&RPXQHGL&LWWjGHOOD3LHYH

,1',&(  ,1752'8=,21(  ,/48$'521250$7,92',5,)(5,0(1723(5/$9$6  /D'LUHWWLYD(XURSHD&HGHO*LXJQR  ,O&RGLFHGHOO¶DPELHQWH'/JVHGLO'/JV  *UXSSRGLODYRUR  4XDGURGLVLQWHVL  ,/ 48$'52 &2126&,7,92 '(*/, $77, ', 3,$1,),&$=,21( ( ', 352*5$00$=,21(,15(/$=,21(&21,/3,$12  3LDQLLQDPELWRUHJLRQDOHHVXEUHJLRQDOH  /DUHWHQDWXUD  $1$/,6,'(/&217(672  $VSHWWLJHQHUDOL  )DWWRULGLSUHVVLRQHDPELHQWDOH  )DWWRULGL3UHVVLRQHVSHFLILFL )DWWRUHUXPRUH  )DWWRUHDWPRVIHUD    )DWWRUHHOHWWURPDJQHWLVPR  )DWWRUHVXROR  )DWWRUHLGURJHRORJLFR  )DWWRUHHQHUJLD  'DWLVWDWLVWLFL  $UHHSURWHWWH  &ULWLFLWjWHUULWRULDOL  &2168/7$=,21(  ,OFRLQYROJLPHQWRSXEEOLFR  2%,(77,9,',6267(1,%,/,7$¶$0%,(17$/(  2ELHWWLYLGHOSLDQR  9$/87$=,21('(*/,,03$77,  $UHHLQWHUHVVDWH &DSROXRJR 0RLDQR 3R¶%DQGLQR 3RQWLFHOOL 0DUDQ]DQR 6DQ/LWDUGR  (IIHWWLDWWHVL  &RQVLGHUD]LRQLGLVLQWHVL  ,17(5)(5(1=( '(//$ 35(9,6,21( ', 35* &21 $5(( 1$785$/,67,&+(

5HY*HQ9DOXWD]LRQH$PELHQWDOH6WUDWHJLFD±5DSSRUWR$PELHQWDOH  &RPXQHGL&LWWjGHOOD3LHYH

 021,725$**,2  ,QGLFDWRULGHVFULWWLYL  &URQRSURJUDPPD   $//(*$7, $//(*$723&&$ $//(*$727$92/$)$7725,',35(66,21( $//(*$729,1&$6,&,7 $//(*$7202'8/2266(59$=,21,352&(',0(1729$6 $//(*$726&+('($0%,72',75$6)250$=,21(                 

5HY*HQ9DOXWD]LRQH$PELHQWDOH6WUDWHJLFD±5DSSRUWR$PELHQWDOH  &RPXQHGL&LWWjGHOOD3LHYH

 ,1752'8=,21(

,O SUHVHQWH GRFXPHQWR FRVWLWXLVFH LO FRQWHQXWR GHL QXRYL DGHPSLPHQWL LQ PDWHULD GL 9DOXWD]LRQH$PELHQWDOH6WUDWHJLFD QHOVHJXLWRGHILQLWD9$6 QHFHVVDULSHUODVWHVXUDGL SLDQLHSURJUDPPLUHJLRQDOLVXOWHUULWRULR /¶DGHPSLPHQWR QDVFH GDL FRQWHQXWL GHO '/JV  SDUWH VHFRQGD VRVWLWXLWR HG LQWHJUDWRGDO'/JVHQWUDWRLQYLJRUHLOIHEEUDLROD5HJLRQH8PEULDKD UHFHSLWRLFRQWHQXWLQD]LRQDOLGHOODQRUPDWLYDFRQ'HOLEHUD]LRQHGHOOD*LXQWD5HJLRQDOHGHO DSULOHQ³3URFHGXUHGL9DOXWD]LRQH$PELHQWDOH6WUDWHJLFD 9$6 LQDPELWR UHJLRQDOH3ULPHGLVSRVL]LRQLDSSOLFDWLYHGHOLQHDWHLQFRQIRUPLWjDOFRQWHQXWRGHOOD3DUWH VHFRQGDGHO'/JVFRPHVRVWLWXLWDGDO'/JV´SXEEOLFDWDVXO%85 QGHOPDJJLR /D '*5 FLWDWD FRQWLHQHOH SULPH QRUPH GL LQGLUL]]R SHU L FRQWHQXWL HOH SURFHGXUH GL DWWXD]LRQH GHOOD GLVFLSOLQD GL 9$6 ULIHULWD DOO¶LWHU GHOOD IDVH SUHSDUDWRULD GHL SLDQL LQ SDUWLFRODUH LO SUHVHQWH GRFXPHQWR FRVWLWXLVFH LO SULPR TXDGUR GL 5DSSRUWR $PELHQWDOH OHJDWR DOO¶LWHU GL VWHVXUD GHOOD 9$6FROOHJDWD DOOD IDVH SUHSDUDWRULD GHO3LDQR 5HJRODWRUH *HQHUDOHGL&LWWjGHOOD3LHYHSDUWHVWUXWWXUDOH ,O SUHVHQWH GRFXPHQWR YLHQH DJJLRUQDWR DOOD OXFH GHOO¶DYYHQXWD IDVH GL VFRSLQJ FRQ VXFFHVVLYDFRQIHUHQ]DSUHOLPLQDUHGLFRSLDQLILFD]LRQH DUW/5 QHOODTXDOHq VWDWR HVSUHVVR LO SDUHUH DPELHQWDOH GD SDUWH GHJOL (QWL &RPSHWHQWL VXOOD SURSRVWD GL 3LDQR 7DOH GRFXPHQWR SUHOLPLQDUH YLHQH UHGDWWR DL VHQVL GHOOD /5  H GHOOD '*5 HFRPSUHQGH ²,OTXDGURGHJOLRELHWWLYLJHQHUDOLFKHLO&RPXQHGL&LWWjGHOOD3LHYHLQWHQGHSHUVHJXLUH ²8Q¶LQGLFD]LRQHGLLQGLUL]]LHYLQFROLGHULYDQWLGD3LDQLVRYUDRUGLQDWL ²8Q¶LQGLFD]LRQH GHOOH FULWLFLWj HVLVWHQWL D OLYHOOR ORFDOH GL FXL WHQHU FRQWR QHOOH IDVL GHFLVLRQDOH ²,OTXDGURGLVLQWHVLGHO%LODQFLR8UEDQLVWLFR$PELHQWDOH ²8Q¶LQGLFD]LRQH SUHOLPLQDUH GHL SULQFLSDOL RELHWWLYL GL VRVWHQLELOLWj GHO GRFXPHQWR GL 3LDQR  1HOOD VWHVXUD GHO GRFXPHQWR YHQJRQR UHFHSLWL JOL LQGLUL]]L GHOOD QXRYD /HJJH UHJLRQDOH QGHOIHEEUDLR³1RUPHGLULRUGLQRHVHPSOLILFD]LRQHLQPDWHULDGLYDOXWD]LRQH DPELHQWDOH VWUDWHJLFD H YDOXWD]LRQH GL LPSDWWR DPELHQWDOH LQ DWWXD]LRQH GHOO¶DUW  GHO GHFUHWR OHJLVODWLYR  DSULOH  Q  1RUPH LQ PDWHULD DPELHQWDOH H VXFFHVVLYH PRGLILFD]LRQLHGLQWHJUD]LRQL ´ /H LQWHJUD]LRQL GHOOD SUHVHQWH UHYLVLRQH GRFXPHQWDOH GLVFHQGRQR GDOOH SUHVFUL]LRQL FRQWHQXWHQHOSDUHUHPRWLYDWRIDYRUHYROHHVSUHVVRGDOO¶$XWRULWj&RPSHWHQWHDLILQL9$6 5HJLRQH8PEULD FRQ'HWHUPLQD'LULJHQ]LDOHQGHO 

5HY*HQ9DOXWD]LRQH$PELHQWDOH6WUDWHJLFD±5DSSRUWR$PELHQWDOH  &RPXQHGL&LWWjGHOOD3LHYH

  ,/48$'521250$7,92',5,)(5,0(1723(5/$9$6

 /D'LUHWWLYD(XURSHD&HGHO*LXJQR /D GLUHWWLYD HXURSHD &( FRQFHUQHQWH OD YDOXWD]LRQH GL GHWHUPLQDWL SLDQL H SURJUDPPLVXOO¶DPELHQWHDIIHUPDFKH´««ODSROLWLFDGHOOD&RPXQLWjLQPDWHULDDPELHQWDOH FRQWULEXLVFHWUDO¶DOWURDSHUVHJXLUHJOLRELHWWLYLGHOODVDOYDJXDUGLDWXWHODHPLJOLRUDPHQWR GHOODTXDOLWjDPELHQWDOHGHOODSURWH]LRQHGHOODVDOXWDXPDQDHGHOO¶XWLOL]]D]LRQHDFFRUWDH UD]LRQDOH GHOOH ULVRUVH QDWXUDOL H FKH HVVD GHYH HVVHUH IRQGDWD VXO SULQFLSLR GHOOD SUHFDX]LRQH /¶DUWLFROR  GHO WUDWWDWRVWDELOLVFHFKH OH HVLJHQ]H FRQQHVVH FRQOD WXWHOD GHOO¶DPELHQWH GHYRQR HVVHUH LQWHJUDWH QHOOD GHILQL]LRQH GHOOH SROLWLFKH H GHOOH D]LRQL FRPXQLWDULH LQ SDUWLFRODUHQHOODSURVSHWWLYDGLSURPXRYHUHORVYLOXSSRVRVWHQLELOH(DQFRUDFKH³LOTXLQWR SURJUDPPD FRPXQLWDULR GL SROLWLFD H D]LRQH D IDYRUH GHOO¶DPELHQWH H GHOOR VYLOXSSR VRVWHQLELOH SHU XQR VYLOXSSR GXUHYROH H VRVWHQLELOH ULEDGLVFH O¶LPSRUWDQ]D GL YDOXWDUH L SUREDELOLHIIHWWLGLSLDQLHSURJUDPPLVXOO¶DPELHQWH´  /D'LUHWWLYDULFRQRVFHTXLQGLODQHFHVVLWjGLYDOXWDUHJOLHIIHWWLGLSLDQLHSURJUDPPLSHU SRWHUQH WHQHUH FRQWR QHOOD UHGD]LRQH GHJOL VWHVVL ,QIDWWL ³«LO UDSSRUWR DPELHQWDOH H L SDUHUL HVSUHVVL GDOOH DXWRULWj LQWHUHVVDWH H GDO SXEEOLFR QRQFKp L ULVXOWDWL GHOOH FRQVXOWD]LRQL WUDQVIURQWDOLHUH GRYUHEEHUR HVVHUH SUHVL LQ FRQVLGHUD]LRQH GXUDQWH OD SUHSDUD]LRQHGHOSLDQRRGHOSURJUDPPDHSULPDGHOODVXDDGR]LRQHRSULPDGLDYYLDUH O¶LWHUOHJLVODWLYR´9LqXQXOWHULRUHDIIHUPD]LRQHQHOOD'LUHWWLYDFKHULEDGLVFHODQHFHVVLWjGL FRQGXUUH YDOXWD]LRQL H TXLQGL SLDQL H SURJUDPPL FKH FRQVHQWDQR XQD SL HIILFDFH JHVWLRQH GHOOD TXHVWLRQH DPELHQWDOH H GHOO¶XVR GHOOH ULVRUVH 6L VRWWROLQHD LQIDWWL O¶LPSRUWDQ]D GL FROODERUD]LRQH FRQ OH LPSUHVH H TXLQGL FRQ LO PRQGR SURGXWWLYR H O¶RSSRUWXQLWj GL DGRWWDUH VWUXPHQWL RSHUDWLYL FKH FRQVHQWDQR FROODERUD]LRQH FRQ TXHJOL DWWRULGHOORVYLOXSSRSLGLUHWWDPHQWHFRLQYROWLQHOODTXHVWLRQH 

 ,O&RGLFHGHOO¶DPELHQWH'/JVHGLO'/JV )UD OH QRUPH LQ PDWHULD DPELHQWDOH FKH LO GHFUHWR OHJLVODWLYR  PRGLILFDWR GDO '/JV  KD LQWURGRWWR QHO QRVWUR RUGLQDPHQWR SDUWLFRODUH ULOLHYR DVVXPRQR OH GLVSRVL]LRQLFRQWHQXWHQHOODSDUWHVHFRQGDWLWROR,,ƒGLDWWXD]LRQHGHOODGLUHWWLYDFRPXQLWDULD &( UHODWLYD DOOD YDOXWD]LRQH GHJOL HIIHWWL GL GHWHUPLQDWLSLDQLHSURJUDPPL GHQRPLQDWD³9DOXWD]LRQHDPELHQWDOHVWUDWHJLFD 9$6 ´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¶DOWUR VRWWRSRQHQGR DGLQWHJUDOH UHYLVLRQHOD QRUPDWLYDVXOOD9,$HVXOOD9$6JLjSUHFHGHQWHPHQWHLQQRYDWHGDOODSDUWHVHFRQGDGHO

5HY*HQ9DOXWD]LRQH$PELHQWDOH6WUDWHJLFD±5DSSRUWR$PELHQWDOH  &RPXQHGL&LWWjGHOOD3LHYH

PHQ]LRQDWR '/JV 'D QRWDUH OD VRVWLWX]LRQH GHJOL DOOHJDWL , H 9 GHO GHFUHWR OHJLVODWLYR FRQJOLDOOHJDWLGD,D9,,GHO'/JVVXLSLDQLSURJUDPPLGDVRWWRSRUUHD 9$6VXLSURJHWWLGDVRWWRSRUUHD9,$HVXLFRQWHQXWLGHLUDSSRUWLDPELHQWDOLHGHOORVWXGLR GLLPSDWWRDPELHQWDOH 

 *UXSSRGLODYRUR ,OJUXSSRGLODYRURGHO&RPXQHGL&LWWjGHOOD3LHYHqFRPSRVWRGD x /XFD&HVDUHWWL$VVHVVRUH8UEDQLVWLFD x )DXVWR)DGLJKHQWL5HVSRQVDELOH$UHD8UEDQLVWLFD x 0DVVLPR)DWWRULQL5HVSRQVDELOH$UHD//33 x /HRQDUGR/RUHQ]RQL6HWWRUH&XOWXUD3URPR]LRQH7XULVWLFD x 0DUFHOOR5RVVL6HWWRUH//33 x *LDQOXLJL1RYHOORFRQVXOHQWHHVWHUQR x *LDQFDUOR6WUDQLFRQVXOHQWHHVWHUQR ,O*UXSSRGLODYRURLQWHUQRKDFRLQYROWR YROWDSHU YROWDDOWUHILJXUHLQWHUQHDOODVWUXWWXUD FRPXQDOHVXOODEDVHGHOOHFRPSHWHQ]HULFKLHVWHQHOOHYDULHIDVLGHOSURJHWWR , UHIHUHQWL GHO 3URJHWWR KDQQR ODYRUDWR DWWUDYHUVR LQWHUYLVWH DG DVVHVVRUL GLULJHQWL IXQ]LRQDULHUHVSRQVDELOLGHOOHVRFLHWjGLVHUYL]LSURYLQFLDOLUHJLRQDOLDWWUDYHUVRO¶DQDOLVLGL GRFXPHQWLFHUFDQGRGLIDYRULUHO¶LQWHUVHWWRULDOLWjFKHqXQDFDUDWWHULVWLFDGHOOD9DOXWD]LRQH 6WUDWHJLFD 

 4XDGURGLVLQWHVL /D YDOXWD]LRQH GL VRVWHQLELOLWjGHL35* GL &LWWj GHOOD3LHYH KD FRPH RELHWWLYR TXHOOR GL UDSSUHVHQWDUH OR VWDWR GL IDWWR DPELHQWDOH GHO WHUULWRULR ³VFHQDULR ´ H  LQGLYLGXDUH L SRWHQ]LDOLLPSDWWLSULPDGHOODORURGHILQLWLYDHODERUD]LRQH 1HOO¶DPELWRGHOODYDOXWD]LRQHGHYRQRHVVHUHLQGLFDWHDQFKHOHSRVVLELOLWjGHOO¶HOLPLQD]LRQH GHOOD GLPLQX]LRQH R GHOOD FRPSHQVD]LRQH GHJOL HIIHWWL QHJDWLYL VXOO¶DPELHQWH HOHPLVXUH FRUULVSRQGHQWL ,OUDSSRUWRDPELHQWDOHGHYHFRQWHQHUHDQFKHPLVXUHGLPLWLJD]LRQHDWWHDHYLWDUHULGXUUH ULSDUDUH R FRPSHQVDUH JOL LPSDWWL GHO SLDQR ,O FRQWUROOR q SULQFLSDOPHQWH FRPSLWR GHO &RPXQH LO FRQFHWWR SHU OD VXD DWWXD]LRQH GHYH HVVHUH GHVFULWWR QHOOD UHOD]LRQH DPELHQWDOH 8QR GHL YDQWDJJL GHOOD 9$6 H TXLQGL GHO UDSSRUWR DPELHQWDOH q SURSULR TXHOOR GL SRWHU SURSRUUH DJHQGR QHOOH IDVL ³D PRQWH´ XQ¶DPSLD VFHOWD GL DOWHUQDWLYH SURJHWWXDOL FKH SRVVRQRHVVHUHGHILQLWHDWWUDYHUVRFRQVXOWD]LRQLFRQOHDXWRULWjDPELHQWDOLRFRQOHSDUWL LQWHUHVVDWH FRVu FRPH SUHYLVWR GDOOH IDVL FKH GLVWLQJXRQR LO SURFHVVR GL 9$6 LOOXVWUDWH QHOODILJXUDVHJXHQWH

5HY*HQ9DOXWD]LRQH$PELHQWDOH6WUDWHJLFD±5DSSRUWR$PELHQWDOH  &RPXQHGL&LWWjGHOOD3LHYH

)DVLGHOSURFHVVR

,327(6, )$6( 3,$122352*5$00$

'DVRWWRSRUUHD9$6 $UW (ODERUD]LRQH 5DSSRUWR$PELHQWDOH $UW  ([DQWH &RQVXOWD]LRQL $XWRULWj H3XEEOLFR

3UHSDUD]LRQH $UW

$GR]LRQH 3LDQRR3URJUDPPD

,QIRUPD]LRQH $XWRULWj H3XEEOLFR $UW

,Q,WLQHUH 0RQLWRUDJJLR $UW   ,VRJJHWWLFRLQYROWLVLQGDOODIDVHSUHOLPLQDUHGHOSLDQRVRQR  x /¶$XWRULWj&RPSHWHQWH6HUYL]LR9,ƒ5LVFKLR,GURJHRORJLFR&DYHH9DOXWD]LRQL GHOOD'LUH]LRQHUHJLRQDOH$PELHQWH7HUULWRULRH,QIUDVWUXWWXUH  x /H$XWRULWjFRQ&RPSHWHQ]H$PELHQWDOLWUDOHTXDOLVLGLVWLQJXRQR ²$XWRULWj$PELHQWDOL $53$  ²$VVHVVRUDWLFRPXQDOL ²2UJDQLVPLUHJLRQDOLHSURYLQFLDOL 'LUH]LRQLUHJLRQDOLSHU$PELHQWH7HUULWRULRH ,QIUDVWUXWWXUH 6YLOXSSR (FRQRPLFR H $WWLYLWj 3URGXWWLYH /DYRUR 6DQLWj H 6HUYL]L 6RFLDOL $JULFROWXUD H )RUHVWH $UHH 3URWHWWH 9DORUL]]D]LRQH GHL 6LVWHPL1DWXUDOLVWLFLH3DHVDJJLVWLFL$6/6RYUDLQWHQGHQ]DDL%HQL FXOWXUDOL HFF  ²$XWRULWjGL%DFLQR ²3URYLQFLDGL3HUXJLD ²&RPXQL3URYLQFLHH5HJLRQLFRQILQDQWL ²&RPXQLWj0RQWDQD³0RQWLGHO7UDVLPHQR´ ²&RQVRU]LRGL%RQLILFD9DOGL&KLDQD5RPDQDH9DOGL3DJOLD ²$1&,  x ,OSXEEOLFRLQWHUHVVDWR ²$VVRFLD]LRQLGLFDWHJRULDGHOPRQGRGHOODYRUR ²6LQGDFDWL ²$VVRFLD]LRQLDPELHQWDOLVWH ²$VVRFLD]LRQLHG(QWLFXOWXUDOL ²$VVRFLD]LRQLGHOYRORQWDULDWR

5HY*HQ9DOXWD]LRQH$PELHQWDOH6WUDWHJLFD±5DSSRUWR$PELHQWDOH  &RPXQHGL&LWWjGHOOD3LHYH

'HOO DYYHQXWR LQYLR H GHSRVLWR GHYH HVVHUH GDWD QRWL]LD D PH]]R VWDPSD VHFRQGR OH PRGDOLWjVWDELOLWHFRQDSSRVLWRUHJRODPHQWRFKHDVVLFXUDFULWHULXQLIRUPLGLSXEEOLFLWjSHULO SLDQR VRWWRSRVWR D YDOXWD]LRQH DPELHQWDOH VWUDWHJLFD JDUDQWHQGR FKH LO SXEEOLFR LQWHUHVVDWR YHQJD LQ WXWWL L FDVL DGHJXDWDPHQWH LQIRUPDWR 3ULPD GHOO DSSURYD]LRQH GHO SLDQRVRWWRSRVWRDYDOXWD]LRQHDPELHQWDOHVWUDWHJLFDGHYRQRHVVHUHHVDPLQDWLHYDOXWDWLLO UDSSRUWRDPELHQWDOH

,Q EDVH DJOL HVLWL GHOO HVDPH H GHOOH YDOXWD]LRQL O DXWRULWj SUHSRVWD DOOD YDOXWD]LRQH DPELHQWDOHHPHWWHLOJLXGL]LRGLFRPSDWLELOLWjDPELHQWDOHFRQWHQHQWHXQSDUHUHDPELHQWDOH DUWLFRODWRHPRWLYDWRFKHFRVWLWXLVFHSUHVXSSRVWRSHUODSURVHFX]LRQHGHOSURFHGLPHQWRGL DSSURYD]LRQHGHOSLDQR

3HUTXDQWRULJXDUGDJOLDVSHWWLVSHFLILFLGHOWHUULWRULRFRPXQDOHSRVVLDPRDUWLFRODUHDOFXQH FRQVLGHUD]LRQLSDUWLFRODUHDWWHQ]LRQHYHUUjSRVWDQHOEUHYHSHULRGRDOPRQLWRUDJJLRGHL IDWWRULGLSUHVVLRQHDPELHQWDOHDOORVFRSRGLSRUUHLQHVVHUHWXWWHOHLQL]LDWLYHSRVVLELOLSHU ULGXUQHJOLLPSDWWLVXOWHUULWRULRHVXOODSRSROD]LRQHUHVLGHQWH

6XO IURQWH GHOOH HQHUJLH ULQQRYDELOL O¶$PPLQLVWUD]LRQH &RPXQDOH LQWHQGH SURPXRYHUH SRVVLELOLIRUPHGLVIUXWWDPHQWRHQHUJHWLFRVHPSUHGLPDJJLRUHDWWXDOLWjYLVWHOHVHPSUH PDJJLRUL FDUHQ]H GHOOH IRUPH HQHUJHWLFKH WUDGL]LRQDOL LO WXWWR DFFRPSDJQDWR SHUz GD XQ¶DWWHQWDDQDOLVLGHJOLLPSDWWLDPELHQWDOLHGDUFKLWHWWRQLFLGHOOHVROX]LRQLSURSRVWH ,QFRQFOXVLRQHGDOODPROHGLGDWLHGLQIRUPD]LRQLUDFFROWHHGDOFRQIURQWRFRQWHFQLFLHG DPPLQLVWUDWRULFRPXQDOLHPHUJHFRPHOHD]LRQLGHO&RPXQHGL&LWWjGHOOD3LHYHVLDQRDG RJJL LPSURQWDWH DOOD PDVVLPD YDORUL]]D]LRQH GHO WHUULWRULR JLj LQ ODUJD SDUWH SURWHWWR R VRWWRSRVWR D YLQFROL DPELHQWDOL 7DOH D]LRQH GL VDOYDJXDUGLD YHUUj PDQWHQXWD HG LQFUHPHQWDWD LQ WXWWH OH VFHOWH IXWXUH DOOR VFRSR GL PLJOLRUDUH SHU TXDQWR SRVVLELOH OD FRQQRWD]LRQH DPELHQWDOH GHO WHUULWRULR OD YDORUL]]D]LRQH GHOOH VXH ULVRUVH H OD VHPSUH PLJOLRU IUXLELOLWj GD SDUWH GHL FLWWDGLQL H GHL YLVLWDWRUL PRWLYR FRVWLWXHQWH XQ¶LPSRUWDQWH DWWUDWWLYD YHUVR&LWWjGHOOD3LHYHWUDGXFLELOHLQXQDYHUDHSURSULDULVRUVDHFRQRPLFDGHO WHUULWRULR

5HY*HQ9DOXWD]LRQH$PELHQWDOH6WUDWHJLFD±5DSSRUWR$PELHQWDOH  &RPXQHGL&LWWjGHOOD3LHYH

,/48$'52&2126&,7,92'(*/,$77,',3,$1,),&$=,21((', 352*5$00$=,21(,15(/$=,21(&21,/3,$12

 3LDQLLQDPELWRUHJLRQDOHHVXEUHJLRQDOH 6XOODEDVHGHOTXDGURFRQRVFLWLYRVLDGHOOHOLQHHJXLGDGHO3LDQR5HJRODWRUH*HQHUDOHFKH GHJOLRELHWWLYLHRGHOOHD]LRQLSURSRVWHQHOUDSSRUWRDPELHQWDOHYLHQHHVHJXLWRXQUDIIURQWR WUD WDOL FRQWHQXWL H OH SUHYLVLRQL GL 3LDQL H 6WUXPHQWL VRYUDRUGLQDWL 3L SUHFLVDPHQWH QHOO¶DQDOLVLGHOFRQWHVWRWHUULWRULDOHVRQRVWDWLHVDPLQDWL x LO3LDQR8UEDQLVWLFR7HUULWRULDOH 387 GHOOD5HJLRQH8PEULDGLFXLDOOD/5 PDU]RQ x LO 3LDQR 7HUULWRULDOH GL &RRUGLQDPHQWR 3URYLQFLDOH 37&3  GHOOD 3URYLQFLD GL 3HUXJLD DSSURYDWR FRQ 'HO &3 Q  GHO  OXJOLR  H VXFFHVVLYL DJJLRUQDPHQWL x 3LDQR 6WUDOFLR GL $VVHWWR ,GURJHRORJLFR 3$,  GHOO¶$XWRULWj GL %DFLQR GHO )LXPH $UQR DGRWWDWR GDO &RPLWDWR ,VWLWX]LRQDOH FRQ 'HO 1  GHO  H UHFHQWHPHQWHPRGLILFDWRFRQ'HO&,1GHO x 3LDQR 6WUDOFLR GL $VVHWWR ,GURJHRORJLFR 3$,  GHOO¶$XWRULWj GL %DFLQR GHO )LXPH 7HYHUH DSSURYDWR FRQ '3&0 GHO  QRYHPEUH  SXEEOLFDWR VXOOD *D]]HWWD 8IILFLDOHQGHOIHEEUDLRFRQ'*5QGHODSULOHODUHJLRQH 8PEULDIRUQLVFHOHGLVSRVL]LRQLUHJLRQDOLSHUO¶DWWXD]LRQHGHO3LDQRVWUDOFLR x 0DSSHGLDOODJDELOLWjHGHOULVFKLRLGURJHRORJLFRUHDOL]]DWHGDO&RQVRU]LRGL%RQLILFD 9DOGL&KLDQD5RPDQDH9DOGL3DJOLD x 3LDQRGL7XWHODGHOOH$FTXHSUHDGRWWDWRFRQSURSRVWDGLFXLDOOD'*5 Q x 3LDQR5HJLRQDOHGL*HVWLRQHGHL5LILXWL 35*5 DGRWWDWRGDOOD*LXQWD5HJLRQDOH FRQ'*5QGHO)HEEUDLR x 3LDQR3DHVDJJLVWLFR5HJLRQDOH3UHDGR]LRQHDLVHQVLGHO'/JVJHQQDLR QHVP x 3LDQR)RUHVWDOH5HJLRQDOH'*5QGHO3LDQR)RUHVWDOH 5HJLRQDOH 

 /DUHWHQDWXUD ,Q DFFRUGR FRQ TXDQWR VWDELOLWR GDOOH FRQYHQ]LRQL LQWHUQD]LRQDOL LQ WHPD GL VDOYDJXDUGLD DPELHQWDOHLO&RQVLJOLRGHOOD&RPXQLWj(XURSHDDOILQHGLFRQWULEXLUHDVDOYDJXDUGDUHOD ELRGLYHUVLWj QHO WHUULWRULR GHJOL 6WDWLPHPEUL KD DGRWWDWR LO  PDJJLR  XQ¶DSSRVLWD GLUHWWLYD&((GHQRPLQDWD'LUHWWLYD+DELWDWFKHKDLQWHJUDWRXQDSUHFHGHQWHGLUHWWLYD GHODSULOHOD'LUHWWLYD&((GHQRPLQDWD'LUHWWLYD³8FFHOOL´FRQORVFRSRGL SURPXRYHUHLOPDQWHQLPHQWRGHOODELRGLYHUVLWjVXVFDODFRPXQLWDULD &RQOHGXHGLUHWWLYHYLHQHLQWURGRWWRLOFRQFHWWRGLVDOYDJXDUGLDGHOODELRGLYHUVLWjPHGLDQWH ODFRQVHUYD]LRQHGLVSHFLILFKHDUHHQDWXUDOLHVHPLQDWXUDOLULFRQRVFHQGRWDOHYDORUHDQFKH DOOHDUHHFDUDWWHUL]]DWHGDDWWLYLWjDJULFRODWUDGL]LRQDOHDLERVFKLXWLOL]]DWLDLSDVFROLRYHOH DWWLYLWjDQWURSLFKHKDQQRFRQWULEXLWRDFUHDUHXQDHOHYDWDGLYHUVLWjELRORJLFD /D'LUHWWLYD8FFHOOLHOD'LUHWWLYD+DELWDWKDQQRTXLQGLSRVWROHEDVLSHUODFUHD]LRQHGLXQ VLVWHPD FRRUGLQDWR H FRHUHQWH GL DUHH SURWHWWH UDSSUHVHQWDWR GDL 6LWL GL ,PSRUWDQ]D &RPXQLWDULD 6,& GHVLJQDWHVXOODEDVHGHOODGLVWULEX]LRQHHVLJQLILFDWLYLWjELRJHRJUDILD GHJOL KDELWDW HOHQFDWL QHOO¶DOOHJDWR , R GHOOH VSHFLH GL FXL DOO¶DOOHJDWR ,, GHOOD GLUHWWLYD

5HY*HQ9DOXWD]LRQH$PELHQWDOH6WUDWHJLFD±5DSSRUWR$PELHQWDOH  &RPXQHGL&LWWjGHOOD3LHYH

³+DELWDW´ H GHOOH ]RQH GL 3URWH]LRQH 6SHFLDOH =36  DUHH JHRJUDILFKH FKLDUDPHQWH GHOLPLWDWHSHUODSURWH]LRQHHFRQVHUYD]LRQHGLVSHFLHGLXFFHOOLLQGLFDWHQHJOLDOOHJDWLGHOOD 'LUHWWLYD&((GHQRPLQDWD'LUHWWLYD³8FFHOOL´/HGXH'LUHWWLYHFRPXQLWDULHKDQQR TXLQGLFRVWLWXLWROD5HWH(FRORJLFD(XURSHD1DWXUD  /D 'LUHWWLYD &(( ³+DELWDW´ HOD 'LUHWWLYD &(( ³8FFHOOL´ VRQR VWDWH UHFHSLWH GDOOD OHJLVOD]LRQHLWDOLDQD FRQ LO '35 GHOO¶VHWWHPEUH  Q  VXFFHVVLYDPHQWH PRGLILFDWRHLQWHJUDWRFRQ'35PDU]RQ,OUHFHSLPHQWRGHOOHGLUHWWLYHGD SDUWHGHOO¶,WDOLDKDLQWURGRWWRO¶REEOLJDWRULHWjGHOODSURFHGXUDSHUODYDOXWD]LRQHGLLQFLGHQ]D SHURJQLLQWHUYHQWRRDWWLYLWjFRQLQFLGHQ]DVLJQLILFDWLYDLQGLSHQGHQWHPHQWHGDOODWLSRORJLD HGDOOLPLWHGLPHQVLRQDOHHKDVSHFLILFDWRLOUXRORHOHFRPSHWHQ]HGLUHJLRQLHSURYLQFH DXWRQRPHQHOODFRVWUX]LRQHHJHVWLRQHGHOODUHWHQDWXUD1HOORVSHFLILFRODSURFHGXUD VWDELOLVFH FKH RJQL SLDQR R SURJHWWR FKH LQWHUHVVD XQ VLWR 1DWXUD  GHEED HVVHUH DFFRPSDJQDWRGDXQRVWXGLRUHOD]LRQHGLLQFLGHQ]DSHUYDOXWDUHJOLHIIHWWLFKHLOSLDQRSXz DYHUHVXOVLWR1DWXUDWHQXWRFRQWRGHJOLRELHWWLYLGLFRQVHUYD]LRQHGHOORVWHVVR  $OLYHOOR5HJLRQDOHLO'35qVWDWRUHFHSLWRLQWHJUDOPHQWHFRQ/HJJHUHJLRQDOH PDU]R  Q  3LDQR 8UEDQLVWLFR 7HUULWRULDOH  FRQWHVWXDOPHQWH DO YDUR GL OHJJL UHJLRQDOLDGHVVRFRQQHVVRTXDOLOD/5 'LVFLSOLQDGHOODSLDQLILFD]LRQHXUEDQLVWLFD FRPXQDOH HOD/5 1RUPHLQPDWHULDGL,PSDWWRDPELHQWDOH  &RQVLGHUDWD O¶HVLJHQ]D GL VHPSOLILFDUH O¶LWHU DPPLQLVWUDWLYR GHOOH SURFHGXUHVXGGHWWH SHU O¶DSSURYD]LRQH GL SLDQL H SURJHWWL DOO¶LQWHUQR GHL VLWL 1DWXUD OD 5HJLRQH KD ULWHQXWR RSSRUWXQR HPDQDUH OLQHH JXLGD UHJLRQDOL ILQDOL]]DWH DOOD VHPSOLILFD]LRQH GHJOL REEOLJKL SURFHGXUDOLGHULYDQWLGDOODQRUPDWLYDFRPXQLWDULDDWWHD x HVFOXGHUH GDOOD SURFHGXUD GL YDOXWD]LRQH GLLQFLGHQ]D L SLDQL HL SURJHWWL FKH SXU LQWHUHVVDQGR VLWL 1DWXUD  QRQ RSHUDQR HIIHWWL QHJDWLYL VX KDELWDW H VSHFLH FRQWHQXWLDOORURLQWHUQR x HVSOLFLWDUH JOL DVSHWWL WHFQLFR±VFLHQWLILFL H OH LQIRUPD]LRQL GD WUDVPHWWHUH DOOD 5HJLRQHSHUXQDFRUUHWWDYDOXWD]LRQHGLSLDQLHSURJHWWL  /¶DPELWR WHUULWRULDOH GL &LWWj GHOOD 3LHYH ULVXOWD LQWHUHVVDWR GDOOD SUHVHQ]D GL VLWL DSSDUWHQHQWLDOODUHWH1DWXUDFRPHYHUUjGHVFULWWRDOSDUSHUWDOH6,&qVWDWR SUHGLVSRVWRGDOOD5HJLRQH8PEULDFRQO¶DXVLOLRGHOOD&RPXQLWj0RQWDQDHO¶$VVRFLD]LRQH GHL&RPXQL³7UDVLPHQR0HGLR7HYHUH´LOUHODWLYR3LDQRGL*HVWLRQHHGGLFHPEUH     

5HY*HQ9DOXWD]LRQH$PELHQWDOH6WUDWHJLFD±5DSSRUWR$PELHQWDOH  &RPXQHGL&LWWjGHOOD3LHYH

 $1$/,6,'(/&217(672

 $VSHWWLJHQHUDOL ,OWHUULWRULRGHOFRPXQHGL&LWWjGHOOD3LHYHqVLWXDWRQHOVHWWRUHSLRFFLGHQWDOHGHOO¶8PEULD FRQILQDQGR FRQ OD 7RVFDQD D RYHVW 9DOGLFKLDQD  H FKLXGHQGR OD SDUWH PHULGLRQDOH GHO EDFLQRGHO/DJR7UDVLPHQR 3RVWRDGXQDTXRWDFRPSUHVDWUDHPVOPqFDUDWWHUL]]DWRGDXQVLVWHPDGL PRGHVWLULOLHYLFROOLQDULLQFLVLGDSURIRQGLIRVVL 0RLDQRH0DUDQ]DQR FKHFRQYRJOLDQROH DFTXHSHUORSLQHLWRUUHQWL7UHVD LPPLVVDULRGHO7UDVLPHQR &KLDQLH1HVWRUH 'DOSXQWRGLYLVWDJHRORJLFRO¶DUHDqFDUDWWHUL]]DWDGDHVWYHUVRRYHVWGDGHSRVLWLODFXVWUL SOLRSOHLVWRFHQLFLFRVWLWXLWLGDVDEELHVDEELHDUJLOORVHDUHQDULHHGHSRVLWLDOOXYLRQDOLDWWXDOL HUHFHQWLGHSRVWLGDLWRUUHQWL ,OWHUULWRULRVLSUHVHQWDQHOFRPSOHVVRSRFRXUEDQL]]DWRFRQFRQFHQWUD]LRQLPDJJLRULQHOOH DUHH SLDQHJJLDQWL GRYH SDVVDQR DQFKH LPSRUWDQWL YLH GL FRPXQLFD]LRQH H OXQJR OH SULQFLSDOLGLUHWWULFLFKHFRQGXFRQRSUHVVR&LWWjGHOOD3LHYH ,Q UHOD]LRQH DOO XVR GHO VXROR WURYLDPR YLJQHWL ROLYHWL SUDWLSDVFROR DUHH ERVFDWH VHPLQDWLYLVHPSOLFLHLUULJXL FRQFHQWUDWLQHOOHDUHHSLDQHJJLDQWL FRQFDPSLDSHUWLHUHJRODUL LQ FXL OH SUHVHQ]H YHJHWDOL VLD DUERUHH FKH DUEXVWLYH VRQR EHQ UDSSUHVHQWDWH $QDORJDPHQWH GLIIXVL VRQR DQFKH JOL DOWUL HOHPHQWL WLSLFL GHO SDHVDJJLR DJUDULRFRPHOH SLDQWDWHLVRODWHILODULDOEHUDWLHVLHSLFDPSRULOL ,OSDHVDJJLRDJUDULRULVXOWDQHOFRPSOHVVRPRVDLFL]]DWR ,OWHUULWRULRGHOFRPXQHGL&LWWjGHOOD3LHYHSUHYDOHQWHPHQWHFROOLQDUHSUHVHQWDXQDEXRQD FRSHUWXUD ERVFKLYD FRVWLWXLWD SHU OR SL GD ERVFKL GL TXHUFH 4XHVWL SHU HVWHQVLRQH H FRQWLQXLWj QRQFKp OD SUHVHQ]D GL VSHFLH YHJHWDOL UDUH UHQGRQR TXHVWR WHUULWRULR GL JUDQ SUHJLR QDWXUDOLVWLFR %RVFKL GL 0RQWH 3DXVLOOR H $OWD 9DO 1HVWRUH  1XPHURVH VRQR OH VSHFLH IORULVWLFKH GL QRWHYROH LQWHUHVVH ELRJHRJUDILFR H QDWXUDOLVWLFR O¶DJULIRJOLR ,OH[ DTXLIROLXP ODTXHUFLDGL'DOHFKDPSV 4XHUFXVGDOHFKDPSLL HODFDOOXQDREUXJR &DOOXQD YXOJDULV  1HOOHDUHHSODQL]LDOLHQHLSLFFROLULOLHYLLQYHFHLERVFKLVRQRVWDWLVRVWLWXLWLGDOOHFROWXUH DJUDULH$QFKHODYHJHWD]LRQHLJURILODFKHFDUDWWHUL]]DYDLOFRUVRGHLSULQFLSDOLWRUUHQWLVL SUHVHQWDRJJLIRUWHPHQWHFRQWUDWWDDGXQDVRWWLOHVWULVFLDFKHIDVFLDJOLLPSOXYL 3HU TXDQWR ULJXDUGD O¶DQDOLVL GHO WHUULWRULR O¶DUHD SRVWD D HVWGL&LWWjGHOOD3LHYH ODFXL DPSLH]]D q EHQ PDJJLRUH ULVSHWWR DL FRQILQL FRPXQDOL  ID SDUWH GL XQD ]RQD GL HOHYDWD GLYHUVLWj IORULVWLFRYHJHWD]LRQDOH ³$OWD 9DOOH GHO 1HVWRUH0RQWDUDOH0RQWH 9HUJQDQR´  8QLWjELRJHRJUDILFKHGHLULOLHYLDUHQDFHLEDVVRHDOWRFROOLQDULWDQWRFKHYLHQHULSRUWDWD DQFKHQHOOD7DYGHO387 4XHVWHDUHHFRVWLWXLVFRQRLWHUULWRULPHJOLRFRQVHUYDWLGHOO¶8PEULDHUDSSUHVHQWDQRGHOOH YHUHHSURSULHEDQFKHJHQHWLFKHLQUHOD]LRQH x DOQXPHURWRWDOHGHOOHVSHFLHSUHVHQWLDOO¶LQWHUQRGHOO¶DPELWRFRQVLGHUDWR GLYHUVLWj GHOOHVSHFLHYLYHQWL  x DOOD GLYHUVLWj JHQHWLFD RVVLD OD YDULDELOLWj DOO¶LQWHUQR GHOOD VWHVVD VSHFLH FKH SXz SUHVHQWDUHSRSROD]LRQLFRQSDUWLFRODULDGDWWDPHQWLDGLYHUVHFRQGL]LRQLDPELHQWDOL RSSXUHVHPSOLFHPHQWHSRSROD]LRQLFKHHVVHQGRGLVJLXQWHRDOPDUJLQHGHOO¶DUHDOH

5HY*HQ9DOXWD]LRQH$PELHQWDOH6WUDWHJLFD±5DSSRUWR$PELHQWDOH  &RPXQHGL&LWWjGHOOD3LHYH

SRVVRQR FRVWLWXLUH SDWULPRQL JHQHWLFL SHFXOLDUL GLYHUVLWj GHJOL HFRVLVWHPL FLRqOD YDULHWjGLFRPXQLWjGLVSHFLHSUHVHQWLLQXQGDWRDPELHQWH $OO¶LQWHUQRGLTXHVW¶DUHDqSUHVHQWHLO6,&,7±%RVFKLGHOO¶$OWD9DOOHGHO1HVWRUH FKHLQWHUHVVDDQFKHSDUWHGHOWHUULWRULRFRPXQDOHGL3LHJDUR ,O VLWR FRLQFLGH FRQ XQR GHL SL HVWHVL H PHJOLR FRQVHUYDWL ERVFKL GL TXHUFH FHUUR  GHOO¶8PEULDHUDFFKLXGHWXWWLLSULQFLSDOLWLSLGLYHJHWD]LRQHIRUHVWDOHDFDGXFLIRJOLH DVSHWWL PHVRILOL H WHUPRILOL  WLSLFD GHL ULOLHYL FROOLQDUL DUHQDFHL ,QWHUHVVDQWLVRQR DQFKH LOHPEL GL EUXJKLHUD D &DOOXQD YXOJDULV FKH WURYDQGRVL DO OLPLWH PHULGLRQDOH GL GLVWULEX]LRQH DVVXPRQRXQQRWHYROHYDORUHIRWRJHRJUDILFR7UDOHHQWLWjIORULVWLFKHSUHVHQWLGLSDUWLFRODUH ULOLHYRVRQRODTXHUFLDGL'DOHFKDPSV 4XHUFXVGDOHFKDPSLL HODTXHUFLDFHUURVXJKHUD 4XHUFXVFUHQDWD UDUHDOLYHOORUHJLRQDOH /XQJRXQDGHOOHSULQFLSDOLGLUHWWULFLVWUDGDOLODVWUDGDFKHFROOHJD3LHJDUR&LWWjGHOOD3LHYH 3RQWLFHOOLVLLQGLYLGXDXQ¶LPSRUWDQWHIDVFLD ULSRUWDWDDQFKHQHOOD7DYGHO387 LQFXLVL ULQYHQJRQRIRUPD]LRQLOLQHDULFRQWLQXHGLYHJHWD]LRQHOHJQRVDVSRQWDQHDFKHFRVWLWXLVFH XQFRUULGRLRIDXQLVWLFRHGHFRORJLFRQHOTXDOHODIDXQDSXzVSRVWDUVLLQTXHVWRFDVRWUD GXH ]RQH GL SDUWLFRODUH LQWHUHVVH IDXQLVWLFR LO /DJR 7UDVLPHQRHLO6LVWHPDGHO0RQWH 3HJOLD  /¶LPSRUWDQ]DGHOO¶DUHDSHUODIDXQDYLHQHHYLGHQ]LDWDDQFKHGDO387 7DY FKHLQGLYLGXD DQRUGHVWGL&LWWjGHOOD3LHYHXQD]RQDGLULSRSRODPHQWRHFDWWXUD =5& HGXHD]LHQGH IDXQLVWLFRYHQDWRULH $)9 XQDLQSURVVLPLWjFRQLOFRQILQHWRVFDQR 3R¶%DQGLQR HO¶DOWUD DFDYDOORWUDLFRPXQLGL3DFLDQRH3LHJDUR /H =5& YHQJRQR LVWLWXLWH DO ILQH GL JDUDQWLUHOD ULSURGX]LRQH GHOOD IDXQDVHOYDWLFDVLD GL VSHFLH DXWRFWRQH FKH GL VSHFLH QDWXUDOL]]DWH DOOR VFRSR GL ULFRVWLWXLUH H VWDELOL]]DUH OD GHQVLWjIDXQLVWLFDGHOOHDOWUHDUHHGHOWHUULWRULRWUDPLWHODFDWWXUDGLLQGLYLGXLVHOYDWLFLFKH YHUUDQQRVXFFHVVLYDPHQWHLPPHVVLQHOWHUULWRULROLEHURGLFDFFLD /H $)9 GHYRQR PLUDUH D VRVWHQHUH LQYHFH O¶LQVHGLDPHQWR OD ULSURGX]LRQH QDWXUDOH H O¶LQFUHPHQWR QXPHULFR GHOOH SRSROD]LRQL DXWRFWRQH H QDWXUDOL]]DWH DO ILQH GL IDYRULUQH OR VYLOXSSRHO¶LUUDGLDPHQWRQHOUHVWDQWHWHUULWRULRROWUHFKHDIDYRULUHODVRVWDHODSURWH]LRQH GHOODIDXQDPLJUDWRULD 

5HY*HQ9DOXWD]LRQH$PELHQWDOH6WUDWHJLFD±5DSSRUWR$PELHQWDOH  &RPXQHGL&LWWjGHOOD3LHYH

 )DWWRULGLSUHVVLRQHDPELHQWDOH 3HU O¶DQDOLVL GHL IDWWRUL GL SUHVVLRQH DPELHQWDOH VXO WHUULWRULR GHO &RPXQH GL &,WWj GHOOD 3LHYH YHQJRQR UHFHSLWL L ULVXOWDWL GHO UDSSRUWR VXOOR VWDWR GHOO¶DPELHQWH 56$ FRQGRWWR GDOOD&RPXQLWj0RQWDQD³0RQWLGHO7UDVLPHQR´QHOTXDGURGHOSURFHVVR$JHQGDORFDOH GHQRPLQDWR³$OWURODJRYHUVROD&LWWj'LIIXVD´HGL]LRQH*LXJQR /HLQIRUPD]LRQLGLFDUDWWHUHDPELHQWDOHVRQRLQROWUHLQWHJUDWHFRQLFRQWHQXWLGHO5DSSRUWR $PELHQWDOHUHGDWWRGD5HJLRQH8PEULDHG$53$8PEULDSHUO¶$OORFD]LRQHSURJUDPPDWLFD GHOOHULVRUVH)$6HG 1HO GRFXPHQWR 56$ &RPXQLWj 0RQWDQD VRQR ULSRUWDWL JOL LQGLFL GHVFULWWLYL GHOORVWDWR GL SUHVVLRQHDPELHQWDOHULIHULWLDDUHHWHPDWLFKHFRVuLGHQWLILFDWH ƒ $FTXD ƒ$ULD ƒ 6XRORHVRWWRVXROR ƒ $PELHQWHQDWXUDOHHELRGLYHUVLWj ƒ $JULFROWXUDH]RRWHFQLD ƒ 5XPRUH ƒ (QHUJLD ƒ (OHWWURPDJQHWLVPR ƒ 5LILXWL ƒ 0RELOLWjHWUDIILFR ƒ (FRQRPLD ƒ 3RSROD]LRQL ƒ7XULVPR ƒ 6DQLWjHGLVDJL ƒ ,VWUX]LRQHHFXOWXUD  6LULSRUWDQRQHOVHJXLWROHWDEHOOHGHVFULWWLYHGHOORVWDWRGLSUHVVLRQHDPELHQWDOHSHUOHDUHH WHPDWLFKHFLWDWHFRQVLPERORJLDFRPHGDOHJHQGDVHJXHQWH

5HY*HQ9DOXWD]LRQH$PELHQWDOH6WUDWHJLFD±5DSSRUWR$PELHQWDOH  &RPXQHGL&LWWjGHOOD3LHYH

/HJHQGDGHOODWDEHOOD,QGLFDWRUL   6WDWRDWWXDOH   %XRQR ,QFHUWR &ULWLFR3HVVLPR  7HQGHQ]D  

&UHVFLWD  9DULDELOH  6WDELOH   'LPLQX]LRQH  6WDWRGHLGDWL    %XRQR  6XIILFLHQWH&DUHQWH'DQWL 0DQFDQWL  /LYHOORGLDJJUHJD]LRQHGHLGDWL  $3HUDUHHRSXQWL&&RPXQDOH33URYLQFLDOH55HJLRQDOH   7LSRGLLQGLFDWRUL  66WDWR  33UHVVLRQH 55LVSRVWD

5HY*HQ9DOXWD]LRQH$PELHQWDOH6WUDWHJLFD±5DSSRUWR$PELHQWDOH  &RPXQHGL&LWWjGHOOD3LHYH  ,QGLFDWRUL$FTXD 7LSR 6WDWR   6WDWR   7LSR 7UHQG LQGLFDWRUL ,1',&$725, '(6&5,=,21( DWWXDOH 'DWL 'DWL /LYHOORLGURPHWULFRGHOODJR7UDVLPHQR 'DOODGLVSRQLELOLWjGHOOD ULVRUVDLGULFD GLSHQGRQRPROWHDWWLYLWj 6 DQWURSLFKHGHOWHUULWRULRGHOOD&RPXQLWj $ 6WDWRGLTXDOLWjDPELHQWDOHGHOODJR7UDVLPHQR 5DSSUHVHQWDXQDPLVXUD GHOOHFRQGL]LRQLTXDOLWDWLYH 6 GHOO DPELHQWHDFTXDWLFR $

,QGLFH%LRWLFR(VWHVR ÊO LQGLFHGLFDUDWWHUL]]D]LRQHGHOOHSRSROD]LRQLGL 6 PDFURLQYHUWHEUDWRULEHQWRQLFLODFXLVWUXWWXUDqIXQ]LRQHGHO "$ OLYHOORGLLQTXLQDPHQWR 6WDWRDPELHQWDOHGHOOHDFTXHVRWWHUUDQHH 5DSSUHVHQWDXQDPLVXUD GHOOHFRQGL]LRQLTXDOLWDWLYHGHOOHDFTXH 6 VRWWHUUDQHH "$

4XDOLWjGHOOHDFTXHGHVWLQDWHDOFRQVXPRXPDQR ,QGLFDO LQVLHPHGHOOHFDUDWWHULVWLFKHTXDOLWDWLYH GHOOHDFTXHFKH 3 YHQJRQRGHVWLQDWHDVFRSRSRWDELOH "$

3UHOLHYLLGULFL PFDQQR )RUQLVFHODPLVXUDGHOO HQWLWjGHJOLDWWLQJLPHQWL GDO VLVWHPD 3 DFTXDGHOWHUULWRULRSHUYDULXVL SRWDELOHDJULFRORLQGXVWULDOH $

6WDWRGHOVLVWHPDGLGHSXUD]LRQHGHOOHDFTXH ,OPLJOLRUDPHQWRGHOVLVWHPD GLGHSXUD]LRQHGHOOHDFTXHGL 3 VFDULFRQHOWHUULWRULRFRPSRUWDXQDGLPLQX]LRQHGHOO LPSDWWRVXO $ VLVWHPDDFTXD $]LRQLJRYHUQDWLYHHQRQ )RUQLVFHXQDPLVXUDGHOO LQWHUHVVHFKHKDQQRJOLHQWL 5 FRPSHWHQWLDGDWWXDUHSROLWLFKHGLULVDQDPHQWRHGLSUHYHQ]LRQH $ GDOO LQTXLQDPHQWR ,QGLFDWRUL$ULD 6WDWR   6WDWR   7LSR 7UHQG ,1',&$725, '(6&5,=,21( DWWXDOH 'DWL 'DWL

 ,QGLFDODTXDQWLWjGL12 ULVFRQWUDWD8QDHFFHVVLYDSUHVHQ]DFDXVDWDGDVPRJ 312 FRQFHQWUD]LRQHPHGLDDQQXD SURYRFDGLVDJLRHGHIIHWWLWRVVLFLDOOHYLHUHVSLUDWRULHXPDQH &

,QGLFDODTXDQWLWjGL62ULVFRQWUDWD/ HFFHVVRGL 62 FRQWULEXLVFHDOOD 362FRQFHQWUD]LRQHPHGLDDQQXD  IRUPD]LRQHGLSLRJJHDFLGHHSURGXFHHIIHWWLWRVVLFLDOOHYLHUHVSLUDWRULHXPDQH & ,QGLFDODTXDQWLWjGL&2SUHVHQWH/ HVSRVL]LRQHSUROXQJDWDDGHOHYDWH 3 &2FRQFHQWUD]LRQHPHGLDDQQXD FRQFHQWUD]LRQLGL&2SURYRFDGDQQLDOODVDOXWHXPDQDSHUODVXDD]LRQHVXO & VLVWHPDFLUFRODWRULR 30 SDUWLFHOOHVRVSHVHLQDODELOL  ,O30FRVWLWXLVFHODSDUWHLQDODELOHGHOOHSROYHULVRVSHVHÊIDFLOPHQWH 3  FRQFHQWUD]PHGLDDQQXD DVVLPLODELOHDOLYHOORSROPRQDUHHGDVVRUEHDOWULLQT\LQDQWLVXOODVXDVXSHUILFLH & 3URJHWWRHRDWWXD]LRQHGLSROLWLFKHGL (YLGHQ]LDO DWWHQ]LRQHGHOO DPPLQLVWUD]LRQHSXEEOLFDYHUVRLSUREOHPLDPELHQWDOL 5 FRQWUROORHULGX]LRQHLQTXLQDPHQWR FRQQHVVLDOODVDOXWHHGDOODTXDOLWjGHOODYLWDGHLFLWWDGLQL & DWPRVIHULFR 

5HY*HQ9DOXWD]LRQH$PELHQWDOH6WUDWHJLFD±5DSSRUWR$PELHQWDOH  &RPXQHGL&LWWjGHOOD3LHYH ,QGLFDWRUL6XROR 6WDWR  6WDWR   7LSR 7UHQG ,1',&$725, '(6&5,=,21( DWWXDOH 'DWL 'DWL

6 &DUDWWHULVWLFKHJHROLWRORJLFKH 3HUPHWWHGLYDOXWDUHODSURSHQVLRQHDOGLVVHVWRGHOWHUULWRULR &

6 (VWHQVLRQHGHLERVFKL ,QGLFDO HVWHQVLRQHGHLERVFKL &

3 (VWHQVLRQHGHLVHPLQDWLYL ,QGLFDO HVWHQVLRQHGHLVHPLQDWLYLVHPSOLFLHGDUERUDWL &

3 (VWHQVLRQHLQVHGLDPHQWLHGLQIUDVWUXWWXUH ,QGLFDO HVWHQVLRQHGHJOLLQVHGLDPHQWLHGHOOHLQIUDVWUXWWXUH &

/DSHUFHQWXDOHGHOVXRORLQGLFDO DXPHQWRGLULVFKLRDFXLYLHQHVRWWRSRVWRLOWHUULWRULRLQ 3 WHUULWRULRLPSHUPHDELOL]]DWR IDVHGLHVSDQVLRQHXUEDQD $&

3 QƒDWWLYLWjHVWUDWWLYHSUHVHQWL ,QGLFDLOQXPHURGHOOHDUHHGLFDYDLQDWWLYLWj &

,QGLFDO HVWHQVLRQHGHOOHDUHHLQYHVWLWHDGROLYHWRGHOWHUULWRULRSUHVRLQ 3 (VWHQVLRQHGHJOLROLYHWL FRQVLGHUD]LRQH &

,QGLFDO HVWHQVLRQHGHOOHDUHHLQYHVWLWHDYLJQHWRGHOWHUULWRULRSUHVRLQ 3 (VWHQVLRQHGHLYLJQHWL FRQVLGHUD]LRQH &

3 5DSSRUWRVHPLQDWLYRDUERUDWRVHPLQDWLYR ,QGLFDO HYROX]LRQHGHOODWLSRORJLDGLFROWLYD]LRQHGHOOHFROWXUHDQQXDOL &

(VWHQVLRQHGHOOHDUHHLQWHUHVVDWHGD 3 ,QGLFDO HVWHQVLRQHGHOOHDUHHFKHQHFHVVLWDQRGLLQWHUYHQWLGLERQLILFD FRQWDPLQD]LRQHGHLVXROL &

1XPHURGHOOHDUHHLQWHUHVVDWHGD 3 ,QGLFDLOQXPHURGHOOHDUHHFKHQHFHVVLWDQRGLLQWHUYHQWLGLERQLILFD FRQWDPLQD]LRQHGHLVXROL &

3URJHWWLGLULGX]LRQHHRFRQWUROORGHOO LPSHUPHDELOL]]D]LRQHLQDUHHXUEDQHH 5 3ROLWLFKHGLULVSRVWD SROLWLFKHGLUHFXSHURGLDUHHGLVPHVVHHERQLILFDGLVLWLLQTXLQDWL ""& 

5HY*HQ9DOXWD]LRQH$PELHQWDOH6WUDWHJLFD±5DSSRUWR$PELHQWDOH  &RPXQHGL&LWWjGHOOD3LHYH ,QGLFDWRUL$PELHQWH 6WDWR  6WDWR   7LSR 7UHQG ,1',&$725, '(6&5,=,21( DWWXDOH 'DWL 'DWL /HDUHHGLYDORUHQDWXUDOLVWLFRFRVWLWXLVFRQRXQLPSRUWDQWHVHUEDWRLRGL 6 DUHHSURWHWWHVXWHUULWRULR&0 ELRGLYHUVLWj &

/DSUHVHQ]DGLVLWLGLLQWHUHVVHQDWXUDOLVWLFRqLPSRUWDQWHSHUYDOXWDUHODQDWXUDOLWj 6 3UHVHQ]DGLDUHHQDWXUDOLVWLFKHGLLPSRUWDQ]D HVSUHVVDGDXQWHUULWRULR &

(VWHQVLRQHLQPHWULGHOODYHJHWD]LRQHGHL /DYHJHWD]LRQHULSDULDOHKDXQUXRORGLILOWURGHJOLLQTXLQDQWLFRQYRJOLDWLDOFRUSRLGULFRH 6 ODJKLHGHLFRUVLG DFTXD SHUPHWWHODFUHD]LRQHGLKDELWDWSHUJOLDQLPDOL &

,OEXRQJUDGRGLFRQWLQXLWjGHJOLKDELWDWqFRQGL]LRQHIRQGDPHQWDOHSHUJDUDQWLUHXQEXRQ 6 &RQWLJXLWjGHOODYHJHWD]LRQHQDWXUDOH OLYHOORGLTXDOLWjDPELHQWDOH " $ ,QGLFDODVHQVLELOL]]D]LRQHGHOO DPPLQLVWUD]LRQHSXEEOLFD SHULOSDWULPRQLR 5 3ROLWLFKHGLULVSRVWD QDWXUDOHHODFDSDFLWjGLSURSRUUHLQWHUYHQWLGLFRQVHUYD]LRQHHULSULVWLQR & QDWXUDOLVWLFR

5HY*HQ9DOXWD]LRQH$PELHQWDOH6WUDWHJLFD±5DSSRUWR$PELHQWDOH  &RPXQHGL&LWWjGHOOD3LHYH ,QGLFDWRUL$JULFROWXUD 6WDWR   6WDWR   7LSR 7UHQG ,1',&$725, '(6&5,=,21( DWWXDOH 'DWL 'DWL 6XSHUILFLH$JULFROD8WLOL]]DELOHQXPHURGL ,QGLFDODUHGGLWLYLWjSRWHQ]LDOHGHOO D]LHQGDHVSUHVVDLQWHUPLQLGLVXSHUILFLH D]LHQGHSUHVHQWL 6XS$]0HGLD RFFXSDWD &

,QGLFDO LPSRUWDQ]DGHOOHGXHFROWXUHWUDGL]LRQDOLDLILQLGLSURGX]LRQLGLTXDOLWj &ROWXUDGHOO ROLYRHGHOODYLWH DVVHWWRLGURJHRORJLFRHSDHVDJJLVWLFR &

QƒGLDGHVLRQLDO5HJ DJURDOLPHQW H ,QGLFDLOWHUULWRULRFRQGRWWRFRQWHFQLFKHULVSHWWRVHGHOO DPELHQWH  IRUHVW &

QƒGLD]LHQGHPXOWLIXQ]LRQDOL DJULWXULVPR ,QGLFDLOJUDGRGLYLWDOLWjGHOFRPSDUWRHGLLQWHJUD]LRQHFRQDOWULVHWWRUL RIIHUWHGLVHUYL]L &

QƒGLD]LHQGHGHGLWHDOOHSURGX]LRQLWLSLFKHH ,QGLFDODGLIIXVLRQHGHOOHFROWLYD]LRQLWLSLFKHORFDOL IDJLROLQDFLSROOD ORFDOL ]DIIHUDQRHFF &

&DUDWWHULVWLFKHVLVWHPLGLLUULJD]LRQH ,QGLFDLOJUDGRGLHYROX]LRQHWHFQRORJLFDHGLULVSDUPLHQHUJHWLFL &

&DULFR=RRWHFQLFRSHVR T GHLFDSLSUHVHQWL ,QGLFDLOSRWHQ]LDOHDSSRUWRGLUHIOXL]RRWHFQLFLDOODVXSHUILFLHFROWLYDWD 6$8 +D &

&DULFRGL13H%2'SURGRWWRGDJOL ,QGLFDLOSRWHQ]LDOHLPSDWWRGL13%2'VXVXRORVRWWRVXRORHGLQTXLQDPHQWRGHL DOOHYDPHQWL FRUSLLGULFL "" &

,QGLFDLOJUDGRGLFRQFHQWUD]LRQHGHJOLDOOHYDPHQWLHGLOJUDGRGLDXWRQRPLDGDO ,QGXVWULDOL]]D]LRQHDWWLYLWj]RRWHFQLFKH FDSLWDOHWHUUD &

GLD]LHQGHELRORJLFKHSUHVHQWLLQ ,QGLFDODGLIIXVLRQHGHOOHD]LHQGHELRORJLFKHULVSHWWRDOQXPHURGHOOHD]LHQGH FRQYHUVLRQHHPLVWH SUHVHQWL &

SURGX]LRQHGLROLRGDFROWXUDELRORJLFDVX ,QGLFDODGLIIXVLRQHGHOOHWHFQLFKHELRORJLFKHQHOODFROWLYD]LRQHGHOO ROLYR SURGX]LRQHWRWDOH &

3ROLWLFKHGLULVSRVWD $WWXD]LRQHGLSROLWLFKHILQDOL]]DWHDGXQ DJULFROWXUDVRVWHQLELOH & 

5HY*HQ9DOXWD]LRQH$PELHQWDOH6WUDWHJLFD±5DSSRUWR$PELHQWDOH  &RPXQHGL&LWWjGHOOD3LHYH ,QGLFDWRUL5XPRUH 6WDWR   6WDWR   7LSR 7UHQG ,1',&$725, '(6&5,=,21( DWWXDOH 'DWL 'DWL 3HUFHQWXDOHGLSRSROD]LRQHHVSRVWDDYDORUL ,QGLFDODSRSROD]LRQHHVSRVWDDG LQTXLQDPHQWRDFXVWLFR VXSHULRULDTXHOOLGLTXDOLWjGLOHJJHHVSUHVVLLQ/HT "

6WDWRGLDYDQ]DPHQWRGHOOD]RQL]]D]LRQHDFXVWLFD 0LVXUDO DYDQ]DPHQWRDWWXDWLYRGHOODLQGLYLGXD]LRQH GHOOHDUHHLQIXQ]LRQH &RPXQDOH GHOOHVHLFODVVLSUHYLVWHGDO'3&0?? "

/LYHOOLDFXVWLFLJLRUQDOLHUL G% $XWRGURPRGL 0RQLWRUDJJLRGHOOHHPLVVLRQLVRQRUHQHOO DUFRGHOODJLRUQDWDSURGRWWHGDJOL 0DJLRQH DYYHQLPHQWLVSRUWLYL &

/LYHOOLDFXVWLFLJLRUQDOLHUL G% 5DFFRUGR 0RQLWRUDJJLRGHOOHHPLVVLRQLVRQRUHQHOO DUFRGHOODJLRUQDWDSURGRWWH DXWRVWUDGDOH3HUXJLD%HWWROOH GDOO LQIUDVWUXWWXUD &

/LYHOOLDFXVWLFLJLRUQDOLHUL G% ,QTXLQDPHQWR 0RQLWRUDJJLRGHOOHHPLVVLRQLVRQRUHQHOO DUFRGHOODJLRUQDWDSURGRWWHGDJOL DFXVWLFRGDLQVHGLDPHQWLSURGXWWLYL LQVHGLDPHQWL &

/HJJHTXDGURVXOO LQTXLQDPHQWRDFXVWLFR $GR]LRQH5HJLRQH8PEULD2EEOLJRGL]RQL]]D]LRQHDFXVWLFD&RPXQDOH "

3ROLWLFKHGLFRQWHQLPHQWRRGLERQLILFD 3LDQRWULHQQDOH5HJLRQH8PEULDGLLQWHUYHQWRSHUOD ERQLILFD GDOO LQTXLQDPHQWRDFXVWLFR GDOO LQTXLQDPHQWRDFXVWLFR 5

5HY*HQ9DOXWD]LRQH$PELHQWDOH6WUDWHJLFD±5DSSRUWR$PELHQWDOH  &RPXQHGL&LWWjGHOOD3LHYH ,QGLFDWRUL (QHUJLD 6WDWR 6WDWR 7LSR 7UHQG $0%,727(0$7,&2 ,1',&$725, '(6&5,=,21( DWWXDOH 'DWL 'DWL

18WHQWLUDJJLXQWL?QXPHURXWHQWL 5HWHGLGLVWULEX]LRQHPHWDQR 0LVXUDLOJUDGRGLGLIIX]LRQHGHOODUHWHGLGLVWULEX]LRQH WRWDOL 5

3URGX]LRQHGLHQHUJLDVLVWHPL .ZSURGRWWL ,QGLFDLOJUDGRGLGLSHQGHQ]DHQHUJHWLFDGHO&RPSUHQVRULR WUDGL]LRQDOL 5

3URGX]LRQHGLHQHUJLD .ZSURGRWWL 0LVXUDLOJUDGRGLVHQVLELOLWjDPELHQWDOHHGHLULVSDUPL ULQQRYDELOH 5 HQHUJHWLFL

&RQVXPLGRPHVWLFL .ZXWLOL]]DWL & 0LVXUDLFRQVXPLGRPHVWLFLGHO&RPSUHQVRULR

1XPHURVLVWHPDDOLPHQWD]LRQH 3DUFRYHLFROLFLUFRODQWL 0LVXUDHGLGHQWLILFDOHFDUDWWHULVWLFKHGHL9HLFROLFLUFRODQWL FRPSDWLELOLWjGLUHWWLYH8( &

&RQVXPLVHWWRULSURGXWWLYL .ZXWLOL]]DWL 0LVXUDLFRQVXQLGHVWLQDWLDOODSURGX]LRQHGLEHQLHVHUYL]L &

6LVWHPLGLGLVWULEX]LRQHHQHUJLD .ZLQHQWUDWD?.ZGLVWULEXLWL 0LVXUDO HIILFLHQ]DGHOVLVWHPDGLGLVWULEX]LRQH """"

3DUFRHROLFR0WH7H]LR .ZSURGRWWL 5LGX]LRQHGHOO XVRGLHQHUJLHQRQULQQRYDELOL """

5LGX]LRQHGHOO XVRGLHQHUJLHQRQULQQRYDELOLHG (QHUJLDGDELRPDVVH .ZSURGRWWL RWWLPL]]D]LRQHWUDWWDPHQWRUHVLGXLDJULFROLHIOLHUHGL """ WUDVIRUPD]LRQH

0LVXUDO HIILFLHQ]DGHOODFDPSDJQDGLVHQVLELOL]]D]LRQHVXO 8VR5D]LRQDOH(QHUJLD (QWLWjULGX]LRQHFRQVXPL ULVSDUPLRHQHUJHWLFR """" ,QGLFDWRUL(OHWWURPDJQHWLVPR 6WDWR  6WDWR   7L SR 7UHQG ,1',&$725, '(6&5,=,21( DWWXDOH 'DWL 'DWL / HVSRVL]LRQHDVRUJHQWLGLRQGHHOHWWURPDJQHWLFKHDEDVVDIUHTXHQ]DTXDOLOH QLPSLDQWLUDGLRWHOHYLVLYLHGLWHOHIRQLDPRELOH OLQHHDGDOWDWHQVLRQHSXzFRPSURPHWWHUHODVDOXWHXPDQD " &

GLSRSROD]LRQHLQIDQWLOH VLWLVHQVLELOL  / HVSRVL]LRQHDVRUJHQWLGLRQGHHOHWWURPDJQHWLFKHDEDVVDIUHTXHQ]DTXDOLOH HVSRVWHDLFDPSLGLEDVVHIUHTXHQ]H OLQHHDGDOWDWHQVLRQHSXzFRPSURPHWWHUHODVDOXWHXPDQD " & 3URJHWWRHRDWWXD]LRQHGLSROLWLFKHGL (YLGHQ]LDO DWWHQ]LRQHGHOO DPPLQLVWUD]LRQH SXEEOLFDYHUVRLSUREOHPL DPELHQ WDOL FRQWUROORHULGX]LRQHLQTXLQDPHQWR FRQQHVVLDOODVDOXWHHGDOODTXDOLWjGHOODYLWDGHLFLWWDGLQL & 

5HY*HQ9DOXWD]LRQH$PELHQWDOH6WUDWHJLFD±5DSSRUWR$PELHQWDOH  &RPXQHGL&LWWjGHOOD3LHYH ,QGLFDWRUL5LILXWL 6WDWR  6WDWR   7L SR 7UHQG ,1',&$725, '(6&5,=,21( DWWXDOH 'DWL 'DWL

.JGLULILXWLSURFDSLWH ,QGLFDLTXDQWLWDWLYLGLULILXWLSURGRWWL &

ULILXWLUDFFROWLLQPRGRGLIIHUHQ]LDWRVX ,QGLFDORVWDWRGLUHDOL]]D]LRQHGLFRUUHWWHSUDWLFKHGLUDFFROWDVPDOWLPHQWRHUHFXSHURGHL WRWDOHULILXWL ULILXWL &

.J'LULILXWLVSHFLDOLSURGRWWLSHUFRPXQH ,QGLFDODTXDQWLWjGLULILXWLVSHFLDOLHQRQSHULFRORVLSURGRWWLQHOWHUULWRULRHGDVPDOWLUH &

3ROLWLFKHGLULGX]LRQHGHOODSURGX]LRQHGLULILXWLHSURPR]LRQHHIDFLOLWD]LRQHGHOODUDFFROWD 3ROLWLFKHGLULVSRVWD GLIIHUHQ]LDWD &

5HY*HQ9DOXWD]LRQH$PELHQWDOH6WUDWHJLFD±5DSSRUWR$PELHQWDOH  &RPXQHGL&LWWjGHOOD3LHYH ,QGLFDWRUL 0RELOLWj 6WDWR   6WDWR   7LSR 7UHQG $0%,727(0$7,&2 ,1',&$725, '(6&5,=,21( DWWXDOH 'DWL 'DWL

$VVHWWRVWUXWWXUDOH73/H 1XPHURIUHTXHQ]DRUDULDH ,QGLuFDODUHOD]LRQHWUDDQHOORGHO73/HFROOHJDPHQWLUDGLDOL FROOHJDPHQWLUDGLDOLFRQ QXPHURGLXWHQ]HGHLFROOHJDPHQWL FRQ&RPSUHQVRULR/DJR & &RPSUHQVRULR/DJR UDGLDOLFRQFRPSUHQVRULR/DJR

$VVHWWRVWUXWWXUDOH73/H 1XPHURIUHTXHQ]DRUDULDH ,QGLuFDODUHOD]LRQHWUDDQHOORGHO73/HFROOHJDPHQWLUDGLDOL FROOHJDPHQWLUDGLDOLFRQ$UHD QXPHURGLXWHQ]HGHLFROOHJDPHQWL FRQ&RPSUHQVRULR3HUXJLDQR & SHUXJLQR UDGLDOLFRQFRPSUHQVRULR3HUXJLQR

1XPHURIUHTXHQ]DRUDULDH &ROOHJDPHQWLLQWHUQLDO 0LVXUDODIUHTXHQ]DGHOOHUHOD]LRQLWUDFHQWULDSSDUWHQHQWLDOOR QXPHURGLXWHQ]HGHLFROOHJDPHQWL &RPSUHQVRULR/DJR VWHVVR&RPSUHQVRULR & LQWHUQLDO&RPSUHQVRULR/DJR

1XPHURIUHTXHQ]DRUDULDH &ROOHJDPHQWLLQWHUQLDO 0LVXUDODIUHTXHQ]DGHOOHUHOD]LRQLWUDFHQWULDSSDUWHQHQWLDOOR QXPHURGLXWHQ]HGHLFROOHJDPHQWL &RPSUHQVRULR3HUXJLQR VWHVVR&RPSUHQVRULR & LQWHUQLDO&RPSUHQVRULR/DJR

&RQQHVVLRQLFRQUHWH 1XPHURHTXDOLWj&RQQHVVLRQLFRQ 0LVXUDO DFFHVVLELOLWjDOOHUHWLQD]LRQDOLHGHXURSHHH QD]LRQDOHHGHXURSHD UHWHQD]LRQDOHHGHXURSHD " 5

1XPHURIUHTXHQ]DRUDULDH ,QGLFDOHFDUDWWHULVWLFKHGHOWUDIILFR OHJJHURHSHVDQWH FKH 9ROXPLWUDIILFR( WLSRORJLDGHOWUDIILFR( XWOL]]DO DUWHULD " &

9ROXPLWUDIILFR&RPSODQDUL 1XPHURIUHTXHQ]HRUDULHH ,QGLFDOHFDUDWWHULVWLFKHGHOWUDIILFR OHJJHURHSHVDQWH FKH (666666 WLSRORJLDWUDIILFR XWOL]]DO DUWHULD ""

3873LDQRPRELOLWjGL 1XPHURGLLQIUDVWUXWWXUHGD $PELWLVWUXPHQWLIXQ]LRQLFRPSHWHQ]HHGRUJDQL]]D]LRQH %DFLQR3URYLQFLDOHH DGHJXDUH 73/ 5 'OJV?/U?

0RELOLWj$OWHUQDWLYD .PGLSLVWHFLFODELOLSHGRQDOLFRQ 5LGX]LRQHGHOODSUHVVLRQHVXOODYLDELOLWjRUGLQDULD & ELFLHFDYDOFDWXUH 

5HY*HQ9DOXWD]LRQH$PELHQWDOH6WUDWHJLFD±5DSSRUWR$PELHQWDOH  &RPXQHGL&LWWjGHOOD3LHYH ,QGLFDWRUL(FRQRPLD 6WDWR   6WDWR   7LSR 7UHQG ,1',&$725, '(6&5,=,21( DWWXDOH 'DWL 'DWL ,68 ,QGLFH8PDQRGL6YLOXSSR &RQVLGHUDODFUHVFLWDHFRQRPLFDH ORVYLOXSSRTXDQWLWDWLYRUDSSUHVHQWDWRGDL FDPELDPHQWLVLDHFRQRPLFL GLVWULEX]LRQHGHOUHGGLWR VLDVRFLDOL VHUYL]L "" & JUDGRGLLVWUX]LRQHGHOODSRSROD]LRQH 5HGGLWRGLVSRQLELOHSURFDSLWH PLVXUDODULFFKH]]DGHOWHUULWRULR "&

,QGLFHGLGLSHQGHQ]DQDQ]LDQL!DQQLH 6LQWHWL]]DO DXWRQRPLDHFRQRPLFDGHOOD&RPXQLWjHGLOJUDGRGLLQWHJUD]LRQH JLRYDQLVVLPL DQQLVXOWRWDOHGHOOHSRSROD]LRQH QHOPRQGRGHOODYRUR &

7DVVRGLRFFXSD]LRQHSRSROD]LRQHHIIHWWLYDPHQWH 6LQWHWL]]DO DXWRQRPLDHFRQRPLFDGHOODFRPXQLWjHGLOJUDGR GLLQWHJUD]LRQH RFFXSDWDVXOWRWDOHGHOODSRSROD]LRQHLQHWjGD QHOPRQGRGHOODYRUR & ODYRUR 'LIIXVLRQHGLVSRUWHOOLEDQFDULQGLVSRUWHOOL 0LVXUDLQGLUHWWDGHOODPRELOLWjGHO IOXVVLGLGHQDURHTXLQGLGHOODYLYDFLWjGHO PHUFDWRORFDOHGLXQDFRPXQLWjORFDOH "&

1GLDWWLYLWjSURGXWWLYH ,OWLSRGLSURGX]LRQHLQGXVWULDOHHODGHQVLWjGHJOL LPSLDQWLLQGLFDQR O LPSRUWDQ]DFKHTXHVWRVHWWRUHKDVXOWHUULWRULR QGLD]LHQGHHWLSRGL & SURGX]LRQH 6WDELOLPHQWLLQFRUVRGLFHUWLILFD]LRQHDPELHQWDOH,62 ,QGLFDLOJUDGRGLLQWURGX]LRQHGLSROLWLFKHGL SURJUHVVLYRHFRQWLQXR HR(0$6HVWDELOLPHQWLJLjFHUWLILFDWL LQFUHPHQWRGLTXDOLWjDPELHQWDOHDOO LQWHUQRGHOOHD]LHQGH "" &

3ROLWLFKHSHUODUHDOL]]D]LRQHGLDUHHLQGXVWULDOL ,QGLFDJOLLQWHUYHQWLGLULGX]LRQHGHJOL LPSDWWLODVFLDWLGDSUHHVLVWHQWLDWWLYLWj HFRVRVWHQLELOLHSHUODTXDOLILFD]LRQHGHOVLVWHPDGHL LQGXVWULDOLHODFDSDFLWjGLPLJOLRUDUHLOVLVWHPDHFRQRPLFRORFDOH & VHUYL]L 

5HY*HQ9DOXWD]LRQH$PELHQWDOH6WUDWHJLFD±5DSSRUWR$PELHQWDOH  &RPXQHGL&LWWjGHOOD3LHYH ,QGLFDWRUL3RSROD]LRQH 6WDWR   6WDWR   7LSR  7UHQG ,1',&$725, '(6&5,=,21( DWWXDOH 'DWL 'DWL 3RSROD]LRQHUHVLGHQWH ,QGLFDVHPSOLFHPHQWHODGLPHQVLRQHTXDQWLWDWLYDGHOODSRSROD]LRQH UHVLGHQWH &

,VFUL]LRQLFDQFHOOD]LRQLQDWLYLYLH (VSULPHODGLQDPLFDGHOODSRSROD]LRQH PRUWL &

3RSROD]LRQHUHVLGHQWHGLYLVDSHU (VSULPHGHWWDJOLDWDPHQWHODVLWXD]LRQHGHOOD]RQDULJXDUGRDOO HWjGHL FLWWDGLQL FODVVLGLHWj &

QDELWDQWLSHUNPT ,QIRUPDVXOJUDGRGLFRQJHVWLRQHGHOO DUHD &

5DSSRUWRGLPDVFROLQLWj 1XPHURWRWDOHGHLPDVFKLVXOQXPHURGHOOHIHPPLQHSHU &

7DVVRGLQFUHPHQWRQDWXUDOH 5DSSRUWRWUDLOVDOGRQDWXUDOH QDWLPRUWL HODSRSROD]LRQHPHGLDSHU &

7DVVRGLLQFUHPHQWRPLJUDWRULR 5DSSRUWRWUDLOVDOGRPLJUDWRULRQHOO DQQR LVFULWWLFDQFHOODWL HOD SRSROD]LRQHPHGLD SHU &

7DVVRGLLQFUHPHQWRWRWDOH 5DSSRUWRWUDLOVDOGRWRWDOHQHOO DQQR LVFULWWLQDWLFDQFHOODWLPRUWL HODSRSROD]LRQHPHGLD SHU  &

,QGLFHGLLQYHFFKLDPHQWR 5DSSRUWRWUDODSRSROD]LRQHGLDQQLGLHWjHGROWUHHODSRSROD]LRQHUHVLGHQWHWRWDOHSHU  &

,QGLFHGLYHFFKLDLD 5DSSRUWRWUDODSRSROD]LRQHUHVLGHQWHGLDQQLGLHWjHGROWUHHODSRSROD]LRQHUHVLGHQWHGL HWjGDDDQQLSHU &

$Q]LDQLSHUEDPELQR 5DSSRUWRWUDODSRSROD]LRQHGLDQQLHGROWUHHODSRSROD]LRQHUHVLGHQWHGDDDQQL &

,QGLFHGLFDULFRGHLILJOLSHU 5DSSRUWRIUDODSRSROD]LRQHGDDDQQLHODSRSROD]LRQHIHPPLQLOH GDDDQQLSHU GRQQHLQHWjIHFRQGD &

,QGLFHGHOODSRSROD]LRQHLQHWjDWWLYD 5DSSRUWRIUDO DPPRQWDUHGHOODSRSROD]LRQHGDD DQQLHODSRSROD]LRQHWRWDOHSHU &

,QGLFHGLULFDPELRGHOODSRSROD]LRQH 5DSSRUWRIUDO DPPRQWDUHGHOODSRSROROD]LRQHHQQH H ODSRSROD]LRQHHQQHSHU LQHWjDWWLYD  &

&LWWDGLQLVWUDQLHULLVFULWWLLQDQDJUDIH ,QGLFDLOSHVRGHOQXPHURGLVWUDQLHULQHOOHUHDOWjORFDOL SHUVHVVRHSHUFRPXQH &

6WUDQLHULLQDQDJUDIHSHUVHVVRH ,QGLFDODSHUFHQWXDOHGLFLWWDGLQLFRPXQLWDULHGH[WUDFRPXQLWDULTXLQGLLO JUDGRGLHWHURJHQHLWj FLWWDGLQDQ]D GDWLSURYLQFLDOL GHOODSRSROD]LRQH &

3HUFHQWXDOHGHLYRWDQWLDOOHHOH]LRQL ,QGLFDODSDUWHFLSD]LRQHGHLFLWWDGLQLDOODYLWDSROLWLFD &

,QGLFDWRULGLPRUWDOLWj 50 OHVLYLWj ÊLOUDSSRUWRWUDLOQXPHURGHJOLLQFLGHQWLVWUDGDOLLOQXPHURGHOOHYLWWLPH H GHLIHULWLULOHYDWR 5) HSHULFRORVLWj 53 QHOOHVWUDGHGHLYDULFRPXQL &

$]LRQLJRYHUQDWLYHHQRQ ,QGLFDO DWWHQ]LRQHGHOO DPPLQLVWUD]LRQHSXEEOLFDVWDWDOHHORFDOHYHUVR XQDGLVWULEX]LRQH RPRJHQHDGHLUHVLGHQWLVXOWHUULWRULRGLFRPSHWHQ]D &

5HY*HQ9DOXWD]LRQH$PELHQWDOH6WUDWHJLFD±5DSSRUWR$PELHQWDOH  &RPXQHGL&LWWjGHOOD3LHYH ,QGLFDWRUL7XULVPR 6WDWR  6WDWR   7LSR 7UHQG ,1',&$725, '(6&5,=,21( DWWXDOH 'DWL 'DWL QƒHVHUFL]L$OEHUJKLHUL ,OQƒGLVWUXWWXUHDOEHUJKLHUHLQGLFDODFDSDFLWjGLVRVWHQHUHLIOXVVL WXULVWLFL & QƒHVHUFL]L([WUDOEHUJKLHUL ,OQƒGLHVHUFL]LFRPSOHPHQWDUL FDPSHJJLFDVHSULYDWH LQGLFDODFDSDFLWjGLVRGGLVIDUHYDULH WLSRORJLHGL & GRPDQGD QƒDOORJJL$JURWXULVWLFL 0HWWHLQHYLGHQ]DLOQƒGLTXHVWDWLSRORJLDGLDOORJJLULVSHWWRDOOHDOWUHVWUXWWXUH ULFHWWLYH & QƒSRVWLOHWWR SHUWLSRORJLD ,OQƒGLOHWWLGLVSRQLELOLLQGLFDODFDSDFLWjGLVRVWHQHUHODGRPDQGDWXULVWLFD GLHVHFL]LR & QƒGHJOL$UULYLVWDJLRQDOL (VSULPHLOQƒGLWXULVWLFKHVLULYHUVDQRQHOOD]RQDQHOSHULRGRGLULIHULPHQWR ,WDOLDQLH6WUDQLHUL & Qƒ3UHVHQ]HVWDJLRQDOLÊLOQXPHURGLSHUQRWWDPHQWLWRWDOLGHLWXULVWLQHOSHULRGRGLULIHULPHQWR ,WDOLDQLH6WUDQLHUL & 3HUPDQHQ]DPHGLD,OUDSSRUWRWUDQƒSUHVHQ]HHQƒDUULYLLQGLFDTXDQWRVRJJLRUQDPHGLDPHQWHRJQLWXULVWD QƒQRWWL ,WDOLDQLH6WUDQLHUL & 3RVWLOHWWRVXSHUILFLHNPT 1XPHURGLWXULVWLFKHSRWHQ]LDOPHQWHVRJJLRUQDQRSHUNPT LQFLGHQ]DVXOWHUULWRULR & QƒSRVWLOHWWRQƒDELWDQWL[ 1XPHURGLWXULVWLFKHSRWHQ]LDOPHQWHVRJJLRUQDQRRJQLDELWDQWL LQFLGHQ]DVXOODSRSROD]LRQH  & ? QƒHVHUFL]LULFHWWLYL ÊODGHQVLWjGHJOLHVHUFL]LULFHWWLYLSHUNPT VXSHUILFLHNPT & QƒDUULYLQƒDELWDQWL[ 4XDQWLWXULVWLDUULYDQRPHGLDPHQWHLQXQDQQRRJQLDELWDQWL & QƒSUHVHQ]HQƒDELWDQWL[ 4XDQWLWXULVWLSHUQRWWDQRPHGLDPHQWHLQXQDQQRRJQL DELWDQWL  & QƒSDVVHJJHULFKH ,QGLFDODTXDQWLWjGLWUDIILFRSDVVHJJHULQHOOHYDULHOLQHHGHOODJR LQULIHULPHQWRDLYDULPHVLGHOO DQQR WUDQVLWDQRSHURJQLOLQHD $ $]LRQLJRYHUQDWLYHHQRQ 3ROLWLFKHGLSURPR]LRQHHVHQVLELOL]]D]LRQHGHLEHQLDUWLVWLFRFXOWXUDOL SUHVHQWLVXOWHUULWRULR &UHD]LRQHH SURPR]LRQHGLLWLQHUDULWHPDWLFL 6WUDGDGHO9LQR&ROOLGHO7 3LDQRGLFHUWLILFD]LRQHGLTXDOLWj$]LRQLSHU & PLJOLRUDUHFDUDWWHUL]]DUHLQWHJUDUHHUDYYLYDUHO RIIHUWD 

5HY*HQ9DOXWD]LRQH$PELHQWDOH6WUDWHJLFD±5DSSRUWR$PELHQWDOH  &RPXQHGL&LWWjGHOOD3LHYH ,QGLFDWRUL6DQLWj 6WDWR 6WDWR 7LSR 7UHQG $PELWRWHPDWLFR ,1',&$725, '(6&5,=,21( DWWXDOH 'DWL 'DWL

1XPHURGLRVSHGDOLHQXPHURSRVWLOHWWR 2VSHGDOL 0LVXUDLOUDSSRUWRWUDVUHUYL]LRVSHGDOLHULHSRSROD]LRQH SHUVSHFLDOLWjRVSHGDOLHUH &

7DVVRXWLOL]]D]LRQH 3HUFHQWXDOLGLSRVWLOHWWRXWLOL]]DWD ,QGLFDVHLOGLPHQVLRQDPHQWRGHOOHVWUXWWXUHqDGHJXDWR RVSHG$DOLHUR & 1XPHURGLFHQWULGLJXDUGLDPHGLFD *XDUGLDPHGLFD 3UHVHQ]DGLVHUYL]LRGLJXDUGLDPHGLFD &

)DUPDFLH 1XPHURGLIDUPDFLH ,QGLFDVHLOGLPHQVLRQDPHQWRGHOOHVWUXWWXUHqDGHJXDWR &

$VVLVWHQ]DGRPLFLDOLDUH 3UHVHQ]DGLVHUYL]LDGRPLFLOLR ,QGLFHGLHYROX]LRQHGHOVLVWHPDRVSHGDOLHUR &

$VVLVWHQ]DGRPLFLOLDUH 3UHVHQ]DGLUHVLGHQ]HVDQLWDULHDVVLVWLWH ,QGLFHGLHYROX]LRQHGHOVLVWHPDRVSHGDOLHUR DQ]LDQL SXEEOLFKHRGLUHWWHVRVWLWXWLYH &

6SHVDIDUPDFHXWLFDSUR (YLGHQ]LDO DQGDPHQWRGHLFRVWLSHUVSHVHVDQLWDULH &RVWRIDUPDFL?DVVLVWLWL FDSLWH IDUPDFHXWLFKH &

$UHDGHOGLVDJLR PLQRUL 0LVXUDODGRPDQGDGLDVVLVWHQ]DHGLQGLUHWWDPHQWH DGXOWLLQGLIILFROWjIDPLJOLH QXPHURGLFDVLQXRYL?FDVLWRWDOL FRQFRUUHDSDOHVDUHO HIILFDFLDGHOOHSROLWLFKHGLULVSRVWD & GLVDELOLDQ]LDQL 

3LDQRVRFLDOH5HJLRQDOH  $WWXD]LRQHGHLSLDQLGL=RQD&RPXQDOL 6WUXPHQWLGLSURJUDPPD]LRQHGHOVLVWHPDGHLVHUYL]LVRFLDOL DWWXD]LRQH/? &

5HY*HQ9DOXWD]LRQH$PELHQWDOH6WUDWHJLFD±5DSSRUWR$PELHQWDOH  &RPXQHGL&LWWjGHOOD3LHYH ,QGLFDWRUL,VWUX]LRQH

$63(77,7(0$7,&, ,1',&$725, '(6&5,=,21( 6WDWRDWWXDOH 7UHQG 6WDWRGDWL 7LSRGDWL

*UDGRGLVFRODUL]]D]LRQH 1ƒSHUVRQHFRQWLWRORGLVWXGLR ,QGLFDLOJUDGRGLVFRODUL]]D]LRQHGHOWHUULWRULR &

7RWDOHOLFHQ]LDWLVFXROD 7DVVRGLVFRODULWjSULPDULD ,QIRUPDVXOOLYHOORPLQLPRGLVFRODULWj GHOO REEOLJRSRSROD]LRQHUHVLGHQWH &

1ƒUHVLGHQWLFRQGLSORPDGLLVWUX]LRQH ,QIRUPDVXOQXPHURGLUHVLGHQWLLQSRVVHVVRGLGLSORPDGL 7DVVRGLLVWUX]LRQHVXSHULRUH VXSHULRUHSRSROD]LRQHUHVLGHQWH LVWUX]LRQHVXSHULRUHVXOWRWDOHGHLUHVLGHQWL &

,QGLFDLOQXPHURGLODXUHDWLWUDLUHVLGHQWLHLQGLUHWWDPHQWHOD 1ƒUHVLGHQWLFRQODXUHDSRSROD]LRQH 7DVVRGLLVWUX]LRQHXQLYHUVLWDULD SRVVLELOLWjGLGLVSRUUHGLULVRUVHXPDQHFRQSUHSDUD]LRQH UHVLGHQWH & HOHYDWD

1ƒGHJOLLVWLWXWLVFRODVWLFLVFXROD ,QGLFDLOQXPHURGLLVWLWXWLGLVFXROHHOHPHQWDULHPHGLH ,VWLWXWLVFRODVWLFLVFXRODGHOO REEOLJR GHOO REEOLJR LQIHULRUL &

1ƒGHJOLLVWLWXWLVFRODVWLFLVFXROD ,VWLWXWLVFRODVWLFLVFXRODVXSHULRUH ,QGLFDLOQXPHURGLLVWLWXWLGLVFXRODVXSHULRUH VXSHULRUH &

8QDGHJXDWRQXPHURGLDVLOLQLGRqVLQRQLPRGLXQDEXRQD $VLOLQLGR 1XPHURDVLOLQLGR TXDOLWjGHLVHUYL]L &

,QGLFDORVWDQGDUGTXDOLWDWLYRGHOVHUYL]LRGLGDWWLFRILQRDOOD 2IIHUWDGLGDWWLFD 3URJHWWLHODERUDWL VFXRODVXSHULRUH $

,QGLFDODVHQVLELOLWjGHLYDUL(QWLORFDOLQHLFRQIURQWLGHOOD 3ROLWLFKHGLULVSRVWD 3UHVHQ]DDVVHQ]D FUHVFLWDFXOWXUDOHGHLFLWWDGLQL $

5HY*HQ9DOXWD]LRQH$PELHQWDOH6WUDWHJLFD±5DSSRUWR$PELHQWDOH  &RPXQHGL&LWWjGHOOD3LHYH

 )DWWRULGL3UHVVLRQHVSHFLILFL ,OTXDGURJOREDOHGHVFULWWRGDO5DSSRUWRVXOOR6WDWRGHOO¶$PELHQWHGHOOD&RPXQLWj0RQWDQD ³0RQWL GHO 7UDVLPHQR´ GHVFULYH LQ PDQLHUD VFKHPDWLFD OR VWDWR GHL SULQFLSDOL IDWWRUL GL SUHVVLRQHDPELHQWDOHDTXHVWLGDWLJOREDOLVLQWHWLFLVLqULWHQXWRXWLOHDJJLXQJHUHO¶DQDOLVLGL DOFXQLIDWWRULGLSUHVVLRQHDPELHQWDOHVSHFLILFL 'DO FRQIURQWR FRQ JOL (QWL SUHSRVWL DO FRQWUROOR DPELHQWDOH QHOOD 5HJLRQH 8PEULD LQ SDUWLFRODUHFRQ$53$8PEULDqVWDWRSRVVLELOHUHSHULUHDOFXQLGDWLVSHFLILFLGHULYDQWLGD PRQLWRUDJJLDPELHQWDOLRFRQWUROOLHVHJXLWLGDOGLSDUWLPHQWRSURYLQFLDOH$53$GL3HUXJLD 8Q XOWHULRUH FRQWULEXWR DO TXDGUR FRQRVFLWLYR DPELHQWDOH q IRUQLWR GDL FRQWHQXWL GHO 5DSSRUWR $PELHQWDOH UHGDWWR GD 5HJLRQH 8PEULD HG $53$ 8PEULD SHU O¶$OORFD]LRQH SURJUDPPDWLFDGHOOHULVRUVH)$6HG 7UDLIDWWRULGLSUHVVLRQHULWHQXWLSLLQWHUHVVDQWLSHUXQTXDGURFRQRVFLWLYRGHOORVWDWRGHO WHUULWRULRGHO&RPXQHGL&LWWjGHOOD3LHYHDOODOXFHVLDGHOOHUHFHQWLQRUPDWLYHQD]LRQDOLH UHJLRQDOLVXUXPRUHDWPRVIHUDHGHOHWWURPDJQHWLVPRVRQRVWDWLUHSHULWLGDWLVSHFLILFLSHU TXHVWLWUHGHWHUPLQDQWLULIHULWLDSHULRGLPROWRUHFHQWLTXLQGLHVWUHPDPHQWHVLJQLILFDWLYLD WDOL GHWHUPLQDQWL VRQR VWDWH DJJLXQWH DOFXQH FRQVLGHUD]LRQL VXOORVWDWRGHOWHUULWRULRLQ WHUPLQL GL DWPRVIHUD DFTXH H ULILXWL WUDWWL GDO 5DSSRUWR VXOOR 6WDWR GHOO¶$PELHQWH GHOOD 5HJLRQH8PEULDHG2WWREUHGDOFLWDWR5DSSRUWR$PELHQWDOHSHUDOORFD]LRQHULVRUVH )$6HGDO3LDQR5HJLRQDOHGL*HVWLRQHGHL5LILXWL'*5QGHO 

)DWWRUHUXPRUH 3DUWLFRODUH DWWHQ]LRQH q VWDWD ULVHUYDWD DOO¶HVDPH GHOOD FRPSRQHQWH GL SUHVVLRQH DPELHQWDOH ³UXPRUH´ FDXVD OD SUHVHQ]D VXO WHUULWRULR GL &LWWj GHOOD 3LHYH GL LPSRUWDQWL LQIUDVWUXWWXUHYLDULHTXDOLO¶$XWRVROH$ODOLQHDIHUURYLDULD)LUHQ]H5RPDHODOLQHDDGDOWD YHORFLWjVHPSUHVXOODVWHVVDGLUHWWULFH 3HUXQDYDOXWD]LRQHGHOO¶LPSDWWRDFXVWLFRVXOWHUULWRULRGLWDOLRSHUHYLDULHVRQRVWDWLUHSHULWL GDWLDFXVWLFLGHULYDQWLGDVWXGL5),SHUOHLQIUDVWUXWWXUHIHUURYLDULHHGDPLVXUD]LRQL$53$ 3HUXJLDSHUO¶$XWRVWUDGD$ /RVWXGLR5),qVWDWRHIIHWWXDWRPHGLDQWHDQDOLVLGHOODSURSDJD]LRQHDFXVWLFDLQWRUQRDOOH GXH OLQHH IHUURYLDULH SUHVHQWL QHO WHUULWRULR HVHJXLWD FRQ PRGHOOR PDWHPDWLFR O¶DUHD FRUULVSRQGHQWHDOO¶DELWDWRGL3RQWLFHOOLULWHQXWDODSLVLJQLILFDWLYDPRVWUDOLYHOOLDFXVWLFLDL ULFHWWRUL SL YLFLQL DOOH OLQHH VXSHULRUL DL  G% $  YDORUL LQWRUQR DL  G% $  VL ULVFRQWUDQRLQWXWWLLULFHWWRULGLVORFDWLLQXQDIDVFLDGLPGDOOHOLQHHIHUURYLDULHTXDOL FDVRODULHGDELWD]LRQLVSDUVHROWUHO¶DELWDWRGL3RQWLFHOOLJLjFLWDWR'DQRWDUHFKHLOLYHOOL PHGLQRWWXUQLVRQRVXSHULRULDTXHOOLGLXUQLFDXVDODSUHVHQ]DGLWUDQVLWRWUHQLPHUFLHOD ULGRWWDHVWHQVLRQHGHOSHULRGRQRWWXUQRULVSHWWRDTXHOORGLXUQR3HUWDOLDUHHFULWLFKH5), KDJLjLQGLYLGXDWROHQHFHVVDULHRSHUHGLPLWLJD]LRQHFRQUHODWLYRLQGLFHGLSULRULWj 3HUXQDYDOXWD]LRQHSXQWXDOHGHOOLYHOORDFXVWLFRLQGRWWRGDOO¶DUWHULDVWUDGDOH$VRQRVWDWL UHSHULWLGD$53$8PEULDLGDWLIRQRPHWULFLUHODWLYLDGXQDSRVWD]LRQHGLPLVXUDVXOERUGR DXWRVWUDGDOHHVHJXLWDQHOWHUULWRULRGHO&RPXQHGL&KLXVLPDVLJQLILFDWLYDFRPXQTXHGHL YDORULJHQHUDWLGDWDOHLQIUDVWUXWWXUD'DWDOHPLVXUD]LRQHVLHYLQFHXQOLYHOORDFXVWLFRDL ULFHWWRULSUHVVRFKpFRVWDQWHQHOSHULRGRGLXUQRHQRWWXUQRSDULDG% $  

5HY*HQ9DOXWD]LRQH$PELHQWDOH6WUDWHJLFD±5DSSRUWR$PELHQWDOH  &RPXQHGL&LWWjGHOOD3LHYH

3ULQFLSDOHLQWHUYHQWRGLSLDQLILFD]LRQHSUHYHQ]LRQHHULGX]LRQHGHOUXPRUH3&&$ ,O&RPXQHGL&LWWjGHOOD3LHYHKDDGRWWDWRLO3LDQRGL&ODVVLILFD]LRQH$FXVWLFDFRQGHOLEHUD GHO &RQVLJOLR &RPXQDOH Q  GHO  H VXFFHVVLYDPHQWH DSSURYDWR OR VWHVVR SLDQRFRQ'HOLEHUDGL&RQVLJOLR&RPXQDOHQGHO 1HOODUHGD]LRQHGHO3LDQR&RPXQDOHGL&ODVVLILFD]LRQHDFXVWLFDVRQRVWDWHDQDOL]]DWHLQ GHWWDJOLRWXWWHOHVLWXD]LRQLGLSRVVLELOHLQWHUD]LRQHWUDOHFDUDWWHULVWLFKHGHOWHUULWRULRHOD JHVWLRQHDFXVWLFDGHOORVWHVVRWDOHDWWLYLWjqVWDWDVYROWDXWLOL]]DQGRWXWWHOHLQIRUPD]LRQL GDJOLVWUXPHQWLXUEDQLVWLFLYLJHQWLGDOOHFDPSDJQHGLPRQLWRUDJJLRDFXVWLFRVSHFLILFKHHGD YDUL ODYRUL FRPPLVVLRQDWL GDOO¶DPPLQLVWUD]LRQH FRPXQDOH XWLOL LQ TXDOFKH PRGR DG DSSURIRQGLUHODFRQRVFHQ]DGHLOXRJKLHOHGLQDPLFKHFRQQHVVHDOWHUULWRULR ,O 3&&$ HVVHQGR XQR VWUXPHQWR XUEDQLVWLFR D WXWWL JOL HIIHWWL FRQWHPSOD GHJOL RELHWWLYL SURJUDPPDWLFL OD VXD UHGD]LRQH SHUWDQWR SXz SRUWDUH LQ DOFXQH VLWXD]LRQL D VWDELOLUH GHOOH ULJLGH GLUHWWLYH SURJUDPPDWLFKH VXO WHUULWRULR FKH GHYRQR SHUFLz HVVHUH DVVROXWDPHQWHYDOXWDWHFRQDWWHQ]LRQHDQFKHSHUJOLLQHYLWDELOLFRQIOLWWLGLLQWHUHVVLFKHQH SRVVRQRGHULYDUH ,O3LDQR&RPXQDOHGL&ODVVLILFD]LRQH$FXVWLFDGHO&RPXQHGL&LWWjGHOOD3LHYHHYLGHQ]LD DOFXQLDVSHWWLVDOLHQWL  OD ]RQD D QRUG GHO WHUULWRULR FRPXQDOH 3R¶ %DQGLQR H 0RLDQR  H TXHOOD RYHVW 3RQWLFHOOL SUHVHQWDQROHSULQFLSDOLLQIUDVWUXWWXUHGLWUDVSRUWRHVRQRDQFKHTXHOOH GRYHVLORFDOL]]DQRODPDJJLRUDQ]DGHOOHDWWLYLWjSURGXWWLYHTXLQGLGLFODVVHDFXVWLFD SLHOHYDWD  OH DUHH ERVFKLYH SHU ODVFDUVD DQWURSL]]D]LRQH QRQ SUHVHQWDQR SUREOHPDWLFKH GL WLSRDFXVWLFR  OHDUHH³PLVWH´GHOODSDUWHGLSLDQXUDGHOWHUULWRULRFDUDWWHUL]]DWRGDSRFKHIUD]LRQL DELWDWLYHHSRFKHDWWLYLWjDUWLJLDQDOLHRDJULFROHULFDGHJHQHUDOPHQWHLQFODVVH,,R ,,,  LOFDSROXRJRYLVWDODVXDQDWXUDOHFROORFD]LRQHHO¶DVVHQ]DGLDWWLYLWjGLSDUWLFRODUH LPSDWWRSXzYDQWDUHXQFOLPDDFXVWLFRGLEXRQDTXDOLWjLQDFFRUGRFRQO¶LQVHULPHQWR LQFODVVH,,HFRQODSUHVHQ]DGLDOFXQLULFHWWRULVHQVLELOL  XQ DVSHWWR FKH DQGUj HVDPLQDWR HG DSSURIRQGLWR QHO SLDQR GL ULVDQDPHQWR q OD VLWXD]LRQHGLFULWLFLWjDULGRVVRGHOOHVFXROHSUHVHQWLQHOOHIUD]LRQLHGHOFRPSOHVVR RVSHGDOLHUR  LO 3&&$ GL &LWWj GHOOD 3LHYH ULVXOWD SUHVVRFKp SULYR GL VDOWL GL FODVVH WUD DUHH DGLDFHQWL FRVu FRPH SUHYLVWR GDOOD QRUPDWLYD QD]LRQDOH H UHJLRQDOH ,O SLDQR SUHVHQWDLQROWUHDPSLHSRU]LRQLGLWHUULWRULRLQFODVVLWXWHODWHDFXVWLFDPHQWH  6LULSRUWDLQDOOHJDWRXQHVWUDWWRGHO3&&$YLJHQWH



 )DWWRUHDWPRVIHUD ,OTXDGURFRPSOHVVLYRGHOORVWDWRGHOO¶DWPRVIHUDQHOOD5HJLRQH8PEULDqEHQFDUDWWHUL]]DWR GDO ³3LDQR 5HJLRQDOH GL 5LVDQDPHQWR HPDQWHQLPHQWR GHOOD 4XDOLWj GHOO¶$ULD´ HG/XJOLR QHOTXDOHYHQJRQRHVDPLQDWHOHSUREOHPDWLFKHGLHPLVVLRQHGDVRUJHQWLSXQWXDOLH OLQHDULGHVFULYHQGRORVWDWRGHOWHUULWRULRUHJLRQDOH

5HY*HQ9DOXWD]LRQH$PELHQWDOH6WUDWHJLFD±5DSSRUWR$PELHQWDOH  &RPXQHGL&LWWjGHOOD3LHYH

3HUTXDQWRULJXDUGDLOWHUULWRULRGHO&RPXQHGL&LWWjGHOOD3LHYHqVWDWRHVWUDWWRLOGHWWDJOLR GHOOHFRQFHQWUD]LRQLLQDWPRVIHUDHLSULQFLSDOLLQTXLQDQWLJDVVRVLFRUULVSRQGHQWLDRVVLGLGL FDUERQLR &2 RVVLGLGLD]RWR 12[ RVVLGLGL]ROIR 62[ HSROYHULVRWWLOL 30 6LSXz QRWDUHFRPHQHOWHUULWRULRFRPXQDOHODVLWXD]LRQHGHJOLLQTXLQDQWLGHVFULWWLULVXOWLSLXWWRVWR EXRQD YLVWD OD FDUDWWHULVWLFD SUHYDOHQWH DG DUHH ERVFDWH IDQQR HFFH]LRQH OH ]RQH D ULGRVVRGHOOHSULQFLSDOLDUWHULHGLWUDVSRUWRVWUDGDOH $ ,GHWWDJOLGHOODFRQFHQWUD]LRQHVXO WHUULWRULRFRPXQDOHGHJOLLQTXLQDQWLGHVFULWWLVRQRULSRUWDWLQHOVHJXLWR                  (0,66,21,62[           

5HY*HQ9DOXWD]LRQH$PELHQWDOH6WUDWHJLFD±5DSSRUWR$PELHQWDOH  &RPXQHGL&LWWjGHOOD3LHYH

(0,66,21,12[            (0,6621,&2           (0,6621,',30          

5HY*HQ9DOXWD]LRQH$PELHQWDOH6WUDWHJLFD±5DSSRUWR$PELHQWDOH  &RPXQHGL&LWWjGHOOD3LHYH

$OWUR LPSRUWDQWH FRQWULEXWR VXOOR VWDWR GHOO¶DULD LQ WHUPLQL GL HPLVVLRQL q IRUQLWR GDOO¶LQYHQWDULR $3(; DQQR  IRUQLWR GD $53$ 8PEULD SHU LO WHUULWRULR GL &LWWj GHOOD 3LHYH ,O TXDGUR ULDVVXQWLYR GHOOH HPLVVLRQL TXDQWLWDWLYH SHU LQTXLQDQWH q UDIIURQWDWR FRQ O¶DQQR QHOVHJXLWRVLULSRUWDODOHJHQGDGHOODWDEHOODGLUDIIURQWR 



5HY*HQ9DOXWD]LRQH$PELHQWDOH6WUDWHJLFD±5DSSRUWR$PELHQWDOH  &RPXQHGL&LWWjGHOOD3LHYH 

5HY*HQ9DOXWD]LRQH$PELHQWDOH6WUDWHJLFD±5DSSRUWR$PELHQWDOH  &RPXQHGL&LWWjGHOOD3LHYH

4XDGUR0HWHR&OLPDWLFR 5DGLD]LRQHVRODUH 3RFKL VRQR JOL RVVHUYDWRUL FRQ L TXDOL YLHQH PLVXUDWD OD UDGLD]LRQH SHU OR SL FRPH UDGLD]LRQH JOREDOH UDGLD]LRQH GLUHWWD SL GLIIXVD  R FRPH HOLRIDQLD GXUDWD GHOO¶LOOXPLQD]LRQH GLUHWWD GD FXL OD UDGLD]LRQH JOREDOH SXz HVVHUH VWLPDWD FRQ EXRQD DSSURVVLPD]LRQH  /HTXDWWURVWD]LRQLGL3HUXJLD&LWWjGL&DVWHOOR7RGLH7HUQLIDQQRFRPXQTXHULOHYDUHXQD VRVWDQ]LDOHXQLIRUPLWjGHOGDWRQHOODUHJLRQH8PEULD  

          9ROHQGRLQGDJDUHSLQHOGHWWDJOLRO¶LUUDJJLDPHQWRVRODUHVLqHIIHWWXDWDXQDVWLPDWUDPLWH VRIWZDUH 6XQ6LP LO TXDOH SHUPHWWH GL YDOXWDUH OD UDGLD]LRQH VRODUH PHGLD H O¶HQHUJLD DQQXDWRWDOHRWWHQLELOHGDXQVHOH]LRQDWRWLSRGLSDQQHOORIRWRYROWDLFR 6HOH]LRQDQGR LO VLWR FRQ ODWLWXGLQH SL SURVVLPD D TXHOOR GL &LWWj GHOOD 3LHYH HG DJJLXVWDQGRTXHVWRYDORUHDƒ¶VLqLSRWL]]DWRGLVWLPDUHO¶LUUDJJLDPHQWR³WLSR´SHUXQ SDQQHOOR IRWRYROWDLFR DYHQWH XQD LQFOLQD]LRQH SDUL D ƒ H D]LPXWK SDUL D ƒ FRUULVSRQGHQWHDOODSRVL]LRQH6XG  , YDORUL GHOOD UDGLD]LRQH PHGLD JLRUQDOLHUD HVSUHVVL LQ N:KJ VRQR TXHOOL ULSRUWDWL QHOOD WDEHOODVHJXHQWHLQEDVVRDVLQLVWUD 

5HY*HQ9DOXWD]LRQH$PELHQWDOH6WUDWHJLFD±5DSSRUWR$PELHQWDOH  &RPXQHGL&LWWjGHOOD3LHYH

  9HQWRVLWj ,Q FRQFRPLWDQ]D GHOO¶RURJUDILD UHJLRQDOH OH GLUH]LRQL SUHYDOHQWLPRVWUDQRXQD YDULD]LRQH VWDJLRQDOHGDOTXDGUDQWHQRUGHVWLQLQYHUQRDOVXGRYHVWLQHVWDWH              'DOO¶$WODQWH(ROLFR,WDOLDQRVLGHVXPRQROHYHORFLWjPHGLHGHOYHQWRDOOHVHJXHQWLDOWH]]H ULVSHWWRDOVXROR    /(*(1'$

5HY*HQ9DOXWD]LRQH$PELHQWDOH6WUDWHJLFD±5DSSRUWR$PELHQWDOH  &RPXQHGL&LWWjGHOOD3LHYH

P

   PP                ,O&RPXQHGL&LWWjGHOOD3LHYHVLWURYDTXLQGLDGDYHUH YHORFLWjGHOYHQWRPHGLHSDULD PVSHUDOWH]]HSDUDPPVSHUDOWH]]HSDULDHP  

5HY*HQ9DOXWD]LRQH$PELHQWDOH6WUDWHJLFD±5DSSRUWR$PELHQWDOH  &RPXQHGL&LWWjGHOOD3LHYH

3LRYRVLWj 'DWLUHODWLYLDOODSLRYRVLWjSURSULGHOFRPXQHGL&LWWjGHOOD3LHYHVLKDQQRSHULVHJXHQWL DQQL GD6LQDQHW  

 8QDVWLPDGLTXHVWRSDUDPHWURSHUJOLDQQLSLUHFHQWLVLSXzHIIHWWXDUHFRQVLGHUDQGROH GXHVWD]LRQLSLYLFLQHDOFRPXQHLQGDJDWRRYYHUR5DGLFRIDQLH0DUVFLDQR 



5HY*HQ9DOXWD]LRQH$PELHQWDOH6WUDWHJLFD±5DSSRUWR$PELHQWDOH  &RPXQHGL&LWWjGHOOD3LHYH

  'DO 3LDQR UHJLRQDOH GL ULVDQDPHQWR H PDQWHQLPHQWR GL TXDOLWj GHOO¶DULD GHOOD 5HJLRQH 8PEULDLOGDWRFKHVLHYLQFHqORVWHVVRGHGRWWRGDLJUDILFLSUHFHGHQWL,OVXGGHWWRSLDQR LQIDWWLULSRUWDXQDSUHFLSLWD]LRQHPHGLDDQQXDOHGHO&RPXQHGL&LWWjGHOOD3LHYHFLUFD PP PPLQPHQRULVSHWWRODPHGLDUHJLRQDOHXPEUDSDULDPPDQQXL   7HPSHUDWXUDPHGLD 'DWLUHODWLYLDOVHJXHQWHSDUDPHWURVRQRGHGXFLELOLRVVHUYDQGROHVHULHVWRULFKHGHOOHGXH VWD]LRQL FKH VL WURYDQR DL ODWL (VW H 2YHVW GL &LWWj GHOOD 3LHYH RYYHUR 5DGLFRIDQL H 0DUVFLDQR

 

5HY*HQ9DOXWD]LRQH$PELHQWDOH6WUDWHJLFD±5DSSRUWR$PELHQWDOH  &RPXQHGL&LWWjGHOOD3LHYH

  ,GXHJUDILFLVRQRPROWRVLPLOLWUDORURULSRUWDQGRXQDWHPSHUDWXUDPHGLDLQWRUQRDL ƒ& 

 )DWWRUHHOHWWURPDJQHWLVPR ,OWHUULWRULRGL&LWWjGHOOD3LHYHqDWWUDYHUVDWRGDXQHOHWWURGRWWRDGDOWDWHQVLRQH N9 LQ VHQVR QRUGVXG H GD OLQHH DHUHH D N9 q QHFHVVDULR TXLQGL DQDOL]]DUH LO SRVVLELOH LPSDWWRDPELHQWDOHGLWDOHRSHUDLQWHUPLQLGLFDPSLHOHWWURPDJQHWLFLDOVXROR1HOODILJXUD VHJXHQWHqHYLGHQ]LDWRLOWUDFFLDWRGHOOHOLQHHHOHWWULFKHGHOWHUULWRULRFRPXQDOH 

5HY*HQ9DOXWD]LRQH$PELHQWDOH6WUDWHJLFD±5DSSRUWR$PELHQWDOH  &RPXQHGL&LWWjGHOOD3LHYH

  )LJ6FKHPDHOHWWURGRWWRGD37&3  $WDOHSURSRVLWRqVWDWDUHFHSLWDXQDVHULHGLPLVXUD]LRQLHVHJXLWHGDOODVH]LRQHWHUULWRULDOH $53$ 8PEULD GL 3HUXJLD LQ SURVVLPLWj GHOOD VFXROD HOHPHQWDUH LQ 9LD /RPEDUGLD LQ ORFDOLWj3z%DQGLQR /DVLWXD]LRQHGLFDPSRHOHWWULFRHPDJQHWLFRULVFRQWUDWDGDLWHFQLFL$53$ GRFXPHQWR  PRVWUDOLYHOOLDPSLDPHQWHQHLOLPLWLGLOHJJH 6L HYLGHQ]LD FKH QHO &RPXQH VDUj UHDOL]]DWR LO SURJHWWR VWUDWHJLFR GHO '67 ³5HWH GL FDEODJJLRDEDQGDODUJD´FRQULIHULPHQWRDOFRUUHODWR³3URJHWWRDEEDWWLPHQWR'LJLWDO'LYLGH QHOWHUULWRULRPHGLDQWHWHFQRORJLDZLUHOHVV´ 

 )DWWRUHVXROR

1HOWHUULWRULRGL&LWWjGHOOD3LHYHqSUHVHQWHXQVLWRDIRUWHSUHVXQ]LRQHGLFRQWDPLQD]LRQH FRPHULSRUWDWRQHO6XSSOHPHQWRVWUDRUGLQDULRDO%ROOHWWLQR8IILFLDOH±VHULHJHQHUDOH±Q GHOO¶ VHWWHPEUH  ,O VLWR GHQRPLQDWR ³([ 0HWDOPRGD´ FRQWHQXWR QHOODOLVWD $  GHO %ROOHWWLQRVLJODWR3*VLWURYDLQORFDOLWj3RQWLFHOOLLQXQDUHDLQGXVWULDOHGLVPHVVD/D IRQWH SRWHQ]LDOH GL FRQWDPLQD]LRQH ULJXDUGHUHEEH DFFXPXOL LQ SDVVDWR GL IDQJKL GL GHSXUD]LRQHUHIOXLGLJDOYDQLFDQRQDXWRUL]]DWLVXSODWHDVFDULFRGDGHSXUDWRUHVXIRVVR QRQDQRUPD



5HY*HQ9DOXWD]LRQH$PELHQWDOH6WUDWHJLFD±5DSSRUWR$PELHQWDOH  &RPXQHGL&LWWjGHOOD3LHYH

 )LJVLWR3*HVWUDWWRGHO3LDQR5HJLRQDOHGL%RQLILFDGHOOHDUUHLQTXLQDWH  3HULOVLWRLQRJJHWWRqVWDWDHPHVVDRUGLQDQ]DVLQGDFDOHQGHOHGDYYLDWH OH DWWLYLWj GL FDUDWWHUL]]D]LRQH H ERQLILFD VHFRQGROH SURFHGXUH GL OHJJH GD SDUWH GHOOD QXRYDSURSULHWj (¶GDHYLGHQ]LDUHUHODWLYDPHQWHDOODFRPSRQHQWHVXRORO¶LQWHUHVVDPHQWRGLFLUFDKD GLWHUULWRULRFRPXQDOHGDSDUWHGL3LDQLGL8WLOL]]D]LRQH$JURQRPLFDQHOORVSHFLILFR KDVRQRLQWHUHVVDWLGDVSHFLILFL3XDSHUVSDUJLPHQWRIHUWLOL]]DQWL 

5HY*HQ9DOXWD]LRQH$PELHQWDOH6WUDWHJLFD±5DSSRUWR$PELHQWDOH  &RPXQHGL&LWWjGHOOD3LHYH

 )DWWRUHLGURJHRORJLFR  ,'526)(5$ 'DL FRQWHQXWL GHO 5DSSRUWR $PELHQWDOH )$6 SRVVLDPR ULHSLORJDUH DOFXQH FDUDWWHULVWLFKH JHQHUDOLGHOWHUULWRULRVXVFDODUHJLRQDOHSHUTXDQWRULJXDUGDO¶LGURVIHUD 3HU OH DFTXH VXSHUILFLDOL O¶$XWRULWj GL EDFLQR GHO )LXPH 7HYHUH KD LQGLYLGXDWR QRYH VRWWREDFLQLSULQFLSDOLFKHULFDGRQRLQWXWWRRLQSDUWHDOO¶LQWHUQRGHOWHUULWRULRUHJLRQDOH x 6RWWREDFLQR $OWR 7HYHUH x 6RWWREDFLQR 0HGLR7HYHUH x 6RWWREDFLQR %DVVR7HYHUH x 6RWWREDFLQR&KLDVFLR x 6RWWREDFLQR 7RSLQR0DUURJJLD x 6RWWREDFLQR1HVWRUH x 6RWWREDFLQR7UDVLPHQR x 6RWWREDFLQR3DJOLD&KLDQL x 6RWWREDFLQR1HUD $ TXHVWL VL DJJLXQJRQR DOWUL VRWWREDFLQL TXDOL TXHOOR GHO /DJRGL &KLXVL DSSDUWHQHQWH DO EDFLQRGHOILXPH$UQRHOHSRU]LRQLXPEUHGLVRWWREDFLQLGLFRUVLG¶DFTXDFKHVIRFLDQRQHO 0DUH $GULDWLFR ILXPH 0HWDXUR WRUUHQWH (VLQR WRUUHQWH 3RWHQ]D H WRUUHQWH &KLHQWL 7DOL SRU]LRQLGLWHUULWRULRYHQJRQRGLVHJXLWRLQGLFDWHFRPHWHUULWRULDIIHUHQWLLO0DUH$GULDWLFRLQ EUHYH 7$0$ , FRUSL LGULFL VRWWHUUDQHL LQYHFH QRQVRQR LQJHQHUH ULIHULELOL DG XQ XQLFR VRWWREDFLQR LGURJUDILFR D FDXVD GHOOD QRQ FRUULVSRQGHQ]D WUD OLPLWL LGURJUDILFL H OLPLWL LGURJHRORJLFL 3HU TXHVWR PRWLYR OD ORUR GHVFUL]LRQH q HIIHWWXDWD D VFDOD GLFRUSR LGULFR IDFHQGRULIHULPHQWRTXDQGRSRVVLELOHDLVRWWREDFLQLLQWHUHVVDWL ,Q EDVH DOOH LQIRUPD]LRQL FRQWHQXWH QHOOD &DUWD ,GURJHRORJLFD GHOO¶8PEULD LQ IDVH GL UHDOL]]D]LRQH QHOWHUULWRULRUHJLRQDOHVRQRGLVWLQWHOHVHJXHQWLWLSRORJLHGLDFTXLIHUR x $FTXLIHUL DOOXYLRQDOL FKH KDQQR VHGH DOO¶LQWHUQR GHOOH SULQFLSDOL DUHH YDOOLYH GHOOD UHJLRQH9DOOHGHO7HYHUH9DOOH8PEUD&RQFD(XJXELQD&RQFD7HUQDQD x $FTXLIHUR YXOFDQLFR RVSLWDWR DOO¶LQWHUQR GHL GHSRVLWL GL RULJLQH YXOFDQLFD GHOO¶RUYLHWDQR x $FTXLIHULFDUERQDWLFLFKHKDQQRVHGHVLDQHOODGRUVDOHFDUERQDWLFDGHOO¶$SSHQQLQR 8PEUR0DUFKLJLDQRFKHLQWHUHVVDODIDVFLDRULHQWDOHHPHULGLRQDOHGHOODUHJLRQHVLD QHOOHVWUXWWXUHFDOFDUHHPLQRUL x $FTXLIHUL PLQRUL RVSLWDWL QHL GHSRVLWL GHWULWLFL H GHL IRQGRYDOOH DOOXYLRQDOL H QHL GHSRVLWLDPDJJLRUHSHUPHDELOLWjSUHVHQWLQHOOH]RQHFROOLQDULGHOODUHJLRQH 3HULFRUSLLGULFLVXSHUILFLDOLFKHLQ8PEULDVRQRLQPDVVLPDSDUWHFROOHJDWLDOO¶HVWHQVLRQH GHO EDFLQR GHO 7HYHUH OH DWWLYLWj GLPRQLWRUDJJLR SHULRGLFKH H OD YDOXWD]LRQH GHOOR 6WDWR (FRORJLFR GHL &RUVL GL $FTXD 6(&$  IDQQR UHJLVWUDUH QHO  XQR VWDWR TXDOLWDWLYR JHQHUDOPHQWHLQOLQHDFRQJOLRELHWWLYLHXURSHLSHULO VXIILFLHQWH FRQXQFHUWRULWDUGR HYLGHQWHSHUDOFXQLWUDWWLGHOVRWWREDFLQR7RSLQR0DUURJJLDHGHO1HVWRUH

5HY*HQ9DOXWD]LRQH$PELHQWDOH6WUDWHJLFD±5DSSRUWR$PELHQWDOH  &RPXQHGL&LWWjGHOOD3LHYH

5HY*HQ9DOXWD]LRQH$PELHQWDOH6WUDWHJLFD±5DSSRUWR$PELHQWDOH  &RPXQHGL&LWWjGHOOD3LHYH

'D XQ¶DQDOLVL VSHFLILFD GHO WHUULWRULR FRPXQDOH RWWHQXWD FRPSDUDQGR OH PDSSH GL DOODJDELOLWjHGLULVFKLRLGURJHRORJLFRGHOO¶DVWDIOXYLDOHGHO&KLDQHOODDIIOXHQWHGHO&KLDQL UDSSUHVHQWDWDQHOODILJVLHYLQFHFKHO¶DUHDHGLILFDWDGL3R¶%DQGLQRULHQWUDSHULO  QHOOD IDVFLD $ GLDOODJDELOLWj SHULO  QHOOD IDVFLD % H SHU LO UHVWDQWH  QHOOD IDVFLD & (¶ LQROWUH GD ULOHYDUH FRPH OD VXGGHWWD DUHD VL WURYL LQ XQD ]RQD GL LQFHUWR VSDUWLDFTXHGDWDODSURVVLPLWjGHOWRUUHQWH7UHVDLPPLVVDULRGHO/DJRGL&KLXVLHTXLQGL DSSDUWHQHQWH DO EDFLQRGHOO¶$UQR LO TXDOH LQ FRQGL]LRQL GL SLRJJHLQWHQVH FRQWULEXLVFH DO ULVFKLRLGURJHRORJLFR$VXGGL3R¶%DQGLQRVLULVFRQWUDXQDXOWHULRUHDPSLDDUHDDLSLHGLGL 3RJJLR&DYDOLHUHFKHULFDGHQHOODIDVFLD$GLDOODJDELOLWjGHO&KLDQHOOD 

 )LJ$UHDDQRUGGL&LWWjGHOOD3LHYH /DPHGHVLPDDQDOLVLHIIHWWXDWDDYDOOHGHOODFRQIOXHQ]DGHO&KLDQHOODQHOO¶DVWDIOXYLDOHGHO &KLDQLDIIOXHQWHGHO7HYHUHUDSSUHVHQWDWDQHOODILJHYLGHQ]LDFKHO¶LQWHUDDUHD LQGXVWULDOHGL3RQWLFHOOLULHQWUDQHOODIDVFLD$GLDOODJDELOLWj

5HY*HQ9DOXWD]LRQH$PELHQWDOH6WUDWHJLFD±5DSSRUWR$PELHQWDOH  &RPXQHGL&LWWjGHOOD3LHYH

 )LJDUHDDVXGGL&LWWjGHOOD3LHYH  7DOHDQDOLVLHYLGHQ]LDFRPHO¶LQWHUDYDOODWDDWWUDYHUVDWDGDLILXPLFLWDWLqSRWHQ]LDOPHQWH DGDOWRULVFKLRLGURJHRORJLFR  *(26)(5$ /DSLUHFHQWHUDSSUHVHQWD]LRQHGHOO¶XVRGHOVXRORLQ8PEULDqULFDYDELOHGDOODEDQFDGDWL DVVRFLDWD DO SURJHWWR &25,1( /DQG &RYHU   WUDWWD GDOFLWDWR 5DSSRUWR$PELHQWDOH )$6ULSRUWDWDQHOODILJ 3RFRPHQRGLXQWHU]RGHOWHUULWRULRXPEURqXWLOL]]DWRLQDJULFROWXUDHODVHPSUHFUHVFHQWH DWWHQ]LRQHYHUVRO¶HTXLOLEULRGHOOHWHFQLFKHDJURQRPLFKHHOHVSLQWHDGXQXVRSLUD]LRQDOH GHLSURGRWWLFKLPLFLVWDQQRSURPXRYHQGRDQFKHLQ8PEULDXQDJHVWLRQHGHOVXRORLQJUDGR GL FRQWHQHUH L IHQRPHQL GL LQTXLQDPHQWR GLIIXVR GL RULJLQH DJULFROD H ]RRWHFQLFD SDUWLFRODUH DWWHQ]LRQH q SRVWD DQFKH VXOOD FRQWHPSRUDQHD ULGX]LRQH GHJOL DSSRUWL HQHUJHWLFL H OD JHVWLRQH FRQWUROODWD GL SURGRWWL GLVSHUVL QHOO¶DPELHQWH IHUWLOL]]DQWL UHIOXL IDQJKLSHVWLFLGL  7XWWLLFRPXQLXPEULVRQRVWDWLFODVVLILFDWLLQWUHFODVVLGLULVFKLRVLVPLFRHULFDGRQRLQ TXHOOD D ULVFKLR SL HOHYDWR 6RQR LQ ODUJD SDUWH L FRPXQL GHOOH DUHH JLj FROSLWH GDL GUDPPDWLFLHYHQWLGHOLQPDJJLRUDQ]DORFDOL]]DWLQHOODSURYLQFLDGL3HUXJLD   )LJ  

5HY*HQ9DOXWD]LRQH$PELHQWDOH6WUDWHJLFD±5DSSRUWR$PELHQWDOH  &RPXQHGL&LWWjGHOOD3LHYH

 )LJ5LSDUWL]LRQHXVRVXRORUHJLRQDOH 

 )LJ=RQHVLVPLFKHLQ8PEULD

5HY*HQ9DOXWD]LRQH$PELHQWDOH6WUDWHJLFD±5DSSRUWR$PELHQWDOH  &RPXQHGL&LWWjGHOOD3LHYH

 )DWWRUHHQHUJLD /DGLVWULEX]LRQHGLLPSLDQWLGLSURGX]LRQHHQHUJLDGDIRQWLULQQRYDELOLPRVWUDQHJOLXOWLPL WHPSL XQ IRUWH LPSXOVR LO UDSSRUWR  GHO *6( *HVWRUH 6HUYL]L (OHWWULFL  HYLGHQ]LD TXDQWRULSRUWDWRLQ7DE  7DE±/HIRQWLULQQRYDELOLSHUODSURGX]LRQHGLHQHUJLDLQ,WDOLDQHO )RQWH*6( 

 /H YDOXWD]LRQL FRQWHQXWH QHO SUHVHQWH 3DUDJUDIR VL ULIHULVFRQR DL FULWHUL GHO 'HFUHWR GHO0LQLVWHURGHOOR6YLOXSSR(FRQRPLFR³/LQHHJXLGDSHUO¶DXWRUL]]D]LRQHGHJOL LPSLDQWL DOLPHQWDWL GD IRQWL ULQQRYDELOL´ HG DL FRQWHQXWL GHO 3LDQR (QHUJHWLFR 5HJLRQDOH DSSURYDWRFRQ'*5QHUHODWLYLLQGLUL]]LSURJUDPPDWLFLVHFRQGR'*5 Q $QDOL]]DQGR O¶DQGDPHQWR UHJLRQDOH HPHUJH FKH ODPDJJLRU SRWHQ]D LQVWDOODWD H UHODWLYD SURGX]LRQHVRQRULFRQGXFLELOLDOOHUHJLRQLGHO1RUG,WDOLDFRQLQWHVWDOD/RPEDUGLDFKHGD VRODUDSSUHVHQWDLOGHOSDUFRGLJHQHUD]LRQHHLOGHOODSURGX]LRQHWRWDOH

5HY*HQ9DOXWD]LRQH$PELHQWDOH6WUDWHJLFD±5DSSRUWR$PELHQWDOH  &RPXQHGL&LWWjGHOOD3LHYH

              )LJ±3URGX]LRQHHSRWHQ]DLQVWDOODWDQHOOHVLQJROHUHJLRQLLWDOLDQHQHO )RQWH*6(   /HLQL]LDWLYHSXEEOLFKHHSULYDWHVLLQVHULVFRQRQHOSURJUDPPDQD]LRQDOHGLUDJJLXQJLPHQWR GHOODTXRWDGHOGLHQHUJLHULQQRYDELOLULVSHWWRDOIDEELVRJQRQD]LRQDOH WDUJHW LQ )LJqULSRUWDWRLOELODQFLRQD]LRQDOHWUDHQHUJLDSURGRWWDHIDEELVRJQRWRWDOH VXGGLYLVDSHUWLSRORJLD



5HY*HQ9DOXWD]LRQH$PELHQWDOH6WUDWHJLFD±5DSSRUWR$PELHQWDOH  &RPXQHGL&LWWjGHOOD3LHYH

 )LJ%LODQFLRHOHWWULFRQD]LRQDOH )RQWH*6( 

 /D )LJ  PRVWUD LO SHVR UHODWLYR GHL SULQFLSDOL FRPEXVWLELOL LPSLHJDWL QHOO¶DWWXDOH SURGX]LRQHHQHUJHWLFDQD]LRQDOH

  )LJ±3ULQFLSDOLWLSLGLFRPEXVWLELOHLPSLHJDWLSHUODFRJHQHUD]LRQHQHO )RQWH*6( 

5HY*HQ9DOXWD]LRQH$PELHQWDOH6WUDWHJLFD±5DSSRUWR$PELHQWDOH  &RPXQHGL&LWWjGHOOD3LHYH

/DGLVWULEX]LRQHUHJLRQDOHGHOODSRWHQ]DLQVWDOODWDQHOOHVH]LRQLGLLPSLDQWLULFRQRVFLXWLGL FRJHQHUD]LRQH QHOO¶DQQR  PRVWUD XQD PDJJLRUH FRQFHQWUD]LRQH LQ /RPEDUGLD 3LHPRQWH3XJOLDHG(PLOLD5RPDJQDO¶8PEULDVLWURYDDQFRUDQHOOHXOWLPHSRVL]LRQL            )LJ±3RWHQ]DLQVWDOODWDLQLPSLDQWLGLFRJHQHUD]LRQHLQ,WDOLD )RQWH*6(   $OLYHOORUHJLRQDOHqSUHYLVWRXQDXPHQWRGHOODGRPDQGDHQHUJHWLFDGLFLUFDLODQQXR QHO SURVVLPR IXWXUR DXPHQWR FXL VL SRWUj ULVSRQGHUH LQ PRGR LQWHJUDWR H FRPSOHVVR JLRFDQGR LQ SDUWLFRODUH VXO ULVSDUPLR HQHUJHWLFR H VXOO¶LQWURGX]LRQH GL WHFQRORJLH H GL VLVWHPLSHUODSURGX]LRQHGLHQHUJLHULQQRYDELOL               )LJ±&RQVXPLHQHUJHWLFLUHJLRQDOLSHUDELWDQWH 

5HY*HQ9DOXWD]LRQH$PELHQWDOH6WUDWHJLFD±5DSSRUWR$PELHQWDOH  &RPXQHGL&LWWjGHOOD3LHYH

1HO WHUULWRULR GL &LWWj GHOOD 3LHYH QRQVL ULVFRQWUDQR FHQWUDOL GL SURGX]LRQH HQHUJHWLFD GD FRPEXVWLELOLIRVVLOLDYHQWLLPSDWWRVXOO¶DPELHQWH 1HOOR VWHVVR WHUULWRULR HPHUJH XQR PRGHVWR XWLOL]]R GL VRUJHQWL GL HQHUJLD GD IRQWL ULQQRYDELOL OLPLWDWDPHQWH DOOD WHFQRORJLD GHJOL LPSLDQWL VRODUL IRWRYROWDLFL VRQR GD VHJQDODUHDOFXQHLQL]LDWLYHQHOOD]RQDGL3RQWLFHOOL ,Q TXHVWD ]RQD q SUHYLVWR XQ LPSLDQWR VXGGLYLVR LQ GXH VWUDOFL IXQ]LRQDOL GL LQL]LDWLYD SXEEOLFDSURSRVWDGDO&RPXQHGL&LWWjGHOOD3LHYHVLWUDWWDGLGXHLPSLDQWLGDH N:S FLUFD GL FXL TXHOOR GL PDJJLRU SRWHQ]D FRUUHGDWR GL YDULH VROX]LRQL WHFQLFKH GL VIUXWWDPHQWRGHOOHULQQRYDELOL VRODUHIRWRYROWDLFRILVVRDGLQVHJXLPHQWRHPLQLHROLFR HGL XQHGLILFLRGLGDWWLFRILQDOL]]DWRDGLOOXVWUDUHOHWHFQRORJLHDGRWWDWHVLDYHUVROHVFRODUHVFKH GHOWHUULWRULRVLDYHUVRDVVRFLD]LRQLGLFLWWDGLQL 

5HY*HQ9DOXWD]LRQH$PELHQWDOH6WUDWHJLFD±5DSSRUWR$PELHQWDOH  &RPXQHGL&LWWjGHOOD3LHYH

 'DWLVWDWLVWLFL , GDWL GHPRJUDILFL IRQGDPHQWDOL LQGLFDQR XQD SRSROD]LRQH UHVLGHQWH DO  SHU LO &RPXQH GL &LWWj GHOOD 3LHYH SDUL D  DELWDQWL 0ROWL GHL FRPXQL DSSDUWHQHQWL DOOD &RPXQLWj 0RQWDQD ³0RQWL GHO 7UDVLPHQR´ KDQQR VXELWR D SDUWLUH GDJOL DQQL ¶ XQD FRQVLGHUHYROH ULGX]LRQH GHOOD SRSROD]LRQH UHVLGHQWHGD GDWL 56$$OWURODJR QHO SHULRGR  LO &RPXQH GL &LWWj GHOOD 3LHYH KD VXELWR XQD ULGX]LRQH GHOOD SRSROD]LRQH LQWRUQRDO $OORVWDWRDWWXDOHODSRSROD]LRQHFLWDWDULSDUWLWDVXXQWHUULWRULRGLNPGHWHUPLQD XQDGHQVLWjPHGLDVXOWHUULWRULRGLDENP 5HODWLYDPHQWHDLGDWL,67$7VXOQXPHURGHOOHDWWLYLWjFRPPHUFLDOLDUWLJLDQDOLHSURGXWWLYH SRVVLDPRULHSLORJDUHODVLWXD]LRQHGHOWHUULWRULRFRPHVHJXH   $JULFROWXUD GDWL,67$7  $]LHQGHDJULFROH        6XSHUILFLHDGXVRDJULFROR  HWWDUL $GGHWWL   ,1'8675,$ GDWL,67$7  $]LHQGHFRQDGGHWWR       $]LHQGHGDDDGGHWWL       $]LHQGHGDDDGGHWWL    $]LHQGHGDDDGGHWWL   $]LHQGHFRQROWUHDGGHWWL      7RWDOHD]LHQGH        7RWDOHDGGHWWL       &200(5&,2±6(59,=, GDWLFRPXQDOL  0HGLHVWUXWWXUHGLYHQGLWD    /LFHQ]HGLYHQGLWDWLSR$ ULVWRUDQWL    /LFHQ]HGLYHQGLWDWLSR% EDU       /LFHQ]HGLYHQGLWDWLSR&    %DUELHULSDUUXFFKLHUHHVWHWLVWH     3XEEOLFLHVHUFL]L YLFLQDWR        $0%,(17(5,),87, GDWL,67$7  3URGX]LRQHULILXWLVROLGLXUEDQL  WRQ 5DFFROWDGLIIHUHQ]LDWD       $XWRUL]]D]LRQLDOORVFDULFRVXDFTXHVXSHVXROR   VXVXROR 

5HY*HQ9DOXWD]LRQH$PELHQWDOH6WUDWHJLFD±5DSSRUWR$PELHQWDOH  &RPXQHGL&LWWjGHOOD3LHYH

 $UHHSURWHWWH ,OWHUULWRULRGHO&RPXQHGL&LWWjGHOOD3LHYHqFDUDWWHUL]]DWRGDOODSUHVHQ]DGLXQ6LWRGL ,QWHUHVVH &RPXQLWDULR 6,&  LO VLWR GHQRPLQDWR ³%RVFKL GHOO¶$OWD 9DOOH GHO 1HVWRUH´ FRGLFH6,& ,7  GL HVWHQVLRQH SDUL D  KD q GHQRWDWR GD XQ¶DUHD FROOLQDUH VROFDWD GD SURIRQGL YDOORQL IOXYLDOL GRYH ROWUH DJOL KDELWDW GL WDE VRQR SUHVHQWL HVWHVL ERVFKLGL4XHUFXVFHUULV  7DEHOOD±+DELWDW6,&,7

&RGLFH 'HVFUL]LRQH 'LU&((   KDELWDW FRSHUWD  )DJJHWLGHJOLDSSHQQLQLFRQ7D[XVH,OH[   /DQGHVHFFKHHXURSHH   )RUHVWHGL&DVWDQHDVDWLYD  )LXPL GHOOH SLDQXUH H PRQWDQL FRQ YHJHWD]LRQH GHO 5DQXQFXOLRQ   IOXLWDQWLVH&DOOLWULFKR%DWUDFKLRQ $ )RUHVWHDJDOOHULDGL6DOL[DOEDH3RSXOXVDOED   %RUGXUHSODQL]LDOLPRQWDQHHDOSLQHGLPHJDIRUELHLGURILOH 

+DELWDWSULRULWDULR 1HL VHWWRUL SL HOHYDWL HVSRVWL D QRUG WDOL ERVFKL VL DUULFFKLVFRQR GL &DUSLQXV EHWXOXV 4XHUFXVGDOHFKDPSLL,OH[DTXLIROLXPHVXOIRQGRGHLYDOORQL)DJXVV\OYDWLFDV  6XL YHUVDQWLSLVROHJJLDWLqLQYHFHSUHVHQWHO¶DVVRFLD]LRQH(ULFR4XHUFHWXPFHUULGLVFKHVL FRQWUDGGLVWLQJXHSHUODSUHVHQ]DGLVSHFLHPHGLWHUUDQHH ,O VLWR FRLQFLGH FRQ XQR GHL SL HVWHVL H PHJOLR FRQVHUYDWL ERVFKL GL 4XHUFXV FHUULV GHOO¶8PEULDHUDFFKLXGHWXWWLLSULQFLSDOLWLSLGLYHJHWD]LRQHIRUHVWDOHDFDGXFLIRJOLH DVSHWWL PHVRILOL H WHUPRILOL  WLSLFD GHL ULOLHYL FROOLQDUL DUHQDFHL ,QWHUHVVDQWLVRQR DQFKH L OHPEL GL EUXJKLHUD D &DOOXQD YXOJDULV FKH WURYDQGRVL DO OLPLWH PHULGLRQDOH GL GLVWULEX]LRQH DVVXPRQRXQQRWHYROHYDORUHILWRJHRJUDILFR7UDOHHQWLWjIORULVWLFKHSUHVHQWLGLSDUWLFRODUH ULOLHYRVRQR4XHUFXVGDOHFKDPSLLH4XHUFXVFUHQDWDUDUHDOLYHOORUHJLRQDOH7UDODIDXQD VRQRVWDWLVHJQDODWLDQFKH/HXFLVFXVFHSKDOXV VSHFLHHQGHPLFD $FFLSLWHUQLVXV VSHFLH UDUD  %XWHR EXWHR VSHFLHSRFR FRPXQL  0XVWHOD SXWRULXV VSHFLH YXOQHUDELOH H UDUD  H 6XQFXVHWUXVFXV UDUDHVWHQRWRSD  8QDPRGHVWDDOWHUD]LRQHGHJOLHFRVLVWHPLqGRYXWDDOIDWWRFKHLQWXWWDO¶DUHDLERVFKLVRQR JRYHUQDWLDFHGXRPDWULFLQDWRHSHUWDQWRYLqXQDGLPLQX]LRQHGHJOLHOHPHQWLIORJLVWLFLH IDXQLVWLFL OHJDWL DOOH IRUHVWH FRQ DOEHUL GL DOWR IXVWR R VHFRODUL ,O VLWR SUHVHQWD XQD YXOQHUDELOLWjPROWREDVVD SHULFRORLQFHQGL  /DSUHVHQ]DTXLQGLGLXQ¶DUHD6,&FKHLQWHUHVVDSDUWHGHOWHUULWRULRGL&LWWjGHOOD3LHYH UHQGHREEOLJDWRULDOD9DOXWD]LRQHGL,QFLGHQ]D(FRORJLFD 9,(&R9,1&$ FKHVLDSSOLFD VLDDJOLLQWHUYHQWLFKHULFDGRQRDOO¶LQWHUQRGHOOHDUHHGL5HWH1DWXUDVLDDTXHOOLFKH SXU VYLOXSSDQGRVL DOO¶HVWHUQR SRVVRQR FRPSRUWDUH ULSHUFXVVLRQL VXOOR VWDWR GL FRQVHUYD]LRQHGHLYDORULQDWXUDOLWXWHODWLQHOVLWR/D9DOXWD]LRQHGLLQFLGHQ]DSHULOVLWRLQ TXHVWLRQHYHUUjWUDWWDWDLQ$OOHJDWR 

5HY*HQ9DOXWD]LRQH$PELHQWDOH6WUDWHJLFD±5DSSRUWR$PELHQWDOH  &RPXQHGL&LWWjGHOOD3LHYH

 &ULWLFLWjWHUULWRULDOL /H VROHFULWLFLWj UHODWLYH DO WHUULWRULR GL &LWWj GHOOD3LHYH VRQR GD ULIHULUVL DOOH FRPSRQHQWL DPELHQWDOLFLWDWHLQGHWWDJOLRQHLSDUDJUDILSUHFHGHQWL 6RQRVWDWLFRPXQTXHDQDOL]]DWLLPROWHSOLFLHODERUDWLGHO37&3YLJHQWHSHUGHOLQHDUHXQ TXDGURFRQRVFLWLYRFRPSOHWRGHOOHFDUDWWHULVWLFKHDPELHQWDOLHSDHVDJJLVWLFKHGHOFRPXQH GL&LWWjGL3LHYHSRQHQGRSDUWLFRODUHDWWHQ]LRQHDOOHDUHHYLQFRODWH3DUWLFRODUHDWWHQ]LRQH q VWDWD ULYROWD DOOH DUHH GL SRVVLELOH ULVFKLR HVRQGD]LRQH HG DOOH DUHH LQWHUHVVDWH GD PRYLPHQWLIUDQRVL 6L ULFRUGD FKH LO 37&3 q OR VWUXPHQWR DWWUDYHUVR LO TXDOH OH 3URYLQFH VYROJRQR OD IXQ]LRQHGLUDFFRUGRHFRRUGLQDPHQWRGHOODSLDQLILFD]LRQHXUEDQLVWLFDFRPXQDOHLQ8PEULD qDQFKHORVWUXPHQWRGLSLDQLILFD]LRQHSDHVLVWLFRDPELHQWDOHGLULIHULPHQWR  7DYROD$³&DUWDGHOOHHVRQGD]LRQL´ /¶DUHD D PDVVLPR ULVFKLR GL HVRQGD]LRQH $XWRULWj GL %DFLQR GHO)LXPH7HYHUH HD SHULFRORVLWj LGUDXOLFD PROWR HOHYDWD $XWRULWj GL EDFLQR GHO )LXPH $UQR  q ORFDOL]]DWD LQ FRUULVSRQGHQ]D GHO 7RUUHQWH 7UHVD GRYH LO QXPHUR GL HYHQWL OHJDWR DOOH LQRQGD]LRQL q FRPSUHVRWUDH ,OPHGHVLPRYDORUHqSUHVHQWHLQ/RFDOLWj3RQWLFHOOLDVXGGHOFHQWURDELWDWRGL&LWWjGHOOD 3LHYHGRYHLOIRVVR&KLDQHOODHLOWRUUHQWH$VWURQHFRQIOXLVFRQRQHO)LXPH&KLDQL

























 )LJ37&3B(VWUDWWR7DYROD$

   5HY*HQ9DOXWD]LRQH$PELHQWDOH6WUDWHJLFD±5DSSRUWR$PELHQWDOH  &RPXQHGL&LWWjGHOOD3LHYH

7DYROD$³6HQVLELOLWjDULVFKLRLGURJHRORJLFRJHRPRUIRORJLFRHVLVPLFR´ /¶DUHDOXQJRO¶DVWDIOXYLDOHGHO7UHVDILQRD/RF0RLDQRqFODVVLILFDWDDPDVVLPRULVFKLR HVRQGD]LRQH $XWRULWj GL %DFLQR GHO ILXPH 7HYHUH  H SHULFRORVLWjLGUDXOLFDPROWR HOHYDWD $XWRULWjGL%DFLQRGHO)LXPH$UQR  1HOWHUULWRULRFRPSUHVRWUD&LWWjGHOOD3LHYHHLFHQWULPLQRULGL0RLDQRH3R¶%DQGLQRVRQR ORFDOL]]DWHOHDUHHVRJJHWWHDPRYLPHQWLIUDQRVLHDGHURVLRQHVHFRQGRORVWXGLRVYROWRGDO &15,53,VRQRLQROWUHSUHVHQWLOHDUHHFROSLWHGDPRYLPHQWLIUDQRVLFRPHLQGLYLGXDWHGD 3URJHWWR$9, $UHH9XOQHUDWH,WDOLDQH±IHQRPHQLFHQVLWLWUDLOHLO  'DTXDQWRVHJQDODWRGDOSURJHWWR6&$, VWXGLRGHLFHQWULLQVWDELOLLQ8PEULD LQSURVVLPLWj GHLFHQWUL3RJJLR6DQ/LWDUGRH6DQ/LWDUGRqSUHVHQWHXQ¶LQVWDELOLWjGLIIXVD









































 )LJ37&3B(VWUDWWR7DYROD$



5HY*HQ9DOXWD]LRQH$PELHQWDOH6WUDWHJLFD±5DSSRUWR$PELHQWDOH  &RPXQHGL&LWWjGHOOD3LHYH

7DYROD$³,QGLUL]]LSHUODWXWHODGHOOHDUHHHGHLVLWLGLLQWHUHVVHQDWXUDOLVWLFR´ ,OWHUULWRULRFRPXQDOHGDQRUGDVXGSHUFLUFDO¶qLQWHUHVVDWRGD$UHHERVFDWH'/JV DUWFRPPDOHWW J  ,Q SURVVLPLWj GHO FHQWUR DELWDWR GL &LWWj GHOOD 3LHYH VRQR SUHVHQWL $UHH &ODVVH $ GL HOHYDWRLQWHUHVVHQDWXUDOLVWLFR DUHHDGHOHYDWDGLYHUVLWjIORULVWLFRYHJHWD]LRQDOH HVWHUQH DOOHDUHHGLSDUWLFRODUHLQWHUHVVHQDWXUDOLVWLFRDPELHQWDOH DUWGHO387 SURVHJXHQGR YHUVR HVW ILQR DO FRQILQH FRPXQDOH VRQR SUHVHQWL $UHH &ODVVH % GL HOHYDWLVVLPR LQWHUHVVH QDWXUDOLVWLFR HVWHUQH DOOH DUHH GL SDUWLFRODUH LQWHUHVVH QDWXUDOLVWLFR DPELHQWDOH DUW387  /D ]RQD QRUGRULHQWDOH GHO WHUULWRULR q LQWHUHVVDWD GDO 6LVWHPD UHWLFRODUH SULQFLSDOH GL ULIHULPHQWRSHUOH]RRFHQRVL ERVFKLSDVFROLDUHHQXGHIDVFHGLULVSHWWRGHLILXPLHODJKL  ±&ODVVH ,QFRUULVSRQGHQ]DGHLILXPL&KLDQDHG$VWURQHHGHOIRVVR&KLDQHOODVRQRSUHVHQWLOHIDVFH GLULVSHWWRVHFRQGRLO'/JVDUWFRPPDOHWW E H F 



































  )LJ37&3B(VWUDWWR7DYROD$

5HY*HQ9DOXWD]LRQH$PELHQWDOH6WUDWHJLFD±5DSSRUWR$PELHQWDOH  &RPXQHGL&LWWjGHOOD3LHYH

7DYROD$³$UHHHVLWLDUFKHRORJLFL´ 6SDUVLQHOWHUULWRULRFRPXQDOHVRQRSUHVHQWLQVLWLGRYHVRQRVWDWLORFDOL]]DWHSUHVHQ]H DUFKHRORJLFKH















































 )LJ37&3B(VWUDWWR7DYROD$





5HY*HQ9DOXWD]LRQH$PELHQWDOH6WUDWHJLFD±5DSSRUWR$PELHQWDOH  &RPXQHGL&LWWjGHOOD3LHYH

7DYROD$³&RQLYLVXDOLHO¶LPPDJLQHGHOO¶8PEULD´ 7XWWRLOWHUULWRULRFRPXQDOHqLQVHULWRQHO6LVWHPDLQVHGLDWLYRGLULIHULPHQWRGHO7UDVLPHQR 1HOFHQWURDELWDWRGL&LWWjGHOOD3LHYHVRQRFRQFHQWUDWL x L FRQL YLVXDOL GHULYDWL GD IRWR VWRULFKH FRQ XQ JUDGR GL SHUPDQHQ]D GHL FDUDWWHUL SDHVDJJLVWLFL RULJLQDUL FKH YD GDOOD FRQVHUYD]LRQH SDU]LDOH DOOD WUDVIRUPD]LRQH SDU]LDOH x &RQLYLVXDOLGHULYDWLGDIRQWLLFRQRJUDILFKH x 9LVXDOLDGDPSLRVSHWWURGHULYDWHGDIRQWLOHWWHUDULH 7XWWD OD 66FKH SHUFRUUH LO WHUULWRULR FRPXQDOH GD 1RUG2YHVW D 6XG(VW HG XQ WUDWWR GHOOD9LD3LHYDLRODDSSDUWHQJRQRDL&RQL9LVXDOLLQGDJDWLLQTXDQWRYLDELOLWjSDQRUDPLFD

 



































 )LJ37&3B(VWUDWWR7DYROD$



5HY*HQ9DOXWD]LRQH$PELHQWDOH6WUDWHJLFD±5DSSRUWR$PELHQWDOH  &RPXQHGL&LWWjGHOOD3LHYH

7DYROD$³$UHHVRJJHWWHDYLQFROLVRYUDRUGLQDWL´ *UDQSDUWHGHOWHUULWRULRFRPXQDOHqLQWHUHVVDWRGD$UHHERVFDWHFRVuFRPHGHILQLWHQHO '/JVDUWFRPPDOHWW J  ,Q FRUULVSRQGHQ]D GHL SULQFLSDOLFRUVL G¶DFTXDVRQR SUHVHQWL OH UHODWLYH IDVFH GL ULVSHWWR VHFRQGRLO'/JVDUWFRPPDOHWW E H F  /¶LQWHUR FHQWUR VWRULFR GL &LWWj GHOOD 3LHYH H O¶DUHD SL D VXG GHO WHUULWRULR FRPXQDOH q VRWWRSRVWDDYLQFRORVHFRQGRLO'/JVDUW

         























  )LJ37&3B(VWUDWWR7DYROD$



5HY*HQ9DOXWD]LRQH$PELHQWDOH6WUDWHJLFD±5DSSRUWR$PELHQWDOH  &RPXQHGL&LWWjGHOOD3LHYH

7DYROD$³$PELWLGHOODWXWHODSDHVDJJLVWLFD´

,QFRUULVSRQGHQ]DGHLFRUVLG¶DFTXD7UHVD&KLDQHOOD$VWURQHH&KLDQLVRQRSUHVHQWLDUHH GLVDOYDJXDUGLDSDHVDJJLVWLFDGHLFRUVLG¶DFTXDGLULOHYDQ]DWHUULWRULDOHDUHHGLWXWHODGHL FRUVLG¶DFTXDGLULOHYDQ]DORFDOHDPELWRODFXVWUHGHO7UDVLPHQR'/JVDUW FRPPDOHWW EF  4XDVL OD WRWDOLWj GHO WHUULWRULR q LQVHULWD QHJOL DPELWL GL VDOYDJXDUGLD SDHVDJJLVWLFD GHOOH DUHHERVFDWH'/JVDUWFRPPDOHWW J  /D 66 HG XQ WUDWWR GHOOD 9LD 3LHYDLROD ULHQWUDQR QHOOH LQIUDVWUXWWXUH GL LQWHUHVVH SDHVDJJLVWLFRLQTXDQWR9LDELOLWjSDQRUDPLFDSULQFLSDOH

,OFHQWURDELWDWRGL&LWWjGHOOD3LHYHHO¶HVWUHPDSDUWHDVXGGHOWHUULWRULRFRPXQDOHVRQR FRPSUHVL QHJOL $PELWL GHL EHQL GL LQWHUHVVH HVWHWLFR SHUFHWWLYR LQ TXDQWR FRPSOHVVL FDUDWWHULVWLFLHEHOOH]]HSDQRUDPLFKHVHFRQGRLO'/JVDUWFRPPDSXQWL FG  /D SUHVHQ]D GHO 6,& ,7 FKH YHUUj HVDPLQDWR QHOOR VSHFLILFR QHOOD 9,1&$ GL $OOHJDWRFRPSUHQGHXQDSRU]LRQHGLWHUULWRULRDQRUGHVWGL&LWWjGHOOD3LHYHHVLHVWHQGH ILQRDOYLFLQRFRPXQHGL3LHJDUR ,O WHUULWRULR q GLVVHPLQDWR GL FHQWUL DELWDWL GHILQLWL QXFOHL VWRULFL H GL LQVHGLDPHQWL VWRULFL SXQWXDOL FKH DSSDUWHQJRQR DL %HQL GL LQWHUHVVH VWRULFRDUFKHRORJLFR SHU FLWDUQH DOFXQL 0RLDQR3R¶%DQGLQR6DQ/LWDUGR      









    5HY*HQ9DOXWD]LRQH$PELHQWDOH6WUDWHJLFD±5DSSRUWR$PELHQWDOH  &RPXQHGL&LWWjGHOOD3LHYH

                     

     )LJ37&3B(VWUDWWR7DYROD$ 

5HY*HQ9DOXWD]LRQH$PELHQWDOH6WUDWHJLFD±5DSSRUWR$PELHQWDOH  &RPXQHGL&LWWjGHOOD3LHYH

 &2168/7$=,21(

/D ' * 5 Q  GHO  DYHQWH SHU 2JJHWWR ³3URFHGXUH GL 9DOXWD]LRQH $PELHQWDOH6WUDWHJLFD 9$6 LQDPELWRUHJLRQDOH3ULPHGLVSRVL]LRQLDSSOLFDWLYHGHOLQHDWH LQFRQIRUPLWjDOFRQWHQXWRGHOOD3DUWHVHFRQGDGHO'/JVFRPHVRVWLWXLWDGDO' /JV ´ LOOXVWUD IDVL H PRGDOLWj GHO SURFHGLPHQWR 9$6 LQ DPELWR UHJLRQDOH LQ SDUWLFRODUHSRVVLDPRHYLGHQ]LDUHWUHIDVL )DVHF VYROJLPHQWRGHOOHFRQVXOWD]LRQL  )DVHG GHFLVLRQH )DVHH LQIRUPD]LRQHVXOODGHFLVLRQH 

 ,OFRLQYROJLPHQWRSXEEOLFR ,O UDSSRUWR DPELHQWDOH SUHOLPLQDUH UHODWLYR DOOD 9DOXWD]LRQH $PELHQWDOH 6WUDWHJLFD GHO &RPXQH GL &LWWj GHOOD 3LHYH q VWDWR YDOXWDWR FRQ JOL (QWL SRUWDWRUL GL LQWHUHVVL H UHVR SXEEOLFRVHFRQGROHVHJXHQWLIDVL PDJJLR±FRQYRFD]LRQH&RQIHUHQ]DGL&RQVXOWD]LRQHDLVHQVLGHOO¶DUWFRPPD  GHO ' /JV  FRPHPRGLILFDWR GDO ' /JV Q  H DL VHQVL GHOOD '*5 Q UHODWLYD DO 35* GRFXPHQWR SURJUDPPDWLFR 6RQRVWDWL LQYLWDWL FRQ OHWWHUD SURWGHOLVHJXHQWL(QWL  5HJLRQH 8PEULD ± 'LUH]LRQH $PELHQWH 7HUULWRULR H ,QIUDVWUXWWXUH 6HUYL]LR 5LVFKLR ,GURJHRORJLFR&DYHH9DOXWD]LRQL$PELHQWDOL  5HJLRQH 8PEULD ± 'LUH]LRQH $PELHQWH 7HUULWRULR H ,QIUDVWUXWWXUH 6HUYL]L 7HFQLF 5HJLRQDOL  5HJLRQH 8PEULD ± 'LUH]LRQH $PELHQWH 7HUULWRULR H ,QIUDVWUXWWXUH 6HUYL]LR 5LVRUVH ,GULFKHH5LVFKLR,GUDXOLFR  5HJLRQH 8PEULD ± 'LUH]LRQH $PELHQWH 7HUULWRULR H ,QIUDVWUXWWXUH 6HUYL]LR 4XDOLWj GHOO¶$PELHQWHH*HVWLRQH5LILXWL  5HJLRQH 8PEULD ± 'LUH]LRQH $PELHQWH 7HUULWRULR H ,QIUDVWUXWWXUH 6HUYL]LR 9DORUL]]D]LRQHGHOWHUULWRULRH7XWHODGHO3DHVDJJLR7HFQRORJLHGHOO¶,QIRUPD]LRQH  5HJLRQH 8PEULD ± 'LUH]LRQH $PELHQWH 7HUULWRULR H ,QIUDVWUXWWXUH 6HUYL]LR 8UEDQLVWLFDHG(VSURSLD]LRQL  5HJLRQH8PEULD±'LUH]LRQH3ROLWLFKHGHL&HQWULVWRULFL  5HJLRQH 8PEULD ± 'LUH]LRQH 5HJLRQDOH6YLOXSSR (FRQRPLFR H$WWLYLWj 3URGXWWLYH ,VWUX]LRQH)RUPD]LRQH/DYRUR±6HUYL]LR(QHUJLD  5HJLRQH 8PEULD ± 'LUH]LRQH 5HJLRQDOH6YLOXSSR (FRQRPLFR H$WWLYLWj 3URGXWWLYH ,VWUX]LRQH)RUPD]LRQH/DYRUR±6HUYL]LR&RPPHUFLR  5HJLRQH 8PEULD ± 'LUH]LRQH 5HJLRQDOH6YLOXSSR (FRQRPLFR H$WWLYLWj 3URGXWWLYH ,VWUX]LRQH)RUPD]LRQH/DYRUR±6HUYL]LR7XULVPR  5HJLRQH 8PEULD ± 'LUH]LRQH 5HJLRQDOH $JULFROWXUD H )RUHVWH $UHH 3URWHWWH 9DORUL]]D]LRQH GHL 6LVWHPL 1DWXUDOLVWLFL H 3DHVDJJLVWLFL EHQL H $WWLYLWj &XOWXUDOL 6SRUWH6SHWWDFROR±6HUYL]LR$UHHSURWHWWHH9DORUL]]D]LRQHGHL6LVWHPLQDWXUDOLVWLFL H3DHVDJJLVWLFL

5HY*HQ9DOXWD]LRQH$PELHQWDOH6WUDWHJLFD±5DSSRUWR$PELHQWDOH  &RPXQHGL&LWWjGHOOD3LHYH

 5HJLRQH 8PEULD ± 'LUH]LRQH 5HJLRQDOH $JULFROWXUD H )RUHVWH $UHH 3URWHWWH 9DORUL]]D]LRQH GHL 6LVWHPL 1DWXUDOLVWLFL H 3DHVDJJLVWLFL EHQL H $WWLYLWj &XOWXUDOL 6SRUWH6SHWWDFROR±6HUYL]LR$LXWLDOOH,PSUHVHHDOOH)LOLHUHGHL6LVWHPL3URGXWWLYL $JURLQGXVWULDOL  5HJLRQH 8PEULD ± 'LUH]LRQH 5HJLRQDOH $JULFROWXUD H )RUHVWH $UHH 3URWHWWH 9DORUL]]D]LRQH GHL 6LVWHPL 1DWXUDOLVWLFL H 3DHVDJJLVWLFL EHQL H $WWLYLWj &XOWXUDOL 6SRUWH6SHWWDFROR±6HUYL]LR6YLOXSSR6RVWHQLELOHGHOOH3URGX]LRQL$JULFROH  5HJLRQH 8PEULD ± 'LUH]LRQH 5HJLRQDOH $JULFROWXUD H )RUHVWH $UHH 3URWHWWH 9DORUL]]D]LRQH GHL 6LVWHPL 1DWXUDOLVWLFL H 3DHVDJJLVWLFL EHQL H $WWLYLWj &XOWXUDOL 6SRUWH6SHWWDFROR±6HUYL]LR)RUHVWHHG(FRQRPLD0RQWDQD  5HJLRQH 8PEULD ± 'LUH]LRQH 5HJLRQDOH $JULFROWXUD H )RUHVWH $UHH 3URWHWWH 9DORUL]]D]LRQH GHL 6LVWHPL 1DWXUDOLVWLFL H 3DHVDJJLVWLFL EHQL H $WWLYLWj &XOWXUDOL 6SRUWH6SHWWDFROR±6HUYL]LR&DFFLDH3HVFD  0LQLVWHUR SHU L EHQL &XOWXUDOL H OH DWWLYLWj &XOWXUDOL 'LUH]LRQH 5HJLRQDOHSHU L%HQL &XOWXUDOLH3DHVDJJLVWLFLGHOO¶8PEULD  6RSULQWHQGHQ]DSHUL%HQL6WRULFL$UWLVWLFLHG(WQRDQWURSRORJLFLGHOO¶8PEULD  6RSULQWHQGHQ]DSHUL%HQL$UFKLWHWWRQLFLH3DHVDJJLVWLFLGHOO¶8PEULD  6RSULQWHQGHQ]D$UFKHRORJLFD  3UHVLGHQ]DGHOOD3URYLQFLDGL3HUXJLD8IILFLR37&3H8UEDQLVWLFD  3UHVLGHQ]DGHOOD3URYLQFLDGL3HUXJLD$UHD$PELHQWHH7HUULWRULR6HUYL]LR&RQWUROOR H*HVWLRQH$PELHQWDOH  8QLWj6DQLWDULD/RFDOHQ$UHDGHO7UDVLPHQR  $53$8PEULD6HUYL]LR9DOXWD]LRQH$PEOH6WUDWHJLFDH5HSRUWLQJ$PEOH  &RPXQLWj0RQWDQD$VVRFLD]LRQH&RPXQL0HGLR7HYHUH  $XWRULWjGL$PELWR8PEULD  8PEUD$FTXH  $XWRULWjGL%DFLQRGHOILXPH7HYHUH  $XWRULWjGL%DFLQRGHO)LXPH$UQR  6LQGDFRGHO&RPXQHGL3LHJDUR  6LQGDFRGHO&RPXQHGL&DVWLJOLRQGHO/DJR  6LQGDFRGHO&RPXQHGL3DFLDQR  6LQGDFRGHO&RPXQHGL0RQWHOHRQHG¶2UYLHWR  6LQGDFRGHO&RPXQHGL$OOHURQD  6LQGDFRGHO&RPXQHGL)DEUR  6LQGDFRGHO&RPXQHGL6DQ&DVFLDQRGHL%DJQL  6LQGDFRGHO&RPXQHGL&HWRQD  6LQGDFRGHO&RPXQHGL&KLXVL  3UHVLGHQWHGHOOD5HJLRQH7RVFDQD  3UHVLGHQWHGHOOD3URYLQFLDGL6LHQD

5HY*HQ9DOXWD]LRQH$PELHQWDOH6WUDWHJLFD±5DSSRUWR$PELHQWDOH  &RPXQHGL&LWWjGHOOD3LHYH

 3UHVLGHQWHGHOODSURYLQFLDGLWHUQL   PDJJLR  ,QFRQWUR WUD LO &RPXQH GL &LWWj GHOOD3LHYH $53$ 8PEULD H 5HJLRQH 6HUYL]LR9DOXWD]LRQL$PELHQWDOL   IHEEUDLR  LQFRQWUR LQ &RPXQH GL &LWWj GHOOD 3LHYH WUD WHFQLFL HG DPPLQLVWUDWRUL FRPXQDOLHSURJHWWLVWL35*±9$6   PDU]R  ,QFRQWUR WUD LO &RPXQH GL &LWWj GHOOD 3LHYH $53$ 8PEULD H 5HJLRQH 6HUYL]LR9DOXWD]LRQL$PELHQWDOL  ,OSURFHGLPHQWRGLDYYLRGHOOD9$6qVWDWRDSSURYDWRFRQGHWHUPLQD]LRQHGHOUHVSRQVDELOH $UHD8UEDQLVWLFDQGHOPDU]R(¶VWDWRVXFFHVVLYDPHQWHGDWRDYYLVRSXEEOLFR GHOO¶DYYLRGHOSURFHGLPHQWRPHGLDQWHFRPXQLFD]LRQHGHO5HVSRQVDELOH$UHD8UEDQLVWLFD SURWGHODSULOHHQWUDPELLGRFXPHQWLVRQRVWDWLUHVLGLVSRQLELOLVXOVLWRZHE GHO &RPXQH GL &LWWj GHOOD 3LHYH LQVLHPH DO GRFXPHQWR GL 5DSSRUWR $PELHQWDOH SUHOLPLQDUH 5LIHULPHQWLVLWRZHE&RPXQHGL&LWWjGHOOD3LHYHKWWSZZZFRPXQHFLWWDGHOODSLHYHSJLW  6,17(6,9(5%$/(&21)(5(1=$',&2168/7$=,21( 3UHVHQWL&RPPHQWL $OIUHGR0DQ]L7HFQLFRGHO6HUYL]LR5HJLRQDOH³ULVFKLRLGURJHRORJLFRFDYHHYDOXWD]LRQL DPELHQWDOL´LOOXVWUD]LRQHVFRSR9$6HGLWHUSURFHGXUDOH &RUUDGR%UL]L7HFQLFRGHO6HUYL]LR5HJLRQDOH³ULVRUVHLGULFKHHULVFKLRLGUDXOLFR´VHJQDODODQHFHVVLWj GLFRQVLGHUDUH OHPDSSHGLDOODJDELOLWjULIHULWHDOEDFLQRGHO7HYHUHHGHOO¶$UQRYDOXWDUHLFRQWHQXWLGHO 3LDQR*HQHUDOHGHJOL$FTXHGRWWLHODVLWXD]LRQHGHOOHIUDQHGD3$, 3HWULQL7HFQLFRGHOOD'LUH]LRQH5HJLRQDOHSHUL%HQLFXOWXUDOLHSDHVDJJLVWLFLGHILQLUHXQRSSRUWXQRVHW GLLQGLFDWRULDPELHQWDOL 3DROR 6WUDQLHUL 7HFQLFR GHO 6HUYL]LR 9$6 H 5$ GHOO¶$53$ 80%5,$ FHQWUDUH EHQH L WHPL VSHFLILFL QHOODUHOD]LRQHGHOUDSSRUWRDPELHQWDOH 0DUFKLRQQL 7HFQLFR GHOOD &RPXQLWj 0RQWDQD GHO 7UDVLPHQR YDOXWDUH XQD ULFRJQL]LRQH VXOOH DUHH ERVFDWH 0D]]DVHWWH 5HJLRQH 8PEULD YDOXWDUH L FRQWHQXWL GHO QXRYR 3LDQR UHJLRQDOH GHL 5LILXWL H O¶LPPLQHQWH 3LDQRGL7XWHODGHOOH$FTXH )DXVWR )DGLJKHQWL 'LULJHQWH GHO VHUYL]LR 8UEDQLVWLFD GHO &RPXQH GL &LWWj GHOOD 3LHYH LOOXVWUDWR O¶LWHU FRPXQDOHGLDYYLRGHOSURFHGLPHQWR9$6 *LDQOXLJL 1RYHOOR 6,17$*0$ 6UO  WHFQLFR LQFDULFDWR SHU OD UHGD]LRQH GHO SURJHWWR GL YDULDQWH 35* LOOXVWUDWLLFRQWHQXWLGHOODYDULDQWHGL35* *LDQFDUOR 6WUDQL FRQVXOHQWH 6,17$*0$ 6UO  WHFQLFR LQFDULFDWR SHU OD 9$6 LOOXVWUDWL L FRQWHQXWL GHO UDSSRUWRDPELHQWDOHSUHOLPLQDUH      

5HY*HQ9DOXWD]LRQH$PELHQWDOH6WUDWHJLFD±5DSSRUWR$PELHQWDOH  &RPXQHGL&LWWjGHOOD3LHYH

266(59$=,21,(&2175,%87,3(59(187, %LDJLR 0XQLFFKL 5HJLRQH 8PEULD 'LUH]LRQH $PELHQWH 7HUULWRULR HG ,QIUDVWUXWWXUH 6HUYL]LR WXWHOD GHO WHUULWRULR H YDORUL]]D]LRQH GHO SDHVDJJLR 1HFHVVLWj GL YDOXWDUH LO WUDFFLDWR GHOOD VWUDGD GL FLUFRQYDOOD]LRQH GHO FDSROXRJR FRQ VROX]LRQL GL PLQRU LPSDWWR DPELHQWDOH DWWHQ]LRQH DOOD TXDOLWj DUFKLWHWWRQLFDGHLQXRYLLQVHGLDPHQWLHQHOUHFXSHURGHOO¶HVLVWHQWH 0DXUL]LRGL&HVDUH5HJLRQH8PEULD'LUH]LRQH$PELHQWH7HUULWRULRHG,QIUDVWUXWWXUH6HUYL]LRWXWHODGHO WHUULWRULR H YDORUL]]D]LRQH GHO SDHVDJJLR VL LQGLYLGXDQR DOFXQL REELHWWLYL VWUDWHJLFL GL SLDQR WUD FXL UDIIRU]DPHQWR LQVHGLDWLYR GHL FHQWUL VWRULFL LPSOHPHQWD]LRQH GHOOH DWWLYLWj SURGXWWLYHFRPPHUFLDOL SHU PDJJLRUFRPSHWLWLYLWjSURVVLPDUHDOL]]D]LRQHGHO3ROR2VSHGDOLHURXQLFRGHO7UDVLPHQR /XFD &HFFREDR 6LQGDFR GHO &RPXQH GL &KLXVL YDOXWDUH DOFXQL SURILOL GL ULOLHYR WUD FXL O¶DVVHWWR LGURJHRORJLFRGHOWHUULWRULRSUREOHPDWLFKHGLFDUDWWHUHLQIUDVWUXWWXUDOH VWUDGHHIHUURYLH  5HQ]R 3DWDFFD 8PEULD $FTXH 6SD VDOYDJXDUGLD GHOOH RSHUH LGULFKHHIRJQDULH3HUJOLVYLOXSSLGL 35*8PEULD$FTXHHPHWWHUjGLYROWDLQYROWDLSDUHULGLFRPSHWHQ]D *LRYDQQL0HQGXQL$XWRULWjGL%DFLQRGHO)LXPH$UQRFRQVLGHUDUHOHDUHHDSHULFRORVLWjLQGLYLGXDWHGDO 3$, *DLD&KHFFXFFL$XWRULWjGL%DFLQRGHO)LXPH$UQRYHULILFDUHODFRQIRUPLWjGHOOH17$GHO3$,LQVHGH GLGHILQL]LRQHGHO35*  266(59$=,21,,1)$6(',$'2=,21( 6XFFHVVLYDPHQWH DOO¶DGR]LRQH GHO 35* SDUWH VWUXWWXUDOH H UHODWLYR GRFXPHQWR 9$6 HQWURLVHVVDQWDJLRUQLVXFFHVVLYLWXWWLLSRUWDWRULGLLQWHUHVVLILQRDGLVLQJROLFLWWDGLQLKDQQR ODSRVVLELOLWjGLVRWWRSRUUHRVVHUYD]LRQLDLFRQWHQXWLGHLGRFXPHQWLDGRWWDWL $OORVFRSRGLHYLGHQ]LDUHOHRVVHUYD]LRQLDWWLQHQWLDOSURFHGLPHQWR9$6SHUXQDPLJOLRUH SL FRUUHWWD JHVWLRQH GD SDUWH GHJOL XIILFL SUHSRVWL q VWDWR LQGLYLGXDWR XQ PRGXOR ³2VVHUYD]LRQL 9$6´ ULSRUWDWD LQ $OOHJDWR  6DUj FRPSLWR GHJOL XIILFL FRPXQDOL GDUQH HYLGHQ]DHGLVSRQLELOLWjVLDLQORFRFKHVXVLWRZHEGHO&RPXQHSHUUHQGHUHGLVSRQLELOH WDOH PRGXOLVWLFD D WXWWL FRORUH FKH YRUUDQQR VRWWRSRUUH RVVHUYD]LRQL DWWLQHQWL DO SURFHGLPHQWRGL9$6 

$33529$=,21(9$63$57(67587785$/(35*&,77$¶'(//$3,(9( &RQ GHWHUPLQD]LRQH GLULJHQ]LDOH Q  GHO  LO FRPSHWHQWH VHUYL]LR GHOOD UHJLRQH 8PEULD  KD HPHVVR LO GRFXPHQWR GL ³SDUHUH PRWLYDWR IDYRUHYROH´ DL ILQL GHO SURFHGLPHQWR 9$6  $OO¶LQWHUQR GHO SDUHUH PRWLYDWR 9$6 VRQR FRQWHQXWH ODFXQH SUHVFUL]LRQLUHFHSLWHQHOSUHVHQWH5DSSRUWR$PELHQWDOH  3529,1&,$',3(58*,$$5($$0%,(17((7(55,725,2 &RQLOFRPSHWHQWHVHWWRUHGHOOD3URYLQFLDGL3HUXJLDqVWDWRVYROWRXQFRQIURQWRLQGDWD  DO TXDOH q VHJXLWR LO GRFXPHQWR  GHO 'LULJHQWH GHO 6HUYL]LR 37&3 HG 8UEDQLVWLFDGDWDWR /HLQWHJUD]LRQLFDUWRJUDILFKHDWWLQHQWLDOODSDUWHVWUXWWXUDOHGHO35*VRQRVWDWHSURGRWWHH FRQVHJQDWHGDLSURJHWWLVWLFLGHOORVWXGLR6LQWDJPD    

5HY*HQ9DOXWD]LRQH$PELHQWDOH6WUDWHJLFD±5DSSRUWR$PELHQWDOH  &RPXQHGL&LWWjGHOOD3LHYH

 2%,(77,9,',6267(1,%,/,7$¶$0%,(17$/(

 2ELHWWLYLGHOSLDQR 1HOOHVFHOWHSURJUDPPDWLFKHDOODEDVHGHO3LDQR5HJRODWRUHGL&LWWjGHOOD3LHYHVRQRVWDWL HVDPLQDWLGLYHUVLSRVVLELOLVFHQDULGLJHVWLRQHGHOWHUULWRULRULHSLORJKLDPRQHOVHJXLWRLWUH VFHQDULSULQFLSDOLVXLTXDOLVRQRVWDWHDUJRPHQWDWHOHYDOXWD]LRQLVWUDWHJLFKHRJJHWWRGHO SUHVHQWHGRFXPHQWR  5HFXSHURHULTXDOLILFD]LRQHGHLYROXPLHGLILFDWLHGHJOLVSD]LHVLVWHQWLQHOO¶DUHDGHO FDSROXRJRVHQ]DVLJQLILFDWLYLLQWHUHVVDPHQWLGHOOHIUD]LRQLHGHLWHUULWRULHVWHUQLDO FDSROXRJRVWHVVR  6YLOXSSR GHOOH DUHH HGLILFDWH QHOOH IUD]LRQL GHO WHUULWRULR FRPXQDOH VHQ]D LQWHUHVVDPHQWRGHOO¶HVLVWHQWHQHOFDSROXRJR  3DU]LDOHUHFXSHURHULTXDOLILFD]LRQHGHLYROXPLHGHJOLVSD]LQHOO¶DUHDGHOFDSROXRJR HSDUDOOHODHVSDQVLRQHGLDOFXQHDUHHVSHFLILFKHGHOOHIUD]LRQL 1HO SURJUDPPD GL PRQLWRUDJJLR GHVFULWWR GHO SUHVHQWH GRFXPHQWR YHUUDQQR YDOXWDWL DWWUDYHUVRJOLLQGLFDWRULGHILQLWLDOSDUJOLLPSDWWLGHOORVFHQDULRDGRWWDWRQHOOHVFHOWHGL 35*LQWHUPLQLGLVRVWHQLELOLWjGHOOHVFHOWHRSHUDWH 3HU TXDQWR GHWWDJOLDWR QHL FDSLWROL SUHFHGHQWL HPHUJH XQ TXDGUR FRPSOHWR UHODWLYR DO &RPXQHGL&LWWjGHOOD3LHYHUHODWLYDPHQWHDJOLDVSHWWLDPELHQWDOLWHUULWRULDOLSDHVDJJLVWLFL VRFLR ± HFRQRPLFL LQIUDVWUXWWXUDOL H YLQFROLVWLFL  OHJDWL DOOD QRUPDWLYD GL ULIHULPHQWR FRPXQDOHSURYLQFLDOHHUHJLRQDOH $QDOL]]DQGRDOFXQHFRPSRQHQWLVSHFLILFKHSRVVLDPRDQQRWDUHTXDQWRVHJXH x &LWWj GHOOD 3LHYH q XQ &RPXQH FDUDWWHUL]]DWR GD XQD ULGRWWD SRSROD]LRQH XQD HVWHVDVXSHUILFLHWHUULWRULDOHFRQDPSLH]RQDERVFDWD x /DSRSROD]LRQHVRVWDQ]LDOPHQWHVWDELOHKDVXELWRXQOHJJHURGHFUHPHQWRGDJOLDQQL DGRJJL x /HLPSUHVHORFDOLVRQRSLFFROHHSHUORSLGLWLSRDJULFROR8QUXRORLPSRUWDQWHq ULYHVWLWRGDOWXULVPRFDUDWWHUL]]DWRGDHOHYDWLIOXVVLGLYLVLWDWRULSHUOHSHFXOLDULWjGHO WHUULWRULR x 1RQYLVRQRLQGXVWULHDULVFKLRGLLQFLGHQWHULOHYDQWH x 8QD SDUWH VLJQLILFDWLYD GHO WHUULWRULR ULFDGH LQ DUHH SURWHWWH 6,& RFRPXQTXH ERVFDWH x 9DVWH DUHH ULHQWUDQR LQ $PELWR GL PDVVLPR ULVFKLR GL QDWXUD JHRORJLFD R LGURJHRORJLFDSHU(OHYDWDSURSHQVLRQHDOGLVVHVWRHFRQFHQWUD]LRQHGLIUDQHDWWLYH x /¶LQTXLQDPHQWR DFXVWLFR VXOO¶LQWHUR WHUULWRULR q ULGRWWR FRVu FRPH TXHOOR HOHWWURPDJQHWLFRIDWWDHFFH]LRQHSHUDOFXQHVLWXD]LRQLSXQWXDOLGHVFULWWHQHO&DS x /DVWUXWWXUDYLDULDLQWHUQDDOWHUULWRULRFRPXQDOHFRQVLVWHXQLFDPHQWHGLSRFKHVWUDGH SURYLQFLDOLGHGLFDWHDOODIUXL]LRQHGHOWHUULWRULRODSUHVHQ]DGHOO¶DXWRVWUDGD$QHOOD ]RQDYDOOLIHUDGHOWHUULWRULRQRQFRPSRUWDVLJQLILFDWLYHULFDGXWHVXOWHUULWRULRVWHVVR x , VHUYL]L LQ UHWH KDQQR XQD HVWHQVLRQH OLPLWDWD VXO WHUULWRULR H LQVLVWRQR VROR VXL SULQFLSDOLDJJORPHUDWLXUEDQL ,Q PHULWR DL SULQFLSDOLFULWHUL GD SURSRUUH SHU OD VWHVXUD GHO 3LDQR 5HJRODWRUH SRVVLDPR HYLGHQ]LDUH x *DUDQWLUHODPDVVLPDWXWHODSHUOHDUHHSURWHWWHVLDSHULOULVSHWWRGHOOHQRUPDWLYD YLJHQWH PD DQFKH SHUJDUDQWLUH DO WXULVWD HG DL UHVLGHQWLODIUXL]LRQHGHOOH WLSLFLWj FRPXQDOL WUDQTXLOOLWjDPELHQWHLQFRQWDPLQDWRWUDGL]LRQL  5HY*HQ9DOXWD]LRQH$PELHQWDOH6WUDWHJLFD±5DSSRUWR$PELHQWDOH  &RPXQHGL&LWWjGHOOD3LHYH

x 1RQ SUHGLVSRUUH R DOPHQR ULGXUUH DOPLQLPR O¶LQGLYLGXD]LRQH GL QXRYH DUHH SHU LO VHWWRUHSURGXWWLYR YLVWRFKHVWDQGRDLGDWLDWWXDOLQRQYLqSDUWLFRODUHULFKLHVWDGL VXSHUILFLSHUTXHVWDGHVWLQD]LRQH x 1RQ SURJUDPPDUH QXRYH DUHH UHVLGHQ]LDOL R SURGXWWLYH VXO WHUULWRULR DSHUWR RYH QRQYLVLDQRJLjVWUXWWXUHSUHVHQWLDOILQHGLHYLWDUHODGLVSHUVLRQHXUEDQDHOLPLWDUH OHRSHUHGLXUEDQL]]D]LRQH x )DYRULUHSHUTXDQWRSRVVLELOHLOSUHVLGLRGHOWHUULWRULRHODSHUPDQHQ]DGHLJLRYDQL VXOORVWHVVRFRQVHQWHQGRO¶HGLILFD]LRQHGLUHVLGHQ]DRYHYHQHVLDULFKLHVWDHQRQ SUHJLXGLFKL OD TXDOLWj GHOO¶DPELHQWH DGLDFHQWL D FDVH JLj HVLVWHQWL H DELWDWH /D FRVWLWX]LRQHGLSLFFROLQXFOHLLQIDWWLSHUPHWWHLOFRQWUROORHGHYHQWXDOPHQWHODWXWHOD GHOWHUULWRULR x ,QGLYLGXDUHRYHYHQHVLDQROHFRQGL]LRQLWHUULWRULDOLHSDHVDJJLVWLFKHSLFFROHDUHH SHULOFRPSDUWRUHVLGHQ]LDOHDFRPSOHWDPHQWRHUHYLVLRQHGLTXDQWRIDWWRQHO35* SUHFHGHQWH DQFKH LQ FRQVLGHUD]LRQH HG HYHQWXDOH UHYLVLRQH GL TXDQWR q VWDWR HIIHWWLYDPHQWH HGLILFDWR H GHOOH DUHH VX FXL QRQ YL q VWDWR LQWHUHVVH DOFXQR ,Q SDUWLFRODUH q RSSRUWXQR FKH WDOL DUHH YHQJRQR LQGLYLGXDWH LQ SULPD EDWWXWD LQ SURVVLPLWjHDFRPSOHWDPHQWRGHOOHIUD]LRQLSLSRSRORVH FDSROXRJR3R¶%DQGLQR 3RQWLFHOOLH0RLDQR  &RPH PLVXUH GL WXWHOD H VDOYDJXDUGLD GHO WHUULWRULR SRVVLDPR LQGLFDUH OH VHJXHQWL SUHVFUL]LRQL x 9XOQHUDELOLWjGHJOLDFTXLIHULHYLWDUHO¶HGLILFD]LRQHLQSURVVLPLWjGHLFRUVLG¶DFTXDFKH DWWUDYHUVDQR LO &RPXQH RYH VL VHJQDODQR DUHH DOOXYLRQDOL QRQ FODVVLILFDWH YXOQHUDELOLWj GD DOWD D PROWR HOHYDWD  HG LQ SURVVLPLWj GHL 'HWULWL SUHVHQWL D YXOQHUDELOLWjHOHYDWDRPROWRHOHYDWD x 9LQFROLVRYUDRUGLQDWLIDVFLDFKHULHQWUDIUDFRUVLG¶DFTXDVSHFFKLODFXVWULHUHODWLYH IDVFHGLULVSHWWR'/JVDUWFRPPDOHWW E H F OXQJRLWRUUHQWL x $PELWRGLPDVVLPRULVFKLRGLQDWXUDJHRORJLFDRLGURJHRORJLFDHYLWDUHO¶HGLILFD]LRQH QHOOHDUHHDGHOHYDWDSURSHQVLRQHDOGLVVHVWRHPDVVLPDFRQFHQWUD]LRQHGLIUDQH x (YLWDUH R OLPLWDUH DO PDVVLPR JOL VYLOXSSL XUEDQLVWLFL LQ SURVVLPLWjGHOOHJUDQGL LQIUDVWUXWWXUHYLDULH

5HY*HQ9DOXWD]LRQH$PELHQWDOH6WUDWHJLFD±5DSSRUWR$PELHQWDOH  &RPXQHGL&LWWjGHOOD3LHYH

 9$/87$=,21('(*/,,03$77,

 $UHHLQWHUHVVDWH *OL DPELWL WHUULWRULDOL SRWHQ]LDOPHQWH LQWHUHVVDWL GDOOH VFHOWH GL 35* SRVVRQR ULDVVXPHUVL QHO VHJXHQWH HOHQFR OLPLWDWR DJOL DPELWL SLVLJQLILFDWLYL WUDODVFLDQGR VLWXD]LRQL SXQWXDOL ULIHULWHDFDVHVSDUVHRDUHHGLSLFFRODSLFFROLVVLPDHQWLWj  &DSROXRJR  0RLDQR  3R¶%DQGLQR  3RQWLFHOOL  0DUDQ]DQR  6DQ/LWDUGR &RQULIHULPHQWRDOOHDUHHLQGLYLGXDWHQHOOHWDYROHGL35*VXEDVHFDUWRJUDILFDFRPXQDOHVL ULSRUWD QHO VHJXLWR XQD EUHYH GHVFUL]LRQH GHOOH DUHH FRQ UHODWLYD GRFXPHQWD]LRQH IRWRJUDILFD  &DSROXRJR 1HOOD]RQDGHOFDSROXRJRFRPXQDOHVRQRSUHYLVWHPRGHVWHDUHHGLVYLOXSSRUHVLGHQ]LDOH ³0DFUR]RQD&´HGXQSLFFRORDPSOLDPHQWRGLDUHDSURGXWWLYD³0DFUR]RQD'´ 

 &LWWjGHOOD3LHYH

5HY*HQ9DOXWD]LRQH$PELHQWDOH6WUDWHJLFD±5DSSRUWR$PELHQWDOH  &RPXQHGL&LWWjGHOOD3LHYH

 &LWWjGHOOD3LHYH  0RLDQR /¶DUHDGHOODIUD]LRQHGL0RLDQRSUHYHGHXQVLJQLILFDWLYRLQFUHPHQWRGHOOH]RQHUHVLGHQ]LDOL FRQPRGHVWDHVSDQVLRQHGLDUHHSURGXWWLYH

 0RLDQR

5HY*HQ9DOXWD]LRQH$PELHQWDOH6WUDWHJLFD±5DSSRUWR$PELHQWDOH  &RPXQHGL&LWWjGHOOD3LHYH

 0RLDQR  3R¶%DQGLQR /¶DUHD GHOOD IUD]LRQH GL 3R¶ %DQGLQR SUHYHGH XQ VLJQLILFDWLYR LQFUHPHQWR GHOOH ]RQH UHVLGHQ]LDOL DFFRPSDJQDWD GD XQ IRUWH LQFUHPHQWR GHOOH DUHH YHUGL FRQ QHVVXQD HVSDQVLRQHGLDUHHSURGXWWLYH

 3R¶%DQGLQR  5HY*HQ9DOXWD]LRQH$PELHQWDOH6WUDWHJLFD±5DSSRUWR$PELHQWDOH  &RPXQHGL&LWWjGHOOD3LHYH

3RQWLFHOOL /¶DUHDGHOODIUD]LRQHGL3RQWLFHOOLSUHYHGHXQPRGHVWRLQFUHPHQWRGHOOH]RQHUHVLGHQ]LDOL FRQ VLJQLILFDWLYR LQFUHPHQWR GHOOH ]RQH SURGXWWLYH 0DFURQRD '  YLVWD OD VXD DWWXDOH GHVWLQD]LRQHXUEDQLVWLFDHODVXDFROORFD]LRQHORJLVWLFDULVSHWWRDOOHSULQFLSDOLLQIUDVWUXWWXUH YLDULH

 3RQWLFHOOL

 3RQWLFHOOL

5HY*HQ9DOXWD]LRQH$PELHQWDOH6WUDWHJLFD±5DSSRUWR$PELHQWDOH  &RPXQHGL&LWWjGHOOD3LHYH

0DUDQ]DQR /¶DUHDGHOODIUD]LRQHGL0DUDQ]DQRSUHYHGHXQSLFFRORLQFUHPHQWRGHOOH]RQHUHVLGHQ]LDOL ULVSHWWRDOORVWDWRDWWXDOHFRPXQTXHGLPRGHVWDHQWLWj  6DQ/LWDUGR $QFKH SHU OD IUD]LRQH GL 6DQ /LWDUGR q SUHYLVWR XQ SLFFROR LQFUHPHQWR GHOOH ]RQH UHVLGHQ]LDOL ULVSHWWR DOOR VWDWR DWWXDOH VL DJJLXQJH LQROWUH XQ FHUWR LQFUHPHQWR GHOOH 0DFUR]RQH)DGLELWHDVHUYL]L 

 (IIHWWLDWWHVL /D IDVH ILQDOH GHOO¶DWWLYLWj GL YDOXWD]LRQH FRQVLVWH QHOO¶DVVHJQDUH YDORUL GLVFUHWL DL GLYHUVL LPSDWWL IRUQHQGRQH XQD YLVLRQH VLQWHWLFD LQ PRGR GD SRWHU SURSRUUH GLYHUVL OLYHOOL GL PLWLJD]LRQHHGLSRWHVLDOWHUQDWLYH6FRSRGHOOHYDOXWD]LRQLq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q VWDWD RWWHQXWDFRPELQDQGRLQ IRUPDPDWULFLDOH XQD FKHFNOLVW FKH HOHQFD L SRVVLELOL EHUVDJOL GHJOLLPSDWWL DPELHQWDOL FRQ XQDOLVWD GHOOH DWWLYLWj GL SURJHWWR SUHYLVWH SHU OD UHDOL]]D]LRQH GHOO¶RSHUD LQ HVDPH 6L KD SHUFLz XQD UHOD]LRQH FDXVD ± HIIHWWRWUDOHDWWLYLWjGLSURJHWWRHGLIDWWRULDPELHQWDOLVXFXLHVVHJHQHUDQRXQHYHQWXDOH LPSDWWR7DOHPHWRGRIXLQWURGRWWRGD/HRSROGQHOHGqXQRGHLSLXWLOL]]DWLSHUFKp XQLVFHO¶LPPHGLDWH]]DYLVLYDGHOODUDSSUHVHQWD]LRQHJUDILFDDOODSRVVLELOLWjGLYDOXWDUHJOL LPSDWWLULVXOWDQWLPHGLDQWHYDORULQXPHULFL /DPDWULFHSURSRVWDSHUWDOHVWXGLRqGLFDUDWWHUHJHQHUDOHSHUXQDYDOXWD]LRQHJOREDOHVXO WHUULWRULR /D PDWULFH TXLQGL VLPXOD HG HVSULPH L GLYHUVL OLYHOOL GL RSHUDWLYLWj GHOOD WUDVIRUPD]LRQH GDOO¶HGLILFD]LRQH HGLQIUDVWUXWWXUD]LRQH ILQR DOODFRPSOHWD RSHUDWLYLWj GHJOL LQWHUYHQWL GL WUDVIRUPD]LRQH SURYYHGHQGR D VWLPDUH JOL HOHPHQWL FULWLFL HG L SRWHQ]LDOL LPSDWWLVXLUHFHWWRULVHQVLELOL /HXOWLPHWUHFRORQQHLQGLFDQRLOSRWHQ]LDOHLPSDWWRDSDUWLUHGDOODVLWXD]LRQHDWWXDOHDQWH RSHUDPHO¶LPSDWWRFXPXODWLYRFRPHVRPPDGHJOLDWWXDOLLPSDWWLFRQTXHOOLSUHYHGLELOLD VHJXLWR GHOOH RSHUH GL WUDVIRUPD]LRQH ,Q DOFXQL FDVL JOL LQWHUYHQWL VH FRQGRWWL VHFRQGR PRGDOLWjDSSURSULDWHSRWUHEEHURDYHUHXQLPSDWWRSRVLWLYRFRPHQHOFDVRGHOOHSRWHQ]LDOLWj HFRQRPLFKHORFDOLHGHOORVYLOXSSRGHOVLVWHPDLQIUDVWUXWWXUDOH    

5HY*HQ9DOXWD]LRQH$PELHQWDOH6WUDWHJLFD±5DSSRUWR$PELHQWDOH  &RPXQHGL&LWWjGHOOD3LHYH

”ƒ•ˆ‘”ƒœ‹‘‡ˆ—œ‹‘ƒŽ‡’”‘’‘•–ƒ ‘–‡œ‹ƒŽ‡‹’ƒ––‘

‹ ‡––‘”‹•‡•‹„‹Ž‹ †‹ˆ‹ ƒœ‹‘‡ ’‡”ƒ–‹˜‹– ‹–‹‰ƒœ‹‘‹‡ –ƒ–‘ƒ––—ƒŽ‡ –ƒ–‘ˆ—–—”‘ ’ƒ––‘ ‹–‡”˜‡–‹ ‘’‡•ƒœ‹‘‹ ——Žƒ–‹˜‘ –”ƒ•ˆ‘”ƒœ‹‘‡ ‘”’‹‹†”‹ ‹ ȗ ȗȗ  ȗ ȗ ȗ •—’‡”ˆ‹ ‹ƒŽ‹  “—‡•‘––‡””ƒ‡‡ ȗ ȗȗ Ϊ ȗ ȗ ȗ ƒ”ƒ––‡”‹•–‹ Š‡†‡‹ ȗ ȗȗ  ȗ ȗ ȗ •—‘Ž‹ ’‡”‡ƒ„‹Ž‹œœƒœ‹‘‡ ȗ ȗȗ Ϊ ȗ ȗ ȗ †‡‹•—‘Ž‹ ”‡‡‡•‘†ƒ„‹Ž‹  ȗ Ϊ ȗ ȗ ȗ  ‘•‹•–‡ƒȂ‡–‡ ȗΪȗȗȗ ‡ ‘Ž‘‰‹ ƒ ƒ—ƒŽ‘ ƒŽ‡  ȗ   ȗ ƒ‡•ƒ‰‰‹‘ ȗ ȗ Ϊ  ȗ ‹•–‡ƒ ȗ ȗȗ   Ϊ Ϊ ‹ˆ”ƒ•–”—––—”ƒŽ‡ ‘–‡œ‹ƒŽ‹–   Ϊ ȗ Ϊ Ϊ ‡ ‘‘‹ Š‡Ž‘ ƒŽ‹ ”„ƒ•’”ƒ™Ž ȗ ȗ   Ϊ Ϊ ȋ†‹•’‡”•‹‘‡—”„ƒƒȌ —œ‹‘‹”‹ ”‡ƒ–‹˜‡   Ϊ  Ϊ ‘•—‹‹†”‹ ‹ ȗȗ ȗȗ Ϊ  ȗ ȗ ‘•—‹‡‡”‰‡–‹ ‹ ȗȗ ȗȗ Ϊ ȗ ȗ ȗ ”‘†—œ‹‘‡”‹ˆ‹—–‹ ȗȗ ȗȗ Ϊ ȗ ȗ ȗ —ƒŽ‹–†‡ŽŽǯƒ”‹ƒ ȗ ȗ Ϊ  ȗ ȗ —‘”‡ ȗ ȗȗ Ϊ ȗ ȗ ȗ ”ƒˆˆ‹ ‘Ž‘ ƒŽ‡ ȗȗ ȗȗ Ϊ ȗȗ ȗ ȗȗ ‡‰‡†ƒǣ ‡ˆˆ‡––‹‡‰ƒ–‹˜‹ǣȗ’‘–‡œ‹ƒŽ‡–‡„ƒ••‹ǡȗȗ’‘–‡œ‹ƒŽ‡–‡‘†‡”ƒ–‹ǡȗȗȗ’‘–‡œ‹ƒŽ‡–‡‡Ž‡˜ƒ–‹ Ϊ‡ˆˆ‡––‹’‘•‹–‹˜‹ 

5HY*HQ9DOXWD]LRQH$PELHQWDOH6WUDWHJLFD±5DSSRUWR$PELHQWDOH  &RPXQHGL&LWWjGHOOD3LHYH



 &RQVLGHUD]LRQLGLVLQWHVL 5LHSLORJDQGR JOL HIIHWWL DWWHVL GDOO¶LQWURGX]LRQH GHO SLDQR SRVVLDPR HYLGHQ]LDUH DOFXQL DVSHWWLVSHFLILFL ,OSLDQRSUHYHGHPRGHVWLDPSOLDPHQWLUHVLGHQ]LDOLORFDOL]]DWLQHOOHIUD]LRQLGHOWHUULWRULRFRQ SLFFROLDPSOLDPHQWLSURGXWWLYLQHOOHDUHHJLjGHVWLQDWHDWDOHXVR ,OWHUULWRULRGHOFDSROXRJRYLHQHSUHVHUYDWRQHOOHVXHFDUDWWHULVWLFKHVSHFLILFKHOLPLWDQGRJOL LQWHUYHQWLDUHFXSHURGLYROXPHWULHHVLVWHQWLHUHODWLYHDUHHSHUWLQHQ]LDOL /HVFHOWHGLSLDQRPLUDQRDOPLJOLRUDPHQWRGHOODYLDELOLWjLQWHUQDPLQRUHDYDQWDJJLRGHOOH FDUDWWHULVWLFKHDPELHQWDOLGHOOHDUHHUHVLGHQ]LDOL 3DUWLFRODUHFXUDYLHQHULYROWDDOODSUHVHUYD]LRQHGHOOHDUHHYHUGLDTXHOOHFRQVSHFLILFLWj SDHVDJJLVWLFKH H VWRULFR DUFKLWHWWRQLFKH WDOH DVSHWWR q SDUWLFRODUPHQWH ULYROWR DOO¶DPSLD DUHD6,&DQRUGHVWGHOFDSROXRJR $QDOL]]DQGRQHOORVSHFLILFROHPDFURDUHHGLHVSDQVLRQHSRVVLDPRDQQRWDUHFKHVXXQ WHUULWRULR FRPXQDOH GL FLUFD  NP OD VXSHUILFLH VRWWRSRVWD D WUDVIRUPD]LRQH q SDUL D  P TXLQGL FRQ XQ¶LQFLGHQ]D GHO  ULVSHWWR DOOD VXSHUILFLH DWWXDWD

5HY*HQ9DOXWD]LRQH$PELHQWDOH6WUDWHJLFD±5DSSRUWR$PELHQWDOH  &RPXQHGL&LWWjGHOOD3LHYH

  ,17(5)(5(1=('(//$35(9,6,21(',35*&21$5((1$785$/,67,&+(

/¶DPELWRWHUULWRULDOHGL&LWWjGHOOD3LHYHFRPHJLjGHWWRDOSDUDJUDIRqLQWHUHVVDWRGD XQ¶DUHD 6,& GHQRPLQDWD ³%RVFKL GHOO¶$OWD 9DOOH GHO 1HVWRUH´ FKH UHQGH QHFHVVDULD XQ¶DWWHQWD DQDOLVL GHOOH SRVVLELOL LQWHUIHUHQ]H GHO 35* FRQ WDOH DUHD ,Q TXHVWR 6,& VL ULWURYDQRKDELWDWQDWXUDOLFRQXQDYDULHWjGLIDXQDHGLIORUDGLJUDQGHYDORUHDPELHQWDOH 1HOODWDYRODVLQRWWLFDDOOHJDWDDOGRFXPHQWRSURJUDPPDWLFR³6LQWHVLGHOOHSULQFLSDOLD]LRQL SUHYLVWH´YLHQHGHOLPLWDWDXQ¶DUHDLQGLFDWD³D]LRQLGLFRQVHUYD]LRQHHYDORUL]]D]LRQHGHOOH YDOHQ]H QDWXUDOLVWLFR H DPELHQWDOL´ GRYH QRQ VRQR SUHYLVWH LQVHGLDPHQWL DELWDWLYL H LQIUDVWUXWWXUDOL ,OQXRYR35*GLVFLSOLQDTXLQGLTXHOOH]RQHGLHOHYDWLVVLPRLQWHUHVVHQDWXUDOLVWLFRGLFXL DOO¶DUWVRWWRFODVVHE GHO37&3VLWL³1DWXUD´ 6,&=36 HTXHOOHGLHOHYDWR LQWHUHVVHQDWXUDOLVWLFRGLFXLDOO¶DUWVRWWRFODVVHD GHO37&3RYYHURDUHHDGHOHYDWD GLYHUVLWj IORULVWLFR ± YHJHWD]LRQDOH UHFHSHQGR L YLQFROLFRVu FRPH VWDELOLWL GDJOLVWUXPHQWL XUEDQLVWLFLVRYUDRUGLQDWL /¶DQDOLVL GHOOH LQWHUIHUHQ]H GHO 35* FRQO¶DUHD6,& q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

5HY*HQ9DOXWD]LRQH$PELHQWDOH6WUDWHJLFD±5DSSRUWR$PELHQWDOH  &RPXQHGL&LWWjGHOOD3LHYH

  021,725$**,2

 ,QGLFDWRULGHVFULWWLYL /¶DUWGHOOD'LUHWWLYD&(SUHYHGHTXDQWRVHJXH ³*OL6WDWLPHPEULFRQWUROODQRJOLHIIHWWLDPELHQWDOLVLJQLILFDWLYLGHOO DWWXD]LRQHGHLSLDQLH GHL SURJUDPPL DO ILQH WUD O DOWUR GL LQGLYLGXDUH WHPSHVWLYDPHQWH JOL HIIHWWL QHJDWLYL LPSUHYLVWLHHVVHUHLQJUDGRGLDGRWWDUHOHPLVXUHFRUUHWWLYHFKHULWHQJRQRRSSRUWXQH$O ILQHGLFRQIRUPDUVLDOGLVSRVWRGHOSDUDJUDIRSRVVRQRHVVHUHLPSLHJDWLVHGHOFDVRL PHFFDQLVPLGLFRQWUROORHVLVWHQWLRQGHHYLWDUHXQDGXSOLFD]LRQHGHOPRQLWRUDJJLR´  5LVXOWDSHUWDQWRO¶LPSRUWDQ]DGLSUHYHGHUHXQVHWGLLQGLFDWRULVSHFLILFLSHULO&RPXQHGL &LWWjGHOOD3LHYHDOILQHGLDFFRPSDJQDUHLOSHUFRUVRGHFLVLRQDOHQHOOHUHDOWjVWUDWHJLFKHGL 35*HFRQWUROODUHO¶DQGDPHQWRGHO3LDQRQHOWHPSRHGLOUDJJLXQJLPHQWRRPHQRGHJOL RELHWWLYLLQL]LDOPHQWHLQGLYLGXDWL  $WDOILQHqIRQGDPHQWDOHXQ¶LPSRVWD]LRQHGHOOD5HOD]LRQHFKHVXSSRUWLXQPRQLWRUDJJLR DPELHQWDOH PHGLDQWH OD FRVWUX]LRQH GL LQGLFDWRUL SDUDPHWUL ILQDOL]]DWL D GHVFULYHUH OH FDUDWWHULVWLFKHGHOWHUULWRULRQHOPRPHQWRGHOODGHILQL]LRQHGHO3LDQRHGXWLOL]]DWLLQVHJXLWR SHUYDOXWDUQHO¶HIILFDFLD HODSURJUDPPD]LRQHGLXQFRQWUROORGHJOLVWHVVLQHOWHPSR  *OLLQGLFDWRULDPELHQWDOLVRQRJOLVWUXPHQWLQHFHVVDULSHUXQDFRPXQLFD]LRQHHVVHQ]LDOH FRPSUHQVLELOHHVLQWHWLFDVLDGHOORVWDWRGHOO¶DPELHQWHVLDGHOO¶HIILFDFLDGHOOHVWUDWHJLHGL JRYHUQR GHO WHUULWRULR *OLLQGLFDWRULGHYRQR ULVSRQGHUH DG DOFXQL UHTXLVLWLFKLDYH FKH QH FRQVHQWDQRHVVHQ]LDOPHQWHODYDOLGLWjVFLHQWLILFDHGXQDUHODWLYDIDFLOLWjGLUHSHULPHQWR  8QLQGLFDWRUHFRPHJLjDFFHQQDWRqXQRVWUXPHQWRLQJUDGRGLGDUHGHOOHLQIRUPD]LRQLLQ IRUPDVLQWHWLFDVXXQIHQRPHQRSLFRPSOHVVRHGDPSLRFRPHDSSXQWRODVRVWHQLELOLWj FKHQRQqULOHYDELOHGLUHWWDPHQWHHQRQqLPPHGLDWDPHQWHSHUFHSLELOH *OLLQGLFDWRULKDQQRGXHFDUDWWHULVWLFKHIRQGDPHQWDOL TXDQWLILFDQRO¶LQIRUPD]LRQHUHQGHQGRODSLFRPSUHQVLELOH VHPSOLILFDQROHLQIRUPD]LRQLUHODWLYHDIHQRPHQLFRPSOHVVLIDFLOLWDQGRQHLOFRQIURQWRHOD FRPXQLFD]LRQH ,QJHQHUDOHTXLQGLJOLLQGLFDWRULVHUYRQRSHU x UDSSUHVHQWDUHLQPRGRVHPSOLFHSUREOHPLFRPSOHVVL x LGHQWLILFDUHHDQDOL]]DUHLQPRGRVLVWHPDWLFRLFDPELDPHQWLOHWHQGHQ]HLSUREOHPL SULRULWDULHLULVFKLDPELHQWDOL x VXSSRUWDUHLSURFHVVLGHFLVLRQDOLORFDOLGDSDUWHGLVRJJHWWLSXEEOLFLHSULYDWL x PRQLWRUDUHOHD]LRQLDGRWWDWH x IDFLOLWDUHODSDUWHFLSD]LRQHORFDOHGHILQHQGRXQTXDGURGLULIHULPHQWRSHURELHWWLYLH SROLWLFKHFRQGLYLVLELOL

5HY*HQ9DOXWD]LRQH$PELHQWDOH6WUDWHJLFD±5DSSRUWR$PELHQWDOH  &RPXQHGL&LWWjGHOOD3LHYH

)DFHQGRVHJXLWRDOOHLQGLFD]LRQLIRUQLWHGD$53$8PEULDQHOFRUVRGLYDULLQFRQWULGLFRQIURQWRHGDLFRQWHQXWLGHOODQRWD$53$8PEULD SURWQGHODOILQHGLXQPRQLWRUDJJLRFRPSOHWRGHLIDWWRULDPELHQWDOLqVWDWDDJJLRUQDWDODVHJXHQWHPDWULFHGHJOL HIIHWWLDPELHQWDOLDWWHVLGHOSLDQRSURJUDPPDQHOFRQWHVWRGLULIHULPHQWR /¶DJJLRUQDPHQWRGHOVHWGLLQGLFDWRULqLQDFFRUGRFRQLOVHWGLLQGLFDWRULVWDQGDUGGHILQLWRGD$53$8PEULDQHOO¶DJJLRUQDPHQWR WLHQHFRQWRGHJOLLQGLFDWRULUHODWLYLDOORVWDWRGLTXDOLWjGHOOHDFTXHVHFRQGRLO3LDQR5HJLRQDOHGL7XWHODGHOOH$FTXH  &RPSRQHQWLH 4XHVWLRQHDPELHQWDOH ,QGLFDWRUH$USD8PEULD (IIHWWLDWWHVLSRVLWLYL (IIHWWLDWWHVLQHJDWLYL 8QLWjGLPLVXUD )RQWHGDWL WHPDWLFKH DPELHQWDOL 8VR VRVWHQLELOH GHOOH 3HUFHQWXDOHGLXWHQWLDOODFFLDWLDOOD 5LGX]LRQHVFDULFKLUHIOXL 3HUOHDUHHLQFXLLUHIOXL QXWHQWL 8PEUD$FTXH ULVRUVHLGULFKH UHWHSXEEOLFDIRJQDULD VXPDWULFLVXSHUILFLDOL QRQVRQRFRQYRJOLDWLDOOD UHWHIRJQDULDVLSRWUj UHJLVWUDUHXQOHJJHUR $FTXD DXPHQWR GHOO LQTXLQDPHQWR ULOHYDPHQWRGDVWDWLVWLFKH $53$8PEULD

,QTXLQDPHQWRDFXVWLFR 6RUJHQWLFRQWUROODWHHSHUFHQWXDOH 7XWWLLQXRYLLQVHGLDPHQWL  VRUJHQWL &DWDVWR$53$8PEULD GLTXHVWHLQFXLVLqULVFRQWUDWR UHVLGHQ]LDOLHSURGXWWLYL FRQWUROODUHFRQ &RPXQH DOPHQRXQVXSHUDPHQWRGHLOLPLWL GRYUDQQRHVVHUH VXSHUDPHQWROLPLWL  9HULILFDDWWUDYHUVREDQFKHGDWLGHO FRQIRUPLDO3&&$ &DWDVWR$FXVWLFR5HJLRQDOH YLJHQWH $WPRVIHUDHDJHQWL ,QTXLQDPHQWRDWPRVIHULFR (PLVVLRQLGLJDVVHUUD$70  $XPHQWRORFDOHHOLPLWDWR .JDQQR 'DWL$53$8PEULD ILVLFL (PLVVLRQLGLVRVWDQ]HDFLGLILFDQWL GLHPLVVLRQLGHULYDQWLGD $70(PLVVLRQLGLSDUWLFRODWR ULVFDOGDPHQWRHGLILFL $70(PLVVLRQLGLPRQRVVLGRGL FDUERQLR

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

5HY*HQ9DOXWD]LRQH$PELHQWDOH6WUDWHJLFD±5DSSRUWR$PELHQWDOH  &RPXQHGL&LWWjGHOOD3LHYH

 3URGX]LRQLGLULILXWL 3URGX]LRQHSURFDSLWHGLULILXWL  /DSURGX]LRQHGLULILXWL .JSHUVRQD &RPXQH ,67$7 XUEDQL VDUjLQOLQHDFRQODPHGLD  DWWXDOH 5DFFROWDGLIIHUHQ]LDWD 4XDQWLWjGLULILXWLXUEDQLUDFFROWLLQ (¶SUHYLVWDXQD  GLIIHUHQ]LDWD 76$ 5LILXWL PRGRGLIIHUHQ]LDWRVXOODTXDQWLWj FDPSDJQDGL WRWDOHSURGRWWD LQFHQWLYD]LRQHGHOOD UDFFROWDGLIIHUHQ]LDWD

'LVVHVWRLGURJHRORJLFR 5LVFKLRLGURJHRORJLFR'HILQL]LRQH 6RQRSUHYLVWHD]LRQLGL  +D 3URYLQFLD&RPXQH GHJOLHWWDULGLWHUULWRULRDULVFKLR PDQWHQLPHQWRGHLOXRJKL      8WLOL]]RGHOVXROR &RQVXPRGLVXRORVSUDZO  &RQVXPRGLVXRORH (GLILFLKDVXKD &RPXQH 'LVSHUVLRQHLQVHGLDWLYDFRPH UHODWLYD QXRYLHGLILFDWL  QXPHURGLHGLILFLVSDUVLSHUKD LPSHUPHDELOL]]D]LRQH 6XROR 4XDOLWjGHOSDHVDJJLR %LRSRWHQ]LDOLWjWHUULWRULDOH %7&  &RQWHQLPHQWRGHOOH  0FDOKDDQQR &RPXQH 0HWDEROLVPRGHJOLHFRVLVWHPLLQXQ HVSDQVLRQLXUEDQLVWLFKH GDWRWHUULWRULRUDSSUHVHQWDWLYR LQDUHHGLSUHJLR GHOO¶HTXLOLEULRHTXDOLWjGLXQ SDHVDJJLR 8WLOL]]RGHOVXROR +DELWDWVWDQGDUGSURFDSLWH +6 ± (OHYDWRKDELWDWVWDQGDUG  PDELWDQWL &RPXQH QXPHURGLLQGLYLGXLFKHXWLOL]]DQR XQFHUWRVSD]LR

)UDPPHQWD]LRQHGHO &DSDFLWjGHOOHUHWLLQIUDVWUXWWXUDOLGL /RVYLOXSSRGL35*  9HLFROLJJ 3URYLQFLD$1$6&RPXQH  7HUULWRULR WUDVSRUWR$QDOLVLGHLIOXVVLYHLFRODUL SUHYHGHOD PHGLDQQXDOLVXOOHSULQFLSDOLDUWHULH FRQFHQWUD]LRQHGHJOL 7UDVSRUWL GHOWHUULWRULRFRPXQDOH HGLILFDWLQHOOHDUHH HVLVWHQWL

5HY*HQ9DOXWD]LRQH$PELHQWDOH6WUDWHJLFD±5DSSRUWR$PELHQWDOH  &RPXQHGL&LWWjGHOOD3LHYH

 &URQRSURJUDPPD /H D]LRQL GL SLDQL HG L UHODWLYL HIIHWWL DWWHVL YHUUDQQR VRWWRSRVWL DG XQ SURJUDPPD GL PRQLWRUDJJLR FRQ PRGDOLWj H FDGHQ]D GLIIHUHQ]LDWD LQ IXQ]LRQH GHL GLYHUVL SDUDPHWUL HVDPLQDWLHGHOODORURDUWLFROD]LRQHWHPSRUDOH 1HOODWDEHOODYLHQHULSRUWDWRXQFURQRSURJUDPPDGHOOHSRVVLELOLIDVLGLYHULILFDGHJOL HIIHWWLDWWHVLFRQUHODWLYHFRPSHWHQ]HHWLWRODULWj &RPH GD SUHVFUL]LRQL QHO SDUHUH PRWLYDWR IDYRUHYROH GHOOD 5HJLRQH 8PEULD GRSR O¶DSSURYD]LRQHILQDOHGHO35*YHUUjGHILQLWRDWWUDYHUVRVSHFLILFRSURWRFROORWUD&RPXQH GL &LWWj GHOOD 3LHYH HG $53$ 8PEULD XQ FURQRSURJUDPPD GL GHWWDJOLRFRQ DOORFD]LRQH GHOOH ULVRUVH ILQDQ]LDULH H GHOOH PRGDOLWj GL JHVWLRQH GHO PRQLWRUDJJLR FRPSUHQGHQWH DQFKH OH ILJXUH SURIHVVLRQDOL LQWHUQH HR HVWHUQH DO &RPXQH FRVWLWXHQWL OD VWUXWWXUD GL ULIHULPHQWRFKHVLUDSSRUWHUjFRQ$53$8PEULD,OWXWWRLQFRQIRUPLWjDOOD'*5 ³6SHFLILFKHSURFHGXUDOLSHUO¶DSSOLFD]LRQHGHOOD9$6LQ8PEULD´ 3HURJQLSHULRGRGLPRQLWRUDJJLRSUHYLVWRYHUUjUHGDWWRDSSRVLWRUHSRUWGDGLYXOJDUHVXL FDQDOLLQIRUPDWLFLFRPXQDOHHUHJLRQDOL          

5HY*HQ9DOXWD]LRQH$PELHQWDOH6WUDWHJLFD±5DSSRUWR$PELHQWDOH  &RPXQHGL&LWWjGHOOD3LHYH  7DE&URQRSURJUDPPDPRQLWRUDJJLRDPELHQWDOH 0RQLWRUDJJLRDPELHQWDOH 3HULRGR DQQL 

   

$]LRQL 7LWRODUH  

$FTXD $53$8PEULD ; ; ; ;

$WPRVIHUD $53$8PEULD ; ; ; ;

%LRGLYHUVLWj &RPXQLWjPRQWDQD ; ; ; ;

&RQVXPLHQHUJHWLFL &RPXQH ; ; ; ;

5LILXWL &RPXQH ; ; ; ;

6XROR &RPXQH ; ; ; ;

 7HPSR7RDQQRDSSURYD]LRQHGHO35*

5HY*HQ9DOXWD]LRQH$PELHQWDOH6WUDWHJLFD±5DSSRUWR$PELHQWDOH 

^ĐŚĞĚĞĂŵďŝƚŝĚŝƚƌĂƐĨŽƌŵĂnjŝŽŶĞ KDhE//dd>>W/s













W/EKZ'K>dKZ'EZ>

s>hd/KED/Ed>^dZd'/

>>'dKϱ







ƉƉƌŽĨŽŶĚŝŵĞŶƚŝƐƵŐůŝĂŵďŝƚŝĚŝƉŽƚĞŶnjŝĂůĞƚƌĂƐĨŽƌŵĂnjŝŽŶĞƌŝĐĂĚĞŶƚŝ Ăůů͛ŝŶƚĞƌŶŽĚĞůůĞĂƌĞĞǀŝŶĐŽůĂƚĞĂŝƐĞŶƐŝĚĞů͘ůŐƐϰϮͬϮϬϬϰ

ŽĞƌĞŶnjĂĐŽŶŝůYĚĞůWWZ

ŽĞƌĞŶnjĂĐŽŶŝůWŝĂŶŽdĞůĞŵĂƚŝĐŽ

WŝĂŶŽĚŝZŝƐĂŶĂŵĞŶƚŽĐƵƐƚŝĐŽ

ŵďŝƚŝĚŝŝŶƚĞƌĞƐƐĞĂƌĐŚĞŽůŽŐŝĐŽ



 

ϭ

ƌĞǀ͘ŝĐϮϬϭϯ ^ĐŚĞĚĞĂŵďŝƚŝĚŝƚƌĂƐĨŽƌŵĂnjŝŽŶĞ

/DVHJXHQWHUHOD]LRQHLQTXDGUDHFDUDWWHUL]]DJOLDPELWLLQGLYLGXDWLQHOOD9DULDQWHGHO35*3DUWH VWUXWWXUDOHTXDOLDUHHGLSRWHQ]LDOHHVSDQVLRQHDSUHYDOHQWHFDUDWWHUHUHVLGHQ]LDOHHSURGXWWLYR ULFDGHQWLDOO¶LQWHUQRGHOSHULPHWURGHOO¶DUHDYLQFRODWDDLVHQVLGHO'/JV /HSUHYLVLRQLGLSLDQRQRQFROOLGRQRFROGLVSRVWRGHO'0SRLFKpUDSSRUWDWHFRQOH HVSDQVLRQLVXFFHGXWHVLQHOWHPSRHFKHKDQQRFRQILJXUDWRO¶DWWXDOHVWUXWWXUDXUEDQDVL FDUDWWHUL]]DQRSHUXQLQGLFHWHUULWRULDOHJHQHUDOPHQWHSLEDVVRGLTXHOORHVLVWHQWHHSHU XQ¶DOWH]]DPDVVLPDSUHYLVWDFKHVLDWWHVWDDOPDVVLPRVXLPHWULSHUWXWWRLOWHUULWRULR FRPXQDOH /D3DUWH2SHUDWLYDGHOSLDQRGHILQLUjXQ¶DOWH]]DPDVVLPDPLQRUH P SHUJOLDPELWLSRVWL QHOOHYLFLQDQ]HGHOFDSROXRJRRLQTXDOVLDVLPRGRLQWHUIHUHQWLFRQOHYLVWHGDHYHUVRLOFHQWUR VWRULFR /HVFKHGHVHJXHQWLWXWWDYLDHYLGHQ]LDQRO¶DVVROXWDQHXWUDOLWjGHJOLDPELWLGLSRWHQ]LDOH HVSDQVLRQHLQGLYLGXDWLULVSHWWRDOODSHUFH]LRQHYLVLYDGHOOHHPHUJHQ]HVWRULFRDUFKLWHWWRQLFKH HVLVWHQWL 3HUTXHOORFKHULJXDUGDLOUDSSRUWRWUDOHSUHYLVLRQLGL3LDQRHOD6WUXWWXUD,GHQWLWDULD3LHYHVH FRVuFRPHGHILQLWDQHOOHUHODWLYHVFKHGHGHO4XDGUR&RQRVFLWLYRGHO335 DOOHJDWHLQFRGDDOOD SUHVHQWHUHOD]LRQH VLULWLHQHFKHTXHVWHVLDQRFRHUHQWLFRQLFRQWHQXWLSDHVDJJLVWLFLLQGLYLGXDWL VLDSHUOHFRPSRQHQWLILVLFRQDWXUDOLVWLFKHFKHSHUTXHOOHVWRULFRFXOWXUDOLFKHVRFLDOLH VLPEROLFKHOHD]LRQLGLSLDQRLQIDWWLWHQGRQRDIDYRULUHODFRQVHUYD]LRQHGHOSDWULPRQLRVLD VWRULFRDUFKLWHWWRQLFRFKHQDWXUDOLVWLFRDPELHQWDOHDWWUDYHUVRSUHYLVLRQLWHQGHQWLDOODULFXFLWXUDH TXDOLILFD]LRQHGHLWHVVXWLUHFHQWLHYLWDQGRFRPSDWLELOPHQWHFRQOHQHFHVVLWjGLVYLOXSSRSURSULH GHOWHUULWRULRFRPXQDOHO¶RFFXSD]LRQHGLQXRYLVXROLHOLPLQDQGRRYHSRVVLELOHSUHFHGHQWL SUHYLVLRQLUHODWLYHDWUDVIRUPD]LRQLDOO¶LQWHUQRGLDPELWLVHQVLELOLVLDGDOSXQWRGLYLVWDSDHVLVWLFR FKHDPELHQWDOHHGLQGLYLGXDQGRYDORULFRQGLYLVLHQRQQHJR]LDELOLTXDOLHOHPHQWLVWDWXWDULGHO WHUULWRULRFRPXQDOH 3HUTXHOORFKHULJXDUGDODFRHUHQ]DGHO35*FRQLO3LDQR7HOHPDWLFRLO35*SUHQGHDWWRGHOOH FRQFOXVLRQLGHOO¶LWHUDXWRUL]]DWLYRDYYHQXWRDVHJXLWRGHOOD&RQIHUHQ]DGHL6HUYL]LGHO  3HUODQRWDSURSRVWDGDO6HUYL]LR4XDOLWj$PELHQWDOHGHOODUHJLRQH8PEULDUHODWLYDDO3LDQRGL ULVDQDPHQWR$FXVWLFRVLFRPXQLFDFKHDWWXDOPHQWHLO&RPXQHGL&LWWjGHOODSLHYHqGRWDWRGL 3LDQRGL=RQL]]D]LRQH$FXVWLFDDSSURYDWR 5HODWLYDPHQWHDLVLWLDUFKHRORJLFLLQGL]LDWLQRQULFRPSUHVLDOO¶LQWHUQRGHOOHDUHHGLUHWWDPHQWH VRWWRSRVWHDYLQFRORHGLQGLYLGXDWHQHJOLHODERUDWLGHO37&3VLDOOHJDO¶HOHQFRGLTXHOOH FODVVLILFDWHFRPHWDOLQHO335HVHJQDODWHGDOODFRPSHWHQWH6RSULQWHQGHQ]D

Ϯ

ƌĞǀ͘ŝĐϮϬϭϯ ^ĐŚĞĚĞĂŵďŝƚŝĚŝƚƌĂƐĨŽƌŵĂnjŝŽŶĞ

7DOLDPELWLVDUDQQRLQGLYLGXDWLQHOOD7DYROD$±6LQWHVLGHO6LVWHPD3DHVLVWLFR$PELHQWDOH± GHO35*3DUWH6WUXWWXUDOHHVRWWRSRVWLDGXQDGLVFLSOLQDFKHVLDFRHUHQWHFRQTXDQWRGLVSRVWR VLDGDO'/JVFKHHYHQWXDOPHQWHGDO'/JV 

 

ϯ

ƌĞǀ͘ŝĐϮϬϭϯ ^ĐŚĞĚĞĂŵďŝƚŝĚŝƚƌĂƐĨŽƌŵĂnjŝŽŶĞ

 $PELWR        

LQTXDGUDPHQWRDHUHRIRWRJUDILFR,QTXDGUDPHQWRFDUWRJUDILFRDPELWR          '$7,',0(16,21$/,   /¶DPELWRVLFROORFDDOO¶HVWUHPLWjQRUGGHOFHQWURDELWDWR 683(5),&,($0%,72PT  LQFRQWLQXLWjFRQO¶HVSDQVLRQHSLUHFHQWHKDOD $/7(==$0$66,0$ 0/ IXQ]LRQHGLFRPSOHWDPHQWRGHOWHVVXWRXUEDQROD WUDVIRUPD]LRQHDYUjFDUDWWHULVWLFKHGLPHQVLRQDOLH ,1',&(7(555,725,$/( 0404 WLSRORJLFKHDQDORJKHDTXHOOHGHOWHVVXWRHVLWHQWHH 683(5),&,(0(',$ QRQLQWHUIHULVFHFRQODSHUFH]LRQHYLVLYDGHOFHQWUR '(67,1$7$$67$1'$5'  VWRULFRGL&LWWjGHOOD3LHYH (85%$1,==$=,21, ,OSLDQRDWWXDWLYRGHOODWUDVIRUPD]LRQHGRYUjWHQHU FRQWRGHLYDORULDPELHQWDOLHSDHVLVWLFLSUHVHQWLHVDUj RJJHWWRGLYDOXWD]LRQHGHLFRPSHWHQWLRUJDQLVPLGL 0$66,0292/80( 0& FRQWUROOROHVLQJROHSURJHWWD]LRQLSRLFKpULFDGHQWL 85%$1,67,&2 DOO¶LQWHUQRGHOO¶DUHDYLQFRODWDDLVHQVLGHO'/JV VDUDQQRRJJHWWRGLYDOXWD]LRQHGDSDUWHGHOOD FRPSHWHQWH6RSULQWHQGHQ]D

ϰ

ƌĞǀ͘ŝĐϮϬϭϯ ^ĐŚĞĚĞĂŵďŝƚŝĚŝƚƌĂƐĨŽƌŵĂnjŝŽŶĞ

$PELWR           LQTXDGUDPHQWRDHUHRIRWRJUDILFR,QTXDGUDPHQWRFDUWRJUDILFR          '$7,',0(16,21$/,  /¶DUHDqXQD]RQDLQWHUVWL]LDOHLQGLYLGXDWDFRPHDPELWRGL 683(5),&,($0%,72PT  VDWXUD]LRQHHFRQQHVVLRQHWUDLWHVVXWLHVLVWHQWLVLFROORFD $/7(==$0$66,0$ 0/ QHOOD]RQDHVWGHOFDSROXRJRHGqLQWHUQDDGXQ¶HVSDQVLRQH SHULIHULFD/HFRQGL]LRQLFKHFRQVHQWLUDQQRODIDWWLELOLWjGHOOD ,1',&(7(555,725,$/( 0404 WUDVIRUPD]LRQHVRQROHJDWHDGXQLQQDO]DPHQWRGHJOOD 683(5),&,(0(',$ TXDOLWjGHJOLVWDQGDUGXUEDQLGL]RQDODWUDVIRUPD]LRQHDYUj '(67,1$7$$67$1'$5'  FDUDWWHULVWLFKHGLPHQVLRQDOLHWLSRORJLFKHDQDORJKHDTXHOOH (85%$1,==$=,21, GHOWHVVXWRHVLWHQWHHQRQLQWHUIHULVFHFRQODSHUFH]LRQH YLVLYDGHOFHQWURVWRULFRGL&LWWjGHOOD3LHYH ,OSLDQRDWWXDWLYRGHOODWUDVIRUPD]LRQHGRYUjWHQHUFRQWRGHL

0$66,0292/80( YDORULDPELHQWDOLHSDHVLVWLFLSUHVHQWLHVDUjRJJHWWRGL 0& 85%$1,67,&2 YDOXWD]LRQHGHLFRPSHWHQWLRUJDQLVPLGLFRQWUROOROHVLQJROH SURJHWWD]LRQLSRLFKpULFDGHQWLDOO¶LQWHUQRGHOO¶DUHDYLQFRODWD DLVHQVLGHO'/JVVDUDQQRRJJHWWRGLYDOXWD]LRQH GDSDUWHGHOODFRPSHWHQWH6RSULQWHQGHQ]D

ϱ

ƌĞǀ͘ŝĐϮϬϭϯ ^ĐŚĞĚĞĂŵďŝƚŝĚŝƚƌĂƐĨŽƌŵĂnjŝŽŶĞ

$PELWR            LQTXDGUDPHQWRDHUHRIRWRJUDILFR,QTXDGUDPHQWRFDUWRJUDILFR

 '$7,',0(16,21$/,  /¶DUHD ULFDGHLQXQD]RQDYDOOLYDGHOFDSROXRJRFRPSUHVD 683(5),&,($0%,72PT  WUDGXHDPELWLFRVWUXLWLODVXDSHUFH]LRQHYLVLYDq $/7(==$0$66,0$ 0/ HVWUHPDPHQWHULGRWWDHQRQLQWHUIHULVFHFRQOHYLVXDOLGDH YHUVRLOFHQWURVWRULFRO¶DVVLPLOD]LRQHYROXPHWULFDH ,1',&(7(555,725,$/( 0404 WLSRORJLFDDOFRQWHVWRFLUFRVWDQWHQRQLQGXFHQHVVXQWLSRGL 683(5),&,(0(',$ SUHYLVLRQHVIDYRUHYROHDOO¶LQGLYLGXD]LRQHGLTXHVW¶DUHDFRPH '(67,1$7$$67$1'$5'  DPELWRGLSRWHQ]LDOHWUDVIRUPD]LRQH (85%$1,==$=,21, ,OSLDQRDWWXDWLYRGHOODWUDVIRUPD]LRQHGRYUjWHQHUFRQWRGHL YDORULDPELHQWDOLHSDHVLVWLFLSUHVHQWLHVDUjRJJHWWRGL

0$66,0292/80( YDOXWD]LRQHGHLFRPSHWHQWLRUJDQLVPLGLFRQWUROOROHVLQJROH 0& 85%$1,67,&2 SURJHWWD]LRQLSRLFKpULFDGHQWLDOO¶LQWHUQRGHOO¶DUHDYLQFRODWD DLVHQVLGHO'/JVVDUDQQRRJJHWWRGLYDOXWD]LRQH GDSDUWHGHOODFRPSHWHQWH6RSULQWHQGHQ]D

ϲ

ƌĞǀ͘ŝĐϮϬϭϯ ^ĐŚĞĚĞĂŵďŝƚŝĚŝƚƌĂƐĨŽƌŵĂnjŝŽŶĞ

$PELWR           LQTXDGUDPHQWR DHUHRIRWRJUDILFR,QTXDGUDPHQWR FDUWRJUDILFR          '$7,',0(16,21$/, 683(5),&,($0%,72  /DSUHYLVLRQHLQGLYLGXDXQD]RQDGLFRPSOHWDPHQWRGL PT  XQ¶HVSDQVLRQHUHFHQWHXWLOL]]DQGRQHLOVLVWHPDLQIUDVWUXWWXUDOH $/7(==$0$66,0$ 0/ JLjUHDOL]]DWR6LFROORFDQHOYHUVDQWHRSSRVWRDOFHQWURVWRULFR ULVSHWWRDOOD]RQDFROOLQDUHVXOODTXDOHLQVLVWHHSHUWDOHPRWLYR ,1',&(7(555,725,$/( 0404 QRQLQWHUIHULVFHFRQLYDORULSDHVLVWLFRDUFKLWHWWRQLFLGHOFHQWUR 683(5),&,(0(',$ VWRULFRGHO&DSROXRJRLQROWUHO¶DVVLPLOD]LRQHYROXPHWULFDH '(67,1$7$$  WLSRORJLFDFKHO¶HYHQWXDOHQXRYRLPSLDQWRGRYUjDYHUHDO 67$1'$5'( FRQWHVWRFLUFRVWDQWHUHFHQWHPHQWHUHDOL]]DWRHDXWRUL]]DWRQRQ 85%$1,==$=,21, SRQHDSULRULVWLFDPHQWHYLQFROLDOODSUHYLVLRQHGLSLDQR &RPHSHUWXWWLJOLDOWULDPELWLWUDWWDWLLOSLDQRDWWXDWLYRGHOOD 0$66,0292/80( 0& WUDVIRUPD]LRQHGRYUjRYYLDPHQWHWHQHUFRQWRGHLYDORUL 85%$1,67,&2 DPELHQWDOLHSDHVLVWLFLSUHVHQWLHVDUjRJJHWWRGLYDOXWD]LRQH GHLFRPSHWHQWLRUJDQLVPLGLFRQWUROOROHVLQJROHSURJHWWD]LRQL

ϳ

ƌĞǀ͘ŝĐϮϬϭϯ ^ĐŚĞĚĞĂŵďŝƚŝĚŝƚƌĂƐĨŽƌŵĂnjŝŽŶĞ

SRLFKpULFDGHQWLDOO¶LQWHUQRGHOO¶DUHDYLQFRODWDDLVHQVLGHO '/JVVDUDQQRRJJHWWRGLYDOXWD]LRQHGDSDUWHGHOOD FRPSHWHQWH6RSULQWHQGHQ]D

ϴ

ƌĞǀ͘ŝĐϮϬϭϯ ^ĐŚĞĚĞĂŵďŝƚŝĚŝƚƌĂƐĨŽƌŵĂnjŝŽŶĞ

$PELWR           LQTXDGUDPHQWRDHUHRIRWRJUDILFR,QTXDGUDPHQWRFDUWRJUDILFR

  '$7,',0(16,21$/, 683(5),&,($0%,72   /DSUHYLVLRQHLQGLYLGXDXQVHPSOLFHDPELWRGLVDWXUD]LRQH PT  SHULOTXDOHVDUjSHYLVWDO¶DWWXD]LRQHGXLUHWWDLQTXDQWRLO $/7(==$0$66,0$ 0/ SLDQRDWWXDWLYRFRUULVSRQGHUjDOODULFKLHVWDGHOSHUPHVVRD FRVWUXLUH,QSUDWLFDO¶HVWHQVLRQHqWDOHFKHVHQRQIRVVHSHU ,1',&(7(555,725,$/( 0404 ODGHVWLQD]LRQHXUEDQLVWLFDGHOSLDQRYLJHQWHSRWUHEEH 683(5),&,(0(',$ HVVHUHWUDQTXLOODPHQWHDVVLPLODWDDGXQ¶DUHD%DLVHQVLGHO '(67,1$7$$  '0 67$1'$5'( ,QRJQLFDVRJOLHODERUDWLSURJHWWXDOLSRLFKpULFDGHQWL 85%$1,==$=,21, DOO¶LQWHUQRGHOO¶DUHDYLQFRODWDDLVHQVLGHO'/JV 0$66,0292/80( 0& VDUDQQRRJJHWWRGLYDOXWD]LRQHGDSDUWHGHOODFRPSHWHQWH 85%$1,67,&2 6RSULQWHQGHQ]D 

ϵ

ƌĞǀ͘ŝĐϮϬϭϯ ^ĐŚĞĚĞĂŵďŝƚŝĚŝƚƌĂƐĨŽƌŵĂnjŝŽŶĞ

$PELWRSURGXWWLYRLQORFDOLWj&DQDOH































  '$7,',0(16,21$/, 683(5),&,($0%,72 /DSUHYLVLRQHLQGLYLGXD XQDPELWRDGHVWLQD]LRQHSURGXWWLYD PT PT SRVWRLQFRQWLQXLWjFRQTXHOORHVLVWHQWHVXGLXQDVXSHUILFLH $/7(==$0$66,0$  TXDVLWRWDOPHQWHGLSURSULHWjH[GHPDQLDOHDWWXDOPHQWH ,1',&(7(555,725,$/( 0404 SDVVDWDDOOD3XEEOLFD$PPLQLVWUD]LRQH 7DOHVFHOWDRULHQWDWDRYYLDPHQWHDIDYRULUHOD 683(5),&,(0(',$ YDORUL]]D]LRQHGHOSDWULPRQLRSXEEOLFRWHQGHDFRQVHQWLUH '(67,1$7$$ ODUHDOL]]D]LRQHGLXQDVHULHGLVHUYL]LTXDOLODULFLFOHULDLQ  67$1'$5'( XQ¶DUHDSURVVLPDDOFDSROXRJRVRVWDQ]LDOPHQWH 85%$1,==$=,21, XUEDQL]]DWDFRPSDWLELOHFRQOHGHVWLQD]LRQLHVVLWHQWLHSL SURVVLPHHVFKHUPDWDDOODYLVWD 

ϭϬ

ƌĞǀ͘ŝĐϮϬϭϯ ^ĐŚĞĚĞĂŵďŝƚŝĚŝƚƌĂƐĨŽƌŵĂnjŝŽŶĞ



















6FKHGHGHO4XDGUR&RQRVFLWLYRGHO3LDQR3DHVLVWLFR5HJLRQDOH



4&±67587785(,'(17,7$5,(







ϭϭ

ƌĞǀ͘ŝĐϮϬϭϯ

PIANO PAESAGGISTICO REGIONALE 4&6WUXWWXUHLGHQWLWDULHB6&B3LHYHVH  QUADRO CONOSCITIVO 5HJLRQH8PEULD ATLANTE DEI PAESAGGI

PAESAGGIO REGIONALE 4.sc PIEVESE Il paesaggio è caratterizzato principalmente dai centri storici di Città della Pieve e di Piegaro, nonché per la ricca presenza di ville, tra cui emerge la Villa Giorgi Taccini, poco STRUTTURA IDENTITARIA Città della Pieve, i boschi dell’alta valle del Nestore, i vigneti di costa, i distante da Città della Pieve, in località Musignao, lungo la via Chiusina, posta in cima ad uno sperone di roccia, in posizione dominante rispetto alla valle della Chiana romana, segni e le architetture delle bonifica della val di Chiana sperone che è fortemente caratterizzante per la sua copertura forestale molto compatta e per i tagli molto profondi incisi nella roccia medesima. Si tratta di una Villa costruita nel I Comuni interessati dalla struttura Città della Pieve, Piegaro 1845. identitaria Le origini di Città della Pieve sono riconducibili al periodo etrusco-romano, testimoniato da reperti ritrovati nel territorio limitrofo e lungo la Valdichiana. Città della Pieve Descrizione dei caratteri paesaggistici apparteneva al Ducato longobardo di Chiusi di cui, vista la posizione strategica che RISORSE IDENTITARIE CARATTERI PAESAGGISTICI assumeva, ne costituiva un baluardo difensivo, nei confronti della bizantina. Nell’VIII secolo si edifica una “Pieve”, all’esterno del castrum e introno ad essa viene Il paesaggio si caratterizza per la morfologia collinare, che contraddistingue un ampio edificato un borgo che verrà cinto da nuove mura, intorno all’anno Mille, per dare vita al contesto, compreso tra Piegaro e Città della Pieve. Si tratta dell’alta valle del Nestore, nuovo “Castello della Pieve”, nome che risulta come il nome antico della città. La storia caratterizzata appunto da un sistema collinare che non supera le quote dei 400 m. I di Città della Pieve è strettamente legata alle vicende conflittuali con Perugia e ai legami rilievi collinari si caratterizzano per le aree sommitali sostanzialmente pianeggianti, il instaurati con la vicina Siena, rapporti che hanno determinato l’architettura e la struttura rilievo arenaceo nel suo complesso è solcato da valloni di una certa profondità. Il urbana dell’attuale centro storico. La città storica si caratterizza per queste influenze paesaggio si caratterizza in particolare per la copertura forestale molto ricca, senesi, ma anche per essere uno dei centri più importanti per la lavorazione del laterizio, rappresentata dai boschi dell’Alta Valle del Nestore, contesto riconosciuto come Sito di Risorse che diventa il materiale più utilizzato e che meglio rappresenta il rapporto e i legami con Interesse Comunitario. Tra le macchie boschive si ritagliano lembi di suolo coltivati a storico-culturali Siena. Il periodo durante il quale si consolida l’attuale aspetto medievale di Città della seminativo. Ma l’spetto più caratterizzante rimane l’estensione e la qualità del bosco, Pieve è intorno all’anno 1228, anno in cui diventa libero Comune, in seguito agli scontri che rappresenta uno dei siti più estesi e maglio conservati nel contesto regionale. Si con le vicine Orvieto e Perugia, che vennero sconfitte, grazie all’ingresso, dalla tratta di un bosco con la presenza dominante di cerro, arricchito, alle quote più elevate, Valdichiana, dell’esercito di Federico II di Svezia. La città medievale si struttura con un dal carpino, mentre i profondi valloni, si caratterizzano anche per la presenza di tessuto urbano rispondente anche alla composizione sociale della stessa, dunque si boschetti cedui. Un’altra particolarità naturalistica vegetazionale di questo paesaggio è suddivide in tre partizioni amministrative, vale a dire in tre Terzieri: il Terziere Castello legata alla presenza di lembi di brughiera di Calluna vulgaris del genere Calluna e della della classe dei cavalieri, il Terziere Borgo Dentro della classe borghese e il Terziere Risorse famiglia Ericaceae, che, oltre al valore paesaggistico, assume un valore biogeografico Casalino della classe dei pedoni. Il centro storico di Città della Pieve si caratterizza fisico-nauralistiche per il fatto di trovarsi nel contesto più meridionale rispetto alla distribuzione italiana. inoltre per le emergenze architettoniche, sorte tra la fine del secolo XII e la prima metà Sotto il profilo naturalistico il contesto è caratterizzato anche dalla presenza di esemplari del secolo XIV, sorti tutti all’interno della cerchia muraria, come il Palazzo dei Priori, la di querce rare rispetto al contesto regionale e nazionale. Torre Civica, la nuova Pieve, caratterizzata dai nuovi tratti gotici, la Torre del Vescovo, I centri abitati, che caratterizzano maggiormente il paesaggio, sono Città della Pieve e l’imponente Rocca perugina, che forse meglio di qualunque altra opera, rappresenta in Piegaro, entrambi posti su rilievi collinari, collegati tra loro e con Perugia, passando per modo chiaro il rapporto che Città delle Pieve aveva nei confronti di Siena, infatti la Tavernelle, dalla strada Pievaiola. fabbrica è stata progettata dagli architetti senesi Lorenzo e Ambrogio Maitani. Città della Città della Pieve si caratterizza per i rapporti fisici, morfologici e di uso del suolo, ancora Pieve infine è fortemente caratterizzata dalla presenza, testimoniata dalle numerose chiari e leggibili soprattutto nel lato ovest del centro storico, lato in cui il bosco sembra opere d’arte presenti in città nelle varie forme, di Pietro Vannucci (XV secolo) detto il voler insinuarsi nello spazio urbano, che si è adagiato alla forma e morfologia del colle. Il “Perugino”, altro elemento di legame con la Toscana, vista la formazione dell’artista, limite a sud è caratterizzato invece, oltre che da lembi dibosco, da sistemazioni e avvenuta sulla scuola di Piero della Francesca e sulla bottega sperimentale del coltivazioni ad ulivo. Sul lato est e nord-est invece è meno chiaro il rapporto tra Verrocchio, dunque tra Arezzo e Firenze. insediamento consolidato e morfologie dei suoli, si caratterizza, diversamente, per Il paesaggio si caratterizza in modo particolare per l’identità ancora espressa da Città l’insediamento più o meno recente, alternato a macchie di bosco, seminativi e oliveti, della Pieve, in fuoco identitario di questo contesto e soprattutto per i valori che ancora nonché per le espansioni urbane sviluppatisi lungo i tracciati viari principali e secondari, esprime in quanto territorio di confine tra e Toscana, tra Perugia e Siena. in questa alternanza poco definita di spazi aperti e insediamento. Rapporti spesso conflittuali, che nella storia hanno caratterizzato e condizionato la forma Risorse della città che oggi ancora vediamo. I valori sociali e simbolici che il paesaggio esprime sociali-simboliche sono appunto legati alle forme e tecniche costruttive, nonché nell’uso del materiale storico e tradizionale senese del laterizio, al disegno e alla forma urbana, che ancora si legge come l’impianto originario medievale, alle forme artistiche lasciate in eredità dal Perugino, che rende ancora oggi Città della Pieve nota in sede nazionale e internazionale. PIANO PAESAGGISTICO REGIONALE  QUADRO CONOSCITIVO ATLANTE DEI PAESAGGI

Il paesaggio si caratterizza principalmente per i valori simbolici e sociali legati alla storia PAESAGGIO REGIONALE 4.sc PIEVESE del sito minerario di lignite, che ebbe una importanza regionale, alla realizzazione Risorse dell’infrastruttura su ferro per il trasporto merci, la ferrovia Ellera-Pietrafitta denominata STRUTTURA IDENTITARIA La valle del Nestore, il lago e l’area di Pietrafitta tra paleontologia, sociali-simboliche la “Ferrovia delle Miniere”, alla storia della realizzazione delle centrali e dal ritrovamento, 4_SC_1 connesso agli scavi minerari, dei reperti fossili, a testimonianza del valore paleontologico archeologia industriale e produzione energetica del sito stesso.

I Comuni interessati dalla struttura , Piegaro, , Perugia identitaria PAESAGGIO REGIONALE 4.sc PIEVESE

Descrizione dei caratteri paesaggistici STRUTTURA IDENTITARIA La Valle di “Pian dell’Abate”, il Mandoleto, i castelli di poggio e le ville RISORSE IDENTITARIE CARATTERI PAESAGGISTICI 4_SC_2

Il paesaggio si caratterizza per la morfologia prevalentemente pianeggiante, costituita in I Comuni interessati dalla struttura Perugia, , e Marsciano parte dall’alta valle del Nestore, delimitato a nord dal sistema collinare dei Monti identitaria Marzolana e Montali, che digradano ancora più a nord sul Lago Trasimeno, a sud dal Lago di Pietrafitta e dall’abitato omonimo mentre a est dall’abitato di Tavernelle. Il lago di Descrizione dei caratteri paesaggistici Pietrafitta insieme alla centrale ENEL omonima, caratterizzano in modo particolare il RISORSE IDENTITARIE CARATTERI PAESAGGISTICI paesaggio, in quanto costituiscono due segni evidenti e abbastanza dirompenti rispetto alle morfologie insediative e alla trama agricola ancora rinvenibile, alla quale, comunque, Il paesaggio si caratterizza essenzialmente per la morfologia basso-collinare. Il contesto si sovrappone un sistema insediativo sparso di recente formazione. di paesaggio coincide con la Valle denominata “Pian dell’Abate”. Si tratta di una valle I centri abitati maggiori che caratterizzano il paesaggio sono Tavernelle, che si sviluppa alluvionale solcata da uno dei principali affluenti del Fiume Nestore, il Torrente Caina e lungo la viabilità Pievaiola di collegamento con Perugia e ha come limite meridionale il dal Rio Fratta, oltre che da una ricca rete di canali e fossi che ne determinano la corso d’acqua del Nestore, e Pietrafitta. Il centro di Tevernelle si sviluppa su un tessuto Risorse ricchezza idrografica, tra i quali emerge il Fosso Loggio il Fosso Ponaiolo, entrambi a pettine incardinato sul tracciato della Pievaiola, con una formazione edilizia fisico-nauralistiche affluenti del Caina. relativamente recente, abbastanza eterogenea dove emerge, appoggiata su un’ansa del I versanti collinari intorno al Caina si caratterizzano, dal punto di vista geologico, per Nestore, un’area con insediamento produttivo. Il centro di Pietrafitta, limitrofo alla l’alternanza di depositi lacustri del Villafranchiano con matrice prevalentemente centrale omonima, si caratterizza per un paesaggio di prossimità costituito sabbioso-conglomeratica e substrati più antichi, con origine miocenica-paleocenica, dall’alternanza della espansione urbana, con lembi di bosco, che ne costituiscono il anch’essi a prevalenza di arenarie e marne. margine a sud, a aree coltivate a seminativo e uliveto. Naturalmente ciò che colpisce Il contesto basso-collinare, coincidente con la Valle di “Pian dell’Abate” è inquadrato da maggiormente per il paesaggio di prossimità di Pietrafitta è la centrale e i manufatti che rilievi collinari che non superano i 400 m di altitudine, dove il rilievo più alto è costituito la compongono, di impatto percettivo, funzionale e simbolico rilevante. dal poggio di Agello, dove sorge l’insediamento omonimo, che misura 411 m. Il paesaggio si caratterizza infine per i rilievi collinari che fanno da limite settentrionale e Il contesto della piana è delimitato dai dolci versati collinari e inquadrato dal relativo lo separano dal Lago Trasimeno, rilievi caratterizzati in particolare per la copertura sistema di crinali, costituito dal già richiamato Agello, per poi proseguire in senso orario Risorse vegetazionale costituita prevalentemente da faggete, con le quote massime raggiunte con Castellaccio, Solomeo, Capanne, Bagnaia, Villa Montefreddo, Pilonico Materno, fisico-nauralistiche dal Monte Marzolana che comunque non supera i 586 m. Monticelli, Castiglione della Valle, Poggio delle Corti, San Martino dei Colli. I toponimi Il paesaggio è caratterizzato in particolare dal sito di Pietrafitta, noto come giacimento di appena richiamati corrispondono in linea di massima ad un sistema insediativo collinare, lignite, che ebbe inizio in seguito ai movimenti tettonici che provocarono l’innalzamento che individua un “bacino”, anche visivo, verso la piana. Detti versanti collinari si del paleo Nestore e la formazione di piccoli bacini con acque stagnanti. Il sito inoltre si caratterizzano per un sistema di valli e vallecole poco incise, abbastanza estese e con caratterizza per il suo grande valore paleontologico, testimoniato in seguito ai primi dolci pendenze. Emergono, dal punto di vista vegetazionale, alcune aree coperte da ritrovamenti fossili, operati dal Boldrini, durante le opere di scavo minerario negli anni pineta, alcuni lembi di bosco e macchia mediterranea, per quanto attiene il versante di ’60. Ritrovamenti e raccolte di reperti fossili operata in via del tutto casuale, fino ad San Martino dei Colli. Sempre dal punto di vista vegetazionale si segnala la presenza di arrivare all’interessamento dell’ENEL, della Soprintendenza Archeologica dell’Umbria filari di Pini secolari lungo il Torrente Caina. Risorse congiuntamente con l’Università degli Studi di Perugia, per costituire una raccolta e Dal punto di vista infrastrutturale si evidenzia che la valle è attraversata nella direzione storico-culturali sistematizzazione dei reperti ritrovati. Altro elemento che caratterizza il sito è la storia EST-OVEST dalla “Pievaiola” che collega l’insediamento di Capanne con Città della legata ai giacimenti di lignite e alle relative centrali che si sono succedute nel tempo fino Pieve. Per quanto attiene le infrastrutture si evidenzia il tratto di ferrovia abbandonata, ad arrivare all’attuale impianto. Legata alla realizzazione del sito estrattivo è la un troncone ad unico binario della “Ellera-Tavernelle”. costruzione del tratto, dismesso, della ferrovia mineraria di Pietrafitta. Durante La prima Sotto il profilo insediativo si evidenzia la casa circondariale di Capanne che restituisce guerra mondiale, di fronte alla necessità di combustibili, l’area di Pietrafitta ebbe un un impatto paesaggistico di rilievo rispetto al contesto in cui sorge. grande rilancio dovuto alla presenza di un esteso banco di lignite a cielo aperto e si determinò la necessità del trasporto, del materiale estratto, dal giacimento alla ferrovia Terontola-. PIANO PAESAGGISTICO REGIONALE  QUADRO CONOSCITIVO ATLANTE DEI PAESAGGI

Il paesaggio si caratterizza per l’assetto agrario tradizionale di cui ancora ne presenta i Il Paesaggio si caratterizza fortemente per i valori connessi alla relazione ancora caratteri salienti, ancorchè relazionato con il sistema insediativo storico, costituito da evidente tra risorse storico-culturali, usi del suolo e caratteri naturalistici. Prevale castelli e borghi di poggio, nonché da ville gentilizie e dimore storiche rurali. I caratteri l’immagine del contado, del podere, in una morfologia valliva, basso-collinare, storico-culturali del contesto, connessi agli assetti agrari tradizionali, al sistema fortemente caratterizzata da incastellamenti e ville, fortificate e non, dai caratteri rurali insediativo storico, sono testimoniati anche dal fatto che l’intero contesto paesaggistico è connesse ad un appoderamento e una sistemazione agraria tradizionale ancora ben Dichiarato di Notevole Interesse Pubblico, in virtù dei medesimi caratteri. Detto contesto conservata. Anche la presenza dell’acqua, torrenti, fossi e canali, contribuiscono a si caratterizza inoltre per la continuità e in parte per la sovrapposizione con il contesto determinarne l’immagine simbolica della fertilità e della ruralità storico-tradizionale. Meno del “Contado di Porta Eburnea”, che, anche se afferente ad un altro ambito di paesaggio rilevante anche se non trascurabile è la presenza della viabilità poderale e Risorse regionale, ne costituisce una naturale risorsa, anche sotto il profilo storico-culturale, oltre infrastrutturale dismessa, come il tronco ferroviario della Ellera-Tavernelle, annoverata sociali-simboliche che naturalistico-ambientale. tra le “ferrovie dimenticate”, ovvero tra i percorsi “ecologici” da valorizzare anche Il sistema insediativo, costituito dagli incastellamenti di poggio, che si affacciano attraverso manifestazioni volte alla fruizione degli stessi per i loro caratteri storico- prevalentemente sulla “Valle di Pian dell’Abate”, si caratterizza, in primo luogo, per i culturali e naturalistico-ambientali. Altro elemento degno di nota sotto il profilo sociale- Castelli di Solomeo e di Gallenga, posti agli estremi nord-est del contesto stesso. simbolico, connesso ai valori di rilevanza del contesto, è il castello di Solomeo, un borgo Il primo, ricadente nel Comune di Corciano, faceva parte di un più vasto sistema rinomato in ambito nazionale e internazionale, in quanto utilizzato e sapientemente difensivo, posto intorno al Monte Malbe, del Perugino verso il Trasimeno. Il Castello si restaurato come sede di una delle aziende tessili leader mondiali nel settore del può far risalire al secolo XIV anche se, in seguito al ritrovamento di una serie di cachemire (la Brunello Cucinelli Cashmere). necropoli, è accertata la presenza di civiltà risalenti al III secolo a.C. Il Castello di Solomeo, sorge sulla sommità del colle, le cui pendici, sotto il profilo dell’insediamento storico, si caratterizzano per la presenza accertata di insediamenti sparsi, che si Risorse possono relazionare al sistema delle villae rusticae, ovvero al diffondersi di fattorie storico-culturali agricole, fenomeno abbastanza diffuso nella Regione, almeno nei contesti limitrofi a questo, in seguito al processo di romanizzazione avvenuto in seguito alla fine della cultura etrusca. Tali ritrovamenti, effettuati lungo le pendici del colle di Solomeo nei pressi di Rugolano, Montefrondoso e Mandoleto, testimoniano il processo di insediamento legato alle pratiche agricole sopra richiamato. Il secondo, il Castello di Gallenga, ottocentesco, nasce con l’impostazione progettuale di una villa fortificata, secondo la tendenza del momento, e infatti si compone degli elementi tipici di questa tipologia, quali le torri, il nucleo abitativo, il cassero, sormontati da merlature. Il castello sorge in prossimità di Perugia lungo la strada “Pievaiola”, costruito in cima ad un colle e circondato da una fitta e compatta vegetazione dalla quale si scorge la torre merlata. Il castello fu costruito da un piemontese trasferito in Umbria, Matteo Gallenga, e fu costruito nell’imponente tenuta del Mandoleto. I caratteri stilistici e architettonici del castello, riconducibili alla tendenza delle ville fortificate, hanno indotto a classificare tale architettura tra il censimento delle Ville. Tra gli elementi architettonici diffusi, infatti oltre alla “villa-castello” di Gallenga il contesto paesaggistico si caratterizza anche per la presenza di Villa Montefrondoso, Il Palazzo, Villa Montefreddo, Villa Poggiolo, Villa in località Vinaglia (Vignaia) e Villa Vicarelli a Passo del Lupo. ^ĐŚĞĚĞĂŵďŝƚŝĚŝƚƌĂƐĨŽƌŵĂnjŝŽŶĞ













$0%,7,',,17(5(66($5&+(2/2*,&2

)RQWH335





ϭϮ

ƌĞǀ͘ŝĐϮϬϭϯ ^ĐŚĞĚĞĂŵďŝƚŝĚŝƚƌĂƐĨŽƌŵĂnjŝŽŶĞ





ϭϯ

ƌĞǀ͘ŝĐϮϬϭϯ