Mosaici tardoantichi dell'isola di Cos: Scavi italiani 1912–1945 9781407311333, 9781407341026

Citation preview

Mosaici tardoantichi dell’isola di Cos Scavi italiani 1912–1945

Lorella Maria De Matteis

BAR International Series 2515 2013

        3XEOLVKHGLQE\ %$53XEOLVKLQJ2[IRUG %$5,QWHUQDWLRQDO6HULHV 0RVDLFLWDUGRDQWLFKLGHOO¶LVRODGL&RV ‹/0'H0DWWHLVDQGWKH3XEOLVKHU &29(5,0$*( 

.HSKDORVEDVLOLFDPLQRUHQDYDWDFHQWUDOH$UFKLYLR6$,$3Q  7KHDXWKRU VPRUDOULJKWVXQGHUWKH8.&RS\ULJKW 'HVLJQVDQG3DWHQWV$FWDUHKHUHE\H[SUHVVO\DVVHUWHG $OOULJKWVUHVHUYHG1RSDUWRIWKLVZRUNPD\EHFRSLHGUHSURGXFHGVWRUHG VROGGLVWULEXWHGVFDQQHGVDYHGLQDQ\IRUPRIGLJLWDOIRUPDWRUWUDQVPLWWHG LQDQ\IRUPGLJLWDOO\ZLWKRXWWKHZULWWHQSHUPLVVLRQRIWKH3XEOLVKHU

ISBN 9781407311333 paperback ISBN 9781407341026 e-format DOI https://doi.org/10.30861/9781407311333 A catalogue record for this book is available from the British Library %$53XEOLVKLQJLVWKHWUDGLQJQDPHRI%ULWLVK$UFKDHRORJLFDO5HSRUWV2[IRUG /WG %ULWLVK$UFKDHRORJLFDO5HSRUWVZDVILUVWLQFRUSRUDWHGLQWRSXEOLVKWKH%$5 6HULHV,QWHUQDWLRQDODQG%ULWLVK,Q+DGULDQ%RRNV/WGEHFDPHSDUWRIWKH%$5 JURXS7KLVYROXPHZDVRULJLQDOO\SXEOLVKHGE\$UFKDHRSUHVVLQFRQMXQFWLRQZLWK %ULWLVK$UFKDHRORJLFDO5HSRUWV2[IRUG /WG+DGULDQ%RRNV/WGWKH6HULHVSULQFLSDO SXEOLVKHULQ7KLVSUHVHQWYROXPHLVSXEOLVKHGE\%$53XEOLVKLQJ

%$5 38%/,6+,1* %$5WLWOHVDUHDYDLODEOHIURP      ( 0$,/  3 +21(   ) $;   



%$53XEOLVKLQJ %DQEXU\5G2[IRUG2;%38. LQIR#EDUSXEOLVKLQJFRP     ZZZEDUSXEOLVKLQJFRP

,1',&(    ,1752'8=,21(  35(0(66$  /$'2&80(17$=,21(',$5&+,9,2   &$3,72/2, &26,1(7¬7$5'2$17,&$$5&+(2/2*,$(6725,$  ,*/,6&$9,   ,*/,(',),&,',&8/72   ,/()217,/(77(5$5,(('(3,*5$),&+(  ,35263(77,9(',5,&(5&$   &$3,72/2,, &$7$/2*2  35(0(66$   /LVWDGHOOHDEEUHYLD]LRQLULFRUUHQWL ,QGLFHGHLPRVDLFL  6&+('('(,026$,&,   &$3,72/2,,, */,$63(77,7(&1,&,   ,,,0$7(5,$/,    ,,,&2/25,  ,,,'(16,7¬   &$3,72/2,9 ,/6,67(0$'(&25$7,92  ,9$57,&2/$=,21('(//$&20326,=,21(086,9$  ,9*OLVFKHPLFRPSRVLWLYL ,96FKHPLFRPSRVLWLYLHIXQ]LRQDOLWjGHJOLDPELHQWL   ,9,/5(3(5725,2'(&25$7,92*(20(75,&2  ,9&RPSRVL]LRQLGLVXSHUILFLH ,9&RPSRVL]LRQLOLQHDUL ,95LHPSLWLYL   ,9/$'(&25$=,21(),*85$7$

 







      







             



 &$3,72/29 '$7$=,21(  9(/(0(17,(67(51,','$7$=,21(   9(/(0(17,,17(51,','$7$=,21(68//$%$6('(,&21)5217,   93523267(',&5212/2*,$  9,PRVDLFLGHOFDSROXRJR 9,PRVDLFLGHLFRPSOHVVLEDVLOLFDOLGHOO¶LVROD   &$3,72/29, /$*5$00$7,&$'(//(0$(675$1=(&2(6,17$66,(/(66,&2  9,,&$5$77(5,'(/5(3(5725,2&22,1(7¬7$5'2$17,&$(5$33257,&21/$352'8=,21( '(//$35(&('(17((7¬,03(5,$/(  9,*OLVFKHPLFRPSRVLWLYL 9,,OUHSHUWRULRGHFRUDWLYRJHRPHWULFR 9,/DGHFRUD]LRQHILJXUDWD   9,/(02'$/,7¬'(//$9252$57,*,$1$/((/$3266,%,/(,1',9,'8$=,21('(//(2)),&,1(  9,0RVDLFLGHOJUXSSRSULPR 9,0RVDLFLGHOJUXSSRVHFRQGR   9,$5((',',))86,21('(/5(3(5725,2'(&25$7,92&22   &$3,72/29,, 352'8=,21(086,9$(62&,(7¬/$7(67,021,$1=$'(//((3,*5$),  9,,/((3,*5$),086,9(  9,,,&200,77(17,$63(77,'(//$62&,(7¬&2$,1(7¬7$5'2$17,&$   &21&/86,21,   7$%(//(6,1277,&+(  3UHPHVVD /LVWDGHOOHDEEUHYLD]LRQLULFRUUHQWL  7DEHOOD,'DWLWHFQLFL 7DEHOOD,,6FKHPLFRPSRVLWLYL 7DEHOOD,,,6FKHPLFRPSRVLWLYLHIXQ]LRQDOLWjGHJOLDPELHQWL 7DEHOOD,95HSHUWRULRJHRPHWULFRFRPSRVL]LRQLGLVXSHUILFLH 7DEHOOD95HSHUWRULRJHRPHWULFRFRPSRVL]LRQLOLQHDUL 7DEHOOD9,5HSHUWRULRJHRPHWULFRULHPSLWLYL 7DEHOOD9,,5HSHUWRULRILJXUDWR 7DEHOOD9,,,3URSRVWHGLGDWD]LRQH 7DEHOOD,;6FKHPLFRPSRVLWLYLHFRPSRVL]LRQLGLVXSHUILFLH 7DEHOOD;&RPSRVL]LRQLOLQHDULHVHWWRULGHFRUDWL

                       

7DEHOOD;,5LHPSLWLYLHFRPSRVL]LRQLGLVXSHUILFLH 7DEHOOD;,,3URGX]LRQHPXVLYDFRPSRVL]LRQLGLVXSHUILFLH 7DEHOOD;,,,3URGX]LRQHPXVLYDFRPSRVL]LRQLOLQHDUL 7DEHOOD;,93URGX]LRQHPXVLYDULHPSLWLYL    ,1',&,  5(3(5725,2*(20(75,&2  5(3(5725,2),*85$72  )217,'(//(,//8675$=,21,   %,%/,2*5$),$($%%5(9,$=,21,   7$92/(

             



,1752'8=,21(    35(0(66$  2JJHWWR GL VWXGLR GHO SUHVHQWH ODYRUR VRQR L SDYLPHQWL PXVLYLVFRSHUWLQHOO¶LVRODGL&RVGXUDQWHJOLDQQL¶¶ GHO VHFROR VFRUVR QHJOL VFDYL FRQGRWWL GDOOH PLVVLRQL LWD OLDQH HVVL GHFRUDQR OH EDVLOLFKH SDOHRFULVWLDQH GDWDWH DO 99, VHFG& HUHWWH QHOO¶LVROD DG $QWLPDFKLD &DPDUL &DSDPj.HSKDORV=LSDUL RQHOOHYLFLQDQ]HGHOFDSROXR JRRPRQLPREDVLOLFKHGLFDSR3VDOLGLHGLFDSR6FDQGD UL VRQRSUHVHQWLDQFKHDOFXQLSDYLPHQWLPXVLYLFKHQRQ HUDQRVWDWLFRPSUHVLQHOPLRSUHFHGHQWHODYRURVXLPRVDL FLGHOODFLWWj 4XDVLWXWWLLPRVDLFLQRQVRQRSLYLVLELOLSRLFKpSURWHWWL GD XQD FRSHUWXUD VSRUDGLFDPHQWH ULPRVVD LQ RFFDVLRQH GHOOHRSHUD]LRQLGLUHVWDXURHVVLVRQRVWDWLTXLQGLHVDPL QDWLVXOODEDVHGHLGRFXPHQWLLQJUDQSDUWHLQHGLWLIRWR JUDILH SODQLPHWULH ULOLHYL H GLVHJQL  HVHJXLWL DOO¶HSRFD GHOODVFRSHUWDGDOO¶LQJ+%DOGXFFLLQTXHOWHPSRERUVL VWD GHOO¶,VWLWXWR )(57 GL 5RGL H FRQVHUYDWL FRQ OH VFDUVLVVLPH QRWH GL VFDYR SUHVVR O¶DUFKLYLR GHOOD 6FXROD $UFKHRORJLFD,WDOLDQDGL$WHQH,QSLGLXQFDVRWDOLGR FXPHQWLVLVRQRULYHODWLGLIRQGDPHQWDOHLPSRUWDQ]DSRL FKp FRVWLWXLVFRQR O¶XQLFD WHVWLPRQLDQ]D VXSHUVWLWH GL DO FXQLPRVDLFLGLFXLqDQGDWDSHUGXWDRJQLDOWUDGRFXPHQ WD]LRQH 6ROR SHU DOFXQL SDYLPHQWL PXVLYL ULPDQH LQFHUWD O¶DWWULEX]LRQH DO ORUR DPELHQWH GL DSSDUWHQHQ]D H LQFRP SOHWDO¶DFTXLVL]LRQHGHLGDWLWHFQLFLDFDXVDGHOODPDQFDQ



 /0'H0DWWHLV0RVDLFLGL&RV'DJOLVFDYLGHOOHPLVVLRQLLWDOLDQHH WHGHVFKH   0RQRJUDILH 6$,$ ;9,,  $WHQH  TXL FLWDWR '( 0$77(,6   OR VWXGLR ULJXDUGD L PRVDLFL SDYLPHQWDOL GHOOD FLWWj GL &RV GL HWj LPSHULDOH H WDUGRDQWLFD VFRSHUWL GXUDQWH LO SHULRGR GL RFFXSD]LRQH LWDOLDQD GHOO¶LVROD   H L GXH SRUWDWL DOODOXFHDOO¶LQL]LRGHOµGD5+HU]RJ'HLPRVDLFLFRQVHUYDWLLQVLWX DOFXQLVRQRYLVLELOLDOWULSURWHWWLGDXQDFRSHUWXUDPROWLVRQRFROORFDWL LQVHGLPXVHDOL0XVHR$UFKHRORJLFRGL&RV&DVWHOORGHO*UDQ0DHVWUR GL5RGL0XVHR$UFKHRORJLFRGL,VWDQEXO GLXQFHUWRQXPHURVLKDVROR XQD GRFXPHQWD]LRQH IRWRJUDILFD R OD QRWL]LD GHO ORUR ULWURYDPHQWR ,O ODYRURFKHWUDHRULJLQHGDOOHWHVLGLGLSORPDGLVSHFLDOL]]D]LRQHSUHVVR OD 6FXROD $UFKHRORJLFD ,WDOLDQD GL $WHQH H GL GRWWRUDWR SUHVVR O¶8QLYHUVLWj GL 3HUXJLD VL q EDVDWR ROWUH FKH VXOO¶HVDPH DXWRSWLFR LQ RFFDVLRQHGHOORVWXGLROD6FXRODSURYYLGHDOODULPR]LRQHGHOODFRSHUWXUD HDOUHVWDXURGHLPRVDLFL DQFKHVXOODULFFDGRFXPHQWD]LRQHIRWRJUDILFD HJUDILFDHVHJXLWDDOO¶HSRFDGHOORVFDYRHFRQVHUYDWDDG$WHQHHD5RGL SUHVVR JOL DUFKLYL GHOOD 6FXROD $UFKHRORJLFD ,WDOLDQD H GHOOD ,9 (IRULD GHO'RGHFDQHVR  %DVLOLFDGL&DSDPj'HOWLRQ/,,, %&KUSEDVLOLFDGL +DJ *DYULLO LELG S  0 6LJDOD  6RQR YLVLELOL SHUFKp ODVFLDWL VFRSHUWL L PRVDLFL FRQVHUYDWL LQ VLWX QHOOD ʌȜĮIJİȓĮ ǹȖȓȠȣ ǿȦȐȞȞȘ șİȠȜȩȖȠȣTXLDLFDWQQƒ   /¶,VWLWXWR )(57 FRVu GHQRPLQDWR GDOO¶DFURQLPR GL )RUWLWXGR  (LXV  5KRGXP  7HQXLW  IX IRQGDWR D 5RGL QHO  H GHGLFDWR DJOL VWXGLDUFKHRORJLFLHVWRULFLULJXDUGDQWLLO'RGHFDQHVRHLOYLFLQR2ULHQWH   1RQ PL q VWDWR SRVVLELOH DFFHGHUH DOOD GRFXPHQWD]LRQH IRWRJUDILFD DJJLRUQDWD GHL PRVDLFL HIIHWWXDWD GDOOD ,9 (IRULD %L]DQWLQD GHO 'RGHFDQHVR GD PH ULFKLHVWD SHU GRFXPHQWDUQH O¶DWWXDOH VWDWR GL FRQVHUYD]LRQH  9LQIUDFDWQƒPRVDLFRGHOODEDVLOLFDGL+DJ*DYULLO YDQFKHXQ PRVDLFR GHOO¶DUHD GHOOH 7HUPH 2FFLGHQWDOL '( 0$77(,6  SS  Qƒ WDY ;,;  H TXHOOR FRQ OD UDIILJXUD]LRQH GL &RVWDQWLQRSROL LELGSSQƒ 



]DGLXQDYHULILFDDXWRSWLFD1HOODPDJJLRUDQ]DGHLFDVL LQYHFHTXHVW¶XOWLPROLPLWHqVWDWRVXSHUDWRLQYLUWGHOOD HFFH]LRQDOH GRFXPHQWD]LRQH IRWRJUDILFD H JUDILFD GLVSR QLELOHUHDOL]]DWDDOO¶HSRFDGHOORVFDYROHIRWRJUDILHKDQ QRLOSUHJLRGLDWWHVWDUHORVWDWRGLFRQVHUYD]LRQHGHLSD YLPHQWLDOPRPHQWRGHOODORURVFRSHUWDPHQWUHLULOLHYLD FRORULRFRQO¶LQGLFD]LRQHGHLFRORULKDQQRUHVRSRVVLELOH OD ULFRVWUX]LRQH GHOOD JDPPD FURPDWLFD LPSLHJDWD QHL PRVDLFLGHLGLIIHUHQWLVLWL5HODWLYDPHQWHDLGDWLWHFQLFLXQ XWLOH ULIHULPHQWR KDQQR LQILQH FRVWLWXLWR L PRVDLFL SDOHR FULVWLDQL GHO FDSROXRJR HGLWL QHO PLR SUHFHGHQWH ODYRUR SHULTXDOL KRDYXWRODSRVVLELOLWjGLHIIHWWXDUH XQHVDPH GLUHWWR 1RQRVWDQWH OD PDQFDQ]D GL XQD GRFXPHQWD]LRQH DJJLRU QDWD H QHOOD FRQVDSHYROH]]D GHL OLPLWL RJJHWWLYL FKH QH GHULYDQRKRSUHIHULWRWXWWDYLDDIIURQWDUHORVWXGLRGLTXH VWLPRVDLFLDTXDVLXQVHFRORGDOODORURVFRSHUWDSLXWWR VWR FKH FRQWLQXDUH D ODVFLDUH LJQRUDWR XQ SDWULPRQLR GDOO¶HFFH]LRQDOH YDORUH VWRULFRFXOWXUDOH (VVL LQIDWWL QRQ VRQRPDLVWDWLIDWWLRJJHWWRGLXQRVWXGLRHVDXVWLYRSRLFKp DOOHWUDWWD]LRQLSUHOLPLQDULGDSDUWHGHJOLVWXGLRVLUHVSRQ VDELOL GHOOD VFRSHUWD + %DOGXFFL H / 0RUULFRQH PDL VHJXu XQD SXEEOLFD]LRQH GHILQLWLYD SHU VRSUDJJLXQWL LQ VRUPRQWDELOLLPSHGLPHQWL,PRVDLFLLQFOXVLLQJUDQSDU WHQHOIRQGDPHQWDOHYROXPHVXLPRVDLFLSDYLPHQWDOLGHOOD *UHFLDLQVXODUHGL63HOHNDQLGLVH3$W]DNDVRQRVWDWL FRPXQTXHDSLULSUHVHFLWDWLGDJOLVWXGLRVLFKHQRQKDQ QRPDLPDQFDWRGLULOHYDUHODULFFKH]]DHO¶RULJLQDOLWjGHO ODSURGX]LRQHPXVLYDFRDHVWHVDLQLQWHUURWWDPHQWHGDOOD SULPDHWjLPSHULDOHILQRDOWDUGR9,VHFG&XQDFDUDWWH

 

 $QFKH VH QRQ GLFKLDUDWR HVSOLFLWDPHQWH OD PDQFDQ]D GL PLVXUH GL PHQVLRQL GHL WDSSHWL GHQVLWj GHOOH WHVVHUH  GL RVVHUYD]LRQL VSHFLILFKH PDWHULDOLFRORUL GLLQIRUPD]LRQLULJXDUGRDOORVWDWRDWWXDOHGHLPRVDLFL HGLGRFXPHQWD]LRQHJUDILFDHIRWRJUDILFDDJJLRUQDWDIDQQRULWHQHUHFKH DQFKHORVWXGLRGHLPRVDLFLGHOODEDVLOLFDGL+DJ*DYULLOLQ%$/',1, EVLDVWDWRHIIHWWXDWRVXOODEDVHGHOOHIRWRJUDILHDHUHHGHOOD,9(IR ULD%L]DQWLQDGHO'RGHFDQHVROHVROHDHVVHUHSXEEOLFDWHLQVLHPHDGLVH JQL VFKHPDWLFL GHL PRVDLFL LO FXL XWLOL]]R VSLHJKHUHEEH WUD O¶DOWUR O¶LQWHUSUHWD]LRQH FKH q VWDWD GDWD GL DOFXQL SDUWLFRODUL Y DYDQWL FDW QQƒ ,OODYRURqFRPSUHVRQHOODUHFHQWHPRQRJUDILDVXOODEDVLOLFD %$/',1,  /,9$',277,   FKH FRVWLWXLVFH LO SULPR ULVXOWDWR GHOO¶DWWLYLWj GL ULFHUFD VXL PRQXPHQWL SURWREL]DQWLQL FRL UHFHQWHPHQWH DYYLDWDGDOO¶8QLYHUVLWjGL%RORJQDHGDO3ROLWHFQLFRGL%DULVXOODEDVH GLXQDFFRUGRFRQOD,9(IRULD%L]DQWLQDGHO'RGHFDQHVR  %$/'8&&,  0255,&21(  3(/(.$1,',6$7=$.$QRQVRQRFRPSUHVLQHOFDWDORJRR VRQRGRFXPHQWDWLSDU]LDOPHQWHLPRVDLFLTXLDLQQƒ&DPDUL   &DSDPj    .HSKDORV EDVLOLFD PDJJLRUH   .HSKDORV EDVLOLFD PDJJLRUH   .HSKDORV EDWWLVWHUR   &RV EDVLOLFD GL +DJ *DYULLO    =LSDUL  GHL PRVDLFL GHOOD ʌȜĮIJİȓĮ ǹȖȓȠȣ ǿȦȐȞȞȘ șİȠȜȩȖȠȣ TXL DL FDW QQƒ  VL ULSRUWD OD FLWD]LRQHGL0RUULFRQHQRQVRQRSUHVHQWLLPRVDLFLGHOFDSROXRJRTXLDL QQƒ  /$85(1=,/$85(1=,25/$1'26DLPRVDLFL GHOOHEDVLOLFKHGL0DVWLFKDULHGL$QWLPDFKLDqULVHUYDWDXQ¶DPSLDWUDW WD]LRQH QHOO¶DPELWR GHOO¶DUWLFROR ULJXDUGDQWH JOL HGLILFL  $66,0$.2328/28 $7=$.$ D S  '81%$%,1  S  $66,0$.2328/28 $7=$.$  S  .$/23,66, 9(57,SS%,/%$1@ FL VRQR H VRQR JLj LQ ,WDOLD  SLDQWH ULOLHYL H IRWR

/$'2&80(17$=,21(',$5&+,9,2  1HOO¶DUFKLYLRGHOOD6FXROD$UFKHRORJLFD,WDOLDQDGL$WHQH L SRFKL GRFXPHQWL VFULWWL UHODWLYL DOOH EDVLOLFKH SDOHRFUL VWLDQHHDLORURPRVDLFLFRQVLVWRQRLQDOFXQHQRWHGDOWLWR OR/H%DVLOLFKHSDOHRFULVWLDQHHEL]DQWLQHYHUJDWHGD+ %DOGXFFLHLQGXHWHVWLGDWWLORVFULWWLILUPDWLGD/0RUUL FRQH O¶XQR XQ SURPHPRULD DO *RYHUQDWRUH 'H 9HFFKL O¶DOWURXQDOHWWHUDD'/HYL'LUHWWRUHGHOOD6FXROD 6FULYH+%DOGXFFL³/DVFRSHUWDIDWWDGDOSURI/DXUHQ]L FRQ O¶LPSRUWDQWH EDVLOLFD GL 6DQWR 6WHIDQR VXO YHUVDQWH VXGRULHQWDOH GHOO¶LVROD GLHGH LO YLD DOOD ULFHUFD H DOOR VFDYR VLVWHPDWLFR GL XQ FRPSOHVVR GL FKLHVH FKH SHU OD VWRULDGHOO¶DUFKLWHWWXUDGHOO¶LVRODUDSSUHVHQWDQRXQDSUH ]LRVD FRQWLQXLWj FRVWUXWWLYD H GL JUDQGH FRQWULEXWR´ VH JXRQR SRL RVVHUYD]LRQL VXOOH EDVLOLFKH GL FDSR 3VDOLGL +DJ *DYULLO  GL FDSR 6FDQGDUL GL =LSDUL TXL ULIHULWH QHOOHFRUULVSRQGHQWLVFKHGHGHOFDWDORJR 'HJOLDOWULGXHWHVWLLOSULPRqULSRUWDWRTXLGLVHJXLWRLQ WHJUDOPHQWHGHOVHFRQGRVRQRVWDWLVWUDOFLDWLLSDVVLFKHFL LQWHUHVVDQR (QWUDPEL ULJXDUGDQR OD SXEEOLFD]LRQH FRPSOHWD GHL PR VDLFLSDOHRFULVWLDQLHGHOODULFFDGRFXPHQWD]LRQHJUDILFDD HVVL UHODWLYD 8QD SUHVHQWD]LRQH GHL ULVXOWDWL GHJOL VFDYL GHOFRPHULFRUGD0RUULFRQHHUDVWDWDHGLWDJLjGD %DOGXFFL LO FRPSLWR GL SRUWDUH D WHUPLQH O¶RSHUD GHO JLRYDQH VWXGLRVR SUHPDWXUDPHQWH VFRPSDUVR q DVVXQWR TXLQGL GD 0RUULFRQH GDO  6RSULQWHQGHQWH 5HJJHQWH DL0RQXPHQWLHGDJOL6FDYLGHO'RGHFDQHVR  3URPHPRULDSHU6(LO*RYHUQDWRUHILUPDWDGD/0RUUL FRQHUHJJHQWHSHUOD6RSULQWHQGHQ]DDOOHDQWLFKLWjGDWDWD 5RGL  DSULOH  ³3HU OD SXEEOLFD]LRQH GHL GLVHJQL HVHJXLWLGDOFRPSLDQWRSURI%DOGXFFLULOLHYLHVRSUDWWXW WR ULSURGX]LRQL GHL PRVDLFL GHOOH %DVLOLFKH URPDQR FULVWLDQH GL &RR 9( GLHGH JLj GLVSRVL]LRQH SHUFKp VL DGRWWDVVH XQ IRUPDWR PDJJLRUH GL TXHOOR GL ³&/$5$ 5+2'26´ DOOR VFRSR GL FRQVHUYDUH OD QLWLGH]]D H O¶HYLGHQ]D GHO GLVHJQR 6L WUDWWHUHEEH FLRq GL LQL]LDUH OD SXEEOLFD]LRQH GL XQD VHULH GL ³0RQXPHQWL´ GHOO¶,VWLWXWR VWRULFRDUFKHRORJLFR)(57SHUFXLILQGDRUDLOPDWH ULDOHVDUHEEHDEERQGDQWHSRLFKpLQWDOHFROOH]LRQHROWUH DL PRVDLFL FULVWLDQL SRWUHEEHUR HVVHUH SXEEOLFDWH VLD OH JUDQGL6FXOWXUHGL&RRVLDLPRVDLFLURPDQLHOHSLWWXUH PXUDOLSHUODFXLULSURGX]LRQH9(KDDWWULEXLWRXQDERU VDDOSURI)LQDPRUH ,Q,WDOLDOHSXEEOLFD]LRQLPRQXPHQWDOLGLJUDQGHIRUPDWR VRQROHVHJXHQWL ,  0RQXPHQWLGHOODSLWWXUDDQWLFDVFRSHUWLLQ,WDOLD IRUPDWR[OHWDYROHVRQRLQIRWRWLSLDHLQ WULFURPLDIRWRWLSLFD  ,,  7DYROHVWRULFKHGHLPRVDLFLGL5DYHQQDIRUPDWR [WDYROHDFRORULLQIRWRWLSLD 



  0RUULFRQH LQ SL ULSUHVH HYLGHQ]LD O¶DWWHJJLDPHQWR ³FKLDUR H DPLFKHYROH´GL.RQWLVLOQXRYRHIRURDFXLqULFRQRVFHQWHHDJJLXQJH ³«KR PRVWUDWR DO &RQWLV FKH LO PLR LQWHUHVVH TXL q VROR VFLHQWLILFR H UHWURVSHWWLYR SHU FRVu GLUH H FKH QRQ LQWHUIHULVFH FRQ JOL LQWHUHVVL DQDORJKL FKH SRVVRQR DYHUH L *UHFL LQ RJQL FLUFRVWDQ]D SRL KR YROHQWHURVDPHQWHSUHVWDWRODPLDFROODERUD]LRQH'DWRWXWWRTXHOORFKH F¶qVWDWRLQSUHFHGHQ]DWUDQRLHORURVLDTXLFKHLQ*UHFLDULWHQJRGL DYHU JLj RWWHQXWR PROWLVVLPR D QRQ IDUPL PDQGDUH YLD GDO SULPR PRPHQWR H D QRQ DYHU WRFFDWR LQ QHVVXQ PRGR SRL OD ORUR QRWRULD VXVFHWWLELOLWj´   /HWWHUD GDWDWD  PDJJLR  DUFKLYLR 6$,$ VRQR ULSRUWDWH OH VRWWROLQHDWXUH SUHVHQWL QHO WHVWR RULJLQDOH  6XOOH GLIILFROWj YLVVXWH GD 0RUULFRQH H GD 9 7RWL UHVWDXUDWRUH GHOO¶2SLILFLR GHOOH 3LHWUH 'XUH GL )LUHQ]H DWWLYR D &RV GDO PDJJLR  XQLFR UHJJHQWH GHOO¶XIILFLR DUFKHRORJLFRGHOO¶LVRODGDODOTXDQGR0RUULFRQHUHJJHQWHD 5RGLQRQSXzSLUHFDUYLVLVWUHQXDPHQWHLPSHJQDWRD³LPSHGLUHGDQQL H VDFFKHJJL GHO PDWHULDOH DUFKHRORJLFR HG DUWLVWLFR RFFXOWDWR QHL ULFRYHUL´ %(57(//,  6,5$12  $SSHQGLFH GRFXPHQWDULD DFXUDGL0/LYDGLRWWL LQ/,9$',277,52&&2SS GRF  'LHWjLPSHULDOHHWDUGRDQWLFDVRQRVWDWLSXEEOLFDWLLQ'(0$77(,6 

 

 &HVDUH 0DULD 'H 9HFFKL &DVDOH 0RQIHUUDWR   5RPD   ULFRSUu OD FDULFD GL *RYHUQDWRUH GHO 3RVVHGLPHQWR ,WDOLDQR GHOOH ,VROH GHOO¶(JHRGDOPDU]RDOGLFHPEUH   1HOO¶$UFKLYLR GHOO¶(IRULD GHO 'RGHFDQHVR q FRQVHUYDWD OD &DUWD $UFKHRORJLFD GHOO¶,VROD GL &RV ULPDVWD LQHGLWD FRQ JOL DSSXQWL H OH VFKHGHUHODWLYHDLPRQXPHQWLGHOO¶LVROD/,9$',277,S   0255,&21(SQ  %$/'8&&,



026$,&,7$5'2$17,&+,'(//¶,62/$',&266&$9,,7$/,$1, &RPSOHWDQR OD GRFXPHQWD]LRQH L ULOLHYL GHL PRVDLFL UH GDWWL LQ VFDOD  OD PDJJLRU SDUWH VRQR DFTXHUHOOL VX FDUWRQFLQR PD FL VRQR DQFKH GLVHJQL SDU]LDOPHQWH FROR UDWLRFRQLQGLFDWLLFRORULQHLGLYHUVLVHWWRULRGLVHJQLDO WUDWWR  6L ULSRUWD TXL GL VHJXLWR O¶HOHQFR GHL GLVHJQL H GHJOL DF TXHUHOOL GHL PRVDLFL DOFXQL QXPHUDWL FRQVHUYDWL SUHVVR O¶$UFKLYLR6$,$  &DSDPjEDVLOLFD QƒDFTXHUHOORLQFRPSLXWRFDWQQƒ 7$9;; Qƒ DFTXHUHOOR LQFRPSLXWR FRQ LQGLFD]LRQH GHL FRORUL FDWQQƒ 7$9;9,, QƒDFTXHUHOORLQFRPSLXWRFDWQƒ 7$9;,,, QƒDFTXHUHOORLQFRPSLXWRFDWQƒ 7$9;,, TXDWWURDFTXHUHOOLQRQQXPHUDWLFDWQQƒ 7$99,, FDWQƒ 7$9,;FDWQƒ 7$9;,FDWQƒ  7$9;9,  .HSKDORV+DJ6WHSKDQRV %DVLOLFDPDJJLRUH QƒGLVHJQRDOWUDWWRFDWQƒ 7$9;;9,,, QƒDFTXHUHOORFDWQƒ 7$9;;; DFTXHUHOOR LQFRPSLXWR QRQ QXPHUDWR FDW Qƒ  7$9 ;;9  0RVDLFLDSSDUWHQHQWLDOODEDVLOLFDPDJJLRUHPDGLORFD OL]]D]LRQHLQFHUWD QƒDFTXHUHOORFDWQQƒ 7$9;;;,,, QƒDFTXHUHOORFDWQQƒ 7$9;;;,9  %DVLOLFDPLQRUH QƒGLVHJQRDOWUDWWRPRVDLFRFDWQƒ  QƒGLVHJQRDOWUDWWRFDWQƒ 7$9;;;9 QQƒGLVHJQRDOWUDWWRFDWQƒ   %DWWLVWHUR QƒDFTXHUHOORFDWQQƒ 7$9;;;,; QƒDFTXHUHOORLQFRPSLXWRFDWQƒ   &RVʌȜĮIJİȓĮǹȖȓȠȣǿȦȐȞȞȘșİȠȜȩȖȠȣ Qƒ DFTXHUHOOR LQFRPSLXWR FDW QQƒ  7$9 ;/9 QƒDFTXHUHOORLQFRPSLXWRFDWQƒ   &RVFDSR6FDQGDULEDVLOLFD QƒDFTXHUHOORLQFRPSLXWRFDWQƒ 7$9;/,; QƒDFTXHUHOORLQFRPSLXWRFDWQƒ 7$9;/9,,,  =LSDULEDVLOLFD QƒDFTXHUHOORFDWQQƒ 7$9/; QƒDFTXHUHOORLQFRPSLXWRFDWQƒ 7$9/,; QƒGLVHJQRDOWUDWWRFDWQƒ  QƒGLVHJQRDOWUDWWRFRQLQGLFD]LRQHGHLFRORULFDW Qƒ  QƒGLVHJQRDOWUDWWRFRQLQGLFD]LRQHGHLFRORULFRPH VRSUDFDWQƒ  QƒGLVHJQRDOWUDWWRFDWQƒ 7$9/

JUDILH FRPSOHWH UDFFROWH GDO FRPSLDQWR SURI +HUPHV %DOGXFFL GL 3DYLD FKH QH SUHSDUDYD OD SXEEOLFD]LRQH 'RSRODVXDPRUWHDYYHQXWDQHODYUHLGRYXWRSUH SDUDUHLRLOWHVWRSHUDFFRPSDJQDUHODSXEEOLFD]LRQHGHL GLVHJQLGLSULPLVVLPRRUGLQHFRQSD]LHQWLVVLPHULSURGX ]LRQL GHL PRVDLFL  PD DQFKH TXHVWR PL PDQFD KR VROR JOLDSSXQWLGHJOLVFDYLIDWWLGDPHRFRQPH 5LJXDUGR DOOD SDUWH DUFKLWHWWRQLFD OH FRVH PLJOLRUHUHE EHUR DVVDL VH SRWHVVL SDVVDU D &RR LQ WXWWR R LQ SDUWH L PHVLGHOO¶HVWDWHSHUSUHSDUDUHXQDUHOD]LRQHSLFRPSOH WDVXLPRQXPHQWLFKHQRQVLDLOVHPSOLFHUDSSRUWRGLVFD YR 5LDVVXPHQGR XWLOL]]DQGR LO VROR PDWHULDOH DSSXQWL GL VFDYRFDWDORJKLGLULWURYDPHQWLIRWRJUDILHSODQLPHWULHH ULOLHYL  FKH KR RJJL SUHVVR GL PH  SRWUHL SUHVHQWDUH OH VHJXHQWLUHOD]LRQLHSXEEOLFD]LRQL D UHOD]LRQLGLVFDYR 5HOD]LRQH JHQHUDOH GHL ODYRUL  FRQ SODQLPHWULD GLWXWWDODFLWWjDQWLFDOH]RQHDFFHUWDWH  /¶$JRUjHLOTXDUWLHUHGHOSRUWRVRORSODQLPHWULHHIRWR JUDILHFRQQRWHGLVFDYR  /D ]RQD GHOOH 7HUPH 5RPDQH OD 3DOHVWUD H OH FDVH GHO TXDUWLHUHGHOGHFXPDQR /H%DVLOLFKHHFRVWUX]LRQLSDOHRFULVWLDQHQRWHGLVFDYRGL DFFRPSDJQDPHQWRDOPDWHULDOHJUDILFRHLOOXVWUDWLYRUDF FROWRGDO%DOGXFFL  E VWXGLFRPSOHWL EHQLQWHVRGRSROXQJKLODYRULDWDYROL QRPDGRYHHTXDQGR"  /DQHFURSROLPLFHQHDHLVDJJLQHOO¶DELWDWRPLFHQHR /DQHFURSROLSURWRJHRPHWULFDHJHRPHWULFD 6FXOWXUHYDULH 0RVDLFLYDULULSURGX]LRQLLQJUDQSDUWHPHGLRFUL  /D3DOHVWUD>@´  5LJXDUGRDOOHGLIILFROWjGLWUDVIHULUHODGRFXPHQWD]LRQHLQ ,WDOLDDFDXVDGHLFRQWUROOLPLQX]LRVLDFXLVRQRVRWWRSRVWL LEDJDJOL0RUULFRQHVFULYH ³>@QRQHVFOXGHUHLGDSDUWHGHO*RYHUQRGHOOHQRLHSHU O¶HVSRUWD]LRQHGHOPDWHULDOHJUDILFRHLOOXVWUDWLYR(¶YH UR FKH WXWWL JOL RULJLQDOL GHL GLVHJQL H GHOOH SODQLPHWULH QRQFKpLULOLHYLHLGLVHJQLGHO%DOGXFFLVRQRLQ,WDOLDGD GXH DQQL PD VDUHEEH DVVDL VSLDFHYROH SHU HVHPSLR QRQ SRWHU SRUWDUH YLD L OXFLGL FKH VDUHEEHUR SRL GD ULIDUH LQ ,WDOLD´  1HOOD 5HOD]LRQH SUHOLPLQDUH 0RUULFRQH FRQIHUPD FKH L ULOLHYL DUFKLWHWWRQLFL GHL PRQXPHQWL SDOHRFULVWLDQL H L GL VHJQL GHL PRVDLFL ULPDVWL LQHGLWL VDUDQQR SXEEOLFDWL QHOO¶$QQXDULRGHOOD6FXROD$UFKHRORJLFD,WDOLDQDGL$WH QH  6HODGRFXPHQWD]LRQHVFULWWDqVFDUVDTXHOODIRWRJUDILFDH JUDILFDqLQYHFHFRVSLFXDLPRVDLFLVRQRULSURGRWWLLQSL ULSUHVHHQHLGLYHUVLIRUPDWLGDFXLVRQRVWDWLULFDYDWLSL HVHPSODULHVVHQGRVWDWHHVHJXLWHDOO¶HSRFDGHOODVFRSHUWD OHIRWRJUDILHKDQQRLOSUHJLRGLLOOXVWUDUHORVWDWRGLFRQ VHUYD]LRQHGHLPRVDLFLSULPDGHOOHRSHUD]LRQLGLUHVWDXUR RGHOODORURFRSHUWXUD 6L WUDWWD SUHYDOHQWHPHQWH GL YHGXWH JHQHUDOL SDUWLFRODUL VRQRVWDWLHVHJXLWLGHOOHHSLJUDILPXVLYH



 

 1HOGLVHJQRqULSRUWDWDXQDOHJHQGDFRQO¶LQGLFD]LRQHGHLFRORUL³URVD SDOOLGRELDQFRURVDWR JLDOORRFUD JULJLRD]]XUURJULJLR ´

0255,&21(SQ



,1752'8=,21( QƒGLVHJQRDOWUDWWRFRQLQGLFD]LRQHGHLFRORULFDW Qƒ 7$9/,,, QƒGLVHJQRDOWUDWWRFRQLQGLFD]LRQHGHLFRORULFDW Qƒ 7$9/,, DFTXHUHOORQRQQXPHUDWRFDWQƒ 7$9/9  0RVDLFR DSSDUWHQHQWH DOOD EDVLOLFD PD GL ORFDOL]]D]LRQH LQFHUWD QƒDFTXHUHOORFDWQƒ 7$9/;,                                               

                                                             

 

 1HO GLVHJQR q ULSRUWDWD XQD OHJHQGD UHODWLYD DOOH VLJOH FRQ FXL VRQR VHJQDODWLLFRORUL³E ELDQFRD D]]XUURSDOOLGLVVLPRJULJLRFKLDUR  $  D]]XUUR FXSR JULJLR VFXUR  J  JLDOOR RFUD  U  URVD ELDQFR URVDWR 5 URVVRDOWHUD]LRQHGHOJLDOOR´  ,FRORULVRQRLQGLFDWLFRQOHVWHVVHVLJOHGHOGLVHJQRQƒYQ



026$,&,7$5'2$17,&+,'(//¶,62/$',&266&$9,,7$/,$1,         



&$3,72/2, &26,1(7¬7$5'2$17,&$$5&+(2/2*,$(6725,$    ³«/D*LXQWDWDQWRSLVLULSURPHWWHGDTXHVWLVFDYLXQD VLVWHPD]LRQHDWWUDHQWHGHOODFLWWjDQWLFDLQTXDQWRODULF FKH]]D GHL PRVDLFL L FXL HVHPSODUL JLj YDQQR GDO , VHF GHOO¶,PSHURDO,9VHFG&DQQXQFLDFKHLQ&RRVLSRWUj PHJOLR FKH LQ TXDOVLDVL SDUWH GHO PRQGR DQWLFR VWXGLDUH TXHVWRLPSRUWDQWHUDPRGHOO¶DUWHHYHGHUQHODFRQWLQXD ]LRQHLQHWjFULVWLDQD´    ,*/,6&$9,  /H SULPH WHVWLPRQLDQ]H GL HWj WDUGRDQWLFD D &RV VL ULQ YHQQHURQHOFRQJOLVFDYLGL5+HU]RJGHOODEDVLOLFD GL+DJ7KHRWHWDSUHVVR&DUGDPHQDHVLLQWHQVLILFDURQR DSDUWLUHGDOTXDQGRSHUFRQWRGHOOD6RSULQWHQGHQ]D DL0RQXPHQWLH6FDYLGL5RGLIXDYYLDWDXQDVLVWHPDWLFD DWWLYLWjGLULFHUFD1HO/XFLDQR/DXUHQ]LSRUWzDOOD OXFH LQ ORFDOLWj +DJ 6WHSKDQRV YHUVDQWH VXGRULHQWDOH GHOO¶LVRODJOLLPSRQHQWLUHVWLGLXQDEDVLOLFDVXOSURPRQ WRULR SURVSLFLHQWH OD SLWWRUHVFD EDLD GL .HSKDORV GDO VXGHVLJQD]LRQHGHO'HOOD6HWDHJOLDIILGzD/XLJL 0RUULFRQHODGLUH]LRQHGHLODYRUL)LQRDOORVWXGLR VRHIIHWWXzVXWXWWRLOWHUULWRULRGHOO¶LVRODUHJRODULULFHUFKH GHL PRQXPHQWL GHO SHULRGR WDUGRDQWLFR SDUDOOHODPHQWH DOO¶LQWHQVDDWWLYLWjGLVFDYRHGLUHFXSHURVYROWDQHOFDSR OXRJR JUDYHPHQWH GLVWUXWWR GDO WHUUHPRWR GHOO¶DSULOH  &ROODERUDWRUL GL 0RUULFRQH IXURQR 0DULR 6HJUH SHU O¶HSLJUDILD H +HUPHV %DOGXFFL ERUVLVWD GHOO¶,VWLWXWR )(57GL5RGLFKHHEEHDVVHJQDWLORVWXGLRHODFXUD GHOODGRFXPHQWD]LRQHJUDILFDHIRWRJUDILFDGHLPRQXPHQ WL WDUGRDQWLFKL GL &RV FRPSLWR FKH LO JLRYDQH VWXGLRVR DVVROVHFRQFRPSHWHQ]DHSHUL]LD

 

 5HOD]LRQH GHOOD *LXQWD GLUHWWLYD GHO )(57 D 6( LO *RYHUQDWRUH /DJR $UFKLYLR 6$,$ )RQGR )(57  /,9$',277,  52&&2  S  Qƒ  1HO JLXJQR GHO  D XQ PHVH GDOOR VEDUFRGHOOHWUXSSHLWDOLDQH*LXVHSSH *HURODYLVLWz&RVQHOO¶DPELWRGL XQSURJHWWRGLULFRJQL]LRQHHVWXGLRGHLPRQXPHQWLPHGLHYDOLGHOOHLVROH RFFXSDWH SDWURFLQDWR GDO 0LQLVWHUR GHOO¶,VWUX]LRQH 52&&2 D S     5 +HU]RJ LQ $$  S  +(5=2*  6&+$=0$11  S ;;9,'DOqDWWLYDQHOVLWRXQDPLVVLRQHGHOO¶8QLYHUVLWjGL$WHQH   6XOO¶DWWLYLWj GL /DXUHQ]L Y ', 9,7$  6XO FRQWULEXWR GHJOL DUFKHRORJL LWDOLDQL DOOD VFRSHUWD GHOOH IDVL WDUGRDQWLFKH GL &RV /,9$',277,  /$85(1=,SS  /,9$',277,SSILJJ  /DVLOORJHGHOOHLVFUL]LRQLGL&RVDRSHUDGL06HJUHULPDVWDLQHGLWD DFDXVDGHOODPRUWHGHOORVWXGLRVRLOPDJJLRGHOQHOFDPSRGL VWHUPLQLRGL$XVFKZLW]%LUNHQDXqVWDWDSXEEOLFDWDDFXUDGL'3HSSDV 'HOPRXVRXH0$5L]]R6(*5(  /¶,VWLWXWR)(57QHOULVXOWDYDGRWDWRGLXQDELEOLRWHFDGL YROXPLHQHJDWLYL',9,7$ESS;9;;    /¶LQJ +HUPHV %DOGXFFL   SURIHVVRUH GL GLVHJQR DOO¶8QLYHUVLWj GL 3DYLD DYHYD SXEEOLFDWR WUD O¶DOWUR XQR VWXGLR VXOO¶DUFKLWHWWXUDWXUFDLQ5RGL$UFKLWHWWXUDWXUFDLQ5RGL0LODQR  5LFRUGD GL OXL O¶DPLFR H FROODERUDWRUH $OEHUWR 0ROLQD QHO QHFURORJLR DSSDUVR VX 3DYLD 7ULFRORUH  IHEEUDLR  ³«SHU LQFDULFR GHO *RYHUQDWRUDWRGL5RGLVLUHFDSHUDQQLQHO'RGHFDQHVRSULPDLQ5RGL

1HOFDSROXRJRUHVWLGLVWUXWWXUHSHUWLQHQWLDLPSLDQWLEDVL OLFDOLIXURQRVFDYDWLGD0RUULFRQHQHOTXDUWLHUHGHOSRUWR FG ³&LWWj 0XUDWD´  QHOO¶DUHD GHOOH 7HUPH 2FFLGHQWD OLHDPDVXGGHOGHFXPDQR 1HOO¶HVWDWHDXWXQQRGHODSRFKL.PGLGLVWDQ]DGDO FHQWUR DELWDWR VL ULQYHQQHUR D RYHVW OD EDVLOLFD GL FDSR 6FDQGDUL H D HVW GXUDQWH L ODYRUL GL DPSOLDPHQWR GHOOD VWUDGDFKHGD&RVFRQGXFHDFDSR3VDOLGLTXHOODGL+DJ *DYULLO DOWUL UHVWL GL HWj WDUGRDQWLFD IXURQR LQGLYLGXDWL DQFRUD SL D HVW GL TXHVWD EDVLOLFD SUHVVR LO FDSR +DJ 3KRNDV D .HSKDORV IXURQR ULQYHQXWL XQ¶DOWUD EDVLOLFD DGLDFHQWH D TXHOOD GL GLPHQVLRQL PDJJLRUL VFDYDWD GDO /DXUHQ]LHXQEDWWLVWHUR 8OWHULRUL ULFHUFKH SRUWDURQR DOOD VFRSHUWD LQ ORFDOLWj &D PDULGLXQDEDVLOLFDSUHVVRODFKLHVHWWDGL+DJ3DUDVNHYL SUHVVR.HSKDORVGLXQ¶DOWUDEDVLOLFDHGLXQDSLFFRODEDVL OLFDIXQHUDULDSUHVVR=LSDULDOO¶HVWUHPLWjVHWWHQWULRQDOH GLXQDELWDWRGLFXLHPHUJHYDQRFRQVLVWHQWLURYLQHIXURQR ULQYHQXWLLUHVWLGLTXHOODGL63DRORQHOD&DSDPj SUHVVRLOYLOODJJLRGL$VSKHQGLRXIXURQRVFDYDWLXQDED VLOLFDHXQEDWWLVWHUR 'HL ULVXOWDWL GHJOL VFDYL HVHJXLWL ILQR DO  %DOGXFFL GLHGHXQUHVRFRQWRLQXQDFRQIHUHQ]DSXEEOLFDWDQHO LQFXLDQQXQFLDYDLSURVVLPLVFDYLGLGXHEDVLOLFKHD&DU GDPHQDGLFXLXQDqTXHOODGL+DJ7KHRWHWDHORVWX GLRGHOODFKLHVDGHQRPLQDWD ³)DQHURPHQL´SUHVVR*KHU Pq OR VWXGLR HVDXVWLYR FKH JOL HUD VWDWR DIILGDWR VXOO¶DUFKLWHWWXUD FRD GDOO¶HWj WDUGRDQWLFD DOO¶HSRFD GHOOD FRQTXLVWDLWDOLDQDGHOO¶LVRODQRQIXWXWWDYLDPDLSRUWDWRD WHUPLQH D FDXVD GHOOD SUHPDWXUD VFRPSDUVD GHOOR VWXGLR VR 1RWL]LH VXJOL VFDYL H VXOOH ULFHUFKH HVHJXLWL D &RV FRP SDLRQRROWUHFKHQHLUHVRFRQWLGLVFDYRDQFKHQHOODUHOD

 VWHVVR SRL D 6DPR H D &RR IUXJD QHOOD WHUUD DYDUD ULFHUFD VHJQD H FUHD FRQOD VXD VFLHQ]D H FRQ OD VXD VHQVLELOLWjG¶DUWLVWD OD ULQDVFLWD GHOOH %DVLOLFKH FULVWLDQH H SUHFULVWLDQH GL TXHOOH LVROH FRQ XQD VWXSHIDFHQWHRSHURVLWj«5LSRUWDRJQLDQQRGDTXHVWHRSHURVHYDFDQ]H FHQWLQDLD GL GLVHJQL H GL SLWWXUH FKH IRUPDQR XQ PDWHULDOH YDVWR H GHILQLWLYRGLVWXGL´   )XURQR ULQYHQXWL OD FRVLGGHWWD ³EDVLOLFD GHO SRUWR´ GHGLFDWD D 6 *LRUJLR" HLOEDWWLVWHUR0255,&21(SS   6RYUDSSRVWH DJOL LPSLDQWL WHUPDOL GL HWj LPSHULDOH YHQQHUR DOOD OXFH GXHEDVLOLFKH³%DVLOLFD$´H³%DVLOLFD%´ XQEDWWLVWHURHXQVRQWXRVR HGLILFLR FKH VL LSRWL]]D HVVHUH VWDWRXQD VHGH YHVFRYLOH 0255,&21( SS%$/',1,SS   %DVLOLFD GL +DJ ,RDQQL FRQ EDWWLVWHUR FG ǼijIJȐ ȕȒȝĮIJĮ  25/$1'26  S  ILJ  52=,2328/26  SS  'HOWLRQ/,,,&KUS5HVWLGLXQHGLILFLRGLFXOWRDQWHULRUH DOODVHFRQGDPHWjGHO9VHFG&HGDOODSLDQWDVLQJRODUHIXURQRVFDYDWL D RULHQWH GHOOD FLWWj IXRUL GHOOD FLQWD PXUDULD H GL TXHOOD GHO SRUWR 0255,&21(SS   6XOODEDVLOLFD%$/',1,/,9$',277,  $WWULEXLWLDXQDEDVLOLFDGD2UODQGRV25/$1'26SQ   ',',280,S   $OWUH GXH EDVLOLFKH VRQR ORFDOL]]DWH D &DUGDPHQD QHOOH ORFDOLWj $UDQNH H +DJ 9DUYDUD /$=$5,',6  S  QQƒ 25/$1'26SQ.$/23,66,9(57,S  %$/'8&&,S   &LWDWL LQ TXHVWD VHGH QHOOD VH]LRQH ELEOLRJUDILFD GHOOH VFKHGH GHL PRQXPHQWL

026$,&,7$5'2$17,&+,'(//¶,62/$',&266&$9,,7$/,$1, GLULVWUXWWXUD]LRQHULVXOWDQRHVVHUHVWDWLHIIHWWXDWLQHOO¶DUHD GHO SRUWR GDQQHJJLDWD GDO WHUUHPRWR GHO  LO ULQYHQL PHQWRGLS\WKRLHGLSR]]LLQDPELHQWLULFDYDWLQHJOLDQWL FKL DUVHQDOL HOOHQLVWLFL LQGLFD OD SUHVHQ]D GL VWUXWWXUH GL WLSRFRPPHUFLDOHSUREDELOPHQWHERWWHJKHODFXLIXQ]LR QDOLWjqDWWHVWDWDILQRDO9,,VHFROR $QFKHQHOO¶LVRODVLVRQRLQFUHPHQWDWHOHVFRSHUWHD&DU GDPHQDqVWDWDVFDYDWDXQDQXRYDEDVLOLFDFKHKDUHVWLWXL WR XQ¶LPSRUWDQWH LVFUL]LRQH PXVLYD FRQ OD ILUPD GHL PR VDLFLVWL 'L JUDQGH LQWHUHVVH VRQR L ULVXOWDWL GHJOL VFDYL GHJOL DELWDWL WDUGRDQWLFKL FRVWLHUL QHL VLWL JLj QRWL SHU OD SUHVHQ]DGHOOHEDVLOLFKHDVXGRYHVWGHOODEDVLOLFDGL0D VWLFKDULD.HSKDORVD&DUGDPHQD7DOLLQVHGLDPHQWL VLSUHVHQWDQRRUJDQL]]DWLLQTXDUWLHULGLYLVLGDVWUDGHFRQ ORFDOLDGLELWLDOO¶LPPDJD]]LQDPHQWRGLSURGRWWLDJULFROL H SUREDELOPHQWH DQFKH DG DWWLYLWj DUWLJLDQDOL XQ GDWR ULOHYDQWHqFKHQRQYLVRQRVWDWHILQRUDVFRSHUWHGRPXVGL SUHVWLJLRFKHVHPEUDQRSHUWDQWRFRVWLWXLUHXQDSUHURJD WLYDGHOFDSROXRJR /H FDUDWWHULVWLFKH VRSUD ULOHYDWH LQGLYLGXDQR WDOL FHQWUL FRPHLQVHGLDPHQWLUXUDOLFRVWLHULUHVLGHQ]DGLXQDSRSR OD]LRQH VRFLDOPHQWH RPRJHQHD FRPH LQGLFKHUHEEH OD PDQFDQ]DGLDELWD]LRQLGLSUHVWLJLR FRQXQDVROLGDHFR QRPLDEDVDWDVXOODSURGX]LRQHDJULFRODDUWLJLDQDOHHVXOOH DWWLYLWj PDULWWLPH TXDOL OD SHVFD H LO FRPPHUFLR ORFDOH UHJLRQDOHHLQWHUUHJLRQDOH  'D VHJQDODUH LQROWUH FKH GDOOH ULFHUFKH LQ FRUVR VHPEUD HPHUJHUH XQD UHDOWj GL SLFFROL LQVHGLDPHQWL VSDUVL

]LRQHSUHOLPLQDUHUHODWLYDDJOLDQQLFKH0RU ULFRQHSXEEOLFzQHOLQULIHULPHQWRDOO¶HWjWDUGRDQ WLFDROWUHDJOLHGLILFLQRWLHJOLFLWDLUHVWLGLXQDEDVLOLFD DG $QWLPDFKLD H GL XQ¶DOWUD QHOOD YLFLQD ORFDOLWj GL +DJ 7KHRGRURVIUDPPHQWLGL PRVDLFLD /LQRSRWL.PD RYHVWGL&RV GRYHIXURQRHVSORUDWLLUHVWLGLXQDYLOOD,,, VHFG&  ULWURYDPHQWL SUHVVR LO FDSR +DJ 3KRNDV H LQ ORFDOLWj0HVDULjD.PDRYHVWGHOODFLWWj $OO¶LQGRPDQL GHOO¶DQQHVVLRQH GHO 'RGHFDQHVR DOOD *UH FLDGDO$2UODQGRVGLUHVVHPLVVLRQLGLVFDYRD0D VWLFKDULSRUWDQGRDOODOXFHODJUDQGHEDVLOLFDGL+DJ,R DQQLULFFDPHQWHRUQDWDGLPRVDLFLHD$QWLPDFKLDGRYH VFRSUu XQD EDVLOLFD GL FXL VL FRQVHUYDYD OD PHPRULD GHO FXOWR GL +DJ $QDUJ\URQ 1HO  LQ ORFDOLWj .DPLOD SUHVVR.HSKDORVULVSHWWLYDPHQWHDPHDPGDO FRPSOHVVRGHOOHEDVLOLFKHGL+DJ6WHSKDQRVHJOLORFDOL] ]zLUHVWLGLGXHEDVLOLFKHRJJLQRQSLYLVLELOL 0RUULFRQH FLUFRVFULVVH O¶RUL]]RQWH FURQRORJLFR GHOOH QX PHURVHEDVLOLFKHHUHWWHQHOO¶LVRODDO99,VHFG&LQSDU WLFRODUH QHO SHULRGR FRPSUHVR WUD L GXH JUDQGL VLVPL FKH FROSLURQR&RVQHOHQHOORVWXGLRVRVLOLPLWzD LSRWL]]DUHXQDFRQWLQXLWjGLYLWDGHJOLDQWLFKLFHQWULDELWDWL VXFFHVVLYDPHQWH D TXHVW¶XOWLPR HYHQWR SRLFKp D TXHOO¶HSRFDQRQIXURQRULFRQRVFLXWLUHVWLGDWDELOLROWUHOD PHWjGHO9,VHFG&  /HUHFHQWLDWWLYLWjGLVFDYRGHOOD,9(IRULDDOOH$QWLFKLWj %L]DQWLQHGHO'RGHFDQHVRKDQQRQRWHYROPHQWHDUULFFKLWR OH QRVWUH FRQRVFHQ]H FRQVHQWHQGR GL ULFRVWUXLUH SXU VH DQFRUDODFXQRVDPHQWHODIDFLHVWDUGRDQWLFDGHOFDSROXRJR HGHOO¶LVROD6RQRVWDWHFRQIHUPDWHODFRQWLQXLWjLQVHGLD WLYD LQ WXWWL L VHWWRUL GHOOD FLWWj HOOHQLVWLFRLPSHULDOH H OD ULIXQ]LRQDOL]]D]LRQH GHOOH DUHH SXEEOLFKH FRPH O¶DJRUD RFFXSDWD GD FRVWUX]LRQL LQ SDUWLFRODUH VRQR VWDWL SRUWDWL DOOD OXFH FRVSLFXL UHVWL GL HGLILFL SXEEOLFL H QHO VHWWRUH PHULGLRQDOHGLGRPXVULFFDPHQWHGHFRUDWHVHFWLOLDPR VDLFL H SLWWXUH SDULHWDOL  FKH FL FRQVHQWRQR GL ULFRVWUXLUH XQLWjTXDUWLHULGLDELWD]LRQH,QWHUYHQWLGLULIDFLPHQWRH

 SURJHWWR GHOOD UHGD]LRQH GL XQ QXRYR ULOLHYR WRSRJUDILFR GHOOD FLWWj DQWLFD D RSHUD GHOOD ,9 (IRULD GHO 'RGHFDQHVR H GHOOD 6FXROD $UFKHRORJLFD ,WDOLDQD GL $WHQH DUFKLWHWWL * 5RFFR H 0 /LYDGLRWWL 62',1,  S  /,9$',277,  S  %5286.$5,   GL HVVR q VWDWD GDWD XQ¶DQWLFLSD]LRQH QHO FRQYHJQR VXOOH DJRUDL QHOPRQGRDQWLFRWHQXWRD&RVLODSULOH  %5286.$5,SSWDY9,$7=$.$SS ILJ   Ê VWDWR VFDYDWR XQ FRPSOHVVR GL FLQTXH HGLILFL VHSDUDWL GD VWUDGH H SDYLPHQWDWL FRQ PDWWRQHOOH GL WHUUDFRWWD XQR VSD]LR HUD GHVWLQDWR DOO¶LPPDJD]]LQDPHQWR SHU OD SUHVHQ]D GL WUH JURVVL S\WKRL LQ SDUWH LQVHULWL QHO WHUUHQR H SUREDELOPHQWH D XQ¶RIILFLQD GL SURGX]LRQH FHUDPLFD GDWDWR VWUDWLJUDILFDPHQWH DO 9, VHFG& HVVR ULVXOWD IRUWHPHQWH GDQQHJJLDWR GDO VLVPD GHO  H VDFFKHJJLDWR GDOOH LQFXUVLRQLDUDEHGDOODPHWjGHO9,,VHFG&',',280,SS     ,QVHGLDPHQWR FRVWLHUR VYLOXSSDWRVL LQ HWj WDUGRURPDQD ILRULWR VRSUDWWXWWRQHOSHULRGRFRPSUHVRWUDLGXHJUDQGLWHUUHPRWLGHOHGHO  LQ GHFOLQR GDOOD PHWj GHO 9,, VHFG& FRQ HGLILFL VXGGLYLVL GD VWUDGHSDYLPHQWLSUHYDOHQWHPHQWHLQWHUUDEDWWXWDRUHDOL]]DWLFRQODVWUH GL VFKLVWR PDWWRQHOOH GL WHUUDFRWWD SLHWUD R FRFFLRSHVWR 9L VL VYROJHYDQR DWWLYLWj FRQQHVVH DOO¶DJULFROWXUD H DO FRPPHUFLR FRPH DWWHVWD OD SUHVHQ]D GL LQVWDOOD]LRQL DSSRVLWH R GL S\WKRL LQVHULWL QHO WHUUHQR DGLELWL DOO¶LPPDJD]]LQDPHQWR GHL SURGRWWL DJULFROL ROLR YLQR JUDQR Y0,/,76,',',280,SS   6 'LGLRXPL LQ 'HOWLRQ /,9    % &KU S  328/28 3$3$',0,75,28  ',',280,  FRQ ELEOLRJUDILD SUHFHGHQWH ',',280,SS  1HOFDSROXRJRqVWDWRVFDYDWRXQDGRPXVSURSULHWj*LDORXVL OHFXL IDVL SL DQWLFKH ULVDOJRQR DO SHULRGR HOOHQLVWLFR H URPDQR FRQ ULIDFLPHQWL LQ HWj WDUGRDQWLFD SHU O¶LQVWDOOD]LRQH GL VWUXWWXUH DWWH DOO¶LPPDJD]]LQDPHQWR ' *ULJRULDGRX LQ 'HOWLRQ /,9    %&KUSS  8QDSURGX]LRQHYHWUDULDqGRFXPHQWDWDQHOFDSROXRJRGDOODVFRSHUWD GLIRUQLGHSRVLWLHDWWUH]]LLQDWWLYLWjGDOODVHFRQGDPHWjGHO9VHFG& DOODPHWjGHO9,VHFG&%5286.$5,',',280,S  ',',280,SS   9 Q SUHFHGHQWH SS  VXOOD WLSRORJLD LQVHGLDWLYD GHJOL LQVHGLDPHQWL UXUDOL FRVWLHUL Y '(/,*,$11$.,6  S  Q  /$,28S

 

0255,&21(SS%$/',1,&217Ñ0$56,/,   0255,&21(S/$=$5,',6SQƒ  $WWULEXLWLDXQDEDVLOLFDGD2UODQGRVFKHULFRUGDFRPHDLVXRLWHPSL VRWWR LO IDPRVR ³SODWDQR GL ,SSRFUDWH´ QHOOD FLWWj PRGHUQD GL &RV VL WURYDVVHURIUDPPHQWLGHOO¶DPERQH25/$1'26SQ SHU TXHVW¶XOWLPRPRQXPHQWRY0,/,76,SS   25/$1'26  %$/',1,  &217Ñ  0$56,/,  S  QƒILJJ,,H,,  /$=$5,',6SQƒ',',280,S  &HQHGjQRWL]LD(YDJULR3ULVFXVIUDS(YDJULXV+LVW(FFO )*+S   'HJOLHIIHWWLGHYDVWDQWLGLTXHVW¶XOWLPRqXQDGHVFUL]LRQHLQ$JDWKLDV +LVWRU ,,  LQ &RUSXV 6FULSW +LVW %\] HG 1LHEXKU %RQQ  ,,,SS    6XOOD EDVH GHL UHFHQWL GDWL GL VFDYR q VWDWR VSRVWDWR LO GHFOLQR GHILQLWLYR GHOO¶LVROD DO VHFROR VXFFHVVLYR LQ UHOD]LRQH DOOH LQFXUVLRQL DUDEH DYYHQXWH D SDUWLUH GDOOD PHWj GHO 9,, VHFG& LO ULSULVWLQR GHOOH VWUXWWXUH SRUWXDOL GRSR LO VLVPD GHO  FRVWLWXLVFH XQD SURYD HYLGHQWH GHOODFDSDFLWjGLULSUHVD&K.DQW]LDLQ'HOWLRQ;/,, % &KUS%5286.$5,S   ',',280,   %5286.$5,  GRPXVQHOOD SURSULHWj3ODWDQLVWDVGRPXV QHOOD SURSULHWj3DQRUPLWLVGRPXVQHOODSURSULHWj'HOLJLDQQLV%DODQLVGDFXL SURYLHQH LO PRVDLFR UDIILJXUDQWH ȉȪȤȘ 7$9 *   ',',280,  SSVLGjQRWL]LDWUDO¶DOWURGHOORVFDYRQHOODSURSULHWj9HURXD QRUGHVW GHOOD GRPXV FRQ LO PRVDLFR UDIILJXUDQWH ȉȪȤȘ GL XQ HGLILFLR LGHQWLILFDWR SUREDELOPHQWH FRQ XQD EDVLOLFD  'DO  q LQ FRUVR LO



&$3,72/2ǿ&26,1(7¬7$5'2$17,&$$5&+(2/2*,$(6725,$ QHOO¶HQWURWHUUDVXOOHFROOLQHGHOO¶LVRODFKHVDUHEEHURVWDWL LQVHULWLLQXQDUHWHYLDULDGLFROOHJDPHQWRVLDFRQODFLWWj VLDFRQLFHQWULFRVWLHUL  , GDWL HPHUVL QHOOH UHFHQWL FDPSDJQH GL VFDYR VHPEUDQR RIIULUH YDUL ULVFRQWUL D XQ¶RVVHUYD]LRQH JLj DYDQ]DWD GD / 0RUULFRQH ULJXDUGR DOOD ORFDOL]]D]LRQH SUHVVR L VLWL GHJOL DQWLFKL GHPL HOOHQLVWLFL GL DOFXQH EDVLOLFKH &DSD Pj =LSDUL .HSKDORV  H GHL UHVWL GHJOL DELWDWL DOO¶HSRFD DQFRUD LQHVSORUDWL FKH DIILRUDYDQR QHOOH YLFLQDQ]H 4XDQWRGHWWRYDOHQHLFDVLTXLGLVHJXLWRFLWDWL xGHPRGHL3K\[LRWDLDQFKH3\[HRWDL SUHVVRO¶RGLHUQR YLOODJJLR GL $VSKHQGLRX TXL 0RUULFRQH ULQYHQQH UHVWLFRVSLFXLGLXQDELWDWRUXGHULWUDWWLGLVWUDGH FRQ ODUJR UHLPSLHJR GL PDWHULDOL GL HWj JUHFRURPDQD DOO¶HVWUHPLWj QRUG H VXG VRUJRQR ULVSHWWLYDPHQWH OH EDVLOLFKHGL63DROR=LSDUL HGL&DSDPj GHPR GHJOL ,VWKPLRWDL  VHGH GHOO¶DQWLFD $VW\SDODLD FDSLWDOH GHOO¶LVROD SUHFHGHQWHPHQWH DO VLQHFLVPR *OLVFDYLKDQQRUHVWLWXLWRLQORFDOLWj+DJ6WHSKDQRV SUHVVR .HSKDORV XQD EDVLOLFD IXQHUDULD H LO QRWR FRPSOHVVR EDVLOLFDOH FRQ O¶DELWDWR WDUGRDQWLFR LQ ORFDOLWj&DPLODGXHEDVLOLFKHXQ¶DOWUDD&DPDUL GHPR GHJOL +DODVDUQLWDL  RGLHUQD &DUGDPHQD ROWUH DO WHDWURVFDYDWRGDO/DXUHQ]LHDOWHPSLRGL$SROOR YLVRQRVWDWHORFDOL]]DWHTXDWWUREDVLOLFKHHXQDELWDWR WDUGRDQWLFR GHPRGHJOL+DOHQWLRLDQWLFD ȆȑȜȜȘ RGLHUQR3\OLYL IX VFDYDWR XQ KHURRQ HOOHQLVWLFR VL FRQVHUYDQR ³UXGHULGLEDVLOLFKH´ GHPR GHJOL $QWLPDFKLGDL  RGLHUQD $QWLPDFKLD QHOO¶DUHDVRUJHXQDEDVLOLFD    ,*/,(',),&,',&8/72  /HEDVLOLFKHVRQRDWUHQDYDWHTXHOODFHQWUDOHFRQFOXVDGD XQ¶DEVLGHVHPLFLUFRODUHHVRQRSURYYLVWHGLQDUWHFHDL

ODWL GHOOD VWUXWWXUD SULQFLSDOH IUHTXHQWHPHQWH VL DSURQR DQQHVVL 9DULDQWL D TXHVWR VFKHPD GL EDVH SUHVHQWDQR OD EDVLOLFD GL &DSDPj GRYH XQ¶DEVLGH q ULFDYDWD DOO¶HVWUHPLWjRULHQWDOHGHOODQDYDWDPHULGLRQDOHHODEDVL OLFD GL +DJ *DYULLO GRYH GD XQ RULJLQDULR DPELHQWH WUL FRQFR VL DQGz VYLOXSSDQGR VXFFHVVLYDPHQWH XQ LPSLDQWR EDVLOLFDOH D WUH QDYDWH FRQ QDUWHFH D .HSKDORV VL DIILDQ FDQRGXHEDVLOLFKHTXHOODPDJJLRUHSURYYLVWDGLDWULR 5HVWLGHOV\QWKURQRQVRQRQHOOD³%DVLOLFD$´GHOOH7HUPH 2FFLGHQWDOLFDSROXRJR QHOODEDVLOLFDPLQRUHGL.HSKD ORV D 0DVWLFKDUL H DG $QWLPDFKLD QHOOD ³%DVLOLFD $´ H QHOOD EDVLOLFD GL &DSDPj q FRQVHUYDWD OD EDVH PDUPRUHD GHOODWUDSH]DUHVWLGHOO¶DPERQH VRQR QHOOHGXHEDVLOLFKH GL.HSKDORVHD0DVWLFKDUL , EDWWLVWHUL FRQVHUYDWL QHO FDSROXRJR H QHJOL LPPHGLDWL GLQWRUQLVRQRTXHOOLPRQXPHQWDOLGHOOD³%DVLOLFD%´GHO OH 7HUPH 2FFLGHQWDOL GHOOD EDVLOLFD GL +DJ ,RDQQL FG ǼijIJȐǺȒȝĮIJĮ GHOODEDVLOLFDGHOTXDUWLHUHGHOSRUWRGHOOD EDVLOLFD GL +DJ *DYULLO FDSR 3VDOLGL  QHOOD EDVLOLFD GL FDSR 6FDQGDUL OD YDVFD EDWWHVLPDOH q VLWXDWD DOO¶LQWHUQR GHOOD QDYDWD QRUG LQ SURVVLPLWj GHOO¶DEVLGH 1HOO¶LVROD EDWWLVWHULVRQRSUHVHQWLD&DSDPjD.HSKDORVDGLDFHQWH DOODQDYDWDQRUGGHOODEDVLOLFDPLQRUH D=LSDULDGLDFHQ WH DOOD QDYDWD PHULGLRQDOH  D 0DVWLFKDUL DGLDFHQWH DOOD QDYDWD QRUG  /R VFKHPD SODQLPHWULFR GL EDVH GHOO¶HGLILFLR EDWWLVWHULDOH q D SLDQWD TXDGUDWD FLUFRQGDWR VXWUHODWLGDFRUULGRL=LSDUL.HSKDORVEDVLOLFDGHOTXDU WLHUH GHO SRUWR  DQQHVVL ODWHUDOL VRQR D &DSDPj 0DVWL FKDUL=LSDUL /D SUHVHQ]D GHO EDWWLVWHUR FDUDWWHUL]]D OD EDVLOLFD D HVVR SURVVLPDFRPHFKLHVDEDWWHVLPDOHHFFOHVLDEDSWLVPDOLV  ODGLIIXVLRQHGLWDOLVWUXWWXUHVXWXWWRLOWHUULWRULRGHOO¶LVROD DWWHVWDTXLQGLODQHFHVVLWjGL JDUDQWLUH ODFXUDDQLPDUXP DQFKHQHOOH]RQHUXUDOLRWURSSRGLVWDQWLGDOFHQWURXUED QR  Ê LQWHUHVVDQWH ULOHYDUH FKH WXWWH OH EDVLOLFKH GHOO¶LVROD KDQQR SDYLPHQWL D PRVDLFR GLIIHUHQWH VHPEUD OD VLWXD ]LRQHQHOFDSROXRJRGRYHDSSDUHSUHYDOHQWHODSDYLPHQ WD]LRQHLQODVWUHPDUPRUHHRLQRSXVVHFWLOH/DEDVLOLFDGL +DJ *DYULLO DG HVHPSLR D  .P D HVW GHO FDSROXRJR SUHVHQWD OD VWUXWWXUD FHQWUDOH SDYLPHQWDWD FRQ ODVWUH GL PDUPRO¶DEVLGHLOEDWWLVWHURHXQDQQHVVRDEVLGDWRSUHV VR O¶DEVLGH LQ RSXV VHFWLOH PHQWUH DOFXQL DQQHVVL VRQR SDYLPHQWDWLDPRVDLFR $QFKHQHOO¶DUHDGHOOH7HUPH2FFLGHQWDOLLPRVDLFLVXSHU VWLWL GHOOH GXH EDVLOLFKH DSSDUWHQJRQR DG DQQHVVL H YDQL VHFRQGDUL'DOOHIRWRJUDILHHVHJXLWHDOO¶HSRFDGHOORVFDYR ULVXOWDFKHLOSUHVELWHULRGHOOD³%DVLOLFD$´HUDSDYLPHQWD WR FRQ ODVWUH PDUPRUHH H O¶DEVLGH FRQ RSXV VHFWLOH O¶DUHD FRUULVSRQGHQWH DOOH QDYDWH QRQ SUHVHQWD LQYHFH DO





',',280,S .$/23,66,9(57,S'(/,*,$11$.,6S  0255,&21(S6XLVHLGHPLDWWHVWDWLLQHWjHOOHQLVWLFDD &RVY6+(5:,1:+,7(SSSDVVLP   1HOO¶DQWLFD ȆȪȟĮ 7HRFULWR ULFRUGD OD FHOHEUD]LRQH GHOOH 7KDOLVLH QHO VDQWXDULR GHOOH GLYLQLWj HOHXVLQLH ,GLOOLR    LO VDQWXDULR IX VFRSHUWRQHOGD/DXUHQ]LLQORFDOLWj.\SDULVVLWUDLYLOODJJLRGLHUQL GL $VSKHQGLRX H 3\OL /$85(1=,  SS  .$%86 35(,66+2)(1SS    +(5=2*  S  1(33, 02'21$  S  0255,&21(S   1HO  +HU]RJ SRUWz DOOD OXFH XQ WHPSLR GDWDWR DO 9 VHFD& 5 +HU]RJLQ$$SS QHOYLIXURQRVFDYDWLGD/DXUHQ]LXQ WHDWUR H XQ SLFFROR WHPSLR /$85(1=,  SS  52&&2 DS GLXQDOWURWHPSLRqPHQ]LRQHLQ0255,&21(S 6XOOHIRQWLVWRULFKHHDUFKHRORJLFKHY38*/,(6(&$55$7(//, &+$7=,9$6,/(,28SS  /$85(1=,S+(5=2*.2..2528$/(95$ '(/,*,$11$.,6  +HURRQGL&KDUP\ORV6&+$=0$11SS  .$/23,66,9(57,S1HOODORFDOLWjVRQRVWDWHORFDOL]]DWH FDYH GL WUDYHUWLQR LQ XVR LQ HWj HOOHQLVWLFD H URPDQD Y 3283$.,  &+$7=,&2167$17,128SS   ,O QDUWHFH q XQD FDUDWWHULVWLFD GHOOH EDVLOLFKH FRVWDQWLQRSROLWDQH H RULHQWDOL6XOO¶DUFKLWHWWXUDHFFOHVLDVWLFDD&RVY%$/',1,&217Ñ 0$56,/, 

 

8QDWULRqSUHVHQWHDQFKHQHOODEDVLOLFDGL&DUGDPHQD%5286.$5, S HQHOOD³EDVLOLFDGHOSRUWR´GHOFDSROXRJR  021)5,1SS92/3(S   /D EDVLOLFD GL FDSR 6FDQGDUL D  .P GDO FDSROXRJR KD UHVWLWXLWR IUDPPHQWLGLSDYLPHQWD]LRQHPXVLYDQHOOHQDYDWHODWHUDOLPDQRQqQRWR FRPHIRVVHSDYLPHQWDWDODQDYDWDFHQWUDOH   /,9$',277,  52&&2  S  ILJ  $UFKLYLR 6$,$ 0)0)0)0)   $UFKLYLR 6$,$ 0)  0)  FRPSRVL]LRQH D RWWDJRQLFRQ ODVWULQHHVDJRQDOLDLODWLGLXQDODVWULQDTXDGUDWDVFDFFKLHUDFRQVHUYDWD LQ VLWX OD EDVH UHWWDQJRODUH PDUPRUHD GHOOD WUDSH]D FRQ JOL LQFDYL SHU DOORJJLDUHFLQTXHFRORQQLQH



026$,&,7$5'2$17,&+,'(//¶,62/$',&266&$9,,7$/,$1, WRUQRGD*HUXVDOHPPHGRSRODVFRSHUWDGHOOD6DQWD&UR FH /D SUHFRFH GLIIXVLRQH D &RV GHOOD QXRYD UHOLJLRQH H O¶HVLVWHQ]D GL XQD FRPXQLWj FULVWLDQD VRQR GRFXPHQWDWH GDOODSUHVHQ]DGLXQVXRYHVFRYR0HOLSKURQDO,&RQFLOLR (FXPHQLFRGL1LFHDQHOXQGDWRTXHVWRFKHDWWHVWDDO WUHVu O¶LPSRUWDQ]D GHOO¶LVROD FRVu FRPH OD SDUWHFLSD]LRQH GHOYHVFRYR,RXOLDQRVDO,9&RQFLOLRGL&DOFHGRQLD  XQVHFRORGRSRqXQVHJQRGHOSHUGXUDUHGHOSUHVWLJLR 'DOOH 1RWLWLDH HSLVFRSDWXXP DSSUHQGLDPR FKH L YHVFRYL GHOOH LVROH HUDQR VXIIUDJDQHL GHOO¶DUFLYHVFRYR GL 5RGL FKLHVDPHWURSROLWDHFDSLWDOHSURYLQFLDOHGHOO¶(SDUFKLDGHO OH LVROH GLVWLQWD GDOOH (SDUFKLH GHOO¶$VLD H GHOOD &DULD OH FXL FDSLWDOL HUDQR ULVSHWWLYDPHQWH (IHVR H 6WDXURSROLV $SKURGLVLDV &RPHULVXOWDGDO6\QHNGHPRVGL,HURFOH*UDPPDWLFRLQL]L GHO 9, VHFG&  DPPLQLVWUDWLYDPHQWH &RV DIIHULVFH LQIDWWL DOOD3URYLQFLD,QVXODUXPDSSDUWHQHQWHDOOD'LRFHVLV$VLDQD GHOOD3UDHIHFWXUD3UHWRULRSHU2ULHQWHPLOFXLSUHIHWWRD YHYD VHGH D &RVWDQWLQRSROL *LRYDQQL /LGR DWWHVWD O¶LVWLWX]LRQH QHO  GD SDUWH GL *LXVWLQLDQR GHOOD 4XDH VWXUD ([HUFLWXV XQ QXRYR GLVWUHWWR DPPLQLVWUDWLYR GHOO¶LPSHUR URPDQR G¶2ULHQWH VRWWRSRVWR DOO¶DXWRULWj GL XQTXDHVWRUH[HUFLWXVFRQVHGHD2GHVVDGLFXLHQWUDURQR DIDUSDUWHOD&DULD&LSURHOH³LVROHLRQLH´LQVLHPHDOOD 0HVLDHDOOD6FL]LD,QIHULRULDOORVFRSRGLVRVWHQHUHFRQ ODIORULGDHFRQRPLDGHOOHSURYLQFHPHULGLRQDOLOHUHJLRQL GHO EDVVR 'DQXELR LPSRUWDQWLVVLPH VWUDWHJLFDPHQWH PD IRUWHPHQWHLPSRYHULWH    ,35263(77,9(',5,&(5&$  , GDWL D GLVSRVL]LRQH IDQQR HPHUJHUH DOFXQH TXHVWLRQL IRQGDPHQWDOLSHUDOWURLQWHUUHODWHGDDSSURIRQGLUH

FXQDWUDFFLDGLSDYLPHQWD]LRQHRSSXUHDSSDUHVFDYDWDILQR DL OLYHOOL GL HWj URPDQD FRPH WHVWLPRQLDQR L UHVWL GL VX VSHQVXUDHSHUWLQHQWLDJOLDPELHQWLWHUPDOLVXLFXLUHVWLIX URQR HGLILFDWH OH EDVLOLFKH 6L SXz TXLQGL LSRWL]]DUH FKH XQR VFDYRD WDOLOLYHOOL VLD VWDWRSRVVLELOH VRORSHUFKp QRQ HUD SL FRQVHUYDWD OD SDYLPHQWD]LRQH GHOOH EDVLOLFKH FKH FRVWLWXLWDGDODVWUHPDUPRUHHVDUHEEHVWDWDVRJJHWWDDVSR OLD]LRQH JLj LQ HSRFD DQWLFD VHPSUH OH VWHVVH IRWRJUDILH GRFXPHQWDQR LQ HIIHWWL FKH DOO¶HSRFD GHOOR VFDYR O¶DUHD FRPSUHVDWUDOHGXHEDVLOLFKHDYHYDXQDSDYLPHQWD]LRQHGL PDUPRDWWXDOPHQWHQRQSLFRQVHUYDWD ,SRFKLUHVWLPXVLYLVXSHUVWLWLGHOODEDVLOLFDGL+DJ,RDQQL IRUVHODSLJUDQGHWUDOHEDVLOLFKHGL&RVLQGLFDQRFKHLO QDUWHFHHUDSDYLPHQWDWRDPRVDLFRGDOQDUWHFHSURYLHQH LQIDWWLLOPRVDLFRLQGLYLGXDWRGDO/DXUHQ]L/DEDVLOLFDGHO TXDUWLHUHGHOSRUWRDYHYDXQQDUWHFHFRQXQSDYLPHQWRLQ RSXVVHFWLOHPDDOORVWHVVROLYHOORVHPSUHQHOQDUWHFHVRQR VWDWHWURYDWHWUDFFHGLXQSDYLPHQWRPXVLYRFKH0RUULFRQH GHILQLVFH³«GHOVROLWRWLSRGHO99,VHFG&´LOEDWWLVWHUR DVXGGHOODEDVLOLFDSUHVHQWDUHVWLGHOODSDYLPHQWD]LRQHLQ ODVWUHGLPDUPR 4XHVWDLQHIIHWWLRTXHOODLQRSXVVHFWLOHHUDQRFHUWDPHQ WH FRQVLGHUDWH GL PDJJLRUH SUHJLR H OH SUHIHULWH SHU OD SDYLPHQWD]LRQH GHO SKRWLVWHULRQ OD VDOD SULQFLSDOH GHOOH VWUXWWXUHEDWWLVWHULDOL PHQWUH JOLDPELHQWL VHFRQGDULVRQR SDYLPHQWDWL D PRVDLFR IDQQR HFFH]LRQH LO SKRWLVWHULRQ VXOODWRQRUGGHOODEDVLOLFDGL0DVWLFKDULHSUREDELOPHQ WH TXHOOR GHOOD EDVLOLFD GL FDSR 6FDQGDUL GRYH OD NRO \PEHWKUDqLQVWDOODWDLQSURVVLPLWjGHOO¶DEVLGHDOO¶LQWHUQR GHOODQDYDWDQRUGHFRPHTXHOODSRWHYDDYHUHXQDSDYL PHQWD]LRQHDPRVDLFR    ,/()217,/(77(5$5,(('(3,*5$),&+(  6FDUVH VRQR OH IRQWL OHWWHUDULH UHODWLYH D &RV QHO SHULRGR GHOODWDUGDDQWLFKLWj *OL$WWLGHJOL$SRVWROL ULFRUGDQRFKHYLDSSURGz WHPSRUDQHDPHQWH3DRORGLULWRUQRGD0LOHWRGLUHWWRYHU VR*HUXVDOHPPHXQ¶DOWUDWUDGL]LRQHYXROHO¶LVRODWRFFDWD DQFKHGDOSDVVDJJLRGL(OHQDPDGUHGL&RVWDQWLQRGLUL

 

 =$55$)7,6  S  6XL YLDJJL GL 3DROR 5(‚@ǼȃȅȈȅǼȊȁǹǺǼȈȉǹȉȅȈǻǿǹȀȅȃȅȈ  Ȁ>@ȉ>@ȊīǹȂǼȉǾȊ>@ǼȇǼȊȋǾȈǼǹȊ  ȉ>@ǹȃ>@ȅȈȉȅȊȅǿȀȅȊǼǹȊȉȍȃ  ǼȆ>@ǼȃȅȉǼȀǹȇȆȅĭȅȇǾ>@ǹȃȉȅ>@  Ĭ>@ȅ>@ȀǼȃȉǾȈǼ>@   >‚@İȞȠȢ੒İ੝ȜĮȕȑıIJĮIJȠȢįȚ੺țȠȞȠȢ ț>Į੿ਲĮ੝@IJ>Ƞ@૨ȖĮȝİIJ੽ਫ਼>ʌ@੻ȡİ੝ȤોȢਦĮȣ IJ>૵ȞțĮ੿ʌ@ĮȞ>IJ@ઁȢIJȠ૨Ƞ੅țȠȣਦĮȣIJ૵Ȟ ਥʌ>ȠȓȘıİ@Ȟ੖IJİțĮȡʌȠijȠȡȒ>ı@ĮȞIJȠ>ȢIJȠ૨@ ș>İ@Ƞ>૨ਥ@țȑȞIJȘıİ>Ȟ@  ³«HQRV LO SLLVVLPR GLDFRQR H VXD PRJOLH SHU YRWR ORUR H GL WXWWD OD IDPLJOLD LO TXDOH JUD]LH DL IDYRUL GLYLQLIHFHLOPRVDLFR´  /D WDEHOOD FRQ LVFUL]LRQH q FROORFDWD DO FHQWUR GHO PRVDLFR FDW Qƒ GHOLPLWDWD VX GXH ODWL GDO ERUGR GHOWDSSHWR/¶LVFUL]LRQHVLSUHVHQWDODFXQRVDVXOODWR VLQLVWUR H LQ EDVVR q FRQWRUQDWD GD XQD OLQHD QHUD H VXGGLYLVDDOO¶LQWHUQRLQFLQTXHULJKHGDDOWUHWWDQWHOL QHHGLJXLGD  O /¶HSLWHWR İ੝ȜĮȕȑıIJĮIJȠȢ DWWHVWDWR DQFKH LQ XQ¶LVFUL]LRQH PXVLYD GHOOD EDVLOLFD GL 0DVWLFKDUL FRPH RVVHUYD 2UODQGRV q FRPXQHPHQWH DVVRFLDWR D FOHULFL GHO JUDGR SL EDVVR QHO FDVR VRSUD FLWDWR XQ ʌȡİıȕȪIJİȡȠȢ QHOO¶LVFUL]LRQH LQ RJJHWWR XQ įȚȐțȠȞȠȢ OțĮ੿ RSSXUHțİ ODJUDILDUHFHSLVFHOHPRGLILFD ]LRQLGHOOLQJXDJJLRFRQODFKLXVXUDGHLGLWWRQJKL ,O WHUPLQH ȖĮȝİIJȒ SUHVHQWH VHPSUH QHOO¶LVFUL]LRQH VRSUD FLWDWD GL 0DVWLFKDUL GHVLJQD OD PRJOLH q IUHTXHQWHQHOOHHSLJUDILVHSROFUDOL /¶HVSUHVVLRQH ਫ਼ʌ੻ȡ İ੝ȤોȢ DWWHVWDWD DQFKH QHOO¶LVFUL]LRQH,0QƒGL=LSDULqPROWRFRPXQHQHO OH LVFUL]LRQL GHGLFDWRULH PXVLYH D SDUWLUH GDO ,9 VHFG&LQFXLO¶RIIHUHQWHODLFRRUHOLJLRVRFRQ QR PH R DQRQLPR FRPPHPRUD GL DYHU FRQWULEXWR DOOD

 

,OWUDFFLDWRGHOOHOLQHHFRPSDUHDQFKHQHOOHLVFUL]LRQLQQƒGHOOD EDVLOLFDGL0DVWLFKDUL  25/$1'26  SS  Qƒ ILJJ  DOWUH DWWHVWD]LRQL VRQR QRWH GDOOH HSLJUDIL FRH 6(*5(  S  (9  99, VHFG&   9 DQFKH ,0 Qƒ GRYH FRPSDLRQR VLD țĮȓ VLD țİ H OH LVFUL]LRQL PXVLYH QQƒ  GHOOD EDVLOLFD GL 0DVWLFKDUL FRPH DQFKH LQ DOWUL FRQWHVWLQHOO¶LVRODYDGHVHPSLR6(*5(S(9   0DVWLFKDUL 25/$1'26  SS  Qƒ ILJJ  LO WHUPLQHFRPSDUHDQFKHQHOODJUDILDȖĮȝİIJȒ 



UHDOL]]D]LRQH GHO SDYLPHQWR FRPH YRWR SHU Vp H OD SURSULDIDPLJOLD O,OWHUPLQHȠੇțȠȢGHVLJQDODIDPLJOLDFRPSDUHDQ FKHLQ,0QQƒ O੖IJİIRUPDLRQLFDGHOSURQRPHPDVFKLOH੖ıIJİ ,O SDUWLFLSLR țĮȡʌȠijȠȡȒıĮȞIJȠȢ GDO YHUER țĮȡʌȠijȠȡȑȦ ³SRUWDUH L IUXWWL´ LQ HWj FULVWLDQD GHVL JQD LO EHQHIDWWRUH O¶RIIHUHQWH GL HGLILFL UHOLJLRVL H PRQDVWHULFRVuFRPHSHUțĮȡʌȠijȠȡȓĮȚVLLQWHQGR QROHRIIHUWHGHLIHGHOL,OWHUPLQHUDURQHOOHLVFUL]LR QLJUHFKHqLQYHFHGLXVRIUHTXHQWHLQDUHDRULHQWDOH FRQ DWWHVWD]LRQL DQFKH D /HVER H D .DUSDWKRV QHOO¶HSLJUDIHLQHVDPHVHPEUDHYLGHQ]LDUHODEHQHYR OHQ]DGLYLQDQHOO¶RWWHQLPHQWRGLIDYRULDVHJXLWRGHL TXDOLVLVFLRJOLHXQYRWR O/¶XVRGHOWHUPLQHțȑȞIJİȚȞqXWLOL]]DWRSHULQGLFDUH O¶HVHFX]LRQHGLXQSDYLPHQWRDPRVDLFRHFRUULVSRQ GHDȥȘijȠ૨Ȟ   ,0Qƒ3K YHVWLERORGHOEDWWLVWHUR7$99;,;;;   ȅ>«@ȅȂȅȊȃ>‚@ >‚@ȅȈǿāȍǹȃȃȅ>@ >@ȅȊǼ>@ǹȋǿȈ>«@ ǻǿǹȀȅȃ>@ ǼȌǾĭȍĬǾ¶   ȅ>ੁțȠȞ@ȩȝȠȣȞ>‚@ >‚@>@ȠȢ੉ȦȐȞȞȠ>ȣ@ >IJ@Ƞ૨ਥ>Ȝ@ĮȤȓȢ>IJȠȣ@ įȚĮțȩȞ>Ƞȣ@ ਥȥȘijȫșȘ¶  ³'HOO¶HFRQRPR« *LRYDQQL O¶XOWLPR GHL GLDFRQL IHFHLOPRVDLFR´  /D WDEHOOD FRQ LVFUL]LRQH DO FHQWUR GL GXH WDSSHWL GL VRJOLD FDW Qƒ  q FROORFDWD DO YDUFR GHO YHVWLEROR GHO EDWWLVWHUR WUD GXH FRORQQLQH GHOOH FXL EDVL VRQR YLVLELOL OH LPSURQWH FLUFRODUL 8QD IUDWWXUD FLUFRODUH FDXVDWD GD XQR VIRQGDPHQWR q QHOOD SDUWH VXSHULRUH



  &$,//(7  S  6(*5(  S  (9  /¶DOWUD HVSUHVVLRQH ULFRUUHQWH ਫ਼ʌ੻ȡ ıȦIJİȡȓĮȢ FRPSDUH LQ XQ¶LVFUL]LRQH GHOOD EDVLOLFDPDJJLRUHGL.HSKDORVQDYDWDFHQWUDOH%$/',1,&217Ñ 0$56,/,  S  ILJ ,,    H QHOO¶LVFUL]LRQH PXVLYD GHOOD EDVLOLFDGL&DUGDPHQDYDYDQWLQ    7KHVDXUXV *UDHFDH /LQJXDH  VY țĮȡʌȠijȠȡȑȦ FRO  +DVH  Y ,0 Qƒ H O¶LVFUL]LRQH VRSUD FLWDWD GHOOD EDVLOLFD PDJJLRUH GL .HSKDORV QDYDWD FHQWUDOH %$/',1,  &217Ñ  0$56,/,  S ILJ,,    6XO VLJQLILFDWR GHO WHUPLQH H OH VXH DWWHVWD]LRQL QHOOH LVFUL]LRQL PXVLYH $66,0$.2328/28 $7=$.$  3$5&+$5,'28 $1$*126728SQ/HVER(UHVVRVEDVLOLFD SQ .DUSDWKRV$UNDVVDVEDVLOLFDGL+DJ$QDVWDVLDV   %$/0(//('$5021S

026$,&,7$5'2$17,&+,'(//¶,62/$',&266&$9,,7$/,$1, VLQLVWUD/¶LVFUL]LRQHGHVFULWWDGDGXHOLQHHQHUHqVX FLQTXHULJKH OȠੁțȩȞȠȝȠȢqXQWLWRORHFFOHVLDVWLFRHLQGLFDODFD ULFDGLFKLDPPLQLVWUDOHULVRUVHHLEHQLLPPRELOLGL XQDFKLHVDqDWWHVWDWRLQLVFUL]LRQLPXVLYHFRPHQHO ODEDVLOLFDGL+DJ$QGUHDVD(UHVVRV/HVER GRYHVL FLWDXQ³7LPDJRUDVSUHVE\WHURVNDLRLNRQRPRV´ O ਥȜȐȤȚıIJȠȢ q XQ HSLWHWR ULIHULWR DQFKH DG DOWUL PHPEULGHOODJHUDUFKLDHFFOHVLDVWLFD O/DIRJOLDGLHGHUDKHGHUDGLVWLQJXHQV qXWLOL]]D WDLQVRVWLWX]LRQHGHOSXQWRFRPSDUHD&RVLQDOFXQH LVFUL]LRQLPXVLYHGL0DVWLFKDULHLQXQ¶HSLJUDIHIXQH UDULDGLHWjWDUGD   .HSKDORV  1HO FRPSOHVVR GL .HSKDORV VRQR DWWHVWDWH DOPHQR DOWUH GXH LVFUL]LRQL HQWUDPEH DSSDUWHQHQWL DOOD EDVLOLFD PDJ JLRUH O¶XQD DOO¶LQJUHVVR GHOOD QDYDWD FHQWUDOH O¶DOWUD DOO¶LQJUHVVRGHOODQDYDWDQRUGGLHVVHqVWDWDDQQXQFLD WDODSXEEOLFD]LRQHTXLQGLQRQVDUDQQRSUHVHLQHVDPHLQ TXHVWDVHGHPDVHPSOLFHPHQWHFLWDWHFRPHFRQIURQWR /HGXHLVFUL]LRQLFKHTXLVLSUHVHQWDQRDSSDUWHQJRQRDOOD EDVLOLFDPLQRUH,0Qƒ HDOEDWWLVWHUR,0Qƒ   ,0QƒEDVLOLFDPLQRUHLQJUHVVRQDYDWDFHQWUDOH7$99 ;;;9;;;9,   ȀǼȂȃǾȈĬǿ ĬǿȉȍȃȀǹȇȆȅ  ĭȅȇǾȈǹȃȉȍȃ ȀǹǿȀǹȇȆȅ ĭȅȇȅȊȃ ȉȍȃ  ȀȪȡȚ İȝȞોıșȚ șȚIJ૵ȞțĮȡʌȠ ijȠȡȘıȐȞIJȦ Ȟ țĮ੿țĮȡʌȠ ijȠȡȠȪȞ IJȦȞ  ³6LJQRUH ULFRUGDWL GL FRORUR FKH IHFHUR OH RIIHUWH H FKHOHIDQQR´  /¶LVFUL]LRQH DOO¶LQWHUQR GL XQD WDEHOOD GHVFULWWD GD XQDOLQHDqFROORFDWDLQFRUULVSRQGHQ]DGHOO¶LQJUHVVR

 

 /$03(  SS  VY ȠȚțȩȞȠȝȠȢ 3(/(.$1,',6  $7=$.$ S DOWUL HVHPSL VRQR QHOOD EDVLOLFDGL .ODWVL ³« 0HOLVVRXWRXHODEHVWDWRXDQDJQRVWRX NHRLNRQRPRX«´63,52 S  H QHOOD FKLHVD GL $QWLRFKLD4DXVL\H ³« (\VHELRX RLNRQRPRX NDLSUHVE\WHURX«´7(67,1,S   6(*5(S(9૏ȡĮțȜોȢ੒ਥȜȐȤȚıIJȠȢʌȡİıȕȪIJİȡȠȢ  7(67,1,S25/$1'26SSQƒILJ SSQƒILJ6(*5(S()  $UFKLYLR 6$,$ 3E 25/$1'26  S  3(/(.$1,',6  $7=$.$S%$/',1,&217Ñ0$56,/,S ILJ,,  3$55,6+ILJ%$/',1,&217Ñ0$56,/,S ILJ,,   $UFKLYLR 6$,$ 3D.HSKDORV XQD IRWRJUDILD GHOO¶LVFUL]LRQH q SXEEOLFDWDLQ%g7,*S

QHOODQDYDWDFHQWUDOHVXOODWRRFFLGHQWDOHGHOPRVDL FRFDWQƒ 1RQ SUHVHQWD OLQHH GL JXLGD H VL VYROJH LUUHJRODU PHQWHVXVHLOLQHH OȀİFRQXQWUDWWRRUL]]RQWDOHFRPHVXOO¶RPHJDGL țĮȡʌȠijȠȡȘı੺ȞIJȦȞ O   VWD SHU Ȁ઄ȡȚİ OD IRUPD DO YRFDWLYR VL DFFRPSDJQD VSHVVR DOO¶LPSHUDWLYR ȝȞ੾ıșȚșȚ VFLO ȝȞ੾ıșȘșȚ  R DG DOWUL YHUEL FKH DOO¶LPSHUDWLYR HVSULPRQR HVRUWD]LRQHFRPDQGR ı૵ȠȞij઄ȜĮȟİȕȠȘșોıȠȞ  OOIJ૵ȞțĮȡʌȠijȠȡȘı੺ȞIJȦȞțĮ੿țĮȡʌȠijȠȡȠȪȞIJȦȞ O¶HVSUHVVLRQHFRQLSDUWLFLSLDRULVWRHSUHVHQWHUL FRUUHLQLVFUL]LRQLPXVLYHGLFKLHVHVLULDFKHHSDOHVWL QHVLVHFRQGR'RQFHHO9R€WHYDLQWHVDQHOVLJQLILFD WR RULJLQDULR GHO YHUER țĮȡʌȠijȠȡȑȦ ³GRQDUH SULPL ]LH´LQULIHULPHQWRFLRqDOODSDUWHGHFLPD SUHOHYDWD UHJRODUPHQWH VXO UDFFROWR DQQXDOH GDL FDPSL GHL IH GHOL'DTXHVWHIRUPXOHVLHYLQFHUHEEHFKHVLWUDWWDYD TXLQGLGLRIIHUWHQRQRFFDVLRQDOLPDSUHVHQWDWHUHJR ODUPHQWH H DFFXPXODWH QHOOH FDVVH GHOOD FKLHVD OD PHQ]LRQH VXOO¶LVFUL]LRQH FRPPHPRUHUHEEH LO FRQWUL EXWRVSHFLDOHDOODUHDOL]]D]LRQHGHOSDYLPHQWR  ,0QƒEDWWLVWHURFRUULGRLRRYHVW7$9;;;9,,,   ȅĬ>@ȅȊȁȅȉǾȈ >‚@ǾȈȉȅȊȆǹ >‚@ȅȊĬ>‚@Ȃǹ>‚@Ǽȃ >‚@Ǽ>@ǾĭȍȈǼȃ   ੒ș>İȩį@ȠȣȜȠȢ IJȘȢ >‚@ȘȢIJȠ૨ʌȐ >ȞIJઁȢIJȠ૨Ƞ੅țȠȣIJ@Ƞ૨ș>‚@ȝĮ>‚@İȞ >‚@ਥ>ȥ@ȒijȦıİȞ  ³«7KHRGRXORVGLWXWWDODIDPLJOLD«IHFHLOPR VDLFR´  'HOO¶LVFUL]LRQHFKHVHPEUDLQEXRQRVWDWRGLFRQVHU YD]LRQHqVWDWDHIIHWWXDWDXQDOHWWXUDLQFRPSOHWDVXO ODEDVHGLXQDIRWRJUDILDFKHODULSURGXFHSDU]LDOPHQ WH /¶LVFUL]LRQH DOO¶LQWHUQR GL XQD WDEXOD DQVDWD q FROORFDWD DO YDUFR GHO FRUULGRLR RYHVW GHO EDWWLVWHUR FRQWLJXD DO ERUGR GHO PRVDLFR FDW Qƒ FRQWRUQDWD GDGXHOLQHHQHUHqVXGGLYLVDLQTXDWWURULJKHGDWUH OLQHHGLJXLGD 

 

 .DUSDWKRV HGLILFLR SUHVVR OD EDVLOLFD 3(/(.$1,',6  $7=$.$  SS  Qƒ 9 VHFG&  $UNDVVDV EDVLOLFD GL +DJ $QDVWDVLDV LELG SS  QƒWDY  9, VHFG& /HURV EDVLOLFD GHJOL+DJ7HVVDUDNRQWD$OLQGRQLELGSQƒWDYE,9VHF G&"  *|QHQ*HUPH 0\VLD  -2%67  SS QQƒ TXL DQFKHOHDOWUHDWWHVWD]LRQLGLȝȞ੾ıșȘșȚLQ$VLDHLQ6LULD    $ JLXGLFDUH GD TXDQWR YLVLELOH GDOOH IRWRJUDILH O¶LVFUL]LRQH DOO¶LQJUHVVR GHOOD QDYDWD QRUG 3$55,6+  ILJ  %$/',1,  &217Ñ  0$56,/,  S  ILJ ,,    q VLPLOH SHU IRUPD H FRQWHQXWR  '21&((/92Ó7(S   9 DQFKH O¶LVFUL]LRQH Qƒ GL 0DVWLFKDUL 25/$1'26  S  ILJ 



&$3,72/29,,352'8=,21(086,9$(62&,(7¬/$7(67,021,$1=$'(//((3,*5$), O,OQRPHĬİȩįȠȣȜȠȢqDWWHVWDWRDQFKHQHOODEDVLOLFD GL2OXQWR&UHWD  O3HULOWHUPLQHȠੇțȠȢY,0Qƒ   =LSDUL  ,0QƒQDYDWDQRUG7$9/,,   Ĭ>‚@ ǹȊȉ>‚@ >+@>‚@ >2.@>‚@ ȅǿȀȅ>‚@ ĭȍȈǹ>‚@ Ȇǹ>‚@   ș>‚@ Į੝IJ>‚@ >Ș@>‚@ >Ƞț@>‚@ Ƞ੅țȠ>ȣ@ >ਥȥȒ@ijȦıĮ>Ȟ@ ʌĮ>‚@  /¶LVFUL]LRQHqDOO¶LQWHUQRGHOPHGDJOLRQHFKHGHFRUD LO SDQQHOOR FRQ OD FURFH GL VFXWD QHO PRVDLFR FDW Qƒ Ê FRQVHUYDWD VROR QHO VHWWRUH VLQLVWUR HVVHQGR OD PDJJLRU SDUWH GHO WXWWR GDQQHJJLDWD GD XQ¶DPSLD ODFXQDVLVYROJHVXVHWWHULJKH OȠ੅țȠȣY,0Qƒ  ,0QƒEDWWLVWHURFRUULGRLRRYHVW7$9/,;   Ȃǹ>‚@ ȀǹǿǾ>@>‚@ ǺǿǹȊ>Ȇ«««@ȍȃ   ȂĮ>ȡȓĮ@ țĮuਲ>Ȟ@>‚@ ȕȚĮਫ਼>ʌ੻ȡİ੝ȤોȢਥțIJ૵Ȟੁįȓ@ȦȞ  ³0DULD" HODQSHUYRWRGDOOHSURSULHVRVWDQ]H´  /DWDEHOODFRQLVFUL]LRQHFRQWRUQDWDGDGXHOLQHHQH UH q FROORFDWD DO YDUFR GHO FRUULGRLR GHO EDWWLVWHUR FDW Qƒ  /¶LVFUL]LRQH TXDVL GHO WXWWR ODFXQRVD D HFFH]LRQHGHOOHHVWUHPLWjqVXWUHULJKH O ȂĮ>ȡȚĮ@ O¶LQWHJUD]LRQH SURSRVWD ULPDQGD DOO¶DWWHVWD]LRQHGHOQRPHD&RVLQXQDQRWDHSLJUDIH GHOODEDVLOLFDGL0DVWLFKDULHDOO¶LPSRUWDQ]DDVVXQ WDGDOQRPHGHOOD9HUJLQH Oਫ਼ʌ੻ȡİ੝ȤોȢYLVFUL]LRQH,0QƒਥțIJ૵ȞੁįȓȦȞLO WHUPLQHGHVLJQDOHSURSULHWjSHUVRQDOLDFXLVLDWWLQJH SHUHIIHWWXDUHO¶RIIHUWD

 

3(/(.$1,',6$7=$.$SSQƒ  $. 2UODQGRV LQ 3UDNW   SSQƒ %XOO (SLJUSQƒ25/$1'26S3(/(.$1,',6 $7=$.$SWDYD 

9,, , &200,77(17,  $63(77, '(//$ 62&,(7¬ &2$ ,1 (7¬7$5'2$17,&$  &RPH WHVWLPRQLDWR DQFKH GDOOH LVFUL]LRQL PXVLYH VRSUD SUHVHQWDWHQHOODFRVWUX]LRQHGLXQDEDVLOLFDqO¶LQWHUDFR PXQLWj D WXWWL L VXRL OLYHOOL D HVVHUH LPSHJQDWD YRORQWD ULDPHQWH LQ XQ¶HSLJUDIH GHOOD EDVLOLFD GL &DSDPj ,0 Qƒ qQRPLQDWRLQIDWWLXQGLDFRQRFKHIDO¶RIIHUWDLQVLH PH DOOD PRJOLH LQ XQ¶DOWUD ,0 Qƒ  O¶HFRQRPRGLDFRQR ,RDQQLV GXH LQWHJUD]LRQL SRVVLELOL UHVWLWXLUHEEHUR LQROWUH LO QRPH GL 7KHRGRXORV LQ XQ¶HSLJUDIH GL .HSKDORV ,0 Qƒ HTXHOORLSRWHWLFRGL0DULDLQXQ¶HSLJUDIHGL=LSDUL ,0 Qƒ  'D ULFRUGDUH SRL JOL RIIHUHQWL DQRQLPL LQ XQ¶HSLJUDIH GHOOD EDVLOLFD PLQRUH GL .HSKDORV ,0 Qƒ  'DOOH HSLJUDIL PXVLYH GHOOD EDVLOLFD GL 0DVWLFKDUL ULVXOWD FKH JOL RIIHUHQWL ROWUH D XQ DQRQLPR IXURQR LO YHVFRYR ,RDQQLVLOSUHVELWHUR.\ULDNRVFRQODPRJOLHLOPDJD]]L QLHUHFXVWRGH ਥȞșȘțȐȡȚȠȢ  GHL EHQL GHOOD FKLHVD (XVWR FKLVFRQODPRJOLH3DVVNDVLDLOGLDFRQR7LPRWKHRVFRQOD PRJOLH (XVWRFKLDQH XQ GLDFRQR 7LPRWKHRV HG (XVWR FKLDQH ȞĮȣțȜȒȡȚııĮ FRPSDLRQR DQFKH LQ GXH HSLJUDIL LVRODWH 8Q¶HSLJUDIH FRD SURYHQLHQWH GD ³GHPROL]LRQL LQFLWWj´WHVWLPRQLDFKH*HQQDGLD3KRLEHRIIUuLQYRWROD FRVWUX]LRQHGLXQR[HQRGRFKLRQHGLXQSDYLPHQWRDPR VDLFR 6LWUDWWDTXLQGLGLHVSRQHQWLGHOODJHUDUFKLDHFFOHVLDWLFDH GLODLFLFKHVSHVVRLQFRPSDJQLDGHOODVSRVDIDQQRRIIHU WHSHUVpSHULSURSULILJOLHSHULOSURSULRȠ੅țȠȢSHUYRWR HR SHU OD VDOYH]]D VSLULWXDOH ਫ਼ʌ੻ȡ İ੝ȤોȢ HR ਫ਼ʌ੻ȡ ıȦIJİȡȓĮȢ  )XURQR SUREDELOPHQWH OH FRPXQLWj FKH D &RV DELWDYDQR JOLLQVHGLDPHQWLLQSURVVLPLWjGHOOHEDVLOLFKHDFRQWULEXLUH DOILQDQ]LDPHQWRSHUODORURFRVWUX]LRQHVHFRQGRTXHO OR FKH %RZGHQ GHILQLVFH ³DQ LQWHJUDWHG VRFLDO DQG HFR QRPLFV\VWHP´WUDOHRIIHUWHGHLIHGHOLHOHYDWLDOUDQJR GLHYHUJHWLYDQQRTXLQGLDQQRYHUDWHOHGRQD]LRQLWDOYRO WDDQRQLPHHGLLPSRUWDQ]DOLPLWDWDGLSDYLPHQWLLQPR VDLFRHGHOHPHQWLGLDUUHGROLWXUJLFR /DFROORFD]LRQHGHOOHHSLJUDILRJJHWWRGLVWXGLRGDTXDQ WR FL q QRWR QRQ VHPEUD ULIOHWWHUH XQ LQWHQWR JHUDUFKLFR FRQIRUPHPHQWHDTXDQWRVLULOHYDQHOODEDVLOLFDGL0DVWL FKDULFKHQHKDUHVWLWXLWREHQVHWWHQHOODQDYDWDFHQWUDOH TXLQGL LQ SRVL]LRQH GL ULOLHYR VRQR OH HSLJUDIL GHO SUH VE\WHURV .\ULDNRV LQ SURVVLPLWj GHOO¶DEVLGH GL GXH RIIH UHQWLGLFXLQRQqFRQVHUYDWRLOQRPHHGHOGLDNRQRV7L

 

 6XOO¶HSLJUDIH FRQ OD PHQ]LRQH GHO YHVFRYR ,RDQQLV $66,0$.2328/28$7=$.$3$5&+$5,'28$1$*126728 SVXOOHHSLJUDILPXVLYHGHOODEDVLOLFDYGDXOWLPR%$/',1, &217Ñ0$56,/,S  6(*5(S(9YDQFKH(91HOOHGXHHSLJUDILq PHQ]LRQDWRLOYHVFRYR+HOODQLNRV  '811S  %2:'(1S  8QHVHPSLRD&RVqXQSLODVWULQRTXDGUDQJRODUHGLPDUPRELDQFR FRQ OD VHJXHQWH LVFUL]LRQH YRWLYD ³ਫ਼ʌ੻ȡ İ੝ȤોȢțĮ੿ ıȦIJİȡȓĮȢʌĮȞIJzȢ IJȠ૨ țȜȒȡȠȣ ț੻ IJȠ૨ ȜĮȠ૨ ਥȖȑȞİIJȠ½Ȟ¾  IJz ਩ȡȖȠȞ IJȠ૨IJȠ ਥʌİ੿ IJȠ૨ ੒ıİȚȠIJȐIJȠȣ ਲȝ૵Ȟ ਥʌȚıțȩʌȠȣ ࣲǹȡȚıIJȠțȡȐIJȠȣ´ SURYHQLHQWH SURED ELOPHQWHGD³XQDGHOOHPROWHFKLHVHSDOHRFULVWLDQHGHOO¶LVROD´6(*5( S(9 /HRIIHUWHGHLIHGHOLFRVWLWXLVFRQRXQDGHOOHUL VRUVH GHOOD &KLHVD LQVLHPH DJOL DLXWL HODUJLWL GDOOR 6WDWR H DL SURYHQWL FKHULFDYDGDOOHVXHSURSULHWj)/86,1S'DOOHHSLJUDILGHO OH EDVLOLFKH GL *UDGR ULVXOWD FKH VHWWRUL GHOOD SDYLPHQWD]LRQH PXVLYD IXURQRRIIHUWLGDVROGDWLSURYHQLHQWLGDOO¶2ULHQWH5$9(*1$1, SS 



026$,&,7$5'2$17,&+,'(//¶,62/$',&266&$9,,7$/,$1, PRWKHRVQHOEDWWLVWHURWXWWDYLDODVRODLVFUL]LRQHSUHVHQ WHqTXHOODGHOYHVFRYR,RDQQLV  'LSDUWLFRODUHLQWHUHVVHVRQROHGHGLFKHGLSDYLPHQWLPX VLYLGDSDUWHGLGRQQH*HQQDGLD3KRLEHH(XVWRFKLDQH HQWUDPEHDSSDUWHQHQWLFRQRJQLSUREDELOLWjDGXQHOHYD WR FHWR VRFLDOH VH VL FRQVLGHUDQR O¶HQWLWj GHOO¶RIIHUWD *HQQDGLD 3KRLEH ID FRVWUXLUH DQFKH XQR [HQRGRFKLRQ  O¶HSLWHWRFRQFXLVLGHVLJQD(XVWRFKLDQHȞĮȣțȜȒȡȚııĮH OD PHQ]LRQH GHOOD VXD QDYH 0DULD GD LQWHQGHUVL FRPH O¶HTXLSDJJLRSDUWHFLSHGHOO¶RIIHUWD 4XHVW¶XOWLPDGHGLFDqODWHVWLPRQLDQ]DUDUDGHOO¶DWWLYLWj DUPDWRULDOH HVHUFLWDWD GD XQD GRQQD UDUD PD QRQ XQLFD FRPH DWWHVWDQR DOWUH GXH LVFUL]LRQL O¶XQD GD 6LUDFXVD H O¶DOWUDGD0HGDPXGSUHVVR7HEHLQ(JLWWR 6HFRQGR %HDXFDPS LO WHUPLQH ȞĮȣțȜȒȡȚııĮ GRFXPHQWH UHEEH LQYHFH ³XQH FKDUJH SDWULPRQLDOH TXL DIIHFWH OHV IRUWXQHV IpPLQLQHV FRPPH OHV PDVFXOLQHV´ OH GRQQH LQ IDWWLSXUVHHVFOXVHGDRJQLLQFDULFRSXEEOLFRQRQHUDQR WXWWDYLD HVHQWDWH GDOOH WDVVH VXO SDWULPRQLR FRPH TXHOOR FRVWLWXLWR GD XQD QDYH VRJJHWWR D WDVVD]LRQL &RPXQ TXHORVLYRJOLDLQWHQGHUHLOWHUPLQHULPDQGDDXQ¶DWWLYLWj EHQUDGLFDWDD&RVGDWHPSLPROWRDQWLFKLFRPHWHVWLPR QLDXQDGHGLFDGLHWjHOOHQLVWLFDGHJOL਩ȝʌȠȡȠȚȞĮȪțȜİȡȠȚ HG੒ȡȝȠȝȑȞȠȚFRLDO³VDQWXDULRGHOSRUWR´GHGLFDWRDG$ IURGLWH3DQGHPRVH3RQWLD  1HOODEDVLOLFDGL&DUGDPHQDVFDYDWDGLUHFHQWHqFRQVHU YDWDXQ¶LVFUL]LRQHPXVLYDFRQLQRPLGHLPRVDLFLVWL'R URWKHRVH(\WK\FKLRVFKHVRQRDXQWHPSRDQFKHLGR QDWRULGHOPRVDLFR³ǻȦȡȩșİȠȢțĮuǼ੝IJȪȤȚȠȢȥȘ>ijȦ@IJ੻ ਫ਼ʌ੻ȡ ıȦIJȘȡȓĮ>Ȣ ਦĮ@ȣIJ૵Ȟ ț੻ IJ૵Ȟ >IJȑțȞȦ@Ȟ Į੝IJ૵Ȟ ਥȥ>ȒijȦı@ĮȞ IJઁ ਸ਼ȝȚ>ıȣ@ IJȠ૨ >Ȝ"@İȣȘIJȚțȠ>૨ ȀȪȡ@Țİ ȕȠȘșzȢĮ੝IJ૵ȞȖİȞȠ૨´

 ,QXQ¶HSLJUDIHGHOODEDVLOLFDGL0DVWLFKDULVLIDULIHULPHQ WR DOO¶LPSHJQR HFRQRPLFR HTXLYDOHQWH D TXDWWUR VROLGL VRSSRUWDWRGDOGRQDWRUHSHUODPHVVDLQRSHUDGLXQWUDWWR GL PRVDLFR OH ODFXQH QRQ FRQVHQWRQR GL VWDELOLUH O¶HQWLWjGHOO¶RIIHUWDVHXQLQWHURWDSSHWRRXQRGHLSDQQHO OL GL FXL HVVR q FRPSRVWR QHOO¶HSLJUDIH GL (XVWRFKLDQH FRPH VLqGHWWRVLID PHQ]LRQHGHOODGHGLFDGLXQ¶LQWHUD ıIJȠȐ /¶DQDOLVLGLDOWUHLVFUL]LRQLPXVLYHGHOORVWHVVRJHQHUHH YLGHQ]LDODSRVVLELOLWjLQYDULFDVLGLGHWHUPLQDUHDSSURV VLPDWLYDPHQWHLOFRVWRGLXQPRVDLFRRGLVWDELOLUHDOPH QRXQRUGLQHYDULDWRGLSUH]]LFRPHULIHULPHQWRFRQYDOR UL FKH VXOOD EDVH GHL FDOFROL HIIHWWXDWL RVFLOODQR GD  D GLVROLGXVDPHWURTXDGURVXOODEDVHGHOODFRPSOHVVL Wj GHOOD GHFRUD]LRQH L PDWHULDOL LPSLHJDWL H O¶DELOLWj UL FKLHVWD 6HFRQGRXQDWHVWLPRQLDQ]DQHOLOSDWULDU FD6HYHURGL$QWLRFKLDHVRUWDYDLQXQ¶RPHOLDLVXRLIHGHOL D GRQDUH DOOD SURSULD FKLHVD XQ HTXLYDOHQWH GL XQ OLEUR G¶DUJHQWRDOO¶HSRFDYDOXWDWRVROLGL VLWUDWWDGLXQDFRU ULVSRQGHQ]D LPSRUWDQWH SHU LQGLYLGXDUH DSSURVVLPDWLYD PHQWHLOYDORUHGLXQSDYLPHQWRPXVLYR 

 

$SURSRVLWRGHOOHHSLJUDILGL0DVWLFKDUL&DLOOHWULOHYDFKHFRPHLQ 2FFLGHQWHVLSUHIHULVFHODFROORFD]LRQHGHOOHHSLJUDILVSHVVRHQWURXQD WDEXOD DQVDWD VHFRQGR XQ LPSLDQWR DVVLDOH OXQJR LO SHUFRUVR GHOOH SURFHVVLRQLDHFFH]LRQHGHOOHLVFUL]LRQLFROORFDWHLQYDQLVHFRQGDULRLQ VHWWRUL UHVWDXUDWL LQ SUHVHQ]D GL LVFUL]LRQL PXOWLSOH HVVH VDUHEEHUR FROORFDWHVHFRQGRXQDJHUDUFKLDVXOODEDVHGHOODGLJQLWjGHLSHUVRQDJJLH GHOORURUXRORQHOODHVHFX]LRQHGHOGHFRURFRQLOSRVL]LRQDPHQWRQHJOL VSD]LVHFRQGDULGLTXHOOHGHLGRQDWRULODLFL&$,//(7S   3UREDELOPHQWH DQFKH 0DULD VH O¶LQWHJUD]LRQH q FRUUHWWD EDVLOLFD GL =LSDUL,0Qƒ XQ¶DOWUDDWWHVWD]LRQHqD&QLGREDVLOLFD(GLQDQ]LDOOD VRJOLDFKHLPPHWWHQHOODQDYDWDFHQWUDOH GRYH&OHRSDWUDȜĮȝʌȡȠIJȐIJȘ GL UDQJR VHQDWRULR GHGLFD D SURSULH VSHVH XQ SDYLPHQWR PXVLYR %,/%$1