Studio delle filiere dei prodotti trasformati a base di tartufo in Piemonte. Mercato, produzioni di qualità e valorizzazione del territorio

Testo completo

(1)AperTO - Archivio Istituzionale Open Access dell'Università di Torino. Studio delle filiere dei prodotti trasformati a base di tartufo in Piemonte. Mercato, produzioni di qualità e valorizzazione del territorio This is the author's manuscript Original Citation:. Availability: This version is available. http://hdl.handle.net/2318/81526. since. Publisher: Regione Piemonte, Direzione Opere Pubbliche, Difesa del Suolo, Economia Montana e Foreste. Terms of use: Open Access Anyone can freely access the full text of works made available as "Open Access". Works made available under a Creative Commons license can be used according to the terms and conditions of said license. Use of all other works requires consent of the right holder (author or publisher) if not exempted from copyright protection by the applicable law.. (Article begins on next page). 21 July 2021.

(2) Direzione Opere Pubbliche, Difesa del Suolo, Economia Montana e Foreste. Dipartimento di Economia e Ingegneria agraria forestale e ambientale dell’Università degli Studi di Torino. Studio delle filiere dei prodotti trasformati a base di tartufo in Piemonte Mercato, produzioni di qualità e valorizzazione del territorio Filippo Brun, Angela Mosso.

(3) UNIVERSITÀ DEGLI STUDI DI TORINO DIPARTIMENTO DI ECONOMIA E INGEGNERIA AGRARIA, FORESTALE E AMBIENTALE SEZIONE DI ECONOMIA E POLITICA AGRARIA Via Leonardo da Vinci, 44 - 10095 – GRUGLIASCO (TO) Tel. 011.670.8634/8623 – Fax 011.670.8639 Autori: Filippo Brun, Angela Mosso. Rapporto finale dello “Studio delle filiere dei prodotti trasformati a base di tartufo in Piemonte. Mercato, produzioni di qualità e valorizzazione del territorio”, finanziato dalla Regione Piemonte –– Settore Idraulica Forestale e Tutela del Territorio, nell’ambito del Programma regionale di studi, ricerche, sperimentazione, dimostrazione, divulgazione ed assistenza tecnica nel settore del tartufo e della tartuficoltura 2008.. Progetto e coordinamento: Assessorato Ambiente, Difesa del Suolo, Attività Estrattive e Protezione Civile Assessore: Roberto Ravello Direzione Opere Pubbliche,Difesa del Suolo, Economia Montana e Foreste Direttore: Vincenzo Coccolo Referente per la comunicazione: Stefano Cariani Settore Idraulica Forestale e Tutela del Territorio Dirigente: Vito Debrando Referenti per la tartuficoltura: Maria Amato e Flavia Righi. Progettazione della copertina: Federico Mensio – Istituto per le Piante da Legno e l’Ambiente - IPLA S.p.A.. Si ringraziano tutti gli operatori del comparto che hanno gentilmente collaborato. I contenuti del presente volume sono distribuiti secondo i termini di una licenza Creative Commons che permette di riprodurre, distribuire, comunicare al pubblico, esporre in pubblico, rappresentare, eseguire e recitare l’opera, attribuendone la paternità, purché non a scopi commerciali e senza alterarla o trasformarla. CREATIVE COMMONS PUBLIC LICENCE Attribuzione - Non commerciale - Non opere derivate 3.0 I termini della licenza sono consultabili all’indirizzo http://creativecommons.org/licenses/by-nc-nd/3.0/. Inviato alla stampa nel mese di ottobre 2010.

(4) L’azione della Regione Piemonte nel settore del tartufo è contraddistinta da numerose iniziativefralequalispiccanoquelledipartecipazioneefinanziamentoadattivitàdiricerca. Queste, svolte anche nell’ambito di iniziative di ricerca internazionali, quali il Progetto europeo“Verchamp”,hannocoinvoltodiverseistituzioniqualil’IstitutoperlePiantedaLegno el’Ambiente,ilCNRdiTorinoedilDipartimentodiEconomiaedIngegneriaAgraria,Forestale ed Ambientale dell’Università di Torino. In particolare con quest’ultimo sono stati realizzati negli ultimi cinque anni diversi studi relativi agli aspetti economici e di mercato dei tartufi prodotti e commercializzati in Piemonte, estendendo le analisi anche ai tartufi neri ed alle opportunitàconnesseallalorocoltivazionenelleareemarginali. I competenti Uffici dell’Assessorato hanno partecipato attivamente a queste iniziative, svolgendounruolodicoordinamentoemettendoadisposizionedeiricercatorileinformazioni eleconoscenzepregresse,contribuendocosìacrearelecondizioninecessarieallosviluppodi unsistemaintegrato.Questoiniziorappresentaunpassoimportante,ancoraingranparteda implementare, tramite il coinvolgimento di tutti gli attori pubblici e privati della filiera del tartufo,allalucedellecaratteristichediscarsatrasparenzaeintegrazionecheconnotanoda sempreilsettore. L’importanzadeltartufoperlanostraRegioneèlegatasiaaisuoiintroitidirettisia,ancorpiù, allericaduteindirettequaliilturismoenoͲgastronomico,lavalorizzazionedelterritorioedil recupero di aree marginali. Il presente studio si è occupato in particolare delle valutazioni economicheedimercatorelativealleproduzionitartuficoledell’emergentesettoredellaloro trasformazione,mettendoneinluceglielementididebolezzaegliaspettidispicco. Leconoscenzeacquisiteelerelazionidifilieraindividuatepermetterannodimettereapunto interventipiùmiratiedefficaciperlosviluppodiquestopromettentesettore. ROBERTORAVELLO ASSESSOREALL’AMBIENTE,DIFESADEL SUOLO,ATTIVITÀESTRATTIVEE PROTEZIONECIVILE.

(5)

(6) . 'LSDUWLPHQWRGL(FRQRPLDH,QJHJQHULDDJUDULDIRUHVWDOHHDPELHQWDOH GHOO·8QLYHUVLWjGHJOL6WXGLGL7RULQR . 6WXGLRGHOOHILOLHUHGHLSURGRWWL WUDVIRUPDWLDEDVHGLWDUWXIR LQ3LHPRQWH 0HUFDWRSURGX]LRQLGLTXDOLWjH YDORUL]]D]LRQHGHOWHUULWRULR )LOLSSR%UXQ$QJHOD0RVVR *UXJOLDVFR0DU]R 3.

(7)

(8) 6WXGLRGHOOHILOLHUHGHLSURGRWWLWUDVIRUPDWLDEDVHGLWDUWXIRLQ3LHPRQWH. 6RPPDULR 3UHPHVVD BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB ,OPHUFDWR BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB ,OFRPPHUFLRLQWHUQD]LRQDOH BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB /DUHGGLWLYLWjGHOOHWDUWXIDLHFROWLYDWH BBBBBBBBBBBBBBBBBBBBBBBB 9DOXWD]LRQHGHLFRVWLGLLQWHUYHQWRLQWDUWXIDLHQDWXUDOL BBBBBBBBBBB /¶LQGDJLQHGLUHWWDSUHVVROHLPSUHVHGLWUDVIRUPD]LRQH BBBBBBBBBBB /¶LQGDJLQHQHOOH0DUFKH BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB /¶LQGDJLQHLQ3LHPRQWH BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB . 5LIOHVVLRQLFRQFOXVLYHHSURSRVWHGLVYLOXSSR BBBBBBBBBBBBBBBBBBB %LEOLRJUDILD BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB $OOHJDWLBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB9 . . 5.

(9)

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qVWDWDTXHOODGLOHJDUHLFRQWULEXWLHURJDELOLDLGLYHUVLVRJJHWWLGHOOD ILOLHUD DJOL RELHWWLYL GHOOD OHJJH SUHPLDQGR OH VLQHUJLH GL ILOLHUD VLD RUL]]RQWDOL DVVRFLD]LRQLVPR

(11) VLDYHUWLFDOL LQWHJUD]LRQLWUDRSHUDWRULGLGLYHUVROLYHOOR

(12) 'RSRDYHUGHVFULWWROHILOLHUHGHOELDQFRHGHOQHURFRQLULVSHWWLYLDWWRULVRQR VWDWHPHVVHLQOXFHOHFULWLFLWjFKHODOHJJHGRYUHEEHFRQWULEXLUHDULPXRYHUH H ULFHUFDWH DOFXQH VROX]LRQL VSHFLILFKH YDOLGH SHU FLDVFXQ VHJPHQWR /·LQGLFD]LRQH GL SDUDPHWUL RJJHWWLYL GD FRQVLGHUDUH QHOO·HURJD]LRQH GHL FRQ WULEXWLqVWDWRLOSDVVRVXFFHVVLYRPDQWHQHQGREHQVHSDUDWHOHGXHILOLHUHGHO WDUWXIRELDQFRHQHURDOILQHGLULVSHWWDUQHOHVSHFLILFLWjVWUXWWXUDOLHWHFQLFR HFRQRPLFKH /DVHFRQGDD]LRQHGHVFULWWDLQGHWWDJOLRQHOSUHVHQWHUDSSRUWRKDSHURELHW WLYRORVWXGLRGHOOHFDUDWWHULVWLFKHHGHOOHSRWHQ]LDOLWjGHOODILOLHUDGHLSURGRWWL WUDVIRUPDWLDEDVHGLWDUWXIRLQ3LHPRQWH 6L q SDUWLWL GD XQ LQTXDGUDPHQWR JHQHUDOH GHO PHUFDWR DJJLRUQDQGR RYH SRVVLELOH LO TXDGUR UHODWLYR DOOH SURGX]LRQL H DO FRPPHUFLR UDJLRQDQGR VXOOH QRWH GLIILFROWj GL TXDQWLILFD]LRQH H GHVFULYHQGR O·DQGDPHQWR GHL SUH]]L H OH GLQDPLFKHDOLYHOORJOREDOH ,QVHJXLWRqVWDWDFRQGRWWDXQ·LQGDJLQH GLUHWWDVXOOHLPSUHVHGL WUDVIRUPD]LR QHVLDLQWHUULWRULRSLHPRQWHVHGRYHVRQRVWDWHLQWHUYLVWDWHOHSULQFLSDOLUHDOWj VLDQHOOH0DUFKHUHJLRQHLQGLYLGXDWDFRPHHVHPSLRGLILOLHUDDIIHUPDWD &RQVLGHUDWRFKHORVYLOXSSRGHOODILOLHUDGHOWDUWXIRQHURqVWUHWWDPHQWHOHJDWR DOVXFFHVVRGHOOHFROWLYD]LRQLFRPHGLPRVWUDO·HVHPSLRPDUFKLJLDQRVLVRQR 7.

(13) 6WXGLRGHOOHILOLHUHGHLSURGRWWLWUDVIRUPDWLDEDVHGLWDUWXIRLQ3LHPRQWH. TXLQGLULYLVWLLPRGHOOLUHODWLYLDOOHSLDQWDJLRQLWDUWXILFROHDJJLRUQDQGRQHLGDWL WHFQLFLHGHFRQRPLFL 3HU TXDQWR ULJXDUGD LQYHFH LO ELDQFR OD FXL SURGX]LRQH SXz HVVHUH VROR PL JOLRUDWDDWWUDYHUVRRSSRUWXQLLQWHUYHQWLVXOOHWDUWXIDLHQDWXUDOLFLVLqRFFXSDWL GLLQGLYLGXDUHXQSLDQRGLFROWXUDFRQJUXHQWHGDOSXQWRGLYLVWDWHFQLFRHVR VWHQLELOHHFRQRPLFDPHQWH ,O UDSSRUWR VL FRQFOXGH FRQ DOFXQH FRQVLGHUD]LRQL UHODWLYH DOOD YDORUL]]D]LRQH FRPSOHVVLYDGHOVHWWRUH DWWUDYHUVRLQWHUYHQWLFRRUGLQDWLHPLUDWL DOORVYLOXSSR GHLWHUULWRULYRFDWL . ,OPHUFDWR /HLQIRUPD]LRQL TXDQWLWDWLYHVXOPHUFDWR GHLWDUWXILVRQRFRPHqQRWRSDUWL FRODUPHQWH VFDUVH QRQ WURSSR DJJLRUQDWH H SRFR DWWHQGLELOL /H FDXVH GL TXHVWHGLIILFROWjVRQRLQSDUWHGDLPSXWDUHDOOHFDUDWWHULVWLFKHLQWULQVHFKHGHO PHUFDWRFKHVLEDVDVXWUDQVD]LRQLLQIRUPDOLOHJDWHDWUDWWDWLYHLQGLYLGXDOLHG LQ SDUWH DOOD VFDUVD ´FRHUHQ]Dµ HG ´DFFXUDWH]]Dµ GHOOH VWDWLVWLFKH GL VHWWRUH FRVuFRPHULFRQRVFHORVWHVVR,VWDW

(14) WDQWRFKHQHOOHVHULHGLSURGX]LRQH GHLWDUWXILVRQRSUHVHQWLQXPHURVHDPELJXLWjHGDOFXQLHUURULSDOHVL 1RQRVWDQWHFLzVLqFHUFDWRGLDJJLRUQDUHHGLQWHUSUHWDUHLGDWLGLVSRQLELOLUL FRUUHQGRDQFKHDSLIRQWL3HUWDOLUDJLRQLLFRPPHQWLSUHVHQWDWLYDQQROHWWL DOODOXFHGHOOHGLIILFROWjHYLGHQ]LDWH 6LqSRLWHQWDWRGLVWLPDUHODSURGX]LRQHUHJLRQDOHVXOODEDVHGLDOFXQHQRVWUH LSRWHVLIRUPXODWHSDUWHQGRGDGDWLUHODWLYLDOVHWWRUH 1HOOD VXFFHVVLYD WDEHOOD 7DE

(15) H QHO UHODWLYR JUDILFR )LJ

(16) VRQR ULSRUWDWL L GDWLGLVSRQLELOLGHOOHTXDQWLWjGLWDUWXILQHLWUHSULQFLSDOL3DHVLSURGXWWRULHXUR SHL /H IRQWL FRQVXOWDWH VRQR GL QDWXUD ELEOLRJUDILFD SL SUHFLVDPHQWH SHU O·,WDOLD OD IRQWH SULPDULD q O·,67$7 DQQL GLYHUVL

(17) PHQWUH SHU )UDQFLD H 6SDJQD QRQVLqFHUWLGHOODSURYHQLHQ]DGHLGDWLXWLOL]]DWLGDJOL$XWRULFLWDWL2OWUHDFLz OH VHULH GL RVVHUYD]LRQL QRQ VRQR RPRJHQHH SHUFKp FRPSUHQGRQR SHU )UDQ 8.

(18) 6WXGLRGHOOHILOLHUHGHLSURGRWWLWUDVIRUPDWLDEDVHGLWDUWXIRLQ3LHPRQWH. FLD H 6SDJQD LO QHUR SUHJLDWR HG LO EUXPDOH PHQWUH SHU O·,WDOLD LO ELDQFR OR VFRU]RQHHGLOQHURSUHJLDWR 7DE3URGX]LRQLGLWDUWXIRQHLWUHSULQFLSDOLSURGXWWRULHXURSHL W

(19) ,WDOLD $QQR )UDQFLD 6SDJQD 7XEHUPHODQRVSRUXPH7EUXPDOH 5H\QD'RPHQHFK

(20) 7PDJQDWXP7DHVWLYXPH7PHODQRVSRUXP QVHODERUD]LRQHGDWL3HWWHQHOODH,67$7ULSRUWDWL GD+DOOHW$O

(21) . )LJ²$QGDPHQWRGHOOHSURGX]LRQLGLWDUWXIRQHLWUHSULQFLSDOLSURGXWWRULHXURSHL W

(22) . )RQWHQVHODERUD]LRQLGDWL5H\QD'RPHQHFKH3HWWHQHOODHW$OFLWDWRGD+DOOHW$O,O GDWRLWDOLDQRGHOqVWDWRHVFOXVRSHUFKpLQFRQJUXR W

(23) . $FRPPHQWRGHLGDWLULSRUWDWLQHOTXLQGLFHQQLRVLQRWDFRPHO·,WDOLDSUHVHQWL SURGX]LRQLVHPSUHQHWWDPHQWHVXSHULRULDTXHOOHGHJOLDOWULGXH3DHVL WUDQQH 9.

(24) 6WXGLRGHOOHILOLHUHGHLSURGRWWLWUDVIRUPDWLDEDVHGLWDUWXIRLQ3LHPRQWH. SHULO

(25) PHQWUHOD)UDQFLDHOD6SDJQDFKHQRQVXSHUDQRTXDVLPDLOH WRQQHOODWH DQQXH PRVWUDQR YDULD]LRQL DEEDVWDQ]D VLPLOL IRUVH OHJDWH DOO·DQGDPHQWRFOLPDWLFR /HYDULD]LRQLGHOOHSURGX]LRQLLWDOLDQHDSSDLRQRPROWRPDUFDWHHGLGLIILFLOHLQ WHUSUHWD]LRQH,WUHQG WUDFFLDWLSHUOHWUHVHULHQRQPRVWUDQRDQGDPHQWLVWDWL VWLFDPHQWHVLJQLILFDWLYLHVLGLIIHUHQ]LDQRQHWWDPHQWHGDTXHOOLFKHFRQWUDGGL VWLQJXRQRLOOXQJRSHULRGR3HUOD)UDQFLDDGHVHPSLR%RQHW HW$O

(26) UL SRUWDXQGUDVWLFRFDORGHOOHSURGX]LRQLVFHVHGD·DWRQQHOODWHDQQXH QHO VHFROR VFRUVR D VHJXLWR GHL FDPELDPHQWL FOLPDWLFL H GL TXHOOL JHQHUDWL GDOO·XRPR7DOHFDORWURYDFRQIHUPDDQFKHLQ+DOO FLW

(27) FKHULSRUWDXQFUROOR GD·DPHQRWDQQR 3HUO·,WDOLDGDXQSXQWRGLYLVWDTXDOLWDWLYRODVLWXD]LRQHqDQDORJDFRPHH YLGHQ]LDWR LQ XQ UHFHQWH FRQYHJQR GD 7DJOLDIHUUR

(28) DQFKH VH OH VHULH VWRULFKHGHOOHSURGX]LRQLVRQRGLVSRQLELOLVRORGDOHQRQHYLGHQ]LDQRWDOH DQGDPHQWR FIU)LJ

(29) )LJ²$QGDPHQWRGHOOHSURGX]LRQLLWDOLDQHGLWDUWXIR W

(30) . )RQWHQVHODERUD]LRQLVXGDWLULSRUWDWLGD+DOOHW$OSHULOHQVHODERUD]LRQHGDWL0DFUu FRPSHUVRQDOH

(31) . . 10.

(32) 6WXGLRGHOOHILOLHUHGHLSURGRWWLWUDVIRUPDWLDEDVHGLWDUWXIRLQ3LHPRQWH. /·LQWHUSUHWD]LRQHGHLGDWLXIILFLDOLGHOOHSURGX]LRQLUHJLRQDOLSUHVHQWDGLIILFROWj DQFRUD SL HYLGHQWL FRPHPRVWUDQR OH WDEHOOH RULJLQDOL GHOO·,67$7 ULSRUWDWH LQ DOOHJDWR 3HU DWWHQXDUH DOPHQR SDU]LDOPHQWH OH YDULD]LRQL VSHVVR LQVSLHJDELOL R IUXWWR GLHUURULPDWHULDOL FRPHQHOFDVRGHOOD/RPEDUGLDFKHQHOSURGXFHRO WUHNJDIURQWHGHJOLDELWXDOL

(33) qVWDWDFDOFRODWDODPHGLDGHLYDORUL WRWDOLHVLVRQRRUGLQDWHOHUHJLRQLSHU´LPSRUWDQ]DµQHOODSURGX]LRQHGLWDUWX IRDOILQHGLWUDFFLDUHXQTXDGURWHUULWRULDOH3RLFKpLWRWDOLQD]LRQDOLQRQVHP SUHFRLQFLGRQRFRQTXHOOLSUHFHGHQWHPHQWHULSRUWDWL FKHULFRUGLDPRVLED VDQRVXOODVWHVVDIRQWHRULJLQDOHDQFKHVHLQSXEEOLFD]LRQLGLYHUVH

(34) LOFRQIURQ WRUHJLRQDOHYDSUHVRDWLWRORPROWRLQGLFDWLYR 7DE3URGX]LRQLGLWDUWXIRSHU5HJLRQH .J

(35) . )RQWH QV HODERUD]LRQL GDWL ,67$7 DQQL GLYHUVL 3HU LO LQHGLWL FRPXQLFD]LRQH GHO GU 0DFUu GHOO·,67$7 ,O GDWR GHO7UHQWLQR $OWR $GLJH GHO QRQ q VWDWRFRQVLGHUDWR SHU LO FDOFROR GHOOD PHGLD UHJLRQDOHLQTXDQWRSDOHVHPHQWHHUUDWRPHQWUHHQWUDQHOFRPSXWRGHOWRWDOH

(36) . . 3DUWHQGR GDOOH SURGX]LRQL HVSUHVVH LQ .J GL WDUWXIR IUHVFR 7DE H )LJ

(37) LO 3LHPRQWHVLFROORFDDOSRVWRQHOODFODVVLILFDFKHYHGHVWDELOPHQWHLQWHVWD O·8PEULD ODFXLSURGX]LRQHFUHVFHVLQRDOHSRLWRUQDDLOLYHOOLGHJOLDQQL ·

(38) VHJXLWD GD $EUX]]R FKH QHO TXDVL UDJJLXQJH FRQ XQ EDO]R OD SUL PD

(39) HGDOOH0DUFKH6LRVVHUYDDQFRUDFRPHOHSURGX]LRQLUHJLVWUDWHQHO 11.

(40) 6WXGLRGHOOHILOLHUHGHLSURGRWWLWUDVIRUPDWLDEDVHGLWDUWXIRLQ3LHPRQWH. XOWLPR DQQR GHOOH SXEEOLFD]LRQL XIILFLDOL GHOO·,67$7

(41) VL GLVFRVWLQR GL PROWR GD TXHOOHSUHFHGHQWLHVXFFHVVLYHLQPRGRWRWDOPHQWHLQVSLHJDELOH )LJ3URGX]LRQLGLWDUWXILSHU5HJLRQH PHGLDGHJOLDQQL

(42) . )RQWHQVHODERUD]LRQLGDWL,67$7DQQLGLYHUVL. /DVWHVVDFODVVLILFDDOO·LQFLUFDVLRVVHUYDQHOODSURGX]LRQHGHOWDUWXIRELDQFRL FXLGDWLVHSDUDWLGDOQHURVRQRGLVSRQLELOLSHUVROLWUHDQQL FIU)LJ

(43) 6LQRWD FRPH8PEULDH$EUX]]RGDVROHFRSUDQRFLUFDODPHWjGHOODSURGX]LRQHH FRPHLO3LHPRQWHYHQJDQXRYDPHQWHVXSHUDWRDQFKHGDOOD&DPSDQLD )LJ3URGX]LRQLGLWDUWXIRELDQFRSHU5HJLRQHPHGLDDQQLH. )RQWHQVHODERUD]LRQLGDWL,67$7. 12.

(44) 6WXGLRGHOOHILOLHUHGHLSURGRWWLWUDVIRUPDWLDEDVHGLWDUWXIRLQ3LHPRQWH. 3DVVDQGRDFRPPHQWDUHLOYDORUHGHOOHSURGX]LRQL 7DE

(45) LO3LHPRQWHVDOHGL WUH SRVL]LRQL QHOOD FODVVLILFD VHPSUH JXLGDWD GDOO·8PEULD H DQFKH 0DUFKHH 7RVFDQDULVDOJRQR,GDWLLQWDEHOODVRQRHVSUHVVLLQPLJOLDLDGLHXURFRVWDQWL RWWHQXWLGHIOD]LRQDQGRLYDORULFRUUHQWLULSRUWDWLGDOO·,67$7FRQO·LQGLFH JHQHUDOHGHLSUH]]L . 7DE3URGX]LRQLGLWDUWXIRSHU5HJLRQH ¶HXURFRVWDQWL

(46) . )RQWHQVHODERUD]LRQLGDWL,67$7 YHGLDQFKHQRWDSUHFHGHQWHDOODWDE

(47) . . ,O YDORUH FRPSOHVVLYR GHOOD SURGX]LRQH GL WDUWXIL VL DWWHVWD QHO LQWRUQR DL PLOLRQLGLHXURVXGGLYLVLDOFLUFDLQELDQFKLHQHULGRSRHVVHUHVFHVR GDLPLOLRQLGHOTXDQGRWUHTXDUWLFLUFDGHOYDORUHHUDQRGDLPSXWDUH DOELDQFR 5DSSRUWDQGROHSURGX]LRQLHVSUHVVHLQYDORUHDOOHUHODWLYHTXDQWLWjVLRWWLHQH OD VWLPD GHL SUH]]L PHGL GHL WDUWXIL SHU FLDVFXQD UHJLRQH ULDVVXQWD QHOOD VXFFHVVLYD7DE . 13.

(48) 6WXGLRGHOOHILOLHUHGHLSURGRWWLWUDVIRUPDWLDEDVHGLWDUWXIRLQ3LHPRQWH. 7DE3UH]]RPHGLRGHLWDUWXILSHU5HJLRQH HXURFRVWDQWLDO.J

(49) . )RQWHQVHODERUD]LRQLGDWL,67$7. . 6LRVVHUYDFRPHLO3LHPRQWHVLSLD]]LLQTXHVWRFDVRVDOGDPHQWHLQWHVWDFRQ XQSUH]]RPHGLRWRWDOH ELDQFRHQHURLQVLHPH

(50) VXSHULRUHDLʙNJOHJDWR DOFRQWULEXWRGHOWDUWXIRELDQFRG·$OEDHGDOODPDJJLRUHTXDOLWjGHOOHSURGX ]LRQL UHJLRQDOL 7UDODVFLDQGR LO GDWR SLXWWRVWR GXEELR GHO VL QRWD SHUz FRPHLSUH]]LPHGLGHOODQRVWUDUHJLRQHVWLDQRVFHQGHQGRGDLʙNJGHO DL FLUFD GHO D WHVWLPRQLDQ]D IRUVH GHOOR VYLOXSSR GHOOD UDFFROWDGLQHUR HVWLYR

(51) DYYHQXWDQHOO·XOWLPRGHFHQQLR 1RQVHPEUDRSSRUWXQRIDUHXOWHULRULFRPPHQWLVXLSUH]]LFRQVLGHUDWDO·RULJLQH GXEELDGHLGDWL VLRVVHUYLQRDGHVHPSLROHRVFLOOD]LRQLGHOELDQFRSLHPRQWHVH FKHSULPDWULSOLFDHSRLVLGLPH]]D

(52) 9DDQFRUDULOHYDWRFRPHLSUH]]LFRVuFDOFRODWLVLDQRLQWXWWHOHUHJLRQLGLVWDQ WL PROWRLQIHULRUL

(53) DLYDORULGLPHUFDWRSXUFRQVLGHUDQGRWXWWHOHYDULD]LRQLFKH VLUHJLVWUDQRDELWXDOPHQWH ,QUHOD]LRQHDOOHGLIILFROWjGHVFULWWHVLqWHQWDWDXQD VWLPDGHOOHSURGX]LRQLGL WDUWXILQHOODQRVWUD5HJLRQHSDUWHQGRGDOQXPHURGLFHUFDWRULUHJRODULLQSRV VHVVR FLRq GHO WHVVHULQR H LQ UHJROD FRO SDJDPHQWR 7DOH QXPHUR QHOO·XOWLPR TXLQTXHQQLR q RVFLOODWR LQWRUQR DOOH XQLWj FRQVLGHUDQGR LO QRUPDOH WXUQRYHU ,QIDWWL DL YHFFKL FHUFDWRUL FKH DEEDQGRQDQR QH VXEHQWUDQR RJQL. 14.

(54) 6WXGLRGHOOHILOLHUHGHLSURGRWWLWUDVIRUPDWLDEDVHGLWDUWXIRLQ3LHPRQWH. DQQR GHL QXRYL PDQWHQHQGR SL R PHQR FRVWDQWH LO QXPHUR FRPSOHVVLYR H GDQGRVHJQRGLLQWHUHVVHHYLWDOLWjSHULOVHWWRUH 1HOO·LSRWHVLSLXWWRVWRSUXGHQ]LDOHFKHRJQLFHUFDWRUHUDFFROJDDOPHQRNJ GLWDUWXIL ELDQFKLHQHULLQVLHPH

(55) DOO·DQQRULVXOWDXQTXDQWLWDWLYRDQQXRGL TSDULDSLGHOGRSSLRGHOGDWRPHGLRXIILFLDOHULSRUWDWRLQSUHFHGHQ]D FD TFIU7DE

(56) /DVWLPDGHOTXDQWLWDWLYRXQLWDULRGHULYDGDDOFXQLUDJLRQDPHQWLOHJDWLDLFRVWL FKH LO FHUFDWRUH GHYH VRVWHQHUH UDSSUHVHQWDWL HVVHQ]LDOPHQWH GDO WHVVHULQR ʙDQQXL

(57) H GDO PDQWHQLPHQWR GHO FDQH JURVVRPRGR SDUL D ʙDQQRDQLPDOH

(58) DIURQWHGLFRVWLYLFLQLDLʙVLqYDOXWDWRFKHLULFDYL GHEEDQRDOPHQRHVVHUHLQJUDGRQRQVRORGLFRSULUOLPDGLODVFLDUHXQFHUWR PDUJLQH DO FHUFDWRUH SHU ULSDJDUH LO WHPSR GHGLFDWR DOOD FHUFD H DOO·DGGHVWUDPHQWRGHOFDQH ,O GDWR RWWHQXWR q SUREDELOPHQWH DQFRUD VRWWRVWLPDWR DQFKH DOOD OXFH GHO IDWWRFKHHVLVWRQRFRPHqQRWRPROWLFDYDWRULQRQLQUHJROD,QRFFDVLRQHGL DOFXQLFRQIURQWLFRQRSHUDWRULGHOVHWWRUHODVWLPDIDWWDqVWDWDLQIDWWLULWHQXWD DWWHQGLELOH 3HUTXDQWRULJXDUGDLSUH]]LGLPHUFDWR VRQRGLVSRQLELOLDOFXQLERUVLQLRQOLQH FKH SHUPHWWRQR XQD PDJJLRUH WUDVSDUHQ]D ULVSHWWR D TXHVWR SDUDPHWUR /H LQIRUPD]LRQLQRQVRQRWXWWDYLDVHPSUHGLIDFLOHLQWHUSUHWD]LRQHLQTXDQWRQRQ qSUHFLVDWDVHPSUHODTXDOLWjGLULIHULPHQWR SH]]DWXUD

(59) QpLOSXQWRGHOODILOLH UDFXLVLULIHULVFHODTXRWD]LRQHXQFRQWRqLOSUH]]RDOO·LQJURVVRRDOULVWRUDWRUH XQDOWURqTXHOORDOGHWWDJOLR8Q·DOWUDYDULDELOHGDFRQVLGHUDUHqLOPRPHQWR GHOODVWDJLRQHLQIDWWLLSUH]]LVRQRPROWRLQIOXHQ]DWLGDOODGLVSRQLELOLWjGHOSUR GRWWRFKHGLSHQGHDVXDYROWDGDOSHULRGR . 15.

(60) 6WXGLRGHOOHILOLHUHGHLSURGRWWLWUDVIRUPDWLDEDVHGLWDUWXIRLQ3LHPRQWH. ,OFRPPHUFLRLQWHUQD]LRQDOH ,OFRPPHUFLRGHLWDUWXILqUHJLVWUDWRVXOODEDVHGHLGRFXPHQWLGRJDQDOLLQSDU WLFRODUHOHLQIRUPD]LRQLSHULSDHVLH[WUD8(GHULYDQRGDO'RFXPHQWR$PPLQL VWUDWLYR8QLFR '$8

(61) PHQWUHSHULSDHVLHXURSHLVRQRUHJLVWUDWHGDLPRGHOOL ,QWUDVWDWDFTXLVLWLGDOO $JHQ]LDGHOOH'RJDQH ,OVHWWRUHGHLWDUWXILqGHVFULWWRQHOOD1RPHQFODWXUDFRPELQDWD1&GDGXH FRGLFL 1&>7DUWXILIUHVFKLRUHIULJHUDWL@ 1& > 7DUWXIL SUHSDUDWL R FRQVHUYDWL PD QRQ QHOO DFHWR R DFLGR DFHWLFR

(62) @ ,GDWLGLTXDQWLWjHYDORUHVRQROLEHUDPHQWHGLVSRQLELOLSUHVVRLOVLWR&2(:(% ZZZFRHZHELVWDWLW

(63) GDO DO H VRQR VWDWL HODERUDWL ULFRVWUXHQGR OH VHULHVWRULFKHGLLPSRUW²H[SRUWSHUIUHVFRHFRQVHUYDWRHULFDYDQGRLQROWUHOH UHODWLYHVHULHGLSUH]]LSHULSULQFLSDOLSDUWQHUFRPPHUFLDOL /HWDEHOOHHODERUDWHVRQRULSRUWDWHLQDOOHJDWRPHQWUHGLVHJXLWR )LJJ

(64) VLLOOXVWUDQRJOLDQGDPHQWLFRPSOHVVLYLGLLPSRUWH[SRUWWRWDOHHUHODWLYRDLSULQ FLSDOLLQWHUORFXWRULSHUUHQGHUOLSLOHJJLELOLVLSUHVHQWDQRLQ IRUPDDVVHPEOD WDFKHHYLGHQ]LDDQFKHJOLDQGDPHQWLSLVLJQLILFDWLYL 6LqVFHOWRGLQRQDGGHQWUDUVLLQDQDOLVLHFRPPHQWLGLPDJJLRUGHWWDJOLRLQUH OD]LRQHDOOHFLWDWHSUREOHPDWLFKHUHODWLYHDOODTXDOLWjGHLGDWL . 1RPHQFODWXUD&RPELQDWD²1&qLOFRGLFHDGSRVL]LRQLFKHQHLPRGHOOLGLULOHYD]LRQH. VXOO·LQWHUVFDPELRFRPPHUFLDOHXWLOL]]DWLDILQLVWDWLVWLFLHILVFDOLGDOO·,VWDWHGDO0LQLVWHURGHOO·(FRQRPLDH GHOOH)LQDQ]HLGHQWLILFDLOSURGRWWRRJJHWWRGHOODWUDQVD]LRQHFRQO·HVWHUR ,QEDVHDOVLVWHPDGLULOHYD]LRQHVWDWLVWLFDLGDWLH[SRUWFRPSUHQGRQRROWUHDOYDORUHIUDQFRIDEEULFD GHOODPHUFHOHVSHVHDIIHUHQWLDOWUDVIHULPHQWRGHOODPHUFHVRVWHQXWHGDOODIDEEULFDVLQRDOODIURQWLHUD QD]LRQDOHGHOSDHVHHVSRUWDWRUH YDORUH)2%

(65) 6RQRFRQVLGHUDWHVSHVHDIIHUHQWLDOWUDVIHULPHQWRGHOOD PHUFHOHVSHVHGLWUDQVLWRGLDVVLFXUD]LRQHGLFDULFRHVFDULFROHVHQVHULHOHFRPPLVVLRQLLOFRVWRGHJOL LPEDOODJJLHOHVSHVHGLFRQGL]LRQDPHQWR. 16.

(66) 6WXGLRGHOOHILOLHUHGHLSURGRWWLWUDVIRUPDWLDEDVHGLWDUWXIRLQ3LHPRQWH. )LJ²,PSRUWD]LRQLGLWDUWXILIUHVFKLRUHIULJHUDWLWRWDOL PRQGR

(67) HGDLSULQFLSDOL 3DHVLSDUWQHU >TXDQWLWjLQNJYDORULLQʙFRVWDQWL@ . . . . . )RQWHQVHODERUD]LRQLGDWL&2(:(%. . 3DUWHQGRGDOOHLPSRUWD]LRQLGLSURGRWWRIUHVFRQRQVLHYLGHQ]LDQRSDUWLFRODUL WUHQGQpSHUOHTXDQWLWj PHGLDPHQWHLQWRUQRDWRQQHOODWHDQQR

(68) QpSHU LOYDORUH LQWRUQRDOPLOLRQHHPH]]RGLHXUR

(69) 6LVHJQDODQRSHUzIRUWLRVFLOOD]LRQL SHU HQWUDPEHOH VHULH 7DOH DQGDPHQWR VL ULWURYD DQFKH QHOFRPSRUWDPHQWR GHLVLQJROLSDHVLGRYH)UDQFLDH6SDJQDVLFRQWHQGRQRLOSULPRSRVWRLQTXDQ WLWjPHQWUHOD6SDJQDSUHYDOHSHULOYDORUH/DWHU]DqO·8QJKHULDFKHVLSUH VHQWDPROWRGLVWDFFDWDGDLSUHFHGHQWLHGqFRPSDUVDVRORQHJOLXOWLPLDQQL 'DL SULPL 3DHVL O·,WDOLD LPSRUWD FLUFD O· GHO WRWDOH VLD LQ TXDQWLWj FKH LQ YDORUH . 17.

(70) 6WXGLRGHOOHILOLHUHGHLSURGRWWLWUDVIRUPDWLDEDVHGLWDUWXIRLQ3LHPRQWH. )LJ ² (VSRUWD]LRQL GL WDUWXIL IUHVFKL R UHIULJHUDWL WRWDOL PRQGR

(71) H YHUVR L SULQFLSDOL 3DHVL partner >TXDQWLWjLQNJYDORULLQʙFRVWDQWL@ . . . . . )RQWHQVHODERUD]LRQLGDWL&2(:(%. 3HUOHHVSRUWD]LRQLGLSURGRWWRIUHVFRVLHYLGHQ]LDXQWUHQGSRVLWLYRVLDSHUOH TXDQWLWjFKHFUHVFRQRDQQXDOPHQWHGLFLUFDNJLQPHGLDDWWHVWDQGRVL LQWRUQRDOOHWRQQHOODWHQHOVLDSHULYDORULFKHVDOJRQRGL ʙFLU FD RJQL DQQR UDJJLXQJHQGR L PLOLRQL GL ʙ GRSR XQ SLFFR GL ROWUH QHO ,SULPLWUH3DHVLUDSSUHVHQWDQRLGHOWRWDOHHPDQWHQJRQRODVWHVVD SRVL]LRQHVLDSHUTXDQWLWjFKHSHUYDORUH /D)UDQFLDqSHUWDQWRLOSULPRLQWHUORFXWRUHVLDSHUOHLPSRUWD]LRQLFKHSHUOH HVSRUWD]LRQLPHQWUHOD6SDJQDVHFRQGDSHULPSRUWVLFROORFDLQWRUQRDOGH FLPRSRVWRQHOO·H[SRUW. 18.

(72) 6WXGLRGHOOHILOLHUHGHLSURGRWWLWUDVIRUPDWLDEDVHGLWDUWXIRLQ3LHPRQWH. )LJ²$QGDPHQWRGHLSUH]]LGHLWDUWXILIUHVFKLRUHIULJHUDWL>HXURFRVWDQWLDONJ@ . . . . )RQWHQVHODERUD]LRQLGDWL&2(:(%. ,SUH]]LRWWHQXWLGDOUDSSRUWRWUDYDORULHTXDQWLWjLQGLFDQRFKHOHTXRWD]LRQL PHGLHGHLWDUWXILLPSRUWDWLVRQRPROWRLQIHULRULULVSHWWRDTXHOOHGHJOLHVSRUWDWL VHQ]D HYLGHQ]LDUH DOFXQ WUHQG VLJQLILFDWLYR ,QIDWWL OD PHGLD GHOOH RVVHUYD ]LRQLqSDULDʙNJSHUO·LPSRUWHDSHUO·H[SRUW 7DOH ULVXOWDWR GLSHQGH SUREDELOPHQWH GDO PDJJLRU SHVR GHO WDUWXIR ELDQFR QHOOHHVSRUWD]LRQLVHEEHQHOHTXRWD]LRQLFRPSOHVVLYHULVXOWLQRVHPSUHSLXWWR VWREDVVH,SUH]]LSLDOWLVRQRUHJLVWUDWLQHOOHLPSRUWD]LRQLGDOOD)UDQFLDHGDOOD 6SDJQDHQHOOHHVSRUWD]LRQLYHUVROD)UDQFLDHOD*HUPDQLDVHEEHQHLWDUWXIL GLUHWWL QHJOL 6WDWL 8QLWL DEELDQR UHJLVWUDWR XQD IRUWH LPSHQQDWD GHL SUH]]L GDO H VLDQR DWWXDOPHQWH L SL HOHYDWL DWWHVWDQGRVL PHGLDPHQWH IUD L ʙNJ 1HOOH VXFFHVVLYH ILJXUH VL LOOXVWUDO·DQGDPHQWR GHO SURGRWWR FRQVHUYDWR PDQ WHQHQGRODVWHVVDVWUXWWXUDGHLGDWL. 19.

(73) 6WXGLRGHOOHILOLHUHGHLSURGRWWLWUDVIRUPDWLDEDVHGLWDUWXIRLQ3LHPRQWH. )LJ ² ,PSRUWD]LRQL GL WDUWXIL SUHSDUDWL R FRQVHUYDWL WRWDOL PRQGR

(74) H GDL SULQFLSDOL 3DHVL partner >TXDQWLWjLQNJYDORULLQʙFRVWDQWL@ . . . . . )RQWHQVHODERUD]LRQLGDWL&2(:(%. /·DQGDPHQWRFRPSOHVVLYRGHOO·LPSRUWGLWDUWXIL´SUHSDUDWLHFRQVHUYDWLµ FLUFD WDQQRLQPHGLDSHUPLOLRQLGLHXUR

(75) PRVWUDXQWUHQGFDODQWHSRFRVL JQLILFDWLYRVWDWLVWLFDPHQWHSHUFKpOHJDWRHVVHQ]LDOPHQWHDOSLFFRGLILQHDQ QL·DQRVWURDYYLVRGLGLIILFLOHLQWHUSUHWD]LRQHSHUFKpIXRULVFDOD /D)UDQFLDGDVRODUDSSUHVHQWDLOGHOWRWDOHGHOSHULRGRLQTXDQWLWj W DQQXH LQ PHGLD

(76) H SL GHO LQ YDORUH SRFR PHQR GL PLOLRQL GL HXUR DOO·DQQR

(77) FRQIHUPDQGRTXDQWRDFFDGHSHULOSURGRWWRIUHVFR. 20.

(78) 6WXGLRGHOOHILOLHUHGHLSURGRWWLWUDVIRUPDWLDEDVHGLWDUWXIRLQ3LHPRQWH. )LJ²(VSRUWD]LRQLGLWDUWXILSUHSDUDWLRFRQVHUYDWLWRWDOL PRQGR

(79) HYHUVRLSULQFLSDOL 3DHVLSDUWQHU>TXDQWLWjLQNJYDORULLQʙFRVWDQWL@ . . . . )RQWHQVHODERUD]LRQLGDWL&2(:(%. . 3LLQWHUHVVDQWHqO·DQGDPHQWRGHOOHHVSRUWD]LRQLGLFRQVHUYDWLVLRVVHUYDFKH OHTXDQWLWjRVFLOODQRDPSLDPHQWHLQWRUQRDGXQDPHGLDDQQXDGLWRQQHO ODWHFLUFDSLGLYROWHVXSHULRUHDOOHLPSRUWD]LRQL,QYDORUHVLULOHYDXQWUHQG GHFUHVFHQWH DQFKH VH QRQ PROWR VLJQLILFDWLYR D FDXVD GHO SLFFR GHO /DPHGLDGHOSHULRGRVLDWWHVWDFRPXQTXHLQWRUQRDPLOLRQLGLHXUR /D *HUPDQLD SUHGRPLQD LQ TXDQWLWj VHJXLWD GDOOD )UDQFLD PD QHJOL XOWLPL DQQL HQWUDPEH VXELVFRQR XQD IOHVVLRQH D IURQWH GHOOD FUHVFLWD YHUVR JOL 6WDWL 8QLWL3HUTXDQWRULJXDUGDLYDORULLQYHFHOD)UDQFLDUHVWDVDOGDPHQWHLQWHVWD HUDSSUHVHQWDGDVRODLOGHOPHUFDWRGHOO·LQWHURSHULRGR 21.

(80) 6WXGLRGHOOHILOLHUHGHLSURGRWWLWUDVIRUPDWLDEDVHGLWDUWXIRLQ3LHPRQWH. )LJ²$QGDPHQWRGHLSUH]]LGHLWDUWXILSUHSDUDWLRFRQVHUYDWL>HXURFRVWDQWLDONJ@ . . . . . )RQWHQVHODERUD]LRQLGDWL&2(:(%. ,SUH]]LGHLWDUWXILFRQVHUYDWLFDOFRODWLVXOODEDVHGHLGDWLSUHFHGHQWLPRVWUD QRXQFDORDEEDVWDQ]DHYLGHQWHVLDSHULOSURGRWWRLPSRUWDWRFKHSHUTXHOOR HVSRUWDWR&XULRVDPHQWHLOSUH]]RPHGLRGHOO·LPSRUW ʙNJ

(81) qPDJJLRUHUL VSHWWRDTXHOORGHOO·H[SRUW ʙNJ

(82) IRUVHSHUODGLIIHUHQWHQDWXUDGHLSURGRWWL 7UD L SULQFLSDOL SDUWQHU OD )UDQFLD VSLFFD SHU OH TXRWD]LRQL SL HOHYDWH VLD QHOO·LPSRUWFKHVRSUDWWXWWRQHOO·H[SRUW . 22.

(83) 6WXGLRGHOOHILOLHUHGHLSURGRWWLWUDVIRUPDWLDEDVHGLWDUWXIRLQ3LHPRQWH. /DUHGGLWLYLWjGHOOHWDUWXIDLHFROWLYDWH 1HO SUHFHGHQWH UDSSRUWR 0DLVWUHOOL H 0RVVR

(84) VRQR VWDWL PHVVL D SXQWR GXHPRGHOOLGLYDOXWD]LRQHGHOODUHGGLWLYLWjGHOOHWDUWXIDLHFROWLYDWHFKHKDQ QRHYLGHQ]LDWRODFRQYHQLHQ]DGLWDOLFROWXUH6HEEHQHO·LQFHUWH]]DGHOOHSUR GX]LRQLXQLWDDGXQDFHUWDYDULDELOLWjGHLSUH]]LUHQGDSLXWWRVWRGLIILFLOHRJQL WHQWDWLYRGLTXDQWLILFDUHODUHGGLWLYLWjGHOOHWDUWXIDLHqRSSRUWXQRSURFHGHUH RJJLDGXQDJJLRUQDPHQWRGHLULVXOWDWLGHOHIIHWWXDQGROHYDOXWD]LRQLD SUH]]LDWWXDOL $WDOSURSRVLWRGLVHJXLWRVLULDVVXPRQROHSULQFLSDOLFDUDWWHULVWLFKHHGLGDWLIL QDQ]LDUL GHL GXH LPSLDQWL FRQVLGHUDWL GL QHUR SUHJLDWR H GL VFRU]RQH QHOO·LSRWHVL FKH YHQJDQR HIIHWWXDWH OH RSSRUWXQH FXUH FROWXUDOL D VXR WHPSR GHVFULWWH SRWDWXUHODYRUD]LRQLGHOWHUUHQRLUULJD]LRQL

(85) $QFKHSHUOHSURGX]LR QLVLVRQRPDQWHQXWLJOLVWHVVLYDORULLQTXDQWRDOPRPHQWROHSURGX]LRQLQRQ SRVVRQR HVVHUH GHILQLWH FRQ PDJJLRUH GHWWDJOLR PDQFDQGR VXIILFLHQWL GDWL VSHULPHQWDOLVXOOHWDUWXIDLHUHDOL]]DWHLQ3LHPRQWHFKHQRQVRQRDQFRUDLQSLH QDSURGX]LRQH 3HU TXDQWR ULJXDUGD O·LPSLDQWR GL 7XEHU PHODQRVSRUXP FRQ 4XHUFXV SXEH VFHQVOHFDUDWWHULVWLFKHWHFQLFKHVDOLHQWLVRQR SLDQWHPLFRUUL]DWHKD UHJRODULLQWHUYHQWLGLLUULJD]LRQH SRWDWXUDRJQLDQQR ODYRUD]LRQHGHOWHUUHQRDOO·DQQRSHUOHPDOHUEH SURGX]LRQHDWWHVDGDODODQQRNJKDDQQR , GDWL HFRQRPLFL ULIHULWL DO PRPHQWR GHOOD YDOXWD]LRQH FKH FRLQFLGH FRQ O·LQYHVWLPHQWRVRQRLVHJXHQWL FRVWLGLLPSLDQWR ʙKD FRVWLDQQXLGLFROWLYD]LRQHʙKDDQQR FRVWLSHUODUDFFROWD PDQRGRSHUDHFDQH

(86) ʙKDDQQR WDVVRGLLQWHUHVVH UHDOH

(87) XWLOL]]DWRSDULD. 23.

(88) 6WXGLRGHOOHILOLHUHGHLSURGRWWLWUDVIRUPDWLDEDVHGLWDUWXIRLQ3LHPRQWH. ,OULVXOWDWRGHO9$1 9DORUHDWWXDOHQHWWR

(89) qDPSLDPHQWHSRVLWLYRFRQXQSUH] ]R GL YHQGLWD GHO UDFFROWR GL ʙNJ DYHQGR UHPXQHUDWR WXWWL L IDWWRUL SUR GXWWLYLLPSLHJDWL FDQHODYRURGLFHUFDWHUUHQRRFFXSDWRGDOODWDUWXIDLD

(90) ,O9$1ULPDQHSRVLWLYRIHUPHUHVWDQGRWXWWHOHYRFLGLFRVWRHGLSUH]]LILQRD SURGX]LRQLPHGLHDQQXHGLFLUFD.JKD /D ILJXUD D WDO SURSRVLWR HYLGHQ]LD L UDSSRUWL IUD SURGX]LRQL SUH]]L H 9$1 PHWWHQGRLQHYLGHQ]DOHGLYHUVHFRPELQD]LRQLHGLUHODWLYLULVXOWDWL )LJ7DUWXIDLDGLQHURSUHJLDWR9$1 ʙKDDQQR

(91) LQIXQ]LRQHGLSURGX]LRQHHSUH]]R. &RQ SUH]]L VXSHULRUL DL ʙ FRPH DFFDGXWR QHOOD VWDJLRQH FRUUHQWH FRQ TXRWD]LRQLLQWRUQRDʙNJ

(92) LULVXOWDWLVRQR²RYYLDPHQWHDQFRUSLSRVLWLYL DQFKHFRQSURGX]LRQLPLQRULDGHVHPSLRFRQXQSUH]]RGLʙ OLPLWHPDV VLPR FRQVLGHUDWR QHOOD VLPXOD]LRQH

(93) q VXIILFLHQWH XQD SURGX]LRQH LQIHULRUH D .JKDDQQRSHUSDUHJJLDUHLFRVWL3HUWDQWROHYDOXWD]LRQLGDQRLHIIHWWXDWH VRQR SDUWLFRODUPHQWH SUXGHQ]LDOL DO ILQH GL WHQHU FRQWR GHOO·LQFHUWH]]D GHOOH SURGX]LRQLGLTXHVWDFROWXUD 3DVVDQGRDOOHWDUWXIDLHGLVFRU]RQHOHFDUDWWHULVWLFKHWHFQLFKHVDOLHQWLVRQROH VHJXHQWL LPSLDQWRGL7XEHUDHVWLYXPFRQ&RU\OXVDYHOODQD 24.

(94) 6WXGLRGHOOHILOLHUHGHLSURGRWWLWUDVIRUPDWLDEDVHGLWDUWXIRLQ3LHPRQWH. SLDQWHPLFRUUL]DWHKD SRWDWXUDRJQLDQQR ODYRUD]LRQHGHOWHUUHQRDOO·DQQRSHUOHPDOHUEH SURGX]LRQHDWWHVDGDODODQQRNJKDDQQR ,GDWLHFRQRPLFLVRQR FRVWLGLLPSLDQWR ʙKD FRVWLDQQXLGLFROWLYD]LRQHʙKD FRVWLSHUODUDFFROWD PDQRGRSHUDHFDQH

(95) ʙKDDQQR WDVVRGLLQWHUHVVH UHDOH

(96) XWLOL]]DWRSDULD ,O9$1qSRVLWLYRFRQXQSUH]]RGHOWDUWXIRSDULDʙNJDYHQGRUHPXQHUDWR WXWWLLIDWWRULSURGXWWLYLDJOLVWHVVLSUH]]LSUHFHGHQWL &RPHVLQRWDWXWWDYLDLPDUJLQLGLVWDELOLWjVRQRPROWRSLULVWUHWWLFRQVLGHUDWR FKHqVXIILFLHQWHXQFDORGHOODSURGX]LRQHPHGLDGHO VFHQGHQGRDFLUFD NJKDDQQR

(97) SHURWWHQHUHYDORULQHJDWLYLGHO9$1 FIU)LJ

(98) )LJ7DUWXIDLDGLQHURHVWLYR9$1 ʙKDDQQR

(99) LQIXQ]LRQHGLSURGX]LRQHHSUH]]R. '·DOWUDSDUWHDQFKHLQTXHVWRFDVRRFFRUUHULFRQRVFHUHFKHFLVLqDWWHQXWLD VWLPHSUXGHQ]LDOLVRSUDWWXWWRSHUTXDQWRULJXDUGDLSUH]]L 3DUHRSSRUWXQRHYLGHQ]LDUHFKHLQHQWUDPELLFDVLODSULQFLSDOHYRFHGLFR VWR q FRVWLWXLWD GDOO·DFTXLVWR GHOOH SLDQWLQH PLFRUUL]DWH FKH UDSSUHVHQWDQR LO 25.

(100) 6WXGLRGHOOHILOLHUHGHLSURGRWWLWUDVIRUPDWLDEDVHGLWDUWXIRLQ3LHPRQWH. GHO FRVWR GHOO·LPSLDQWR SHU LO QHUR SUHJLDWR H DGGLULWWXUD LO SHU OR VFRU]RQH4XHVWRFRVWRqWRWDOPHQWH´HVWHUQRµFLRqVRVWHQXWRVXOPHUFDWRH WXWWR FRQFHQWUDWR DOO·LQL]LR GHOOD FROWXUD $O FRQWUDULR XQD SDUWH GHL UHVWDQWL FRVWLGLLPSLDQWRHGLJHVWLRQHSXzHVVHUH´LQWHUQDµ OHJDWDFLRqDIDWWRULDS SRUWDWL GLUHWWDPHQWH GDO FRQGXWWRUH

(101) FRPH OD PDQRGRSHUD H OH PDFFKLQH LPSLHJDWH'LFRQVHJXHQ]DTXHVWHYRFLVRQRLQTXDOFKHPLVXUDFRPSULPLELOL DGHVHPSLRUHPXQHUDQGRGLPHQRO·RUDGLODYRURSUHVWDWD ,QGHILQLWLYDO·LPSLDQWRGLXQDWDUWXIDLDULFKLHGHHVERUVLVLJQLILFDWLYLVRSUDWWXW WR LQ VLWXD]LRQL PDUJLQDOL GL WHUUHQL SRFR SURGXWWLYL H DOWULPHQWL QRQ XWLOL]]DWL FKHSRWUHEEHURGLVLQFHQWLYDUHODGLIIXVLRQHGHOODFROWXUD,QROWUHGDOODTXDOLWj GHOOHSLDQWLQHGLSHQGHLOVXFFHVVRGHOODFROWXUDHGqSHUWDQWRLPSHQVDELOHUL VSDUPLDUHVXTXHVWRIDWWRUHSURGXWWLYR 5LDVVXPHQGR LO TXDGUR G·LQVLHPH GHOOHYDOXWD]LRQL SXU SUXGHQ]LDOL LQ TXDQWR EDVDWHVXGDWLWHFQLFLVRORLQSDUWHYHULILFDWLVSHULPHQWDOPHQWHqIRQGDPHQ WDOPHQWHSRVLWLYR5HVWDQR WXWWDYLDDOFXQLIDWWRULFULWLFLFKHFRQGL]LRQDQRQH JDWLYDPHQWHODGLIIXVLRQHGHOODFROWXUD ODIUDPPHQWD]LRQHIRQGLDULDSDUWLFRODUPHQWHDFFHQWXDWDQHLWHUUHQLPDUJL QDOL FRPSRUWD ULGRWWH GLPHQVLRQL GHJOL LPSLDQWL H PDJJLRUH LQFLGHQ]D GHJOL LQYHVWLPHQWL ILVVL FRPH O·LPSLDQWR GL LUULJD]LRQH ,QROWUH JOL DSSH]]DPHQWL GL UL GRWWHGLPHQVLRQLFRQGL]LRQDQRIRUWHPHQWHODSRVVLELOLWjGLRWWHQHUHSURGX]LRQL FRVWDQWLHLQXQDFHUWDTXDQWLWj OD TXDQWLWj OD TXDOLWj HG LO SUH]]R GHO PDWHULDOH YLYDLVWLFR D GLVSRVL]LRQH FKHFRPHVLqGHWWRUDSSUHVHQWDODYRFHSULQFLSDOHGHOO·LQYHVWLPHQWRFRQ GL]LRQDLOVXFFHVVRGHOO·LPSLDQWR OD VFDUVD GLIIXVLRQH GHOOH WHFQLFKH FROWXUDOL H GL UDFFROWD ,QIDWWL OH FRPSH WHQ]H VSHFLDOLVWLFKH ULFKLHVWH VLD SHU OD JHVWLRQH FKH SHU OD UDFFROWD UDSSUHVHQWDQRXQIRUWHYLQFRORDOO·LQJUHVVRQHOPHUFDWRGDSDUWHGLRSHUDWRUL QRQSURIHVVLRQDOL O·LQFHUWH]]D HG L OXQJKL WHPSL GL HQWUDWD LQ SURGX]LRQH ,QIDWWL QRUPDOPHQWH VRQRVXIILFLHQWLDQQLSHUOHSULPHSURGX]LRQLHSHUHQWUDUHDUHJLPHWXWWD YLDQRQYLqFHUWH]]DGHOOHTXDQWLWjSURGRWWHQpGHOODORURFRVWDQ]DDFDXVD GHOO·HOHYDWRQXPHURGLYDULDELOLFKHHQWUDQRLQJLRFRQRQWXWWHVRWWRFRQWUROOR 26.

(102) 6WXGLRGHOOHILOLHUHGHLSURGRWWLWUDVIRUPDWLDEDVHGLWDUWXIRLQ3LHPRQWH. GDSDUWHGHOO·LPSUHQGLWRUH2OWUHDOOHFDUDWWHULVWLFKHVWD]LRQDOLDOODVFHOWDGHO PDWHULDOH YHJHWDWLYR HG DOOH WHFQLFKH FROWXUDOL VRQR LQIDWWL IRQGDPHQWDOL GD XQ ODWR OH FRQGL]LRQL FOLPDWLFKH H GDOO·DOWUR JOL DQGDPHQWL GHO PHUFDWR SHU HQWUDPEL SUHYDOH XQD IRUWH LQGHWHUPLQDWH]]D FRQ LO FRQVHJXHQWH DXPHQWR GHLULVFKLFRQQHVVLHGXQDPLQRUHSURSHQVLRQHDOO·LQYHVWLPHQWR . 27.

(103) 6WXGLRGHOOHILOLHUHGHLSURGRWWLWUDVIRUPDWLDEDVHGLWDUWXIRLQ3LHPRQWH. 9DOXWD]LRQHGHLFRVWLGLLQWHUYHQWRLQWDUWXIDLHQDWXUDOL 3HUFRQWUDVWDUHLOGHFOLQRGHOOHSURGX]LRQLGLWDUWXIRROWUHDOODSURPR]LRQHHG DOOR VYLOXSSR GHOOH WDUWXIDLH FROWLYDWH q LPSRUWDQWH DJLUH VXOOD JHVWLRQH HG LO PLJOLRUDPHQWRGLTXHOOHQDWXUDOL&LzYDOHVRSUDWWXWWRSHULOWDUWXIRELDQFRFKH QRQqFROWLYDELOHPDqLPSRUWDQWHDQFKHSHULOQHURSUHJLDWR &RPHVHPSUHO·HURJD]LRQHGLLQFHQWLYLSXzLQGLUL]]DUHJOLLQWHUYHQWLVXOWHUULWRULR HGqTXLQGLLPSRUWDQWHRWWLPL]]DUOD$WDOILQHFRPHHVSRVWRQHOSUHFHGHQWH UDSSRUWR q RSSRUWXQR SDUDPHWUDUH O·LQGHQQLWj HURJDWD SHU RJQL SLDQWD DO WLSRGLLQWHUYHQWRGHILQHQGRFRQFLzGHLSXQWLVDOGLSHUODJHVWLRQHVLDRUGLQD ULDFKHVWUDRUGLQDULDGHILQLWLQHOSLDQRFROWXUDOH (· RSSRUWXQR SUHFLVDUH FKH JOL LQWHUYHQWL FRQVLGHUDWL HG L UHODWLYL FRVWL IDQQR ULIHULPHQWRDOODPDQXWHQ]LRQHRUGLQDULDHVWUDRUGLQDULDGLWDUWXIDLHSURGXWWLYH FRVWLWXLWHGDSLDQWHVLQJROHLQILODULRGLYHUVDPHQWHUDJJUXSSDWH$OWURWLSRGL LQWHUYHQWR q SHU FRQWUR QHFHVVDULR LQ FRQWHVWL DEEDQGRQDWL R GHJUDGDWL LO FXL UHFXSHUR ULFKLHGH RSHUD]LRQL SL FRPSOHVVH FRQ FRVWL PROWR SL HOHYDWL FKH HVXODQR GDOOH SUHVHQWL YDOXWD]LRQL LQ TXDQWR ULFKLHGRQR XQ SURJHWWR GL UHFXSHURVSHFLILFR &RPH PDQXWHQ]LRQH RUGLQDULD VL LQWHQGRQR WXWWH OH RSHUD]LRQL QHFHVVDULH D PDQWHQHUHODWDUWXIDLDLQSURGX]LRQHLQFRQGL]LRQLRWWLPDOLVYROWHFRQFDGHQ ]D DQQXDOH R LQIUDDQQXDOH FRQ TXHOOD VWUDRUGLQDULD VL LQWHQGRQR LQYHFH OH RSHUD]LRQL FROWXUDOL VYROWH XQD WDQWXP FRPH DG HVHPSLR GLUDGDPHQWL H UH JLPD]LRQH GHOOH DFTXH 6L WUDWWD GL LQWHUYHQWL L FXL HIIHWWL QRQ VL HVDXULVFRQR QHOO·DQQR GL HVHFX]LRQH PD VL ULYHUEHUDQR VX XQ SHULRGR SL OXQJR FKH VL q LSRWL]]DWRFRLQFLGHUHFRQODGXUDWDGHOSLDQRFROWXUDOHSDULDDQQL /H RSHUD]LRQL GL PDQXWHQ]LRQH VRQR VYROWH JHQHUDOPHQWH GDL SURSULHWD ULFRQGXWWRULHQRQGDQQRRULJLQHDFRVWLHVWHUQLDOPHQRSHULOFRPSHQVRGHO ODPDQRGRSHUDPHQWUHSHUO·XVRGHOOHPDFFKLQHLFRVWLVRQRPROWRFRQWHQX WLWUDWWDQGRVLGLRSHUD]LRQLSHUORSLPDQXDOL /DYRFHSULQFLSDOHqSHUWDQWRODUHPXQHUD]LRQHGHOODYRURLQWHUQRLOFXLFRVWR qVWDWRYDOXWDWRD´FRVWRRSSRUWXQLWjµLQPLVXUDGLʙKFKHHTXLYDOJRQRDO 28.

(104) 6WXGLRGHOOHILOLHUHGHLSURGRWWLWUDVIRUPDWLDEDVHGLWDUWXIRLQ3LHPRQWH. FRVWR SLHQR GL XQ ODYRUDWRUH VXERUGLQDWR GHO FRPSDUWR DJULFROR FRQ XQD TXDOLILFDPHGLDWXWWLJOLRQHULLQFOXVL 'L VHJXLWR VL ULSRUWD LO FDOFROR GHOOD YDOXWD]LRQH GHL FRVWL DQQXL IRUPDWL GD RUDDSLDQWDSHUDQQRSHUOHRSHUD]LRQLGLPDQXWHQ]LRQHRUGLQDULDHGDRUD DSLDQWDSHUDQQRGLPDQXWHQ]LRQHVWUDRUGLQDULDGHULYDQWHGDOODVXGGLYLVLRQH GHOOHRUHGHOO·LQWHUYHQWRSHULOSHULRGRGLYDOLGLWj . 7DE&DOFRORGHLFRVWLGLPDQXWHQ]LRQHRUGLQDULDHVWUDRUGLQDULDSHUOHWDUWXIDLHQD WXUDOL 'XUDWD. &RVWRRUD ULR. ,PSRUWR. KWRWDOL KDQQR. ʙK. ʙDQQR. 0$187(1=,21(25',1$5,$ ,QWHUYHQWLDQQXDOLGLFRQWH QLPHQWRGHOODYHJHWD]LRQH DUEXVWLYDHGHUEDFHD 0$187(1=,21(675$25', 1$5,$ ,QWHUYHQWLTXLQTXHQQDOLGL FRQWHQLPHQWRGHOODYHJHWD ]LRQHDUERUHDHDOWUHRSHUD ]LRQL 727$/(. . . . . . . . . . . . . . . . . ,OFRVWRFRPSOHVVLYRVWLPDWRqSHUWDQWRSDULDʙSLDQWDDQQRHYDLQWH VRFRPHOLPLWHPDVVLPRDOODOXFHGHOOHLSRWHVLIDWWHSULPDFKHWHQJRQRFRQ WRVLDGHJOLLQWHUYHQWLRUGLQDULFKHGLTXHOOLVWUDRUGLQDUL . /¶LQGDJLQHGLUHWWDSUHVVROHLPSUHVHGLWUDVIRUPD]LRQH $O ILQH GL FRPSUHQGHUH OH UHOD]LRQL HVLVWHQWL DOO·LQWHUQR GHOOD ILOLHUD GHL WDUWXIL QHUL VRQR VWDWH RUJDQL]]DWH GHOOH ULOHYD]LRQL SUHVVR DOFXQH LPSUHVH GL WUDVIRU PD]LRQH/·LQGDJLQHqVWDWDFRQGRWWDQHOOH0DUFKHHGLQ3LHPRQWHSHUHIIHW WXDUHXQFRQIURQWRIUDXQDUHDOWjSLDIIHUPDWDHGXQDLQGLYHQLUH1RQqVWD WR LQYHFH SRVVLELOH HVWHQGHUOD DL YLFLQL IUDQFHVL SHU GLIILFROWj SUDWLFR RUJDQL]]DWLYH,QIDWWLQHOOH0DUFKHLOQRVWURODYRURqVWDWRSRVVLELOHJUD]LHDOGU *UHJRULGHO&HQWURVSHULPHQWDOHGL6DQW·$QJHORLQ9DGRHGDOODVXDGLVSRQLEL OLWjQHOVHOH]LRQDUHHFRQWDWWDUHDOFXQLLQWHUORFXWRULVLJQLILFDWLYLGHOODUHJLRQH 29.

(105) 6WXGLRGHOOHILOLHUHGHLSURGRWWLWUDVIRUPDWLDEDVHGLWDUWXIRLQ3LHPRQWH. 8QULIHULPHQWRORFDOHqFRQGL]LRQHQHFHVVDULDSHUHQWUDUHLQXQFRQWHVWRSR FRQRWRHVRSUDWWXWWRSRFRWUDVSDUHQWHFRPHTXHOORGHOWDUWXIR 3HU LO 3LHPRQWH DO FRQWUDULR JUD]LH DOOH FRQRVFHQ]H SUHJUHVVH 0DLVWUHOOL H 0RVVR

(106) VL VRQR LQWHUSHOODWH GLUHWWDPHQWH OH SULQFLSDOL D]LHQGH RSHUDQWL QHOVHWWRUH /·LQGDJLQH VYROWD KD FDUDWWHUH TXDOLWDWLYR LQ TXDQWR QRQ q EDVDWD VX XQ FDPSLRQDPHQWR VWDWLVWLFR PD VX XQD VFHOWD PLUDWD GHJOL LQWHUORFXWRUL SHU TXHVWR PRWLYR QRQ VDUj SRVVLELOH HIIHWWXDUH GHOOH VWLPH VXOO·LQWHUR XQLYHUVR H VWUDSRODQGR L ULVXOWDWL RWWHQXWL FRQ LO FDPSLRQH PD VL SRWUDQQR FRPXQTXH FRPSUHQGHUHOHUHOD]LRQLHVLVWHQWLIUDLYDULVRJJHWWLGHOODILOLHUDGHOWDUWXIR 3RLFKp8PEULD$EUX]]RH7RVFDQDVRQROHSULPH5HJLRQLSURGXWWULFLFRPHVL HYLQFH GDL GDWL QD]LRQDOL FRPPHQWDWL LQ SUHFHGHQ]D SRWUHEEH HVVHUH LQWH UHVVDQWH LQ IXWXUR HVWHQGHUH D WDOL 5HJLRQL DOFXQL DSSURIRQGLPHQWL /R VWHVVR YDOHSHU)UDQFLDH6SDJQDODSULPDLQTXDQWRSURGXWWULFHVWRULFDODVHFRQGD LQTXDQWRHPHUJHQWH ,OODYRURVXOWHUUHQRqVWDWRSUHSDUDWRFRQODPHVVDDSXQWRGLXQDVFKHGD UL SRUWDWDLQDOOHJDWR

(107) FKHKDFRVWLWXLWRXQDWUDFFLDSHUOHLQWHUYLVWHVYROWHGL UHWWDPHQWHFRQLUHVSRQVDELOLGHOOHGLWWHFRQWDWWDWHDQFKHVHLFROORTXLVRQR DYYHQXWL ODVFLDQGR DPSLD OLEHUWj DJOL LQWHUORFXWRUL DO ILQH GL IDU HPHUJHUH TXDQWH SL LQIRUPD]LRQL SRVVLELOH WHQXWR FRQWR GHOOH FDUDWWHULVWLFKH LQWULQVH FKHGHOVHWWRUHHGHOOHUHODWLYHGLIILFROWjDSRUUHOHGRPDQGHSLGHOLFDWH /DVFKHGDGLULOLHYRLQL]LDFRQOHDQDJUDILFKHGHOO·D]LHQGDLQFOXGHQGRLULIHUL PHQWLRQOLQHFXLVHJXHXQDSDUWHGHGLFDWDDOOHFDUDWWHULVWLFKHVWUXWWXUDOL GL PHQVLRQL IDWWXUDWR DQQR GL IRQGD]LRQH SULQFLSDOL DWWLYLWj VYROWH

(108) 3URVHJXH VHJXHQGR OD ILOLHUD FRQ LQIRUPD]LRQL UHODWLYH DJOL DFTXLVWL WLSRORJLD IRUQLWRUL SURYHQLHQ]DIRUPHGLLQWHJUD]LRQH

(109) DOODWUDVIRUPD]LRQHHGDOOHYHQGLWH PHU FDWL H PRGDOLWj GL YHQGLWD

(110) $OO·LPSUHQGLWRUH YHQJRQR TXLQGL ULFKLHVWH LQIRU PD]LRQL SL VRJJHWWLYH UHODWLYH DL WUHQG DWWXDOL DOOH DVSHWWDWLYH SHU LO IXWXUR LPPHGLDWR HG DOOH SULQFLSDOL FULWLFLWj GHO VHWWRUH VL FHUFD SRL GL YDOXWDUH OD SURSHQVLRQHDOO·LQQRYD]LRQHFRQGRPDQGHVSHFLILFKHFKHPHWWRQRLQOXFHOD GLQDPLFLWjGHOO·LPSUHVD,OTXHVWLRQDULRVLFRQFOXGHFRQXQDVH]LRQHGHGLFDWD DLOHJDPLFROVHWWRUHSXEEOLFRHFRQLOWHUULWRULR 30.

(111) 6WXGLRGHOOHILOLHUHGHLSURGRWWLWUDVIRUPDWLDEDVHGLWDUWXIRLQ3LHPRQWH. /H LQWHUYLVWH VRQR VWDWH HIIHWWXDWH LQ GXH PRPHQWL GLVWLQWL D OXJOLR QHOOH 0DUFKHHQHOJHQQDLRIHEEUDLRLQ 3LHPRQWHQHOSULPRFDVRVRQRVWDWH LQWHUSHOODWHLPSUHVHQHOVHFRQGR 1RQRVWDQWHO·HVLJXLWjGHOFDPSLRQHHGLOIDWWRFRPHVLqGHWWRFKHODVFHOWD QRQ VLD VWDWD HIIHWWXDWD FRQ FULWHUL VWDWLVWLFL LO JUXSSR RVVHUYDWR SHUPHWWH GL GHILQLUHEHQHOHFDUDWWHULVWLFKHTXDOLWDWLYHGLTXHVWRSHFXOLDUHVHJPHQWRIDW WR GL SRFKLVVLPL RSHUDWRUL FKH UDFFROJRQR H WUDVIRUPDQR O·RIIHUWD GL XQD PL ULDGH GL FHUFDWRUL H GL DOFXQL ´FRQFHQWUDWRULµ ,Q SDUWLFRODUH SHU TXDQWR UL JXDUGDLO3LHPRQWHGHOOHTXDWWURGLWWHVHQWLWHUDSSUHVHQWDQRSLGHOGHO PHUFDWRFRQWUDGGLVWLQWRGDXQJUDQQXPHURGLSLFFROLRSHUDWRUL ,ULVXOWDWLYHQJRQRGLVHJXLWRSUHVHQWDWLLQPRGRVHSDUDWRSHUOHGXHDUHH HVDPLQDWH /·LQGDJLQHQHOOH0DUFKH (·SRVVLELOHGLVWLQJXHUHGXHDUHHWHUULWRULDOLO·DUHD$VFRODQDDLFRQILQLFRQ$ EUX]]RH/D]LRFRQXQDQHWWDSUHYDOHQ]DGLWDUWXIRQHURHOD]RQDGL$FTXD ODJQDDOFRQILQHFRQOD5RPDJQDQRWDDQFKHSHULOWDUWXIRELDQFRG·$OED /HLPSUHVHPDUFKLJLDQHVRQRFDUDWWHUL]]DWHGDGLPHQVLRQLFRQWHQXWHWUDQQH FKH LQ XQ FDVR FKH WURYDQR FRUULVSRQGHQ]D QHOOH IRUPH VRFLHWDULH DGRWWDWH 6UO GLWWH LQGLYLGXDOL H 6QF

(112) H VRQR JHVWLWH GD LPSUHQGLWRUL DEEDVWDQ]D JLRYDQL HWjPHGLDLQWRUQRDLDQQL

(113) 7UDQQHFKHSHUGXHFDVL GLWWHQDWH GRSRLO

(114) VLWUDWWDGLDWWLYLWjFRQXQDOXQJDWUDGL]LRQHHVVHQGRIRQGDWH QHJOLDQQL·HOHULPDQHQWLIUDJOLDQQL·H·,OIDWWXUDWRPHGLRVLDJJLUDLQ WRUQRDLPLOLRQLGLHXURFKHVFHQGRQRDVHVLHVFOXGHODSLJUDQGHFKH QHIDWWXUD$QDORJDPHQWHLOSHUVRQDOHLQD]LHQGD FDOFRODWRVRPPDQGRWL WRODUH VRFL FRDGLXYDQWL IDPLOLDUL H GLSHQGHQWL

(115) DPPRQWD D XQLWj LQ PH GLDFKHVFHQGRQRDVHVLHVFOXGHODSLJUDQGH FRQXQLWjWRWDOL

(116) ,O IDWWXUDWR SHU XQLWj ODYRUDWLYD q PROWR HOHYDWR DPPRQWDQGR LQ PHGLD D ʙXQLWj )LJ

(117) H ULVXOWDQGR FRPSUHVR IUD L ʙXQLWj HG L 7DOHULVXOWDWRYDLQWHUSUHWDWRFRQFDXWHODFRQVLGHUDWRFKHVLWUDWWDGL VROHGLFKLDUD]LRQLYHUEDOLQRQYHULILFDWHFRQHYLGHQ]HGRFXPHQWDOL 31.

(118) 6WXGLRGHOOHILOLHUHGHLSURGRWWLWUDVIRUPDWLDEDVHGLWDUWXIRLQ3LHPRQWH. )LJ )DWWXUDWR SHU XQLWj ODYRUDWLYD ʙXQLWj

(119) LQ IXQ]LRQH GHOOH GLPHQVLRQL QHOOH LPSUHVHPDUFKLJLDQH . 8QDFRQIHUPDYLHQHFRPXQTXHGDOODFRQVWDWD]LRQHFKHLYDORULSLHOHYDWLGL IDWWXUDWRFRLQFLGRQRFRQD]LHQGHFKHVLVSLQJRQRSLDYDQWLQHOODILOLHUD'D VHJQDODUH DQFRUD FKH PHQWUH SHU OH LPSUHVH SL SLFFROH LO IDWWXUDWR q IRUWH PHQWHOHJDWRDOWDUWXIR GDODOGHOWRWDOH

(120) SHUO·LPSUHVDSLJUDQGH HVVRQHUDSSUHVHQWD²VHPSUHDGHWWDGHOWLWRODUHVRORLODVHJXLWRGLXQ SURFHVVRGLGLIIHUHQ]LD]LRQHGHOODSURGX]LRQHFKHSHUPHWWHDOODGLWWDGLHVVH UH SUHVHQWH VX GLYHUVL PHUFDWL FRQWHPSRUDQHDPHQWH H GL JDUDQWLUVL FRVu XQ·DWWLYLWjFRVWDQWHSHUWXWWRO·DQQR /HLPSUHVHFRQWDWWDWHVLGLIIHUHQ]LDQRDQFKHSHUWLSRORJLDGLDWWLYLWjVYROWD LQSUHYDOHLOFRPPHUFLRGLSURGRWWRIUHVFRPHQWUHVRQRLQYHFHSLRULHQ WDWHDOODWUDVIRUPD]LRQH8QDGLWWDLQILQHUDSSUHVHQWDXQHVHPSLRGLILOLHUDFRU WDSRLFKpODVXDDWWLYLWjSDUWHGDOODFROWLYD]LRQHLQWDUWXIDLHFROWLYDWH HGDOOD FHUFDQHOOHQDWXUDOL

(121) HVLVSLQJHVLQRDOODSULPDWUDVIRUPD]LRQHHGDOFRPPHUFLR 3DVVDQGR D FRPPHQWDUH JOL DFTXLVWL q LQWHUHVVDQWH QRWDUH FRPH LO WDUWXIR ELDQFRFRVWLWXLVFDSHUEHQGHLFDVL HVFOXGHQGRTXHOORUHODWLYRDOODILOLHUD FRUWD

(122) ODTXRWDPDJJLRUHGHOYDORUH7UHLPSUHQGLWRULKDQQRGLFKLDUDWRGLDF TXLVWDUHTXDQWLWDWLYLGLELDQFRFRPSUHVLIUDHTDQQRPHQWUHSHUGXHLO ELDQFRUDSSUHVHQWDÓDSULQFLSDOHYRFHµHG´LOµGHOIDWWXUDWR,QVRVWDQ]D. 32.

(123) 6WXGLRGHOOHILOLHUHGHLSURGRWWLWUDVIRUPDWLDEDVHGLWDUWXIRLQ3LHPRQWH. DQFKHQHOOD´SDWULDµGHOQHURqFRQLOELDQFRGL$OEDFKHVLIDQQRLPDJJLRUL DIIDUL FRPH VL HUD JLj SRWXWR FRQVWDWDUH GDOOH SXU LQFHUWH VWDWLVWLFKH VXOOH SURGX]LRQLSUHVHQWDWHLQSUHFHGHQ]D ,QSHVRqLQYHFHORVFRU]RQHO·DFTXLVWR SLULOHYDQWHFRQTXDQWLWDWLYLGLFKLD UDWLFKHYDQQRGDLVLQRDJOLTDQQR8QWLWRODUHKDGLFKLDUDWRSRLGL DFTXLVWDUH EHQ TDQQR GL WDUWXIL VHQ]D VSHFLILFDUQH OD VSHFLH PD DP PHWWHQGRGLDFTXLVWDUH´GLWXWWRµ7PHVHQWHULFXPFRPSUHVR3HULOQHURSUH JLDWROHTXDQWLWjDFTXLVWDWHVRQRSLPRGHVWHHSRVVRQRYDULDUHGDVLQR DTDQQRULVXOWDQGRLPSRUWDQWLVRSUDWWXWWRSHUODGLWWDFKHDWWXDODILOLHUD FRUWD&RPSOHVVLYDPHQWHOHGLWWHODYRUDQRFLDVFXQDLQPHGLDTGLWDUWXIL DOO·DQQR FKH VFHQGRQR D VH VL HVFOXGRQR LO YDORUH SL DOWR TDQQR

(124) HGLOSLEDVVR TDQQRGHOODILOLHUDFRUWD

(125) 1RQ DYHQGR DOFXQ ULVFRQWUR RJJHWWLYR TXHVWL YDORUL EDVDWL VX GLFKLDUD]LRQL YDQQR QXRYDPHQWH WUDWWDWL FRQ XQD FHUWD SUXGHQ]D ,QIDWWL VH VL DSSOLFD D FLDVFXQTXDQWLWDWLYRXQSUH]]RLQGLFDWLYRGLPHUFDWRDQFKHSLXWWRVWRULGRWWR ʙNJ SHU LO ELDQFR SHU OR VFRU]RQH H SHU LO QHUR SUHJLDWR

(126) VL RW WHQJRQR YDORUL GHJOL DFTXLVWL FKH LQ DOFXQL FDVL VRQR VXSHULRUL DO IDWWXUDWR GL FKLDUDWR GDQGR RULJLQH D SL GL XQ GXEELR VXOOD YHULGLFLWj GHL TXDQWLWDWLYL R GHOIDWWXUDWRVWHVVR 3HU GLWWH VX OD SURYHQLHQ]D GHL WDUWXIL q SUHYDOHQWHPHQWH ÓRFDOHµ LQWHQ GHQGR FRQ WDOH WHUPLQH OD UHJLRQH 0DUFKH HG LO YLFLQR $EUX]]R ,Q WUH FDVL YHQJRQRULSRUWDWLDQFKHDFTXLVWLGDO3LHPRQWHSUHYDOHQWLSHUXQDGLWWDFKH ODYRUDPROWRELDQFRG·$OEDFRQGXHVHGLXQDQHOODQRVWUDUHJLRQHDOWULPHQWL OLPLWDWLDOGHOWRWDOH%HQGLWWHDFTXLVWDQRLQPLVXUDGLYHUVDGDOOHUH JLRQL PHULGLRQDOL VHQ]D SDUWLFRODUL GLVWLQ]LRQL &DPSDQLD 0ROLVH %DVLOLFDWD &DODEULD 3XJOLD

(127) PHQWUH VROR WUH DPPHWWRQR GL LPSRUWDUH WDUWXIL GDOO·HVWHUR FLWDQGR6SDJQDH)UDQFLDLQGXHFDVLHDQFKHO·$XVWUDOLDLQXQXQLFRFDVR *OLDFTXLVWLDYYHQJRQRQRUPDOPHQWHWUDPLWHXQDUHWHGLDJHQWLFKHFRQFHQWUDQR O·RIIHUWDPDQRQVRQRUDULLFDVLGLFHUFDWRULFKHSRUWDQRGLUHWWDPHQWHDOOH GLWWHSLSLFFROHLOUDFFROWRGHOODFHUFDJLRUQDOLHUD,QWDOFDVRDOFXQLLPSUHQGLWRUL KDQQRVHJQDODWRODGLIILFROWjFKHVFDWXULVFHGDOODPDQFDWDIDWWXUD]LRQH 33.

(128) 6WXGLRGHOOHILOLHUHGHLSURGRWWLWUDVIRUPDWLDEDVHGLWDUWXIRLQ3LHPRQWH. $ILQLLQGLFDWLYLqXWLOHDQFKHULSRUWDUHDOFXQLSUH]]LVHJQDODWLGDJOLLPSUHQGLWR ULSDUWHQGRGDOORVFRU]RQHHVVRYLHQHDFTXLVWDWRDSUH]]LLQWRUQRDʙNJ FDVR

(129) H FDVL

(130) DIURQWHGLTXRWD]LRQLFKHQHODYHYDQRUDJJLXQWRL ʙNJ SHU VDOLUH DGGLULWWXUD ROWUH L VHJQDOD]LRQH

(131) 7DOH WDUWXIR SXz HVVHUHSRLYHQGXWRIUHVFRDLULVWRUDWRULDGXQSUH]]RGLFLUFD VHJQDOD ]LRQL

(132) RDOFRQVXPDWRUHILQDOHSUHVVRLOSXQWRYHQGLWDD]LHQGDOHILQRD QV ULOLHYR

(133) ,O ELDQFR YLHQH DFTXLVWDWR D SUH]]L FKH YDULDQR GD · D · LQ IXQ]LRQHGHOODGLVSRQLELOLWjVWDJLRQDOH RVVHUYD]LRQL

(134) PHQWUHSHULOQHURSUH JLDWRQRQVRQRVWDWLFRPXQLFDWLLSUH]]LGLDFTXLVWR)UDOHSUREOHPDWLFKHULOH YDWH DQFRUD D SURSRVLWR GHJOL DFTXLVWL VL VHJQDOD OD VWDJLRQDOLWj PDUFDWD FKH FRPSRUWD IRUWL YDULD]LRQL GL SUH]]L GHOOD PDWHULD SULPD H O·HWHURJHQHLWj GHOO·RIIHUWD FKH ULFKLHGH XQPDJJLRUH VIRU]R QHOOD VHOH]LRQHGHOPDWHULDOH(· DOWUHVu VHJQDODWD XQD FUHVFHQWH GLIILFROWj QHO UHSHULUH OD PDWHULD SULPD SHU FDXVH GL PHUFDWR H FOLPDWLFKH &KL ODYRUD LO ELDQFR KD LQILQH HYLGHQ]LDWR LO SUREOHPDGHOFDORSRQGHUDOH DQFKHVXSHULRUHDO

(135) FKHLQFLGHPROWRVXJOL XWLOL /HODYRUD]LRQLHIIHWWXDWHSDUWRQRWXWWHGDOODFHUQLWDHGDOODYDJJLRGHLWDUWXIL RSHUD]LRQLODUJDPHQWHFRQGRWWHDPDQRVHEEHQHDOFXQLWLWRODULVLVLDQRGR WDWL GL DSSRVLWH PDFFKLQH SL R PHQR DUWLJLDQDOL (· LQWHUHVVDQWH RVVHUYDUH FKH JOL VFDUWL GL TXHVWD IDVH SRVVRQR HVVHUH YDORUL]]DWL VLD LQWHUQDPHQWH HQ WUDQGRQHOODSURGX]LRQHGLSUHSDUDWL FRPHQHOFDVRGHLWDUWXILVRWWRPLVXUD

(136) FKHHVWHUQDPHQWHDOFXQLSLFFROLWUDVIRUPDWRULFHGRQRLQIDWWLOHVRWWRPLVXUHR OR VFDUWR DOOH GLWWH SL JUDQGL $OWUL IRUQLVFRQR L YLYDL SHUODPLFRUUL]D]LRQH VLD ORFDOLFKHDOO·HVWHURLQXQFDVRqVWDWDVHJQDODWDODVSHGL]LRQHLQ)UDQFLDLQ XQDOWURLQ6YH]LD $OWUDODYRUD]LRQHFRPXQHDWXWWLJOLLQWHUYLVWDWLqODVWHULOL]]D]LRQHLQDXWRFODYH FKH q OD EDVH SHU TXDOVLDVL XOWHULRUH WUDVIRUPD]LRQH &LQTXH GLWWH VX HIIHW WXDQR DQFKH LO FRQJHODPHQWR PHQWUH SULYLOHJLDQR OR VWRFFDJJLR GHO SUR GRWWRVHPLODYRUDWRLQVDODPRLDHEDQGDVWDJQDWDFKHSHUPHWWHVXFFHVVLYH ODYRUD]LRQL SHU FLUFD DQQL JDUDQWHQGR OD FRQWLQXLWj GHJOL DSSURYYLJLRQDPHQWL. 34.

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jQRUPDWLYHHOHJDWHDLGD]L/HLPSUHVHSLJUDQGLKDQQR XQDYHUDHSURSULDRUJDQL]]D]LRQHGLYHQGLWDEDVDWDVXDJHQWLSURSULPHQWUH OHDOWUHIRUQLVFRQRGHLGLVWULEXWRULFKHFXUDQRLSURSULFRQWDWWL6RORODGLWWDSL JUDQGHIRUQLVFHODGLVWULEX]LRQHRUJDQL]]DWDPHQWUHOHDOWUHRQRQULHVFRQRD JDUDQWLUHLTXDQWLWDWLYLQHFHVVDULRULWHQJRQRWURSSRULGRWWLLPDUJLQLGLJXDGD JQR 4XDWWUR GLWWH KDQQR SUHGLVSRVWR XQ SXQWR YHQGLWD D]LHQGDOH DSHUWR DO SXEEOLFRDQFKHVHTXHVWDIRUPDGLYHQGLWDQRQUDSSUHVHQWDJHQHUDOPHQWH FKH XQD SLFFROD SHUFHQWXDOH GHO WRWDOH HG q XWLOL]]DWD SHU OR SL FRPH UL FKLDPRGLLPPDJLQH ,QILQHQRQRVWDQWHLPSUHVHVLDQRSUHVHQWLVXOODUHWHFRQXQSURSULRVLWRVROR XQDKDXQFDQDOHGLYHQGLWDDWWLYRRQOLQHHQHVVXQDKDGLFKLDUDWRGLYHQGH UHVXOVLWRGLDVWH´HED\µ /·DQGDPHQWRGHOOHYHQGLWH YLHQHGD WXWWLLQGLFDWRFRPHFRVWDQWH FDVL

(138) R LQ FUHVFLWD FDVL

(139) PHQWUH SHU O·RFFXSD]LRQH QRQ VL UHJLVWUDQR DXPHQWL VH QRQ LQ FDVL GL FXL XQR OHJDWR DOOD FROWLYD]LRQH 6XL IRUQLWRUL QRQ VL VRQR VH JQDODWHYDULD]LRQLGLULOLHYRPHQWUHSHULFOLHQWLqFRQFRUGHXQJLXGL]LRSRVLWLYR /HLPSUHVHVLPRVWUDQRSLXWWRVWRGLQDPLFKHHVXFRQGXFRQRUHJRODUPHQWH VSHULPHQWD]LRQL UHODWLYH D QXRYH ULFHWWH VRSSRUWDQGR L UHODWLYL LQYHVWLPHQWL $QFKHVXLPHUFDWLGLVERFFRVLqULOHYDWDXQDFHUWDGLQDPLFLWjFRQLPSUHVH. 35.

(140) 6WXGLRGHOOHILOLHUHGHLSURGRWWLWUDVIRUPDWLDEDVHGLWDUWXIRLQ3LHPRQWH. FKHVWDQQRFHUFDQGRFRQWDWWLLQ2ULHQWHHQHL3DHVLHPHUJHQWLHDOWUHFKH LQWHQGRQRPRGLILFDUHOHPRGDOLWjFRPPHUFLDOL 1RQ VL q ULVFRQWUDWD DOFXQD IRUPD GL LQWHJUD]LRQH VLJQLILFDWLYD WUDQQH SHU LO FDVRGLFROWLYD]LRQHDQFKHVHXQLPSUHQGLWRUHQHKDVHJQDODWRO·LPSRUWDQ]D $OFRQWUDULRVRQRLQWHUHVVDQWLFRPHDQWLFLSDWRLUDSSRUWLGLVFDPELRHVLVWHQWL IUDOHGLYHUVHLPSUHVHFKHVLVSLQJRQRVLQRDOODSURGX]LRQHLQFRQWRWHU]L ,QPHULWRDOODFRQFRUUHQ]DLPSUHQGLWRULODVHJQDODQRFRPHLPSRUWDQWHDOL YHOORORFDOHHVRORLOSLJUDQGHODULSRUWDFRPHSUREOHPDGDSDUWHGHLSUR GXWWRULIUDQFHVL ,Q WUH FDVL VL q UHJLVWUDWD XQ·RSLQLRQH SRVLWLYD QHL FRQIURQWL GHOO·LQWHUYHQWR SXEEOLFRLGHQWLILFDWRXQDQLPHPHQWHFRQOHD]LRQLVYROWHGDOOD5HJLRQH0DU FKHDQFKHVHVLPDQLIHVWDLQPRGLGLYHUVLGDOO·DLXWRDOODSLDQWXPD]LRQHDOOH UHFLQ]LRQL DO VXSSRUWR FRPPHUFLDOH SHU OD SDUWHFLSD]LRQH D ILHUH ,Q HIIHWWL LO VHWWRUHGHOWDUWXIRPDUFKLJLDQRVLPRVWUDDEEDVWDQ]DOHJDWRSXUVHVXGGLYLVR LQGXHGLVWUHWWLFRQXQ·LPPDJLQHXQLWDULDFRQVROLGDWDVXOWHUULWRULRDOODTXDOH FRQWULEXLVFRQRVLDJOLRSHUDWRULSULYDWLFKHLOSXEEOLFR3UREDELOPHQWHDTXH VWD LPPDJLQH FRQWULEXLVFH DQFKH O·DPSLD GLIIXVLRQH GHOOD FROWLYD]LRQH FKH QHJOLXOWLPLDQQLVWDXOWHULRUPHQWHSURJUHGHQGR /·LQGDJLQHLQ3LHPRQWH &RPHDQWLFLSDWRLOVHJPHQWRGHOODWUDVIRUPD]LRQHGHOODQRVWUDUHJLRQHqIRU WHPHQWH FRQFHQWUDWR H GXH VROH LPSUHVH UDSSUHVHQWDQR JUDQ SDUWH GHO PHUFDWR ,O FRPPHUFLR q LQYHFH VYROWR GD QXPHURVL RSHUDWRUL FKH WUDWWDQR TXDQWLWjPRGHVWHVLDFRQQHJR]LWUDGL]LRQDOLFKHWUDPLWHVFDPELLQIRUPDOL ,OQRVWURODYRURKDSUHVRLQFRQVLGHUD]LRQHOHGXHUHDOWjSLVLJQLILFDWLYHHGXH RSHUDWRULSLSLFFROLLQGLYLGXDWLGLUHWWDPHQWHHPROWRGLVSRQLELOL0HQWUHLSUL PLUDSSUHVHQWDQREHQHODWUDVIRUPD]LRQHLVHFRQGLQRQSRVVRQRIDUORSHUFKp QRQ q GDWR FRQRVFHUH LO QXPHUR FRPSOHVVLYR GL TXHVWD WLSRORJLD 4XDOLWDWL YDPHQWHVRQRFRPXQTXHLQWHUHVVDQWLSHUFKpQRQVLGLVFRVWDQRGDLWDQWLDOWUL RSHUDWRULSUHVHQWLQHOODQRVWUDUHJLRQHFKHVLGLYLGRQRIUDFKLFRPPHUFLDFRQ XQSXQWRYHQGLWDHWUDWWDDQFKHDOWULSURGRWWLHFKLLQYHFHFRPPHUFLDVROD 36.

(141) 6WXGLRGHOOHILOLHUHGHLSURGRWWLWUDVIRUPDWLDEDVHGLWDUWXIRLQ3LHPRQWH. PHQWH H WUDWWD TXDVL HVFOXVLYDPHQWH SURGRWWR IUHVFR VIUXWWDQGR OH SURSULH FRQRVFHQ]HFRQLFHUFDWRUL 3DUWHQGRGDLWUDVIRUPDWRULHVVLVRQRJOLXQLFLGLUHWWDPHQWHFRQIURQWDELOLFRQOH LPSUHVH PDUFKLJLDQH H SUHVHQWDQR OH VWHVVH FDUDWWHULVWLFKH VWUXWWXUDOL FRQ IRUPD VRFLHWDULD GLPHQVLRQL H SHUVRQDOH SDUDJRQDELOL ,QIDWWL HQWUDPEH OH LPSUHVHVRQRJHVWLWHGDJLRYDQLHFRDGLXYDWHGDIDPLOLDULKDQQRFLUFD GLSHQGHQWLHIDWWXUDQRLQWRUQRDL PLOLRQLGLHXURDOO·DQQRSHUXQ WHU]ROH JDWLDOVRORWDUWXIR ,FRPPHUFLDQWLVRQRLQYHFHUHDOWjGLGLPHQVLRQLPROWRFRQWHQXWHVLDVWUXWWX UDOPHQWH WLWRODUHSLFRQVRUWHSDUWWLPH

(142) VLDSHUIDWWXUDWRLQIHULRUHD ʙDQQR ,Q XQ FDVR OD GLWWD SUHVHQWD XQ SXQWR YHQGLWD PROWR DWWUDHQWH FRQ XQSLFFRORODERUDWRULRDUWLJLDQDOHSHUODWUDVIRUPD]LRQHHO·HWLFKHWWDWXUDROWUH D GHGLFDUVL DOOD FHUFD VLD SHU FRQWR SURSULR FKH D WLWROR GLPRVWUDWLYR SHU L FOLHQWL LQ WDUWXIDLH GL SURSULHWj 1HOO·DOWUR DO FRQWUDULR OD GLWWD q GLIILFLOPHQWH LQGLYLGXDELOH VXO WHUULWRULR HG RSHUD HVFOXVLYDPHQWH WUDPLWH FRQRVFHQ]H SHU VRQDOL FRQ XQD VHGH PLQLPDOH DOO·LQWHUQR GHOOD UHVLGHQ]D GHO WLWRODUH YHQ GHQGRLQROWUHYLDLQWHUQHW9DVHJQDODWRDWDOSURSRVLWRFKHTXHVWDFRPSDUH IUD L SULPL ULVXOWDWL GDL PRWRUL GL ULFHUFD LPSLHJDQGR OH SDUROH FKLDYH ´WDUWXIL ELDQFKLG·$OEDµ /H GXH GLWWH GL WUDVIRUPD]LRQH FRPSUDQR SUHYDOHQWHPHQWH GDO 3LHPRQWH VSLQJHQGRVLVLQRLQFHQWUR,WDOLDHVRORVSRUDGLFDPHQWHDOO·HVWHURVIUXWWDQGR GHL ´FRQFHQWUDWRULµ ORFDOL UDSSUHVHQWDWL GD DJULWXULVPL PDFHOOHULH H SLFFROL QHJR]LFKHVHUYRQRDQFKHDJDUDQWLUHLOSURGRWWRHSRVVRQRHPHWWHUHIDWWXUD ,QXQFDVRTXHVWDRUJDQL]]D]LRQHSHUPHWWHODWUDFFLDELOLWjGHLORWWLDOPHQRVL QR DO ´FRQFHQWUDWRUHµ , SLFFROL FRPPHUFLDQWL FRPSUDQR LQYHFH HVFOXVLYD PHQWHLQ3LHPRQWH DQFKHGDLFHUFDWRULHVHQWRQRTXLQGLPDJJLRUPHQWHOD SUREOHPDWLFDGHOODPDQFDWDIDWWXUD]LRQH 6HPSUHDSURSRVLWR GHOODSURYHQLHQ]DXQWUDVIRUPDWRUHKDVHJQDODWRFRPH TXDOLWj QHJDWLYD GHOOH SURGX]LRQL VSDJQROH GL QHUR SUHJLDWR LO IRUWH FDOR SRQGHUDOHFKHOHFRQWUDGGLVWLQJXH$VXRGLUHODFDXVDGHOFDORqGDOHJDUH DOO·RULJLQHGDWDUWXIDLHFROWLYDWHHGLUULJDWH1RQRVWDQWHVLWUDWWLGLXQDYRFH 37.

(143) 6WXGLRGHOOHILOLHUHGHLSURGRWWLWUDVIRUPDWLDEDVHGLWDUWXIRLQ3LHPRQWH. iVRODWD YD WHQXWD SUHVHQWH SHUFKp SRWUHEEH LQIOXHQ]DUH O·DSSUH]]DPHQWR GL TXHVWRWDUWXIRFROWLYDWRHGqPHULWHYROHGLDSSURIRQGLPHQWLQHOIXWXUR 3HU TXDQWR ULJXDUGD OD WUDVIRUPD]LRQH OH GXH GLWWH KDQQR LQ FRPXQH XQ·DPSLD JDPPD GL DUWLFROL DQFKH VH XQD q SL FRQFHQWUDWD VXL SURGRWWL D EDVHGLWDUWXIRPHQWUHO·DOWUDODYRUDVRSUDWWXWWRLIXQJKL,QHQWUDPELLFDVLJOL DUWLFROL YHQGXWL VRQR LQIDWWL PROWR QXPHURVL ROWUH H ROWUH

(144) PHQWUH OD YHQGLWDGLWDUWXILIUHVFKLQRQVXSHUDLOGHOIDWWXUDWRDOFRQWUDULRGLTXDQWR DFFDGHSHULFRPPHUFLDQWLGRYHVLDUULYDDQFKHVLQRDO /D GHVWLQD]LRQH GHL SURGRWWL q VLPLOH SHU WXWWH OH TXDWWUR GLWWH XQ WHU]R FLUFD GHLWUDVIRUPDWLUHVWDVXOPHUFDWRQD]LRQDOHPHQWUHLOUHVWDQWHVLGLYLGHIUD(X URSDHUHVWRGHO0RQGR,OIUHVFRqYHQGXWRWUDPLWHFRUULHUHLQWXWWRLOPRQGR DQFKHVHSUHYDOJRQROHGHVWLQD]LRQLHXURSHH , WUDVIRUPDWRUL FRPH QHOOH 0DUFKH KDQQR XQD UHWH GL YHQGLWD RUJDQL]]DWD FRQQXPHURVLUDSSUHVHQWDQWLLQ,WDOLDHDOWUHWWDQWLGLVWULEXWRULDOO·HVWHURHXQRR SL SXQWL YHQGLWD SUHVVR O·D]LHQGD GL SURGX]LRQH R VXO WHUULWRULR /D ULFHUFD GL QXRYL VERFFKL FRPPHUFLDOL q FRVWDQWH VRSUDWWXWWR SHU L GXH WUDVIRUPDWRUL FKH SDUWHFLSDQR UHJRODUPHQWH D ILHUH LQWHUQD]LRQDOL GHO VHWWRUH DOLPHQWDUH 7DOH DWWLYLWj q VHJXLWD SHUVRQDOPHQWH GDL WLWRODUL DQFKH FRQ YLDJJL PLUDWL VXL PHUFDWLSLUHPRWLFRPHDYYHQXWRUHFHQWHPHQWHLQ$XVWUDOLDH$PHULFDGHO 6XG /·DQGDPHQWR GL PHUFDWR YLHQH VHQWLWR FRPH SRVLWLYR GDL WUDVIRUPDWRUL XQR GHL TXDOL VWD LQYHVWHQGR LQ PRGR VLJQLILFDWLYR VLD LQ VWUXWWXUH FKH LQ QXRYL LP SLDQWLHFRPHFRVWDQWHGDSDUWHGHLFRPPHUFLDQWLFKHQRQHVSULPRQRSDU WLFRODULGLIILFROWj 'DOSXQWRGLYLVWDGHOO·LQQRYD]LRQHHQWUDPEHOHD]LHQGHWUDVIRUPDWULFLFRPH TXHOOH PDUFKLJLDQH VSHULPHQWDQR QHO FRQWLQXR QXRYH ULFHWWH (QWUDPEH VL IUHJLDQRGHOPDUFKLRGHOO·HFFHOOHQ]DDUWLJLDQDSHULSURGRWWLVRWWRYHWUR,QRO WUHXQDGHOOHGXHqIRUWHPHQWHLPSHJQDWDQHOODULFHUFDGLQXRYLSURGRWWLFR PH QHO FDVR GHOOD ´VIHULILFD]LRQHµ GHO VXFFR GL WDUWXIR QHUR FIU KWWSZZZ\RXWXEHFRPZDWFK"Y YW])GY$[F

(145) RODSURGX]LRQHGL´SHWDOLµ GLVLGUDWDWLGLELDQFRHQHURSUHJLDWR 38.

(146) 6WXGLRGHOOHILOLHUHGHLSURGRWWLWUDVIRUPDWLDEDVHGLWDUWXIRLQ3LHPRQWH. 1RQ PDQFDQR FRPXQTXH DOFXQH VLJQLILFDWLYH SUREOHPDWLFKH GD XQ ODWR VL VHJQDODSHULOPHUFDWRLQWHUQR VRSUDWWXWWRSLHPRQWHVH

(147) ODVFDUVDFRQRVFHQ]D QHL FRQIURQWL GHL WDUWXIL QHUL GDOO·DOWUR VX TXHOOR HVWHUR OD GLVSDULWj GHOOH DOL TXRWH,9$DSSOLFDWHDLWDUWXILGDSDUWHGL)UDQFLDH6SDJQDFKHFUHDQRVTXL OLEUL QHOOD FRQFRUUHQ]D ,QROWUH OH HVSRUWD]LRQL GL IUHVFR QHJOL 6WDWL 8QLWL VRQR SHQDOL]]DWHGDOO·DSSOLFD]LRQHGLXQGD]LRSDULDOGHOYDORUH FKHSXzHV VHUHVXSHUDWRGDSURGRWWLFRPHL´SHWDOLµ

(148) HLQILQHVLVHJQDODQRSUREOHPLVHUL FRQOD)UDQFLD DFFXVHGLIURGHFRPPHUFLDOH

(149) SHUOHGLIIHUHQWLGHQRPLQD]LRQL ÝROJDULµ GHL WDUWXIL FRQVHUYDWL QRQ SRWHQGRVL DGRSHUDUH VX WDOH PHUFDWR OD GHQRPLQD]LRQH´QRLUµDOGLIXRULGHOQHURSUHJLDWR ,OTXDGURWUDFFLDWRGDJOLLPSUHQGLWRULSLHPRQWHVLLQPHULWRDOODVLWXD]LRQHJH QHUDOH q FRPXQTXH VWDELOH R LQ FUHVFLWD VLD SHU OH YHQGLWH FKH SHU O·RFFXSD]LRQH 'DO FRQIURQWR GHOOH GXH UHDOWj HVDPLQDWH HPHUJH LQ VLQWHVL FKH QHOOH 0DU FKH q SRVVLELOH HYLGHQ]LDUH XQ ´VLVWHPDµ GHO WDUWXIR FKH SDUWH GDOOD SURGX ]LRQHGHOOHSLDQWLQHQHOFHQWURGL6DQW·$QJHORLQ9DGRHVLVSLQJHVLQRDOODWUD VIRUPD]LRQH(VVRqFDUDWWHUL]]DWRGDUHOD]LRQLDEEDVWDQ]DVWUHWWHIUDJOLRSH UDWRUL DQFKH VHQ]D DUULYDUH D YHUH LQWHJUD]LRQL FRQWUDWWXDOL /D FROWLYD]LRQH GLIIXVDHFRQVROLGDWDqLQHVSDQVLRQHHGqFRQWUDGGLVWLQWDGDXQLWjFROWXUDOL GLGLPHQVLRQLDGHJXDWHFRPSDUDELOLFRQTXHOOHIUDQFHVL7DOHTXDGURqIDYR ULWRGDXQODWRGDOODSUHVHQ]DGLGXHGLVWUHWWLSURGXWWLYLDEEDVWDQ]DEHQLGHQWL ILFDWLLOSLPHULGLRQDOHGHGLFDWRDOQHURHTXHOORGL$FTXDODJQDDOELDQFR GDOO·DOWUR GDOO·DSSRJJLR LVWLWX]LRQDOHFKH DEEUDFFLD WXWWD OD ILOLHUD GDO YLYDLR DOODFRPPHUFLDOL]]D]LRQH 3HUFRQWURLQ3LHPRQWHDOGLOjGHOO·LPPDJLQHFUHDWDVXOELDQFRG·$OEDLO´VL VWHPDµWDUWXIRqGLIILFLOPHQWHLGHQWLILFDELOHQRQHVVHQGRYLFRUULVSRQGHQ]DIUD SURGRWWR H VWUXWWXUD SURGXWWLYD UHDOH ,QIDWWL FRPH q QRWR LO ELDQFR G·$OED YLHQH IRQGDPHQWDOPHQWH FRPPHUFLDOL]]DWR IUHVFR H QRQ QHFHVVLWD TXLQGL GL XQD SDUWLFRODUH ILOLHUD GL WUDVIRUPD]LRQH /·LQGDJLQH KD PHVVR LQ OXFH O·HVLVWHQ]D GL SRFKL WUDVIRUPDWRUL GRWDWL GL JUDQGL FDSDFLWj SURIHVVLRQDOL PD SLXWWRVWRLQGLSHQGHQWL1HOVHWWRUHGHOWDUWXIRUHJLRQDOHWDOHLQGLYLGXDOLWjqDO 39.

(150) 6WXGLRGHOOHILOLHUHGHLSURGRWWLWUDVIRUPDWLDEDVHGLWDUWXIRLQ3LHPRQWH. TXDQWRGLIIXVDDQFKHQHJOLDOWULVHJPHQWLGRYHJOLRSHUDWRULVRQRSLQXPHUR VL/DPDQFDQ]DGLFRRUGLQDPHQWRqVWDWDLQIDWWLULVFRQWUDWDDWXWWLLOLYHOOLGDL FHUFDWRUL DOOH ILHUH DL GLYHUVL VRJJHWWL SXEEOLFL FRLQYROWL 1RQ VL GHYH GLPHQWL FDUHFKHWDOHFRPSRUWDPHQWRqDVVRFLDELOHDOOHSHFXOLDULWjGLQRQWUDVSDUHQ ]D WLSLFKH GHO ELDQFR FKH VL PDQLIHVWDQR OXQJR WXWWD OD ILOLHUD GDOOD FHUFD QRWWXUQD DOOD FRPPHUFLDOL]]D]LRQH IXRUL PHUFDWR H FKH QRQ IDYRULVFRQR DI IDWWRODQDVFLWDGLUHOD]LRQLGLVLVWHPD /·DXPHQWRGHOODSUHVHQ]DVXOPHUFDWRGLWDUWXILQHULDYUHEEHSHUWDQWRXQHI IHWWR SRVLWLYR VXO VHJPHQWR GHOOD WUDVIRUPD]LRQH H SUREDELOPHQWH VXOO·LQWHUR VLVWHPDGDWRFKHVDUHEEHIUXWWRGLFROWLYD]LRQLFRQGRWWHDOODOXFHGHOVROH(· LQROWUHSUREDELOHFKHO·DXPHQWRGHOO·RIIHUWDORFDOHSHUPHWWDXQDFUHVFLWDGHO OHSLFFROHLPSUHVHGLWUDVIRUPD]LRQHJLjSUHVHQWL . 5LIOHVVLRQLFRQFOXVLYHHSURSRVWHGLVYLOXSSR &RPHqGDWHPSRQRWRHFRPHDEELDPRSRWXWRFRQVWDWDUHGLUHWWDPHQWHL GDWLVWDWLVWLFLGLVSRQLELOLVXOPRQGRGHOWDUWXIRVRQRSDUWLFRODUPHQWHLQDIILGDELOL 4XHVWD GLIILFROWj FRQGL]LRQD VHQ]D GXEELR OD FDSDFLWj GL JRYHUQDQFH GHO VHWWRUH SHU SUHQGHUH GHFLVLRQL D IURQWH GL ULVRUVH OLPLWDWH q IRQGDPHQWDOH FRQRVFHUHHGLQWHUSUHWDUHFRUUHWWDPHQWHOHGLQDPLFKHLQDWWRDQWLFLSDQGROH VH q SRVVLELOH ² SHU DVVHFRQGDUH JOL DVSHWWL SRVLWLYL H FRQWUDVWDUH TXHOOL QRQ YROXWL&RQLGDWLXIILFLDOLDWWXDOLFLzQRQqQHSSXUHSHQVDELOHHGqSHUFLzSL GLIILFLOHPHWWHUHLQDWWRXQDÚHJLDµFRPSOHVVLYD 3DUH RSSRUWXQR SHUWDQWR DOPHQR VX VFDOD UHJLRQDOH FHUFDUH GL VXSHUDUH TXHVWDFDUHQ]DVXSSOHQGRDOOHODFXQHHVLVWHQWLFRQLQGDJLQLGLUHWWH&LzYDOH QRQ VROR SHUOH LPSUHVH GL WUDVIRUPD]LRQH FKH KDQQR FRVWLWXLWR O·RJJHWWR GHL QRVWULVIRU]LPDDQFKHSHUOHVWHVVHSURGX]LRQLGLWDUWXIRFKHVRQRODEDVHVX FXLFRVWUXLUHLQWHUYHQWLPLUDWLHGHIILFDFL (·TXLQGLLPSRUWDQWHVHVLYXROHVYLOXSSDUHXQ´VLVWHPDGLJRYHUQRµGHOVHWWR UH FKH JOL RSHUDWRUL H OH ORUR DVVRFLD]LRQL YHQJDQR FRLQYROWL GLUHWWDPHQWH 40.

(151) 6WXGLRGHOOHILOLHUHGHLSURGRWWLWUDVIRUPDWLDEDVHGLWDUWXIRLQ3LHPRQWH. DQFKHQHOORURLQWHUHVVHSHUFROODERUDUHDUDFFRJOLHUHLQPRGRVWUXWWXUDOHOH TXDQWLWjGLSURGRWWRFDYDWRRODYRUDWR4XHVWRSHUPHWWHUHEEHGDXQODWRDO GHFLVRUH SXEEOLFR GL HURJDUH ILQDQ]LDPHQWL SL OHJDWL DL ULVXOWDWL HG DOOH UHDOL GLPHQVLRQLGHLGLYHUVLVHJPHQWLHGDOO·DOWURDJOLRSHUDWRULSULYDWLGLFRQRVFHUH PHJOLR OD SURSULD UHDOWj SURGXWWLYD UHQGHQGR SL WUDVSDUHQWH LO PHUFDWR H DXPHQWDQGRODILGXFLDGHLFRQVXPDWRUL ,OTXDGURFKHHPHUJHGDOO·LQGDJLQHVXOOHLPSUHVHGLWUDVIRUPD]LRQHFRQIHUPD O·HVLVWHQ]D GL SUREOHPL GL QDWXUD VWUXWWXUDOH FKH FRQWUDGGLVWLQJXRQR LO PRQGR GHOWDUWXIR (· HYLGHQWH FKH OH JUDQGL SRWHQ]LDOLWj GL TXHVWR VHWWRUH VRQR VROR LQ SDUWH VIUXWWDWH VRSUDWWXWWR GD SDUWH GHO WDUWXIR ELDQFR PHQWUH SHU LO QHUR YL VRQR DPSLPDUJLQLGLPLJOLRUDPHQWR/RVYLOXSSRGHOODILOLHUDGHOQHURSHUPHWWHUHE EH XOWHULRUL ULFDGXWH RFFXSD]LRQDOL HFRQRPLFKH H DPELHQWDOL QHL WHUULWRUL PDUJLQDOLGRYHVLYRUUHEEHFRQFHQWUDUHODSURGX]LRQH 8QRGHLSUREOHPLHPHUVLqODYLVLRQHSLXWWRVWROLPLWDWDFKHFLDVFXQRSHUDWRUH LQDVVHQ]DGLXQDUHJLDJHQHUDOHPDQWLHQHGHOSURSULRVHJPHQWRVHQ]DDYHU FXUDFLRqGHLUDSSRUWLVWUXWWXUDOLFRQLOWHUULWRULRHFRQJOLDOWULVHJPHQWLSURGXW WLYLIDWWRULTXHVWLLQGLVSHQVDELOLSHUFUHDUHXQVLVWHPDLQWHJUDWR 6LDOHLPSUHVHDOO·DYDQJXDUGLDVLDTXHOOHSLRUGLQDULHOHJDQRLOSURSULRVXF FHVVRDOODJUDQGHDGDWWDELOLWjHDOODFDSDFLWjGLVWDUHVXXQPHUFDWRSHUQXO ODWUDVSDUHQWHVXEHQGRQHOHSHFXOLDULWjRVIUXWWDQGROHDVHFRQGDGHOOHFD SDFLWj ,O WHUULWRULR GLYLHQH FRVu XQLFDPHQWH XQ YHLFROR GL LPPDJLQH H SRFR FRQWDVHLOSURGRWWRDUULYDGDWXWW·DOWUDUHJLRQHHVHLOYDORUHDJJLXQWRQRQVL WUDVIHULVFHDSSLHQRDOOXRJRFKHORJHQHUD /H LPSUHVH FKH RSHUDQR QHO PHUFDWR GHOOD WUDVIRUPD]LRQH DFTXLVWDQR DE ERQGDQWLTXDQWLWDWLYLGLQHURHVWLYRHSUHJLDWRVHQ]DSUHRFFXSDUVLGHOODSUR YHQLHQ]D 7XWWR FLz DYYLHQH LQ XQ FRQWHVWR VHPSUH SL DOODUJDWR H VHPSUH PHQR´GLQLFFKLDµ DOODOXFHGHOODJOREDOL]]D]LRQHQRQVWXSLVFRQR WDUWXILSUR YHQLHQWLGDOOD7DVPDQLDRDOFRQWUDULRVSHGL]LRQLLQ2FHDQLD ,O 3LHPRQWH´SDWULDµ GHO WDUWXIR ELDQFR G·$OED q VROR QRQR QHOOD FODVVLILFD GHOOHUHJLRQLSHUTXDQWLWjJOLVWHVVLGDWLVWDWLVWLFLHYLGHQ]LDQRSHUzXQHOHYDWR 41.