Responsabile del procedimento: Tel: Fax: E-mail:
Responsabile dell’istruttoria: dott.ssa Sara De Biaggi Tel: Fax: E-mail: debiaggi@comune.trieste.it Addetto alla trattazione della pratica: dott.ssa Sara De Biaggi Tel: Fax: E-mail: debiaggi@comune.trieste.it
comune di trieste piazza Unità d’Italia 4 34121 Trieste www.comune.trieste.it partita iva 00210240321
AREA RISORSE ECONOMICHE E FINANZIARIE
REG. DET. DIR. N. 3119 / 2011
Prot. corr. N. I – 5/9/2/11/3(20904)
OGGETTO: Punto di ascolto mobbing. Avvio di procedura comparativa per l'affidamento di quattro incarichi di consulenza. Spesa massima prevista euro 29.500,00 (comprensiva di IVA e contributi previdenziali).
IL DIRIGENTE DI AREA
PREMESSO che il Comune di Trieste, sensibile alle problematiche relative alla tutela delle lavoratrici e dei lavoratori nell’ambiente di lavoro, tramite l’Assessorato alle Pari opportunità ha presentato in data 30 dicembre 2010 alla Regione Autonoma Friuli Venezia Giulia la richiesta di accredito di un Punto di Ascolto Mobbing;
CHE all’interno dei Punti Ascolto deve essere garantita la presenza di personale con qualifiche professionali altamente specializzate nel campo delle molestie morali e psico-fisiche sul posto di lavoro al fine di monitorare e prevenire tale fenomeno;
CONSIDERATO che ai sensi dell’art. 3 comma 4 della L.R. 7/2005 e succ. modif. tali figure professionali devono essere composte da un medico specialista in medicina del lavoro, un medico specialista in medicina legale, uno psicologo o medico specialista in psichiatria e un giuslavorista esperto in materia di lavoro;
VISTO che ai sensi del combinato disposto di cui all’art. 7, comma 6, del D. Lgs. 165/2001 rubricato “Norme generali sull’ordinamento del lavoro alle dipendenze delle amministrazioni pubbliche” così come modificato dall’art. 32 del D.L. 223/2006, convertito con modificazioni nella L. 248/2006 e dell’art. 110, comma 6, del D. Lgs. 267/2000 rubricato “Testo unico delle leggi sull’ordinamento degli enti locali”, le amministrazioni pubbliche possono conferire, previo accertamento dell’impossibilità oggettiva di utilizzare le risorse umane disponibili al loro interno, incarichi individuali con contratti di lavoro autonomo, di natura occasionale o coordinata e continuativa, ad esperti di particolare e comprovata specializzazione anche universitaria;
RISCONTRATO quindi come la possibilità di avvalersi delle prestazioni di collaboratori esterni debba essere subordinata ai seguenti presupposti, ai sensi della normativa sopra citata:
Responsabile del procedimento: Tel: Fax: E-mail:
Responsabile dell’istruttoria: dott.ssa Sara De Biaggi Tel: Fax: E-mail: debiaggi@comune.trieste.it Addetto alla trattazione della pratica: dott.ssa Sara De Biaggi Tel: Fax: E-mail: debiaggi@comune.trieste.it
Pratica ADWEB n. 3119
- rispondenza dell’incarico alle competenze attribuite dall’ordinamento all’amministrazione
ed a obiettivi e progetti specifici e determinati;
- impossibilità oggettiva per l’amministrazione conferente di procurarsi all’interno della
propria organizzazione le figure professionali idonee allo svolgimento delle prestazioni oggetto dell’incarico (da verificarsi attraverso una reale ricognizione);
- temporaneità dell’incarico e natura altamente qualificata;
- specifica e preventiva indicazione della durata, luogo, oggetto e compenso della
collaborazione;
RILEVATO che i presupposti di cui sopra sussistono tutti per quanto in argomento;
APPURATO che all'interno dell'Amministrazione “ … eventuali professionalità presenti non potrebbero essere distolte dalle attività nelle quali sono attualmente impegnate senza arrecare pregiudizio alle strutture di appartenenza. Pertanto, con queste premesse, si attesta che non risulta disponibile nell'organico dell'ente la figura professionale richiesta”, come da mail dd. 05/08/2011 a firma della P.O. Gestione Fabbisogno e Contrattazione Decentrata Integrativa dell’Area Risorse Umane e Formazione, conservata in atti;
RITENUTO, pertanto, di avvalersi delle prestazioni di quattro consulenti esterni al fine di poter usufruire della competenza ed esperienza professionale nell’ambito delle molestie morali e psico-fisiche nell’ambiente di lavoro, nonché in materia di prevenzione e sicurezza sul posto di lavoro, effettuando colloqui con le lavoratrici ed i lavoratori in condizioni di disagio al fine di verificare l’eventuale sussistenza di una situazione di malessere psico-fisico degli stessi, legata a molestie o altre forme di pressione psicologica di cui dovesse essere oggetto;
VISTO lo stralcio del Regolamento degli uffici e dei servizi emanato in attuazione dell’art. 3, commi 55 e 56, della legge 244/2007 come modificati dal D.L. n. 112 del 25 giugno 2008 convertito con la L. 06 agosto 2008 n. 133, approvato con deliberazione giuntale n. 435/2009 e successiva DG 147/2010, ai sensi del quale è necessario predisporre procedure comparative per l’affidamento di incarichi esterni individuali, previa approvazione di un avviso pubblico di selezione e di sua pubblicazione sia dell’Albo Pretorio che del sito internet del Comune;
RITENUTO pertanto di approvare gli schemi di avviso di selezione che definiscono le modalità di selezione (all. A), gli schemi di domanda di ammissione a detta procedura comparativa (all. B) e gli schemi di contratto regolanti i rapporti tra le parti (all. C), da stipularsi in forma di scrittura privata, allegati al presente atto del quale costituiscono parte integrante e considerato opportuno dare pubblicità al suddetto avviso attraverso la sua pubblicazione nella pagine internet dell’Amministrazione comunale per un periodo continuativo di 5 giorni;
DATO ATTO altresì che con deliberazione n. 6 dd. 7/3/2011, immediatamente eseguibile, il Consiglio comunale ha approvato il Bilancio di Previsione per l’esercizio finanziario 2011 e il Bilancio Pluriennale 2011/2013 approvando altresì, ai sensi dell’art. 3, comma 55 della L. 24/12/2007 n. 244 come modificato dall’art. 46 del D.L. 25/06/2008 n. 112, convertito dalla L. 06/08/2008 n. 133, il programma delle attività istituzionali dell’Ente realizzabili anche con incarico esterno;
RITENUTO che gli incarichi debbano avere durata dalla data di comunicazione agli interessati dell’atto di conferimento fino al 31/12/2011;
Responsabile del procedimento: Tel: Fax: E-mail:
Responsabile dell’istruttoria: dott.ssa Sara De Biaggi Tel: Fax: E-mail: debiaggi@comune.trieste.it Addetto alla trattazione della pratica: dott.ssa Sara De Biaggi Tel: Fax: E-mail: debiaggi@comune.trieste.it
QUANTIFICATO nell’importo di 29.500,00 euro lordi la spesa totale massima (comprensiva di IVA e contributi previdenziali) a fronte del corrispettivo per le prestazioni più sopra elencate, riconosciuto proporzionale al vantaggio atteso dell’amministrazione comunale;
CONSIDERATO che l’importo citato trova copertura al capitolo 391 “Prestazioni di servizi per interventi per le Pari Opportunità a cura dell'Area Economiche e Finanziarie”;
DATO ATTO altresì che, in relazione al progetto de quo presentato dal Comune di Trieste per l’anno 2011, la Regione Friuli Venezia Giulia, con Decreto Regionale n. 1831/lavfor/2011 del Direttore del Servizio lavoro e pari opportunità, ha ammesso a finanziamento la somma di Euro 23.600,00, al netto del con finanziamento prescritto, confermando quindi l’accreditamento del punto di ascolto mobbing del Comune di Trieste;
CHE il contributo regionale di cui sopra verrà accertato con il presente provvedimento al capitolo di entrata 427 del bilancio corrente;
RICHIAMATI gli articoli 107 e 183 del D. Lgs. 267/2000 “Testo unico delle leggi sull’ordinamento degli enti locali” e 131 dello Statuto Comunale, approvato con deliberazione consiliare n. 205 dd. 16.10.1991 e successive modificazioni approvate da ultimo con deliberazione consiliare n.18 dd. 16.03.2009;
DETERMINA
1) di autorizzare, per le ragioni meglio espresse in premessa e che qui si intendono integralmente riportate, il ricorso a quattro incarichi individuali esterni di consulenza per il Punto di Ascolto Mobbing;
2) di indire a tal fine le procedura comparativa per l’individuazione dei prestatori;
3) di approvare gli schemi di avviso di selezione che definiscono le modalità di selezione, gli schemi di domanda di ammissione a detta procedura comparativa e gli schemi di contratto regolanti i rapporti tra le parti, allegati rispettivamente sub A), B) e C) alla presente determinazione quale parte integrante;
4) di pubblicare il suddetto avviso nelle pagine internet dell’Amministrazione comunale per un
periodo continuativo di 5 giorni;
5) di prevedere che, esperita detta procedura comparativa, il provvedimento di affidamento
dell’incarico venga pubblicato sul sito web dell’Ente e l’incarico venga formalizzato con apposito contratto, da stipularsi in forma di scrittura privata;
6) di approvare la spesa presunta complessiva di euro 29.500,00 (comprensiva di IVA e contributi previdenziali);
7) di accertare l'entrata complessiva di euro 23.600,00 ai capitoli di seguito elencati :
Anno Cap Descrizione CE Sottoconto SIOPE Programma Progetto C/S Importo Note 2011 00000427 CONTRIBUTI DELLA REGIONE
PER INTERVENTI PER LE PARI OPPORTUNITA' A CURA DELL'AREA RISORSE
ECONOMICHE E FINANZIARIE
Responsabile del procedimento: Tel: Fax: E-mail:
Responsabile dell’istruttoria: dott.ssa Sara De Biaggi Tel: Fax: E-mail: debiaggi@comune.trieste.it Addetto alla trattazione della pratica: dott.ssa Sara De Biaggi Tel: Fax: E-mail: debiaggi@comune.trieste.it
Pratica ADWEB n. 3119 ECONOMICHE E FINANZIARIE
8) di prenotare la spesa complessiva presunta massima di euro 29.500,00 ai capitoli di seguito elencati :
Anno Cap Descrizione CE Sottoconto SIOPE Programma Progetto C/S Importo Note 2011 00000391 PRESTAZIONI DI SERVIZI PER INTERVENTI PER LE PARI OPPORTUNITA' A CURA DELL'AREA ECONOMICHE E FINANZIARIE
I0020 00001 1307 00I00 CI001 C 29.500,00
9) di autorizzare, nelle more della riscossione del contributo regionale, l’anticipazione di cassa di tesoreria fino alla concorrenza dell’importo del contributo
Allegati: A) avvisi di selezione
B) schemi domanda di ammissione C) schema di contratto
IL DIRIGENTE DI AREA Corina Sferco Trieste, vedi data firma digitale
$99,62
', 352&('85$ &203$5$7,9$ 3(5,/ &21)(5,0(172 ', 81 ,1&$5,&2 ', &2168/(1=$ $' 812 36,&2/2*2 2 0(',&2 36,&+,$75$ 3(5 ,/ 38172 ',$6&2/7202%%,1*'(/&2081(',75,(67( ,/',5(7725('(//·$5($5,6256((&2120,&+((),1$1=,$5,( 9LVWDODSURSULDGHWHUPLQD]LRQHQGG 5LFKLDPDWL - O·DUWFRPPLHELVGHO'/JVDLVHQVLGHOTXDOHOHDPPLQLVWUD]LRQL SXEEOLFKHSRVVRQRFRQIHULUHLQFDULFKLLQGLYLGXDOLFRQFRQWUDWWRGLODYRURDXWRQRPRDG HVSHUWLGLSDUWLFRODUHHFRPSURYDWDVSHFLDOL]]D]LRQHDQFKHXQLYHUVLWDULDSHUHVLJHQ]HFXL QRQSRVVRQRIDUIURQWHFRQSHUVRQDOHLQVHUYL]LRSUHYLRHVSOHWDPHQWRGLSURFHGXUD FRPSDUDWLYD - O·DUWFRPPDGHOOD/GLFHPEUHQFRPHPRGLILFDWRGDOO·DUWFRPPD GHOOD/DJRVWRQDLVHQVLGHOTXDOHOHFROODERUD]LRQLGLFXLVRSUDSRVVRQR HVVHUHFRQIHULWHVRORFRQULIHULPHQWRDOOHDWWLYLWjLVWLWX]LRQDOLVWDELOLWHGDOODOHJJHRSUHYLVWH QHOSURJUDPPDDSSURYDWRGDOFRQVLJOLRFRPXQDOH - ORVWUDOFLRGHO5HJRODPHQWRGHJOL8IILFLHGHL6HUYL]LHPDQDWRLQDWWXD]LRQHGHOO·DUW FRPPLHGHOODOHJJHFRPHPRGLILFDWRGDOODOHJJHDSSURYDWRFRQ GHOLEHUD]LRQHJLXQWDOHQHVXFFHVVLYDQHVHFXWLYHDLVHQVLGLOHJJH - ODGHOLEHUD]LRQHFRQVLOLDUHQGGPDU]R
5(1'(1272
&KH q LQGHWWD XQD SURFHGXUD FRPSDUDWLYD SHU LO FRQIHULPHQWR XQ LQFDULFR GL FRQVXOHQ]D SHU LO 3XQWRGL$VFROWR0REELQJFRQFRQWUDWWRG·RSHUDSHUOD'LUH]LRQHGHOO·$UHD5LVRUVH(FRQRPLFKH H)LQDQ]LDULH
$UWLFROR²2**(772'(//$6(/(=,21(
/D SURFHGXUD FRPSDUDWLYD GL FXL DO SUHVHQWH DYYLVR q GLUHWWD DO FRQIHULPHQWR GL XQ LQFDULFR GL FRQVXOHQ]DDGXQRSVLFRORJRRPHGLFRSVLFKLDWUD
$UWLFROR²1$785$'(//·,1&$5,&2
,O UDSSRUWR LQVWDXUDWR FRQ LO SUHVWDWRUH VL TXDOLILFD FRPH FRQWUDWWR G·RSHUD DUWW H VV GHO &RGLFH &LYLOH /·LQFDULFR VDUj HVSOHWDWR SHUVRQDOPHQWH GDO VRJJHWWR VHOH]LRQDWR LQ SLHQD DXWRQRPLDVHQ]DYLQFRORGLVXERUGLQD]LRQHVHFRQGRTXDQWRVWDELOLWRGDOFRQWUDWWRDSSURYDWRHG DOOHJDWRDOODGHWHUPLQD]LRQHGLFXLLQSUHPHVVD
/D SUHVWD]LRQH KD XQD GXUDWD FRPSOHVVLYD GDOOD GDWD GL FRPXQLFD]LRQH DOO·LQFDULFDWR GHOO·DWWR GL FRQIHULPHQWRILQRDO
,OOLPLWHPDVVLPRGHOFRUULVSHWWLYRWRWDOHGHOOHSUHVWD]LRQLHOHQFDWHDOVXFFHVVLYRDUWLFRORqILVVDWR LQ(XURFRPSUHQVLYLGLRQHULSUHYLGHQ]LDOLHGHYHQWXDOH,9$
$UWLFROR²&217(187,'(//(35(67$=,21,
$LVHQVLGLTXDQWRGLVSRVWRGDOO·DUWGHOOD/5 HGLTXDQWRSUHYLVWRGDOSURJHWWRSHULO ILQDQ]LDPHQWR GHOOH DWWLYLWj GHO 3XQWR GL $VFROWR SUHVHQWDWR GDO &RPXQH GL 7ULHVWH H DSSURYDWR GDOOD5HJLRQH$XWRQRPD)ULXOL9HQH]LD*LXOLDOHSUHVWD]LRQLULFKLHVWHDOODYRUDWRUHVLVRVWDQ]LDQR LQ
FROORTXLFRQLODYRUDWRULLQFRQGL]LRQLGLGLVDJLRDOILQHGLYHULILFDUHO·HYHQWXDOHVXVVLVWHQ]DGL XQD VLWXD]LRQH GL PDOHVVHUH SVLFRILVLFD OHJDWD D PROHVWLH R DOWUH IRUPH GL SUHVVLRQH SVLFRORJLFD
SURPR]LRQHGLRUJDQL]]D]LRQHFRUVLGLIRUPD]LRQHHDJJLRUQDPHQWRGLRSHUDWRULTXDOLILFDWL SHUDIIURQWDUHSUREOHPDWLFKHGLGLVDJLRSVLFRILVLFRVXOOXRJRGLODYRUR
LQYLRDOOD'LUH]LRQH5HJLRQDOH/DYRUR&RPPHUFLR)RUPD]LRQHH3DUL2SSRUWXQLWjGHLGDWL UHODWLYLDOOHDWWLYLWjGHO3XQWRGL$VFROWR
FRPSLOD]LRQH GHOOH VFKHGH SHU RJQL ODYRUDWRUH HG XQD UHOD]LRQH SHULRGLFD VXOOH DWWLYLWj VYROWH GDO 3XQWR GL $VFROWR GD SUHVHQWDUH DOOD 'LUH]LRQH GHOO·$UHD 5LVRUVH (FRQRPLFKH H )LQDQ]LDULH
$UWLFROR 5(48,6,7, 3(5 /$ 3$57(&,3$=,21( $//$ 352&('85$ &203$5$7,9$
3RVVRQR DFFHGHUH DOOH VHOH]LRQL VROR HVSHUWL GL FRPSURYDWD VSHFLDOL]]D]LRQH XQLYHUVLWDULD H GL FRPSURYDWDHVSHULHQ]D
, FDQGLGDWL GHYRQR SRVVHGHUH LO WLWROR GL /DXUHD LQ 3VLFRORJLD 4XLQTXHQQDOH 92 RYYHUR /DXUHD 6SHFLDOLVWLFD0DJLVWUDOH RYYHUR GL /DXUHD LQ 0HGLFLQD H &KLUXUJLD HG HVVHUH VSHFLDOL]]DWL LQ SVLFKLDWULDRVSHFLDOL]]D]LRQHHTXLSROOHQWH ,FDQGLGDWLGHYRQRHVVHUHLVFULWWLDOO·2UGLQHSURIHVVLRQDOHGLULIHULPHQWR 6RQRDOWUHVuULFKLHVWLLVHJXHQWLUHTXLVLWLJHQHUDOL D SRVVHVVRGHOODFLWWDGLQDQ]DLWDOLDQDHGLXQRGHJOL6WDWLPHPEULGHOO·8QLRQH(XURSHD E JRGLPHQWRGHLGLULWWLFLYLOLHSROLWLFL F QRQDYHUULSRUWDWRFRQGDQQHSHQDOLFRQVHQWHQ]DSDVVDWDLQJLXGLFDWRSHUTXDOVLDVLUHDWR FKHLQFLGDVXOODSURSULDPRUDOLWjSURIHVVLRQDOH G LQVXVVLVWHQ]DGLFDXVHOLPLWDWLYHGHOODFDSDFLWjGHOFDQGLGDWRGLVRWWRVFULYHUHFRQWUDWWLFRQOD SXEEOLFDDPPLQLVWUD]LRQHHGLHVSOHWDUHO·LQFDULFRRJJHWWRGHOODVHOH]LRQH
, UHTXLVLWL SUHVFULWWL GHYRQR HVVHUH SRVVHGXWL DOOD GDWD GL VFDGHQ]D GHO WHUPLQH XOWLPR SHU OD SUHVHQWD]LRQHGHOODGRPDQGDGLSDUWHFLSD]LRQHDOODVHOH]LRQH
$UWLFROR²38%%/,&,7$·
,O SUHVHQWH DYYLVR q UHVR SXEEOLFR DWWUDYHUVR OD VXD SXEEOLFD]LRQH QHOOD SDJLQH LQWHUQHW GHOO·$PPLQLVWUD]LRQHFRPXQDOHSHUXQSHULRGRFRQWLQXDWLYRGLJLRUQL $UWLFROR ² 35(6(17$=,21( '(//$ '20$1'$ ( '2&80(17$=,21( 5,&+,(67$ /DGRPDQGDGLDPPLVVLRQHDOODVHOH]LRQHUHGDWWDLQOLQJXDLWDOLDQDHLQFDUWDVHPSOLFHVHFRQGROR VFKHPDDOOHJDWR,$DOSUHVHQWHDYYLVRGLVHOH]LRQHVRWWRVFULWWDFRQILUPDDXWRJUDIDRULJLQDOHGHYH HVVHUHLQGLUL]]DWDDO&RPXQHGL7ULHVWH²$UHD5LVRUVH(FRQRPLFKHH)LQDQ]LDULHSLD]]DGHOO·8QLWj G·,WDOLD²7ULHVWH,OWHUPLQHXOWLPRSHUODSUHVHQWD]LRQHGHOODGRPDQGDqILVVDWRDOODGDWD GHOVHWWHPEUH
/D GRPDQGD PHGHVLPD SXz HVVHUH SUHVHQWDWD GLUHWWDPHQWH DO &RPXQH GL 7ULHVWH ² 8IILFLR $FFHWWD]LRQH$WWLGHO3URWRFROOR*HQHUDOH²SLDQRWHUUD²3DOD]]R0XQLFLSDOH=RLVYLD3XQWDGHO
)RUQR Q HQWUR OH RUH GHO JLRUQR VXFFLWDWR RYYHUR SXz HVVHUH LQYLDWD WUDPLWH LO VHUYL]LR SRVWDOHULSRUWDWRDOSDUDJUDIRSUHFHGHQWH
,QFDVRGLSUHVHQWD]LRQHGLUHWWDDOO·8IILFLR$FFHWWD]LRQH$WWLXQLWDPHQWHDOODGRPDQGDGHYHHVVHUH SUHVHQWDWDXQDIRWRFRSLDGHOODVWHVVDFKHVDUjUHVWLWXLWDFRQWLPEURHGDWDLQVHJQRGLULFHYXWD ,QFDVRGLVSHGL]LRQHSRVWDOHODGRPDQGDYHUUjSUHVDLQFRQVLGHUD]LRQHSXUFKqSHUYHQXWDDOO·8IILFLR 3URWRFROOR GHO &RPXQH GL 7ULHVWH HQWUR OH RUH GHO VHWWHPEUH WHUPLQH FKH VDUjDWWHVWDWRGDOWLPEURGLULFH]LRQHGHOO·XIILFLRPHGHVLPR
$OODGRPDQGDGRYUDQQRHVVHUHDOOHJDWL
D IRWRFRSLDIURQWHHUHWURGLXQGRFXPHQWRGLLGHQWLWjGHOVRWWRVFULWWRUHLQFRUVRGLYDOLGLWj E FXUULFXOXPYLWDHGHELWDPHQWHGDWDWRHILUPDWRGDOFDQGLGDWRFRPSOHWRGHLGDWLDQDJUDILFL
GHL WLWROL GL VWXGLR SRVVHGXWL H GHOOH HVSHULHQ]H SURIHVVLRQDOL PDWXUDWH HG DWWLQHQWL DOOD SURIHVVLRQDOLWj ULFKLHVWD FRQ SDUWLFRODUH ULJXDUGR D TXHOOH LQHUHQWL L UDSSRUWL ODYRUDWLYL SUHVVR (QWL 3XEEOLFL ROWUH FKH GL RJQL DOWUD FRQVLGHUD]LRQH DWWDD FRPSURYDUH LO SRVVHVVR GHLUHTXLVLWLGLVSHFLDOL]]D]LRQHGLFXLDOO·DUWGHOSUHVHQWHDYYLVR $UWLFROR²6(/(=,21( /DVHOH]LRQHGHLFDQGLGDWLYHUUjHIIHWWXDWDGDXQDFRPPLVVLRQHDSSRVLWDPHQWHQRPLQDWDVXOODEDVH GHLFXUULFXODFRQO·DWWULEX]LRQHGLXQSXQWHJJLRPDVVLPRGLSXQWLWHQXWRFRQWRGHLVHJXHQWL HOHPHQWL - IRUPD]LRQHSURIHVVLRQDOH - DWWLYLWjSRVWODXUHDPGLULFHUFDSHUIH]LRQDPHQWRHVSHFLDOL]]D]LRQH - FRUULVSHWWLYRULFKLHVWRSHUOHSUHVWD]LRQLGLFXLDOO·DUWGHOSUHVHQWHDYYLVRFKHQRQGRYUj VXSHUDUHLOOLPLWHPDVVLPRGL(XURFRPSUHQVLYLGLRQHULSUHYLGHQ]LDOLHGHYHQWXDOH ,9$ $UWLFROR²&21)(5,0(172'(//·,1&$5,&2
$O FDQGLGDWR YLQFLWRUH YHUUj FRPXQLFDWR O·DYYHQXWR DIILGDPHQWR GHOO·LQFDULFR PHGLDQWH SURYYHGLPHQWRGLULJHQ]LDOH
1HOO·HYHQWXDOLWj LO FDQGLGDWR YLQFLWRUH GLFKLDUL GL SUHVWDUH VHUYL]LR SUHVVR XQD SXEEOLFD DPPLQLVWUD]LRQHLOFRQWUDWWRSRWUjHVVHUHVWLSXODWRSUHYLRQXOODRVWDULODVFLDWRGDOO·DPPLQLVWUD]LRQH GLDSSDUWHQHQ]DDLVHQVLGHOO·DUWGHO'/JVQ
$UWLFROR²5(63216$%,/('(/352&(',0(172
$L VHQVL GHJOL DUWW H GHOOD OHJJH LO UHVSRQVDELOH GHO SURFHGLPHQWR q LO 'LUHWWRUH GHOO·$UHD5LVRUVH(FRQRPLFKHH)LQDQ]LDULH²&RULQD6IHUFR
$UWLFROR²787(/$'(//$35,9$&<
, GDWL SHUVRQDOL WUDVPHVVL DL ILQL GHOOD SDUWHFLSD]LRQH GHL FDQGLGDWL DOOD SURFHGXUD FRPSDUDWLYD SRWUDQQRHVVHUHWUDWWDWLGDOO·$UHD5LVRUVH(FRQRPLFKHH)LQDQ]LDULHQRQFKpGDOOD&RPPLVVLRQHGL FXL DOO·DUW GHO SUHVHQWH DYYLVR VHFRQGR TXDQWR VWDELOLWR GDO '/JV Q VLD FRQ PH]]L FDUWDFHL FKH LQIRUPDWLFL HVFOXVLYDPHQWH SHU OD JHVWLRQH GHOOD SURFHGXUD FRPSDUDWLYD H GHJOL DWWL FRQVHJXHQWL
$LFDQGLGDWLVRQRULFRQRVFLXWLLGLULWWLGLFXLDOO·DUWGHOFLWDWRGHFUHWROHJLVODWLYR
$UWLFROR²5,6(59$'(//·$00,1,675$=,21(
,O &RPXQH GL 7ULHVWH VL ULVHUYD OD IDFROWj GL SURURJDUH PRGLILFDUH H DOWUHVu UHYRFDUH LO SUHVHQWH DYYLVRFRQSURYYHGLPHQWRPRWLYDWRGDQGRQHFRPXQLFD]LRQHDJOLLQWHUHVVDWLHTXDORUDQRQDQFRUD LGHQWLILFDWL GDQGRQH FRPXQLFD]LRQH QHOOH VWHVVH IRUPH FRQ FXL YLHQH GDWD FRPXQLFD]LRQH DO SUHVHQWHDYYLVR
$UWLFROR²1250$),1$/(
3HU TXDQWR QRQ VSHFLILFDWR QHO SUHVHQWH DYYLVR VL ID ULIHULPHQWR DL UHJRODPHQWL LQ PDWHULD GHO &RPXQHGL7ULHVWHQRQFKpDOODQRUPDWLYDYLJHQWH
3HU XOWHULRUL LQIRUPD]LRQL q SRVVLELOH ULYROJHUVL DBBBBBBBBBBBBBBBBBBBBBBBBBB WHO BBBBBBBBBBBBBBBBBBBBLQGLUL]]RHPDLOBBBBBBBBBBBBBBBBBBBBBBBB ,O'LUHWWRUHGHOO·$UHD5LVRUVH(FRQRPLFKHH)LQDQ]LDULH &RULQD6IHUFR
$99,62
', 352&('85$ &203$5$7,9$ 3(5,/ &21)(5,0(172 ', 81 ,1&$5,&2 ', &2168/(1=$ $' 81 0(',&2 '(/ /$9252 3(5 ,/ 38172 ', $6&2/72 02%%,1*'(/&2081(',75,(67( ,/',5(7725('(//·$5($5,6256((&2120,&+((),1$1=,$5,( 9LVWDODSURSULDGHWHUPLQD]LRQHQGG 5LFKLDPDWL - O·DUWFRPPLHELVGHO'/JVDLVHQVLGHOTXDOHOHDPPLQLVWUD]LRQL SXEEOLFKHSRVVRQRFRQIHULUHLQFDULFKLLQGLYLGXDOLFRQFRQWUDWWRGLODYRURDXWRQRPRDG HVSHUWLGLSDUWLFRODUHHFRPSURYDWDVSHFLDOL]]D]LRQHDQFKHXQLYHUVLWDULDSHUHVLJHQ]HFXL QRQSRVVRQRIDUIURQWHFRQSHUVRQDOHLQVHUYL]LRSUHYLRHVSOHWDPHQWRGLSURFHGXUD FRPSDUDWLYD - O·DUWFRPPDGHOOD/GLFHPEUHQFRPHPRGLILFDWRGDOO·DUWFRPPD GHOOD/DJRVWRQDLVHQVLGHOTXDOHOHFROODERUD]LRQLGLFXLVRSUDSRVVRQR HVVHUHFRQIHULWHVRORFRQULIHULPHQWRDOOHDWWLYLWjLVWLWX]LRQDOLVWDELOLWHGDOODOHJJHRSUHYLVWH QHOSURJUDPPDDSSURYDWRGDOFRQVLJOLRFRPXQDOH - ORVWUDOFLRGHO5HJRODPHQWRGHJOL8IILFLHGHL6HUYL]LHPDQDWRLQDWWXD]LRQHGHOO·DUW FRPPLHGHOODOHJJHFRPHPRGLILFDWRGDOODOHJJHDSSURYDWRFRQ GHOLEHUD]LRQHJLXQWDOHQHVXFFHVVLYDQHVHFXWLYHDLVHQVLGLOHJJH - ODGHOLEHUD]LRQHFRQVLOLDUHQGGPDU]R
5(1'(1272
&KH q LQGHWWD XQD SURFHGXUD FRPSDUDWLYD SHU LO FRQIHULPHQWR XQ LQFDULFR GL FRQVXOHQ]D SHU LO 3XQWRGL$VFROWR0REELQJFRQFRQWUDWWRG·RSHUDSHUOD'LUH]LRQHGHOO·$UHD5LVRUVH(FRQRPLFKH H)LQDQ]LDULH
$UWLFROR²2**(772'(//$6(/(=,21(
/D SURFHGXUD FRPSDUDWLYD GL FXL DO SUHVHQWH DYYLVR q GLUHWWD DO FRQIHULPHQWR GL XQ LQFDULFR GL FRQVXOHQ]DDGXQPHGLFRGHOODYRUR
$UWLFROR²1$785$'(//·,1&$5,&2
,O UDSSRUWR LQVWDXUDWR FRQ LO SUHVWDWRUH VL TXDOLILFD FRPH FRQWUDWWR G·RSHUD DUWW H VV GHO &RGLFH &LYLOH /·LQFDULFR VDUj HVSOHWDWR SHUVRQDOPHQWH GDO VRJJHWWR VHOH]LRQDWR LQ SLHQD DXWRQRPLDVHQ]DYLQFRORGLVXERUGLQD]LRQHVHFRQGRTXDQWRVWDELOLWRGDOFRQWUDWWRDSSURYDWRHG DOOHJDWRDOODGHWHUPLQD]LRQHGLFXLLQSUHPHVVD
/D SUHVWD]LRQH KD XQD GXUDWD FRPSOHVVLYD GDOOD GDWD GL FRPXQLFD]LRQH DOO·LQFDULFDWR GHOO·DWWR GL FRQIHULPHQWRILQRDO
,OOLPLWHPDVVLPRGHOFRUULVSHWWLYRWRWDOHGHOOHSUHVWD]LRQLHOHQFDWHDOVXFFHVVLYRDUWLFRORqILVVDWR LQ(XURFRPSUHQVLYLGLRQHULSUHYLGHQ]LDOLHGHYHQWXDOH,9$
$UWLFROR²&217(187,'(//(35(67$=,21,
$LVHQVLGLTXDQWRGLVSRVWRGDOO·DUWGHOOD/5 HGLTXDQWRSUHYLVWRGDOSURJHWWRSHULO ILQDQ]LDPHQWR GHOOH DWWLYLWj GHO 3XQWR GL $VFROWR SUHVHQWDWR GDO &RPXQH GL 7ULHVWH H DSSURYDWR GDOOD5HJLRQH$XWRQRPD)ULXOL9HQH]LD*LXOLDOHSUHVWD]LRQLULFKLHVWHDOODYRUDWRUHVLVRVWDQ]LDQR LQ
FROORTXLFRQLODYRUDWRULLQFRQGL]LRQLGLGLVDJLRDOILQHGLYHULILFDUHO·HYHQWXDOHVXVVLVWHQ]DGL XQD VLWXD]LRQH GL PDOHVVHUH SVLFRILVLFD OHJDWD D PROHVWLH R DOWUH IRUPH GL SUHVVLRQH SVLFRORJLFD
SURPR]LRQHGLRUJDQL]]D]LRQHFRUVLGLIRUPD]LRQHHDJJLRUQDPHQWRGLRSHUDWRULTXDOLILFDWL SHUDIIURQWDUHSUREOHPDWLFKHGLGLVDJLRSVLFRILVLFRVXOOXRJRGLODYRUR
LQYLRDOOD'LUH]LRQH5HJLRQDOH/DYRUR&RPPHUFLR)RUPD]LRQHH3DUL2SSRUWXQLWjGHLGDWL UHODWLYLDOOHDWWLYLWjGHO3XQWRGL$VFROWR
FRPSLOD]LRQH GHOOH VFKHGH SHU RJQL ODYRUDWRUH HG XQD UHOD]LRQH SHULRGLFD VXOOH DWWLYLWj VYROWH GDO 3XQWR GL $VFROWR GD SUHVHQWDUH DOOD 'LUH]LRQH GHOO·$UHD 5LVRUVH (FRQRPLFKH H )LQDQ]LDULH
$UWLFROR 5(48,6,7, 3(5 /$ 3$57(&,3$=,21( $//$ 352&('85$ &203$5$7,9$
3RVVRQR DFFHGHUH DOOH VHOH]LRQL VROR HVSHUWL GL FRPSURYDWD VSHFLDOL]]D]LRQH XQLYHUVLWDULD H GL FRPSURYDWDHVSHULHQ]D
,FDQGLGDWLGHYRQRSRVVHGHUHLOWLWRORGL/DXUHDLQ0HGLFLQDH&KLUXUJLDHGHVVHUHVSHFLDOL]]DWLLQ PHGLFLQD GHO ODYRUR R VSHFLDOL]]D]LRQH HTXLSROOHQWH , FDQGLGDWL GHYRQR HVVHUH LVFULWWL DOO·2UGLQH SURIHVVLRQDOHGLULIHULPHQWR 6RQRDOWUHVuULFKLHVWLLVHJXHQWLUHTXLVLWLJHQHUDOL D SRVVHVVRGHOODFLWWDGLQDQ]DLWDOLDQDHGLXQRGHJOL6WDWLPHPEULGHOO·8QLRQH(XURSHD E JRGLPHQWRGHLGLULWWLFLYLOLHSROLWLFL F QRQDYHUULSRUWDWRFRQGDQQHSHQDOLFRQVHQWHQ]DSDVVDWDLQJLXGLFDWRSHUTXDOVLDVLUHDWR FKHLQFLGDVXOODSURSULDPRUDOLWjSURIHVVLRQDOH H LQVXVVLVWHQ]DGLFDXVHOLPLWDWLYHGHOODFDSDFLWjGHOFDQGLGDWRGLVRWWRVFULYHUHFRQWUDWWLFRQOD SXEEOLFDDPPLQLVWUD]LRQHHGLHVSOHWDUHO·LQFDULFRRJJHWWRGHOODVHOH]LRQH
, UHTXLVLWL SUHVFULWWL GHYRQR HVVHUH SRVVHGXWL DOOD GDWD GL VFDGHQ]D GHO WHUPLQH XOWLPR SHU OD SUHVHQWD]LRQHGHOODGRPDQGDGLSDUWHFLSD]LRQHDOODVHOH]LRQH
$UWLFROR²38%%/,&,7$·
,O SUHVHQWH DYYLVR q UHVR SXEEOLFR DWWUDYHUVR OD VXD SXEEOLFD]LRQH QHOOD SDJLQH LQWHUQHW GHOO·$PPLQLVWUD]LRQHFRPXQDOHSHUXQSHULRGRFRQWLQXDWLYRGLJLRUQL $UWLFROR ² 35(6(17$=,21( '(//$ '20$1'$ ( '2&80(17$=,21( 5,&+,(67$ /DGRPDQGDGLDPPLVVLRQHDOODVHOH]LRQHUHGDWWDLQOLQJXDLWDOLDQDHLQFDUWDVHPSOLFHVHFRQGROR VFKHPDDOOHJDWR,%DOSUHVHQWHDYYLVRGLVHOH]LRQHVRWWRVFULWWDFRQILUPDDXWRJUDIDRULJLQDOHGHYH HVVHUHLQGLUL]]DWDDO&RPXQHGL7ULHVWH²$UHD5LVRUVH(FRQRPLFKHH)LQDQ]LDULHSLD]]DGHOO·8QLWj G·,WDOLD²7ULHVWH,OWHUPLQHXOWLPRSHUODSUHVHQWD]LRQHGHOODGRPDQGDqILVVDWRDOODGDWD GHOVHWWHPEUH
/D GRPDQGD PHGHVLPD SXz HVVHUH SUHVHQWDWD GLUHWWDPHQWH DO &RPXQH GL 7ULHVWH ² 8IILFLR $FFHWWD]LRQH$WWLGHO3URWRFROOR*HQHUDOH²SLDQRWHUUD²3DOD]]R0XQLFLSDOH=RLVYLD3XQWDGHO
)RUQR Q HQWUR OH RUH GHO JLRUQR VXFFLWDWR RYYHUR SXz HVVHUH LQYLDWD WUDPLWH LO VHUYL]LR SRVWDOHULSRUWDWRDOSDUDJUDIRSUHFHGHQWH
,QFDVRGLSUHVHQWD]LRQHGLUHWWDDOO·8IILFLR$FFHWWD]LRQH$WWLXQLWDPHQWHDOODGRPDQGDGHYHHVVHUH SUHVHQWDWDXQDIRWRFRSLDGHOODVWHVVDFKHVDUjUHVWLWXLWDFRQWLPEURHGDWDLQVHJQRGLULFHYXWD ,QFDVRGLVSHGL]LRQHSRVWDOHODGRPDQGDYHUUjSUHVDLQFRQVLGHUD]LRQHSXUFKqSHUYHQXWDDOO·8IILFLR 3URWRFROOR GHO &RPXQH GL 7ULHVWH HQWUR OH RUH GHO VHWWHPEUH WHUPLQH FKH VDUjDWWHVWDWRGDOWLPEURGLULFH]LRQHGHOO·XIILFLRPHGHVLPR
$OODGRPDQGDGRYUDQQRHVVHUHDOOHJDWL
G IRWRFRSLDIURQWHHUHWURGLXQGRFXPHQWRGLLGHQWLWjGHOVRWWRVFULWWRUHLQFRUVRGLYDOLGLWj H FXUULFXOXPYLWDHGHELWDPHQWHGDWDWRHILUPDWRGDOFDQGLGDWRFRPSOHWRGHLGDWLDQDJUDILFL
GHL WLWROL GL VWXGLR SRVVHGXWL H GHOOH HVSHULHQ]H SURIHVVLRQDOL PDWXUDWH HG DWWLQHQWL DOOD SURIHVVLRQDOLWj ULFKLHVWD FRQ SDUWLFRODUH ULJXDUGR D TXHOOH LQHUHQWL L UDSSRUWL ODYRUDWLYL SUHVVR (QWL 3XEEOLFL ROWUH FKH GL RJQL DOWUD FRQVLGHUD]LRQH DWWDD FRPSURYDUH LO SRVVHVVR GHLUHTXLVLWLGLVSHFLDOL]]D]LRQHGLFXLDOO·DUWGHOSUHVHQWHDYYLVR $UWLFROR²6(/(=,21( /DVHOH]LRQHGHLFDQGLGDWLYHUUjHIIHWWXDWDGDXQDFRPPLVVLRQHDSSRVLWDPHQWHQRPLQDWDVXOODEDVH GHLFXUULFXODFRQO·DWWULEX]LRQHGLXQSXQWHJJLRPDVVLPRGLSXQWLWHQXWRFRQWRGHLVHJXHQWL HOHPHQWL - IRUPD]LRQHSURIHVVLRQDOH - DWWLYLWjSRVWODXUHDPGLULFHUFDSHUIH]LRQDPHQWRHVSHFLDOL]]D]LRQH - FRUULVSHWWLYRULFKLHVWRSHUOHSUHVWD]LRQLGLFXLDOO·DUWGHOSUHVHQWHDYYLVRFKHQRQGRYUj VXSHUDUHLOOLPLWHPDVVLPRGL(XURFRPSUHQVLYLGLRQHULSUHYLGHQ]LDOLHGHYHQWXDOH ,9$ $UWLFROR²&21)(5,0(172'(//·,1&$5,&2
$O FDQGLGDWR YLQFLWRUH YHUUj FRPXQLFDWR O·DYYHQXWR DIILGDPHQWR GHOO·LQFDULFR PHGLDQWH SURYYHGLPHQWRGLULJHQ]LDOH
1HOO·HYHQWXDOLWj LO FDQGLGDWR YLQFLWRUH GLFKLDUL GL SUHVWDUH VHUYL]LR SUHVVR XQD SXEEOLFD DPPLQLVWUD]LRQHLOFRQWUDWWRSRWUjHVVHUHVWLSXODWRSUHYLRQXOODRVWDULODVFLDWRGDOO·DPPLQLVWUD]LRQH GLDSSDUWHQHQ]DDLVHQVLGHOO·DUWGHO'/JVQ
$UWLFROR²5(63216$%,/('(/352&(',0(172
$L VHQVL GHJOL DUWW H GHOOD OHJJH LO UHVSRQVDELOH GHO SURFHGLPHQWR q LO 'LUHWWRUH GHOO·$UHD5LVRUVH(FRQRPLFKHH)LQDQ]LDULH²&RULQD6IHUFR
$UWLFROR²787(/$'(//$35,9$&<
, GDWL SHUVRQDOL WUDVPHVVL DL ILQL GHOOD SDUWHFLSD]LRQH GHL FDQGLGDWL DOOD SURFHGXUD FRPSDUDWLYD SRWUDQQRHVVHUHWUDWWDWLGDOO·$UHD5LVRUVH(FRQRPLFKHH)LQDQ]LDULHQRQFKpGDOOD&RPPLVVLRQHGL FXL DOO·DUW GHO SUHVHQWH DYYLVR VHFRQGR TXDQWR VWDELOLWR GDO '/JV Q VLD FRQ PH]]L FDUWDFHL FKH LQIRUPDWLFL HVFOXVLYDPHQWH SHU OD JHVWLRQH GHOOD SURFHGXUD FRPSDUDWLYD H GHJOL DWWL FRQVHJXHQWL
$LFDQGLGDWLVRQRULFRQRVFLXWLLGLULWWLGLFXLDOO·DUWGHOFLWDWRGHFUHWROHJLVODWLYR
$UWLFROR²5,6(59$'(//·$00,1,675$=,21(
,O &RPXQH GL 7ULHVWH VL ULVHUYD OD IDFROWj GL SURURJDUH PRGLILFDUH H DOWUHVu UHYRFDUH LO SUHVHQWH DYYLVRFRQSURYYHGLPHQWRPRWLYDWRGDQGRQHFRPXQLFD]LRQHDJOLLQWHUHVVDWLHTXDORUDQRQDQFRUD LGHQWLILFDWL GDQGRQH FRPXQLFD]LRQH QHOOH VWHVVH IRUPH FRQ FXL YLHQH GDWD FRPXQLFD]LRQH DO SUHVHQWHDYYLVR
$UWLFROR²1250$),1$/(
3HU TXDQWR QRQ VSHFLILFDWR QHO SUHVHQWH DYYLVR VL ID ULIHULPHQWR DL UHJRODPHQWL LQ PDWHULD GHO &RPXQHGL7ULHVWHQRQFKpDOODQRUPDWLYDYLJHQWH
3HU XOWHULRUL LQIRUPD]LRQL q SRVVLELOH ULYROJHUVL DBBBBBBBBBBBBBBBBBBBBBBBBBB WHO BBBBBBBBBBBBBBBBBBBBLQGLUL]]RHPDLOBBBBBBBBBBBBBBBBBBBBBBBB ,O'LUHWWRUHGHOO·$UHD5LVRUVH(FRQRPLFKHH)LQDQ]LDULH &RULQD6IHUFR
$99,62
', 352&('85$ &203$5$7,9$ 3(5,/ &21)(5,0(172 ', 81 ,1&$5,&2 ', &2168/(1=$ $' 81 0(',&2 /(*$/( 3(5 ,/ 38172 ', $6&2/72 02%%,1*'(/&2081(',75,(67( ,/',5(7725('(//·$5($5,6256((&2120,&+((),1$1=,$5,( 9LVWDODSURSULDGHWHUPLQD]LRQHQGG 5LFKLDPDWL - O·DUWFRPPLHELVGHO'/JVDLVHQVLGHOTXDOHOHDPPLQLVWUD]LRQL SXEEOLFKHSRVVRQRFRQIHULUHLQFDULFKLLQGLYLGXDOLFRQFRQWUDWWRGLODYRURDXWRQRPRDG HVSHUWLGLSDUWLFRODUHHFRPSURYDWDVSHFLDOL]]D]LRQHDQFKHXQLYHUVLWDULDSHUHVLJHQ]HFXL QRQSRVVRQRIDUIURQWHFRQSHUVRQDOHLQVHUYL]LRSUHYLRHVSOHWDPHQWRGLSURFHGXUD FRPSDUDWLYD - O·DUWFRPPDGHOOD/GLFHPEUHQFRPHPRGLILFDWRGDOO·DUWFRPPD GHOOD/DJRVWRQDLVHQVLGHOTXDOHOHFROODERUD]LRQLGLFXLVRSUDSRVVRQR HVVHUHFRQIHULWHVRORFRQULIHULPHQWRDOOHDWWLYLWjLVWLWX]LRQDOLVWDELOLWHGDOODOHJJHRSUHYLVWH QHOSURJUDPPDDSSURYDWRGDOFRQVLJOLRFRPXQDOH - ORVWUDOFLRGHO5HJRODPHQWRGHJOL8IILFLHGHL6HUYL]LHPDQDWRLQDWWXD]LRQHGHOO·DUW FRPPLHGHOODOHJJHFRPHPRGLILFDWRGDOODOHJJHDSSURYDWRFRQ GHOLEHUD]LRQHJLXQWDOHQHVXFFHVVLYDQHVHFXWLYHDLVHQVLGLOHJJH - ODGHOLEHUD]LRQHFRQVLOLDUHQGGPDU]R
5(1'(1272
&KH q LQGHWWD XQD SURFHGXUD FRPSDUDWLYD SHU LO FRQIHULPHQWR XQ LQFDULFR GL FRQVXOHQ]D SHU LO 3XQWRGL$VFROWR0REELQJFRQFRQWUDWWRG·RSHUDSHUOD'LUH]LRQHGHOO·$UHD5LVRUVH(FRQRPLFKH H)LQDQ]LDULH
$UWLFROR²2**(772'(//$6(/(=,21(
/D SURFHGXUD FRPSDUDWLYD GL FXL DO SUHVHQWH DYYLVR q GLUHWWD DO FRQIHULPHQWR GL XQ LQFDULFR GL FRQVXOHQ]DDGXQPHGLFROHJDOH
$UWLFROR²1$785$'(//·,1&$5,&2
,O UDSSRUWR LQVWDXUDWR FRQ LO SUHVWDWRUH VL TXDOLILFD FRPH FRQWUDWWR G·RSHUD DUWW H VV GHO &RGLFH &LYLOH /·LQFDULFR VDUj HVSOHWDWR SHUVRQDOPHQWH GDO VRJJHWWR VHOH]LRQDWR LQ SLHQD DXWRQRPLDVHQ]DYLQFRORGLVXERUGLQD]LRQHVHFRQGRTXDQWRVWDELOLWRGDOFRQWUDWWRDSSURYDWRHG DOOHJDWRDOODGHWHUPLQD]LRQHGLFXLLQSUHPHVVD
/D SUHVWD]LRQH KD XQD GXUDWD FRPSOHVVLYD GDOOD GDWD GL FRPXQLFD]LRQH DOO·LQFDULFDWR GHOO·DWWR GL FRQIHULPHQWRILQRDO
,OOLPLWHPDVVLPRGHOFRUULVSHWWLYRWRWDOHGHOOHSUHVWD]LRQLHOHQFDWHDOVXFFHVVLYRDUWLFRORqILVVDWR LQ(XURFRPSUHQVLYLGLRQHULSUHYLGHQ]LDOLHGHYHQWXDOH,9$ ,OSDJDPHQWRGHOORVWHVVRDYYHUUjVHFRQGROHPRGDOLWjPHJOLRVSHFLILFDWHQHOFRQWUDWWR $UWLFROR²&217(187,'(//(35(67$=,21, $LVHQVLGLTXDQWRGLVSRVWRGDOO·DUWGHOOD/5 HGLTXDQWRSUHYLVWRGDOSURJHWWRSHULO ILQDQ]LDPHQWR GHOOH DWWLYLWj GHO 3XQWR GL $VFROWR SUHVHQWDWR GDO &RPXQH GL 7ULHVWH H DSSURYDWR GDOOD5HJLRQH$XWRQRPD)ULXOL9HQH]LD*LXOLDOHSUHVWD]LRQLULFKLHVWHDOODYRUDWRUHVLVRVWDQ]LDQR LQ
FROORTXLFRQLODYRUDWRULLQFRQGL]LRQLGLGLVDJLRDOILQHGLYHULILFDUHO·HYHQWXDOHVXVVLVWHQ]DGL XQD VLWXD]LRQH GL PDOHVVHUH SVLFRILVLFD OHJDWD D PROHVWLH R DOWUH IRUPH GL SUHVVLRQH SVLFRORJLFD
SURPR]LRQHGLRUJDQL]]D]LRQHFRUVLGLIRUPD]LRQHHDJJLRUQDPHQWRGLRSHUDWRULTXDOLILFDWL SHUDIIURQWDUHSUREOHPDWLFKHGLGLVDJLRSVLFRILVLFRVXOOXRJRGLODYRUR
LQYLRDOOD'LUH]LRQH5HJLRQDOH/DYRUR&RPPHUFLR)RUPD]LRQHH3DUL2SSRUWXQLWjGHLGDWL UHODWLYLDOOHDWWLYLWjGHO3XQWRGL$VFROWR
FRPSLOD]LRQH GHOOH VFKHGH SHU RJQL ODYRUDWRUH HG XQD UHOD]LRQH SHULRGLFD VXOOH DWWLYLWj VYROWH GDO 3XQWR GL $VFROWR GD SUHVHQWDUH DOOD 'LUH]LRQH GHOO·$UHD 5LVRUVH (FRQRPLFKH H )LQDQ]LDULH
$UWLFROR 5(48,6,7, 3(5 /$ 3$57(&,3$=,21( $//$ 352&('85$ &203$5$7,9$
3RVVRQR DFFHGHUH DOOH VHOH]LRQL VROR HVSHUWL GL FRPSURYDWD VSHFLDOL]]D]LRQH XQLYHUVLWDULD H GL FRPSURYDWDHVSHULHQ]D
,FDQGLGDWLGHYRQRSRVVHGHUHLOWLWRORGL/DXUHDLQ0HGLFLQDH&KLUXUJLDHGHVVHUHVSHFLDOL]]DWLLQ PHGLFLQD OHJDOH R VSHFLDOL]]D]LRQH HTXLSROOHQWH , FDQGLGDWL GHYRQR HVVHUH LVFULWWL DOO·2UGLQH SURIHVVLRQDOHGLULIHULPHQWR 6RQRDOWUHVuULFKLHVWLLVHJXHQWLUHTXLVLWLJHQHUDOL D SRVVHVVRGHOODFLWWDGLQDQ]DLWDOLDQDHGLXQRGHJOL6WDWLPHPEULGHOO·8QLRQH(XURSHD E JRGLPHQWRGHLGLULWWLFLYLOLHSROLWLFL F QRQDYHUULSRUWDWRFRQGDQQHSHQDOLFRQVHQWHQ]DSDVVDWDLQJLXGLFDWRSHUTXDOVLDVLUHDWR FKHLQFLGDVXOODSURSULDPRUDOLWjSURIHVVLRQDOH I LQVXVVLVWHQ]DGLFDXVHOLPLWDWLYHGHOODFDSDFLWjGHOFDQGLGDWRGLVRWWRVFULYHUHFRQWUDWWLFRQOD SXEEOLFDDPPLQLVWUD]LRQHHGLHVSOHWDUHO·LQFDULFRRJJHWWRGHOODVHOH]LRQH
, UHTXLVLWL SUHVFULWWL GHYRQR HVVHUH SRVVHGXWL DOOD GDWD GL VFDGHQ]D GHO WHUPLQH XOWLPR SHU OD SUHVHQWD]LRQHGHOODGRPDQGDGLSDUWHFLSD]LRQHDOODVHOH]LRQH
$UWLFROR²38%%/,&,7$·
,O SUHVHQWH DYYLVR q UHVR SXEEOLFR DWWUDYHUVR OD VXD SXEEOLFD]LRQH QHOOD SDJLQH LQWHUQHW GHOO·$PPLQLVWUD]LRQHFRPXQDOHSHUXQSHULRGRFRQWLQXDWLYRGLJLRUQL $UWLFROR ² 35(6(17$=,21( '(//$ '20$1'$ ( '2&80(17$=,21( 5,&+,(67$ /DGRPDQGDGLDPPLVVLRQHDOODVHOH]LRQHUHGDWWDLQOLQJXDLWDOLDQDHLQFDUWDVHPSOLFHVHFRQGROR VFKHPDDOOHJDWR,&DOSUHVHQWHDYYLVRGLVHOH]LRQHVRWWRVFULWWDFRQILUPDDXWRJUDIDRULJLQDOHGHYH HVVHUHLQGLUL]]DWDDO&RPXQHGL7ULHVWH²$UHD5LVRUVH(FRQRPLFKHH)LQDQ]LDULHSLD]]DGHOO·8QLWj G·,WDOLD²7ULHVWH,OWHUPLQHXOWLPRSHUODSUHVHQWD]LRQHGHOODGRPDQGDqILVVDWRDOODGDWD GHOVHWWHPEUH
/D GRPDQGD PHGHVLPD SXz HVVHUH SUHVHQWDWD GLUHWWDPHQWH DO &RPXQH GL 7ULHVWH ² 8IILFLR $FFHWWD]LRQH$WWLGHO3URWRFROOR*HQHUDOH²SLDQRWHUUD²3DOD]]R0XQLFLSDOH=RLVYLD3XQWDGHO )RUQR Q HQWUR OH RUH GHO JLRUQR VXFFLWDWR RYYHUR SXz HVVHUH LQYLDWD WUDPLWH LO VHUYL]LR SRVWDOHULSRUWDWRDOSDUDJUDIRSUHFHGHQWH
,QFDVRGLSUHVHQWD]LRQHGLUHWWDDOO·8IILFLR$FFHWWD]LRQH$WWLXQLWDPHQWHDOODGRPDQGDGHYHHVVHUH SUHVHQWDWDXQDIRWRFRSLDGHOODVWHVVDFKHVDUjUHVWLWXLWDFRQWLPEURHGDWDLQVHJQRGLULFHYXWD ,QFDVRGLVSHGL]LRQHSRVWDOHODGRPDQGDYHUUjSUHVDLQFRQVLGHUD]LRQHSXUFKqSHUYHQXWDDOO·8IILFLR 3URWRFROOR GHO &RPXQH GL 7ULHVWH HQWUR OH RUH GHO VHWWHPEUH WHUPLQH FKH VDUjDWWHVWDWRGDOWLPEURGLULFH]LRQHGHOO·XIILFLRPHGHVLPR
$OODGRPDQGDGRYUDQQRHVVHUHDOOHJDWL
G IRWRFRSLDIURQWHHUHWURGLXQGRFXPHQWRGLLGHQWLWjGHOVRWWRVFULWWRUHLQFRUVRGLYDOLGLWj H FXUULFXOXPYLWDHGHELWDPHQWHGDWDWRHILUPDWRGDOFDQGLGDWRFRPSOHWRGHLGDWLDQDJUDILFL
GHL WLWROL GL VWXGLR SRVVHGXWL H GHOOH HVSHULHQ]H SURIHVVLRQDOL PDWXUDWH HG DWWLQHQWL DOOD SURIHVVLRQDOLWj ULFKLHVWD FRQ SDUWLFRODUH ULJXDUGR D TXHOOH LQHUHQWL L UDSSRUWL ODYRUDWLYL SUHVVR (QWL 3XEEOLFL ROWUH FKH GL RJQL DOWUD FRQVLGHUD]LRQH DWWDD FRPSURYDUH LO SRVVHVVR GHLUHTXLVLWLGLVSHFLDOL]]D]LRQHGLFXLDOO·DUWGHOSUHVHQWHDYYLVR $UWLFROR²6(/(=,21( /DVHOH]LRQHGHLFDQGLGDWLYHUUjHIIHWWXDWDGDXQDFRPPLVVLRQHDSSRVLWDPHQWHQRPLQDWDVXOODEDVH GHLFXUULFXODFRQO·DWWULEX]LRQHGLXQSXQWHJJLRPDVVLPRGLSXQWLWHQXWRFRQWRGHLVHJXHQWL HOHPHQWL - IRUPD]LRQHSURIHVVLRQDOH - DWWLYLWjSRVWODXUHDPGLULFHUFDSHUIH]LRQDPHQWRHVSHFLDOL]]D]LRQH
- FRUULVSHWWLYR ULFKLHVWR SHU OH SUHVWD]LRQL GL FXL DOO·DUW GHO SUHVHQWH DYYLVR FKH QRQ GRYUj VXSHUDUH LO OLPLWH PDVVLPR GL (XUR FRPSUHQVLYL GL RQHUL SUHYLGHQ]LDOL HG HYHQWXDOH,9$
$UWLFROR²&21)(5,0(172'(//·,1&$5,&2
$O FDQGLGDWR YLQFLWRUH YHUUj FRPXQLFDWR O·DYYHQXWR DIILGDPHQWR GHOO·LQFDULFR PHGLDQWH SURYYHGLPHQWRGLULJHQ]LDOH
1HOO·HYHQWXDOLWj LO FDQGLGDWR YLQFLWRUH GLFKLDUL GL SUHVWDUH VHUYL]LR SUHVVR XQD SXEEOLFD DPPLQLVWUD]LRQHLOFRQWUDWWRSRWUjHVVHUHVWLSXODWRSUHYLRQXOODRVWDULODVFLDWRGDOO·DPPLQLVWUD]LRQH GLDSSDUWHQHQ]DDLVHQVLGHOO·DUWGHO'/JVQ
$UWLFROR²5(63216$%,/('(/352&(',0(172
$L VHQVL GHJOL DUWW H GHOOD OHJJH LO UHVSRQVDELOH GHO SURFHGLPHQWR q LO 'LUHWWRUH GHOO·$UHD5LVRUVH(FRQRPLFKHH)LQDQ]LDULH²&RULQD6IHUFR
$UWLFROR²787(/$'(//$35,9$&<
, GDWL SHUVRQDOL WUDVPHVVL DL ILQL GHOOD SDUWHFLSD]LRQH GHL FDQGLGDWL DOOD SURFHGXUD FRPSDUDWLYD SRWUDQQRHVVHUHWUDWWDWLGDOO·$UHD5LVRUVH(FRQRPLFKHH)LQDQ]LDULHQRQFKpGDOOD&RPPLVVLRQHGL FXL DOO·DUW GHO SUHVHQWH DYYLVR VHFRQGR TXDQWR VWDELOLWR GDO '/JV Q VLD FRQ PH]]L FDUWDFHL FKH LQIRUPDWLFL HVFOXVLYDPHQWH SHU OD JHVWLRQH GHOOD SURFHGXUD FRPSDUDWLYD H GHJOL DWWL FRQVHJXHQWL
$LFDQGLGDWLVRQRULFRQRVFLXWLLGLULWWLGLFXLDOO·DUWGHOFLWDWRGHFUHWROHJLVODWLYR
$UWLFROR²5,6(59$'(//·$00,1,675$=,21(
,O &RPXQH GL 7ULHVWH VL ULVHUYD OD IDFROWj GL SURURJDUH PRGLILFDUH H DOWUHVu UHYRFDUH LO SUHVHQWH DYYLVRFRQSURYYHGLPHQWRPRWLYDWRGDQGRQHFRPXQLFD]LRQHDJOLLQWHUHVVDWLHTXDORUDQRQDQFRUD
LGHQWLILFDWL GDQGRQH FRPXQLFD]LRQH QHOOH VWHVVH IRUPH FRQ FXL YLHQH GDWD FRPXQLFD]LRQH DO SUHVHQWHDYYLVR
$UWLFROR²1250$),1$/(
3HU TXDQWR QRQ VSHFLILFDWR QHO SUHVHQWH DYYLVR VL ID ULIHULPHQWR DL UHJRODPHQWL LQ PDWHULD GHO &RPXQHGL7ULHVWHQRQFKpDOODQRUPDWLYDYLJHQWH
3HU XOWHULRUL LQIRUPD]LRQL q SRVVLELOH ULYROJHUVL DBBBBBBBBBBBBBBBBBBBBBBBBBB WHO BBBBBBBBBBBBBBBBBBBBLQGLUL]]RHPDLOBBBBBBBBBBBBBBBBBBBBBBBB ,O'LUHWWRUHGHOO·$UHD5LVRUVH(FRQRPLFKHH)LQDQ]LDULH &RULQD6IHUFR
$99,62
', 352&('85$ &203$5$7,9$ 3(5,/ &21)(5,0(172 ', 81 ,1&$5,&2 ', &2168/(1=$ $' 81 *,86/$925,67$ 3(5 ,/ 38172 ', $6&2/72 02%%,1*'(/&2081(',75,(67( ,/',5(7725('(//·$5($5,6256((&2120,&+((),1$1=,$5,( 9LVWDODSURSULDGHWHUPLQD]LRQHQGG 5LFKLDPDWL - O·DUWFRPPLHELVGHO'/JVDLVHQVLGHOTXDOHOHDPPLQLVWUD]LRQL SXEEOLFKHSRVVRQRFRQIHULUHLQFDULFKLLQGLYLGXDOLFRQFRQWUDWWRGLODYRURDXWRQRPRDG HVSHUWLGLSDUWLFRODUHHFRPSURYDWDVSHFLDOL]]D]LRQHDQFKHXQLYHUVLWDULDSHUHVLJHQ]HFXL QRQSRVVRQRIDUIURQWHFRQSHUVRQDOHLQVHUYL]LRSUHYLRHVSOHWDPHQWRGLSURFHGXUD FRPSDUDWLYD - O·DUWFRPPDGHOOD/GLFHPEUHQFRPHPRGLILFDWRGDOO·DUWFRPPD GHOOD/DJRVWRQDLVHQVLGHOTXDOHOHFROODERUD]LRQLGLFXLVRSUDSRVVRQR HVVHUHFRQIHULWHVRORFRQULIHULPHQWRDOOHDWWLYLWjLVWLWX]LRQDOLVWDELOLWHGDOODOHJJHRSUHYLVWH QHOSURJUDPPDDSSURYDWRGDOFRQVLJOLRFRPXQDOH - ORVWUDOFLRGHO5HJRODPHQWRGHJOL8IILFLHGHL6HUYL]LHPDQDWRLQDWWXD]LRQHGHOO·DUW FRPPLHGHOODOHJJHFRPHPRGLILFDWRGDOODOHJJHDSSURYDWRFRQ GHOLEHUD]LRQHJLXQWDOHQHVXFFHVVLYDQHVHFXWLYHDLVHQVLGLOHJJH - ODGHOLEHUD]LRQHFRQVLOLDUHQGGPDU]R
5(1'(1272
&KH q LQGHWWD XQD SURFHGXUD FRPSDUDWLYD SHU LO FRQIHULPHQWR XQ LQFDULFR GL FRQVXOHQ]D SHU LO 3XQWRGL$VFROWR0REELQJFRQFRQWUDWWRG·RSHUDSHUOD'LUH]LRQHGHOO·$UHD5LVRUVH(FRQRPLFKH H)LQDQ]LDULH
$UWLFROR²2**(772'(//$6(/(=,21(
/D SURFHGXUD FRPSDUDWLYD GL FXL DO SUHVHQWH DYYLVR q GLUHWWD DO FRQIHULPHQWR GL XQ LQFDULFR GL FRQVXOHQ]DDGXQJLXVODYRULVWD
$UWLFROR²1$785$'(//·,1&$5,&2
,O UDSSRUWR LQVWDXUDWR FRQ LO SUHVWDWRUH VL TXDOLILFD FRPH FRQWUDWWR G·RSHUD DUWW H VV GHO &RGLFH &LYLOH /·LQFDULFR VDUj HVSOHWDWR SHUVRQDOPHQWH GDO VRJJHWWR VHOH]LRQDWR LQ SLHQD DXWRQRPLDVHQ]DYLQFRORGLVXERUGLQD]LRQHVHFRQGRTXDQWRVWDELOLWRGDOFRQWUDWWRDSSURYDWRHG DOOHJDWRDOODGHWHUPLQD]LRQHGLFXLLQSUHPHVVD
/D SUHVWD]LRQH KD XQD GXUDWD FRPSOHVVLYD GDOOD GDWD GL FRPXQLFD]LRQH DOO·LQFDULFDWR GHOO·DWWR GL FRQIHULPHQWRILQRDO ,OOLPLWHPDVVLPRGHOFRUULVSHWWLYRWRWDOHGHOOHSUHVWD]LRQLHOHQFDWHDOVXFFHVVLYRDUWLFRORqILVVDWR LQ(XUR(XURFRPSUHQVLYLGLRQHULSUHYLGHQ]LDOLHGHYHQWXDOH,9$ ,OSDJDPHQWRGHOORVWHVVRDYYHUUjVHFRQGROHPRGDOLWjPHJOLRVSHFLILFDWHQHOFRQWUDWWR $UWLFROR²&217(187,'(//(35(67$=,21, $LVHQVLGLTXDQWRGLVSRVWRGDOO·DUWGHOOD/5 HGLTXDQWRSUHYLVWRGDOSURJHWWRSHULO ILQDQ]LDPHQWR GHOOH DWWLYLWj GHO 3XQWR GL $VFROWR SUHVHQWDWR GDO &RPXQH GL 7ULHVWH H DSSURYDWR GDOOD5HJLRQH$XWRQRPD)ULXOL9HQH]LD*LXOLDOHSUHVWD]LRQLULFKLHVWHDOODYRUDWRUHVLVRVWDQ]LDQR LQ
FROORTXLFRQLODYRUDWRULLQFRQGL]LRQLGLGLVDJLRDOILQHGLYHULILFDUHO·HYHQWXDOHVXVVLVWHQ]DGL XQD VLWXD]LRQH GL PDOHVVHUH SVLFRILVLFD OHJDWD D PROHVWLH R DOWUH IRUPH GL SUHVVLRQH SVLFRORJLFD
SURPR]LRQHGLRUJDQL]]D]LRQHFRUVLGLIRUPD]LRQHHDJJLRUQDPHQWRGLRSHUDWRULTXDOLILFDWL SHUDIIURQWDUHSUREOHPDWLFKHGLGLVDJLRSVLFRILVLFRVXOOXRJRGLODYRUR
LQYLRDOOD'LUH]LRQH5HJLRQDOH/DYRUR&RPPHUFLR)RUPD]LRQHH3DUL2SSRUWXQLWjGHLGDWL UHODWLYLDOOHDWWLYLWjGHO3XQWRGL$VFROWR
FRPSLOD]LRQH GHOOH VFKHGH SHU RJQL ODYRUDWRUH HG XQD UHOD]LRQH SHULRGLFD VXOOH DWWLYLWj VYROWH GDO 3XQWR GL $VFROWR GD SUHVHQWDUH DOOD 'LUH]LRQH GHOO·$UHD 5LVRUVH (FRQRPLFKH H )LQDQ]LDULH
$UWLFROR 5(48,6,7, 3(5 /$ 3$57(&,3$=,21( $//$ 352&('85$ &203$5$7,9$
3RVVRQR DFFHGHUH DOOH VHOH]LRQL VROR HVSHUWL GL FRPSURYDWD VSHFLDOL]]D]LRQH XQLYHUVLWDULD H GL FRPSURYDWDHVSHULHQ]D ,FDQGLGDWLGHYRQRSRVVHGHUHLOWLWRORGL/DXUHDLQ*LXULVSUXGHQ]DHGHVVHUHHVSHUWLLQPDWHULDGL ODYRUR,FDQGLGDWLGHYRQRHVVHUHLVFULWWLDOO·2UGLQHSURIHVVLRQDOHGLULIHULPHQWR 6RQRDOWUHVuULFKLHVWLLVHJXHQWLUHTXLVLWLJHQHUDOL I SRVVHVVRGHOODFLWWDGLQDQ]DLWDOLDQDHGLXQRGHJOL6WDWLPHPEULGHOO·8QLRQH(XURSHD J JRGLPHQWRGHLGLULWWLFLYLOLHSROLWLFL K QRQDYHUULSRUWDWRFRQGDQQHSHQDOLFRQVHQWHQ]DSDVVDWDLQJLXGLFDWRSHUTXDOVLDVLUHDWR FKHLQFLGDVXOODSURSULDPRUDOLWjSURIHVVLRQDOH J LQVXVVLVWHQ]DGLFDXVHOLPLWDWLYHGHOODFDSDFLWjGHOFDQGLGDWRGLVRWWRVFULYHUHFRQWUDWWLFRQOD SXEEOLFDDPPLQLVWUD]LRQHHGLHVSOHWDUHO·LQFDULFRRJJHWWRGHOODVHOH]LRQH
, UHTXLVLWL SUHVFULWWL GHYRQR HVVHUH SRVVHGXWL DOOD GDWD GL VFDGHQ]D GHO WHUPLQH XOWLPR SHU OD SUHVHQWD]LRQHGHOODGRPDQGDGLSDUWHFLSD]LRQHDOODVHOH]LRQH
$UWLFROR²38%%/,&,7$·
,O SUHVHQWH DYYLVR q UHVR SXEEOLFR DWWUDYHUVR OD VXD SXEEOLFD]LRQH QHOOD SDJLQH LQWHUQHW GHOO·$PPLQLVWUD]LRQHFRPXQDOHSHUXQSHULRGRFRQWLQXDWLYRGLJLRUQL $UWLFROR ² 35(6(17$=,21( '(//$ '20$1'$ ( '2&80(17$=,21( 5,&+,(67$ /DGRPDQGDGLDPPLVVLRQHDOODVHOH]LRQHUHGDWWDLQOLQJXDLWDOLDQDHLQFDUWDVHPSOLFHVHFRQGROR VFKHPDDOOHJDWR,&DOSUHVHQWHDYYLVRGLVHOH]LRQHVRWWRVFULWWDFRQILUPDDXWRJUDIDRULJLQDOHGHYH HVVHUHLQGLUL]]DWDDO&RPXQHGL7ULHVWH²$UHD5LVRUVH(FRQRPLFKHH)LQDQ]LDULHSLD]]DGHOO·8QLWj
G·,WDOLD²7ULHVWH,OWHUPLQHXOWLPRSHUODSUHVHQWD]LRQHGHOODGRPDQGDqILVVDWRDOODGDWD GHOVHWWHPEUH
/D GRPDQGD PHGHVLPD SXz HVVHUH SUHVHQWDWD GLUHWWDPHQWH DO &RPXQH GL 7ULHVWH ² 8IILFLR $FFHWWD]LRQH$WWLGHO3URWRFROOR*HQHUDOH²SLDQRWHUUD²3DOD]]R0XQLFLSDOH=RLVYLD3XQWDGHO )RUQR Q HQWUR OH RUH GHO JLRUQR VXFFLWDWR RYYHUR SXz HVVHUH LQYLDWD WUDPLWH LO VHUYL]LR SRVWDOHULSRUWDWRDOSDUDJUDIRSUHFHGHQWH
,QFDVRGLSUHVHQWD]LRQHGLUHWWDDOO·8IILFLR$FFHWWD]LRQH$WWLXQLWDPHQWHDOODGRPDQGDGHYHHVVHUH SUHVHQWDWDXQDIRWRFRSLDGHOODVWHVVDFKHVDUjUHVWLWXLWDFRQWLPEURHGDWDLQVHJQRGLULFHYXWD ,QFDVRGLVSHGL]LRQHSRVWDOHODGRPDQGDYHUUjSUHVDLQFRQVLGHUD]LRQHSXUFKqSHUYHQXWDDOO·8IILFLR 3URWRFROOR GHO &RPXQH GL 7ULHVWH HQWUR OH RUH GHO VHWWHPEUH WHUPLQH FKH VDUjDWWHVWDWRGDOWLPEURGLULFH]LRQHGHOO·XIILFLRPHGHVLPR
$OODGRPDQGDGRYUDQQRHVVHUHDOOHJDWL
L IRWRFRSLDIURQWHHUHWURGLXQGRFXPHQWRGLLGHQWLWjGHOVRWWRVFULWWRUHLQFRUVRGLYDOLGLWj M FXUULFXOXPYLWDHGHELWDPHQWHGDWDWRHILUPDWRGDOFDQGLGDWRFRPSOHWRGHLGDWLDQDJUDILFL
GHL WLWROL GL VWXGLR SRVVHGXWL H GHOOH HVSHULHQ]H SURIHVVLRQDOL PDWXUDWH HG DWWLQHQWL DOOD SURIHVVLRQDOLWj ULFKLHVWD FRQ SDUWLFRODUH ULJXDUGR D TXHOOH LQHUHQWL L UDSSRUWL ODYRUDWLYL SUHVVR (QWL 3XEEOLFL ROWUH FKH GL RJQL DOWUD FRQVLGHUD]LRQH DWWDD FRPSURYDUH LO SRVVHVVR GHLUHTXLVLWLGLVSHFLDOL]]D]LRQHGLFXLDOO·DUWGHOSUHVHQWHDYYLVR $UWLFROR²6(/(=,21( /DVHOH]LRQHGHLFDQGLGDWLYHUUjHIIHWWXDWDGDXQDFRPPLVVLRQHDSSRVLWDPHQWHQRPLQDWDVXOODEDVH GHLFXUULFXODFRQO·DWWULEX]LRQHGLXQSXQWHJJLRPDVVLPRGLSXQWLWHQXWRFRQWRGHLVHJXHQWL HOHPHQWL - IRUPD]LRQHSURIHVVLRQDOH - DWWLYLWjSRVWODXUHDPGLULFHUFDSHUIH]LRQDPHQWRHVSHFLDOL]]D]LRQH
- FRUULVSHWWLYR ULFKLHVWR SHU OH SUHVWD]LRQL GL FXL DOO·DUW GHO SUHVHQWH DYYLVR FKH QRQ GRYUjVXSHUDUHLOOLPLWHPDVVLPRGL(XUR(XURFRPSUHQVLYLGLRQHULSUHYLGHQ]LDOL HGHYHQWXDOH,9$
$UWLFROR²&21)(5,0(172'(//·,1&$5,&2
$O FDQGLGDWR YLQFLWRUH YHUUj FRPXQLFDWR O·DYYHQXWR DIILGDPHQWR GHOO·LQFDULFR PHGLDQWH SURYYHGLPHQWRGLULJHQ]LDOH
1HOO·HYHQWXDOLWj LO FDQGLGDWR YLQFLWRUH GLFKLDUL GL SUHVWDUH VHUYL]LR SUHVVR XQD SXEEOLFD DPPLQLVWUD]LRQHLOFRQWUDWWRSRWUjHVVHUHVWLSXODWRSUHYLRQXOODRVWDULODVFLDWRGDOO·DPPLQLVWUD]LRQH GLDSSDUWHQHQ]DDLVHQVLGHOO·DUWGHO'/JVQ
$UWLFROR²5(63216$%,/('(/352&(',0(172
$L VHQVL GHJOL DUWW H GHOOD OHJJH LO UHVSRQVDELOH GHO SURFHGLPHQWR q LO 'LUHWWRUH GHOO·$UHD5LVRUVH(FRQRPLFKHH)LQDQ]LDULH²&RULQD6IHUFR
$UWLFROR²787(/$'(//$35,9$&<
, GDWL SHUVRQDOL WUDVPHVVL DL ILQL GHOOD SDUWHFLSD]LRQH GHL FDQGLGDWL DOOD SURFHGXUD FRPSDUDWLYD SRWUDQQRHVVHUHWUDWWDWLGDOO·$UHD5LVRUVH(FRQRPLFKHH)LQDQ]LDULHQRQFKpGDOOD&RPPLVVLRQHGL FXL DOO·DUW GHO SUHVHQWH DYYLVR VHFRQGR TXDQWR VWDELOLWR GDO '/JV Q VLD FRQ PH]]L FDUWDFHL FKH LQIRUPDWLFL HVFOXVLYDPHQWH SHU OD JHVWLRQH GHOOD SURFHGXUD FRPSDUDWLYD H GHJOL DWWL FRQVHJXHQWL
$LFDQGLGDWLVRQRULFRQRVFLXWLLGLULWWLGLFXLDOO·DUWGHOFLWDWRGHFUHWROHJLVODWLYR
$UWLFROR²5,6(59$'(//·$00,1,675$=,21(
,O &RPXQH GL 7ULHVWH VL ULVHUYD OD IDFROWj GL SURURJDUH PRGLILFDUH H DOWUHVu UHYRFDUH LO SUHVHQWH DYYLVRFRQSURYYHGLPHQWRPRWLYDWRGDQGRQHFRPXQLFD]LRQHDJOLLQWHUHVVDWLHTXDORUDQRQDQFRUD LGHQWLILFDWL GDQGRQH FRPXQLFD]LRQH QHOOH VWHVVH IRUPH FRQ FXL YLHQH GDWD FRPXQLFD]LRQH DO SUHVHQWHDYYLVR
$UWLFROR²1250$),1$/(
3HU TXDQWR QRQ VSHFLILFDWR QHO SUHVHQWH DYYLVR VL ID ULIHULPHQWR DL UHJRODPHQWL LQ PDWHULD GHO &RPXQHGL7ULHVWHQRQFKpDOODQRUPDWLYDYLJHQWH
3HU XOWHULRUL LQIRUPD]LRQL q SRVVLELOH ULYROJHUVL DBBBBBBBBBBBBBBBBBBBBBBBBBB WHO BBBBBBBBBBBBBBBBBBBBLQGLUL]]RHPDLOBBBBBBBBBBBBBBBBBBBBBBBB ,O'LUHWWRUHGHOO·$UHD5LVRUVH(FRQRPLFKHH)LQDQ]LDULH &RULQD6IHUFR
$O&RPXQHGL7ULHVWH $UHD5LVRUVH(FRQRPLFKHH)LQDQ]LDULH ',5(=,21( 3LD]]DGHOO·8QLWjG·,WDOLD 75,(67( 6(/(=,21(SHULOFRQIHULPHQWRWUDPLWHSURFHGXUDFRPSDUDWLYDGLQLQFDULFRGL FRQVXOHQ]DLQPDWHULDGLPROHVWLHPRUDOLHSVLFRILVLFKHQHOO·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
&RPXQH BBBBBBBBBBBBBBBBBBBBBBB 3URY BBBBBBBBBBBBBBBBBBBBB YLD BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBQBBBBBBFDSBBBBBBBBBBB
WHOHIRQRBBBBBBBBBBBBBBBBBBBBBBBHPDLOBBBBBBBBBBBBBBBBBBBBBBBBBBB
&+,('(
GL HVVHUH DPPHVVRD D SDUWHFLSDUH DOOD VHOH]LRQH VRSUD FLWDWD D WDO ILQH FRQVDSHYROH GHOOH
VDQ]LRQLSHQDOLSUHYLVWHSHULOFDVRGLGLFKLDUD]LRQLPHQGDFLDLVHQVLHSHUJOLHIIHWWLGL FXLDJOLDUWWHGHO'35 ',&+,$5$ GLHVVHUHFLWWDGLQRLWDOLDQRRGLXQRGHJOLVWDWLGHOO·XQLRQHHXURSHDLQGLFDUHTXDOH BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB GLJRGHUHGLGLULWWLFLYLOLHSROLWLFL LQFDVRGLPDQFDWRJRGLPHQWRLQGLFDUQHLPRWLYL BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
GL JRGHUH GL GLULWWL FLYLOL H SROLWLFL DQFKH QHJOL 6WDWL GL DSSDUWHQHQ]D R SURYHQLHQ]D VROR SHU L FLWWDGLQLGLXQRGHJOL6WDWLPHPEULGHOO·8QLRQH(XURSHDLQFDVRGLPDQFDWRJRGLPHQWRLQGLFDUQHL PRWLYLBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
LQYDOLGLWjQRQVDQDELOH LQFDVRFRQWUDULRLQGLFDUQHLPRWLYLBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB GLQRQDYHUHSURFHGLPHQWLSHQDOLQpSURFHGLPHQWLDPPLQLVWUDWLYLSHQGHQWLDSURSULRFDULFR LQFDVRFRQWUDULRGLFKLDUDUHLSURFHGLPHQWLSHQDOLHRDPPLQLVWUDWLYLHYHQWXDOPHQWHSHQGHQWLDVXR FDULFRSUHVVRO·$XWRULWjJLXGL]LDULDGLTXDOVLDVLJUDGRLWDOLDQDRHVWHUD BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
GL QRQ DYHU VXELWR FRQGDQQH SHQDOL FKH DEELDQR FRPSRUWDWR TXDOH VDQ]LRQH DFFHVVRULD O·LQFDSDFLWjGLFRQWUDWWDUHFRQODSXEEOLFDDPPLQLVWUD]LRQH
GLHVVHUHLQSRVVHVVRGHLVHJXHQWLWLWROL
7LWRORGL6WXGLR
/DXUHD LQ 3VLFRORJLD R HTXLSROOHQWL 9HFFKLR 2UGLQDPHQWR RYYHUR 1XRYR 2UGLQDPHQWR 6SHFLDOLVWLFD0DJLVWUDOH FRQVHJXLWD SUHVVR O·8QLYHUVLWj GHJOL 6WXGL GL BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBYRWRGHOO·HVDPHILQDOHGLODXUHDBBBBBBBBBBBBBGDWDGL FRQVHJXLPHQWRBBBBBBBBBBB
/DXUHD LQ 0HGLFLQD H &KLUXUJLD FRQVHJXLWD SUHVVR O·8QLYHUVLWj GHJOL 6WXGL GL BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB YRWR GHOO·HVDPH ILQDOH GL ODXUHD BBBBBBBBBBBBBGDWDGLFRQVHJXLPHQWRBBBBBBBBBBB
'RWWRUDWRGLULFHUFDVSHFLDOL]]D]LRQLPDVWHUFRUVLGLSHUIH]LRQDPHQWR
GRWWRUDWR GL ULFHUFD LQBBBBBBBBBBBBBBBBBBB FRQVHJXLWR SUHVVR O·8QLYHUVLWj GHJOL 6WXGL GLBBBBBBBBBBBBBBBBBBBBGDWDFRQVHJXLPHQWRBBBBBBBBBBBBBBBBBBBBB
6SHFLDOL]]D]LRQH LQ BBBBBBBBBBBBBBBBBBBBBB FRQVHJXLWD SUHVVR O·8QLYHUVLWj GHJOL 6WXGL GLBBBBBBBBBBBBBBBBBBBBGDWDFRQVHJXLPHQWRBBBBBBBBBBBBBBBBBBBBB DOWUHVSHFLDOL]]D]LRQL WLWRORBBBBBBBBBBBBBBBBBBBVHGHBBBBBBBBBBBBBBBBBBBBBBGDWDBBBBBBBBBBBBBBBBB WLWRORBBBBBBBBBBBBBBBBBBBVHGHBBBBBBBBBBBBBBBBBBBBBBGDWDBBBBBBBBBBBBBBBBB PDVWHU WLWRORBBBBBBBBBBBBBBBBBBBVHGHBBBBBBBBBBBBBBBBBBBBBBGDWDBBBBBBBBBBBBBBBBB WLWRORBBBBBBBBBBBBBBBBBBBVHGHBBBBBBBBBBBBBBBBBBBBBBGDWDBBBBBBBBBBBBBBBBB FRUVLGLSHUIH]LRQDPHQWR WLWRORBBBBBBBBBBBBBBBBBBBVHGHBBBBBBBBBBBBBBBBBBBBBBGDWDBBBBBBBBBBBBBBBBB WLWRORBBBBBBBBBBBBBBBBBBBVHGHBBBBBBBBBBBBBBBBBBBBBBGDWDBBBBBBBBBBBBBBBBB $WWLYLWjSURIHVVLRQDOH ,VFUL]LRQHDOO·2UGLQHGHJOL3VLFRORJLFRQVLJOLRUHJLRQDOHGHOBBBBBBBBBBBBBBBBBBBBBBBBBBBBB GDWDGHOODSULPDLVFUL]LRQHBBBBBBBBBBBBBBBBB E(YHQWXDOLHVSHULHQ]HGLGDWWLFKHHGLULFHUFDDOLYHOORDFFDGHPLFR BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
$WWLYLWjGLULFHUFD HOHQFRGHOOHSXEEOLFD]LRQLVFLHQWLILFKHLQDPELWRSVLFRORJLFRGDDOOHJDUHLQXQHYHQWXDOHGRFXPHQWR VHSDUDWRRLQWHJUDWRFRQLOFXUULFXOXPYLWDH BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
(VSHULHQ]H QHOOD UHDOL]]D]LRQH H FRRUGLQDPHQWR GL SURJHWWL DYHQWL ULOHYDQ]D SXEEOLFD UHODWLYL D TXHVWLRQLVRFLRVDQLWDULH BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
GL QRQ SUHVWDUH VHUYL]LR SUHVVR SXEEOLFKH DPPLQLVWUD]LRQL RYYHUR GL SUHVWDUH VHUYL]LR SUHVVR VSHFLILFDUHO·DPPLQLVWUD]LRQHGLDSSDUWHQHQ]D BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB FKHLOFRUULVSHWWLYRULFKLHVWRSHUO·LQFDULFRFRPHPHJOLRVSHFLILFDWRDJOLDUWLFROLHGHOO·DYYLVR DPPRQWDDG(XURBBBBBBBBBBBBBBBBBBBBBFRQWULEXWLSUHYLGHQ]LDOLHGHYHQWXDOH,9$LQFOXVL ,O/DVRWWRVFULWWRDDOOHJDDOODGRPDQGD LOFXUULFXOXPYLWDH ODIRWRFRSLDGLXQGRFXPHQWRGLULFRQRVFLPHQWRLQFRUVRGLYDOLGLWj ,O/DVRWWRVFULWWRDGLFKLDUDLQILQH
• GL DYHUH SUHVR YLVLRQH H GL DFFHWWDUH LQ PRGR SLHQR HG LQFRQGL]LRQDWR OH GLVSRVL]LRQL H OH FODXVROHFRQWHQXWHQHOO·DYYLVRGLVHOH]LRQHHQHOORVFKHPDGLFRQWUDWWR
• FKHOHLQIRUPD]LRQLFRQWHQXWHQHOFXUULFXOXPYLWDHDOOHJDWRFRUULVSRQGRQRDOYHUR
• GLGDUHLOSURSULRFRQVHQVRSHUO·XVRODFRPXQLFD]LRQHODGLIIXVLRQHGHLSURSULGDWLSHUVRQDOL HVFOXVLYDPHQWH SHU L WUDWWDPHQWL UHODWLYL DOO·HVSOHWDPHQWR GHO SURFHGLPHQWR DPPLQLVWUDWLYR GHOODSUHVHQWHVHOH]LRQHQHOULVSHWWRGHO'/JV
• GL HVVHUH LQIRUPDWRD DL VHQVL H SHU JOL HIIHWWL GHOO·DUW GHO GOJV FKH L GDWL SHUVRQDOL UDFFROWL VRQR REEOLJDWRUL SHU LO FRUUHWWR VYROJLPHQWR GHOO·LVWUXWWRULD H VDUDQQR WUDWWDWLDQFKHFRPHVWUXPHQWLLQIRUPDWLFLHVFOXVLYDPHQWHQHOO·DPELWRGHOSURFHGLPHQWRSHU LOTXDOHODSUHVHQWHGLFKLDUD]LRQHYLHQHUHVD
• GLHVVHUHDFRQRVFHQ]DFKHLO&RPXQHGL7ULHVWHQRQDVVXPHDOFXQDUHVSRQVDELOLWjSHULOFDVR GL GLVSHUVLRQH GL FRPXQLFD]LRQH GLSHQGHQWH GD LQHVDWWD LQGLFD]LRQH GHO UHFDSLWR R GD PDQFDWD R WDUGLYD FRPXQLFD]LRQH GHO FDPELDPHQWR GL LQGLUL]]R Qp SHU HYHQWXDOL GLVJXLGL SRVWDOLRWHOHJUDILFLQRQLPSXWDELOLDFROSDGHOO·$PPLQLVWUD]LRQHVWHVVD /XRJRHGDWDBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB )LUPDBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
$OOHJDWR% $O&RPXQHGL7ULHVWH $UHD5LVRUVH(FRQRPLFKHH)LQDQ]LDULH ',5(=,21( 3LD]]DGHOO·8QLWjG·,WDOLD 75,(67( 6(/(=,21(SHULOFRQIHULPHQWRWUDPLWHSURFHGXUDFRPSDUDWLYDGLQLQFDULFRGL FRQVXOHQ]DLQPDWHULDGLPROHVWLHPRUDOLHSVLFRILVLFKHQHOO·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
&RPXQH BBBBBBBBBBBBBBBBBBBBBBB 3URY BBBBBBBBBBBBBBBBBBBBB YLD BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBQBBBBBBFDSBBBBBBBBBBB
WHOHIRQRBBBBBBBBBBBBBBBBBBBBBBBHPDLOBBBBBBBBBBBBBBBBBBBBBBBBBBB
&+,('(
GL HVVHUH DPPHVVRD D SDUWHFLSDUH DOOD VHOH]LRQH VRSUD FLWDWD D WDO ILQH FRQVDSHYROH GHOOH
VDQ]LRQLSHQDOLSUHYLVWHSHULOFDVRGLGLFKLDUD]LRQLPHQGDFLDLVHQVLHSHUJOLHIIHWWLGL FXLDJOLDUWWHGHO'35 ',&+,$5$ GLHVVHUHFLWWDGLQRLWDOLDQRRGLXQRGHJOLVWDWLGHOO·XQLRQHHXURSHDLQGLFDUHTXDOH BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB GLJRGHUHGLGLULWWLFLYLOLHSROLWLFL LQFDVRGLPDQFDWRJRGLPHQWRLQGLFDUQHLPRWLYL BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
PRWLYLBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
GL QRQ HVVHUH VWDWR GHVWLWXLWR Qp GLFKLDUDWR GHFDGXWR GD XQ LPSLHJR SUHVVR XQD SXEEOLFD DPPLQLVWUD]LRQH SHU DYHUOR FRQVHJXLWR PHGLDQWH OD SURGX]LRQH GL GRFXPHQWL IDOVL R YL]LDWL GD LQYDOLGLWjQRQVDQDELOH LQFDVRFRQWUDULRLQGLFDUQHLPRWLYLBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB GLQRQDYHUHSURFHGLPHQWLSHQDOLQpSURFHGLPHQWLDPPLQLVWUDWLYLSHQGHQWLDSURSULRFDULFR LQFDVRFRQWUDULRGLFKLDUDUHLSURFHGLPHQWLSHQDOLHRDPPLQLVWUDWLYLHYHQWXDOPHQWHSHQGHQWLDVXR FDULFRSUHVVRO·$XWRULWjJLXGL]LDULDGLTXDOVLDVLJUDGRLWDOLDQDRHVWHUD BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
GL QRQ DYHU VXELWR FRQGDQQH SHQDOL FKH DEELDQR FRPSRUWDWR TXDOH VDQ]LRQH DFFHVVRULD O·LQFDSDFLWjGLFRQWUDWWDUHFRQODSXEEOLFDDPPLQLVWUD]LRQH GLHVVHUHLQSRVVHVVRGHLVHJXHQWLWLWROL 7LWRORGL6WXGLR /DXUHDLQ0HGLFLQDH&KLUXUJLDFRQVHJXLWDSUHVVRO·8QLYHUVLWjGHJOL6WXGLGLBBBBBBBBBBBBBYRWR GHOO·HVDPHILQDOHGLODXUHDBBBBBBBBBBBBBGDWDGLFRQVHJXLPHQWRBBBBBBBBBBB 'RWWRUDWRGLULFHUFDVSHFLDOL]]D]LRQLPDVWHUFRUVLGLSHUIH]LRQDPHQWR
GRWWRUDWR GL ULFHUFD LQBBBBBBBBBBBBBBBBBBB FRQVHJXLWR SUHVVR O·8QLYHUVLWj GHJOL 6WXGL GLBBBBBBBBBBBBBBBBBBBBGDWDFRQVHJXLPHQWRBBBBBBBBBBBBBBBBBBBBB
VSHFLDOL]]D]LRQH LQ PHGLFLQD OHJDOH FRQVHJXLWD SUHVVR O·8QLYHUVLWj GHJOL 6WXGL GLBBBBBBBBBBBBBBBBBBBBGDWDFRQVHJXLPHQWRBBBBBBBBBBBBBBBBBBBBB DOWUHVSHFLDOL]]D]LRQL WLWRORBBBBBBBBBBBBBBBBBBBVHGHBBBBBBBBBBBBBBBBBBBBBBGDWDBBBBBBBBBBBBBBBBB WLWRORBBBBBBBBBBBBBBBBBBBVHGHBBBBBBBBBBBBBBBBBBBBBBGDWDBBBBBBBBBBBBBBBBB PDVWHU WLWRORBBBBBBBBBBBBBBBBBBBVHGHBBBBBBBBBBBBBBBBBBBBBBGDWDBBBBBBBBBBBBBBBBB WLWRORBBBBBBBBBBBBBBBBBBBVHGHBBBBBBBBBBBBBBBBBBBBBBGDWDBBBBBBBBBBBBBBBBB FRUVLGLSHUIH]LRQDPHQWR WLWRORBBBBBBBBBBBBBBBBBBBVHGHBBBBBBBBBBBBBBBBBBBBBBGDWDBBBBBBBBBBBBBBBBB WLWRORBBBBBBBBBBBBBBBBBBBVHGHBBBBBBBBBBBBBBBBBBBBBBGDWDBBBBBBBBBBBBBBBBB $WWLYLWjSURIHVVLRQDOH HVSHULHQ]HODYRUDWLYHQHOO·DPELWRGHOODPHGLFLQDOHJDOH BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB (YHQWXDOLHVSHULHQ]HGLGDWWLFKHDOLYHOORDFFDGHPLFR
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
$WWLYLWjGLULFHUFD
HOHQFR GHOOH SXEEOLFD]LRQL VFLHQWLILFKH LQ DPELWR PHGLFR GD DOOHJDUH LQ XQ HYHQWXDOH GRFXPHQWR VHSDUDWRRLQWHJUDWRFRQLOFXUULFXOXPYLWDH
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
(VSHULHQ]H QHOOD UHDOL]]D]LRQH H FRRUGLQDPHQWR GL SURJHWWL DYHQWL ULOHYDQ]D SXEEOLFD UHODWLYL D TXHVWLRQLVRFLRVDQLWDULH
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
GL QRQ SUHVWDUH VHUYL]LR SUHVVR SXEEOLFKH DPPLQLVWUD]LRQL RYYHUR GL SUHVWDUH VHUYL]LR SUHVVR VSHFLILFDUHO·DPPLQLVWUD]LRQHGLDSSDUWHQHQ]D BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB FKHLOFRUULVSHWWLYRULFKLHVWRSHUO·LQFDULFRFRPHPHJOLRVSHFLILFDWRDJOLDUWLFROLHGHOO·DYYLVR DPPRQWDDG(XURBBBBBBBBBBBBBBBBBBBBBFRQWULEXWLSUHYLGHQ]LDOLHGHYHQWXDOH,9$LQFOXVL ,O/DVRWWRVFULWWRDDOOHJDDOODGRPDQGD LOFXUULFXOXPYLWDH ODIRWRFRSLDGLXQGRFXPHQWRGLULFRQRVFLPHQWRLQFRUVRGLYDOLGLWj ,O/DVRWWRVFULWWRDGLFKLDUDLQILQH
• GL DYHUH SUHVR YLVLRQH H GL DFFHWWDUH LQ PRGR SLHQR HG LQFRQGL]LRQDWR OH GLVSRVL]LRQL H OH FODXVROHFRQWHQXWHQHOO·DYYLVRGLVHOH]LRQHHQHOORVFKHPDGLFRQWUDWWR
• FKHOHLQIRUPD]LRQLFRQWHQXWHQHOFXUULFXOXPYLWDHDOOHJDWRFRUULVSRQGRQRDOYHUR
• GLGDUHLOSURSULRFRQVHQVRSHUO·XVRODFRPXQLFD]LRQHODGLIIXVLRQHGHLSURSULGDWLSHUVRQDOL HVFOXVLYDPHQWH SHU L WUDWWDPHQWL UHODWLYL DOO·HVSOHWDPHQWR GHO SURFHGLPHQWR DPPLQLVWUDWLYR GHOODSUHVHQWHVHOH]LRQHQHOULVSHWWRGHO'/JV
• GL HVVHUH LQIRUPDWRD DL VHQVL H SHU JOL HIIHWWL GHOO·DUW GHO GOJV FKH L GDWL SHUVRQDOL UDFFROWL VRQR REEOLJDWRUL SHU LO FRUUHWWR VYROJLPHQWR GHOO·LVWUXWWRULD H VDUDQQR WUDWWDWLDQFKHFRPHVWUXPHQWLLQIRUPDWLFLHVFOXVLYDPHQWHQHOO·DPELWRGHOSURFHGLPHQWRSHU LOTXDOHODSUHVHQWHGLFKLDUD]LRQHYLHQHUHVD
• GLHVVHUHDFRQRVFHQ]DFKHLO&RPXQHGL7ULHVWHQRQDVVXPHDOFXQDUHVSRQVDELOLWjSHULOFDVR GL GLVSHUVLRQH GL FRPXQLFD]LRQH GLSHQGHQWH GD LQHVDWWD LQGLFD]LRQH GHO UHFDSLWR R GD PDQFDWD R WDUGLYD FRPXQLFD]LRQH GHO FDPELDPHQWR GL LQGLUL]]R Qp SHU HYHQWXDOL GLVJXLGL SRVWDOLRWHOHJUDILFLQRQLPSXWDELOLDFROSDGHOO·$PPLQLVWUD]LRQHVWHVVD /XRJRHGDWDBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB )LUPDBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
$OOHJDWR% $O&RPXQHGL7ULHVWH $UHD5LVRUVH(FRQRPLFKHH)LQDQ]LDULH ',5(=,21( 3LD]]DGHOO·8QLWjG·,WDOLD 75,(67( 6(/(=,21(SHULOFRQIHULPHQWRWUDPLWHSURFHGXUDFRPSDUDWLYDGLQLQFDULFRGL FRQVXOHQ]DLQPDWHULDGLPROHVWLHPRUDOLHSVLFRILVLFKHQHOO·DPELHQWHGLODYRURDGXQ PHGLFRVSHFLDOLVWDLQPHGLFLQDGHOODYRUR ,OODVRWWRVFULWWRD &RJQRPHBBBBBBBBBBBBBBBBBBBBBBBBB1RPHBBBBBBBBBBBBBBBBBBBBBBBBB QDWRD D BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB SURY BBBBBBBBBBBBBBBBBBB LO BBBBBBBBBBBBBBBBB &RG )LVF BBBBBBBBBBBBBBBBBBBBBBBBBBBBB UHVLGHQWH LQ BBBBBBBBBBBBBBBBBBBBBBBSURYBBBBBBBBBBBBBBBBBBBBBBBBB YLDBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBQBBBBBBFDSBBBBBBBBBBB WHOHIRQRBBBBBBBBBBBBBBBBBBBBBBBHPDLOBBBBBBBBBBBBBBBBBBBBBBBBBB 5HFDSLWRGDLQGLFDUHSHUULFHYHUHOHFRPXQLFD]LRQLUHODWLYHDOODSUHVHQWHVHOH]LRQHVHQRQFRLQFLGH FRQODUHVLGHQ]D
&RPXQH BBBBBBBBBBBBBBBBBBBBBBB 3URY BBBBBBBBBBBBBBBBBBBBB YLD BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBQBBBBBBFDSBBBBBBBBBBB
WHOHIRQRBBBBBBBBBBBBBBBBBBBBBBBHPDLOBBBBBBBBBBBBBBBBBBBBBBBBBBB
&+,('(
GL HVVHUH DPPHVVRD D SDUWHFLSDUH DOOD VHOH]LRQH VRSUD FLWDWD D WDO ILQH FRQVDSHYROH GHOOH
VDQ]LRQLSHQDOLSUHYLVWHSHULOFDVRGLGLFKLDUD]LRQLPHQGDFLDLVHQVLHSHUJOLHIIHWWLGL FXLDJOLDUWWHGHO'35 ',&+,$5$ GLHVVHUHFLWWDGLQRLWDOLDQRRGLXQRGHJOLVWDWLGHOO·XQLRQHHXURSHDLQGLFDUHTXDOH BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB GLJRGHUHGLGLULWWLFLYLOLHSROLWLFL LQFDVRGLPDQFDWRJRGLPHQWRLQGLFDUQHLPRWLYL BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
PRWLYLBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
GL QRQ HVVHUH VWDWR GHVWLWXLWR Qp GLFKLDUDWR GHFDGXWR GD XQ LPSLHJR SUHVVR XQD SXEEOLFD DPPLQLVWUD]LRQH SHU DYHUOR FRQVHJXLWR PHGLDQWH OD SURGX]LRQH GL GRFXPHQWL IDOVL R YL]LDWL GD LQYDOLGLWjQRQVDQDELOH LQFDVRFRQWUDULRLQGLFDUQHLPRWLYLBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB GLQRQDYHUHSURFHGLPHQWLSHQDOLQpSURFHGLPHQWLDPPLQLVWUDWLYLSHQGHQWLDSURSULRFDULFR LQFDVRFRQWUDULRGLFKLDUDUHLSURFHGLPHQWLSHQDOLHRDPPLQLVWUDWLYLHYHQWXDOPHQWHSHQGHQWLDVXR FDULFRSUHVVRO·$XWRULWjJLXGL]LDULDGLTXDOVLDVLJUDGRLWDOLDQDRHVWHUD BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
GL QRQ DYHU VXELWR FRQGDQQH SHQDOL FKH DEELDQR FRPSRUWDWR TXDOH VDQ]LRQH DFFHVVRULD O·LQFDSDFLWjGLFRQWUDWWDUHFRQODSXEEOLFDDPPLQLVWUD]LRQH GLHVVHUHLQSRVVHVVRGHLVHJXHQWLWLWROL 7LWRORGL6WXGLR /DXUHDLQ0HGLFLQDH&KLUXUJLDFRQVHJXLWDSUHVVRO·8QLYHUVLWjGHJOL6WXGLGLBBBBBBBBBBBBB YRWRGHOO·HVDPHILQDOHGLODXUHDBBBBBBBBBBBBBGDWDGLFRQVHJXLPHQWRBBBBBBBBBBB - 'RWWRUDWRGLULFHUFDVSHFLDOL]]D]LRQLPDVWHUFRUVLGLSHUIH]LRQDPHQWR
D GRWWRUDWR GL ULFHUFD LQBBBBBBBBBBBBBBBBBBB FRQVHJXLWR SUHVVR O·8QLYHUVLWj GHJOL 6WXGLGLBBBBBBBBBBBBBBBBBBBBGDWDFRQVHJXLPHQWRBBBBBBBBBBBBBBBBBBBBB E VSHFLDOL]]D]LRQH LQ PHGLFLQD GHO ODYRUR FRQVHJXLWD SUHVVR O·8QLYHUVLWj GHJOL 6WXGL
GLBBBBBBBBBBBBBBBBBBBBGDWDFRQVHJXLPHQWRBBBBBBBBBBBBBBBBBBBBB F DOWUHVSHFLDOL]]D]LRQL WLWRORBBBBBBBBBBBBBBBBBBBVHGHBBBBBBBBBBBBBBBBBBBBBB GDWDBBBBBBBBBBBBBBBBB WLWRORBBBBBBBBBBBBBBBBBBBVHGHBBBBBBBBBBBBBBBBBBBBBB GDWDBBBBBBBBBBBBBBBBB G PDVWHU WLWRORBBBBBBBBBBBBBBBBBBBVHGHBBBBBBBBBBBBBBBBBBBBBB GDWDBBBBBBBBBBBBBBBBB WLWRORBBBBBBBBBBBBBBBBBBBVHGHBBBBBBBBBBBBBBBBBBBBBB GDWDBBBBBBBBBBBBBBBBB H FRUVLGLSHUIH]LRQDPHQWR WLWRORBBBBBBBBBBBBBBBBBBBVHGHBBBBBBBBBBBBBBBBBBBBBB GDWDBBBBBBBBBBBBBBBBB WLWRORBBBBBBBBBBBBBBBBBBBVHGHBBBBBBBBBBBBBBBBBBBBBB GDWDBBBBBBBBBBBBBBBBB $WWLYLWjSURIHVVLRQDOH HVSHULHQ]HODYRUDWLYHQHOO·DPELWRGHOODPHGLFLQDGHOODYRUR
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB (YHQWXDOLHVSHULHQ]HGLGDWWLFKHDOLYHOORDFFDGHPLFR BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB $WWLYLWjGLULFHUFD HOHQFRGHOOHSXEEOLFD]LRQLVFLHQWLILFKHLQDPELWRPHGLFRGDDOOHJDUHLQXQHYHQWXDOHGRFXPHQWR VHSDUDWRRLQWHJUDWRFRQLOFXUULFXOXPYLWDH BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB (VSHULHQ]HQHOODUHDOL]]D]LRQHHFRRUGLQDPHQWRGLSURJHWWLDYHQWLULOHYDQ]DSXEEOLFDUHODWLYLD TXHVWLRQLVRFLRVDQLWDULH BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
GL QRQ SUHVWDUH VHUYL]LR SUHVVR SXEEOLFKH DPPLQLVWUD]LRQL RYYHUR GL SUHVWDUH VHUYL]LR SUHVVR VSHFLILFDUHO·DPPLQLVWUD]LRQHGLDSSDUWHQHQ]D BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB FKHLOFRUULVSHWWLYRULFKLHVWRSHUO·LQFDULFRFRPHPHJOLRVSHFLILFDWRDJOLDUWLFROLHGHOO·DYYLVR DPPRQWDDG(XURBBBBBBBBBBBBBBBBBBBBBFRQWULEXWLSUHYLGHQ]LDOLHG,9$HVFOXVL ,O/DVRWWRVFULWWRDDOOHJDDOODGRPDQGD LOFXUULFXOXPYLWDH ODIRWRFRSLDGLXQGRFXPHQWRGLULFRQRVFLPHQWRLQFRUVRGLYDOLGLWj ,O/DVRWWRVFULWWRDGLFKLDUDLQILQH
• GL DYHUH SUHVR YLVLRQH H GL DFFHWWDUH LQ PRGR SLHQR HG LQFRQGL]LRQDWR OH GLVSRVL]LRQL H OH FODXVROHFRQWHQXWHQHOO·DYYLVRGLVHOH]LRQHHQHOORVFKHPDGLFRQWUDWWR
• FKHOHLQIRUPD]LRQLFRQWHQXWHQHOFXUULFXOXPYLWDHDOOHJDWRFRUULVSRQGRQRDOYHUR
• GLGDUHLOSURSULRFRQVHQVRSHUO·XVRODFRPXQLFD]LRQHODGLIIXVLRQHGHLSURSULGDWLSHUVRQDOL HVFOXVLYDPHQWH SHU L WUDWWDPHQWL UHODWLYL DOO·HVSOHWDPHQWR GHO SURFHGLPHQWR DPPLQLVWUDWLYR GHOODSUHVHQWHVHOH]LRQHQHOULVSHWWRGHO'/JV
• GL HVVHUH LQIRUPDWRD DL VHQVL H SHU JOL HIIHWWL GHOO·DUW GHO GOJV FKH L GDWL SHUVRQDOL UDFFROWL VRQR REEOLJDWRUL SHU LO FRUUHWWR VYROJLPHQWR GHOO·LVWUXWWRULD H VDUDQQR WUDWWDWLDQFKHFRPHVWUXPHQWLLQIRUPDWLFLHVFOXVLYDPHQWHQHOO·DPELWRGHOSURFHGLPHQWRSHU LOTXDOHODSUHVHQWHGLFKLDUD]LRQHYLHQHUHVD
• GLHVVHUHDFRQRVFHQ]DFKHLO&RPXQHGL7ULHVWHQRQDVVXPHDOFXQDUHVSRQVDELOLWjSHULOFDVR GL GLVSHUVLRQH GL FRPXQLFD]LRQH GLSHQGHQWH GD LQHVDWWD LQGLFD]LRQH GHO UHFDSLWR R GD PDQFDWD R WDUGLYD FRPXQLFD]LRQH GHO FDPELDPHQWR GL LQGLUL]]R Qp SHU HYHQWXDOL GLVJXLGL SRVWDOLRWHOHJUDILFLQRQLPSXWDELOLDFROSDGHOO·$PPLQLVWUD]LRQHVWHVVD