9(56,21(
SDJGL
5('$=,21(
6&33
9(5,),&$
6&33
$33529$=,21(
0DVVLPLOLDQL'LHJR
9HGLGDWDHILUPDGLJLWDOH
$OOHJDWR1
,17(59(17,0,*/,25$7,9,35(9,67,3(5/$5,'8=,21((2/·(/,0,1$=,21('(,5,6&+,,17(5)(5(1=,$/,
1(//$$77,9,7$00,1,675$7,9$',&21752//268//·(6(&8=,21('(*/,$33$/7,,1(66(5(1(//(
67587785(,1&8,692/*($77,9,7/$33$/7$725('(,6(59,=,
BBBBBB
,OFRPPLWWHQWH /·DSSDOWDWRUH
,O'LUHWWRUH
GHO6HUYL]LR5HVLGHQ]LDOLWj
0DULD*LRYDQQD*KLUDUGL
9HGLGDWDHILUPDGLJLWDOH
/XRJRHGDWDBBBBBBBBBBBBBBBBBBBBBB
7LPEURHILUPDSHUDFFHWWD]LRQH
$OOHJDWR$B
$OOHJDWR%²SDJ
,17(59(17,0,*/,25$7,9,35(9,67,3(5/$5,'8=,21((2/·(/,0,1$=,21('(,
HGXFDWLYL DVVLVWHQ]LDOLVDQLWDULGLSXOL]LDODYDQGHULDH JXDUGDUREDIRUQLWXUDSDVWLHGDOWULVHUYL]L DXVLOLDUL QHO&HQWUR
GLXUQRSHUGLVDELOLSVLFR²ILVLFLGL9LD:HLVVORWWRQGHOFDSLWRODWRG·DSSDOWRJHVWLWRGDO&RPXQHGL7ULHVWHTXLGL
*OREDO 6HUYLFH q SHUWDQWRDXWRUL]]DWR GDO &RPXQH DG DFFHGHUH QHOOD VWUXWWXUD SHU LO WHPSR QHFHVVDULR
DOO·HIIHWWXD]LRQHGHOOHPDQXWHQ]LRQLFKHVDUjLQGLFDWLYDPHQWHSUHFHGHQWHPHQWHFRPXQLFDWRDOO·DIILGDWDULRHGDO&RPX
VHJQDOHWLFKHFRQWHQXWHQHLFDUWHOOLLQGLFDWRULHQHJOLDYYLVL SUHVHQWLSUHQGHUHYLVLRQHHGLDWWHQHUVLGHOOHSODQLPHWULH
HVSRVWHHULSRUWDQWLODSRVL]LRQHGHLSUHVLGLDQWLQFHQGLROHYLHGLHVRGROHHYHQWXDOLLVWUX]LRQLGLFRPSRUWDPHQWRLQ
$OOHJDWR$B
$OOHJDWR%²SDJ VSD]LHGDPELHQWLGHOODVWUXWWXUDLQXVRHVFOXVLYRHVHSDUDWRGDOO·DIILGDWDULROHPRGDOLWjGLDFFHVVRGHLSURSULGLSHQGHQ
PDQXWHQ]LRQH HQWUR WDOL ORFDOL *OREDO 6HUYLFH SURYYHGD D FRPXQLFDUH SUHYHQWLYDPHQWH SHU LVFULWWR WDOH QHFHVVLWj
DOO·DIILGDWDULRHDO&RPXQH1HOODFRPXQLFD]LRQHYHQJRQRLQGLFDWHGXUDWDSUHVXQWDGHOO·LQWHUYHQWRSURYYHGLPHQWLSRVWL
DWWUH]]DWXUH HR RSHUH SURYYLVLRQDOL FKH QRQ VLDQR GL SURSULHWj GHOOH IRUQLWXUH VDOYR HYHQWXDOL XWLOL]]L FKH VRQR GD
FRQVLGHUDUVLDFDUDWWHUHHFFH]LRQDOHHFKHYHQJRQRHVVHUHIRUPDOPHQWHDXWRUL]]DWLGLYROWDLQYROWDGDOULVSHWWLYRSUR
SULHWDULR 3HUWDQWR *OREDO 6HUYLFH LGHQWLILFD FRQ PDUFKLDWXUD OHJJLELOH L SURSUL PDFFKLQDUL DWWUH]]DWXUH HR RSHUH
SURYYLVLRQDOLYHLFROLHPH]]LG·RSHUDHGHYHFXVWRGLUHLOPDWHULDOHXWLOL]]DWRSHUOHPDQXWHQ]LRQHLQDSSRVLWHDUHHUH
FLQWDWHHRORFDOLGDFKLXGHUVLDFKLDYHDGHVVRHYHQWXDOPHQWHDIILGDWLSHUWDOHVFRSR
*OREDO 6HUYLFH q FRQWUDWWXDOPHQWH REEOLJDWD FRQ LO &RPXQH DG LPSLHJDUH PDFFKLQH DWWUH]]L HG XWHQVLOL UL
VSRQGHQWLDOOHYLJHQWLQRUPHGLOHJJHHGLQFRQIRUPLWjDOOHVWHVVHHDOOHLVWUX]LRQLGLXWLOL]]RGHOFRVWUXWWRUH3HUWDQWR
TXDOVLDVLVHJQDOD]LRQHLQHUHQWHHYHQWXDOLGLIIRUPLWjLQWDOVHQVRGHYHHVVHUHFRPXQLFDWDGDOO·DIILGDWDULRDO&RPXQHGL
7ULHVWH
/HPRGDOLWjGLGHSRVLWRWHPSRUDQHRGHOOHDWWUH]]DWXUHGHLPDWHULDOLHGLOLHGLPSLDQWLVWLFLHGHLSURGRWWLFKL
PLFL GD XWLOL]]DUVL SHU OH PDQXWHQ]LRQL GHYRQR HVVHUH FRQIRUPL DOOH QRUPH GL SUHYHQ]LRQH LQFHQGL DSSOLFDELOL SHU OD
VWUXWWXUDQRQFRVWLWXLUHLQDOFXQPRGRXQSHULFRORSHUOHDWWLYLWjVYROWHHQRQGHYRQRLQJRPEUDUHSDVVDJJLFRUULGRLH
SURWH]LRQL LQ FDVR GL DWWUDYHUVDPHQWR GL ]RQH GL WUDQVLWR SHGRQDOH H YHLFRODUH ,O &RPXQH KD YLHWDWR FRPXQTXH
O·XWLOL]]RLQFRQWUROODWRGHOO·LPSLDQWRHOHWWULFRGHOODVWUXWWXUD,QFDVRGLQHFHVVLWjVLGRYUDQQRFRQFRUGDUHFRQLOUHIH
$OOHJDWR$B
$OOHJDWR%²SDJ UHQWHGLVWUXWWXUDHFRQO·DIILGDWDULRXOWHULRULSXQWLGLDOLPHQWD]LRQHDOILQHGLHYLWDUHVRYUDFFDULFKLHPDOIXQ]LRQDPHQWL
DOO·LPSLDQWRVWHVVR
,O&RPXQHKDLPSRVWRD*OREDO6HUYLFHGLUHFLQWDUHOH]RQHGLVFDYRHOH]RQHVRWWRVWDQWLDODYRULFKHVLVYRO
JRQRLQSRVL]LRQLVRSUDHOHYDWH7DOLGHOLPLWD]LRQLQRQGHYRQRULGXUUHRLPSHGLUHLOQRUPDOHWUDQVLWRHQRQGHYRQR
RVWDFRODUHLQDOFXQLOSDVVDJJLRQHOOHYLHGLHVRGRHRO·DSHUWXUDGHOOHXVFLWHGLHPHUJHQ]D1HOFDVRLQFXLWXWWRFLzVL
UHQGHVVHQHFHVVDULRqSUHYLVWRFKHORVYROJLPHQWRGLODYRULGLPDQXWHQ]LRQHFRPSRUWDQWLULGX]LRQLHRPRGLILFKH
DOOHYLHGLWUDQVLWRDLSDVVDJJLHGDOOHYLHGLHVRGRYHQJDSUHFHGXWRGDXQDFRPXQLFD]LRQHSUHYHQWLYDVFULWWDGDSDUWH
GL*OREDOVHUYLFHHLQYLDWDDOO·DIILGDWDULRDO&RPXQHHGDJOLDOWULVRJJHWWL
1HOODFRPXQLFD]LRQHYHQJRQRLQGLFDWHODGXUDWDSUHVXQWDGHOO·LQWHUYHQWRLSURYYHGLPHQWLSRVWLLQHVVHUHSHU
WXWHODUHODVLFXUH]]DHVDOXWHGHJOLRVSLWLHGHJOLDOWULODYRUDWRULHYHQWXDOPHQWHSUHVHQWLOHHYHQWXDOLYLHGLHVRGRDOWHU
QDWLYH1HOFDVRO·LQWHUYHQWRFRPSRUWDVVHPRGLILFKHDOOHSURFHGXUHGLHYDFXD]LRQHLO&RPXQHGDGLVSRVL]LRQHGLSR
VL]LRQDUHSUHYLRDFFRUGRHFRRUGLQDPHQWRFRQO·DIILGDWDULRTXDGULVLQRWWLFLHVHJQDOHWLFDWHPSRUDQHDLQGLFDQWHODYLD
GLHVRGRSURYYLVRULHHVHGHOFDVRGLVSRQHXQDULXQLRQHGLFRRUGLQDPHQWRDOILQHGLSRUWDUHDFRQRVFHQ]DGLWDOLPR
GLILFKHWXWWHOHUHDOWjODYRUDWLYHSUHVHQWLSURSRQHQGRXQHYHQWXDOHSURYDHVHUFLWDWLYDVXOSRVWRSHUOHVTXDGUHGLH
PHUJHQ]DGHOODVWUXWWXUD
,O&RPXQHYLHWDDOSHUVRQDOHGL*OREDO6HUYLFHO·HIIHWWXD]LRQHGLSURSULDLQL]LDWLYDGLPDQRYUHHGRSHUD]LR
QLFKHQRQVLDQRGLFRPSHWHQ]DVSHFLILFDFROOHJDWHDOOHPDQXWHQ]LRQLHFKHSRWUHEEHURFRPSURPHWWHUHODVLFXUH]]D
GHOODVWUXWWXUDGHLODYRUDWRULSUHVHQWLHGHJOLRVSLWL1HOFDVRLQFXLGXUDQWHO·HVHFX]LRQHGLODYRULGLPDQXWHQ]LRQH
*OREDOVHUYLFHULOHYDVVHQHOODVWUXWWXUDHYHQWXDOLGHILFLHQ]HGLGLVSRVLWLYLGLVLFXUH]]DROHVLVWHQ]DGLFRQGL]LRQLGLSHUL
FRORRGLHPHUJHQ]DKDREEOLJRGLVHJQDODUHLPPHGLDWDPHQWHWDOHIDWWRDOO·DIILGDWDULRHGDO&RPXQHGL7ULHVWHDGRSH
QHGLGHWWHGHILFLHQ]HRSHULFROL
$O ILQH GL WUDVPHWWHUH LO PDJJLRU QXPHUR GL LQIRUPD]LRQL LO &RPXQH VL LPSHJQD D WUDVPHWWHUH DOO·DIILGDWDULR
TXDOVLDVLXOWHULRUHGRFXPHQWD]LRQHXWLOHHUHODWLYDDOO·DSSDOWRGL*OREDO6HUYLFHVHXWLOHDOPLJOLRUDPHQWRGHOOHFRQGL]LR
QLGLVDOXWHHVLFXUH]]DQHOOHDWWLYLWjVYROWHQHOOHVWUXWWXUH
$OOHJDWR%B
$OOHJDWR%B²3DJ
,17(59(17, 0,*/,25$7,9, 35(9,67, 3(5 /$ 5,'8=,21( (2 /·(/,0,1$=,21( '(,
5,6&+, ,17(5)(5(1=,$/, 1(//( $77,9,7$· &216(*8(17, $//( *(67,21, 7(&
1,&+( ( $//( *(67,21, '(, 6(59,=, 7(&1,&, 0$187(17,9, 5(/$7,9$0(17(
$//·(6(&8=,21( ', 6235$//82*+, ( $77,9,7$· ', 5,&(5&$ '2&80(17$/( (
352*(77$=,21(
,ODYRULFRQVHJXHQWLDOOHJHVWLRQLWHFQLFKHHDOOHJHVWLRQLGHLVHUYL]LWHFQLFLPDQXWHQWLYLVRQRDIILGDWLGDO&R
PXQHGL7ULHVWHPHGLDQWHDSSDOWRGLVHUYL]LTXLGLVHJXLWRGHQRPLQDWR*OREDO6HUYLFHHGDYYHQJRQRLQRVVHUYDQ]D
DOOHYLJHQWLGLVSRVL]LRQLGLOHJJHULJXDUGDQWLODVLFXUH]]DHGLJLHQHGHLOXRJKLGLODYRURHSUHVWDQGRSDUWLFRODUHDWWHQ]LR
QHDOODVLFXUH]]DVDOXWHHGLJQLWjGHJOLRVSLWLGLVWUXWWXUD
,QRWWHPSHUDQ]DDTXDQWRJLjSUHYLVWRGDOO·DUWGHO'OJVHLQDSSOLFD]LRQHGLTXDQWRRUDFRQWHQXWRQHO
'OJVLO&RPXQHGL7ULHVWHFRRUGLQDOHDWWLYLWjODYRUDWLYHGHO*OREDO6HUYLFHHGHOO·DSSDOWDWRUHDFXLVRQRVWDWL
DIILGDWLL6HUYL]LVRFLR²HGXFDWLYLDVVLVWHQ]LDOLVDQLWDULGLSXOL]LDODYDQGHULDHJXDUGDUREDIRUQLWXUDSDVWLHGDOWULVHUYL]L
DXVLOLDULQHO&HQWURGLXUQRSHUGLVDELOLSVLFR²ILVLFLGL9LD:HLVVORWWRQGHOFDSLWRODWRG·DSSDOWRJHVWLWRGDO&RPX
QHGL7ULHVWH
,O*OREDO6HUYLFHHO·DIILGDWDULRFROODERUDQRDIILQFKpLULVFKLOHJDWLDOODFRPSUHVHQ]DGLDWWLYLWjFGULVFKLLQWHUIH
UHQ]LDOLVYROWHGDOORURSHUVRQDOHGDOSHUVRQDOHGHO&RPXQHGL7ULHVWHTXLGLVHJXLWRGHQRPLQDWR´&RPXQHµHGD
SHUVRQDOHGLHQWLLPSUHVHDVVRFLD]LRQLGLYRORQWDULDWRRDOWURDXWRUL]]DWLGDO&RPXQHDXVXIUXLUHHRDFFHGHUHDOOD
SUHGHWWDVWUXWWXUDSHUVYROJHUHDWWLYLWjODYRUDWLYHHRGLYRORQWDULDWRTXLGLVHJXLWRGHQRPLQDWL´DOWULVRJJHWWLµVLDQR
HOLPLQDWLRULGRWWLPHGLDQWHDGR]LRQHGLRSSRUWXQLLQWHUYHQWLPLJOLRUDWLYLFRQFRUGDWLIUDOHSDUWL
9LHQHVWDELOLWRXQSULQFLSLRJHQHUDOHGLWUDVPLVVLRQHGLLQIRUPD]LRQLFKHPLUDDULGXUUHTXDQWRSLSRVVLELOHL
WHPSLGLULFH]LRQHGHOOHQRWL]LHHGLDSSOLFD]LRQHGLSURYYHGLPHQWLJLjFRQFRUGDWLRGDGHFLGHUVLGLYROWDLQYROWD3RLFKp
LO&RPXQHLQWHUIHULVFHQHOO·DWWLYLWjGHOO·DIILGDWDULRFRQVHQWHQGRO·DFFHVVRGHO*OREDOVHUYLFHDOODVWUXWWXUDODQRUPDSUH
YHGHFKHVLDLO&RPXQHDIDUVLFDULFRGHOOHFRPXQLFD]LRQLDWWLQHQWLO·HVHFX]LRQHGLSURYYHGLPHQWLDWWLDULGXUUHRHOLPL
QDUHWDOLULVFKL(·LQYHFHIXRULGLGXEELRFKHXQDFRPXQLFD]LRQHSLHIILFDFHVLDSRVVLELOHRYYHURqDXVSLFDELOHFKHVL
IDYRULVFDODSRVVLELOLWjGLGLDORJRGLUHWWRIUD*OREDOHDIILGDWDULRVRSUDWWXWWRLQIXQ]LRQHGLLQWHUYHQWLGLUHWWLDGLULPHUH
VLWXD]LRQLFRQWLQJHQWLFKHVLSRWUHEEHURFUHDUH´VXOFDPSRµ
3HUWDQWRLO&RPXQHLQIDVHGLULXQLRQHGLFRRUGLQDPHQWRGHILQLVFHOHPRGDOLWjGLFRPXQLFD]LRQHGHOOHLQIRU
PD]LRQLDWWLQHQWLLULVFKLLQWHUIHUHQ]LDOLGLFRQFHUWRFRQWXWWLLVRJJHWWLFKHSRVVRQRHVVHUHVRJJHWWLDWDOLULVFKL
7XWWHOHFRPXQLFD]LRQLDYYHQJRQRGLQRUPDLQIRUPDVFULWWD
,Q FDVR GL XUJHQ]H HR LPSUHYLVWL *OREDO SXz LQIRUPDUH LQ YLD EUHYH DQFKH YHUEDOPHQWH GLUHWWDPHQWH
O·DIILGDWDULRHVHODVLWXD]LRQHOLFRLQYROJHDQFKHLO&RPXQHHJOLDOWULVRJJHWWL
,QWDOFDVRqSUHYLVWRFKHYHQJDVXFFHVVLYDPHQWHULODVFLDWDXQDQRWDVFULWWDFKHULSRUWHUjLQVLQWHVLTXDQWRDF
FDGXWRHOHPLVXUHGLSUHYHQ]LRQHHSURWH]LRQHDGRWWDWH
$OILQHGLUHQGHUHVHPSUHULFRQRVFLELOHLOSHUVRQDOHGHO*OREDO6HUYLFHLO&RPXQHGLVSRQHFKHJOLVWHVVLVLDQR
LGHQWLILFDELOLPHGLDQWHO·HVSRVL]LRQHGLXQFDUWHOOLQRPXQLWRGLIRWRHJHQHUDOLWjGHOODYRUDWRUHHLQGLFD]LRQHGHOGDWRUH
GLODYRUR7DOHGLVSRVL]LRQHqJHQHUDOHHULJXDUGDWXWWLLVRJJHWWLFKHDYDULRWLWRORVRQRDXWRUL]]DWLDOO·DFFHVVRQHOOD
VWUXWWXUD
*OREDO 6HUYLFH q SHUWDQWRDXWRUL]]DWR GDO &RPXQH DG DFFHGHUH QHOOD VWUXWWXUD SHU LO WHPSR QHFHVVDULR
DOO·HIIHWWXD]LRQHGHOOHPDQXWHQ]LRQLFKHVDUjLQGLFDWLYDPHQWHSUHFHGHQWHPHQWHFRPXQLFDWRDOO·DIILGDWDULRHGDO&RPX
QHGL7ULHVWHDOILQHGLYHULILFDUHHYHQWXDOLLQFRPSDWLELOLWj
(·IDWWRREEOLJRDO*OREDOVHUYLFHGLIRUQLUHXQQXPHURGLWHOHIRQRDFXLULYROJHUHOHFRPXQLFD]LRQLXUJHQWL,
GLSHQGHQWLGHO*OREDO6HUYLFHKDQQRO·REEOLJRGLPDQWHQHUHLOGHFRURQHOYHVWLDULRXWLOL]]DWRHGLQRQLQWUDOFLDUHLQDO
FXQPRGROHDWWLYLWjFKHVLVYROJRQRLQVWUXWWXUD
,OSHUVRQDOHGL*OREDO6HUYLFHGHYHDWWHQHUVLVFUXSRORVDPHQWHDWXWWHOHLQGLFD]LRQLVHJQDOHWLFKHFRQWHQXWHQHL
FDUWHOOLLQGLFDWRULHQHJOLDYYLVLSUHVHQWLSUHQGHUHYLVLRQHHGDWWHQHUVLDOOHSODQLPHWULHHVSRVWHHULSRUWDQWLODSRVL]LRQH
GHLSUHVLGLDQWLQFHQGLROHYLHGLHVRGROHHYHQWXDOLLVWUX]LRQLGLFRPSRUWDPHQWRLQFDVRGLHPHUJHQ]DFRPXQTXHLQ
FDVRGLHPHUJHQ]DLOSHUVRQDOHGHO*OREDOVHUYLFHGHYHVHJXLUHOHLQGLFD]LRQLDQFKHYHUEDOLGHOSHUVRQDOHGHOO·DIILGDWDULR
, VRSUDOOXRJKL QHFHVVDUL DOOR VYROJLPHQWR GHL ODYRUL FRQQHVVL DOOD JHVWLRQH GHOOH GRFXPHQWD]LRQL LQHUHQWL OH
VWUXWWXUHHGDOULRUGLQRHLQIRUPDWL]]D]LRQHGHOO·DUFKLYLRWHFQLFRGRFXPHQWDOHVWRULFRHFRUUHQWHGHO&RPXQHGLVH
JXLWRGHILQLWL´VRSUDOOXRJKLµYHQJRQRHIIHWWXDWLPHGLDQWHHVFOXVLYRXWLOL]]RGLSHUVRQDOHGLSHQGHQWHGDO*OREDO6HUYL
FHHFRQXVRGLSURSULYHLFROLDWWUH]]DWXUHPDWHULDOLHTXDQW·DOWURULWHQXWRQHFHVVDULRDWDOHVFRSR3HUWDQWRqIDWWR
GLYLHWRDOSHUVRQDOHGHOO·DIILGDWDULRGHO&RPXQHGL7ULHVWHHGHJOLDOWULVRJJHWWLGLLQWHUYHQLUHLQTXDOVLDVLPRGRRIRU
PDQHOO·HVHFX]LRQHGHOOHSUHGHWWHDWWLYLWjVDOYRFKHSHUOHDWWLYLWjULJXDUGDQWLODFTXLVL]LRQHGLGDWLGRFXPHQWLLQIRU
6HUYLFHGLULFKLHGHUHGDORURDOFXQFKpVDOYRFKHSHUOHDWWLYLWjULJXDUGDQWLODFTXLVL]LRQHGLGDWLGRFXPHQWLLQIRUPD
$OOHJDWR%B
$OOHJDWR%B²3DJ
*OREDO6HUYLFHGHILQLVFHFRQJLXQWDPHQWHDO&RPXQHGL7ULHVWHDOO·DIILGDWDULRHDJOLDOWULVRJJHWWLTXDQGRRF
(·SUHYLVWRFKHSHUO·DFFHVVRHORVYROJLPHQWRGLVRSUDOOXRJKLHQWURWDOLORFDOL *OREDO6HUYLFHSURYYHGDD
FRPXQLFDUHSUHYHQWLYDPHQWHSHULVFULWWRWDOHQHFHVVLWjDOO·DIILGDWDULRHDO&RPXQH1HOODFRPXQLFD]LRQHYHQJRQRLQGL
FDWHGXUDWDSUHVXQWDGHOO·LQWHUYHQWRSURYYHGLPHQWLSRVWLLQHVVHUHSHUWXWHODUHODVLFXUH]]DHVDOXWHGHJOLRVSLWLHGHJOL
DOWULODYRUDWRULHYHQWXDOPHQWHSUHVHQWLQHFHVVLWjHYHQWXDOLGLVRVSHQGHUHO·HURJD]LRQHGLHQHUJLDHOHWWULFDLOIXQ]LRQD
PHQWRGLLPSLDQWLGLVROOHYDPHQWRSHUVRQHHFRVHHFF
,O &RPXQH GLVSRQH OD WUDVPLVVLRQH GL GHWWD FRPXQLFD]LRQH DJOL DOWUL VRJJHWWL VH LQWHUHVVDWL , GLSHQGHQWL GL
*OREDO6HUYLFHQRQKDQQRLQROWUHWLWRORSHULQWHUYHQLUHVXOOHDWWLYLWjRODYRUD]LRQLLQDWWRGDSDUWHGLSHUVRQDOHGHO
FLQWDWH HR ORFDOL DG HVVR HYHQWXDOPHQWH DIILGDWL SHU WDOH VFRSR *OREDO 6HUYLFH q FRQWUDWWXDOPHQWH REEOLJDWD FRQ LO
&RPXQHDGLPSLHJDUHPDFFKLQHDWWUH]]LHGXWHQVLOLULVSRQGHQWLDOOHYLJHQWLQRUPHGLOHJJHHGLQFRQIRUPLWjDOOHVWHVVH
ODYRUR /D ORUR HVHFX]LRQH QRQ GHYH LQ DOFXQ PRGR HVVHUH IRQWH GL ULVFKLR SHU JOL RVSLWL SHU LO SHUVRQDOH
GHOO·DIILGDWDULRGHO&RPXQHHGHJOLDOWULVRJJHWWL
1HOFRUVRGHLVRSUDOOXRJKLLO&RPXQHREEOLJD*OREDOVHUYLFHDGXWLOL]]DUHOHSUHVHGLDOLPHQWD]LRQHHOHWWULFD
SUHYHQWLYDPHQWH FRQFRUGDWH HYLWDQGR SHU TXDQWR SRVVLELOH OD SUHVHQ]D GL SUROXQJKH D WHUUD ,O &RPXQH YLHWD
O·DOLPHQWD]LRQHFRQJLXQWDGHOOHDWWUH]]DWXUHGHO*OREDO6HUYLFHFRQDOWUHJLjSUHVHQWLPHGLDQWHXWLOL]]RGLPXOWLSUHVH
ULGX]LRQLSUHVHPXOWLSOH6HVLUHQGHVVHQHFHVVDULRO·XVRGLSUROXQJKH*OREDO6HUYLFHKDO·REEOLJRGLSRVL]LRQDUOHLQ
PRGRGDHVFOXGHUHLOULVFKLRGLLQFLDPSRHRVFKLDFFLDPHQWRGHLFDYLHGLVHJQDODUHHRXWLOL]]DUHDSSURSULDWHSURWH]LR
QL LQ FDVR GL DWWUDYHUVDPHQWR GL ]RQH GL WUDQVLWR SHGRQDOH H YHLFRODUH ,O &RPXQH KD YLHWDWR FRPXQTXH HVFOXVR
O·XWLOL]]RLQFRQWUROODWRGHOO·LPSLDQWRHOHWWULFRGHOODVWUXWWXUD,QFDVRGLQHFHVVLWjVLGRYUDQQRFRQFRUGDUHFRQLOUHIH
$OOHJDWR%B
$OOHJDWR%B²3DJ XQD ULXQLRQH GL FRRUGLQDPHQWR DO ILQH GL SRUWDUH D FRQRVFHQ]D GL WDOL PRGLILFKH WXWWH OH UHDOWj ODYRUDWLYH SUHVHQWL
SURSRQHQGRXQHYHQWXDOHSURYDHVHUFLWDWLYDVXOSRVWRSHUOHVTXDGUHGLHPHUJHQ]DGHOODVWUXWWXUD
,O&RPXQHYLHWDDOSHUVRQDOHGL*OREDO6HUYLFHO·HIIHWWXD]LRQHGLSURSULDLQL]LDWLYDGLPDQRYUHHGRSHUD]LR
QLFKHQRQVLDQRGLFRPSHWHQ]DVSHFLILFDFROOHJDWHDOOHPDQXWHQ]LRQLHFKHSRWUHEEHURFRPSURPHWWHUHODVLFXUH]]D
GHOODVWUXWWXUDGHLODYRUDWRULSUHVHQWLHGHJOLRVSLWL1HOFDVRLQFXLGXUDQWHO·HVHFX]LRQHGHLVRSUDOOXRJKLLO*OREDO
VHUYLFHULOHYDVVHQHOODVWUXWWXUDHYHQWXDOLGHILFLHQ]HGLGLVSRVLWLYLGLVLFXUH]]DROHVLVWHQ]DGLFRQGL]LRQLGLSHULFRORR
GLHPHUJHQ]DKDREEOLJRGLVHJQDODUHLPPHGLDWDPHQWHWDOHIDWWRDOO·DIILGDWDULRHGDO&RPXQHGL7ULHVWHDGRSHUDQGRVL
WHGHILFLHQ]HRSHULFROL
$O ILQH GL WUDVPHWWHUH LO PDJJLRU QXPHUR GL LQIRUPD]LRQL LO &RPXQH VL LPSHJQD D WUDVPHWWHUH DOO·DIILGDWDULR
TXDOVLDVLXOWHULRUHGRFXPHQWD]LRQHXWLOHHUHODWLYDDOO·DSSDOWRGL*OREDO6HUYLFHVHXWLOHDOPLJOLRUDPHQWRGHOOHFRQGL]LR
QLGLVDOXWHHVLFXUH]]DQHOOHDWWLYLWjVYROWHQHOODVWUXWWXUD
$OOHJDWR&B
$OOHJDWR&B²3DJ
,17(59(17, 0,*/,25$7,9, 35(9,67, 3(5 /$ 5,'8=,21( (2 /·(/,0,1$=,21( '(,
5,6&+,,17(5)(5(1=,$/,1(//($77,9,7$·&216(*8(17,$//$*(67,21((0$
187(1=,21('(//$5(7(7(/(0$7,&$&2081$/(
, ODYRUL FRQVHJXHQWL DOO·HVHFX]LRQH GHOOH DWWLYLWj GL JHVWLRQH H PDQXWHQ]LRQH GHOOD UHWH WHOHPDWLFD FRPXQDOH
VRQRDIILGDWLGDO&RPXQHGL7ULHVWHPHGLDQWHDSSDOWRGLVHUYL]LTXLGLVHJXLWRGHQRPLQDWR´*HVWLRQHUHWHµHGDYYHQ
GHOFDSLWRODWRG·DSSDOWRJHVWLWRGDO&RPXQHGL7ULHVWHTXLGLVHJXLWRGHQRPLQDWD ´VWUXWWXUDµ/D*HVWLRQHUHWHH
O·DIILGDWDULRFROODERUDQRDIILQFKpLULVFKLOHJDWLDOODFRPSUHVHQ]DGLDWWLYLWjFGULVFKLLQWHUIHUHQ]LDOLVYROWHGDOORURSHU
*HVWLRQH UHWH q SHUWDQWR DXWRUL]]DWR GDO &RPXQH DG DFFHGHUH QHOOH VWUXWWXUD SHU LO WHPSR QHFHVVDULR
DOO·HIIHWWXD]LRQHGHOOHPDQXWHQ]LRQLFKHVDUjLQGLFDWLYDPHQWHSUHFHGHQWHPHQWHFRPXQLFDWRDOO·DIILGDWDULRHGDO&RPX
$OOHJDWR&B
$OOHJDWR&B²3DJ DPELHQWLGHOODVWUXWWXUDLQXVRHVFOXVLYRHVHSDUDWRGDOO·DIILGDWDULROHPRGDOLWjGLDFFHVVRGHLSURSULGLSHQGHQWLDOOH]R
PDQXWHQ]LRQH HQWUR WDOL ORFDOL *HVWLRQH UHWH SURYYHGD D FRPXQLFDUH SUHYHQWLYDPHQWH SHU LVFULWWR WDOH QHFHVVLWj
DOO·DIILGDWDULRHDO&RPXQH1HOODFRPXQLFD]LRQHYHQJRQRLQGLFDWHGXUDWDSUHVXQWDGHOO·LQWHUYHQWRSURYYHGLPHQWLSRVWL
UHWH GHYH LGHQWLILFDUH FRQ PDUFKLDWXUD OHJJLELOH L SURSUL PDFFKLQDUL DWWUH]]DWXUH HR RSHUH SURYYLVLRQDOL YHLFROL H
PH]]LG·RSHUDHGHYHFXVWRGLUHLOPDWHULDOHXWLOL]]DWRSHUOHPDQXWHQ]LRQHLQDSSRVLWHDUHHUHFLQWDWHHRORFDOLDGHVVR
PLFL GD XWLOL]]DUVL SHU OH PDQXWHQ]LRQL GHYRQR HVVHUH FRQIRUPL DOOH QRUPH GL SUHYHQ]LRQH LQFHQGL DSSOLFDELOL SHU OD
VWUXWWXUDQRQFRVWLWXLUHLQDOFXQPRGRXQSHULFRORSHUOHDWWLYLWjVYROWHHQRQGHYRQRLQJRPEUDUHSDVVDJJLFRUULGRLH
SUHVH ULGX]LRQL SUHVH PXOWLSOH 6H VL UHQGHVVH QHFHVVDULR O·XVR GL SUROXQJKH *HVWLRQH UHWH KD O·REEOLJR GL
SRVL]LRQDUOH LQ PRGR GD HVFOXGHUH LO ULVFKLR GL LQFLDPSR HR VFKLDFFLDPHQWR GHL FDYL H GL VHJQDODUH HR XWLOL]]DUH
DSSURSULDWH SURWH]LRQL LQ FDVR GL DWWUDYHUVDPHQWR GL ]RQH GL WUDQVLWR SHGRQDOH H YHLFRODUH ,O &RPXQH KD YLHWDWR
FRPXQTXH HVFOXVR O·XWLOL]]R LQFRQWUROODWR GHOO·LPSLDQWR HOHWWULFR GHOOD VWUXWWXUD ,Q FDVR GL QHFHVVLWj VL GRYUDQQR
FRQFRUGDUHFRQLOUHIHUHQWHGLVWUXWWXUDHFRQLO&RPXQHGL7ULVWHXOWHULRULSXQWLGLDOLPHQWD]LRQHDOILQHGLHYLWDUH
$OOHJDWR&B
$OOHJDWR&B²3DJ UHIHUHQWHGLVWUXWWXUDHFRQLO&RPXQHGL7ULVWHXOWHULRULSXQWLGLDOLPHQWD]LRQHDOILQHGLHYLWDUHVRYUDFFDULFKLHPDO
IXQ]LRQDPHQWLDOO·LPSLDQWRVWHVVR
,O&RPXQHKDLPSRVWRD*HVWLRQHUHWHGLUHFLQWDUHOH]RQHGLVFDYRHOH]RQHVRWWRVWDQWLDODYRULFKHVLVYRO
JRQRLQSRVL]LRQLVRSUDHOHYDWH7DOLGHOLPLWD]LRQLQRQGHYRQRULGXUUHRLPSHGLUHLOQRUPDOHWUDQVLWRHQRQGHYRQR
RVWDFRODUHLQDOFXQLOSDVVDJJLRQHOOHYLHGLHVRGRHRO·DSHUWXUDGHOOHXVFLWHGLHPHUJHQ]D1HOFDVRLQFXLWXWWRFLzVL
UHQGHVVHQHFHVVDULRqSUHYLVWRFKHORVYROJLPHQWRGLODYRULGLPDQXWHQ]LRQHFRPSRUWDQWLULGX]LRQLHRPRGLILFKH
DOOHYLHGLWUDQVLWRDLSDVVDJJLHGDOOHYLHGLHVRGRYHQJDSUHFHGXWRGDXQDFRPXQLFD]LRQHSUHYHQWLYDVFULWWDGDSDUWH
GL*HVWLRQHUHWHHLQYLDWDDOO·DIILGDWDULRDO&RPXQHHGDJOLDOWULVRJJHWWL
1HOODFRPXQLFD]LRQHYHQJRQRLQGLFDWHODGXUDWDSUHVXQWDGHOO·LQWHUYHQWRLSURYYHGLPHQWLSRVWLLQHVVHUHSHU
WXWHODUHODVLFXUH]]DHVDOXWHGHJOLRVSLWLHGHJOLDOWULODYRUDWRULHYHQWXDOPHQWHSUHVHQWLOHHYHQWXDOLYLHGLHVRGRDOWHU
QDWLYH1HOFDVRO·LQWHUYHQWRFRPSRUWDVVHPRGLILFKHDOOHSURFHGXUHGLHYDFXD]LRQHLO&RPXQHGDGLVSRVL]LRQHDOOH*H
VWLRQH5HWHGLSRVL]LRQDUHSUHYLRDFFRUGRHFRRUGLQDPHQWRFRQO·DIILGDWDULRTXDGULVLQRWWLFLHVHJQDOHWLFDWHPSRUD
QHDLQGLFDQWHODYLDGLHVRGRSURYYLVRULHHVHGHOFDVRGLVSRQHXQDULXQLRQHGLFRRUGLQDPHQWRDOILQHGLSRUWDUHDFR
QRVFHQ]DGLWDOLPRGLILFKHWXWWHOHUHDOWjODYRUDWLYHSUHVHQWLSURSRQHQGRXQHYHQWXDOHSURYDHVHUFLWDWLYDVXOSRVWR
SHUOHVTXDGUHGLHPHUJHQ]DGHOODVWUXWWXUD
,O&RPXQHYLHWDDOSHUVRQDOHGL*HVWLRQHUHWHO·HIIHWWXD]LRQHGLSURSULDLQL]LDWLYDGLPDQRYUHHGRSHUD]LRQL
FKHQRQVLDQRGLFRPSHWHQ]DVSHFLILFDFROOHJDWHDOOHPDQXWHQ]LRQLHFKHSRWUHEEHURFRPSURPHWWHUHODVLFXUH]]DGHO
ODVWUXWWXUDGHLODYRUDWRULSUHVHQWLHGHJOLRVSLWL1HOFDVRLQFXLGXUDQWHO·HVHFX]LRQHGLODYRULGLPDQXWHQ]LRQH*H
VWLRQHUHWHULOHYDVVHQHOODVWUXWWXUDHYHQWXDOLGHILFLHQ]HGLGLVSRVLWLYLGLVLFXUH]]DROHVLVWHQ]DGLFRQGL]LRQLGLSHULFROR
RGLHPHUJHQ]DKDREEOLJRGLVHJQDODUHLPPHGLDWDPHQWHWDOHIDWWRDOO·DIILGDWDULRHGDO&RPXQHGL7ULHVWHDGRSHUDQ
GHWWHGHILFLHQ]HRSHULFROL
$O ILQH GL WUDVPHWWHUH LO PDJJLRU QXPHUR GL LQIRUPD]LRQL LO &RPXQH VL LPSHJQD D WUDVPHWWHUH DOO·DIILGDWDULR
TXDOVLDVLXOWHULRUHGRFXPHQWD]LRQHXWLOHHUHODWLYDDOO·DSSDOWRGL*HVWLRQH5HWHVHXWLOHDOPLJOLRUDPHQWRGHOOHFRQGL]LR
QLGLVDOXWHHVLFXUH]]DQHOOHDWWLYLWjVYROWHQHOODVWUXWWXUD
$OOHJDWR'B
$OOHJDWR'B²3DJ
,17(59(17, 0,*/,25$7,9, 35(9,67, 3(5 /$ 5,'8=,21( (2 /·(/,0,1$=,21( '(,
5,6&+, ,17(5)(5(1=,$/, 1(//( $77,9,7$· &216(*8(17, $//$ )251,785$ ',
$66,67(1=$ 1(//,167$//$=,21( 63267$0(172 $**,251$0(172 '(//(
$775(==$785( ,1)250$7,&+( ( '(/ 62)7:$5( ', 35235,(7 2 ,1 862
'(//·$00,1,675$=,21(&2081$/(
/D IRUQLWXUD GL DVVLVWHQ]D QHOOLQVWDOOD]LRQH VSRVWDPHQWR DJJLRUQDPHQWR GHOOH DWWUH]]DWXUH LQIRUPDWLFKH
FRPSXWHU PRQLWRU VWDPSDQWL HFF H GHO VRIWZDUH GL SURSULHWj GHOO·$PPLQLVWUD]LRQH R LQ XVR SUHVVR OR VWHVVR D
TXDOVLDVLWLWRORXWLOL]]DWRGDJOLXWHQWLGHO&RPXQHRDOWUHILJXUHVYROJHQWLFRPSLWLLVWLWX]LRQDOLSUHVVROHORURVHGLVR
QRDIILGDWLGDO&RPXQHGL7ULHVWHPHGLDQWHDSSDOWRGLVHUYL]LTXLGLVHJXLWRGHQRPLQDWR´+HOSGHVNµHGDYYHQJRQRLQ
RVVHUYDQ]DDOOHYLJHQWLGLVSRVL]LRQLGLOHJJHULJXDUGDQWLODVLFXUH]]DHGLJLHQHGHLOXRJKLGLODYRURHSUHVWDQGRSDUWLFR
ODUHDWWHQ]LRQHDOODVLFXUH]]DVDOXWHHGLJQLWjGHJOLRVSLWLGLVWUXWWXUD
,QRWWHPSHUDQ]DDTXDQWRJLjSUHYLVWRGDOO·DUWGHO'OJVHLQDSSOLFD]LRQHGLTXDQWRRUDFRQWHQXWRQHO
'OJVFRRUGLQDOHDWWLYLWjODYRUDWLYHGL+HOSGHVNHGHOO·DSSDOWDWRUHTXLGLVHJXLWRGHQRPLQDWR´DIILGDWDULRµDFXL
VRQRVWDWLDIILGDWLL6HUYL]LVRFLR²HGXFDWLYLDVVLVWHQ]LDOLVDQLWDULGLSXOL]LDODYDQGHULDHJXDUGDUREDIRUQLWXUDSDVWLHG
DOWULVHUYL]LDXVLOLDULQHOFHQWUR'LXUQRGL9LD:HLVVSHUGLVDELOLSVLFR²ILVLFLORWWRQGHOFDSLWRODWRG·DSSDOWRJHVWLWR
GDO&RPXQHGL7ULHVWHTXLGLVHJXLWRGHQRPLQDWH´VWUXWWXUDµ+HOSGHVNHO·DIILGDWDULRFROODERUDQRDIILQFKpLULVFKL
OHJDWL DOODFRPSUHVHQ]DGLDWWLYLWjFGULVFKLLQWHUIHUHQ]LDOLVYROWHGDOORURSHUVRQDOH GDOSHUVRQDOH GHO&RPXQHGL
7ULHVWHTXLGLVHJXLWRGHQRPLQDWR´&RPXQHµHGDSHUVRQDOHGLHQWLLPSUHVHDVVRFLD]LRQLGLYRORQWDULDWRRDOWUR
DXWRUL]]DWLGDO&RPXQHDXVXIUXLUHHRDFFHGHUHDOODSUHGHWWDVWUXWWXUDSHUVYROJHUHDWWLYLWjODYRUDWLYHHRGLYRORQWD
ULDWRTXLGLVHJXLWR GHQRPLQDWL´DOWULVRJJHWWLµVLDQRHOLPLQDWLRULGRWWLPHGLDQWHDGR]LRQHGLRSSRUWXQLLQWHUYHQWL
PLJOLRUDWLYLFRQFRUGDWLIUDOHSDUWL
9LHQHVWDELOLWRXQSULQFLSLRJHQHUDOHGLWUDVPLVVLRQHGLLQIRUPD]LRQLFKHPLUDDULGXUUHTXDQWRSLSRVVLELOHL
WHPSLGLULFH]LRQHGHOOHQRWL]LHHGLDSSOLFD]LRQHGLSURYYHGLPHQWLJLjFRQFRUGDWLRGDGHFLGHUVLGLYROWDLQYROWD3RLFKp
LO&RPXQHLQWHUIHULVFHQHOO·DWWLYLWjGHOO·DIILGDWDULRFRQVHQWHQGRO·DFFHVVRGL+HOSGHVNDOODVWUXWWXUDODQRUPDSUHYHGH
FKHVLDLO&RPXQHDIDUVLFDULFRGHOOHFRPXQLFD]LRQLDWWLQHQWLO·HVHFX]LRQHGLSURYYHGLPHQWLDWWLDULGXUUHRHOLPLQDUH
WDOLULVFKL(·LQYHFHIXRULGLGXEELRFKHXQDFRPXQLFD]LRQHSLHIILFDFHVLDSRVVLELOHRYYHURqDXVSLFDELOHFKHVLIDYRUL
VFDODSRVVLELOLWjGLGLDORJRGLUHWWRIUD+HOSGHVNHDIILGDWDULRVRSUDWWXWWRLQIXQ]LRQHGLLQWHUYHQWLGLUHWWLDGLULPHUH
VFDODSRVVLELOLWjGLGLDORJRGLUHWWRIUD+HOSGHVNHDIILGDWDULRVRSUDWWXWWRLQIXQ]LRQHGLLQWHUYHQWLGLUHWWLDGLULPHUH