHUH LO GLVLQWHUHVVH GHOO¶LQWHOOLJKHQ]LD YHUVR RJJHWWL SURYHQLHQWL GD &LQD *LDSSRQH $PHULFD PHULGLRQDOH HFF q DGGLULWWXUD JURWWHVFR FRVWDWDUH FKH PDL VL GHGLFD DWWHQ]LRQH DOOH QRVWUH FROOH]LRQL PXVL FDOL OH TXDOL VRQR OH SL ULFFKH GHO *OR ER &HUWR O¶,WDOLD q GD VHPSUH DQFKH LO 3DHVH GHOOD PXVLFD (FFR XQ DOWUR HVHPSLR GHOOR VTXDOORUH GHOO¶LWDOLDQR PHGLR FKH LJQRUD OD VXD VWHVVD VWRULD SHUVLQR TXHOOD SL EHOOD SRLFKp OHJDWD DOO¶DUWH GHOOD PHORGLD 3DULJL KD WDQWL PXVHL" 5RPD QH KD PROWL GL SL H LQIL QLWDPHQWH SL ULFFKL RUPDL FKL FL OHJJH KD FRPSUHVR FRPH L 9DWLFDQL VLDQR DVVROXWDPHQWH VXSHULRUL DO /RXYUH ,QROWUH 5RPD KD VSHVVR SL PXVHL GHOOR VWHVVR WLSR FRPH TXHOOL PXVLFDOL ,Q DQQL UHFHQWL KD LQIDWWL ILQDOPHQWH WURYDWR VLVWHPD]LRQH SUHVVR O¶$XGLWR ULXP OD SLFFROD PD SUH]LRVD UDFFROWD GHOO¶$FFDGHPLD 1D]LRQDOH GL 6DQWD &HFLOLD 3RL F¶q LO 0XVHR 1D]LRQDOH GHJOL 6WUXPHQWL 0XVLFDOL LQ ]RQD 6DQ *LRYDQQL LO SL LPSRUWDQWH DO PRQGR 3HUHQQHPHQWH GHVHUWR FRQ XQD VHGH FKH FRQVHQWH GL HVSRUUH VROWDQWR XQD PLQLPD SDUWH GHOOD VXD QRWHYROLVVLPD UDFFROWD LO FXL QXFOHR VL q IRUPDWR JUD ]LH DOOD ©IROOLD FROOH]LRQLVWLFDª GHO WH QRUH (YDQ *RUJD 9RJOLDPR VHJQDODUQH XQR PD DVVDL SDUWLFRODUH ,O &LYLFR 0XVHR 7HDWUDOH ©&DUOR 6FKPLGOª XQ DXWHQWLFR OXRJR GL FXOWR GHOOH PHPRULH GL SDOFRVFHQLFR ,Q HVVR VL UDFFRQWD OD YLWD GHO WHDWUR H GHOOD PXVLFD D 7ULHVWH H QHO PRQGR 6WDPSH PHGDJOLH GLSLQWL VWUXPHQWL PXVLFDOL RJJHWWLVWLFD IRQGL DUFKLYLVWLFL H PDQR VFULWWL DXWRJUDIL FRVWLWXLVFRQR XQD UDF FROWD GL DVVROXWD LPSRUWDQ]D VLD DUWLVWL FD FKH GRFXPHQWDOH 2VSLWDWR VLQR QHO 7HDWUR &R PXQDOH ©*LXVHSSH 9HUGLª DOOD FXL ILJXUD OD FLWWj GL 7ULHVWH q GD VHPSUH PROWR OHJDWD LO 0XVHR KD WURYDWR GHIL

QLWLYD VLVWHPD]LRQH D 3DOD]]R *RSFH YLFK XQ HGLILFLR LQ VWLOH HFOHWWLFR GL PHWj µ GRWDWR GL XQD VSOHQGLGD IDFFLDWD GDOOH ELFURPLH ELDQFKH H URVVH ,O 0XVHR QDVFH QHO SHU YRORQWj GHOO¶HGLWRUH PXVLFDOH H FROOH]LRQLVWD &DUOR 6FKPLGO - FKH VWLSXOD FRQ LO &RPXQH GL 7ULHVWH XQD FRQYHQ ]LRQH FRQ OD TXDOH UHQGH GL GRPLQLR SXEEOLFR OD VXD FROOH]LRQH VWRULFRPXVLFDOH IUXWWR GL PH]]R VHFROR GL DWWLYLWj 7UDWWDVL GHOOD VHFRQGD UDFFROWD GL TXHVWR WLSR D OLYHOOR LQWHUQD]LRQDOH VROWDQWR TXHOOD GHOOD 6FDOD GXQTXH VHPSUH LQ ,WDOLD OH q VXSHULRUH /¶LP SRUWDQ]D GL TXHVWD LVWLWX]LRQH q OHJDWD DO IDWWR FKH LQ HVVD VL FXVWRGLVFH QRQ VROWDQWR OD VWRULD PXVLFDOH LWDOLDQD PD DQFKH GHO UHVWR GHO PRQGR DUULYDQGR VLQR DOO¶,QGLD H DO *LDSSRQH /D GXSOLFH DQLPD GHO 0XVHR HVSRVL]LRQH H FHQWUR GL GRFXPHQWD]LR QH VL ULIOHWWH QHOO¶DUWLFROD]LRQH GHJOL VSD]L HVSRVLWLYL ,O SULPR SLDQR RIIUH XQ SHUFRUVR GHGLFDWR DOOD VWRULD GHJOL HGLIL FL WHDWUDOL H DL SURWDJRQLVWL GHOOD PXVLFD H GHOOR VSHWWDFROR D 7ULHVWH OXQJR XQ DUFR GL ROWUH GXH VHFROL 8QD VH]LRQH VLJQLILFDWLYD q GHGLFDWD DJOL VWUXPHQWL PXVLFDOL HXURSHL HG H[WUDHXURSHL FRQ EHQ SH]]L H GRYH VL SUHVHUYD DQFKH OD PHPRULD GHOOD VFXROD GL OLXWHULD WULH VWLQD OD FXL QDVFLWD ULVDOH DOOD ILQH GHO ;9,,, VHFROR D WDO SURSRVLWR XQD SHUOD SUHVHQWH QHO 0XVHR q OD IHGHOH ULFRVWUX ]LRQH GHO ODERUDWRULR GHO OLXWDLR )UDQFH VFR =DSHOOL /¶HVSRVL]LRQH GL VWUXPHQWL PXVLFDOL q DVVDL ULFFD H SURFHGH VLQR DO VHFRQGR SLDQR VWDYROWD FRQ SDUWLFRODUH DWWHQ]LR QH D TXHOOL PHFFDQLFL H DOOH FRVLGGHWWH ©VFDWROH VRQDQWLª 4XL VL WURYDQR LQROWUH JOL VSD]L GHGLFDWL DOOD PHPRULD GHO WULH VWLQR *LRUJLR 6WUHKOHU GL FXL LO 0XVHR SRVVLHGH O¶DUFKLYLR SHUVRQDOH 3HU QRQ GLPHQWLFDUH SRL OD FROOH]LRQH GL GLSLQWL SUHYDOHQWHPHQWH ULWUDWWL GL DWWRUL H PX VLFLVWL OH VWDPSH ULJXDUGDQWL VHPSUH DUWLVWL H OXRJKL WHDWUDOL LO IRQGR GL ER] ]HWWL GL VFHQD H ILJXULQL SHU RSHUH RSH UHWWH H VSHWWDFROL GL SURVD QHL WHDWUL WULH VWLQL 'L JUDQGH LPSDWWR VRQR LQROWUH L FRVWXPL GL VFHQD H L YDUL FLPHOL DSSDUWH

*HQQDLR

,/ %25*+(6(

QXWL D FHOHEUL FDQWDQWL GÂ¶RSHUD 9L q DQFKH XQ 0HGDJOLHUH FRQ FLUFD XQ PL JOLDLR GL SH]]L OHJDWR DOOH ILJXUH GHL SL FHOHEUL PXVLFLVWL H XRPLQL GL WHDWUR VSHFLDOPHQWH D 9HUGL FXL VL DIILDQFDQR OD )RWRWHFD ROWUH LPPDJLQL H XQD UDFFROWD GL DXWRJUDIL FLUFD SH]]L GHL SURWDJRQLVWL GHOOD VFHQD PX VLFDOH 'L ULOHYDQ]D LQWHUQD]LRQDOH q OD %LEOLRWHFD FKH FXVWRGLVFH SUHVVDSSRFR WHVWL FRQ XQD VH]LRQH GL OLEUHWWL GÂ¶RSHUD H XQÂ¶HPHURWHFD 1HO q VWDWD DSHUWD OD PHGLDWHFD FRQ XQ IRQGR GL WLWROL 3HU XOWLPR OR VSD]LR FKH LO 0XVHR GHGLFD DOOH PDULRQHWWH GL 9LW WRULR 3RGUHFFD FKH FRO VXR 7HDWUR GHL 3LFFROL IRQGDWR QHO SRUWz OXVWUR DO JHQLR LWDOLDQR LQ WXWWR LO PRQGR 8QD VWRULD PRYLPHQWDWD H LQWHUHVVDQWLVVLPD TXHOOD GL 3RGUHFFD XQ SHUVRQDJJLR GL FXL VL GRYUHEEH SDUODUH SL VSHVVR QHO QRVWUR PRQGR GHOOR VSHWWDFROR ,O PHFHQDWLVPR QRL LWDOLDQL - D GL VSHWWR GHOOH PHQ]RJQH GHL EHQSHQVDQWL GHO SURJUHVVR - OR FRQRVFLDPR PROWR EHQH HG q TXDVL VHPSUH ULFRQGXFLELOH D XQ JUDQGH XRPR H FRVu q DQFKH QHO FDVR GL 6FKPLGO LO TXDOH LQ YHVWH GL DXWRUH GLHGH DOOH VWDPSH LO 'L]LRQDULR XQLYHU VDOH GHL PXVLFLVWL SULPD HGL]LRQH 5L FRUGL DQFRUD RJJL XQ WHVWR LQGL VSHQVDELOH SHU TXDOVLDVL LQGDJLQH VXOOD PXVLFRJUDILD GHO 6HFRQGR 2WWRFHQWR ,O 0XVHR 7HDWUDOH GL 7ULHVWH q XQ OXRJR GDO Â©VDSRUHÂª PLWWHOHXURSHR H QRQ SRWH YD HVVHUH DOWULPHQWL YLVWR FKH VL WURYD LQ XQD FLWWj FRPH 7ULHVWH XQD JHPPD VDQDPHQWH PXOWLFXOWXUDOH FKH LO PRQGR FL LQYLGLD H FKH QRL GLDPR VHPSUH SHU VFRQWDWD QRQ FRQRVFHQGRQH OH EHOOH]]H FRVu SURSHQVL RUPDL D FUHDUH GHL VRUGLGL VXT FRPH SLD]]D 9LWWRULR D 5RPD L TXDOL GL FXOWXUDOH QRQ KDQQR QXOOD PD GL GHOLQTXHQ]LDOH PROWR LQYHFH 'LFHYD PR GHL JUDQGL XRPLQL SURSULR FRPH &DUOR 6FKPLGO JUD]LH DOOD FXL OXQJLPL UDQ]D RUD DEELDPR TXHVWR LPSRUWDQWH PXVHR QRQ SHU QLHQWH SDUOLDPR GL XQD SHUVRQD FKH FRVu VL HVSUHVVH LQ XQD VXD DQQRWD]LRQH ULVDOHQWH DO Â©*OL DPDWRUL GL FRVH SDWULH FKH >Â«@ KDQQR YROXWR FRQ VODQFLR JHQWLOH GRQDUH JHQH URVDPHQWHÂª 6WHQGLDPR OR VJXDUGR ORQWDQR H GL JHQWH GL WDOH YDORUH QHOOÂ¶,WD OLD HXURSHL]]DWD RUPDL QHPPHQR OÂ¶RP EUD ,O SUHPLHU YD LQ JLUR FRQ OÂ¶DULD GD JDQ]R H 0RQWDQDUL H 6HWWLV VFULYRQR OR VWHVVR DUWLFROR GD DQQL H QRQ OR IDQQR FHUWR FRQ OR VSLULWR GL DEQHJD]LRQH GL $QWRQLR &HGHUQD QR JLDFFKp L Â©SURIHVVRULÂª VEUDLWDQR PD GHQWUR GL ORUR QRQ YRJOLRQR FKH FDPEL SURSULR QXOOD &KH OH QRVWUH VWXSHQGH UDFFROWH PXVHDOL GLPRVWULQR FKH VLDPR OD 3DWULD GL WXWWR R TXDVL D ORUR SRFR LPSRUWD

&,1(0$

ILOP LSRWL]]LDPR FLQTXHFHQWRPLOD HXUR H OH GHYH UHFXSHUDUH TXHL VROGL YDQQR GULWWL D OXL H QRQ EDVWDQR VH LO ILOP KD UHDOPHQWH LQFDVVDWR XQ PLOLR QH 6H QH KD LQFDVVDWL GXH EDVWDQR SHU LO UHFXSHUR LO FKH GLPRVWUD FKH VH XQ ILOP FRVWRVR H EHQ GLVWULEXLWR QRQ LQFDVVD DOPHQR WUH PLOLRQL GL HXUR LO SURGXWWRUH QRQ YHGH XQD OLUD 6H D TXHVWR DJJLXQJLDPR FKH L ILOP LWDOLDQL VRSUDWWXWWR OH FRPPHGLH VRQR LQYHQGLELOL DOOÂ¶HVWHUR H KDQQR SHUIHWWDPHQWH UDJLRQH DOOÂ¶HVWHUR HF FR FKH OD ULIID QD]LRQDOH q DQFRUD SL SHULFRORVD &RVu LO PRWWR - LO SHULFROR q LO PLR PHVWLHUH - VL DGDWWD SHUIHWWDPHQWH D TXHVWD PRGHVWD IDVH GHOOD QRVWUD SUR GX]LRQH QD]LRQDOH *Lj SHUFKp GRSR FKH LO GLVWULEXWR UH KD UHFXSHUDWR OH VXH VSHVH H OH YXROH UHFXSHUDUH SHU SULPR YLHQH LO SURGXWWRUH FKH GRYUHEEH DPHUHEEH UHFXSHUDUH L VXRL FRVWL H PDJDUL JXD GDJQDUH *OL ULPDQJRQR L GLULWWL WHOH YLVLYL H SD\ YDOH D GLUH 5$, H 6.< VHQ]D DOFXQD FHUWH]]D GHO ULVXOWDWR ,QL]LD LQ TXHO PRPHQWR OD WUDJHGLD GHOOH VHJUHWHULH DSSXQWDPHQWLÂ« QR LO GRWWRUHÂ« QR q LQ YLDJJLRÂ« KR JLj FRPXQLFDWRÂ« SHU RUD q LQGLVSRQLEL OH 4XHVWD q OD YLWD GHL SURGXWWRUL WDQWR q OÂ¶HQWXVLDVPR SHU XQ SURJHWWR H WDQWD q OD SHQD SHU QRQ SHUGHUH

&RPPHGLH PRUWDOL GL 0,&+(/( /2 )2&2 Â©', &200(',( VL SXz PRULUHÂª 4XH VWR HSLWDIILR DQGUHEEH VFULWWR DOOÂ¶LQ JUHVVR GHL FLQHPD LQ XQ PRPHQWR QHO TXDOH L ILOP GHO JHQHUH FRPPHGLD VRQR SL FKH OH QRFFLROLQH LQ XQ VDF FKHWWR 1RL LWDOLDQL VLDPR EUDYL PD VR SUDWWXWWR IXUEL IXQ]LRQDQR L FRPLFL DOFXQL FRPLFL" $OORUD QH DEXVLDPR SUHSDULDPR GLHFL ILOP WXWWL XJXDOL H XVFLDPR QHOOH VDOH QHOOR VWHVVR SHULR GR &RVu GRSR HVVHUFL FDQQLEDOL]]DWL D YLFHQGD FRQ PRUWL H IHULWL FRPLQ FLDPR D ULIOHWWHUH VXO UXROR GHOOD FRP PHGLD H VXL SHUFKp 3HUFKp 3DSDOHR YD EHQH QHO ILOP FRQ 'H 6LFD H PDOLVVLPR LQ TXHOOR FRQ &DVWHOOLWWR" 3HUFKp 5XIILQL KD WRSSDWR FRVu SHVDQWHPHQWH OÂ¶XOWLPR ILOP GRSR LO JUDQGH VXFFHVVR GHO SUL PR" 9XRL YHGHUH FKH 0LULDP /HRQL SXz IXQ]LRQDUH" 0D %LVLR SLDFH R QRQ SLDFH" 1RQ q FKH OD JHQWH QRQ QH SXz SL GL %RYD" 3RVVLELOH FKH OH GLFHULH VXOOD VXD RPRVHVVXDOLWj FRQGL ]LRQLQR LO SXEEOLFR" 4XDQWH LQWHUHVVDQWLVVLPH GRPDQ GH 7XWWH GLUHWWH D LQWHUSUHWDUH OD ULIID GHOOH XVFLWH DO FLQHPD RJJL WRFFD D %LVLR JLRYHGu SURVVLPR D 'H 6LFD JLRYHGu SURVVLPR D %RYD JLRYHGu SURVVLPR D 3DSDOHR H FRVu YLD XQR VRSUD OÂ¶DOWUR LQ XQD FRUVD YHUVR LO GLUXSR 0D SURYLDPR D FDOFRODUH L ULVXOWD WL SHU QRQ FDGHUH QHOOD WUDSSROD GHOOH FKLDFFKLHUH SULYH GL FRQWHQXWR 6H XQ ILOP LQFDVVD DO ERWWHJKLQR XQ PLOLRQH GL HXUR OD PHWj SL R PHQR ULPDQH DOOÂ¶HVHUFHQWH TXDOFKH SXQWR DOOD 6LDH H FRVu ULPDQJRQR FLUFD VHPSUH FLUFD TXDWWURFHQWRFLQ TXDQWDPLOD HXUR 'L TXHVWL HXUR LO SHU FHQWR YD DO GLVWULEXWRUH SHU LO VXR ODYRUR H SHU WDQWR FLUFD HXUR 5LPDQJRQR FLUFD WUHFHQWRWUHQWD PLOD HXUR SHU LO SURGXWWRUH GRSR WXW WL H SHUWDQWR GLFLDPR WUD QRL LO SHU FHQWR GHO WRWDOH 0D VH LO GLVWULEXWRUH SHU HVHPSLR KD DQWLFLSDWR OH VSHVH GL ODQFLR GHO

,/ %25*+(6(

/(23$5', $/ &,1(0$

,O WUDPRQWR GHOOD OXQD GL $1721,2 6$&&Â¬ +2 9,672 XQ ILOP LQ XQD VDOD FLQHPD WRJUDILFD (UDQR DOPHQR TXLQGLFL DQQL FKH QRQ JXDUGDYR XQ ILOP QHOOH VDOH 8QD VILGXFLD LOOLPLWDWD QHO UL VSHWWR GHOOD TXDOLWj VHQ]D FRQWHQWDUH OD IHFFLD LO IDVWLGLR GHO FKLXVR LO SLDFHUH GL JRGHUPL D FDVD L SUHGLOHW WLVVLPL ILOP GHJOL DQQL GHO Â©PXWRÂª 6WDQOLR H 2OOLR &KDUORW L ILOP GHOOÂ¶H VSUHVVLRQLVPR WHGHVFR H GHO UHDOLVPR UXVVR L ILOP GHO 9HQWHQQLR OD &RP PHGLD DOOÂ¶LWDOLDQD 7RWz H L IDQWDVWLFL FDUDWWHULVWL GHOOÂ¶HSRFD H *DVPDQQ FRPLFR 6RUGL 3HSSLQR 'H )LOLSSR H 7DU]DQ LO PLR FDULVVLPR DPLFR /DQ GR %X]]DQFD &LFFLR H )UDQFR $QJH OR 0XVFR H 5RVLQD $QVHOPL 6LFLOLD LQQDQ]L WXWWR 0L LQYLWDQR DOOD SURLH]LRQH GH ,O JLRYDQH IDYRORVR FKH QDUUD GL *LDFR PR /HRSDUGL 'L TXDQWH SHUVRQDOLWj KR VWXGLDWR FUHGR FKH .DUO 0DU[ )ULHGULFK 1LHW]VFKH 6LJPXQG )UHXG GHL TXDOL KR VFULWWR OD ELRJUDILD QRQ UHJJDQR OD FRQRVFHQ]D H OÂ¶LPPHGHVL PD]LRQH FKH KR LQ *LDFRPR /HRSDU GL &RQ 'DQWH $OLJKLHUL q OR VFULWWRUH SL FDSDFH GL FRQQHWWHUH SHQVLHUR H SRHVLD H LQ TXDQWR DO SHQVLHUR VXSHUD 'DQWH FKH DO GXQTXH VL ULVROVH LQ XQD FRQFH]LRQH HVLVWHQWH LO &DWWROL FHVLPR PHQWUH /HRSDUGL GHYH VRU PRQWDUH OD SHUGLWD GHOOH FRQFH]LRQL R OD SUREOHPDFLWj GHOOH VWHVVH 6L FKH QHOOÂ¶LSRWHVL FKH OR Â©VSRUFDVVHURÂª OR Â©DGDWWDVVHURÂª SUHIHULYR QRQ DVVLVWHUH ,O UHJLVWD GHOOR VSHWWDFROR VL FKLDPD 0DULR 0DUWRQH OÂ¶DWWRUH FKH LQFDUQD *LDFRPR /HRSDUGL VL FKLDPD (OLR *HUPDQR )LJOLR GHO &RQWH 0RQDOGR GL DQWLFKLVVLPD IDPLJOLD QRELOLDUH QRQ SL ULFFD H GL $GHODLGH $QWLFL DQFKH OHL GL LOOXVWUH IDPLJOLD DSSDVVLRQDWLV VLPR DPDQWH GHO VDSHUH 0RQDOGR RFXODWLVVLPD WXWULFH GHOOÂ¶HFRQRPLD GRPHVWLFD $GHODLGH FDWWROLFLVVLPL H FOHULFDOL HQWUDPEL H OH FDVDWH *LDFR PR QDVFH SULPR ILJOLR SRL &DUOR TXLQGL 3DROLQD *LDFRPR q LPPHGLD WDPHQWH LO FDSR GHL IUDWHOOL H FL WLHQH 6SLFFD IXOPLQHDPHQWH SHU LQJHJQR H

OD SDVVLRQH GL FRQRVFHQ]D GL 0RQDO GR LQ *LDFRPR QRQ q GLSRUWR VLJQRUL OH PD HVLVWHQ]LDOLWj H SRWHQ]D DFFUH VFLWLYD HJOL YLYH OD FRQRVFHQ]D H OD HVSULPH 6H 0RQDOGR FRPSLOD TXDO FKH VDJJLR LQ IDYRUH GL XQÂ¶,WDOLD VSH] ]HWWDWD DQWLXQLWDULD FDWWROLFLVVLPD *LDFRPR EDPELQR VL LQROWUD QHOOD VFLHQ]D DPDYD OÂ¶DVWURQRPLD Â©ILORVRILFDPHQWHÂª QHOOH 6DFUH 6FULW WXUH H LQL]LD OD FRJQL]LRQH GHOOH OLQ JXH GLYHQHQGR XQ ILORORJR QRQ VLVWH PDWLFR PD FROWLVVLPR 1LHW]VFKH DQFKÂ¶HJOL ILORORJR OR DPPLUDYD ,O ILOP QDUUD FRQ DSSURSULDWD DP ELHQWD]LRQH *LDFRPR FRQ XQD FRUR QD GL DOORUR JLRFD FRQ L IUDWHOOLQL *LDFRPR D WDYROLQR *LDFRPR FDOFR OD SURGLJLRVDPHQWH *LDFRPR VRUYH JOLDWR VSLQWR GDO SDGUH ,Q TXDOFKH PRGR q OD PHGHVLPD FRQGL]LRQH GHO SDGUH GL 0R]DUW FKH VL WURYD DG DYHUH XQ SRUWHQWR 1H VRUJH VJRPHQWR SRV VHVVLYLWj YRJOLD GL JXLGDUH SDXUD FKH VIXJJD XQ ILJOLR FRVu VWUDELOLDQWH 0D *LDFRPR q FRPH VL GLFH XQ DIIHWWL YR VRWWR OD FRQRVFHQ]D FÂ¶q XQD LQIDQ WLOH YRJOLD QHFHVVLWDWD GL DPRUH 'L VJUD]LD YXROH FKH 0RQDOGR FUHGD VROWDQWR DOOD FRQRVFHQ]D YLUWXRVD $GHODLGH DOOD YLUW FULVWLDQD LQWHVD TXDOH PDUWLULR VDFULILFLR ( *LDFRPR KD ELVRJQR GL DPRUH GL DPRUH GL DPRUH ( GL IXJJLUH GD 5HFDQDWL *UD GHYROL OH VFHQH LQ FXL XQD IDQFLXOOD GLULPSHWWDLD D SDOD]]R /HRSDUGL VL DIIDFFLD H *LDFRPR YLYH TXHOOÂ¶DWWLPR UXEDQGRQH OD YLVLRQH 8Q DPRUH VRO WDQWR QHO SHQVLHUR FRPH JOL DYYHUUj VHPSUH ,QXWLOH GLUH FKH VDUHEEH Â©6LOYLDÂª OD IDQFLXOOD ,QWDQWR OD VFKLHQD GL *LDFRPR VL WRUFH D FKLQDUVL QHOOR VWXGLR HJOL VL QHYURWLFL]]D QRQ VD WDJOLDUH OD FDUQH QRQ ULHVFH DG XULQDUH QHO ILOP TXHVWL GHWWDJOL VRQR UDSSUHVHQWDWL H VRSUDW WXWWR VFRSUH XQD YLD GL VFDPSR DO VXR VHQWLUH ROWUH OD ILORORJLD OD ILORVRILD OD SRHVLD /D SRHVLD QHOOD SRHVLD LO VHQWLUH FKH LQ OXL SUHYDOH SHUVLQR VXOOÂ¶LQJHJQR GRWWULQDOH q PDQLIHVWD WR ( SXUWURSSR LQFRPLQFLD D VFXRWHUH WHVWD H JDPEH 0D TXDOH VHPSOLILFD ]LRQH SXz ULWHQHUH RSSRUWXQR VWDELOLUH XQ UDSSRUWR LPPHGLDWR WUD XQ OXRJR XQR VWDWR GÂ¶DQLPR H XQ WHVWR SRHWLFR" 9L q LO FHOHEHUULPR FROOH GHOOÂ¶,QILQLWR H QH VHQWLDPR UHFLWDUH L YHUVL /D OX QD LO PHGHVLPR SRL LO 9HVXYLR OD JLQHVWUD H QH XGLDPR L YHUVL ROWUHWXW WR QRQ EHQ GHWWL 3D]]HVFR FRVu OD SRHVLD SHUGH VH VWHVVD H GLYHQWD GH VFUL]LRQH GHOOÂ¶HVWHUQR LQYHFH RFFRU UHYD GLVVRFLDUH OH SRHVLH GDOOD SUH VXQWD RFFDVLRQH FKH OH LVSLUDYD /Â¶DU

*HQQDLR WH q FRPSOHWD LQ VH VWHVVD QRQ FRQ ULIHULPHQWR RJJHWWLYR HVWHUQR ,O ILOP q GL XQ PHFFDQLFLVPR LQWROOHUDELOH /Â¶DFPH GHOOÂ¶DVVXUGR XQ YHUR VXLFL GLR VL KD TXDQGR FRQ XQ /HRSDUGL VWHVR D ULYD VL RGH XQD FDQ]RQHWWD RGLHUQD PL GLFRQR 'D IXFLOD]LRQH SHU GHOLWWR HVWHWLFR IRVVLPR LQ WHPSL GHJQL ,O ILOP HVSULPH DGHJXDWDPHQWH OD ORWWD GD JLJDQWH FKH /HRSDUGL FRP EDWWp FRQWUR L FOHULFDOL LO FULVWLDQHVL PR GHFDGHQWH H LO OLEHUDOLVPR RWWLPL VWD FKH ULWHQHYD GL HOLPLQDUH LO PDOH H OÂ¶LQIHOLFLWj FRQ LO SURJUHVVR WHFQLFR *LDFRPR q RUPDL ORQWDQR GD 5HFDQD WL LQILQH SRYHUR UDPLQJR RQRUDWR PD VHQ]D SDUWLWR FRPEDWWXWR SHUFKp VFRUJH GRORUH PRUWH QRQ VDOYH]]D FDWWROLFD R SURJUHVVLVWD H QRQ SHUFKp QRQ YRJOLD LO EHQH DQ]L PD SHUFKp QRQ YXROH FKH VLD LQJDQQHYROH XQ EHQH SHUFKp LJQRUD LO PDOH FKH QH DYHVVH UDJLRQH q PRVWUDWR SHUILQR GL UHFHQWH GDO OLEHUDOH SURJUHVVLYR %H QHGHWWR &URFH LO TXDOH DEELVRJQz GHOOD 6HFRQGD *XHUUD 0RQGLDOH SHU VFRSULUH FKH HVLVWHYD Â©TXDOFRVDÂª FKH QRQ HUD EHQH $OOD GLVIDWWD GHO JHQH UH XPDQR H GHOOÂ¶LQWHUD PDOYDJLD 1D WXUD RSSRQHYD OD IUDWHUQLWj H OH Â©LOOXVLRQLÂª GL QRELOL LGHDOL QRQ SHU VDOYDUFL PD SHU GLIHQGHUFL H WHQWDUH OD IHOLFLWj GLVJUD]LDWL TXDOL FL UHQGH OD 1DWXUD $EEDVWDQ]D GL FLz q SUHVHQWH QHO ILOP 5HVWR VEDORUGLWR FKH QRQ FRQFOX GD LO ILOP FRQ OD SL GROHQWH OLULFD PDL VFULWWD ,O WUDPRQWR GHOOD OXQD &DSLVFR VL YROHYD GLUH FRPH OD 1DWX UD GLVWUXJJD WXWWR OHJJHQGR SHUWDQWR EUDQL GH /D JLQHVWUD PD XQ *LDFRPR /HRSDUGL FKH LQ SXQWR GL PRUWH GHWWD D 3DROLQD 5DQLHUL VRUHOOD GHO SDWULRWD $QWRQLR FKH RUPDL GD DQQL OR DFFXGL VFH DO TXDOH GREELDPR OD IRUWXQRVLV VLPD VRSUDYYLYHQ]D GH /R ]LEDOGRQH OH QRWH GL *LDFRPR /HRSDUGL FXFLWH D VSDJR RUGLQDWLVVLPH SDWULPRQLR GHOOÂ¶XPDQLWj XQ *LDFRPR /HRSDUGL FKH LQ SXQWR GL PRUWH GHWWD D 3DROLQD 5DQLHUL OÂ¶XOWLPD SRHVLD ,O WUDPRQWR GHOOD OXQD DYUHEEH GDWR OR VWHVVR LO VHQVR GHO 1XOOD FRQ XQD VRDYLWj PD OLQFRQLFD XQ VDOXWR DOOÂ¶DPDWLVVLPD H GHOXGHQWH YLWD (OLR *HUPDQR q ILVLFDPHQWH TXDQWR GL PHQR /HRSDUGL VL SRWHVVH UHSHULUH /HRSDUGL DYHYD RFFKL FHUX OHL YLVR HPDFLDWR ODEEUR VXSHULRUH SURPLQHQWH VXOOÂ¶LQIHULRUH FDSHOOL VRDYL YRFH PLQLPD SHUz *HUPDQR HQWUD QHO SHUVRQDJJLR H WDOYROWD KD OD UDEELRVLWj LQFUROODELOH GL *LDFRPR 8Q ILOP GD SRWHU YHGHUH

,/ %25*+(6(

©&RPSDJQRª 9LGHOD GL 0$5&(//2 6,*125(//, 48$1'2 LO PDU]R LO JHQHUDOH -RUJH 5DIDHO 9LGHOD FRPDQ GDQWH LQ FDSR GHOO¶(VHUFLWR JXLGz O¶XOWLPR GHL FROSL GL 6WDWR FKH WRU PHQWDYDQR O¶$UJHQWLQD GDO LQ ,WDOLD HG LQ (XURSD OH VLQLVWUH LQVRU VHUR JULGDQGR DOO¶HQQHVLPR JROSH IDVFLVWD (UD DQFRUD EHQ DSHUWD OD IHULWD SURYRFDWD GDO VROOHYDPHQWR PLOLWDUH LQ &LOH FKH WUH DQQL SULPD H IRUWH GL XQ DPSLR FRQVHQVR SRSRODUH DYHYD WROWR GL PH]]R XQR VFUHGLWDWR 6DOYDGRU $OOHQGH (SSXUH WUD L GXH SURQXQFLDPHQWL YL HUDQR QRQ SRFKH GLIIHUHQ]H H IUD L GXH 6WDWL DWWULWL GL YHFFKLD GDWD 'LYHUJHQ]H FKH VXO ILQLUH GHO ULVFKLDURQR GL WUDVIRU PDUVL LQ XQ FRQIURQWR DUPDWR SHU WUH LVRORWWL QHO FDQDOH GL %HDJOH DO FRQIL QH IUD &LOH H $UJHQWLQD QHOO¶LQRVSLWDOH 7HUUD GHO )XRFR 5LVROVH WXWWR XQD PHGLD]LRQH GHOOD 6DQWD 6HGH FRQ XQ DUELWUDWR FKH GLHGH UDJLRQH D 6DQWLD JR H LQGXVVH %XHQRV $LUHV D SL PLWL FRQVLJOL 0D TXHVWD q XQ¶DOWUD VWRULD ,O FROSR GL 6WDWR GHO FRQWUR O¶XOWLPR VLPEROR GL XQ GHFDGHQWH SHURQLVPR 0DULD (VWHOD 0DUWtQH] GH 3HUyQ ,VDEHOLWD WHU]D PRJOLH GHO GHIXQWR IRQGDWRUH GHO JLXVWL]LDOLVPR QDVFHYD FRQ XQ SURJUDPPD DOTXDQWR FRQIXVR LO 3URFHVR GH 5HRUJDQL ]DFLyQ 1DFLRQDO 7XUER-OLEHULVPR LQ HFRQRPLD XQ QD]LRQDOLVPR DFFHQWXD WR LQ SROLWLFD LQWHUQD FRQ XQD ORWWD VHQ]D TXDUWLHUH DOOD VRYYHUVLRQH H XQD VWULGHQWH SROLWLFD HVWHUD IDWWD GL DSHU WXUH FRPPHUFLDOL YHUVR &XED PD VRSUDWWXWWR YHUVR O¶8QLRQH 6RYLHWLFD FKH PDL UXSSH L UDSSRUWL GLSORPDWLFL FRQ L PLOLWDUL 'LHWUR LO JROSH FRPSDU YH DQFKH O¶RPEUD OXQJD GHOOD PDVVR QHULD JLDFFKp XQR GHL WULXPYLUL GHOOD *LXQWD O¶DPPLUDJOLR (PLOLR (GXDUGR 0DVVHUD QH HUD ILJXUD GL VSLFFR OHJD WR DOOD ©3 ª GL *HOOL 4XHVWR LQWUHFFLR GL DIIDUL H ORJJH SURGXVVH XQD SROLWLFD DPELJXD SHU XQ PRYLPHQWR FKH IDFHYD GHOO¶DQWLFR PXQLVPR OD VXD EDVH LGHRORJLFD ,Q IDWWL PHQWUH LQ &LOH H QHJOL DOWUL 3DHVL ODWLQR-DPHULFDQL UHWWL GD JRYHUQL DX WRULWDUL LO 3DUWLWR FRPXQLVWD HUD IXRUL

OHJJH FLz FKH OH VLQLVWUH QRVWUDQH KDQQR VHPSUH WDFLXWR q LO UXROR SULYL OHJLDWR JDUDQWLWR GD 9LGHOD DO SLFFROR 3DUWLWR FRPXQLVWD DUJHQWLQR 3FD VRVSHVR FRPH WXWWH OH DOWUH IRU]H SROL WLFKH GRSR LO FROSR GL 6WDWR GHO PD QRQ VFLROWR 8Q¶DSHUWD FRQWUDGGL ]LRQH VXOOD TXDOH VSHVVR VL q VRUYROD WR DOPHQR DOOH QRVWUH ODWLWXGLQL SHU FRQYHQLHQ]D GL SDUWH H SHU O¶LQGXEELR LPEDUD]]R FKH DYUHEEH SURYRFDWR QHL SDUWLWL IUDWHOOL HXURSHL H QR &RPH JLXVWLILFDUH OD VRVWDQ]LDOH LPPXQLWj ULFRQRVFLXWD DL PHPEUL GHO 3DUWLWR PHQWUH OD UHSUHVVLRQH DUPDWD OD SL IHURFH FKH O¶$UJHQWLQD DEELD FRQR VFLXWR GRSR XQ JROSH FROSLYD L FRVLG GHWWL VRYYHUVLYL" &RVu VXOOD YLFHQGD VL VWHVH XQ YHOR GL RPHUWj /D PDQFDWD PHVVD IXRULOHJJH GHO 3DUWLWR FRPXQLVWD DUJHQWLQR DYHYD PR WLYD]LRQL LQWHUQH H LQWHUQD]LRQDOL ,O 3FD VL HUD VHPSUH PDQWHQXWR QHOO¶RUELWD GHOO¶RUWRGRVVLD GHWWDWD GDO 3DUWLWR FR PXQLVWD VRYLHWLFR LO 3FXV H O¶8UVV RIIULYD SUH]LRVL VERFFKL DOO¶HFRQRPLD DUJHQWLQD QHO PRPHQWR LQ FXL L PLOLWDUL HUDQR VWUHWWL QHOOD PRUVD GHOO¶RVWUDFL VPR GHOO¶DPPLQLVWUD]LRQH VWDWXQLWHQVH GL -LPP\ &DUWHU ,O SHU FHQWR GHO WRWDOH GHOO¶H[SRUW GL %XHQRV $LUHV HUD DVVRUELWR GD 0RVFD SHUFHQWXDOH FKH VDOLYD DOO¶ SHU FHQWR VH VL FRQVLGHUD YDQR L VROL SURGRWWL FHUHDOLFROL /D PD WULFH DQWLFRPXQLVWD GHO *RYHUQR QRQ UDSSUHVHQWDYD XQ RVWDFROR ,O PLQLVWUR GHOO¶(FRQRPLD GL 9LGHOD -RVp $OIUHGR 0DUWLQH] GH +R] QRQ VL IDFHYD PDL VIXJJLUH O¶RFFDVLRQH SHU ULFRUGDUH DL FULWLFL FKH ©QRQ VL GHYH FRQIRQGHUH LGHRORJLD FRQ HFRQRPLDª /D UHDOSROLWLN PRVFRYLWD VDUHEEH VWDWD RQRUDWD 1RQ VHQ]D SURIRQGL GLVVLGL LQWHUQL DOOH IRU]H DUPDWH LO JRYHUQR 9LGHOD QRQ DGHUu LQIDWWL DOO¶HPEDUJR GHFUHWDWR GD &DUWHU QHO FRQWUR O¶8UVV PDQWHQHQGR TXHO IORULGR LQWHUVFDPELR ULYHODWR LQ PROWL GHWWDJOL OD SULPD YROWD ROWUH YHQW¶DQQL ID GD ,VLGRUR *LOEHUW HVSRQHQWH FR PXQLVWD DUJHQWLQR GL SULPR SLDQR H D TXHO WHPSR FRUULVSRQGHQWH GD %XH QRV $LUHV GHOO¶DJHQ]LD GL VWDPSD VR

*HQQDLR YLHWLFD 7DVV /¶RPEUHOOR PRVFRYLWD JDUDQWLYD LQVRPPD XQD SUH]LRVD FR SHUWXUD /¶LQGLIIHUHQ]D YHUVR LO 3DUWLWR FRPXQLVWD HUD PRWLYDWD DQFKH GD YDOXWD]LRQL VTXLVLWDPHQWH DUJHQWLQH ,O FRPDQGDQWH GHO 6HUYL]LR ,QIRUPD ]LRQL GHOO¶(VHUFLWR JHQHUDOH &DUORV 'DOOD 7HD ULIHUHQGR XQD VHULH GL FRO ORTXL DYXWL FRQ SDUL JUDGR LQ XQ PH PRUDQGXP LQYLDWR D 9LGHOD VFULYHYD ©«+D WURYDWR FRQVHQVR O¶LGHD FKH LO SDUWLWR FRPXQLVWD GHEED HVVHUH VR VSHVR QRQ PHVVR IXRULOHJJH Ê SUHIH ULELOH FKH XQD JLRYHQW LQVRGGLVIDWWD VL LQFDQDOL YHUVR LO SDUWLWR FKH QRQ LQ GLUH]LRQH GHOOD ORWWD DUPDWDª 6H VWXSLVFH TXHVWD SRVL]LRQH QRQ PHQR ODVFLD SHUSOHVVL OD YDOXWD]LRQH RIIHUWD GDO 3DUWLWR FRPXQLVWD 'RSR DYHU LQGLFDWR FKH JOL DOWL YHUWLFL PLOL WDUL HUDQR FODVVLILFDELOL LQ GXH FRUUHQ WL L SLQRFKHWLVWDV FLRq O¶DOD GXUD UDSSUHVHQWDWD GDL JHQHUDOL 0HQpQGH] 9LODV H 6XiUH] 0DVRQ H L PRGHUDWL JXLGDWL GD 9LGHOD H GD 9LROD *HUyQL PR $UQHGR ÈOYDUH] VHJUHWDULR JHQH UDOH GHO 3FD DQQRWDYD ©,Q JLRFR F¶q OD FRQTXLVWD GL XQD GHPRFUD]LD DYDQ ]DWD O¶DOWHUQDWLYD q LO SLQRFKHWLVPRª 'L IURQWH DO ULVFKLR FKH SUHYDOHVVHUR L JRULODV L GXUL ©DQQHEELDWL GD XQ RGLR LUUD]LRQDOHª RFFRUUHYD WHQHU EHQ SUHVHQWH FKH ©XQ VHWWRUH ULOHYDQWH GHO *RYHUQR H GHOOH )RU]H DUPDWH FKH FRPSUHQGH LQ SULPR OXRJR LO 3UHVL GHQWH GHOOD 5HSXEEOLFD LO JHQHUDOH 9LGHOD 1 G 5 ULEDGLVFH TXDVL TXR WLGLDQDPHQWH FKH O¶RELHWWLYR q TXHOOR GL UDIIRU]DUH OD SDFH ULFUHDUH FRQGL ]LRQL GL VLFXUH]]D H ULWRUQDUH DG XQD GHPRFUD]LD DXWHQWLFDPHQWH UDSSUH VHQWDWLYD UHSXEEOLFDQD H IHGHUDOHª 8Q DSSRJJLR HVSOLFLWR FKH QRQ PDQFz GL FUHDUH VSDFFDWXUH GHQWUR LO 3FD LQGHEROHQGR O¶LPPDJLQH GHO SDUWLWR GL IURQWH DO SURSULR HOHWWRUDWR 8VFLWR GL VFHQD 9LGHOD LO PDU ]R H GRSR O¶LQWHUPH]]R GHO JH QHUDOH 9LROD FRQ /HRSROGR *DOWLHUL FROXL FKH ODQFLz OD IDOOLPHQWDUH RSH UD]LRQH SHU OD ULFRQTXLVWD GHOOH LVROH 0DOYLQDV RFFXSDWH GDJOL ,QJOHVL OD OLQHD SROLWLFD HVWHUD GHL PLOLWDUL DU JHQWLQL VL RULHQWz VX SRVL]LRQL PDJ JLRUPHQWH ILOR-VWDWXQLWHQVL /H UHOD ]LRQL FRQ 0RVFD VL UDIIUHGGDURQR H QXPHURVL PLOLWDQWL GHOOD JLRYHQW FRPXQLVWD DSSDUWHQHQWL DG RUJDQL]]D ]LRQL SHU L GLULWWL XPDQL IXURQR DUUH VWDWL DQGDQGR DG LQJURVVDUH O¶HOHQFR GHL GHVDSDUHFLGRV

*HQQDLR

,/ %25*+(6(

©,O JHPHOOR DODWR GHO SHULFRORª GL )(51$1'2 72*1, /( 3$52/( GHO WLWROR VRQR WUD YLUJR OHWWH SHUFKp QRQ PLH OD GHILQL]LRQH q QLHQWHPHQR FKH GL '¶$QQXQ]LR ,O YDWH G¶,WDOLD OD FRQLz SHU LO VXR ©JLRYDQH OHRQH GL JXDUGLDª DOWUD HVSUHVVLRQH FRQ OD TXDOH LGHQWLILFDYD O¶DYLDWRUH FKH QHO YROR VX 9LHQQD JLXJQR SLORWDYD QHOOD VTXDGUL JOLD O¶DHURSODQR DOOD VXD GHVWUD 4XHOO¶DYLDWRUH HUD $QWRQLR /RFDWHOOL %HUJDPR DSULOH - /HNHPSWL JLXJQR 1HOOD LPPLQHQWH SULPDYHUD VL FRPSLUDQQR TXLQGL DQQL GDOOD VXD QDVFLWD 3HUFKp KR GHFLVR ULFRUGDUOR" 3HUFKp IX XQ SLRQLHUH GHO YROR D OLYHOOR PRQGLDOH OD JUDQGH DYYHQWXUD GHOOD PDFFKLQD YRODQWH FKH VL GHILQL YD DOO¶LQL]LR GHO 1RYHFHQWR LO SL SHVDQWH GHOO¶DULD ULVSHWWR DOOD PRQ JROILHUD &L VRQR SRL DQFKH DOWUH UDJLRQL FKH L OHWWRUL FRPSUHQGHUDQQR SURVHJXHQGR /RFDWHOOL H PLR SDGUH HUDQR FRHWD QHL H IXURQR FRPSDJQL DOOH HOHPHQWD UL QHOOD VFXROD SL FHQWUDOH GL %HUJD PR GRYH LQVHJQz SXUH PLD QRQQD VFXROD FKH HVLVWH DQFRUD H JOL IX LQWL WRODWD GRSR OD PRUWH $YHYR GLHFL DQQL DELWDYR LQ FLWWj XQD VHUD PL WURYDYR DO WHDWUR ©'RVHª FRQ L PLHL JHQLWRUL SHU DVVLVWHUH D XQD FRPPHGLD DYYHQLYD VSHVVR 1HOO¶LQWHUYDOOR HUR VFHVR QHOO¶DWULR FRQ PLR SDGUH H LQ FRQWUDPPR /RFDWHOOL VL VDOXWDURQR HG LR YHQQL SUHVHQWDWR D OXL *OL GLVVL FKH SRVVHGHYR LO VXR OLEUR /H DOL GHO SULJLRQLHUR - (G 7UHYHV 0LODQR H DYUHL DYXWR SLDFHUH PL IDFHV VH XQD GHGLFD 4XDQGR JOLHOR IHFL DYHUH VFULVVH ©$O SLFFROR DPLFR )HU QDQGR 7RJQL FRUGLDOPHQWH - $QWRQLR /RFDWHOOL %HUJDPR ª &HUFKLDPR GL YHGHUH RUD EUHYHPHQWH FRVD IHFH LQ TXDUDQWXQR DQQL GL YLWD 6L GLSORPz LQ PHFFDQLFD DOO¶,VWL WXWR ,QGXVWULDOH GL %HUJDPR )X XQ SURYHWWR DOSLQLVWD FRO IUDWHOOR &DUOR VX SDUHFFKLH PRQWDJQH LWDOLDQH $OOR VFRSSLR GHOOD *UDQGH *XHUUD $QWR QLR VFHOVH G¶LVWLQWR LO YROR H PDPPD /RFDWHOOL YROOH DQGDUH D UHQGHUVL FRQ WR - GRYH LO ILJOLR VL WURYDYD LQ VHUYL ]LR - GHOOD UHDOWj H GHL SDUWLFRODUL (OOD

WHQHYD G¶RFFKLR GD YLFLQR L VXRL GXH PDVFKL DQFKH VH WUHGLFL DQQL GRSR $QWRQLR HUD QDWD 5RVHWWD ELPED D TXHOO¶HSRFD /RFDWHOOL FRPEDWWp XQD JXHUUD GD YDOHQWLVVLPR SLORWD ULFRJQL WRUH 6L JXDGDJQz WUH PHGDJOLH G¶DU JHQWR DO YDORUH PLOLWDUH H OD FURFH GHOO¶2UGLQH 0LOLWDUH GL 6DYRLD 1HO JLXJQR GHO SRFR SULPD GHO YROR VX 9LHQQD LQ VTXDGULJOLD D ODQFLDUH PDQLIHVWLQL LQYHFH FKH ERPEH VXOO¶$GDPHOOR HUD PRUWR LO IUDWHOOR &DUOR 8IILFLDOH GHO $OSLQL PHGD JOLD G¶DUJHQWR DO 9 0 7UH PHVL GRSR $QWRQLR IX DEEDWWXWR VX )LXPH H FDW WXUDWR *OL $XVWULDFL VDSHYDQR EHQH FKL IRVVH )LJXULDPRFL IXJJu H LQ GLYLVD DXVWULDFD VL DJJLUz SHU OD FDSLWDOH QHPLFD *OL DQGz EHQH ILQR D PDUFLD UH H LQFRQWUDUH OH DYDQJXDUGLH GHOOH QRVWUH WUXSSH FKH HUDQR VFDWWDWH QHOOD EDWWDJOLD GHFLVLYD GL 9LWWRULR 9HQHWR 'DYYHUR URPDQ]HVFR VHQ]D UHWRULFD 7RUQDWR D FDVD QHO SDUWHFLSz D XQD PLVVLRQH VXGDPHULFDQD GL SUR SDJDQGD DHURQDXWLFD H IX DQFRUD HSL FR SLORWD GXH YROWH WUDVYRODWRUH GHOOH YHWWH DQGLQH D PHWUL FRO VXR ELSODQR ©%DOLOODª GHOOD JXHUUD 3RL IX ILXPDQR FRO &RPDQGDQWH '¶$QQXQ ]LR SRL IDVFLVWD JLRUQDOLVWD H DUWLVWD GHSXWDWR QHO 3DUODPHQWR GHOOD ;;9,, /HJLVODWXUD ,Q JHQQDLR GHO SDUWu SHU LO JLUR GHO PRQGR HIIHWWXDWR TXDVL LQ XQ DQQR FRQ RJQL PH]]R GL WUD VSRUWR GLVSRQLELOH - QRQ LQ DHURSODQR - ( DOOD ILQH GL TXHOO¶DQQR RWWHQQH OD SULPD PHGDJOLD G¶RUR DO 9 0 SHU WXWWH OH LPSUHVH FRPSLXWH LQ JXHUUD 1HO WUH DQQL SULPD GL /LQG EHUJK SURJHWWD XQ YROR GL .P FKH GD 0DULQD GL 3LVD OR SRUWL QHJOL 86$ DWWUDYHUVR LO 1RUG $WODQWLFR FRQ LGURYRODQWH PHWDOOLFR WHGHVFR 'RU QLHU-:DOO ,O SHUFRUVR SUHYHGHYD GL YHUVH WDSSH HTXLSDJJLR GL FLQTXH XRPLQL GL FXL GXH SLORWL 8QD WHPSH VWD OL IHFH QDXIUDJDUH D PLJOLD GDOOD *URHQODQGLD /L UDFFROVH LQ PD UH GRSR WUH JLRUQL O¶LQFURFLDWRUH DPH ULFDQR 5LFKPRQG 0L SHUPHWWR ULFRU GDUH FKH VLDPR DJOL LQL]L GHJOL DQQL µ H OD WHFQRORJLD DHUHD QRQ GLVSRQH

GHJOL VWUXPHQWL GL RJJL FLRq QRQ KD QLHQWH 8Q PRWWR GL /RFDWHOOL HUD ©,ELV UHGLELVª DQGUDL ULWRUQHUDL *OL ODVFLz FRPSLHUH TXDUDQWXQR DQQL )X DUWLFR OLVWD GHO &RUULHUH GHOOD 6HUD DYLDWRUH DOSLQLVWD VROGDWR DUWLVWD 3HU XQ DQQR DQFKH SRGHVWj VLQGDFR GL %HUJDPR 3URSULR LQ TXHO SHULRGR OR ULYLGH PLR SDGUH GRSR XQ SR¶ GL WHPSR H GDWH OH SRVL]LRQL FKH QHO IUDWWHPSR DYHYD RFFXSDWR LQ VHJQR GL ULVSHWWR JOL GLH GH GHO ©/HLª 6L VHQWu DSRVWURIDWR GD OXL LQ GLDOHWWR FRQ TXHVWH SDUROH ©7H EDPER DGD FKH VR DPz 7RQu GH DOX UDª FUHGR FKH L OHWWRUL LQWXLVFDQR LO VHQVR 5LSDUWu YRORQWDULR FRPEDWWHQWH 0DJJLRUH SLORWD SHU OD JXHUUD G¶(WLR SLD GHVWLQDWR LQ 6RPDOLD 7DOH JXHUUD ILQu LO PDJJLR FRQ OD FRQTXL VWD GL $GGLV $EHED H LO JLRUQR 9LW WRULR (PDQXHOH ,,, IX SURFODPDWR LPSHUDWRUH 7HQHQGR SHUz SUHVHQWH FKH O¶(WLRSLD q JUDQGH TXDWWUR YROWH O¶,WDOLD D TXHOOD GDWD ULPDQHYD DQFRUD WXWWR O¶RFFLGHQWH GD RFFXSDUH ,O YLFH Up SHQVz TXLQGL GL LQYLDUH XQD PLVVLR QH SHU VRQGDUH QHFHVVLWj H SRVVLELOLWj 4XLQGLFL XRPLQL VX WUH WULPRWRUL *HQ 0DJOLRFFR &RO 6 0 &DOGHUL QL 0DJ /RFDWHOOL 3DUWRQR GD $GGLV $EHED LO YHUVR RYHVW GHVWL QD]LRQH /HNHPSWL FDSROXRJR GHOOD UHJLRQH 8ROOHJj $WWHUUDQR RVVHUYD QR SUHGLVSRQJRQR L WXUQL GL JXDUGLD SHU OD QRWWH 7UD JOL HTXLSDJJL F¶q SXUH 3DGUH %RUHOOR GHOOH PLVVLRQL &RQVRODWD GL 7RULQR HVSHUWR GHOOD ]RQD $OO¶DOED XQ DJJXHUULWR UHSDUWR HWLRSLFR OL VRUSUHQGH H OL XFFLGH WXWWL H OL EUXFLD FRQ L ORUR DHUHL &RVu ILQu DQFKH OD YLWD HFFH]LRQDOH GL $QWRQLR /RFDWHOOL $ OXL IX FRQIHUL WD FRPH D WXWWL TXHL &DGXWL OD PHGD JOLD G¶RUR DO 9 0 SHU OXL OD VHFRQ GD 3RL JOLHQH IX GDWD XQD WHU]D LQ ULFRQRVFLPHQWR GRYXWR D XQ 8RPR (URH $YLDWRUH VWUDRUGLQDULR Ê O¶XQLFR PLOLWDUH LWDOLDQR FRQ WUH 0 2 DO 9 0 VRQR TXLQGL VHWWH OH VXH PHGDJOLH DO 9 0 FRPH OH VWHOOH GHOO¶2UVD 0DJ JLRUH 5LQJUD]LR L OHWWRUL FKH VHQ]¶DOWUR FRQYHUUDQQR YDOHVVH OD SHQD FRQRVFH UH H ULFRUGDUH XQD SHUVRQDOLWj XPDQD FRPH TXHOOD GL $QWRQLR /RFDWHOOL H FRPH SHU PH IRVVH TXDVL XQD TXHVWLR QH GL IDPLJOLD LQ RFFDVLRQH GHOOD QD VFLWD VXD H GL PLR SDGUH 1HO VXR OLEUR - SULPD FLWDWR - D XQ FHUWR SXQWR VFULYH ©$O VRJQR KR VHPSUH FUHGXWR WDQWR GD IDUQH XQ¶LPPDJLQH GL YLWD YHUDª ,Q VHPSOLFLWj VHQWR GRYHU GLUH ©*UD]LHª

68//( 81,21, &,9,/,

/HL GLVVH Vu GL (00$18(/ 5$))$(/( /(, GLVVH Vu $G XQ¶DOWUD GRQQD ( OD SURLH]LRQH LQ DQWHSULPD SHU OD GHFLPD HGL]LRQH GHO %LRJUDILOP )HVWLYDO q XQ PLVWR GL DSSODXVL SURJUHVVLVWL H FRPPRVVL SLDQWL QX]LDOL FKH UHJDODQR DOOD UHJLVWD 0DULD 3HFFKLROL LO SUHPLR GHOOD JLXULD SHU OD FDWHJRULD ©,WDOLDª /HL GLVVH Vu q LO GRFXPHQWDULR FKH UDF FRQWD SHU SRFR SL GL XQ¶RUD OD VWRULD GL ,QJULG /DPPLQSll H /RUHQ]D 6ROGRQL WRVFDQH FRQ RULJLQL VYHGHVL QHO SULPR FDVR IHOLFHPHQWH VSRVH LQ WHUUD VFDQGL QDYD QHO JLRUQR GHO VROVWL]LR G¶HVWDWH ©/D ULYROX]LRQH D FROSL GL ERXTXHW q DSSHQD FRPLQFLDWDª DQQXQFLD LO VRWWRWLWROR GL XQD SHOOLFROD SUHVHQWDWD D 0LODQR LO QRYHPEUH GHOOR VFRUVR DQQR FRQ OD SDUWHFLSD]LRQH GHOOD 3HF FKLROL FKH VX FLQHPDJD\ LW RVVHUYDYD ©,O PDWULPRQLR KD XQD VWUXWWXUD ERU JKHVH PD LQ TXHVWD QXRYD FKLDYH KD LQ Vp LO JHUPH GHOO¶XJXDJOLDQ]D H TXLQGL q ULYROX]LRQDULR« Ê LPSRUWDQWH FR VWUXLUH XQ LPPDJLQDULR VXO PDWULPRQLR WUD GXH SHUVRQH GHOOR VWHVVR VHVVRª (QFRPLDELOH O¶DWWHJJLDPHQWR GHOOH GXH VSRVH FKH QRQ VL YHVWRQR GL UHWRULFD RPRVH[ R YLWWLPLVPR GRQDQGR JUDGHYR OH]]D DG XQ GRFXPHQWDULR FKH QDWR GD XQ YLGHR EORJ H ILQDQ]LDWRVL VXO ZHE FL SDUOD GL XQD VWRULD VHPSOLFH FKH VXVFLWD VLPSDWLD TXDQWR OH GXH SURWDJRQLVWH LURQLFKH H VIURQWDWH FRPH ©PDGUHSDWULD 7RVFDQDª FRPDQGD 1HVVXQD PDVFKHUD WD SUREOHPL GL FRSSLH FRPH WDQWH IL GDQ]DPHQWL OD SDXUD GHOO¶XIILFLDOLWj L SDUHQWL OD WRUWD GL QR]]H LO YHVWLWR GD VSRVD 7XWWR PROWR QRUPDOH H QHVVXQD HQIDVL QHO UDFFRQWR ©+DQQR WUDVPHVVR LO VHQVR GHO PD WULPRQLR FKH PROWL HWHUR KDQQR SHUVRª RVVHUYD 0LOHQD &DQQDYDFFLXROR IRQ GDWULFH GHO EORJ ©/H] 3RSª ©/D FXOWX UD SRS LQ VDOVD OHVELFDª LQ RFFDVLRQH GHOOD SURLH]LRQH PLODQHVH D]]HFFDQGR SUREDELOPHQWH LQ SLHQR O¶DQDOLVL 0HQ WUH OD VW\OLVW FRPPHQWD ©LO WLPRUH q FKH OD FRPXQLWj JD\ VL LPERUJKHVLVFD H SUHQGD XQD SLHJD WUDGL]LRQDOLVWDª 'L Oj GHO FDVR VLQJROR q RYYLR GR PDQGDUVL VH q JLXVWR FKH DOWUH SHUVRQH GHOOR VWHVVR VHVVR SRVVDQR VSRVDUVL LQ ,WDOLD 3DUWHQGR GD XQD SURVSHWWLYD ODLFD H GDOOD FRQYLQ]LRQH FKH QRQ GHEED HV VHUH LO GLULWWR FDQRQLFR LO IRQGDPHQWR

,/ %25*+(6( GHO QRVWUR RUGLQDPHQWR q LQXWLOH DIIURQ WDUH OD TXHVWLRQH GD XQ SXQWR GL YLVWD UHOLJLRVR Ê HYLGHQWH FKH DO FDWWROLFR VL SRVVDQR FKLHGHUH WROOHUDQ]D H ULVSHWWR VHQ]D SHUz SUHVFLQGHUH GDOOD FRQVLGHUD ]LRQH GHO SHFFDWR LQVLWR LQ XQ UDSSRUWR RPRVH[ (VVHQGR OD TXHVWLRQH DSSDQ QDJJLR GHOOD GRWWULQD FDWWROLFD RJQL DWWDFFR LQ WDO VHQVR YD OHWWR FRPH DWWDF FR DOO¶LVWLWX]LRQH QHO VXR FRPSOHVVR HG DO SULQFLSLR VWHVVR GL ODLFLWj FKH q VHSD UD]LRQH GHOOH GXH VIHUH H QRQ DEROL]LRQH GL XQD GHOOH GXH QHO ULVSHWWR GL HQWUDP EH $O QHWWR GHO PRUDOLVPR q VDFURVDQ WR FKH OR 6WDWR SDUWHQGR GD XQD SUR VSHWWLYD OLEHUWDULD H LQVLHPH RUJDQLFL VWD QRQ LQWHUSUHWL LO ULVSHWWR GHOOH GLIIH UHQ]H FRPH OLYHOODPHQWR D]]HUDPHQWR HG DSSLDWWLPHQWR GL TXHVW¶XOWLPH 4XDQWR DOO¶DQDOLVL LQ Vp GHO IHQRPH QR VH SXz HVVHU YHUR FKH LO PDWULPRQLR UHOLJLRVR KD XQD VWUXWWXUD ©ERUJKHVHª GL SHU Vp FLz QRQ ULVSRQGH SHU IRU]D DO YHUR SHU LO PDWULPRQLR FLYLOH FKH SXz HVVHUH DOWUHWWDQWR ODLFR HG HJXDOLWDULR VL LQWHQGD FRPSOHPHQWDULWj GHL UXROL HG XJXDOH GLJQLWj '¶DOWUR FDQWR VH LO PDWULPRQLR JD\ LQ TXDQWR IHQRPHQR LQ FRVWUX]LRQH DQFRUD VIXJJH DOOD FULVWDO OL]]D]LRQH GHO VXR VLJQLILFDWR HVVHQ]LD OH FLz QRQ YXRO GLUH - FRPH VRWWROLQHDWR GDOO¶DWWLYLVWD OJEW - FKH OD VXD LSRWHWLFD QDWXUD ULYROX]LRQDULD GHEED SHU IRU]D DYHUH FDUDWWHUH SHUPDQHQWH LVWLWX]LRQD OL]]DQGRVL LQ PDQLHUD FRHUHQWH FRQ OD IDVH DWWXDOH GL VWDWR QDVFHQWH )DWWR VDOYR LO WHUPLQH ©PDWULPRQLRª FKH VDUHEEH LO FDVR FRQWLQXDVVH D GHILQLUH VROWDQWR O¶XQLRQH GL XRPR H GRQQD H SDUWHQGR GDO SUHVXSSRVWR FKH FLDVFXQR FHOHEUD OD SURSULD XQLRQH FRQ FKL JOL SDUH YHQHQGR DG XQD SURVSHWWL YD ©SROLWLFDª LO GLVFRUVR VL ULGXFH DL GLULWWL FKH OR 6WDWR SXz H GHYH OHJLWWLPD PHQWH WXWHODUH ULFRQRVFHQGR R PHQR YDORUH DOO¶XQLRQH LQ TXHVWLRQH /D WXWHOD GHOOD IDPLJOLD WUDGL]LRQDOH GHYH SHU IRU]D GL FRVH FRQGXUUH DOO¶H VFOXVLRQH GL IDWWLVSHFLH GLIIHUHQWL" &Lz VDUHEEH YHUR VH OR 6WDWR IRVVH IRQGDWR XQLFDPHQWH VXO YDORUH GHOOD IDPLJOLD PHVVD LQ SRVL]LRQH GL SUHPLQHQ]D UL VSHWWR DOOR 6WDWR VWHVVR LQ RSSRVL]LRQH GXQTXH DG XQD FRQFH]LRQH RUJDQLFD /R 6WDWR LQYHFH WXWHOD GHWHUPLQDWH IDWWLVSHFLH ULVHUYDQGR FRQVHJXHQWL GLULWWL D GHWHUPLQDWL VRJJHWWL D IURQWH GHO ULFRQRVFLPHQWR GL XQ YDQWDJJLR PDWHULDOH R LPPDWHULDOH FKH OD FRPXQL Wj LQWHUD WUDH GD HVVH RSSXUH QHO FDVR XQ GLULWWR QRQ OLPLWL FRO VXR HVHUFL]LR XQ GLULWWR DOWUXL 'L Oj GHJOL DVSHWWL LGHRORJLFL GHL ©SURª H GHL ©FRQWURª DSULRULVWLFL q QHO FRQFUHWR LO QRFFLROR GHOOD TXHVWLRQH

*HQQDLR 2EEOLJR GL DVVLVWHQ]D HUHGLWDULHWj UHYHUVLELOLWj GL WUDWWDPHQWL SHQVLRQLVWLFL TXHVWL L SXQWL IRQGDPHQWDOL VX FXL q QHFHVVDULR ULIOHWWHUH YDOXWDQGR FRVu DG HVHPSLR O¶RSSRUWXQLWj GL JDUDQWLUH DG XQ¶DOWUD SHUVRQD XQ HVERUVR GRYXWR DO ODYRUDWRUH LQ VHJXLWR DOO¶LVWLWX]LRQH GL XQ YHUR H SURSULR SDWWR VROLGDULVWLFR WUD OXL H XQ DOWUR VRJJHWWR FRQ OD FRVWLWX ]LRQH GL XQD XQLRQH FLYLOH DSSXQWR RUJDQL]]DWL FRPH XQLWj VLQJROD QHOOD YLWD H QHOO¶DPPLQLVWUD]LRQH GHOOH SUR SULH ULVRUVH 3Xz WXWWR TXHVWR HVVHUH LQWHVR LQ IXQ]LRQH DQWL-LQGLYLGXDOLVWLFD H GXQ TXH SRVLWLYD" 3UREDELOPHQWH Vu FRPH DYYLHQH SHU DOWUH IDWWLVSHFLH GL QDWXUD QRQ VROR DIIHWWLYD '¶DOWURQGH XQD OL EHUWj RUGLQDWD FLYLOH VRFLDOH DQ]LFKp SULPLWLYD DQWL-VRFLDOH HG LQGLYLGXDOLVWD DJJUHVVLYD H FDRWLFD q SURSULD DG XQR 6WDWR RUJDQLFR 3RVWH OH EDVL GL XQ GLVFRUVR SURSRVL WLYR F¶q SHUz XQ IDWWRUH FKH /HL GLVVH Vu SODWHDOPHQWH HYLGHQ]LD ©Ê LPSRUWDQWH FRVWUXLUH XQ LPPDJLQDULR VXO PDWULPR QLR WUD GXH SHUVRQH GHOOR VWHVVR VHVVRª G¶DFFRUGR 0D FRPH SURYD OD SHOOLFR OD O¶LPPDJLQDULR SURGRWWR QRQ ULVXOWD FKH XQD EUXWWD FRSLD GHOO¶RULJLQDOH XQ¶LPLWD]LRQH VFLDOED GHOOD WUDGL]LRQH ,O YHOR OD WRUWD L SDUHQWL LO EDFLR VXELWR GRSR LO Vu WXWWR ULFDOFDWR GDO YLWXSHUDWR PDWULPRQLR ERUJKHVH 'RYH OD GLYHUVL Wj" 'RYH O¶LPPDJLQDULR ULQQRYDWR" /R VSLULWR SURSRVLWLYR H FRVWUXWWLYR PDQFD DJOL DWWLYLVWL OJEW GDL TXDOL LQYH FH WUDVSDUH FKLDUDPHQWH OD YRORQWj GL XVDUH OD ORWWD OJEW FRPH LQ SDVVDWR LO IHPPLQLVPR TXDOH VWUXPHQWR SHU FRP SLHUH XQ XOWHULRUH SDVVR DYDQWL YHUVR XQD YLVLRQH GHO PRQGR LGHRORJL]]DWD HJXDOL WDULVWD FKH q FRQIRUPLVPR H QRQ VROWDQ WR XJXDOH GLJQLWj SHU WXWWL RPRORJDQWH ©DQWLIDVFLVWDª HG LQWROOHUDQWH FKH QRQ VL OLPLWD DG DIILDQFDUH DOWUL PRGL GL SHQVDUH H YLYHUH PLUDQGR LQYHFH D GLVWUXJJHUOL R VRVWLWXLUOL ©Ê LQDFFHWWDELOHª VRVWLHQH XQR GHL UDSSUHVHQWDQWL GL ©/RYH RXW ODZª SUH VHQWH DOOD SURLH]LRQH PLODQHVH ©FKH O¶(XURSD WROOHUL FKH FL VLDQR FLWWDGLQL GL VHULH $ H FLWWDGLQL GL VHULH % FRQWUR L VXRL VWHVVL YDORUL IRQGDPHQWDOL ª ( FRVu YLD DOO¶RSHUD]LRQH GL OREE\LQJ SHU ©FUHDUH LPEDUD]]Rª DO 3G HG DO SUHPLHU GL IURQWH DO 3VH DWWUDYHUVR XQD SHWL]LR QH ULYROWD DL SDUODPHQWDUL HXURSHL (FFR GXQTXH OR VFRQILQDPHQWR FKH QRQ VL SXz DVVROXWDPHQWH DFFHWWDUH LO ULFDWWR HJXDOLWDULVWD O¶LGHD LPSOLFLWD GL XQ VXSHU-6WDWR FKH FL WROJD OD VRYUD QLWj O¶RPRORJD]LRQH JOREDOH FKH VWD GLHWUR LO IDQDWLVPR OJEW O¶LQFRQFLOLDELOL Wj FRQ XQ¶RWWLFD RUJDQLFLVWLFD

/,%5, 1829, ( 9(&&+, ,17(59,67$ $ &$5/2 9,9$/',-)257,

/H ULIRUPH GL 5HQ]L VRQR FRQWUR OÂ¶,WDOLD D FXUD GL $/%(572 63$*1$ ,/ 352)(6625 &DUOR 9LYDOGL-)RUWL GD WHPSR QRVWUR FROODERUDWRUH KD SXEEOL FDWR GL UHFHQWH XQ H-ERRN FRQ ,WDOLFDH ERRNV ZZZ LWDOLFDHERRNV LW GDO WLWROR 8QD QXRYD &RVWLWX]LRQH SHU XQ QXRYR PRGHOOR GL VYLOXSSR ,QYLWLDPR L QRVWUL OHWWRUL D FROOHJDUVL FRO VLWR LQGLFDWR SHU QRQ SHUGHUH OÂ¶RFFDVLRQH GL IRUPDUVL XQD SUHFLVD RSLQLRQH VXOOH ULIRUPH GL 5HQ]L H VXL ORUR YHUL VFRSL 3URI 9LYDOGL-)RUWL FRPÂ¶q QDWD OÂ¶LGHD GL GHGLFDU XQ VDJJLR DO SUREOH PD GHOOH ULIRUPH FRVWLWX]LRQDOL" Â©+R ULWHQXWR LQGLVSHQVDELOH FKLDULUH DOFXQL DVSHWWL IRQGDPHQWDOL GHO FRVWLWX ]LRQDOLVPR YLVWD OD JUDQGH FRQIXVLRQH FKH UHJQD VX TXHVWL WHPL QHOOÂ¶RSLQLRQH SXEEOLFD FRPSUHVD TXHOOD GL GHVWUD FKH VHPEUD DYHUH VPDUULWR LO VHQVR GHO OD SURSULD EDWWDJOLD H LO ULFRUGR GHOOH SURSULH RULJLQL Âª 6L ULIHULVFH IRUVH DJOL DFFRUGL GHO 1D]DUHQR H DOOÂ¶DSSRJJLR GL )RU]D ,WDOLD DL SURJHWWL GHO JRYHUQR" Â©*OL DFFRUGL GHO 1D]DUHQR VRQR OD FRQVHJXHQ]D GHOOD VFRQILWWD HOHWWRUDOH GHO FHQWURGHVWUD LO TXDOH LQ VHL DQQL KD SL R PHQR GLPH]]DWR OD SURSULD FRQVL VWHQ]D QXPHULFD H GHOOD VXD LQFDSDFLWj D FRQFHSLUH SURSRVWH RULJLQDOL LQ DUPR QLD FRQ OD VXD WUDGL]LRQH VWRULFD $ FLz DJJLXQJLDPR LO WHQWDWLYR GL %HUOXVFRQL GL UHVWDUH FRPXQTXH VXOOD VFHQD PHQ WUH SROLWLFDPHQWH q ILQLWR QHO QRYHPEUH TXDQGR VL q SLHJDWR DO ULFDWWR GHL SRWHUL IRUWL LWDOLDQL SLORWDWL GDOOD PDILD ILQDQ]LDULD LQWHUQD]LRQDOH Âª 6HFRQGR TXDQWR DIIHUPD DOORUD VHPEUHUHEEH FKH OH ULIRUPH YROXWH GDOOÂ¶DWWXDOH HVHFXWLYR VL PXRYDQR LQ GLUH]LRQH FRQWUDULD DL YHUL LQWHUHVVL GHO 3DHVH ,Q GXH SDUROH FL SRWUHEEH VSLHJDUH LQ FRVD FRQVLVWRQR L ODWL QH JDWLYL FKH /HL YL UDYYLVD" Â©/D SXQWXDOH GHVFUL]LRQH GL TXHVWL HVLJHUHEEH EHQ SL GL GXH SDUROH PL

OLPLWHUz D FRQIHUPDUH FKH OÂ¶LPSLDQWR GHOOH ULIRUPH UHQ]LDQH YD QHOOD GLUH]LR QH RSSRVWD D TXHOOD GL FXL LO 3DHVH DYUHEEH ELVRJQR 1RL YHQLDPR GD GXH HVSHULHQ]H WUDXPDWLFKH SURGRWWHVL QHO EUHYH YROJHUH GL XQ YHQWHQQLR OD FDGX WD GHOOD 3ULPD H TXHOOD GHOOD 6HFRQGD 5HSXEEOLFD (QWUDPEH VRQR VWDWH WUD YROWH SHU YLD JLXGL]LDULD RVVLD SHU PR WLYL GL FRUUX]LRQH 0D FRPH QDVFH TXH VWD FRUUX]LRQH FRVu GLIIXVD GD SRUUH DGGLULWWXUD LQ FULVL LO VLVWHPD GL JRYHU QR" (VVD WUDH RULJLQH GDOOR VWUDSRWHUH GHL SDUWLWL H GDOOD ORUR DVVRFLD]LRQH FRQ L SRWHQWDWL HFRQRPLFL VLD LQWHUQL VLD HVWHUL 4XHVWL XOWLPL SRL KDQQR DVVXQWR XQ WRWDOH FRQWUROOR VXL SULPL DQQXOODQ GR TXDOVLDVL FRQFUHWD GLIIHUHQ]D WUD OH GLYHUVH IRU]H SROLWLFKH 7XWWH LQIDWWL VRQR VRJJHWWH DJOL RUGLQL GL VFXGHULD GHOOH PXOWLQD]LRQDOL GHL JUDQGL PRQR SROL H GHOOH EDQFKH LQ PRGR FKH OÂ¶DOWHU QDUVL GL HVHFXWLYL GL VHJQR RSSRVWR QRQ GHWHUPLQD DOFXQ PXWDPHQWR VRVWDQ]LDOH QHOOD YLWD GHO 3DHVH /D WUDJLFD HVSH ULHQ]D GHOOÂ¶XOWLPR YHQWHQQLR OR FRQIHU PD FKH LO SUHPLHU IRVVH %HUOXVFRQL 3URGL 'Â¶$OHPD $PDWR 0RQWL /HWWD R 5HQ]L OD SROLWLFD HFRQRPLFD H VRFLDOH

KD VHJXLWR XQ VROR LQGLUL]]R WDVVH QLHQWÂ¶DOWUR FKH WDVVH GLVWUX]LRQH GHOOD ULFFKH]]D DFFXPXODWD GDOOH LPSUHVH H GDOOH IDPLJOLH LPSRVVLELOLWj GL SURGXU QH GL QXRYD (EEHQH WXWWH OH ULIRUPH GL 5HQ]L GD TXHOOD GHO 6HQDWR H GHOOH 3UR YLQFH ILQR DOOÂ¶LQQDO]DPHQWR GHO TXR UXP SHU OD UDFFROWD UHIHUHQGDULD GHOOH ILUPH QRQ IDQQR FKH DFFUHVFHUH OÂ¶HJH PRQLD GHL SDUWLWL WUDVIHUHQGR DOOR 6WDWR TXHOOH VLD SXU SLFFROH TXRWH GL VRYUDQLWj DQFRUD LQ SRVVHVVR GHL FLWWDGLQL 7XWWR FLz LQ QRPH GL XQD SUHVXQWD VHPSOLIL FD]LRQH GHOOD PDFFKLQD GL JRYHUQR LQ UHDOWj SHU UDIIRU]DUH LO GRPLQLR GL FKL YL VWD GLHWUR RVVLD GHL SRWHUL IRUWL 6H TXH VWD SROLWLFD GRYHVVH DYHUH VXFFHVVR FR PH SXUWURSSR WHPLDPR QHO QRVWUR IXWX UR QRQ YL VDUHEEHUR FKH PLVHULD H FRU UX]LRQH ILQR DOOÂ¶LQHYLWDELOH LPSORVLRQH GHO VLVWHPD SROLWLFR H VRFLDOH Âª &RVD SURSRQH /HL GL GLYHUVR SHU HYLWDUH FKH TXHVWR VL UHDOL]]L" Â©/R VFRSR GHOOH ULIRUPH SUHVH LQ HVDPH QHO OLEUR KDQQR OR VFRSR GL DF FUHVFHUH LO SRWHUH GHL FLWWDGLQL FKH ODYR UDQR H SURGXFRQR RVVLD GHOOD VRFLHWj FLYLOH ULGXFHQGR SDUDOOHODPHQWH TXHOOR GHOOR 6WDWR GHL SDUWLWL H GHOOD EXURFUD ]LD LQDXJXUDQGR DOOÂ¶RSSRVWR XQD IRUPD DPSLDPHQWH SDUWHFLSDWLYD QHOOD FRQYL YHQ]D FLYLOH 1RQ VL WUDWWD GL XQD ULFHWWD OLEHULVWD EHQVu GL XQ QXRYR FRQFHWWR GHL UDSSRUWL IUD LO FLWWDGLQR H OÂ¶DXWRULWj SXE EOLFD IRQGDWR VX XQ PRGHOOR WRWDOPHQWH QXRYR GL UDSSUHVHQWDQ]D 4XHVWR SHU VRWWUDUVL DOOÂ¶HJHPRQLD GL FXL KR SDUODWR SUHYHGH GXH &DPHUH TXHOOD GHL 'HSX WDWL HOHWWD FRPH RJJL GDL SDUWLWL PD LQ FRQIRUPLWj D XQD OHJJH HOHWWRUDOH LQ JUD GR GL JDUDQWLUH LO ELSRODULVPR OÂ¶DOWUD LO 6HQDWR HOHWWD VXOOD EDVH GHOOH FRPSH WHQ]H GHOOH FDWHJRULH HFRQRPLFKH VR FLDOL H FXOWXUDOL (QWUDPEH GRWDWH GHJOL VWHVVL SRWHUL DOWULPHQWL OD ULIRUPD QRQ SURGXUUHEEH ULVXOWDWL 7DOH FRQFH]LRQH GHOOD UDSSUHVHQWDQ]D VL SRWUHEEH UHDOL] ]DUH DQFKH LQ UHJLPH PRQRFDPHUDOH VH SLDFHVVH GL SL D FRQGL]LRQH FKH LO SHU FHQWR GHL PHPEUL IRVVH HOHWWR GDL SDUWLWL H OÂ¶DOWUR SHU FHQWR GDOOH FDWH JRULH ,QILQH SUHYHGR OÂ¶HOH]LRQH GLUHWWD GHO &DSR GHOOR 6WDWR L FXL SRWHUL GR YUHEEHUR HVVHUH LQFUHPHQWDWL VHFRQGR LO PRGHOOR IUDQFHVH FKH SHU OÂ¶,WDOLD SUHIH ULVFR D TXHOOR DPHULFDQR Âª 1RQ FUHGH FKH XQD ULIRUPD GL TXHVWD QDWXUD SRVVD HVVHUH WDFFLDWD GL ILORIDVFLVPR" /D 6XD &DPHUD GHOOH

&RPSHWHQ]H LQ FRVD GLIIHULVFH GD TXHOOD GHL )DVFL H GHOOH &RUSRUD]LRQL GL PXVVROLQLDQD PHPRULD" Â©/Â¶HVSHULHQ]D FRUSRUDWLYD IDVFLVWD QRQ UDSSUHVHQWD SHU PH XQ PRGHOOR LVSLUDWRUH PD VROWDQWR XQ LQWHUHVVDQWH RJJHWWR GL VWXGLR (VVD SHUz GLIIHULVFH LQ PRGR VRVWDQ]LDOH GD TXHOOD FKH SUR SRQJR ,QIDWWL OH FRUSRUD]LRQL IDVFLVWH HUDQR RUJDQL GL GLULWWR SXEEOLFR L FXL IXQ]LRQDUL GDL SL PRGHVWL DL SL HOH YDWL GL JUDGR YHQLYDQR QRPLQDWL GDOOÂ¶DOWR $QFKH SHU TXHVWR LO SXU VWL PRODQWH H LQQRYDWLYR SURJHWWR GL FUHDUH XQD GHPRFUD]LD VRFLDOH GD SDUWH GHO IDVFLVPR q QDXIUDJDWR QHOOD GLWWDWXUD 0D OH UDJLRQL VRQR DQFKH DOWUH $FFDQ WR DOOD &DPHUD FRUSRUDWLYD VL FROORFDYD XQ 6HQDWR GL QRPLQD UHJLD H SHUFLz GHO WXWWR HVWUDQHR DOOD YRORQWj SRSRODUH FXL SHUDOWUR YD ULFRQRVFLXWR LO PHULWR VWRUL FR GL DYHU JDUDQWLWR XQD FHUWD OLEHUWj GL SDUROD GXUDQWH LO 9HQWHQQLR SHQVLDPR DJOL LQWHUYHQWL GL RSSRVL]LRQH GL %HQH GHWWR &URFH PD GL VLFXUR QRQ DVVROYH YD DG DOFXQD IXQ]LRQH GL UDSSUHVHQWDQ ]D 1HO PLR SURJHWWR LQYHFH L SDUWLWL HOHJJRQR DQFRUD LQ IRUPD WUDGL]LRQDOH PHWj GHO 3DUODPHQWR H SHU OÂ¶DOWUD PH Wj L FRPSHWHQWL VRQR VFHOWL GDO EDVVR GHO WXWWR OLEHUDPHQWH QHOOÂ¶DPELWR GHOOH ULVSHWWLYH RUJDQL]]D]LRQH GL FDWHJRULD QRPLQD FRQIHUPDWD GDO YRWR SRSRODUH FRQ DFFHWWD]LRQH R ULILXWR GHOOH OLVWH ,QILQH LO &DSR GHOOR 6WDWR HOHWWLYR D VXIIUDJLR XQLYHUVDOH VL FRVWLWXLVFH JD UDQWH VXSUHPR GHJOL HTXLOLEUL SROLWLFL Âª +R FDSLWR SHUIHWWDPHQWH OD GLIIH UHQ]D WUD OD 6XD SURSRVWD H LO FRUSR UDWLYLVPR IDVFLVWD 1RQ FUHGH SHUz FKH GXH IRUPH GL UDSSUHVHQWDQ]D FR Vu GLYHUVH FXL VL DWWULEXLVFRQR SHUDO WUR SRWHUL HTXLYDOHQWL SRVVDQR JHQH UDUH XQD SDUDOLVL OHJLVODWLYD" Â©4XHVWD RELH]LRQH q GL VLFXUR SL IRQGDWD GHOOD SUHFHGHQWH 6HQ]D GXEELR LO QXRYR VLVWHPD GL UDSSUHVHQWDQ]D DYUj ELVRJQR GL XQ SHULRGR GL URGDJJLR WUDW WDQGRVL GL ULFRQGXUUH LQ DPELWL GHVXHWL SHU OD PHQWDOLWj FRUUHQWH OH IXQ]LRQL ULVSHWWLYH GHL SDUWLWL H GHOOD VRFLHWj FLYL OH 2JJL LQIDWWL OD FODVVH SROLWLFD q DEL WXDWD D IDUH H GLVIDUH D VXR WRWDOH DUEL WULR ROWUH FKH D JRGHUH GL XQR VWDWXV SUL YLOHJLDWR $ VXD YROWD OD VRFLHWj FLYLOH VD EHQH FKH VH YXROH RWWHQHUH TXDOFRVD GHYH LQFKLQDUVL DL SRWHQWDWL ORFDOL H QD ]LRQDOL FDXVD VLD GHOOD FRUUX]LRQH VLD GHOOÂ¶LQIHXGDPHQWR WHUULWRULDOH GHL SDUWL WL FKH VSHVVR WUDQVLWD GD XQD JHQHUD]LR QH DOOÂ¶DOWUD &RQ OD ULIRUPD GD PH SUR VSHWWDWD TXHVWD VXERUGLQD]LRQH FHVVD L SDUWLWL WRUQDQR D VYROJHUH LO FRPSLWR SHU FXL VRQR QDWL FLRq OÂ¶RULHQWDPHQWR LGHDOH

,/ %25*+(6( GHO VLVWHPD PHQWUH OD VRFLHWj FLYLOH DV VXPH IXQ]LRQL GL DXWRJRYHUQR FKH OD OLEHUDQR GDL ULFDWWL GHJOL LQWHUPHGLDUL SROLWLFL H OD UHVSRQVDELOL]]DQR DO WHPSR VWHVVR 'L TXHVWR QXRYR HTXLOLEULR GL SRWHUL FKH WUDVFHQGH UDGLFDOPHQWH OD WULSDUWL]LRQH FODVVLFD GHO 0RQWHVTXLHX QDVFH OD QHFHVVLWj GL XQ QXRYR GLDORJR IUD VRFLHWj H SROLWLFD GD FXL VFDWXULUj OÂ¶DUPRQLD VRFLDOH GHO IXWXUR /Â¶XRPR PRGHUQR DO SXQWR LQ FXL VL WURYD q PD WXUR SHU XQ FDPELDPHQWR GL TXHVWD SRU WDWD $Q]L HVVR UDSSUHVHQWD OD VXD XQLFD SRVVLELOLWj GL VDOYH]]D H GL SUHYHQ]LRQH GL XQ ULWRUQR DOOD EDUEDULH Âª $O WHUPLQH GL TXHVWD FKLDFFKLHUD WD YRUUHEEH LQIRUPDUH L OHWWRUL VXOOD VWUXWWXUD GHOOD 6XD RSHUD " Â©,O VDJJLR VL GLYLGH LQ SDUWL GLVWLQWH ,QL]LR SRQHQGRPL OD GRPDQGD TXDQGR FDPELDQR OH &RVWLWX]LRQL" 3HU ULVSRQ GHUH SDVVR LQ UDVVHJQD OH HVSHULHQ]H VWRULFKH SL VLJQLILFDWLYH DQWLFKH H PR GHUQH *LXQJHQGR TXLQGL DL QRVWUL JLRU QL GHGLFR XQD SDUWLFRODUH DWWHQ]LRQH DOOD )UDQFLD QRQ VROWDQWR SHUFKp OD PDJJLRU SDUWH GHJOL HVSHULPHQWL FRVWL WX]LRQDOL q VWDWD FRQGRWWD LQ TXHO 3DHVH PD DQFKH SHUFKp OH LVWLWX]LRQL GHOOD 4XLQWD 5HSXEEOLFD GRYXWH DO JHQHUDOH 'H *DXOOH VL VRQR PRVWUDWH WUD OH SL VWDELOL H UHVLVWHQWL OH SL DGDWWH DG XQ PRGHOOR VRFLR-SROLWLFR FKH q LQ (XUR SD TXHOOR PDJJLRUPHQWH VLPLOH DO QR VWUR &RQGRWWR XQ UDJLRQDPHQWR FULWLFR VX TXHVWR SDVVR LQILQH DOOH SURSRVWH FRQFUHWH GHO FDVR ,WDOLD QHO VHQVR JLj GD PH VSHFLILFDWR Âª 8QÂ¶XOWLPD GRPDQGD ,O 6XR OLEUR WUDWWD DQFKH GHOOH FULVL GHOOD JLXVWL]LD 4XDO q LQ XQD EDWWXWD OD ULIRUPD GHOOD 0DJLVWUDWXUD FKH /HL UDFFR PDQGD" 'HGLFR XQ SDUDJUDIR D TXHVWR WHPD QHOOD SDUWH ILQDOH ,Q GXH SDUROH YHGR LO VXSHUDPHQWR GHOOD FULVL H GHOOH FRQWUDG GL]LRQL GHOOÂ¶RUGLQH JLXGL]LDULR LQ XQD VHPSOLFLVVLPD ULFHWWD OÂ¶HOH]LRQH SRSR ODUH GHL JLXGLFL LQ DQDORJLD FRQ LO PR GHOOR DPHULFDQR 4XHVWR PRGR GL IRU PDUH LO WHU]R SRWHUH GHOOR 6WDWR q IUD OÂ¶DOWUR LO VROR FRHUHQWH FRQ XQD VRFLHWj LQWHJUDOPHQWH SDUWHFLSDWLYD Âª 5LQJUD]LDPR LO SURI 9LYDOGL-)RUWL GHO WHPSR FKH FL KD GHGLFDWR ,O 6XR OLEUR q SHUDOWUR ULFFR GL PROWL DOWUL VSXQ WL FKH SHU PRWLYL GL VSD]LR QRQ SRVVLD PR WUDWWDUH LQ TXHVWD VHGH 3RVVLDPR VROWDQWR UDFFRPDQGDUH DL QRVWUL OHWWRUL GL FROOHJDUVL VX ,QWHUQHW H IRUPDUVL HVVL VWHVVL XQÂ¶RSLQLRQH VX WDOH GHFLVLYR DU JRPHQWR

*HQQDLR

3HUVRQH GL FDUWD GL (55,&2 3$66$52 /( 5(&(16,21, WUDGL]LRQDOL VL FRQ FHQWUDQR VXOOD WUDPD GHO URPDQ]R VXO VXR VWLOH VXL VXRL GLDORJKL R VXO FRQ WHVWR VSD]LRWHPSRUDOH LQ FXL VL VYRO JRQR OH YLFHQGH PD LO YHUR PRWRUH GL RJQL VWRULD q LO SURWDJRQLVWD &L VRQR URPDQ]L R UDFFRQWL FRUDOL LQ FXL TXH VWR Â©DWWRUHÂª R Â©DJHQWHÂª R Â©DWWDQWHÂª GLYLGH OD VFHQD FRQ DOWUL DQWDJRQLVWL H FRPSULPDUL RSSXUH SDVVD LQ VHFRQGR SLDQR ULVSHWWR DOOD YLFHQGD QDUUDWD q LO FDVR GHOOÂ¶DQWRORJLD 2VFXUH 5HJLRQL GL /XLJL 0XVROLQR 5,// SULPD SDU WH GL XQ SURJHWWR FKH YHGH ULXQLWL UDFFRQWL GHGLFDWL DOOH WUDGL]LRQH IDQWD VWLFKH GL DOWUHWWDQWH UHJLRQL LWDOLDQH LQ TXHVWL EUDQL QDUUDWLYL JOL HVVHUL XPDQL VFRPSDLRQR GL IURQWH DOOH IRU ]H VRYUDQQDWXUDOL LQ FXL VL LPEDWWRQR &L VRQR LQYHFH URPDQ]L IRFDOL]]DWL LQYHFH VXOOD VXD VDJRPD GL PDWWDWR UH H GL TXHVWL FL RFFXSLDPR QHOOR VSD]LR D QRL ULVHUYDWR 3UHQGLDPR ,O VDQJXH GHOOÂ¶LPSHUR GL 6LPRQ 6FDUURZ 1HZWRQ &RPS WRQ DPELHQWDWR DL WHPSL GHOOH FDP SDJQH EULWDQQLFKH GHOOD OHJLRQH URPD QD 6L WUDWWD GL XQ URPDQ]R GL FRQIH ]LRQH VFULWWR FRQ VWLOH SDVVDELOH H EHQ GRFXPHQWDWR VXO SLDQR GHOOD ULFRVWUX ]LRQH VWRULFD PD TXHOOR FKH OR LPSR QH DOOÂ¶DWWHQ]LRQH GHO OHWWRUH q OD FDUD WXUD GHL SHUVRQDJJL SULQFLSDOL QRQ D FDVR ULFKLDPDWL FRQ JUDQGH HYLGHQ]D QHOOD TXDUWD GL FRSHUWLQD L FHQWXULRQL &DWRQH H 0DFURQH DWWUDYHUVR OH FXL YLFHQGH SHUVRQDOL VL LOOXVWUD OD JUDQ GH]]D GL 5RPD DQWLFD (VSOLFLWDPHQWH ULFKLDPDWD QHO UL VYROWR GL FRSHUWLQD q DQFKH OÂ¶HURLQD GH &URQDFKH GHO PRQGR HPHUVR - OH VWRULH SHUGXWH GL /LFLD 7URLVL 0RQGDGRUL OD QRVWUD VFULWWULFH GL IDQWDVLD HURLFD SL FRQRVFLXWD LQ ,WDOLD H DOOÂ¶HVWHUR QHO VXR QXRYR URPDQ]R IDWLFKL D OHJJHUH OÂ¶HSRV LO PLWR LO VHQVR GHO VDQJXH PD QRQ VL SXz QHJDUH FKH OD JXHUULHUD 1LKDO ULPDQH LPSUHVVD QHOOD PHPRULD GHO OHWWRUH DQFKH DWWUDYHUVR LO PHFFDQL VPR GHOOD UHLWHUD]LRQH WLSLFR GHL Â©FLFOLÂª H GHOOH Â©VDJKHÂª GL LVSLUD]LRQH WRONLHQLDQD 6HPSUH QHO FDPSR GHOOD IDQWDVLD HURLFD VL SXz FLWDUH ,O FDP PLQR RVFXUR - /D YHQGHWWD GHJOL $OEL

*HQQDLR

,/ %25*+(6(

GL 0DUNXV +HLW] 1RUG 6WLDPR SDU ODQGR GL XQ OLEUR ULVSHWWDELOH FKH VL HOHYD XQD VSDQQD VXL FRQVLPLOL SHU OD VWDWXUD GHO SURWDJRQLVWD TXHO 7LULJRQ FKH QRQ q VROWDQWR XQ EUXWR SRUWDWRUH GL VSDGD PD XQ XRPR FRPSOHVVR FKLDPDWR D IDUH VFHOWH GLIILFLOL FRPH TXHOOD GL DIILGDUH LO SURSULR IXWXUR DO UDSSUHVHQWDQWH GL XQD UD]]D GD VHP SUH RVWLOH DO VXR SRSROR 9HQHQGR DOO¶KRUURU XQD PHQ]LR QH VSHWWD GL GLULWWR DO 1DWH GL GL 3HWHU &OLQHV 0XOWLSOD\HU 4XL OD WHFQLFD DGRWWDWD q TXHOOD GHO URPDQ]R GL IRUPD]LRQH SUHQGL XQ UDJD]]R TXDOXQTXH VEDWWLOR LQ XQ DSSDUWD PHQWR LQIHVWDWR H VWDL D YHGHUH FKH FRVD VXFFHGH« ,Q FDPSR RUURULILFR H QRQ VROWDQWR -HQQLIHU (JDQ GL VWDQ]LD L FROOHJKL VFULWWRUL JUD]LH DG XQD SURVD LQ FXL QRQ F¶q XQD SDUROD LQXWLOH XQ DJJHWWLYR GL WURSSR XQ¶LPPDJLQH VSUHFDWD PD VH /D IRUWH]]D 0LQLPXP )D[ q JORULILFDWR GDOOD FULWLFD VL GHYH DO VXR ULXVFLWR SURWDJRQLVWD 'DQQ\ XQ QDWLYR GLJL WDOH DOOH SUHVH FRQ OH DWPRVIHUH JRWL FKH GL XQ FDVWHOOR PHGLRHYDOH GHOO¶(XURSD RULHQWDOH 1HO FDPSR GHO JHQHUH IDQWDVWLFR LQ VHQVR DPSLR XQ DOWUR SHUVRQDJJLR LQGLPHQWLFDELOH FDSDFH GL IXRULXVFLUH GDOOH SDJLQH GHO OLEUR H DVVXPHUH XQD VRUWD GL HVLVWHQ]D ILVLFD q LO *LHOHV 6ORE GH /D SODQDWD GL $QQH-*LQH *RHPDQV ,SHUERUHD ,O WHVWR LQ Vp q XQ HOHJDQWH SXQWR FURFH OHWWHUDULR FRQ WRFFKL GL ILQR DGDWWLVVLPL DO FOLPD ILDEHVFR GHOOD VXD VWRULD PD GRYH HVVR ID OD GLIIHUHQ]D ULVSHWWR DG DOWUL URPDQ]L SXU YDOLGL q QHOOD ILJXUD GHO SURWDJRQLVWD XQ JLRYDQH VRJQDWRUH FKH KD FRQVDFUDWR OD VXD YLWD DG XQD VLQJRODUH LPSUHVD GL YROR« %DULFHQWUL FD q DQFKH OD ILJXUD GL )HGHULFR LO SUR WDJRQLVWD GL ,Q WUHQR YLFLQR D 'DQWH GL )DELR 6FLDUSHOOHWWL GLVSRQLELOH VX UL FKLHVWD SUHVVR LO VLWR KWWS ZZZ IDELRVFLDUSHOOHWWL LW OD FXL YLWD q VFRQYROWD SULPD GDO VXLFLGLR GL XQ DPL FR H SRL GDO FRLQYROJLPHQWR LQ XQD WUDPD VRYUDQQDWXUDOH FKH OR FRQGXFH DOOH VRJOLH GHOO¶DOGLOj 3DVVDQGR DOOD IDQWDVFLHQ]D XQ DOWUR SHUVRQDJJLR-URPDQ]R q OD %UHT GL $QFLOODU\ -XVWLFH - OD YHQGHWWD GL %UHT D ILUPD GL $QQ /HFNLH )DQXFFL 1RQ q FDVXDOH FKH LO QRPH GHOOD SURWDJRQLVWD VLD FLWDWR QHO WLWROR VWHVVR GHO URPDQ]R JLDFFKp WXWWD OD YLFHQGD UXRWD DSSXQWR LQWRUQR DOOD UDSSUHVDJOLD GL %UHT QHL FRQIURQWL GL FKL KD WUDVIRUPDWR L VXRL VLPLOL LQ VROGDWL-DXWRPL /D VFHOWD GL FHQWUDUH OD VWRULD VXOOD SURWDJRQLVWD q FRQIHU

81 &$62 /(77(5$5,2 (6(03/$5(

)HUQDQGR 3HVVRD R GHOOD 0ROWLWXGLQH GL *,29$11, 6(66$ $ 32&+, DXWRUL q VWDWR FRQFHVVR GL UDSSUHVHQWDUH O¶XEL FRQVLVWDP GHO ©VHFROR EUHYHª TXDQWR D )HUQDQGR 3HVVRD 9LHQH D ULFRUGDUFHOR FRQ GRYL]LD GL SDUWLFRODUL H SHUVXDVLYLWj G¶DFFHQWL XQD PRQXPHQWDOH ELRJUD ILD LQWHOOHWWXDOH D OXL GHGLFDWD GD $Q JHO &UHVSR /D YLWD SOXUDOH GL )HU QDQGR 3HVVRD HGLWD GD %LHWWL SHU OD FXUD GHO OXVLWDQLVWD %UXQHOOR 'H &X VDWLV SHU RUGLQL DFTXL VWL#HGL]LRQLELHWWL LW HXUR 6L WUDWWD GL XQD VHFRQGD HGL]LRQH ULYLVWD FRPSOHWDPHQWH QHOOD WUDGX]LRQH H GRWDWD GL XQ DSSDUDWR GL QRWH GHO FX UDWRUH PLUDWH DG DJJLRUQDUH LO OHWWRUH LQ PHULWR DL QXRYL ULOLHYL HVHJHWLFL FXL q SHUYHQXWD OD FULWLFD SL DFFUHGLWDWD H VXOOH QRYLWj HGLWRULDOL GL XQ¶RSHUD FRVWLWXWLYDPHQWH LQ ILHUL Ê QRWR FKH LQ YLWD 3HVVRD SXEEOL Fz TXDWWURFHQWRWUHQWXQR WHVWL PHQWUH LO VXR ULFFKLVVLPR EDXOH QH FRQWHQHYD

PDWD GDOO¶HPEOHPDWLFR XVR GHOOD QDU UD]LRQH LQ SULPD SHUVRQD VLQJRODUH WHFQLFD FKH FL FRQVHQWH GL HQWUDUH QHL SHQVLHUL GHOOD SURWDJRQLVWD H DVVLVWHUH DOOR VYLOXSSR GUDPPDWLFR GDO VXR SXQWR GL YLVWD 5RPDQ]R-PDQLIHVWR GL TXHVWR SDUWLFRODUH DSSURFFLR QDUUDWLYR q WXWWDYLD /H PLH GXH YLWH GL -R :DOWRQ *DUJR\OH %RRNV LQ FXL OD SURWDJR QLVWD 3DWULFLD YLYH DGGLULWWXUD GXH YLWH SDUDOOHOH LQ GXH GLVWLQWL PRQGL LQ XQ¶HVLVWHQ]D q XQD FRQYHQ]LRQDOH PRJOLH H PDGUH GL IDPLJOLD PHQWUH LQ XQ¶DOWUD VILGD L SUHJLXGL]L VRFLDOL OH JDQGRVL DG XQ¶DOWUD GRQQD OD ELRORJD %HH H DOOHYDQGR FRQ OHL WUH ILJOL 4XL LO SHUVRQDJJLR q FRVu FRPSOHVVR FKH SHUVLQR VL VGRSSLD VFLQGHQGRVL LQ GXH LGHQWLWj DOWHUQDWLYH GHILQLWH GDL QRPL GL 7ULVK H 3DW 'D TXHVWD FDUUHOODWD ULVXOWD FKLDUR FKH QRQ FL SXz HVVHUH URPDQ]R GDY YHUR SLDFHYROH VHQ]D XQ SURWDJRQLVWD GL ULOLHYR FKH O¶DXWRUH H LO OHWWRUH SRVVDQR DPDUH R DO FRQWUDULR RGLDUH PD FRPXQTXH VHQWLUH YLFLQR

DOWUL YHQWLVHWWHPLOD LQHGLWL GDWL DOOH VWDPSH DWWUDYHUVR DOWHUQH YLFHQGH QHJOL XOWLPL GHFHQQL OD FXL SXEEOLFD ]LRQH QRQ q DQFRUD FRQFOXVD ,O OLEUR VL ULYHOD ILQ GDOOH SULPH SDJLQH XWLOH VWUXPHQWR GL DSSURIRQGLPHQWR SHU OR VWXGLRVR GL FRVH SHVVRDQH TXDQWR WHVWR LQWURGXWWLYR DOO¶XQLYHUVR PXOWL SOR GHO IODQHXU GL /LVERQD /D FKLD UH]]D HVSRVLWLYD GHOO¶DXWRUH LQGXFH FRLQYROJLPHQWR HPRWLYR QHO OHWWRUH WDOH GD UHQGHUH LO SURWDJRQLVWD GHOOH YLFHQGH QDUUDWH YLYLGDPHQWH SUHVHQ WH )HUQDQGR WUDVFRUVH SDUWH GHOO¶LQ IDQ]LD QHOOD FDSLWDOH OXVLWDQD FRQ LO SDGUH -RDTXLP GH 6HDEUD GL RULJLQL HEUDLFKH H OD PDGUH 0DULD 0DGDOHQD FROWD H SROLJORWWD &RQ ORUR YLYHYD OD QRQQD 'LRQtVLD (VWUHOD VRIIHUHQWH GL GLVWXUEL QHUYRVL FKH GRYHWWHUR FROSLUH O¶LPPDJLQDULR GHO IDQFLXOOR /D SUH PDWXUD PRUWH GHO SDGUH ODVFLz OD ID PLJOLD LQ FRQGL]LRQL HFRQRPLFKH GLIILFLOL ILQ TXDQGR OD PDGUH QRQ VSRVz LQ VHFRQGH QR]]H 0LJXHO 5R VD PHPEUR GHOOD 0DULQD 0LOLWDUH , 3HVVRD OR VHJXLURQR LQ 6XG $IULFD 4XL LO IXWXUR VFULWWRUH PLVH LQ OXFH OH SUHFRFL TXDOLWj LQWHOOHWWXDOL H VYLOXSSz JXVWR H YRFD]LRQH SHU OH OLQJXH LP SDUDQGR XQ LQJOHVH LPSHFFDELOH WDQWR GD VFULYHUH GLYHUVL FRPSRQLPHQWL LQ TXHVWR LGLRPD 5LHQWUDWR D /LVERQD LQL]Lz XQD YLWD QRPDGLFD VRJJLRUQDQGR LQ DS SDUWDPHQWL GL SDUHQWL LQ FDPHUH G¶DI ILWWR H WUDVORFDQGR VSHVVR )UHTXHQWz O¶8QLYHUVLWj GD VWUDQLHUR ©«SRFR FRPXQLFDWLYR DPDYD FRQYHUVDUH FRQ JOL VWXGHQWL FKH FRQRVFHYDQR O¶LQJOH VH H QRQ SUHQGHYD SDUWH DL GLYHUWL PHQWL GHL FROOHJKLª S FRPSRVH YHUVL FRQ LO VLJQLILFDWLYR SVHXGRQLPR GL $OH[DQGHU 6HDUFK FLRq ©&HUFDª D VRWWROLQHDUH O¶LQL]LR GL XQ SHUFRUVR FXL IHFH VHJXLUH O¶XWLOL]]R GL XQ DOWUR QRPH ©GL SHQQDª &KDUOHV 5REHUW $QRQ DEEUHYLD]LRQH GL DQRQLPRXV 3HVVRD VL SUHVHQWz SHUWDQWR FRPH XQ ©$QRQLPR SURWHVR QHOOD &HUFDª $U GRUH PLVWLFR H FXULRVLWj ILORVRILFD

FRQQRWDURQR O¶DQLPXV GHO JLRYDQH PD OD ILORVRILD ©«JOL LQWHUHVVDYD VROWDQWR LQ TXDQWR DUWHª S 1H JOL VWHVVL DQQL FRPLQFLz D VYROJHUH OH SL GLVSDUDWH DWWLYLWj FRPPHUFLDOL DOOH TXDOL SHU YLYHUH VL GHGLFKHUj ILQR DOOD PRUWH ,O 3RUWRJDOOR VWDYD DWWUDYHUVDQGR PRPHQWL GUDPPDWLFL OD YLWD SROLWLFD HUD VRVSHVD WUD PRQDU FKLD HVSHULHQ]H UHSXEEOLFDQH H GLWWD WXUH PLOLWDUL 3HVVRD GHEXWWz QHO PRQ GR FXOWXUDOH QHO DQQR LQ FXL XVFLURQR GLYHUVL VFULWWL VXOOD ULYLVWD $ ÈJXLD ULVSRVH D XQ¶LQFKLHVWD VXOOR VWDWR GHOOD FXOWXUD SRUWRJKHVH ODQFLD WD GDO JLRUQDOH 5HS~EOLFD SUHQGHQGR SRVL]LRQH D IDYRUH GHO VDXGRVLVPR PRYLPHQWR FKH DYUHEEH SRWXWR SUH SDUDUH OD ULQDVFLWD QD]LRQDOH $Q]L 3HVVRD VL GLVVH SURIHWLFDPHQWH FRQ YLQWR FKH SUHVWR YL VDUHEEH VWDWD ©« OD FRPSDUVD GL XQ VXSUD-&DP}HV QHOOD QRVWUD WHUUDª S VDUHEEH FLRq IDWDOPHQWH VRUWR XQ ©*UDQGH 3RHWDª FDSDFH GL RVFXUDUH OD ILJXUD VWHVVD GL &DP}HV /¶DWWUDYHUVDPHQWR GHOOH DYDQ JXDUGLH HXURSHH SUHVH LQ 3HVVRD QRPL GLVSDUDWL SDXOLVPR LQWHUVH]LR QLVPR IXWXULVPR ,O GHILQLWLYR VXSH UDPHQWR GHO VDXGRVLVPR OR VL HYLQFH GDOOD SXEEOLFD]LRQH GHOOD ULYLVWD 2USKHX FKH PRYLPHQWz OD YLWD FXOWX UDOH GHOOD FDSLWDOH /D ILJXUD GL 2UIHR VLQWHWL]]D OD SURSHQVLRQH HVRWHULFD LO QD]LRQDOLVPR PLVWLFR VHEDVWLDQLVWD OD OXFLGD FRQWUDGGLWWRULHWj FUHDWLYD FKH FDUDWWHUL]]DURQR GDOO¶LQWHUR OD SUR GXWWLYLWj GHO SURIHWD GHO 4XLQWR ,PSH UR &RPH O¶LQL]LDWR 2UIHR DYHYD UL PRVVR RVWDFROL FRQ OD PXVLFD ULFRP SRQHQGR JOL RSSRVWL LQ DUPRQLD OD UHDOL]]D]LRQH GHOOD UHQRYDWLR ,PSHUL QRQ DYUHEEH ULFKLHVWR IRU]D PDWHULD OH PD XQ SURIRQGR FDPELR GL FXRUH 'HO UHVWR FL ULFRUGD &UHVSR SURSULR LQ TXHJOL DQQL LO SRHWD WUDGXFHYD OH RSHUH SL VLJQLILFDWLYH GHO PRYLPHQ WR WHRVRILFR GHO TXDOH FROVH VLJQLIL FDWLYLWj PD DQFKH L OLPLWL WHRULFL &Lz OR LQGXVVH D XQ GHILQLWLYR DYYLFLQD PHQWR DOOH FRUUHQWL SL VHULH GHOO¶HVR WHULVPR ,Q TXHVWR DPELWR SRVVLDPR FRQVLGHUDUH VXD JXLGD *XUGMLHII 4XHVWL DYHYD LQVHJQDWR FKH ©«WXWWL JOL XRPLQL VRQR FRPSRVWL GL LQQXPH UHYROL LRª S /D FRVD FROSu SURIRQGDPHQWH 3HVVRD FKH DFFRPSD JQz VHPSUH OD VXD VFULWWXUD RUWRQLPD FRQ OD FUHD]LRQH GL VYDULDWL HWHURQLPL PHPRUH GHOOD OH]LRQH NLHUNHJDDUGLD QD LQHUHQWH OD FRPXQLFD]LRQH G¶HVL VWHQ]D *OL HWHURQLPL SHVVRDQL SRV VRQR HVVHU OHWWL TXDOL GLYHUVL PRPHQWL GHOOD YLWD SURIRQGD GHO ULQQRYDWRUH

,/ %25*+(6( VXSUD-&DP}HV LO 9DWH GHOO¶,PSHUR LQWHULRUH $OEHUWR &DHLUR UDSSUHVHQWH UHEEH LO QD]LRQDOLVPR PLVWLFR ÈOYDUR GH &DPSRV LQJHJQHUH QDYDOH VDUHE EH SHUVRQDJJLR YRWDWR DOO¶DXWRGLVWUX ]LRQH 5LFDUGR 5HLV PHGLFR H PRQDU FKLFR VL SURSRUUHEEH TXDOH LQWHOOL JHQWH ULQQRYDWRUH LQ DPELWR FRPSR VLWLYR GHOOD WUDGL]LRQH FODVVLFD 7XWWL ODWRUL GL XQ QXRYR SDJDQHVLPR ULJH QHUDWRUH GHFOLQDWR VHFRQGR RWWLFKH GLYHUVH 7UD JOL HWHURQLPL ROWUH DL SRHWL FRPSDLRQR L ILORVRIL $QWyQLR 0RUD DXWRUH GHOO¶RSXVFROR ,O ULWRUQR GHJOL GHL H 5DIDHO %DOGD\D PHQR QRWR H VWXGLDWR GHJOL DOWUL HWHURQLPL PD DVVDL LPSRUWDQWH q %DOGD\D D FRJOLHUH OD QHJDWLYLWj GHO 3ULQFLSLR H FLz VHJQD D GLUH GL &UHVSR LQ VHQVR JQRVWLFR OD FRQFH]LRQH WHRULFD GL 3HVVRD 4XHVWL HUD ©«XQ SRHWD FKH«VL GLYLGHYD SHU ULFRVWUXLUVL H FRVWUXLUH XQ QXRYR SDJDQHVLPRª S 1HO OLEUR q ULFRUGDWR LO VXR URFDPEROHVFR LQFRQWUR D /LVERQD FRQ $OHLVWHU &UR ZOH\ DYYHQWXULHUR H ©PDJRª VHVVXD OH FRVu FRPH QRQ YHQJRQR WUDVFXUDWH OH SROHPLFKH SROLWLFKH LQ FXL OR VFULW WRUH IX FRLQYROWR (JOL HUD DO PHGHVL PR WHPSR DYYHUVDULR DFFHVR GHOOD GHPRFUD]LD H GHO WRWDOLWDULVPR 'D VHEDVWLDQLVWD VL WHQQH ORQWDQR GDOOR 6WDWR 1XRYR GL 6DOD]DU &UHVSR ULFR VWUXLVFH LQROWUH OD YLWD VHQWLPHQWDOH GL 3HVVRD ,O UDFFRQWR GHOO¶DPRUH LPSRVVLELOH FRQ 2IpOLD q QDUUD]LRQH G¶DWPRVIHUD VXOOR VIRQGR XQD /LVER QD WUDVRJQDWD H LQWHOOHWWXDOPHQWH YXO FDQLFD , FDIIq LQ FXL OR VFULWWRUH VL LQWUDWWHQHYD LQ LQWHUPLQDELOL GLVFXV VLRQL DFFRPSDJQDWH GD VRQWXRVH EH YXWH G¶DFTXDYLWH FKH OR DYUHEEHUR SRUWDWR DOOD PRUWH VRQR OXRJKL G¶HOH ]LRQH GL XQ¶(XURSD DOWUD VLPEROL GHOO¶DWWHVD GHO 4XLQWR ,PSHUR GHOO¶X WRSLD SHVVRDQD 8Q QRQ-OXRJR GL VL JQLILFDWR QHO PRQGR LQVLJQLILFDQWH GHOOH PDVVH

*HQQDLR

6&+('( $OHVVDQGUR 6DOOXVWL D FXUD GL

8Q JROSH FKLDPDWR 5DWLQJ ,O *LRUQDOH ± )UHH )XQGDWLRQ 0LODQR 3S ¼ 4XHVWR EUHYH OLEUR FRQ SUHID]LRQH GL 5HQDWR %UXQHWWD H LQWURGX]LRQH GL (OLR /DQQXWWL q OD ULFKLHVWD GL ULQYLR D JLXGL]LR GHO 3 0 GU 0LFKHOH 5XJJHUR QHO SURFHVVR D 7UDQL FRQWUR O¶DJHQ]LD GL UDWLQJ 6WDQGDUG 3RRUV SUHVXQWD UHD GL DYHU PDQLSRODWR L GDWL GHO UDWLQJ LWDOLDQR QHO SHU UHDOL]]DUH - H R IDU UHDOL]]DUH - HQRUPL SURILWWL ILQDQ ]LDUL D FDULFR V¶LQWHQGH GHOO¶,WDOLD H QRQ VROWDQWR 1RQ q FRPSLWR GHO UHFHQVRUH HVSRUUH L IDWWL SHU OR SL QRWL FKH LO OHWWRUH SXz DJHYROPHQWH FRQRVFHUH OHJJHQGROR LO SDPSKOHW - SHUFKp WDOH q LO JHQHUH OHWWHUDULR FXL q PHJOLR UL FRQGXFLELOH TXHVWR DWWR SURFHVVXDOH q GL UDSLGD HG DJHYROH OHWWXUD SLXWWR VWR DSSDUH XWLOH HQXPHUDUH JOL LGROD LPSHUYHUVDQWL QHOO¶RSLQLRQH SXEEOLFD FKH LPSHGLVFRQR GL ULFRQGXUUH L IDWWL D SUHVXSSRVWL H FDWHJRULH DFTXLVLWH GD VHFROL H PLOOHQQL QHO SHQVLHUR H QHOO¶D ]LRQH SROLWLFR-VRFLDOH H VRQR DOWUHW WDQWR XWLOL D FKL KD UHDOL]]DWR LO JUDQGH LPEURJOLR GHO UDWLQJ - FRVWDWR FHQWL QDLD GL PLOLDUGL DO QRVWUR 3DHVH - QHO SUHGDUH LO SRSROR LWDOLDQR GL TXDQWR OR VLDQR DL 'XOFDPDUD GL UHJLPH SHU HPDVFXODUOR ,O 3ULPR , ©PHUFDWLª JLXGLFDYDQR O¶,WDOLD ©LQDIILGDELOHª 'DWR SHUz FKH FRPH TXDOVLDVL VWXGHQWH GL HFRQRPLD H JLXULVSUXGHQ]D VD OD IRUPD]LRQH GHL SUH]]L q VRJJHWWD D FRPSRQHQWL SVLFRORJLFKH EDVDWH VX QRWL]LH H O¶©DXWRULWjª GL HVSHUWL FKL PDQLSROD TXHOOH QRWL]LH H JRGH GL TXHOO¶©DXWRULWjª SXz RULHQWDUH O¶RSL QLRQH SXEEOLFD LQIOXHQ]DUH L SUH]]L GHL WLWROL - DOPHQR QHO EUHYH SHULRGR - UHDOL]]DUH HQRUPL SOXVYDOHQ]H H VFDS SDUH FRQ OD FDVVD 4XHVWR q LO QRFFLROR GHO OLEUR HG q XQ IDWWR FRVu QRWR H ULSH WXWR FKH PHUDYLJOLD TXDQWR SRFR OD YLFHQGD IRVVH YDOXWDWD VRWWR TXHVWR SURILOR GDOOD VWDPSD LWDOLDQD QHO ,O FKH DOLPHQWD SL FKH LO VRVSHWWR OD FHUWH]]D FKH LQ JUDQ SDUWH IRVVH GHOOD ©SDUWLWDª 9D GD VH FKH L ©PHUFDWLª KDQQR LO SUHJLR GL HVVHUH HQWLWj LPSHUVRQDOH HG ©DVWUDWWDª DO ULSDUR GD UHVSRQVDELOLWj -

*HQQDLR H UDSSUHVDJOLH SROLWLFKH H JLXGL]LDULH 0D VH GDOO¶LPSHUVRQDOH DVWUDWWR VL SDVVD DO SHUVRQDOH FRQFUHWR FLRq DL PDQLSRODWRUL LO SUHJLR VXGGHWWR YLHQH PHQR 5DJLRQH RWWLPD SHU LQFROSDUH L ©PHUFDWLª GHOOH PDQRYUH GL VRFLHWj H XRPLQL LGHQWLILFDELOL ,O 6HFRQGR /D SROLWLFD H OR 6WDWR QRQ GHYH LQWHUYHQLUH QHOO¶HFRQRPLD ( TXL VL SXz HVVHUH LQ OLQHD GL PDVVLPD G¶DFFRUGR $QFRU SL LQ XQ 3DHVH FR PH O¶,WDOLD GRYH XQD FDWWLYD SROLWLFD DQFRU RJJL q XQD SDOOD DO SLHGH GHOO¶H FRQRPLD QD]LRQDOH 0D QHO FDVR G¶HF FH]LRQH FRPH LQ XQD FULVL HFRQRPLFD JUDYH q LO FRQWUDULR q RSSRUWXQR IDU OR 1HOO¶DOWHUQDWLYD WUD SDJDUH LQWHUHVVL GD XVXUDL H GHSULPHUH O¶HFRQRPLD FLRq O¶HVVHQ]D GHOO¶D]LRQH GL JRYHUQR GHJOL XOWLPL DQQL q GRYHURVR SURWHJ JHUH JOL LQWHUHVVL GHOOD QD]LRQH D VFDSL WR GL TXHOOL GHL FUHGLWRUL ,O FKH QRQ VLJQLILFD QHSSXUH QHO FDVR GL VSHFLH QRQ SDJDUOL PD SLXWWRVWR QRQ VHUYLUOL DJHYRODQGRQH L VRSUDSURILWWL H DO OLPL WH GL FRQWUDVWDUOL ,QYHFH q FDSLWDWR LO FRQWUDULR FKH L JRYHUQL LWDOLDQL H QRQ VROWDQWR KDQQR IDWWR OH FROI GHOOD IL QDQ]D LQWHUQD HG LQWHUQD]LRQDOH ,O 7HU]R 4XHVWD QRQ q SROLWLFD q HFRQRPLD &LUFRVWDQ]D LQ SDUWH PD VROWDQWR LQ SDUWH YHUD ,O SULPR OXRJR SHUFKp OD FULVL KD SURGRWWR OD FDGXWD GL TXDWWUR JRYHUQL GHOO¶HXUR]RQD *UHFLD ,WDOLD 6SDJQD )UDQFLD ( FLz FKH KD HIIHWWL SROLWLFL FRVu HYLGHQWL q GL QDWXUD SROLWLFD ,Q VHFRQGR OXRJR OD SROLWLFD SXz HVVHUH IDWWD GD 6WDWL R QHO ©FUHSXVFROR GHOOD PRGHUQLWjª VHPSUH SL GD VRJJHWWL QRQ VWDWDOL PRYLPHQWL SDUWLWL ORE ELHV VqWWH EDQGH H FRVu YLD LO IDWWR GL QRQ HVVHUH VWDWDOH QRQ q SHU QXOOD FULWHULR GLVWLQWLYR GHO ©SROLWLFRª 3LXWWRVWR q GHFLVLYR LO UDSSRUWR FRO SRWHUH LO FRQWUDVWR GL YRORQWj H FRQ L PH]]L GHOO¶D]LRQH SROLWLFD ( TXL O¶RJJHWWR q LO SRWHUH UDSSUHVHQWDWR GD FHQWLQDLD GL PLOLDUGL LO ERWWLQR GHOOD JXHUUD GHOOR VSUHDG XQ WHPSR VL FKLDPDYDQR WULEXWL LQGHQQLWj ULSDUD ]LRQL H FRVu YLD &¶q SRL XQ FRQIOLWWR GL YRORQWj FK¶q O¶HVVHQ]D GHOOD JXHU UD LO FXL VFRSR GD 6XQ-7]X D *LR YDQQL *HQWLOH q SURSULR GL FRVWULQJH UH O¶DOWUR D IDUH OD SURSULD YRORQWj HG LQWHUHVVL QHOOD VSHFLH D SDJDUH LQWH UHVVL SL DOWL VXO GHELWR SXEEOLFR (G L PH]]L QRQ F¶q YLROHQ]D 0D FKL KD PDL VRVWHQXWR FKH PH]]R HVFOX VLYR GHOOD SROLWLFD VLD OD IRU]D" 1RQ 0DFKLDYHOOL QHO IDPRVR SDVVR VXOOD YROSH O¶DVWX]LD H LO OHRQH OD IRU]D QRQ L FODVVLFL GHO SHQVLHUR SROLWLFR GD %RGLQ D 1DXGq D 6FKPLWW D 3DUHWR

,/ %25*+(6( 4XD PDQFD OD YLROHQ]D XPDQD PD GL IURGH FH Q¶q D MRVD ( FRQ FLz OR VWUX PHQWR SHU OR SL FRPSOHPHQWDUH PD WDOYROWD DOWHUQDWLYR DOOD YLROHQ]D ,QILQH FKL SHQVD FKH OD JXHUUD H OH IRUPH FRPSOHPHQWDUL H VLPLOL ULYROX]LRQL FROSL GL 6WDWR ULFKLHGRQR QHFHVVDULDPHQWH O¶XVR GHOOD IRU]D KD VEDJOLDWR VHFROR &RPH TXDOFKH DQQR ID GLPRVWUDURQR L GXH FRORQQHOOL FLQHVL 4XLDR /LDQJ H :DQJ ;LDQJVXL QHO OLEUR *XHUUD VHQ]D OLPLWL SURSULR LO FDUDWWHUH SDFLILVWD GHOOD QRVWUD HSRFD FRPSRUWD FKH LO FRQIOLWWR VL VYLOXSSL LQ IRUPH ©DOWHUQDWLYHª QRQ-YLROHQWH R D EDVVD LQWHQVLWj GL YLROHQ]D ( FLWDYDQR WUD O¶DOWUR SURSULR JOL DWWDFFKL ILQDQ ]LDUL /¶LPSRUWDQWH LQ WDO FDVR q QRQ GDU UDJLRQH DOO¶DWWDFFDQWH LQ RPDJJLR DL ©PHUFDWLª R DO ©GLULWWRª - TXHVWR SUHVR SHU LPPXWDELOH 1RQ VDSSLDPR VH O¶HFFHOOHQWH ODYR UR GHO 3 0 GU 5XJJLHUR GDUj XQ HVLWR JLXGL]LDULR SRVLWLYR PD DYHUOR VFULWWR q JLj XQ DWWR GL DQWLFRQIRUPLVPR H GL FRUDJJLR 5HVWD FKH YLFHQGH FRPH TXHOOH GHOOD FULVL GHO VRQR HVVHQ ]LDOPHQWH SROLWLFKH KDQQR FRQVHJXHQ ]H SROLWLFKH HYLGHQ]LDQR UHVSRQVDELOL Wj SROLWLFKH H ULFKLHGRQR YDOXWD]LRQL SROLWLFKH H OD JLXULVGL]LRQH SHU TXHVWH q XQD FDPLFLD WURSSR VWUHWWD 9DOH LO JLXGL]LR GL 0DFKLDYHOOL FKH LQ TXHVWL FDVL QRQ q XWLOH LO JLXGL]LR ©GHL SRFKLª Ê QHFHVVDULR TXHOOR GHL ©WXWWLª FLRq GHL FLWWDGLQL SHU HYLWDUH FKH O¶DFFDGXWR VL ULSHWD SUHQGHUH OH FRQWURPLVXUH DGH JXDWH HG HYLWDUH VRSUDWWXWWR O¶RWWXQGL PHQWR GHO GLVFHUQLPHQWR SRSRODUH RVVLD FLz VX FXL VL EDVDQR WUDPH GHO JHQHUH 7(2'252 ./,76&+( '( /$ *5$1*( ,QJR 3HWHUVVRQ , OXSL GHOOD IRUHVWD &RQ L FRPEDWWHQWL EDOWLFL SHU OD OLEHUWj - /¶$VVDOWR (GL]LRQL FROODQD 8RPLQL ULEHOOL 3S - ¼ 0DXULFH %DUGqFKH DPLFR H SRL DQFKH FRJQDWR GL 5REHUW %UDVLOODFK KD VYROWR QHO VHFRQGR GRSRJXHUUD XQD OXQJD H SURILFXD DWWLYLWj GL VDJJLVWD JLRUQDOLVWD H FULWLFR G¶DUWH WDQWR FKH DOOD VXD PRUWH QHO -HDQ 0DULH /H 3HQ HEEH D GHILQLUOR ©XQ SURIHWD GHOOD ULQDVFLWD (XURSHD SHU OD TXDOH KD D OXQJR VSHUDWRª 7UD OH VXH RSHUH WUDGRWWH H SXEEOLFDWH LQ ,WDOLD YD ULFRU GDWD DQFKH VH VFULWWD LQ FROODERUD]LRQH FRQ DOWUL VWXGLRVL WUD L TXDOL YD FLWDWR DOPHQR )UDQoRLV 'XSUDW , IDVFLVPL

VFRQRVFLXWL HGLWR QHO GD ,O %RU JKHVH GL 0DULR 7HGHVFKL H DQQL GRSR ULSXEEOLFDWR GD &LDUUDSLFR XQD VLQWHVL VWRULFR LGHRORJLFD GHL ©IDVFLVPLª GL WXWWR LO PRQGR LQ FXL YHQLYD ULFRUGDWD OD OXQJD HURLFD RSSRVL]LRQH DUPDWD GHL SRSROL EDOWLFL DOO¶LQYDVLRQH VRYLHWL FD 5HVLVWHQ]D FKH HEEH ILQR DO FRQVLVWHQ]D PLOLWDUH H LO FXL XOWLPR FRPEDWWHQWH $XJXVW 6DEEH IX VFRSHU WR H XFFLVR VHVVDQWDQRYHQQH QHO GD DJHQWL GHO .*% QHO YLOODJJLR OHWWR QH GL 3DLGUD RYH q VWDWR HUHWWR LQ VXD PHPRULD XQ PRQXPHQWR IXQHUDULR /D UHFHQWH SXEEOLFD]LRQH GHO OLEUR GL ,QJR 3HWHUVVRQ ULVSRQGH TXLQGL DOO¶LQWHUHV VH SHU YLFHQGH VWRULFKH DVVROXWDPHQWH H GHSORUHYROPHQWH PLVFRQRVFLXWH )RUVH SURSULR TXHVWR LQWHUHVVH UHQGH SDU]LDOPHQWH GHOXGHQWH OD OHWWXUD GHO WHVWR FKH VL YXROH URPDQ]R VWRULFR ( FKH FRPH WDOH VL OHJJH VFRUUHYROPHQWH DQFKH VH L SHUVRQDJ JL DSSDLRQR SRFR FDUDWWHUL]]DWL QHOOH ORUR LQGLYLGXDOLWj H OR VWLOH QRQ KD OD FUXGH]]D GLUHWWD GL XQ 6YHQ +DV VHO 'HO UHVWR LO SURWDJRQLVWD q XQ 66 ©QRQ SHQWLWDª FKH VL EDWWH FRQ WHQDFLD FRQWUR JOL ©,YDQª L EROVFHYLFKL FRQ XQ IRUWLVVLPR VHQVR GL FDPHUDWLVPR H IUDWHOODQ]D QHL FRQIURQWL GL FKL FRP EDWWH H KD FRPEDWWXWR OD VXD JXHUUD 6RQR XRPLQL FKH ©KDQQR SHUVR WXW WR« KDQQR SHUGXWR OD ORUR VWHVVD YLWD 1RQ DSSDUWHQJRQR SL D VH VWHV VL PD DO SRSROR SHU ULGDUJOL OD OLEHU Wjª ( GHOOD ORWWD GL TXHVWL XRPLQL GL DGGHVWUDPHQWR GL PLVVLRQL GL FRP EDWWLPHQWL QDUUD O¶DXWRUH FRQ XQD FHUWD TXDO YLYDFLWj $ TXHVWR SUHJLR QDUUDWLYR ID UL VFRQWUR O¶LQGHWHUPLQDWH]]D GHOOR VYRO JHUVL GHOO¶D]LRQH LO TXDGUR G¶LQVLHPH O¶DWPRVIHUD H OD PHQWDOLWj GHO SHULRGR YHQJRQR GHOLQHDWH SHU RSSRVL]LRQH GD XQD SDUWH L IHGHOL GDOO¶DOWUD FKL VL DGDW WD DOOD QXRYD UHDOWj H TXLQGL ©WUDGLVFHª ,O WHVWR q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

HVVD HEEHUR OH DWWLYLWj VSLRQLVWLFKH GHOOD EDQGD 3KLOE\ 8QD SDUWLFRODUH H DVVDL SRVLWLYD PHQ]LRQH YD IDWWD SHU OD GRFXPHQWD ]LRQH IRWRJUDILFD FKH DUULFFKLVFH LO YROXPH XQ¶RWWDQWLQD GL IRWR PROWR VLJQLILFDWLYH HG HYRFDWLYH 0$85,=,2 %(5*21=,1, 0DWWHR 3DVXW 3URWDJRQLVWD QHOO¶RPEUD 3DGUH *LXVWR 3DQFLQR $VVRFLD]LRQH ' *LXVWR 3DQFLQR 9LYDUR 3RUGHQRQH - 3S 'RQ *LXVWR 3DQFLQR - FDSSHOODQR PLOLWDUH QHO QHJOL DQQL GHOO¶DGROHVFHQ]D HUD VWDWR FRP SDJQR GL JLRFKL GL (GGD &LDQR 0XV VROLQL - H LQ VHJXLWR IX WHVWLPRQH GHO SHULRGR SL GUDPPDWL FR GHOOD YLWD GHOOD ILJOLD GHO 'XFH TXHOOR FLRq VHJXuWR DOOD IXFLOD]LRQH GHO PDULWR *DOHD]]R LQ VHJXLWR DO SURFHVVR GL 9HURQD &LDQR FKH QHO HUD VWDWR 0LQLVWUR GHJOL (VWHUL VXEHQWUDQGR QHOOD FDULFD DOOR VWHVVR 0XVVROLQL VRWWRVHJUHWDULR DOOD )DUQH VLQD GDO DO IX FRPH QRWR IXFLODWR O¶ JHQQDLR SHU DYHU ILUPDWR O¶©RUGLQH GHO JLRUQR *UDQGLª GHO OXJOLR 'RSR OD VXD HVWUD GL]LRQH LQ ,WDOLD QHOO¶RWWREUH (GGD FRQ L ILJOL )DEUL]LR 'LQGLQD H 0DU]LR ULXVFu JUD]LH DOO¶DLXWR GL GRQ 3DQFLQR D IXJJLUH LQ 6YL]]HUD ,Q TXHVWR OLEUR 0DWWHR 3DVXW DQQL D VXR WHPSR VXFFHVVRUH GL GRQ 3DQFLQR LQ XQD SDUURFFKLD GHO SRUGH QRQHVH H TXLQGL FXVWRGH RJJL GL PROWL GRFXPHQWL SHUVRQDOL VXOOD YLWD GHO VDFHUGRWH GHVFULYH L WHQWDWLYL FKH %HQLWR 0XVVROLQL ULFRUUHQGR D OXL IHFH SHU FHUFDUH GL ULFRQTXLVWDUH O¶DI IHWWR GL TXHOOD ILJOLD FKH DYHYD SHU GXWR SHU DYHU RUGLQDWR QHO OD IXFLOD]LRQH GHO PDULWR FKLHGHQGRJOL GL LQFRQWUDUOD D VXR QRPH H GL RWWH QHUJOL LO SHUGRQR 3HU ROWUH XQ DQQR TXLQGL GRQ 3DQFLQR VL WURYz DO FHQWUR GL XQ JUR YLJOLR GL YLFHQGH IDPLOLDUL SROLWLFKH GLSORPDWLFKH FRQ LO 'XFH UHVLGHQWH D *DUJQDQR VXO ODJR GL *DUGD FKH OR FKLDPDYD D SL ULSUHVH LQ SULPR OXR JR FRQVHJQDQGRJOL OHWWHUH HG LQFDUL FDQGROR GL SDUODUH DG (GGD ,O VDFHU GRWH LQ LQFRJQLWR H LQ JUDQ VHJUHWR IHFH TXLQGL OD VSROD WUD *DUJQDQR H OD 6YL]]HUD WUD PLOOH GLIILFROWj H VHPSUH LQVHJXLWR GDL VHUYL]L VHJUHWL GL YDULH QD]LRQL FKH JOL GDYDQR XQD FDFFLD VSLHWDWD (GGD QRQ DFFHWWz LQ DOFXQ PRGR GL SHUGRQDUH LO JHQLWRUH DQ]L FRQWL

,/ %25*+(6( QXz ILQR DOO¶XOWLPR GL DIIHUPDUH GL QRQ SRWHU VPHWWHUH GL PDOHGLUOR ,O SULPR LQFRQWUR FRQ LO VDFHUGRWH DY YHQQH LO PDU]R GHO H LQ XQ FOLPD GL WHQVLRQH OD GRQQD DFFXVz LO SDGUH GL GHEROH]]D GL PHQ]RJQD GL SDUWHFLSD]LRQH FROSHYROH DOO¶XFFLVLR QH GHO PDULWR $O ULWRUQR LO VDFHUGRWH VL IHUPz TXLQGL D 0LODQR SHU FRQVLJOLDUVL FRQ LO FDUG ,OGHIRQVR 6FKXVWHU VX FRPH SURVHJXLUH L FRQWDWWL FRQ LO 'XFH H VX FRVD ULIHULUH D 0XVVROLQL O¶LQGLFD]LR QH q GL DIIHUPDUH VHPSUH OD YHULWj FHUFDQGR GL JLXVWLILFDUH LO FRPSRUWD PHQWR GHOOD ILJOLD H ODVFLDQGR DSHUWD OD VSHUDQ]D QHOOD FRPSUHQVLRQH 6DUj GRQ 3DQFLQR D FRPXQLFDUH TXLQGL DO 'XFH FKH L FRQGDQQDWL D PRUWH GHO SURFHVVR GL 9HURQD DYHYD QR LQROWUDWR GRPDQGD GL JUD]LD D 0XVVROLQL PDL SHUYHQXWD LQ TXDQWR IHUPDWD GDL WHGHVFKL 1HJOL XOWLPL JLRUQL GHOO¶LQYHUQR GHO QHL TXDOL LO 'XFH VHQWH FKH RUPDL QRQ FL VRQR TXDVL SL VSHUDQ]H ULFKLDPz GRQ 3DQFLQR H OR LQYLz DQ FRUD XQD YROWD D %HUQD SHU FRQRVFHUH - WUDPLWH LO QXQ]LR PRQV %HUQDUGLQL - VH HVLVWHYDQR PDUJLQL GL WUDWWDWLYD FRQ JOL DOOHDWL LQ PHULWR DOOD SUHWHVD ©UHVD LQFRQGL]LRQDWDª RSSXUH VH HUD SRVVL ELOH XQD FHUWD HODVWLFLWj FKH JOL DYUHEEH SHUPHVVR GL VDOYDUVL (GGD VL WURYDYD ULFRYHUDWD LQ FOL QLFD D 0RQWUHX[ FDQWRQH GL 9DXG H OH DXWRULWj YLHWDURQR D GRQ 3DQFLQR G¶LQFRQWUDUOD ,O GLQDPLFR VDFHUGRWH ULXVFu FRPXQTXH XJXDOPHQWH D VWDUH FRQ OHL SHU TXDWWUR RUH H D FRPXQLFDU OH FKH LO SDGUH GHVLGHUD DUULYDUH D XQD UHVD RQRUHYROH YHGHQGR LO VXR YROWR LOOXPLQDUVL FRQYLQWD FKH HJOL ULXVFLUj D VDOYDUVL Ê O¶XOWLPD YROWD FKH L GXH V¶LQFRQ WUDQR LO PDU]R H SL WDUGL LO VDFHUGRWH VL ULYLGH SHU O¶XOWLPD YROWD DQFKH FRQ 0XVVROLQL XQ XRPR SUR VWUDWR FKH QRQ VPLVH GL ULSHWHUJOL ©)LQLUz XFFLVRª $L SULPL GL DSULOH TXLQGL LO FDUGLQDOH 6FKXVWHU LQIRUPH Uj 0XVVROLQL FKH JOL $OOHDWL KDQQR IDWWR VDSHUH FKH OD UHVD SRWUj HVVHUH VROWDQWR LQFRQGL]LRQDWD ,Q TXHVWR OLEUR q UDFFRQWDWD TXLQGL XQD SDJLQD GL VWRULD GDYYHUR SRFR FRQRVFLXWD OD TXDOH RIIUH VSXQWL LQH GLWL VXOOD YLWD GL (GGD H GL VXR SDGUH %HQLWR 0XVVROLQL QRQFKp VX DOWUL IDWWL H SURWDJRQLVWL VLJQLILFDWLYL GHOO¶XOWLPR DQQR GL YLWD GHO 'XFH 3HU OD PHPRULD GL SDGUH 3DQFLQR FKH q VWDWR SDUURFR GL 9LYDUR SHU FLU FD DQQL q VWDWD IRQGDWD QHO XQ¶$VVRFLD]LRQH FXOWXUDOH RSHUDQWH

*HQQDLR QHOOD VWHVVD FLWWDGLQD LQ SURYLQFLD GL 3RUGHQRQH LPSHJQDWD QHOOD GLYXOJD ]LRQH GHOOD VWRULD H GHOOD WHVWLPRQLDQ ]D GL TXHVWR VDFHUGRWH SHU LO TXDOH q VWDWD DQFKH ULFKLHVWD O¶LQWLWROD]LRQH GL XQD VWUDGD DO &RPXQH 6L SXz ULFKLHGHUH XQD FRSLD GHOOD VHFRQGD HGL]LRQH GHO OLEUR FKH O¶$X WRUH KD IUD O¶DOWUR GRQDWR D 3DSD )UDQ FHVFR LO RWWREUH FRQFHOH EUDQGR FRQ OXL D 6DQWD 0DUWD VFUL YHQGR DOO¶$VVRFLD]LRQH ©'RQ *LXVWR 3DQFLQRª YLD * 3DVFROL - - 9LYDUR 31 WHO HPDLO PDXUR FDQGLGR#OLEHUR LW *,86(33( %5,(1=$ $OGR *UDQGL $OPLUDQWH - %LRJUDILD GL XQ IDVFLVWD´ 6SHUOLQJ .XSIHU ± 3S - ¼ H-ERRN ¼

1HO PRPHQWR LQ FXL VXL PH]]L GL FRPXQLFD]LRQH WLHQH EDQFR OD YLFHQ GD GHOOD ©PDILD FDSLWDOHª WURYR SRVWD WD GD XQ VXR LQWHUORFXWRUH QHO SURIL OR )DFHERRN GL $OHPDQQR TXHVWD FLWD]LRQH GL *LRUJLR $OPLUDQWH ©VH XQR UXED PHULWD OD JDOHUD VH OR ID XQR GL QRL PHULWD O¶HUJDVWRORª &LWD ]LRQH FKH ROWUH D HVSULPHUH OD UHD]LR QH LPPHGLDWD GL XQ GHWHUPLQDWR DP ELHQWH D WDOL VFRQVRODQWL YLFHQGH PR VWUD FRPH D YHQWLFLQTXH DQQL GDOOD PRUWH SHUPDQJD EHQ YLYR LO PLWR GHO 6HJUHWDULR PLVVLQR 0RPHQWR DGDWWR TXLQGL DOOD OHW WXUD GHO YROXPH GL $OGR *UDQGL FKH QH WUDWWHJJLD FRQ XQ¶DWWHQWD DQDOLVL GHOOH IRQWL JLRUQDOLVWLFKH OD YLWD H O¶DWWLYLWj SROLWLFD GDJOL DQQL GHJOL VWXGL DOO¶DWWLYLWj GL JLRYDQH SXEEOLFL VWD DO 7HYHUH H D /D GLIHVD GHOOD UD] ]D GDOOH DYYHQWXUH FRPH FRUULVSRQ GHQWH GL JXHUUD DOO¶DGHVLRQH DOOD 5H SXEEOLFD 6RFLDOH LWDOLDQD GDL GLIILFLOL PRPHQWL GHOO¶LPPHGLDWR GRSRJXHUUD DOOD IRQGD]LRQH GHO 0VL ( SRL OD QR PLQD D 6HJUHWDULR GHO 0VL O¶HOH]LRQH D GHSXWDWR OD SDUWHFLSD]LRQH DOOH ORWWH LQWHUQH DO 0VL H OD OXQJD RSSRVL ]LRQH D 0LFKHOLQL O¶DFFODPD]LRQH FKH OR SRUWz QHO D ULDVVXPHUH OD PDVVLPD UHVSRQVDELOLWj GHO SDUWLWR OH YLFHQGH GUDPPDWLFKH GHJOL DQQL µ VHJQDWL GD YLROHQ]D H WHUURULVPR ( DQFRUD OD QDVFLWD GL 'HPRFUD]LD 1D]LRQDOH L UDSSRUWL FRQ &UD[L H %HUOLQJXHU OH VXH YLFHQGH SHUVRQDOL H LO UXROR GHOOD PRJOLH FKH SRUWz 3DQR UDPD D GHILQLUH FRQ LO WLWROR SXQJHQWH GL ©PLUDFRODWR GDOO¶$VVXQWDª OD VFHO WD GL )LQL FRPH VXR VXFFHVVRUH /¶LPPDJLQH GRFXPHQWDWD FKH *UDQGL Gj GL $OPLUDQWH q VRVWDQ]LDO

*HQQDLR PHQWH SRVLWLYD H VHPEUD FRLQFLGHUH FRQ TXDQWR - SHU OD VXD PRUWH - VFULV VH ,QGUR 0RQWDQHOOL LQ XQ ©FRFFRGULOORª FKH QRQ D FDVR YLHQH FLWDWR LQ PDQLHUD DVVDL DPSLD 0D O¶DXWRUH ULFRUGD DQFKH JOL DVSHWWL SL FRQWURYHUVL GHOOD VXD YLWD FRQ SDUWLFRODUH FXUD YLHQH DQDOL]]DWD O¶DWWLYLWj GL VHJUHWDULR GL UHGD]LRQH D /D GLIHVD GHOOD UD]]D H TXDQWR VX TXHOOD ULYLVWD SXEEOLFDWR QRQ VROWDQWR D OLYHOOR WHRULFR LQ FRQWUDSSRVL]LRQH DG (YROD PD DQFKH FRQ OD GHQXQFLD GL FKL GHILQLYD ©GRQDWRUL GL QRPH DULDQRª FLRq GL FKL IDFHYD GD SUHVWD QRPH D HEUHL FKH DOWULPHQWL QRQ DYUHEEHUR SRWXWR RSHUDUH SURIHVVLR QDOPHQWH QHO FLQHPD DG HVHPSLR /D ELRJUDILD q DG DYYLVR GL FKL VFULYH SUHFLVD QHO GHVFULYHUH L IDWWL H QHO ULIHULUH FLUFRVWDQ]H PD VHPSUH DG DYYLVR GL FKL VFULYH QRQ DSSURIRQGL WD QHOO¶DQDOL]]DUH FHUWL VQRGL FRPH OD SRVL]LRQH DVVXQWD QHOOD SULPDYHUD GHO FKH SRUWHUj LO 0VL ©DG DUUDQFD UH H D VRIIULUH OH SL DYDQ]DWH SRVL ]LRQLª VLD QHO VLQGDFDWR FXOWXUDOPHQ WH YLFLQR VLD WUD L SURSUL JLRYDQL PLOL WDQWL 8Q¶HYLGHQWH DVVHQ]D GL DQDOLVL H GL FRPSUHQVLRQH SHU L PXWDPHQWL DYYHQXWL QHOOD PHQWDOLWj FRPXQH FKH $OPLUDQWH DPPHWWHUj QHOOD YDOXWD]LR QH GHOO¶HVLWR GHO UHIHUHQGXP VXO GL YRU]LR H FKH O¶DXWRUH VHPEUD VFRUJHUH DQFKH QHOOD FDPSDJQD SHU OD SHQD GL PRUWH H SHU O¶HVSXOVLRQH GHO JUXSSR GH OD ©QXRYD GHVWUDª GL 0DUFR 7DU FKL 0D TXHVWR WLSR GL DQDOLVL q GHO SROLWRORJR QRQ GHO ELRJUDIR 0$85,=,2 %(5*21=,1, /pRQ .RFKQLW]N\ /D VWDJLRQH GHOOH ILDPPH GDQ]DQWL 8Q GLDULR GL )LXPH $JD (GLWULFH ZZZ RULRQOLEUL QHW

3S - ¼ &L VRQR SURWDJRQLVWL GHOOD YLFHQGD GL )LXPH XRPLQL FKH KDQQR IDWWR OD VWRULD YLYHQGROD FUHDQGROD FKH KDQ QR WHVWLPRQLDWR OR VSUH]]R YHUVR LO SHULFROR OD IRUWH YRORQWj SROLWLFD LO VHQVR GHOOD FRPXQLWj H GHO FDPHUDWL VPR 5DJD]]L H JLRYDQL XRPLQL VHP SUH SURQWL D SDJDUH GL SHUVRQD 3HU PROWL GL ORUR O¶HVSHULHQ]D GL )LXPH VL WUDGXVVH QHOO¶LQFDUQD]LRQH GHO PLOLWH SROLWLFR LQ XQD VRUWD GL FRQWLQXD]LR QH GHOOD SULPD JXHUUD PRQGLDOH GHOOD GHFLVLRQH DXWRQRPD GL XQD ©PLOL]LD GL YRORQWjª YLVWR FKH O¶LQFDSDFLWj GHL SROLWLFL H GHL GLSORPDWLFL LWDOLDQL DOO¶LQGRPDQL GHO FRQVHJXLPHQWR GHOOD YLWWRULD GHOOD JXHUUD QRQ SHUPLVH FKH O¶,WDOLD RWWHQHVVH FRQFUHWL YDQWDJJL

,/ %25*+(6( QHO ULFRQJLXQJHUH DOOD SDWULD DOFXQH WHUUH LWDOLDQH QHJDWH DOO¶,WDOLD GRSR WUH DQQL GL JXHUUD H PLOD PLOLWDUL PRUWL VHQ]D FRQWDUH TXDVL XQ PLOLRQH GL FLYLOL GHFHGXWL &RVu XQ SURWDJRQLVWD GHOOD VWDJLR QH ILXPDQD /pRQ .RFKQLW]N\ EHOJD GL IDPLJOLD HEUDLFD LQ XQ¶RSHUD DGHV VR ULSURSRVWD /D VWDJLRQH GHOOH ILDP PH GDQ]DQWL 8Q GLDULR GL )LXPH QDUUD O¶HVSHULHQ]D YLVVXWD LQ SULPD SHUVRQD GD FRPEDWWHQWH LQ SULPD ILOD LQ XQD EDWWDJOLD FKH DYHYD OR VFRSR GL ULDIIHUPDUH O¶LWDOLDQLWj GL )LXPH 'DQQXQ]LDQR LQ VHJXLWR LQ URWWD FRQ LO 9DWH DPPLUDWRUH GHOOD 5LYROX]LRQH UXVVD DYHYD YLVVXWR LQ ,WDOLD H DYHYD DPDWR TXHVWD WHUUD DO SXQWR GL PHWWHUH LQ JLRFR OD VXD YLWD SHU XQ FUHGR SROLWLFR 3UHIDWR GD 0DXUL]LR 0XUHOOL H FRQ SRVWID]LRQH GL 0DVVLPR 0DUDYLJOLD TXHVWR PHPRULDOH GHVFULYH JOL HYHQWL LQ PDQLHUD PLQX]LRVD 0D O¶LPSRU WDQ]D GL TXHVWR GLDULR q WDQWR QHOOD QDUUD]LRQH GL XQD YLFHQGD VWRULFD GDO GL GHQWUR TXDQWR QHOOD GHVFUL]LRQH GHO FOLPD FKH VL YLYHYD D )LXPH LQ TXHL JLRUQL FRPH L ILXPDQL PD VRSUDWWXW WR L YRORQWDUL DFFRUVL GD WXWWD ,WDOLD FUHDURQR TXHVWR HVHUFLWR H TXHVWD FRPXQLWj FKH VL RSSRVH DOOH GHFLVLRQL GHOOD 6RFLHWj GHOOH QD]LRQL H DOO¶,WDOLD FKH REEHGLYD DOOH GHFLVLRQL GL TXHOO¶RUJDQLVPR 2WWLPD O¶LGHD SHU RIIULUH XQD FRU QLFH VWRULFD FRPSOHWD H PDJJLRUPHQ WH HVSOLFDWLYD GL LQVHULUH QHO OLEUR XQ JUDQ QXPHUR GL QRWH FKH FKLDULVFRQR L GHWWDJOL GHOOH YLFHQGH GHVFULWWH 8Q GLDULR FKH SHUIHWWDPHQWH UHQGH O¶DWPRVIHUD GHOOD )LXPH ©GLFLDQQRYLVWDª SXOOXODQWH GL YRORQWDUL H GL DUWLVWL GL DUGLWL GL OLEHUWDUL H OLEHUWLQL ULYROX]LRQDUL DYYHQWXULHUL 0D DQFKH GL SURJHWWL GL LQQRYD]LRQL GL XQD JUDQGH GLPHQVLRQH HVWHWLFD FKH LQ VHJXLWR VDUHEEH VWDWD ULSUHVD GDO ID VFLVPR FRPH KD VRWWROLQHDWR OR VWRUL FR 5HQ]R 'H )HOLFH 8QD QXRYD UHDOWj LQHGLWD TXLQGL FKH YLGH LQ .RFKQLW]N\ FKL HODERUz LO SURJHWWR GHOOD /HJD GL )LXPH LQWHVD FRPH OD 3DWULD GHOOH SDWULH OD FLWWj6WDWR OLEHUD GD RSSUHVVRUL H QHJDWD DOO¶,WDOLD GDOOH VWHVVH QD]LRQL FKH DYH YDQR FRPEDWWXWR OD JXHUUD LQVLHPH FRQ JOL LWDOLDQL JOL 6WDWL 8QLWL LQ SUL PLV H OD )UDQFLD XQD YLWWRULD PXWLOD WD FKH DOLPHQWDYD O¶LUUHGHQWLVPR H LO QD]LRQDOLVPR .RFKQLW]N\ LQQDPRUDWR GHOO¶,WD OLD H GHL SRSROL RSSUHVVL IHFH OD VXD FRQVHJXHQ]LDOH VFHOWD GL FDPSR H IX QRPLQDWR GD '¶$QQXQ]LR UHVSRQVDEL

OH GHOOH ©5HOD]LRQL (VWHUQHª GHOOR 6WDWR GL )LXPH (PHUJH XQ TXDGUR GDYYHUR DSSDV VLRQDQWH H FKLDUR GHO FRUDJJLR H GHOOD GHWHUPLQD]LRQH GHL OHJLRQDUL ILXPDQL XRPLQL DUULYDWL GD RJQL DQJROR G¶,WD OLD ULYROX]LRQDUL FRQVHUYDWRUL SUROH WDUL H ERUJKHVL DVFHWL H DYYHQWXULHUL WXWWL SURQWL D HVSULPHUH FRQ OD YRORQWj H O¶D]LRQH TXHOOD FUHDWLYLWj TXHOOD GLPHQVLRQH DUWLVWLFD FRQWUR RJQL VRWWL OH YLOWj FRQWUR RJQL PRPHQWR G¶LQGH FLVLRQH 8QD GLPHQVLRQH DOWUD GLIIHUHQWH GDOOD PRUDOH H GDL FRPSRUWDPHQWL GHOOD VRFLHWj GL RJJL H TXLQGL XQ OLEUR XWLOH DQFKH SHU FRPSUHQGHUH XQD GL PHQVLRQD DQWURSRORJLFD DQWLFD H SHU QRL PRGHUQL SUHVVRFKp LQHGLWD 0$1/,2 75,**,$1, )UHGHULFN 7D\ORU ,O PXUR GL %HUOLQR $JRVWR - 1RYHPEUH 0RQGDGRUL-/H VFLH 3S - ¼ ©3URWHJJHUH LO VRFLDOLVPR GDOO¶DJ JUHVVLRQH GHOO¶LPSHULDOLVPR RFFLGHQ WDOH ª )X TXHVW¶DEHUUDQWH PHQ]RJQD OD VSLHJD]LRQH FKH LO UHJLPH FRPXQLVWD GHOOD *HUPDQLD (VW GLHGH DL VXRL FLWWD GLQL H DO PRQGR LQWHUR SHU OD FRVWUX]LR QH GHO PXUR GL %HUOLQR LO PXUR GHOOD YHUJRJQD TXHO PXUR FKH DYUHEEH GLYL VR LO PRQGR OLEHUR RFFLGHQWDOH GD TXHOOD ©PDOHGHWWDª FRUWLQD GL IHUUR ROWUH OD TXDOH RJQL OLEHUWj LQGLYLGXDOH HUD QHJDWD LQ QRPH GHO VRFLDOLVPR H GHO SDUDGLVR GHL ODYRUDWRUL 2JJL GRSR YHQWLFLQTXH DQQL GD TXHO QRYHPEUH GDWD GHO FUROOR GHO PXUR PROWL VDJJL VRQR VWDWL SXE EOLFDWL SHU FHOHEUDUH PD VRSUDWWXWWR SHU UDFFRQWDUH DOOH QXRYH JHQHUD]LRQL FRVD KD UDSSUHVHQWDWR TXHVWR VLPEROR GHOOD JXHUUD IUHGGD 8QR GHL PLJOLRUL OLEUL VXOO¶DUJR PHQWR SXEEOLFDWR GDOOD 0RQGDGRUL SHU OD FROODQD /H 6FLH q VHQ]¶DOWUR ,O 0XUR GL %HUOLQR DJRVWR - QRYHPEUH GHOOR VWRULFR EULWDQQL FR )UHGHULFN 7D\ORU GRFHQWH XQLYHUVL WDULR DG 2[IRUG ,O OLEUR LQ SRFR SL GL WUHFHQWR SDJLQH ULFRVWUXLVFH LQ PDQLHUD HVDX ULHQWH H DQDOLWLFD OD VWRULD GL TXHO FRQ ILQH GDOOD VXD LGHD]LRQH DOOD VXD GH PROL]LRQH $O WHUPLQH GHO VHFRQGR FRQIOLWWR PRQGLDOH O¶(XURSD HUD GLYLVD LQ GXH EORFFKL XQD VRWWR O¶LQIOXHQ]D VRYLHWL FD O¶DOWUD VRWWR JOL DQJORDPHULFDQL FRVu FRPH VWDELOLWR GDOOD FRQIHUHQ]D

,/ %25*+(6(

/D SURWHVWD GL $ODQ )RUG $YHYDPR JLj SDUODWR LQ TXHVWH SDJLQH GL $ODQ )RUG SURWDJRQLVWD GHOOÂ¶R PRQLPR IXPHWWR Â©,O %RUJKHVHÂª Q IHEEUDLR /R VWUDOXQDWR DJHQWH VHJUHWR GLYHQWDWR SRL LQYHVWLJDWRUH SULYDWR QDWR SL GL TXDUDQWD DQQL ID GDOOD PHQWH IHUYLGD HG DFXWD GL 0D[ %XQNHU QHO QXPHUR GHO PHQVLOH HGLWR DG RWWREUH q DOOH SUHVH DGGLULWWXUD FRQ OÂ¶DUULYR GHO 3DSD D 1HZ <RUN GRYH VRQR VROLWDPHQWH DPELHQWDWH OH VXH VWRULH 0D TXHVWD YROWD QRQ YL q VROWDQWR OD FDFFLD D WUXIIDWRUL UDSLQDWRUL R GHOLQTXHQWL TXHVWD YROWD OÂ¶LQWHUR IXPHWWR q XQD FKLDUD H SUHFLVD VDWLUD SROLWLFD GLUHWWD H DUJXWD FRPH VROWDQWR XQD SHUVRQD PROWR LQGLJQDWD ULHVFH D IDUH /D VWRULD q VHPSOLFH OÂ¶DUULYR GHO 3DSD QHOOD FLWWj DPHULFDQD GLYLGH LQ GXH OD SRSROD]LRQH FKL D VXR IDYRUH FKL LQYHFH ULPSURYHUD D 6XD VDQWLWj FKH Â©LO FRPXQLVPR q PRUWR H OXL OR YXROH UHVXVFLWDUHÂª $QFRUD LQ XQD ULXQLRQH GL FDSLWDOLVWL Â©Â«FKH FL LQWHUHVVD VH SDUOD FRPH XQ FRPSDJQR GL /HQLQ D QRL LQWHUHVVD VROR LO EXVL QHVVÂª WDQWR FKH WUD L YDUL JDGJHW SURSRVWL SHU OR VWRULFR DUULYR YL q DQFKH LO Â©YDQJHOR VHFRQGR .DUO 0DU[Âª FRQ WDQWR GL IDOFH H PDUWHOOR VX VIRQGR ELDQ FR-JLDOOR $QFRUD VDWLUD VHQ]D SHOL VXOOD OLQJXD LO 3RQWHILFH JXDUGDQGR LO PDUH DIIHUPD Â©6LJQRUH ODVFLD FKH L PLJUDQWL YHQJDQR D PHÂª VDOYR SRL YLVWR LO QXPHUR HQRUPH SURFODPDUH FKH Â©L PLJUDQWL YDGDQR DG DOWULÂª H OÂ¶RSHUD]LRQH Â©0DUH 1RVWUXPÂª GLYHQWD OÂ¶RSHUD]LRQH Â©0DUH 'HVDVWUXPÂª $QFKH L FDQL H JDWWL SDUODQWL SHU OÂ¶RFFDVLRQH GLFRQR OD ORUR VXO 3DSD PHQ WUH VXL PXUL GHOOD FLWWj DSSDLRQR FDUWHOOL FRPH Â©$YLJQRQH WL DWWHQGH D EUDF FLD DSHUWHÂª H Â©/LEHUR 6WDWR VHQ]D OD &KLHVDÂª 0D QRQ q ILQLWD TXDVL LP SURYYLVDPHQWH OD IHURFH VDWLUD GLURWWD EHUVDJOLR H FRPSDUH XQ UDJD]]HWWR WHSSLVWHOOR FRQ WDQWR GL PD]]DILRQGD LQ WDVFD PHQWUH VXO PXUR GHOOD YLD FRPSDUH XQ FDUWHOOR FRQ VFULWWR Â©GÂ¶RUD LQ SRL QRQ SL WUHQWD GHQDUL PD RW WDQWD HXURÂª 'L FKL VL WUDWWD" $QFRUD QHOOH YLJQHWWH VXFFHVVLYH TXHVWR UD JD]]HWWR VRJQD GL GLYHQWDUH UH GHOOD UHSXEEOLFD H GL PDQGDUH JOL RSSRVLWRUL GHO VXR SDUWLWR SHU XQD FLQTXDQWLQD GL DQQL QHL JXODJ $QFRUD XQ FDUWHOOR SDUODQWH FRQ VFULWWR Â©ULIRUPDUH ULILUPDUH ULIHUPDUH ULIDUPDOHÂ«Âª ( LO UDJD]]HWWR FKH HVFODPD Â©&RPH KDQQR IDWWR D VDSHUH LO PLR SURJUDPPD"Âª PHQWUH GXH SDVVDQWL FRPPHQWDQR OD PDOHGXFD]LRQH GHO UDJD]]R HG XQR WHPH FKH WLSL FRVu SRWUDQQR IDUH WDQWD VWUDGD QHOOD YLWD 0D QRQ q ILQLWD OÂ¶DXWRUH LQ YLJQHWWH VXFFHVVLYH ULQFDUD OD GRVH FRQ TXHVWR UDJD]]R FKH SDUOD GL Â©VXHÂª ULIRUPH DJJLXQJHQGR DJOL HXUR DQFKH SDQH HG DFFLXJKH LO YH QHUGu /Â¶LQFRQWUR FRQ XQ EDUERQH VXVFLWD Â©ULVR DPDURÂª SHUFKp LO SRYHUDF FLR JOL GRPDQGD FRPH PDL LQYHFH GL VSHQGHUH QRYDQWD PLOLRQL DO PHVH SHU JOL LPPLJUDWL QRQ VL XWLOL]]DQR TXHL VROGL SHU FKL q DO OLPLWH GHOOD SRYHUWj Â©Â«DQ]L OR VRUSDVVLDPR KR XQD SHQVLRQH GD IDPHÂª 0D QLHQWH GD IDUH SHU FKp Â©L PLJUDQWL SHU ULFRQRVFHQ]D YRWHUDQQR SHU PHÂª 3HU FRQFOXGHUH LO UDJD]]HWWR UHJDOD DO SRYHUDFFLR XQD FLFFD UDFFROWD SHU WHUUD 1HO IXPHWWR QRQ PDQFD OD SDURGLD GL XQ QRWR SROLWLFR FRQ IROWD EDUED H FDSLJOLDWXUD FKH SDUOD DOOD 79 FRQ OR SVHXGRQLPR GL 7RSR *DOLOHR HG DIIHUPD FKH Â©L SROLWLFL UXEDQR" $PPD]]LDPROL WXWWL PHJOLR FRQ OÂ¶LPSLFFDJLRQH FRVu ULPDQJRQR D SHQ]RODUH TXDOFKH JLRUQRÂª &KL PDQFD QHOOD FRQWD GHL SROLWLFL Â©LQÂª GHO PR PHQWR" 8Q QRWR Â©FDYDOLHUHÂª EHQ YHVWLWR GDO VRUULVR DPPDOLDQWH FKH UHFOD PL]]D XQD PDFFKLQHWWD FKH RJQL WUHQWD GHQDUL GL WUDQVD]LRQL QH SUHOHYD FLQ TXH D IDYRUH GHOOH EDQFKH LQIDWWL LO SHUVRQDJJLR ULFRUGD FKH Â©OH EDQFKH VRQR EXRQH OH EDQFKH FL DPDQR H FKH DQFKH ORUR KDQQR ELVRJQR GÂ¶DIIHWWRÂª H DQFRUD FRQ OD PDFFKLQHWWD LQ PDQR FRPH XQR VSRW SXEEOLFLWDULR Â©IDUHWH JXDGDJQDUH GHL EHL GLQGLQL DOOD EDQFD FRVu FKH SRWUDQQR VEDIDUH D ORUR SLDFLPHQWR H VDUDQQR WXWWL FRQWHQWLÂª H ODVFLR D YRL LPPDJLQDUH TXDOL FDUL FDWXUH VL LQWXLVFRQR QHL SHUVRQDJJL FKH PDQJLDQR QHOOD WDYROD ULFFDPHQWH LPEDQGLWD $OWUR FKH JUDIILDQWH %XQNHU DO]D OD YRFH FRQ LQGLJQD]LRQH FRPH FKL QRQ QH SXz SL GHOOH PHQ]RJQH H GHOOH LQHIILFLHQ]H GHL SHUVRQDJJL RJJL DO SRWHUH 3$2/2 (0,/,2 3$3Ã&#x2018;

*HQQDLR WHQXWDVL D -DOWD LQ &ULPHD QHO IHE EUDLR /D *HUPDQLD GRSR OD GLVVROX]LRQH GHO 7HU]R 5HLFK HUD ULGRWWD D XQ FX PXOR GL PDFHULH ,O VXR SRSROR HUD VFRQILWWR PD YLYR QHOOD VXD GLJQLWj 3UREDELOPHQWH VH 5RRVHYHOW H &KXU FKLOO QRQ DYHVVHUR FRQFRUGDWR FRQ 6WDOLQ FKH OH WUXSSH GL 0RVFD VDUHEEH UR HQWUDWH SHU SULPH QHOOD FDSLWDOH WH GHVFD VL VDUHEEH ULVSDUPLDWD DL EHUOL QHVL OD VRIIHUHQ]D GL XQD FLWWj GLYLVD LQ GXH PD TXHVWD q XQÂ¶DOWUD VWRULD /Â¶$XWRUH FRQ XQR VWLOH DYYLQFHQWH H JUD]LH D PROWL DQHGGRWL IUXWWR GÂ¶LQ VWDQFDELOL ULFHUFKH QHJOL DUFKLYL GHOOH GXH *HUPDQLH ULHVFH D IDU ULYLYHUH DO OHWWRUH OH HPR]LRQL GL DQJRVFLD PD VRSUDWWXWWR LO GHVLGHULR GL OLEHUWj FKH DWWUDYHUVDURQR OÂ¶DQLPR GHL WHGHVFKL GHOOD *HUPDQLD (VW ,O PXUR IX FRVWUXLWR QHOOD QRWWH WUD LO H LO DJRVWR H LO VXR VFRSR LPSHGLUH DL FLWWDGLQL GL %HUOLQR HVW GL UDJJLXQJHUH OÂ¶RFFLGHQWH FDSLWDOLVWD /D ILQDOLWj GL TXHO FRQILQH HUD LQIDWWL GL LPSHGLUH LO FROODVVR GHOOD *HUPDQLD (VW SRLFKp OD IXJD GL FLWWDGL QL GHOOD *HUPDQLD RULHQWDOH YHUVR TXHOOD RFFLGHQWDOH HUD FRQWLQXD H LQ FHVVDQWH , FDSLWROL SL DSSDVVLRQDQWL H PDJL VWUDOPHQWH VRQR WUH OD YLVLWD GHO SUHVL GHQWH GHJOL 6WDWL 8QLWL -RKQ )LW]JHUDOG .HQQHG\ FRQ LO VXR FHOHEHUULPR GL VFRUVR FRQ OD IUDVH Â©,FK ELQ HLQ %HUOL QHUÂª LR VRQR XQ EHUOLQHVH QHO JLXJQR LO PH]]RJLRUQR GL IXRFR LQ )ULH GULFKVWUDVVH LO RWWREUH TXDQGR SHU OD SULPD H XQLFD YROWD QHOOD VWRULD GHOOD JXHUUD IUHGGD WUXSSH DPHULFDQH H VRYLHWLFKH VL WURYDURQR IDFFLD D IDF FLD DUPDWH H SURQWH D IDU IXRFR LO SHULRGR DQWHFHGHQWH OD FDGXWD GHO PX UR FRPSUHVR WUD OH YLWWRULH SROLWLFKH LQ 3RORQLD GHO PRYLPHQWR RSHUDLR GL 6ROLGDUQRVF LO SURJHWWR GL VFXGR VWHO ODUH GHO SUHVLGHQWH DPHULFDQR 5RQDOG 5HDJDQ H OÂ¶D]LRQH SROLWLFD LPSURQWDWD DOOD SHUHVWURLND GL 0LFKDHO *RUEDFLRY 6H LO VDJJLR GL 7D\ORU q XQR GHL PLJOLRUL SHU DSSURIRQGLUH OD VWRULD GHO PXUR FKL VFULYH FRQVLJOLD DQFKH OD YLVLWD DO PXVHR GHO PXUR QHL SUHVVL GHO &KHFNSRLQW &KDUOLH OXRJR VLPEROR GL FRQILQH WUD %HUOLQR HVW H %HUOLQR 2YHVW H OD YLVLRQH GHO ILOP /D VSLD FKH YHQQH GDO IUHGGR FRQ 5LFKDUG %XUWRQ WUDWWR GD XQ URPDQ]R GL -RKQ /H &DUUq 6RQR SDVVDWL YHQWLFLQTXH DQQL GDO FUROOR GHO PXUR PD OD VRIIHUHQ]D LQIOLW WD DL FLWWDGLQL WHGHVFKL GD XQÂ¶LGHRORJLD FULPLQDOH UHVWHUj SHU VHPSUH VFROSLWD QHOOD VWRULD GHOOÂ¶XPDQLWj $/'2 /,*$%Ã&#x2018;

Gennaio 2015

IL BORGHESE

GIOVANNA FORTI Sorella Poesia

GIANNI MASSIMO BALLONI Piazza Sorriso teso sguardo cattivo, braccio disteso animo vivo. Urlo rabbioso passo veloce, nemico dubbioso squillo feroce. Fumo acido scudi levati, spirito fulgido visi slavati. Scoppi lontani sibili vicini, calde mani neri vaticini. MARCO BIAVATI Esisteve ‘na sesta dimenzione ortr’a quelle che l’omo già conosce e è quela der micio da calosce, è cquella de l’incanti ner libbrone. È senza limiti ‘sta tar reggione tra buio e luce e ‘n è a luci rosce, è la reggione che nun dà angosce, è tra l’ascenza e la superstizzione. È tra l’oscuro botro de l’ignoto, n’à limiti, né tempo, né riprova, è fra le vette chiare de chi sa, ner sito più anniscosto e più remoto, insomma è la reggione che se trova… a li confini de la reärtà! da Le pappole seconno nostrodine, Pagine 2014 ELISABETTA BIONDI DELLA SDRISCIA Il nostro tempo Se riuscissi a riversare in parole il dolore tormentato del risveglio, quando l’alba subentra, lieve, al sogno troppo presto svanito, la morsa disperata dell’anima più lieve mi parrebbe? Più lieve il suo tormento? Nell’alba, forse, non dileguerebbe il sogno? Ma come trasformare l’eco lacerata di questo nostro tempo in parole intrise del mio dolore?

Tu narri, sorella poesia di noi. Di noi che la luce innamora. Noi siamo come grani di sabbia d’oro assetati di sole. E ogni volta ci incanta il germoglio, la foglia l’agile betulla, il volo di una rondine. Stupore di prodigi che la luce invera. Tu sai com’è duro scavare nel greto brullo a cercare la vena nascosta e quanto a fondo nelle nebbie ci inoltriamo, e oltre assetati d’azzurro. E la passione conosci che s’aggruma in gola. Affiora da antiche ferite d’impeto ti ruba il respiro frantuma la voce. Per questo mi chiedo, chiedo a te, sorella poesia per quanto difficile sia miracolo o magia: Oh, se potessi anch’io sciogliere quel grumo di pianto nell’armonia del canto. MIRIANA NIKOLIC Sincerità Il mondo oscuro dei segreti, di nuovo sta di fronte a me, e mi sfida con il suo sguardo freddo, e sull’orizzonte rosso sangue, si intravede una nuova battaglia. No, non ti voglio mondo delle incertezze, non voglio le crociate per la verità, voglio un mondo verde delle speranze e della sola sincerità. da Inverno, Pagine 2014 ANTONIO ONORATO Nascita… e il singolo attimo Niente dice il pensiero. Poi, giunge l’alba a l'improvviso. Lo sguardo accoglie un pettirosso che si poggia sul ramo d’un olivo. Schiarisce fiocamente il cielo a l’orizzonte. Pare tutto vero, così leggero. Nel fruscio inaspettato d’un battito di ali matura quel attimo di senso. MARCO PAGLIARI La Felicità Amore, che il navigare ti sia dolce in questo mare, e che le sue aspre onde non ti portino mai alla deriva, ma ti cullino e ti trascinino a riva,

IL BORGHESE

tra sicure sponde, sospinta via dal lieve alito della vita, su un’isola che, vista da lontano, ti sembrerà un puntino, ma quando le sarai vicino, tanto vicino da sfiorarla con le dita della mano, capirai quanto immensa sia… E sarà, questa, la…Felicità! PLINIO PERILLI Nato per te Non t’amo e t’amo – da oggi, oppure non ancora: non conosco il mio amore!, questo nato per te, che forse quasi non soffro, ma esiste e ci sta capendo, sta salendo il suo cielo, chiara alba di un gesto, o uno sguardo che a noi lo disse, e ti parlò a lungo, mi permise di accoglierti, di tentare, di domare il mistero, e i suoi cari segreti prigionieri dei visi, e labbra e mani di carezze che un nulla – un grammo – soppesa e unisce in rima. Per te, da oggi, troppo dolce e salata, questa gioia, elegiaco in blu, questo gioco avverato. da Gli amanti in volo (1998-2013), Pagine 2014 MARIO PRONTERA A Silvia, una qualunque, ma questa è vera Non hai nulla da farti perdonare, ma ti perdono lo stesso: era le volte che mi cercavi, e sbagliavi lo spazio, non il tempo; era le volte che mi volevi, e volevi toccarmi soltanto; era le volte che mi parlavi, e parlavi alle nuvole; era le volte che mi pensavi, e pensavi di notte; era le volte che mi sognavi, e sognavi di giorno. E per scale antiche o nuove di zecca, dai gradini di vetro o di fili di biada, dalle rughe di gesso o delle tue mani, sui gradini della notte o dei tuoi seni di mandorla, ti bacerò sugli occhi e sul ciglio del cuore. 9 settembre 2010 ROMINA La felicità La mia felicità sarà completa il giorno che uscirò di qua! ma la realtà è che essa è fatta di attimi che bisogna carpire e saper custodire dentro di sé. Ne percepisco molta e me la tengo stretta quando un bimbo sorride, quando alzo gli occhi al cielo e il sole illumina la mia strada.

Gennaio 2015

È lì che comprendo che sono felice di essere viva, ma soprattutto di sentirmi viva. da Vedrò dalle sbarre la notte stellata - Poesia a Rebibbia 2013-2014 (Seconda parte), a cura di N. Maroccolo e P. Perilli, Pagine 2014 ELISA TARDIVO Io Io non sono poesia, né una nota suonata dal più abile dei violini. Non sono stelle né universo. Sono solo uno sguardo tra tanti, un timido sorriso, una bambina che gioca con la sabbia in riva al mare. Sono una lieve brezza che a volte si tramuta in tempesta. Sono solo una risata, una mano che raccoglie, un pianto, una cicatrice, Una che crede ancora che si può volare in alto. Sono solo un buffo sbadiglio, un cumulo di difetti e di pochi pregi… ma sono io! ROBERTO TRAVAGLINI Lasciati odiare Affila le lame il tempo cieco ed indovino, già sa come andrà a finire, questa non è storia a lieto fine. Impregnati i sussulti che non ascolti, spezzi i colori gelidi con attese e bugie che non sai vendere, prendi tu il posto delle mie lacrime, e lasciati odiare, per quello che dici per quello che vali.

Per proporre poesie per questa rubrica (max 20 versi), spedire una email con nome, indirizzo e numero di telefono a: luciano.lucarini@pagine.net con la dicitura «per il Borghese»

Filippo de Jorio

Mario Bozzi Sentieri

Identikit di un omicidio

La Destra nel labirinto

Livio Spinelli Il Sionismo in Italia e nella politica estera fascista

pagg. 132 • euro 16,00

pagg. 176 • euro 16,00

Filippo de Jorio L’albero delle mele marce

Il caso Moro

pagg. 220 • euro 18,00

NOVITÀ

pagg. 256 • euro 18,00

(60 anni di politica e di malapolitica in Italia) prefazione di Sforza Ruspoli

Davide Tedeschini

Marine Le Pen

Adalberto Baldoni

Ridateci la Gioconda

Controcorrente

Pagine strappate

Carla Isabella Elena Cace

Le verità nascoste nei testi di storia

Foibe ed esodo L’Italia negata

pagg. 130 • euro 15,00

prefazione di Fabio Torriero traduzione di Anna Teodorani pagg. 228 • euro 18,00

pagg. 180 • euro 15,00

pagg. 200 • euro 16,00

Via G. Serafino, 8 - 00136 Roma - Tel. 06/45468600 - Fax 06/39738771 e-mail: luciano.lucarini@pagine.net

richiedi in omaggio una copia delle nostre riviste

m~ÖáåÉ Via G. Serafino, 8 • 00136 Roma Tel. 06/45468600 • Fax 06/39738771 Cognome e Nome ................................................................................................................................................................. Via ............................................................................................................................................................................................. Città .......................................................................................................................................................................................... Tel. ............................................................................................................................................................................................

ISSN 1973-5936