)('((5$*,21( /80,'(// (6,67(1=$
3HUWDQWHYROWHOD3DURODGL 'LRXQ RPHOLDXQDFDWHFKHVLFL KDQQR DLXWDWR D YLYHUH FRQFUHWDPHQWH LO TXRWLGLDQR DOWUHW WDQWRSXzHVVHUHVXFFHVVRFKHXQ HVSHULHQ]DYLYDDEELDIDWWR OXFHHUDWLILFDWRTXDOFRVDFKHDYHYDPRDVFROWDWRVRORDSDUR OH 8Q HSLVRGLR DSSDUHQWHPHQWH EDQDOH H SXUWURSSR PROWR IUH TXHQWH PL KD IDWWR SHQVDUH D TXDQWR VLD ROWUH FKH EXRQR DQFKH EHOORHJLXVWRORVWLOHLQFXLLO6L JQRUHFLSURSRQHGLYLYHUH 'D XQ JLXGL]LR DIIUHWWDWR FKH XQD SHUVRQDDUUDEELDWDDULYROWRYHUVR XQ FRPXQH FRQRVFHQWH FKH DVVR OXWDPHQWH QRQ FRUULVSRQGHYD D YHULWj KR FDSLWR TXDQWR VLD LP SRVVLELOH HQWUDUH LQ SURIRQGLWj HG LQ WHPSR UHDOH QHOO DQLPR DOWUXL 4XDQWR VLD IDFLOH VEDJOLDUVL H PD JDULVFDWHQDUHFRQVHJXHQ]H(GHFFRFKHO HVRUWD]LRQHGL*H VDQRQJLXGLFDUHROWUHFKHXQDULVSRVWDGLPLVHULFRUGLDq DQFKHXQLQYLWRDOODUDJLRQHYROH]]D4XHVWRqTXDQWRVWLDPR DSSURIRQGHQGR QHOOH FDWHFKHVL SDUURFFKLDOL SHU DGXOWL GL FRPHFLRqODIHGHHODUDJLRQHLQHTXLOLEUDWDFRQQHVVLRQHVLD QRFRPHGLFHLO6DQWR3DGUHOHGXHDOLFKHFLSHUPHWWRQRGL YRODUH$Q]LGLFRPHODUDJLRQHVLDXQDFRPSRQHQWHHVVHQ ]LDOHLQVLHPHDOODYRORQWjHDOODJUD]LDGLYLQDFKHPDLYLHQH PHQRSHUYLYHUHQHOODIHGHRJQLD]LRQHTXRWLGLDQD ,O FRPDQGDPHQWR GHOO DPRUH D 'LR H DO SURVVLPR FKH UDF FKLXGRQRWXWWDO HVSHULHQ]DFULVWLDQDVRQRDGHUHQWLDOODORJL FD GHOOD FRQYLYHQ]D VH VL SDUODVVH VROR GL DPRUH VHQWLPHQWDOHQRQSRWUHEEHHVVHUHFRPDQGDWR 0DqORJLFRFKHFKLDPDDUUHVWDODSURSULDOLEHUWjGLIURQWHD TXHOODGHOIUDWHOORQRQXVXUSDQRQIURGDIDDJOLDOWULFLzFKH YRUUHEEHIRVVHIDWWRDOXLYLYHLSURSULVHQWLPHQWLHFRQGLYL GHTXHOOLDOWUXLYLYHFLRqODFRPSDVVLRQH3HUFXLYDROWUHLO
JLXVWR VL DGRSHUD DG DOOHYLDUH L GLVDJL H OH VRIIHUHQ]H GHJOL DOWUL &RP qJLXVWRFKHVLDRGLDO HPSLHWj HGLVSUH]]DODPDOYDJLWjPDDPDLO QHPLFRFRQODODIHGHGLFKLVDFKH FRQ O DLXWR GL 'LR SXz DQGDUH ROWUH LOOLPLWHXPDQRFDOFRODELOHHGDPDUH FRQODORJLFDIROOLDGHOODFURFH( OD ORJLFDFKHVDFKHFLVRQRUHDOWjLQYL VLELOLHQRQTXDQWLILFDEL OL UDJLRQHYROPHQWH VD FKHQRQSXzIDUVLXJXDOH D 'LR SHU FXL /R SRQH DOGLVRSUD GL RJQL DOWUD FRVD $QFKH VH DQFRUD RJJL RJQL YROWD FKH OD &KLHVD WRFFD OH FRUGH VHQVLELOLGHOO HWLFDHGHOOD PRUDOH ULFRUGDQGR DO O XRPRFKHGHOODYLWDqLO FXVWRGH FUHDWXUD H QRQ &UHDWRUH YLHQH WDFFLDWD GL RVFXUDQWLVPR OD IHGH QRQPRUWLILFDPDHVDOWD O LQWHOOHWWR 'DLOLEUL6DSLHQ]LDOLGHOO $QWLFR7H VWDPHQWR ILQR DOO $SRVWROR 3DROR FKHLQYLWDDGDUHUDJLRQHGHOODVSH UDQ]DFKHqLQQRLWXWWDOD6FULWWXUD ORGDHGHORJLDO LQWHOOLJHQ]DQHOYL YHUH FRPH GRQR SUH]LRVR GL 'LR )DWWLD6XDLPPDJLQHHVRPLJOLDQ]D VLDPR DVVLPLODWL DOOD VXD FDSDFLWj FUHDWLYDDOODULFHUFDGHOODEHOOH]]D DOO LQJHJQR H DOOD UDJLRQHYROH]]D GRQL FKH F LQYLWDQR DG HVSULPHUH FRQ JUDWLWXGLQH OD SUHJKLHUD FKH 6DQ 3DROR VFULYH QHOOD OHWWHUD DJOL (IHVLQL 3RVVD (JOL GDYYHUR LOOXPL QDUH JOL RFFKL GHOOD QRVWUD PHQWH «VHPSUH
/·$]LRQH&DWWROLFDLQFRQWUDOH,VWLWX]LRQL
,QTXHVWRDQQRDVVRFLDWLYRO·$]LRQH&DWWROLFD,WDOLDQDKDVFHOWRGL SRUUHXQDSDUWLFRODUHDWWHQ]LRQHVXOWHPD´'HPRFUD]LDµ6HJXHQ GR LO FDPPLQR QD]LRQDOH LO JUXSSR JLRYDQL H TXHOOR DGXOWL GHOO·$& GHOOD QRVWUD SDUURFFKLD VL VRQR LQWHUURJDWL VX TXHVWR YDVWRWHPDSDUWHQGRGDOO·DQDOLVLGHOODSDUROD´FLWWDGLQRµ(VVHQGR LO&RPXQHO·,VWLWX]LRQHSLYLFLQDDLFLWWDGLQLODQRVWUDULIOHVVLRQH VLqVRIIHUPDWDVXJOLHQWLORFDOLHVXOYDVWRSURFHVVRGLULIRUPDFKH OLULJXDUGD,OPDJJLRSUHVVRLOVDORQHSDUURFFKLDOHO·$& KD RUJDQL]]DWR XQD FRQIHUHQ]D VXOOD ´5LIRUPD GHJOL HQWL ORFDOLµ WHQXWDGDO)XQ]LRQDULRSURYLQFLDOHDYY/XLJL'H0HLV3HUGDUHOD SRVVLELOLWjDWXWWDODFROOHWWLYLWjGLIUXLUHGLTXHVWRLQFRQWURO·$& KDLQYLWDWRLSDUWLWLSROLWLFLOHDVVRFLD]LRQLFXOWXUDOLHQRQHWXWWL LFLWWDGLQL3XUWURSSRFRPHVSHVVRDFFDGHLQSRFKLKDQQRDFFRO WR O·LQYLWR /·DYY /XLJL 'H 0HLV SDUWHQGR GDOO·RULJLQH GHOO·RUGLQDPHQWR FRPXQDOH FL KD DLXWDWR D ULSHUFRUUHUH O·HODERUDWR SURFHVVR GL ULIRUPD QDWR GDOOD FRQVDSHYROH]]D FKH OH LVWLWX]LRQLSLYLFLQHDLFLWWDGLQLULHVFRQRPHJOLRDGLQGLYLGXDUHLELVRJQLGHOODFROOHWWLYLWj3RFKL VRQRLPRPHQWLFKHFLYHQJRQRRIIHUWLSHUSRWHUFLFRQIURQWDUHVXDUJRPHQWLFKHFLVHPEUDQRFRVu ORQWDQLPDFRQLTXDOLDEELDPRDFKHIDUHWXWWLLJLRUQLQRQFLUHVWDFKHDFFRJOLHUOLFRPHRFFDVLRQH GLFUHVFLWDSHUIRUPDUHXQ·LGHQWLWjFLWWDGLQDSLPDWXUDHFRQVDSHYROH
5,)/(66,21,'(,%$0%,1,'(//$35,0$&2081,21(
( ',)),&,/( 6&5,9(5( 48$/&26$ &+( $) ),$1&$72 $// ,00(',$7(==$ ', 48(//2 &+( +$112 6&5,772 , %$0%,1, (635,0$ &21/$67(66$)5(6&+(==$/$*,2,$'(/ /$ )('( 9,6687$ 7$1720(12 9$ &20 0(17$72 0$ 3(5&+Ë 121 6)8**$ $//$ 12675$$77(1=,21(75$7877,,3(16,(5, '(,12675,)$1&,8//,1(62772/,1($02 812 3(5 7877, 63(5,$02 &+( 6(1=$ 3(&&$7, 67,$02 0(*/,2«3,Ö &+,$52 ', &26Ï$1&+(68//(7(67('(,12675,%,0%,3(6$12,352%/(0,',48(672021 '2 0$ ,1 48(67$ $))(50$=,21( &26, ',5(77$ & ( 81$ 675$'$ 3(5 7877, /2 63(5,$02( )256(&2/3$',12,*5$1',&+(,1)21',$021(,3,&&2/,,/'8% %,2&21/$)5$*,/,7$ '(//$12675$)('( 0$**,2 4XDQGRPLIDUzODFRPXQLRQHWLSURPHWWHUzFKHIDUzLOEUDYRHDQGUzYROHQWLHULDPHVVDQRQIDUz DUUDEELDUHLJHQLWRULHQRQGLUzSLOHEXJLH 6LJQRUHIDFKHTXHVWDJXHUUDSRVVDILQLUHHFKHWXWWLLPDODWLSRVVDQRJXDULUHDOSLSUHVWRSRVVLELOH HFKHQRQIDQQRPRULUHJOLRVWDJJLLWDOLDQLFKHRUDVRQRLQSULJLRQH *UD]LH6LJQRUHGLFLzFKHPLKDLGRQDWR$LXWDPLDIDUHODWXDYRORQWjDVHJXLUHLFRPDQGDPHQWL
*XDULVFL L PDODWL H DUULFFKLVFL L SRYHUL QRQ GL VROGL PD GHO WXR DPRUH *UD]LH GL DYHUPL DVFROWDWR 8QR GHLWXRLILJOL ,RYRUUHLSUHJDUHSHUFKpQHOPRQGRUHJQLODSDFH 6LJQRUH WL FKLHGR GL IDUPL GLYHQWDUH XEELGLHQWH H D VFXRODXQSR·SLVLOHQ]LRVR &KHLPDODWLJXDULVFDQRHFKHILQLVFDODJXHUUDHFKH YHQJDQROLEHUDWLFRORURFKHVRQRVWDWLSUHVLGXUDQWHOD JXHUUDHFKHLSRYHULDEELDQRGDPDQJLDUH *HV JUD]LH SHU LO SHUGRQR GHL PLHL SHFFDWL 2UD WL ULVSHWWHUz *HV LR YRUUHL FKH QHO PRQGR QRQ FL IRVVH SL OD JXHUUDHUHJQDVVHODSDFH7LFKLHGRDQFKHJUD]LHSHU WXWWRTXHOORFKHIDLSHUPH 6LJQRUHWLULQJUD]LRSHUFKp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
6LJQRUH SHUGRQDPL GL TXHVWL SHFFDWL FKH KRIDWWRHWLSURPHWWRFKHIDUzLOEXRQRH XEELGLUzDOODPDPPDHDSDSjHDWXWWLJOL DOWUL*UD]LH6LJQRUH &DUR*HVYRJOLRSUHJDUHSHUDLXWDUHWXW WD OD JHQWH SRYHUD FKH VL WURYD LQ PH]]R DOODJXHUUDHFKHTXHVWDFRVDILQLVVHVXEL WR3UHJRSHUODJHQWHFKHSRVVDVWDUHEH QH VSHUDQGR FKH WRUQL OD SDFH LQ WXWWR LO PRQGR H VSHUR FKH LR SRVVD GLYHQWDUH EUDYDHSHQVDUHD WXWWDODPLVHULDFKHF·q QHOPRQGRHFKHLQDOWULSDHVLGRYUHPPR ULQJUD]LDUH LO 6LJQRUH FKH OD PLVHULD QRQ F·q *UD]LH*HVGLTXHVWDJLRUQDWDSHUFKpq VWDWD EHOOLVVLPD 'RSR FKH PL VRQR FRQ IHVVDWDPLVRQRVHQWLWDPROWRPHJOLRSHU FKpVRQRVHQ]DSHFFDWR*UD]LH*HV *HVWLYRJOLRSUHJDUHSHUWXWWHODSHUVR QH PDODWH H SHU L VHQ]D WHWWR H WXWWL JOL DOWULFKHQRQVRQRLQXQDEXRQDFRQGL]LR QHHFRQRPLFD *HV JUD]LH SHU DYHUPL DVVROWD H JUD]LH SHUFKp PL KDL GRQDWR XQD IDPLJOLD FRPH ODPLDHJUD]LHSHUHQWUDUHQHOPLRFXRUH *HVVFXVDSHUWXWWLLSHFFDWLFKHKRIDW WR PLSXRLSHUGRQDUH«" ,OPDOHVWDGRYHPDQFDODVSH UDQ]DGHOEHQH *HV LR YRJOLR GLUWL TXDOFRVD FKH QRQ GLFR WXWWL L JLRUQL 7L YRJOLR%HQH :*HV
*,8*12
&KLHGR VFXVD D PLR IUDWHOOR 6LJQRUH ID FKH WXWWL L PDODWL JXDULVFDQR &DUR *HV KDL YLVWR FRVD q VXFFHVVR DOOD PLD ELV ²QRQQD
4XLQGL WL FKLHGR GL SURWHJJHUOD H GL IDUH GHOOH SUHJKLHUHSHUOHL 7XVDLFKHRUDPLVRQRULFRUGDWDGHLSHFFDWLFKH QRQKRGHWWRTXLQGLSHUIDYRUHOLEHUDPLGDRJQL SHFFDWRFKHQRQKRGHWWRSUHJDSHUWXWWLLPLHL FDULGHIXQWLFKHRUDVRQRPRUWLHOLYRUUHLDFFDQ WR D PH SUHJD DQFKH SHU WXWWL L PLHL DQLPDOL H 6SD]]\LOPLRJDWWRELDQFRHSHUWXWWLJOLDQLPD OLPRUWL &DUR*HVIDFKHODJXHUUDILQLVFDHFKHJOL,UD FKHQLODVFLDQROLEHULLWUHRVWDJJLHFKHQRQIDQ QRSLPDOHDOOHDOWUHSHUVRQHHOHODVFLDQROLEH UH ,RSUHJRFKHWRUQLODSDFHLQWXWWRLOPRQGRHOD IHOLFLWj(DQFKHLEDPELQLGHOO·$IULFDVWLDQREH QHFRQODVDOXWHHIDFKHLPDODWLFKHVRQRLQR VSHGDOHVWLDQREHQH *UD]LH6LJQRUHSHUDYHUPLGRQDWRODYLWDHSHU DYHUPL SRUWDWR H DFFXGLWR VHPSUH LQ TXHVWD JLRUQDWD ,RVSHURFKHVHQ]DLSHFFDWLVWLDPRPHJOLR *HV LR WL SUHJR SHU WXWWL L ELVRJQRVL DIILQFKp SRVVDQRDYHUHTXDOFRVDLQSL3HULPDODWLYR JOLRSUHJDUHFKHJXDULVFDQRDOSLSUHVWR 3URPHWWRGLHVVHUHEUDYR 0L GLVSLDFH *HV FKH DOFXQH YROWH KR SDUODWR PDOHGLWHRVHKRGHWWRGHOOHSDURODFFHDTXDO FKH DPLFKHWWR SHUFKp TXHO DPLFKHWWR VHL WX FRPXQTXH WL ULQJUD]LR FRQ WXWWR LO PLR FXRUH 797% 3UHJR SHU WXWWH OH SHUVRQH SRYHUH H DQFKH SHU PLRQRQQRHSHUPLDQRQQD )DILQLUHTXHVWDJXHUUDHDLXWDLSRYHULHPDODWL GDOSHFFDWR *HVIDFKHODJXHUUDILQLVFDHSURWHJJLWXWWRLO 021'2 $772','2/25( 0LR 'LR PL SHQGR H PL GROJR GHL PLHL SHFFDWL SHUFKp SHFFDQGR KR PHULWDWR L WXRL FDVWLJKL H PROWR SL SHUFKp KR RIIHVR WH LQILQLWDPHQWH
EXRQRHGHJQRGLHVVHUHDPDWRVRSUDRJQLFRVD SURSRQJRFRQLOWXRVDQWRDLXWRGLQRQRIIHQGHUWL PDLSLHGLIXJJLUHODRFFDVLRQLSURVVLPHGLSHF FDWR6LJQRUHPLVHULFRUGLDSHUGRQDPL *HVJUD]LHSHULOFLERFKHFLGDLHGDQQHDQFKH DFKLQRQQHKD 7X6LJQRUHPLKDLFUHDWRPLKDLIDWWRDUULYDUHD TXHVWR SXQWR H DGHVVR PL KDL SHUGRQDWR ,R WL ULQJUD]LR FRQ WXWWD PH VWHVVD *$5=,( 3(5 78772 *HVSRUWDQHOPRQGRODSDFHDLXWDPLVHPSUHLQ RJQLPLRGXEELRHRJQLPLDGLIILFROWj79%*H V 7L YRJOLR EHQH *HV H WL ULQJUD]LR SHU WXWWR TXHOORFKHPLWUDVPHWWL )DFKHQRQVXFFHGDQRSLOHJXHUUHQRQVRORLQ ,WDOLDPDDQFKHQHJOLDOWUL6WDWL*UD]LH &DUR *HV ID FKH LR VLD XQD EXRQD FULVWLDQD H FKH VHJXD VHPSUH OD VWUDGD JLXVWD ,R QRQ WL YR JOLR DEEDQGRQDUH PD TXDOFKH YROWD OR IDFFLR *UD]LH &DUR*HVWXVHLODOXFHGHOPRQGR7LULQJUD]LD PR SHU WXWWL L VDFULILFL FKH KDL IDWWR SHU QRL 7L VDUHPRVHPSUHULFRQRVFHQWL7LYRJOLDPREHQH *HV LR WL YRJOLR WDQWR EHQH 9RJOLR IDU FDSLUH FKH WX VHL LPSRUWDQWH SHUFKp WX VHL PRUWR VXOOD FURFHSHUQRL 25$5,2'(//( &(/(%5$=,21,/,785*,&+( RUH RUH RUH
RUH RUH RUH RUH RUH
)HULDOH 6DQWR5RVDULR 9HVSUL 6DQWD0HVVD
)HVWLYR 60HVVD 60HVVD 6DQWR5RVDULR 9HVSUL 6DQWD0HVVD
1% QHOOHIHVWLYLWjGHLPHVLGL/XJOLRH$JRVWRFL VDUj DQFKHOD60HVVDGHOOHRUH