VALUTAZIONE DELL’OUTCOME POST-OPERATORIO IN PAZIENTI PEDIATRICI SOTTOPOSTI AD INTERVENTO NEURO-CHIRURGICO PER NEOPLASIA DEL SISTEMA NERVOSO CENTRALE

ϰ



35()$=,21(



/H QHRSODVLH GHO VLVWHPD QHUYRVR FHQWUDOH LQ HWj SHGLDWULFD VRQR XQD FRQWLQXD VILGDSHULOQHXURRQFRORJRVLDGDXQSXQWRGLYLVWDGLDJQRVWLFRFKHWHUDSHXWLFRHGHOOD JHVWLRQH GHOOH VHTXHOH D OXQJR WHUPLQH 7DOL QHRSODVLH VRQR UHODWLYDPHQWH UDUH PD FRPSOHVVLYDPHQWHUDSSUHVHQWDQRLSLIUHTXHQWLWXPRULVROLGLGHOEDPELQR1HOODQRVWUD UHDOWjFOLQLFDFLWURYLDPRDGDIIURQWDUHFLUFDQXRYHGLDJQRVLDOO¶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

'XUDQWH LO PLR GRWWRUDWR GL ULFHUFD PL VRQR RFFXSDWR GHOOD JHVWLRQH FOLQLFD GL TXHVWL SD]LHQWL H GHOO¶DYYLR GL DOFXQL SURJHWWL GL ULFHUFD LQ FROODERUD]LRQH FRQ JOL DOWUL FROOHJKL FKH VL RFFXSDQR GL 2QFRORJLD 3HGLDWULFD SUHVVR OD QRVWUD &OLQLFD &L VLDPR LQWHUHVVDWLLQSDUWLFRODUHGHOO¶DSSURIRQGLPHQWRGLWHPDWLFKHLQHUHQWLODIDVHGLGLDJQRVL FOLQLFDVWXGLRGHLVLQWRPLGLSUHVHQWD]LRQHHGHOODODWHQ]DGLDJQRVWLFDLVWRORJLFDHGL ELRORJLDPROHFRODUHPXWD]LRQLGL%5$)HGL,'+HGHOO¶DSSURIRQGLPHQWRGHOIROORZXS QHXURSVLFRORJLFRHQHXURFRJQLWLYRLQFROODERUD]LRQHFRQOD1HXURSVLFKLDWULDLQIDQWLOH /D PLD WHPDWLFD GL ULFHUFD SULQFLSDOH q VWDWD OR VWXGLR GHOO¶RXWFRPH SUHFRFH SRVW RSHUDWRULR GL TXHVWL EDPELQL DUJRPHQWR SRFR VWXGLDWR LQ OHWWHUDWXUD PD GL SRVVLELOH JUDQGH LPSDWWR QHOOD JHVWLRQH GL TXHVWL SD]LHQWL PROWR FRPSOHVVL 1HO QRVWUR ODYRUR DEELDPRYROXWRDQDOL]]DUHSXQWLGLIRU]DHOLPLWLGHOQRVWURFRQWHVWRFOLQLFRGLRVSHGDOH WHU]LDULRPDGLWLSRJHQHUDOLVWDQHOODGLDJQRVLHGHOODJHVWLRQHGLTXHVWLSRVVLELOLHYHQWL DYYHUVL DQFKH LQ FRQIURQWR FRQ OH SL LPSRUWDQWL UHDOWj VSHFLDOLVWLFKH SHGLDWULFKH LQWHUQD]LRQDOLQHOO¶RWWLFDGLXQDUHYLVLRQHTXDOLWDWLYDGHOQRVWURRSHUDWR

ϱ



 

$%675$&7

    7LWOH(YDOXDWLRQRIWKHSRVWRSHUDWRU\RXWFRPHLQQHXURVXUJLFDOSHGLDWULFSDWLHQWV ZLWKFHQWUDOQHUYRXVV\VWHPWXPRUV





3XUSRVH 7KH DLP RI WKLV VWXG\ LV WR DQDO\]H WKH HDUO\ RXWFRPH RI WKH SRVW RSHUDWRU\ 32 SHULRG LQ WHUPV RI VLJQLILFDQW DGYHUVH HYHQWV UDWH LQ QHXURVXUJLFDO SHGLDWULF SDWLHQWV ZLWK FHQWUDO QHUYRXV V\VWHP WXPRUV &16 DW RXU LQVWLWXWLRQ WR LGHQWLI\ SRVVLEOH ULVN IDFWRUV IRU WKH RFFXUUHQFH RI WKHVH HYHQWV DQG WR FRPSDUH RXU UHVXOWVZLWKSXEOLVKHGGDWD



0DWHULDOVDQGPHWKRGV:HSURVSHFWLYHO\UHFRUGHGWKH32GDWDRIFKLOGUHQ \HDUV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



ϲ +\GURFHSKDOXV   D PDLRU FHUHEURVSLQDO IOXLG OHDNDJH DQG   D VLJQLILFDQW SVHXGRPHQLQJRFHOH )RUW\QLQH SHUFHQW RI FKLOGUHQ GHYHORSHG IHYHU DQG   ZHUH WUHDWHG ZLWK DQ DQWLELRWLF ,Q   RI SURFHGXUHV WKH 32 SHULRG ZDV DVVRFLDWHG ZLWK VRPHNLQGRILQIHFWLRQEXWRQO\



RIFKLOGUHQH[SHULHQFHGD&16RUVKXQWLQIHFWLRQ 3DWLHQWVLQRIRFFDVLRQGHYHORSHGDQHZPRGHUDWHWRVHYHUHQHXURORJLFDOGHILFLW DQGVHL]XUHVRFFXUUHGLQ:HUHFRUGHGQRKHPRUUKDJHVLVFKHPLFHYHQWVDQG   RI SDWLHQWV H[SHULHQFHG +\SRQDWUHPLD EXW RQO\   D FHUHEUDO VDOWZDVWLQJ V\QGURPHDQGDV\QGURPHRILQDSSURSULDWHDQWLGLXUHWLFKRUPRQHVHFUHWLRQ

7KHPRUWDOLW\UDWHZDVZKLOHRIRSHUDWLRQVZHUHOLQNHGWRDWOHDVWRQH VLJQLILFDQW DGYHUVH HYHQW 6$( 2Q ORJLVWLF UHJUHVVLRQ DQDO\VLV ZH IRXQG WKDW UDGLFDO SURFHGXUHVKDYHDDQGVXSUDWHQWRULDOWXPRUVDORZHUULVNRI6$(LQWKH32 SHULRGLQFRPSDULVRQZLWKSDUWLDOUHPRYDOELRSV\DQGLQIUDWHQWRULDOVSLQDOSDQG S  7KH PHDQ 32 KRVSLWDO DQG LQWHQVLYH FDUH XQLW OHQJWK RI VWD\ LQ SURFHGXUHV OLQNHG ZLWK DW OHDVW RQH 6$( ZDV  GD\V 6' DQG  GD\V 6'  UHVSHFWLYHO\ ZKLFK ZDV VWDWLVWLFDOO\ VLJQLILFDQWO\ ORQJHU WKDQ ZKDW ZH IRXQG LQ SURFHGXUHVZLWKQR6$(HYHQWVSS



&RQFOXVLRQV

ϳ

,1752'8=,21(



/HQHRSODVLHGHO6LVWHPD1HUYRVR&HQWUDOHLQHWj3HGLDWULFD 

/H QHRSODVLH GHO 6LVWHPD 1HUYRVR &HQWUDOH 61& UDSSUHVHQWDQR LO SL FRPXQH WXPRUH VROLGR QHO EDPELQR H FRPSUHQGRQR GLIIHUHQWL LVWRORJLH FKH FRPSOHVVLYDPHQWH DPPRQWDQRDSLGHO GLWXWWHOHGLDJQRVLGLFDQFURLQHWj SHGLDWULFDULVXOWDQGRL VHFRQGL WXPRUL LQ TXHVWD FODVVH GL HWj GRSR OH OHXFHPLH H OD SL LPSRUWDQWH FDXVD GL VHTXHOHDOXQJRWHUPLQHLQRQFRORJLDSHGLDWULFD)LVFKHUHWDO3ROODFN

3HUOXQJRWHPSRVLqULWHQXWRFKHO¶LQFLGHQ]DGHLWXPRULFHUHEUDOLLQHWjSHGLDWULFD IRVVH LQ DXPHQWR PD TXHVW¶LSRWHVL DWWXDOPHQWH q VWDWD ULILXWDWD DWWULEXHQGR LQYHFH O¶DXPHQWRGHLFDVLDG XQDPDJJLRUVRUYHJOLDQ]DHDGXQPLJOLRUDPHQWRGHOOHWHFQLFKH GLDJQRVWLFKH*XSWDHWDO&KDOLOHWDO$WWXDOPHQWHO¶LQFLGHQ]DqWUD HSHUEDPELQLDQQR)LVFKHUHWDO0HNLWDULDQHWDOHTXHVWH SDWRORJLHULVXOWDQRHVVHUHODSULQFLSDOHFDXVDGLPRUWDOLWjHPRUELOLWjSHUWXPRUH:HOOV HWDOFRQXQWDVVRGLPRUWDOLWjDQQXDOHGLVHEEHQHLQSDUDOOHOROD VRSUDYYLYHQ]DVLDQRWHYROPHQWHDXPHQWDWDQHOOHXOWLPHGHFDGL2VWURPHWDO

/H QHRSODVLH GHO 61& YHQJRQR FODVVLILFDWH LQ EDVH DOOD VHGH DOO¶LVWRORJLD HG DO SDWWHUQPROHFRODUHHJHQHWLFR6LGLVWLQJXRQRSULPDULDPHQWHWXPRULVRSUDWHQWRULDOLFLRq ORFDOL]]DWL D OLYHOOR GHJOL HPLVIHUL GHL YHQWULFROL ODWHUDOL H QHOOD OLQHD PHGLDQD VRWWRWHQWRULDOLFLRqDOLYHOORGLFHUYHOOHWWRTXDUWRYHQWULFRORHWURQFRHQFHIDOLFRHGHO PLGROORVSLQDOH,VRSUDWHQWRULDOLVRQRLOGHOOHQHRSODVLHSHGLDWULFKHGHO61&H VRQRSUHYDOHQWHPHQWHFRPSRVWLGDJOLRPLGLEDVVRJUDGR*XSWDHWDO

7DEHOOD*UDGLQJLQDFFRUGRFRQOD

,OJUDGLQJLVWRORJLFRUDSSUHVHQWDO¶DJJUHVVLYLWjHORVWDGLRGLGLIIHQ]LD]LRQHFHOOXODUHGHOWXPRUH3HUEDVVL JUDGLVLLQWHQGRQRQHRSODVLH,H,,

 

/¶H]LRORJLD GHL WXPRUL GHO 61& QRQ q QRWD

DOFXQHFRQGL]LRQLSUHGLVSRQHQWLFRPHDOFXQHVLQGURPLJHQHWLFKHUDUHTXDOLOD7XUFRWROD /L)UDXPHQLLQSDUWLFRODUHSHUWDOXQHLVWRORJLHWXPRUDOL&KLQWDJXPSDOD

,WXPRULGHO61&LQHWjSHGLDWULFDVRQRXQDFRQWLQXDVILGDWHU

GLYHUVRFRPSRUWDPHQWRELRORJLFRHGHOFRQWHVWRXQLFRGLXQVLVWHPDQHUYRVRLQIDVHGL VYLOXSSR H ULFKLHGRQR XQ DSSURFFLR IOHVVLELOH H SHUVRQDOL]]DW

JHVWLRQH GL TXHVWL EDPELQL ULFKLHGH XQ FRPSHWHQ]H QHXURFKLUXUJLF QHXURUDGLRORJLFKHUDGLRWHUDSLF /DGLDJQRVLGLQHRSODVLDGHO61&qEDVDWDVXOVRVSH VXXQDFRQIHUPDUDGLRORJLFDSUHIHUHQ]LDOPHQWHFRQXQRVWXGLRGL /DGLDJQRVLLVWRORJLFDVLUHQGHQHFHVVDULDLQXQVHFRQGRPRPHQWRQHOODJUDQSDUWHGHL FDVLSHUSLDQLILFDUHLOWUDWWDPHQWRHYDOXWD *UDGLQJLQDFFRUGRFRQODFODVVLILFD]LRQH:+2GHLWXPRULGHO61& UDSSUHVHQWDO¶DJJUHVVLYLWjHORVWDGLRGLGLIIHQ]LD]LRQHFHOOXODUHGHOWXPRUH3HUEDVVL ,H,,JUDGLQJPHQWUHTXHOOHGL,,,H,9VRQRFRQVLGHUDWHSLDJJUHVVLYH

/¶H]LRORJLD GHL WXPRUL GHO 61& QRQ q QRWD PD QHJOL DQQL VRQR V

DOFXQHFRQGL]LRQLSUHGLVSRQHQWLFRPHDOFXQHVLQGURPLJHQHWLFKHUDUHTXDOLOD7XUFRWROD )UDXPHQLLQSDUWLFRODUHSHUWDOXQHLVWRORJLHWXPRUDOL&KLQWDJXPSDOD

,WXPRULGHO61&LQHWjSHGLDWULFDVRQRXQDFRQWLQXDVILGDWHUDSHXWLFDDFDXVDGHO GLYHUVRFRPSRUWDPHQWRELRORJLFRHGHOFRQWHVWRXQLFRGLXQVLVWHPDQHUYRVRLQIDVHGL VYLOXSSR H ULFKLHGRQR XQ DSSURFFLR IOHVVLELOH H SHUVRQDOL]]DWR *XSWD HW DO

JHVWLRQH GL TXHVWL EDPELQL ULFKLHGH XQ SHUFRUVR PXOWLGLVFLSOLQDUH WUD FRPSHWHQ]H QHXURFKLUXUJLFKH QHXURQFRORJLFKH ULDELOLWDWLYH

/D SUHVHQWD]LRQH FOLQLFD q YDULDELOH H SXz DVVRFLDUVL DL VHJQL H VLQWRPL WLSLFL GHOO¶LSHUWHQVLRQH HQGRFUDQLFD FLUFRQIHUHQ]DFUDQLFDQHLEDPELQLSLSLFFROL VSHFLILFDLQUHOD]LRQHDOODVHGHGLVYLOXSSRGHOODQHRSODVLDFRQVHJQLIRFDOLTXDOLSHUGLWD GHOODPHPRULDFRQYXOVLRQLDOWHUD]LRQLGHO 1XPHURVLSDVVLDYDQWLVRQVW

H GHOOH WHUDSLH DGLXYDQWL FRQ XQ VLJQLILFDWLYR PLJOLRUDPHQWR GH GHOO¶RXWFRPHGLTXHVWLSD]LHQWL

R LO JOLRPD GLIIXVR SRQWLQR

9HQJRQRLQROWUHULSRUWDWHGHOOHGLIIHUHQ]HVLJQLILFDWLYH TXHVWHSDWRORJLHQHJOL6WDWL8QLWLOHJDWHDIDWWRULHWQLFL G¶HWjFRPHHVHPSOLILFDWRLQILJXUD  )LJXUD&XUYHGLVRSUDYYLYHQ]D DQQRGLGLDJQRVLHGHWQLDQHJOL86$

/D SUHVHQWD]LRQH FOLQLFD q YDULDELOH H SXz DVVRFLDUVL DL VHJQL H VLQWRPL WLSLFL GHOO¶LSHUWHQVLRQH HQGRFUDQLFD FHIDOHD YRPLWR SDSLOOHGHPD R FRQ XQ DXPHQWR GHOOD

QHLEDPELQLSLSLFFROL6LSXzDVVRFLDUHLQROWUH

VSHFLILFDLQUHOD]LRQHDOODVHGHGLVYLOXSSRGHOODQHRSODVLDFRQVHJQLIRFDOLTXDOLSHUGLWD GHOODPHPRULDFRQYXOVLRQLDOWHUD]LRQLGHOYLVXVHPLSDUHVLDWDVVLD

1XPHURVLSDVVLDYDQWLVRQVWDWLFRPSLXWLQHJOLXOWLPLDQQLQHOFDPSRGHOODFKLUXUJLD H GHOOH WHUDSLH DGLXYDQWL FRQ XQ VLJQLILFDWLYR PLJOLRUDPHQWR GH

GLTXHVWLSD]LHQWLLVHEEHQHDOFXQHIRUPHGLWXPRUHFRPHLOJOLRPDPDOLJQR R LO JOLRPD GLIIXVR SRQWLQR FRQVHUYLQR XQD SURJQRVL VFDGHQWH 3ROODFN

9HQJRQRLQROWUHULSRUWDWHGHOOHGLIIHUHQ]HVLJQLILFDWLYHGLVRSUDYYLYHQ]D QHJOL6WDWL8QLWLOHJDWHDIDWWRULHWQLFLHGLJHQHUH OLILFDWRLQILJXUD+ROPHVHWDO  &XUYHGLVRSUDYYLYHQ]D±DQQLLQ(XURSD±HGLLQFLGHQ]D DQQRGLGLDJQRVLHGHWQLDQHJOL86$3HULVERQHWHWDO+ROPHVHWDO ϵ /D SUHVHQWD]LRQH FOLQLFD q YDULDELOH H SXz DVVRFLDUVL DL VHJQL H VLQWRPL WLSLFL

ϭϬ /D QHXURFKLUXUJLD UDSSUHVHQWD LO SULPR H IRQGDPHQWDOH DSSURFFLR SHU OD PDJJLRU SDUWH GHL WXPRUL FHUHEUDOL HG LQ SDUWLFRODUH QHL JOLRPL GL EDVVR JUDGR XQD UHVH]LRQH FRPSOHWDqVSHVVRO¶XQLFDWHUDSLDQHFHVVDULD&KDOLOHWDO/¶LQWHUYHQWRFKLUXUJLFR KDSLRELHWWLYLRWWHQHUHGHOWHVVXWRSHUODGLDJQRVLULPXRYHUHODOHVLRQHHULSULVWLQDUH XQD QRUPDOH FLUFROD]LRQH GHO OLTXRU /H PRGHUQH WHFQLFKH GL QHXURLPDJLQJ SRVVRQR DVVLVWHUHLOQHXURFKLUXUJRSULPDGXUDQWHHGRSRO¶LQWHUYHQWRSHUPLUDUHDGRWWHQHUHXQD UHVH]LRQH TXDQWR SL DPSLD SRVVLELOH H ULGXUUH OD PRUELGLWj OHJDWD DOO¶DJJUHVVLRQH GL VWUXWWXUHFLUFRVWDQWL+HXHUHWDO6HLOFKLUXUJRULHVFHDGRWWHQHUHXQDUHVH]LRQH FRPSOHWDGHOODOHVLRQHVLUHJLVWUDQRLPLJOLRULWDVVLGLVRSUDYYLYHQ]DPDRFFDVLRQDOPHQWH O¶LQWHUYHQWR FKLUXUJLFR QRQ q O¶RS]LRQH PLJOLRUH SRLFKp SXz HVSRUUH DG XQ ULVFKLR GL PRUELGLWj WDOPHQWH DOWR GD FRQWURLQGLFDUOR )LVFKHU HW DO  $OFXQH ORFDOL]]D]LRQL LQIDWWLVRQRSDUWLFRODUPHQWHDJJUHGLELOLPHQWUHDOWUHULVXOWDQRGLSLGLIILFLOHDSSURFFLR SHU HVHPSLR O¶H[HUHVL FKLUXUJLFD UDGLFDOH GL XQ WXPRUH GHOOD IRVVD SRVWHULRUH q DWWXDOPHQWH SRVVLELOH QHO  GHL FDVL %DUWROR]]L HW DO  /¶LQWHUYHQWR QHXURFKLUXUJLFR HVSRQH QRQ VROR DG XQ SL R PHQR HOHYDWR ULVFKLR LQWUDRSHUDWRULR GLSHQGHQWHGDPROWHSOLFLIDWWRULWUDLTXDOLODORFDOL]]D]LRQHHO¶LVWRORJLDPDDQFKHDGXQ FRQVLVWHQWHULVFKLRQHOSRVWRSHUDWRULRFKHSXzFRQFUHWL]]DUVLQHOORVYLOXSSRGLLQIH]LRQL HPRUUDJLHLGURFHIDORGDQQLQHXURORJLFLVXEHQWUDQWLRHPDWRPL)LVFKHUHWDO

ϭϭ FDXVD GHOOD EDUULHUD HPDWRHQFHIDOLFD FKH UHQGH SL GLIILFLOH O¶XWLOL]]R GL PROHFROH QRQ OLSRVROXELOL $OFXQL WUD L IDUPDFL SL XWLOL]]DWL FODVVLFDPHQWH QHO WUDWWDPHQWR GHOOH QHRSODVLH FHUHEUDOL VRQR OH QLWURVXUHH JOL DQWLPHWDEROLWL LO PHWURWUHVVDWR JOL DOFDORLGL GHOODYLQFDLGHULYDWLGHOSODWLQRODSURFDUED]LQDHOHHSLSRGRILOORWRVVLQH%DUWROR]]LHW DO  3HU WDOL UDJLRQL DWWXDOPHQWH VRQR LQ FRUVR OR VYLOXSSR GL QXPHURVH WHUDSLH PLUDWHFRQDJHQWLELRORJLFLFKHSRVVDQRULGXUUHJOLHIIHWWLFROODWHUDOLVLDQRGLUHWWLFRQWUR PXWD]LRQLWXPRUHVSHFLILFKHHFKHDEELDQRXQDPDJJLRUHSHQHWUD]LRQHDOLYHOORGHO61& )LVFKHUHWDO

/D UDGLRWHUDSLD ULPDQH XQD FRPSRQHQWH LUULQXQFLDELOH GHO WUDWWDPHQWR PXOWLGLVFLSOLQDUHGHLWXPRULGHO61&LQSDUWLFRODUHLQDOFXQLVRWWRWLSLPDLOVXRXWLOL]]R YLHQH SHVDWR LQ IXQ]LRQH GL QXPHURVL IDWWRUL HG LQ SDUWLFRODUH GHOO¶HWj )LVFKHU HW DO  9LHQH LQROWUH XWLOL]]DWD SHU DOFXQH LVWRORJLH GL DOWR JUDGR DQFKH LQ FDVR GL UHVH]LRQHFRPSOHWDSHULPSHGLUHOHUHFLGLYHORFDOLHODGLVVHPLQD]LRQH%DUWROR]]LHWDO  3XUWURSSR SHUz qQRWR FKH LO FHUYHOOR LQIDVHHYROXWLYD LQSDUWLFRODUH QHL SULPL FULWLFL DQQL GL YLWD ULVXOWD PROWR YXOQHUDELOH DJOL HIIHWWL DYYHUVL GHOOD WHUDSLD UDGLDQWH H SHUWDQWR O¶DSSURFFLR WHUDSHXWLFR PLUD DWWXDOPHQWH D SRVWLFLSDUH TXDQWR SL SRVVLELOH LO ULFRUVRDWDOHWHFQLFDRYHQRQVLDVWUHWWDPHQWHQHFHVVDULR)LVFKHUHWDO&KDOLOHW DO  3ROODFN  /H UDJLRQL GL WDOH WRVVLFLWj YDQQR ULFHUFDWH QHO GDQQR DOOD VRVWDQ]D ELDQFD DOOH FHOOXOH JOLDOL DOOD GHPLHOLQL]]D]LRQH DOO¶LSRVVLD H DL SURFHVVL GL QHXURQRJHQHVL'H5XLWHUHWDO*XSWDHWDO

&RPH SHU OD FKHPLRWHUDSLD DQFKH SHU OD UDGLRWHUDSLD OH FDUDWWHULVWLFKH DQDWRPRSDWRORJLFKHGHOWXPRUHODVXDORFDOL]]D]LRQHHGLOJUDGRGLUHVH]LRQHFKLUXUJLFD VRQR GHWHUPLQDQWL SHU OD VFHOWD GHOOH GRVL GD VRPPLQLVWUDUH H GHOOH DUHH GD LUUDGLDUH ROWUHFKHFRPHJLjULEDGLWRO¶HWjGHOEDPELQR)LVFKHUHWDO$WWXDOPHQWHPROWL FHQWULLQWHUQD]LRQDOLHGDOFXQLFHQWUL,WDOLDQLVWDQQRLQROWUHVSHULPHQWDQGRO¶XWLOL]]RGHOOD WHUDSLD UDGLDQWH FRQ SURWRQL 7DOH WHFQLFD WHRULFDPHQWH FRQVHQWH D SDULWj GL HQHUJLD WRWDOHGLULGXUUHLOFRLQYROJLPHQWRGHLWHVVXWLVDQLJUD]LHDGXQDPLQRUHGLVSHUVLRQHGHO IDVFLR UDGLDQWH 6UHHUDPDQ HW DO  PD DWWXDOPHQWH L UHJLPL GL WUDWWDPHQWR WUDGL]LRQDOLQRQSUHYHGRQRWDOHWUDWWDPHQWRFRPHSULPDVFHOWDDFDXVDGHLSRFKLVWXGL FRQGRWWLULVSHWWRDOOHWHFQLFKHWUDGL]LRQDOL

ϭϮ 

&ODVVLILFD]LRQH



7UDGL]LRQDOPHQWHOHFODVVLILFD]LRQLGHLWXPRULGHO61&VLVRQREDVDWHSHUSLGLXQ VHFROR VX XQD GLVWLQ]LRQH SUHWWDPHQWH PRUIRORJLFD HG LVWRORJLFD GLVWLQJXHQGR L GLYHUVL JUXSSL GL WXPRUL LQ EDVH DOOH FDUDWWHULVWLFKH PLFURVFRSLFKH H FHOOXODUL /¶XOWLPD FODVVLILFD]LRQH GHOOD :RUOG +HDOWK 2UJDQLVDWLRQ :+2 SXEEOLFDWD QHO  GLIIHULVFH LQYHFH QRWHYROPHQWH ULVSHWWR D TXHOOD GHO  /D :+2 LQIDWWL FRQ TXHVWD QXRYD FODVVLILFD]LRQHKDGHILQLWLYDPHQWHDEEDQGRQDWRLFDQRQLGLDJQRVWLFLWUDGL]LRQDOLHQWUDQGR GLIDWWRQHOO¶HUDGHOODPHGLFLQDPROHFRODUHHVXSHUDQGRODSUHFHGHQWHYHUVLRQHQRQVROR GDXQSXQWRGLYLVWDSUDWLFRPDDQFKHFRQFHWWXDOH/RXLVHWDO

*OL VWXGL FRQGRWWL QHJOL XOWLPL YHQW¶DQQL KDQQR LQIDWWL FKLDULWR FKH OH DOWHUD]LRQL JHQHWLFKH H PROHFRODUL DOFXQH JLj QRWH GD DQQL QRQ KDQQR XQ¶LPSRUWDQ]D VROR QHOOD JHQHVL GHO WXPRUH HR QHOOD GLDJQRVL PD KDQQR VSHVVR DQFKH XQ SHVR SURJQRVWLFR VLJQLILFDWLYR 3HU WDOL PRWLYD]LRQL O¶LQVHULPHQWR GHOOH FDUDWWHULVWLFKH PROHFRODUL QHOOD GLVWLQ]LRQH GHL WXPRUL GHO 61& q XQ FDPELDPHQWR UDGLFDOH ULVSHWWR DO SDVVDWR FKH KD FRLQYROWR L PDJJLRUL HVSHUWL LQWHUQD]LRQDOL GHOOD PDWHULD HG KD SURGRWWR XQD FODVVLILFD]LRQH FKH DPELVFH DG HVVHUH SL SUHFLVD DG LQFUHPHQWDUH OH SRVVLELOLWj GL WHUDSLHPLUDWHGLVWXGLFOLQLFLSLDFFXUDWLHGLPLJOLRULFDWHJRUL]]D]LRQLHSLGHPLRORJLFKH FKH SRVVDQR SRUWDUH DG XQD FRQRVFHQ]D DQFRUD SL HVWHVD GHOOD PDWHULD HG DG XQ XOWHULRUHDXPHQWRGHOODVRSUDYYLYHQ]DGLTXHVWDSD]LHQWL/RXLVHWDO

ϭϱ 7XPRULGHOODVHULHDVWURFLWDULD



,7XPRULGHOODVHULHDVWURFLWDULDVRQRLOSLFRPXQHLVWRWLSRGLQHRSODVLHGHO61& UDSSUHVHQWDQGR FLUFD LO   GHO WRWDOH 9HQJRQR GLVWLQWL LQ EDVH DOOD FDSDFLWj LQILOWUDWLYD DOOH FDUDWWHULVWLFKH ELRORJLFKH H PROHFRODUL DOOD ORFDOL]]D]LRQH HG DO JUDGR LVWRORJLFR*XSWDHWDO

7UDL*OLRPLGLEDVVRJUDGRO¶LVWRWLSRSLIUHTXHQWHqO¶DVWURFLWRPDSLORFLWLFRFKHVL ULVFRQWUDLQFLUFDLOGHLFDVL&KDOLOHWDO,WXPRULJOLDOLGLDOWRJUDGRLQYHFH LQFRQWUDVWRFRQO¶HWjDGXOWDUDSSUHVHQWDQRPHQRGHOGHLWXPRULGHO61&LQHWj SHGLDWULFD H OH SL IUHTXHQWL LVWRORJLH VRQR O¶DVWURFLWRPD DQDSODVWLFR LO JOLREODVWRPD PXOWLIRUPH HG LO JOLRPD LQWULQVHFR GHO SRQWH &KLQWDJXPSDOD HW DO   ,O *OLREODVWRPD0XOWLIRUPHLQDVVROXWRODIRUPDSLIUHTXHQWHLQHWjDGXOWDULVXOWDPROWR SL UDUR LQ HWj SHGLDWULFD GRYH SHUDOWUR FRQVHUYD XQD SURJQRVL PROWR VFDGHQWH 1RQRVWDQWH L SURJUHVVL LQ FDPSR PHGLFR H FKLUXUJLFR LQIDWWL L JOLRPL GL DOWR JUDGR SUHVHQWDQR DQFKH LQ HWj SHGLDWULFD XQ RXWFRPH VIDYRUHYROH FRQ XQ WDVVR GL VRSUDYYLYHQ]DDDQQLGLPHQRGHO*XSWDHWDO,JOLRPLGLEDVVRJUDGR LQYHFH WUD FXL DSSXQWR O¶DVWURFLWRPD SLORFLWLFR UDSSUHVHQWD O¶LVWRORJLD SL IUHTXHQWH KDQQR LQ JHQHUDOH XQD SURJQRVL HFFHOOHQWH LQ HWj SHGLDWULFD LQ SDUWLFRODUH LQ FDVR GL H[HUHVLUDGLFDOHILJXUD*XSWDHWDO

$QFKHQHOFDPSRGHL WXPRULDVWURFLWDULLSURJUHVVLQHOFDPSRGHOODJHQHWLFDHOD ULFHUFD QHO FDPSR PROHFRODUH KDQQR DSHUWR OD VWUDGD D QXRYH SRVVLELOLWj WHUDSHXWLFKH &KDOLOHWDOHDGXQDFODVVLILFD]LRQHEDVDWDVXOULVFKLRHVXOO¶LPSDWWRSURJQRVWLFR HWHUDSHXWLFRGLYHUVDGDTXHOOHFODVVLFKHEDVDWHSUHYDOHQWHPHQWHVXLFULWHULPRUIRORJLFL 7UDLJOLRPLDEDVVRJUDGRO¶DVWURFLWRPDGLIIXVRO¶ROLJRGHQGURJOLRPDHO¶ROLJRDVWURFLWRPD VRQRSLUDULLQHWjSHGLDWULFDHWLSLFLGHOO¶HWjDGXOWD%HUJWKROGHWDO

,WXPRULDVWURFLWDULGLEDVVRJUDGRKDQQRXQDFUHVFLWDOHQWDHVHFRPSOHWDPHQWH UHVHFDWL VSHVVR QRQ QHFHVVLWDQR GL XOWHULRUL WHUDSLH ,QSDUWLFRODUH O¶DVWURFLWRPD FHUHEHOODUHqLQDVVROXWRTXHOORDSURJQRVLPLJOLRUHHGLVROLWRSUHVHQWDHFFHOOHQWLWDVVLGL JXDULJLRQHHVRSUDYYLYHQ]DDOXQJRWHUPLQHGRSRODFKLUXUJLD*XSWDHWDO/D SURJQRVLULPDQHLQYHFHVSHVVRVHYHUDVHO¶HVRUGLRGHOODPDODWWLDDYYLHQHQHLEDPELQLGL HWjLQIHULRUHDOO¶DQQRRLQFDVRGLUHVH]LRQHQRQFRPSOHWD2SRFKHUHWDO

)LJXUD&DUDWWHULVWLFKHLVWRORJLFKHGHOO¶$VWURFLWRPD FHOOXODULWjFRQ  /¶$VWURFLWRPDDQDSODVWLFR GL SUROLIHUD]LRQH DWLSLH FHOOXODUL H VSHVVR LSHUYDVFRODUL]]D]LRQHHQHFURVL7DOLFDUDWWHULVWLFKHOLUHQGRQRGHOOHQHRSODVLHDJJUHVVLYH H VSHVVR LQILOWUDQWL L WHVVXWL FLUFRVWDQWL SHU WDOL UDJLRQL DQFKH LQ

VXEWRWDOL VRQR VSHVVR QHFHVVDULH XOWHUL

DOWHUD]LRQL JHQHWLFKH FRPXQHPHQWH ULVFRQWUDWH QHL WXPRUL GHOOD VHULH DVWURFLWDULD VRQR VSHVVR GLYHUVH GD TXHOOH ULVFRQWUDWH QHL JOLRPL GHOO¶HWj DGXOWD 3HU TXDQWR FRQFHUQH L JOLRPLGLEDVVRJUDGRVLSXzIUHTXH

T FRQWHQHQWH LO ORFXV GHO JHQH %5$) FRGLILFDQWH XQD SURWHLQD LPSOLFDWD QHOOD SUROLIHUD]LRQHHQHOODGLIIHUHQ]LD]LRQHFHOOXODUH4XHVWDPXWD]LRQHROWUHDGHVVHUHWLSLFD LQSDUWLFRODUHGHOO¶DVWURFLWRPD

SXzHVVHUHXQLPSRUWDQWHWDUJHWWHUDSHXWLFR8Q¶DOWUDPXWD]LRQHSRVVLELOHDSSDUWHQHQWH DOOR VWHVVR SDWKZD\ PROHFRODUH q OD %5$) 9 FKH D GLIIHUHQ]D GHOOD SUHFHGHQWH VL ULVFRQWUDLQDOWULWLSLGLWXPRULDVWURFLWDUL

SLORPL[RLGHULVXOWDQGRLQYHFHSLUDUDQHOO¶DVWURFLWRPDSLORFLWLFR+RUELQVNLHWDO 6RQR EHQ FRQRVFLXWH LQROWUH OH DVVRFLD]LRQL G

WXEHURVDFRQORVYLOXSSRGLWXPRULJOLDOLGLEDVVRJUDGRPHQWUHF¶qPLQRUDVVRFLD]LRQH WUDODFRPSDUVDGLDOWLJUDGLHODSUHVHQ]DGLVLQGURPHGL/L GLWLSRRVLQGURPHGL7XUFRW%HUJWKROGHWDO DUDWWHULVWLFKHLVWRORJLFKHGHOO¶$VWURFLWRPD3LORFLWLFR FHOOXODULWjFRQDOFXQHDWLSLHQXFOHDULPDVHQ]DPLWRVL /¶$VWURFLWRPDDQDSODVWLFRHLOJOLREODVWRPDPXOWLIRUPHSUHVHQWDQRXQHOHYDWRLQGLFH GL SUROLIHUD]LRQH DWLSLH FHOOXODUL H VSHVVR VFDUVD GLIIHUHQ]LD]LRQH FRQ DUHH GL LSHUYDVFRODUL]]D]LRQHHQHFURVL7DOLFDUDWWHULVWLFKHOLUHQGRQRGHOOHQHRSODVLHDJJUHVVLYH H VSHVVR LQILOWUDQWL L WHVVXWL FLUFRVWDQWL SHU WDOL UDJLRQL DQFKH LQ

VXEWRWDOL VRQR VSHVVR QHFHVVDULH XOWHULRUL WHUDSLH ROWUH DOO¶DSSURFFLR FKLUXUJLFR DOWHUD]LRQL JHQHWLFKH FRPXQHPHQWH ULVFRQWUDWH QHL WXPRUL GHOOD VHULH DVWURFLWDULD VRQR VSHVVR GLYHUVH GD TXHOOH ULVFRQWUDWH QHL JOLRPL GHOO¶HWj DGXOWD 3HU TXDQWR FRQFHUQH L JOLRPLGLEDVVRJUDGRVLSXzIUHTXHQWHPHQWHULVFRQWUDUHXQ¶DOWHUD]LRQHGHOFURPRVRPD T FRQWHQHQWH LO ORFXV GHO JHQH %5$) FRGLILFDQWH XQD SURWHLQD LPSOLFDWD QHOOD SUROLIHUD]LRQHHQHOODGLIIHUHQ]LD]LRQHFHOOXODUH4XHVWDPXWD]LRQHROWUHDGHVVHUHWLSLFD LQSDUWLFRODUHGHOO¶DVWURFLWRPDSLORFLWLFRULVXOWDHVVHUHXQIDWWRUHSURJQRVWLFRSRVLWLYRH SXzHVVHUHXQLPSRUWDQWHWDUJHWWHUDSHXWLFR8Q¶DOWUDPXWD]LRQHSRVVLELOHDSSDUWHQHQWH DOOR VWHVVR SDWKZD\ PROHFRODUH q OD %5$) 9 FKH D GLIIHUHQ]D GHOOD SUHFHGHQWH VL

GLWXPRULDVWURFLWDULFRPH[DQWRDVWURFLWRPDSOHRPRUIR

SLORPL[RLGHULVXOWDQGRLQYHFHSLUDUDQHOO¶DVWURFLWRPDSLORFLWLFR+RUELQVNLHWDO 6RQR EHQ FRQRVFLXWH LQROWUH OH DVVRFLD]LRQL GL 1HXURILEURPDWRVL WLSR  H VFOHURVL

ϭϳ  , JOLRPL GL DOWR JUDGR GHOO¶HWj SHGLDWULFD SUHVHQWDQR LQROWUH GHOOH DOWHUD]LRQL PROHFRODUL FDUDWWHULVWLFKH FKH SHUz KDQQR VSHVVR XQR VFDUVR VLJQLILFDWR SURJQRVWLFR H VRQR LQYHFH GL PDJJLRUH DXVLOLR GD XQ SXQWR GL YLVWD GLDJQRVWLFR &KDPGLQH HW DO 7UDOHQXPHURVHDOWHUD]LRQLPROHFRODULHJHQHWLFKHSUHVHQWLLQTXHVWHQHRSODVLH ULVXOWD GL SDUWLFRODUH LQWHUHVVH TXHOOH FKH LQWHUHVVDQR LO 9(*) YDVFXODU (QGRWKHOLDO *URZWK )DFWRU XQR GHL SULQFLSDOL UHJRODWRUL GHOO¶DQJLRJHQHVL 5HFHQWHPHQWH LQIDWWL OD ULFHUFD KD SURGRWWR GHL IDUPDFL DQWL9(*) SDUWLFRODUPHQWH HIILFDFL LQ VWXGL FRQGRWWL QHOO¶HWj DGXOWD LO ORUR LPSLHJR LQ HWj SHGLDWULFD DSSDUH SURPHWWHQWH VHEEHQH L SULPL ULVXOWDWLPRVWULQRXQDPLQRUHDWWLYLWjWHUDSHXWLFD

/D GLDJQRVL GL TXHVWL WXPRUL q FRPH QHOOD JUDQ SDUWH GHOOH QHRSODVLH FHUHEUDOL EDVDWDVXXQVRVSHWWRFOLQLFRHUDGLRORJLFR7LSLFDPHQWHOHOHVLRQLGLEDVVRJUDGRVRQR EHQ FLUFRVFULWWH PHQWUH L JOLRPL DG DOWR JUDGR VL SUHVHQWDQR FRQ PDUJLQL LUUHJRODUL H LQGLVWLQWL /D UDSLGD FUHVFLWD FKH FDUDWWHUL]]D TXHVWL WXPRUL VL DVVRFLD DOOD FRPSDUVD GL XQD VLQWRPDWRORJLD DFXWD GD ULIHULUVL SULQFLSDOPHQWH DG XQ DXPHQWR GHOOD SUHVVLRQH LQWUDFUDQLFD3RVVRQRSHUDOWURSUHVHQWDUVLFRPHQHJOLDOWULLVWRWLSLGHLVHJQLQHXURORJLFL IRFDOLLQUHOD]LRQHDOODVHGHGHOODQHRSODVLD/D50qO¶LQGDJLQHSULQFLSDOHSHUGHILQLUHOH FDUDWWHULVWLFKH GHOOD VRVSHWWD QHRSODVLD H SHU RWWHQHUH OH LQIRUPD]LRQL QHFHVVDULH DOOD SLDQLILFD]LRQH GHOO¶LQWHUYHQWR FKLUXUJLFR 1HOOH OHVLRQL GL DOWR JUDGR VSHVVR YHQJRQR ULVFRQWUDWHDUHHGLQHFURVLHRHPRUUDJLFKH&DJHHWDO

,O WUDWWDPHQWR GHL SD]LHQWL FRQ VRVSHWWD QHRSODVLD DVWURFLWDULD q SULPDULDPHQWH FKLUXUJLFR ,Q FDVR GL UHVH]LRQH FRPSOHWD H OHVLRQH GL EDVVR JUDGR VSHVVR QRQ VRQR QHFHVVDULHXOWHULRULWHUDSLHPDVRORXQSHULRGRGLIROORZXSQHXURUDGLRORJLFR,QDOFXQH FLUFRVWDQ]HSHUzULVXOWDGLIILFLOHRWWHQHUHXQDUHVH]LRQHFRPSOHWDGHOODQHRSODVLDSHUXQ FRLQYROJLPHQWRGLUHWWRGHLFHQWULYLWDOLGHOODUHJLRQHLSRWDODPLFDRGHOOHYLHRWWLFKHRQHL FDVLLQFXLLOWXPRUHVLDORFDOL]]DWRLQSURIRQGLWjHLQWHUHVVLDQFKHODVRVWDQ]DJULJLDGHL QXFOHLVRWWRFRUWLFDOLILJXUD/¶RS]LRQHSLVLFXUDSHUOHOHVLRQLLOFXLVRVSHWWRqGLXQ JOLRPDGL DOWR JUDGRqO¶HVHFX]LRQHGLXQDELRSVLDDOILQHGLFRQIHUPDUHODGLDJQRVLH SLDQLILFDUHLOWUDWWDPHQWR1RQRVWDQWHTXHVWHOLPLWD]LRQLQHJOLDVWURFLWRPLGLEDVVRJUDGR OD SURJQRVL ULPDQH FRPSOHVVLYDPHQWH EXRQD DQFKH LQ FDVR GL UHVH]LRQH LQFRPSOHWD %HQHVFK HW DO  FRQ OD SRVVLELOLWj GL HVHJXLUH GHL WUDWWDPHQWL FKHPLRWHUDSLFL R UDGLRWHUDSLFLRGLUHLQWHUYHQLUHFKLUXUJLFDPHQWHDGLVWDQ]DVXOODOHVLRQH

)LJXUD,PPDJLQHGL50GL FRQ

/HWHUDSLHDWWXDOPHQWHSUHYLVWHSHULJOLRPLVLDSHULOWUDWWDPHQWRGHOODUHFLGLYDR SURJUHVVLRQH GL PDODWWLD VLD SHU OD FXUD GHOOH IRUPH QRQ DJJUHGLELOL FKLUXUJLFDPHQWH SUHYHGRQR OD FKHPLRWHUDSLD FRQYHQ]LRQDOH OH WHUDSLH PLUDWH FRQ DJHQWL ELRORJLFL H O UDGLRWHUDSLD 7DOL WUDWWDPHQWL SRVVRQR YHQLUH FRPELQDWL D VHFRQGD GHOOH VLQJROH VLWXD]LRQL GHOO¶DVVHWWR LVWRORJLFR H PROHFRODUH GHOOD OHVLRQH H GHOO¶HWj GHO EDPELQR /D UDGLRWHUDSLDQHLWXPRULGHOODVHULHDVWURFLWDULDYLHQHLQIDWWLULVHUYDWDDFDVLVHOH

SUHIHUHQ]LDOPHQWH XWLOL]]DWD QHL EDPELQL SL JUDQGL SHU OLPLWDUH L GDQQL VXOOR VYLOXSSR FHUHEUDOH/DPDJJLRUSDUWHGHLEDPELQLFRQOHVLRQLGLEDVVRJUDGRFRQVHUYDXQ¶RWWLPD SURJQRVLHSHUWDQWRLSRVVLELOLHIIHWWLFROODWHUDOLDOXQJRWHUPLQHGHOO

DWWHQWDPHQWH SHVDWL ULVSHWWR DL EHQHILFL DWWHVL GDO WUDWWDPHQWR VWHVVR &KDOLO

  ,Q DOFXQL FDVL LQROWUH VH LO UHVLGXR GL PDODWWLD q SLFFROR HR LO EDPELQR q DVLQWRPDWLFR OD VROD RVVHUYD]LRQH FOLQLFD FRQ VWUHWWR IROORZ

VSHVVR FRQVLGHUDWD XQD YDOLGD RS]LRQH LQ SDUWLFRODUH TXDQGR QRQ VLD SRVVLELOH GHWHUPLQDUHVHVLDLQFRUVRRPHQRXQDSURJUHVVLRQHGLPDODWWLD&KDOLO

/H WHUDSLH FRQ DQWLFRUSL PRQRFORQDOL DWWXDOPHQWH SL XWLOL]]DWH SUHYHG

EHYDFL]XPDE DQWLDQJLRJHQHWLFR VXOOD YLD GHO 9(*) LO YHPXUDIHQLE H LO GDEUDIHQLE

,PPDJLQHGL50GLUHVH]LRQHSDU]LDOHGLDVWURFLWRPD FRQFRLQYROJLPHQWRGHOFKLDVPDHGHLWUDWWLRWWLFL



/HWHUDSLHDWWXDOPHQWHSUHYLVWHSHULJOLRPLVLDSHULOWUDWWDPHQWRGHOODUHFLGLYDR SURJUHVVLRQH GL PDODWWLD VLD SHU OD FXUD GHOOH IRUPH QRQ DJJUHGLELOL FKLUXUJLFDPHQWH SUHYHGRQR OD FKHPLRWHUDSLD FRQYHQ]LRQDOH OH WHUDSLH PLUDWH FRQ DJHQWL ELRORJLFL H O UDGLRWHUDSLD 7DOL WUDWWDPHQWL SRVVRQR YHQLUH FRPELQDWL D VHFRQGD GHOOH VLQJROH VLWXD]LRQL GHOO¶DVVHWWR LVWRORJLFR H PROHFRODUH GHOOD OHVLRQH H GHOO¶HWj GHO EDPELQR /D UDGLRWHUDSLDQHLWXPRULGHOODVHULHDVWURFLWDULDYLHQHLQIDWWLULVHUYDWDDFDVLVHOH

SUHIHUHQ]LDOPHQWH XWLOL]]DWD QHL EDPELQL SL JUDQGL SHU OLPLWDUH L GDQQL VXOOR VYLOXSSR FHUHEUDOH/DPDJJLRUSDUWHGHLEDPELQLFRQOHVLRQLGLEDVVRJUDGRFRQVHUYDXQ¶RWWLPD SURJQRVLHSHUWDQWRLSRVVLELOLHIIHWWLFROODWHUDOLDOXQJRWHUPLQHGHOODUDGLRWHUDSLDYDQQR DWWHQWDPHQWH SHVDWL ULVSHWWR DL EHQHILFL DWWHVL GDO WUDWWDPHQWR VWHVVR &KDOLO

  ,Q DOFXQL FDVL LQROWUH VH LO UHVLGXR GL PDODWWLD q SLFFROR HR LO EDPELQR q DVLQWRPDWLFR OD VROD RVVHUYD]LRQH FOLQLFD FRQ VWUHWWR IROORZXS QHXUR UDGLRORJLFR q VSHVVR FRQVLGHUDWD XQD YDOLGD RS]LRQH LQ SDUWLFRODUH TXDQGR QRQ VLD SRVVLELOH GHWHUPLQDUHVHVLDLQFRUVRRPHQRXQDSURJUHVVLRQHGLPDODWWLD&KDOLO

/H WHUDSLH FRQ DQWLFRUSL PRQRFORQDOL DWWXDOPHQWH SL XWLOL]]DWH SUHYHG

EHYDFL]XPDE DQWLDQJLRJHQHWLFR VXOOD YLD GHO 9(*) LO YHPXUDIHQLE H LO GDEUDIHQLE ϭϴ 

UHVH]LRQHSDU]LDOHGLDVWURFLWRPDSLORPL[RLGH FRLQYROJLPHQWRGHOFKLDVPDHGHLWUDWWLRWWLFL

/HWHUDSLHDWWXDOPHQWHSUHYLVWHSHULJOLRPLVLDSHULOWUDWWDPHQWRGHOODUHFLGLYDR SURJUHVVLRQH GL PDODWWLD VLD SHU OD FXUD GHOOH IRUPH QRQ DJJUHGLELOL FKLUXUJLFDPHQWH SUHYHGRQR OD FKHPLRWHUDSLD FRQYHQ]LRQDOH OH WHUDSLH PLUDWH FRQ DJHQWL ELRORJLFL H OD UDGLRWHUDSLD 7DOL WUDWWDPHQWL SRVVRQR YHQLUH FRPELQDWL D VHFRQGD GHOOH VLQJROH VLWXD]LRQL GHOO¶DVVHWWR LVWRORJLFR H PROHFRODUH GHOOD OHVLRQH H GHOO¶HWj GHO EDPELQR /D UDGLRWHUDSLDQHLWXPRULGHOODVHULHDVWURFLWDULDYLHQHLQIDWWLULVHUYDWDDFDVLVHOH]LRQDWLH SUHIHUHQ]LDOPHQWH XWLOL]]DWD QHL EDPELQL SL JUDQGL SHU OLPLWDUH L GDQQL VXOOR VYLOXSSR FHUHEUDOH/DPDJJLRUSDUWHGHLEDPELQLFRQOHVLRQLGLEDVVRJUDGRFRQVHUYDXQ¶RWWLPD DUDGLRWHUDSLDYDQQR DWWHQWDPHQWH SHVDWL ULVSHWWR DL EHQHILFL DWWHVL GDO WUDWWDPHQWR VWHVVR &KDOLO HW DO   ,Q DOFXQL FDVL LQROWUH VH LO UHVLGXR GL PDODWWLD q SLFFROR HR LO EDPELQR q QHXUR UDGLRORJLFR q VSHVVR FRQVLGHUDWD XQD YDOLGD RS]LRQH LQ SDUWLFRODUH TXDQGR QRQ VLD SRVVLELOH GHWHUPLQDUHVHVLDLQFRUVRRPHQRXQDSURJUHVVLRQHGLPDODWWLD&KDOLOHWDO

LQLELWRULGL%5$)HO¶HYHUROLPXVLQLELWRUHGLP725)UDQ

%5$)UDSSUHVHQWDLQROWUHXQIDWWRUHSURJQRVWLFRSRVLWLYRLQSDUWLFRODUHL GL DVWURFLWRPD GL EDVVR JUDGR FRPH O¶

3OHRPRUIRILJXUD  )LJXUD6RSUDYYLYHQ]DJOREDOHLQIXQ]LRQHGHOODPXWD]LRQHGL%5$)LQVHULH VHOH]LRQDWHGLSD]LHQWLFRQDVWURFLWRPLGLEDVVRJU   (SHQGLPRPL   *OLHSHQGLPRPLRULJLQDQRGDOO¶HSLWHOLRFKHULYHVWHLYHQWULFROLHGLOFDQDOHVSLQDOH SRVVRQR SUHVHQWDUVL DG XQ TXDOVLDVL OLYHOOR GHO 61& H VRQR OD WHU]D SL IUHTXHQWH QHRSODVLD GHO 61& LQ HWj SHGLDWULFD

IDVFLD G¶HWj ± DQQL FRQ XQD IUHTXHQ]D GRSSLD QHO VHVVR PDVFKLOH ULVSHWWR D TXHOOR IHPPLQLOHHGXQDSUHYDOHQ]DPDJJLRUHQHLEDPELQLFRQPHQRGLDQQLG¶HWj

DO  &KLQWDJXPSDOD HW DO

O¶LQWHUHVVDPHQWR PLGROODUH q UDUR  SRLFKq LO WXPRUH WHQGH D ORFDOL]]DUVL D OLYHOOR LQIUDWHQWRULDOH QHL GXH WHU]L GHL FDVL PD OD ORFDOL]]D]LRQH LQ IRVVD FUDQLFD SRVWHULRUH q UHODWLYDPHQWH IUHTXHQWH &KLQW

:+2 GLVWLQJXH OD QHRSODVLD LQ  JUDGL GDO VXEHSHQGLPRPD DOO¶HSHQGLPRPD FODVVLFR ILQRDOO¶DQDSODVWLFR/RXLVHWDO

/H FDUDWWHULVWLFKH ELRORJLFKH GHO WXPRUH SHUPHWWRQR XQD PLJOLRUH VWUDWLILFD] GHOULVFKLRULVSHWWRDOODVRODFOLQLFD*OL

GXHYDULDQWLPROHFRODULOD3)$SLFRPXQHQHL

LQLELWRULGL%5$)HO¶HYHUROLPXVLQLELWRUHGLP725)UDQ]HWDO %5$)UDSSUHVHQWDLQROWUHXQIDWWRUHSURJQRVWLFRSRVLWLYRLQSDUWLFRODUHL

GL DVWURFLWRPD GL EDVVR JUDGR FRPH O¶$VWURFLWRPD 3LORPL[RLGH H OR ;DQWRDVWURFLWRPD

6RSUDYYLYHQ]DJOREDOHLQIXQ]LRQHGHOODPXWD]LRQHGL%5$)LQVHULH VHOH]LRQDWHGLSD]LHQWLFRQDVWURFLWRPLGLEDVVRJUDGR&KDPEHUODLQHWDO



*OLHSHQGLPRPLRULJLQDQRGDOO¶HSLWHOLRFKHULYHVWHLYHQWULFROLHGLOFDQDOHVSLQDOH SRVVRQR SUHVHQWDUVL DG XQ TXDOVLDVL OLYHOOR GHO 61& H VRQR OD WHU]D SL IUHTXHQWH QHRSODVLD GHO 61& LQ HWj SHGLDWULFD FRQ XQ¶LQFLGHQ]D DQQXDOH GL  SHU PLOLRQH QHOOD  DQQL FRQ XQD IUHTXHQ]D GRSSLD QHO VHVVR PDVFKLOH ULVSHWWR D TXHOOR IHPPLQLOHHGXQDSUHYDOHQ]DPDJJLRUHQHLEDPELQLFRQPHQRGLDQQLG¶HWj

HW DO  1HL EDPELQL D GLIIHUHQ]D FKH QHOO¶HWj DGXOWD O¶LQWHUHVVDPHQWR PLGROODUH q UDUR  SRLFKq LO WXPRUH WHQGH D ORFDOL]]DUVL D OLYHOOR LQIUDWHQWRULDOH QHL GXH WHU]L GHL FDVL PD OD ORFDOL]]D]LRQH LQ IRVVD FUDQLFD SRVWHULRUH q UHODWLYDPHQWH IUHTXHQWH &KLQWDJXPSDOD HW DO  /D QXRYD FODVVLILFD]LRQH GHOOD :+2 GLVWLQJXH OD QHRSODVLD LQ  JUDGL GDO VXEHSHQGLPRPD DOO¶HSHQGLPRPD FODVVLFR

HWDO

/H FDUDWWHULVWLFKH ELRORJLFKH GHO WXPRUH SHUPHWWRQR XQD PLJOLRUH VWUDWLILFD] GHOULVFKLRULVSHWWRDOODVRODFOLQLFD*OLHSHQGLPRPLGHOODIRVVDSRVWHULRUH

GXHYDULDQWLPROHFRODULOD3)$SLFRPXQHQHLEDPELQLHFRQSURJQRVLSHJJLRUHHOD ϭϵ /DSUHVHQ]DGL %5$)UDSSUHVHQWDLQROWUHXQIDWWRUHSURJQRVWLFRSRVLWLYRLQSDUWLFRODUHLQDOFXQLVRWWRWLSL VWURFLWRPD 3LORPL[RLGH H OR ;DQWRDVWURFLWRPD



6RSUDYYLYHQ]DJOREDOHLQIXQ]LRQHGHOODPXWD]LRQHGL%5$)LQVHULH &KDPEHUODLQHWDO

ϮϬ 3)% SL IUHTXHQWH QHOOH HWj VXFFHVVLYH 3DMWOHU HW DO  *OL HSHQGLPRPL VRSUDWHQWRULDOLLQYHFHVRQRFDUDWWHUL]]DWLGDOODIXVLRQHVXOFURPRVRPDGHOJHQHFKH FRGLILFD SHU 5(/$ SURWHLQD FRLQYROWD QHOOD IRUPD]LRQH GHOO¶HWHURGLPHUR 1)N% R SL UDUDPHQWHHVRSUDWWXWWRLQHWjQHRQDWDOHGHOFRDWWLYDWRUHWUDVFUL]LRQDOH<$3FRLQYROWR QHOO¶XSUHJROD]LRQH GL 1RWFK TXHVW¶XOWLPR WLSR GL IXVLRQH q DVVRFLDWR DG XQD PLJOLRUH SURJQRVL.KDWXDHWDO*OLHSHQGLPRPLVSLQDOLUDULQHLEDPELQLSRVVRQRHVVHUH FODVVLFLRP\[RSDSLOODUL/¶H]LRORJLDQRQqQRWDPDVLULVFRQWUDXQ¶DVVRFLD]LRQHJHQHWLFD FRQOD1HXURILEURPDWRVLGLWLSR'DXQSXQWRGLYLVWDQHXURUDGLRORJLFRJOLHSHQGLPRPL SRVVRQR DYHUH XQ DVSHWWR PROWR HWHURJHQHR HG XQD SUHVD GL FRQWUDVWR LUUHJRODUH &KLQWDJXPSDODHWDO

/DWHUDSLDGLVFHOWDDQFKHQHOFDVRGHJOLHSHQGLPRPLqFKLUXUJLFDFRQO¶RELHWWLYR GL XQD UHVH]LRQH TXDQWR SL HVWHVD SRVVLELOH FKH UDSSUHVHQWD LO SULQFLSDOH IDWWRUH SURJQRVWLFR SRVLWLYR WDOH SURSRVLWR q VSHVVR FRPSOLFDWR GDOOD IUHTXHQWH ORFDOL]]D]LRQH VRSUDWHQWRULDOH WLSLFD GHOO¶HWj SHGLDWULFD /D UDGLRWHUDSLD VL q GLPRVWUDWD HIILFDFH SHU DXPHQWDUHODVRSUDYYLYHQ]DGLTXHVWLEDPELQLHYLHQHFRPXQHPHQWHXWLOL]]DWDQHOODIDVH SRVWRSHUDWRULD 0HUFKDQW HW DO  $SSDUH LQYHFH SL FRQWURYHUVR LO UXROR GHOOD FKHPLRWHUDSLD VHEEHQH GLYHUVL UHJLPL GL WUDWWDPHQWR VLDQR VWDWL VSHULPHQWDWL HG HVVD YLHQHFRQYHQ]LRQDOPHQWHXWLOL]]DWDSHULOFRQWUROORGHOODGLVVHPLQD]LRQHPLFURVFRSLFDGL PDODWWLD *XSWD HW DO  &KLQWDJXPSDOD HW DO  /D VRSUDYYLYHQ]D JOREDOH GHJOLUDJJLXQJHDWWXDOPHQWHYDORULVXSHULRULDO*XSWDHWDO

 

7XPRULHPEULRQDUL



, WXPRUL HPEULRQDUL UDSSUHVHQWDQR XQD SHUFHQWXDOH LPSRUWDQWH GHL WXPRUL FHUHEUDOLGHOO¶HWjSHGLDWULFDHVRQRFDUDWWHUL]]DWLGDXQFRPSRUWDPHQWRDJJUHVVLYRFRQ UDSLGDFUHVFLWDFKHKDUHVRTXHVWHQHRSODVLHGHOOHPDODWWLHDSURJQRVLVSHVVRLQIDXVWD SHU OXQJR WHPSR DWWXDOPHQWH L SURJUHVVL WHUDSHXWLFL KDQQR SHUPHVVR XQ VRVWDQ]LDOH DXPHQWR GHOOH VRSUDYYLYHQ]H VHEEHQH OH WHUDSLH SURSRVWH VSHVVR FRQGXFDQR DG LPSRUWDQWLVHTXHOHHGHIIHWWLFROODWHUDOLDOXQJRWHUPLQH*XSWDHWDO

Ϯϭ FRQVLGHUDWRLQPDQLHUDPDJJLRUPHQWHGLYHUVLILFDWDLQSDUWLFRODUHSHUTXDQWRFRQFHUQHLO PHGXOOREODVWRPD*XSWDHWDO

/HQHRSODVLHHPEULRQDOLFRPSUHQGRQRLWXPRULWHUDWRLGLUDEGRLGLLOSLQHREODVWRPD O¶HSHQGLPREODVWRPD LO QHXUREODVWRPD FHUHEUDOH LO JDQJOLR QHXUREODVWRPD LO PHGXOORHSLWHOLRPDHLOPHGXOOREODVWRPDILJXUD    )LJXUD0HGXOOREODVWRPDDODUJKHFHOOXOHFRORUD]LRQHHPDWRVVLOLQDHRVLQD  

ϮϮ /¶H]LRORJLD GL TXHVWD FDWHJRULD GL WXPRUL FHUHEUDOL ULPDQH LJQRWD DQFKH VH q ULFRQRVFLXWDXQ¶DVVRFLD]LRQHFRQDOFXQHVLQGURPLIDPLOLDULFRPHODVLQGURPHGL*RUOLQOD /L)UDXPHQLHOD7XUFRWLQSDUWLFRODUHSHUORVYLOXSSRGLXQPHGXOOREODVWRPD3URSULRWDOL VLQGURPL KDQQR IRUQLWR GHL SDUDGLJPL GL VWXGLR FDUDWWHULVWLFL FKH KDQQR SHUPHVVR GL LGHQWLILFDUHDOFXQLLPSRUWDQWLIDWWRULSURJQRVWLFLPROHFRODULSUHVHQWLQHOPHGXOOREODVWRPD FRPHODPXWD]LRQHGL37&+LOSDWKZD\:17ROHPXWD]LRQLGLS&KLQWDJXPSDOD HWDO6XOODEDVHGLTXHVWHPXWD]LRQLVRQRVWDWLFRVWUXLWLGHLSURWRFROOLWHUDSHXWLFL QHL TXDOL OD FODVVLILFD]LRQH GHL GLYHUVL VRWWRWLSL GL PHGXOOREODVWRPD WLHQH FRQWR GHOOH FDUDWWHULVWLFKHPROHFRODULHJHQHWLFKH1RUWKFRWWHWDO/¶DWWLYD]LRQHGHOSDWKZD\ GL:17LQSDUWLFRODUHXQDYLDPROHFRODUHFKHSRUWDDOO¶DFFXPXORFHOOXODUHGLǃFDWHQLQD UDSSUHVHQWDVHSUHVHQWHXQLPSRUWDQWHIDWWRUHSURJQRVWLFRSRVLWLYRRUPDLDPSLDPHQWH VWXGLDWRHULFRQRVFLXWRFKHYLHQHXWLOL]]DWRSHULQGLYLGXDUHDOFXQLJUXSSLGLSD]LHQWLQHL TXDOL VL LSRWL]]D XQD ULGX]LRQH QHOOH GRVL GL FKHPLR H UDGLRWHUDSLD , TXDGUL GL PHGXOOREODVWRPD SRFR GLIIHUHQ]LDWR HR DQDSODVWLFR R FRQ DPSOLILFD]LRQH GL 0<& VRQR DVVRFLDWLLQYHFHDGXQRXWFRPHSHJJLRUHPHQWUHODIRUPDFODVVLFDHOHIRUPHFRQPLQRU LQGLFHPLWRWLFRHDSRSWRWLFRKDQQRXQDPDJJLRUFXUDELOLWj

$FFDQWRDOODWUDGL]LRQDOHGLVWLQ]LRQHLVWRORJLFDLQPHGXOOREODVWRPDGHVPRSODVWLFR QRGXODUH D JUDQGL FHOOXOH HG DQDSODVWLFR WXWW¶RUD GL XWLOLWj FOLQLFD YLHQH SHUWDQWR DIILDQFDQGRVL QHOO¶XOWLPD FODVVLILFD]LRQH GHOOD :+2 OD GLVWLQ]LRQH LQ  FDWHJRULH PROHFRODUL FRQ DWWLYD]LRQH GHO SDWWHUQ :17 6++ H FRQ OH PXWD]LRQL DVVHJQDWH DO JUXSSR  H  7DOL YDULDQWL JHQHWLFKH VRQR DVVRFLDWH D GUDPPDWLFKH GLIIHUHQ]H SURJQRVWLFKHHWHUDSHXWLFKH/RXLVHWDO

$QFKH L WXPRUL HPEULRQDUL GLYHUVL GDO PHGXOOREODVWRPD KDQQR VXELWR XQ VRVWDQ]LDOH FDPELDPHQWR QHOOD QXRYD FODVVLILFD]LRQH DEEDQGRQDQGR FRPH GHWWR LQ SUHFHGHQ]D LO WHUPLQH WUDGL]LRQDOH GL 31(7 H EDVDQGR LQYHFH OD ORUR QXRYD FDUDWWHUL]]D]LRQHSULQFLSDOPHQWHVXOOHDOWHUD]LRQLPROHFRODUL4XHVWRFDPSRSHUDOWURqLQ FRQWLQXRFDPELDPHQWRHSHUWDQWROD:+2KDFRQVHUYDWRXQDFDWHJRULDLQGHWHUPLQDWD GHQRPLQDWD WXPRUL HPEULRQDOL GHO 61& QRQ PHJOLR VSHFLILFDWL FKH LQFOXGH SDUWH GHOOH QHRSODVLHSUHFHGHQWHPHQWHLQFOXVHQHOWHUPLQH31(7/RXLVHWDO

Ϯϯ PDQLHUD DFXWD R VXEDFXWD 1HO ODWWDQWH OD QHRSODVLD SXz SUHVHQWDUVL FRQ XQ DXPHQWR GHOODFLUFRQIHUHQ]DFUDQLFDRFRQOHWDUJLD&KLQWDJXPSDODHWDO

,O VRVSHWWR GLDJQRVWLFR YLHQH SRVWR GDOOD SUHVHQ]D GL XQD QHRSODVLD UDGLRORJLFDPHQWHHYLGHQWHLQIRVVDFUDQLFDSRVWHULRUHVSHVVREHQGHILQLWDHVYLOXSSDWD D OLYHOOR GHO TXDUWR YHQWULFROR R GHO SHGXQFROR FHUHEHOODUH PHGLR 7DOL OHVLRQL LQROWUH WLSLFDPHQWHDVVXPRQRPH]]RGLFRQWUDVWR:HOOVHWDO)LQRDOGHLSD]LHQWL SUHVHQWD LQROWUH DOO¶HVRUGLR XQD PDODWWLD GLIIXVD FRQ ORFDOL]]D]LRQL PXOWLSOH VSHVVR D OLYHOOR OHSWRPHQLQJHR %DUWROR]]L HW DO  ,O WUDWWDPHQWR GL TXHVWD FDWHJRULD GL WXPRULSUHYHGHXQDHVFLVVLRQHFKLUXUJLFDGHOODQHRSODVLDHGXQWUDWWDPHQWRFRPELQDWR UDGLR H FKHPLRWHUDSLFR WDUDWR VXOO¶HWj GHO EDPELQR VXOOD GLDJQRVL PROHFRODUH H VX HYHQWXDOLIDWWRULSURJQRVWLFLDJJLXQWLYL:HOOVHWDO

 

7XPRULGHOODUHJLRQHVHOODUH



Ϯϰ ,FUDQLRIDULQJLRPLVRQRQHRSODVLHFRQDOWLWDVVLGLVRSUDYYLYHQ]DDQFKHROWUHLO  LQ DOFXQH FDVLVWLFKH PD OD FXL TXDOLWj GHOOD YLWD D OXQJR WHUPLQH SXz ULVXOWDUH SHVDQWHPHQWHLQILFLDWDGDOOHVHTXHOHHQGRFULQRORJLFKHHVXOODIXQ]LRQDOLWjYLVLYDGRYXWH DOO¶LQYDVLYLWjORFDOHHGDJOLHVLWLGHOOHWHUDSLH.DUDYLWDNLHWDO%UXIDQLHWDO 'DOSXQWRGLYLVWDLVWRORJLFRVLGLVWLQJXRQRFODVVLFDPHQWHLOVRWWRWLSRDGDPDQWLQRPDWRVR WLSLFR GHOO¶HWj SHGLDWULFD H TXHOOR SDSLOODUH 0DFURVFRSLFDPHQWH LO &UDQLRIDULQJLRPD DGDPDQWLQRPDWRVR VL SUHVHQWD FRQ FRPSRQHQWL VROLGH FLVWLFKH PXOWLORFXODWH WHVVXWR ILEURVRHFDUDWWHULVWLFKHFDOFLILFD]LRQL,PDUJLQLGLTXHVWLWXPRULVRQRVSHVVRLUUHJRODULH FLUFRQGDWL GD UHD]LRQH JOLDOH H ILEURWLFD LO FKp OL UHQGH GL GLIILFLOH PDQLSROD]LRQH FKLUXUJLFD D FDXVD GHOO¶LQWHUIDFFLD DGHUHQ]LDOH LQGLVWLQWD FKH YLHQH D IRUPDUVL WUD OD QHRSODVLDHLOQRUPDOHWHVVXWRFHUHEUDOH.DUDYLWDNLHWDO

 /D SRWHQ]LDOH SURVVLPLWj GHO FUDQLRIDULQJLRPD D VWUXWWXUH YLWDOL GHO FHUYHOOR H OD FRQVHJXHQWH D]LRQH SUHVVRULD VXOOH VWHVVH SUHGLVSRQH LO SD]LHQWH D PDQLIHVWD]LRQL PXOWLSOHODFXLVHYHULWjGLSHQGHGDOODORFDOL]]D]LRQHGDOODJUDQGH]]DHGDOSRWHQ]LDOHGL FUHVFLWD GHO WXPRUH /H SL FRPXQL PDQLIHVWD]LRQL FOLQLFKH GHO FUDQLRIDULQJLRPD GLSHQGRQRSUHYDOHQWHPHQWHGDOO¶HIIHWWRPDVVDGHOODQHRSODVLDVXOOHVWUXWWXUHFLUFRVWDQWL HSRVVRQRFRPSUHQGHUHFHIDOHDQDXVHDYRPLWRGLVWXUELGHOYLVXVHGHQGRFULQRORJLFL /D IXQ]LRQH LSRWDODPRLSRILVDULD LQIDWWL q VSHVVR JLj FRPSURPHVVD DO PRPHQWR GHOOD GLDJQRVL FRQ GHILFLW RUPRQDOL PXOWLSOL JLj QHOOD IDVH SUHRSHUDWRULD GLDEHWH LQVLSLGR GHILFLW GL *+ LSRJRQDGLVPR HWF 3HU TXDQWR FRQFHUQH OD IXQ]LRQH YLVLYD LQYHFH YLHQH FDUDWWHULVWLFDPHQWH ULSRUWDWD LQ FLUFD LO   GHL FDVL OD SUHVHQ]D GL XQ¶HPLDQRSVLD ELWHPSRUDOH.DUDYLWDNLHWDO

Ϯϱ .DUDYLWDNL HW DO  , FUDQLRIDULQJLRPL WHQGRQR SHUWDQWR D UHFLGLYDUH LQ XQD VLJQLILFDWLYD SHUFHQWXDOH GHL FDVL GLIIHUHQWH D VHFRQGD GHOOH YDULH FDVLVWLFKH WDOH UHFLGLYDVLSXzYHULILFDUHDQFKHLQSUHVHQ]DGLXQDUHVH]LRQHVXEWRWDOHDFDXVDGLSLFFROL UHVLGXL WXPRUDOL FKH SRVVRQR ULPDQHUH LQILOWUDWL QHO WHVVXWR JOLDOH O, WUDWWDPHQWR GHOOH UHFLGLYHSXzULVXOWDUHSLFRPSOHVVRGHOODUHVH]LRQHSULPDULDDFDXVDGHOODIRUPD]LRQHGL WHVVXWR FLFDWUL]LDOH H GL DGHUHQ]H FRQ XQ DXPHQWR GHOOD PRUELGLWj H GHOOD PRUWDOLWj LQ TXHVWLSD]LHQWLLQIDVHGLUHLQWHUYHQWR.DUDYLWDNLHWDO%UXIDQLHWDO$OWUH SRVVLELOLWj WHUDSHXWLFKH FRPSUHQGRQR OD UDGLRFKLUXUJLD WUDPLWH *DPPD.QLIH OD EUDFKLWHUDSLDRLQWHUYHQWLVLQWRPDWLFLFRPHODYHQWULFRORFLVWHUQRVWRPLD

Ϯϲ VLHULFLH OLTXRUDOL FRPH O¶DOIDIHWRSURWHLQD $)3 H OD JRQDGRWURSLQD FRULRQLFD E +&* FKH VRQR DQFKH GHJOL LPSRUWDQWL IDWWRUL SURJQRVWLFL /RXLV HW DO  *XSWD HW DO 

/DJUDQSDUWHGLTXHVWLWXPRULRULJLQDYLFLQRDOWHU]RYHQWULFRORHVWHQGHQGRVLSRL DOOH UHJLRQL FLUFRVWDQWL , VLQWRPL GL SUHVHQWD]LRQH SRVVRQR FRPSUHQGHUH GLVRUGLQL GHO PRYLPHQWRRFXODUHVLQWRPLGDDXPHQWRGHOODSUHVVLRQHLQWUDFUDQLFDFDPELDPHQWRGHO FRPSRUWDPHQWR R HQGRFULQRSDWLH LQ GLSHQGHQ]D GDOO¶HVDWWD ORFDOL]]D]LRQH H GDOOH GLPHQVLRQLGHOODOHVLRQH,OGLDEHWHLQVLSLGRHODSXEHUWjSUHFRFHLQSDUWLFRODUHSRVVRQR HVVHUH FDUDWWHULVWLFL FRQ XQD IUHTXHQ]D GHO  GHL VLQWRPL GL SUHVHQWD]LRQH $WWXDOPHQWH YLHQH UDFFRPDQGDWD OD ELRSVLD FKLUXUJLFD GHOOD OHVLRQH SULPD GL DYYLDUH LO WUDWWDPHQWR VHEEHQH HVLVWDQR D WDO ULJXDUGR QXPHURVH FRQWURYHUVLH $QGUDQQR LQROWUH HVHJXLWLXQRVWXGLRLQULVRQDQ]DPDJQHWLFDDQFKHGHOPLGROORVSLQDOHGDWDODSRVVLELOH PXOWLIRFDOLWjHGXQGRVDJJLRGHLPDUNHUVVXVDQJXHHOLTXRU*XSWDHWDO

$WWXDOPHQWH OD FKLUXUJLD QRQ KD XQ UXROR QHO WUDWWDPHQWR GHL JHUPLQRPL SRLFKp QRQ VL q HYLGHQ]LDWR XQ DXPHQWR GHOOD VRSUDYYLYHQ]D FRQ XQD UHVH]LRQH UDGLFDOH SLXWWRVWR FKH FRQ XQ WUDWWDPHQWR UDGLRFKHPLRWHUDSLFR PHQWUH WDOH WUDWWDPHQWR YLHQH FRQVLGHUDWR LQ XQ VHFRQGR PRPHQWR QHL QRQJHUPLQRPL *XSWD HW DO  ,O WUDWWDPHQWR q DWWXDOPHQWH PXOWLGLVFLSOLQDUH FRQ PROWH TXHVWLRQL DQFRUD DSHUWH LQ SDUWLFRODUH QHOOH GRVL H QHO YROXPH GHOOD UDGLRWHUDSLD PD OD VRSUDYYLYHQ]D GL TXHVWL SD]LHQWL FRPH LQ DOWUL JUXSSL GL WXPRUL FHUHEUDOL KD FRPXQTXH VXELWR XQ VRVWDQ]LDOH PLJOLRUDPHQWRQHOOHXOWLPHGHFDGLJUD]LHDOO¶LQWHQVLILFD]LRQHGHOOHWHUDSLHDDLWUDWWDPHQWL PXOWLPRGDOL



7XPRULQHXURQDOLHPLVWLQHXURQDOLJOLDOL 

Ϯϳ FODVVLILFD]LRQH GHOOD :+2 LGHQWLILFD XQD QXRYD HQWLWj LO WXPRUH JOLRQHXURQDOH OHSWRPHQLQJHDOHGLIIXVR/RXLVHWDO

Ϯϴ /DGLDJQRVLqQHXURUDGLRORJLFDFRQFRQIHUPDLVWRORJLFDHLOWUDWWDPHQWRGLVFHOWDq XQDUHVH]LRQHFKLUXUJLFDGHOODOHVLRQH*OLDOWLJUDGLFRQHOHYDWRLQGLFHGLSUROLIHUD]LRQH SRVVRQRULFKLHGHUHWUDWWDPHQWRDJJLXQWLYLDGLXYDQWLFRPHODUDGLRWHUDSLDPHQWUHLOUXROR GHOOD VWHVVD WHUDSLD UDGLDQWH QHOOH OHVLRQL GL EDVVR JUDGR FRQ UHVH]LRQH LQFRPSOHWD ULPDQHFRQWURYHUVR*XSWDHWDO/DSURJQRVLGRSRUHVH]LRQHWRWDOHqHFFHOOHQWH H DQFKH LO FRQWUROOR GHOOH FULVL HSLOHWWLFKH YLHQH RWWHQXWR QHO JUDQ SDUWH GHL FDVL ILQR DOO¶ GRSR O¶LQWHUYHQWR QHXURFKLUXUJLFR &RPSOHVVLYDPHQWH L WDVVL VL VRSUDYYLYHQ]D VRQRROWUHLOSHUOHOHVLRQLGLEDVVRJUDGRPHQWUHODSURJQRVLULPDQHLQIDXVWDSHU OHORFDOL]]D]LRQLDOWURQFRFHUHEUDOH'XGOH\HWDO   0HQLQJLRPL  ,PHQLQJLRPLVRQRQHRSODVLHEHQLJQHFKHGHULYDQRGDOOHFHOOXOHPHQLQJHDOLHVRQR SL WLSLFL GHOO¶HWj DQ]LDQD H UHODWLYDPHQWH UDUL LQ HWj SHGLDWULFD PHQR GHO   GHOOH QHRSODVLH LQWUDFUDQLFKH $QFKH VH OD JUDQ SDUWH GL TXHVWL WXPRUL LQVRUJH VHQ]D XQD FDXVD GLPRVWUDELOH F¶q XQ ULVFKLR UHODWLYR DXPHQWDWR QHL SD]LHQWL FRQ UDGLRWHUDSLD SUHJUHVVD H QHXURILEURPDWRVL GL WLSR  FRQ XQ¶LQFLGHQ]D GL PHQLQJLRPL ULSRUWDWD LQ TXHVWLSD]LHQWLGHOLQGLYHUVLVWXGL*XSWDHWDO

/D ORFDOL]]D]LRQH q LQ JHQHUH VRSUDWHQWRULDOH PD SRVVRQR SUHVHQWDUVL LQ DOWUH ORFDOL]]D]LRQL /D :RUOG +HDOWK 2UJDQL]DWLRQ GLYLGH L PHQLQJLRPL LQ WUH JUDGL FODVVLFR DWLSLFRHDQDSODVWLFRRPDOLJQRHQRQKDVXELWRUHYLVLRQLUHFHQWHPHQWHVHEEHQHVLD VWDWR LQWURGRWWR LO FULWHULR GHOO¶LQYDVLRQH SDUHQFKLPDOH SHU OD GLDJQRVL GL PHQLQJLRPD DWLSLFR GL JUDGR VHFRQGR /RXLV HW DO  , PHQLQJLRPL LQ HWj SHGLDWULFD SHUDOWUR KDQQR XQ PDJJLRU JUDGR GL SUREDELOLWj GL SUHVHQWDUVL FRPH DWLSLFL R PDOLJQL ± ULVSHWWRDOO¶HWjDGXOWD

Ϯϵ ORFDOL]]D]LRQHGHOODOHVLRQHGDOJUDGRGLUHVH]LRQH/HOHVLRQLGLVHFRQGRHWHU]RJUDGR SRVVRQRULFKLHGHUHO¶XVRGLWHUDSLHDGLXYDQWLLQSDUWLFRODUHLQFDVRGLUHFLGLYD  $OWULLVWRWLSL 

$OWUL LVWRWLSL SL UDUL GL WXPRUL GHO 61& LQ HWj SHGLDWULFD FRPSUHQGRQR L WXPRUL PHVHQFKLPDOL HPDQJLREODVWRPD VDUFRPD GL .DSRVL OHLRPLRVDUFRPD FRQGURPD L WXPRUL GHL QHUYL FUDQLFL VFKZDQQRPD QHXUR ILEURPD L WXPRUL GHOOD UHJLRQH SLQHDOH SLQHRFLWRPD SLQHREODVWRPD WXPRUH SDSLOODUH GHOOD JKLDQGROD SLQHDOH L OLQIRPL FHUHEUDOL L WXPRUL GHL SOHVVL FRURLGHL FDUFLQRPD R SDSLOORPD H OH PHWDVWDVL LQWUDFUDQLFKHSDUWLFRODUPHQWHSRFRIUHTXHQWLQHLSD]LHQWLLQHWjHYROXWLYD    2XWFRPHQHOSD]LHQWHSHGLDWULFRQHXURRQFRORJLFR  ,SURJUHVVLRWWHQXWLQHOFDPSRGHOODPHGLFLQDHGHOODFKLUXUJLDQHOWUDWWDPHQWRGHL SD]LHQWL SHGLDWULFL FRQ QHRSODVLD GHO 61& KDQQR SHUPHVVR QHJOL XOWLPL GHFHQQL GL LQFUHPHQWDUHVLJQLILFDWLYDPHQWHO¶DVSHWWDWLYDGLYLWDGLTXHVWLEDPELQLLQSDUWLFRODUHVH SRUWDWRUL GL QHRSODVLH D EDVVR JUDGR 3ROODFN  ,O WDVVR GL VRSUDYYLYHQ]D DWWXDOPHQWHUDJJLXQJHLQIDWWLDQFKHLOSHUWDOXQLLVWRWLSL+DQ]OLNHWDO

ϯϬ /HSUREOHPDWLFKHFKHVLVYLOXSSDQRLQTXHVWLSD]LHQWLVRQRDWWULEXLELOLQRQVRORDO GDQQRQHXURORJLFROHJDWRDOODSUHVHQ]DVWHVVDGHOWXPRUHPDDQFKHDOODFKLUXUJLDDOOD WRVVLFLWj GHOOD FKHPLRWHUDSLD DJOL HIIHWWL GHOOD UDGLRWHUDSLD VXOOH FHOOXOH GHO VLVWHPD QHUYRVRRDOOHFRPSOLFDQ]HSRVWRSHUDWRULH*XSWDHWDO3ROODFN&KDOLOHW DO  7XWWL L SD]LHQWL VRQR SRWHQ]LDOPHQWH HVSRVWL D WDOL IRQWL GL GDQQR PD LQ SDUWLFRODUHqQRWRFKHLEDPELQLWUDWWDWLLQHWjSLSUHFRFHHTXHOOLFKHKDQQRULFHYXWR DOWH GRVL GL UDGLRWHUDSLD R FRPELQD]LRQH FRQ DOWH GRVL GL FKHPLRWHUDSLD VRQR TXHOOL D PDJJLRUHULVFKLRGLVYLOXSSDUHHIIHWWLWDUGLYL)LVFKHUHWDO

/H VHTXHOH WDUGLYH FKH VL SRVVRQR VYLOXSSDUH QHL OXQJR VRSUDYYLYHQWL VRQR PROWHSOLFLHGKDQQRXQJUDQGHLPSDWWRVXOODTXDOLWjGHOODYLWDGLTXHVWLSD]LHQWLSHUWDOH UDJLRQH OD JHVWLRQH GL TXHVWL EDPELQL GHYH ULFKLHGHUH XQD FROODERUD]LRQH PXOWLGLVFLSOLQDUHWUDGLYHUVLVSHFLDOLVWLHGXQOXQJRIROORZXS8QHIIHWWRDYYHUVRWDUGLYR GHOOHWHUDSLHSXzLQFOXGHUHLQIDWWLGLVIXQ]LRQLG¶RUJDQRGLIILFROWjPRWRULHQHXURVRFLDOLR FRJQLWLYH H O¶LQGLYLGXD]LRQH H OD FDUDWWHUL]]D]LRQH GL TXHVWH WRVVLFLWj VWD GLYHQWDQGR VHPSUHSLLPSRUWDQWHQHOPDQDJHPHQWGLTXHVWLEDPELQL*XSWDHWDO ,SD]LHQWLVRSUDYLVVXWLDOWUDWWDPHQWRGLXQWXPRUHGHO61&KDQQRXQULVFKLRWUH YROWHPDJJLRUHULVSHWWRDLFRHWDQHLGLVRIIULUHGLXQDSUREOHPDWLFDGLVDOXWHSHUVLVWHQWHH VRQRDPDJJLRUULVFKLRGLSUHVHQWDUHXQDFURQLFLWjGLJUDGRHOHYDWR*XSWDHWDO 3HUWDOLUDJLRQLTXHVWLEDPELQLGHYRQRHVVHUHVXSSRUWDWLLQPDQLHUDPXOWLGLVFLSOLQDUHFRQ LQWHUYHQWLULDELOLWDWLYLSHUPLJOLRUDUHOHIXQ]LRQLILVLFKHIRQDWRULHHGHJOXWLWRULHFRQWUROOL HQGRFULQRORJLFL VHULDWL SHU OD GLDJQRVL SUHFRFH H O¶HYHQWXDOH WUDWWDPHQWR GHOOH FRPSOLFDQ]H LQHUHQWL YDOXWD]LRQL QHXURFRJQLWLYH SHULRGLFKH H VRVWHJQR SVLFRORJLFR FRVWDQWH SHU DLXWDUH LO SD]LHQWH H OD IDPLJOLD QHO GLIILFLOH SHUFRUVR GDOOD GLDJQRVL DO WUDWWDPHQWRILQRDOOHSRVVLELOLFRPSOLFDQ]HWDUGLYH



2XWFRPHFRJQLWLYR 

ϯϭ HVVHUHSHUFHSLWLGDJOLDOWULFRPHSLLVRODWL6RQRULSRUWDWLGHILFLWDOO¶LQWHOOLJHQ]DJOREDOH YHUEDOH DOOD PHPRULD QRQ YHUEDOH H DOOH IXQ]LRQL VRPDWRVHQVRULDOL Ê VWDWR ULOHYDWR LQROWUHFKHGDDGXOWLTXHVWLLQGLYLGXLSUHVHQWDQRXQULVFKLRGLGLVRFFXSD]LRQHPROWRSL DOWURGHLSDULHWjXQDPDJJLRUHGLIILFROWjDVSRVDUVLHPROWLVRQRLQFDSDFLGLYLYHUHLQ PDQLHUD LQGLSHQGHQWH Ê VWDWR ULVFRQWUDWR LQROWUH FKH TXHVWH FRQGL]LRQL KDQQR XQ¶LQFLGHQ]D SL HOHYDWD QHL SD]LHQWL WUDWWDWL SHU QHRSODVLD GHO 61& DQFKH ULVSHWWR DL EDPELQLFXUDWLSHUDOWUHQHRSODVLH2OWUHDJOLHIIHWWLQHXURFRJQLWLYLLQTXHVWLLQGLYLGXLVL ULOHYDQR SUREOHPL FRPSRUWDPHQWDOL VLQWRPL GHSUHVVLYL ILQR D IUDQFD SVLFRVL H SL LQ JHQHUDOH DOWHUD]LRQL GHOOR VSHWWUR SVLFKLDWULFR FRQ XQ PDJJLRU ULVFKLR GL RVSHGDOL]]D]LRQHSHUWDOLUDJLRQL*XSWDHWDO

,O JUDGLQJ GHOOD QHRSODVLD H OD PLQRUH HWj DO PRPHQWR GHOOD GLDJQRVL VRQR GXH LPSRUWDQWL IDWWRUL SUHGLWWLYL GL XQ HVLWR QHXUR FRJQLWLYR QHJDWLYR 8Q DOWUR IDWWRUH LPSRUWDQWH q OR VSHFLILFR LVWRWLSR H SHU WDOH UDJLRQH DG HVHPSLR SD]LHQWL WUDWWDWL FRQ SROLFKHPLR H UDGLRWHUDSLD SHU PHGXOOREODVWRPD GLPRVWUDQR LQ WDO VHQVR XQD SURJQRVL VLJQLILFDWLYDPHQWH SHJJLRUH LQ WXWWL JOL DPELWL FLWDWL ULVSHWWR D EDPELQL FKH DEELDQR ULFHYXWR XQD GLDJQRVL GL WXPRUH GHOOD VHULH DVWURFLWDULD ,QROWUH VHEEHQH TXHVWL XOWLPL GLPRVWULQRGHLSXQWHJJLLQIHULRULULVSHWWRDLFRQWUROOLVDQLOHORURIXQ]LRQLFRJQLWLYHQRQ VHPEUDQR SUHVHQWDUH XQ DQGDPHQWR SHJJLRUDWLYR QHO WHPSR D GLIIHUHQ]D GDL SD]LHQWL WUDWWDWLSHUPHGXOOREODVWRPD+DQ]OLNHWDO

ϯϮ 3HU TXDQWR FRQFHUQH OH ORFDOL]]D]LRQL VRYUDWHQWRULDOL TXHVWH VRQR VWDWH PDJJLRUPHQWH VWXGLDWH LQ SDVVDWR FRQ XQD FRUULVSRQGHQ]D VSHVVR FKLDUD WUD OH VHGL GHOOH OHVLRQL HG L GDQQL ULVFRQWUDWL QHOOH IXQ]LRQL DWWULEXLELOL 8Q PDJJLRUH GHFOLQR GHOOH IXQ]LRQLFRJQLWLYHqVWDWRSHUDOWURULVFRQWUDWRSHUTXHOOHQHRSODVLHFRQXQDORFDOL]]D]LRQH DOORERIURQWDOHRDOO¶HPLVIHURGRPLQDWH&KLHIIRHWDO

2OWUH DOOD ORFDOL]]D]LRQH HG DO FRPSRUWDPHQWR ELRORJLFR GHOOD QHRSODVLD DQFKH OD ULVHUYDFRJQLWLYDGHOSD]LHQWHHLOJUDGRGLIXQ]LRQDPHQWRSUHFOLQLFRJLRFDQRXQUXROR PROWR LPSRUWDQWH 'ZDQW HW DO  1ROO HW DO  FRPH SHUDOWUR OD YDULDELOLWj JHQHWLFD H O¶LQWHUD]LRQH LQGLYLGXDOH FRQ L WUDWWDPHQWL SURSRVWL :HIHO HW DO  ,Q TXHVWRTXDGURPROWRFRPSOHVVRFRQQXPHURVLYDULDELOLFRLQYROWHqVWDWRLQIDWWLLSRWL]]DWR FKH XQD ULGRWWD FDSDFLWj GL ULSDUD]LRQH GHO GDQQR QHXURQDOH H GHOOR VWUHVV RVVLGDWLYR WLSLFDGLDOFXQHYDULDQWLJHQHWLFKHSRVVDHVVHUHDVVRFLDWDDGXQDPLQRUHWROOHUDQ]DDOOD UDGLRFKHPLRWHUDSLD H DOO¶LQILDPPD]LRQH FKH HVVH FRPSRUWDQR FRQ PDJJLRUL FRQVHJXHQ]H D OLYHOOR GHOOD VRVWDQ]D ELDQFD H GHOOD QHXURQRJHQHVL H ULSHUFXVVLRQL FOLQLFDPHQWHHYLGHQWLVXPHPRULDHIXQ]LRQLHVHFXWLYH:HIHOHWDO



/D PDJJLRU SDUWH GHL FKHPLRWHUDSLFL XVXDOPHQWH LPSLHJDWL SHU LO WUDWWDPHQWR GHL WXPRUL FHUHEUDOL SUHVHQWD QXPHURVL PHFFDQLVPL DWWUDYHUVR L TXDOL SXz SUHVHQWDUH XQD WRVVLFLWj QHXURQDOH HG L GHILFLW FRJQLWLYL H FRPSRUWDPHQWDOL FRQVHJXHQWL VRQR TXLQGL LO ULVXOWDWRGLGLYHUVLWLSLGLGDQQR'LHWULFKWUDLTXDOLVLSRVVRQRFLWDUHODWRVVLFLWj PLHOLQLFDHQHXURYDVFRODUHJOLHIIHWWLSURLQILDPPDWRULGLIIXVLHO¶DWWLYD]LRQHGLFLWRFKLQH QHXURWRVVLFKH 7UD TXHVWL IDUPDFL q VWDWR GLPRVWUDWR FKH LO PHWKRWUH[DWH L FRUWLFRVWHURLGL H OD FLWDUDELQD VRQR VWUHWWDPHQWH DVVRFLDWL FRQ XQD GLVIXQ]LRQH QHXUR FRJQLWLYDDOXQJRWHUPLQH*XSWDHWDO/DFKHPLRWHUDSLDLQROWUHSXzDYHUHXQ HIIHWWRVLQHUJLFRFRQODUDGLRWHUDSLDWUDPLWHLOPHFFDQLVPRGHOO¶DXPHQWDWDSHUPHDELOLWj LQGRWWDGDTXHVW¶XOWLPDVXOODEDUULHUDHPDWRHQFHIDOLFD*XSWDHWDO5LVXOWDSHUz PROWR GLIILFLOH GLVFHUQHUH JOL HIIHWWL GHOOH WHUDSLH GD TXHOOL GHOOD QHRSODVLD VWHVVD FRPH GLPRVWUD LO IDWWR FKH XQ FHUWR TXDO JUDGR GL GDQQR RVVLGDWLYR q VWDWR ULVFRQWUDWR QHL SD]LHQWLRQFRORJLFLJLjSULPDGHOO¶DYYLRGHOODFKHPLRWHUDSLD.DLVHUHWDO

ϯϯ VHQVR SUHVHQWDQR LQIDWWL DOWHUD]LRQL QHXURSDWRORJLFKH FKH YDQQR GDOOD OHXFRHQFHIDORSDWLDDOODPLFURDQJLRSDWLDOHXFRPLHORSDWLDQHFURWL]]DQWHILQRDGHLTXDGUL GL FDOFLILFD]LRQL LQWUDFHUHEUDOL FRQ HVLWR LQIDXVWR LQ PLFURHQFHIDOLD HG DWURILD FHUHEUDOH *XSWD HW DO  6L SXz SHUDOWUR DIIHUPDUH FKH LQ JHQHUH L GHILFLW QHXURFRJQLWLYL FRUUHODWLDOODUDGLRWHUDSLDVRQRSHUORSLGHJOLHIIHWWLWDUGLYLLQSDUWLFRODUHVHLOGDQQRq DWWULEXLELOHDOOHVWUXWWXUHVRSUDWHQWRULDOLHDOODULGX]LRQHGHOODVRVWDQ]DELDQFDÊLQROWUH QRWRFKHLOGDQQRFRJQLWLYRqVWUHWWDPHQWHFRUUHODWRDOODGRVHFXPXODWLYDGLUDGLD]LRQL VRPPLQLVWUDWH $WWXDOPHQWHSHUWDQWRVLFHUFDRYHSRVVLELOHGLRWWHQHUHXQDULGX]LRQH GHOOD GRVH H GL HYLWDUH LO ULFRUVR D GRVL GD FDULFR FKH SRVVRQR IDFLOPHQWH HPHWWHUH JUDQGL TXDQWLWj GL UDGLD]LRQL GLIIXVH FKH YDQQR SRL D FROSLUH OH VWUXWWXUH DO GL IXRUL GHOO¶DUHDWDUJHW/DVVDOHWWDHWDO*XSWDHWDO

6L SXz TXLQGL DIIHUPDUH FKH DO JLRUQR G¶RJJL q GL FDSLWDOH LPSRUWDQ]D SHUVHJXLUH XQRVWXGLRQHXURFRJQLWLYRFRPSOHWRHVSHFLDOLVWLFRGHLSD]LHQWLSHGLDWULFLFRQQHRSODVLD GHO 61& VH SRVVLELOH GD HVHJXLUVL SULPD GHOO¶LQWHUYHQWR HR GHOOH WHUDSLH H SRL FRQ FDGHQ]D UHJRODUH H SUROXQJDWD QHO WHPSR SHU SRWHU LQGLYLGXDUH H WUDWWDUH DQFKH HYHQWXDOL GHILFLW WDUGLYL /D FRQRVFHQ]D GL WXWWL L IDWWRUL FKH LQIOXHQ]DQR O¶RXWFRPH D OXQJRWHUPLQHGLTXHVWLSD]LHQWLqPROWRLPSRUWDQWHILQGDVXELWRSHUIRUQLUHXQDVWLPD GHOULVFKLRIXWXURGLVYLOXSSDUHGHOOHSUREOHPDWLFKHQHXURFRJQLWLYHSULPDDQFRUDGHOORUR HVRUGLR /D FRQRVFHQ]D GHO WXPRUH GHL WUDWWDPHQWL ULFHYXWL H GHOOH HYHQWXDOL FRPSOLFDQ]H VXELWH QHO SHULRGR SRVWRSHUDWRULR SXz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j OH VXH SHFXOLDULWj FOLQLFKH H SVLFRSDWRORJLFKHHGLWUDWWDPHQWLQRQSRWUDQQRFKHHVVHUHLQGLYLGXDOL]]DWL

ϯϰ 2XWFRPHQHXURORJLFR



ϯϱ QHXURORJLFKH FKH QHOOD JUDQ SDUWH GHL FDVL WHQGRQR DG HVVHUH WUDQVLWRULH H FRQ XQ JUDGR GL PRUELGLWj QRQ HOHYDWR DQFKH VH LQ XQD SHUFHQWXDOH YDULDELOH GHL FDVL HVVH SRVVRQRHVVHUHLQYHFHJUDYLHLQYDOLGDQWL*XSWDHWDO    )LJXUD*OLRPDSRQWLQRGLIIXVRLQLPPDJLQH507SHVDWD 

/D FRPSDUVD GL XQ QXRYR GHILFLW QHXURORJLFR IRFDOH q LQ JHQHUDOH XQD GHOOH FRPSOLFDQ]HSLIUHTXHQWLLQQHXURFKLUXUJLDSHGLDWULFDFRQXQ¶LQFLGHQ]DYDULDELOHWUDLO H LO   'UDNH HW DO  PD q QRWR FKH DOFXQH LVWRORJLH WXPRUDOL FRPH DG HVHPSLRLOPHQLQJLRPDHJOLLQWHUYHQWLFKHFRPSRUWLQRPDQLSROD]LRQHPLGROODUHVLDQRD PDJJLRUHULVFKLRGLFRPSOLFDQ]HGLTXHVWRWLSR0HNLWDULDQHWDO4XHVWLGHILFLW VRQRVSHVVRPLQRULHUHYHUVLELOLPDODORURLPSRUWDQ]DqFRPXQTXHVSHVVRVRWWRVWLPDWD HR VRWWRYDOXWDWD 1HJOL LQWHUYHQWL DOOD IRVVD FUDQLFD SRVWHULRUH VL ULVFRQWUD IUHTXHQWHPHQWH PXWLVPR FHUHEHOODUH QHOO¶DUHD VRSUDVHOODUH VL SXz LQFRUUHUH LQ SHUGLWD GHOOD YLVWD GLVIXQ]LRQL LSRWDODPLFKH R HQGRFULQRSDWLH PHQWUH OD FKLUXUJLD GHO WURQFR HQFHIDOLFRSXzSRUWDUHDSDUDOLVLGHLQHUYLFUDQLFL(VLVWRQRLQOHWWHUDWXUDSRFKLODYRULFKH DEELDQR PLVXUDWR O¶LQFLGHQ]D GL WDOL FRPSOLFDQ]H H QRQ FL VRQR DFFRUGL SHU TXDQWR FRQFHUQH LO UXROR GL XQD FKLUXUJLD SL R PHQR DJJUHVVLYD LQ SDWRORJLH FRPH LO FUDQLRIDULQJLRPDRO¶HSHQGLPRPD'UDNHHWDO

ϯϲ VHQVLWLYRPRWRUL PXWLVPR H QHXURSDWLH GHL QHUYL FUDQLFL /¶DWDVVLD H GLVPHWULD VRQR VROLWDPHQWH GRYXWH DOO¶HGHPD HG DL IHQRPHQL ULSDUDWLYL SRVWFKLUXUJLFL H SRVVRQR SHUWDQWRPLJOLRUDUHQHOFRUVRGHOOHVHWWLPDQHRPHVLVHEEHQHLQFDVRGLFRLQYROJLPHQWR GHOYHUPHFHUHEHOODUHVLSRVVDFUHDUHXQDVLWXD]LRQHSHUPDQHQWH*XSWDHWDO, SD]LHQWL RSHUDWL SHU PHGXOOREODVWRPD LQ SDUWLFRODUH KDQQR XQD HOHYDWD SUHYDOHQ]D GL GHILFLWQHXURORJLFLPHQLQJLWHLQIH]LRQHGHOORVKXQWRQHFHVVLWjGLXQVHFRQGRLQWHUYHQWR FKLUXUJLFRFKHDXPHQWDVHQVLELOPHQWHLOULVFKLRGLGHILFLWQHXURORJLFLDGLVWDQ]D

3HU TXDQWR FRQFHUQH OH OHVLRQL HPLVIHULFKH LQYHFH OD ULPR]LRQH GHOOD QHRSODVLD SXzFUHDUHXQRVKLIWLQWUDFUDQLFRFKHOHGHLO9,QHUYRFUDQLFRFDXVDQGRXQDWUDQVLWRULD GLSORSLD&LUFDODPHWjGHLSD]LHQWLFRQQXRYLGHILFLWQHXURORJLFLDQGUjSRLLQFRQWURDG XQD FRPSOHWD ULSUHVD IXQ]LRQDOH &RPH FRQVHJXHQ]D D OXQJR WHUPLQH SHUz TXDQGR FRQIURQWDWLFRQLSDULHWjLSD]LHQWLVRSUDYLVVXWLDGXQWXPRUHGHO61&LQHWjSHGLDWULFD KDQQRXQULVFKLRVLJQLILFDWLYDPHQWHDXPHQWDWRGLFRPSDUVDGLFDWDUDWWDYLVLRQHGRSSLD H FHFLWj  /H DOWHUD]LRQL QHXURORJLFKH IRFDOL VRQR FRPXQL FLUFD OD PHWj GHL SD]LHQWL SUHVHQWDSUREOHPLDOODFRRUGLQD]LRQHHXQTXDUWRGHYHFRQYLYHUHFRQGLVRUGLQLPRWRUL &ULVL FRQYXOVLYH VRQR ULSRUWDWH ILQR DO   GHL FDVL H LO   GL TXHVWL SD]LHQWL KD SUHVHQWDWR XQ HVRUGLR GL WDOH VLQWRPDWRORJLD D SL GL  DQQL GDOOD GLDJQRVL /H FULVL FRQYXOVLYHLSUREOHPLGLFRRUGLQD]LRQHRFXODULHO¶HPLSOHJLDVRQRVLQWRPLFODVVLFDPHQWH DVVRFLDWL D QHRSODVLH VRSUDWHQWRULDOL PHQWUH O¶DWDVVLD H L GLVWXUEL GHOO¶HTXLOLEULR FRPH GHWWRVRQRSLWLSLFLGLWXPRULVRWWRWHQWRULDOL/DQQHULQJHWDO

/¶DSSURFFLRFKLUXUJLFRDTXDOVLDVLDUHDGHOVLVWHPDQHUYRVRFHQWUDOHSXzFDXVDUH LQROWUH HGHPD SHULOHVLRQDOH GL YDULR JUDGR SHU LO TXDOH YHQJRQR QRWRULDPHQWH VRPPLQLVWUDWL FRUWLFRVWHURLGL H PDQQLWROR WDOL IDUPDFL LQROWUH SRVVRQR HVVHUH XWLOL]]DWL QHOODIDVHSUHRSHUDWRULD1RQFLVRQRSHUDOWURHYLGHQ]HRUDFFRPDQGD]LRQLVXOO¶HIIHWWLYD XWLOLWj R VXOOH GRVL RWWLPDOL WDOL GDWL DQGUHEEHUR LQGDJDWL DQFKH LQ FRQVLGHUD]LRQH GHL SRVVLELOLHIIHWWLFROODWHUDOLGLTXHVWLIDUPDFL0HNLWDULDQHWDO



6LQGURPHGHOODIRVVDFUDQLFDSRVWHULRUHHFHUYHOOHWWR



ϯϳ GHOODIRVVDFUDQLFDSRVWHULRUHHGqFDUDWWHUL]]DWDGDOO¶LQVRUJHQ]DGLPXWLVPRRGLVDUWULD LSRWRQLD H GD XQ YDULDELOH JUDGR GL ODELOLWj HPRWLYD H GL DOWHUD]LRQL GHOOD SHUVRQDOLWj PHQWUH VL ULVFRQWUD XQD FRPSUHQVLRQH PDQWHQXWD H QRQ VRQR GLPRVWUDELOL GHILFLW GHL QHUYL FUDQLFL /D JUDQ SDUWH GHL SD]LHQWL VL VYHJOLD GRSR O¶LQWHUYHQWR FKLUXUJLFR FRQ IXQ]LRQLPDQWHQXWHHODVLQWRPDWRORJLDLQSDUWLFRODUHGDXQSXQWRGLYLVWDGHOODSDUROD LQVRUJHFRPHGHWWRGRSRDOFXQLJLRUQL&KLQWDJXPSDODHWDO*XSWDHWDO

7DOH VLQGURPH VL YHULILFD LQ FLUFD XQ WHU]RXQ TXDUWR GHL EDPELQL RSHUDWL SHU PHGXOOREODVWRPD PHQWUH q SL UDUD QHL SD]LHQWL RSHUDWL SHU DOWUL WLSL GL LVWRORJLH QHOOD VWHVVD VHGH UDJJLXQJHQGR XQD LQFLGHQ]D FRPSOHVVLYD SHU OH QHRSODVLH GHOOD IRVVD FUDQLFD SRVWHULRUH LQWRUQR DOO¶  Ê LQWHUHVVDQWH QRWDUH LQROWUH FRPH OD VLQGURPH SUHVHQWD XQD FHUWD YDULDELOLWj DQFKH GRYXWD DOOD ORFDOL]]D]LRQH FRQ XQD PDJJLRUH IUHTXHQ]D SHU OH QHRSODVLH YHUPLDQH H GHO TXDUWR YHQWULFROR &KLQWDJXPSDOD HW DO *XSWDHWDO

/D ILVLRSDWRORJLD GL TXHVWD FRPSOHVVD SUREOHPDWLFD FOLQLFD QRQ q QRWD PD VL q RVVHUYDWRFKHVSHVVRLVLQWRPLWHQGRQRDPLJOLRUDUHQHOWHPSRHDYROWHDULVROYHUVLGHO WXWWR /¶LQWHUYDOOR WHPSRUDOH GL WDOL PLJOLRUDPHQWL q PROWR HWHURJHQHR HG LQL]LDOPHQWH OHQWR FRQ LO SDVVDJJLR GD XQ PXWLVPR VSHVVR FRPSOHWR DG XQ HORTXLR SURIRQGDPHQWH GLVDUWULFRFRQSDUROHLVRODWHHVXFFHVVLYDPHQWHSLFFROHIUDVL(QWURTXDWWURPHVLGLVROLWR VLDVVLVWHDGXQUHFXSHURGHOO¶HORTXLRPDILQRDOGHLSD]LHQWLYDLQFRQWURDGLVDUWULD SHUPDQHQWHHGXQDTXRWDYDULDELOHGLTXHVWLEDPELQLSUHVHQWHUjVHTXHOHSHUVLVWHQWLFKH SRVVRQRHVWHQGHUVLLQPROWLGRPLQLIXQ]LRQDOLTXDOLOHIXQ]LRQLHVHFXWLYHODPHPRULDGL ODYRURHO¶DWWHQ]LRQH3HUWDOLUDJLRQLODVLQGURPHGHOODIRVVDFUDQLFDSRVWHULRUHQHFHVVLWD GL XQ WUDWWDPHQWR ULDELOLWDWLYR SUHFRFH H GL XQ OXQJR IROORZXS QHXURSVLFRORJLFR FKH SRVVD IRUQLUH DL SD]LHQWL H DOOH ORUR IDPLJOLH WXWWL JOL VWUXPHQWL DWWL DG DIIURQWDUQH OH FRQVHJXHQ]H /DVVDOHWWD HW DO  5HFHQWHPHQWH q VWDWR SURSRVWR XQR VFRUH FKH SHUPHWWH GL TXDQWLILFDUH OD JUDYLWj H O¶HYROX]LRQH GHOOD VLQGURPH WDOH VWUXPHQWR SXz HVVHUHGLJUDQGHXWLOLWjFOLQLFDQHOODJHVWLRQHGLTXHVWLSD]LHQWLHGqVWDWRSURSRVWRFRPH VWDQGDUGGLULIHULPHQWRDQFKHGDDOWULDXWRUL'UDNHHWDO5REHUWVRQHWDO

ϯϴ DEELDQR SUHYDOHQWHPHQWH PLQRUH FDSDFLWj GL SURFHVVD]LRQH GHL FRPSLWL QRQ YHUEDOL PHQWUH QHL SD]LHQWL FRQ QHRSODVLH YHUPLDQH LO TXDGUR SRVVD HVVHUH SL HWHURJHQHR YDULDQGR GD XQ PXWLVPR FRPSOHWR DG XQR VSHWWUR GL DOWHUD]LRQL GHO FRPSRUWDPHQWR H GHOODVIHUDDIIHWWLYD7DOLRVVHUYD]LRQLFRQIHUPDQRSHUDOWURLOUXRORHPHUJHQWHFKHVLVWD DWWULEXHQGR UHFHQWHPHQWH DO FHUYHOOHWWR QHOOD PRGXOD]LRQH GHOOH IXQ]LRQL FRJQLWLYH .RQ]DNHWDO

&RPHJLjVRWWROLQHDWRSLLQJHQHUDOHSHUWXWWLLSD]LHQWLOXQJRVRSUDYYLYHQWLGRSR XQWXPRUHFHUHEUDOHHVRUGLWRLQHWjSHGLDWULFDDQFKHSHUTXHLEDPELQLWUDWWDWLSHUXQD QHRSODVLD ORFDOL]]DWD LQ IRVVD FUDQLFD SRVWHULRUH LO TXDGUR FOLQLFR SXz HVVHUH YDULR HG HWHURJHQR 6L q YLVWR SHU HVHPSLR FKH L EDPELQL VRSUDYLVVXWL DG XQ WXPRUH FRQ ORFDOL]]D]LRQH LQ WDOH VHGH VL ULVFRQWUD XQD PDJJLRUH GLIILFROWj QHOO¶DFTXLVL]LRQH GL XQ GLSORPDXQSLEDVVRWDVVRGLRFFXSD]LRQHXQRVWLSHQGLRPLQRUHQHOO¶HWjDGXOWDHGXQD PDJJLRUHGLIILFROWjDFRQWUDUUHLOPDWULPRQLR$UPVWURQJHWDO6LLSRWL]]DFKHWDOL SUREOHPDWLFKHSRVVDQRHVVHUHSHJJLRUDWHGDXQDPLQRUDWWHQ]LRQHVHOHWWLYDRGDLGHILFLW DOXQJRWHUPLQHGHOOLQJXDJJLRQHOODVXDFRPSRQHQWHQHXURPRWRULDFKHVLULVFRQWUDQRLQ TXHVWLSD]LHQWL/DVVDOHWWDHWDO

ϯϵ 

2XWFRPHJOREDOHQHOSRVWRSHUDWRULR 

0HQWUHLSRVVLELOLHVLWLGRYXWLDUDGLRWHUDSLDFKHPLRWHUDSLDHFKLUXUJLDVRQRVWDWL HVWHVDPHQWH VWXGLDWL HVLVWRQR LQ OHWWHUDWXUD SRFKL GDWL VXOO¶HSLGHPLRORJLD GHO SHULRGR LPPHGLDWDPHQWH SRVWRSHUDWRULR H VXO ULFRQRVFLPHQWR GHOOH FRPSOLFDQ]H SUHFRFL LQ TXHVWL EDPELQL YDQ /LQGHUW HW DO  0HNLWDULDQ HW DO  /H SURFHGXUH QHXURFKLUXUJLFKH HVSRQJRQR LQIDWWL QRQ VROR DG XQ ULVFKLR LQWUDRSHUDWRULR PD DQFKH SRVWRSHUDWRULRFRQFRPSOLFDQ]HSRWHQ]LDOPHQWHJUDYLHRGLGLIILFLOHWUDWWDPHQWRTXDOL LQIH]LRQL HPRUUDJLH QXRYL GHILFLW QHXURORJLFL HGHPD FHUHEUDOH R GLVWXUEL GHOOD FLUFROD]LRQHOLTXRUDOH)LVFKHUHWDO'UDNHHWDO

,O WDVVR GL FRPSOLFDQ]H VLJQLILFDWLYH SRVWRSHUDWRULH QHL SD]LHQWL SHGLDWULFL VRWWRSRVWL DG LQWHUYHQWR QHXURFKLUXUJLFR YDULDQR VHQVLELOPHQWH QHOOD OHWWHUDWXUD GLVSRQLELOHYDORULUHFHQWLULSRUWDWLLQFDVLVWLFKHFRPSDUDELOLSDUODQRGLSHUFHQWXDOLWUD &DPSEHOOHWDOYDQ/LQGHUWHWDOHLO'UDNHHWDOPD WDVVLVHQVLELOPHQWHSLDOWLVRQRULSRUWDWLGDJOLVWHVVLDXWRULTXDQGRULIHULWLDOOHFDVLVWLFKH GLSD]LHQWLSHGLDWULFLRSHUDWLVSHFLILFDPHQWHSHUQHRSODVLHGHO61&FRQYDORULGHO   /LQ HW DO  'UDNH HW DO  &DPSEHOO HW DO  YDQ /LQGHUW HW DO 

ϰϬ VWRULFDPHQWH VL q DVVLVWLWR DG XQD JUDQGH GLIILFROWj LQ TXHVWR DPELWR FKH KD UHVR SHU OXQJR WHPSR OH FDVLVWLFKH SRFR FRQIURQWDELOL 'UDNH HW DO  YDQ /LQGHUW HW DO  5HFHQWHPHQWH TXHVWR SUREOHPD q VWDWR LQ SDUWH VXSHUDWR JUD]LH DOOD SXEEOLFD]LRQH GL DOFXQH LPSRUWDQWL GHILQL]LRQL FRQGLYLVH H VSHFLILFKH SHU LO SD]LHQWH SHGLDWULFRQHXURFKLUXUJLFRGDSDUWHGHOOD&DQDGLDQ3HGLDWULF1HXURVXUJHU\6WXG\*URXS 'UDNHHWDO,QTXHVWRLPSRUWDQWHODYRURVRQRVWDWHDQDOL]]DWHHSRLGHILQLWHOH SULQFLSDOL SUREOHPDWLFKH SRVWRSHUDWRULH GL TXHVWL SD]LHQWL WUD OH TXDOL L GLVWXUEL GHOOD FLUFROD]LRQH OLTXDOH LO PDOIXQ]LRQDPHQWR R OD SRVVLELOH LQIH]LRQH GHJOL VKXQW OD FRPSDUVD GL QXRYH FULVL HSLOHWWLFKH R GL QXRYL GHILFLW QHXURORJLFL IRFDOL 'UDNH HW DO  7DOL FRPSOLFDQ]H VRQR VWDWH DFFXUDWDPHQWH GHVFULWWH FRQ FULWHUL GLDJQRVWLFL SUHFLVLHVSHVVRFRQXQDVWUDWLILFD]LRQHGHOODJUDYLWjPLQRURPDLRUVWDELOLWDLQEDVHD GHOOHFRQVLGHUD]LRQLWHFQLFKHHFOLQLFKHPROWRSDUWLFRODUHJJLDWH4XHVWRKDSHUPHVVROD SURGX]LRQH GL DOFXQL ODYRUL VXFFHVVLYL FKH KDQQR XWLOL]]DWR OH GHILQL]LRQL SURSRVWH GDO JUXSSR FDQDGHVH UHQGHQGR L ORUR VWXGL FRQIURQWDELOL FRQ DOFXQL VWXGL SUHFHGHQWL GHOOR VWHVVRJUXSSRHFRQDOWULVXFFHVVLYLFKHSRVVDQRDGRWWDUHJOLVWHVVLFULWHUL'UDNHHWDO  YDQ /LQGHUW HW DO  &DPSEHOO HW DO  /D YRORQWj GL DOFXQL DXWRUL LQWHUQD]LRQDOLGLDGRWWDUHJOLVWDQGDUGSURSRVWLGDLFROOHJKLFDQDGHVLKDSHUPHVVRLQIDWWL GLRWWHQHUHGHLGDWLSLXQLIRUPLFKHXQDYROWDDQDOL]]DWLSRVVRQRHVVHUHXWLOL]]DWLSHU SURSRUUH QXRYL LWHU WHUDSHXWLFL FKH PLULQR D ULGXUUH LO SL SRVVLELOH TXHVWL HYHQWL H D VWDQGDUGL]]DUH OH FXUH 'UDNH HW DO  0HNLWDULDQ HW DO  &DPSEHOO HW DO  $EELDPR YROXWR LQWURGXUUH DOFXQH GHOOH SULQFLSDOL FRPSOLFDQ]H FKH SRVVRQR YHULILFDUVL QHO SHULRGR SRVWRSHUDWRULR WUDODVFLDQGR OD WUDWWD]LRQH GL HYHQWL SL UDUL HR VSHFLDOLVWLFL



3UREOHPDWLFKHOHJDWHDOODFLUFROD]LRQHOLTXRUDOH 

ϰϭ /¶LGURFHIDOR q LO ULVXOWDWR GL XQR VFRPSHQVR WUD OD SURGX]LRQH GL OLTXRU H LO VXR DVVRUELPHQWR FKH SRUWD DG XQ DFFXPXOR GHOOR VWHVVR FRQ VLQWRPL FDUDWWHULVWLFL H DOODUJDPHQWR GHL YHQWULFROL 1HOO¶DPELWR GHOOD FKLUXUJLD LQ SDUWLFRODUH GL TXHOOD GLUHWWD DOOD FXUD GHL WXPRUL GHOOD IRVVD FUDQLFD SRVWHULRUH O¶LGURFHIDOR YLHQH GHILQLWR FRPH RVWUXWWLYRVHODFLUFROD]LRQHOLTXRUDOHqEORFFDWDGDOODSUHVHQ]DGLXQDOHVLRQH*XSWDHW DO

/¶LGURFHIDORVLSUHVHQWDQHLSD]LHQWLSHGLDWULFLFRQWXPRUHFHUHEUDOHLQSLGHO GHLFDVL:RQJHWDOPHQWUHSXzDUULYDUHDSHUFHQWXDOLDQFKHGHO QHL EDPELQL RSHUDWL SHU QHRSODVLD GHOOD IRVVD FUDQLFD SRVWHULRUH /LQ HW DO  ,Q TXHVWLXOWLPLLOWDVVRGLSRVL]LRQDPHQWRGLXQRVKXQWGRSRO¶LQWHUYHQWRQHXURFKLUXUJLFR YDULDGDODOFLUFDGHLSD]LHQWL*XSWDHWDO

6RORQHOGHLSD]LHQWLLQYHFHO¶LGURFHIDORVLPDQLIHVWDGRSRODUHVH]LRQH GHOODQHRSODVLD/LQHWDO8QDFHUWDSHUFHQWXDOHGHLSD]LHQWLLQROWUHYLHQHVSHVVR VRWWRSRVWD D VKXQW JLj SULPD GHOO¶LQWHUYHQWR 8Q EDPELQR FRQ WXPRUH GHO 61& SXz SUHVHQWDUHSHUWDQWRXQLGURFHIDORDOO¶LQL]LRGHOODVWRULDQDWXUDOHGHOODVXDPDODWWLDRQHO SHULRGR SRVWRSHUDWRULR FRPH SRVVLELOH FRQVHJXHQ]D GHOO¶LQILDPPD]LRQH GRYXWD DOO¶LQWHUYHQWR R GL XQ HPDWRPD QHOOD FDYLWj GHOOD UHVH]LRQH FKLUXUJLFD *XSWD HW DO 

,Q OHWWHUDWXUD VRQR GHVFULWWL YDUL SRVVLELOL IDWWRUL GL ULVFKLR SHU OR VYLOXSSR GL LGURFHIDOR SHUVLVWHQWH WUD L TXDOL O¶LVWRORJLD LQ SDUWLFRODUH HSHQGLPRPD H PHGXOOREODVWRPD OD PLQRUH HWj OD SUHVHQ]D GL LGURFHIDOR JLj QHO SUHRSHUDWRULR OD SUHVHQ]DGLPHWDVWDVLODORFDOL]]D]LRQHQHOODOLQHDPHGLDQDODULPR]LRQHVXEWRWDOHGHO WXPRUH H O¶XVR GHOOD GHULYD]LRQH YHQWULFRODUH HVWHUQD '9( /LQ HW DO  8Q LGURFHIDORVLQWRPDWLFRVLDSUHFKHSRVWRSHUDWRULRGHYHLQIDWWLLQJHQHUHHVVHUHWUDWWDWR FRQ LO SRVL]LRQDPHQWR GL XQD '9( FKH SHUPHWWH GL HOLPLQDUH LO OLTXRU LQ HFFHVVR H PDQWHQHUHXQDSUHVVLRQHHQGRFUDQLFDFRQWUROODWD,QPROWLSD]LHQWLSHUDOWURFRPHGHWWR ODFRPSOHWDULPR]LRQHGHOODPDVVDSRUWDDGXQDULVROX]LRQHGHOO¶LGURFHIDORDVVRFLDWR/D QHFHVVLWjGLULFRUUHUHDGXQDGHULYD]LRQHOLTXRUDOHSHUPDQHQWHqPDJJLRUHQHLEDPELQL GLHWjPLQRUHGLDQQL*XSWDHWDO