(ebook - Ita - diritto) Diritto Privato- perlingieri by Pablo Arturo Di Lorenzo

ZZZ VWXGHQWLGHOODFDWWROLFD FRP

&DS /¶RUGLQDPHQWR JLXULGLFR

2UGLQDPHQWR JLXULGLFR FRPSOHVVR GL QRUPH H GL LVWLWX]LRQL PHGLDQWH OH TXDOL YLHQH UHJRODWR H GLUHWWR OR VYROJLPHQWR GHOOD YLWD VRFLDOH H GHL UDSSRUWL WUD L VLQJROL 1RQ WXWWH OH IRUPH GL FRRSHUD]LRQH GDQQR OXRJR DG XQD ³FROOHWWLYLWj´ TXHVWD TXDOLILFD YLHQH ULVHUYDWD DL VROL DJJORPHUDWL GL SHUVRQH FKH FRVWLWXLVFRQR XQ JUXSSR RUJDQL]]DWR 3HU DYHUH XQ JUXSSR RUJDQL]]DWR RFFRUURQR WUH FRQGL]LRQL FKH LO FRRUGLQDPHQWR VLD GLVFLSOLQDWR GD UHJROH GL FRQGRWWD FKH TXHVWH UHJROH VLDQR GHFLVH GD DSSRVLWL RUJDQL DL TXDOL WDOH FRPSLWR VLD DIILGDWR LQ EDVH D SUHFLVH UHJROH GL VWUXWWXUD R GL FRPSHWHQ]D R RUJDQL]]DWLYH FKH OH UHJROH GL FRQGRWWD H TXHOOH GL VWUXWWXUD VLDQR HIIHWWLYDPHQWH RVVHUYDWH ,O VLVWHPD GL UHJROH PRGHOOL H VFKHPL PHGLDQWH L TXDOL q RUJDQL]]DWD XQD FROOHWWLYLWj YLHQH FKLDPDWR ³RUGLQDPHQWR´ /¶RUGLQDPHQWR GL XQD VRFLHWj FRVWLWXLVFH LO VXR GLULWWR (VLVWRQR GLYHUVL WLSL GL FROOHWWLYLWj &KLHVH SDUWLWL SROLWLFL VLQGDFDWL PD TXHOOD VLFXUDPHQWH SL LPSRUWDQWH q TXHOOD SROLWLFD FKH ULHVFH DG DYHUH XQD VWUXWWXUD HIILFLHQWH FKH OH FRQVHQWH GL GHGLFDUVL DOOD UHDOL]]D]LRQH SXUH GL DOWUL VFRSL FKH YHQJRQR ULWHQXWL GL XWLOLWj JHQHUDOH 8Q RUGLQDPHQWR JLXULGLFR VL GLFH RULJLQDULR TXDQGR OD VXD RUJDQL]]D]LRQH QRQ q VRJJHWWD DG XQ FRQWUROOR GL YDOLGLWj GD SDUWH GL XQ¶DOWUD RUJDQL]]D]LRQH 2JQL UHJROD GHOO¶RUGLQDPHQWR VL FKLDPD QRUPD SRLFKp LO VLVWHPD GL UHJROH GD FXL q DVVLFXUDWR O¶RUGLQH GL XQD VRFLHWj UDSSUHVHQWD LO ³GLULWWR´ GL TXHOOD VRFLHWj FLDVFXQD GL WDOL QRUPH VL GLFH JLXULGLFD , IDWWL SURGXWWLYL GL QRUPH JLXULGLFKH VL FKLDPDQR ³IRQWL´ GL VROLWR OD QRUPD YLHQH FRQVDFUDWD LQ XQ GRFXPHQWR QRUPDWLYR Ê LPSRUWDQWH QRQ FRQIRQGHUH OD IRUPXOD LO WHVWR GHOOD GLVSRVL]LRQH FRQ LO SUHFHWWR LO VLJQLILFDWR FKH D TXHO WHVWR YLHQH DWWULEXLWR GDOO¶LQWHUSUHWH

,O FRPSOHVVR GHOOH QRUPH GD FXL q FRVWLWXLWR FLDVFXQ RUGLQDPHQWR JLXULGLFR UDSSUHVHQWD LO GLULWWR SRVLWLYR GL TXHOOD VRFLHWj ,Q WXWWD OD VWRULD GHOO¶XRPR VL q VHPSUH SHQVDWR DOO¶HVLVWHQ]D GL XQ DOWUR GLULWWR LO GLULWWR QDWXUDOH 1RQ HVLVWH H QRQ SXz HVLVWHUH XQ VLVWHPD GL UDSSRUWL ³JLXVWR´ G¶DOWUD SDUWH O¶XRPR q XQ HVVHUH LPSHUIHWWR /¶LQGLYLGXD]LRQH GL FLz FKH q RELHWWLYDPHQWH JLXVWR SUHVXSSRUUHEEH OD FDSDFLWj GHO VLQJROR GL VSRJOLDUVL GHOOH VXH SDVVLRQL GHL VXRL HJRLVPL GHOOH VXH FRQFH]LRQL QHFHVVDULDPHQWH VRJJHWWLYH /H QRUPH JLXULGLFKH VL FDUDWWHUL]]DQR SHU LO IDWWR GL HVVHUH VXVFHWWLELOL GL DWWXD]LRQH IRU]DWD FRHUFL]LRQH R VRQR FRPXQTXH JDUDQWLWH GDOOD SUHGLVSRVL]LRQH SHU O¶LSRWHVL GL WUDVJUHVVLRQH GL XQD FRQVHJXHQ]D LQ GDQQR GHO WUDVJUHVVRUH FKLDPDWD VDQ]LRQH OD FXL PLQDFFLD IDYRULVFH O¶RVVHUYDQ]D VSRQWDQHD GHOOD QRUPD /D VDQ]LRQH SXz RSHUDUH LQ PRGR GLUHWWR UHDOL]]DQGR FLz FKH OD OHJJH SUHVFULYH R LQ PRGR LQGLUHWWR XWLOL]]DQGR DOWUL PH]]L SHU RWWHQHUH O¶RVVHUYDQ]D GHOOD QRUPD

1HO GLULWWR SULYDWR OD VDQ]LRQH QRQ RSHUD GL UHJROD GLUHWWDPHQWH &DUDWWHUL IRQGDPHQWDOL GHOOD QRUPD JLXULGLFD

ZZZ VWXGHQWLGHOODFDWWROLFD FRP

*HQHUDOLWj OD OHJJH QRQ GHYH HVVHUH GHWWDWD SHU VLQJROL LQGLYLGXL EHQVu SHU WXWWL L FRQVRFLDWL x $VWUDWWH]]D OD OHJJH QRQ GHYH HVVHUH GHWWDWD SHU VSHFLILFKH VLWXD]LRQL FRQFUHWH EHQVu SHU IDWWLVSHFLH DVWUDWWH RVVLD SHU VLWXD]LRQL LQGLYLGXDWH LSRWHWLFDPHQWH Ê LPSRUWDQWH O¶HVLJHQ]D GHO ULVSHWWR GHO SULQFLSLR GL HJXDJOLDQ]D FRQWHQXWR QHOO¶DUW GHOOD &RVWLWX]LRQH FKH KD GXH SURILOL ,O SULPR q GL FDUDWWHUH IRUPDOH HG LPSRUWD FKH WXWWL L FLWWDGLQL KDQQR SDUL GLJQLWj VRFLDOH H VRQR HJXDOL GDYDQWL DOOD OHJJH VHQ]D GLVWLQ]LRQH GL VHVVR GL UD]]D GL OLQJXD« ,O FRQWUROOR GHO ULVSHWWR GHO SULQFLSLR GL HJXDJOLDQ]D q DIILGDWR DOOD &RUWH FRVWLWX]LRQDOH FKH SXz GLFKLDUDUH O¶LOOHJLWWLPLWj GL XQD QRUPD ,O VHFRQGR q GL FDUDWWHUH VRVWDQ]LDOH H VL WUDWWD GL XQ SURJUDPPD SHU LO OHJLVODWRUH RUGLQDULR VROOHFLWDWR DG DVVXPHUH PLVXUH LGRQHH DG DWWHQXDUH OH GLIIHUHQ]H GL IDWWR HFRQRPLFKH H VRFLDOL FKH GLVFULPLQDQR OH FRQGL]LRQL GL YLWD GHL VLQJROL 3Xz DFFDGHUH FKH O¶DSSOLFD]LRQH GHO FRPDQGR DO FDVR FRQFUHWR GLD OXRJR D FRQVHJXHQ]H FKH XUWDQR FRQWUR LO VHQWLPHQWR GL JLXVWL]LD /¶HTXLWj q VWDWD SHUWDQWR VLQWHWLFDPHQWH GHILQLWD OD JLXVWL]LD GHO FDVR VLQJROR 1HO GLULWWR SULYDWR LO ULFRUVR DOO¶HTXLWj q DPPHVVR LQ FDVL HFFH]LRQDOL H SUHFLVDPHQWH LQ TXHOOL LQ FXL OD QRUPD JLXULGLFD ULQYLD DSSXQWR DOO¶HTXLWj ,Q WXWWH OH DOWUH LSRWHVL OD QRUPD GHYH HVVHUH ULJRURVDPHQWH DSSOLFDWD &DS ,O GLULWWR SULYDWR

,O GLULWWR SULYDWR VL OLPLWD D GLVFLSOLQDUH OH UHOD]LRQL LQWHULQGLYLGXDOL VLD GHL VLQJROL FKH GHJOL HQWL SULYDWL QRQ DIILGDQGRQH OD FXUD DG RUJDQL SXEEOLFL PD ODVFLDQGR DOO¶LQL]LDWLYD SHUVRQDOH DQFKH O¶DWWXD]LRQH GHOOH VLQJROH QRUPH /H QRUPH GL GLULWWR SULYDWR VL GLVWLQJXRQR LQ x LQGHURJDELOL LPSHUDWLYH TXHOOH OD FXL DSSOLFD]LRQH q LPSRVWD GDOO¶RUGLQDPHQWR SUHVFLQGHQGR GDOOD YRORQWj GHL VLQJROL x GHURJDELOL GLVSRVLWLYH QRUPH OD FXL DSSOLFD]LRQH SXz HVVHUH HYLWDWD PHGLDQWH XQ DFFRUGR GHJOL LQWHUHVVDWL /H QRUPH GL GLULWWR SULYDWR VRQR SHU OD PDJJLRU SDUWH GLVSRVLWLYH ,QGLFL GHO FDUDWWHUH GHURJDELOH SRVVRQR HVVHUH OH HVSUHVVLRQL ³VDOYR GLYHUVD YRORQWj GHOOH SDUWL´ ³VDOYR FKH LO WLWROR GLVSRQJD DOWULPHQWL´

3HU ³IRQWL´ GHOOH QRUPH JLXULGLFKH VL LQWHQGRQR JOL DWWL R L IDWWL LGRQHL D SURGXUUH GLULWWR /H IRQWL GL FRJQL]LRQH VRQR L GRFXPHQWL H OH SXEEOLFD]LRQL XIILFLDOL GD FXL VL SXz SUHQGHUH FRQRVFHQ]D GHO GLULWWR ³*D]]HWWD 8IILFLDOH GHOOD 5HSXEEOLFD´ /H IRQWL VRQR RUGLQDWH LQ XQD VFDOD JHUDUFKLFD ,Q ,WDOLD OH QRUPH IRQGDPHQWDOL VRQR FRQWHQXWH QHOOD &RVWLWX]LRQH GHOOD 5HSXEEOLFD LWDOLDQD 6XERUGLQDWH DOOD &RVWLWX]LRQH HG DOOH OHJJL GL UDQJR FRVWLWX]LRQDOH VRQR OH OHJJL RUGLQDULH OD FXL SURGX]LRQH q DIILGDWD DO 3DUODPHQWR TXHVWH OHJJL QRQ SRVVRQR PRGLILFDUH OD &RVWLWX]LRQH R DOWUD OHJJH GL UDQJR FRVWLWX]LRQDOH Qp FRQWHQHUH GLVSRVL]LRQL LQ FRQWUDVWR FRQ QRUPH FRVWLWX]LRQDOL 3HU TXHVWL PRWLYL OD QRVWUD &DUWD FRVWLWX]LRQDOH KD OD FDUDWWHULVWLFD GHOOD ULJLGLWj /D OHJJH RUGLQDULD SXz PRGLILFDUH R DEURJDUH TXDOVLDVL QRUPD QRQ DYHQWH YDORUH GL OHJJH PHQWUH QRQ SXz HVVHUH PRGLILFDWD R DEURJDWD VH QRQ GD XQD OHJJH VXFFHVVLYD ZZZ VWXGHQWLGHOODFDWWROLFD FRP

ZZZ VWXGHQWLGHOODFDWWROLFD FRP

+DQQR OR VWHVVR YDORUH GHOOH OHJJL IRUPDOL L GHFUHWL OHJLVODWLYL H L GHFUHWL OHJJH &L VRQR SRL L UHJRODPHQWL OH QRUPH FRRSHUDWLYH H JOL XVL 6HPSUH SL LPSRUWDQ]D VWD DVVXPHQGR LO GLULWWR FRPXQLWDULR

6SHFLDOH ULOLHYR WUD WXWWH OH OHJJL RUGLQDULH YD ULFRQRVFLXWR D TXHO SDUWLFRODUH WLSR GL OHJJL FKH YHQJRQR GHILQLWH FRGLFL ³UDFFROWD GL OHJJL´ DEELDPR FRVu LO FRGLFH FLYLOH GL SURFHGXUD SHQDOH GHOOD QDYLJD]LRQH &RQ XQ FRGLFH VL YXROH GDUH DG XQD LQWHUD PDWHULD XQ DVVHWWR QRQ SUHFDULR H IDFLOPHQWH PRGLILFDELOH PD WHQGHQ]LDOPHQWH GL OXQJR SHULRGR ,O &RGLFH &LYLOH FRPSUHQGH FRPSOHVVLYDPHQWH DUWLFROL FKH VSHVVR VRQR D ORUR YROWD GLYLVL LQ SL SDUWL GHQRPLQDWH FRPPD 4XDQGR XQD FHUWD JHQHUDOLWj GL FRQVRFLDWL WXWWL L FLWWDGLQL DG HV WLHQH XQ FHUWR FRPSRUWDPHQWR H OR ULSHWH LQ PRGR FRVWDQWH HG XQLIRUPH SHU XQ FHUWR SHULRGR GL WHPSR VH VL IRUPD OD FRQYLQ]LRQH FKH VL WUDWWL GL XQ FRPSRUWDPHQWR JLXULGLFDPHQWH GRYHURVR YLHQH D FUHDUVL XQD QRUPD FKH DFTXLVWD HIILFDFLD YLQFRODQWH SHU L FRQVRFLDWL SXUFKp QRQ VLD FRQWUD OHJHP 'XH VRQR JOL HOHPHQWL FKH FRQFRUURQR D IRUPDUH O¶XVR R FRQVXHWXGLQH OD JHQHUDOH FRVWDQWH HG XQLIRUPH ULSHWL]LRQH GHO FRPSRUWDPHQWR O¶HOHPHQWR SVLFRORJLFR FRQYLQFLPHQWR GL XQLIRUPDUVL DG XQ REEOLJR JLXULGLFR *OL XVL QRQ GHYRQR HVVHUH FRQWUDUL DOOD OHJJH &DS (IILFDFLD WHPSRUDOH GHOOH OHJJL

3HU O¶HQWUDWD LQ YLJRUH GHL SURYYHGLPHQWL OHJLVODWLYL VL ULFKLHGH ROWUH DOO¶DSSURYD]LRQH GD SDUWH GHOOH GXH &DPHUH OD SURPXOJD]LRQH GHOOD OHJJH GD SDUWH GHO 3UHVLGHQWH GHOOD 5HSXEEOLFD OD SXEEOLFD]LRQH VXOOD *D]]HWWD 8IILFLDOH GHOOD 5HSXEEOLFD LO GHFRUVR GL XQ SHULRGR GL WHPSR FKH YD GDOOD SXEEOLFD]LRQH DOO¶HQWUDWD LQ YLJRUH GHOOD OHJJH H FKH GL UHJROD q GL JJ VDOYR FKH OD OHJJH VWHVVD VWDELOLVFD XQ WHUPLQH GLYHUVR

8QD GLVSRVL]LRQH GL OHJJH YLHQH DEURJDWD TXDQGR XQ QXRYR DWWR GLVSRQH FKH QH FHVVL O¶HIILFDFLD /¶DEURJD]LRQH SXz HVVHUH HVSUHVVD R WDFLWD Ê HVSUHVVD TXDQGR XQD OHJJH SRVWHULRUH GLFKLDUD HVSOLFLWDPHQWH DEURJDWD XQD OHJJH DQWHULRUH WDFLWD VH QHOOD OHJJH VXFFHVVLYD PDQFD WDOH GLFKLDUD]LRQH IRUPDOH PD OH GLVSRVL]LRQL SRVWHULRUL VRQR D LQFRPSDWLELOL E FRVWLWXLVFRQR XQD UHJRODPHQWD]LRQH GHOO¶LQWHUD PDWHULD JLj UHJRODWD GDOOD OHJJH SUHFHGHQWH )HQRPHQR VLPLOH q OD GHURJD FKH VL KD TXDQGR XQD QXRYD QRUPD VRVWLWXLVFH PD VROR SHU VSHFLILFL FDVL OD GLVFLSOLQD SUHYLVWD GDOOD QRUPD SUHFHGHQWH FKH FRQWLQXD SHUz DG HVVHUH DSSOLFDELOH D WXWWL JOL DOWUL FDVL 8Q¶DOWUD ILJXUD GL DEURJD]LRQH q LO UHIHUHQGXP SRSRODUH TXDQGR QH IDFFLDQR ULFKLHVWD DOPHQR HOHWWRUL R FLQTXH &RQVLJOL UHJLRQDOL /¶DEURJD]LRQH GL XQD QRUPD FKH D VXD YROWD DYHYD DEURJDWR XQD QRUPD SUHFHGHQWH QRQ ID ULYLYHUH TXHVW¶XOWLPD VDOYR FKH VLD HVSUHVVDPHQWH GLVSRVWR LQ WDO FDVR OD QRUPD VL FKLDPD ULSULVWLQDWRULD

ZZZ VWXGHQWLGHOODFDWWROLFD FRP

/D QRUPD VL DSSOLFD DOOH IDWWLVSHFLH LQ HVVD GHVFULWWH FKH VL YHULILFDQR VXFFHVVLYDPHQWH DOOD VXD HQWUDWD LQ YLJRUH Â³/D OHJJH QRQ GLVSRQH FKH SHU OÂ¶DYYHQLUH HVVD QRQ KD HIIHWWR UHWURDWWLYRÂ´ 1HO QRVWUR RUGLQDPHQWR VROWDQWR OD OHJJH SHQDOH QRQ SXz HVVHUH UHWURDWWLYD &DS /Â¶DSSOLFD]LRQH H OÂ¶LQWHUSUHWD]LRQH GHOOD OHJJH

3HU DSSOLFD]LRQH GHOOD OHJJH VL LQWHQGH OD FRQFUHWD UHDOL]]D]LRQH QHOOD YLWD GHOOD FROOHWWLYLWj GL TXDQWR q RUGLQDWR GDOOH UHJROH FKH FRPSRQJRQR LO GLULWWR GHOOR 6WDWR /Â¶DSSOLFD]LRQH GHOOH QRUPH GL GLULWWR SULYDWR q ODVFLDWD GL VROLWR DOOD SUXGHQ]D H DO EXRQ VHQVR GHL VLQJROL /D PDJJLRU SDUWH GHOOH OLWL FKH GL VROLWR LQVRUJRQR QRQ DUULYDQR DOOÂ¶HVDPH GHO JLXGLFH R UHVWDQR LQVROXWH R YHQJRQR ULVROWH HVWUDJLXGL]LDOPHQWH x ULQXQFLD DOOD OLWH GD SDUWH GL XQR GHL GXH OLWLJDQWL x WUDQVD]LRQH RVVLD DFFRUGR FRO TXDOH OH SDUWL FRPSRQJRQR OD OLWH IDFHQGRVL UHFLSURFKH FRQFHVVLRQL ULVSHWWR DJOL LQL]LDOL SXQWL GL YLVWD x FRPSURPHVVR DFFRUGR SHU GHILQLUH OD FRQWURYHUVLD DG XQR R SL DUELWUL SULYDWL 'L IURQWH DOOÂ¶LQL]LDWLYD JLXGL]LDOH GHOOÂ¶DWWRUH LO FRQYHQXWR SXz DVVXPHUH XQR GHL VHJXHQWL DWWHJJLDPHQWL x QRQ FRVWLWXLUVL LQ JLXGL]LR ULQXQFLDQGR D GLIHQGHUVL x FRVWLWXLUVL LQ JLXGL]LR SHU RSSRUVL DOOÂ¶DFFRJOLPHQWR GHOOD GRPDQGD GHOOÂ¶DWWRUH /H UDJLRQL VX FXL LO FRQYHQXWR VL IRQGD SHU FKLHGHUH OD UHLH]LRQH GHOOH GRPDQGH DWWULFL VL FKLDPDQR HFFH]LRQL H SRVVRQR HVVHUH Â³GL IDWWRÂ´ R Â³GL GLULWWRÂ´ x FRVWLWXLUVL LQ JLXGL]LR SHU SURSRUUH D VXD YROWD GHOOH GRPDQGH ULFRQYHQ]LRQDOL FRQWUR OÂ¶DWWRUH ,QWHUSUHWDUH XQ WHVWR QRUPDWLYR YXRO GLUH GHFLGHUH FKH FRVD VL ULWLHQH FKH LO WHVWR HIIHWWLYDPHQWH SRVVD VLJQLILFDUH H FRQVHJXHQWHPHQWH FRPH YDGDQR ULVROWL L FRQIOLWWL FKH LQVRUJRQR QHOOD VXD DSSOLFD]LRQH /Â¶DWWLYLWj GL LQWHUSUHWD]LRQH QRQ SXz HVDXULUVL QHO PHUR HVDPH GHL GDWL WHVWXDOL ,O FDQRQH PHWRGRORJLFR SUHVFULYH GL DWWHQHUVL RYXQTXH VLD SRVVLELOH SHUFKp OD OHWWHUD GHOOD OHJJH QRQ q RVFXUD DG XQD GLFKLDUD]LRQH LQWHUSUHWDWLYD 4XDQGR LQYHFH LO SURFHVVR LQWHUSUHWDWLYR DWWULEXLVFH DG XQD GLVSRVL]LRQH XQ VLJQLILFDWR GLYHUVR GD TXHOOR FKH DSSDULUHEEH VL SDUOD GL LQWHUSUHWD]LRQH Â³FRUUHWWLYDÂ´ QHOOH GXH IRUPH Â³HVWHQVLYDÂ´ H Â³UHVWULWWLYDÂ´ 'DO SXQWR GL YLVWD GHL VRJJHWWL FKH VYROJRQR OÂ¶DWWLYLWj LQWHUSUHWDWLYD VL VXROH GLVWLQJXHUH WUD LQWHUSUHWD]LRQH JLXGL]LDOH GRWWULQDOH H DXWHQWLFD 6L WHQWD GL LQGLYLGXDUH QRQ JLj OÂ¶LQWHQ]LRQH GL XQ LQHVLVWHQWH OHJLVODWRUH PD Â³OR VFRSRÂ´ FKH OD GLVSRVL]LRQH SHUVHJXH FULWHULR GL LQWHUSUHWD]LRQH WHOHRORJLFR $OWUL FULWHUL SRVVRQR HVVHUH x FULWHULR ORJLFR x FULWHULR VWRULFR x FULWHULR VLVWHPDWLFR x FULWHULR VRFLRORJLFR x FULWHULR HTXLWDWLYR $QDORJLD SURFHGLPHQWR SHU LO TXDOH GD GLVSRVL]LRQL FKH UHJRODQR FDVL VLPLOL R PDWHULH DQDORJKH D TXHOOD GD GHFLGHUH VL ULFDYD XQD QRUPD QRQ VFULWWD LGRQHD D ULVROYHUH LO FDVR

ZZZ VWXGHQWLGHOODFDWWROLFD FRP

,O ULFRUVR DOOÂ¶DQDORJLD q DPPLVVLELOH D FRQGL]LRQH FKH QRQ VROWDQWR VXVVLVWD XQ UDSSRUWR GL VRPLJOLDQ]D R DIILQLWj WUD OH GXH IDWWLVSHFLH PD FKH YL VLD LQROWUH XQD LGHQWLWj GL UDWLR QHO VHQVR FKH OD JLXVWLILFD]LRQH GHOOD VROX]LRQH GDWD DO FDVR GLVFLSOLQDWR DSSDLD WDOH GD SRWHU HVVHUH HVWHVD DQFKH DOOD IDWWLVSHFLH QRQ UHJRODWD 3HU OH OHJJL SHQDOL QRQ YDOH LO SULQFLSLR GHOOÂ¶DQDORJLD PD VL SXz XWLOL]]DUH XQÂ¶LQWHUSUHWD]LRQH HVWHQVLYD OD GLIIHUHQ]D SUDWLFDPHQWH QRQ HVLVWH &DS , FRQIOLWWL GL OHJJL QHOOR VSD]LR

,O GLULWWR YLJHQWH LQ FLDVFXQ RUGLQDPHQWR VL DSSOLFD D WXWWL FLWWDGLQL H VWUDQLHUL FKH VL WURYLQR QHO WHUULWRULR RYH TXHOOÂ¶RUGLQDPHQWR q LQ YLJRUH FRVu FRPH DOOÂ¶HVWHUR RJQL SHUVRQD q VRJJHWWD QHFHVVDULDPHQWH DOOH OHJJL ORFDOL 4XHVWR YDOH SHU LO GLULWWR SXEEOLFR PD QRQ SHU LO GLULWWR SULYDWR ,Q FLDVFXQ SDHVH YHQJRQR TXLQGL HODERUDWH QRUPH GL GLULWWR SULYDWR LQWHUQD]LRQDOH x q LO ULVXOWDWR GL DFFRUGL WUD L SDHVL x QRQ FRPSUHQGH VROR QRUPH GL GLULWWR SULYDWR PD DQFKH SHU HV L UDSSRUWL GL WLSR SURFHVVXDOH x q FRVWLWXLWR GD UHJROH VWUXPHQWDOL FKH VL OLPLWDQR DG LQGLYLGXDUH D TXDOH RUGLQDPHQWR GHEED IDUVL FDSR SHU JLXQJHUH SRL DSSOLFDQGR OÂ¶RUGLQDPHQWR FRVu LQGLYLGXDWR D VWDELOLUH FRPH TXHO UDSSRUWR YDGD GLVFLSOLQDWR 3HU VWDELOLUH TXDOH VLD OÂ¶RUGLQDPHQWR GD DSSOLFDUH RFFRUUH LQ SULPR OXRJR SURFHGHUH DOOD TXDOLILFD]LRQH GHO UDSSRUWR LQ TXHVWLRQH HYLGHQ]LDQGRQH OD QDWXUD VXFFHVVLRQH D FDXVD PRUWH REEOLJD]LRQH FRQWUDWWXDOHÂ« )DWWR FLz RFFRUUH FKH OD QRUPD GL GLULWWR LQWHUQD]LRQDOH SULYDWR SUHFLVL XQ HOHPHQWR GHO UDSSRUWR SHU HOHYDUOR D PRPHQWR GL FROOHJDPHQWR RVVLD D PRPHQWR GHFLVLYR SHU OD LQGLYLGXD]LRQH GHOOÂ¶RUGLQDPHQWR FRPSHWHQWH D UHJRODUH LO UDSSRUWR LQ RJJHWWR 1HO FDVR LQ FXL XQD FRQWURYHUVLD VLD JLj VWDWD SURSRVWD GDYDQWL DG XQ JLXGLFH VWUDQLHUR LO JLXGLFH LWDOLDQR GHYH VRVSHQGHUH LO JLXGL]LR TXDORUD OÂ¶HPDQDQGR SURYYHGLPHQWR VWUDQLHUR VLD LGRQHR D SURGXUUH HIIHWWR SHU OÂ¶RUGLQDPHQWR LWDOLDQR

/D OHJJH VWUDQLHUD QRQ SXz HVVHUH DSSOLFDWD Â³VH L VXRL HIIHWWL VRQR FRQWUDUL DOOÂ¶RUGLQH SXEEOLFRÂ´ 3HU TXDQWR ULJXDUGD OD Â³FDSDFLWj JLXULGLFD GHOOH SHUVRQH ILVLFKHÂ´ VL DSSOLFD OD OHJJH QD]LRQDOH GHOOD SHUVRQD /D Â³FDSDFLWj GL DJLUH GHOOH SHUVRQH ILVLFKHÂ´ q SXUH UHJRODWD GDOOD ORUR Â³OHJJH QD]LRQDOHÂ´ /R VWDWR GL ILJOLR Â³q GHWHUPLQDWR GDOOD OHJJH QD]LRQDOH GHO ILJOLR DO PRPHQWR GHOOD QDVFLWDÂ´ /Â¶DGR]LRQH q UHJRODWD Â³GDO GLULWWR QD]LRQDOH GHOOÂ¶DGRWWDWR R GHJOL DGRWWDQWL VH FRPXQH R LQ PDQFDQ]D GDO GLULWWR GHOOR 6WDWR QHO TXDOH OD ORUR YLWD PDWULPRQLDOH q SUHYDOHQWHPHQWH ORFDOL]]DWD DO PRPHQWR GHOOÂ¶DGR]LRQHÂ´ /D VXFFHVVLRQH PRUWLV FDXVD Â³q UHJRODWD GDOOD OHJJH QD]LRQDOH GHO VRJJHWWR GHOOD FXL HUHGLWj VL WUDWWD DO PRPHQWR GHOOD PRUWHÂ´ 7UD JOL VWUDQLHUL ELVRJQD GLVWLQJXHUH L F G Â³FLWWDGLQL FRPXQLWDULÂ´ GDL F G Â³H[WUDFRPXQLWDULÂ´

ZZZ VWXGHQWLGHOODFDWWROLFD FRP

/D ³&LWWDGLQDQ]D GHOO¶8QLRQH´ q DWWULEXLWD D ³FKLXQTXH DEELD OD FLWWDGLQDQ]D GL XQR 6WDWR PHPEUR´ 3HU JOL H[WUDFRPXQLWDUL LO JRGLPHQWR GHL GLULWWL FLYLOL q DPPHVVR LQ ,WDOLD VROR ³D FRQGL]LRQH GL UHFLSURFLWj´ 6(=,21( 35,0$ /¶$77,9,7$¶ *,85,',&$ &DS ,O UDSSRUWR JLXULGLFR

6RJJHWWR DWWLYR q FROXL D FXL O¶RUGLQDPHQWR JLXULGLFR DWWULEXLVFH LO SRWHUH R GLULWWR VRJJHWWLYR 6RJJHWWR SDVVLYR q FROXL D FDULFR GHO TXDOH VWD LO GRYHUH /H SHUVRQH WUD OH TXDOL LQWHUFRUUH XQ UDSSRUWR JLXULGLFR VL FKLDPDQR SDUWL 5HJROD JHQHUDOH q FKH LO UDSSRUWR JLXULGLFR QRQ SURGXFH HIIHWWL Qp D IDYRUH Qp D GDQQR GHO WHU]R ,O UDSSRUWR JLXULGLFR QRQ q FKH XQD ILJXUD GL XQD FDWHJRULD SL DPSLD OD VLWXD]LRQH JLXULGLFD ,O GLULWWR VRJJHWWLYR q OD VLJQRULD GHO YROHUH LO SRWHUH GL DJLUH SHU LO VRGGLVIDFLPHQWR GHO SURSULR LQWHUHVVH SURWHWWR GDOO¶RUGLQDPHQWR JLXULGLFR ,Q DOFXQL LO SRWHUH QRQ q DWWULEXLWR DO VLQJROR QHOO¶LQWHUHVVH SURSULR PD SHU UHDOL]]DUH XQ LQWHUHVVH DOWUXL 4XHVWH ILJXUH GL SRWHUL FKH DO WHPSR VWHVVR VRQR GRYHUL SRWHUL GRYHUL VL FKLDPDQR SRWHVWj /H IDFROWj VRQR LQYHFH PDQLIHVWD]LRQL GHO GLULWWR VRJJHWWLYR FKH QRQ KDQQR FDUDWWHUH DXWRQRPR PD VRQR LQ HVVR FRPSUHVH 4XHVWH QRQ VL HVWLQJXRQR VH QRQ VL HVWLQJXH LO GLULWWR GL FXL IDQQR SDUWH 3Xz DYYHQLUH FKH O¶DFTXLVWR GL XQ GLULWWR GHULYL GDO FRQFRUVR GL SL HOHPHQWL VXFFHVVLYL 6H GL TXHVWL DOFXQL VL VLDQR YHULILFDWL HG DOWUL QR VL KD OD ILJXUD GHOO¶DVSHWWDWLYD /¶DVSHWWDWLYD q SHUFLz XQ LQWHUHVVH SUHOLPLQDUH GHO VRJJHWWR WXWHODWR LQ YLD SURYYLVRULD H VWUXPHQWDOH RVVLD TXDOH PH]]R DO ILQH GL DVVLFXUDUH OD SRVVLELOLWj GHO VRUJHUH GHL GLULWWL 6WDWXV q XQD TXDOLWj JLXULGLFD FKH VL ULFROOHJD DOOD SRVL]LRQH GHOO¶LQGLYLGXR LQ XQD FROOHWWLYLWj

&ROXL DO TXDOH O¶RUGLQDPHQWR JLXULGLFR DWWULEXLVFH LO GLULWWR VRJJHWWLYR VL FKLDPD WLWRODUH GHO GLULWWR PHGHVLPR /¶HVHUFL]LR GHO GLULWWR VRJJHWWLYR GHYH HVVHUH GLVWLQWR GDOOD VXD UHDOL]]D]LRQH FKH FRQVLVWH QHOO¶DWWXD]LRQH QHOOD VRGGLVID]LRQH GHOO¶LQWHUHVVH SURWHWWR VHEEHQH VSHVVR L GXH IHQRPHQL SRVVRQR FRLQFLGHUH /D UHDOL]]D]LRQH GHO IHQRPHQR SXz HVVHUH VSRQWDQHD R FRDWWLYD

'LULWWL DVVROXWL JDUDQWLVFRQR DO WLWRODUH XQ SRWHUH FKH HJOL SXz IDU YDOHUH YHUVR WXWWL 'LULWWL UHODWLYL DVVLFXUDQR DO WLWRODUH XQ SRWHUH FKH HJOL SXz IDU YDOHUH VROR QHL FRQIURQWL GL XQD R SL SHUVRQH GHWHUPLQDWH 7LSLFL GLULWWL DVVROXWL VRQR L GLULWWL UHDOL H FLRq L GLULWWL VX XQD FRVD /D FDWHJRULD GHL GLULWWL UHODWLYL VL ULIHULVFH LQ SULPR OXRJR DL GLULWWL GL FUHGLWR TXHOOD GHL GLULWWL DVVROXWL QRQ FRPSUHQGH VROR L GLULWWL UHDOL PD DQFKH L FRVLGGHWWL GLULWWL GHOOD SHUVRQDOLWj 'LULWWL SRWHVWDWLYL FRQVLVWRQR QHO SRWHUH GL RSHUDUH LO PXWDPHQWR GHOOD VLWXD]LRQH JLXULGLFD GL XQ DOWUR VRJJHWWR

ZZZ VWXGHQWLGHOODFDWWROLFD FRP

6LWXD]LRQL VRJJHWWLYH SDVVLYH ILJXUD GHO GRYHUH JHQHULFR GL DVWHQVLRQH FKH LQFRPEH VX WXWWL FRPH URYHVFLR GHOOD ILJXUD GHO GLULWWR DVVROXWR TXHOOD GHOO¶REEOLJR FXL q WHQXWR LO VRJJHWWR SDVVLYR GL XQ UDSSRUWR REEOLJDWRULR D FXL ID ULVFRQWUR QHO VRJJHWWR DWWLYR OD SUHWHVD RVVLD LO SRWHUH GL HVLJHUH LO FRPSRUWDPHQWR H TXHOOD GHOOD VRJJH]LRQH FKH FRUULVSRQGH DO GLULWWR SRWHVWDWLYR )LJXUD GHOO¶RQHUH ULFRUUH TXDQGR DG XQ VRJJHWWR q DWWULEXLWR XQ SRWHUH PD O¶HVHUFL]LR GL WDOH SRWHUH q FRQGL]LRQDWR DG XQ DGHPSLPHQWR

,O UDSSRUWR JLXULGLFR VL FRVWLWXLVFH DOORUFKp LO VRJJHWWR DWWLYR DFTXLVWD LO GLULWWR VRJJHWWLYR O¶DFTXLVWR SXz HVVHUH GL GXH VSHFLH D WLWROR RULJLQDULR LO GLULWWR VRJJHWWLYR VRUJH D IDYRUH GL XQD SHUVRQD VHQ]D HVVHUH WUDVPHVVR GD QHVVXQR D WLWROR GHULYDWLYR LO GLULWWR VL WUDVPHWWH GD XQD SHUVRQD DG XQ¶DOWUD DG HV LO WLWROR G¶DFTXLVWR DWWUDYHUVR LO IHQRPHQR GHOOD VXFFHVVLRQH /¶DFTXLVWR D WLWROR GHULYDWLYR SXz HVVHUH GL GXH VSHFLH VL SXz WUDVPHWWHUH SURSULR OR VWHVVR GLULWWR FKH DYHYD LO SUHFHGHQWH WLWRODUH DFTXLVWR GHULYDWLYR WUDVODWLYR R SXz DWWULEXLUVL DO QXRYR WLWRODUH XQ GLULWWR GLIIHUHQWH FKH SHUDOWUR VFDWXULVFH GDO GLULWWR GHO SUHFHGHQWH WLWRODUH DFTXLVWR GHULYDWLYR FRVWLWXWLYR R VXFFHVVLRQH D WLWROR GHULYDWLYR FRVWLWXWLYR LQ TXDQWR OR VXSSRQH H QH DVVRUEH LO FRQWHQXWR R LQ SDUWH OR OLPLWD 1H GHULYD FKH LO QXRYR WLWRODUH QRQ SXz YDQWDUH XQ GLULWWR GL SRUWDWD SL DPSLD GL TXHOOR FKH VSHWWDYD DO SUHFHGHQWH WLWRODUH O¶DFTXLVWR GHO GLULWWR GHO QXRYR WLWRODUH GLSHQGH GDOOD HIIHWWLYD HVLVWHQ]D GHO GLULWWR GHO SUHFHGHQWH WLWRODUH /D YLFHQGD ILQDOH GHO UDSSRUWR q OD VXD HVWLQ]LRQH &DS ,O VRJJHWWR GHO UDSSRUWR JLXULGLFR /D SHUVRQD ILVLFD

/D FDSDFLWj JLXULGLFD q OD LGRQHLWj D GLYHQLUH WLWRODUL GL GLULWWL H GRYHUL H QHO QRVWUR RUGLQDPHQWR SHU OH SHUVRQH ILVLFKH q DWWULEXLWD SHU LO IDWWR VROR GHOOD ³QDVFLWD´ 1RQ q LQYHFH FRQVLGHUDWR VRJJHWWR LO FRQFHSLWR FKH SRVVLHGH OD ³FDSDFLWj GL VXFFHGHUH´ H GL ULFHYHUH GRQD]LRQL D SDUWLUH GDOOD QDVFLWD 3HU VWDELOLUH VH DO PRPHQWR GHOOD PRUWH GL XQD SHUVRQD VL VLD R PHQR JLj YHULILFDWR LO FRQFHSLPHQWR GL FKL SRWUHEEH DYHU WLWROR D VXFFHGHUOH PRUWLV FDXVD VL ULFRUUH DOOD SUHVXQ]LRQH FKH ³VL SUHVXPH FRQFHSLWR DO WHPSR GHOO¶DSHUWXUD GHOOD VXFFHVVLRQH FKL q QDWR HQWUR WUHFHQWR JLRUQL GDOOD PRUWH GHOOD SHUVRQD GHOOD FXL VXFFHVVLRQH VL WUDWWD´ 3ULQFLSLR GL HJXDJOLDQ]D DUW GHOOD &RVWLWX]LRQH UHSXEEOLFDQD HVFOXGH WDVVDWLYDPHQWH FKH SRVVDQR JLXVWLILFDUVL GLVFULPLQD]LRQL SHU UDJLRQL GL VHVVR GL UD]]D GL OLQJXD GL UHOLJLRQH GL RSLQLRQL SROLWLFKH GL FRQGL]LRQL SHUVRQDOL H VRFLDOL &DSDFLWj GL DJLUH LGRQHLWj D FRPSLHUH YDOLGDPHQWH DWWL JLXULGLFL FKH FRQVHQWDQR DO VRJJHWWR GL DFTXLVLUH HG HVHUFLWDUH GLULWWL R GL DVVXPHUH H DGHPSLHUH REEOLJKL 7DOH FDSDFLWj ULFKLHGH XQD DGHJXDWD PDWXULWj SVLFKLFD

/D PDJJLRUH HWj q ILVVDWD DO FRPSLPHQWR GHO DQQR *OL DWWL SRVWL LQ HVVHUH GD XQ PLQRUHQQH VRQR GL UHJROD DQQXOODELOL D PHQR FKH QRQ VROR DEELD GLFKLDUDWR GL HVVHUH PDJJLRUHQQH PD DGGLULWWXUD DEELD FRQ UDJJLUL RFFXOWDWR OD VXD PLQRUH HWj /¶DWWR QRQ SXz PDL HVVHUH LPSXJQDWR GDOOD SDUWH PDJJLRUHQQH VL SDUOD SHUFLz GL QHJR]L FODXGLFDQWL

ZZZ VWXGHQWLGHOODFDWWROLFD FRP

1XPHURVH VRQR OH HFFH]LRQL DOO¶LQFDSDFLWj OHJDOH GHO PLQRUHQQH WUD OH DOWUH OD SL LPSRUWDQWH q TXHOOD UHODWLYD DOOD FDSDFLWj GL VWLSXODUH FRQWUDWWL GL ODYRUR FKH VL DFTXLVWD JLj D DQQL SXUFKp VL WUDWWL GL ODYRUL OHJJHUL

6HEEHQH OHJDOPHQWH FDSDFH XQD SHUVRQD SXz EHQ HVVHUH GL IDWWR LQ XQD VLWXD]LRQH GL LQFDSDFLWj GL UHQGHUVL DGHJXDWDPHQWH FRQWR GHO YDORUH GHJOL DWWL FKH FRPSLH 6H XQ PDJJLRUHQQH VL WURYD LQ FRQGL]LRQL GL DELWXDOH LQIHUPLWj GL PHQWH WDOH GD UHQGHUOR LQFDSDFH GL SURYYHGHUH DL SURSUL LQWHUHVVL SRVVRQR ULFKLHGHUQH O¶LQWHUGL]LRQH TXDORUD OR ULWHQJDQR RSSRUWXQR R QHFHVVDULR LO FRQLXJH R L SDUHQWL HQWUR LO JUDGR *OL DWWL HYHQWXDOPHQWH FRPSLXWL GDOO¶LQWHUGHWWR VRQR DQQXOODELOL /¶LQFDSDFLWj GHFRUUH FRQ OD SXEEOLFD]LRQH GHOOD VHQWHQ]D q TXLQGL VRJJHWWD D SXEEOLFLWj FKH LO JLXGLFH SURQXQFLD GRSR O¶HVDPH GHOOD SHUVRQD /¶LQFDSDFLWj GHULYDQWH GD LQWHUGL]LRQH FHVVD SHU HIIHWWR GHOOD VHQWHQ]D GL UHYRFD GHOO¶LQWHUGL]LRQH ,O FRGLFH SHQDOH SUHYHGH XQ DOWUR FDVR GL LQFDSDFLWj GL DJLUH FRPH SHQD DFFHVVRULD GL XQD FRQGDQQD DOOD UHFOXVLRQH SHU XQ WHPSR QRQ LQIHULRUH D DQQL SHU LQGLFDUH TXHVWD LSRWHVL VL SDUOD GL LQWHUGL]LRQH OHJDOH 3HUWDQWR WXWWL JOL DWWL SRVWL LQ HVVHUH VRQR QHFHVVDULDPHQWH LQYDOLGL DQFKH VH OD SHUVRQD HUD SHUIHWWDPHQWH LQ JUDGR GL LQWHQGHUH H GL YROHUH Ê LQFDSDFH QDWXUDOH OD SHUVRQD FKH VHEEHQH OHJDOPHQWH FDSDFH VLD WXWWDYLD LQFDSDFH GL ³LQWHQGHUH R GL YROHUH´ /¶LQFDSDFLWj QDWXUDOH SXz HVVHUH LQ XQD FRQGL]LRQH SHUPDQHQWH R WUDQVLWRULD FLz FKH FRQWD q SHUz LO PRPHQWR LQ FXL XQ DWWR JLXULGLFR VLD VWDWR SRVWR LQ HVVHUH OD SHUVRQD SRWHYD HVVHUH LQ JUDGR GL LQWHQGHUH R GL YROHUH ,QFDSDFLWj UHODWLYD R SDU]LDOH LO VRJJHWWR SXz FRPSLHUH GD VROR JOL DWWL GL RUGLQDULD DPPLQLVWUD]LRQH TXDOL OD FRQVHUYD]LRQH GHO EHQH H LO FRQVXPR GHO UHGGLWR ,QFDSDFL UHODWLYL R SDU]LDOL VRQR LO PLQRUH HPDQFLSDWR H O¶LQDELOLWDWR (PDQFLSD]LRQH VL KD TXDQGR DO PLQRUH YHQJD DPPHVVR GDO WULEXQDOH GL FRQWUDUUH PDWULPRQLR SULPD GHO FRPSLPHQWR GHO GLFLRWWHVLPR DQQR ,QDELOLWD]LRQH SXz HVVHUH SURQXQFLDWD GDO JLXGLFH QHL FRQIURQWL GHOO¶LQIHUPR GL PHQWH OR VWDWR GHO TXDOH QRQ VLD WDOPHQWH JUDYH GD IDU OXRJR DOO¶LQWHUGL]LRQH $G HV FKL DEXVD DELWXDOPHQWH GL EHYDQGH DOFROLFKH LO VRUGRPXWR R LO FLHFR GDOOD QDVFLWD R GDOOD SULPD LQIDQ]LD /D UHYRFD GHOO¶LQDELOLWD]LRQH q GLVSRVWD TXDQGR FHVVD OD FDXVD FKH YL KD GDWR OXRJR 3HU TXDQWR ULJXDUGD L PLQRUHQQL OD UDSSUHVHQWDQ]D OHJDOH VSHWWD DL JHQLWRUL 6H L JHQLWRUL VRQR PRUWL R QRQ SRVVRQR HVHUFLWDUH OD SDWULD SRWHVWj DOORUD YLHQH QRPLQDWR XQ WXWRUH 3HU O¶LQFDSDFH UHODWLYD R O¶HPDQFLSDWR O¶DVVLVWHQ]D YLHQH DIILGDWD DO FXUDWRUH 4XHVWL QRQ VL VRVWLWXLVFH FRPH QHOOD UDSSUHVHQWDQ]D DOO¶HPDQFLSDWR R DOO¶LQDELOLWDWR FKH HVSULPRQR DQFK¶HVVL OD ORUR YRORQWj PD LQWHJUD OD GLFKLDUD]LRQH GL YRORQWj GHOO¶XQR R GHOO¶DOWUR ,O FXUDWRUH q QRPLQDWR GDO JLXGLFH WXWHODUH /D OHJLWWLPD]LRQH q O¶LGRQHLWj JLXULGLFD GHOO¶DJHQWH DG HVVHUH VRJJHWWR GHO UDSSRUWR FKH VL VYROJH QHOO¶DWWR /HJLWWLPDWR q FKL KD LO SRWHUH GL GLVSRVL]LRQH ULVSHWWR DG XQ GHWHUPLQDWR GLULWWR RYYHUR FKL q TXDOLILFDWR R KD YHVWH SHU HVHUFLWDUOR

ZZZ VWXGHQWLGHOODFDWWROLFD FRP

'RPLFLOLR OXRJR LQ FXL OD SHUVRQD KD VWDELOLWR OD VHGH SULQFLSDOH GHL VXRL DIIDUL DQFKH PRUDOL H IDPLOLDUL 3HU GHWHUPLQDWL DIIDUL VL SXz VWDELOLUH XQ OXRJR GLYHUVR GRPLFLOLR VSHFLDOH TXHVW¶HOH]LRQH GL GRPLFLOLR QRQ q YDOLGD VH QRQ q IDWWD LQ XQ DWWR VFULWWR 5HVLGHQ]D OXRJR LQ FXL OD SHUVRQD KD OD GLPRUD DELWXDOH Ê XQD VLWXD]LRQH GL IDWWR 'LPRUD OXRJR LQ FXL OD SHUVRQD DWWXDOPHQWH VL WURYD /D FLWWDGLQDQ]D q OD VLWXD]LRQH GL DSSDUWHQHQ]D GL XQ LQGLYLGXR DG XQ GHWHUPLQDWR 6WDWR /D FLWWDGLQDQ]D LWDOLDQD VL DFTXLVWD x ,XUH VDQJXLQLV q FLWWDGLQR SHU QDVFLWD ³LO ILJOLR GL PDGUH R SDGUH FLWWDGLQL´ Ê LUULOHYDQWH LO OXRJR GL QDVFLWD x ,XUH VROL ³FKL q QDWR QHO WHUULWRULR GHOOD 5HSXEEOLFD VH HQWUDPEL L JHQLWRUL VRQR LJQRWL R DSROLGL RYYHUR VH LO ILJOLR QRQ VHJXH OD FLWWDGLQDQ]D GHL JHQLWRUL VHFRQGR OD OHJJH GHOOR 6WDWR DO TXDOH TXHVWL DSSDUWHQJRQR´ x 3HU LXULV FRPPXQLFDWLR LO FRQLXJH VWUDQLHUR R DSROLGH GL FLWWDGLQR LWDOLDQR SXUFKp QH IDFFLD ULFKLHVWD H ULVLHGD GD DOPHQR VHL PHVL LQ ,WDOLD x 3HU ³QDWXUDOL]]D]LRQH´ OD FLWWDGLQDQ]D SXz HVVHUH FRQFHVVD DOOR VWUDQLHUR GHO TXDOH XQ JHQLWRUH R XQ QRQQR IRVVH FLWWDGLQR LWDOLDQR SXUFKp ULVLHGD LQ ,WDOLD SHU DOPHQR WUH DQQL RYYHUR SUHVWL VHUYL]LR PLOLWDUH SHU O¶,WDOLD R DVVXPD SXEEOLFR LPSLHJR DOOH GLSHQGHQ]H GHOOR 6WDWR /D SDUHQWHOD q LO YLQFROR FKH XQLVFH OH SHUVRQH FKH GLVFHQGRQR GDOOD VWHVVD SHUVRQD SHU OD GHWHUPLQD]LRQH GHOO¶LQWHQVLWj GHO YLQFROR VL XVDQR OH OLQHH H L JUDGL

/D SHUVRQDOLWj JLXULGLFD GHOO¶LQGLYLGXR VL HVWLQJXH FRQ OD PRUWH 3Xz DFFDGHUH FKH XQD SHUVRQD VFRPSDLD SHUVRQD VFRPSDUVD DOORQWDQDPHQWR GDO OXRJR GHOOD VXD XOWLPD UHVLGHQ]D PDQFDQ]D GL QRWL]LH ,O WULEXQDOH GHOO¶XOWLPR GRPLFLOLR R GHOO¶XOWLPD UHVLGHQ]D QRPLQHUj XQ FXUDWRUH FKH VL RFFXSHUj GHOOD FRQVHUYD]LRQH GHO SDWULPRQLR /¶DVVHQ]D q OD VLWXD]LRQH FKH VL YHULILFD TXDQGR OD VFRPSDUVD GHOOD SHUVRQD VL SURWUDH SHU SL WHPSR (VVD q GLFKLDUDWD FRQ VHQWHQ]D WUDVFRUVL GXH DQQL GDO JLRUQR D FXL ULVDOH O¶XOWLPD QRWL]LD GHOOD SHUVRQD /D GLFKLDUD]LRQH GL DVVHQ]D Gj OXRJR VROWDQWR DO JRGLPHQWR SURYYLVRULR GHL EHQL D IDYRUH GL FRORUR FKH VH OD SHUVRQD GL FXL QRQ VL KDQQR QRWL]LH IRVVH PRUWD VDUHEEHUR L VXRL HUHGL /D GLFKLDUD]LRQH GL DVVHQ]D QRQ HVVHQGR HTXLSDUDWD DOOD PRUWH QRQ VFLRJOLH LO PDWULPRQLR GHOO¶DVVHQWH 3HU OD GLFKLDUD]LRQH GL PRUWH SUHVXQWD RFFRUUH FKH VLDQR WUDVFRUVL DQQL GDO JLRUQR D FXL ULVDOH O¶XOWLPD QRWL]LD GHOO¶DVVHQWH

/H YLFHQGH SL LPSRUWDQWL GHOOD SHUVRQD ILVLFD VRQR GRFXPHQWDWH LQ DSSRVLWL UHJLVWUL GL FLWWDGLQDQ]D GL QDVFLWD GL PDWULPRQLR H GL PRUWH (VVL VRQR SXEEOLFL &DS ,O VRJJHWWR GHO UDSSRUWR JLXULGLFR

6ROR O¶DXWRULWj SXz GHFLGHUH D TXDOH ³VXEVWUDWR´ VRFLDOH HG RUJDQL]]DWLYR ULWLHQH RSSRUWXQR DWWULEXLUH OD TXDOLILFD GL SHUVRQD JLXULGLFD 3HUVRQH JLXULGLFKH VRQR VROWDQWR JOL HQWL VSHFLILFDWDPHQWH LQGLYLGXDWL H UHJLVWUDWL

ZZZ VWXGHQWLGHOODFDWWROLFD FRP

*OL HQWL VL GLVWLQJXRQR LQ EDVH D QXPHURVL FULWHUL GL FODVVLILFD]LRQH FKH VSHVVR VL LQWHUVHFDQR TXDOL 3HUVRQH JLXULGLFKH ³SXEEOLFKH´ H SHUVRQH JLXULGLFKH ³SULYDWH´ OH SULPH VRQR OR 6WDWR H JOL HQWL SXEEOLFL WHUULWRULDOL (QWL FRQ SHUVRQDOLWj JLXULGLFD HG HQWL ³GL IDWWR´ R VHQ]D SHUVRQDOLWj JLXULGLFD QHL VHFRQGL O¶DXWRQRPLD SDWULPRQLDOH QRQ q SHUIHWWD (QWL FKH VYROJRQR DWWLYLWj HFRQRPLFKH HG HQWL FKH VYROJRQR DOWUH DWWLYLWj $VVRFLD]LRQL R FRUSRUD]LRQL JOL DVVRFLDWL VRQR GHWHUPLQDWL VLD SHU OD QDVFLWD GHOO¶HQWH FKH SHU OD VXD YLWD VXFFHVVLYD H OH IRQGD]LRQL R LVWLWX]LRQL q OD YRORQWj GHO IRQGDWRUH D ILVVDUH OH UHJROH GD FXL GRYUj HVVHUH UHWWD OD YLWD VXFFHVVLYD GHOO¶HQWH

(OHPHQWR FDUDWWHULVWLFR H IRQGDPHQWDOH GHOOD SHUVRQD JLXULGLFD q O¶DXWRQRPLD SDWULPRQLDOH LO SDWULPRQLR GHOO¶HQWH VL GLVWLQJXH QHWWDPHQWH GD TXHOOR GHJOL DVVRFLDWL GHJOL DPPLQLVWUDWRUL GL TXDOXQTXH DOWUR VRJJHWWR *OL HOHPHQWL FRVWLWXWLYL GHOOD SHUVRQD JLXULGLFD VRQR SHU OH DVVRFLD]LRQL XQD SOXUDOLWj GL SHUVRQH H OR VFRSR FRPXQH SHU OH IRQGD]LRQL LO SDWULPRQLR H OR VFRSR 3HUFKp QDVFD OD SHUVRQD JLXULGLFD RFFRUUH LO ULFRQRVFLPHQWR GHOOR 6WDWR FRQFHVVR FRQ G 3 5 /¶DWWR FRQ LO TXDOH SL SHUVRQH GHFLGRQR GL GDU YLWD DG XQD DVVRFLD]LRQH VL FKLDPD DWWR FRVWLWXWLYR q ULFKLHVWD OD IRUPD GHOO¶DWWR SXEEOLFR /¶DWWR FRQ FXL XQD SHUVRQD VHSDUD DOFXQL EHQL GDO SURSULR SDWULPRQLR H OL GHVWLQD DG XQR VFRSR GHWHUPLQDWR VL FKLDPD QHJR]LR GL IRQGD]LRQH SXz ULYHVWLUH ROWUH DOOD IRUPD GHOO¶DWWR SXEEOLFR DQFKH TXHOOD SURSULD GHO WHVWDPHQWR /D YLWD H O¶DWWLYLWj GHOOD SHUVRQD JLXULGLFD VRQR UHJRODWH GD XQ DWWR FKH VL FKLDPD VWDWXWR /¶RUJDQR GHOOD SHUVRQD JLXULGLFD q SDUWH GHOOD SHUVRQD VWHVVD VL KD O¶LPPHGHVLPD]LRQH GHOO¶RUJDQR FRQ OD SHUVRQD JLXULGLFD H TXLQGL VH QH GHGXFH FKH SRVVLHGH OD FDSDFLWj GL DJLUH /D SHUVRQD JLXULGLFD DJLVFH DWWUDYHUVR L VXRL DPPLQLVWUDWRUL L TXDOL QH KDQQR LQ SULPR OXRJR OD JHVWLRQH H LQROWUH KDQQR LO SRWHUH GL UDSSUHVHQWDUH O¶HQWH GL IURQWH DL WHU]L 1HOOH DVVRFLD]LRQL O¶RUJDQR SL LPSRUWDQWH q O¶DVVHPEOHD SHU OD YDOLGLWj GHOOH GHOLEHUD]LRQL q QHFHVVDULD OD SUHVHQ]D GL DOPHQR PHWj GHJOL DVVRFLDWL VH QRQ VL UDJJLXQJH LO TXRUXP O¶DVVHPEOHD YLHQH ULFRQYRFDWD H SXz GHOLEHUDUH TXDOVLDVL VLD LO Q GHL SUHVHQWL 6L DSSOLFD LO SULQFLSLR PDJJLRULWDULR FRVLFFKp VL DEELD XQD YRORQWj XQLFD /¶DWWR FRVu SRVWR LQ HVVHUH VL FKLDPD DWWR FROOHJLDOH /D QD]LRQDOLWj q GHWHUPLQDWD GDOOR 6WDWR FKH KD SURFHGXWR DO ULFRQRVFLPHQWR (VWLQ]LRQH WUH PRWLYL OD VWHVVD YRORQWj GHJOL DVVRFLDWL R GHO IRQGDWRUH FKH SXz SUHYHQWLYDPHQWH VWDELOLUQH OD GXUDWD SHU LO YHQLU PHQR GHOOR VFRSR SHU OR VFLRJOLPHQWR GLVSRVWR GDOO¶DVVHPEOHD R GDO JRYHUQR RSSXUH TXDQGR WXWWL JOL DVVRFLDWL VRQR YHQXWL D PDQFDUH /¶HVWLQ]LRQH QRQ KD OXRJR DXWRPDWLFDPHQWH PD FL YXROH XQ SURYYHGLPHQWR GL FDUDWWHUH SXEEOLFR FKH VHUYH D GHWHUPLQDUH LO SDVVDJJLR DOOD OLTXLGD]LRQH ,Q TXHVWD IDVH SRVVRQR HVVHUH FRPSLXWL VROWDQWR JOL DWWL QHFHVVDUL SHU OD ILQDOLWj GHOOD OLTXLGD]LRQH

ZZZ VWXGHQWLGHOODFDWWROLFD FRP

1HOOH DVVRFLD]LRQL QRQ ULFRQRVFLXWH FLUFROL GL FXOWXUD DVVRFLD]LRQL VSRUWLYH YLHQH ULFRQRVFLXWD HIILFDFLD DJOL DFFRUGL LQWHUYHQXWL WUD JOL DVVRFLDWL SHU TXDQWR DWWLHQH DOO¶RUGLQDPHQWR LQWHUQR H L FRQWULEXWL GHJOL DVVRFLDWL HG L EHQL DFTXLVWDWL FRQ TXHVWL FRVWLWXLVFRQR LO IRQGR FRPXQH GHOO¶DVVRFLD]LRQH (VLVWH DXWRQRPLD SDWULPRQLDOH PD q LPSHUIHWWD SRLFKp SHU OH REEOLJD]LRQL GHOO¶DVVRFLD]LRQH ULVSRQGRQR DQFKH SHUVRQDOPHQWH H VROLGDPHQWH OH SHUVRQH FKH KDQQR DJLWR LQ QRPH H SHU FRQWR GHOO¶DVVRFLD]LRQH /¶LQWHVWD]LRQH GL SURSULHWj LPPRELOLDUL SXz HVVHUH HIIHWWXDWD D IDYRUH GL DVVRFLD]LRQL QRQ ULFRQRVFLXWH $ TXHVWH DVVRFLD]LRQL q ULFRQRVFLXWD OD FDSDFLWj SURFHVVXDOH &RPLWDWR q LO JUXSSR GHOOH SHUVRQH FKH VL SURSRQJRQR GL UDFFRJOLHUH L IRQGL ,O FRPLWDWR VL SXz FRVWLWXLUH VHQ]D IRUPDOLWj DQFKH YHUEDOPHQWH L IRQGL VL FRVWLWXLVFRQR FRQ OH RIIHUWH GHL VLQJROL FKH GL UHJROD GHYRQR FRQVLGHUDUVL GRQD]LRQL PDQXDOL &DS /¶RJJHWWR GHO UDSSRUWR JLXULGLFR

,O EHQH VRQR EHQL OH FRVH FKH SRVVRQR IRUPDUH RJJHWWR GL GLULWWL FLRq TXHOOH VXVFHWWLELOL GL DSSURSULD]LRQH H GL XWLOL]]R H FKH SHUFLz SRVVRQR DYHUH XQ YDORUH , EHQL SRVVRQR HVVHUH FRUSRUDOL VL FDUDWWHUL]]DQR SHU OD ORUR PDWHULDOLWj R LPPDWHULDOL RSHUD GHOO¶LQJHJQR LPPRELOL LO VXROR H WXWWR FLz FKH QDWXUDOPHQWH R DUWLILFLDOPHQWH q LQFRUSRUDWR DO VXROR R PRELOL WXWWL JOL DOWUL EHQL /D FLUFROD]LRQH GHL EHQL PRELOL q SL IDFLOH PHQWUH q ULFKLHVWR O¶DWWR VFULWWR SHU OD FHVVLRQH GL XQ LPPRELOH 9DORUH PRELOLDUH VL GHYH LQWHQGHUH XQ GRFXPHQWR UDSSUHVHQWDWLYR GL GLULWWL GHULYDQWL GD RSHUD]LRQL GL PDVVD GRQGH OD IXQJLELOLWj GHO GRFXPHQWR

)XQJLELOH q LO EHQH FKH SXz HVVHUH VRVWLWXLWR FRQ XQ DOWUR OD IXQJLELOLWj SXz SHUDOWUR GHULYDUH DQFKH GDOOD YRORQWj GHOOH SDUWL LQIXQJLELOH q LO EHQH FKH QRQ SXz HVVHUH VRVWLWXLWR &RQVXPDELOL VRQR TXHL EHQL FKH QRQ SRVVRQR SUHVWDUH XWLOLWj DOO¶XRPR VHQ]D SHUGHUH OD ORUR LQGLYLGXDOLWj VL SRVVRQR XVDUH XQD VROD YROWD R VHQ]D FKH LO VRJJHWWR VH QH SULYL VRQR GHWWL GL XWLOLWj VHPSOLFH L EHQL LQFRQVXPDELOL VL FRQVXPDQR PD SL OHQWDPHQWH DG HV L YHVWLWL VRQR LQYHFH GHWWL EHQL GL XWLOLWj SHUPDQHQWH /¶XVXIUXWWR QRQ q FRQFHSLELOH ULVSHWWR DL EHQL FRQVXPDELOL 8Q¶DOWUD GLVWLQ]LRQH WUD EHQL FRQVXPDELOL H LQFRQVXPDELOL q WUD FRPRGDWR H PXWXR QHO SULPR VL FRQVHJQD D TXDOFXQR XQD FRVD D WLWROR JUDWXLWR SHUFKp VH QH VHUYD FRQ O¶REEOLJR GL UHVWLWXLUH OD VWHVVD FRVD QHO VHFRQGR F¶q O¶REEOLJR GL UHVWLWXLUH OD VWHVVD TXDQWLWj GL EHQL GHOOR VWHVVR JHQHUH %HQL GLYLVLELOL VRQR OH FRVH VXVFHWWLELOL GL HVVHUH ULGRWWH LQ SDUWL RPRJHQHH VHQ]D FKH VH QH DOWHUL OD GHVWLQD]LRQH HFRQRPLFD q GLYLVLELOH XQ IRQGR XQ HGLILFLR q LQGLYLVLELOH XQ DQLPDOH YLYR R XQ DSSDUWDPHQWR , EHQL IXWXUL SRVVRQR IRUPDUH RJJHWWR GL UDSSRUWL REEOLJDWRUL VDOYR L FDVL LQ FXL FLz VLD YLHWDWR GDOOD OHJJH OD SURSULHWj R LO GLULWWR UHDOH QRQ VL DFTXLVWHUDQQR VH QRQ TXDQGR OD FRVD YHUUj DG HVLVWHQ]D , IUXWWL VL GLVWLQJXRQR LQ GXH FDWHJRULH IUXWWL QDWXUDOL H IUXWWL FLYLOL L SULPL SURYHQJRQR GLUHWWDPHQWH GDOO¶DOWUR EHQH YL FRQFRUUD R QR O¶RSHUD GHOO¶XRPR L VHFRQGL VRQR L UHGGLWL

ZZZ VWXGHQWLGHOODFDWWROLFD FRP

FKH VL FRQVHJXRQR GD XQ EHQH FRPH FRUULVSHWWLYR GHO JRGLPHQWR FKH QH YHQJD FRQFHVVR DG DOWUL )LQFKp QRQ DYYLHQH OD VHSDUD]LRQH GDO EHQH FKH OL SURGXFH L IUXWWL QDWXUDOL VL GLFRQR SHQGHQWL &RVD VHPSOLFH q TXHOOD L FXL HOHPHQWL VRQR WDOPHQWH FRPSHQHWUDWL WUD GL ORUR FKH QRQ SRVVRQR VWDFFDUVL VHQ]D GLVWUXJJHUH R DOWHUDUH OD ILVLRQRPLD GHO WXWWR &RVD FRPSRVWD q LQYHFH TXHOOD ULVXOWDQWH GDOOD FRQQHVVLRQH PDWHULDOH R ILVLFD GL SL FRVH FLDVFXQD GHOOH TXDOL SRWUHEEH HVVHUH VWDFFDWD GDO WXWWR HG DYHUH DXWRQRPD ULOHYDQ]D JLXULGLFD HG HFRQRPLFD

6H XQD FRVD q SRVWD D VHUYL]LR R DG RUQDPHQWR GL XQÂ¶DOWUD VHQ]D FRVWLWXLUQH SDUWH LQWHJUDQWH H VHQ]D UDSSUHVHQWDUH HOHPHQWR LQGLVSHQVDELOH SHU OD VXD HVLVWHQ]D PD LQ JXLVD GD DFFUHVFHUQH OÂ¶XWLOLWj R LO SUHJLR VL KD OD ILJXUD GHOOD SHUWLQHQ]D ,O YLQFROR FKH VXVVLVWH WUD OH GXH FRVH GHYH HVVHUH GXUHYROH 8QLYHUVDOLWj GL PRELOL SOXUDOLWj GL FRVH FKH DSSDUWHQJRQR DOOD VWHVVD SHUVRQD H KDQQR XQD GHVWLQD]LRQH XQLWDULD SHU HV L OLEUL GL XQD ELEOLRWHFD

$]LHQGD FRPSOHVVR GL EHQL RUJDQL]]DWL GDOOÂ¶LPSUHQGLWRUH SHU OÂ¶HVHUFL]LR GHOOÂ¶LPSUHVD /Â¶D]LHQGD FRVWLWXLVFH LO FRPSOHVVR SL LPSRUWDQWH GL EHQL LQ TXDQWR q GLUHWWR DOOD SG] GL QXRYL EHQL DOOR VFDPELR GL EHQL DOOD SG] GL VHUYL]L 7UD JOL HOHPHQWL FKH IRUPDQR OÂ¶D]LHQGD KD SDUWLFRODUH LPSRUWDQ]D OÂ¶DYYLDPHQWR FKH VL SXz GHILQLUH FRPH OD FDSDFLWj GL SURILWWR GHOOÂ¶D]LHQGD ,PSUHVD $]LHQGD OÂ¶LPSUHVD q OÂ¶DWWLYLWj HFRQRPLFD VYROWD GDOOÂ¶LPSUHQGLWRUH OÂ¶D]LHQGD q LQYHFH LO FRPSOHVVR GHL EHQL GL FXL OÂ¶LPSUHQGLWRUH VL DYYDOH SHU VYROJHUH OÂ¶DWWLYLWj VWHVVD 6L FKLDPD SDWULPRQLR LO FRPSOHVVR GHL UDSSRUWL DWWLYL H SDVVLYL VXVFHWWLELOL GL YDOXWD]LRQH HFRQRPLFD LO SDWULPRQLR q FRQVLGHUDWR FRPH EHQH XQLFR 3DWULPRQLR VHSDUDWR GLVWDFFR GL XQD SDUWH GHO SDWULPRQLR FKH FRQWLQXD DG DSSDUWHQHUH DOOR VWHVVR VRJJHWWR 3DWULPRQLR DXWRQRPR YLHQH DWWULEXLWR DG XQ QXRYR VRJJHWWR PHGLDQWH OD FUHD]LRQH GL XQD SHUVRQD JLXULGLFD

%HQL SXEEOLFL VH QH SDUOD LQ GXH PRGL EHQL DSSDUWHQHQWL DG XQ HQWH SXEEOLFR EHQL DVVRJJHWWDWL DG XQ UHJLPH VSHFLDOH TXDOL L EHQL GHPDQLDOL 1RQ SRVVRQR IRUPDUH RJJHWWR GL GLULWWR SULYDWR VRQR LQDOLHQDELOL QRQ SRVVRQR IRUPDUH RJJHWWR GL SRVVHVVR H QRQ SRVVRQR HVVHUH DFTXLVWDWL SHU XVXFDSLRQH GD SULYDWL , EHQL QRQ GHPDQLDOL DSSDUWHQHQWL DG XQ HQWH SXEEOLFR VL FKLDPDQR EHQL SDWULPRQLDOL EHQL LQGLVSRQLELOL HGLILFL GHVWLQDWL D VHGL GL XIILFL SXEEOLFL EHQL GLVSRQLELOL &DS ,O IDWWR JLXULGLFR

)DWWR JLXULGLFR q TXDOXQTXH DYYHQLPHQWR FKH SURGXFD HIIHWWL JLXULGLFL )DWWLVSHFLH VHPSOLFH VLWXD]LRQH GHWHUPLQDWD GD XQ VROR IDWWR )DWWLVSHFLH FRPSOHVVD q FRVWLWXLWD GD XQD SOXUDOLWj GL IDWWL JLXULGLFL

ZZZ VWXGHQWLGHOODFDWWROLFD FRP

, IDWWL JLXULGLFL SRVVRQR HVVHUH GLYLVL LQ GXH WLSL IDWWL JLXULGLFL LQ VHQVR VWUHWWR FRUULVSRQGHQWL DL IDWWL QDWXUDOL H DWWL XPDQL FRQVDSHYROL H YRORQWDUL &DS ,QIOXHQ]D GHO WHPSR VXOOH YLFHQGH JLXULGLFKH

6HFRQGR O¶DUW QRQ VL FRQWD LO JLRUQR LQL]LDOH VL FRPSXWD TXHOOR ILQDOH LO WHUPLQH VFDGHQWH LO JLRUQR IHVWLYR q SURURJDWR DO JLRUQR VHJXHQWH QRQ IHVWLYR VH LO WHUPLQH q D PHVH LO WHUPLQH VFDGH QHO JLRUQR FRUULVSRQGHQWH D TXHOOR GHO PHVH LQL]LDOH 6H LO GHFRUVR GHO WHPSR VHUYH D IDU DFTXLVWDUH XQ GLULWWR VRJJHWWLYR O¶LVWLWXWR FKH YLHQH LQ FRQVLGHUD]LRQH q O¶XVXFDSLRQH O¶HVWLQ]LRQH GHO GLULWWR VRJJHWWLYR SHU LO GHFRUVR GHO WHPSR IRUPD DOWUL GXH LVWLWXWL OD SUHVFUL]LRQH HVWLQWLYD H OD GHFDGHQ]D

/D SUHVFUL]LRQH HVWLQWLYD SURGXFH O¶HVWLQ]LRQH GHO GLULWWR VRJJHWWLYR SHU HIIHWWR GHOO¶LQHU]LD GHO WLWRODUH GHO GLULWWR VWHVVR FKH QRQ OR HVHUFLWD R QRQ QH XVD SHU LO WHPSR GHWHUPLQDWR GDOOD OHJJH Ê XQ LVWLWXWR GL RUGLQH SXEEOLFR TXLQGL OH QRUPH FKH VWDELOLVFRQR O¶HVWLQ]LRQH GHO GLULWWR H LO WHPSR QHFHVVDULR SHUFKp FLz VL YHULILFKL VRQR LQGHURJDELOL /D UHJROD q FKH WXWWL L GLULWWL VRQR VRJJHWWL D SUHVFUL]LRQH HVWLQWLYD QH VRQR HVFOXVL L GLULWWL LQGLVSRQLELOL JOL VWDWL LO GLULWWR GL SURSULHWj H OH VLQJROH IDFROWj FKH IRUPDQR LO FRQWHQXWR GL XQ GLULWWR VRJJHWWLYR /D SUHVFUL]LRQH FRPLQFLD D GHFRUUHUH GDO JLRUQR LQ FXL LO GLULWWR DYUHEEH SRWXWR HVVHUH HVHUFLWDWR PD QRQ RSHUD DOORUFKp VRSUDJJLXQJD XQD FDXVD FKH JLXVWLILFKL O¶LQHU]LD VWHVVD RSSXUH QHO FDVR FKH O¶LQHU]LD VWHVVD YHQJD PHQR 6L KDQQR TXLQGL GXH LVWLWXWL OD VRVSHQVLRQH O¶LQHU]LD GHO WLWRODUH GHO GLULWWR VXVVLVWH PD q JLXVWLILFDWD H O¶LQWHUUX]LRQH O¶LQHU]LD YLHQH D PDQFDUH 5LVSHWWR DOOD GXUDWD VL GLVWLQJXRQR OD SUHVFUL]LRQH RUGLQDULD H OH SUHVFUL]LRQL EUHYL /D SULPD q DSSOLFDELOH LQ WXWWL L FDVL LQ FXL OD OHJJH QRQ GLVSRQH GLYHUVDPHQWH H GXUD GLHFL DQQL 8Q SHULRGR SL OXQJR YHQWL DQQL q VWDELOLWR LQ DUPRQLD FRQ LO WHUPLQH SHU O¶XVXFDSLRQH SHU O¶HVWLQ]LRQH GHL GLULWWL UHDOL VX FRVD DOWUXL 6L SXz SDUODUH GL SUHVFUL]LRQL SUHVXQWLYH OD OHJJH WUDVFRUVR XQ EUHYH SHULRGR PHVL DQQR SUHVXPH FKH LO GHELWR VLD JLj HVWLQWR LO GHELWRUH q TXLQGL HVRQHUDWR GDOO¶RQHUH GL IRUQLUH LQ JLXGL]LR OD SURYD GHOO¶HVWLQ]LRQH FRPH DOWULPHQWL GRYUHEEH LQ EDVH DOOD UHJROD JHQHUDOH /D GHFDGHQ]D SURGXFH O¶HVWLQ]LRQH GHO GLULWWR LQ YLUW GHO IDWWR RJJHWWLYR GHO GHFRUVR GHO WHPSR HVFOXVD LQ JHQHUH RJQL FRQVLGHUD]LRQH UHODWLYD DOOD VLWXD]LRQH VRJJHWWLYD GHO WLWRODUH /D GHFDGHQ]D SXz HVVHUH LPSHGLWD VROR GDOO¶HVHUFL]LR GHO GLULWWR PHGLDQWH LO FRPSLPHQWR GHOO¶DWWR SUHYLVWR /H QRUPH FKH VWDELOLVFRQR GHFDGHQ]H QRQ VRQR VXVFHWWLELOL GL DQDORJLD &DS /¶DWWR H LO QHJR]LR JLXULGLFR

*OL DWWL JLXULGLFL VL GLVWLQJXRQR LQ GXH JUDQGL FDWHJRULH JOL DWWL OHFLWL H JOL DWWL LOOHFLWL *OL DWWL OHFLWL VL GLVWLQJXRQR LQ x RSHUD]LRQL FKH FRQVLVWRQR LQ PRGLILFD]LRQL GHO PRQGR HVWHUQR SUHVD GL SRVVHVVR GL XQD FRVD

ZZZ VWXGHQWLGHOODFDWWROLFD FRP

x GLFKLDUD]LRQL DWWL GLUHWWL D FRPXQLFDUH LO SURSULR SHQVLHUR 7XWWL JOL DWWL XPDQL FRQVDSHYROL H YRORQWDUL FKH QRQ VLDQR QHJR]L JLXULGLFL VRQR GHQRPLQDWL DWWL JLXULGLFL LQ VHQVR VWUHWWR R DWWL QRQ QHJR]LDOL H L ORUR HIIHWWL JLXULGLFL QRQ GLSHQGRQR GDOOD YRORQWj GHOO¶DJHQWH PD VRQR GLVSRVWL GDOO¶RUGLQDPHQWR 3DUWLFRODUH FDWHJRULD GL DWWL q TXHOOD GHJOL DWWL GRYXWL FKH FRQVLVWRQR QHOO¶DGHPSLPHQWR GL XQ REEOLJR

1HJR]LR JLXULGLFR q XQD GLFKLDUD]LRQH GL YRORQWj FRQ OD TXDOH YHQJRQR HQXQFLDWL JOL HIIHWWL SHUVHJXLWL HG DOOD TXDOH O¶RUGLQDPHQWR JLXULGLFR ULFROOHJD HIIHWWL JLXULGLFL FRQIRUPL DO ULVXOWDWR YROXWR ,O QRVWUR FRGLFH UHJROD LO FRQWUDWWR LO PDWULPRQLR H LO WHVWDPHQWR PD QRQ LO QHJR]LR JLXULGLFR LQ JHQHUDOH 6H LO QHJR]LR JLXULGLFR q UHJRODWR FRQ OD GLFKLDUD]LRQH GL XQD VROD SDUWH LO QHJR]LR VL GLFH XQLODWHUDOH SHU HV LO WHVWDPHQWR /D VROD SDUWH SXz HVVHUH SHUDOWUR FRVWLWXLWD GD SL GL XQD SHUVRQD DYHQWL WXWWH JOL VWHVVL LQWHUHVVL VL SDUOD DOORUD GL QHJR]L SOXUL SHUVRQDOL 6H OH GLFKLDUD]LRQL GL YRORQWj VRQR GLUHWWH IRUPDUH OD YRORQWj GL XQ VRJJHWWR GLYHUVR H SURSULDPHQWH GL XQD SHUVRQD JLXULGLFD VL KD O¶DWWR FROOHJLDOH QHO TXDOH VL DSSOLFD LO SULQFLSLR GHOOD PDJJLRUDQ]D $EELDPR SRL OD ILJXUD GHOO¶DWWR FRPSOHVVR QHO TXDOH SL YRORQWj VL IRQGRQR ILQR D IRUPDUQH XQD VROD GLFKLDUD]LRQH GHOO¶LQDELOLWDWR H GHO VXR FXUDWRUH , QHJR]L XQLODWHUDOL VL VXGGLVWLQJXRQR LQ UHFHWWL]L VH SHU SURGXUUH HIIHWWR OD GLFKLDUD]LRQH QHJR]LDOH GHYH SHUYHQLUH D FRQRVFHQ]D GL XQD GHWHUPLQDWD SHUVRQD H QRQ UHFHWWL]L VH SURGXFRQR HIIHWWR LQGLSHQGHQWHPHQWH GDOOD FRPXQLFD]LRQH DG XQR VSHFLILFR GHVWLQDWDULR 6H OH SDUWL VRQR SL GL XQD VL KD LO QHJR]LR ELODWHUDOH VH VRQR GXH R SOXULODWHUDOH VH VRQR SL GL GXH ,O FRGLFH GLVFLSOLQD FRPSLXWDPHQWH L FRQWUDWWL LQ JHQHUDOH DUW

3RVVR DYHUH QHJR]L PRUWLV FDXVD LO WHVWDPHQWR H L QHJR]L LQWHU YLYRV 6HFRQGR FKH VL ULIHULVFDQR D UDSSRUWL IDPLOLDUL R DG LQWHUHVVL HFRQRPLFL VL GLVWLQJXRQR L QHJR]L GL GLULWWR IDPLOLDUH H L QHJR]L SDWULPRQLDOL 1HJR]L SDWULPRQLDOL GL DWWULEX]LRQH SDWULPRQLDOH GL DFFHUWDPHQWR YHQGLWD HOLPLQDQR FRQWURYHUVLH

GL REEOLJD]LRQH GL GLVSRVL]LRQH GLPLQX]LRQH GHO SDWULPRQLR

WUDVODWLYL DEGLFDWLYL 1HJR]LR DEGLFDWLYR q OD ULQXQ]LD FKH q OD GLFKLDUD]LRQH XQLODWHUDOH GHO WLWRODUH GL XQ GLULWWR VRJJHWWLYR GLUHWWD D GLVPHWWHUH LO GLULWWR VWHVVR VHQ]D WUDVIHULUOR DG DOWUL 1RQ VL HVFOXGH FKH DOWUL SRVVDQR DYYDQWDJJLDUVL GHOOD ULQXQ]LD PD TXHVWR YDQWDJJLR SXz GHULYDUH VROR RFFDVLRQDOPHQWH H LQGLUHWWDPHQWH GDOOD SHUGLWD GHO GLULWWR GD SDUWH GHO VXR WLWRODUH , QHJR]L SDWULPRQLDOL SRVVRQR HVVHUH D WLWROR JUDWXLWR H D WLWROR RQHURVR ,Q JHQHUH O¶DFTXLUHQWH D WLWROR JUDWXLWR q SURWHWWR PHQR LQWHQVDPHQWH GHOO¶DFTXLUHQWH D WLWROR JUDYRVR *OL HOHPHQWL GHO QHJR]LR JLXULGLFR VL GLVWLQJXRQR LQ HOHPHQWL HVVHQ]LDOL VHQ]D L TXDOL LO QHJR]LR q QXOOR HG HOHPHQWL DFFLGHQWDOL FKH OH SDUWL VRQR OLEHUH GL DSSRUUH ZZZ VWXGHQWLGHOODFDWWROLFD FRP

ZZZ VWXGHQWLGHOODFDWWROLFD FRP

*OL HOHPHQWL HVVHQ]LDOL VL GLFRQR JHQHUDOL VH VL ULIHULVFRQR DG RJQL WLSR GL QHJR]LR OD YRORQWj OD GLFKLDUD]LRQH H OD FDXVD SDUWLFRODUL VH VL ULIHULVFRQR D TXHO SDUWLFRODUH WLSR FRQVLGHUDWR $QFKH JOL HOHPHQWL DFFLGHQWDOL VRQR JHQHUDOL R SDUWLFRODUL JOL HOHPHQWL JHQHUDOL VRQR OD FRQGL]LRQH LO WHUPLQH H LO PRGR &DS /D PDQLIHVWD]LRQH GL YRORQWj

$ VHFRQGD GHL PRGL FRQ FXL OD PDQLIHVWD]LRQH DYYLHQH HVVD VL GLVWLQJXH LQ GLFKLDUD]LRQH HVSUHVVD H PDQLIHVWD]LRQH WDFLWD /D GRWWULQD H OD JLXULVSUXGHQ]D QHJDQR YDORUH DO GHWWR YROJDUH Â³FKL WDFH DFFRQVHQWHÂ´ /D PDQLIHVWD]LRQH SXz DYYHQLUH FRQ Â³OLEHUWj GHOOD IRUPDÂ´ SHUDOWUR FÂ¶q OD QHFHVVLWj GL VXERUGLQDUH OD YDOLGLWj GL XQ DWWR D IRUPH VROHQQL DG HV LO PDWULPRQLR QHOOH TXDOL OD YRORQWj VLD GLFKLDUDWD R TXDQWR PHQR LQ IRUPD VFULWWD RYYHUR DGGLULWWXUD PHGLDQWH DWWR SXEEOLFR 9D WHQXWR GLVWLQWR LO FDVR GHO Â³IRUPDOLVPR FRQYHQ]LRQDOHÂ´ FKH DYYLHQH DOORUFKp LQ XQ FRQWUDWWR VL LQVHULVFH XQD FODXVROD VHFRQGR FXL RJQL HYHQWXDOH GLFKLDUD]LRQH GL GLVGHWWD R UHFHVVR QRQ SRWUj DYHUH DOFXQ HIIHWWR VH QRQ LQ TXDQWR VLD FRPXQLFDWD SHU LVFULWWR R FRPXQTXH FRQ GHWHUPLQDWH PRGDOLWj 1RQ VRQR UHTXLVLWL GL IRUPD Qp LO EROOR Qp OD UHJLVWUD]LRQH ,O QHJR]LR q IRUPDWR R SHUIHWWR TXDQGR OD GLFKLDUD]LRQH HVFH GDOOD VIHUD GL FROXL FKH OD PDQLIHVWD , QHJR]L XQLODWHUDOL QRQ UHFHWWL]L VRQR SHUIHWWL QHO PRPHQWR LQ FXL OD YRORQWj YLHQH PDQLIHVWDWD TXHOOL UHFHWWL]L GLYHQWDQR SHUIHWWL QHO PRPHQWR LQ FXL SHUYHQJRQR D FRQRVFHQ]D GHOOD SHUVRQD DOOD TXDOH VRQR GHVWLQDWL 2FFRUUH GLVWLQJXHUH OD SHUIH]LRQH GDOOÂ¶HIILFDFLD LO WHVWDPHQWR q SHUIHWWR QHO PRPHQWR LQ FXL q UHGDWWR QHOOH IRUPH SUHYLVWH GDOOD OHJJH PD q HIILFDFH VROR DOOD PRUWH GHOOÂ¶LQWHUHVVDWR &DS &HQQL VXOOD SXEEOLFLWj

/D SL LPSRUWDQWH IRUPD GL SXEEOLFLWj SUHYLVWD GDO QRVWUR RUGLQDPHQWR q OD WUDVFUL]LRQH /D SXEEOLFLWj VHUYH D GDUH DL WHU]L OD SRVVLELOLWj GL FRQRVFHUH OÂ¶HVLVWHQ]D HG LO FRQWHQXWR GL XQ QHJR]LR JLXULGLFR R DQFKH OR VWDWR GHOOH SHUVRQH ILVLFKH H OH YLFHQGH GHOOH SHUVRQH JLXULGLFKH 7UH WLSL GL SXEEOLFLWj 3XEEOLFLWj QRWL]LD q LUULOHYDQWH SHU OD YDOLGLWj GL XQ DWWR H OD VXD RPLVVLRQH Gj OXRJR DG XQD VDQ]LRQH SHFXQLDULD R SHQDOH HV OD SXEEOLFD]LRQH PDWULPRQLDOH 3XEEOLFLWj GLFKLDUDWLYD VHUYH D UHQGHUH RSSRQLELOH LO QHJR]LR DL WHU]L R DG DOFXQL WHU]L /Â¶RPLVVLRQH QRQ GHWHUPLQD OÂ¶LQYDOLGLWj GHOOÂ¶DWWR FKH SURGXFH L VXRL HIIHWWL LQWHU SDUWHV 3XEEOLFLWj FRVWLWXWLYD q UHTXLVLWR SHU OD SHUIH]LRQH GHO QHJR]LR VHQ]D SXEEOLFLWj LO QHJR]LR QRQ VROWDQWR QRQ VL SXz RSSRUUH DL WHU]L PD QRQ SURGXFH HIIHWWL QHPPHQR WUD OH SDUWL &DS 0DQFDQ]D GL YRORQWj H FRQWUDVWR WUD YRORQWj H GLFKLDUD]LRQH

9LJH OD WHRULD GHOOÂ¶DIILGDPHQWR VH OD GLFKLDUD]LRQH GLYHUJH GDOOÂ¶LQWHUQR YROHUH PD FROXL FXL HVVD q GHVWLQDWD QRQ HUD LQ JUDGR GL FRQRVFHUH OD GLYHUJHQ]D LO QHJR]LR q YDOLGR q LQYDOLGR VH LO GHVWLQDWDULR VDSHYD R HUD LQ JUDGR GL DFFRUJHUVL FKH OD GLFKLDUD]LRQH QRQ

ZZZ VWXGHQWLGHOODFDWWROLFD FRP

FRUULVSRQGHYD DOOÂ¶LQWHUQR YROHUH GHO GLFKLDUDQWH &DVL GL PDQFDQ]D GL YRORQWj R GL GLYHUJHQ]D x 6FKHU]R GLFKLDUD]LRQL IDWWH QHOOR VFKHU]R QRQ KDQQR DOFXQ YDORUH SHU LVFKHU]R VH OD FRQWURSDUWH QRQ HUD LQ JUDGR GL DFFRUJHUVL GHOOR VFKHU]R JHQHUDQR OD YDOLGLWj GHO QHJR]LR x 5LVHUYD PHQWDOH FRQVLVWH QHO GLFKLDUDUH LQWHQ]LRQDOPHQWH FRVD GLYHUVD GD TXHO FKH VL YXROH HIIHWWLYDPHQWH VHQ]Â¶DOFXQD LQWHVD FRQ OÂ¶DOWUD SDUWH H VHQ]D FKH DOPHQR GL VROLWR TXHVWD VLD LQ FRQGL]LRQH GL VFRSULUH OD GLYHUJHQ]D x 9LROHQ]D ILVLFD VL GLVWLQJXH GDOOD YLROHQ]D SVLFKLFD SHUFKp PDQFD GHO WXWWR OD YRORQWj PHQWUH OD VHFRQGD FRQVLVWH LQ XQD PLQDFFLD FKH ID GHYLDUH OD YRORQWj LQGXFHQGR LO VRJJHWWR DG HPHWWHUH XQD GLFKLDUD]LRQH FKH VHQ]D OD PLQDFFLD QRQ DYUHEEH HPHVVR x (UURUH RVWDWLYR q OÂ¶HUURUH FKH FDGH VXOOD GLFKLDUD]LRQH YROHYR VFULYHUH FHQWR H SHU GLVWUD]LRQH KR VFULWWR PLOOH

6L FRQVLGHUD VLPXODWR XQ FRQWUDWWR TXDQGR OH SDUWL QH GRFXPHQWDQR OD VWLSXOD]LRQH DO ILQH GL SRWHUOR LQYRFDUH GL IURQWH DL WHU]L PD VRQR WUD ORUR GÂ¶DFFRUGR FKH JOL HIIHWWL SUHYLVWL GDOOÂ¶DWWR VLPXODWR QRQ VL GHYRQR YHULILFDUH /D GLYHUJHQ]D WUD OD GLFKLDUD]LRQH H OD UHDOH YRORQWj GHOOH SDUWL QRQ VROWDQWR q FRQVDSHYROH PD q DGGLULWWXUD FRQFRUGDWD 'L VROLWR OÂ¶DFFRUGR LQWHUQR WUD OH SDUWL FKH VL FRQWUDSSRQH DOOÂ¶DWWR XIILFLDOH YLHQH GRFXPHQWDWR GD XQD FRQWURGLFKLDUD]LRQH VFULWWD /D VLPXOD]LRQH VL GLFH DVVROXWD VH OH SDUWLVL OLPLWDQR DG HVFOXGHUH OD ULOHYDQ]D QHL ORUR UDSSRUWL GHO FRQWUDWWR DSSDUHQWHPHQWH VWLSXODWR VL GLFH LQYHFH UHODWLYD TXDORUD OH SDUWL FRQFRUGLQR FKH QHL ORUR UDSSRUWL LQWHUQL DVVXPD ULOHYDQ]D XQ GLYHUVR QHJR]LR FKH VL GLFH GLVVLPXODWR /D VLPXOD]LRQH UHODWLYD SXz HVVHUH RJJHWWLYD R VRJJHWWLYD D VHFRQGD FKH LO QHJR]LR GLVVLPXODWR GLIIHULVFD GD TXHOOR VLPXODWR SHU TXDQWR ULJXDUGD OÂ¶RJJHWWR GHOOÂ¶DWWR RYYHUR L VRJJHWWL 6H OD VLPXOD]LRQH q DVVROXWD LO QHJR]LR VLPXODWR QRQ SURGXFH DOFXQ HIIHWWR VWHVVD FRVD SHU OD VLPXOD]LRQH UHODWLYD PD SHU LO FRQWUDWWR GLVVLPXODWR OÂ¶DUW VWDELOLVFH FKH Â³VH OH SDUWL KDQQR YROXWR FRQFOXGHUH XQ FRQWUDWWR GLYHUVR GD TXHOOR DSSDUHQWH KD YDORUH WUD HVVH LO FRQWUDWWR GLVVLPXODWRÂ´ PD VXERUGLQD WDOH HIILFDFLD DOOD FRQGL]LRQH FKH GHOOÂ¶DWWR UHDOPHQWH YROXWR Â³VXVVLVWDQR L UHTXLVLWL GL IRUPD H VRVWDQ]DÂ´ (IIHWWL GHOOD VLPXOD]LRQH GL IURQWH DL WHU]L x 7HU]L LQWHUHVVDWL D GHGXUUH OD VLPXOD]LRQH L WHU]L HVWUDQHL DO FRQWUDWWR VLPXODWR VH QH VRQR SUHJLXGLFDWL SRVVRQR IDUQH DFFHUWDUH OD QXOOLWj x 7HU]L FKH DEELDQR DFTXLVWDWR GLULWWL GDO WLWRODUH DSSDUHQWH DUW Â³OD VLPXOD]LRQH QRQ SXz HVVHUH RSSRVWD Qp GDOOH SDUWL FRQWUDHQWL Qp GDJOL DYHQWL FDXVD R GDL FUHGLWRUL GHO VLPXODWR DOLHQDQWH DL WHU]L FKH LQ EXRQD IHGH KDQQR DFTXLVWDWR GLULWWL GDO WLWRODUH DSSDUHQWHÂ´ /D EXRQD IHGH VL SUHVXPH H EDVWD FKH YL VLD VWDWD DO PRPHQWR GHOOÂ¶DFTXLVWR OD FRQRVFHQ]D VXFFHVVLYD GHOOD VLPXOD]LRQH QRQ QXRFH x , FUHGLWRUL GHO VLPXODWR DOLHQDQWH SRVVRQR IDU YDOHUH OD VLPXOD]LRQH FKH SUHJLXGLFD L ORUR GLULWWL H IDFHQGR SUHYDOHUH OD UHDOWj VXOOÂ¶DSSDUHQ]D DJLUH VXL EHQL FKH VROR DSSDUHQWHPHQWH VRQR XVFLWL GDO SDWULPRQLR GHO ORUR GHELWRUH 6H L FUHGLWRUL VRQR FKLURJUDIDUL OD OHJJH OL SUHIHULVFH DL FUHGLWRUL SHU SHJQR R LSRWHFD VROR VH LO ORUR FUHGLWR q DQWHULRUH DOOÂ¶DWWR VLPXODWR 1HJR]LR LQGLUHWWR VL KD TXDQGR XQ GHWHUPLQDWR HIIHWWR JLXULGLFR QRQ YLHQH UHDOL]]DWR GLUHWWDPHQWH PD YLHQH FRQVHJXLWR PHGLDQWH XQD YLD WUDYHUVD SRQHQGR LQ HVVHUH DWWL ZZZ VWXGHQWLGHOODFDWWROLFD FRP

ZZZ VWXGHQWLGHOODFDWWROLFD FRP

GLUHWWL DG DOWUL HIIHWWL PD FKH FRQ OD ORUR FRPELQD]LRQH UHDOL]]DQR HJXDOPHQWH LO ULVXOWDWR SHUVHJXLWR R XQ ULVXOWDWR VLPLOH ,O QHJR]LR q UHDOPHQWH YROXWR VHEEHQH SRL OH SDUWL VL SUHILJJDQR VFRSL XOWHULRUL LQGLUHWWL ULVSHWWR D TXHOOL QRUPDOL GHOOÂ¶DWWR SRVWR LQ HVVHUH 1HJR]L ILGXFLDUL VL KD TXDQGR XQ VRJJHWWR ILGXFLDQWH WUDVIHULVFH VHQ]D FRUULVSHWWLYR R ID WUDVIHULUH GD XQ WHU]R SDJDQGR OXL LO FRUUHODWLYR SUH]]R DG XQ ILGXFLDULR OD WLWRODULWj GL XQ EHQH SL IUHTXHQWHPHQWH PRELOH PD FRQ LO SDWWR FKH OÂ¶LQWHVWDWDULR XWLOL]]HUj H GLVSRUUj GHO EHQH HVFOXVLYDPHQWH LQ FRQIRUPLWj DOOH LVWUX]LRQL FKH LO ILGXFLDQWH JOL KD JLj LPSDUWLWR R VL ULVHUYD GL LPSDUWLUJOL VXFFHVVLYDPHQWH ,O QHJR]LR ILGXFLDULR QRQ q UHJRODWR GDO FRGLFH FLYLOH &DS , YL]L GHOOD YRORQWj

, YL]L GHOOD YRORQWj D FXL OD OHJJH DWWULEXLVFH ULOHYDQ]D VRQR OÂ¶HUURUH LO GROR H OD YLROHQ]D (VVH SURGXFRQR OÂ¶DQQXOODELOLWj GHO QHJR]LR EHQ GLYHUVD GDOOD QXOOLWj GHO QHJR]LR

/Â¶HUURUH FRQVLVWH LQ XQD IDOVD FRQRVFHQ]D GHOOD UHDOWj 3Xz HVVHUH HUURUH RVWDWLYR RSSXUH HUURUH YL]LR HQWUDPEL SURGXFRQR OÂ¶DQQXOODELOLWj GHO QHJR]LR PD D FRQGL]LRQH x FKH OÂ¶HUURUH VLD HVVHQ]LDOH x FKH OÂ¶HUURUH VLD ULFRQRVFLELOH GDOOÂ¶DOWUR FRQWUDHQWH /D OHJJH LPSHGLVFH D FKLXQTXH GL DGGXUUH FRPH VFXVD GHOOÂ¶LQRVVHUYDQ]D GHOOD OHJJH VWHVVD OD VXD LJQRUDQ]D /Â¶HUURUH q HVVHQ]LDOH TXDQGR SUHVHQWD GXH FDUDWWHULVWLFKH LQ SULPR OXRJR GHYH HVVHUH VWDWR WDOH GD DYHU GHWHUPLQDWR OD SDUWH D FRQFOXGHUH LO FRQWUDWWR LQ VHFRQGR OXRJR LO FRGLFH TXDOLILFD HVVHQ]LDOH VROR OÂ¶HUURUH FKH FDGH VXOOD QDWXUD GHO QHJR]LR VXOOÂ¶RJJHWWR GHO QHJR]LR VX XQD TXDOLWj GHOOD FRVD VXOOD SHUVRQD FLRq VXOOÂ¶LGHQWLWj VXOOD TXDQWLWj GHOOD SUHVWD]LRQH 1RQ KD FDUDWWHUH GL HVVHQ]LDOLWj OÂ¶HUURUH FKH FDGH VXL PRWLYL FKH LQGXFRQR LO VRJJHWWR D FRQFOXGHUH LO QHJR]LR /Â¶HUURUH VL FRQVLGHUD ULFRQRVFLELOH TXDQGR LQ UHOD]LRQH DO FRQWHQXWR DOOH FLUFRVWDQ]H GHO FRQWUDWWR R DOOH TXDOLWj GHL FRQWUDHQWL OD FRQWURSDUWH XVDQGR OD QRUPDOH GLOLJHQ]D DYUHEEH SRWXWR DFFRUJHUVHQH 1HO FDVR GL HUURUH ELODWHUDOH R FRPXQH q VXIILFLHQWH OD HVVHQ]LDOLWj GHOOÂ¶HUURUH SHU OÂ¶DQQXOODELOLWj GHO QHJR]LR 'ROR GHWHUPLQDQWH XQ QHJR]LR q DQQXOODELOH RYH VLD VWDWR SRVWR LQ HVVHUH LQ FRQVHJXHQ]D GL UDJJLUL SHUSHWUDWL DL GDQQL GHO VXR DXWRUH 3HU OÂ¶DQQXOODELOLWj GHOOÂ¶DWWR GHYRQR FRQFRUUHUH x LO UDJJLUR R OÂ¶DUWLILFLR x OÂ¶HUURUH GHO UDJJLUDWR x OD SURYHQLHQ]D GHOOÂ¶LQJDQQR GDOOD FRQWURSDUWH 5HWLFHQ]D WDFHUH FLUFRVWDQ]H FKH DYUHEEHUR SRWXWR LQGXUUH OD FRQWURSDUWH D ULQXQFLDUH DOOD VWLSXOD]LRQH GHOOÂ¶DWWR q VXIILFLHQWH SHU GHWHUPLQDUH OÂ¶DQQXOODELOLWj GHO QHJR]LR 'ROR LQFLGHQWH VH QRQ UDJJLUDWD OD YLWWLPD DYUHEEH FRPXQTXH VWLSXODWR LO FRQWUDWWR PD ZZZ VWXGHQWLGHOODFDWWROLFD FRP

ZZZ VWXGHQWLGHOODFDWWROLFD FRP

D FRQGL]LRQL GLYHUVH SHU TXHVWR PRWLYR QRQ GHWHUPLQD OÂ¶DQQXOODELOLWj GHO FRQWUDWWR PD OD YLWWLPD KD GLULWWR GL RWWHQHUH GDOOÂ¶DXWRUH GHO GROR LO ULVDUFLPHQWR GHL GDQQL VXELWL

/D YLROHQ]D SVLFKLFD FRQVLVWH QHOOD PLQDFFLD GL XQ PDOH LQJLXVWR ULYROWD DG XQD SHUVRQD DOOR VSHFLILFR VFRSR GL HVWRUFHUOH LO FRQVHQVR DOOD VWLSXOD]LRQH GL XQ FRQWUDWWR RYYHUR GL LQGXUOD D SRUUH LQ HVVHUH XQ DOWUR WLSR GL QHJR]LR JLXULGLFR 1HOOR VWDWR GL QHFHVVLWj R GL SHULFROR YL q XQD VLWXD]LRQH SVLFKLFD GL SDXUD PD QRQ GHWHUPLQDWD GDOOD PLQDFFLD GL DOWUD SHUVRQD EHQVu GD XQR VWDWR GL IDWWR RJJHWWLYR QHOOD PDJJLRU SDUWH GHL FDVL GD IRU]H QDWXUDOL 6H SHU HIIHWWR GHOOR VWDWR GL SHULFROR XQD SHUVRQD KD DVVXQWR REEOLJD]LRQL D FRQGL]LRQL LQLTXH LO QHJR]LR QRQ q DQQXOODELOH PD UHVFLQGLELOH 6L KD YLROHQ]D VROWDQWR TXDQGR OD PLQDFFLD VLD GLUHWWD DOOR VFRSR GL LQGXUUH OD YLWWLPD D SHUIH]LRQDUH LO QHJR]LR FKH OH VL FKLHGH GL FRQFOXGHUH /D YLROHQ]D SURGXFH OÂ¶DQQXOODELOLWj GHO QHJR]LR DQFKH VH HVHUFLWDWD GD XQ WHU]R H FLz SHUILQR VH OÂ¶DOWUR FRQWUDHQWH VLD LJQDUR GHOOD YLROHQ]D &DS /D FDXVD GHO QHJR]LR JLXULGLFR

/Â¶HVLJHQ]D GHOOD FDXVD LQGLFD OD QHFHVVLWj FKH VLDQR OHFLWL QRQ VROWDQWR L VLQJROL HIIHWWL SHUVHJXLWL PD VRSUDWWXWWR OD ORUR FRPELQD]LRQH 3HU L FRQWUDWWL WLSLFL OÂ¶HVLVWHQ]D H OD OLFHLWj GHOOD FDXVD q JLj YDOXWDWD SRVLWLYDPHQWH LQ OLQHD GL SULQFLSLR GDOOD OHJJH UHVWD GD YDOXWDUH VH DQFKH LO FRQWHQXWR HIIHWWLYR GHO VLQJROR DFFRUGR VLD PHULWHYROH GL DSSURYD]LRQH 3HU L FRQWUDWWL DWLSLFL FKH VRQR TXHOOL FKH OD SUDWLFD SRQH LQ HVVHUH SXU LQ DVVHQ]D GL XQR VFKHPD OHJLVODWLYR OD YDOXWD]LRQH GHYH ULJXDUGDUH QRQ VROR LO FRQWHQXWR FRQFUHWR GHOOÂ¶DFFRUGR PD SXUH OR VWHVVR VFKHPD JHQHULFR GHOOD SDWWXL]LRQH 8QD FDWHJRULD SDUWLFRODUH GHL FRQWUDWWL DWLSLFL q UDSSUHVHQWDWD GDL FRQWUDWWL PLVWL R FRPSOHVVL OD FXL FDXVD q FRVWLWXLWD GDOOD IXVLRQH GHOOH FDXVH GL GXH R SL FRQWUDWWL WLSLFL 2JQL QHJR]LR GHYH DYHUH OD VXD FDXVD SHUFKp RJQL QHJR]LR GHYH FRUULVSRQGHUH DG XQR VFRSR VRFLDOPHQWH DSSUH]]DELOH FLz QRQ HVFOXGH FKH LQ DOFXQL QHJR]L JOL HIIHWWL VL SURGXFDQR DVWUDHQGRVL R SUHVFLQGHQGRVL GDOOD FDXVD OD TXDOH UHVWD DFFDQWRQDWD WDOL QHJR]L VRQR GHILQLWL DVWUDWWL 3RVVLDPR DYHUH DVWUD]LRQH VRVWDQ]LDOH TXDQGR LO QHJR]LR QHO VXR IXQ]LRQDPHQWR UHVWD VYLQFRODWR GDOOD FDXVD RSSXUH DVWUD]LRQH SURFHVVXDOH FKH SUHVXSSRQH FKH LO QHJR]LR VLD FDXVDOH FKL DJLVFH SHU RWWHQHUH OD SUHVWD]LRQH GHULYDQWH D VXR IDYRUH GD VLIIDWWR QHJR]LR QRQ KD OÂ¶RQHUH GL GLPRVWUDUH OÂ¶HVLVWHQ]D H OD OLFHLWj GHOOD FDXVD PD FKL q FKLDPDWR LQ JLXGL]LR GHYH SURYDUQH OD PDQFDQ]D R OÂ¶LOOLFHLWj VH YXROH VRWWUDUVL DOOD FRQGDQQD /D PDQFDQ]D RULJLQDULD GHOOD FDXVD SURGXFH OD QXOOLWj GHO QHJR]LR /D FDXVD q LOOHFLWD TXDQGR q FRQWUDULD D QRUPH LPSHUDWLYH DOOÂ¶RUGLQH SXEEOLFR H DO EXRQ FRVWXPH OÂ¶LOOLFHLWj GHOOD FDXVD SURGXFH OD QXOOLWj GHO QHJR]LR

,O PRWLYR FKH VSLQJH XQ VRJJHWWR D SRUUH LQ HVVHUH XQ QHJR]LR JLXULGLFR q OR VFRSR SUDWLFR LQGLYLGXDOH GD OXL SHUVHJXLWR H FKH OR PRWLYD DO FRPSLPHQWR GHOOÂ¶DWWR , PRWLYL LQGLYLGXDOL UHVWDQR HVWUDQHL DO FRQWHQXWR GHO QHJR]LR H VRQR TXLQGL JLXULGLFDPHQWH LUULOHYDQWL 7XWWDYLD XQ FRQWUDWWR q LOOHFLWR TXDQGR OH SDUWL VL VRQR GHWHUPLQDWH D FRQFOXGHUOR HVFOXVLYDPHQWH SHU XQ PRWLYR LOOHFLWR FRPXQH DG HQWUDPEH 9L q LOOLFHLWj DQFKH TXDQGR LO QHJR]LR SXU ULVSHWWDQGR OD OHWWHUD GHOOD OHJJH FRVWLWXLVFH LO PH]]R SHU HOXGHUH OÂ¶DSSOLFD]LRQH GL XQD QRUPD LPSHUDWLYD H FLRq SHU UDJJLXQJHUH XQ

ZZZ VWXGHQWLGHOODFDWWROLFD FRP

ULVXOWDWR SUDWLFDPHQWH HTXLYDOHQWH D TXHOOR YLHWDWR &RQ LO QHJR]LR LQ IURGH OH SDUWL PLUDQR PHGLDQWH TXDOFKH DFFRUJLPHQWR DG RWWHQHUH XQ ULVXOWDWR HTXLYDOHQWH D TXHOOR YLHWDWR GDOOD QRUPD LPSHUDWLYD &DS /D UDSSUHVHQWDQ]D

/D UDSSUHVHQWDQ]D q O¶LVWLWXWR SHU FXL DG XQ VRJJHWWR UDSSUHVHQWDQWH q DWWULEXLWR XQ DSSRVLWR SRWHUH GL VRVWLWXLUVL DG XQ DOWUR VRJJHWWR UDSSUHVHQWDWR QHO FRPSLPHQWR GL DWWLYLWj JLXULGLFD SHU FRQWR GL TXHVW¶XOWLPR H FRQ HIIHWWL GLUHWWL QHOOD VXD VIHUD JLXULGLFD 5DSSUHVHQWDQ]D GLUHWWD QRQ EDVWD FKH XQD SHUVRQD DJLVFD SHU FRQWR GL XQ¶DOWUD SHUVRQD HVVD GHYH DQFKH DJLUH LQ QRPH GL TXHVW¶DOWUD SHUVRQD JOL HIIHWWL GHO QHJR]LR VL SURGXFRQR LPPHGLDWDPHQWH H GLUHWWDPHQWH QHOOD VIHUD GHO UDSSUHVHQWDWR 5DSSUHVHQWDQ]D LQGLUHWWD FKL ID OD GLFKLDUD]LRQH DFTXLVWD L GLULWWL H GLYHQWD FRUUHODWLYDPHQWH VRJJHWWR GHJOL REEOLJKL QDVFHQWL GDO QHJR]LR HG RFFRUUHUj XQ DOWUR QHJR]LR SHU WUDVPHWWHUH JOL HIIHWWL GHOO¶DWWR QHO SDWULPRQLR GHOOD SHUVRQD QHO FXL LQWHUHVVH O¶DWWR q VWDWR FRPSLXWR Ê HVFOXVD OD UDSSUHVHQWDQ]D QHL QHJR]L GL GLULWWR IDPLOLDUH H QHO WHVWDPHQWR q DPPHVVD HQWUR OLPLWL EHQ ULVWUHWWL QHOOD GRQD]LRQH ,O SRWHUH GL DJLUH LQ QRPH GL XQD SHUVRQD SXz GHULYDUH GDOOD OHJJH UDSSUHVHQWDQ]D OHJDOH R GDOO¶LQWHUHVVDWR UDSSUHVHQWDQ]D YRORQWDULD 6L SDUOD GL UDSSUHVHQWDQ]D OHJDOH DQFKH D SURSRVLWR GHOOD F G UDSSUHVHQWDQ]D RUJDQLFD FLRq LO SRWHUH GL UDSSUHVHQWDUH XQ HQWH HV O¶DPPLQLVWUDWRUH ,O QHJR]LR FRQ LO TXDOH XQD SHUVRQD FRQIHULVFH DG XQ¶DOWUD LO SRWHUH GL UDSSUHVHQWDUOD VL FKLDPD SURFXUD SHUFLz LO UDSSUHVHQWDQWH YRORQWDULR VL FKLDPD SURFXUDWRUH /D SURFXUD SXz HVVHUH HVSUHVVD R WDFLWD 'L UHJROD SHU OD SURFXUD QRQ q ULFKLHVWD DOFXQD IRUPD SDUWLFRODUH ID HFFH]LRQH O¶LSRWHVL LQ FXL WDOH IRUPD VLD ULFKLHVWD SHU LO QHJR]LR GD FRQFOXGHUH 3HU OD YDOLGLWj GHO QHJR]LR FRQFOXVR q QHFHVVDULD OD FDSDFLWj OHJDOH GHO UDSSUHVHQWDWR &L VL SXz VHUYLUH FRPH UDSSUHVHQWDQWH DQFKH GL XQ LQFDSDFH OHJDOH SXUFKp DEELD OD FDSDFLWj GL LQWHQGHUH H GL YROHUH /D SURFXUD SXz FRQFHUQHUH XQ VROR DIIDUH R SL DIIDUL GHWHUPLQDWL SURFXUD VSHFLDOH R SXz ULJXDUGDUH WXWWL JOL DIIDUL GHO UDSSUHVHQWDWR SURFXUD JHQHUDOH LO SURFXUDWRUH JHQHUDOH VL FKLDPD DQFKH DOWHU HJR /¶DWWR FRQ LO TXDOH LO UDSSUHVHQWDWR ID FHVVDUH JOL HIIHWWL GHOOD SURFXUD VL FKLDPD UHYRFD GHOOD SURFXUD /D UHYRFD H OH PRGLILFD]LRQL GHOOD SURFXUD GHYRQR HVVHUH SRUWDWH D FRQRVFHQ]D GHL WHU]L FRQ PH]]L LGRQHL ,O QHJR]LR FRQFOXVR GDO UDSSUHVHQWDQWH VDUj DQQXOODELOH VH HJOL YHUVDYD LQ HUURUH R q VWDWR FRVWUHWWR DOOD VXD FRQFOXVLRQH GD YLROHQ]D HFF ,Q RJQL FDVR OD PDOD IHGH GHO UDSSUHVHQWDWR LQTXLQD LO QHJR]LR DQFRUFKp HVVD ULJXDUGL OD VIHUD ODVFLDWD DOOD GLVFUH]LRQDOLWj GHO UDSSUHVHQWDQWH 6H LO UDSSUHVHQWDQWH q SRUWDWRUH GL LQWHUHVVL SURSUL R GL WHU]L LQ FRQWUDVWR FRQ TXHOOL GHO UDSSUHVHQWDWR VL KD FRQIOLWWR G¶LQWHUHVVL WUD UDSSUHVHQWDWR H UDSSUHVHQWDQWH /¶DWWR SRVWR LQ HVVHUH GDO UDSSUHVHQWDQWH LQ FRQIOLWWR G¶LQWHUHVVL q YL]LDWR LQGLSHQGHQWHPHQWH FKH LO UDSSUHVHQWDWR VLD VWDWR HIIHWWLYDPHQWH GDQQHJJLDWR ,O QHJR]LR q DQQXOODELOH VX GRPDQGD GHO UDSSUHVHQWDWR PD VROWDQWR VH LO FRQIOLWWR PHGHVLPR HUD FRQRVFLXWR R SRWHYD HVVHUH FRQRVFLXWR FRQ O¶RUGLQDULD GLOLJHQ]D GDO WHU]R

ZZZ VWXGHQWLGHOODFDWWROLFD FRP

,O QHJR]LR FRPSLXWR GD FKL KD DJLWR FRPH UDSSUHVHQWDQWH VHQ]D DYHUQH LO SRWHUH R HFFHGHQGR L OLPLWL GHOOH IDFROWj FRQIHULWHJOL QRQ SURGXFH DOFXQ HIIHWWR VXOOD VIHUD JLXULGLFD GHOOÂ¶LQWHUHVVDWR ,O QHJR]LR q SHUFLz LQHIILFDFH /Â¶LQWHUHVVDWR SXz DSSURYDUH FLz FKH q VWDWR IDWWR GD DOWUL VHQ]D FKH HJOL DYHVVH DWWULEXLWR LO SRWHUH GL UDSSUHVHQWDUOR TXHVWD GLFKLDUD]LRQH VL FKLDPD UDWLILFD 4XHVWD SXz HVVHUH HVSUHVVD R WDFLWD H KD HIIHWWR UHWURDWWLYR

/D OHJJH QHO FDVR LQ FXL WDOXQR VHQ]D HVVHUYL REEOLJDWR H TXLQGL VSRQWDQHDPHQWH DVVXPH OD JHVWLRQH GL DIIDUL DOWUXL VWDELOLVFH FKH TXDORUD OD JHVWLRQH VLD VWDWD XWLOPHQWH LQL]LDWD OÂ¶LQWHUHVVDWR GHYH DGHPSLHUH OH REEOLJD]LRQL FKH LO JHVWRUH KD DVVXQWR LQ QRPH GL OXL &RQWUDWWR SHU SHUVRQD GD QRPLQDUH QHO PRPHQWR GHOOD FRQFOXVLRQH GL XQ FRQWUDWWR XQD SDUWH SXz ULVHUYDUVL OD IDFROWj GL QRPLQDUH OD SHUVRQD QHOOD FXL VIHUD JLXULGLFD LO QHJR]LR GHYH SURGXUUH HIIHWWL 6L GLVWLQJXH GDOOD UDSSUHVHQWDQ]D LQGLUHWWD LQ TXDQWR QRQ RFFRUUH XQ QXRYR QHJR]LR SHUFKp JOL HIIHWWL VL SURGXFDQR D IDYRUH GHOOÂ¶LQWHUHVVDWR &DS *OL HOHPHQWL DFFLGHQWDOL GHO QHJR]LR JLXULGLFR

/D FRQGL]LRQH q XQ DYYHQLPHQWR IXWXUR HG LQFHUWR GDO TXDOH OH SDUWL IDQQR GLSHQGHUH R OD SURGX]LRQH GHJOL HIIHWWL GHO QHJR]LR FXL OD FRQGL]LRQH q DSSRVWD R OÂ¶HOLPLQD]LRQH GHJOL HIIHWWL FKH LO QHJR]LR KD JLj SURGRWWR 3Xz HVVHUH VRVSHQVLYD VH GD HVVD GLSHQGH OÂ¶HIILFDFLD GHO QHJR]LR ULVROXWLYD VH GD HVVD GLSHQGH OÂ¶HOLPLQD]LRQH GHJOL HIIHWWL GHO QHJR]LR /D FRQGL]LRQH VL GLVWLQJXH LQ FDVXDOH VH LO VXR DYYHUDPHQWR GLSHQGH GDO FDVR R GDOOD YRORQWj GL WHU]L SRWHVWDWLYD VH GLSHQGH GDOOD YRORQWj GL XQD GHOOH SDUWL PLVWD VH GLSHQGH LQ SDUWH GDO FDVR R GDOOD YRORQWj GL WHU]L LQ SDUWH GDOOD YRORQWj GL XQD GHOOH SDUWL )LJXUD EHQ GLYHUVD q OD SUHVXSSRVL]LRQH R FRQGL]LRQH QRQ GLFKLDUDWD R QRQ VYLOXSSDWD HVLVWH TXDQGR GD XQÂ¶LQWHUSUHWD]LRQH VHFRQGR EXRQD IHGH GHOOD YRORQWj QHJR]LDOH ULVXOWD FKH OH SDUWL SXU QRQ IDFHQGRQH HVSUHVVD PHQ]LRQH QHO FRQWUDWWR KDQQR FRQVLGHUDWR SDFLILFD H FRPH GHWHUPLQDQWH SHU OD FRQFOXVLRQH GHOOÂ¶DIIDUH XQD GDWD VLWXD]LRQH GL IDWWR DWWXDOH R IXWXUD

/D FRQGL]LRQH q LOOHFLWD TXDQGR q FRQWUDULD D QRUPH LPSHUDWLYH DOOÂ¶RUGLQH SXEEOLFR H DO EXRQ FRVWXPH /D FRQGL]LRQH LPSRVVLELOH q TXHOOD FKH FRQVLVWH LQ XQ DYYHQLPHQWR LUUHDOL]]DELOH R GDO SXQWR GL YLVWD QDWXUDOH R GD TXHOOR JLXULGLFR ,Q XQ QHJR]LR FRQGL]LRQDWR VL GHEERQR GLVWLQJXHUH GXH PRPHQWL SHQGHQ]D GHOOD FRQGL]LRQH OÂ¶DYYHQLPHQWR QRQ VL q DQFRUD YHULILFDWR PD SXz DQFRUD YHULILFDUVL DYYHUDPHQWR R PDQFDQ]D GHOOD FRQGL]LRQH OÂ¶LQFHUWH]]D q HOLPLQDWD OÂ¶DYYHQLPHQWR VL q DYYHUDWR R q FHUWR FKH QRQ VL SXz SL YHULILFDUH 4XDQGR OD FRQGL]LRQH VRVSHQVLYD VL q YHULILFDWD VL SURGXFRQR WXWWH OH FRQVHJXHQ]H GHO QHJR]LR FRQ HIIHWWR UHWURDWWLYR DO WHPSR LQ FXL q VWDWR FRQFOXVR OÂ¶LQYHUVR DYYLHQH JOL HIIHWWL GHO QHJR]LR VL FRQVLGHUDQR FRPH PDL YHULILFDWL VH OD FRQGL]LRQH q ULVROXWLYD

,O WHUPLQH FRQVLVWH LQ XQ DYYHQLPHQWR IXWXUR H FHUWR GDO TXDOH WHUPLQH LQL]LDOH R ILQR DO TXDOH WHUPLQH ILQDOH GHEERQR SURGXUVL JOL HIIHWWL GHO QHJR]LR ,O WHUPLQH SXz HVVHUH GHWHUPLQDWR GDWD SUHFLVD R LQGHWHUPLQDWR OD PRUWH GL TXDOFXQR

ZZZ VWXGHQWLGHOODFDWWROLFD FRP

$ GLIIHUHQ]D GHOOD FRQGL]LRQH VRVSHQVLYD FKH PHWWH LQ GXEELR JOL HIIHWWL GHO QHJR]LR LO WHUPLQH LQL]LDOH OL GLIIHULVFH DG XQ PRPHQWR VXFFHVVLYR $QFKH LQ UHOD]LRQH DO WHUPLQH VL GLVWLQJXRQR GXH PRPHQWL SHQGHQ]D H VFDGHQ]D 'XUDQWH OD SHQGHQ]D LO GLULWWR QRQ SXz HVVHUH HVHUFLWDWR FRQ OD VFDGHQ]D GHO WHUPLQH VL YHULILFDQR JOL HIIHWWL GHO QHJR]LR PD HVVL QRQ UHWURDJLVFRQR

,O PRGR q XQD FODXVROD DFFHVVRULD FKH VL DSSRQH D XQD OLEHUWj DOOR VFRSR GL OLPLWDUOD /D OLPLWD]LRQH SXz FRQVLVWHUH LQ XQ REEOLJR GL GDUH GL IDUH R GL QRQ IDUH ,O PRGR FRVWLWXLVFH XQ REEOLJR JLXULGLFR SHUFLz O¶DGHPSLPHQWR GHOO¶REEOLJR FKH IRUPD RJJHWWR GHO PRGR SXz HVVHUH FKLHVWR GD RJQL LQWHUHVVDWR &DS ,QWHUSUHWD]LRQH GHO QHJR]LR JLXULGLFR

/¶LQWHUSUHWD]LRQH YD LQWHVD FRPH YROWD D GHWHUPLQDUH TXDOL HIIHWWL LO QHJR]LR VLD LGRQHR D SURGXUUH YDOXWDQGROR DOOD VWUHJXD GHL FULWHUL OHJDOL GHWWDWL GDO OHJLVODWRUH LQ WHPD GL LQWHUSUHWD]LRQH ,O SXQWR GL ULIHULPHQWR q LO WHVWR PD QRQ FL VL GHYH IHUPDUH ³DO VHQVR OHWWHUDOH GHOOH SDUROH´ RFFRUUH LQYHFH ULFHUFDUH TXDOH VLD LO ULVXOWDWR SHUVHJXLWR FRQ LO FRPSLPHQWR GHOO¶DWWR H TXDQGR VL WUDWWL GL XQ FRQWUDWWR TXDOH VLD VWDWD ³OD FRPXQH LQWHQ]LRQH GHOOH SDUWL´ RVVLD LO VLJQLILFDWR FKH HQWUDPEH DWWULEXLYDQR DOO¶DFFRUGR 3ULQFLSLR GHOO¶DIILGDPHQWR LO FRQWUDWWR GHYH HVVHUH LQWHUSUHWDWR VHFRQGR EXRQD IHGH 3ULQFLSLR GHOOD FRQVHUYD]LRQH GHO QHJR]LR QHO GXEELR LO QHJR]LR GHYH LQWHUSUHWDUVL QHO VHQVR LQ FXL HVVR SRVVD DYHUH TXDOFKH HIIHWWR DQ]LFKp LQ TXHOOR VHFRQGR FXL QRQ QH DYUHEEH DOFXQR ,O QHJR]LR GHYH HVVHUH LQWHVR QHO VHQVR PHQR JUDYRVR SHU O¶REEOLJDWR VH q D WLWROR JUDWXLWR H QHO VHQVR FKH HVVR UHDOL]]L O¶HTXR FRQWHPSHUDPHQWR GHJOL LQWHUHVVL GHOOH SDUWL VH q D WLWROR RQHURVR &DS (IIHWWL GHO QHJR]LR JLXULGLFR

,O QHJR]LR JLXULGLFR XQD YROWD SRVWR LQ HVVHUH KD IRU]D GL OHJJH ULVSHWWR DOOH SDUWL FKH OR KDQQR SHUIH]LRQDWR 3HU VWDELOLUH TXDOL HIIHWWL XQ QHJR]LR q LGRQHR D SURGXUUH RFFRUUH QRQ VROWDQWR DYHUOR LQWHUSUHWDWR PD DQFKH DOWUH GXH RSHUD]LRQL TXDOLILFD]LRQH GHOO¶DWWR LQWHJUD]LRQH GHL VXRL HIIHWWL ,O QHJR]LR JLXULGLFR SURGXFH L VXRL HIIHWWL WUD OH SDUWL HVVR QRQ SXz GDQQHJJLDUH Qp JLRYDUH DO WHU]R HVWUDQHR ,O FRPPD GHOO¶DUW FRG FLY DPPHWWH FKH QHL FDVL FRQVHQWLWL GDOOD OHJJH LO QHJR]LR SRVVD SURGXUUH HIIHWWR ULVSHWWR DL WHU]L D SDWWR FKH O¶HIIHWWR VLD VHPSUH IDYRUHYROH DO WHU]R , QHJR]L JLXULGLFL VH QRQ SURGXFRQR HIIHWWL GLUHWWL ULVSHWWR DL WHU]L SRVVRQR SHUDOWUR SURGXUUH ULVSHWWR DG HVVL HIIHWWL LQGLUHWWL R ULIOHVVL *OL HIIHWWL FKH L QHJR]L DYHQWL FRQWHQXWR SDWULPRQLDOH SRVVRQR SURGXUUH VRQR GL GXH VSHFLH UHDOL VL FUHDQR L QHJR]L GLVSRVLWLYL DG HIIHWWL UHDOL FKH KDQQR SHU RJJHWWR OD WUDVPLVVLRQH R OD FRVWLWX]LRQH GL XQ GLULWWR UHDOH REEOLJDWRUL VL FUHDQR L QHJR]L DG HIIHWWL REEOLJDWRUL FKH GDQQR OXRJR DOOD QDVFLWD GL XQ UDSSRUWR REEOLJDWRULR

ZZZ VWXGHQWLGHOODFDWWROLFD FRP

&DS ,QYDOLGLWj HG LQHIILFDFLD GHO QHJR]LR JLXULGLFR

,O QHJR]LR JLXULGLFR q LQYDOLGR TXDQGR SHU O¶LQRVVHUYDQ]D GHL OLPLWL VWHVVL LO QHJR]LR q YL]LDWR GLIHWWRVR PDODWR /¶LQYDOLGLWj SXz DVVXPHUH GXH IRUPH OD QXOOLWj H O¶DQQXOODELOLWj

,O QHJR]LR QXOOR QRQ VROR q LQYDOLGR PD q DOWUHVu LQLGRQHR SURSULR SHU OD VXD QXOOLWj D SURGXUUH HIIHWWR DOFXQR 8Q DWWR VL GLFH QXOOR SHUWDQWR TXDQGR YD YDOXWDWR FRPH LQLGRQHR D SURGXUUH L VXRL HIIHWWL WLSLFL Ê QXOOR TXDQGR x HVLVWH XQD VSHFLILFD FRPPLQDWRULD GL QXOOLWj FRQWHQXWD LQ XQD QRUPD GL OHJJH x PDQFD XQR GHJOL HOHPHQWL HVVHQ]LDOL GHO QHJR]LR OD IRUPD O¶RJJHWWR OD FDXVD x q FRQWUDULR D QRUPH LPSHUDWLYH ,O YL]LR FKH GHWHUPLQD OD QXOOLWj SXz LQYHVWLUH O¶LQWHUR QHJR]LR QXOOLWj WRWDOH RYYHUR VROWDQWR XQD R SL FODXVROH GHOO¶DWWR QXOOLWj SDU]LDOH ,O QHJR]LR QXOOR QRQ SURGXFH DOFXQ HIIHWWR JLXULGLFR PD TXHVWR QRQ VLJQLILFD FKH QRQ SRVVD HVVHUH HVHJXLWR /¶D]LRQH GL QXOOLWj SUHVHQWD DOFXQH FDUDWWHULVWLFKH x q LPSUHVFULWWLELOH x LO QHJR]LR QXOOR q LQVDQDELOH x O¶D]LRQH GL QXOOLWj q GL PHUR DFFHUWDPHQWR LO QHJR]LR HUD QXOOR LQ SDUWHQ]D FL VL OLPLWD D FRQIHUPDUH OD QXOOLWj x OD OHJLWWLPD]LRQH DWWLYD D IDU YDOHUH OD QXOOLWj GL XQ QHJR]LR q ULFRQRVFLXWD D FKLXQTXH YL DEELD LQWHUHVVH x OD QXOOLWj GL XQ DWWR SXz HVVHUH ULOHYDWD G¶XIILFLR GDO JLXGLFH 8Q FRQWUDWWR QXOOR SXz SURGXUUH JOL HIIHWWL GL XQ FRQWUDWWR GLYHUVR SXUFKp FRQWHQJD WXWWL L UHTXLVLWL GL VRVWDQ]D H GL IRUPD ULFKLHVWL SHU TXHVW¶XOWLPR QRQFKp D FRQGL]LRQH FKH SRVVD ULWHQHUVL FKH OH SDUWL DYUHEEHUR DFFHWWDWR GL VWLSXODUH TXHVW¶DFFRUGR LQ OXRJR GHOO¶DOWUR HIIHWWLYDPHQWH FRQFOXVR VH DYHVVHUR FRQRVFLXWR O¶LQYDOLGLWj GL TXHVW¶XOWLPR FRQYHUVLRQH GHO QHJR]LR QXOOR DUW 'LYHUVR q LO FDVR GHOOD ULQQRYD]LRQH GHO QHJR]LR QXOOR OH SDUWL SRQJRQR LQ HVVHUH XQ QXRYR QHJR]LR HOLPLQDQGR LO YL]LR FKH GDYD OXRJR DOOD QXOOLWj 6H LO QHJR]LR QXOOR VLD VWDWR HVHJXLWR VL SXz SUHWHQGHUH OD UHVWLWX]LRQH GHOOH SUHVWD]LRQL HVHJXLWH QRQ q DPPHVVD OD ULSHWL]LRQH QHO FDVR GL SUHVWD]LRQH HVHJXLWD LQ DGHPSLPHQWR GL XQ QHJR]LR LPPRUDOH VH O¶LPPRUDOLWj ULJXDUGD DQFKH FROXL FKH KD HVHJXLWR OD SUHVWD]LRQH ,O QHJR]LR DQQXOODELOH SURGXFH WXWWL JOL HIIHWWL D FXL HUD GLUHWWR PD TXHVWL HIIHWWL YHQJRQR PHQR VH YLHQH SURSRVWD HG DFFROWD O¶D]LRQH GL DQQXOODPHQWR &DUDWWHULVWLFKH GHOO¶DQQXOODELOLWj x q XQ¶D]LRQH FRVWLWXWLYD LO QHJR]LR DYHYD SURGRWWR L VXRL HIIHWWL OD VHQWHQ]D GL DQQXOODPHQWR OL HOLPLQD x OD OHJLWWLPD]LRQH D FKLHGHUH O¶DQQXOODPHQWR VSHWWD VROR DOOD SDUWH QHO FXL LQWHUHVVH O¶LQYDOLGLWj q SUHYLVWD GDOOD OHJJH x O¶DQQXOODELOLWj GL XQ DWWR SXz HVVHUH ULOHYDWD G¶XIILFLR GDO JLXGLFH x O¶D]LRQH GL DQQXOODPHQWR q VRJJHWWD D SUHVFUL]LRQH GL UHJROD LO WHUPLQH GL SUHVFUL]LRQH q GL DQQL x O¶DQQXOODELOLWj q VHPSUH VDQDELOH DWWUDYHUVR OD SUHVFUL]LRQH R OD FRQYDOLGD /¶DQQXOODPHQWR KD HIIHWWR UHWURDWWLYR TXLQGL GHYH HVVHUH UHVWLWXLWD OD SUHVWD]LRQH

ZZZ VWXGHQWLGHOODFDWWROLFD FRP

HYHQWXDOPHQWH HVHJXLWD LQ YLUW GHO QHJR]LR DQQXOODELOH /D FRQYDOLGD q XQ QHJR]LR FRQ LO TXDOH OD SDUWH OHJLWWLPDWD D SURSRUUH OÂ¶D]LRQH GL DQQXOODPHQWR VL SUHFOXGH OD SRVVLELOLWj GL IDU YDOHUH LO YL]LR 3Xz HVVHUH HVSUHVVD R WDFLWD OD SULPD GHYH FRQWHQHUH OD PHQ]LRQH GHO QHJR]LR DQQXOODELOH GHO PRWLYR GL DQQXOODELOLWj H OD GLFKLDUD]LRQH FKH VL LQWHQGH FRQYDOLGDUH LO QHJR]LR OD VHFRQGD VL YHULILFD TXDORUD YHQJD GDWD HVHFX]LRQH YRORQWDULD DO QHJR]LR DQQXOODELOH 6L DGRSHUD LQ VHQVR ULVWUHWWR OÂ¶HVSUHVVLRQH LQHIILFDFLD SHU GHVLJQDUH OÂ¶LQHWWLWXGLQH GHO QHJR]LR D SURGXUUH L VXRL HIIHWWL SHU XQ IDWWR HVWUDQHR DO QHJR]LR VWHVVR /Â¶LQHIILFDFLD SXz HVVHUH RULJLQDULD R VXFFHVVLYD OD SULPD ULVSHWWR DOOH SDUWL q VHPSUH WUDQVLWRULD OD VHFRQGD SXz GLSHQGHUH GDOOÂ¶LPSXJQDWLYD GL XQD GHOOH SDUWL R GL WHU]L UHVFLVVLRQH 6(= 6(&21'$ /$ 787(/$ *,85,6',=,21$/( '(, ',5,77, &DS /D WXWHOD JLXULVGL]LRQDOH GHL GLULWWL

6H WUD PH H XQÂ¶DOWUD SHUVRQD VRUJH FRQWURYHUVLD FLUFD OD VXVVLVWHQ]D GL XQ GLULWWR VRJJHWWLYR D PLR IDYRUH VÂ¶LQVWDXUD XQ SURFHVVR GL FRJQL]LRQH FKH KD LO FRPSLWR GL LQGLYLGXDUH LO FRPDQGR FRQWHQXWR QHOOD QRUPD GL GLULWWR VRVWDQ]LDOH DSSOLFDELOH DO FDVR FRQFUHWR x 6H KR RWWHQXWR OD VHQWHQ]D FRQ FXL 7L]LR YLHQH FRQGDQQDWR D SDJDUPL L GDQQL H FLz QRQRVWDQWH HJOL QRQ RWWHPSHUD D TXHVWÂ¶REEOLJR LR SRVVR LQVWDXUDUH FRQWUR GL OXL XQ SURFHVVR GL HVHFX]LRQH OD FXL ILQDOLWj FRQVLVWH QHO UHDOL]]DUH LO FRPDQGR FRQWHQXWR QHOOD VHQWHQ]D x 3HU LPSHGLUH FKH QHO FRUVR GHO SURFHVVR GL FRJQL]LRQH 7L]LR VL VSRJOL GHL VXRL EHQL H PÂ¶LPSHGLVFD GL VRGGLVIDUPL VX GL HVVL LR SRVVR DYYDOHUPL GHO SURFHVVR FDXWHODUH FKH PLUD D FRQVHUYDUH OR VWDWR GL IDWWR HVLVWHQWH SHU UHQGHUH SRVVLELOH OÂ¶HVHFX]LRQH GHOOD VHQWHQ]D /Â¶D]LRQH GL FRJQL]LRQH SXz WHQGHUH D WUH ILQDOLWj $FFHUWDPHQWR GHOOÂ¶HVLVWHQ]D R GHOOÂ¶LQHVLVWHQ]D GL XQ UDSSRUWR JLXULGLFR LQFHUWR H FRQWURYHUVR $OOÂ¶HPDQD]LRQH GL XQ FRPDQGR VHQWHQ]D GL FRQGDQQD $OOD FRVWLWX]LRQH PRGLILFD]LRQH R HVWLQ]LRQH GL UDSSRUWL JLXULGLFL VHQWHQ]D FRVWLWXWLYD /D FRVD JLXGLFDWD LQ VHQVR VRVWDQ]LDOH FRQVLVWH QHOOÂ¶LQGLVFXWLELOLWj GHOOÂ¶DFFHUWDPHQWR FRQWHQXWR QHOOD VHQWHQ]D DQFKH DO GL IXRUL GHO SURFHVVR QHO TXDOH q VWDWD SURQXQ]LDWD ULVSHWWR TXLQGL D TXDOXQTXH IXWXUR SURFHVVR HG DQFKH D SUHVFLQGHUH GDO SURFHVVR x

/D IRUPD SL LPSRUWDQWH GHO SURFHVVR HVHFXWLYR q TXHOOD FKH KD SHU RJJHWWR OÂ¶HVSURSULD]LRQH GHL EHQL GHO GHELWRUH QHO FDVR FKH HJOL QRQ DGHPSLD OÂ¶REEOLJD]LRQH GL SDJDUH XQD VRPPD GL GDQDUR HVSURSULD]LRQH IRU]DWD ,O EHQH R L EHQL FROSLWL GDOOÂ¶HVHFX]LRQH YHQJRQR YHQGXWL DL SXEEOLFL LQFDQWL H OD VRPPD ULFDYDWD ULSDUWLWD WUD L FUHGLWRUL /H IRUPH GL TXHVWR SURFHGLPHQWR VRQR UHJRODWH GDO FRGLFH GL SURFHGXUD /Â¶DUW VWDELOLVFH FKH QRQ KDQQR HIIHWWR JOL DWWL GL DOLHQD]LRQH GHL EHQL VRWWRSRVWL D SLJQRUDPHQWR

ZZZ VWXGHQWLGHOODFDWWROLFD FRP

&DS /D SURYD GHL IDWWL JLXULGLFL

$O JLXGLFH VSHWWD YDOXWDUH DQ]LWXWWR VH L PH]]L GL SURYD FKH OH SDUWL RIIURQR R FKLHGRQR GL DFTXLVLUH VLDQR DPPLVVLELOL H LQ VHFRQGR OXRJR VH TXHL PH]]L VLDQR SXUH ULOHYDQWL 'RSR DYHU DPPHVVR H DVVXQWR OH SURYH LO JLXGLFH YDOXWHUj FRQ OD VHQWHQ]D OD ORUR FRQFOXGHQ]D RVVLD OD ORUR LGRQHLWj D GLPRVWUDUH L IDWWL VXL TXDOL YHUWHYDQR ,Q RJQL FDVR GHYH PRWLYDUH OD VXD GHFLVLRQH 6H LO JLXGLFH QRQ FRQVLGHUD FRQYLQFHQWH OD YHUVLRQH RIIHUWD GDOOD SDUWH JUDYDWD GDOOÂ¶RQHUH GRYUj GDUH UDJLRQH VX TXHO SXQWR DOOD FRQWURSDUWH TXDQGÂ¶DQFKH FRQVLGHUL SDULPHQWL QRQ FRQYLQFHQWH OD YHUVLRQH FKH D TXHO IDWWR q VWDWD GDWD GD TXHVWÂ¶XOWLPD ,O JLXGLFH GHYH EDVDUH LO SURSULR FRQYLQFLPHQWR VX WXWWH OH SURYH HVSHULWH R DFTXLVLWH ,Q OLQHD GL SULQFLSLR VL SXz GLUH FKH OÂ¶RQHUH GL SURYDUH XQ IDWWR ULFDGH VX FROXL FKH LQYRFD TXHO IDWWR D VRVWHJQR GHOOD SURSULD WHVL /Â¶RQHUH GHOOD SURYD SXz FRUUHWWDPHQWH GHILQLUVL FRPH LO ULVFKLR SHU OD PDQFDWD SURYD GL XQ IDWWR ULPDVWR LQFHUWR QHO JLXGL]LR ULVFKLR DGGRVVDWR GDO OHJLVODWRUH D FDULFR GL TXHOOD SDUWH FKH DYUHEEH GRYXWR WURYDUVL QHOOH PLJOLRUL FRQGL]LRQL SHU GDUH OD SURYD GHOOD FLUFRVWDQ]D LQYRFDWD ,O SULQFLSLR IRQGDPHQWDOH LQ WHPD GL DSSUH]]DPHQWR GHOOH SURYH UDFFROWH LQ JLXGL]LR q TXHOOR GHOOD OLEHUD YDOXWD]LRQH GD SDUWH GHO JLXGLFH OD GLVFUH]LRQDOLWj GL WDOH YDOXWD]LRQH q WHPSHUDWD GDOOÂ¶REEOLJR GL PRWLYD]LRQH 3URYH OHJDOL PH]]L GL SURYD SHU L TXDOL YLHQH SUHGHWHUPLQDWR LQ YLD JHQHUDOH H DVWUDWWD LO YDORUH SUREDWRULR FRVLFFKp OD SURYD OHJDOH ID Â³SLHQD SURYDÂ´ , PH]]L GL SURYD VL GLVWLQJXRQR LQ GXH VSHFLH 3URYD SUHFRVWLWXLWD R GRFXPHQWDOH HVLVWH JLj GD SULPD GHO JLXGL]LR LPSRUWDQ]D PDJJLRUH FH OÂ¶KDQQR OÂ¶DWWR SXEEOLFR H OD VFULWWXUD SULYDWD /Â¶DWWR SXEEOLFR q LO GRFXPHQWR UHGDWWR FRQ SDUWLFRODUL IRUPDOLWj GD XQ QRWDLR R GD DOWUR SXEEOLFR XIILFLDOH DXWRUL]]DWR ID SLHQD SURYD GHOOD SURYHQLHQ]D GHO GRFXPHQWR GDO SXEEOLFR XIILFLDOH FKH OR KD VRWWRVFULWWR H GL WXWWR TXDQWR LO SXEEOLFR XIILFLDOH DWWHVWD HVVHUH DYYHQXWR DOOD VXD SUHVHQ]D 3HU FRQWUDVWDUH TXHVWD IRU]D SUREDWRULD RFFRUUH XQR VSHFLDOH SURFHGLPHQWR OD TXHUHOD GL IDOVR /D VFULWWXUD SULYDWD q TXDOVLDVL GRFXPHQWR FKH ULVXOWL VRWWRVFULWWR GD XQ SULYDWR ID SURYD VROWDQWR FRQWUR FKL KD VRWWRVFULWWR LO GRFXPHQWR H QRQ D VXR IDYRUH 7DOH YDORUH q VXERUGLQDWR DOOD FRQGL]LRQH FKH FROXL FKH QH DSSDUH LO ILUPDWDULR ULFRQRVFD FRPH VXD OD VRWWRVFUL]LRQH RYYHUR OD VRWWRVFUL]LRQH GHYH FRQVLGHUDUVL OHJDOPHQWH FRPH ULFRQRVFLXWD 8Q HOHPHQWR LPSRUWDQWH GHOOD VFULWWXUD SULYDWD q OD GDWD SHU HYLWDUH IDFLOL IURGL OD OHJJH VWDELOLVFH FKH OD GDWD SHU L WHU]L q VH VL WUDWWD GL VFULWWXUD SULYDWD DXWHQWLFDWD OD GDWD GHOOÂ¶DXWHQWLFD]LRQH VH OD VFULWWXUD q UHJLVWUDWD OD GDWD GHOOD UHJLVWUD]LRQH OD GDWD LQ FXL VL YHULILFD XQ IDWWR FKH VWDELOLVFD LQ PRGR LQFRQWHVWDELOH FKH LO GRFXPHQWR q VWDWR IRUPDWR DQWHULRUPHQWH 3URYD FRVWLWXHQGD SXz HVVHUH XQD SURYD WHVWLPRQLDOH SUHVXQ]LRQL FRQIHVVLRQL R JLXUDPHQWR /D WHVWLPRQLDQ]D q OD QDUUD]LRQH IDWWD DO JLXGLFH GD XQD SHUVRQD HVWUDQHD DOOD FDXVD LQ UHOD]LRQH D IDWWL FRQWURYHUVL GL FXL LO WHVWH DEELD FRQRVFHQ]D (VLVWRQR OLPLWL OHJDOL GL DPPLVVLELOLWj x /D SURYD WHVWLPRQLDOH QRQ q DPPLVVLELOH TXDQGR VLD LQYRFDWD SHU SURYDUH LO SHUIH]LRQDPHQWR R LO FRQWHQXWR GL XQ FRQWUDWWR DYHQWH XQ YDORUH VXSHULRUH D /LW LO JLXGLFH SXz FRQVHQWLUH OD SURYD VRSUD TXHVWR OLPLWH WXWWH OH YROWH FKH OR ULWHQJD RSSRUWXQR x 1RQ q DPPLVVLELOH VH WHQGH D GLPRVWUDUH FKH DQWHULRUPHQWH FRQWHPSRUDQHDPHQWH R VXFFHVVLYDPHQWH DOOD VWLSXOD]LRQH GL XQ DFFRUGR VFULWWR

ZZZ VWXGHQWLGHOODFDWWROLFD FRP

VLDQR VWDWL VWLSXODWL DOWUL SDWWL QRQ ULVXOWDQWL SHUz GDO GRFXPHQWR LO JLXGLFH SXz DPPHWWHUOD VH ULWLHQH YHURVLPLOH FKH VLDQR VWDWH IDWWH DJJLXQWH R PRGLILFD]LRQL YHUEDOL x 1RQ q DPPLVVLELOH VH WHQGH D SURYDUH XQ FRQWUDWWR FKH SHU YRORQWj GHOOH SDUWL R SHU HVSUHVVD GLVSRVL]LRQH GHOOD OHJJH GHYH HVVHUH SURYDWR SHU LVFULWWR 4XDQGR OD IRUPD q ULFKLHVWD DG VXEVWDQWLDP HVVD FRVWLWXLVFH XQ HOHPHQWR HVVHQ]LDOH QHO QHJR]LR FRVLFFKp RYH LO UHTXLVLWR IRUPDOH QRQ VLD RVVHUYDWR OÂ¶DWWR q QXOOR ,O OHJLVODWRUH QRQ FRQVHQWH FKH OD IRUPD]LRQH GHO GRFXPHQWR VLD SURYDWD SHU WHVWLPRQL R PHGLDQWH JLXUDPHQWR XQLFD HFFH]LRQH q LO FDVR LQ FXL OD SDUWH OR DEELD SHUGXWR VHQ]D VXD FROSD HV LQFHQGLR LQ WDO FDVR YHUUj DPPHVVR RJQL WLSR GL SURYD YROWD D GLPRVWUDUH LQ SULPR OXRJR OD SHUGLWD LQFROSHYROH GHO GRFXPHQWR H FRQVHJXHQWHPHQWH LO FRQWHQXWR GHO GRFXPHQWR GD ULFRVWUXLUH 'LYHUVD q OD VLWXD]LRQH LQ FXL OD IRUPD VLD VWDELOLWD DG SUREDWLRQHP LQ WDO FDVR OÂ¶DWWR FRPSLXWR VHQ]D OÂ¶RVVHUYDQ]D GHOOD IRUPD VWDELOLWD GDOOD OHJJH QRQ q QXOOR H OÂ¶XQLFD FRQVHJXHQ]D GHOOÂ¶LQRVVHUYDQ]D GHOOD IRUPD q LO GLYLHWR GHOOD SURYD WHVWLPRQLDOH /D VLPXOD]LRQH SXz HVVHUH VHPSUH SURYDWD PHGLDQWH FRQIHVVLRQH RYYHUR PHGLDQWH JLXUDPHQWR 3HU SUHVXQ]LRQH VL LQWHQGH RJQL DUJRPHQWR FRQJHWWXUD LOOD]LRQH DWWUDYHUVR FXL HVVHQGR JLj SURYDWD XQD GHWHUPLQDWD FLUFRVWDQ]D VL JLXQJH D FRQVLGHUDUH SURYDWD DOWUHVu XQÂ¶DOWUD FLUFRVWDQ]D VIRUQLWD GL SURYD GLUHWWD /H SUHVXQ]LRQL SRVVRQR HVVHUH OHJDOL TXDQGR q OD VWHVVD OHJJH FKH DWWULEXLVFH DG XQ IDWWR YDORUH GL SURYD LQ RUGLQH DG XQ DOWUR IDWWR TXHVWH D ORUR YROWD SRVVRQR HVVHUH DVVROXWH VH QRQ DPPHWWRQR SURYD FRQWUDULD RSSXUH UHODWLYH VH DPPHWWRQR SURYD FRQWUDULD /H SUHVXQ]LRQL VL GLFRQR VHPSOLFL TXDQGR QRQ VRQR SUHVWDELOLWH GDOOD OHJJH PD VRQR ODVFLDWH DO SUXGHQWH DSSUH]]DPHQWR GHO JLXGLFH /D FRQIHVVLRQH q OD GLFKLDUD]LRQH FKH OD SDUWH ID GHOOD YHULWj GL IDWWL D Vp VIDYRUHYROL H IDYRUHYROL DOOÂ¶DOWUD SDUWH QRQ q XQ QHJR]LR JLXULGLFR PD XQD GLFKLDUD]LRQH GL VFLHQ]D (VVD q JLXGL]LDOH VH UHVD LQ JLXGL]LR H LQ TXHVWR FDVR ID SLHQD SURYD VWUDJLXGL]LDOH VH UHVD IXRUL GDO JLXGL]LR 6H q IDWWD DOOD SDUWH R DO VXR UDSSUHVHQWDQWH KD OR VWHVVR YDORUH GL TXHOOD JLXGL]LDOH VH q IDWWD D XQ WHU]R SXz HVVHUH DSSUH]]DWD OLEHUDPHQWH GDO JLXGLFH /D FRQIHVVLRQH VL GLFH TXDOLILFDWD TXDQGR OD SDUWH ULFRQRVFH OD YHULWj GHL IDWWL D Vp VIDYRUHYROL PD YL DJJLXQJH DOWUL IDWWL R FLUFRVWDQ]H WHQGHQWL DG LQILUPDUH OÂ¶HIILFDFLD GHO IDWWR FRQIHVVDWR RYYHUR D PRGLILFDUQH R DG HVWLQJXHUQH JOL HIIHWWL ,O JLXUDPHQWR q XQ PH]]R GL SURYD GL FXL VL SXz FKLHGHUH OÂ¶DFTXLVL]LRQH QHO FRUVR GL XQ JLXGL]LR FLYLOH 3Xz HVVHUH GHFLVRULR VH ULJXDUGD FLUFRVWDQ]H FKH DEELDQR YDORUH GHFLVRULR FRVLFFKp OÂ¶HVLWR GHO JLXUDPHQWR SUHFOXGH RJQL XOWHULRUH DFFHUWDPHQWR DO ULJXDUGR VXSSOHWRULR VH YLHQH GHIHULWR QRQ JLj LQ EDVH DG XQÂ¶LQL]LDWLYD GL SDUWH PD LQ EDVH DG XQ SRWHUH GLVFUH]LRQDOH GHO JLXGLFH TXDQGR TXHVWL VL WURYL GL IURQWH DG XQ IDWWR ULPDVWR LQFHUWR PD SHU LO TXDOH OD SDUWH FKH DYHYD OÂ¶RQHUH GL SURYDUOR DEELD IRUQLWR HOHPHQWL DEEDVWDQ]D ULOHYDQWL VHEEHQH QRQ GHILQLWLYDPHQWH SHUVXDVLYL

, ',5,77, $662/87,

$ , GLULWWL GHOOD SHUVRQDOLWj &DS /D QDWXUD H LO FRQWHQXWR GHL GLULWWL GHOOD SHUVRQDOLWj

, GLULWWL GHOOD SHUVRQDOLWj VRQR GLULWWL DVVROXWL LQHUHQWL DG DWWULEXWL HVVHQ]LDOL GHOOD

ZZZ VWXGHQWLGHOODFDWWROLFD FRP

SHUVRQDOLWj VL GLFRQR HVVHQ]LDOL R QHFHVVDUL SHUFKp QRQ SRVVRQR PDL PDQFDUH QRQ VL SRVVRQR SHUGHUH VRQR LQGLVSRQLELOL LQWUDVPLVVLELOL DJOL HUHGL VL DFTXLVWDQR FRQ OD QDVFLWD H VL HVWLQJXRQR FRQ OD PRUWH $QFKH OH SHUVRQH JLXULGLFKH VRQR WLWRODUL GL DOFXQL GLULWWL SHUVRQDOLVVLPL GLULWWR DO QRPH DOO¶LQWHJULWj PRUDOH /D WXWHOD GHOOD SHUVRQDOLWj FRQFHUQH O¶LQGLYLGXDOLWj H O¶LQYLRODELOLWj ILVLFD H PRUDOH GHOOD SHUVRQD VRWWR LO DVSHWWR YL q OD WXWHOD GHO GLULWWR DO QRPH WXWHOD GXSOLFH SHUFKp SRVVR FKLHGHUH OD FHVVD]LRQH GHO IDWWR OHVLYR H LO ULVDUFLPHQWR GHO GDQQR UHFDWRPL 6RWWR LO DVSHWWR VRQR YLHWDWL DWWL GL GLVSRVL]LRQH GHO SURSULR FRUSR TXDQGR FDJLRQLQR XQD GLPLQX]LRQH SHUPDQHQWH GHOO¶LQWHJULWj ILVLFD RSSXUH TXDQGR VLDQR FRQWUDUL DOOD OHJJH DOO¶RUGLQH SXEEOLFR R DO EXRQ FRVWXPH 6RWWR LO SXQWR GL YLVWD GHOO¶LQWHJULWj PRUDOH KD LQQDQ]LWXWWR LPSRUWDQ]D LO GLULWWR DOO¶RQRUH FRQ O¶REEOLJR GHO ULVDUFLPHQWR GHL GDQQL FRPSUHVL TXHOOL PRUDOL Ê DQFKH WXWHODWR LO GLULWWR DOOD SURSULD LPPDJLQH O¶HVSRVL]LRQH H OD SXEEOLFD]LRQH GHOO¶LPPDJLQH DOWUXL VHQ]D LO FRQVHQVR GHOOD SHUVRQD ULWUDWWD VRQR YLHWDWH % , GLULWWL UHDOL &DS , GLULWWL UHDOL

,O GLULWWR UHDOH DWWULEXLVFH DO WLWRODUH LO SRWHUH GL XWLOL]]DUH LO EHQH YL VRQR GLULWWL GL XWLOL]]D]LRQH GHOOD FRVD FKH QRQ FRVWLWXLVFRQR GLULWWL UHDOL LQ TXDQWR QRQ VRQR RSSRQLELOL HUJD RPQHV , GLULWWL UHDOL VRQR FDUDWWHUL]]DWL GDOOD WLSLFLWj L SULYDWL QRQ VRQR OLEHUL GL FRVWLWXLUH GLULWWL UHDOL GLYHUVL GD TXHOOL HVSUHVVDPHQWH GLVFLSOLQDWL GDO FRGLFH FLYLOH &Lz GLSHQGH SURSULR GDOOD DVVROXWH]]D FKH FDUDWWHUL]]D L GLULWWL UHDOL QRQ VL YXROH FKH XQ EHQH SRVVD HVVHUH JUDYDWR GD YLQFROL XOWHULRUL ULVSHWWR D TXHOOL DPPHVVL GDOOD OHJJH 7UD L GLULWWL UHDOL ELVRJQD GLVWLQJXHUH OD SURSULHWj LXV LQ UH SURSULD GDJOL LXUD LQ UH DOLHQD FKH VRQR DQFKH FKLDPDWL GLULWWL UHDOL SDU]LDUL R IUD]LRQDUL 4XHVWL XOWLPL VL GLVWLQJXRQR LQ GLULWWL UHDOL GL JRGLPHQWR XVXIUXWWR HQILWHXVL XVL VHUYLW H LQ GLULWWL UHDOL GL JDUDQ]LD SHJQR H LSRWHFD &DS /D SURSULHWj

1HVVXQR SXz HVVHUH SULYDWR GL WXWWR R LQ SDUWH GHL EHQL GL VXD SURSULHWj O¶HVSURSULR q OHJLWWLPR SHU FDXVD GL SXEEOLFR LQWHUHVVH OHJDOPHQWH GLFKLDUDWD H FRQWUR LO SDJDPHQWR GL XQD JLXVWD LQGHQQLWj /D SURSULHWj q SXEEOLFD R SULYDWD OD SURSULHWj SULYDWD q ULFRQRVFLXWD H JDUDQWLWD GDOOD OHJJH ,O SURSULHWDULR KD GLULWWR GL JRGHUH H GLVSRUUH GHOOH FRVH LQ PRGR SLHQR HG HVFOXVLYR ,O GLULWWR GHO SURSULHWDULR VL FDUDWWHUL]]HUHEEH SHU OD VXD DVVROXWH]]D H SHU OD VXD HVFOXVLYLWj FRQ GLYLHWR GL RJQL LQJHUHQ]D GHOOD FROOHWWLYLWj LQ RUGLQH DOOH VFHOWH FKH LO SURSULHWDULR VL ULVHUYD GL HIIHWWXDUH FRQ WRWDOH DUELWULR H GLVFUH]LRQDOLWj $O SURSULHWDULR YDQQR ULFRQRVFLXWL x ,O GLULWWR GL JRGHUH RVVLD GL GHFLGHUH VH FRPH H TXDQGR XWLOL]]DUH OD FRVD PD QHOO¶DPELWR GHOOH GHVWLQD]LRQL YROWD D YROWD ILVVDWH GDO OHJLVODWRUH D VHFRQGD GHOOR VWDWXWR DVVHJQDWR DO EHQH x ,O GLULWWR GL GLVSRUUH ROWUH DO ³YDORUH G¶XVR´ DO SURSULHWDULR VSHWWD LO ³YDORUH GL VFDPELR´ GHOOD FRVD RVVLD LO SRWHUH GL UHDOL]]DUH GHL FRUULVSHWWLYL FHGHQGR DG DOWUL LQ WXWWR R LQ SDUWH L GLULWWL VXOOD FRVD

ZZZ VWXGHQWLGHOODFDWWROLFD FRP

,O GLULWWR GHO SURSULHWDULR VL FDUDWWHUL]]D SHU OD VXD LPSUHVFULWWLELOLWj H SHU OD VXD SHUSHWXLWj

3URSULHWj HGLOL]LD FRQ OD Â³OHJJH %XFDORVVLÂ´ GD XQ ODWR VL VXERUGLQD TXDOVLDVL FRVWUX]LRQH DG XQD SUHYLD FRQFHVVLRQH FRPXQDOH ULODVFLDWD VH OD FRVWUX]LRQH q FRQIRUPH DOOH SUHYLVLRQL GL SLDQR GDOOÂ¶DOWUR ODWR VL VXERUGLQD LO ULODVFLR GHOOD FRQFHVVLRQH DO SDJDPHQWR GL XQ FRQWULEXWR FKH GHYH VHUYLUH DL FRPXQL SHU SURYYHGHUH DOOH LQGLVSHQVDELOL RSHUH GL XUEDQL]]D]LRQH SULPDULD VWUDGH SDUFKHJJL H VHFRQGDULD DVLOL QLGR VFXROH /H FRPSHWHQ]H LQ PDWHULD VRQR SDVVDWH SUHVVRFKp LQWHJUDOPHQWH DOOH 5HJLRQL /Â¶DUW &RVW GLVSRQH FKH Â³OD SURSULHWj SULYDWD SXz HVVHUH QHL FDVL SUHYLVWL GDOOD OHJJH H VDOYR LQGHQQL]]R HVSURSULDWD SHU PRWLYL GÂ¶LQWHUHVVH JHQHUDOHÂ´ 3HU HVVHUH OHJLWWLPL L SDUDPHWUL FKH LO OHJLVODWRUH RUGLQDULR VWDELOLVFH QHOOD SUHYLVLRQH GL PLVXUH HVSURSULDWLYH GHYRQR HVVHUH WDOL GD JDUDQWLUH XQ Â³VHULR ULVWRURÂ´ GHO GDQQR FKH LO SULYDWR VXELVFH SHU HIIHWWR GHOOÂ¶HVSURSULR

/Â¶RUGLQDPHQWR JLXULGLFR SRQH GHL OLPLWL DOOÂ¶HVHUFL]LR GHO GLULWWR GHO SURSULHWDULR SHUFKp OÂ¶DWWR VLD YLHWDWR RFFRUURQR GXH HOHPHQWL OÂ¶XQR RJJHWWLYR DVVHQ]D GL XWLOLWj SHU LO SURSULHWDULR OÂ¶DOWUR VRJJHWWLYR OÂ¶LQWHQ]LRQH GL QXRFHUH R DUUHFDUH PROHVWLD DG DOWUL , OLPLWL SRVWL GDOOÂ¶RUGLQDPHQWR JLXULGLFR DOOD SURSULHWj VL GLVWLQJXRQR LQ GXH JUDQGL FDWHJRULH /LPLWL SRVWL QHOOÂ¶LQWHUHVVH SXEEOLFR GLVWDQ]H OHJDOL GL RJQL FRVWUX]LRQH GD VWUDGH DXWRVWUDGH IHUURYLH DOEHUL HFF OH VRJJH]LRQL R LPSRVL]LRQL VXO IRQGR SHU DVVLFXUDUH XWLOLWj DOOH SXEEOLFKH DPPLQLVWUD]LRQL SDOL GHOOD OXFH OH VHUYLW SXEEOLFKH QRQ HGLILFDUH YLFLQR DJOL DHURSRUWL /LPLWL SRVWL QHOOÂ¶LQWHUHVVH SULYDWR FRQFHUQRQR OD SURSULHWj LPPRELOLDUH H UHJRODQR L UDSSRUWL WUD OH SURSULHWj YLFLQH GLVFLSOLQDQR L GLULWWL H GRYHUL GL YLFLQDWR 4XHVWL OLPLWL ULJXDUGDQR x OH GLVWDQ]H QHOOH FRVWUX]LRQL H QHOOH SLDQWDJLRQL DUW FRG FLY KDQQR LPSRUWDQ]D L UHJRODPHQWL FRPXQDOL x OXFL H YHGXWH OD OHJJH GHYH FRQWHPSHUDUH OÂ¶HVLJHQ]D GHO SURSULHWDULR GL XQ LPPRELOH GL ULFHYHUH OXFH HG DULD QHO SURSULR IRQGR FRQ LO GLULWWR GHO YLFLQR GL QRQ HVVHUH HVSRVWR DOOD FXULRVLWj DOWUXL OH ILQHVWUH VL GLVWLQJXRQR LQ OXFL GDQQR SDVVDJJLR D OXFH H DULD PD QRQ SHUPHWWRQR GL DIIDFFLDUVL VXO IRQGR YLFLQR YHGXWH R SURVSHWWL ILQHVWUH FKH SHUPHWWRQR GL DIIDFFLDUVL H JXDUGDUH GL IURQWH R REOLTXDPHQWH R ODWHUDOPHQWH DFTXH SULYDWH GL VFDUVD LPSRUWDQ]D SHUFKp VRQR SXEEOLFKH DQFKH TXHOOH FKH DFTXLVWDQR DWWLWXGLQH DG XVL GL SXEEOLFR LQWHUHVVH /D SURSULHWj VL HVWHQGH LQ OLQHD YHUWLFDOH WHRULFDPHQWH DOOÂ¶LQILQLWR FLRq QHO VRWWRVXROR H QHOOR VSD]LR VRYUDVWDQWH DO VXROR PD LO SURSULHWDULR QRQ SXz RSSRUVL DG DWWLYLWj GL WHU]L VYROJHQWLVL D WDOH SURIRQGLWj H D WDOH DOWH]]D FKH HJOL QRQ DEELD LQWHUHVVH DG HVFOXGHUOH ,Q VHQVR RUL]]RQWDOH FLDVFXQD SURSULHWj LPPRELOLDUH VL HVWHQGH QHOOÂ¶DPELWR GHL SURSUL FRQILQL ,O OHJLVODWRUH GLVSRQH FKH FLDVFXQ SURSULHWDULR QRQ SXz RSSRUVL DOOH LPPLVVLRQL FKH QRQ VXSHUDQR OD QRUPDOH WROOHUDELOLWj QHL FDVL GXEEL VDUj LO JLXGLFH D GRYHU GHFLGHUH ,Q QHVVXQ FDVR VRQR JLXVWLILFDELOL LPPLVVLRQL LQWROOHUDELOL

ZZZ VWXGHQWLGHOODFDWWROLFD FRP

/D SURSULHWj VL DFTXLVWD D WLWROR RULJLQDULR FRQ O¶RFFXSD]LRQH VH OH FRVH QRQ VRQR GL QHVVXQR O¶LQYHQ]LRQH ULJXDUGD OH FRVH VPDUULWH WUDVFRUVR XQ DQQR OH FRVH WURYDWH FRQVHJQDWH DO VLQGDFR GLYHQWDQR SURSULH O¶DFFHVVLRQH XQD SURSULHWj SUHHVLVWHQWH DWWLUD QHOOD VXD RUELWD DOWUH FRVH FKH SULPD QH HUDQR HVWUDQHH DVWUDHQGR OD YRORQWj GHO VRJJHWWR FKH GLYHQWD SURSULHWDULR GHOOH QXRYH FRVH SXz HVVHUH GL PRELOH DG LPPRELOH GL LPPRELOH DG LPPRELOH GL PRELOH D PRELOH SHU XVXFDSLRQH /D SURSULHWj SXz HVVHUH DOWUHVu DFTXLVWDWD D WLWROR GHULYDWLYR $]LRQL GL GLIHVD GHOOD SURSULHWj VRQR x ULYHQGLFD]LRQH q FRQFHVVD D IDYRUH GL FROXL FKH VL DIIHUPD SURSULHWDULR GL XQ EHQH PD QRQ DYHQGRQH LO SRVVHVVR QH SUHWHQGH OD FRQVHJQD GD FROXL FKH OR SRVVLHGH R OR GHWLHQH /HJLWWLPDWR DWWLYDPHQWH q FROXL FKH VRVWLHQH GL HVVHUH LO SURSULHWDULR GHO EHQH OHJLWWLPDWR SDVVLYDPHQWH q FROXL FKH DYHQGR OD GHWHQ]LRQH GHO EHQH KD OD IDFXOWDV UHVWLWXHQGL /¶DWWRUH KD O¶RQHUH GL GLPRVWUDUH LO VXR GLULWWR x O¶D]LRQH QHJDWRULD q XQ¶D]LRQH GL DFFHUWDPHQWR QHJDWLYR FKH q GDWD DO SURSULHWDULR R SHU IDU FHVVDUH HYHQWXDOL PROHVWLH R WXUEDWLYH SURYRFDWH GD DOWUL VXO VXR EHQH R SHU IDU FHVVDUH HYHQWXDOL PROHVWLH GL GLULWWR RVVLD SHU IDU GLFKLDUDUH LQHVLVWHQWL GLULWWL GL JRGLPHQWR FKH DOWUL YDQWLQR VXOOD FRVD Ê VXIILFLHQWH FKH LO SURSULHWDULR SURYL GL DYHUH XQ YDOLGR WLWROR GL DFTXLVWR x O¶D]LRQH GL UHJRODPHQWR GL FRQILQL SUHVXSSRQH O¶LQFHUWH]]D GHO FRQILQH WUD GXH IRQGL FLDVFXQD GHOOH SDUWL q DO WHPSR VWHVVR FRQYHQXWR H DWWRUH RJQL PH]]R GL SURYD q DPPHVVR H LQ PDQFDQ]D GL DOWUL HOHPHQWL LO JLXGLFH VL DWWLHQH DO FRQILQH GHOLQHDWR GDOOH PDSSH FDWDVWDOL x O¶D]LRQH SHU DSSRVL]LRQH GL WHUPLQL SUHVXSSRQH OD FHUWH]]D GHO FRQILQH H VHUYH D IDU DSSRUUH R D ULVWDELOLUH L VHJQL ODSLGHL VLPEROL GHO FRQILQH WUD GXH IRQGL FKH PDQFKLQR R VLDQR GLYHQXWL LUULFRQRVFLELOL &DS , GLULWWL UHDOL GL JRGLPHQWR

7XWWR FLz FKH VWD VRWWR R VRSUD LO VXROR DSSDUWLHQH DO SURSULHWDULR GHO VXROR PHGHVLPR FKH SXz DWWULEXLUH DG DOWUL LO GLULWWR GL VXSHUILFLH /D VXSHUILFLH SHUFLz FRQVLVWH R QHO GLULWWR GL FRVWUXLUH DO GL VRSUD GHO VXROR DOWUXL XQ¶RSHUD GL FXL LO VXSHUILFLDULR TXDQGR O¶DEELD UHDOL]]DWD DFTXLVWD OD SURSULHWj FRQFHVVLRQH DG DHGLILFDQGXP ,O WLWRODUH GHO GLULWWR GL VXSHUILFLH KD OD OLEHUD GLVSRQLELOLWj GHOOD FRVWUX]LRQH FKH DOWUR QRQ q VH QRQ XQD SURSULHWj VHSDUDWD SXz DOLHQDUOD H FRVWUXLUH VX GL HVVD GLULWWL UHDOL PD VH LO GLULWWR GL VXSHUILFLH IX FRVWLWXLWR D WHPSR GHWHUPLQDWR OD VFDGHQ]D GHO WHUPLQH IDFHQGR YHQLU PHQR LO GLULWWR GHO VXSHUILFLDULR VHJQD O¶HVWLQ]LRQH DQFKH GL TXHVWL GLULWWL ,QYHFH L GLULWWL UHDOL VXO VXROR VL HVWHQGRQR DOOD FRVWUX]LRQH /¶HQILWHXVL DWWULEXLVFH DOOD SHUVRQD D FXL IDYRUH q FRVWLWXLWD OR VWHVVR SRWHUH GL JRGLPHQWR FKH VSHWWD DO SURSULHWDULR VDOYR O¶REEOLJR GL PLJOLRUDUH LO IRQGR H GL SDJDUH DO SURSULHWDULR FRQFHGHQWH XQ FDQRQH SHULRGLFR H FKH QRQ SXz VXSHUDUH L OLPLWL PDVVLPL VWDELOLWL SHU OHJJH

,Q JLDOOR SHU TXHVWR FDSLWROR L GLULWWL UHDOL GL JRGLPHQWR

ZZZ VWXGHQWLGHOODFDWWROLFD FRP

4XHVWR SRWHUH GL JRGLPHQWR FKH VSHWWD DOOÂ¶HQILWHXWD VL VXRO GHQRPLQDUH GRPLQLR XWLOH DO SURSULHWDULR FRPSHWH LO GRPLQLR GLUHWWR FLRq DO GLULWWR DO FDQRQH /Â¶HQILWHXVL SXz HVVHUH SHUSHWXD R D WHPSR PDL GXUDWD LQIHULRUH DL DQQL q SUHYLVWD XQD UHYLVLRQH SHULRGLFD GHO FDQRQH RJQL DQQL H YLJH LO GLYLHWR GL VXEHQILWHXVL 3RWHUH GL DIIUDQFD]LRQH OÂ¶HQILWHXWD GLYHQWD SURSULHWDULR GHO IRQGR PHGLDQWH LO SDJDPHQWR GL XQD VRPPD FRUULVSRQGHQWH D YROWH LO FDQRQH DQQXR 8Q SRWHUH LQYHUVR VSHWWD DO FRQFHGHQWH LO GLULWWR DOOD GHYROX]LRQH 3HU HVHUFLWDUOR FL YXROH XQÂ¶LQDGHPSLHQ]D TXDOLILFDWD GHOOÂ¶HQILWHXWD GHWHULRUDPHQWR GHO IRQGR PRUD QHO SDJDPHQWR GL GXH DQQXDOLWj /Â¶HVWLQ]LRQH GHOOÂ¶HQILWHXVL VL YHULILFD x SHU LO GHFRUVR GHO WHUPLQH VH q WHPSRUDQHD x SHU LO SHULPHQWR GHO IRQGR x SHU HIIHWWR GHOOÂ¶DIIUDQFD]LRQH x SHU SUHVFUL]LRQH HVWLQWLYD /Â¶XVXIUXWWR FRQVLVWH QHO GLULWWR GL JRGHUH GHOOD FRVD DOWUXL FRQ OÂ¶REEOLJR GL ULVSHWWDUQH OD GHVWLQD]LRQH HFRQRPLFD /Â¶XVXIUXWWR KD GXUDWD WHPSRUDQHD DO PDVVLPR WXWWD OD YLWD GHOOÂ¶XVXIUXWWXDULR H SHU OH SHUVRQH JLXULGLFKH QRQ SXz HVVHUH VXSHULRUH D DQQL 2JJHWWR GHOOÂ¶XVXIUXWWR SXz HVVHUH TXDOXQTXH VSHFLH GL EHQH 6H VL WUDWWD GL EHQL FRQVXPDELOL LO GLULWWR FKH VRUJH QRQ q SL OÂ¶XVXIUXWWR PD LO TXDVL XVXIUXWWR FKH LPSRQH OD UHVWLWX]LRQH QRQ GHJOL VWHVVL EHQL FKH KD ULFHYXWR PD DOWUHWWDQWL GHOOR VWHVVR JHQHUH /Â¶XVXIUXWWR VL SXz DFTXLVWDUH R SHU OHJJH R SHU XVXFDSLRQH *OL DWWL FKH FRVWLWXLVFRQR OÂ¶XVXIUXWWR VX EHQL LPPRELOL GHYRQR IDUVL SHU LVFULWWR H VRQR VRJJHWWL D WUDVFUL]LRQH , GLULWWL GHOOÂ¶XVXIUXWWXDULR VRQR x SRVVHVVR GHOOD FRVD x IUXWWL QDWXUDOL H FLYLOL GHOOD FRVD x DOLHQDELOLWj GHO GLULWWR GL XVXIUXWWR OÂ¶XVXIUXWWXDULR SXz FHGHUH DG DOWUL LO SURSULR GLULWWR GL XVXIUXWWR H SXz DQFKH FRQFHGHUH LSRWHFD VXOOÂ¶XVXIUXWWR *OL REEOLJKL GHOOÂ¶XVXIUXWWXDULR VL ULFROOHJDQR DO GRYHUH IRQGDPHQWDOH GL UHVWLWXLUH OD FRVD DO WHUPLQH GHO VXR GLULWWR 6RQR D FDULFR GHO SURSULHWDULR OH ULSDUD]LRQL VWUDRUGLQDULH FLRq LQ JHQHUH TXHOOH VXSHUDQR L OLPLWL GHOOD FRQVHUYD]LRQH GHOOD FRVD H GHOOH VXH XWLOLWj SHU OD GXUDWD GHOOD YLWD XPDQD FKH VRQR D FDULFR GHOOÂ¶XVXIUXWWXDULR /Â¶HVWLQ]LRQH GHOOÂ¶XVXIUXWWR VL YHULILFD SHU x VFDGHQ]D GHO WHUPLQH R PRUWH GHOOÂ¶XVXIUXWWXDULR x SHU OD SUHVFUL]LRQH HVWLQWLYD YHQWHQQDOH x SHU OD FRQVROLGD]LRQH ULXQLRQH GHOOÂ¶XVXIUXWWR H GHOOD QXGD SURSULHWj QHOOD VWHVVD SHUVRQD x SHU LO WRWDOH SHULPHQWR GHOOD FRVD x SHU OÂ¶DEXVR FKH IDFFLD OÂ¶XVXIUXWWXDULR GHO VXR GLULWWR DOLHQDQGR L EHQL R GHWHULRUDQGROL R ODVFLDQGROL SHULUH SHU PDQFDQ]D GL RUGLQDULH ULSDUD]LRQL /Â¶XVR FRQVLVWH QHO GLULWWR GL VHUYLUVL GL XQ EHQH H VH q IUXWWLIHUR GL UDFFRJOLHUH L IUXWWL OLPLWDWDPHQWH DL ELVRJQL SURSUL H GHOOD SURSULD IDPLJOLD /Â¶DELWD]LRQH FRQVLVWH QHO GLULWWR GL DELWDUH XQD FDVD OLPLWDWDPHQWH DL ELVRJQL SURSUL H GHOOD SURSULD IDPLJOLD 4XHVWL GLULWWL GDWR LO ORUR FDUDWWHUH SHUVRQDOH QRQ VL SRVVRQR FHGHUH R GDUH LQ ORFD]LRQH H QRQ SRVVRQR IRUPDUH RJJHWWR GL GLVSRVL]LRQH WHVWDPHQWDULD

ZZZ VWXGHQWLGHOODFDWWROLFD FRP

/D VHUYLW SUHGLDOH FRQVLVWH QHO SHVR LPSRVWR VRSUD XQ IRQGR IRQGR VHUYHQWH SHU OÂ¶XWLOLWj GL XQ DOWUR IRQGR IRQGR GRPLQDQWH DSSDUWHQHQWH D GLYHUVR SURSULHWDULR 3ULQFLSL IRQGDPHQWDOL LQ PDWHULD GL VHUYLW VRQR L VHJXHQWL x OD VHUYLW SXz LPSRUUH DO SURSULHWDULR GHO IRQGR VHUYHQWH XQ GRYHUH QHJDWLYR GL QRQ IDFHUH R GL SDWL PDL XQ GRYHUH SRVLWLYR IDFHUH x OD VHUYLW SUHVXSSRQH FKH L IRQGL DSSDUWHQJDQR D SURSULHWDUL GLYHUVL x L IRQGL GHYRQR WURYDUVL LQ XQD VLWXD]LRQH WRSRJUDILFD WDOH FKH OÂ¶XQR SRVVD DUUHFDUH XWLOLWj DOOÂ¶DOWUR /D FRVWLWX]LRQH GHOOH VHUYLW SXz DYYHQLUH LQ GXH PRGL FRDWWLYDPHQWH SHU LPSRVL]LRQH GL OHJJH LO OHJLVODWRUH FRQVLGHUD OD VLWXD]LRQH VIDYRUHYROH LQ FXL XQ IRQGR VL WURYD HG LQ YLVWD GHOOÂ¶XWLOLWj GL TXHVWR IRQGR LPSRQH DOOÂ¶DOWUR LO SHVR LQ FXL VL VRVWDQ]LD OD VHUYLW OÂ¶XQLODWHUDOLWj GHO YDQWDJJLR JLXVWLILFD LO GLULWWR DG XQÂ¶LQGHQQLWj DO SURSULHWDULR GHO IRQGR VHUYHQWH ILJXUH GL VHUYLW OHJDOH SL LPSRUWDQWL DFTXHGRWWR FRDWWLYR SDVVDJJLR FRDWWLYR SHU YRORQWj GHOOÂ¶XRPR 5LJXDUGR D TXHVWH XOWLPH LO FRQWUDWWR GHYH IDUVL SHU LVFULWWR HG q VRJJHWWR D WUDVFUL]LRQH $QFKH OÂ¶DFFHWWD]LRQH GL HUHGLWj FKH LPSRUWL OÂ¶DFTXLVWR GL XQD VHUYLW q VRJJHWWD D WUDVFUL]LRQH $OFXQH VHUYLW VL SRVVRQR FRVWLWXLUH PHGLDQWH XVXFDSLRQH R DWWUDYHUVR OD GHVWLQD]LRQH GHO SDGUH GL IDPLJOLD VH XQR FRVWUXLVFH RSHUH SHUPDQHQWL VXO VXR IRQGR WDOL GD IDU DSSDULUH XQD SDUWH GHO IRQGR DVVHUYLWD DOOÂ¶DOWUD WDOL RSHUH GHYRQR HVVHUH PDQWHQXWH DQFKH VH VL KD XQD YHQGLWD SDU]LDOH GHO IRQGR R XQD GLYLVLRQH GHOOR VWHVVR /H VHUYLW DSSDUHQWL VRQR TXHOOH DO FXL HVHUFL]LR VRQR GHVWLQDWH RSHUH YLVLELOL H SHUPDQHQWL RELHWWLYDPHQWH H VWUXPHQWDOPHQWH GHVWLQDWH DOOÂ¶HVHUFL]LR GHOOD VHUYLW FRVWLWXHQWL LO PH]]R QHFHVVDULR DIILQFKp OD VHUYLW VLD HVHUFLWDWD H WDOL GD DSSDOHVDUH LQ PRGR QRQ HTXLYRFR OÂ¶HVLVWHQ]D GL XQ SHVR FRVWUX]LRQH GL XQD VWUDGD VX XQ IRQGR DOWUXL ,O GLULWWR GL VHUYLW FRPSUHQGH WXWWR FLz FKH q QHFHVVDULR SHU XVDUQH 6L FKLDPD PRGR R PRGDOLWj GL HVHUFL]LR GHOOD VHUYLW OÂ¶HOHPHQWR FKH GHWHUPLQD FRPH OD VHUYLW GHYH HVVHUH HVHUFLWDWD FRQ LO PLQRU DJJUDYLR GHO IRQGR VHUYHQWH /H VSHVH QHFHVVDULH SHU OÂ¶XVR H SHU OD FRQVHUYD]LRQH GHOOD VHUYLW VRQR D FDULFR GHO SURSULHWDULR GHO IRQGR GRPLQDQWH /H VHUYLW VL HVWLQJXRQR x SHU ULQXQFLD GD SDUWH GHO WLWRODUH x SHU FRQIXVLRQH IRQGR GRPLQDQWH H VHUYHQWH VRQR GHOOD VWHVVD SHUVRQD x SHU SUHVFUL]LRQH HVWLQWLYD YHQWHQQDOH QRQ XVR 4XHVWÂ¶XOWLPD LQL]LD LO VXR GHFRUVR D VHFRQGD GL FKH WLSR GL VHUYLW VL WUDWWL VHUYLW DIIHUPDWLYH DWWULEXLVFRQR DO SURSULHWDULR GHO IRQGR GRPLQDQWH LO SRWHUH GL IDUH TXDOFKH FRVD DO SURSULHWDULR GHO IRQGR VHUYHQWH XQ SDWL VL GLYLGRQR LQ VHUYLW FRQWLQXH H GLVFRQWLQXH QHOOH SULPH QRQ VL GHYH IDU QXOOD SHU ULWUDUUH GDOOD VHUYLW OÂ¶XWLOLWj YROXWD QHOOH VHFRQGH OD SUHVFUL]LRQH FRPLQFLD D GHFRUUHUH GDOOÂ¶XOWLPR DWWR GL HVHUFL]LR VHUYLW QHJDWLYH DWWULEXLVFRQR DO SURSULHWDULR GHO IRQGR GRPLQDQWH LO SRWHUH GL YLHWDUH TXDOFKH FRVD DO SURSULHWDULR GHO IRQGR VHUYHQWH LO TXDOH SHUWDQWR q WHQXWR D XQ QRQ IDFHUH OD SUHVFUL]LRQH FRPLQFLD D GHFRUUHUH TXDQGR LO SURSULHWDULR GHO IRQGR VHUYHQWH YLROD LO GLYLHWR /Â¶LPSRVVLELOLWj GL IDWWR GL XVDUH GHOOD VHUYLW VL q LQDULGLWD OD VRUJHQWH RJJHWWR GHOOD VHUYLW H OD FHVVD]LRQH GHOOÂ¶XWLOLWj QRQ IDQQR HVWLQJXHUH OD VHUYLW SHUFKp OR VWDWR GHL OXRJKL SXz QXRYDPHQWH PXWDUH H OD VHUYLW ULVRUJHUH 6L KD LQ TXHVWR FDVR VRVSHQVLRQH R TXLHVFHQ]D GHOOD VHUYLW ZZZ VWXGHQWLGHOODFDWWROLFD FRP

ZZZ VWXGHQWLGHOODFDWWROLFD FRP

$ WXWHOD GHOOD VHUYLW q SUHRUGLQDWD O¶D]LRQH FRQIHVVRULD FRQ FXL LO WLWRODUH GHOOD VHUYLW FKLHGH FKH VLD DFFHUWDWD O¶HVLVWHQ]D GHO VXR GLULWWR H FKH SHUWDQWR VLDQR IDWWL FHVVDUH JOL HYHQWXDOL LPSHGLPHQWL R OH HYHQWXDOL WXUEDWLYH DOO¶HVHUFL]LR GHOOD VHUYLW &DS /D FRPXQLRQH

8Q GLULWWR VRJJHWWLYR SXz DSSDUWHQHUH D SL SHUVRQH OH TXDOL VRQR WXWWH FRQWLWRODUL GHO PHGHVLPR GLULWWR TXHVWR IHQRPHQR SUHQGH LO QRPH GL FRPXQLRQH /D FRPXQLRQH SXz HVVHUH YRORQWDULD TXDQGR VL FRVWLWXLVFH SHU YRORQWj GHOOH SDUWL FKH DFTXLVWDQR R PHWWRQR LQ FRPXQH OD SURSULHWj GHOOD FRVD RSSXUH LQFLGHQWDOH VH VRUJH SHU YRORQWj GHOOD OHJJH FRPXQLRQH IRU]RVD GHO PXUR &LDVFXQ SDUWHFLSDQWH SXz VHUYLUVL GHOOD FRVD FRPXQH SXUFKp QRQ QH DOWHUL OD GHVWLQD]LRQH H QRQ LPSHGLVFD DJOL DOWUL GL VHUYLUVHQH SXz GLVSRUUH GHOOD VXD TXRWD DOLHQDQGROD R LSRWHFDQGROD GHYH FRQWULEXLUH DOOH VSHVH QHFHVVDULH LQ SURSRU]LRQH DOOD SURSULD TXRWD /D OHJJH DVVXPH ULOLHYR SHU FLz FKH DWWLHQH DOOD FRQVHUYD]LRQH H DOO¶DPPLQLVWUD]LRQH GHOOD FRVD DOOD YRORQWj GHOOD PDJJLRUDQ]D GHL SURSULHWDUL FDOFRODWD LQ EDVH DO YDORUH GHOOH TXRWH SHU JOL DWWL GL RUGLQDULD DPPLQLVWUD]LRQH q VXIILFLHQWH OD PDJJLRUDQ]D VHPSOLFH SHU TXHOOL HFFHGHQWL O¶RUGLQDULD DPPLQLVWUD]LRQH q ULFKLHVWD LQYHFH XQD PDJJLRUDQ]D TXDOLILFDWD 4XDQGR JOL DSSDUWDPHQWL GL FXL O¶HGLILFLR FRQVWD QRQ DSSDUWHQJRQR DOOD VWHVVD SHUVRQD PD D SHUVRQH GLYHUVH DEELDPR LO IHQRPHQR FRQGRPLQLR QHOO¶HGLILFLR FKH q XQ WLSR GL FRPXQLRQH SDUWLFRODUH GHWWD FRPXQLRQH IRU]RVD ,Q JHQHUH OH TXRWH GHL FRQGRPLQL VRQR LQGLFDWH LQ PLOOHVLPL SHU WXWWR FLz FKH FRQFHUQH O¶XVR H O¶DPPLQLVWUD]LRQH GHOOH FRVH FRPXQL VRQR SUHYLVWL GXH RUJDQL XQR GHOLEHUDWLYR DVVHPEOHD GHL FRQGRPLQL HG XQR HVHFXWLYR O¶DPPLQLVWUDWRUH 3UHVXSSRVWL SHU OD YDOLGLWj GHOOD GHOLEHUD]LRQH LQYLWR D WXWWL L FRQGRPLQL D SDUWHFLSDUH DOO¶DVVHPEOHD H LQWHUYHQWR GL XQ QXPHUR GL HVVL FKH UDSSUHVHQWLQR XQD SDUWH GHO YDORUH GHOO¶LQWHUR HGLILFLR GHWHUPLQDWR GDOOD OHJJH TXRUXP 3ULQFLSLR PDJJLRULWDULR OD PDJJLRUDQ]D YLQFROD OD PLQRUDQ]D OD PDJJLRUDQ]D YLHQH FDOFRODWD LQ EDVH DO YDORUH GHOOH TXRWH Ê DWWULEXLWR D FLDVFXQ FRQGRPLQR LO SRWHUH GL LPSXJQDUH OD GHOLEHUD]LRQH GHOO¶DVVHPEOHD FKH ULVXOWL LQ TXDOVLDVL PRGR YL]LDWD $OO¶DVVHPEOHD q DWWULEXLWR LO FRPSLWR GL GHFLGHUH OH LQQRYD]LRQL H OH RSHUH GL PDQXWHQ]LRQH VWUDRUGLQDULD GL VWDELOLUH LO UHJRODPHQWR GL FRQGRPLQLR GL DSSURYDUH LO SUHYHQWLYR GHOOH VSHVH QRQFKp LO UHQGLFRQWR GHOOD JHVWLRQH /D PXOWLSURSULHWj q O¶DWWULEX]LRQH DG XQ VRJJHWWR GD SDUWH GHO SURSULHWDULR GL XQ EHQH GL XQ GLULWWR GL XWLOL]]D]LRQH GL XQD VLQJROD XQLWj ULFRPSUHVD QHO FRPSOHVVR OLPLWDWDPHQWH DG XQD R SL VHWWLPDQH DOO¶DQQR PD LQ SHUSHWXR R SHU SDUHFFKL DQQL &DS ,O SRVVHVVR

2FFRUUH GLVWLQJXHUH OD GHWHQ]LRQH LO SRVVHVVR YHUR H SURSULR H LO SRVVHVVR PHGLDWR /D GHWHQ]LRQH FRQVLVWH QHOO¶DYHUH OD GLVSRQLELOLWj GL XQD FRVD RVVLD QHOO¶DYHUH OD SRVVLELOLWj GL XWLOL]]DUOD WXWWH OH YROWH FKH VL YRJOLD VHQ]D ELVRJQR GL VXSHUDUH RVWDFROL VHUL H GXUDWXUL SXU ULFRQRVFHQGR FKH HVVD q GL DOWUL FXL VL GHYH UHQGHUH FRQWR GHOO¶XVR GHO EHQH

ZZZ VWXGHQWLGHOODFDWWROLFD FRP

6H FROXL FKH KD LO SRWHUH GL IDWWR VXOOD FRVD KD DQFKH OÂ¶LQWHQ]LRQH GL HVHUFLWDUH VX GL HVVD TXDOXQTXH SRWHUH H GL HVFOXGHUH RJQL YRORQWj GL UHVWLWXLUOD R GL ULFRQRVFHUH GLULWWR DOFXQR GL DOWUL VXO EHQH DOORUD VL KD LO SRVVHVVR SLHQR 3RVVHVVRUH PHGLDWR q LO VRJJHWWR FKH QRQ KD OD GHWHQ]LRQH GHO EHQH PD DO TXDOH LO GHWHQWRUH ULFRQRVFH GL GRYHU UHQGHUH FRQWR GHOOÂ¶XWLOL]]D]LRQH GHOOD FRVD /Â¶DFTXLVWR GHO SRVVHVVR DYYLHQH LQ PRGR RULJLQDULR FRQ OÂ¶DSSUHQVLRQH GHOOD FRVD R FRQ OÂ¶HVHUFL]LR VX GL HVVD GL SRWHUL GL IDWWR FRUULVSRQGHQWL D TXHOOL FKH VSHWWDQR DO WLWRODUH GL XQ GLULWWR UHDOH GL JRGLPHQWR PD TXHVWÂ¶DSSUHQVLRQH TXHVWÂ¶HVHUFL]LR GL IDWWR QRQ IDQQR DFTXLVWDUH LO SRVVHVVR VH VL YHULILFDQR SHU PHUD WROOHUDQ]D DOWUXL ,O SRVVHVVR VL DFTXLVWD LQ PRGR GHULYDWLYR FRQ OD FRQVHJQD R FRPH DQFKH VL GLFH FRQ OD WUDGL]LRQH TXHVWD SHU JOL LPPRELOL SXz DYHU OXRJR FRQ OD FRQVHJQD GHOOH FKLDYL /D SHUGLWD GHO SRVVHVVR VL YHULILFD SHU LO YHQLU PHQR GL XQR GHL GXH HOHPHQWL GHO SRVVHVVR H FLRq R GHOOD VLJQRULD VXOOD FRVD FRUSXV R GHOOD YRORQWj GL WHQHUH OD FRVD SHU Vp DQLPXV

/D GLIIHUHQ]D WUD GHWHQ]LRQH H SRVVHVVR q FRVWLWXLWD GDOOÂ¶HOHPHQWR SVLFRORJLFR ,O PXWDPHQWR GHOOD GHWHQ]LRQH LQ SRVVHVVR SXz DYYHQLUH VROWDQWR SHU HIIHWWR GL XQD GHOOH VHJXHQWL UDJLRQL x FDXVD SURYHQLHQWH GD XQ WHU]R LO TXDOH DIIHUPL GL HVVHUH SURSULHWDULR GHOOD FRVD R WLWRODUH GL XQ GLULWWR UHDOH H WUDVIHULVFD LO GLULWWR GL SURSULHWj R LO GLULWWR UHDOH DO GHWHQWRUH x RSSRVL]LRQH GHO GHWHQWRUH FKH FRQVLVWH QHO UHQGHUH QRWD DO SURSULHWDULR LQ TXDOXQTXH PRGR VLD PHGLDQWH DWWR JLXGL]LDOH R VWUDJLXGL]LDOH VLD DQFKH PHGLDQWH DWWL XQLYRFL OÂ¶LQWHQ]LRQH GL FRQWLQXDUH D WHQHUH OD FRVD QRQ SL FRPH GHWHQWRUH H TXLQGL LQ QRPH GHO SURSULHWDULR PD SHU FRQWR H LQ QRPH SURSULR 1RQ VHPSUH FKL KD LO SRVVHVVR GHOOD FRVD q DQFKH LO SURSULHWDULR GHOOD VWHVVD 3RVVHVVR LQ EXRQD IHGH VL ULWLHQH LQ Â³EXRQD IHGHÂ´ LQ VHQVR VRJJHWWLYR FKL ULWLHQH GL FRPSRUWDUVL FRUUHWWDPHQWH GL SRVVHGHUH LQ FRQIRUPLWj DG XQ GLULWWR FKH JOL VSHWWD /D EXRQD IHGH VL SUHVXPH 1RQ RFFRUUH FKH OD EXRQD IHGH SHUGXUL SHU WXWWD OD GXUDWD GHO SRVVHVVR q VXIILFLHQWH FKH YL VLD DO PRPHQWR GHOOÂ¶DFTXLVWR &KL FRQWHVWD OD EXRQD IHGH KD OÂ¶RQHUH GL SURYDUH OD PDOD IHGH /Â¶HUHGH VXEHQWUD QHOOD VWHVVD SRVL]LRQH LQ FXL VL WURYDYD LO GHIXQWR H TXLQGL VHFRQGR OD OHJJH QHO VXR VWDWR SVLFRORJLFR VXFFHVVLRQH QHO SRVVHVVR %HQ GLYHUVD q OÂ¶DFFHVVLRQH DO SRVVHVVR DSSOLFDELOH VROR D FKL DFTXLVWD LO SRVVHVVR D WLWROR SDUWLFRODUH H SXUFKp DFTXLVWL HJOL VWHVVR LO SRVVHVVR ,O VXFFHVVRUH D WLWROR SDUWLFRODUH SXz VRPPDUH DO SHULRGR LQ FXL KD HJOL VWHVVR SRVVHGXWR LO SHULRGR GXUDQWH LO TXDOH KDQQR SRVVHGXWR L VXRL GDQWL FDXVD TXHVWR SXz GLYHQWDUH XWLOH DL ILQL GHOOÂ¶XVXFDSLRQH H LQ JHQHUH RJQL YROWD FKH DVVXPD ULOLHYR OD GXUDWD GHO SRVVHVVR ,O SURSULHWDULR SXz DJLUH FRQ OÂ¶D]LRQH GL UHYLQGLFD SHU IDU ULFRQRVFHUH LO VXR GLULWWR HG RWWHQHUH OD UHVWLWX]LRQH GHOOD FRVD SRVVHGXWD GD DOWUL ,O SRVVHVVRUH GL EXRQD IHGH QRQ q WHQXWR D UHVWLWXLUH L IUXWWL FKH DEELD SHUFHSLWR LQYHFH LO SRVVHVVRUH GL PDOD IHGH GHYH UHVWLWXLUH OD FRVD FRQ WXWWL L IUXWWL 3HU TXHO FKH ULJXDUGD OH VSHVH VL GLVWLQJXRQR LQ QHFHVVDULH VRQR TXHOOH FKH VHUYRQR SHU OD SURGX]LRQH GHL IUXWWL SRVVRQR HVVHUH RUGLQDULH VL ULPERUVDQR VROR VH VL UHVWLWXLVFRQR L IUXWWL R VWUDRUGLQDUL VL ULPERUVDQR VHPSUH XWLOL SHU L PLJOLRUDPHQWL LO ULPERUVR q GRYXWR SXUFKp TXHVWL VXVVLVWDQR DO WHPSR GHOOD UHVWLWX]LRQH QRQ q JLXVWR FKH LO SURSULHWDULR WUDJJD YDQWDJJLR GDOOÂ¶DXPHQWR GL

ZZZ VWXGHQWLGHOODFDWWROLFD FRP

YDORUH GHOOD SURSULD FRVD D VSHVH DOWUXL YROXWWXDULH QRQ VRQR ULPERUVDELOL Ê FKLDUR FKH VH LO SRVVHVVR GL EXRQD IHGH FRVWLWXLVFH XQ WLWROR GL DFTXLVWR GHOOD SURSULHWj D PDJJLRU UDJLRQH GHYH SURGXUUH O¶HIIHWWR GL SRUUH QHO QXOOD L GLULWWL VXOOD FRVD FKH VLDQR LJQRUDWL 4XLQGL VH DFTXLVWR LQ EXRQD IHGH XQ TXDGUR H FKL PH OR YHQGH QRQ PL GLFH FKH VX GL HVVR q FRVWLWXLWR XQ SHJQR QRQ VROWDQWR GLYHQWR SURSULHWDULR GHO TXDGUR PD FRQWUR GL PH QRQ SXz QHSSXUH HVVHUH IDWWR YDOHUH LO GLULWWR GL SHJQR GDO FUHGLWRUH SLJQRUDWL]LR 3HU SURGXUUH WUD OH SDUWL LO WUDVIHULPHQWR R OD FRVWLWX]LRQH GL XQ GLULWWR UHDOH q VXIILFLHQWH LO FRQVHQVR QRQ RFFRUUH OD FRQVHJQD GHOOD FRVD EDVWD FKH DOLHQDQWH H DFTXLUHQWH DEELDQR UDJJLXQWR O¶DFFRUGR H VL VLD FRVu IRUPDWR LO FRQVHQVR 6H WDOXQR FRQ VXFFHVVLYL FRQWUDWWL DOLHQD D SL SHUVRQH XQ EHQH PRELOH WUD HVVH TXHOOD FKH QH KD DFTXLVWDWR LQ EXRQD IHGH LO SRVVHVVR q SUHIHULWD DOOH DOWUH DQFKH VH LO VXR WLWROR q GL GDWD SRVWHULRUH , SULQFLSL FKH DEELDPR HVDPLQDWR UHODWLYL DJOL HIIHWWL GHO SRVVHVVR GL EXRQD IHGH QRQ VL DSSOLFDQR DOOH ³XQLYHUVDOLWj GL PRELOL H DL EHQL PRELOL LVFULWWL LQ SXEEOLFL UHJLVWUL´ ,O SRVVHVVRUH VSRJOLDWR R PROHVWDWR q WXWHODWR FRQ SDUWLFRODUL D]LRQL SRVVHVVRULH D SUHVFLQGHUH GDO IDWWR VH LO VXR SRVVHVVR VLD FRQIRUPH R QR DG XQ GLULWWR H SHUILQR VH O¶D]LRQH VLD HVSHULWD FRQWUR OR VWHVVR SURSULHWDULR /H D]LRQL SRVVHVVRULH VL FRQWUDSSRQJRQR D TXHOOH SHWLWRULH TXHVWH SRVVRQR PHVVHUH IDWWH YDOHUH VROR GD FKL VLD WLWRODUH GHO GLULWWR GL SURSULHWj R GL XQ GLULWWR UHDOH GL JRGLPHQWR LQGLSHQGHQWHPHQWH GDO IDWWR FKH O¶DWWRUH DEELD DOWUHVu RSSXUH QR LO SRVVHVVR GHO EHQH /¶D]LRQH ³GL UHLQWHJUD]LRQH´ R ³GL VSRJOLR´ ULVSRQGH DOO¶HVLJHQ]D GL JDUDQWLUH D FKL SRVVLHGH XQ EHQH XQD VROOHFLWD WXWHOD JLXGL]LDULD LQGLSHQGHQWHPHQWH GDOOD SURYD FKH JOL VSHWWL XQ GLULWWR TXDORUD YHQJD SULYDWR ³YLROHQWHPHQWH R RFFXOWDPHQWH´ GHOOD GLVSRQLELOLWj GHO EHQH TXDQG¶DQFKH O¶DXWRUH GHOOR VSRJOLR VLD WLWRODUH GL XQ GLULWWR VXO EHQH /R VSRJOLR VL GLFH YLROHQWR TXDQGR VL DWWXD FRQWUR OD YRORQWj HVSUHVVD R SUHVXQWD GHOO¶DWWXDOH SRVVHVVRUH R GHWHQWRUH /D OHJLWWLPD]LRQH DWWLYD DG HVHUFLWDUH O¶D]LRQH VSHWWD QRQ VROR DO SRVVHVVRUH PD SXUH D FKL DEELD LO SRVVHVVR D WLWROR GL XVXIUXWWXDULR R GL XQD VHUYLW 6SHWWD DOWUHVu DO GHWHQWRUH WUDQQH LO FDVR GL FKL DEELD OD GHWHQ]LRQH ³SHU UDJLRQL GL VHUYL]LR R GL RVSLWDOLWj´ /D OHJLWWLPD]LRQH SDVVLYD ULJXDUGD LQ SULPLV O¶DXWRUH GHOOR VSRJOLR /D SURSRVL]LRQH GHOO¶D]LRQH GL UHLQWHJUD]LRQH q VRJJHWWD DG XQ WHUPLQH GL GHFDGHQ]D XQ DQQR GDO VRIIHUWR VSRJOLR R VH TXHVWR q FODQGHVWLQR GDO JLRUQR GHOOD VFRSHUWD GHOOR VSRJOLR /¶D]LRQH GL PDQXWHQ]LRQH q FRQFHVVD DO SRVVHVVRUH GL XQ EHQH LPPRELOH GL XQ GLULWWR UHDOH VRSUD XQ LPPRELOH R GL XQD XQLYHUVDOLWj GL PRELOL SHU IDU FHVVDUH OH PROHVWLH R OH WXUEDWLYH TXDOXQTXH DWWLYLWj FKH DUUHFKL DO SRVVHVVRUH XQ DSSUH]]DELOH GLVWXUER DUUHFDWH DO VXR SRVVHVVR /D OHJLWWLPD]LRQH DWWLYD VSHWWD VROWDQWR DO SRVVHVVRUH GL XQ LPPRELOH GL XQ¶XQLYHUVDOLWj GL PRELOL R GL XQ GLULWWR UHDOH VX XQ LPPRELOH $QFKH O¶D]LRQH GL PDQXWHQ]LRQH q VRJJHWWD DO WHUPLQH GL GHFDGHQ]D GL XQ DQQR FKH GHFRUUH GDOOD PROHVWLD $IILQL DOOH D]LRQL SRVVHVVRULH VRQR OH D]LRQL GL QXQFLD]LRQH OD ORUR ILQDOLWj q WLSLFDPHQWH GL QDWXUD FDXWHODUH LQ TXDQWR PLUDQR D SUHYHQLUH XQ GDQQR R XQ SUHJLXGL]LR FKH SXz

ZZZ VWXGHQWLGHOODFDWWROLFD FRP

GHULYDUH GD XQD QXRYD RSHUD R GDOOD FRVD DOWUXL LQ DWWHVD FKH VXFFHVVLYDPHQWH VL DFFHUWL LO GLULWWR DOOD SURLEL]LRQH 7DOL D]LRQL VRQR x OD GHQXQ]LD GL QXRYD RSHUD VSHWWD DO SURSULHWDULR FKH DEELD UDJLRQH GL WHPHUH FKH GD XQD QXRYD RSHUD LQL]LDWD GD PHQR GL XQ DQQR H QRQ WHUPLQDWD VWLD SHU GHULYDUH GDQQR DOOD FRVD FKH IRUPD RJJHWWR GHO VXR GLULWWR R GHO VXR SRVVHVVR x OD GHQXQ]LD GL GDQQR WHPXWR q GDWD DO SURSULHWDULR QHO FDVR LQ FXL YL VLD SHULFROR GL XQ GDQQR JUDYH H SURVVLPR GHULYDQWH GD TXDOVLDVL HGLILFLR DOEHUR R DOWUD FRVD VHQ]D FKH ULFRUUD OÂ¶LSRWHVL GL QXRYD RSHUD &DS /Â¶XVXFDSLRQH

/Â¶XVXFDSLRQH VL GHILQLVFH FRPH LO PH]]R LQ YLUW GHO TXDOH SHU HIIHWWR GHO SRVVHVVR SURWUDWWR SHU XQ FHUWR WHPSR H WDORUD GL DOWUL UHTXLVLWL VL SURGXFH OÂ¶DFTXLVWR GHOOD SURSULHWj H GHL GLULWWL UHDOL GL JRGLPHQWR 5HTXLVLWL GHOOÂ¶XVXFDSLRQH VRQR LO SRVVHVVR H LO WHPSR ,O SRVVHVVR QRQ GHYH HVVHUH YL]LRVR EHQFKp DFTXLVWDWR LQ PRGR YLROHQWR JLRYD SHU OÂ¶XVXFDSLRQH GDO PRPHQWR LQ FXL OD YLROHQ]D q FHVVDWD H LQILQH LO SRVVHVVR QRQ GHYH VXELUH LQWHUUX]LRQL /Â¶XVXFDSLRQH RUGLQDULD VL FRPSLH SHU L EHQL LPPRELOL LQ DQQL OÂ¶XVXFDSLRQH DEEUHYLDWD ULFKLHGH SHU JOL LPPRELOL DQQL H SHU L PRELOL UHJLVWUDWL DQQL 3HU TXHVWÂ¶XOWLPD ROWUH DO SRVVHVVR QRQ YL]LRVR H VHQ]D LQWHUUX]LRQH RFFRUURQR x OD EXRQD IHGH x XQ WLWROR OD YHQGLWD x OD WUDVFUL]LRQH GHO WLWROR $OOH XQLYHUVDOLWj GL PRELOL VL DSSOLFD XQ UHJLPH DQDORJR D TXHOOR GHJOL LPPRELOL , ',5,77, 5(/$7,9, /H REEOLJD]LRQL

&DS ,O UDSSRUWR REEOLJDWRULR

/Â¶REEOLJD]LRQH FRQVLVWH LQ XQ UDSSRUWR WUD GXH SDUWL LQ YLUW GHO TXDOH XQD GL HVVH GHELWRUH q REEOLJDWD KD LO GRYHUH JLXULGLFR GL WHQHUH XQ FHUWR FRPSRUWDPHQWR GL HVHJXLUH XQD Â³SUHVWD]LRQHÂ´ D IDYRUH GHOOÂ¶DOWUD SDUWH FUHGLWRUH ,O FUHGLWRUH SHU FRQVHJXLUH OÂ¶XWLOLWj FXL KD GLULWWR KD ELVRJQR GHOOÂ¶LQGLVSHQVDELOH FRRSHUD]LRQH GHO GHELWRUH FRQVHJXHQWHPHQWH XQ UDSSRUWR REEOLJDWRULR q VHPSUH UHODWLYR /D JLXULGLFLWj GHO YLQFROR GHO GHELWRUH q VDQ]LRQDWD VROWDQWR FRQ XQD UHVSRQVDELOLWj SDWULPRQLDOH YDOH D GLUH FKH LO FUHGLWRUH VH OD VXD SUHWHVD DOOÂ¶DGHPSLPHQWR UHVWD LQVRGGLVIDWWD SXz LQYRFDUH PLVXUH FRHUFLWLYH VXO SDWULPRQLR GHOOÂ¶REEOLJDWR 2EEOLJD]LRQH QDWXUDOH TXDOXQTXH GRYHUH PRUDOH R VRFLDOH LQ IRU]D GHO TXDOH XQ VRJJHWWR GHWHUPLQDWR VLD WHQXWR LQ EDVH D SDUWLFRODUL FLUFRVWDQ]H DG HVHJXLUH XQD DWWULEX]LRQH SDWULPRQLDOH D IDYRUH GL XQ DOWUR VRJJHWWR SDULPHQWL GHWHUPLQDWR ,O FUHGLWRUH QDWXUDOH EHQFKp QRQ DEELD LO GLULWWR GL DJLUH LQ JLXGL]LR SHU SUHWHQGHUH OÂ¶DGHPSLPHQWR GHOOÂ¶REEOLJR KD LO GLULWWR GL WUDWWHQHUH OD SUHVWD]LRQH FKH VLD VWDWD VSRQWDQHDPHQWH DGHPSLXWD GDO GHELWRUH LO TXDOH TXLQGL QRQ SXz RWWHQHUQH OD UHVWLWX]LRQH DG HV LO GHELWR GL JLRFR /Â¶REEOLJD]LRQH QDWXUDOH QRQ SURGXFH DOWUR HIIHWWR FKH TXHOOR GHOOÂ¶LUULSHWLELOLWj GL FLz FKH q VWDWR SDJDWR ZZZ VWXGHQWLGHOODFDWWROLFD FRP

ZZZ VWXGHQWLGHOODFDWWROLFD FRP

)RQWH GHOOÂ¶REEOLJD]LRQH SXz HVVHUH LO FRQWUDWWR OÂ¶DWWR LOOHFLWR HG RJQL DOWUR DWWR LGRQHR D SURGXUOD VHFRQGR OÂ¶RUGLQDPHQWR &DS *OL HOHPHQWL GHO UDSSRUWR REEOLJDWRULR

, VRJJHWWL VRQR DOPHQR GXH FUHGLWRUH R VRJJHWWR DWWLYR GHELWRUH R VRJJHWWR SDVVLYR 6H OD WLWRODULWj GHO GLULWWR SULQFLSDOH SDVVD DG XQ DOWUR VRJJHWWR SDVVD DQFKH OÂ¶REEOLJD]LRQH DFFHVVRULD FKH VL GLFH DPEXODWRULD 3Xz YHULILFDUVL FKH YL VLD XQD SOXUDOLWj GL VRJJHWWL R DWWLYL R SDVVLYL 6H GXH SHUVRQH PL GHYRQR XQD VRPPD H GD FLDVFXQ GHELWRUH SRVVR SUHWHQGHUH VROR OD VXD SDUWH OÂ¶REEOLJD]LRQH VL GLFH SDU]LDULD VH LQYHFH GD FLDVFXQ GHELWRUH SRVVR SUHWHQGHUH OÂ¶LQWHUR OÂ¶REEOLJD]LRQH VL FKLDPD VROLGDOH ,Q YLUW GHOOÂ¶DUW VL KD XQD SUHVXQ]LRQH JHQHUDOH GL VROLGDULHWj LO FRQGHELWRUH VROLGDOH FKH DEELD SDJDWR OÂ¶LQWHUR SXz DJLUH FRQWUR JOL DOWUL FRQGHELWRUL D]LRQH GL UHJUHVVR SHUFKp FLDVFXQR JOL ULPERUVL OD VXD SDUWH VH XQR GHL FRQGHELWRUL ULVXOWD LQVROYHQWH OD SHUGLWD YD ULSDUWLWD WUD WXWWL JOL DOWUL FRQGHELWRUL /D FRVWLWX]LRQH LQ PRUD GL XQR GHL GHELWRUL QRQ KD HIIHWWR ULJXDUGR DJOL DOWUL PHQWUH OD UHPLVVLRQH D IDYRUH GL XQR GHL FRQGHELWRUL OLEHUD DQFKH JOL DOWUL GHELWRUL LO ULFRQRVFLPHQWR GHO GHELWR IDWWR GD XQR GHL FRQGHELWRUL LQ VROLGR QRQ KD HIIHWWR ULJXDUGR DJOL DOWUL PHQWUH JOL DWWL FRQ FXL LO FUHGLWRUH LQWHUURPSH OD SUHVFUL]LRQH QHL FRQIURQWL GL XQ FRQGHELWRUH KDQQR HIIHWWR DQFKH QHL FRQIURQWL GHJOL DOWUL GHELWRUL LQ VROLGR /D VROLGDULHWj SXz HVVHUH DWWLYD LQ FDVR GL SOXUDOLWj GL FUHGLWRUL FLDVFXQR SXz SUHWHQGHUH OÂ¶LQWHUR PD OÂ¶DGHPSLPHQWR IDWWR QHOOH PDQL GL XQR GL HVVL OLEHUD LO GHELWRUH YHUVR WXWWL 2EEOLJD]LRQH LQGLYLVLELOH LO GLULWWR GL ULFKLHGHUH H FRUUHODWLYDPHQWH OÂ¶REEOLJR GL SUHVWDUH OÂ¶LQWHUR GHULYDQR GDOOD QDWXUD GHOOD SUHVWD]LRQH FKH KD SHU RJJHWWR XQD FRVD FKH QRQ q VXVFHWWLELOH GL HVVHUH ULGRWWD LQ SDUWL SHU OD VXD QDWXUD R SHU YRORQWj GHOOH SDUWL

/D SUHVWD]LRQH FXL LO GHELWRUH q REEOLJDWR SXz FRQVLVWHUH LQ XQ GDUH LQ XQ IDFHUH R LQ XQ QRQ IDFHUH FRO WHUPLQH SUHVWD]LRQH VL LQWHQGH WDQWR LO FRPSRUWDPHQWR GRYXWR TXDQWR LO ULVXOWDWR GL TXHO FRPSRUWDPHQWR /D SUHVWD]LRQH VL GLFH LQIXQJLELOH TXDQGR DVVXPRQR ULOLHYR OH TXDOLWj SHUVRQDOL GHOOÂ¶REEOLJDWR VL GLFH IXQJLELOH TXDQGR SHU LO FUHGLWRUH q LUULOHYDQWH FKL JOL SURFXUD LO ULVXOWDWR FXL KD GLULWWR 3HUFKp XQÂ¶REEOLJD]LRQH VLD YDOLGDPHQWH DVVXQWD RFFRUUH FKH OD SUHVWD]LRQH GRYXWD VLD x SRVVLELOH x OHFLWD x GHWHUPLQDWD R SHU OR PHQR GHWHUPLQDELOH /H SDUWL SRVVRQR DQFKH VWDELOLUH FKH OÂ¶RJJHWWR GHOOD SUHVWD]LRQH GL XQD GL HVVH VLD GHWHUPLQDWR GD XQ WHU]R FKH GHYH SURFHGHUH FRQ HTXR DSSUH]]DPHQWR 2JJHWWR GHOOÂ¶REEOLJD]LRQH q OD SUHVWD]LRQH GRYXWD &RQ ULIHULPHQWR DOOH REEOLJD]LRQL VL GLVWLQJXRQR OH REEOLJD]LRQL JHQHULFKH LO GHELWRUH q WHQXWR D GDUH FRVH QRQ DQFRUD LQGLYLGXDWH HG DSSDUWHQHQWL DG XQ JHQHUH TXLQWDOL GL JUDQR OH REEOLJD]LRQL VSHFLILFKH LO GHELWRUH q WHQXWR D GDUH XQD FRVD GHWHUPLQDWD /Â¶REEOLJD]LRQH GD JHQHULFD VL WUDVIRUPD LQ VSHFLILFD TXDQGR VL SHUYLHQH DOOD LQGLYLGXD]LRQH GHOOH UHV VFHOWH SHU DGHPSLHUH ZZZ VWXGHQWLGHOODFDWWROLFD FRP

ZZZ VWXGHQWLGHOODFDWWROLFD FRP

2EEOLJD]LRQL SHFXQLDULH KDQQR SHU RJJHWWR OD GD]LRQH GL XQD VRPPD GL GDQDUR 4XDQGR OÂ¶REEOLJD]LRQH SHFXQLDULD q D WHUPLQH YDOH LO SULQFLSLR QRPLQDOLVWLFR FLRq LO GHELWRUH FRQWLQXD VHPSUH D GRYHUH OD VWHVVD TXDQWLWj QRPLQDOH GL PRQHWD LQGLSHQGHQWHPHQWH GDOOH PRGLILFKH FKH LQWHUYHQJRQR QHO SRWHUH GÂ¶DFTXLVWR GL TXHVWÂ¶XOWLPD ,O FUHGLWRUH SXz FHUFDUH GL FDXWHODUVL FRQWUR OH RVFLOOD]LRQL GL YDORUH GHOOD PRQHWD ROWUH FKH SDWWXHQGR GHJOL LQWHUHVVL LQVHUHQGR QHL FRQWUDWWL GD FXL GHULYDQR REEOLJD]LRQL SHFXQLDULH D WHUPLQH FODXVROH YROWH D FRQVHQWLUH YDULD]LRQL GHOOÂ¶HQWLWj GHOOD VRPPD LQL]LDOPHQWH GRYXWD LQ IXQ]LRQH GHOOH PRGLILFKH GL SDUDPHWUL LQGLFL ,O SULQFLSLR QRPLQDOLVWLFR VL DSSOLFD DOOH F G REEOLJD]LRQL GL YDOXWD PD QRQ DOOH REEOLJD]LRQL GL YDORUH FLRq TXHOOH FKH SXU HVVHQGR SHFXQLDULH QRQ KDQQR GLUHWWDPHQWH SHU RJJHWWR LO GDQDUR PD LO Â³YDORUHÂ´ GL XQ EHQH FRVLFFKp OD VRPPD HIIHWWLYDPHQWH GRYXWD GHYH HVVHUH SUHYLDPHQWH GHWHUPLQDWD SUHQGHQGR D SDUDPHWUR GL ULIHULPHQWR SHU OÂ¶DSSXQWR TXHO Â³YDORUHÂ´ FKH RYYLDPHQWH SXz PXWDUH QHO WHPSR 8Q SDUWLFRODUH WLSR GL REEOLJD]LRQH SHFXQLDULD q TXHOOD UHODWLYD DJOL LQWHUHVVL 4XHVWL IRUPDQR RJJHWWR GL XQÂ¶REEOLJD]LRQH SHFXQLDULD DFFHVVRULD FLRq VL DJJLXQJH DG XQD REEOLJD]LRQH SHFXQLDULD DYHQWH FDUDWWHUH SULQFLSDOH FDSLWDOH *OL LQWHUHVVL SRVVRQR HVVHUH x FRQYHQ]LRQDOL TXDQGR OH SDUWL QHO WLWROR FRVWLWXWLYR GHOOÂ¶REEOLJD]LRQH SDWWXLVFRQR FKH LO GHELWRUH VLD WHQXWR D SDJDUH DO FUHGLWRUH GHJOL LQWHUHVVL VH OH SDUWL QRQ KDQQR ILVVDWR LO WDVVR GL LQWHUHVVH DOORUD VL DSSOLFD LO WDVVR OHJDOH GHO x FRUULVSHWWLYL L FUHGLWL SHFXQLDUL OLTXLGL HG HVLJLELOL SURGXFRQR LQWHUHVVL QHOOD PLVXUD OHJDOH GL SLHQR GLULWWR RVVLD DXWRPDWLFDPHQWH EHQFKp QRQ SDWWXLWL H VHQ]D ELVRJQR GL GRPDQGD JLXGL]LDOH R GL FRVWLWX]LRQH LQ PRUD GHO GHELWRUH SXUFKp OD OHJJH R LO WLWROR QRQ VWDELOLVFDQR GLYHUVDPHQWH x FRPSHQVDWLYL JOL LQWHUHVVL GHFRUURQR DQFKH VH LO FUHGLWR QRQ q DQFRUD HVLJLELOH x PRUDWRUL TXDQGR LO GHELWRUH GL XQD VRPPD GL GDQDUR q LQ PRUD RVVLD LQ ULWDUGR QHO SDJDPHQWR GHYH DO FUHGLWRUH JOL LQWHUHVVL OHJDOL DQFKH VH QRQ HUDQR GRYXWL SUHFHGHQWHPHQWH H VHQ]D ELVRJQR FKH LO FUHGLWRUH SURYL GL DYHU VRIIHUWR UHDOPHQWH LO GDQQR 3Xz DYYHQLUH FKH GXH R SL VLDQR OH SUHVWD]LRQL SUHYLVWH REEOLJD]LRQH DOWHUQDWLYD PD FKH LO GHELWRUH SRVVD OLEHUDUVL HVHJXHQGRQH XQD VROD REEOLJD]LRQH VHPSOLFH VH OH SDUWL QRQ KDQQR VWDELOLWR GLYHUVDPHQWH OD VFHOWD VSHWWD DO GHELWRUH 6H XQD GHOOH SUHVWD]LRQL q LPSRVVLELOH ILQ GDOOÂ¶RULJLQH R GLYLHQH LPSRVVLELOH SULPD GHOOD VFHOWD OÂ¶REEOLJD]LRQH VL FRQVLGHUD VHPSOLFH VH LQYHFH OD SUHVWD]LRQH VFHOWD GLYHQWD LPSRVVLELOH DOORUD VL HVWLQJXH OÂ¶REEOLJD]LRQH %LVRJQD GLVWLQJXHUH OÂ¶REEOLJD]LRQH DOWHUQDWLYD GDOOÂ¶REEOLJD]LRQH IDFROWDWLYD OD SUHVWD]LRQH SUHYLVWD q XQD VROD PD LO GHELWRUH VL SXz OLEHUDUH SUHVWDQGR XQÂ¶DOWUD FRVD &DS 0RGLILFD]LRQH GHL VRJJHWWL GHOOÂ¶REEOLJD]LRQH

6L SDUOD GL FHVVLRQH GHO FUHGLWR VLD SHU LQGLFDUH LO FRQWUDWWR FRQ LO TXDOH LO FUHGLWRUH FHGHQWH SDWWXLVFH FRQ XQ WHU]R FHVVLRQDULR LO WUDVIHULPHQWR LQ FDSR D TXHVWÂ¶XOWLPR GHO VXR GLULWWR YHUVR LO GHELWRUH FHGXWR VLD SHU LQGLFDUH OÂ¶HIIHWWR GL WDOH FRQWUDWWR H FLRq SHU OÂ¶DSSXQWR LO WUDVIHULPHQWR GHO FUHGLWR LQ FDSR DO FHVVLRQDULR 1RQ q QHFHVVDULR SHUFKp LO WUDVIHULPHQWR GHO FUHGLWR VL DWWXL FKH LO GHELWRUH SUHVWL LO VXR FRQVHQVR DIILQFKp OD FHVVLRQH DEELD HIILFDFLD QHL FRQIURQWL GHO GHELWRUH FHGXWR RFFRUUH FKH JOL YHQJD QRWLILFDWD GDO FHGHQWH R GDO FHVVLRQDULR OD FHVVLRQH /Â¶DFFHWWD]LRQH R OD QRWLILFD]LRQH GHOOD FHVVLRQH VHUYRQR LQROWUH DG DWWULEXLUOH HIILFDFLD GL ZZZ VWXGHQWLGHOODFDWWROLFD FRP

ZZZ VWXGHQWLGHOODFDWWROLFD FRP

IURQWH DL WHU]L 3HU TXDQWR ULJXDUGD JOL HIIHWWL OÂ¶REEOLJD]LRQH ULPDQH LQDOWHUDWD H LO GHELWRUH FHGXWR SXz RSSRUUH DO FHVVLRQDULR OH VWHVVH HFFH]LRQL FKH SRWHYD RSSRUUH DO FHGHQWH PD QRQ SXz RSSRUUH LQ FRPSHQVD]LRQH DO FHVVLRQDULR XQ FRQWURFUHGLWR YHUVR LO FHGHQWH TXDORUD DEELD DFFHWWDWR OD FHVVLRQH RYYHUR TXDORUD VL WUDWWL GL FUHGLWR VRUWR SRVWHULRUPHQWH DOOD FHVVLRQH ,O FHGHQWH q WHQXWR D JDUDQWLUH OÂ¶HVLVWHQ]D GHO FUHGLWR PD QRQ ULVSRQGH DIIDWWR VH LO GHELWRUH ULVXOWD LQVROYHQWH LO FHGHQWH SXz SHUDOWUR JDUDQWLUH OD VROYHQ]D GHO GHELWRUH 4XDQGR OD FHVVLRQH VLD VWDWD HIIHWWXDWD SHU HVWLQJXHUH XQ GHELWR GHO FHGHQWH YHUVR LO FHVVLRQDULR VL SUHVXPH FKH OD FHVVLRQH DYYHQJD SUR VROYHQGR LO FHGHQWH VL OLEHUD VROR TXDQGR LO GHELWRUH VDOGD LO SURSULR GHELWR DO FHVVLRQDULR TXDORUD ULVXOWL XQD GLYHUVD YRORQWj GHOOH SDUWL QHO VHQVR FKH LO FHVVLRQDULR OLEHUL VHQ]Â¶DOWUR LO FHGHQWH GDOOÂ¶REEOLJR FKH TXHVWÂ¶XOWLPR DYHYD QHL VXRL FRQIURQWL DFFROODQGRVL SHUWDQWR OÂ¶LQWHUR ULVFKLR GHOOD VROYHQ]D GHO GHELWRUH FHGXWR VL SDUOD GL FHVVLRQH SUR VROXWR &RQWUDWWR GL IDFWRULQJ XQÂ¶LPSUHVD VSHFLDOL]]DWD LO IDFWRU VL LPSHJQD Â± FRQWUR LO SDJDPHQWR GL XQD FRPPLVVLRQH YDULDELOH D VHFRQGD GHOOÂ¶HQWLWj GHJOL REEOLJKL DVVXQWL Â± D JHVWLUH SHU FRQWR GL XQÂ¶LPSUHVD FOLHQWH OÂ¶DPPLQLVWUD]LRQH GL WXWWL R GL SDUWH GHL FUHGLWL GL FXL TXHVWÂ¶XOWLPD GLYHQWD WLWRODUH YHUVR L SURSUL FOLHQWL QHOOD JHVWLRQH GHOOD VXD DWWLYLWj LPSUHQGLWRULDOH /D FHVVLRQH SXz HVVHUH SUR VROYHQGR R SUR VROXWR

$OWUH ILJXUH GL VXFFHVVLRQH QHO ODWR DWWLYR VRQR OD GHOHJD]LRQH DWWLYD H OD VXUURJD]LRQH SHU SDJDPHQWR 3HU LO FUHGLWRUH QRQ q DIIDWWR LQGLIIHUHQWH DYHUH FRPH GHELWRUH XQD SHUVRQD LQYHFH GL XQÂ¶DOWUD SHUFKp XQD SXz HVVHUH VROYLELOH H OÂ¶DOWUD QR SHUFLz OD VRVWLWX]LRQH GHO GHELWRUH QRQ q SRVVLELOH VHQ]D OÂ¶HVSUHVVD YRORQWj GHO FUHGLWRUH 6L KD GHOHJD]LRQH TXDQGR XQD SHUVRQD GHOHJDQWH RUGLQD R LQYLWD XQÂ¶DOWUD SHUVRQD GHOHJDWR DG HVHJXLUH GHOHJDWLR VROYHQGL R D SURPHWWHUH GL HVHJXLUH GHOHJDWLR SURPLWWHQGL XQ GHWHUPLQDWR SDJDPHQWR D IDYRUH GL XQ WHU]R VRJJHWWR GHOHJDWDULR 1HO SULPR FDVR LO GHOHJDQWH QRQ RUGLQD DO GHOHJDWR GL DVVXPHUH XQ REEOLJR GL SDJDUH YHUVR LO GHOHJDWDULR EHQVu OR LQYLWD DG HIIHWWXDUH VHQ]Â¶DOWUR XQ GHWHUPLQDWR SDJDPHQWR q LO FDVR GHOOÂ¶DVVHJQR EDQFDULR QHO VHFRQGR FDVR LO GHOHJDQWH QRQ RUGLQD DO GHOHJDWR GL HIIHWWXDUH XQ SDJDPHQWR DO GHOHJDWDULR EHQVu GL DVVXPHUH OÂ¶REEOLJR GL HIIHWWXDUH VXFFHVVLYDPHQWH XQ GHWHUPLQDWR SDJDPHQWR DO GHOHJDWDULR q LO FDVR GHOOD FDPELDOH WUDWWD 8Q WHU]R SXz DVVXPHUH YHUVR LO FUHGLWRUH LO GHELWR GL XQ DOWUR SURPHWWHQGR FKH SURYYHGHUj OXL DO SDJDPHQWR TXHVWÂ¶REEOLJR SXz HVVHUH DVVXQWR VSRQWDQHDPHQWH H LO FRQWUDWWR FRQ LO TXDOH LO FUHGLWRUH H LO WHU]R FRQYHQJRQR FKH LO WHU]R VL DVVXPD LO GHELWR VL FKLDPD HVSURPLVVLRQH ,O WHU]R HVSURPLWWHQWH VXEHQWUD QHOOD VWHVVD SRVL]LRQH GHO GHELWRUH RULJLQDULR /D GLIIHUHQ]D FRQ OD GHOHJD]LRQH VWD QHO FDUDWWHUH GL VSRQWDQHLWj /Â¶DFFROOR q XQ FRQWUDWWR WUD LO GHELWRUH DFFROODWR H XQ WHU]R DFFROODQWH FRQ LO TXDOH TXHVWÂ¶XOWLPR DVVXPH D SURSULR FDULFR OÂ¶RQHUH GL SURFXUDUH LO SDJDPHQWR DO FUHGLWRUH DFFROODWDULR 3Xz HVVHUH x VHPSOLFH LO FUHGLWRUH VL LPSHJQD VROR YHUVR OÂ¶DFFROODWR LO FUHGLWRUH QRQ DFTXLVWD XQ QXRYR GHELWRUH x HVWHUQR VL KD TXDQGR OÂ¶DFFRUGR WUD DFFROODQWH H DFFROODWR VL SUHVHQWD FRPH XQ

ZZZ VWXGHQWLGHOODFDWWROLFD FRP

FRQWUDWWR D IDYRUH GHO WHU]R RVVLD q GHVWLQDWR D IDYRUH GHO FUHGLWRUH SXz HVVHUH FXPXODWLYR VH LO GHELWRUH RULJLQDULR UHVWD REEOLJDWR LQ VROLGR FRQ OÂ¶DFFROODQWH RSSXUH OLEHUDWRULR R SULYDWLYR VH LO GHELWRUH RULJLQDULR UHVWD OLEHUDWR ULPDQHQGR REEOLJDWR LQ VXD YHFH OÂ¶DFFROODQWH 6RQR RSSRQLELOL DO FUHGLWRUH OH HFFH]LRQL UHODWLYH DO UDSSRUWR WUD OÂ¶DFFROODQWH H LO GHELWRUH RULJLQDULR &DS /Â¶HVWLQ]LRQH GHOOÂ¶REEOLJD]LRQH

,O WLSLFR IDWWR HVWLQWLYR GHO UDSSRUWR REEOLJDWRULR q OÂ¶DGHPSLPHQWR PD SXz DYYHQLUH DQFKH LQ DOWUL PRGL /Â¶DGHPSLPHQWR R SDJDPHQWR FRQVLVWH QHOOD HVDWWD UHDOL]]D]LRQH GHOOD SUHVWD]LRQH GRYXWD ,O GHELWRUH q WHQXWR DG DGHPSLHUH HVDWWDPHQWH OD SUHVWD]LRQH GRYXWD LO FUHGLWRUH SXz VH YXROH ULILXWDUH XQ SDJDPHQWR SDU]LDOH 3HU YDOXWDUH OD UHJRODULWj GHOOÂ¶DGHPSLPHQWR VRQR LPSRUWDQWL x GHVWLQDWDULR GHO SDJDPHQWR LO GHELWRUH TXDQGR VL WUDWWL GL XQÂ¶REEOLJD]LRQH GL GDUH GHYH HVHJXLUH LO SDJDPHQWR QHOOH PDQL GHO FUHGLWRUH PD RFFRUUH FKH VL DFFHUWL FKH TXHVWL DEELD OD FDSDFLWj OHJDOH GL ULFHYHUH SHUFKp DOWULPHQWL SXz HVVHUH REEOLJDWR D SDJDUH XQD VHFRQGD YROWD x OXRJR GHOOÂ¶DGHPSLPHQWR q GL UHJROD GHWHUPLQDWR QHO WLWROR FRVWLWXWLYR GHO UDSSRUWR RYYHUR q GHWHUPLQDWR GDJOL XVL R GDOOD QDWXUD VWHVVD GHOOD SUHVWD]LRQH x WHPSR GHOOÂ¶DGHPSLPHQWR SXz HVVHUH LPPHGLDWR R D WHUPLQH TXDQGR SHU OÂ¶DGHPSLPHQWR ULVXOWL ILVVDWR XQ WHUPLQH VL SUHVXPH FKH TXHVWR VLD D IDYRUH GHO GHELWRUH RVVLD LO FUHGLWRUH QRQ SXz HVLJHUH OD SUHVWD]LRQH SULPD GHOOD VFDGHQ]D PHQWUH LO GHELWRUH SXz SUHWHQGHUH GL DGHPSLHUH DQFKH SULPD GHO WHUPLQH ILVVDWR DYYLHQH OÂ¶LQYHUVR VH LO WHUPLQH ULVXOWD ILVVDWR D IDYRUH GHO FUHGLWRUH 6RQR VWDWL LPSRVWL GHL OLPLWL DOOÂ¶XVR GHO FRQWDQWH q VWDWR YLHWDWR OÂ¶XVR GL GHQDUR FRQWDQWH R GL WLWROL GL FUHGLWR DO SRUWDWRUH SHU HIIHWWXDUH YHUVDPHQWL FRPSOHVVLYDPHQWH VXSHULRUL D OLUH YHQWL PLOLRQL 4XDQGR OD SUHVWD]LRQH VLD LQIXQJLELOH LO FUHGLWRUH SXz OHJLWWLPDPHQWH ULILXWDUH OD SUHVWD]LRQH FKH LO GHELWRUH JOL SURSRQJD GL IDU HVHJXLUH GD XQ VXR VRVWLWXWR VH LQYHFH OD SUHVWD]LRQH q IXQJLELOH LO FUHGLWRUH QRQ SXz OHJLWWLPDPHQWH ULILXWDUH OD SUHVWD]LRQH FKH JOL YHQJD RIIHUWD GD XQ WHU]R

,PSXWD]LRQH XQD SHUVRQD SXz DYHUH SL GHELWL GHOOR VWHVVR JHQHUH FRQ XQÂ¶DOWUD SHUVRQD SXz GLYHQWDUH LPSRUWDQWH VWDELOLUH TXDOL GHELWL YHQJRQR VDOGDWL VH LO GHELWRUH ID XQ SDJDPHQWR LQIHULRUH DO WRWDOH GHL VXRL GHELWL /D OHJJH ULFRQRVFH DO GHELWRUH OD IDFROWj GL GLFKLDUDUH TXDQGR SDJD TXDOH GHELWR LQWHQGH VRGGLVIDUH LQ PDQFDQ]D LO SDJDPHQWR GHYH HVVHUH LPSXWDWR DO GHELWR VFDGXWR WUD SL GHELWL VFDGXWL D TXHOOR PHQR JDUDQWLWR WUD SL GHELWL XJXDOPHQWH JDUDQWLWL DO SL RQHURVR SHU LO GHELWRUH WUD SL GHELWL XJXDOPHQWH RQHURVL DO SL DQWLFR 6H WDOL FULWHUL QRQ VRFFRUURQR OÂ¶LPSXWD]LRQH YD IDWWD SURSRU]LRQDOPHQWH DL YDUL GHELWL ,O SDJDPHQWR SXz DQFKH GDU OXRJR DOOD VRVWLWX]LRQH GHO FUHGLWRUH FRQ DOWUD SHUVRQD VXUURJD]LRQH ,Q WDO FDVR OÂ¶REEOLJR QRQ VL HVWLQJXH PD PXWD GLUH]LRQH LQ TXDQWR DOOÂ¶RULJLQDULR FUHGLWRUH VL VRVWLWXLVFH XQ DOWUR FUHGLWRUH

ZZZ VWXGHQWLGHOODFDWWROLFD FRP

,O FUHGLWRUH SXz OHJLWWLPDPHQWH ULILXWDUH GL DFFHWWDUH XQD SUHVWD]LRQH GLYHUVD GD TXHOOD GHGRWWD LQ REEOLJD]LRQH DQFKH TXDORUD VL WUDWWL GL SUHVWD]LRQH DYHQWH YDORUH HJXDOH R DGGLULWWXUD PDJJLRUH

0RUD GHO FUHGLWRUH PRUD FUHGHQGL KD OXRJR TXDQGR LO FUHGLWRUH VHQ]D OHJLWWLPR PRWLYR ULILXWD GL ULFHYHUH LO SDJDPHQWR RIIHUWRJOL GDO GHELWRUH RSSXUH RPHWWH GL FRPSLHUH JOL DWWL SUHSDUDWRUL SHU LO ULFHYLPHQWR GHOOD SUHVWD]LRQH HIIHWWL SRVVRQR HVVHUH DG HV OD ILQH GL XQ UDSSRUWR GL ODYRUR 3HUFKp VL DEELD PRUD FUHGHQGL q QHFHVVDULR FKH LO GHELWRUH IDFFLD DO FUHGLWRUH RIIHUWD GHOOD SUHVWD]LRQH VHFRQGR OH VHJXHQWL PRGDOLWj x VROHQQH R IRUPDOH FRPSLXWD GD SXEEOLFR XIILFLDOH x VHFRQGR JOL XVL ,O GHSRVLWR q LQ RJQL FDVR QHFHVVDULR SHUFKp LO GHELWRUH RWWHQJD OD OLEHUD]LRQH GDOOÂ¶REEOLJD]LRQH /Â¶RIIHUWD QRQ IRUPDOH HVFOXGH OD PRUD GHEHQGL PD QRQ SURGXFH JOL HIIHWWL GHOOD PRUD FUHGHQGL &RPSHQVD]LRQH TXDQGR WUD GXH SHUVRQH LQWHUFRUURQR UDSSRUWL REEOLJDWRUL UHFLSURFL L GXH UDSSRUWL SRVVRQR HVWLQJXHUVL LQ PRGR WRWDOH R SDU]LDOH VHQ]D ELVRJQR GL SURYYHGHUH DL ULVSHWWLYL DGHPSLPHQWL 7UH WLSL &RPSHQVD]LRQH OHJDOH ULFKLHGH OÂ¶RPRJHQHLWj GHOOH SUHVWD]LRQL GRYXWH OD OLTXLGLWj GL HQWUDPEL L FUHGLWL VL VD LO ORUR SUHFLVR DPPRQWDUH H OÂ¶HVLJLELOLWj GHL FUHGLWL VWHVVL &RPSHQVD]LRQH JLXGL]LDOH VH QHO FRUVR GL XQ JLXGL]LR VLD LQYRFDWR XQ FUHGLWR OLTXLGR HG HVLJLELOH H OÂ¶DOWUD SDUWH RSSRQJD LQ FRPSHQVD]LRQH XQ FRQWURFUHGLWR RPRJHQHR HG DQFKÂ¶HVVR HVLJLELOH PD QRQ DQFRUD OLTXLGR LO JLXGLFH SXz GLFKLDUDUH OÂ¶HVWLQ]LRQH GHL GXH GHELWL ILQR DOOD TXDQWLWj FRUULVSRQGHQWH D FRQGL]LRQH FKH LO FUHGLWR RSSRVWR LQ FRPSHQVD]LRQH VLD Â³GL IDFLOH H SURQWD OLTXLGD]LRQHÂ´ &RPSHQVD]LRQH YRORQWDULD VH L GHELWL QRQ KDQQR L UHTXLVLWL SHU GDU OXRJR DOOD FRPSHQVD]LRQH OHJDOH R JLXGL]LDOH OD ORUR HVWLQ]LRQH SHU FRPSHQVD]LRQH SXz YHULILFDUVL VROWDQWR LQ IRU]D GL XQR VSHFLILFR FRQWUDWWR FRQ LO TXDOH OH SDUWL ULQXQFLDQR VFDPELHYROPHQWH LQ WXWWR R LQ SDUWH DL ULVSHWWLYL FUHGLWL /D FRPSHQVD]LRQH QRQ q DPPHVVD WUD XQÂ¶REEOLJD]LRQH FLYLOH H XQÂ¶REEOLJD]LRQH QDWXUDOH &RQIXVLRQH TXDORUD OH TXDOLWj GL FUHGLWRUH H GL GHELWRUH YHQJDQR D WURYDUVL ULXQLWH QHOOD VWHVVD SHUVRQD OÂ¶REEOLJD]LRQH VL HVWLQJXH

/D QRYD]LRQH q XQ FRQWUDWWR FRQ LO TXDOH L VRJJHWWL GL XQ UDSSRUWR REEOLJDWRULR VRVWLWXLVFRQR XQ QXRYR UDSSRUWR D TXHOOR RULJLQDULR 6H OD VRVWLWX]LRQH ULJXDUGD OD SHUVRQD GHO GHELWRUH OD QRYD]LRQH VL GLFH VRJJHWWLYD VH ULJXDUGD OÂ¶RJJHWWR R LO WLWROR VL GLFH RJJHWWLYD /D UHPLVVLRQH q OD ULQXQ]LD GHO FUHGLWRUH DO FUHGLWR (VVD FRQVLVWH LQ XQ QHJR]LR XQLODWHUDOH UHFHWWL]LR FKH SURGXFH HIIHWWR TXDQGR OD GLFKLDUD]LRQH q FRPXQLFDWD DO GHELWRUH FKH SHUDOWUR SXz GLFKLDUDUH GL QRQ YROHUQH SURILWWDUH

/Â¶LPSRVVLELOLWj VRSUDYYHQXWD HVWLQJXH OÂ¶REEOLJD]LRQH OLEHUDQGR LO GHELWRUH VH HVVD GLSHQGH GD FDXVD QRQ LPSXWDELOH DO GHELWRUH RVVLD VH OD SUHVWD]LRQH q GLYHQWDWD LPSRVVLELOH VHQ]D FROSD GHO GHELWRUH HG KD FDUDWWHUH GHILQLWLYR

ZZZ VWXGHQWLGHOODFDWWROLFD FRP

&DS /¶LQDGHPSLPHQWR H OD PRUD

,O GHELWRUH q WHQXWR DG HVHJXLUH HVDWWDPHQWH OD SUHVWD]LRQH GRYXWD VH D FLz QRQ SURYYHGH HJOL q LQDGHPSLHQWH /¶LQDGHPSLPHQWR q LPSXWDELOH DO GHELWRUH FKH QH ULVSRQGH FRQ O¶REEOLJR GL ULVDUFLUH L GDQQL FKH OD PDQFDWD HVHFX]LRQH GHOOD SUHVWD]LRQH SURYRFD DO FUHGLWRUH 6L KD DGHPSLPHQWR LQHVDWWR TXDQGR OD SUHVWD]LRQH HVHJXLWD GLIIHULVFH TXDQWLWDWLYDPHQWH R TXDOLWDWLYDPHQWH GD TXHOOD GRYXWD 6L KD LQDGHPSLPHQWR DVVROXWR TXDQGR QRQ VROWDQWR OD SUHVWD]LRQH QRQ q VWDWD DQFRUD DGHPSLXWD PD RUDPDL O¶DGHPSLPHQWR QRQ SRWUj SL YHULILFDUVL Æ DOOD SUHVWD]LRQH RULJLQDULDPHQWH GRYXWD VL VRVWLWXLVFH LO ULVDUFLPHQWR GHL GDQQL SURYRFDWL DO FUHGLWRUH 6L KD LQDGHPSLPHQWR UHODWLYR TXDQGR LO GHELWRUH QRQ KD DQFRUD HVHJXLWR OD SUHVWD]LRQH GRYXWD PD O¶DGHPSLPHQWR SXz DQFRUD YHULILFDUVL

,O ULWDUGR R LQDGHPSLPHQWR UHODWLYR VL FKLDPD DQFKH PRUD /D PRUD GHEHQGL SUHVXSSRQH OD LPSXWDELOLWj GHO ULWDUGR DO GHELWRUH OD PRUD SXz YHULILFDUVL H[ UH RVVLD DXWRPDWLFDPHQWH SHU LO IDWWR GHO VROR ULWDUGR RYYHUR H[ SHUVRQD PHGLDQWH XQ DWWR GL FRVWLWX]LRQH LQ PRUD FRQ FXL LO FUHGLWRUH ULFKLHGH SHU LVFULWWR O¶DGHPSLPHQWR *OL HIIHWWL GHOOD PRUD GHEHQGL VRQR x O¶REEOLJR GL ULVDUFLUH LO GDQQR SHU LO ULWDUGR QHOO¶DGHPSLPHQWR x LO SDVVDJJLR GHO ULVFKLR VH OD SUHVWD]LRQH GLYHQWD LPSRVVLELOH O¶REEOLJD]LRQH VL HVWLQJXH /D FRQVHJXHQ]D VDQ]LRQDWRULD SULQFLSDOH GHOO¶LQDGHPSLPHQWR LPSXWDELOH DO GHELWRUH q O¶REEOLJR D VXR FDULFR GL ULVDUFLUH DO FUHGLWRUH LO GDQQR DUUHFDWRJOL ,Q RJQL FDVR LO ULVDUFLPHQWR GHO GDQQR GHYH FRPSUHQGHUH ³FRVu OD SHUGLWD VXELWD GDO FUHGLWRUH FRPH LO PDQFDWR JXDGDJQR´ SHUDOWUR q ULVDUFLELOH VROR LO GDQQR FKH VLD FRQVHJXHQ]D LPPHGLDWD H GLUHWWD GHOO¶LQDGHPSLPHQWR Ê UHJROD JHQHUDOH FKH JUDYL VXO FUHGLWRUH TXDQGR SUHWHQGH LO ULVDUFLPHQWR O¶RQHUH GL SURYDUH L VLQJROL IDWWRUL OHVLYL SHU L TXDOL SUHWHQGH GL HVVHUH ULVDUFLWR 1HOOH REEOLJD]LRQL SHFXQLDULH GDO JLRUQR GHOOD PRUD LO GHELWRUH FKH QRQ DEELD SDJDWR OD VRPPD GRYXWD q WHQXWR DXWRPDWLFDPHQWH D SDJDUH LQ DJJLXQWD DO FDSLWDOH FKH DYUHEEH GRYXWR YHUVDUH JOL LQWHUHVVL PRUDWRUL /¶HQWLWj GL WDOL LQWHUHVVL SXz HVVHUH VWDWD VWDELOLWD H[ DQWH SXz HVVHUH XJXDOH DO WDVVR OHJDOH RSSXUH HVVHUH XJXDOH DO WDVVR G¶LQWHUHVVH SUHFHGHQWHPHQWH VWDELOLWR SHU O¶REEOLJD]LRQH VH q PDJJLRUH GL TXHOOR OHJDOH /D OLTXLGD]LRQH GHO GDQQR GHYH HVVHUH GLPLQXLWD VH D GHWHUPLQDUH LO GDQQR KD FRQFRUVR XQ IDWWR FROSRVR GHO FUHGLWRUH 6H q LO FUHGLWRUH DG HVVHUH LQ PRUD LO GHELWRUH QRQ GHYH SL JOL LQWHUHVVL Qp L IUXWWL GHOOD FRVD H SXz SUHWHQGHUH LO ULVDUFLPHQWR GHL GDQQL FKH LO FRPSRUWDPHQWR GHO FUHGLWRUH JOL DEELD SURFXUDWR ROWUH LO ULPERUVR GHOOH HYHQWXDOL VSHVH VRVWHQXWH SHU OD FXVWRGLD H OD FRQVHUYD]LRQH GHOOD FRVD GRYXWD &DS /D UHVSRQVDELOLWj SDWULPRQLDOH GHO GHELWRUH

6H LO GHELWRUH QRQ DGHPSLH OD SUHVWD]LRQH GRYXWD LO FUHGLWRUH SXz SURPXRYHUH LO SURFHVVR HVHFXWLYR VXL EHQL GHO GHELWRUH IDFHQGROL HVSURSULDUH VHFRQGR OH UHJROH GHO FRG GL SURFHGXUD FLYLOH 6H YL VRQR SL FUHGLWRUL WXWWL KDQQR XJXDOH GLULWWR GL VRGGLVIDUVL FRQ LO ULFDYDWR GHOOD

ZZZ VWXGHQWLGHOODFDWWROLFD FRP

YHQGLWD GHL EHQL GHO GHELWRUH SDU FRQGLFLR FUHGLWRUXP D PHQR FKH OD OHJJH QRQ DWWULEXLVFD DG DOFXQL GL TXHVWL XQD SUHIHUHQ]D DO VRGGLVIDFLPHQWR &DXVH GL SUHIHUHQ]D VRQR L SULYLOHJL LO SHJQR H O¶LSRWHFD ,O SULYLOHJLR YLHQH DFFRUGDWR DL FUHGLWRUL DVVLVWLWL GD FDXVH GL SUHOD]LRQH VRQR SUHIHULWL DL FUHGLWRUH FKLURJUDIDUL H SXz HVVHUH JHQHUDOH VX WXWWL L EHQL PRELOL GHO GHELWRUH R VSHFLDOH VX GHWHUPLQDWL EHQL PRELOL R LPPRELOL ,O SHJQR q SUHIHULWR DO SULYLOHJLR VSHFLDOH VXL PRELOL LO SULYLOHJLR VSHFLDOH VXJOL LPPRELOL q SUHIHULWR DOO¶LSRWHFD &DS , GLULWWL UHDOL GL JDUDQ]LD SHJQR HG LSRWHFD

,O SHJQR H O¶LSRWHFD VRQR GLULWWL UHDOL VRQR LQHUHQWL DL EHQL VX FXL VRQR FRVWLWXLWL H DWWULEXLVFRQR DO FUHGLWRUH LO GLULWWR GL VHTXHOD FLRq LO SRWHUH GL HVHUFLWDUH OD JDUDQ]LD HVSURSULDQGR LO EHQH H VRGGLVIDFHQGRVL VXO SUH]]R ULFDYDWR GDOOD YHQGLWD DQFKH VH OD SURSULHWj GHO EHQH VLD SDVVDWD DG DOWUL 1RQ KDQQR PDL FDUDWWHUH JHQHUDOH PD FRQFHUQRQR VHPSUH EHQL GHWHUPLQDWL /D GLIIHUHQ]D WUD SHJQR H LSRWHFD GD XQ ODWR H SULYLOHJLR VSHFLDOH GDOO¶DOWUR FRQVLVWH LQ TXHVWR L SULYLOHJL VRQR VWDELOLWL GDOOD OHJJH SHU OD FDXVD GHO FUHGLWR H TXLQGL LO FUHGLWR ILQ GDO PRPHQWR GHOOD QDVFLWD q SULYLOHJLDWR R QR LO SHJQR H O¶LSRWHFD KDQQR ELVRJQR GL XQ SURSULR WLWROR FRVWLWXWLYR 'LIIHUHQ]H WUD SHJQR HG LSRWHFD QHO SHJQR LO SRVVHVVR GHOOD FRVD SDVVD DO FUHGLWRUH QHOO¶LSRWHFD HVVR ULPDQH DO GHELWRUH LO SHJQR KD SHU RJJHWWR EHQL PRELOL PHQWUH O¶LSRWHFD KD SHU RJJHWWR EHQL LPPRELOL R GLULWWL UHDOL LPPRELOLDUL /D OHJJH YLHWD LO SDWWR FRPPLVVRULR RVVLD LO SDWWR FRQ LO TXDOH VL FRQYLHQH H[ DQWH FKH LQ PDQFDQ]D GL SDJDPHQWR GHO FUHGLWR OD SURSULHWj GHOOD FRVD GDWD LQ SHJQR R LSRWHFD SDVVHUj DXWRPDWLFDPHQWH DO FUHGLWRUH

,O SHJQR q XQ GLULWWR UHDOH VX XQD FRVD PRELOH GHO GHELWRUH R GL XQ WHU]R FKH LO FUHGLWRUH SXz DFTXLVWDUH SHU FRQFHVVLRQH GHO SURSULHWDULR D JDUDQ]LD GHO VXR FUHGLWR Ê YLHWDWR LO VXESHJQR ,O SHJQR DWWULEXLVFH DO FUHGLWRUH LQ SULPR OXRJR XQD SUHOD]LRQH FKH FRPSRUWD FKH VXO ULFDYDWR GHOOD YHQGLWD GHO EHQH FRVWLWXLWR LQ SHJQR LO FUHGLWRUH SRVVD VRGGLVIDUVL FRQ SULRULWj ULVSHWWR DL FUHGLWRUL FKLURJUDIDUL H FLz SHUILQR VH QHO IUDWWHPSR OD FRVD VLD VWDWD WUDVIHULWD LQ SURSULHWj GL WHU]L SXUFKp OD FRVD VLD ULPDVWD LQ VXR SRVVHVVR (IIHWWL GHOOD FRVWLWX]LRQH GL XQ SHJQR x LO FUHGLWRUH KD GLULWWR GL WUDWWHQHUH LO EHQH PD SHU FRQYHUVR KD O¶REEOLJR GL FXVWRGLUOD x LO SHJQR QRQ SXz DWWULEXLUH SRWHUL FKH YDQQR DO GL Oj GHOOD IXQ]LRQH GL JDUDQ]LD x LO FUHGLWRUH SXz FKLHGHUH FKH LO EHQH VLD YHQGXWR DL SXEEOLFL LQFDQWL SUHYLD LQWLPD]LRQH DO GHELWRUH H SXz DQFKH GRPDQGDUH DO JLXGLFH FKH OD FRVD JOL YHQJD DVVHJQDWD LQ SDJDPHQWR ILQR DOOD FRQFRUUHQ]D GHO GHELWR VHFRQGR OD VWLPD GHO EHQH VWHVVR /¶LSRWHFD q XQ GLULWWR UHDOH GL JDUDQ]LD FKH DWWULEXLVFH DO FUHGLWRUH LO SRWHUH GL HVSURSULDUH LO EHQH VXO TXDOH O¶LSRWHFD q FRVWLWXLWD H GL HVVHUH VRGGLVIDWWR FRQ SUHIHUHQ]D VXO SUH]]R ULFDYDWR GDOO¶HVSURSULD]LRQH /¶LSRWHFD SUHVHQWD OH VHJXHQWL FDUDWWHULVWLFKH x VSHFLDOLWj QRQ SXz FDGHUH VH QRQ VX EHQL GHWHUPLQDWL ZZZ VWXGHQWLGHOODFDWWROLFD FRP

ZZZ VWXGHQWLGHOODFDWWROLFD FRP

LQGLYLVLELOLWj VXVVLVWH SHU LQWHUR VRSUD WXWWL L EHQL YLQFRODWL VRSUD FLDVFXQR GL HVVL H VRSUD RJQL ORUR SDUWH &DUDWWHUH SULQFLSDOH GHOOÂ¶LSRWHFD q OD VXD SXEEOLFLWj QRQ HVLVWRQR LSRWHFKH RFFXOWH /D SXEEOLFLWj GHOOÂ¶LSRWHFD KD FDUDWWHUH FRVWLWXWLYR VL FRVWLWXLVFH PHGLDQWH LVFUL]LRQH QHL SXEEOLFL UHJLVWUL TXHVWR q HOHPHQWR HVVHQ]LDOH SHU LO VRUJHUH GHOOÂ¶LSRWHFD QRQ VROR ULVSHWWR DL WHU]L PD DQFKH WUD OH SDUWL 2JJHWWR GHOOÂ¶LSRWHFD SRVVRQR HVVHUH JOL LPPRELOL FRQ OH ORUR SHUWLQHQ]H L PRELOL UHJLVWUDWL H OH UHQGLWH GHOOR 6WDWR 3RLFKp OD FRVD DFFHVVRULD VHJXH LO GHVWLQR GHOOD FRVD SULQFLSDOH OÂ¶LSRWHFD VL HVWHQGH DL PLJOLRUDPHQWL DOOH FRVWUX]LRQL H DOOH DOWUH DFFHVVLRQL GHOOÂ¶LPPRELOH LSRWHFDWR ,SRWHFD OHJDOH LQ DOFXQH LSRWHVL SUHYLVWH HVSUHVVDPHQWH GDOOD OHJJH TXHVWD DWWULEXLVFH D GHWHUPLQDWL FUHGLWRUL LQ YLVWD GHOOD FDXVD GHO FUHGLWR PHULWHYROH GL SDUWLFRODUH SURWH]LRQH LO GLULWWR GL RWWHQHUH XQLODWHUDOPHQWH OÂ¶LVFUL]LRQH GHOOÂ¶LSRWHFD VXL EHQL GHO GHELWRUH /Â¶LSRWHFD OHJDOH VSHWWD x DOOÂ¶DOLHQDQWH VRSUD JOL LPPRELOL DOLHQDWL Â± LSRWHFD GHOOÂ¶DOLHQDQWH x DL FRHUHGL DL VRFL H DJOL DOWUL FRQGLYLGHQWL SHU LO SDJDPHQWR GHL FRQJXDJOL Â± LSRWHFD GHO FRQGLYLGHQWH x DOOR 6WDWR VXL EHQL GHO FRQGDQQDWR LQ JLXGL]LR SHQDOH D JDUDQ]LD GHO SDJDPHQWR GHOOH SHQH SHFXQLDULH ,SRWHFD JLXGL]LDOH TXDOVLDVL VHQWHQ]D FKH FRQWHQJD XQD SURQXQFLD GL FRQGDQQD GHO GHELWRUH DO SDJDPHQWR GL XQD VRPPD GL GHQDUR FRVWLWXLVFH WLWROR SHU LVFULYHUH LSRWHFD VXL EHQL GHO GHELWRUH ,SRWHFD YRORQWDULD SXz HVVHUH LVFULWWD LQ EDVH D FRQWUDWWR R DQFKH D GLFKLDUD]LRQH XQLODWHUDOH GL YRORQWj GHO FRQFHGHQWH x

/Â¶LSRWHFD SUHQGH JUDGR GDO PRPHQWR GHOOD VXD LVFUL]LRQH DOOÂ¶XRSR RJQL LVFUL]LRQH ULFHYH XQ QXPHUR GÂ¶RUGLQH TXHVWR QXPHUR GÂ¶RUGLQH GHWHUPLQD LO JUDGR GHOOÂ¶LSRWHFD 1RQ q YLHWDWR OR VFDPELR GHO JUDGR WUD L FUHGLWRUL LSRWHFDUL SXUFKp HVVR QRQ OHGD L FUHGLWRUL DYHQWL JUDGL VXFFHVVLYL /D SXEEOLFLWj LSRWHFDULD VL DWWXD PHGLDQWH L VHJXHQWL DWWL LVFUL]LRQH DQQRWD]LRQH ULQQRYD]LRQH H FDQFHOOD]LRQH /Â¶LVFUL]LRQH q OÂ¶DWWR FRQ LO TXDOH OÂ¶LSRWHFD SUHQGH YLWD VL HVHJXH QHOOÂ¶XIILFLR GHL UHJLVWUL LPPRELOLDUL GHO OXRJR LQ FXL VL WURYD OÂ¶LPPRELOH

/Â¶DQQRWD]LRQH VHUYH D UHQGHUH SXEEOLFR LO WUDVIHULPHQWR GHOOÂ¶LSRWHFD D IDYRUH GL DOWUD SHUVRQD DQFKÂ¶HVVD KD HIILFDFLD FRVWLWXWLYD

/Â¶LVFUL]LRQH GHOOÂ¶LSRWHFD FRQVHUYD LO VXR HIIHWWR SHU YHQWL DQQL GDOOD VXD GDWD OD ULQQRYD]LRQH VHUYH DSSXQWR DG HYLWDUH FKH VL YHULILFKL OÂ¶HVWLQ]LRQH GHOOÂ¶LVFUL]LRQH GHYH HVVHUH HVHJXLWD SULPD GHOOD VFDGHQ]D GHL YHQWÂ¶DQQL VH QR SHUGH LO JUDGR /D FDQFHOOD]LRQH HVWLQJXH OÂ¶LSRWHFD HG KD OXRJR GL UHJROD TXDQGR LO FUHGLWR q HVWLQWR R TXDQGR LO FUHGLWRUH ULQXQ]LD DOOÂ¶LSRWHFD

/Â¶LSRWHFD KD HIILFDFLD DQFKH QHL FRQIURQWL GL FKL DFTXLVWD OÂ¶LPPRELOH GRSR OÂ¶LVFUL]LRQH FRVWXL SHUz QRQ q REEOLJDWR SHUVRQDOPHQWH FRQ WXWWL L VXRL EHQL YHUVR L FUHGLWRUL FKH SRVVRQR VROR IDUH HVSURSULDUH LO EHQH LSRWHFDWR DQFKH GRSR LO WUDVIHULPHQWR ZZZ VWXGHQWLGHOODFDWWROLFD FRP

ZZZ VWXGHQWLGHOODFDWWROLFD FRP

7UD OH FDXVH GL HVWLQ]LRQH GHOOÂ¶LSRWHFD VRQR LPSRUWDQWL OD SUHVFUL]LRQH GHOOÂ¶LSRWHFD VH VL HVWLQJXH LO FUHGLWR SHU SUHVFUL]LRQH VL HVWLQJXH DQFKH OÂ¶LSRWHFD H OD ULQXQ]LD DOOÂ¶LSRWHFD &DS , PH]]L GL FRQVHUYD]LRQH GHOOD JDUDQ]LD SDWULPRQLDOH

/D OHJJH FRQVHQWH FKH FLDVFXQ FUHGLWRUH SRVVD VXUURJDUVL VRVWLWXLUVL DO GHELWRUH LQDWWLYR SHU HVHUFLWDUH LQ VXR OXRJR VHEEHQH SXU VHPSUH D VXR YDQWDJJLR L GLULWWL H OH D]LRQL FKH JOL VSHWWDQR D]LRQH VXUURJDWRULD RFFRUUH SHUz FKH GD TXHVWÂ¶LQHU]LD GHULYL XQ SUHJLXGL]LR SHU L FUHGLWRUL FRQVLVWHQWH QHO UHQGHUH LQVXIILFLHQWH OD JDUDQ]LD JHQHULFD GHL FUHGLWRUL FRVWLWXLWD GDO SDWULPRQLR GHO GHELWRUH , GLULWWL R OH D]LRQL SHU L TXDOL q DPPHVVD OD VXUURJD GHL FUHGLWRUL GHEERQR DYHUH FRQWHQXWR SDWULPRQLDOH VROR L GLULWWL SDWULPRQLDOL FRQFRUURQR LQ YHUR D IRUPDUH OD JDUDQ]LD JHQHULFD GHO FUHGLWRUH 4XDORUD LO GHELWRUH GRYHVVH FRPSLHUH DWWL FKH GLPLQXLVFRQR LO VXR SDWULPRQLR ILQR D UHQGHUOR LQVXIILFLHQWH D JDUDQWLUH LO VRGGLVIDFLPHQWR GHL GLULWWL GL WXWWL L VXRL FUHGLWRUL D FRVWRUR q FRQFHVVR LO ULPHGLR GHOOÂ¶D]LRQH UHYRFDWRULD 3HU OÂ¶DWWXD]LRQH GHOOÂ¶D]LRQH UHYRFDWRULD VL ULFKLHGRQR L VHJXHQWL SUHVXSSRVWL x XQ DWWR GL GLVSRVL]LRQH RVVLD XQ DWWR FRQ LO TXDOH LO GHELWRUH PRGLILFD OD VXD VLWXD]LRQH SDWULPRQLDOH x OÂ¶HYHQWXV GDPQL RVVLD XQ SUHJLXGL]LR SHU LO FUHGLWRUH FRQVLVWHQWH QHO IDWWR FKH FRPH FRQVHJXHQ]D GHOOÂ¶DWWR GL GLVSRVL]LRQH FRPSLXWR LO SDWULPRQLR GHO GHELWRUH GLYHQJD LQVXIILFLHQWH D VRGGLVIDUH WXWWL L FUHGLWRUL x LO FRQVLOLXP IUDXGLV RVVLD LO IDWWR FKH LO GHELWRUH VDSSLD GL QXRFHUH DL FUHGLWRUL 'LIIHUHQ]D WUD VLPXOD]LRQH H IURGH DL FUHGLWRUL LO QHJR]LR VLPXODWR QRQ q YROXWR GDOOH SDUWL LO QHJR]LR FRQFOXVR LQ IURGH DL FUHGLWRUL q LQYHFH YROXWR DQFRUFKp YL VLD OD FRQVDSHYROH]]D GL SUHJLXGLFDUH L FUHGLWRUL

/Â¶D]LRQH UHYRFDWRULD QRQ UHQGH LQYDOLGR OÂ¶DWWR EHQFKp TXHVWR YHQJD GLFKLDUDWR Â³UHYRFDWRÂ´ PD FRQVHQWH DO FUHGLWRUH FKH DEELD DJLWR GL SURPXRYHUH QHL FRQIURQWL GHL WHU]L TXHOOH VWHVVH D]LRQL FRQVHUYDWLYH R HVHFXWLYH VXL EHQL FKH IRUPDQR RJJHWWR GHOOÂ¶DWWR LPSXJQDWR FKH DYUHEEH SRWXWR HVSHULUH VH OÂ¶DWWR UHYRFDWR QRQ IRVVH VWDWR SRVWR LQ HVVHUH /D UHYRFDWRULD QRQ KD GXQTXH HIIHWWR UHVWLWXWRULR ,O VHTXHVWUR FRQVHUYDWLYR q XQD PLVXUD SUHYHQWLYD H FDXWHODUH FKH LO FUHGLWRUH SXz FKLHGHUH DO JLXGLFH TXDQGR KD IRQGDWR WLPRUH GL SHUGHUH OH JDUDQ]LH GHO SURSULR FUHGLWR ,O VHTXHVWUR KD FRPH VFRSR GL LPSHGLUH OD GLVSRVL]LRQH GHO EHQH GD SDUWH GHO GHELWRUH FKH YLHQH FROSLWR FRQ VDQ]LRQL SHQDOL VH VRWWUDH R GDQQHJJLD L EHQL VHTXHVWUDWL /D GLVFLSOLQD GHO VHTXHVWUR DSSDUWLHQH DO GLULWWR SURFHVVXDOH 8Q DOWUR PH]]R FKH q FRQFHVVR DO FUHGLWRUH LQ DOFXQL FDVL SHU FRQVHUYDUH OD SURSULD JDUDQ]LD q LO GLULWWR GL ULWHQ]LRQH RVVLD LO GLULWWR GL ULILXWDUH OD FRQVHJQD GL XQD FRVD GL SURSULHWj GHO GHELWRUH FKH LO FUHGLWRUH GHWLHQH ILQ TXDQGR LO GHELWRUH QRQ DGHPSLD DOOÂ¶REEOLJD]LRQH FRQQHVVD FRQ OD FRVD

ZZZ VWXGHQWLGHOODFDWWROLFD FRP

&DS ,O FRQWUDWWR

,O FRQWUDWWR q OÂ¶DFFRUGR GL GXH R SL SDUWL SHU FRVWLWXLUH UHJRODUH R HVWLQJXHUH WUD ORUR XQ UDSSRUWR JLXULGLFR SDWULPRQLDOH 1RQ SXz PDL HVVHUH XQLODWHUDOH H GHYH DYHUH FRQWHQXWR SDWULPRQLDOH OH SDUWL SRVVRQR OLEHUDPHQWH GHWHUPLQDUH LO FRQWHQXWR GHO FRQWUDWWR DXWRQRPLD FRQWUDWWXDOH *OL HOHPHQWL GHO FRQWUDWWR VRQR OÂ¶DFFRUGR GHOOH SDUWL OD FDXVD FRPH QHO QHJR]LR JLXULGLFR OÂ¶RJJHWWR R FRQWHQXWR GHJOL DFFRUGL GHL FRQWUDWWL FKH VHFRQGR OÂ¶DUW GHYH HVVHUH OHFLWR SRVVLELOH GHWHUPLQDWR R GHWHUPLQDELOH /D IRUPD TXDQGR q ULFKLHVWD SHU OD YDOLGLWj GHO FRQWUDWWR

&ODVVLILFD]LRQL GHL FRQWUDWWL x &RQWUDWWL WLSLFL R QRPLQDWL H FRQWUDWWL DWLSLFL R LQQRPLQDWL D VHFRQGD FKH DOOD VLQJROD ILJXUD FRQWUDWWXDOH LO OHJLVODWRUH GHGLFKL R PHQR XQD GLVFLSOLQD VSHFLILFD x &RQWUDWWL FRQ GXH SDUWL R FRQ SL GL GXH SDUWL FRQWUDWWL SOXULODWHUDOL x &RQWUDWWL D SUHVWD]LRQL FRUULVSHWWLYH H FRQWUDWWL FRQ REEOLJD]LRQL D FDULFR GL XQD SDUWH VROD DG HV OD ILGHLXVVLRQH LO GHSRVLWR JUDWXLWR x &RQWUDWWL D WLWROR RQHURVR H FRQWUDWWL D WLWROR JUDWXLWR x &RQWUDWWL GL VFDPELR H FRQWUDWWL DVVRFLDWLYL QHL SULPL OD SUHVWD]LRQH GL FLDVFXQD SDUWH q D YDQWDJJLR GHOOD FRQWURSDUWH QHL FRQWUDWWL DVVRFLDWLYL OD SUHVWD]LRQH GL FLDVFXQR q GLUHWWD DO FRQVHJXLPHQWR GL XQR VFRSR FRPXQH x &RQWUDWWL FRPPXWDWLYL H FRQWUDWWL DOHDWRUL FRPPXWDWLYL VL GLFRQR L FRQWUDWWL LQ FXL L UHFLSURFL VDFULILFL VRQR FHUWL DOHDWRUL VRQR LQYHFH L FRQWUDWWL QHL TXDOL YL q LQFHUWH]]D VXL UHFLSURFL VDFULILFL x &RQWUDWWL D IRUPD OLEHUD H FRQWUDWWL D IRUPD YLQFRODWD YHGL LO QHJR]LR x &RQWUDWWL FRQVHQVXDOL H FRQWUDWWL UHDOL L SULPL VL SHUIH]LRQDQR FRQ LO VHPSOLFH FRQVHQVR R DFFRUGR GHOOH SDUWL L VHFRQGL ULFKLHGRQR ROWUH LO FRQVHQVR GHOOH SDUWL OD FRQVHJQD GHO EHQH DG HV LO PXWXR LO SHJQR x &RQWUDWWL HIILFDFLD UHDOH H FRQWUDWWL D HIILFDFLD REEOLJDWRULD L SULPL UHDOL]]DQR DXWRPDWLFDPHQWH SHU HIIHWWR GHO VROR FRQVHQVR LO ULVXOWDWR SHUVHJXLWR L VHFRQGL LQYHFH REEOLJDQR OH SDUWL DG DWWXDUH LO ULVXOWDWR SHUVHJXLWR &RQWUDWWR SUHOLPLQDUH FRQWUDWWR FRQ FXL OH SDUWL VL REEOLJDQR D VWLSXODUH XQ VXFFHVVLYR FRQWUDWWR GHILQLWLYR GL FXL SHUDOWUR GHYRQR DYHUH JLj GHWHUPLQDWR QHO SUHOLPLQDUH LO FRQWHQXWR HVVHQ]LDOH ,O SUHOLPLQDUH SHU QRQ HVVHUH LQYDOLGDWR SHU LQGHWHUPLQDWH]]D GHYH JLj SUHVFULYHUH LQ PRGR VXIILFLHQWH LO FRQWHQXWR GHO FRQWUDWWR GHILQLWLYR FKH OH SDUWL VL LPSHJQDQR ILQ GD RUD D VWLSXODUH VXFFHVVLYDPHQWH YDOH D GLUH FKH OD FRQFOXVLRQH GHO GHILQLWLYR QRQ GHYH ULFKLHGHUH QHVVXQD XOWHULRUH GLVFXVVLRQH SHU GHFLGHUH SXQWL HVVHQ]LDOL GHOOÂ¶DFFRUGR GD VRWWRVFULYHUH ,O FRQWUDWWR SUHOLPLQDUH SXz YLQFRODUH DPEHGXH OH SDUWL R XQD VROD &RPH SHU RJQL DOWUR FRQWUDWWR VL SXz FKLHGHUH LO ULVDUFLPHQWR GHL GDQQL VXELWL D FDXVD GHOOÂ¶LQDGHPSLPHQWR GHOOD FRQWURSDUWH

ZZZ VWXGHQWLGHOODFDWWROLFD FRP

/D IRUPD GHO FRQWUDWWR SUHOLPLQDUH q OD VWHVVD FKH q SUHVFULWWD SHU LO FRQWUDWWR GHILQLWLYR OD SURPHVVD GL YHQGLWD GL EHQL LPPRELOL GHYH IDUVL DE VXEVWDQWLDP SHU LVFULWWR SHUFKp XQD SURPHVVD YHUEDOH q QXOOD FRPH XQD YHQGLWD LPPRELOLDUH YHUEDOH 6L KD FHVVLRQH GHO FRQWUDWWR DOORUTXDQGR XQD SDUWH LO FHGHQWH GL XQ FRQWUDWWR RULJLQDULR VWLSXOD FRQ XQ WHU]R LO FHVVLRQDULR XQ QXRYR FRQWUDWWR GL FHVVLRQH FRQ LO TXDOH FHGHQWH H FHVVLRQDULR VL DFFRUGDQR SHU WUDVIHULUH D TXHVW¶XOWLPR LO FRQWUDWWR RULJLQDULR RVVLD WXWWL L UDSSRUWL DWWLYL H SDVVLYL GHULYDQWL GDO FRQWUDWWR FHGXWR Ê LQGLVSHQVDELOH LO FRQVHQVR GHO FHGXWR ,O FRQVHQVR GHOOD FHVVLRQH GD SDUWH GHO FRQWUDHQWH FHGXWR SXz HVVHUH GDWR DQFKH LQ YLD SUHYHQWLYD LQ WDO FDVR OD FHVVLRQH GHO FRQWUDWWR GLYHQWD HIILFDFH FRQ OD VHPSOLFH QRWLILFD]LRQH DO FHGXWR GHOO¶DFFRUGR GL FHVVLRQH WUD FHGHQWH H FHVVLRQDULR ,O FHGHQWH q WHQXWR D JDUDQWLUH DO FHVVLRQDULR OD YDOLGLWj GHO FRQWUDWWR PD QRQ O¶DGHPSLPHQWR GHO FRQWUDWWR GD SDUWH GHO FHGXWR /D FHVVLRQH GHO FRQWUDWWR SXz HVVHUH VWLSXODWD SUHYHGHQGR XQ FRUULVSHWWLYR R D FDULFR GHO FHVVLRQDULR HG D IDYRUH GHO FHGHQWH RYYHUR D FDULFR GHO FHGHQWH HG D IDYRUH GHO FHVVLRQDULR &DS /D FRQFOXVLRQH GHO FRQWUDWWR

3HU JLXQJHUH DOOD VWLSXOD]LRQH GL XQ FRQWUDWWR VSHVVR q QHFHVVDULR XQ SHULRGR GL WUDWWDWLYH VLD SHU QHJR]LDUH LO FRQWHQXWR GHJOL DFFRUGL LQ IRUPD]LRQH VLD SHU VYROJHUH TXHJOL HYHQWXDOL DFFHUWDPHQWL WHFQLFL H OHJDOL FKH SRVVRQR VHUYLUH DG XQD GHOOH SDUWL SHU YDOXWDUH OD FRQYHQLHQ]D GHOO¶DIIDUH 'XUDQWH TXHVWH WUDWWDWLYH OH SDUWL VRQR OLEHUH GL FRQFOXGHUH R PHQR LO FRQWUDWWR PD GHEERQR FRPSRUWDUVL VHFRQGR EXRQD IHGH

&ROSD LQ FRQWUDKHQGR q GL QDWXUD DTXLOLQD R H[WUD FRQWUDWWXDOH 0HQWUH QHO FDVR GL LQDGHPSLPHQWR GHO FRQWUDWWR q ULVDUFLELOH O¶LQWHUR GDQQR GHULYDQWH GDOO¶LQDGHPSLHQ]D LO ULVDUFLPHQWR GRYXWR LQ FDVR GL FXOSD LQ FRQWUDKHQGR GL UHVSRQVDELOLWj SUHFRQWUDWWXDOH q OLPLWDWR DOOH VSHVH H DOOH SHUGLWH FKH VLDQR VWUHWWDPHQWH GLSHQGHQWL GDOOH WUDWWDWLYH H DO YDQWDJJLR FKH OD SDUWH DYUHEEH SRWXWR FRQVHJXLUH VH LQYHFH GL LPSLHJDUH OD VXD DWWLYLWj QHOOD WUDWWDWLYD IDOOLWD VL IRVVH GHGLFDWD DG DOWUH FRQWUDWWD]LRQL &L VRQR GLYHUVH PRGDOLWj FRQ OH TXDOL XQ FRQWUDWWR SXz HVVHUH FRQFOXVR VRWWRVFULYHQGR XQ XQLFR GRFXPHQWR DWWUDYHUVR OR VFDPELR GL GXH GLFKLDUD]LRQL VFULWWH LGHQWLFKH ILUPDWH FLDVFXQD GD XQD SDUWH VROD R YHUEDOPHQWH 1HO SURFHGLPHQWR GL IRUPD]LRQH GHO FRQWUDWWR GXH VRQR JOL DWWL IRQGDPHQWDOL OD SURSRVWD H O¶DFFHWWD]LRQH TXHVWH VRQR HQWUDPEH SUHQHJR]LDOL 3URSRVWD H DFFHWWD]LRQH FRVWLWXLVFRQR HQWUDPEH GLFKLDUD]LRQL GL YRORQWj XQLODWHUDOL TXDQGR DOOD SUHSRVWD VHJXH O¶DFFHWWD]LRQH DOORUD VL KD O¶DFFRUGR SURSRVWD HG DFFHWWD]LRQH VL IRQGRQR LQ XQD YRORQWj XQLFD OD YRORQWj FRQWUDWWXDOH ,O FRQWUDWWR VL FRQVLGHUD FRQFOXVR QHO PRPHQWR H QHO OXRJR LQ FXL LO SURSRQHQWH KD FRQRVFHQ]D GHOO¶DFFHWWD]LRQH GHOOD SURSRVWD FRPXQLFDWDJOL GDOOD FRQWURSDUWH 7HRULD GHOOD FRJQL]LRQH VWDELOLVFH OD SUHVXQ]LRQH FKH OD GLFKLDUD]LRQH GLUHWWD DG XQD SHUVRQD VL UHSXWD FRQRVFLXWD GD TXHVWD QRQ DSSHQD JLXQWD QHOOD FDVD R QHOO¶D]LHQGD GHO GHVWLQDWDULR SHUWDQWR SHU GLPRVWUDUH FKH LO FRQWUDWWR VL q SHUIH]LRQDWR q VXIILFLHQWH GLPRVWUDUH FKH OD GLFKLDUD]LRQH GL DFFHWWD]LRQH q SHUYHQXWD DOO¶LQGLUL]]R GHO SURSRQHQWH

ZZZ VWXGHQWLGHOODFDWWROLFD FRP

/D SURSRVWD H OÂ¶DFFHWWD]LRQH SRVVRQR HVVHUH ULWLUDWH PHGLDQWH XQ DWWR XJXDOH H FRQWUDULR FKH VL FKLDPD UHYRFD /D SURSRVWD SXz HVVHUH UHYRFDWD ILQFKp LO FRQWUDWWR QRQ VLD FRQFOXVR WXWWDYLD VH OÂ¶DFFHWWDQWH QH KD LQWUDSUHVR LQ EXRQD IHGH OÂ¶HVHFX]LRQH SULPD GL DYHUH QRWL]LD GHOOD UHYRFD LO SURPLWWHQWH q WHQXWR D LQGHQQL]]DUOR GHOOH VSHVH H GHOOH SHUGLWH GD OXL VXELWH SHU OÂ¶LQL]LDWD HVHFX]LRQH GHO FRQWUDWWR $QFKH OÂ¶DFFHWWD]LRQH SXz HVVHUH UHYRFDWD PD OD UHYRFD SHU HVVHUH HIILFDFH GHYH JLXQJHUH D FRQRVFHQ]D GHO SURSRQHQWH SULPD FKH JOL SHUYHQJD OÂ¶DFFHWWD]LRQH /D SURSRVWD SHUGH DXWRPDWLFDPHQWH HIILFDFLD VH SULPD FKH LO FRQWUDWWR VLD SHUIH]LRQDWR LO SURSRQHQWH PXRUH R GLYHQWD LQFDSDFH LQWUDVPLVVLELOLWj GHOOD SURSRVWD ,O SURSRQHQWH SXz DQFKH SUHFOXGHUVL OD IDFROWj GL UHYRFD GLFKLDUDQGR FKH OD SURSRVWD q LUUHYRFDELOH LQ WDO FDVR XQD HYHQWXDOH UHYRFD VDUHEEH LQHIILFDFH 8Q SDUWLFRODUH WLSR GL SURSRVWD q OÂ¶RIIHUWD DO SXEEOLFR FKH q YDOLGD EHQFKp LQGLUL]]DWD D GHVWLQDWDUL LQGHWHUPLQDWL SXUFKp FRQWHQJD JOL HVWUHPL HVVHQ]LDOL GHO FRQWUDWWR DOOD FXL FRQFOXVLRQH q GLUHWWD /Â¶RIIHUWD DO SXEEOLFR q UHYRFDELOH FRPH RJQL DOWUD SURSRVWD FRQWUDWWXDOH OD UHYRFD q HIILFDFH DQFKH LQ FRQIURQWR GL FKL HVVHQGR LQ SUHFHGHQ]D YHQXWR D FRQRVFHQ]D GHOOÂ¶RIIHUWD QRQ VLD LQYHFH YHQXWR D FRQRVFHQ]D GHOOD UHYRFD 'LVFLSOLQH SDUWLFRODUL VRQR GHWWDWH SHU SURFHGHUH DOOÂ¶DFTXLVWR R DOOD YHQGLWD PHGLDQWH RIIHUWH DO SXEEOLFR GL D]LRQL R GL REEOLJD]LRQL R GL TXDOVLDVL DOWUR YDORUH PRELOLDUH LWDOLDQR R HVWHUR

/D SURSRVWD q LUUHYRFDELOH VH LO SURSRQHQWH VL q LPSHJQDWR D PDQWHQHUOD IHUPD SHU XQ FHUWR WHPSR $OOD SURSRVWD LUUHYRFDELOH YD SDULILFDWD TXDQWR DJOL HIIHWWL OÂ¶RS]LRQH FKH VL KD SHUDOWUR TXDQGR LO YLQFROR GHOOÂ¶LUUHYRFDELOLWj GHOOD SURSRVWD QRQ FRQVHJXH DG XQ LPSHJQR DVVXQWR XQLODWHUDOPHQWH GDO SURSRQHQWH PD DG XQ DFFRUGR VWLSXODWR WUD OH SDUWL DFFRUGR FKH SXz LQHULUH R PHQR DG XQD SL YDVWD FRQYHQ]LRQH H FKH SXz DYHUH R PHQR XQ FRUULVSHWWLYR ,O YLQFROR GHULYDQWH GDOOÂ¶RS]LRQH QRQ SXz GXUDUH DOOÂ¶LQILQLWR H TXLQGL VH QRQ q VWDWR ILVVDWR XQ WHUPLQH GL YDOLGLWj GHO YLQFROR TXHVWR q VWDELOLWR GDO JLXGLFH &RQ OÂ¶RS]LRQH LO EHQHILFLDULR q OLEHUR GL DFFHWWDUH R PHQR OD SURSRVWD PD VH DFFHWWD LO FRQWUDWWR q VHQ]Â¶DOWUR SHUIH]LRQDWR H QRQ RFFRUUH DWWHQGHUH XQ XOWHULRUH FRQVHQVR GHOOD FRQWURSDUWH 'LULWWR GL SUHOD]LRQH q LO GLULWWR GL HVVHUH SUHIHULWR DG RJQL DOWUR D SDULWj GL FRQGL]LRQL QHO FDVR LQ FXL OD SHUVRQD VRJJHWWD DOOD SUHOD]LRQH GRYHVVH GHFLGHUVL D VWLSXODUH XQ GHWHUPLQDWR FRQWUDWWR /D SUHOD]LRQH SXz HVVHUH YRORQWDULD TXDQGR YLHQH FRQFHVVD FRQ XQ DFFRUGR WUD L SULYDWL RYYHUR SXz HVVHUH OHJDOH RVVLD DFFRUGDWD GD XQD QRUPD GL OHJJH ULFRUUHQGR GHWHUPLQDWL SUHVXSSRVWL SHU ILQDOLWj GL LQWHUHVVH OHJDOH /D SUHOD]LRQH YRORQWDULD QRQ q RSSRQLELOH DL WHU]L HG KD TXLQGL PHUD HIILFDFLD REEOLJDWRULD QRQ q FRVu TXDQGR VL WUDWWL GL SUHOD]LRQH OHJDOH OD SUHOD]LRQH q RSSRQLELOH DL WHU]L FRVLFFKp LQ FDVR GL VXD YLROD]LRQH LO WLWRODUH KD GLULWWR GL ULVFDWWDUH LO EHQH GDO WHU]R DFTXLUHQWH

&RQWUDWWL SHU DGHVLRQH OH LPSUHVH FKH KDQQR D FKH IDUH FRQ PROWLVVLPL FOLHQWL TXHOOH WHOHIRQLFKH DG HV SHU VHPSOLILFDUH OÂ¶RUJDQL]]D]LRQH SUHGLVSRQJRQR Â³PRGXOLÂ´

ZZZ VWXGHQWLGHOODFDWWROLFD FRP

VWDQGDUG GL FRQWUDWWR R Â³IRUPXODULÂ´ FRQWUDWWXDOL FKH IDQQR VRWWRVFULYHUH DOOH FRQWURSDUWL H QHL TXDOL LQVHULVFRQR FODXVROH XQLIRUPL FKH OÂ¶HVSHULHQ]D KD GLPRVWUDWR SHU ORUR YDQWDJJLRVH H FKH LO FOLHQWH QRQ SXz GLVFXWHUH R DGHULVFH DFFHWWDQGROH LQ EORFFR R ULILXWD /D OHJJH KD ULFRQRVFLXWR HIILFDFLD D TXHVWL FRQWUDWWL PD KD YROXWR WXWHODUH DQFKH OÂ¶DOWUR FRQWUDHQWH SHU OH SL JUDYL FODXVROH LQGLFDWH QHOOÂ¶DUW GHWWH FODXVROH YHVVDWRULH TXDOL OD IDFROWj GL UHFHGHUH GDO FRQWUDWWR ULFKLHGHQGRQH OD VSHFLILFD DSSURYD]LRQH SHU LVFULWWR GD SDUWH GHO FRQWUDHQWH JUDYDWR LQ PRGR FKH VX GL HVVH VLD ULFKLDPDWD OD VXD DWWHQ]LRQH /D PDQFDQ]D GL TXHVWD DSSURYD]LRQH Gj OXRJR D GLIHWWR GL QRUPD HVVHQ]LDOH R FRVWLWXWLYD H SURGXFH TXLQGL OD QXOOLWj GHOOD FODXVROD YHVVDWRULD ULOHYDELOH SHUFLz DQFKH GL XIILFLR GDO JLXGLFH 'DO FRQWUDWWR SHU DGHVLRQH VL GLVWLQJXH LO FRQWUDWWR DSHUWR DOOÂ¶DGHVLRQH GL WHU]L R FRQWUDWWR SOXULHQQDOH DSHUWR VH FRVWLWXLVFR XQD VRFLHWj &DS *OL HIIHWWL GHO FRQWUDWWR

)LQFKp LO FRQWUDWWR QRQ q SHUIH]LRQDWR OH SDUWL FRQVHUYDQR OD ORUR OLEHUWj GL DGGLYHQLUH R PHQR DOOD VWLSXOD]LRQH Â³LO FRQWUDWWR KD IRU]D GL OHJJH IUD OH SDUWLÂ´ 8QD YROWD SHUIH]LRQDWR LO FRQWUDWWR QRQ q DPPHVVR LO UHFHVVR XQLODWHUDOH XQ FRQWUDWWR SXz HVVHUH VFLROWR VROR FRQ XQR VSHFLILFR DFFRUGR LQ WDO VHQVR PXWXR FRQVHQVR R SHU FDXVH DPPHVVH GDOOD OHJJH 7DOYROWD q OD OHJJH FKH DWWULEXLVFH DG XQD GHOOH SDUWL LO GLULWWR GL UHFHGHUH GD XQ FRQWUDWWR RYH VL YHULILFKLQR GHWHUPLQDWL SUHVXSSRVWL VRSUDWWXWWR QHL FRQWUDWWL DG HVHFX]LRQH SURWUDWWD QHO WHPSR FRQWUDWWL GL GXUDWD

*OL HIIHWWL GHO FRQWUDWWR SHU TXDQWR ULJXDUGD OH SDUWL FRUULVSRQGRQR LQ OLQHD GL SULQFLSLR DO FRQWHQXWR GHL ORUR DFFRUGL 1HOOÂ¶LQWHUSUHWDUH LO FRQWUDWWR VL GHYH LQGDJDUH TXDOH VLD VWDWD OD FRPXQH LQWHQ]LRQH GHOOH SDUWL DOOD OXFH GHO ORUR FRPSRUWDPHQWR FRPSOHVVLYR H TXHOOD SHU FXL LO FRQWUDWWR GHYH HVVHUH LQWHUSUHWDWR Â³VHFRQGR EXRQD IHGHÂ´ 1HOOD GHWHUPLQD]LRQH GHJOL HIIHWWL GHO FRQWUDWWR QRQ VL GHYH WHQHU FRQWR VROWDQWR GHOOH FODXVROH SDWWXLWH GDOOH SDUWL Oj GRYH TXHVWH QRQ DEELDQR GLVSRVWR RFFRUUH SURYYHGHUH DOOD LQWHJUD]LRQH GHO FRQWUDWWR DSSOLFDQGR OH HYHQWXDOL QRUPH GLVSRVLWLYH R JOL XVL R OÂ¶HTXLWj 0D OD OHJJH QRQ LQWHUYLHQH VROWDQWR FRQ IXQ]LRQH LQWHJUDWULFH GHOOD YRORQWj SULYDWD EHQVu SXUH FRQ IXQ]LRQH LPSHUDWLYD FKH DQQXOOD RJQL FRQWUDULD SDWWXL]LRQH GHL SULYDWL , SULQFLSL ILVVDWL GDOOD OHJJH SHU ILVVDUH LO PRPHQWR LQ FXL KD OXRJR LO SDVVDJJLR GL SURSULHWj VRQR x 6H VL WUDWWD GL FRVD GHWHUPLQDWD OD SURSULHWj SDVVD SHU HIIHWWR GHO FRQVHQVR PDQLIHVWDWR QHOOH IRUPH GL OHJJH SHU JOL LPPRELOL OÂ¶DWWR VFULWWR SHU L PRELOL DQFKH YHUEDOPHQWH x 6H VL WUDWWD GL FRVH GHWHUPLQDWH VROR QHO JHQHUH OD SURSULHWj VL WUDVPHWWH FRQ OÂ¶LQGLYLGXD]LRQH GHOOH FRVH PHGLDQWH SHVDWXUD R PLVXUD]LRQH

1HOOD ULVROX]LRQH GHO FRQWUDWWR IUD L WLWRODUL GL SL GLULWWL SHUVRQDOL GL JRGLPHQWR FRQFHGR LO GLULWWR DG $ H SRL D % FKL GHL GXH q SUHIHULWR" OD SUHIHUHQ]D VSHWWD D FROXL FKH SXz

ZZZ VWXGHQWLGHOODFDWWROLFD FRP

GLPRVWUDUH GL DYHUH FRQFOXVR LO FRQWUDWWR LQ GDWD DQWHULRUH SXUFKp TXHVWD ULVXOWL LQ PRGR FHUWR LQ RJQL FDVR LO FRQWUDHQWH FKH YLHQH VDFULILFDWR KD GLULWWR DO ULVDUFLPHQWR GHL GDQQL

7DOYROWD OH SDUWL LQVHULVFRQR QHO FRQWUDWWR XQD FODXVROD FRQ FXL VWDELOLVFRQR H[ DQWH FRQ ULIHULPHQWR DG XQD VSHFLILFD REEOLJD]LRQH FKH XQR GHL FRQWUDHQWL GHYH DGHPSLHUH TXDQWR GRYUj HVVHUH SDJDWR D WLWROR SHQDOH VH LO GHELWRUH GRYHVVH UHQGHUVL LQDGHPSLHQWH SHU TXHVWR PRWLYR VL GLFH FKH WDOH FODXVROD FRQWLHQH XQD OLTXLGD]LRQH FRQYHQ]LRQDOH DQWLFLSDWD GHO GDQQR FODXVROD SHQDOH /D SHQDOH SXz HVVHUH SUHYLVWD VLD SHU LO FDVR GL LQDGHPSLPHQWR DVVROXWR FKH SHU LO FDVR GL VHPSOLFH ULWDUGR &RQ OD FODXVROD SHQDOH QRQ YD FRQIXVD OD FDSDUUD TXHVWD SXz HVVHUH FRQILUPDWRULD R SHQLWHQ]LDOH /D SULPD q OD SL IUHTXHQWH H FRUULVSRQGH DOOD SUDVVL DQWLFKLVVLPD GL FRQVHJQDUH DOOÂ¶DOWUD SDUWH DO PRPHQWR GHOOD FRQFOXVLRQH GHO FRQWUDWWR XQD VRPPD GL GDQDUR R XQD TXDQWLWj GL FRVH IXQJLELOL D FRQIHUPD GHOOD VHULHWj GHO YLQFROR DVVXQWR H D WLWROR GL DFFRQWR VXO SUH]]R GRYXWR /D VHFRQGD FRVWLWXLVFH DO SDUL GHOOD PXOWD SHQLWHQ]LDOH LO FRUULVSHWWLYR GHO GLULWWR GL UHFHVVR FRQYHQ]LRQDOPHQWH VWDELOLWR FKL UHFHGH SHUGH OD FDSDUUD GDWD R GHYH UHVWLWXLUH LO GRSSLR GL TXHOOD FKH KD ULFHYXWR OD SDUWLWD q FKLXVD *OL HIIHWWL GHO FRQWUDWWR VRQR OLPLWDWL DOOH SDUWL 3HUFKp VL DEELD FRQWUDWWR D IDYRUH GL WHU]L q LQGLVSHQVDELOH FKH OH SDUWL DEELDQR HVSUHVVDPHQWH YROXWR H SDWWXLWR QRQ JLj XQ JHQHULFR YDQWDJJLR GL IDWWR PHUDPHQWH HFRQRPLFR D IDYRUH GHO WHU]R EHQVu SURSULR OÂ¶DWWULEX]LRQH DO WHU]R GHOOD WLWRODULWj GL XQ GLULWWR D SRWHU SUHWHQGHUH HJOL VWHVVR FRQ SURSULD SLHQD GLVFUH]LRQDOLWj H GLUHWWDPHQWH GDOOÂ¶REEOLJDWR OÂ¶HVHFX]LRQH GHOOD SUHVWD]LRQH SURPHVVD FRQWUDWWR GL DVVLFXUD]LRQH VXOOD YLWD D IDYRUH GL XQ WHU]R ,O WHU]R DFTXLVWD LO GLULWWR YHUVR FKL KD IDWWR OD SURPHVVD PD TXHVWR DFTXLVWR QRQ q VWDELOH H GHILQLWLYR FDXVD GHOOÂ¶DFTXLVWR GHO GLULWWR D IDYRUH GHO WHU]R q LO FRQWUDWWR D VXR IDYRUH &DS /D UHVFLVVLRQH H OD ULVROX]LRQH GHO FRQWUDWWR

/D UHVFLVVLRQH GHO FRQWUDWWR SXz FKLHGHUVL SHU DQRPDOLH JHQHULFKH OR VWDWR GL SHULFROR LQ FXL q VWDWR FRQFOXVR LO FRQWUDWWR q UHVFLQGLELOH DQFKH VH OR VWDWR GL SHULFROR q VWDWR YRORQWDULDPHQWH FDXVDWR R HUD HYLWDELOH RSSXUH D FDXVD GHOOÂ¶LQLTXLWj GHOOH FRQGL]LRQL D FXL LO FRQWUDHQWH KD GRYXWR VRJJLDFHUH SHU OHVLRQH

/D UHVFLVVLRQH SHU OHVLRQH q YLVWD FRPH ULPHGLR FRQWUR L FRQWUDWWL QHL TXDOL YL VLD XQD VSURSRU]LRQH DEQRUPH WUD OH GXH SUHVWD]LRQL 6L ULFKLHGRQR OD OHVLRQH HOHPHQWR RJJHWWLYR RVVLD XQD VSURSRU]LRQH WUD OD SUHVWD]LRQH GL XQD SDUWH H TXHOOD GHOOÂ¶DOWUD OR VWDWR GL ELVRJQR VLWXD]LRQH GL GLIILFROWj WDOH GD LQFLGHUH VXOOD OLEHUD GHWHUPLQD]LRQH D FRQWUDUUH H GD IXQ]LRQDUH FRPH PRWLYR GHOOÂ¶DFFHWWD]LRQH GHOOD VSURSRU]LRQH IUD OH SUHVWD]LRQL GD SDUWH GHO FRQWUDHQWH GDQQHJJLDWR OÂ¶DSSURILWWDPHQWR GHOOR VWDWR GL ELVRJQR GHOOD SDUWH GDQQHJJLDWD SHU HOLPLQDUH OÂ¶HOHPHQWR RJJHWWLYR GHOOD VSURSRU]LRQH QRQ YL q FKH XQ VROR PH]]R SUHVWDUH LO VXSSOHPHQWR

ZZZ VWXGHQWLGHOODFDWWROLFD FRP

/D UHVFLVVLRQH QRQ KD HIILFDFLD UHWURDWWLYD

Ê SUHYLVWD OD ULVROX]LRQH GHO FRQWUDWWR SHU LQDGHPSLPHQWR LPSRVVLELOLWj VRSUDYYHQXWD H SHU HFFHVVLYD RQHURVLWj 6H XQ FRQWUDHQWH q LQDGHPSLHQWH DOO¶DOWUD SDUWH YLHQH ODVFLDWD OD IDFROWj GL VFHJOLHUH WUD GXH YLH LQVLVWHUH SHU O¶DGHPSLPHQWR GHJOL DFFRUGL PDQXWHQ]LRQH GHO FRQWUDWWR RSSXUH FKLHGHUH OD ULVROX]LRQH GHO FRQWUDWWR RVVLD FKH LO FRQWUDWWR YHQJD VFLROWR H FRQVLGHUDWR FRPH VH QRQ IRVVH PDL VWDWR VWLSXODWR DYHQGR LO GLULWWR GL SUHWHQGHUH LO ULVDUFLPHQWR GHL GDQQL VXELWL 6H VL VFHJOLH XQD QRQ VL SXz SL FDPELDUH LGHD 3HU RWWHQHUH OD ULVROX]LRQH GHO FRQWUDWWR RFFRUUH SURSRUUH XQD GRPDQGD JLXGL]LDOH H VSHWWHUj DO JLXGLFH LQ FDVR GL FRQWHVWD]LRQH DFFHUWDUH VH YHUDPHQWH YL q VWDWR LQDGHPSLPHQWR GHO FRQWUDWWR H VH GLWDOH LQDGHPSLPHQWR q UHVSRQVDELOH LO FRQYHQXWR /D ULVROX]LRQH KD HIILFDFLD UHWURDWWLYD TXLQGL OH SUHVWD]LRQL JLj HVHJXLWH GHYRQR HVVHUH UHVWLWXLWH /D ULVROX]LRQH GHO FRQWUDWWR SXz LQWHUYHQLUH QRQ VROWDQWR SHU HIIHWWR GL XQD VHQWHQ]D GHO JLXGLFH PD DQFKH GL GLULWWR LQ WUH FDVL FODXVROD ULVROXWLYD HVSUHVVD FODXVROD FRQ OD TXDOH OH SDUWL SUHYHGRQR HVSUHVVDPHQWH FKH LO FRQWUDWWR GRYUj FRQVLGHUDUVL DXWRPDWLFDPHQWH ULVROWR TXDORUD XQD GHWHUPLQDWD REEOLJD]LRQH QRQ YHQJD DGHPSLXWD DIIDWWR R FRPXQTXH QRQ YHQJD HVHJXLWD ULVSHWWDQGR OH PRGDOLWj SDWWXLWH GLIILGD DG DGHPSLHUH OD SDUWH QRQ LQDGHPSLHQWH SXz RWWHQHUH HJXDOPHQWH FKH OD ULVROX]LRQH RSHUL GL GLULWWR PHGLDQWH XQD GLIILGD DG DGHPSLHUH RVVLD PHGLDQWH XQD GLFKLDUD]LRQH VFULWWD FRQ OD TXDOH LQWLPD DOO¶DOWUR FRQWUDHQWH GL SURYYHGHUH DOO¶DGHPSLPHQWR HQWUR XQ WHUPLQH FRQJUXR QRQ LQIHULRUH D JLRUQL WHUPLQH HVVHQ]LDOH LO WHUPLQH VL GLFH HVVHQ]LDOH TXDQGR OD SUHVWD]LRQH GLYHQWD LQXWLOH SHU LO FUHGLWRUH TXDORUD QRQ YHQJD HVHJXLWD HQWUR LO WHUPLQH VWDELOLWR

/D SDUWH WHQXWD DG DGHPSLHUH VXFFHVVLYDPHQWH SXz OHJLWWLPDPHQWH ULILXWDUH GL HVHJXLUH OD SUHVWD]LRQH GD OHL GRYXWD TXDORUD O¶DOWUD SDUWH QRQ DEELD DQFRUD HVHJXLWR OD SURSULD 4XDORUD OH SUHVWD]LRQL GHEEDQR HVVHUH HVHJXLWH LQ XQLFR FRQWHVWR FLDVFXQD SDUWH SXz ULILXWDUVL GL DGHPSLHUH OD VXD REEOLJD]LRQH VH O¶DOWUD QRQ DGHPSLH R QRQ RIIUH GL DGHPSLHUH FRQWHPSRUDQHDPHQWH OD SURSULD Ê DWWULEXLWD D FLDVFXQ FRQWUDHQWH OD IDFROWj GL VRVSHQGHUH O¶HVHFX]LRQH GHOOD SUHVWD]LRQH GD OXL GRYXWD VH OH FRQGL]LRQL SDWULPRQLDOL GHOO¶DOWUR VRQR GLYHQXWH WDOL GD SRUUH LQ HYLGHQWH SHULFROR LO FRQVHJXLPHQWR GHOOD FRQWURSUHVWD]LRQH /D FODXVROD VROYH HW UHSHWH LPSRUWD ULQXQFLD DO GLULWWR GL RSSRUUH HFFH]LRQL HG q GLUHWWD D UDIIRU]DUH LO YLQFROR FRQWUDWWXDOH KD L VHJXHQWL OLPLWL x HVVD QRQ KD HIIHWWR SHU OH HFFH]LRQL GL QXOOLWj GL DQQXOODELOLWj H GL UHVFLVVLRQH GHO FRQWUDWWR x LO JLXGLFH VH ULFRQRVFH FKH FRQFRUURQR JUDYL PRWLYL SXz VRVSHQGHUH OD FRQGDQQD DOO¶DGHPSLPHQWR GHOOD SUHVWD]LRQH

/¶LPSRVVLELOLWj VRSUDYYHQXWD GHOOD SUHVWD]LRQH HVWLQJXH O¶REEOLJD]LRQH H WDOH ULVROX]LRQH RSHUD GL GLULWWR VH OD SUHVWD]LRQH q GLYHQXWD VROR SDU]LDOPHQWH LPSRVVLELOH OD ULVROX]LRQH QRQ q WRWDOH PD SDU]LDOH 6H OD SUHVWD]LRQH FKH q UHVLGXDWD QRQ RIIUH XQ LQWHUHVVH DSSUH]]DELOH SHU LO FUHGLWRUH HJOL SXz UHFHGHUH GDO FRQWUDWWR

ZZZ VWXGHQWLGHOODFDWWROLFD FRP

8Q DFFRUGR VDUHEEH YLQFRODQWH VROWDQWR D FRQGL]LRQH FKH QRQ VL PRGLILFKLQR L UDSSRUWL GL YDORUH WUD OH SUHVWD]LRQL RJJHWWR GHOOR VFDPELR 6L KD SHUWDQWR GLULWWR DOOD ULVROX]LRQH GHO FRQWUDWWR SHU HFFHVVLYD RQHURVLWj TXDQGR FRQFRUURQR OH VHJXHQWL FRQGL]LRQL FKH VL WUDWWL GL FRQWUDWWL SHU L TXDOL q SUHYLVWR LO GHFRUVR GL XQ LQWHUYDOOR GL WHPSR WUD OD VWLSXOD]LRQH GHOOÂ¶DFFRUGR H OD VXD HVHFX]LRQH FKH VL YHULILFKL XQD HFFHVVLYD RQHURVLWj VRSUDYYHQXWD GHOOD SUHVWD]LRQH GL XQD GHOOH GXH SDUWL FKH OÂ¶HFFHVVLYD RQHURVLWj GLSHQGD GD DYYHQLPHQWL VWUDRUGLQDUL H LPSUHYHGLELOL /D ULVROX]LRQH SHU HFFHVVLYD RQHURVLWj QRQ LPSOLFD DL FRQWUDWWL DOHDWRUL SHU L TXDOL q QRUPDOH OÂ¶DFFHWWD]LRQH GL XQ ULVFKLR SDUWLFRODUH /D SDUWH FRQWUR OD TXDOH q GRPDQGDWD OD ULVROX]LRQH SXz HYLWDUOD RIIUHQGR GL PRGLILFDUH HTXDPHQWH OH FRQGL]LRQL GHO FRQWUDWWR VL YHULILFD DOORUD QRQ OD ULVROX]LRQH PD OD UHYLVLRQH GHO FRQWUDWWR , &2175$77, 7,3,&, &DS 3UHPHVVD

&RQWUDWWL WLSLFL FRQWUDWWL FKH SHU OD ORUR PDJJLRUH LPSRUWDQ]D R SHU OD ORUR PDJJLRUH IUHTXHQ]D VRQR VWDWL VSHFLILFDWDPHQWH UHJRODWL GDO OHJLVODWRUH 1HL FRQWUDWWL FRQFOXVL IXRUL GDL ORFDOL FRPPHUFLDOL LO FRQVXPDWRUH YLHQH WXWHODWR FRQ XQ GLULWWR GL UHFHVVR HVHUFLWDELOH HQWUR VHWWH JLRUQL GDO SHUIH]LRQDPHQWR GHO FRQWUDWWR R GDO ULFHYLPHQWR GHOOD PHUFH LO UHFHVVR GHYH HVVHUH FRPXQLFDWR PHGLDQWH OHWWHUD UDFFRPDQGDWD WHOHJUDPPD WHOH[ R ID[ SXUFKp FRQIHUPDWL FRQ OHWWHUD UDFFRPDQGDWD &DS /D FRPSUDYHQGLWD

/D FRPSUDYHQGLWD q LO FRQWUDWWR FKH KD SHU RJJHWWR LO WUDVIHULPHQWR GHOOD SURSULHWj GL XQD FRVD R LO WUDVIHULPHQWR GL XQ DOWUR GLULWWR YHUVR LO FRUULVSHWWLYR GL XQ SUH]]R FKH q HOHPHQWR HVVHQ]LDOH GHOOD YHQGLWD H FRQVLVWH LQ XQ FRUULVSHWWLYR LQ GHQDUR /D YHQGLWD q XQ FRQWUDWWR FRQVHQVXDOH SHU LO VXR SHUIH]LRQDPHQWR QRQ RFFRUUH OD FRQVHJQD GHOOD FRVD FKH LQYHFH FRVWLWXLVFH XQD GHOOH REEOLJD]LRQL GHO YHQGLWRUH /D YHQGLWD q DQFKH XQ FRQWUDWWR DG HIIHWWL UHDOL OD SURSULHWj VL WUDVPHWWH DXWRPDWLFDPHQWH SHU HIIHWWR GHO FRQVHQVR GHOOH SDUWL 3UHOLPLQDUH GL YHQGLWD OH SDUWL QRQ WUDVIHULVFRQR DQFRUD LO GLULWWR RJJHWWR GHOOÂ¶DFFRUGR Qp VL LPSHJQDQR DO SDJDPHQWR GHO SUH]]R PD VL OLPLWDQR DG REEOLJDUVL D VWLSXODUH VXFFHVVLYDPHQWH OD YHQGLWD 2S]LRQH GL YHQGLWD LO EHQHILFLDULR QRQ KD SL ELVRJQR GHO FRQVHQVR GHOOD FRQWUR SDUWH H SXz SHUIH]LRQDUH OD YHQGLWD FRQ XQD VXD GLFKLDUD]LRQH XQLODWHUDOH GL DFFHWWD]LRQH GHOOH FRQGL]LRQL FRQWUDWWXDOL ILVVDWH QHOOÂ¶RS]LRQH 3UHOD]LRQH TXDORUD GHFLGHVVL GL YHQGHUH TXHVWR WHUUHQR D SDULWj GL FRQGL]LRQL SUHIHULUz WH D TXDOVLDVL DOWUR

/D YHQGLWD KD GL UHJROD HIIHWWL UHDOL RVVLD SURGXFH LQ YLUW GHO FRQVHQVR LO WUDVIHULPHQWR GHOOD SURSULHWj GHOOD FRVD R LQ JHQHUH GHO GLULWWR RJJHWWR GHOOD YHQGLWD ,Q DOFXQL FDVL TXHVWR HIIHWWR QRQ SXz YHULILFDUVL VXELWR H LO FRQWUDWWR KD HIILFDFLD REEOLJDWRULD OH ILJXUH SL LPSRUWDQWL VRQR x OD YHQGLWD DOWHUQDWLYD ELVRJQD VFHJOLHUH

ZZZ VWXGHQWLGHOODFDWWROLFD FRP

x x x

ZZZ VWXGHQWLGHOODFDWWROLFD FRP

OD YHQGLWD GL FRVD IXWXUD OD YHQGLWD GL FRVH JHQHULFKH EHQ]LQD VWRIID LQGLFDWH TXDQWLWDWLYDPHQWH PD QRQ DQFRUD VSHFLILFDWH OD YHQGLWD GL FRVD DOWUXL

/H REEOLJD]LRQL GHO YHQGLWRUH VRQR IDUH DFTXLVWDUH DO FRPSUDWRUH OD SURSULHWj GHOOD FRVD R OD WLWRODULWj GHO GLULWWR RJJHWWR GHOOR VFDPELR VH OÂ¶DFTXLVWR QRQ q HIIHWWR DXWRPDWLFR GHO FRQWUDWWR FRQVHJQDUH OD FRVD DO FRPSUDWRUH JDUDQWLUH LO FRPSUDWRUH GDOOÂ¶HYL]LRQH H GDL YL]L GHOOD FRVD /D OHJJH DWWULEXLVFH DO FRPSUDWRUH XQD SDUWLFRODUH WXWHOD SHU LO FDVR LQ FXL VLD GLVWXUEDWR QHO JRGLPHQWR GHO EHQH DFTXLVWDWR SHU HIIHWWR GL SUHWHVH FKH WHU]L IDFFLDQR YDOHUH QHL VXRL FRQIURQWL $O ULJXDUGR YDQQR GLVWLQWH YDULH LSRWHVL (YL]LRQH WRWDOH DOOXGH DOOD VLWXD]LRQH GHO FRPSUDWRUH FKH VLD ULPDVWR VRFFRPEHQWH QHO JLXGL]LR LQVWDXUDWR FRQWUR GL OXL GD XQ WHU]R FKH SUHWHQGH GL HVVHUH LO SURSULHWDULR GHO EHQH H FKH ULHVFH D IDU FRQGDQQDUH LO FRPSUDWRUH D FRQVHJQDUJOL OD FRVD 6H LO FRPSUDWRUH VXELVFH OÂ¶HYL]LRQH KD GLULWWR GL SUHWHQGHUH GDO YHQGLWRUH OD UHVWLWX]LRQH GHO SUH]]R H GHOOH VSHVH VXELWH HG KD DOWUHVu GLULWWR DO ULVDUFLPHQWR GHL GDQQL VH LJQRUDYD OÂ¶DOWUXLWj GHOOD FRVD (YL]LRQH SDU]LDOH LO FRPSUDWRUH KD GLULWWR DOOD ULVROX]LRQH GHO FRQWUDWWR TXDORUD GHEED ULWHQHUVL FKH QRQ DYUHEEH DFTXLVWDWR OD FRVD VHQ]D OD SDUWH SHU OD TXDOH KD VXELWR OÂ¶HYL]LRQH &RVD JUDYDWD GD RQHUL R GD GLULWWL GL JRGLPHQWR GL WHU]L LO FRPSUDWRUH FKH QRQ QH DEELD DYXWR FRQRVFHQ]D SXz GRPDQGDUH OD ULVROX]LRQH GHO FRQWUDWWR TXDORUD GHEED ULWHQHUVL FKH QRQ DYUHEEH DFTXLVWDWR OD FRVD VH QH IRVVH VWDWR D FRQRVFHQ]D RSSXUH XQD ULGX]LRQH GHO SUH]]R ROWUH DO GLULWWR DO ULVDUFLPHQWR GHL GDQQL

9L]L GL XQD FRVD VRQR OH LPSHUIH]LRQL R OH DOWHUD]LRQL GHO EHQH GRYXWH DOOD VXD SURGX]LRQH R DOOD VXD FRQVHUYD]LRQH ,O YHQGLWRUH q WHQXWR DOOD JDUDQ]LD TXDQGR L YL]L VLDQR WDOL R GD UHQGHUH LO EHQH LQLGRQHR DOOÂ¶XVR D FXL q GHVWLQDWR R GD GLPLQXLUQH LQ PRGR DSSUH]]DELOH LO YDORUH /D JDUDQ]LD QRQ q GRYXWD VH DO PRPHQWR GHO FRQWUDWWR LO FRPSUDWRUH WUDWWDQGRVL GL YHQGLWD GL FRVD VSHFLILFD FRQRVFHYD L YL]L GHOOD FRVD ,O FRPSUDWRUH KD OÂ¶RQHUH GL GHQXQFLDUH OÂ¶HVLVWHQ]D GHL YL]L HQWUR RWWR JLRUQL 6H DO FRPSUDWRUH YLHQH FRQVHJQDWR XQ EHQH UDGLFDOPHQWH GLYHUVR GD TXHOOR FKH HUD VWDWR SUHYLVWR DO PRPHQWR GHO FRQWUDWWR LO FRPSUDWRUH KD GLULWWR GL HVSHULUH OD QRUPDOH D]LRQH GL ULVROX]LRQH GHO FRQWUDWWR FKH QRQ q VRJJHWWD Qp D GHFDGHQ]D SHU PDQFDWD WHPSHVWLYD GHQXQFLD Qp DO EUHYH WHUPLQH GL SUHVFUL]LRQH DQQXDOH /Â¶REEOLJD]LRQH SULQFLSDOH GHO FRPSUDWRUH FRQVLVWH QHO GRYHUH GL SDJDUH LO SUH]]R 'L UHJROD LO SUH]]R q GHWHUPLQDWR GDOOH SDUWL OD GHWHUPLQD]LRQH SXz SHUDOWUR HVVHUH ULPHVVD DG XQ WHU]R VL DSSOLFDQR L SULQFLSL JLj HQXQFLDWL /D YHQGLWD FRQ SDWWR GL ULVFDWWR q XQD YHQGLWD VRWWRSRVWD D FRQGL]LRQH ULVROXWLYD SRWHVWDWLYD LO YHQGLWRUH VL ULVHUYD LO GLULWWR GL ULDYHUH OD FRVD YHQGXWD PHGLDQWH OD UHVWLWX]LRQH GHO SUH]]R H L ULPERUVL VWDELOLWL GDOOD OHJJH /D FRQGL]LRQH VH VL YHULILFD KD

ZZZ VWXGHQWLGHOODFDWWROLFD FRP

HIIHWWR UHWURDWWLYR SHUFLz LO ULVFDWWR KD HIIHWWR ULVSHWWR DL VXEDFTXLUHQWL L TXDOL VRQR WHQXWL D ULODVFLDUH OD FRVD /Â¶HVHUFL]LR GHO GLULWWR GL ULVFDWWR q VRWWRSRVWR D XQ EUHYH WHUPLQH GL GHFDGHQ]D

1HOOD YHQGLWD PRELOLDUH ULFRUUH IUHTXHQWHPHQWH LO SDWWR ULYROWR D JDUDQWLUH DO FRPSUDWRUH LO Â³EXRQ IXQ]LRQDPHQWRÂ´ GHOOD FRVD YHQGXWD VRWWR TXHVWR DVSHWWR SDUWLFRODUL ILJXUH GL YHQGLWD VRQR OD YHQGLWD FRQ ULVHUYD GL JUDGLPHQWR OD YHQGLWD D SURYD OD YHQGLWD VX FDPSLRQH $OWUL WLSL GL YHQGLWD VRQR x OD YHQGLWD VX GRFXPHQWL FKH DWWULEXLVFRQR D FKL OL SRVVLHGH LO GLULWWR DG RWWHQHUH OD FRQVHJQD GHOOH FRVH VWHVVH GDO GHWHQWRUH HG LO SRWHUH GL GLVSRVL]LRQH VX GL HVVH x 9HQGLWD FLI /D VRPPD SDJDWD GDO FRPSUDWRUH FRPSUHQGH LO SUH]]R YHUR H SURSULR GHOOD PHUFH FRVW OH VSHVH GHOOÂ¶DVVLFXUD]LRQH LQVXUDQFH H GHO WUDVSRUWR IUHLJKW x 9HQGLWD IRE ,O YHQGLWRUH VL DVVXPH ROWUH DOOH VSHVH SHU SRUWDUH OD FRVD ILQR DO PH]]R VL WUDVSRUWR DQFKH TXHOOH SHU LO FDULFDPHQWR VX WDOH PH]]R x 9HQGLWD D WHUPLQH GL WLWROL GL FUHGLWR FRQWUDWWD]LRQL GL ERUVD 9HQGLWD FRQ ULVHUYD GL SURSULHWj QHOOD YHQGLWD D UDWH OH SDUWL VWDELOLVFRQR FKH LO SUH]]R GHEED HVVHUH SDJDWR IUD]LRQDWDPHQWH HQWUR XQ FHUWR WHPSR H SHU FRQYHUVR FKH OD SURSULHWj SDVVL DO FRPSUDWRUH VROR TXDQGR VDUj SDJDWD OÂ¶XOWLPD UDWD GHO SUH]]R PHGHVLPR /Â¶HIIHWWR UHDOH GHOOD YHQGLWD q SHUFLz VRWWRSRVWR DOOD FRQGL]LRQH VRVSHQVLYD GHO SDJDPHQWR LQWHJUDOH &KL FRPSUD D UDWH QRQ SXz DOLHQDUH OD FRVD ILQ TXDQGR QRQ QH KD DFTXLVWDWR OD SURSULHWj

9HQGLWD LPPRELOLDUH VL GLVWLQJXRQR LQ UHOD]LRQH DOOD GHWHUPLQD]LRQH GHO SUH]]R OD YHQGLWD D PLVXUD LQ FXL LO SUH]]R q VWDELOLWR LQ SURSRU]LRQH GHOOÂ¶XQLWj GL PLVXUD H OD YHQGLWD D FRUSR LQ FXL OÂ¶LPPRELOH q YHQGXWR SHU XQ SUH]]R JOREDOH &DS *OL DOWUL FRQWUDWWL GL VFDPELR FKH UHDOL]]DQR XQ GR XW GHV

3HUPXWD GLIIHULVFH GDOOD YHQGLWD LQ TXDQWR OR VFDPELR QRQ q FDUDWWHUL]]DWR GDOOÂ¶LQWHUYHQWR GL XQ SUH]]R PD KD SHU RJJHWWR LO UHFLSURFR WUDVIHULPHQWR GHOOD SURSULHWj GL FRVH R GHOOD WLWRODULHWj GL DOWUL GLULWWL

&RQWUDWWL GL ERUVD VRQR GL UHJROD YHQGLWH GL FRVH JHQHULFKH GL FXL OD SURSULHWj SDVVD DOOÂ¶DFTXLUHQWH VROR DO PRPHQWR GHOOD FRQVHJQD 6L SRVVRQR DYHUH FRQWUDWWL SHU FRQWDQWL D WHUPLQH H D SUHPLR ,Q WXWWL L FRQWUDWWL GL ERUVD LO WHUPLQH q HVVHQ]LDOH OÂ¶LQRVVHUYDQ]D DWWULEXLVFH DO FUHGLWRUH LO GLULWWR DOOÂ¶LPPHGLDWD OLTXLGD]LRQH FRDWWLYD FKH VL VYROJH VRWWR LO FRQWUROOR GHOOH VWHVVH DXWRULWj SUHSRVWH DOOD ERUVD 5LSRUWR FRQ LO ULSRUWR XQD SHUVRQD ULSRUWDWR WUDVIHULVFH DOOÂ¶DOWUR FRQWUDHQWH ULSRUWDWRUH OD SURSULHWj GL XQD GDWD TXDQWLWj GL WLWROL GL FUHGLWR GL PDVVD FRQWUR FRQWHVWXDOH SDJDPHQWR GL XQ SUH]]R DO WHPSR VWHVVR LO ULSRUWDWRUH VL REEOLJD D ULWUDVIHULUH DO ULSRUWDWR DOOD VFDGHQ]D GHO WHUPLQH ILVVDWR QHOOÂ¶DFFRUGR LQL]LDOH OD SURSULHWj GL DOWUHWWDQWL WLWROL GHOOD VWHVVD VSHFLH FRQWUR LO ULPERUVR GHO SUH]]R FKH SHUz ZZZ VWXGHQWLGHOODFDWWROLFD FRP

ZZZ VWXGHQWLGHOODFDWWROLFD FRP

SXz HVVHUH D VHFRQGD GHO SDWWR PDJJLRUH GL TXDQWR D VXR WHPSR ULFHYXWR RYYHUR LQIHULRUH RSSXUH XJXDOH

,O FRQWUDWWR HVWLPDWRULR XQD SDUWH FRQVHJQD XQD R SL FRVH PRELOL DOOÂ¶DOWUD FKH VL REEOLJD D SDJDUH LO SUH]]R FRQ OD IDFROWj SHUz GL OLEHUDUVL GD WDOH REEOLJD]LRQH UHVWLWXHQGR OD FRVD QHO WHUPLQH VWDELOLWR HV LO QHJR]LDQWH FKH QRQ ULHVFH D YHQGHUH WXWWL L SURGRWWL

6RPPLQLVWUD]LRQH R IRUQLWXUD VRGGLVID ELVRJQL GL FDUDWWHUH FRQWLQXDWLYR GHO FRQVXPDWRUH R XWHQWH q LO FRQWUDWWR FRQ LO TXDOH XQD SDUWH VL REEOLJD YHUVR LO FRUULVSHWWLYR GL XQ SUH]]R DG HVHJXLUH D IDYRUH GHOOÂ¶DOWUD SUHVWD]LRQL SHULRGLFKH R FRQWLQXDWLYH GL FRVH 4XHVWR FRQWUDWWR VL DYYLFLQD DOOD YHQGLWD REEOLJDWRULD SHUFKp QRQ SURGXFH OÂ¶HIIHWWR GL WUDVIHULUH LPPHGLDWDPHQWH OD SURSULHWj PD REEOLJD D WUDVIHULUOD LQ YLD SHULRGLFD R FRQWLQXDWLYD ,O FRQWUDWWR KD XQD FDXVD XQLFD SHUFLz OÂ¶LQDGHPSLPHQWR GL XQD GHOOH SUHVWD]LRQL SXz DYHUH LQIOXHQ]D VX WXWWR LO FRQWUDWWR &DS , FRQWUDWWL GL VFDPELR FKH UHDOL]]DQR XQ GR XW IDFLDV

/D ORFD]LRQH q LO FRQWUDWWR FRQ LO TXDOH XQD SDUWH VL REEOLJD D IDUH XWLOL]]DUH DG XQ DOWUR VRJJHWWR XQD FRVD SHU XQ GDWR WHPSR LQ FDPELR GL XQ GHWHUPLQDWR FRUULVSHWWLYR 6L SRVVRQR GLVWLQJXHUH GLYHUVH ILJXUH GL ORFD]LRQH x /RFD]LRQH GL EHQL PRELOL HG LQ SDUWLFRODUH GL EHQL UHJLVWUDWL GD QRQ FRQIRQGHUH FRQ LO QROHJJLR x /D ORFD]LRQH GL LPPRELOL QRQ XUEDQL x /D ORFD]LRQH GL LPPRELOL XUEDQL x /D ORFX]LRQH GL EHQL SURGXWWLYL D]LHQGH DOEHUJKL &DUDWWHULVWLFKH GHOOD ORFD]LRQH x $ WHPSR GHWHUPLQDWR R VHQ]D GHWHUPLQD]LRQH GL WHPSR VL SXz UHFHGHUH TXDQGR VL YXROH FRQ SUHDYYLVR x /Â¶DOLHQD]LRQH GHO EHQH ORFDWR QRQ GHWHUPLQD OR VFLRJOLPHQWR GHO FRQWUDWWR SXUFKp OD ORFD]LRQH DEELD GDWD FHUWD DQWHULRUH DO WUDVIHULPHQWR x ,O ORFDWRUH KD OÂ¶REEOLJR GL FRQVHJQDUH H PDQWHQHUH OD FRVD Â³LQ VWDWR GD VHUYLUH DOOÂ¶XVR FRQYHQXWRÂ´ x ,O FRQGXWWRUH KD OÂ¶REEOLJR GL VHUYLUVL GHOOD FRVD VHFRQGR OÂ¶XVR SDWWXLWR H FRQ OD GLOLJHQ]D GHO EXRQ SDGUH GL IDPLJOLD x 6DOYR SDWWR FRQWUDULR LO FRQGXWWRUH KD IDFROWj GL VXEORFDUH LO EHQH PD QRQ SXz FHGHUH LO FRQWUDWWR /RFD]LRQH GL LPPRELOL DGLELWL DG XVR GL DELWD]LRQL L SULQFLSL LPSRUWDQWL DIIHUPDWL GDOOD OHJJH VRQR /D GXUDWD GHOOD ORFD]LRQH QRQ SXz HVVHUH LQIHULRUH D TXDWWUR DQQL H VL ULQQRYD WDFLWDPHQWH VH QHVVXQD GHOOH SDUWL FRPXQLFD DOOÂ¶DOWUD HQWUR PHVL SULPD GHOOD VFDGHQ]D FKH QRQ LQWHQGH ULQQRYDUOR ,O FRQGXWWRUH SXz UHFHGHUH SULPD GHOOD VFDGHQ]D SHU JUDYL PRWLYL R VH LO ORFDWRUH OR DEELD FRQVHQWLWR PHQWUH DQDORJD IDFROWj QRQ VSHWWD DO ORFDWRUH

ZZZ VWXGHQWLGHOODFDWWROLFD FRP

,O FRQGXWWRUH QRQ SXz VXEORFDUH Qp FHGHUH DG DOWUL LO FRQWUDWWR VHQ]D LO FRQVHQVR GHO ORFDWRUH ,O FDQRQH GL ORFD]LRQH GRYXWR GDOOÂ¶LQTXLOLQR QRQ SXz HVVHUH ILVVDWR GDOOH SDUWL FRQ OLEHUD FRQWUDWWD]LRQH PD q VWDELOLWR GLUHWWDPHQWH GDOOD OHJJH HTXR FDQRQH FKH LQGLFD L SDUDPHWUL FRQ L TXDOL YD FDOFRODWR ,O FDQRQH GL ORFD]LRQH SXz HVVHUH DJJLRUQDWR RJQL DQQR D ULFKLHVWD GHOOÂ¶LQWHUHVVDWR LQ PLVXUD SDUL DO GHOOD YDULD]LRQH GHOOÂ¶LQGLFH GHL SUH]]L DO FRQVXPR YHULILFDWDVL QHOOÂ¶DQQR SUHFHGHQWH /Â¶HTXR FDQRQH QRQ VL DSSOLFD DOOH ORFD]LRQL VWLSXODWH SHU VRGGLVIDUH HVLJHQ]H GL QDWXUD WUDQVLWRULD DOOH ORFD]LRQL UHODWLYH DG DOORJJL FRVWUXLWL D WRWDOH FDULFR GHOOR 6WDWR SHU LO TXDOH VLD DSSOLFDELOH XQ FDQRQH VRFLDOH DOOH ORFD]LRQL UHODWLYH DG DOORJJL VRJJHWWL DOOD GLVFLSOLQD GHOOÂ¶HGLOL]LDÂ« /RFD]LRQH GL LPPRELOL DGLELWL DG XVR GLYHUVR GD TXHOOR GL DELWD]LRQH L SULQFLSL VRQR /D GXUDWD GHOOD ORFD]LRQH QRQ LQIHULRUH D DQQL R DQQL VH DGLELWD DG DWWLYLWj DOEHUJKLHUD 9HGL SXQWR SDJ ,O FRQWUDWWR VL ULQQRYD WDFLWDPHQWH DOOD VXD VFDGHQ]D SHU XQ XOWHULRUH LGHQWLFR SHULRGR VDOYR WHPSHVWLYD GLVGHWWD FKH SHUz DOOD SULPD VFDGHQ]D LO ORFDWRUH SXz LQWLPDUH VROWDQWR SHU L PRWLYL WDVVDWLYDPHQWH HOHQFDWL QHOOÂ¶DUW ,O FRQGXWWRUH SXz VXEORFDUH OÂ¶LPPRELOH FKH FHGHUH LO FRQWUDWWR GL ORFD]LRQH D WHU]L VHQ]D LO ELVRJQR GHO FRQVHQVR GHO ORFDWRUH SXUFKp YHQJD LQVLHPH FHGXWD R ORFDWD OÂ¶D]LHQGD ,O FDQRQH LQL]LDOH GL ORFD]LRQH SXz HVVHUH GHWHUPLQDWR GDOOH SDUWL PD SHU JOL DQQL VXFFHVVLYL FRPH DO SXQWR YLVWR VRSUD ,Q FDVR GL FHVVD]LRQH GHO UDSSRUWR FKH QRQ VLD GRYXWD D ULVROX]LRQH SHU LQDGHPSLPHQWR GHO FRQGXWWRUH R D VXR UHFHVVR D TXHVWÂ¶XOWLPR q GRYXWD XQD LQGHQQLWj SHU OD SHUGLWD GHOOÂ¶DYYLDPHQWR 1HO FDVR LQ FXL LO ORFDWRUH LQWHQGD YHQGHUH OÂ¶LPPRELOH ORFDWR LO FRQGXWWRUH KD XQ GLULWWR GL SUHOD]LRQH SHU OÂ¶DFTXLVWR ,O OHDVLQJ ORFD]LRQH ILQDQ]LDULD q XQÂ¶RSHUD]LRQH WLSLFDPHQWH ILQDQ]LDULD LQ TXDQWR OÂ¶XWLOL]]DWRUH DYHQGR ELVRJQR GL XQ EHQH DQ]LFKp FKLHGHUH LQ SUHVWLWR LO GDQDUR QHFHVVDULR VL ULYROJH DG XQ LQWHUPHGLDULR VSHFLDOL]]DWR FKLHGHQGRJOL GL DFTXLVWDUH LO EHQH GDO IRUQLWRUH SHU SRL GDUOR LQ JRGLPHQWR WHPSRUDQHR DOOR VWHVVR XWLOL]]DWRUH FRQWUR SDJDPHQWR GL XQ FDQRQH WHPSRUDQHR 'LIIHUHQWH q LO FRQWUDWWR GL OHDVEDFN FKH KD VWUXWWXUD ELODWHUDOH

/Â¶DSSDOWR q LO FRQWUDWWR FKH KD SHU RJJHWWR LO ULVXOWDWR GL XQ IDFHUH H FLRq LO FRPSLPHQWR GL XQÂ¶RSHUD R OR VYROJLPHQWR GL XQ VHUYL]LR FKH XQD SDUWH DSSDOWDWRUH DVVXPH ULVSHWWR DOOÂ¶DOWUD FRPPLWWHQWH YHUVR XQ FRUULVSHWWLYR /Â¶DSSDOWDWRUH RUJDQL]]D L PH]]L QHFHVVDUL H DVVXPH OD JHVWLRQH D SURSULR ULVFKLR q GXQTXH XQ LPSUHQGLWRUH LO VXEDSSDOWR QRQ q FRQVHQWLWR VHQ]D OÂ¶DXWRUL]]D]LRQH GHO FRPPLWWHQWH /Â¶DSSDOWDWRUH q WHQXWR DOOD JDUDQ]LD SHU OH GLIIRUPLWj H L YL]L GHOOÂ¶RSHUD VH VL WUDWWD GL HGLILFL OD SUHVFUL]LRQH q GHFHQQDOH VH QR q ELHQQDOH

ZZZ VWXGHQWLGHOODFDWWROLFD FRP

,O FRQWUDWWR GL WUDVSRUWR FRQ TXHVWR XQD SDUWH VL REEOLJD YHUVR FRUULVSHWWLYR D WUDVIHULUH SHUVRQH R FRVH GD XQ OXRJR DG XQ DOWUR , VHUYL]L GL OLQHD FRVWLWXLVFRQR XQ VHUYL]LR SXEEOLFR FKH YLHQH HVHUFLWDWR WUDPLWH FRQFHVVLRQH DPPLQLVWUDWLYD DG HYLWDUH DEXVL FL VRQR REEOLJKL 4XHOOR GL FRQWUDUUH FRQ FKLXQTXH QH IDFFLD ULFKLHVWD 4XHOOR GL RVVHUYDUH OD SDULWj GL WUDWWDPHQWR VHFRQGR OH FRQGL]LRQL JHQHUDOL VWDELOLWH R DXWRUL]]DWH QHOOÂ¶DWWR GL FRQFHVVLRQH 1HO WUDVSRUWR GL FRVH TXHVWH VRQR DIILGDWH DO YHWWRUH DO TXDOH LQFRPEH OÂ¶REEOLJR GL SURYYHGHUH DOOD FXVWRGLD GL HVVH GXUDQWH LO WUDVSRUWR QHO WUDVSRUWR GL SHUVRQH PDQFD LQYHFH TXHVWR DIILGDPHQWR RYYLR OÂ¶XRPR q GRWDWR GL LQWHOOLJHQ]D H GL YRORQWj ,O YHWWRUH DVVXPH QRQ VROWDQWR OÂ¶REEOLJR GL WUDVSRUWDUH OD SHUVRQD PD DQFKH TXHOOR GL DVVLFXUDUH GXUDQWH LO YLDJJLR OÂ¶LQFROXPLWj GHO YLDJJLDWRUH /D UHVSRQVDELOLWj GHO YHWWRUH SHU L VLQLVWUL FKH FROSLVFRQR OD SHUVRQD GHO YLDJJLDWRUH H SHU OD SHUGLWD GHO EDJDJOLR KD FDUDWWHUH FRQWUDWWXDOH OD FROSD GHO YHWWRUH q SUHVXQWD 1HO WUDVSRUWR DHUHR GD XQ ODWR q VWDELOLWR OÂ¶REEOLJR GL DVVLFXUD]LRQH GHO SDVVHJJHUR H GHO EDJDJOLR D FDULFR GHO YHWWRUH HVHUFHQWH GL OLQHH DHUHH UHJRODUL GDOOÂ¶DOWUR q ILVVDWR XQ OLPLWH DO ULVDUFLPHQWR 7XWWL L SULQFLSL VX HQXQFLDWL VXOOD UHVSRQVDELOLWj GHO YHWWRUH VL DSSOLFDQR DQFKH DO WUDVSRUWR JUDWXLWR

1HO WUDVSRUWR GL FRVH FROXL FKH DIILGD OH FRVH SHU LO WUDVSRUWR VL FKLDPD PLWWHQWH &ROXL FKH ULFHYH OH FRVH VL FKLDPD GHVWLQDWDULR ,O FRQWUDWWR FRQFOXVR WUD LO PLWWHQWH H LO YHWWRUH DVVXPH OD VWUXWWXUD GL XQ FRQWUDWWR D IDYRUH GHO WHU]R GDO PRPHQWR LQ FXL LO GHVWLQDWDULR ULFKLHGH DO YHWWRUH OD FRQVHJQD GHOOD PHUFH LO PLWWHQWH SHUGH OD IDFROWj GL VRVSHQGHUH LO WUDVSRUWR R GL FKLHGHUH OD UHVWLWX]LRQH GHOOH FRVH R GL RUGLQDUH OD FRQVHJQD DG XQD SHUVRQD GLYHUVD /D SURYD GHO FRQWUDWWR q IRUQLWD GD XQ GRFXPHQWR FKH VL FKLDPD OHWWHUD GL YHWWXUD GL VROLWR FRPSLODWD GDO PLWWHQWH H FRQVHJQDWD DO YHWWRUH LO TXDOH QH ULODVFLD XQ GXSOLFDWR &DS , FRQWUDWWL GL FRRSHUD]LRQH QHOOÂ¶DOWUXL DWWLYLWj JLXULGLFD

,O PDQGDWR q XQ FRQWUDWWR FRQ FXL XQD SDUWH PDQGDWDULR DVVXPH OÂ¶REEOLJR GL FRPSLHUH XQR R SL DWWL JLXULGLFL SHU FRQWR QHOOÂ¶LQWHUHVVH GHOOÂ¶DOWUD SDUWH PDQGDQWH ,O PDQGDWR SXz HVVHUH FRQ UDSSUHVHQWDQ]D R VHQ]D UDSSUHVHQWDQ]D QHO SULPR FDVR JOL HIIHWWL JLXULGLFL GHJOL DWWL FRPSLXWL GDO PDQGDWDULR LQ QRPH GHO PDQGDQWH VL YHULILFDQR GLUHWWDPHQWH LQ FDSR DO PDQGDQWH QHO VHFRQGR FDVR LO PDQGDWDULR DJLVFH LQ QRPH SURSULR H DFTXLVWD L GLULWWL H DVVXPH JOL REEOLJKL GHULYDQWL GDO QHJR]LR HG L WHU]L QRQ KDQQR UDSSRUWR FRQ LO PDQGDQWH 3HU TXDQWR FRQFHUQH JOL REEOLJKL GHULYDQWL GDOOÂ¶HVHFX]LRQH GHO PDQGDWR RFFRUUH WHQHU SUHVHQWH OÂ¶HVLJHQ]D GL WXWHOD GHO WHU]R FKH KD FRQWUDWWDWR FRQ LO PDQGDWDULR H KD IDWWR TXLQGL DIILGDPHQWR VXOOD VXD VROYLELOLWj SHUFLz LO PDQGDWDULR QRQ SXz VRWWUDUVL DOOH REEOLJD]LRQL DVVXQWH LQ QRPH SURSULR YHUVR LO WHU]R VH TXHVWL QRQ YL DFFRQVHQWD ,O PDQGDWR SXz HVVHUH JHQHUDOH R VSHFLDOH VL GLFH FROOHWWLYR VH q FRQIHULWR DG XQD VWHVVD SHUVRQD GD SL PDQGDQWL SHU XQ LQWHUHVVH FRPXQL D TXHVWÂ¶XOWLPL FRQJLXQWLYR VH q FRQIHULWR D SL PDQGDWDUL ,O PDQGDWR VL SUHVXPH RQHURVR /D PRUWH OÂ¶LQWHUGL]LRQH R OÂ¶LQDELOLWD]LRQH GHO PDQGDQWH R GHO PDQGDWDULR GHWHUPLQDQR OÂ¶HVWLQ]LRQH GHO PDQGDWR

ZZZ VWXGHQWLGHOODFDWWROLFD FRP

/Â¶HVWLQ]LRQH SXz YHULILFDUVL DQFKH SHU GLFKLDUD]LRQH XQLODWHUDOH GHO PDQGDQWH UHYRFD R GHO PDQGDWDULR ULQXQ]LD FRPXQLFDWD GDOOÂ¶DOWUD SDUWH GLFKLDUD]LRQH ULFHWWL]LD /D UHYRFD SXz HVVHUH HVSUHVVD R WDFLWD /D JHVWLRQH SDWULPRQLDOH q ULVHUYDWD DOOH 6,0 DOOH EDQFKH HG DOOH VRFLHWj ILGXFLDULH

/D FRPPLVVLRQH q XQ PDQGDWR VHQ]D UDSSUHVHQWDQ]D FKH KD SHU RJJHWWR OÂ¶DFTXLVWR H OD YHQGLWD GL EHQL SHU FRQWR GL XQD SDUWH FRPPLWWHQWH H LQ QRPH GHOOÂ¶DOWUD FRPPLVVLRQDULR ,O FRPSHQVR FKH VSHWWD DO FRPPLVVLRQDULR SUHQGH LO QRPH GL SURYYLJLRQH 6H LO FRPPLVVLRQDULR DVVXPH YHUVR LO FRPPLWWHQWH OD JDUDQ]LD GHO EXRQ HVLWR q WHQXWR DOORUD DOOR Â³VWDU GHO FUHGHUHÂ´ HG KD GLULWWR DG XQD PDJJLRUH SURYYLJLRQH $QFKH LO FRQWUDWWR GL VSHGL]LRQH ULHQWUD QHOOD FDWHJRULD GHO PDQGDWR VHQ]D UDSSUHVHQWDQ]D VL GLVWLQJXH SHU OÂ¶RJJHWWR FRQ LO FRQWUDWWR GL VSHGL]LRQH XQD SDUWH VSHGL]LRQLHUH DVVXPH OÂ¶REEOLJR GL FRQFOXGHUH LQ QRPH SURSULR H SHU FRQWR GHO PDQGDQWH XQ FRQWUDWWR GL WUDVSRUWR H GL FRPSLHUH OH RSHUD]LRQL DFFHVVRULH

&RQ LO FRQWUDWWR GL DJHQ]LD XQÂ¶LPSUHVD DIILGD DG XQ DJHQWH OÂ¶LQFDULFR FRQ FDUDWWHUH GL VWDELOLWj GL SURPXRYHUH QHOOD ]RQD DVVHJQDWDJOL OD VWLSXOD]LRQH GL FRQWUDWWL FRQ L WHU]L UHODWLYL DL SURGRWWL GHO Â³SUHSRQHQWHÂ´ /Â¶RSHUD GHOOÂ¶DJHQWH q QRUPDOPHQWH UHWULEXLWD D SURYYLJLRQH VXJOL DIIDUL FRQFOXVL SHU VXR WUDPLWH /Â¶DJHQWH VRSSRUWD LQ SURSULR WXWWH OH VSHVH SHU OD SURSULD RUJDQL]]D]LRQH H TXLQGL FRUUH LO ULVFKLR GHOOÂ¶DWWLYLWj FKH VYROJH /Â¶DJHQWH GHYH LVFULYHUVL DG XQ UXROR LVWLWXLWR SUHVVR FLDVFXQD FDPHUD GL FRPPHUFLR ,O FRQWUDWWR GL DJHQ]LD SXz HVVHUH VWLSXODWR D WHPSR GHWHUPLQDWR R D WHPSR LQGHWHUPLQDWR ,O IUDQFKLVLQJ VL SUHVHQWD FRPH XQ FRQWUDWWR D SUHVWD]LRQL FRUULVSHWWLYH FRQ FXL XQ LPSUHQGLWRUH IUDQFKLVRU DWWULEXLVFH D XQ DOWUR LPSUHQGLWRUH IUDQFKLVHH LO GLULWWR GL YHQGHUH L VXRL SURGRWWL XVDQGR LO VXR PDUFKLR H L VXRL VHJQL GLVWLQWLYL H JOL IRUQLVFH XQÂ¶DVVLVWHQ]D FRPPHUFLDOH VLD SHU DYYLDUH OÂ¶XQLWj GL YHQGLWD FKH SHU WXWWD OD VXFFHVVLYD GXUDWD GHO FRQWUDWWR ,Q FDPELR OD FRQWURSDUWH GHYH SDJDUH XQ FRUULVSHWWLYR DOOÂ¶DWWR GHOOD VWLSXOD]LRQH GHO FRQWUDWWR FRQ LO TXDOH Â³HQWUDÂ´ QHOOD Â³FDWHQDÂ´ HG XQ FDQRQH SHULRGLFR /D PHGLD]LRQH q OÂ¶LQWHUYHQWR GL XQD SHUVRQD HVWUDQHD DOOH SDUWL FKH SXU QRQ HVVHQGR OHJDWR D QHVVXQD GL HVVH GD UDSSRUWL GL FROODERUD]LRQH R GL GLSHQGHQ]D OH PHWWH LQ UHOD]LRQH WUD ORUR SHU SURYRFDUH R DJHYRODUH OD FRQFOXVLRQH GL XQ DIIDUH ,O PHGLDWRUH KD GLULWWR DG XQD SURYYLJLRQH GD HQWUDPEH OH SDUWL PD JOL VSHWWD VROR VH OÂ¶DIIDUH q FRQFOXVR SHU HIIHWWR GHO VXR LQWHUYHQWR (JOL q OLEHUR GL DGRSHUDUVL R PHQR SHU OD VWLSXOD]LRQH GHOOÂ¶DIIDUH PD VH DFFHWWD XQ Â³LQFDULFRÂ´ q WHQXWR DG HVHJXLUOR FRQ GLOLJHQ]D &DS , SULQFLSDOL FRQWUDWWL UHDOL

,O GHSRVLWR q LO FRQWUDWWR UHDOH FRO TXDOH XQD SDUWH GHSRVLWDULR ULFHYH GDOOÂ¶DOWUD GHSRVLWDQWH XQD FRVD PRELOH FRQ OÂ¶REEOLJR GL FXVWRGLUOD H GL UHVWLWXLUOD LQ QDWXUD /D IXQ]LRQH SUDWLFD GHO GHSRVLWR FRQVLVWH QHOOÂ¶DVVLFXUDUH OD FXVWRGLD GL XQD FRVD

ZZZ VWXGHQWLGHOODFDWWROLFD FRP

,O GHSRVLWR VL SUHVXPH JUDWXLWR ,O GHSRVLWDULR GHYH UHVWLWXLUH OD FRVD TXDQGR LO GHSRVLWDQWH JOLHOD ULFKLHGH ,O GHSRVLWR SXz HVVHUH HIIHWWXDWR GD FKLXQTXH DEELD LO SRVVHVVR R OD GHWHQ]LRQH GHOOD FRVD QRQ LPSRUWD VH QH VLD R PHQR SURSULHWDULR 6HTXHVWUR FRQYHQ]LRQDOH VH YÂ¶q XQD FRQWURYHUVLD FLUFD OD SURSULHWj R LO SRVVHVVR GL XQD FRVD VL SXz GHFLGHUH FKH OD FRVD YHQJD DIILGDWD DG XQ WHU]R SHUFKp OD FXVWRGLVFD H OD UHVWLWXLVFD DOOD ILQH GHOOD FRQWURYHUVLD

'HSRVLWR LUUHJRODUH KD SHU RJJHWWR XQD TXDQWLWj GL GHQDUR R GL DOWUH FRVH IXQJLELOL GHOOH TXDOL YLHQH FRQFHVVD DO GHSRVLWDULR OD IDFROWj GL VHUYLUVL ,O GHSRVLWDULR DFTXLVWD DOORUD OD SURSULHWj GHOOH FRVH H SXz TXLQGL IDUQH TXHO FKH FUHGH HJOL q WHQXWR D UHVWLWXLUH QRQ OH VWHVVH FRVH PD OD VWHVVD TXDQWLWj GL HVVH , PDJD]]LQL JHQHUDOL VRQR ORFDOL LQ FXL L FRPPHUFLDQWL SRVVRQR GHSRVLWDUH OH PHUFL OÂ¶LPSUHVD FKH OL JHVWLVFH SURYYHGH YHUVR FRPSHQVR DOOD FXVWRGLD HG DOOD FRQVHUYD]LRQH , GHSRVLWL IUDQFKL VRQR XQD VRWWRVSHFLH GHL PDJD]]LQL JHQHUDOL H SUHVHQWDQR TXHVWD FDUDWWHULVWLFD OD PHUFH LYL GHSRVLWDWD q IUDQFD HVHQWH GD GRJDQD

,O FRPRGDWR q LO FRQWUDWWR FRQ LO TXDOH XQD SDUWH FRPRGDQWH FRQVHJQD DOOÂ¶DOWUD FRPRGDWDULR XQD FRVD PRELOH R LPPRELOH DIILQFKp TXHVWD VH QH VHUYD SHU XQ WHPSR R XQ XVR GHWHUPLQDWR FRQ OÂ¶REEOLJR GL UHVWLWXLUH OD VWHVVD FRVD ULFHYXWD PD VHQ]D HVVHUH WHQXWD D SDJDUH DOFXQ FRUULVSHWWLYR HV PL SUHVWDQR XQ OLEUR 6ROR OH FRVH LQFRQVXPDELOL SRVVRQR IRUPDUH RJJHWWR GHO FRPRGDWR QRQ OH FRVH FRQVXPDELOL ,O FRPRGDWR q XQ FRQWUDWWR HVVHQ]LDOPHQWH JUDWXLWR 'HO FRPRGDWR VL VXRO WUDGL]LRQDOPHQWH GLUH FKH q XQ FRQWUDWWR ELODWHUDOH LPSHUIHWWR 'LIDWWL GD HVVR QDVFH XQD VROD REEOLJD]LRQH D FDULFR GHO FRPRGDWDULR TXHOOD GL UHVWLWXLUH OD FRVD

,O PXWXR q LO FRQWUDWWR FRQ LO TXDOH XQD SDUWH PXWXDQWH FRQVHJQD DOOÂ¶DOWUD PXWXDULR XQD GHWHUPLQDWD TXDQWLWj GL GHQDUR R GL DOWUH FRVH IXQJLELOL H OÂ¶DOWUD VL REEOLJD D UHVWLWXLUH DOWUHWWDQWH FRVH GHOOD VWHVVD VSHFLH H TXDOLWj ,O PXWXR KD SHU RJJHWWR FRVH FRQVXPDELOL H IXQJLELOL GHOOH TXDOL OD SURSULHWj SDVVD DO PXWXDULR ,O PXWXR VL SUHVXPH RQHURVR FRQ LQWHUHVVL VH LO PXWXDULR VL UHQGH LQDGHPSLHQWH DOOÂ¶REEOLJR GL FRUULVSRQGHUH JOL LQWHUHVVL LO PXWXDQWH SXz FKLHGHUH OD ULVROX]LRQH GHO FRQWUDWWR VHFRQGR OH UHJROH JHQHUDOL &DS , FRQWUDWWL EDQFDUL

3HU DWWLYLWj EDQFDULD VL LQWHQGH OD UDFFROWD GHO ULVSDUPLR WUD LO SXEEOLFR H OÂ¶HVHUFL]LR GHO FUHGLWR OH EDQFKH SRVVRQR RSHUDUH VROR VH DEELDQR RWWHQXWR XQD SDUWLFRODUH DXWRUL]]D]LRQH H VLDQR VWDWH LVFULWWH QHOOÂ¶DSSRVLWR $OER FXUDWR GDOOD %DQFD GÂ¶,WDOLD /H RSHUD]LRQL EDQFDULH VL GLVWLQJXRQR LQ RSHUD]LRQL SDVVLYH FRQ FXL OH EDQFKH VL LQGHELWDQR YHUVR OD FOLHQWHOD UDFFRJOLHQGR IRQGL RSHUD]LRQL DWWLYH FRQ FXL OH EDQFKH GLYHQWDQR FUHGLWULFL GHL FOLHQWL FXL FRQFHGRQR ILQDQ]LDPHQWL HG RSHUD]LRQL DFFHVVRULH FKH FRQVLVWRQR QHL VHUYL]L FKH OH EDQFKH SUHVWDQR XWLOL]]DQGR OD SURSULD RUJDQL]]D]LRQH 'HSRVLWR EDQFDULR q OD WLSLFD RSHUD]LRQH EDQFDULD SDVVLYD H UDSSUHVHQWD OR VWUXPHQWR WUDGL]LRQDOH GL UDFFROWD GHO ULVSDUPLR HVVHQ]LDOH SHU OR VYROJLPHQWR GHOOD IXQ]LRQH GL

ZZZ VWXGHQWLGHOODFDWWROLFD FRP

LQWHUPHGLD]LRQH FKH OH EDQFKH DVVROYRQR 6RWWR OÂ¶DVSHWWR JLXULGLFR VÂ¶LQTXDGUD QHOOD ILJXUD GHO GHSRVLWR LUUHJRODUH , OLEUHWWL GL ULVSDUPLR SRVVRQR HVVHUH Â³QRPLQDWLYLÂ´ VH YHQJRQR LQWHVWDWL DG XQD R SL SHUVRQH DO Â³SRUWDWRUHÂ´ VH LO GHSRVLWDQWH SUHIHULVFH FKH SRVVDQR ULVXOWDUH OHJLWWLPDWL DG RSHUDUH DQFKH DOWUH SHUVRQH DO TXDOH LO OLEUHWWR YHQJD FRQVHJQDWR

&RQ LO GHQDUR UDFFROWR OH EDQFKH SURYYHGRQR D FRQFHGHUH L SUHVWLWL DOOD FOLHQWHOD ,O FRGLFH FLYLOH PHQ]LRQD VROWDQWR OÂ¶DQWLFLSD]LRQH EDQFDULD H OR VFRQWR /Â¶DSHUWXUD GL FUHGLWR q LO FRQWUDWWR FRO TXDOH OD EDQFD VL REEOLJD D WHQHUH D GLVSRVL]LRQH GHOOÂ¶DIILGDWR SHU XQ GDWR SHULRGR GL WHPSR R D WHPSR LQGHWHUPLQDWR OÂ¶LPSRUWR SDWWXLWR FRQ GLULWWR GHOOÂ¶DOWUD SDUWH RYH QRQ VLD FRQYHQXWR GLYHUVDPHQWH GL ULWLUDUH R QR LQ WXWWR R LQ SDUWH OH VRPPH SRVWH D VXD GLVSRVL]LRQH H GL SURFHGHUH VXFFHVVLYDPHQWH FRQ SLHQD OLEHUWj D SUHOLHYL H YHUVDPHQWL LQ FRQWR FRUUHQWH VHPSUH VÂ¶LQWHQGH QHL OLPLWL GL TXDQWR OD EDQFD JOL KD DFFRUGDWR /Â¶DQWLFLSD]LRQH EDQFDULD QRQ VL GLIIHUHQ]LD GL PROWR VH QRQ SHU OH JDUDQ]LH SUHVWDWH OÂ¶DFFHQVLRQH GL XQ SHJQR D IDYRUH GHOOD EDQFD VX WLWROL R PHUFL /Â¶DSHUWXUD GL FUHGLWR H OÂ¶DQWLFLSD]LRQH EDQFDULD VRQR FRQWUDWWL FRQVHQVXDOL /R VFRQWR q LO FRQWUDWWR FRQ LO TXDOH OD EDQFD DOOD TXDOH YLHQH FHGXWR XQ FUHGLWR QRQ DQFRUD VFDGXWR FKH LO FOLHQWH KD YHUVR WHU]L DQWLFLSD D TXHVWÂ¶XOWLPR OÂ¶LPSRUWR GHO FUHGLWR /D FHVVLRQH DYYLHQH SUR VROYHQGR

,O FRQWR FRUUHQWH RUGLQDULR q LO FRQWUDWWR FRO TXDOH GXH SDUWL DYHQGR SOXULPL UDSSRUWL GD FXL GHULYDQR FUHGLWL SHFXQLDUL UHFLSURFL VL DFFRUGDQR SHU FRQVLGHUDUH LQHVLJLELOL OH ULVSHWWLYH UDJLRQL GL FUHGLWR LQVHUHQGROH LQ XQ DSSRVLWR FRQWR XQLWDULR HG DFFHWWDQGRQH OD FRPSHQVD]LRQH LQWHJUDOH ILQR D FRQFRUUHQ]D FRVLFFKp DOOH VFDGHQ]H SDWWXLWH WXWWH OH SDUWLWH ULVXOWLQR VLVWHPDWH FRQ LO SDJDPHQWR GHO VROR VDOGR ,O FRQWR FRUUHQWH EDQFDULR q XQ FRQWUDWWR QHFHVVDULDPHQWH DFFHVVRULR DG DOWUH SDWWXL]LRQL FRO TXDOH VL VWDELOLVFH GL IDU FRQIOXLUH LQ XQ PHGHVLPR FRQWR DFFUHGLWL HG DGGHELWL PD FRQ LO TXDOH LO FRUUHQWLVWD SXz GLVSRUUH LQ TXDOVLDVL PRPHQWR GHOOH VRPPH ULVXOWDQWL D VXR FUHGLWR /D EDQFD q WHQXWD DG LQYLDUH HVWUDWWL FRQWL SHULRGLFL &DVVHWWH GL VLFXUH]]D FRQ TXHVWR FRQWUDWWR LO FOLHQWH UHDOL]]D XQD GXSOLFH ILQDOLWj XQ HOHYDWR JUDGR GL VLFXUH]]D FRQWUR L IXUWL H XQD WRWDOH ULVHUYDWH]]D SHUFKp OÂ¶XWHQWH SXz LQWURGXUUH QHOOD FDVVHWWD D SURSULD HVFOXVLYD GLVFUH]LRQDOLWj L YDORUL FKH SUHIHULVFH VHQ]D FKH OD EDQFD GHEED R SRVVD YHQLUQH D FRQRVFHQ]D &DS &RQWUDWWL DOHDWRUL

5HQGLWD VL LQWHQGH TXDOXQTXH SUHVWD]LRQH SHULRGLFD DYHQWH SHU RJJHWWR GHQDUR R XQD FHUWD TXDQWLWj GL FRVH IXQJLELOL

5HQGLWD SHUSHWXD FRQ TXHVWD XQD SDUWH FRQIHULVFH DOOÂ¶DOWUD H GD TXHVWD DL VXRL HUHGL LO GLULWWR GL HVLJHUH LQ SHUSHWXR XQD SUHVWD]LRQH GHO JHQHUH RUD DFFHQQDWR TXDOH FRUULVSHWWLYR GHOOÂ¶DOLHQD]LRQH GL XQ LPPRELOH R GHOOD FHVVLRQH GL XQ FDSLWDOH RSSXUH TXDOH RQHUH R PRGR GHOOÂ¶DOLHQD]LRQH JUDWXLWD GL XQ LPPRELOH R GHOOD FHVVLRQH JUDWXLWD GL XQ FDSLWDOH

ZZZ VWXGHQWLGHOODFDWWROLFD FRP

5HQGLWD YLWDOL]LD OÂ¶REEOLJD]LRQH GL FRUULVSRQGHUH OD UHQGLWD GXUD ILQFKp GXUD OD YLWD GL XQD SHUVRQD GHVLJQDWD GDOOH SDUWL OD TXDOH SXz HVVHUH VLD LO EHQHILFLDULR GHOOD UHQGLWD FKH XQ WHU]R /D UHQGLWD YLWDOL]LD KD QDWXUD WLSLFDPHQWH DOHDWRULD SXz FRVWLWXLUVL ROWUH FKH SHU FRQWUDWWR DQFKH SHU WHVWDPHQWR

/H DVVLFXUD]LRQL q LO FRQWUDWWR FRQ LO TXDOH XQD SDUWH DVVLFXUDWRUH YHUVR SDJDPHQWR GL XQD VRPPD GHWWD SUHPLR VL REEOLJD D ULYDOHUH DOOÂ¶DVVLFXUDWR HQWUR L OLPLWL FRQYHQXWL GHO GDQQR DG HVVR SURGRWWR GD XQ VLQLVWUR RYYHUR D SDJDUH XQ FDSLWDOH R XQD UHQGLWD DO YHULILFDUVL GL XQ HYHQWR DWWLQHQWH DOOD YLWD XPDQD RYYHUR D ULVDUFLUH D WHU]L LO GDQQR FKH GRYUHEEH HVVHUH ULVDUFLWR GDOOÂ¶DVVLFXUDWR DVVLFXUD]LRQH FRQWUR OD UHVSRQVDELOLWj FLYLOH ,O ULVFKLR FRVWLWXLVFH HOHPHQWR HVVHQ]LDOH GHO FRQWUDWWR GL DVVLFXUD]LRQH PD OÂ¶DVVLFXUDWRUH GHYH HVVHUH LQ FRQGL]LRQH GL DSSUH]]DUH LO ULVFKLR SHU GHFLGHUH VH q RSSRUWXQR R QR FRQFOXGHUH LO FRQWUDWWR H TXDOH SUHPLR JOL FRQYLHQH FKLHGHUH SHU FRPSHQVDUH FRQ JOL DOWUL ULVFKL RPRJHQHL OD SUHVWD]LRQH FKH FRQWUDWWXDOPHQWH q WHQXWR D FRUULVSRQGHUH

$VVLFXUD]LRQH FRQWUR L GDQQL D TXHVWH VL DSSOLFD LO FRVLGGHWWR SULQFLSLR LQGHQQLWDULR SHU HIIHWWR GHO TXDOH LQGHQQL]]R GRYXWR GDOOÂ¶DVVLFXUDWRUH QRQ SXz PDL VXSHUDUH OÂ¶LPSRUWR GHO GDQQR VRIIHUWR GDOOÂ¶DVVLFXUDWR $VVLFXUD]LRQH REEOLJDWRULD GHOOD UHVSRQVDELOLWj FLYLOH FRQ WDOH FRQWUDWWR OÂ¶DVVLFXUDWRUH VL REEOLJD Â³D WHQHUH LQGHQQH OÂ¶DVVLFXUDWR GL TXDQWR TXHVWL LQ FRQVHJXHQ]D GHO IDWWR DFFDGXWR GXUDQWH LO WHPSR GHOOÂ¶DVVLFXUD]LRQH GHYH SDJDUH DG XQ WHU]R LQ GLSHQGHQ]D GHOOD UHVSRQVDELOLWj GHGRWWD QHO FRQWUDWWRÂ´ /Â¶DVVLFXUD]LRQH GHOOD UHVSRQVDELOLWj FLYLOH q REEOLJDWRULD SHU WXWWL L YHLFROL D PRWRUH H SHU L QDWDQWL $VVLFXUD]LRQH VXOOD YLWD DSSDUWHQJRQR WXWWH TXHOOH IRUPH GL DVVLFXUD]LRQH LQ FXL OD SUHVWD]LRQH GHOOÂ¶DVVLFXUDWRUH GLSHQGH GDOOD GXUDWD GHOOD YLWD XPDQD SXz HVVHUH DQFKH FRQWUDWWD VXOOD YLWD GL XQ WHU]R /H SDUWL VWDELOLVFRQR FKH DOOD PRUWH GHOOÂ¶DVVLFXUDWR OÂ¶LQGHQQLWj VLD DWWULEXLWD DG XQ WHU]R GHVLJQDWR GDOOD SHUVRQD FKH FRQWUDH OÂ¶DVVLFXUD]LRQH EHQHILFLDULR , FUHGLWRUL GHO GHIXQWR H L VXRL HUHGL DQFKH OHJLWWLPDUL QHVVXQD SUHWHVD SRVVRQR YDQWDUH VXOOD VRPPD DVVLFXUDWD SRVVRQR DJLUH VROR OLPLWDWDPHQWH DL SUHPL SDJDWL

$VVLFXUD]LRQL SULYDWH H VRFLDOL GLVWLQ]LRQH TXHVWH XOWLPH DWWXDQR REEOLJDWRULDPHQWH XQD IRUPD GL SUHYLGHQ]D GHO ODYRUDWRUH FKH QHOOÂ¶DWWXDOH FRQFH]LRQH YLHQH FRQVLGHUDWD FRPH XQR GHL FRPSLWL GHOOR 6WDWR PRGHUQR &RQFOXVLRQH GHO FRQWUDWWR DVVLFXUDWRUH SXz HVVHUH VROWDQWR XQ LVWLWXWR GL GLULWWR SXEEOLFR R XQD VRFLHWj SHU D]LRQL R XQD PXWXD DVVLFXUDWULFH /Â¶DVVLFXUDWRUH q REEOLJDWR D ULODVFLDUH DO FRQWUDHQWH XQ GRFXPHQWR OD SROL]]D FKH SXz HVVHUH DOOÂ¶RUGLQH R DO SRUWDWRUH GL VROLWR TXHVWD FRQWLHQH FODXVROH FRQWUDWWXDOL D VWDPSD

5LDVVLFXUD]LRQH q LO FRQWUDWWR FRQ LO TXDOH OÂ¶DVVLFXUDWRUH DVVLFXUD SUHVVR XQÂ¶DOWUD LPSUHVD L ULVFKL FKH KD DVVXQWR

ZZZ VWXGHQWLGHOODFDWWROLFD FRP

*LXRFR H VFRPPHVVD VH LO JLRFR R OD VFRPPHVVD VRQR SURLELWL LO QHJR]LR q LOOHFLWR QHVVXQ GLULWWR VRUJH D IDYRUH GHO YLQFLWRUH LO TXDOH q DQFKH WHQXWR D UHVWLWXLUH FLz FKH LO SHUGHQWH DEELD HYHQWXDOPHQWH SDJDWR /Â¶LUULSHWLELOLWj VL DSSOLFD D WXWWL L GHELWL FKH SXU QDVFHQGR GD QHJR]L GLYHUVL GDO FRQWUDWWR GL JLXRFR VRQR FRQWUDWWL WUD JLRFDWRUL SHU LQL]LDUH R SURVHJXLUH LO JLXRFR &DS &RQWUDWWL GLUHWWL D FRVWLWXLUH XQD JDUDQ]LD

/D ILGHLXVVLRQH FRQWUDWWR FRQ LO TXDOH VL FRVWLWXLVFH D IDYRUH GHO FUHGLWRUH OD JDUDQ]LD SHUVRQDOH GL XQ WHU]R )LGHLXVVRUH q FROXL FKH JDUDQWLVFH OÂ¶DGHPSLPHQWR GL XQÂ¶REEOLJD]LRQH DOWUXL ULVSRQGH FRQ WXWWL L VXRL EHQL ODGGRYH LO WHU]R GDWRUH GL SHJQR R GL LSRWHFD ULVSRQGH VROWDQWR FRQ OD FRVD GDWD LQ SHJQR R LQ LSRWHFD ,O UDSSRUWR GL ILGHLXVVLRQH VL VWULQJH WUD LO FUHGLWRUH HG LO ILGHLXVVRUH DQFKH VH HVVR q SUHFHGXWR GD XQÂ¶LQWHVD WUD GHELWRUH H ILGHLXVVRUH FLz SHUDOWUR QRQ q HVVHQ]LDOH 1RQ q XQ UDSSRUWR WULODWHUDOH PD ELODWHUDOH FRUUH WUD FUHGLWRUH H ILGHLXVVRUH /D ILGHLXVVLRQH KD QDWXUD DFFHVVRULD /D YRORQWj GL SUHVWDUH ILGHLXVVLRQH GHYH HVVHUH HVSUHVVD ,O ILGHLXVVRUH FKH KD SDJDWR LO GHELWR q VXUURJDWR QHL GLULWWL FKH LO FUHGLWRUH DYHYD FRQWUR LO GHELWRUH )LGHLXVVLRQH RPQLEXV OD ILGHLXVVLRQH ULODVFLDWD GD WHU]L DG D]LHQGH GL FUHGLWR D JDUDQ]LD GL HVSRVL]LRQL GHELWRULH GL XQ FOLHQWH YHUVR OD EDQFD PD VHQ]D OD ILVVD]LRQH GL XQ LPSRUWR SUHGHWHUPLQDWR FKH IXQJHVVH GD WHWWR DOOD JDUDQ]LD DVVXQWD EHQVu ULQYLDQGR DO WRWDOH GHL GHELWL SUHVHQWL H IXWXUL FKH LO JDUDQWLWR VDUHEEH ULVXOWDWR DYHUH QHL FRQIURQWL GHOOD EDQFD DQFKH VH QRQ DQFRUD VSHFLILFDWL DO PRPHQWR GHOOÂ¶DFFHQVLRQH GHOOD ILGHLXVVLRQH &RQWUDWWR DXWRQRPR GL JDUDQ]LD q OD FODXVROD LQVHULWD LQ XQ DFFRUGR FRQ FXL LO JDUDQWH VL LPSHJQD D SDJDUH DO EHQHILFLDULR LPPHGLDWDPHQWH D VHPSOLFH ULFKLHVWD VFULWWD QRQRVWDQWH RJQL HYHQWXDOH RSSRVL]LRQH GHOOÂ¶LQWHUHVVDWR SULQFLSDOH TXDQWR GD TXHVWÂ¶XOWLPR SURPHVVR DO EHQHILFLDULR H FLz SHUILQR QHOOÂ¶LSRWHVL FKH WDOH SURPHVVD VLD QXOOD /Â¶DQWLFUHVL q LO FRQWUDWWR LQ IRU]D GHO TXDOH LO GHELWRUH R XQ WHU]R VL REEOLJD D FRQVHJQDUH XQ LPPRELOH DO FUHGLWRUH D JDUDQ]LD GHO FUHGLWR DIILQFKp LO FUHGLWRUH QH SHUFHSLVFD L IUXWWL LPSXWDQGROL DJOL LQWHUHVVL VH GRYXWL H TXLQGL DO FDSLWDOH LO GHELWRUH JRGH LO GHQDUR SUHVWDWRJOL LO FUHGLWRUH LO IRQGR /D GLIIHUHQ]D FKH VXVVLVWH WUD DQWLFUHVL H LSRWHFD q FKH TXHVWD QRQ ULFKLHGH LO SDVVDJJLR GHO SRVVHVVR GHO IRQGR DO FUHGLWRUH &DS &RQWUDWWL GLUHWWL D GLULPHUH XQD FRQWURYHUVLD

/D WUDQVD]LRQH FRQWUDWWR FRQ LO TXDOH OH SDUWL IDFHQGRVL UHFLSURFKH FRQFHVVLRQL SRQJRQR ILQH DG XQD OLWH JLj LQFRPLQFLDWD R SUHYHQJRQR XQD OLWH FKH SXz VRUJHUH WUD ORUR 6HQ]D LO UHFLSURFR VDFULILFLR QRQ FÂ¶q WUDQVD]LRQH TXHVWD VL UHDOL]]D VROR TXDQGR YL VLDQR FRQFHVVLRQL UHFLSURFKH /D WUDQVD]LRQH QRQ SXz ULJXDUGDUH GLULWWL LQGLVSRQLELOL GHYH HVVHUH VWLSXODWD GD FKL DEELD OD FDSDFLWj GL GLVSRUUH GHL SURSUL GLULWWL 'DWD OÂ¶LPSRUWDQ]D GHOOD WUDQVD]LRQH q ULFKLHVWR DG SUREDWLRQHP OR VFULWWR FKH q QHFHVVDULR DG VXEVWDQWLDP VH OD WUDQVD]LRQH KD SHU RJJHWWR FRQWURYHUVLH UHODWLYH D GLULWWL UHDOL VX EHQL LPPRELOL

ZZZ VWXGHQWLGHOODFDWWROLFD FRP

/D WUDQVD]LRQH VRVWLWXLVFH OD VHQWHQ]D HOLPLQDQGR LO SURFHVVR GL FRJQL]LRQH OD FHVVLRQH GHL EHQL DL FUHGLWRUL WHQGH DG HYLWDUH OD SURFHGXUD HVHFXWLYD VSHVVR OXQJD HG HODERULRVD LQIDWWL q LO FRQWUDWWR FRQ LO TXDOH LO GHELWRUH LQFDULFD L VXRL FUHGLWRUL R DOFXQL GL HVVL GL DOLHQDUH WXWWL R DOFXQL VXRL EHQL H GL ULSDUWLUQH WUD ORUR LO ULFDYDWR LQ VRGGLVIDFLPHQWR GHL ORUR FUHGLWL /D FHVVLRQH VDOYR SDWWR FRQWUDULR V¶LQWHQGH IDWWD SUR VROYHQGR LO GHELWRUH q OLEHUDWR YHUVR L FUHGLWRUL VROR GDO JLRUQR LQ FXL HVVL ULFHYRQR OD SDUWH ORUR VSHWWDQWH VXO ULFDYDWR GHOOD OLTXLGD]LRQH H QHL OLPLWL GL TXDQWR KDQQR ULFHYXWR Ê ULFKLHVWD DG VXEVWDQWLDP OD IRUPD VFULWWD ,O GHELWRUH SHUGH OD GLVSRQLELOLWj GHL EHQL FHGXWL PD KD GLULWWR GL HVHUFLWDUH LO FRQWUROOR VXOOD JHVWLRQH H GL RWWHQHUH O¶HYHQWXDOH UHVLGXR GHOOD OLTXLGD]LRQH &DS /H SURPHVVH XQLODWHUDOL

7LSLFLWj GHOOH SURPHVVH XQLODWHUDOL OD SURPHVVD XQLODWHUDOH ULYROWD GD XQ VRJJHWWR DG XQ DOWUR SHU DVVLFXUDUH D TXHVW¶XOWLPR XQ FHUWR FRPSRUWDPHQWR IXWXUR GHO SURPLWWHQWH q VXIILFLHQWH SHU IDU VRUJHUH XQ YLQFROR JLXULGLFR D]LRQDELOH LQ JLXGL]LR D FDULFR GHO SURPLWWHQWH" /D SURPHVVD q GL FHUWR YLQFRODQWH VH LQVHULWD LQ XQ FRQWUDWWR 6L q VHPSUH FRQVLGHUDWD LQVXIILFLHQWH SHU IDU VRUJHUH XQ YLQFROR JLXULGLFR XQD VHPSOLFH SURPHVVD XQLODWHUDOH TXDQWR PHQR LQ OLQHD GL SULQFLSLR 6H LO FUHGLWRUH LQWHQGH DJLUH LQ JLXGL]LR FRQWUR LO GHELWRUH KD O¶RQHUH GL SURYDUH L IDWWL FRVWLWXWLYL GHO VXR GLULWWR PHQWUH FROXL D FXL IDYRUH q VWDWR ULFRQRVFLXWR XQ GHELWR q GLVSHQVDWR ³GDOO¶RQHUH GL SURYDUH LO UDSSRUWR IRQGDPHQWDOH´ H O¶HIIHWWLYD HVLVWHQ]D GHO GHELWR ³VL SUHVXPH´ ,O GHELWRUH SXz RIIULUH OD SURYD FRQWUDULD $O ³ULFRQRVFLPHQWR GL GHELWR´ O¶DUW HTXLSDUD XQD SURPHVVD GL SDJDPHQWR LQ TXDQWR q LPSOLFLWR QHO FRQFHWWR GL SDJDPHQWR O¶HVLVWHQ]D GL XQ GHELWR GD DVVROYHUH 3URPHVVD DO SXEEOLFR q OD SURPHVVD GL XQD SUHVWD]LRQH IDWWD D IDYRUH GL FKL VL WURYL LQ XQD GHWHUPLQDWD VLWXD]LRQH R DEELD FRPSLXWR XQD GHWHUPLQDWD D]LRQH /D SURPHVVD DFTXLVWD HIILFDFLD YLQFRODQWH QRQ DSSHQD UHVD SXEEOLFD /D UHYRFD QRQ KD HIIHWWR VH OD VLWXD]LRQH SUHYLVWD QHOOD SURPHVVD VL q JLj YHULILFDWD R VH O¶D]LRQH q JLj VWDWD FRPSLXWD

, WLWROL GL FUHGLWR LQ TXHVWL LO GRFXPHQWR QRQ FRVWLWXLVFH VROWDQWR XQD SURYD GHO UDSSRUWR LQ TXDQWR HVVR q DGGLULWWXUD QHFHVVDULR SHU SRWHU IDU YDOHUH LO GLULWWR GRFXPHQWDWR GDO WLWROR LO GHELWRUH R HPLWWHQWH QRQ SXz SDJDUH YDOLGDPHQWH D FKL QRQ JOL HVLELVFD LO GRFXPHQWR SHU FRQYHUVR LO SRUWDWRUH GHO WLWROR SXUFKp VLD OHJLWWLPDWR QHOOH IRUPH SUHVFULWWH GDOOD OHJJH KD GLULWWR DOOD SUHVWD]LRQH LQ HVVD LQGLFDWD DUW ,O GHELWRUH FKH VHQ]D GROR R FROSD JUDYH DGHPSLD DOOD SUHVWD]LRQH QHL FRQIURQWL GHO SRVVHVVRUH q OLEHUDWR DQFKH VH TXHVWL QRQ q WLWRODUH GHO GLULWWR ,O WLWROR GL FUHGLWR VL FDUDWWHUL]]D SHU O¶DXWRQRPLD GHO GLULWWR FKH FLUFROD LQ HVVR LQFRUSRUDWR ,O UHTXLVLWR GHO SRVVHVVR GHO WLWROR q LQ RJQL FDVR LQGLVSHQVDELOH SHU O¶HVHUFL]LR GHO GLULWWR LQ HVVR FRQWHQXWR 6L VXGGLVWLQJXRQR FDWHJRULH 7LWROL DO SRUWDWRUH q VXIILFLHQWH DG DWWULEXLUH LO GLULWWR DOOD SUHVWD]LRQH OD FRQVHJQD GHO WLWROR

ZZZ VWXGHQWLGHOODFDWWROLFD FRP

7LWROL DOOÂ¶RUGLQH VL WUDVIHULVFRQR PHGLDQWH OD FRQVHJQD GHO WLWROR H OD JLUDWD LO WLWROR DOOÂ¶RUGLQH q TXHOOR SHU LO TXDOH OD OHJLWWLPD]LRQH VL WUDVIHULVFH PHGLDQWH JLUDWD 7LWROL QRPLQDWLYL LO WLWROR q LQWHVWDWR D IDYRUH GL XQD GHWHUPLQDWD SHUVRQD PD LQROWUH TXHVWD LQWHVWD]LRQH q FRQWHQXWD DO WHPSR VWHVVR QHO UHJLVWUR GHOOÂ¶HPLWWHQWH RVVLD GHO GHELWRUH FKH KD HPHVVR LO WLWROR SXz HVVHUH WUDVIHULWR PHGLDQWH JLUDWD SLHQD 3HU L WLWROL GL PDVVD OD FUHVFHQWH UDSLGLWj GHOOD FLUFROD]LRQH PRELOLDUH FUHD SUREOHPL GHOLFDWL SHU OD QHFHVVLWj GL XQ FRQWLQXR PDQHJJLR GL GRFXPHQWL GL ULOHYDQWH YDORUH VRJJHWWL DO ULVFKLR GL IXUWL VPDUULPHQWL H GLVWUX]LRQL /D GHPDWHULDOL]]D]LRQH q XQD VHPSOLFH RSHUD]LRQH GL UHJLVWUD]LRQH HOHWWURQLFD ULPDQH SHU RUD XQ IHQRPHQR YRORQWDULR LQ TXDQWR VH LO WLWRODUH GHO GLULWWR ULFKLHGH GL DYHUH QHOOH PDQL LO VXR FHUWLILFDWR SXz VHPSUH RWWHQHUOR

7LWROL UDSSUHVHQWDWLYL LQGLFDQR GRFXPHQWL FKH LQFRUSRUDQR LO GLULWWR DOOD FRQVHJQD GHOOH PHUFL LQ HVVR VSHFLILFDWH YDOH D GLUH FKH LQ HVVL QRQ q LQFRUSRUDWR VROWDQWR XQ GLULWWR GL FUHGLWR PD SXUH XQ GLULWWR UHDOH VXOOH PHUFL FKH GHYRQR HVVHUH FRQVHJQDWH 7LWROL GL SDUWHFLSD]LRQH DWWULEXLVFRQR DO SRVVHVVRUH DQFKH L F G GLULWWL FRUSRUDWLYL R DVVRFLDWLYL YDOH D GLUH LO GLULWWR GL ULVFXRWHUH L GLYLGHQGL GL SUHQGHUH D SDUWH DOOH DVVHPEOHH VRFLDOL GL VRWWRVFULYHUH DXPHQWL GL FDSLWDOH HG HPLVVLRQL GL REEOLJD]LRQL &DUDWWHULVWLFKH GHO WLWROR GL FUHGLWR /HWWHUDOLWj q LO WHQRUH OHWWHUDOH GHO WLWROR FKH GHWHUPLQD OD TXDQWLWj OD TXDOLWj OH PRGDOLWj GHO GLULWWR DWWULEXLWR DO SRVVHVVRUH OHJLWWLPR GHO GRFXPHQWR /Â¶DXWRQRPLD VHUYH DQFKÂ¶HVVD D WXWHODUH OÂ¶DIILGDPHQWR GHO WHU]R D FXL LO GLULWWR YHQJD WUDVIHULWR

(FFH]LRQL RSSRQLELOL GDO GHELWRUH VRQR FRQWHQXWH QHOOÂ¶DUW GHO FRG FLY FKH HQXQFLD OH HFFH]LRQL FKH LO GHELWRUH SXz RSSRUUH DO SRVVHVVRUH GHO WLWROR /H HFFH]LRQL SRVVRQR HVVHUH $ 5HDOL x (FFH]LRQL GL IRUPD OD OHJJH HVLJH UHTXLVLWL GL IRUPD SHUFKp LO GRFXPHQWR SRVVD FRQVLGHUDUVL WLWROR GL FUHGLWR x (FFH]LRQL IRQGDWH VXO FRQWHVWR GHO WLWROR x (FFH]LRQL GL IDOVLWj GHOOD ILUPD GL GLIHWWR GL FDSDFLWj R GL UDSSUHVHQWDQ]D x /D PDQFDQ]D GHOOH FRQGL]LRQL QHFHVVDULH SHU OÂ¶HVHUFL]LR GHOOÂ¶D]LRQH % 3HUVRQDOL VRQR TXHOOH FKH GHULYDQR GD UDSSRUWL FKH QRQ ULVXOWDQR GDO WLWROR (VVH VRQR RSSRQLELOL VROWDQWR D FROXL FRQ LO TXDOH LO UDSSRUWR VL q VYROWR

&RVD DYYLHQH VH LO WLWROR q VPDUULWR R VRWWUDWWR R GLVWUXWWR" /D OHJJH QRQ SXz QRQ WHQHU FRQWR GHO IDWWR FKH LO WLWROR FRQWLQXD D FLUFRODUH LQJHQHUDQGR QHL WHU]L OÂ¶DIILGDPHQWR VXOOD VXD FRQYDOLGD 3HU FRQFLOLDUH OH RSSRVWH HVLJHQ]H OD OHJJH SUHGLVSRQH XQ SDUWLFRODUH SURFHGLPHQWR GHWWR DPPRUWDPHQWR FRQ LO TXDOH VL PLUD D GLVWUXJJHUH OÂ¶HIILFDFLD GHO WLWROR VPDUULWR R VRWWUDWWR R GLVWUXWWR HG D SURFXUDUH D FKL KD SHUGXWR LO SRVVHVVR GHO WLWROR XQ GRFXPHQWR FKH GL TXHVWR QH IDFFLD OH YHFL

ZZZ VWXGHQWLGHOODFDWWROLFD FRP

2FFRUUH SUHVHQWDUH XQ ULFRUVR DO SUHVLGHQWH GHO WULEXQDOH GHO OXRJR LQ FXL LO WLWROR GRYUHEEH HVVHUH SDJDWR LQGLFDQGR QHO ULFRUVR L UHTXLVLWL HVVHQ]LDOL GHO WLWROR H L IDWWL FKH QH KDQQR SURYRFDWR OR VPDUULPHQWR OD GLVWUX]LRQH R OD VRWWUD]LRQH ,O SUHVLGHQWH GHO WULEXQDOH SURQXQ]LD FRQ GHFUHWR OÂ¶DPPRUWDPHQWR H DXWRUL]]D LO SDJDPHQWR GHO WLWROR DOOD VFDGHQ]D R RYH VL WUDWWL GL WLWROR JLj VFDGXWR GRSR WUHQWD JLRUQL GDOOD GDWD GL SXEEOLFD]LRQH GHO GHFUHWR QHOOD *D]]HWWD 8IILFLDOH GHOOD 5HSXEEOLFD /D SURFHGXUD GL DPPRUWDPHQWR QRQ q DPPHVVD SHU L WLWROL DO SRUWDWRUH &DS /D FDPELDOH &DS *OL DVVHJQL

&DS 2EEOLJD]LRQL QDVFHQWL GDOOD OHJJH

/D JHVWLRQH GL DIIDUL VL KD QHOOÂ¶LSRWHVL LQ FXL WDOXQR VHQ]D HVVHUYL REEOLJDWR VL LQWURPHWWH VFLHQWHPHQWH QHJOL DIIDUL GL XQ DOWUR FKH QRQ VLD LQ JUDGR GL SURYYHGHUYL /D OHJJH QH ID GHULYDUH XQ REEOLJR D FDULFR GHO JHVWRUH GL FRQWLQXDUH OD JHVWLRQH LQWUDSUHVD ILQR D TXDQGR LO GRPLQXV QRQ SRVVD LQWHUYHQLUH GLUHWWDPHQWH

/D ULSHWL]LRQH GL LQGHELWR q ORJLFR FKH VH VL q IDWWR XQ SDJDPHQWR VHQ]D FKH SUHHVLVWD XQ GHELWR FKL OÂ¶KD IDWWR DEELD GLULWWR DOOD UHVWLWX]LRQH GL FLz FKH KD SDJDWR PHQWUH QRQ HUD GRYXWR 'LVWLQJXLDPR GXH WLSL GL LQGHELWR RJJHWWLYR DOORUTXDQGR YLHQH HIIHWWXDWR XQ SDJDPHQWR EHQFKp QRQ HVLVWD DOFXQ GHELWR 6RJJHWWLYR TXDQGR FKL QRQ q GHELWRUH FUHGHQGRVL HUURQHDPHQWH WDOH SDJD LO FUHGLWRUH TXDQWR q LQ UHDOWj GRYXWR DG XQ WHU]R

,QJLXVWLILFDWR DUULFFKLPHQWR KD FDUDWWHUH VXVVLGLDULR q SURSRQLELOH TXDQGR LO GDQQHJJLDWR QRQ SXz HVSHULUH DOWUD D]LRQH SHU ULPXRYHUH LO SUHJLXGL]LR (OHPHQWL GHOOD D]LRQH VRQR OÂ¶DUULFFKLPHQWR GL XQD SHUVRQD OD GLPLQX]LRQH SDWULPRQLDOH GL XQÂ¶DOWUD LO QHVVR FDXVDOH WUD OD GLPLQX]LRQH SDWULPRQLDOH H OÂ¶DUULFFKLPHQWR OD PDQFDQ]D GL FDXVD JLXVWLILFDWLYD GHOOÂ¶DUULFFKLPHQWR GHOOÂ¶XQR H GHOOD SHUGLWD GHOOÂ¶DOWUR &DS /D UHVSRQVDELOLWj SHU DWWR LOOHFLWR

/D QRUPD IRQGDPHQWDOH LQ WHPD GL F G UHVSRQVDELOLWj DTXLOLDQD q QHO QRVWUR RUGLQDPHQWR OÂ¶DUW GHO FRG FLY VHFRQGR LO TXDOH FKL KD FDJLRQDWR DG DOWUXL XQ GDQQR q REEOLJDWR DO ULVDUFLPHQWR VROWDQWR TXDQGR VL WUDWWL GL XQ GDQQR LQJLXVWR

,Q OLQHD GL SULQFLSLR LO GDQQR q ULVDUFLELOH VROWDQWR VH SURYRFDWR FRQ FROSD 8Q HYHQWR VL GLFH FROSRVR TXDQGR QRQ q VWDWR LQWHQ]LRQDOPHQWH GHWHUPLQDWR PD VL q YHULILFDWR D FDXVD GL QHJOLJHQ]D R LPSUXGHQ]D R LPSHUL]LD RYYHUR SHU LQRVVHUYDQ]D GL OHJJL UHJRODPHQWL RUGLQL R GLVFLSOLQH

ZZZ VWXGHQWLGHOODFDWWROLFD FRP

/Â¶RUGLQDPHQWR VDQFLVFH OD UHVSRQVDELOLWj FLYLOH VROWDQWR GL IURQWH DG XQ FRPSRUWDPHQWR GRORVR TXDQGR OÂ¶DXWRUH GHO FRPSRUWDPHQWR SUHJLXGL]LHYROH KD SUHYLVWR H SURJUDPPDWR OÂ¶HYHQWR OHVLYR UHDOL]]DQGROR LQWHQ]LRQDOPHQWH &DSDFLWj GL LQWHQGHUH H GL YROHUH /D UHVSRQVDELOLWj q OHJDWD DOOD LPSXWDELOLWj H VL FRQVLGHUD QRQ LPSXWDELOH FKL VL WURYL LQ FRQGL]LRQL WDOL GD QRQ FRQVHQWLUH XQÂ¶DGHJXDWD YDOXWD]LRQH GL WXWWH OH FLUFRVWDQ]H LQ FXL FL VL WURYD DG DJLUH H GL WXWWL L ULVFKL GHOOD SURSULD FRQGRWWD 6H LO GDQQR q VWDWR SURYRFDWR GD SHUVRQD LQFDSDFH LO OHJLVODWRUH VWDELOLVFH FKH LO GDQQHJJLDWR DEELD GLULWWR GL SUHWHQGHUH LO ULVDUFLPHQWR GDO VRJJHWWR WHQXWR DOOD VRUYHJOLDQ]D GHOOÂ¶LQFDSDFH

1HVVR GL FDXVDOLWj LO GDQQR GHYH HVVHUH FDJLRQDWR GDO VRJJHWWR GDO TXDOH VL SUHWHQGH GL HVVHUH ULVDUFLWL OD VXD FRQGRWWD GHYH HVVHUH FDXVD GHOOÂ¶HYHQWR SUHJLXGL]LHYROH ,O QHVVR GL FDXVDOLWj WUD XQD FRQGRWWD FKH KD FRQWULEXLWR D SURYRFDUH XQ HYHQWR GDQQRVR H LO GDQQR VWHVVR VL GLFH JLXULGLFDPHQWH LQWHUURWWR TXDQGR OÂ¶HYHQWR ULVXOWD SURYRFDWR GD XQD FDXVD D FDUDWWHUH HFFH]LRQDOH FKH QRQ SXz IDUVL ULFDGHUH VXO SULPR VRJJHWWR $QFKH XQ FRPSRUWDPHQWR RPLVVLYR SXz HVVHUH FDXVD GL HYHQWR GDQQRVR $ SURGXUUH OÂ¶HYHQWR GDQQRVR SXz FRQWULEXLUH LO FRPSRUWDPHQWR FROSRVR GHOOR VWHVVR GDQQHJJLDWR LQ WDO FDVR OÂ¶REEOLJR GHO ULVDUFLPHQWR YLHQH GLPLQXLWR

&DXVH GL JLXVWLILFD]LRQH VRQR TXHOOH FLUFRVWDQ]H LQ SUHVHQ]D GHOOH TXDOL XQ FRPSRUWDPHQWR SUHJLXGL]LHYROH GLYHQWD JLXVWLILFDWR FRVLFFKp QRQ VL q WHQXWL D ULVDUFLUH LO GDQQR FKH QH q GHULYDWR $QFKH OD OHJLWWLPD GLIHVD HVFOXGH OÂ¶DQWLJLXULGLFLWj GHO FRPSRUWDPHQWR GDQQRVR ,O SHULFROR QRQ GHYH HVVHUH VWDWR GHWHUPLQDWR QHSSXUH FRQ FRPSRUWDPHQWR VHPSOLFHPHQWH FROSRVR GDOOD SHUVRQD FKH DVVXPH GL HVVHUVL WURYDWD LQ VWDWR GL QHFHVVLWj 5HVSRQVDELOLWj GHO SURGXWWRUH q VDQFLWD VHQ]D ELVRJQR GL DOFXQD SURYD GL XQD VXD VSHFLILFD FROSD H GLSHQGH GDO IDWWR RJJHWWLYR GHOOD OHVLRQH UHFDWD DO FOLHQWH GD XQ GLIHWWR GHO SURGRWWR ,O IDEEULFDQWH QRQ SXz HVVHUH FKLDPDWR D ULVSRQGHUH GL GDQQL SHU LO VROR IDWWR FKH OR VYLOXSSR GHOOD VFLHQ]D H GHOOD WHFQLFD DEELD VXFFHVVLYDPHQWH DVVLFXUDWR XQ JUDGR GL VLFXUH]]D PDJJLRUH GL TXHOOR FKH HUD SRVVLELOH JDUDQWLUH DO SXEEOLFR DO WHPSR GHOOD PHVVD LQ FRPPHUFLR GHO SURGRWWR

,SRWHVL GL UHVSRQVDELOLWj DJJUDYDWD SHU SRWHU RWWHQHUH LO ULVDUFLPHQWR LQ FDVR GL FRQWHVWD]LRQH LO GDQQHJJLDWR GHYH SURYDUH QRQ VRODPHQWH GL DYHU VXELWR XQ GDQQR H FKH TXHVWR SUHJLXGL]LR q VWDWR FDJLRQDWR QHVVR GL FDXVDOLWj GDO VRJJHWWR GDO TXDOH SUHWHQGH GL HVVHUH ULVDUFLWR PD GHYH DOWUHVu SURYDUH OD FROSD GL TXHVWÂ¶XOWLPR 9DQQR FRQVLGHUDWH OH VHJXHQWL LSRWHVL x HVHUFL]LR GL DWWLYLWj SHULFRORVH x FLUFROD]LRQH GL YHLFROL x GDQQR FDJLRQDWR GD FRVD LQ FXVWRGLD VDOYR FKH SURYL LO FDVR IRUWXLWR x GDQQR FDJLRQDWR GD DQLPDOH x URYLQD GL HGLILFLR

5HVSRQVDELOLWj SHU IDWWR DOWUXL R LQGLUHWWD OH UHVSRQVDELOLWj LQGLUHWWH QHO QRVWUR RUGLQDPHQWR VRQR OH VHJXHQWL

ZZZ VWXGHQWLGHOODFDWWROLFD FRP

UHVSRQVDELOLWj GHO GDWRUH GL ODYRUR SHU L GDQQL DUUHFDWL GDO IDWWR LOOHFLWR GHL VXRL GLSHQGHQWL UHVSRQVDELOLWj GHO SURSULHWDULR GHO YHLFROR SHU L GDQQL DUUHFDWL GDO YHLFROR VWHVVR UHVSRQVDELOLWj GHL JHQLWRUL R GHO WXWRUH SHU L GDQQL DUUHFDWL GDL ILJOL PLQRUHQQL FRQ HVVL FRQYLYHQWL

5HVSRQVDELOLWj FRQWUDWWXDOH HG H[WUD FRQWUDWWXDOH OÂ¶LQDGHPSLPHQWR GHWHUPLQD D FDULFR GHO GHELWRUH OÂ¶REEOLJR GL ULVDUFLUH L GDQQL DUUHFDWL DO FUHGLWRUH /D ULOHYDQ]D SUDWLFD GHOOD GLVWLQ]LRQH WUD L GXH WLSL GL UHVSRQVDELOLWj ULJXDUGD OÂ¶RQHUH GHOOD SURYD QHOOD UHVSRQVDELOLWj FRQWUDWWXDOH DOOÂ¶DWWRUH q VXIILFLHQWH SURYDUH LO VXR FUHGLWR H OD VFDGHQ]D GHOOÂ¶REEOLJD]LRQH 1HOOD UHVSRQVDELOLWj H[WUDFRQWUDWWXDOH q OÂ¶DWWRUH FKH KD OÂ¶RQHUH GL SURYDUH QRQ VROWDQWR FKH OD FRQGRWWD GHO FRQYHQXWR JOL KD FDXVDWR XQ GDQQR PD DQFKH FKH VL WUDWWD GL XQ FRPSRUWDPHQWR WHQXWR FRQ FROSD R SHJJLR GROR $PEHGXH GDQQR OXRJR DO ULVDUFLPHQWR GHO GDQQR 'DQQR H ULVDUFLPHQWR OÂ¶DXWRUH GHOOÂ¶LOOHFLWR q REEOLJDWR D ULVDUFLUH LO GDQQR LO UHVSRQVDELOH GHYH ULVDUFLUH VLD LO GDQQR HPHUJHQWH VLD LO OXFUR FHVVDQWH ,O GDQQR SXz HVVHUH SDWULPRQLDOH QRQ SDWULPRQLDOH PRUDOH R LQGLUHWWR ,O GDQQR LQGLUHWWR SXz HVVHUH x GDQQR DOOD SHUVRQD LQWHVR FRQ ULJXDUGR DO SUHJLXGL]LR DOOD LQWHJULWj SVLFR ILVLFD GHO VRJJHWWR LQ Vp H SHU Vp FRQVLGHUDWR x GDQQR DOOD YLWD GL UHOD]LRQH OD GLPLQXLWD FDSDFLWj GL LQVHULUVL QHL UDSSRUWL VRFLRHFRQRPLFL 5LVDUFLPHQWR LQ IRUPD VSHFLILFD LO GDQQHJJLDWR SXz FKLHGHUH OD UHLQWHJUD]LRQH LQ IRUPD VSHFLILFD TXDORUD VLD LQ WXWWR R LQ SDUWH SRVVLELOH

3UHVFUL]LRQH GHO GLULWWR DO ULVDUFLPHQWR GHO GDQQR GHULYDQWH GD IDWWR LOOHFLWR q SL EUHYH GL TXHOOD RUGLQDULD DQQL VH LO GDQQR q SURGRWWR GDOOD FLUFROD]LRQH GHL YHLFROL LO WHUPLQH GL SUHVFUL]LRQH q GL GXH DQQL 6H LO IDWWR q FRQVLGHUDWR GDOOD OHJJH FRPH UHDWR OD SUHVFUL]LRQH q SL OXQJD &DS /Â¶LPSUHVD H OÂ¶D]LHQGD

&DS ,O UDSSRUWR GL ODYRUR VXERUGLQDWR &DS /Â¶LPSUHVD DJULFROD

&DS /Â¶LPSUHVD FRPPHUFLDOH &DS /Â¶LPSUHVD FROOHWWLYD

&DS /H VRFLHWj GL SHUVRQH &DS /H VRFLHWj GL FDSLWDOL

&DS /H VRFLHWj FRRSHUDWLYH

ZZZ VWXGHQWLGHOODFDWWROLFD FRP

&DS *OL LVWLWXWL IDOOLPHQWDUL , 5$33257, ', )$0,*/,$

&DS 7UDVIRUPD]LRQL VRFLDOL H ULIRUPD GHO GLULWWR GL IDPLJOLD

/D IDPLJOLD VRGGLVID L ELVRJQL IRQGDPHQWDOL GHOOÂ¶LQGLYLGXR LO FRPSOHWDPHQWR GHOOD VXD SHUVRQDOLWj FRQ OD VFHOWD GL XQ FRPSDJQR FRQ FXL DIIURQWDUH OH GLIILFROWj GHOOÂ¶HVLVWHQ]D OD SURFUHD]LRQH OD VRFLDOL]]D]LRQH GHOOD SUROH /D 5HSXEEOLFD ULFRQRVFH L GLULWWL GHOOD IDPLJOLD FRPH VRFLHWj QDWXUDOH

/D IDPLJOLD OHJLWWLPD q TXHOOD IRQGDWD VXO PDWULPRQLR /D IDPLJOLD GL IDWWR q TXHOOD FRVWLWXLWD GD SHUVRQH FKH SXU QRQ HVVHQGR VSRVDWH FRQYLYRQR PRUH X[RULR LQVLHPH DJOL HYHQWXDOL ILJOL QDWL GDOOD ORUR XQLRQH ,O ULFRQRVFLPHQWR GHL GLULWWL GHOOD IDPLJOLD FRQWHQXWR QHOOÂ¶DUW &RVW VL ULYROJH VROR DOOD IDPLJOLD OHJLWWLPD &DS 0DWULPRQLR OD IRUPD]LRQH GHO YLQFROR 0DWULPRQLR FLYLOH

,O PDWULPRQLR q XQ LVWLWXWR FKH DVVXPH ULOLHYR VLD GDO SXQWR GL YLVWD UHOLJLRVR VLD GDO SXQWR GL YLVWD GHOOÂ¶RUGLQDPHQWR JLXULGLFR GHOOR 6WDWR ,O UDSSRUWR FKH FRVu VL FRVWLWXLVFH q LO UDSSRUWR FRQLXJDOH FKH GHWHUPLQD OÂ¶DFTXLVL]LRQH DXWRPDWLFD SHU OD SUROH GHOOR VWDWXV GL ILJOL OHJLWWLPL 6XO SLDQR GHO GLULWWR LO PDWULPRQLR VL OLPLWD D SURGXUUH XQ YLQFROR 3Xz DYHU OXRJR FRQ GXH IRUPH OD FHOHEUD]LRQH GDYDQWL DG XQ XIILFLDOH GHOOR VWDWR FLYLOH R OD FHOHEUD]LRQH GDYDQWL D XQ PLQLVWUR GHO FXOWR FDWWROLFR 3URPHVVD GL PDWULPRQLR LO PDWULPRQLR q GL VROLWR SUHFHGXWR GDO ILGDQ]DPHQWR /D SURPHVVD QRQ REEOLJD D FRQWUDUUH PDWULPRQLR 6H FL VL WLUD LQGLHWUR VL GHYRQR ULVDUFLUH OH VSHVH IDWWH GDOOÂ¶DOWUD SDUWH LQ YLVWD GHO PDWULPRQLR PD QRQ L ULFDYL PDQFDWL ,Q RJQL FDVR GL URWWXUD GHO ILGDQ]DPHQWR SXz HVVHUH FKLHVWD OD UHVWLWX]LRQH GHL Â³GRQL IDWWL D FDXVD GHOOD SURPHVVD GL PDWULPRQLRÂ´

&DSDFLWj HG LPSHGLPHQWL SHU FRQWUDUUH PDWULPRQLR RFFRUUH SHU XQ YHUVR FKH FLDVFXQR GHL QXEHQGL DEELD OD SLHQD FDSDFLWj GL VSRVDUVL H SHU DOWUR YHUVR FKH QRQ VXVVLVWDQR RVWDFROL 6RWWR LO SULPR SURILOR VRQR QHFHVVDUL OD OLEHUWj GL VWDWR OÂ¶HWj PLQLPD OD FDSDFLWj GL LQWHQGHUH H GL YROHUH OD GRQQD QRQ VL SXz ULVSRVDUH QHL JLRUQL VXFFHVVLYL DOOR VFLRJOLPHQWR R DQQXOODPHQWR GHO SUHFHGHQWH PDWULPRQLR /Â¶LPSRWHQ]D QRQ KD SL DOFXQ ULOLHYR DXWRQRPR PD SXz HVVHUH DGGRWWD TXDOH FDXVD GL LQYDOLGLWj GHO YLQFROR VROWDQWR TXDQGR VLD VWDWD LJQRUDWD GDOOÂ¶DOWUR FRQLXJH /D PDQFDWD FRQVXPD]LRQH GHO PDWULPRQLR OHJLWWLPD OD GRPDQGD GL GLYRU]LR 6RWWR LO VHFRQGR SURILOR QRQ SRVVRQR FRQWUDUUH PDWULPRQLR WUD ORUR JOL DVFHQGHQWL H L GLVFHQGHQWL GL OLQHD GLUHWWD OHJLWWLPL R QDWXUDOL

ZZZ VWXGHQWLGHOODFDWWROLFD FRP

IUDWHOOL H VRUHOOH OR ]LR H OD QLSRWH OD ]LD H LO QLSRWH JOL DIILQL LQ OLQHD UHWWD VXRFHUR H QXRUD

JOL DIILQL LQ OLQHD FROODWHUDOH LQ JUDGR O¶DGRWWDQWH O¶DGRWWDWR H L VXRL GLVFHQGHQWL ILJOL DGRWWLYL GHOOD VWHVVD SHUVRQD O¶DGRWWDWR H L ILJOL GHOO¶DGRWWDQWH O¶DGRWWDWR H LO FRQLXJH GHOO¶DGRWWDQWH O¶DIILOLDQWH O¶DIILOLDWR H L VXRL GLVFHQGHQWL

/D FHOHEUD]LRQH GHO PDWULPRQLR GHYH HVVHUH SUHFHGXWD GDOOD SXEEOLFD]LRQH VDOYR DXWRUL]]D]LRQH JLXGL]LDOH DG RPHWWHUOD 4XHVWD FRQVLVWH QHOO¶DIILVVLRQH GL XQ DWWR FRQWHQHQWH OH JHQHUDOLWj GHJOL VSRVL DOOH SRUWH GHOOD FDVD FRPXQDOH HG q IDWWD FXUD GHOO¶XIILFLDOH GHOOR VWDWR FLYLOH 6H TXHVWL VL ULILXWD GL SURFHGHUH DOOD SXEEOLFD]LRQH q GDWR ULFRUVR DO WULEXQDOH FKH SURYYHGH FRQ LO ULWR GHOOD FDPHUD GL FRQVLJOLR VHQWLWR LO SXEEOLFR PLQLVWHUR /D GLFKLDUD]LRQH GHJOL VSRVL GL SUHQGHUVL ULVSHWWLYDPHQWH LQ PDULWR H PRJOLH QRQ SXz HVVHUH VRWWRSRVWD Qp D WHUPLQH Qp D FRQGL]LRQH

&DXVH GL LQYDOLGLWj GHO PDWULPRQLR YLQFROR GL SUHFHGHQWH PDWULPRQLR VXVVLVWHQ]D GHOO¶LPSHGLPHQWXP FULPLQLV LQWHUGL]LRQH JLXGL]LDOH GL XQR GHL FRQLXJL LQFDSDFLWj QDWXUDOH GL XQR GHL FRQLXJL VH QRQ HUD LQ JUDGR GL LQWHQGHUH H GL YROHUH GLIHWWR GL HWj YLQFROR GL SDUHQWHOD« F G YL]L GHO FRQVHQVR FKH VRQR D YLROHQ]D E WLPRUH F HUURUH G VLPXOD]LRQH ,Q SHQGHQ]D GHO JLXGL]LR GL DQQXOODPHQWR SXz HVVHUH GLVSRVWD OD VHSDUD]LRQH GHL FRQLXJL 0DWULPRQLR SXWDWLYR VL KD TXDQGR O¶DQQXOODPHQWR GHO PDWULPRQLR QRQ KD HIIHWWR UHWURDWWLYR D FDXVD GHOOD EXRQD IHGH GHL FRQLXJL ,O PDWULPRQLR FRQFRUGDWDULR

,O PDWULPRQLR FRQFRUGDWDULR RVVLD TXHOOR UHOLJLRVR FKH LQ EDVH DJOL DFFRUGL WUD 6WDWR H &KLHVD SXz SURGXUUH HIIHWWL QRQ VROWDQWR UHOLJLRVL PD DQFKH FLYLOL D SDWWR FKH D VXELWR GRSR OD FHOHEUD]LRQH LO SDUURFR R LO VXR GHOHJDWR VSLHJKL DL FRQWUDHQWL JOL HIIHWWL FLYLOL GHO PDWULPRQLR H GLD ORUR OHWWXUD GHJOL DUWLFROL GHO FRG FLY ULJXDUGDQWL L GLULWWL H L GRYHUL GHO FRQLXJH E GHOO¶DWWR GL PDWULPRQLR VLDQR UHGDWWL GXH RULJLQDOL F XQR GHJOL RULJLQDOL VLD WUDVPHVVR DOO¶XIILFLDOH GHOOR VWDWR FLYLOH SHU HVVHUH WUDVFULWWR QHL UHJLVWUL GHOOR VWDWR FLYLOH

ZZZ VWXGHQWLGHOODFDWWROLFD FRP

/H PRGDOLWj SHU LO ULFRQRVFLPHQWR GHOO¶HIILFDFLD FLYLOH GHO PDWULPRQLR FDQRQLFR DQFKH OD FHOHEUD]LRQH GL TXHVWR GHYH HVVHUH SUHFHGXWD GDOOH SXEEOLFD]LRQL SHU OD GXUDWD GL DOPHQR JJ FRPSUHVH GXH GRPHQLFKH VXFFHVVLYH /¶DWWR IRQGDPHQWDOH SHUFKp LO PDWULPRQLR UHOLJLRVR FRQVHJXD HIIHWWL FLYLOL q OD VXD WUDVFUL]LRQH QHJOL DWWL GHOOR VWDWR FLYLOH *OL HIIHWWL FLYLOL VL SURGXFRQR GDO JLRUQR GHOOD FHOHEUD]LRQH H QRQ GHOOD WUDVFUL]LRQH TXHVWD KD FLRq HIILFDFLD UHWURDWWLYD 6L KD LQWUDVFULYLELOLWj GHO PDWULPRQLR FDQRQLFR QHL VHJXHQWL FDVL TXDQGR JOL VSRVL QRQ ULVSRQGRQR DL UHTXLVLWL GHOOD OHJJH FLYLOH FLUFD O¶HWj ULFKLHVWD TXDQGR VXVVLVWH WUD JOL VSRVL XQ LPSHGLPHQWR FKH OD OHJJH FLYLOH FRQVLGHUD LQGHURJDELOH DQFKH OD WUDVFUL]LRQH WDUGLYD KD HIIHWWR UHWURDWWLYR 2JQL TXHVWLRQH UHODWLYD DOOD YDOLGLWj GHOOD WUDVFUL]LRQH GL XQ PDWULPRQLR FDQRQLFR q ULPDVWD GL FRPSHWHQ]D GHOO¶DXWRULWj JLXGL]LDULD LWDOLDQD

$QFKH LO PDWULPRQLR FHOHEUDWR GDYDQWL DG XQ PLQLVWUR GL XQ FXOWR DFDWWROLFR GHYH HVVHUH WUDVFULWWR QHL UHJLVWUL GHOOR VWDWR FLYLOH LWDOLDQR SHUFKp SURGXFD HIIHWWL FLYLOL &DS ,O PDWULPRQLR LO UHJLPH GHO YLQFROR

&RQ LO PDWULPRQLR LO PDULWR H OD PRJOLH DFTXLVWDQR JOL VWHVVL GLULWWL HG DVVXPRQR L PHGHVLPL GRYHUL $WWXDWR LO SULQFLSLR GL XJXDJOLDQ]D WUD L FRQLXJL LO OHJLVODWRUH JLXVWDPHQWH DIILGD DOOD ORUR HVFOXVLYD UHVSRQVDELOLWj LO FRPSLWR GL WURYDUH VLD SXUH DWWUDYHUVR VFRQWUL GLVVLGL H FRQWUDVWL VROX]LRQH DL ORUR SUREOHPL (FFH]LRQH DOOD UHJROD GHOO¶HJXDJOLDQ]D LO ILJOLR SUHQGH LO FRJQRPH GHO SDGUH 'DO PDWULPRQLR GHULYDQR O¶REEOLJR UHFLSURFR DOOD IHGHOWj DOO¶DVVLVWHQ]D DOOD FROODERUD]LRQH H DOOD FRDELWD]LRQH , FRQLXJL GHYRQR FRQFRUGDUH ³O¶LQGLUL]]R GHOOD YLWD IDPLOLDUH´ DYHQGR SUHVHQWL ³OH HVLJHQ]H GL HQWUDPEL H TXHOOH GHOOD IDPLJOLD VWHVVD´ &RQ OD OHJJH GHO GLFHPEUH Q q VWDWR LQWURGRWWR DQFKH LQ ,WDOLD O¶LVWLWXWR GHO GLYRU]LR $OOD PRUWH q HTXLSDUDWD OD GLFKLDUD]LRQH GL PRUWH SUHVXQWD FKH FRQVHQWH DO FRQLXJH VXSHUVWLWH GL FRQWUDUUH OHJLWWLPDPHQWH QXRYH QR]]H ,O QRVWUR RUGLQDPHQWR D GLIIHUHQ]D GL DOWUL QRQ DPPHWWH Qp LO GLYRU]LR FRQVHQVXDOH JLXVWLILFDWR FLRq HVFOXVLYDPHQWH GDOOD ULFKLHVWD FRQFRUGH GHL FRQLXJL Qp LO F G GLYRU]LR VDQ]LRQH RVVLD JLXVWLILFDWR FRPH UHD]LRQH DG XQD FROSD GL XQ FRQLXJH YHUVR O¶DOWUR ,O GLYRU]LR SHUFLz VL DWWHJJLD LQ ,WDOLD FRPH ULPHGLR DO IDOOLPHQWR FRQLXJDOH HG q TXLQGL DPPLVVLELOH VRODPHQWH TXDQGR OD FRPXQLRQH VSLULWXDOH H PDWHULDOH WUD L FRQLXJL QRQ SXz HVVHUH PDQWHQXWD R ULFRVWLWXLWD 7UD TXHVWH FDXVH TXHOOD VWDWLVWLFDPHQWH H VRFLDOPHQWH SL LPSRUWDQWH q FRVWLWXLWD GDOOD VHSDUD]LRQH GHL FRQLXJL SURWUDWWDVL LQLQWHUURWWDPHQWH SHU DOPHQR DQQL 'HYH SHUz WUDWWDUVL R GL VHSDUD]LRQH JLXGL]LDOH R GL VHSDUD]LRQH FRQVHQVXDOH RPRORJDWD ,O GLYRU]LR LQ ,WDOLD QRQ SXz HVVHUH JLXGL]LDOH QHVVXQD DXWRULWj DPPLQLVWUDWLYD SRWUHEEH GHFLGHUOR 6RQR GLYHQWDWH VXVFHWWLELOL GL GHOLEHUD]LRQH RVVLD GL DFTXLVWDUH HIILFDFLD LQ ,WDOLD SXUH OH VHQWHQ]H VWUDQLHUH GL GLYRU]LR

ZZZ VWXGHQWLGHOODFDWWROLFD FRP

&RQ OD VHQWHQ]D GL GLYRU]LR LO WULEXQDOH GLVSRQH OÂ¶REEOLJR SHU XQ FRQLXJH GL FRUULVSRQGHUH DOOÂ¶DOWUR XQ DVVHJQR SHULRGLFR SXUFKp TXHVWÂ¶XOWLPR QRQ DEELD PH]]L DGHJXDWL R QRQ SRVVD SURFXUDUVHOL SHU UDJLRQL RJJHWWLYH /Â¶REEOLJR GL FRUUHVSRQVLRQH GHOOÂ¶DVVHJQR FHVVD VH LO FRQLXJH EHQHILFLDULR SDVVD D QXRYH QR]]H 3HUPDQH LO GRYHUH GL HQWUDPEL GL FRQWULEXLUH DO PDQWHQLPHQWR HGXFD]LRQH HG LVWUX]LRQH GHOOD SUROH QDWD R DGRWWDWD GXUDQWH LO GLVFLROWR PDWULPRQLR

6HSDUD]LRQH GHL FRQLXJL OD VHSDUD]LRQH OHJDOH SXz HVVHUH JLXGL]LDOH R FRQVHQVXDOH &RQ OD SULPD OD OHJJH FRQVHQWH GL FKLHGHUH OD VHSDUD]LRQH SHU LO IDWWR VROR FKH OD SURVHFX]LRQH GHOOD FRQYLYHQ]D VLD GLYHQWDWD LQWROOHUDELOH RYYHUR WDOH GD UHFDUH JUDYH SUHJLXGL]LR DOOÂ¶HGXFD]LRQH GHOOD SUROH ,O JLXGLFH SXz GLFKLDUDUH QHOOD VHQWHQ]D D TXDOH GHL FRQLXJL VLD DGGHELWDELOH OD VHSDUD]LRQH ,O FRQLXJH D FXL VRQR DIILGDWL L ILJOL VDOYD GLYHUVD GLVSRVL]LRQH GHO JLXGLFH KD OÂ¶HVHUFL]LR HVFOXVLYR GHOOD SRWHVWj VX GL HVVL PD GHYH FRQFRUGDUH OH GHFLVLRQL GL PDJJLRU LQWHUHVVH SHU L ILJOL FRQ OÂ¶DOWUR FRQLXJH LO TXDOH FRQVHUYD LO GLULWWR GL LQWUDWWHQHUH UDSSRUWL FRQ L ILJOL VHFRQGR OH PRGDOLWj ILVVDWH GDO JLXGLFH KD LO GLULWWR H LO GRYHUH GL YLJLODUH VXOOD ORUR LVWUX]LRQH HG HGXFD]LRQH H SXz ULFRUUHUH DO JLXGLFH TXDQGR ULWHQJD FKH VLDQR VWDWH DVVXQWH GHFLVLRQL SUHJLXGL]LHYROL DO ORUR LQWHUHVVH 6ROR SHU JUDYL PRWLYL LO JLXGLFH SXz RUGLQDUH FKH OD SUROH VLD FROORFDWD SUHVVR XQD WHU]D SHUVRQD 3HUFKp OD VHSDUD]LRQH FRQVHQVXDOH SURGXFD HIIHWWL JLXULGLFL RFFRUUH DQFKH OÂ¶RPRORJD]LRQH GHO WULEXQDOH &RQ OD VHSDUD]LRQH FHVVD SHU HQWUDPEL L FRQLXJL OÂ¶REEOLJR GL DVVLVWHQ]D LQ WXWWH OH IRUPH FKH QH SUHVXSSRQJRQR OD FRQYLYHQ]D 1RQ FHVVD OÂ¶REEOLJR GHOOD FROODERUD]LRQH VSHFLH FRQ ULJXDUGR DL ILJOL &DS 5HJLPH SDWULPRQLDOH GHOOD IDPLJOLD

2EEOLJR GL FRQWULEX]LRQH SHU LO VRGGLVIDFLPHQWR GHL ELVRJQL GHOOD IDPLJOLD (QWUDPEL L FRQLXJL VRQR WHQXWL FLDVFXQR LQ UHOD]LRQH DOOH SURSULH VRVWDQ]H H DOOD SURSULD FDSDFLWj GL ODYRUR SURIHVVLRQDOH R FDVDOLQJR D FRQWULEXLUH DL ELVRJQL GHOOD IDPLJOLD &LDVFXQ FRQLXJH GHYH DGHPSLHUH DOOÂ¶REEOLJR GL PDQWHQHUH LVWUXLUH HG HGXFDUH OD SUROH LQ SURSRU]LRQH DOOH ULVSHWWLYH VRVWDQ]H H VHFRQGR OD VXD FDSDFLWj GL ODYRUR SURIHVVLRQDOH H FDVDOLQJR 3HU OÂ¶LSRWHVL FKH OD FRSSLD QRQ DEELD L PH]]L VXIILFLHQWL D SURYYHGHUH DO PDQWHQLPHQWR GHL ILJOL OD OHJJH LPSRQH DL ORUR DVFHQGHQWL GL IRUQLUH L PH]]L QHFHVVDUL DIILQFKp SRVVDQR HVVHUH DGHPSLXWL L GRYHUL QHL FRQIURQWL GHOOD SUROH ,O UHJLPH SDWULPRQLDOH OHJDOH GHOOD IDPLJOLD LQ PDQFDQ]D GL GLYHUVD FRQYHQ]LRQH VWLSXODWD D QRUPD GHOOÂ¶DUW q FRVWLWXLWR GDOOD FRPXQLRQH GHL EHQL /Â¶HVFOXVLRQH GHO UHJLPH GL FRPXQLRQH SHU DGRWWDUH TXHOOR GL VHSDUD]LRQH GHL EHQL QRQ SXz HVVHUH IUXWWR GL XQD GLFKLDUD]LRQH XQLODWHUDOH GL XQR GHL FRQLXJL PD GHYH HVVHUH FRQYHQXWD PHGLDQWH XQ DFFRUGR VWLSXODWR SHU DWWR SXEEOLFR R ULVXOWDQWH GDOOÂ¶DWWR GL FHOHEUD]LRQH GHO PDWULPRQLR /H FRQYHQ]LRQL PDWULPRQLDOL SRVVRQR HVVHUH VWLSXODWH DQFKH GRSR OD FHOHEUD]LRQH GHO PDWULPRQLR /D FRPXQLRQH OHJDOH QRQ q XQD FRPXQLRQH XQLYHUVDOH FLRq GL WXWWR TXDQWR DSSDUWLHQH D FLDVFXQR GHL FRQLXJL &DGRQR DXWRPDWLFDPHQWH LQ FRPXQLRQH

ZZZ VWXGHQWLGHOODFDWWROLFD FRP

JOL DFTXLVWL FRPSLXWL GDL GXH FRQLXJL DVVLHPH R VHSDUDWDPHQWH GXUDQWH LO PDWULPRQL DG HVFOXVLRQH GL TXHOOL UHODWLYL DL EHQL SHUVRQDOL OH D]LHQGH JHVWLWH GD HQWUDPEL L FRQLXJL H FRVWLWXLWH GRSR LO PDWULPRQLR JOL XWLOL H JOL LQFUHPHQWL GL D]LHQGH JHVWLWH GD HQWUDPEL L FRQLXJL PD DSSDUWHQHQWL DG XQR VROR GL HVVL DQWHULRUPHQWH DO PDWULPRQLR 6RQR LQYHFH HVFOXVL GDOOD FRPXQLRQH H ULPDQJRQR EHQL SHUVRQDOL FL FLDVFXQ FRQLXJH L EHQL GL FXL LO FRQLXJH HUD JLj WLWRODUH SULPD GHO PDWULPRQLR EHQL DFTXLVLWL VXFFHVVLYDPHQWH SHU HIIHWWR GL GRQD]LRQH EHQL DG XVR VWUHWWDPHQWH SHUVRQDOH EHQL FKH VHUYRQR DOO¶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¶XOWLPD D VXD YROWD SXz HVVHUH SURQXQFLDWD TXDQGR ULFRUUD XQD GHOOH VHJXHQWL FDXVH LQWHUGL]LRQH GL XQR GHL FRQLXJL LQDELOLWD]LRQH GL XQR GHL FRQLXJL FDWWLYD DPPLQLVWUD]LRQH GHOOD FRPXQLRQH GLVRUGLQH QHJOL DIIDUL SHUVRQDOL GL XQ FRQLXJH 9HULILFDWDVL XQD FDXVD GL VFLRJOLPHQWR GHOOD FRPXQLRQH RFFRUUH SURFHGHUH DOOD GLYLVLRQH GHL EHQL FRPXQL GD HIIHWWXDUH VHPSUH LQ SDUWL XJXDOL WUD PRJOLH H PDULWR R ORUR HUHGL /D VHSDUD]LRQH GHL EHQL SXz HVVHUH VFHOWD VROR PHGLDQWH XQ DFFRUGR

)RQGR SDWULPRQLDOH OD ULIRUPD GHO SUHYHGH OD SRVVLELOLWj FKH YHQJD FRVWLWXLWR XQ IRQGR SDWULPRQLDOH FRQ XQR VSHFLDOH UHJLPH SHU IDU IURQWH DL ELVRJQL GHOOD IDPLJOLD ,O IRQGR SDWULPRQLDOH SXz HVVHUH FRVWLWXLWR GD FLDVFXQR GHL FRQLXJL GD HQWUDPEL R DQFKH GD XQ WHU]R , IUXWWL GHL EHQL GHO IRQGR QRQ SRVVRQR HVVHUH XWLOL]]DWL FKH SHU L ELVRJQL GHOOD IDPLJOLD /¶LPSUHVD IDPLOLDUH L IDPLOLDUL FKH ODYRUDQR QHOO¶LPSUHVD GL XQR GL ORUR WXWHODWL GDOO¶DUW VRQR LO FRQLXJH L SDUHQWL HQWUR LO JUDGR JOL DIILQL HQWUR LO JUDGR 9LHQH ULFRQRVFLXWR ORUR LO GLULWWR DO PDQWHQLPHQWR HG LO GLULWWR D SDUWHFLSDUH DJOL XWLOL GHOO¶LPSUHVD HG DJOL LQFUHPHQWL GHOO¶D]LHQGD ,O GLULWWR GL SDUWHFLSD]LRQH q LQWUDVIHULELOH D PHQR FKH VLD FHGXWR D IDYRUH GL XQ DOWUR IDPLOLDUH FRQ LO FRQVHQVR GL WXWWL L SDUWHFLSDQWL 4XHVWL KDQQR GLULWWR GL SUHOD]LRQH VXOO¶D]LHQGD LQ FDVR GL FHVVLRQH R GL GLYLVLRQH HUHGLWDULD FRQ ULQYLR D TXDQWR SUHYLVWR GDOO¶DUW

ZZZ VWXGHQWLGHOODFDWWROLFD FRP

/D GRWH O¶LVWLWXWR GL TXHVWD KD SHUVR RJQL VLJQLILFDWR OD ULIRUPD KD VWDELOLWR XQ GLYLHWR ULJRURVR GL FRVWLWX]LRQH GL GRWH &DS /D ILOLD]LRQH OHJLWWLPD

,O ILJOLR q OHJLWWLPR TXDQGR q VWDWR FRQFHSLWR GD JHQLWRUL XQLWL LQ PDWULPRQLR Ê LQYHFH QDWXUDOH TXDQGR q VWDWR FRQFHSLWR GD JHQLWRUL FKH QRQ VRQR VSRVDWL WUD ORUR Ê OHJLWWLPR LO ILJOLR QDWR GRSR JJ GDO PDWULPRQLR HG HQWUR JJ GDOOR VFLRJOLPHQWR R DQQXOODPHQWR GHO PDWULPRQLR /D VWDWR GL ILJOLR OHJLWWLPR VL SURYD FRQ O¶DWWR GL QDVFLWD LVFULWWR QHL UHJLVWUL GHOOR VWDWR FLYLOH /¶D]LRQH GL GLVFRQRVFLPHQWR GHOOD SDWHUQLWj VH VL HVHUFLWD FRQ VXFFHVVR ID FDGHUH OR VWDWXV GL ILJOLR OHJLWWLPR Ê FRQVHQWLWD VROWDQWR D VH L FRQLXJL QRQ KDQQR FRDELWDWR QHO SHULRGR LQ FXL GHYH DYHU DYXWR OXRJR LO FRQFHSLPHQWR E VH GXUDQWH WDOH SHULRGR LO PDULWR HUD DIIHWWR GD LPSRWHQ]D F VH QHO GHWWR SHULRGR OD PRJOLH KD FRPPHVVR DGXOWHULR R KD WHQXWR FHODWR DO PDULWR OD SURSULD JUDYLGDQ]D H OD QDVFLWD GHO ILJOLR /¶D]LRQH GL GLVFRQRVFLPHQWR GHYH HVVHUH SURSRVWD D SHQD GL GHFDGHQ]D x GDO PDULWR QHO WHUPLQH GL DQQR GDO JLRUQR GHOOD QDVFLWD x GDOOD PDGUH QHO WHUPLQH GL PHVL x GDO ILJOLR QHO WHUPLQH GL DQQR GDO FRPSLPHQWR GHOOD PDJJLRUH HWj R GDO PRPHQWR LQ FXL YHQJD D FRQRVFHQ]D GHL IDWWL FKH UHQGRQR DPPLVVLELOL LO GLVFRQRVFLPHQWR ,Q WHPD GL ILOLD]LRQH OHJLWWLPD VRQR SUHYLVWH DOWUH GXH D]LRQL GL VWDWR x D]LRQH GL FRQWHVWD]LRQH GHOOD OHJLWWLPLWj FKLXQTXH YL DEELD LQWHUHVVH SXz DJLUH LQ JLXGL]LR SHU FRQWHVWDUQH OD OHJLWWLPLWj x D]LRQH GL UHFODPR GHOOD OHJLWWLPLWj OD SXz HVHUFLWDUH LO ILJOLR

5DSSRUWL WUD JHQLWRUL H ILJOL L ILJOL GHYRQR ULVSHWWDUH L JHQLWRUL H GHYRQR DQFK¶HVVL FRQWULEXLUH DO PDQWHQLPHQWR GHOOD IDPLJOLD /D SRWHVWj GHYH HVVHUH HVHUFLWDWD GDL JHQLWRUL GL FRPXQH DFFRUGR 6H XQR GHL JHQLWRUL q ORQWDQR LQFDSDFH R LPSHGLWR OD SRWHVWj q HVHUFLWDWD GD VROR GDOO¶DOWUR JHQLWRUH , JHQLWRUL UDSSUHVHQWDQR L ILJOL PLQRUL LQ WXWWL JOL DWWL FLYLOL H QH DPPLQLVWUDQR L EHQL JOL DWWL GL RUGLQDULD DPPLQLVWUD]LRQH SRVVRQR HVVHUH FRPSLXWL GLVJLXQWDPHQWH GD FLDVFXQ JHQLWRUH

/D WXWHOD VH HQWUDPEL L JHQLWRUL VRQR PRUWL R QRQ SRVVRQR HVHUFLWDUH OD SRWHVWj VXL ILJOL VL DSUH OD WXWHOD ,O WXWRUH KD OD FXUD GHOOD SHUVRQD GHO PLQRUH OR UDSSUHVHQWD LQ WXWWL JOL DWWL FLYLOL H QH DPPLQLVWUD L EHQL (JOL GHYH SURFHGHUH DOO¶LQYHQWDULR GHL EHQL GHO PLQRUH SURYYHGHUH FLUFD O¶HGXFD]LRQH H O¶LVWUX]LRQH GL FRVWXL LQYHVWLUQH L FDSLWDOL &DS /¶DGR]LRQH

/¶DGR]LRQH GL PLQRUL q SHUPHVVD DL FRQLXJL XQLWL LQ PDWULPRQLR GD DOPHQR WUH DQQL WUD L TXDOL QRQ VXVVLVWD VHSDUD]LRQH SHUVRQDOH QHSSXUH GL IDWWR H FKH VLDQR LGRQHL DG HGXFDUH HG LVWUXLUH HG LQ JUDGR GL PDQWHQHUH L PLQRUL FKH LQWHQGRQR DGRWWDUH ZZZ VWXGHQWLGHOODFDWWROLFD FRP

ZZZ VWXGHQWLGHOODFDWWROLFD FRP

6X VHJQDOD]LRQH GL VLWXD]LRQL GL DEEDQGRQR LO 7ULEXQDOH SHU L PLQRUHQQL GLFKLDUD OR VWDWR GL DGRWWDELOLWj GHO PLQRUH

$GR]LRQH GL SHUVRQH PDJJLRUL GL HWj O¶DGR]LRQH WUDGL]LRQDOH q VWDWD FRQVHUYDWD VROR QHL FRQIURQWL GL SHUVRQH PDJJLRUHQQL 3Xz DGRWWDUH XQD SHUVRQD GD VROD RYYHUR XQD FRSSLD GL FRQLXJL /¶DGRWWDQWH GHYH HVVHUH GL DOPHQR DQQL PDJJLRUH ULVSHWWR DOO¶DGRWWDQGR 1RQ HVLVWH LQYHFH DOFXQ OLPLWH PDVVLPR GL HWj Qp SHU DGRWWDUH Qp SHU HVVHUH DGRWWDWR 3HU O¶DGR]LRQH VL ULFKLHGRQR LO FRQVHQVR GHOO¶DGRWWDQGR H GHOO¶DGRWWDQWH /¶DGR]LRQH SXz HVVHUH UHYRFDWD TXDQGR O¶DGRWWDWR DEELD DWWHQWDWR DOOD YLWD GHOO¶DGRWWDQWH R GHO FRQLXJH R GHL GLVFHQGHQWL R DVFHQGHQWL GL TXHVW¶XOWLPR RYYHUR VL VLD UHVR FROSHYROH YHUVR GL ORUR GL GHOLWWR SXQLELOH FRQ SHQD UHVWULWWLYD GHOOD OLEHUWj SHUVRQDOH QRQ LQIHULRUH QHO PLQLPR D WUH DQQL $IILGDPHQWR GL PLQRUL SRVVRQR HVVHUH DIILGDWL DG XQ¶DOWUD IDPLJOLD SRVVLELOPHQWH FRQ ILJOL PLQRUL L PLQRUL FKH VLDQR WHPSRUDQHDPHQWH SULYL GL XQ DPELHQWH IDPLOLDUH LGRQHR Ê HVVHQ]LDOH FKH VL WUDWWL GL VLWXD]LRQH WHPSRUDQHD SHUFKp DOWULPHQWL GRYUHEEH IDUVL OXRJR QRQ JLj DG XQ VHPSOLFH DIILGDPHQWR PD DO SURFHGLPHQWR SHU O¶DGR]LRQH &DS )LOLD]LRQH QDWXUDOH

/D ULIRUPD KD FDQFHOODWR LO GLYLHWR GL ULFRQRVFLPHQWR GHL ILJOL DGXOWHULQL 3HU TXDQWR ULJXDUGD L ILJOL LQFHVWXRVL LQYHFH q VWDWR FRQVHUYDWR LO GLYLHWR GL ULFRQRVFLPHQWR ,Q QHVVXQ FDVR SXz HVVHUH YDOLGDPHQWH HIIHWWXDWR LO ULFRQRVFLPHQWR TXDOH SURSULR ILJOLR QDWXUDOH GL XQD SHUVRQD FKH ULVXOWL JLj ILJOLR OHJLWWLPR GL DOWUL /D FDSDFLWj GL HIIHWWXDUH LO ULFRQRVFLPHQWR GL XQ ILJOLR QDWXUDOH VL DFTXLVWD FRQ LO FRQFHSLPHQWR GHO VHGLFHVLPR DQQR GL HWj ,O ULFRQRVFLPHQWR SXz HVVHUH IDWWR VLD GD HQWUDPEL L JHQLWRUL VLD GD XQR VROR GL HVVL 6H q IDWWR GD XQR VROR QRQ SXz FRQWHQHUH LQGLFD]LRQL UHODWLYH DOO¶DOWUR TXDORUD VLDQR VWDWH IDWWH VRQR VHQ]D HIIHWWR ,O ULFRQRVFLPHQWR SURGXFH L VXRL HIIHWWL LQ TXDQWR VL SUHVXPH FKH FKL SURFHGH DG XQ ULFRQRVFLPHQWR GLFKLDUL XQ IDWWR YHUR H FKH TXLQGL OD SHUVRQD ULFRQRVFLXWD VLD GDYYHUR VXR ILJOLR ,O ULFRQRVFLPHQWR SXz HVVHUH LPSXJQDWR VH O¶DXWRUH GHO ULFRQRVFLPHQWR YL q VWDWR FRVWUHWWR FRQ OD YLROHQ]D RYYHUR O¶KD FRPSLXWR LQ VWDWR GL LQWHUGL]LRQH JLXGL]LDOH

/R VWDWR GL ILJOLR QDWXUDOH ULFRQRVFLXWR OD OHJJH DVVLFXUD DL ILJOL QDWL IXRUL GDO PDWULPRQLR RJQL WXWHOD JLXULGLFD H VRFLDOH FRPSDWLELOH FRQ L GLULWWL GHL PHPEUL GHOOD IDPLJOLD OHJLWWLPD /D ULIRUPD VL q SUHRFFXSDWD GL HTXLSDUDUH LQ JHQHUH OD SRVL]LRQH GHL ILJOL QDWXUDOL ULFRQRVFLXWL D TXHOOD GL ILJOL OHJLWWLPL ,O ULFRQRVFLPHQWR GL XQ ILJOLR QDWXUDOH FRPSRUWD GD SDUWH GHO JHQLWRUH O¶DVVXQ]LRQH GL WXWWL JOL VWHVVL GRYHUL H GLULWWL FKH VL KDQQR QHL FRQIURQWL GL XQ ILJOLR OHJLWWLPR 6H LO ILJOLR QDWXUDOH YLHQH ULFRQRVFLXWR FRQWHPSRUDQHDPHQWH GD HQWUDPEL L JHQLWRUL DVVXPH LO FRJQRPH GHO SDGUH DOWULPHQWL TXHOOR GL FROXL FKH O¶KD ULFRQRVFLXWR SHU SULPR 'LFKLDUD]LRQH JLXGL]LDOH GHOOD SDWHUQLWj R GHOOD PDWHUQLWj QDWXUDOH VH L JHQLWRUL QRQ KDQQR SURYYHGXWR DO ULFRQRVFLPHQWR LO ILJOLR SXz DQFKH DJLUH LQ JLXGL]LR SHU RWWHQHUH OR VWDWXV FKH VSHWWD DO ILJOLR QDWXUDOH ULFRQRVFLXWR /¶D]LRQH FKH WHQGH D TXHVWR ILQH VL FKLDPD D]LRQH GL GLFKLDUD]LRQH JLXGL]LDOH GHOOD SDWHUQLWj R PDWHUQLWj QDWXUDOH

ZZZ VWXGHQWLGHOODFDWWROLFD FRP

/¶D]LRQH GHYH HVVHUH SUHOLPLQDUPHQWH DPPHVVD GDO 7ULEXQDOH /D SURYD SXz HVVHUH GDWD FRQ RJQL PH]]R /D VHQWHQ]D FKH GLFKLDUD OD SDWHUQLWj R OD PDWHUQLWj QDWXUDOH SURGXFH JOL VWHVVL HIIHWWL GHO ULFRQRVFLPHQWR VSRQWDQHR

)LJOL QDWXUDOL QRQ ULFRQRVFLXWL R QRQ ULFRQRVFLELOL LO SULPR QRQ q SHU LO GLULWWR ILJOLR GHL VXRL JHQLWRUL QDWXUDOL ULVSHWWR DL TXDOL q XQ HVWUDQHR LO VHFRQGR DYYLHQH OLPLWDWDPHQWH DO FDVR GL ILJOL LQFHVWXRVL

/HJLWWLPD]LRQH FRQ TXHVWD LO ILJOLR QDWR IXRUL GDO PDWULPRQLR DFTXLVWD OD TXDOLWj GL ILJOLR OHJLWWLPR /D OHJLWWLPD]LRQH SXz DYYHQLUH SHU VXVVHJXHQWH PDWULPRQLR GHL JHQLWRUL QDWXUDOL R SHU SURYYHGLPHQWR GHO JLXGLFH /D OHJLWWLPD]LRQH JLXGL]LDOH SXz HVVHUH ULFKLHVWD SXUH GDO ILJOLR TXDORUD LO JHQLWRUH VLD PRUWR GRSR DYHU HVSUHVVR LQ XQ WHVWDPHQWR R LQ XQ DWWR SXEEOLFR OD YRORQWj GL OHJLWWLPDUOR VH VXVVLVWHYD XQ¶LPSRVVLELOLWj R XQ JUDYLVVLPR RVWDFROR D SURFHGHUH DOOD OHJLWWLPD]LRQH PHGLDQWH PDWULPRQLR WUD L JHQLWRUL QDWXUDOL /$ 68&&(66,21( 3(5 &$86$ ', 0257( &DS 3ULQFLSL JHQHUDOL

,O FRPSOHVVR GHL UDSSRUWL SDWULPRQLDOL WUDVPLVVLELOL DWWLYL H SDVVLYL IDFHQWL FDSR DO GH FXLXV DO PRPHQWR GHOOD VXD PRUWH FRVWLWXLVFH OD VXD HUHGLWj /D VXFFHVVLRQH PRUWLV FDXVD SXz DYYHQLUH D WLWROR XQLYHUVDOH R D WLWROR SDUWLFRODUH HG DOORUD VL SDUOD GL OHJDWDULR /D GLIIHUHQ]D q QRWHYROH SHUFKp O¶HUHGH q WHQXWR DO SDJDPHQWR GHL GHELWL D OXL q FRQFHVVR GL RWWHQHUH OD UHVWLWX]LRQH GHL EHQL HUHGLWDUL SRVVHGXWL GD DOWUL D WLWROR GL HUHGH R VHQ]D WLWROR VROR O¶HUHGH VXEHQWUD LQ RJQL UDSSRUWR FRPH VH QH IRVVH VWDWR SDUWH DE LQLWLR H SHUILQR LQ TXHOOL LQ YLD GL IRUPD]LRQH DO PRPHQWR GHOOD PRUWH GHO GH FXLXV H VROWDQWR O¶HUHGH VXFFHGH QHO SURFHVVR LQ FXL HUD SDUWH LO GHIXQWR $QFKH SHU LO FRHUHGH OD FKLDPDWD q D WLWROR XQLYHUVDOH VHEEHQH SUR TXRWD RVVLD LQ EDVH DG XQD IUD]LRQH DULWPHWLFD $QFKH VH QHO WHVWDPHQWR VRQR LQGLFDWL EHQL SUHFLVL H GHWHUPLQDWL QRQ VL SXz HVFOXGHUH FKH OD VXFFHVVLRQH DYYHQJD D WLWROR XQLYHUVDOH ELVRJQD VROR DSSXUDUH VH LO WHVWDWRUH QHO GLVSRUUH GHL VLQJROL EHQL DEELD WHQXWR SUHVHQWH GHOO¶XQLYHUVDOLWj GHO VXR SDWULPRQLR HG DEELD LQWHVR DVVHJQDUH H GLYLGHUH L VLQJROL FHVSLWL WUD L VXRL HUHGL FRPH TXRWD GHO WXWWR 2FFRUUH YHGHUH TXDOH IRVVH O¶LQWHQ]LRQH GHO WHVWDWRUH 6RQR LQWUDVPLVVLELOL WXWWL L UDSSRUWL VWUHWWDPHQWH SHUVRQDOL FRPH XVXIUXWWR XVR DELWD]LRQH UHQGLWD YLWDOL]LD SRLFKp OD PRUWH q FDXVD GL VFLRJOLPHQWR GL TXHVWL FRQWUDWWL

,O QRVWUR FRGLFH SUHIHULVFH SDUODUH GL GHOD]LRQH GHOO¶HUHGLWj H FLRq GL RIIHUWD GHOO¶HUHGLWj DG XQD SHUVRQD FKH VH YXROH OD SXz DFTXLVWDUH /D GHVLJQD]LRQH GHO VXFFHVVRUH SXz DYYHQLUH LQ GXH PRGL SHU OHJJH VXFFHVVLRQH OHJLWWLPD R SHU WHVWDPHQWR VXFFHVVLRQH WHVWDPHQWDULD Ê HVFOXVD OD VXFFHVVLRQH SHU FRQWUDWWR H VRQR DOWUHVu YLHWDWL L SDWWL VXFFHVVRUL TXDOL SDWWL FRQIHUPDWLYL R LVWLWXWLYL 7L]LR FRQYLHQH FRQ &DLR GL ODVFLDUJOL OD SURSULD HUHGLWj SDWWL GLVSRVLWLYL YHQGR D &DLR L EHQL FKH GRYUHEEHUR SHUYHQLUPL GDOO¶HUHGLWj GL ;

ZZZ VWXGHQWLGHOODFDWWROLFD FRP

SDWWL ULQXQFLDWLYL FRQYHQJR FRQ &DLR GL ULQXQFLDUH DOO¶HUHGLWj GL ; QRQ DQFRUD GHYROXWD Ê YLHWDWD DQFKH OD GRQD]LRQH PRUWLV FDXVD PD q OHFLWD OD GRQD]LRQH IDWWD VRWWR OD FRQGL]LRQH ³VH LO GRQDQWH PRULUj SULPD GHO GRQDWDULR´ $OOD VXFFHVVLRQH OHJLWWLPD VL ULFRUUH TXDQGR PDQFD TXDOVLDVL WHVWDPHQWR R SXU HVVHQGRYL XQ WHVWDPHQWR TXHVWR GLVSRQH VROWDQWR SHU XQD SDUWH GHL EHQL LQ WDO FDVR SHU OD SDUWH UHVWDQWH VL SURYYHGH SHU OD VXFFHVVLRQH OHJLWWLPD

3HU GLYHQWDUH HUHGH ELVRJQD IDUH XQD GLFKLDUD]LRQH GL YRORQWj GHWWD DFFHWWD]LRQH R DGL]LRQH GHOO¶HUHGLWj QRQ q HUHGH FKL QRQ YXROH 1HOO¶LQWHUYDOOR WUD OD PRUWH GHOO¶HUHGLWDQGR H O¶DFFHWWD]LRQH GHO FKLDPDWR VL KD OD JLDFHQ]D GHOO¶HUHGLWj 1HOO¶DWWXDOH RUGLQDPHQWR OD ILJXUD GHOO¶HUHGLWj JLDFHQWH VL KD VROR TXDQGR QRQ VLD DQFRUD LQWHUYHQXWD O¶DFFHWWD]LRQH GD SDUWH GHO FKLDPDWR LO FKLDPDWR QRQ VL WURYL QHO SRVVHVVR GHL EHQL HUHGLWDWL VLD VWDWR QRPLQDWR XQ FXUDWRUH ,O OHJLVODWRUH FRQFHGH OD FDSDFLWj GL VXFFHGHUH DQFKH D FRORUR FKH DO WHPSR GHOO¶DSHUWXUD GHOOD VXFFHVVLRQH HUDQR VROWDQWR FRQFHSLWL H DQFKH DL ILJOL QRQ DQFRUD FRQFHSLWL GL XQD GHWHUPLQDWD SHUVRQD YLYHQWH DO PRPHQWR GHOO¶DSHUWXUD GHOOD VXFFHVVLRQH

5LSXJQD DOOD FRVFLHQ]D FROOHWWLYD FKH FKL VL q UHVR FROSHYROH GL DWWL JUDYHPHQWH SUHJLXGL]LHYROL YHUVR LO GH FXLXV SRVVD VXFFHGHUJOL /H FDXVH G¶LQGHJQLWj VRQR WDVVDWLYDPHQWH LQGLFDWH QHOO¶DUW FRG FLY DWWR FRPSLXWR FRQWUR OD SHUVRQD ILVLFD R FRQWUR OD SHUVRQDOLWj PRUDOH GHO GH FXLXV RSSXUH GHO FRQLXJH R GHO GLVFHQGHQWH R GHOO¶DVFHQGHQWH GL OXL DWWR GLUHWWR FRQ YLROHQ]D R GROR FRQWUR OD OLEHUWj GL WHVWDUH GHO GH FXLXV /D VHQWHQ]D FKH SURQXQFLD O¶LQGHJQLWj KD HIIHWWR UHWURDWWLYR /D GLVHUHGD]LRQH q XQD FODXVROD FRQ FXL LO GH FXLXV GLFKLDUD GL QRQ YROHUH FKH DOOD VXD VXFFHVVLRQH SRVVD SDUWHFLSDUH XQ GHWHUPLQDWR VRJJHWWR FKH LQ IRU]D GHOOH QRUPH VXOOD VXFFHVVLRQH OHJLWWLPD DYUHEEH LQYHFH WLWROR D SDUWHFLSDUYL

5DSSUHVHQWD]LRQH LVWLWXWR LQ IRU]D GHO TXDOH L GLVFHQGHQWL OHJLWWLPL R QDWXUDOL VXEHQWUDQR DO ORUR DVFHQGHQWH QHO GLULWWR GL DFFHWWDUH XQ ODVFLWR TXDORUD LO FKLDPDWR ³QRQ SXz R QRQ YXROH DFFHWWDUH O¶HUHGLWj R LO OHJDWR´ 3Xz DYHU OXRJR VROWDQWR TXDQGR LO FKLDPDWR FKH QRQ SXz R QRQ YXROH DFFHWWDUH VLD R XQ ILJOLR R XQ IUDWHOOR R XQD VRUHOOD GHO GHIXQWR ,VWLWXWR GHOO¶DFFUHVFLPHQWR SXz DYHUVL VROR QHO FDVR GL FKLDPDWD FRQJLXQWLYD LQ WDO FDVR TXDORUD XQR GHL FKLDPDWL QRQ SRVVD R QRQ YRJOLD DFFHWWDUH RYH QRQ ULFRUUDQR OH FRQGL]LRQL SHU IDUVL OXRJR DOOD UDSSUHVHQWD]LRQH OD TXRWD GHYROXWD DO FKLDPDWR FKH QRQ DEELD YROXWR R SRWXWR DFFHWWDUH VL GHYROYH D IDYRUH GHJOL DOWUL EHQHILFLDUL GHOOD FKLDPDWD FRQJLXQWLYD /D FKLDPDWD FRQJLXQWLYD VL YHULILFD QHOOD VXFFHVVLRQH OHJLWWLPD QHOOD VXFFHVVLRQH WHVWDPHQWDULD

ZZZ VWXGHQWLGHOODFDWWROLFD FRP

3Xz GDUVL FKH LO WHVWDWRUH DEELD SUHYLVWR OÂ¶LSRWHVL FKH LO FKLDPDWR QRQ SRVVD R QRQ YRJOLD DFFHWWDUH OÂ¶HUHGLWj R LO OHJDWR GHVLJQDQGR DOWUD SHUVRQD LQ VXD YHFH OD FODXVROD UHODWLYD VL FKLDPD VRVWLWX]LRQH RUGLQDULD R YROJDUH 6L GLVWLQJXH OD VRVWLWX]LRQH IHGHFRPPLVVDULD FKH VL KD TXDQGR ULFRUURQR OH VHJXHQWL FRQGL]LRQL GRSSLD LVWLWX]LRQH LO WHVWDWRUH QRPLQD HUHGH &DLR H YXROH FKH DOOD VXD PRUWH OÂ¶HUHGLWj SDVVL D 6HPSURQLR LO SDVVDJJLR GL HUHGLWj GDO SULPR DO VHFRQGR GHYH DYYHQLUH SHU PRUWH GHO SULPR YLQFROR GL FRQVHUYDUH SHU UHVWLWXLUH LO SULPR KD VROR OÂ¶XVXIUXWWR GHL EHQL QRQ OD WLWRODULWj &RQ OD ULIRUPD GHO GLULWWR GL IDPLJOLD q VWDWD HVFOXVD OD YDOLGLWj GHOOD VRVWLWX]LRQH IHGHFRPPLVVDULD &DS /Â¶DFTXLVWR GHOOÂ¶HUHGLWj H OD ULQXQFLD

9L VRQR GXH WLSL GL DFFHWWD]LRQH SXUD H VHPSOLFH VL YHULILFD OD FRQIXVLRQH WUD L GXH SDWULPRQL FRQ EHQHILFLR GÂ¶LQYHQWDULR OÂ¶HUHGH QRQ q WHQXWR DO SDJDPHQWR GHL GHELWL HUHGLWDUL ROWUH LO YDORUH GHL EHQL D OXL SHUYHQXWL (VLVWRQR GLYHUVL WLSL GL DFFHWWD]LRQL $ $FFHWWD]LRQH HVSUHVVD SXz HVVHUH SXUD H VHPSOLFH R FRO EHQHILFLR GL LQYHQWDULR VH IDWWD GD SHUVRQH JLXULGLFKH % $FFHWWD]LRQH WDFLWD q WDFLWD TXDQGR LO FKLDPDWR DOOÂ¶HUHGLWj FRPSLH XQ DWWR FKH SUHVXSSRQH QHFHVVDULDPHQWH OD VXD YRORQWj GL DFFHWWDUH H FKH QRQ DYUHEEH LO GLULWWR GL IDUH VH QRQ QHOOD TXDOLWj GL HUHGH OD YRORQWj HVSUHVVD YHUEDOPHQWH QRQ KD DOFXQ YDORUH & $FFHWWD]LRQH SUHVXQWD OÂ¶DFTXLVWR GHOOÂ¶HUHGLWj DYYLHQH DXWRPDWLFDPHQWH R SHU LO VROR IDWWR FKH QRQ VL q SURYYHGXWR DG XQR VSHFLILFR DWWR LPSRVWR GDOOD OHJJH RYYHUR DO FRQWUDULR SHUFKp VL q WHQXWR XQ GHWHUPLQDWR FRPSRUWDPHQWR 6H LO FKLDPDWR DOOÂ¶HUHGLWj PXRUH VHQ]D DYHUOD DFFHWWDWD LO GLULWWR GL DFFHWWDUOD VL WUDVPHWWH DL VXRL HUHGL /D ULQXQ]LD DOOÂ¶HUHGLWj SURSULD GHO WUDVPLWWHQWH LQFOXGH ULQXQ]LD DOOÂ¶HUHGLWj DO PHGHVLPR GHYROXWD ,O GLULWWR GL DFFHWWDUH OÂ¶HUHGLWj q VRJJHWWR DOOD SUHVFUL]LRQH RUGLQDULD PD VL SXz IDU ULFRUVR DG XQD VSHFLDOH D]LRQH FRQ FXL VL FKLHGH FKH OÂ¶DXWRULWj JLXGL]LDULD ILVVL XQ WHUPLQH WUDVFRUVR LO TXDOH LO FKLDPDWR SHUGH LO GLULWWR GL DFFHWWDUH /Â¶DFFHWWD]LRQH VL SXz LPSXJQDUH SHU YLROHQ]D R GROR PD QRQ SHU HUURUH /Â¶DFFHWWD]LRQH FRQ EHQHILFLR GÂ¶LQYHQWDULR LPSHGLVFH OD FRQIXVLRQH GHO SDWULPRQLR GHO GH FXLXV FRQ TXHOOR GHOOÂ¶HUHGH TXLQGL OÂ¶HUHGH FRQVHUYD WXWWL L GLULWWL H WXWWL JOL REEOLJKL FKH DYHYD YHUVR LO GHIXQWR OÂ¶HUHGH QRQ q WHQXWR DO SDJDPHQWR GHL GHELWL HUHGLWDUL H GHL OHJDWL ROWUH LO YDORUH GHL EHQL D OXL SHUYHQXWL L FUHGLWRUL GHO GHIXQWR H L OHJDWDUL KDQQR SUHIHUHQ]D VXO SDWULPRQLR HUHGLWDULR GL IURQWH DL FUHGLWRUL GHOOÂ¶HUHGH *OL LQFDSDFL DVVROXWL H UHODWLYL H OH SHUVRQH JLXULGLFKH QRQ SRVVRQR DFFHWWDUH VH QRQ FRO EHQHILFLR GÂ¶LQYHQWDULR

ZZZ VWXGHQWLGHOODFDWWROLFD FRP

6H LO FKLDPDWR q QHO SRVVHVVR GHL EHQL HUHGLWDUL GHYH IDUH OÂ¶LQYHQWDULR HQWUR WUH PHVL HG HQWUR JJ VXFFHVVLYL DOOÂ¶DSHUWXUD GHOOD VXFFHVVLRQH GHYH GHOLEHUDUH VH DFFHWWD R ULQXQ]LD DOOÂ¶HUHGLWj 7UDVFRUVR LO WHUPLQH q FRQVLGHUDWR HUHGH SXUR H VHPSOLFH 6H QRQ q LQ SRVVHVVR GHL EHQL HUHGLWDUL SXz IDUH OD GLFKLDUD]LRQH GL DFFHWWD]LRQH FRQ EHQHILFLR GÂ¶LQYHQWDULR ILQR D TXDQGR QRQ VLD SUHVFULWWR LO GLULWWR GL DFFHWWD]LRQH ,O SDJDPHQWR GHL GHELWL GHO GHIXQWR SXz DYYHQLUH x OÂ¶HUHGH SDJD TXL SULPL YHQLXQW x VL SXz SURFHGHUH DOOD OLTXLGD]LRQH GHL EHQL HUHGLWDUL x OÂ¶HUHGH SXz ULODVFLDUH L EHQL HUHGLWDUL D IDYRUH GHL FUHGLWRUL H GHL OHJDWDUL $QFKH OD VHSDUD]LRQH LPSHGLVFH OD FRQIXVLRQH GHL GXH SDWULPRQL PD RSHUD D IDYRUH GHL FUHGLWRUL GHO GHIXQWR H GHL OHJDWDUL L TXDOL VL DVVLFXUDQR LO VRGGLVIDFLPHQWR VXL EHQL GHO GHIXQWR D SUHIHUHQ]D GHL FUHGLWRUL GHOOÂ¶HUHGH ,O GLULWWR DOOD VHSDUD]LRQH GHYH HVVHUH HVHUFLWDWR HQWUR XQ EUHYH WHUPLQH GL GHFDGHQ]D PHVL GDOOÂ¶DSHUWXUD GHOOD VXFFHVVLRQH

/Â¶D]LRQH GL SHWL]LRQH HUHGLWDULD SXz HVVHUH SURSRVWD FRQWUR FROXL LO TXDOH SRVVLHGH WXWWL R SDUWH GHL EHQL HUHGLWDUL DIIHUPDQGR GL HVVHUH OXL OÂ¶HUHGH R FRQWUR LO SRVVHVVRUH VHQ]D WLWROR /Â¶D]LRQH q LPSUHVFULWWLELOH /Â¶HUHGH SXz DJLUH QRQ VROWDQWR FRQWUR LO SRVVHVVRUH PD DQFKH FRQWUR OH SHUVRQH D FXL FRVWXL DEELD DOLHQDWR OH FRVH SRVVHGXWH 6RQR SHUz VDOYL L GLULWWL DFTXLVWDWL SHU HIIHWWR GL FRQYHQ]LRQH FRQ OÂ¶HUHGH DSSDUHQWH SXUFKp VL WUDWWL GL FRQYHQ]LRQL D WLWROR RQHURVR H FKH LO WHU]R VLD LQ EXRQD IHGH

/D ULQXQ]LD DOOÂ¶HUHGLWj FRQVLVWH LQ XQD GLFKLDUD]LRQH XQLODWHUDOH QRQ UHFHWWL]LD FRQ OD TXDOH LO FKLDPDWR DOOÂ¶HUHGLWj PDQLIHVWD OD VXD GHFLVLRQH GL QRQ DFTXLVWDUH OÂ¶HUHGLWj /D ULQXQFLD QRQ SXz IDUVL GD FKL VL WURYL D TXDOVLDVL WLWROR QHO SRVVHVVR GHL EHQL HUHGLWDUL WUDVFRUVL PHVL GDO JLRUQR GHOOÂ¶DSHUWXUD GHOOD VXFFHVVLRQH R GHOOD QRWL]LD GHOOD GHYROX]LRQH GHOOÂ¶HUHGLWj 1RQ SXz IDUVL QHPPHQR GD FKL DEELD VRWWUDWWR R QDVFRVWR EHQL HUHGLWDUL &DS /D VXFFHVVLRQH OHJLWWLPD

/H FDWHJRULH GL VXFFHVVLELOL VRQR LO FRQLXJH L GLVFHQGHQWL OHJLWWLPL H QDWXUDOL JOL DVFHQGHQWL OHJLWWLPL L FROODWHUDOL L JHQLWRUL GHO ILJOLR QDWXUDOH JOL DOWUL SDUHQWL OR 6WDWR $O FRQLXJH VSHWWD PHWj GHO SDWULPRQLR GHO GHIXQWR VH q LQ FRQFRUVR FRQ XQ ILJOLR VH FRQFRUUH DOOD VXFFHVVLRQH FRQ SL ILJOL VH FRQFRUUH FRQ DVFHQGHQWL OHJLWWLPL R FRQ IUDWHOOL H VRUHOOH ,Q PDQFDQ]D GL WDOL VRJJHWWL KD GLULWWR DOOÂ¶LQWHUD HUHGLWj *OL DOWUL VXFFHVVLELOL SRVVRQR GLVWLQJXHUVL LQ WUH RUGLQL GL LPSRUWDQ]D ILJOL OHJLWWLPL QDWXUDOL OHJLWWLPDWL H DGRWWLYL FKH HVFOXGRQR VLD JOL DVFHQGHQWL FKH L FROODWHUDOL PD QRQ LO FRQLXJH DVFHQGHQWL IUDWHOOL H VRUHOOH H L ORUR GLVFHQGHQWL L FROODWHUDOL GDO WHU]R DO VHVWR JUDGR

ZZZ VWXGHQWLGHOODFDWWROLFD FRP

/D VXFFHVVLRQH GHOOR 6WDWR KD FDUDWWHULVWLFKH SDUWLFRODUL OÂ¶DFTXLVWR RSHUD GL GLULWWR QRQ SXz IDUVL OXRJR D ULQXQ]LD H QRQ ULVSRQGH PDL GHL GHELWL HUHGLWDUL H GHL OHJDWL ROWUH LO YDORUH GHL EHQL DFTXLVWDWL &DS /D VXFFHVVLRQH QHFHVVDULD

/D OHJJH VWDELOLVFH FKH TXDQGR YL VLDQR GHWHUPLQDWH FDWHJRULH GL VXFFHVVLELOL XQD SDUWH GHL EHQL GHO GH FXLXV GHYH HVVHUH DWWULEXLWD DL VXFFHVVLELOL /D TXRWD FKH OD OHJJH ULVHUYD D FRVWRUR VL FKLDPD TXRWD GL OHJLWWLPD R ULVHUYD L VXFFHVVRUL FKH YL KDQQR GLULWWR VRQR FKLDPDWL OHJLWWLPDUL R ULVHUYDWDUL R VXFFHVVRUL QHFHVVDUL /HJLWWLPDUL VRQR LO FRQLXJH L ILJOL OHJLWWLPL L ILJOL QDWXUDOL JOL DVFHQGHQWL OHJLWWLPL /D ULVHUYD D IDYRUH GHL ILJOL OHJLWWLPL R QDWXUDOL QRQ q ILVVD PD YDULDELOH VHFRQGR LO QXPHUR GHL ILJOL H VHFRQGR OÂ¶HVLVWHQ]D R PHQR GHO FRQLXJH TXRWD PRELOH 4XDQGR PDQFD LO FRQLXJH OD ULVHUYD D IDYRUH GHL ILJOL OHJLWWLPL q GL PHWj GHO SDWULPRQLR VH LO JHQLWRUH ODVFLD XQ VROR ILJOLR GL GXH WHU]L VH L ILJOL VRQR GL SL /D ULVHUYD D IDYRUH GHJOL DVFHQGHQWL OHJLWWLPL RSHUD VROWDQWR VH LO GHIXQWR QRQ ODVFLD ILJOL OHJLWWLPL R QDWXUDOL LQ WDO FDVR q GL XQ WHU]R PD VL ULGXFH DG XQ TXDUWR VH FRQFRUUH DQFKH LO FRQLXJH 3HU LO FRQLXJH OD OHJJH KD ULVHUYDWR OD PHWj GHO SDWULPRQLR VH QRQ YL VRQR ILJOL XQ WHU]R VH FRQFRUUH FRQ XQ ILJOLR XQ TXDUWR VH FRQFRUUH FRQ SL ILJOL ,O WHVWDWRUH QRQ SXz LPSRUUH DOFXQ SHVR R DOFXQD FRQGL]LRQH VXOOD OHJLWWLPD $OWUR WHPSHUDPHQWR DO OLPLWH SRVWR DOOD IDFROWj GL GLVSRUUH GHO WHVWDWRUH SHU HIIHWWR GHOOH UHJROH GHOOD VXFFHVVLRQH QHFHVVDULD q FRVWLWXLWR GDO FRVLGGHWWR OHJDWR LQ VRVWLWX]LRQH GL OHJLWWLPD LO WHVWDWRUH ID DO OHJLWWLPDULR XQ OHJDWR GL VRPPD R GL EHQL GHWHUPLQDWL SHU XQ YDORUH XJXDOH R DQFKH VXSHULRUH DOOÂ¶LPSRUWR GHOOD OHJLWWLPD D FRQGL]LRQH FKH HVVR ULQXQ]L DG RJQL DOWUD SUHWHVD VXOOÂ¶HUHGLWj RSSXUH FRQ OD GLFKLDUD]LRQH FKH LO OHJDWR q IDWWR LQ VRVWLWX]LRQH GHOOD OHJLWWLPD 8QÂ¶DOWUD ILJXUD q TXHOOD GHO OHJDWR LQ FRQWR GL OHJLWWLPD LO WHVWDWRUH ID DO OHJLWWLPDULR XQÂ¶DWWULEX]LRQH GL EHQL FKH GHYH HVVHUH FDOFRODWD DL ILQL GHOOD OHJLWWLPD FRQ OD FRQVHJXHQ]D FKH LO OHJLWWLPDULR SXz FKLHGHUH LO VXSSOHPHQWR VH L EHQL DWWULEXLWLJOL QRQ UDJJLXQJRQR OÂ¶HQWLWj GHOOD OHJLWWLPD ,O ODVFLWR GL XQ OHJDWR D IDYRUH GL XQ OHJLWWLPDWR QRQ SXz ULWHQHUVL IDWWR LQ VRVWLWX]LRQH GL OHJLWWLPD VH FLz QRQ ULVXOWD GD FKLDUD PDQLIHVWD]LRQH GL YRORQWj GHO WHVWDWRUH 3HU SRWHU VWDELOLUH VH LO WHVWDWRUH DEELD OHVR L GLULWWL VSHWWDQWL D TXDOFXQR GHL OHJLWWLPDUL RFFRUUH FDOFRODUH OÂ¶HQWLWj GHO VXR SDWULPRQLR DOOÂ¶HSRFD GHOOÂ¶DSHUWXUD GHOOD VXFFHVVLRQH 4XHVWD RSHUD]LRQH VL FKLDPD ULXQLRQH ILWWL]LD SHUFKp IDWWD VROR VXOOD FDUWD VL FDOFRODQR L YDORUL GHL EHQL FKH DSSDUWHQHYDQR DO GHIXQWR DO WHPSR GHOOÂ¶DSHUWXUD GHOOD VXFFHVVLRQH GDOOD VRPPD VL GHWUDJJRQR L GHELWL DO ULVXOWDWR FRVu RWWHQXWR VL DJJLXQJRQR L EHQL GL FXL LO WHVWDWRUH DEELD HYHQWXDOPHQWH GLVSRVWR LQ YLWD D WLWROR GL GRQD]LRQH 6XOOÂ¶DVVH FRVu IRUPDWR VL FDOFROD OD TXRWD GL FXL LO WHVWDWRUH SRWHYD GLVSRUUH

6H PHGLDQWH TXHVWL FDOFROL ULVXOWD FKH OH GLVSRVL]LRQL WHVWDPHQWDULH R OH GRQD]LRQL HFFHGRQR OD TXRWD GL FXL LO WHVWDWRUH SRWHYD GLVSRUUH FLDVFXQ OHJLWWLPDULR SXz DJLUH SHU OD ULGX]LRQH GHOOH XQH R GHOOH DOWUH FRQ DSSRVLWD D]LRQH FKH VL FKLDPD D]LRQH GL ULGX]LRQH

ZZZ VWXGHQWLGHOODFDWWROLFD FRP

6H LO OHJLWWLPDULR DJLVFH FRQWUR HVWUDQHL SHU OD ULGX]LRQH GL GRQD]LRQL R GL OHJDWL OD OHJJH VWDELOLVFH XQR VSHFLDOH RQHUH SHU LO SURPRYLPHQWR GHOO¶D]LRQH O¶DFFHWWD]LRQH FRQ EHQHILFLR G¶LQYHQWDULR /H SULPH DG HVVHUH ULGRWWH VRQR OH GLVSRVL]LRQL WHVWDPHQWDULH VH TXHVWH QRQ YDOJRQR DG LQWHJUDUH OD OHJLWWLPD VL SURFHGH DOOD ULGX]LRQH GHOOH GRQD]LRQL &DS /D VXFFHVVLRQH WHVWDPHQWDULD

,O WHVWDPHQWR q XQ DWWR VWUHWWDPHQWH SHUVRQDOH TXLQGL QRQ q DPPHVVD OD UDSSUHVHQWDQ]D Qp OHJDOH Qp YRORQWDULD QRQ q FRQVHQWLWR LO WHVWDPHQWR FRQJLXQWLYR 'LYHUVR q LO FDVR GHO WHVWDPHQWR VLPXOWDQHR FRQVWD GL GXH DWWL GLVWLQWL FLDVFXQR ILUPDWR GD XQD VROD SHUVRQD PD LVFULWWL VX XQR VWHVVR IRJOLR ,O QHJR]LR q LQROWUH XQ QHJR]LR VROHQQH LQ TXDQWR q ULFKLHVWD DG VXEVWDQWLDP XQD IRUPD GHWHUPLQDWD 6RQR LQFDSDFL WHVWDUH FRORUR FKH QRQ KDQQR FRPSLXWR OD PDJJLRUH HWj JOL LQWHUGHWWL SHU LQIHUPLWj GL PHQWH JOL LQFDSDFL QDWXUDOL 3HU O¶DUW VRQR DSSOLFDELOL DQFKH DO WHVWDPHQWR OH QRUPH VXOO¶LPSXJQDELOLWj GHL QHJR]L JLXULGLFL D FDXVD GL XQ YL]LR GHOOD YRORQWj H FLRq SHU YLROHQ]D SHU GROR H SHU HUURUH ³/¶HUURUH VXO PRWLYR VLD HVVR GL IDWWR R GL GLULWWR q FDXVD GL DQQXOODPHQWR GHOOD GLVSRVL]LRQH WHVWDPHQWDULD´ D GXH FRQGL]LRQL FKH LO PRWLYR HUURQHR ULVXOWL GDO WHVWDPHQWR H FKH LO PRWLYR HUURQHR VLD LO VROR FKH KD GHWHUPLQDWR LO WHVWDWRUH D GLVSRUUH /¶LQFDSDFLWj GL ULFHYHUH SXz GLSHQGHUH ROWUH FKH GDOO¶LQFDSDFLWj GL VXFFHGHUH GDOOD WXWHOD GHOOD OLEHUWj WHVWDPHQWDULD FKH GHWHUPLQD O¶LQFDSDFLWj DVVROXWD GL ULFHYHUH SHU WHVWDPHQWR GHOOH SHUVRQH FKH SRWUHEEHUR DEXVDUH GHOOD IXQ]LRQH HVHUFLWDWD /D GLVSRVL]LRQH D IDYRUH GL XQD SHUVRQD LQFDSDFH GL ULFHYHUH q QXOOD VHQ]D FKH YL VLD ELVRJQR GL IRUQLUH OD SURYD GHOOH LQGHELWH SUHVVLRQL HVHUFLWDWH H VHQ]D FKH VLD QHFHVVDULD XQ¶DSSRVLWD VHQWHQ]D SHU GLFKLDUDUH O¶LQYDOLGLWj GHOOD GLVSRVL]LRQH /D OHJJH SUHVXPH O¶LQWHUSRVL]LRQH SHU DJJLUDUH O¶RVWDFROR ODVFLR D 7L]LR FKH GDUj WXWWR D &DLR DOORUFKp OD GLVSRVL]LRQH q IDWWD D IDYRUH GL FRQJLXQWL VWUHWWLVVLPL GHOOD SHUVRQD LQFDSDFH H OD GLFKLDUD VHQ]¶DOWUR QXOOD $O GL IXRUL GL TXHVWH LSRWHVL VL HVFOXGH FKH VL SRVVD DJLUH LQ JLXGL]LR SHU GLPRVWUDUH FKH OH GLVSRVL]LRQL IDWWH D IDYRUH GL SHUVRQD GLFKLDUDWD QHO WHVWDPHQWR VRQR VROWDQWR DSSDUHQWL H LQ UHDOWj ULJXDUGDQR DOWUD SHUVRQD Ê QXOOD OD GLVSRVL]LRQH D IDYRUH GL SHUVRQD LQFHUWD RVVLD LQGLFDWD LQ PRGR WDOH GD QRQ SRWHU HVVHUH GHWHUPLQDWD ,O WHVWDPHQWR RUDOH QRQ q DPPHVVR QHO QRVWUR RUGLQDPHQWR ,O WHVWDPHQWR RORJUDIR q OD IRUPD SL VHPSOLFH H DO WHPSR VWHVVR SL ULVHUYDWD GHOO¶HVSUHVVLRQH GHOOD YRORQWj GHO WHVWDWRUH , UHTXLVLWL GL IRUPD VRQR DXWRJUDILD GDWD VRWWRVFUL]LRQH Ê YDOLGR DQFKH LO WHVWDPHQWR RORJUDIR IRUPDWR XWLOL]]DQGR L IRJOL VXL TXDOL LO WHVWDWRUH DYHYD VFULWWR DSSXQWL SHU OH VXH GLVSRVL]LRQL GL XOWLPD YRORQWj VH YHQJRQR DJJLXQWH HVSUHVVLRQL FKH ULYHOLQR OD YRORQWj GL LPSULPHUH DOO¶DWWR LO FDUDWWHUH GL WHVWDPHQWR ,O WHVWDPHQWR RORJUDIR q XQD VFULWWXUD SULYDWD /D PDQFDQ]D GHOOD GDWD R OD VXD LQFRPSOHWH]]D SURGXFH O¶DQQXOODELOLWj GHOO¶DWWR /D IDOVLWj GHOOD GDWD QRQ SURGXFH O¶DQQXOODELOLWj GHO WHVWDPHQWR OD GDWD VEDJOLDWD SXz HVVHUH PRGLILFDWD GDO JLXGLFH

ZZZ VWXGHQWLGHOODFDWWROLFD FRP

7HVWDPHQWR SXEEOLFR q XQ GRFXPHQWR UHGDWWR FRQ OH ULFKLHVWH IRUPDOLWj GD XQ QRWDLR L UHTXLVLWL VSHFLILFL ULFKLHVWL VRQR D GLFKLDUD]LRQH GL YRORQWj RUDOH DO QRWDLR E SUHVHQ]D GL WHVWLPRQL F UHGD]LRQH LQ LVFULWWR GHOOD YRORQWj D FXUD GHO QRWDLR G OHWWXUD GHOOÂ¶DWWR DO WHVWDWRUH H DL WHVWLPRQL H VRWWRVFUL]LRQH GHO WHVWDWRUH GHL WHVWLPRQL H GHO QRWDLR I OD GDWD J OD PHQ]LRQH GHOOÂ¶RVVHUYDQ]D GHOOH IRUPDOLWj HQXQFLDWH

,O WHVWDPHQWR VHJUHWR FRQVWD GL GXH HOHPHQWL OD VFKHGD WHVWDPHQWDULD H OÂ¶DWWR GL ULFHYLPHQWR FRQ FXL LO QRWDLR GRFXPHQWD FKH LO WHVWDWRUH DOOD SUHVHQ]D GL GXH WHVWLPRQL JOL KD FRQVHJQDWR SHUVRQDOPHQWH OD VFKHGD H JOL KD GLFKLDUDWR FKH LYL VRQR LVFULWWH OH VXH YRORQWj WHVWDPHQWDULH /D VFKHGD YLHQH VLJLOODWD GDO QRWDLR FKH SRL ID VRWWRVFULYHUH OÂ¶DWWR GL ULFHYLPHQWR SXUH DO WHVWDWRUH H DL GXH WHVWLPRQL ROWUH D VRWWRVFULYHUOR DQFKH HJOL /D VFKHGD SXz QRQ HVVHUH DXWRJUDID QRQ RFFRUUH OD GDWD PD q QHFHVVDULD OD VRWWRVFUL]LRQH VH q VFULWWD GD DOWUL R FRQ PH]]L PHFFDQLFL OD VRWWRVFUL]LRQH GHYH HVVHUH IDWWD RJQL PH]]R IRJOLR ,O WHVWDPHQWR VHJUHWR SXz HVVHUH IDWWR DQFKH GD FKL QRQ VD VFULYHUH PD QRQ SXz HVVHUH IDWWR GD FKL QRQ VD R QRQ SXz OHJJHUH ,QYDOLGLWj GHO WHVWDPHQWR OD PDQFDQ]D GL HOHPHQWL VHQ]D L TXDOL QRQ YÂ¶q FHUWH]]D GHO WHVWDPHQWR GHOOD SHUVRQD D FXL VL YXROH DWWULEXLUOR QXOOLWj DVVROXWD H LPSUHVFULWWLELOH LQRVVHUYDQ]D GL WXWWH OH DOWUH IRUPDOLWj SUHVFULWWH DQQXOODELOLWj FRQ SUHVFUL]LRQH TXLQTXHQQDOH

5HYRFD GHO WHVWDPHQWR q UHYRFDELOH ILQR DOOÂ¶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p SRVWXPR R OHJLWWLPDWR R DGRWWLYR RYYHUR SHU LO ULFRQRVFLPHQWR GL XQ ILJOLR QDWXUDOH ,O WHVWDWRUH SXz QRPLQDUH XQR R SL HVHFXWRUL &DS ,O OHJDWR

,O OHJDWR q XQD GLVSRVL]LRQH D WLWROR SDUWLFRODUH FKH QRQ FRPSUHQGH OÂ¶XQLYHUVDOLWj R XQD TXRWD GHL EHQL GHO WHVWDWRUH ,O OHJDWDULR TXDOH VXFFHVVRUH D WLWROR SDUWLFRODUH QRQ ULVSRQGH GHL GHELWL HUHGLWDUL 6L GLFH RQHUDWD OD SHUVRQD FKH q WHQXWD DOOD SUHVWD]LRQH RJJHWWR GHO OHJDWR 7DOH SHUVRQD SXz HVVHUH WDQWR OÂ¶HUHGH FKH XQ DOWUR OHJDWDULR LQ TXHVWR FDVR OD GLVSRVL]LRQH VL FKLDPD VXEOHJDWR ,O VXEOHJDWR VL GLVWLQJXH GDO SUHOHJDWR FKH q LO OHJDWR D IDYRUH GHO FRHUHGH H D FDULFR GHOOÂ¶HUHGLWj

ZZZ VWXGHQWLGHOODFDWWROLFD FRP

,O FRHUHGH SUHOHJDWDULR KD GLULWWR D FRQVHJXLUH LO OHJDWR SHU LQWHUR LQ DQWHSDUWH

$FTXLVWR GHO OHJDWR D GLIIHUHQ]D GHOOÂ¶HUHGLWj VL DFTXLVWD GL GLULWWR LO OHJDWDULR KD SHUz IDFROWj GL ULQXQFLDUH ,O JLXGLFH JOL SXz ILVVDUH XQ WHUPLQH WUDVFRUVR LO TXDOH HJOL SHUGH LO GLULWWR GL ULQXQ]LDUH 7LSL GL OHJDWL D OHJDWR GL FRVD DOWUXL E OHJDWR GL JHQHUH F OHJDWR DOWHUQDWLYR G OHJDWR GL FUHGLWR H OHJDWR GL OLEHUD]LRQH GD XQ GHELWR I OHJDWR D IDYRUH GHO FUHGLWRUH J OHJDWR DOLPHQWDUH &DS /D GLYLVLRQH GHOOÂ¶HUHGLWj

&RPXQLRQH HUHGLWDULD VL KD TXDQGR OÂ¶HUHGLWj q DFTXLVWDWD GD SL HUHGL $O OHJLVODWRUH q VHPEUDWR RSSRUWXQR HYLWDUH FKH QHL UDSSRUWL WUD FRHUHGL VÂ¶LQWURPHWWDQR HVWUDQHL DQLPDWL GD XQ LQWHQWR GL VSHFXOD]LRQH 3HUFLz L FRHUHGL KDQQR GLULWWR GL HVVHUH SUHIHULWL DJOL HVWUDQHL TXDORUD XQR GL HVVL GHFLGD GL DOLHQDUH OD VXD TXRWD R XQD SDUWH GL HVVD DG HVVL VSHWWD XQ GLULWWR GL SUHOD]LRQH 2JQL FRHUHGH SXz VHPSUH GRPDQGDUH OD GLYLVLRQH /D GLYLVLRQH KD QDWXUD GLFKLDUDWLYD HG HIIHWWR UHWURDWWLYR 2JQL FRHUHGH q ULWHQXWR VROR HG LPPHGLDWR VXFFHVVRUH GHL EHQL FRVWLWXHQWL OD VXD TXRWD H VL FRQVLGHUD FRPH VH QRQ DYHVVH PDL DYXWR OD SURSULHWj GHJOL DOWUL EHQL HUHGLWDWL

'LYLVLRQH FRQWUDWWXDOH LO FRQWUDWWR GL GLYLVLRQH SXz HVVHUH DQQXOODWR SHU YLROHQ]D R GROR /Â¶D]LRQH GL DQQXOODPHQWR SHU HUURUH q HVFOXVD SHUDOWUR VH OÂ¶HUURUH LQFLGH VXOOD IDVH FKH SUHFHGH OR VYROJLPHQWR H FDGH VXL SUHVXSSRVWL GHOOD GLYLVLRQH VL DSSOLFDQR L SULQFLSL JHQHUDOL VXOOÂ¶HUURUH 6H SHU HUURUH VRQR VWDWL RPHVVL GHL EHQL FÂ¶q XQ ULPHGLR LO VXSSOHPHQWR GL GLYLVLRQH VH OÂ¶HUURUH q QHOOD VWLPD GHL EHQL FÂ¶q XQÂ¶DOWUD LPSXJQDWLYD OD UHVFLVVLRQH SHU OHVLRQH 'LYLVLRQH JLXGL]LDOH QHO JLXGL]LR GL GLYLVLRQH VL SURFHGH GDSSULPD DOOD VWLPD GHL EHQL TXLQGL DOOD IRUPD]LRQH GHOOH SRU]LRQL 6H OH SRU]LRQL FKH YHQJRQR IRUPDWH FRQ L EHQL LQ QDWXUD QRQ FRUULVSRQGRQR DO YDORUH GHOOH TXRWH HUHGLWDWH FKL KD DYXWR OD SRU]LRQH GL YDORUH HFFHGHQWH q WHQXWR D SDJDUH DJOL DOWUL OD GLIIHUHQ]D LQ GHQDUR FRQJXDJOLR

'LYLVLRQH IDWWD GDO WHVWDWRUH VH LO WHVWDWRUH QHO IDUH OH SRU]LRQL OHGH OD TXRWD GL OHJLWWLPD VSHWWDQWH DG DOFXQR GHL FRHUHGL TXHVWL SXz VHPSUH DJLUH FRQ OÂ¶D]LRQH GL ULGX]LRQH

, GHELWL HUHGLWDUL GHYRQR HVVHUH VRSSRUWDWL GD FLDVFXQR GHL FRHUHGL LQ SURSRU]LRQH GHOOD SURSULD TXRWD GL HUHGLWj 4XHVWD UHJROD YDOH QRQ VROR QHL UDSSRUWL LQWHUQL WUD FRHUHGL PD SXUH QHL UDSSRUWL HVWHUQL GL IURQWH DO FUHGLWRUH

ZZZ VWXGHQWLGHOODFDWWROLFD FRP

6H XQ WHU]R DVVXPH FKH LO GH FXLXV QRQ HUD SURSULHWDULR GL XQR R SL EHQL FRPSUHVL QHOOD SRU]LRQH DWWULEXLWD DG XQR GHL FRHUHGL HG LO FRHUHGH q FRVWUHWWR D ULODVFLDUH L EHQL ULFKLHVWL HFFR FKH YLHQH D PDQFDUH OD FRUULVSRQGHQ]D GHOOD SRU]LRQH FRQ OD TXRWD HUHGLWDULD 7XWWL L FRHUHGL VRQR WHQXWL WUD GL ORUR DOOD JDUDQ]LD SHU HYL]LRQH

/D FROOD]LRQH L EHQL GRQDWL GHYRQR HVVHUH FRPSUHVL R FRQIHULWL QHOOD PDVVD DWWLYD GHO SDWULPRQLR HUHGLWDULR SHU HVVHUH GLYLVL WUD L FRHUHGL LQ SURSRU]LRQH DOOH TXRWH VSHWWDQWL $OOD FROOD]LRQH QRQ VL ID OXRJR TXDQGR LO GRQDQWH R LO WHVWDWRUH DEELD DOWULPHQWL GLVSRVWR GLVSHQVD GDOOD FROOD]LRQH 1RQ VRQR VRJJHWWH D FROOD]LRQH OH VSHVH RUGLQDULH IDWWH GDO SDGUH D IDYRUH GHO ILJOLR FKH UDSSUHVHQWDQR O¶DGHPSLPHQWR GL XQ REEOLJR H OH GRQD]LRQL GL PRGLFR YDORUH IDWWH DO FRQLXJH 9L q VRJJHWWR FLz FKH LO GHIXQWR KD VSHVR D IDYRUH GHL VXRL GLVFHQGHQWL SHU DVVHJQD]LRQL IDWWH D FDXVD GL PDWULPRQLR SHU DYYLDUOL DOO¶HVHUFL]LR GL XQ¶DWWLYLWj SURIHVVLRQDOH SHU VRGGLVIDUH SUHPL UHODWLYL D FRQWUDWWL GL DVVLFXUD]LRQH R SHU SDJDUH L ORUR GHELWL /( /,%(5$/,7¬

&DS /D GRQD]LRQH

/D GRQD]LRQH GHY¶HVVHUH VSRQWDQHD HOHPHQWL GL GRQD]LRQH VRQR OR VSLULWR GL OLEHUDOLWj H O¶DUULFFKLPHQWR ,O SULPR FRVWLWXLVFH OD FDXVD GHO FRQWUDWWR ULHQWUD QHOOR VFKHPD DQFKH OD F G GRQD]LRQH UHPXQHUDWRULD SHU ULFRQRVFHQ]D 0HQWUH TXHVW¶XOWLPD q SXU VHPSUH GRQD]LRQH QRQ YD TXDOLILFDWD WDOH OD OLEHUDOLWj FKH VL VXROH IDUH LQ RFFDVLRQH GL VHUYL]L UHVL ,O VHFRQGR HOHPHQWR SXz UHDOL]]DUVL R GLVSRQHQGR D IDYRUH GL XQ DOWUR GL XQ GLULWWR R DVVXPHQGR XQ¶REEOLJD]LRQH YHUVR LO GRQDWDULR GRQD]LRQH REEOLJDWRULD

/D GRQD]LRQH ULHQWUD QHOOD FDWHJRULD GHL QHJR]L D WLWROR JUDWXLWR 'RQD]LRQH LQGLUHWWD OR VFRSR GL DUULFFKLUH XQ¶DOWUD SHUVRQD VL SXz UDJJLXQJHUH LQ PRGL LQGLUHWWL DYYDOHQGRVL GL DWWL FKH KDQQR XQD FDXVD GLYHUVD OD YHQGLWD D SUH]]R LQIHULRUH DO YDORUH GHOOD FRVD GHWWD QHJR]LR PLVWR FRQ GRQD]LRQH Ê EHQH SUHFLVDUH FKH SHU DYHUH TXHVWD ILJXUD QRQ EDVWD FKH YL VLD OD VSURSRU]LRQH WUD OH GXH SUHVWD]LRQL PD RFFRUUH DQFRUD FKH TXHVWD VSURSRU]LRQH VLD YROXWD GD FROXL FKH OD VXELVFH DOOR VFRSR GL DWWXDUH XQD OLEHUDOLWj H FKH TXHVWD ILQDOLWj VLD QRWD HG DFFHWWDWD GDOO¶DOWUD SDUWH $QFKH PHGLDQWH XQD GRQD]LRQH LQGLUHWWD VL SXz OHGHUH OD TXRWD GHL OHJLWWLPDUL R OD SURSRU]LRQDOLWj GL WUDWWDPHQWR WUD L FRHUHGL HVVD q VRJJHWWD D ULGX]LRQH H D FROOD]LRQH Ê VRWWRSRVWD LQROWUH D UHYRFD]LRQH SHU LQJUDWLWXGLQH R SHU VRSUDYYHQLHQ]D GL ILJOL Ê FRQVHQWLWR ULPHWWHUH D XQ WHU]R OD VFHOWD GHO GRQDWDULR WUD GHWHUPLQDWH FDWHJRULH GL SHUVRQH R GHOO¶RJJHWWR WUD SL FRVH LQGLFDWH GDO GRQDQWH /D GRQD]LRQH SXz HVVHUH IDWWD D IDYRUH GHO ILJOLR GL XQD GHWHUPLQDWD SHUVRQD YLYHQWH DO WHPSR GHOOD GRQD]LRQH EHQFKp QRQ DQFRUD FRQFHSLWR 6L SXz IDUH XQD GRQD]LRQH DQFKH D IDYRUH GL XQ HQWH QRQ ULFRQRVFLXWR /¶LQFDSDFH FRQWUR LO ULVFKLR GL DEXVL KD LO GLYLHWR GL GRQD]LRQH D IDYRUH GHO WXWRUH R SURWXWRUH 2JJHWWR GHOOD GRQD]LRQH QRQ SXz HVVHUH XQ EHQH IXWXUR VL YXROH IUHQDUH OD SURGLJDOLWj

ZZZ VWXGHQWLGHOODFDWWROLFD FRP

/D GRQD]LRQH ULFKLHGH XQD IRUPD SDUWLFRODUH O¶DWWR SXEEOLFR H OD SUHVHQ]D GL GXH WHVWLPRQL /D IRUPD QRQ q ULFKLHVWD SHU OH PRGLFKH GRQD]LRQL 8Q SDUWLFRODUH WLSR GL GRQD]LRQH q TXHOOD IDWWD LQ ULJXDUGR DG XQ IXWXUR PDWULPRQLR GRQD]LRQH REQX]LDOH $OWUD FRQGL]LRQH FKH SXz LQHULUH DOOD GRQD]LRQH q TXHOOD GL ULYHUVLELOLWj VL FKLDPD DQFKH SDWWR GL ULWRUQR VL WUDWWD GL XQD FRQGL]LRQH ULVROXWLYD VL VWDELOLVFH FKH L EHQL ULWRUQLQR DO GRQDQWH QHO FDVR LO GRQDWDULR R L VXRL GLVFHQGHQWL PXRLDQR SULPD GHO GRQDQWH PHGHVLPR /¶LQDGHPSLPHQWR GHO GRQDQWH DJOL REEOLJKL GHULYDQWL GDOOD GRQD]LRQH q VRWWRSRVWR DG XQD GLVFLSOLQD PHQR ULJRURVD GL TXHOOD FKH YLJH SHU RJQL DOWUR FRQWUDWWR OD VXD UHVSRQVDELOLWj q OLPLWDWD DOO¶LSRWHVL GL GROR R FROSD JUDYH ,QYDOLGLWj GHOOD GRQD]LRQH O¶HUURUH VXO PRWLYR UHQGH DQQXOODELOH OD GRQD]LRQH VH LO PRWLYR ULVXOWL GDOO¶DWWR H VLD LO VROR FKH KD GHWHUPLQDWR LO GRQDQWH D FRPSLHUH OD OLEHUDOLWj /¶LOOLFHLWj GHO PRWLYR q ULOHYDQWH TXDQGR LO PRWLYR KD DYXWR YDORUH GHWHUPLQDQWH HVFOXVLYR HG q FRPXQH DG DPER OH SDUWL /D VWHVVD GHURJD DO SULQFLSLR JHQHUDOH VHFRQGR LO TXDOH OD QXOOLWj QRQ q VDQDELOH H QRQ q VXVFHWWLELOH GL FRQIHUPD VL ULWURYD LQ WHPD GL GRQD]LRQH 5HYRFD GHOOD GRQD]LRQH FDXVH LQJUDWLWXGLQH GHO GRQDWRULR VRSUDYYHQLHQ]D GL ILJOL

/$ 38%%/,&,7¬ ,002%,/,$5( &DS /D WUDVFUL]LRQH

Ê XQ PH]]R GL SXEEOLFLWj FKH VL ULIHULVFH DJOL LPPRELOL R PRELOL UHJLVWUDWL 3HU L PRELOL QRQ UHJLVWUDWL LO FRQIOLWWR WUD SL DFTXLUHQWL GDO PHGHVLPR WLWRODUH q ULVROWR LQ EDVH DO SULQFLSLR ³SRVVHVVR YDOH WLWROR´ SHU L PRELOL UHJLVWUDWL H JOL LPPRELOL LQYHFH LO FRQIOLWWR WUD SL DFTXLUHQWL VL ULVROYH LQ EDVH DOOD WUDVFUL]LRQH FROXL FKH SHU SULPR KD IDWWR WUDVFULYHUH LQ SXEEOLFL UHJLVWUL LO WUDVIHULPHQWR q SUHIHULWR

/D WUDVFUL]LRQH QRQ q HOHPHQWR LQWHJUDQWH GHOOD IDWWLVSHFLH QHJR]LDOH PD DWWXD XQD IRUPD GL SXEEOLFLWj GLFKLDUDWLYD Ê EHQH PHWWHUH LQ HYLGHQ]D FKH OD WUDVFUL]LRQH QRQ KD GL SHU Vp HIILFDFLD VDQDQWH GHJOL HYHQWXDOL YL]L GD FXL LO QHJR]LR JLXULGLFR WUDVFULWWR IRVVH LQ LSRWHVL DIIHWWR &DVL GL SXEEOLFLWj VDQDQWH D QXOOLWj H DQQXOODPHQWR SHU LQFDSDFLWj OHJDOH E DFTXLVWL GDOO¶HUHGH R GDO OHJDWDULR DSSDUHQWH F ULGX]LRQH GHOOH GRQD]LRQL H GHOOH GLVSRVL]LRQL WHVWDPHQWDULH OHVLYH GHOOD OHJLWWLPD LQ DOFXQL FDVL OD WUDVFUL]LRQH KD HIILFDFLD FRVWLWXWLYD FDVR GHOO¶XVXFDSLRQH DEEUHYLDWD /D WUDVFUL]LRQH PHQWUH FRVWLWXLVFH VRWWR O¶DVSHWWR WULEXWDULR XQ REEOLJR VDQ]LRQDWR FRQ XQD SHQD SHFXQLDULD QHO FDVR GL LQDGHPSLPHQWR UDSSUHVHQWD VHPSOLFHPHQWH XQ RQHUH SHU OH SDUWL VRWWR LO SURILOR GHO GLULWWR SULYDWR 3Xz UDSSUHVHQWDUH XQ REEOLJR SHU DOFXQL SXEEOLFL XIILFLDOL QRWDL

ZZZ VWXGHQWLGHOODFDWWROLFD FRP

/Â¶HIILFDFLD GHOOD WUDVFUL]LRQH q GXSOLFH HIILFDFLD QHJDWLYD JOL DWWL QRQ WUDVFULWWL VL SUHVXPRQR LJQRWL DL WHU]L HIILFDFLD SRVLWLYD JOL DWWL WUDVFULWWL VL SUHVXPRQR FRQRVFLXWL H TXLQGL OÂ¶DWWR WUDVFULWWR q HIILFDFH FRQWUR TXDOXQTXH WHU]R

$WWL VRJJHWWL D WUDVFUL]LRQH D FRQWUDWWL WUDVODWLYL GHOOD SURSULHWj R FRVWLWXWLYL R PRGLILFDWLYL R WUDVODWLYL GL GLULWWL UHDOL LPPRELOLDUL E FRQWUDWWL UHODWLYL D GLULWWL SHUVRQDOL VX EHQL LPPRELOL VROR VH VXSHUDQR XQD FHUWD GXUDWD /D WUDVFUL]LRQH KD SHU RJJHWWR VHPSUH DWWL HVVD QRQ ULIOHWWH TXLQGL LQ JHQHUH L PRGL GL DFTXLVWR D WLWROR RULJLQDULR 8QD SDUWLFRODUH HIILFDFLD VSHWWD DOOD WUDVFUL]LRQH GHJOL DWWL LQWHUUXWWLYL GHOOÂ¶XVXFDSLRQH 6H QRQ IRVVH SUHRUGLQDWD XQD SXEEOLFLWj ULVSHWWR DJOL HYHQWXDOL DWWL LQWHUUXWWLYL GHOOÂ¶XVXFDSLRQH OÂ¶DFTXLUHQWH QRQ VDUHEEH GDOOD OHJJH PHVVR QHOOD FRQGL]LRQH GL FRQRVFHUH VH SHU DYYHQWXUD OÂ¶XVXFDSLRQH VLD VWDWD LQWHUURWWD H GRYUHEEH ULQXQFLDUH DOOÂ¶DFTXLVWR

7UDVFUL]LRQH GHJOL DFTXLVWL PRUWLV FDXVD q VRJJHWWD D WUDVFUL]LRQH OÂ¶DFFHWWD]LRQH GHOOÂ¶HUHGLWj VH LPSRUWD OÂ¶DFTXLVWR GL GLULWWL UHDOL VX LPPRELOL R VX EHQL PRELOL UHJLVWUDWL $OWUH IXQ]LRQL GHOOD WUDVFUL]LRQH D OD WUDVFUL]LRQH GHOOD GLYLVLRQH QHO FDVR GL GLYLVLRQH GL HUHGLWj FRPXQL E OD WUDVFUL]LRQH GHOOH FRQYHQ]LRQL PDWULPRQLDOL

/D WUDVFUL]LRQH SXz VHUYLUH SHU PHWWHUH D FRQRVFHQ]D L WHU]L FKH q VWDWD SURSRVWD XQD GRPDQGD JLXGL]LDOH FRQ OD TXDOH YLHQH DG HVVHUH FRQWHVWDWD OD WLWRODULWj GL XQR GHL GLULWWL UHDOL R SHUVRQDOL UHODWLYL D LPPRELOL R PRELOL UHJLVWUDWL 6H L WHU]L KDQQR WUDVFULWWR LO ORUR WLWROR GÂ¶DFTXLVWR DQWHULRUPHQWH DOOD WUDVFUL]LRQH GHOOD GRPDQGD HVVL QRQ SRVVRQR HVVHUH SUHJLXGLFDWL GDOOD VHQWHQ]D GL ULVROX]LRQH SHUFKp TXHVWD KD HIILFDFLD REEOLJDWRULD OLPLWDWD DOOH SDUWL 3RVVRQR HVVHUFL DOWUL FDVL GL WUDVFUL]LRQH D WUDVFUL]LRQH GHOOD GRPDQGD GL VLPXOD]LRQH H GL UHYRFD SHU IURGH E WUDVFUL]LRQH GHOOD GRPDQGD GL DQQXOODPHQWR F WUDVFUL]LRQH GHOOD GRPDQGD GL UHYLQGLFD G DQQRWD]LRQH GHOOH VHQWHQ]H

ZZZ VWXGHQWLGHOODFDWWROLFD FRP