&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,,GLDWWXD]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]LR9,5LVFKLR,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