Rassegna Stampa 21 03 2014

ASSEMBLEAREGIONALESICILIANAVenerd,21marzo2014

21/03/2014 LaSicilia Pagina5 GIOVANNICIANCIMINO

21/03/2014 GiornalediSicilia Pagina3

21/03/2014 GiornalediSicilia(ed.Messina) Pagina19

21/03/2014 GazzettadelSud Pagina25 LucioD'Amico

21/03/2014 GiornalediSicilia Pagina6 StefaniaGiuffr

21/03/2014 QuotidianodiSicilia Pagina2 RaffaellaPessina

21/03/2014 MF(Sicilia) Pagina1

21/03/2014 LaSicilia Pagina5 LILLOMICELI


21/03/2014 LaRepubblica(ed.Palermo) Pagina5 ANTONIOFRASCHILLA


21/03/2014 LaSicilia Pagina6

21/03/2014 LaSicilia(ed.Siracusa) Pagina25

21/03/2014 QuotidianodiSicilia Pagina9

21/03/2014 QuotidianodiSicilia Pagina23 ChiaraBorz

21/03/2014 LaSicilia(ed.Enna) Pagina25

21/03/2014 GazzettadelSud Pagina20


21/03/2014 MF Pagina4 ANTONIOGIORDANO

21/03/2014 LaRepubblica(ed.Palermo) Pagina5 GERALDINEPEDROTTI

21/03/2014 GiornalediSicilia(ed.Trapani) Pagina21

21/03/2014 GazzettadelSud Pagina35 LeonardoOrlando


21/03/2014 LaSicilia Pagina37 SANDRAMAZZAGLIA

21/03/2014 GiornalediSicilia(ed.Caltanissetta) Pagina31

21/03/2014 LaSicilia(ed.Caltanissetta) Pagina30

21/03/2014 GiornalediSicilia(ed.Caltanissetta) Pagina21

21/03/2014 Centonove Pagina6 DANIELEDEJOANNON

21/03/2014 GazzettadelSud Pagina21 NuccioAnselmo

21/03/2014 GazzettadelSud Pagina21 RiccardoD'Andrea


Sedutaflashall'ArsdimissioniBianchiecrisibloccanoattivit... 1

Sedutalampo,ilavoririnviatiamarted 3

Leggesullacittmetropolitana:ladeputazioneoggiallaProvincia 4

Autoritportualearischio! 5

ProntalaFinanziariabis,taglipercentomilioni 7

Immobilitall'ArsetrattativeaRoma 9

GiornatadiincontriromaniperCrocetta 11

IlcasoSiciliaapprodaaRoma 12

Crocettabis,eccochirestaechiescedallagiunta 14

Pagamentialleaziende:Siciliamaglianeravial'assessore,slittaanche... 16

AnimalidapellicciaM5S:inSiciliastopall'allevamento 18

Raccoltarifiuti,"difettidifabbrica"siciliani 19

Servizioidrico,laleggeregionaleeliminailcaos 21

EmergenzaimmigrazioneappellodelsindacoFiretto 22

Fattoriesociali,unarisorsaperl'Isolasebensfruttate 23

GestioneErsuaffidata"sinedie"afunzionario 25

Imprenditoresuicida,famigliaperdelacasa 26

Crocettaincassal'impegnodiRenzi 28

LaSiciliaancoranonpagaidebiti.L'assessoreall'Economialascia 30

LaCgilall'attacco:"Dalgovernatoremoltiannunciepochiatticoncreti" 31

Inmissioneperlescuole 32

IlCga:ladiscaricalegittima 33

IlCastelloNelsonpotressereilluminato 35

Servizisociali,senzasoldistopinaprile 37

Autocertificazionesulredditononpiaceailavoratori 39

IncontroalloJuvaraconLarieMusumeci 40

IncontrostamattinasumafiaelegalitconLarieMusumeci 41

Formazione,l'oradiGenovese 42

Formazione,inuoviretroscenadell'inchiesta 45

Quellepressionisull'assessoreCentorrinoper"gestire"idistretti... 47

Messina,ipmsvelanoilsistemaGenovese:tantesocietguidateda... 49

Venerd,21marzo2014

Presidenza

Assemblearegionalesiciliana

RegioneSiciliana

CommissioniParlamentari

Politicaregionale




21/03/2014 LaRepubblica(ed.Palermo) Pagina2 MANUELAMODICA

21/03/2014 LaRepubblica(ed.Palermo) Pagina2 GIUSISPICA

21/03/2014 GiornalediSicilia Pagina5 GiacintoPipitone




21/03/2014 LaSicilia(ed.Palermo) Pagina25

21/03/2014 LaSicilia(ed.Palermo) Pagina30


21/03/2014 GiornalediSicilia(ed.Messina) Pagina18

21/03/2014 GiornalediSicilia(ed.Siracusa) Pagina19

21/03/2014 LaSicilia(ed.Caltanissetta) Pagina32


21/03/2014 Centonove Pagina9 DAROTTAMARE.OCCHIOALPIANOGIOVANI

21/03/2014 MF(Sicilia) Pagina1 ANTONIOGIORDANO

21/03/2014 Centonove Pagina21 GIANFRANCOCUSUMANO

21/03/2014 Centonove Pagina21


21/03/2014 GazzettadelSud Pagina37 RosarioRaffaele




21/03/2014 ItaliaOggi Pagina24

21/03/2014 ItaliaOggi Pagina38 SERGIOTROVATO

21/03/2014 QuotidianodiSicilia Pagina13 VincenzaGrimaudo

21/03/2014 QuotidianodiSicilia Pagina12 FrancescoTorre


21/03/2014 GazzettadelSud Pagina23 SebastianoCaspanello


21/03/2014 GazzettadelSud Pagina29 EmanueleRigano



L'onorevoleincasscomeconsulenzeseicentomilaeurodadittedel... 51

Autorizzatoilsequestrodi5milioniaGenoveseeadaltriindagati 52

IpassatiincarichidiLamacchia:dasindacoacapodell'Atorifiuti 53

L'exdipendentenonpagatadaunannoemezzo"Lorocompravanogioielli,... 54

L'armatadei15milaoperatoriinbilico"Raccomandatiepoitraditidai... 56

Spuntanosettemilacontrattiirregolaripereludereilbloccodelle... 58

Nell'albodeiformatori460iscrittiinbaseaunafalsa... 60

M5S,caosassunzionidopobloccodel2008 61

LacorsaalleEuropeeeilrimpasto:eccoinodidellamissioneromana 62

C'chivuoledividerlo,mailPdnonabbocca 63

Pd,arrivalostatomaggioresultavololespinediAmato 65

Nessunaalleanzapossibilecon"questo"Pd 67

Barrile:organizzazioneautonomamasiamoerestiamonelPd 68

Movimento5Stelle,confrontoinOrtigia 69

VILLAPERETTIConventiondiForzaItalia 70

Fi,losvilupposostenibileconfrontoconleassociazioni 71

Seilfuturoincerto 72

L'Abcdell'export 73

Ilfuturo?Nel...Pac 75

LimonisicilianiperlaDanone 77

IlportodiSantoStefanoall'insegnadell'arte 78

PortodellabellezzaeFiumarad'arteperattrarreilturismo... 79

Fruttanellebancarelle,scongiuratoildivieto 81

RegistrodelleereditimmaterialiVersioneinseilibriespazio... 83

LucaBianchi 84

InSiciliapagatosolouneurosu3 85

ErroriIuc,cipensanoicomuni 86

Inarrivoneltrapanese4mln 88

LosprecodeglialloggiinutilizzatichelaProvincianonhadismesso 90

DerivatialComuneArrivaCannizzaro 92

Un"big"deirifiutiallacortediAccorinti 93

Poliziamunicipale,vecchinodieazionidiprotestaalleporte 95

Trasportodisabilinellescuole,polemicheespiragli 97

IlfuturodelTeatroel'isola"Cairoli",itemidelmomento 99

ConcessoalComunecreditodioltreunmilionemaglioperatoriecologici... 100

Assessoratiregionali

EntiLocali



21/03/2014 QuotidianodiSicilia Pagina14 LilianaBlanco



21/03/2014 Centonove Pagina23 TERMOELETTRICA.NUOVOSCIOPEROIL26MARZO

21/03/2014 GazzettadelSud Pagina33 AntoninoPino

21/03/2014 LaSicilia Pagina25 ROSSELLAJANNELLO





21/03/2014 L'Espresso Pagina107 AlessandroLongo

21/03/2014 ItaliaOggi Pagina28 CINZIADESTEFANIS

21/03/2014 IlMessaggero Pagina29


21/03/2014 GiornalediSicilia(ed.Catania) Pagina22



21/03/2014 LaSicilia(ed.Caltanissetta) Pagina28 GIUSEPPESCIBETTA




21/03/2014 ItaliaOggi Pagina12 ANDREAGIACOBINO

21/03/2014 IlGiornale Pagina10

21/03/2014 IlGiorno Pagina19

21/03/2014 Avvenire Pagina8

21/03/2014 LaPadania Pagina9

21/03/2014 LaStampa Pagina17

IlComuneutilizzerlavoratoriinmobilit 102

Centrostoricotradesolazioneesperanzeaspettandolasvoltapromessada... 103

FuocoincrociatosulsindacoFasulo 105

Lercara,respintoilricorsocontrolaTaresIlTar:Lebollette... 107

Conti:Bastaconitagliall'InpsiserviziarischioGi... 109

Edipowerallumicino 110

VertenzaEdipower,Aliprandichiamaisindacati 111

Micronnondemorde,Stnonsiimpegna 113

PersonaleAtaAlvialenomine 115

GsCarrefourdiCarini,c'l'accordo:salvi45postidilavoro 116

SindacicalatinieragusaniunitiperilnoalMuos 117

Castelvetrano,dallealghecompostedenergia 118

ENERGIADALLASABBIA 120

Efficienzaenergetica,dal23aprileledomande 121

Biogas,l'Italiapuprodurre8miliardidimetricubi 122

DurobottaerispostatraGarozzoeVinciullosulnuovoospedaleeifondi... 124

Isindaciincontranoisindacatisull'ospedale 125

OggiinsediamentodiNoto 126

BrucellosiL'Asphaindividuatounfocolaiod'infezione 127

Adessol'Anasapresullecompensazioni 128

Siremar,ilnoallagara 130

Enac:Completateopereimportanti 132

Cinisi,danneggiatal'autodiunvigileurbano 133

Metroweb,100megabitin30citt 134

ConcordiafarottasuGenova 135

Tragliindagatil'ufficialedeiRosdellatrattativatraStatoemafia 136

Migranti.Troppiarrivi.LaSiciliascoppia 137

Maxifuga:IN250VIAdalcentrod'accoglienza 138

Inungiornoemezzosbarcati4000migranti 140

Economia

Lavoro

Ambienteedenergia

Sanit

Trasportieinfrastrutture

Cronacagiudiziaria

Cronacaregionale

21/03/2014 CorrieredellaSera Pagina52 MAUROMAGATTI

21/03/2014 Avvenire Pagina9

21/03/2014 IlFattoQuotidiano Pagina8 diSaraNicoli



21/03/2014 Libero Pagina10 SalvatoreDama

21/03/2014 Libero Pagina10 P.e.r.

21/03/2014 IlTempo Pagina4

21/03/2014 IlGiornale Pagina3 FabriziodeFeo

21/03/2014 IlTempo Pagina5

21/03/2014 L'Unit Pagina15 CLAUDIOSARDO

21/03/2014 IlManifesto Pagina1 DanielaPreziosi

21/03/2014 LaPadania Pagina15 MatteoMascia

21/03/2014 ItaliaOggi Pagina14 FRANCESCOSTAMMATI

21/03/2014 Europa Pagina4


21/03/2014 CorrieredellaSera Pagina5 L.Off.

21/03/2014 IlMattino Pagina13

21/03/2014 IlMattino Pagina7 MarcoEsposito

21/03/2014 IlSole24Ore Pagina33 CARLOFESTA

21/03/2014 CorrieredellaSera Pagina2 L.Fer.

21/03/2014 IlGiornale Pagina15 LucaFazzo


21/03/2014 GiornalediSicilia Pagina38 DeliaParrinello

21/03/2014 LaStampa Pagina30 LUCADONDONI

21/03/2014 IlFattoQuotidiano Pagina15 diFerruccioSansa

21/03/2014 Centonove Pagina17 DIFRANCESCOPINIZZOTTO

21/03/2014 Centonove Pagina28 DILUIGIFERLAZZONATOLI

21/03/2014 Centonove Pagina29 DIPAOLORANDAZZO

IlPapacontrolemafie.Cheneganol'umano 141

NeldeepwebsicompratuttoAnchelavitadiunbambino 143

SuGenoveseimbarazzoPdeallaCamera 145

Camera,lapatatabollente 147

Politicaeaffaribinomioperverso 149

ForzaItalianonprontaaobbedireapidiunBerlusconi 150

Silviocercadisedarelefaide 152

DaifigliagliautocandidatiSipreparalaguerraperl'... 154

Brunetta,Fitto,Scajola:biginpistaalleeuropee 156

Europee,ilPdriciclagliexministridiLetta 158

EmanueleMacalusoLamiapassionenonfinitacolPci 160

Tsipras,trappolad'Aosta 164

DallaSardegnaallaPadania 166

Rubinato(Pd):eoraaivenetisiaconcessolostatutospeciale 167

Laguerrafinita,bastaregioni 168

Darepiforzaalleautonomie 170

Imiliardieuropeichel'Italianonsaspendere 172

DebitiPa,ilMezzogiornostentaasaldare 173

MacroSudsorpassaSveziaeScozia 175

GrandiStazioniacceleraversol'asta 177

ArrestatoilregistadegliappaltilombardiOmbresuExpo2015 179

Arrestatol'exredegliappaltiinLombardia 181

LaNottedellaCulturadiventaplurale 183

Queivagabondaggifrascrittorievicoli:lefotodiFundarotto 184

"Thevoice",tuttipazziper#SuorCristina 186

Storiedi(non)ordinariabrutalitconladivisa 188

Villafranca,sognoda...A 190

AntonioBassarelli,ilmessinese 191

LampedusaBeach 193

Politicanazionale

Cultura,eventi,mostre

/,03$66(

6HGXWDIODVKDOO$UVGLPLVVLRQL%LDQFKLHFULVLEORFFDQRDWWLYLWjOHJLVODWLYD

3$/(5026LDPRSDVVDWLGDOODVHGXWDODPSRGLPHUFROHGuDOODVHGXWDIODVKGLLHUL/DVRVWDQ]DQRQFDPELDODFULVLGHOODPDJJLRUDQ]DEORFFDODWWLYLWjOHJLVODWLYD,QUHDOWjqDQFKHFULVLGLJRYHUQR1RQIRUPDOHDOWULPHQWLFLVDUHEEHURLSUHVXSSRVWLGHOORVFLRJOLHWHOHULJKH0DDOSDULGHOODFULVLIRUPDOHO$UVUHVWDEORFFDWDVRSUDWWXWWRVXLSURYYHGLPHQWLSLVFRWWDQWLJOLLQWHUYHQWLSHULOSDJDPHQWRDIDYRUHGHOOHLPSUHVHHODPDQRYUDILQDQ]LDULDELV,OSUHVLGHQWH1LQRLQDKDFRQYRFDWRSHUPHUFROHGuODFRPPLVVLRQH%LODQFLRFRQDOORUGLQHGHOJLRUQRSULPDOHLPSUHVHHSRLODPDQRYUDILQDQ]LDULD(QWUDPELVRQRGLSHUWLQHQ]DGHOODVVHVVRUHDO%LODQFLR0D/XFD%LDQFKLFRPHqQRWRqGLPLVVLRQDULRQpVLLQWUDYHGRQRVHJQDOLGLUHWURPDUFLD0DUFR)DOFRQH)LVRVWLHQHFKH%LDQFKLDYUHEEHODVFLDWRSHU'XQSUHVWLJLRVRHDOWUHWWDQWRUHPXQHUDWRLQFDULFRGL&DSR LSDUWLPHQWRGHOPLQLVWHURGHOO$JULFROWXUD$OGLOjGHOOHLQWHUSUHWD]LRQLUHVWDLOIDWWRFKHLQDWWRqYXRWDODVHGLDSLSHVDQWHGHOJRYHUQRUHJLRQDOH&KLVLHGHUjLQFRPPLVVLRQHSHULOJRYHUQRDIURQWHGLPDWHULHGHOLFDWHFKHULFKLHGRQRSDUWLFRODUHFRQRVFHQ]DHLPSOLFDQRDQFKHLUDSSRUWLFRQ5RPD")LQRDTXHVWRPRPHQWRD3DOHUPRQHL3DOD]]LFKHFRQWDQRqEXLRSHVWR/DFRQIHUHQ]DGHLFDSLJUXSSRQRQVHPEUDDEELDGLUDGDWROHQXEL1pSRWHYD,QTXHVWDVHGHVLqSDUODWRRSSRUWXQDPHQWHGHOUXRORGHOOD6LFLOLDQHOTXDGURGHOOHULIRUPHFRVWLWX]LRQDOLGHO6HQDWRHGHO7LWROR9GHOOD&RVWLWX]LRQH(SURSULRDTXHVWRSURSRVLWRLOSUHVLGHQWHGHOO$UV*LRYDQQL$UGL]]RQHKDPDQLIHVWDWRVHULHHIRQGDWHSUHRFFXSD]LRQL'1RQYRUUHLFKHPHQWUHLQ6LFLOLDFLDJJURYLJOLDPRVXSUREOHPLWXWWLORFDOLVWLFLHVSUHVVLRQHGLSORPDWLFDFKHVLSXzOHJJHUHVFRQWULGLSRWHUHQGULQDOWUHVHGLVLGHFLGDLQWDQWRGHOQRVWURIXWXURLQSDUWLFRODUHGHOIXWXURGHOODVSHFLDOLWjGHOOD6LFLOLD1HOVLOHQ]LRJHQHUDOH8QDSUHRFFXSD]LRQHFKHDFFRPXQDOLPPRELOLVPRGHOO$UVHGHOOD5HJLRQHFKHYDOHSHUGLWDGLSUHVWLJLRDOLYHOORQD]LRQDOH$UGL]]RQHKDFRQIHUPDWRSHULODSULOHODVXDSDUWHFLSD]LRQHDOODPDQLIHVWD]LRQHQD]LRQDOHFRQLSUHVLGHQWLGHLFRQVLJOLUHJLRQDOLHGHLSUHVLGHQWLGHOOHUHJLRQLLWDOLDQHSHUGLVFXWHUHVXOODUJRPHQWR0DSRUWHUjODYRFHGHO3DUODPHQWRVLFLOLDQR"/$UVQRQKDDQFRUDDIIURQWDWRLOWHPDQHOORVSHFLILFR1RQDFDVRLOSUHVLGHQWH$UGL]]RQHKDDFFHQQDWRDLFDSLJUXSSRORSSRUWXQLWjGLDYYLDUHXQGLEDWWLWRVHULRVXOODUJRPHQWRVWDWRFRQIHUPDWRSHULODSULOHXQDVHGXWDVWUDRUGLQDULDLQFXLO$UVGLVFXWHUjGHOODULIRUPDGHOWLWROR9FRQXQDGHFLVLRQHFRQFOXVLYDFKHVDUjSRUWDWDDOOHVDPHGHOOD&RQIHUHQ]DGHOOH5HJLRQL0DFqDQFKHOHPHUJHQ]DGHLIRQGLHXURSHLODFXLXUJHQ]DqQRWDHSHUODTXDOH%HUQDGHWWH*UDVVR*UDQGH6XG3LGKDSUHVHQWDWRXQLVWDQ]DDOSUHVLGHQWHGHOO$UV*LRYDQQL$UGL]]RQH'8QGUDPPDWLFR

ULWDUGRGDSDUWHGHOJRYHUQRUHJLRQDOHHGHJOLXIILFLFRPSHWHQWLULVFKLDGLFRPSURPHWWHUHODFFHVVRDLIRQGLHXURSHLSHULO/DVFDGHQ]DGHODSULOHLQFRPEHHQWURTXHOODGDWDODFFRUGRGLSDUWQHUDULDWRGRYUjHVVHUHGHSRVLWDWRD%UX[HOOHV3HUOD6LFLOLDLWHPSLVRQRDQFRUDSLVWUHWWLHSHUXQHVLWRSRVLWLYRGHOODTXHVWLRQHVLUHQGHLQGLVSHQVDELOHLOFRLQYROJLPHQWRGLWXWWHOHLVWLWX]LRQLHOHSDUWLVRFLDOLHVSUHVVLRQHGHOWHUULWRULRSHUHODERUDUHOHSURSRVWHSHUXQDQXRYDSURJUDPPD]LRQHHSHUQRQULVFKLDUHGLSHUGHUHDQFRUDXQDYROWDXQDJUDQGHRSSRUWXQLWjGLVYLOXSSR,OJRYHUQRUHJLRQDOHVLLPSHJQLTXLQGLDULPRGXODUHLIRQGLFRPXQLWDULLQXQFRQIURQWRFRQLO3DUODPHQWRUHJLRQDOHFRLQYROJHQGRJOLHQWLWHUULWRULDOLOHSDUWLVRFLDOLOHFDWHJRULHHFRQRPLFKHDOILQHGLSURPXRYHUHXQDVWUDWHJLDGLVYLOXSSRFRPXQH

*,29$11,&,$1&,0,12

$UV

6HGXWDODPSRLODYRULULQYLDWLDPDUWHGu

$SHUWDHVXELWRVRVSHVDODVHGXWDGHOO$UVD3DOD]]RGHL1RUPDQQLLQSURJUDPPDLHULSRPHULJJLRRSROHFRPXQLFD]LRQLFRQVLGHUDWRLOSURWUDUVLGHOOD&RQIHUHQ]DGHLFDSLJUXSSRLODYRULVRQRVWDWLULQYLDWLDPDUWHGuSURVVLPRDOOH

3$/$==2(,/(21,,VWLWX]LRQHOLEHULFRQVRU]L

/HJJHVXOODFLWWjPHWURSROLWDQDODGHSXWD]LRQHRJJLDOOD3URYLQFLD

9HUUjLOOXVWUDWDRJJLDOOHQHOFRUVRGLXQDFRQIHUHQ]DVWDPSDQHOVDORQHGHJOLVSHFFKLGL3DOD]]RGHL/HRQLODOHJJHVXOOLVWLWX]LRQHGHLOLEHULFRQVRU]LFRPXQDOLHGHOOHFLWWjPHWURSROLWDQH/DQRUPDWLYDDSSURYDWDGDOO$VVHPEOHDUHJLRQDOHVLFLOLDQDORVFRUVR P D U ] R K D D Y X W R L O Y L D O L E H U D G D O&RPPLVVDULRGHOOR6WDWRPDUWHGuVFRUVR$OOLQFRQWURFRQLJLRUQDOLVWLRUJDQL]]DWRGDOSUHVLGHQWHGHOO$UV*LRYDQQL$UGL]]RQHVRQRVWDWLLQYLWDWLWXWWLLGHSXWDWLUHJLRQDOLHOHWWLQHOFROOHJLRGL0HVVLQDDOOHHOH]LRQLGHO&DUPHOR &XUUHQWL 6 DQWL ) RUPLFD 1 LQR*HUPDQj%HUQDGHWWH*UDVVR0DUFHOOR*UHFR * L X V HS S H / D F F R WR ) L OL S S R 3 D QDUHOOR *LXVHSSH3LFFLROR)UDQFR5LQDOGLH9DOHQWLQD=DIDUDQD$&$)

7RUQDOLQVHQVDWRSURJHWWRGHOPLQLVWUR/XSLGLDFFRUSDUH0HVVLQDFRQ3DOHUPR(FqLOQRGRWDULIIHSHUOR6WUHWWR

$XWRULWjSRUWXDOHDULVFKLR2JJLDOOD3URYLQFLDODFRQIHUHQ]DVXOODOHJJHSHUOD&LWWjPHWURSROLWDQD

0HQWUHVLSUHVHQWDDOODFLWWjODQXRYDOHJJHVXOOH&LWWjPHWURSROLWDQHHVXL/LEHUL&RQVRU]LGD5RPDDUULYDODFRQIHUPDFKHO$XWRULWjSRUWXDOHGL0HVVLQD0LOD]]RqDIRUWHULVFKLRGLDFFRUSDPHQWRFRQTXHOODGL3DOHUPR(QHOIUDWWHPSRGXUDQWHXQLQFRQWURD5HJJLR&DODEULDHPHUJHDQFRUDXQDYROWDODFDWWLYDYRORQWjGLFKLGRYUHEEHJDUDQWLUHODFRQWLQXLWjWHUULWRULDOHQHOO$UHDGHOOR6WUHWWR0DDQGLDPRFRQRUGLQH/D&LWWjPHWURSROLWDQDqXQRVERFFRREEOLJDWRDQFKHVHWXWWRqGDGHILQLUHHQRQEDVWDFHUWRLOYRWRGHOO$UVFKHULPDQGDDXQXOWHULRUHLQWHUYHQWRQRUPDWLYRSHUVWDELOLUHFRPSLWLHIXQ]LRQLGHOQXRYRVRJJHWWR6WDPDQHLQWDQWRDOOHQHOFRUVRGLXQDFRQIHUHQ]DVWDPSDFRQYRFDWDD3DOD]]RGHLOHRQLYHUUjLOOXVWUDWDODOHJJHDSSURYDWDORVFRUVRPDU]RGDOO$VVHPEOHDUHJLRQDOHVLFLOLDQDHFKHKDDYXWRLOYLDOLEHUDGDO&RPPLVVDULRGHOOR6WDWRQRQRVWDQWLPROWLWHPHVVHUR XQ VXR JLXGL] LR QHJDWLYR $VSLHJDUHLFRQWHQXWLGHOGOLOSUHVLGHQWHGHOO$UV*LRYDQQL$UGL]]RQHHWXWWLLGHSXWDWLUHJLRQDOLPHVVLQHVLFKHUDFFRJOLHUDQQROLQYLWRGHOOHVSRQHQWHGHOO8GF&DUPHOR&XUUHQWL6DQWL)RUPLFD1LQR*HUPDQj%HUQDGHWWH*UDVVR0DUFHOOR*UHFR3LSSR/DFFRWR)LOLSSR3DQDUHOOR%HSSH3LFFLROR)UDQFR5LQDOGLH9DOHQWLQD=DIDUDQD3HUXQLPSRUWDQWHULVXOWDWRFKHVLqULXVFLWLDFRQVHJXLUHFqXQDOWURIURQWHVXOTXDOHODFLWWjULVFKLDGLXVFLUHFRQOHRVVDURWWH(GqTXHOORFKHULJXDUGDVWUHWWDPHQWHLOIXWXURGHOSRUWRGL0HVVLQD,OPLQLVWURGHL7UDVSRUWL0DXUL]LR/XSLLQXQLQWHUYLVWDULODVFLDWDDGXQTXRWLGLDQRQD]LRQDOHKDULEDGLWRFKHqLQWHQ]LRQHGHO*RYHUQRQHOWHQWDWLYRGLUHSHULUHOHULVRUVHQHFHVVDULHSHUILQDQ]LDUHJOLLQWHUYHQWLDVRVWHJQRGHOOHIDPLJOLHHGHOOHLPSUHVHGLPHWWHUHRUGLQHQHOVHWWRUHGHOOH$XWRULWjSRUWXDOLLVWLWXLWHQHOULGXFHQGRQHGUDVWLFDPHQWHLOQXPHURSHURUDVRQR7RUQDGXQTXHLQSULPRSLDQRLOGLVHJQRGLDFFRUSDUH0HVVLQD0LOD]]RFRQOH$XWKRULW\GL3DOHUPRH&DWDQLD6DUHEEHOHQQHVLPRGHFODVVDPHQWRSHUODQRVWUDFLWWjqHYLGHQWHFKHVDUHEEH3DOHUPRLOFHQWURSURSXOVLYRLPPDJLQDWRGDO*RYHUQRQD]LRQDOHXQDVFHOWDDQFRUSLLQVHQVDWDVHVLSHQVDFKHSURSULRODOHJJHVXOOD&LWWjPHWURSROLWDQDHWDQWLDOWULSURJHWWLPHVVLLQFDPSRYDQQRYHUVRODGLUH]LRQHGHOO$UHDLQWHJUDWDGHOOR6WUHWWRXQDYHUDHSURSULDPLQL5HJLRQHFKHXQLVFHL&RPXQLGHOOHVSRQGHVLFLOLDQDHFDODEUHVH/

$XWRULWjSRUWXDOHSXzHGHYHVYROJHUHXQUXRORHVVHQ]LDOHLQTXHVWRVFHQDULRHTXDOFXQRGRYUHEEHVSLHJDUORDOPLQLVWUR/XSLHDOORVWHVVRSUHPLHU5HQ]L&KHFLVLDXQDJHQHUDOHPDQFDQ]DGLFRQVDSHYROH]]DHGLYRORQWjSROLWLFDORVLGLPRVWUDDQFKHGDOOHVLWRGHOOD&RQIHUHQ]DGHLVHUYL]LVYROWDVLLHULD5HJJLR&DODEULDSHUOLQGLYLGXD]LRQHGLQXRYHURWWHGLWDULIIHHVFRQWLSHUODSRSROD]LRQHGHOOR6WUHWWRGDVRVWHQHUHFRQLTXDVLPLOLRQLGLHXURPHVVLDGLVSRVL]LRQHGDOOD)LQDQ]LDULDGHO'/D&RQIHUHQ]DFRPPHQWDLOFRPPLVVDULRGHOOD3URYLQFLD)LOLSSR5RPDQRKDULYHODWRXQDSUHRFFXSDQWHGLVLQIRUPD]LRQHHODFKLXVXUDGDSDUWHGHOPLQLVWHURDOOH,QIUDVWUXWWXUHULJXDUGRDOODVLWXD]LRQHGHLWUDVSRUWLHVXOOHVLJHQ]DGLWXWHODUHLOSULQFLSLRGHOODFRQWLQXLWjWHUULWRULDOHGL0HVVLQDHGHOOR6WUHWWR/LQFRQWURVLqFRQFOXVRFRQXQQXOODGLIDWWRHGqVWDWRDJJLRUQDWRDYHQHUGuPDU]R/DPRELOLWD]LRQHGHOOHIRU]HSROLWLFKHHGHOODFODVVHGLULJHQWHFKHKDJLjWURYDWRPRPHQWLGLVLQWHVLLPSRUWDQWLFRPHHPHUVRGDOOHDXGL]LRQLGDYDQWLDOOD&RPPLVVLRQHWUDVSRUWLGHOOD&DPHUDGHYHSURVHJXLUHDROWUDQ]D

/XFLR$PLFR

,62/,(//$6,&,/,$/(&$57((//$0$1295$(326,7$7(,(5,$//$56$0$57($/9,$/$,6&866,21(,1&200,66,21(%,/$1&,2

3URQWDOD)LQDQ]LDULDELVWDJOLSHUFHQWRPLOLRQL5LGRWWLLEXGJHWSHUJOL(QWLFROOHJDWLFKHLPSLHJDQRPLODGLSHQGHQWL&XOWXUDHVSRUWVRQRWUDLVHWWRULSLSHQDOL]]DWL

/DWDEHOODQHOODQXRYDIRUPXOD]LRQHSUHVHQWDFRUSRVLWDJOLGRSROLPSXJQDWLYDGHO&RPPLVVDULRGHOOR6WDWRFKHDYHYDERFFLDWRODOOHJDWRHLPLOLRQLGLHXURSUHYLVWLLQL]LDOPHQWHQHUHVWDQRVWDQ]LDWL7DJOLDOOHOHJJLGLVSHVDSHUPLOLRQLGHFLQHGLFDSLWROLD]]HUDWL,HULLGRFXPHQWLGHOODQXRYD)LQDQ]LDULDVRQRVWDWLG HSRVL WDWL G D P DUWHGu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jVSRUWLYH9HQJRQRFRPSOHWDPHQWHD]]HUDWLDOFXQLFDSLWROLGHOOD3URWH]LRQHFLYLOHHSHUJOLLQWHUYHQWLLQFDVRGLFDODPLWjQHLFDSLWROLFKHVLVDOYDQRUHVWDQRVWDQ]LDWLFLUFDPLOLRQLHPH]]RGLHXUR1RQFqSLXQHXURSHUFRQVXOHQ]HHSHULOSHUVRQDOHDWHPSRGHWHUPLQDWRGHOOXIILFLRGL%UX[HOOHVVRORPLODHXURSHULOSHUVRQDOHHVWHUQR&ROSLWHDQFKHOHLPSUHVHYLHQHD]]HUDWRLO)RQGRSHUODSURSDJDQGDGHLSURGRWWLVLFLOLDQLHVDOWDQRLFRQWULEXWLSHUSURJHWWLOHJDWLDOODUWLJLDQDWRLFRQWULEXWLVXJOLLQWHUHVVLGHOOHDQWLFLSD]LRQLSHUODFHVVLRQHGHLFUHGLWLLOULPERUVRGHOOHTXRWH,UDS=HURHXURQHOFDSLWRORGHLVXVVLGLVWUDRUGLQDULDGLVWLWX]LRQLGLEHQHILFHQ]DLQTXHOOLSHUJOLLQWHUYHQWLGLDVVLVWHQ]DSHUJOLHPLJUDWLSHULO)RQGRSHUORFFXSD]LRQHGHLGLVDELOL1RQFLVDUj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jGL3DOHUPR&DWDQLDH0HVVLQD

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j6HWWHPLOLRQLHPH]]RVRQROHLQGHQQLWjSHULSD]LHQWLDIIHWWLGDWDODVVHPLDXHPLOLRQLHPLODHXURYDQQRDLFRQVRU]LXQLYHUVLWDULDOEXRQRVFXRODVRQRVWDWLGHVWLQDWLXQPLOLRQHHPLODHXURPLODHXURSHULOSRORXQLYHUVLWDULR.RUHGL(QQD

6WHIDQLD*LXIIUq

XHOHVHGXWHVFLROWHFRQVHFXWLYDPHQWHSHUDVVHQ]DGL*RYHUQRHGHSXWDWL

,PPRELOLWjDOO$UVHWUDWWDWLYHD5RPD&URFHWWDLQFRQWUD5HQ]LHHOULRWHPLSROLWLFLFRQ)DUDRQH

3$/(502/HGLPLVVLRQLGHOODVVHVVRUH/XFD%LDQFKLKDQQRSRUWDWRDGXQDXOWHULRUHLPPRELOLWjOHJLVODWLYDGHOO$VVHPEOHDUHJLRQDOHVLFLOLDQD0HUFROHGuVFRUVRLO3UHVLGHQWHGLWXUQR6DOYR3RJOLHVHDYHYDLQIDWWLVFLROWRODVHGXWDSRPHULGLDQDSHUDVVHQ]DGHO*RYHUQRHSHUODVFDUVDSUHVHQ]DGHLGHSXWDWLLQ$XOD(LHULqDFFDGXWRORVWHVVRODVHGXWDqVWDWDDSHUWDHVXELWRULQYLDWDDPDUWHGuGHOODSURVVLPDVHWWLPDQD1HOIUDWWHPSRODULXQLRQHGHLSUHVLGHQWLGHLJUXSSLSDUODPHQWDULVLqWHQXWDLQ6DOD5RVVDD3DOD]]RGHL 1RUPDQQL $OOD ULXQLRQH QRQ HUD SUHVHQWH LOSUHVLGHQWHGHOOD5HJLRQHFKHVLWURYDYDD5RPDLQVRVWLWX]LRQHGHOODVVHVVRUHDOOHFRQRPLDFKHVLqGLPHVVRGXHJLRUQLID5RVDULR&URFHWWDLHULPDWWLQDFRQJOLDOWULJRYHUQDWRULKDSDUWHFLSDWRDXQLQFRQWURFRQLOSUHVLGHQWHGHO&RQVLJOLR0DWWHR5HQ]LHLOVRWWRVHJUHWDULRDOOD3UHVLGHQ]D*UD]LDQRHOULRSHUGLVFXWHUHGHOODULIRUPDGHOOD&RVWLWX]LRQHHKDTXLQGLSDUODWRGHLWHPLSROLWLFLFRQDYLGH)DUDRQHFDSRGHLUHQ]LDQLLQ6LFLOLD&URFHWWDLQIRUPDXQDQRWDKDULEDGLWRLOYDORUHGHOODXWRQRPLDVLFLOLDQDHODQHFHVVLWjGLFRQWLQXDUHQHOYLUWXRVRSHUFRUVRGLULVDQDPHQWRFKHOD6LFLOLDKDJLjDYYLDWRDWWUDYHUVRODULGX]LRQHGHJOLVSUHFKLHLOULODQFLRGHOOHFRQRPLD&RQHOULRLOJRYHUQDWRUHKDHVSRVWROHTXHVWLRQLSLXUJHQWLSHUOD6LFLOLDHULIHULVFHGLDYHUULFHYXWRJUDQGHGLVSRQLELOLWjGDOJRYHUQRQD]LRQDOHGDOPRPHQWRFKHOD6LFLOLDLQWHQGHDYYLDUHLQYHVWLPHQWLSURGXWWLYLDYHQGRJLjDFTXLVLWRODGLVSRQLELOLWjGLGLYHUVHLPSUHVHQD]LRQDOLHGLQWHUQD]LRQDOLDGLQYHVWLUHQHOO,VROD7DOLLPSUHVHFRQWLQXDODQRWDGL&URFHWWDSRQJRQRFRPHQHFHVVLWjODVHPSOLILFD]LRQHDPPLQLVWUDWLYD,QWDQWRSURVHJXRQROHWUDWWDWLYHSHUIRUPDUHLOVHFRQGRJRYHUQR&URFHWWDFKHVHPSUHLHULKDLQFRQWUDWRDYLGH)DUDRQHUHVSRQVDELOHGHOVHWWRUH:HOIDUHHVFXRODQHOODVHJUHWHULDGHO3G)DUDRQHVLOHJJHQHOFRPXQLFDWRGL&URFHWWDKDPDQLIHVWDWRDSSUH]]DPHQWRSHULOSHUFRUVRGLGLDORJRDYYLDWRGDOSUHVLGHQWHGHOOD5HJLRQHHLOVHJUHWDULRGHOSDUWLWRGHPRFUDWLFRVLFLOLDQR1HLSURVVLPLJLRUQLLOJRYHUQDWRUHVLYHGUjFRQLOVHJUHWDULRQD]LRQDOHGHOO8GF/RUHQ]R&HVDHFRQTXHOORUHJLRQDOH*LDQSLHURDOLDRSROHWHQVLRQLQHOYHUWLFHGLPDJJLRUDQ]DGLPHUFROHGuVFRUVRJOLLQFRQWULELODWHUDOLFRQLSDUWLWLKDQQRIDWWRUHJLVWUDUHXQDPLQRUHWHQVLRQH,O3GKDRWWHQXWRJDUDQ]LHVXXQSURIRQGRULQQRYDPHQWRGHOOHVHFXWLYRHO8GFVXOORVWRSDRJQLLSRWHVLGLULGLPHQVLRQDPHQWRGHOODSURSULDUDSSUHVHQWDQ]DLQJLXQWD,OQXRYRHVHFXWLYRGRYUHEEHTXLQGLDYHUHXQDSURIRQGDFRQQRWD]LRQHSROLWLFD2JQLSDUWLWRLQGLFKHUjXQQXPHURGLHVSRQHQWLSROLWLFLLQSURSRU]LRQHDOSURSULRSHVR$O3GGRYUHEEHURWRFFDUHTXDWWURDVVHVVRULDOO8GFWUH,OJRYHUQDWRUHTXLQGLGRYUHEEHFHGHUHVXOO

LQWHQ]LRQHGLULFRVWLWXLUHXQDJLXQWDGLWHFQLFLDQFKHVHKDVSLHJDWRFKHTXDQGRLOSRWHUHOHJLVODWLYRHTXHOORHVHFXWLYRLQYDGRQRLOFDPSRDOWUXLVLSXzDQGDUHLQURWWDGLFROOLVLRQHHVLULVFKLDODSDUDOLVLVWDWRLQWDQWRULQYLDWRDLSULPLJLRUQLGHOODSURVVLPDVHWWLPDQDLOQXRYRYHUWLFHGLPDJJLRUDQ]DFKHVLGRYHYDVYROJHUHLHUL&qOLQWHQ]LRQHGLWXWWL&URFHWWDFRPSUHVRDVVLFXUDQRLFHQWULVWLDFKLXGHUHODSDUWLWDDOSLSUHVWR,OSUHVLGHQWH&URFHWWDKDFRPXQTXHULEDGLWRODQHFHVVLWjGLIDUHVSD]LRDOOHIRU]HQRQUDSSUHVHQWDWHLQJLXQWDGD$UWLFRORDLUVFKHVLVRQRGHWWLHVWUHPDPHQWHVRGGLVIDWWLGHOOLQFRQWURFRQ&URFHWWDVXOWHPDGHOULODQFLRGHOOD]LRQHGLJRYHUQRHJDUDQWLWLULVSHWWRDOOHULFKLHVWHFKHDYDQ]DWH

5DIIDHOOD3HVVLQD

*LRUQDWDGLLQFRQWULURPDQLSHU&URFHWWD

*LRUQDWDGLLQFRQWULURPDQLSHULOSUHVLGHQWHGHOOD5HJLRQH5RVDULR&URFHWWD,HULPDWWLQDLOSUHVLGHQWHKDLQFRQWUDWRLOSUHPLHU0DWWHR5HQ]LHLOVRWWRVHJUHWDULR*UD]LDQRHOULRLQVLHPHDJOLDOWULSUHVLGHQWLGLUHJLRQHSHUGLVFXWHUHVXOWHPDGHOOHULIRUPDGHOOD&RVWLWX]LRQH , O S UHVL GHQWH K D UL EDGLWR L O Y DORUH GHOO D X WR Q R P L D V L F L O L D Q D H O D Q H F H V V L W j G L F R Q W L Q X D U H Q H O Y L U W X R V R S H U F R U V R G LULVDQDPHQWRFKHOD6LFLOLDKDJLjDYYLDWRDWWUDYHUVRODULGX]LRQHGHJOLVSUHFKLHLOULODQFLRGHOOHFRQRPLD& URF HWWD K D U DSSUHVHQWDWR D O J RYHUQRQD]LRQDOHDQFKH OD YRORQWj GHOJRYHUQRVLFLOLDQRGLLQWHQVLILFDUHL UDSSRUWLFRQOHVHFXWLYRGL0DWWHR5HQ]L,QXQLQFRQWURVXFFHVVLYRFRQLOVRWWRVHJUHWDULR H O U L R V R Q R V WD WH U D S S U H V H Q WD WH G D OSUHVLGHQWH&URFHWWDOHTXHVWLRQLSLXUJHQWLSHUOD6LFLOLD&URFHWWDKDSRLLQFRQWUDWRDYLGH)DUDRQHUHVSRQVDELOHGHOVHWWRUH'ZHOIDUHHVFXRODQHOODVHJUHWHULDGHO3GHDQFKH*LDPSLHUR$OLDOHDGHUGHOO8GF6XOWDYRORDQFKHODTXHVWLRQHGHOODSROWURQDGLDVVHVVRUHDOO ( FRQRPLD OLEHUDGRSROHGLPLVVLRQLGL/XFD%LDQFKL

5(*,21(ODFULVLGLJRYHUQR

,OFDVR6LFLOLDDSSURGDD5RPD,OULPSDVWRGHOOD*LXQWDDWHPDGHJOLLQFRQWULGL&URFHWWDFRQ5HQ]L)DUDRQHH5DFLWL$O3GDQGUDQQRDVVHVVRULSLOD%RUVHOOLQR/8GFQHYXROH,OQRGRGHOGRSR%LDQFKL

3$/(502/DFULVLGHOJRYHUQRUHJLRQDOHLHULKDIDWWRWDSSDD5RPDPDqLQ6LFLOLDFKHGRYUj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jPDQWHQXWDFRQEXRQDSDFHGLTXDQWLLQYRFDQRLOFRPPLVVDULDPHQWRGHOOD5HJLRQH3HUDOWUROD6LFLOLDFRPLQFLDDGHVVHUHDWWUDWWLYD FRPH KD GHWWR HOULR PROWH LPSUHVHVDUHEEHURGLVSRVWHDGLQYHVWLUHJUD]LHDOULVDQDPHQWRILQDQ]LDULRHLOULSULVWLQRGHOODOHJDOLWjFKHFLKDYLVWRLQSULPDOLQHD0DFLqVWDWRFKLHVWRGLULPXRYHUHJOLRVWDFROLEXURFUDWLFLFKHVSDYHQWDQRJOLLQYHVWLWRUL,OQRVWURGLVHJQRGLOHJJHSHUODVHPSOLILFD]LRQHqJLjSURQWRPDQHOOHPRUHYLJLOHUHPRDIILQFKqQRQFLVLDQRLQWRSSL6XELWRGRSR&URFHWWDVLqUHFDWRDO1D]DUHQRGRYHKDLQFRQWUDWRDYLGH)DUDRQHUHVSRQVDELOH:HOIDUHH6FXRODGHOODVHJUHWHULDQD]LRQDOHHLOVHJUHWDULRUHJLRQDOHGHO3G)DXVWR5DFLWL'(VWDWRSRVWRXQSUREOHPDGLUDSSUHVHQWDQ]DGHLSDUWLWLKDDJJLXQWRLOSUHVLGHQWHGHOOD5HJLRQHJLjHPHUVRQHOFRUVRGHJOLLQFRQWULELODWHUDOLGLPHUFROHGu)DUDRQHH5DFLWLLHULVHUDVLVRQRYLVWLFRQLOVHJUHWDULRQD]LRQDOHGHOO8GF/RUHQ]R&HVDHFRQLOOHDGHUVLFLOLDQRGHOSDUWLWR*LDQSLHUR$OLDFKHKDQQRFRQIHUPDWRODVLQWRQLDQDWDJLjILQDGDOOHHOH]LRQLUHJLRQDOLGHOTXDQGRGHFLVHURGLVRVWHQHUHODFDQGLGDWXUDGL&URFHWWD$O3GVSHWWHUHEEHURTXDWWURDVVHVVRUDWLROWUH/XFLD%RUVHOOLQRPHQWUHO8GFQRQLQWHQGHULQXQFLDUHDGDOFXQRGHLVXRLWUHDWWXDOLDVVHVVRUL'/DVLQWRQLDWUD/8GFHLO3GqWRWDOHKDGHWWR$OLDFLVLDPRWURYDWLFRQFRUGLWUDODOWURVXWUHSXQWLSURJUDPPDGLJRYHUQRHSURYYHGLPHQWLGDVRWWRSRUUHLPPHGLDWDPHQWHDOO$UVPHWRGRGLODYRURHGLJRYHUQRFULWHULGLQRPLQDGHJOLDVVHVVRULSHUIDUHXQJRYHUQRGLDOWRSURILORSROLWLFRFRQLOSLHQRFRLQYROJLPHQWRGHLSDUWLWL$VSHWWLDPRFKHVLD&URFHWWDDIDUHOHSURSRVWHDGDVVXPHUVLOHVXHUHVSRQVDELOLWjLIILFLOPHQWHLOSUHVLGHQWHGHOOD5HJLRQHDFFHWWHUjODGHVLJQD]LRQHDOODFDULFDGLDVVHVVRUHGLGHSXWDWLLQFDULFDRH[3HULOUHVWRQRQVDUjIDFLOHWURYDUHODTXDGUDWXUDGHOFHUFKLRVHTXDWWURDVVHVVRUDWLSLOD%RUVHOOLQRGRYHVVHURHVVHUHDWWULEXLWLDO3GHWUHDVVHVVRUDWLDOO8GFD&URFHWWDUHVWHUHEEHURWUHDVVHVVRUDWLSHUUV$UWLFRORH0HJDIRQR,QTXHVWRPRGRQRQFLVDUHEEHVSD]LRSHULOWHFQLFRGLDUHDFRQILQGXVWULDOH1HO3GVLGjSHUVFRQWDWDODFRQIHUPDGL1HOOL6FLODEUDJOLDOWULSUREDELOPHQWHVDUDQQRXIILFLDOL]]DWLGRPHQLFDSURVVLPDQHOFRUVRGHOODVVHPEOHDUHJLRQDOHGHO3G5HVWHUHEEHURIXRUL0DULHOOD/R%HOORFKHSHUzKDDGHULWRDO

0HJDIRQR0DULDULWD6JDUODWD1LQR%DUWRORWWDH1LFROz0DULQR&URFHWWDDYUHEEHPDJJLRULSRVVLELOLWjGLPDQRYUDVHO8GFVLDFFRQWHQWDVVHGLGXHDVVHVVRULPDLOVHJUHWDULRUHJLRQDOH*LRYDQQL3LVWRULRQRQLQWHQGHPXRYHUVLGLXQVRORPLOOLPHWUR'$EELDULEDGLWRDOSUHVLGHQWH&URFHWWDODQRVWUDIHGHOWjULVSHWWRDJOLLPSHJQLDVVXQWLTXDQGRORDEELDPRYROXWRFRQIRU]DHVRVWHQXWRSHUQRLTXHOSDWWRYDOHVHPSUH0DFKLVRVWLWXLUj%LDQFKL"'/HGLPLVVLRQLKDULYHODWR&URFHWWDQRQVRQRDQFRUDHVHFXWLYHWDQWqFKHOKRGHOHJDWRDUDSSUHVHQWDUPLGRPDQLRJJLSHUFKLOHJJHQGULQ&RQVLJOLRGHLPLQLVWUL$QFRUDQRQQHDEELDPRSDUODWR%LDQFKLVHFRQGRLQGLVFUH]LRQLSRWUHEEHHVVHUHQRPLQDWRGLULJHQWHJHQHUDOHGHOGLSDUWLPHQWRGHOOD3HVFDGHOPLQLVWHURGHOOH3ROLWLFKHDJULFROHUHWWRGDOOXQLFRPLQLVWUREHUVDQLDQRGHOJRYHUQR0DXUL]LR0DUWLQD

/,//20,&(/,

,12,(//$6,&,/,$232/$,2,%,$1&+,7,(1(3(56H/$(/(*$$//(&2120,$,1$77(6$,81$&&252&21,(02&5$7,&,68/68&&(6625(

&URFHWWDELVHFFRFKLUHVWDHFKLHVFHGDOODJLXQWD,OSUHVLGHQWHDQQXQFLD'$OJRYHUQRDOPHQRGRQQH%RQDIHGHH6WDQFKHULVYHUVRODFRQIHUPD)RUVHLFDSLJUXSSRQHOJRYHUQR

, HUL & URFHWWD q V WDWR D 5 RPD GRYH K DSDUWHFLSDWRDOOLQFRQWURIUD5HQ]LHWXWWLLSUHVLGHQWLGL5HJLRQH,OSUHVLGHQWHDSUHDLSROLWLFLLQJLXQWDDQFKHVHFRQWLQXDDFKLHGHUHDLSDUWLWLGLQRQLQGLFDUHGHSXWDWL*LDFLQWR3LSLWRQH5RVDULR&URFHWWDWHUUjDQFKHODGHOHJDGLDVVHVVRUHDOO(FRQRPLDILQRDTXDQGRQRQVLWURYHUjFRO3GOLQWHVDSHUXQQRPHFRQGLYLVRHLQJUDGRGLJDUDQWLUHDQFKHXQILORGLUHWWRFRQLOJRYHUQRQD]LRQDOH/DGGLRGL/XFD%LDQFKLDOODJLXQWDIDWHPHUHLQIDWWLFKHVLURPSDLOFDQDOHGLGLDORJRDSHUWRFRQ5RPDQHFHVVDULRSURSULRQHOPRPHQWRLQFXLOD5HJLRQHVWDSHUSRUWDUHDOO$UVOD)LQDQ]LDULDELVHODOHJJHVXLFUHGLWLDOOHLPSUHVH/HGLPLVVLRQLGL%LDQFKLQRQULHQWUHUDQQRWDQWRSLFKHLHULVLqDSSUHVRFKHSHUORUPDLH[DVVHVVRUHDOO(FRQRPLDVLDSURQROHSRUWHGHOPLQLVWHURGHOO $JULFROWXUDGRYHDQGUj DGLULJHUHLOGLSDUWLPHQWRFKHVLRFFXSDGLSROLWLFKHFRPSHWLWLYHTXDOLWjDJURDOLPHQWDUHHSHVFD %LDQFKL QRQ KD PDL QDVFRVWR ODYLFLQDQ]DDO3GDUHD%HUVDQLHLQIDWWLDOO$JULFROWXUDqVWDWRFKLDPDWRGDOPLQLVWUR0DXUL]LR0DUWLQDFKHDSSDUWLHQHDOODVWHVVDFRUUHQWH,HUL&URFHWWDqVWDWRD5RPDGRYHKDSDUWHFLSDWRDOOLQFRQWURIUD5HQ]LHWXWWLLSUHVLGHQWLGL5HJLRQH$PDUJLQHKDDYXWRXQLQFRQWURFRQLOVRWWRVHJUHWDULR*UD]LDQRHOULRHSRLFRQDYLGH)DUDRQHEUDFFLRGHVWURGHOSUHPLHUQHOODVHJUHWHULDQD]LRQDOH3G'&RO3GKDGHWWR&URFHWWDSDUOLDPRRUPDLORVWHVVROLQJXDJJLR$QFKHD5RPDFqFRQGLYLVLRQHVXOPRGRFRQFXLVWRDIIURQWDQGRODFULVL&RPLQFLDFRVuDSUHQGHUHIRUPDLO&URFHWWDELVLOSUHVLGHQWHDWWHQGHGDO3GWUHQRPLSHUVRVWLWXLUH%LDQFKL0DULHOOD/R%HOOR7HUULWRULRH1LQR%DUWRORWWD,QIUDVWUXWWXUHHSUREDELOPHQWHVXOOHLQGLFD]LRQLGHOSDUWLWRQRQPXRYHUjRELH]LRQLDPHUFROHGuVHUD&URFHWWDKDIDWWRFDGHUHXQSDOHWWRTXHOORVXLSROLWLFLLQJLXQWDDQFKHVHFRQWLQXDDFKLHGHUHDLSDUWLWLGLQRQLQGLFDUHGHSXWDWL(&URFHWWDLHULKDGHWWRGLQRQHVVHUHDFRQRVFHQ]DGLXQDOWUDSURSRVWDFKHLSDUWLWLSRWUHEEHURDYDQ]DUHTXHOODGLLQGLFDUHJOLDWWXDOLFDSLJUXSSRDOO$UV%DOGR*XFFLDUGL3G/XFD6DPPDUWLQR$UWLFROR/LOOR)LUHWWR8GFH*LXVHSSH3LFFLRORUV0DVRQRWXWWHLSRWHVLFKHLSDUWLWLVYLOXSSHUDQQRODSURVVLPDVHWWLPDQD3HURUD&URFHWWDVLOLPLWDDG

DJJLXQJHUHFKH'ELVRJQHUjULVSHWWDUHLOSULQFLSLRFKHDOPHQRODPHWjGHJOLDVVHVVRULVLDGRQQDXQTXHPLDVSHWWRGDLSDUWLWLLQGLFD]LRQLGLSDUHFFKLHGRQQH,O3GFDPELHUjWUHGHLTXDWWURDVVHVVRULWUDQQH1HOOL6FLODEUDO8GFORWWDSHUGLIHQGHUHLWUHDWWXDOLDVVHVVRUDWLHSHUFDPELDUHDOPHQRQRPL3DWUL]LD9DOHQWLRJJLDO3HUVRQDOHH(VWHU%RQDIHGH/DYRUR0DQHJOLXOWLPLJLRUQLOHTXRWD]LRQLGHOOD%RQDIHGHVRQRLQIRUWLVVLPDDVFHVDJUD]LHVRSUDWWXWWRDOSUHVVLQJGHOVHJUHWDULRQD]LRQDOH8GF/RUHQ]R&HVDFKHODVVHVVRUHKDVRVWHQXWRDOFRQJUHVVRFRQWULEXHQGRDOODYLWWRULDVX*LDQSLHUR$OLD&URFHWWDFRQWLQXDDJDUDQWLUHFKH'$UWLFRORHUVDYUDQQRXQDUDSSUHVHQWDQ]D(TXHVWRqXQRGHLQRGLGDVFLRJOLHUH4XDOHSDUWLWRFHGHUjSRVWD]LRQLHTXDQWHHFKLXVFLUj"1RQqVFRQWDWRFKHVLDO8GFDSHUGHUHSRVWLDQFKHSHUFKqLQXVFLWDFLVRQRGLFHUWR0DULD5LWD6JDUODWD%HQLFXOWXUDOLHVRSUDWWXWWR1LFFROz0DULQR&URFHWWDFRQLIHGHOLVVLPLQRQIDPLVWHURGLHVVHUHGHOXVRGDOODVVHVVRUHDL5LILXWLFKHLQSULYDWRORWUDQTXLOOL]]DVXOULVSHWWRGHOODOLQHDGLJRYHUQRHQHOOHGLFKLDUD]LRQLSXEEOLFKHYDFRQWUROLQGLUL]]RGHOODJLXQWD,QTXHVWRVHQVROHGHQXQFHLQFRPPLVVLRQH$QWLPDILDGLLPSUHQGLWRULYLFLQLD&RQILQGXVWULDQRQKDQQRDLXWDWRLOGLDORJRIUDDVVHVVRUHHSUHVLGHQWH0DULQRULVFKLDSHUILQRGLSHUGHUHLOWUHQRSHULO6HQDWRDFXLSXzDJJDQFLDUVLLQFDVRGLHOH]LRQHGL/XPLDD%UX[HOOHV&RQIHUPDWH/XFLD%RUVHOOLQRDOOD6DQLWjH/LQGD9DQFKHULDOOH$WWLYLWj3URGXWWLYH&URFHWWDLHULKDWURYDWRLOPRGRSHUEOLQGDUH0LFKHOD6WDQFKHULVRJJLDO7XULVPR,QXQLQFRQWURFRLLYHUWLFLGHO0HJDIRQRSUHVHQWHDQFKH$QWRQLR,QJURLDKDSURSRVWRDOVXRPRYLPHQWRGLLQWHVWDUVLOLQGLFD]LRQHGHOODJLRYDQHEHUJDPDVFD7URYDWLJOLHTXLOLEULQXPHULFLLOSUHVLGHQWHKDJDUDQWLWRDLSDUWLWLXQULPHVFRODPHQWRGHOOHDWWXDOLGHOHJKH

,OFDVR6WXGLRGHOOD&JLDGL0HVWUH/D5HJLRQHKDXWLOL]]DWRVRORLOSHUFHQWRGHOOHULVRUVHVWDQ]LDWHGDOOR6WDWR

3DJDPHQWLDOOHD]LHQGH6LFLOLDPDJOLDQHUDYLDODVVHVVRUHVOLWWDDQFKHODPDQRYUDELV

,58%,1(77,GHOOD5HJLRQHULPDQJRQRFKLXVLHQHOOLPPHGLDWRIXWXURQRQVHPEUDQRHVVHUFLLQDUULYRQRYLWj7UDXQDPDJJLRUDQ]DLQILEULOOD]LRQHFDXVDULPSDVWRHOHGLPLVVLRQLLPSURYYLVHGHOODVVHVVRUHDOO(FRQRPLDO$UVULVFKLDGLUHVWDUHSDUDOL]]DWDSHUGLYHUVHVHWWLPDQHHFRVuVOLWWHUjDOPHQRDGDSULOHODSSURYD]LRQHGLGXHGLVHJQLGLOHJJHFKLDYHSHUVEORFFDUHODVSHVDODPDQRYUDELVHLOGGOVXLSDJDPHQWLDOOHLPSUHVH,QWXWWRROWUHPLOLDUGLGLHXURFKHSRWUHEEHURVXELWRHVVHUHPHVVLLQFLUFRORVLDSHUJDUDQWLUHPLODVWLSHQGLGLHQWLFRQWUROODWLGD3DOD]]RG2UOHDQVGDWUHPHVLLWHDWULQRQSDJDQRLGLSHQGHQWLO(VDqULPDVWRLQFDVVHFRQDSSHQDPLODHXURVLDSHUGDUHRVVLJHQRDROWUHPLODD]LHQGHIRUQLWULFLGL5HJLRQHRVSHGDOLH&RPXQLQHOO,VRODFKHVHFRQGROD&JLDGL0HVWUHqOXOWLPDUHJLRQHG,WDOLDSHUWHPSLGLSDJDPHQWRGHOOHLPSUHVH35235,2VXTXHVWXOWLPRIURQWHODVLWXD]LRQHQHOO,VRODqGUDPPDWLFD,GDWL&JLDVRQRLPSLHWRVLOD6LFLOLDqODSHJJLRUHUHJLRQHG,WDOLDSHUWHPSLGLSDJDPHQWRGHLGHELWLFRQOHLPSUHVHIRUQLWULFL(VXPLOLDUGLGLHXURVWDQ]LDWLDGKRFGDOOR6WDWRSHUOD6LFLOLDVRQRVWDWLHURJDWLDSSHQDPLOLRQLLOSHUFHQWRGHOOHULVRUVHVWDQ]LDWH8QGDWRVFRQIRUWDQWHYLVWRFKHODPHGLDGLXWLOL]]RGHLIRQGLVWDQ]LDWLGD5RPDSHUOHLPSUHVHQHOOHYDULHUHJLRQLqGHOOSHUFHQWRRSROD6LFLOLDIDSHJJLROD6DUGHJQDFKHSHUzKDXWLOL]]DWRLOSHUFHQWRGHLIRQGLVWDQ]LDWL&RPXQTXHLOGRSSLRGHOOD6LFLOLD,O3LHPRQWHFKHKDDYXWREHQPLOLDUGLGLHXURQHKDHURJDWLLOSHUFHQWRPHQWUH(PLOLD5RPDJQDH9HQHWRKDQQRHURJDWRDOOHLPSUHVHIRUQLWULFLPLOLRQLWXWWLLIRQGLFKHDYHYDVWDQ]LDWRSHUORUROR6WDWR0DFqGLSLO,VRODULVFKLDDGHVVRVDQ]LRQLGDSDUWHGHOO8QLRQHHXURSHDFKHKDDSHUWRXQDSURFHGXUDGLQIUD]LRQHQHLFRQIURQWLGHOO,WDOLDSHULULWDUGLQHLSDJDPHQWRGHOOHLPSUHVH(OR6WDWRPDQFRDGLUORqSURQWRDJLUDUHOHVDQ]LRQLDOOD5HJLRQHVLFLOLDQD,OSUHVLGHQWHGHO&RQVLJOLR0DWWHR5HQ]LORKDJLjDQQXQFLDWR'3UHYHGLDPRVDQ]LRQLSHUOH5HJLRQLFKHQRQVEORFFDQRLSDJDPHQWLHQRQXWLOL]]DQRLIRQGLPHVVLDGLVSRVL]LRQHGDOOR6WDWR7UDOHVDQ]LRQLDOORVWXGLRFqDQFKHLOEORFFRGHOOHDVVXQ]LRQLQHOOHSXEEOLFKHDPPLQLVWUD]LRQL5LVFKLDQRFLRqGLQRQSRWHUHVVHUHVWDELOL]]DWLLPLODSUHFDULGHL&RPXQLVRORSHUIDUHXQHVHPSLR/D6LFLOLDqIDQDOLQRGLFRGDSHUXQVHPSOLFHPRWLYRqOXQLFDUHJLRQHDQRQDYHUDSSURYDWRLOGLVHJQRGLOHJJHSDJDLPSUHVHFKHSUHYHGHODFFHQVLRQHGLXQPXWXRFRQOR6WDWRSHUROWUHXQPLOLDUGRGLHXUR1HOOHDOWUHUHJLRQLLOGGOqVWDWRDSSURYDWRHSHUSDJDUHOHUDWHVLVRQRSHUILQRDXPHQWDWHOHDOLTXRWHGL,USHIH,UDSFRVDDFFDGXWDLQ&DPSDQLD/D]LRH0ROLVH1HOO,VRODLQYHFHVLqVFDWHQDWDXQDSROHPLFDDOLPHQWDWDDQFKHGD&RQILQGXVWULDVXOPHFFDQLVPRGLSDJDPHQWRGHOOHUDWHDQFKHVHQHO

GLVHJQRGLOHJJHQRQVLSUHYHGHYDDOFXQDXPHQWRGHOOHDOLTXRWHPDVRORLOFRQJHODPHQWRGLTXHOOHDWWXDOLILQRDOHVLGDYDSRLODSRVVLELOLWjGLSDJDUHOHUDWHFRQIXWXULULVSDUPLGLVSHVD/HILEULOOD]LRQLQHOODPDJJLRUDQ]DKDQQRIDWWRLOUHVWRDOOHSROHPLFKHVLqSDVVDWLDLIDWWLHLOGGOqVWDWRERFFLDWRLQDXODHULQYLDWRLQFRPPLVVLRQH%LODQFLR0DLOSUHVLGHQWHGHOODFRPPLVVLRQH1LQRLQDQRQSXzDYYLDUHOLWHUGLDSSURYD]LRQHRPHJOLRULDSSURYD]LRQHGHOSDJDLPSUHVHHQHPPHQRGHOODPDQRYUDELVVRORLHULFRQVHJQDWDIRUPDOPHQWHGDOJRYHUQRDOO$UV,OPRWLYR"/DVVHVVRUHDOO(FRQRPLD/XFD%LDQFKLVLqGLPHVVRDQGDUHDGLULJHUHLOGLSDUWLPHQWR6YLOXSSRDOPLQLVWHURGHOO$JULFROWXUDJXLGDWRGD0DXUL]LR0DUWLQDEHUVDQLDQRFRPHOXL,OJRYHUQDWRUH5RVDULR&URFHWWDKDDQQXQFLDWRODSUHVDLQFDULFRGHOODGHOHJDPDVHQ]DXQRVWDIIGLWHFQLFLGHOO(FRQRPLDFKHVHJXDLODYRULLHULVLVRQRGLPHVVLWXWWLLGL%LDQFKL(VHSULPDQRQYDLQSRUWRLOULPSDVWRqGLIILFLOHFKHLQFRPPLVVLRQHVLSRVVDSURFHGHUHVSHGLWL'/DPDQRYUDELVHLOGGOSDJDLPSUHVHYDQQRDSSURYDWLLQVLHPHPDUWHGuKRFRQYRFDWRODFRPPLVVLRQHPDPROWRGLSHQGHGDOODSUHVHQ]DGHOJRYHUQRGXUDQWHLODYRSHUULHDQFKHGDOFOLPDSROLWLFRGLFHLQD,QVLQWHVLVHQRQVLFKLXGHDEUHYHODSDUWLWDGHOULPSDVWRHVRSUDWWXWWRQRQVLWURYDXQWHFQLFRGLYDORUHSHUVRVWLWXLUH%LDQFKLLWHPSLVLDOOXQJDQR1HOIUDWWHPSROHLPSUHVHDWWHQGRQR'$OFXQHULVFKLDQRGLPRULUHGHQXQFLD0DULR)LOLSSHOORGHOOD&QDLOGGOSDJDLPSUHVHYDDSSURYDWRVXELWRSHUFKpVHqYHURFKHGDXQODWRWUDOHD]LHQGHIRUQLWULFLFLVRQRJUDQGLPXOWLQD]LRQDOLGHOIDUPDFRFRPH1RYDUWLVR5RFKHqDOWUHWWDQWRYHURFKHFqXQDPLULDGHGLSLFFROHLPSUHVHVLFLOLDQHTXHVWDQRUPDYDDSSURYDWDVXELWRVLDPROXOWLPD5HJLRQHG,WDOLD0DVHOHLPSUHVHFRQWLQXHUDQQRDQFRUDDQRQULFHYHUHSDJDFROODERUDWRULPHQWLQRQYDPHJOLRVXOIURQWHGHLPLODGLSHQGHQWLGLHQWLFRQWUROODWLGHOOD5HJLRQHSHULTXDOLQRQFqDOFXQDFRSHUWXUDILQDQ]LDULDVHQ]DODSSURYD]LRQHGHOODPDQRYUDELV,WHDWULHJOLHQWLOLULFLGDOO2UFKHVWUDVLQIRQLFDVLFLOLDQDDO%HOOLQLGL&DWDQLDQRQSDJDQRJOLVWLSHQGLGDJHQQDLR/(VDqULXVFLWRDFRSULUHOHEXVWHSDJDGLPDU]R'0DLQFDVVDVRQRULPDVWLVROWDQWRPLODHXURDGDSULOHQRQDEELDPRLIRQGLSHUJDUDQWLUHLGLSHQGHQWLGLUHWWLHQHPPHQRLVWDJLRQDOLDYYHUWHLOGLUHWWRUH0LFKHOH&LPLQR6HQ]DODPDQRYUDELVQRQSXzSDUWLUHQHDQFKHODVWDJLRQHGHLIRUHVWDOLULPDQJRQRLQDWWHVDEHQPLODSHUVRQH

$1721,2)5$6&+,//$

HFUHWRDOO$UV

$QLPDOLGDSHOOLFFLD06LQ6LFLOLDVWRSDOODOOHYDPHQWR

'LYLHWRGLDOOHYDPHQWRFDWWXUDHXFFLVLRQHGHJOLDQLPDOLGDSHOOLFFLD&RVuLO0RYLPHQWRFLQTXHVWHOOHLQ6LFLOLDSUHVHQWDXQWHVWRGLOHJJHULYROX]LRQDULRFKHSHQVDDLGLULWWLHGDOEHQHVVHUHGLWXWWLJOLDQLPDOL0DQRQqWXWWRLOGOSUHYHGHSHUODSULPDYROWDLOGLYLHWRGLLPSRUWDUHHFRPPHUFLDOL]]DUHSURGRWWLGHULYDWLGDSHOOLDQLPDOLLQWXWWRLOWHUULWRULRVLFLOLDQR'1HVVXQDQLPDOHDIIHUPDLOGHSXWDWR&LQTXHVWHOOHDOO$UV6DOYR6LUDJXVDSULPRILUPDWDULRGHOWHVWRDGRJJLYLJHXQDQRUPDWLYDQD]LRQDOHFKHSURWHJJHVRORFDQLHJDWWLQRLYRJOLDPRSURWHJJHUHWXWWHOHVSHFLH

5DFFROWDULILXWLGLIHWWLGLIDEEULFDVLFLOLDQL$QFRUDQHOFDRVLOSDVVDJJLRGDJOL$WRDOOH6UU/DVVHVVRUH',FRPPLVVDULVFDGRQRLODSULOHYDOXWHUHPRFRVDIDUH

3$/(502,Q6LFLOLDLOSDVVDJJLRGDLYHFFKL$WRULILXWLDOOHQXRYH6UUqVWDWRVDQFLWRPDVRORVXOODFDUWDFRQODQDVFLWDGHOOH6RFLHWjGLUHJRODPHQWD]LRQHGHLULILXWLHODQRPLQDGHL&GD/H6UUKDQQRLOFRPSLWRGLFRRUGLQDUHLVHUYL]LJHVWLWLGDL&RPXQLVLQJROLRFRQVRU]LDWLGLUHSHULUHLIRQGLSHUFRVWUXLUH G L V F D U L F K H F R Q V R U W L O L H L P S L D Q W L G LFRPSRVWDJJLR H I DUHOD GLI I HUHQ]LDWD GLDFTXLVWDUHPH]]LHDVVXPHUHHDVVHJQDUHDLWHUULWRULLOSHUVRQDOHLQVHUYL]LRQHJOL$WRILQRDOGLFHPEUH0DQHLIDWWLWXWWRFLzQRQqDQFRUDVWDWRPHVVRLQSUDWLFD)UDWWDQWRQHOODIDVHGLWUDQVL]LRQHODVLWD]LRQHqSHJJLRUDWDJOL$WRVRQRDQFRUDLQYLWDVRQRJHVWLWLGDOLTXLGDWRULHVRQRDQFRUDFRPSHWHQWLDGHIIHWWXDUHODUDFFROWDGHOODVSD]]DWXUD0DQRQSRVVRQRIDUORSHUFKpLVLQGDFLVRFLQRQYHUVDQROHTXRWHDFRSHUWXUDGHLFRVWLGLSHUVRQDOHFDUEXUDQWHPH]]LHGLVFDULFDLFRQVHJXHQ]DLODYRUDWRULQRQULFHYRQRJOLVWLSHQGLHOHVWUDGHVLFRSURQRGLULILXWLLFRQWURJOLVWHVVLVLQGDFLFRQSURFHGXUHGXUJHQ]DOHFRVLGGHWWHRUGLQDQ]HH[DUWLFROR QROHJJLDQR PH] ] L DUUXRODQR DOWURSHUVRQDOHRDIILGDQRLOVHUYL]LRDGLWWHSULYDWH,FRPPLVVDULVWUDRUGLQDULLQYLDWLGDOOD5HJLRQHSHUUHFXSHUDUHLFUHGLWLGHJOL$WRHIDUOLIXQ]LRQDUHKDQQROHDUPLVSXQWDWH,QVRPPDO,VRODq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qFKHLVLQGDFLIDQQRTXHOORFKHYRJOLRQRVLDPRLQDQDUFKLD+DQQRPRVWUDWRXQRULHQWDPHQWRFRQWUDULRDOODWWXD]LRQHGHOODULIRUPD1RQKDQQRYRORQWjGLDFFHOHUDUHODWWLYLWjGHOOH6UUDLFXLYHUWLFLIUDODOWURVSHVVRKDQQRQRPLQDWRLOLTXLGDWRULGHJOL$WR/H6UUVRQRDQFRUDLPSHJQDWHQHOODSSURYD]LRQHGHOOHSLDQWHRUJDQLFKH$OWURFKHUHDOL]]D]LRQHGLLPSLDQWLHVRVWLWX]LRQHGHJOL$WR,QSUDWLFDHYLGHQ]LDLOVLQGDFDOLVWDUDOOHQWDQGROH6UUHQRQLQYLDQGRDOOD

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jVXELWRDOOHJDUHGDSSDOWR/DULIRUPDSUHYHGHXQDWUDILODGLDGHPSLPHQWLEXURFUDWLFLHGLFRQIURQWLFRQOHSDUWLVRFLDOLFKHDOOXQJKHUjLWHPSL(VDUjVHPSUHSLJLXQJOD/D5HJLRQHQRQSXzVWDUHDJXDUGDUH,OJRYHUQDWRUH&URFHWWDHODVVHVVRUH1LFROz0DULQRFKHVLEDWWRQRSHUODWUDVSDUHQ]DHODOHJDOLWjQHOVHWWRUHGHYRQRLQWHUYHQLUH/DVVHVVRUH0DULQRUHGXFHGDOOHGHQXQFHLQFRPPLVVLRQH$QWLPDILD$UVVXOOHFRQQLYHQ]HFKHDYUHEEHURIDYRULWROHGLVFDULFKHSULYDWHDVFDSLWRGLTXHOOHSXEEOLFKHFROULVXOWDWRFKHJOLDXWRFRPSDWWDWRULDWWUDYHUVDQRWXWWDO,VRODSHUFRQIHULUHLULILXWLqGHWHUPLQDWRDUHDOL]]DUHJOLRELHWWLYLGHOODULIRUPDHTXHOOLGHO3LDQRUHJLRQDOHULILXWL7XWWDYLDqFRQVDSHYROHGHLOLPLWLGHOWHVWROHJLVODWLYRHDQFKHGHOODFFHUFKLDPHQWRSROLWLFRHOREELVWLFRFKHKDSRUWDWRDGHVHPSLRDOPDQFDWRULQQRYRGHOODJHVWLRQHFRPPLVVDULDOHQHOPRPHQWRLQFXLVLVWDYDQRDSSDOWDQGRWUHQXRYHGLVFDULFKHSXEEOLFKHD*HOD(QQDH0HVVLQD'/DULIRUPDKDSRVWRILQHDJOL$WRGLFHODVVHVVRUHHKDFUHDWROH6UUSHUFKpJOLLPSLDQWLVLSRWHVVHURIDUHQRQSLFRQLSRWHULVWUDRUGLQDULGHOOHPHUJHQ]DULILXWLPDLQYLDRUGLQDULD/H6UUKDQQRLOFRPSLWRGLRWWHQHUHLILQDQ]LDPHQWLHXURSHLFKHVDUDQQRSUHYLVWLQHOODSURVVLPDSURJUDPPD]LRQHILQDOL]]DWLDFRVWUXLUHJOLLPSLDQWLGLELRVWDELOL]]D]LRQHFRPSRVWDJJLRHULFLFORGHLULILXWL/H6UUGHYRQRGLYHQWDUHDXWRQRPHHGHYRQRIDUORSUHVWRSHUFKpIUDSRFRLOYHFFKLRVLVWHPDLPSORGHUj4XDQGRKRYLVWRFKHOH6UUQRQGLYHQWDYDQRVXELWRRSHUDWLYHKRLQYHUWLWRLOSURFHVVRDXWRUL]]DQGRSULPDJOL$URHLSLDQLGLQWHUYHQWRDIILQFKpL&RPXQLFRPLQFLDVVHURVXELWRFRQOHQXRYHJHVWLRQL0ROWLVLQGDFLQRQORKDQQRIDWWRXQTXHWRUQHUHPRDOSHUFRUVRILVVDWRGDOODOHJJH,FRPPLVVDULVFDGUDQQRLODSULOHHLQIDVHGLULQQRYRYDOXWHUHPRLOGDIDUVL3HQVRFKHGRYUHPRGLURWWDUOLSHUDFFHOHUDUHODWWLYLWjGHOOH6UUVXJOLLPSLDQWLHODVFLDUHFKHLVLQGDFLHVRSUDWWXWWRLOLTXLGDWRULGHLYHFFKL$WRVLDVVXPDQROHORURUHVSRQVDELOLWjQHLFRQIURQWLGHLFLWWDGLQLHGHLODYRUDWRUL0DODVVHVVRUHKDDQFKHDYYLDWRFRQODFRPPLVVLRQH$PELHQWHGHOO$UVXQFRQIURQWRDJUDGL',O3LDQRUHJLRQDOHULILXWLqGLYHQWDWRRSHUDWLYRVRORQHO1RLQHODEELDPRDYYLDWRODSURFHGXUDGL9DOXWD]LRQHDPELHQWDOHVWUDWHJLFD6WLDPRFRQYHQHQGRWXWWLVXOORSSRUWXQLWjGLGHILQLUHSULPDOD9DVHSRLSDVVDUHDOODUHYLVLRQHGHO3LDQR9DFRQFRUGDWRFRQODFRPPLVVLRQHVXTXDOHWLSRGLLPSLDQWLVWLFDOH6UUGRYUDQQRSXQWDUH3HUTXHVWRKRLQFDULFDWRFRPHHVSHUWLLSURIHVVRUL*XDUQDFFLDH$QJHOLQL'/HYHFFKLHGLVFDULFKHVDUDQQRSUHVWRHVDXVWHLQFDO]DODVVHVVRUH0DULQR1RLGLFLDPRPHQRGLVFDULFKHHSLGLIIHUHQ]LDWDOHQXRYHGLVFDULFKHVLDQRSXEEOLFKHSHUDYHUHPLQRULFRVWLGLWUDVSRUWRHFRQIHULPHQWRQRDLWHUPRYDORUL]]DWRULHDOODSLUROLVLSHUFKpODORURFRVWUX]LRQHULFKLHGHUHEEHWHPSLOXQJKL0DODVFHOWDVXFRVDIDUHDQGUjFRQGLYLVDLQFRPPLVVLRQH

6,$&&(/(5$/$5,)250$(*/,$72232,/)$//,0(172(//(62&,(7)5$&8,6$,

6HUYL]LRLGULFRODOHJJHUHJLRQDOHHOLPLQDLOFDRV

,OULRUGLQRGHOVHUYL]LRLGULFRLQ6LFLOLDDUULYDFRQLOGLVHJQRGLOHJJHSURSRVWRGDDOFXQLGHSXWDWLWUDFXL0DULND&LURQHL0DUFRH9LQFHQ]R9LQFLXOOR,OGLVHJQRGLOHJJHqVWDWRHVLWDWRGDOODFRPPLVVLRQH$PELHQWHH7HUULWRULRSHUHVVHUHGLVFXVVRHDSSURYDWRGDOO$UV6LDFFHOHUDTXLQGLODULIRUPDGHJOL$WRLGULFLGRSRLOFDRVFKHVLqYHQXWRDGHWHUPLQDUHFRQLOIDOOLPHQWRGHOOH6RFLHWjWUDFXLOD6DLFKHVLHUDQRDJJLXGLFDWHOHJDUHGDSSDOWRSHUJHVWLUHLOVHUYL]LRLGULFRHIRJQDULRQHL&RPXQLGHOOHSURYLQFHVLFLOLDQH(VWDWRQHFHVVDULRDFFHOHUDUHOHSURFHGXUDSHUODSSURYD]LRQHGHOODOHJJHVXOULRUGLQRLGULFRSHUFKpODJHVWLRQHSURYYLVRULDVWDGHWHUPLQDQGRQHLWHUULWRULLQWHUHVVDWLXQDXPHQWRHYLGHQWHHSHULFRORVRGHOODVLWXD]LRQHGHELWRULDJLjFULWLFDGDFXLSRWUHEEHGHULYDUHXQXOWHULRUHULVFKLRFRQFUHWRGLEORFFRGHOVHUYL]LRLGULFRLOWXWWRVHPSUHDGDQQRGHLFLWWDGLQL&RQTXHVWDOHJJHOD5HJLRQHULFRQRVFHFKHODFTXDqXQSDWULPRQLRGDWXWHODUHHGDGLIHQGHUHLQTXDQWRULVRUVDSXEEOLFDOLPLWDWDGLDOWRYDORUHVRFLDOHHEHQHFRPXQHQRQVRVWLWXLELOHHTXLQGLGLYDORUHLQHVWLPDELOH/D5HJLRQHKDFRQVLGHUDWRDOWUHVuODFFHVVRDOODFTXDTXDOHGLULWWRXPDQRLQGLYLGXDOHHFROOHWWLYRHKDHVSUHVVDPHQWHLQGLUL]]DWRSULRULWDULDPHQWHLSURSULRELHWWLYLDOODVDOYDJXDUGLDGHLGLULWWLHGHOOHDVSHWWDWLYHGHOOHJHQHUD]LRQLDWWXDOLHGLTXHOOHFKHYHUUDQQR,OGLVHJQRGLOHJJHSUHYHGHFKHL&RPXQLFKHKDQQRFRQVHJQDWRJOLLPSLDQWLDLJHVWRULGHOVHUYL]LRLGULFRLQWHJUDWRTXDORUDTXHVWLXOWLPLVLDQRGLFKLDUDWLIDOOLWLFRQVHQWHQ]DGHILQLWLYDFRQFRQVHJXHQWHDIILGDPHQWRGHOODJHVWLRQHSURYYLVRULDDGXQDFXUDWHODIDOOLPHQWDUHVXORURHVSOLFLWDULFKLHVWDSRVVRQRULRWWHQHUHODJHVWLRQHGLUHWWDGHOVHUYL]LRLQIRUPDVLQJRODRDVVRFLDWDILQRDOOHQWUDWDLQYLJRUHGHOQXRYRWHVWRGLOHJJH(IDFROWjGHL&RPXQLRUJDQL]]DUVLQHOODIRUPDGLOLEHULFRQVRU]L

32572(03(2&/($*/DFLWWjQRQqLQJUDGRGLDFFRJOLHUHXQQXPHURFRVuHOHYDWRGLSHUVRQH

(PHUJHQ]DLPPLJUD]LRQHDSSHOORGHOVLQGDFR)LUHWWR

32572(03(2&/($*&LUFDSHUVRQHGHLPLJUDQWLDUULYDWLQHLJLRUQLVFRUVLLQFLWWjGRSRLOVRFFRUVRLQPDUHVLVRQRDOORQWDQDWHGDOOLPPRELOHGHOSRUWRGRYHHUDQRDOORJJLDWH3ROL]LDH&DUDELQLHULVLVRQRVXELWRPHVVLDOODULFHUFDGHLSURIXJKLFKHVLVRQRGLVSHUVLOXQJRODVWUDGDVWDWDOHHQHOFHQWURGHOSDHVH8QHSLVRGLRFKHQRQIDDOWURFKHFRQIHUPDUHLOPRPHQWRGL I I L FLOH YLVVXWR GDOOD FLWWj HPSHGRFOLQD 3 RUWR(PSHGRFOHKDFRPPHQWDWRLOVLQGDFRHGHSXWDWR$UV&DORJHUR)LUHWWRqLQSLHQDHPHUJHQ]D1RQVLDPRLQJUDGRGLDFFRJOLHUHQXPHULFRVuLPSRUWDQWLGLLPPLJUDWLDOODOXFHGHOODFKLXVXUDGHILQLWLYDGHOODWHQVRVWUXWWXUDSHUODSULPDDFFRJOLHQ]D*OLLPPLJUDWLODVFLDWLVXOODEDQFKLQDGHOSRUWRKDDJJLXQWRLOSULPRFLWWDGLQRVWDQQRGLIDWWRJLURYDJDQGRSHUODFLWWjVHQ]DSRWHUULFHYHUHDOFXQVRVWHJQRQpXQDGHJXDWDSULPDDVVLVWHQ]D )DFFLRDSSHOORDOPLQLVWUR$QJHOLQR$OIDQR KDFRQFOXVRDIILQFKpLPPHGLDWDPHQWHVLLQWHUYHQJDFRQPLVXUHVWUDRUGLQDULHSHUSRWHUJDUDQWLUHXQDGHFRURVDDFFRJOLHQ]DGHJOLLPPLJUDWLVROOHYDQGRODFLWWjGDTXHVWDJUDYLVVLPDHPHUJHQ]D

&DFFLROD$LHV6LFLOLD1HFHVVDULDXQDQRUPDDVRVWHJQRGLTXHVWHUHDOWjFKHORWWDQRPDILDHGHPDUJLQD]LRQH

)DWWRULHVRFLDOLXQDULVRUVDSHUO,VRODVHEHQVIUXWWDWH/HVWUXWWXUHFUHVFRQRDYLVWDGRFFKLRRJJLVRQRQHOHUDQR

3DOHUPRD3DOHUPRDUULYDXQDEXRQDQRWL]LDSHULOWHU]RVHWWRUHVLFLOLDQROHIDWWRULHVRFLDOLVRQRLQDXPHQWR,OGDWRqVWDWRGLIIXVRDOOLQWHUQRGLXQUHFHQWHLQFRQWURRUJDQL]]DWRD3DOHUPRGDOORUJDQL]]D]LRQH5HWHIDWWRULHVRFLDOL6LFLOLDH&ROGLUHWWL6LFLOLD&RVDVRQROHIDWWRULHVRFLDOLHTXDOHUXRORVYROJRQRVXOQRVWURWHUULWRULR"DOSRUWDOHGHOOH)DWWRULHGLGDWWLFKHLWDOLDQHDEELDPRXQDGHILQL]LRQHPROWRHVDXVWLYD&LVRQRIDWWRULHFKHQRQVLOLPLWDQRDVYLOXSSDUHXQDFRQQRWD]LRQHGLGDWWLFDPDFKHDVVXPRQRODTXDOLILFDGL)DWWRULHVRFLDOL6RQRVWUXWWXUHFKHHVWHQGRQRLORURVHUYL]LDIDYRUHGLSHUVRQHFKHSUHVHQWDQRIRUPHGLVYDQWDJJLRSVLFRILVLFRRSSXUHGLGLVDJLRVRFLDOH/DLXWRVLHVWHQGHDWWUDYHUVRVHUYL]LHGXFDWLYLFXOWXUDOLHGLVXSSRUWRDOOHIDPLJOLHHDOOHLVWLWX]LRQLGLGDWWLFKH/DORJLFDFKHJXLGDODWWLYLWjGLTXHVWHVWUXWWXUHqVWUHWWDPHQWHOHJDWDDOFRPSLWRDVVLVWHQ]LDOHPDLQUHDOWjOHIDWWRULHVRFLDOLQRQVRQRGHOOH2QOXVQpQDVFRQRFRQTXHVWDYRFD]LRQH6LVYLOXSSDQRSLXWWRVWRFRPHYHUHHSURSULHLPSUHVHDJULFROHFKHIDQQRSHUzGHOODSURSULDDWWLYLWjHFRQRPLFDXQPH]]RSHUVRVWHQHUHHYDORUL]]DUHODJULFROWXUDHLOEHQHDOODFROOHWWLYLWj&HUFDQRFRPHVRVWLHQH)DWWRULHGLGDWWLFKHGLULSURGXUUHXQPRGHOORGLHFRQRPLDVRFLDOHPLUDWRDFRQLXJDUHLOSURILWWRGHOOD]LHQGDFRQLOEHQHGHOODFROOHWWLYLWjLQVSHFLDOPRGRSHUOHIDVFHVRFLDOLVYDQWDJJLDWH(GqSURSULRTXHVWRWLSRGLPRGHOORFKHLQ6LFLOLDVWDILQDOPHQWHFRQVROLGDQGRODVXDDWWLYLWj6RQROHIDWWRULHVRFLDOLFKHRSHUDQRQHOO,VRODODPDJJLRUSDUWHVLWURYDQHOOHSURYLQFHGL0HVVLQD&DWDQLDH6LUDFXVD/DORURSUHVHQ]DqLQFUHVFLWDLQWUHDQQLOHIDWWRULHVRFLDOLVRQRTXDVLWULSOLFDWHQHOHUDQRVRORQHOQHVRQRVWDWHFHQVLWHQHOEHQLQSL*OLXOWLPLGDWLGLIIXVLULOHYDQRODSUHVHQ]DGLD]LHQGHDJULFROHHDVVRFLD]LRQLQRSURILWHFRRSHUDWLYHFRLQYROWHDYDULRWLWRORLQDWWLYLWjGLDJULFROWXUDVRFLDOH/RUJDQL]]D]LRQHLQIDWWRULDVRFLDOHqGXQTXHODSLGLIIXVDLQ6LFLOLD/DSURYLQFLDFRQQXPHURSLDOWRGLVWUXWWXUHq&DWDQLDFRQEHQIDWWRULHVSDUVHVXOWHUULWRULRVHJXH3DOHUPRFRQ0HVVLQDFRQH6LUDFXVDFRQ1HOOHUHVWDQWL]RQHGHOOD6LFLOLD$JULJHQWRVHJXHFRQIDWWRULHSRL7UDSDQLH5DJXVDFRQXQD6WXSLVFHODVFDUVDYRFD]LRQHGHOODSURYLQFLDLEOHDDOVLVWHPDGLIDWWRULDVRFLDOHFRQVLGHUDWDODSUHGRPLQDQ]DGHOOHDWWLYLWjDJULFROHVXOWHUULWRULR$FFDQWRDOOHIDWWRULHVRFLDOLFRPHJLjHYLGHQ]LDWRVLDIILDQFDQROHDVVRFLD]LRQLGLSURPR]LRQHVRFLDOHFRRSHUDWLYHVRFLDOL

DVVRFLD]LRQLIDPLOLDUL/DYRFD]LRQHqPLQRUHLQXPHULVRQRPHQRFRQJUXLPDLQXQVRORFDVRTXHOORGL&DWDQLDDSSDLRQRVXSHULRULULVSHWWRTXHOOLHPHUVLSHUOH)DWWRULH6RFLDOL6XOWHUULWRULRHWQHROHDVVRFLD]LRQLRSHUDQWLVRQRLQIDWWL(VFOXVDODSURYLQFLDHWQHDLOUHVWRGHOODUHJLRQHqTXDVLVSURYYLVWDGLDVVRFLD]LRQLRFRRSHUDWLYH3DOHUPRQHFRQWDDSSHQD&DOWDQLVVHWWD(QQDH0HVVLQDXQDSHUSURYLQFLD1RQRVWDQWHOHPHUVLRQHGLQXPHULLQFUHVFLWDOH)DWWRULHVRFLDOLULVFKLDQRGLHVVHUHOHQQHVLPDULVRUVDQRQVIUXWWDWDQpVRVWHQXWDGDOODOHJLVOD]LRQHUHJLRQDOHVLFLOLDQD$GHYLGHQ]LDUHOHPHUJHQ]DVWDWR6DOYDWRUH&DFFLRODSUHVLGHQWHUHJLRQDOH$LHV6LFLOLD5HWHIDWWRULHVRFLDOL/DFUHVFLWDGHOOHUHDOWjGLDJULFROWXUDVRFLDOHLQ6LFLOLDqSDUWLFRODUPHQWHVLJQLILFDWLYDDIIHUPD&DFFLRODODYLYDFLWjFXOWXUDOHHOLQQRYD]LRQHGHOO$6VWDQQRFDUDWWHUL]]DQGRLOQXRYRVLVWHPDGHOZHOIDUHORFDOH6LDPRLQYHFHSUHRFFXSDWLFKHORULJLQDOLWjGHOOH)DWWRULHVRFLDOLVLFLOLDQHULVFKLGLQRQHVVHUHUHFHSLWDGDOODWWXDOHSURSRVWDGLOHJJHLQGLVFXVVLRQHDOO$UV,OODYRURGLUHWHLQWHJUDWRFRQLOVLVWHPDGHLVHUYL]LVRFLDOLHVDQLWDULODFROODERUD]LRQHFRQLOWHU]RVHWWRUHHOHLVWLWX]LRQLVFRODVWLFKHRFRQLOFLUFXLWRSHQLWHQ]LDULRFRQOHDUHHGLPDUJLQDOLWjVRFLDOHGHYRQRWURYDUHQHOODQXRYDQRUPDWLYDXQRVSD]LRHXQULFRQRVFLPHQWRDGHJXDWR&KLHGLDPRDWXWWHOHIRU]HSROLWLFKHHGLUDSSUHVHQWDQ]DGHOVRFLDOHHGHOPRQGRDJULFRORFRQWLQXDGLSDUWHFLSDUHDOGLEDWWLWRHDOOHLVWLWX]LRQLGLDVFROWDUHOHQRYLWjFKHHPHUJRQRGDLWHUULWRUL1RQEDVWDXQDOHJJHFRPHTXHOODVXJOLDJULWXULVPLFDSDFHGLIDUGLYHQWDUHOHIDWWRULHVRFLDOLXQDULVHUYDSHUJOLLQGLDQLFRQFOXGHLOSUHVLGHQWHDEELDPRELVRJQRGLXQDQRUPDVHPSOLFHGDDSSOLFDUHFKHIRWRJUDILHVRVWHQJDOHUHDOWjFKHLQ6LFLOLDDWWXDOPHQWHVRQRLPSHJQDWHSHUIDUHFUHVFHUHXQDJULFROWXUDELRVRVWHQLELOHHDORWWDUHFRQWUROHPDUJLQD]LRQHHOHPDILH7ZLWWHU#&KLDUD%RU]L

&KLDUD%RU]u

,17(552*$=,21((/(387$725(*,21$/(0$5,2$//252

'*HVWLRQH(UVXDIILGDWDVLQHGLHDIXQ]LRQDULR

$UULYDVXLEDQFKLGHOO$VVHPEOHD5HJLRQDOH6LFLOLDQDODYLFHQGDOHJDWDDOO(UVXGL(QQDFKHQHOOHVFRUVHVHWWLPDQHKDDO]DWRLWRQLGHOGLEDWWLWRFRQXQRVFDPELRGLYHGXWHWUDDOFXQLVLQGDFDWLHODWWXDOHJHVWLRQH$GHVVRDGLQWHUYHQLUHqLOGHSXWDWR0DULR$OORURFKHKDSUHVHQWDWRXQLQWHUURJD]LRQHDOSUHVLGHQWHGHOOD5HJLRQHHDOODVVHVVRUHUHJLRQDOHSHUOLVWUX]LRQHHSHUODIRUPD]LRQHSURIHVVLRQDOHVXOODQRPLQDGHJOLRUJDQLDWWLYLHGLFRQWUROORHLOULSULVWLQRGHOODWUDVSDUHQ]DHGHOODOHJDOLWjDOO(UVX$IDUVFDWWDUHODVFLQWLOODFRPHGHWWRXQFRPXQLFDWRGHOOHVHJUHWHULHVLQGDFDOLUHJLRQDOLGHOODIXQ]LRQHSXEEOLFDGL&JLO6DGLUV&REDVH6LDGLQFXLYHQLYDQRGHQXQFLDWHGLYHUVHSUREOHPDWLFKH'$GLVWDQ]DGLSLGLXQDQQRVSLHJD$OORURO(UVXGL(QQDqSULYRGHO3UHVLGHQWHRUJDQRHVSUHVVDPHQWHSUHYLVWRGDOODOHJJHLVWLWXWLYDGDSLGLGLFLRWWRPHVLORVWHVVRHQWHqSULYRGHOFROOHJLRGHLUHYLVRULGHLFRQWLHGDODJRVWROHIXQ]LRQLGLUHVSRQVDELOHGHOODVWUXWWXUDGLFXLWUDWWDVLYHQJRQRHVHUFLWDWHVLQHGLHGDXQIXQ]LRQDULRGLUHWWLYRLQSDOHVHFRQWUDVWRFRQOHQRUPHUHJLRQDOL LQDWWRYLJHQWL1HOVXRDWWRLVSHWWLYR$OORURFKLHGHVHGDOOD5HJLRQHLQWHQGDQRSURFHGHUHDGXQLPPHGLDWRFRQWUROORLVSHWWLYRSUHVVRODVHGHGHOO(UVXGL(QQDSHUDFFHUWDUHODUHJRODULWjGHOOHSURFHGXUHDPPLQLVWUDWLYHHFRQWDELOLDGRWWDWHQHOFRUVRGHJOLXOWLPLPHVLSURYYHGHUHDOODQRPLQDGHOSUHVLGHQWHGHOO(UVXGL(QQDRVHLQFDVRGLDFFHUWDPHQWRGLVHULHUHVSRQVDELOLWjGLRUGLQHDPPLQLVWUDWLYRHFRQWDELOHSURFHGHUHDOORVFLRJOLPHQWRGHOFRQVLJOLRGLDPPLQLVWUD]LRQHHDOOLPPHGLDWDQRPLQDGLXQFRPPLVVDULRSURYYHGHUHDOODQRPLQDGHOFROOHJLRGHLUHYLVRULGHLFRQWLHUHVSRQVDELOHGHOODVWUXWWXUD$TXHVWHFRQWHVWD]LRQLJLjPRVVHGDLVLQGDFDWLDYHYDULVSRVWR5LQR$JQHOORDWWXDOHSUHVLGHQWHLOTXDOHVPRQWzSXQWRSHUSXQWROHDFFXVHFRQIHUPDQGRODVVROXWDWUDVSDUHQ]DQHJOLDWWLHQHOODJHVWLRQHHYLGHQ]LDWLDQFKHDVHJXLWRGLDOFXQHLVSH]LRQL

$OWULGXHHSLVRGLGLGLVSHUD]LRQHD%DJKHULDH6FLFOL&RQIDUWLJLDQDWRVLGRPDQGDVHLOJRYHUQRVLQGLJQDVLPSHJQDSRLJHWWDODVSXJQD/$QFHJHQRFLGLRVLOHQ]LRVR

,PSUHQGLWRUHVXLFLGDIDPLJOLDSHUGHODFDVD,OSULPRLQGHELWDWRYDQWDYDFUHGLWL1HOUDJXVDQRPXURXPDQRFRQL)RUFRQLSHULPSHGLUHORVIUDWWR

3$/(5028QLPSUHQGLWRUHVLqVXLFLGDWRLPSLFFDQGRVLDXQDWUDYHGHOSURSULRJDUDJHLQYLD&DUOR$OEHUWRGDOOD&KLHVDD%DJKHULDLQSURYLQFLDGL3DOHUPR/DYLWWLPD*6GLDQQLRSHUDYDQHOVHWWRUHHGLOH$IDUHODPDFDEUDVFRSHUWDqVWDWDODPRJOLHFKHKDODQFLDWRODOODUPH6XOSRVWRVRQRLQWHUYHQXWLLFDUDELQLHUL/XRPRVHFRQGRTXDQWRDFFHUWDWRGDLFDUDELQLHULVRIIULYDGLFULVLGHSUHVVLYHOHJDWHDOOHGLIILFROWj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zSHUPHWWHUHFKHXQXRPRVLWROJDODYLWDSHUFKp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qLQDWWRqXQDVRUWDGLJHQRFLGLRVLOHQ]LRVR1HO5DJXVDQRODOWURHSLVRGLRGLTXHVWDGUDPPDWLFDFULVLFKHGHYDVWDPROWHIDPLJOLH$6FLFOLJOLXIILFLDOLJLXGL]LDULQRQKDQQRSRWXWRHVHJXLUHLHULPDWWLQDORVIUDWWRGL0HOLVVDL5RVDHGHLGXHILJOLPLQRUHQQLGDOODELWD]LRQHYHQGXWDDOODVWD8QPXURXPDQRKDQHLIDWWLUHVRLPSRVVLELOHODFFHVVRDOO

LPPRELOHGHOYDORUHGLFLUFDPLODHXUREDWWXWRSHUPLOD/H[FRPPHUFLDQWHDYHYDXQGHELWRGLVROLVHLPLODHXUR$FFDQWRD0HOLVVDFHUDQRJOLHVSRQHQWLGHL)RUFRQLHGL$OWUDJULFROWXUDSURQWLDLQWHUGLUHORVIUDWWRFRPHHUDVXFFHVVRPHVLRUVRQRVHPSUHD6FLFOLFRQLOFDVR3DFHWWR'/DPLDFDVDULFRUGDLQSDUWLFRODUHODL5RVDqVWDWDDJJLXGLFDWDDOODWHU]DDVWDEDWWXWDSHUXQYDORUHGLVROLPLODHXUR1RQULXVFLUDQQRDIDUPLXVFLUHGDVRWWRTXHVWRWHWWR1RQWDQWRSHUPHTXDQWRSHULPLHLGXHILJOLRYHqOR6WDWR"RYHVRQRTXHOOLFKHVLULFRUGDQRGLPHVRORSHUOHHOH]LRQL"4XDQGRFqGDYRWDUHVRQRWXWWLSURQWLWLYHQJRQRDWURYDUHDFDVDHWLSURPHWWRQRPDULHPRQWLVXELWRGRSRWLDEEDQGRQDQR(XQRVFKLIRPDLRQRQHVFRGDTXHVWDFDVDGHYRQRSDVVDUHVXOPLRFDGDYHUHXULLWRQLXVDWLDQFKHLHULGDOOHDGHUGHL)RUFRQL0DULDQR)HUUR'%LVRJQDVFDUGLQDUHXQDOHJJHFKHYHGHUHJQDUHOLQJLXVWL]LD,OGLVDVWURHFRQRPLFRFRQVHQWHFKHJOLVFLDFDOOLFRQLOFRQVHQVRGHOODOHJJHSRVVDQROXFUDUHVXOODVRIIHUHQ]DGHOODSRYHUDJHQWHYLQFHQGRIDFLOPHQWHOHFDVH1RLDYYHUWH)HUURQRQORFRQVHQWLUHPR,OQRVWURLPSHJQRKDJLjSURGRWWROLQFKLHVWDJLXGL]LDULDFKHKDIDWWRGLUHDOSURFXUDWRUHGL5DJXVD&DUPHOR3HWUDOLDTXDQWRGUDPPDWLFDVLDODVLWXD]LRQHHTXDQWRDQRPDOLHFLVLDQRQHOOHSURFHGXUHIDOOLPHQWDUL7XWWRHEEHLQL]LRFRQODGUDPPDWLFDYLFHQGDGL*LRYDQQL*XDUDVFLRLOPXUDWRUHGLDQQLGL9LWWRULDFKHLOPDJJLRVLGLHGHIXRFRSHUVFRQJLXUDUHORVIUDWWRGHOODSURSULDDELWD]LRQH0RUuSRFKLJLRUQLGRSRD&DWDQLDSHUOHJUDYLXVWLRQLULSRUWDWH4XHOODYLFHQGDSRUWzDOODSHUWXUDGLXQLQFKLHVWDGHOOD3URFXUDGL5DJXVDDIILGDWDDOOD*XDUGLDGLILQDQ]DQHOFRUVRGHOODTXDOHIXURQRLQGLYLGXDWLLUHDWLGLWXUEDWDOLEHUWjGHJOLLQFDQWLHVWRUVLRQHHIDOVLWjLGHRORJLFD,QDWWRVRQRWUHOHSHUVQHLQGDJDWH7UDODOWURSRFKLJLRUQLIDOD3URFXUDKDDIILGDWRLQFXVWRGLDODELWD]LRQHSURSULRDOODYHGRYDGL*XDUDVFLR*LRUJLD)DPjULPDVWDIHULWDDQFKHVVDDVVLHPHDGXQDJHQWHJF

5(*,21(6XILQDQ]HHD]LRQLGLVYLOXSSR

&URFHWWDLQFDVVDOLPSHJQRGL5HQ]L

3$/(5023RVLWLYDODJLRUQDWDURPDQDGHOSUHVLGHQWHGHOOD5HJLRQH5RVDULR&URFHWWDFKHLHULPDWWLQDKDLQFRQWUDWRLOSUHVLGHQWHGHO&RQVLJOLR0DWWHR5HQ]LHLOVRWWRVHJUHWDULRDOOD3UHVLGHQ]D*UD]LDQRHOULRDVVLHPHDJOLDOWULSUHVLGHQWLGLUHJLRQHSHUGLVFXWHUHVXOWHPDGHOOHULIRUPDGHOOD&RVWLWX]LRQH',OSUHVLGHQWHKDULEDGLWRLOYDORUHGHOODXWRQRPLDVLFLOLDQDHOD QHFHVVLW j GL FRQWLQXDUH QHO YLUWXRVRSHUFRUVRGLULVDQDPHQWRFKHOD6LFLOLDKDJLjDYYLDWRDWWUDYHUVRODULGX]LRQHGHJOLVSUHFKLHL O UL ODQFL R GHOO H F RQRPL D & URFHWWD K DUDSSUHVHQWDWRDOJRYHUQRQD]LRQDOHVLOHJJHLQXQDQRWDDQFKHODYRORQWjGHOJRYHUQRVLFLOLDQRGLLQWHQVLILFDUHLUDSSRUWLJLjRWWLPLFRQOHVHFXWLYRGL0DWWHR5HQ]L1HOOLQFRQWURVXFFHVVLYRFROVRWWRVHJUHWDULRHOULR&URFHWWDKDUDSSUHVHQWDWROHTXHVWLRQLSLXUJHQWLSHUOD6LFLOLDHDYUHEEHULFHYXWRJUDQGHGLVSRQLELOLWjGDOJRYHUQRQD]LRQDOH'GDOPRPHQWRFKHOD6LFLOLDLQWHQGHDYYLDUHLQYHVWLPHQWLSURGXWWLYLDYHQGRJLjDFTXLVLWRODGLVSRQLELOLWjGLGLYHUVHLPSUHVHQD]LRQDOLHLQWHUQD]LRQDOLDGLQYHVWLUHQHOO,VROD7DOL L P S U H V H S R Q J R Q R F R P H Q H F H V V L W j O DVHPSOLILFD]LRQHDPPLQLVWUDWLYD,OSUHVLGHQWHKDUDVVLFXUDWRLOJRYHUQRFRQIHUPDQGRFKHqVWDWRJLjHVLWDWRXQWHVWRVXOODVHPSOLILFD]LRQHDPPLQLVWUDWLYDHFKHTXHVWXOWLPRVDUjGLVFXVVRDOSLSUHVWRLQSDUODPHQWRPDFKHLQRJQLFDVRODPPLQLVWUD]LRQHUHJLRQDOHVLDGRSHUHUjDOPDVVLPRSHUDFFHOHUDUHOHSURFHGXUH,OJRYHUQDWRUHKDSRLLQFRQWUDWRDYLGH)DUDRQHUHVSRQVDELOHGHOVHWWRUHZHOIDUHHVFXRODQHOODVHJUHWHULDGHO3G)DUDRQHKDPDQLIHVWDWRDSSUH]]DPHQWRSHULOSHUFRUVRGLGLDORJRDYYLDWR,QVHUDWDOLQFRQWURWUDORVWHVVR)DUDRQHHXQDGHOHJD]LRQHGHOO8GFFRPSRVWDGDOVHJUHWDULR&HVDHGD*LDQSLHUR$OLDFKH&URFHWWDLQFRQWUHUjQHLSURVVLPLJLRUQL$OFHQWUROLPPLQHQWHULPSDVWRFKHIDUjVSD]LRDWXWWLLPRYLPHQWLVXSSRUWHUGHOODWWLYLWjGHOJRYHUQRLOFKHULGLPHQVLRQHUjDOFXQHSUHVHQ]H,QSUDWLFDVLSURILODXQDYYLFHQGDPHQWRSHUTXDVLPHWjGHOODWWXDOHFRPSDJLQH&LUFRODQRJLjDOFXQLQRPLGLWHFQLFLLQGLFDWLGDOODSROLWLFDGD6LUDFXVDD0HVVLQDPDILQRDTXDQGRQRQVLFKLXGHUjLOGLVFRUVRVXLQXPHULHVXOOHGHOHJKHKDSRFRVHQVRIDUOLSHUFKpWXWWRSRWUHEEHHVVHUHULPHVVRLQGLVFXVVLRQHYLVWRFKH&URFHWWDSUHWHQGHDOPHQRFKHJOLVLGLDQRQRPLGLFRPSHWHQWLVXOOHPDWHULHGLFXLGRYUDQQRRFFXSDUVL(LQTXHWRPRPHQWRRJQLGLFKLDUD]LRQHqSXUDWDWWLFDILQDOL]]DWDDFRPSLDFHUHLOJRYHUQDWRUHFKHDOODILQHSRWUHEEHPHWWHUHWXWWLVXOIDWWRFRPSLXWRGHFLGRLRSHUFKpVRQROXQLFROHJLWWLPDWRGDOYRWR

SRSRODUHROWUHFKHVWDWXWDULDPHQWHUHVSRQVDELOHGHOOHVFHOWHGHLVXRLDVVHVVRUL3XULQSUHVHQ]DGLDOOHDWLFKHSUHPRQRSHULOULQQRYRGHOODJLXQWD&URFHWWDQRQVHPEUDDYHUIUHWWDHKDDVVXQWROLQWHULPGHOO(FRQRPLDDOSRVWRGHOGLPLVVLRQDULR/XFD%LDQFKLLQDWWHVDFKHLOVHJUHWDULRGHO3G5HQ]LJOLVXJJHULVFDLOQRPHGHOWHFQLFRGDVRVWLWXLUH,QWDOHYHVWHFRQVLGHUDWRFKHLOWHVWRGHOGLVHJQRGLOHJJHVDOYDLPSUHVHqGDULIDUHKDJLjFRQYRFDWRSHUOXQHGuSRPHULJJLRD3DOD]]RG2UOHDQVLUDSSUHVHQWDQWLGHOOHLPSUHVHSHULOOXVWUDUHJOLHIIHWWLGHOGGOSDJDPHQWLVXOOHFRQRPLD(LQWHQWRGL&URFHWWDLQROWUHGLSURFHGHUHDOODULGX]LRQH,USHIGDOHLQWHQGHULEDGLUHFKHODFRSHUWXUDVXOODEDVH,USHIqJLjHVLVWHQWHHQRQLQFUHPHQWDWDFRPHDOFXQLHUURQHDPHQWHGLFRQRHFKHqXQIDWWRWHFQLFRILQDQ]LDULRQHFHVVDULRSHUGDUHJDUDQ]LDDOPXWXRFRPHULFKLHVWRGDOODOHJLVOD]LRQHILQDQ]LDULDHVLVWHQWH

/D6LFLOLDDQFRUDQRQSDJDLGHELWL/DVVHVVRUHDOO(FRQRPLDODVFLD

6HQ]DDVVHVVRUHDOO(FRQRPLDXQLFD5HJLRQHDQRQDYHUHUHFHSLWRLOGHFUHWROHJJHFRQXQDPDQRYUDELVGDDSSURYDUHQHFHVVDULDSHUSDJDUHVWLSHQGLEORFFDWLGDWUHPHVLHQHOPLULQRGLSRVVLELOLVDQ]LRQL8H(FFRODIRWRJUDILDGHOOD6LFLOLDDOOLQGRPDQLGHOOHGLPLVVLRQLSUHVHQWDWHGDOWHFQLFRGLDUHD3G/XFD%LDQFKLH[DVVHVVRUHDOO(FRQRPLDGHOJRYHUQRGL5RVDULR&URFHWWDFKHKDGHFLVRGLPROODUHGRSRLOWHU]RULQYLRLQFRPPLVVLRQHGHO'GOVDOYDLPSUHVHXQWHVWRFKHDYUHEEHSHUPHVVRLOSDJDPHQWRGLXQPLOLDUGRGLFUHGLWLFKHOHLPSUHVHYDQWDYDQRQHLFRQIURQWLGHOODSXEEOLFDDPPLQLVWUD]LRQHHFKHLQYHFHqVWDWREORFFDWRGDOOHRSSRVL]LRQL7XWWRqDFFDGXWRORVFRUVRPDUWHGuTXDQGR LO SDUODPHQWR VLFLOLDQR HUD FKLDPDWR DGDSSURYDUHLOWHVWRQHOOHVWHVVHRUHLQFXLLOSUHVLGHQWH&URFHWWDULXQLYDODPDJJLRUDQ]DSHUGLVFXWHUHGLXQULPSDVWRGLJRYHUQR(FRVuO$XODqULPDVWDLQEDOLDGHOOHRSSRVL]LRQL',RPLIHUPRTXLKDGHWWR%LDQFKLSUHVHQWDQGROHGLPLVVLRQLHSXQWDQGRLOGLWRFRQWURLOVXRVWHVVRSDUWLWR'FROSHYROHGLPROWLHUURULXOWLPRODVVHQ]DLQ$XODLQTXHOPRPHQWRGHFLVLYRHYLFLQRDOVXRRSHUDWR'LQPDQLHUDLQWHUPLWWHQWH/HFRQRPLVWDFKHKDGDWRXQDFRUUH]LRQHDLFRQWLGHOOD6LFLOLD'DOPLRLQVHGLDPHQWRHUDYDPREHQROWUHLOEDUDWURKDVSLHJDWRULIHUHQGRVLDOOHSRVVLELOLWjGLXQGHIDXOWGHOOD5HJLRQHVLFLOLDQDHUHQGHUHO,VRODPDJJLRUPHQWHSUHVHQWDELOHVXLPHUFDWLLQWHUQD]LRQDOL'YHQLYDPRGDWUHGHFODVVDPHQWLVXFFHVVLYLFRQRXWORRNQHJDWLYRKDFRQWLQXDWR'DGHVVRLOJLXGL]LRGHOOHDJHQ]LHGLUDWLQJqVWDELOHFRVuFRPHORXWORRNQRQqULXVFLWRDSRUWDUHDWHUPLQHLOVXRODYRUR&URFHWWDHUDLHULD5RPDGRYHKDLQFRQWUDWRLOSUHPLHU0DWWHR5HQ]L7UDJOLDUJRPHQWLVXOWDYRORDQFKHXQQRPHSHUODSROWURQDGLDVVHVVRUHDOOHFRQRPLD8QDILJXUDFDSDFHGLEXRQLUDSSRUWLFRQOHVHFXWLYRQD]LRQDOHHVRSUDWWXWWRFRQLYHUWLFLGHO7HVRUR1HOIUDWWHPSRQHOO,VRODqWXWWRIHUPRHGLOULVFKLRDGHVVRVRQROHVDQ]LRQLGHOO8HSHUQRQULVSHWWDUHLWHUPLQLGHLSDJDPHQWL6DQ]LRQLFKHSRWUHEEHURFRPSRUWDUHDQFKHLOEORFFRGHOOHDVVXQ]LRQLIDFHQGRVDOWDUHORSHUD]LRQHGLIXRULXVFLWDGDOSUHFDULDWRGHJOLROWUHPLODODYRUDWRULGHOODSXEEOLFDDPPLQLVWUD]LRQH0DLOFRQWRSLVDODWRSRWUHEEHDUULYDUHDQFKHGDOSDJDPHQWRGHJOLLQWHUHVVLGLPRUDVXLGHELWLQRQVDOGDWLXQDFLIUDDWWRUQRDOODOWULPLOLRQLGLHXURGDFHUFDUHQHOOHSLHJKHGHOODFRUUH]LRQHGLELODQFLRULSURGX]LRQHULVHUYDWD

$1721,2*,25$12

,OFRQJUHVVRGHOOD)XQ]LRQHSXEEOLFD

/D&JLODOODWWDFFRDOJRYHUQDWRUHPROWLDQQXQFLHSRFKLDWWLFRQFUHWL

'02/7,DQQXQFLHSRFKLDWWLFRQFUHWLSHUDIIURQWDUHODJUDYHFULVLHFRQRPLFDFKHOD6LFLOLDVWDYLYHQGRLQTXHVWLDQQLHFKHSRWUHEEHGLYHQWDUHDQFRUDSLJUDYHFRQOHGLPLVVLRQLGHOODVVHVVRUHDOO(FRQRPLD%LDQFKL/D&JLO)XQ]LRQHSXEEOLFDVLFLOLDQDYDDOODWWDFFRGHOODSROLWLFDGHOJRYHUQR&URFHWWDQHOFRUVRGHOFRQJUHVVRUHJLRQDOHFKHVLqDSHUWRLHULSRPHULJJLRDG$JULJHQWR7UD LOSXEEOLFR DQFKH WUHHVSRQHQWL GHOODJLXQWDUHJLRQDOHJOLDVVHVVRUL/XFLD%RUVHOOLQR1LFROz0DULQRH3DWUL]LD9DOHQWLGLIURQWHDLTXDOLLOVHJUHWDULR0LFKHOH3DOD]]RWWRKDVFLRULQDWRLOVXRFDKLHUGHGROp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jLOVHJUHWDULRGHOVLQGDFDWRKDULODQFLDWRODULFKLHVWDGLDEROLUHLOWLFNHW'FKHLQFLGHQRWHYROPHQWHVXOOHSRVVLELOLWjGLDFFHVVRDOOHFXUHSHUXQDPSLDIDVFLDGLFLWWDGLQL5,3528=,21(5,6(59$7$

*(5$/,1(3(5277,

5(*,21(,OVLQGDFR(UUDQWHDVFROWDWRGDOODTXLQWDFRPPLVVLRQHVXOSLDQRGLULPRGXOD]LRQHGHJOLLVWLWXWL

,Q'PLVVLRQHSHUOHVFXROH

,VLQGDFLGL&DVWHOYHWUDQRH3DUWDQQDVRQRVWDWLULFHYXWLLHUL GDOOD9A&RPPLVVLRQH5HJLRQDOHVXOODULPRGXOD]LRQHGHJOLLVWLWXWLVFRODVWLFLQHOWHUULWRULR,OVLQGDFR)HOLFH(UUDQWHHLOSULPRFLWWDGLQRGL3DUWDQQD1LFROz&DWDQLDVRQRVWDWLULFHYXWLLHULLQDXGL]LRQHGDOOD9A&RPPLVVLRQH&XOWXUDIRUPD]LRQHHODYRURGHOO$VVHPEOHD5HJLRQDOH6LFLOLDQDFKHKDFRPSHWHQ]D DQFKHLQPDWHULDGLSXEEOLFDLVWUX]LRQHEHQLHGDWWLYLWjFXOWXUDOLODYRURIRUPD]LRQHSURIHVVLRQDOHHPLJUD]LRQH(UUDQWHH&DWDQLDQHLJLRUQLVFRUVLGRSRDYHUSUHVRDWWRGHOPDQFDWRDFFRJOLPHQWRGHOODSURSRVWDFKHqVWDWDDYDQ]DWDGDLFRPXQLDOGLULJHQWHGHOO8IILFLR6FRODVWLFR5HJLRQDOHQHOODPELWRGHOODFRQIHUHQ]DSURYLQFLDOHGL7UDSDQLLQPHULWRDOODULOHWWXUDGHOSLDQRGLGLPHQVLRQDPHQWRGHJOLLVWLWXWLVFRODVWLFLDYHYDQRFKLHVWRXQDXGL]LRQHSUHVVRODFRPSHWHQWH&RPPLVVLRQH3DUODPHQWDUHDOO$UVDOODSUHVHQ]DGHOODVVHVVRUH5HJLRQDOH1HOOL6FLODEUD/DULFKLHVWDHUDVWDWDIDWWDSURSULDGDOSDUODPHQWDUHFDVWHOYHWUDQHVH * L R Y D Q Q L / R 6 F L X W R L O T X D O H V L H U DLPPHGLDWDPHQWHDWWLYDWRSHUORWWHQLPHQWRGHOOLQFRQWUR,VLQGDFLKDQQRHVSRVWRDOOD F R P P L V V L R Q H O H F U L WL F L W j G H O S L D Q R G LGLPHQVLRQDPHQWRGLDOFXQLLVWLWXWLVFRODVWLFLFRVuFRPHIRUPXODWRGDOO$VVHVVRUDWRHWUDVPHVVRDO0LQLVWHURDOOLQFRQWURVLqSUHVRDWWRFRQVRGGLVID]LRQHFKHqVWDWDRWWHQXWDXQDWHU]DGLULJHQ]DSHUOHVFXROHPHGLHLQIHULRULGHOODFLWWjGL&DVWHOYHWUDQRFRQXQDXOWHULRUHULFKLHVWDGHOVLQGDFR(UUDQWHGLXQDTXDUWDGLULJHQ]DPHQWUHSHUODFLWWjGL3DUWDQQDqVWDWRULEDGLWRHFRQFRUGDWRLOULWRUQRDOODXWRQRPLDGHOO,VWLWXWRG,VWUX]LRQH6XSHULRUHDQWH$OLJKLHUL,OGHSXWDWRUHJLRQDOH*LRYDQQL/R6FLXWRqLQWHUYHQXWRSHUFRQGLYLGHUHLOUDJLRQDPHQWRVRVWHQXWRGDLVLQGDFLHGKDVRVWHQXWROHDVSHWWDWLYHGL(UUDQWHH&DWDQLDQHOOLQWHUHVVHGHOODFRPXQLWDVFRODVWLFDGHOWHUULWRULR/DFRPPLVVLRQHFKHROWUHDLFRPSRQHQWLKDUHJLVWUDWRODSUHVHQ]DGHOODGRWWRUHVVD2OLPSLD&DPSRFDSRGLJDELQHWWRGHOO$VVHVVRUH5HJLRQDOHDOO,VWUX]LRQHH)RUPD]LRQH3URIHVVLRQDOH1HOOL6FLODEUDKDDVVXQWROLPSHJQRTXLQGLGLULYHGHUHLOSUHGHWWRSLDQRHGDFFRJOLHUHOHOHJLWWLPHLVWDQ]HGHLGXHDPPLQLVWUDWRULDSSOLFDQGROHJLjQHOODLPPLQHQWHIDVHGLUD]LRQDOL]]D]LRQHHLQRJQLFDVRSHUODQQRVFRODVWLFR)LVL

0$==$55,O&RQVLJOLRGLJLXVWL]LDDPPLQLVWUDWLYDULEDOWDOHVHQWHQ]HGHO7DUFKHDQQXOODYDQRLGHFUHWLDXWRUL]]DWLYL

,O&JDODGLVFDULFDqOHJLWWLPD3HU7LUUHQR$PELHQWHVYDQLVFHLOULVFKLRGLFKLXVXUDGHOVLWRGLFRQWUDGD=XSSj

,JLXGLFLGHO&JDLO&RQVLJOLRGLJLXVWL]LDDPPLQLVWUDWLYDKDQQRULEDOWDWRDQQXOODQGROHOHGXHVHQWHQ]HGHO7DUFRQOHTXDOLLOGLFHPEUHGHOVXULFRUVRGLGXHGLVWLQWLJUXSSLGLUHVLGHQWLGHO&RPXQHGL)XUQDULHUDQRVWDWLDQQXOODWLLGXHGHFUHWLDXWRUL]]DWLYLHPHVVLGDOOD5HJLRQHVLFLOLDQDQHOPDJJLRGHOFRQLTXDOLVLFRQVHQWLYDDOODVRFLHWjPLVWD7LUUHQR$PELHQWHODPSOLDPHQWRGHOODGLVFDULFDGL0D]] DUUj 6DQW $QGUHDHODFRQWHVWXDOHUHDOL]]D]LRQHGHOOLPSLDQWRGLVHOH]LRQHHELRVWDELOL]]D]LRQHGHLULILXWLLQFRUVRGLUHDOL]]D]LRQHQHOODWWLJXDDUHDGLFRQWUDGD=XSSj/DGHFLVLRQHGHO&JDSURGXFHDGHVVRGXHHIIHWWLGLDPHWUDOPHQWHRSSRVWLSHUODVRFLHWj7LUUHQR$PELHQWHVYDQLVFHLOULVFKLRGHOODSDYHQWDWDFKLXVXUDGHOODGLVFDULFDGL0D]]DUUj6DQW$QGUHDGRYXWDDOOHGXHVHQWHQ]HGHO7DUFRQOHTXDOLGLIDWWRVLDQQXOODYDQRLGHFUHWLDXWRUL]]DWLYLFRQLTXDOLQHOHUDVWDWDFRQVHQWLWD OD UHDOL] ] D] LRQH GL XQ QXRYRPRGXORFDSDFHGLFRQWHQHUHULILXWLSHUROWUHPLOLRQHHPLODPHWULFXELPHQWUHSHUJOLDELWDQWL GL ) XUQDUL FHVVD OD VSHUDQ]D GLIHUPDUHXQDWWLYLWjGLVPDOWLPHQWRULWHQXWDQRFLYDSHUODSRSROD]LRQHDFDXVDGHOODYLFLQDQ] D GHOO DJJORPHUDWR XUEDQR DOOLPSLDQWRGLVPDOWLPHQWRLQFXLYHQJRQRFRQIHULWLLULILXWLGHLFRPXQLPHVVLQHVLHGLDOWUHQXPHURVLFHQWULVLFLOLDQL,QSDUROHVHPSOLFLGDOODOHWWXUDGHOOHGXHVHQWHQ]DGHSRVLWDWHLHULGDLJLXGLFLGHO&RQVLJOLRGLJLXVWL]LDDPPLQLVWUDWLYDDFXLVLHUDDSSHOODWDODVRFLHWj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j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

/HRQDUGR2UODQGR

)RQGLHXURSHLSHUYDORUL]]DUHLOPRQXPHQWRHLOPXVHRDOODSHUWRGLVFXOWXUHLQSLHWUDODYLFD

,O&DVWHOOR1HOVRQSRWUjHVVHUHLOOXPLQDWR

,O&RPXQHGL%URQWHKDUDJJLXQWRXQDOWURLPSRUWDQWHWUDJXDUGRLOGLVWUHWWR'7DRUPLQD(WQDGLFXLIDSDUWHUDSSUHVHQWDWRGDOGRWW6DOYDWRUH6SDUWj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qVHPSUHVWDWRXQQRVWURRELHWWLYR3HUPHWWHUj DL YLVLWDWRUL GL DPPLUDUQH ODEHOOH]]DHODPDHVWj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zQRQKDXQHIILFLHQWHLOOXPLQD]LRQHDUWLVWLFD8QDODFXQDFRQFOXGHFKHqDUULYDWRLOPRPHQWRGLFROPDUH,OSUREOHPDGHOOLOOXPLQD]LRQHGHO&DVWHOOR1HOVRQVLGLVFXWHGDWHPSR,EURQWHVLULFRUGDQRDQFRUDRJJLFRPHTXDOFKHDQQRIDLOFULWLFRGDUWH9LWWRULR6JDUELLQRFFDVLRQHGLXQDYLVLWDDEELDVRWWROLQHDWRLOSUREOHPD'$EELDPRFRQWLQXD)LUUDUHOORLQWHQ]LRQHGLLOOXPLQDUHDQFKHLOJLDUGLQRROWUHDOSDUFRGRYHVRQRFROORFDWHOHVFXOWXUHUHDOL]]DWHLQSLHWUDODYLFDHGHVHJXLWHVXOSRVWRQHOGDDUWLVWLSURYHQLHQWLGDGLYHUVHSDUWLGHOPRQGRLQRFFDVLRQHGLXQVLPSRVLRGDUWHFRQWHPSRUDQHDGLULFKLDPRLQWHUQD]LRQDOH7XWWRFLzFRQFOXGHULEDGHQGRQHOORWWLFDGLUHQGHUHOHQRVWUHRSHUHGDUWHPDJJLRUPHQWHIUXLELOLGDLYLVLWDWRULSHUIDUVLFKH%URQWHGLYHQWLUHDOPHQWHXQ&RPXQHWXULVWLFR6RGGLVIDWWRDQFKH6SDUWj',OSURJHWWRGLULTXDOLILFD]LRQHHYDORUL]]D]LRQHGHO&DVWHOOR1HOVRQIDSDUWHGLGHOSLDPSLRSURJHWWRGHQRPLQDWR,PXVHLGHOOLGHQWLWjVWRULFDHWQHDILQDQ]LDWRGDOOD5HJLRQH

VLFLOLDQDFRQIRQGLHXURSHLFKHPLUDDULVWUXWWXUDUHPXVHLDQFKHD5DQGD]]R0DOHWWRH/LQJXDJORVVD4XHVWLQRQVRQRJOLXQLFLILQDQ]LDPHQWLFKHLO&RPXQHGL%URQWHqULXVFLWRDGRWWHQHUHSHULO&DVWHOOR1HOVRQ,OGLSDUWLPHQWRGHOOH,QIUDVWUXWWXUHGHOOD5HJLRQHVLFLOLDQDKDDYYLDWROHSURFHGXUHSHUILQDQ]LDUHDO&RPXQHEHQPLOLRQLHPLODHXURSHUFRPSOHWDUQHLODYRULPHQWUHVRQRLQFRUVRLODYRULGLUHVWDXURGHOODODFKHVRYUDVWDLOSRUWLFRGLLQJUHVVRGRYHXQWHPSRROWUHDOOHFXFLQHVLWURYDYDDQFKHODSSDUWDPHQWRGHOFXVWRGHILQDQ]LDWLFRQPLODHXUR

6HUYL]LVRFLDOLVHQ]DVROGLVWRSLQDSULOH60GL/LFRGLD6HUYRQRPLODHXURSHUTXDWWURSURJHWWLVXVVLGLDVVLVWHQ]DHGLVSHUVLRQHVFRODVWLFDFHQWURDQ]LDQL

',VHUYL]LVRFLDOLGHO&RPXQHGL6DQWD0DULDGL/LFRGLDVRQRDULVFKLR,OJULGRGLVSHUDWRqGL)UDQFHVFR)XUQDULDVVHVVRUHDOOH3ROLWLFKHVRFLDOLGHOFHQWURHWQHRFKHQHJOLXOWLPLPHVLKDLQYLDWRGLYHUVHQRWHDOOD5HJLRQHSHUFKLHGHUHXQDLXWRXUJHQWHDQ]LXUJHQWLVVLPRVXOZHOIDUH , O &RPXQH LQIDWWL QRQq SL LQJUDGRGLPDQWHQHUHLOOLYHOORGLSURJUDPPD]LRQHHGLJHVWLRQHGHLVHUYL]LDOODSHUVRQD3HUFRPSUHQGHUHPHJOLROHGLIILFROWjILQDQ]LDUHGL3DOD]]RGLFLWWjELVRJQDULFRUGDUHFKHVLVWDQQRVXEHQGRDQFKHJOLHIIHWWLGHOODVWUHWWDHFRQRPLFDLPSRVWDGDOGLVVHVWRGLFKLDUDWRDSSHQDXQDQQRIDHODPDQFDQ]DGLXQELODQFLRDSSURYDWR FKHQRQSHUPHWWHGLPHWWHUH LQ FDPSR QXRYH ULVRUVH &XL VLVRPPDQRLPLQRULWUDVIHULPHQWLVWDWDOLHUHJLRQDOLSHULOVRFLDOH/DULVSRVWDDLWDJOLKDSRUWDWRJLj ODPPLQLVWUD]LRQHDSRUUHLQHVVHUHVWUDWHJLHGLFRQWHQLPHQWRDWWUDYHUVRLOULGLPHQVLRQDPHQWRRODVRVSHQVLRQHGLDOFXQLVHUYL]L0D OD SURVSHWWLYD FKH VL DSUH DGHVVR qGUDPPDWLFD6HQ]DIRQGLSXUWURSSRVLULVFKLDGLGRYHUIHUPDUHDILQHPDU]RRDOSLWDUGLDPHWjDSULOHSUHVWD]LRQLHVVHQ]LDOLFRPHODVVLVWHQ]DSVLFRSHGDJRJLFDDLPLQRULQHOOHVFXROHHLQWHUYHQWLFRQWURODGLVSHUVLRQHVFRODVWLFD,VHUYL]LILQRDRJJLVRQRVRSUDYYLVVXWLXQLFDPHQWHJUD]LHDLUHVLGXLDFFXPXODWLGDOSLDQRGL]RQDLQWHJUDWRSUHYLVWRGDOODOHJJH0DGDDGHVVRFKHLOSLDQRSHULOWULHQQLRGHYHDQFRUDSDUWLUHOHFDVVHVRQRULPDVWHYXRWH(TXHVWRUHQGHUjLPSRVVLELOHULVSRQGHUHFRQHIILFDFLDDLELVRJQLGHLFLWWDGLQLGHOOHIDVFHGHEROL$QFRUDXQDYROWDDSDJDUQHOHVSHVHVDUHEEHFKLQRQIDUXPRUHHDQGUHEEHVRVWHQXWRGLSLLQTXHVWRGLIILFLOHPRPHQWRGLFULVL/DVLWXD]LRQHHPHUJHQ]LDOHqVWDWDHVSRVWDDOODVVHVVRUHUHJLRQDOHDOODIDPLJOLD(VWHU%RQDIHGHHDO3UHVLGHQWH5RVDULR&URFHWWDFKLHGHQGRXQFRQWULEXWRHFRQRPLFRVWUDRUGLQDULR'%DVWHUHEEHURPLODHXURVRWWROLQHDODVV)XUQDULSHUJDUDQWLUHTXDWWURILORQLDVVLVWHQ]LDOLHVVHQ]LDOL5HVWLDPRLQDWWHVDGLXQDULVSRVWD&RQTXHVWDSLFFRODVRPPDVLULXVFLUHEEHURDFRSULUHTXDWWURSURJHWWL1HOORVSHFLILFRLOUHJRODPHQWRFLYLFRFKHSUHYHGHVXVVLGLLQFDPELRGLSUHVWD]LRQLODYRUDWLYHODVVLVWHQ]DSVLFRSHGDJRJLFDQHOOHVFXROHLOFRQWUDVWRDOOHYDVLRQHVFRODVWLFDHLOPDQWHQLPHQWRGHOFHQWURDQ]LDQLHGLVDELOL

6$15$0$==$*/,$

2$VX

$XWRFHUWLILFD]LRQHVXOUHGGLWRQRQSLDFHDLODYRUDWRUL

&qJUDQGHSUHRFFXSD]LRQHWUDLODYRUDWRUL$VXSHUODULFKLHVWDGHOODVVHVVRUDWRUHJLRQDOHDO/DYRURGLXQDXWRFHUWLILFD]LRQHVXOUHGGLWRSHUVRQDOHHIDPLOLDUH/DWWRLVSHWWLYRSHUL3LSGL3DOHUPRqVWDWRDOODUJDWRDQFKHDOODSODWHDGHJOL$VXHFLVLRQHDWWDFFDWDGDOGHSXWDWRUHJLRQDOH0DULR$OORUR3GFKHLQYHFHVRVWLHQH(LQGLVSHQVDELOHFKHODGLUHWWLYDFKHYDOXWDLOUHGGLWRIDPLOLDUHLQYHFHGLTXHOORSHUVRQDOHYHQJD LPPHGLDWDPHQWH ULWLUDWD 6H WDOHGLVSRVL]LRQHQRQVXSSRUWDWDGDDOFXQDOHJJHUHVWDVVH L Q YLJ RUH J UDQ SDUWH GL TXHVWL O D Y R U D W R U L S H U G H U H E E H U R L O G L U L W W R G LS H U P D QHQ ] D Q H OO H OHQF R G H J OL $ V X L QFRQWURWHQGHQ]DDOODQRUPDWLYDUHJLRQDOHFKHDYHYDDYYLDWRXQSHUFRUVRGLVWDELOL]]D]LRQH30

2**,$6$1&$7$/2

,QFRQWURDOOR'-XYDUDFRQ/DULH0XVXPHFL

6$1&$7$/26WDPDWWLQDDOOHRUHQHOODXGLWRULXP0RQV&DWDOGR1DURGHOO,VWLWXWR0DQ]RQL-XYDUDVHGHGL6DQ&DWDOGR/LFHR$UWLVWLFRVLVYROJHUjXQLQFRQWURVXOWHPD0DILDH/HJDOLWj,QWHUYHUUDQQRGXHDXWRUHYROLHVSRQHQWLLOSULPRUDSSUHVHQWDQWHGHOODJLXVWL]LDLOGU 6 H U J L R / D U L 3 U R F X U D W R U H & D S R G H O O D5HSXEEOLFDODOWURHVSRQHQWHGHOPRQGRGHOODSROLWLFD O RQ 1 HOOR 0XVXPHFL DWWXDOH3UHVLGHQWHGHOOD&RPPLVVLRQH5HJLRQDOH$QWLPDILD '/LQFRQWURGLFHODGLULJHQWHVFRODVWLFD*LXVHSSLQD0DQQLQRqGHVWLQDWRDJOLDOXQQLGHOWULHQQLRHVLLQVHULVFHQHOTXDGURGHOOHLQL]LDWLYHSRUWDWHDYDQWLGDOOD6FXRODVXOWHPDGHOOD/ HJDOLWj HGHOODI RUPD]LRQHGLXQDFRVFLHQ]DFLYLFD/DOHJDOLWjFRPHULIHULPHQWRDGXQEHQHFRPSOHVVLYRGHOODVRFLHWjEHQHGLWXWWLHGLFLDVFXQRVXSHULRUHDTXDOVLDVLLQWHUHVVHGLSDUWHIRQGDPHQWRGLXQPRGRGLYLYHUHGHPRFUDWLFRHGLOLEHUWjVRVWDQ]LDOHJDUDQ]LDFRQWURLOULVFKLRFKHSUHYDOJDQRO H J R L V P R O D U E L W U L R O D Y L R O H Q ] D O RVIUXWWDPHQWR/DOHJDOLWjFRPHFXOWXUDHDOORUDODYRULDPRLQVLHPHVFXRODFRPHFRPXQLWjHGXFDQWHIDPLJOLDVRFLHWj LQXQXQLFDGLUH]LRQHHGXFDUHLVWUXLUHIRUPDUHDWWUDYHUVRHVHPSLFRPSRUWDPHQWLHQRQGLVFRUVLSXUDPHQWHWHRULFLFRQFOXGHODGLULJHQWHVFRODVWLFDGHOO,VWLWXWR'0DQ]RQL-XYDUD

'0DQ]RQL-XYDUD

,QFRQWURVWDPDWWLQDVXPDILDHOHJDOLWjFRQ/DULH0XVXPHFL

4XHVWDPDWWLQDDOOHDOOLQWHUQRGHOODXGLWRULXPGHOOLVWLWXWR0DQ]RQL-XYDUDGL6DQ&DWDOGRVLVYROJHUjXQLQFRQWURVXOWHPD0DILDH/HJDOLWj,QWHUYHUUDQQR6HUJLR/DUL3URFXUDWRUH &DSR GHOOD 5HSXEEOLFD H ORQRUHYROH1HOOR0XVXPHFLSUHVLGHQWHGHOODFRPPLVVLRQHUHJLRQDOHDQWLPDILD5,&,

7(55(027,,O*LSFRQYDOLGDODULFKLHVWDGLFDUFHUD]LRQHSHULOGHSXWDWRHOHDGHUGHO3GGL0HVVLQD

)RUPD]LRQHORUDGL*HQRYHVH/DSDOODSDVVDDGHVVRDOOD&DPHUD1HOOHTXDVLSDJLQHGHOORUGLQDQ]DXQVLVWHPDIDPLOLDUHGLVRFLHWjFROOHJDWHDIILWWLQROHJJLDVVXQ]LRQLHFRQVXOHQ]H7XWWRDVSHVHGHOOD5HJLRQH0DDQFKHGHOOD7RXULVW

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jGLQGDJLQHULJXDUGDFRPSOHVVLYDPHQWHSHUVRQHVRWWRLQGDJLQHDYDULRWLWRORSHUXQWRWDOHGLEHQFDSLGLPSXWD]LRQH,QGDJDWLQHOODPELWRGHOOLQFKLHVWDVRQRODFRQVRUHGLJHQRYHVH&KLDUD6FKLUz)UDQFR5LQDOGLGHSXWDWRDOO$UVHFRJQDWRGL*HQRYHVHODPRJOLH(OHQD6FKLUzODFRJQDWD*LRYDQQD6FKLUzLFRQLXJL1DWDOH/R3UHVWLH*LXVHSSLQD3R]]LLIUDWHOOL1DWDOHH0HOLQR&DSRQHOH[WHVRULHUDGHO3G&RQFHWWD&DQQDYz/LOLDQD,PEHVLLOFRVWUXWWRUH2UD]LRH*UHJRULR)UDQFHVFR%XGD5REHUWR/D)DXFL6DOYDWRUH1DWROL$QWRQLRL/RUHQ]R3DROD3LUDLQR)UDQFHVFR&DPEULD/LOLDQD&KLDLD(OLR6DXWDH*UD]LHOOD)HOLFLRWWR1HOPLULQROHDWWLYLWjDGHOLQTXHUHGLFXLVHFRQGROD3URFXUDHLO*LSLOGHSXWDWRQD]LRQDOHGHO3GVRVSHVRVLGDOOHFDULFKHVDUHEEHFDSRHSURPRWRUHDWWUDYHUVRXQDDVVRFLD]LRQHILQDOL]]DWDDOODFRPPLVVLRQHGLXQDVHULHLQGHWHUPLQDWDGHLUHDWLGLSHFXODWRWUXIIDDJJUDYDWDULFLFODJJLRIDOVRLQELODQFLRUHDWLILQDQ]LDULHFRQWURODSXEEOLFDDPPLQLVWUD]LRQHLQFRQFRUVRFRQSXEEOLFLXIILFLDOLJUD]LHDOOHDWWLYLWjGHJOLHQWLGLIRUPD]LRQHSURIHVVLRQDOH$UDP/XPHQ(62)237UDLQLQJ6HUYLFH/&/HDUQLQJ&RQVXOWLQJ&HVDP$SLQGLVWULD(FDS,DO(QIDS5HWLGLUHWWDPHQWHRLQGLUHWWDPHQWHULFRQGXFLELOLHGHOOHVRFLHWj&DOHVHUYLFHVUO&HQWUR6HUYL]LVUO6LFLOLD6HUYLFHVUO(OIL,PPRELOLDUHVUO7ULQDFULDVUO1DSL6HUYLFHVUO3(5&256,3$5$//(/,$OFXQLHQWLHUDQRJLj

QHOORUELWDGL*HQRYHVHDOWULIXURQRDFTXLVLWLGRSRXQGHWHUPLQDWRSDVVDJJLRSROLWLFROLQJUHVVRQHOODJLXQWDUHJLRQDOHGHO3GFRQXQDFHQDRUJDQL]]DWDSURSULRDFDVDGHOOHDGHUPHVVLQHVHLQFXLVLVDQFuOLQJUHVVRDOOD)RUPD]LRQHGL0DULR&HQWRUULQRLQEDUEDDOODPR]LRQHGHOVHJUHWDULRUHJLRQDOHHOHWWRHVRVWHQXWRGD*HQRYHVH*LXVHSSH/XSRFKHHUDFRQWUDULDDGDSHUWXUHGLFUHGLWRDOSUHVLGHQWH5DIIDHOH/RPEDUGRDTXHOPRPHQWRLOQXRYRDVVHVVRUHHLOVXRVWDIIGRYHHQWUD6DOYDWRUH/DPDFFKLDVLPHWWRQRDODYRURSHUXQDULIRUPDFKHPHWWHLQFULVLDOFXQLVWRULFLFRORVVLDWWUDYHUVROLVWLWX]LXRQHGHOSDUDPHWURXQLFRSHUOHRUHHDSUHQGROHSRUWHDHQWLFKHSULPDQRQSRWHYDQRDFFHGHUHDLIRQGLSHUOD)RUPD]LRQH(GqFRVuFKHSDVVDQRGLPDQR,DO&LVOH(QIDSHYHQJRQRDFTXLVWDWHWDQWHVWUXWWXUHSLSLFFROHPDXWLOL6&$0%,$02*/,$//,(9,"*UD]LHDGDOFXQHLQWHUFHWWD]LRQLGHOOD3URFXUDGLSDWWLLO*LSGHVFULYHODSUDWLFDGHOFRPPHUFLRGHLFRUVLVWLIRQGDPHQWDOLSHULILQDQ]LDPHQWLDOOHLQWHUFHWWD]LRQLHPHUJHFRPHLFRUVLVWLYHQLVVHURVFDPELDWLDSDFFKHWWLFRPHYRWLGLXQDFDPSDJQDHOHWWRUDOHLQTXLQDWD,QFDPELRVLHUDGLVSRVWLDFRUULVSRQGHUHXQDTXRWDGHLILQDQ]LDPHQWLULFHYXWL(VHPSODUHDGHVHPSLRODWUDWWDWLYDULIHULWDGD0DVVLPLOLDQR/DPDFFKLDDOODPRJOLHFRQ(OHQD6FKLUzHWDOH*LDUUL]]RGLSHQGHQWHGHO&RQVRU]LR1RqGL3DWWLTXHVWLDYUHEEHYHQGXWRDSSUHQGLVWLDOJUXSSRIDFHQWHFDSRDOOD6FKLUzLQFDPELRGLXQDTXRWDGHLILQDQ]LDPHQWL$GGLULWWXUDDYHYDFKLHVWRLOPDWXWWRVLFKLXVHFRQXQVXJOLLPSRUWLILQDQ]LDWL$6681=,21,)$.(,QVLHPHDLILQDQ]LDPHQWLFKHDYHYDRWWHQXWRODFTXLVWRGHOO(QIDSSRUWzFRQVpDQFKHODSRVVLELOLWjGLDVVXPHUHGLSHQGHQWLFKHSRLQRQVLUHFDYDQRDODYRUR7XWWLGHOOHQWRXUDJHGL*HQRYHVH0DFRPHqQRWRLQIDPLJOLDSRVVRQRQDVFHUHGHOXVLRQLHUDEELH&RPHTXHOODGLRPHQLFR)D]LRFKHLQSDVVDWRVLHUDVSHVRLQSHUVRQDFRQ2UD]LR/D*DQJDIXQ]LRQDULRGHOOD5HJLRQHVROOHFLWDQGRODOLTXLGD]LRQHGLSURJHWWL176RIWH$SLQGXVWULDULSDJDWRFRQDSSHQDHXURDOPHVH8QDIIURQWRFKHORSRUWDDGLUHD3LHUR3RJXLVK4XDVLTXDVLYDGRYHUDPHQWHDODYRUDUHDOORVSRUWHOOR&$/(6(59,&(,O*LSODGHILQLVFHXQDFDUWLHUD,QFKHVHQVR"/DVRFLHWjGLIDPLJOLDFKHHPHWWHYDIDWWXUHSHULVHUYL]LUHVLGD*HQRYHVHQRQDYHYDDOFXQDVWUXWWXUDRRUJDQL]]D]LRQHLGRQHDDGHURJDUHLVHUYL]LLQGLFDWLQHOOHIDWWXUHQHqVWDWRULVFRQWUDWRDOFXQVHUYL]LRFRQFUHWDPHQWHSDJDWR7XWWLLPRYLPHQWLGLGHQDURDYHYDQRFRPHEDVHODVRFLHWj/(&2168/(1=(DDYYRFDWRLOGHSXWDWRJXDGDJQDYDFRVSLFXHVRPPHGLGHQDURDQFKHGDVRFLHWjQRQDSSDUWHQHQWLDOOD)RUPD]LRQHLOFDVRGL7RXULVW)HUU\%RDWH&DURQWH7RXULVWVSDGLFXLqFRPSURSULHWDULR&RVuOHIDWWXUHULJXDUGDQWLODSULPDHXURQHOQHOQHOQHOQHOQHOHDOWUHWWDQWLQHO&RVuLQYHFH&DURQWH7RXULVWQHOQHOQHOHODQQRVHJXHQWH3UHVWD]LRQLDQFKHSHUXQDOWUDSURSULHWjQDYDOHOD1JLPDDQFKHGDO&RQVRU]LR$XWRVWUDGH6LFLOLDQH(SSXUHVFULYHLO*LSVHFRQGRTXDQWRULIHULWRGDOQRWDLR3DULVLFKHSXUDYUHEEHURJDWRXQQRWHYROHQXPHURGLFRQWUDWWLDYHQWLFRPHSDUWLLO*HQRYHVHROHVRFLHWjDGHVVRULIHULELOLTXHVWLQRQVYROJHUHEEHVRVWDQ]LDOPHQWHDWWLYLWjGLDYYRFDWRRGLSURIHVVLRQLVWDQpDYUHEEHPDLVYROWRDWWLYLWjGLFRQVXOHQ]DQHLFRQIURQWLGHOOHVRFLHWjDOPHGHVLPRULFRQGXFLELOL675$7(*,(((&&(66,$VSLQJHUHJOLLQTXLUHQWLXQDFLUFRVWDQ]DLOVLVWHPD*HQRYHVHQRQVLOLPLWDYDVRORDIDUHLPSUHVDFRQLVROGLSXEEOLFLDWWUDYHUVRLTXDOLSRWHYDJHVWLUHXQEHOSRGLDVVXQ]LRQLPDDQGDYDROWUHFRPHGLPRVWUDQRLFRUVLVWLDSDFFKHWWRLQROHJJLHJOLDIILWWLLQFURFLDWLWUDOHGLYHUVHVRFLHWjWXWWHLPSDUHQWDWHWUDORURHOHFRQVXOHQ]H&LzFKHVLHODERUDYDD0HVVLQDYHQLYDFHUWRVLQDPHQWHVHJXLWRD3DOHUPRDOOLQWHUQRGHOODPPLQLVWUD]LRQHGRYHVLSRWHYDDQFKHDYHUSHVRVXVFHOWHQRQQHFHVVDULDPHQWHOXFUDWLYHDGHVHPSLROHVHGLVFRODVWLFKHHOHGLULJHQ]HULFRQGXFLELOLHGHOOHVRFLHWj&DOHVHUYLFHVUO&HQWUR6HUYL]LVUO6LFLOLD6HUYLFHVUO(OIL,PPRELOLDUHVUO7ULQDFULDVUO1DSL6HUYLFHVUO3(5&256,3$5$//(/,$OFXQLHQWLHUDQRJLjQHOORUELWDGL*HQRYHVHDOWULIXURQRDFTXLVLWLGRSRXQGHWHUPLQDWRSDVVDJJLRSROLWLFROLQJUHVVRQHOODJLXQWDUHJLRQDOHGHO3GFRQXQDFHQDRUJDQL]]DWDSURSULRDFDVDGHOOHDGHUPHVVLQHVHLQFXLVLVDQFuOLQJUHVVRDOOD)RUPD]LRQHGL0DULR&HQWRUULQRLQEDUEDDOODPR]LRQHGHOVHJUHWDULRUHJLRQDOHHOHWWRHVRVWHQXWRGD*HQRYHVH*LXVHSSH/XSRFKHHUDFRQWUDULDDGDSHUWXUHGLFUHGLWRDOSUHVLGHQWH5DIIDHOH/RPEDUGRDTXHOPRPHQWRLOQXRYRDVVHVVRUHHLOVXRVWDIIGRYHHQWUD6DOYDWRUH/DPDFFKLDVLPHWWRQRDODYRURSHUXQDULIRUPDFKHPHWWHLQFULVLDOFXQLVWRULFLFRORVVLDWWUDYHUVROLVWLWX]LXRQHGHO

SDUDPHWURXQLFRSHUOHRUHHDSUHQGROHSRUWHDHQWLFKHSULPDQRQSRWHYDQRDFFHGHUHDLIRQGLSHUOD)RUPD]LRQH(GqFRVuFKHSDVVDQRGLPDQR,DO&LVOH(QIDSHYHQJRQRDFTXLVWDWHWDQWHVWUXWWXUHSLSLFFROHPDXWLOL6&$0%,$02*/,$//,(9,"*UD]LHDGDOFXQHLQWHUFHWWD]LRQLGHOOD3URFXUDGLSDWWLLO*LSGHVFULYHODSUDWLFDGHOFRPPHUFLRGHLFRUVLVWLIRQGDPHQWDOLSHULILQDQ]LDPHQWLDOOHLQWHUFHWWD]LRQLHPHUJHFRPHLFRUVLVWLYHQLVVHURVFDPELDWLDSDFFKHWWLFRPHYRWLGLXQDFDPSDJQDHOHWWRUDOHLQTXLQDWD,QFDPELRVLHUDGLVSRVWLDFRUULVSRQGHUHXQDTXRWDGHLILQDQ]LDPHQWLULFHYXWL(VHPSODUHDGHVHPSLRODWUDWWDWLYDULIHULWDGD0DVVLPLOLDQR/DPDFFKLDDOODPRJOLHFRQ(OHQD6FKLUzHWDOH*LDUUL]]RGLSHQGHQWHGHO&RQVRU]LR1RqGL3DWWLTXHVWLDYUHEEHYHQGXWRDSSUHQGLVWLDOJUXSSRIDFHQWHFDSRDOOD6FKLUzLQFDPELRGLXQDTXRWDGHLILQDQ]LDPHQWL$GGLULWWXUDDYHYDFKLHVWRLOPDWXWWRVLFKLXVHFRQXQVXJOLLPSRUWLILQDQ]LDWL$6681=,21,)$.(,QVLHPHDLILQDQ]LDPHQWLFKHDYHYDRWWHQXWRODFTXLVWRGHOO(QIDSSRUWzFRQVpDQFKHODSRVVLELOLWjGLDVVXPHUHGLSHQGHQWLFKHSRLQRQVLUHFDYDQRDODYRUR7XWWLGHOOHQWRXUDJHGL*HQRYHVH0DFRPHqQRWRLQIDPLJOLDSRVVRQRQDVFHUHGHOXVLRQLHUDEELH&RPHTXHOODGLRPHQLFR)D]LRFKHLQSDVVDWRVLHUDVSHVRLQSHUVRQDFRQ2UD]LR/D*DQJDIXQ]LRQDULRGHOOD5HJLRQHVROOHFLWDQGRODOLTXLGD]LRQHGLSURJHWWL176RIWH$SLQGXVWULDULSDJDWRFRQDSSHQDHXURDOPHVH8QDIIURQWRFKHORSRUWDDGLUHD3LHUR3RJXLVK4XDVLTXDVLYDGRYHUDPHQWHDODYRUDUHDOORVSRUWHOOR&$/(6(59,&(,O*LSODGHILQLVFHXQDFDUWLHUD,QFKHVHQVR"/DVRFLHWjGLIDPLJOLDFKHHPHWWHYDIDWWXUHSHULVHUYL]LUHVLGD*HQRYHVHQRQDYHYDDOFXQDVWUXWWXUDRRUJDQL]]D]LRQHLGRQHDDGHURJDUHLVHUYL]LLQGLFDWLQHOOHIDWWXUHQHqVWDWRULVFRQWUDWRDOFXQVHUYL]LRFRQFUHWDPHQWHSDJDWR7XWWLLPRYLPHQWLGLGHQDURDYHYDQRFRPHEDVHODVRFLHWj/(&2168/(1=(DDYYRFDWRLOGHSXWDWRJXDGDJQDYDFRVSLFXHVRPPHGLGHQDURDQFKHGDVRFLHWjQRQDSSDUWHQHQWLDOOD)RUPD]LRQHLOFDVRGL7RXULVW)HUU\%RDWH&DURQWH7RXULVWVSDGLFXLqFRPSURSULHWDULR&RVuOHIDWWXUHULJXDUGDQWLODSULPDHXURQHOQHOQHOQHOQHOQHOHDOWUHWWDQWLQHO&RVuLQYHFH&DURQWH7RXULVWQHOQHOQHOHODQQRVHJXHQWH3UHVWD]LRQLDQFKHSHUXQDOWUDSURSULHWjQDYDOHOD1JLPDDQFKHGDO&RQVRU]LR$XWRVWUDGH6LFLOLDQH(SSXUHVFULYHLO*LSVHFRQGRTXDQWRULIHULWRGDOQRWDLR3DULVLFKHSXUDYUHEEHURJDWRXQQRWHYROHQXPHURGLFRQWUDWWLDYHQWLFRPHSDUWLLO*HQRYHVHROHVRFLHWjDGHVVRULIHULELOLTXHVWLQRQVYROJHUHEEHVRVWDQ]LDOPHQWHDWWLYLWjGLDYYRFDWRRGLSURIHVVLRQLVWDQpDYUHEEHPDLVYROWRDWWLYLWjGLFRQVXOHQ]DQHLFRQIURQWLGHOOHVRFLHWjDOPHGHVLPRULFRQGXFLELOL675$7(*,(((&&(66,$VSLQJHUHJOLLQTXLUHQWLXQDFLUFRVWDQ]DLOVLVWHPD*HQRYHVHQRQVLOLPLWDYDVRORDIDUHLPSUHVDFRQLVROGLSXEEOLFLDWWUDYHUVRLTXDOLSRWHYDJHVWLUHXQEHOSRGLDVVXQ]LRQLPDDQGDYDROWUHFRPHGLPRVWUDQRLFRUVLVWLDSDFFKHWWRLQROHJJLHJOLDIILWWLLQFURFLDWLWUDOHGLYHUVHVRFLHWjWXWWHLPSDUHQWDWHWUDORURHOHFRQVXOHQ]H&LzFKHVLHODERUDYDD0HVVLQDYHQLYDFHUWRVLQDPHQWHVHJXLWRD3DOHUPRDOOLQWHUQRGHOODPPLQLVWUD]LRQHGRYHVLSRWHYDDQFKHDYHUSHVRVXVFHOWHQRQQHFHVVDULDPHQWHOXFUDWLYHDGHVHPSLROHVHGLVFRODVWLFKHHOHGLULJHQ]H

$1,(/((-2$1121

0(66,1$RSRODULFKLHVWDGDUUHVWRGHOSDUODPHQWDUHGHO3G)UDQFDQWRQLR*HQRYHVHHPHUJRQRDOWULSDUWLFRODULVXOVLVWHPDSHUGUHQDUHGHQDURSXEEOLFR

)RUPD]LRQHLQXRYLUHWURVFHQDGHOOLQFKLHVWD*OLLQWHUURJDWRULGHLTXDWWURLQGDJDWLDJOLDUUHVWLGRPLFLOLDULILVVDWLSHUPDUWHGuSURVVLPR

&HUDXQ'DQRPDORHYRUWLFRVRJLURGLIDWWXUHFKHKDLQWHUHVVDWR*HQRYHVH)UDQFDQWRQLRHOHVRFLHWjFKHDOPHGHVLPRIDQQRSUHVVRFKpXQLYRFRULIHULPHQWR('SXz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

Rassegna Stampa 21 03 2014

Documents

Transcript of Rassegna Stampa 21 03 2014