/XWKHU%OLVVHWW 4
$0DUFR0RUUL
3URORJR
,9 )XRULGDOO (XURSD
6XOOD SULPD SDJLQD q VFULWWR 1HOO DIIUHV...
49 downloads
867 Views
3MB Size
Report
This content was uploaded by our users and we assume good faith they have the permission to share this book. If you own the copyright to this book and it is wrongfully on our website, we offer a simple DMCA procedure to remove your content from our site. Start by pressing the button below!
Report copyright / DMCA form
/XWKHU%OLVVHWW 4
$0DUFR0RUUL
3URORJR
,9 )XRULGDOO (XURSD
6XOOD SULPD SDJLQD q VFULWWR 1HOO DIIUHVFR VRQR XQD GHOOH ILJXUH GLVIRQGR /DJUDILDPHWLFRORVDVHQ]DVEDYDWXUHPLQXWD1RPLOXRJKLGD WHULIOHVVLRQL,OWDFFXLQRGHJOLXOWLPLJLRUQLFRQYXOVL /HOHWWHUHLQJLDOOLWHHGHFUHSLWHSROYHUHGLGHFHQQLWUDVFRUVL /DPRQHWDGHOUHJQRGHLIROOLGRQGRODVXOSHWWRDULFRUGDUPLO H WHUQD RVFLOOD]LRQHGHOOHIRUWXQHXPDQH ,OOLEURIRUVHO XQLFDFRSLDVFDPSDWDQRQqSL~VWDWRDSHUWR , QRPL VRQR QRPL GL PRUWL , PLHL H TXHOOL GL FRORUR FKHKDQQR SHUFRUVRLWRUWXRVLVHQWLHUL *OLDQQLFKHDEELDPRYLVVXWRKDQQRVHSSHOOLWRSHUVHPSUHO LQQR FHQ]DGHOPRQGR 9LKRSURPHVVRGLQRQGLPHQWLFDUH 9LKRSRUWDWLLQVDOYRQHOODPHPRULD 9RJOLRWHQHUHWXWWRVWUHWWRILQGDOSULQFLSLRLGHWWDJOLLOFDVRLO IOXLUH GHJOL HYHQWL 3ULPD FKH OD GLVWDQ]D RIIXVFKL OR VJXDUGR FKHVL YROJHLQGLHWURDWWXWHQGRLOIUDVWXRQRGHOOHYRFLGHOOHDUPLGHJOLH VHUFLWLLOULVROHJULGD(SSXUHVRORODGLVWDQ]DFRQVHQWHGLULVDOLUHD XQSUREDELOHLQL]LR $OEHUWR GL +RKHQ]ROOHUQ GLYHQWD DUFLYHVFRYR GL 0DJGH EXUJR$YHQWLWUHDQQL$OWURRURQHOOHFDVVHGHO3DSDFRPSUDDQFKH LOYHVFRYDGRGL+DOEHUWVWDGW 0DJRQ]D,OSL~YDVWRSULQFLSDWRHFFOHVLDVWLFRGL*HUPDQLD DWWHQGHODQRPLQDGLXQQXRYRYHVFRYR6HRWWLHQHODQRPLQD$OEHU WRPHWWHOHPDQLVXXQWHU]RGHOO LQWHURWHUULWRULRWHGHVFR )D OD VXD RIIHUWD GXFDWL SHU O DUFLYHVFRYDGR SL~ SHUODGLVSHQVDSDSDOHFKHJOLSHUPHWWDGLWHQHUHWXWWHOHFDULFKH / DIIDUHYLHQHWUDWWDWRDWWUDYHUVRODEDQFD)XJJHUGL$XJXVWDFKH DQWLFLSD OD VRPPD $ RSHUD]LRQH FRQFOXVD $OEHUWR GHYH DL )XJJHU GXFDWL 6RQR L EDQFKLHUL D LQGLFDUH OH PRGDOLWj GL SDJDPHQWR $OEHUWR
9 GHYHSURPXRYHUHQHOOHVXHWHUUHODSUHGLFD]LRQHGHOOHLQGXOJHQ]HGL 3DSD /HRQH ; , IHGHOL YHUVHUDQQR XQ FRQWULEXWR SHU OD FRVWUX]LRQH GHOOD EDVLOLFD GL 6DQ 3LHWUR LQ FDPELR RWWHUUDQQR XQ FHUWLILFDWR LO 3DSDOLDVVROYHGDLSHFFDWL 6RORPHWjGHOO LQFDVVRILQDQ]LHUjLFDQWLHULGL5RPD$OEHUWRXVH UjLOUHVWRSHUSDJDUHL)XJJHU / LQFDULFR q DIILGDWR D -RKDQQ 7HW]HO LO SL~ HVSHUWR SUHGLFDWRUH VXOODSLD]]D 7HW]HOEDWWHLYLOODJJLSHUWXWWDO HVWDWHGHO 6LIHUPDDOFRQILQH FRQ OD 7XULQJLD FKH DSSDUWLHQH D )HGHULFR LO 6DYLR GXFD GL 6DVVR QLD1RQSXzPHWWHUYLSLHGH )HGHULFR ULVFXRWH LQ SURSULR OH LQGXOJHQ]H DWWUDYHUVR OD YHQGLWD GHOOHUHOLTXLH1RQWROOHUDFRQFRUUHQWLQHLVXRLWHUULWRUL0D7HW]HOq XQ ILJOLR GL SXWWDQD VD FKH L VXGGLWL GL )HGHULFR IDUDQQR YROHQWLHUL SRFKHPLJOLDROWUHIURQWLHUD8QQXOODRVWDSHULOSDUDGLVRYDOHLOWUD JLWWR / DQGLULYLHQLGLDQLPHLQFHUFDGLUDVVLFXUD]LRQHLQGLJQDDPRUWH XQ JLRYDQH IUDWH DJRVWLQLDQR GRWWRUH DOO XQLYHUVLWj GL :LWWHQEHUJ 1RQ SXz WROOHUDUH O RVFHQR PHUFDWR PHVVR LQ SLHGL GD 7HW]HO FRQ VWHPPDHEROODSDSDOHLQEHOODYLVWD RWWREUH LO IUDWH DIILJJH DOOD SRUWD VHWWHQWULRQDOH GHOOD FKLHVD GL :LWWHQEHUJ QRYDQWDFLQTXH WHVL FRQWUR LO WUDIILFR GHOOH LQ GXOJHQ]HVFULWWHGLVXRSXJQR 6LFKLDPD0DUWLQ/XWHUR&RQTXHOJHVWRKDLQL]LROD5LIRUPD 8Q SXQWR G RULJLQH 0HPRULH FKH ULFRPSRQJRQR L IUDPPHQWL GL XQ HSRFD/DPLD(TXHOODGHOPLRQHPLFR4
9, / RFFKLRGL&DUDID
9,,
/HWWHUD LQYLDWD D 5RPD GDOOD FLWWj VDVVRQH GL :LWWHQEHUJ LQGL UL]]DWD D *LDQSLHWUR &DUDID PHPEUR GHOOD FRQVXOWD WHRORJLFD GL 6XD6DQWLWj/HRQH;GDWDWDPDJJLR
$OO LOOXVWULVVLPRHUHYHUHQGLVVLPRVLJQRUHHSDGURQHRVVHUYDQGLV VLPR *LRYDQQL 3LHWUR &DUDID SUHVVR OD FRQVXOWD WHRORJLFD GL 6XD 6DQWLWj/HRQH;LQ5RPD
,OOXVWULVVLPR H UHYHUHQGLVVLPR VLJQRUH H SDGURQH PLR RVVHUYDQ GLVVLPR LOVHUYLWRUHSL~ILGDWRGL9RVWUD6LJQRULDVLDFFLQJHDGDUHFRQWR GLTXDQWRDFFDGHLQTXHVWDVSHUGXWDODQGDFKHGDXQDQQRDTXHVWD SDUWHVHPEUDHVVHUGLYHQXWDLOIRFRODLRG RJQLGLDWULED 'DTXDQGRRWWRPHVLIDLOPRQDFRDJRVWLQLDQR0DUWLQ/XWHURKD DIILVVR OH VXH IDPLJHUDWH WHVL DO SRUWDOH GHOOD &DWWHGUDOH LO QRPH GL :LWWHQEHUJKDYLDJJLDWRLQOXQJRHLQODUJRVXOODERFFDGLWXWWL*LR YDQL VWXGHQWL GDJOL VWDWL OLPLWURIL DIIOXLVFRQR LQ TXHVWD FLWWj SHU DVFROWDUHGDOODYLYDYRFHGHOSUHGLFDWRUHTXHOOHLQFUHGLELOLWHRULH ,Q SDUWLFRODUH OD SUHGLFD]LRQH FRQWUR OD FRPSUDYHQGLWD GHOOH LQ GXOJHQ]HVHPEUDULVFXRWHUHLOSL~JUDQGHVXFFHVVRSUHVVROHJLRYDQL PHQWL DSHUWH DOOD QRYLWj &Lz FKH ILQR D LHUL HUD SUDWLFD FRPXQH H LQGLVFXVVDLOULFHYHUHODUHPLVVLRQHGHLSHFFDWLLQFDPELRGLXQDSLD GRQD]LRQHDOOD&KLHVDRJJLVHPEUDHVVHUFULWLFDWDGDWXWWLFRPHIRV VHXQRVFDQGDORLQQRPLQDELOH 8QD WDOH H WDQWR LPPHGLDWD IDPDKDUHVR/XWHURWURQILRHWUDFR WDQWHHJOLVLVHQWHTXDVLLQYHVWLWRGLXQFRPSLWRXOWUDWHUUHQRHFLzOR VSLQJHDGD]]DUGDUHDQFRUDGLSL~DVSLQJHUVLROWUH (LQIDWWLLHULFRPHRJQLGRPHQLFDSUHGLFDQGRGDOSXOSLWRVXOO H YDQJHOLR GHO JLRUQR VL WUDWWDYD GHO WHVWR GL *LRYDQQL ©9LH VSHOOHUDQQRGDOOHVLQDJRJKHª KDDVVRFLDWRDOOR©VFDQGDORªGHOPHU FDWRGHOOHLQGXOJHQ]HXQ DOWUDWHVLDPLRDYYLVRDQFRUSL~SHULFRORVD /XWHURKDDIIHUPDWRFKHQRQVLGHYRQRSDYHQWDUHHFFHVVLYDPHQWH OHFRQVHJXHQ]HGLXQDVFRPXQLFDLQJLXVWDSRLFKpHVVDULJXDUGDVRO WDQWR OD FRPXQLRQH HVWHULRUH FRQ OD &KLHVD H QRQ TXHOOD LQWHULRUH
9,,, 4XHVW XOWLPDLQIDWWLULJXDUGDVRORLOOHJDPHGL'LRFRQLOIHGHOHFKH QHVVXQ XRPR SXz GLFKLDUDUH VFLROWR QHPPHQR LO 3DSD 7DQWR SL~ XQDVFRPXQLFDLQJLXVWDQRQSXzQXRFHUHDOO DQLPDHVHqVRSSRUWDWD FRQUDVVHJQD]LRQHILOLDOHYHUVROD&KLHVDSXzDQFKHGLYHQLUHXQ PH ULWR SUH]LRVR 6H GXQTXH DOFXQR q VFRPXQLFDWR LQJLXVWDPHQWH QRQ GHYH VFRQIHVVDUH FRQ SDUROH H D]LRQL OD FDXVD SHU OD TXDOH q VWDWR VFRPXQLFDWR H GHYH VRSSRUWDUH SD]LHQWHPHQWH OD VFRPXQLFD TXDQ G DQFKHGRYHVVHPRULUHVFRPXQLFDWRHQRQHVVHUHVHSROWRQHOODWHUUD FRQVDFUDWD SRLFKp TXHVWH FRVH VRQR GL JUDQ OXQJD PHQR LPSRUWDQWL FKHODYHULWjHODJLXVWL]LD +D LQILQH FRQFOXVR FRQ TXHVWH SDUROH ©%HDWR H EHQHGHWWR FROXL FKHPXRUHLQXQDVFRPXQLFDLQJLXVWDSRLFKpSHULOIDWWRFKHVXELVFH TXHVWDDVSUDSXQL]LRQHSHUDPRUHGHOODJLXVWL]LDFKHHJOLQRQKDYR OXWRWDFHUHQpDEEDQGRQDUHULFHYHUjSHUJUD]LDO HWHUQDFRURQDGHOOD VDOYH]]Dª 8QHQGRDOGHVLGHULRGLVHUYLUODODULFRQRVFHQ]DSHUODFRQILGHQ]D FKH(OODPRVWUzGLDYHUHDYUzRUDO DUGLUHGLVFULYHUHTXHOORFKHPL VHPEUDFLUFDOHFRVHFKHKRHVSRVWRTXLVRSUD$OO XPLOHRVVHUYDWRUH GHOOD6LJQRULD9RVWUD5HYHUHQGLVVLPDqDSSDUVRFKLDURFRPH/XWHUR DQQXVL QHOO DULD O RGRUH GHOOD VFRPXQLFD SHU VH VWHVVR FRVt FRPH OD YROSHILXWDO RGRUHGHLVHJXJL(JOLVWDJLjDIILODQGROHVXHDUPLGRW WULQDOLHFHUFDQGRDOOHDWLSHULOSURVVLPRIXWXUR,QSDUWLFRODUHFUHGR FHUFKL O DSSRJJLR GHO VXR VLJQRUH LO 3ULQFLSH (OHWWRUH )HGHULFR GL 6DVVRQLD LO TXDOH QRQ KD DQFRUD SDOHVDWR SXEEOLFDPHQWH OD SURSULD GLVSRVL]LRQH G DQLPR QHL FRQIURQWL GL IUDWH 0DUWLQR 1RQ SHU QXOOD HJOLYLHQHGHWWRLO6DYLR,OVLJQRUHGL6DVVRQLDFRQWLQXDDVHUYLUVLGL TXHOO DELOHLQWHUPHGLDULRFKHq6SDODWLQRLOELEOLRWHFDULRHFRQVLJOLH UHGLFRUWHSHUYDJOLDUHOHLQWHQ]LRQLGHOPRQDFR3HUVRQDJJLRLQILGR H VFDOWUR TXHVWR 6SDODWLQR GL FXL JLj KR IRUQLWR XQD VRPPDULD GH VFUL]LRQHQHOO XOWLPDPLVVLYD /D6LJQRULD9RVWUDFDSLUjPHJOLRGHOVXRVHUYLWRUHO HVL]LDOHJUD YLWj GHOOD WHVL VRVWHQXWD GD /XWHUR HJOL YRUUHEEH WRJOLHUHDOOD6DQWD 6HGHLOVXREDOXDUGR PDJJLRUHO DUPDGHOODVFRPXQLFDÊDOORVWHVVR PRGRHYLGHQWHFKH/XWHURQRQRVHUjPDLPHWWHUHSHULVFULWWRTXHVWD VXD WHVL FRQVDSHYROH GHOO HQRUPLWj FKH UDSSUHVHQWD H GHO SHULFROR FKHQHSRWUHEEHGHULYDUHSHUODVXDSHUVRQD+RTXLQGLULWHQXWRRS SRUWXQR IDUORLRDIILQFKpOD6LJQRULD9RVWUDSRVVDSUHQGHUHLQWHPSR WXWWHOHSUHFDX]LRQLFKHULWHUUjQHFHVVDULHDIHUPDUHTXHVWRIUDWHGHO GLDYROR
,; %DFLDQGRODPDQRGL9RVWUD6LJQRULD,OOXVWULVVLPDH5HYHUHQGLV VLPD GLFRQWLQXRLQEXRQDJUD]LDPLUDFFRPDQGR
'L:LWWHQEHUJLOJLRUQRPDJJLR ,OIHGHOHRVVHUYDWRUHGL9RVWUD6LJQRULD 4
;
/HWWHUD LQYLDWD D 5RPD GDOOD FLWWj VDVVRQH GL :LWWHQEHUJ LQGL UL]]DWD D *LDQSLHWUR &DUDID PHPEUR GHOOD FRQVXOWD WHRORJLFD GL 6XD6DQWLWj /HRQH;GDWDWDRWWREUH
$OO LOOXVWULVVLPRHUHYHUHQGLVVLPRVLJQRUHHSDGURQHRVVHUYDQGLV VLPR *LRYDQQL 3LHWUR &DUDID SUHVVR OD FRQVXOWD WHRORJLFD GL 6XD 6DQWLWj/HRQH;LQ5RPD
,OOXVWULVVLPR H UHYHUHQGLVVLPR VLJQRUH H SDGURQH PLR RVVHUYDQ GLVVLPR TXDOH VHUYLWRUH GL 9RVWUD 6LJQRULD VRQR VWDWR LPPHQVDPHQWH OX VLQJDWR GDOOD PDJQDQLPLWj GL FXL (OOD KD YROXWR IDUPL RJJHWWR SRL FKp LO VHUYLUOD q JLj SHU PH XQ JUDQGH SULYLOHJLR O HVVHUOH XWLOH PL FROPDGLYHUDJLRLD/ DFFXVDXIILFLDOHGLHUHVLDULYROWDFRQWURLOIUDWH 0DUWLQ /XWHUR DOOD TXDOH LO 6HUPRQH VXOOD 6FRPXQLFD KD RIIHUWR LO GHILQLWLYRVRVWHJQRGRYUHEEHLQGXUUHLO3ULQFLSH(OHWWRUH)HGHULFRD SUHQGHUH LQILQH SRVL]LRQH QHL FRQIURQWL GHO PRQDFR FRVt FRPH OD 6LJQRULD 9RVWUD VL DXJXUDYD , IDWWL GL FXL PL DSSUHVWR D UHQGHUODH GRWWD VRQR IRUVH JLj XQD SULPD UHD]LRQH GHOO (OHWWRUH DO SUHFLSLWDUH LQDVSHWWDWRGHJOLHYHQWLHJOLLQIDWWLVLDSSUHVWDDUDIIRU]DUHOHILODGHL WHRORJLGHOODVXDXQLYHUVLWj ,ODJRVWRqJLXQWRD:LWWHQEHUJFRPHSURIHVVRUHGLJUHFR)L OLSSR 0HODQWRQH SURYHQHQGR GDOOD SUHVWLJLRVD8QLYHUVLWjGL7XELQ JD,RFUHGRFKHPDLLQXQ XQLYHUVLWjGHOO ,PSHURVLVLDYLVWRXQSUR IHVVRUH SL~ JLRYDQH GL OXL KD VROWDQWR YHQWXQR DQQL H FRQ LO VXRD VSHWWR GHEROH H VFDUQR DSSDUH DYHUQH DQFRUD PHQR 6HEEHQH XQD FHUWD IDPD OR DYHVVH SUHFHGXWR H DFFRPSDJQDWR GXUDQWH LO YLDJJLR O DFFRJOLHQ]DLQL]LDOHGHLGRWWRULGL:LWWHQEHUJQRQqVWDWDHQWXVLDVWD ,OORURDWWHJJLDPHQWRHLQSDUWLFRODUPRGRTXHOORGL/XWHURGRYHYD QRSHUzFDPELDUHGLOtD SRFRTXDQGRTXHOSURGLJLRGLVFLHQ]DFODV VLFD SURQXQFLz LO VXR GLVFRUVR LQDXJXUDOH LQFXLLOOXVWUzODQHFHVVLWj GLXQRVWXGLRULJRURVRGHOOH6FULWWXUHQHLWHVWLRULJLQDOL&RQ0DUWLQ /XWHURGDDOORUDF qVWDWDXQ LQWHVDLPPHGLDWDHIRUWH4XHLGXHSUR IHVVRULVRQRVLFXUDPHQWHXQ DUPDSRWHQWHQHOOHPDQLGHOO (OHWWRUHGL
;, 6DVVRQLDGDOPRPHQWRFKHVRQRFRVtVROLGDOLSHUTXDQWRFRVtGLYHU VL 2JQXQR GHL GXH IRUQLVFH DOO DOWUR FLz FKH D TXHOOR PDQFDYD SHU GLYHQLUHXQYHURSHULFRORSHU5RPD/XWHURqDUGLWRHG HQHUJLFRSHU TXDQWR UR]]R HLPSXOVLYRPHQWUH0HODQWRQHqFROWLVVLPRHUDIILQD WRPDSL~JLRYDQHHGHOLFDWRDGDWWRDJOLVFRQWULGRWWULQDOLSLXWWRVWR FKH D TXHOOL FDPSDOL ,O SULPR SDUWR SHULFRORVR GL TXHVWR FRQQXELR VDUj FHUWDPHQWH OD %LEELD LQ WHGHVFR DOOD TXDOH VL GLFH VWLDQR ODYR UDQGRGLFRQFHUWRHSHUODTXDOHOHFRQRVFHQ]HGL0HODQWRQHVDUDQQR FRPHPDQQDGDOFLHOR 3RLFKp VR FKH 9RVWUD 6LJQRULD VXROH DYHU FDUH OH SDUWLFRODUL LQ IRUPD]LRQL VXOOH FRVH LPSRUWDQWL QHO WHPSR D YHQLUH FRQWLQXHUz D VHJXLUHFRQDWWHQ]LRQHLGXHGRWWRULHDULIHULUHRJQLFRVDDOOD6LJQR ULD9RVWUDQHOO XQLFDVSHUDQ]DGLSRWHUOHHVVHUHDQFRUDXWLOH %DFLR XPLOPHQWH OH PDQL GL 9RVWUD 6LJQRULD ,OOXVWULVVLPD H 5H YHUHQGLVVLPD
'L:LWWHQEHUJDOGLRWWREUH ,OIHGHOHRVVHUYDWRUHGL9RVWUD6LJQRULD 4
35,0$3$57( ,O&RQLDWRUH
)UDQNHQKDXVHQ
&DSLWROR )UDQNHQKDXVHQ7XULQJLDPDJJLR3RPHULJJLR
4XDVLDOODFLHFD 4XHOORFKHGHYRIDUH 8UODQHOOHRUHFFKLHJLjVIRQGDWHGDLFDQQRQLFRUSLFKHPLXUWDQR 3ROYHUHGLVDQJXHHVXGRUHFKLXGHODJRODODWRVVHPLVTXDUFLD *OL VJXDUGL GHL IXJJLDVFKL WHUURUH 7HVWH IDVFLDWH DUWL PDFLXOOD WL 0L YROWR FRQWLQXDPHQWH (OLDVq GLHWUR GL PH 6L ID ODUJR WUD OD IROODHQRUPH3RUWDVXOOHVSDOOH0DJLVWHU7KRPDVLQHUWH 'RY q'LRRQQLSUHVHQWH",O6XRJUHJJHq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qIHUPRVXOODSRUWDODRFFXSDWXWWD6HPSUHFRQLO0DJLVWHU VXOOHVSDOOH 3HUTXDOFKHRUDVROWDQWRVRUHOOD ,VXRLRFFKLVRQRDFTXRVLHQRQJXDUGDQRQLHQWH/DWHVWDGRQGR ODVXHJL~/HRUHFFKLHILVFKLDQRDQFRUD/DYRFHGL(OLDV &RVDVWD GLFHQGR"
/HYDGRSL~YLFLQR,QPH]]RDOURQ]LRGHOPRQGRXQDQHQLDDS SHQD PRUPRUDWD 1RQ DIIHUUR OH SDUROH /D YHFFKLD QRQ VD QHDQFKH FKHVLDPRTXL 4XHOORFKHGHYRIDUH1RQSHUGHUHWHPSR8QD VFDODSRUWDGLVR SUD XQ FHQQR D (OLDV VDOLDPR ILQDOPHQWH XQ OHWWR GRYH VWHQGHUH 0DJLVWHU7KRPDV(OLDVVLWRJOLHLOVXGRUHGDJOLRFFKL 0LJXDUGD %LVRJQDWURYDUH-DFREH0DWKLDV 7RFFRODGDJDHIDFFLRSHUDQGDUH 1RYDGRLRWXUHVWDFRO0DJLVWHU 1RQ KR LO WHPSR GL ULVSRQGHUH JLj VFHQGH OH VFDOH 0DJLVWHU 7KRPDV LPPRELOH ILVVD LO VRIILWWR /R VJXDUGR YXRWR DSSHQD XQ EDWWLWRGLFLJOLDSDUHTXDVLQRQUHVSLUL *XDUGRIXRULXQRVFRUFLRGLFDVHGDOODILQHVWUD'jVXOODVWUDGD LO VDOWR q WURSSR DOWR 6LDPR DO SULPR SLDQR F q DOPHQR XQ VRODLR 2VVHUYRLOVRIILWWRHULHVFRDPDODSHQDDGLVWLQJXHUHOHIHVVXUHGLXQD ERWROD3HUWHUUDF qXQDVFDOD8QSDVWRGLWDUOLPDUHJJHORVWHVVR 0LLQILORFDUSRQLLOWHWWRGHOVRODLRqEDVVLVVLPRLOSDYLPHQWRqFR SHUWR GL SDJOLD /H WUDYL VFULFFKLRODQR D RJQL PRYLPHQWR 1HVVXQD ILQHVWUDTXDOFKHUDJJLRGLOXFHVLLQILODGDVRSUDWUDOHDVVLLOVRWWR WHWWR $QFRUDDVVLSDJOLD'HYRVWDUHTXDVLVGUDLDWR8Q DSHUWXUDGjVXL WHWWLVSLRYHQWL,PSRVVLELOHSHU0DJLVWHU7KRPDV 7RUQR GD OXL +D ODEEUD VHFFKH OD IURQWH EUXFLD &HUFR GHOO DF TXD$OSLDQRGLVRWWRVXOWDYRORFLVRQRQRFLHXQDEURFFD/DFDQWL OHQD SURVHJXH LQFHVVDQWH 4XDQGR DFFRVWR O DFTXD DOOH ODEEUD GHO 0DJLVWHUYHGROHVDFFKHPHJOLRQDVFRQGHUOH 6LHGRVXOORVJDEHOOR/HJDPEHPLIDQQRPDOH7HQJRODWHVWDWUD OH PDQL VROR XQ DWWLPR SRL LO URQ]LR GLYLHQH XQ IUDJRUHDVVRUGDQWH GLXUODFDYDOOLHIHUUDJOLD,EDVWDUGLDOVROGRGHLSULQFLSLHQWUDQRLQ FLWWj'LFRUVDDOODILQHVWUD$GHVWUDVXOODVWUDGDSULQFLSDOHFDYDOLH ULSLFFKHVSLDQDWHUDVWUHOODQRODYLD,QILHULVFRQRVXWXWWRFLzFKHVL PXRYH 'DOOD SDUWH RSSRVWD (OLDV VEXFD QHO YLFROR 6FRUJH L FDYDOOL VL IHUPD 6ROGDWL D SLHGL FRPSDLRQR GLHWUR GL OXL 1RQ KD VFDPSR 6L JXDUGDLQWRUQR GRY q'LRRQQLSUHVHQWH" /RSXQWDQR $O]DJOLRFFKL0LYHGH 4XHOORFKHGHYHIDUH6JXDLQDODVSDGDVLODQFLDJULGDQGRFRQWUR LVROGDWLDSLHGL1HKDVYHQWUDWRXQRJHWWDWRDWHUUDXQDOWURFRQXQD WHVWDWD*OLVRQRDGGRVVRLQWUH1RQVHQWHLFROSLDIIHUUDO HOVDFRQ
GXHPDQLFRPHXQDIDOFHFRQWLQXDDPHQDUHIHQGHQWL 6LIDQQRGDSDUWH 'DGLHWURXQJDORSSROHQWRSHVDQWHLOFDYDOLHUHFDULFDDOOHVSDO OH,OFROSRULEDOWD(OLDVÊILQLWR 1R VL ULDO]D PDVFKHUD GL VDQJXH H IXURUH /D VSDGD DQFRUD LQ PDQR1HVVXQRVLDYYLFLQD/RVHQWRDQVLPDUH6WUDWWRQHDOOHUHGLQL LOFDYDOORVLJLUD/DVFXUHVLDO]D'LQXRYRDOJDORSSR(OLDVDOODUJD OH JDPEH GXH UDGLFL %UDFFLD H WHVWD YHUVR LO FLHOR ODVFLD FDGHUHOD VSDGD / XOWLPRFROSR 2PQLDVXQWFRPPXQLDILJOLGLFDQH /DWHVWDYRODQHOODSROYHUH
6DFFKHJJLDQR OH FDVH 3RUWRQL JL~ D FDOFL H FROSL GL VFXUH 7UD SRFRWRFFDDQRL1RQSHUGHUHWHPSR0LFKLQRVXGLOXL 0DJLVWHU DVFROWDPL GREELDPR DQGDUH VWDQQR DUULYDQGR 3HU 'LR 0DJLVWHU *OL DIIHUUR OH VSDOOH 5LVSRVWD XQ VXVVXUUR 1RQ SXzPXRYHUVL,QWUDSSRODVLDPRLQWUDSSROD&RPH(OLDV /DPDQRVWULQJHODVSDGD&RPH(OLDV9RUUHLDYHUHLOVXRFRUDJ JLR &RVDFUHGLGLIDUH"%DVWDPDUWLULR9DWWHQHSHQVDDVDOYDUWL /DYRFH&RPHGDOOHYLVFHUHGHOODWHUUD1RQULHVFRDFUHGHUHFKH DEELDSDUODWRÊSL~LPPRELOHGLSULPD&ROSLULPERPEDQRGLVRWWR /DWHVWDPLJLUD 9D $QFRUDODYRFH0LYROWRYHUVRGLOXL,PPRELOH &ROSL,OSRUWRQHYDJL~ 9DEHQHOHVDFFKHQRQ GHYRQRWURYDUOHYLDVXOOHVSDOOHVXSHU ODVFDODLVROGDWLLQVXOWDQRODYHFFKLDVFLYRORQRQKRDSSLJOLWURS SR SHVR YLD PL FDGH XQD VDFFD PHUGD VDOJRQR OH VFDOH GHQWUR ULWLURODVFDODFKLXGRODERWRODODSRUWDVLDSUH 6RQRLQGXH/DQ]LFKHQHFFKL 3RVVR VSLDUOL GD XQD IHVVXUD WUD OH WUDYL1RQGHYRPXRYHUPLLO PLQLPRVFULFFKLROLRHVRQRIRWWXWR 6RORXQ RFFKLDWDSRLDQGLDPRYLDWDQWRTXLQRQWURYLDPRQLHQ WH$KPDF qTXDOFXQDOWUR 6L DYYLFLQDQR DO OHWWR VFUROODQR 0DJLVWHU 7KRPDV &KL VHL" Ê FDVDWXDTXHVWD" 1HVVXQDULVSRVWD
%HQHEHQH*QWKHUJXDUGDXQSR FRVDDEELDPRTXL +DQQRYLVWRODVDFFD8QRGHLGXHODDSUH 0HUGD TXL F q VROR FDUWD PRQHWH QLHQWH &KH URED q" 7H VDL OHJJHUH" ,RQR ,RQHDQFKH)RUVHqURED LPSRUWDQWH9D JL~DFKLDPDUHLOFDSL WDQR &RV qPLGjLGHJOLRUGLQL"3HUFKpQRQFLYDLWH" 3HUFKp VWDERUVDO KRWURYDWDLR $OOD ILQH VL GHFLGRQR TXHOOR FKH QRQ VL FKLDPD *QWKHU VFHQGH DO SLDQR GL VRWWR 6SHUR FKH QHPPHQR LO &DSLWDQR VDSSLD OHJJHUH DOWULPHQWLqILQLWD 3DVVLSHVDQWLTXHOORFKHGHY HVVHUHLOFDSLWDQRVDOHOHVFDOH1RQ SRVVRPXRYHUPL+RLOSDODWRULDUVRODJRODLQYDVDGDOODSROYHUHGHO VRODLR3HUQRQWRVVLUHPRUGRO LQWHUQRGLXQDJXDQFLDHGHJOXWLVFRLO VDQJXH ,O FDSLWDQR LQL]LDDOHJJHUH3RVVRVRORVSHUDUHFKHQRQFDSLVFD $OODILQHDO]DORVJXDUGRGDLIRJOL Ê7KRPDV0QW]HULO&RQLDWR UHDQ]LOD0RQHWLQD ,O FXRUH PL YD LQ WHVWD 6JXDUGL FRPSLDFLXWL SDJD UDGGRSSLDWD 3RUWDQRYLDGLSHVRO XRPRFKHGLFKLDUzJXHUUDDLSULQFLSL 5HVWRLQVLOHQ]LRLQFDSDFHGLPXRYHUHXQPXVFROR 'LRRQQLSUHVHQWHQRQqTXLQpLQQHVVXQOXRJR
*LRFRGLSDUROHGDOWHGHVFR©PQW]HUª FRQLDWRUH©PQW]HOª PRQHWLQD
&DSLWROR PDJJLR
*LXQJHLOFKLDURUHGHOO DOED0LDFFDVFLRHVDXVWR 4XDQGRKRULDSHUWRJOLRFFKLQHOEXLRFRPSOHWRGHOODQRWWHHGHO OD PLD HVLVWHQ]DODSULPDVHQVD]LRQHqVWDWDO DVVROXWRWRUSRUHGHOOH PHPEUD 'DTXDQWRWHPSRVHQ HUDQRDQGDWL" 'DOODVWUDGDVDOLYDQRLPSUHFD]LRQLGLXEULDFKLUXPRULGLJR]]R YLJOLHJULGDGLGRQQHVRWWRSRVWHDOODOHJJHGHLPHUFHQDUL $ULFRUGDUPLGLHVVHUHYLYRXQSUXULWRG LQIHUQRVXOODSHOOHXQD FRUD]]DGLVXGRUHSDJOLDHSROYHUH 9LYROLEHURGLWRVVLUHHJHPHUH 6ROWDQWRULDO]DUPLH LVVDUPLVXOWHWWRFRQODVDFFDHODVSDGDqVWD WD XQD IDWLFD LPSURED +R DWWHVR LO WHPSR GL DELWXDUPL DOO RVFXULWj VFUXWDQGRLOYROWRGHOODFLWWjGHOODPRUWH 6RWWR LO EDJOLRUH GHL IDOz VSDUVL RYXQTXH LOOXPLQDYD OH JKLJQH GHL VROGDWL LQ EDOGRULD LQWHQWL D EHUVL LO FRPSHQVRGHOODYLWWRULDSL~ IDFLOH 'L IURQWH EXLR ,O EXLR WRWDOH GHOOD FDPSDJQD 6XOOD VLQLVWUD D SRFKHGHFLQHGLSDVVLXQWHWWRVSRUJHYDSL~GHJOLDOWULVFDYDOFDQGR LOYLFRORVRWWRVWDQWHILQRDOFRQILQHGHOO RVFXULWjDVVROXWD6WULVFLDQ GR VXL WHWWL KR WUDVFLQDWR OD VFKLHQD VSH]]DWD ILQR D TXHO OLPLWH OH PXUD$OWHFRPHWUHXRPLQLQHVVXQRGLJXDUGLD/HKRSHUFRUVH 'DSSULPD QRQ QH KR VHQWLWR O RGRUH OD ERFFD HUD XQD FORDFD LO QDVRSUHJQRGHOVXGRUHHGHOODVSRUFL]LD3RLO KRDYYHUWLWROHWDPH /HWDPHSURSULROtVRWWR0LVRQRODVFLDWRFDGHUHFRVtQHOEXLRFKH LPSRUWDYD 8QFXPXORGLOHWDPH 'L FRUVD YLD DVVHWDWR GL FRUVD SRL KR FDPPLQDWR LQFLDPSDWR YLD H FDPPLQDWR YLD YLD DIIDPDWR SL~ YHORFH GHOODPRUWHFKHPL KDVILRUDWRHGHOSX]]RGLPHUGDFKHPLLQVHJXLYDILQFKpOHJDPEH UHJJHYDQR / DOED
6GUDLDWRLQXQIRVVREHYRDFTXDIDQJRVD6SURIRQGRQHOO RVFXUL WjPHQWUHVLOHYDLOVROH
,OFLHORDUGHDSRQHQWH2JQLDQIUDWWRGHOFRUSREUXFLDLQFURVWDWR GLPHUGDHIDQJRYLYR &DPSLFRYRQLLOPDUJLQHGLXQERVFRTXDOFKHPLJOLRDVXG5L SUHQGHUHDVFDSSDUH'HYRDVSHWWDUHLOEXLR 6ROR,PLHLFRPSDJQLLOPDHVWUR(OLDV 6ROR,YROWLGHLIUDWHOOLFDGDYHULVWHVLQHOODSLDQD /DVDFFDHODVSDGDVHPEUDQRSHVDUHLOGRSSLR6RQRGHEROHGH YR PDQJLDUH $ SRFKL SDVVL VSLJKH YHUGL GL JUDQR 1H VWUDSSR D PDQFLDWH0DQGRJL~DIDWLFD 0L FKLHGR FKH DVSHWWR GHYR DYHUH RVVHUYR O RPEUD OXQJKLVVLPD VXOWHUUHQR$O]DXQDPDQRHVHODSRUWDDOYLVRJOLRFFKLODEDUED QRQVRQRLR1RQORVDUzPDLSL~ 3HQVDUH 'LPHQWLFDUH O RUURUH H SHQVDUH 3RL PXRYHUVL H GLPHQWLFDUH O RU URUH3RLDQFRUDGLVWUXJJHUHO RUURUHHYLYHUH 3HQVDUHGXQTXH&LERVROGLYHVWLWL 8QULIXJLRORQWDQRGDTXLXQ SRVWRVLFXURGRYHDYHUHQRWL]LHH ULQWUDFFLDUHLIUDWHOOLVFDPSDWL 3HQVDUH +DQV +XW LO OLEUDLR 1HOODSLDQDODVXDIXJDDOODYLVWDGHOOHFR UD]]HGHOGXFD*LRUJLRSULPDGHOPDFHOOR6HTXDOFXQRV qVDOYDWRq +XW /DVXDVWDPSHULDqD%LEUDYLFLQRD1RULPEHUJD$QQLIDSXOOX ODYDJLjGLIUDWHOOL8QDSSURGRSHUPROWL $SLHGLGLQRWWHVHQ]DXVDUHOHVWUDGHSHULERVFKLHDOOLPLWDUH GHLFDPSLVDUDQQRDOPHQRXQDGR]]LQDGLJLRUQL
&DSLWROR PDJJLR
ÊXQELYDFFRGLVROGDWL 2PEUHOXQJKHHUR]]LDFFHQWLGHO1RUG 'D GXH JLRUQL H GXHQRWWLFDPPLQRQHOODIRUHVWDLVHQVLDOO HUWD WUDVDOHQGR D RJQL UXPRUH LO EDWWHUH G DOL GHJOL XFFHOOL O XOXODWR ORQ WDQRGHLOXSLFKHFRUUHOXQJRODVFKLHQDHDOOHQWDOHYLVFHUH/jIXRUL LOPRQGRSRWUHEEHHVVHUHILQLWRQRQHVVHUFLSL~QLHQWH 9HUVRVXGILQFKpOHJDPEHQRQWHQHYDQRSL~HPLODVFLDYRFDGH UH +R LQJKLRWWLWR TXDOXQTXH FRVD SRWHVVH LQJDQQDUH OR VWRPDFR JKLDQGH EDFFKH VHOYDWLFKH SHUILQR IRJOLH H FRUWHFFLD TXDQGR OD ID PH D]]DQQDYD SL~ D IRQGR 6WUHPDWR O XPLGLWj QHOOH RVVD H OH PHPEUDVHPSUHSL~SHVDQWL ,OVROHHUDJLjFDODWRTXDQGRQHOQHURGHOODERVFDJOLDVRQRDSSDU VL L EDJOLRUL GL XQ IXRFR 0L VRQR DYYLFLQDWR VWULVFLDQGR ILQ GLHWUR TXHVWDTXHUFLD $OOD PLD GHVWUD XQ FHQWLQDLR GL SDVVL WUH FDYDOOL OHJDWL O RGRUH SRWUHEEH WUDGLUPL 5HVWR LPPRELOH LQGHFLVR SHQVDQGR D TXDQWR WHPSRJXDGDJQHUHLVSRVWDQGRPLVXXQDGLTXHOOHEHVWLH6ELUFLRDQ FRUD ROWUH LO WURQFR VWDQQR LQWRUQR DOIXRFRDYYROWLLQFRSHUWHXQD ERUUDFFLD SDVVD GL PDQR LQ PDQR TXDVL VHQWR O DFTXDYLWH QHL ORUR DOLWL 2K(TXDQGRDEELDPRFDULFDWRHVFDSSDYDQRJLjFRPHSHFRUH" ,RQHKRLQILO]DWLWUHVXOODVWHVVDODQFLD$OORVSLHGR 5LVDWHXEULDFKH +RIDWWRGLPHJOLRLR0HQHVRQR FKLDYDWHFLQTXHPHQWUHVDF FKHJJLDYDPR OD FLWWj HWUDXQDHO DOWUDQRQKRPDLVPHVVRGLDP PD]]DUOL TXHL SH]]HQWL 8QD GL TXHOOH WURLH PL KD DQFKH PH]]R VWDFFDWRXQRUHFFKLRFRQXQPRUVR*XDUGDWHTXL (WX" /HKRWDJOLDWRODJRODHFFKHFFD]]R )DWLFDVSUHFDWDWHVWDGLPHUGD$VSHWWDYLXQJLRUQRHWHODGDYD SHUULDYHUHLOFDGDYHUHGHOPDULWRFRPHWXWWHOHDOWUH $OWUDERUGDWDGLULVDWH8QRFDFFLDXQDOWUROHJQRVXOIXRFR
*LXUR FKH q VWDWD OD YLWWRULD SL~ IDFLOH GHOOD PLD FDUULHUD F HUD VROR GD VSDUDUJOL QHOOD VFKLHQD H LQILO]DUOL FRPH SLFFLRQL 3HUz FKH VSHWWDFRORWHVWHFKHVDOWDYDQRJHQWHFKHSUHJDYDLQJLQRFFKLR0L VRQVHQWLWRXQFDUGLQDOH )D WLQWLQQDUH XQDERUVDSLHQDHJOLDOWULGXHJOLIDQQRHFRULGDF FKLDQGRXQRVLIDLOVHJQRGHOODFURFH 3DUROHVDQWH$PHQ 9DGRDSLVFLDUH/DVFLDWHPLXQJRFFLRGLTXHOODURED (KL .XUW YHGL GL DQGDUOD D IDUH IXRUL SRUWDWD FKH QRQ YRJOLR GRUPLUHFRQODSX]]DGHOWXRSLVFLRVRWWRLOQDVR 6HL FRVt VEURQ]R FKH QRQ WL DFFRUJHUHVWL QHDQFKH VH WL FDJDVVL VXOODIDFFLD 9DIIDQFXORVWURQ]R 8Q UXWWR GL ULVSRVWD .XUW HVFH GDO FHUFKLR GL OXFH H YLHQH QHOOD PLDGLUH]LRQH&DUDFROODDSRFKLSDVVLGDPHHYDROWUHQHOILWWRGHO ODERVFDJOLD 'HFLGHUHDGHVVR 9HVWLWL9HVWLWLPHQROXULGLGLTXHVWLHODERUVDSLHQDGLVROGLDOOD FLQWXUD 6WULVFLRGLHWURGLOXLUDVHQWHJOLDOEHULILQFKp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~WRWDOHOHYRFLVLRGRQRDSSHQD/DVSDGD LQSXJQR 4XHOORFKHGHYRIDUH 6SDODQFDUHODERFFDGHOO LQIHUQRSHUTXHLEDVWDUGL 7RUQR LQGLHWUR XQ SDVVR GRSR O DOWUR OH YRFL VHPSUH SL~ IRUWL
SL~YLFLQHODVFLRFDGHUHLOIDJRWWRHODVDFFDGXHDJUDQGLSDVVLVR QRGXHQRQGDUVLLOWHPSRGLHVLWDUH .XUWGRYHFD]]R (QWURQHOFHUFKLRGLOXFH &ULVWR 8QFROSRGLQHWWRVXOODWHVWD 0HUGDVDQWD /DODPDQHOSHWWRFRQWXWWDODIRU]DILQFKpQRQYRPLWDVDQJXH 8QDPDQRFKHVLDOOXQJDYHUVRO DUPDWURSSRWDUGLXQFROSRVXOOD VSDOODSRLDOODVFKLHQD 6WULVFLDVXLJRPLWLYHUVRODERVFDJOLDOHXUODGLXQSRUFRDOPD FHOOR ,R VHPSUH SL~ OHQWR VRSUD GL OXL ,PSXJQR OD GDJDDGXHPDQL O DIIRQGRWUDOHVFDSROHVSDFFDQGROHRVVDHLOFXRUH 'LVWUXJJHUHO RUURUH 6LOHQ]LR 6ROR LO PLR DQVLPDUH FDOGR YLVLELOH QHOOD QRWWH H LO FUHSLWDUHGHOIXRFR0LJXDUGRDWWRUQRQRQXQPRYLPHQWR 1RQSL~ /LKRIDWWLIXRULWXWWLSHUGLR
&DSLWROR PDJJLR
&DYDOFRFRQDGGRVVRODGLYLVDGHOO LQIDPLD Ê OD GLYLVD D SURWHJJHUPL RUD )RUVH q DVWX]LD GHYR DELWXDUPL IRUVH0DVFKHUDGLPHUFHQDULRGHOO LQIDPLDTXDQGRO LQIDPLDWULRQID QLHQW DOWUR 'HYRDELWXDUPL1RQDYHYRPDLXFFLVRSULPD $QFRUDXQWUDPRQWRDVFUH]LDUHFDPSLHFROOLQHGLULIOHVVLSXUSX UHLUHQGHUHSL~YDJKLLFRQWRUQLGLVVROYHUHOHFHUWH]]HVHPDLQHH UDQRULPDVWH 0ROWHPLJOLDSHUFRUVHVHPSUHDVXGYHUVR%LEUDLQVHOODDXQD WHQXHVSHUDQ]D/HFDPSDJQHDWWUDYHUVDWHSRUWDYDQRLVHJQLGHOWUDQ VLWRGHOO RUGDDVVDVVLQD&RPHLUHVWLGLXQDVFLDJXUDGHJOLHOHPHQWL WHUUHQL PDL SL~ IHUWLOL IHUUDJOLH H RJQL VRUWD GL UHVLGXL GHOOD WUXSSD LPPRQGDTXDOFKHFDGDYHUHDPDUFLUHFDUFDVVHGLGLVJUD]LDWLFDSLWD WL VXO FDPPLQR PDQLSROLGLPHUFHQDULVJXLQ]DJOLDWLGDFKLVVjTXDOH PDVVDFURYHUVRXQDQXRYDUD]]LD 'D TXDQGR LO EXLR KD LQJKLRWWLWR O RUL]]RQWH H OH XOWLPH RPEUH SURVHJXRDSLHGLQHOODERVFDJOLD6FRUJRWUDJOLDOEHULEDJOLRULLQORQ WDQDQ]D IRUVH DOWUL ELYDFFKL 3RFKL SDVVL DQFRUD H XQ UXPRUH VRUGR PL YLHQH LQFRQWUR &DYDOOL FODQJRUH GL FRUD]]H ULIOHVVL GL WRUFH VXO PHWDOOR/ DQLPDOHVFDOSLWDGHYRWHQHUORDIUHQRPHQWUHFHUFRULSDUR GLHWURDXQWURQFR5HVWRLQDWWHVDDFFDUH]]DQGRLOFROORGHOFDYDOOR SHUDOOHYLDUJOLODSDXUD ,OUXPRUHqXQILXPHLQSLHQD$YDQ]D=RFFROLHDUPLVFLQWLOODQ WL8Q RUGDGLIDQWDVPLVFRUUHDSRFKLPHWULGDPH )LQDOPHQWHLOIUDJRUHVLIDSL~GHEROHPDODQRWWHQRQWRUQDDWD FHUH /DOXFHROWUHLOERVFRVLqIDWWDSL~LQWHQVD/ DULDqIHUPDPDOH FLPH GHJOL DOEHUL RQGHJJLDQR q LO IXPR 0L DYYLFLQR ILQR D VHQWLUH FUHSLWLR GL OHJQD EUXFLDWD *OL DOEHUL VL DSURQR D XQ WUDWWR VXOOD GL VWUX]LRQHDVVROXWD ,OYLOODJJLRqDYYROWRGDOOHILDPPH,OFDORUHPLLQYHVWHODIDFFLD SLRYRQR SLFFROH EUDFL H IXOLJJLQH 8QD ]DIIDWD GROFLDVWUD RGRUH GL
FDUQHEUXFLDWDPLURYHVFLDORVWRPDFR$OORUDOLYHGRFRUSLFDUER QL]]DWLVDJRPHLQGLVWLQWHDEEDQGRQDWHDOURJRPHQWUHLOYRPLWRVDOH LQJRODWDJOLDLOUHVSLUR /HPDQLDYYLQJKLDWHDOODVHOODSRUWDPLYLDDFDSRILWWRQHOODQRW WHIXJJLGDOO RUURUHHGDOODSUHVDLPPRQGDGHOO LQIHUQR
&DSLWROR PDJJLR
7XWW LQWRUQRDOODVWD]LRQHGLFDPELRXQJUDQYLDYDLGLFDUULFD ULFKL GHOOD UD]]LD GHL YLOODJJL FDSLWDQL VWULOODQR RUGLQL LQGLDOHWWLGL YHUVL GUDSSHOOL GL VROGDWL SDUWRQR LQ RJQL GLUH]LRQH EDUDWWL H FRP SUDYHQGLWHGLERWWLQRLQPH]]RDOODVWUDGDWUDPHUFHQDULSL~VSRUFKL GLPHHYDJDERQGLDGDVSHWWDUHJOLDYDQ]L/ DOWUDIDFFLDGHOODGHYD VWD]LRQHLQFRQWUDWDOXQJRODVWUDGDUHWURYLHGLXQDJXHUUDVHQ]DIURQ WLODIRVVDGLVFRORSHULOJUDVVRGHOPDVVDFUR ,O FDYDOOR KD ELVRJQR GL ULSRVR LR GL XQ SDVWR GHFHQWH 0D VRSUDWWXWWR GHYR RULHQWDUPL WURYDUH OD VWUDGD SL~ EUHYH SHU 1RULPEHUJDHSRL%LEUD 1RQ q FRQYHQLHQWH ODVFLDUH LQFXVWRGLWR XQ FDYDOOR GL TXHVWL WHPSLVROGDWR 8QDYRFHVXOODGHVWUDROWUHXQDFRORQQDGLIDQWLFKHULSUHQGHOD PDUFLD5REXVWRJUHPELXOHGLFXRLRHDOWLVWLYDOLFRSHUWLGLPHUGD ,OWHPSRFKHHQWULQHOODORFDQGDHWHORVHUYRQRSHUFHQD1HOOD VWDOODVDUjSL~VLFXUR 4XDQWR" 'XHVFXGL 7URSSRFDUR /DFDUFDVVDGHOWXRFDYDOORYDUUjGLPHQR ,OPHUFHQDULRSDJDWRHFRQJHGDWR FKHWRUQDDFDVD ' DFFRUGR PDGHYLGDUJOLILHQRHDFTXD )DOORHQWUDUHTXL 6RUULGHVWUDGHSLHQHDIIDULG RUR 9LHQLGD)XOGD" ,OVROGDWRFKHWRUQDGDOODJXHUUD 1R)UDQNHQKDXVHQ 6HLLOSULPRFKHSDVVD'L XQSR FRPHq VWDWD"8QDJUDQEDW WDJOLD /DSDJDSL~IDFLOHGHOODPLDFDUULHUD /R VWDOOLHUH VL JLUD H XUOD (KL *URV] F q XQR FKH YLHQH GD )UDQNHQKDXVHQ ,Q TXDWWUR HVFRQR GDOO RPEUD IDFFH UXYLGH GL PHUFHQDUL *URV]
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jULSDUWLWLFRUUHYDFRPH XQSD]]R TXHOURWWRLQFXOR6LqIDWWR6PDOFDOGD(LVHQDFKH6DO]DD PDUFHIRU]DWHQHDQFKHLOWHPSRGLIHUPDUVLDSLVFLDUH 8QDOWUR &LVRQRWRFFDWHOHEULFLROHTXDOFKHVDFFKHJJLRLQJL UR6LFXURFKHQRQF qSL~QHVVXQFRQWDGLQRGDDPPD]]DUH" *OL RFFKL GHO VROGDWR FKH KD VWHUPLQDWR L FRQWDGLQL QHOOD SLDQD YHWURFRPHTXHOOLGL*URV] 1R7XWWLPRUWL )DFFLDVWRUWD FRQWLQXD D ILVVDUH ULIOHWWH VXOO DIIDUH GHO PRPHQWR TXDQWR q ULVFKLRVR SUHQGHUVL OD ERUVD 6RQR TXDWWUR FRQWUR XQR *OL DOWULWUHVHQ]DXQVXRJHVWRQRQVLPXRYRQR 3DUOD OHQWR 0KOKDXVHQ , SULQFLSL YDQQR DG DVVHGLDUOD /t Vt FKHF qGDIDUHXQJUDQERWWLQR&DVHGLPHUFDQWLQRQGL]DSSDWHUUD SH]]HQWL%DQFKHERWWHJKH )HPPLQH DJJLXQJHJKLJQDQGRTXHOORSL~EDVVRDOOHVXHVSDO OH 0D *URV] O RUFR QRQ ULGH1HPPHQRLRJRODVHFFDHILDWRFKH QRQHVFH9jOXWD/DPLDPDQRVXOO LPSXJQDWXUDGHOODVSDGDDSSHVD DOODFLQWXUDLQVLHPHDOODERUVDGHLVROGL+DFDSLWRO XQLFRFROSRVD UHEEH SHU OXL *OL VTXDUFHUHL OD JROD SRVVR IDUOR 6WDVFULWWR QHOOR VJXDUGRSLDQWDWRVXOODVXDIDFFLD 8Q IUHPLWR DSSHQDFRPHYHUGHWWRXQEDWWLWRGLFLJOLD1RQYDOH ODSHQDULVFKLDUH %XRQDIRUWXQD 3DVVDQR ROWUH PXWL LO UXPRUH GHJOL VWLYDOL FKH DIIRQGDQR QHO IDQJR
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jLOWHPSRGLFRQWL QXDUH $K$KEXRQDEXRQDGDTXDWWURSLGRFFKLRVL PDVWLFD GD XQD PDUPDJOLD GL FHQFLRVL GHJOXWLVFH FKH WHPSL UDJD]]LQL FKH GLIHQGRQR L VLJQRULGDOODSOHEDJOLDFRQWDGLQD UXWWDGLQXRYR 7H ORGLFRLRVLJQRULQRTXHVWDqVWDWDODSL~PHUGRVDGLWXWWHOHJXHUUH PHUGRVHFKH VWRXQLFRRFFKLREXRQRKDYLVWR6ROGLFRPSDUHVROR VROGL HJOLDIIDULFRQTXHLSRUFLGL5RPD,YHVFRYLFRQWXWWHTXHOOH EDOGUDFFKHHILJOLGDPDQWHQHUH*UDQDWHORGLFRLRFKHLSULQFLSLL GXFKLTXHLIRWWXWLQRQSHQVDQRDGDOWUR3ULPDJOLWROJRQRWXWWRDL ELIROFKL H SRL FL PDQGDQR QRL D EDVWRQDUH TXHOOL FKH VLLQFD]]DQR )RUVHVRQRWURSSRYHFFKLRSHUTXHVWHVWURQ]DWH5RWWLLQFXOR0DD
VWRJLURF HUDQRGDYROWDUHLFDQQRQLFRQWURLSULQFLSLHLOHFFDPHUGD GHO3DSDDYHYDQRWLUDWRIXRULLFRJOLRQLJOL]DSSDWHUUDEUXFLDYDQRL FDVWHOOL FRQ WXWWR TXHO EHQ GL 'LR LQFXODYDQR OH FRQWHVVHVEXGHOOD YDQRLSUHWLYDIIDQFXOR2KSDUODYDQRVHPSUHGL'LRPDVSDFFDYDQR WXWWRTXDVLTXDVLFLVWDYRDQFK LRPDSRLORVDSHYRFRPHDQGDYDD ILQLUHQRQF qIRUWXQDSHULSH]]HQWL(DQRLVHPSUHLVROLWLTXDWWUR VROGLGLPHUGD4XHVWDqWXWWDSHUORUR VFRUHJJLDVJKLJQD]]DWUD FDQQD 9DIIDQFXOR 6PHWWRGLPDQJLDUHWUDVRUSUHVDHGLVJXVWR,OPDLDOHqVLPSDWL FR SDUOD FRPH XQD IRJQD PD RGLD L VLJQRUL 0L Gj FRUDJJLR VRQR IDWWLGLFDUQHHVDQJXHQRQVRORIHUURDIILODWR 7HGRY qFKHVWDYL" JOLFKLHGR $ (LVHQDFK SRL D 6DO]D SRL HUR VWXIR GL VSDFFDUPL OH EUDFFLD VXOOHVFKLHQHGHLSRYHUDFFL8QYHURVFKLIR6RQRWURSSRYHFFKLRSHU
TXHVWHVWURQ]DWHKRTXDUDQW DQQLFD]]RHYHQW DQQLGLTXHVWDPHUGD (WHVLJQRULQR" 9HQWLFLQTXH 1RQRGRY HUL" )UDQNHQKDXVHQ 3XWWDQD,QPH]]RDO*LXGL]LR8QLYHUVDOH"/HYRFLFRUURQR QRQDYHYRPDLVHQWLWRXQDUREDFRVt 3URSULRFRVtFRPSDUH (GLPPLXQSR 4XHOSUHGLFDWRUHTXHOSURIHWDXKTXHOORWR VWRFRPHVLFKLDPD"$KVtGHU0QW]HU,O&RQLDWRUH&KHILQHKD IDWWR" $WWHQWR / KDQQRSUHVR 1RQqPRUWR" 1R+RYLVWRFKHORSRUWDYDQRYLD8QRGHOGUDSSHOORFKHORKD FDWWXUDWRPLKDGHWWRFKHKDORWWDWRFRPHXQOHRQHFKHqVWDWRGLIIL FLOH L VROGDWL HUDQR LQWLPRULWL GDO VXR VJXDUGR H GDOOH VXH SDUROH 0HQWUH OR SRUWDYDQR YLD VXO FDUUR DQFRUD OR VHQWLYR XUODUH ©2PQLD VXQWFRPPXQLDª (FKHFD]]RYXROGLUH" ©7XWWRqGLWXWWLª 0HUGDXQEHOWLSR(WHVDLLOODWLQR" 6RJJKLJQD$EEDVVRORVJXDUGR
&DSLWROR PDJJLR
3RFKH RUH GL YLDJJLR H OH FROOLQH GHOOD 6HOYD7XULQJLDHUDQRJLj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
0L q YHQXWD LQFRQWUR GD ORQWDQR PHQWUH LO FLHOR VL FROPDYD GL QXEL GROHQWH ODFHUDWUDJLFD8QDFROWUHVRWWLOHODSUHFHGHYDLPSD VWRGLOXFHWHQXHHJULJLDVWUDFRQODSLRJJLDOHJJHUDFKHUHQGHLQFHUWL YLVWDHUHVSLURVXOODVSLDQDWDGHOODYDOOHVWUHWWDFKHFRQWDYRGLVXSH UDUHHQWURLOWUDPRQWR 3URFHGHYD OHQWD IRUVH TXDOFKH RUD GL FDPPLQR DOOH VSDOOH GDO O LQFHGHUH GHO JLRUQR GRSR XQD QRWWH DFFDPSDWD FKLVVj FRPH FRQ GDYDQWLLOEXLRLQVRSSRUWDELOHGLXQYLDJJLRVHQ]DDSSURGR 1RQ DYHYDQR FDUUL Qp EXRL Qp FDYDOOL 6DFFKL VXOOH VSDOOH )LX PDQD GL VFDPSDWL LQRQGD]LRQH GL PLVHULD SHU OH WRUUL VSOHQGLGH GL &REXUJR /DFRORQQDGLXPDQLWjPDVVDFUDWDVWULVFLDYDLQHUPHVFKLDFFLDWD GDOO RUPD JLJDQWHVFD GHO &LHOR 7UDVFLQDUVL VSRVVDWR GL PDVVHUL]LH JHPLWRGLLQIHUPLVRWWREHQGHVXGLFLHDQ]LDQLDGDJLDWLVXOHWWLJKHGL IRUWXQD/LWDQLHLQFHVVDQWLHSLDQWRGLEDPELQLDLQWRQDUHORVWUD]LR 6RORDOFXQHGRQQHSURYDYDQRDGDUHXQDGLUH]LRQHDLFRUSLULVD OLYDQRSL~YROWHTXHOOHILODVFRPSRVWHGDQGRFRQIRUWRDLIHULWLRLQ
FRUDJJLDQGR DG DYDQ]DUH FKL FHGHYD DO SHVR GHOOD VFLDJXUD VHPSUH FRQ SLFFROL DYYLQJKLDWL DOOH VSDOOH DOOH EUDFFLD R LQ JUHPER YROWL WUDJLFLHDOWHUL4XHOODIRU]DLPSHQVDELOHVROHQQHLQIRQGHYDXQDOLWR GL YLWD QHOOD FDUQH VYHQWXUDWD GLFKLVVjTXDOHYLOODJJLRORVWHVVRLQ FRQWUDWR JLRUQL ID R XQ DOWUR R DQFRUD (VLVWHUj XQ EUDQGHOOR GL PRQGRVIXJJLWRDOFDWDFOLVPD" 1HKRVHJXLWRODIDWLFDGHLSDVVLERUGHJJLDQGRTXDOFKHGHFLQDGL PHWUL DOOD GHVWUD SHU XQ WHPSR LPPRELOH HWHUQR 2JQL WDQWR XQR VJXDUGR XQ ODPHQWR LPSORUDQWH PL DWWUDYHUVDYD GD SDUWH D SDUWH &HQWLQDLD GL XRPLQL VRWWRPHVVL D XQ VROR VROGDWR QRQ XQ JHVWR GL GLVSUH]]RQRQXQDFFHQQRGLUHD]LRQH6ILQLWLWXWWLDWWRQLWLGDYDQWL DOODURYLQD$PHIXJJLDVFRVRWWROHVSRJOLHGHOO DVVDVVLQRVLULYRO JHYDODSUHJKLHUDGHL6HQ]DQLHQWH 3RLXQYROWRGLGRQQDURPSHQGRO LQHU]LDPLqYHQXWRLQFRQWUR 9LYR QHOO LPPDQH VWDQFKH]]D VWDFFDQGRVL GDOOD FRORQQD SLDQJHQWH GRSRDYHUDIILGDWRDGDOWUHEUDFFLDLGXHFXFFLROLDIIDPDWLFKHSRUWD YDFRQVp 1RQDEELDPRSL~QXOODVROGDWR6ROROHIHULWHGHJOLVWRUSLHOH ODFULPHGHLQRVWULEDPELQL&RV DOWURDQFRUD" 1RQ KR WURYDWR SDUROH D OHQLUH LO ULPRUVR SHU O LPSRWHQ]D H OD FROSDGLHVVHUHYLYRGLIURQWHDTXHJOLRFFKLILHULFKLRGLFRQILFFDWL QHOODFDUQH'RYHYRVFHQGHUHGDFDYDOORUDFFRJOLHUHLVXRLILJOLGDU OHGHQDURHDLXWR6RFFRUUHUHODPLDJHQWHODVFKLHUDGHJOLHOHWWLUR YLQDWDQHOIDQJRGDFXLYROHYDDIIUDQFDUVL6FHQGHUHHULPDQHUH +RFROSLWRFRQIRU]DLILDQFKLGHOFDYDOOR4XDVLDOODFLHFD
&DSLWROR (OWHUVGRUI)UDQFRQLDJLXJQR
*XDGDJQDUVLLOSDQHqGDYYHURIDWLFRVRHWULVWH/ XRPRVLLQYHQ WDSLHWRVHEXJLHDSURSRVLWRGHOODYRUR(FFRXQ DOWUDHDERPLQHYROH LGRODWULDLOFDQHFKHOHFFDLOEDVWRQHLOODYRUR &HSSR H DVFLD GDO VRUJHUH GHO VROH )DFFLR OHJQD QHO FRUWLOH FKH VHSDUD O RUWRHODVWDOODGDOODFDVDGL9RJHO :ROIJDQJ9RJHOSHUWXWWLSDVWRUHGL(OWHUVGRUIVHJXDFHGL/XWH URSHU+XWXQRWWLPRDLXWRQHOGLIIRQGHUHOLEULRSXVFROLPDQLIHVWL SHU L FRQWDGLQL LQVRUWL ©/HJJLODELEELDª GDO VXR ULWRUQHOOR©2UDFKH 'LRSDUODQHOODYRVWUDOLQJXDGRYHWHLPSDUDUHDOHJJHUHOD%LEELDGD VROL1RQDYHWHSL~ELVRJQRGLGRWWRULª©$OORUDQHDQFKHGLWHF qEL VRJQRª HUD OD ULVSRVWD SL~ IUHTXHQWH FKH FRPXQTXH QRQORVFRUDJ JLDYDPDL ( EUDYR /HJJLODELEELD DFFRJOLHQ]D FDORURVD SDFFDVXOOD VSDOOD LQIRUPDUVLVXFKLqYLYRHFKLqPRUWRHPLULWURYRFRQXQDVFXUHLQ PDQR GDYDQWL D XQD FDWDVWD GL OHJQD 6RQR TXL VROR GD GXHJLRUQLH GHYRJXDGDJQDUPLO RVSLWDOLWj $ %LEUD +XW QRQ F HUD OD VWDPSHULD FKLXVD 0L KDQQR GHWWR FKH HUD SDVVDWR GLOjXQDVHWWLPDQDSULPDPDHUDVXELWRULSDUWLWRSHUOD )UDQFRQLDVHWWHQWULRQDOHDEDWWH]]DUHTXDQWDSL~JHQWHSRWHYD&RPH XQYLDQGDQWHFKHDUULYLDXQRVWHOORLQILDPPHHFKLHGDFRVDF qSHU FHQD4XDQGRKRVDSXWRFKH9RJHOHUDGLQXRYRD(OWHUVGRUI LOWHP SRGLFDPELDUHFDYDOORIDUHSURYYLVWHHVRQRULSDUWLWR (OWHUVGRUI +R XQD VWDQ]D XQ SLDWWR GL PLQHVWUD H XQ QXRYR QR PH*XVWDY0HW]JHU6RQRDQFRUDYLYRHQRQVRFRPH'LULPHWWHUVL LQVWUDGDSHURUDQRQVHQHSDUOD
(OWHUVGRUIHVWDWH
*LRUQDWH OXQJKH LQVRSSRUWDELOL 3XOLUH OD VWDOOD VSDFFDUH OHJQD ULHPSLUHODPDQJLDWRLDGHLSRUFLLQDWWHVDFKHODVFURIDILJOL5DFFR JOLHUHLIUXWWLGHOSLFFRORRUWRDJJLXVWDUHJOLDUQHVLVHPSUHLQSURFLQ WR GL WLUDUH OH FXRLD 0DQVLRQL ULSHWLWLYH SXUD FRD]LRQH GHJOL DUWL VYROWHRJQLJLRUQRSHUDYHUHGLULWWRDXQDFLRWRODGDFDQHGLFRUWLOH ,QWDQWR OH QRWL]LH FKH JLXQJRQR GD IXRUL SDUODQR GL PDVVDFULR YXQTXHODUDSSUHVDJOLDGHLSULQFLSLVLqULYHODWDDOO DOWH]]DGHOODVIL GDFKHDYHYDPRODQFLDWR/HWHVWHGHLFRQWDGLQLUHVWDQREDVVHVXOO D UDWURQRQVRQRSL~TXHOOLFKHKDQQRLPSXJQDWROHIDOFLFRPHVSDGH ,QWXWWRLOSDHVHQRQF qTXDVLQHVVXQRFRQFXLULHVFDDVFDPELDUH GXH SDUROH 9DGR ILQR DO PXOLQR DIDUPDFLQDUHLOJUDQRGL9RJHOH LQFRQWUR TXDOFXQR SHU VWUDGD SRFKH EDWWXWH VXO SDVWRUH :ROIJDQJ O XQLFRGHOYLOODJJLRDGDYHUHIUXPHQWRSHULOPXJQDLR 8QDGHOOHSRFKHFRVHSLDFHYROLGHOODJLRUQDWDVRQROHGLVFXVVLRQL FRQ+HUPDQQXQFRQWDGLQRULQFRJOLRQLWRFKHWLHQHGLHWURDOO RUWRGL 9RJHO 3HU ODYHULWjSDUODTXDVLVROROXLPHQWUHYLEUDFROSLFRQO D VFLDVXLFLRFFKLGLOHJQRSHUFKpRJQXQRGLFHKDOHPDQLFKHVLPH ULWDHOXLqQDWRFKHDYHYDJLjLFDOOLHLGRWWRULQLFRPHPHqPHJOLR FKH WRFFKLQR VROWDQWR OLEUL 6RUULGH ERFFD PH]]D VGHQWDWD H JLXUD FKH TXHVWD JXHUUD O KDQQR YLQWD L SRYHUDFFL FRPH OXL 5DFFRQWD GL TXDQGR KDQQR SUHVR LO FDVWHOOR GHO FRQWH H SHU GLHFL JLRUQL VL VRQR IDWWLVHUYLUHGDOXLHGDLVXRLXRPLQLPHQWUHODQRWWHVLVFRSDYDQROD VLJQRUDHOHILJOLH4XHOODqVWDWDOD ORURJUDQGHYLWWRULDQHVVXQRSXz SHQVDUHGLURYHVFLDUHLSRWHQWLSHUPROWRWHPSRDQFKHSHUFKpVHJR YHUQDVVHUR L FRQWDGLQL H L VLJQRUL ODYRUDVVHUR OD WHUUD VL PRULUHEEH SUHVWR WXWWL TXDQWL GL IDPH FKp RJQXQR KD OH PDQL FKH VL PHULWD (SSXUHSHUXQVLJQRUHOHFFDUHLSLHGLGLXQVHUYRHGRYHUULPHWWHUH LOFRVRGRYHO KDPHVVRXQELIROFRqODSL~DFFHFDQWHGHOOHVFRQILWWH 3HUTXHOOLFRPH+HUPDQQLOSL~VDFURGHLJRGLPHQWL5LGHFRPHXQR VFHPRVSXWDFFKLDQGRWXWW LQWRUQRHSHUIDUJOLDQFRUSL~SLDFHUHJOL GLFRFKHIRUVHLOSURVVLPRFRQWHVDUjSURSULRILJOLRVXRHFKHTXHOOR qXQEHOPRGRGLDEEDWWHUHLSRWHQWLLQTXLQDUJOLODSUROH &RQ9RJHOLQYHFHF qSRFRGDGLVFXWHUHÊXQEUDY XRPRPDQRQ PL SLDFH GLFHFKHLOIDWRHODVXSUHPDYRORQWjGLYLQD KDQQRYROXWR FKH OH FRVH DQGDVVHUR FRVt FKH O RUULELOH PDVVDFUR GL LQHUPL DYHVVH OXRJR FKH O LQVRQGDELOH VXSUHPD SRWHQ]D FL HVRUWD D FRPSUHQGHUH DWWUDYHUVR L VXRL VHJQL DQFKH TXHOOL WUDJLFL R IXQHVWL FKH QRQ q OD YRORQWjGHJOLXRPLQLDQFKHTXHOOLJLXVWLHPHULWHYROLGHOUHJQRVXI
ILFLHQWH D UHDOL]]DUH OD VXD SURPHVVD LQ WHUUD &KH VL IRWWD 9RJHO H FRQOXLOHSURPHVVHHWXWWRLOUHVWR
$GHVVRPLYROWRTXDQGRPLFKLDPDQR*XVWDYPLVRQRDELWXDWRD XQQRPHFKHQRQqSL~PLRGLTXDOXQTXHDOWUR
/D VHUD OD OXFH GHOOH FDQGHOH EDVWD DSSHQD SHU OHJJHUH TXDOFKH SDJLQDGHOOD%LEELD/DPLDVWDQ]DSDUHWLGLOHJQRXQDEUDQGDXQR VJDEHOORHXQWDYROR6RSUDLOWDYRORODVDFFDGHO0DJLVWHUXQJUX PRLQIRUPHGLIDQJRLQFURVWDWR1HVVXQRO KDSL~VSRVWDWDGDOt 1RQ F q SL~ QLHQWH QLHQWH ROWUH TXHOOD VDFFD SRUWDWD ILQ TXL GD )UDQNHQKDXVHQDULFRUGDUPLOHSURPHVVHPDQFDWHHLOSDVVDWR1LHQ WH FKH YDOJD LO ULVFKLR GL HVVHUH FRQVHUYDWR $YUHL GRYXWR EUXFLDUOD VXELWR PD RJQL YROWD DYYLFLQDUVL SHU DIIHUUDUOD HUD FRPH ULWURYDUVL LQFLPDDTXHOODVFDODHVHQWLUHLOSHVRFKHWLUDYDJL~PHQWUHDEEDQ GRQDYRLO0DJLVWHUDOVXRGHVWLQR 3HUODSULPDYROWDODDSUR4XDVLVLVEULFLRODWUDOHPDQL/HOHWWH UH FL VRQR DQFRUD WXWWH PD O XPLGLWj OH KDPDQJLDWHHLPSXWULGLWH, IRJOLVLWHQJRQRLQVLHPHDIDWLFD $OPDJQLILFRPDHVWURQRVWURPHVVHU7KRPDV0QW]HUGH4XHGOL EXUFN LO VDOXWR GHL FRQWDGLQL GHOOD )RUHVWD 1HUD H GL +DQV 0OOHU YRQ %XOJHQEDFKULEHOODWLVLDOO XQLVRQRHFRQODIRU]DDOWXUSLVVLPR VLJQRUH6LJPXQGYRQ/XSIHQFROSHYROHGLDYHUDIIDPDWRHYHVVDWRL VXRLVHUYLHOHORURIDPLJOLHLQYHUQRGRSRLQYHUQRULGXFHQGROLDOOD GLVSHUD]LRQH 0DHVWUR QRVWUR VFULYR SHU LQIRUPDU9L FKH XQDVHWWLPDQDqWUD VFRUVD GD TXDQGR L QRVWUL GRGLFL DUWLFROL VRQR VWDWL SUHVHQWDWL DO &RQVLJOLR GHOOD FLWWj GL 9LOOLQJHQ LO TXDOH KD ULVSRVWR SURQWDPHQWH DFFRJOLHQGRVRORDOFXQHGHOOHULFKLHVWHLQHVVLFRQWHQXWH8QDSDUWH GHL FRQWDGLQL KD TXLQGL ULWHQXWR GL QRQ SRWHU RWWHQHUH GL SL~ H KD VFHOWRGLULWRUQDUHDOOHSURSULHFDVH0DXQDSDUWHQRQHVLJXDGLHV VLKDLQYHFHGHFLVRGLSURVHJXLUHODSURWHVWD,RVWHVVRVWRFHUFDQGR GLUDJJLXQJHUHLFRQWDGLQLGHLWHUULWRULYLFLQLSHUWURYDUHULQIRU]LLQ TXHVWD JLXVWD ORWWD H 9L VFULYR FRQ OD IUHWWD GL FKL KD JLj XQ SLHGH QHOODVWDIIDFHUWRFKHQRQYLYHDOWURXRPRLQWXWWDOD*HUPDQLDSL~
SURQWR GL 9RL D JLXVWLILFDUH OD PLD FRQFLVLRQH H VSHUDQGR GL FXRUH FKHTXHVWDPLVVLYDSRVVDUDJJLXQJHU9L &KH'LR9LDFFRPSDJQLVHPSUH O DPLFRGHLFRQWDGLQL +DQV0OOHUYRQ%XOJHQEDFK 'L9LOOLQJHQLOJLRUQRGLQRYHPEUHGHOO DQQR
0OOHU SUREDELOPHQWH PRUWR $YUHL YROXWR FRQRVFHUOR DOORUD ( QRQ q SDVVDWR XQ DQQR 8Q DQQR FKH DGHVVR VHPEUD GDOO DOWUD SDUWH GHOPRQGRFRPHOHVXHSDUROH/ DQQRLQFXLWXWWRqVWDWRSRVVLELOH VHPDLGDYYHURORq VWDWR 3HVFRDQFRUDQHOODVDFFD8QIRJOLRJLDOORHVEULQGHOODWR $O0DHVWURGHLFRQWDGLQLVLJQRU7KRPDV0QW]HUGLIHQVRUHGHO OD IHGH FRQWUR JOL HPSL SUHVVR OD FKLHVD GL 1RVWUD 6LJQRUD LQ 0 KOKDXVHQ 0DHVWURQRVWURLOJLRUQRGHOODVDQWD3DVTXDDSSURILWWDQGRGHO O DVVHQ]D GHO FRQWH /XGZLJ L FRQWDGLQL KDQQR GDWR O DVVDOWR DO FD VWHOOR GL +HOIHQVWHLQ H GRSR DYHUOR GHSUHGDWR H DYHU FDWWXUDWR OD FRQWHVVDHLILJOLVLVRQRGLUHWWLYHUVROHPXUDGHOODFLWWj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j ,QTXHVWRJLRUQRGL3DVTXDLO&ULVWRUHVXVFLWDGDLPRUWLSHUUDY YLYDUH OR VSLULWR GHJOL XPLOL H ULDQLPDUH LO FXRUH GHJOL RSSUHVVL ,V &KHODJUD]LDGL'LRQRQYLDEEDQGRQL LOFDSLWDQRGHOOHVFKLHUHFRQWDGLQHGHO1HFNDUHGHOO 2GHQZDOG -lNOHLQ5RKUEDFK 'L:HLQVEHUJLOJLRUQRDSULOHGHOO DQQR
6WULQJR LO IRJOLR DPPXIILWR &RQRVFR TXHVWD OHWWHUD 0DJLVWHU 7KRPDVODOHVVHDGDOWDYRFHSHUULFRUGDUHDWXWWLFKHLOPRPHQWRGHO ULVFDWWR HUD YLFLQR /D VXD YRFH LO IXRFR FKH KD LQFHQGLDWR OD *HU PDQLD
/DGRWWULQDLOSDQWDQR
&DSLWROR :LWWHQEHUJ6DVVRQLDDSULOH
&LWWjGLPHUGD:LWWHQEHUJ0LVHUDELOHSRYHUDIDQJRVD8QFOL PDLQVDOXEUHHDVSURVHQ]DYLJQHWLQpIUXWWHWLXQDELUUHULDIXPRVDH JHODWD&KHFRVDF qD:LWWHQEHUJVHWRJOLLOFDVWHOORODFKLHVDHO X QLYHUVLWj" 9LFROL VXGLFL VWUDGH SLHQH GL PRWDXQDSRSROD]LRQHEDU EDUDGLFRPPHUFLDQWLGLELUUDHGLULJDWWLHUL 6LHGRQHOFRUWLOHGHOO XQLYHUVLWjFRQTXHVWLSHQVLHULFKHDIIROODQR ODWHVWDPDQJLDQGRXQEUHW]HODSSHQDVIRUQDWR/RULJLURWUDOHPDQL SHU UDIIUHGGDUOR PHQWUH RVVHUYR LO ELYDFFR VWXGHQWHVFR FKH FRQQRWD TXHVW RUDGHOODJLRUQDWD)RFDFFHH]XSSHLFROOHJKLDSSURILWWDQRGHO VROH WLHSLGR H SUDQ]DQR DOO DSHUWR LQ DWWHVD GHOOD SURVVLPD OH]LRQH $FFHQWLGLYHUVLPROWLGLQRLYHQJRQRGDLSULQFLSDWLYLFLQLPDDQFKH GDOO 2ODQGDGDOOD'DQLPDUFDGDOOD6YH]LDUDPSROOLGLPH]]RPRQ GRDFFRUURQRTXLSHUDVFROWDUHODYLYDYRFHGHO0DHVWUR0DUWLQ/X WHUR OD VXD IDPD q YRODWD VXOOH DOL GHO YHQWR DQ]L VXL WRUFKL GHJOL VWDPSDWRULFKHKDQQRUHVRIDPRVRTXHVWRSRVWR ILQRDXQSDLRG DQ QLIDGLPHQWLFDWRGD'LRHGDJOLXRPLQL*OLHYHQWLJOLHYHQWLSUH FLSLWDQR 1HVVXQR DYHYD PDL VHQWLWR QRPLQDUH :LWWHQEHUJ H DGHVVR DUULYDQRVHPSUHSL~QXPHURVLVHPSUHSL~JLRYDQLSHUFKpFKLYXROH SDUWHFLSDUHDOO LPSUHVDGHYHVWDUHTXLQHOSDQWDQRSL~LPSRUWDQWHGL WXWWD OD &ULVWLDQLWj ( IRUVH q YHUR TXL VL VWD VIRUQDQGR LO SDQH FKH LPSHJQHUjLGHQWLGHO3DSD8QDQXRYDJHQHUD]LRQHGLGRWWRULHWHR ORJLFKHOLEHUHUDQQRLOPRQGRGDJOLDUWLJOLFRUURWWLGL5RPD (FFRORFKHDYDQ]DSRFKLDQQLSL~GLPHODEDUEDDSSXQWLWDPD JURHVFDYDWRFRPHVRORLSURIHWLSRVVRQRHVVHUH0HODQWRQHODFR ORQQDGLVDSLHQ]DFODVVLFDFKHLOSULQFLSH)HGHULFRKDYROXWRDIILDQ FDUH D /XWHUR SHU GDUH SUHVWLJLR DOO XQLYHUVLWj /H VXH OH]LRQL VRQR EULOODQWL DOWHUQD FLWD]LRQL GD $ULVWRWHOH D SDVVL GHOOH 6FULWWXUH FKH SXz OHJJHUHLQHEUDLFRFRPHDWWLQJHVVHGDXQSR]]RLQHVDXULELOHGL FRQRVFHQ]D$OVXRILDQFRLOUHWWRUH&DUORVWDGLRO ,QWHJHUULPRSDU FRQHOYHVWLUHTXDOFKHDQQREHQSRUWDWRLQSL~'LHWUR$PVGRUIHLO ILGR )UDQ] *QWKHU FRPH FXFFLROL OHJDWL D XQ JXLQ]DJOLR LQYLVLELOH $QQXLVFRQRHEDVWD
&DUORVWDGLR H 0HODQWRQH GLVFXWRQR SDVVHJJLDQGR 1HJOL XOWLPL WHPSL DFFDGH VSHVVR 6L FRJOLH TXDOFKH IUDVH EUDQGHOOL GL ODWLQR D YROWH PD O DUJRPHQWR UHVWD RVFXUR /XQJR L PXUL GHOO XQLYHUVLWj OD FXULRVLWjFUHVFHFRPHXQUDPSLFDQWHOHPHQWLJLRYDQLEUDPDQRQXR YHTXHVWLRQLVXFXLVDJJLDUH]DQQHGDODWWH 6L VLHGRQR VX XQ JUDGLQR SURSULR GL IURQWH D PH GDOO DOWUD SDUWH GHO FRUWLOH &RQ ILQWD LQGLIIHUHQ]D FDSDQQHOOL GL VWXGHQWL SUHQGRQR IRUPDWXWW LQWRUQR/DYRFHHIHELFDGL0HODQWRQHPLUDJJLXQJH&RVt DFFDWWLYDQWHLQDXODTXDQWRVWULGXODTXLIXRUL HGRYUHVWLFRQYLQFHUWHQHXQDYROWDSHUWXWWHPLREXRQ&DUOR VWDGLRQRQFLVRQRSDUROHSL~OLPSLGHGLTXHOOHGHOO DSRVWROR©&LD VFXQRVWLDVRWWRPHVVRDOOHDXWRULWjFRVWLWXLWHSHUFKpQRQF qDXWRULWj VHQRQGD'LRHTXHOOHFKHHVLVWRQRVRQRVWDELOLWHGD'LRTXLQGLFKL VL RSSRQH DOO DXWRULWj VL RSSRQH DOO RUGLQH VWDELOLWR GD 'LRª 4XHVWR VFULYH6DQ3DRORQHOOD /HWWHUDDL5RPDQL 'HFLGRGLDO]DUPLHGLXQLUPLDJOLDOWULVSHWWDWRULSURSULRPHQWUH &DUORVWDGLRULEDWWH Ê ULGLFROR SHQVDUH FKH TXHO FULVWLDQR SHU LO TXDOH VHFRQGR OD SDUROD GHOOR VWHVVR 6DQ 3DROR ©OD OHJJH q PRUWDª OD OHJJH PRUDOH GDWDGD'LRDJOLXRPLQLGHEEDREEHGLUHFLHFDPHQWHDOOHOHJJLVSHVVR LQJLXVWH IDWWH GDJOL XRPLQL &ULVWR GLFH ©5HQGHWH D &HVDUH TXHOOR FKH q GL &HVDUH H D 'LR TXHOOR FKH q GL 'LRª , *LXGHL XVDYDQR OD PRQHWD GL &HVDUH ULFRQRVFHQGRO DXWRULWjURPDQD4XLQGLHUDJLXVWR FKH DFFHWWDVVHUR DQFKH WXWWL TXHJOL REEOLJKL FLYLOL FKHQRQSUHJLXGL FDYDQR TXHOOL UHOLJLRVL ,Q TXHVWR PRGR&ULVWRFRQOHVXHSDUROHGL VWLQJXH LO FDPSR SROLWLFR GD TXHOOR UHOLJLRVR H DFFHWWD OD IXQ]LRQH GHOO DXWRULWj FLYLOH PD VROR D FRQGL]LRQH FKH QRQ VL VRYUDSSRQJD D 'LRFKHQRQVLPHVFROLD/XL4XDQGRLQIDWWLVLVRVWLWXLVFHD'LRQRQ SURPXRYHSL~LOEHQHFRPXQHPDUHQGHVFKLDYRO XRPR5LFRUGDLO 9DQJHORGL/XFD©$GRUHUDLLO6LJQRUH'LRWXRHVHUYLUDLOXLVRORª / DULD VL q IDWWD SL~ SHVDQWH RUHFFKLH WHVH H VJXDUGL FKH VDOWDQR GDXQDSDUWHDOO DOWUD6LqIRUPDWDXQ DUHQDXQVHPLFHUFKLRSHUIHWWR GL VWXGHQWL FRPH VH TXDOFXQR DYHVVH GHOLPLWDWR FRO JHVVR LO FDPSR GHOOR VFRQWUR *QWKHU VWD LQ SLHGL ]LWWR YDOXWDQGR GD FKH SDUWH FRQYHUUjVFKLHUDUVL$PVGRUIKDJLjVFHOWRODVXDQHOPH]]R 0HODQWRQHVFXRWHODWHVWDHVWUL]]DJOLRFFKLDFFHQQDQGRXQVRUUL VRPDJQDQLPR0RVWUDVHPSUHO DWWHJJLDPHQWRGLXQSDGUHFKHVSLH JDDOILJOLRFRPHVWDQQROHFRVH&RPHVHODVXDPHQWHFRPSUHQGHV VHODWXDUDFFKLXGHQGRODDYHQGRJLjFDSLWRWXWWRTXHOORFKHWXFDSL UDLGDTXLDOODILQHGHLWXRLJLRUQL
*XDUGDFRPSLDFLXWRLOSXEEOLFRKDGLIURQWHDVpOD1XRYD&UL VWLDQLWj0LVXUDOHSDUROHOHSHVDVXOODVWDGHUDSULPDGLULEDWWHUH 'HYLVFDYDUHSL~DIRQGR&DUORVWDGLRQRQIHUPDUWLDOODVXSHU ILFLH ,O VHQVR GHO ©GDWH D &HVDUHª q EHQ GLYHUVR &ULVWR GLVWLQJXH WUDLGXHDPELWLTXHOORGHOO DXWRULWjFLYLOHHTXHOORGL'LRqYHUR0D OR ID SHUFKp DSSXQWR D FLDVFXQD GHOOH GXH YHQJD GDWR FLz FKH OH VSHWWD JLDFFKp OHGXH IRUPH GL DXWRULWj VRQR VSHFXODUL 4XHVWD q OD YRORQWjGHO6LJQRUH6DQ3DRORVWHVVRFLKDVSLHJDWRTXHVWRFRQFHWWR (JOL GLFH ©GRYHWH SDJDUH L WULEXWL SHUFKp TXHOOL FKH VRQR GHGLWL D TXHVWR FRPSLWR VRQR IXQ]LRQDUL GL 'LR 5HQGHWHDFLDVFXQRFLzFKH JOLqGRYXWRDFKLLOWULEXWRLOWULEXWRDFKLOHWDVVHOHWDVVHDFKLLO WLPRUHLOWLPRUHDFKLLOULVSHWWRLOULVSHWWRª,QROWUHPLREXRQDPL FRVHLIHGHOLVLFRPSRUWDQRRQHVWDPHQWHQRQKDQQRQXOODGDWHPHUH GDOOH DXWRULWj DQ]L QH VDUDQQR ORGDWL &KL LQYHFH FRPSLH D]LRQL PDOYDJLH GHYH WHPHUH SHUFKp VH LO VRYUDQR SRUWD OD VSDGD F q XQ PRWLYRHJOLqDOVHUYL]LRGL'LRSHUSXQLUHJLXVWDPHQWHFKLRSHUDLO PDOH &DUORVWDGLR OHQWR FRUUXFFLDWR 0D FKL SXQLUj LO VRYUDQR FKH QRQRSHUDRQHVWDPHQWH" 0HODQWRQH VLFXUR ©1RQ IDWHYL JLXVWL]LD GD YRL VWHVVL FDULVVL PLPDODVFLDWHIDUHDOO LUDGLYLQDª,O6LJQRUHGLFH©$PHODYHQGHW WDVRQRLRFKHULFDPELHUzª/ DXWRULWjLQJLXVWDqSXQLWDGD'LR&DU ORVWDGLR'LR O KDSRVWDVXOODWHUUD'LRSXzGLVWUXJJHUOD1RQVSHWWD D QRL FRQWUDSSRUFL D HVVD ( GHO UHVWR TXDOL SDUROH SL~ OLPSLGH GL TXHOOHGHOO DSRVWROR©%HQHGLWHFRORURFKHYLSHUVHJXLWDQRª" &DUORVWDGLR &HUWR 0HODQWRQH FHUWR 1RQ GLFR FKH QRQ GRE ELDPR DPDUH DQFKH L QRVWUL QHPLFL PD FRQYHUUDL FRQ PH FKH GRE ELDPRDOPHQRJXDUGDUFLGDFRORURFKHVHGXWLVXOODFDWWHGUDGL0RVq VHUUDQRLOUHJQRGHLFLHOLLQIDFFLDDJOLXRPLQL 3DGUHEXRQR 0HODQWRQH , IDOVL SURIHWL PLR EXRQ &DUORVWDGLR TXHOOL VRQR L IDOVL SURIHWL ( LO PRQGR QH q SLHQR 3HUILQR TXL LQ TXHVWROXRJRGLVWXGLRJUD]LDWRGDO6LJQRUH3HUFKpqWUDLVDSLHQWL FKHVLDQQLGDO DOWHULJLDODSUHVXQ]LRQHGLPHWWHUHLQERFFDOHSDUROH DO 6LJQRUH SHU LQQDO]DUH OD SURSULD IDPD SHUVRQDOH 0D (JOL FL KD GHWWR©'LVWUXJJHUzODVDSLHQ]DGHLVDSLHQWLHDQQXOOHUzO LQWHOOLJHQ]D GHJOLLQWHOOLJHQWLª1RLVHUYLDPR'LRHFRPEDWWLDPRSHUODYHUDIHGH FRQWURODFRUUX]LRQHVHFRODUH1RQGLPHQWLFDUOR&DUORVWDGLR 8QFROSREDVVRVOHDOH8QYHORGLGHEROH]]DO RPEUDGHOFRQIOLW WRFKHORURGHVLSRVDVXOODILJXUDGHOUHWWRUH6HPEUDFRQIXVRSRFR FRQYLQWR PD DFFXVD OD IHULWD 0HODQWRQH q LQ SLHGL KD LQVLQXDWR LO
GXEELRQRQUHVWDFKHGDUHLOFROSRGLJUD]LD ,QTXHOPRPHQWRXQDYRFHVLDO]DGDOODSODWHD8QDYRFHIHUPD FKLDUDFKHQRQSXzDSSDUWHQHUHDXQRVWXGHQWH ©*XDUGDWHYLGDJOLXRPLQLSHUFKpYLFRQVHJQHUDQQRDLORURWUL EXQDOL H YL IODJHOOHUDQQR QHOOH ORUR VLQDJRJKH H VDUHWH FRQGRWWL GD YDQWLDLORURJRYHUQDWRULHDLUHSHUFDXVDPLDSHUGDUHWHVWLPRQLDQ ]DDORURHDLSDJDQLª)RUVHFKHLOQRVWUR0DHVWUR/XWHURKDWLPRUH GLSUHVHQWDUVLDOFRVSHWWRGHOO DXWRULWjSHUHVVHUHJLXGLFDWRGDLWULEX QDOL"1RQYLEDVWDODVXDWHVWLPRQLDQ]DSHUFDSLUH"4XHOORGL/XWHUR q LO JULGR FKH VL DO]D GDL FDPSL H GDOOH PLQLHUH FRQWUR FKL KD IDWWR VFHPSLR GHOOD YHUD IHGH ©&ROXL FKH YLHQH GDOO DOWR q DO GL VRSUD GL WXWWLPDFKLYLHQHGDOODWHUUDDSSDUWLHQHDOODWHUUDHSDUODGHOODWHU UDª /XWHUR FL KD LQGLFDWR OD YLD TXDQGR O DXWRULWj GHJOL XRPLQL VL RSSRQHDOODWHVWLPRQLDQ]DLOYHURFULVWLDQRKDLOGRYHUHGLDIIURQWDU OD *XDUGLDPRLOYROWRGLFKLKDDSSHQDSDUODWR/RVJXDUGRqDQFRU SL~GXURHGHFLVRGHOOHSDUROH1RQVLGLVWRJOLHPDLGD0HODQWRQH 0HODQWRQH6WUL]]DJOLRFFKLGHJOXWHQGRODUDEELDVWXSLWR4XDO FXQRJOL KDUXEDWRODSDUROD'XHULQWRFFKL&KLDPDQRDOODOH]LRQHGL /XWHUR6LGHYHDQGDUH 6LOHQ]LRHWHQVLRQHVLVFLROJRQRQHOEUXVLRGHJOLVWXGHQWLLPSUHV VLRQDWLGDOODGLVSXWDHQHOOHIUDVLGLFLUFRVWDQ]DGL$PVGRUI 7XWWLIOXLVFRQRYHUVRLOIRQGRGHOFRUWLOH0HODQWRQHQRQVLPXR YH JOL RFFKL SLDQWDWL VX FKL JOL KD VWUDSSDWR XQD YLWWRULD FHUWD 6L IURQWHJJLDQR D GLVWDQ]D ILQFKp TXDOFXQR QRQ SUHQGH LO SURIHVVRUH VRWWR EUDFFLR SHU DFFRPSDJQDUOR DOO DXOD 3ULPD GL DQGDUH LO WRQR GHOOD YRFH q XQD SURPHVVD $YUHPR RFFDVLRQH GL SDUODUH DQFRUD 6LFXUDPHQWH 1HO FRUULGRLR DIIROODWR FKH SUHFHGH O DXOD GRYH FL DWWHQGH LO VRPPR /XWHUR DIILDQFR LO PLR DPLFR 0DUWLQ %RUUKDXV FKH WXWWL FKLDPLDPR&HOODULRDQFKHOXLHFFLWDWRGDOO HYHQWR $ YRFH EDVVD +DL YLVWR OD IDFFLD GL 0HODQWRQH" 0HVVHU /LQJXDWDJOLHQWHORKDWRFFDWR6DLFKLq" 6LFKLDPD0QW]HU7KRPDV0QW]HU9LHQHGD6WROEHUJ
/ RFFKLRGL&DUDID
/HWWHUD LQYLDWD D 5RPD GDOOD FLWWj GL :RUPV VHGH GHOOD 'LHWD LPSHULDOHLQGLUL]]DWDD*LDQSLHWUR&DUDIDGDWDWDPDJJLR $OO LOOXVWULVVLPR H UHYHUHQGLVVLPR VLJQRUH H SDGURQH RQRUDQGLV VLPR*LRYDQQL3LHWUR&DUDIDLQ5RPD
,OOXVWULVVLPRHUHYHUHQGLVVLPRVLJQRUHHSDGURQHPLRRQRUDQGLV VLPR VFULYR D 9RVWUD 6LJQRULD D SURSRVLWR GL XQ DYYHQLPHQWR JUDYLV VLPRHPLVWHULRVR0DUWLQ/XWHURqVWDWRUDSLWRGXHJLRUQLIDPHQWUH IDFHYDULWRUQRD:LWWHQEHUJFRQLOVDOYDFRQGRWWRLPSHULDOH 4XDQGR(OODPLKDFRPPLVVLRQDWRGLVHJXLUHLOPRQDFRDOOD'LH WDLPSHULDOHGL:RUPVQRQPLKDIDWWRSDURODGLDOFXQGLVHJQRGLWDO JHQHUH VH F q TXDOFRVD FKH VL q VRWWUDWWR DOOD PLD DWWHQ]LRQH H FKH GRYUHL VDSHUH DWWHQGRFRQDQVLDFKHOD6LJQRULD9RVWUDYRJOLDPHW WHUQHDFRQRVFHQ]DLOVXRVHUYLWRUH6HFRPHFUHGROHPLHLQIRUPD ]LRQL QRQ HUDQR PDQFKHYROLDOORUDSRVVRDIIHUPDUHFKHXQDPLQDF FLD RVFXUD H JUDYLVVLPD LQFRPEH VXOOD *HUPDQLD 3HUWDQWR ULWHQJR HVVHQ]LDOHFRPXQLFDUHD96TXDOLVRQRVWDWLLPRYLPHQWLGL/XWHUR HLQWRUQRDOXLQHLJLRUQLGHOOD'LHWDHTXDOHqVWDWRLOFRPSRUWDPHQWR GHOVXRVLJQRUHLO3ULQFLSH(OHWWRUHGL6DVVRQLD)HGHULFR ,OPDUWHGtGLDSULOHDOO RUDGHOSUDQ]RODJXDUGLDGLFLWWjSRVWD VXOODWRUUHGHOGXRPRKDGDWRDVXRQRGLWURPEDLOVHJQDOHFRQVXHWR SHUO DUULYRGLXQRVSLWHGLULJXDUGR/DQRWL]LDGHOO DUULYRGHOPRQD FR VL HUD JLj GLIIXVD LQ PDWWLQDWD H PROWH SHUVRQH JOL HUDQR DQGDWH LQFRQWUR /D VXD PRGHVWD YHWWXUD SUHFHGXWD GDOO DUDOGR LPSHULDOH HUD VHJXLWD GD XQ FHQWLQDLR GL SHUVRQH D FDYDOOR 8QD JUDQGH IROOD LQJRPEUDYDODVWUDGDFRVtGDLPSHGLUHDOFRUWHRGLSURFHGHUHVSHGL WDPHQWH3ULPDGLHQWUDUHDOO DOEHUJR-RKDQQLWHUKRIWUDOHDOLGLIROOD /XWHURKDJXDUGDWRLQWRUQRFRQRFFKLGLLQGHPRQLDWRJULGDQGR©'LR VDUj SHU PHª $ SRFD GLVWDQ]D DOO DOEHUJR GHO &LJQR DYHYD SUHVR VWDQ]DLO3ULQFLSH(OHWWRUHGL6DVVRQLDFROVXRVHJXLWR)LQGDOOHSUL PH RUH GHOOD VXD UHVLGHQ]D FRPLQFLz XQ DQGDUH H YHQLUH GL SLFFROD QRELOWjERUJKLJLDQLHPDJLVWUDWLPDQHVVXQRGHLSHUVRQDJJLSL~LP
SRUWDQWL GHOOD 'LHWD KD LQWHVR FRPSURPHWWHUVL YLVLELOPHQWH FRQ LO PRQDFR (FFHWWR LO JLRYDQLVVLPR ODQJUDYLR )LOLSSR G $VVLD FKH KD VRWWRSRVWR D /XWHUR VRWWLOL TXHVWLRQL ULJXDUGDQWL L FRVWXPL VHVVXDOL QHOOD%DELORQLFDULFHYHQGRGDTXHVWLXQVHYHURUDEEXIIR/RVWHVVR SULQFLSH)HGHULFRORYLGHVROWDQWRQHOOHVHGXWHSXEEOLFKH 'HOUHVWRQRQQHOOHVHGXWHSXEEOLFKHGHOHGLDSULOHVLVRQR VYROWL L YHUL QHJR]L TXDQWR QHOOH FRQYHUVD]LRQL SULYDWH H LQ DOFXQL DYYHQLPHQWL FKH VRQR DFFDGXWL GXUDQWH OD SHUPDQHQ]D GL /XWHUR D :RUPV&RPHOD6LJQRULD9RVWUDJLjVDSUjQRQRVWDQWHO DYYHUVLRQH QXWULWDGDOJLRYDQH,PSHUDWRUH&DUORQHLFRQIURQWLGHOPRQDFRHGHO OH VXH WHVL OD 'LHWD QRQ q ULXVFLWD D IDUOR ULWUDWWDUH Qp D SUHQGHUH L JLXVWLSURYYHGLPHQWLSULPDFKHJOLDYYHQLPHQWLSUHFLSLWDVVHUR4XH VWRDFDXVDGHOOHPDQRYUHDELOPHQWHRUFKHVWUDWHGDDOFXQLPLVWHULRVL VRVWHQLWRULGL/XWHURWUDLTXDOLFUHGRGLSRWHUDQQRYHUDUHO (OHWWRUH GL6DVVRQLDDQFKHVHQRQq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q VWDWD DSSURYDWR FRQ TXDWWUR YRWL VX VHL / (OHWWRUH GL 6DVVRQLD FHUWDPHQWH KD YRWDWR FRQWUR H TXHVWD q VWDWD ODVXDSULPDHXQLFDPDQLIHVWD]LRQHDSHUWDLQIDYRUHGL/XWHUR /DQRWWHGHO©VRQRVWDWLSHUzDIILVVLGDLJQRWLLQ:RUPVGXH PDQLIHVWLLOSULPRFRQWHQHYDPLQDFFHFRQWUR/XWHURLOVHFRQGRGL FKLDUDYD FKH QRELOL VL HUDQR LPSHJQDWL FRQ JLXUDPHQWR D QRQ DEEDQGRQDUH LO ©JLXVWR /XWHURª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
,OHGXQTXH/XWHURqVWDWRHVDPLQDWRGDXQDFRPPLVVLR QHQRPLQDWDGDOO ,PSHUDWRUHSHUO RFFDVLRQHHFRPHIRUVHOD69JLj VDSUjKDFRQWLQXDWRDULILXWDUHODSURSRVWDGLXQDULWUDWWD]LRQH&LR QRQRVWDQWHLOVXRFROOHJDGL:LWWHQEHUJFKHORDYHYDDFFRPSDJQDWR DOOD'LHWD$PVGRUIKDVSDUVRODYRFHFKHVLHUDYLFLQLDXQDFFRUGR FRQFLOLDWRULRWUD/XWHUROD6DQWD6HGHHO ,PSHUDWRUH3HUFKp6LJQR UHPLRLOOXVWULVVLPR",RFUHGRDQFRUDGLHWURVXJJHULPHQWRGHOO (OHW WRUH)HGHULFRSHUJXDGDJQDUHDOWURWHPSR 'LFRQVHJXHQ]DWUDLOHLOVLqDYXWDXQDJUDQGHDOWHUQDQ ]DGLPHGLDWRULSHUULFRPSRUUHODURWWXUDWUD/XWHURHOD6DQWD6HGH UDSSUHVHQWDWDTXLD:RUPVGDOO DUFLYHVFRYRGL7UHYLUL ,OVLqWHQXWRXQLQFRQWURSULYDWRVHQ]DWHVWLPRQLWUD/XWHUR H O DUFLYHVFRYR GL 7UHYLUL FKH FRPH HUD SUHYHGLELOH KD YDQLILFDWD WXWWD OD GLSORPD]LD GHL GXH JLRUQL SUHFHGHQWL 3ULYDWDPHQWH /XWHUR FRPH JLj DYHYD SDOHVDWR GXUDQWH OH VHGXWH GHOOD 'LHWD DO FRVSHWWR GHOO ,PSHUDWRUH KD ULILXWDWR ©SHU FRVFLHQ]Dª GL ULWUDWWDUH OH VXH WHVL 6LqVDQFLWDTXLQGLXQDURWWXUDLQFROPDELOHHGHILQLWLYD,QTXHOOHRUH SHU OH VWUDGH GHOOD FLWWj FRUUHYDQR YRFL GL XQ LPPLQHQWH DUUHVWR GL /XWHUR /DVHUDGHOOR VWHVVRJLRUQRVRQRVWDWHQRWDWHGXHILJXUHDYYROWH QHLPDQWHOOLUHFDUVLQHOODVWDQ]DGL/XWHUR/ DOEHUJDWRUHOLKDULFRQR VFLXWLFRPH)HLOLW]VFKH7KXQLFRQVLJOLHULGHO3ULQFLSH(OHWWRUH)H GHULFR &RVD q VWDWR DSSURQWDWR GXUDQWH TXHOO LQFRQWUR QRWWXUQR" /D 69SRWUjIRUVHWURYDUHULVSRVWDQHJOLDYYHQLPHQWLGHLJLRUQLVXFFHV VLYL /DPDWWLQDGHOJLRUQRVHJXHQWHLO/XWHURKDODVFLDWRVHQ]D UXPRUHODFLWWjGL:RUPVFRQXQDSLFFRODVFRUWDGLQRELOLVXRLVLP SDWL]]DQWL/ LQGRPDQLHUDD)UDQFRIRUWHLOD)ULHGEHUJ4XLHJOL KDLQGRWWRO DUDOGRLPSHULDOHDODVFLDUORSURVHJXLUHGDVROR,OPDJ JLR/XWHURKDDEEDQGRQDWRODVWUDGDPDHVWUDHKDSURVHJXLWRLOYLDJ JLR SHU YLH VHFRQGDULH DGGXFHQGR FRPHPRWLYD]LRQHDOPXWDPHQWR GL LWLQHUDULR XQD YLVLWD DLVXRL SDUHQWL SUHVVR OD FLWWj GL 0|KUD +D DQFKH LQGRWWR L VXRL FRPSDJQL GL YLDJJLR D SURVHJXLUH GLUHWWDPHQWH LQ XQ DOWUD FDUUR]]D , WHVWLPRQL GLFRQR FKH TXDQGR KD ULSUHVR LO YLDJJLR GD 0|KUD HUD VROR QHOOD YHWWXUD FRQ $PVGRUI H LO FROOHJD 3HW]HQVWHLQHU 'RSRTXDOFKHRUDODFDUUR]]DqVWDWDIHUPDWDGDDOFXQL XRPLQL D FDYDOOR L TXDOL KDQQR GRPDQGDWR DO FRQGXFHQWH FKL IRVVH /XWHURHULFRQRVFLXWRORORKDQQRSUHVRFRQODIRU]DHWUDVFLQDWRYLD FRQORURQHOODPDFFKLD $OOD 6LJQRULD 9RVWUD ULVXOWHUj HYLGHQWH FRPH QRQ VLD SRVVLELOH
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j DOOD FRQFOX VLRQHGHOVXRVHUYLWRUH6LUHVSLUDO DULDGHOODEDWWDJOLDPLR6LJQRUH HODIDPDGL/XWHURFUHVFHRJQLJLRUQRGLSL~/DQRWL]LDGHOVXRUD SLPHQWR KD VFDWHQDWR SDQLFR H DJLWD]LRQH LQGLFLELOL $QFKH FKL QRQ FRQGLYLGHOHVXHWHVLULFRQRVFHRUPDLLQOXLXQDYRFHDXWRUHYROHGHO ODULIRUPDGHOOD&KLHVD8QDJUDQGHJXHUUDUHOLJLRVDqLQSURFLQWRGL VFDWHQDUVL,VHPLFKH/XWHURKDVSDUVLUDSLWRGDOO LPSHWRGHOODFRQ YLQ]LRQH VWDQQR SHU GDUH L ORUR IUXWWL 'LVFHSROL DQVLRVL GL SDVVDUH DOO D]LRQHVLSUHSDUDQRD WUDUUHFRQLQWUHSLGDORJLFDOHFRQVHJXHQ]H GHL VXRL SHQVLHUL 6H OD VLQFHULWj q XQD YLUW~ OD 6LJQRULD 9RVWUD PL FRQVHQWLUj IRUVH GL DIIHUPDUH FKH L SURWHWWRUL GL /XWHUR KDQQR JLj UDJJLXQWR O RELHWWLYR GL WUDVIRUPDUH LO PRQDFR LQ XQ DULHWH FRQWUR OD 6DQWD6HGHRUJDQL]]DQGRLQWRUQRDFRVWXLXQDPSLRVHJXLWRGLSRSR OR(DGHVVRHVVLVWDQQRVROWDQWRDVSHWWDQGRLOPRPHQWRSL~RSSRU WXQRSHUGDUEDWWDJOLDLQFDPSRDSHUWR 1RQPLRFFRUUHDGLUHDOWURVHQRQFKHEDFLROHPDQLD96HD TXHOODFRQWXWWRLOFXRUHPLUDFFRPDQGR 'L:RUPVLOJLRUQRGLPDJJLR LOIHGHOHRVVHUYDWRUHGL9RVWUD6LJQRULD,OOXVWULVVLPD 4
/HWWHUD LQYLDWD D 5RPD GDOOD FLWWj VDVVRQH GL :LWWHQEHUJ LQGL UL]]DWDD*LDQSLHWUR&DUDIDGDWDWDRWWREUH
$OO LOOXVWULVVLPR H UHYHUHQGLVVLPR VLJQRUH H SDGURQH RQRUDQGLV VLPR*LRYDQQL3LHWUR&DUDIDLQ5RPD
,OOXVWULVVLPRHUHYHUHQGLVVLPRVLJQRUHHSDGURQHPLRRQRUDQGLV VLPR VFULYRD9RVWUD6LJQRULDSHULQIRUPDUODFKHQRQY qRUPDLGXEELR VXOOD UHVSRQVDELOLWj GHO 3ULQFLSH )HGHULFR QHO VHTXHVWUR GL /XWHUR 4XLD:LWWHQEHUJOHYRFLULIHULVFRQRGLXQDSULJLRQLDYRORQWDULDGHO PRQDFR LQ XQRGHLFDVWHOOLGHOO (OHWWRUHQHOQRUGGHOOD7XULQJLD6H QRQEDVWDVVHUROHYRFLFKHGLJLRUQRLQJLRUQRVLDJJLXQJRQRDFRQ IHUPDUH TXHVWD YHULWj VDUHEEH VXIILFLHQWH D IXJDUH RJQL UHVLGXR LQ ILQJLPHQWR OHJJHUH QHO YROWR VHUHQR GHO GRWWLVVLPR HG HIIHPLQDWR 0HODQWRQH RSSXUH QHOOR VFRUUHUH TXRWLGLDQR VHQ]D DQJRVFLD GHOOH DWWLYLWjGLLQVHJQDPHQWRHIRUPD]LRQHGHLGLVFHSROLRDQFRUDGLSL~ QHOOD IUHQHVLD GHO UHWWRUH &DUORVWDGLR /XWHUR GXQTXH QRQ q VWDWR UDSLWREHQVtPHVVRLQVDOYRGDOVXRSURWHWWRUH 0DYHQJRVXELWRDULVSRQGHUHDOTXHVLWRFKH9RVWUD6LJQRULDSR QHYD QHOOD VXD XOWLPD PLVVLYD Ê SXUH YHUR FKH RUD O DWWHQ]LRQHHOH IRU]HGHOO ,PSHUDWRUHVRQRULYROWHDOODJXHUUDFRQWUROD)UDQFLDHSHU LOSDUWLWRGHLVHJXDFLGL/XWHURSRWUHEEHHVVHUHLOPRPHQWRSURSL]LR SHUSDOHVDUVL,RSHUzQRQFUHGRFKHFLzDYYHUUjLQEUHYHWHPSR6H TXHVWLRFFKLVRQREXRQLDTXDOFRVDSRVVRDIIHUPDUHFKHLO3ULQFLSH )HGHULFRHLVXRLDOOHDWLWHPSRUHJJHUDQQR(JOLQRQKDDOFXQLQWHUHV VHDIRPHQWDUHODULYROWDFRQWURLO3DSDSHUFKpVDFKHSRWUHEEHSHU GHUQHLOFRQWUROORHFKHSRWUHEEHHVVHUHVFRQILWWR/ ,PSHUDWRUHLQIDW WLDFFRUUHUHEEHLQGLIHVDGHOODFDWWROLFLWjHGHJOLqDQFRUDWURSSRIRU WHSHUHVVHUHVILGDWRLQFDPSRDSHUWR 0DYLqDQFKHXQDOWURIRQGDPHQWRDOODSUXGHQ]DGHOO (OHWWRUHGL 6DVVRQLD /D SLFFROD QRELOWj VHQ]D WHUUD VL q UDFFROWD LQWRUQR D GXH QRELOL GHFDGXWL VLPSDWL]]DQWL GL /XWHUR FHUWL +XWWHQ H 6LFNLQJHQ L TXDOL QHO SURVVLPR DQQR SRWUHEEHUR WHQWDUH XQ LQVXUUH]LRQH &UHGR
TXLQGLFKHLSULQFLSL)HGHULFRLQWHVWDDWXWWLQRQYRUUDQQRODVFLDUH DSHUWR XQ YDUFR D TXHVWL WXPXOWXRVL VXEDOWHUQL H FKH VDUDQQR XQLWL QHOO DEEDWWHUOLSHUPDQWHQHUHHVVLVROLLOFRQWUROORGLRJQLULIRUPD 0D DQFRUD XQ DOWUD UDJLRQH VSLQJH O (OHWWRUH D SUHQGHUH WHPSR &LzGLFXLLQIDWWLQRQKRDQFRUDULIHULWRDOOD69qO XPRUHSRSRODUH FKHVLFRJOLHQHOO DULDGDTXDOFKHPHVHDTXHVWDSDUWH,QSDUWLFRODUH JOL DYYHQLPHQWL GL :LWWHQEHUJ QHOO DVVHQ]D GL /XWHUR LQFDO]DQR GD YLFLQRO (OHWWRUH,OUHWWRUHGHOO XQLYHUVLWj$QGUHD&DUORVWDGLRJXLGD LQIDWWLXQDULIRUPDFKHWURYDODUJRVHJXLWRWUDODSRSROD]LRQH(JOLKD DEROLWR L YRWL PRQDVWLFL H LO FHOLEDWR SHU JOL XRPLQL GL &KLHVD /D FRQIHVVLRQH DXULFRODUH LO FDQRQH GHOOD PHVVD H OH LPPDJLQL VDFUH KDQQRVXELWRODVWHVVDVRUWH+DVFDWHQDWRODIHURFLDSRSRODUHFRQWUR OHLPPDJLQLGHLVDQWLHVLVRQRDYXWLHSLVRGLGLYLROHQ]DFKHKDQQR SRUWDWRDOODGHWXUSD]LRQHGLFKLHVHHFDSSHOOH(JOLVWHVVRVLqSURQ WDPHQWHVSRVDWRFRQXQDJLRYDQHGRQQDGLDSSHQDTXLQGLFLDQQL9H VWH GL VDFFR H SUHGLFD LQWHGHVFRSHUOHVWUDGHSDUODQGRGLXPLOWjH DEROL]LRQH GL WXWWL L SULYLOHJL HFFOHVLDVWLFL1RQVLIDVFUXSRORGLVR VWHQHUH FKH OH 6FULWWXUH GHYRQR HVVHUH ODVFLDWH DO SRSROR OLEHUR GL DSSURSULDUVHQHHGLLQWHUSUHWDUOHFRPHPHJOLRFUHGH1HDQFKH/XWHUR DYUHEEH PDL RVDWR WDQWR 5LJXDUGR DOO DPPLQLVWUD]LRQH FLYLFD SRL &DUORVWDGLRKDLQVWDXUDWRXQFRQVLJOLRPXQLFLSDOHHOHWWLYRFKHUHJJD ODFLWWjDOSDULGHO3ULQFLSHHTXHVWRVSDYHQWDQRQSRFR)HGHULFR&Lz FKH LQIDWWL HJOL SHQVDYD GL YROJHUH D SURSULR IDYRUHULVFKLDGLULYRO JHUVL FRQWUR OXL VWHVVR OD ULIRUPD GHOOD &KLHVD H O LQGLSHQGHQ]D GD 5RPDSRWUHEEHURPXWDUVLLQULIRUPDGHOO DXWRULWjHLQGLSHQGHQ]DGDL 3ULQFLSL 3HU TXHVWR PRWLYR FUHGR FKH O (OHWWRUH QRQ WDUGHUj D IDU XVFLUH /XWHURGDOODWDQDLQFXLORWLHQHQDVFRVWRDIILQFKpVFDFFLTXHVWR&DU ORVWDGLR3RVVRDVVLFXUDUHLQROWUHD9RVWUD6LJQRULDFKHTXDORUD/X WHUR GRYHVVH WRUQDUHD :LWWHQEHUJ &DUORVWDGLR VDUHEEH FRVWUHWWR DG DQGDUVHQH (JOL LQIDWWL QRQ q LQ JUDGR GL VRVWHQHUH OR VFRQWURFRQLO SURIHWDGHOODULIRUPDWHGHVFDUHVWDVHPSUHXQSLFFRORUHWWRUHGLXQL YHUVLWj PHQWUH GRSR :RUPV /XWHUR q RUPDL SHU WXWWL L WHGHVFKL O (UFROH *HUPDQLFR (EEHQH PLR VLJQRUH LR VRQR FHUWR FKH TXHVWR (UFROH DEEDWWHUj OD VXD FODYD VX &DUORVWDGLR H VX FKLXQTXH PLQDFFL GLRVFXUDUHODVXDIDPDVHVROWDQWRO (OHWWRUHJOLHORFRQVHQWLUj)HGH ULFRGDOFDQWRVXRVDEHQHFKHVROWDQWR/XWHURqLQJUDGR GLJXLGDUH OD ULIRUPD QHOOD GLUH]LRQH FKH JOL VLD SL~ XWLOH HVVL KDQQR ELVRJQR O XQRGHOO DOWURFRPHLOQRFFKLHURHLOYRJDWRUHSHUJRYHUQDUHXQDQD YH6RQRFHUWRFKH/XWHURQRQWDUGHUjPROWRDWRUQDUHD:LWWHQEHUJ
HSXOLUjLOFDPSRGDWXWWLJOLXVXUSDWRULGHOVXRVFUDQQR 'XQTXHSHUWXWWHTXHVWHUDJLRQLLOSULQFLSH)HGHULFRHLVXRLDO OHDWL QRQ KDQQR DQFRUDDIIURQWDWRDSHUWDPHQWHOD&KLHVDHO ,PSHUD WRUH 2UDVHPDLIRVVHFRQFHVVRDOVHUYRLOGDUHFRQVLJOLDOSURSULRVL JQRUH VRQR VLFXUR FKH HJOL SDUOHUHEEH FRVt ©4XHOOR FKH VHPEUD PLRVLJQRUHqFKHSHUFROSLUHDXQWHPSRO (OHWWRUHHWXWWLLSULQFLSL FKH LQWHQGRQR ULEHOODUVL DOO DXWRULWj GHOOD &KLHVD URPDQD RFFRUUD FROSLUHSURSULRO (UFROH*HUPDQLFRGLFXLFRVWRURVLIDQQRVFXGR,O SRSRORLYLOOLFLHLFRQWDGLQLVRQRVFRQWHQWLHWXPXOWXRVLYRUUHEEH URULIRUPHEHQSL~DUGLWHGLTXHOOHFKHLOSULQFLSH)HGHULFRHIRUVHOR VWHVVR /XWHUR VRQR GLVSRVWL D FRQFHGHUH /D YHULWj q FKH LO SRUWDOH FKH/XWHURKDDSHUWRDGHVVRORVLYRUUHEEHEHQFKLXVR2UDTXHVWR &DUORVWDGLR QRQ YDOH PROWR DYUj YLWD EUHYH 0D LO IDWWR FKH WDQWH SHUVRQH TXL D :LWWHQEHUJ O DEELDQR VHJXLWR q XQ VHJQR FKLDUR GHO VHQWLPHQWRFKHDQLPDLOSRSROR6HGXQTXHGDOOHRQGHGLTXHVWREXU UDVFRVR RFHDQR WHGHVFR HPHUJHVVH XQ $OWUR /XWHURSL~ GLDYROR GHO IUDWH GHO GLDYROR TXDOFXQR FKH QH RIIXVFDVVH OD IDPD H GHVVH YRFH DOOH ULFKLHVWH GHO YROJR TXDOFXQR FKH PHWWHVVH D IHUUR H IXRFR OD *HUPDQLD FRQ OH VXH SDUROH FRVWULQJHQGR )HGHULFR H WXWWL L SULQFLSL DOODJXHUUDFRVWULQJHQGROLDFKLHGHUHO DSSRJJLRGHOO ,PSHUDWRUHHGL 5RPD SHU VHGDUH OD ULEHOOLRQH 4XDOFXQR PLR VLJQRUH FKH LPSX JQDVVHLOPDUWHOORHFROSLVVHOD*HUPDQLDFRQWDOHIRU]DGDIDUODWUH PDUHGDOOH$OSLDO0DUH1RUGLFR6HXQXRPRGLWDOJHQHUHHVLVWHVVH GDTXDOFKHSDUWHOR VLGRYUHEEHWHQHUHSL~SUH]LRVRGHOO RURSRLFKp VDUHEEHO DUPDSL~SRWHQWHFRQWUR)HGHULFRGL6DVVRQLDH0DUWLQ/X WHURª 6H'LRQHOOD6XDLQILQLWDSURYYLGHQ]DFLLQYLDVVHXQSURIHWDFR PHTXHVWRQRQVDUHEEHFKHSHUULFRUGDUFLFKHOH6XHYLHVRQRLQILQL WH FRPH LQILQLWD q OD 6XD JORULD SHU OD TXDOH TXHVWL XPLOL RFFKL VL DGRSHUDQRHFRQWLQXHUDQQRDVHUYLUHVHPSUHOD6LJQRULD9RVWUDDOOD FXLERQWjPLULPHWWREDFLDQGROHPDQL 'L:LWWHQEHUJDORWWREUH ,OIHGHOHRVVHUYDWRUHGL9RVWUD6LJQRULD 4
&DSLWROR :LWWHQEHUJJHQQDLR
/DSRUWDVLUHJJHDSSHQDVXLFDUGLQL/DVSLQJRHVFLYRORGHQWUR 3L~ EXLR FKH IXRUL H OR VWHVVR IUHGGR LQIDPH 'HOOH YHWUDWH UHVWDQR VROR VFKHJJH OH VWDWXH VRQR PXWLODWH LQ SL~ SXQWL /D UDEELD LFRQR FODVWDQRQKDULVSDUPLDWRODFKLHVD1RQFDSLVFRSHUFKp&HOODULRPL DEELDGDWRDSSXQWDPHQWRTXLKDGHWWRVROWDQWRFKHGRYHYDSDUODUPL 'D XQ SR GL WHPSR q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q VWDWDXQRVSHWWDFROR&LVRQRDQGDWLJL~SHVDQWHFRVHFRPHFKHEDW WH]]DUH XQ EDPELQR q FRPH ODYDUH XQ FDQH SHU GLUQH XQD )LJXUDWL 0HODQWRQH(UDYLRODÊULXVFLWRDULEDWWHUHPDXQDWWDFFRFRVtQRQ VH OR DVSHWWDYD GL VLFXUR $GHVVR VSHUDQR FKH WRUQL /XWHUR SHU DIIURQWDUHDQFKHOXL 8KDVSHWWHUDQQRXQEHOSR /XWHURQRQVLIDUjYLYRSHUXQSH] ]R q EHOOR FKH LPERVFDWR / (OHWWRUH OR WLHQH FRO FXOR DO FDOGR LQ TXDOFKHVXRFDVWHOOR$PHWXWWDODVWRULDGL:RUPVHGHOUDSLPHQWR VHPEUDXQDFRPPHGLDGHOVLJQRU6SDODWLQR/XWHURO (UFROH*HUPD QLFRXQPDVWLQRDOJXLQ]DJOLRGHOO (OHWWRUH 5LQJKLDHVRUULGH 1RQIDUDQQRIDWLFDDGDOOXQJDUJOLHORLOJXLQ ]DJOLRYHGUDL4XDQWREDVWDDGDUULYDUHILQTXLDGDEEDLDUHFRQWURLO EXRQ&DUORVWDGLRHULPHWWHUORDOVXRSRVWR 3XRLJLXUDUFL&DUORVWDGLRKDJLjWLUDWRILQWURSSRODFRUGD $QQXLVFH 0DDGHVVRQRQqSL~LVRODWR&LVRQRTXHVWLSURIHWL 3RL6WEQHUPLKDSDUODWRGLTXHO0QW]HUWHORULFRUGL" ÊVWDWRGD
ORURD=ZLFNDXHLQ%RHPLD3DUHFKHDEELDLQILDPPDWRLOSRSRORH SURYRFDWRWXPXOWLVRORFRQODIRU]DGHOOHVXHSDUROH1RQqGHWWRFKH TXHOORFKHqVWDWRIDWWRGD&DUORVWDGLRVLDSHUGXWR 6XO PDWULPRQLR GHL SUHWL OD SUHGLFD]LRQH LQ WHGHVFR H TXHVWR JHQHUHGLFRVHQRQVLWRUQDSL~LQGLHWURPDO RUGLQDPHQWRPXQLFLSD OH GHOOD FLWWj QRQ SDVVD &DUORVWDGLR QRQ q LO WLSR FKH DSSUH]]D OR VFRQWUR 9HGUDL SLXWWRVWR FKH RSSRUVL GXUDPHQWH D /XWHUR IDUj IDJRWWR 8QR FRPH 0QW]HU FL YRUUHEEH 4XDQGR HUD TXL HUD SL~ /XWHUR GL /XWHUR VWHVVR H RUD FKH/XWHURqILQLWRSRWUHEEHHVVHUHOD VSHUDQ]D%LVRJQHUHEEHULQWUDFFLDUOR 'REELDPR FKLHGHUH D 6WEQHU /XL VLFXUDPHQWH VD TXDOFRVD GL SL~
/DQHYHHLOIDQJRDUULYDQRVRSUDODFDYLJOLD,OIUHGGRILQ GHQWUR OH RVVD &HOODULR GLFH FKH 6WEQHU q TXDVL VHPSUH RVSLWH GHO ELUUDLR .ODXV 6FKDFKW LO VDQWXDULR LGHDOH SHU XQ ,VDLD WHGHVFR / LQFHQVR q XQYDSRUHGHQVRFKHVDGLFXFLQHHGLELUUDLVDOPLVRQRLFDQWLVWUD VFLFDWLHOHLPSUHFD]LRQLGHJOLDYYHQWRUL $WWRUQRDXQWDYRORXQDGR]]LQDGLSHUVRQHWUHRTXDWWURVWXGHQ WLLQXQJUXSSRGLDUWLJLDQLPDOFRQFL,OFHQWURGHOO DWWHQ]LRQHGLWXWWL XQWLSRJURVVRFRQODEDUEDURVVDHLFDSHOOLIROWL3DUODVHQ]DLQWHUUX ]LRQHVFKLDIIHJJLDQGRO DULDFRQODPDQR 1RQGLJLXQDWHSL~FRPHIDWHRJJLSHUIDUHXGLWHLQDOWRLOYRVWUR FKLDVVRÊIRUVHTXHVWRLOGLJLXQRFKHEUDPDLO6LJQRUHLOJLRUQRLQ FXLO XRPRVLPRUWLILFD"3LHJDUHFRPHXQJLXQFRLOFDSRXVDUHVDFFR HFHQHUHSHUOHWWRIRUVHTXHVWRFKLDPHUHWHGLJLXQRHJLRUQRJUDGLWR DO 6LJQRUH" 'LR YXROH XQ DOWUR GLJLXQR VFLRJOLHUH OH FDWHQH LQLTXH VSH]]DUH L OHJDPL GHO JLRJR H ULPDQGDUH OLEHUL JOL RSSUHVVL (FFR LO YHUR GLJLXQR GLYLGHUH LO SDQH FRQ O DIIDPDWR DFFRJOLHUH LQ FDVD L PLVHULLVHQ]DWHWWRYHVWLUHFKLqQXGRVHQ]DGLVWRJOLHUHJOLRFFKLGDO SRSROR'LWHORDTXHOVHUYRGL0HODQWRQH ÊYLVLELOPHQWHVEURQ]R8Q RPHOLDULYROWDDWXWWLHDQHVVXQRPD DSSODXGLWD GDJOL DYYHQWRUL XEULDFKL IRUVH SL~ GHO SURIHWD 4XDQGR O RUDWRUHVLULVLHGHLOFKLDFFKLHULFFLRULSUHQGHSL~WUDQTXLOOR 0L DYYLFLQR ,O WDYROR q LQFLVRGLVFULWWH/ LPPDJLQHSL~QLWLGD LO3DSDFKHLQFXODXQEDPELQR0LSUHVHQWRFRPHXQDPLFRGL&HOOD ULR6HQ]DJXDUGDUPLLQIDFFLDRUGLQDXQ DOWUDELUUD &HOODULR PL KD GHWWR FKH WX SXRL GDUPL QRWL]LH GL TXHOOR FKH q
VXFFHVVRD=ZLFNDX $IIHUUD LO ERFFDOH WLUD GXH VRUVDWH FKH JOL LPEUDWWDQR L EDIIL GL VSXPD 3HUFKpWLLQWHUHVVD" 3HUFKp:LWWHQEHUJPLKDVWDQFDWR ,VXRLRFFKLPLILVVDQRSHUODSULPDYROWDLPSURYYLVDPHQWHOXFL GLQRQVWRVFKHU]DQGR ,O IUDWHOOR 6WRUFK q LQVRUWR LQVLHPH DL WHVVLWRUL FRQWUR LO FRQVL JOLRFLWWDGLQR$EELDPRDWWDFFDWRXQDFRQJUHJDGLIUDQFHVFDQLSUHVR DVDVVDWHXQFDWWROLFRLQVROHQWHHIDWWRVORJJLDUHXQSUHGLFDWRUH /RLQWHUURPSR 'LPPLGL0QW]HU $QQXLVFH $K 0QW]HU GLOOR SLDQR TXHO QRPH FKH 0HODQWRQH SRWUHEEH FDJDUVL DGGRVVR ULGH , VXRL VHUPRQL LQFHQGLDQR JOLD QLPLGLWXWWL/ HFRGHOOHVXHSDUROHqDUULYDWDILQRLQ%RHPLDqVWDWR FKLDPDWR GDO FRQVLJOLR FLWWDGLQR GL 3UDJD SHU SUHGLFDUH Oj FRQWUR L IDOVLSURIHWL &RQFKLFHO KD" 3XQWDLOSROOLFHDOOHVXHVSDOOHOj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jqFKH/XWHURRUPDLq QHOOHPDQLGHOO (OHWWRUH,OSRSRORqLQSLHGLPDGRY qLOVXRSDVWRUH $OO LQJUDVVR LQ TXDOFKH OXVVXRVR FDVWHOOR &UHGLPL WXWWR TXHOOR SHU FXL VL q ORWWDWR q LQ SHULFROR 6LDPR YHQXWL DSSRVWD SHU DIIURQWDUH SXEEOLFDPHQWH/XWHURHVPDVFKHUDUORVHPSUHFKHDEELDLOFRUDJJLR GLXVFLUHGDOODWDQD,QWDQWRDEELDPRVILGDWR0HODQWRQH3HU0QW]HU LQYHFHVRQRJLjPRUWLWXWWLHGXH/HVXHSDUROHVRQRVRORSHULFRQ WDGLQLFKHKDQQRVHWHGLYLWD $EEDQGRQDUH L PRUWL UDJJLXQJHUH OD YLWD 7RJOLHUVL GD TXHVWR SDQWDQR 'RY q0QW]HUDGHVVR"
,Q JLUR SHUOD 7XULQJLD D SUHGLFDUH JOL EDVWD LO PLR VJXDUGR SHU FDSLUH 1RQ q GLIILFLOH ULQWUDFFLDUOR ,O VXR SDVVDJJLR ODVFLD LO VHJQR 0LDO]RHSDJROHVXHELUUH *UD]LH/HWXHSDUROHVRQRVWDWHSUH]LRVH 3ULPDFKHORODVFLGULWWDQHJOLRFFKLTXDVLXQDFRQVHJQD 7UR YDORUDJD]]R7URYDLO&RQLDWRUH
&DSLWROR :LWWHQEHUJPDU]R
&DPPLQR LQ IUHWWD TXDVL VFLYROR QHO IDQJR LO ILDWR PL SUHFHGH WDJOLDQGR LO JHOR GHO PDWWLQR 1HO FRUWLOH GHOO XQLYHUVLWj &HOODULR VWD SDUODQGRFRQDOFXQLDPLFL/RUDJJLXQJRHORWUDVFLQRLQXQDQJROR ODVFLDQGRDPPXWROLWLJOLDOWUL &DUORVWDGLRqILQLWR &XSR TXDQWR PH 7H O DYHYR GHWWR +DQQR DOOXQJDWR LO JXLQ]D JOLRD/XWHUR,OEXRQUHWWRUHVDUjVFDFFLDWR *Lj7URSSREXRQR+DLJLRUQLFRQWDWL ,OWHPSRFKHOHJJDQHO PLR VJXDUGR OD GHWHUPLQD]LRQH SRL +R GHFLVR &HOODULR /DVFLR :LWWHQEHUJ4XLQRQF qSL~QLHQWHSHUFXLYDOJDODSHQDUHVWDUH 8QDWWLPRGLSDQLFRVXOVXRYROWR 6HLVLFXURFKHVLDODFRVDJLXVWDGDIDUH" 1RPDVRQRFHUWRFKHODFRVDJLXVWDQRQqULPDQHUHTXL+DL VHQWLWRFRVDVRVWLHQHTXHOO LQIDPHGL/XWHURGDTXDQGRqWRUQDWR" $QQXLVFHDEEDVVDQGRJOLRFFKLPDLRFRQWLQXR 'LFHFKHqGR YHUH GHOFULVWLDQRREEHGLUHFLHFDPHQWHDOO DXWRULWjVHQ]DDO]DUHPDL ODWHVWD&KHQHVVXQRSXzRVDUHGLUHQR/XLKDGLVREEHGLWRDO3D SD&HOODULRDO3DSDDOOD&KLHVDURPDQD0DDGHVVRqOXLLO3DSDH QHVVXQRGHYHILDWDUH ÊVHPSUHSL~VFXURHDYYLOLWRVRWWRLFROSLGHOOHPLHSDUROH 6DUHLGRYXWRSDUWLUHGXH PHVLIDLQVLHPHD6WEQHUHDJOLDOWUL +R DVSHWWDWR DQFKH WURSSR 0DYROHYRVHQWLUORSDUODUH/XWHURYR OHYRVHQWLUHTXHOORFKHKRVHQWLWRGDOODVXDVWHVVDYRFH'DPPLUHWWD O XQLFDVSHUDQ]DqIXRULGLTXL 8QDPDQRDVSD]LDUHYHUVRODFDP SDJQD FKH VL VWHQGH ROWUH L PXUL &ROXL FKH YLHQH GDOO DOWR q DO GL VRSUD GL WXWWL PD FKL YLHQH GDOOD WHUUD DSSDUWLHQH DOOD WHUUD H SDUOD GHOODWHUUD5LFRUGL" 6tOHSDUROHGL0QW]HU /RWURYHUz&HOODULR'LFRQRFKHVLDGDOOHSDUWLGL+DOOHDGHVVR 0L VRUULGH ]LWWR KD JOL RFFKL OXFLGL 6DSSLDPR WXWWL H GXH FKH YRUUHPPR SDUWLUH LQVLHPH ( VDSSLDPR DQFKH FKH 0DUWLQ %RUUKDXV GHWWR&HOODULRQRQqLOWLSRGDJHWWDUVLLQXQ LPSUHVDGHOJHQHUH
0LVWULQJHIRUWHODPDQRTXDVLXQDEEUDFFLR $OORUDEXRQDIRUWXQDDPLFRPLR(FKH'LRVLDFRQWH $UULYHGHUFL,QXQSRVWRHLQXQWHPSRPLJOLRUL
&DSLWROR +DOOH7XULQJLDDSULOH
/ XRPRFKHPLSRUWDGDO&RQLDWRUHqXQDPRQWDJQDQXYRODQHUD GL FKLRPD H EDUED FKH FLQJRQR OD WHVWD GL XQ WRUR PDQL HQRUPL GL PLQDWRUH 6L FKLDPD (OLDV KD VHJXLWR 0QW]HU GD =ZLFNDX VHQ]D ODVFLDUORPDLFRPHXQDJUDQGHRPEUDSURWHWWLYD8QRVJXDUGRDSH VDUHFLzFKHKDGLIURQWHSRFKLFKLOLGLFDUQHFUXGDSHUXQRVSDFFD SLHWUH GHOO (U] 8QR VWXGHQWHOOR FRQ OD WHVWD SLHQD GL FRQJHWWXUH LQ ODWLQR FKH FKLHGH GL SRWHU SDUODUH FRQ 0DJLVWHU 7KRPDV FRPH OR FKLDPDOXL 3HUFKpFHUFKLLO0DJLVWHU" PLKDFKLHVWRVXELWR +RGHWWRGLTXDQGRODYRFHGL0QW]HUKDLPSLHWULWR0HODQWRQHH GHOO LQFRQWURFRQLOSURIHWD6WEQHU 6H IUDWHOOR 6WEQHU q XQ SURIHWD LR VRQR O DUFLYHVFRYR GL 0D JRQ]D KDHVFODPDWRFRQXQDULVDWD /DYRFHGHO0DJLVWHUTXHOOD VtFKHWLVWUL]]DOHSDOOH ÊXQDFDVDGLDUWLJLDQL7UHFROSLVXOODSRUWDHO XVFLRVLDSUH8QD JLRYDQHGRQQDFRQXQEDPELQRDOVHQRODPROHGL(OLDVPLIDVWUDGD QHOO XQLFDVWDQ]D1HOO DQJRORXQXRPRVLUDGHGDQGRFLOHVSDOOHLQ WRQDXQFDQWRSRSRODUHFKHKRJLjVHQWLWRLQXQ RVWHULD 0DJLVWHUF qTXLXQRFKHqYHQXWRGD:LWWHQEHUJSHUSDUODUWL /DPD LQ PDQR VL YROWD %HQH 4XDOFXQR PL VSLHJKHUj FRVD VXFFHGHLQTXHOODIRJQD 8QDWHVWDWRQGDXQJURVVRQDVRRFFKLILDPPHJJLDQWLFKHWXUED QRXQYROWRERQDULR 6HQ]D HVLWDUH 1XOOD SXz DFFDGHUH RUPDL &DUORVWDGLR q VWDWR HVLOLDWR $QQXLVFHWUDVpXQDFRQIHUPD &RQFKLFUHGHYDGLDYHUHDFKH IDUH"'LHWURIUD 0DUWLQRF q)HGHULFR DJLWDLOFROWHOORFRQUDEELD ,OEXRQ&DUORVWDGLR3HQVDYDGLIDUHOHULIRUPHLQFDVDGHOO (OHWWRUH ( FRO SHUPHVVR GL IUDWH 0HQ]RJQD LQ SHUVRQD ,Q XQ VHUUDJOLR GL ERUJKLJLDQLHGRWWRULQLFKHSHQVDQRDOODVRUWHGHJOLXRPLQLFRPHXQ IUXWWRGHLORURFDODPDL1RQVDUDQQROHSHQQHDVFULYHUHOHULIRUPH FKHDWWHQGLDPR
3HUODSULPDYROWDVHPEUDULYROJHUVLDPH /XWHURH0HODQWRQH KDQQRHVLOLDWRDQFKHWH" 1R0HQHVRQRDQGDWRLR (SHUFKpVHLYHQXWRTXL" ,OJLJDQWH(OLDVPLSRUJHXQRVJDEHOORVLHGRHFRPLQFLRODSDUD EROD GHO %XRQFDUORVWDGLR OD IDUVD GHO UDSLPHQWR GL /XWHUR O DUULYR GHL3URIHWLGL=ZLFNDX $VFROWDQRFRQDWWHQ]LRQHHFDSLVFRQRODPLDIUXVWUD]LRQHODGH OXVLRQHSHUODULIRUPDGL/XWHURO RGLRSHUYHVFRYLHSULQFLSLPDWXUD WRQHJOLDQQL/HSDUROHVRQRTXHOOHJLXVWHHYHQJRQRDOOHODEEUDFRQ IDFLOLWj$QQXLVFRQRJUDYL0QW]HUULSRQHLOFROWHOORVXOODPHQVRODH FRPLQFLDDYHVWLUVL,OJLJDQWHQRQPLJXDUGDSL~FRQPDOFHODWDGHUL VLRQH 3RL LO PDHVWUR GHJOL XPLOL DJJXDQWD LO PDQWHOOR HG q JLj VXOOD SRUWD 8QD JLRUQDWD SLHQD GL FRVH GD IDUH VRUULGH &RQWLQXHUDL LO WXRUDFFRQWRSHUVWUDGD 0HQWUHSDUORVRFKHQRQFLVHSDUHUHPR
/DVDFFDLULFRUGL
&DSLWROR (OWHUVGRUIDXWXQQR
,PXVFROLLQGROHQ]LWLGDOODYRUR,OIUHGGRRJQLJLRUQRSL~LQWHQ VR WRUQD D JHODUH OH GLWD DQFRUD VX FDUWD JLDOOD H VWURSLFFLDWD XQD FDOOLJUDILDHOHJDQWHFKHVLOHJJHVHQ]DVIRU]LQRQRVWDQWHODOXFH ILR FDGHOODFDQGHODHOHPDFFKLHGHOWHPSR $PHVVHU7KRPDV0QW]HUGH4XHGOLQEXUJGRWWRUHHPLQHQWLVVL PRSDVWRUHGHOODFLWWjGL$OOVWHGW
/DEHQHGL]LRQHGL'LRLQQDQ]LWXWWRDFROXLFKHSRUWDODSDUROD GHO6LJQRUHDJOLXPLOLHLPSXJQDODVSDGDGL*HGHRQHFRQWURO HP SLHWj FKH FL FLUFRQGD 4XLQGL LO VDOXWR GL XQ IUDWHOOR FKH KD SRWXWR DVFROWDUH GDOOD YLYD YRFH O RUD]LRQH GHO 0DHVWUR VHQ]D SRWHU DE EDQGRQDUH OD SULJLRQH GL FRGLFL H SHUJDPHQH LQ FXL OD VRUWH OR KD FRQILQDWR / XRPRFKHKDSHUFRUVRLOODELULQWRGLTXHVWLFRUULGRLDOODULFHU FDGHOVHQVRXOWLPRGHOOD6FULWWXUDVDTXDQWRFXSRHWULVWHHVVRSRV VD HVVHUH TXDQGR WDOH VHQVR FL DEEDQGRQD (G HFFR FKH L JLRUQL PXRLRQR XQR LQ ILOD DOO DOWUR LQVLHPH DOOD FRQRVFHQ]D ULVHUYDWD D SRFKLLQVLHPHDOODOLPSLGH]]DGHOOD3DURODRVFXUDWDGDLPLOOH6SD ODWLQLFKHGLTXHVWLPHDQGULIDQQRURFFDIRUWHHGLTXHVWLOLEULPXUD GHOSULYLOHJLRGHLSULQFLSL6HSHUXQTXDOFKHLQFDQWHVLPROHQRVWUH YLWH IRVVHURVFDPELDWHHLRPLWURYDVVLDG$OOVWHGWFRLFRQWDGLQLHL PLQDWRULH9RLFRQO RUHFFKLRDFFRVWDWRDTXHVWHSRUWHFKHODVFLDQR WUDSHODUHLPROWLLQWULJKLVSDFFLDWLSHUFDULWjHDPRUHGL'LRDOORUD VRQRFHUWRFKHQRQWDUGHUHVWHDVFULYHUHSHULQFLWDUPLDLPSXJQDUH ODIUXVWDFRQWURTXHVWLPHUFDQWLGLIHGH3HUWDQWRQRQGXELWRFKHFD SLUHWHLOPRWLYRFKHPLVSLQJHDSUHQGHUHLQPDQRODSHQQD /H SDUROH GHOO DSRVWROR WURYDQR FRQIHUPD ©LO PLVWHUR GHOO LQL TXLWjqJLjLQDWWRPDqQHFHVVDULRFKHVLDWROWRGLPH]]RFKLILQRUD OR WUDWWLHQHª 7V /D VDFULOHJD DOOHDQ]D WUD JOL HPSL JRYHU QDQWL H L IDOVL SURIHWL DSSURQWD OH VXH VFKLHUH O LQFDO]DUH GL JUDQGL HYHQWLVSURQDJOLHOHWWLDWHQHUVDOGDODIHGHHDSUHSDUDUVLDGLIHQ
GHUODFRQRJQLPH]]R / XRPRLQLTXRO DSRVWDWDVLHGHQHOWHPSLRGL'LRHGDOtGLIIRQ GHODIDOVDGRWWULQD&RVtXQRGLTXHL0HGLFLGL)LRUHQ]D*LXOLRV q DVVLVR VXO WURQR GL 5RPD FRPH &OHPHQWH 1RQ PDQFKHUj GL FRQWL QXDUHORVFHPSLRGL&ULVWRLQ6XRQRPHFRPHHSL~GLFKLORSUHFH GHWWH 5RPD VFUXWD GHQWUR LO SURSULR RPEHOLFR H QRQ YHGH SL~ ROWUH VRUGDDOOHWURPEHFKHWXWW LQWRUQRQHDQQXQFLDQRO DVVHGLR6SURIRQ GDWDQHOSHFFDWRFKHQHRWWHQHEUDLVHQVLVDUjLQFDSDFHGLRSSRUVLD FKLVDSUjGDUHQXRYRLPSXOVRHOXFHGHOOR6SLULWR6DQWRDOODYLDGHO ODULIRUPDGHOOD&KLHVD (SURSULRTXHVWRqLOJUDQGHFUXFFLRPHVVHU7KRPDVFKLSRUWH UjVXGLVpLOIDUGHOORGHOODVSDGDSHUWUDILJJHUHJOLHPSL" )UDWH0DUWLQRKDPRVWUDWRLOYROWRVXRYHURGLVROGDWRGHLSULQ FLSLPLVHUDELOHFRPSLWROXQJDPHQWHFHODWR1RQVDUjGXQTXH/XWH URDSRUWDUHLO9DQJHORDOO XRPRFRPXQHQRQFROXLFKHKDVFDFFLDWR &DUORVWDGLRHULFHYHRJQLJLRUQRO RPDJJLRGHLJUDQGLGHOODWHUUD,O ILQHGHLUHJQDQWLWHGHVFKLqPDQLIHVWR1RQqODIHGHDULHPSLUHLOR UR FXRUL H D JXLGDUH OHORURD]LRQLPDO DYLGLWjGLJXDGDJQR'HO O $OWLVVLPR HVVL VL DUURJDQR OD JORULD H O DGRUD]LRQH WUDVIRUPDQGR FRVtLVXGGLWLLQPLVHUDELOLLGRODWUL 6ROR OH SDUROH FKH HEEL LO SULYLOHJLR GL XGLUH GDOOD 9RVWUD YRFH KDQQRULQIXVRODVSHUDQ]DLQTXHVWRFXRUHLQVLHPHDOOHQRWL]LHFKH JLXQJRQRGD$OOVWHGW/DQXRYDOLWXUJLDFKHSHUPHULWR9RVWURHGHL 9RVWULGRWWLVVLPLVFULWWLYLHQHRUDLQDXJXUDWDqO LQL]LRGHOULVYHJOLR /DSDURODGL'LRSXzILQDOPHQWHUDJJLXQJHUHLVXRLHOHWWLHUHFXSH UDUH WXWWR LO VXR VSOHQGRUH 4XDOH PLJOLRU VHJQR FKH 9RL VLDWH O LQ WHUSUHWHGHOOD6XDYRORQWj"&RVDSL~GHOVHJXLWRVSRQWDQHRFKHRW WHQHWH" 'HJOL XPLOL FKH VROOHYDQR OD WHVWD H LQVHJXRQR LO ULVFDWWR SURPHVVRGDO6LJQRUH" (FFRSHUFLzFKH9LULJXDUGDGLFRGLVWDUVDOGRHQRQSHUGHU9L PDL G DQLPR TXDQWR D PH GD TXHVWR PLR DYDPSRVWR QHL WHPSL D YHQLUH DYUz FXUD GL WUDVPHWWHU9L RJQL QRWL]LD FKH SRVVD WRUQDUH D PDJJLRUJORULDGL'LR &HUWRFKHODSURWH]LRQHGHO6LJQRUHYLDFFRPSDJQHUjVHPSUH 4RqOHW LOJLRUQRGLQRYHPEUHGHOO DQQR
5LSLHJR LO IRJOLR H VRIILR VXOOD FDQGHOD 6GUDLDWR D RFFKL DSHUWL
QHOEXLRULDFFHQGRLOIXRFRGHOODFDSSHOODGL0DOOHUEDFK (UDYDPR DG $OOVWHGW GD XQ DQQR 0DJLVWHU 7KRPDV HUD VWDWR FKLDPDWR Ot GDO FRQVLJOLR FLWWDGLQR 2JQL GRPHQLFD L VXRL VHUPRQL LQQDO]DYDQR LO FXRUH GL WXWWL H LQ TXHL JLRUQL DYUHPPR SRWXWR IDUH TXDOXQTXH FRVD VRSUDWWXWWR IDUOD SDJDUH DL IUDQFHVFDQL GL 1HXGRUI OHUFL XVXUDL FKHVWUR]]DYDQRLFRQWDGLQL$YUHPPRIDWWRJLXVWL]LDGL WXWWLJOLDQQLGLDEEXIIDWHDOOHVSDOOHGHLSRYHUDFFL
3ULPDODVDFFKHJJLDPRSRLGXHIDVFLQHXQSR GLSHFHHODORUR FKLHVHWWDqJLjPDQJLDWDGDOOHILDPPH0HQWUHFHQHVWLDPROtDYH GHUODYHQLUJL~DUULYDQRGXHWLUDSLHGLGL=HLVVO HVDWWRUHDYYHUWLWLGDL IUDWL6XELWRVLSUHFLSLWDQRDOSR]]RGXHVHFFKLDWHVWDLOSDGURQHKD VFKLRFFDWR OH GLWD H VL FDFFHUHEEHUR GHQWUR OH ILDPPH GHOO LQIHUQR 3ULPDFKHXQDJRFFLDVLDYHUVDWDXVFLDPRGDOO RPEUDQHULGLIXOLJ JLQH VSUDQJKH LQ PDQR )RVVL LQ YRL PL SUHRFFXSHUHL GHOERVFR 4XLRUPDLQRQF qSL~QLHQWHGDIDUH 'LHFLFRQWURGXH&LJXDUGDQR6LJXDUGDQR3RVDQRLVHFFKLHVH QHYDQQR
/HILDPPHVLGLOHJXDQRPLULJLURQHOOHWWR/DIDFFLDGDSRUFRGL =HLVVDIILRUDGDOO RVFXULWj,OULVFXRWLWRUHGLFHQVRSHUFRQWRGHO3ULQ FLSH (OHWWRUH 4XHOOH ILDPPH JOL DYHYDQR VFRWWDWR WDQWR LO FXOR GD FKLDPDUHJHQWHGDIXRULSHUVFRYDUHJOLLQFHQGLDUL(EUDYR=HLVV/D FLWWjLQYDVDGDVWUDQLHULLQDUPL"1LHQWHGLPHJOLRSHUDL]]DUHLOSR SROR FRQWUR GL WH %DVWD SURQXQFLDUH LO QRPH GL 0QW]HU 8QD VROD YROWDSHUIDUDFFRUUHUHLVXRLDQJHOLFXVWRGLXQFHQWLQDLRGLPLQDWRUL FRQSDOHHSLFFRQLFKHHPHUJRQRGDOOHYLVFHUHGHOODWHUUDHWLWUDVFL QDQR VRWWR /H GRQQH GHOOD FLWWj FKH WLYRJOLRQRFDVWUDUH/HFRVH WL VIXJJLYDQR GL PDQR FRPH XQ ELPER LPSDXULWR WL VHL DWWDFFDWR DOOH JRQQHGHOODPDPPDHVHLDQGDWRDSLDQJHUHGDOO (OHWWRUH,PPDJLQR ODVFHQDWXFKHVWULVFLHFHUFKLGLVSLHJDUHFRPHKDLSHUVRLOFRQWURO ORGHOODFLWWjH)HGHULFRLO6DYLRFKHWLUHGDUJXLVFH
=(,669RVWUD*UD]LDFRQODVXDEHQQRWDOXQJLPLUDQ]DDYUjJLj LQWXLWRLOPRWLYRGHOODYLVLWDGHOVXRVHUYLWRUH )('(5,&2+RLQWXLWR=HLVVKRLQWXLWR0DODPLDOXQJLPLUDQ ]DQRQKDUDJLRQHGLHVVHUHVFRPRGDWDÊGDTXDOFKHWHPSRFKHGDO FRQWHGL0DQVIHOGQRQIDQQRFKHDUULYDUPLODPHQWHOHVXOYRVWURYLO ODJJHWWRGL$OOVWHGW3DUHFKHLOQXRYRSUHGLFDWRUHYLVWLDGDQGRGHL VHUL SUREOHPL 'HO UHVWR IRVWH SURSULR YRL D QRQ DYYHUWLUPL GHO VXR
LQVHGLDPHQWR QHOOD YRVWUD SDUURFFKLD H L JXDL FKH QH VRQR GHULYDWL VSHURYLLQVHJQHUDQQRXQDPDJJLRUHDFFRUWH]]D =(,669RVWUD*UD]LDVDFKHQRQIXPLDODUHVSRQVDELOLWjLOFRQ VLJOLRGHOODFLWWjGHFLVHGLQRQFRPXQLFDUYLODVFHOWDGLPHVVHU7KR PDV0QW]HU6DSHWHEHQHFKHGDOFDQWRPLR )('(5,&2 1RQ FHUFDWH GL VFXVDUYL =HLVV 6DSSLDWH FKH GL IURQWHDTXHVWRWURQRILQLVFHORVFDULFDEDULOH,QIRQGRTXHO0QW]HU DPHSHUVRQDOPHQWHQRQKDGDWRDOFXQIDVWLGLR,OIDWWRqFKHLQ7X ULQJLDFLVRQRXQSR WURSSHSHUVRQHSLHQHGLVp3ULPD/XWHURIDXQD VIXULDWDD6SDODWLQRSHUFKpPHWWDLQULJDTXHVWRSUHGLFDWRUHFKHQRQ JOLSRUWDDEEDVWDQ]DULVSHWWRSRLLOFRQWHGL0DQVIHOGPLVFULYHFKH LO YRVWUR FRQVLJOLR GLIHQGH XQ VRELOODWRUH FKH OR KD DSHUWDPHQWH LQ VXOWDWR3RLFKHDOWUR" =(,66%H F q LOIDWWRGLFXLVRQRYHQXWRDSDUODUYLSHUO DSSXQ WR0DJLjTXDOFRVDYLVDUjQRWRSHUTXDQWROHYLFHQGHGHOODQRVWUD FLWWjQRQVLDQRFHUWRFRVtULOHYDQWL )('(5,&2(DOORUD"0LGLFRQRFKHqEUXFLDWDXQDFDSSHOOHWWD GLFDPSDJQD =(,66 6L WUDWWDYD SHU OD SUHFLVLRQH GHOOD FDSSHOOD GHOOD 6DQWD 9HUJLQH GL 0DOOHUEDFK VXOOD VWUDGD WUD $OOVWHGW H 4XHUIXUW GL SUR SULHWjGHLIUDQFHVFDQLGHOFRQYHQWRGL1HXGRUI'XUDQWHODIXQ]LRQH GRPHQLFDOHqVWDWDUXEDWDODFDPSDQDHLOJLRUQRGRSROHqVWDWRGDWR IXRFR+RLQYLDWRGXHXRPLQLILGDWLDVSHJQHUHO LQFHQGLRPDTXHOOL VRQR VWDWL Ot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t XQ GLIHQVRUH GHOODIHGHPDQRQKRWURSSRLQVLPSDWLDFKLPLIDODFUHVWDVXOOHWDV VH =(,660DWXWWLLQFLWWjVDSHYDQRFKHJOLLQFHQGLDULHUDQRJOLDF FROLWLGHOSUHGLFDWRUH9RVWUD*UD]LDVLLPPDJLQLFKHKDQQRIRQGDWR XQDOHJDOD/HJDGHJOLHOHWWLODFKLDPDQRHKDQQROHDUPL(UDGLIIL FLOHHYLWDUHORVFRQWURGLUHWWRVHQ]DSHUGHUHODIDFFLD )('(5,&24XLQGLODUHVSRQVDELOLWjGLWXWWRFLzqGDDVFULYHUHD TXHVWR0QW]HU"
=(,66&HUWRHDVXDPRJOLHTXHOOD2WWLOLHYRQ*HUVHQ4XDQ GR FHUFDYR XQ FROSHYROH q VWDWD VRSUDWWXWWR TXHOOD VWUHJD D VFDWH QDUPLFRQWURODSRSROD]LRQHLQWHUD )('(5,&2&LVLPHWWRQRDQFKHOHGRQQHDGHVVR =(,66 3HU TXDQWR KR YLVWR q XQD SD]]D VFDWHQDWD GHJQD GL VXR PDULWR ( VXVFLWD O DPPLUD]LRQH SL~ YLYD QHOOH DOWUH GRQQH H QHJOL XRPLQL )('(5,&26WULQJHWH=HLVVFRPHVLqFRQFOXVDODIDFFHQGD" =(,66+RGRYXWRFKLDPDUHULQIRU]LGDOO HVWHUQRHODPRJOLHGHO SUHGLFDWRUHKDFRPLQFLDWRDVWULOODUHFKHJOLVWUDQLHULYROHYDQRLQYD GHUH$OOVWHGWFKHLRPLHURYHQGXWR9ROHYDQROLQFLDUPL )('(5,&21RQF qGDGDUOHWRUWRqVWDWDXQDPRVVDGDFD]]R QHODYRVWUD =(,660DFRVDSRWHYRIDUH,IUDQFHVFDQLQRQPLGDYDQRSDFH $OODILQHPLVLqSUHVHQWDWRXQPDQLSRORGLPLQDWRULGHOODFRQWHDGL 0DQVIHOG XQD FLQTXDQWLQD D FKLHGHUPL VH 0DJLVWHU 7KRPDV VWDYD EHQHVHWXWWRHUDWUDQTXLOORRVHF HUDELVRJQRGHOORURDLXWRFKHVH TXDOFXQR JOL DYHVVH WRUWR XQ FDSHOOR DYUHEEH GRYXWR YHGHUVHOD FRQ ORUR 'RSR TXHOOD YLVLWD KR ULQXQFLDWR D TXDOVLDVL D]LRQH GL IRU]D 1RQ YRJOLR HVVHUH LO UHVSRQVDELOH GHOOR VFRSSLR GL XQD ULYROWD QHL SRVVHGLPHQWLGL9RVWUD*UD]LD )('(5,&2 %HQH =HLVV ( RUD YL GLUz FRVD QH SHQVR GL WXWWD TXHVWD IDFFHQGD 9ROHYDWH XQ SUHGLFDWRUH IRFRVR H LQQRYDWRUH FKH GHVVH OXVWUR DOOD YRVWUD FLWWDGLQD GL FDPSDJQD 0D TXHVWR WLSR VL q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qLO FDVRGLODVFLDUHDSLHGHOLEHUROHWHVWHFDOGH7UDXQSDLRGLVHWWLPDQH ULFHYHUHWH OD YLVLWD GL PLR IUDWHOOR LO GXFD *LRYDQQL H GL PLR QLSRWH *LRYDQQL )HGHULFR 3UHSDUHUHWH XQ DFFRJOLHQ]D GHJQD IDUHWH FDSLUH FKHLO3ULQFLSH(OHWWRUHQRQJUDGLVFHWDQWDDJLWD]LRQHHFKHVHLOSR SROR KD GHOOH ULPRVWUDQ]H FRQWUR L IUDQFHVFDQL GL 1HXGRUI GHYH UL YROJHUVLGLUHWWDPHQWHDLVXRLLQYLDWLSHUERFFDGHOERUJRPDVWURRGHO
VXR SUHGLFDWRUH ,Q WXWWL L FDVL RUJDQL]]DWH XQ LQFRQWUR FRQ TXHVWR 7KRPDV0QW]HU'LWHJOLSXUHFKHORDEELDPRULFKLHVWRQRLHVSUHV VDPHQWHHFKHSUHSDULXQVHUPRQHLQFXLHVSRQHOHVXHLGHH,QIRQ GR q DQFRUD LQ SURYD GHYH RWWHQHUH OD QRVWUD DSSURYD]LRQH SHU GL YHQWDUHSDVWRUHGHOODYRVWUDFKLHVD =(,669RVWUD*UD]LDKDVHPSUHODVROX]LRQHPLJOLRUHSHUWXWWR )('(5,&2 *Lj PD WURSSR VSHVVR L VXEDOWHUQL FKH GHYRQR DW WXDUODVLULYHODQRGHOOHHPHULWHWHVWHGLFD]]R
*KLJQR GD VROR LO EXLR LQJKLRWWH OH ORUR VDJRPH UHVWLWXHQGRPL TXHOODGL0DJLVWHU7KRPDVDOO DOEDGLTXHOJUDQJLRUQRG HVWDWH
&DSLWROR $OOVWHGW7XULQJLDOXJOLR
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©9L KR VFULWWR GL QRQ PHVFRODUYL FRQ FKL VL GLFH IUDWHOOR HG q LPSXGLFR R DYDUR R LGRODWUD R PDOGLFHQWHRXEULDFRQHRODGUR&RQ TXHVWLWDOLQRQ GRYHWHQHDQFKHPDQJLDUHLQVLHPH7RJOLHWHLOPDOYD JLRGLPH]]RDYRLª 0HQWUHOHJJRDQQXLVFHLQVLOHQ]LR6HPEUDULIOHWWHUHVXOOHSDUROH ULSDVVDUOHDPHPRULD$OO LPSURYYLVRDO]DJOLRFFKLPLUDFRORVDPHQ WHDQFRUDVYHJOL 7XFRVDFUHGLFKHLQWHQGDO DSRVWROR" ,R0DJLVWHU" *Lj&RVDSHQVLFKHVLJQLILFKL" 5LOHJJRUDSLGDPHQWHOHSDUROHGL6DQ3DRORHODULVSRVWDPLHVFH GDOFXRUH &KHDEELDPRIDWWREHQHDLQFHQGLDUHLOWHPSLRGHOO LGROD WULD &KH LIUDQFHVFDQLGL1HXGRUIVLGLFRQRIUDWHOOLPDYLYRQRQHO O DYDUL]LDHVSLQJRQRLOSRSRORDGDGRUDUHOHLPPDJLQLHOHVWDWXH 9RLORDYHWHIDWWRSHU]HOR0DQRQFUHGLFLVLDTXDOFXQRFKHKD ULFHYXWRGD'LRODVSDGDSURSULRDTXHVWRVFRSR"&KLq©DOVHUYL]LR GL'LRSHUODJLXVWDFRQGDQQDGLFKLRSHUDLOPDOHª" 3DROR DIIHUPD FKH O DXWRULWj q SUHSRVWD D TXHVWR VFRSR 0D VH QRQ HUD SHU QRL QHVVXQR DYUHEEH FDVWLJDWR TXHOOD EDQGD GL LGRODWUL XVXUDL
6LLOOXPLQD 3URSULRFRVt/R]HORGHJOLHOHWWLKDGRYXWRVWUDSSD UHODVSDGDDLSRWHQWLSHUIDUHTXHOORFKHHVVLQRQIDFHYDQRGLIHQGH UH LO SRSROR H OD IHGH FULVWLDQD ( TXHVWR QRQ FL LQVHJQD IRUVH FKH TXDQGRLJRYHUQDQWLSHUPHWWRQRFKHO HPSLHWjVLGLIIRQGDDOORUDWUD GLVFRQRLOORURFRPSLWRHGLYHQWDQRFRPSOLFLGHOODPDOYDJLWj"'XQ TXH FRPH L PDOYDJL VHFRQGROHSDUROHGHOO DSRVWRORYDQQRWROWLGL PH]]R / HQRUPLWj GL TXHOOH SDUROH PL FROSLVFH FRPH XQ SXJQR PHQWUH OXLFRPLQFLDDOHJJHUHGDOVXRPDQRVFULWWR ©,RDIIHUPRFRQ&ULVWR HFRQ3DRORHLQFRQIRUPLWjDOO LQVHJQDPHQWRGLWXWWDODOHJJHGLYL QDFKHVLGHYRQRXFFLGHUHLJRYHUQDQWLHPSLSDUWLFRODUPHQWHLSUHWL HLPRQDFLFKHUDPSRJQDQRGLHUHVLDLO6DQWR(YDQJHORHQRQGLPH QRSUHWHQGRQRGLHVVHUHLPLJOLRULFULVWLDQLª 1RQ q SRVVLELOH GHJOXWLVFR 0DJLVWHU TXHVWR q TXHVWR FKH SUHGLFKHUHWHRJJLDOFRVSHWWRGHLGXFKLGL6DVVRQLD" 8QJKLJQRXQODPSRQHJOLRFFKLDGHVVRSL~VYHJOLFKHPDL 1R DPLFR PLR QRQ VROR 6H QRQ VEDJOLR FL VDUDQQR DQFKH LO FDQFHOOLHUH GL FRUWH %UFN LO FRQVLJOLHUH YRQ *UHIHQGRUI LO QRVWUR =HLVVLOERUJRPDVWURHWXWWRLO FRQVLJOLRFLWWDGLQRGL$OOVWHGW 5LPDQJRLPSLHWULWRPHQWUHOXLVLDO]DVWLUDQGRVLOHEUDFFLD *UD]LH SHU O DLXWR D IXJDUH RJQL GXEELR $GHVVR FUHGR FKH DF FHWWHUzLOWXRFRQVLJOLRHPLVGUDLHUzXQSRFR7LSUHJRGLFKLDPDUPL DOULQWRFFRGHOODFDPSDQD
&DSLWROR (OWHUVGRUI1DWDOH
2JJLLOSDVWRUH9RJHOQRQKDSDUODWRSHUPHQRQDIUDWHOOR*X VWDY/DVXDYRFHHUDFRPHXQWXRQRVRUGRORQWDQR6RQRVROR1HV VXQD SDUROD FKH ULHVFD D FRQYLQFHUPL 1RQ GRSR O RORFDXVWR GHJOL LQHUPLQRQGRSRTXHOJULGRFDGXWRQHOYXRWR3XzWHQHUVHORLOFRQ IRUWRGHOOD3DURODVRQRVWDWRWUDTXHOOLFKHFUHGHYDQRQHOODVXDIRU ]D /D VHUD QHOOD PLD VWDQ]D DVVDOLWR GDO JHOR OHJJR OH OHWWHUH ( VHQWRFKHTXDOFRVDG LQGHILQLWRVLIDVWUDGDHVLDYYLFLQDVHPSUHSL~ RJQLJLRUQRFKHSDVVDTXDOFRVDFKHORWWDSHUHPHUJHUHPDORULFDF FLzJL~LQIRQGRDOORVWRPDFRFRQWXWWHOHIRU]H(RJQLQRWWHqSL~ GLIILFLOH $OO LOOXVWULVVLPR 0DJLVWHU 7KRPDV 0QW]HU SDVWRUH SUHGLFDWRUH GHOODFLWWjGL$OOVWHGW
,OOXVWULVVLPR0DHVWUR /R6SLULWRGL'LRFKHLQIRQGHVDSLHQ]DHFRUDJJLRVLDVXGL9RL LQTXHVWHRUHGLWRUPHQWR 9LVFULYRFRQODIUHWWDHO DJLWD]LRQHGLFKLYHGHLOSHULFRORVWUL VFLDUH LQ VLOHQ]LR H VDHWWDUH UDSLGR DOOH VSDOOH GHOO XRPR QHO TXDOH KDULSRVWROHVXHVSHUDQ]H*LjKRDYXWRPRGRGLLOOXVWUDU9LFRPHOH PLH RUHFFKLH DYUHEEHUR SRWXWR DLXWDU9L GDWD OD ORUR SURVVLPLWj D FHUWHSRUWHFKHFHODQRLQWULJKL(EEHQHQRQVRGLUHFRVDVLDSL~IRUWH LQPHVHODJLRLDGLSRWHU9LHVVHUHILQDOPHQWHXWLOHGRSRPROWLPHVL GDOODPLDSULPDPLVVLYDRSSXUHO DQVLDHORVGHJQRSHUFLzFKHFRQ WURGL9RLVLVWDPDFFKLQDQGR $O3ULQFLSH(OHWWRUHFKHILQRUDDYHYDPDQWHQXWRXQDSRVL]LRQH GLDWWHVDODYRVWUD/HJDGHJOLHOHWWLQRQqSLDFLXWDDIIDWWR$OORVWHV VRPRGRLOVHUPRQHFKHDYHWHWHQXWRDOFRVSHWWRGLVXRIUDWHOOR6R SUDWWXWWRORDOODUPDLOIDWWRFKHSRVVLDWHGLVSRUUHGLXQDVWDPSHULDH FKH OH YRVWUH SDUROH SRVVDQR UDJJLXQJHUH L IRFRODL GL ULYROWD FKH SLDQSLDQRVLDFFHQGRQRLQWXWWRLOVXRWHUULWRULRHROWUH1RQKDLQ
WHQ]LRQH GL DWWDFFDUYL GLUHWWDPHQWH FUHGR FKH WHPD OH SRVVLELOL UL SHUFXVVLRQL GL XQ JHVWR DYYHQWDWR 9XROH SHUz DOORQWDQDUYL GD $O OVWHGWGDOYRVWURWRUFKLRHGDOODVXD6DVVRQLD8QFHUWR+DQV=HLVV q VWDWR LQ YLVLWD TXL DOFXQL JLRUQL ID H VL q WUDWWHQXWR D OXQJR FRQ PHVVHU 6SDODWLQR LO FRQVLJOLHUH GL FRUWH 9RJOLRQR LVRODUYL =HLVV ILQJHUjGLVWDUHGDOODYRVWUDSDUWHPDQHOIUDWWHPSRFRQOHGRYXWH SURPHVVH9LULYROWHUjFRQWURVHQRQWXWWRLOFRQVLJOLRFLWWDGLQRDO PHQR LO YRVWUR ERUJRPDVWUR 6L q GHWWR VLFXUR GL ULXVFLUYL H QRQ VHPEUDYDXQDVHPSOLFHSURPHVVD 'DO FDQWR VXR 6SDODWLQR YL VFULYHUj XQD OHWWHUD GD SDUWH GHO 3ULQFLSH(OHWWRUH)HGHULFRSHULQYLWDUYLD:HLPDUGRYHYLVDUjGDWD O RSSRUWXQLWj GL HVSRUUH LQ PDQLHUD HVWHVD HGDYDQWLDGDOFXQLLP SRUWDQWLWHRORJLOHYRVWUHWHVL1RQDIIHUUDWHODPDQRFKHVHPEUDQR WHQGHUYL 1RQ SHQVDWH GL SRWHU IDU OD SDUWH GHO OHRQH 1RQ FRQWDWH VXOO DSSRJJLR GL =HLVV H FRPSDJQL XQD YROWD ORQWDQL GDL YRVWUL 9L DEEDQGRQHUDQQR JLXUDQGR H VSHUJLXUDQGR FKH LO YRVWUR DUULYR KD FDXVDWR VROR FRQIXVLRQH QHOOD ORUR FLWWj FKH OH YRVWUH WHRULH VRQR SHULFRORVH FKH PDQFDWH FRPSOHWDPHQWH GL TXHOOD VRWWRPLVVLRQH DO O DXWRULWjFKH0DUWLQ/XWHURKDSUHGLFDWR 9RLDYHWHXQDJUDQGHIRU]DODIRU]DGHOODSDURODGL'LRFKHLQ FRQWUD LO 6XR SRSROR DWWUDYHUVR OH 9RVWUH ODEEUD 7UD TXHOOH PXUD ORQWDQRGDLFRQWDGLQLHGDLPLQDWRULODIRU]D9LVDUjVXFFKLDWDYLD FRPHDXQ QXRYR6DQVRQH=HLVVVDUjOD9RVWUD'DOLODHVWULQJHJLj OH IRUELFL WUD OH PDQL /R ULSHWR QRQ ODVFLDWH $OOVWHGW Ê Ot FKH 9L WHPRQRSHUOHYRVWUHSUHGLFKHHLOYRVWURWRUFKLRGDVWDPSDWHPRQR OD UHD]LRQH GHO SRSROR D XQD TXDOXQTXH D]LRQH YLROHQWD FRQWUR GL 9RL1RQVLD]]DUGHUDQQRDWRFFDU9L1RQSDUWLWHSHU:HLPDU&KH LO6LJQRUH,GGLR9LLOOXPLQLH9LVRVWHQJD 4RqOHW LOJLRUQRGLOXJOLRGHOO DQQR
4XHVWDOHWWHUDIXFHUWDPHQWHFRQVHJQDWDDO0DJLVWHUWURSSRWDUGL GRSRLOVXRULHQWURGD:HLPDUTXDQGRRUPDLLJLRFKLHUDQRIDWWL,Q TXHLJLRUQLGLIILFLOLIRUVHQRQHEEHQHPPHQRLOWHPSR SHUYDOXWDUQH O LPSRUWDQ]DHFRPXQTXHQRQQHIHFHPHQ]LRQH &HUWR q FKH TXHVWD PLVVLYD ULYHODYD LQ DQWLFLSR FLz FKH VDUHEEH VXFFHVVR &ROXL FKH YHUJDYD TXHVWH ULJKH HUD GDYYHUR YLFLQR DOOH VWDQ]HGHLSULQFLSL )XODOXFLGLWjGL2WWLOLHDVDOYDUFLLQTXHLJLRUQL$YUHPPRSRWXWR
SHUGHUFL GHILQLWLYDPHQWH PD TXHOOD GRQQD FL ULVROOHYz H FL JXLGz IXRULGDOODSDOXGHQHUDGLXQDIROOHGLVSHUD]LRQH2WWLOLHQRQFLVD UDLDGHVVRDSRUWDUPLYLDGDTXL1RQVRTXDOHqVWDWDODWXDILQHSD VWRGLPHUFHQDULRGLFRUYL,OFXRUHDULGRPLVSLQJHTXDVLDVSHUDUH FKH WX QRQ VLD VRSUDYYLVVXWD D TXHVWR QLHQWH DOOD IUHGGD VROLWXGLQH FKHPDUFKLDOD1DWLYLWjGLTXHVW DQQRGLPRUWH
&DSLWROR $OOVWHGWDJRVWR
2WWLOLH q IRUWH ULVROXWD H KD XQ VHQR VXSHUER 0DJLVWHU TXDQGR TXHL GLVWLOODWL G HUEH H YLWLJQL JOL VFLROJRQR OD OLQJXD IDFHQGROD VFL YRODUHDOOHJUDPHQWHYHUVROHSDUWLEDVVHVLDGHOFRUSRFKHGHOORVSLUL WRGLFHFKHTXHOOHPDPPHOOHJUDQGLHVRGHFRQWHQJRQRLOVHJUHWRH ODIRU]DGHOODFUHD]LRQHHSURSULRGDOtGHULYDQRO LPSHWRHOHULYHOD ]LRQLGLTXHVWLXOWLPLIUHQHWLFLPHVLSRLDJJLXQJH VJKLJQD]]DQGR FKHGLWXWWRFLzLQXRYLIHGHOLSRWUDQQRDYHUQHDKLORURVRORQRWL]LD ULIHULWD 0DL SHUz VLPLOL DIIHUPD]LRQL R YDQWHULH SURQXQFLD LQ VXD SUHVHQ]D JLDFFKp HOOD HVHUFLWD VX TXHOO DPPDVVR WRQDQWH GL FDUQH VSLULWRHLQWXL]LRQHXQ DXUDFKHQHVVXQRSULQFLSHYHVFRYRRDXWRUL WjFRVWLWXLWDKDSRWXWRLPSRUUH &HUWLODPSLQHJOLRFFKLGLTXHVWDIHPPLQDQRQGLUDGRVXSHUDQR LQILDPPHJJLDQWHLQWHQVLWjTXHOOLFKHLQVLHPHDOOHSDUROHLO0DJLVWHU XVD SHU DFFHQGHUH YDVWH SODWHH /D IRU]D GL XQ PDVFKLR XPDQR SHU TXDQWRJUDQGHVLDHSHU'LRLQ7KRPDV0QW]HUGH4XHGOLQEXUJYH QHDOEHUJDXQDPRQWDJQDWURYDVSHVVRRULJLQH HGLVFLSOLQDLQGRQQH FKHQHJXLGDQRHDFFRPSDJQDQRLOIOXVVR /D IRU]D GHO 0DJLVWHU D YROWH PXWD LQ FXSD GLVSHUD]LRQH VFDWWL G LUDLPSHQQDWHGLRUJRJOLRHDFXWLULVHQWLPHQWLGLXQXRPRVRWWRSR VWRDOIHURFHFDULFRGLXQ LPSUHVDIRUVHQRQGDXRPLQL,QWDOLRFFD VLRQL2WWLOLHVRODSXz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q GL XQ LUD ILWWD GL WHQHEUH SHU OH VWUDGH H L YLFROL GL TXHVWR ERUJR LQ DUPL H SDUDPHQWL JXHUULHUL LQFLWDQGR L IHGHOL D VH
JXLUORFRPHLOOXSRFKHSURSULRLQQRWWLFRPHTXHVWHLQQDO]DLOVROL WDULR ULFKLDPR DOOD OXQD LQ ULFKLHVWD GL VRFFRUVR 9HJOLD OD PDUFLD H O LQFROXPLWj O LQHVDXULELOH (OLDV FKH OR VHJXH GD SUHVVR SRFKL SDVVL GLEXLRSL~LQGLHWURSURQWRDWUDYROJHUHFKLYROHVVHDWWDFFDUOR 7XWWRULEROOHGLHYHQWLGLIILFLOLGDLQWHUSUHWDUHVHQRQTXHOORX QLFR QHWWR H GLVWLQJXLELOH FKH TXL DGHVVR LQ $OOVWHGW XQ FDSSLR VL YDGDVWULQJHQGRXQDWUDSSRODVWLDSHUVHUUDUVLVXOOHVRUWLQRVWUHHGHL FRQWDGLQLLQVRUWL1RQF qWHPSRLO0DJLVWHUKDELVRJQRGLDLXWR , VHUSHQWL FKH JRYHUQDQR TXHVWD FLWWj QRQ FL FROSLUDQQR ROWUH $QGLDPRYLD /DYRFHqIHUPDGLXQDVROLGLWjFKHFRQWUDVWDFRQLOYLVRJLRYD QH &KHFRVD" OHSDUROHGL2WWLOLHULPXRYRQRLPSURYYLVDPHQWHLO SHVRGDOOHSDOSHEUH 0DHLO0DJLVWHU" 1RQWDUGHUjYHGUDL0DRFFRUUHIDUODYRUDUHODWHVWDSULPDFKH FLVFKLDFFLQRFRPHLQVHWWL &HUWR 2WWLOLH OD WHVWD 4XHVWR YHVSDLR GL LQTXLHWXGLQH FKH QRQ VPHWWHGLURQ]DUH0LYROWRYHUVRODILQHVWUD,QVLOHQ]LRFHUFRGLD VFROWDUHOHXUODORQWDQHGHO0DJLVWHU1RQVRVHOHDYYHUWRRLPPDJL QRVROWDQWRGLFRPSUHQGHUOH*ULGDFKH'DYLGHqTXLWUDQRLFRQOD ILRQGD LQ PDQR /H SDUROH GHO VXR XOWLPR VHUPRQH DOOD /HJD GHJOL HOHWWLTXDQGRODJHQWHTXDVLVLYROWDYDDFHUFDUOR LOSLFFRORUH'DYL GH FRQ LO VDVVR QHOOD ILRQGD WDQWR OH IUDVL GHO 0DJLVWHU DYHYDQR LO WRQRGLXQDYHUDHYRFD]LRQHHQRQGLXQVHPSOLFHDUWLILFLRUHWRULFR 6H GRYHVVLPR ORGDUWL FRPH PHULWL 6LJQRUH OH QRVWUH ODEEUD EUXFH UHEEHUR SHU O DUGRUH GHOOD WXD 3DUROD ,QYHFH OD SDXUD VSHJQH TXHO IXRFR ,PPDJLQRFKHLO0DJLVWHUDYHVVHJLjTXDOFKHLGHDLQSURSRVLWR /HPLHSDUROHVXRQDQRGLVSHUDQ]D 6RUULGH ,GHH+DLYLVWRLVXRLRFFKLTXDQGRqXVFLWRGLTXD" &HUWRPLOOHLGHHHPLOOHFRQWDWWLGDO0DUHGHO1RUGDOOD6HOYD1HUD 0DODGHFLVLRQHDGHVVRVSHWWDDQRL 3HUFKpQRQDVSHWWLDPRDQFRUDXQSR "ÊFRVtQHFHVVDULRSDUWLUH" 6HQ]D HVLWDUH OH ODEEUD FKH VL IDQQR VRWWLOL 6t IUDWHOOR GRSR :HLPDUVt 'DYYHUR VRQR EDVWDWL WUH JLRUQL WUH JLRUQL VHQ]D LO 0DJLVWHU SHUSHUGHUHWXWWR 4XHOORqVWDWRLOFROSRGLJUD]LD/HFRVHDYHYDQRJLjSUHVRDG DQGDUPDOH )LQFKpLO0DJLVWHUqVWDWRTXLFRQQRLQR8QDPDUHDGLGLVSH
UDWL KD JRQILDWR TXHVWD SDOXGH ULFRUGL" 6RQR DIIOXLWL TXL GD WXWWH OH FLWWj OLPLWURIH VFDFFLDWL GDL VLJQRUL / RQGDWD DYUHEEH SRWXWR VRP PHUJHUHSHUVLQRLOGXFD*LRYDQQL 0HQWUH ULWRUQR YHUVR OD VHJJLROD SHU XQ DWWLPR VHPEUD WHQGHUH O RUHFFKLR DQFKH OHL 3RL SDVVD XQD PDQR VXOOD WDYROD SLHQD GHOOH EULFLROH GHOOD FHQD 9HGL" GLFH UDFFRJOLHQGROH WXWWH DO FHQWUR H VWULQJHQGROHQHOSXJQR &RVtKDQQRIDWWR DSUHLOSDOPRHFLVRIILD VRSUD 2UDVWDQQRSHUVSD]]DUFLYLD /H SDUROH HVFRQR D IDWLFD GDOOD JROD VHUUDWD 3HUz XQD FRVD q FHUWD 2WWLOLH 7HPRQR 0DJLVWHU 7KRPDV FRPH OH EHVWLH LO IXRFR +DQQR GRYXWR DOORQWDQDUOR GDOOD FLWWj SHU FRPLQFLDUH OH LQWLPLGD ]LRQLHLSHVWDJJL1HVVXQRVLVDUHEEHD]]DUGDWRDVFDFFLDUHLOQRVWUR :\FKDUW H D PHWWHU OH VSUDQJKH DOOD VWDPSHULD VH LO 0DJLVWHU IRVVH ULPDVWR ( QHPPHQR VWDVHUD VL SURYHUDQQR D WRFFDUOR &HUWR FHUWR QHVVXQR KD GHWWR FKH GREELDPR IXJJLUH QHOOH ,QGLH 6ROR SHQVDUH D XQDOWURSRVWRGRYHFRQWLQXDUHTXHOORFKHqVWDWRIDWWRTXL 6FXRWRODWHVWD &KHDLXWRSRVVRGDUH"6RJLXVWRFKHLQ%DYLHUD L FRQWDGLQL VWDQQR FHUFDQGR GL LPSRUUH OH ORUR UDJLRQL 0D PL SDUH FKHOjQRQDEELDQRELVRJQRGLQRL 9HUR$O6XGOHFRVHILODQRJLjGDVROH6FUXWDLOEXLRROWUHOD ILQHVWUD 7KRPDVWLKDPDLSDUODWRGL0KOKDXVHQ" /DFLWWjLPSHULDOH" (VDWWR8QDQQRIDODSRSROD]LRQHKDIDWWRDSSURYDUHDOFRQVL JOLREHQFLQTXDQWDWUHDUWLFROL2JJLLOSRWHUHqQHOOHPDQLGLUDSSUH VHQWDQWLVFHOWLGDJOLDELWDQWLGHOODFLWWj 8QD VPRUILD 9RJOLDPR DQFRUD DYHUH D FKH IDUHFRQ XQ FRQVL JOLR FLWWDGLQR QHPLFR GHL SDSLVWL SHU SXUR LQWHUHVVH" )DUHPPR PH JOLRDFHUFDUHDOOHDWLQHOOHIDWWRULHHQHLFDPSL6RQRTXHOOLJOLXPLOL GHOODWHUUD $QQXLVFH JXDUGDQGRPL ILVVR QHJOL RFFKL 8QD FRVD ULPXJLQDWD GDWHPSR *Lj0DXQDYROWDFKH VLKDLQPDQRXQDFLWWjQRQqFRVt GLIILFLOHULYROJHUVLDOFRQWDGRÊVWDWRFRVtDQFKHFRQLPLQDWRULGHOOD FRQWHDGL0DQVIHOGQR",QYHFHSDUWHQGRGDIXRULELVRJQDIDUHLFRQ WLFRQOHPXUDHFRLFDQQRQL 0DQGRJL~O XOWLPRJRFFLRVFKLXPRVRGLELUUD 0HQWUHVWDQGR LQFLWWjLFDQQRQLVRQRJLjGDOODWXDSDUWH 6tHFRQWURLSULQFLSLDOWURFKHFDQQRQL 0PK 4XHVWL ERUJKLJLDQL VRQR WXWWD JHQWH PROWR PDQRYUDELOH ,O 0DJLVWHU PL KD GHWWR FKH DQFKHD0KOKDXVHQXQRGHLFDSLGHOOD
ULYROWDKDVWUDQLFRQWDWWLFRQLOGXFD*LRYDQQL 0L DOOXQJD LO ELFFKLHUH QXRYDPHQWH SLHQR GRSR DYHU GDWR XQ SULPR VRUVR 6WDL SDUODQGR GL +HLQULFK 3IHLIIHU LPPDJLQR 6t FL KDQQRGHWWRGHLVXRLUDSSRUWLFROGXFD'LFRQRFKH*LRYDQQLGL6DV VRQLDDEELDGHOOHPLUHVXOODFLWWj HYHGDPROWRGLEXRQRFFKLRODFRQ IXVLRQHFKHVWDUHJQDQGRODJJL~qTXHOORFKHJOLVHUYHSHUSUHVHQWDU VLFRPHJDUDQWHGHOODSDFHHDVVXPHUHLOFRQWUROOR $OODUJROHEUDFFLDDLQGLFDUHODORJLFDFRQFOXVLRQH (FRVtSHQ VL FKH GRYUHPPR LQWHUYHQLUH H VIUXWWDUH LO GLVRUGLQH SHU OD QRVWUD FDXVDHIDULQPRGRFKHTXHVWR3IHLIIHUODYRULFRQQRL / KDLGHWWRWXFKHqJHQWHPDQRYUDELOH 5LGLDPR /DPSL GL FDORUH LQFLGRQR O XPLGLWj GHOOD QRWWH 2WWLOLH WRJOLHXQDFLRFFDELRQGDGLFDSHOOLGDOODIURQWHHODEORFFD GLHWURO R UHFFKLR3HUXQDWWLPRqSRFRSL~FKHXQDEDPELQD $EELDPRODVFLDWRLQGLHWURXQSUREOHPDQRQLQGLIIHUHQWHFRPH DQGDUFHQHGDTXD 1RQGRYUHEEHHVVHUHGLIILFLOHFUHGRGDYYHURFKHO XOWLPDFRVD FKH=HLVVYXROHVLDWUDWWHQHUFLTXLHWLUDUHOD FRUGDFRQLPLQDWRULLQ FDUFHUDQGRLOORURSUHGLFDWRUH)LGDWLQRQYHGRQRO RUDGLVEDUD]]DUVL GLQRL 1RQ VL VD PDL SRWUHEEH DQFKH SUHQGHU PDOH OD SURYRFD]LRQH GL TXHVWD VHUD R XVDUOD FRPH SUHWHVWR R GHFLGHUH GL XPLOLDUH 7KR PDV0QW]HUSHUUHQGHUORLQRIIHQVLYRÊPHJOLRQRQFRUUHUHULVFKL 8Q PRUVR DO ODEEUR LQIHULRUH SHU UDFFRJOLHUH L SHQVLHUL ,Q WDO FDVRFHQHDQGUHPRGLQRWWH
&DSLWROR (OWHUVGRUIJHQQDLR
/D YDFFD GL 9RJHO q PRUWD GL IHEEUH 6RQR ULPDVWR D JXDUGDUOD FUHSDUH LO UHVSLUR VHPSUH SL~ OHQWR XQ UDQWROR VRIIRFDWR JOL RFFKL YLWUHLFKHVLULHPSLYDQRG LQGLIIHUHQ]DSHULOPRQGRSHUODYLWD 'LFRQR FKH 0DJLVWHU 7KRPDV SULPD GL HVVHUHJLXVWL]LDWRDEELD VFULWWR XQD OHWWHUD DL FLWWDGLQL GL 0KOKDXVHQ 'LFRQR FKH OL DEELD LQYLWDWLDGHSRUUHOHDUPLSHUFKpWXWWRRUPDLHUDSHUGXWR 3HQVRDOO XRPRFKHFHUFDGLVSLHJDUVLSHUFKp3HUFKpLO6LJQRUH KDDEEDQGRQDWRLVXRLHOHWWLHKDODVFLDWRFKHSHUGHVVHURWXWWR 7L YHGR 0DJLVWHU PHQWUH JLDFL QHO EXLR GHOOD FHOOD FRL VHJQL GHOODWRUWXUDFKHSLDJDQRLOFRUSRLQDWWHVDGHOERLDFKHPHWWDILQHDO FDPPLQR0DqODSLDJDFKHDYHYLQHOFXRUHFKHWLGHYHDYHUVSLQWR DOO XOWLPR PHVVDJJLR 1RQLORURIHUULQRQDYUHEEHURPDLSRWXWR qVWDWRIRUVHSHUFKpDEELDPRSHQVDWRWURSSRDQRLVWHVVL")RUVHSHU FKp VLDPR VWDWL LPSXGHQWL ILQR D VFDQGDOL]]DUH LO 6LJQRUH" 3HUFKp DEELDPRSUHWHVRGLLQWHUSUHWDUHLO6XRYROHUH")RUVHSHUFKpDEELDPR XFFLVR SHUFKp OD UDEELD GHJOL XPLOL QRQ KD DYXWR SLHWj GHJOL HPSL DIIDPDWRUL"ÊTXHVWRFKHKDLVFULWWR0DJLVWHU"ÊTXHVWRFKHSHQVD YLLQTXHJOLXOWLPLLVWDQWLPHQWUHO HVHUFLWRGHLSULQFLSLPDUFLDYDDO O DVVHGLRGHOO HURLFD0KOKDXVHQ" 8Q PRWLYR 8Q TXDOXQTXH PRWLYR SHUILQR O LQVRQGDELOH YRORQWj GHO 6LJQRUH ,GGLR QRQ SXz EDVWDUH D VFRQJLXUDUH OD GLVSHUD]LRQH 3HUFKpqDQFRUDXQJULGRGLGLVSHUD]LRQHTXHOORODQFLDWRGDOSURIRQ GR GL XQD FHOOD RVFXUD Ê DQFRUD OD FXSD DQJRVFLD GHOOD VFRQILWWD D LQFDWHQDUPLDTXHVWROHWWR
0L DSSDUH QLWLGR FRPH XQD GHOOHLQFLVLRQLGLTXHOJUDQGHDUWLVWD GHOOHQRVWUHUHJLRQLSHUVRUWHQRQVHPSUHUR]]HQHLJXVWLDYROWHDG GLULWWXUDLQWULVHGLVRDYLDELOLWj6HPEUDYDVFRSSLDUHGHQWURODVWUHWWD GHOOHPXUD/HFDVHHOHJXJOLHGHOOHFKLHVHVLHUJHYDQRXQDVXOO DOWUD FRPHJUDSSROLGLIXQJKLVXXQWURQFRG DOEHUR &HUWRFRVtSRWUHLGLUHGHOULFRUGRGHOSULPRLQJUHVVRD0KOKDX VHQTXDWWURFDYDOOLODQFLDWLGDOOHQRVWUHXUODGLVWXSLGDFHOLDVXOVHQ
WLHURDXQSDLRGLPLJOLDGDOOHPXUDGHOERUJRLPSHULDOHODULVDWDWR QDQWH GL (OLDV H L ULPEURWWL DO YHQWR GL 2WWLOLH 3RL DO SDVVR TXDVL PDU]LDOLLQSURVVLPLWjGHOJLJDQWHVFRSRUWDOHDGDUVLXQFRQWHJQRGL DXWRULWjQRQLQYHVWLWHPDQRQPHQRLPSRUWDQWLFRQORVJXDUGRILHUR GLULWWRLQTXHOODPDWWLQDURYHQWHGLPH]]RDJRVWR *LjVLLQWUDYHGHYDLOILWWREUXOLFDUHGLXPDQLWjDVVRUWLWDFRPHXQ VHUUDJOLRFKHYROHVVHXQRGRSRO DOWURFRQWHQHUHFLDVFXQHVHPSODUH SHUVSHFLHWLSRIRUPHRGHIRUPLWjWUDFRORURFKHSRUWDQRDSSXQWR LOQRPHGLXPDQLEHVWLHHFDUUHWWLHEUXVLRJULGDVFRPSRVWHHFRGL EHVWHPPLH H WULYLR ,O SX]]R GL OXSSROR H LO FKLDVVR YLWDOH GHOOR 6WHLQZHJ VXO TXDOH VL DSURQROHERWWHJKHHOHULYHQGLWHGLELUUD/D ELUUDFKHKDDUULFFKLWRLPHUFDQWLGL0KOKDXVHQFRPHLQQHVVXQ DO WUDFLWWjWHGHVFD /D SDUROD GL 'LR SURQXQFLDWD D RJQL DQJROR GL VWUDGD O DOD QHUD GHL&DYDOLHUL7HXWRQLFLFKHFRSUHLSDOD]]LODFRUUX]LRQHGHLPRQDFL FKHDWWLUDOHEHVWHPPLHSHUOHVWUDGHDFRQIHUPDUHODQRUPDHODUH JRODGHOPRQGRGRYHF qOXFURFLVRQRVHPSUHSUHWLLQ TXDQWLWj1HO GHGDOR GL YLRWWROL VHFFKL H SROYHURVLGDVHWWLPDQHGLVLFFLWjFRVWHJ JLDWLGDPXULGLDELWD]LRQLHERWWHJKHORFDQGHHRSLILFLILWWLGLLVFUL ]LRQL H JUDIILDWXUH VLPEROL G RJQL WLSR SL~ YROWH SHUz TXHOOL LQQHJ JLDQWL DOO (UFROH GL *HUPDQLD /XWKHU SURSULR FRVt /87+(5 FDPSHJJLDYDVXRJQLPXURGHOQRVWURSULPRWUDJLWWRYHUVRODFKLHVD GL6DQ*LDFRPRFLSUHFHGHYDHDFFRPSDJQDYDFRQLOVXRGLVSUH]]R SHUDOWURRVVHTXLRVDPHQWHULFDPELDWR 0LLQYHVWHQHWWRHIUDJRURVRLOULFRUGRLOSX]]RGLVXGRUHHEH VWLDPHGHOPHUFDWRQHOODJUDQGHSLD]]DFKHEHQDOWULHYHQWLDYUHEEH YHGXWR LQ SRFKH VHWWLPDQH IDFHQGRFL IUHPHUH SDOSLWDUH PHQWUH ©L JLXVWL LQYRFDYDQR LO PDUWHOOR GL 'LRª FKH ULFDGHVVH LPSODFDELOH VR SUDOHWHVWHGHJOLXVXUSDWRULGHOODVXDSDUROD8QDWHQVLRQHFKHVLUH VSLUDYD QHL YLFROL RGRUH LQWHQVR GL XQ LQJLXVWL]LD FKH VL YROHYD IDU SDJDUHHULEROOLYDLQTXLHWDVRWWRLSLQQDFROLGHOOD&DWWHGUDOHGL1R VWUD6LJQRUDHQHOJUDQGHPHUFDWR&RPHLQDWWHVDGLXQDVFLQWLOOD ,OJUDQGH(OLDVDVROFDUHODIROODGDEDWWLVWUDGD 6RQRJLjVWDWRLQ TXHVWR EXFR GL FXOR GL VWUDFFLRQL H PHVVL LPSHULDOL ,R GLHWUR D SHUGHUHLOSDVVRGLVWUDWWRGDXUODGLOLWLGLERWWHJDLHGDOO RIIHUWDSUR FDFH GL GDPH FKH DYHYDQR FRQRVFLXWR L VROGDWL SUH]]RODWL GHO GXFD *LRYDQQLPHJOLRGHLORURVWHVVLFDSLWDQL1RQULXVFLYRDWLUDUYLDGL ULWWR FKH VHWWLPDQH GL VRJQL GL OXVVXULD PL VWDYDQR FRQVXPDQGR G DQVLD GL JRGLPHQWR H LO VRUULVR FDXVWLFR GL 2WWLOLH FKH PL VHJXLYD GD SUHVVR D VFRUDJJLDUH OH RIIHUWH H UHQGHUH LO PLR YROWR XQ WL]]RQH
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j $PPLUDPPR OD VXD DVWX]LDH O LQWHOOLJHQ]D QRQ HUD GLIILFLOHFDSLUHFKHLQVLHPHOXLHLO0DJLVWHU DYUHEEHURSRWXWRIDUHJUDQGLFRVH ( LQIDWWL HFFROL JLj LQGDIIDUDWL LQ GLVFXVVLRQH VHUUDWD VX FRVH GD IDUH H VHUPRQL LQFHQGLDUL GD SURQXQFLDUH SHU L ERUJKLJLDQL H JOL VWUDFFLRQL L GLVHUHGDWL OD JHQWH GHO FRQWDGR H DQFKH L QRWDELOL FKH ©KDQQR VXELWR GD SURYDUH ODYRJOLDGLPHWWHUHTXHOOHIDFFHGDSRUFL DOO LQJUDVVRLQXQSLDWWRIXPDQWHGLHVFUHPHQWLª $GHVVR GDO PLR DQJROR QDVFRVWR 0KOKDXVHQ VHPEUD XQD FLWWj GLVRJQRXQRVSHWWURFKHLOYLVLWDGLQRWWHH WLUDFFRQWDODVXDVWRULD PDFRPHVHQRQIRVVLWXDGDYHUODYLVVXWDTXDGURGLSHQQHOORHEXOL QR FRVt LR OD ULFRUGR FRPH GL TXHO JHQLR GL SLWWRUH QRVWUR PHVVHU $OEUHFKW'UHU
&DSLWROR 0KOKDXVHQ7XULQJLDVHWWHPEUH
$UWLFRORSULPR >@$YDQ]LDPRXPLOPHQWHODULFKLHVWDFKHG RUDLQSRLO L Q WHUDFRPXQLWjSRVVDHVHUFLWDUHLOGLULWWRGLVFHJOLHUHHGLQRPLQDUHGLUHWWDPHQWH LOVXRSDUURFR>@ $UWLFRORVHFRQGR>@ÊQRVWUDYRORQWjFKHG RUDLQSRLODGHFLPDVXOJUDQR YHQJD UDFFROWD GDL PHPEUL GHO SUHVELWHULR VFHOWR GDOOD FRPXQLWj H ODVFLDWD DO SDUURFRTXDQWREDVWDSHUXQDGHJXDWRVRVWHQWDPHQWRVXRHGHLVXRL&LzFKHU L PDQHGHYHHVVHUHGLYLVRWUDLSRYHULGHOSDHVHDVHFRQGDGHLORURELVRJQL>@ $UWLFRORWHU]R>@)LQRUDq VWDWDFRQVXHWXGLQHTXHOODGLFRQVLGHUDUFLSU R SULHWj SHUVRQDOH GHO VLJQRUH FRVD ULSURYHYROH VH VL SHQVD FKH &ULVWR FRO VXR VDQJXHSUH]LRVRFLKDULVFDWWDWRHUHGHQWRWXWWLVHQ]DHFFH]LRQH>@1RQGXE L WLDPRDOORUDFKHYRLLQTXDQWRYHULFULVWLDQLFL OLEHUHUHWHGDOODVHUYLW~GHOODJO H ED>@
3RFR GRSR LO YHVSUR XQD QRWL]LD VL PHVFROD DOO RGRUH GHOOD ELUUD FKHFRPLQFLDDULHPSLUHLERFFDOL+DQQRPHVVRGHQWURXQWDOHPH] ]RXEULDFRFKHKDLQVXOWDWRLOERUJRPDVWUR ,QEUHYHQRQVLSDUODG DOWUR&KLHUDLOWDOH"&KHJOLKDGHWWRGL SUHFLVR"'RY qVXFFHVVR"6LYLHQHDVDSHUHFKHO KDQQRULQFKLXVRQHL VRWWHUUDQHLGHO0XQLFLSLRHODFRVDIDLQFD]]DUHWXWWL0ROWLVLDO]DQR LQSLHGLQHUYRVDPHQWHEDWWRQRLSXJQLVXOWDYRORHVFRQRSHUDYYHU WLUH TXDQWD SL~ JHQWH SRVVLELOH 4XHVWD YROWD FH OD SDJDQR TXHL ED VWDUGL 0HWWRLOQDVRIXRULGDOO RVWHULD0H]]RVREERUJRGL6DQ1LFRODq VFHVRLQVWUDGDHOHJULGDVLLQJURVVDQRURWRODQGRGDXQODEEURDOO DO WUR,SL~HFFLWDWLFRQDQFRUDLERFFDOLRLSHWWLQLGDWHODLRVWUHWWLLQ PDQRFRPHVRUSUHVLGDXQ LPERVFDWDQHOFXRUHGHOODQRWWHVDOJRQR DSDVVLQHUYRVLLOVHOFLDWRFKHFRQGXFHDOODSRUWD)HOFKWDHDOODFKLHVD GL6DQ*LDFRPR&HUFDQRLO0DJLVWHU6FHQGHDWWRUQLDWRGDXQSXO VDUHGLYRFLLPSD]LHQWLGLHVSRUJOLOHSURSULHFRQYLQ]LRQLVXOGDIDUVL 3RFR VRSUD GL QRL LO JUXSSR UDOOHQWD H FRPLQFLD D LQJURVVDUVL QDWX UDOPHQWHLQFRUULVSRQGHQ]DGHOODORFDQGDGHOO 2UVDGRYHODVWUDGDVL DOODUJDLQSURVVLPLWjGHOODYDWRLR ,QXQPHVHGDFKHVLDPRTXLKRDYXWRPRGRGLDSSUH]]DUHFRPH LOIDQWDVPDGHOO DJLWD]LRQHVLDXQDELWDQWHLQSL~GLTXHVWDFLWWj7XW WDYLDQRQFDSLVFRGHOWXWWRXQDVLPLOHUHD]LRQHDXQDUUHVWRFKHQRQ
KD QLHQWH GL HFFH]LRQDOH 1RQ VL VD QHPPHQR FKL VLD ILQLWR GHQWUR 6ROR XQ SDUWLFRODUH ID GD SHUQR DO FRUUHUH GHOOHYRFLLOPDOFDSLWDWR LQJLXULDWRUH q VWDWR ULQFKLXVR QHL VRWWHUUDQHL GHO 0XQLFLSLR PHQWUH DYUHEEHURGRYXWRXWLOL]]DUHODWRUUHGHOORVWHVVRSDOD]]R &RV q TXHVWD VWRULD GHOOD WRUUH H GHL VRWWHUUDQHL" FKLHGR D XQ DQ]LDQRFKHRVVHUYDODVFHQDGLILDQFRDPH 2WWDYRDUWLFRORGHOQRVWURRUGLQDPHQWRPXQLFLSDOHPDLSL~LQ FDUFHUD]LRQL QHL VRWWHUUDQHL PD VROR QHOOD WRUUH 9HGHVVL FKH IRJQD VRQRTXHLVRWWHUUDQHLFDSLUHVWLFKHQRQqTXHVWLRQHGLFRGLFL $O]RJOLRFFKLVRSUDOHWHVWH0DJLVWHU 7KRPDVqJLjLQSLHGLVR SUDXQSDUDFDUUR8UODFRQWURLOVRSUXVRHORVEHUOHIIRDOSRSROR6RW WRGLOXLXQYLDYDLFRQWLQXRGLJHQWHFKHFRUUHDFKLDPDUQHDOWUDHYD D UDFFRJOLHUHDWWUH]]LHSLHWUH,QPH]]RDOODIROOD(OLDVVLIDVWUDGD YHUVRGLPH4XDQGRPLYHGHJULGDSL~DOWRGLWXWWL 9D DFHUFDUH 3IHLIIHU 'LJOL FKH WUD QRQPROWRVDUHPRVRWWROHILQHVWUHGHO0XQL FLSLRHFKHSRUWLTXDQWDSL~JHQWHSXz 'L FRUVD ILQR DOOH PXUD 0L IDFFLR ULFRQRVFHUH GDOOD VHQWLQHOOD QHVVXQ SUREOHPD HYLGHQWHPHQWH QRQ VL DVSHWWDQR DOFXQD UHD]LRQH 6HPSUHFRUUHQGRLPERFFROD.LODQVJDVVH8QFODPRUHDOIRQGRGHOOD VWUDGDYHUVROD&KLHVDGL6DQ%LDJLRPLLQIRUPDFKH3IHLIIHUQRQKD SHUVRWHPSR 1RQ DSSHQD JLUR O DQJROR H JOL FRPSDLR GL IURQWH DQFKH OXL LQ SLHGLVXXQSXOSLWRLPSURYYLVDWRLQWHUURPSHDPHWjO DUULQJDHLQGL FDQGRPLVLPHWWHDJULGDUH (FFRHFFRXQPHVVDJJHURGDOVREERU JR GL 6DQ 1LFROD 6HQ] DOWUR YLHQH D GLUFL FKH 7KRPDV 0QW]HU H L VXRLVRQRVFRQYROWLGDOODGHFLVLRQHGLTXHOPDLDOHGHOERUJRPDVWUR 1RQqYHURIUDWHOOR" /HWHVWHGHOO XGLWRULRUXRWDQRYHUVRGLPHFRPHXQFDPSRGLJL UDVROL &HUWRIUDWHOOR3IHLIIHU'DOODSRUWD)HOFKWDTXHOOLGL6DQ1LFROD PXRYRQRJLjYHUVRLO0XQLFLSLR 0HQWUH PL DYYLFLQR D TXHOOD SLFFROD IROOD 3IHLIIHU VDOWD JL~ GDO VXRILWWRQHHPLFRUUHLQFRQWUR0LJHWWDXQEUDFFLRLQWRUQRDOOHVSDO OHHVXVVXUUD 'L IUDWHOORLQTXDQWLVDUHWHOjGDYRL" (VDJHUR 6XGXHFHQWRSRWHWHFRQWDUH 0LDUSLRQDODFODYLFROD %HQHTXHVWDqODYROWDFKHFHOLIRWWLD PR3RLDYRFHSL~DOWD 6LSHQWLUDQQRGLTXHVWRDIIURQWRSDUROD PLD$O0XQLFLSLRIUDWHOOLDO0XQLFLSLR /HVXHSDUROHVRQRJLjJULGRGLEDWWDJOLD 1RQ VR FRPH VLDQR VSXQWDWL L IRUFRQL OH WRUFH H OH VSUDQJKH
6HPSOLFHPHQWHDXQFHUWRSXQWRVYHWWDQRVXOODIRUHVWDGLWHVWHPRO WRSL~VSDYHQWRVLGHOOHDODEDUGHGHJOLVELUULFKHFKLXGRQRO DFFHVVRDO SDOD]]R 8QR GL ORUR VL ODQFLD VX SHU OH VFDOH D FKLHGHUH LVWUX]LRQL 7RUQDVHJXLWRGDXQDTXLQGLFLQDGLDOWULVJKHUUL /DGLVFXVVLRQHVLDFFHQGHQHOOHSULPHILOH&LUFRODODQRWL]LDFKH O LQVXOWR SUHFLVR ULYROWR GD :LOOL 3XVWROD DO ERUJRPDVWUR 5RGHPDQQ VLD VWDWR XQ ©%DFLDPL LO FXORª DFFRPSDJQDWR GD XQ HVLEL]LRQH GHO SRVWHULRUH3HUPROWLVLWUDWWDGLXQLQYLWRILQWURSSRHVSOLFLWRDULSH WHUHLOJHVWRHGHFLQHGLFXOLSUHQGRQRGLPLUDLO0XQLFLSLR ,PSURYYLVDPHQWH Oj GDYDQWL XQ ERDWR 6SLQJR H PL DJJUDSSR SHUYHGHUHPHJOLRSUHJXVWDQGRJLjODVFHQDGHOO XPLOLD]LRQHGHILQL WLYDGL5RGHPDQQ,QYHFHYHGR(OLDVFKHVROOHYDGLSHVRDOWRVRSUD OHVSDOOHXQSLFFROHWWRGLPH]]DHWjFRQODWHVWDTXDVLSHODWDHLOQD VRSDRQD]]RSLHQRGLEXJQL*ULGDGLJLRLDHPDQLWHVHORDFFROJRQR H OR VEDO]DQR VRSUD OH WHVWH Ê :LOOL (YYLYD :LOOL 5RWWLQFXORGL PHUGD9LYD:LOOL7RSLGLIRJQD*UDQGH:LOOL /DIROODORSRUWDLQWULRQIRDWWUDYHUVRODSLD]]DXQDUDJD]]DVXOOH VSDOOHGLTXDOFXQRJOLVFRSUHOHWHWWHGDYDQWLH:LOOLFLVLEXWWDDSH VFHFRPHXQPLUDFRODWR*OLWLUDQRYHUGXUHHGROFLFKHORLPEUDWWDQR GDOOD WHVWD DL SLHGL 5LGHQGR JOL JULGR 9LYD UH :LOOL 9LYD O HURH GHOODJHQWHGL0KOKDXVHQ ( O XEULDFRQH FRPH VH PL DYHVVH VHQWLWR VL JLUD QHOOD PLD GLUH ]LRQHHIDXQVHJQRGLEHQHGL]LRQHQHOO DULDXQDWWLPRSULPDFKHXQ FDYROILRUHORFHQWULLQSLHQDIDFFLD
&DSLWROR (OWHUVGRUI3DVTXD
5LFRUGRFKHODQRWWHGHOO LQFRURQD]LRQHGLUH:LOOLSRFKLD0 KOKDXVHQ FKLXVHUR RFFKLR 'L FHUWR QRQ FL ULXVFLURQR 5RGHPDQQ H .UHX]EHUJ L GXH ERUJRPDVWUL VRWWR OH FXL ILQHVWUH VL GLVSXWz XQR VWUDRUGLQDULR WRUQHR D ORUR GHGLFDWR GL LQVXOWL EHVWHPPLH H IUDVL FUXHQWH 1p WDQWRPHQR SRWHURQR ULSRVDUH PROWR OH VFKLHUH GL YDJD ERQGL DYLGH GL SRVVLELOL VDFFKHJJL FKH ILQ GDO PDWWLQR VHJXHQWH ULHPSLYDQROHVWUDGH 3XUWURSSR0RUIHRVWULQVHWUDOHEUDFFLDOHGXHVHQWLQHOOHDSSRVWD WH VXO UHWUR GHO 3DOD]]R PXQLFLSDOH FRVLFFKp QRQ IX GLIILFLOH SHU L ERUJRPDVWULIXJJLUHLQGLUH]LRQHGL6DO]DFRQLOJRQIDORQHGHOODFLWWj DUURWRODWRVRWWRLOEUDFFLR $O ULVYHJOLR TXLQGL QXRYR GLIIRQGHUVL GHOOD QRWL]LD QXRYR VFRPSLJOLR H QXRYR DVVHPEUDPHQWR VRWWR OH ILQHVWUH GHO 0XQLFLSLR D FKLHGHUH O LQWHUYHQWR GHO &RQVLJOLR *OL RWWR GHOHJDWL GHO SRSROR HOHWWL JLj SULPD GHO QRVWUR DUULYR FHUFDURQR GL FRQYLQFHUH LO &DSR GHOOH JXDUGLH GL TXDQWR IRVVH JUDYH LO JHVWR GHL GXH ERUJRPDVWUL H GHOOD QHFHVVLWj GL FDQFHOODUH DO SL~ SUHVWR TXHOO RQWD 0D TXHOOR UL VSRVH FKH QRQ SUHQGHYD RUGLQL GD QHVVXQR OXL VH QRQ GDL OHJLWWLPL UDSSUHVHQWDQWLGHOODFLWWDGLQDQ]D(PHQWUHFHQHDQGDYDPRDULRUGL QDUHOHLGHHQHOQRVWURVREERUJRGL6DQ1LFRODULXVFtDUDGXQDUHDW WRUQR D Vp EXRQD SDUWH GHOOD SRSROD]LRQH PHWWHQGR WXWWL LQ JXDUGLD GDFKLDYUHEEHYROXWRDSSURILWWDUHGHOODGLIILFLOHVLWXD]LRQHFLWWDGLQD SHUGLVSRUUHGHOOHIRU]HGHOO RUGLQHDVXRSLDFLPHQWR 1RQFLYROOHPROWRSHUFKpVXOOHSDUHWLGHOODFLWWjILRULVVHURFRP PHQWL VXO JHQHUH */, 6%,55, 121 &$0%,$12 0$, )UDWWDQWR VWDQFKL GL DVSHWWDUH O HVSORGHUH GHJOL HYHQWL PROWL PDHVWUL GHO VDF FKHJJLR LQ YLDJJLR G DIIDULLQWUDSUHQGHYDQRVHQ]DXOWHULRULLQGXJLOD ORURDWWLYLWjVHPLQDQGRLOWHUURUHHQWUROHPXUDHQHOOHILOHGHLGLIHQ VRULGHO3DOD]]R1RLGDOFDQWRQRVWURFHUFDYDPRGLYDOXWDUHFRQOD PDVVLPD SUHFLVLRQH VH FL IRVVH VSD]LR SHU XQ D]LRQH GL IRU]D 8Q PHVVDJJHUR IX LQYLDWR D 6DO]D SHU GRPDQGDUH DG DOFXQL VHJXDFL GL 0DJLVWHU7KRPDVVHQRQIRVVHSRVVLELOHGDSDUWHQRVWUDLQWHUYHQLUH
GLUHWWDPHQWHODJJL~FRVtGDIDUODSDJDUHDLGXHIXJJLWLYLHFUHDUHLQ TXHOOD FLWWj XQD VLWXD]LRQH IDYRUHYROH DOOD ULYROWD /D ULVSRVWD IXXQ FRUGLDOHLQYLWRDIDUFLLIDWWLQRVWUL 0KOKDXVHQ VL SUHSDUDYD SHU XQD VHFRQGD QRWWH GL YHJOLD /H URQGH GHL ERUJKLJLDQL SHUOXVWUDYDQR OD FLWWj FRQ OH WRUFH LQ PDQR PHQWUHOHJXDUGLHVLVFKLHUDYDQRDOO LQJUHVVRGHOODSRUWD)HOFKWDHGHO 3DOD]]R3UHFDX]LRQHLQXWLOHGDSDUWHQRVWUDQRQVDUHEEHVWDWRGLIIL FLOHVIRQGDUHTXHOSLFFKHWWRPDXQDYROWDGHQWURODFLWWjSRWHYDWUD VIRUPDUVLLQXQDWUDSSRODGDRJQLILQHVWUDSRWHYDFDGHUHROLREROOHQ WHGDRJQLSRUWRQHSRWHYDXVFLUHODPRUWH,QSL~F HUDGDFRQVLGHUD UH FKH Oj GHQWUR GLVSRQHYDQR GL DOPHQR XQ FHQWLQDLR GL DUFKLEXJL PHQWUHGDQRLVHQHFRQWDYDQRDOPDVVLPRFLQTXH &RVtDVSHWWDYDPR(O DORQHGHOFUHSXVFRORDYYROJHYDOHQWDPHQWH OHILJXUHGLTXHVWRHVHUFLWRGHJOLXPLOLRFFXSDWHDLPSDUDUHO DUWHGL WLUDUSLHWUHHEDVWRQLGLVWHQGHUHO DYYHUVDULRGLGRUPLUHVXLFLRWWROL PDQJLDQGRSDQHGLVHJDOHHJUDVVRG RFDFRQXQRUHFFKLRDOO XOWLPR VHUPRQHGHO0DJLVWHUHO DOWURDOOHLPSUHVHHURWLFKHGHOYLFLQR ,OJLRUQRVHJXHQWHTXDOFKHRUDGRSRO DOED2WWLOLHHLO0DJLVWHU YHGHQGRFKHLOFRQIURQWRDGLVWDQ]DVWDYDILDFFDQGRLSL~HFKHPRO WLLQVLVWHYDQRSHUWRUQDUHDLORURDIIDULFHUFDURQRDLXWRQHOOD%LEELD ©4XDQGR'LRVRVWHQHYDLOVXRSRSROROHPXUDGHOODFLWWjFUROODYDQR DO VXRQR GHOOH WURPEH 5LFRUGDWHYL OD ILQH GL *HULFR $QFKH D QRL FKH VLDPR VXRL HOHWWL LO 6LJQRUH 'LR FRQFHGHUj XQ DOWUHWWDQWR IDFLOH YLWWRULD0DRFFRUUHDYHUIHGHHFUHGHUHFKH'LRQRQDEEDQGRQHUjLO VXRHVHUFLWRª 0DJLVWHU 7KRPDV VDSHYD FRPH HVVHUH FRQYLQFHQWH H TXHVWR GL VFRUVRIXDFFROWRDOODOHWWHUDGDXQDFLQTXDQWLQDGLFRQIUDWHOOL$UPD WLGLVHWWHLPSRQHQWLFRUQLGDFDFFLDGLTXHOOLFRQO DQFLDLQPHWDOOR VL LQFDPPLQDURQR OXQJR LO VHQWLHUR FKH FRVWHJJLDYD L EDVWLRQL FDQ WDQGR H VXRQDQGR FRQ TXDQWD IRU]D JOL SHUPHWWHYDQR L SROPRQL /D VFHQDVHQRQDOWURHQWXVLDVPzWXWWLHVLFXUDPHQWHLPSUHVVLRQzSD UHFFKLRLULFFKLELUUDLDVVHUUDJOLDWLVXOOD3LD]]DPXQLFLSDOH 4XHL FLQTXDQWD VROGDWL GL *LRVXq QRQ DUULYDURQR PDL DO VHWWLPR JLUR GL PXUD 6WDYDQR DSSHQD WHUPLQDQGR LO TXLQWR H XUODYDQR D VTXDUFLDJROD ©6HUYL PDQJLDPHUGDª DOO LQGLUL]]R GHOOH JXDUGLH DOOL QHDWHVRWWRO DUFRGHOODSRUWD)HOFKWDTXDQGRLQORQWDQDQ]DDSSDUYH FLz FKH DYUHEEH GHILQLWLYDPHQWH GLVVROWR OD WHQVLRQH GL TXHL JLRUQL 8Q JUXSSR PROWR QXPHURVR GL XRPLQL VXO TXDOH FUHVFHYD ILWWD XQD IRUHVWD GL OXQJKL EDVWRQL DYDQ]DYD VSHGLWR LQ GLUH]LRQH GHOOD FLWWj )RVVHUR VWDWL L ULQIRU]L SURYHQLHQWL GD 6DO]D 0KOKDXVHQ VDUHEEH
FDGXWDQHOOHQRVWUHPDQLHQWURVHUD0DLOIUDWHOOR/HRQDUGFKHDYH YDPRLQYLDWRORURLQFRQWURWRUQzFRQODQRWL]LDFKHVLWUDWWDYDGHJOL DELWDQWLGHOFRQWDGRFKHYHQLYDQRLQVRFFRUVRDO&RQVLJOLRGHOODFLW Wj1HOJLURGLSRFRWHPSRODQRWL]LDUDJJLXQVHDQFKHO LQWHUQRGHOOH PXUDHFLWURYDPPRSUHVWRVWUHWWLWUDGXHIXRFKLGDXQDSDUWHLFRQ WDGLQLFKHJLjVDOLYDQRSHULOVHOFLDWRHGDOO DOWUDLERUJKLJLDQLFKHVL JRGHYDQR OD VFHQD RFFKLHJJLDQGR GLHWUR OD SULPD ILOD GL VHQWLQHOOH ,QVRPPDWURSSL (FFRFKHVXFFHGHDODVFLDUGDSDUWHLFRQWDGLQLSHUFRQTXLVWDUHL FDQQRQL GHOOD FLWWj *OL SURPHWWRQR XQD ULGX]LRQH VXOOH WDVVH GL LQ JUHVVRGHOOHGHUUDWHHWHOLULWURYLFRQWURLQXQEDOHQR,QXQDJLRUQDWD FRPH TXHOOD FRQ L FRQWDGLQL GDOOD QRVWUD ,QYHFH O HVHUFLWR GHJOL XPLOL VL GLVSHUVH UDSLGDPHQWH VHQ]D VSDUJLPHQWL GL VDQJXH FRPH EXUURLQXQIRUQR,FRQWDGLQLVWULQVHURODPDQRDLERUJKLJLDQLPDQ GDQGRLQIUDQWXPLLQRVWULFRUQLGDFDFFLDHWRUQDURQRDFDVDSHUO R UDGLFHQD &RVt OD ULVROX]LRQH GHO &RQVLJOLR GL HOHJJHUH GXH QXRYL ERUJR PDVWULHEEHLOWRQRGLXQDFRQFHVVLRQHXQPRGRVHPSOLFHSHUHOLPL QDUHGXHLPEHFLOOLHUDIIRU]DUHLOFRQWUROORVXOODFLWWj /D PDWWLQD GRSR OD 3LD]]D PXQLFLSDOH VL ULHPSt QXRYDPHQWH GL XQD JUDQGH IROOD GL SHUVRQH LQ DWWHVD GL FRQRVFHUH LQRPLGHLQXRYL ERUJRPDVWUL 8QR GHJOL HOHWWL LO SURGXWWRUH GHOOD PLJOLRU ELUUD GHOOD FLWWj IHVWHJJLz VXELWR UHJDODQGR DOOD SRSROD]LRQH GXH ERWWL HQRUPL 3RLSUHVHODSDURODLOVHFRQGRFKHDYHYDXQDERWWHJDGLWHVVXWL'LV VHFKHJUD]LHDOODOXQJLPLUDQ]DGHO&RQVLJOLRXQDVLWXD]LRQHGLJUD YHVFRPSLJOLRHUDVWDWDULVROWDFKH5RGHPDQQH.UHX]EHUJDYHYDQR JLXVWDPHQWHSDJDWRLOORURJHVWRHQRUVDUHEEHURWRUQDWLLQFLWWj7XW WDYLDQRQHUDQRJOLXQLFLDGDYHUDJLWRFRQWURJOLLQWHUHVVLGHOODFLWWD GLQDQ]D FRPH F HUD GD DVSHWWDUVL GD XQR VWUDQLHUR PHVVHU 7KRPDV 0QW]HUDYHYDIDWWRLOSRVVLELOHSHUJHWWDUHLOERUJRQHOFDRVHPHV VHU +HLQULFK 3IHLIIHU OR DYHYD FLHFDPHQWH VHJXLWR LQ TXHO VXR GLVH JQR VRELOODWRUH 0KOKDXVHQ QRQ DYHYD ELVRJQR GL JHQWH VLPLOH SHU PLJOLRUDUH LO SURSULR RUGLQDPHQWR 7KRPDV 0QW]HU H +HLQULFK 3IHLIIHU HUDQR SHUWDQWR LQYLWDWL DG DEEDQGRQDUH OD FLWWj HQWUR GXH JLRUQL 6H VL IRVVHUR WUDWWHQXWL ROWUH DYUHEEHUR PHULWDWR O LQFDUFHUD ]LRQHQHOODWRUUHGHOSDOD]]R 0L FKLHGR DQFRUD TXDOL VWUDQH DOFKLPLH VL IRVVHUR SURGRWWH QHO FRUVRGHOODQRWWHSUHFHGHQWHHTXDOHIOXLGRSDUDOL]]DQWHVFRUUHVVHLQ TXHOPRPHQWRVXOSDYLPHQWRGHOODSLD]]D&HUWRODYHQXWDGHLFRQ WDGLQL IX XQ GXUR FROSR H TXHO VHQWLUVL DFFHUFKLDWL SXUH 7XWWDYLD
GHYHHVVHUFLGHOO DOWURDVSLHJDUHLOVLOHQ]LRFKHVSD]]zTXHOODGLVWHVD GL FRUSL FRVt IRUWH GD FDQFHOODUQH SHU XQ DWWLPR LO IHWRUH 4XDOFRVD FKH0DJLVWHU7KRPDVGRYHYDDYHULQWXLWRSULPDGLPHSHUFKpTXHOOD PDWWLQD ULPDVH D 6DQ *LDFRPR H TXDQGR OR UDJJLXQVL VWDYD UDFFR JOLHQGRODVXDURED )XRUL GDOOH PXUD GL 0KOKDXVHQ FDSLPPR GL DYHU FRPPHVVR O HUURUHSL~JUDYH8QHUURUHLUULSHWLELOH&RQODFLWWjDOOHVSDOOHIXD PH FKH 2WWLOLH PRUPRUz TXHOOD OH]LRQH $YHYLUDJLRQHWX6HQ]DL FRQWDGLQLQRQSRVVLDPRQLHQWH
&DSLWROR 1RULPEHUJD)UDQFRQLDRWWREUH
$UWLFRORTXDUWR>@3HUFLzQRLDYDQ]LDPRTXHVWDULFKLHVWDVHXQRKDXQ UXVFHOORHFRQVXIILFLHQWHGRFXPHQWD]LRQHSXz GLPRVWUDUQHODSURSULHWjDYHQGR FRPSUDWRLOFRUVRG DFTXDLQEXRQDIHGHDOORUDQRQYRJOLDPRHVSURSULDUORFRQ ODYLROHQ]DPDDGGLYHQLUHDXQDFFRUGRIUDWHUQRFRQOXL&KLSHUzQRQSXzG L PRVWUDUHDGHJXDWDPHQWHWXWWRTXHVWRGHYHUHVWLWXLUORDOODFRPXQLWj FRPHqJLX VWR $UWLFROR TXLQWR >@ FKH XQD FRPXQLWj DEELD OD OLEHUWj GL SHUPHWWHUH FKH RJQXQRSRVVDUDFFRJOLHUHHSRUWDUVLDFDVDVHQ]DSDJDUHODOHJQDFKHJOLqQ H FHVVDULDSHULOIXRFRHDQFKHTXHOODFKHJOLVHUYHSHUFRVWUXLUH>@ $UWLFRORVHVWR6LDPRHQRUPHPHQWHJUDYDWLGDOVHUYLJLRFKHGREELDPRSU H VWDUHDOVLJQRUHHFKHYLHQHFRQWLQXDPHQWHDXPHQWDWR>@)DFFLDPRULFKLHVWD FKHYHQJDDPPHVVRFRPHqJLXVWRGLQRQJUDYDUFLSL~LQTXHVWRPRGRPDGL SHUPHWWHUFL>@GLSUHVWDUHLOVHUYLJLRDOO RVWHVVRPRGRGHLQRVWULJHQLWRULHVR O WDQWRVHFRQGRODSDURODGL'LR
(QWULDPR D 1RULPEHUJD GDOOD SRUWD SL~ D QRUG 6XOOD VLQLVWUD OH WRUUL LPSRQHQWL GHOOD)RUWH]]DLPSHULDOHFLULFRUGDQRTXHOORFKHJLj VDSSLDPRTXHVWDFLWWjqXQDGHOOHSL~JUDQGLSL~ EHOOHHSL~ULFFKH GLWXWWD(XURSD'DYDQWLDQRLVLDUUDPSLFDQRILQRDOFLHOROHVDJRPH VODQFLDWHGHLFDPSDQLOLGL6DQ6HEDOGRHDLGXHODWLGHOODVWUDGDSLW WRULHVFXOWRULVHJXRQRLOODYRURQHOOHORURERWWHJKH2WWLOLHJLXUDFKH OD FDVD GHO JUDQGH$OEUHFKW'UHUqDSRFKLSDVVLGDTXL4XHOODGL -RKDQQHV'HQFNFRQLOTXDOHGRYUHPPRLQFRQWUDUFLJLjTXHVWDPDW WLQDqLQYHFHGDOOHSDUWLGHOOD.|QLJVWUDVVHDOO DQJRORVXGGHOURPER FKHGHOLPLWDLOFXRUHGHOODFLWWj 3DVVLDPRGDOOD3LD]]DGHO0HUFDWRLQHEULDWDGDOO RGRUHGLLQFHQ VLSURIXPLHVSH]LHGHOOH,QGLHLFRORULGHOOHVHWHFLQHVLFKHIOXWWXD QRDOVROHLVHWWH(OHWWRULFKHVLLQFKLQDQRDOO ,PSHUDWRUHSURSULRVR SUDOHQRVWUHWHVWHVXOO RURORJLRGHOOD&KLHVDGL1RVWUD6LJQRUD +DQV +XW LO OLEUDLRGD TXDQGR VLDPR HQWUDWL LQ FLWWj VL DWWDUGD FRQ LO 0DJLVWHU VXELWR GLHWUR GL QRL D SDVVR YROXWDPHQWH SL~ OHQWR 0RWLYRVRVWLHQHFKHD1RULPEHUJDGDTXDOXQTXHSRUWDHQWULFKLXQ TXHVHJXDLVWLQWLYDPHQWHLOIOXLUHGHOODIROODVLWURYHUjSUHVWRRWDUGL DGDJLDWRGDXQDFRUUHQWHLQYLVLELOHVXOOD3LD]]DGL6DQ/RUHQ]R&R VtSHUQRQLQIOXHQ]DUHLOULVXOWDWRGHOO HVSHULPHQWRVLPDQWLHQHDGL
VWDQ]D GDWR FKH TXHVWH VWUDGHQRQKDQQRSHUOXLDOFXQVHJUHWR1R QRVWDQWHTXHVWDSUHFDX]LRQHODGLPRVWUD]LRQHYLHQHXJXDOPHQWHIDO VDWD SRLFKp OH WRUUL GL 6DQ /RUHQ]R DSSDLRQR LQ WXWWD OD ORUR LPSR QHQ]DQRQDSSHQDDWWUDYHUVLDPRLOSRQWHVXOILXPHFKHWDJOLDODFLWWj
& qXQYLDYDLIUHQHWLFRQHOODVWDPSHULD*LRUQDWDGLLQFRQWULLP SRUWDQWLXQULEROOLUHGLFRQWDWWLGLDORJKLSURJHWWLFKHSUHDQQXQFLDQR QXRYHVHWWLPDQHGLWHUUHPRWRHULYROJLPHQWL,FRQWDGLQLVRQRVFDWH QDWLQRQSDVVDJLRUQRVHQ]DFKHDUULYLQRQRWL]LHGLVDFFKHJJLLQVXU UH]LRQL EDQDOL ULVVH FKH VL WUDVIRUPDQR LQ WXPXOWL GL UHJLRQH LQ UH JLRQH/DUHWH GLFRQWDWWLFKHLO0DJLVWHUYDFROWLYDQGRFRQRVVHVVLYD SUHFLVLRQHGDDQQLqHVWHVDHUDPLILFDWDHQRQFHVVDPDLGLDOODUJDUVL HIRUQLUHQRWL]LH,QSL~F qODVWDPSDDSSXQWRTXHVWDWHFQLFDVWXSH IDFHQWH FKH FRPH XQ LQFHQGLR G HVWDWH VHFFD H YHQWRVD VL VYLOXSSD JLRUQR GRSR JLRUQRFLGjLGHHLQTXDQWLWjSHULQYLDUHORQWDQRHSL~ YHORFHPHQWH L PHVVDJJL H JOL LQFLWDPHQWL FKH UDJJLXQJRQRLIUDWHOOL VSXQWDWLFRPHIXQJKLLQRJQLDQIUDWWRGHOSDHVH ,GXHDSSUHQGLVWLVRQRIXULRVDPHQWHDOODYRURQHOODJUDQGHVWDP SHULD GL PHVVHU +HUJRWW LQ 1RULPEHUJD /H PDQL WUDVIRUPDQR O LQ FKLRVWURVXOODVHPSOLFHFDUWDLQFDUDWWHULGLSLRPERFKHPROWLSOLFDQR OH SDUROH 5DSLGH RFFKLDWH H GLWD DJLOL FKH ULFRPSRQJRQR JOL VFULWWL GHO0DJLVWHUSURLHWWLOLFKHYHUUDQQRVFDJOLDWLLQWXWWHOHGLUH]LRQLGDO SL~ SRWHQWH GHL FDQQRQL ,O WRUFKLR QHOO DQJROR VHPEUD GRUPLUH LQ DWWHVDGLLPSULPHUHLOVXJJHOORILQDOH 1RQqVWDWRGLIILFLOHFRQYLQFHUOL+HUJRWWqIXRULFLWWjSHUXQDVHW WLPDQDHODSUHVHQ]DFRQWHPSRUDQHDGL+XW3IHLIIHU'HQFNH0DJL VWHU 7KRPDV DYUHEEH FRQYLQWR FKLXQTXH LO WXUELQLR GHL GLVFRUVL OD SDVVLRQHHODIHGHGLTXHVWLXRPLQLSHUVXDGHUHEEHURLPRUWLDWRUQD UHDOODYRUR 6RUULGR WUDVRJQDWR FRPXQTXH DWWHQWR DO GLDORJR FKH VL VYROJH DWWRUQR DO WDYROR VXO UHWUR GHOOD VWDPSHULD 'LVFXWRQR ILWWL +DQV +XWqGLTXHVWHSDUWLGLPRUDD%LEUDSRFKHPLJOLDGDTXLHFFHOOHQWH GLIIXVRUH GL VWDPSH JLj GD TXDOFKH DQQR 6WDPSz OH SULPH SDUWL GHO 9DQJHOR WUDGRWWR GD /XWHUR H FLz JOL YDOVH PROWR FUHGLWR FKH SHUz QRQULVFRVVHDLEDQFKLGHLSULQFLSL'DWDO LQJHQWHPROHGLODYRURVWD FHUFDQGR GL DSULUH XQDVWDPSHULDSURSULDD%LEUDLQL]LDWLYDLPSRU WDQWHFKHIRUVHYHGUjODOXFHLQTXHVWHVHWWLPDQH,QRJQLFDVRFRQR VFHWXWWHOHWHFQLFKHFRUUHQWLGLVWDPSDHLOVXRSDUHUHqLPSUHVFLQGL
ELOH -RKDQQHV 'HQFN GLPRVWUD L PLHL DQQL VFDOWUR FRPH XQD IDLQD DQFK HJOLGLTXHVWHSDUWLEHQFRQRVFLXWRGDOOHDXWRULWjORFDOLPDJLj GDSDUHFFKLRWHPSRLQJLURSHUFRQWUDGHHSDHVLILQRDOOHUHJLRQLGHO 0DUH GHO 1RUG 3URYRFDWRUH DJLWDWRUH GL PHVWLHUH ELVRJQD DYHUOR DPLFRSHUHYLWDUHFKHLOVXRVSLULWROLEHURWLVLULYROWLFRQWUR8Q LQ WHOOLJHQ]DEULOODQWHPRVWUDDQFKHSHUOH6FULWWXUHODFLWWjqLQVXEEX JOLR SHU XQD VXD RUD]LRQH GRYH HOHQFDYD TXDUDQWD SDUDGRVVL ULVFRQ WUDWL QHL 9DQJHOL 'LFH FKH SHU LO IHGHOH ©QRQ F q DOWUD JXLGDª QHOOD OHWWXUD ©FKH LO PRQGR LQWHULRUH GL 'LR FKH SURYLHQH GDOOR 6SLULWR 6DQWRª ,O 0DJLVWHU QH DSSUH]]D O DFXPH OD VFDOWUH]]D H LO EDJDJOLR GL QRWL]LH FKH KD ULSRUWDWR GDL VXRL YLDJJL ,O WHVWR FKH KD VFULWWR D 0KOKDXVHQHFKHDEELDPRSRUWDWRTXLSDUODDQFKHGLTXHVWHFRVH
4XHOO DPPDVVR GL FDUQH IODFFLGD FKH ULVLHGH D :LWWHQEHUJ IUD 6RSSLDWWRQH YXROH WHQHUH OD 6FULWWXUD EHQ ORQWDQD GDJOL RFFKL GHL FRQWDGLQL+DSDXUDGLHVVHUHVEDO]DWRGDOWURQRVXFXLSRJJLDLOFX OR,FRQWDGLQLGRYUHEEHURWHQHUHODWHVWDEDVVDVXOO DUDWURPHQWUHOXL ID LO QXRYR3DSD4XHVW LQIDPLDQRQGHYHGXUDUHROWUHYDVPDVFKH UDWR/DSDURODGHO6LJQRUHGHYHHVVHUHDFFHVVLELOHDWXWWLVRSUDWWXWWR JOL XPLOL GHYRQR SRWHUOD LQFRQWUDUH GLUHWWDPHQWH H PHGLWDUOD LQ FR VFLHQ]DVHQ]DSHUIRU]DSDVVDUHGDOODERFFDEDYRVDGHJOLVFULEL ÊLO0DJLVWHUFKHSDUOD'HQFNDQQXLVFHHLQWHUYLHQH 4XHVWRq VHQ] DOWUR YHUR 0D ELVRJQD IDUH L FRQWL DQFKH FRQ DOWUL SUREOHPL , FRQWDGLQL QRQ VRQR WXWWR &L VRQR DQFKH OH FLWWj DYHWH YLVWR D 0 KOKDXVHQ &RPH WL GLFHYR KR WUDVFRUVR PHVL LQFUHGLELOL LQ TXHVWR SRUWRGHO0DUHGHO1RUG$QYHUVD/tLPHUFDQWLVRQRULFFKLHIRUWL LOWUDIILFRGHOOHQDYLDXPHQWDGLRUDLQRUDHODFLWWjULEROOHGLDQLPL LQTXLHWL & q XQ IUDWHOOR Ot XQ FRSULWHWWL G DUGHVLD SHU PROWL UR]]R H LJQRUDQWHFKHSUHGLFDHLQFLWDDOODULEHOOLRQHGHJOLVSLULWLOLEHULFRQ WUR JOL HPSL 9HGHVVL FKL ULHVFH D WLUDUVL GLHWUR SHOOLFFLDL DUPDWRUL PHUFDQWLGLSLHWUHFRQOHORURIDPLJOLHLOOXVWULDVVLHPHDELUUDLFDU SHQWLHULHYDJDERQGL& qODJUDQDLQVRPPDHODJUDQDVHUYHDVRVWH QHUHWXWWHOHFDXVH,IRWWXWLERUJKLJLDQLGHOOHQRVWUHFLWWjVRQRELJRWWL HLQFOLQLDEDUDWWDUHSLFFROLYDQWDJJLFRQODVRWWRPLVVLRQHGHLFRQWD GLQLHODFRQVHUYD]LRQHGHLSULQFLSL6RQRLORURFXOLFKHYDQQRSUHVL DFDOFL 6HULXVFLDPRDLPSDGURQLUFLGHOOHORURERWWHJKHSHUVWDPSDUHL QRVWULVFULWWLQRQF qSRLFRVtELVRJQRGLJUDQD VHODULGH+XW 0D VWD ]LWWR FKH VRQR PHVL FKH IDL SURJHWWL SHU OD WXD QXRYD
VWDPSHULD H LQWDQWR FL FRVWULQJL D IDUH L VDOWLPEDQFKL OR VIRWWH 3IHLIIHU 1RQRVWDYROWDVLID,QPHQRG XQPHVHVDUjSURQWD0LKDQQR DVVLFXUDWRFKHLOWRUFKLRqJLjLQYLDJJLRHVHQRQFLIRVVHWDQWDFRQ IXVLRQHLQJLURVDUHEEHJLjSURQWDGDVHWWLPDQH 'HQFNJOLGjGLJRPLWR (KJLjFKHDWHFXRUGLOHRQHODFRQIX VLRQHQRQSLDFH 6FRSSLDPRDULGHUH 1HOIUDWWHPSRJOLDSSUHQGLVWLGL+HUJRWWQRQKDQQRPDLDO]DWROD WHVWD GDO WDYROR GL FRPSRVL]LRQH QH DYUDQQR DQFRUD SHU XQ SH]]R 'D XQ SR GL WHPSR RVVHUYR XQD FHVWD ULFROPD GL VWULVFH GL FDUWD GL YDULHGLPHQVLRQL/DLQGLFRD+XW $FRVDVHUYH" $QLHQWH6RQRJOLVFDUWLTXHVWRWRUFKLRLPSULPHTXDWWURSDJLQH VXRJQLIRJOLRJUDQGH4XDQGROHWDJOLQHULPDQHVHPSUHG DYDQ]R 6LSRVVRQRVWULQJHUHLFDUDWWHULHRWWHQHUHXQPDUJLQHG DYDQ]R SL~JUDQGH" 6tPDSHUFKp"1RQWLEDVWDWXWWDTXHVWDFDUWDVSUHFDWD" )RUVH q XQD VFLRFFKH]]D PD SHQVDYR FKH ROWUH DOOR VFULWWR GHO 0DJLVWHU GD RJQL LPSULPDWXU VL SRWUHEEHUR RWWHQHUH GHL IRJOL VIXVL GRYH HVSULPHUH LQ SRFKH ULJKH HIILFDFL LO QRVWUR PHVVDJJLR FRVt GD SRUWDUFHOL GLHWUR DJHYROPHQWH H SRWHUOL GLVWULEXLUH D PDQR QHOOH FDPSDJQHLQJLUR3RWUHPPRIDUOLFLUFRODUHDWWUDYHUVRLIUDWHOOLVSDU VLRYXQTXHSRWUHPPRUDJJLXQJHUHWXWWLQRQVRqXQ LGHD 6LOHQ]LR 3IHLIIHU Gj XQD PDQDWD VXO WDYROR 3RWUHPPR VWDP SDUQHFHQWLQDLD0LJOLDLD *OL RFFKL GHO 0DJLVWHU ODPSHJJLDQR FRPH TXDQGR VL DFFLQJH D XQRGHLVXRLVHUPRQLLOVXRVRUULVRPLIDDYYDPSDUH 6HLGLYHQWDWR JUDQGHUDJD]]RGRYUDLVRORLPSDUDUHDVRVWHQHUOH FRQSL~IRU]DOHWXHLGHH +XW DIIHUUD XQD VWULVFLD GL FDUWD GDO FHVWR SUHQGH SHQQD H FDOD PDLR H LQL]LD D IDU GL FRQWR %RUERWWD WUD Vp 3Xz IXQ]LRQDUH SXz IXQ]LRQDUH 4XDVLVLULEDOWDGDOODVHGLDSHUJLUDUVLHJULGDUHDJOLVWDPSDWRUL )HUPLYRLGXH)HUPDWHWXWWR
&DSLWROR (OWHUVGRUIDXWXQQR
5LSDUR OH VWLH SHU L SROOL LQ SUHYLVLRQH GHOO LQYHUQR LQFKLRGR OH DVVLSHUFKpOHEHVWLHQRQVRIIUDQRWURSSRLOIUHGGR/DVHUDPLUHLP PHUJR QHOOHPHPRULH 5LFRUGRFKHYHQQHLOWHPSRGHO)|KQORVWHVVRFKHVSLUDRUDVX XQPRQGRGLYHUVR ,O )|KQ YHQWR FDOGR GHQVR G XPLGR H VHFUH]LRQL FKH VSLUD GD PHULGLRQHVLLQVLQXDSHUODFDWHQDDOSLQDHVIRFLDQHLFDPSLHOHYDO ODWH ULVDOHQGR FRO VXR FDULFR G XPRUL IROOL H YLROHQWH SDVVLRQL SHU FXLYDIDPRVR6LLPSDGURQtGLQRLHGLTXHOO LQYHUQRGLIHEEUHHGH OLULRDYYLQJKLzLQRVWULFRUSLLQXQIUHPLWRSULYRGLFRQWUROORSULPD GLVFDJOLDUOLLQXQDGDQ]DGLPRUWHFKHLQFLGHDQFRUDWXWWLTXHLQRPL VXOODPLDFDUQH1RPL'HLOXRJKLGHLYROWL1RPLGLPRUWL/LOHJ JHYRQHOOH6FULWWXUHSULPDHVDHWWDYDQRIXRULGDLIRJOLUDFFKLXVLQHL WRPLXQHQGRVLLQGLVVROXELOPHQWHDOODJLRLDGHJOLRFFKLGHOOHVRUHOOH DVVXPHQGROHHVSUHVVLRQLOXPLQRVHGHLORUREDPELQLLSURILOLDIILODWL UXYLGLGLFRQWDGLQLHPLQDWRULOLEHULQHOOR6SLULWRGL'LR -DFRE0DWWKLDV-RKDQQHV(OLDV*XGUXQ2WWLOLH+DQVL 1RPLGLPRUWLDGHVVR1RQDYUzSL~QRPLPDLSL~1RQOHJKHUz ODYLWDDOFDGDYHUHGLXQQRPH&RVtOLDYUzWXWWL2JJLVRQRYLYRSHU ULFRUGDUOL H SRVVR DVFROWDUH OD SLRJJLD EDWWHUH VXO WHWWR PHQWUH XQ DOWURDXWXQQRVLFRQVXPDVRWWRO LQFDO]DUHGHOWHPSRHG(OWHUVGRUIVL SUHSDUD D ULFHYHUH OD SURVVLPD QHYH LO JHOR GRSR TXHVW XOWLPR DOLWR FDOGR / RWWREUHGHO ILQtFRQXQ DOWUDHVSXOVLRQHH[WUDPXURV6WDYRO WD VL WUDWWDYD GL 1RULPEHUJD 'D FLUFD XQD VHWWLPDQD L GXH DGGHWWL GHOOD VWDPSHULD GL +HUJRWW FL DYHYDQR FRQVHJQDWR LO IUXWWR GL QRWWL VHQ]DVRQQRHJLRUQDWHGLODYRURIXULERQGRLGXHVFULWWLFKHLO0DJL VWHUDYHYDSRUWDWRFRQVpGD0KOKDXVHQFLQTXHFHQWRHVHPSODULGHO OD(VSOLFLWDPHVVDDQXGRSL~DOWUHWWDQWLGHOOD&RQIXWD]LRQH,QROWUH OH PRGLILFKH DSSRUWDWH DO PHWRGR GL FRPSRVL]LRQH GHL TXDUWL GL SD JLQD FL DYHYDQR IDWWR ULFDYDUH GLYHUVH PLJOLDLD GL IRJOL VHSDUDWL GL SLFFROHGLPHQVLRQLVXLTXDOLHUDULSURGRWWDXQDYHUVLRQHEUHYLVVLPD
GHOQRVWURSURJUDPPDLQVLHPHDLQFLWDPHQWLULYROWLVRSUDWWXWWRDOOH GRQQHHDOODEHQHGL]LRQHGHO6LJQRUHFKHFLDYUHEEHSURWHWWRDQFKH FRQODVSDGDVHQHFHVVDULR$YUHPPRSRWXWRGLVWULEXLUOLOLEHUDPHQ WHGXUDQWHJOLVSRVWDPHQWLWUDFDPSDJQHERUJKLFRQWDGL'RSRXQD GLVFXVVLRQHQRQSULYDGLPRPHQWLGLLODULWjGHFLGHPPRGLFKLDPDUOL IOXJEODWW SURSULRSHUYLDGLTXHOODFDUDWWHULVWLFDGLIRJOLVLQJROL GDOOD IRUPD ULGRWWD FKH SRWHYDQR SDVVDUH DJHYROPHQWH GL PDQR LQPDQR DGDWWL DOOD JHQWH XPLOH LQ XQD OLQJXD VHPSOLFH FKH PROWL DYUHEEHUR FRPSUHVRGLUHWWDPHQWHRIDFHQGRVHQHGDUHOHWWXUDGDTXDOFXQR 4XHOODVHWWLPDQDHUDWUDVFRUVDWUDLOYLDYDLGLHPLVVDULHFRUULHUL FKHJDUDQWLYDQRLOSULPRJLURGLGLVWULEX]LRQHGHLWHVWLGHO0DJLVWHU LQYDULHUHJLRQLFHQWRFRSLHHUDQRJLjVWDWHVSHGLWHDG$XJXVWD0D LOFOLPDFLWWDGLQRQRQHUDPROWRUDVVLFXUDQWH*UDQGHVFDOSRUHDYHYD VXVFLWDWRDGHVHPSLRO HQQHVLPD LPSUHVDGL'HQFNFKHLORGL RWWREUHDYHYDDUULQJDWRROWUHRJQLPLVXUDJOLVWXGHQWLGL6DQ6HEDOGR FRQ DSHUWL LQYLWL D IDU VWUDJH GL FKL VL DUURJDYD LO GLULWWR HVFOXVLYR G LQWHUSUHWDUHODSDURODGL'LR'LVFRUVRDOWHUPLQHGHOTXDOH-RKDQ QHVODYROSHFRQXQDWLSLFDLPSURYYLVD]LRQHVLHUDDXWRSURFODPDWR UHWWRUHGHOODVFXRODVWHVVDDFFODPDWRGDJOLVWXGHQWLHQWXVLDVWL7XWWR FLzHUDSLDFLXWRPROWRSRFRDOOHDXWRULWjORFDOLSUHVVDWHDQFKHGDOOH QRWL]LH LQFHVVDQWL VXO GLODJDUH GL ULYROWH QHOOD 6HOYD H LQ WXWWH OH UH JLRQL FLUFRVWDQWL SHU FXL ILQ GDO JLRUQR VXFFHVVLYR VL HUD VSDUVD OD YRFHGLXQ LPPLQHQWHFDFFLDWDGL'HQFNGDOOHPXUDFLWWDGLQH (FRVtIX,ORWWREUHLOFDULFRGLOLEULGLIUDWHOOR+|OW]HOYHQQH IHUPDWR DOOD 3RUWD 6SLWIOHU PHQWUH XVFLYD GDOOD FLWWj SHU GLULJHUVL D 0DJRQ]D7UDLYROXPLOHJXDUGLHGHO&RQVLJOLRFLWWDGLQRHYLGHQWH PHQWH JLj PHVVH LQ SUHDOODUPH WURYDURQR YHQWL FRSLH GHOO (VSOLFLWD PHVVD D QXGR VHTXHVWUDURQR WXWWD OD SDUWLWD H VFDFFLDURQR LQ PDOR PRGR+|OW]HOFKHDYHYDULFHYXWRGDO0DJLVWHULOFRPSLWRGLGLIIRQ GHUH H ULVWDPSDUH OR VFULWWR 1HOO DUFR GHOOD VWHVVD JLRUQDWD OD YRFH VXOO LPPLQHQWHHVSXOVLRQHGL'HQFNGLYHQQHFHUWH]]D$OO DOEDGHO RWWREUH HUDYDPR JLj WXWWL LQ DUUHVWR $JOL VELUUL VDUHEEH RFFRUVRDQ FRUD XQJLRUQRLQWHURSHUULQWUDFFLDUHLOQRVWURGHSRVLWR+HUJRWWHUD WRUQDWR QRQ DYHYD HVLWDWR D GHQXQFLDUFL HDSHUPHWWHUHDOOHJXDUGLH GL LQWHUURJDUH D OXQJR L GXH DSSUHQGLVWL / LQWHUD WLUDWXUD YHQQH VH TXHVWUDWD6ROR+XWLOJLRUQRSULPDHUDULXVFLWRDIDUWUDVIHULUHD%L EUDLIRJOLYRODQWLLQVLHPHDGDOFXQHFRSLHGHJOLVFULWWLGHO0DJLVWHU ,O&RQVLJOLRQRQYROHYDJXDL'XHERUJRPDVWULFLIHFHURYLVLWDD
©)RJOLRYRODQWHª
WDUGD VHUD QHOOD FHOOD H FL FRPXQLFDURQR FKH OD GHFLVLRQH HUD VWDWD SUHVD SULPD GHOO DOED FL DYUHEEHUR FRQGRWWR IXRUL FLWWj VHQ]D GDUH QRWL]LDGHOO DUUHVWRHGHOO HVSXOVLRQH 0DJLVWHU7KRPDV2WWLOLH3IHLIIHU'HQFN+XW(OLDVHPH&LUL WURYDPPR GL QXRYR VXOOD VWUDGD D FRQWHPSODUH OR VSHWWDFROR LQFUH GLELOH GHOO DOED FKH VSXQWDYD WLPLGDPHQWH GLHWUR L SLQQDFROL GL 1R ULPEHUJDWLQJHQGROLGLURVD4XHVWDYROWDLO0DJLVWHUQRQVHPEUDYD DIIDWWR WXUEDWR GDJOL HYHQWL +XW FL FRQGXVVH D FDVD VXD D %LEUD D SRFKHPLJOLDGLFDPPLQRXQSRVWRVLFXURLQFXLGHFLGHUHLOGDIDUVL /tLO0DJLVWHUFLGLVVHFKHHUDQHFHVVDULRVHSDUDUVLHTXHVWRFLLQ TXLHWz QRQ SRFR O DYHU FRQGLYLVR OH GLVDYYHQWXUH GHJOL XOWLPL PHVL FLDYHYDDIILDWDWRPROWRHVHPEUDYDDVVXUGRVFLRJOLHUHODFRPSDJQLD 5LFRUGR OD GHWHUPLQD]LRQH QHL VXRL RFFKL /R VR PD QRL VHWWH GREELDPR IDUH LO ODYRUR GL FHQWR GLVVH H VH UHVWHUHPR WXWWL XQLWL QRQFLULXVFLUHPRPDL&LVRQRFRPSLWLFKHKDQQRODSULRULWjDVVROX WDHFKHGREELDPRVXGGLYLGHUFL,OWHPSRqPDWXURJOLHPSLSRVVRQR HVVHUHPHVVLDOOHVWUHWWHPH]]D*HUPDQLDqLQULYROWDQRQF qXQDW WLPRGDSHUGHUH 6L YROWz YHUVR +XW ,QQDQ]L WXWWR q QHFHVVDULR DVVLFXUDUVL FKH DOPHQR L OLEUL VSHGLWL DG $XJXVWDVLDQRJLXQWLDGHVWLQD]LRQHHFHU FDUHGLGLIIRQGHUOLLOSL~UDSLGDPHQWHSRVVLELOH +XWDQQXtVHQ]DDJJLXQJHUHQXOOD/DPLVVLRQHHUDVXD ,O 0DJLVWHUFRQWLQXz 3HUTXDQWRULJXDUGDPHqGLYLWDOHLPSRU WDQ]DFKHUDJJLXQJD%DVLOHD'HYRLQFRQWUDUH(FRODPSDGLRHYHULIL FDUHVHGDYYHURODVLWXD]LRQHqFRVtIHUYLGDFRPHPLKDQQRVFULWWRL IUDWHOOLGLODJJL~6HODSL~LPSRUWDQWHFLWWjGHOOD&RQIHGHUD]LRQH(O YHWLFDSDVVDVVHGDOODQRVWUDSDUWHLSULQFLSLDYUHEEHURYLWDGXUD LO VXRVJXDUGRFDGGHVX'HQFN &UHGRFKHWX-RKDQQHVGRYUHVWLYHQL UHFRQPH+DLJLjRSHUDWRLQXQDJUDQGHFLWWjHLOWXRFRQVLJOLRVD UHEEHGLJUDQGHDLXWR (QRLDOWUL" 3IHLIIHUVHPEUzSUHRFFXSDWR 'RYHFLDQGUHPRD ILFFDUH" 0DJLVWHU 7KRPDV UDFFROVH XQ SHVDQWH VDFFRGLLXWDHORDSUtVXO WDYROR TXDQWR EDVWz SHU URYHVFLDUH SDUWH GHO FRQWHQXWR GDYDQWL DL QRVWULRFFKL,IRJOLYRODQWLVFLYRODURQRVXOOHDVVLFRPHVHXQDPDQR LQYLVLELOHOLPXRYHVVH (FFRLVHPL/HFDPSDJQHVDUDQQRLOYRVWURFDPSR ,OPLRVJXDUGRGLVRULHQWDWRLQFRQWUzTXHOOLGL3IHLIIHUHGL(OLDV 2WWLOLH UDFFROVH DOFXQL IRJOL &HUWR L FRQWDGLQL L FRQWDGLQL JXDUGz PH 'HYRQR SRWHU VDSHUH ELVRJQD IDUJOL VDSHUH FKH L ORUR
IUDWHOOL LQ WXWWD OD *HUPDQLD VL VWDQQR VROOHYDQGR ( SHU FKL QRQ VD OHJJHUH OHJJHUHPR QRL 3RL ULYROWD D 3IHLIIHU 8Q HVHUFLWR +HLQULFKXQ DUPDWDGLFRQWDGLQLFKHOLEHULSDOPRDSDOPRTXHVWDWHU UD GDOO HPSLHWj FHUFD O DSSURYD]LRQH GHO 0DJLVWHU 0DUFHUHPR FRL FRQWDGLQL VX 0KOKDXVHQ Oj F q DQFRUD PROWD JHQWH FKH YXROH VSH]]DUHLOJLRJRGHLWLUDQQLHGHLIDOVLSURIHWL 6HQWLLLOFDORUHGHOFRUDJJLRFKHPLJRQILDYDLOFXRUHHLPXVFROL JOL RFFKL H OH SDUROH GLTXHOOD GRQQD DFFHVHUR XQ IXRFR FKH SHQVDL QLHQWHHQHVVXQRDYUHEEHPDLSL~SRWXWRHVWLQJXHUH ,QGLFDQGRFL 0DJLVWHU 7KRPDV VL ULYROVH D OHL FRQ XQ VRUULVR H GLVVH 0RJOLHDIILGRDWHTXHVWLWUHXRPLQL)DFKHOLULWURYLVDQLH VDOYLDOPLRULWRUQR'RYUHWHHVVHUHSUXGHQWLJOLVJKHUULGHLSULQFLSL VRQR VJXLQ]DJOLDWL SHU LO FRQWDGR QRQ IHUPDWHYL PDL QRQ GRUPLWH PDLGXHQRWWLFRQVHFXWLYHQHOORVWHVVRSRVWRQRQILGDWHYLGLQHVVXQR LOFXLFXRUHQRQVLDSHUYRLFRPHXQOLEURDSHUWR(FRQILGDWHLQ'LR RJQLPRPHQWR6XDqODOXFHFKHLOOXPLQDLOQRVWURFDPPLQR%DGDWH GL QRQ SHUGHUOD PDL &RQILGR FKH LQ FDSR DO QXRYR DQQRFLULWURYH UHPR WXWWL DOOD FKLHVD GL 1RVWUD 6LJQRUD LQ 0KOKDXVHQ %XRQD IRU WXQDHFKHLO6LJQRUHVLDFRQRJQXQRGLYRL
&DSLWROR (OWHUVGRUIFDSRGDQQR
,OYHQWRSLFFKLDFRQWUROHDVVLGHOODSRUWDFRPHXQFDQHLPSD]]L WR/HFDQGHOHVHPEUDQRYDFLOODUHDQFKHTXLGHQWURFRPHVHSRWHV VHURHVVHUHUDJJLXQWHGDOVRIILRJHOLGRGHOO LQYHUQR&RVtLULFRUGLVL PHVFRODQR H WUHPDQR SHUFRUVL DQFRUD GDL EULYLGL GL TXHOOD UDEELD IXURQRLJLRUQLGHOODWHPSHVWD*LDFLJOLDOFXLFRQIURQWRTXHVWDEUDQ GD q XQ OHWWR SULQFLSHVFR EDPELQL PDJUL H VSRUFKL YROWL GLJQLWRVL LQFDSDFL GL XQ ODPHQWR FKH VL ULHPSLYDQR GHOOD YRJOLD GL ULVFDWWR VHPSUH LQ VWUDGD DWWUDYHUVR FDVFLQH ERUJKL YLOODJJL (UDYDPR VH PLQDWRULVROHUWLFKHDFFHQGHYDQRODVFLQWLOODGHOODJXHUUDFRQWURJOL XVXUSDWRULGHOODJORULDGL'LRLYHVVDWRULGHO6XRSRSROR9LGLIDOFL WUDVIRUPDUVLLQVSDGH]DSSHGLYHQLUHODQFHHXRPLQLVHPSOLFLODVFLD UHO DUDWURSHUPXWDUVLQHLSL~LPSDYLGLJXHUULHUL9LGLXQSLFFRORID OHJQDPHLQFLGHUHXQJUDQGHFURFLILVVRHJXLGDUHOHVFKLHUHGL&ULVWR FRPHLOFDSLWDQRGHOSL~LQYLQFLELOHHVHUFLWR9LGLWXWWRTXHVWRHYLGL TXHJOL XRPLQL H TXHOOH GRQQH UDFFRJOLHUH OD SURSULD IHGH H IDUQH EDQGLHUD GL ULYLQFLWD / DPRUH VWULQJHYD L FXRUL LQ TXHOO XQLFR IXRFR FKH DYYDPSDYD GHQWURGLQRLHUDYDPROLEHULHGHJXDOLQHOQRPHGL 'LRHDYUHPPRVSDFFDWROHPRQWDJQHIHUPDWRLYHQWLXFFLVRWXWWLL QRVWULWLUDQQLSHUUHDOL]]DUHLO6XRUHJQRGLSDFHHIUDWHOODQ]D3RWH YDPRIDUORILQDOPHQWHSRWHYDPRIDUORODYLWDFLDSSDUWHQHYD 7KHPDU 8QWHUKRI 5HJHQGRUI 6ZDUW]IHOG 2KUGUXI PDL GXH JLRUQL QHOOR VWHVVRSRVWR$PHWjQRYHPEUHGHFLGHPPRGLIHUPDUFL LQXQPLQXVFRORSDHVLQRGLQRPH*UQEDFKSRFRSL~GLXQDJLRUQD WDGLFDPPLQRGD0KOKDXVHQ,OYLOODJJLRHUDDELWDWRHVFOXVLYDPHQ WH GD FRQWDGLQL DO VHUYL]LR GHO FDYDOLHUH GL (QW]HQEHUJHU SUHVVR LO TXDOHDQQLSULPDLOSROLHGULFR3IHLIIHUDYHYDVYROWRIXQ]LRQLGLFXR FRHGLFRQIHVVRUH&LDVVLFXUzFKHLOFDYDOLHUHHUDXQQHPLFRJLXUDWR GHOODFLWWjLPSHULDOHHFKHQRQDYUHEEHFHUWRLPSHGLWRODQRVWUDD]LR QHGLHYDQJHOL]]D]LRQHQHLVXRLSRVVHGLPHQWL ,Q FDPELR GL XQ DLXWR QHLODYRULSL~SHVDQWLWURYDPPRVLVWHPD ]LRQH LQ XQD YHFFKLD VWDOOD LQ GLVXVR DFFDQWR DOOD FDVXSROD GL XQD YHGRYD GL QRPH )ULGD &RPH OHWWR SDJOLD H FRSHUWH GL ODQD JUH]]D
/DGRQQDVLGLPRVWUzILQGDOPDWWLQRGHOQRVWURDUULYRPROWROLHWDGL RVSLWDUFL VRVWHQHQGRFKH SHU WXWWD OD VHWWLPDQD SUHFHGHQWHDYHYDD YXWR SUHVDJL GL RJQL WLSR VXOO DUULYR QHOOD VXD FDVD GL SHUVRQH GL JUDQGH ULJXDUGR 3HU OD SULPD YROWD SURYDL OD VWUDQD VHQVD]LRQH GL DVFROWDUHXQDSHUVRQDSDUODUHODPLDOLQJXDVHQ]DFDSLUHDOFXQFKpGL TXHOOR FKH VWHVVH GLFHQGR (VFOXVR 3IHLIIHU FKH HUD QDWR GD TXHVWH SDUWLO XQLFDDGDIIHUUDUHTXDOFRVDGLTXHOORFKHGLVVHO DQ]LDQDFRQ WDGLQD IX 2WWLOLH FKH QHO VXR JLURYDJDUH LQVLHPH DO PDULWR DYHYD FRPLQFLDWRDIDUHO RUHFFKLRDLPLOOHPRGLLQFXLSXzHVVHUH VWRUSLDWR ORVWHVVRYHUQDFROR /D YHGRYD )UHQQHU DYHYD XQD ILJOLD GL FLUFD VHGLFL DQQL FKH VL RFFXSDYD GHOOH PXFFKH GHO SDGURQH H OH PXQJHYD WXWWH OH PDWWLQH /DUDJD]]DHUDODSL~SLFFRODGLVHLIUDWHOOLILQLWLWXWWLDOVHJXLWRGLXQ YDORURVRFDSLWDQR DOVROGRGHOFRQWHGL0DQVIHOG )LQ GDO JLRUQR VXFFHVVLYR DO QRVWUR DUULYR D *UQEDFK GL EXRQ PDWWLQR FRPLQFLDPPR D YLVLWDUH FDPSL RUWL H VWDOOH H D SUHQGHUH FRQWDWWR FRQ OD JHQWH GLVWULEXHQGR L IRJOL YRODQWL H DQQXQFLDQGR O LPPLQHQWH FDGXWD GHLSRWHQWL/DFRQFRUUHQ]DIXPROWRDJJXHUULWD QHOOD VWHVVD JLRUQDWD LQFRQWUDPPR XQ SUHGLFDWRUH OXWHUDQR GXH YD JDERQGL FKH FHUFDYDQR GL RWWHQHUH RVSLWDOLWj H FLER VSLHJDQGR OD %LEELD H SUHGLFHQGR LO IXWXUR H GD XOWLPR XQ UHFOXWDWRUH GL WUXSSH PHUFHQDULHFKHPDJQLILFDYDODYLWDQHOVXRHVHUFLWRODSDJDJHQHUR VDLIDFLOLJXDGDJQLODJORULD /DJUDQSDUWHGHLFRQWDGLQLFKHLQFRQWUDPPRFLDVFROWzFRQXQD FHUWD DWWHQ]LRQH IHFH GRPDQGH PROWR SXQWLJOLRVH ULJXDUGR DOOD ILQH GHOPRQGRVLLQRUJRJOtQHOVHQWLUVLFKLDPDUHSRSRORHOHWWRHPRVWUz XQ FHUWR VSDYHQWR GL IURQWH DOO LGHD FKH SHU FDPELDUH OD ORUR VLWXD ]LRQH QRQ VDUHEEH VFHVR 'LR LQ SHUVRQD D URYHVFLDUH L SRWHQWL PD DYUHEEHURGRYXWRIDUORORURFRQIDOFLHIRUFRQL$OFXQLGLORURJUD ]LH DL IRJOL FKH JOL PHWWHPPR LQ PDQR IHFHUR FRQRVFHQ]D FRQ OD VWDPSDPHQWUHDOWULGLPRVWUDURQRGLHVVHUHLQJUDGRGLOHJJHUHTXDO FRVDHFLVSLHJDURQRGLDYHULPSDUDWRJUD]LHDXQYHQGLWRUHDPEXODQ WH GL DOPDQDFFKL H SURIH]LH *UDQGH VXFFHVVR ULVFXRWHYD OD VWDPSD GHOO LPPDJLQHGL0DUWLQ/XWHURFKHUDQGHOODYHVFRYLHSDSLVWL'HFL GHPPR FRVt FKH QHL SURVVLPL IRJOL YRODQWL DYUHPPR VWDPSDWR SL~ FKHDOWURLPPDJLQLVRYUDQLFRVWUHWWLD]DSSDUHODWHUUDFRQWDGLQLLQ ULYROWD VRWWR OR VJXDUGR SURWHWWRUH GHOO 2QQLSRWHQWH H YLD GLVFRUUHQ GR /D VHUD D *UQEDFK IXPPR LQYLWDWL QHOOD ERWWHJD GL XQ FHUWR /DPEHUWFKHIDFHYDLOIDEEURHDFFRPRGDYDJOLDWWUH]]L/DIRUQDFH
VSHQWDGDSRFRGLIIRQGHYDQHOODVWDQ]DLOVXRFDORUH&LYHQQHRIIHU WRSDQHFRQGLWRFRQFXPLQRHFRULDQGRORHG(OLDVVHQ]DGDUH WURSSR QHOO RFFKLR FRQYLQVH DQFKH 2WWLOLH FKH RGLDYD TXHL VDSRUL D PDQ JLDUQH DOPHQR XQ SRFR 3L~ WDUGL PHQWUH FL DYYROJHYDPR QHOOH FR SHUWH UXYLGH FL VSLHJz FKH VROWDQWR VWUHJKH H VWUHJRQL ULILXWDQR GL PDQJLDUHLOFXPLQRSHUFKpVLGLFHFKHDQQXOOLRJQLORURSRWHUH ,O IDEEUR /DPEHUW ODQFLz XQD VILGD GL FDQ]RQL DO FRQWUDULR H FR PLQFLz D SURSRUUH OD VXD 6RQR XVFLWR VWDPDWWLQD FKH IDFHYD JLj EXLRFRQODIDOFHSHUDQGDUHD]DSSDUHSHUODVWUDGDVRQVDOLWRVX XQDTXHUFLDHKRPDQJLDWRWXWWHOHFLOLHJLHqDUULYDWRLOSDGURQHGL TXHOPHORPLKDGHWWRGLSDJDUJOLODVXDXYD $OWUL ULODQFLDURQR FRQ ILODVWURFFKH FKH UDFFRQWDYDQR GL OXSL FKH EHODQRGLJXVFLFKHWUDVFLQDQROXPDFKHGLSXOFLQLFKHVLWUDVIRUPD QRLQXRYD0DLOSUHPLRILQDOHVHORDJJLXGLFz(OLDVFRQODVXDYR FH GD RUFR &RQRVFR XQD FDQ]RQH DO FRQWUDULR SUHVWR DO GULWWR OD GRYUz FDQWDUH KR VSLHJDWR LO 9DQJHOR DO SDUURFR FKH V RVWLQDYD D SDUODUHLQODWLQRJOLKRGHWWRLOJUDQRORGHYLSDJDUHTXHOFKHDYDQ ]DqGLFKLQRQO KD6RQVDOLWRGDVRORDSDOD]]RFROPLRDPLFRVLD PRDQGDWLGDOVLJQRUHLQFLQTXHJOLDEELDPGHWWRFKHODWHUUDqQR VWUDLQGLHFLJOLHO DEELDPRVSLHJDWRLQYHQWLORDEELDPRIDWWRVFDS SDUHLQFLQTXDQWDFLVLDPSUHVLLOFDVWHOORLQFHQWRORDEELDPREUX FLDWR LQ PLOOH DEELDP SDVVDWR LO ILXPH LQ GLHFLPLOD DQGLDPR DOOD EDWWDJOLDILQDOH *UD]LHDTXHOODFDQ]RQHFKHSUHVWRGLYHQWzXQYHURHSURSULRLQ QR FL FRQTXLVWDPPR GD VXELWR OD VLPSDWLD GHL FRQWDGLQL GL *UQ EDFK(OLDVSUHSDUDYDODEDWWDJOLDILQDOHYHULHSURSULDGGHVWUDPHQWL WXWWLLJLRUQLDOWUDPRQWRLQVHJQDQGRDXVDUHODVSDGDHLOFROWHOORD GLVDUPDUHO DYYHUVDULRDGDWWHUUDUORHDFRQFLDUORSHUOHIHVWHDPDQL QXGH 3ULPD GL DOORUD QRQ DYHYR PDL PDQHJJLDWR QHVVXQ WLSR GL DU PDHGHYRDPPHWWHUHFKHLFRQWDGLQLVLGLPRVWUDURQRDOOLHYLEHQSL~ DELOLGLPH (SRLFKpODJHQWHGHOOHFDPSDJQHQRQDPDOHFRVHDVWUDWWHGRSR TXDOFKHJLRUQRPHWWHPPRDOODSURYDLOQRVWURSLFFRORHVHUFLWR7XW WDYLDQRQFLIXPROWRGDFRPEDWWHUHLOSDUURFRVLGLHGHDOODIXJDQRQ DSSHQDVFRUVHLIRUFRQLDOWLVRSUDOHWHVWHHQRQIXGLIILFLOHUHTXLVLUH LOJUDQRGHOO XOWLPDGHFLPDSHUULGLVWULEXLUORWUDODJHQWHGHLYLOODJJL FLUFRVWDQWL 4XDOFKH JLRUQR GRSR RUJDQL]]DPPR XQD JUDQGH IHVWD D 6QHH GRUIQHOFRUVRGHOODTXDOHYHQQHHOHWWRLOQXRYRSDUURFRGHOODFRPX QLWjHSHUODSULPDYROWDGRSRPROWLDQQLYHQQHFRQFHVVRGDOO DXWRUL
WjUHOLJLRVDGLEDOODUHODGDQ]DGHO*DOORFKHHUDVWDWDILQRDGDOORUD SURLELWD SHUYLDGLFHUWHSLURHWWHPROWRODVFLYHFKHODVFLDYDQRVFR SULUH OH JDPEH GHOOH GRQQH 3ULPD GL XEULDFDUPL FRPH SRFKH YROWH PL HUD VXFFHVVR ILQFKp OH JDPEH PL VRUUHVVHUR DFFRPSDJQDL QHOOH GDQ]H'DQDODJLRYDQHILJOLDGHOODYHGRYD)UHQQHU 1HL JLRUQL VXFFHVVLYL OD QRWL]LD GL XQ SDUURFR HOHWWR GDL IHGHOL UDJJLXQVH DQFKH OH FRPXQLWj YLFLQH FKH LQYLDURQR PHVVDJJHUL D *UQEDFK SHU FKLHGHUFL GL LQWHUYHQLUH D ORUR VRVWHJQRRUDFRQWURLO SDUURFR RUD FRQWUR LO VLJQRUH 6HQ]D HVLWD]LRQL L QRVWUL FRQIUDWHOOL ODVFLDYDQR L ORUR ODYRUL H DFFRUUHYDQR GRYH F HUD ELVRJQR ILQR D TXDQGRWUHJLRUQLLQLQWHUURWWLGLQHYHEORFFDURQRRJQLSRVVLELOHVSR VWDPHQWR 2OWUHDOYHQWRHDOJHORXQ DOWUDWHPSHVWDUDJJLXQVHLOQRVWURYLO ODJJLR3RFRSULPDGHOO DOEDYHQLPPRVYHJOLDWLGDOOHXUODGHLFRQWD GLQLFKHHUDQRDQGDWLVXLFDPSLSHUFRQWUROODUHJOLHIIHWWLGHOODJHOD WD 4XDQGR XVFLPPRVXOO DLD)ULGDFRUUHYDLPSD]]LWDGDRJQLSDUWH H'DQDSLDQJHYDLQJLQRFFKLDWDQHOODQHYH3IHLIIHUEORFFzODYHGRYD SHU FDSLUH FRVD VWHVVH VXFFHGHQGR PD QHOOR VWDWR LQ FXL HUD OD VXD SDUODWD VL IDFHYD DQFRU SL~ LQFRPSUHQVLELOH $OORUD PL DYYLFLQDL D 'DQDHSLHJDQGRPLVXGLOHLFKLHVLOHQWDPHQWH &RVDVWDVXFFHGHQ GRVRUHOOD"'LFFLTXDOFRVD 6LQJKLR]]DQGR , ODQ]LFKHQHFFKL VRQR GL QXRYR TXL +DQQR XFFLVRPLRSDGUHSRUWDWRYLDLPLHLIUDWHOOLDPHHDPLDPDGUH 1RQULXVFtDFRQWLQXDUH 6SXQWDWL GDO QXOOD FKLDPDWL GD FKLVVj TXDOH JXHUUD DIIDPDWL GDO IUHGGRHVWDQFKLXQPDQLSRORGLPHUFHQDULSXQWDYDGULWWRVXOSDHVHO ORFRQODVSHUDQ]DGLSRUWDUYLDXQSR GLFLERHODPLQDFFLDGLVWX SULLQFHQGLHXFFLVLRQLVHQRQQH DYHVVHURWURYDWR (OLDVIXLOSULPRDFHUFDUHXQDVROX]LRQH 6HQRQVEDJOLRTXLLQSDHVHVLDPRWUHQWDXRPLQLHYHQWLGRQQH /RURVRQRVLFXUDPHQWHPROWLGLSL~%DWWHUFLQRQSRVVLDPR3URSRQ JR GL ODVFLDUJOL OH PXFFKH GHO FDYDOLHUH TXDWWURYDFFKHGRYUHEEHUR VIDPDUOL'HWWRTXHVWRVLDOORQWDQzSHUDYYHUWLUHJOLDOWUL,RJOLDQ GDLGLHWURPHQWUH3IHLIIHUUHVWzFRQOHGRQQH ,FRQWDGLQLHUDQRDELWXDWLDGLIHQGHUHLEHQLGHOORURVLJQRUHDFR VWR GHOOD YLWD SHUFKp LQ DOWHUQDWLYD DYUHEEHUR SDVVDWR DQQL LQWHUL D FHGHUHDOSDGURQHTXDVLWXWWDODORURSDUWHGHOUDFFROWRSHUULSDJDUHLO GDQQRGDOXLVXELWR3HUTXHVWRQRQIXIDFLOHFRQYLQFHUOLFKHTXHVWD YROWDTXDQGRLOSDGURQHIRVVHYHQXWRDUHFODPDUHLVXRLSULYLOHJLJOL
DYUHPPRULVSRVWRFRPHPHULWDYDPHQWUHRUDLVRODWLFRPHHUDYDPR ELVRJQDYDSHQVDUHVROWDQWRDVDOYDUHODSHOOH $FFRJOLHPPRLPHUFHQDULVXOODVWUDGDGHOYLOODJJLRFRQODQHYH DOOHJLQRFFKLDHRJQLWLSRGLDWWUH]]RVWUHWWRLQSXJQR(UDQRDOPHQR XQ FHQWLQDLR PD FL DFFRUJHPPR VXELWR FKH OD PDUFLD H LO IUHGGR OL DYHYDQRVWUHPDWL0ROWLGLORURQRQVLUHJJHYDQRVXOOHJDPEHDFDX VD GHL SLHGL FRQJHODWL DOWUL QRQ HUDQR ORQWDQL GDOO DVVLGHUDPHQWR &RQORURDQFKHSDUHFFKLHGRQQHSUREDELOPHQWHSURVWLWXWHLQFRQGL ]LRQLPLVHUHYROL $EELDPRELVRJQR GLFLERGLXQIXRFRHGLTXDOFKHHUEDFRQWUR ODIHEEUH GLVVHLOFDSLWDQRJLXQWRDGLVWDQ]DGLYRFH /LDYUHWH IXODULVSRVWDGHOIDEEUR/DPEHUW 3HUz DJJLXQVH(OLDVFKHDYHYDLQWXLWRODVLWXD]LRQH ODVFHUH WHOLEHULWXWWLJOLXRPLQLHOHGRQQHFKHQRQYRJKRQRSL~VHJXLUYL 1HVVXQRVHQHYXROHDQGDUHGDOPLRHVHUFLWR ULVSRVHLOFDSL WDQR FHUFDQGR GL HVVHUH FRQYLQFHQWH PD QRQ DYHYD ILQLWR GL GLUH TXHOOH SDUROH FKH DOPHQR XQD WUHQWLQD WUD XRPLQL H GRQQH LQFLDP SDQGRQHOODQHYHYHQQHURD QDVFRQGHUVLGLHWURGLQRL ,OFDSLWDQRUHVWzLPPRELOHODPDVFHOODVHUUDWD3RLGLVVHGLQXR YR $YDQWLDOORUDPRVWUDWHFLLOFLERODOHJQD &RQVHJQDPPR DL FXRFKL TXDWWUR PXFFKH SLXWWRVWR LQ FDUQH FKH TXHOOL FRPLQFLDURQR D VJR]]DUH H D PDFHOODUH LPPHGLDWDPHQWH H LO VDQJXHVLPHVFRODYDDOODQHYHVFLROWD 4XHOOD QRWWH 'DQD LQWLUL]]LWD GDO IUHGGR H GDOOD SDXUD YHQQH D WURYDUPL QHO PLR OHWWR GL SDJOLD SUHJDQGRPL GL IDUOD UHVWDUH Ot H GL SURWHJJHUODSHUFKpWHPHYDFKHLVROGDWLSRWHVVHURULIDUOHTXHOORFKH OHLHVXDPDGUHDYHYDQRGRYXWRVXELUHGXHDQQLSULPD 6FLYROzVRWWRGLPHSULPDGLHPHWWHUHXQILDWRRUGLQDUHXQSHQ VLHUR(UDPDJUDJRPLWLVSLJRORVLOXQJKHJDPEHGLULWWHFRPHLVHQL SLFFROLDSSXQWLWLFRQWURGLPHFKHJLj IDWLFDYRDWUDWWHQHUHLOUHVSLUR SL~ LQWHQVR SURSULR VXOOD VXD IDFFLD WXWWD JUDQGL RFFKL QHUL 6L IHFH SL~ SLFFROD YLVR SUHPXWR FRQWUR LOPLRSHWWRSLDQRXQDJDPEDDY YROVHLOEDFLQR 1HVVXQRWLIDUjGHOPDOH 6FLROVLGHQWURGLOHLVHQ]DLUUXHQ]DJLRUQLPHVLGLWHQVLRQLHGH VLGHULRDQVLPDQGRDRJQLWRFFRHOLHYHPRYLPHQWR,VRWWLOLJHPLWLGL 'DQDQRQFKLHGHYDQRSDUROHQpSURPHVVHPLLQFXUYDLODERFFDFHU FDYDLOVXRVHQRSULPDVILRUDLSRLSUHPHWWLOHODEEUDVXXQFDSH]]R OR 7HQQL LO VXR YLVR H LFDSHOOL SL~ FRUWL GL TXHOOL GL XQUDJD]]RGL ERWWHJDWUDOHPDQLGHQWURGLOHLDOXQJRSHUXQWHPSRFKHQRQUL
FRUGRILQTXDQGRQRQVLDGGRUPHQWzDYYLQJKLDWDDPH 6H QH DQGDURQR WUH JLRUQL GRSR DEEDQGRQDQGR L UHVWL GHOOH FDU FDVVH DFFDQWR DL IRUL QHUDVWUL GHL IXRFKL QHOOD QHYH H TXHOODWUHQWLQD GLGLVSHUDWLVHQ]DSDJDGDPHVL,QXRYLDUULYLVLGLPRVWUDURQRXWLOL TXDVL WXWWD JHQWHGLFDPSDJQDPDVDSHYDXVDUHOHDUPLHVFKLHUDUVL LQEDWWDJOLD ,OSULPRYHQHUGtGLRJQLPHVHVLWHQHYDD0KOKDXVHQXQJUDQGH PHUFDWRDUWLJLDQDOHDOTXDOHDFFRUUHYDJHQWHGDLTXDWWURDQJROLGHOOD 7XULQJLD GD +DOOH H GD )XOGD GD $OOVWHGW H GD .DVVHO 6HFRQGR 3IHLIIHUTXHOORHUDLOJLRUQRLQFXLDYUHPPRGRYXWRWHQWDUHLOULHQWUR LQ FLWWj QDVFRVWL GDOOD JUDQ PDVVD GL SHUVRQH FKHQHDWWUDYHUVDYDOH SRUWH 'LFHPEUH VL DYYLFLQDYD &RPLQFLDPPR D SUHQGHUH FRQWDWWL GHQWUR0KOKDXVHQWUDLPLQDWRULGHOFRQWHGL0DQVIHOGWUDJOLDEL WDQWL GL 6DO]D H 6DQJHUKDXVHQ ,O SULPR YHQHUGtGLGLFHPEUHODFLWWj GHLELUUDLVLVDUHEEHULHPSLWD GLXQDIROODLQWHUHVVDWDDEHQDOWURFKHD TXDOFKHFHVWRGLSDJOLD
&DSLWROR 0KOKDXVHQGLFHPEUH
$UWLFRORVHWWLPR' RUDLQSRLXQVLJQRUHQRQGHYHSL~DXPHQWDUHJOLRQHULD VXRSLDFHUH>@4XDQGRSHUzLOVLJQRUHKDELVRJQRGLXQVHU YLJLRLOFRQWDGLQR ORIRUQLUjREEHGLHQWHHYROHQWLHULORIDUjSHUzQHLJLRUQLHQHOOHRUHLQFXLQRQ JOLHQHSXzYHQLUHGHOGDQQRHLQFDPELRGLXQDGHJXDWRFRPSHQVRLQGHQDUR $UWLFRORRWWDYR>@1RLFKLHGLDPRFKHLOVLJQRUHIDFFLDHVDPLQDUHTXHVWL EHQL>GHLTXDOLXVXIUXLDPR@GDJHQWHILGDWDSHUGHFLGHUHTXDOqLOJLXVWRFDQRQH DIILQFKpLOFRQWDGLQRQRQIDFFLDXQODYRURVHQ]DPHUFHGHSRLFKpFKLIDXQ ODY R URKDGLULWWRDHVVHUHULFRPSHQVDWR $UWLFRORQRQR>@ÊQRVWUDFRQYLQ]LRQHFKHELVRJQDIDUH ULIHULPHQWRDOOH SHQHGHOYHFFKLRRUGLQDPHQWRJLXULGLFRVFULWWRLOTXDOHSUHYHGHXQJLXGL]LRR E ELHWWLYRHQRQXQRGHWWDWRGDOO DUELWULR
/ RGRUH SXQJHQWH H GLVJXVWRVR GHOOH VRVWDQ]H XVDWH SHU FRQFLDUH OH SHOOL PHWWH IUHWWD DOOD JXDUGLD FKH SUHVLGLD OD SRUWD ,O SHOOLFFLDLR YLHQHIDWWRSDVVDUHGRSRXQFRQWUROORPROWRVEULJDWLYRHFRVtLOVXR IROWRVHJXLWRQHOTXDOHQHVVXQRKDPRGRGLLQGLYLGXDUHXQDYHFFKLD FRQRVFHQ]D GHOOD FLWWj LPSHULDOH XQ H[ VWXGHQWH GL :LWWHQEHUJ XQ FRORVVDOHPLQDWRUHHXQDJLRYDQHGRQQDFRQRFFKLGLJLDGD /HVWUDGHGL0KOKDXVHQVRQRJRQILHGLFDUULWUDVFLQDWLQHOSDQ WDQR GL JHQWH GDOOD IDWLFD GL EXRL FDYDOOL VRPDUL H QRQ UDUDPHQWH XPDQL(QRUPLLQVDFFDWLVWULWRODWLGDXQJURYLJOLRGLIXQLHFRUGHOOH VSHVVR FRVt DOWL GD RVFXUDUH OH ILQHVWUH GHOOH FDVH &DULFKL GL DUQHVL SHURJQLWLSRGLPHVWLHUHPRELOLSHURJQLJHQHUHGLDELWD]LRQHDELWL SHURJQLVRUWDGLLQGLYLGXR6SXQWDQRGDRJQLDQJRORTXDQGRPHQR WH O DVSHWWL SUHFHGXWL G XQ VRIILR GDOOH JULGD GHO FRQGXFHQWH FKH FKLHGHVWUDGDDXQDYHORFLWjVHPSUHWURSSRHOHYDWDSHUQRQGDUOXR JRDVSLQWHXUWLHFDOSHVWDPHQWL 1HOOHVWUDGHSL~ODUJKHDLGXHODWLVLVLVWHPDQRLYHQGLWRULPHQR DWWUH]]DWL FRQ OD PHUFH DGDJLDWD SHU WHUUD PHQWUH LQ SLD]]D VWDQQR TXHOOLFKHKDQQRDOPHQRGXHSDOLHXQWHORGDULSDURRFDUULOXVVXRVL FKHFRQJLRFKLGLFHUQLHUHHLQFDVWULVLWUDVIRUPDQRLQYHUHHSURSULH ERWWHJKH & q FKL LOOXVWUD XUODQGR OH TXDOLWj GHL VXRL SURGRWWL H FKL SUHIHULVFH FKLDPDUWL FRQ XQ ELVELJOLR FRPH VH DYHVVH LQWXLWR FKH SURSULR WX VDSUDL DSSUH]]DUH OD VXD LQFUHGLELOH RIIHUWD DOWUL DQFRUD
PDQGDQRLQJLURLJDU]RQLDGDEERUGDUHLFOLHQWLHRIIURQRELUUDDFKL VL WUDWWLHQH SHU FRQWUDWWDUH 0ROWH IDPLJOLH JLUDQR DJJUDSSDWH D XQD FRUGDQHOWLPRUHFKHLOPDUDVPDWUDVFLQLYLDTXDOFXQR (OLDV VFUXWD OD IROOD 1HOOD ]RQD GHL PHUFDQWL GL VWRYLJOLH KD JLj ULFRQRVFLXWR TXHOOL GL $OOVWHGW 8Q RFFKLDWD GDOOD SDUWH GHL YHWUDL FRQIHUPDO DUULYRGHLFRQWDGLQLGHOO +DLQLFK3L~LQOjTXHOOLFKHVD OXWDQRDO]DQGROD%LEELDGRYUHEEHURHVVHUHGL6DO]D 2WWLOLHDO]DJOLRFFKLLQDWWHVDGHOVHJQDOH+DJLj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~QRQSRVVR %DVWDUGRYHUPHYHUPHVFKLIRVR'LRWLPDOHGLFD Ê LO VHJQDOH ,QWRUQR D 2WWLOLH VL DFFHQGH OD PLVFKLD PHQWUH GDL TXDWWURDQJROLGHOODSLD]]DFRPLQFLDQRDGDYDQ]DUHFRPSDWWLLQRVWUL IUDWHOOL 5RYHVFLDQR OD PHUFH PDOPHQDQR L PHUFDQWL FDOSHVWDQR L ELUUDL ,QILODUHOHPDQLVRWWROHVRWWDQHqTXHVWRFKHVDQQRIDUHLVLJQR ULGL 0KOKDXVHQ" ,OSULPRDUDJJLXQJHUFLqXQFRQWDGLQRFKHVLqDSHUWRXQYDUFR FRPHXQDULHWHDIIHUUDQGRLERUJKLJLDQLFKHJOLFDSLWDYDQRDWLURSHU LOEDYHURHVSDFFDQGRJOLODIDFFLDDFUDQLDWH6XELWRGRSRDUULYDXQR
GHL PLQDWRUL FRQ XQ IDVFLR GL DUFKLEXJL EDVWRQL H FROWHOOL UXEDWL D XQDUPDLROR 4XHVWHSHUYRL GLFH (FHQHVRQRDQFRUDSDUHFFKLH 0DOHGHWWRELUUDLR FRQWLQXDDXUODUH2WWLOLH /RULFRQRVFRq XQRGHO&RQVLJOLR 8UORDVTXDUFLDJROD &LKDQQRYHQGXWLDLPHUFDQWLGLELUUD /HYRFLVLPROWLSOLFDQRHDXPHQWDQRGLYROXPH &RQVLJOLHULED VWDUGLYHQGXWLIXRULGD0KOKDXVHQ 0ROWL GL TXHOOL FKH XUODQR QRQ KDQQR QHPPHQR DVVLVWLWR DOOD PHVVD LQ VFHQD H SHQVDQR VL WUDWWL GL XQ WXPXOWR GL SLD]]D SHU VRS SLDQWDUHLO&RQVLJOLR(KDQQRUDJLRQH 7XWWR DYYLHQH FRQ OD PDVVLPD UDSLGLWj /D PDUHD FRPH DWWUDWWD GD XQ PLVWHULRVR PDJQHWH FRPLQFLD D LQRQGDUH OD .LODQVJDVVH FKH GDOOD SLD]]D GHO PHUFDWR FRQGXFH ILQR DO 0XQLFLSLR 5LYROL VL GL VSHUGRQRTXDHOjDQLPHSLHELVRJQRVHGLIDUYLVLWD DOOHFKLHVH $XQWUDWWRPLJXDUGRLQWRUQRHVFRSURGLHVVHUHULPDVWRVROR( OLDV+HLQULFKH2WWLOLHVRQRVSDULWL8QFRQWDGLQRGLILDQFRDPHDW WHUUDLOVXRDYYHUVDULRYHVWLWRILQWURSSREHQHFRQXQDJRPLWDWDDOOD PDVFHOODHXQSXJQRVRWWROHFRVWROH 6tIUDWHOORSHVWLDPRJOLHPSLFRPHFDQL JOLXUORHVDOWDWR /H JXDUGLH VWDQQR EHQ DWWHQWH D QRQ IDUVL YHGHUH /D FLWWj q QR VWUD
6XRQDODSULPDFDPSDQDGHOFRSULIXRFR5LWURYRJOLDOWULDO3R] ]R GHOO $UFDQJHOR GRYH FL VLDPR GDWL DSSXQWDPHQWR QHO FDVR FL VL IRVVHSHUVLGLYLVWD&LVRQRDOWULGXHFKHQRQPLSDUHGLFRQRVFHUH 3IHLIIHUIDJOLRQRULGLFDVD 2KHFFRORTXDLOQRVWURVWXGHQWH ULEHOOH 4XHVWL VRQR %ULHJHO H +OP GXH GHJOL RWWR UDSSUHVHQWDQWL GHOSRSRORGL0KOKDXVHQ ( TXHVWH PL ID XQR GHL GXH DJLWDQGR TXHOOR FKH VHPEUD XQ JURVVRVRQDJOLR VRQROHFKLDYLGHOODQRVWUDFLWWj FLRq FRPSOHWD O DOWUR LO GLULWWR GL GHFLGHUH FKL GHYH VWDU IXRULHFKLSXzHQWUDUH &H O DEELDPR IDWWD 7KRPDV SRWUj WRUQDUH DQQXQFLD 2WWLOLH FRQXQVRUULVR 4XDQWRDYRL SURVHJXH%ULHJHOR+OP ODOLEHUDFLWWjLPSH ULDOHGL0KOKDXVHQYLGjLOVXREHQYHQXWR
&DSLWROR 0KOKDXVHQIHEEUDLR
$UWLFRORGHFLPR6LDPRJUDYDWLGDOIDWWRFKHDOFXQLVLVLDQRDSSURSULDWLGL SDVFROLHFDPSLFKHLQSDVVDWRDSSDUWHQHYDQRDOODFRPXQLWj4XHVWLQRLFHOLU L SUHQGLDPRULPHWWHQGROLQHOOHPDQLGHOODFRPXQLWjDPHQRFKHQRQVLDQRVWDWL DFTXLVWDWLOHJLWWLPDPH QWH>@ $UWLFROR XQGLFHVLPR 9RJOLDPR DEROLUH FRPSOHWDPHQWH O XVDQ]D FKLDPDWD PRUWXDULR $UWLFRORGRGLFHVLPRÊQRVWUDGHFLVLRQHHFRQYLQ]LRQHGHILQLWLYDFKHVHXQR RSL~DUWLFROLGLTXHOOLHOHQFDWLQRQGRYHVVHURHVVHUHFRQIRUPLDOODSDURODGL'LR DOORUDqQRVWUDRSLQLRQHFKHHVVLQRQGHEEDQRYDOHUHSL~>@9RJOLDPRSUHJDUH 'LRSHUFKpVROR/XLHQHVVXQDOWURFLSXzGDUHWXWWRTXHVWR/DSDFHGL&ULVWR VLDFRQWXWWLQRL
/DQRWL]LDGHOVXRDUULYRYRODGLERFFDLQERFFDVXSHUODVWUDGD SULQFLSDOH 'XHDOLGLIROODVLDFFDOFDQRSHUSRWHUVDOXWDUHO XRPRFKH KDVILGDWRLSULQFLSLSRSRODQLHFRQWDGLQLDFFRUVLGDLERUJKLOLPLWUR IL 4XDVL SLDQJR GDOO HPR]LRQH 0DJLVWHU GHYR UDFFRQWDUWL WXWWR GL FRPHDEELDPRORWWDWRHGLFRPHVLDPRULXVFLWLDHVVHUHTXLRJJLDG DFFRJOLHUWLVHQ]DFKHFLVLDXQRVELUURLQJLUR+DQQRXQDJUDQSDX UD VH OD IDQQR VRWWR VH SURYDQR D IDUVL YHGHUH ULVFKLDQR JURVVR 6LDPRTXL0DJLVWHUHFRQWHSRVVLDPRULYROWDUHTXHVWDFLWWjGDFDSR DSLHGLHVWDQDUHLO&RQVLJOLR2WWLOLHqDFFDQWRDPHJOLRFFKLOXFLGL XQYHVWLWROLQGRGLXQELDQFRFKHODIDVSLFFDUHQHOODPDVVDGHLUR]]L ERUJKLJLDQL (FFROR 6EXFD GDOOD FXUYD VX XQ FDYDOOR QHUR DO VXR ILDQFR 3IHLIIHU FKH JOL q DQGDWR LQFRQWUR VXOOD VWUDGD 'XH EUDFFLD G DFFLDLRPLVWULQJRQRGDGLHWURHPLVROOHYDQRDPH]] DULD (OLDV $PLFR RUD FKH F q OXL TXHOOL GHO &RQVLJOLR VL FDJKHUDQQR DG GRVVRYHGUDL 8QDULVDWDVJXDLDWDDQFKHLOUXGHPLQDWRUHGHOO (U]QRQULHVFHD FRQWHQHUHO HQWXVLDVPR 0DJLVWHU7KRPDVVLDYYLFLQDPHQWUHODIROODVLULFKLXGHGLHWURGL OXL H OR VHJXH 6FRUJH LO VHJQR GL VDOXWR GL VXD PRJOLH H VL DEEDVVD VXOFDYDOOR8QDEEUDFFLRIRUWHHXQDSDURODVXVVXUUDWDFKHQRQSRV VRFRJOLHUH3RLVLULYROJHDPH 6DOXWHDPLFRPLRVRQRFRQWHQWR
GLWURYDUWLVDQRHVDOYRLQXQJLRUQRFRPHTXHVWR 1RQVDUHLPDQFDWRQHDQFKHVHDYHVVLSHUVROHJDPEH0DJLVWHU ,O6LJQRUHqVWDWRFRQQRL (FRQORUR XQJHVWRDLQGLFDUHODIROOD 3IHLIIHU VRUULGH $QGLDPR GHYL SDUODUH LQ FKLHVD DGHVVR ORUR YRJOLRQRVHQWLUHOHWXHSDUROH 8QJHVWR 0XRYLWLQRQYRUUDLULPDQHUHLQGLHWUR" 7HQGHODPDQRD2WWLOLHHO DLXWDDVDOLUHVXOFDYDOOR &RUURYHUVRLOSRUWDOHGL1RVWUD6LJQRUD
/DQDYDWDq JUHPLWDODJHQWHVLDFFDOFDILQVXOSLD]]DOHDQWLVWDQWH ODFKLHVD'DOSXOSLWRLO0DJLVWHUVSD]LDFRQORVJXDUGRVXTXHOPD UHGLRFFKLHQHWUDHODIRU]DGHOODSDUROD,OVLOHQ]LRVLGLIIRQGHUD SLGDPHQWH /D EHQHGL]LRQH GL 'LR VFHQGD VX GL YRL IUDWHOOL H VRUHOOH H YL FRQFHGDGLDVFROWDUHTXHVWHSDUROHFRQFXRUHVDOGRHDSHUWR1RQXQ UHVSLUR ,OGLJULJQDUGLGHQWLFKHRJJLVLDO]DGDLSDOD]]LHGDLFRQYHQWL FRQWURGLYRLJOLLQVXOWLHOHEHVWHPPLHFKHLQRELOLHLPRQDFLVFD JOLDQRFRQWURTXHVWDFLWWjQRQVFXRWDQROHYRVWUHPHQWL,R7KRPDV 0QW]HU VDOXWR LQYRLLQTXHVWDIROODTXLULXQLWDODJORULRVDILQDO PHQWHGHVWD0KOKDXVHQ 8Q RYD]LRQHVLDO]DVXOOHWHVWHLOVDOXWRULFDPELDWRGHOSRSROR $VFROWDWH2UDVHQWLWHWXWW LQWRUQRDYRLLO YRFLDUHFRQIXVRVWL] ]LWR UDEELRVR GL FRORUR FKH GD VHPSUH FL RSSULPRQR L SULQFLSL L JUDVVLDEDWLLYHVFRYLLQRWDELOLGHOOHFLWWj6HQWLWHLOORURVEUDLWDUH OjIXRULVRWWROHPXUD"ÊO DEEDLDUHGHLFDQLDFXLVRQRVWDWHVWUDS SDWH OH ]DQQH IUDWHOOL H VRUHOOH 6t L FDQL FKH FRQ OH RUGH GHL ORUR VROGDWLGHLORURHVDWWRULFLKDQQRLQVHJQDWRFRV qODSDXUDFLKDQQR LQVHJQDWR D XEELGLUH VHPSUH D FKLQDUH OD WHVWD LQ ORUR SUHVHQ]D D RVVHTXLDUOLFRPHVFKLDYLGDYDQWLDLSDGURQL&RORURFKHFLKDQQRUH JDODWR O LQFHUWH]]D OD IDPH OH WDVVH OH FRUYpH &RVWRUR RJJL IUD WHOOL PLHL SLDQJRQR GL UDEELD SHUFKp LO SRSROR GL 0KOKDXVHQ VL q DO]DWRLQSLHGL4XDQGRXQRVRORGLYRLULILXWDYDGLSDJDUORURLWULEX WLRGLULYHULUOLDGRYHUHSRWHYDQRIDUORIXVWLJDUHGDLORURPHUFHQDUL SRWHYDQRLPSULJLRQDUORHXFFLGHUOR0DYRLRJJLTXLVLHWHPLJOLDLD (QRQSRWUDQQRSL~IUXVWDUYLSHUFKpRUDYRLDYHWHLQPDQRODIUXVWD QRQSRWUDQQRSL~LPSULJLRQDUYLSHUFKpYRLDYHWHSUHVROHSULJLRQLH QHDYHWHGLYHOWROHSRUWHQRQSRWUDQQRSL~XFFLGHUYLQpUXEDUHDO6L JQRUHODGHYR]LRQHGHO6XRSRSRORSHUFKpLO6XRSRSRORqLQSLHGLH
YROJHORVJXDUGRYHUVRLO5HJQR1HVVXQRSRWUjSL~GLUYLIDLTXHVWR IDLTXHOORSHUFKpGDRJJLYLYUHWHLQIUDWHOODQ]DHFRPXQLRQHVHFRQ GRO RUGLQHJUDGLWRDO6LJQRUHHQRQFLVDUjSL~FKLODYRUDODWHUUDH FKLQHJRGHLIUXWWLSRLFKpWXWWLODYRUHUDQQRODWHUUDHQHJRGUDQQRL IUXWWL LQ FRPXQLWjGDIUDWHOOL(LO6LJQRUHVDUjRQRUDWRSRLFKpQRQ FLVDUDQQRSL~SDGURQL 8QDOWURERDWRG HQWXVLDVPRULVXRQDQHOODJUDQFDVVDGHOO DEVLGHH VHPEUDLOJULGRGLGLHFLPLOD 0KOKDXVHQ q SLHWUD GL VFDQGDOR SHU JOL HPSL GHOOD WHUUD q OD SUHPRQL]LRQH GHOO LUD GL 'LR FKH VWD SHU WUDYROJHUOL HG q SHU TXHVWR FKHHVVLWUHPDQRFRPHFDQL0DTXHVWDFLWWjQRQqVROD1HOODVWUDGD FKHKRSHUFRUVRSHUJLXQJHUHTXLGD%DVLOHDGRYXQTXHLQRJQLERU JR GDOOD )RUHVWD 1HUD DOOD 7XULQJLD KR YLVWR L FRQWDGLQL LQVRUJHUH DUPDWL GHOOD ORUR IHGH 'LHWURGLYRLVLVWDIRUPDQGRO HVHUFLWRGHJOL XPLOL FKH YRJOLRQR VSH]]DUH OH FDWHQH GHOOD VFKLDYLW~ (VVL KDQQR ELVRJQRGLXQVHJQDOH9RLGRYHWHHVVHUHLSULPL)DUHFLzFKHWDQWL DOWURYHSHUSDXUDVWHQWDQRDQFRUDDIDUH0DVLDWHFHUWLFKHLOYRVWUR HVHPSLRVDUjVHJXLWRGDDOWUHFLWWjYLFLQHRFRVtGLVWDQWLFKHQHLJQR ULDPRSHUILQRLOQRPH9RLGRYHWHDSULUHODVWUDGDGHO6LJQRUH1HV VXQRPDLSRWUjVRWWUDUYLO RUJRJOLRGLTXHVWDLPSUHVD,RVDOXWRLQYRL ODOLEHUD0KOKDXVHQODFLWWjVXFXL'LRKDSRVDWRLO6XRVJXDUGRH OD6XDEHQHGL]LRQHODFLWWjGHOODULYLQFLWDGHJOLXPLOLVXJOLHPSLGHO OD WHUUD /D VSHUDQ]D GHO PRQGR FRPLQFLD GD TXL IUDWHOOL FRPLQFLD GDYRL /H XOWLPH SDUROH YHQJRQR FRSHUWH GDO IUDVWXRQR 0DJLVWHU 7KR PDV GHYH XUODUOH D VTXDUFLDJROD 6DOWR DQFK LR LQ PH]]R D TXHOOD JLRLDQRQFLVFDFFHUDQQRPDLSL~GDQHVVXQDFLWWj
&DSLWROR 0KOKDXVHQPDU]R
/DULXQLRQHqDFDVDGHOSDQQDLROR%ULHJHO3IHLIIHUHLO0DJLVWHU GRYUDQQR GLVFXWHUH FRQ L UDSSUHVHQWDQWL GHO SRSROR TXDOL ULYHQGLFD ]LRQL SUHVHQWDUH LQ &RQVLJOLR PXQLFLSDOH +DQQRLQYLWDWRDQFKHPH PHQWUH 2WWLOLH DQGUj D SDUODUH DOOH GRQQH GHOOD FLWWj %ULHJHO q XQ SLFFRORFRPPHUFLDQWHHFRVt+OPIDEEULFDQWHGLYDVHOODPHHLQWD JOLDWRUH 3RUWDYRFH GHL FRQWDGLQL q LO SLFFROR H LUVXWR 3HWHU IDFFLD UXYLGDHRFFKLQHULVSDOOHVPLVXUDWDPHQWHODUJKHWRUQLWHGDOODYRUR QHLFDPSL 8QDFDVDXPLOHPDVROLGDHSXOLWDEHQGLYHUVDGDOOHVWDPEHUJKH FKHDEELDPRYLVWRD*UQEDFK %ULHJHOSDUODSHUSULPRHIDLOSXQWRGHOODVLWXD]LRQH 'XQTXH OH FRVH VWDQQR FRVt 3RVVLDPR PHWWHUH LQ PLQRUDQ]D L UDSSUHVHQWDQWLGHOOHFRUSRUD]LRQL1RLSURSRUUHPRO DOODUJDPHQWRGHO YRWRDQFKHDLFLWWDGLQLFKHQRQIDQQRSDUWHGHLPHVWLHULSXUFKpDEL WLQRHQWUROHPXUDRQHOOHERUJDWHDULGRVVRGHOOHPXUD4XDOFXQRGL TXHLJUDVVRQLSRWUjDQFKHIDUHXQSR GLFKLDVVRPDVDQQREHQHFKH LOSRSRORqWXWWRGDOODQRVWUDSDUWHHSHQVRFKHSXUGLHYLWDUHODULYRO WDDFFHWWHUDQQRLOQXRYRRUGLQDPHQWR /DVFLDODSDURODD+OP 6t3HQVRDQFK LRFKHVLDSRVVLELOHLP SRUUHLOQRVWURSURJUDPPDQRQYRUUDQQRFHUWRULVFKLDUHLORURSDWUL PRQL,QIRQGRFKLHGLDPRVROWDQWRFKHODFLWWDGLQDQ]DSRVVDGHFLGH UHSHUVHVWHVVDVHQ]DGRYHUSL~VRWWRVWDUHDOOHORURUHJROH & qXQDWWLPRGLVLOHQ]LRXQUDSLGRVJXDUGRWUD3IHLIIHUHLO0D JLVWHU 6RWWR LO WDYROR XQ JURVVR FDQH JULJLR VL DFFRFFROD VXL PLHL FDO]DULJOLDFFDUH]]RXQRUHFFKLRPHQWUH3IHLIIHUSUHQGHODSDUROD $PLFLODVFLDWHFKHYLFKLHGDSHUFKpGRYUHPPRVFHQGHUHDSDWWL FRQXQQHPLFRFKHDEELDPRJLjEDWWXWR&RPHDYHWHGHWWRODSRSR OD]LRQHqGDOODQRVWUDSDUWHODFLWWjSXzHVVHUHGLIHVDVHQ]DELVRJQR GHOODVELUUDJOLDPXQLFLSDOHSRVVLDPRIDUORQRLVHQ]DGLIILFROWj&KH LQWHUHVVHDEELDPRDPDQWHQHUHLQ&RQVLJOLRGHLJUDVVLPHUFDQWL" $VSHWWDFKHOHSDUROHYDGDQRDVHJQRSRLULSUHQGH 7KRPDV0QW]HUKDXQDSURSRVWDFKHPLVHQWRGLDSSRJJLDUHGL
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Ê XQ LGHD DUGLWD PD SRWUHVWH DQFKH DYHUH UDJLRQH ( FRPH SURSRQHWH FKH VL RUJDQL]]LODWDVVD]LRQH" Ê3IHLIIHUDULVSRQGHUJOL &KHRJQXQRYHUVLQHOOHFDVVHPXQLFL SDOLLQEDVHDTXHOORFKHKD'HYHHVVHUHFRQVHQWLWRDWXWWLGLVIDPDUH H YHVWLUH OD SURSULD IDPLJOLD 3HU TXHVWR XQD SDUWH GHOOH WDVVH YHUUj GHVWLQDWDDOO DLXWRGHLSRYHULHGHLQXOODWHQHQWLXQDVRUWDGLFDVVDGL PXWXRVRFFRUVRSHUO DFTXLVWRGHOSDQHGHOODWWHSHULEDPELQLHWXW WRLOQHFHVVDULR 6LOHQ]LR 3RL XQ PXJXJQR GDO SURIRQGR GHO WRUDFH GL 3HWHU LO FRQWDGLQRVFUROODODWHVWD 7XWWR TXHVWR YD EHQH SHU OD FLWWj OH SDUROH VGHQWDWH HVFRQR PDOH PDFRVDFDPELDSHUQRL" %ULHJHO 1RQYRUUHWHFKH0KOKDXVHQVLIDFFLDFDULFRGLWXWWLL FDVRODULGHOODUHJLRQHVSHUR ,OFDQHVLqVWDQFDWRGLPHHURWRODSL~LQOjXQFDOFLRGHOSDGUR QH GL FDVD OR ID DOORQWDQDUH VYRJOLDWR 6LDFFXFFLDLQXQDQJRORHVL PHWWHDURVLFFKLDUHXQRVVRSROYHURVR 3HWHUULFRPLQFLD ,FRQWDGLQLORWWDQR,FRQWDGLQLGHYRQRVDSHUH SHUFRVDORIDQQR1RLYRJOLDPRFKHTXHVWDFLWWjHFRVtDQFKHWXWWHOH DOWUH FKH GHFLGRQR GL DSSRJJLDUFL VRVWHQJDQR OH QRVWUH ULFKLHVWH DL VLJQRUL 1RQVWDJXDUGDQGR+OPQp%ULHJHOPD3IHLIIHUGULWWRQHJOLRF FKL 1RLYRJOLDPRFKHLGRGLFLDUWLFROLVLDQRDSSURYDWLGDWXWWL 5LGR WUD PH SHQVDQGR FKH VRQR VWDWR LR D OHJJHUJOLHOL SURSULR LHULTXDQGRLOWHVWRqDUULYDWRLQFLWWjIUHVFRGLVWDPSD 3IHLIIHU 0LVHPEUDXQDSURSRVWDUDJLRQHYROH JXDUGD+OPH %ULHJHO ]LWWL $PLFL OD FLWWj H OD FDPSDJQD QRQ VRQR QLHQWH O XQD VHQ]D O DOWUD ,O IURQWH GHYH ULPDQHUH XQLWR L QRVWUL LQWHUHVVL VRQR FRPXQLXQDYROWDVFDFFLDWLLJUDQGLIDFFHQGLHULVDUDQQRLSULQFLSLD
SDJDUH ,OVXRLQFLWDPHQWRULPDQHSHUXQDWWLPRVRVSHVRVXOODWDYRODSRL ( VLD VERWWD +OP &KH L GRGLFL DUWLFROL VLDQR DSSURYDWL GDOOD FLWWjHLQFOXVLQHOQRVWURSURJUDPPD0DSULPDGLWXWWRULVROYLDPROH TXHVWLRQLTXLDOWULPHQWLILQLVFHWXWWRLQPHUGD
&DSLWROR (OWHUVGRUIILQHJHQQDLR
4XHVWDQRWWHKRVRJQDWR(OLDV &DPPLQDYRGLQRWWHDSLHGLQXGLSHUXQVHQWLHURWRUWXRVROXLHUD DO PLR ILDQFR ' LPSURYYLVR GDYDQWL D QRL VL DO]DYD XQD SDUHWH GL URFFLD ELDQFD FRQ XQD VWUHWWD IHVVXUD VRSUD OH QRVWUH WHVWH (OLDV PL VROOHYDYD GL SHVR H ULXVFLYR D LQILODUH OD WHVWD QHO EXFR 0L IDFHYR SDVVDUH OD WRUFLD SHU JXDUGDUH PHJOLR XQD VSHFLH GL OXQJD JDOOHULD XPLGLFFLD 8QD YROWD GHQWUR FDSLYR FKH OXL QRQDYUHEEHPDLSRWXWR UDJJLXQJHUPL OD SDUHWH QRQ DYHYD DSSLJOL $OORUD WRUQDYR LQGLHWUR PD HUD JLj VSDULWR &RQ OD ILDFFROD LQ PDQR D IDWLFD FRPLQFLDYR D VWULVFLDUHLQTXHOO DQJXVWRSDVVDJJLR 0LVRQRVYHJOLDWRHKRDWWHVRFKHLOJDOORGL9RJHOVFDQGLVVHO L QL]LRGLXQDOWURJLRUQRGLIDWLFD,OIDQWDVPDGL(OLDVQRQPLKDDE EDQGRQDWRILQRDVHUD4XHOODLPPHQVDIRU]DTXHOODYRFHqDQFRUD FRQPH
,OJLRUQRGLPDU]RODFLWWDGLQDQ]DIXUDGXQDWDSUHVVRODFKLHVD GL1RVWUD6LJQRUDSHUHOHJJHUHLOQXRYR&RQVLJOLR'DTXHOPRPHQWR ODFLWWjIXQRVWUD ,O FRPSLWR FKH PL YHQQH DIILGDWR LQVLHPH D (OLDV IX TXHOOR GL RUJDQL]]DUHODPLOL]LDFLWWDGLQD1HOFDVRGLXQDWWDFFRLSULQFLSLQRQ FL DYUHEEHUR WURYDWL LPSUHSDUDWL (OLDV LQVHJQDYD DL SRSRODQL FRPH VFKLHUDUVL LQIDODQJHSXQWDUHOHSLFFKHDIIURQWDUHXQXRPRFRUSRD FRUSR &RQ O DLXWR GHO 0DJLVWHU OL GLYLVH LQ PDQLSROL GL FLUFD YHQWL XRPLQLHDRJQXQRGLHVVLDVVHJQzXQDSDUWHGHOOHPXUDGDGLIHQGHUH LQFDVRGLDWWDFFR&KLXQTXHDYHVVHXQDPLQLPDHVSHULHQ]DPLOLWDUH IXVFHOWRGDOODVWHVVDPLOL]LDFRPHFDSLWDQR,RGLYHQQLLOUHVSRQVDEL OHGHOOHFRPXQLFD]LRQLWUDLPDQLSROLHVFHOVLDOFXQLUDJD]]LVYHJOLH ILGDWL FKH SRWHVVHUR IXQJHUH GD SRUWDRUGLQL 0L IX PHVVD LQ PDQR XQD GDJD FRUWD OD VHUD SRWHYR HVHUFLWDUPL D XVDUOD FRQ O LPEDWWLELOH
(OLDV 3RLLQDSULOHLQVRUVHURLFLWWDGLQLGL6DO]D/DSURSRVWDGLDQGDUH LQ ORUR DLXWR IX PHVVD DL YRWL HG HEEH O XQDQLPLWj 5DFFRJOLHPPR TXDWWURFHQWR XRPLQL FRQYLQWL FKH VDUHEEH VWDWD O RFFDVLRQH EXRQD SHU PHWWHUH DOOD SURYD TXHL PHVL GL DGGHVWUDPHQWR ,O 0DJLVWHU H 3IHLIIHUSDUODURQRDOXQJRFRQLFDSLGHJOLLQVRUWLPDTXHOOLVHPEUD YDQR SL~ SUHRFFXSDWL GL VWUDSSDUH TXDOFKH PLQLPD FRQFHVVLRQH DL VLJQRULSLXWWRVWRFKHGLVDSHUHFRVDVWHVVHVXFFHGHQGRLQWRUQRDORUR &LUHJDODURQRGXHWRQQHOODWHGLELUUDSHUHVVHUHDQGDWLILQROtHTXH VWRIXLOORURXQLFRJHVWRGLULQJUD]LDPHQWR 4XHOODVHUDPHQWUHFLDFFDPSDYDPRVRWWRODOXQDVHQWLLLO0DJL VWHU GLVFXWHUH D OXQJR FRQ 3IHLIIHU VXL ULVFKL GL XQ D]LRQH QRQ FRQ FRUGDWD WUD OH FLWWj 6ROR O HQRUPH VWDQFKH]]D PLVH ILQH DO ORUR DQL PRVRYRFLDUH 6XOODYLD GHOULWRUQRIXPPRUDJJLXQWLGDXQPHVVDJJHURFKHYH QLYDGD0KOKDXVHQORPDQGDYD2WWLOLH+DQV+XWHUDJLXQWRLQFLW WjFRQQRWL]LHHOHWWHUHPROWRLPSRUWDQWL,O0DJLVWHUQHOHVVHDOFXQH DOODWUXSSDODULYROWDGLODJDYDRUPDLSHUWXWWDOD7XULQJLDWUD(UIXUWH O +DU] WUD 1DXQEXUJ H O $VVLD $OWUH FLWWj VWDYDQR VHJXHQGR O HVHP SLR GL 0KOKDXVHQ 6DQJHUKDXVHQ )UDQNHQKDXVHQ 6RQGHUKDXVHQ 1HEUD6WROEHUJHDQFRUDQHOODUHJLRQHPLQHUDULDGL0DQVIHOG$O OVWHGW1RUGKDXVHQ+DOOH4XLQGLODVWHVVD6DO]D(LVHQDFKH%LEUDL FRQWDGLQLGHOOD)RUHVWD1HUD 4XHOOH QRWL]LH LQQDO]DURQR L QRVWUL FXRUL QRQ FL VDUHPPR SL~ IHUPDWL O RUD HUD JLXQWD 0HQWUH WRUQDYDPR YHUVR 0KOKDXVHQ VDF FKHJJLDPPRXQFDVWHOORHXQFRQYHQWR1RQFLIXURQRPRUWLLSUR SULHWDULVLFRQVHJQDURQRDQRLVHQ]DRSSRUUHUHVLVWHQ]DFHUFDQGRGL LPSLHWRVLUFLDIILQFKpULVSDUPLDVVLPRLORUREHQLHOHORURFRQFXELQH 5LJXDUGRDOOHGRQQHQRQXQDGLHVVHIXWRFFDWD'HOO RURGHOO DUJHQ WR H GHOOH YHWWRYDJOLH QRQ ODVFLDPPR QXOOD 0KOKDXVHQ FL DFFROVH GDWULRQIDWRULHOHGXHJLJDQWHVFKHERWWLGLELUUDIXURQRUDSLGDPHQWH VYXRWDWHGDOODVHWHGHLQRVWULFRQFLWWDGLQL /D IHVWDGXUzXQ LQWHUDQRWWHFRQFDQWLHEDOOLQHOQRVWURFHQWUR GHOPRQGRQHOOXRJRGLVRJQRFKHIXLQTXHOORVFRUFLRGLSULPDYH UDODOLEHUDHJORULRVD0KOKDXVHQ(UDFRPHVHWXWWHOHIRU]HGHOOD YLWD VL IRVVHUR GDWH FRQYHJQR GHQWUR TXHOOH PXUD SHU RPDJJLDUH OD IHGHGHJOLHOHWWL1HVVXQRDYUHEEHSRWXWRSRUWDUFLYLDTXHOPRPHQWR 1RQXQHVHUFLWRQRQXQFROSRGLFDQQRQH 3ULPDGHOO DOEDWURYDL(OLDVVHGXWRVXXQDVHGLDLQWHQWRDUDYYL YDUH L JXL]]L PRUHQWL GL XQ IXRFR /D OXFH GHOOD EUDFH GLVHJQDYD
VWUDQHVDJRPHVXTXHOODIDFFLDVFXUDVXFXLVHPEUDYDHVVHUVLSRVDWD XQ RPEUDGLVWDQFKH]]DRGLDQJRVFLD&RPHVHTXDOFRVDGLLQDXGLWR DWWUDYHUVDVVHLSHQVLHULGL6DQVRQH 6LYROWzTXDQGRIXLYLFLQR *UDQIHVWDHK" /DPLJOLRUHFKHDEELDPDLYLVWR)UDWHOORFKHVXFFHGH" 6HQ]DJXDUGDUPLFRQODUDUDVLQFHULWjGLFHUWLPRPHQWL 3HQVR FKHFKHQRQVRVHUHJJHUHEEHURDXQDYHUDEDWWDJOLD /LKDLDGGHVWUDWLEHQH(SRLFRPXQTXHORVDSUHPRSUHVWRFUH GR *LjqSURSULRTXHVWR7XQRQKDLPDLYLVWRLVROGDWLGHLSULQFL SLODJHQWHDFXLLVLJQRULDIILGDQRODGLIHVDGHLORURIRU]LHUL /RVJXDUGRSHUVRWUDLULIOHVVLGHOIXRFR 3HUFKpWXVt" 'RYHFUHGLFKHDEELDLPSDUDWRDFRPEDWWHUH" 8Q RFFKLDWDDSSHQDOHVVHODGRPDQGDVXOODPLDIDFFLD 6tKRIDWWRLOPHUFHQDULR&RVtFRPHKRIDWWRWDQWLDOWULPHVWLHUL GL PHUGD QHOOD PLD YLWD +R IDWWR LO PLQDWRUH H QRQ FUHGHUH FKH VLD WDQWRPHJOLR VROR SHUFKp QRQ VLDPPD]]DQHVVXQR6LDPPD]]DHF FRPHVLDPPD]]DVHVWHVVLVRWWRWHUUDVHPSUHSL~FLHFKLFRPHWDOSH HFRQODSDXUDGLULPDQHUHVFKLDFFLDWLGLUHVWDUHOjVRWWRSHUVHPSUH +RIDWWRFRVHLPPRQGHHVSHURFKHLO6LJQRUH,GGLRQHOODVXDPLVH ULFRUGLDLQILQLWDDYUjSLHWjGLPH0DDGHVVRSHQVRDORURDTXHLGL VJUD]LDWLFKHPDQGHUHPRLQEDWWDJOLDFRQWURHVHUFLWLYHUL 8QD PDQR VXOOD VSDOOD ,O 6LJQRUH FL DVVLVWHUj q VWDWR FRQ QRL ILQRUD1RQFLDEEDQGRQHUj(OLDVYHGUDL 3UHJRSHUTXHVWRRJQLJLRUQRUDJD]]RRJQLJLRUQR
$PHVVHU7KRPDV0QW]HUIUDWHOORQHOODIHGHSDVWRUHLQ1RVWUD 6LJQRUDGL0KOKDXVHQ
0LREXRQDPLFR XQJUD]LHDWHSHUODOHWWHUDFKHKRULFHYXWRJLXVWRLHULHXQJUD ]LHDO6LJQRUH'LR1RVWURSHUOHQRWL]LHGLFXLHUDIRULHUD6SHULDPR FKH (JOL DEELD ILQDOPHQWH WURYDWR LQ 7KRPDV 0QW]HU GH 4XHGOLQ EXUJLOWLPRQLHUHGHOODQDYHFKHULFDFFHUj/HYLDWKDQQHOVXRDELVVR 'DTXDQGRFLVLDPRODVFLDWLQRQVLSXzGLUHFKHOHPLHIDFFHQGH SULYDWHVLDQRLQVLQWRQLDFRQODJUDQGLRVLWjGHJOLHYHQWLFKHVLSUH SDUDQRSHUJOLDIIOLWWLGL*HUPDQLDIRUVHLO6LJQRUHGHVLGHUDIDUPL
ULHQWUDUHLQTXHVW XOWLPDVFKLHUDSHUUHQGHUPLSDUWHFLSHDSLHQRWL WRORGHOODIXWXUDJORULD/DPLDIDPLJOLDqULPDVWDD1RULPEHUJDHG qYLWWLPDGLFRQWLQXHDQJKHULHHVRSUXVL3URSULRDGHVVRFKHQRQVR QR SL~ D SRUWDWD GL PDQR H FKH PL KDQQR DOORQWDQDWR GDOOD FLWWj FHUFDQRLQWXWWLLPRGLGLEHFFDUPLSHUPHWWHUPLDWDFHUHVHQ]DFDX VDUH VROOHYD]LRQL )RUWXQDWDPHQWH OH QRVWUH VRUHOOH GL 1RULPEHUJD VRQRYLFLQHDPLDPRJOLHHODDLXWDQRLQTXHVWRPRPHQWRGLSURYD 'DO FDQWR PLR IDFFLR YLVLWD DOOH ORFDQGH VROWDQWR SHU GRUPLUH H OH DEEDQGRQRSULPDFKHVSXQWLLOVROH1RQWDUGHUzFRPXQTXHDGDF FRQWHQWDUPLGHOFLJOLRGHOODVWUDGDLVROGLVWDQQRILQHQGR 3HUTXHVWLPRWLYLWLFRPXQLFRODPLDLQWHQ]LRQHGLUDJJLXQJHUWLD 0KOKDXVHQ VRQR DQVLRVR GL SRUWDUH LO PLR FRQWULEXWR DOO LPSUHVD GHJOL HOHWWL H KR ELVRJQR GL WLUDUH LO ILDWR ,QROWUH LQ FLWWj QRQ GR YUHEEHUR PDQFDUPL OH RFFDVLRQL SHU JXDGDJQDUH TXDOFRVD FRQ OH PLHOH]LRQL9HGLFRVDSXRLIDUHWUDOHPLOOHSUHRFFXSD]LRQLGLTXH VWHRUH 3RVVDOD/XFHGHO6LJQRUHULVFKLDUDUHLOWXRFDPPLQR &RQJUDQGHULFRQRVFHQ]D -RKDQQHV'HQFN 'L7XELQJDLOJLRUQRGL0DU]R
+XW FL SRUWDYD OH QRWL]LH GDO 6XG ,PSRUWDQWL YLWDOL)UXJRQHOOD VDFFDGHO0DJLVWHUFHUFDQGRTXHOODPHUDYLJOLRVDOHWWHUDOHSDUROHGL XQXRPROHFXLJHVWDKDQQRWURYDWROXRJRQHOOHEDOODWHGHLFDQWDVWR ULHHVRQRJLXQWHILQTXL $OOD OLEHUD FLWWj GL0KOKDXVHQDO&RQVLJOLR3HUSHWXRHDOVXR SUHGLFDWRUH7KRPDV0QW]HUO HFRGHOOHFXLSDUROHLQIRQGHVSHUDQ ]DDWXWWDODYDOOHGHO7DXEHU ,O WHPSR q SURVVLPR /H VFKLHUH LOOXPLQDWH KDQQR LQWUDSUHVR OD JXHUUDSHUDIIHUPDUHODJLXVWL]LDGL'LR,FRQWDGLQLKDQQRPDUFLDWR DOVXRQRGHLWDPEXULSHUOHYLHGHOODFLWWjLPSHULDOHGL5RWKHQEXUJH QRQRVWDQWHOHGHOLEHUHGHO&RQVLJOLRPXQLFLSDOHQHVVXQRKDOHYDWR LO EDVWRQH VX GL ORUR $OOD OXFH GHL IDWWLLFLWWDGLQLWHPRQRO LPSHWR GHOFRQWDGRHOHFRQVHJXHQ]HFKHO HVVHUJOLQHPLFRFRPSRUWHUHEEH 9HQJRGXQTXHFDULIUDWHOOLDHVSRUUHOHULFKLHVWHGLULIRUPDFKH OHVFKLHUHLOOXPLQDWHDYDQ]DQRVXOODSXQWDGHOOHORURODQFH,QQDQ]L WXWWR HVVL HVSRQJRQRDLFLWWDGLQLFKHODOHJDHO DFFRUGRFRQVLVWRQR
QHO SUHGLFDUH OD SDUROD GL 'LR LO 6DFUR 9DQJHOR LQ PRGR OLEHUR FKLDURHVFKLHWWRHVHQ]DDJJLXQWHGLPDQRXPDQD0DGLPROWRLP SRUWDQWH SRLFKp OD JHQWH FRPXQH ILQRUD H GD OXQJR WHPSR q VWDWD RSSUHVVD H VRWWRSRVWD GDOO DXWRULWj DO FDULFR GLLQVRSSRUWDELOLSHVL FKHYHQJDODSRYHUDJHQWHDOOHJJHULWDGDWDOLJUDYDPLHSRVVDSUR FXUDUVL LO VXR SH]]R GL SDQH VHQ]D HVVHUH FRVWUHWWD D PHQGLFDUH ( FKHQRQYHQJDDHVVHUHDQJDULDWDGDQHVVXQDDXWRULWjFKHQRQGHE EDSDJDUHLOFHQVRLOFDQRQHOHUHQGLWHLOODXGHPLRLOPRUWXDULROH GHFLPHILQFKpQRQVLDUULYLDXQDULIRUPDJHQHUDOHEDVDWDVXO6DFUR 9DQJHORODTXDOHVWDELOLVFDFLzFKHqLQJLXVWRHGHYHHVVHUHDEROLWR HFLzFKHqJLXVWRHGHYHULPDQHUH 0LVLDRUDFRQFHVVRGLSDUODUHDSHUWDPHQWHDFRORURFKHKDQQR VROOHYDWRODVSHUDQ]DHLOFXRUHGHOODSRYHUDJHQWH*OLHYHQWLFKHVL VXVVHJXRQRLQTXHVWHWHUUHEDJQDWHGDOILXPH7DXEHUFLLQGLFDQRL GXHSUHFHWWLGDVHJXLUHDIILQFKpODFDXVDGL'LRQRQYDGDSHUGXWDH WXWWRFLzFKHqVWDWRIDWWRQRQDEELDDVYDQLUH 3ULPDPHQWHqQHFHVVDULRFKHOHVFKLHUHVLLQJURVVLQRJLRUQRGR SRJLRUQRFKHFRPHRQGDGLPDUHLQWHPSHVWDFRQWLQXLQRDFUHVFHUH ILQRDTXDQGRQRQUDJJLXQJDQROHULVRUVHHLOQXPHURVXIILFLHQWHD QRQWHPHUHODVSDGDGHLSULQFLSL $OWUHWWDQWRLPSRUWDQWHqWHQHUHGDFRQWRFRPHOHGLYHUVHULFKLH VWH FKHVFDYDQRLOVROFRWUDFLWWjHFDPSDJQDWURYLQRLQIRQGRDOOD ORUR VWUDGD LO PHGHVLPR DYYHUVDULR JOL LQWROOHUDELOL SULYLOHJL GHOOD JUDQGH QRELOWj H GHO FOHUR FRUURWWR 1RQ SRVVLDPR SHUPHWWHUH FKH WDOL GLIIHUHQ]H FL SRQJDQR VXL IURQWL RSSRVWL D WXWWR YDQWDJJLR GHO FRPXQHQHPLFR,QROWUHVLFFRPHULVSRQGHDOYHURFKHOHFLWWjFRPH TXHVWDQRQSRVVRQRPDQWHQHUVLVHQ]DLQWURLWLGLWDVVHqLQGLVSHQVD ELOHWURYDUHDFFRUGLDWDOHULJXDUGRWUDLFRQVLJOLOHJLXQWHHOHFR PXQLWj FRQWDGLQH VX FLzFKHVDUHEEHEHQHLQWUDSUHQGHUHSHUVRVWH QHUH OH FLWWj 1RQ VL YRJOLRQR LQIDWWL DEROLUH FRPSOHWDPHQWH WXWWL L JUDYDPL EHQVt DUULYDUH D XQ JLXVWR DFFRUGR GRSR DYHU VHQWLWR LO SDUHUH GL SHUVRQH GRWWH WLPRUDWH H DPDQWL GL 'LR FKH VL HVSULPH UDQQRVXOODTXHVWLRQH$WDOHVFRSRLEHQLHFFOHVLDVWLFLVHQ]DDOFXQD HVFOXVLRQH VDUDQQR SUHVL LQ FXVWRGLD DOILQH GL XWLOL]]DUOL FRPH VL FRQYLHQHDYDQWDJJLRGHOODFRPXQLWjFRQWDGLQDHGHOOH VFKLHUHLOOX PLQDWH 6DUDQQR QRPLQDWH SHUVRQH FKH DPPLQLVWULQR WDOL EHQL OL FRQVHUYLQRHSHUPHWWDQRFKHDOODSRYHUDJHQWHQHYHQJDGLVWULEXLWD XQDSDUWH,QROWUHFLzFKHYHUUjLQWUDSUHVRRUGLQDWRHGHFLVRSHULO EHQHHSHUODSDFHORGRYUjHVVHUHVLDSHUO DELWDQWHGHOERUJRVLD SHUTXHOORGHOODFDPSDJQDHGDDPEHGXHHVVHUHULVSHWWDWRDIILQFKp
WXWWLULPDQJDQRXQLWLFRQWUROHIDODQJLGHOO ,QLTXLWj &RQO DXVSLFLRFKHTXHVWHSDUROHVROOHYLQRGHQWURGL9RLOXPLQR VHYLVLRQLQHOODVSHUDQ]DGLLQFRQWUDUFLSUHVWRQHOJLRUQRGHOWULRQIR GHO6LJQRUHLOVDOXWRIUDWHUQRGLFKLFRPEDWWHVRWWRLOYRVWURPHGH VLPRYHVVLOORHO LQYRFD]LRQHGHOODJUD]LDGL'LR LOFRPDQGDQWHGHOOHVFKLHUHFRQWDGLQHGL)UDQFRQLD )ORULDQ*H\HU 'L5RWKHQEXUJVXO7DXEHUQHOTXDUWRJLRUQRGHOO $SULOH
*H\HUODOHJJHQGDGHOOD)RUHVWD1HUD/D6FKZDU]WUXSSHGDOXL IRUPDWD XRPR SHU XRPR DYHYD VHPLQDWR LO SDQLFR WUD OH ILOD GHOOD /HJD 6YHYD LPSUHQGLELOL DXGDFL H IXOPLQHL HUDQR LQ EUHYLVVLPR WHPSRGLYHQWDWLO HVHPSLRSHUOHVFKLHUH FRQWDGLQH )ORULDQ *H\HU 1RELOH GL EDVVR UDQJR PHPEUR GHOOD FDGHWWHULD WHGHVFDILQGDO HUDHQWUDWRLQURWWDFRQORVWUDSRWHUHGHLSULQFLSL DYHYDDEEDQGRQDWRLOSURSULRFDVWHOORGHGLFDQGRVLDOEULJDQWDJJLRH DOOHVFRUUHULHGHQWURHIXRULGDOOD6HOYDFKHFRQRVFHYDSDOPRDSDO PR 'RWDWR GL VRUSUHQGHQWH LQWXL]LRQH H FRUDJJLR LPSDUHJJLDELOH JLj SULPD GL DEEUDFFLDUH OD FDXVD GHJOL XPLOL VFHJOLHYD JOL XRPLQL SHU LO VXRPDQLSRORGLEDQGLWLDXQRDXQRQLHQWHXEULDFRQLQLHQWH LQXWLOL WDJOLDJROH QLHQWH VWXSUDWRUL GLPHUGDVRORJHQWHGHFLVDVYH JOLDHLQWHUHVVDWDDOERWWLQRSHUQHFHVVLWjRSHUO DPEL]LRQHGLLPSUH VHGHJQHGHOODVXDDSSURYD]LRQH 5LFRUGRQHLJLRUQLGHOO HXIRULDGL0KOKDXVHQTXDOHIRVVHLOGH VLGHULRFKHDYHYRGLLQFRQWUDUORGLSRWHUYHGHUHGDYLFLQRO XRPRLO FXLQRPHVROWDQWRWHUURUL]]DYDODJUDQGHQRELOWj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z FRQ XQ FROSRODVWDWXDGHOO LPSHUDWRUH /RSUHVHURD6FKZlELVFK+DOOGRSRDYHUORLQVHJXLWRHEUDFFDWR SHUWUHJLRUQLDSSLFFDQGRIXRFRDWUHHWWDULGLERVFRGRYHO DYHYDQR YLVWR VFRPSDULUH 1DVFRVHUR LQ IUHWWD LO VXRFDGDYHUHPDPROWLQRQ
VRQR DIIDWWR FRQYLQWL FKH VLD PRUWR H JLXUDQR FKH VLVLDVDOYDWRWXI IDQGRVL QHOOH DFTXH GL XQ ILXPH VRWWHUUDQHR ,Q RJQL YLOODJJLR GHOOD 6HOYD1HUDF qTXDOFXQRFKHGLFHGLDYHUORYLVWRFDYDOFDUHDOWUDPRQ WR QHO ILWWR GHOOD IRUHVWD EUDQGHQGR OD VSDGD SURQWR D WRUQDUH SHU UHQGHUHJLXVWL]LDDJOLXPLOL
$PHVVHU7KRPDV0QW]HUPDHVWURGLWXWWLLJLXVWLQHOODUHWWDIH GH SUHGLFDWRUH LOOXVWULVVLPR SUHVVR OD FKLHVD GL 1RVWUD 6LJQRUD LQ 0KOKDXVHQ
0DHVWURQRVWUR OHQRWL]LHFKHPLJLXQJRQRULJXDUGRD9RLHDOOD9RVWUDVFKLHUD GLHOHWWLPLGDQQRRUPDLFHUWH]]DFKHODPDQRGHO6LJQRUHqVXO9R VWUR FDSR GRSR OH PLOOH GLIILFROWj HO DVSUDXPLOLD]LRQHGL:HLPDU GL FXL PL UDPPDULFR QRQ DYHUYL DYYLVDWR LQ WHPSR 3URSULR LO 'LR FKH KD LQ RGLR L SRWHQWL ©KD LQQDO]DWR JOL XPLOLª H VL SUHSDUD D UL PDQGDUH©LULFFKLDPDQLYXRWHVRFFRUUHQGR,VUDHOHVXRVHUYRFR PHDYHYDSURPHVVRª 1RQ F q GD SHUGHUH WHPSR L SULQFLSL VRQR GLVRULHQWDWL SRLFKp O DUHD FROSLWD GDOOD ULYROWD q WURSSR YDVWD H LO IXRFR GHOOD IHGH LQ FHQGLDRJQLJLRUQRLFXRULHLOWHUULWRULRGHOOD*HUPDQLD6HEEHQHLO UHFOXWDPHQWR SURVHJXD LQFHVVDQWH QRQ SRFKL VRQR JOL LPSHGLPHQWL FKHLQFRQWUDQRQHOGDUHYLWDDXQDUHSHQWLQDPDQRYUD 7UD WXWWL LO JLRYDQH )LOLSSR ODQJUDYLR G $VVLD q LO SL~ VROHUWH PDOHVXHWUXSSHQRQVRQRFRPSDWWHVLVSRVWDQROHQWDPHQWHHLQFRQ WUDQR FRQWLQXH GLIILFROWj D FDXVD GL XQ VXVVHJXLUVL GL LPERVFDWH H DVVDOWLGDSDUWHGHLFRQWDGLQLGLRJQLUHJLRQH1RQWXWWLLJRYHUQDQWL SRL VL UHQGRQR FRQWR FKH OD FRVD ULJXDUGD FLDVFXQR GL ORUR FKH YHUUDQQR DEEDWWXWL XQR GRSR O DOWUR H FRVt FKL FUHGH GL SRWHU FRQ WUROODUH OD VLWXD]LRQH D FDVD VXD FRQFHGHQGR TXDOFKH EHQHILFLR H IDFHQGRSURPHVVHQRQDFFHQQDDYROHUULVFKLDUHODEDWWDJOLD,OGRW WRU/XWHURGLHWURFRQVLJOLRGLPHVVHU6SDODWLQRqVWDWRQHOODUHJLR QH GL 0DQVIHOG SHU SODFDUH O LUD GHL FRQWDGLQL PD QRQ q VWDWR LQ JUDGRGLDUUHVWDUHODULYROWDRWWHQHQGRVROWDQWRODQFLGLSLHWUHHLQ VXOWL/ +HUFXOHV*HUPDQLFXVqILQLWR ÊWHPSR0DHVWURODVFLDWHUHVSLURDLSULQFLSLHGHYDVWHUDQQROH QRVWUHFDPSDJQHDFRVWRGLSHUGHUHLOUDFFROWRGHOO DQQRILQRDFKH O XOWLPRJHUPRJOLRGLJUDQRVDUjFHQHUHHODWHVWDGHOO XOWLPRFRQWD
GLQRQRQVDUjFDGXWD&KLDPDWHGXQTXHDUDFFROWDJOLHOHWWLDIILQ FKpQRQVLGLVSHUGDQR$VXGGL0KOKDXVHQLO'LRGHJOLHVHUFLWLKD JLjYLQWRPROWHEDWWDJOLHPHQWUHDQRUGHVWODVLWXD]LRQHqSL~LQFHU WD6HPXRYHUHWHFRPSDWWLLQTXHOODGLUH]LRQHLSULQFLSLQRQSRWUDQ QRVWDUHDULIOHWWHUHGRYUDQQRFHUFDUHGLIHUPDUYLDRJQLFRVWRHLO 6LJQRUHJUD]LHDOOHYRVWUHVSDGHIDUjJLXVWL]LDXQDYROWDSHUWXWWH 1RQWHPHWHOR VFRQWURDSHUWRqSURSULRLQTXHOORFKHLO'LRGH JOLHOHWWLPRVWUHUjGLHVVHUYLDILDQFR1RQLQGXJLDWHO 2QQLSRWHQWH YXROHWULRQIDUHJUD]LHD9RL 6WDWHVDOGRGXQTXHHLO6LJQRUH9LLOOXPLQLLO5HJQRGL'LRLQ WHUUDqSURVVLPR 4RqOHW LOJLRUQRSULPRGHOPDJJLR
3ULPR JLRUQR GL PDJJLR /H WUXSSH GL )LOLSSR G $VVLD HUDQR JLj DOOHSRUWHGL)XOGDLQIRU]HSURQWHDHVSXJQDUOD6LPRVVHURUDSLGH 1RQLQFRQWUDPPRXQHVHUFLWRLQGLIILFROWj 4RqOHW/DWHU]DPLVVLYDGLXQLQIRUPDWRUHSURGLJRGLGHWWDJOLUL VHUYDWLDSRFKLFRPHSHUODYLFHQGDGL:HLPDU 0LVVLYHLPSRUWDQWLFKHDYHYDQRFRQTXLVWDWRODILGXFLDGHO0DJL VWHU 0L ULHFKHJJLD QHOOD WHVWD TXHOOD GHFLVLYDGLVFXVVLRQH0DJLVWHU 7KRPDVFKHEUDQGLYDODOHWWHUDTXHVWDOHWWHUD
&DSLWROR 0KOKDXVHQPDJJLR
$OORUD+HLQULFKVXTXDQWLFUHGLFKHSRWUHPRFRQWDUH" ,OWRQRGHO0DJLVWHUqSUHVVDQWH 3IHLIIHUVFXRWHODWHVWD +OPH%ULHJHOQRQFLVWDQQR1RQVRQR GLVSRVWL D FDFFLDUH XQ VROR EDULOH GL SROYHUH SHU TXHOOL GL )UDQNHQ KDXVHQ/DJHQWHGLTXLQRQYHUUj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Ê LO PR PHQWR GL DIIURQWDUOL GLULJHQGR YHUVR LO FXRUH GHOOD 6DVVRQLD GRYH QRQSRVVRQRSHUPHWWHUVLGLIDUFLDUULYDUH/DVFLDFKHSDUOLLRDOODFLW WDGLQDQ]D 1RQVHUYLUj$QFKHVHODVFLDPRSHUGHUHLERUJRPDVWULODJHQWH GL TXL KD JLj RWWHQXWR SL~ GL TXDQWR DYHVVH PDL RVDWR VSHUDUH 1RQ PHWWHUjD ULVFKLROHSURSULHFRQTXLVWHLQXQDEDWWDJOLDFDPSDOHFRQ WURLSULQFLSL 9XRLGLUHFKH0KOKDXVHQLOERUJRFKHKDGDWRO HVHPSLRDWXW WHOHFLWWjGHOOD7XULQJLDQHOORVFRQWURGHFLVLYRSHUOLEHUDUHOHWHUUH GDOOH$OSL%DYDUHVLDOOD6DVVRQLDYXROHVWDUHDJXDUGDUH" 3IHLIIHUVHPSUHSL~VFRUDJJLDWR &UHGLFKHOHDOWUHFLWWjDSSRJ JHUDQQR TXHVWD SD]]LD" 1RQ DFFDGUj WH OR GLFR LR 6H DQFKH 0 KOKDXVHQRIIULVVHWXWWLLVXRLFDQQRQLODVLWXD]LRQHQRQFDPELHUHEEH /H FLWWj LQVRUWH KDQQR FRQTXLVWDWR O DXWRQRPLD H LPSRVWR L GRGLFL DUWLFROLQHVVXQRULWHUUjXWLOHULVFKLDUHWXWWRLQXQXQLFRVFRQWURIURQ WDOH(VHYHQLVVLPRVFRQILWWL"$VFROWD/DVWUDGDFKHDEELDPRVHJXL
WRILQRUDKDGDWRLULVXOWDWLPLJOLRULODULEHOOLRQHGHOOHFDPSDJQHKD WURYDWR QHOOH FLWWj LO JULPDOGHOOR SHU RWWHQHUH OH ULIRUPH &RVt GHYH FRQWLQXDUHDHVVHUHQRQKDVHQVRPHWWHUHDUHSHQWDJOLRWXWWR 9DQHJJL 6RQR OH FLWWj FKH VL VRQR JLRYDWHGHOODULYROWDFRQWD GLQDSHUVWUDSSDUHLPXQLFLSLGDOOHPDQLGHLVLJQRUL2UDGHYRQRDF FRUUHUHDOILDQFRGHOOHVFKLHUHLOOXPLQDWHSHUVSD]]DUHYLDSHUVHPSUH ODPDOYDJLDWLUDQQLDGHLSULQFLSL 1RQDFFDGUj ( DOORUD YHUUDQQR WUDYROWH GDO ORUR PLVHUDELOH HJRLVPR QHO JLRUQRGHOWULRQIRGHO6LJQRUH 3HU XQ DWWLPR WRUQD OD FDOPD 'HQFN FRPH PH PXWR ILQRUD ULHPSLHLELFFKLHULGHOYLQRVRWWUDWWRLQJUDQGHTXDQWLWjDXQFRQYHQ WR GL GRPHQLFDQL H VWDSSDWR SHUO RFFDVLRQH $YUHPPRELVRJQRGL QRQPHQRGLPLOOHXRPLQLHGLHFLFDQQRQL ,O0DJLVWHUQRQJXDUGDQHDQFKHODFRSSD 4XDOLFDQQRQL"6DUj ODVSDGDGL*HGHRQHDIDOFLDUHJOLHVHUFLWL (VFHQRQKDVJXDUGLSHUQHVVXQR'RSRXQDWWLPR'HQFNODQFLD XQ RFFKLDWDD3IHLIIHUSRLDPHHORVHJXH +HLQULFK3IHLIIHUPLSDUODFRQWRQRJUDYH $OPHQRWXGHYLULX VFLUHDIDUORUDJLRQDUHÊXQDIROOLD )ROOLD R QR WX FUHGL FKHVLDVDJJLRDEEDQGRQDUHLFRQWDGLQLDO ORUR GHVWLQR" 6H OH FLWWj QRQ VFHQGHUDQQR LQ FDPSR DJOL RFFKL GHL FRQWDGLQLVHPEUHUjXQWUDGLPHQWR(FRPHGDUJOLWRUWR"6DUjODILQH GHOO DOOHDQ]D FKH DEELDPR IDWLFRVDPHQWH FRVWUXLWR 6H VDUHPR VFRQ ILWWL+HLQULFKLSURVVLPLVDUHWHYRL 8QUHVSLURSURIRQGRODWULVWH]]DJOLDWWDQDJOLDLOFXRUH +DLPDL YLVWRXQHVHUFLWRFDULFDUH" 1R0DKRYLVWR7KRPDV0QW]HUVROOHYDUHJOLXPLOLFRQODVR ODIRU]DGHOOHSDUROH1RQORODVFHUzDGHVVR 6jOYDWL1RQ DQGDUH /DVDOYH]]DDPLFRPLRqDO]DUVLHFRPEDWWHUHDOILDQFRGHO6L JQRUHQRQUHVWDUHDJXDUGDUH 6LOHQ]LR &L DEEUDFFLDPR IRUWH SHU O XOWLPD YROWD , GHVWLQLVRQR VWDWLVFHOWL
&DSLWROR 0KOKDXVHQPDJJLR
/DQRWL]LDGHOODSDUWHQ]DGL7KRPDV0QW]HUSHU)UDQNHQKDXVHQ KDIDWWRLOJLURGHOODFLWWjLQQHDQFKHPH]]DJLRUQDWD/DPDWWLQDDS SHQD GHVWL GRSRXQDQRWWHDJLWDWDDIIDFFLDQGRFLDOODILQHVWUDWURYLD PR LO VDJUDWR GL1RVWUD6LJQRUDJLjSLXWWRVWRDIIROODWR$YROHUVLLO OXGHUH VL SRWUHEEH FRQFOXGHUH FKH OD EXRQD FRVFLHQ]D GHJOL DELWDQWL GL0KOKDXVHQKDILQLWRSHUSUHYDOHUHVXOO LQWHUHVVH0DRUPDLFRQR VFLDPRFRPHYDQQRTXHVWHFRVHLGLVFRUVLGL0DJLVWHU7KRPDVFKH XQROLDSSURYLRQRVRQRTXDOFRVDFXLqGLIILFLOHULQXQFLDUHDQFKHD PRWLYRGHOIDWWRFKHFRVWLWXLVFRQRSHUPROWLJLRUQLXQRGHJOLDUJR PHQWLIRQGDPHQWDOLGLGLVFXVVLRQHQHOOHSLD]]HHQHOOHERWWHJKH(Gq FKLDURDWXWWLDFKLXQTXHORFRQRVFDDQFKHVRORSHUIDPDFKH7KR PDV 0QW]HU QRQ ODVFHUj OD FLWWj LPSHULDOH VHQ]D ULYROJHUH XQ XOWL PRUDEELRVRVDOXWRDLVXRLERUJKLJLDQL 0DJLVWHU JULGR SHU IDUPL VHQWLUH QHOO DOWUD VWDQ]D VRQR JLj TXDVRWWR 0L UDJJLXQJH H VL DIIDFFLD OHJJHUPHQWH DO EDOFRQH VDOXWDWR GD XQ HVFODPD]LRQHGHOODIROOD /DVFLDPR FKH OD SLD]]D VL ULHPSLD FRVt FKH LO 6LJQRUH SRVVD VFHJOLHUHLOVXRHVHUFLWR,OVXRXQLFRFRPPHQWR 8Q UXPRUH HFFLWDWR VDOH GDO VDJUDWR 4XDWWUR FROSL GHFLVL VXOOD SRUWD3RLDOWULGXH 0DJLVWHU0DJLVWHUDSULWH &KLVLHWH" FKLHGRSLXWWRVWRVRUSUHVRGDOWLPEURVTXLOODQWHGHOOH YRFL -DFRE H 0DWKLDV =LHJOHU ILJOL GL *HRUJ 'REELDPR SDUODUYL $SUR FRQ XQ VRUULVR DL GXH ILJOL GHO VDUWR =LHJOHU QRVWUL IHGHOL VH JXDFLQRQRVWDQWHO RSSRVL]LRQHGHOSDGUHFKHWHPSRIDPLQDFFLzSX UH LO 0DJLVWHU H GRYHWWH GHVLVWHUH GD RJQL LQWHQ]LRQH EHOOLFRVD VX VXJJHULPHQWRGL(OLDV &KH FL IDWH TXL" FKLHGR VWXSLWR 1RQ GRYUHVWH HVVHUH FRQ L YRVWULJHQLWRULLQERWWHJD" 1R ULVSRQGH-DFREFKHqLOPDJJLRUHHKDTXLQGLFLDQQL GD RJJLQRQSL~
9HQLDPR FRQ YRL FRQWLQXD HQWXVLDVWD LO IUDWHOOR GL GXH DQQL SL~JLRYDQH 3LDQR SLDQR ULVSRQGR 9HQLUH FRQ QRL" $YHWH XQ LGHD GL TXHOORFKHVLJQLILFD" 6tJOLHOHWWLVFRQILJJHUDQQRLSULQFLSL,O6LJQRUHVDUjGDOODQR VWUDSDUWH ,O 0DJLVWHU VRUULGH /R YHGL" 7XWWR VL FRPSLH &ULVWR PHWWH LO ILJOLRFRQWURLOSDGUHHFLLQYLWDDULWRUQDUHFRPHEDPELQL 0DJLVWHUQRQSRVVRQRFRPEDWWHUHFRQQRL 1RQPLODVFLDQRSDUODUH $EELDPRGHFLVRHQRQFDPELDPRLGH D 9HUUHPR FRPXQTXH 6WDWH VDOGR 0DJLVWHU H D SUHVWR TXL QRQ SRVVLDPRUHVWDUH'HWWRTXHVWRVLFKLXGRQRODSRUWDDOOHVSDOOHODQ FLDQGRVLJL~SHUOHVFDOH 0DJLVWHU 7KRPDV LQWXLVFH O HIIHWWR FKH LO EUHYH LQFRQWUR KD SUR GRWWRVXGLPH 1RQWHPHUH PLUDVVLFXUDVWULQJHQGRPLOHVSDOOH LO6LJQRUHGLIHQGHUjLOVXRSRSRORDEELIHGH&RUDJJLRRUDGREELD PRDQGDUH 9DGRDFKLDPDUH2WWLOLHHG(OLDV-RKDQQHV'HQFNQRQqSL~FRQ QRLqSDUWLWRLHULVHUDLQGLUH]LRQHGL(LVHQDFKLQFHUFDGLFDQQRQL DUPLHPXQL]LRQLHFLUDJJLXQJHUjVXOODVWUDGD 8VFLDPRSHULOSDVVDJJLRFKHSRUWDGLUHWWDPHQWHLQFKLHVD0DJL VWHU7KRPDVLQWHVWDQRLGLHWURLQVLOHQ]LR$WWUDYHUVLDPROHQDYDWH WUDILWWHGDLUDJJLGLVROHDSDVVROHQWR(OLDVDSUHLOSHVDQWHSRUWRQHH FL WURYLDPR DQFRUD LQ SHQRPEUD VXOOH JUDGLQDWH GHOOD &DWWHGUDOH *OLVJXDUGLGHOODIROODVRQRWXWWLULYROWLYHUVROHILQHVWUHGHOODQRVWUD VWDQ]D 7KRPDV 0QW]HU DYDQ]D XQ SRFR DO FHQWUR GHOOD VFDOLQDWD 1HVVXQRORQRWD,OVXRSULPRJULGRVDWXUDODSLD]]DJLjVWUDERUGDQWH GL DOPHQR TXDWWURPLOD SHUVRQHHYLHQHVXELWRVRPPHUVRGDXQ RQGD GLYRFLVXVVXOWDQWL 3RSRORGL0KOKDXVHQDVFROWDODEDWWDJOLDILQDOHqSURVVLPD,O 6LJQRUH SUHVWR PHWWHUj O HPSLR QHOOH QRVWUH PDQL FRPH IHFH FRQ L 0DGLDQLWLHFRQLORURUHVFRQILWWLGDOODVSDGDGL*HGHRQHILJOLRGL ,RDV &RPH OH JHQWL GL 6XFFRW DQFKH YRL GXELWDQGR GHOOD SRWHQ]D GHO'LRG ,VUDHOHULILXWDWHGLSRUWDUHDLXWRDOOHVFKLHUHGHJOLHOHWWLH ULVHUYDWHLFDQQRQLHOHDUPLDOODGLIHVDGHOYRVWURSULYLOHJLR*HGHR QH VFRQILVVH OH WULE~ GL 0DGLDQ FRQ WUHFHQWR XRPLQL GL WUHQWDPLOD FKHQHDYHYDFKLDPDWLDUDFFROWD)XLO6LJQRUHDGDVVRWWLJOLDUHOHVXH ILOD SHUFKp LO SRSROR QRQ FUHGHVVH GL DYHU WULRQIDWRJUD]LH DOOH VXH VROHIRU]H&RORURFKHWHPHYDQRIXURQRFDFFLDWLLQGLHWUR1RQGLYHU VDPHQWH RJJL OD VFKLHUD GHJOL HOHWWL VL DVVRWWLJOLD SHU OD GHIH]LRQH
GHL FLWWDGLQLGL0KOKDXVHQ,RGLFRFKHTXHVWRqEHQHSHUFKpQHV VXQRSRWUjGLPHQWLFDUHTXHOFKHLO6LJQRUHKDIDWWRSHULOVXRSRSROR HVHIRVVHQHFHVVDULRVDUHLSURQWRDPXRYHUHGDVRORFRQWURLPHU FHQDULGHLSULQFLSL1XOODqLPSRVVLELOHDFRORURFKHKDQQRIHGH0D DFROXLFKHQRQKDVDUj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~JHQWHGLIXR UL YDJDERQGL JLXQWL LQ FLWWj SHU IDU UD]]LD QHOOH FKLHVH SRYHUDFFL H JHQWH GL 6DQ 1LFROD FKH QRQ DEEDQGRQHUHEEHUR 7KRPDV 0QW]HU QHPPHQRVHLOVROHVLIDFHVVHQHUR,O0DJLVWHUFKHQRQKDSL~DSHU WR ERFFDID SHU ULYROJHUVL DO VXR SLFFROR HVHUFLWR TXDQGR TXHOOR VL GLYLGHLQGXHSHUODVFLDUSDVVDUHDOFXQLPLOL]LDQLFKHWUDVFLQDQRWUH FDQQRQL ( TXHVWL GD GRYHVDOWDQRIXRUL" FKLHGH(OLDVFRQYRFHVSUH] ]DQWH 1RQ FL VHUYRQR WDJOLD FRUWR OD JXDUGLD 3RWHWH SUHQGHUOL +HLQULFK3IHLIIHUGLFHFKHLO6LJQRUHSXzDYHUQHELVRJQR
0HQRGLGXHRUHGRSRODFRORQQDGHLSUHVFHOWLHVFHGDOODFLWWjLQ VLOHQ]LRGDOODSRUWDQRUG'XHFDUULFDULFKLGLYHWWRYDJOLHLFDQQRQL WUDLQDWL GD PXOL D FKLXGHUH OD ILOD 8Q EDFR IRUD LO ER]]ROR FKH GD WHPSRORSURWHJJHYDHFRPLQFLDOHQWDPHQWHDVWULVFLDUHYHUVRQXRYD YLWDODQXRYDHWjLQFRJQLWDHUDSDFHFKHO DWWHVDGLIDUIDOODGRQDOD IRU]DGLVXSHUDUH 1HUR OXQJD FULQLHUD GDL ULIOHVVL DUJHQWDWL VRSUD GXH WL]]RQL H OH IURJHGLODWDWHVFKLXPDGDOPRUVRHVFDOSLWDO DQLPDOHFKHFRQGXFHOD VSDGDGL*HGHRQHLQEDWWDJOLD'DOODVHOODSHQGRQROHVDFFKHJRQILH GHOOHPLVVLYHGHJOLLQVRUWLFKHLO0DJLVWHUKDUDFFROWRLQPHVLHPHVL GL IXULERQGR HUUDUH QRQ OH DEEDQGRQD PDL FRQWHQJRQR QRPL OXR JKLQRWL]LHFKHIDUHEEHURODJLRLDGLRJQLVJKHUURGHLSULQFLSL 0LYROWRGLHWURLFDQQRQLWUDVFLQDWLGDLPXOLXQDFROWUHGLSROYH UH UHQGH RSDFD 0KOKDXVHQ ,QFHUWH OH PXUD OH WRUUL VELDGLVFRQR FRPH XQD VWDPSD VFLROWD GDOO DFTXD FRPHOD PLD DQLPDJUHYHG DQ
JRVFLDFKHPDLDYHYRSURYDWR3L~QXOODGLHWURULYROJRORVJXDUGRGL IURQWHGLQXRYRLO0DJLVWHUILHURWUDWWLHQHLOFDYDOORILVVDO RUL]]RQ WHODUHVDGHLFRQWLLOFDVWLJRGHJOLHPSL 0LLQIRQGHIRU]DLOWHPSRqJLXQWRVLGHYHDQGDUH
&DSLWROR (OWHUVGRUIIHEEUDLR
3URSULR FRVt )X LQ TXHOPRGRFKHODVFLDPPR0KOKDXVHQ,UL FRUGLGLTXHJOLXOWLPLJLRUQLVRQRQLWLGLFRPHLOSURILORGHOOHFROOLQH LQTXHVWDJLRUQDWDWHUVD2JQLSDURODGL0DJLVWHU7KRPDVRJQLIUDVH GL2WWLOLHHVFRQRGDOODPLDPHPRULDFRPHOHQRWHGLXQRURORJLRPX VLFDOHRODQGHVHLOSHVRGHOSDVVDWRWUDVFLQDOHIXQLHIDJLUDUHLOPHF FDQLVPR ,O UXPRUH GHOOH PRWH GHL WUH FDQQRQL OXQJR OD VWUDGD LO VDOXWRGHOOHGRQQHVXLFDPSLODIHOLFLWjHFFLWDWDGL-DFREH0DWKLDV FKHSDLRQRSDVVHULLQWRUQRDXQFDUURGLJUDQRO LQFRQWURFRQLIUDWHO OL GL )UDQNHQKDXVHQ OD SULPD QRWWH SDVVDWD QHOOD SLDQD SRFR IXRUL GDOOHPXUDLQDWWHVDGLPXRYHUHFRQWUROHDUPDWHGHOODQJUDYLRG $V VLDYHQXWHDIDUJLXVWL]LDGHOO HQQHVLPDFLWWjLQVRUWD 3URSULRFRVt(OLDVIXULERQGRULSHWHFKHVLDPRVROWDQWRRWWRPLOD OXLFKHDFROSRG RFFKLRVDYDOXWDUHODFRQVLVWHQ]DGHOOHIROOH/ HFR GHLVXRLLQVXOWLDLPLQDWRULGL0DQVIHOGFKHQRQVRQRDUULYDWLWUDWWH QXWLGDOODSURPHVVDGLXQDXPHQWRGHOODSDJDJLRUQDOLHUD/DQRWL]LD FKH)XOGDqVWDWDHVSXJQDWDGDGLHFLJLRUQLHFRVt(LVHQDFK6DO]DH 6RQGHUKDXVHQ7DJOLDWLIXRULLVRODWL,OODQJUDYLR)LOLSSRVLqPRVVR LQIUHWWDHFLKDDJJLUDWL'L'HQFNQRQVLKDQRWL]LDPDDQFKHVHD YHVVH WURYDWR XRPLQL H DUPL D TXHVW RUD VL WURYHUHEEH JLj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jSURQWRSHUHVVHUHDWWDFFDWRXQSLFFROROLEUDLRLQD
GDWWRDOODEDWWDJOLDFKHYXROHWRUQDUHDOODVXDVWDPSHULD $XQWUDWWRXQRVWUDSSRODIXQHV LQFHSSDHOHQRWHVWRQDQRVWUL GRQRVLIRQGRQRLQXQXQLFRURQ]DUH,FRORULVLPHVFRODQRVXOODWD YROR]]D GHOOD PHPRULD ,O ULFRUGR PXRUH H ODVFLD VSD]LR DOO RUURUH FRQIXVR
&DSLWROR )UDQNHQKDXVHQPDJJLRPDWWLQD
,OVHJQR 6WULDWR ILDPPHJJLDQWH SXUSXUHR LPSURYYLVR VDOH O DUFREDOHQR GLHWUR OH DOWXUH H OH VFKLHUH GL )LOLSSR GL IURQWH DJOL VJXDUGL UDSLWL GHJOLXPLOL &DQFHOOD OD SDXUD XQ LVWDQWH QRQ DQQXQFLDWR GD SLRJJLD FLHOR WHUVRVWHPPDGHOULVFDWWRJLj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tSRWUj HVVHUFLFOHPHQ]D 0DOYDJLR GUDSSHOOR GL VHUYL GHOOD PHUGD /XULGLEDVWDUGLILJOLGL FDJQDDSSHVWDWD1RQSRUUHWHFRQGL]LRQLDOO HVHUFLWRGL'LR&DUFDVVH YHUPLQRVHVHFFDWHDOVROH,QIDPLIDODQJLGHOOH7HQHEUH6IRQGHUHPR LYRVWULFXOLFRQLPDQLFLGHLSLFFRQL6LJQRUHQRQDEEDQGRQDUFLRUD /H PDGUL LPPRQGH FKH YL SDUWRULURQRIRWWHYDQRFRQLFDSURQLGHOOD IRUHVWD7RUQDWHYHQHDOHFFDUHLOFXORGHLYRVWULSDGURQL3HUGRQRVH DEELDPRVEDJOLDWR/ LQIHUQRDSULUjOHWUHPHQGHIDXFLOHVXHYLVFHUH YLLQJKLRWWLUDQQR6HDEELDPRSHFFDWROD7XDYRORQWjOD7XDYRORQ WjVRODVLDIDWWD6SXWHUjYLDOHRVVDGRSRDYHUOHVSROSDWHDXQDDX
QD6RORO DPRUHHODSDURODGHO5HGHQWRUHQHO*LRUQRGHOOD5HVXUUH ]LRQH GHJOL XOWLPL 1RQ DYUj SLHWj GHOOH YRVWUH DQLPH FRUURWWH 3UR WHJJDQRLODIHGHLQ'LRRQQLSRWHQWH
0DJLVWHU 0DJLVWHU 8UOD LPSD]]LWH /H PLH 9RUDJLQL GL SDQLFR WXWW LQWRUQRODIXJDGHOJUHJJHGDYDQWLDOO RUGDGLOXSL /R VFRUJR GDYDQWL D PH LQJLQRFFKLDWR VFKLDFFLDWR D WHUUD LQ FKLRGDWR FRPH XQD VWDWXD 6X GL OXL VHQWR OD PLD YRFH JULGDUH VXO IUDJRUHFKHVLDYYLFLQDDOO RUL]]RQWH 0DJLVWHU0DJLVWHU *OLRFFKLYXRWLDOWURYHXQDSUHJKLHUDELDVFLFDWD WUDOHODEEUD 0DJLVWHUSHUGLRDO]DWL &HUFR GL VROOHYDUOR PD q FRPH YROHU VUDGLFDUH XQ DOEHUR UHVXVFLWDUHXQPRUWR0LLQJLQRFFKLRHULHVFRDULYROWDUJOLOHVSDOOH PL VL DFFDVFLD LQ JUHPER 1RQ F q SL~ QLHQWH GD IDUH Ê ILQLWD / RUL]]RQWH SUHFLSLWD YHUVR GL QRL VHPSUH SL~ YHORFH Ê ILQLWD *OL UHJJR ODWHVWDLOSHWWRVTXDUFLDWRGDOSLDQWRHGDOO XOWLPRJULGRFKH VSXWDODGLVSHUD]LRQHHLOVDQJXHDOFLHOR ÊJLRUQRGDSRFRTXDQGRFRPLQFLDPRDSUHSDUDUFLSHUDQGDUHLQ FRQWUR DL SULQFLSL 'DOOH ERUUDFFH OD JUDSSD ID LO JLUR GHOOH JROH H FHUFDGLVFLDFTXDUOHGDOO DQVLDHGDOODSDXUDÊJLRUQRGDSRFRHQHO ODOXFHLQFHUWDHSDOOLGDVRWWRODQHEELDIUHGGDFKHV DO]DSLDQROHQ WDPHQWH FRPHGLIURQWHDXQVLSDULRGLVWLQJXLDPRXQDIUDQJLDQHUD VXOO RUOR GHOOH FROOLQH D VHWWHQWULRQH 1HVVXQR KD GDWR O DOODUPH PD ORUR VRQR JLj TXL 0DJLVWHU 7KRPDV VSURQD LO FDYDOOR GL FRUVD GD XQDSDUWHDOO DOWUDGHOO DFFDPSDPHQWRDUDYYLYDUHLOIXRFRGHOODIHGH H GHOOD VSHUDQ]D 4XDOFXQR XUOD DO]D L IRUFRQL OH ]DSSH PXWDWH LQ DODEDUGHVSDUDLQDULDHYRPLWDSDUROHGLVFKHUQRHGLVILGD4XDOFX QR VL LQJLQRFFKLD H SUHJD 4XDOFXQR UHVWD LPPRELOH FRPH FROSLWR GDOORVJXDUGRGHOEDVLOLVFR 8Q WUDWWR GL FDUERQH LQWHQVR VL VWHQGH OXQJR OD FROOLQD D RYHVW WUDFFLD L FRQWRUQL VLQLVWUL GHOO DXURUD VFUH]LDWD GL WHQXL EDJOLRUL / H VHUFLWR GL *LRUJLR GL 6DVVRQLD VL GLVSRQH LQDWWHVDVXOODFUHVWDRFFL GHQWDOH 6DJRPH QHUH DOOXQJDWHVLSURWHQGRQRYHUVRODSLDQDLFDQ QRQL
6DHWWDGDOQXOODGLSROYHUHDFUHHVDQJXHODEHOYDEDUGDWDSLRPED VXXQPDQLSRORGLVYHQWXUDWLUHVLLPPRELOLGDOWHUURUHDFFXFFLDWLLQ SUHJKLHUD R ULJLGL FDGDYHUL LQ DWWHVD GHOOD VHQWHQ]D IDWDOH 3LFFD VSLDQDWD DG DOWH]]D GL WRUDFH ]RFFROL H ]DPSH VFDUWDQR GD XQ FRUWR
IRVVR WUDILJJH XQ LQHUPH LQ JLQRFFKLR GD SDUWH D SDUWH WUDYROJH XQ DPPDVVRGHIRUPHGLDUWLRVVDSHOOHHWHODGLVDFFR6JXDLQDXQ HOVD GDOOD OXQJD ODPD VRWWLOH VFDOFLD WUD L FRUSL VFXRWHQGR O DUPDWXUD O DEEDWWHVXXQFULVWRFKHJOLVLSDUDDGHVWUDLPSORUDQGRSLHWj,QFXU YDLOFROORSHVDQWHVEXIIDSLHJDTXDVLDFDGHUHUHFLGHQHWWRLOEUDF FLRVLQLVWURULODQFLDODFRUVDYHUVRQXRYHSUHGHVDOHLOJULGRGLIHUR FHHVXOWDQ]D /D SROYHUH VFHQGH 8QR VTXDUFLR GL JLRUQR VXO PDVVDFUR 6ROR FRUSL H JULGD PXWLODWH 1RQ XQ UXJJLWR 3RL OL YHGR OH VFKLHUH VLD SURQRIHUURSLFFKHVWHQGDUGLDOYHQWRHODIRJDWUDWWHQXWDGHJOLD QLPDOLFKHVFDOSLWDQR,OJDORSSRVFHQGHGDOILDQFRGHOOD FROOLQDIUD JRUHGL]RFFROLHFRUD]]HQHULSHVDQWLHLQHVRUDELOLFRPHODPRUWH / RUL]]RQWHFLFRUUHLQFRQWURFDQFHOODQGRODSLDQD
1RQqO XUWRGHOO DFFLDLRDWUDYROJHUPLqODSUHVDGL6DQVRQHFKH VROOHYDLO0DJLVWHULQDOWRYHUVROHQXYROHHPLWUDVFLQDSHUXQEUDF FLR $O]DWLSUHVWR (OLDV XQJXHUULHURDQWLFRODIDFFLDQHUDGLWHUUDHVXGRUHTXDVL XQVRJQR(OLDVODIRU]DDLQGLFDUPLODGLUH]LRQHDXUODUPLGLFRUUH UHFRQOXLORQWDQRGDOODPRUWH )DPPLVWUDGDUDJD]]RKRELVRJQRGLWH 0DJLVWHU7KRPDVVXOOHVSDOOHHLRFKHULWURYROHJDPEH 3UHQGLTXHOOH /HVDFFKHGHO0DJLVWHUOHVWULQJRIRUWHHFRUURDYDQWLVSLQJHQGR LFRUSLDFDSRILWWRYHUVRO XVFLWDGHOO LQIHUQR &RUUHUH )LQR DOOD FLWWj 1LHQW DOWUR 1RQ XQ SHQVLHUR 1RQ XQD SDUROD /D VSHUDQ]D GL TXHOO XRPR q LQIUDQWD DSUR OD YLD GHOOD VXD VDOYH]]D 4XDVLDOODFLHFD
/ RFFKLRGL&DUDID
/HWWHUD LQYLDWD D 5RPD GDOOD FLWWj VDVVRQH GL :LWWHQEHUJ LQGL UL]]DWDD*LDQSLHWUR&DUDIDGDWDWDPDJJLR
$OO LOOXVWULVVLPR H UHYHUHQGLVVLPR VLJQRUH *LRYDQQL 3LHWUR &DUD IDLQ5RPD
6LJQRUH PLR RQRUDQGLVVLPR q FRQ JUDQGH VRGGLVID]LRQH FKH VFULYRSHUGDUHODOLHWDQRWL]LDJOLRUGLQLGL9RVWUD6LJQRULDVRQRVWD WL HVHJXLWL LO SL~ UDSLGDPHQWH SRVVLELOH H KDQQR RWWHQXWR LO ULVXOWDWR VSHUDWR $YUHWH IRUVH JLj DYXWR QXRYH GDOOD WHUUD GL *HUPDQLD H VDSUHWH FKH O HVHUFLWR GHL FRQWDGLQL LQVRUWL q VWDWR VFRQILWWR 0HQWUH YHUJR TXHVWHULJKHLPHUFHQDULGHLSULQFLSLVLDFFLQJRQRDGHEHOODUHJOLXO WLPL IXRFKL GHOOD SL~ JUDQGH ULYROWD FKH TXHVWH ODQGH DEELDQR PDL FRQRVFLXWR /D FLWWj ULEHOOH SL~ IRUWLILFDWD FKH q VWDWD O HSLFHQWUR GHOO LQFHQ GLR0KOKDXVHQVLqDUUHVDJLjGDDOFXQLJLRUQLDOO HVHUFLWRGHLSULQ FLSLHODWHVWDGHOVXRFDSRSRSROR+HLQULFK3IHLIIHUqFDGXWDLHULVXO OD SLD]]D GL *|UPDU LQVLHPH D TXHOOD GL 7KRPDV 0QW]HU /H YRFL ULSRUWDQRFKHQHOOHVXHXOWLPHRUHLOSUHGLFDWRUHVRWWRSRVWRDOODWRU WXUDDEELDWDFLXWRVHQ]DXQODPHQWRLQDWWHVDGHOERLDHFKHVRORXQD YROWDQHOO XOWLPRLVWDQWHGLYLWDDEELDIDWWRULVXRQDUHODYRFHSHUOD TXDOHVLqUHVRIDPRVRSUHVVRLOYROJR©2PQLDVXQWFRPPXQLDªGL FRQR VLD VWDWR LO VXR XQLFR JULGR OR VWHVVR PRWWR FKH KD DQLPDWR LO IXURUHSRSRODUHGLTXHVWLPHVL 2UD FKH LO VDQJXH GHL GXH XRPLQL SL~ SHULFRORVL VL q PHVFRODWR VXO VHOFLDWR OD 6LJQRULD 9RVWUD SXz VHQ]D GXEELR UDOOHJUDUVL SHU TXHOODOXQJLPLUDQ]DHVDJJH]]DLQFXLLO6XRIHGHOHRVVHUYDWRUHFRQ ILGDFLHFDPHQWHGDVHPSUH 0DSHUQRQYHQLUHPHQRDOYRWRGLIUDQFKH]]DFKHDYHWHULFKLHVWR GDSDUWHPLDFRQIHVVHUzGLDYHUGRYXWRDJLUHDVVDLSUHFLSLWRVDPHQWH ULVFKLDQGR ILQDQFKH GL PHWWHUH D UHSHQWDJOLR L PHVL GL ODYRUR H GL VIRU]L FRQFHQWUDWL QHO WHQWDWLYR GL SURFXUDUPL OD ILGXFLD GHO IRFRVR SUHGLFDWRUHGHLFRQWDGLQL6RORJUD]LHDWDOHSUHFHGHQWHWHVVLWXUDSHU
DOWURqVWDWRSRVVLELOHDFFHOHUDUHODURYLQDGL0QW]HU/ DYHUJOLRI IHUWR L PLHL VHUYLJL H LQIRUPD]LRQL VXJOL LQWULJKL GL :LWWHQEHUJ KD FRQVHQWLWRGLJXDGDJQDUQHODIHGHHGLSRWHUJOLSDVVDUHOHIDOVHQRWL ]LHFKHORKDQQRVSURQDWRDOORVFRQWURFDPSDOH$RQRUGHOYHURGH YRGLUHFKHLOQRVWURXRPRFLKDPHVVREHQHGHOVXRSHUIDUSUHFLSL WDUH JOL DYYHQLPHQWL OD PLD PLVVLYD QRQ KD VRUWLWR FKH O HIIHWWR GL RIIXVFDUHO XOWLPDOXFHGLUD]LRFLQLR8Q DUPDWDGLVWUDFFLRQLQRQSR WHYD DYHUHDOFXQDVSHUDQ]DGLVFRQILJJHUHOHVFKLHUHEHQDUPDWHGHL ODQ]LFKHQHFFKLHODFDYDOOHULDGHLSULQFLSL 2UEHQH PLR 6LJQRUH GDWR FKH FRQ WDQWD PDJQDQLPLWj ULFKLHGHWH LOPLRSDUHUHVXTXDQWRqVWDWRIDWWRILQRUDODVFLDWHFKHLO9RVWURJUD WRVHUYLWRUHOLEHULLOFXRUHGDOSHVRGLWXWWH OHLPSUHVVLRQLHGDLVHP SOLFLJLXGL]LFKHORFROPDQR 4XDQGR LO EXRQ FXRUH GL 96 PL VFHOVH SHU RVVHUYDUHGDYLFLQR JOL DIIDUL GHL SULQFLSL WHGHVFKL FRO PRQDFR 0DUWLQ /XWHUR QRQ HUD SRVVLELOH LPPDJLQDUH FLz FKH LO 6LJQRUH ,GGLR DYUHEEH ULVHUYDWR D TXHVWD UHJLRQH &KH O DSRVWDVLD H O HUHVLD DYUHEEHUR VWUHWWR XQ SDWWR WDQWR IRUWH FRQLOSRWHUHVHFRODUHHVLVDUHEEHURDWDOSXQWRUDGLFDWH QHJOLDQLPLQRQHUDGHVWLQRFKHLQWHOOHWWRXPDQRSRWHVVHLQWUDYHGH UH &LRQRQRVWDQWH LQ TXHO WUHPHQGR IUDQJHQWH OD 9RVWUD IHUPH]]D PLRUGLQzGLFHUFDUHXQDQWDJRQLVWDDOGDQQDWR/XWHURSHUIRPHQWDUH ORVSLULWRGLULEHOOLRQHGHOSRSRORFRQWURLSULQFLSLDSRVWDWLHLQGHER OLUQHODFRPSDJLQH 4XDQGRQRQHUDQHOOHIDFROWjXPDQHULFRQRVFHUHLOJUDYHSHULFROR FKH VDUHEEH JLXQWR GD FROXL FKH VL HUJH D SDODGLQR GHOOD FDWWROLFLWj O ,PSHUDWRUH &DUOR 9 OD 9RVWUD VDJJH]]D q VWDWD WDOH GD LQGLFDUH DO 6XRXPLOHVHUYLWRUHODGLUH]LRQHJLXVWDLQFXLLQGLUL]]DUHO RSHUDWRH VXELWR DSSHQD DSSUHVD OD QRWL]LD GHOOD FDWWXUD GHO UH GL )UDQFLD VXO FDPSR GL 3DYLD KD VDSXWR GDUH O RUGLQH SL~ DSSURSULDWR DFFHOHUDUH ODILQHGHOODULYROWDFRQWDGLQDDIILQFKpLSULQFLSLDPLFLGL/XWHURSR WHVVHURHVVHUVDOGLULYDOLGL&DUOR/ ,PSHUDWRUHLQIDWWLDYHQGRYLQWR H FDWWXUDWR LO UH GHL IUDQFHVL LQ ,WDOLD VL LQQDO]D RUD FRPH XQ DTXLOD UDSDFHFKHSDOHVDQGRGLYROHUGLIHQGHUHLOQLGRGL5RPDSXzRIIX VFDUORFRQODVXDDODHLOURVWURDFXPLQDWR/DYDVWLWjGHLVXRLSRVVH GLPHQWL H LO VXR SRWHUH VRQR GHO UHVWR WDOL GD PHWWHUH D UHSHQWDJOLR O DXWRQRPLDGHOOD6DQWD6HGHHO DXWRULWjVSLULWXDOHGL5RPDWDQWRGD VSLQJHUH D SUHIHULUH FKH LQ XQD UHJLRQH GHOO ,PSHUR FRPH TXHVWD GD FXLVFULYRLSULQFLSLHUHWLFLFRQWLQXLQRDSLDQWDUHODVSDGDQHOFRVWDWR GL&DUORSXUGLQRQODVFLDUOROLEHURGLIDUHLOEHOORHLOFDWWLYRWHPSR
LQWXWWRLOPRQGR&LzFKHLOSHFFDWRUHDSSUHQGHqFKH,GGLRPLVHUL FRUGLRVRQRQPDQFDPDLGLULFRUGDUFLTXDQWRPLVWHULRVRHLQVRQGDEL OHVLDLO6XRGLVHJQRFROXLFKHFLGLIHQGHYDRUDFLPLQDFFLDFRORUR FKHFLDWWDFFDYDQRRUDFLVRQRDOOHDWL( DOORUDVLDIDWWDODYRORQWjGL 'LR$PHQ (GHFFRGXQTXHFKHLOVHUYRULVSRQGHFRQODIUDQFKH]]DULFKLHVWD GDOVXR6LJQRUHODYDOXWD]LRQHGHOOD69qVHPSUHVWDWDDPLRXPL OLVVLPRDYYLVRTXDQWRPDLOXQJLPLUDQWHHUHSHQWLQD(ORqVWDWDWDQ WRSL~LQTXHVW XOWLPRIUDQJHQWHDWDOSXQWRFKHTXHVWR6XREUDFFLRq VRPPDPHQWH RQRUDWR GL DYHU VDSXWR DJLUH TXDQWR SL~ SURQWDPHQWH SRVVLELOHSHUDGHPSLHUHDOODGLUHWWLYD 3L~ GL TXDQWR OD 69 QRQ DEELD LQWXLWR H SUHYLVWR QRQ HUD GDWR LQWXLUHQpSUHYHGHUH2VFXUHHWRUWXRVHVRQROHYLHGHO6LJQRUHHVROR DOOD6XD9RORQWjGREELDPRULPHWWHUFL1RQVSHWWDDQRLPRUWDOLJLX GLFDUH O RSHUDWR GHOO $OWLVVLPR LO QRVWURXPLOHFRPSLWRFRPHOD6L JQRULD9RVWUDQRQPDQFDRFFDVLRQHGLULFRUGDUPLSXzHVVHUHVROWDQ WR TXHOOR GL GLIHQGHUH XQ EDUOXPH GL IHGH H FULVWLDQLWj LQXQPRQGR FKH VHPEUD DQGDUH SHUGHQGROD GL JLRUQR LQ JLRUQR 3HU TXHVWR IDF FLDPR WXWWRFLzFKHIDFFLDPRQRQFXUDQGRFLGLOHJJLXPDQHRSDWL PHQWLGLFXRUH (EEHQH VRQR FHUWR FKH VDSUHWH LQGLUL]]DUPL DQFRUD XQD YROWD QHOOH WUDYHUVLH H QHOOH LQVLGLH FKH TXHVWR WHPSR VHPEUD ULVHUYDUH DL FULVWLDQLHFKHIDQQRWUHPDUHOHYHQH,O6LJQRUHKDYROXWRFRQFHGHUH DTXHVWRSHFFDWRUHODYDOLGDJXLGDGHOOD6LJQRULD9RVWUDHKDFRQFHV VR FKH TXHVWL RFFKL H TXHVWD PDQR SRWHVVHURVHUYLUH OD 6XD FDXVD &LzPLIDVWDUVDOGRQHOO DIIURQWDUHOHVILGHIXWXUHLQLPSD]LHQWHDWWH VDGLXQD9RVWUDQXRYDSDUROD %DFLDQGR OH PDQL GL 9RVWUD 6LJQRULD H UDFFRPDQGDQGRPL FRQWL QXDPHQWHDOOD6XDJUD]LD
'L:LWWHQEHUJLOJLRUQRPDJJLR ,OIHGHOHRVVHUYDWRUHGL9RVWUD6LJQRULD 4
/HWWHUDLQYLDWDD5RPDGDOODFLWWjLPSHULDOHGL$XJXVWDLQGLUL] ]DWDD*LDQSLHWUR&DUDIDGDWDWDJLXJQR
$O PXQLILFHQWLVVLPR H RQRUDQGLVVLPR VLJQRUH *LRYDQQL 3LHWUR &DUDIDLQ5RPD
/ LOOXVWULVVLPD (FFHOOHQ]D 9RVWUD KD YROXWR RQRUDUH GL XQ FRP SOLPHQWR LPPHULWDWR H GL XQD JUD]LD WURSSR JUDQGH FKL DVSLUD VHP SOLFHPHQWH H XPLOPHQWH D VHUYLUH 'LR SHU 9RVWUD PHUFHGH 0D SHU QRQYROHUHPDQFDUHDJOLRUGLQLGL9RVWUD6LJQRULDHDEEDQGRQDQGR PL GHO WXWWR DOOD 9RVWUD VDJJH]]D QRQ DSSHQD KR ULFHYXWR O XOWLPD PLVVLYDKRLQWUDSUHVRODVWUDGDGLTXHVWRJUDQGHERUJRLPSHULDOHSHU DGHPSLHUHDOODFRQVHJQDGHOPLRVLJQRUH $SURSRVLWRGLTXHVW XOWLPDWHQJRDLQIRUPDUHGHOODOLEHUDOLWjFRQ FXLLOJLRYDQH )XJJHUPLKDDFFROWRLQRUGLQHDOOD9RVWUDUDFFRPDQ GD]LRQH(JOLqXQXRPRGHYRWRHDFFRUWRGHOVDJJLR]LRKDWXWWDOD SUXGHQ]DHO DELOLWjFDOFRODWRULDXQLWHDOFRUDJJLRHDOO LQWUDSUHQGHQ ]D FKH OD JLRYDQH HWj JOL FRQFHGH /D VFRPSDUVD GHO YHFFKLR -DFRE )XJJHU RUPDL GXH DQQL RUVRQR QRQ KD QXRFLXWR DOOH DWWLYLWj H DJOL VFRQILQDWL LQWHUHVVL GHOOD SL~ ULFFD H LQIOXHQWH IDPLJOLD G (XURSD OR ]HORFRQFXLLOQLSRWHFXUDJOLDIIDULFKHIXURQRGHOOR]LRqVHFRQGR VROWDQWR DOOD VXD FULVWLDQLVVLPD GHYR]LRQH HIHGHOWj DOOD 6DQWD6HGH 6DOWDDJOLRFFKLODVHPSOLFLWjHDVWLQHQ]DVLQFHUDLQXQJLRYDQHXRPR TXDOH$QWRQ)XJJHUTXDQGRODVLSDUDJRQLDOODYDVWLWjGHOVXRFUHGL WRLQRURSUHVVRWXWWHOHFRUWLG (XURSD 5LJXDUGRDOODULSUHVDGHOODJXHUUDHDOODQXRYDDOOHDQ]DFRQWUDWWD GDOOD6DQWD6HGHFRQOD)UDQFLDHJOLIRUDJJLDWRUHGHOO ,PSHUDWRUHVL qGDWRSHQDVSHUDQGRIRUVHLQXQDPLDLQWHUFHVVLRQHSUHVVROD69 GLULEDGLUHODVXDQHXWUDOLWjODVWHVVDQHXWUDOLWjPLVLDFRQVHQWLWRDJ JLXQJHUH FKH SXz HPDQDUH VROWDQWR O RUR ]HFFKLQR / LPSUHVVLRQH PLDqFKHSRFRLPSRUWLDTXHVWRSLREDQFKLHUHFKLFRQWUDJJDFUHGLWR SUHVVRLVXRLIRU]LHULVLDHVVRLPSHULDOHRIUDQFHVHFDWWROLFRROXWH UDQR FULVWLDQR R PXVXOPDQR HVVHQ]LDOL VRQR SHU OXL LO TXDQWR H LQ TXDOHIRUPD&KHTXHVWDJXHUUDYHQJDYLQWDGDJOLXQLRGDJOLDOWULDL
VXRLRFFKLQRQIDJUDQGHGLIIHUHQ]DPDDEHQYHGHUHODFRQGL]LRQH LGHDOHSHUTXHVWRJLRYDQHILQDQ]LDWRUHQRQqDOWUDFKHTXHOODGLVWDO ORRYYHURGLXQDJXHUUDSHUHQQHFKHQRQYHGDPDLYLQFLWRUL QpYLQWL H WHQJD OHJDWL DL FRUGRQL GHOODVXDERUVDOHWHVWHFRURQDWHGLWXWWRLO PRQGR 0D QRQ SHUGDUHJLXGL]LVXLEDQFKLHULVRQRVWDWRLQYLDWRDG$X JXVWD5LVSHWWRGXQTXHDOFUHGLWRFKHOD69KDYROXWRDSULUHDPLR QRPH)XJJHUVLqGHWWRRQRUDWRGLSRWHUFRQWDUHWUDLVXRLFOLHQWLXQD SHUVRQDFKHWLHQHLQWDQWDVWLPDHFKHVLGXROHGLQRQSRWHULQFRQWUD UH GLUHWWDPHQWH TXDOH 9RVWUD 6LJQRULD (JOL KD ULWHQXWR QHFHVVDULR IRUQLUPLG XQVLPERORFKHFRQVHQWDDLVXRLOHJDWLGLULFRQRVFHUPLLQ RJQLFLWWjGHOO ,PSHURHDPHGLULVFXRWHUHSUHVVRWXWWHOHVXHILOLDOL JDUDQWHQGRPLFRVtODSL~YDVWDOLEHUWjGLPRYLPHQWR3HUUDJLRQLFKH SRVVR IDFLOPHQWH LQWXLUH QRQ KD YROXWR PHWWHUPL D SDUWH GHOO HQWLWj GHO FUHGLWR DSHUWRODVFLDQGRDSSHQDLQWXLUHFKHVLWUDWWLGLXQFRQWR ©LOOLPLWDWRª'DOFDQWRPLR'LRQRQYRJOLDFK LRPDQFKLGLULVSHWWR DOOD69QRQKRULWHQXWRJLXVWRFKLHGHUHDOWUR'HWWRFLzPLSUHPX URILQG RUDGLLQIRUPDUHOD69FKHFHUFKHUzG DPPLQLVWUDUHLOSULYL OHJLR FKH KD YROXWR FRQFHGHUPL FRQ SDUVLPRQLD H VDJJH]]D SHU TXDQWRVDUjQHOOHPLHIDFROWjFRPXQLFDQGRSUHYHQWLYDPHQWHDOPLR VLJQRUHRJQLXWLOL]]RGHOOHVRPPHPHVVHDPLDGLVSRVL]LRQH 1RQPLUHVWDFKHULQJUD]LDUHDQFRUDOD69SHUO LQILQLWDPXQLIL FHQ]DHUDFFRPDQGDUPLDOODVXDJUD]LDLQDWWHVDGLQXRYH &KH,GGLRPLVHULFRUGLRVRYRJOLDFRQFHGHUHVDOXWHDOPLRVLJQRUH H LO 6XR VJXDUGR PDJQDQLPR QRQ DEEDQGRQL TXHVWR LQGHJQR VHUYR GHOOD6XD6DQWD&KLHVD 'L$XJXVWDLOJLRUQRGHOPHVHGLJLXJQRGHOO DQQR ,OIHGHOHRVVHUYDWRUHGL9RVWUD6LJQRULD 4
/HWWHUDLQYLDWDD5RPDGDOODFLWWjLPSHULDOHGL$XJXVWDLQGLUL] ]DWDD*LDQSLHWUR&DUDIDGDWDWDJLXJQR
$OO RQRUDQGLVVLPR VLJQRUH PLR *LRYDQQL 3LHWUR &DUDID IHOLFH PHQWHVFDPSDWRDOOHVFKLHUHLPPRQGHGHLEDUEDULHUHWLFL
/DQRWL]LDGLVDSHUHOD6LJQRULD9RVWUDVDQDHVDOYDPLULHPSLHLO FXRUHGLJLRLDHDOOHYLDILQDOPHQWHODSHQDFKHLQTXHVWLJLRUQLWHUUL ELOLPLKDSULYDWRGHOVRQQR,OVRORSHQVLHURGHOVRJOLRGL3LHWURGH YDVWDWRGDLQXRYL9DQGDOLPLJHODLOVDQJXHQHOOHYHQH1RQRVRLP PDJLQDUH TXDOL WUHPHQGH YLVLRQL H TXDOL SHQVLHUL GL PRUWH GHEEDQR DYHU FROSLWR OD 69 (PLQHQWLVVLPD LQ TXHL PRPHQWL 1HVVXQR PH JOLRGLTXHVWRGHYRWRVHUYRSXzFRQRVFHUHODEUXWDOLWjHO HPSLHWjGHL WHGHVFKLVROGDWLLPPRQGLJRQILGLELUUDHLUULVSHWWRVLG RJQLDXWRULWj G RJQL OXRJR VDQWR6REHQHFKHORUGDUHOHFKLHVHGHFDSLWDUHOHLP PDJLQLVDFUHGHL6DQWLHGHOOD0DGRQQDqGDORURULWHQXWRXQPHULWR GLIHGHROWUHFKpXQYHURVROOD]]R 0DFRPHOD69KDDYXWRPRGRGLDIIHUPDUHQHOOD 6XDPLVVLYD OR VFDQGDOR QRQ SRWUj ULPDQHUH LPSXQLWR VH ,GGLR RQQLSRWHQWH KD VDSXWRFDVWLJDUHO DUURJDQ]DGLTXHVWHEHVWLHVFDJOLDQGRVXGLHVVHOD SHVWLOHQ]D QRQ PDQFKHUj GL SXQLUH FKL D HVVH KD DSHUWR OD JDEELD ODVFLDQGRFKHGLODJDVVHURSHUO ,WDOLD VHQRQGDYDQWLDO6DQWR3DGUH O ,PSHUDWRUHGRYUjULVSRQGHUQHDOFRVSHWWRGL'LR / $VEXUJR LQIDWWL ILQJH GL QRQ VDSHUH FKH QHO VXR HVHUFLWR H LQ TXHOORGHLVXRLSULQFLSLVLDQQLGDQRLQWHUHVFKLHUHGLHUHWLFLOXWHUDQL FKHQRQ KDQQR ULVSHWWRGLQLHQWHHGLQHVVXQR+RLQIDWWLUDJLRQHGL FUHGHUHFKHQRQVLDVWDWRXQFDVRFKHODFRQGX]LRQHGHOODFDPSDJQD G ,WDOLD VLD VWDWD DIILGDWD D *HRUJ )UXQGVEHUJ H DL VXRL ODQ]LFKHQHF FKL4XDVV~HVVLVRQREHQQRWLSHUO HIIHUDWH]]DHO HPSLHWjROWUHFKp SHU OD VLPSDWLD FKH QXWURQR YHUVR /XWHUR 1RQ PL PHUDYLJOLHUHL DI IDWWRVHTXHOORFKHRJJLVHPEUDLOULVXOWDWRLQGHVLGHUDWRGLXQDVFRU ULEDQGDGLEDUEDULPHUFHQDULGRPDQLVLULYHODVVHLOIUXWWRGLXQDGH FLVLRQHPLOLWDUHHLQWHUHVVDWDGHOO ,PSHUDWRUH,OVDFFRGL5RPDLQGH EROLVFH LO 6DQWR 3DGUH H OR ODVFLD LQGLIHVR QHOOH PDQL GHOO $VEXUJR
4XHVW XOWLPR KD FRVt WURYDWR LO PRGRGLHVVHUHDXQWHPSRSDODGLQR GHOODIHGHFULVWLDQDHVHFRQGLQRGHOOD6DQWD6HGH 1RQ SRVVR GXQTXH FKH FRQGLYLGHUH OH GXULVVLPH SDUROH GL FRQ GDQQDHGLVSUH]]RGL9RVWUD6LJQRULDTXDQGRDIIHUPDFKH&DUORPL QDFFLD VHPSUH SL~ GD YLFLQR H VSXGRUDWDPHQWH O DXWRQRPLD GHOOD &KLHVDHFKHGRYUjSDJDUHSHUTXHVWRXOWLPRLQDXGLWRDIIURQWR 3UHJR GXQTXH O $OWLVVLPR DIILQFKp YRJOLD DVVLVWHUFL QHO JUDQGH PLVWHUR GHOO LQLTXLWj FKHFLFLUFRQGDHFRQFHGDD9RVWUD6LJQRULDGL UHVLVWHUH FRQWUR FKL VL GLFH GLIHQVRUH GHOOD 6DQWD &KLHVD GL 5RPD PHQWUHQRQVLIDVFUXSRORGLFRQFHGHUHDOODVXDLPPRQGDVROGDWDJOLD GLGHYDVWDUOD ,QIHGHOWjVLQFHUDPHQWHPLUDFFRPDQGREDFLDQGROHPDQL
GL$XJXVWDLOJLRUQRGLJLXJQRGHOO DQQR ,OIHGHOHRVVHUYDWRUHGL9RVWUD6LJQRULD 4
/HWWHUD VSHGLWD GDOOD FLWWj LPSHULDOH GL $XJXVWD LQGLUL]]DWD D *LDQSLHWUR&DUDIDGDWDWDVHWWHPEUH $OO HPLQHQWLVVLPRHUHYHUHQGLVVLPRVLJQRUH*LRYDQQL3LHWUR&D UDIDLQ5RPD
6LJQRUHPLRRQRUDQGLVVLPR ,Q TXHVW RUD JUDYH GL LQFHUWH]]D PL q FRQFHVVR VROWDQWR O DSSHOOR DOOD PLVHULFRUGLD GL 'LR FRQVDSHYROH FKH OD 6XD OXFH DWWUDYHUVR OD ERQWj FKH 9RVWUD 6LJQRULD FRQWLQXD D PDQLIHVWDUH YHUVR GL PH SXz LQGLFDUHDTXHVWRLQGHJQRPRUWDOHODYLDGDWHQHUHQHOODWHQHEUDFKH FLFLUFRQGD(GqSHUTXHVWRFKHPLDFFLQJRDULIHULUHVXTXDQWRDF FDGHTXDVV~QHOFXRUHPDUFLRGHOO ,PSHURQHOODVSHUDQ]DFKHDQFKH XQDVRODGHOOHPLHSDUROHSRVVDHVVHUHG DLXWRDLGLVHJQLGHOOD6LJQR ULD9RVWUD /D6DVVRQLD(OHWWRUDOHVLDFFLQJHDPXWDUHLOSURSULRRUGLQDPHQ WRHFFOHVLDVWLFRO XOWLPRDWWRGHOO RSHUDLQFRPLQFLDWDRUPDLGLHFLDQ QLRUVRQRVWDSHUFRPSLHUVL)LQGDOPRPHQWRGHOODPRUWHGL)HGHUL FRLO6DYLRGXHDQQLIDqLQIDWWLDSSDUVDFKLDUDO LQWHQ]LRQHGHOIUD WHOOR*LRYDQQLGLFRQWLQXDUHOjGRYHLOVXRSUHGHFHVVRUHDYHYDGRYX WR LQWHUURPSHUH (EEHQH LO QXRYR RUGLQDPHQWR FRQFHGH DO SULQFLSH VWHVVRODVFHOWDGHLSDUURFLLTXDOLRUDSRVVRQRSUHQGHUHPRJOLHXQ &RQFLVWRURGLGRWWRULH6RSULQWHQGHQWLORFRQVLJOLDQRQHOODVHOH]LRQH LOSDWULPRQLRGHOOD&KLHVDqSRVWRVRWWRLOFRQWUROORGHOSULQFLSHFKH SUHVWR R WDUGL SURFHGHUj DG DQQHWWHUVHOR FRPSOHWDPHQWH FRVLFFRPH O LQVHJQDPHQWRGHOODGRWWULQDHODJHVWLRQHGHOOHVFXROHODIRUPD]LR QHGHOOHQXRYHOHYHGLWHRORJLOXWHUDQLqLQTXHVWRPRGRJDUDQWLWD$ 0DUEXUJRqVWDWDIRQGDWDODSULPDXQLYHUVLWjHUHWLFD ,OPRGHVWRSDUHUHGHOVHUYRGL9RVWUD6LJQRULDqFKHODSHVWHOXWH UDQDVLDRUPDLLQYLQFLELOHGDOOHVROHIRU]HXPDQHHFKHVLDSRVVLELOH VRODPHQWHWHQWDUHXQVXRFRQWHQLPHQWRHQWURLFRQILQLFKHKDILQRUD JXDGDJQDWR 0D JOL HYHQWL GHJOL XOWLPL DQQL KDQQR LQVHJQDWR DTXH VWR SRYHUR VROGDWR GL 'LR FKH VSHVVR FLz FKH DSSDUH XQ PDOH QHO JUDQGH GLVHJQR GHOO $OWLVVLPR SXz WUDVIRUPDUVL LQ EHQH ,O PDWULPR
QLRGHOODIHGHHUHWLFDFRQLSULQFLSLWHGHVFKLIDVtFKHHVVDQRQSRVVD SL~ VYLQFRODUVL GD TXHVW XOWLPL H GDOOH DOOHDQ]H FKH HVVL YRUUDQQR FRQWUDUUH (VVL SRVVRQR ULYHODUVL RWWLPL DOOHDWL FRQWUR O ,PSHUDWRUH H JLjRUDQRQqUDURLQFRQWUDUHPHVVLHDPEDVFLDWRULIUDQFHVLOXQJROH VWUDGHGLTXHVWHODQGHJHUPDQLFKH&HUWRqSUHPDWXURDWWHQGHUVLXQD LPPLQHQWHGLVFHVDLQFDPSRGHLSULQFLSLFRQWUR&DUORPDQRQqGD SD]]L SURVSHWWDUOD SHU LO IXWXUR ,R FUHGR PLR VLJQRUH FKH L QRVWUL FDOFROLVLULYHOHUDQQRQHOFRUVRGHOWHPSRTXDQWRPDLDFXWLHSUHPR QLWRUL6HGXQTXHOHVRUWLGHOODJXHUUDLQ,WDOLDYHUVDQRDVIDYRUHGHL IUDQFHVL OD 69 VL FRQVROL SHQVDQGR FKH GL TXL D SRFKL DQQL &DUOR ULVFKLDGLYHGHUHLSURSULFRQILQLRULHQWDOLVFKLDFFLDWLWUDLO7XUFRHL SULQFLSLOXWHUDQL$OORUDLOVXRSRWHUHFRPLQFHUHEEHGDYYHURDYDFLO ODUH 0DYLqXQPDOHVRWWLOHFKHVWULVFLDVXTXHVWDWHUUDVYHQWXUDWDHGL FXLPLDFFLQJRDGDUYLQRWL]LD /H XOWLPH VHWWLPDQH KDQQR YLVWR TXHVWD FLWWj VTXDVVDWD GDOOD UH SUHVVLRQH FRQWUR L FRVLGGHWWL $QDEDWWLVWL 4XHVWL EHVWHPPLDWRUL SRU WDQRDOOHHVWUHPHFRQVHJXHQ]HOHSHUILGHGRWWULQHGL/XWHUR(VVLUL ILXWDQR LO EDWWHVLPR GHJOL LQIDQWL SRLFKp ULWHQJRQR FKH OR 6SLULWR 6DQWR SRVVD HVVHUH DFFHWWDWR VROWDQWR SHU YRORQWj GHO IHGHOH FKH OR ULFHYHULILXWDQRODJHUDUFKLDHFFOHVLDVWLFDHVLXQLVFRQRLQFRPXQLWj LFXLSDVWRULYHQJRQRHOHWWLGDLIHGHOLPHGHVLPLPLVFRQRVFRQRO DX WRULWjGRWWULQDOHGHOOD&KLHVDHFRQVLGHUDQROD6FULWWXUDO XQLFDIRQWH GLYHULWjPDLQTXHVWRSHJJLRULGL/XWHURULILXWDQRDQFKHGLREEHGL UH DOOH DXWRULWj VHFRODUL H SUHWHQGRQR FKH VLDQR OH VLQJROH FRPXQLWj FULVWLDQH DGDGHPSLHUHDOO DPPLQLVWUD]LRQHFLYLFD,QROWUHDYYHUVDQR ODULFFKH]]DHWXWWHOHIRUPHVHFRODULGHOFXOWROHLPPDJLQLOHFKLH VH L SDUDPHQWL VDFUL LQ QRPH GHOO XJXDJOLDQ]D GL WXWWL L GLVFHQGHQWL GL$GDPR(VVLYRUUHEEHURVRYYHUWLUHLOPRQGRGDFDSRDSLHGLHQRQ qXQFDVRFKHPROWLUHGXFLGHOODJXHUUDGHLFRQWDGLQLDEELDQRVLPSD WL]]DWRFRQ HVVLVSRVDQGRQHODFDXVD /H DXWRULWj KDQQR XQ EHO GD IDUH SHU UHSULPHUH TXHVWLVHGRWWLGD 6DWDQD FKH SURSULR LO PHVH VFRUVR VL HUDQR GDWL FRQYHJQR TXL DG $XJXVWD SHU XQ VLQRGR JHQHUDOH )RUWXQDWDPHQWH LQ SRFKL JLRUQL TXDVLWXWWLLORURFDSLVRQRVWDWLLPSULJLRQDWL7UDGLHVVLQRQVLSRV VRQR DQQRYHUDUH XRPLQL GHO SHVR GL 7KRPDV 0QW]HU H WXWWDYLD LO SHULFRORUDSSUHVHQWDWRGDFRVWRURVLSUHILJXUDSL~JUDYHGLTXDQWRLO ORUR QXPHUR DWWXDOH QRQ SRVVD IDU SHQVDUH /H ORUR HUHVLH LQIDWWL VHPEUDQRGLIIRQGHUVLLQWXWWDOD*HUPDQLDVXGRFFLGHQWDOHFRQIDFL OLWj H UDSLGLWj HVWUHPD (VVH SUHGLOLJRQR L FHWL PLQRUL L ODYRUDWRUL
PHFFDQLFLFKHQHULPDQJRQRLQIHWWDWLSHUO RGLRFKHFRYDQRQHLFRQ IURQWLGHLORURVXSHULRUL/HSRSROD]LRQLGHOOHFDPSDJQHLJQRUDQWLH VFRQWHQWH SDUWHFLSDQR VSHVVR DL ORUR ULWXDOL QHL ERVFKL FHGHQGR DO O LQFDQWRGL6DWDQD3URSULRSHULOIDWWRGLQRQHVVHUHYLQFRODWLDQHV VXQRUGLQDPHQWRFLYLOHHUHOLJLRVRTXHVWL$QDEDWWLVWLFKHWUDORURVL FKLDPDQRIUDWHOOLSURSDJDQRSL~IDFLOPHQWHH UDSLGDPHQWHODSURSULD SHVWHGLTXDQWRORVWHVVR/XWHURQRQULHVFDDIDUHQHJOLXOWLPLWHPSL q IDFLOH SUHYHGHUH FKH LO ORUR QXPHUR DXPHQWHUj H SUHVWRO DQDEDWWL VPRYDUFKHUjLFRQILQLGLTXHVWHFLWWj2YXQTXHYLVLDXQFRQWDGLQRR XQDUWLJLDQRVFRQWHQWRDIIDPDWRRPDOWUDWWDWRYLqXQHUHWLFRLQSR WHQ]D (FFRSHUFKpQRQVPHWWHUzGLUDFFRJOLHUHLQIRUPD]LRQLHGLVHJXL UHTXDQWRSL~GDYLFLQRPLVDUjSRVVLELOHOHVRUWLGLTXHVWLPLVFUHGHQ WLSHUIRUQLUHD96QXRYDPDWHULDGLYDOXWD]LRQH 1RQRFFRUUHDGLUHDOWURVHQRQFKHEDFLROHPDQLGHOOD6LJQRULD 9RVWUD UDFFRPDQGDQGRPL DOOD EHQHYROHQ]D GL FXL q VROLWD RPDJ JLDUPL FRQFHGHQGRPL GL FRQWLQXDUH D SUHVWDUH TXHVWL SRYHUL RFFKL DOODFDXVDGL'LR 'L$XJXVWDLOJLRUQRVHWWHPEUHGHOO DQQR ,OIHGHOHRVVHUYDWRUHGL96 4
/HWWHUDLQYLDWDD9HQH]LDGDOODFLWWjLPSHULDOHGL$XJXVWDLQGL UL]]DWDD*LDQSLHWUR&DUDIDGDWDWDRWWREUH ]LD
$OO HPLQHQWLVVLPRVLJQRUHPLR*LRYDQQL3LHWUR&DUDIDLQ9HQH
6LJQRUHPLRRQRUDQGLVVLPRO DQLPRGLTXHVWRVHUYRVLULHPSLHGL JUDWLWXGLQH H FRPPR]LRQH SHU OD SRVVLELOLWj FKH JOLVLRIIUHGLFRP SDULUH DO 9RVWUR FRVSHWWR 1RQ GXELWDWH FK LR SRVVD PDQFDUH DOO DS SXQWDPHQWR OD SDFH KD UHVR OH VWUDGH GHOOD /RPEDUGLD SL~ VLFXUH H TXHVWRIDWWRXQLWRDOODSUHPXUDFKHKRGLLQFRQWUDUHLOPLRVLJQRUH PLIDUjEUXFLDUHOHWDSSHILQRD%RORJQD0LSLDQJHLOFXRUHQHOO DS SUHQGHUHFRPHLO6DQWR3DGUH&OHPHQWHDEELDGRYXWRVFHQGHUHDXQ FRVt YLOH PHUFDWR FRQ &DUOR FRQFHGHQGRJOL TXHVWD LQFRURQD]LRQH XIILFLDOHLQ%RORJQDODYLWWRULDVXLIUDQFHVLLQ,WDOLDHRUDTXHVWRUL FRQRVFLPHQWRSRQWLILFLRLQQDO]HUDQQR&DUOR9DOUDQJRGHLSL~JUDQ GL&HVDULGHOO DQWLFKLWjVHQ]DFK HJOLSRVVHJJDXQDJRFFLDGHOODORUR YLUW~HUHWWLWXGLQH(JOLFRPDQGHUjO ,WDOLDVHFRQGRLOVXRYROHUHHLO PLR SDUHUH q FKH TXHVWR FRQJUHVVR YHGUj JOL VWDWL LWDOLDQL H TXHOOR 3RQWLILFLR VRSUD WXWWL VSHWWDWRUL LPSRWHQWL GHOOH GHFLVLRQL GHOO ,PSH UDWRUH 0D WDQWR EDVWD 9DH YLFWLV QRQDOWURSHURUDQHOODVSHUDQ]D FKH,GGLRPLVHULFRUGLRVRFRQFHGDDJOLDQLPLGHYRWLVVLPLFRPHTXHO OR GHOOD 6LJQRULD 9RVWUD OD JUD]LD GL VDSHU DUJLQDUH O DUURJDQ]D GL TXHVWRQRYHOOR&HVDUH 3URSULRDWDOHSURSRVLWRPLSHUPHWWRDQFRUDGLXVDUHODIUDQFKH] ]DDOODTXDOHOD6LJQRULD9RVWUDKDFRVtPDJQDQLPDPHQWHYROXWRDEL WXDUPL GDWR FKH LO YDJKHJJLDUH OLEHUR GHO SHQVLHUR VSUHJLXGLFDWR TXDQWRFHUWRGLSURYRFDUHLOVDYLRVRUULVRGHOPLRVLJQRUHPLVSLQJH DQRWDUHFKHRJJLLQHPLFLGL&DUORVRQRWUHLOUHGL)UDQFLDFDWWROL FRLSULQFLSLWHGHVFKLGLIHGHOXWHUDQDHLOWXUFR6ROLPDQRLQIHGHOH HFKHVHFRVWRURIRVVHURFDSDFLGLIDUSUHYDOHUHLOORURFRPXQHLQWH UHVVHDQWLLPSHULDOHVXOOHGLYHUVLWjGLIHGHFROSHQGRO ,PSHURDOO XQL VRQRHFRQFRUGHPHQWHDOORUDQRQYLVDUHEEHGXEELRFKHHVVRYDFLO OHUHEEHFRPHXQDWHQGDVFRVVDGDXQWXUELQHGLYHQWRHFRQHVVRDQ
FKHLOWURQRGL&DUOR0DTXHVWLRFFKLVRQRVWDWLRUGLQDWLSHUJXDUGD UH DOOH IDFFHQGH GL *HUPDQLD H QRQDOPRQGRLQWHURGDFXLLOELVR JQR GL WDFHUH QHOO DWWHVD LPSD]LHQWH GL UDJJLXQJHUH OD 6LJQRULD 9R VWUDD%RORJQDHSRWHU ULIHULUHGLSHUVRQDGHOODVLWXD]LRQHWHGHVFDH LQ SDUWLFRODUH GL TXHJOL HUHWLFL $QDEDWWLVWL FKH OD 69 ULFRUGHUjD YHUPLVHQWLWRQRPLQDUHJLjSL~YROWHLQSUHFHGHQ]D 1HOODVSHUDQ]DGLQRQWDUGDUHG XQVRORJLRUQRDOO DSSXQWDPHQWR EDFLROHPDQLGL9RVWUD6LJQRULDHPLULPHWWRDOODVXDJUD]LD 'L$XJXVWDLOJLRUQRSULPRGLRWWREUH ,OIHGHOHRVVHUYDWRUHGL96 4
6(&21'$3$57( 8Q'LRXQDIHGHXQEDWWHVLPR
(ORL
$GGtDSULOH
(VVHQGRFRVWLWXWRLQFDUFHUHLQ9LOYRRUGHHWFRQGHQQDWRDPRUWH SHUYLDGLLXVWLWLD-DQGL%DWHQEXUJLOTXDOHRVWLQDWLVVLPRQHOO HUH VLD QRQ VL SRWp PDL ULGXUUH D FRQIHVVDUH OD VDQWD IHGH PD YXROVH PRULUHQHOODSHUYHUVLWjVXD 3HUOLRUULELOLPDVVDFULHWRPLFLGLGLFXLQRQKDPRVWUDWRSHQWL PHQWRDOFXQRHWDQ]LVRGGLVIDWLRQHHWGLDEROLFDYDQWHULDqFRQGHQ QDWRDPRUWHSHULOWDJOLRGHOODWHVWDSHUHVVHUSRLDEEUXFLDWRHWOH FHQHULODVFLDWHDOYHQWR 3UHVHQWLOLVRWWRVFULWWLWHVWLPRQL 1LFKRODV%X\VVHUHGRPHQLFDQXV 6HEDVWLHQ9DQ5XQQHGRPHQLFDQXV /LHYHQGH%DFNHUH &KUHVWLHQGH5LGGHU 3HU5LMNDUG1LFODHVSURYYHGLWRUH
&DSLWROR 9LOYRRUGH%UDEDQWHDSULOH
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¬ +RFROSLWRGHSUHGDWRXFFLVR /DIROODVTXDUWHUHEEHFRQOHSURSULHPDQLLOERLDORVDHURWHDOD VFXUH LQ XQD GDQ]D QH DVVDJJLD LO ILOR ODVFLD WHPSR DOOD EUDPD GL VDQJXHFKHPRQWDGLULFRSULUHWXWWRLQXQIUDJRUHFKHQRQSDUHWHUUH QR +RGLVWUXWWRVDFFKHJJLDWRVWXSUDWR 2JQXQRqFDUQHILFHTXLHGRYXQTXH&LDVFXQRLPSUHFDXQILJOLR RXQIUDWHOORVJR]]DWL GDOGLDYRORGL%DWHQEXUJHGDLVXRL$UPDWLGHO OD6SDGD1RQqFRVtHSSXUHqODYHULWj+RGLPHQWLFDWR $OWDODVFXUHVLOHQ]LRLPSURYYLVRV DEEDWWH'XHWUHYROWH 8QILRWWRGLYRPLWRORUGDFDO]DULHPDQWHOORQHLTXDOLPLWUDVFLQR ULFXUYRV DO]DGLQXRYRLOERDWRLOWURIHRYLHQHVROOHYDWRJURQGDQWH LSHFFDWLVRQRPRQGDWLOHQHIDQGH]]HSRVVRQRFRQWLQXDUH 0LDPPD]]HUDQQRFRPHXQFDQH$FRVDqVHUYLWRDFRVDDFRVD q VHUYLWR" )UHGGR GHQWUR OD ERFFD IUHGGR IUHGGR GL DEEDQGRQR 'HYR DQGDUH YLD VRQR JLj PRUWR 7RVVH LO EUDFFLR VLQLVWUR EUXFLD LPSD]]LWRVRSUDLOSROVRILQRDOJRPLWRVRQRJLjPRUWR&RVDGRYH
YRIDUH
/D FDOFD VL DOOHQWD VRWWLOH SLRJJLD DFFXFFLDWR WUD FHVWH LPSLODWH DOWHFRQWURXQPXUR&XORVRSUDWDOORQLPDOIHUPL&RVD 0LDSSHQGHUDQQRDXQSDORVRQRILQLWRWXWWLTXHOOLFKHVRQRVWD WR HVLJRQR OD PLDPRUWH2SSXUHPDVVDFUDWRDFDOFLHODPHFRUWHLQ XQDEXLDVWUDGDGLPHUGDYLDSHUGLROHIRU]HODVFLDQR,Q,QJKLOWHU UDORQWDQRGDTXHVWDSR]]DGLVDQJXHLQ,QJKLOWHUUDIRUVHSDVVDQGR LO PDUH RSSXUH DO PDUH ODVFLDUH LO GHVWLQR GL TXHVWR UHOLWWR , PLHL QRPLOHYLWH-DQEDVWDUGRWRUQDTXLDVVDVVLQR5LSRUWDOHRSUHQGLWL DQFKHLOSRFRFKHqULPDVWR
&RPLQFLDDFDULFDUOH 9HUVRLOWUDPRQWRVRQRXQPXFFKLRGLVWUDFFLEDJQDWLSDUDOL]]D WRGHQWURXQDFHVWDGLVWHFFKHJURVVHFRQXQSRFRGLSDJOLDDGGRVVR 6LVWHPRLFDYDOOLSHUODQRWWHSRLWRUQR 1RQPLSRVVRPXRYHUHQRQSRVVRSHQVDUHLOIXRFRFKHKDHVWLU SDWRLOPDUFKLREUXFLDEUXFLDÊFRVtODILQH" 8KFKHFFD]]RXKp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tSHUIDYRUHR FRPH FD]]R WH OR GHYR GLUH Vt QHO ODWLQRUXP GHL SUHWL URWWLQFXOR Vt IRUVHqTXHOODODOLQJXDFKHWLSLDFH$DDDURQ 1HOWHUURUHGHLPLHLRFFKLVSHFFKLDLOVXRHVLWDXQLVWDQWHEDOEHW WDVFRQQHVVRVtVtSDGURQH&HUWRXQLVWDQWHVRORSDGURQHPLFR SUH FRQ GHOO DOWUD SDJOLD DVFLXWWD HFFRPL XQ DWWLPR H LO FDULFR q FRPSOHWRPLFDULFD$DURQqD SRVWROHJDODFHVWDVDOGDLQVLHPHDOOH
DOWUH 0XRYLWL DOORUD &KH GHYR DQFRUD PDQJLDUH FDFDUH H ULSRVDUH WHVWRQH FKH DOO DOED VDUHPR JLj LQ SLHGL GD XQ SH]]R LQ PDUFLD SHU $QYHUVDDIDUFLURPSHUHLFRJOLRQLGDOOHWHVWHG XRYRHGDJOLVFDULFD WRULGLSRUWR0XRYLWL$DURQ
&DSLWROR $QYHUVDDSULOH
4XL DG $QYHUVD VL VWD EHQH WL ODVFLDQR YLYHUHTXLFRPDQGDQR OHJLOGHHFKLIDODJUDQDDOWURFKHTXHLILJDLROLSHWWLQDWLGHJOLKLGDO JRVHGHJOLXIILFLDOLGHOO ,PSHURLPHUFDQWLILDPPLQJKLVtFKHVDQQR TXDOqLOSUH]]RGHOOHFRVHSRWUHEEHURVWLPDUWLLQILRULQLDQFKHLO&D WDL R DQFKH LO PRQGR LQWHUR VDQQR IDUOL L FRQWL TXHOOL KDQQR FHUWH WHVWHPLFDFRPHTXHLFD]]RIDFHQWLGHJOLVSDJQROLFKHVDQQRVROWDQ WRLQYHQWDUHQXRYHWDVVHHPHWWHUHLQFLQWDRJQLILJDDSRUWDWDG XFFHO OR &L VLDPR LQFRQWUDWL SHU FDVR DO ERUGR GL XQDVWUDGDIXRULGDX Q RVWHULD 6LFKLDPD3KLOLSS 5LGRWWRSHJJLRGLPHODJDPEDVHO qJLRFDWDGLFHTXDQGRqVWD WR UHFOXWDWR SHU OD JXHUUD GDJOL VSDJQROL FKH RGLD SL~ GHOGHPRQLR 3KLOLSSqXQVROLORTXLRLQWHUURWWRGDYLROHQWHVFDULFKHGLWRVVHHVFD WDUUDWHPDFFKLDWHGLVDQJXH3HUFRUULDPRLOPRORVRVSLQWLGDOWUDIIL FRGHLPDULQDLHGHJOLVFDULFDWRULXQFURFHYLDGLLGLRPLHDFFHQWLGL YHUVL,QFURFLDPRXQGUDSSHOORGLVSDJQROLHOPHWWLOXFLGLHRYDOLFKH JOL YDOJRQR LO VRSUDQQRPH GL ©XRYD GL IHUURª 3KLOLSS EHVWHPPLD H VSXWD / DOWUD VHUD XQD SXWWDQD KD DFFROWHOODWR XQR GL ORUR H VH OD VRQROHJDWDDOGLWR,JUDQILJOLGLEXRQDGRQQDIDUDQQRODYRFHJURV VDSHUTXDOFKHJLRUQRHSRLWRUQHUDQQRDIDUVLLPSHVWDUHGDOOHQRVWUH ILJOLROH(EHQJOLVWD&KHODURJQDVHOLSRUWDVVHWXWWLTXDQWL %DVWLPHQWL FDULFKL GL RJQL EHQ GL 'LR URWROL GL VWRIIH VDFFKL GL VSH]LHJUDQDJOLH 8QUDJD]]LQRFLFRUUHLQFRQWUROR]RSSRORDIIHUUDSHUODFROORW WRODHJOLPRUPRUDTXDOFRVD4XHOORDQQXLVFHVLOLEHUDGDOODSUHVDH FRUUHQHOODGLUH]LRQHRSSRVWD 6HLIRUWXQDWRO LQJOHVHVWDDOODPHVFLWDGLELUUD 8Q EDQFKHWWR DOO DSHUWR ILWWR GL PDULQDL FDSLWDQL GL YDVFHOOR LQ WUDWWDWLYHDFFHVHTXDOFKHDUPDWRUHORFDOHULFRQRVFLELOHSHUODSDODQ GUDQD QHUD SULYD GL QLQQROL H GL WDJOLR HOHJDQWH /R ]RSSR GLFH GL DVSHWWDUORVLDYYLFLQDDXQWLSRJURVVRFKHFLGjOHVSDOOHHPLLQGL
FDIDFHQQRGLUDJJLXQJHUOL 4XHVWRqLOVLJQRU3ULFHQRVWURPRGHO6W*HRUJH 8QOLHYHLQFKLQRUHFLSURFR 3KLOLSSGLFHFKH YXRLXQSDVVDJJLRSHUO ,QJKLOWHUUD 3RVVRSDJDUHODYRUDQGRDERUGR 6RQRGXHJLRUQLGLQDYHILQRD3O\PRXWK 1RQHUD/RQGUD" ,O6W*HRUJHYDD3O\PRXWK 1RQF qQpLOWHPSRQpXQPRWLYRSHUSHQVDUFL ' DFFRUGR 'RYUDL GDUWL GD IDUH LQ FDPEXVD )DWWL WURYDUH DOO LPEDUFR GR PDWWLQDDOOHFLQTXH
/DEUDQGDPDOFRQFLDGLXQRVWHOORLQGLFDWRPLGD3KLOLSSLQDWWH VDFKHSDVVLQROHRUH 3LD]]H YLH SRQWL SDOD]]L PHUFDWL *HQWL GLDOHWWL H FRQIHVVLRQL GLYHUVH ,O SHUFRUVR GHL ULFRUGL q DFFLGHQWDWR H SHULFRORVR VHPSUH SURQWRDWUDGLUWL/HUHJJHGHLEDQFKLHULGL$XJXVWDOHYLHOXPLQRVH GL 6WUDVEXUJR OH PXUD LQHVSXJQDELOL GL 0QVWHU WXWWR WRUQD DOOD PHQWH FRQIXVR VSDUVR 1RQ HUR QHPPHQR LR HUDQR DOWUL FRQ QRPL GLYHUVL H XQ DOWUR IXRFR QHOOH YHQH ,O IXRFR FKH q EUXFLDWR ILQR LQ IRQGR 8QDFDQGHODVSHQWD 7URSSDGHYDVWD]LRQHDOOHVSDOOHLQTXHVWDWHUUDFKHYRUUHLLOPDUH VHSSHOOLVVHXQDYROWDSHUWXWWH / ,QJKLOWHUUD*UDQWLSRTXHOO (QULFR9,,,6FLRJOLHJOLRUGLQLPR QDVWLFL H LQFDPHUD WXWWL L EHQL GHL FRQYHQWL 0DQJLD H VFRSD GDOOD PDWWLQDDOODVHUDHLQWDQWRVLSURFODPDFDSRGHOOD&KLHVDG ,QJKLOWHU UD 8Q SDHVH VHQ]D SDSLVWL H VHQ]D OXWHUDQL 0D Vt H SRL IRUVH LO 1XRYR0RQGR$OODILQHQRQLPSRUWDGRYHPDYLDGDTXLGDXQ DO WUDVFRQILWWDGDOUHJQRSHUGXWRGL%DWHQEXUJ 'DOO RUURUH / LPPDJLQH GHOOD WHVWD GL -DQ %DWHQEXUJ FKH URWROD PL DVVDOH GL QRWWH LPSHGHQGRPL GL GRUPLUH H IRUVH QHPPHQR OD GLVWDQ]D SRWUj DOORQWDQDUQHORVSHWWUR +RYLVWRFRVHFKHIRUVHVROWDQWRLRSRVVRDQFRUDUDFFRQWDUH0D QRQYRJOLR9RJOLRDOORQWDQDUOHSHUVHPSUHHVSDULUHLQXQEXFRQD VFRVWR GLYHQWDUH LQYLVLELOH FUHSDUH LQ VDQWD SDFH VH PDL PL VDUj
FRQFHVVRXQLVWDQWHGLSDFH +R PLOOH DQQL GL JXHUUD QHO VDFFR XQ SXJQDOH XQD FDPLFLD H L VROGLFKHVHUYLUDQQRDOHYDUHTXHOO DQFRUDÊTXDQWRGRYUjEDVWDUH
3RFRSULPDGHOO DOEDÊWHPSRGLDQGDUH*L~LQVWUDGDQRQF q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qOtFLVRQRTXDVLXQRVJDPEHWWRGD GLHWURFDGRHPLVFRUWLFRODIDFFLDVXOO DFFLRWWRODWR 5RWWLQFXORSHQVDYLGLULXVFLUFLHK" $FFHQWR LQFRQIRQGLELOH $OWUH XRYD GL IHUUR VSXQWDWL GD FKLVVj GRYH 0DFFKHFFD]]R 8QFDOFLRQHOOHFRVWROHPLVSH]]DLOILDWRLQJROD 0L DJJRPLWROR FRPH XQ JDWWR DOWUL FDOFL OD WHVWD SURWHJJHUH OD WHVWDFRQOHPDQL 1HOYLFRORVLGDQQREDWWDJOLD 6ELUFLRWUDOHGLWDHYHGRJOLVSDJQROLHVWUDUUHOHSLVWROH)RUVHFL VDUj XQ FROSR DQFKH SHU PH 1R VL GLULJRQR YHUVR LO YLFROR 6SDUL 3DVVLGLFRUVDFKHVLDOORQWDQDQR 4XHOORFKHPLKDSUHVRDFDOFLPLSXQWDODVSDGDDOODJROD $O]DWLPLVHUDELOH 'HYHHVVHUHO XQLFRFKHVDTXDOFKHSDURODGLILDPPLQJR 0L PHWWR LQ SLHGL H SUHQGR ILDWR ,R QRQ F HQWUR WRVVLVFR GHYRVDOLUHVXOODQDYHLQJOHVH 5LGH 1R GHYL ULQJUD]LDUH 'LR FKH QRQ WL SRVVR DPPD]]DUH
FRPHXQFDQHLOPLRFDSLWDQRKDRUGLQDWRGLOLVFLDUYLVROWDQWRLOSH OR /R VWLYDOH PL FROSLVFH LQ PH]]R DOOH JDPEH 0L DFFDVFLR H SHU SRFRQRQVYHQJR7XWWRJLUDLQWRUQRLSHQQRQLOHFDVHLEDIILULGL FROL GHO EDVWDUGR 3RL GHOOH EUDFFLD QHUYRVH PL VROOHYDQR GL SHVR H PLWUDVFLQDQRYLD ,OSHUFRUVRqFRQIXVRERWWHHLQVXOWLVLVSUHFDQR,VHQVLVRQRRU PDL DWWXWLWL OH PHPEUD QRQ ULVSRQGRQR SL~ 6HQWR OD VWUDGD VWUL VFLDUPLVRWWRLSLHGLPLWUDVFLQDQRLQGXH 8UODGDOOHILQHVWUHRJJHWWLFKHFDGRQRFLPXRYLDPRSL~LQIUHW WD 4XHOOR DOOD PLD GHVWUD YLHQH VSLQWRQDWR FDGLDPR /D IDFFLD LQ XQD SR]]D /DVFLDWHPL TXL /H XUOD DXPHQWDQR F q JHQWH LQ IRQGR DOODVWUDGDXQFDUURPHVVRGLWUDYHUVRSHUVEDUUDUHLOSDVVRIRUFRQL *OL VSDJQROL VL ULPSDOODQR XUOD LQFRPSUHQVLELOL 6ROOHYR OD WHVWD VLDPRLQFDVWUDWLFRQWURXQSDOD]]RODVWUDGDqEORFFDWDGDXQDEDUUL FDWDGDOODTXDOHSLRYRQRLQVXOWL4XDOFXQRGDOOHILQHVWUHODQFLDYDVLH SHQWROH VXJOL VSDJQROL 8QR GL ORUR q D WHUUD WUDPRUWLWR / DOWUR FKH PLWUDVFLQDYDqLQSLHGLGLVSDOOHODSLFFDVSLDQDWD3URYRDGDO]DU PLPDOHJDPEHQRQUHJJRQRJLUDWXWWRÊEXLR&ULVWR
/DWHVWDVSURIRQGDVXXQDVXSHUILFLHPRUELGDGHYRHVVHUHOHJDWR QRPXRYRXQDPDQROHJDPEHQRQULVSRQGRQRXQSLHGHqFRPHVH JOLDUWLSHVDVVHURTXLQWDOL 6FLRJOLHWHPL/HSDUROHUHVWDQRLQWHVWDGDOODERFFDHVFHVDOLYDH TXDOFRVDGLVROLGRXQGHQWHVSH]]DWR $SUR XQ RFFKLR H TXDOFRVD FROD VXOOR ]LJRPR 8Q WDPSRQH PL SXOLVFHODIDFFLD &UHGHYRFKHQRQFHO DYUHVWLIDWWD0DODWXDFROOH]LRQHGLFLFD WULFL GLFHFKHVHLXQEXRQLQFDVVDWRUH 8QD YRFH SODFLGD FRQ O DFFHQWR GL TXL XQ RPEUD VIRFDWD FRQWUR XQDJUDQGHILQHVWUD 6SXWRJUXPLGLVDQJXHUDSSUHVRHVDOLYD 0HUGD / RPEUDVLDYYLFLQD *Lj &RPHFLVRQRDUULYDWR" /DPLDYRFHVXRQDFDYHUQRVDHVWXSLGD $ EUDFFLD 7L KDQQR SRUWDWR TXHVWD PDWWLQD 3DUH FKH RJQL QH
PLFR GHJOL VSDJQROL VLD DPLFR GHOOD JHQWH GL $QYHUVDÊSHUTXHVWR FKHVHLYLYR(FKHVHLTXL 4XLGRYH" +RXQFRQDWRGLQDXVHDPDORWUDWWHQJR 'RYHQpJOLVSDJQROLQpJOLVELUULYHQJRQRPDL 5LHVFRDWLUDUPLVXDVHGHUH (SHUFKp" /DWHVWDFDGHVXOSHWWR ODULVROOHYRDIDWLFD 3HUFKpTXLFLYLYHODJHQWHFRQLVROGL$Q]LGLFLDPRSXUHFKH TXLFLYLYHFKLLVROGLOLIDEEULFD(VRQRTXHOOLFKHIDQQRODGLIIHUHQ ]DFUHGLPL 0L SRUJH XQD FDUDIID G DFTXD H VSLQJH XQ FDWLQR FRQWUR L PLHL SLHGL /D URYHVFLR VXOOD WHVWD LQJXUJLWR VSXWR OD OLQJXD q JRQILD H WDJOLDWDLQSL~SXQWL 5LHVFR DYHGHUORÊPDJURVXLTXDUDQW DQQLWHPSLHJULJLHHRF FKLVYHJOL 0LDOOXQJDXQRVWUDFFLRFRQFXLPLDVFLXJRODIDFFLD ÊFDVDWXDTXHVWD" 0LDHGLFKLXQTXHVLWURYLQHLJXDL LQGLFDIXRULGDOODILQHVWUD (URLQFLPDDXQWHWWRHKRYLVWRWXWWR3HUXQDYROWDJOLLPSHULDOLVH ORVRQRSUHVRQHOFXOR 0LVWULQJHODPDQR 6RQR/RGHZLMFN3UX\VWLQFNFRSULWHWWLPDL IUDWHOOLPLFKLDPDQR(ORL(WX" &L VRQR ILQLWR SHU FDVR LQ PH]]R D TXHO ERUGHOOR H SXRL FKLD PDUPLFRPHWLSDUH &KLQRQKDXQQRPHGHYHDYHUQHDYXWLDOPHQRFHQWR XQVRUUL VRVWUDQR HXQDVWRULDFKHYDOHODSHQDGLHVVHUHDVFROWDWD &KLWLGLFHFKHDEELDYRJOLDGLUDFFRQWDUODDTXDOFXQR" 5LGH H DQQXLVFH 6H WXWWR TXHOOR FKH KDL VRQR JOL VWUDFFL FKH SRUWLSRWUHVWLDFFHWWDUHLPLHLVROGLLQFDPELRGLXQDEXRQDVWRULD 9XRLEXWWDUHYLDLOWXRGHQDUR 2KQRDOFRQWUDULR9RUUHLLQYHVWLUOR 1RQORVHJXRSL~&RQFKLGLDYRORVWRSDUODQGR" 'HYLHVVHUHSURSULRXQRVWURQ]RULFFR 3HU RUD VRQR TXHOOR FKH WL KD PHGLFDWR OH IHULWH H FKH WL WLHQH IXRULGDOODPHUGD 5HVWLDPRLQVLOHQ]LRPHQWUHIDFFLRO DSSHOORGLWXWWLLPXVFROLGHO FRUSR /D VHUD VWD VFHQGHQGR VXL WHWWL VRQR ULPDVWR VYHQXWR WXWWR LO JLRUQR 'RYHYRVDOLUHVXOODQDYH
6t3KLOLSSPLKDGHWWR 0LHURGLPHQWLFDWRGHOOR]RSSR (VSDULUHSHUVHPSUH4XHVWHWHUUHQRQVRQRXQSRVWRVLFXUR , ULFFKL VRSUDWWXWWR KDQQR XQD PHPRULD GL IHUUR SHU FKL JOL KD IRWWXWR ILJOLHHJLRLHOOL(LQQRPHGL'LRSRL 5HVWR LPPRELOH IXOPLQDWRWURSSRVSRVVDWRSHUUDFFRJOLHUHOHL GHHHFDSLUHFRVDGLUHRIDUH ,VXRLRFFKLUHVWDQRIHUPLVXGLPH 2JJL(ORL3UX\VWLQFNKDVDOYDWRLOFXORDXQ$UPDWRGHOOD6SD GD/HYLHGHO6LJQRUHVRQRGDYYHURLQILQLWH 0XWR&HUFRGLOHJJHUHXQDPLQDFFLDQHOWRQRGHOODYRFHPDF q VROR LURQLD ,QGLFD O DYDPEUDFFLR GRYH ILQR D TXHVWD PDWWLQD OD ID VFLDWXUDQDVFRQGHYDLOPDUFKLR /DFDUQHEUXFLDWDqVSRUFDLOVHJQRTXDVLLQGLVWLQWR / RFFKLR H OD VSDGD +R FRQRVFLXWR XQ WDOH FKH VL q WDJOLDWR LO EUDFFLR SHU VFDPSDUH DO SDWLEROR 'LFRQRFKH%DWHQEXUJPDQJLDVVH LOFXRUHGHOOHVXHYLWWLPHÊYHUR" $QFRUD]LWWRVFUXWDQGRTXHO YROWRSHUFDSLUHGRYHYXROHDUULYDUH /DIDQWDVLDGHOODJHQWHQRQKDOLPLWL VROOHYDLOSDQQRFKHUL FRSUH XQ FHVWR GL YLPLQL 4XL F q TXDOFRVD GD PDQJLDUH &HUFD GL ULSUHQGHUHOHIRU]HRQRQULXVFLUDLSL~DGDO]DUWLGDTXHOOHWWR )DSHUDQGDUVHQH +RYLVWRVDOWDUHODVXDWHVWD+DJULGDWROLEHUWjSULPDGLHVVHUH DPPD]]DWR /DYRFHWUHPDVRQRGHEROLVVLPR 6LJLUDOHQWRVXOODVRJOLDXQ RFFKLDWDGHFLVD / $SRFDOLVVH QRQ q DUULYDWD $ FRVD q VHUYLWR PDVVDFUDUH WXWWD TXHOODJHQWH" 0LDFFDVFLRFRPH XQVDFFRYXRWRTXDVLWURSSRVWDQFRSHUUHVSL UDUH,VXRLSDVVLVLDOORQWDQDQRGLHWURODSRUWD
&DSLWROR $QYHUVDDSULOH
Ê XQDJUDQGHFDVD'XHSLDQLHQRUPLFRQVWDQ]HFKHVLDSURQRVX ODUJKLFRUULGRL%DPELQLPH]]LQXGLVLULQFRUURQRVXHJL~SHUOHVFD OHDOFXQHGRQQHSUHSDUDQRGDPDQJLDUHLQDPSLFDOGHURQLLQXQDFX FLQDSLHQDGLRJQLEHQGL'LR4XDOFXQRPLVDOXWDFRQXQFHQQRGHO FDSRHXQVRUULVRVHQ]DLQWHUURPSHUHLOODYRUR7XWWLVHPEUDQRULODV VDWLSODFLGLFRPHVHFRQGLYLGHVVHURODPHGHVLPDIHOLFLWj,QTXHOOD FKH VHPEUD HVVHUH OD VDOD SL~ JUDQGH VL VWHQGH XQD OXQJD WDYRODWD DSSDUHFFKLDWD FRQ VWRYLJOLH G DUJHQWR QHO FDPLQR DUGH XQ FHSSR GL IDJJLR 3URYRODVWHVVDVHQVD]LRQHFKHGDQQRFHUWLVRJQLXQDWWLPRSULPD GLHVVHUHLQWHUURWWLGDXQEUXVFRULVYHJOLRODFRQVDSHYROH]]DGLVWDUH SHUFRUUHQGRXQVRJQRHODYRJOLDGLVDSHUHFRVDF qGLHWURODSURVVL PDSRUWDGLDUULYDUHILQRDOODILQH ,PSURYYLVDPHQWHGDXQDGHOOHVWDQ]HPLUDJJLXQJHODVXDYRFH $KWLVHLGHFLVRDGDO]DUWLILQDOPHQWH (ORL VWD WDJOLDQGR XQ JURVVR WUDQFLR GL PDQ]R VX XQ WDYROR GL PDUPR *LXVWRLQWHPSRSHUPDQJLDUHFRQQRL9LHQLYLHQLGDPPLXQD PDQR 0LSDVVDXQIRUFKHWWRQH 7LHQLORIHUPRFRVt 7DJOLD IHWWH VRWWLOL H OH GLVSRQH VX XQ SLDWWR VXO FXL ERUGR FDP SHJJLDXQRVWHPPDG DUJHQWR &RQODFRGDGHOO RFFKLRVFUXWDODPLDHVSUHVVLRQHFRQIXVD 6FRPPHWWRFKHWLVWDLFKLHGHQGRGRYHVHLFDSLWDWR /D ERFFD q WURSSR LPSDVWDWD SHU DUWLFRODUH XQD IUDVH ULVSRQGR FRQXQPXJXJQR /DFDVDFLqVWDWDPHVVDDGLVSRVL]LRQHGDOJHQWLOHPHVVHU9DQ +RYH FRPPHUFLDQWH GL SHVFH H PLR EXRQ DPLFR /R LQFRQWUHUDL DO VXRULWRUQRIRUVH7XWWRTXHOORFKHYHGL HUDVXR (UD" 6RUULGH $GHVVRqGLWXWWLHGLQHVVXQR
9XRLGLUHFKHWXWWRqGLWXWWL" 3URSULRFRVt 'XHEDPELQHDWWUDYHUVDQRODVWDQ]DFDQWLFFKLDQGRXQDILODVWURFFD GLFXLQRQDIIHUUROHSDUROH %HWWH H 6DUDK OH ILJOLH GL 0DUJDULWH 1RQ ULFRUGR PDL TXDO q O XQDHTXDOHO DOWUD 6ROOHYDLOSLDWWRHXUOD ,QWDYROD 8QD WUHQWLQD GL SHUVRQH DIIOXLVFH LQWRUQR DO JUDQGH WDYROR DSSD UHFFKLDWR0LIDQQRVHGHUHDFFDQWRD(ORL 8QDUDJD]]DDOWDHELRQGDPLVHUYHXQERFFDOHGLELUUD 7LSUHVHQWR.DWKOHHQÊFRQQRLGDXQDQQR /DUDJD]]DVRUULGHqEHOOLVVLPD 3ULPDFKHLOSUDQ]RLQL]L(ORLVLDO]DLQSLHGLHULFKLDPDO DWWHQ ]LRQHGHOJUXSSR )UDWHOOLHVRUHOOHDVFROWDWHÊJLXQWRWUDQRLXQXRPRVHQ]DQR PH 8Q XRPR FKH KD FRPEDWWXWR D OXQJR H KD YLVWR YHUVDUH PROWR VDQJXH (UD VEDQGDWR H VWDQFR H KD ULFHYXWR FXUH H ULSDUR FRPH q QRVWUD FRQVXHWXGLQH 6H GHFLGHUj GL ULPDQHUH FRQ QRL DFFHWWHUj LO QRPHFKHYRUUHPRGDUJOL ,Q IRQGR DOOD WDYRODWD XQ JLRYDQH UXELFRQGR FRQ IROWL EDIIL ELRQGLXUOD &KLDPLDPROR/RWFRPHFROXLFKHQRQVLYROWDLQGLH WUR 8Q HFRGLDVVHQVRSHUFRUUHODVDOD(ORLPLJXDUGDVRGGLVIDWWR (VLD7LFKLDPHUHPR/RW &RPLQFLRDPDQJLDUHFRQIDWLFDODOLQJXDHLGHQWLPLIDQQRPD OHPDODFDUQHqWHQHUDGL SULPDVFHOWD /RVRFRVDWLVWDLFKLHGHQGR 6LYHUVDDOWUDELUUD &RVD" 7LFKLHGLFRPHIDFFLDPRDSHUPHWWHUFLWXWWRTXHVWR ,PPDJLQRVLDWXWWRIRUQLWRGDPHVVHU9DQ+RYH 1RQ SURSULR 1RQ q LO VROR DG DYHU GDWR IRQGR DL IRU]LHUL SHU PHWWHUHLQ FRPXQHLOSDWULPRQLR 9XRLGLUHFKHHVLVWRQRDOWULULFFKLFKHUHJDODQRWXWWRDLSRYHUL" 5LGH 1RLQRQVLDPRSRYHUL/RW6LDPROLEHUL &RQXQJHVWRFRPSUHQGHWXWWDODWDYRODWD 4XLFLVRQRDUWLJLDQL FDUSHQWLHUL FRSULWHWWL PXUDWRUL 0D DQFKH ERWWHJDL H FRPPHUFLDQWL /DFRVDFKHOLDFFRPXQDQRQqQLHQW DOWURFKHOR6SLULWRGL'LRÊOD FRVDFKHDFFRPXQDWXWWLJOLXRPLQLHOHGRQQHGHOUHVWR /RDVFROWRHQRQULHVFRDFDSLUHVHqYHUDPHQWHSD]]R
,EHQL/RWLVROGLLJLRLHOOLOHPHUFDQ]LHVHUYRQRDOFRUSRDI ILQFKpVHQHJLRYLORVSLULWR*XDUGDTXHVWDJHQWHqIHOLFH1RQGHYH XFFLGHUVLGLIDWLFDSHUYLYHUHQRQGHYHUXEDUHDFKLSRVVLHGHGLSL~ QpODYRUDUHSHUOXL(GDOFDQWRVXRFKLKDGLSL~QRQKDQXOODGDWH PHUHSRLFKpKDVFHOWRGLYLYHUHFRQORUR7LVHLPDLFKLHVWRTXDQWH IDPLJOLHVLVIDPHUHEEHURFRQTXHOORFKH)XJJHUKDQHLVXRLIRU]LHUL" ,R FUHGR FKH PH]]R PRQGR SRWUHEEH PDQJLDUH SHU XQ DQQR LQWHUR VHQ]DGRYHUDO]DUHXQGLWR7LVHLPDLFKLHVWRTXDQWRWHPSRXQPHU FDQWHGL$QYHUVDVSHQGHSHUDFFXPXODUHODVXDIRUWXQD"/DULVSRVWD q VHPSOLFH WXWWD OD YLWD 7XWWD OD YLWD SHU DFFXPXODUH SHU ULHPSLUH FDVVHIRUWL VFULJQL IDEEULFDUH OD SULJLRQH SHU Vp H L SURSUL ILJOL PD VFKLHODGRWHSHUOHIHPPLQH3HUFKp" 9XRWRLOELFFKLHUHLOVXRVRJQRqVWDWRDQFKHLOPLR (WXYRUUH VWLFRQYLQFHUHLPHUFDQWLJL~DOSRUWRFKHqPHJOLRSHULOORURVSLULWR GDUHWXWWRDYRLDOWUL" 1LHQW DIIDWWR9RJOLRFRQYLQFHUOLFKHqSL~EHOODXQDYLWDOLEHUD GDOODVFKLDYLW~GHOGHQDURHGHOOHPHUFL 6FRUGDWHOR7HORGLFHXQRFKHLULFFKLOLKDFRPEDWWXWLSHUWXWWD ODYLWD 6WULQJHJOLRFFKLHDO]DLOELFFKLHUH 1RLQRQYRJOLDPRFRPEDW WHUOLVRQRWURSSRIRUWL6FRODODELUUD 9RJOLDPRVHGXUOL
/H GXH SROWURQH GL FXRLR GHOOR VFULWWRLR VRQR FRPRGH PL DFFD VFLR SLDQR FHUFDQGR GL HOXGHUH OH ILWWH DO FRVWDWR 8QD SHQQD G RFD OXQJKLVVLPDVSXQWDGDXQFDODPDLRQHURVXOWDYROR(ORLRIIUHOLTXR UHLQXQSLFFRORELFFKLHUHGLYHWURLQWDJOLDWR $QYHUVDq XIILFLDOPHQWHIHGHOHDOOD&KLHVDGL5RPD,OGHYRWLV VLPR ,PSHUDWRUH WLHQH LVXRLXIILFLDOLGLJXDUGLDDOODYHUDIHGHFLRq DO VXR SRWHUH 0D PROWL TXL QDVFRVWDPHQWH DSSRJJLDQR OH LGHH GL /XWHUR6RSUDWWXWWRLFHWLPHUFDQWLOLQRQQHSRVVRQRSL~GHOO RFFXSD ]LRQH VSDJQROD Qp GHL SUHWL FKH DFFXVDQR G HUHVLD FKLXQTXH DSUD ERFFD FRQWUR LO &DWWROLFLVVLPR R L VXRL YHVFRYL WLUDSLHGL , PHUFDQWL SURGXFRQRLPHUFDQWLIDQQRLVROGLLPHUFDQWLFRVWUXLVFRQRLSDOD]]L HOHVWUDGH*OLLPSHULDOLWDVVDQRHLQTXLVLVFRQR,FRQWLQRQWRUQDQR /XWHUR SUHGLFD O DEROL]LRQH GHOOD JHUDUFKLD HFFOHVLDVWLFD H O LQGLSHQ GHQ]DGD5RPDLVXRLSULQFLSLWHGHVFKLVLVRQRULEHOODWLHKDQQRED VWRQDWR&DUORHLO3DSDFRQXQDWWRIRUPDOHGLSURWHVWD&RQFOXVLRQH SULPDRSRLDQFKHOH)LDQGUHHL3DHVL%DVVLVDOWHUDQQRLQDULDFRPH
XQD SROYHULHUD &RQ OD GLIIHUHQ]D FKH TXL SL~ FKH SULQFLSL FL VRQR JUDVVLPHUFDQWL/ XQLFRPRWLYRSHUFXLQRQVRQRDQFRUDDUULYDWLDOOR VFRQWURqFKHILQRDSRFKLPHVLIDF HUDYDWHDQFRUDGLPH]]RYRL &RVDLQWHQGL" *OL$QDEDWWLVWLYROHYDQRWXWWR9ROHYDQRLO5HJQRO XJXDJOLDQ ]DODVHPSOLFLWjODIUDWHOODQ]D1pO ,PSHUDWRUHQpLPHUFDQWLOXWHUD QLHUDQRGLVSRVWLDFRQFHGHUJOLHOL,OORURPRQGRVLUHJJHVXOODFRP SHWL]LRQH GHJOL VWDWL H GHOOH FRPSDJQLHFRPPHUFLDOLVXOFRPDQGRH VXOO XEELGLHQ]D&RPHKDGHWWR/XWHURFKHKRDYXWRLOGLVSLDFHUHGL LQFRQWUDUHRUPDLSL~GLGLHFLDQQLIDSXRLPHWWHUHLQFRPXQHLWXRL EHQLVHSURSULRFLWLHQLPDQRQVRJQDUWLGLIDUORFRQTXHOOLGL3LODWR RGL(URGH%DWHQEXUJHUD VFRPRGRWDQWRSHULFDWWROLFLTXDQWRSHUL OXWHUDQL2UDFKHJOL$QDEDWWLVWLVRQRVWDWLVFRQILWWLLGXHOLWLJDQWLUL PDVWLYHUUDQQRSUHVWRDLIHUULFRUWL &HUFRGLFDSLUHGRYHYXROHDUULYDUH 3HUFKpPLUDFFRQWLTXHVWH FRVH" &LSHQVDFRPHVHQRQVLDVSHWWDVVHODGRPDQGD 3HUGDUWLXQ L GHDGLTXDOqODVLWXD]LRQHTXL 3HUFKpOHUDFFRQWLDPH" +DLIDWWRODJXHUUD(O KDLSHUGXWD+DLO DULDGLXQRFKHKDDW WUDYHUVDWRO LQIHUQRXVFHQGRQHYLYR 6LDO]DHYDDOODILQHVWUDGRSRHVVHUVLYHUVDWRXQVHFRQGR ELFFKLH UH 1RQ VR VH VHL OD SHUVRQD JLXVWD 4XHOOD FKH FHUFR GD WHPSR LQ WHQGR9RUUHLVHQWLUHODWXDVWRULDSULPDGLJLXGLFDUH (ORLJLRFKHUHOODFROELFFKLHUHYXRWR $SSRJJLRLOPLRVXOWDYROR 6HLXQXRPRDFXLqGLIILFLOHWRJOLH UHLOVRUULVRGDOODIDFFLD ÊXQDTXDOLWjQRQFUHGL" &RPH IDXQFRSULWHWWLDHVVHUHWDQWRLQIRUPDWRHDSDUODUHFRVt IRUELWR" $O]DOHVSDOOH %DVWDIUHTXHQWDUHOHSHUVRQHJLXVWH 9DOHDGLUHLPHUFDQWLGHOSRUWR ,QVLHPHDOOHPHUFLFLUFRODQROHQRWL]LH5LJXDUGRDOVDSHUSDUOD UH OH DPLFL]LH D FXL GHYR OD SDGURQDQ]D GHOOD OLQJXD QRQ PL KDQQR ODVFLDWRO RSSRUWXQLWjGLLPSDUDUHLOODWLQRHODFRVDPLGLVSLDFHSD UHFFKLR 2PQLDVXQWFRPPXQLD4XHVWDODFRQRVFHYL +DXQDWWLPRGLHVLWD]LRQHFKHPDVFKHUDQHOVROLWRPH]]RVRUUL VRGLFKLqDSDUWHGLTXDOFKHWUXFFRRGLXQVHJUHWRDQWLFR
(UDLOPRWWRGHLULEHOOLGHO ,QTXHOO DQQRVRQRDQGDWRD:LW WHQEHUJSHULQFRQWUDUH/XWHURHVRWWRSRUJOLOHPLHLGHHOD*HUPDQLD HUDQHOFDRV,RHURWURSSRJLRYDQHHSLHQRGLEHOOHVSHUDQ]HSHUXQ PRQDFR FKH VL LQJUDVVDYD DOOD PDQJLDWRLD GHL SULQFLSL 8QD VPRU ILD3RLLQFHUWRVHFKLHGHUPHOR (ULFRQLFRQWDGLQL" 0L DO]R JLj WURSSR VWDQFR SHU FRQWLQXDUH KR ELVRJQR GL VWHQ GHUPL VXO OHWWR OH FRVWROH PL IDQQR PDOH /R JXDUGR HPL FKLHGR SHUFKp KR GRYXWR LQFRQWUDUH TXHVW XRPR VHQ]D HVVHUH DEEDVWDQ]D OXFLGRSHUGDUPLXQDULVSRVWD 3HUFKpGRYUHLUDFFRQWDUWLODPLDVWRULD"(ODVFLDSHUGHUHO RIIHU WD FKH KDL IDWWR 1RQ KR QHVVXQ SRVWRGRYHDQGDUHQRQVDSUHLFRVD IDUPHQHGHLWXRLVROGL9RJOLRVRORFUHSDUHLQVDQWDSDFH ,QVLVWH ( LRVRQRFXULRVR'DPPLDOPHQRXQLQL]LRTXDQGRq FRPLQFLDWRWXWWRGRYH ,OSR]]RqSURIRQGRXQWRQIRVRUGRQHOO DFTXDQHUD /HSDUROH / KRGLPHQWLFDWR/ LQL]LRqVHPSUHXQDILQHqO HQ QHVLPD*HUXVDOHPPHSRSRODWDDQFRUDGLIDQWDVPLHSURIHWLDOOXFLQD WL 3HUXQLVWDQWHLOVXRVJXDUGRVLULHPSLHG RUURUHPDQRQGHYHHV VHUHQXOODSDUDJRQDWRDOPLRGDYDQWLDTXHJOLVSHWWUL &ULVWR6DQWRHULD0QVWHU" 0LWUDVFLQRVWDQFRYHUVRODSRUWDODYRFHqURFDHLPSDVWDWD ,Q TXHVWDYLWDKRLPSDUDWRXQDFRVDVRODFKHO LQIHUQRHLOSDUDGLVRQRQ HVLVWRQR&HOLSRUWLDPRGHQWURGRYXQTXHDQGLDPR 0L ODVFLR OH VXH GRPDQGH DOOH VSDOOH EDUFROODQGR QHO FRUULGRLR SHUUDJJLXQJHUHODVWDQ]D
&DSLWROR $QYHUVDDSULOH
4XDOFRVDEUXFLDDQFRUDGHQWUR/DUDJD]]DODYDLSDQQLQHOFRUWL OHXQFRUSRJLRYDQHHELDQFRFKHVLODVFLDLQWUDYHGHUHVRWWRLOYHVWLWR VXFFLQWR 1RQqODSULPDYHUDQRQSL~DSULOHPLFRVWULQJHVROWDQWRDJUDW WDUHOHFLFDWULFLODFDUWDJHRJUDILFDGHOOHEDWWDJOLHSHUVH Ê .DWKOHHQ 1RQ q PRJOLH GL QHVVXQR FRVt FRPH WXWWL L ILJOL 6HPEUDQRQRQDYHUHXQDVRODPDGUHRXQVRORSDGUHPDPROWLJHQL WRUL 1RQ F q UHYHUHQ]D R WLPRUH YHUVR JOL DGXOWL FKH VL ODVFLDQR SUHQGHUH LQJLURHVRUULGRQRDJOLVFKHU]LLQIDQWLOL'RQQHFROWHPSR GL JLRFDUH SDQFH JUDYLGH XRPLQL FKH QRQ DO]DQR OH PDQL EDPELQL VXOOHJLQRFFKLD(ORLKDFRVWUXLWRO (GHQHORVD 7UHGLFL DQQL ID KD DIIURQWDWR)LOLSSR0HODQWRQHDOODSUHVHQ]DGL /XWHUR /R 6PLO]R H LO &LFFLRQH O KDQQR SUHVR SHU SD]]R H KDQQR VFULWWRDOOHDXWRULWjSDSLVWHGL$QYHUVDDIILQFKpORDUUHVWDVVHUR3RFKL PHVL GRSR IUD 3RUFR DOO LQJUDVVR DYUHEEH LQFLWDWR DO QRVWUR PDVVD FURLGLDYROLLQFDUQDWLFKHDYHYDQRRVDWRVILGDUHLORURVLJQRUL,RHG (ORL DEELDPR DYXWR JOL VWHVVL DYYHUVDUL H FL LQFRQWULDPR VROR RUD 2UDFKHqILQLWRWXWWR .DWKOHHQ VWUL]]D LO EXFDWR DQFRUD TXHO EUXFLRUH LQ IRQGR DOOR VWRPDFR +R GLPHQWLFDWR/DJXHUUDKDFDQFHOODWRWXWWRODJORULDGL 'LRODIROOLDODPDWWDQ]DKRGLPHQWLFDWR(SSXUHqDQFRUDWXWWROtH QRQ SXz HVVHUH FDQFHOODWR QHEXORVR H SUHVHQWH LQ DJJXDWR GLHWUR RJQLDQIUDWWRGHOODPHQWH $O]DLOYLVRHPLYHGHXQVRUULVR ÊXQSRVWRLQFXLFLVLSRWUHEEHIHUPDUHORQWDQRGDLJXDLGDOO DOD QHUDGHOOR6ELUURFKHPLLQVHJXHGDVHPSUH 6HL EHOOD 6HL YLYD 6HL XQD YLWD VFLYRODWD QHO IDQJR FKH QRQ QH YXROHVDSHUHGLVPHWWHUHHPLUHJDODDQFRUDXQDJLRUQDWDGLVROHFR PHTXHVWDHLOEUXFLRUHJL~LQIRQGR *HUULW%RHNELQGHU 7UDVDOLVFRHPLJLURGLVFDWWRLOEUDFFLRFRQWUDWWRSHUVIHUUDUHLO FROSR
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q VWDWR XQGXURFROSRQRQVROWDQWR SHU PH 5RWKPDQQ %RFNHOVRQ H .QLSSHUGROOLQJ HUDQR GHL SD]]L FL KDQQRSRUWDWLDOODVRJOLDGHOODIROOLDSL~SXUD 1RPL FKH IDQQR PDOH PD 0HUFN VHPEUD VLQFHUR H GLVSRVWR D FRPSUHQGHUH /RJXDUGRQHJOLRFFKL &RPHVHLXVFLWRGDOj" &RQ .UHFKWLQJ LO JLRYDQH 6XR IUDWHOOR O KDQQR DSSHVR QHOOD JDEELDLQVLHPHDJOLDOWULPDOXLQRqULXVFLWRDJXLGDUFLIXRULDSSH QD LQ WHPSR TXDQGR L YHVFRYLOL JLj HQWUDYDQR LQ FLWWj 8Q RPEUD VFXUDJOLRIIXVFDORVJXDUGR $0QVWHUFLKRODVFLDWRPLDPRJOLH HUDWURSSRGHEROHSHUVHJXLUPLQRQFHO KDIDWWD (VHLILQLWRTXL" 3HUPHVLKRFKLHVWRO HOHPRVLQDSHUVWUDGDPLKDQQRDQFKHSUH VRXQDYROWDLVROGDWLVtTXDQGRHURJLjWRUQDWRLQ2ODQGD0LKDQQR WRUWXUDWR PRVWUDOHGLWDWXPHIDWWH SHUIDUPLFRQIHVVDUHGLHVVHUH VWDWRXQEDWWLVWD0DLRVWDYR]LWWR)DFHYDPDOHVtDOWURFKpXUODYR FRPH XQ SD]]R PHQWUH PL VWUDSSDYDQR OH XQJKLH PD QRQ KR GHWWR QLHQWH 3HQVDYR DOOD PLD $QLD VHSROWD LQ TXDOFKH IRVVD =LWWR 0L KDQQRODVFLDWRTXDQGRFUHGHYDQRFKHIRVVLLPSD]]LWRGHOWXWWR(ORL PLKDSUHVRFRQVpPLKDVDOYDWRODYLWD
7RUQRDJHWWDUHORVJXDUGRROWUHODEDODXVWUD.DWKOHHQUDFFRJOLHL SDQQLLQXQFDWLQRHOLSRUWDYLD ÊEHOODYHUR" 9RUUHL ULVSRQGHUJOL FKH RUD q FHUWR SL~ LPSRUWDQWH GHL QRVWUL UL FRUGL 0LVILRUD 4XLQRQFLVRQRPDULWLQpPRJOL 8QDVPRUILD 6RQRYHFFKLR 5LGH LO VXRQR GL XQD ULVDWD FRPH VH OR DVFROWDVVL SHU OD SULPD YROWD GRSR FKH DYHYD DEEDQGRQDWR OD PLD HVLVWHQ]D SHU DQQL 6HL VROWDQWRVWDQFRIUDWHOOR6HLPRUWR*HUULW%RHNELQGHUqPRUWRHVH SROWRVRWWROHPXUDGL0QVWHU4XLVHL/RWTXHOORFKHQRQVLYROWD LQGLHWUR5LFRUGDWHOR /DPDQRVXOODVSDOOD2VVHUYRLEDPELQLJL~QHOFRUWLOHFRPHVH IRVVHUR FUHDWXUH GL ILDED , ERLD EDPELQL GL 0QVWHU VRQR ORQWDQL L SLFFROLPRVWULGL%RFNHOVRQJOLLQTXLVLWRULIDQFLXOOLFKHSRUWDYDQROD PRUWHVXOOHGLWD &KLqTXHVWDJHQWH%DOWKDVDU" 6SLULWLOLEHUL+DQQRFRQTXLVWDWRODSXUH]]DGHFUHWDQGRODPHQ ]RJQDGHOSHFFDWRHODOLEHUWjGHLORUR GHVLGHULODSURSULDIHOLFLWj 'LFHTXHVWHFRVHFRQQDWXUDOH]]DFRPHVWHVVHVSLHJDQGRO RUGLQH GHO FRVPR 4XHO EUXFLRUH QHOOR VWRPDFR q PXWDWR LQ SHQD SHU PH SHUTXHVWRFRUSRVSRVVDWRHTXHOODJLRLDVHPSOLFH /DPDQRVLVWULQJHVXOODVSDOOD /R6SLULWR6DQWRqLQORURFRPH LQRJQXQR9LYRQRQHOJLRUQRGL'LRVHQ]DELVRJQRGLLPSXJQDUHOD VSDGD *OL RFFKL VL DSSDQQDQR TXDVL VL ULILXWDVVHUR GL 9HGHUH &UHGL FKHVLDFRVt"$EELDPRSHUGXWRLO5HJQRSHUULWURYDUORTXL" $QQXLVFH (ORLXQJLRUQRPLKD GHWWRFKHLO5HJQRGL'LRQRQq TXDOFRVDFKHVLDWWHQGHQRQKDLHULRGRPDQLHQRQJLXQJHQHPPH QRWUDPLOOHDQQLÊO HVSHULHQ]DGLXQFXRUHHVLVWHRYXQTXHHLQQHV VXQOXRJRÊQHOVRUULVRGL.DWKOHHQQHOFDORUHGHOVXRFRUSRQHOOD JLRLDGLXQEDPELQR 6HQWRFKHYRUUHLSLDQJHUHYLDO RGLRODSDXUDODGLVSHUD]LRQHOD VFRQILWWD0DqGLIILFLOHGRORURVR'HYRDSSRJJLDUPLDOODEDODXVWUD 3HUPHqWDUGL 1RQORqPDLSHUQHVVXQR6WDQGRTXLLPSDUHUDLDQFKHTXHVWR IUDWHOOR (ORLYXROHFKHJOLUDFFRQWLODPLDVWRULD3HUFKp" /XLFUHGHQHLVHPSOLFLQHJOLXOWLPL&UHGHFKH&ULVWRSRVVDUL VRUJHUHLQRJQXQRGLQRLVRSUDWWXWWRLQFRORURFKHKDQQRFRQRVFLXWR
LOIDQJRGHOODVFRQILWWD ,RYHGRVROWDQWRXQPDUHG RUURUHGLHWURGLPH 6RVSLUD FRPH VH FDSLVVH GDYYHUR , PRUWL GHYRQR VHSSHOOLUH L PRUWLDIILQFKpLYLYLSRVVDQRULQDVFHUHDQXRYDYLWD /DOH]LRQHGHO6DOYDWRUH 7LKDGHWWROXLDQFKHTXHVWR" 1R/ KRFDSLWRYDUFDQGRODVRJOLDVXFXLWLWURYLDGHVVR
1RQ VR FRPH VLD VXFFHVVR QDWXUDOPHQWH VHQ]D FKH QHVVXQR PL GLFHVVHQXOODPLVRQRVFRSHUWRDGDIILODUHLSDOHWWLSHUODUHFLQ]LRQH GHOO RUWR+RFRPLQFLDWRDULVSRQGHUHDLVDOXWLGLWXWWLHXQJLRYDQH FDUGDWRUH PL KD SHUILQR FKLHVWR XQ FRQVLJOLR VXO PRGR PLJOLRUH GL DJJLXVWDUHLOWHODLR $PPXFFKLR L SDOHWWL DFXPLQDWL LQ XQ DQJROR GHO JLDUGLQR GLHWUR ODFDVDODSLFFRODDFFHWWDqSUHFLVDHOHJJHUDPLFRQVHQWHGLODYRUD UHVHGXWRHVHQ]DWURSSDIDWLFD3HUXQDWWLPRULYHGRXQJLRYDQHFKH VSDFFDOHJQDQHOO DLDGHOSDVWRUH9RJHOPLOOHDQQLIDPDqXQULFRU GRFKHVFDFFLRVXELWR /DEDPELQDELRQGDVLDYYLFLQDFRQXQVRUULVRVGHQWDWR 7XVHL /RW" )DDQFRUDIDWLFDDGDUWLFRODUHOHSDUROH 0L IHUPR SHU QRQ ULVFKLDUH GL IHULUOD FRQ OH VFKHJJH 6t ( WX FKLVHL" 0DJGD 0LSRUJHXQVDVVRFRORUDWR / KRGLSLQWRSHUWH &LJLRFKHUHOORXQSR *UD]LH0DJGDVHLPROWRJHQWLOH 7XFHO KDLXQDELPED" 1R (SHUFKp" 1HVVXQEDPELQRPLKDPDLIDWWRGRPDQGH 1RQORVR /HLVSXQWDDOO LPSURYYLVRXQVDFFKHWWRGLVHPLLQEUDFFLR 0DJGDYLHQLGREELDPRVHPLQDUHO RUWR $QFRUDTXHOEUXFLRUHDQWLFR/HSDUROHHVFRQRGDVROH ÊWXDIL JOLD" 6t .DWKOHHQ VRUULGH D LOOXPLQDUH OD JLRUQDWD SUHQGH SHU PDQR OD
SLFFRODHJXDUGDLSDOHWWL *UD]LH SHU TXHOOR FKHVWDL IDFHQGR 6HQ]D LO UHFLQWR O RUWR QRQ YLYUHEEHXQJLRUQR *UD]LHDYRLSHUDYHUPLDFFROWR 5HVWHUDLFRQQRL" 1RQORVRQRQKRXQSRVWRGRYHDQGDUH /DEDPELQDSUHQGHLOVDFFRGDOOHPDQLGHOODPDGUHHFRUUHYHUVR O RUWRSDUODQGRGDVROD / D]]XUURGL.DWKOHHQQRQGjSDFHDOPLRVWRPDFR 5HVWD
&DSLWROR $QYHUVDPDJJLR
(ORLVWDWUDWWDQGRFRQGXHWLSLYHVWLWLGLQHURO DULDVHULDHVEULJD WLYDqTXHOODGHLFRPPHUFLDQWL $VSHWWRVHGXWRLQGLVSDUWHVHPEUDWURYDUVLDVXRDJLRFRQTXHOOD JHQWH0LFKLHGRVHVDQQRFRPHODSHQVDUHDOPHQWH 6LVDOXWDQRFRQJUDQGLVDODPHOHFFKLUHFLSURFLHILQWLVRUULVLTXHO ORGL(ORLUHVWDLPEDWWXWR,GXHFRUYLHVFRQRVHQ]DGHJQDUPLGLXQR VJXDUGR 6RQRLSURSULHWDULGLXQDVWDPSHULD+RFRQWUDWWDWRXQDFLIUDSHU SRWHUQH XVXIUXLUH +R SURPHVVR ORUR FKH QRQ DYUDQQR JXDL FRQ OD FHQVXUDGRYUHPRHVVHUHSUXGHQWL 0LSDUODFRPHVHRUPDLIRVVHFKLDURFKHVRQRGHLORUR ,PPDJLQR FKH LO GHQDUR WH OR IRUQLVFDQR VHPSUH OH WXH ©FRQR VFHQ]Hª 'RYXQTXH F qJHQWHLQJUDGRGLFDSLUHTXHOORFKHGLFLDPR%L VRJQDFRQWDWWDUODUHSHULUHDOWULVROGLSHUVWDPSDUHHGLIIRQGHUHLOQR VWUR PHVVDJJLR /D OLEHUWj GHOOR VSLULWR QRQ KD SUH]]R PD TXHVWR PRQGRYXROHLPSRUQHXQRDRJQLFRVD'REELDPRWHQHUHLSLHGLSHU WHUUD TXL DEELDPR WXWWR LQ FRPXQH YLYLDPR VHUHQL H LQ VHPSOLFLWj ODYRULDPR TXHO WDQWR FKH EDVWD D VRSUDYYLYHUH H FLUFXLDPR L ULFFKL SHUIDUFLILQDQ]LDUH0DOjIXRULLPSHUDODJXHUUDGHJOLVWDWLGHLPHU FDQWLGHOOD&KLHVD $O]R OH VSDOOH VFRQVRODWR Ê TXHVWR FKH FHUFKL" 8QD SHUVRQD FKH VDSSLD PXRYHUVL LQ TXHO PRQGR GL WDJOLDJROH" 8QR FKH QH VLD XVFLWRYLYR" ,OVROLWRVRUULVRGLVDUPDQWHPDFRQODVLQFHULWjFKHQRQKDULVHU YDWR DL PHUFDQWL &L YXROH TXDOFXQR LQ JDPED FKH VLD FDSDFH GL ILQJHUH H VXVVXUUDUH OH SDUROH JLXVWH DOOH JLXVWH RUHFFKLH &L JXDU GLDPR /DVWRULDqOXQJDHLPSHUYLDODPHPRULDDYROWHYLHQHPHQR (ORLqVHULR 1RQKRIUHWWDHGDLWUDYDJOLVLHVFHUDIIRU]DWL ÊFRPHVHFLIRVVLPRLQWHVLGDVHPSUHFRPHVHPLVWHVVHDVSHW WDQGRFRPHVH
D"
6RFKHKDLLQFRQWUDWR%DOWKDVDUÊVWDWROXLDIDUWLFDPELDUHLGH 1RÊVWDWDXQDEDPELQD
/R VFULWWRLR q LQ SHQRPEUD VSH]]DWR D PHWj GD XQD FRORQQD GL OXFH FKH ILOWUD DWWUDYHUVR OH LPSRVWH DFFRVWDWH (ORL RIIUH OLTXRUH H DWWHQ]LRQHVLOHQ]LRVD &RVDVDLGHOODJXHUUDGHLFRQWDGLQL" 6FXRWHODWHVWD 1RQPROWR4XDQGRDQGDLLQ*HUPDQLDQHO LQFRQWUDL XQ IUDWHOOR FRQ FXL HUR LQ FRQWDWWR HSLVWRODUH GD TXDOFKH WHPSR-RKDQQHV'HQFNVLFKLDPDYDXQDQLPROLEHURHSURQWRDVIL GDUH O DUURJDQ]D GHL SDSLVWLTXDQWRTXHOODGL/XWHUR0DFRPHWLKR GHWWRDOORUDHURJLRYDQHHSRFRDFFRUWR ,O QRPH JHOD LO VDQJXH ID DIILRUDUH ULFRUGL XQ YROWR XQD IDPL JOLD &RQRVFHYREHQH'HQFN+RORWWDWRFRQOXLDOILDQFRGLXRPLQL FKH KDQQR FUHGXWR GDYYHUR GL SRUUHILQHDOO LQJLXVWL]LDHDOO HPSLHWj VXOOD WHUUD (UDYDPR PLJOLDLD HUDYDPR XQ HVHUFLWR /D VSHUDQ]D VL LQIUDQVH QHOOD SLDQD GL )UDQNHQKDXVHQ LO TXLQGLFL GL PDJJLR GHO $OORUDDEEDQGRQDLXQXRPRDOVXRGHVWLQRDOOHDUPLGHLODQ]L FKHQHFFKL3RUWDLFRQPHODVXDVDFFDSLHQDGLOHWWHUHGLQRPLHVSH UDQ]H2OWUHDOVRVSHWWRGLHVVHUHVWDWLWUDGLWLYHQGXWLDOOHVFKLHUHGHL SULQFLSLFRPHXQJUHJJHDOPHUFDWRÊDQFRUDGLIILFLOHSURQXQFLDUH TXHOQRPH 4XHOO XRPRHUD7KRPDV0QW]HU 1RQ OR YHGR PD SHUFHSLVFR OR VWXSRUH FKH OR DVVDOH IRUVH O LQ FUHGXOLWjGLFKLSHQVDGLDYHUHGDYDQWLXQRVSHWWUR /D VXD YRFH q TXDVLXQELVELJOLR 'DYYHURKDLFRPEDWWXWRFRQ 7KRPDV0QW]HU" $QFK LR HUR JLRYDQH DOORUD PD DEEDVWDQ]D VYHJOLR SHU FDSLUH FKH/XWHURDYHYDWUDGLWRODFDXVDFKHFLDYHYDGRQDWR&DSLPPRFKH QRL DYUHPPR GRYXWR SURVHJXLUH Oj GRYH TXHOPRQDFRDYHYDFHGXWR OHDUPL/DVWRULDDYUHEEHSRWXWRILQLUHFRVtVXTXHOODSLDQDFRSHUWD GLFDGDYHUL(LQYHFHVRQRVRSUDYYLVVXWR 'HQFNPRUtODVV~" 1R,OVXRFRPSLWRHUDTXHOORGLUHFXSHUDUHULQIRU]LSHUORVFRQ WURPDQRQDUULYzPDLLQWHPSR 5LFRUGDUH FRVWD XQD IDWLFD LPPDQH $ )UDQNHQKDXVHQ VRQR PRUWRSHUODSULPDYROWD1RQqVWDWDO XOWLPD
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zGDXQDPRUWHSL~OHQWDHDWURFH )RUVHQRQFDSLVFHQRQPLVHJXHILQRLQIRQGRPDQRQRVDLQWHU URPSHUPL q UHDOPHQWH DIIDVFLQDWR GD TXHOOR FKH SRWUHL GLUH QHOOD SURVVLPDIUDVH 3UHVL LO QRPH GL XQ XRPR FDSLWDWR SHU FDVR VXO PLR FDPPLQR *LURYDJDLDOXQJRLQFHUFDGLQRQVRFRVDGLXQSRVWRGRYHVSDULUH $OODILQHGHOO HVWDWHGHO DUULYDLDG$XJXVWDHULQFRQWUDL'HQFN ,O6LQRGRGHL0DUWLUL 3DUODDGDJLRHDYRFHEDVVDVDULVSHWWDUHXQDVWRULD *Lj/ DGXQDWDGHLVXSHUVWLWL6WXSLGLHLQXWLOLVXSHUVWLWL
&DSLWROR $XJXVWD%DYLHUDILQHOXJOLR
/XFDV1LHPDQVRQ0HUFDQWHGLEURFFDWLD%DPEHUJD%RUVDJRQ ILD DELWL SUHJLDWL GL WHVVXWL UHVLVWHQWL FRQVLVWHQWH FDULFR GL PHUFH H DPPHQQLFROL SHUVRQDOL VX XQ FDUUR SLXWWRVWR QXRYR WLUDWR GD GXH FDYDOOLXQSR ORJRULPDDQFRUDJLRYDQL5LSRVRLPXVFROLLQGROHQ]LWL GD PLJOLD GL VREEDO]L XUWL H LPSUHFD]LRQL VXLVHQWLHUL VFRQQHVVL GL TXHVWH ODQGH VXOOD EUDQGD GHFHQWH GL XQ RVWHOOR DSSHQD GHQWUR OD SRUWDRYHVWGHOODFLWWj3ULPDGLWXWWRGRUPLUHDOFXQHRUHSHUDOOHJJH ULUHOHRVVDDOO LQGRPDQLSHQVDUHDOFDULFRDOFDUURDOSL~VWDQFRGHL TXDGUXSHGL'DUHXQ RFFKLDWDLQJLURSHUOHFRQWUDGHGLTXHVWRDIIRO ODWR ERUJR LPSHULDOH GRYH OH WHVWH FDOGH GL RJQL UHJLRQH VWDQQR DI IOXHQGRSHUVIXJJLUHDOODQXRYDPDWWDQ]D&RPH+DQV+XWLOSURIHWD OLEUDLRFKHGHYHDYHUIRQGDWRXQDFRPXQLWjDRJQLVWD]LRQHGLFDP ELRHGLVSHQVDWRYLVLRQLDSRFDOLWWLFKHQRQDSSHQDVDOWDYDXQSDVWR$ TXDQWRVLGLFHTXHVWDFLWWjRVSLWHUjSUHVWRXQVLQRGRGLWXWWLLUDSSUH VHQWDQWL GHOOH FRPXQLWj VRUWH QHJOL XOWLPL DQQL LQ TXHOOD PRUVD WUD /XWHURHLO3DSDFKHRUDQXRYDPHQWHVLVWULQJH &DXWR 1RQ LQILODUWL QHOOD JUDQGH ERFFD QRQ FRQVHJQDUWL DOO RF FKLRXELTXRGHOQHPLFR 2VVHUYDUH FDXWHOD PDQWHQHUH VH QHFHVVDULR OH YLH GHO FDVR ,Q IRQGR FRVt VRQR JLXQWR D TXHVWH PXUD /D WUDJHGLD LO IDWR OD VRUWH LQVRQGDELOHKDQQRIRUQLWRPDWHULDSULPDHVSLULWRDTXHVWDFRQGL]LR QHFKHQRQDYUHLPDLLPPDJLQDWRVLYHULILFDVVH (UR VWDWR IHUPR WURSSR WHPSR ,O WRUSRUH GHOOR VSLULWR JHQHUD TXHOORGHOOHPHPEUD+RFRPLQFLDWRDYDJDUHDSSHQDVLVSDUVHYRFH FKHFHUFDYDQR9RJHO(UDILQLWDGLQXRYR2PHJOLRDQFRUD XQDYRO WDVLSDUWHYHUVRQRQVLVDFRVD&HUFDQRLUHGXFL$QQLHQWDUOLVSLQ JHUOL D FRQIHVVDUH FLz FKH QRQ KDQQR QHPPHQR SHQVDWR &HUFDQR L UHGXFL9LDYHQWLVHLDQQL/ HVHUFLWRGHJOLVWUDFFLRQLLQVRUWL$QQLHQ WDUOL$OORUDYLDVHQ]DGLUHQLHQWH$GDQLPDYLYD $FFDWWRQHFRPHWDQWLFRQXQIDUGHOORGLOHWWHUHULFRUGLHVRVSHWWL LQVRSSRUWDELOL ,O FDVR PL KD FRQGRWWR OH VSRJOLH VILQLWH SHU VHQWLHUL H ORFDQGH
YLOODJJL H RVWHULH PHUFDWL H JUDQDL ,O FDVR KD FRQJLXQWR OD VRUWHD PDUDHVFRQVLGHUDWDGHOPHUFDQWH1LHPDQVRQDOODPLDQHOGt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tPDODWR/RKDQQRSHVFDWRTXHVWDPDWWLQDFKH FHUFDYD GL ODVFLDUH OD ORFDQGD GL QDVFRVWR $YHYD XQD JURVVD ERUVD SLHQD GL SUH]LRVL FKH FUHGR DSSDUWHQJDQR DO YRVWUR FDULFR H FRVt GLFHQGRPRVWURODVDFFDFRQODFRUULVSRQGHQ]DGL0DJLVWHU7KRPDV 4XHOILJOLRGLSXWWDQD&HUWRFKHQRQqUREDVXDqXQSH]]HQWH TXHOOR$VSHWWDWHYHQJRDYHGHUH 6FHQGH VL DYYLFLQD VWULQJR O RUOR GHOOD ERUVD FRQ OD VLQLVWUD VL FKLQDDJXDUGDUH,OEDVWRQHFDODUDSLGRVXOODQXFD &DGHFRPHXQDOEHURVHFFR *OLEORFFROHEUDFFLDFRQOHJLQRFFKLDWUHJLULGLIXQHHXQQRGR EHOORVWUHWWR /LEHURODERUVDGDOODFLQWXUDHORURWRORLQXQIRVVRÊIDWWD7D JOLRO LQWULFRGLFRUGHFKHDVVLFXUDLOFDULFRHVDOJRDGDUHXQ RFFKLD WDWHVVXWLURWROLGLYDULDIRJJLDHFRORUH3RYHUREDVWDUGRLWXRLDI IDULVRQRULPDQGDWL(DQFKHLYHVWLWLQRQWLVHUYLUDQQRSHURUD7DQ WRPHQRLOQRPHFKHOHJJRLQFLVRVXOODWRGHOFDUUR©/XFDV1LHPDQ VRQWHVVLWRUHLQ%DPEHUJDª
&DSLWROR $XJXVWDDJRVWR
-RKDQQHV'HQFNqDG$XJXVWD/XQJRODVWUDGDQHKRDYXWRTXDO FKH QRWL]LD H RUD VR FRQ HVDWWH]]D GRYH FHUFDUOR 'LHWUR OD JUDQGH ULXQLRQH GHL SDVWRUL GHOOH FRPXQLWj FKH VL SUHSDUD SHU OD PHWj GHO PHVHF qVRSUDWWXWWRODPDQRGHOJLRYDQHYHWHUDQRGHOODULYROWD /DFDVDFKHPLqVWDWDLQGLFDWDqDULGRVVRGLXQDVWUDGDGLODQDLR OL 0L DSUH OD SRUWD XQD GRQQD VODQFLDWD FRQ XQ ELPER LQ JUHPER VHJXLWDGDOODFRUVDLQFHUWDGLXQDEDPELQDFKHVLQDVFRQGHVXELWRWUD OHJDPEHGHOODPDGUH6RQRXQYHFFKLRDPLFRGHOPDULWRQRQORYH GRGDDQQL5HVWRVXOODSRUWDODEDPELQDPLILVVDFRQDULDLQFXULRVL WD
-RKDQQHV'HQFNqXQDEEUDFFLRIRUWHHRFFKLOXFLGLHLQFUHGXOL 0LRIIUHGDEHUHGDXQDILDVFKHWWDFKHSRUWDDOODFLQWXUDHXQVRU ULVRVLQFHURVHQ]DSDUROH0LWRFFDOHEUDFFLDOHVSDOOHTXDVLDHV VHUFHUWRFKHQRQVLDXQIDQWDVPDULHPHUVRGDOO DELVVRGHLVXRLLQFX ELSHJJLRUL6tVRQRSURSULRLR0DGLPHQWLFDWLLOPLRQRPHVHQRQ YXRLIDUHXQIDYRUHDJOLVELUUL5LGHIHOLFH &RPHGHYRFKLDPDUWL"5HGLYLYR",O5LVRUWR" 3HU GXH DQQL VRQR VWDWR *XVWDY 0HW]JHU 2JJL VRQR /XFDV 1LHPDQVRQPHUFDQWHGLWHVVXWL'RPDQLFKLVVj &RQWLQXDDILVVDUPLHVWHUUHIDWWRÊGLIILFLOHSHUWXWWLHGXHWURYDUH OHSDUROHVFHJOLHUHXQLQL]LR$OORUDULPDQLDPRFRVtLQVLOHQ]LRSHU XQ WHPSR LQILQLWR ULSHQVDQGR D WXWWR TXDQWR ,Q TXHVWR SRPHULJJLR 0KOKDXVHQqXQ LVRODORQWDQDGDOPRQGRHGDOODYLWDLQFXLIRUVHXQ JLRUQRVLDPRJLXQWLFHUFDQGRODYLDGHO6LJQRUH'DOXRJKLORQWDQLH DOODYROWDGLGHVWLQLGLYHUVL 6RORWX" /DYRFHqJUHYHHLPSDVWDWDGLPHPRULH 6t $EEDVVDODWHVWDDULSHVFDUHXQYROWRXQDILJXUDXQJULGRG HX IRULDHGLVSHUDQ]DFKHULHFKHJJLDRUPDLORQWDQLVVLPR &RPH"
)RUWXQDDPLFRPLRIRUWXQDHIRUVHXQEULFLRORGHOODERQWjGL YLQDFKHKDYROXWRDVVLVWHUPL(WX" *OL RFFKL VEDUUDWL QHO ULFRUGR FRPH VH IDFHVVH IDWLFD FRPH VH SDUODVVH GL TXDQGR HUD EDPELQR &L LPSDQWDQDPPR GDOOH SDUWL GL (LVHQDFK(URULXVFLWRDUHFOXWDUHXQFHQWLQDLRGLXRPLQLHD UHFXSH UDUHXQDVSLQJDUGD0DFLLPEDWWHPPRLQXQDFRORQQDGLVROGDWLFKH FLFRVWULQVHDULSDUDUHLQXQYLOODJJLRGLFXLQRQULFRUGRQHPPHQRLO QRPH6ROOHYDORVJXDUGRVXGLPH 0LGLVSLDFHQRQFHO KRIDWWD 1RQYLVRQRVWDWRGLDOFXQDLXWR 6HPEUD SL~ DPDUHJJLDWR GL PH 3HQVR D TXDQWH YROWH LQ TXHVWL GXHDQQLGHYHHVVHUVLULPSURYHUDWRO LPSRWHQ]DGLTXHOJLRUQR 6DUHVWHVWDWLVRORDOWUDFDUQHGDPDFHOORSHULFDQQRQL(UDYDPR RWWRPLODHQRQVRGLQHVVXQRFKHVLVLDVDOYDWR (FFHWWRWH 6RUULGRVWRUWRHFHUFRO LURQLDGHOODVYHQWXUD 4XDOFXQRGRYHYD SXUUDFFRQWDUOR &HO KDLIDWWD4XHVWRqTXHOORFKHFRQWD $EELDPRSHUVRWXWWR , VXRL RFFKL ULGRQR GL XQD VDJJH]]D FKH QRQ ULFRUGDYR 1RQ FRQRVFLIRUVHTXDOFRVDSHUFXLYDOJDODSHQDSHUGHUHWXWWR" 8QDVPRUILDGLYHUWLWDqWXWWRTXHOORFKHULHVFRDRIIULUJOL0DVR FKH KD UDJLRQH H FKH YRUUHL DYHUH OD VWHVVD OHJJHUH]]D SHU VRIILDUH VXOSDVVDWR 6LIDVHULRLOWHPSRGLULIOHWWHUHQRQJOLq PDQFDWR 4XDQGRKR VDSXWR FKH DYHYDQR JLXVWL]LDWR 0DJLVWHU 7KRPDV H 3IHLIIHU DQFK LR KR SHQVDWR FKH IRVVH ILQLWD 'LFRQR FKH QHOOH UDSSUHVDJOLH GRSR )UDQNHQKDXVHQ VLDQR VWDWH XFFLVH ROWUH FHQWRPLOD SHUVRQH 6RQR VFDSSDWRPLVRQRLPERVFDWRHKRFHUFDWR GLPHWWHUHLQVDOYRODSHO OH 3HU PHVL QRQ KR GRUPLWR QHOOR VWHVVR OHWWR GXH QRWWL GL ILOD 0D QRQHURVRORQRODVSHUDQ]DGLULFRQWDWWDUHLIUDWHOOLQHOOHDOWUHFLWWj WXWWLJOLDPLFLHLFROOHJKLGHOO XQLYHUVLWj4XHVWRPLKDWHQXWRLQYLWD PLKDGDWRODIRU]DGLQRQVHGHUPLSHUWHUUDHDVSHWWDUHO XOWLPRFRO SR6HPLIRVVLIHUPDWRDGHVVRQRQVDUHLTXLDGDFFRJOLHUWL &LVSRVWLDPRIXRULQHOFRUWLOHFKHqGLHWURODFDVDGRYHUD]]ROD QR DOFXQL SROOL VSHQQDFFKLDWL H GXH SHOOL GLFHUYRVLVHFFDQRDOVROH FRPHYHFFKLHYHOHORJRUH 7RFFDDPHUDFFRQWDUH ,RPLVRQRVHGXWR(VRQRPRUWR6RQR ULPDVWR VRWWRWHUUD GXH DQQL LQWHUL D VSDFFDUH OHJQD H DVFROWDUH JOL VSURORTXL GHOO XQLFR SD]]R FKH PL KD GDWR ULFRYHUR :ROIJDQJ 9R JHO
9RJHO'LR6DQWLVVLPRKRVDSXWRFKHO KDQQRJLXVWL]LDWRTXDO FKHPHVHID 3HUSRFRQRQKRIDWWRODVWHVVDILQH 6LELODWUDLGHQWLSUHRFFXSDWR &RPHYLKDQQRULQWUDFFLDWR" +DQQRLQWHUFHWWDWRXQRGHLFRPSDJQLGL+XWPHQWUHVFHQGHYDD VXGSHUFHUFDUHTXDOFKHVFDPSDWR,PPDJLQRFKHORDEELDQRWRUWXUD WRHFRVWUHWWRDIDUHWXWWLLQRPL9RJHOGRYHYDHVVHUHXQRGLTXHOOLH VH O q GRYXWD GDUH D JDPEH ( LR FRQ OXL 'HL VHJXJL GHO FD]]R &L KDQQRLQVHJXLWRSHUGXHJLRUQLLQWHULILQFKpQRQDEELDPRGHFLVRFKH HUDPHJOLRGLYLGHUFL,RFHO KRIDWWDOXLQR(GHFFRPLTXL 0LJXDUGDVWRUWR 7XGHYLDYHUHXQDEXRQDVWHOODDPLFRPLR 0PK6RQRWHPSLLQFXLVDUHEEHPHJOLRDYHUHXQDEXRQDVSD GD / DULDqIUHVFDLUXPRULGHOODFLWWjFLUDJJLXQJRQRDWWXWLWL&LVH GLDPRVXOFHSSRGHOODOHJQD/ LQWLPLWjGLFKLqVRSUDYYLVVXWRIRQGHL SHQVLHUL H OH SDUROHHVFRQRSODFLGHHTXDVLGLVWDQWLFRPHLOYRFLDUH GHOODVWUDGD6LDPRYLYLHTXHVWRPLUDFRORqTXHOORFKHRUDFLEDVWD qTXHOORFKHYRUUHPPRGLUFLVHQ]DDJJLXQJHUHDOWUR ,OOLTXRUHJOLDUURFKLVFHODYRFH $JLRUQLGRYUHEEHDUULYDUHDQ FKH+XW6LqPHVVRLQWHVWDFKHO $SRFDOLVVHqRUPDLSURVVLPDVHQH YD LQ JLUR FRPH XQ VDQWR D EDWWH]]DUH OD JHQWH Ê XQ FDVR FKH QRQ O DEELDQRDQFRUDSUHVR(UUDSHUOHFDPSDJQHHVLIHUPDDSDUODUHFRQ L FRQWDGLQL D FKLHGHUJOL FRPH LQWHUSUHWDQR L SDVVL GHOOD %LEELD FKH JOLOHJJH 5LGDFFKLR *XDUGDFKHULVFXRWHXQJUDQGHVXFFHVVR +XW8QOLEUDLRIDOOLWRFKHGLYHQWDSURIHWD 3HUXQDWWLPRFLVEHOOLFKLDPRLQGXHULSHQVDQGRDOSDYLGR +DQV FKHDEELDPRFRQRVFLXWREHQH 0LqJLXQWDYRFHFKH6W|UFKH0HW]OHUVWDQQRFHUFDQGRGLULXQL UHXQHVHUFLWRUDFFRJOLHQGRLVXSHUVWLWLGHOODJXHUUD6RQRGXHSD]]L 1RQ KDQQR QHVVXQD VSHUDQ]D 4XL LQYHFH DUULYDQR IUDWHOOL ILQ GDO O DQQRVFRUVR'DOOD6YL]]HUDHGDOOHFLWWjYLFLQH& qXQEXRQFOLPD DOPHQRSRVVLDPRULXQLUFLOLEHUDPHQWHÊJHQWHLQJDPEDGHYLFRQR VFHUOL YHQJRQR GDOOH XQLYHUVLWj 4XHVWR VLQRGR FKH VWLDPR RUJDQL] ]DQGR VDUj XQ QXRYR LQL]LR 7XWWR ULFRPLQFHUj GD TXL VRQR DQFRUD PROWLTXHOOLFKHYRJOLRQRSURIHVVDUHOLEHUDPHQWHODSURSULDIHGH0D GRYUHPRHVVHUHSUXGHQWL )RUVHVLDVSHWWDHQWXVLDVPRPDTXHVWDYROWDWLGHOXGHUzIUDWHOOR 5HVWRLQVLOHQ]LRHORODVFLRFRQWLQXDUH
& q-DFRE*URVVGD=XULJRORDEELDPRHOHWWRPLQLVWURGHOFXO WRH6LJPXQG6DOPLQJHUH-DFRE'DFKVHUFRPHVXRLDVVLVWHQWLVRQR DXJXVWHVLFRQRVFRQREHQHODJHQWHGLTXL&LVRQRDQFKHLVHJXDFLGL =ZLQJOL /HXSROG H /DQJHQPDQWHO &RO ORUR DLXWR DEELDPR LVWLWXLWR XQIRQGRSHULSRYHUL 3DUOD GL HYHQWL ORQWDQL VWD UDFFRQWDQGR OD VDJD GL XQ SRSROR VFRPSDUVR)RUVHLQWXLVFHVLIHUPDXQVRVSLUR 1RQWXWWRqSHUGXWR $QQXLVFRDSSHQD ,QIDWWLVLDPRYLYL /RVDLFRVDLQWHQGR$EELDPRFRQYRFDWRTXLWXWWLLIUDWHOOL $QFRUDORVWHVVRVRUULVRVWRUWR 9XRLULFRPLQFLDUH-RKDQQ" 1RQYRJOLRQXRYLSUHWLFKHPLGLFDQRFRVDGHYRFUHGHUHHFRVD GHYROHJJHUHFKHVLDQRSDSLVWLROXWHUDQL6LDPRDEEDVWDQ]DSHULQ ILOWUDUHOHXQLYHUVLWjHVFDO]DUHJOLDPLFLGL/XWHURHGHLSULQFLSLSHU FKp q QHOOH XQLYHUVLWj QHOOH FLWWj FKH VL IRUPDQR OHPHQWL H VL GLI IRQGRQROHLGHH /RILVVRQHJOLRFFKLFLFUHGHGDYYHUR" (SHQVLFKHYLODVFHUDQQRIDUHFKHVWDUDQQRDJXDUGDUHPHQWUH YLRUJDQL]]DWH",ROLKRYLVWL/LKRYLVWLFDULFDUHHPDVVDFUDUHJHQWH LQHUPHUDJD]]LQL /RVRPDDG$XJXVWDqGLYHUVRQHOOHFLWWjSRVVLDPRDJLUHSL~ OLEHUDPHQWHVRQRFRQYLQWRFKHVH0QW]HUDGHVVRIRVVHTXLVDUHEEH G DFFRUGRFRQPH ,OQRPHPLULPEDO]DQHOOHYLVFHUHHPLIDVFDWWDUH 0DQRQF q (TXHVWRFKHFLSLDFFLDRQRVLJQLILFDTXDOFRVD )UDWHOORQHOODVXDJUDQGH]]DOXLQRQHUDWXWWR 0DOHPLJOLDLDFKHORVHJXLYDQRVt$QQLIDODVFLDL:LWWHQEHUJ SHUFKpHURVWXIRGLGLVSXWHWHRORJLFKHHGLGRWWRULFKHPLVSLHJDYDQR TXHOOR FKH OHJJHYR PHQWUH IXRUL OD *HUPDQLD EUXFLDYD 'RSR WXWWR TXHOORFKHqVXFFHVVRODSHQVRDQFRUDFRVt1RQVDUDQQRTXHVWLWXRL WHRORJLDIHUPDUHODUHSUHVVLRQH &DPPLQLDPR ]LWWL OXQJR LO PDUJLQH GHO FRUWLOH IRUVH QHPPHQR OXL FUHGH ILQR LQ IRQGR DOOD SURSULD ILGXFLD 6L IHUPD H PL SDVVD OD ILDVFD /DVFLDDOPHQRFKHFLSURYLQR
&DSLWROR $XJXVWDDJRVWR
/D FDVD GHO SDWUL]LR +DQV /DQJHQPDQWHO q JUDQGH LO VDORQH FL FRQWLHQH WXWWL 8QD TXDUDQWLQD GL SHUVRQH PROWH JLj EDWWH]]DWH GD +XW JLXQWR LQ FLWWj SURSULR LHUL 4XDQGR PLKDDEEUDFFLDWRULSHWHQ GRPL OH SDUROH GHO 0DJLVWHU ©LO WHPSR q JLXQWRª QRQ KR VDSXWR VH ULGHUJOLLQIDFFLDRDQGDUPHQH$OODILQHKRWDFLXWRHEDVWDLOQRVWUR OLEUDLRQRQVLqDFFRUWRFKHLOWHPSRKDGHFLVRGLFRQWLQXDUHQHOO LQL TXLWjULQQRYDWD(FRPHDYUHEEHSRWXWR"6HODGLHGHDJDPEHDOSUL PRFROSRGLFDQQRQH 'HQFNPLIDVWUDGDSUHVHQWDQGRPLDLIUDWHOOLFROQRPHGL7KRPDV 3XHO&LVRWWUDLDPRDOFKLDFFKLHULFFLRGLIIXVRLQDWWHVDGL+XW &LVDUjEDWWDJOLD &KHYXRLGLUH" +XWqVWDWRD1LFROVEXUJHVLqVFRQWUDWRFRQ+XEPDLHUXQIUD WHOOR GL ODJJL~ FKH QRQ QH YXROH VDSHUH GHOOH VXH IROOLH 3DUH FKH LO QRVWUR+DQVDEELDSURSRVWRGLQRQSDJDUHSL~OHWDVVHHGLULILXWDUVL GL SUHVWDUH VHUYL]LR QHOOH PLOL]LH $OOD ILQH OH DXWRULWj O KDQQR ULQ FKLXVRQHOFDVWHOORHGqULXVFLWRDHYDGHUHGDXQDILQHVWUDJUD]LHDO O DLXWRGLXQDPLFR,PPDJLQRFKHVDUjIXUHQWHDGHVVRSXzIDUHDQ FKHLOPDUWLUH9RUUjDYDQ]DUHOHVWHVVHSURSRVWHDQFKHTXL 9ROWL VFRQRVFLXWL IDFFH VHULH &RQYLQFR -RKDQQ D VHGHUFL LQ GL VSDUWH 'DFKVHUHJOLDOWULVRQRWLSLFRLSLHGLSHUWHUUDGRYUzFHUFDUHGL OLPLWDUHLGDQQLFKHSXzIDUH+XW6HHQWULDPRVXELWRLQFRQIOLWWRFRQ OHDXWRULWjQRQDYUHPRLOWHPSRGLUDIIRU]DUFL0DYDJOLHORDVSLHJD UH (YRFDWRGDOOHSDUROHGL'HQFNDSSDUHDOFHQWURGHOODVDODSRVD GDSURIHWDFKHLQYHFHGLPXRYHUPLDOULVRULHVFHVROWDQWRDIDUPLSH QD
6LULYHVWHVHQ]DGLUHXQDSDUROD/DOXFHILOWUDGDOODILQHVWUDHOD
VFLDHQWUDUHODVHUD 6WHVRVXXQILDQFRJXDUGRLFDPSDQLOLFRQWURLOFLHORDIIROODWRGL URQGLQL8QPHUORVDOWDVXOGDYDQ]DOHHPLRVVHUYDLQFHUWR6HQWRLO SHVRGHOFRUSRGHLPXVFROLLQHUWLFRPHVRVSHVLVXOYXRWR 0LYXRLDQFRUD" 1RQKRYRJOLDGLPXRYHUHODWHVWDGLVSRVWDUHORVJXDUGRGLSDU ODUH,OPHUORILVFKLDHVDOWDJL~ /D PDQR UDJJLXQJH ODERUVDVRWWRDOOHWWR/HDOOXQJROHPRQHWH VXOODFRSHUWD &RQTXHVWHSRVVLDPRIDUORDQFRUD /DYRFHPRUPRUDTXDOFRVD 6RQRULFFR(VWDQFR 'DO VLOHQ]LR DVVROXWR PL DFFRUJR FKH q XVFLWD $QFRUD QRQ PL PXRYR 3HQVR D TXHL SD]]L FKHOLWLJDQR VX TXDOH VDUj LO *LRUQR GHO *LXGL]LR 3HQVR FKH VRQR XVFLWR WURSSR LQ IUHWWD RIIHQGHQGR WXWWL 3HQVR FKH 'HQFN DYUj VLFXUDPHQWH FDSLWR ( FKH O DULD GHOOD VWUDGD PLqSLDFLXWDVXELWRPHQWUHFDPPLQDYRVHQ]DPHWDSHUODFLWWj&KH OHL KD VHJXLWR OR VWUDQLHUR JLXVWR HG HUD JLRYDQHHPLVHUDELOHFRPH 'DQD KD RIIHUWRFDORUHHXQVRUULVRFKHSRWHYDTXDVLVHPEUDUHVLQ FHUR+RGHFLVRGLQRQSHQVDUH *OLDPLFLVRQRPRUWLHSHUTXHOOLFKHUHVWDQRKRVFRSHUWRGLHVVH UHVRUGR'LRQRQF HQWUDSL~FLKDDEEDQGRQDWRLQXQJLRUQRGLSUL PDYHUDVSDUHQGRGDOPRQGRFRQWXWWHOHVXHSURPHVVHHODVFLDQGRFL LQSHJQRODYLWD/DOLEHUWjGLVSHQGHUODWUDTXHOOHFRVFHELDQFKH ,OPHUORWRUQDVXOGDYDQ]DOHODQFLDQGRULFKLDPLDOOHWRUUL,OVRQ QRVLLQVLQXDVRWWRJOLRFFKL
1RQ ULHVFRDGDUWLXQYROWRVHLFRPHXQ RPEUDXQRVSHWWURFKH VFLYRODDOPDUJLQHGHJOLHYHQWLHDVSHWWDQHOEXLR6HLLOPHQGLFDQWH FKH FKLHGH O HOHPRVLQD QHO YLFROR H LO JUDVVR PHUFDQWH FKH DOORJJLD QHOOD VWDQ]D DFFDQWR 6HL TXHOOD JLRYDQH SXWWDQD H OR VELUUR FKH PL EUDFFD GDSSUHVVR 7XWWL H QHVVXQR OD WXD UD]]D q YHQXWD DO PRQGR FRQ $GDPR VIRUWXQD H ,GGLR DYYHUVR / HVHUFLWR FKH FL DVSHWWDYD GLHWURTXHOOHFROOLQH 4RqOHW O (FFOHVLDVWH ,O SURIHWD GL VYHQWXUD 7UH OHWWHUH SLHQH GL SDUROHG RURSHULO0DJLVWHUGLQRWL]LHHFRQVLJOLLPSRUWDQWL$)UDQ NHQKDXVHQ QRQ WURYDPPR O DUPDWD GL VEDQGDWL FKH FLDYHYLSURPHV VRPDXQHVHUFLWRIRUWHHDJJXHUULWR6FULYHYLFKHOLDYUHPPRVSD] ]DWLYLD
9ROHYL FKH VFHQGHVVLPR LQ TXHOOD SLDQD D IDUFL PDFHOODUH WXWWL TXDQWL
'HQFN KD XQD EHOOD IDPLJOLD VHUHQD PD QRQ GHYRQR SDVVDUVHOD EHQLVVLPR L YHVWLWL VRQR ORJRUL H UDWWRSSDWL LQ SL~ SXQWL OD FDVD q VSRJOLD 6XD PRJOLH &ODUD KD FXFLQDWR SHU PH OD ILJOLDPDJJLRUHVL RFFXSDYDGHOIUDWHOORPHQWUHODPDGUHVHUYLYDODFHQD 1RQDYUHVWLGRYXWRDQGDUWHQHFRVt 1RQF qULVHQWLPHQWRYHUVDODJUDSSDQHLELFFKLHULHPHQHSDVVD XQR )RUVH0DQRQKRSL~ORVWRPDFRSHUFHUWHGLVFXVVLRQL 6FXRWH OD WHVWD PHQWUH FHUFD GL ULDQLPDUH LO IXRFR ULYROWDQGR OD EUDFHFRQO DWWL]]DWRLR ,OIDWWRFKH+XWVLDSRFROXFLGRQRQVLJQLIL FDFKH 1RQq+XWLOSUREOHPD $O]DOHVSDOOH 1RQSRVVRREEOLJDUWLDFUHGHUHSHUIRU]DLQTXH VWR VLQRGR 7L FKLHGR GL HVVHUH VROR XQ SR SL~ ILGXFLRVR QHL QRVWUL FRQIURQWL ,QTXHVWLDQQLVRQRGLYHQWDWRGLIILGHQWH-RKDQQ 3URQXQFLR LO QRPH D EDVVD YRFH XQ DELWXGLQH RUPDL 0DJLVWHU 7KRPDV QRQ FL FRQGXVVH D )UDQNHQKDXVHQ SHU IDUFL PDVVDFUDUH OH LQIRUPD]LRQLFKHDYHYDHUDQRVEDJOLDWH*XDUGR'HQFNQHJOLRFFKL SHUIDUJOLFRJOLHUHLOSHVRGHOOHSDUROH 4XDOFXQRTXDOFXQRGLFXLLO 0DJLVWHUVLILGDYDJOLVSHGtXQDOHWWHUDSLHQDGLQRWL]LHIDOVH 7KRPDV0QW]HUWUDGLWR"1RQqSRVVLELOH ,QILORODPDQRVRWWRODFDPLFLDHWLURIXRULLIRJOLLQJLDOOLWL /HJJLVHQRQPLFUHGL *OLRFFKLD]]XUULVDHWWDQRUDSLGLVXOOHULJKHPHQWUHXQ HVSUHVVLR QHWUDO LQFUHGXORHLOGLVJXVWDWRJOLVLGLSLQJHVXOODIDFFLD 'LRRQ QLSRWHQWH ÊGDWDWDLOSULPRGLPDJJLRÊVWDWDVFULWWDGXHVHWWLPDQH SULPDGHOPDVVDFUR)LOLSSRG $VVLDVWDYDJLjWDJOLDQGRIXRULLO6XGH PDUFLDYDDWDSSHIRU]DWHYHUVR)UDQNHQKDXVHQ/DVFLRFKHOHSDUR OH IDFFLDQR LO ORUR HIIHWWR +R TXL DOWUH GXH OHWWHUH YHUJDWH GDOOD VWHVVD PDQR FKH ULVDOJRQR D GXH DQQL SULPD SLHQH GL EHOOH SDUROH QHVVXQRSRWUHEEHVRVSHWWDUHFKHQRQVLDQRVLQFHUH& HUDFKLFRUWHJ JLDYDLO0DJLVWHUGDWHPSRSHUFRQTXLVWDUQHODILGXFLD *OL SDVVR OH DOWUH PLVVLYH /D VPRUILD GHOOD ERFFD QRQ ODVFLD GXEELVXTXHOORFKHJOLVWDEUXFLDQGRGHQWUR6FRUUHLQIUHWWDOHSDUR OHVFDPSDWHSHUPLUDFRORDOODGLVWUX]LRQHILQFKpLOYROWRVLIDGLSLH
WUDJOLRFFKLSLFFROLVVLPL +DLFRQVHUYDWRTXHVWHOHWWHUHSHUWXWWRLO WHPSR &L JXDUGLDPR QHJOL RFFKL L ULIOHVVL GHO IXRFR GDQ]DQR LO VDEED VXLQRVWULFRUSL (URFRQOXL-RKDQQVRQRVWDWRDOVXRILDQFRILQR DOODILQH)XLO0DJLVWHUDRUGLQDUHGLPHWWHUPLLQVDOYRDYROHUHFKH OR DEEDQGRQDVVL DO VXR GHVWLQR ( LR O KR IDWWR VHQ]D SHQVDUFL GXH YROWH 5LPDQLDPRLQVLOHQ]LRGLQXRYRDIIRQGDWLQHLULFRUGLPDqFRPH VHSHUFHSLVVLLOIOXLUHGHLVXRLSHQVLHUL $OODILQHORVHQWRPRUPRUDUH 4RqOHW/ (FFOHVLDVWH $QQXLVFR / XRPRGHOODFRPXQLWjXQXRPRTXDOXQTXH8QRVX FXLLO0DJLVWHUIDFHYDDIILGDPHQWRHFKHFLKDPDQGDWLDOPDFHOOR,R QRQPLILGRSL~GLQHVVXQR-RKDQQWDQWRPHQRGLVFULEDFFKLQLHGRW WRUL1RQKRQLHQWHFRQWURLWXRLDPLFLPDQRQFKLHGHUPLGLUHJJHU ORURLOPRFFROR 6H YXRL ULPDQHUQH IXRUL ULVSHWWHUz OD WXD GHFLVLRQH 0D DOORUD GHYRFKLHGHUWLG HVVHUPLDQFRUDDPLFR *HWWDORVJXDUGRYHUVRLOEXLRGHOO DOWUDVWDQ]D /DPLDIDPLJOLD 6H IRVVL FRVWUHWWR D ODVFLDUH OD FLWWj LQ IUHWWD QRQ SRWUHL SRUWDUOL FRQ PH 1RQ F q ELVRJQR GL DOWUH SDUROH DEELDPR DQFRUD TXDOFRVD FKH QHVVXQRVELUURRVFRQILWWDSRWUjWRJOLHUFL 1RQWLSUHRFFXSDUH9HJOLHUzVXGLORUR -RKDQQHV'HQFNqO XQLFRDPLFRULPDVWR
&DSLWROR $XJXVWDDJRVWR
7UHFROSLHXQDYRFHURFDGLHWURODSRUWD 6RQRLRVRQR'HQFNDSUL 6DOWRJL~GDOODEUDQGDHWROJRLOSDOHWWR ÊURVVRGLVXGRUHHKDLOILDWRJURVVRSHUODFRUVD *OLVELUUL+DQQRSUHVR'DFKVHUXQ LUUX]LRQHLQFDVDVXDPHQ WUHGRUPLYDQRWXWWL 0HUGD &RPLQFLRDYHVWLUPLLQIUHWWD ,O TXDUWLHUH q SLHQR GL JXDUGLH HQWUDQR QHOOH FDVH VDQQR GRYH DELWLDPR (LWXRL" 'DDPLFLqXQSRVWRVLFXURGHYLYHQLUFLDQFKHWXTXLq WURSSR SHULFRORVRVWDQQRFHUFDQGRJHQWHYHQXWDGDIXRULFLWWj 5DFFROJRLOEDJDJOLRHDVVLFXURODGDJDVRWWRLOPDQWHOOR 4XHOODQRQVHUYLUjDQLHQWH 2IRUVHVtDQGLDPRIDLVWUDGD 6FHQGLDPR OH VFDOH H XVFLDPR QHO YLFROR PL JXLGD QHO SULPR FKLDURUH GHOO DOEDSHUVWUDGHVWUHWWHGRYHVLFRPLQFLDQRDGDSULUHOH ERWWHJKH /R VHJXR VHQ]D ULXVFLUH D RULHQWDUPL FL LQILOLDPR LQ XQ TXDUWLHUH PLVHUDELOH LQFLDPSR LQ XQ FDQH SXOFLRVR FKH DOORQWDQR FRQ XQ FDOFLR VHPSUH GLHWUR D 'HQFN FRO FXRUH LQ JROD 6L IHUPD GDYDQWLDXQDSRUWDSLFFROLVVLPDGXHFROSLHXQDSDURODPRUPRUDWD &LDSURQR(QWULDPRGHQWURqEXLRQRQYHGRQLHQWHPLVSLQJHYHU VRXQDERWROD $WWHQWRDOOHVFDOH 6FHQGLDPRHFLWURYLDPRLQXQDFDQWLQDXQOXPHULVFKLDUDIDFFH VFRQYROWHULFRQRVFR L YROWL GLDOFXQLIUDWHOOLYLVWLDFDVDGL/DQJHQ PDQWHO&LVRQRDQFKHODPRJOLHHLILJOLGL'HQFN 4XL VLHWH DO VLFXUR %LVRJQD DYYHUWLUH JOL DOWUL WRUQHUz SULPD SRVVLELOH $EEUDFFLDODPRJOLHXQIDJRWWRPXJRODQWHLQEUDFFLRXQDFDUH] ]DDOODEDPELQD 9HQJRFRQWH
1R0LKDLIDWWRXQDSURPHVVDULFRUGL" 0LWUDVFLQDYHUVRODVFDOD 6HQRQGRYHVVLWRUQDUHSRUWDOLYLDGL TXL QRQ VH OD SUHQGHUDQQR FRQ ORUR PDQRQYRJOLRFKHFRUUDQRUL VFKL3URPHWWLPLFKHWLSUHQGHUDLFXUDGLORUR Ê GLIILFLOH DEEDQGRQDUOR DOOD VXD VRUWH FRVt q XQD FRVD FKH QRQ DYUHLYROXWRIDUHPDLSL~ ' DFFRUGRPDIDLDWWHQ]LRQH 0L VWULQJH IRUWHODPDQRFRQXQPH]]RVRUULVR6ODFFLRODGDJD GDOODFLQWD 3UHQGLTXHVWD 1RPHJOLRQRQGDUJOLXQDVFXVDSHUDPPD]]DUPLFRPHXQFD QH *LjVLDUUDPSLFDVXSHUODVFDOD 0LYROWRVXDPRJOLHqOtQRQXQDODFULPDLOILJOLRDOFROOR5L SHQVR D 2WWLOLH OD VWHVVD IRU]D QHOOR VJXDUGR &RVt OH ULFRUGDYR OH GRQQHGHLFRQWDGLQL 7XRPDULWRqXQJUDQGHXRPR6HODFDYHUj
7RUQDQRLQWUH8QRGLORURq'HQFN6DSHYRFKHODYHFFKLDYRO SHQRQVLVDUHEEHIDWWDPHWWHUHQHOVDFFRÊULXVFLWRDUHFXSHUDUHDOWUL GXHIUDWHOOL 6RQRVWDWHRUHLQWHUPLQDELOLFKLXVLTXLVRWWRFRQODOXFHGHEROH ILOWUDWDGDXQDIHULWRLD /HLORDEEUDFFLDVRIIRFDQGRXQSLDQWRGLVROOLHYR'HQFNKDQHO OR VJXDUGR ODGHWHUPLQD]LRQHGLFKLVDGLQRQSRWHUSHUGHUHXQDWWL PR 0RJOLHDVFROWDPL1RQFHO KDQQRFRQYRLWXHLEDPELQLVDUHWH DOVLFXURLQTXHVWDFDVDHDSSHQDVLVDUDQQRFDOPDWHOHDFTXHSRWUHWH XVFLUH6DUHEEHFHUWRSL~SHULFRORVRIDUYLWHQWDUHODIXJDDGHVVRFKH RJQL SRUWD GHOOD FLWWj q SUHVLGLDWD GDOOH JXDUGLH /D PRJOLH GL 'D FKVHUWLWHUUjFRQOHL7URYHUzLRLOPRGRGLVFULYHUWL 'RYHDQGUDL" $%DVLOHDÊO XOWLPRSRVWRULPDVWRGRYHQRQVLULVFKLDODWHVWD 0LUDJJLXQJHUDLFRQLEDPELQLTXDQGRLOSHJJLRVDUjSDVVDWRqTXH VWLRQH GL XQ SDLR GL PHVL 6L ULYROJH D PH $PLFR PLR QRQ DE EDQGRQDUPL DGHVVR PDQWLHQL IHGH DOOD SDUROD FKH KDLGDWRQRQFR QRVFRQRLOWXRQRPHQpLOWXRYROWR $QQXLVFRVHQ]DTXDVLUHQGHUPHQHFRQWR *UD]LH7HQHVDUzULFRQRVFHQWHSHUODYLWD
5HDJLVFRVWRUGLWRGDOODVXDIUHWWD &RPHKDLLQWHQ]LRQHGLXVFLUH GDOODFLWWj" ,QGLFD XQR GHL GXH FRPSDJQL / RUWR GHOOD FDVD GL .DUO q D UL GRVVRGHOOHPXUD&RQXQDVFDODHDSSURILWWDQGRGHOEXLRGRYUHPPR IDUFHOD'RYUHPRFRUUHUHWXWWDODQRWWHDWWUDYHUVRLFDPSL7URYHUzLO PRGRGLIDUYLVDSHUHVHVRQRDUULYDWRVDQRHVDOYRD%DVLOHD %DFLDODILJOLDHLOSLFFROR1DWKDQ$EEUDFFLDODPRJOLHDOODTXD OH ELVELJOLD TXDOFRVD XQD IRU]D LQFUHGLELOH OH LPSHGLVFH DQFRUD GL SLDQJHUH /RDFFRPSDJQRYHUVRODVFDOD 8QXOWLPRVDOXWR &KH,GGLRWLSURWHJJD &KHLOOXPLQLODWXDVWUDGDLQTXHVWDQRWWHRVFXUD /DVXDRPEUDVLDUUDPSLFDYHORFHLQFLWDWDGDLFRQIUDWHOOL
&DSLWROR $QYHUVDPDJJLR
1RQORULYLGLPDLSL~0LJLXQVHYRFHPROWRWHPSRGRSRFKH HUDPRUWRGLSHVWHD%DVLOHDDOODILQHGLTXHOO DQQR /D JROD YRUUHEEH VWULQJHUVL DQFRUD PD LO WHPSR KD DQQDFTXDWR DQFKHODWULVWH]]D (ODVXDIDPLJOLD" )XURQRDFFROWLQHOODFDVDGHOFRQIUDWHOOR-DFRE'DFKVHU+XWOR SUHVHURLOVHWWHPEUHORULFRUGRDQFRUD&RQIHVVzODVXDDPLFL]LD FRQ0QW]HUVRORGRSRHVVHUHVWDWRWRUWXUDWRDOXQJR0RUtLQPRGR VWXSLGRFRPHVWXSLGDPHQWHDYHYDYLVVXWR7HQWzODIXJDLQFHQGLDQ GRODFHOODLQFXLHUDULQFKLXVRSHUFKpOHJXDUGLHDFFRUUHVVHURDGD SULUOD 1HVVXQR OR VRFFRUVH PRUt VRIIRFDWR GDO IXPR FKH OXL VWHVVR DYHYDSURYRFDWR/HXSROGLOSL~PRGHUDWRGHLFRQIUDWHOOLVLULYHOzLO SL~GXURQRQFRQIHVVzQpULWUDWWzPDL'RYHWWHURULODVFLDUOROREDQ GLURQRGDOODFLWWjLQVLHPHDOODVXDID]LRQHLRULXVFLLDGDJJUHJDUPLD ORUR/DVFLDL$XJXVWDQHOGLFHPEUHGHO SHUQRQWRUQDUFLSL~ (ORL q XQD VDJRPD VFXUD VXOOD VHGLD ROWUH OD JUDQGH VFULYDQLD GL DEHWH 'RYHDQGDVWLDOORUD" $G $XJXVWD DYHYR DSSUHVR FKH XQ YHFFKLR FRPSDJQR GL VWXGL YLYHYD D 6WUDVEXUJR 0DUWLQ %RUUKDXV VL FKLDPDYD GHWWR &HOODULR (UDQRFLQTXHDQQLFKHQRQORYHGHYRHFKHOXLQRQDYHYDPLHQRWL ]LH 4XDQGR JOL VFULVVL SHU FKLHGHUJOL DLXWR VHSSH ULYHODUVL XQ YHUR DPLFR ,O ELFFKLHUH q GL QXRYR SLHQR PL DLXWHUj D ULFRUGDUH R PL XEULDFKHUjQRQKDPROWDLPSRUWDQ]D &RVtDQGDVWLD6WUDVEXUJR" 6tQHOSDUDGLVRGHLEDWWLVWL
&DSLWROR 6WUDVEXUJR$OVD]LDGLFHPEUH
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qDUULYDWDODYLVLWDFKHDWWHQGHYDWH /DULVSRVWDqXQDVHGLDFKHVWULGHVFLYRODQGRVXOSDYLPHQWRHXQD YRFHJHQWLOHHDIIUHWWDWDFKHLQWHUURPSHTXHOODGHOORVWXGHQWH %HQH PROWR EHQH 2UD PL DVVHQWR XQ DWWLPR QHO IUDWWHPSR UL SDVVHUDLLSDUDGLJPLGLHXULVFRHJKLJQRVFRG DFFRUGR" 6LIHUPDDSSHQDGLHWURODSRUWDXQ HQWUDWDGDDWWRUHFRQVXPDWR ,QXQOXRJRHLQXQWHPSRPLJOLRULQRQqFRVt" ÊTXHOORFKHVSHURDPLFRPLR 0DUWLQ %RUUKDXV GHWWR &HOODULR q XQR GL TXHOOL FKH PDL DYUHL SHQVDWRGLULQFRQWUDUH0LHUDJLXQWDQRWL]LDGHOVXRLQFDULFRGLSUH FHWWRUH GHL ILJOL GL XQ QRELOH HG HUR FRQYLQWR FKH OH QRVWUH VWUDGH IRVVHURRUPDLWURSSRGLVWDQWL /XLDOFRQWUDULRVRVWLHQHFKHKDVHPSUHVSHUDWRFKHFLVDUHPPR ULYLVWL H GD TXDQGR q D 6WUDVEXUJR FKH LO QRVWUR LQFRQWUR VDUHEEH DYYHQXWR TXL 'LFH FKH JOL VWXGHQWL FKH KDQQR DIIROODWR OH DXOH GL :LWWHQEHUJ QXWUHQGR VLPSDWLH SHU &DUORVWDGLR SL~ FKH SHU /XWHUR H 0HODQWRQH VRQR SDVVDWL GD TXHVWD FLWWj GHOO $OVD]LD /R VWHVVR &DU ORVWDGLROR KDIDWWR 3DUOD GL 6WUDVEXUJR FRQ WRQR HQWXVLDVWD PHQWUH FRVWHJJLDPR LO FDQWLHUH GHOOD &DWWHGUDOH GLUHWWL DO PLR IXWXUR DOORJJLR /D GHVFULYH
FRPH XQD FLWWj GRYH QHVVXQR YLHQH SHUVHJXLWDWR SHU OH VXH FRQYLQ ]LRQLGRYHO HUHVLDqSHUVLQRPRWLYRGLLQWHUHVVHHGLVFXVVLRQLQHOOH ERWWHJKH H QHL VDORWWL TXDORUD VLD VRVWHQXWD GD DUJRPHQWD]LRQL EULO ODQWLHGDXQDFRQGRWWDPRUDOHLQHFFHSLELOH 8QFDUURGLEORFFKLGLDUHQDULDDYDQ]DIDWLFRVDPHQWHVXOVHOFLDWR GHOODSLD]]D/DFKLHVDGL1RVWUD6LJQRUDKDLOFDPSDQLOHSL~DOWRH LPSRQHQWHFKHPLVLDPDLFDSLWDWRGLYHGHUH6WDVXOODWRVLQLVWURGHO ODIDFFLDWDHWUDTXDOFKHDQQRLOVXRJHPHOORGLGHVWUDUDGGRSSLHUjOD JUDQGLRVLWjGLTXHVWRVWUDRUGLQDULRHGLILFLR *OL VWDPSDWRUL PL VSLHJD &HOODULR QRQ KDQQR SUREOHPL D SXEEOLFDUHWHVWLVFRWWDQWL&KLDPDQRTXHVWRORURSULYLOHJLRULVSHWWRDL FROOHJKLGLDOWUHUHJLRQL©ODEHQHGL]LRQHGL*XWHQEHUJªSHUFKpSUR SULRTXLLOSDGUHGHOODVWDPSDKDDSHUWRODVXDSULPDERWWHJD 0LSLDFHUHEEHSURSULRYLVLWDUODVHqSRVVLELOH &HUWDPHQWH PD SULPD GREELDPR RFFXSDUFL GLFRVHSL~LPSRU WDQWL4XHVWDVHUDLQIDWWLFRQRVFHUDLWXDPRJOLH 0LDPRJOLH" GRPDQGRGLYHUWLWR 6RQRVSRVDWRHQHVVXQRPL DYHYDDYYHUWLWR 8UVXOD -RVW OD UDJD]]D FKH VWD IDFHQGR JLUDUHODWHVWDDPH]]D 6WUDVEXUJR7X/LHQKDUG-RVWVHLVXRPDULWR ' DFFRUGR DPLFR DQGLDPR FRQ RUGLQH 0L ID SLDFHUH VDSHUH FKH q XQD EHOOD VLJQRUD PD SULPD GL WXWWR FKL q TXHVWR /LHQKDUG -RVW" 0L KDL VFULWWR FKH YROHYL VWDUH WUDQTXLOOR FDPELDUH QRPH GL YHQWDUHSUDWLFDPHQWHLUULQWUDFFLDELOH")LGDWLGL0DUWLQ%RUUKDXVRU PDL VRQR HVSHUWR LQ TXHVWR JHQHUH GL FRVH 6WUDVEXUJR q SLHQD GL JHQWHFKHYXROHFDQFHOODUHOHWUDFFH7UDO DOWUR/LHQKDUG-RVWQRQq PDLHVLVWLWRHTXHVWRUHQGHOHFRVHPROWRSL~VHPSOLFL8UVXODQRQq QHPPHQRVSRVDWDDQFKHVHGDTXDQGRqDUULYDWDTXLKDGLFKLDUDWRGL HVVHUOR (SHUFKpVHqOHFLWRGRPDQGDUOR" 3HUPROWHUDJLRQL ULVSRQGH&HOODULRFRQODVWHVVDDULDFKHDV VXPHYD D :LWWHQEHUJ SHU VSLHJDUPL OD WHRORJLD GL VDQW $JRVWLQR ,QFLWWjXQDGRQQDFKHYLDJJLDGDVRODGjQHOO RFFKLRSL~GLXQDVWUH JDPHQWUHOHLSUHIHULVFHQRQHVSRUVLWURSSRQRQVRQHPPHQRVH8U VXODVLDLOVXRYHURQRPH(SRLLOQRELOXRPRFKHODRVSLWD LQFDVDKD GLPRVWUDWRILQGDVXELWRXQ DWWHQ]LRQHWURSSRSUHVVDQWHQHLVXRLFRQ IURQWL (SDUODUJOLGHOPDULWR/LHQKDUGFKHSULPDRSRLVDUHEEHDUUL YDWR OR KD UDIIUHGGDWR DGRYHUHLPPDJLQR5LGR,QFRQWUDUHTXH
VWRYHFFKLRDPLFRPLPHWWHGDYYHUR GLEXRQXPRUH %HQH& qDOWUR FKHGHYRVDSHUH" ,OVROHILOWUDLQPH]]RDOOHQXELVFXUH8QUDJJLRGLOXFHVLGLVH JQDVXOORVIRQGRJULJLRHDFFHQGHLOYROWRGL&HOODULR +RFHUFDWRGL UDFFRQWDUHSRFRVXOWXRFRQWR6HLVWDWRPLRFROOHJDDOO XQLYHUVLWj GL :LWWHQEHUJ $YHYL DOFXQL DIIDUL GD VEULJDUH H VROWDQWRRUDSXRLUDJ JLXQJHUHWXDPRJOLHFKHqYHQXWDTXLSHUSDUODUHFRQ&DSLWRQH &HOODULRPLLQIRUPDVXOOHGXHILJXUHUHOLJLRVHSL~LPSRUWDQWLGHO ODFLWWj%XFHURH&DSLWRQHSHUVRQDJJLGHFLVDPHQWHWROOHUDQWLDPDQ WLGHOOHGLVSXWHWHRORJLFKHHSL~YLFLQLD=ZLQJOLFKHD/XWHUR'LFH FKHOLFRQRVFHUzPROWRSUHVWRIRUVHTXHVWDVHUDVWHVVDLQRFFDVLRQH GLXQDFHQDRIIHUWDGDOPLRIXWXURRVSLWH
&DSLWROR 6WUDVEXUJRGLFHPEUH
ÊQHOJLDUGLQRGHOODJUDQGHFDVDGLPHVVHU:HLVV'DGLHWURXQD FRORQQD VHQ]D IDUPL VFRUJHUH QH VHJXRLOSURILORDIILODWRODPDVVD GHLFDSHOOLFKHWLHQHVFLROWLOHGLWDVRWWLOLVXOERUGRGHOODYDVFD 8Q JDWWR YD D VWUXVFLDUVL FRQWUR OD VXD VRWWDQD /H FDUH]]H VHP EUDQR L JHVWL ULSHWXWL GL XQ ULWR HOHSDUROHPRUPRUDWHTXHOOHGLXQD IRUPXODPDJLFDF qXQFKHGLVWUDQRQHLVXRLPRYLPHQWLXQDFDVXD OLWjLPSUREDELOHHDIIDVFLQDQWH (VFR DOOD OXFH FKH SLRYH GDOO DOWR PD DOOH VXH VSDOOH VHQ]D FKH PL SRVVD YHGHUH 0HQWUH OH VFLYROR DFFDQWR SHUFHSLVFR O RGRUH DFUH GLGRQQDTXHOPLVWRLQHEULDQWHGLODYDQGDHXPRULTXHOFURFHYLDWUD ODWHUUDHLOFLHORO LQIHUQRHLOSDUDGLVRFKHLQXQDWWLPRFLSHUGHHFL IDULVRUJHUH5LHPSLROHQDULFLHRVVHUYRGDYLFLQR 8QDYRFHWLHSLGD ÊLOPHVWUXRFKHWLXEULDFDXRPR" 6LYROWDOHQWDRFFKLQHULOXPLQRVL $WWRQLWR ,OWXRRGRUH ÊO RGRUHGHOOHFRVHEDVVHLOWHUULFFLRDSSHQDVPRVVRJOLXPRUL GHOFRUSRLOVDQJXHODPHODQFROLD ,PPHUJRXQDPDQRQHOO DFTXDJHOLGDGHOODYDVFD*OLRFFKLGLOHL DWWUDJJRQRORVJXDUGRODERFFDqXQDFXUYDVWUDQDVXOYROWRRYDOH /DPHODQFROLD" *XDUGDLOJDWWR 6t+DLPDLYLVWRO RSHUDGLPDVWUR'UHU" +RYLVWRO ,PLWDWLR&KULVWLLOFLFORVXOO $SRFDOLVVH / DQJHOR PHODQFROLFR QR SHUz $OWULPHQWL VDSUHVWL FKH q XQD GRQQD &RPH" +DLWUDWWLIHPPLQLOL/DPHODQFROLDqGRQQD 6RQRFRQIXVRVRWWRLYHVWLWLVLGLIIRQGHLOSUXULWR 6FUXWRLOSURILORWDJOLHQWH 6DUHVWLWX" 5LGHLEULYLGLVFURVFLDQROXQJRODVFKLHQD )RUVHVt0DODGRQ QDFKHqDQFKHLQWH+RFRQRVFLXWRPDVWUR'UHUKRSRVDWRSHUOXL XQDYROWDÊXQXRPRFXSR6SDYHQWDWR 'DFRVD"
'DOODILQHFRPHWXWWL(WXKDLSDXUD" ÊXQDGRPDQGDVLQFHUDFXULRVD3HQVRD)UDQNHQKDXVHQ 6t0D VRQRDQFRUDYLYR *OLRFFKLOHULGRQRFRPHVHDYHVVHDVSHWWDWRTXHVWDULVSRVWDSHU DQQL +DLYLVWRVFRUUHUHLOVDQJXH" 7URSSR $QQXLVFH VHULD *OL XRPLQL SURYDQR LPSUHVVLRQH GHO VDQJXH SHU TXHVWR IDQQR OD JXHUUD FHUFDQR GL VFRQJLXUDUQH LO WHUURUH /H GRQQHQRGHYRQRYHGHUHVFRUUHUHLOSURSULRDRJQLFDPELRGLOXQD 5LPDQLDPR]LWWLDJXDUGDUFLFRPHVHODVXDIUDVHDYHVVHVDQFLWR LOVLOHQ]LRFRQXQDVDJJH]]DVDFUD 3RL 6HL8UVXOD-RVW (WXVDUDL/LHQKDUG-RVW" 7XRPDULWR /R VWHVVR VLOHQ]LR D VDQFLUH O DOOHDQ]D GHL IXJJLDVFKL &HUFD L GHWWDJOL GHO PLR YLVR /D VXD PDQR VFLYROD VRWWR OD VRWWDQD SRL VXO PLR SROVR GRYH q LQFLVD XQD YHFFKLD FLFDWULFH LO GLWR OD ULSHUFRUUH WLQJHQGRODFROURVVRGHOVDQJXH 6HQWRFKHLPSDOOLGLVFRXQ RQGDGLVXGRUHIUHGGRVLVSDQGHVRWWR ODFDPLFLDLQVLHPHDOGHVLGHULRLPSURYYLVRGLWRFFDUOD 6t0LRPDULWR
&DSLWROR $QYHUVDPDJJLR
/DFLWWjHUDWUDQTXLOOD0LFKDHO:HLVVLOPLRRVSLWHJHQHURVR HPLDPRJOLHVWXSHQGD(WDQWRSHUFDPELDUHDYHYRXQQXRYRQRPH 'RYHYRD0DUWLQSL~GLTXDQWRDYUHLSRWXWRUHQGHUJOLLQFDPELR/D FHUFKLD GL GRWWRUL FKH LO EXRQ &HOODULR IUHTXHQWDYD YDQWDYD SHUVR QDJJLGDYYHURDQRPDOLSHUTXHOWHPSRGLUHSUHVVLRQH$YHYDQRYR JOLDGLGLVFXWHUH :ROIJDQJ)DEULFLXVGHWWR&DSLWRQHHUDTXHOORFKHPLLQFXULRVL YDGLSL~$QFKHVHVLSURIHVVDYDIHUYLGRVHJXDFHGL/XWHURDYHYDXQ RFFKLRGLULJXDUGRSHUTXHOOLFKHDOORUDFRPLQFLDYDQRDHVVHUHFKLD PDWL $QDEDWWLVWL H VHPEUDYD YROHUOL LQFOXGHUH QHOOD FULVWLDQLWj ULIRU PDWD0LFKLHVHPROWHFRVHFRQXQDFXULRVLWjFKHPLSDUYHVLQFHUD $YHYD OHWWR JOL VFULWWL GL 'HQFN UHVWDQGRQH DPPLUDWR 1RQ JOL IHFL FDSLUHFKHDYHYRFRQRVFLXWRTXHOODFDQDJOLDPDPLGLYHUWLLDVDJJLD UHODVXDWROOHUDQ]DFRQTXDOFKHXVFLWDFRUDJJLRVD &RQREELDQFKH2WWR%UXQIHOVLOERWDQLFRHVSHUWRGHOOHFDSDFLWj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~URJQRVRHUD0DUWLQ%XFHUR/RLQFRQWUDLXQDYROWDVRODD FDVD GL &DSLWRQH XQ XRPR RVFXUR H VHULR WHUURUL]]DWR GDOOD URYLQD GHLWHPSL5HVWLRDOODYLWD (UDXQDFLWWjPRQGDQD6WUDVEXUJRFROWDHDOORVWHVVRWHPSRSD
FLILFDHVHSDUDWDGDOO RGLRFKHPDWXUDYDIXRULGDOOHVXHPXUD
(ORLPLYHUVDGHOO DFTXDSHUFKpSRVVDFRQWLQXDUH1RQ DSUHERF FD DVVDSRUD RJQL SDUROD VLOHQ]LRVR JOL RFFKL VFLQWLOODQR QHOO RPEUD FRPHTXHOOLGLXQJDWWR 8UVXODHUDXQDGRQQDVWUDQDVWUHJDWD&DSHOOLFRUYLQLQDVRDIIL ODWRYROWRGXURHVHQVXDOHLQVLHPH1RQULXVFLPPRDILQJHUHDOXQ JRODSDVVLRQHFLSUHVHODPDQRFLLQHEULzILQGDVXELWR1HPPHQR OHLDYHYDXQDVWRULDQRQVDSHYRGDGRYHYHQLVVHLOVXRDFFHQWRQRQ PLGLFHYDQLHQWHHQRQYROOLVDSHUHHUDFRVtVHPSOLFH6LDYYLFLQD YDGLVRSSLDWWRVLQXRVDH]LWWDFRPHXQIHOLQRSUHPHYDLOVHQRFRQ WURODPLDVFKLHQDHDOORUDSHUFHSLYRLOVXRGHVLGHULR4XHOORFKHFL DWWDQDJOLDYD HQWUDPEL HUD TXHOO LQFHUWH]]D TXHO QRQ VDSHUH 6H IRV VLPRVWDWLDOWURYHVDUHEEHVWDWRGLYHUVRWXWWRTXDQWR / KDLDPDWD" /DVXDYRFHqURFD &UHGRGLVt&RPHVLDPDTXDQGRQRQVLKDSL~QLHQWHDOOHVSDO OH H VROWDQWR XQ HWHUQR SUHVHQWH VHQ]D SURPHVVH 'LR QRQ F HQWUDYD SL~FRQOHQRVWUHYLWHHUDQRVWDWHLQFLVHDIRQGRIRUVHDQFKHOHLSRU WDYDLOULFRUGRGLXQDFDWDVWURIHGLXQDVYHQWXUDLPPDQH)RUVHDQ FKHOHLHUDPRUWDXQDYROWD6SHVVRGLQRWWHGRSRXQDPSOHVVRPL VHPEUDYD GL OHJJHUJOLHOR QHJOL RFFKL TXHO PDOH 6t FL DPDPPR GDYYHUR(UDO XQLFDSHUVRQDDFXLFRQILGDYRWXWWHOHLPSUHVVLRQLVXO FLUFROR GL SHUVRQDJJL QHO TXDOH PL DJJLUDYR GXUDQWH LO JLRUQR 1RQ GLFHYD QLHQWH DVFROWDYD DWWHQWD SRL DOO LPSURYYLVR VXJJHOODYD FRQ XQD IUDVH ODSLGDULD LO PLR JLXGL]LR LQFHUWR XQD IUDVH FKH XQ LVWDQWH GRSRPLWURYDYRDFRQGLYLGHUHLQSLHQRFRPHVHPLDYHVVHOHWWRQHO SHQVLHUR FRPH VH UDJLRQDVVH SL~ LQ IUHWWD GL PH (VRQR FRQYLQWR FKHIRVVHFRVt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jDXWXQQRHSHUPHWjSULPD YHUD
&DSLWROR $QYHUVDPDJJLR
,OQXRYRVFDOSHOOLQRODYRUDDPHUDYLJOLD%DOWKDVDUQRQKDSHUVR WHPSRPHORKDIDWWRWURYDUHSURSULRTXHVWDPDWWLQDVXOWDYRORGHOOR VFULWWRLR /D SXQWD VROOHYD ULFFLROL GL OHJQR FRPH XQ FXFFKLDLR VXO EXUUR PHQWUH OR VJXDUGR LQFUHGXOR GL (ORL DFFRPSDJQD RJQL FROSR GHOPDUWHOOHWWRRJQLVFKHJJLDFKHYRODVXOSDYLPHQWRRJQLSDUWLFR ODUHGHOOD&DWWHGUDOHGL6WUDVEXUJRFKHHVFHLQULOLHYRGDOODWDYROHWWD 'DYYHUR QRWHYROH FRPPHQWD DJJURWWDQGR OH ODEEUD 'RYH KDLLPSDUDWRDXVDUHOHPDQLFRVtEHQH" +RIDWWRSL~IDWLFDDLPSUDWLFKLUPLFRQODVSDGDFKHFRQTXHVWR ULVSRQGRDO]DQGRO DUQHVHDIILODWR ÊVWDWRD6WUDVEXUJR/DYRUDYR LQXQDVWDPSHULDGHOODFLWWjFRPHRSHUDLRFRPSRVLWRUH& HUDXQWL]LR FKH IDFHYD OH LOOXVWUD]LRQL SHU L OLEUL 'XUDQWH OH SDXVH SRJJLDYD OH ODVWUHHLOEXOLQRHSUHQGHYDLQPDQRODVJRUELDKDIDWWRLOULWUDWWRGL RJQXQRGLQRLHDFLDVFXQRORKDUHJDODWRLQGHFLQHGLFRSLH5LSHWH YD VHPSUH FKH XQD FRVD EHOOD QRQ GHYH PDL HVVHUH XQLFD Ê OXL FKH PLKDLQVHJQDWRDLQWDJOLDUHLOOHJQR 2VVHUYDLOGLVHJQRSHUXQDWWLPRSRLLQGLFDODGDWDLQXQDQJROR Ê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ÊRUDGLSDVVDUHDOFROWHOOLQR SHULGHWWDJOLSL~SLFFROL(ORLVLLQWHUURPSHSHUVHJXLUHOHIDVLGHOOD ODYRUD]LRQH SRL ULSUHQGH D SDUODUH )DPPL FDSLUH $ 6WUDVEXUJR DYHYL WURYDWR XQD FHUWD WUDQTXLOOLWj XQ DPLFR DIIHWWXRVR XQDGRQQD SLHQDGLYLWDXQPHVWLHUH3HUFKpQRQVHLULPDVWROj"
/R JXDUGR QHJOL RFFKL SDUODQGR OHQWDPHQWH +DL PDL VHQWLWR SDUODUHGL0HOFKLRU+RIPDQQ" 4XHVWD YROWD q LQFUHGXOR 1RQ PL GLUDL FKH KDL FRQRVFLXWR DQ FKHOXL" $QQXLVFRFRQODWHVWDLQVLOHQ]LRVRUULGHQGRSHUODVXDUHD]LRQH 6LSXzGLUHFKHOXLVLDVWDWRVRODPHQWHODFDXVDILQDOHGHOODPLDSDU WHQ]D $TXHOWHPSRHUDQRJLjVXFFHVVHPROWHFRVH 0LUHQGRFRQWRFKHFRPLQFLRDSURYDUHJXVWRQHOUDFFRQWDUH0L FRPSLDFFLRGLFUHDUHDWWHVDLQWHUHVVH$QFKH(ORLGHYHDYHUQRWDWRLO FDPELDPHQWR 2JQL WDQWR PL Gj FRUGD DOWUH YROWH FRPH LQ TXHVWR FDVRULPDQH LQVLOHQ]LRHDVSHWWDFKHVLDLRDULSUHQGHUH 8UVXOD FRO SDVVDUH GHL PHVL FRPLQFLz D GLYHQWDUHVHPSUHSL~ LQVRIIHUHQWH QHL FRQIURQWLGHOO DWPRVIHUDFKHUHJQDYDLQFLWWj0LUL SHWHYDFKHD6WUDVEXUJRYLYHYDXQVDFFRGLJHQWHFRQLGHHLQQRYDWL YH H EULOODQWL PD O XQLFD FRVD FKH OD GLIIHUHQ]LDYD GDOOH DOWUH FLWWj WHGHVFKHHUDODSRVVLELOLWjGLHVSULPHUHTXHOOHLGHHLQXQDYHVWHFROWD HUDIILQDWD,OVXRJULGRGLEDWWDJOLDGLYHQWz©$6WUDVEXUJRO HUHVLDq YLYHUHª $O]RJOLRFFKLGDOILQLVVLPRLQWDJOLRGHO URVRQHGHOOD&DWWHGUDOH (ORL DVFROWD FRO PHQWR SRJJLDWR DO GRUVR GHOOD PDQR ,O SLDFHUH GHO SDVVDWHPSRULWURYDWRVFLRJOLHOHSDUROHDQFRUSL~GHO/LTXRUH $Q GDYD LQ JLUR SHU OH SLD]]H D GDUH VSHWWDFROR VSHFLDOPHQWH EDOODQGR GDQ]H FRQVLGHUDWH ODVFLYH R UR]]H VXRQDQGR LO OLXWR H FDQWDQGR JOL VWRUQHOOLGHOODJHQWHGLVWUDGD&RLQYROVHDQFKHPH (ORLULGHGLJXVWR$SSRJJLDLOELFFKLHUHVXOWDYROR 7LKRVHQWLWRFDQWDUHTXDOFRVDPHQWUHWLUDYLVXODSDOL]]DWDGHO O RUWR6HLOYRVWURVFRSRHUDTXHOORGLUHQGHUHODJHQWHSL~QHUYRVD 8UVXODKDIDWWREHQHDLQJDJJLDUWL 1RQLHQWHFDQWRSHUFDULWj&RPLQFLDLIDFHQGRLOPXUDWRUH/D SULPD D]LRQH FKH HVFRJLWDPPR IX TXHOOD GL HQWUDUH GL QRWWH LQ XQD FKLHVDHGLHULJHUHXQPXURGLPDWWRQLGDYDQWLDOODVFDOLQDWDGHOSXO SLWR 6RSUD FL VFULYHPPR SXUH XQD IUDVH GL &HOODULR ©1HVVXQR SXz SDUODUPLGL'LRPHJOLRGHOPLRFXRUHª ,OOLTXRUHLQWDQWRFRPLQFLDDIDUHLOVXRHIIHWWR/RVFDOSHOOLQRPL VIXJJH SL~ GL XQD YROWD GDO VHJQR ILQFKp QRQ DUULYR D VWDFFDUH GL QHWWR XQSH]]RGLFDPSDQLOH7RFFKHUjULQFROODUOR ,O SL~ EHOOR GL WXWWL FRPXQTXH q VWDWR FHUWDPHQWH OR VFKHU]R FKHDEELDPRWLUDWRD0DGDPD%XRQFXRUH&DUORWWD+DVHO'HYLVDSH UHFKH&DUORWWD+DVHOHUDXQDGHOOHWDQWHGDPHGHOODFLWWjDGDYHUDO OHVWLWRLQFDVDXQDPHQVDSHULSRYHULHLYDJDERQGL/LIDFHYDSUHJD
UHHPDQJLDUHEHUHHFDQWDUVDOPL &RQRVFRLOJHQHUHSXUWURSSR 8UVXOD QRQ OD SRWHYD QHPPHQR VHQWLU QRPLQDUH/DRGLDYD,Q TXHO PRGR VSHFLDOH LQ FXL VROWDQWR XQD GRQQD SXz RGLDUQH XQ DOWUD ' DOWURFDQWR0DGDPD%XRQFXRUHDYHYDODIDVWLGLRVDFDUDWWHULVWLFDGL FRQVLGHUDUHLSRYHUDFFLFRPHGHLVDQWL,OVXRPRWWRHUD©'DWHJOLLO SDQH H ORGHUDQQR'LRª8UVXODQRQHUDGHOORVWHVVRDYYLVR'LFHYD FKHFKLQRQKDQXOODXQDYROWDULHPSLWRORVWRPDFRKDEHQDOWURLQ WHVWD FKH LO SUHJDUH EHUH VFRSDUH GLYHUWLUVL YLYHUH 'LFLDPR FKH DOODSURYDGHLIDWWLODVXDWHRULDVLGLPRVWUzPROWRSL~D]]HFFDWD 4XDOLIDWWL" /DFRORVVDOHRUJLDDFXLGHPPRYLWDQHOVDORQHGLFDVD+DVHO 1RQ VR FRVD DYUHL GDWR SHU SDUWHFLSDUH DOOD GLPRVWUD]LRQH GHO WHRUHPD HVFODPD (ORL GLYHUWLWR 7XWWDYLD QRQ YHGR FRVD TXHVWD VWRULDDEELDDFKHYHGHUHFRQ0HOFKLRU+RIPDQQ 6RORXQDWWLPRGLFRQFHQWUD]LRQHSHUO XOWLPRFROSR6RIILRYLDOD VHJDWXUDHDO]RODWDYROHWWDDOO DOWH]]DGHJOLRFFKL3HUIHWWD )DWLFKHUDLDFUHGHUFLDPLFRPLRDQFKH0HOFKLRULO9LVLRQDULR DOOD ILQH q XQR GHJOL VSHWWDFROL GHOOD DIIHUPDWD FRPSDJQLD WHDWUDOH /LHQKDUGH8UVXOD-RVW
&DSLWROR $QYHUVDPDJJLR
1RQqSL~ LOWHPSRGHLSUHGLFDWRULG DSRFDOLVVL/ XOWLPRO KDQQR GHFROODWRD9LOYRRUGHGDYDQWLDLPLHLRFFKLXQPHVHID0DLQTXHVWL GLHFLDQQLQHKRFRQRVFLXWLGDYYHURWDQWLDRJQLDQJRORGLVWUDGDLQ RJQL SRVWULEROR QHOOH FKLHVH SL~ VSHUGXWH ,O PLR SHUHJULQDUH q FR VWHOODWR GL TXHVWL LQFRQWUL DO SXQWR FKH SRWUHL VFULYHUFL XQ WUDWWDWR $OFXQL QRQ HUDQR FKH FLDUODWDQL H DWWRUL DOWUL FUHGHYDQR DO SURSULR VLQFHURWHUURUHPDVROWDQWRSRFKLVVLPLDYHYDQRODVWRIIDGHOSURIHWD ODJHQLDOLWjO HVWURLOFRUDJJLRGL ULGLSLQJHUHQHOO DQLPRGHJOLXRPLQL LOJUDQGHDIIUHVFRGL*LRYDQQL(UDJHQWHLQJUDGRGLVFHJOLHUHOHSD UROHJLXVWHGLFDUSLUHOHVLWXD]LRQLODJUDYLWjGHLPRPHQWLHGLYRO JHUOH YHUVR O DWWHVD GHOO DYYHQWR LPPLQHQWH DQ]L JLj SUHVHQWH )ROOL Vt PD DQFKH DELOL 1RQ VR VH IRVVH 'LR RSSXUH 6DWDQD D VXJJHULUH ORUR OH SDUROH H OH YLVLRQL QRQ KD LPSRUWDQ]D 1RQ O DYHYD SHU PH DOORUDHWDQWRPHQRDGHVVR)UDQNHQKDXVHQPLDYHYDLQVHJQDWRDQRQ DVSHWWDUH QHVVXQ HVHUFLWR GL DQJHOL QHVVXQ 'LR VDUHEEH GLVFHVRDG DLXWDUHLPLVHUDELOL'RYHYDQRDLXWDUVLGDVROL(LSURIHWLGHO5HJQR HUDQR DQFRUD TXHOOL FKH SRWHYDQR VROOHYDUOLHGDUORURXQDVSHUDQ]D SHUFXLFRPEDWWHUHO LGHDFKHOHFRVHQRQVDUHEEHURVWDWHSHUVHPSUH FRVt 9XRLGLUHFKHWLULPHWWHVWLDORWWDUH" (ORLVHPEUDVWXSLWR%HYRXQSR G DFTXDSHUVFKLDULUPLODJROD 1RQVDSHYRFRVDDYUHLIDWWR,RH8UVXODFRPLQFLDPPRDRGLDUH TXHLWHRORJLFKHSDUODYDQRSDUODYDQRVLDWWHJJLDYDQRDJUDQGLSHQ VDWRUL GHOOD FULVWLDQLWj GLVFXWHQGR GHOOD PHVVD H GHOO HXFDUHVWLD QHL VDORWWL GHL ULFFKL VWUDVEXUJKHVL /D ORUR WROOHUDQ]D HUD XQ OXVVR SHU EHQHVWDQWL FKH QRQ VDUHEEH PDL DQGDWR ROWUH OD FRQFHVVLRQH GL XQ SLDWWR GL PLQHVWUD DL SRYHUL 4XHJOL XQWL ERWWHJDL SRWHYDQR SHUPHW WHUVLGLPDQWHQHUHTXHOODFULFFDGLGRWWRULHSHUILQRGLDVVHFRQGDUHOD ORUR PDJQDQLPLWj YHUVR JOL HUHWLFL SHUFKp HUDQR ULFFKL (UD OD ULF FKH]]D D JDUDQWLUH OD IDPD GL 6WUDVEXUJR (UD TXHOOD IDPD D IDU DI IOXLUHODJJL~OHWWHUDWLHVWXGHQWL 6RJJKLJQR 6L VSDYHQWDURQR RK Vt VL VSDYHQWDURQR GDYYHUR
TXDQGR IDFHPPR FDSLUH ORUR FKH L SRYHUL JOL XPLOL FKH DYUHEEHUR YROXWRDLXWDUHFRQTXDOFKHODXWDHOHPRVLQDSHUPHWWHUVLDSRVWRTXHO OD FRVFLHQ]D GL PHUFDQWL DVSLUDYDQR D UXEDU ORUR OD ERUVD H PDJDUL DQFKH D WDJOLDUH TXHOOH EHOOH JROH ELDQFKH 1RQ RFFRUVH DVSHWWDUH PROWR WHPSR SHUFKp &DSLWRQH H %XFHUR ULVSRQGHVVHUR DOOH QRVWUH SURYRFD]LRQLLQWURGXFHQGRVRWWLOLGLVWLQ]LRQLWUDEDWWLVWL©SDFLILFLªH EDWWLVWL ©VHGL]LRVLª 1RL ULHQWUDYDPR FKLDUDPHQWH QHOOD VHFRQGD FD WHJRULD (ORL VRUULGH VWRUWR IRUVHSHQVD DOOD VXD $QYHUVD PD QRQPLLQ WHUURPSH 1RQVLWUDWWDYDGLULFRPLQFLDUHXQDJXHUUDSHUGXWD6DUHEEHVWD WRVWXSLGR0D8UVXODPLDYHYDULJHQHUDWRFRPHVHLOVXRYHQWUHPL DYHVVH SDUWRULWR XQD VHFRQGD YROWD 9ROHYDPR WLUDUH OD FRUGD HVD VSHUDUHODILODQWURSLDLSRFULWDGLTXHOODJHQWHILQFKpQRQVLIRVVHULYH ODWDSHUTXHOORFKHHUDXQDVFKLHUDGLULFFKLDWWDFFDWLDOO RURWUDYHVWL WLGDSLLFULVWLDQL)XXQRGHLSHULRGLSL~VSHQVLHUDWLGHOODPLDYLWD 0L IHUPR SHU WLUDUH LO ILDWR IRUVH DVSHWWR XQD GRPDQGD SHU UL SUHQGHUHLOILORGHOUDFFRQWR(ORLPHODFRQFHGH 4XDQWRDQGzDYDQWL" 8QRVIRU]RGLPHPRULD &LUFDXQDQQR3RLQHOODSULPDYHUDGHO
DUULYz D 6WUDVEXUJRO XRPRFKHDYUHEEHGDWRLQL]LRDOPLRYLDJ JLR2UDPDUFLVFHQHOOHSULJLRQLGLTXHOODFLWWjKDFRPPHVVRO HUURUH IDWDOHGLULPHWWHUFLSLHGHGRSRTXHOORFKHDYHYDPRFRPELQDWR 0HOFKLRU+RIPDQQ (FKLVHQR"8QRGHLSL~VWUDPELSURIHWLFKHDEELDPDLLQFRQ WUDWRDEEDVWDQ]DXQLFRQHOVXRJHQHUHHSHUIROOLDHRUDWRULDVHFRQGR VROWDQWRDO JUDQGH0DWWK\V 6RQRWXWW RUHFFKL %HYR DQFRUD H ULFRPSRQJR TXHO YROWR ORQWDQLVVLPR +RIPDQQ XQDYROWDHUDXQSHOOLFFLDLR8QJLRUQRHUDVWDWR©IROJRUDWRVXOODYLD GL 'DPDVFRª H VL HUD PHVVR D SUHGLFDUH $YHYD FRUWHJJLDWR /XWHUR ILQFKp QRQ HUD ULXVFLWR D IDUVL VFULYHUH GD OXL XQD UDFFRPDQGD]LRQH SHUOHFRPXQLWjGHO1RUG4XHOODILUPDJOLDYHYDDSHUWROHSRUWHGHL SDHVLEDOWLFLHGHOOD6FDQGLQDYLDFRQVHQWHQGRJOLGLDFTXLVWDUHQRWR ULHWjHDQFKHXQFHUWRVHJXLWR$YHYDJLUDWRPROWLVVLPRVXQHO1RUG 3RL XQ EHO JLRUQR VL HUD FRQYLQWR FKH LO UHJQR GHL VDQWL H GL &ULVWR IRVVHRUPDLSURVVLPRHDYHYDFRPLQFLDWRDSUHGLFDUHLOSHQWLPHQWRH O DEEDQGRQRGLWXWWLLEHQLWHUUHQL1RQF HUDYROXWRPROWRSHUFKp/X WHUR OR VFRQIHVVDVVH 0L GLVVH GL HVVHUH VWDWR VFDFFLDWR GDOOD 'DQL PDUFD FRQ OD SURPHVVD FKH VH YL DYHVVH ULPHVVR SLHGH OD VXD WHVWD
VDUHEEHVWDWDDIILVVDVXXQSDOR(UDGDYYHURXQSD]]RJHQLDOH$YH YDFRQRVFLXWRLOEXRQYHFFKLR&DUORVWDGLRHQHFRQGLYLGHYDLOFRP SOHWRULILXWRGHOODYLROHQ]D$UULYzD6WUDVEXUJRFRQYLQWRGLHVVHUHLO SURIHWD(OLDLQFHUFDGHOPDUWLULRFKHJOLFRQIHUPDVVHODSURVVLPLWj GHOO DYYHQWRGHO6LJQRUH6LLQQDPRUzVXELWRGHJOL$QDEDWWLVWLORFDOL H ULXVFt D LQLPLFDUVL WXWWL L ULIRUPDWRUL OXWHUDQL %XFHUR SULPD SRL &DSLWRQHHWXWWLJOLDOWUL ,R H 8UVXOD FDSLPPR LPPHGLDWDPHQWH FKH HUD LO WLSR FKH VWDYD PRFHUFDQGRSHUIDUVDOWDUHLQDULDODFLWWj&LYHQQHVSRQWDQHRVHQ ]D ELVRJQR GL FRQFRUGDUH QLHQWH GXUDQWH XQD FHQD LPSURYYLVDPPR GHOOH ULYHOD]LRQL VFRQYROJHQWL OHL VL HFFLWz DO SXQWR GD UDJJLXQJHUH O HVWDVLGDYDQWLDLVXRLRFFKLPHQWUHLRJOLUDFFRQWDYRGLFRPHLULF FKL H L SRWHQWL VDUHEEHUR VWDWL VSD]]DWL YLD GDOOD IXULD GHO 6LJQRUH 1HOOH VHWWLPDQH FKH VHJXLURQR JOL GHWWDPPR SDVVR SDVVR OH QRVWUH YLVLRQLGLFXLQRQVLODVFLzVIXJJLUHXQDVRODSDUROD4XDQGRWXWWRIX SURQWRWURYDLLOPRGRGLPDQGDUHDOODVWDPSDTXHOORFKHDYHYDVFULW WRGXHWUDWWDWLFRQOHSURIH]LHGL8UVXODHOHPLH6LPLVHDSUHGLFDUH DOODIROODVXOODSLD]]DSULQFLSDOH4XDOFXQRJOLVSXWzLQIDFFLDTXDO FXQ DOWUR FHUFz GL SLFFKLDUOR DOWUL DQFRUD WHQWDURQR GL DVVDOLUH XQ EDQFRGLSHJQLSHUGLVWULEXLUHLEHQLDLSRYHUL4XDQGRJOLVFULWWLIX URQRGLIIXVLGDLOLEUDL%XFHURFHUFzGLIDUORLPSULJLRQDUH&LIXURQR JLRUQL GL VXEEXJOLR )X XQ DQQR GL IXRFR VHQWLYR FKHLO VDQJXH PL ULEROOLYDQHOOHYHQHFKHODFRUGDVWDYDSHUVSH]]DUVL (IXFRVtDOO LQL]LRGHO VHULFRUGREHQH+RIPDQQVLIHFHUL EDWWH]]DUHHSUHGLFzSHUO XOWLPDYROWDSURFODPDQGRO LPPLQHQ]DGHO UHJQR GL &ULVWR GHQXQFLDQGR O DWWDFFDPHQWR DL EHQLWHUUHQL H FKLH GHQGR FKH JOL $QDEDWWLVWL SRWHVVHUR XWLOL]]DUH XQD FKLHVD FLWWDGLQD )X OD JRFFLD FKH IHFHWUDERFFDUHLOYDVR%XFHURIHFHSUHVVLRQLIRU WLVVLPHVXO&RQVLJOLRSHUIDUORHVSHOOHUHGDOODFLWWj$3DVTXDJOLDU ULYz O LQJLXQ]LRQHGLODVFLDUH6WUDVEXUJR6HQRQDYHVVHREEHGLWRVH ORVDUHEEHURIDWWRFRQWXWWLLSDQWDORQL $QFKH SHU PH O DULD HUD GLYHQWDWD SHVDQWH &HOODULR QRQ SRWHYD SL~ SURWHJJHUFL GDOO LUD GL %XFHUR H &DSLWRQH IX VLQFHUR FRQ PH FRQVDSHYROH FKH PL DYUHEEH SHUVR GL QXRYR TXHVWD YROWD IRUVH SHU VHPSUH(UDLOGHVWLQRFKHPLHURVFHOWRLOYHFFKLR0DUWLQQRQSRWH YD IDUFL QLHQWH /R DEEUDFFLDL DQFRUD H OR VDOXWDL FRPH DYHYR IDWWR DQQLSULPDD:LWWHQEHUJSHUPHWWHUPLDOODULFHUFDGLXQPDHVWURHGL XQDQXRYDVRUWH9HFFKLRDPLFRFKLVVjGRYHVLVDUjFDFFLDWRDQFRUD D6WUDVEXUJRRLQTXDOFKHQXRYDXQLYHUVLWjDGLVFXWHUHGLWHRORJLD $O]ROHVSDOOHHVFDFFLRODWULVWH]]D(ORLDWWHQWLVVLPRYXROHVHQWL
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qWDUGL6RUULGRDQFRUDDOULFRUGRGLTXHOODGRQQD /DVWDJLRQHSDVVz3HUODVFLDUSRVWRDXQQXRYRDQQR
&DSLWROR 6WUDVEXUJRDSULOH
/HHVSORGRGHQWURVHQ]DULXVFLUHDWUDWWHQHUHO XUORFKHVLPHVFR OD DO VXR ,O SLDFHUH VTXDVVD LO FRUSR ILQR D WRUFHUPL FRPH XQ UDPR VHFFRQHOIXRFR6FHQGHVXGLPHPDGLGDO RQGDQHUDGHLFDSHOOLPL DYYROJH O RGRUHGHJOLXPRULVXOODERFFDVXOOHPDQLLOVHQRFRQWURLO SHWWR6LVWHQGHDFFDQWRELDQFDHVWXSHQGDDVFROWRLOVXRUHVSLURUDO OHQWDUH0LSUHQGHODPDQRLQXQJHVWRFKHKRLPSDUDWRDGDVVHFRQ GDUHHO DSSRJJLDWUDOHFRVFHDUDFFRJOLHUHLQXQDVRODSUHVDGHOLFD WDLOVHVVRFKHDQFRUDVLFRQWUDH8UVXODqTXDOFRVDFKHQRQSURYHUz PDLSL~q0HODQFROLDXQ LQFLVLRQHQHOO DQLPDHVXOODFDUQH /HWUDYLGHOVRIILWWRUDFFROJRQRORVJXDUGRLPPRELOH1RQKREL VRJQR GL GLUOH QXOOD DQFKH DGHVVR VD WXWWR SL~ FKLDUR H OLPSLGR GL PH +DLGHFLVRGLSDUWLUHFRQOXL $(PGHQVXDQRUG+RIPDQQGLFHFKHODVV~VLUDGXQDQRLSUR IXJKLGDOO 2ODQGD6LSUHSDUDQRJUDQGLFRVH 6LJLUDVXOILDQFRYHUVRGLPHFRQFHGHQGRPLJOLRFFKLEULOODQWL &RVHSHUFXLYDOHOD SHQDPRULUH" &RVHSHUFXLYDUUjODSHQDYLYHUH ,OVXRLQGLFHSHUFRUUHLOPLRSURILORVWRUWRODEDUEDURVVDVFHQGH VXOSHWWRVLIHUPDVXXQDFLFDWULFHSRLVXOODSDQFLD 7XYLYUDL /DJXDUGR 7XQRQVHLFRPH+RIPDQQQRQWLDVSHWWLQLHQWH+DLQHJOLRF FKLXQDVFRQILWWDGLVSHUDWDPDQRQqODUDVVHJQD]LRQHFKHWLDIIOLJ JHÊODPRUWH*LjXQDYROWDKDLVFHOWRODYLWD $QQXLVFR]LWWRVSHUDQGRFKHPLVWXSLVFDDQFRUD 6RUULGH 2JQLHVVHUHVHJXHLOVXRGHVWLQRQHOFLFORGHOPRQGRLO WXRqYLYHUH 4XHVWRORGHYRDQFKHDWH 0DVDLFKHLRQRQYHUUz ÊWULVWH]]DRFRPPR]LRQHOHSDUROHPDQFDQR 6RVSLUDVHUHQD 0HODQFROLD&RVtPLFKLDPDYDPLRPDULWR(UD
XQ PHGLFR XQ XRPR FROWLVVLPR DQFKH OXL DPDYD OD YLWD PD QRQ FRPHWHOXLQHDPDYDLVHJUHWLYROHYDFRJOLHUHLOPLVWHURGHOODQDWX UDGHOOHSLHWUHGHOOHVWHOOH/ KDQQREUXFLDWRSHUTXHVWR8QDPRJOLH IHGHOHIRUVHDYUHEEHVHJXLWRODVXDVRUWH,RLQYHFHVRQRVFDSSDWDKR VFHOWRGLVRSUDYYLYHUH0LDFFDUH]]DLOYROWR $QFKHWX6HJXLUDL OD WXDVWHOOD
&DSLWROR $QYHUVDPDJJLR
/ RUWRqSURQWR7XWWLVLFRPSOLPHQWDQRFRQPH1HVVXQRIDGR PDQGH FKL VRQR YHUDPHQWH FRVD KR IDWWR SULPD GL FDSLWDUH TXL 6RQRGHLORURXQIUDWHOORWUDJOLDOWUL 0DJGD OD ILJOLD GL .DWKOHHQ FRQWLQXD D IDUPL UHJDOL %DOWKDVDU PLFKLHGHFRPHVWRDOPHQRGXHYROWHDOJLRUQRFRPHDXQDPPDODWR LQFRQYDOHVFHQ]D 6RQRDQFRUDYLYR JOLGLFRSHUIDUORULGHUHÊXQEXRQXRPRLO YHFFKLRDQDEDWWLVWDVHPEUDFKHLOVXRFRPSLWRVLDTXHOORGLSURFDF FLDUHFRPSUDWRULSHULPDQXIDWWLFKHVLIDEEULFDQRTXLHFLULHVFHEH QH 1HPPHQRLRFKLHGRQLHQWHLPSDURJLRUQRSHUJLRUQRVFUXWRQHO VHJUHWRGLTXHVWDJHQWH +RFKLHVWRD.DWKOHHQGHOSDGUHGLVXDILJOLD+DGHWWRFKHVLLP EDUFzGXHDQQLIDSRLSL~QXOOD1DXIUDJDWRDEEDQGRQDWRVXTXDOFKH LVRODRVWLOHRYLYRHYHJHWRLQXQSDOD]]RG RURHGLDPDQWLQHLUHJQL GHOOH,QGLH/DVWHVVDVRUWHFKHFHUFDYRSULPDGLLPEDWWHUPLLQTXHVWL XRPLQLHLQTXHVWHGRQQH (ORLPLLQFDO]DJHQWLOPHQWHYXROHLOVHJXLWRGHOODVWRULDqFKLD URYXROHVHQWLUHGL0QVWHU/D&LWWjGHOOD)ROOLDKDLOIDVFLQRGHOOH FRVHIDQWDVWLFKHqLOEULYLGRFKHTXHOQRPHVXVFLWDDQFRUDHFKHXQ WHPSR IX WHUUHPRWR$%DOWKDVDUKDJLjFKLHVWRWXWWRPDLRKRSHU FRUVRTXHOVHQWLHURILQRLQIRQGR*HUWGDO3R]]RqVWDWRXQHURHLO OXRJRWHQHQWH GHO JUDQGH 0DWWK\V LOPLJOLRUHQHOOHD]LRQLGLUDSSUH VDJOLDQHOODUD]]LDGHQWURO DFFDPSDPHQWRGHOYHVFRYRQHOSURSDJD UH L IRJOL YRODQWL H LO PHVVDJJLRGHLEDWWLVWL%DOWKDVDUJOLGHYHDYHU GHWWRDQFKHTXHVWR 6t*HUULW%RHNELQGHUKDWHPSUDWRLOIHUURFRQOHSURSULHPDQL 3RLXQJLRUQRVHQ]DGLUHQXOODVHQ qDQGDWRVWDQFRGLVJXVWDWR FRQVDSHYROHG XQWUDWWRGHOO DELVVRG RUURUHFKHVLHUDDSHUWRVRWWROD 1XRYD*HUXVDOHPPH *HUW ULSHQVDDLJLXGLFLEDPELQLLOORURLQGLFHDO]DWR5LSHQVDDL PRUWL GL IDPH FKH VL WUDVFLQDQR FRPH ODUYH ELDQFKH VXOOD QHYH 5L
VHQWHLFUDPSLGHOGLJLXQRHLOVROOLHYRGLTXHOO XOWLPRVODQFLRROWUH OH PXUD YHUVR O LQLTXLWj GHO PRQGR PD ORQWDQR GDO GHOLULR RQQLSR WHQWHHVDQJXLQDULR (SSXUH IXRUL QRQ KD WURYDWR (ORL 3UX\VWLQFN FKH OR DWWHQGHYD D EUDFFLDDSHUWHPDVROWDQWRDOWURVDQJXHHQXRYHYLVLRQLGLJORULDHGL PRUWH*HUWqFDGXWRGLQXRYRUHFOXWDWRSHUO 8OWLPD%DWWDJOLDFRQ LPSUHVVR DIXRFR LO PDUFKLR GHL SUHVFHOWL VXO EUDFFLR *HUW KD YLVWR DQFRUD OD VWHVVD EDQGLHUD VYHQWRODUH ORJRUD DOOHVSDOOHGL%DWHQEXUJ LO7HUULELOHHQRQqULXVFLWRDIHUPDUVL*HUWVLqLQQDPRUDWRGLTXHO VDQJXHHKDFRQWLQXDWRKDFRQWLQXDWR +DFRQWLQXDWR
(ORLKDO HVSUHVVLRQHDWWHQWDFKHRUPDLFRQRVFRYHUVDXQJRFFLR SHUHQWUDPELFKHIDFLOLWDLOUDFFRQWR 5LSUHQGR LO ILOR GHL ULFRUGL 3DUWLPPR YHUVR QRUG LR H +R IPDQQOXQJRLOFRUVRGHO5HQRVXXQDFKLDWWDGLPHUFDQWL3DVVDP PR :RUPV 0DJRQ]D &RORQLD VX ILQR DG $UQKHP (UR ULXVFLWR D LPSRUUH LO VLOHQ]LR DO PLR FRPSDJQRGLYLDJJLRILQFKpQRQFLIRVVL PRWURYDWLQHOOD)ULVLDQRQYROHYRULVFKLDUHGLYHGHUPLIHUPDUHOXQ JRODVWUDGD*OLFRVWzPDPDQWHQQHODSDUROD/DVFLDWRLOFRUVRGHO 5HQR SURVHJXLPPR D SLHGL H D GRUVR GL PXOR VHPSUH D QRUG &L VSRVWDYDPR GD XQ SDHVH DOO DOWUR OXQJR LO FRQILQH GHL 3DHVL %DVVL YHUVR OH FDPSDJQH GHOOD )ULVLD RULHQWDOH +RIPDQQ HUD JLj VWDWR LQ TXHOOH WHUUH GXUDQWH OH VXH OXQJKH SUHGLFD]LRQL LWLQHUDQWL H DQFKH TXHVWD YROWD QRQ PDQFz GL LVWUXLUH L FRQWDGLQL GL TXHOOH ODQGH VX TXDOHVFHOWDREEOLJDWDLOFRPSLHUVLGHOWHPSRULFKLHGHVVHDRJQLFUL VWLDQRVHJXLUHLO&ULVWRQHO6XRHVHPSLRGLYLWD/LULEDWWH]]DYDWXWWL FRPHXQQRYHOOR*LRYDQQL ,QWDQWRPLUDFFRQWDYDGHOODVLWXD]LRQHGL(PGHQODQRVWUDSURV VLPDPHWD0ROWLSURIXJKLVLWURYDYDQRLQTXHOODFLWWjSHUORSL~6D FUDPHQWLVWL RODQGHVL FRVt OL FKLDPDYD TXHOOL FKH QRQ DFFHWWDYDQR SL~ L VDFUDPHQWL GHOOD&KLHVDGL5RPDHQRQFUHGHYDQRDOODWUDQVX VWDQ]LD]LRQH 4XHVWRPL VSLHJDYD OLVSLQJHYDJLjROWUHOHSRVL]LRQL GL/XWHURDSUHQGROLDOODOXFLGDSURPHVVDGHOPLOOHQQLR/LGHVFULYH YDFRPHFDQLVFLROWLLQDWWHVDGLXQSURIHWDFKHSRUWDVVHORURLOPHV VDJJLR GL VSHUDQ]D H OD OXFH GHOOD IHGH ULQQRYDWD 'HILQLYD TXHO YLDJJLR ©LO QRVWUR GHVHUWRª FKH FL DYUHEEH WHPSUDWL PHWWHQGR DOOD SURYD OD QRVWUD IHGH H SHUIH]LRQDQGR OD JLXVWLILFD]LRQH GHO 6LJQRUH DWWUDYHUVR O XEELGLHQ]D DVVROXWD D &ULVWR ,R OR DVVHFRQGDYR VHQ]D FHUFDUHGLVRWWUDUPLDOIDVFLQRFKHOHVXHSDUROHULXVFLYDQRDHVHUFLWD
UH VXJOL XPLOL HUR GDYYHUR VWXSLWR GD TXHOOD IRU]D 1RQ JOL DYHYR GHWWR GL DYHU FRPEDWWXWR DO ILDQFR GL 7KRPDV 0QW]HU OD VXD FRQ GDQQDGHOODYLROHQ]DPHORLPSHGLYD(UDVROLWRULVHUYDUPLXQDIUDVH ODSLGDULD RJQLTXDOYROWD OR SURYRFDYR DFFHQQDQGR DOOD SRVVLELOLWj FKH&ULVWRFKLDPDVVHDVpLO6XRHVHUFLWRGLSUHVFHOWLSHUVWHUPLQDUH JOLHPSL©&KLSUHQGHODVSDGDSHULUjGLVSDGDª *LXQJHPPR D (PGHQ LQ JLXJQR (UD XQD SLFFROD IUHGGD FLWWj XQRVFDORSHUOHQDYLPHUFDQWLOLWUD$PEXUJRHOHFLWWjRODQGHVL/D FRPXQLWj GL VWUDQLHUL HUD QXPHURVD FRPH DYHYD SUHGHWWR +RIPDQQ ,OSULQFLSHUHJQDQWHLOFRQWH(QQR,,ODVFLDYDFKHQHOOHVXHWHUUHOH LGHHGHLULIRUPDWRULGHOOD&KLHVDIDFHVVHURLOORURFRUVRVHQ]DWHQWD UHGLRVWDFRODUOHLQDOFXQPRGR,OPLR(OODFRPLQFLzDSUHGLFDUHSHU OHVWUDGHILQGDOSULPRJLRUQRDWWLUDQGRVXGLVpO DWWHQ]LRQHGLWXWWL $SSDUYH HYLGHQWH FKH JOL DOWUL SUHGLFDWRUL QRQ DYUHEEHUR SRWXWR FRPSHWHUHFRQOXLVHOLVDUHEEHEHYXWLLQXQVRUVR,QFDSRDSRFKH VHWWLPDQH DYHYD ULEDWWH]]DWR DOPHQR WUHFHQWR SHUVRQH H IX LQ JUDGR GLIRQGDUHXQDFRPXQLWjFKHDFFRJOLHYDJOLVFRQWHQWLGHOOHSL~YDULH SURYHQLHQ]H H FRQGL]LRQL (UDQR VRSUDWWXWWR IXRULXVFLWL GDOOD&KLHVD SDSLVWDHLQVRGGLVIDWWLGLTXHOODOXWHUDQDFKHDQFKHVHQ]DSUHWLH YH VFRYLYDQWDYDJLjXQDJHUDUFKLDGLWHRORJLHGRWWRULQRQWURSSRGLYHU VDGDTXHOODFKHDYHYDYROXWRDEROLUH /D QRPHD GL $QDEDWWLVWL FL UDJJLXQVH TXDVL VXELWR H VSDYHQWz D PRUWHOHDXWRULWjFLWWDGLQH *OL HYHQWL PL JLUDYDQR LQWRUQR VHQWLYR OD WHUUD IUHPHUH VRWWR L SLHGLHXQDVWUDQDVHQVD]LRQHQHOO DULD1RQRQHURVWDWRFRQWDJLDWR GDO PLR FRPSDJQR GL YLDJJLR HUD O LQFRPEHUH GHJOL HYHQWL LO UL FKLDPRGHOODYLWDGLFXLPLDYHYDSDUODWR8UVXOD)XSHUTXHVWRFKH GHFLVLGLPROODUH+RIPDQQDOVXRGHVWLQRGLSUHGLFDWRUHHVHJXLUHOD PLD VWUDGD 8QD VWUDGD FKH PL DYUHEEH SRUWDWR DQFRUD DOWURYH LQ PH]]R DOOD WHPSHVWD ,PSRVVLELOH GLUH VH IRVVL LR D JXLGDUH OD PLD HVLVWHQ]DYHUVRLOOLPLWHGDVXSHUDUHRVHLQYHFHIRVVHTXHOODWRUPHQ WDDWUDVFLQDUPLFRQVp /HDXWRULWjGL(PGHQHVSXOVHUR+RIPDQQFRPHVRELOODWRUHLQGH VLGHUDELOH0LGLVVHFKHVDUHEEHWRUQDWRLQGLHWURSHUVFULYHUHDQFRUD FKH ODVV~ LO VXR FRPSLWR HUD WHUPLQDWR $IILGz OD JXLGD GHOODQXRYD FRPXQLWjDXQFHUWR-DQ9RONHUWV]GHWWR7ULMSPDNHUSHUFKpGLPH VWLHUHIDEEULFDYD]RFFROLGLOHJQR4XHVWRRODQGHVHGL+RRUQQRQHUD XQ JUDQGH RUDWRUH PD FRQRVFHYD OD %LEELD H DYHYD LO SLJOLR GL FKL O DYHYD LVSLUDWR H OD VWHVVD LQWUDSUHQGHQ]D 6DOXWDL LO YHFFKLR 0HO FKLRU +RIPDQQ DOODSRUWDGHOODFLWWjPHQWUHORVFRUWDYDQRIXRULGDO
WHUULWRULR GL (PGHQ 6RUULGHYD LQJHQXR H ILGXFLRVR FRPH VHPSUH FRQIHVVDQGRPLDEDVVDYRFHGLHVVHUFHUWRFKHLO*LRUQRGHO*LXGL]LR VDUHEEHJLXQWRLQFDSRDWUHDQQL$QFK LRJOLFRQFHVVLO XOWLPRVRUUL VR(FRVtORULFRUGRXQVDOXWRGDORQWDQRPHQWUHFDUDFROODROWUHOD PLDYLVWDVXXQPXORPDJUR
$QFRUDQRQPLqFKLDURFRVD(ORLVWLDFHUFDQGR6HQHUHVWDPXWR GLHWURLOWDYRORUDSLWRGDOUDFFRQWRIRUVHDQFKHDERFFDDSHUWDQHOOD SHQRPEUDFKHP LPSHGLVFHGLGLVWLQJXHUQHLOYROWRFKLDUDPHQWH ,R FRQWLQXR GHFLVR RUPDL DG DUULYDUH LQ IRQGR H GLVSRVWR D VWXSLUORDRJQLSDJLQDGLTXHVWDFURQDFDQRQVFULWWD
$YUHLULYLVWR0HOFKLRU+RIPDQQVROWDQWRGXHDQQLGRSRTXDQ GR YHQQH LQ 2ODQGD D UDFFRJOLHUH TXHOOR FKHDYHYDVHPLQDWR0DWL VWDYR UDFFRQWDQGR GL (PGHQ (UDYDPR ULPDVWL LR H 7ULMSPDNHU D UHJJHUH OH VRUWL GHOOD FRPXQLWj DQDEDWWLVWD HG HUD RUPDL SURVVLPR 1DWDOH TXDQGR IXPPR UDJJLXQWL GDOO LQJLXQ]LRQH GL ODVFLDUH ODFLWWj 1RQ QH IXL GLVSLDFLXWR VHQWLYR GL GRYHU ULSDUWLUH GL QRQ SRWHUPL IHUPDUHDQFRUDLQTXHOSRUWRGHO1RUG'HFLGHPPRGLQRWWHFRQOD GHWHUPLQD]LRQHHORVSLULWRGLFKLVDGLDIIURQWDUHXQDJUDQGHLPSUH VD L 3DHVL %DVVL FRQ JOL HVXOL FKH OHQWDPHQWH VWDYDQR ULXVFHQGR D SDVVDUHOD IURQWLHUDHDWRUQDUHDOOHORURFLWWjG RULJLQHVLDSULYDQRDL QRVWUL SLHGL FRPH XQ WHUULWRULR LQHVSORUDWR SURQWR D UDFFRJOLHUH LO PHVVDJJLRHODVILGDFKHSRUWDYDPRDOOHDXWRULWjFRVWLWXLWH1LHQWHFL DYUHEEHIHUPDWR3HU7ULMSPDNHUHUDXQDPLVVLRQHFRPHORHUDVWDWD SHU +RIPDQQ 3HU PH HUD XQ DOWUR FDOFLR DOO RUL]]RQWH XQ PRGR GL VSLQJHUORDYDQWLQXRYDWHUUDQXRYHJHQWL $YUHPPRSXQWDWRVX$PVWHUGDP/XQJRLOFDPPLQR7ULMSPDNHU PLDYUHEEHLQVHJQDWRTXDOFKHIUDVHLQRODQGHVHSHUFKpIRVVLLQJUD GR GL IDUPL FDSLUH PD VDUHEEH VWDWR OXL D SUHGLFDUH H EDWWH]]DUH &RPLQFLz VXELWR SULPD GL SDUWLUH GD (PGHQ EDWWH]]z XQ VDUWR XQ FHUWR 6LFNH )UHHUNV FKH VDUHEEH WRUQDWR DOOD VXD FLWWjQDWDOH/HHX ZDUGHQQHOOD)ULVLDRFFLGHQWDOHFROFRPSLWRGLIRQGDUHXQD FRPXQL Wj GL IUDWHOOL H GRYH LQYHFH WURYz ODPRUWHQHOPDU]RGHOO DQQRVXF FHVVLYRSHUPDQRGHOERLD 0HQWUHVFHQGHYDPRYHUVRVXGRYHVWDWWUYHUVDQGR*URQLQJD$V VHQ 0HSSHO ILQR DOO 2ODQGD 7ULMSPDNHU PL LOOXPLQDYD VXOOD VLWXD ]LRQHGHOODVXDWHUUD,3DHVL%DVVLHUDQRLOFXRUHFRPPHUFLDOHHPD
QLIDWWXULHURGHOO ,PSHURGDOtO ,PSHUDWRUHULFDYDYDODPDJJLRUSDUWH GHOOHVXHHQWUDWH/HFLWWjSRUWXDOLJRGHYDQRGLXQDFHUWDDXWRQRPLD FKH GRYHYDQR SHUz GLIHQGHUH FRQ OH XQJKLH H L GHQWL GDOOH PLUH DF FHQWUDWULFL GHOO ,PSHUDWRUH &DUOR 9 FRQWLQXDYD DG DQQHWWHUVL QXRYH WHUUHODVFLDQGRSHUFRUUHUHLOSDHVHGDOOHVXHWUXSSHFRQJUDYHGDQQR SHULWUDIILFLHOHFROWLYD]LRQL3HUDOWURO $VEXUJRVHPEUDYDSUHIHULUH O DVVRODWD6SDJQDDOOHVXHWHUUHQDWDOLHDYHYDSLD]]DWRLVXRLXIILFLDOL VX PROWLVFUDQQLLPSRUWDQWLHXQJRYHUQRLPSHULDOHD%UX[HOOHVSHU SRLDQGDUVHQHDVWDUHDVXG /D FRQGL]LRQH GHOOD &KLHVD LQ TXHVWD SDUWH G (XURSD HUD TXDQWR GL SL~ WUDJLFR VL SRWHVVH LPPDJLQDUH UHJQDYD OD UHOLJLRQH GHOOH DE EXIIDWHDOOHVSDOOHGHLFRQWDGLQLODGHJHQHUD]LRQHOXFURVDGHJOLRUGL QL PRQDVWLFL H GHL YHVFRYDGL 1RQ HVLVWHYD DOFXQD JXLGD VSLULWXDOH QHL3DHVL%DVVLHPROWLIHGHOLDYHYDQRFRPLQFLDWRDGDEEDQGRQDUHOD &KLHVD SHU UDGXQDUVL LQ FRQIUDWHUQLWH ODLFKH FKH FRQGXFHYDQR XQD YLWDFRPXQHHFROWLYDYDQRORVWXGLRGHOOD6FULWWXUD&RVWRURDYUHEEH URSRWXWRDFFRJOLHUHLOQRVWURPHVVDJJLRSULPDGLWXWWL /H LGHH GL /XWHUR VL HUDQR GLIIXVH WUD LO SRSROLQR H DQFKH WUD L PHUFDQWL FKHVLDUULFFKLYDQRDOOHVXHVSDOOH/HIDFFHQGHGL*HUPD QLD ULPDQHYDQR ORQWDQH O XEELGLHQ]D D FXL HUDQR VWDWL ULFRQGRWWL L FRQWDGLQLWHGHVFKLQRQSRWHYDULJXDUGDUHLODYRUDWRULGHOOHPDQLIDWWX UH RODQGHVL L WHVVLWRUL L FDUSHQWLHUL GHL SRUWL JOL DUWLJLDQL GL TXHOOH FLWWjLQFRVWDQWHHVSDQVLRQH/DUHOLJLRQHULIRUPDWDGL/XWHURSRUWDYD FRQVpQXRYLGRJPLQXRYHDXWRULWjUHOLJLRVHFKHDOOHQDYDQRODIHGH DL FUHGHQWL LQ PRGR DSSHQD SL~ WHQXH GL TXDQWR IDFHVVHUR L SDSLVWL / HJXDJOLDQ]D QHOOD IHGH OD YLWD FRPXQLWDULD DYHYDQR ELVRJQR GL XQDOLQIDGLYHUVD1RLHUDYDPROtSHUSRUWDUOD 5LPDVL LPSUHVVLRQDWR GDO SDHVDJJLR GL TXHOOD IHUWLOLVVLPD WHUUD 9HQHQGR GDOOD *HUPDQLD GDOOH VXH VHOYH QHUH HUD VWXSHIDFHQWH YH GHUH FRPH JOL DELWDQWL GHL 3DHVL %DVVL DYHVVHUR SLHJDWR OD QDWXUD DO ORURYROHUHVWUDSSDQGRDOPDUHRJQLPHWURGLWHUUHQRFROWLYDELOHSHU SLDQWDUH JUDQR JLUDVROL FDYROL 0XOLQL OXQJR OD VWUDGD LQ QXPHUR LPSUHVVLRQDQWH JHQWL ODERULRVH LQVWDQFDELOL LQ JUDGR GL VILGDUH OH DYYHUVLWj QDWXUDOL H GL YLQFHUOH /D FLWWj GL $PVWHUGDP QRQ HUD GD PHQRLPHUFDWLOHEDQFKHOHERWWHJKHO LQWUHFFLRGLFDQDOLLOSRUWR RJQLDQJROREUXOLFDYDGLDWWLYLWjIHEEULOL (UDQRLSULPLJLRUQLGHOQXRYRDQQRLOHQRQRVWDQWHLOJHOR LQWHQVR OH VWUDGHHLFDQDOLHUDQR]HSSLGLXQDQGLULYLHQLLQFHVVDQWH 8QD FLWWj WUDYROJHQWH LQ FXL DYUHL SRWXWR SHUGHUPL 0D 7ULMSPDNHU FRQRVFHYD DOFXQL IUDWHOOL FKH ULVLHGHYDQR Ot JLj GD WHPSR DYUHPPR
FRPLQFLDWRGDORUR 3UHQGHPPR FRQWDWWL FRQ XQR VWDPSDWRUH SHUFKp SURGXFHVVH DO FXQL VWUDOFL GHJOL VFULWWL GL +RIPDQQ FKH 7ULMSPDNHU DYHYD WUDGRWWR LQ RODQGHVH H DQFKH GHL IRJOL YRODQWL GD FRQVHJQDUHDPDQR0HQH RFFXSDLLRPHQWUH7ULMSPDNHUSHQVDYDDUDGXQDUHWXWWHOHVXHFRQR VFHQ]HLQFLWWj7URYDPPRXQEXRQVHJXLWRWUDJOLDUWLJLDQLHLODYR UDWRUL PHFFDQLFL JHQWH VFRQWHQWD GL FRPH VWDYDQR DQGDQGR OHFRVH 6L SHUFHSLYD QHOO DULD O LPPLQHQ]D GL TXDOFRVD FKH DYUHEEH SRWXWR PDQLIHVWDUVLGDXQPRPHQWRDOO DOWUR ,QPHQRGLXQDQQRULXVFLPPRDRUJDQL]]DUHXQDFRPXQLWjFRQ VLVWHQWH OH DXWRULWj VHPEUDYDQR QRQ SUHRFFXSDUVL WURSSR GL TXHVWL $QDEDWWLVWL LQIHUYRUDWL FKH GLVGHJQDYDQR LO OXFUR H DQQXQFLDYDQR OD ILQHGHOPRQGR ,Q FXRU PLR VHQWLYR FKH OH FRVH QRQ SRWHYDQR DQGDUH FRVt OLVFH SHU PROWR WHPSR 7ULMSPDNHU FRQWLQXDYD D SUHGLFDUH OD PLWH]]D OD WHVWLPRQLDQ]DLOPDUWLULRSDVVLYRVHFRQGROHFRQVHJQHGL+RIPDQQ ,RVDSHYRFKHQRQSRWHYDGXUDUHHVHOHDXWRULWjDYHVVHURGHFLVRGL FRQVLGHUDUFL SHULFRORVL SHU LO EXRQ RUGLQH FLWWDGLQR" &RVD VDUHEEH VXFFHVVRVHJOLXRPLQLHOHGRQQHFKHDYHYDFRQYHUWLWRDOO LPLWD]LRQH GL&ULVWRVLIRVVHURWURYDWLGDYDQWLDOOHDUPL"&UHGHYDGDYYHURFKHVL VDUHEEHUR ODVFLDWL FURFLILJJHUH VHQ]D RSSRUUH UHVLVWHQ]D" /XL QH HUD FHUWR(SRLLOWHPSRHUDSURVVLPR+RIPDQQDYHYDSUHYLVWRLO*LX GL]LR SHU LO &RQWUR WDOL DUJRPHQWL QRQ F HUD PROWR GD FRQWUR EDWWHUHDO]DYROHVSDOOHHORODVFLDYRDTXHOODILGXFLDLOOLPLWDWD &RQWLQXDYDPRDFUHVFHUHGLQXPHURLOPRUDOHHUDDOWRODGHYR ]LRQH GHL ULEDWWH]]DWL LPPHQVD 'DL YLOODJJL LQWRUQR DG $PVWHUGDP FL JLXQJHYDQR OH PLVVLYH VJUDPPDWLFDWH GL QXRYL DGHSWL FRQWDGLQL IDOHJQDPL WHVVLWRUL $YHYR O LPSUHVVLRQH GL WURYDUPL LQ XQ JUDQGH FDOGHURQHWDSSDWRGDXQFRSHUFKLRFKHSUHVWRRWDUGLVDUHEEHVDOWDWR (UDLQHEULDQWH ,QILQH OD SUHGLFD]LRQH FRQWUR OD ULFFKH]]D LQ XQD GHOOH FLWWj SL~ OXFURVH G (XURSD VRUWt LO VXR HIIHWWR 1HOO DXWXQQR GL TXHOO DQQR OD &RUWH GHOO $MD RUGLQz DOOH DXWRULWj GL $PVWHUGDP GL UHSULPHUH JOL $QDEDWWLVWLHFRQVHJQDUH7ULMSPDNHU (ORLPLYHUVDGHOO DFTXD 6HLVWDQFRYXRLDQGDUHDGRUPLUH" /D GRPDQGD FRQWLHQH OD VXSSOLFD GL FRQWLQXDUH q XQ EDPELQR DYYLQWR GDOOD QDUUD]LRQH DQFKH VH SUREDELOPHQWH JOL SDUOR GL IDWWL FKHJLjFRQRVFH
7DQWRYDOHFKHWLUDFFRQWLGLTXHOORFKHIHFHURD7ULMSPDNHUHGL FRPH GHFLVL GL ULSUHQGHUH LQ PDQR XQD VSDGD $OO LQL]LR IX VROR SHU UHVLVWHUHDFKLYROHYDODPLDWHVWD6WLUROHEUDFFLDHJKLJQR 3RL LQFRQWUDLLOPLRYHUR*LRYDQQL%DWWLVWDTXHOORFKHPLDYUHEEHFRQ YLQWR GL QXRYRDFRPEDWWHUHLOJLRJRPRUWLIHURGHLSUHWLGHLQRELOL GHLPHUFDQWL(SHUGLRORIHFLSUHVLTXHOODVSDGDHLQFRPLQFLDL'L TXHVWRQRQPLSHQWR1RQGHOODVFHOWDFKHIHFLDOORUDGDYDQWLDTXHO OHWHVWHPR]]DWHDIILVVHLQFLPDDXQSDOR/DSULPDHUDTXHOODGHO O XRPR FKH PL DYHYD FRQGRWWR LQ 2ODQGD XQ SD]]R LQYDVDWR IRUVH XQR VWROWR FKH FHUFDYD LO PDUWLULR H O DYHYD WURYDWR 0D HUD TXHOOR FKHJOLDYHYDQRIDWWR 4XDVLVHQWR(ORLUDEEULYLGLUH 6t7ULMSPDNHUVFHOVHODVXDILQHTXHOODGL&ULVWR$YUHEEHSR WXWR IXJJLUH VH DYHVVH YROXWR +XEUHFKWV XQR GHL ERUJRPDVWUL GHOOD FLWWjVWDYDGDOODQRVWUDSDUWHHDYHYDFHUFDWRILQRDTXHOPRPHQWRGL LQWUDOFLDUH OD FDWWXUD )X OXL D PDQGDUH XQD GRPHVWLFD D FDVD QRVWUD DGDYYHUWLUFLFKHJOLVELUULVWDYDQRDUULYDQGRDSUHQGHUHLOFDSRGHOOD FRPXQLWj &L PLVL XQ DWWLPR D UDFFRJOLHUH OD PLD URED H FRPH PH PROWLDOWUL0DOXLQRQRQ-DQ9RONHUWV]LOIDEEULFDQWHGL]RFFROLGL +RRUQGLYHQWDWRPLVVLRQDULR6LVHGHWWHHDVSHWWzOHJXDUGLHQRQD YHYDQLHQWHGDWHPHUHODYHULWjGL&ULVWRHUDGDOODVXDSDUWH&RQOXL QHSUHVHURDOWULVHWWHHOLSRUWDURQRDOO $MD/LWRUWXUDURQRSHUJLRUQL 'LFRQR FKH D 7ULMSPDNHU EUXFLDURQR L FRJOLRQL H JOL FRQILFFDURQR FKLRGLVRWWROHXQJKLH/ XQLFDFRVDFKHQRQJOLWRFFDURQRIXODOLQ JXD SHUFKp SRWHVVH IDUH L QRPL GL WXWWL JOL DOWUL ( OL IHFH $QFKH LO PLR1RQO KRPDLJLXGLFDWRSHUTXHVWRODWRUWXUDSLHJDJOLDQLPLSL~ IRUWLHFUHGRFKHODVXDIHGHVLDVWDWDJLj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
%RHNELQGHU VL FKLDPDYDQR H LO FXJLQR HVLVWHYD YHUDPHQWH VROR FKH LQ6DVVRQLDF HUDPRUWRDIIRJDWRLQXQILXPHSHULOULEDOWDPHQWRGHO WUDJKHWWRVXFXLVWDYDYLDJJLDQGR,OVXRQRPHHUD*HUULW(FRVtIXL LOIDQWDVPDGL*HUULW%RHNELQGHU*HUWSHULIDPLJOLDUL )X DOO LQL]LR GHO FKH JLXQVH XQD OHWWHUD GL +RIPDQQ 6H QH VWDYDD6WUDVEXUJRDYHYDDYXWRLOIHJDWRGLULWRUQDUFL(YLGHQWHPHQ WH TXDQGR DYHYD ULFHYXWR OD QRWL]LD GHO WUDWWDPHQWR ULVHUYDWR D 7UL MSPDNHUHDJOLDOWULLOYHFFKLR0HOFKLRUV HUDFDJDWRVRWWR/DOHWWHUD DQQXQFLDYD O LQL]LR GHOOR6WLOOVWDQG OD VRVSHQVLRQH GL WXWWL L EDWWHVL PL LQ *HUPDQLD H QHL 3DHVL %DVVL SHU DOPHQR GXH DQQL 'D TXHO PRPHQWRLQSRLDYUHPPRGRYXWRPXRYHUFLQHOO RPEUDLQDWWHVDFKH OHDFTXHVLFDOPDVVHURQLHQWHSL~SLD]]DWHDOODOXFHGHOVROHQLHQWH SL~ SURFODPL WDQWRPHQR GLFKLDUD]LRQL GL JXHUUD DO PRQGR 3HU +R IPDQQDYUHPPRGRYXWRHVVHUHXQJUHJJHGLSUHGLFDWRULPLWLVROHUWL HQRQWURSSRFKLDVVRVLGLVSRVWLDIDUVL PDFHOODUHWXWWLLQILODXQRGR SRO DOWURLQQRPHGHOO $OWLVVLPR3L~RPHQRTXHVWRVWDYDVFULYHQGR LQTXHLPHVLD6WUDVEXUJR 3HUTXDQWRPLULJXDUGDYDQRQHUDDQFRUDFKLDURFRVDDYUHLIDWWR PDQRQVDUHLSL~ ULPDVWRFRQOHPDQLLQPDQRQDVFRVWRFRPHXQFD QHSUHVRDFDOFLDQFKHVHODJHQWHFKHPLRVSLWDYDHUDJHQWLOHHJH QHURVD8QJLRUQRQHOODOHJQDLDWURYDLXQDYHFFKLDVSDGDDUUXJJLQL WDXQFLPHOLRGHOODJXHUUDGL*KHOGULDDFXLTXDOFKH%RHNELQGHUGR YHYD DYHU SDUWHFLSDWR 3URYDL XQ EULYLGR VWUDQR QHOO LPSXJQDUH GL QXRYRXQ DUPDHFDSLLFKHHUDJLXQWRLOPRPHQWRGLWHQWDUHTXDOFRVD GLJUDQGLRVRFKHHUDQHFHVVDULRSLDQWDUODFRQTXHOSURVHOLWLVPRSD FLILFRSHUFKpVHPSUHVROWDQWRIHUURDYUHPPRWURYDWRGDOO DOWUDSDUWH TXHOORGHOOHDODEDUGHGHLJHQGDUPLHGHOODVFXUHGHOERLD0DVDSHYR FKHQRQVDUHLDQGDWRPROWRORQWDQRGDVROR(UDXQQXRYRLQL]LRDOOD FLHFDPLVHQWLYRIUHPHUHSL~OXFLGRHGHWHUPLQDWRGLTXDQWRQRQPL IRVVLPDLVHQWLWRQRQPLVSDYHQWDYDVDSHUHFKHO DYYHQWXUDVLVDUHE EH WUDVIRUPDWD LQ JXHUUD SRLFKp VDUHEEH VWDWD O XQLFD FKH VLD PDL YDOVD OD SHQD FRPEDWWHUH TXHOOD SHU OLEHUDUVL GDOO RSSUHVVLRQH +R IPDQQ SRWHYD FRQWLQXDUH D IDEEULFDUH PDUWLUL LR DYUHL FHUFDWR GHL FRPEDWWHQWL(DYUHLGDWR ILORGDWRUFHUH (DGHVVRDPLFRPLRFUHGRSURSULRFKHWLODVFHUzSHULOPLROHWWR GHYHHVVHUHPROWRWDUGL&RQWLQXHUHPRGRPDQLVHQRQWLGLVSLDFH 8Q PRPHQWR DQFRUD %DOWKDVDU WL FKLDPD *HUW ©GDO SR]]Rª 3HUFKp" $(ORLQRQVIXJJHQXOODRJQLSDURODSHUOXLFRQWLHQHXQDGHYLD ]LRQHSHUFRUULELOHGHOUDFFRQWR
6RUULGR 'RPDQLWLGLUzDQFKHGLTXHVWRGLTXDQWRFDVXDOPHQWH SRVVRQRQDVFHUHLVRSUDQQRPLHGLFRPHVLDSRLLPSRVVLELOHWRJOLHU VHOLGLGRVVR
&DSLWROR $PVWHUGDPIHEEUDLR
3HU IRUWXQD OD FDWHQD UHJJH DJJUDSSDWR DO VHFFKLR D SHQ]RORQL FRPHXQLPSLFFDWRLVWLQWRSL~FKHDOWURLVWLQWRO KRSUHVRVXOO RUHF FKLRVHPLFHQWUDYDDTXHVW RUDHURDPROOROjVRWWRFKHERWWDQRQ VHQWR SL~ QLHQWH WXWWR VXRQD ORQWDQR OH JULGD OH VHGLH FKH YRODQR WHQHUPL VWUHWWR VH VYHQJR DIIRJR DOPHQR TXL QRQ SRVVR SUHQGHUQH SL~PHUGDVRQRWURSSLHLRDPHWWHUPLLQPH]]RFRPHXQRVWURQ]R SHU XQR FKH QRQ FRQRVFR QHDQFKH OH EUDFFLD GHYRQR WHQHUH OH EUDFFLDRYRORJL~VHULVDOJRQHSUHQGRDQFRUDVHUHVWRTXLSULPDR SRL L PXVFROL FHGRQR FKH FD]]R GL VLWXD]LRQH JLUD WXWWR OH VSDOOH IDQQRPDOHXQEHVWLRQHJUDQGLRVRPLFDPHORSRWHYRIDUHGDVROR HK QR TXHOOR PL DPPD]]D VH WRUQR VX PD PHUGD TXHOO DOWUR SRYH UDFFLR OR VWDUDQQR PDVVDFUDQGRTXDQWL VRQR" WUH TXDWWUR FKL KDD YXWR LO WHPSR GL FRQWDUOL FH OL VLDPR WURYDWL DGGRVVR q FRPLQFLDWR DOO LPSURYYLVR TXHOOR VL q PHVVR D VEUDLWDUH FRVD IDFHYDQR OH ORUR PDGUL"VLIDFHYDQRPRQWDUHGDLPDLDOLGLFKL"0LqYRODWRXQWDYROR VRSUD OD WHVWD URED FKH FL ULPDQHYR VHFFR H VH SUHQGRQR LFROWHOOL QRQVHPEUDYDQRDUPDWLFD]]RPLFDVLHQWUDDUPDWLLQRVWHULDDEHUH XQD ELUUD QR D UDFFRQWDUH TXDOFKHEDOODDSDUODUHGHOPHUFDWRPD TXHOWLSRKDWLUDWRIXRULODVWRULDGHOOHORURPDGULOHEUDFFLDFULVWR OHEUDFFLDWHQJRGXURVtWHQJRGXURPDQRQFHODIDFFLRDQFRUDSHU PROWR QRQ SRVVR DIIRJDUH FRVt FKH UD]]D GL PRUWH q GRSR WXWWR TXHOORFKHKRSDVVDWRWXWWLLSRVWLGDFXLVRQRXVFLWRYLYRRIRUVHVt q FRVt FKH YDDILQLUHWLVDOYLGDJOLHVHUFLWLGDJOLVELUULHSRLFUHSL FRPHXQWRSRDIIRJDWRSHUFROSDGLXQRFKHQRQqVWDWR]LWWRPLVR QRPHVVRLQPH]]RQRQPLULJXDUGDYDHPLVRQRPHVVRLQPH]]R HFFKHFFD]]R TXDWWUR FRQWUR XQR SHUFKp IDFHYDQR WLQWLQQDUH TXHOOH ERUVH SLHQH GL VROGL DUPDWRUL EHQ SDVFLXWL VRQR PRJOLH FDVWD GD PRQWD DQQXDOH H WURLH VLILOLWLFKH WXWWL L VDQWL JLRUQL VIUXWWDWRUL WXWWL SUHJKLHUH H DIIDUL G RUR H GjJOL FRQ JOL $QDEDWWLVWL SDJDWL GDO3DSD JOL$QDEDWWLVWLVRQRVRORXQWRULGDVJR]]DUHSHUGDUHOHORUREXGHOOD DL FDQL JUDQ EHL OHYULHUL FKH GHYRQR DYHUH QHOOH ORUR PDJLRQL GL FDPSDJQD URWWLQFXOR SLHQL GL VROGL JOL $QDEDWWLVWL LQ FRPEXWWD FRQ
O ,PSHUDWRUHFKHWLVLLQILOLQRLQFDVDSHUFRQYHUWLUWLODPRJOLHDVXRQ GLYHUJDFKHELVRJQHUHEEHIDUSLD]]DSXOLWDOHEUDFFLDFULVWRVWDQ QRSHUFHGHUHPDSHUFKpPLVRQRPHVVRLQPH]]RqVWDWRTXHOO DOWUR SD]]RDFRPLQFLDUHQRQGRYHYDDO]DUVLHVSXWDUJOLODELUUDLQIDFFLD HSRLGLUHTXHOODFRVDGHOOHPDGULORVRDQFK LRFKHHUDQRGHOOHJUDQ EDJDVFH PD F HUD GD DVSHWWDUVHORFKHO DYUHEEHURSUHVDPDOHDTXH VW RUD O DYUDQQR JLj VJR]]DWR FKH VH SRL DYHVVHVRORVSXWDWRHUDXQ XEULDFR FRPH WDQWL LQYHFH QR q TXHOOR FKH KD GHWWR PD Vt q SHU TXHOOR FKH PL FL VRQR ILFFDWR SHU TXHOOH SDUROH JUDQGLRVH TXHOOH FKHDYUHLYROXWRGLUHLROHEUDFFLDPHUGDOHEUDFFLDGHYRWLUDUPLVX FRUDJJLR LVVD QRQ SRVVR ILQLUH LQ IRQGR D VWR SR]]R VFKLIRVR QRQ SRVVR FUHSDUH FRVt FRPH XQ FRJOLRQH IRUVH TXHOOR q DQFRUD YLYR IRUVH GLUj DQFRUD TXDOFRVD SULPD FKH OR IDFFLDQR IXRUL D FD]]RWWL JUDQEHOOHSDUROHIUDWHOORSHUFKpVtVHLXQIUDWHOORDOWULPHQWLPLFDWL DO]DYL PLFD GLFHYL TXHOOR FKH KDL GHWWR QRQ O DYUHL IDWWR SHU WXWWL TXHVWR YRJOLR ULXVFLUH D GLUWHOR QRQ PL VDUHL PHVVR LQ PH]]R SHU TXDOXQTXH DQDEDWWLVWD VFRSSLDWR QH KR JLj FRQRVFLXWL WURSSL DPLFR PLRPDWXKDLGHOIHJDWRLVVDSHUGLRLVVDGHYRULVDOLUHFRVtSLDQR SLDQRVXFLVRQRTXDVLGHYRXVFLUHRPHUGDHFFRPLVRQRVXOO RU ORDQFRUDXQDVSLQWDFLVRQR 6RQRGLYHQWDWLFLQTXH0LVHPEUDYDQRTXDWWURJLXURFKHPLHUD VHPEUDWRGLFRQWDUQHTXDWWUR$GHVVRVRQRLQFLQTXHWXWWLLQWRUQRD OXL q VSDFFLDWR O RVWH q VXO VHOFLDWR GHO FRUWLOH VL UHJJH OD WHVWD OD EURFFDFKHKRODQFLDWRqDQGDWDLQSH]]LPDKDIDWWRLVXRLGDQQL( O DPLFR VFRQRVFLXWR VH QH VWD Ot LPSDODWR D VILGDUOL FRQ OR VJXDUGR FRPHVHIRVVHLOSL~IRUWHHGjLGL TXDOFRVDFRP HUD"FRVDKDLGHWWR SULPDFKHLOPRQGRPLFUROODVVHVXOODVFKLHQDSULPDFKHTXHOJLJDQ WHPLEXWWDVVHTXDVRWWR" 6DOJRLQSLHGLHFRPLQFLRDUDFFRJOLHUHOD FDWHQDQRQPLDFFRU JRQHDQFKHGLXUODUH (KLTXHOODFRVDFKHKDLGHWWR6X*HV~&UL VWRHLPHUFDQWLPDQJLDPHUGD 6L YROWD VWXSHIDWWRTXDVLTXDQWRJOLDOWUL/DVFHQDVLIHUPDFR PH VWDPSDWD VX XQD SDJLQD ULVFKLR GL SHUGHUH O HTXLOLEULR GHYR VHPEUDUHXQRVWURQ]RPDOHGHWWR %H VRQR FRPSOHWDPHQWH G DFFRUGR FRQ WH ( DGHVVR VHJXL LO FRQVLJOLRGLXQFRQIUDWHOORDEEDVVDODWHVWD ,OJLJDQWHFKHFUHGHYDGLDYHUPLDIIRJDWRGLYHQWDSDRQD]]RVLID VRWWRYLHQLYLHQLFKHRUPDLKRWLUDWRVXWXWWDODFDWHQDHKRLOVHFFKLR LQPDQRYLHQLEUDYRYLHQLDIDUWLVWDFFDUHTXHOODJUDQWHVWDGLSRUFR FKHWLULWURYLVXOOHVSDOOH
ÊXQVXRQRVRUGRXQWRQIRVHFFRXQRVRORFKHSLHJDLOPHWDOOR HIDYRODUHSHUDULDXQDSLRJJLDGLGHQWL9DJL~FRPHXQVDFFRYXR WRVHQ]DXQJHPLWRVSXWDQGRIXRULSH]]LGLOLQJXD &RPLQFLRDURWHDUHODFDWHQDVHPSUHSL~IRUWHYHORIDFFLRYHGH UH LR GLVWLQWL PHVVHUL TXDQWR SXz HVVHUH URJQRVR XQ DQDEDWWLVWD ,O VHFFKLRFROSLVFHWHVWHVFKLHQHYROWHJJLDVHPSUHSL~ORQWDQRGDPH OD FDWHQDPLVHJDOHPDQLPDOLYHGRFDGHUHUDQQLFFKLDUVLSHUWHUUD FRUUHUHYHUVRODSRUWDVHQ]DUDJJLXQJHUODOD*LXVWL]LDGHO6HFFKLRq LPSODFDELOHURWHDURWHDVHPSUHSL~IRUWHQRQORWHQJRSL~RUPDLq OXLFKHWUDVFLQDPHqODPDQRGL'LRSRWUHLJLXUDUORVLJQRULLO'LR FKHDYHWHIDWWRLQFD]]DUHDPRUWH(JL~DQFRUDXQDOWURGRYHSHQ VDYLGLULQWDQDUWLULFFRLGLRWDEHRQH" 8QRVWUDWWRQHLOVHFFKLRLQFDJOLDWREORFFDWRVXLUDPLGLXQDOEH UHOORFKHSHUSRFRQRQYLHQHJL~DQFKHOXL 8Q RFFKLDWDVXO FDPSRGLEDWWDJOLDXKVWHVLWXWWL4XDOFXQRPX JRODVLOHFFDOHIHULWHWUDPRUWLWRORVJXDUGRVXLFRJOLRQL ,OIUDWHOORqVWDWRVDJJLRVLqEXWWDWRDWHUUDDOSULPRJLURHDGHV VR VL ULDO]D DWWRQLWR FRQ XQD VWUDQD OXFH QHJOL RFFKL FRPH DQJHOR VWHUPLQDWRUHQRQPHODVRQRFDYDWDDIIDWWRPDOH 6DOWRJL~HWUDEDOORYHUVRGLOXL$OWRHVPLO]REDUEHWWDVFXUDDS SXQWLWD0LVWULQJHODPDQRWURSSRIRUWHODFDWHQDO KDSLDJDWD 'LRFLKDDVVLVWLWLIUDWHOOR 'LRHLOVHFFKLR1RQO DYHYRPDLIDWWRSULPD 6RUULGH 0LFKLDPR0DWWK\V-DQ0DWWK\VIRUQDLRGL+DDUOHP 5LFDPELR *HUULW%RHNELQGHU 4XDVLFRPPRVVR 'DGRYHYLHQL" 0LYROWRLQGLHWURHDO]ROHVSDOOH 9HQJRGDOSR]]R
&DSLWROR $QYHUVDPDJJLR
)XL *HUW ©GDO SR]]Rª 0DWWK\V VL GLYHUWLYD D XVDUH TXHO QRPH VWUDPERPDJOLSLDFHYDDQFKHSHQVDUHFKHLOQRVWURSODWHDOHLQFRQWUR QRQ IRVVH VWDWR IUXWWR GHO FDVR 'HO UHVWR SHU OXL QLHQWH OR HUD PDL WXWWRDYHYDXQVHQVRQHOODYLVLRQHGL'LRXQVLJQLILFDWRFKHDQGDYD ROWUHODVHPSOLFHDSSDUHQ]DHSDUODYDDJOLXRPLQLDQRLHOHWWL3HUFKp TXHVWR SHQVDYD FKH IRVVHUR L EDWWLVWL HOHWWL GHO 6LJQRUH L SUHVFHOWL & HUDXQ LPSUHVDGDSRUWDUHDFRPSLPHQWRJUDQGLRVDILQDOH,OPLR *LRYDQQLGL+DDUOHPFRQRVFHYD+RIPDQQHUDVWDWREDWWH]]DWRGDOXL LQSHUVRQDHQHDYHYDOHWWROHSURIH]LH,O*LRUQRHUDYLFLQRJLRUQR GHOULVFDWWRHGHOODYHQGHWWD0DFDSLLVXELWRFKHTXHOIRUQDLRDYHYD IDWWRXQDVFHOWDGLYHUVDGDOYHFFKLR0HOFKLRUOXLYROHYDFRPEDWWHUH TXHOOD EDWWDJOLD HFFRPH DVSHWWDYD VROWDQWR LO VHJQDOH GHO VXR 'LR SHUGLFKLDUDUHJXHUUDDJOLHPSLHDLVHUYLGHOO LQLTXLWj$YHYDXQSLD QRUDGXQDUHWXWWLLEDWWLVWLHSRUWDUOLDGLVHUWDUHLOPRQGRTXHOPRQ GR GL VFKLDYLW~ H SURVWLWX]LRQH D FXL L SRWHQWL YROHYDQR FRQGDQQDUOL LQHWHUQR6tPDFRPHULFRQRVFHUHLSUHVFHOWL"0DWWK\VQRQVLVWDQ FDYDPDLGLULSHWHUHFKH&ULVWRDYHYDVFHOWRGHLSRYHULSHVFDWRULFR PHVHJXDFLHDSRVWROLVSXWDQGRVXLPHUFDQWLGHO7HPSLR3HUFKpGL TXHVWRVLWUDWWDYDLOOXFURLOPDOHGHWWROXFURGHLFRPPHUFLDQWLRODQ GHVL *HQWH GHO JHQHUH DYUHEEH VFHOWR TXDOH IHGH SURIHVVDUHLQEDVH DO SURSULR LQWHUHVVH H TXHVWR OD UHQGHYD XQ QHPLFR WHPLELOH 3L~ OD IHGH VL OHJDYD D ULWL H GRJPL LQGLVFXWLELOL SL~ TXHOOL FL VL VDUHEEHUR DWWDFFDWLLQIRQGRO XQLFRPRWLYRSHUFXLQRQVLPSDWL]]DYDQRSHUOD &KLHVDGL5RPDHUDFKHLOVXRPDJJLRUSDODGLQRO ,PSHUDWRUH&DUOR OLYHVVDYDGLWDVVHHYROHYDVSDGURQHJJLDUHVXL3DHVL%DVVLFRPHXQ WLUDQQR LQWUDOFLDQGR L ORUR DIIDUL 3RFR LPSRUWDYD FKH WDQWL ULFFKL PHUFDQWL IRVVHUR LQ EXRQD IHGH OD EXRQD IHGH GLFHYD VRYHQWH LO PLRIRUQDLRGL+DDUOHP QRQEDVWDRFFRUUHODYHULWj6HEDVWDVVHOD EXRQD IHGH QRQ VHUYLUHEEH OD UHGHQ]LRQH ©/D EXRQD IHGH QRQ FDQ FHOODJOLHUURULPROWL*LXGHLLQEXRQDIHGHKDQQRJULGDWRLOFUXFLIL JH/DEXRQDIHGHqXQ LGHDGHOO $QWLFULVWRª 0D OD FRVD DQFRU SL~ VRUSUHQGHQWH HUD LO PRGR LQ FXL 0DWWK\V
DYHYD VPDVFKHUDWR O LSRFULVLD GHL SUHWL H GHL GRWWRUL FKH FL DYHYDQR VHUYLWROD%LEELDGDLSXOSLWLHGDOOHFDWWHGUHTXHOODPLVHUDELOHWHROR JLD GHOOD ©GLULWWXUD PRUDOHª H GHOOD VROLWD ©RQHVWjª VSHVVR H YROHQ WLHULFRQIHULWDVRORGDOJUDGRGDOO DXWRULWj©,O9DQJHORLQYHFHHORJLD L GLVRQHVWL VL ULYROJH DOOH SURVWLWXWH DL OHQRQL QRQ DOOH SURVWLWXWH SHQWLWH PD DOOH SXWWDQH FRVt FRPH VRQR DL PDOYLYHQWL DOOD VHQWLQD GHOODWHUUDª$QFKHO HORJLRGHOO RQHVWjHGHOODPRUDOHHUDQRSHUOXLOD UHOLJLRQHUDFFRQWDWDFLGDOO $QWLFULVWR (FFRSHUFKpHUDWUDODJHQWHFRPXQHJOLDUWLJLDQLLSH]]HQWLHOD IHFFLDGHLYLFROLFKHDYUHPPRWURYDWRJOLHOHWWLWUDFRORURFKHVXEL YDQR SL~GLWXWWLJOLDOWULHFKHQRQDYHYDQRQXOODGDSHUGHUHVHQRQ OD ORUR FRQGL]LRQH GL UHLHWWL GDO PRQGR /t OD VFLQWLOOD GHOOD IHGH LQ &ULVWR H QHO VXR ULWRUQR LPPLQHQWH SRWHYD VRSUDYYLYHUH SHUFKp SL~ YLFLQHDOODVXDVFHOWDGLYLWDHUDQROHFRQGL]LRQLGLTXHOODJHQWH&UL VWRDYHYDVFHOWRLGLVHUHGDWLOHSXWWDQHHLOHQRQL"(EEHQHOjDYUHP PRUHFOXWDWRLFDSLWDQLSHUODEDWWDJOLD &RP HUD"9RJOLRGLUHFKHUD]]DGLWLSRHUD-DQ0DWWK\V" /DGRPDQGDGL(ORLVFHQGHOHQWDFRPHODVHUDDOODILQHGLTXHVWD JLRUQDWDGHGLFDWDDOO RUWRHDOVRUULVRGL.DWKOHHQ (UD LO SD]]R SL~ GHWHUPLQDWR FKH DYHVVL PDL LQFRQWUDWR 0D TXHVWRSULPDFKHDQGDVVLPRD0QVWHU(UDGHWHUPLQDWRHIRUWHDE EDVWDQ]DSHUPDQJLDUVL+RIPDQQHLOVXRULILXWRGHOODYLROHQ]D6HLO YHFFKLR0HOFKLRUHUD(OLDDOORUDOXLVDUHEEHVWDWR(QRFKLOVHFRQGR WHVWLPRQH GHL SDVVL GHOO $SRFDOLVVH (EEL XQ VDJJLR GL TXHOOD IRU]D TXDQGRXQFHUWR3ROGHUPDQQXQR]HODQGHVHGL0LGGHOEXUJGLVVHGL HVVHUHOXL(QRFK0DWWK\VVDOtLQSLHGLVXXQWDYRORHIXOPLQzWXWWLL FRQIUDWHOOLOtULXQLWLFRQXQDVILO]DGLPDOHGL]LRQL&KLXQTXHQRQO D YHVVH ULFRQRVFLXWR FRPH LO YHUR (QRFK VDUHEEH EUXFLDWR DOO LQIHUQR SHU O HWHUQLWj 'RSRGLFKp ULPDVH ]LWWR SHU GXH JLRUQL LQWHUL /H VXH SDUROHHUDQRVWDWHWDOPHQWHFRQYLQFHQWLFKHDOFXQLGLQRLVLFKLXVHUR LQ XQD VWDQ]D VHQ]D FLER Qp DFTXD LPSORUDQGR OD PLVHULFRUGLD GL 'LR )X XQD SURYD GL IRU]D GL RUDWRULD H GHWHUPLQD]LRQH OD YLQVH )RUVHDOXLDQFRUDQRQHUDFKLDURPDLRVDSHYRFKH-DQ0DWWK\VHUD JLjLOPDJJLRUFRQFRUUHQWHGL+RIPDQQHFRQTXDOFRVDLQSL~ODFD SDFLWjGLSDUODUHDOODUDEELDGHJOLXPLOL6HQWLYRFKHVHDYHVVHLPSD UDWR D JXLGDUH TXHOOD UDEELD VDUHEEH GLYHQWDWR GDYYHUR LO &DSLWDQR GL'LRLQJUDGRGLPHWWHUHDURYHVFLRLOPRQGRHWUDVIRUPDUHJOLXO WLPL QHL SULPL GL GDUH XQR VFRVVRQH IRUWH H IRUVH DQFKH GHILQLWLYR DOOHJUDVVH3URYLQFHGHO1RUG
(UD JLXQWR DG $PVWHUGDP FRQ XQD GRQQD GL QRPH 'LYDUD XQD FUHDWXUDVSOHQGLGDFKHFXVWRGLYDJHORVDPHQWHDOULSDURGDJOLVJXDUGL GLWXWWL'LFHYDQRFKHDOVXRSDHVHIRVVHVSRVDWRFRQXQDGRQQDDQ ]LDQD H FKH O DYHVVH DEEDQGRQDWD SHU VFDSSDUH FRQ TXHVWDJLRYDQLV VLPD UDJD]]D ILJOLD GL XQ ELUUDLR GL +DDUOHP $QFKH (QRFK DYHYD TXLQGLXQSXQWRGHEROHORVWHVVRGHOODPDJJLRUSDUWHGHJOLXRPLQLD PHWjVWUDGDWUDO XFFHOORHLOFXRUH4XHOODGRQQDPLKDVHPSUHVSD YHQWDWRDQFKHSULPDGLHVVHUHUHJLQDSURIHWHVVDJUDQSXWWDQDGHOUH GHJOL $QDEDWWLVWL $YHYD TXDOFRVD GL WHUULILFDQWH QHOOR VJXDUGR O LQ QRFHQ]D / LQQRFHQ]D" 6t 4XHOOD FKH WL SXz SRUWDUH D HVVHUH H IDUH TXDOVLDVL FRVD D FRPPHWWHUHLOFULPLQHSL~HIIHUDWRHJUDWXLWRFRPHVHIRVVHO D]LRQH SL~LQVXOVDGHOPRQGR(UDXQDIHPPLQDFKHQRQDYUHEEHPDLSLDQ WR FKH QLHQWH DYUHEEH PDL SRWXWR VFRQYROJHUH XQD UDJD]]LQD LJQR UDQWH H DQFRUD LQFRQVDSHYROH GHOOD VXD FDUQH ELDQFD H SHU TXHVWR DQFRUSL~WHPLELOHQHOPRPHQWRLQFXLDYHVVHFDSLWR 0DVRORSL~WDUGLDYUHLLPSDUDWRDWHPHUHGDYYHURTXHOODGRQQD ,QTXHLSULPLPHVLGHO DYHYDPREHQDOWURDFXLSHQVDUH,QQDQ]L WXWWRLOIDWWRFKHODSUHGLFD]LRQHFODQGHVWLQDGL0DWWK\VTXHOQRVWUR VWUDQR UHFOXWDPHQWR HUD HQWUDWD LQ FROOLVLRQH FRQ OR6WLOOVWDQG SUR FODPDWR GD +RIPDQQ ,Q TXHL JLRUQL FL HUD JLXQWD YRFH FKH SUHVWR O (OLDWHGHVFRVDUHEEHYHQXWRLQ2ODQGDSHUYLVLWDUHODQRVWUDFRPX QLWj H 0DWWK\V VDSHYD GL GRYHUVL LPSRUUH VXO PDHVWUR VH YROHYDPR FKH L FRQIUDWHOOL VL VYHJOLDVVHUR H VL XQLVVHUR D QRL )X XQR VFRQWUR DOO XOWLPRVDQJXH+RIPDQQGDOODVXDDYHYDO DXWRULWjGHOSDVVDWRGD SUHGLFDWRUH0D-DQGL+DDUOHPDYHYDLOIXRFR
&DSLWROR $PVWHUGDPOXJOLR
1R1R1R(DQFRUDQR /DYRFHVDOHDOWDVXOEUXVLRGLWXWWL 1RQqDQFRUDWHPSRGLULSUHQGHUHLEDWWHVLPL)DUORLQTXHVWRPR PHQWRVLJQLILFKHUHEEHVILGDUHOD&RUWHG 2ODQGDHFRQGDQQDUVLDOSD WLERORÊTXHVWRFKHYROHWH"(FKLDQQXQFHUjO $YYHQWRGHO6LJQRUH TXDQGR DYUHWH IDWWR WXWWL OD ILQH GHO SRYHUR 7ULMSPDNHU H GHL VXRL FRPSDJQL" 1RQVHORDVSHWWDYDLOEXRQ(OLDVYHYRGLHVVHUHFRQWHVWDWRVSH UDYDORDFFRJOLHVVLPRFRPHXQSDGUH(LQYHFHÊOtURVVRLQIDFFLD HSURQWRDFRQWUDGGLUVL SHUO HVDVSHUD]LRQH (QRFKQRQVLVFRPSRQHODEDUEDDGDQJRORDFXWRSXQWDWDYHUVR O DYYHUVDULR XQ SURIHWD FRQWUR O DOWUR LO OLEUR GHOO $SRFDOLVVH QRQ SDUODGLTXHVWR/RJXDUGDQHJOLRFFKLFRQO DEER]]RGLXQVRUULVR 6R FKH QRQ SXz HVVHUH LO PDUWLULR D VSDYHQWDUH IUDWHOOR 0HO FKLRUORVRSHUFKpQHVVXQRSL~GLOXLKDSDWLWROHSHQHGHOO HVLOLRHOH GLIILFROWj GHOOD WHVWLPRQLDQ]D 8QD SDXVD VWXGLDWD PDJLVWUDOH 4XHOORFKHWHPHqFKHLQSRFKHRUHVHQ]DODVFLDUFLLOWHPSRGLVFDS SDUHRVSHGLUHXQD OHWWHUDO DXWRULWjGHOO $MDFLULQWUDFFLHFLSLRPEL DGGRVVRFDWWXUDQGRFLWXWWLTXDQWL/ DWWHQ]LRQHqWXWWDSHUOXLDGHV VR 0DTXDQWLVLDPR"&HORVLDPRPDLFKLHVWL"(FRVDVLDPRGLVSR VWLDWHQWDUHLQYLVWDGHOO 8OWLPR*LRUQR",RYLGLFRIUDWHOOL FKHFRQ O DLXWRGHO6LJQRUHQRLSRVVLDPRHVVHUHSL~YHORFLGHOEUDFFLRDUPDWR GHJOL LQLTXL SXz HVVHUOR LO QRVWUR PHVVDJJLR O DQQXQFLR GHO *LXGL ]LR +RIPDQQ FRUUXFFLDWR ORWWD FRQWUR O DPDUH]]D FKH OR SHUYDGH 0DWWK\V LQVLVWH Ê YHUR SRVVRQR LQVHJXLUFL LQILOWUDUH GHOOH VSLH VFRSULUH L QRVWUL QRPL OH QRVWUH FDVH VLFXUH (EEHQH SHUFKp GR YUHPPRIHUPDUFLSHUTXHVWR"1HOOD%LEELDqVFULWWRFKH&ULVWRGR YUjULFRQRVFHUHLVXRLVDQWL3LHWURQHOODVXDOHWWHUDLQFLWDLIHGHOLDG DIIUHWWDUHODYHQXWDGHOJLRUQRGL'LR&LWDDPHPRULDLSDVVLGLFXL SL~YROWHDEELDPRGLVFXVVR ©1RLDVSHWWLDPRQXRYLFLHOLHXQDWHUUD QXRYDQHLTXDOLDYUjVWDELOHGLPRUDODJLXVWL]LDª(DQFRUD*LRYDQQL DIIHUPD FKH ©FKL FRQRVFH 'LR DVFROWD QRL FKL QRQ q GD 'LR QRQ FL
DVFROWDª0DFRPHIDUDQQRLJLXVWLDGDVFROWDUFLVHQRLQRQSDUOHUH PR ORUR" &RPH SRWUDQQR GLVWLQJXHUH OR VSLULWR GL YHULWj GD TXHOOR GHOO HUURUHVHQRQVFHQGHUHPRLQFDPSRDSHUWRDORWWDUH"&RPHVH QRQ DYUHPR LO FRUDJJLR GL EDWWH]]DUOL GL SUHGLFDUH GL UDJJLXQJHUOL FRQLOPHVVDJJLRGLVSHUDQ]DVILGDQGRJOLHGLWWLHOHOHJJLGHJOLXR PLQL" 'REELDPR HVVHUH SL~ VFDOWUL GL ORUR 2 IRUVH FUHGLDPR FKH VROWDQWRVFULYHQGRWUDWWDWLWHRORJLFLHEHOOHOHWWHUHSRWUHPRDGHPSLHUH DOQRVWURFRPSLWR" ,OWRQRVDOHIHUUHROHSDUROHFROSLGLPDUWHOOR VXOO LQFXGLQH 4XDQWRIUDWHOOLTXDQWRLVDQWLDSRVWROLFLKDQQRPHV VRLQJXDUGLDGDJOLDQWLFULVWLGDLIDOVLSURIHWLHLVHGXWWRULFKHQHOO XO WLPD RUD LPSHUYHUVDQR VXOOD WHUUD SHU GLVWRJOLHUH JOL HOHWWL GDO ORUR FRPSLWR" ,O QRVWUR FRPSLWR ,O 9DQJHOR GLFH ©&RQYLQFHWH FRORUR FKH VRQR YDFLOODQWL DOWUL VDOYDWHOL VWUDSSDQGROL GDO IXRFRª ,O IXRFR GHLURJKLFKHLQWXWWLL3DHVL%DVVLVLVWDQQRDSSURQWDQGRSHUQRLIUD WHOOL SHU FKLXGHUFL OD ERFFD H LPSHGLUH FKH VL SUHSDUL LO FDPSR SHU O $YYHQWR GL &ULVWR H GHOOD 1XRYD *HUXVDOHPPH ( QRL GRYUHPPR SLHJDUHODWHVWDHDWWHQGHUHLOERLD" /DVXDYRFHGDQ]DqXQDPXVLFDSURURPSHQWHXQWXRQRFKHFR PLQFLDGDORQWDQRULPEDO]DQHOORVWRPDFRHVLSODFDDOO LPSURYYLVR ,FRQIUDWHOOLVRQRGLYLVLLOFDULVPDGL(OLDFRQWURLOIXRFRGL(QRFK JOLDQLPLVLVFDOGDQR +RIPDQQ VL DO]D LQ SLHGL VFXRWHQGR OD WHVWD ,O JLRUQR GHO 6L JQRUHqRUPDLSURVVLPR4XHVWRqWHVWLPRQLDWRGDPROWLVHJQLSULPR IUD WXWWL LO SRWHUH GHOO LQLTXLWj FKH FL SHUVHJXLWD FRVt FUXGHOPHQWH LQ *HUPDQLDHTXLLQ2ODQGD(FFRSHUFKpLOQRVWURFRPSLWRqTXHOORGL DWWHQGHUH H WHVWLPRQLDUH $WWHQGHUH &ULVWR Vt IUDWHOOL H TXHO SRWHUH FKH VROR SLHJKHUj OH QD]LRQL H FDQFHOOHUj LO PDOH LQ HWHUQR )UDWHOOR -DQ VLULYROJHVRORD0DWWK\VDGHVVR O DWWHVDQRQSXzFKHHVVHUH EUHYH/HWHQHEUHVWDQQRJLjGLUDGDQGRVLHODYHUDOXFHJLjULVSOHQGH *LRYDQQL FL GLFH ©1RQ DPDWH LO PRQGR Qp OH FRVH GHO PRQGRª ( FRVt 3DROR 'REELDPR JXDUGDUFL GDOOD VXSHUELD LQ TXHVWR PRPHQWR FULWLFR HVVHUH XPLOL H DVSHWWDUH IUDWHOOR DVSHWWDUH H VRIIULUH PDQWH QHQGR VDOGD OD SDFH GHQWUR GL QRL 8QR VJXDUGR VXL QRVWUL YROWL 6DUjSUHVWR4XHVWRqFHUWR 0DWWK\V RFFKL DFXPLQDWL VHPEUD QRQ UHVSLUDUH 0D O RUD q JLXQWD Ê DGHVVR $GHVVR &ULVWR FLVWDFKLDPDQGRDPXRYHUFL1RQ GRPDQLQRQO DQQRSURVVLPRRUD$EELDPRSDUODWRWDQWRGHOULWRUQR GHO 6LJQRUH GD QRQ DFFRUJHUFL FKH HVVR q JLj TXL VWD VXFFHGHQGR IUDWHOOL H VH QRQ FL PHWWHUHPR LQ PDUFLD LO 5HJQR FL VIXJJLUj VHQ]D FKHQRLFHQHDFFRUJLDPRWURSSRSUHVLGDLQRVWULWUDWWDWLGLWHRORJLD
&RUUH DOOD ILQHVWUD TXDQGR OD VSDODQFD VXL VREERUJKL GL $PVWHU GDP XQ EULYLGR PL VFRUUH OXQJR OD VFKLHQD &RVD DVSHWWLDPR DG DEEDQGRQDUH%DELORQLDTXHVWRERUGHOORGLPHUFDQWLHDPDUFLDUHOj IXRUL" &KLDPLDPR DOO DGXQDWD LO SRSROR GHJOL HOHWWL H FRPEDWWLDPR ODEDWWDJOLDDUPDWLGHOOD3DURODGHO6LJQRUH +RIPDQQDUUDQFDVFRQYROWR 4XHVWHLGHHILQLUDQQRFRQORVFD WHQDUHXQDJXHUUDFLYLOH(QRQqDTXHVWRFKHVLDPRVWDWLFKLDPDWL *OL RFFKL GL YHWUR GL 0DWWK\V VRQR ILVVL DVVDVVLQL OD ULVSRVWD q SURQWDLOVLELORGLXQVHUSHQWH 4XHVWRORKDLGHFLVRWX /H GXH ID]LRQL HVSORGRQR VRQR RUPDL QHWWH H GLYLVH YRODQR LQ VXOWLHDQFKHTXDOFKHVSXWREHQPLUDWR&HUFRGLPHWWHUHFDOPDWUDL QRVWUL VHQ]D DFFRUJHUPL FKH OR VJXDUGR FRPSDVVLRQHYROH GL +R IPDQQ VL q SRVDWR VX GL PH VX TXHOOR FKH SURSULR QRQ SHQVDYD GL WURYDUH GDOOD SDUWH RSSRVWD )RUVH FHUFD DLXWR FKLHGH FKH LR IDFFLD UDJLRQDUH0DWWK\VLQQRPHGHOQRVWURVRGDOL]LRVWUDVEXUJKHVH )UDWHOOR DOPHQR WX SDUOD D TXHVWL IROOL 1RQ VDQQR TXHOOR FKH GLFRQR +RVROWDQWRSRFKHSDUROHGLFRPPLDWR /DVFLDSDUODUHODIROOLDH ODGLVSHUD]LRQHTXHVWRqTXHOORFKHDEELDPRQHOQRVWURVDFFR /RVSHQJRGHOWXWWR5HVWDOtUDEEXLDWRQHOODFUHSDFKHOR KDLQ JKLRWWLWR6DFKHLOIXRFRGL(QRFKLQFHQGLHUjODSLDQXUD
&DSLWROR /HLGDVHWWHPEUH
(FFRODVWUDGDFKHFHUFDWHqODSULPDVXOODGHVWUD'DTXLQRQ SRWHWHVEDJOLDUH ,OUDJD]]LQRFKHFLKDDFFRPSDJQDWRVLIHUPDLQDWWHVDGLTXDOFKH VSLFFLRORHLQGLFDXQDYLX]]DLQIRQGRDOO LVRODWR6HPEUDTXDVLSDUD OL]]DWR8QVXVVXUURDRFFKLEDVVL /DPDPPDODYRUDOtQRQYXROH YHGHUPLGDTXHVWHSDUWL $SUH OD PDQR SHU DFFRJOLHUH OH PRQHWH -DQ 0DWWK\V QRQ VL VFRPSRQH /D WXD ULFRPSHQVD q JUDQGH QHO FLHOR VHQWHQ]LD FRQ VROHQQLWj 0D LQWDQWR DJJLXQJR FDFFLDQGR XQ ILRULQR GDOOD ERUVD XQ PLVHURDQWLFLSRWHUUHQRQRQSRWUjIDUWLPDOH ,OELRQGLQRVFKL]]DYLDUHJDODQGRFLLOODPSRGLXQVRUULVRVGHQWD WR PHQWUH -DQ 0DWWK\V FHUFD GL JXDUGDUPL FRQ GLVDSSXQWR VHQ]D ULXVFLUH D WUDWWHQHUH XQD ULVDWD )LQGDSLFFROLELVRJQDDELWXDUOLDO O XUJHQ]DGHO5HJQRQRQFUHGL" )RUVH q SURSULR OD PDPPD GHOOD QRVWUD SLFFROD JXLGD D GDUFL LO EHQYHQXWR QHO YLFROR %LRQGD FRPH OXL JOL RFFKL FKLDUL PDUFDWL GL QHURDSSRJJLDOHWHWWHVXOGDYDQ]DOHVEUHFFLDWRGLXQDILQHVWUDDOVH FRQGR SLDQR /H WHVWH QRQ IDQQR LQ WHPSR DYROWDUVLSHURVVHUYDUOD FKHVHQWLDPRGLHWURGLQRLORVFKLRFFDUHDFXWRGLXQDGHFLQDGLEDFL DIILGDWLDOYHQWR&RPHQHOODJDOOHULDGLULWUDWWLGLXQDTXDOFKHQRELOH IDPLJOLDLEXVWLJHQHURVLGHOOHSURVWLWXWHGL/HLGDFLDIILDQFDQRDGH VWUD H D VLQLVWUD DSSHVL D GLYHUVH DOWH]]H VXL PXUL D JUDWLFFLR GHOOH FDVH %HQFKp GLVWUDWWL GD XQD VLPLOH DFFRJOLHQ]D QRQ LPSLHJKLDPR PROWR WHPSR D LQGLYLGXDUH LO SRUWRQH YHUGH FKH VWLDPR FHUFDQGR Ê O XOWLPRHGLILFLRGHOYLFRORDOO DQJRORFRQXQSRQWLFHOORVHQ]DEDOOD WRLRFKHVLLQDUFDDVFDYDOFDUHXQRGHLWDQWLFDQDOLVXO5HQR 0DWWK\VDOWRHDOODPSDQDWRqUDJJLDQWH6XOOHVFDOHFKHFLFRQ GXFRQRDOSULPRSLDQRPLEDWWHODPDQRVXOODVSDOODHDQQXLVFHFRO FDSR 7UDOHSXWWDQHHLPDJQDFFLD*HUW ( WUDJOLXEULDFKLGLXQ RVWHULD DJJLXQJRFRQXQVRUULVRDOOX
GHQGRDOUHFOXWDPHQWRGL*HUWGDO3R]]R $ IDUFL JOL RQRUL GL FDVD TXHVWD YROWD q XQD UDJD]]D FRPSOHWDPHQWH YHVWLWD SHU TXDQWR QRQ SURSULR FRPH XQD GDPD FKH VLUHFKLDOPHUFDWR &HUFDWH -DQ %RFNHOVRQ -DQ GL /HLGD QRQ q YHUR" ,Q TXHVWR PRPHQWRQRQSXz )DOOLHQWUDUH ODLQWHUURPSHXQJULGRGDOIRQGRGHOFRUULGRLR 1RQYHGLFKHVRQRSURIHWL"9HQLWHDYDQWLDYDQWL /D YRFH q EDVVD H FRUSRVD GL TXHOOH FKH SDUWRQR GDOO DGGRPH H ULPERPEDQR LQ JROD 'HFLVDPHQWH QRQ VL DGGLFH DOOD VFHQD FKH FL WURYLDPR GL IURQWH XQD YROWD VSDODQFDWD OD SRUWD GD FXL O DEELDPR XGLWDXVFLUH ,O QRVWUR XRPR q VGUDLDWR VX XQ GLYDQHWWR FRUWR FRQ XQD PDQR DYYLQJKLDWDDXQDFRSHUWDHO DOWUDDLFRJOLRQLÊQXGRGDOODFLQWRODLQ VXWXWWRVSDOPDWRG ROLRVXOSHWWR8QDGRQQDDQFKHOHLPH]]DQXGD KDLQ PDQRXQUDVRLRHORVWDGHSLODQGR 'RYHWHVFXVDUPLFDULDPLFL GLFHFRQTXHOODYRFHFKHVHPEUD TXDVLXQDSUHVDLQJLUR 1RQYROHYRIDUYLDWWHQGHUHWURSSR/DQR VWUDDQWLFDPHUDqVHPSUHXQSR PDOIUHTXHQWDWD &L SUHVHQWLDPR 0DWWK\V OR JXDUGD XQ DWWLPR SRL JLUD JOL RFFKL LQWRUQR ÊLOWXRODYRUR" 6RQRPLHLWXWWLLODYRULFKHQRQIDQQRVXGDUHODIURQWH qODUL VSRVWDLPPHGLDWDTXDVLODEDWWXWDGLXQDWWRUHVXOSDOFR 1HJRFRQ ODSL~DVVROXWDIHUPH]]DLOSHFFDWRGL$GDPRHGLFRQVHJXHQ]DQRQ DFFHWWROHPDOHGL]LRQLGDHVVRGHULYDWH)DFHYRLOVDUWRPDKRVPHV VRLQIUHWWD$GHVVRLPSHUVRQRVXOOHSLD]]HLJUDQGLSURWDJRQLVWLGHO OD%LEELD $KHFFRVHLXQDWWRUH $WWRUHQRQqLOWHUPLQHJLXVWRDPLFRPLRLRQRQUHFLWRLRLP SHUVRQR $IIHUUD XQDVSXJQDGDXQFDWLQRHVLULSXOLVFHGDOVDSRQH%DO]D LQSLHGLVWUDWWRQDQGRVLGHFLVDPHQWHLQPH]]RDOOHJDPEH,OYROWRq XQDPDVFKHUDGLGRORURVDUDVVHJQD]LRQHJOLRFFKLSXQWDWLQHLPLHL ©,R PH QH YDGR SHU OD VWUDGD GL RJQL XRPR VXOOD WHUUD 7X VLL IRUWHHPRVWUDWLXRPR2VVHUYDODOHJJHGHO6LJQRUHWXR'LRSURFH GHQGR QHOOH VXH YLH HG HVHJXHQGR L VXRL VWDWXWL L VXRL FRPDQGL H L VXRLSUHFHWWLª /DUDJD]]DDSSODXGHHQWXVLDVWDVWULQJHQGRLOVHQRWUDOHEUDFFLD %UDYR-DQ *XDUGDQGRPH 1RQ qEUDYLVVLPR" ,O UH 'DYLGH ID XQ SURIRQGR LQFKLQR 'DO FRUULGRLR JLXQJRQR
VWUDQL UXPRUL WRQIL XUOD JULGD VRIIRFDWH ,O QRVWUR -DQ VXOOH SULPH VHPEUD QRQ IDUFL FDVR LQWHQWR DOOD VXD LJLHQH SHUVRQDOH 3RL F q TXDOFRVD FKH OR ID VFDWWDUH IRUVH XQ ©$LXWRª SL~ DFXWR GHJOL DOWULR VROWDQWRSL~FRQYLQFHQWH$IIHUUDXQUDVRLRHYRODIXRUL ,OWXRQRGHOODVXDYRFHULHPSLHODFDVD0DWWK\VHLRFLJXDUGLD PRLQFHUWLVHLQWHUYHQLUH3DVVDXQDWWLPRH-DQGL/HLGDULFRPSDUH VXOOD VRJOLD 5HVSLUD D IRQGR Gj XQD VLVWHPDWD DO FDYDOORGHOOHEUD FKHHDIIRQGDLOUDVRLRLQXQFDWLQRVPDOWDWR/ DFTXDVLWLQJHGLURV VR &KHQHGLWH" GLFHVHQ]DYROWDUVL $YHWHPDLVHQWLWRSDUODUHGL XQOHQRQHJHQWLOHULVSHWWRVRGHOSURVVLPRHGLEXRQHPDQLHUH",PD JQDFFLD VRQR JHQWH FUXGHOH EUXWDOH ,R LQYHFH YRUUHL GLYHQWDUH LO SULPRSDSSRQHVDQWRGHOODVWRULD6tDPLFLVRQRXQPDJQDFFLDFKH VRJQDGLVHGHUHDOODGHVWUDGL'LR(SSXUHRJQLWDQWRLOVRJQRVLLQ WHUURPSHHLOPDJQDFFLDVLVYHJOLD 1RQVLWUDWWDGLVRJQRRGLYHJOLD/DYRFHGHOO DOWUR-DQQRQq TXHOOD GL XQ DWWRUH q TXHOOD GL (QRFK 3DSSRQL SURVWLWXWH ODGUL H DVVDVVLQLHFFRLVDQWLGHJOLXOWLPLJLRUQL -DQGL/HLGDSRUWDXQDPDQRVXOOHODEEUDHSRLVXLFRJOLRQL 8K 1RQSDUODUPLGHOODILQHGHOPRQGRDPLFR+RFRQRVFLXWRXQVDFFR GLSURIHWLTXLGHQWURHVRQRWXWWLLHWWDWRUL /RFUHGREHQH ULVSRQGRGLJHWWR DWWHQGHUHLPPRELOLO $SR FDOLVVH SRUWD URJQD /D 5LYHOD]LRQH JLXQJH VROWDQWR GDO EDVVR 'D QRL 6LYROWDFRQXQJKLJQR'LIILFLOHFDSLUHVHqLURQLFRRLOOXPLQDWR &DSLVFR JOLDQJROLGHOODERFFDFRQWLQXDQRDGDO]DUVLJRQILDQ GRJOL]LJRPLGXUL 6LWUDWWDQpSL~QpPHQRFKHGLIDUHO $SRFDOLV VH / HQIDVLFRQFXLULHVFHDSURQXQFLDUHODSDURODIDUH FROSLVFHGDY YHUR&RQODYHFFKLDSDVVLRQHSHULOJUHFRHSHUO HWLPRORJLDPLVIRU ]R GL WURYDUH XQ QXRYR QRPH DOO LPSUHVD ILQDOH $SRFDOLVVH FRPH DSRWHRVLFRQWLHQHLOSUHILVVRGLFLzFKHVWDLQDOWR,SRFDOLVVHVDUHEEH XQQRPHPROWRSL~DGDWWRF qVROWDQWRGDFDPELDUHXQDYRFDOH 2VVHUYR -DQ %RFNHOVRQ FRQ OD PDQR SRJJLDWD WUD OH FRVFH XQD GRQQDVHPLQXGDVGUDLDWDVXOGLYDQRXQUDVRLRLQVDQJXLQDWRDPROOR QHOO DFTXDLPLHLUDJLRQDPHQWLQRQYDUFKHUDQQRODVRJOLDGHOFHUYHO OR/HSDUROHGHOIRUQDLRGL+DDUOHPVDSUDQQRHVVHUHPROWRSL~FRQ YLQFHQWL -DQ0DWWK\VVLOLVFLDODEDUEDQHUDHDSSXQWLWD,O6DQWRSDSSRQH VHPEUDSLDFHUJOLDQFKHVHQRQKDOHLGHHDEEDVWDQ]DFKLDUH'HOUH
VWRLEDWWLVWLGL$PVWHUGDPFKHFLKDQQRVXJJHULWRGLLQFRQWUDUORQRQ FL KDQQR SDUODWR GHOOD VXD OXFLGLWj R GHOOD VXD IHGH EHQVt GHOO RGLR YLVFHUDOHYHUVRSDSLVWLHOXWHUDQLGHOIDVFLQRGLDWWRUHHGHLPRGLXQ SR UR]]L 0DWWK\VVWULQJHOHODEEUDWUDOHGLWDHGHFLGHGLYHQLUHDOVRGR 6WDPPL D VHQWLUH IUDWHOOR -DQ HFFR O LGHD GRGLFL DSRVWROL SHUFRUUH UDQQRTXHVWHWHUUHLQOXQJRHLQODUJR%DWWH]]HUDQQRJOLDGXOWLLQYL WHUDQQR D VSLDQDUH OH YLH GHO 6LJQRUH SUHGLFKHUDQQRLQ VXR QRPH 6RSUDWWXWWR DQQXVHUDQQR O DULD GL RJQLFLWWjSHUYDOXWDUHLQTXDOHVLD SRVVLELOH UDFFRJOLHUH LO SRSRORHOHWWR6LYROWDYHUVRGLPHFRQXQ FHQQR GHO FDSR 6WLDPR FHUFDQGR XRPLQL FDSDFL GL IDUH WXWWR TXH VWR / DOWUR -DQ ID VHJQR DOOD VXD DYYHQHQWH FRPSDJQD GL ODVFLDUH OD VWDQ]D*OLRFFKLVLIDQQRDWWHQWLPHQWUHVSURIRQGDDVHGHUHVXOGLYD QRDFFRPRGDQGRVLLFDO]RQL 3HUFKpWXWWLLQXQDFLWWjDPLFR-DQ"1RQVDUHEEHSL~XWLOHFRLQ YROJHUHXQWHUULWRULRFKHVLDLOSL~YDVWRSRVVLELOH"/DIRU]DGLXQ L GHD VL PLVXUD DQFKH GDOOD VXD FDSDFLWj GL FRLQYROJHUH OH JHQWL SL~ ORQWDQH 0DWWK\V KD JLj ULVSRVWR SL~YROWHDTXHVWDRELH]LRQH6RFFKLXGH JOLRFFKLHSDUODOHQWDPHQWH $VFROWDVROWDQWRTXDQGRJRYHUQHUHPRXQDFLWWjHYLDEROLUHPR O XVRGHOGHQDURLOSRVVHVVRSULYDWRGHLEHQLHOHGLIIHUHQ]HGLFHQVR DOORUDODOXFHGHOODQRVWUDIHGHVDUjFRVtSRWHQWHGDLOOXPLQDUHWXWWHOH JHQWL 6DUj O HVHPSLR 6H LQYHFH ILQ GD VXELWR FL SUHRFFXSHUHPR VROWDQWR GL GLIIRQGHUH LO SL~ SRVVLELOH OH QRVWUH LGHHILQLUHPR FRQ O DWWHQXDUH O HIIHWWR GLURPSHQWH FKH GD HVVH FL DWWHQGLDPRHFLPRUL UDQQRWUDOHGLWDFRPHILRULVHQ]DUDGLFL -DQ GL /HLGD EDWWH OH PDQL VFXRWHQGR OD WHVWD 6LDWH EHQHGHWWL DPLFL PLHL (UD GD WHPSR FKH TXHVWR DWWRUH GL VWUDGD DVSHWWDYD XQD SD]]LD VLPLOH SHU GDUH ILQDOPHQWH YLWD DL VXRL SHUVRQDJJL SUHIHULWL 'DYLGH 6DORPRQH 6DQVRQH 3HU GLR TXHVWD YRVWUD $SRFDOLVVH q OR VSHWWDFRORFKHKRVHPSUHVRJQDWR$FFHWWRODSDUWHVHqTXHVWRFKH FHUFDWHGDRJJLDYHWHXQDSRVWRORLQSL~
&DSLWROR $QYHUVDPDJJLR
8Q SXWWDQLHUH" ,O UH GL 0QVWHU XQ PDJQDFFLD" (ORLSHUXQ DWWLPR SHUGH O DFFRQGLVFHQGHQ]D D FXL PL KD DELWXDWR 3HU OD SULPD YROWDVHPEUDQRQULXVFLUHDFUHGHUPL /RUDVVLFXUR 6HODOHJJHQGDORKDGLSLQWRFRPHXQ UHWHUULELOHH VDQJXLQDULRVDSSLFKHFLzFRUULVSRQGHDOYHURPDQpSULPDQpGRSR LOQRVWURLQJUHVVRD0QVWHU-DQ%RFNHOVRQGL/HLGDIXPDLQLHQWHGL GLYHUVR GD FLz FKH HUD VHPSUH VWDWR XQ DWWRUH XQ VDOWLPEDQFR XQ PDJQDFFLD ( QDWXUDOPHQWH XQ SURIHWD 4XHVWR UHQGH DQFRUD SL~ JURWWHVFRO HSLORJRGHOODQRVWUDYLFHQGDSRLFKpO DWWRUHGLPHQWLFzGL UHFLWDUH H FRQIXVH LO FDQRYDFFLR FRQ OD YLWD YHUD /D IDUVD GLYHQWz WUDJHGLD
(ORLqDGLVDJLRULGDFFKLDSHUVXSHUDUHORVWXSRUH / HSRSHDDQDEDWWLVWDHOHOHJJHQGHGHLQHPLFLKDQQRIDWWRGLQRL GHLPRVWULG DVWX]LDHSHUYHUVLRQH%H LQUHDOWjTXHVWLHUDQRLFDYD OLHULGHOO $SRFDOLVVHXQIRUQDLRSURIHWDXQSRHWDSDSSRQHHXQUHLHW WRVHQ]DQRPHLQIXJDGDVHPSUH,OTXDUWRIXXQ LQYDVDWRSXUR3LH WHU GH +RXW]DJHU XQR FKH DYHYD FHUFDWR GL IDUVL IUDWH PD HUD VWDWR UHVSLQWR SHU OD YLROHQ]D GHOOH VXH SDUROH LQYHVWLYD OD JHQWH SHU OD VWUDGDOHYLVLRQLFKHHYRFDYDHUDQRILWWHGLVDQJXHHVWHUPLQLRXQLFD JLXVWL]LDGHO6LJQRUH 3RL OD IDPLJOLD %RHNELQGHU IRUQt DOOD EDQGD GL 0DWWK\V XQ DOWUR FRQJLXQWR LO JLRYDQH %DUWKRORPHXV FKH XIILFLDOPHQWH ULVXOWDYD HV VHUH PLR FXJLQR H FKH VL XQt D QRL QHOO DXWXQQR GHO LQVLHPH DL GXHIUDWHOOL.X\SHU:LOKHOPH'LHWULFK &RQYLQFHPPRDQFKHXQXRPRSDFDWRHSLRFRPH2EEH3KLOLSVH DG$PVWHUGDP+RXW]DJHUEDWWH]]zXQDOWURDGHSWR-DFRE9DQ&DP SHQ(FRVtLGLVFHSROLGHOJUDQGH0DWWK\VUDJJLXQVHURLOFRQVLGHUH YROH QXPHUR GL RWWR 5H\QLHU 9DQ GHU +XOVW H L WUH IUDWHOOL %UXQGW UDJD]]LFKHDQFRUDSX]]DYDQRGLODWWHPDFRQGHOOHPDQLFRPHEDGL OLDJJDQFLDURQRODEULJDWDGDOOHSDUWLGL'HOIWQHJOLXOWLPLJLRUQLGL QRYHPEUH GHO 4XDVL VHQ]D DFFRUJHUFHQH HUDYDPR GLYHQWDWL GR
GLFL )XXQVHJQRSL~FKHVXIILFLHQWHSHULOQRVWURSURIHWD*OLVLSRWH YD OHJJHUH QHOOR VJXDUGR FKH VWDYD SURJHWWDQGR TXDOFRVD 'HO UHVWR LQWRUQRDQRLLOPRQGRVHPEUDYDGDYYHURVXOSXQWRGLHVSORGHUHOH QRVWUHSDUROHQRQPDQFDYDQRPDLO HIIHWWRYROXWR1RQHUDYDPRFKH XQD EDQGD GL VSRVWDWL DWWRUL IROOL JHQWH FKH DYHYD ODVFLDWR ODYRUR FDVD IDPLJOLD SHU GDUVL DOOD SUHGLFD]LRQH LQ QRPH GL &ULVWR 6FHOWH FRPSLXWH SHU L PRWLYL SL~ GLYHUVL GDO VHQVR GL JLXVWL]LD DOO LQVRIIH UHQ]DSHUODYLWDDFXLVLHUDFRQGDQQDWLPDFKHSRUWDYDQRDOODVWHVVD FRQFOXVLRQHDXQDWWRGLYRORQWjFKHFRLQYROJHVVHTXDQWDSL~JHQWH SRVVLELOH FKH GLPRVWUDVVH DJOL XRPLQL FRPH LO PRQGR QRQ VDUHEEH SRWXWR GXUDUH FRVt DOO LQILQLWR H PROWR SUHVWR VDUHEEH VWDWR PHVVR D URYHVFLRGD'LRLQSHUVRQD2GDFKLSHU/XLYDOHDGLUHQRL(FFR SHUFKpHUDYDPRTXHOOL FKHSRWHYDQRGDYYHURIDUVDOWDUHWXWWR 8EELGLYDWHDJOLRUGLQLGL0DWWK\V" 6HJXLYDPR OH VXH LQWXL]LRQL (UDYDPR LQ SHUIHWWD VLQWRQLD H LQ SL~ LO QRVWUR SURIHWD HUD WXWW DOWUR FKH VWXSLGR VDSHYD YDOXWDUH JOL XRPLQL$YHYDLQJUDQGHFRQVLGHUD]LRQHLOPLRSDUHUHVLFRQVXOWDYD VSHVVRFRQPHPHQWUHSUHIHULYDXVDUH-DQGL/HLGDFRPHDULHWHO DW WLWXGLQH WHDWUDOH GL -DQ WRUQDYD XWLOH ( DQFKH OD VXD EHOOH]]D QRQ JXDVWDYDHUDJLRYDQLVVLPRPDDSSDULYDJLj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jGL+R IPDQQHUDGHVWLWXLWDGLIDWWR 1RQ SDUOz GL DUPL 1RQ VDSUHL GLUH VH QH SDUOz PDL 1RQ GLVVH QXOOD ULJXDUGR DO FRLQYROJLPHQWR GHJOL DSRVWROL QHOOD EDWWDJOLD GHO 6LJQRUHHQRQVRVHJLjDOORUDPHGLWDVVHTXHVWDVROX]LRQH3HUTXDQ WRYHGHYRHUDYDPRWXWWLGLVDUPDWL7XWWLHFFHWWRPH$YHYRULGRWWROD YHFFKLDVSDGDULWURYDWDQHOODVWDOODGHL%RHNELQGHUULFDYDQGRQHXQD GDJDFRUWDXQ DUPDSL~DJLOHHIDPLJOLDUHFKHSRWHYRWHQHUHQDVFR
VWDVRWWRLOPDQWHOORHFKHPLIDFHYDYLDJJLDUHSL~WUDQTXLOOR )HFLFRSSLDFRQ-DQGL /HLGDSHUYROHUHGHOORVWHVVR0DWWK\VOD PLDGHWHUPLQD]LRQHHODVXDSUHVDVXOOHSODWHHXQDFRPELQDWDSHUIHW WD1RQPLGLVSLDFTXHDIIDWWR%RFNHOVRQHUDXQWLSRFRQFXLQRQPL VDUHL PDL DQQRLDWR LPSUHYHGLELOH H IROOH DO SXQWR JLXVWR (UR FHUWR FKHDYUHPPRIDWWRJUDQGLFRVH )XDOORUDFKHSHUODSULPDYROWDVHQWLLSDUODUHGL0QVWHUODFLWWj LQ FXL L EDWWLVWL IDFHYDQR XGLUH IRUWH OD ORUR YRFH -DQ GL /HLGD HUD SDVVDWR GL Oj SRFKH VHWWLPDQH SULPD H QH DYHYD ULSRUWDWR XQ RWWLPD LPSUHVVLRQH,OSUHGLFDWRUHORFDOH%HUQKDUG5RWKPDQQDYHYDVWUHWWR DPLFL]LDFRQDOFXQLPLVVLRQDULEDWWLVWLVHJXDFLGL+RIPDQQHULVFXR WHYDJUDQGHVXFFHVVRSUHVVRODFLWWDGLQDQ]DWHQHQGRWHVWDDSDSLVWLH OXWHUDQL LQVLHPH 0QVWHU IX LQFOXVD QHOO LWLQHUDULR FKH DYUHPPR FRPSLXWR )RVWHWXH%RFNHOVRQLSULPLDGDUULYDUH" 1RSHUODYHULWjQR8QDVHWWLPDQDSULPDGLQRLHUDQRDUULYDWL %DUWKRORPHXV %RHNELQGHU H :LOKHOP .X\SHU (UDQR ULSDUWLWL QRQ SULPDGLDYHUULEDWWH]]DWRSL~GLPLOOHSHUVRQH/ HQWXVLDVPRLQFLWWj HUDDOOHVWHOOHHDOQRVWURDUULYRQHDYHPPRVXELWRXQVDJJLRLPSUHV VLRQDQWH
/ RFFKLRGL&DUDID
/HWWHUD LQYLDWD D 5RPD GDOOD FLWWj GL 6WUDVEXUJR LQGLUL]]DWD D *LDQSLHWUR&DUDIDGDWDWDJLXJQR $OO RQRUDQGLVVLPRVLJQRUHPLR*LRYDQQL3LHWUR&DUDIDLQ5RPD
6LJQRUHPLRPXQLILFHQWLVVLPRODQRWL]LDGHOODVWLSXODGHOODPRO WR DXVSLFDWD DOOHDQ]D WUD )UDQFHVFR , H OD /HJD GL 6PDOFDOGD PL ULHPSLHGLVSHUDQ]D,SULQFLSLSURWHVWDQWLHLOFDWWROLFRUHGL)UDQFLD XQLVFRQROHORURIRU]HSHUDUJLQDUHLOSRWHUHGHOO ,PSHUDWRUH1RQY q GXEELRFKHODJXHUUDULSUHQGHUjSUHVWRVRSUDWWXWWRVHOHYRFLFKHPL VRQRJLXQWHDWWUDYHUVRFDQDOLDVVDLULVHUYDWLDSURSRVLWRGLXQDWUDWWD WLYD VHJUHWD WUD )UDQFHVFR H LO WXUFR 6ROLPDQR WURYHUDQQR FRQIHUPD QHL SURVVLPL PHVL 0D OD 69 q VLFXUDPHQWH SL~ HUXGLWD GL TXHVWR VXRXPLOHVHUYLWRUHFKHVFUXWDGLWUDYHUVRGDTXHVW DQJRORGLPRQGR LQFXLODJHQHURVLWj9RVWUDKDFRQFHVVRFKHVYROJHVVHLOVXRSLFFROR FRPSLWR (SSXUHFRPHRVVHUYDJLXVWDPHQWHLOPLRVLJQRUHLWHPSLFLLP SRQJRQR XQD YLJLODQ]D FRVWDQWH H VROHUWH RQGH QRQ HVVHUH WUDYROWL DJJLXQJR LR GDXQ LQFHQGLRFKHFRYDVRWWRODFHQHUHHVLSUHSDUDD GHIODJUDUH FRQLUUXHQ]DLQDXGLWD0LULIHULVFRDQFRUDDOODSHVWHDQD EDWWLVWDFKHWDQWHYLWWLPHFRQWLQXDDPLHWHUHQHL3DHVL%DVVLHQHOOH FLWWj GL FRQILQH 'DOO 2ODQGD JLXQJRQR PHUFDQWL FKH UDFFRQWDQR GL FRPH YL VLDQR JLj ILWWH FRPXQLWj GL$QDEDWWLVWLD(PGHQ*URQLQJD /HHXZDUGHQHILQDQFKHDG$PVWHUGDP,OPRYLPHQWRLQJURVVDOHVXH ILOD RJQL JLRUQR H VL HVWHQGH FRPH XQD PDFFKLD G LQFKLRVWUR VXOOD PDSSD G (XURSD ( TXHVWR SURSULR TXDQGR LO &ULVWLDQLVVLPR UH GL )UDQFLDVWDSHUULXVFLUHQHOVXRLQWHQWRGLUDFFRJOLHUHLQXQDVDOYLIL FD SHU TXDQWR EL]]DUUD DOOHDQ]D WXWWH OH IRU]H DYYHUVH D &DUOR H DO VXRVFRQILQDWRSRWHUH &RPHOD6LJQRULD9RVWUDVDEHQHODSURYLQFLDLPSHULDOHGHL3DH VL%DVVLQRQqXQSULQFLSDWRPDXQDIHGHUD]LRQHGLFLWWjOHJDWHO XQD DOO DOWUD GD LQWHQVL WUDIILFL FRPPHUFLDOL (VVH VL FRQVLGHUDQR OLEHUHH LQGLSHQGHQWL WDQWR GD VDSHU IURQWHJJLDUH O ,PSHUDWRUH&DUORFRQFD SDUELHWjHFRUDJJLR&DUOR9qODVV~LOUDSSUHVHQWDQWHGHOODFDWWROLFLWj
HQRQqGLIILFLOHOHJJHUHQHOO DYYHUVLRQHGLTXHOOHSRSROD]LRQLSHUOD &KLHVDGL5RPDO RGLRDQWLFRFKHQXWURQRSHUOHPLUHGHOO ,PSHUDWR UH ,QTXHVWRPRPHQWRTXHVW XOWLPRqLPSHJQDWRDRUJDQL]]DUHODUH VLVWHQ]DFRQWURL7XUFKLHDGDUJLQDUHOHPDQRYUHGLSORPDWLFKHGHOUH GL)UDQFLD1RQSXzTXLQGLSUHVWDUHPROWDDWWHQ]LRQHDL3DHVL%DVVL $ TXHVWR VL DJJLXQJD OR VWDWR SHQRVR LQ FXL YHUVD OD &KLHVD LQ TXHOOHWHUUH6LPRQLDH/XFURFRPDQGDQRLQFRQWUDVWDWHVXFRQYHQWLH YHVFRYDGL VXVFLWDQGR OR VFRQWHQWR H O LUD GHOOD SRSROD]LRQH H VSLQ JHQGROD DG DEEDQGRQDUH OD &KLHVD R D FHUFDUQH XQ DOWUD QHOOH SUR PHVVHGLTXHVWLSUHGLFDWRULHUUDQWL ( FRVt O HUHVLD DSSURILWWDQGR GHOOR VFRQWHQWR JHQHUDOH ULHVFH D WURYDUHQXRYLFDQDOLGLGLIIXVLRQH ,OJLXGL]LRGHOVHUYRGHOOD6LJQRULD9RVWUDqFKHLOSHULFRORUDS SUHVHQWDWRGDJOL$QDEDWWLVWLVLDSL~FRQVLVWHQWHGLTXDQWRDSULPDYL VWDDSSDLDVHHVVLULXVFLVVHURDJXDGDJQDUHODVLPSDWLDGHOOHFDPSD JQH H GHOOH FLWWj FRPPHUFLDOL G 2ODQGD OH ORUR LGHH HUHWLFKH QRQD YUHEEHUR SL~ FRQWHQLPHQWR H YLDJJHUHEEHUR VXOOH QDYL RODQGHVL DOOD YROWDGLFKLVVjTXDOLHTXDQWLSRUWLILQDQFKHDPLQDFFLDUHODVWDELOLWj FRQTXLVWDWDGD/XWHURHGDLVXRLQHOO (XURSDGHOQRUG ( SRLFKp OD 69 OXVLQJD TXHVWR 6XR VHUYR FRQ OD ULFKLHVWD G XQ SDUHUH PL VLD FRQVHQWLWR GLUH LQ WXWWD IUDQFKH]]D FKH DO FRQIURQWR GHOOD GLIIXVLRQH GHOO DQDEDWWLVPR O DYYHQWR GHOOD IHGH OXWHUDQD q GL JUDQOXQJDSL~DXVSLFDELOH,OXWHUDQLVRQRJHQWHFRQFXLqSRVVLELOH VWULQJHUH DOOHDQ]H IDYRUHYROL DOOD 6DQWD 6HGH FRPH GLPRVWUD O DOOH DQ]DWUDLOUHGL)UDQFLDHLSULQFLSLWHGHVFKL*OL$QDEDWWLVWLDOFRQ WUDULR VRQR HUHWLFL LQGRPDELOL UHIUDWWDUL D RJQL FRPSURPHVVR VSUH JLDWRULG RJQLUHJRODVDFUDPHQWRHDXWRULWj 0DQRQRVRDJJLXQJHUHDOWURODVFLDQGRDOODVDJJH]]DGHO PLRVL JQRUH RJQL YDOXWD]LRQH LPSD]LHQWH GL WRUQDUH D VHUYLUH OD 69 FRQ TXHVWL XPLOL RFFKL H LO EULFLROR G DFXPH FKH ,GGLR KD YROXWR FRQFH GHUPL 6LQFHUDPHQWHPLUDFFRPDQGRDOODERQWjGL96
GL6WUDVEXUJRLOJLRUQRGHOJLXJQR ,OIHGHOHRVVHUYDWRUHGL9RVWUD6LJQRULD 4
/HWWHUDLQYLDWDGDOODFLWWjGL6WUDVEXUJRLQGLUL]]DWDD*LDQSLHWUR &DUDIDLQ5RPDGDWDWDQRYHPEUH $OO RQRUDQGLVVLPRVLJQRUHPLR*LRYDQQL3LHWUR&DUDID
6LJQRUH PLRLOOXVWULVVLPRVFULYRDOOD69GRSRXQOXQJRVLOHQ ]LRQHOODVSHUDQ]DFKHO DWWHQ]LRQHHODFXUDGLPRVWUDWDQHLFRQIURQWL GLTXHVWRIHGHOHVHUYLWRUHWURYLQRDQFRUDUDJLRQG HVVHUHHFRQIHUPD SUHVVRGL9RL ,IDWWLGLFXLWHQJRPHWWHUHDOFRUUHQWHOD69VRQRDSSXQWRDPLR JLXGL]LRXWLOLHIRUV DQFKHQHFHVVDULDOHJJHUHQHOOHSLHJKHGHOOHYL FHQGHGHOOHWHUUHVHWWHQWULRQDOLFKHFRPHQRQKRPDQFDWRGLULIHULUH YDQQRFRPSOLFDQGRVLRJQLJLRUQRGLSL~ ,OWHDWURGHLIDWWLGLFXLFRQWDQWDSUHPXUDPLDFFLQJRDGDUQRWL ]LDqLOSULQFLSDWRYHVFRYLOHFKHIDFDSRDOODFLWWjGL0QVWHUDOFRQ ILQHWUDLOWHUULWRULRGHOO ,PSHURHTXHOORRODQGHVHRJJLDIILGDWRDOOD JXLGDVDSLHQWHGL6XD(PLQHQ]DLOYHVFRYR)UDQ]YRQ:DOGHFN &RVWXLVHPEUDHVVHUHXRPRULVROXWRHGHYRWLVVLPRDOOD6DQWD6H GHPDDQFKHSUXGHQWHHDWWHQWRDQRQSHUGHUHLOSRWHUHFKHWDQWRLO 3DSD TXDQWR O ,PSHUDWRUH KDQQR ULPHVVR QHOOH VXH PDQL /D VXDD VFHVDDSULQFLSHYHVFRYRqPDWXUDWDLQXQFOLPDDFFHVRGLGLDWULEHH FRQIOLWWLFRQTXHOODSDUWHGHOODSRSROD]LRQHFKHSURIHVVDIHGHOXWHUD QDSHUORSL~PHUFDQWLHVSRQHQWLGHOOHJLOGHFKHFRQWUROODQRLO&RQ VLJOLRFLWWDGLQRHFKHHJOLKDVDSXWRDIIURQWDUHFRQGHWHUPLQD]LRQH 7XWWR TXHVWR QRQ PHULWHUHEEH XQ VROR LVWDQWH GHOO DWWHQ]LRQH GL 96VHQRQIRVVHFKHLUHFHQWLDYYHQLPHQWLLQTXHOODFLWWjVRQRRJJL DUJRPHQWRGLGLVFXVVLRQHSHUWXWWLDOSXQWRFKHSHUILQRLOODQJUDYLR G $VVLD)LOLSSRVLqYLVWRFRVWUHWWRDLQYLDUHGHLSDFLHULSHUDUJLQDUHLO VXEEXJOLRFKHUHJQDFROj 'HYRFRQIHVVDUHFKHJLjGDTXDOFKHWHPSRXQQRPHFKHQRQPL HUDGHOWXWWRHVWUDQHRHUDJLXQWRDTXHVWHRUHFFKLHULVDOHQGRDULWURVR LO FRUVR GHO 5HQR SRUWDQGR ILQ TXD O HFR GL SUHGLFKH DUGLWH )LQ TXDQGRSURSULRLHULKRUDFFROWRODWHVWLPRQLDQ]DGLXQFRPPHUFLDQWH GLSHOODPLJLXQWRGD0QVWHUHUHVLGHQWHODVV~ 4XHVW XRPRGLPHUFDWRPLKDSDUODWRGLXQQRYHOOR,VDLDRVDQQD
WR GDO SRSROLQR FRQ PROWL VHJXDFL QHL YLFROL H QHOOH RVWHULH FRQVD SHYROHGHOO DVFHQGHQWHFKHHVHUFLWDVXLVXRLFRQFLWWDGLQLHLQJUDGRGL DL]]DUOL FRQWUR LO YHVFRYR YRQ :DOGHFN 6ROR DOORUD TXDQGR QH KR DYXWR XQD GHVFUL]LRQH ILVLFDGDXQWHVWLPRQHGLUHWWRKRDVVRFLDWRLO QRPHDOYROWRGHOO XRPRGDOODFXLIDPDHURVWDWRUDJJLXQWR %HUQKDUG 5RWKPDQQ VL FKLDPD H PL VRQR ULFRUGDWR GL DYHUORD GRFFKLDWRSURSULRTXLD6WUDVEXUJRFLUFDGXHDQQLIDTXDQGROHVXH VLPSDWLHOXWHUDQHORDYHYDQRVSLQWRDYLVLWDUHLSL~LPSRUWDQWLWHRORJL SURWHVWDQWL$TXHOWHPSRQRQORDYHYRULWHQXWRSHUVRQDSHULFRORVD DOPHQRQRQSL~GHJOLDOWULVXRLFRPSDULIXRULXVFLWLGDOOD6DQWD&KLH VDURPDQDPDRJJLVHQWRQXRYDPHQWHSDUODUHGLOXLHDJUDQYRFH 6LWUDWWDGLXQSUHGLFDWRUHPQVWHULWDGLFLUFDTXDUDQW DQQLILJOLR G XQ DUWLJLDQR PD FKH GLFRQR ILQ GDOO LQIDQ]LD KD GDWR VHJQL GL JUDQGH LQWHOOLJHQ]D H FDSDFLWj H SHU TXHVWR q VWDWR DYYLDWR DOOD YLWD HFFOHVLDVWLFD H VXFFHVVLYDPHQWH PDQGDWR D VWXGLDUH D &RORQLD GDL FDQRQLFLFKHORDYHYDQRLQFXUD'XUDQWHTXHOYLDJJLRSDVVzGDTXL PDDQFKHGD:LWWHQEHUJGRYHLQFRQWUz0DUWLQ/XWHURH)LOLSSR0H ODQWRQH $TXDQWRSDUHDOVXRULWRUQRQHOODFLWWjQDWDOHqGLYHQWDWRSUHGL FDWRUHXIILFLDOHGDQGRLQL]LRDXQGXULVVLPRDWWDFFRFRQWUROD&KLH VD/HJLOGHGHLPHUFDQWLORKDQQRVXELWRDSSRJJLDWRYHGHQGRLQOXL XQ RWWLPR DULHWH GD VFDJOLDUH FRQWUR L SRUWDOL GHO YHVFRYDGR &RVWXL LQSRFRWHPSRKDFRQTXLVWDWRLOIDYRUHGHOSRSROLQRHVLqDFFHVRGL DPEL]LRQH $OO DUURJDQ]D VHPEUD XQLUH DQFKH O HFFHQWULFLWj EODVIHPD GL FKL SUHWHQGHGLDPPLQLVWUDUHLOFXOWRFRPHPHJOLRFUHGHLOPLRPHUFDQ WHPLKDGHVFULWWRLOPRGREL]]DUURLQFXLFRVWXLVRPPLQLVWUDODVDQWD FRPXQLRQH LQWLQJHQGR SLFFROL SDQL QHO YLQR H VHUYHQGROL DL IHGHOL ,QROWUHGDXQSR GLWHPSRKDSUHVRDQHJDUHLOEDWWHVLPRDJOLLQIDQWL 4XHVWR SDUWLFRODUH KD GHVWDWR LQ PH XQ YLYR VRVSHWWR H PL KD VSLQWRDFKLHGHUHGLSL~(LQIDWWLLQWHUURJDQGRLOPHUFDQWHHFRQYLQ FHQGROR D GDUPL RJQL LQIRUPD]LRQH XWLOH VRQR YHQXWR D VDSHUH GL FRPHTXHVWRIDOVR,VDLDDEELDVLPSDWLHDQDEDWWLVWH +RVFRSHUWRFKHDOO LQL]LRGHOO DQQRVRQRJLXQWLD0QVWHUDOFXQL SUHGLFDWRUL DQDEDWWLVWL SURYHQLHQWL GDOO 2ODQGD GL FXL KR PLQX]LR VDPHQWH DQQRWDWR L QRPL DOPHQR TXHOOL FKH OD EXRQD PHPRULD GHO PHUFDQWHKDWUDWWHQXWR&RVWRURKDQQRHFFLWDWRLOSUHGLFDWRUHDOSXQ WRGLFRQYHUWLUORDOODORURIDOVDGRWWULQDHGLULQYLJRULUQHO DFULPRQLD QHLFRQIURQWLGHOYHVFRYR 6HPEUDDQFKHFKH/XWHURJLjGDDOFXQLPHVLWHQJDG RFFKLRTXH
VWRSHUVRQDJJLRHYLGHQWHPHQWHLPSUHVVLRQDWRGDOUXPRUHFKHULHVFH DVXVFLWDUHHVLGLFHFKHLQGLYHUVHOHWWHUHVSHGLWHDO&RQVLJOLRFLWWD GLQR GL 0QVWHU DEELD WHQWDWR GL PHWWHUH LQ JXDUGLD L SURWHVWDQWL GD XQ XRPR GL WDO IDWWD 0D EHQ VL VD FKH LO PRQDFR 0DUWLQR KD XQD SDXUDPDOHGHWWDGLFKLXQTXHSRVVDFRPSHWHUHFRQOXLLQSRSRODULWjH RUDWRULDPLQDFFLDQGRLOVXRSULPDWR&LzFKHSHUzKDUDYYLYDWRXOWH ULRUPHQWHODPLDDWWHQ]LRQHULJXDUGRDTXHOODFLWWjqVWDWRDYHUHQR WL]LDGHOIDWWRFKHLOODQJUDYLR)LOLSSRVLqVHQWLWRLQGRYHUHGLLQYLDUH D 0QVWHUGXHSUHGLFDWRULFKHULFRQGXFHVVHURTXHVWR5RWKPDQQHQ WURJOLDUJLQLGHOODGRWWULQDOXWHUDQD4XDQGRKRFKLHVWRDOPLRSURY YLGHQ]LDOH PHUFDQWH SHUFKp LO ODQJUDYLR )LOLSSR VL IRVVHVFRPRGDWR WDQWRSHUXQSLFFRORSUHGLFDWRUHFKHSHUJLXQWDQRQULVLHGHQHPPH QRHQWURLFRQILQLGHOVXRSULQFLSDWRHJOLKDULVSRVWRIRUQHQGRPLXQ UHVRFRQWR TXDQWR PDL GHWWDJOLDWR GHJOL XOWLPL HYHQWL YHULILFDWLVL LQ 0QVWHU (EEHQH FRPH OD 69 DYUj PRGR GL OHJJHUH WDOL DYYHQLPHQWL FRQIHUPDQR L SHJJLRUL VRVSHWWL FKH TXHVW XPLOH RVVHUYDWRUH KD H VSUHVVR QHOOH PLVVLYH SUHFHGHQWL EHQ PDJUD FRQVROD]LRQH QHOOD VYHQWXUD 1HOPRPHQWRLQFXLTXHVWR5RWKPDQQKDDEEUDFFLDWRODGRWWULQD FKH QHJD LO EDWWHVLPR GHJOL LQIDQWL PROWL GHO SDUWLWR GHJOL DPLFL GL /XWHURORKDQQRDEEDQGRQDWRVFHQGHQGRLQFDPSRFRQWURFROXLFKH SULPD RVDQQDYDQR 0D SHU TXDQWL O KDQQR DEEDQGRQDWR DOWUHWWDQWL GHYRQR DYHU SUHVR D VHJXLUOR VH TXHOOR FKH PL q VWDWR GHWWR FRPH FUHGRFRUULVSRQGHD YHULWj /D FLWWj VL q WURYDWD GXQTXH GLYLVD LQ WUH IHGL WUH SDUWLWL HJXDO PHQWHGLVWDQWLWUDORURLFDWWROLFLURPDQLIHGHOLDOYHVFRYRLOXWHUDQL SHU OR SL~ PHUFDQWL FKH FRQWUROODQR LO &RQVLJOLR FLWWDGLQR H JOL$ QDEDWWLVWLDUWLJLDQLHODYRUDWRULPHFFDQLFLVHJXDFLGL5RWKPDQQHGHL VXRLSUHGLFDWRULYHQXWLGDOO 2ODQGD1HPPHQRLOIDWWRFKHTXHVWLXO WLPLIRVVHURGHJOLVWUDQLHULKDSRWXWRVHSDUDUHLOYROJRGDOVXRSUHGL FDWRUH DQ]L TXDQGR LO &RQVLJOLR KD FHUFDWR GLHVSHOOHUOLGDOODFLWWj HVVLVRQRVWDWLIDWWLULHQWUDUHQRWWHWHPSRHDOORURSRVWRLOSRSRORKD VFDFFLDWRLSUHGLFDWRULORFDOL &KLqTXHVW XRPRPLRVLJQRUH"4XDOHLQFUHGLELOHSRWHUHHVHUFLWD VXOODSOHEH",OULFRUGRFRUUHGDVRORDTXHO7KRPDV0QW]HUFKHDQQL RUVRQR DQFKH OD 69 KD DYXWR PRGR GL FRQRVFHUH DWWUDYHUVR TXHVWL XPLOLRFFKL 0DqPHJOLRWHUPLQDUHODFURQDFDFKHVHPEUHUHEEHIUXWWRGLIDQ WDVLDVHQRQIRVVLEHQFHUWRGHOODVDYLH]]DGLFKLPHO KDIRUQLWD
2UGXQTXHGDYDQWLDXQDWDOHVLWXD]LRQHVLqSHQVDWREHQHGLWH QHUH XQD SXEEOLFD GLVSXWD WUD OH WUH FRQIHVVLRQL VXOOD TXHVWLRQH GHO EDWWHVLPRLQPRGRFKHOHFRVHQRQGHJHQHUDVVHURLQJXHUUDDSHUWD 6LHUDQHOO DJRVWRGLTXHVW DQQRTXDQGROHPLJOLRULPHQWLVLVRQR GDWH EDWWDJOLD QHOO DUHQD GRWWULQDOH (EEHQH PLR VLJQRUH %HUQKDUG 5RWKPDQQHLVXRLRODQGHVLKDQQRULSRUWDWRXQDYLWWRULDVFKLDFFLDQWH WUDVFLQDQGRODFLWWDGLQDQ]DGDOODORURSDUWH 3L~YROWHOD69KDULFRUGDWRDTXHVWR6XRVHUYRFRPHLOXWHUDQL HUHWLFL HVWUDQHL DOOD JUD]LD GL 'LR VL VLDQR ULYHODWL XWLOL DOOHDWLSHU TXDQWR LQGHVLGHUDELOL FRQWUR PLQDFFH SHJJLRUL SHU OD 6DQWD 6HGH 0QVWHUKDGDWRDQFRUDSURYDGLTXHVWRSURGXFHQGRXQ DOOHDQ]DWUD OXWHUDQLHFDWWROLFLFRQWURLOVHGXWWRUH5RWKPDQQ ,ERUJRPDVWULGHOODFLWWjJOLKDQQRRUGLQDWRLOVLOHQ]LRHLQEUHYH WHPSRDQFKHO HVLOLR0DTXHVWLIRUWHGHOO DSSRJJLRGHOSRSROLQRKD VSUHJLDWR OH RUGLQDQ]H FRQWLQXDQGR D VRELOODUH H GLIIRQGHUH OH VXH SHULFRORVHGRWWULQH /D FLWWj q SDUVD VXO SXQWR GL VFRSSLDUH WDQWR LO VDQJXH ULEROOLYD QHOOHYHQHGHJOLXQLHGHJOLDOWUL (GHFFRVSLHJDWRSHUFKpLOODQJUDYLR)LOLSSRVLqSUHFLSLWDWRDLQ YLDUH L VXRL SDFLHUL 8RPLQL GRWWL H GLSORPDWLFL L GXH OXWHUDQL WDOL 7KHRGRU )DEULFLXV H -RKDQQHV /HQLQJ FKH KDQQR FHUFDWR GL GLVWR JOLHUHO DWWHQ]LRQHGLWXWWLGDOODTXHVWLRQHGHOEDWWHVLPR 0DDGHWWDGLFKLPLKDULIHULWRLIDWWLHVVLKDQQRRWWHQXWRVROWDQ WRXQDWUHJXDDUPDWDLQFXLXQDVRODVFLQWLOODEDVWHUHEEHDLQFHQGLDUH WXWWD OD FLWWj ,O PLR PHUFDQWH QRQ KD DYXWR GXEEL 1HO FDVR VL DUUL YDVVHDXQDSURYDGLIRU]D5RWKPDQQHJOL$QDEDWWLVWLDYUHEEHUROD PHJOLRLQXQEDOHQR $FLzVLDJJLXQJDQRGXHHYHQWLGLQRQVHFRQGDULDLPSRUWDQ]D,O FDSRGHOOHJLOGHWDOH.QLSSHUGROOLQJVSDOOHJJLDDIURQWHDOWDLOSUH GLFDWRUHSRUWDQGRFRQVpJOLDUWLJLDQLFLWWDGLQL1RQGDXOWLPRVHP EUDFKHLOGLIIRQGHUVLGHOODIDPDGL5RWKPDQQVWLDIDFHQGRDIIOXLUHLQ 0QVWHUPROWLHVXOLRODQGHVL6DFUDPHQWLVWLH$QDEDWWLVWLDFFRUFLDQ GRRJQLRUDFKHSDVVDODPLFFLDGHOODSROYHULHUD (GHFFRFKHYHQJRDHVSRUUHDOOD69LPLHLWLPRULULJXDUGRDOOD JUDYLWj GHOOD VLWXD]LRQH ,Q RJQL OXRJR JOL $QDEDWWLVWL KDQQR GDWR SURYD GL WHQDFLD H SHUILGR SRWHUH VHGXWWLYR WDQWR 6DWDQD SXz VXL PRUWDOL (VVL GLIIRQGRQR OD ORUR SHVWH LQ OXQJR H LQ ODUJR QHL 3DHVL %DVVL HG HQWUR L FRQILQL GHOO ,PSHUR 6H DGHVVR VRQR SRFKLH DVVDL GLVSHUVL WUD OH UHJLRQL GHO 1RUG HVVL KDQQR WXWWDYLD PRVWUDWR TXDOH IDVFLQD]LRQHOHORURGRWWULQHHVHUFLWDQRVSHFLDOPHQWHSUHVVRLOYROJR
LJQRUDQWHHJLjSHUVXDQDWXUDVHGL]LRVR (EEHQH FRVD VXFFHGHUHEEH VH VL XQLVVHUR" &RVD DFFDGUHEEH VH FRPLQFLDVVHURDULVFXRWHUHXQVHPSUHSL~ODUJRVXFFHVVRFRQTXHVWR ORURVWULVFLDUHQHLYLFROLQHOOHERWWHJKHORQWDQLGDOYDJOLRGHOO DXWR ULWjGRWWULQDOH"&RVDVHQHVVXQRQpXQYHVFRYRQpXQSULQFLSHTXDOH q )LOLSSR Qp /XWHUR VHPEUDQR LQ JUDGR GL DUUHVWDUOL LQ TXHVWR ORUR DYDQ]DUHVRWWHUUDQHRPDDQ]LOLWHPRQRFRPHODSHVWHFKHVLFHUFDGL WHQHUHORQWDQDGDLSURSULFRQILQLLJQDULFKHHVVDDYDQ]DLQYLVLELOHH SXzIDFLOPHQWHYDOLFDUOL" 2JQLULVSRVWDO DEELDPRGDYDQWLDJOLRFFKL,OSULPRHVL]LDOHFDVR VLVWDJLjYHULILFDQGRHGqTXHOORGL0QVWHUGRYHXQVRORXRPRWLH QHLQVFDFFRXQ LQWHUDFLWWj ,OODQJUDYLR)LOLSSRH0DUWLQ/XWHURSXUILXWDQGRLOSHULFRORJUD YH FKH TXHVWL $QDEDWWLVWL UDSSUHVHQWDQR QRQ VDQQR DIIDWWR FRPH IHUPDUOL SHQVDQR GDYYHUR GL SRWHU ULXVFLUH D FRQWHQHUQH O LPSHWR SHUYHUVRHDPDQWHQHUOLQHOO LVRODPHQWR7HPRPLRVLJQRUHFKHVLD XQ LOOXVLRQH H FKH VL DFFRUJHUDQQR GHOO HUURUH VROWDQWR TXDQGR VH OL WURYHUDQQRGDYDQWLDOODSRUWDGLFDVD 2UEHQH TXHO FKH LR SHQVR q FKH FRPH OD 69 KD YROXWR FRVt PDJQDQLPDPHQWH LQVHJQDUPL OH PLQDFFH YDGDQR VYHQWDWH LQ WHPSR H DQQLHQWDWH SULPD FKH SRVVDQR UHDOL]]DUVL 3HU TXHVWR QRQ KR PDL WUDVFXUDWR GL ULIHULUH DOOD 69 RJQL FRVD FKH SRWHVVH HVVHUH DQFKH PLQLPDPHQWHXWLOHDYDOXWDUHLULVFKLFKHQDVFRQRLQTXHVWDSDUWHGL PRQGR 1HO FDVR LQ TXHVWLRQH L IDWWL VWDQQR JLj YHULILFDQGRVL PD IRUVH QRQqWURSSRWDUGLRFFRUUHIHUPDUHTXHVWRPRUERHIHUPDUORVXOQD VFHUHSULPDFKHSRVVDWURYDUHGLIIXVLRQHLQWXWWD(XURSDHFRQWDPL QDUH O ,PSHUR FRPH JLj VWD DFFDGHQGRPDJDULVHQ]DIHUPDUVLQHP PHQR GDYDQWL DOOH $OSL VFHQGHQGR LQ ,WDOLD H FKLVVj ILQR D GRYH 3ULPDFKHFLzDFFDGDRFFRUUHDJLUH $WWHQGR GXQTXH FRQ LPSD]LHQ]D OD 9RVWUD GLUHWWLYD VH DQFRUD YRUUHWH JUDWLILFDUH XQVHUYR GL 'LR FRQFHGHQGRJOL GL VHUYLUH OD 6XD FDXVDLQTXHVW RUDGLIILFLOH %DFLROHPDQLGHOOD69LQDWWHVDGLXQDSDUROD
'L6WUDVEXUJRLOJLRUQRQRYHPEUHGHOO DQQR ,OIHGHOHRVVHUYDWRUHGL9RVWUD6LJQRULD 4
/HWWHUD LQYLDWD D 5RPD GDOOD FLWWj GL 6WUDVEXUJR LQGLUL]]DWD D *LDQSLHWUR&DUDIDGDWDWDJHQQDLR
$OO RQRUDQGLVVLPRHUHYHUHQGLVVLPRVLJQRUHPLR*LRYDQQL3LHWUR &DUDID
6LJQRUHLOOXVWULVVLPRqJLXQWDRJJLODPLVVLYDGL96FKHDWWHQ GHYRTXDQWRSULPD,QXWLOHLQIDWWL QDVFRQGHUFLFKHLOWHPSRqIDWWRUH HVVHQ]LDOHLQTXHVWRJUDYHIUDQJHQWHHLOQXOODRVWDGHOOD69QRQq SHUPHPRWLYRGLPLQRUHSUHRFFXSD]LRQHHSUHPXUDSRLFKpFLzFKH RFFRUUHUj WHQWDUH DYUj ELVRJQR GL WXWWD OD SURWH]LRQH SURYYLGHQ]LDOH GHOO $OWLVVLPRSHUDQGDUHDEXRQVHJQR 3HUPHWWHWHGXQTXHFKHHVSRQJDDOOD6LJQRULD9RVWUDFLzFKHFUH GRVLDQHFHVVDULRLQWUDSUHQGHUHDEUHYHFRQWURODSHVWLOHQ]DDQDEDWWL VWD ,QQDQ]LWXWWRPLRVLJQRUHORVWDWRGHLIDWWLO DQDEDWWLVPRVLGLI IRQGH VRWWHUUDQHDPHQWH QRQ KD XQ XQLFR FDSR FKH VLD SRVVLELOH VSLFFDUHGDOFROORSHUQRQSHQVDUFLSL~QRQKDXQHVHUFLWRGDVFRQ ILJJHUHLQEDWWDJOLDQRQKDFRQILQLYHULHSURSULVLVSDUJHRUDGLTXD RUDGLOjFRPHIDLOPRUERQHURTXDQGRVDOWDQGRGDXQDUHJLRQHDO O DOWUDPLHWHOHVXHYLWWLPHVHQ]DGLVWLQ]LRQHGLLGLRPDRVWDWRVIUXW WDQGRLOYHLFRORGHJOLXPRULFRUSRUHLGHOILDWRGHOOHPERG XQDYH VWHGHJOL$QDEDWWLVWLVDSSLDPRFKHSUHGLOLJRQRLFHWLPHFFDQLFLPD VL SXz EHQ GLUH FKH FRVWRUR VL WURYDQR GRYXQTXH H TXLQGL QRQ Y q FRQILQHFKHSRVVDHVVHUHVLFXURQpPLOL]LDQpHVHUFLWRLQIDWWLULHVFH DEORFFDUHO DYDQ]DWDGLTXHVWDLQYLVLELOHDUPDWD 'XQTXH FRPH ULXVFLUH DG DUUHVWDUH LO SHULFROR FKH PLQDFFLD OD FULVWLDQLWjWXWWD" 4XDQWHYROWHVLJQRUHPLRPXQLILFHQWLVVLPRPLVRQSRVWRTXHVWD GRPDQGDQHOOHXOWLPHVHWWLPDQH7DQWRPLVRQRDUURYHOODWRODPHQ WHDUULYDQGRTXDVLDOODFRQYLQ]LRQHFKHLQTXHVWRIUDQJHQWHLOVHUYR GHOOD69QRQDYUHEEHSRWXWRHVVHUHGLDOFXQDLXWRDOVXRVLJQRUH 'LRYRJOLDFKHPLVEDJOLDVVLHFKHFLzFKHPLDFFLQJRDSURSRUUH WURYLEXRQDDFFRJOLHQ]DSUHVVRGL9RL
(EEHQHLRFUHGRFKHODVROX]LRQHFLYHQJDVXJJHULWDGDLPHGHVL PL XQWRUL JOL $QDEDWWLVWL VWHVVL FL LQGLFDQR LO PRGR GL FROSLUOL FRQ HIILFDFLD 6HLQIDWWLLOPLRVLJQRUHWRUQHUjLQGLHWURFRQ ODPHPRULDDOOHIDF FHQGHFKHGRYHWWHVEURJOLDUHGLHFLDQQLRUVRQRDOO HSRFDGHOOD*XHU UD &RQWDGLQD DYYDOHQGRVL GL TXHVWR PRGHVWR VHUYR ULFRUGHUj FKH SHUFLUFXLUHLOIDQDWLFR7KRPDV0QW]HUIXXWLOHHQWUDUHLQIDPLJOLD ULWjFRQOXLILQJHUHGLVWDUHGDOODVXDSDUWHSHUFKpSRWHVVHSL~IDFLO PHQWH RVWDFRODUH /XWHUR SULPD FRPH HUD QHOOD VXD QDWXUD H VSUR IRQGDUHDOO LQIHUQRSRLTXDQGRRUPDLULVFKLDYDGLPHWWHUHLOPRQGR DURYHVFLRQRQFKpGLDLXWDUHVHQ]DYROHUORO ,PSHUDWRUHFRQWURLSULQ FLSLWHGHVFKL 3HU TXDQWR VLD FRQYLQWR FKH OD PHPRULD GL TXHL PRPHQWL QHOOD 69 VLD DVVDL YLYLGD SHUPHWWHWH D TXHVWR VHUYR GL ULFRUGDUH FKH 7KRPDV 0QW]HUHUDVtXRPRSHUILGRJXLGDWRGD6DWDQDPDDQFKH LQWHOOLJHQWHHVFDOWURGRWDWRGLDVFHQGHQWHVXOYROJRHFDSDFLWjRUDWR ULD , QRVWUL $QDEDWWLVWL FKH DOWUR VRQR VH QRQ WDQWL 0QW]HU VROR GL GLPHQVLRQLPLQRUL" $QFKH WUD GL ORUR VHPEUDQR HVVHUFL SHUVRQDOLWj SL~ IRUWL JXLGH VSLULWXDOL FRP q LOFDVRGLTXHVWR%HUQKDUG5RWKPDQQPDDQFKHGL DOWULLFXLQRPLIRUVHQRQGLUHEEHURQXOODDOOD69PDFKHFRUURQR LQ OXQJR H LQ ODUJR SHU TXHVWH WHUUH TXHOOL GL 0HOFKLRU +RIPDQQ H -DQ0DWWK\VSULPLIUDWXWWL 'XQTXHLOPLRFRQVLJOLRqFKHLQQDQ]LWXWWRVLDQHFHVVDULRULXVFL UH D VYHQWDUH OD ORUR DSSDUHQWH XELTXLWj 2FFRUUH ULXVFLUH FLRq D UD GXQDUH WXWWL L ORUR FDSL WXWWL L 0QW]HU LFRQLDWRULJOLXQWRULLQXQ XQLFROXRJRWXWWHOHPHOHPDUFHLQXQVRORSDQLHUH 0D LQ TXHVWR RVVHUYLDPR SXUH G HVVHU JLj IDYRULWL SRLFKp FRPH OD69KDSRWXWRDSSUHQGHUHGDOODPLDSUHFHGHQWHPLVVLYDYHUVROD FLWWj GL 0QVWHU DIIOXLVFH QRQ VROWDQWR O DWWHQ]LRQH GL WXWWL JOL $QD EDWWLVWLPDDQFKHXQDIROODGLSHUVRQHIDPLJOLHLQWHUHFKHFRQDUPL HPDVVHUL]LHYDQQRDWUDVIHULUVLOjGDOO 2ODQGDHGDOO ,PSHUR0QVWHU qGLYHQWDWDOD7HUUD3URPHVVDGHJOLHUHWLFLSL~LPSHQLWHQWL (EEHQH LR FUHGR FKH TXDOFXQR SRWUHEEH IDFLOPHQWH XQLUVL D WDOH IOXVVR HG HQWUDUH LQ FLWWj &RVWXL GRYUHEEH SRL DFTXLVLUH FRQILGHQ]D FRQLFDSLGHOODVHWWDILQJHUHDPLFL]LDSHUULXVFLUHDLQIOXHQ]DUQHO D JLUH VHQ]D PHWWHUVL WURSSR LQ OXFH IDYRULUH O DIIOXHQ]D GL TXDQWL SL~ $QDEDWWLVWLqSRVVLELOH 8QDYROWDUDFFROWHOHPHOHPDUFHODSURVSHWWLYDGLSRWHUVSD]]DUH
YLDJOLHOHPHQWLSL~SHULFRORVLLQXQFROSRVROREDVWHUjGLSHUVpDIDU DOOHDUH LO ODQJUDYLR )LOLSSR H LO YHVFRYR YRQ :DOGHFN SURWHVWDQWL H FDWWROLFLFRQWURLSL~SHULFRORVLVRELOODWRUL 2UGXQTXHSRLFKpO DWWXD]LRQHGLXQWDOHSLDQRLQYHVWLUjVROWDQWR XQD VLQJROD SHUVRQD RYYHUR FROXL FKH VL UHFKHUj VXO SRVWR ULWHQJR QDWXUDOHFKHFKLSURSRQHO D]LRQHVLDLQTXHVWRFDVRDQFKHFROXLFKH O HVHJXH (FFR SHUFKp VRQR LQ SDUWHQ]D DOOD YROWD GL 0QVWHU FRQ O LQWHQ]LRQHGLSUHOHYDUHXQDFRQVLGHUHYROHFLIUDSUHVVRODILOLDOHGHL )XJJHUGL&RORQLDHSRUWDUODLQGRWHDJOLLJQDULVSRVLDQDEDWWLVWL 3RLFKp PL DFFLQJR DG DJLUH LQ FODQGHVWLQLWj VDUHEEH LPSRUWDQWH FKH LR SRWHVVL FRQWDUH VX XQD UDFFRPDQGD]LRQH GL 9RVWUD 6LJQRULD SUHVVR LO YHVFRYR YRQ :DOGHFN H FKH TXHVWL IRVVH LQIRUPDWR GHOOD PLD SUHVHQ]D LQ 0QVWHU H GHO IDWWR FKH OR FRQWDWWHUz TXDQWR SULPD SHUSLDQLILFDUHLOGD IDUVL 8QD YROWD JLXQWR D GHVWLQD]LRQH PLDIIUHWWHUzDGDUHQRWL]LHSL~ GHWWDJOLDWH VX FLz FKH DFFDGH ODVV~ 3HU RUD QRQ PL UHVWD FKH ULPHW WHUPL DOOD YRORQWj GL 'LR H DOOD 6XD SURWH]LRQH VLFXUR FKH OD 69 YRUUjPHQ]LRQDUHTXHVW XPLOHVHUYRQHOOH6XHSUHJKLHUH %DFLROHPDQLGL9RVWUD6LJQRULD
GL6WUDVEXUJRLOJLRUQRJHQQDLRGHOO DQQR ,OIHGHOHRVVHUYDWRUHGL9RVWUD6LJQRULD 4
,OYHUERVLqIDWWRFDUQH
&DSLWROR 1HLGLQWRUQLGL0QVWHU:HVWIDOLDJHQQDLR
6FDWWRLQSLHGLSHULOURPERORQWDQRLFDQQRQLQHOOHRUHFFKLHRF FKLVEDUUDWLDQFRUDXRPLQLFKHIXJJRQRQHOODSLDQD 1R ÊVROWDQWRLOWXRQRFKHFLLQVHJXHGDJLRUQLOXQJRODVWUDGD 8QDOWURWHPSRXQDOWURVJXDUGR/DSDJOLDSX]]ROHQWHHFDOGDWH SRUH DQLPDOHGLYDFFKHHXRPLQLFKHPLULSRUWDTXL(VXELWRIUHGGR FKH VWUDSSD LO VRQQR DSSHQDVFRVWDWRGDOILDWRGHOERYH8QRFFKLR WRQGRHGHQRUPHPLRVVHUYDLOUXPLQtRTXRWLGLDQRqJLjULSUHVR $OODILQHVWUDXQDOXFHVWUDQLVVLPDGLIHUURVRWWRXQFLHOREDVVR FDULFRGLQXELHJHORFKHDVSHWWDQRJOLLPSDYLGLVXOFDPPLQRYHUVR ODFLWWj (FFRLOVHFRQGRHDQFRUDXQEULYLGRGHOODPHPRULDOHEHVWLHLQ TXLHWHVDQQRTXDOFRVDGLSL~VXTXHOORFKHFLDWWHQGHIXRUL5LFDFFLR JL~OHLPPDJLQLGHOSDVVDWR ,O WHU]R WXRQR q XQ EDOXJLQtR FKH VSDFFD O RUL]]RQWH6LDYYLFLQD VRPPHVVRFRQLSDVVHULFKHJULGDQRODIDPHHODIUXVWUD]LRQHGLQRQ SRWHUYRODUH&LVFKLDFFHUjQHURLQFRQWUDVWDWRVXWXWWRLOFLHOR (FKLVVjFKHQRQVLDSURSULRFRVtODILQHLOULVXFFKLRRLOGLOXYLR LQYHFH FKH LO WHUUHPRWR GL VSLQJDUGH 1RQ FUHGR FKH FH OD IDUHL GL QXRYRXQDVHFRQGDYROWD &RPXQTXH QRQ q FRVD GD FKLHGHUVL DOO DOED D VWRPDFR YXRWR GD GXHJLRUQLHFRQWXWWHTXHVWHPLJOLDQHOOHJDPEH (FFR LO TXDUWR PROWR SL~ YLFLQR &L q TXDVL DGGRVVR 8Q ERWWR FKHVFXRWHODWHUUDHORVFURVFLRLPSURYYLVRFKHULPEDO]DVXOOHIR JOLHHSLRYHJL~GDOWHWWR /RVJXDUGRVXOODVWUDGDJLjXQFDQDOHGLIDQJRFKHVFLYRODGLH WURODEDVVDFROOLQDVRORGXHSD]]LYLDJJHUHEEHURFRQTXHVWRWHPSR 'XH FRPHQRL /RVHQWRPXJXJQDUHQHOO RPEUDGHOODVWDOODEHVWHPPLDUHSLDQR / RUL]]RQWHqGHOWXWWRFKLXVRODFLWWjSRWUHEEHDQFKHQRQHVLVWH UHSL~ 2K -DQ QRQ KDL PDL SHQVDWR FKH LO JLRUQR GHO JLXGL]LR SR WUHEEHHVVHUHFRVt"9LHQLDYHGHUHLOSDHVDJJLRqVWUDYROWR6HPEUD
LQFUHGLELOHFKHODWHUUDHLOFLHORWRUQHUDQQRTXHOOLGLSULPD )UXVFLR GL ILHQR VFKLDFFLDWR O HTXLOLEULR DQFRUD LQFHUWR VELUFLD IXRULVWUL]]DQGRJOLRFFKL 0DFKHFD]]DWHGLFLÊVROWDQWRO LQYHUQR
(FFROD/jVRWWR 8QSURILORJULJLRVIXPDWRGDOGLOXYLRVLULHVFHDSSHQDDLQWUDYH GHUH 6HLVLFXUR" ÊOHL &RPHIDLDVDSHUOR"$EELDPRSHUVRODVWUDGD ÊOHLWLGLFR&LVRQRJLjVWDWR 4XDVLFLPHWWLDPRDFRUUHUH 6SXQWLDPR VXOOD VSRQGD GHOOD FROOLQD HG q Ot D VROR XQ SDLR GL PLJOLDPDOHQXYROHODULVSDUPLDQR6XOODFLWWjQRQSLRYHLOFLHORq VTXDUFLDWRVRSUDLFDPSDQLOLHXQDFRORQQDGLOXFHVFHQGHDFLQJHUH OHPXUD &RVtVROWDQWRFRVtKRVHPSUHLPPDJLQDWRODFLWWjFHOHVWH 7L GLFR FKH ORULFRUGHUDQQRTXHVWRJLRUQRIUDWHOORORULFRUGH UDQQRFRPHLOSULQFLSLR +DJOLRFFKLLOOXPLQDWLO DFTXDJOLFRODDULYROLGDOODEDUEDHGD JOLRUOLGHOFDSSXFFLR &HUWR5LFRUGHUDQQRLOJLRUQRLQFXLJOLDSR VWROLGHOJUDQGH0DWWK\VJLXQVHURDSRUWDUHODVSHUDQ]D4XHVWRqO L QL]LR 6HQWR FKH VWD SHU HVSORGHUH ]HODQWH VEUDFDWR DSRVWROR SDSSRQH VRSUDIIDWWRGDOO HVWDVLGLWURYDUVLTXL 2VWHQWR XQ JHVWR FDYDOOHUHVFR SHU FHGHUPL LO SDVVR PD q VLQFH UDPHQWH HFFLWDWR %HQYHQXWR QHOOD 1XRYD *HUXVDOHPPH IUDWHOOR *HUW *OLRFFKLULGRQR %HQYHQXWRDWH-DQGL/HLGDHDWWHQWRDQRQ ULPDQHUHLQGLHWUR &LODQFLDPRJL~SHUODFROOLQDVFLYRODQGRVXOO HUEDIUDGLFLDULDO ]DQGRFLHULGHQGRFRPHXEULDFKL
&DSLWROR 0QVWHUJHQQDLR
,OQRPHODWLQR0RQDVWHULXPODVFLDSHQVDUHDXQOXRJRGLSDFHH ORQWDQDQ]DGDOPRQGR 0QVWHUDOFRQWUDULRFKLHGHG HVVHUHIHUUDWDFROIXRFR 1RYHSRUWHSHUDFFHGHUH6XRJQLSRUWDWUHFDQQRQLSDUHWLVSHV VHVWUHWWLLSDVVDJJL 4XDWWURWRUULRQLEDVVLHPDVVLFFLHVFRQRYHUVRLSXQWLFDUGLQDOLD VWULQJHUHLQDYDPSRVWRODFLWWj 0XUDLQWHUDPHQWHSHUFRUULELOLGDWUHXRPLQLDIILDQFDWLODFLQJRQR WXWWD / DFTXDGHOIRVVDWRqLOFRUVRGHYLDWRGHOILXPH$DFKHWDJOLDLQ GXHODFLWWj ,OIRVVDWRq GRSSLRDFTXDQHUDGDYDQWLDOODSULPDFLQWDGLPXUDH DFTXD QHUD GLHWURVFDYDOFDWDGDSLFFROLSRQWLFKHDFFHGRQRDOODVH FRQGDFLQWDSL~EDVVDPDUFDWDGDWRUULWR]]H ,QHVSXJQDELOH
)UDWHOOL H VRUHOOH L YLDQGDQWL FKH DVSHWWDYDPR VRQR JLXQWL( QRFKHG(OLDDWWUDYHUVDQRLOPRQGRHDUULYDQRD0QVWHUSHUDQQXQ FLDUH FKH O RUD q LPPLQHQWH FKH L ULFFKL KDQQR L JLRUQL FRQWDWL H LO SRWHUH GHO YHVFRYR VDUj FDQFHOODWR SHU VHPSUH 2JJL VDSSLDPR FRQ FHUWH]]DFKHFLzFKHFLDWWHQGHqOLEHUWjHJLXVWL]LD*LXVWL]LDSHUQRL IUDWHOOLHVRUHOOHJLXVWL]LDSHUFKLYLHQHWHQXWRLQVHUYLW~FRVWUHWWRD ODYRUDUH SHU XQ VDODULR GD IDPH SHU FKL KD IHGH H YHGH OD FDVD GHO 6LJQRUH LPEUDWWDWD GL LPPDJLQL H JOL LQIDQWL YHQLUH ODYDWL FRQ O DF TXDEHQHGHWWDFRPHFDQLVRWWRXQDIRQWDQD ,HUL KR GRPDQGDWR D XQ SDUJROR GL FLQTXH DQQL FKL IRVVH *HV~ 6DSHWHFRVDKDULVSRVWR"8QDVWDWXD4XHVWRKDGHWWRXQDVWDWXD3HU ODVXDSLFFRODPHQWH&ULVWRQRQqDOWURFKHO LGRORGDYDQWLDOTXDOHL JHQLWRUL OR FRVWULQJRQR D GLUH OH SUHJKLHUH SULPD GL GRUPLUH 3HU L SDSLVWL TXHVWD q OD IHGH 3ULPD LPSDUDUH D YHQHUDUH H XEELGLUH SRL
FDSLUH H FUHGHUH &KH UD]]D GL IHGH SXz HVVHUHTXHVWDHFKHLQXWLOH VXSSOL]LRSHULEDPELQL0DOLYRJOLRQREDWWH]]DUHVtIUDWHOOLSHUFKp WHPRQR FKH VHQ]D LO EDWWHVLPR OR 6SLULWR 6DQWR QRQ GLVFHQGD VX GL ORUR,QTXHVWRPRGRO DWWRGHOODIHGHGLYHQWDVHFRQGDULROHFRVFLHQ ]HYHQJRQRODYDWHFRQO DFTXDEHQHGHWWDSULPDFKHVLSRVVDQRFRP SLHUHSHFFDWL(FRVtLOORUREDWWHVLPRFRSUHOHQHIDQGH]]HSL~LQQR PLQDELOLLOWUDUUHOXFURGDOODYRURGHOSURVVLPRO DFFXPXODUHLSRV VHVVLODSURSULHWjGHOOHWHUUHFKHYRLFROWLYDWHGHLWHODLFKHYRLIDWH IXQ]LRQDUH , YHFFKL FUHGHQWL QRQ YRJOLRQR SHUPHWWHUH D QHVVXQR GL VFHJOLHUH TXDOH YLWD FRQGXUUH YRJOLRQR FKH YRL ODYRULDWH SHU ORUR H VLDWH FRQWHQWL GHOOD IHGH FKH YL FRQVHJQDQR L GRWWRUL /D ORUR q XQD IHGH GL FRQGDQQD q OD IHGH VSDFFLDWDFL GDOO $QWLFULVWR 0D QRL IUD WHOOLQRLYRJOLDPR5HGHQ]LRQH1RLYRJOLDPROLEHUWjHJLXVWL]LDSHU WXWWL1RLYRJOLDPROHJJHUHOLEHUDPHQWHODSDURODGHO6LJQRUHHOLEH UDPHQWH VFHJOLHUH FKL GHYH SDUODUFL GDO SXOSLWR H FKL UDSSUHVHQWDUFL LQ&RQVLJOLR&KLGHFLGHYDLQIDWWLGHLGHVWLQLGHOODFLWWjSULPDFKHOR VFDFFLDVVLPRDSHGDWH",OYHVFRYR(FKLGHFLGHRUD",ULFFKLLQRWD ELOLERUJKLJLDQLLOOXVWULDPPLUDWRULGL/XWHURVRORSHUFKpODVXDGRW WULQD FRQVHQWH ORUR GL UHVLVWHUH DO YHVFRYR ( YRL IUDWHOOL H VRUHOOH YRLFKHIDWHYLYHUHTXHVWDFLWWjQRQSRWHWHPHWWHUHSDURODQHOOHORUR VHQWHQ]H9RLGRYHWHVROWDQWRXEELGLUHFRPHVEUDLWD ORVWHVVR/XWHUR GDOOD VXD WDQD SULQFLSHVFD , YHFFKL FUHGHQWL YHQJRQR D GLUFL FKH L EXRQLFULVWLDQLQRQSRVVRQRRFFXSDUVLGHOPRQGRFKHGHYRQRFROWL YDUHODORURIHGHLQSULYDWRVHJXLWDQGRDVXELUHLQVLOHQ]LRLVRSUXVL SHUFKpWXWWLVLDPRSHFFDWRULFRQGDQQDWLDHVSLDUH 0DHFFRTXLLPHVVDJJHULGLVSHUDQ]DHFFRFKLYLHQHDGDQQXQ FLDUFLODILQHGHOYHFFKLRFLHORHGHOODYHFFKLDWHUUDDIILQFKpQRLQH SUHWHQGLDPR DOWUL 4XHVWL GXH XRPLQL KDQQR UDFFROWR LOQRVWURJULGR G LQGLJQD]LRQH H VRQR YHQXWL D SRUWDUH WHVWLPRQLDQ]D FRPH (QRFK HG (OLD D GLUFL FKH QRQ VLDPR VROL FKH LO WHPSRqJLXQWR,SRWHQWL GHOODWHUUDVDUDQQRVSRGHVWDWLLORURVFUDQQLFDGUDQQRSHUPDQRGHO 6LJQRUH &ULVWR QRQ YLHQH D SRUWDUH OD SDFH PD OD VSDGD /H SRUWH VRQR RUD DSHUWH SHU FRORUR FKH VDSUDQQR RVDUH 6H SHQVHUDQQR GL VFKLDFFLDUFLFRQXQFROSRGLVSDGDFRQODVSDGDSDUHUHPRTXHOFRO SRSHUUHVWLWXLUQHFHQWR %HUQKDUG5RWKPDQQ+RGDYDQWLLOFRUDJJLRODUDEELDLFRJOLRQL OD IRU]D LPPHQVD GL XQD IHGH FKH QRQ LQFRQWUDYR GD PROWR WHPSR 0DJLVWHUVHIRVVLTXLRUDVHIRVVHILQLWDGLYHUVDPHQWHIRUVHDYUHVWL OD VHQVD]LRQH FKH QRQ q DQGDWR WXWWR SHUGXWR FKH TXDOFRVD VWUL
VFLDQGR H ULVDOHQGR VRWWR OD FHQHUH q VRSUDYYLVVXWR H FRQFLPD XQD QXRYD WHUUD &HQWR GXHFHQWR" +R GLVLPSDUDWR D FRQWDUH OH IROOH WX PH OR DYHYL LQVHJQDWR O KR GLPHQWLFDWR +R GLPHQWLFDWR OD IRU]D 0DJLVWHU H WX QRQ SXRL LQVHJQDUPL SL~ QLHQWH 6RQR XQ DOWUR IRUVH XQILJOLRGLSXWWDQDGLVLOOXVRHUDEELRVRHSSXUHSHUODSULPDYROWD GRSRWDQWLDQQLQHOSRVWRJLXVWR4XLGRYHYDPRDUULYDUHGDQHVVX Q DOWUD SDUWH D TXHVWD YHULWj QRQ F q IHGH VHQ]D FRQIOLWWR &RVt q VHPSUH VWDWR H DQFKH VH GHOOD PLD IHGH QRQ P LPSRUWD SL~ QLHQWH RJJL WRUQD D EUXFLDUH TXDOFRVDFKHDYHYRSHUVRQHOODSLDQDGLPDJ JLR Ê OD FRQVDSHYROH]]D FKH PL DYHYL GDWR QRQ OLEHUHUHPR PDL L QRVWULVSLULWLVHQ]DOLEHUDUHLQRVWULFRUSL(VHQRQFLULXVFLUHPRGL TXHVWLFRUSLQRQVDSUHPRFKHIDUFHQHVRQRWHPSLLQFXLODPLVHULDH OD IRUFD QRQ VRQR SRL WDQWR GLYHUVH ( DOORUD YDOH DQFRUD OD SHQD VSH]]DUHLOJLRJRHDFFHWWDUHTXDQWRLOGHVWLQRFLFRQVHJQHUjDOODIL QH&RPEDWWHUHPRDQFRUD'LQXRYR2PRULUHPRSURYDQGRFL 7RFFD D -DQ GL /HLGD DGHVVR SURQWR GHFLVR XQD SODWHD SHU OXL /R VJXDUGR VFLYROD QHO YXRWR VRSUD OH WHVWH QRQ VEDJOLDUH -DQ q LO WXRPRPHQWRSRVDG DWWRUHFRPHDOVROLWRHFFHVVLYDULGLFRODYRPL WD IXRUL SDUROH DVVXUGH FKH DFTXLVWDQR VHQVR SRFR DOOD YROWD QHOOD PHQWH H WURYDQR XQD VHTXHQ]D SDUWLFRODUH FROSLVFRQR QHO VHJQR 6DUDQQRLPRYLPHQWLLJHVWLJOLRFFKLVWUDEX]]DWLHXQLVWDQWHGRSR DPPDOLDQWL VDUj OD EHOOH]]D OD JLRYLQH]]D FKH QH VR 6R FKH IXQ ]LRQD
-DQFDPPLQDSHUTXHVWHYLHVHQ]DPHWDFRPHXQQDXIUDJRDOOD GHULYDHFHUFDXQVHJQRXQLQGL]LRFKHIDFFLDFDSLUHVHSURSULRTXL WURYHUjFLzFKHFHUFD,OWRQRVDOHUDSLGR 6WXSLGRFRJOLRQHILJOLR G XQDFDJQDGL/HLGD,OVHJQRQRQqLQWRUQRDWHQRQqQHLPXULQHL PDWWRQLQHOODFDOFHQHLFLRWWROLQRQRQWURYHUDLFLzFKHYDLFHUFDQ GR,OVHJQRqODULFHUFDVWHVVDLOVHJQRVHLWXFKHDUUDQFKLQHOIDQJR GHOOHVWUDGH6LHWHYRL1RLFKHVLDPRLQFHUFDQRLFKHVLDPRO DGHV VR LO JLj H QRQ DQFRUD , YHFFKL VRQR IHUPL VRQR JLj VWDWL 9HFFKL FUHGHQWLJLjPRUWL,OPDWWRQHGHOOD&DWWHGUDOHQRQGLFHQXOOD,YRVWUL VJXDUGLLQYHFHGLFRQRFKH'LRqTXL'LRqTXLDGHVVRLO6XR6SLULWR qWUDGLQRLLQTXHVWDJLRYLQH]]DLQTXHVWHEUDFFLDTXHVWLPXVFROL JDPEH VHQL RFFKL 4XDOFRVD GL LPPHQVR VL SURVSHWWD VXOOD VRJOLD GHOOD YLWD VSRUFD PDOHGHWWD LQVXOVD YLWD GL PHUGD FKH FUHGHYL XQD VFRUHJJLDVLOHQ]LRVDQHOSLDQRGLYLQR(LQYHFHQR'LRIDUjGLWHXQ VROGDWR$VFROWDOR(JOLWLFKLDPDDXQ LPSUHVD$VFROWDORDVFROWDOR
GHQWUR (FFR OR VHQWL FKLDPDUWL DOO DSSHOOR SHU QRPH SHU O XOWLPD EDWWDJOLD-DQDVFROWDPDOHGHWWRYHUPH *OLRFFKLVLVWULQJRQRLP SURYYLVDPHQWHGXHIHVVXUHD]]XUUHYRODQRUDVHQWLDOOHWHVWHSODQD QR SRL VL DO]DQR GL QXRYR LQ XQ VLELOR 6t WX EXIIRQHFLDUODWDQR SXWWDQLHUH SHUFKp q GL TXHVWR FKH VWLDPR SDUODQGR FKH WL FUHGL" 3HQVDYLGLORWWDUHSHUXQRVWUDFFLRGLFDUWDLPEUDWWDWDGHOOHWXHOLEHUWj FLYLFKH" $OO LQIHUQR 'LR WL VWD SDUODQGR GL EHQ DOWUR QRQ GL 0Q VWHUQRQRQGLTXHVWHFDVHTXHVWHSLHWUHTXHVWHVWUDGHQRQGLWXWWR TXHVWRFRP qRUD0DGLTXHOORFKHGLYHQWD'LYRLHGLPHQHOOD&LW WjIUDWHOOL'LRQRQFKLHGHGLFRPEDWWHUHSHUXQWUDWWDWRQRQSHUXQD SDFH HTXD PD GL FRPEDWWHUH SHU OD 1XRYD *HUXVDOHPPH &LHOR H WHUUDQXRYL8QPRQGRLOQRVWURQXRYRPRQGRDOGLTXDGHOO 2FHD QR 3DQLFRHGLQXRYRVWXSRUHQHJOLVJXDUGL 4XHVWDqODSURPHVVD FKH EDQGLVFH L FLDUODWDQL JOL LQGHFLVL JOL LQHWWL OD IHFFLD VRUGD DOOD FKLDPDWD&KHFLPROOLQRRUDHUDJJLXQJDQRLOFLPLWHURGHOODYHFFKLD IHGH1RLHGLILFKHUHPRODSLUDPLGHGLIXRFRQRLIRQGHUHPROD1XR YD*HUXVDOHPPH'DVROLWLFKLHGL"1R-DQILJOLRG XQFDQH$GHVVR SHQVL FKH TXHOOH PDQL VSRUFKH H FDOORVH FKH KDQQR VHPSUH VDSXWR FRVWUXLUH VROWDQWR FDVWHOOL GL PHUGD QRQ ULXVFLUDQQR PDLDLPSDVWDUH OD PDOWD FHOHVWH 7L VEDJOL EXIIRQHJLXOODUHPHQWHFDWWR /D SURPHVVD q FKLDUD ,R PDQGHUz D YRL XQ SURIHWD FKH YLJXLGHUj LQ EDWWDJOLD H UDFFRJOLHUj OD YRVWUD IRU]D SHU VSXWDUOD LQ IDFFLD DL PLHL QHPLFL$ VFROWDWH 6SLDQDWH OD VWUDGD DO SURIHWD FKH RJJL KD LQYLDWR GXH VXRL HPLVVDUL -DQ GL /HLGD H *HUW GDO 3R]]R DG DFFHQGHUH OD VFLQWLOOD 4XDQGR LO SURIHWD DUULYHUj QRQ VDUHPR SL~ VROL H 0QVWHU VDUj XQ JUDQGHIXRFRXQ HQRUPHJLJDQWHVFDSLUDPLGHGLIXRFRFKHVLLQQDO]D FRQWUR LO FLHOR VTXDUFLD OH QXEL HFRVWUXLVFHODVFDODYHUVRLOUHJQR ,RORVRLOQRPHJHODJLjLOVDQJXHGHLSRWHQWLGHLULFFKLHGHJOLHP SLFRUURQRDULQWDQDUVLVRWWROHFRSHUWHGLEURFFDWRDSSHQDORVHQWR QR ULVXRQDUH WUD OH ILOD GHL PLVHUDELOL SURQXQFLDQR HGLWWL VSLFFDQR WDJOLHVWXSLGLJLJDQWLG DUJLOODLJQDULFKHHJOLqRYXQTXHFKHLVXRL DSRVWROLKDQQRUDJJLXQWROHFLWWjLYLOODJJLSRUWDQGRO DQQXQFLRGHO OD ILQH GHO WHPSR -DQ 0DWWK\V q TXHO QRPH IUDWHOOL (JOL q LO YHUR (QRFK FROXLFKHJLXQJHUjDOFRPSLPHQWRGHOWHPSRSHULQDXJXUDUH ODFLWWjFHOHVWH'RSRGLQRL0DWWK\VLO*UDQGH $PPXWROLWLLPEDUD]]DWL]LWWL/ DQVLDVLqGLIIXVDWUDOHILODPHQ WUH-DQSDUODYDXQGLVDJLRVWUDQLDQWHFKHVSLQJHODJHQWHDJXDUGDUVL EHQH LQ IDFFLD SHU ULFRQRVFHUVL SHU VLQFHUDUVL G HVVHUH VHPSUH JOL VWHVVL%RUJKLJLDQLRSHUDLDUWLJLDQLPDGULIDFFHUXYLGHPDQLIRUWL
*LRYDQLWXWWLTXDQWLSRLFKpODPLVHULDQRQGjLOWHPSRGLLQYHFFKLD UH6RQRGDYYHURYHQXWRDGLUHFKHGDTXDOFKHSDUWHHVLVWHDQFRUDOD VSHUDQ]DGHOULVFDWWRHGHOUHJQR"/DEHOOH]]DPDWXUDGL5RWKPDQQ LOORURSUHGLFDWRUHHLYHQWLFLQTXHDQQLGL%RFNHOVRQVXVVXUUDQRDOOH ORURRUHFFKLHFKHqSRVVLELOH 8QXRPRFRUSXOHQWRSDQFLDGLELUUDHVSDOOHSRVVHQWLDEEUDFFLD QR-DQGL/HLGDEDFLDQGRORVXOODEDUED/DPDJUH]]DGL5RWKPDQQH ODVXDYRFHVXDGHQWHDOOHDWHDOODPROHG RUVRGHOUDSSUHVHQWDQWHGHOOH JLOGHDUWLJLDQHGL0QVWHU%HUQGW.QLSSHUGROOLQJFRQFLDWRUHHVDU WR6DOHVXOWDYRORFKHFLVRUUHJJHFRQVFULFFKLROLLSUHRFFXSDQWL ,O EHQYHQXWR DJOL DSRVWROL GHO *UDQGH 0DWWK\V GD SDUWH GL WXWWD OD FR PXQLWj GHL IUDWHOOL GL 0QVWHU 9RL TXL SUHVHQWL UDFFRQWHUHWH TXHVWD JLRUQDWDDLYRVWULQLSRWLSHUFKpTXHVWRqO LQL]LRGLWXWWR'LRKDSR VDWRORVJXDUGRVXOODQRVWUDFLWWjGL0QVWHUHKDGHFLVRqGDTXLFKH WXWWR DYUj SULQFLSLR 1RL DEELDPR FRPLQFLDWR OD ORWWD QRL OD SRUWH UHPR D WHUPLQH ( VWDWH FHUWL FKH QRQ VDUjIDFLOHGRYUHPR UHVLVWHUH DOYHVFRYRGRYUHPRVWUDSSDUHLOSRWHUHGDOOHPDQLGHLQRWDELOLGR YUHPRVXGDUHHIRUV DQFKHYHUVDUHLOQRVWURVDQJXHLQTXHVW LPSUHVD 0D LO PRPHQWR q JLXQWR QRQ VL SRWUj WHPSRUHJJLDUH D OXQJR (FFR SHUFKpGLFRFKLQRQVHODVHQWHFLODVFLRUDHVHQHYDGDDOO LQIHUQR $PHQ 8QVRORFODQJRUHGLSXJQLDO]DWLEDWWHUHGLPDQLHDUQHVLGDODYR URFKHFR]]DQR
,OWXRQRPHYLDJJLDVXOOHDOLGHOYHQWR%HUQKDUG5RWKPDQQLO SUHGLFDWRUHGHJOLRSSUHVVL 5LGH VXDGHQWH VLQFHUR FRQ XQ PRGR GL PXRYHUH OH PDQL H LO FRUSRFKHDFFDWWLYDVLPSDWLD1RQVDSUHLGLUHVHVLDXQDWWHJJLDPHQ WRYROXWRRQDWXUDOHPDVRQRJLjVWDWRLQIRUPDWRGHOOHYRFLFKHFLU FRODQR D SURSRVLWR GHOO LUUHVLVWLELOH DVFHQGHQWH GL 5RWKPDQQ VXOOH VLJQRUH GL 0QVWHU 'LFRQR FKH SL~ GL XQ PDULWR YRUUHEEH YHGHUOR SHQ]RODUHGDXQDIRUFDHQRQSHUTXHVWLRQLGLIHGH3DUHFKHOHPR JOLWURYLQRSURSULRLUUHVLVWLELOLLVXRLVHUPRQLHVLWUDWWHQJDQRDOXQ JRGRSROHIXQ]LRQLSHUGLVFXWHUOLLQSULYDWRFRQLOSUHGLFDWRUH'HO UHVWRQRQqODSUHVHQ]DDPDQFDUJOLQRQGLPRVWUDDIIDWWRLVXRLTXD UDQW DQQL ,OQRPHGL0DWWK\VKDIDWWRDOWUHWWDQWDVWUDGDVHQRQGLSL~/R
DWWHQGLDPRFRQDQVLD $UULYHUjSUHVWR3HUWXWWLQRLqLPSRUWDQWHFKHYLLQFRQWULDWH $QQXLVFHPHQWUHPLRIIUHGDEHUH & qPROWLVVLPRGDIDUH+DL YLVWRVLDPRVDOGLPDDQFRUDSRFKL/HFRVHGHYRQRHVVHUHFRQGRWWH DQRVWURIDYRUHJLRUQRSHUJLRUQR 0PK9LVLHWHFRQWDWL" 0L RIIUH XQD VHGLDFFLD WDUODWD XQLFR PRELOLR GHOOD VWDQ]D LQ FXL DOORJJLDROWUHODEUDQGDGLYLPLQL Ê GLIILFLOH YDJOLDUH OH IRU]H HIIHWWLYH VX FXL SRVVLDPR FRQWDUH /DVLWXD]LRQHqLQFHUWD,OYHVFRYRYRQ:DOGHFNVHO qVTXDJOLDWDQRQ DSSHQDOHFRVHLQFLWWjKDQQRFRPLQFLDWRDSHQGHUHGDOODSDUWHSURWH VWDQWH H DGHVVR VH QH VWD D SRFKH PLJOLD GD TXL D FRQIDEXODUH FRQL VXRLIHXGDWDUL,FDWWROLFLVWDQQRQDVFRVWLHVHODIDQQRVRWWRLQDWWHVD FKH LO SRUFR ULHQWUL SRVVLELOPHQWH DUPDWR H IDFFLD SLD]]D SXOLWD GL QRLDOWULEDWWLVWLHGLWXWWLLOXWHUDQL (SHUFKpQRQORID" 3HUFKpVDFKHVHORIDFHVVHULVYHJOLHUHEEHORVSLULWRPXQLFLSDOH GL0QVWHUHFRDOL]]HUHEEHWXWWLFRQWURVHVWHVVR/DFLWWjQRQYXROH WRUQDUHDHVVHUHXQVXRSRVVHVVRSHUVRQDOH8QVRUULVR 4XDOFRVD GL EXRQR O DEELDPR IDWWR GHYRQR ULFRQRVFHUFHOR 9RQ :DOGHFN q IXUER DPLFR PLR PROWR IXUER 1RQ ELVRJQD FRPPHWWHUH O HUURUHGL VRWWRYDOXWDUOR R SHQVDUH FKH VLD IXRUL GDL JLRFKL 5HVWD LO QRVWUR PDJJLRUQHPLFR &RPLQFLRDFDSLUH (GHQWUROHPXUD" 6LDFFHQGH ,OXWHUDQLHLFDWWROLFLIDQQRFRPXQHOODSHURVWHJJLD UH LO QRVWUR VXFFHVVR SUHVVR LO SRSROR JOL RSHUDL H JOL DUWLJLDQL GL .QLSSHUGROOLQJ4XDVLWXWWLLJUDQGLPHUFDQWLFKHYRWDQRSHULO&RQ VLJOLR VRQR OXWHUDQL H KDQQR HOHWWR ERUJRPDVWUL GXH GHL ORUR -XGH IHOGWH7LOEHFN-XGHIHOGWqXQ LQILGRXQVHQ]DSDOOHFKHKDSDXUDGHO YHVFRYR FRPH GHO GHPRQLR 7LOEHFN VHPEUD DYHUH XQ RFFKLR GL UL JXDUGRSHUQRLIDUHEEHGLWXWWRSXUGLQRQIDUULHQWUDUHLQFLWWjLYH VFRYLOLPDQHPPHQRGLOXLFLVLSXzILGDUHWURSSR,OSRSROLQRSHQGH GDOODQRVWUDSDUWHHTXHVWROLVSDYHQWDKDQQRSDXUDGLHVVHUHVSRGH VWDWL ( IDQQR EHQH DG DYHUQH $ ORUR YROWD SHUz QRQ VL ILGDQR GHL FDWWROLFLSHUFKpWHPRQRFKHTXHOOLUHJDOLQRODFLWWjDOYHVFRYR$O ]DOHVSDOOH &RPHYHGLODVLWXD]LRQHqWXWW DOWURFKHGHILQLWD'RE ELDPR JLRFDUH VX GXH IURQWL LO YHVFRYR Oj IXRUL FRQ OH VXH VSLH LQ FLWWj H L OXWHUDQL GHQWUR VXRL DYYHUVDUL PD QRQ FHUWR DPLFL QRVWUL )LQRUD VLDPR ULXVFLWL D EDWWHUOL RJQLYROWDFKHKDQQRFHUFDWRGLEXW WDUFLIXRUL/DSRSROD]LRQHFLKDGLIHVLqODQRVWUDIRU]D
,OSRSRORVt/HWXHSDUROHGLRJJLPLKDQQRULFRUGDWRXQXRPR FKHKRFRQRVFLXWRDQQLIDTXDQGRDYHYRSL~RPHQRO HWjGL-DQ+R FRPEDWWXWRSHUTXHOOHSDUROH(WLFRQIHVVRFKHQRQFUHGHYRFKHO D YUHLIDWWRGLQXRYR 9XROHHVVHUHXQFRPSOLPHQWR" 3HQVRGLVt0DVDSSLFKHDOORUDSHUVLWXWWR 8QRVJXDUGRFRPSUHQVLYR &DSLVFR+DLSDXUD"/ DSRVWRORGHO *UDQGH0DWWK\VWHPHGLHVVHUHVFRQILWWRXQDVHFRQGDYROWD" 1R QRQ q TXHVWR 9ROHYR VROWDQWR GLUH FKH GHYL VWDUH DWWHQWR HVVHUH SUXGHQWH 3DVVDXQDPDQRWUDLFDSHOOLHDJJLXVWDOHSLHJKHGHOODYHVWHXQ WHVVXWRSRYHURSRUWDWRFRQLQFUHGLELOHHOHJDQ]D /RVR0DDGHVVR KR GHJOL RWWLPL DOOHDWL DO PLR ILDQFR ULHVFH VHPSUH D OXVLQJDUWL -DQGL/HLGDKDSDUODWRFROIXRFRQHOOHYHQH 5LGDFFKLR -DQqXQSD]]RXQFRORVVDOHFLDOWURQHXQJUDQGHDW WRUHHXQSXWWDQLHUHGLVXFFHVVR0DFLVDIDUHDOWURFKpÊLPSRUWDQ WHDYHUORFRQQRLO KRYLVWRDOO RSHUDTXDQGRYXROHqXQDYHUDPDF FKLQDGDJXHUUD 4XHVWDYROWDULGLDPRLQVLHPH
&DSLWROR 0QVWHUJHQQDLRVHUD
%XRQ'LRDPLFLVHODIHGHGHJOLDELWDQWLGL0QVWHUqSURVSH URVD FRPH OH WHWWH GHOOH VXH GRQQH DOORUD QRQ VRQR PDL VWDWR LQ XQ OXRJRFRVt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~FRQODWHVWD DRFFXSDUVLGHOUHVWR6RQRULXVFLWRDSSHQDDFDSLUHLOVXRQRPHHKR IDWWRSXUHLQWHPSRDGLPHQWLFDUOR .QLSSHUGROOLQJ LQWDQWR VJXD]]D SHVDQWH WUD OH FRSHUWH 7HQWD GL JLUDUVLDVHGHUHVHQ]DVWDFFDUVLGDOODVXDDPLFDPDODSDQFLDJOLFUHD TXDOFKHSUREOHPD (KL-DQWX FKHVHLGHOPHVWLHUHFRQRVFLTXDOFKHSRVL]LRQHFR PRGDSHUQRLDOWULXQSR EDVVLGLWRUDFH" (K DPLFR %HUQGW QRQ VDSUHL GLUH 3HUz SRVVR UDFFRQWDUWL GL TXDQGR ODYRUDYR FRQ OD SXWWDQD SL~ JUDVVD G (XURSD 1RQ SXRL LP PDJLQDUHTXDQWLFOLHQWLDYHYDTXHOOD WURLD 'jL0DTXDQWRHUDJUDVVD" *XDUGDXQDFLFFLRQDVFKLIRVD3HUzDTXHOOLFRPHWHSLDFHYDXQ
VDFFR ,QFKHVHQVR" -DQVWULQJHOHODEEUDHVWULWRODIUDOHPDQLOHWHWWHGHOODELRQGD/D YRFH JOL HVFH SL~ DFXWD GHO VROLWR 6t 0DWLOGD OD WXD FLFFLD PL ID JRGHUH/HPDJUHQRSHUFKpVRQRXQWULSSRQH 0DYDIIDQFXOR 7HORJLXUR7XWWLFLVWDYDQRDQFKHVRORSHUSRWHUGLUHGLHVVHU VLIDWWLXQDFKHFHQHYROHYDQRFLQTXHSHUVROOHYDUOD 8Q EDFLR DJJUHVVLYR ]LWWLVFH .QLSSHUGROOLQJ 3HU SDUWH PLDQRQ KR ELVRJQR GL XQ VLPLOH EDYDJOLR 0H]]R VGUDLDWR SHU WHUUD FRQ OD QXFDDSSRJJLDWDDOPXURHXQDUDJD]]DFKHPLLQJKLRWWHOHQWDPHQWH KRSHUVRJLjGDWHPSRODSDUROD -DQDGHVVRqPH]]RVRIIRFDWRGDOODSURFDFHFRPSDJQD6LGLUHE EHVLDULXVFLWDQHOO LPSUHVDGLIDUORWDFHUH &RVt q QHO VLOHQ]LR JHQHUDOH FKH .QLSSHUGROOLQJ FRPLQFLD DH PHWWHUHXQVRUGRDQVLPDQWHGHILQLWLYRPXJJLWR 7DJOLVHPSUHLOWUDJXDUGRFRVtLQIUHWWDDPLFR%HUQGW" ORLQ WHUURJD -DQ FRQ LO VROLWR JKLJQR +R LO ULPHGLR FKH ID DO FDVRWXR )DLEROOLUHGHOOHFLSROOHQHOO DFTXDHTXDQGRqIUHGGDWHORVFLDFTXLOt GHQWUR$JLWDOHPDQLSHUDULD ,QIDOOLELOHWHORJDUDQWLVFRLR$O WULPHQWLVHSDVVLGD/HLGDFKLHGLGL+pOqQH/DYRUDYDSHUPHqO X QLFDSXWWDQDFKHFRQRVFRFKHULHVFHDIDUWLJRGHUHVHQ]DYHQLUHPDL (FRPHID" 1RQQHKRLGHDPDFLULHVFHGDYYHUR3HQVDFKHPHODIDFHYR SDJDUHDRUHHGRYHYRIDUHSHUVLQROHSUHQRWD]LRQL7LGLFRXQDYROWD YHQQHXQRFKHYROHYDIDUVLXQDVYHOWLQDPLVSLHJR"/HLLQYHFHSHQ VDYDGLGRYHUORIDUVWDUOtSHUDOPHQRXQ RUHWWD,OWLSRSDUHFKHVSLQ JHVVHFRPHXQGDQQDWRSHUzQLHQWH'RSRXQSR VLqLQQHUYRVLWRGL EUXWWR+DWLUDWRIXRULLOFROWHOORHPHO KDVIUHJLDWDPLVSLHJR"1DWX UDOPHQWH q VWDWD O XOWLPD FRVD FKH KD IDWWR LQ YLWD VXD &LRq FD]]R URYLQDUPLXQFDSLWDOHGHOJHQHUH .QLSSHUGROOLQJVFRVWDLFDSHOOLGHOODVXDEHOODGDOIDFFLRQHVXGD WRHJXDUGDLQGLUH]LRQHGL-DQ 0HUGD qLOVXRXQLFRFRPPHQWR 0LHVFHXQDULVDWLQDPDQRQKRODIRU]DSHULOOXVWUDUJOLODVWUDQD DELWXGLQHGHOQRVWURDWWRUHTXDQGRUDFFRQWDXQDEDOODQRQULHVFHPDL D WUDWWHQHUH TXHO ©PL VSLHJR"ª Ê XQ PHWRGR LQIDOOLELOH SHU IDUH OD WDUDDLVXRLDQHGGRWL .QLSSHUGROOLQJ RUD QRQ YXROH ODVFLDUVL VIXJJLUH QHVVXQD GHOOH VWRULHGHOO DPLFRPDJQDFFLD &RV qFKHGLFHYLSULPDVXJOLLQGLJHQL GHOOH,QGLH"
4XDQGR" 3ULPDQR"/DVWRULDFKHFLVRQRGDYDQWLQHO5HJQRGHL&LHOL 2K QLHQWH 0H O KD GHWWR XQ PDULQDLR PLR FOLHQWH FKH q VWDWR ODJJL~/jVRQRPROWRSL~EDVVLGLQRLSHUzKDQQRXQEDWDFFKLRFRVt ( VH WL SXz LQWHUHVVDUH XQ DOWUR FOLHQWH FKH q VWDWR LQ $IULFD PL KD GHWWRFKHOjVLFLUFRQFLGRQRSHUFKpDOOHGRQQHSLDFHPROWRGLSL~ 4XHLIHWHQWLGHL*LXGHL$OORUDqVLFXURFKHDQFKHORURORIDQQR SHUTXHOPRWLYRDOWURFKHSRSRORHOHWWR 2UPDLDQFKH-DQqDUULYDWRDOODILQH/ DFFHQQRD,VUDHOHORHFFLWD DQFRUDGLSL~$O]DOHEUDFFLDDOFLHORHQRQVLWUDWWLHQH 9RLVDUHWH SHUPHXQUHJQRGLVDFHUGRWLHXQDQD]LRQHVDQWD 3URQXQFLD O XOWLPD YRFDOH FRPHXQOXQJRODPHQWRPHQWUHOHQWD PHQWHVLODVFLDDQGDUHVXOOHWWR 6HORFRQRVFREHQHQRQSDUOHUjSL~ 3RFKLPLQXWLHGqGLQXRYRLQVHOOD1RQORFRQRVFRSRLFRVtEH QH 6LJQRULVLJQRUHDPLFLWXWWLSRUIDYRU1XGREUDFFLDODUJKH LQJLQRFFKLRVXOOHWWR $OFXQHLVWUX]LRQLSULPDRULFKLHVWHVHYLSD UH WX DPLFR %HUQGW KDL IRUVH LQWHQ]LRQH GL XFFLGHUPL SHU DUVXUD SRUFR ERWWHJDLR WDFFDJQR q IRUVH FRVt" 3HUFKp DOORUD VX GL WH ULFD GUDQQR (KVtVtHFFKHFFD]]RYDGRYDGRVXELWRPDPDWXIDLSDXUD EHYL FRPH XQD FLVWHUQD QRQ PL HUR DFFRUWR /D SDQFLD GL .QLS SHUGROOLQJWUDEDOODYHUVRODVWDQ]DDFFDQWR (FFREUDYREUDYRR DSSODXGHIUDJRURVDPHQWH (WXDPLFD PLD GHYRWD SXWWDQD VDQWD FRQWLQXD D WUDVWXOODUH LO GLYLQR DVSHUVRULR FKH KR WUD OH JDPEH PHQWUH LO 6DQWR 3DSSRQH YL UDFFRQWD OD VWRULD GHOOHVXHQRELOLRULJLQL6tEUDYDVt .QLSSHUGROOLQJULHQWUDFRQWUHERWWLJOLHGLDFTXDYLWHHXQVRUULVR HEHWH VWDPSDWRVXOODIDFFLDFKHJOLVLVSHJQHTXDQGRVLDFFRUJHFKH OD VXD VLJQRUD DIIRQGD RUPDL FRPSOHWDPHQWH OD IDFFLD QHO FXOR GL -DQ %HQHVRQRSURQWRDQ]LQR*HUW*HUWF qTXDOFXQROt"6HLVL FXURFKHODVLJQRULQDQRQWHO DEELDVFLROWRGHOWXWWR"ÊXQ RUDFKHFH O KDLQERFFDFRVtULVFKLDGLVRIIRFDUH &DJDWLDGGRVVR qODPLDULVSRVWD (KQRPLRFDURQRQ VDUHEEHLOFDVRDQFKHSHULOEHQHGL0D GDPD%DFLDPLOFXORTXDVRWWR0DDGHVVREDVWDXQSR GLDWWHQ]LRQH SRUIDYRU .QLSSHUGROOLQJQRQqPROWRFRQYLQWRIDSHUEXWWDUVLJRIIDPHQWH
QHOODPLVFKLDGLFDUQHHJXDGDJQDUHSRVL]LRQH 0LD PDGUH HUD XQ LPPLJUDWD WHGHVFD QXELOH 6L IHFH SUHQGHUH LQ XQ IRVVR GDO YHFFKLR 6FKXO]H %RFNHO JUDQ VRWWDQLHUH GHOO $MD H PLPLVHDOPRQGRFROQRPHGL-RKDQQLQRODQGHVH-DQ$VHGLFLDQ QLPLVRQRLPEDUFDWRVXXQPHUFDQWLOH,QJKLOWHUUD)LDQGUH3RUWR JDOOR/XEHFFDSRLLOQRVWURPRFRPLQFLzDGDYHUHGHOOHDWWHQ]LRQL SDUWLFRODULSHUPH8QDQRWWHGXUDQWHXQDEXUUDVFDJOLVSDFFDLODWH VWD FRQ XQ UHPR H OR EXWWDL IXRUL ERUGR 'XH JLRUQL GRSR VEDUFDL D /HLGD LQILODQGRPL QHO OHWWR GL VXD PRJOLH +R FRQVRODWR OD YHGRYD SHUXQSDLRG DQQLYLVVXWRLQFDVDVXDHULFDYDWRXQJUX]]ROHWWRGDOOH VXH ULVHUYH /D VLJQRUD PL WURYz ODYRUR FRPH VDUWR GLFHYD FKH HUR WDJOLDWRSHUTXHOPHVWLHUHQRQVRFRVDJOLHORIDFHVVHFUHGHUHQRQKR PDLDYXWRYRJOLDGLIDUHXQFD]]R*UDQSXWWDQRQHHUDDYHYDSHUVR XQ PDULWR JUDVVR H EHRQH LQ FDPELR GL XQ PHUDYLJOLRVR YHQWHQQH 0D OD PLD YHUD YRFD]LRQH HUD XQ DOWUD QRQ YROHYR URPSHUPL OD VFKLHQD D ODYRUDUH SHU WXWWD OD YLWD HUR FKLDPDWR D TXDOFRVD GL PH JOLRGLSL~DOWRHVSLULWXDOHIDUHO DWWRUHVFULYHUHYHUVLGRYHYRPRO ODUHODYHFFKLDEDJDVFLDYLYHUHODPLDYLWDVt'RY HURULPDVWRDK VtTXDQGRSLDQWDLODYHGRYDHDSULLODPLDWDYHUQDXQSRVWULERORGL JUDQ OXVVR EXRQL JXDGDJQL H SRFKH JUDQH $OOLHWDYRLFOLHQWLGHFOD PDQGR OH PLH VWURIH SULPD FKH OH UDJD]]H VL RFFXSDVVHUR GL ORUR 8QDYROWDKRDQFKHUHFLWDWRLQXQDFKLHVDSDVVLGHO9HFFKLR7HVWD PHQWR D PHPRULD PLFD FD]]L /D &DPHUD GHL 5HWRUL PL KD IDWWR PHPEURRQRUDULR6DSHWHHUDQRDVVLGXLIUHTXHQWDWRULGHOPLRFDVLQR HJOL SUDWLFDYRGHJOLVFRQWLHFFH]LRQDOLWDULIIHGLIDYRUH(URSL~YL FLQRLRD'LRLQPH]]RDOOHPLHSXWWDQHFKHWXWWLTXHLOHWWHUDWLFRQOD SX]]DVRWWRLOQDVRHFKHSRLYHQLYDQRDIDUVLWUDWWDUHLSLVHOOLGDOR UR 8Q JLRUQR DUULYDQR DO PLR ERUGHOOR GXH YLDQGDQWL LQYLDWLPL GD 'LR 8QR q-DQ0DWWK\VHO DOWURqTXHOORFKH,QJHVWDPDVVDFUDQGR VXOWDSSHWR*HUWVHLDQFRUDYLYR"(PLIDQQR©-DQGL/HLGDLO6L JQRUHKDELVRJQRGLWHPROODWXWWRHVHJXLFLª (WXO KDLIDWWR &HUWRSHUFKpVHQWLYRFKHHUDODFRVDJLXVWDGDIDUHLOPLRGH VWLQRFD]]R'LRPLKDSDUODWRHKDGHWWR©-DQEDVWDUGRVFLXSDIHP PLQH WL KR FDFDWR VXOOD WHUUD SHU XQ PRWLYR QRQSHUFKpWLURWRODVVL QHOIDQJRHQHJOLXPRULSHUWXWWDODYLWD$O]DWLHVHJXLTXHVWLXRPL QLF qXQODYRUR GDFRPSLHUHª(GHFFRFLTXLDULFHYHUHLOWXRFRPL WDWRGLEHQYHQXWR(LOQRVWURULQJUD]LDPHQWRDPLFR%HUQGWWLVHJXL UjILQRLQFLHORGRYHULFHYHUDLTXHOFKHPHULWL
.QLSSHUGROOLQJVJKLJQD]]DFRQOHPDQLVXLFRJOLRQL &ROFD]]R PHQDJUDPRFROFD]]R PDDVFROWDGDYYHURSULPDGLFHYLTXHOODFRVD GHJOLLQGLJHQLOtGjLqXQDVWURQ]DWD /XQJRXQEUDFFLR%HUQGWOXQJRXQEUDFFLR .QLSSHUGROOLQJVLLQFXSLVFH-DQWUDFDQQDGDOODERWWLJOLDODVFLDQ GRVLFDGHUHOXQJRGLVWHVRVXOOHWWR&RPLQFLDDEODWHUDUH &KLVRQR" ,QGRYLQDWHFKLVRQR" 6LOHQ]LR 'jLGjLqIDFLOH3UHQGHXQOHPERGHOOHQ]XRORFRQGXHGLWDH FRPLQFLDOHQWDPHQWHDFRSULUVL &KLVRQR" 8QXEULDFRSHUVR 6LWLUDVXVHULVVLPRDYYROWRQHOOHQ]XROR 6LDPDOHGHWWR&DQD DQ 6FKLDYR GHJOL VFKLDYL VDUj SHU L VXRL IUDWHOOL 8Q XUOR YHUVR .QLSSHUGROOLQJ &KLVRQR" ,OFDSRGHOOHJLOGHPLJXDUGDVJRPHQWRYLVLELOPHQWHLPSDXULWR 6WRSHUUDVVLFXUDUORTXDQGR,QJHVROOHYDLOFDSRVLJLUDYHUVR-DQ HGLFH 1Rq
&DSLWROR 0QVWHUJHQQDLR
0QVWHU KD XQ IDVFLQR SDUWLFRODUH YLFROL VWUHWWL FDVH VFXUH OD SLD]]D GHO 0HUFDWR DL FXL PDUJLQL VL LQQDO]D 6DQ /DPEHUWR O DUFKL WHWWXUDHODGLVSRVL]LRQHGHJOLHGLILFLWXWWRVHPEUDFDVXDOHFDRWLFRH LQYHFH FRO SDVVDUH GHL JLRUQL WL DFFRUJL FKH HVLVWH XQ RUGLQH FHODWR QHO GHGDOR GL YLH +R WUDVFRUVRLOWHPSROLEHURDFRQRVFHUHODFLWWj JLURYDJDQGR VHQ]D PHWD SHU RUH SHUGHQGRPL QHO ODELULQWR H ULWUR YDQGR O RULHQWDPHQWR RJQL YROWD LQ SXQWL GLYHUVL GHOOD FLWWj 6FRSUR SDVVDJJL VHPLVHJUHWL FKLDFFKLHUR FRQ L FRPPHUFLDQWL OD JHQWH qD SHUWD FRQ JOL VWUDQLHUL IRUVH SHUFKp O DQDEDWWLVPR TXL q JLXQWR VXOOH JDPEHGHLSURIHWLHUUDQWLRODQGHVL+RFRQRVFLXWRXQRGLORUR+HLQ ULFK 5RO D FXL q VWDWD DVVHJQDWD XQD SDUURFFKLD HQWUR OH PXUD $E ELDPRSDUODWRDOXQJRGHOO 2ODQGDPLKDIDWWRQRPLGLFRQIUDWHOOLGL ODJJL~ QRQ OL KR ULFRQRVFLXWL 'LFRQR FKH 0QVWHU IDFFLD TXLQGLFL PLODDELWDQWLPDQHLJLRUQLGLPHUFDWRGHYRQRHVVHUHFHUWDPHQWHGL SL~,ERUJKLJLDQLGLTXDVRQRWLSLFKH YLDJJLDQRPDQLIDWWXUHWHVVLOL PROWLVVLPLRSHUDL$YHUVFDFFLDWRLOYHVFRYRKDSHUPHVVRGLDEROLUH OHWDVVHVXLWHVVXWLHGLHQWUDUHLQFRQFRUUHQ]DFRQLSURGRWWLGHLFRQ YHQWL L IUDWLFHOOL VH OD YHGRQR EUXWWD L PHUFDQWLLQJUDVVDQR+RLP SDUDWR D FDSWDUH OD IRU]D HPDQDWD GDL OXRJKL TXHVWL PXUL WUDVXGDQR HFFLWD]LRQH VFRQWHQWR YLWD q XQ FURFHYLD LPSRUWDQWH WUD LO 1RUG GHOOD *HUPDQLD H LO EDVVR 5HQR PD F q XQ HQHUJLD YLWDOH FKH YLHQH GD TXL GDO VXR LQWHUQR GDO FRQIOLWWR FKH QDVFH WUD OD VSRUFL]LD HOH UXRWHGHLFDUUL 0QVWHU q XQR GL TXHL SRVWL FKHWLGjODVHQVD]LRQHFKHTXDOFKH FRVDSUHVWRRWDUGLLQHYLWDELOPHQWHGRYUjDFFDGHUH
9ROR VXO IDQJR GHOOD VWUDGD JLj DYYROWD GDO EXLR VHQ]D EDGDUH DJOLVFKL]]LFKHPLVPHUGDQROHEUDFKHYRORYHORFHVXOODSXQWDGH JOL VWLYDOLILQRDOODFDVDÊVWDWR.QLSSHUGROOLQJDPDQGDUFLDFKLD PDUH WXWWL PH PL KDQQR WURYDWR LQ RVWHULD FKH PL DWWDUGDYR GLHWUR
DOOD GLVSXWD WHRORJLFD WUD GXH PDQLVFDOFKL 9HORFH YHORFH XQ JUDQ JXDLRLOUDJD]]RFKHPLKDULQWUDFFLDWRKDGHWWRGLILODUHDOODFDVDGHO FDSRGHOOHJLOGHHGLDSSXQWDUPLVXOPDQWHOORODVSLOODXQSH]]DFFLR GLUDPHFKHUDIILJXUDO DFURVWLFRGHOQRVWURPRWWR'::),O9HUER VLq)DWWR&DUQHFKHVHQ]DTXHOODQRQPLDYUHEEHURIDWWRHQWUDUH 7UHFROSLDOEDWDFFKLRHGRSRXQLVWDQWHXQDYRFHQRWD &KLVLH WH" *HUWGDO3R]]R 4XDOqODSDUROD" 6WULQJRODVSLOOD,O9HUERVLq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qELVRJQRGHOSDUHUHGLWXWWL /DVWDQ]DGDSUDQ]RqJLjDIIROODWDXQDYHQWLQDGLSHUVRQHVLDF FDOFD LQWRUQR DO WDYROR URWRQGR LO EUXVLR ULFRUGD LO UXPRUH GHO PHUFDWR FROWR GD ORQWDQR .QLSSHUGROOLQJ H .LEEHQEURFN VWDQQR GLVFXWHQGR VRWWRYRFH WUD ORUR OH IDFFH SDRQD]]H GHL GXH UDSSUHVHQWDQWLGHOOHFRUSRUD]LRQLWHVVLOLSDUODQRGDVROH 4XDQGRPLYHGRQRIDQQRFHQQRGLVHGHUHDFFDQWRDORUR/LUDJ JLXQJR VJRPLWDQGR %RFNHOVRQ q JLj Ot XQ FHQQR JUDYH GL VDOXWR +DLVHQWLWRGHOO HGLWWR" 0HORKDGHWWR5RWKPDQQQRQQHVDSHYRQLHQWHKRFD]]HJJLD WRWXWWRLOJLRUQR 5RWKPDQQIDFHVVDUHLOEUXVLRFRQDPSLJHVWLLFRQIUDWHOOLVL]LW WLVFRQRDYLFHQGD )UDWHOOL O RUD q JUDYH LQXWLOH QDVFRQGHUFHOR O RIIHQVLYD GL YRQ :DOGHFNPLUDDLVRODUFLLQFLWWjPHWWHUFLIXRULOHJJHSHUSRWHUFLSHU VHJXLWDUHSRVVLELOPHQWHFRQODFRQQLYHQ]DGHLOXWHUDQL4XHVWDQRWWH
GREELDPRGHFLGHUHFRPHGLIHQGHUFLRUDFKHLO YHVFRYRKDVFRSHUWR OHFDUWHHGjEDWWDJOLDHLOSHULFRORLQFRPEHVXGLQRL %DWWRQRDOODSRUWDIDFFHDWWRQLWHTXDOFXQRFRUUHDYHGHUHODSD URODG RUGLQHULVXRQDILQTXLSL~G XQDVRQRSDUHFFKL 8QDGR]]LQDGLRSHUDLPDUWHOOLHDFFHWWHLQPDQRLQWHVWDXQSLF FROHWWRPDJURHVFXURHQRUPHSLVWRODLQFLQWXUDVJXDUGRGDILJOLRGL SXWWDQDHJHVWLUDSLGLÊ5HGHNHUEDQGLWRGLVWUDGDGLPHVWLHUHXQL WRVL DL EDWWLVWL SHU DOOHJJHULUH OH ERUVH GHL ULFFKL H SRL FRQYHUWLWRVL DOODFDXVDFRPXQH5RWKPDQQVWHVVRORKDEDWWH]]DWRSRFKLJLRUQLID GRSR FKH TXHVWL DYHYD GDWR SURYD GL DIILGDELOLWj GRQDQGR DO IRQGR EDWWLVWDLOULFDYDWRGHOODUDSLQDSL~OXFURVDFLQTXHFHQWRILRULQLG RUR VWUDSSDWLDOFDYDOLHUHYHVFRYLOHYRQ%UHQXQ LPSUHVDPHPRUDELOH 5RWKPDQQOLIXOPLQDWXWWLFRQORVJXDUGR &KHVLJQLILFD" &KH OD JHQWH QRQ YXROH UHVWDUH FRQ OHPDQLLQPDQRPHQWUHOH VWULQJRQRODFRUGDDOFROOR 1RQqXQEXRQPRWLYRSHUYHQLUHDUPDWLLQFDVDGL.QLSSHUGRO OLQJIUDWHOOR5HGHNHU1RQGREELDPRGDUHDLQRVWULDYYHUVDULLOSUH WHVWRSHUDWWDFFDUFL $FFDGUjFRPXQTXHFRVDFUHGL" ,OSLFFROHWWRqQHURGLUDEELD %DWWHUOL VXO WHPSR TXHVWR VL GHYH IDUH H VXELWR , OXWHUDQL VRQR SURQWL D OHFFDUH LO FXOR D YRQ :DOGHFN H D YHQGHUFL WXWWL TXDQWL /L KDQQR YLVWL WUDVSRUWDUH DUPL VXOO DOWUD VSRQGD GHO FDQDOH QHO PRQD VWHURGLhEHUZDVVHUVLSUHSDUDQRDGDWWDFFDUFL 5HGHNHUKDUDJLRQHFD]]R1RQSRVVLDPRDVSHWWDUHFKHHQWULQR GD TXHOOD SRUWD SHU VJR]]DUFL / HFR YLHQH GD FKL O KD VHJXLWR XQ FRURGLLQFLWD]LRQL (KVt'LDPRJOLDGGRVVRIDFFLDPRODILQLWDXQD YROWDSHUWXWWH 5RWKPDQQVWULQJHJOLRFFKLXQOXSR &RVDYRUUHVWHIDUH" 5HGHNHUORVTXDGUDSLDQWDWRLQPH]]RDOODVWDQ]D ,RGLFRIDF FLDPROLIXRUL7DJOLDPRODJRODDLSDSLVWLWDJOLDPRODJRODDLOXWHUD QL3UHIHULUHLILGDUPLGLXQVHUSHQWHSLXWWRVWRFKHGL-XGHIHOGWHGHL VXRLFRPSDULGHO&RQVLJOLR ( 7LOEHFN" / DOWUR ERUJRPDVWUR QRQ FL q RVWLOH YXRL VJR]]DUH DQFKHOXL" 6RQRWXWWLG DFFRUGR5RWKPDQQQRQORYHGL"8QRIDLOEXRQRH O DOWURIDLOGXURVRQRGHLYHQGXWLSUHIHULVFRQRPLOOHYROWHYRQ:DO GHFN D QRL DVSHWWDQR VROWDQWR O RFFDVLRQH EXRQD SHU SXJQDODUFL QHO VRQQR H LO YHVFRYR JOLHOD VWD RIIUHQGR VX XQ SLDWWR G DUJHQWR 0HW WLDPRILQHDTXHVWDIDFFHQGDHFKLGHYHDQGDUVHQHDOO LQIHUQRFLYDGD VXELWR
5RWKPDQQ LQFURFLD OH EUDFFLD IDTXDOFKHSDVVRPHGLWDERQGRGD LVWULRQH 1RIUDWHOOLQR1RQSXzHVVHUHTXHVWDODYLD/DVFLDFKH OHSDUROHUDFFROJDQRO DWWHQ]LRQHGHOOHSDUWL 3HUGXHDQQLDEELDPR ORWWDWR XQLWL D YROWH VROL JXDGDJQDQGRFL O DSSRJJLR GHOOD SRSROD ]LRQH GL 0QVWHU GHJOL RSHUDL SDVVR SDVVR VSDUJHQGR LO VHPH GHO QRVWURPHVVDJJLRUDFFRJOLHQGRDGHVLRQLLQFLWWjHRUDDQFKHGDIXRUL /R VJXDUGR FDGH VX PH VX %RFNHOVRQ *OL DSRVWROL GL 0DWWK\V VRQR TXL ( LQVLHPH D ORUR DOWUD JHQWH VWD DIIOXHQGR JXLGDWD GDOOD VSHUDQ]D ILQR DOOD QRVWUD FLWWj ( FRVWRUR TXHVWL XRPLQL H TXHVWH GRQQH SLHQL GL IHGH LQ 'LR H LQ QRL Vt IUDWHOOL LQ QRL QHOOD QRVWUD FDSDFLWjGLYLQFHUHTXHVWDEDWWDJOLDQRQSRVVRQRYHGHUHPHVVRWXWWR DUHSHQWDJOLRLQXQDVRODQRWWHVXOO RQGDGHOSDQLFR1RQVROWDQWROD ORURIHGHFLGjIRU]DPDDQFKHLOORURFRQWULEXWRPDWHULDOHILQDQFKH L SDWULPRQL IUDWHOOL L VROGL FKH FL YHQJRQR GRQDWL 8Q PRUPRULR SHUFRUUHODVDODVJXDUGLLQWHUURJDWLYLDFHUFDUHLGRQDWRUL /DUDEELDWUDWWHQXWDGL5HGHNHUORLQWHUURPSH $QFK LRKRGRQD WRDOODFDXVDXQVDFFRGLVROGL(RUDGLFRFRQTXHLVROGLFRPSULDPR GHLFDQQRQL 6tXQDVSLQJDUGDHGHOOHVSDGH (SLVWROH 1R QRQ SXz ULVROYHUVL WXWWR FRVt QRQ L QRVWUL VIRU]L 5HGHNHU QRQLOQRVWURODYRUR6HDGHVVRGLDPRLQL]LRDXQDVWUDJHFKHGLUDQ QROHFLWWjYLFLQHFRVDLIUDWHOOLFKHJXDUGDQRD0QVWHUFRPHDXQ IDUR SHU OD FULVWLDQLWj ULQQRYDWD" 3HQVHUDQQR FKH VLDPR GHL SD]]L VDQJXLQDULHVLWLUHUDQQRLQGLHWUR4XHOORFKHWXKDLGDWRDOODFDXVD TXHOORFKHDOWULRJJLGRQDQRQRQqERWWLQRGLJXHUUD(LRGLFRFKH SXzHVVHUHXWLOL]]DWREHQGLYHUVDPHQWHHPHVVRDSURILWWR &KHFD]]RVLJQLILFD" 6LJQLILFD FKH RJJL LO YHVFRYR WHQWD GL PHWWHUH OD SRSROD]LRQH FRQWURGLQRLPLQDFFLDQGRODVHFLGDUjPDQIRUWH(EEHQHGREELDPR IDUHLQPRGRFKHUHVWLQRGDOODQRVWUDSDUWH%LVRJQDHVVHUHLFDSLWDQL GHJOL XPLOL QRQ VROR GL QRL VWHVVL 1RQ FDSLVFL FRV q FKHYXROHYRQ :DOGHFN",RQRQIDUzLOVXRJLRFRUHDJLUHPR5HGHNHUPDSL~HI ILFDFHPHQWH8QDSDXVDSHUFUHDUHDWWHVD 3URSRQJRFKHO DVVHP EOHDGHOLEHULVXOO XWLOL]]RGHLVROGLUDFFROWLDIDYRUHGLXQIRQGRSHUL SRYHUL &KH WXWWL L ELVRJQRVLSRVVDQRDWWLQJHUHVHFRQGROHPRGDOLWj FKHGHFLGHUHPRDXQDFDVVDGLPXWXRVRFFRUVRHFKHFKLKDGLSL~ YLFRQWULEXLVFDFRPHSXz 6HGXWL .QLSSHUGROOLQJ H .LEEHQEURFN DQQXLVFRQR FRQYLQWL 5H GHNHUGRQGRODVXOOHJDPEHLQGHFLVRQRQEDVWD
5RWKPDQQLQVLVWH $OORUDLSRYHULFDSLUDQQRFKHODORURFDXVDq OD QRVWUD FDXVD ,O IRQGR GL PXWXD DVVLVWHQ]D YDUUj SL~ GL RJQL VHU PRQHTXDOFRVDGLWDQJLELOHQHOOHORURYLWH,OXWHUDQLSRVVRQRWUDPD UHILQFKpYRJOLRQRPDVDUHPRSL~IRUWLLOYHVFRYRSXzEDQGLUHPLOOH HGLWWLPDDYUHPRLOSRSRORGDOODQRVWUD +DILQLWRLGXHUHVWDQRDJXDUGDUVLSHUXQOXQJRPRPHQWR$OOH VSDOOH GL 5RWKPDQQ XQ DQQXLUH GL WHVWH GLHWUR 5HGHNHU XQ EUXVLR G LQFHUWH]]D ,OEULJDQWHVWRUFHODERFFD (VHGHFLGRQRGLIDUFLLOFXOR" 0LDO]RIDFHQGRYRODUYLDODVHGLDGDVRWWRLOPDQWHOORVJXDLQROD GDJD VXO WDYROR 5RWKPDQQ H .QLSSHUGROOLQJ VREEDO]DQR 6H q LO IHUUR FKH YRUUDQQR DVVDJJLDUH QRQ JOLHOR IDUHPR PDQFDUH IUDWHOOR SDUROD GL *HUW GDO 3R]]R 0D VH LO SRSROR VDUj FRQ QRL OHVSDGHVL VROOHYHUDQQRDPLJOLDLD6LOHQ]LRGLWRPEDLQWXWWDODVDOD 2UD DQ GUHPROjIXRULDVWUDFFLDUHO HGLWWRGHOYHVFRYRHLOXWHUDQLYHGUDQQR FKH QRQ WHQWLDPR YRQ :DOGHFN H WDQWRPHQR ORUR &KH FL SHQVLQR GXHYROWHSULPDGLDWWDFFDUFL /R VWXSRUH GL WXWWL VYDQLVFH UDSLGDPHQWH DQFKH OD WHQVLRQH GL 5RWKPDQQ5HGHNHUPLILVVD VSDYDOGRROWUHODVSDGDHDQQXLVFHDS SHQD ' DFFRUGR)DUHPRFRPHGLWH0DQHVVXQRGLQRLKDLQWHQ]LRQH GLIDUHLOPDUWLUH6HGHYRHVVHUHIRWWXWRYRJOLRIDUORFRQODVSDGDLQ PDQRSRUWDQGRXQEHOSR GLTXHLEDVWDUGLFRQPH / LQWHVD q UDJJLXQWD PHULWR GHOOH SDUROH GL 5RWKPDQQ H GHOOD PRVVDHIILFDFHGHOO DSRVWRORGL0DWWK\V$LYRWLODIRQGD]LRQHGHOOD FDVVD SHU L SRYHUL O XQDQLPLWj .LEEHQEURFN FDUWD H SHQQD VHJQD WXWWRVXLOLEULFRQWDELOLPHQWUH5HGHNHURUJDQL]]DVTXDGUHGLFLQTXH XRPLQLFKHVWUDSSLQRO HGLWWRGDLPXULGHOODFLWWj 5RWKPDQQH.QLSSHUGROOLQJPLSUHQGRQRGDSDUWHPHQWUHLFRQ IUDWHOOL HVFRQR D JUXSSHWWL GL WUH R TXDWWUR SHU QRQ GDUH QHOO RFFKLR /DQRWWHULVXFFKLDOHVDJRPHDXQDDXQD 3DFFD VXOOD VSDOOD H XQ FRPSOLPHQWR /H SDUROH JLXVWH (UD TXHOORFKHYROHYDQRVHQWLUVLGLUH (GqTXHOORFKHSHQVR5HGHNHUqDYYHQWDWRPDVDLOIDWWRVXR 6LDPRULXVFLWLDIDUORUDJLRQDUHHKDFDSLWR .QLSSHUGROOLQJ DO]D OH VSDOOH Ê XQ EDQGLWR GL VWUDGD GLIILFLOH GDWUDWWDUH 8QEDQGLWRFKHUXEDDLULFFKLFDYDOLHULSHUGDUHDLSRYHUDFFL&H QHYRUUHEEHURGLWLSLGHOJHQHUH0DWWK\VGLFHFKHqWUDODIHFFLDGHO ODVWUDGDFKHWURYHUHPRLVROGDWLGL'LRWUDJOLXOWLPLLIXRULOHJJHL
VDOWLPEDQFKL L PDJQDFFLD )DFFLR XQ JHVWR LQ GLUH]LRQH GL %R FNHOVRQ DFFRFFRODWR VX XQD VHGLD YLFLQR DO FDPLQR PH]]R DGGRU PHQWDWRFRQOHPDQLVXLFRJOLRQL ,OJURVVRWHVVLWRUHVLJUDWWDODEDUED 6HFRQGRWHVLDUULYHUjDOOH DUPL" 1RQORVRYRQ:DOGHFNQRQPLVHPEUDLOWLSRFKHPROODIDFLO PHQWH (LOXWHUDQL" 'LSHQGHUjGDORURFUHGR .QLSSHUGROOLQJFRQWLQXDDIUXJDUVLLOPHQWR 0PK6HQWLPDQ FDPHQRGLXQPHVHDOOHHOH]LRQLSHUULQQRYDUHLO&RQVLJOLRHLERU JRPDVWUL,RH.LEEHQEURFNSRWUHPPRFDQGLGDUFL 5RWKPDQQVFXRWHODWHVWD ,QRVWULVRVWHQLWRULVRQRWURSSRSRYH UL SHU SRWHU YRWDUH R FDPEL O RUGLQDPHQWR R KDL SHUVR SULPD GL FR PLQFLDUH ,OSDUHUHGHJOLDSRVWROLGL0DWWK\VVHPEUDHVVHUHHVVHQ]LDOHLQVL VWR 9LDXJXURGLFXRUHGLULXVFLUHDSUHQGHUHODFLWWjSDFLILFDPHQWH PDGDOO DULDFKHVLUHVSLUDSRWUHEEHDQFKHDQGDUHLQPRGRGLYHUVR 5RWKPDQQDQQXLVFHJUDYH *Lj6WDUHPRDYHGHUH,QWDQWRFKHLO IRQGR SHU L SRYHUL IXQ]LRQL GD VXELWR (OH]LRQL R QR ULXVFLUHPR D PHWWHUH LQ PLQRUDQ]D OXWHUDQL H FDWWROLFL 3HU SUHFDX]LRQH VSRVWHUH PR L FXOWL GDOOH SDUURFFKLH DOOH FDVH SULYDWH SHU SURWHJJHUFL GDOOH VSLH &KHLO6LJQRUHFLDVVLVWD 1RQQHGXELWRDPLFLPLHLDGHVVRVHSHUPHWWHWHYDGRFRQLIUD WHOOLDIDUFRULDQGROLGHOO HGLWWRGHOYHVFRYR (-DQORODVFLTXL" .QLSSHUGROOLQJPLULFRUGDODFDUFDVVDGHO O DPLFRDFFDVFLDWDGDYDQWLDOIXRFR /DVFLDORGRUPLUHQRQFLVDUHEEHGLJUDQGHDLXWR )XRULODQRWWHqGLJKLDFFLRQHVVXQDOXFHEULYLGLVFLYRODQRVRWWR LOPDQWHOORPHQWUHFHUFRODVWUDGDSHUODSLD]]DGHO0HUFDWR0LDLX WDODPHPRULDGHOOHOXQJKHGHULYHSHUTXHVWHYLH$SSHQDXQ RPEUD ODVHQVD]LRQHGLXQDSUHVHQ]DHKRJLjODGDJDVJXDLQDWDSLDQWDWDQHO EXLRGDYDQWLDPH )HUPDODPDQRIUDWHOOR 3HUFKpGRYUHL" 3HUFKpLO9HUERVLqIDWWRFDUQH 'DOEXLRHPHUJHXQYROWRHUDDOODULXQLRQH 8QSR SL~YLFLQRHWLLQILO]DYRVHQ]DSHQVDUFLGXHYROWH&KL VHL"
8QR FKH KD DPPLUDWR LO WXR PRGR GL IDUH +HLQULFK *UHVEHFN PL FKLDPR 8QD FLFDWULFH REOLTXD JOL VSDFFD LO VRSUDFFLJOLRRFFKL D]]XUULEHQSLDQWDWRSL~RPHQRODPLDHWj 6HLGLTXL" 1RGLXQSDHVHTXDYLFLQRDQFKHVHO XOWLPDYROWDFKHVRQRFD SLWDWRGDTXHVWHSDUWLqVWDWRGLHFLDQQLID 3UHGLFDWRUH" 0HUFHQDULR 1RQFUHGHYRFLIRVVHUREDWWLVWLDGGHVWUDWLDFRPEDWWHUH 6ROWDQWRLRHWH &KLWHORGLFH" 5LFRQRVFRXQDEXRQDVSDGD0DWWK\VVDVFHJOLHUHLVXRLXRPLQL 6RORTXHVWRYROHYLGLUPL" ,O YROWR q VFDYDWR OD FLFDWULFH ID DSSDULUH L WUDWWL SL~ FXSL H PL QDFFLRVLGLTXDQWRLQUHDOWjQRQVLDQR $PPLUR5RWKPDQQ qVWDWR OXL D EDWWH]]DUPL $EELDPR XQ JUDQGH SUHGLFDWRUH SUHVWR R WDUGL FL VHUYLUjDQFKHXQFDSLWDQR ,QWHQGLGLUHPH(SHUFKpQRQWX" 6RJJKLJQD GHQWL ELDQFKL 1RQ VFKHU]DUH LR VRQR LO SLFFROR *UHVEHFNWXLOJUDQGH*HUWGDO3R]]RO DSRVWROR7LVHJXLUDQQRFRVt FRPHWLKDQQRGDWRDVFROWRVWDVHUD 4XHVWLQRQVRQRPHUFHQDULIUDWHOOR /RVR1RQFRPEDWWHUDQQRSHULOERWWLQRFRPEDWWHUDQQRSHULO 5HJQR H SHU TXHVWR SRVVRQR VSDFFDUH LO FXOR D WXWWL 0D TXDOFXQR GRYUjJXLGDUOL ,RWHQJRLOSRVWRGL0DWWK\VILQRDTXDQGROXL 0DWWK\V IDFHYD LO IRUQDLR QRQ SUHQGLDPRFL LQ JLUR TXHOOR GL /HLGDHUDXQSDSSRQH.QLSSHUGROOLQJH.LEEHQEURFNVRQRWHVVLWRUL 5RWKPDQQXRPRGL%LEELD $QQXLVFRVHQ]DDJJLXQJHUHQXOOD8QDUDVVLFXUD]LRQH 4XDQGR VDUjLOPRPHQWRVDSUDLGRYHWURYDUPL &LVDUHPRWXWWL(DGHVVRDQGLDPRDSXOLUFLLOFXORFRQTXHOO H GLWWR 6L LQROWUD JLj QHOOD QRWWH GHOOD YLD D FDFFLD GHO IDQWDVPD GL YRQ :DOGHFN
&DSLWROR :ROEHFNQHLSUHVVLGL0QVWHUIHEEUDLR
7LOH %XVVHQVFKXWH GHWWR LO &LFORSH GL PHVWLHUH VFDWRODLR q XQ HVVHUHHQRUPHPLWRORJLFR %XVVHQVFKXWH q XQD GL TXHOOH FUHDWXUH FKH VHQWL QRPLQDUH GDOOH PDGULVSD]LHQWLWH 6HQRQGRUPLFKLDPROR6FDWRODLR ,QOXLWXWWRDVVXPHLOFDUDWWHUHGHOO HQRUPLWjDHFFH]LRQHGHOFHU YHOOR1RQVRFRVDJOLDEELDUDFFRQWDWR.LEEHQEURFNFKHqDQGDWRD SUHOHYDUORQHOODVXDERWWHJDPDDQFKHVHJOLDYHVVHVSLHJDWRODTXH VWLRQHSHUILORHSHUVHJQRVRQRFRQYLQWRFKHORVFDWRODLRQRQDEELD OD SL~ SDOOLGD LGHD GL TXHOOR FKH VWD IDFHQGR 6L GLPHQD LQIDVWLGLWR QHOO XQLFRYHVWLWRHOHJDQWHFKHVLDPRULXVFLWLDIDUJOLLQGRVVDUHYLHQH GDOJXDUGDUREDGL.QLSSHUGROOLQJHKDGHOOHLPSUHVVLRQDQWLGLIILFROWj DFRQWHQHUHODSDQFLDLOFXORHJOLLQQXPHUHYROLGRSSLPHQWLGHOQR VWUR FDSR GHOHJD]LRQH *HQHUDOPHQWH QRQ SDUOD JUXJQLVFH GLFRQR FKHORKDQQRURYLQDWRWUHDQQLGLJDOHUDSHURPLFLGLRIDFHYDLOIDF FKLQR H VXOOD VFDOLQDWD GL XQ SDOD]]R ODQFLz D XQ DLXWDQWH XQ SHVR WDOPHQWHHQRUPHGDIDUJOLSHUGHUHO HTXLOLEULRURWRODUHSHUXQ LQWHUD UDPSDHILQLUHVFKLDFFLDWR ,PPHGLDWDPHQWH GLHWUR D %XVVHQVFKXWH FRPSOHWDPHQWH FRSHUWR GDOODVXDPROHDYDQ]D5HGHNHUFKHFRQLOQRVWURVFDWRODLRKDFRQ GLYLVRSHUTXDOFKHWHPSRXQDGHOOHFHOOHGHOODSULJLRQHYHVFRYLOH,O YL]LRGLIDUVLODERUVDDOWUXLQRQJOLqFHUWRSDVVDWRPDKDODSHVVLPD DELWXGLQH GL YDQWDUVL SXEEOLFDPHQWH GHOOH SURSULH JHVWD H TXHVWR SULPDRSRLJOLSURFXUHUjGHLJXDL &KLXGHLOWHU]HWWR+DQVYRQGHU:LHFNOHJXOHLRFKHILQGDVXEL WRVLqFDQGLGDWRSHUSUHQGHUSDUWHDOOD GHOHJD]LRQH&UHGHYHUDPHQ WHGLSRWHUQHJR]LDUHODSDFHFRQLOYHVFRYRHLOXWHUDQLHQRQKDVD SXWR WLUDUVL LQGLHWUR QHSSXUH TXDQGR DEELDPR GHFLVR GL WUDVIRUPDUH O LQFRQWURLQXQDFDUQHYDODWD ,OYHVFRYRKDFRQYRFDWRTXHVWD'LHWDSHUWURYDUHXQFRPSURPHV VR WUD OH SDUWL FKH JOL FRQVHQWD GL ULHQWUDUH LQ FLWWj H VH IRVVH SHU LO ERUJRPDVWUR -XGHIHOGW DO TXDOH OD SDUWHFLSD]LRQH DOOD GHOHJD]LRQH FLWWDGLQDVSHWWDGLGLULWWRXQFRPSURPHVVRORWURYHUHEEHURHFFRPH
DGDQQRQRVWURYRQ:DOGHFNFRQFHGHDOFXQHOLEHUWj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Ê OXL FKH SHU SULPR KD IDWWR TXHO QRPH TXDQGR VL FHUFDYDXQFDSRGHOHJD]LRQHFKHIRVVHDOO DOWH]]DGHLQRVWULSURSRVL WL 7LOHLO&LFORSH6tVtqO XRPRFKHIDDOFDVRQRVWUR /D VDOD GHOOD 'LHWD LQ FDVD GHO FDYDOLHUH 'LHWULFK YRQ 0HUIHOG XQDGHOOHOLQJXHSL~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
8QR GHL FDYDOLHUL GHO YHVFRYR VL FRQWRUFH VXO VHGLOH DOOXQJD LO FROORHVLDO]DFRQOHPDQLVXLEUDFFLROLQHOWHQWDWLYRGLFDSLUHFKLVL QDVFRQGDGLHWURODPRQWDJQDGLFDUQHFKHSLDQSLDQRDYDQ]DYHUVRLO FHQWUR GHOOD VDOD )LQFKp LO FLFORSLFR VFDWRODLR QRQ VL LQFKLQD FRVt SURIRQGDPHQWHGDIDUHPHUJHUHGLHWURGLVpLOJKLJQRVWUDIRWWHQWHGL 5HGHNHU ÊXQDWWLPR0HOFKLRUYRQ%UHQDVVDOLWRVXOODVWUDGDSHU7HOJWH QRQ SL~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qLPPHGLDWD FDULFD OD PDQR DSHUWD FRQ WXWWR LO EUDFFLR H OD VWDPSD VXOOD IDFFLD GHOORVSDGDFFLQRFKHFUROODLQVLHPHDOODVHGLDWUDYROJHQGRDOWULGXH FDYDOLHUL -XGHIHOGW JULGD GL IDUOD ILQLWD H SURYD D IUHQDUH 5HGHNHU 9RQ :DOGHFN O DTXLOD QRQ VL VFRPSRQH QRQ GLFH XQD SDUROD FL RVVHUYD FRQ LO PLJOLRU VJXDUGR GL GLVSUH]]R GHO VXR UHSHUWRULR 5HGHNHU Gj IRQGRDOVXRLQVXOWLSHULJHQLWRULSHULPRUWLSHULVDQWLSURWHWWRUL 6UDGLFDO DOEHURJHQHDORJLFRGHOO DYYHUVDULRFRQODIRU]DGHOWXUSLOR TXLR ,O QRVWUR YRQ GHU :LHFN VFKLDPD]]D LQ PH]]R DOOD FRQIXVLRQH FHUFDQGR GL GDUVL LO WRQR GHOO DYYRFDWR VHULR FKH QRQ q PDL VWDWR 1HOOXRJRSUHVFHOWRSHUXQD'LHWDYLJHO LPPXQLWjSHUWXWWLHLOEDQGR FRPSOHWRGHOOHDUPL , VXRL FRPSDUL WUDWWHQJRQR YRQ %UHQ FKH YRUUHEEHUDJJLXQJHUH 5HGHNHU-XGHIHOGWVLSURGLJDLQYDQLWHQWDWLYLGLWUDQTXLOOL]]DUHWXWWL LPEDUD]]DWRHSDRQD]]RFRPHXQEDPELQRLQFDSDFH /D VFHQD VL EORFFD TXDQGR YRQ :DOGHFN VL DO]D LQ SLHGL 5LPD QLDPR LPSLHWULWL,OVXRVJXDUGRLQFHQHULVFHODVDODRUDVDFKHLOERU
JRPDVWUR FRQWD FRPH XQ VROGR GL FDFLR L VXRL DYYHUVDUL VLDPRQRL &L IXOPLQD LQ VLOHQ]LR SRL VL JLUD VGHJQDWR H VL DOORQWDQD LO SDVVR ]RSSR FODXGLFD ILQR DOO XVFLWD VFRUWDWR GD YRQ 0HUIHOG H GDOOD VXD JXDUGLDSHUVRQDOH
&DSLWROR 0QVWHUIHEEUDLR
3L~G XQDIXRUGHOO 2UGLQHULPDVH HQHOODVXDIROOLDGDOFKLRVWURHYDVH PROWHLQSUHGDDFDUQDOFRQFXSLVFHQ]D VLGLHGHURDVIUHQDWDGHOLQTXHQ]D
5HGHNHUVLFRQFHQWUDULJLUDQGRODPRQHWDWUDOHPDQL*XDUGDXQ DWWLPR LO PXUR SRL VRFFKLXGH JOL RFFKL ODQFLD H YLQFH OD VXD TXLQWD ELUUDFRQDJJLXQWDG DFTXDYLWH ÊO XOWLPD FLDVVLFXUDVXELWRPHQWUHWRUQLDPRYHUVRLOQRVWUR WDYROR & qFDOFDDWWRUQRDOOHGXHDUHQHVRUWHWUDLWDYROLGHOODWDYHUQDGL 0HUFXULR6RQROHGLVILGHGHO&DUQHYDOHGLTXHVWDVHUDGDXQDSDUWH VLEDOODDOVXRQRGHOOLXWRHYLQFHXQEDULOHGLELUUDO XOWLPRFKHDE EDQGRQDOHGDQ]HGDOO DOWUDFLVLJLRFDXQDSLQWDGLELUUDHDFTXDYLWH DFKLODQFLDXQDPRQHWDLOSL~YLFLQRSRVVLELOHDOPXURVHQ]DWRFFDUH SHUzLOPXURVWHVVR5HGHNHUqLOFDPSLRQHLQGLVFXVVR .QLSSHUGROOLQJ KD XQ FUHGLWR FRQ O RVWH H JOL Gj IRQGR 4XDWWUR ERFFDOL YXRWL VRQR JLj DOOLQHDWL GL IURQWH DO VXR QDVR VSXJQRVR 6L DO]DXQSR RQGHJJLDQWHLQSLHGLVXOODVHGLDFHUFDGLULFKLDPDUHO DW WHQ]LRQH GHOOD VDOD H DWWDFFD D LPSURYYLVDUH VXOOD PXVLFD GHO OLXWR XQDFDQ]RQHVXLIDWWLFKHWXWWLVWDQQRFRPPHQWDQGR )XXQRVSLULWRLPSXURXQVR]]RPRVWUR TXHOFKHOHVSLQVHIXRUGHOGROFHFKLRVWUR )XJJLWHLQVDQHGDOOHVDFUHPXUD HEEHURDVLORLQPH]]RDJHQWHLPSXUD
'XHWDYROLSL~LQOjTXDOFXQRVLDOODFFLDLPPHGLDWDPHQWHDOOHUL PH GHO FDSR GHOOHJLOGHHSURVHJXHODGHVFUL]LRQHGHOOHIXJJLWLYHGL hEHUZDVVHU 1RQ ID LQ WHPSR D ILQLUH FKH XQ DOWUR KD JLj DFFROWR O LQYLWR H FHOHEUD OH JHVWD GL 5RWKPDQQ VRWWR OH PXUD GHO FRQYHQWR )XQ]LRQDFRVtFKLKDFRPLQFLDWRODFDQ]RQHLQTXHVWRFDVRLOQRVWUR .QLSSHUGROOLQJSDJDGDEHUHDFKLODFRQFOXGHÊXQDJDUDDFKLOD VFLDWXWWDODWDYHUQDVHQ]DVWURIHGDDJJLXQJHUH
,OPDVVLPRqVWDWRTXDQGRKDUDPPHQWDWRDOOHPRQDFKHODORUR IXQ]LRQHGLSURFUHDWULFL1RQVRFRPHIDFHVVHDVWDUVHULR ULFRUGD .LEEHQEURFNVFXRWHQGRODWHVWDLQFUHGXOR %H DYHYD UDJLRQH QR" ULEDWWH XQ DOWUR &KH F q GD ULGHUH" /RGLFHDQFKHOD%LEELDFKHELVRJQDPROWLSOLFDUVL 6tJLXVWRDPHSLXWWRVWRKDIDWWRJKLJQDUHODEDGHVVDDIIDFFLDWD DOOD ILQHVWUD FKH FHUFDYD GLULFKLDPDUHOHFRQVRUHOOHDOO DPRUHSHULO ORURXQLFRVSRVR 4XHOOD YHFFKLD EDJDVFLD GHOOD YRQ 0HUIHOG 7URLD H SXUH VSLD GHOYHVFRYR7DQWLVDOXWLDOOHEHOOHQRYL]LH $UULYDXQJLURGLELUUDRIIHUWRGD5HGHNHUFRQLSURYHQWLGHOERW WLQR UDFLPRODWR D :ROEHFN ,O SLFFROR EDQGLWR EDOOD VX XQ WDYROR DO ULWPRGHJOLRVDQQDLQVXRRQRUHÊXEULDFR6LFDODOHEUDFKHGRQGR ODQGR L ILDQFKL H ULSHWH D JUDQ YRFH O LQYLWR IDWWR DOOH PRQDFKH GDL VRVWHQLWRUL GL 5RWKPDQQ TXDOFKH RUD ID )RU]D VRUHOOH FRQVRODWH TXHVWLSRYHUDFFL 8QYHFFKLRFRQGXHJUDQGLEDIILDEEUDFFLDPHH.QLSSHUGROOLQJ GDGLHWUR ,OSURVVLPRJLURORRIIURLRUDJD]]L HVFODPDFRQWHQWR ÊGDTXDQGRKRFDSLWRGLDYHUHLOSLVHOORFKHSHU&DUQHYDOHYDGRFRQ JOL DPLFL VRWWR OH ILQHVWUH GHL FRQYHQWL D IDU SURSRVWH DOOH PRQDFKH PD SHU GLR QRQ P HUD PDL FDSLWDWR GL YHGHUOH VFDSSDU IXRUL FRVt 0HULWRYRVWURORDPPHWWRVLHWHVWDWLJUDQGL $O]LDPR L ERFFDOL SHU EULQGDUH DO FRPSOLPHQWR / XQLFR FKH OD VFLDVXOWDYRORLOVXRq-DQGL/HLGD6WUDQDPHQWHQRQKDDQFRUDGHW WR XQD SDUROD 6H QH VWD IHUPR DO VXR SRVWRFRQDULDGLVLQWHUHVVDWD 6H OR FRQRVFR EHQH q VHFFDWR SHUFKp VRWWR ODWRUUHGLhEHUZDVVHUD IDUHFDVLQRQRQF qYHQXWR+DFHUFDWRGLRWWHQHUHXQULVXOWDWRVLPLOH FRQOHSXWWDQHGLXQERUGHOORLQYLWDQGROHDRIIULUHXQDVFRSDWDJUDWLV D WXWWL TXHOOL FKH VL IRVVHUR IDWWL ULEDWWH]]DUH GD 5RWKPDQQ SHUz KD UDFFROWRVROWDQWRLQVXOWL $O]DJOLRFFKLHYHGHFKHORVWRILVVDQGR$WWDFFDDJUDWWDUVLXQD VSDOOD FRQ IDUH LQIDVWLGLWR FRPH SHU GDUVL FRQWHJQR PD QRQ FRVt 6IUXWWDXQPRPHQWRGLVLOHQ]LRHVLLQVHULVFH (KLJHQWHTXHVWRq IDFLOHJXDUGDWH&KLVRQRHK"&KLVRQR" 6LJUDWWDVHPSUHSL~IRUWH XVDQGR XQ FXFFKLDLR VSRUFR GL ]XSSD .QLSSHUGROOLQJ VL LUULJLGLVFH VXOODVHGLD4XDOFXQRJXDUGDGDXQ DOWUDSDUWHSHUHYLWDUHODGRPDQGD GLUHWWD 6HQWR LO GRYHUH GL VDOYDUOL 6HL *LREEH FKH VL JUDWWD ODUR JQD-DQqFKLDUR3RLULYROWRDJOLDOWUL &RPHDYHWHIDWWRDQRQ FDSLUOR"/ KDIDWWREHQLVVLPRQR" 8QFRUR 9HURYHUREUDYR-DQ
/ DWWRUHVLVFKHUQLVFH 6tYDEEH HUDIDFLOHTXHVWD,QYHFHVWDWH DWWHQWLDGHVVR'DOODVHGLDVFLYRODVRWWRLOWDYRORFRQXQPRYLPHQWR IHOLQRVRIILDQGRWUDLGHQWLFRQIRU]D &KLVRQR"&KLVRQR" .QLSSHUGROOLQJ VL DO]D VHQ]D IDUH UXPRUH PRUPRUDQGR FKH KD ELVRJQRGLSLVFLDUH 'DO EDVVR OD YRFH LQVLVWH 1RQ DQGDWH YLD LJQRUDQWL 9L GDUz XQD PDQR ©0D WX KDL IDWWR ULVDOLUH GDOOD IRVVD OD PLD YLWD 6LJQRUH PLR'LRTXDQGRLQPHVHQWLYRYHQLUPHQRODYLWDKRULFRUGDWRLO6L JQRUHª &KLUHFLWDDPHPRULDLOOLEURGL*LRQDLQRVWHULD" /DYRFHLQ FUHGXODHXQSR GLYHUWLWDqTXHOODGL5RWKPDQQFKHVLqDSSHQDDF FRVWDWRDOQRVWURWDYROR,OSURIHWDQRQIDLQWHPSRDULHPHUJHUHGDO YHQWUH GHOOD EDOHQD FKH HVSORGH LO ERDWR G DPPLUD]LRQH SHU LO FRQ TXLVWDWRUH GLhEHUZDVVHU8QDVHWWLPDQDIDKDIDWWRFRQVHJQDUHDOOH GRQQHGL0QVWHUWXWWLLJLRLHOOLSHUGHYROYHUOLDOIRQGRSHULSRYHUL RJJLKDFRQYLQWRXQRVWXRORGLPRQDFKHDGDEEUDFFLDUHODIHGHULQ QRYDWD 8Q WHPSR SHU SLDFHUH DOOH GRQQH FL YROHYD LO GDQDUR q LO FRPPHQWRGLXQWHVVLWRUH DGHVVRRFFRUUHLQWHUHVVDUVLDOOH6FULWWXUH &KHJOLIDLDOOHQRVWUHVLJQRUH%HUQKDUG" 6XOOH YRVWUH VLJQRUH QRQ DSUR ERFFD PD DOOH QRYL]LH GL hEHU ZDVVHUqEDVWDWRGLUHFKHVHQRQIRVVHURXVFLWH'LRJOLDYUHEEHIDWWR FUROODUHLQWHVWDODWRUUHFDPSDQDULD8QDERUGDWDGLULVDWH (FR PXQTXHJHQWHOjGHQWURGLYRFD]LRQHFHQ qSRFDVRQRTXHLJUDVVL ERWWHJDL GHL ORUR SDGUL FKH FRQYLQFRQR OH QRYL]LH D ULQXQFLDUH DO PRQGRSXUGLQRQGRYHUVFXFLUHODGRWH 8Q ELFFKLHUH GL OLTXRUH RIIHUWR GDOO RVWH LQ SHUVRQD ©DOSL~ DIID VFLQDQWH GL WXWWL L PQVWHULWLª SODQD VXO WDYROR 5RWKPDQQ VRUVHJJLD OHQWDPHQWH8QRVJXDUGRD%RFNHOVRQ &KHDULDDEEDWWXWDFKHKDLO QRVWUR-DQ&KHW qVXFFHVVRVWDVHUDGRY HULILQLWR" ,O6DQWR3DSSRQHVFDWWDLQSLHGL &HUFDYRO LVSLUD]LRQHPLVSLH JR" 3HU LO JUDQGH VSHWWDFROR GL TXHVWD VHUD ,R ULJHWWR FRQ DVVROXWD IHUPH]]D O LGHD GHO SHFFDWR RULJLQDOH 3HU TXHVWR RUD PL VSRJOLHUz GHOOHYHVWLHQXGRFRPHSDGUH$GDPRDQGUzSHUOHVWUDGHSHULQYL WDUHJOLDELWDQWLGHOODFLWWjDULVFRSULUHO XRPRLQFRUURWWRFKHVWDGHQ WURGLORUR&RPLQFLDDWRJOLHUVLODFDVDFFDVHPSUHSL~HFFLWDWRVL DYYHQWD VXO SDQFLRQH GL .QLSSHUGROOLQJ &RUDJJLR DPLFR %HUQGW LR H WH VDUHPR JOL DWWRUL SULQFLSDOL GL TXHVWD JUDQGH FRPPHGLD GHO O (GHQ &D]]R-DQPDVWDQHYLFDQGR
.QLSSHUGROOLQJODQFLDRFFKLDWHLPSDXULWHDOO LQWRUQRSRLVLODVFLD FRQYLQFHUH-DQJOLVWDJLjVILODQGRODFLQWXUD 5DYYHGHWHYLFLWWDGL QLGL0QVWHUVSRJOLDWHYLGHOSHFFDWR ,OJULGRIDVREEDO]DUHJOLDYYHQWRUL4XDOFXQRFRPLQFLDDULSHWHU ORSHUVFKHU]RHTXDVLSHUVILGDYLVWRLOIUHGGRFKHIDOjIXRULXQD GR]]LQDGLSHUVRQHFRPLQFLDDVSRJOLDUVL1HOWHQWDWLYRGLFDSLUHFR VD VWLD VXFFHGHQGR 5HGHNHU VL GLVWUDH H VSLDWWHOOD FRQWUR LO PXUR OD VXDPRQHWDSHUGHQGRODSULPDGLDOPHQRTXLQGLFLSDUWLWH -DQJULGDDVTXDUFLDJROD-DQq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qPRQLLPPDJLQD UL 0ROWL FL LPLWDQR GLYHUWLWL SHQVDQGR D XQD FDUQHYDODWD $OWUL OD SUHQGRQR ILQ WURSSR VHULDPHQWH4XDOFXQRFRPLQFLDDSLDQJHUHHVL LQJLQRFFKLD SHU FKLHGHUH LO EDWWHVLPR & q FKL YRUUHEEH SXQL]LRQL FRUSRUDOLHFKLJHWWDVXOODVWUDGDLVXRLDYHUL8QYHFFKLRFKHqVWDWR WUD L SULPL D GHQXGDUVL FDGH D WHUUD LQFDSDFH GL PXRYHUVL .LEEHQ EURFNORFRSUHFRQODVXDSHOOLFFLDHORSRUWDYLD ,O VDUWR 6FKQHLGHU OD FXL ILJOLD JLj XQD YROWD q VWDWD UDSLWD GDJOL DQJHOL FRQ ORVJXDUGRDOFLHORJULGD *XDUGDWH'LRWURQHJJLDWUD OHQXEL*XDUGDWHLOYHVVLOORGLYLWWRULDFKHVFKLDFFHUjJOLHPSL 6LPHWWHDFRUUHUHOXQJROHPXUDEDWWHOHPDQLFRQOHEUDFFLDID LOJHVWRGLYRODUHVDOWDPDQRQDYHQGROHDOLFDGHQHOIDQJRDPR GL FURFLILVVR
&DSLWROR 0QVWHUIHEEUDLRPDWWLQD
0LVYHJOLDODUDIILFDGLFROSLVXOODSRUWD ' LVWLQWRODPDQRVRWWRLOPDWHUDVVRO HOVDGHOODGDJD *HUW*HUW$O]DWL*HUWPXRYLWL ,O VRQQR ULQFXOD FROSHQGRPL LQ PH]]R DJOL RFFKL PDFFKLFFD] ]R *HUWVLDPRQHOODPHUGDVYHJOLDWL &DUDFROOR JL~ GDO OHWWR FHUFDQGR GL PDQWHQHUH O HTXLOLEULR &KL q" 6RQR$GULDQVRQ0XRYLWLVWDQQRFRUUHQGRWXWWLLQSLD]]D 0HQWUHLQILOROHEUDFKHH DJJXDQWRODYHFFKLDJLXEEDSHQVRJLjDO SHJJLR &KHVXFFHGH" $SULGREELDPRDQGDUHDO0XQLFLSLR 3URQXQFLDO XOWLPDSDURODPHQWUHJOLVSDODQFRODSRUWDLQIDFFLD 'HYRVHPEUDUHXQIDQWDVPDPDLOIUHGGRDFXLVFHLVHQVLLQSRFKL LVWDQWL ,O PDQLVFDOFR $GULDQVRQ QRQ KD O DULD JLRYLDOH FRQ FXL q VROLWR DQLPDUH OH QRVWUH GLVFXVVLRQL VHUDOL ,O ILDWR JURVVR 5HGHNHU +D SRUWDWR LQ SLD]]D XQ IRUHVWLHUR DSSHQD DUULYDWR 'LFH FKH DG $Q PDUVFK KD YLVWR LOYHVFRYRFKHUDGXQDYDXQ DUPDWDWUHPLODXRPLQL 6WDQQRSHUSLRPEDUFLDGGRVVR*HUW 8QDVWUHWWDDOORVWRPDFR /DQ]LFKHQHFFKL" 0XRYLWLDQGLDPR5HGHNHUYXROHLQWHUSHOODUHLERUJRPDVWUL 0DVHLVLFXUR"&KLqLOIRUHVWLHUR" 1RQORVRPDVHTXHOORFKHGLFHqYHURFLDVVHGLHUDQQRSUHVWR 1HOFRUULGRLREXVVRDOODSRUWDGLIURQWH -DQ6YHJOLDWL-DQ $SURODSRUWDFKHQRQRVWDQWHLFRQVLJOLLOPLRFRPSDUHGL/HLGD QRQFKLXGHPDLDFKLDYHLOOHWWRqLQWDWWR 6HPSUHDIRWWHUHLQTXDOFKHILHQLOH ,O PDQLVFDOFR PL WUDVFLQD JL~ SHU OH VFDOH 4XDVL FDGR LQ IRQGR DOODUDPSD$GULDQVRQPLSUHFHGHSHUODVWUDGDKDQHYLFDWRWXWWDOD QRWWH OD IDQJKLJOLD VFKL]]D GDJOL VWLYDOL TXDOFXQR PL PDQGD DIIDQFXOR
'L FRUVD ILQR DOOD SLD]]D FHQWUDOH XQ SUDWR ELDQFR ,Q PH]]R OD PDVVDVFXUDGHOOD&DWWHGUDOHVHPEUDDQFRUDSL~JUDQGH/ DJLWD]LRQH VHUSHJJLDWUDLFDSDQQHOOLUDFFROWLVRWWROHILQHVWUHGHO0XQLFLSLR ,OYHVFRYRYXROHHQWUDUHLQFLWWjLQDUPL &ROFD]]R'RYUjSDVVDUHVXOPLRFDGDYHUH ÊVWDWDTXHOODSXWWDQDGHOODEDGHVVDDFKLDPDUOR &RQOHQRVWUHWDVVH4XHOEDVWDUGRSDJDXQHVHUFLWRSHUIRWWHUFL 1RQRTXHOODJUDQWURLDGHOODEDGHVVDGLhEHUZDVVHUqSHUOD VWRULDGHOOHQRYL]LH 1RQRVWDQWH LO JHOR DOPHQR FLQTXHFHQWR SHUVRQH VRQR DIIOXLWHLQ SLD]]DVXOO RQGDGHOODQRWL]LD 'REELDPRGLIHQGHUFLFLVHUYRQROHDUPL 6tVtVHQWLDPRLOERUJRPDVWUR 6FRUJR5HGHNHULQPH]]RDXQDWUHQWLQDGLSHUVRQH$ULDVSDYDO GDGLFKLYXROGLUHODVXDFRQWURLOSDUHUHGLWXWWL 7UHPLODDUPDWL 6tVRQRDOOHSRUWHGHOODFLWWj %DVWDVDOLUHVXOFDVVHURGHOOD-XGHIHOGHUWRUSHUYHGHUOL 6HQWRXQFROSRVXOODVSDOODPLJLUR5HGHNHUFRQWURWXWWLSDOOHGL QHYH LQ PDQR 4XDOFXQR GHYH DYHU FHUFDWR GL ]LWWLUOR ,O WUDPEXVWR FDODLPSURYYLVDPHQWH6JXDUGLYHUVRO DOWRLOERUJRPDVWUR7LOEHFNq DOODILQHVWUDGHO0XQLFLSLR (VSORGHXQDUDIILFDGLSURWHVWH / HVHUFLWRGHOYHVFRYRPDUFLDVXOODFLWWj 4XDOFXQRO KDIDWWDVSRUFD &LKDQQRYHQGXWLDYRQ:DOGHFN 'REELDPRGLIHQGHUHOHPXUD /DEDGHVVDODEDGHVVDLQFDUFHUDWHODEDGHVVD 0DFFKpEDGHVVDYRJOLDPRLFDQQRQL ,FDSDQQHOOLVLVFLROJRQRLQXQDFDOFDJHQHUDOH6HPEUDQRDQFRUD GLSL~7LOEHFNLPSHWWLWRVLDOODUJDDGDEEUDFFLDUHO LQWHUDSLD]]D *HQWH GL 0QVWHU QRQ SHUGLDPR OD FDOPD 4XHVWD VWRULD GHL WUHPLODXRPLQLQRQKDDQFRUDDOFXQDFRQIHUPD &D]]ROLKDQQRYLVWLGDOOHPXUD 6tVtF qXQRFKHYLHQHGD$QPDUVFK6WDQQRYHQHQGRTXD ,O ERUJRPDVWUR QRQ VL VFRPSRQH 6FXRWH OD WHVWD H FRQ XQ JHVWR VHUDILFRIDFHQQRGLFDOPDUVL 6WDWHWUDQTXLOOLPDQGHUHPRTXDOFX QRDGDSSXUDUH /DIROODVLVFDPELDVJXDUGLVSD]LHQWLWL (VHUFLWRRQRLOYHVFRYRYRQ:DOGHFNPLKDGDWRSHUVRQDOPHQ
WH WXWWH OH JDUDQ]LH FKH QRQ YLROHUj L SULYLOHJL PXQLFLSDOL 0QVWHU ULPDUUj XQD FLWWj OLEHUD 6L q LPSHJQDWR SHUVRQDOPHQWH 1RQ PR VWULDPR GL DYHU SHUVR OD WHVWD q LO PRPHQWR GL HVVHUH UHVSRQVDELOL 0QVWHU GHYH GLPRVWUDUVL DOO DOWH]]D GHOOD VXD DQWLFD WUDGL]LRQH GL FRQYLYHQ]D FLYLOH ,Q XQ PRPHQWR LQ FXL WXWWL L WHUULWRUL FRQILQDQWL VRQRVFRQYROWLGDJXHUUHLQWHVWLQHHVXEEXJOL0QVWHUqFKLDPDWD D HVVHUHO HVHPSLRGLFRPH /DSDOODWDORFHQWUDLQSLHQDIDFFLD,OERUJRPDVWURVLDFFDVFLDVXO GDYDQ]DOH VRPPHUVR GD XQD ERUGDWD GL LQVXOWL 8QR GHL FRQVLJOLHUL OR DLXWD D VROOHYDUVL ,O VDQJXH FROD GDOOR ]LJRPR VSDFFDWR OD QHYH GRYHYDQDVFRQGHUHTXDOFRV DOWUR & qXQDVRODSHUVRQDLQWXWWD0QVWHUFRQXQDPLUDGHOJHQHUH 7LOEHFNEDWWHLQULWLUDWDLQVHJXLWRGDOOHJULGDGHLSL~LQIXRFDWL 9HQGXWRYHQGXWR 7LOEHFNVHLXQDWURLDWXHWXWWLLWXRLDPLFLOXWHUDQL &KHFD]]RYXRL"6HQRQIRVVHSHUYRLPDOHGHWWL$QDEDWWLVWLYRQ :DOGHFNQRQDO]HUHEEHXQGLWRFRQWURODFLWWj %DVWDUGLORVDSSLDPRFKHVLHWHG DFFRUGRFROYHVFRYR 4XDOFXQRVLVSLQWRQD9RODQROHSULPHPD]]DWH5HGHNHUqDQFR UDGDVROR*OLDOWULVRQR LQWUHWXWWLEHQSLDQWDWL1RQVDQQRFRQWUR FKLVLVRQRPHVVL,OSL~JURVVRVIHUUDXQSXJQRDOO DOWH]]DGHOODIDF FLD5HGHNHUVLDEEDVVDORSUHQGHVXOO RUHFFKLRFDUDFROODLQGLHWURH VIHUUD XQ FDOFLR LQ PH]]RDOOHJDPEHLOOXWHUDQRVLSLHJDLQGXHOH SDOOH LQ JROD $QFRUD XQD JLQRFFKLDWD VXO QDVR H L GXH FRPSDUL JLj WHQJRQR VWUHWWR 5HGHNHU FKH VFDOFLD FRPH XQ PXOR LPSD]]LWR ,O JURVVRORFROSLVFHDOORVWRPDFR1RQJOLGRLOWHPSRGLUHSOLFDUHXQD PD]]DWDDGXHPDQLVXOODQXFD4XDQGRVLJLUDLSXJQLYRODQRLQVH ULH FRQWUR LO VXR QDVR &DVFD VHGXWR 0L YROWR 5HGHNHU V q OLEHUDWR GDOODSUHVDGHJOLDOWULGXH6FKLHQDFRQWURVFKLHQDFLGLIHQGLDPRGDO O DWWDFFR $FKLqYHQXWDLQPHQWHODVWRULDGHLWUHPLODFDYDOLHUL" 6SXWD DOO DYYHUVDULR H PL Gj GL JRPLWR &KL KD GHWWR FKH VRQR FDYDOLHUL" 4XDVLPLVFDSSDGDULGHUHPHQWUHFLDYYHQWLDPRRJQXQRVXOVXR 0D OD ULVVD q RUPDL JHQHUDOH FL WUDYROJH 'D GLHWUR OD &DWWHGUDOH VSXQWD XQ GUDSSHOOR GL FLQTXDQWD XRPLQL L WHVVLWRUL GL 6DQW (JLGLR DSSDVVLRQDWL GHL VHUPRQL GL 5RWKPDQQ ,Q XQ DWWLPR L OXWHUDQL VRQR QHOO DQJRORRSSRVWRGHOODSLD]]D 5HGHNHUSL~ILJOLRGLSXWWDQDFKHPDLPLJXDUGDFRQXQJKLJQR 0HJOLRGHOODFDYDOOHULD
' DFFRUGRHDGHVVRFRVDIDFFLDPR" 'DOOD SLD]]D GHO 0HUFDWR LO VXRQR GHOOH FDPSDQH GL 6DQ /DPEHUWR&RPHXQULFKLDPR $6DQ/DPEHUWRD6DQ/DPEHUWR 'LFRUVDILQRDOODSLD]]DGHO0HUFDWRLQYDGLDPRLEDQFKHWWLVRWWR JOLVJXDUGLDWWRQLWLGHLFRPPHUFLDQWL ,OYHVFRYRVWDSHUHQWUDUHLQFLWWj 7UHPLODVROGDWL ,ERUJRPDVWULHLOXWHUDQLVRQRLQFRPEXWWDFRQYRQ:DOGHFN 7UDOHEDQFDUHOOHJOLDUQHVLGHOODYRURTXRWLGLDQRGLYHQWDQRDUPL 0DUWHOOL DFFHWWH ILRQGH YDQJKH FROWHOOL ,Q XQ EDWWHU G RFFKLR OH EDQFDUHOOHVWHVVHGLYHQWDQREDUULFDWHFKHEORFFDQRRJQLDFFHVVRDOOD SLD]]D4XDOFXQRKDWLUDWRIXRULJOLLQJLQRFFKLDWRLGD6DQ/DPEHUWR DUDIIRU]DUHTXHOOHPXUDLPSURYYLVDWH 5HGHNHU PL DJJXDQWD QHOOD FRQIXVLRQH 4XHOOL GL 6DQW (JLGLR KDQQRSRUWDWRGLHFLEDOHVWUHFLQTXHDUFKLEXJLHGXHEDULOLGLSROYHUH 9DGRGDOO DUPDLROR:HVHODYHGHUHFRVDSRVVRULPHGLDUHDQFRUD ,RYDGRGD5RWKPDQQELVRJQDSRUWDUORTXL &L ODVFLDPR VHQ]D SHUGHUH DOWUR WHPSR UDSLGL VDHWWDQGR WUD OD UDEELDGHLSRSRODQL 1HOODFDQRQLFDGL6DQ/DPEHUWRFLVRQRDQFKH.QLSSHUGROOLQJH .LEEHQEURFN6RQRVHGXWLDOWDYRORFRUUXFFLDWLEDO]DQRLQSLHGLWXW WLHWUHTXDQGRPLYHGRQRHQWUDUH *HUW3HUIRUWXQD&KHGLDYRORVWDVXFFHGHQGR" 6TXDGURLOSUHGLFDWRUHGHLEDWWLVWL 8Q RUDIDqDUULYDWDODQRWL]LD FKH YRQ :DOGHFN KD DUPDWR XQ HVHUFLWR SHUPDUFLDUHVXOODFLWWj, GXH UDSSUHVHQWDQWL GHOOH JLOGH VELDQFDQR 1RQ VR TXDQWR FL VLD GL YHUR OD QRWL]LD GHYH HVVHUVL LQJLJDQWLWD VWUDGD IDFHQGR PD GL FHUWR QRQqXQRVFKHU]RGL&DUQHYDOH .QLSSHUGROOLQJ 0D VWDQQR WLUDQGR JL~ WXWWR KDQQR VXRQDWR OH FDPSDQHKRYLVWRVYXRWDUHODFKLHVD 7LOEHFN VL q VSXWWDQDWR GDYDQWL D WXWWL 3Xz GDUVL FKH L OXWHUDQL DEELDQR SUHVR DFFRUGL FRQ YRQ :DOGHFN /D JHQWH q LQIHURFLWD JOL RSHUDL WHVVLOL VRQR JL~ LQ SLD]]D KDQQR HUHWWR EDUULFDWH 5RWKPDQQ VRQRDUPDWL .LEEHQEURFNGjXQFDOFLRDOSDYLPHQWR 0HUGD6RQRLPSD]]LWL WXWWLTXDQWL" 5RWKPDQQWDPEXUHOODQHUYRVROHGLWDVXOWDYRORGHYHGHFLGHUHLO GDIDUVL 5HGHNHUqDQGDWRDFHUFDUHDOWUHDUPLLOXWHUDQLSRWUHEEHURWHQ
WDUHGLIDUFLIXRULSHUFRQVHJQDUHODFLWWj DOYHVFRYR .QLSSHUGROOLQJGRQGRODLOSDQFLRQHVWL]]LWR 4XHOWDJOLDJROHGHO FD]]R 6ROR OXL SRWHYD HVVHUFL GLHWUR TXHVWD VWRULD 0D QRQ JOL KDL GHWWR FKH ULVFKLD GL PDQGDUH D PRQWH WXWWR TXHOOR FKH DEELDPR IDW WR"6HDUULYLDPRDOORVFRQWURDUPDWR &LVLDPRJLjDPLFRPLR(VHDGHVVRQRQDQGDWHGLHWURDTXHOOH EDUULFDWHULPDUUHWHWDJOLDWLIXRULHODJHQWHSURVHJXLUjGDVROD'RYH WHHVVHUFL 8QOXQJRLVWDQWHGLVLOHQ]LR ,OSUHGLFDWRUHPLJXDUGDGULWWRQHJOLRFFKL &UHGLFKHLOYHVFRYR DEELDGHFLVR GLURPSHUHJOLLQGXJL" ÊXQSUREOHPDFKHFLSRUUHPRGRSR$GHVVRFLYXROHTXDOFXQR FKHJHVWLVFDODVLWXD]LRQH 5RWKPDQQVLJLUDYHUVRJOLDOWULGXH Ê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hEHUZDVVHU /H VWDQQR WUDVSRUWDQGRDOODSLD]]DFHQWUDOH &L VFUXWD FRPH LQ DWWHVD GL XQ RUGLQH GD SDUWH PLD R GL 5R WKPDQQ ,O SUHGLFDWRUH DIIHUUD XQ EDQFKHWWR GHO PHUFDWR H OR WUDVFLQD QHO PH]]RVDOWDQGRFLVRSUD )UDWHOOL QRL QRQ YRJOLDPR IRPHQWDUH LO FRQIOLWWR IUDWULFLGD WUD JOLDELWDQWLGLTXHVWDFLWWj0DVHF qTXDOFXQRFKHQRQFDSLVFHFKHLO YHURQHPLFRqLOYHVFRYRYRQ:DOGHFNDOORUDWRFFKHUjDQRLGLIHQ GHUHODOLEHUWjGL0QVWHUGDFKLODPLQDFFLD(FKLXQTXHVLXQLVFDLQ TXHVWD EDWWDJOLD GL OLEHUWj QRQ VROWDQWR JRGUj GHOOD SURWH]LRQH FKH O $OWLVVLPRULVHUYDDL6XRLHOHWWLPDSRWUjDQFKHDWWLQJHUHDOIRQGRGL PXWXDDVVLVWHQ]DFKHGDTXHVWRPRPHQWRYLHQHPHVVRDGLVSRVL]LRQH GHOODGLIHVDFRPXQH8QERDWR G DFFODPD]LRQH ,O)DUDRQHG (JLW WRqOjIXRULHDVSLUDDWRUQDUHSHUUHQGHUFLQXRYDPHQWHVXRLVFKLDYL 0D QRL QRQ JOLHOR SHUPHWWHUHPR ( 'LR VDUj FRQ QRL LQ TXHVWD LP
SUHVD'LFHLQIDWWLLO6LJQRUH©&DGUDQQRJOLDOOHDWLGHOO (JLWWRHVDUj DEEDWWXWR O RUJRJOLR GHOOD VXD IRU]D GD 0LJGzO ILQR DG $VVXDQ FD GUDQQRGLVSDGD3DURODGHO6LJQRUH'LR6DSUDQQRFKHLRVRQRLO6L JQRUH TXDQGR GDUz IXRFR DOO (JLWWR H WXWWL L VXRL VRVWHQLWRUL VDUDQQR VFKLDFFLDWLª ,FXRULVLLQQDO]DQRLQXQ HFFLWD]LRQHXQDQLPHLOSRSRORGL0Q VWHUULWURYDLOVXRSUHGLFDWRUH / LPSRQHQWH .QLSSHUGROOLQJ H .LEEHQEURFN LO URVVR VL DJJLUDQR WUD L FDSDQQHOOL GHL WHVVLWRUL LO JURVVR GHOOD FRUSRUD]LRQH SL~ RUJD QL]]DWDHQXPHURVDqJLjOt *UHVEHFN PL SUHQGH GD SDUWH 6HPEUD FKH VLDPR DOOD UHVD GHL FRQWL8Q RFFKLDWDDOOHVSDOOH 6DLGLFKHFRVDKDQQRELVRJQR $QQXLVFR 5DGXQD L WUHQWD SL~ LQ JDPED GDYDQWL DOOD FKLHVD JHQWHFKHFRQRVFDEHQHODFLWWjHFRQSRFKLVFUXSROL 5DJJLXQJLDPR5HGHNHUFKHKDILQLWRGLYXRWDUHLOFDUUHWWR )DL WUHVTXDGUHGLTXDWWURXRPLQLFLDVFXQDHPDQGDOHGLURQGD GDOOHSDUWLGLhEHUZDVVHUYRJOLRXQUDSSRUWRRJQLRUDVXJOLVSRVWD PHQWLGHLOXWHUDQL ,OSLFFROHWWRJXL]]DYLD $*UHVEHFN ,RGHYRSRWHUPLPXRYHUHLOFRPDQGRGHOODSLD]]D q WXR &KH QHVVXQR SUHQGD LQL]LDWLYH DYYHQWDWH H FKH QRQ SRVVDQR FRJOLHUFLGLVRUSUHVDIDLSUHVLGLDUHOHEDUULFDWHPHWWLXQDYHGHWWDVXO FDPSDQLOHGHOODFKLHVD4XDQWLDUFKLEXJLDEELDPR" 6HWWH 7UH GL IURQWH DOOD FKLHVD H TXDWWUR GDYDQWL DOO LQJUHVVR GHOOD SLD]]DFHQWUDOH6SDUVLLQJLURVHUYLUHEEHURDSRFR *UHVEHFN (WXFKHIDL" 'HYRFDSLUHTXDOqLOFDPSRGLEDWWDJOLDHFKLWLHQHOHSRVWD]LR QL 5HGHNHU HVDOWDWLVVLPR VWD UDGXQDQGR JOL XRPLQL PL YHGH DO]D XQDSLVWRODJLJDQWHVFDHXUOD 5RPSLDPRJOLLOFXOR
/D ULFRJQL]LRQH VXOOH PXUD q VWDWD UDVVLFXUDQWH D YLVWD G RFFKLR QRQF qWUDFFLDGHLWUHPLODPHUFHQDULDQQXQFLDWL /DVHFRQGDURQGDYLHQHDGLUHFKHLOXWHUDQLKDQQRSLD]]DWRGHJOL XRPLQL DUPDWL G DUFKLEXJLR VXO FDPSDQLOH GHOOD &DWWHGUDOH H GD Ot GRPLQDQRODSLD]]DGHO0XQLFLSLRLOFXLLQJUHVVRqVEDUUDWRGDGXH FDUUL PHVVL GL WUDYHUVR HVDWWDPHQWH GLULPSHWWR DOOD QRVWUD EDUULFDWD
'LHWUR L FDUUL QRQ SL~ GL GLHFL OXWHUDQL PD EHQ DUPDWLHULIRUQLWLGD hEHUZDVVHU LQ FDVR GL DWWDFFR QRQ DYUHEEHUR DOFXQ ELVRJQR GL UL VSDUPLDUH OH SDOORWWROH 1RL LQYHFH GREELDPR IDUH FRQ TXHOOR FKH DEELDPRLFROSLVRQRFRQWDWL /DSLD]]DGHO0HUFDWRLQFXLVLDPRDVVHUUDJOLDWLqIDFLOPHQWHGL IHQGLELOH PD SXz ULYHODUVL DQFKH XQD WUDSSROD %LVRJQD DJJLUDUOL FKLXGHUHLSRQWLVXOO $DHLVRODUHODSLD]]DGHO0XQLFLSLRGDOPRQD VWHUR 5HGHNHU'LHFLXRPLQLHGXHDUFKLEXJL$QGLDPRDFKLXGHUHLO SRQWHGL1RVWUD6LJQRUDGLHWURODSLD]]D6XELWR 8VFLDPR GDO SUHVLGLR D VXGGHOODQRVWUDURFFDIRUWH3HUFRUULDPR YHORFHPHQWHLOSULPRWUDWWRQHVVXQRLQYLVWD3RLODVWUDGDVLELIRUFD GREELDPRDQGDUHDGHVWUDVHJXLUHODFXUYDFKHSRUWDDOSULPRSRQWH VXO FDQDOH &L VLDPR LO SRQWH q Ot GDYDQWL 8Q FROSR G DUFKLEXJLR VFKHJJLD LO PXUR D XQ PHWUR GD 5HGHNHU FKH FDPPLQD LQ WHVWD 6L JLUD ,OXWHUDQL 9HQJRQRJL~GDXQDVWUDGLQDVWUHWWDFKHFRQGXFHDOODSLD]]DFHQ WUDOHDOWUHDUFKLEXJLDWH 9LDYLD 0HQWUH ULVDOLDPR OD VWUDGD FL LQVHJXRQR XUOD H WUDPHVWLR *OL $QDEDWWLVWL(FFROLOj6FDSSDQR $OO DOWH]]DGL6DQW (JLGLRFLIHUPLDPR8UORD5HGHNHU 4XDQWL QHKDLYLVWL" &LQTXHVHLDOPDVVLPR /L DVSHWWLDPR TXL TXDQGR VSXQWDQR GDOOD FXUYD IDFFLDPR IXR FR &ROSLLQFDQQDLGXHDUFKLEXJLODPLDSLVWRODHTXHOODGL5HGH NHU 6DOWDQR IXRUL D XQD GHFLQD GL SDVVL QH FRQWR FLQTXHQRQVHO D VSHWWDYDQR UDOOHQWDQR PHQWUH OH QRVWUH DUPL IDQQR IXRFR DOO XQLVR QR 8QRYLHQHFROSLWRDOODWHVWDHYDJL~VWHFFKLWRXQDOWURVLULEDOWD LQGLHWURIHULWRDOODVSDOOD 3DUWLDPR DOO DVVDOWR H TXHOOL DUUHWUDQR VFRPSRVWL WUDVFLQDQGRVL GLHWUR LO IHULWR 'DOOD FXUYD QH VSXQWDQR DOWUL DOFXQL VL LQILODQR LQ 6DQW (JLGLR$QFRUDVSDULHSRLO LPSDWWRSDURXQFROSRFRQODGDJD H LO PDQLFR GHOOD SLVWROD VSDFFD OD WHVWD GHO OXWHUDQR & q XQ FDVLQR G LQIHUQR$OWULFROSL 9LD*HUW6SDUDQRGDOFDPSDQLOH9LD 4XDOFXQR PL DIIHUUD GD GLHWUR FRUULDPR FRPH SD]]L FRQ OH SDO
ORWWROHFKHFLILVFKLDQRLQWRUQR'DTXLQRQVLSDVVDSL~ 5DJJLXQJLDPR OH QRVWUHEDUULFDWHHFLLQILOLDPRGHQWUR6XELWRD FRQWDUVL FL VLDPR WXWWL SL~ R PHQR LQWHULVHVLHVFOXGRQRXQ WDJOLR GLVSDGDVXOODIURQWHFKHDYUjELVRJQRGLXQUDWWRSSRXQDVSDOODVOR JDWDSHULOULQFXORGHOO DUFKLEXJLRHXQDEXRQDGRVHGLSDXUDSHUWXW WL 5HGHNHUVSXWDSHUWHUUD )LJOLGLSXWWDQD3UHQGLDPRXQFDQQR QHHIDFFLDPRJOLFUROODUH6DQW (JLGLRVXOOD WHVWD /DVFLDSHUGHUHqDQGDWDEXFD .QLSSHUGROOLQJHDOFXQLGHLVXRLFLFRUURQRLQFRQWUR (KLFLVR QRGHLIHULWL"4XDOFXQRV qIDWWRDPPD]]DUH" 1R QR SHU IRUWXQD PD F q XQD WHVWD FKH DYUHEEH ELVRJQR GL XQDULFXFLWD 1RQWLSUHRFFXSDUHFXFLUHqLOQRVWURPHVWLHUH ,OIHULWRYLHQHSUHVRLQFRQVHJQDGDLWHVVLWRUL ,Q QRVWUD DVVHQ]D QHO PH]]R GHOOD SLD]]D GRYH VWDYDQR L EDQ FKHWWLGHLYHQGLWRULqVWDWRDOOHVWLWRXQIXRFRSHUFXFLQDUHLOSUDQ]R DOFXQHGRQQHJLUDQRXQYLWHOORVXOORVSLHGR (TXHOORGDGRYHVDOWDIXRUL" 8QD GRQQD JUDVVD H UXELFRQGD FKH WUDVSRUWD VWRYLJOLH PL VFRVWD VJRPLWDQGR *HQWLOPHQWH RIIHUWR GDO PXQLILFHQWLVVLPR FRQVLJOLHUH :|UGHPDQQ,VXRLVWDOOLHULQRQKDQQRYROXWRDFFHWWDUHLQRVWULVROGL FRVtFHORVLDPRSUHVRFRQOHEXRQH VJKLJQD]]DFRQWHQWD 6FXRWRODWHVWD &LPDQFDYDVRORFKHFLPHWWHVVLPRDFXFLQDUH /DJUDVVRQDSRVDJL~LOFDULFROHPDQLVXLILDQFKLHO DULDGLVIL GD ( FRPH YRUUHVWL VIDPDUH L WXRL VROGDWL &DSLWDQR *HUW &RO SLRPER"6HQ]DOHGRQQHGL0QVWHUVDUHVWLSHUGXWRWHORGLFRLR 0LJLURYHUVR5HGHNHU &DSLWDQR" ,OEDQGLWRDO]DOHVSDOOH 6t &DSLWDQR /D YRFH GL5RWKPDQQFLUDJJLXQJHGDGLHWURq LQVLHPHD*UHVEHFNKDQQRGHOOHSHUJDPHQHLQPDQR,OSUHGLFDWRUH KDO DULDGLFKLQRQYXROHSHUGHUWHPSRLQVSLHJD]LRQL (*UHVEHFN q LO WXR OXRJRWHQHQWH DYYHUWH O DJLWD]LRQH LPPHGLDWDGL5HGHNHU FKHDOOXQJDLOFROORWUDGLQRLSHUIDUVLQRWDUHHVXELWRDJJLXQJHUDV VHJQDWRH5HGHNHULOVHFRQGR ÊDQGDWDPDOH9ROHYRDJJLUDUHODSLD]]DFLKDQQRSUHVLGLVRU SUHVDSULPDFKHSDVVDVVLPRLOFDQDOH /H URQGH GLFRQR FKH VH QH VWDQQR DVVHUUDJOLDWL FRQ OH DUPL D hEHUZDVVHU ,O ERUJRPDVWUR -XGHIHOGW q FRQ ORUR LQVLHPH DOOD PDJ JLRUSDUWHGHLFRQVLJOLHUL7LOEHFNQR6RQRXQDTXDUDQWLQDQRQFUH
GR FKH WHQWHUDQQR GL DWWDFFDUFL VWDQQR VXOOD GLIHQVLYD +DQQR XQ FDQQRQHQHOFLPLWHURGHOFRQYHQWRO HGLILFLRqLPSUHQGLELOH 6EXIIRIXRULODWHQVLRQH(DGHVVR" 5RWKPDQQVFXRWHODWHVWD 6HLOYHVFRYRKDYHUDPHQWHUDGXQDWR XQHVHUFLWROHFRVHSRWUHEEHURPHWWHUVLPROWRPDOH *UHVEHFNPLVURWRODOHSHUJDPHQHGDYDQWL 'jLXQ RFFKLDWDTXL LQWDQWR$EELDPRULPHGLDWRGHOOHYHFFKLHPDSSHGHOODFLWWj3RVVRQR HVVHUFLXWLOL ,O GLVHJQR QRQ q SUHFLVR PD VRQR VHJQDWL DQFKH L SDVVDJJL SL~ VWUHWWLHWXWWLJOLDQIUDWWLGHOO $D 2WWLPRYHGUHPRVHFLVXJJHULVFRQRTXDOFRVD$GHVVRSHUzF q XQDFRVDGDIDUHO LGHDPHO KDGDWD5HGHNHU7LULDPRJL~GDOOHPXUD XQFDQQRQHXQSH]]RSLFFRORQRQWURSSRSHVDQWHFKHSRVVDHVVHUH IDFLOPHQWHWUDVSRUWDWR ILQTXL *UHVEHFNVLJUDWWDODFLFDWULFH &LYRUUjXQDUJDQR 3URFXUDOR6HWWHDUFKLEXJLVHUYLUHEEHURDSRFRVHGRYHVVLPRUH VLVWHUHDXQDWWDFFR3UHQGLJOLXRPLQLFKHWLVHUYRQRPDYHGLGLSRU WDUORJL~DOSL~SUHVWRLOWHPSRSDVVDHTXDQGRFRPLQFLD DIDUHVFXUR VDUjPHJOLRHVVHUHEHQSURWHWWL 5LPDQJRVRORFRQ5RWKPDQQ6XOODIDFFLDGHOSUHGLFDWRUHXQ DULD G DPPLUD]LRQHFKHVLWUDVIRUPDTXDVLLQULPEURWWR 6HLVLFXURGLTXHOORFKHVWDLIDFHQGR" 1R4XDOVLDVLFRVDSHQVL*UHVEHFNQRQVRQRXQVROGDWR,VROD UH TXHOOL FKH VWDQQR VXOOD SLD]]D PL VHPEUDYD O LGHD JLXVWD PD HYL GHQWHPHQWH KDQQR RUJDQL]]DWR GHL GUDSSHOOL FKH EDWWRQR OH VWUDGH WXWW DWWRUQR6LFRSURQRLOFXORLEDVWDUGL 7XKDLJLjFRPEDWWXWRQRQqYHUR" 8Q H[ PHUFHQDULR PL LQVHJQz D GHVWUHJJLDUPL FRQ OD VSDGD PROWLDQQLID+RFRPEDWWXWRFRQLFRQWDGLQLPDHURXQUDJD]]R $QQXLVFH GHFLVR )D WXWWR TXHOOR FKH FUHGL GHEED HVVHUH IDWWR 6DUHPRFRQWH(FKH'LRFLDVVLVWD ,QTXHOPRPHQWRGLHWURODVSDOODGL5RWKPDQQFRPSDUHLQIRQGR DOODSLD]]D-DQGL/HLGDFLVFRUJHDQFKHOXLVLDYYLFLQDXQHVSUHV VLRQHTXDVLGLYHUWLWD (UDRUDGRYHWLHULFDFFLDWR" 0XRYH OD PDQR VX H JL~ LQ XQ JHVWR DOOXVLYR 6DL FRP q 0D FKHqVXFFHVVRDEELDPRSUHVRODFLWWj" 1RSXWWDQLHUHGHOFD]]RVLDPRDVVHUUDJOLDWLTXLOjIXRULFLVR QRLOXWHUDQL 6HJXHLOPLRJHVWRHVLLQIHUYRUD 'RYH"
*OL LQGLFR OD EDUULFDWD FKH IURQWHJJLD L FDUUL DOO LQJUHVVR GHOOD SLD]]DFHQWUDOH /DJJL~VRQROjGLHWUR" (VDWWRHJXDUGDFKHVRQRDUPDWLILQRDLGHQWL 5LFRQRVFR OR VJXDUGR GHO PLR VDQWR SDSSRQH q TXHOOR GHOOH JUDQGLRFFDVLRQL 6WD DWWHQWR-DQ Ê JLj WDUGL VL VWD LQFDPPLQDQGR YHUVR OH QRVWUH GLIHVH 1RQ KR WHPSR GL SHQVDUH D OXL GHYR DQGDUH D LVWUXLUH OH URQGH 0D PHQWUH VWRSDUODQGRFRQ5HGHNHUH*UHVEHFNFRQODFRGDGHOO RFFKLRYHGR -DQ FKH VL DYYLFLQD DL GLIHQVRUL GHOOD EDUULFDWD FKH FD]]R VL VDUj PHVVRLQWHVWD"0LWUDQTXLOOL]]RTXDQGRORYHGRVHGHUVLHWLUDUIXRUL GLWDVFDOD%LEELD(FFREUDYROHJJLTXDOFRVD /DPDSSDGL0QVWHUFLPRVWUDTXDOLSHUFRUVLVLSRWUHEEHURWHQ WDUH SHU DJJLUDUH OH SRVWD]LRQL GHL OXWHUDQL 5HGHNHU Gj XQD VHULH GL FRQVLJOL TXDOL VRQR OH ]RQH SL~ HVSRVWH TXDOH FDVHJJLDWR SRWUHEEH FRSULUH XQ HYHQWXDOH D]LRQH G DYYLFLQDPHQWR 0D RJQL FRQJHWWXUD VL DUUHVWDGDYDQWLDOO LPSUHQGLELOLWjGLhEHUZDVVHUXQFRQWRqVWDWRIDU XVFLUHOHQRYL]LHEHQDOWURqVWUDSSDUORDTXDUDQWDXRPLQLDUPDWL ,PSURYYLVDPHQWH LO WUDPEXVWR FL UDJJLXQJH GDOO DOWUR ODWR GHOOD SLD]]D0HUGD,OWHPSRGLODQFLDUHXQ RFFKLDWDYHUVROHQRVWUHGLIHVH HYHGR-DQGL/HLGDULWWRLQSLHGLVXOODEDUULFDWDFRQOHEUDFFLDDSHU WH &KHFD]]RVWDIDFHQGR" &RUUL*HUWTXHOORVLIDDPPD]]DUH -DDDDDQ 0L SUHFLSLWR DWWUDYHUVR OD SLD]]D TXDVL WUDYROJR LO YLWHOOR DOOR VSLHGRLQFLDPSRPLULDO]R -DQYLHQLJL~SD]]R /DFDPLFLDDSHUWDPRVWUDLOSHWWRJODEURDFKLDPDUHLFROSL*OL RFFKLILDPPHJJLDQRYHUVRLFDUULOXWHUDQL 2UD IUD EUHYH URYHVFHUz LO PLR IXURUHVXGLWHHVXGLWHGDUz VIRJRDOODPLDLUD7LJLXGLFKHUzVHFRQGROHWXHRSHUHHWLGRPDQGHUz FRQWRGLWXWWHOHWXHQHIDQGH]]HOXWHUDQRLPPRQGR 9LHQLJL~-DQ 3RWUHLHVVHUHLQYLVLELOH (QRQVLLPSLHWRVLUjLOPLRRFFKLRHQRQDYUzFRPSDVVLRQHPDWL ULWHUUzUHVSRQVDELOHGHOODWXDFRQGRWWDHVDUDQQRSDOHVLLQPH]]RDWH OH WXH QHIDQGH]]H VDSUDL DOORUD FKH VRQR LR LO 6LJQRUH FROXL FKH FROSLVFH+DLFDSLWRJUDQGHILJOLRG XQDWURLDOXWHUDQDOHWXHSDOORW WROH QRQ SRVVRQR IDUPL QXOOD 5LPEDO]HUDQQR VX TXHVWR SHWWR H WL WRUQHUDQQR LQGLHWUR SHUFKp LO 3DGUH q LQ PH (JOL SXz LQJRLDUOH H
VSDUDUWHOHIXRULGDOFXORTXDQGRYXROHGULWWHLQIDFFLD -DQSHUGLR 6H QH VWD Ot GULWWR FRQ OD ERFFD VSDODQFDWD D HPHWWHUH XQ VXRQR VSDYHQWRVR 3RL LO ELRQGR OHLGDQR SD]]R DO]D LO YROWR DOFLHOR 3D GUH DVFROWD TXHVWR ILJOLR HVDXGLVFL LO WXR EDVWDUGR VSD]]D YLD GDO VHOFLDWR TXHVWH PHUGH GL FDQH +DL VHQWLWR OXWHUDQR FDJDWLDGGRVVR DIIRJKHUDLLQXQRVSXWRGL'LRHLO5HJQRVDUjSHUQRL%DQFKHWWHUz FRLVDQWLVXOWXRFDGDYHUH / DUFKLEXJLDWDHVSORGHLPSLHWUHQGR-DQ3HUXQLVWDQWHSHQVRFKH O DEELDQRFROSLWR 6LJLUDYHUVRGLQRLGDOO RUHFFKLRGHVWURJOLFRODXQULYRORGLVDQ JXHJOLRFFKLVSLULWDWL6LODVFLDFDGHUHJL~HORSUHQGRDOYRORSULPD FKHVEDWWDSHUWHUUDVYLHQHQRVLULSUHQGH *HUW*HHHUW$PPD] ]DOR*HUWDPPD]]DOR0LKDTXDVLVWDFFDWRXQRUHFFKLR'DPPLOD SLVWROD FKH OR GHYR DPPD]]DUH WL SUHJR GDPPHOD 6SDUDJOL *HUW VSDUDJOLRORIDFFLRLRÊODJJL~ORYHGLqOj*HUWODSLVWRODODSL VWRODPLKDURYLQDWR /RODVFLRDFFDVFLDUHFRQWURLOPXURHGLFRGXHSDUROHDLQRVWULGL IHQVRULVHFLULSURYDOHJDWHOR
,OVROHVFHQGHGLHWURLOFDPSDQLOHGHOOD&DWWHGUDOH,FDQLURVLFDQR OH RVVD GHO YLWHOOR DPPXFFKLDWH DO FHQWUR GHOOD SLD]]D +R VWDELOLWR GHLWXUQLGLJXDUGLDDOOHEDUULFDWHGXHRUHFLDVFXQRSHUFRQVHQWLUHD WXWWL GL GRUPLUH XQ SR /H GRQQH KDQQR DSSURQWDWR GHL JLDFLJOL GL IRUWXQDFRQTXHOORFKHDYHYDQRDGLVSRVL]LRQHHDFFHVRLIXRFKLSHU OD QRWWH ,O IUHGGR q LQWHQVR TXDOFXQRKDSUHIHULWRXQWHWWRVXOODWH VWD,SL~GHWHUPLQDWLVRQRULPDVWLSHUzJHQWHVXFXLVLSXzFRQWDUH &L VFDOGLDPR GDYDQWL D XQ IXRFR VWUHWWL QHOOH FRSHUWH 8Q LP SURYYLVR WUDPEXVWR DOOD EDUULFDWD FKH FKLXGH OD SLD]]D D VXG FL ID VFDWWDUHLQSLHGL/HVHQWLQHOOHVFRUWDQRILQRTXLXQUDJD]]RVXLYHQ W DQQLDULDLPSDXULWDHILDWRJURVVR 'LFHGLHVVHUHLOVHUYLWRUHGHOFRQVLJOLHUH3DONHQ ,O VHQDWRUH H VXR ILJOLR OL KDQQR WUDVFLQDWL YLD HUDQR DUPDWL QRQ KR SRWXWR IDU QLHQWH :|UGHPDQQ F HUDDQFKHLOERUJRPDVWUR -XGHIHOGWVHOLVRQRSUHVL &RQFDOPDSUHQGLILDWR&KLHUDQR"4XDQWL" ,OUDJD]]RqVXGDWRPDUFLRIDFFLRSRUWDUHXQDFRSHUWD*OLRFFKL VDOWDQRGDXQRDOO DOWURGHLQRVWULYROWLJOLDOOXQJRXQDWD]]DGLEURGR
IXPDQWH ,RVHUYRLQFDVDGHOFRQVLJOLHUH3DONHQ0H]] RUDIDXQDGR] ]LQDGLXRPLQLDUPDWLVRQRHQWUDWL-XGHIHOGWOLJXLGDYD+DQQRFR VWUHWWRLOFRQVLJOLHUHHVXRILJOLRDVHJXLUOL &RVDYRJOLRQRGD3DONHQ" .QLSSHUGROOLQJFRUUXFFLDWR ÊXQRGHLSRFKLFKHFLDSSRJJLDLQ &RQVLJOLR:|UGHPDQQ-XGHIHOGWHWXWWLJOLDOWULOXWHUDQLORRGLDQR 5RWKPDQQQRQVHPEUDFRQYLQWR$FRVDJOLVHUYHXQRVWDJJLR"$ hEHUZDVVHUVRQRLQDWWDFFDELOL,OSDQLFRQHJOLRFFKLGL5RWKPDQQ /HFKLDYL &RVD" /H FKLDYL 3DONHQ KD LQ FXVWRGLD OH FKLDYL GHOOH SRUWH D QRUG RYHVWGHOOHPXUD 6tVt LOVHUYRVROOHYDLOQDVRGDOODWD]]D 9ROHYDQRSURSULR GHOOHFKLDYL *UHVEHFNODPDSSD /D VURWROR DOOD OXFH GHO IXRFR FRQ O DLXWR GL .QLSSHUGROOLQJ /D )UDXHQWRUHOD-XGHIHOGHUWRUOHSRUWHGLHWURhEHUZDVVHUODVWUDGDSHU $QPDUVFK 9RJOLRQRIDUHQWUDUHLYHVFRYLOLLQFLWWj 6LPHWWHPDOH /R VL SXz OHJJHUH QHL YROWL GL FLDVFXQR ,QJDEELDWL QHOOD VWUHWWD SLD]]D GHO 0HUFDWR WDJOLDWL IXRUL GDOO DOWUD VSRQGD GHOO $D GRYH L OXWHUDQL VWDQQR FRPSLHQGR LO FULPLQH VFHOOHUDWR FKH FL DQQLHQWHUj 7HQWDUHXQDVRUWLWD"8VFLUHGDTXHVWRLPEXWRHVFDWHQDUHDVRUSUHVD O DVVDOWRDhEHUZDVVHU"/ LQWHUDFLWWjVSURIRQGDLQXQVLOHQ]LRLUUHDOH WUDQQH L FRQWHQGHQWL WXWWL VRQR ULQFKLXVL QHOOHDELWD]LRQL 0XWL LQ WRUQRDWHQXLIXRFKLG DWWHVDGHOGHVWLQRLPPLQHQWHHLJQRWR&KLVWD JLXQJHQGR LQ FLWWj" , WUHPLOD SUH]]RODWL DO VHJXLWR GL YRQ :DOGHFN" 8Q DYDQJXDUGLDG DVVDJJLRLQDWWHVDGHOJLRUQR"4XHVWDQRWWHGDUjOH ULVSRVWH .QLSSHUGROOLQJqIXUHQWH 6WLJUDQFRJOLRQL%LIROFKLDUULFFKLWL 0L ULFRUGRWXWWLTXHLEHLGLVFRUVLFRQWURLOYHVFRYRLSDSLVWLHWXWWR TXHOULHPSLUVLODERFFDGLOLEHUWjPXQLFLSDOLGLIHGHQXRYD0HOR GHYRQRGLUHLQIDFFLDFKHVLYHQGRQRDOYHVFRYRSHUXQDPDQFLDWD GL VFXGL ,O YHVFRYR OR DEELDPR VFDFFLDWR LQVLHPH 9RJOLR SDUODUFL *HUW ILQR D LHUL WXWWR DYUHL SRWXWR SHQVDUH PHQR FKH ODVFLDVVHUR OD FLWWj LQ SDVWR DL PHUFHQDUL &KH PH OR GLFD LQ IDFFLD TXHO SRUFR GL -XGHIHOGW FRVD JOL KD SURPHVVR YRQ :DOGHFN 'DPPL XQD VFRUWD *HUWFLYRJOLRSDUODUHFRQTXHLFLDOWURQL 5HGHNHUVFXRWHLOFDSR 7XVHLSD]]R/HORURSDUROHQRQFRQWD
QRXQFD]]RKDQQRJOLRFFKLILVVLVXOOHERUVHVHLWXLOFRJOLRQHFKH FLSHUGHYDLOWHPSRDSDUODUH 5RWKPDQQLQWHUYLHQH )RUVHVLSXzWHQWDUH0DVHQ]DFRUUHUHUL VFKL LQXWLOL )RUVH QRQ VRQR FRVt FRPSDWWL FRPH VHPEUDQR )RUVH KDQQRVRORXQDSDXUDPDOHGHWWD 3DUWRQRGXHVTXDGUH8QDGLUHWWDDOOD)UDXHQWRUGDVXGSRLULVD OHQGR OH PXUD LQ WXWWR XQD GHFLQD GL IDQWDVPL 5HGHNHU GDOOD SDUWH RSSRVWDYHUVROD-XGHIHOGHUWRU 1LHQWH LQL]LDWLYH R DVVDOWL GLVSHUDWL QRQ DQFRUD 6RUYHJOLDUH JOL LQJUHVVL FDGXWL QHOOH ORUR PDQL FRQWUROODUH L PRYLPHQWL LQ HQWUDWD H XVFLWD3URYDUHDOHJJHUHLOIXWXURQHOOHORURPRVVH/HGXHVTXDGUH KDQQRLOFRPSLWRGLSHUOXVWUDUHHODVFLDUHYHGHWWHVXOSHUFRUVRHVXOOD YLDGLh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t .QLSSHUGROOLQJSUHQGHFRQVpWUHGHLVXRLHVLDYYLDLQWHVWDFRQ XQGUDSSRELDQFRLQVHJQRGLWUHJXD/RVHJXLDPRDTXDOFKHGHFLQD GLSDVVL ,OFDSRGHLWHVVLOLqJLjLQSURVVLPLWjGHOPRQDVWHURLQL]LDDFKLH GHUH FKH TXDOFXQR YHQJD IXRUL D SDUODPHQWDUH 1RL UHVWLDPR SRFR SL~DYDQWLGL6DQ1LFRODFROSLLQFDQQDHILRQGHSURQWHDOODQFLR'D hEHUZDVVHUVLOHQ]LR.QLSSHUGROOLQJDYDQ]DDQFRUD $OORUD -XGHIHOGW YLHQL IXRUL %RUJRPDVWUR GHO FD]]R q FRVt FKH GLIHQGL OD FLWWj" 5DSLVFL XQ FRQVLJOLHUH H DSUL OH SRUWH D YRQ :DOGHFN/DFLWWjYXROHVDSHUHSHUFKpDYHWHGHFLVRGLIDUFLDPPD] ]DUHWXWWLTXDQWL9LHQLIXRULHSDUOLDPRQHGDXRPLQL
4XDOFXQRGDXQDILQHVWUDJOLGjODYRFH &KHFD]]RVHLYHQXWRD IDUHSRUFRDQDEDWWLVWD"&LKDLSRUWDWRTXDOFXQDGHOOHWXHSXWWDQH" .QLSSHUGROOLQJ WUDEDOOD SHUGH OD FDOPD )LJOLR GL FDQH Ê WXD PDGUHODSXWWDQD $YDQ]DDQFRUD7URSSR 7L VWDL PHWWHQGR FRQ L SDSLVWL -XGHIHOGW FRQ LO YHVFRYR &KH FD]]RWLqVDOWDWRLQWHVWD" 7RUQDLQGLHWURLGLRWDGjLQRQFRVtVRWWR ,OSRUWDOHVLVSDODQFDHVFRQRLQXQDGHFLQDDUPDWLJOLVRQRDG GRVVR $WWDFFKLDPR &LODQFLDPR.QLSSHUGROOLQJVLGLPHQDVEUDLWDQGRORWHQJRQRLQ TXDWWUR$UUHWUDQRPHQWUHOLEHUVDJOLDPRFRQOHILRQGHHOHEDOHVWUH 6LVHQWRQROHSULPHDUFKLEXJLDWHXQSDLRGLQRLVRQRFROSLWLVSDUDQR GDOODWRUUH,OSRUWRQHVLULFKLXGHHQRLVLDPRDOORVFRSHUWRVEDQGLD PRFLDOODUJKLDPRQHOSLD]]DOHULVSRQGLDPRDOIXRFRULPERPEDQR OH XUOD GL .QLSSHUGROOLQJ H L FROSL G DUFKLEXJLR &L KDQQR IRWWXWR 1RQF qQLHQWHGDIDUHELVRJQDULWLUDUVLUDFFRJOLHUHLIHULWL 'RO RUGLQH ,QGLHWUR,QGLHWUR ,PSUHFD]LRQL H ODPHQWL FL DFFRPSDJQDQR YHUVR OD SLD]]D GHO 0HUFDWR &L KDQQR IRWWXWL H VLDPR QHOOD PHUGD $WWUDYHUVLDPR OH QRVWUH EDUULFDWH H FL IHUPLDPR VXOOD VFDOLQDWD GL 6DQ /DPEHUWRWUDPEXVWR YRFLEHVWHPPLHWXWWLVLDFFDOFDQRLQWRUQRDQRL6WHQGLDPRLIHULWL OL DIILGLDPR DOOH GRQQH OD QRWL]LD GHOODFDWWXUDGL.QLSSHUGROOLQJVL GLIIRQGHLPPHGLDWDPHQWHLQVLHPHDOERDWRGLUDEELD 5RWKPDQQ q FRVWHUQDWR *UHVEHFN LQYHFH PDQWLHQH OD FDOPDRU GLQDGLWHQHUHOHSRVL]LRQLGREELDPRDUJLQDUHLOSDQLFR 6RQR IXULRVR VHQWR LO VDQJXH FKH ULEROOH OH WHPSLH SXOVDQR 6LDPRQHOODPHUGDHQRQVRFKHIDUH *UHVEHFNPLVFXRWH ÊWRUQDWR5HGHNHU $UULYDWUDIHODWRDQFKHOXLIDFFLDVFXUD 6RQRHQWUDWL1RQSL~GL XQDYHQWLQDDOJDORSSRVIUHQDWRFDYDOLHULGLYRQ:DOGHFN 6HLVLFXUR" +RYLVWROHFRUD]]HLEODVRQLGHOFD]]R6FRPPHWWRFKHF qDQ FKHTXHOSRUFRGLYRQ%UHQ 5RWKPDQQODWHVWDWUDOHPDQL ÊILQLWD 6LOHQ]LRLQWRUQR .LEEHQEURFNFHUFDGLULQFXRUDUFL 6WLDPRFDOPL)LQWDQWRFKHLO JURVVR GHOOH WUXSSHGHOYHVFRYRQRQHQWUDLQFLWWjQRQSRVVRQRWRF FDUFL6LDPRGLSL~HVDQQRFKHQRQDEELDPRQLHQWHGDSHUGHUH0D
VHUYHTXDOFRVD ,OWHVVLWRUHKDUDJLRQHELVRJQDSHQVDUH3HQVDUH ,O WHPSR SDVVD 5LQIRU]LDPR LO SUHVLGLR VXOOH EDUULFDWH ,O QRVWUR XQLFR FDQQRQH YLHQH PHVVR DO FHQWUR GHOOD SLD]]D SHU UHVSLQJHUH O DVVDOWRQHOFDVRXQDGHOOHGLIHVHYDGDJL~ *OL XRPLQL QRQ GHYRQR DYHUH LO WHPSR GL VFRUDJJLDUVL $QFRUD URQGH H UDFFROWD GL DUPL UHFXSHULDPR DOWUL DUFKLEXJL 'LFRQR FKH L FDWWROLFL VWLDQR DIILJJHQGR JKLUODQGH VXL SRUWRQL GL FDVD SHU HVVHUH ULVSDUPLDWL GDOOH RUGH GL YRQ :DOGHFN $OWUHVTXDGUHSHUVWUDSSDUOH YLD /DFLWWjqLPPRELOHODSLD]]DLOOXPLQDWDGDLIXRFKLSRWUHEEHHV VHUH XQ LVROD LQ PH]]R D XQ RFHDQR RVFXUR /j IXRUL FRPH DQLPDOL WHUURUL]]DWLWXWWLDWWHQGRQRULQWDQDWLQHOOHORURFDVH 1HOOHORURFDVH 1HOOHORURFDVH 0LDSSDUWRFRQ*UHVEHFNH5HGHNHU&RQIDEXOLDPRVWUHWWL 6LSXz IDUH7HQWDUHDOPHQR3L~QHOODPHUGDGLFRVt / XOWLPD FRQVHJQD SHU *UHVEHFN 6LDPR G DFFRUGR DOORUD $Y YHUWL 5RWKPDQQ &KH VL PXRYD GjJOL JOL XRPLQL SL~ LQ JDPED LO WHPSRqDSSHQDVXIILFLHQWH *HUW / H[PHUFHQDULRPLSRUJHOHVXHSLVWROHWHQHQGROHSHU ODFDQQD 3UHQGLTXHVWH6RQRSUHFLVHXQUHJDORGHOODFDPSDJQDLQ 6YL]]HUD 0HOHLQILORLQFURFLDWHLQFLQWXUD &LYHGLDPRWUDXQ RUD 5HGHNHUPLIDVWUDGDQHOEXLRTXDVLWRWDOHSDVVRGHFLVR*LULDPR GXH R WUH VWUDGH VWUHWWH SRFKL SDVVLDQFRUD H PL LQGLFD LO SRUWRQH 6RWWRYRFH -UJHQ%ODWW &DULFROHSLVWROH7UHSXJQLVXOODSRUWDFRQIRU]D &DSLWDQR-U JHQ %ODWW GHOOD *XDUGLD PXQLFLSDOH /H WUXSSH GHO YHVFRYR VWDQQR HQWUDQGRLQFLWWj,OERUJRPDVWURYXROHFKHVFRUWLDPRODVLJQRUDH OH ILJOLHDOPRQDVWHUR6XELWR$SULWH 3DVVLGLHWURLOSRUWRQH &KLVLHWH" &DSLWDQR%ODWWKRGHWWRDSULWH 7UDWWHQJR LO UHVSLUR UXPRUH GL FKLDYLVWHOOR DSSRJJLR OD FDQQD VXOODIHVVXUDGHOODSRUWD6LDSUHDSSHQDXQRVSLUDJOLR*OLSRUWRYLD PH]]DWHVWD 'HQWUR4XHOORLQFLPDDOOHVFDOHQRQIDLQWHPSRDSXQWDUHO DU FKLEXJLRORSUHQGRDOODJDPEDFDGHXUODVJXDLQDXQSXJQDOHFRQ GXHEDO]L5HGHNHUqJLjLQFLPDDOODUDPSDHORILQLVFHFRQLOFROWHO OR3RLVSXWD
'DJDLQPDQRLQIRQGRDOFRUULGRLRJULGDGLGRQQHXQDYHFFKLD PLVLSDUDGDYDQWL 3RUWDPLGDOODVLJQRUD 8QDJUDQGHFDPHUDGDOHWWREDOGDFFKLQRHDPPHQQLFROLYDUL/D VLJQRUD -XGHIHOGW LQ XQ DQJROR VWULQJH D Vp OH GXH EDPELQH XQD GRPHVWLFDWHUURUL]]DWDLQJLQRFFKLDWDDSUHJDUH 7UDQRLHORURLOFD]]RQHFRQODVSDGDLQPDQRYHQW DQQLDOPDV VLPR7UHPDQRQSDUOD1RQVDFKHIDUH 5HGHNHU 0HWWLJL~FKHSRWUHVWLIDUWLPDOH /DILVVR 6LJQRUDJOLHYHQWLFRQYXOVLGLTXHVWDQRWWHKDQQRUHVR QHFHVVDULD OD PLD YLVLWD 1RQ LQWHQGR IDUYL GHO PDOH PD VRQR FRVWUHWWRDFKLHGHUYLGLVHJXLUFL/HYRVWUHILJOLHULPDUUDQQRTXLFRQ WXWWLJOLDOWUL 5HGHNHU VRJJKLJQD 'RXQ RFFKLDWDDOODFDVDFKHQRQFLVLDQR DOWULVHUYL]HODQWL /DPRJOLHGHOERUJRPDVWUR-XGHIHOGWqXQDEHOODGRQQDVXLWUHQ W DQQL 'LJQLWRVD WUDWWLHQH OH ODFULPH H DO]D OR VJXDUGR VX GL PH 9LJOLDFFR 8QYLJOLDFFRFKHORWWDSHUODOLEHUWjGL0QVWHUVLJQRUD/DFLW WjVWDSHUHVVHUHLQYDVDGDXQ RUGDGLDVVDVVLQLDOVROGRGHOYHVFRYR 1RQSHUGLDPRDOWURWHPSR )DFFLRXQILVFKLRD5HGHNHUFKHFLUDJJLXQJHSHUOHVFDOHFRQXQ FRIDQHWWR VRWWR EUDFFLR / HVSUHVVLRQH GHOOD PLD IDFFLD QRQ OR VFR UDJJLD *OLDPPD]]LDPRLVHUYLJOLSUHQGLDPRODPRJOLH(LILRUL QLQR" 6XOO XVFLRODYHFFKLDJHWWDXQDSHOOLFFLDVXOOHVSDOOHGHOODSDGUR QDPHQWUHPRUPRUDXQ3DGUHQRVWUR 6FRUWLDPR OD VLJQRUD -XGHIHOGW DOOD SLD]]D GHO 0HUFDWR 4XDQGR OD SULJLRQLHUD YLHQH ULFRQRVFLXWD FL DFFRJOLH XQ RYD]LRQH FKH ULQ IUDQFDORVSLULWROHDUPLVLLQQDO]DQRDOFLHORLEDWWLVWLVRQRDQFRUD YLYL 'DOO DOWUDSDUWHFLYLHQHLQFRQWUR5RWKPDQQSRUWDQGRVRWWREUDF FLRXQDGDPDGLVWLQWDDYYROWDLQXQR]LEHOOLQRFRQXQDOXQJDWUHFFLD QHUDFKHOHVFLYRODVXOOHVSDOOH 9L SUHVHQWR OD VLJQRUD :|UGHPDQQ PRJOLH GHO FRQVLJOLHUH :|UGHPDQQ0DGDPDqXQDFRQVRUHOODLRVWHVVRO KREDWWH]]DWD 5HGHNHU VL DFFRVWD DO PLR RUHFFKLR 4XDQGR KD DSSUHVR GDOOH VXH VSLH GL TXHO EDWWHVLPR LO PDULWR O KD FRQIHUPDWD QHOOD IHGH D VXRQ GL EDVWRQDWH /D SRYHUHWWD FUHGHYDQR FKH PRULVVH SHU JLRUQL QRQKDSRWXWRQRQGLFRFDPPLQDUHPDQHPPHQRVWULVFLDUHSHUWHUUD 0DGDPD:|UGHPDQQEHOOH]]DDXVWHUDVLVWULQJHQHOODSHOOLFFLD
6SHUR VLJQRUL FKH FL ODVFHUHWH VFDOGDUH GDYDQWL D XQ IXRFR GRSR DYHUFLWUDWWHDIRU]DIXRULGDOOHQRVWUHVWDQ]HLQSLHQDQRWWH &HUWDPHQWH PD SULPD VRQR FRVWUHWWR D SULYDUYL GL XQ RJJHWWR SHUVRQDOH 6ILORJOLDQHOOLGDOOHGLWDHVLOLGXHSH]]LG RURLQWDUVLDWR .DUO ,OUDJD]]RDUULYDGLFRUVDPXVRVSRUFRGLVRQQRHIXPR 3UHQGLLOGUDSSRELDQFRHYRODILQRDhEHUZDVVHU,OPHVVDJJLR qSHULOERUJRPDVWUR-XGHIHOGWGL FKHWUDPH]] RUDFLSUHVHQWHUHPR DO PRQDVWHUR GREELDPR SDUODUH 6WULQJR JOL DQHOOL QHO SXJQR GL .DUO &RQVHJQDJOLTXHVWL7XWWRFKLDUR" 6t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ÊEXLRQRQPL ULFRQRVFHUDQQRXVHUzXQQRPHGLYHUVR 7LIDUDLDPPD]]DUH,OWRQRqJLjUDVVHJQDWR *OLVRUULGR 1RQDEELDPRSL~QLHQWHGDSHUGHUHqTXHVWDODQR VWUDIRU]D/DPDSSDSUHVWR $5HGHNHU &RQRVFLTXHVWLSDVVDJJLGLHWURLOFLPLWHUR" &HUWRFLVLDUULYDSDVVDQGRVXOOHSDVVHUHOOHGHO5HLQH&ORVWHU 3UREDELOPHQWHDYUDQQRSLD]]DWRGHOOHVHQWLQHOOHTXLHTXL )DLGHLJUXSSLGLWUHRTXDWWURHIDOOLSDVVDUHVXOO DOWUDVSRQGD 4XDQWLXRPLQLLQWXWWR" $OPHQRWUHQWD (OHVHQWLQHOOH" 7LUDWHOHJL~PDVHQ]DFKLDVVR &RVDLQWHQGLIDUH"4XLULPDUUHPRVJXDUQLWL*UHVEHFNVHJXHLO PLRGLWRVXOODSHUJDPHQD ,OPRQDVWHURqLPSUHQGLELOH0DLOFLPLWHURQR *UHVEHFN VL WRUWXUD LO VRSUDFFLJOLR Ê XQD SLD]]D G DUPL *HUW
F qDQFKHXQFDQQRQH 0DSXzHVVHUHUDJJLXQWRIDFLOPHQWHHGqIXRULWLURGDOPRQDVWH UR'LQXRYRD5HGHNHU $YYLFLQDWHYLLOSL~SRVVLELOHVRQREDUUL FDWL GHQWUR QRQ FRQWUROOHUDQQR LO PXUR HVWHUQR 0D VEULJDWHYL WUD XQ RUDDOPDVVLPRqO DOED 8Q RFFKLDWDG LQWHVDFRQ.LEEHQEURFN $QGLDPR 0HQWUH FL LQFDPPLQLDPR YHUVR LO OLPLWH GHOOD SLD]]D OD YRFH GL 5RWKPDQQFLUDJJLXQJHDOOHVSDOOH )UDWHOOL 6WDJOLDWRFRQWURODOXFHGHOODWRUFLDDOWRSDOOLGLVVLPRLOILDWR FKH VLSHUGHQHOJHORQRWWXUQRSRWUHEEHHVVHUH$URQQH2ORVWHVVR0R Vq &KHLO3DGUHDFFRPSDJQLLYRVWULSDVVLHYHJOLVXWXWWLYRL
3RFRROWUHODQRVWUDEDUULFDWDLQFURFLDPRODFRUVDGL.DUOLSLHGL FRQJHODWL LO ILDWR JURVVR TXDVL JOL LPSHGLVFH GLSDUODUH &DSLWDQR 'LFRQRGLDQGDUHFKHQRQDSULUDQQRLOIXRFR +DLFRQVHJQDWRJOLDQHOOL" $OERUJRPDVWURLQSHUVRQD&DSLWDQR 8QDSDFFDVXOODVSDOOD %HQH$GHVVRFRUULDVFDOGDUWLGDYDQWLDO IXRFRSHUVWDQRWWHKDLIDWWRODWXDSDUWH 3URVHJXLDPR hEHUZDVVHU VL VWDJOLD FRPH XQD IRUWH]]D QHUD VXO O $D /D FKLHVD GL 1RVWUD 6LJQRUD DIILDQFD LO PRQDVWHUR GDOOD WRUUH FDPSDQDULDOHQRVWUHURQGHSHUXQ RUDKDQQRVHQWLWRSURYHQLUHOHXUOD VJXDLDWHGL.QLSSHUGROOLQJILQFKpQRQKDSHUVRODYRFH $GHVVRVROWDQWRVLOHQ]LRHORVFRUUHUHOLHYHGHOILXPH ,R H .LEEHQEURFN DYDQ]LDPR DIILDQFDWL FRQ XQ OHQ]XROR ELDQFR WHVRLQPH]]R ,OFLJROLRGHOSRUWDOHFKHVLVRFFKLXGHHXQDYRFHDOODUPDWD $O WROj&KLVLHWH" .LEEHQEURFNUDSSUHVHQWDQWHGHOODFRUSRUD]LRQHGHLWHVVLWRUL 6HL YHQXWR D IDU FRPSDJQLD DOWXRVRFLR"&KLqTXHOO DOWURFRQ WH" ,OIDEEUR6ZHGDUWKRSRUWDYRFHGHLEDWWLVWLGL0QVWHU9RJOLD PRSDUODUHDOERUJRPDVWUR-XGHIHOGWHDOFRQVLJOLHUH:|UGHPDQQOH ORURPRJOLOLPDQGDQRDVDOXWDUH $VSHWWLDPRLOWHPSRQRQSDVVD 3RLXQ DOWUDYRFH 6RQR-XGHIHOGWSDUODWH 6DSSLDPRFKHKDLIDWWRHQWUDUHLQFLWWjO DYDQJXDUGLDGHOYHVFR
YR 'REELDPR SDUODUH 9HQLWH IXRUL WX H :|UGHPDQQ DO FLPLWHUR 1HVVXQD LQXWLOH LQGXOJHQ]D ( ULFRUGDWL FKH VH QRQ WRUQLDPR DO FDPSR HQWUR PH]] RUD JOL RSHUDL GL 6DQW (JLGLR SUHQGHUDQQR WXD PRJOLH GDYDQWL H GL GLHWUR FRVt IRUVH OD VLJQRUD WL SDUWRULUj LO PD VFKLRFKHGHVLGHULGDWDQWR 6LOHQ]LRHJHOR 3RL ' DFFRUGR$OFLPLWHUR*OLXRPLQLQRQDSULUDQQRLOIXRFR VXGLYRL $JJLULDPR LO FRQYHQWR LO FLPLWHUR GRYH PDUFLVFRQR DOPHQR WUH JHQHUD]LRQLGLPRQDFKHqSHUWUHODWLFLUFRQGDWRGDOO DFTXDHFKLXVR LQIRQGRGDXQPXUREDVVRGLSLHWUHWUDOHFURFLGLOHJQRqDOOHVWLWR XQ DFFDPSDPHQWR 8QD YHQWLQD GL FDYDOOL OHJDWL VXO PXUR ULYROWR DO PRQDVWHURFLGLFHFKHOHURQGHKDQQRFRQWDWRJLXVWR& qXQFDQQRQ FLQRFKHVSXQWDGLHWURDXQFXPXORGLVDFFKLSUHVLGLDWRGDWUHOXWH UDQLDOWULGXHFRQJOLDUFKLEXJLVWDQQRDOO LQJUHVVRHFLVHJXRQRFDX WL,FDYDOLHULGLYRQ:DOGHFNOXFLGDQROHVSDGHELYDFFDWLLQWRUQRDL IXRFKL RFFKLDWH WUXFL H OD VXSHULRULWj VFULWWD LQ IDFFLD JOL DIIDUL GL TXHVWLERUJKLJLDQLQRQFLULJXDUGDQR ,OERUJRPDVWURHO XRPRSL~ULFFRGL0QVWHUFLYHQJRQRLQFRQ WURWRUFHLQPDQRXQDGR]]LQDGLDUPDWLDOOHVSDOOH /L PHWWR LQ JXDUGLD 7LHQLOL D GLVWDQ]D :|UGHPDQQ L WXRL VJKHUUL R OD VLJQRUD SRWUHEEH GHFLGHUH FKH O XFFHOOR GL 5RWKPDQQq GDYYHURPHJOLRGHOWXR ,OPHUFDQWHVHFFRHJULIDJQRWUDVDOLVFHHPLVFUXWDGLVJXVWDWR $QDEDWWLVWDLOWXRSUHGLFDWRUHqVROWDQWRXQEXIIRQHULEHOOH -XGHIHOGWJOLIDFHQQRGLWDFHUH &RVDYROHWH" 1RQKDFRSULFDSRLFDSHOOLVFRPSLJOLDWLGDOODQRWWDWDLQVRQQHOD PDQRFKHVXGDQHUYRVDVXOORVWLOHWWRLQFLQWXUD /DVFLR FKH VLD .LEEHQEURFN D SDUODUH 6WDL SHU IDUH OD FD]]DWD GHOODWXDYLWD-XGHIHOGW8QDFD]]DWDGLFXLWLSHQWLUDLSHULOUHVWRGHL WXRL JLRUQL )HUPDWL ILQFKp VHL LQ WHPSR $OO DOED OH WUXSSH GL YRQ :DOGHFNSUHQGHUDQQRSRVVHVVRGHOODFLWWjULDYUjLOGRPLQLR ,OERUJRPDVWURORLQWHUURPSHVWL]]LWR ,OYHVFRYRPLKDDVVLFX UDWRFKHQRQWRFFKHUjLSULYLOHJLPXQLFLSDOLKRXQGRFXPHQWRVFULWWR GLVXRSXJQR 6WURQ]DWH VSXWDIXRUL.LEEHQEURFN 4XDQGRULDYUjLOSRWHUH SRWUj SXOLUVL LO FXOR FRQ L WXRL SULYLOHJL PXQLFLSDOL &KL SRWUj GLUJOL QLHQWHTXDQGRVDUjGLQXRYRLOSDGURQHGL0QVWHU"5DJLRQD-XGH IHOGW ( DQFKH WX :|UGHPDQQ IDL XQSR LWXRLFRQWL TXDQWRJLRYH UDQQR DL WXRL DIIDUL OH JDEHOOH GHO YHVFRYR" /D SURGX]LRQH GHL FRQ
YHQWL WRUQHUj D VFKLDFFLDUH OD WXD H L IUDQFHVFDQL VL DUULFFKLUDQQR PHQWUHWXSDJKLOHWDVVHDYRQ:DOGHFN3HQVDFL,OYHVFRYRqXQIL JOLRGLSXWWDQDQDYLJDWRSURPHWWHUHQRQJOLqFRVWDWRQLHQWHLSDSLVWL VRQRDELWXDWLDTXHVWLVRWWHUIXJLORVDSHWHPHJOLRGLPH .LEEHQEURFNKDDO]DWRWURSSRODYRFH,OFLJROLRGLFRUD]]HHVSH URQL FL DYYHUWH GHOO DYYLFLQDUVL GHL FDYDOLHUL OH WRUFH LOOXPLQDQR OD EDUEDFXUDWDHLJXDQWLGLFXRLRGL'LHWULFKYRQ0HUIHOGGL:ROEHFN IUDWHOOR GHOOD EDGHVVD GL hEHUZDVVHU H EUDFFLR GHVWUR GHO YHVFRYR $OVXRILDQFR0HOFKLRUYRQ%UHQSUREDELOPHQWHqTXLSHUFKpVSH UDGLVDOGDUHGLSHUVRQDLOFRQWRFRQ5HGHNHU -XGHIHOGW SUHYLHQH RJQL GRPDQGD 6LJQRUL VRQR EDWWLVWL VRQR TXLSHUSDUODPHQWDUH$EELDPRSURPHVVRORURO LQFROXPLWj 'LHWULFK%DIILDOOLQV~VRJJKLJQDVWXSLWR &KHVXFFHGH-XGHIHOGW DQFRUD WUDWWDWH FRQ TXHVWL SH]]HQWL" 7UD XQ RUD GL ORUR QRQ ULPDUUj FKHXQPXFFKLRG RVVD6RQRPRUWLFKHFDPPLQDQRODVFLDWHOLSHUGH UH ,O VLJQRUH YRQ 0HUIHOG QRQ VEDJOLD LQWHUYHQJR 'L WXWWL L FRQWHQGHQWLGLTXHVWDQRWWHJOLXQLFLFKHQRQKDQQRQXOODGDSHUGHUH VLDPR QRL / LQJUHVVR GHO YHVFRYR LQ FLWWj SHU QRL VLJQLILFKHUHEEH VRORPRUWHFHUWD4XLQGLVWDWHVLFXULFKHFRPEDWWHUHPRHYHQGHUHPR FDUDODSHOOHODFLWWj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jLQGXH /DIURQWHDOWDGHOERUJRPDVWURqXQULSURGXUVLGLUXJKHJOLRFFKL JXL]]DQR GDO YROWR GL :|UGHPDQQ QHUR SL~ FKH PDL DL PLHL H D TXHOOLGL.LEEHQEURFNFKHQRQJOLGjWUHJXD ÊWXWWRXQPDOHGHWWR LPEURJOLR QRQ WH QH VHL DQFRUD DFFRUWR" )LQ GDOO LQL]LR LO YHVFRYR KD JLRFDWR VX GXH WDYROL KD UDVVLFXUDWR YRL SHU DYHUH XQ DSSRJJLR GHQWUROHPXUDTXDOFXQRFKHJOLDSULVVHOHSRUWHDOPRPHQWRJLXVWR HXQDYROWDULHQWUDWRVLULFRUGHUjLPSURYYLVDPHQWHFKHVLHWHOXWHUDQL ULEHOOLFRPHQRLDOO DXWRULWjGHO3DSD8QDSDXVDLOWHPSRFKHUHD OL]]LQRSRL 3XRLVFRUGDUWHOHOHWXHOLEHUWjPXQLFLSDOLGRSRGLQRL VDUjLOYRVWURWXUQRVXOSDWLEROR3HQVDFL-XGHIHOGW3HQVDFLEHQH
, GXH ERUJKLJLDQL VRQR LPPRELOL OR VJXDUGR VX .LEEHQEURFN H SRLLQWRUQRDFHUFDUHXQLQYLVLELOHFRQVLJOLHUH 9RQ 0HUIHOG LQFUHGXOR -XGHIHOGW QRQ YRUUDL DVFROWDUH TXHVWL GXHSH]]HQWL"1RQYHGLFKHVWDQQRFHUFDQGRGLVDOYDUVLODYLWDVRQR DOOD GLVSHUD]LRQH RUPDL TXDQGR 6XD 6LJQRULD VDUj TXL VLVWHPHUHPR WXWWRF qXQDFFRUGRWUDGLQRLULFRUGDWHOR $QFRUDVLOHQ]LR $VFROWRLOEDWWLWRGHOFXRUHFKHGjLOULWPRDOORVFRUUHUHGHOWHP SR :|UGHPDQQUHFLWDDPHQWHLO5RVDULRGHOODFRQWDELOLWj -XGHIHOGWSHQVDDOODPRJOLH -XGHIHOGWSHQVDDOO HVHUFLWRGHOYHVFRYR -XGHIHOGWSHQVDDLVXRLTXDUDQWDXRPLQLDVVHUUDJOLDWLQHOFRQYHQ WR 3HQVDDLEDIILULGLFROLGLYRQ0HUIHOG 3HQVDDOODWURLDGLVXDVRUHOODODEDGHVVDFKHVtV qVHPSUHVDSX WRFKHHUDODVSLDGHOYHVFRYRLQFLWWj 3HQVDDOOHJKLUODQGHVXOOHFDVHGHLFDWWROLFL $OODUJROHEUDFFLD 6LDPRYHQXWLGLVDUPDWL6PHWWLDPRGLFRP EDWWHUFL H GLIHQGLDPR LQVLHPH OD QRVWUD FLWWj &KH FD]]R F HQWUDQR L QRELOL"0QVWHUVLDPRQRLQRQLSDSLVWLQRQLYHVFRYLOL 9RQ 0HUIHOG VERWWD 3HU GLR QRQ SRWHWH ODVFLDUYL FRQYLQFHUH FRVtGDGXHELIROFKLFRQODOLQJXDVFLROWD -XGHIHOGWVRVSLUDHVWULWRODXQVHUSHQWHLPPDJLQDULRQHOSXJQR 1RQ VRQR ORUR D FRQYLQFHUPL VLJQRUH GL :ROEHFN 9RL FL SRUWDWH SURPHVVH /DSDURODGL6XD6LJQRULD)UDQ]YRQ:DOGHFN 0D TXHVWL ELIROFKL FRPH OL FKLDPDWH RIIURQR OD SDFH VHQ]D ELVRJQRGLDOFXQDDUPDWDPHUFHQDULDLQFLWWjqXQDSURSRVWDFKHGH YRSUHQGHUHLQFRQVLGHUD]LRQH 9RQ0HUIHOGLPSUHFD 0DQRQYRUUHWHFUHGHUHDTXHVWHIDFFHGL PHUGD" 6RQRDQFRUDLOERUJRPDVWURGLTXHVWDFLWWj'HYRSHQVDUHDOO LQ WHUHVVH GHL VXRL DELWDQWL 6DSSLDPR FKH L FDWWROLFL KDQQR ULFHYXWR O RUGLQHGLDSSHQGHUHJKLUODQGHIXRULGDOOHSRUWHGLFDVD3HUFKpVL JQRUH VDSHWH VSLHJDUPHOR" Ê IRUVH SHUFKp L PHUFHQDUL GHO YHVFRYR SRVVDQR ULFRQRVFHUH TXDOL FDVH ULVSDUPLDUH GDO VDFFKHJJLR" 1RQH UDQRTXHVWLLQRVWULDFFRUGL 9RQ 0HUIHOG LPSLHWULVFH XQ FD]]XWR OXWHUDQR OR VWD DFFXVDQGR DSHUWDPHQWHPDqYRQ%UHQLOSULPRDVFDWWDUH 6HqFRVtFRQR
VFRXQPRGRSHUWUDWWDUHLYROWDJDEEDQD 6JXDLQDODVSDGDHODSXQ WDDOODJRODGHOERUJRPDVWUR ,OXWHUDQLUHDJLVFRQRPDEDVWDXQFHQQRGLYRQ0HUIHOGHLFDYD OLHULVRQRLQSLHGLYHQWLFDYDOLHULDUPDWLILQRDLGHQWLHDGGHVWUDWLD FRPEDWWHUH FRQWUR XQD GR]]LQD GL ERUJKLJLDQL LPSDXULWL ,Q XQR VFRQWURGLUHWWRQRQFLVDUHEEHVWRULD 9RQ0HUIHOGPLRIIUHXQJKLJQRWULRQIDQWH ÊXQXUORRUULELOHDVSHJQHUORFRPHLOJUDFFKLDUHG XQUDSDFHGDO PXURLQIRQGRDOFLPLWHURXQJULGRFKHJHODLOVDQJXHHUL]]DLSHOL GHOOHEUDFFLDVLDUUDPSLFDVXSHUODVFKLHQDFRPHXQUDJQR )HUPR SRUFR 2PEUH OXQJKH GL VSHWWUL DYDQ]DQR WUD OH WRPEH O HVHUFLWR GHL PRUWLFKHVLULVYHJOLDQR4XDOFXQRVLEXWWDLQJLQRFFKLRDSUHJDUH 'LFRDWHSRUFR 0DFDEULDWWUDYHUVRLOFDPSRHPHUJRQRGDOODQRWWHDOODOXFHGHOOH WRUFH O DUPDWDGHOOHRPEUHWUHQWDIDQWDVPLFRQEDOHVWUHHDUFKLEXJL VSLDQDWL LO VXRFDSLWDQRLQWHVWD6LDYYLFLQDGXHSLVWROHSL~JUDQGL GLOXLOHDOLGHOO DQJHORGHOODPRUWH 9RQ%UHQILJOLRGLXQDJUDQ WURLD6LIHUPDVSXWDSHUWHUUDHVLELOD 6RQRYHQXWRDPDQJLDUWLLO FXRUH ,OFDYDOLHUHVELDQFDODVSDGDYDFLOOD / $QJHOR GHOOH WHQHEUH 5HGHNHU VL VSLQJH ILQR D SRFKL SDVVL GD QRL 7XWWREHQH*HUW" *LXVWRLQWHPSR/DVLWXD]LRQHVLqDGLUSRFRULEDOWDWDDGHVVR WRFFD D YRL GHFLGHUH VLJQRUL 2 ULVROYLDPR VXELWR L QRVWUL FRQWL VXO FDPSRRULVDOLWHDFDYDOORHYHQHDQGDWHSHUGRYHVLHWHYHQXWL ,EDIILUHVWDQRVXOO DWWHQWLYRQ%UHQKDJLjGDWRLOVXRYRWRDE EDVVDQGRODVSDGD-XGHIHOGWILQDOPHQWHUHVSLUD 6LDPRLOGRSSLRGLORURHSL~GHWHUPLQDWL1RQDEELDPRQLHQWHGD SHUGHUHHYRQ0HUIHOGTXHVWRORVD 8QR VFKLRFFR GHOOD OLQJXD H XQ LPSUHFD]LRQH VRWWRYRFH XQ XOWL PDRFFKLDWDVSUH]]DQWHDOERUJRPDVWURJLUDVXLWDFFKLHUDJJLXQJHL VXRLXRPLQLFRQXQJUDQWLQWLQQLRGLVSHURQL 5HGHNHUDSSRJJLDODFDQQDDOSHWWRGLYRQ%UHQTXHOORFKLXGH JOLRFFKLHDVSHWWDLOFROSRLPSLHWULWR8QDPDQRHVSHUWDJOLVODFFLDLO SRUWDPRQHWHGDOODFLQWXUD )LODYLDEDVWDUGR7RUQDDOHFFDUHLOFX ORGHOWXRYHVFRYR
,OVROHVSXQWDRSDFRGLHWUR6DQ/DPEHUWRPHQWUHULWRUQLDPRDOOD SLD]]DGHO0HUFDWR,FDYDOLHULVWDQQRODVFLDQGRODFLWWjVFRUWDWLGDJOL XRPLQLGL5HGHNHUHGDLOXWHUDQLLQVLHPHTXDOFXQRJLXUDGLDYHUYL VWRYRQ%UHQSLDQJHUHGLUDEELDPHQWUHYDUFDYDODSRUWDGHOODFLWWj /H VLJQRUH -XGHIHOGW H :|UGHPDQQ KDQQR ULWURYDWR L PDULWL H .QLSSHUGROOLQJFDPPLQDDOQRVWURILDQFRLQVLHPHDOFRQVLJOLHUH3DO NHQHDVXRILJOLRXQILORGLYRFHURFDXQRFFKLRSHVWRPDO XPRUH DOWRTXDVLSDVVHJJLDVVHVSHQVLHUDWRDOODULFHUFDGLXQ RVWHULD 1HOO DFFDPSDPHQWRVLDPRDFFROWLGDXQJULGRG HVXOWDQ]DJOLDU FKLEXJLVSDUDQRYHUVRLOFLHORXQDIRUHVWDGLPDQLFLVROOHYDVRSUDOH WHVWHOHGRQQHFLEDFLDQRYHGRJHQWHVSRJOLDUVL-DQGL/HLGDSRUWDWR LQ WULRQIR GD XQ JUXSSR GL UDJD]]H FRPH VH OD VROD IRU]D GHOOH VXH SDUROHDYHVVHVFRQILWWRODLHOOD/DJHQWHDEEDWWHOHEDUULFDWHHVLUL YHUVD QHOOH VWUDGH TXHOOH VWUDGH FKH SHU XQD QRWWH LQWHUD VRQR VWDWH SHUFRUVH GDOOD PLQDFFLD SL~ JUDQGH /H ILQHVWUH VL DSURQR GRQQH YHFFKLHEDPELQLVFHQGRQRLQVWUDGDQRQRVWDQWHLOJHORLQWHQVRQR QRVWDQWHO DOEDFRPLQFLDSSHQDDGLSDQDUHOHWHQHEUH .QLSSHUGROOLQJPHVFHELUUDSHUWXWWL 5RWKPDQQ PL YLHQH LQFRQWUR VRGGLVIDWWR LO YROWR VWDQFR PD UL GHQWH &HO DEELDPRIDWWD7HO DYHYRGHWWRFKHLO6LJQRUHFLDYUHE EHSURWHWWL 6tLO6LJQRUHHJOLDUFKLEXJL VRUULGR (DGHVVR" &RPH" (DGHVVRFRVDIDFFLDPR" /DULVSRVWDQHOODYRFHGL*UHVEHFNDQQHULWRGDOIXPRGHOOHWRUFH VJXDOFLWRHVSRUFRODFLFDWULFHELDQFDVXOVRSUDFFLJOLRVHPEUDHVVHUVL LQJLJDQWLWDLQPH]]RDTXHOYROWRVFXUR (DGHVVRWLULDPRLOILDWR&DSLWDQR*HUWGDO3R]]R 0LVRUULGHJOLVWULQJRODPDQRPHQWUHORULQJUD]LR .QLSSHUGROOLQJ VWD DVFROWDQGR LO PHVVDJJLR GL XQD GHOOH URQGH DULDSUHRFFXSDWDWUDEDOODYHUVRGLQRL *HUWTXHVWDQRQFLYROHYD &RVDFD]]RqVXFFHVVRDQFRUD" 9RQ :DOGHFN KD VFDWHQDWR FRQWUR GL QRL L FRQWDGLQL GHOOH VXH WHUUH6WDQQRYHQHQGRTXLWUHPLODGLFRQRYRJOLRQRVLVWHPDUHOHFR VHLQFLWWjXQDYROWDSHUWXWWH
&DSLWROR 0QVWHU&DUQHYDOH
,OSLVFLDWRLRGHOODJXHUUDqODFDQWLQD 6HqLOVDQJXHGHJOLXRPLQLDLUURUDUQHLOFRUSRPDUFLRFHUWDPHQ WHO XULQDFKHQHLQRQGDLOFDPSRqODELUUD %LUUD FKH JRQILD OR VWRPDFR GHL PDVFKLJXHUULHULQHDWWXWLVFHOD SDXUD SULPD GHOOR VFRQWUR QH HVDOWD O HEEUH]]D GRSR OD YLWWRULD 3L VFLRFKHDUULFFKLVFHVPLVXUDWDPHQWHLFXVWRGLGHOODODWULQD1RQPH QRLPSRUWDQWHGHOVDQJXHHGHOFRUDJJLRSURIXVLSHUGHFLGHUHOHVRUWL GLXQDEDWWDJOLD 3LVFLD VXO WXR QHPLFR SULPD GL FROSLUOR SRWUHEEH ULVYHJOLDUVL SODFDUH OD VXD LUD GLUDGDUH TXHOOD QHEELD FKH DYYROJH OD EUDPD GL VDQJXH3RWUHEEHFRQVLGHUDUHDVVXUGDODVRUWHFKHVWDSHULQIOLJJHUH RWRFFDUJOL(ULWLUDUVL 6RQRDUULYDWLLQFD]]DWLQHULVHQHVRQRDQGDWLXEULDFKLIUDGLFL 9HQWLEDULOLGLELUUDODULVHUYDGHOODFDQWLQDPXQLFLSDOH/ RPDJ JLRGHOODFLWWDGLQDQ]DGL0QVWHUDLIUDWHOOLGHOFRQWDGRFRQWDQWRGL GHOHJD]LRQHLQSRPSDPDJQDDULFHYHUOLVXOOD-XGHIHOGHUWRU / DVWLR RWWXVR GHL WUHPLOD FRQWDGLQL VL q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qDVEURQ]DUVLLQTXDOFKHWDYHU QD /DJHQWHULGHHVLGLYHUWHODVFLDQGRVLFRLQYROJHUHFRPHSHUXQD
PHVVLQVFHQDGL-DQLOOHLGDQR0DQRQLOPDQLVFDOFR$GULDQVRQVWX IR GHOOH XUOD LVWHULFKH FKH LPSXJQD O DUFKLEXJLR H DEEDWWH FRQ XQ FROSRODEDQGHUXRODGDOWHWWRGLXQDFDVD5RYLQDJL~FRQXQFODQJR UHWHUULILFDQWH/DVFHQDVLEORFFDDOO LVWDQWH/HGRQQHVLULSUHQGRQR FRPHULVYHJOLDWHGDXQLQFXER$GULDQVRQUDFFRJOLHJOLDSSODXVLGHL SUHVHQWL 1HLJLRUQLVXFFHVVLYLVLIDRUPDL VHPSUHSL~FKLDURFKHYRQ:DO GHFNQRQULXVFLUjDWRUQDUHLQFLWWj 0ROWLFDWWROLFLIDQQRLEDJDJOL ,O UDSSRUWR GL IRU]D q WXWWR D QRVWUR IDYRUH QHPPHQR L OXWHUDQL SRVVRQRSL~RVWHJJLDUFLLOERUJRPDVWUR7LOEHFNGDEXRQRSSRUWXQL VWDVLqSHUILQRIDWWREDWWH]]DUHGD5RWKPDQQIRUVHVSHUDQGRGLHV VHUH ULHOHWWR -XGHIHOGW FL KD ULFHYXWL LQ 0XQLFLSLR H QRQ KD SRWXWR FKHSUHQGHUHDWWRGHOODQRVWUDGHFLVLRQHGLIDUYRWDUHWXWWLLFDSLIDPL JOLDDOOHSURVVLPHHOH]LRQLVHQ]DDOFXQDGLVWLQ]LRQHGLFHQVR,OSLDW WRSHUOXLHUDLQGLJHVWRPDXQULILXWRGDSDUWHVXDORVDUHEEHVWDWRGL SL~ODFLWWDGLQDQ]DqWXWWDSHUQRL.QLSSHUGROOLQJH.LEEHQEURFNVL VRQRFDQGLGDWL 2UPDLqFKLDURFKHLULFFKLPHUFDQWLQRQDYUDQQRSL~LQSXJQROD FLWWj 0ROWLOXWHUDQLIDQQRLEDJDJOL 5DFFROJRQRJOLRULLOGHQDURLJLRLHOOLO DUJHQWHULDGLFDVDSHU ILQRLSURVFLXWWLSL~SUHOLEDWL0DF qGDVXSHUDUHO LVSH]LRQHGHOFDS SHOODLR6QGHUPDQQLQVWDQFDELOHVHQWLQHOODGHOODSLD]]DGHO0HUFDWR QHL JLRUQL GHOOD QRVWUD YLWWRULD :|UGHPDQQ LO 5LFFR EORFFDWR VXOOD )UDXHQWRU SLVWROD DOOD WHVWD q FRVWUHWWR D FDJDU IXRULLTXDWWURDQHOOL FKHVLqLQILODWLQHOFXORPHQWUHODEHOODVLJQRUDVXELVFHXQLQGHFRUR VRSDOSDPHQWRHLVXRLVHUYLWRULQRQULHVFRQRDWUDWWHQHUHOHULVDWH /H SURWHVWH PXOLHEUL VSLQJRQR D ULPXRYHUH 6QGHUPDQQ GDOO LQ FDULFRFKLYXROHDQGDUVHQHSXzIDUOROLEHUDPHQWH(GqSURSULRTXH VWDO LGHDGHOQRELOH-RKDQQYRQGHU5HFNHVHQRQFKpODPRJOLHHOD ILJOLDVRQRGHOSDUHUHFKHFKLYXROHUHVWDUHSRVVDIDUORDOWUHWWDQWROL EHUDPHQWHHYRODQRWUDOHEUDFFLDGHOO DPDELOH5RWKPDQQFKHOHDF FRJOLHLQFDVDVXD4XDQGRYDDSUHOHYDUOHLOYHFFKLRFRJOLRQHSUHQ GH VROR LQVXOWL VFRSUH GLQRQHVVHUHSL~QpSDGUHQpPDULWRGLQRQ SRWHUSL~XVDUHLOEDVWRQHVXOOHVXHGRQQHGLFDVDQpGHWWDUHOHJJHD SURSULRSLDFLPHQWRHFKHDQ]LqPHJOLRSHUOXLVHVLGLPHQWLFDG DYHU DYXWRXQDPRJOLHHXQDILJOLDHVHQHYDDIDUHLQFXORLOSL~ORQWDQR SRVVLELOH 0HQWUH ODVFLD OD FLWWj OD YRFH GHOOD VXD ILJXUDFFLD V q JLj VSDUVD WUD OD SRSROD]LRQH IHPPLQLOH GL 0QVWHU YRQ GHU 5HFNH
VFDSSDVRWWRXQDJUDJQXRODGLRJJHWWLG RJQLWLSR
$GULDQVRQ VFDVVLQD OD VHUUDWXUD FRQ JOL DUQHVL GHO PHVWLHUH (Q WULDPR8QDVDODJUDQGHPRELOLROXVVXRVRHWDSSHWL,OHJLWWLPLSUR SULHWDUL QRQ KDQQR QHPPHQR VSHQWR OD EUDFH QHO FDPLQR SULPD GL DQGDUVHQH8QRGHLIUDWHOOL%UXQGWODULDQLPD/DVFDODSRUWDDOSLDQR VXSHULRUH8QDFDPHUDGDOHWWRXQDVWDQ]DSL~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
$OERUJRPDVWURUHTXLVtODPRJOLH DOSRUFRYHVFRYRDQQLHQWzOHYRJOLH TXHVWDqODVRUWHVHLQFRQWUL*HUWGDO3R]]R JOL SHVWLLSLHGLHWLWDJOLDLOJR]]R
0D OL VHQWL" .QLSSHUGROOLQJ LUURPSH VJKLJQD]]DQGR 7LD PDQR/LKDLFRQTXLVWDWL9LHQLYLHQLDYHGHUH 0LWUDVFLQDDOODILQHVWUD8QDWUHQWLQDGLIDQDWLFLFKHHVXOWDQRDO O XQLVRQRDSSHQDPLYHGRQR 6HLJLj QHOOHORURFDQ]RQL7XWWD0QVWHUWLDFFODPD6LVSRU JHPLPHWWHXQDPDQRVXOODVSDOOD*ULGDDTXHOOLGLVRWWR (YYLYDLO&DSLWDQR*HUWGDO3R]]R (YYLYD 9LYDLOOLEHUDWRUHGL0QVWHU 5LGR H PL WLUR LQGLHWUR .QLSSHUGROOLQJ PL WUDWWLHQH H VEUDLWD &RQ YRL DEELDPR OLEHUDWR 0QVWHU H FRQ YRL QH IDUHPR O RUJRJOLR
GHOODFULVWLDQLWj9LYDLO&DSLWDQR*HUWGDO3R]]R7XWWDODELUUDGHOOD FLWWjQRQSRWUjPDLEDVWDUHSHUEULQGDUHDOODVXDVDOXWH 6FKLDPD]]L XUOD ODQFLR GL RJJHWWL .QLSSHUGROOLQJ IURFLRQH LV VHUHPRODWXDSDQ]DLQFLPDDO0XQLFLSLRULVDWHERFFDOLDOFLHOR .QLSSHUGROOLQJFKLXGHODILQHVWUDVDOXWDQGRDGDPSLJHVWL 9LQFLDPR 9LQFLDPR OH HOH]LRQL EDVWD XQD WXD SDURODHQRQFL VDUjFRQFRUUHQ]D ,QGLFRODFLWWjROWUHLOYHWUR ÊSL~IDFLOHVFDFFLDUHLOWLUDQQRFKH HVVHUHDOO DOWH]]DGHOOHORURVSHUDQ]H)RUVHLOGLIILFLOHYLHQHDGHVVR 0L JXDUGD SHUSOHVVR SRL VERWWD 1RQ IDUH LO FXSR 4XDQGRD YUHPRYLQWROHHOH]LRQLGHFLGHUHPRFRPHDPPLQLVWUDUHTXHVWDFLWWj $GHVVRJRGLWLOD JORULD /DJORULDPLDVSHWWDLQXQFDWLQRGLDFTXDIXPDQWH
&DSLWROR 0QVWHUIHEEUDLR
/D PDUHD q PRQWDWD ILQR D TXHVWR JLRUQR FUXFLDOH ,HUL 5HGHNHU KD DUULQJDWR L SRSRODQL VXOOD SLD]]D GHO 0XQLFLSLR FRPH ULVXOWDWR YHQWLTXDWWURGLORURVRQRVWDWLHOHWWLDO&RQVLJOLR0DQLVFDOFKLWHVVL WRUL IDOHJQDPL RSHUDL SHUILQR XQ IRUQDLR H XQ FLDEDWWLQR , QXRYL UDSSUHVHQWDQWLGHOODFLWWjFRSURQRWXWWRO DUFRGHLPHVWLHULPLQRULOD IHFFLD FXL PDL VL SRWHYD LPPDJLQDUH IRVVHUR DVVHJQDWH OH VRUWL GL TXHVWRPRQGR /D QRWWH q WUDVFRUVD LQ IHVWHJJLDPHQWL H GDQ]H FDUQHYDOHVFKH H TXHVWD PDWWLQD VRQR VWDWH VEULJDWH OH XOWLPH IRUPDOLWj .QLSSHUGRO OLQJH.LEEHQEURFNVRQRLQXRYLERUJRPDVWUL,O&DUQHYDOHSXz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~HDIILQFKpSRVVDQRVHUYLUHGDVWLPRORDJOLVWLWLFLFRQHVVH YLHQH HGLILFDWD XQD ODWULQD SXEEOLFDVXOO $D,OEDWWLVWHURYLHQHJL~D VXRQ GL PD]]DWH LQVLHPH DOO RUJDQR D FDQQH &L VL Gj DOOD JR]]RYL JOLD VIUHQDWD VRWWROHYROWHXQEDQFKHWWRqDOOHVWLWRVXOO DOWDUHILQDO PHQWH VL PDQJLD LQ TXDQWLWj ILQDOPHQWH VL VFRSD FRQWUR OH FRORQQH GHOOD QDYDWD SHU WHUUD OR VSLULWR OLEHUDWR G RJQL IDUGHOOR WXWWL D SL VFLDUHVXOOHSLHWUHWRPEDOLGHLVLJQRULGL0QVWHUVXTXHLQRELOLVVLPL VFKHOHWULFKHJLDFFLRQROtVRWWRLOSDYLPHQWR(GRSRDYHUGDWRFRQ FLPH D YRORQWj D TXHOOH VDOPH DULVWRFUDWLFKH WXWWL D ODYDUVL LO FXOR QHOOHDFTXDVDQWLHUH 3LDQJHWHVDQWLVWUDSSDWHYLODEDUEDLOYRVWURFXOWRqILQLWR3LDQ
JHWHVLJQRULGL0QVWHUYRLFKHFRQODGHYR]LRQHGHOO RURFLUFRQGD WH LO SUHVHSH GL&ULVWRODYRVWUDHSRFDqWUDPRQWDWD1LHQWHGLWXWWR FLz FKH SHUVHFROLKDUDSSUHVHQWDWRLOSRWHUHQHIDQGRGHLSUHWLHGHL VLJQRULGHYHULPDQHUHLQSLHGL /HDOWUHFKLHVHVXELVFRQRORVWHVVRJHQHUHGLYLVLWHIURWWHGLSR YHUDFFL FDULFKL GL ERWWLQR VL DJJLUDQR SHU OH VWUDGH UHJDODQR L SDUD PHQWLGDPHVVDDOOHSXWWDQHGDQQRIXRFRDLGRFXPHQWLGLSURSULHWj DVSRUWDWLGDOOHSDUURFFKLH 7XWWD ODFLWWjqLQIHVWDOHSURFHVVLRQLFDUQHYDOHVFKHSHUFRUURQR OHYLHVXLFDUUL7LOH%XVVHQVFKXWHYHVWLWRGDIUDWHDWWDFFDWRDXQDUD WUR/DSXWWDQDSL~IDPRVDGL0QVWHUSRUWDWDLQWRUQRDOFLPLWHURGL hEHUZDVVHU FRQ O DFFRPSDJQDPHQWR GL VDOPL VYHQWROLR GL YHVVLOOL VDFULHVXRQRGLFDPSDQH
6LHWHYRL*HUW%RHNELQGHU" 8QDVVHQVRGLVWUDWWR 0LPDQGD -DQ0DWWK\V9LLQIRUPDFKHVDUjLQFLWWjSULPDGHOFDODUGHOVROH 6WDFFRJOLRFFKLGDOSDOFR8QYROWRJLRYDQH (K" -DQ0DWWK\V1RQVLHWHXQRGHLVXRLDSRVWROL" &HUFR QHJOL RFFKL LO OXFFLFDUH GHOOR VFKHU]R LQYDQR 4XDQGR KDLGHWWRFKHDUULYHUj" 3ULPDGLVHUD$EELDPRGRUPLWRDWUHQWDPLJOLDGDTXL,R VRQR SDUWLWRGLEXRQPDWWLQR /RDIIHUURSHUODVSDOOD $QGLDPR &L IDFFLDPR VWUDGD D EUDFFLDWH WUD OD IROOD /R VSHWWDFROR KD UL FKLDPDWRPROWDJHQWHqGLVFHQDLOPLJOLRULPLWDWRUHGLYRQ:DOGHFN LQWXWWD0QVWHU2JQLSLD]]DKDODVXDDWWUD]LRQHTXHVW RJJLPXVLFD HGDQ]HELUUDHSRUFKHWWDJLRFKLGLDELOLWjPRQGLDOODURYHVFLDUDS SUHVHQWD]LRQLELEOLFKH ,OPLRJLRYDQHDPLFRVLODVFLDGLVWUDUUHGDXQSDLRGLWHWWHHVLELWH FRQGLVLQYROWXUDDOO DQJRORGHOODYLD 9LHQLIRU]D7LIDFFLRFRQRVFHUHXQ DOWURGHJOLDSRVWROL & qELVRJQRGLOXLDGHVVR%RFNHOVRQqO XQLFRFKHSRVVDLPSURY YLVDUHTXDOFRVDLQXQPRPHQWRVLPLOH6HQRQULFRUGRPDOHVWDUHFL WDQGRGDYDQWLDOODFKLHVDGL6DQ3LHWUR 8Q FRUWHR GL &DUQHYDOH FL YLHQH LQFRQWUR H FL VFKLDFFLDFRQWURL PXULGHOOHFDVH/RDSURQRWUHXRPLQLFRQLQJURSSDXQSLFFRORVR PDUHOOR'LHWURIDWLFDXQFDUURWLUDWRGDXQDGHFLQDGLUH$OFHQWUR
KDXQDOEHUHOORFRQOHUDGLFLLQDOWRLQXQDWLQR]]DXQXRPRQXGRVL VSRUFDGLIDQJR1HOO DQJRORLO3DSDSUHJDFRQIDUHUDFFROWR 0XRLD6DQVRQHFRQWXWWLL)LOLVWHL /DYRFHGL-DQFLUDJJLXQJHLQORQWDQDQ]DGjLOPHJOLRGLVpSDU GLVHQWLUODYLEUDUHQHOORVIRU]RVRYUXPDQRGLGHPROLUHOHFRORQQHGHO WHPSLRGL7LUR/ HQWXVLDVPRGHJOLVSHWWDWRULQRQqGDPHQR 6DOJR VXOSDOFRDOILDQFRGHO6DQWR3DSSRQHHORVFURVFLDUHGHJOL DSSODXVLVLDUUHVWDTXDVLGLFROSR8QVHQVRGLDWWHVDXQULEROOLUHGL YRFLFKHVLIDQQRVRPPHVVH ,QXQRUHFFKLR 0DWWK\VVDUjTXLSULPDGHOWUDPRQWR&KHVLID" 0DWWK\V" -DQ GL /HLGD QRQ VD SDUODUH VRWWRYRFH ,O QRPH GHO 3URIHWD GL +DDUOHPqXQPDVVRQHOORVWDJQRYRFLDQWHVRWWRGLQRL, FHUFKLVLDOODUJDQRYHORFL 6WDVHUD GRYHYD HVVHUH LO EDQFKHWWR GL IHVWHJJLDPHQWR D VSHVH GHLFRQVLJOLHULODGLVWULEX]LRQHGHOOHSHOOLFFHHWXWWRLOUHVWR 8QD FDUH]]DVXOODEDUED 7UDQTXLOORDPLFR*HUWFLSHQVRLR9DLSXUH DGDYYLVDUHJOLDOWULVHQRQO KDLJLjIDWWR.QLSSHUGROOLQJVDUjHQWX VLDVWDGLFRQRVFHUHLOJUDQGH-DQ0DWWK\V $QQXLVFRDQFRUDLQGHFLVR/DVFLDQGRJOLLOSDOFRTXDVLXQDVXS SOLFD -DQPLUDFFRPDQGRQLHQWHFD]]DWH 9HUVRVHUDVLDO]DXQYHQWRGDPHWWHUIUHGGRDLOXSL/HIRODWHVR QRFDULFKHGLXQQHYLVFKLRJHOLGRHWDJOLHQWH/HVWUDGHVLLPELDQFD QR /D YRFH GHOO DUULYR GL 0DWWK\V KD UDJJLXQWR RJQL RUHFFKLR GHOOD FLWWj $WWRUQR DOOD $HJLGLWRU OXQJR OD YLD FKH SRUWD DOOD &DWWHGUDOH TXDOFXQR KD JLj SUHVR SRVWR GD WHPSR /H WRUFH VL DFFHQGRQR PDQ PDQRFKHODOXFHVLGLOHJXD (FFRORqOXL(FFR(QRFK .LEEHQEURFNHPHWj GHO&RQVLJOLRGDXQDSDUWH.QLSSHUGROOLQJH O DOWUDPHWjGDOO DOWUDVSLQJRQRGDOO HVWHUQRLSHVDQWLEDWWHQWL,OFLJR ODUH GHL FDUGLQL q XQ VHJQDOH , FROOL VL DOOXQJDQR YHUVR OD SRUWD/D SRFD OXFH ULPDVWD GL TXHVWR JLRUQR ILOWUD SULPD FRPH XQD ODPD SRL OHQWDPHQWHVLVSDQGHDULHPSLUHO LQWHUDDUFDWD -DQ0DWWK\VqXQ RPEUDVFXUDGULWWDLOEDVWRQHLQPDQR$YDQ]D DSDVVLOHQWLVHQ]DXQRVJXDUGRSHUODIROOD,GXHQXRYLERUJRPDVWUL LQVLHPH D WXWWR LO &RQVLJOLR VL LQFDPPLQDQR GLHWUR GL OXL D EUHYH GLVWDQ]DOHWRUFHDOWHVRSUDODWHVWD8QFDQWRVRPPHVVROLDFFRPSD JQD *XDUGRPHJOLRQHOODQHYHFKHFRQWLQXDDSRVDUVLVXOVHOFLDWRLQ
ILRFFKL VHPSUH SL~ ODUJKL L SLHGL GHO 3URIHWD )RUQDLR VRQR VFDO]L QXGL ,Q PDQR QRQ UHJJH XQ VHPSOLFH EDVWRQH PD XQ YHQWLODEUROD SDODXVDWDGDLFRQWDGLQLSHUVHSDUDUHLOJUDQRGDOOHVFRULH 0HQWUH 0DWWK\V DYDQ]D L GXH RUOL LQIXRFDWL GHOOD VWUDGD VL FKLX GRQRGLHWURGLOXLHLOFRUWHRV LQJURVVD-DQGL+DDUOHPVLEORFFDDI IHUUDLOYHQWLODEURFRQOHGXHPDQLORSXQWD DOFLHOR,FDQWLVLDUUH VWDQRGLFROSR 'LR VWD SHU VSD]]DUH OD VXD DLD JULGD DOO LQL]LR GD VROR SRL DFFRPSDJQDWR GDO WXRQR GL FHQWLQDLD GL YRFL /D OXQJD SDOD VROOHYD ODQHYHFRQEUDFFLDWHUDEELRVH 'LRVWDSHUVSD]]DUHODVXDDOD *OLIDHFRODYRFHGHOODIROODFKHLQIRUPDTXHOOLDSSHQDDUULYDWL ,OSURIHWDLOSURIHWDqTXL ÊDUULYDWR -DQ0DWWK\VLOJUDQGH-DQ0DWWK\VqD0QVWHU 6L VSLQJH FL VL DFFDOFD YHUVR OD SLD]]D FHQWUDOH 7XWWL YRJOLRQR YHGHUHLOPHVVDJJHURGL'LRDOWRVFDUQLWRQHURLVSLGRVFDO]R (FFROROt (FFR(QRFK 6LIHUPDIRUVHO DFFHQQRGLXQVRUULVRIRUVH %RFNHOVRQ JOL VL SDUD GDYDQWL FRQ OH EUDFFLD DSHUWH 0DHVWUR )UDWHOOR 3DGUH 0DGUH $PLFR 8Q DQJHOR PL KD GHWWR FKH VDUHVWL JLXQWR RJJL / DQJHOR FKHKRYLVWRHQWUDUHDOWXRILDQFRHFKHRUDWL YROWHJJLDVXOODWHVWD2JJLQRQLHULQRQGRPDQL2JJLFKHODYLWWRULD qQRVWUDHLQHPLFLVRQREDWWXWL$QJHORGL'LR4XDQWRWLDPR 0DWWK\VJOLVLIDLQFRQWURHJOLVIHUUDXQSXJQRDOODJXDQFLDFKH OR ULEDOWD *HOR VX WXWWL 6L ULDO]D 6RUULGH , GXH -DQ VL DEEUDFFLDQR VWUHWWLFRPHSHUVWULWRODUVLUHVWDQRFRVtLQTXHOODGRSSLDSUHVDGRQ GRODQGRDOXQJR%RFNHOVRQSLDQJHGLJLRLD 0L DYYLFLQR FHUFR OR VJXDUGR %HQYHQXWR D 0QVWHU IUDWHOOR -DQ $EEUDFFLDDQFKHPHIRUWLVVLPRWRJOLHLOILDWR/RVHQWRPRUPR UDUHFRPPRVVR ,PLHLDSRVWROLLPLHLILJOL *OL RFFKL VRQR WRUFH QHUH JOL VWHVVL FKH PLOOH PHVL ID PL KDQQR DIILGDWR XQD PLVVLRQH & q TXDOFRVD XQ GLVDJLR VWUDQR PL UHQGR FRQWRVROWDQWRDGHVVRGLQRQDYHUSL~SHQVDWRD0DWWK\VGDTXDQGR VLDPRJLXQWLTXL*OLHYHQWLPLKDQQRWUDYROWR/DORWWDHLOSHULFROR FKHTXHVWDJHQWHKDYLVVXWRJOLVRQRHVWUDQHL'DVROLDEELDPRIDWWR WXWWRTXDQWRPDDGHVVRqTXLHULFRUGRFKHLQQRPHVXRVLDPRYHQX WLFRQOD VXDSDURODVXOODERFFD0QVWHUFLKDULVXFFKLDWROHHQHUJLH
FL KD IDWWR FRPEDWWHUH LPSXJQDUH OH DUPL ULVFKLDUH OD YLWD &RPH SRVVRVSLHJDUWHOR-DQFRPH"7XQRQF HUL 5HVWR ]LWWR /R JXDUGR VDOLUH VXO SDOFR GHJOL VSHWWDFROL HUHWWR D ULGRVVR GHOOD &DWWHGUDOH /H ILDFFROH GLVHJQDQR OD VXD RPEUD DOOXQJDWD VXOOD IDFFLDWD GHOOD FKLHVD XQ GHPRQH GDQ]DQWH FKH ID VEHUOHIILDOO DGXQDWD/DQHYHWDJOLDODOXFHYRUWLFDVRSUDOHWHVWHXQ EULYLGRJKLDFFLDWRQHOFRUSR $OWLVVLPR H PDJUR FRPH QRQ OR ULFRUGDYR SDVVD LQ UDVVHJQD L YROWLTXDVLDYROHUQHULFRUGDUHLWUDWWLXQRSHUXQRLQRPL ÊVFHVRXQVLOHQ]LRLUUHDOH*OLVJXDUGLSHUOXLGDVRWWROHILDFFR OH LO UHVSLUR GL FHQWLQDLD GL XRPLQL H GRQQH VRVSHVR VXOOD SLD]]D LQVLHPHDOOHYLWH /D YRFH q XQ JRUJRJOLR SURIRQGR FKH VHPEUD XVFLUH GD XQ DQIUDWWRGHOODWHUUD 1RQPH1RQPH1RQPHWXDGRULJHQtDIHVWDQWHGLSUHVFHOWL 1RQPH,OIXRFRGLTXHVWDQRWWHDUGHVXJOLDOWDULFRUURGHOHVWDWXH EUXFLD DOO LQIHUQR FRQ WXWWR FLz FKH HUD ( QRQ VDUj PDL SL~ ,O YHF FKLRPRQGRVLFRQVXPDFRPHSHUJDPHQDQHOIXRFR,OPRQGRLOFLH ORODWHUUDODQRWWH,OWHPSR1RQVDUjPDLSL~1RQPHLQQDO]LDOOD JORULDGHOO HWHUQLWj1RQPH/DSDURODQRQFRQRVFHLOSDVVDWRLOIX WXURLO9HUERqVROWDQWRO DGHVVRÊFDUQHYLYD7XWWRFLzFKHVDSHYL ODFRQRVFHQ]DLOPDUFLREXRQVHQVRGHOPRQGRFKHHUD7XWWRÊFH QHUH1RQPHFRQGXFLDOODYLWWRULD1RQPHFRQVHJQLDTXHVWRJLRUQR GL JORULD 1RQ PH GLIHQGL FRO SXJQR VHUUDWR FRQWUR LO WXR QHPLFR 1RQ VRQR LR LO FDSLWDQRGLTXHVWDJXHUUD1RQTXHVWDERFFDTXHVWH RVVDFRUURVHGDOODSDVVLRQH1R,OWXR6LJQRUH&ROXLFKHGDVHPSUH WLKDQQRFRVWUHWWRDGDGRUDUHQHOOHFKLHVHVXJOLDOWDULSURQRGDYDQWL DOOHVWDWXHÊTXL'LRqTXHVWRVDQJXHTXHVWHIDFFHTXHVWDQRWWH/D 6XD JORULD QRQ q GL XQ JLRUQR QRQ GXUD OD IHVWD G XQDVWDJLRQHPD YXROHHWHUQLWj/DSUHQGHFROIHUURVWULWRODVSURIRQGDVFKLDFFLD/j IXRULROWUHTXHOOHPXUDLOPRQGRqJLjILQLWR+RDWWUDYHUVDWRLOQXO OD SHU DUULYDUH ILQR TXL ( L FDPSL VSURIRQGDYDQR GLHWUR L SDVVL L ILXPLVLSURVFLXJDYDQRJOLDOEHULFDGHYDQRHODQHYHVFHQGHYDFRPH XQDSLRJJLDGLIXRFR(GLVDQJXH8QPDUHVFRUUHYDGLHWUR8QRFH DQR PRQWDQWH XQ RQGD G LUD 4XDWWUR FDYDOLHUL JDORSSDYDQR DO PLR ILDQFRIDFFHGLPRUWHSHVWLOHQ]DFDUHVWLDJXHUUD&LWWjFDVWHOOLYLO ODJJLPRQWDJQH1RQUHVWDSL~QLHQWH'LRVLqIHUPDWRVROWDQWRGD YDQWLDTXHVWHPXUDSHUFKLHGHUWLO DQLPDLOEUDFFLRHODYLWD(RUD WLDQQXQFLDFKHOD6FULWWXUDqPRUWDHFKHVXOOHWXHFDUQLLQFLGHUjOD QXRYD SDURODVFULYHUjO XOWLPRWHVWDPHQWRGHOPRQGRHORGHIODJUHUj
QHOIXRFR7X%DELORQLDGLIDQJRHPHUHWULFLR7XXOWLPDVXOODWHUUD 7X VHL OD SULPD 7XWWR FRPLQFLD GD TXL 'D TXHVWH WRUUL 'D TXHVWD SLD]]D 'LPHQWLFD LO WXR QRPH OD WXD JHQWH L WXRL HPSL PHUFDQWL L WXRLSUHWLLGRODWUL'LPHQWLFD3RLFKpLOSDVVDWRqGHLPRUWL2JJLKDL XQ QRPH QXRYR H TXHO QRPH q *HUXVDOHPPH 2JJL VHL JXLGDWD LQ EDWWDJOLDGD&ROXLFKHWLFKLDPD3HUWXDPDQROD6XDPDQQDLDHGLIL FKHUjLO5HJQRSDVVRGRSRSDVVRPDWWRQHVXPDWWRQHWHVWDVXWHVWD )LQR DO FLHOR )HFFLD GHJOL XPLOL GHL FDOSHVWDWL GL XQ HUD UHPRWD FRPEDWWHUDL VHQ]D WHPHUH DOFXQ PDOH PLOL]LD GL 'LR GHO UHJQR FKH YLHQH3RLFKpLOWXRFDSLWDQRqLO6LJQRUH
7UHPR/ LVWDQWHqLPPRELOH6RVSHVLQHOWHPSR ODQRWWHFDQFHOOD LO PRQGR ROWUH OD SLD]]D SL~ QLHQWH VROWDQWR QRL TXL ULXQLWL LQ XQ VRORUHVSLUR&RPSDWWDQHOWHUURUHGHOOHSDUROHO DUPDWDGHOOD/XFH ,VXRLRFFKLSHUFRUURQROHILODDUUXRODQGRFLXQRGRSRO DOWUR7LPRUH HRUJRJOLRHDQFRUDFHUWH]]DSHUFKpQLHQW DOWURSXzVFDFFLDUHODSDX UDGLTXHOOHSDUROH(VVHUHDOO DOWH]]DGHOFRPSLWR 7UHPR 9ROHYDPR OD FLWWj &L KD PHVVR GDYDQWL LO 5HJQR 9ROH YDPRLO&DUQHYDOHGHOODOLEHUWj&LKDUHJDODWRO $SRFDOLVVH 'LRPLR-DQ'LRPLR
&DSLWROR 0QVWHUIHEEUDLR
6RQRJHOLGHOHILDPPHGHOO LQIHUQR"6LDWWHQGHVHPLQXGLDIIDPD WLXQRGLHWURO DOWURPXWLO RUDGLHVVHUHVFDJOLDWLGDO&HUEHURDWWUD YHUVRODSRUWDQHOJKLDFFLRHWHUQRGHOO HPSLHWj" / DLDGHYHHVVHUHVSD]]DWD 4XDOH LQIDPLD FKH QRQ SRVVD HVVHUH PRQGDWD PDUFKLD TXHVWL IDQFLXOOL LQ ODFULPH DYYLQJKLDWL D PDGUL GLVRQRUDWH D YHFFKL WHUUR UL]]DWL FKH SLVFLDQR GHQWUR L SURSUL VWUDFFL" &KL VSLHJKHUj ORUR SHU FKpIXURQRVFDFFLDWLGDOO (GHQ" 7HVWD VX WHVWD KD VHQWHQ]LDWR (QRFK 7HVWH LPSLODWH VXOOH WRUUL VXOOHPXUDDIUHJLDUHLPHUOLDPPRQWLFFKLDWHRUGLQDWHGLVSRVWHEHQ YLVLELOLDOYHVFRYRHDOYLDQGDQWHDOODVXRUDHDOVROGDWRDOSLRHDO ODGUR H SL~ GL WXWWL DOO DUPDWD GHOOH WHQHEUH FKH SUHVWR DVVHGLHUj OD 1XRYD*HUXVDOHPPHKDRUGLQDWRLOSURIHWD &RVLFFKpVHPEUDFOHPHQ]DTXHVWR©$QGDWHYHQHVHQ]DGLR(QRQ WRUQDWHPDLSL~QHPLFLGHO3DGUHªJULGDWRGD0DWWK\VVRWWRODWRU PHQWD 6WULVFLD YLD SLDQR VXO PDQWR ELDQFR GL QHYH O HVRGR GHL YHFFKL FUHGHQWL1XGL2FFKLDWHUUDDFRQWDUHLSDVVLFKHULPDQJRQRSULPD GL ILQLUH FRQJHODWL 4XDOFXQR IRUVH SXz VSHUDUH GL UDJJLXQJHUH 7HO JWH R $QPDUVFK 1HVVXQR SXz IDUFHOD IRUVH JOL DGXOWL SL~ IRUWL GD VROLPDQRQODVFHUDQQRLQGLHWUROHPRJOLLILJOLLJHQLWRUL ]LD
1RQ F q QLHQWH GD DVSHWWDUH $GHVVR LO 3DGUH YXROH IDUH JLXVWL
&RVDLQWHQGLGLUH" 'HYRQR PRULUH 4XDVL VHUHQR PHQWUH OR GLFH VHUDILFR OR VJXDUGRILVVR
6FLYRODQR3LDQJRQR5HJJRQRSDQFHJUDYLGH3DSLVWLOXWHUDQLLO YHFFKLRPRQGRVHSROWRGDOOD EXIHUDHYRFDWDGD-DQ0DWWK\V&LSXRL OHJJHUHLOVHJQRODYRORQWjGL'LR Ê VFULWWR QRQ F q DOWUR GD VDSHUH q TXHVWR FKH LQWHQGL" 6RQR
GDQQDWLGHYRQRPRULUH9XRLWDJOLDUHODWHVWDDWXWWLTXDQWL" 4XHVWR q LO OXRJR SUHVFHOWR 4XHVWD q OD 1XRYD*HUXVDOHPPH QRQF qSRVWRSHULQRQULJHQHUDWL3RVVRQRDQFRUDVFHJOLHUHFRQYHU WLUVL0DLOWHPSRqJLXQWRDJOLXOWLPLULQWRFFKL&KHIDFFLDQRSUHVWR (VHQRQORIDQQR" 6DUDQQRVSD]]DWLYLDLQVLHPHDWXWWRFLzFKHqGHFUHSLWR $OORUD PDQGDOL YLD/DVFLD DOPHQR FKH VH QH YDGDQR FKH UDJ JLXQJDQRLOORURIRWWXWRYHVFRYRRLORURPDOHGHWWLDPLFLOXWHUDQL
6LFRQVXPDODUHVDGHLFRQWLDLQRVWULRFFKL$EELDPRYLQWRGXQ TXH0DGRY qODJLRLDLPSURQXQFLDELOHLOULVRYLWDOHLOGHVLGHULRGL XQLUHLFRUSLWXWWLLFRUSLGHOOHFRPXQLGRQQHHGHJOLXRPLQLQHOO DE EDQGRQRGHOO DEEUDFFLRHQHOFDORUHGHOODOXFH" ,OQRVWURFRPSLWRqHVDXULWRLOWHPSRqILQLWRO 2QQLSRWHQWH'LR SHQVHUj DWXWWRLOUHVWR/ $SRFDOLVVHOD5LYHOD]LRQHJLXQJHGDOO DO WRFLFDWWXUDLQXQDSDQWRPLPDWUDJLFDHWHUULELOHDFXLQRQqSRVVLEL OHVRWWUDUVLDPHQRGLQRQYROHUULQXQFLDUHDWXWWRFLzSHUFXLVLqORW WDWRSHUGHQGRLOVHQVRVWHVVRGHOQRVWURVWDUHTXLDVILGDUHLOPRQGR $EELDPR YLQWR" 3HUFKp TXHVWR VDSRUH DFUH PL LQYDGH OD ERFFD" 3HUFKpHYLWRFRPHODSHVWHORVJXDUGRGHLIUDWHOOL" ©&KHVLDGLPRQLWRPRQLWRSHUWXWWLª 0LDSSDLRQRRVFHQHOHLQYHWWLYHGHLSL~HVDJLWDWL&UXGHOLJOLVSX WLHLFDOFLDJOLVFRQILWWL1RQVRQRSL~LQHPLFLGHOSRSRORGL0Q VWHUQRQFRORURFKHFLKDQQRYHVVDWRSHUVHFROLQRQVRQRSL~XRPL QLGRQQHEDPELQLPDFUHDWXUHGHIRUPLPRVWUXRVHULEXWWDQWL6ROR OD ORUR HVWLQ]LRQH SXzGDUFLODYLWDFRQIHUPDUHODSDURODGL'LRVXO GHVWLQRFKHFLDVSHWWD 6RQR IRUVH LR OR VFRQILWWR GL RJQL WHPSR GL RJQL EDWWDJOLD" ,O 6DQWR*LXOODUHGL/HLGDSHUFRUUHTXHOODILODWRFFDQGRDSSHQDOHWHVWH FRQXQSLFFROREDVWRQH/DFRQWDVLIHUPDVXXQUDJD]]LQRORVJXDU GRGL-DQqDOFLHOR 3HUFKp"3HUFKpXQLQQRFHQWH" &DGHLQJLQRFFKLRSLDQJHQGR &RVWXLQRQKDFROSH/ DQJHORGHOODOXFHYROWHJJLDVXGLOXL 6LSHU FXRWHLOSHWWRVWULOODSL~IRUWHVLQJKLR]]D 3HUFKp" ,OSLFFRORDIIRQGDLOYLVRQHOJUHPERGHOODPDGUH/HLDWWLQJHDO IRQGRGHOODGLVSHUD]LRQHSLHJDOHJLQRFFKLDORDEEUDFFLDHORVROOH YDDOSHWWRWUDOHODFULPH3RLLQXQJHVWRGHILQLWLYRODGRQQDORGL VFRVWDGDVpHGDOODSURSULDILQHHLPSORUD 6DOYDOR7LHQLORFRQWH / DSRVWROR GL 0DWWK\V VL ULVROOHYD VL WRFFDOD EDUEDHULYROWRDO O DQJHORDQQXQFLD ,O3DGUHVHSDUDLOJUDQRGDOODSXOD SRLDEEDVVD
OR VJXDUGR VXO UDJD]]R 'D RJJL WX VDUDL 6HDULDV~E ©LO UHVWR FKH ULWRUQDªFROXLFKHVLFRQYHUWHHFRVtVIXJJHDOFDVWLJR9LHQL /R SUHQGH FRQVpPHQWUHODSRUWDJLjULVXFFKLDO HVRGRGHLGDQ QDWL /DEXIHUDPLRVFXUDODYLVWDFRPHLOSL~FXSRGHLSUHVDJL ,O&DUQHYDOHqILQLWR
&DSLWROR 0QVWHUPDU]R
%XWWDPDOH5XHFKHULOIDEEURLQFKLDYDUGDWRDXQDJUDQGHUXRWD GL FDUUR GD SHVDQWL FDWHQH SUREDELOPHQWH GD OXL VWHVVR IRUJLDWH q FLUFRQGDWR GD TXDWWUR JXDUGLH LPSURYYLVDWH FRPH WXWWR LO UHVWR LQ TXHVWLJLRUQLHDWWHQGH /D SRSROD]LRQH LQVLHPH DL QXRYL DUULYDWL FKH DXPHQWDQR RJQL JLRUQRqFKLDPDWDDUDGXQDUVLQHOO RUDVHFRQGDGDOVRPPR3URIHWD DGLUDWRGHOXVRPHVWRLPEHVWLDOLWRGDOFRPSRUWDPHQWRGHLVDQWLVXRL VXGGLWL 5XHFKHULOIDEEURTXHVWRJUDQGLVVLPRSH]]RGLPHUGDKDRVDWR SURIHULUH SHVDQWL FRPPHQWL GL ELDVLPR YHUVR O HVLWR GL WUH JLRUQL GL PHGLWD]LRQH WRWDOH DEEDQGRQR GLVFHVD SLHQDGHOODOXFHGHOO $OWLVVL PRGHQWURLOFRUSRWHUUHQRGHO*UDQGH0DWWK\VFKHDYHYDQRSURGRW WRLPSRUWDQWLGHFLVLRQL &KHFD]]RKDGHWWRLOIDEEURGDQGRYRFHDFLzFKHPROWLSHQVD YDQR YD EHQH WXWWR O DEROL]LRQH GL RJQL SURSULHWj OD SLHQD FRPX QDQ]DGLWXWWRFLzFKHqGLVSRQLELOHULFFKH]]DGLQHVVXQRHSHUWXWWL FHUWR O DYHYDPR SHQVDWR QRL H SULPD DQFKH LO IRQGR SHU L SRYHUL VDFURVDQWR UHJROH QXRYH PD FD]]R QRPLQDUH VHWWH GLDFRQL SHU O DPPLQLVWUD]LRQHHODGLVWULEX]LRQHGLRJQLULVRUVDSHUODVROX]LRQH GLRJQLFRQIOLWWRRELVRJQRVHQ]DFKHXQRQHDQFKHXQRIRVVHQDWRH YLVVXWRLQTXHOODFKHHUD0QVWHUQHPPHQRXQRWXWWLRODQGHVLWXWWL GLVFHSROLVXRLHFD]]RQRKDGHWWRDEELDPRULVFKLDWRODYLWDSHUOH OLEHUWjPXQLFLSDOLF qPDQFDWRSRFRFKHOHQRVWUHWHVWHIUHJLDVVHURL PHUOLGHOOHPXUDSRUFDSXWWDQDHSRLDUULYDXQRVtXQJUDQGHSURIH WDLOOXPLQDWRGDOODSDURODVDQWDFHUWRPDFD]]RQRQXQRWXWWLRODQ GHVL H SRL PDQFR F HUD TXDQGR DEELDPR SUHVR OD FLWWj FRPH FD]]R IXQ]LRQDXQRDUULYDWURYDWXWWRSURQWRHFRPDQGDFRPDQGDHPHWWH LVXRLDGDUHRUGLQLFRPDQGDHQRLULFRPLQFLDPRVXELWRDSUHQGHUOR QHOFXOR $UUHVWDWRVXELWR +XEHUW 5XHFKHU )DEEURIHUUDLR 0QVWHULWD %DWWLVWD (URH GHOOH EDUULFDWHGHOIHEEUDLR+XEHUW5XHFKHU)LJOLRGHOODFDXVD)RUJLD
WRUHGLSURLHWWLOL&RPEDWWHQWHSHUODOLEHUD]LRQHGL0QVWHUGDOODWL UDQQLDGHOYHVFRYR +XEHUW 5XHFKHU WUDVFLQDWR LQ FDWHQH DOODSLD]]DGHO0HUFDWRXQ WUDGLWRUH XQ LQIDPH FKH KD VROOHYDWR XQ GXEELR KD SDUODWR FRQWUR KDGHWWRFKH0DWWK\VKDSUHJDWRWUHJLRUQLSHUSRLQRPLQDUHGLDFRQLL VXRLIHGHOLVVLPL/DFRPXQLRQHGLWXWWLLEHQLG DFFRUGRUDFFRJOLHUOL LQTXHLJUDQGLPDJD]]LQLXQRSHURJQLTXDUWLHUHHGLVWULEXLUOLDFKL QHKDELVRJQRVtPDSHUFKpPHWWHUQHDFDSRVHWWHRODQGHVL"3HUFKp" 3HUFKpHVFOXGHUHLPQVWHULWL"8QDFD]]DWD-DQXQDFD]]DWDLPSHU GRQDELOH+DLIRUVHSDXUD"(GLFKHFRVD"'LFKL"6LDPRWXWWLVDQWL O KDLGHWWRWXVLDPRVWDWLVFHOWLVLDPRIUDWHOOL3HQVLFKHDFFHQWUDQGR WXWWRLOSRWHUHQHOOHWXHPDQL QRQIDUDLVRUJHUHLOGXEELRLQTXDOFX QR" 4XDOFXQR FKH KD FRPEDWWXWR SHU OLEHUDUH OD VXD FLWWj H DGHVVR GRSRODVFHOWDGLTXHLVHWWHRODQGHVLSXzSHQVDUHGLDYHUORIDWWRSHU QLHQWHSHUQRQULXVFLUHDQFRUDDHVVHUHSDGURQHGLVFHJOLHUHLQFDVD SURSULD 4XDOFXQRFRPH+XEHUW5XHFKHU 7L KDQQR ULIHULWR WXWWR KDL IRUVH VJXLQ]DJOLDWR GHOOH VSLH SHU OD FLWWj" KDLPDQGDWRLWXRLVJKHUULDSUHOHYDUORFRQODIRU]D,QFDWH QH DGHVVR VFKLXPDQWH GL UDEELD PRQLWR SHU WXWWL 6HL LPSD]]LWR -DQQRQqSHUTXHVWR FKHKDQQRORWWDWR 7L YHGR PHQWUH HVFL LPSRQHQWH VXO SDOFR RFFKL GL JKLDFFLR H EDUEDSL~DSSXQWLWDFKHPDL 7LYHGRPHQWUHSDUOLGHOODPDQFDQ]DGLIHGHDJLWDQGRLOYHQWLOD EUR 7LYHGR ,O6LJQRUHqDGLUDWRSHUFKpTXDOFXQRKDVROOHYDWRLOGXEELRVXO FRPSLWRGHO6XRSURIHWD +DFRPEDWWXWRFRQPHTXHOO XRPRKDXEELGLWRDLPLHLRUGLQLH RUDVRFKHVHQ qSHQWLWRFKHIRUVHRGLDFLzFKHKDIDWWRYRUUHLWURYD UHLOVXRVJXDUGRSHUFDSLUHPDqPHJOLRGLQRIRUVH6HQHVWDOt ULWWRHSDUDOL]]DWRGDOOHFDWHQHDGDVSHWWDUHFKH'LRVXJJHULVFDD-DQ 0DWWK\VLO3URIHWDFRPHFRPSRUWDUVL ,OWHPSRqILQLWR/DVFHOWDqFRPSLXWD&KLDEEDQGRQDODEDQ GLHUDGHO6LJQRUHULYHODG HVVHUHVHPSUHVWDWRLQGHFLVRG DYHUVHJXL WR JOL DOWUL VHQ]D DYHUH LQ UHDOWj ULFHYXWR OD FKLDPDWD LQWHULRUH DOOH DUPL VDQWH q XQ QHPLFR ( RJJL LQVLQXD O LQFHUWH]]D WUD OH ILOD GHL VDQWL SHU PLQDUH OD QRVWUD YLWWRULD 0D HVVD q LQHYLWDELOH SHUFKp FL JXLGDLO6LJQRUH 6HL XQ SD]]R SD]]R IRUQDLR FLDOWURQH H VRQR XQ SD]]R DQFK LR
SHUFKpVtVRQRVWDWRLRDGDUWLWXWWRTXHVWR 6HQRQWRJOLHUHPRVXELWRGLPH]]RLOSHFFDWRUHGDOSRSRORGHL VDQWLO LUDGHO6LJQRUHFDGUjVXWXWWL 6SDGDLQPDQRJLUDLQWRUQRD5XHFKHUYROWRSDRQD]]RHDWWHUUL WR ,O OHJXOHLR YRQ GHU :LHFN LQVLHPH DG DOWUL WUH QRWDELOL RELHWWD FKHD0QVWHUQHVVXQRqPDLVWDWRJLXVWL]LDWRVHQ]DXQUHJRODUHSUR FHVVRFLYRJOLRQRGHLWHVWLPRQLXQDYYRFDWR 0DWWK\V LQ VLOHQ]LR JLUD JLUD VRSSHVD TXHOOH SDUROH FRQWLQXD D JLUDUHODWHQVLRQHVDOHILQVRSUDOHWHVWHOR UDJJLXQJH6LIHUPD 5HJRODUHSURFHVVR7HVWLPRQLXQDYYRFDWR)DWHYLDYDQWLGXQ TXH 6JXDUGLWLWXEDQWLFKHVLLQFURFLDQRFRQSDVVLLQFHUWLUDJJLXQJRQR LOSDOFR &KHFD]]RIDL-DQ"0LUHQGRFRQWRGLDYHULPSXJQDWRODSLVWROD 3RFKHWHVWHSL~LQOj*UHVEHFNPLJXDUGDIDFFLDGXUDLPSDVVLELOH ODFLFDWULFHFKHYLEUDVXOVRSUDFFLJOLRO XQLFRVHJQRGLQHUYRVLVPR 6WDLDWWHQWR-DQTXHVWLXRPLQLKDQQRLPSDUDWRDFRPEDWWHUH 2JJL WHVWLPRQLDWH GHO SL~ JUDQGH GHJOL HYHQWL 7HVWLPRQLDWH OD QDVFLWDGL*HUXVDOHPPH0QVWHUQRQHVLVWHSL~QHOODFLWWjGL'LRq OD6XDSDURODDHVVHUHO XQLFDOHJJH(GHJOLSDUODHDJLVFHSHUPDQR GHO6XRSURIHWD9RLVLHWHLWHVWLPRQL /D ODPD URWHD LQ DOWRHVFHQGHILQRDOODJRODGL5XHFKHUDUHFL GHUODG XQFROSR 6JRPHQWR 9RQ GHU :LHFN LQYHVWLWR GDO ILRWWR GL VDQJXH q DQQLFKLOLWR DO FHQWURGHOODSLD]]D.QLSSHUGROOLQJH.LEEHQEURFNJXDUGDQRSHUWHU UD5RWKPDQQPXRYHOHODEEUDLQSUHJKLHUD*UHVEHFNLPPRELOH 8Q VLOHQ]LR FKH JHOD OH RVVD SL~GHOIUHGGRLQYHUQDOHURWWRVROR GDVRPPHVVHLQYRFD]LRQLGHOODYRORQWjGL'LRTXDOFXQRVLLQJLQRF FKLD %RFNHOVRQFDWWXUDODVFHQD 4XDOHLPPHQVRSULYLOHJLRRIIULUHLO VDQJXH FKH SXULILFD LO SRSROR GHL VDQWL GDOO RQWD GHO GXEELR ,P EUDFFLD XQ DUFKLEXJLR VL ID DYDQWL DFFDUH]]D OD IDFFLD GL YRQ GHU :LHFNSHUUDFFRJOLHUHLOVDQJXHGL5XHFKHU6HORVSDOPDVXOYLVR $ TXHVWR EDVWDUGR $ TXHVWR YHUPH LPPRQGR q WRFFDWR LO SL~ DOWR GHJOLRQRUL3HUFKp"3HUFKpOXL" 6SDUD QHO SHWWR GHO FDGDYHUH D EUXFLDSHOR LQWLQJH OH PDQL QHOOH IHULWHH EHQHGLFHODIROODFRQDPSLVFKL]]L 9LEHQHGLFRLQVDQJXHH VSLULWRIUDWHOOLPLHLVDQWLVVLPL
1HVVXQRVLPXRYH 0DWWK\V DOODUJD OH EUDFFLD D UDFFRJOLHUFL WXWWL *UHJJH GL 'LR XQDJUDQGHOH]LRQHFLqVWDWDGDWDGDO3DGUH(JOLKDVYHODWRO LPSXUL WjKDVFDYDWRDIRQGRODEUDPDGHOSULYLOHJLRHGHOSRVVHVVRFKHDQ FRUD VHUSHJJLDYD WUD GL QRL H FH QH KD PRQGDWL $QFRUD TXDOFXQR SHQVDYDFKHORVSLULWRSRWHVVHHVVHUHUDFFKLXVRQHLPHVFKLQLSULYLOH JLPXQLFLSDOLG XQDFLWWj1R/D1XRYD*HUXVDOHPPHqRJJLXQIDUR SHUWXWWRLOSRSRORGHLVDQWLFKHGDRJQLGRYHJLXQJHTXLDFRQGLYL GHUH OD JORULD GHOO $OWLVVLPR 1RL QRQ FRPEDWWLDPR SHU LO SULYLOHJLR GL SRFKL PD SHU LO 5HJQR GL 'LR ( LQ YHULWj HFFR LO PHUDYLJOLRVR DQQXQFLRLRYLGLFRFKHOD3DVTXDGLTXHVW DQQRVDOXWHUjXQFLHORH XQDWHUUDQXRYLHVDUjO LQL]LRGHO5HJQRGHLVDQWL,O3DGUHJLXQJHUj HVSD]]HUjYLDRJQLSDOPRGLWHUUDROWUHTXHVWHPXUD1HOEUHYHWHP SR FKH UHVWD QRQ LR QRQ VDUz LR FROXL FKH JXDUGHUj LO JUHJJH GDOOH WHQWD]LRQL GHO YHFFKLR PRQGR ,O 3DGUH GLFH FKH YD EHQH FKH FKL q VWDWRQRPLQDWRGDJOLXRPLQLSHUTXHVWRFRPSLWRORDGHPSLHDQFKHLQ 6XRQRPH SRUJHODVSDGDD.QLSSHUGROOLQJ 1RQHVLWDUHIUDWHOOR qODYRORQWjGHO3DGUH ,O ERUJRPDVWUR OD SUHQGH LPSDFFLDWR LQFUHGXORSRL FHUFD DLXWR QHOYROWRGL0DWWK\VFKHQRQJOLGjVFDPSR 6LDPRVROWDQWRLO6XR VWUXPHQWR ,O3URIHWDLQWRQDLOVDOPRHSLDQRSLDQRWXWWLJOLYDQQRGLHWUR ,O6LJQRUHVLqPDQLIHVWDWRKDIDWWRJLXVWL]LD O HPSLRq FDGXWRQHOODUHWHRSHUDGHOOHVXHPDQL 7RUQLQRJOLHPSLQHJOLLQIHUL WXWWLFRORURFKHGLPHQWLFDQR'LR 3HUFKpLOJLXVWRQRQVDUjGLPHQWLFDWR ODVSHUDQ]DGHJOLDIIOLWWLQRQUHVWHUjGHOXVD 6RUJL6LJQRUHGDYDQWLDWHVLDQRJLXGLFDWHOHJHQWL
&ROSLDOODSRUWD1RQPLPXRYR6RQRVWDQFRDOEXLR&ROSLVHF FKLULSHWXWL *HUWDSUL$SULTXHVWDFD]]RGLSRUWD $OWULFROSL0LDO]ROHQWR1RQVHQHDQGUj $SUR $YYROWR WXWWR GD XQD SHVDQWH FDSSD VFXUD GD YLDJJLR 5HGHNHU PLVWDGLIURQWH 6HQHVWDDQGDQGR 6SURIRQGRVXOODSROWURQDFRQODWHVWDGLODWR&RPHDSSHQDSULPD
FKH HQWUDVVH &RPH QHOOH XOWLPH WUH RUH &RVD GHYR GLUWL DGHVVR" ,O FHUYHOORQRQULVSRQGH8QVXVVXUURVHQ]DFRQYLQ]LRQH 1RQSHQVD YRFKHDQGDVVHDILQLUHFRVt &RVDSHQVDYL"&KHFD]]RGLFLORDYHWHSRUWDWRYRL %DOEHWWRTXDOFRVD/DUDEELDGL5HGHNHUPLDIIHWWDOHSDUROH +RFUHGXWRQHOYRVWUR'LR*HUWSHUFKpVDOLYDVXOOHEDUULFDWHH VLVEURQ]DYDQHOOHRVWHULHVDFFKHJJLDYDOHFKLHVHHVSDYHQWDYDLFD YDOLHUL&LFUHGRDQFRUDVHYXRLVDSHUOR6DLSHUFDVRGDFKHSDUWHq DQGDWRPHQWUHXVFLYDGLTXD" / HFRGHOOHIUDVLULPEDO]DWHLQWHVWDILQGDOO DUULYRGL-DQGL+DDU OHP 0DWWK\VqXQRVWURQ]R*HUW,JLXGLFLJOLVELUULLOERLDVRQRL QHPLFL SHJJLRUL GHL SRYHUDFFL FKH KDQQR FRPEDWWXWR FRQ QRL 4XHO ILJOLRGLFDQHSDUODGHO'LRGHOODIHFFLD0DFKLqLOVXR'LR"$QFRUD XQJLXGLFHXQRVELUURXQERLD 7UHRUHIDLQSLD]]DODSLVWRODVWUHWWDLQPDQR,QJKLRWWLYRVDOLYD HDULD$VSHWWDYR (UDQRJOLDOWULDGDVSHWWDUH0H 4XHOSD]]RIRWWXWRKDURYLQDWRWXWWR0LKDJHODWRLOVDQJXH (SHUFKpVWDLIHUPR"3HUFKpQRQORIDLIXRUL VWRILJOLRGLSXWWD QD" )DOOR DGHVVR *HUW PHWWLJOLHOR QHO FXOR GDO 3R]]R 9RL VLHWH L VDQWLULFRUGDLRLOODGUR+RSUHVRLOPLR4XDQGRHVFRGLTXDYDGR YLD 6WULQJRLOSXJQROHXQJKLHSLDQWDWHQHOSDOPR1RQKRULVSRVWD )LRFROXPHVXXQXRPRFKHQRQSDUHGLTXHVWHWHUUHUDSDFHSLF FROR H QHUYRVR DL SLHGL XQLFD SURWXEHUDQ]D FDO]DUL VROLGL OHUFL H YHORFL,QWXLVFRLOJRQILRUHGHOOHSLVWROHHGHOODELVDFFLDSLFFRODJRQ ILDFUHVSRSHORFRUWRVRSUDODVWUDQDEDUEDUDGDFXUDWDFRUQLFHILQR DO SL]]R DIILODWD ODPD QHUD FKH JXDUGD D WHUUD L EDIIL VRWWLOL D GLVH JQDUH O DUFR GL FRQJLXQ]LRQH DO PHQWR EL]]DUUD JHRPHWULD GL PHWLF FLRXQRVSLJRORWDJOLHQWHFKHqPHJOLRQRQLQFRQWUDUHQHOOHQRWWLLQ FHUWHGLTXHVWHODQGH
&DSLWROR 0QVWHUXQ RUDGRSR
Ê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q WRUQDWRDWHUURUL]]DUFL 5RWKPDQQFRQWLQXDDILVVDUHLOYXRWRPRUPRUD 6WRSUHJDQGR IUDWHOOR*HUWVWRSUHJDQGRPROWR /RODVFLRVRORFRQO DQJRVFLDFKHJOLSLHJDODVFKLHQDDVXVVXUUDUH LQYRFD]LRQLFKHQRQWURYHUDQQRDVFROWR 4XHOORFKHGHYRIDUH
0L VL SDUD GL IURQWH LO VRQWXRVR SRUWDOH GL SDOD]]R :|UGHPDQQ IUHJLDWR GL SODFFKH H EXOEL GL EURQ]R LQFLVLRQL UDIILQDWH QHO OHJQR VHFRODUHILQRDOODVRPPLWjÊTXLQHOODGLPRUDGHOO XRPRSL~ULFFR GHOODFLWWjFKHLO3URIHWDVLqVWDELOLWR $SSHQD GHQWUR TXDWWUR XRPLQL DUPDWL IDFFH VFRQRVFLXWH JHQWH GLIXRULRODQGHVLSUREDELOPHQWH 'HYRSHUTXLVLUWLIUDWHOOR 0LVTXDGUDPLULFRQRVFHIRUVHPDKDULFHYXWRGHJOLRUGLQL
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q DSHUWD q VHGXWD VSD]]RODODFKLRPDOXPLQRVDTXDVLILQRDWHUUD,OJHVWRULSHWXWRGDO O DOWR DO EDVVR 6L YROWD XQD EHOOH]]D WHUULELOH O LQQRFHQ]D QHOOR VJXDUGR 0XRYLWL/DYRFHGHOJXDUGLDQR 'LYDUD1RQVDSHYRFKHO DYHVVHSRUWDWDTXL (LQIDWWLQRQHVLVWH1RQO KDLYLVWDqPHJOLRSHUWXWWL 0L ID VWUDGD ILQR DO VDORQH 8Q FDPLQR JLJDQWHVFR FRQWLHQH LO IXRFRFKHGjOXFHDOO DPELHQWH ÊVHGXWRVXXQRVFUDQQRLPSRQHQWHVFRPSRVWRORVJXDUGRSXQ WDWR VXOOH ILDPPH FKH GLYRUDQR LO FHSSR / RODQGHVH PL ID FHQQR GL HQWUDUHJLUDVXLWDFFKLHWRUQDLQGLHWUR 6ROL4XHOORFKHGHYRIDUH ,PLHLSDVVLULVXRQDQRFRPHLULQWRFFKLGLXQDFDPSDQDOXJXEUL SHVDQWL 0LIHUPRHFHUFRLO YROWRPDODVXDPHQWHqDOWURYHOHRPEUHGL VHJQDQRVWUDQHILJXUHVXTXHOODIDFFLDSDOOLGD 7LVWDYRDVSHWWDQGRIUDWHOORPLR *OLDWWL]]DWRLFDPSHJJLDQRLQILODVXOODSDUHWHGHOFDPLQRFRPH SLFFKHGDJXHUUD 8QFDQGHODEURPDVVLFFLRVXOOXQJRWDYRORGLQRFH ,OFROWHOORFKHKDWDJOLDWRODFDUQHGHOODFHQD /HPLHPDQL)RUWL 4XHOORFKHGHYRIDUH 6L YROWD DSSHQD XQR VJXDUGR VHQ]D GHWHUPLQD]LRQH VHQ]D PL QDFFLD
,FXRULLPSDYLGLDPDQRLOFXRUHGHOODQRWWHÊLOPRPHQWRLQFXL qSL~GLIILFLOHPHQWLUHWXWWLVLDPRSL~GHEROLYXOQHUDELOL(LOURVVR GHOVDQJXHVFRPSDUHLQVLHPHDWXWWLLFRORUL $FFDYDOODODJDPEDVXOEUDFFLRORHODODVFLDSHQ]RODUHLQHUWH &L VRQR IDUGHOOL FKH QRQ q IDFLOH SRUWDUH 6FHOWH GLIILFLOL FKH OD UR]]D PHQWH GHJOL XRPLQL QRQ SXz DIIHUUDUH &L VIRU]LDPR ORWWLDPR RJQL JLRUQR SHU FDSLUH ( FKLHGLDPR D 'LR GL GDUFL XQ VHJQR XQ FHQQR G DVVHQVR SHU OH QRVWUH PHVFKLQH D]LRQL 4XHVWR FKLHGLDPR 9RU UHPPR HVVHUH SUHVL SHU PDQR H JXLGDWL LQ TXHVWD QRWWH RVFXUD ILQR DOODOXFHGHOJLRUQRFKHYHUUj9RJOLDPRVDSHUHGLQRQHVVHUHVROLGL QRQVEDJOLDUHPHQWUHDO]LDPRLOFROWHOORVX,VDFFR(FRVtDVSHWWLDPR GL YHGHUH O DQJHOR FKH YHQJD D IHUPDUH OD QRVWUD ODPD H FLUDVVLFXUL VXOEHQHGL'LR9RUUHPPRGDYYHURFKHFLYHQLVVHFRQIHUPDWDO LQX WLOLWj GHL QRVWUL JHVWL FKH IRVVH VROWDQWR XQD SDQWRPLPD ULGLFROD VHQ] DOWUR VFRSR FKH TXHOORGLSURYDUHLOQRVWURDVVROXWRDEEDQGRQR DOODYRORQWjGHO6LJQRUH0DQRQqFRVt'LRQRQ FLPHWWHDOODSURYD SHU WUDVWXOODUVL FRQ TXHVWH PLVHUH FUHDWXUH IRUJLDWH GDO IDQJR SHU VDJJLDUQHODGHYR]LRQHQR'LRFLIDVXRLWHVWLPRQLYXROHFKHVDFUL ILFKLDPRQRLVWHVVLLOQRVWURRUJRJOLRPRUWDOHFKHFLIDDPDUHO HVVH UHDPDWLRVDQQDWLLQQDO]DWLFRPHSURIHWLVDQWL&DSLWDQL,O6LJQRUH QRQVDFKHIDUVHQHGHOODQRVWUDEXRQDIHGH'HOODQRVWUDERQWj(FL WUDVIRUPDLQRPLFLGLILJOLGLSXWWDQDVHQ]DVFUXSROLFRVLFFRPHFRQ YHUWHJOLRPLFLGLHLOHQRQLDOODVXDFDXVD /D YRFH GL 0DWWK\V q XQ PRUPRULR FKH VDOH ILQR DO VRIILWWR D WRFFDUHODWHVWDGHOOHQRVWUHRPEUHDOOXQJDWHÊODYRFHGLXQDPDODW WLDPRUWDOHGLXQDFDQFUHQDSURIRQGDF qTXDOFRVDGLDJJKLDFFLDQWH LQ TXHOOH SDUROH LQ TXHO FRUSR FKH RUD SDUH VILQLWR TXDOFRVD FKH PHWWH L EULYLGL D SRFKL SDVVL GDO IXRFR Ê FRPH VH VDSHVVH SHU FKH FRVD VRQR YHQXWR &RPH VH XQR VSHFFKLR ULPDQGDVVH O LPPDJLQH GL TXHOORFKHKRGHQWUR $YROWHLOSHVRGLTXHOODVFHOWDQRQqSL~VRSSRUWDELOH(VLKD YRJOLD GL PRULUH GL WDSSDUVL OH RUHFFKLH H GLVHUWDUH 'LR 3HUFKp LO 5HJQR*HUWTXHOORFKHVRJQLDPRILQGDTXDQGRHUDYDPRLQ2ODQGD ULFRUGL"LO5HJQRGL'LRqXQJLRLHOORFKHSXRLFRQTXLVWDUHVROWDQWR VHWLVSRUFKLOHPDQLGLIDQJRGLPHUGDHGLVDQJXH(VHLWXFKHGHYL IDUOR QRQ XQ DOWUR VDUHEEH IDFLOH QR WX 5HFLWDUH OD WXD SDUWH QHO SLDQR6RUULGHVWRUWRDJOLVSHWWUL 8QDYROWDXQXRPRPLVDOYzOD YLWD6DOWzIXRULGDXQSR]]RHDIIURQWzGDVRORTXHOOLFKHYROHYDQR IDUPLODSHOOH4XDQGRDIILGDLDTXHOO XRPRXQDPLVVLRQHYHQLUHTXL D0QVWHUHSUHSDUDUHO DYYHQWRGHO5HJQRVDSHYRFKHQRQDYUHEEH
IDOOLWR3HUFKpTXHVWRHUDLOVXRUXRORQHOSLDQR&RPHLOPLRqWHQHUH LOWURQRGHO3DGUHILQRDOJLRUQRSUHVWDELOLWR 4XHOORFKHGHYRIDUH / DWWL]]DWRLR ,OFDQGHODEUR ,OFROWHOOR 4XDOqLOJLRUQR-DQ" +RSDUODWRPDHUDXQ DOWUDYRFHLOSHQVLHURVLqFRPSRVWRGHQWUR GLPHHGqXVFLWRVHQ]DELVRJQRGHOOHODEEUD(UDODYRFHGHOODPLD PHQWH 1RVLYROWDVHQ]DHVLWDUH 3DVTXD4XHOORqLOJLRUQR$QQXL VFH D VH VWHVVR ( ILQR DG DOORUD *HUW IUDWHOOR PLR DIILGR D WH OD GLIHVDGLTXHVWDQRVWUDFLWWjGDOOHVFKLHUHGHOOHWHQHEUHFKHVLVWDQQR UDGXQDQGROjIXRUL)DLDQFRUDTXHVWR3URWHJJLLOSRSRORGL'LRGDO O XOWLPRVXVVXOWRGHOYHFFKLRPRQGR 6t ORVDLFRVDVRQRYHQXWRDIDUH/ KDLVDSXWRDSSHQDVRQRHQ WUDWR &L ILVVLDPR D OXQJR OD SURPHVVD QHJOL RFFKL VHL XQ SURIHWD D WHUPLQH-DQGL+DDUOHP
&DSLWROR 0QVWHUPDU]R
6LDPRLQSHUOXVWUD]LRQH'LVHJQDPRFXUYHFKHYLDYLDVLDOODUJD QR GDOOH PXUD GHOOD FLWWj ,Q VHWWH VDJJLDPR OD VDOGH]]D GHOO DFFHU FKLDPHQWRYHVFRYLOH&LPXRYLDPRLQVLOHQ]LRGLVWDQ]LDWLDSRUWDWD GL VHJQDOH DFXVWLFR R OXPLQRVR VSHVVR IDYRULWL GDOO RVFXULWj VXOOD QXGD SLHWUDODVWULFDWDGD0DVWUR,QYHUQRHWRUQLWDGD)DEEUR9HQWR 1RQ DSSHQD VFRUJLDPR OH OLQHH PHUFHQDULH SUHQGLDPR SRL D ERU GHJJLDUOHRFFXOWLILQRDTXDQGRWURYLDPRXQDPDJOLDSL~ODUJD 3D]LHQWL DWWHVH JHOLGH VSRVWDPHQWL OHJJHUL IXUWLYH LQFXUVLRQL VHJQDOL GLVVHPLQDWL H DQQRWDWL VX PDSSH LPSURYYLVDWH D LPSULPHUH ODYLVLRQHGLSHUFRUVLVPDJOLDWXUHYLHGLIXJD $EELDPRJLjHOXVRGXHYROWHLOEORFFRGLYRQ:DOGHFNULXVFLUH PRDQFRUDDEELDPRFDSLWRFKHqVILODFFLDWRSRFRHIILFDFHLQGROHQ WH 0DQFD XQD EUDQGD GRYH SRJJLDUH OH RVVD DL FRUDJJLRVL IUDWHOOL 0D\HUHURLGHOOHEDUULFDWHGLIHEEUDLRPDQFDODWD]]DGRYHYHUVDUH O LQIXVR GL HUEH FRSLRVDPHQWH DOOXQJDWR GD DFTXDYLWH DO PDQLVFDOFR $GULDQVRQODELUUDDOSL~JUDQGHGHLIUDWHOOL%UXQGW3LHWHUVHPSOLFH HGHQWXVLDVWDFRPHLOPH]]RGt +HLQULFK *UHVEHFN ULPSLDQJH VHQ]D GLUOR OD ODPSDGD FKH UL VFKLDUD OHLQFHVVDQWLOHWWXUHQRWWXUQHGLTXHVWRVROGDWRLPSDVVLELOHH SUHFLVR OD FXL EUDPD GL FRQRVFHQ]D GHY HVVHUH QDWD LQ VWDJLRQL GL YHUVHGDTXHVWD & q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qSL~ QLHQWH'LFRQR FKH LO ODQJUDYLR G $VVLD )LOLSSR JOL DEELD LQYLDWR GXH VSLQJDUGH JL JDQWHVFKH GDL QRPL LPSUHVVLRQDQWL GL ©,O GLDYRORª H ©6XD PDGUHª PD FKH VL VLD ULILXWDWR GL PDQGDUH WUXSSH 6RQR FRQYLQWR FKH YRQ :DOGHFNVWLDFHUFDQGRGLFRQYLQFHUHWXWWLLVLJQRURWWLYLFLQLDGDUJOL PDQIRUWH FRQWUR OD SHVWH DQDEDWWLVWD 3HU RUD VL q OLPLWDWR D VFDYDUH GHLWHUUDSLHQLSHUFKLXGHUHOHYLHG XVFLWDLQGLUH]LRQHGL$QPDUVFKH 7HOJWH(GDWRFKHQRQqXQRVWXSLGRVWDUjPHWWHQGRVXOFKLYLYHWXWWL LQRELOLVLJQRULGHOOHWHUUHWUDO 2ODQGDHTXLDIILQFKp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~ELDQFDGHO VROLWR &RQRVFLOHLQVHJQH" *UHVEHFN DO]D OH VSDOOH 1RQ PL SDUH )RUVH LO FDSLWDQR .HP SHO7HO KRGHWWRqXQDYLWDFKHQRQWRUQRGDTXHVWHSDUWL 4XHVWD q JHQWH FKH FRPEDWWH SHU TXDWWUR VROGL VFLDFDOOL &RQ TXHOOR FKH VL q UHTXLVLWR DL OXWHUDQL H DL SDSLVWL SRWUHPPR RIIULUJOL XQDSDJDSL~DOWDGLTXHOODFKHSDVVDYRQ:DOGHFN 0PKÊXQ LGHD 0DPHJOLRDQGDUFDXWLODQRVWUDIRU]DqODIUD WHOODQ]D
6L SRWUHEEHUR VWDPSDUH GHL IRJOL YRODQWL H GLIIRQGHUOL SHU OH FDPSDJQH 0QVWHUQRQSXzDFFRJOLHUHJHQWHDOO LQILQLWR ,QIDWWL %LVRJQHUHEEHSUHQGHUHFRQWDWWLFRQLIUDWHOOLRODQGHVLH WHGHVFKL 0QVWHU SXz HVVHUH O HVHPSLR $EELDPR GLPRVWUDWR FKH VL SXzIDUH0DSHUFKpQRQ$PVWHUGDPR(PGHQ" 7RUQLDPR DL FDYDOOL H FL ULPHWWLDPR LQ PDUFLD SHUFRPSOHWDUHOD SHUOXVWUD]LRQH 'HFLGRGLGLUJOLHOR'HYRVDSHUHVXFKLSRVVRFRQWDUH 0DWWK\V q SHULFRORVR +HLQULFK 3RWUHEEH EUXFLDUH WXWWR TXHOOR FKHDEELDPRIDWWR*OLEDVWHUHEEHXQJLRUQR / H[PHUFHQDULRPLJXDUGDVWUDQRTXDOFRVDORURGH 'LQXRYR 1RQYRJOLRFKHILQLVFDFRVt+RFRQRVFLXWR0HOFKLRU +RIPDQQDQFKHOXLDYHYDVWDELOLWRXQDGDWDSHUODILQHGHOPRQGR,O JLRUQRqWUDVFRUVRQRQqVXFFHVVRQLHQWHHODVXDUHSXWD]LRQHqYROD WDYLD &DYDOFKLDPRDYDQWLDJOLDOWULQRQSRVVRQRVHQWLUHLQRVWULGLVFRU VL 4XHOO XRPRKDOHSDOOH*HUWKDDEROLWRLOGHQDURHGDFKHVRQR DO PRQGR QRQ DYHYR PDL SHQVDWR FKH VL SRWHVVH IDUH XQD FRVD GHO JHQHUH,QYHFHOXLO KDIDWWDVFKLRFFDQGROHGLWD (PHWWHQGRDWDFHUHFKLXQTXHDSUHODERFFD 3DUODFKLDUR&RVDSHQVLGLIDUH" 'HYRGLUJOLHOR 9RJOLR IHUPDUOR +HLQULFK 9RJOLR LPSHGLUJOL GL GLYHQWDUH LO QXRYRYHVFRYRGL0QVWHURGLWUDVFLQDUFLWXWWLTXDQWLLQXQ HFDWRP EH GL VDQJXH 'HYR HVVHUH LR D IDUOR 5RWKPDQQ q PDODWR GHEROH .QLSSHUGROOLQJ H .LEEHQEURFN QRQ DWWDFFKHUHEEHUR PDL O DXWRULWj GHOSURIHWDVHODIDQQRVRWWR 5LPDQLDPR ]LWWL DG DVFROWDUH JOL ]RFFROL FKH SHVWDQR LO WHUUHQR ORVEXIIDUHGHLFDYDOOL ÊOXLDSDUODUHGLQXRYR 1RQVXFFHGHUjSURSULRQLHQWHLOJLRUQR GL3DVTXD )RUVHqSL~GLXQDSDURODG LQWHVD 3URSULR TXHVWR q LO SUREOHPD &RVD KD LQWHQ]LRQH GL IDUH 0DWWK\VTXHOJLRUQRÊXQSD]]R+HLQULFKXQSD]]RSHULFRORVR 6HPEUDLQFUHGLELOHSRFRSL~GLXQPHVHIDHUDYDPRLSDGURQLGL 0QVWHU RJJL SDUOLDPR VRWWRYRFH ORQWDQL GDOOH RUHFFKLH GL WXWWL FRPHVHLOGXEELRIRVVHXQUHDWRPRUWDOH +DGDWRXQWHUPLQHHLQYLVWDGLTXHOWHUPLQHGHWLHQHO DXWRULWj
DVVROXWD3RVVLDPRLQFDVWUDUOR 6SXWWDQDUORGDYDQWLDWXWWL" 'HJOXWLVFR 2SSXUHXFFLGHUOR /HRVVDVLJHODQRDSSHQDOHSDUROHYHQJRQRSURQXQFLDWHFRPHVH O LQYHUQRYROHVVHVXJJHOODUOHLQXQDPRUVDJKLDFFLDWD $QFRUDSRFKLPHWULLQVLOHQ]LR6HPEUDGLDYYHUWLUHLOEUXVLRFRQ IXVRGHLVXRLSHQVLHUL /R VJXDUGR ULPDQH SLDQWDWR LQ IRQGR DOOD VWUDGD 6DUHEEH OD JXHUUDLQFLWWj7XWWDTXHOODJHQWHYHQXWDGDIXRULORDPD,PQVWHUL WL ORUR IRUVH WL VHJXLUHEEHUR PD RJQL JLRUQR FKH SDVVD GLYHQWDQR VHPSUHSL~XQDPLQRUDQ]D +DL UDJLRQH 0D QRQ VL SXz UHVWDUH D JXDUGDUH PHQWUH TXHOOR SHUFXLVLqORWWDWRYDLQIXPR 'LQXRYRLOUXPRUHGHLVXRLSHQVLHUL &KL KD SURYDWR D FRQWHVWDUOR KD ODVFLDWR LO VDQJXH VXO VHOFLDWR GHOODSLD]]D $QQXLVFR $SSXQWR 1RQ q SHU TXHVWR FKH KDL XVDWR OH WXH SLVWROHFRQWURLOXWHUDQLHLYHVFRYLOL
/DFLWWjVHPEUDGHVHUWD6LOHQ]LRQHVVXQRSHUOHVWUDGH&LJXDU GLDPRSUHRFFXSDWLFRPHFKLDQQXVDQHOO DULDXQDVFLDJXUDFRQVXPD WDPDQRQSDUOLDPRODVFLDPRLFDYDOOLHFLLQFDPPLQLDPRLQVLHPH FRPHDWWUDWWLGDXQPDJQHWHYHUVRLOWHDWURFHQWUDOHODJUDQGHSLD]]D GHOOD &DWWHGUDOH $ RJQL SDVVR VDOH O DQVLD GL XQD PLQDFFLD LJQRWD HSSXUH QLWLGD SUHVHQWH GLVFHVD VXOOD FLWWj D LQJKLRWWLUOD WXWWD 'RYH VRQR ILQLWL JOL DELWDQWL" 1RQ F q SL~ QHVVXQR QRQ XQ FDQH SXOFLRVR $IIUHWWLDPRLOSDVVRDOO XQLVRQR /DQXYRODELDQFDVWUDVEXIIDVRSUDODILODGLFRVWUX]LRQLFKHGHOL PLWDODVWUDGDVWUHWWD FKHSRUWDDOODSLD]]D ÊSLHQD %UXVLRGLIROODFKHVLGLVSRQHWXWWDLQWRUQRDOVXRFHQWURORRVVH TXLD UDSLWD GRYH FDPSHJJLD OD SLUD FKH VSUL]]D OLQJXHGLIXRFR2 VFHQRDOWDUHLQQDO]DWRDOO REOLRODSDURODGL'LRVFDFFLDTXHOODGHJOL XRPLQL YRPLWD LO VXR WULRQIR VRSUD OH QRVWUH VFKLHQH VHSSHOOLVFH LO QRVWURVJXDUGRVRWWRXQDFROWUHLPSHQHWUDELOHLOVXRILDWRDOLWDVRSUD OHQRVWUHWHVWHLOVXRRFFKLRFLVFRYDLPSODFDELOHFLGjODFDFFLDILQ GRYH QRQ SRWUHPPR QDVFRQGHUFL GHQWUR L QRVWUL SHQVLHUL GHQWUR LO GHVLGHULR GL SRWHU HVVHUH XQ JLRUQR SL~ VDJJL $ XFFLGHUH RJQLFX
ULRVLWjHRJQLLQJHJQR 6DOH SLDQR LO IXPR GHO URJR GHL OLEUL $ PDQFLDWH UDFFROJRQR L YROXPL FKH YHQJRQR VFDULFDWL VXO VHOFLDWR GDL FDUUL H OL JHWWDQR QHO IDOzXQDFRORQQDGLIXRFRDOWDILQRDODPELUHLOFLHORSHUULFKLDPDUH JOL DQJHOL FRO IXPR GL 3LHWUR /RPEDUGR $JRVWLQR 7DFLWR &HVDUH $ULVWRWHOH ,O 3URIHWD ULWWR LQ SLHGL VXO SDOFR VWULQJH LQ PDQR XQD %LEELD 6RQRFHUWRFKHPLYHGH6LOODEHFKHQRQVXSHUDQRLOYRFLDUHHVDOWDWR GHOODJHQWHQpLOFUHSLWLRGHOIXRFRPDVRQRSURQXQFLDWHSHUPHGD TXHOOHODEEUDVRWWLOL 9DQHSDUROHG XRPLQLQRQYHGUHWHLOJLRUQRGHOWXRQR/D3DUR ODHVROWDQWRHVVDFDQWHUjLOJLXGL]LRGHO3DGUH /DFDWDVWDFUHVFHHVLFRQVXPDVLDO]D HLQFHQHULVFHVFRUJRXQD FRSLDGL(UDVPRDGLPRVWUDUHFKHTXHO'LRQRQKDSL~ELVRJQRGHOOD QRVWUDOLQJXDHQRQFLGDUjSDFH,OYHFFKLRPRQGRVLFRQVXPDFRPH SHUJDPHQDQHOIXRFR $O PLR ILDQFR LO YROWR OLYLGR GL *UHVEHFN WUXFH H IRUWH 6DUz FRQWH
&DSLWROR 0QVWHU3DVTXD
6RSUDVVDOWRGLVXGRUHIUHGGRGDXQVRQQRDJLWDWRPDGLGRQRQR VWDQWHODSLRJJLDFKHSLFFKLDIXULRVDVRSUDLEDWWHQWLSXOVRSDXUDDQ FHVWUDOHOLEHURLOSHWWRFRQXQUDQWRORVRUGRUDXFR6EDUURJOLRFFKL LQHUPH /DPSLJLDOOLVTXDUFLDQRODSHQRPEUDGHOSULPRPDWWLQR *LRUQRGL5HVXUUH]LRQH
3ULPRVFHQDULRDOFDODUGHOVROHODSLD]]DqSLHQDFLVRQRWXWWLFL VLDVSHWWDXQGLVFRUVRGHO3URIHWD0DWWK\VVDOHVXOSDOFRSDUODDOOD IROOD Gj XQD TXDOFKH PRWLYD]LRQHSHU OD PDQFDWD$SRFDOLVVHYHUR VLPLOPHQWHDWWULEXHQGRODFROSDDJOLHOHWWLQRQDQFRUDSXUL,OSDOFRq DGGRVVDWRDOILDQFRPHULGLRQDOHGHOOD&DWWHGUDOH9HQWLXRPLQLFRQ PH HQWUDQR GDOOD IDFFLDWD RFFLGHQWDOH HG HVFRQR GDOOD ILQHVWUD GHO WUDQVHWWRFKHVWD SURSULRGLHWURDO3URIHWD*OLDOWULGLHFLVRQRWUDOH SULPHILOH1RQVLGjDOOHJXDUGLHLOWHPSRGLUHDJLUH*UHVEHFNDIIHU UD0DWWK\VDOOHVSDOOHHJOLSRUWDODODPDDOODJROD,O&DSLWDQR*HUW VSLHJDSHUFKp(QRFKGHYHPRULUH 6HFRQGR VFHQDULR (QRFK JXLGDLOSRSRORGHLVDQWLDOODEDWWDJOLD ILQDOH/DVFLDUORIDUH/ HVHUFLWRUDFFDWWDWRGLYRQ:DOGHFNSXz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~VWUHWWLHULSLGLILQRDOOHGXHSRUWH,QPH]]RVRUWDGLX JRODXQDVWDWXDVRUUHWWDGDXQDFRORQQDVRWWLOH$LODWLGHOODVHFRQGD VFDOLQDWD UHVWULQJRQR JUDGXDOPHQWH O DSHUWXUD WUH QLFFKLH SHU SDUWH
'DOO DUFR GHOOH ODEEUD H GHL GHQWL ILQR DOOD JROD VFXUD JUDQGH DIIRO ODPHQWR GL VWDWXH VSHFLH VXO SDODWR FRPH GDQQDWL LQJRLDWL GDO PR VWUR 6RYUDVWDQR O LQJUHVVR JOL RFFKL HQRUPL GL XQD YHWUDWD GDL ILQL UL FDPL DIILDQFDWD GD GXH JUH]]H ILQHVWUHOOH SHU RJQL ODWR &KLXGH LO YROWR LO IURQWRQH WULDQJRODUH VX FXL FDPSHJJLDQR WUH SLQQDFROL OH FRUQD /DIDFFLDWDqUDFFKLXVDGDOOHPDVVLFFHWRUULTXDGUDWHSURILODWHGD GXHRUGLQLGLDUFKLSHQVLOLVHPSOLFLLSULPLGXSOLFLLVHFRQGLHDSHU WH GD GXH RUGLQL GL ELIRUH GL JUDQGH]]D SURJUHVVLYD 'D XQD SDUWH H GDOO DOWUDOHGXHDOLGHOWUDQVHWWRVRQR]DPSHSHVDQWHPHQWHDFFRYDF FLDWHVXOWHUUHQR )UDGLFLRGLSLRJJLDPLODVFLRLQJKLRWWLUH 4XDVL PHWj GHOO DWWXDOH SRSROD]LRQH GL 0QVWHU q ULXQLWD ILQ GDL YHVSULGLVDEDWRWUDTXHVWHWUHLPSRQHQWLQDYDWH,QJLQRFFKLROHPD QL JLXQWH DWWHQGRQR FDQWDQGR VRPPHVVDPHQWH FLz FKH LO3URIHWDKD SUHGHWWRSHUTXHVWRJLRUQR
2JJLIDUzVSDULUHGDOODWHUUDRJQLFRVDGLFHLO6LJQRUH'LVWUXJ JHUz XRPLQL H EHVWLH 6WHUPLQHUz JOL XFFHOOL GHO FLHOR H L SHVFL GHO PDUH DEEDWWHUz JOL HPSL 6WHUPLQHUz O XRPR GDOOD WHUUD &RPH XQ GLOXYLRqLOJLRUQRILQDOH4XHVWDQRVWUDFLWWjqO DUFDFRVWUXLWDFROOH JQRGHOODSHQLWHQ]DHGHOODJLXVWL]LD(VVDJDOOHJJHUjVXOOHDFTXHGHO ODYHQGHWWDILQDOH 'LR QRQ FKLHVH D 1Rq GL DYYLVDUH LO PRQGR GL TXDQWR VWDYD SHU DFFDGHUH ( TXDQGR OH DFTXH VL ULWLUDURQR SURPLVH FKH PDL SL~D YUHEEH FROSLWR RJQL HVVHUH YLYHQWH FRPH LQ TXHO JLRUQR 'D DOORUD RJQL TXDO YROWD LO 6LJQRUH QXWUH SURSRVLWL GL GLVWUX]LRQH VFHJOLH XQ SURIHWD FKH LQGLFKL DL VXRL VLPLOL OD VWUDGD GHOOD FRQYHUVLRQH *HUH PLD SDUOz DO 5H GL *LXGD *LRQD DWWUDYHUVz 1LQLYH (]HFKLHOH IX PDQGDWRDJOL,VUDHOLWL$PRVSHUFRUVHLOGHVHUWR 6H PDQGR OD VSDGD FRQWUR XQ SDHVH H LO SRSROR GL TXHOOD WHUUD VFHJOLHXQDVHQWLQHOODHTXHVWDYHGHQGRVRSUDJJLXQJHUHODVSDGDVXO SDHVHVXRQDODWURPEDHGjO DOODUPHDOSRSRORVHFROXLFKHEHQVHQ WHLOVXRQRGHOODWURPEDQRQFLEDGDHODVSDGDJLXQJHHORVRUSUHQ GH HJOL GRYUj D VH VWHVVR OD SURSULD URYLQD 6H LQYHFH OD VHQWLQHOOD YHGH JLXQJHUH OD VSDGD H QRQ VXRQD OD WURPED H OD VSDGD JLXQJH H VRUSUHQGHTXDOFXQRTXHVWLVDUjVRUSUHVRSHUODVXDLQLTXLWjPDGHOOD VXDPRUWHGRPDQGHUzFRQWRDOODVHQWLQHOOD ,RQRQJRGRGHOODPRUWHGHOO HPSLRGLFHLO6LJQRUH'LRPDFKH
O HPSLRGHVLVWDGDOODVXDFRQGRWWDHYLYD6H'LRYROHVVHJLXGLFDUHLO PRQGR FRVt FRPH q QRQ VL VHUYLUHEEH GL SURIHWL 6H 'LR YROHVVH FRQYHUWLUHWXWWLJOLHPSLLQIRQGHUHEEHORURLOVXR6SLULWRPDQRQVL VHUYLUHEEHGLSURIHWL -DQ 0DWWK\V GL +DDUOHP IX FKLDPDWR SHU GLIIRQGHUH OD SDUROD GL 'LRILQGRYHODVXDYRFHSRWHVVHJLXQJHUH2OWUHTXHOFRQILQHLO6L JQRUH DYUj FKLDPDWR D Vp DOWUL SURIHWL SUHVVR LO 7XUFR QHO 1XRYR 0RQGRQHO&DWDL )XRUL GD TXHVWH PXUD GRYH OD PRUWH DIILOD OD VXD IDOFH VWDQQR XRPLQL FKH QRQ SHU ORUR GLVWUD]LRQH VRQR VWDWL VRUGL DOOD WURPED , PHUFHQDUL DO VROGR GHL SULQFLSL L GLVSHUDWL FRVWUHWWL GDOOD IDPH D FRPEDWWHUH JXHUUH QRQ ORUR DL TXDOL VRQR VWDWH UDFFRQWDWH VROWDQWR EXJLHVXOQRVWURFRQWR4XDQWLGLORURHQWUHUHEEHURQHOO DUFDVHTXDO FXQR JOL GLFHVVH FKH LO GHQDUR q VWDWR DEROLWR RJQL EHQH PHVVR LQ FRPXQH FKH XQLFD HUXGL]LRQH q TXHOOD GHOOD %LEELDH XQLFD OHJJH TXHOODGL'LR" 6HLO3URIHWDGHOOD1XRYD*HUXVDOHPPHQRQSDUOHUjORURSHUGL VWRJOLHUOLGDXQDFRQGRWWDLQIDPHGHWWDWDVRORGDOODPLVHULDDOORUDLO 6LJQRUHFKLHGHUjFRQWRVROWDQWRDOXLGHOODORURURYLQD & q XQWHPSRHXQOXRJRSHUFXLRJQLFRVDDEELDXQLQL]LRHXQD ILQH (FFR LO QRVWUR WHPSR q ILQLWR ,O 6LJQRUH JLXQJH H LO SURIHWD GLYLHQHQXOOD/HSRUWHGHO5HJQRVRQRVSDODQFDWH(JOLDGHPSLUjDO VXRPDQGDWRFRP qVFULWWRQHO3LDQR
.QLSSHUGROOLQJQRQ ULHVFHDFDSLUH&RQORVJXDUGRLQFUHGXORVH JXHLSDVVLGL0DWWK\VYHUVRO XVFLWD3URYDDGRPDQGDUHTXDOFRVDD 5RWKPDQQ PD QRQ RWWLHQH ULVSRVWD ,O YROWR PDODWR GHO SUHGLFDWRUH QRQWUDGLVFHHPR]LRQLOHODEEUDPRVVHGDOWUHPRODUHGLXQDSUHJKLH UD)RUVH ODFRQRVFHQ]DGHOOD%LEELDHGHLVXRLSURIHWLORDLXWDDHV VHUH SL~ OXQJLPLUDQWH GL PH H *UHVEHFN VXO FRPSRUWDPHQWR GL 0DWWK\V+HLQULFKDGGRVVDWRDXQSLODVWURSDUHXQDVWDWXD5LHVFHD IDWLFDDYROWDUHLOFROORSHUFHUFDUHLPLHLRFFKL&KHIDFFLDPRDGHV VR"-DQGL/HLGDVIRJOLDIUHQHWLFDPHQWHOD%LEELDLQFHUFDGLULVSRVWH GD WUDGXUUH VXOOD VFHQD 4XDOFXQR LQWRQD LO'LHV ,UDH 8QD VRUWD GL SURFHVVLRQHVSRQWDQHDVFRUUHOXQJRODQDYDWDFHQWUDOH 6SLQJRSHUUDJJLXQJHUHODSRUWDSURQWRDTXDOXQTXHVFHQDULR
8QUDJJLRGLVROHPDODWRDFFRPSDJQDLOVXRLQFHGHUHGHFLVR ,OSURIHWDGL0QVWHUYDUFDOD/XGJHULWRUHVLODVFLDDOOHVSDOOHOD FLWWj VFRUWDWR GD XQD GR]]LQDGLXRPLQL1HVVXQDOWURKDSRWXWRVH
JXLUORRJQXQRKDLOVXRUXRORQHO3LDQR &LDFFDOFKLDPR VXOOHPXUD ,O FDPSR GHO SULQFLSH YHVFRYR q EHQ YLVLELOH D SRFD GLVWDQ]D VIRFDWRDSSHQDGDLYDSRULFKHVDOJRQRGDOODWHUUDXPLGD /L YHGLDPR DYDQ]DUH YHUVR LO WHUUDSLHQR VFDYDWR GDL PHUFHQDUL GHOYHVFRYR7UDPEXVWRQHOOHORURILODSXQWDQRJOLDUFKLEXJL 0DWWK\VIDFHQQRDLVXRLGLIHUPDUVL 0DWWK\VSURVHJXHGDVROR 0DWWK\VqGLVDUPDWR $WWRQLWL&RVDYXROHIDUH" 1HVVXQRUHVSLUD 0DWWK\VDO]DOHEUDFFLDDOFLHORDOWLVVLPHLFDSHOOLQHULVFRQYROWL GDOODSLRJJLD ÊIXRULWLURPDEDVWDXQDEUHYHFRUVDSRFKHGHFLQHGLSDVVL 7XWWL]LWWLFRPHVHLOYHQWRSRWHVVHSRUWDUHOHVXHSDUROHILQRDJOL VSDOWL 0LJOLDLDGLRFFKLFRQFHQWUDWLVXOO XQLFRSXQWR/ XOWLPRLVWDQWH ,O3LDQR $YDQ]DDQFRUD6DOHLQSLHGLVXOSULPRPXUREDVVRGHOOHIRUWLIL FD]LRQL 0LR'LRVWDSHUIDUORYHUDPHQWH )LQRD3DVTXD 8QSURIHWDDWHUPLQH 6HPEUD GL XGLWH TXDOFRVD IRUVH O HFR GL XQD SDUROD SURQXQFLDWD SL~IRUWH 8QPRYLPHQWRXQEDO]RDOOHVSDOOHGHO3URIHWD4XDOFXQRVDOHLO OXFFLFKLRGLXQDVSDGD&DGRQRLQDYDQWL 8QPDQLSRORGLFDYDOLHULHVFHGDOO DFFDPSDPHQWRHVLODQFLDVXO ODVWUDGDDEORFFDUHLOVHJXLWRGL0DWWK\V8RPLQLHFDYDOOLLQXQVROR JURYLJOLR *OL RFFKL GL WXWWL VL FRQJHODQR G RUURUH FRPH IRJOLH VHFFKH QHO JKLDFFLR 1RQXQJULGRQRQXQILDWR / XUORG HVXOWDQ]DGHLYHVFRYLOL 8QDPDQRVXOODVSDOOD 9LHQLYLD*HUW Ê*UHVEHFNIDFFLDVFXUD &KHFD]]RVLIDDGHVVR" / KDIDWWRYHUDPHQWH , PQVWHULWL VRQR DQFRUD WXWWL VXOOH PXUD LQ DWWHVD FKH DFFDGD
TXDOFRVD FKH TXHO FROSR VL ULDO]L H DSUD LO FLHOR FRQ XQD SDUROD GL IXRFR &KHFD]]RIDFFLDPR*HUW" 0LVFXRWH4XDVLVFDULFRODWHQVLRQHFRQXQVRUULVRLGLRWD 4XHO EDVWDUGRqULXVFLWRDPDQGDUHDPRQWHLQRVWULSLDQL / LPSRUWDQWHqFKHVLqWROWRGLPH]]R0DDGHVVR"
*XDUGLDPRODJHQWHULIOXLUHSHUOHVWUDGHPHQWUHDQGLDPRLQFHU FD GHL ERUJRPDVWUL 6YXRWDWL LQHUWL IDQWDVPL H VRQQDPEXOL FKH QRQ ULHVFRQRQHPPHQRDGDYHUHSDXUD*OLKDQQRVWUDSSDWRO $SRFDOLVVH LO3URIHWDQRQF qSL~'L'LRQHPPHQRO RPEUD0DTXHVWDqGDYYH URO 8OWLPD3DVTXDFRQOHWRPEHVFRSHUFKLDWHHOHDQLPHGHLGHIXQWL D YDJDUH LQ DWWHVD GHO JLXGL]LR 4XDOFXQR O KD YLVWR SRUWDUH LQ FLHOR GDJOLDQJHOLTXDOFXQDOWURWUDVFLQDWRQHJOLLQIHULGDXQGHPRQLR$I IROODQR OH YLH OD SLD]]D GHO 0HUFDWR VHQ]D SL~ YRJOLD GL SUHJDUH SHUFKpQRQVDQQRSL~SHUFKLRSHUFRVDYDOJDODSHQDIDUOR&DSDQ QHOOLGLSHUVRQHFKHSDUODQRDEDVVDYRFHVLIRUPDQRXQSR GDSSHU WXWWR %LVRJQD SUHQGHUH LQ PDQR OD VLWXD]LRQH WURYDUH .QLSSHUGRO OLQJH.LEEHQEURFNSULPDFKHORVFRUDPHQWR VLWUDVIRUPLLQSDQLFR 7URYLDPR LO VHFRQGR ERUJRPDVWUR VHGXWR VXL JUDGLQL GL 6DQ /DPEHUWRLOFDSRFKLQR 'RY q.QLSSHUGROOLQJ" &RQIXVR (UDFRQPHDOOHPXUDSRLQRQO KRSL~YLVWR 6HLVLFXURFKHQRQVLDLQFKLHVD" 6FXRWHODWHVWD 'LTXLQRQq SDVVDWR &L DIIUHWWLDPR YHUVR OD SLD]]D GHOOD &DWWHGUDOH 1RQ KR ELVRJQR GLJXDUGDUH*UHVEHFNUHVSLULDPRJOLVWHVVLSHVVLPLSUHVHQWLPHQWL 3RFRSULPDGHOEXLRODPDFDEUDFRQIHUPD ,OFRUSRGL-DQGL+DDUOHPLQXQDFHVWDFDWDSXOWDWDROWUHOHPXUD 0DFHOODWRDSH]]L .QLSSHUGROOLQJFRPHLPSD]]LWR'LFRUVDQHOWRUSRUHGHOODFLWWj LQYRFDDVTXDUFLDJRODLOQRPHGL-DQ%RFNHOVRQLOQRYHOOR'DYLGH 6XO SDOFR D ULGRVVR GHOOD &DWWHGUDOH VL VWDJOLD OD VDJRPD LQFRQ IRQGLELOHGHO/HLGDQR3D]]R
6FHQDSULPDLOVRJQRGL5H'DYLGH.QLSSHUGROOLQJQHOODSDUWH GL0DWWK\V%RFNHOVRQLQTXHOODGLVHVWHVVR 0$77+<6 6t Vt 6HL XQ EDVWDUGR -DQ GL /HLGD 8Q ILJOLR GL SXWWDQD,OEDVWDUGRHLOILJOLRGLSXWWDQDFKHPLVXFFHGHUjDOODJXLGD
GHOOHVFKLHUHGHO6LJQRUH %2&.(/621 1RQR6RQRXQYHUPHYLVFLGRHVFKLIRVRLQ GHJQRLQGHJQR 0$77+<6 -DQRPRQLPRDSRVWRORPLRWXVDLTXDQWRWLDPR (LOPLRDPRUHQRQqDOWURFKHXQULIOHVVRGHOO DPRUHSL~JUDQGHGHO 3DGUH SHU WH 9HUPH QLHQW DOWUR HUL ( LR WL KR WUDVFLQDWR IXRUL GDO IDQJR GHL ERUGHOOL SHU IDUWL FRPEDWWHUH D 0QVWHU DO PLR ILDQFR 9HUPH5HJDOHYHUPHDFXLVSHWWHUjLOFRPSLWRGLUDFFRJOLHUHODPLD VSDGDHLQVWDXUDUHLO5HJQR7UDRWWRJLRUQLLO3URIHWDGRYUjODVFLDUH LO SRVWR DO 6LJQRUH ( LO 6LJQRUH VFHJOLHUj WH SHU HVVHUHJXLGDGHOOD 1XRYD6LRQ %2&.(/621WUDWWLHQHOHODFULPHQRQYHGHSL~QHVVXQRRIRU VH KD WXWWR FKLDUR 0ROWR SL~ FKLDUR GL PH H GL *UHVEHFN 9LHQL DYDQWL%HUQGW
,QWHUPH]]R.QLSSHUGROOLQJQHLSDQQLGLVHVWHVVRDYDQ]DJRIIR ORVSDGRQHGHOOD*LXVWL]LDLQPDQR .1,33(5'2//,1* Ê YHUR 2WWR JLRUQL ID -DQ GL /HLGD PL GLVVHG HVVHUHVWDWRYLVLWDWRGD0DWWK\VLQVRJQRHGLDYHUULFHYXWRGD OXLODFRQVHJQDGLSRUWDUHDFRPSLPHQWRLO3LDQR 6FHQD VHFRQGD LO FRPSLPHQWR GHO3LDQR %RFNHOVRQQHOODSDUWH GL'LRHGL'DYLGH.QLSSHUGROOLQJQHOODSDUWHGLVHVWHVVR ',2 8RPLQL H GRQQH GL 0QVWHU JXDUGDWH TXHVWR SLFFRORR PXQFROR *XDUGDWH 'DYLGH 8RPLQL H GRQQH GHOOD 1XRYD *HUXVD OHPPHLO5HJQRqYRVWUR3HUGLRLRYLQFR7XWWRFLzFKHHUDSUR PHVVRVLqDYYHUDWR6LHWHLSDGURQLGHO5HJQR&RUUHWHVXOOHPXUDD ULGHUH LQ IDFFLDDLYRVWULQHPLFLVFRUHJJLDWHODYRVWUDJLRLDVXLORUR JUXJQL EHVWLDOL (VVL QRQ SRVVRQR QXOOD0DWWK\VO KDGLPRVWUDWR( JOL KD YROXWR GLUYL FKH JOLHPSLOHFFDVWRODSRVVRQRDQFKHULGXUORLQ EULFLROHJUDQGLFRPHFDFFROHGHOQDVRPDQRQVFDOILUDQQRLO3LDQR (LOPLRSLDQRqYLQFHUH9LQFHUH8QDILRQGD8QDILRQGDSHU'D YLGH .QLSSHUGROOLQJVLDIIUHWWDDSDVVDUHXQDILRQGDD%RFNHOVRQGL TXHOOHFKHLFRQWDGLQLXVDQRSHUWHQHUHORQWDQLLFRUYLGDOUDFFROWR '$9,'( &LWWDGLQLGHOOD1XRYD*HUXVDOHPPHLRVRQRO XRPR FKHYLHQHQHOQRPHGHO3DGUHLOQRYHOOR'DYLGHLOEDVWDUGRIUDWHOOD VWURGL&ULVWRLOSUHVFHOWR$PPLUDWHLO3DGUHFKHKDYROXWRVFHJOLH UHXQPHQWHFDWWRXQSXWWDQLHUHSHUIDUQHLO6XRDSRVWRORLO6XRFD SLWDQR(SHUERFFDGHOO DUFDQJHOR0DWWK\VJOLKDDQQXQFLDWRODJUD
YLGDQ]D6tJUDYLGDQ]DGHOFRPSLPHQWRGHO3LDQR-DQ0DWWK\VQRQ qPRUWR0DWWK\VLO*UDQGHPLKDIHFRQGDWRFRQOD3DURODGHO3DGUH HYLYHLQPHYLYHLQWXWWLYRLSHUFKpQRLVLDPRGHVWLQDWLDGDQGDUH ILQRLQIRQGRVLDPRQRLODIRU]DGL'LRVLDPRLPLJOLRULLSUHVFHOWL L VDQWL FRORUR FKH KDQQR HUHGLWDWR OD WHUUD H SRVVRQR XVDUQH FRPH SL~QHKDQQRYRJOLD1RQDEELDPRSL~OLPLWLLOPRQGRqILQLWRqDL QRVWUL SLHGL 7LUD LO ILDWR ID SODQDUH LO VXR VJXDUGR D]]XUUR VXOOD IROODFKHVLqRUPDLLQJURVVDWDILQRDULHPSLUHODSLD]]D )UDWHOOLH VRUHOOHO (GHQqQRVWUR .1,33(5'2//,1*DOVXRILDQFR (YYLD6LRQ
/D ULVSRVWD q XQ FROSR FKH VSH]]D OH JDPEH XQD VERUQLD XQR VSDUR XQ FD]]RWWR DO PHQWR XQD VHFFKLDWD G DFTXD JHOLGD FKH PL VWRUGLVFHÊXQHYYLYDXUODWRDVTXDUFLDJRODGDPLJOLDLDGLSHUVRQHD FDQFHOODUH OD GLVSHUD]LRQH OR VFRUDJJLDPHQWR OD FRQVDSHYROH]]D GL DYHU VHJXLWR XQ IROOH FKH RUD JLDFH D SH]]L LQ XQ FDQHVWUR 0HJOLR FUHGHUFL ILQR LQ IRQGR DOORUD PHJOLR FRQWLQXDUH D VRJQDUH SLXWWRVWR FKHSUHQGHUHDWWRGHOODIROOLDFROOHWWLYD/ROHJJRQHLORURRFFKLQHO OH HVSUHVVLRQL VWUDYROWH GL TXHL YROWL PHJOLRXQSDSSRQHVDOWLPEDQ FR Vt Vt LO ILJOLR GL 0DWWK\V PHJOLR OXL PD ULGDWHFL O $SRFDOLVVH ULGDWHFLODIHGH5LGDWHFL'LR %DUFROORDPPXWROLWRYHGR%RFNHOVRQLQQDO]DWRGDXQDIRUHVWDGL PDQL H SRUWDWR LQ WULRQIR SHU OD SLD]]D 5LGH H PDQGD EDFL D WXWWL TXDQWL VHQVXDOL SURYRFDQWL IRUVH QH KD XQR DQFKH SHU LO FRPSDUH FKHSL~G XQDYROWDO KDWLUDWRIXRULGDLJXDLHORKDDFFRPSDJQDWRILQ TXL 2 IRUVH D WXWWR TXHVWR LO 6DQWR 3XWWDQLHUH QRQ SHQVD SL~ 1RQ XVFLUj PDL SL~GDTXHVWDSDUWHODPLJOLRUHLQWHUSUHWD]LRQHGHOODVXD YLWD -DQ VHL ILQDOPHQWH ULXVFLWR D IDU FDO]DUH LO PRQGR FRPH XQ JXDQWR DO WXR UHSHUWRULR G DWWRUH 2 DO FRQWUDULR VRQR L WXRL SHUVR QDJJL FKH KDQQR WURYDWR LO SDOFRVFHQLFR DGDWWR QHO FXRUH GL TXHVWL XRPLQLHQHJOLHYHQWLGHOPRQGR$GHVVRVHL0RVq*LRYDQQL(OLDH FKLXQTXH WL YD GL HVVHUH /R VHL SHU VHPSUH QRQ KDL QHVVXQD LQWHQ ]LRQH GL WRUQDUH LQGLHWUR 6WD VFULWWR QHO WXR VRUULVR H QHO IDWWR FKH QRQDYUHVWLQHVVXQPRWLYRSHUIDUOR *UDQILQDOH/DIROODLQRQGDODFLWWjLQQDO]DLO QXRYRSURIHWDGL 0QVWHUDOOD$HJLGLWRUFKHLYHVFRYLOLYHGDQRFKHLOPRUDOHGHOSR SRORGL6LRQqDOWRHFKHF qXQQXRYRFRQGRWWLHUR0DXQXUORGLUL EUH]]RHWHUURUHDJJKLDFFLDLOFRUWHRWULRQIDOH/HGRQQHFKHKDQQR VSDODQFDWRODSRUWDLQGLFDQRXQDGHOOHGXHJUDQGLDQWH
8QD IUHFFLD WLHQH DIILVVR TXDOFRVD DO OHJQR FRPH XQ VDFFKHWWR VDQJXLQROHQWR8QRVFKHU]RPDFDEURGHLYHVFRYLOLGHYRQRDYHUDS SURILWWDWR GHOO DVVHQ]D GHOOH VHQWLQHOOH SHU DYYLFLQDUVL DOOH PXUD H SRLVFDSSDUH /DIROODVLDSUHHDYDQ]D -DQGL/HLGDGHFLVRVWDFFDODIUHFFLDH UDFFRJOLHVHQ]DEDWWHUHFLJOLRORVFURWRGL-DQ0DWWK\VORVWULQJHLQ PDQRDQQXLVFHDLSURSULDQJHOL$O]DODYRFHHLFRJOLRQLGHO3URIH WDLQEHOODYLVWDDIILQFKpWXWWLSRVVDQRYHGHUH %2&.(/621 6t %HQFKp LR DEELD ODVFLDWR XQD PRJOLH OHJLW WLPD D /HLGD SHU VHJXLUH LO *UDQGH0DWWK\VHJOLPLGLVVHFKHDYUHL GRYXWR HVVHUH PDULWR GHOOD VXD GRQQD 'RYUz VSRVDUH ODYHGRYDGHO 3URIHWD H XVDUH L FRJOLRQL DO VXR SRVWR6L ILFFD LQ WDVFD LO JUXPR VDQJXLQROHQWRHDQQXQFLD 3RUWDWH'LYDUD/DPLDVSRVDGHVWLQDWD $SSODXVL )LQH
&DSLWROR 0QVWHUOXQHGtGHOO $QJHOR
1RQFKLDPDUPLSD]]R ,OSXJQRPLSUHQGHVXOOR]LJRPRYDGRJL~ -DQqXQDPDVFKHUDURVVDHELRQGDGLIXURUH 0LDFFDVFLRVXXQDVHGLD &RQTXHVWRKDLGLPRVWUDWRGDYYHURGL HVVHUHXQVDOWLPEDQFRPLVHUDELOH 7UDWWLHQH LO UHVSLUR PXRYH TXDOFKH SDVVR PDVVDJJLDQGRVL OH QRFFKHVEXFFLDWHFKLQDLOFDSRGRQGROD/RVFDWWRGLUDEELDVLYHOD VXELWRGLGLVSHUD]LRQH $LXWDPL*HUWLRQRQVRFRVDIDUH /RJXDUGRDIIUDQWRXQSLFFRORVDUWRSLDJQXFRORVRHPHVFKLQR $LXWDPL 6RQR XQ YHUPH DLXWDPL GLPPL FRVD GHYR IDUH 3HU FKpLRQRQORVR*HUW 6LVLHGHVXOORVFUDQQRFKHqVWDWRGL0DWWK\VJXDUGDLOSDYLPHQ WR +DL JLjIDWWRDEEDVWDQ]D $QQXLVFH 6RQR XQ FRJOLRQH Vt XQ IRWWXWR FRJOLRQH 0D YROH YDQRXQDVSHUDQ]DOLKDLYLVWLYROHYDQRFKHGLFHVVLORURTXHOORFKH KRGHWWR0LYROHYDQRFRVt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qXQIHVVRLSRWHQWLQRQ ORVRQRPDL3RWHQWHDLXWDSRWHQWHSULQFLSHDSSRJJLDSULQFLSHSDSL VWL OXWHUDQL QRQ KD DOFXQD LPSRUWDQ]D TXDQGR TXHOOL FKH VWDQQR
VRWWRVLULEHOODQRWHOLULWURYLWXWWLXQLWLFRLORURFDYDOLHULHOHDUPD WXUH OXFFLFDQWL VFKLHUDWL SHU FDULFDUH 4XHVWRqLOPRQGROjIXRUL( VWDLVLFXURFKHQRQqFDPELDWRVRORSHUFKpKDLUHJDODWRDTXHVWDJHQ WHLOEHOVRJQRGL6LRQ 3LDJQXFRODFRPHXQFXFFLROROHGLWDDIIRQGDWHQHLULFFLROLELRQ GL 'LPPHOR WX7XVDLFRVDYDIDWWR)DUzTXHOORFKHPLGLFLPD QRQODVFLDUPL*HUW 0L DO]R VWRUGLWR 7L VEDJOL 1RQ OR VRQHPPHQRLR1RQORVR SL~ *XDGDJQRODSRUWDWUDLVXRLJXDLWLLQIDQWLOL /HLqOt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zFKHSXzVXFFHGHUHO DELVVRVSDODQFDWRGDXQD UDJD]]LQDGLTXLQ GLFL DQQL 'HYR DJJUDSSDUPL DO FRUULPDQR GHOOH VFDOH EDUFROODQGR JL~ORQWDQRGDOOD9HQHUH'LVSHQVDWULFHGL0RUWH
0QVWHUDSULOH
7RUSRUH 'HOOH PHPEUD GHOOD PHQWH 1RQ ULFRQRVFR QHVVXQR QRQqODVWHVVDJHQWHFKHKDEDWWXWRLYHVFRYLOLHLOXWHUDQLLQXQDVROD QRWWH,PLHLXRPLQLORURVtPLVHJXLUHEEHURDOO LQIHUQRPDQRQSR WUz SRUWDUOL YLD TXDOFXQR GHYHSXUUHVWDUHDFRQWUROODUHLO*LXOODUH OD5HJLQD%LDQFDHLOORUR5HJQRGHL0LUDFROL 'DVROR$QGDUHYLDVXELWRFHUFDUHORVERFFRGHOODIRJQDSULPD FKHVLDWURSSRWDUGL
*OL HYHQWL GL TXHVWL JLRUQL IDQQR SDXUD (SSXUH LO PRUDOH q DOOH VWHOOH,QXQDVRUWLWDKRFDWWXUDWRXQPDQLSRORGLFDYDOLHULFKHWHQWD YDGLDWWDFFDUHOD-XGHIHOGHUWRUHRUDVWLDPRWUDWWDQGRSHUXQRVFDP ELRGLSULJLRQLHUL$EELDPRDQFKHIDWWRSDVVDUHDLYHVFRYLOLODYRJOLD GL YHQLUH VRWWR OH PXUD IXRUL SRUWDWD GHJOL DUFKLEXJL D PRVWUDUH L ORURFXOLSDOOLGLDOJULGRGL©3DGUHGDPPHOREUDPRODWXDFDUQHª DELWXGLQHFKHDYHYDQRSUHVRQHOOHVHUDWHGLVERUQLDHELVERFFLD&RQ XQSR GLEXRQDEDOLVWLFDqVWDWRVXIILFLHQWHFHQWUDUHXQRGLORURFRQ XQDFDQQRQDWDWUDOHFKLDSSHULGXFHQGRORDERFFRQLSHULFDQL 3HU XQD VHWWLPDQD WXWWL JOL XRPLQL VXL EDVWLRQL KDQQR SLVFLDWR H FDJDWRGHQWURXQDERWWHFKHqVWDWDSRLIDWWDURWRODUHGHQWURO DFFDP SDPHQWRYHVFRYLOH4XDQGRTXHOOLO KDQQRDSHUWDLOIHWRUHqDUULYDWR TXDVLILQRTXD ,QVLHPHD*UHVEHFNKRRUJDQL]]DWRHVHUFLWD]LRQLGLWLURSHUWXWWL DQFKH SHU L UDJD]]L H OH GRQQH ,QVHJQDPR DOOH UDJD]]H D EROOLUH OD SHFH H D YHUVDUH FDOFH YLYD LQ WHVWD DJOL DVVHGLDQWL &L VRQRWXUQLGL JXDUGLDDOOHPXUDVXGGLYLVLWUDWXWWLLFLWWDGLQLGLHQWUDPELLVHVVLWUD LVHGLFLHLFLQTXDQW DQQL +RIDWWRPHWWHUHXQDFDPSDQDVXRJQLEDVWLRQHGDVXRQDUHLQFD VRGLLQFHQGLRDIILQFKpVLSRVVDVDSHUHGRYHDFFRUUHUHFRQO DFTXD $EELDPR VFRSHUWR FKH 0DWWK\V DYHYD LQYHQWDULDWR L EHQL VHTXH VWUDWLDLOXWHUDQLHDLSDSLVWLQRQFKpOHGLVSRQLELOLWjDOLPHQWDULGHOOD FLWWj $YHYD DQQRWDWR WXWWR ILQR DOO XOWLPD JDOOLQD H DOO XOWLPRXRYR 6LSXzUHVLVWHUHSHUDOPHQRXQDQQR(SRL"$Q]LHLQWDQWR" 1RQ EDVWD QRQ SXz EDVWDUH /H VSDUDWH GHO 3URIHWD6DOWLPEDQFR QRQSRUWDQRGDQHVVXQDSDUWH , 3DHVL %DVVL L IUDWHOOL 5DFFRQWDUH FRVD VXFFHGH D 0QVWHU RU JDQL]]DUOL VFHJOLHUOL IRUVH DQFKH DGGHVWUDUOL D FRPEDWWHUH &HUFDUH VROGLPXQL]LRQL 1RQORVR1RQVRVHqODFRVDJLXVWDGDIDUHQRQO KRPDLVDSX WR RJQLYROWDFKHKRVFHOWRXQDVWUDGDGLYHUVD6HQWLVRODPHQWHFKH QRQSXRLFRQWLQXDUHFRVtFKHOHPXUDOHSDUHWLFRPLQFLDQRDVWDUWL VWUHWWHHODWXDPHQWHKDELVRJQRGLDULDIUHVFDLOWXRFRUSRGLVHQWLUH OHPLJOLDFKHVFRUURQRVRWWR 6t3XRLIDUHDQFRUDXQDFRVDSHUTXHVWDFLWWj&DSLWDQR*HUWGDO 3R]]R ,PSHGLUHFKHOHODVFLQRVRORODIROOLDGHLVXRLSURIHWL
0QVWHUDSULOH
,OEDJDJOLRqOHJJHUR'HQWURODYHFFKLDVDFFDGLFXRLRJDOOHWWH IRUPDJJLR H DULQJKH VHFFKH VXIILFLHQWL SHU TXDOFKH JLRUQR XQD PDSSDGHLWHUULWRULWUDTXLHL3DHVL%DVVLLOFRUQRSLHQRGHOODSROYH UHGDVSDURFKpQRQVLEDJQLOHGXHSLVWROHFKH*UHVEHFNKDLQVLVWLWR SRUWDVVL FRQ PH H WUH YHFFKLH OHWWHUH VELDGLWH H XQWH FKH WUDGLURQR 7KRPDV 0QW]HU &LPHOL LQVHSDUDELOL TXHVW XOWLPH XQLFR ULFRUGR WDQJLELOHGLFLzFKHqPRUWRHVHSROWRVRWWROHPDFHULHGHOO $SRFDOLV VHPDQFDWD 6HLSURSULRVLFXURGLYROHUDQGDUH" /DYRFHURFDGHOO H[PHUFHQDULRVSXQWDVXOODSRUWD1RQqLOWRQR GLFKLKDRELH]LRQLGDIDUHPDGLFKLVLFKLHGHSHUFKpQRQORSRUWR FRQPH $EELDPRIDWWRPDOHLFRQWL+HLQULFK ,QWHQGLFRQ0DWWK\V" ,QWHQGRFRQTXHVWDJHQWH8Q RFFKLDWDIXJDFHPHQWUHDOODFFLR OH XOWLPHVWULQJKH 9RJOLRQRFUHGHUHGLHVVHUHVDQWL9RJOLRQRFKH TXDOFXQRJOLUDFFRQWLFKHWXWWRqILODWROLVFLRFKH0QVWHUqOD1XR YD6LRQHQRQF qSL~QLHQWHGDWHPHUH6DJJLRLOSHVRGHOODVDFFD RWWLPDOH ,QYHFH GRYUHEEHUR FDJDUVL VRWWR +DL GDWR XQ RFFKLDWD IXRULGDOOHPXUD"9RQ:DOGHFNVWDLQQDO]DQGRGHOOHIRUWLILFD]LRQLH VRQR VLFXUR GL DYHU YLVWR DEEDWWHUH GHJOL DOEHUL D QRUGHVW 6DL FKH VLJQLILFD" 0DFFKLQHGDJXHUUD+HLQULFKVLSUHSDUDQRDXQDVVHGLR +DQQR WXWWD O LQWHQ]LRQH GL LQFKLRGDUFL TXL LO SL~ D OXQJR SRVVLELOH DOPHQR ILQFKp OHXOWLPHVSDUDWHGHOO XOWLPRSURIHWDEDFLDWRLQERFFD GD 'LR QRQ FL DYUDQQR GHILQLWLYDPHQWH ULQFRJOLRQLWR /H QDYL FKH WUDVSRUWDYDQRTXLLFRQIUDWHOOLEDWWLVWLGDOO 2ODQGDVRQRVWDWHLQWHUFHW WDWH VXOO (PV & HUDQR DUPL H YLYHUL &KLXGRQR L FRQILQL OH VWUDGH 6RQRWXWWLVHJQLPDQHVVXQRVHQHDFFRUJH/ KDQQRSHQVDWDEHQH *UHVEHFNPLODQFLDODVXDRFFKLDWDWRUYD &KHYXRLGLUH" 8QDVVHGLRGLOXQJRSHULRGR&KLXGHUFLTXLGHQWURVWULQJHUHLO FHUFKLRHDVSHWWDUHODIDPHLOSURVVLPRLQYHUQRULEHOOLRQLLQWHVWLQH FKHFD]]RQHVR,OWHPSRJLRFDDORURIDYRUH6HLRIRVVLYRQ:DO GHFN IDUHL HVDWWDPHQWH TXHVWR SXQWHUHL L FDQQRQL H LQFURFHUHL OH EUDFFLD /D VDFFD q JLj VXOOD VSDOOD $GULDQVRQ GRYUHEEH DYHU VHOODWR LO FDYDOORGDEDVVR6RQRTXDVLVHUHQR &L VHUYRQR QXRYL FRQWDWWL FRQ L IUDWHOOL RODQGHVL &L VHUYRQR
VROGL FRQ FXL FRPSUDUH L PHUFHQDUL GL YRQ :DOGHFN H ULYROWDUJOLHOL FRQWUR&LVHUYHVFRSULUHSDVVDJJLVLFXULSHUIRU]DUHLOEORFFR(VR SUDWWXWWRVHUYHFDSLUHVHIXRULGLTXLTXDOFXQRVWDSHQVDQGRGLSUHQ GHUHOHDUPLHVHJXLUFLRVHGDYYHURFRPHGLFHYD0DWWK\VF qVROWDQ WRGHVHUWR%LVRJQDIDUSUHVWRRJQLJLRUQRFKHSDVVDqUHJDODWRDJOL DYYROWRLOjIXRUL (FRQ%RFNHOVRQFRPHODPHWWL" 0LYLHQHGDULGHUH6FHQGLDPROHVFDOHOHJLXPHQWHVRQRSURQWH ,OPDQLVFDOFRVWULQJHOHFLQJKLHGHOODPLDVHOOD 6HORVRQRVFHOWLORURFRVDSRVVLDPRIDUFL" 6DOWRLQJURSSDHWLUROHUHGLQLSHUIUHQDUHO DUGRUHGHOO DQLPDOH -DQqXQGHEROHXQFLDOWURQHÊSHUTXHVWRFKHQRQWLSRUWRFRQ PH9RJOLRFKHORWLHQLG RFFKLRVHLO XQLFRFKHSXzIDUOR.QLSSHU GROOLQJH.LEEHQEURFNVLVRQRUDPPROOLWL5RWKPDQQqPDODWR6FH JOL EHQH JOL XRPLQL VX FXL FRQWDUH H PDQWLHQL VDOGH OH GLIHVH GHOOD FLWWj 4XHVWR VRSUDWWXWWR YRQ :DOGHFN FHUFKHUj GL DSSURILWWDUH GL RJQL IDOOD GL RJQL GLVWUD]LRQH 5LVSRQGL FROSR VX FROSR EHUVDJOLD L VXRLPHUFHQDULGLIRJOLYRODQWLYDOJRQRSL~GHOOHFDQQRQDWHDYROWH ULFRUGDOR7RUQHUzSUHVWR 8QD VWUHWWD IRUWH GL PDQR DQFRUD GHVWLQL FKH VL VFHOJRQR *UH VEHFNQRQODVFLDWUDVSDULUHHPR]LRQLQRQqLOWLSR1RQORVRQRSL~ QHPPHQRLRORVFRSURRUD %XRQD IRUWXQD &DSLWDQR ( FKHQRQWLSRVVDPDLPDQFDUHXQD EXRQDSLVWRODDOODFLQWXUD $SUHVWRFRPSDUH $GULDQVRQPLSUHFHGH,WDOORQLFROSLVFRQRLILDQFKLGHOFDYDOOR QRQJXDUGROHFDVHODJHQWHVRQRJLjDOOD8QVHUIUDXHQWRUVRQRJLj IXRULGDOODFLWWjVRQRDGLHFLPLJOLDVXOODVWUDGDSHU$UQKHP 6RQRGLQXRYRYLYR
&DSLWROR &RVWDRODQGHVHQHLSUHVVLGL5RWWHUGDPOXJOLR
,O YHQWR PXRYH L FLXIIL G HUED VXOOH GXQH EDVVH FRPH IRVVHUR EDUEH PHQWL GL JLJDQWL /D SLFFRODEDUDFFDFKHULSDUDOHEDUFKHGHL SHVFDWRULVHPEUDUHVWDUVXSHUPLUDFRORPDUFLDGLVDOVHGLQHHEXUUD VFD ,OVROHVWDSHUVSXQWDUHQRQSL~QRWWHQRQDQFRUDJLRUQRXQDOX FH URVDWD FKH LOOXPLQD L JDEELDQL PHQWUH SODQDQR SODFLGL D FRQWHQ GHUVLFRLJUDQFKLLSHVFLPRUWLVIXJJLWLDOOHUHWLGHOODQRWWDWD5LVDFFD OHQWDPDUHDEDVVDXQDQHEELDILQHQDVFRQGHLOOLPLWHGHOODVSLDJJLD DQRUGHDVXG1HVVXQR 3LFFROLLQVHWWLFRUURQROXQJRLOWURQFRSRUWDWRTXLGDFKLVVjGRYH /HPDQLVWULQJRQRODFRUWHFFLDXPLGD/DJXLGDFKHPLKDQQRDVVH JQDWRLIUDWHOOLGL5RWWHUGDPKDGHWWRFKHLOSRVWRHUDTXHVWR1RQKD YROXWRDVSHWWDUH9DQ%UDJKWQRQqLOWLSRFKHLQFRQWULDFXRUOHJJH UR 7UHRPEUHDOOXQJDWHVXOODVDEELDDOO HVWUHPLWjVXG(FFROL /HPDQLVFLYRODQRVXOOHSLVWROHLQFURFLDWHVRWWRODFDSSDFKHPL SURWHJJHGDOODEUH]]DGHO0DUHGHO1RUG 6LDYYLFLQDQROHQWLDIILDQFDWL )DFFHVFXUHHLQHVSUHVVLYHEDUEHLVSLGH EOXVHJXDOFLWHHVSDGHD WUDFROOD 1RQPLPXRYR $UULYDQRDSRUWDWDGLYRFH 6HLLOWHGHVFR" $VSHWWRFKHVLDYYLFLQLQRDQFRUD &KLGLYRLq9DQ%UDJKW" $OWRFRUSXOHQWRYROWRPDQJLDWRGDOPDUHHGDOVROHXQFRUVDUR GLSLFFRORFDERWDJJLRFKHGLFHG DYHUDVVDOLWRYHQWLYDVFHOOLVSDJQROL 6RQRLR+DLSRUWDWRLOGHQDUR" )DFFLRWLQWLQQDUHLOVDFFKHWWRLQFLQWXUD 'RY qODSROYHUH" $QQXLVFH ÊDUULYDWDLHULQRWWH'LHFLEDULOLJLXVWR" 'RYH 7UHSDLDGLRFFKLVXGLPH9DQ%UDJKWPXRYHDSSHQDODWHVWD *OL LPSHULDOL EDWWRQR OD FRVWD QRQ HUD VLFXUR ODVFLDUOD TXL Ê DOOD
YHFFKLDGLJDPH]]RPLJOLRSL~VX $QGLDPR &LLQFDPPLQLDPRTXDWWURWUDFFHSDUDOOHOHQHOODVDEELD 7XVHL*HUULWGHL%RHNELQGHUQRQqYHUR"4XHOORFKHFKLDPDQR GDO3R]]R" 1RQF qFXULRVLWjQRQF qHQIDVLQHOFKLHGHUOR 6RQRTXHOORFKHFRPSUD /D GLJD q XQD SDOL]]DWD GL OHJQR PDUFLR LO PDUH O KD IRUDWD FUH DQGRXQSLFFRORFDQDOHFKHVLDGGHQWUDQHOO HQWURWHUUD,QFLPDVYHW WDLOFDVRWWREDVVRGHOJXDUGLDQR , EDULOL VRQR FRSHUWL GD XQD YHOD ORJRUD VX FXL SDVVHJJLDQR OH URQGLQL GL PDUH 4XDQGR OD VROOHYDQR XQ QXJROR GL PRVFKH DEEDQ GRQD LOSHVFHSX]]ROHQWHVWLSDWRQHOOHFDVVH6RWWRLEDULOLDOOLQHDWL 8QR GHL WUH PL ODVFLD VFHJOLHUHLQGLFRTXHOORDOFHQWURIDVDOWDUHLO FRSHUFKLRHVLIDGDSDUWH ,OSLUDWDYXROHUDVVLFXUDUPL 9LHQHGDOO ,QJKLOWHUUD,OIHWRUHGHO SHVFHWHUUjORQWDQLJOLVELUUL $IIRQGRXQDPDQRQHOODSROYHUHQHUD Ê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qYHUR6RQRPHQRGHOOD PHWjGLTXDQWRSDWWXLWR/ LQGHFLVLRQHGLXQPRPHQWRQRQSXzYH GHUH OH SLVWROH VRWWR LO PDQWHOOR /D WDJOLD VX *HUW GDO 3R]]R YDOH GLHFLYROWHWDQWR 1RQJOLODVFLRLOWHPSRGLPXRYHUVLLOFROSRJOLHVSORGHLQSLHQD IDFFLD 7RUQDQRLQGLHWURGLFRUVDVSDGHVJXDLQDWH'XHFRQWURXQRYHU VRODSROYHUHQHOODSLVWRODVFDULFDLQILORLOSDOOHWWRQHDQFRUDSROYHUH SL~ LQ IUHWWD VSLQJR JL~ OR VWDQWXIIR WLUR LO JULOOHWWR VRQR D SRFKL
SDVVL EUDFFLD WHVH XQ UHVSLUR VHQ]D WUHPDUH PLUR DOOH PHPEUD LQ PRYLPHQWRGXHFROSLTXDVLDOO XQLVRQRLOSULPRIUDQDDLPLHLSLHGL O DOWURFDGHODVXDSLVWRODIDIXRFRIRUVHVRQRJLjPRUWRPDLOPLR IDQWDVPDHVWUDHXQDGDJDFRUWDHJOLHODSLDQWDLQJROD 8QUDQWROR 6LOHQ]LR 5HVWR IHUPR *XDUGR L JDEELDQL FKH WRUQDQR D SRVDUVL VXOOD VSLDJJLD 'HYRFDULFDUHLEDULOLGDVROR
5RWWHUGDPOXJOLR
(FRQTXHVWLIDQQRFLQTXDQWD $GULDQVRQ ILQLVFH GL DVVLFXUDUH OH DUPL SRL PL FRQVHJQDODOLVWD GHOFDULFR &LQTXDQWDDUFKLEXJLGLHFLEDULOLGLSROYHUHGDVSDURRWWREDUUH GLSLRPER(GLHFLPLODILRULQL 2FFRUUHUDQQRGXHFDUUL5H\QDUGWLKDGDWRLVDOYDFRQGRWWL" (FFROL'LFHFKHVRQRSUDWLFDPHQWHDXWHQWLFLLOVLJLOORqXJXDOH DTXHOORFKHXVDQRDOO $MD 6HUYLUDQQR ILQR DO FRQILQH 3RL GRYUHPR SHQVDUH D TXDOFRV DO WUR3DUWLDPRSULPDSRVVLELOH'REELDPRDQFRUDIDUHWDSSDD1LPHJD HD(PPHULFKHQRQVRTXDQWRWHPSRFLIHUPHUHPR6DUjXQYLDJJLR OXQJRGRYUHPRHYLWDUHOHVWUDGHSL~EDWWXWH ,O PDQLVFDOFR PL RIIUH XQR GHL URWROL GL WDEDFFR HVVLFFDWR GHOOH ,QGLHGLFHFKHKDLPSDUDWRDIXPDUOLGDLPHUFDQWLRODQGHVL*OLVSD JQROLOLFKLDPDQRVLJDULIDQQRO RGRUHGLXQDOWURPRQGRGLFDSDQ QH GL FXRLR H SHSH YHUGH ,O VDSRUH q DURPDWLFR H ODVFLD XQ JXVWR SLDFHYROHLQERFFD &LEXWWLDPRVXOOHEUDQGHRIIHUWHFLGDOIUDWHOOR0DJQXVSUHGLFDWR UHGHOODFRPXQLWjEDWWLVWDGL5RWWHUGDP/DVXDPHQVDqIUXJDOHPD ODJHQHURVLWjYHUVRODFDXVDJOLSHUGRQDRJQLPDQFDWREDQFKHWWR /DVFLDPR FKH LO IXPR FLDYYROJDLQVLHPHDLSHQVLHULSHUSRLUL PDQHUHVRVSHVRLQPH]]RDOODVWDQ]DULFDYDWDQHOVRODLRGLFDVD , IUDWHOOL GL TXDJJL~ VRQR JHQWH PLWH $PPLUDQR 0QVWHU H SHU QRL KDQQR IDWWR SRQWL G RUR 0D QRQ VILGHUHEEHUR OH DXWRULWj FRQX Q LQVXUUH]LRQHVLDFFRQWHQWDQRGLSUDWLFDUHODSURSULDIHGHLQVHJUH
WR QHL ULWURYL QRWWXUQL QHOOH OHWWXUH FRPXQL 1RQ KR LQFRQWUDWR OR VSLULWRFRPEDWWLYRFKHFHUFDYRJHQHURVLWjHVWLPDLQYHFHVLVSUHFD QR Ê GLIILFLOH ELDVLPDUOL QHOOH JUDQGL FLWWj PHUFDQWLOL OH FRVH QRQ YDQQR FRPH QHOOD QRVWUD FLWWjVWDWR WHGHVFD 4XL VL DJJLXQJRQR JOL VSDJQROLKDQQRO ,PSHUDWRUHLQFDVD +RVFRSHUWRSHUzFKHHVLVWHXQSDUWLWRGHJOLVFRQWHQWLSRFKLIUD WHOOLWXUEROHQWLFKHYRUUHEEHURVHJXLUHLOQRVWURHVHPSLR3RFKLHLQH VSHUWLVHQ]DXQYHURFDSR2EEH3KLOLSVKDVFRQIHVVDWRLOVXRSDVVD WR GL DSRVWROR GL 0DWWK\V H ILQJH GL DYHU VHPSUH VRVWHQXWR OD YLD PRGHUDWD GL RJJL 3RL F q LO JLRYDQH 'DYLG -RULV GL 'HOIW EULOODQWH RUDWRUHFKHLOQRVWURRVSLWHFLKDGHFDQWDWRFRPHXQDJXLGDSURPHW WHQWH 3DUH FKH OH VRUWL IXWXUH GHO PRYLPHQWR GLSHQGDQR LQ EXRQD SDUWH GD FRVWXL 6XD PDGUH q VWDWD XQD GHOOH SULPH PDUWLUL EDWWLVWH GHFDSLWDWDDOO $MDTXDQGR'DYLGHUDSLFFRORÊULFHUFDWRLQWXWWDO 2 ODQGDFRPHLOFULPLQDOHSL~SHULFRORVRSHUTXHVWRqGLIILFLOHLQFRQ WUDUOR 1RQ KD ILVVD GLPRUD VHPSUH LQ JLUR DUULYD H VH QH YD XVD VSHVVR QRPL IDOVL SHUILQR FRQ L FRQIUDWHOOL SHU SDXUD GHJOL LQILOWUDWL 3DUHFKHQRQGLVGHJQLLOVDFFKHJJLRGHOOHFKLHVHPDDQFKHOXLFRPH 3KLOLSVVFRQIHVVDGXUDPHQWHO DVVDVVLQLR /D VLWXD]LRQH QRQ q DIIDWWR VWDELOH PD TXHVWR QRQ VLJQLILFD FKH WXWWRQRQSRVVDULVROYHUVLLQXQVDFFRGLEHOOHFKLDFFKLHUH (LQWDQWRGRPDQLVDUHPRGLQXRYRLQPDUFLDVXOODYLDGHOULWRU QRFRQLOQRVWURFDULFRSUH]LRVRGDVRWWUDUUHDLSRVWLGLEORFFRHDJOL RFFKLSL~LQGLVFUHWL$QFRUDGXHFRPXQLWjGDYLVLWDUH ,QFDSRDXQPHVHD0QVWHU %XRQDQRWWH3HWHU %XRQDQRWWH&DSLWDQR
&DSLWROR 0QVWHUVHWWHPEUH
$SSDUHOXJXEUHGLHWURODFROOLQD,OYHQWRIUHGGRFLEXWWDLQIDFFLD OD SLRJJLD FRVWULQJHQGRFL D VWULQJHUH JOL RFFKL GLVWLQJXR OD VDJRPD QHUD QHOOD SLDQD JOL DUJLQL GHOO $D OD OLQHD GHOOH PXUD OH ODQWHUQH GHOOHVHQWLQHOOHXQLFKHVWHOOHLQXQDQRWWHGDOXSL 6SURQR L FDYDOOL DOO XOWLPR VIRU]R IUDGLFL VWUHPDWL $GULDQVRQ FRQ O DOWUR FDUUR PL VHJXH GDSSUHVVR FH O DEELDPR IDWWD /H UXRWH VROOHYDQRLOSDQWDQRGHOVHQWLHURSURFHGLDPROHQWLVHPSUHSL~YLFL QLDOODPHWD3L~DQRUGVFRUJRXQDILODQHUDGLIRUWLILFD]LRQLLWHUUD SLHQL GL YRQ :DOGHFN VL VRQR WUDVIRUPDWL LQ XQD EDUULHUD LQVRUPRQ WDELOHFKHFKLXGHJOLDFFHVVLHOHYLHGLIXJD & qTXDOFRVDFKHQRQYD /D YRFH GHO PDQLVFDOFR VL SHUGH QHOOD SLRJJLD KD UDJLRQH XQD VWUDQD DQJRVFLD PL DWWDQDJOLD OR VWRPDFR XQD VHQVD]LRQH OHWDOH GL VYHQWXUD ,FDPSDQLOL*HUWOHWRUUL&KHILQHKDQQRIDWWR" (FFRFRVDPDQFD/DFLWWjqSLDWWD(LFDQQRQLGHOYHVFRYRQRQ SRVVRQRDUULYDUHFRVtORQWDQRHFRVtLQDOWR'RYHVRQRILQLWLLFDP SDQLOL" 1RQqLOJHORGHOODQRWWHFKHPLIDVFLYRODUHLEULYLGLQHOOHPHP EUDXQDPDQRLQYLVLELOHPLVWULQJHSL~IRUWHOHLQWHULRUD &L IDFFLDPR ULFRQRVFHUH GDOOH VHQWLQHOOH GHOOD /XGJHULWRU 1RQ FRQRVFRQHVVXQRGHLJXDUGLDQLRVtIRUVHXQRVLGLUHEEHLOFLDEDWWL QR+DQVHOFDQXWRGHFUHSLWR +DQVHOVHLWX" *OLRFFKLVIXJJHQWLGLXQFROSHYROH %HQWRUQDWR&DSLWDQR 8QD SDFFD VXOOD VSDOOD &KH GLDYROR q VXFFHVVR DOOH WRUUL GL 0QVWHU" )DFFLDVFXUDORVJXDUGRUHVWDEDVVRQHVVXQDULVSRVWD*OLVWULQJR LOEUDFFLRPHQWUHFHUFRGLWUDWWHQHUHLOSDQLFRFKHPLVDOHLQJROD +DQVHOGLPPLFRVDqVXFFHVVR 6LOLEHUDGDOODSUHVDXQODGURGDYDQWLDOWULEXQDOH 1RQGRYHYL DQGDUWHQH&DSLWDQR
/ DULDGHOODQRWWHSDUODGLXQFULPLQHFRQVXPDWRTXDOFRVDGLRU ULELOH LPSURQXQFLDELOH ,Q SUHGD DOO DQVLD FL DGGHQWULDPR QHOOH YLH GHVHUWHYHUVRODFDVDGL$GULDQVRQ1HVVXQRGLFHQLHQWHQRQFHQ q ELVRJQRFLDIIUHWWLDPRLQ]XSSDWLILQQHOOHRVVD /RYHGREXVVDUHDOODSRUWDDEEUDFFLDUHIRUWHODPRJOLHHLOSLFFR ORILJOLR1RQF qJLRLDLQTXHJOLVJXDUGLVRQRLJHVWLGLFKLFRQGLYL GHXQDVYHQWXUD /DGRQQDFLRIIUHXQLQIXVRFDOGRGDYDQWLDOODEUDFHFKHUDQWROD QHOFDPLQR ÊWXWWRTXHOORFKHSRVVRGDUYL'DTXDQGRF qLOUD]LR QDPHQWRqGLIILFLOHSURFXUDUVLLOODWWH 0DJUDLQHUYLWHVLVXOFROORODIRU]DGHOOXWWRFKHODVRUUHJJH/R VJXDUGRFDGHVXOILJOLRDRJQLIUDVHFRPHDSURWHJJHUORGDXQSHUL FRORRVFXUR /HFRVHVRQRFRVtJUDYL" ,OYHVFRYRKDVWUHWWRO DVVHGLRRJQLJLRUQRqSL~GLIILFLOHXVFLUH SHUSURFXUDUHFLER(QRLGREELDPRIDUHODILODWXWWLLJLRUQLSHUVID PDUHLQRVWULEDPELQL,GLDFRQLDGGHWWLDOUD]LRQDPHQWRGDQQRVHP SUHPHQR $GULDQVRQqULXVFLWRDGDQLPDUHLOIXRFRFRPHVHLOULDSSURSULDU VL GL TXHL JHVWL VHPSOLFL GRPHVWLFL SRWHVVH DOOHYLDUH O LQFRPEHUH GHOODFXSH]]D &RVDqVXFFHVVRDLFDPSDQLOL*UHWD" 0L JXDUGD VHQ]D WUHPDUH IRUWH QRQ FRQGLYLGH OD YLJOLDFFKH ULDGHJOLXRPLQL 1RQGRYHYLDQGDUHYLD&DSLWDQR Ê TXDVL XQ DFFXVD DGHVVR VRQR LR FKH FHUFR VFDPSR GD TXHOOR VJXDUGR 6XRPDULWRqSURQWRDUHGDUJXLUOD 1RQGHYLSUHQGHUWHODFRQOXL KD ULVFKLDWR OD YLWD SHU WXWWL ,Q 2ODQGD DEELDPR SURFXUDWR GHQDUR SLRPERSHULFDQQRQLSROYHUHGDVSDUR /DGRQQDVFXRWHODWHVWD 1RQVDSHWH1RQDYHWHVDSXWRQXOOD &RVD*UHWD"&RVDqVXFFHVVR" $GULDQVRQ QRQ ULHVFH D WUDWWHQHUH OD SDXUD H OD UDEELD 3DUOD PRJOLH&KHQHqVWDWRGHLFDPSDQLOL" $QQXLVFHTXHJOLRFFKLGXULVRQRSHUPH /LKDIDWWLDEEDWWHUH 1LHQWH GHYH LQQDO]DUVL D VILGDUH O $OWLVVLPR 1HVVXQR GHYH HVVHUH VXSHUER GREELDPR JXDUGDUH LQ EDVVR TXDQGR FDPPLQLDPR SHU OH VWUDGHQRQSRVVLDPRSRUWDUHPRQLOLYHQJRQRUHTXLVLWL+DQRPLQDWR GXHEDPELQHHXQUDJD]]LQRJLXGLFLGHOSRSROR7LVWUDSSDQRGLGRV VRRJQLRJJHWWRVXSHUIOXRRJQLYHVWLWRFRORUDWR7XWWRO RURHO DUJHQ WRILQLVFHQHLIRU]LHULGLFRUWH
$GULDQVRQOHSUHQGHOHPDQL ,OWXRDQHOOR" 7XWWRTXDQWRDPDJJLRUJORULDGL'LR 5HVSLUR SURIRQGDPHQWH GHYR UHVWDUH FDOPR FHUFDUH GL FDSLUH 4XDOHFRUWH*UHWD"'LFRVDVWDLSDUODQGR" ÊRGLRUDEELDSURIRQGDTXHOODFKHSURQXQFLDOHSDUROH 6LqIDW WRUH5HGL0QVWHUGHOSRSRORHOHWWR /D VWUR]]D PL LPSHGLVFH GL SDUODUH PD OHL FRQWLQXD Ê VWDWR 'XVHQWVFKQXHU O RUHILFH TXHOOR ]RSSR PDOHGHWWR LQVLHPH D .QLS SHUGROOLQJ 8Q RUULELOH UHFLWD O KDQQR OXVLQJDWR LPSORUDWR SHUFKp DFFHWWDVVHODFRURQD'LFHYDQRFKH'LRDYHYDSDUODWRORURLQVRJQR FKH GRYHYD SUHQGHUHODFRURQDGHO3DGUHHJXLGDUFLQHOODWHUUDSUR PHVVD ( TXHO OHUFLR VDOWLPEDQFR OL D VFKHUQLUVL D GLUH FKH QRQ HUD GHJQR ,OPDQLVFDOFRVWULQJHOHVSDOOHGHOODPRJOLHSURWHWWLYRHIXUHQWH /XULGRPDLDOH3XWWDQLHUHGDTXDWWURVROGL 0RUPRUR 1HVVXQR O KD IHUPDWR 'RY HUDQR L PLHL XRPLQL +HLQULFK*UHVEHFN" 1RQGHYLDFFXVDUOL&DSLWDQRORURQRQVRQRSL~TXL6FRUWDQRL PLVVLRQDUL FKHVRQRVWDWLLQYLDWLDFHUFDUHULQIRU]L,OUHVLFLUFRQGDGL XRPLQLDUPDWLFKLXQTXHRVDDSULUHERFFDFRQWURGLOXLYLHQHSRUWDWR YLD VFRPSDUH QRQ VL VD GRYH LQ TXDOFKH SULJLRQH VRWWHUUDQHD IRU VHSRLLQIRQGRDOFDQDOH 'HYRFKLHGHUORGHYRVDSHUH %HUQKDUG5RWKPDQQ" ,OVLOHQ]LRSUHDQQXQFLDXQRUURUHSHJJLRUHVHSRVVLELOHGLTXDQ WRPLDVSHWWDYR Ê VWDWR QRPLQDWR WHRORJR GL FRUWH .QLSSHUGROOLQJ .LEEHQ EURFNH.UHFKWLQJKDQQRULFHYXWRLOWLWRORGLFRQWL,OUHGLFHFKHSUH VWR JXLGHUj LO SRSROR HOHWWR DWWUDYHUVR LO 0DU 5RVVR GHJOL HVHUFLWL QHPLFLHFRQTXLVWHUjWXWWDOD*HUPDQLD+DJLjDVVHJQDWRLSULQFLSDWL DLVXRLIHGHOLVVLPL /DUDEELDHODSDXUDYDQQRWUDPXWDQGRVLLQXQSHVRLQHUWHFKHPL WUDVFLQDJL~6RQRVSRVVDWRPDF qGHOO DOWUROROHJJRQHOO HVSUHVVLR QHGLIHUURLQTXHOODEHOOH]]DDOWHUDHSURYDWD 5RWKPDQQ KD GHWWR FKH VL GRYHYDQR VHJXLUH L FRVWXPL GHL SD WULDUFKLGHOOH6FULWWXUH$QGDWHHPROWLSOLFDWHYLKDGHWWRHFKHRJQL XRPRSUHQGDTXDQWHSL~PRJOLULHVFHDVRGGLVIDUHSHUDXPHQWDUHLO QXPHURGHJOLHOHWWL,OUHKDTXLQGLFLPRJOLWXWWHSRFRSL~FKHEDP ELQH5RWKPDQQGLHFLHFRVtJOLDOWUL6HPLRPDULWRQRQIRVVHWRUQD WRHQWURXQPHVHDQFK LRVDUHLWRFFDWDLQVRUWHDXQRGLORUR /H PDQL GL $GULDQVRQ ELDQFKH GL WHQVLRQH YRJOLRQR VEULFLRODUH
ODPHQVRODGHOFDPLQR 2KDEELDPRXUODWRVtDEELDPRGHWWRFKHQRQHUDJLXVWR0DU JKDUHWHYRQ2VQDEUFNKDGHWWRFKHVHLO6LJQRUHYROHYDODSURFUHD ]LRQHDOORUDDQFKHOHGRQQHGRYHYDQRSRWHUVFHJOLHUHSL~GLXQPD ULWR 0DQGDJL~ODFRPSDVVLRQHFRQXQVRVSLURWUDWWHQXWR +DVSXWD WRLQIDFFLDDLSUHGLFDWRULHSLVFLDWRLQWHVWDDTXHOOLFKHDQGDYDQRD SUHQGHUOD 6DSHYD TXHOOR FKH O DVSHWWDYD PD QRQ KD YROXWR WDFHUH +DXUODWRDWXWWDODFLWWjPHQWUHODWUDVFLQDYDQRYLDFKHOHGRQQHGL 0QVWHUQRQKDQQRFRPEDWWXWRDOILDQFRGHLORURXRPLQLSHUGLYHQ WDUHYROJDULFRQFXELQH $QFRUDXQDSDXVDDWUDWWHQHUHOHODFULPHG RGLR& qXQDGLJQLWj LQILQLWDLQTXHOOHSDUROHODGLJQLWjGLFKLKDFRQGLYLVRLOJHVWRHVWUH PRGLXQIUDWHOORGLXQDVRUHOOD Ê PRUWD XFFLGHQGROL FRQ OH SDUROH / KDQQR VHJXLWD LQ WDQWH KDQQRSUHIHULWRPRULUHLQVXOWDQGRLWLUDQQLSLXWWRVWRFKHDFFHWWDUHOH ORUR OHJJL (OLVDEHWK +|OVFKHU FKH KD RVDWR DEEDQGRQDUH LO PDULWR .DWKDULQD .RHNHQEHFNHU FKH KD YLVVXWR FRQ GXH XRPLQL VRWWR OR VWHVVR WHWWR %DUEDUD %XWHQGLHFN GHQXQFLDWD GDO PDULWR SHUFKp KD RVDWR FRQWUDGGLUOR /HL QRQ O KDQQR JLXVWL]LDWD QR (UD LQFLQWD SHU TXHOORVLqVDOYDWD 6ROWDQWR LO FUHSLWDUH GHO IXRFR ,O UHVSLUR SURIRQGR GHO SLFFROR +DQVQHOOHWWLQR,OEDWWHUHGHOODSLRJJLDVXOWHWWR 1HVVXQRVLqULEHOODWR" $QQXLVFH ,O IDEEUR 0ROOHQKHFNH ,QVLHPH DG DOWUL GXHFHQWR 6RQR ULXVFLWL D ULQFKLXGHUH LO UH H LO VXR VHJXLWR QHO 0XQLFLSLR PD SRL &RVD SRWHYDQR IDUH" $SULUH OH SRUWH DO YHVFRYR" 6LJQLILFDYD FRQGDQQDUHODFLWWjDPRUWH1RQVHODVRQRVHQWLWD4XDOFXQRKDOL EHUDWRLOUHHGXHRUHGRSROHORURWHVWHVRQRURWRODWHQHOODSLD]]D 3HWHU$GULDQVRQUDFFRJOLHODYHFFKLDVSDGDFRQFXLKDFRPEDWWX WR VXOOH EDUULFDWH D IHEEUDLR 6XOOD IDFFLD L VROFKL GHOOD VWDQFKH]]D VFDFFLDWD )DPPHORDPPD]]DUH&DSLWDQR 0LDO]R4XHOORFKHUHVWDGDIDUH 1R 7XD PRJOLH H WXR ILJOLR QRQ VDSUHEEHUR FKH IDUVHQH GL XQ PDUWLUH 'HYHSDJDUOD 0LULYROJRD*UHWD 5DFFRJOLODYRVWUDURED9HQHDQGDWHVWD QRWWH $GULDQVRQVWULQJHO HOVDDFFHFDWR &LKDIRWWXWLQRQSXzSDVVDU
ODOLVFLD 3RUWDLWXRLORQWDQRGDTXLÊLOPLRXOWLPRRUGLQH3HWHU 9RUUHEEHSLDQJHUHVLJXDUGDLQWRUQRODFDVDJOLRJJHWWL0H &DSLWDQR *UHWDqSURQWDLOILJOLRLQEUDFFLRDYYROWRLQXQDFRSHUWD9RUUHL FKH$GULDQVRQDYHVVHODVXDIRU]DLQTXHVWRPRPHQWR $QGLDPR/RWUDVFLQRSHUXQEUDFFLRXVFLDPRVRWWRLOGLOXYLR IDFFLR VWUDGD 5DVHQWLDPR L PXUL OXQJR LO SHUFRUVR FKH VHPEUD LQ WHUPLQDELOH $XQDVYROWDODPRJOLHGL$GULDQVRQWUDVDOLVFH ' LVWLQWRODPDQRDOODVSDGD'XHVDJRPHEDVVHVRWWRLFDSSXFFL 8QDUHJJHXQDODQWHUQD6LDYYLFLQDQRSDVVLFRUWLQHOIDQJR /DOXFHYLHQHDO]DWDYHUVRLQRVWULYROWL,QWUDYHGRRFFKLJLRYDQL JXDQFHOLVFH1RQSL~GLGLHFLDQQL 8QEULYLGR /D EDPELQD SXQWD O LQGLFH VXO IDJRWWR FKH *UHWD WLHQH VWUHWWR DO VHQR8QGLWRSLFFRORHELDQFR 7HUURUH QHJOL RFFKL GHOODGRQQD6FRVWDLOOHPERGHOODFRSHUWDH PRVWUD+DQVLQWLUL]]LWRGDOIUHGGR / DOWUDQRQPLWRJOLHORVJXDUGRGDOODIDFFLD 2FFKLD]]XUUL&LRFFKHELRQGHFKHJURQGDQRSLRJJLD / LQGLIIHUHQ]DDOWHUDGLXQDIDWD 3XURRUURUH / LVWLQWRGLVFKLDFFLDUOD'LXFFLGHUH ,OFXRUHDWDPEXUR 3DVVDQRROWUH $OOD/XGJHULWRU +DQQRVFDULFDWRLQRVWULFDUULJOLDQLPDOLVRQRVWDWLULSDUDWLVRWWR XQDWHWWRLD $OWROj&KLVLHWH &DSLWDQR*HUWGDO3R]]R 0L DYYLFLQR LQ PRGR FKH SRVVD ULFRQRVFHUPL +DQVHO LO YROWR VSHWWUDOHGHOODIDPH 5LDWWDFFDLFDYDOOLDXQRGHLFDUUL ,QFHUWR &DSLWDQRPLGLVSLDFHQRQSXzXVFLUHQHVVXQR,QGLFR LOIDJRWWRFKH*UHWDVWULQJHDOVHQR ,OSLFFRORKDLOFROHUD9XRLIDUVFRSSLDUHXQ HSLGHPLD" 7HUURUL]]DWR FRUUH D FKLDPDUH L FRPSDJQL , FDYDOOL YHQJRQR ULDWWDFFDWL
$SULWHODSRUWDVYHOWL 6SLQJR$GULDQVRQVXOFDUURFDFFLDQGRJOLOHUHGLQLLQPDQR )LODSL~ORQWDQRFKHSXRL /HVXHODFULPHVLPHVFRODQRDOODSLRJJLDFKHJURQGDGDOFDSSXF FLR &DSLWDQRLRQRQWLODVFLRTXL *OL VWULQJR IRUWH O RUOR GHO PDQWHOOR 1RQ ULQQHJDUH PDL D WH VWHVVR FLz SHU FXL KDL FRPEDWWXWR 3HWHU /D VFRQILWWD QRQ UHQGH LQ JLXVWDXQDFDXVD5LFRUGDORVHPSUH9DLDGHVVR &ROSLVFRIRUWHLOFXORGHOFDYDOOR
1RQVHQWRSL~ ODSLRJJLD,OILDWRPLSUHFHGHVXOODVWUDGDFKHSRU WDDOODSLD]]DGHOOD&DWWHGUDOH1HVVXQR&RPHVHIRVVHURWXWWLPRUWL XQXQLFRPXWRFLPLWHUR ,OSDOFRqDQFRUDDULGRVVRGHOODFKLHVDPDDGHVVRFLFDPSHJJLD XQ SHVDQWH EDOGDFFKLQR FKH FRSUH LO WURQR6RWWR q LQFLVR D FKLDUH OHWWHUHLOQRPHGHOOXRJRLQFXLOHPHQWLGLTXHVWDJHQWHKDQQRGHFLVR GLPLJUDUH,/0217(',6,21 3DVVRROWUHILQFKpLOUXPRUHHODOXFHGHOODIHVWDPLUDJJLXQJRQR GDOO DOWR GDOOH ILQHVWUH GHOOD FDVD FKH IX GHO VLJQRUH 0HOFKLRU YRQ %UHQ +RWURYDWRODFRUWHGHO5H*LXOODUH +DODFRURQDLQFDSR +DLOPDQWHOORGLYHOOXWR +D OR VFHWWUR LQ PDQR XQD VIHUD VRUPRQWDWD GD XQDFURFHHGXH VSDGHJOLSHQGHGDOFROOR+DXQDQHOORSHURJQLGLWRODEDUEDFXUDWD LQRJQLULFFLROHJRWHDUURVVDWHLQQDWXUDOLFRPHXQFDGDYHUHLPEHO OHWWDWR 6LHGH DO FHQWUR GHOOD WDYRODWD VLVWHPDWD D IHUUR GL FDYDOOR LQ JRPEUD GL PXFFKL G RVVD VSROSDWH FLRWROH FROPH GL JUDVVR G RFD ELFFKLHULHERFFDOLFRQUHVWLGLYLQRHGLELUUD/DJKLJQDLPPRELOHGL XQ PDLDOLQR DOOR VSLHGR FDPSHJJLD LQ PH]]R DOOD VDOD $OOD GHVWUD GHOUHODUHJLQD'LYDUDYHVWLWDGLELDQFRSL~EHOODGLTXDQWRSRWHVVL ULFRUGDUODXQDJKLUODQGDGLVSLJKHDIHUPDUOHLFDSHOOL$OODVLQLVWUD XQ SLFFROHWWR ULQFDJQDWR VLFXUDPHQWH LO IDPRVR 'XVHQWVFKQXHU /H PRJOLVLHGRQRDFFDQWRDLFRUWLJLDQLHVHUYRQRLOYLQRDLORURVLJQRULH SDGURQL ,QIRQGRDOODVDODVXOWURQRGL'DYLGHXQUDJD]]LQRVLHGHVFRP
SRVWROHJDPEHDFDYDOFLRQLGHLEUDFFLROL*LRFKHUHOODDQQRLDWRFRQ XQD PRQHWD / DELWR WURSSR JUDQGH q ULFRSHUWR GL PRQLOL G RUR OH PDQLFKHDUURWRODWHVXLJRPLWL5LHVFRDPDODSHQDDULFRQRVFHUH6HD ULDV~E LO SUHGLOHWWR GL %RFNHOVRQ VWUDSSDWR DO GHVWLQR GHL YHFFKL FUHGHQWLLQXQJLRUQRG LQYHUQR ,OUHVLDO]DSXQWDQGROHPDQLVXOWDYROR6SRUJHODWHVWDLQFHUFD GLVJXDUGLGDLQFURFLDUH,QTXLHWXGLQHWUDLFRPPHQVDOL2FFKLEDVVL .UHFKWLQJ ,OPLQLVWURVREEDO]D7XWWLJOLDOWULUHVSLUDQR,OUHLQFDO]D 3HULO 'XFDWRGL6DVVRQLD.UHFKWLQJ ,PLWDQGR PDUFDWDPHQWH XQ DFFHQWR YLOOLFR ©2UD SHUFKp JULGL FRVt IRUWH" 1RQ F q IRUVH QHOOH WXH PXUD DOFXQ UH" , WXRL FRQVLJOLHUL VRQR IRUVH SHULWL SHUFKp WL SUHQGRQR L GRORUL FRPH GL SDUWRULHQWH" 6SDVLPD H JHPL ILJOLD GL 6LRQ FRPH XQD SDUWRULHQWH SHUFKp SUHVWR XVFLUDLGDOODFLWWjHGLPRUHUDLSHUODFDPSDJQDHDQGUDLILQRD%DEL ORQLD/jVDUDLOLEHUDWDOjLO6LJQRUHWLULVFDWWHUjGDOODPDQRGHLWXRL QHPLFLª&KLVRQR"&KLVRQR .UHFKWLQJDUURVVLVFHILVVDQGRLOFRVFLRWWRVSROSDWRFKHKDVRWWRLO QDVRGjGLJRPLWRDOYLFLQRDFDFFLDGLXQVXJJHULPHQWR ,OUHUDPPDULFDWR %DVWDQRQORVDL /RVJXDUGRVFUXWDODWDYRODWD .QLSSHUGROOLQJ3HUO (OHWWRUDWRGL0DJRQ]D &RQODSXQWDGHOORVFHWWURIDWLQWLQQDUHODEURFFD3RLODPDQGDLQ SH]]LFRQXQFROSRVHFFR/ DFTXDVLURYHVFLDVXOWDYROR ©,O6LJQRUHqLQPH]]RDQRLVtRQR"ª ,OERUJRPDVWURVLDIIUHWWDDULVSRQGHUH 6tVt 1RGHYLGLUPLFKLVRQRFKLVRQR $YYROWR LQ XQD SDODQGUDQD GL EURFFDWR SUREDELOPHQWH ULFDYDWD GDOOD WDSSH]]HULD GL FDVDYRQ%UHQ.QLSSHUGROOLQJVLDUULFFLDQHU YRVDPHQWHODEDUED/DSDQFLDSRGHURVDGLXQWHPSRRUDFDGHIODF FLGDLQVLHPHDOODSDSSDJRUJLD,OFDSSHOODFFLRQHURFDVFDPRVFLRVXL ODWLFRPHOHRUHFFKLHGLXQEUDFFR/RVJXDUGRVSHQWRGDFDQHED VWRQDWR8QYHFFKLRDQLPDOHUDPPROOLWRHVWDQFR3URYDD LOOXPLQDU VLFRQXQDULVSRVWD ,VDLD" 0DQRRRRR ÊQHUYRVR6FDYDOFDLOWDYROR 3DOFN3HUOD*HOGULDH8WUHFKW 6LDYYHQWDVXOODWHVWDGHOPDLDOLQRHLQJDJJLDXQDORWWDGLVSHUDWD FRQWDQWRGLUXJJLWLHXUODILQFKp QRQODVTXDUFLDLQGXH/DVFLDFDGH UHLEUDQGHOOLHVLJLUDGLVFDWWR &KLVRQRFKLVRQR" ,OGLDFRQRqYLVLELOPHQWHVEURQ]RULHVFHDEDUFROODUHVXOSRVWRH
GHYH DSSRJJLDUVL DO WDYROR 8Q VRUULVR GL FRPSLDFLPHQWR 6t Vt IDFLOHTXHVWD6LPHRQH 5LVSRVWDVEDJOLDWDLPEHFLOOH 5DFFRJOLH XQD FRVWROD GL PDLDOH H JOLHOD WLUD 6RVSLUD SURIRQGD PHQWHHVLJLUDYHUVR5RWKPDQQTXDVLQDVFRVWRLQIRQGRDOODWDYROD WD %HUQKDUG 8Q YHFFKLR FRUSR VPXQWR FKLXVR QHOOD YHVWH VXGLFLD OD PRUWH GLSLQWDVXOODIDFFLDJOLRFFKLSLFFROLVVLPL6HPEUDQRSDVVDWLDQQLGD TXDQGR XQ DIIDELOH SUHGLFDWRUH DFFROVH L GLVFHSROL GL 0DWWK\V D 0QVWHU H DOWUHWWDQWL GD FKH LO FRQYHQWR GL hEHUZDVVHU IX VYXRWDWR GDOOHVXHSDUROH 0LFKHD0RVqH6DQVRQH ,OUHDSSODXGHVXELWRVHJXLWRGDWXWWLJOLDOWUL %HQH EHQH ( RUD 'LYDUD PLD UHJLQD IDFFL 6DORPq 'jL GjL 6DORPq0XVLFDPXVLFD 'LYDUDVDOHVXOWDYRORHFRPLQFLDDURWHDUHHPXRYHUVLVLQXRVDDO VXRQRGHOOLXWRHGHOIODXWR,OYHVWLWRVFLYRODVXOOHVSDOOHOHJDPEHVL VFRSURQR)UXVWDO DULDFRQLFDSHOOLHXQLVFHOHPDQLVRSUDODWHVWDOD VFKLHQDLQDUFDWD /DGDQ]DGL6DORPqSHUDYHUHODWHVWDGL*LRYDQQL 'L-DQ%RFNHOVRQVDUWRHSDSSRQHGL/HLGDFRPPHGLDQWHDSR VWRORGL0DWWK\VSURIHWDHUHGL0QVWHU 'L-DQHGLWXWWLJOLDOWUL 8QDFDWDVWDGLFDGDYHUL/HLORVD *XDUGRODPRUWHGDQ]DUHVFHJOLHUOLDXQRDXQRILQFKpQRQGHFL GRGLXVFLUHGDOO RPEUDHODVFLDUHFKHVLDFFRUJDQRGLPH ÊODSULPDDIHUPDUVLGLVFDWWRFRPHDYHVVHYLVWRXQIDQWDVPD, FRPPHQVDOLGL SLHWUDERFFKHDSHUWHDJXDUGDUPLUHGLYLYRDYHGHUVL SHU XQ LVWDQWH DWWUDYHUVR L PLHL RFFKL EROVL IROOL PDOHGHWWLVVLPL VWURQ]L ( DQFRUD OHL PL FRQFHGH XQ VRUULVR OLHYH FRPH VH IRVVLPR VRO WDQWRQRLGXH 3RUWDWHOLYLDWXWWLTXDQWL
/ RFFKLRGL&DUDID
/HWWHUD LQYLDWD D 5RPD GDOOD FLWWj GL 0QVWHU LQGLUL]]DWD D *LDQSLHWUR&DUDIDGDWDWDJLXJQR $OO LOOXVWULVVLPR H UHYHUHQGLVVLPR VLJQRUH *LRYDQQL 3LHWUR &DUD IDLQ5RPD
6LJQRUH PLR RVVHUYDQGLVVLPR DOORUFKp VWULQJHUHWH WUD OH PDQL TXHVWLIRJOLVDUjFHUWRJLXQWDDOOHRUHFFKLHGL9RVWUD6LJQRULDODQR WL]LD GHOOD ILQH GHO 5HJQR GL 6LRQ QHOOD FLWWj GL 0QVWHU *LDFFKp JUDQGLVVLPD q O DWWHQ]LRQH GL WXWWL JOL VWDWL VXOOH VRUWL GHOO DVVHGLR H VSHFLDOPHQWHJUDQGHqO DWWHQ]LRQHGL9RVWUD6LJQRULDSHUOHYLFHQGH FKH OD LQWHUHVVDQR $ WDOH LQWHUHVVH H DOOD FXULRVLWj QDWXUDOH GL XQ XRPR FROWLVVLPR H LVWUXLWR IDFFLR GXQTXH DSSHOOR DIILQFKp TXHVWD PLD OHWWHUD SRVVD DYHUH XQD VXD XWLOLWj LOOXVWUDQGR DOFXQLSDUWLFRODUL FKHPLSDUYHURVLJQLILFDWLYLLQTXHVWLXOWLPLPHVLGLVLOHQ]LRHVHQ]D GLPHQWLFDUH FKH 9RVWUD 6LJQRULD KD VHPSUH PRVWUDWR GL DSSUH]]DUH JUDQGHPHQWH OH LQIRUPD]LRQL GL SULPD PDQR EHQ VDSHQGR FKH JOL DFFDGLPHQWL SL~ LQTXLHWDQWL VRQR L SL~ VRJJHWWLDHVVHUHDUULFFKLWLGL SDUWLFRODUL LQHVLVWHQWL IDOVH LQWHUSUHWD]LRQL VRYUDSSRVL]LRQL ILDEH VFKH 0LVLDFRQVHQWLWRFRPLQFLDUHLOUDFFRQWRFRQXQDULIOHVVLRQHTXD VLLQWLPDFKHVHUYLUjFHUWDPHQWHD9RVWUD6LJQRULDSHUOHJJHUHQHOOD JLXVWDOXFHTXDQWRYHUUzHVSRQHQGRHFLRqFKHPDLQHLWUHQWDVHLDQ QLFKH,GGLRPLKDFRQFHVVRKRYLVVXWRPHVLFRVtIDWLFRVLSHULOFRU SRFRVtSURVWUDQWLSHUODPHQWHFRVtLQTXLHWDQWLSHUORVSLULWRFRPH DFFDGH D XQ XRPR VDQRFKHGHEEDIDUVLSD]]RWUDLSD]]L4XHOO XR PR SHU TXDQWR ULJRURVDPHQWH VRUYHJOL OH SURYLQFH GHO VXR VSLULWR FRYHUjVSHVVRO DWURFHVRVSHWWRGLDYHUVPDUULWRLUULPHGLDELOPHQWHOD VXD SURSULD QDWXUD H DVVXPHQGR VSRQWDQHDPHQWH JOL DWWHJJLDPHQWL GHO IROOH H VWULQJHQGR DPLFL]LD FRQ OH SHUVRQH PDODWH GL ILQLUH FRO FRPSUHQGHUOHPHJOLRGHOOHSHUVRQHVDQH'XQTXHLOULWRUQRDOODYLWD QRUPDOHQRQJOLVDUjQpIDFLOHQpLPPHGLDWR 1HLPHVLGHFLVLYLGHOODFDGXWDGL0QVWHUKRYLVWROHVFRUWHGLFL ERIDUVLVHPSUHSL~PDJUHLQVLHPHDLYROWLGHJOLDELWDQWL
+RYLVWRLQXQD VHWWLPDQDVSDULUHWXWWLLWRSLGDOOHYLHGHOODFLWWjH KRFRPLQFLDWRDVRVSHWWDUHFKHQRQSHUPDQLDPDSHUXQOXFLGRFDO FROR -DQ %RFNHOVRQ DEELD FRPLQFLDWR D IDU JLXVWL]LDUH XQ VHPSUH PDJJLRUQXPHURGLVXGGLWLGLVREEHGLHQWLPHQRERFFKHGDVIDPDUHH SL~ FDUQHGDPDQJLDUH 3RVVR GLUH FKH TXDORUD LO IURQWH GHJOL $QDEDWWLVWL IRVVH VWDWR GDYYHURFRPSDWWRLOFRPSLWRPLRVDUHEEHULVXOWDWRPROWRPHQRJUD YRVR $YUHL LGHQWLILFDWR IDFLOPHQWH LO SRSROR DVVHUUDJOLDWR GHQWUR OH PXUD FRQ OH IRU]H GL 6DWDQD H L PHUFHQDUL DFFDPSDWL IXRUL FRQ OH WUXSSHGHO6LJQRUH3HUFRPHDQGDURQROHFRVHLQYHFHGLYHQWzVHP SUHSL~GLIILFLOHQRQFRQVLGHUDUHLO5HGL6LRQHODVXDFRUWHFRPHL VROL YHUL QHPLFL JLXGLFDQGR LO UHVWR GHJOL DVVHGLDWL FRPH XQ JUHJJH LQFROSHYROH/DWUHPHQGDSD]]LDGL%RFNHOVRQUHQGHYDPHQRRUULELOH ODSD]]LDDQDEDWWLVWDGLWXWWLJOLDOWUL &RVtSL~GLXQDYROWDPHQWUHORVHQWLYRSURPHWWHUHDOODVXDJHQ WHFKHOHSLHWUHGHOVHOFLDWRVLVDUHEEHURWUDVIRUPDWHSHUORURLQSDQH HFRVFHGLIDJLDQRKRSURYDWRXQ GHVLGHULRLQHVWLQJXLELOHGLXFFLGHU ORGLFDQFHOODUORGDOODIDFFLDGHOODWHUUDSHUVROOHYDUHPROWLSRYHUHW WL GD TXHO JLRJR VRSSRUWDWR VROR SHU OD SUHVHQ]DGLXQSHULFRORSL~ JUDYHIXRULGDOOHPXUD 1RQRVWDQWHTXHVWRSURSULRFKLVFULYHDOOD6LJQRULD9RVWUDIXUH VSRQVDELOH LQ SULPD SHUVRQD GHOOD VSDFFDWXUD FKH VL YHQQH D FUHDUH DOO LQWHUQRGHOODFLWWj)LQGDOO DUULYRGL-DQ0DWWK\VFRPLQFLDLDGDF FDWWLYDUPL OH VLPSDWLH GHO SULPR SUHGLFDWRUH GHOOD FRPXQLWj %HU QKDUG5RWKPDQQXQXRPRGLFHUYHOORILQRHGL JUDQGHFXOWXUDGLFXL DFFHQQDL QHOOD PLD XOWLPD OHWWHUD RUPDL SL~ GL XQ DQQR ID 4XDQGR YLGL LO PRGR LQ FXL FRVWXL YHQQH PHVVR GD SDUWH GDO QXRYR SURIHWD 0DWWK\V PL UHVL VXELWR FRQWR FKH XQD WDOH VDSLHQ]D SRWHYD WRUQDUH XWLOH DL PLHL SLDQL $YUHL SRWXWR IDU OHYD VXOO LQVRGGLVID]LRQH GHO FRQGRWWLHURPDQFDWRGHOO XRPRGL%LEELDDFFDQWRQDWRGDUR]]LOHQR QL H IRUQDL 0D 5RWKPDQQ VL DPPDOz JUDYHPHQWH H FRQ OD VDOXWH FRPLQFLz D YHQLU PHQR OD YRJOLD GL HPHUJHUH H GL ORWWDUH )LQt FRQ O DFFRQWHQWDUVL GL IDUH LO WHRORJR DOOD FRUWH GL -DQ GL /HLGD (SSXUH QHVVXQDSHUVRQDFROWDSHUTXDQWRGHEROHHDIIDWLFDWDSRWHYDVRSSRU WDUHDOXQJRORVSHWWDFRORGHO5HJQRGL6LRQ 1RQVRFRPHHEELO LGHDGHOODSROLJDPLDSUREDELOPHQWHPLLVSL UzODOHJJHQGDFKHJOL$QDEDWWLVWLROWUHDLEHQLPHWWHVVHURLQFRPX QH DQFKH OH GRQQH 'LVFXVVL D OXQJR FRQ %HUQKDUG 5RWKPDQQ VXOOH XVDQ]H GHL SDWULDUFKL GHOOH 6DFUH 6FULWWXUH LQ PDWHULD GL PDWULPRQL ILQFKpLOSUHGLFDWRUHQRQFRQVLJOLzD%RFNHOVRQTXHOSURYYHGLPHQWR
WDQWR RGLRVR GD UHQGHUJOL RVWLOH LO SRSROR 'D DOORUD WXWWR YHQQH VRPPHUVR LQ XQD PDUHD GL VDQJXH H 5RWKPDQQ ILQt SHU SUHQGHUH TXDWWRUGLFLPRJOL0DORVSLULWRGHOODFLWWjDVVHGLDWDFKHILQRDTXHO PRPHQWR DYHYD UHVLVWLWR FRPSDWWR DJOL DWWDFFKL GHO YHVFRYR YRQ :DOGHFNQRQDYUHEEHSL~FRQRVFLXWRO XQLWj &RVtQRQFLVDUHEEHVWDWRELVRJQRGLXQWUDGLWRUHVHVROWDQWROH IRU]H DVVHGLDQWL IRVVHUR VWDWH PHJOLR RUJDQL]]DWH H PHQR LPSDXULWH GDJOL LQVXFFHVVL (SSXUH O DVVHGLR VHPEUDYD GHVWLQDWR D QRQ ILQLUH PDLÊYHURFKHOD1XRYD6LRQHUDRUPDLVXOSXQWRGLFDGHUHSHUID PH HG q YHUR DQFRUD FKH OD PRUVD VWUHWWD GDOOH WUXSSH GHO YHVFRYR ULXVFt GRSR XQDQQRDHVVHUHYHUDPHQWHHIILFDFHPDDOODOXQJDXQ HVHUFLWRPHUFHQDULRqVROLWRVIDOGDUVLHSHUGHUHYLJRUHFRQO DXPHQWD UHGHOULWDUGRGHOODSDJD +R UDJJLXQWR LO FDPSR GHLYHVFRYLOLDOO DOEDGHOPDJJLRFRQ JOLDUFKLEXJLGHLPHUFHQDULSXQWDWLDOODWHVWDHOHJULGDGHOOHVHQWLQHO OHGHOODFLWWjFKHPLLQWLPDYDQRGLWRUQDUHLQGLHWUR+RYLQWRODGLIIL GHQ]DGHOFDSLWDQR:LULFKYRQ 'KDXQFRVWUXHQGRPRGHOOLLQDUJLOOD GHOOHIRUWLILFD]LRQLGL0QVWHUHGHVFULYHQGRQHLGHWWDJOLLYXRWLGHO VHUYL]LR GL VHQWLQHOOD +R GRYXWR FRQIHUPDUH O HVDWWH]]D GL TXDQWR GLFHYRDUUDPSLFDQGRPLQRWWHWHPSRLQFLPDDLEDVWLRQLGHOODFLWWjHG XVFHQGRLOOHVRGDXQDGHOOHSRUWH 8Q PHVH GRSR OH WUXSSH YHVFRYLOL KDQQR IDWWR LO ORUR LQJUHVVR D 0QVWHU6XOODEDWWDJOLDFKHVLqVYROWDGHQWUROHPXUDQRQKRSDUWL FRODULGDRIIULUHSRLFKpQRQPLqVWDWRFRQFHVVRGLDVVLVWHUYL4XHOOR FKH q DFFDGXWR LQ VHJXLWR LQYHFH q FRVD FKH QHVVXQ RFFKLR XPDQR YRUUHEEHPDLYHGHUHHQHVVXQDERFFDSRWUjPDLGHVFULYHUH/HULFHU FKH OH XFFLVLRQL LO PDVVDFUR VL VXVVHJXRQR WXWWRUD 2JQXQR YLHQH WUXFLGDWR VXOSRVWR6ROWDQWR-DQ%RFNHOVRQHLVXRLGXHXRPLQLSL~ ILGDWL.UHFKWLQJH.QLSSHUGROOLQJVRQRVWDWLFDWWXUDWLSHUHVVHUHLQ WHUURJDWL1HOO RUDIDWDOHLOUHGHJOL$QDEDWWLVWLQRQqVWDWRYLVWRFRP EDWWHUHQHOODSLD]]DLQVLHPHDJOLVWUHQXLGLIHQVRULGHOODFLWWjEHQVuq VWDWR VFRYDWR QHOOD VDOD GHO WURQR QDVFRVWR VRWWR XQ WDYROR LPSORUDQWH FKH QRQ IDFHVVHUR DOFXQ PDOH D XQ SLFFROR VDUWR H PLVHUDELOH OHQRQH 5LJXDUGR D %HUQKDUG 5RWKPDQQ OD VXD VRUWH q PDWHULDSHUOHFRQJHWWXUHSL~YDULHQRQqVWDWRIDWWRSULJLRQLHURHLO VXRFDGDYHUHQRQqGDQHVVXQDSDUWHPDTXDOFXQRGLFHGL DYHUYLVWR XQXQJKHUHVHSLDQWDUJOLXQDVSDGDWUDOHVFDSROHHSRLULFRQRVFLXWROR FRPH XQR GL TXHOOL FKH LO YHVFRYR DYHYD RUGLQDWR GL FDWWXUDUH YLYL IDULQPRGRGLQDVFRQGHUHLOFRUSR ,QWXWWLLYLFROLJLDFFLRQRFDGDYHULHODFLWWjqDSSHVWDWDGDXQR
GRUHLQVRSSRUWDELOH1HOODSLD]]DFHQWUDOHVLHUJHXQDFDWDVWDGLFRUSL ELDQFKLVSRJOLDWLHDPPXFFKLDWLXQRVXOO DOWUR / DUULYRGHOYHVFRYRYRQ:DOGHFNQRQKDJLRYDWRSL~GLWDQWRDO ODVDOXWHGL0QVWHU7XWWRUDOHVWUDGHGHOODFLWWjVRQRYXRWHDQFKHD PH]]RJLRUQRHLEDQFKLSHUODYHQGLWDGHJOLRUWDJJLQRQVRQRDQFRUD ULFRPSDUVLVRWWRLSLQQDFROLGHO0XQLFLSLR0ROWRWHPSRGRYUjSDV VDUHSULPDFKHODYLWDWRUQLDVFRUUHUHLQ0QVWHUDQFKHVHDLODYRUL GLULFRVWUX]LRQHGHOOD&DWWHGUDOHqJLjVWDWRGDWRLQL]LR7XWWRUDFHUFR GL ULWURYDUH OH IRU]H H OD ULVROXWH]]D SHUGXWH LQ TXHVWR FDUQHYDOH GL PRUWHPDODGDQ]DPDFDEUDGLTXHVWDFLWWjFLFRVWULQJHWXWWLQHOVXR YROWHJJLDUHFRPHXQFRQWDJLRGLSHVWHFRPHVHO RGRUHGHLFDGDYHUL PXWDVVHLQFDGDYHULDQFKHLYLYL ( FRVt VDUj SHU JOL $QDEDWWLVWL WUD TXL H L 3DHVL %DVVL RUD FKH LO IDUR GHOOD ORUR VSHUDQ]D q VWDWR VSHQWR 0ROWL SDUWLJLDQL GL 0QVWHU LQYLDWLGD%RFNHOVRQDVRELOODUHOHJHQWLG 2ODQGDVLDJJLUDQRWXWWRUD WUDTXHOOHWHUUHPDLORURJLRUQLVRQRFRQWDWLHVHPSUHPHQRVDUDQQR LIROOLFKHYRUUDQQRSUHVWDUJOLDVFROWR(FFRSHUFKpFUHGRFKHODVRUWH GLTXHVWDHVHFUDELOHHUHVLDVLDRUPDLVHJQDWDHLOSHULFRORGHEHOODWR 3HU OR VWHVVR PRWLYR FUHGR G DYHUH HVDXULWR LO FRPSLWR DVVHJQD WRPLGD9RVWUD6LJQRULDFRPSLWRDOTXDOHKRVDFULILFDWRWXWWHOHIRU ]HGHOFRUSRHGHOODPHQWHILQRDHVVHUHSURIRQGDPHQWHSURYDWRGDO O RUUHQGD WUDJHGLD GL FXL VRQR VWDWR VSHWWDWRUH H FRPSDUVD $O PLR 6LJQRUH QRQ VDUj TXLQGL GLIILFLOH FRPSUHQGHUH OH UDJLRQL FKH PL VSLQJRQRDFKLHGHUHGLHVVHUHDOORQWDQDWRGDOQDXVHDERQGRHPRUWLIH URRGRUHGLTXHVWHWHUUHHGLFRQWLQXDUHDVHUYLUORVHPDLSRWUDQQR WRUQDUJOLDQFRUDXWLOLLPLHLVHUYLJLLQDOWULOXRJKLHFLUFRVWDQ]H 5DFFRPDQGDQGRPLDOODEHQHYROHQ]DGHOOD6LJQRULD9RVWUDEDFLR XPLOPHQWHOHPDQL 'DWRLQ0QVWHULO GLJLXJQRGHOO DQQR ,OIHGHOHRVVHUYDWRUHGL9RVWUD6LJQRULD 4
&DSLWROR $QYHUVDPDJJLR
1RQ DVSHWWDL OD ILQH /DVFLDL 0QVWHU DJOL LQL]L GL VHWWHPEUH 1RQYLULPLVLPDLSL~SLHGH (ORLPLDFFHQGHXQVLJDURFRQODEUDFHGHOFDPLQR/HYROXWHVL VROOHYDQR DPSLH PHQWUH DVVDSRUR LO JXVWR GHOOD JUDQGH SDFH FKH VFHQGHOHQWDQHOOHPHPEUD1RQPLDVSHWWDYRGLULWURYDUHTXLTXHVWR SLDFHYROHSURGRWWRGHOOH,QGLH /HURQGLQLYRODQREDVVHVRSUDLWHWWLVFUH]LDWLGDOWUDPRQWRVHJQR FKHSLRYHUj,OFLJROLRUHJRODUHGLXQFDUURFKHSDVVDLQVWUDGDYRFL XQODWUDUHORQWDQR +RSDVVDWRLQUDVVHJQDQRPLYROWLVHQVD]LRQLDQQLGDWHQHLVRO FKLGHOOHFLFDWULFL4XDOFRVDqVFRPSDUVRGLPHQWLFDWRSHUVHPSUHLQ IRQGRDOSR]]RVFXUR /D PHPRULD6DFFDSLHQDGLFLDQIUXVDJOLHFKHURWRODQRIXRULSHU FDVR H ILQLVFRQR FRO PHUDYLJOLDUWL FRPHVHQRQIRVVLVWDWRWXDUDF FRJOLHUOHDWUDVIRUPDUOHLQRJJHWWLSUH]LRVL 6RUULGRDOWHPSRDOOHLPSUHVHWUDJLFKHDJOLHURLFDVXDOLGLDOWUH VWDJLRQL6RUULGR (ORLVDFRQFHGHUHLOWHPSRQHFHVVDULRQRQqIDFLOHLQFRQWUDUHXQ XRPRFKHVDSSLDDVFROWDUHXQDVWRULDUDFFRQWDWDGDYDQWLDOIXRFR 5RPSHLOVLOHQ]LRIXPRVRFKHFLDYYROJH (SRL" 6SURIRQGDL6HQ]DULXVFLUHDSHQVDUHVHQ]DFKLHGHUPLSL~QLHQ WH(FRPHPHWDQWLIXRULXVFLWLLQWHPSRGDOODFLWWjGHLIROOLVEDQGD WLVWDQFKL&LSRUWDYDPRGHQWURLOUDQFRUHGHOODSL~JUDQGHRFFDVLR QH EUXFLDWD XQDFDQFUHQDOHQWDFKHFLURGHYDODPHQWH1RQDYHYD PRSL~XQSRVWRQHOPRQGR 1HL 3DHVL %DVVL F HUD VXEEXJOLR VHPEUDYD FKH WXWWR GRYHVVHH VSORGHUH GD XQ PRPHQWR DOO DOWUR 3HU TXHVWR FL ULWURYDPPR WXWWL Ot VHQ]D DOFXQD GLUHWWLYD D ULPHWWHUH LQVLHPH L QRVWUL SH]]L ,Q 2ODQGD ODGLVFXVVLRQHWUDLIUDWHOOLIHUYHYDSL~FKHPDL GDXQDSDUWHLVRVWH QLWRULGHOODYLDSDFLILFDFRQ3KLOLSVH-RULV'DOO DOWUDLSL~GHWHUPL QDWLJOLLUULGXFLELOLFKHDYUHEEHURYROXWRLPSXJQDUHOHDUPL/LUDF FDWWDYDPRSHUVWUDGDJLRYDQLSURQWLDWXWWR
(ORLPLLQWHUURPSHFRQXQFROSRGLWRVVH 7LVWDLGLPHQWLFDQGR GLQRL-RULVPLRGLDYDPLRGLDDQFRUD$VSHWWDDVSHWWDFRPHPLKD GHILQLWR" ©8Q OLEHUWLQR GHGLWR DOOD FRSXOD H DOOD JR]]RYLJOLDª 1RQ DYUHLVDSXWRGLUHGLPHJOLR 6RUULGHRUPDLSRVVRSDUODUJOLVROWDQWRGLIDWWLFKHFRQRVFHEHQH 3RL LQ GLFHPEUH DUULYz 9DQ *HHOHQ TXHO JUDQGH OLPEXUJKHVH FKHDYHYRFRQRVFLXWRD0QVWHUGRYHHUDJLXQWRFHUFDQGRXQDVSH UDQ]DSHUJOLRSSUHVVLHWURYDQGRVROWDQWRXQYHFFKLR'LRLPSD]]LWR PDQJLDWRUHGLXRPLQL/DFRQVHJQDGL%RFNHOVRQHUDGLFHUFDUHQXR YL SURVHOLWL WUD OH FRPXQLWj GHL IUDWHOOL RODQGHVL PD OD 1XRYD 6LRQ QRQORDYUHEEHYLVWRPRULUHFRPHXQWRSRSHUUHDOL]]DUHOHIROOLHGL XQFRPPHGLDQWH1RQDYHYDDOFXQDLQWHQ]LRQHGLWRUQDUFL (FRVtULSUHVLDORWWDUHQRQVDSHYRIDUHDOWURRUPDLFRPEDWWHYR DQFRUD 1HOPDU]RGHO HUDYDPRD%ROVIDUGDHVSXJQDUHLOPRQDVWHUR GL 2OGHNORRVWHU 9L ULPDQHPPR EDUULFDWL SHU XQD VHWWLPDQD 9DQ *HHOHQSHQVDYDFKHGDXQDSRVL]LRQHFRVtVWUDWHJLFDDYUHPPRSRWX WR GRPLQDUH LO JROIR H LQWDQWR VROOHYDUH OD )ULVLD GRYH L FRQWDGLQL VWDYDQR JLj ULEHOODQGRVL 0D L FRQWDWWL VL ULYHODURQR SL~ GLIILFLOL GD PDQWHQHUHGHOSUHYLVWR $ PDJJLR SUHQGHYDPR LO 0XQLFLSLR GL $PVWHUGDP ,O SLDQR GL 9DQ*HHOHQSUHYHGHYDFKHLSRSRODQLVLVROOHYDVVHURHVLXQLVVHURD QRL4XHVWRDYUHEEHGRYXWRHVVHUHFRPSLWRPLROXLLQWDQWRVLVDUHE EHEDUULFDWRGHQWURLOSDOD]]RPXQLFLSDOHHDYUHEEHWHQXWRLQVFDFFR OD*XDUGLD&LYLFD )X XQ GLVDVWUR FRPSOHWR O XOWLPR DWWR 1HVVXQR FL VHJXt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
UHJLRQH QRQ F HUD XQ SRVWR VLFXUR RJQL FRQWDGLQR SRWHYD WUDGLUWL RJQL YLDQGDQWH LQFRQWUDWR SHU VWUDGD SRWHYD HVVHUH XQ FDFFLDWRUH GL WDJOLHVXOOHWXHWUDFFH &DPPLQDYR SHU JLRUQL GRUPLYR QHL ILHQLOL HOHPRVLQDYR GD PDQJLDUH 1RQ DYHYR SL~ QRWL]LH GHL FRQIUDWHOOL QRQ VDSHYR FRVD VWHVVH VXFFHGHQGR IXRUL GHO SRVWR SUHFLVR LQ FXL PL WURYDYR $QFKH O RULHQWDPHQWR FRPLQFLz D WUDGLUPL OD PHQWH VL DQQHEELDYD 6DSHYR VROWDQWR GL VWDUH FDPPLQDQGR YHUVR QRUG $YHYR SHUVR WXWWR 0Q VWHU L PLHL XRPLQL 9DQ *HHOHQ L FRQIUDWHOOL FKH DG $PVWHUGDPD YHYDQR FUHGXWR LQ PH )LQLWR 'RSR TXDWWUR JLRUQL GL GLJLXQR OH JDPEH FRPLQFLDURQR D QRQ UHJJHUPL SL~ YLGL FRVH FKH PL SUHDQ QXQFLDYDQR OD SD]]LD LPPLQHQWH (UR PRUWR XQ IDQWDVPD WDQWR YD OHYDVGUDLDUVLSHUWHUUDHDVSHWWDUH1RQDYHYRSL~XQPRWLYRSHUIRU ]DUPLDQFRUDDVRSUDYYLYHUH 0L WURYDURQR OtQHOIDQJRODFHURHVDQLPH3RWHYRVSHUDUHQHOOD FROWHOODWDGLXQEULJDQWHTXDVLULPSLDQVLGLQRQDYHUHDGGRVVRQLHQWH FKHYDOHVVHODSHQDUXEDUH1RQPLIHFHURODJUD]LDGLTXHOFROSRPL UDFFROVHURHPLSRUWDURQRFRQORUR /DVFLRFKHLOVLJDURVLVSHQJDVRSUDLOFDPLQRLOULFRUGRqFRQIX VRVHPEUDQRHYHQWLYLVVXWLLQVRJQR ©(GHFFRPLDSSDUYHXQFD YDOORYHUGDVWUR&ROXLFKHORFDYDOFDYDVLFKLDPDYD0RUWHHJOLYH QLYDGLHWURO ,QIHUQRª (ORLqVHULRDFTXDWWDWRXQSUHGDWRUHQRWWXUQRVSURIRQGDWRQHOOD SROWURQD/RVHQWRPRUPRUDUHTXHOQRPH -DQ9DQ%DWHQEXUJ
*OL$UPDWLGHOOD6SDGD8QDEULJDWDFHQFLRVDGLUHGXFLTXDVLWXW WLIXRULXVFLWLGD0QVWHULVXSHUVWLWLFKHVLLQFRORQQDYDQRGLHWURO XO WLPR FDYDOLHUH GHOO $SRFDOLVVH ULPDVWR LQ SLHGL ,O QRVWUR WHPSR HUD ILQLWRFRPHDYHYDGHWWR-DQ0DWWK\V3RWHYDPRVROWDQWRFUHGHUHFKH LOPLVWHURGHOO LQLTXLWjVLIRVVHGLVWHVRVXOODWHUUDXQDWHVWDGRSRO DO WUD XQ IUDWHOOR GRSRO DOWURSHUFRQGXUFLLQILQHDTXHOODIXULDFLHFD 1RQ UHVWDYD FKH YRWDUVL DOOD PRUWH GHO PRQGR H JLXUDUHIHGHOWjDOOD VXD GHIODJUD]LRQH 6DUHPPR ILQLWL FRVt FRQ OD VSDGD LQ PDQR H OH SH]]H DO FXOR XEULDFKL LPSDYLGL H JUDQGLRVL ILQFKp F HUD ILDWR SHU FRPEDWWHUH1RQFLDVSHWWDYDPRSL~QLHQWHHUDYDPRJLjROWUHO $SR FDOLVVH ORQWDQL GD WXWWR SXUL DVVDVVLQL / LQQRFHQ]D QRQ SRWHYD SL~ HVLVWHUHDLQRVWULRFFKLVLWUDVIRUPDYDLQFRGDUGLDGDQQD]LRQH&RVt VSXWDYDPRLEUDQGHOOLGHOOHQRVWUHYLWHLQIDFFLDDFKLULPDQHYD
(ORLqVFRPSDUVRQHOO RPEUDLQIRQGRDOODSROWURQDVHPEUDTXD VLGLVHQWLUORUDEEULYLGLUH 1RQ KR XQ ULFRUGR QLWLGR GL TXHO SHULRGR QRQqSRVVLELOH+R XFFLVRWRUWXUDWRDQQLHQWDWR+RYLVWRLQWHULYLOODJJLEUXFLDUHLOWHU URUHGHLFRQWDGLQLFKHVFDSSDYDQRDSSHQDFLDYYLVWDYDQRDOO RUL]]RQ WH+RYLVWRLPSDODUHIUDWLFRPHPDLDOLDOORVSLHGRKRYLVWRORVSDX UDFFKLR GHO &DYDOLHUH 3DOOLGR JDORSSDUHVXOPDUJLQHGHOOHFROOLQHH QRLGLHWURVXOO RUORGLTXHOO DELVVRDWUDFFLDUHLOFRQILQHGHOODVDQWLWj 'RSR0DWWK\VH%RFNHOVRQLOWHU]R-DQGHOODPLDYLWDODWHU]DPD OHGL]LRQH4XDQGRDOODILQHO KDQQRSUHVRKDULVRLQIDFFLDDOODWRUWX UDHDOODPRUWH+DODQFLDWRDQFRUDXQJULGRGLYLWWRULDGDOSDWLEROR LRO KRVHQWLWR 0L ULODVFLR VXOOD SROWURQD DOOXQJDQGR OH JDPEH LQWRUSLGLWH ( TXHVWRqGDYYHURWXWWRJORULDHPLVHULD $VFROWRLOVLOHQ]LR6RQRVWDQFR /D VXD YRFH VHQ]D YROWR FXOOD OD VSRVVDWH]]D Ê OD VWRULD SL~ JUDQGLRVDFKHDEELDPDLDVFROWDWR(VHQ]DGXEELRWXVHLODSHUVRQD FKHVWDYRFHUFDQGR 6WULQJR JOL RFFKL PD q VROWDQWR XQD PDFFKLD SL~ VFXUD ROWUH OR VFULWWRLR 6RQRVWDQFR(ORL7URSSRVWDQFR 6HLYLYRÊTXHOORFKHFRQWD
6RQRVWDQFR ,O FRUULGRLR FKH PL VHSDUD GDO OHWWR q OXQJKLVVLPR OD OXFH ILRFD GHOODFDQGHODORLOOXPLQDDSSHQDPHQWUHORSHUFRUURDWHQWRQL 6RQRVWDQFR (SSXUHVHQWRFKHQRQULXVFLUHLDSUHQGHUHVRQQR/DYRJOLDGLVD SHUHGL(ORLKDULVYHJOLDWR DQFKHODPLD0QVWHUFDGGHLOGLJLX JQR *HUW GDO 3R]]R VH Q HUD DQGDWR GD QRYH PHVL ( WXWWL JOL DOWUL" $LFROSLVXOODSRUWDULVSRQGHXQDYRFHDVVRQQDWD &KLq" 6RQR*HUW /DOXFHGLXQDFDQGHODVLDJJLXQJHDOODPLDVFUXWRLOYROWRVWUR SLFFLDWRGL%DOWKDVDU0HUFN6HQ]DFKLHGHUHQXOODLOYHFFKLREDWWLVWD LQGLFDXQDVHGLDDFFDQWRDOOHWWR 6LHGLWLSXUHPDGXELWRGLSRWHUWLHVVHUHXWLOH 6RORTXHVWRFKLVLqVDOYDWR"
3RVD OD FDQGHOD VXO WDYROLQR H VLHGH DO ERUGR GHO OHWWR PDVVDJ JLDQGRVLLOYLVR 4XHOOR FKH SRVVR GLUWL q FKH QRL HUDYDPR FLQTXH .UHFKWLQJ LO JLRYDQH LO PXJQDLR 6NUDXS 6FKPLGW O DUPDLROR O LQFLVRUH .HUEH H LR 7XWWL XRPLQL GL .UHFKWLQJ .HUEH O KDQQR SUHVR D 1LPHJD SRFR GRSR FKH FL VLDPR VHSDUDWL +R VDSXWR FKH 6FKPLGW H 6NUDXS VRQR VWDWLJLXVWL]LDWLD'HYHQWHUGXHDQQLID.UHFKWLQJVRFKHqDQFRUDLQ JLURHF qFKLGLFHDQFKH5RWKPDQQLOVXRFRUSRQRQHUDWUDLFDGD YHULD0QVWHU 1HVVXQRGHLPLHL" 6FXRWHODWHVWD 1RQQHKRLGHD$OFXQLGLORURQRQHUDQRQHP PHQRLQFLWWj%RFNHOVRQOLDYHYDDOORQWDQDWLSHUFKpDYHYDXQDSDXUD PDOHGHWWDGLWH *UHVEHFNLIUDWHOOL%UXQGW $QQXLVFHFROFDSR /RURVRQRWRUQDWLLQWHPSRSHUDVVLVWHUHDO GHOLULRILQDOH6SHUDYDQRG LQFRQWUDUWLPDWXHULSDUWLWRSHUQRQWRU QDUHSL~ 3HUFKpVRQRULPDVWL" *UHVEHFNHL%UXQGWKDQQRWHQWDWRGLILODUVHODPDLYHVFRYLOLOL KDQQREHFFDWLDSSHQDIXRULOHPXUD%UXWWDILQH 6RVSLUR VSRVVDWR VHQ]D SL~ OD IRU]D GL LPPDJLQDUHOHGRPDQGH HVFRQRDXWRPDWLFKH 4XDOHIURQWHKDFHGXWR" /D.UHX]WRUHOD-XGHIHOGHUWRULOSXQWRSL~VJXDUQLWRGHOOHPX UD TXDOFXQR GRYHYD DYHUH LQIRUPDWR L YHVFRYLOL 8Q PDQLSROR VL q LQILODWRGHQWURGXUDQWHODQRWWHHDOO DOEDKDDSHUWROHSRUWHDOJURVVR GHOO HVHUFLWR,OPDVVDFURqGXUDWRSHUJLRUQL+RDIILGDWRPLDPRJOLH PDODWD DOOH FXUH GL XQD EHJKLQD VWUDSSDQGROH OD SURPHVVD FKH QRQ O DYUHEEHGHQXQFLDWDHVRQRVFDSSDWRFRQJOLDOWUL6RQRWUHDQQLFKH QRQKRVXHQRWL]LH 5LPDQLDPR LQ VLOHQ]LR DG DVFROWDUH OR VFURVFLDUH UHPRWR GHL UL FRUGLDGDVVDSRUDUHTXHVWDVROLGDULHWjDPDUDGDUHGXFL 0LDO]RTXDVLSHQWLWR 6FXVDPL &DSLWDQR 0LYROWRLVXRLRFFKLVRQRJRQILGLVWDQFKH]]DHGLODFULPH 'LPPLFKHTXHOORSHUFXLFLVLDPREDWWXWLQRQHUDVEDJOLDWR 6HUURODPDVFHOODLSXJQLVWUHWWL 1RQ O KRPDLSHQVDWRQHPPHQRSHUXQPRPHQWR
,OPDUH
&DSLWROR $QYHUVDPDJJLR
$OEDDFFHQQDWD&LHORFRORUSLRPER,SHQVLHULVLLQILODQRVRWWRLO VRQQRHWLUDQRYLDOHFRSHUWH .DWKOHHQGRUPHVSHWWDFRORLQFUHGLELOHGLFDSHOOLHERFFDHUHVSL URWLHSLGR $O]DUVLSLDQRSHUQRQVYHJOLDUOD*HORGHOSULPRPDWWLQRFKHLQ JREELVFHSUHQGHOHYLVFHUHDYYROJHLQXQDJUDQGHSHOOHGLPRQWRQH PHQWUH WUDVFLQL L SLHGL LQ FHUFD GHO VHFFKLR GRYH SLVFLDUH GL XQ SR G DFTXD SHU VWURILQDUWL JOL RFFKL H GL XQ JRFFLR GL ODWWH FDOGR FKH WL IDFFLD ULQDVFHUH *OL DQQL VRQR SDVVDWL DO]DUVL GDO OHWWRQRQqIDFLOH FRPH XQ WHPSR TXDOFKH YROWD LO IUHGGR FROSLVFH JOL DUWL UHXPL FKH WDJOLDQR L PRYLPHQWL DOO LPSURYYLVR WL VHJQDODQR FKH OD FRUGD q UL PDVWDWHVDSHUWURSSRWHPSR0XVFROLHDFFLDFFKLVLVWULQJRQRLQVLH PHHWLGLFRQRFKHLOTXLQWRGHFHQQLRGHOODYLWDGRYUDLVSHQGHUORFRQ SDUVLPRQLD VH QRQ YXRL UHVWDUH SLHJDWRGHQWURXQOHWWRSULPDFKHOD UDJLRQHW DEELDDEEDQGRQDWR)LQHPLVHUDELOHTXHOODWHUULELOH (DOORUDUHVWDUH5HVWDUHTXLWURSSRYHFFKLRSHULPSDUDUHXQPH VWLHUH H WURSSR VWDQFR SHU ULSUHQGHUH D ORWWDUH )RUVH LO EXOLQR R LO WRUQLRPDODVSDGDQRTXHOODODODVFLRDOODUXJJLQHGHOFDQDOHLQFXL O KRJHWWDWD
0DJGD RVVHUYD LQ VLOHQ]LR JOL RFFKL VSDODQFDWL GDOOD FXULRVLWj PHQWUH LQILOR O XOWLPR SHUQR WUD LO EUDFFLR H OD VSDOOD GHO EXUDWWLQR VQRGDELOH 3HUFKLq" GRPDQGDVFXRWHQGRLULFFLFRQLVWLQWLYDFLYHWWHULD ÊSHUYRLEDPELQL ULVSRQGR 3HUzWXVDUDLODVXDPDPPDYD EHQH" 6tttt XQDFXWRFKHSHUIRUDOHRUHFFKLHHORVFKLRFFRGLXQED FLRVXOODJXDQFLDLUVXWD 1HVVXQDELPEDPLKDPDLEDFLDWR (ORLJXDUGDHVRUULGHPHQWUHDYDQ]DWUDOHFRORQQHGHOSRUWLFDWR
1RQID LQWHPSRDVDOXWDUHFKH0DJGDJOLVDOWHOODGLIURQWHVYHQWR ODQGRLOSXSD]]RGLOHJQR *XDUGDJXDUGD/RKDIDWWR/RW (ORLV LQJLQRFFKLDSHUPXRYHUHOHEUDFFLDGHOEXUDWWLQR ÊWXR" ÊGLWXWWLLELPEL ULVSRQGH0DJGDFRPHOHqVWDWRLQVHJQDWR 3HUzOREDGHUzLR/RWKDIDWWRDQFKHLFXFFKLDLHOHVFRGHOOHSHUOD PDPPDVDL" (ORLDQQXLVFHPHQWUHODSLFFRODFRUUHDPRVWUDUHDWXWWLLOQXRYR JLRFDWWROR 8QSHQVLHURDGDOWDYRFHHXQJHVWRGHOOHEUDFFLD (FFRODPLD DYYHQWXUD1HJOLXOWLPLGLHFLDQQLQRQKRIDWWRDOWUR ,URQLFR 8QDFRVDGDSRFR 1RQVRVHqGDSRFRRGDPROWR&HUWRODPLDVWRULDQRQqDOO DO WH]]DGHOODWXD *OLWHQGRODPDQRFRQXQJKLJQR 6HYXRLIDUHDFDPELRFKLX GLDPRO DIIDUHLQXQEDWWHUG RFFKLR 0L JXDUGD VHULR 1RQRQqLOWXRSDVVDWRFKHYRJOLR6ROWDQWR FDSLUHSHUTXDOLVWUDQHDOFKLPLHTXHOORFKHWXKDLYLVVXWRQRQPLKD PDLFRLQYROWRHYLFHYHUVD %HQH(VHFLULHVFLSURYDDQFKHDVSLHJDUPLFRPHPDLQRQF q QLHQWH GL VLPLOH D TXHVWR QHO PLR SDVVDWR 0DJGD .DWKOHHQ TXHVWR SRVWR 6LDPRQDWLHFUHVFLXWLLQGXHPRQGLGLYHUVL/RW'DXQDSDUWHL VLJQRUL L YHVFRYL L SULQFLSL L GXFKL H L FRQWDGLQL 'DOO DOWUD L PHU FDQWLLULFFKLEDQFKLHULJOLDUPDWRULHLVDODULDWL$QYHUVDH$PVWHU GDP QRQ VRQR 0KOKDXVHQ H QRQ VRQR QHPPHQR 0QVWHU 4XHVWD FLWWj q LO SRUWR SL~ LPSRUWDQWH G (XURSD 1RQ F q JLRUQR FKH QRQ VL FDULFKLQRLQWHUHQDYLGLODQDVHWDVDOHDUD]]LVSH]LHSHOOLFFHHFDU ERQH ,Q WUHQW DQQL L PHUFDQWL KDQQR WUDVIRUPDWR OH ORUR ERWWHJKH LQ DJHQ]LHGLFRPPHUFLROHFDVHLQSDOD]]LLEDWWHOOLLQQDYLG DOWRFD ERWDJJLR4XLQRQF qXQRUGLQHDQWLFRHLQJLXVWRGDPHWWHUHVRWWRVR SUDHQRQFLVRQRELIROFKLGDLQVHGLDUHVXLWURQL1RQF qGDIDUHQHV VXQDDSRFDOLVVHSHUFKpqJLjLQDWWRGDXQSH]]R /R LQWHUURPSR FRQ XQD PDQDWDVXOJLQRFFKLR (FFRGRYHWLKR VHQWLWR QRPLQDUH SHU OD SULPD YROWD )X -RKDQQHV 'HQFN D 0 KOKDXVHQ D SDUODUFL GHO PRGR LQ FXL VHGXFHYL L PHUFDQWL GHOOH WXH WHUUH/ DYHYLFRQYLQWRFKHVHQ]DLOGHQDURLQFLWWjQRQVLFRPELQD QXOOD (ORLWLUDIXRULXQDPRQHWDHODULJLUDWUDOHPDQLODODQFLDLQDULD HODULSUHQGHSL~YROWH
9HGL",OGHQDURQRQORSXRLURYHVFLDUHFRPXQTXHORJLULWLPR VWUDVHPSUHXQDIDFFLD 6RFFKLXGHJOLRFFKLSHUJRGHUHGHOUDJJLRGLVROHFKHILOWUDWUDL UDPLPHQWUHFHUFDGLWURYDUHXQRUGLQHXQSXQWRGLSDUWHQ]DSHULO VXRUDFFRQWR 6RUULGH $OO LQL]LRSHQVDYRDTXDOFRVDVXOPRGHOORGHOOHFRPX QLWjKXWWHULWH 4XHLSD]]LGDOOHSDUWLGL1LNROVEXUJ" 3URSULRORURYLYRQRFRPSOHWDPHQWHLVRODWLGDOUHVWRGHOPRQGR HSUHWHQGRQRGLEDVWDUHDVHVWHVVL &RQHQIDVLVWXGLDWDUXRWRWXWWRLOEXVWRYHUVRGLOXLYLVLELOPHQWH VRUSUHVR 6XOGHQDURQRQGLUHEEHURFHUWROHVWHVVHFRVHFKHKDLDS SHQDVRVWHQXWR&RV qFKHWLKDIDWWRFDPELDUHLGHD" &HUFDOHSDUROHqGLIILFLOHFDSLVFHFKHGHYHSUHQGHUODDOODODUJD IRUVH DQFKH ULVFKLDUH GL SHUGHUVL QHOOH YROXWH GL XQ GLVFRUVR WURSSR YDVWR / $SRFDOLVVH QRQ q XQ RELHWWLYR GD UDJJLXQJHUH q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jO DYUHL FUHGXWRPROWRSL~JLRYDQH 6H YXRL FRQYLQFHUPL FKH %DWHQEXUJ HUD XQ SD]]R SXRL ULVSDU PLDUWLODIDWLFDORVRGDPH0DIRUVHQRQDYHYDLGHHPROWRGLYHUVH GDOOHWXHFUHGHYDFKHJOLHOHWWLIRVVHURJLjSXULLQFDSDFLGLSHFFDUH SHQVDYD GL HVVHUH JLj LQ SLHQD $SRFDOLVVH 3HU TXHVWR XFFLGHYD H VJR]]DYDVHQ]DSHQVDUFLGXHYROWH 6RUVHJJLDO DFTXDIUHVFD ,QFROXLFKHHVRUFL]]DQHJOLDOWULLOGL VSUH]]RFKHQXWUHSHUVHVWHVVRSHUOHSURSULHVFRQILWWHLQFROXLFKH FROSHYROL]]DHJLXGLFDSHUQRQHVVHUHQpJLXGLFDWRQpFROSHYROHF q XQSUHWHFKHDQFKHVHYXROHQDVFRQGHUVLJUDFFKLDDQFRUDWUDLFRUYL GHOOD YHFFKLD IHGH &KL PRVWUD DEEDVWDQ]D LQWHOOLJHQ]D SHU FDSLUH LO PRQGRHWURSSRSRFDSHULPSDUDUHDYLYHUHQRQSXzVSHUDUHLQTXDO FRVD GL GLYHUVR GDO PDUWLULR 7RUQD D VRUULGHUPL ,R QRQ KR PDL
SDUODWRGLHOHWWL+RVROWDQWRGHWWRFKHRJQXQRSXzVFRSULUHLQVpOR VSLULWRGL'LRFKHqOLEHURHVWUDQHRDTXDOXQTXHFRGLFHLQFDSDFHGL QXRFHUH+RGHWWRFKHLOSHFFDWRqQHOODWHVWDGHOSHFFDWRUH &RPLQFLRDFDSLUH &RQWLQXD VHUHQR $ YHQW DQQL FUHGHYR FKH/XWHURFLDYHVVHUH JDODWRXQDVSHUDQ]D1RQFLKRPHVVRPROWRDFDSLUHFKHO DYHYDVX ELWRULYHQGXWDDLSRWHQWL,OYHFFKLRIUDWHFLKDVEDUD]]DWLGHO3DSDH GHL YHVFRYL PD FL KD FRQGDQQDWR D HVSLDUH LOSHFFDWRLQVROLWXGLQH QHOOD VROLWXGLQH GHOO DQJRVFLD LQWHULRUH ILFFDQGRFL XQ SUHWH GHQWUR O DQLPD XQ WULEXQDOH QHOOD FRVFLHQ]D FKH JLXGLFD RJQL JHVWR FKH FRQGDQQD OD OLEHUWj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jGRYHOXLVLHUDIHUPDWR0DODYRVWUDYLVLR QHGHOODORWWDYLIDFHYDGLYLGHUHLOPRQGRLQELDQFRHQHURFULVWLDQLH DQWLFULVWLDQL 6FXRWH OD WHVWD 8QD YLVLRQH GHO JHQHUH VHUYH SHU YLQFHUH XQD EDWWDJOLD JLXVWD PD QRQ EDVWD SHU UHDOL]]DUH OD OLEHUWj GHOOR VSLULWR $O FRQWUDULR SXz FRVWUXLUH QXRYH SULJLRQL GHOO DQLPD QXRYLULFDWWLPRUDOLQXRYLWULEXQDOL,OVHQVRGLWXWWRTXHVWRqFRQWH QXWRQHOODVWRULDFKHPLKDLUDFFRQWDWR0DWWK\V5RWKPDQQ%RFNHO VRQ %DWHQEXUJ /D GLIIHUHQ]D WUD XQ 3DSD H XQ SURIHWD q VROR QHO IDWWR FKH VL FRQWHQGRQR O XQ O DOWUR LO PRQRSROLR GHOOD YHULWj GHOOD SDURODGL'LR,RSHQVRFKHTXHOODSDURODRJQXQRGHEEDSRWHUODWUR YDUHGDVp6RQRULPDVWRIXRULGDOODFRQWHVDHKRODYRUDWRSHUTXHVWR 6SD]LD FRQ XQ JHVWR D FRPSUHQGHUH LO FRUWLOH FKH FL FLUFRQGD 1RQFUHGHUHFKHVLDVWDWRIDFLOH+RULVFKLDWRSL~YROWHGLHVVHUHLQ FDUFHUDWRHSHUPROWLDQQLKRGRYXWRFRQGXUUHXQDYLWDFODQGHVWLQD .DWKOHHQPHQHKDSDUODWR $QQXLVFH 6RQR DQFKH VWDWR SURFHVVDWR XQ SDLR GL YROWH 9LOL SHQGLR GHOOH OHJJL PXQLFLSDOL H UDJJLUR DL GDQQL GL XQ PHUFDQWH GL WHVVXWL 0H OD VRQR FDYDWD PHULWR GHO IDWWR FKH PROWD JHQWH LQ JLUR SHUO (XURSDKDXVDWRLOPLRQRPHFRPSUHVRLOYHFFKLR'HQFNSDFH DOO DQLPDVXD0LVRQRWURYDWRVHPSUHLQOXRJKLGLYHUVLGDTXHOOLLQ
FXLOHDXWRULWjPLDYHYDQRVHJQDODWR,QTXHVWRLRHWHFLVRPLJOLDPR PROWR 3HQVRDTXDQWLVRQRVWDWRILQRDTXHVWRPRPHQWRPDQRQULHVFR DULFRUGDUHLOQXPHURHVDWWR ,RVRQRVWDWRPROWLHPROWLVRQRVWDWLWH6tODGLIIHUHQ]DqPL QLPD &L VHGLDPRVXLJUDGLQLILDQFRDILDQFRTXDVLLVWLQWLYDPHQWHUDF FROJRXQOHJQHWWRHPLPHWWRDLQWDJOLDUORFROWHPSHULQR/ RGRUHLQ WHQVRGHOPXVFKLRFKHFUHVFHRYXQTXHQHOJLDUGLQRqXEULDFDQWHPL SLDFHULFRUGDOHIRUHVWHGHOOD*HUPDQLD 0LDFFRUJRFKHYXROHDQGDUHDYDQWLGLUPLTXDOFRV DOWURTXDOFR VDSHUFXLKDDVSHWWDWRPROWRWHPSR 'D$QYHUVDWXWWRDSSDUHSL~FKLDUR$QFKHXQSLFFRORFRSULWHWWL FRPH PH SXz UHQGHUVL FRQWR GL XQ VDFFR GLFRVHFKHDOWURYHQRQVL ODVFHUHEEHURQRWDUH+RLPSDUDWRDOHJJHUHHDVFULYHUHKRLPSDUDWR D SDUODUH IUHTXHQWDQGR L PHUFDQWL GL TXHVWD FLWWj VHGXFHQGROL DOOD YLWDOLEHUDHIHOLFH0DVRSUDWWXWWRKRLPSDUDWRFRVDPXRYHLOPRQ GR JOL XRPLQL OH UHOLJLRQL 9HGL GD TXL SDVVDQR PHUFDQWL GL WXWWL L SDHVLDUULYDQRHULSDUWRQRPHUFDQ]LHG RJQLJHQHUHLOUDPHSRODFFR GLUHWWRLQ,QJKLOWHUUDHLQ3RUWRJDOOROHSHOOLFFHVYHGHVLSHUODFRUWH LPSHULDOHO RURGDO1XRYR0RQGRFKHYLHQHODYRUDWRGDJOLDUWLJLDQL ORFDOL OD ODQD LQJOHVH L PLQHUDOL GDOOH FDYH ERHPH 4XHVWL WUDIILFL IDQQR ODYRUDUH XQ QXPHUR LQFDOFRODELOH GL SHUVRQH FRPPHUFLDQWL DUPDWRUL PDULQDL DUWLJLDQL IDFFKLQL H QDWXUDOPHQWH VROGDWL D JD UDQWLUH OD VLFXUH]]D GHOOH YLH D FRQTXLVWDUH QXRYH WHUUH D VHGDUH OH ULYROWH /DYLWDGLLQWHULSDHVLHSRSROD]LRQL JUDYLWDLQWRUQRDOFRP PHUFLR/ ,PSHURGL&DUOR9VHQ]DLOFRPPHUFLRGHL3DHVL%DVVLQRQ VWDUHEEHLQSLHGL,3DHVL%DVVLVRQRLOSROPRQHGHOO ,PSHURODPDJ JLRUSDUWHGHOOHWDVVH&DUOROHSUHOHYDGDTXHVWHWHUUHDQ]LGDTXHVWL FRPPHUFLDQWLHDUWLJLDQL ÊSHUTXHVWRFKHVRQRLQULYROWDILVFDOHFRQWURO ,PSHUDWRUH" (VDWWDPHQWHVRQRVWDQFKLGLILQDQ]LDUHOHVXHJXHUUHHORVIDU]R LPSURGXWWLYRGHOODVXDFRUWH (VWUDHDQFRUDODPRQHWDHODODQFLDLQDULDULSUHQGHQGRODDOYROR 3DJDUHJOLRSHUDLWUDVSRUWDUHLSURGRWWLDUPDUHXQDQDYHDVVROGDUH XQHTXLSDJJLRPHWWHUHLQSLHGLXQHVHUFLWRFKHGLIHQGDLFDULFKLGDL SLUDWL7XWWRTXHVWRSXRLIDUORFRQXQDFRVDVRODLOGHQDUR 1RQ VR SHUFKp PD TXDQGR SURQXQFLD TXHOOD SDUROD KR FRPH XQ EULYLGRTXHOORFKHWLGjXQDYHULWjVFRQWDWDHSSXUHVHPSUHDJJKLDF FLDQWH
7XWWL GLSHQGRQR GDO GHQDUR L PHUFDQWL FRPH O ,PSHUDWRUH L SULQFLSLTXDQWRLO3DSDLOOXVVRODJXHUUDHLOFRPPHUFLR 6LIHUPDFRPHDYHVVHDYXWRXQ LGHDLPSURYYLVD 6HKDLILQLWRGLLQWDJOLDUHEXUDWWLQLYRUUHLIDUWLYHGHUHXQDFRVD /R JXDUGR SHUSOHVVR VL DO]D PL ID FHQQR GL VHJXLUOR 9LHQL GXHSDVVLFLIDUDQQREHQH
4XHVWRqLOSRUWRLQFXLFLUFRODODPDJJLRUTXDQWLWjGLPHUFLGL WXWWD(XURSD 6WD]LRQLDPRGDYDQWLDXQJUDQGHPHUFDQWLOHDWUHDOEHULLOYLDYDL GL FDULFDWRUL VXOOD SDVVHUHOOD q LPSUHVVLRQDQWH VDFFKL LQ VSDOOD SHU XQR VIRU]R FKH VHPEUD VRYUXPDQR ,O PROR q DIIROODWR GL XRPLQL LQ WUDWWDWLYHILWWHGLPDULQDLHUHFOXWDWRUL,QWUDYHGRDGLVWDQ]DXQDSDW WXJOLDGLVSDJQROLHKRXQVXVVXOWR 1RQRWUDQTXLOOR,QPH]]RDTXHVWRPDUDVPDQRQSXRLHVVHUH ULFRQRVFLXWR1RQqJHQWHFKHFHUFDURJQHTXHOOD9LYLHODVFLDYLYH UHqODORURVFXROD7XVHLVWDWRVIRUWXQDWRVHLILQLWRLQPH]]RDXQD UDSSUHVDJOLD9LHQL (ORLPLSRUWDGDYDQWLDXQSLFFRORORFDOHLQPXUDWXUDFRQXQ LQ VHJQD VFRORULWD QRQ ULHVFR D OHJJHUH QRQ KR PDL LPSDUDWR EHQH OD OLQJXDVFULWWDGLTXHVWHWHUUH 4XHOODqXQ DJHQ]LDGLFDPELR,PHUFDQWLSRVVRQRFDPELDUHOH ORUR PRQHWH LQJOHVL VYHGHVL R GHL SULQFLSDWL WHGHVFKL LQ ILRULQL R TXDOVLDVL DOWUD PRQHWD FRUUHQWH D VHFRQGD GL TXDO q LO SDHVH LQ FXL KDQQRFRQFOXVRLORURDIIDUL/DPRQHWDFDPELDPDLOGHQDURqVHP SUHORVWHVVRQRQLPSRUWDTXDOHSURILORFLVLDVWDPSDWRVRSUD &L VSRVWLDPR YHUVR XQ JUDQGH HGLILFLR GL WUH SLDQL TXHVWD YROWD ULHVFR D OHJJHUH OD VFULWWD &$6$ '(, 0(5&$17, ( '(*/, $50$725, 4XLLPHUFDQWLGHFLGRQRTXDOLLPSUHVHLQWUDSUHQGHUHTXDOLSRV VRQRHVVHUHJOLDIIDULSL~FRQYHQLHQWL 6JRPLWLDPRSHUXVFLUHGDOODEROJLDOHOLQJXHHLGLDOHWWLGLPH]]D (XURSDFLDWWRUQLDQRFRPHXQXQLFRFDQWRLQFRPSUHQVLELOHXQD%D EHOHDOFRQWUDULRLQFXLWXWWLVHPEUDQRFDSLUHWXWWL 9HGLTXHLFDUUL"9HQJRQRGD/LHJL7UDVSRUWDQRWHVVXWLGLODQD ODYRUDWLGDLWHVVLWRULGHO&RQGUR]YHQJRQRVWLYDWLVXTXHOOHQDYLFKH DORURYROWDUHLPSRUWDQRLQ,QJKLOWHUUDODODQDFKHLPHUFDQWLGL$Q YHUVDKDQQRDFTXLVWDWRGDJOLDOOHYDWRULLQJOHVL
0DqDVVXUGR (ORLULGHIRUWH 1RÊSURILWWR)RUVHXQJLRUQRJOLLQJOHVLVLDF FRUJHUDQQRFKHqSL~FRQYHQLHQWHSHUORURVYLOXSSDUHOHRIILFLQHWHV VLOLLQFDVDSURSULDPDSHULOPRPHQWRIXQ]LRQDFRVt 3URVHJXLDPR DOORQWDQDQGRFL GDO FDQDOH YHUVRO LQWHUQRGHOODFLW WjDWWUDYHUVRYLX]]HVWUHWWHGRYHLUDJJLGHOVROHQRQULHVFRQRDGDU ULYDUH 7XWWRLOPHFFDQLVPRqPRVVRGDOGHQDUR6HQ]DLOGHQDURQRQVL VROOHYHUHEEHXQDJRDG$QYHUVDHIRUVHLQWXWWD(XURSD ,OGHQDURqLOYHURVLPERORGHOOD%HVWLD (FRQTXHVWRFRVDYRUUHVWLGLUH" &LIHUPLDPRYLFLQRDXQFKLRVFRFKHYHQGHFDYROLHVDOVLFFHDI IXPLFDWLO RGRUHSHQHWUDQWHFLDYYROJH &RPHFUHGLFKH&DUOR9VLDULXVFLWRDIDUVLHOHJJHUH,PSHUDWRUH QHO " 3DJDQGR +D FRPSUDWR L 3ULQFLSL (OHWWRUL TXDOFXQR JOL KD PHVVRDGLVSRVL]LRQHXQDTXDQWLWjGLGHQDURPDJJLRUHGLTXHOODFKH DYHYD RIIHUWR )UDQFHVFR GL )UDQFLD ( OD JXHUUD FRQWUR L FRQWDGLQL" 4XDOFXQRKDSUHVWDWRDLSULQFLSLWHGHVFKLLOGHQDURSHUHTXLSDJJLDUH OHWUXSSHFKHYLKDQQRVFRQILWWL(FRPHSHQVLFKH&DUOR9ILQDQ]LOD VXD JXHUUD LQ ,WDOLD FRQWUR LIUDQFHVL"(OHVSHGL]LRQLFRQWURL SLUDWL VDUDFHQL" ( OD FDPSDJQD FRQWUR LO 7XUFR LQ 8QJKHULD" )RUVH FUHGL FKHLPHUFDQWLGLTXLDEELDQRDGLVSRVL]LRQHVRPPHFRVtJUDQGLSHU DUPDUHOHORURVSHGL]LRQLFRPPHUFLDOL"1HDQFKHSHUVRJQR'HQDUR ILXPLGLGHQDURFKHYLHQHSUHVWDWRLQFDPELRGLXQDSHUFHQWXDOHVX JOLXWLOL&RVtIXQ]LRQDDPLFRPLR /DGRPDQGDODVWDDVSHWWDQGRGDXQSH]]R &KLSRVVLHGHXQVL PLOHSDWULPRQLR" *XDUGDGULWWRGDYDQWLDQRLSRLSXQWDO LQGLFHVXOO HGLILFLRFKHFL VWDGLIURQWHHPRUPRUD /HEDQFKH 2UD FDSLVFL GRYH VL DQQLGD O $QWLFULVWR FKH KDL FRPEDWWXWR SHU WXWWDODYLWD /tGHQWUR" LQGLFRO HGLILFLRLPSRQHQWHFKHFLIURQWHJJLD 1R 1HOOH ERUVH FKH SDVVDQR GL PDQR LQ PDQR LQ JLUR SHU LO PRQGR +DL ORWWDWR FRQWUR L SULQFLSL H L SRVVLGHQWL 7L VWR GLFHQGR FKH VHQ]D LO GHQDUR TXHOOL QRQ VDUHEEHUR QLHQWH OL DYUHVWH VFRQILWWL GDXQSH]]R,QYHFHF qVHPSUHXQEDQFKLHUHFKHUHJJHORURLOPRF FRORILQDQ]LDQGRQHOHLQL]LDWLYH 9DGD SHU OH LPSUHVH FRPPHUFLDOL PD FRVD FL JXDGDJQD XQ EDQFKLHUHDILQDQ]LDUHXQDJXHUUDFRQWURLFRQWDGLQL"
(PHORFKLHGL"&KHWRUQLQRDODYRUDUHLFDPSLGHLORURVLJQRUL D VFDYDUH QHOOH ORUR PLQLHUH 'D TXHO PRPHQWR GL WXWWR TXHOOR FKH YLHQHSURGRWWRLEDQFKLHULRWWHUUDQQRXQDSDUWHFRVSLFXD9HGL&DUOR 9 H L SULQFLSL VRQR XQFHWR GLSDUDVVLWLFKHQRQSURGXFHQLHQWHPD KDXQELVRJQRHQRUPHGLVSHUSHUDUHGHQDURJXHUUHFRUWLFRQFXELQH ILJOLWRUQHLDPEDVFHULH/ XQLFRPRGRFKHKDQQRGLVDOGDUHLGHELWL FKH FRQWUDJJRQR FRQ L EDQFKLHUL q GL IDUH ORURGHOOHFRQFHVVLRQLGL ODVFLDUHDORURO XVXIUXWWRGLPLQLHUHRSLILFLWHUUHUHJLRQLLQWHUH,Q TXHVWR PRGR L EDQFKLHUL VRQR VHPSUH SL~ ULFFKL H L SRWHQWL VHPSUH SL~GLSHQGHQWLGDOORURGHQDURÊXQFLUFRORYL]LRVR / DULDVRUQLRQDGL(ORLQRQODVFLDGXEELVXOIDWWRFKHVLVWDGLYHU WHQGR D GLSLQJHUPL LO PRQGR GDO VXR SXQWR GL YLVWD $FTXLVWD XQD VDOVLFFLDIXPDQWHHFLVRIILDVRSUDSULPDGLD]]DQQDUOD ,QGLFDODEDQFD $YUDLFHUWRVHQWLWRQRPLQDUHL)XJJHUGL$XJX VWDLEDQFKLHULGHOO ,PSHUR1RQF qXQSRUWRLQ(XURSDGRYHQRQFL VLDXQDORURILOLDOH1RQF q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j FRV DOWUR /D VDOVLFFLD SXQWD YHUVRO HGLILFLRFKHVLHUJHOtGDYDQWL &UHGLPLVHQ]DL)XJJHUHLO ORURGHQDURTXHOO XRPRVDUHEEHLQURYLQDGDXQSH]]R5XRWDODWH VWDLQWXWWHOHGLUH]LRQL (IRUVHWXWWRTXHVWRQRQHVLVWHUHEEH 6LSLOXFFDOHGLWDXQWHFRQO DULDSL~QDWXUDOHGHOPRQGR )DFFLR TXDOFKH SDVVR YHUVR LO FHQWUR GHOOD VWUDGD VFUXWR OD FR VWUX]LRQHDQRQLPDPDVVLFFLDSRLPLJXDUGRLQWRUQRXQSR FRQIXVR VHQWLPHQWL RSSRVWL PL VL DFFDYDOODQR GHQWUR UDEELD VWXSRUH DQFKH LURQLD 0L IHUPR H DG DOWD YRFH EXWWR IXRUL WXWWR TXDQWR 3HUFKp QHVVXQRPLKDPDLSDUODWRGHOOHEDQFKH"
&DSLWROR $QYHUVDPDJJLR
,OWXRUDFFRQWRO LQFUHGLELOHVWRULDGL*HUW6XH*L~GDO3R]]R PLKDPR]]DWRLOILDWR1RQULXVFLYRQHDQFKHDGRUPLUHGRSRFKHFL HUDYDPR FRQJHGDWL D QRWWH DOWD (FFR SHUFKp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q TXHVWD O $SRFDOLVVH H QRL FL VLDPR LQ PH]]R $LXWDPL DG DUPDUH LO EDWWHOORFKHVILGHUjODWHPSHVWD (ORLVLDO]DHPXRYHTXDOFKHSDVVRWUDLOFKLRVFRGHOOHVDOVLFFHH LOJUDQGHHGLILFLRJULJLRSRLWRUQDDVHGHUVLVXOJUDGLQR &KHFRVDKDLLQPHQWH" *XDUGDODIDFFLDWDVSRJOLDLOSRUWDOHGLOHJQRPDVVLFFLR &ROSLUHDPRUWHOD%HVWLD(IDUHXQVDFFRGLVROGL
/XQJR OD EDQFKLQD GL DVVL LQFKLRGDWH DL SDOL FKH DIIRQGDQR QHO O DFTXDVWDJQDQWHLQXQDSURSDJJLQHGLTXHVWRLQILQLWRODELULQWRG DF TXDSXWULGDHOHJQRVHJXRODVFKLHQDGL(ORLFKHVSLQJHLOSDVVR ÊXQSLFFRORPHUFDQWLOHSDQFLXWRHJRIIRVWLYDFDSLHQWHGXHDO EHULPROWRDOWLXQDSLFFRODFDELQDVRWWRLOFDVWHOORGLSRSSD/DSR OHQDqXQDIHQLFHFRQOHDOLDSHUWHHEDWWH]]DODQDYH3KRHQL[
/RGHZLMFN3UX\VWLQFN / XRPRFKHVDOXWDVLqVSRUWRGDOSDUDSHWWRGHOSRQWHEDUEDHFD SHOOLJULJLIDFFLDEXWWHUDWDRFFKLSLFFROLHJXL]]DQWL 3ROQLW]LOPDJRGHLQXPHUL (ORLDJJXDQWDLOFRUULPDQRGHOODSDVVHUHOODHFRQXQVDOWRqJLjD ERUGR,RGLHWUR *OL VSDUD LO VXR VRUULVR *RW] TXHVWR q /RW FKH YHQQH GD XQ SR]]R8QPDHVWURQHOO DUWHGHOYHQLUHIXRULGDLSR]]L 9HQLWHYHQLWHGHQWUR 'HYRDEEDVVDUPLSHUHQWUDUHQHOODFDELQD8QWDYRORDJJDQFLDWR DOOD SDUHWH GL IURQWH GXH VHGLH VXL ODWL XQD SDQFD LQFKLRGDWD DO SD YLPHQWR/ XQLFDOXFHHQWUDGDOODSRUWDGDFXLVLDPRYHQXWLVHVLH VFOXGHXQDFDQGHODDFFHVDVXOWDYROR (ORLPLODVFLDODVHGLDHVLPHWWHVXOODSDQFDGLILDQFR3ROQLW]GL IURQWHDPH1RQKDO DULDGHOPDULQDLR %HQHVLJQRUL5LYROWRD(ORL 6XSSRQJRFKHLOQRVWURDPLFR DEELDELVRJQRGLPROWHVSLHJD]LRQL 6LFXUR0DVHO KRSRUWDWRTXDqSHUFKpqODSHUVRQDFKHVWDYD PRFHUFDQGR )DFFLRXQDPH]]DVPRUILDHDVSHWWR 3ROQLW] VL DJJLXVWD VXOOD VHGLD 1RQ LQGXJLDPR DOORUD 7X VDL FKLVRQRL)XJJHUGL$XJXVWD" /RVJXDUGRUHVWDVXGLPH 'HLEDQFKLHUL ,EDQFKLHUL*OLRFFKLVFUXWDQRDWWHQWLVDJLjTXHOORFKHYXROH GLUPL 3HUPHWWLPLGLUDFFRQWDUWLXQDVWRULD (ORLVLDFFHQGHXQVLJDURHVSURIRQGD]LWWRHVRUQLRQHWUDOHYR OXWH 'LHFL DQQL ID LO SL~ SRWHQWH EDQFKLHUH GL $QYHUVD HUD XQ FHUWR $PEURVLXV +|FKVWHWWHU XQ YHFFKLDFFLR VFDYDWR QHOOD SLHWUD FKH GD GHFHQQL GRPLQDYD OD SLD]]D 2JQL ILRULQR VSHVR GDO UH G 8QJKHULD )HUGLQDQGRSURYHQLYDGDOODVXDERUVDDOFDPELRGLWXWWRLOPHUFXULR ERHPRHPROWRDOWURDQFRUD3HUUDJJLXQJHUHTXHOODSRVL]LRQHLOYHF FKLR $PEURVLXV PROWL DQQL SULPD DYHYD YLVWR OXQJR 2OWUH DOO LP SRUWDQ]DGHOO DPLFL]LDFRQJOL$VEXUJRDYHYDFDSLWRFKHVHLSULQFL SL SRWHYDQR FRQFHGHUJOL GLULWWL G XVXIUXWWR GL PLQLHUH H WHUULWRUL OD PRQHWDJLUDYDSHUzSHUDOWUHPDQLSL~VSRUFKHHSL~DJLOL4XHOOHGHL PHUFDQWL GL $QYHUVD &RVt DYHYD FRPLQFLDWR D UDFFRJOLHUH L ORUR UL VSDUPLLOIUXWWRGHLFRPPHUFLGHOOHPDQLIDWWXUHHGLWXWWLLSLFFROLH JUDQGL VFDPEL GL FXL TXHVWR SRUWR q WHDWUR $ FKL GHSRVLWDYD DQFKH
SLFFROH VRPPH SUHVVR GL OXL FRQFHGHYD XQ LQWHUHVVH FRQVLVWHQWH 3UHVWDYD GHQDUR DL PHUFDQWL HPHUJHQWL ILQDQ]LDYD OH ORUR DWWLYLWj DYHYD XQ WDOH SRWHUH VXOOH IRUWXQH GL FKL LQWUDSUHQGHYD WUDIILFL DG $QYHUVD FKH QHVVXQR DYUHEEH PDL SRWXWR QHPPHQR LPPDJLQDUH GL VFDO]DUORGDTXHOWURQR *RW] YRQ 3ROQLW] PL WLHQH OR VJXDUGR LQ IDFFLD D VLQFHUDUVL FKH QRQSHUGDXQDSDURODGHOODVWRULD 1HO+|FKVWHWWHUHUDDQFRUDLOUHGL$QYHUVDPDDYHYDGHL SUREOHPL(UDYHFFKLRHUDTXDVLFLHFRHIXRULGDOODFLWWjPROWLDVSL UDYDQRDVRSSLDQWDUOR1HO/D]DUXV7XFKHUXQPHUFDQWHGLR ULJLQHQRULPEHUJKHVHJHVWLYDXQGLVFUHWRWUDIILFRGLVFDPELWUD/LR QH H $QYHUVD 7XFKHU HUD EHQHVWDQWH H VYHJOLR PD QRQ JRGHYD GHL IDYRULGL+|FKVWHWWHUVDSHYDGXQTXHFKHQRQDYUHEEHSRWXWRFUHVFH UHSL~GLWDQWR'DOODSULPDYHUDGLTXHOO DQQRSURSULRGD/LRQHFR PLQFLDURQR D JLXQJHUH YRFL FLUFD ODUHDOHGLVSRQLELOLWjPRQHWDULDGL +|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|FKVWHWWHU QRQ DYHYD QHL VXRL IRU]LHULDEEDVWDQ]DGHQDURSHUVRGGLVIDUHOHULFKLHVWHFHUFzGLVSHUD WDPHQWHGLVDOYDUVLFKLHGHQGRDLXWRDQFKHDLVXRLSL~IHURFLFRQFRU UHQWLPDLOVXRGHVWLQRRUPDLHUDVHJQDWR1HOLOJLRYDQHDJ JUHVVLYR$QWRQ)XJJHUQLSRWHGHOSDWULDUFD-DFRELO5LFFRIDFHYDLO VXR LQJUHVVR WULRQIDOH LQ FLWWj JDUDQWHQGR OD PDVVD GHL FUHGLWRUL H ULOHYDQGRG XQFROSROHREEOLJD]LRQLLPDJD]]LQLHO LQWHUDDWWLYLWjGL +|FKVWHWWHU $FFXVDWR G DYHU LQJDQQDWR L ULVSDUPLDWRUL LO YHFFKLR WHUPLQzLVXRLJLRUQLLQJDOHUD ,Q UHDOWj LO JLRYDQH )XJJHU FRURQDYD XQ RSHUD]LRQH D FXL DYHYD GDWRLQL]LRSL~GLXQDQQRSULPDTXDQGRDYHYDSLORWDWRLOGLVFUHGLWR VX +|FKVWHWWHU JUD]LH DOOD GHVWUH]]D GHO VXR SL~ DPEL]LRVR DJHQWH /D]DUXV7XFKHU$QYHUVDLQFRURQzXQQXRYRUH /DGRPDQGDPLHVFHGDVROD &KHILQHKDIDWWR7XFKHU" 3DUROH VRSSHVDWH 1RQ qLPSRUWDQWHQRQqSL~LQFLWWj4XHOOR FKHWLLQVHJQDTXHVWDVWRULDqODOHJJHIRQGDPHQWDOHGHOFUHGLWRFKL YXROH UDFFRJOLHUH LO ULVSDUPLR GD PROWL GHYH JRGHUHGHOODILGXFLDGL
PROWL $QFRUD XQD SDXVD (ORL q XQ DVFROWDWRUH DWWHQWR DO PLR ILDQFR QRQPXRYHXQPXVFROR *RW]HVWUDHGDOODJLXEEDXQIRJOLRGLFDUWDQRQWURSSRJUDQGHHOR DSSRJJLDVXOWDYROR 1RQFLFUHGHUDLPDODPDJJLRUSDUWHGHJOLDIIDULFKHVLVYROJR QR TXL DYYHQJRQR WUDPLWH OHWWHUH GL FUHGLWR 3H]]L GL FDUWD FRPH TXHVWR 5LJLURLOIRJOLRWUDOHPDQLXQDVSHFLHGLOHWWHUDLQFDOOLJUDILDH OHJDQWHFRQGXHVLJLOOLHXQD ILUPDLQIRQGR $QWRQ)XJJHURFKLSHUOXLJDUDQWLVFHFRQODSURSULDVLJODO HQWL WjGHOWXRGHSRVLWRSUHVVRLVXRLIRU]LHUL4XDQGRWXKDLLQPDQRXQ SH]]R GL FDUWD FRPH TXHVWR q HVDWWDPHQWH FRPH VH DYHVVL FRQ WH LO WXRGHQDURFKHSHUzGLIDWWRqDO VLFXURQHOODFDVVDIRUWHGL)XJJHU 3XRL LPEDUFDUWL SXRL YLDJJLDUH HYLWDQGR LO ULVFKLR H O LQJRPEUR GL SRUWDUWHOR GLHWUR 1RQ DSSHQD YRUUDL LQGLHWUR OH WXH PRQHWH G RUR H G DUJHQWRSRWUDLUHFDUWLSUHVVRXQDTXDOXQTXHGHOOHILOLDOLGHL)XJJHU VSDUVHLQJLURSHUO (XURSDHULWLUDUOHPRVWUDQGRODWXDOHWWHUDGLFUH GLWR0DLOSXQWRqFKHSURSULRLQEDVHDOODOHJJHGHOFUHGLWRSRWUH VWLQRQDYHUHPDLELVRJQRGLIDUOR *RW]VLIHUPDGDYDQWLDOOHPLHVRSUDFFLJOLDDJJURWWDWHFRQJLXQJH OHPDQLFHUFDOHSDUROH JLXVWHHSURVHJXH ,RVRQRXQPHUFDQWHGL VSH]LHWXYXRLFRPSUDUHODPLDPHUFHHKDLFRQWHODOHWWHUDGLFDP ELRFKHJDUDQWLVFHLOWXRFUHGLWRSUHVVRL)XJJHUSHUGXHPLODILRULQL 3XRL SDJDUPL GLUHWWDPHQWH FRQ TXHOOR ,QGLFD OD OHWWHUD FKH KR LQ PDQR Ê VXIILFLHQWH FKH OR JLUL H VFULYL VXO YHUVR FKH WUDVIHULVFL D PH LO WXR FUHGLWR 'D TXHO PRPHQWR VRQR LR FKH SRVVR ULWLUDUH GXHPLODILRULQLSUHVVROHFDVVHGL)XJJHUSHUFKpqODVXDVLJODQRQ OD WXD D JDUDQWLUPHOR &DSLVFL" 1RQ VRQR FRVWUHWWR D ILGDUPL GL WH QRQ VHL WX FKH SURPHWWL GL SDJDUPL q VXIILFLHQWH FKH LR GLD FUHGLWR DOODSDURODGL$QWRQ)XJJHU *LUR OD FDUWD H YHGR XQD VILO]D GL FLQTXH R VHL DQQRWD]LRQL WXWWH VHJXLWH GDILUPHGLYHUVH3HUVHLYROWHODOHWWHUDFKHKRLQPDQRKD VRVWLWXLWR LOPHWDOORGHOOHPRQHWHVHQ]DFKHTXHVWHODVFLDVVHURODFDV VDIRUWHGHOODEDQFD )LQRDTXLWXWWRFKLDUR" & qXQDFRVDFKHQRQFDSLVFRTXDOqO LQWHUHVVHGHOEDQFKLHUHLQ WXWWRTXHVWR" *RW] DQQXLVFH 0HQWUH OD OHWWHUD GL FUHGLWR SDVVD GL PDQR LQ PDQR LO GHQDUR q FRPXQTXH D VXD GLVSRVL]LRQH 5LFRUGDWL GHO YHF
FKLR +|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~ OH EUDFFLD FRQVHUWH O DULD PHGLWD ERQGD*RW]FRQWLQXDDULYROJHUVLDPH $GHVVR SXRL FDSLUH SHUFKp )XJJHU q GLVSRVWR DG DXPHQWDUH LO WXRJUX]]RORVHJOLHORODVFLLQGHSRVLWRSHUPROWRWHPSR 9DOHDGLUH" &KH DQFKH OXL WL SDJD XQ LQWHUHVVH GDWR FKH D WXWWL JOL HIIHWWL GHSRVLWDQGRXQDFHUWDVRPPD QHOVXRIRU]LHUHWXJOLKDLPHVVRDGL VSRVL]LRQH GHO GHQDUR FRQVHQWHQGRJOL FRVt GL DXPHQWDUH LO YROXPH GHLVXRLLQYHVWLPHQWL &HUFR GL UDFFDSH]]DUPL 6WDL GLFHQGR FKH VH GHSRVLWR L PLHL GXHPLOD ILRULQL SUHVVR OD EDQFD H OL ODVFLR Ot XQ DQQRGRSRVDUDQQR GLYHQWDWLGXHPLODHFHQWR" *RW]VLFRQFHGHLOSULPRVRUULVR (VDWWDPHQWH,QTXHVWRPRGRL FUHGLWRULQRQVDUDQQRWHQWDWLGLULWLUDUHWURSSRIUHTXHQWHPHQWHLORUR GHSRVLWLHQRQODVFHUDQQRHVSRVWR)XJJHUDOO HYHQWXDOLWjGLXQ HPRU UDJLDGLPRQHWDGDLVXRLIRU]LHUL,QGLFDGLQXRYRODOHWWHUDGLFUHGL WR 'DTXHVWRSXQWRGLYLVWDTXHOSH]]RGLFDUWDIDFLOLWDO LQJURVVDU VL GHOOH VRPPH GHSRVLWDWH YLVWR FKH ILQFKp TXDOFXQR QRQ YD D UL VFXRWHUOHTXHOOHUHVWDQRDOLHYLWDUHQHOOHPDQLGL)XJJHU +RODWHVWDXQSR FRQIXVDLOPHFFDQLVPRVHPEUDVHPSOLFHQHOOH SDUROH GL *RW] PD VRQR DIIOLWWR GDOOD VHQVD]LRQH FKH TXDOFRVD PL VWLDLQHYLWDELOPHQWHVIXJJHQGR 0PKYHGLDPRVHKRFDSLWR/DOHWWHUDGLFUHGLWRYDOHGXHPLOD ILRULQL 3RVVR GHFLGHUH GL VFDPELDUODVXELWR FRPHIRVVHGHQDURRS SXUHFRQVHUYDUODHDVSHWWDUHFKHLOGHSRVLWRFUHVFDFRQJOLLQWHUHVVL *RW] VHJXH LO UDJLRQDPHQWR FRQ DPSL FHQQL G DVVHQVR GHOOD WHVWD %H SHQVR FKH OD VFHOWD GLSHQGHUHEEH GDO ELVRJQR FKH KR GL XVDUH TXHOGHQDURQHOO LPPHGLDWR %HQLVVLPR ÊXQPHFFDQLVPRGLDEROLFR (ORLULGDFFKLDHILQDOPHQWHSDUOD /DVFLDPRLOGLDYRORIXRULGD
TXHVWRDIIDUHÊJLjDEEDVWDQ]DFRPSOLFDWR *RW] FDWWXUD QXRYDPHQWH OD PLD DWWHQ]LRQH / LQWHUR PHFFDQL VPR VL EDVD VROWDQWR VXOOD ILGXFLD FKH WXWWL TXDQWL DWWULEXLVFRQR DOOD ILUPDGL$QWRQ)XJJHUÊODVXDSDURODFKHUHJJHJOLVFDPEL 6t4XHVWRqDEEDVWDQ]DFKLDUR %HQH3HUODSULPDYROWDFHUFDFRQORVJXDUGRO DVVHQVRGL( ORL 8Q SLFFROR FHQQR GHO FDSR GHOO DPLFR H OD IDFFLD EXWWHUDWD GL *RW]qGLQXRYRSHUPH 9HQLDPRDOSXQWRDOORUD&RVDSHQVHUHVWL VHWLGLFHVVLFKHODOHWWHUDGLFUHGLWRFKHKDLLQPDQRqIDOVD" 5LJLURLOIRJOLRJLDOORJQRORRVVHUYREHQHOHILUPHLVLJLOOL 'LUHLFKHQRQq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q LGHQWLFD VWHVVH SDUROH VWHVVR WUDWWR , WLPEUL VRQR TXHOOLDQFKHODILUPDGL$QWRQ)XJJHUFDPSHJJLDQHOODVWHVVDSRVL ]LRQHOHVWHVVHOLHYLVEDYDWXUHG LQFKLRVWURVXOOHFRQVRQDQWLGRYHOD PDQRKDFDOFDWRGLSL~ 3LDQWR OR VJXDUGR LQ IDFFLD D *RW] FHUFDQGR GL LPPDJLQDUH FKL GLDYRORqLOWLSRFKHKRGLIURQWH/XLQRQVLVFRPSRQHDIIDWWR 6tVRQRHQWUDPEHIDOVH &RPHIDLDGDYHUHTXHLWLPEUL" 6L IHUPD 2JQL FRVD D VXR WHPSR DPLFR PLR $GHVVR JXDUGD EHQHTXHOOHGXHOHWWHUH /RVJXDUGRVLVSRVWDGDOO XQDDOO DOWUDXQSDLRGLYROWH 6RQRL GHQWLFKH 1RQHVDWWDPHQWH *XDUGR FRQ SL~ DWWHQ]LRQH 6X TXHVWD FL VRQR GHL VHJQL VXO PDUJLQHGHVWURLQEDVVRPDVRQRTXDVLLQYLVLELOL ,QIDWWLÊXQFRGLFHVHJUHWR,OFRGLFHFRQLOTXDOHJOLDJHQWLGL FDPELRFKHODYRUDQRSHU)XJJHUQHOOHILOLDOLVSDUVHSHUO (XURSDFR PXQLFDQRWUDORUR,OSULPRVHJQRLQGLFDODILOLDOHFKHKDHPHVVROD OHWWHUD GL FUHGLWR YDOH D GLUH TXHOOD LQ FXLqVWDWRYHUVDWRLOGHQDUR
/RVFDUDERFFKLRFKHYHGLDGHVHPSLRGLFHFKHLVROGLVRQRGHSRVLWDWL DG$XJXVWD,OVHFRQGRq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ÊTXH VWRO DIIDUH")DOVLILFDUHOHWWHUHGLFUHGLWRHDWWLQJHUHDPDQEDVVDGDL IRU]LHULGL)XJJHU" (ORLULGH 3L~RPHQR0DQRQqFRVtIDFLOHFRPHVHPEUD *RW]ULSUHQGHODSDUROD )XJJHUHLVXRLDJHQWLFRQRVFRQRSHU VRQDOPHQWH L ORUR SL~ JURVVL FUHGLWRUL VRQR JOL VWHVVL FRQ FXL IDQQR JOL DIIDUL SL~ SURILFXL ,QROWUH KDQQR XQ LGHD DEEDVWDQ]D SUHFLVD GHO JLUR GL VFDPEL FKH SDVVD GDL SRUWL WUDLO%DOWLFRHLO3RUWRJDOORqLO ORUR UHJQR QRQ GLPHQWLFDUOR $QYHUVD q HVDWWDPHQWH QHO PH]]R GHO WUDIILFRFRPPHUFLDOHODORURSLD]]DIRUWH6HGRPDQLXQRVFRQRVFLX WR TXDOXQTXH FRQ OH SH]]H DO FXOR HQWUDVVH QHOOD EDQFD ORFDOH FRQ XQD OHWWHUD FKH JOL DFFUHGLWD FLQTXDQWDPLOD ILRULQL GLIILFLOPHQWH QH XVFLUHEEH LQGLVWXUEDWR FRQ TXHOOD FLIUD %LVRJQD ODYRUDUH GL ILQR 3DVVRSDVVR *RW]qEUDYRVHYHQGHVVHIXPRODIDUHEEHSL~VHPSOLFH $GHVVRSHUzGHYRVDSHUHGLFRVDVWLDPRYHUDPHQWHSDUODQGR 4XDQWR" 6HQ]DLQGXJLDUH 7UHFHQWRPLODILRULQLLQFLQTXHDQQL 'HJOXWLVFRODPRQWDJQDGLVROGLFKHQRQULHVFRDLPPDJLQDUHLO FROSRDLEDQFKLHULSL~ULFFKLGLWXWWDODFULVWLDQLWj ,QFKHPRGR" $QQXLVFHVRQRDQFRUDTXLqJLjXQEXRQVHJQR $GHVVRWHORVSLHJR
,QQDQ]LWXWWRVHUYHPHWWHUHLQSLHGLXQ DWWLYLWjGLFRSHUWXUD&R VDVDLGLFRPHIXQ]LRQDLOWUDIILFRGHOOHPHUFL" +RGHUXEDWRXQPHUFDQWHVXOODYLDGL$XJXVWDHXFFLVRWUHSLUDWL YLFLQR D 5RWWHUGDP 3UREDELOPHQWH q UHGGLWL]LR PD VHPEUD FKHVLD XQDFRVDULVFKLRVD *RW]JRQJROD 2WWLPR,QIDWWLXQ DOWUDGHOOHDWWLYLWjGHLEDQFKLH UL q TXHOOD GL DVVLFXUDUH L FDULFKL SHUFKp FRQ L WHPSL FKH FRUURQR L PHUFDQWLIDQQRIDWLFDDGDVVXPHUVLWXWWLLULVFKLGDVROL 9DLDYDQWL ,PPDJLQD GL HVVHUH XQ PHUFDQWH FKH KD O RSSRUWXQLWj GL DSULUH XQLPSRUWDQWHVFDPELRGLPHUFLFRQO ,QJKLOWHUUD$FTXLVWL]XFFKHUR GLFDQQDUDIILQDWRGDOOHPDQLIDWWXUHGL$QYHUVDH2VWHQGDHORULYHQ GLVXOOHSLD]]HGL/RQGUDH,SVZLFKÊXQFRPPHUFLRPROWRUHGGLWL ]LR HG q WXD LQWHQ]LRQH VYLOXSSDUOR DO PHJOLR +DL QROHJJLDWR GXH LPEDUFD]LRQL PD LO SURSULHWDULR WL KD FKLHVWR GL DVVXPHUWL WXWWL L UL VFKLGHOWUDVSRUWRQDYLLQFOXVH&RVDIDLSHUWXWHODUWL" &LSHQVRXQDWWLPRHFDSLVFRTXDOqODULVSRVWD 9DGRQHOODVHGH )XJJHUGL$QYHUVDDUDFFRQWDUHTXHVWDVWRULDSHUDVVLFXUDUHLOFDULFR HOHQDYL *OLRFFKLSLFFROLHQHULGL*RW]QRQVLPXRYRQR 7HODVHQWL" &RVDQHVDUjGHOFDULFRHGHOOHQDYL" (ORLSUHFHGHODULVSRVWD ,OSULPRFDULFRGL]XFFKHURDUULYHUjIH OLFHPHQWHD /RQGUD$OVHFRQGRJLURLOFDULFRGHVWLQDWRD,SVZLFKH OHGXHQDYLFKHORWUDVSRUWDQRVDUDQQRYLWWLPHGLXQ LPERVFDWDGLSL UDWL]HODQGHVL Ê*RW]DFRQWLQXDUH 4XLQGLDYUDLGLULWWRDULVFXRWHUHLTXLQGL FLPLODILRULQLGHOO DVVLFXUD]LRQH &LSHQVRFRQFDOPDILQTXLWXWWRFKLDUR (GRSR" ,QYHFHGLSUHOHYDUHLOGHQDURWHORIDLFRUULVSRQGHUHLQOHWWHUHGL FUHGLWRFRQIHUPDQGRODWXDLQWHQ]LRQHGLSURVHJXLUHQHOO DWWLYLWjHGL FRQWLQXDUHDHVVHUHFOLHQWHGHOO DJHQ]LD(LQIDWWLFKLHGHUDLDOO DJHQWH GHL )XJJHU GL YLQFRODUH OH WXH OHWWHUH D WUH DQQL LQ PRGRFKHFKLOH ULVFXRWD DOOR VFDGHUH GHO YLQFROR SRVVD IDUOR ULFHYHQGR XQ FRVSLFXR LQWHUHVVHPDQRQSULPD 7UHDQQL" 3HUSUHQGHUHWHPSR4XDQWRSL~WDUGLOHQRVWUHOHWWHUHYHUUDQQR ULVFRVVHWDQWRPHJOLRVDUjSHUQRL3HUFKpLQTXHLWUHDQQLVYROJHUDLL WXRL DIIDUL FRQ OH OHWWHUH GL FUHGLWR FKH DWWHVWDQR LO WXR JUX]]ROR QHL IRU]LHULGHL)XJJHUPDLQWDQWRFRPLQFHUDLDQFKHDPHWWHUHLQFLUFR
OD]LRQHTXHOOHIDOVHFKHWLIRUQLUzLR&RQWXWWHOHOHWWHUHYHUHHIDOVH FRPSUHUHPRPHUFLVXPROWHSLD]]HGLYHUVHHSRLOHULYHQGHUHPRSHU PRQHWD VRQDQWH 8QD SDUWH YHUUj QXRYDPHQWH GHSRVLWDWD LQ EDQFD 4XHVWR VHUYLUj D WHQHUH YLYR LO UDSSRUWR FRQ O DJHQ]LD H DGDWWHVWDUH FKH O DWWLYLWj FRPPHUFLDOH SURVSHUD PRGHUDWDPHQWH 7XWWR LO UHVWR VDUjLOPHULWDWLVVLPRSUHPLRDOODQRVWUDVFDOWUH]]D &RPHIDLDHVVHUHVLFXURFKHQRQFLVFRSULUDQQRVXELWR" 4XHVWRqLOPLRPHVWLHUHÊVROWDQWRXQDTXHVWLRQHGLHTXLOLEULR WUDLSDJDPHQWLIDWWLFRQOHOHWWHUHDFXLFRUULVSRQGH GHQDURUHDOPHQWH GHSRVLWDWRLQFDVVDHSDJDPHQWLIDWWLFRQOHOHWWHUHIDOVH)DUHPRFLU FRODUHLIDOVLSHUODPDJJLRUSDUWHVXOOHSLD]]HSHULIHULFKHLQTXHVWR PRGR JXDGDJQHUHPR DOWUR WHPSR H SL~ GLIILFLOL VDUDQQR OHYHULILFKH GDSDUWHGHL)XJJHU 4XDQWRGXUHUjLOJLRFRVHQRQFLIDQQRIXRULSULPD" 6HFRQGRLPLHLFDOFROLVHVWLDPRDWWHQWLDGLIIRQGHUHOHOHWWHUH IDOVH VX SLD]]H GLYHUVH SHU VFRSULUFL QRQ LPSLHJKHUDQQR PHQR GL FLQTXHDQQL(GHOUHVWRTXHOORqLOWHPSRFKHFLVHUYHSHUDVVLFXUDU FLOD YHFFKLDLD&HQWRPLODILRULQLDWHVWD'LFREHQHVLJQRUL" 6FHQGH XQ VLOHQ]LR DVVROXWR DQFKH OR VFLDERUGLR GHOOD FRUUHQWH VXOODSDQFLDGHOODQDYHVHPEUDFHVVDUH *XDUGR(ORL ,OWXRUXROR" *OL RFFKL GHOO DPLFR EULOODQR PD q *RW] D ULVSRQGHUH 6DUj LO WXRVRFLRQHOO LPSUHVD8QFROSRGLWRVVH 8Q XOWLPDFRVDQRQqLO FDVRGLWUDVFXUDUHLGHWWDJOLGRYUDLDELWXDUWLDXVDUHXQQRPHIDOVR 0HQWUH(ORLVFRSSLDDULGHUHULVSRQGR 1HVVXQSUREOHPD
$VFROWRLOULPERPERGHLQRVWULSDVVLPHQWUHFLDOORQWDQLDPROXQ JRLOSRQWLOH*RW]YRQ3ROQLW]LOPDJRGHLQXPHULFLKDFRQJHGDWL GDQGRFLDSSXQWDPHQWRSHUGRSRGRPDQL &DPPLQLDPR LPPHUVL QHJOL VWHVVL SHQVLHUL IRUVH (ORL VL DVSHWWD ODPLDRELH]LRQH & qTXDOFRVDFKHQRQPLWRUQD $QQXLVFH 6R FRVD VWDL SHQVDQGR 3HUFKp KD ELVRJQR GL QRL 3HUFKp QRQ ID WXWWR GD VROR R QRQ VL ULYROJH D JHQWH JLj LQ DWWLYLWj FRPPHUFLDOH ,QGRYLQDWR 6DFKHqLQXWLOHJLRFDUHDLVHJUHWLRUPDLG RUDLQSRLVDUHPRVRFL LQDIIDUL 3HUORVWHVVRPRWLYRSHUFXLQRQSXzPRVWUDUHODVXDIDFFLDDG
$QYHUVD3ROQLW]qXQQRPHGLFRPRGR4XHOORFKHKDLDSSHQDFRQR VFLXWRqXQXRPRFKHULVXOWDPRUWRGDWUHDQQL &KLGLDYRORqDOORUD" 6RUULGH 4XHOOR D FXL L )XJJHU GHYRQR LO ORUR GRPLQLR VX $Q YHUVD,OORURPLJOLRUHDJHQWH /D]DUXV7XFKHU 6JUDQRJOLRFFKL(ORLULGDFFKLDHPHWWHO LQGLFHGDYDQWLDOODERF FD 6VVVFKKK 'RSR DYHU IDWWR OH VFDUSH DO YHFFKLR +|FKVWHWWHU H DYHUVSLDQDWRODVWUDGDDOO DVFHVDGL$QWRQ)XJJHULQFLWWjLVXRLPH ULWLJOLKDQQRJLRYDWRLOSRVWRGLSULPRDJHQWHDOODILOLDOHGL&RORQLD 4XDQGRSHUzQHO )XJJHUKDGHFLVRGLDUPDUHXQDVSHGL]LRQHSHU DQGDUHILQDOPHQWHDSUHQGHUVLO RURGHOOHPLQLHUHGHO1XRYR0RQGR ODJHVWLRQHGLXQ RSHUD]LRQHFRVtLPSRUWDQWHqVWDWDDIILGDWDDOVROHUWH /D]DUXV 6HQRQFKp XQD WHPSHVWD DO ODUJR GHOOH FRVWH SRUWRJKHVL KD LQDELVVDWR O LQWHUD IORWWD DSSHQD VDOSDWD 4XHVWR q TXHOOR FKH RJQL PDULQDLR JL~ DO SRUWR SXz UDFFRQWDUWL LO SL~JUDQGHEXFRQHOO DFTXD GD TXDQGR $QWRQ UHJJH OH DWWLYLWj GHOOD IDPLJOLD 4XHOOR FKH QRQVL VD q FKH XQD QDYH VL q VDOYDWD O DPPLUDJOLD H FRQ HVVD WXWWL L VROGL FKHDYUHEEHURGRYXWRILQDQ]LDUHJOLVFDYLPLQHUDULQHO3HU~ (7XFKHUHUDVXTXHOODQDYH ,OILQDOHqLPPDJLQDELOHPD(ORLQRQODVFHUHEEHPDLXQDVWRULDD PHWj +DIDWWRURWWDVXOO ,UODQGDHGDOtqSDVVDWRLQ,QJKLOWHUUDGR YH q ULPDVWR LPERVFDWR SHUWUHDQQLIDFHQGRDIIDULFRQJOLDPLFLGL (QULFR9,,, (DGHVVRKDGHFLVRGLIDUHLOFROSDFFLRDOOHFDVVHGHLVXRLH[SD GURQL 3UHFLVDPHQWH &L LQFDPPLQLDPR SHU OR VWUDGHOOR VWUHWWR FKH FRVWHJJLD TXHVWR WUDWWR GHOO HVWXDULR L FDPSDQLOL GL $QYHUVD VSXQWDQR QHEXORVL DOO R UL]]RQWHLJDEELDQLLVSH]LRQDQRO DFTXDGDOO DOWRXQDFLFRJQDFLRV VHUYDLPPRELOHGDOVXRQLGRVXOSHQQRQHGLXQUHOLWWRLQVHFFD (ORLJXDUGDEDVVRSHQVDDTXHOORFKHYXROHGLUPL 6LIHUPD 1RQqVROWDQWRXQDWUXIIDPDJLVWUDOH 4XDOFKHSDVVRSL~DYDQWLDVSHWWRFKHYXRWLLOVDFFR 1RQVLWUDWWDVROWDQWRGLVROGL (GLFRVDDOORUD" ,O FUHGLWR &RPH SHQVL FKH UHDJLUHEEHUR L FRPPHUFLDQWL VH VD SHVVHURFKHLQWXWWLLPHUFDWLG (XURSDFLUFRODQRIDOVHOHWWHUHGLFUHGL WRGHL)XJJHU" 3HQVRFKHQRQDFFHWWHUHEEHURSL~QHVVXQSH]]RGLFDUWDFRQVR SUDODILUPDGL$QWRQ)XJJHU
3URSULRFRVt&RV qXQEDQFKLHUHVHQ]DFUHGLWR"ÊFRPHXQPD ULQDLRVHQ]DQDYH6HODJHQWHQRQDFFHWWDSL~ODVXDILUPDLQJDUDQ ]LDSHUFKpSHQVDFKHSRWUHEEHHVVHUHIDOVDqILQLWRqXQXRPRPRU WR 5LFRUGL OD VWRULD GHO YHFFKLR +|FKVWHWWHU" / KDQQR IUHJDWR FRVt VFUHGLWDQGROR/DJHQWHFRPLQFLDDSURVFLXJDUHLVXRLGHSRVLWLSUHVVR ODEDQFDODVILGXFLDqXQFRQWDJLRFKHVLWUDVPHWWHLQIUHWWDFKLYRUUj SL~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©9LGLSRLXQQXRYRFLHORHXQDQXRYDWHUUDSHU FKpLOFLHORHODWHUUDGLSULPDHUDQRVFRPSDUVLª
&DSLWROR $QYHUVDJLXJQR
+DYLVWRLOFDULFR" 6t /HQDYL" 6t +DVROOHYDWRRELH]LRQL" 4XDOFKHGRPDQGDVXOOHURWWHFKHLQWHQGHYDPRVHJXLUH /D]DUXV7XFKHULOUHGLYLYR*RW]YRQ3ROQLW]LOPDJRGHLQXPHUL VFXRWH OD WHVWD VFRQVRODWR 'HYRQR FUHGHUVL RQQLSRWHQWL 6RQR WDO PHQWH VLFXUL GHOOD ORUR IRU]D FKH QRQ ULHVFRQR QHPPHQR D SHQVDUH FKHTXDOFXQRSRVVDFHUFDUHGLIUHJDUOL*UDQEDVWDUGL %H qXQD VLFXUH]]DFKHFLIDJLRFRQR" *RW] LJQRUD OD GRPDQGD LQVHJXHQGR OH VXH ULIOHVVLRQL +D DF FHWWDWRSHUTXLQGLFLPLODILRULQL" 1RQKDEDWWXWRFLJOLR+DFKLHVWRFKHJOLHQHGHSRVLWDVVLPRWUH PLODLQJDUDQ]LDFKHFLUHVWLWXLUjGRSRODSULPDVSHGL]LRQH+R IDWWR FRPHKDLGHWWRJOLHOLKRGDWLVHQ]DIDUHVWRULHFRVtFKHSHQVDVVHFKH DEELDPRXQDQRWHYROHGLVSRQLELOLWjPRQHWDULD %HQH 0D VH FL IRVVL VWDWR LRDOVXRSRVWRQRQVDUHEEHDQGDWD FRVtOLVFLD $OORUDVLDPRIRUWXQDWLFKHVWDLGDTXHVWDSDUWH / H[ DJHQWH GHL )XJJHU PL YHUVD XQ ELFFKLHULQR Ê LO FDVR GL EULQGDUH6HLVWDWREUDYR,OSULPRSDVVRqIDWWR /DFKLDWWDVXFXL/D]DUXV7XFKHUQDVFRQGHLOVHJUHWRGHOODVXDH VLVWHQ]D q QDVFRVWD LQ XQ DQVD GHO ILXPH 'HQWUR VHPEUD XQD FDVD QRUPDOH VH QRQ IRVVH SHU JOL RJJHWWL VWUDQL DSSHVL DOOH SDUHWL FKH SHQGRQR GD RJQL DQJROR VSDGH SLVWROH VWUXPHQWLPXVLFDOLPDSSH LOJXVFLROXFLGRGLXQDWHVWXJJLQH 6RFKHIDUHLPHJOLRDVWDUH]LWWRPDQRQFDSLWDVSHVVRGLLQFRQ WUDUHXQSHUVRQDJJLRGHOJHQHUH (ORLPLKDUDFFRQWDWRODWXDVWRULD 1RQ VHPEUD VRUSUHVR +D IDWWR PDOH 6H FL SUHQGRQR PHQR VDSSLDPRJOLXQLGHJOLDOWULPHJOLRqSHUWXWWL
0LDFFRPRGRVXOODSROWURQDGLFXRLR 9XRLGLUHFKH(ORLQRQWL KDGHWWRQLHQWHGLPH" *RW] DO]D OH VSDOOH 6R VROWDQWR FKH VHL VWDWR D 0QVWHU FRQ L SD]]LHWLGLFRLQWXWWDVLQFHULWjFKHVHOHWXHFUHGHQ]LDOLIRVVHURVWDWH TXHOOHQRQWLDYUHLPDLSUHVRQHOO DIIDUH0D(ORLKDGHWWRFKHVHLOD SHUVRQDJLXVWDHLRPLILGRGHOVXRILXWRXQRFKHqULXVFLWRD ULPDQH UH D JDOOD SHU YHQW DQQL LQ PH]]R DL SHVFHFDQL GL TXHVWD FLWWj VHQ]D IDUVLIRWWHUHGHYHVDSHUYDOXWDUHJOLXRPLQL 6RJJKLJQRHVFRORLOOLTXRUH +DLUDJLRQHHUDQRGHLSD]]L0D KDQQRHVSXJQDWRXQDFLWWj7XO KDLPDLIDWWR" *OLRFFKLGL*RW]VRQRGXHSXQWLVFXULVSURIRQGDWLWUDOHFLFDWULFL 1RQKDELVRJQRGLULVSRQGHUPLVHPEUDFKHO DQDEDWWLVWDHLOPHUFDQ WHVLLQWHQGDQREHQH %LVRJQDHVVHUHGHLIDQDWLFLSHUWHQWDUHLPSUHVHGHOJHQHUH %LVRJQDFUHGHUFL (WXFLFUHGHYLGDYYHUR" 8QDEXRQD GRPDQGD 'LFLDPRFKHQRQHUDLOGHQDURDGDWWLUDU PLDOORUD 6RUULGHHVLULHPSLHXQVHFRQGRELFFKLHUH /DYXRLVHQWLUHXQD VWRULDGDYYHURLQWHUHVVDQWHVX0QVWHU" 4XDOFRVDFKHQRQVRJLj" 4XDOFRVDFKHVDSSLDPRVROWDQWRLR$QWRQ)XJJHUHIRUVHLO 3D SD 6XRQDFRPHXQVHJUHWRGLVWDWR $QQXLVFH VRUQLRQH OLVFLDQGRVL L EDIIL , JDEELDQL VWULOODQR IXRUL GDOODSLFFRODILQHVWUDLOUHVWRqVLOHQ]LR $JOLLQL]LGHO FXUDYRJOLDIIDULGHL)XJJHUD&RORQLDÊVWDWR OtFKHKRDSSUHVRLWUXFFKLGHOPHVWLHUHHWXWWRTXDQWRVHUYHSHUO R SHUD]LRQH)DWWRVWDFKHXQJLRUQRPLUHFDSLWDQRXQDOHWWHUDVXFXLq VHJQDWRVROWDQWRO LPSRUWRGLXQDVRPPD1RQF qILUPDVRORXQVL JLOORXQDJURVVDOHWWHUD4 8QD4" ,PSUHVVD VXOOD FHUD &KLHGR VSLHJD]LRQL DO FRQWDELOH GHOO DJHQ ]LDXQRFKHVWDDOVHUYL]LRGHL)XJJHUGDSL~GLGLHFLDQQLHTXHOOR PL GLFH FKH TXDQGR VL ULFHYHXQDOHWWHUDFRPHTXHOODELVRJQDSUH SDUDUHLOGHQDURHDVSHWWDUHFKHTXDOFXQRSDVVLDULWLUDUORPRVWUDQGR LOVLJLOOR /RLQWHUURPSR 1RQFDSLVFRFRVDF HQWUL0QVWHU *RW] VXVVXOWD DSSHQD /DVFLDPL ILQLUH $ TXHO SXQWR FKLHGR GL VDSHUQHGLSL~FRPHVLIDDGDUHVROGLLQPDQRDXQRVFRQRVFLXWR",O
YHFFKLRFRQWDELOHPLUDFFRQWDFKHDOFXQLDQQLSULPDGD5RPDqVWD WR DSHUWR XQ FUHGLWR LOOLPLWDWR SUHVVR OH FDVVH GHL )XJJHU SHU XQD JHQWH VHJUHWR DWWLYR QHL WHUULWRUL LPSHULDOL ©0HVVHU 4ª OR FKLDPD YDQRLFRQWDELOLGHOOHILOLDOLWHGHVFKH 8QDVSLD 1RQLQWHUURPSHODVXDVWRULD &RVtSUHSDURXQDOHWWHUDGLFUHGLWR SHUODVRPPDULFKLHVWDHVWRSURQWRDULFHYHUOR(VDLFKLVLSUHVHQWD" 8QFKLHULFR$YYROWRLQXQVDLRVFXURFRQLOFDSSXFFLRFDODWRVXJOL RFFKLDFRSULUJOLPH]]DIDFFLD0LPRVWUDO DQHOORFRQOD4LGHQWLFD D TXHOOD VWDPSDWD VXOOD PLVVLYD 3HUz TXDQGR YHGH OD OHWWHUD GL FUHGLWR PH OD VWUDSSD LQ PLOOH SH]]L GDYDQWL DO QDVR H GLFH FKH JOL VHUYH OD PRQHWD *OL IDFFLR SUHVHQWH FKHqSHULFRORVRYLDJJLDUHFRQ XQDVLPLOHTXDQWLWjGLGHQDURLQWDVFDPDTXHOORLQVLVWHYXROHO RUR ( YD EHQH DSUR L IRU]LHUL H JOL FRQVHJQR TXDQWR KD ULFKLHVWR 'RSRGLFKpPLFKLHGHVHSRVVRLQGLFDUJOLXQQROHJJLRGLFDYDOOLFKH FRSUD OD GLVWDQ]D ILQR D 0QVWHU /R LQGLUL]]R DOOD VFXGHULD SL~ JUDQGHGL&RORQLD 5HVWD]LWWR/DVWRULDqILQLWD8QSUHVHQWLPHQWRRVFXURPLSUHPH LQWHVWDPDQRQULHVFRDGDUWLFRODUOR$SSRJJLRLOELFFKLHUHVXOWDYR OROHJJHURWUHPRUHDOOHPDQL *RW]VLDVSHWWDXQDUHD]LRQH 1RQqXQDEHOODVWRULD")RUVHSHU HVSXJQDUHXQDFLWWjVHUYRQRGHLIDQDWLFLFKHFLFUHGDQRPDSHULQILO WUDUH XQD VSLD FL YRJOLRQR VROGL &L YRJOLRQR L )XJJHU ,O GHQDUR F HQWUDVHPSUH 6LDFFRUJHGHOPLRGLVDJLR /D OLQHD SL~VFXUDGHOOLTXRUHQHOODERWWLJOLDUROODSLDQRLQVLHPH DOODFKLDWWD ,OJXVFLRGLWHVWXJJLQHPDQGDULIOHVVLFRORUHEDQR 8Q DLURQH ELDQFR WDJOLD LOSH]]RGLFLHORLQFRUQLFLDWRGDOODILQH VWUHOOD /D PDSSD GHOOD FRVWD LQJOHVH QHOO DQJROR D VLQLVWUD LQ EDVVR KD XQD URVD GHL YHQWL FKH GD TXL VHPEUD XQ ILRUH ELDQFR H QHUR *RW] VSURIRQGDWRQHOODSROWURQDQRQPXRYHXQPXVFROR *RW]/D]DUXV1RPLGLYHUVLXRPLQLGLYHUVL/DVWHVVDVWRULD *XVWDY 0HW]JHU /XFDV 1LHPDQVRQ /LHQKDUG -RVW *HUULW %RH NELQGHU /RW 1HVVXQRqTXHOORFKHVHPEUD 1RQVRVHKRSDUODWRLRRODYRFHGL*RW]RVROWDQWRLOSHQVLHUR FKHPLULPEDO]DYDQHOOD WHVWD
/HGRPDQGHHVFRQRGDVROH &KLDYHYDDSHUWRTXHOFUHGLWR" 1RQ O KR PDL VDSXWR &RQ RJQL SUREDELOLWj XQ SH]]R JURVVR GL 5RPD 'HVFULYLPLTXHOO XRPRTXHOORFKHqYHQXWRDULWLUDUHLOGHQDUR $YHYDODIDFFLDFRSHUWDWHO KRGHWWR'DOODYRFH QRQVHPEUDYD WURSSRYHFFKLRPDVRQRSDVVDWLTXDWWURDQQL 0LVWDDVVHFRQGDQGRKDFDSLWRVLVIRU]D 5LFRUGRFKHPLFKLH VL FRVD FL DQGDYD D IDUH D 0QVWHU FRQ XQD VRPPD VLPLOH QRQ FKH IRVVHVSURSRVLWDWDGXHWUHPLODILRULQLPLSDUHPDSHUFKpDIIURQWDUH XQYLDJJLRGHOJHQHUHFRQODERUVDSLHQD" 3HUQRQODVFLDUHWUDFFH1RQGHVWDUHVRVSHWWL /R JXDUGR $GHVVR VRQR LR FKH GHYR ULIOHWWHUH D YRFH DOWD H UL FDPELDUHODVWRULD $JOL LQL]L GHO L EDWWLVWL GL 0QVWHU ULFHYHWWHUR OH SULPH FR VSLFXHGRQD]LRQLLQGHQDURFRQWULEXWLDOODFDXVDSURYHQLHQWLGDYDULH FRPXQLWjHDQFKHGDVLQJROLFRQIUDWHOOL 6WDLGLFHQGRFKHTXHLVROGLVDUHEEHURVHUYLWLDIDUVLDPLFLLEDW WLVWL 4XDOHPLJOLRUODVFLDSDVVDUHSHUXQDVSLD" 'LQXRYRDVFROWLDPRORVFLDERUGLROHQWRGHOODFRUUHQWHJOLVFULF FKLROLLGHOOHJQR ÊOXLDSDUODUHSHUSULPRWUDILQWDPRGHVWLDHLQFUHGXOLWj 1RQ P LQWHQGR WURSSR GL TXHVWLRQL UHOLJLRVH 6SLHJDPL SHUFKp 5RPDD YUHEEHGRYXWRLQILOWUDUHXQDJHQWHQHOODFRPXQLWjEDWWLVWDGLXQDSLF FRODFLWWjGHO1RUG /D ULVSRVWD SUHQGH IRUPD PHQWUH OD SURQXQFLR )RUVH SHUFKp TXHOOD SLFFROD FLWWj GHO 1RUG VWDYD GLYHQWDQGR LO IDUR GHOO DQDEDWWL VPR)RUVHSHUFKpTXHOODFRPXQLWjDYUHEEHIDWWRLOFXORDLVLJQRULH LQQDO]DWR LO SRSROR Oj GRYH QHVVXQR HUD PDL ULXVFLWR )RUVH SHUFKp TXDOFXQR FRQ O RFFKLR OXQJR ODJJL~ DOOD FRUWH GHO 3DSD VH OD VWDYD IDFHQGRVRWWR *RW]VFXRWHODWHVWD 1RQRQUHJJHLFDUGLQDOLKDQQRDOWURDFXL SHQVDUH 'HYRQRSHQVDUHDGLIHQGHUHLOORURSRWHUH (DOORUDSHUFKpQRQURPSHUHLFRJOLRQLDLOXWHUDQL" 3HUFKpLOXWHUDQLSRVVRQRHVVHUHGHJOLRWWLPLDOOHDWLFRQWURODUL EHOOLRQHGHLFHWLSL~XPLOL&KLKDPDVVDFUDWRLFRQWDGLQLD)UDQNHQ KDXVHQ" 3ULQFLSL FDWWROLFL H OXWHUDQL LQVLHPH &KL KD SUHVWDWR L FDQ QRQLDOYHVFRYRGL0QVWHU SHUULSUHQGHUVLODFLWWj")LOLSSRG $VVLD DPPLUDWRUHGL/XWHUR
1RQRQRQVWDLQSLHGL/XWHURKDVEDQFDWRLO3DSDORKDEXWWD WRIXRULGDOOD*HUPDQLDDFDOFLQHOFXORWXWWLLEHQLGHOOD&KLHVDLQ FDPHUDWLGDLSULQFLSLWHGHVFKL *RW]SHUUHJJHUHO DUFKLWUDYHRFFRUURQRGXHFRORQQH / H[ PHUFDQWH FL SHQVD PL JXDUGD GL WUDYHUVR $YYHUVDUL PD DOOHDWLÊTXHVWRFKHYXRLGLUH" $QQXLVFR 8Q DJHQWH VHJUHWR DWWLYR QHL WHUULWRUL LPSHULDOL 'D TXDQWRWHPSR" 3L~GLGLHFLDQQLFRVt PLGLVVHUR 'L QXRYR TXHOSUHVHQWLPHQWRRVFXURXQDSUHVVLRQHVFKLDFFLDQWH GLHWURJOLRFFKL 0HW]JHU1LHPDQVRQ-RVW%RHNELQGHU/RW 7DQWLHXQR4XHOOLFKHVRQRVWDWR 7DQWLHXQR8QRTXDOXQTXH / XRPRGHOODIROOD1DVFRVWRQHOODFRPXQLWj8QRGHLQRVWUL ©'LRFLWHUjLQJLXGL]LRRJQLD]LRQHWXWWRFLzFKHqRFFXOWREH QHRPDOHª *RW]SHUSOHVVR &KHYXROGLUH" /DSUHVVLRQHVLDOOHQWDLOSUHVHQWLPHQWRVLVFLRJOLH ÊODILQHGHO OLEURGL4RqOHWO (FFOHVLDVWH
/ HVWXDULRVLDOODUJDDYLVWDG RFFKLRPHQWUHODQDYHVFLYRODYHOR FH YHUVR LO PDUH FKH JLj V LQWUDYHGH VXOO RUL]]RQWH / DOED SURLHWWD L VXRLUDJJLVXOORVSHFFKLRG DFTXDGDYDQWLDQRLHFLLOOXPLQDODYLD ,O PDUH (ORL DYHYD UDJLRQH Gj XQ VHQVR GL OLEHUWj VWDFFDUVL GD XQDFRVWDODQFLDUHORVJXDUGRVXTXHOODPDVVDLQILQLWDGLRQGH1RQ KR PDL QDYLJDWR LO PDUHXQ LQTXLHWXGLQHVWUDQDHEEUH]]DVPRU]DWD VROWDQWRGDLSHQVLHULGHOODQRWWHWUDVFRUVD / HTXLSDJJLR q FRPSRVWR GD XQ WLPRQLHUH H RWWR PDULQDL DJOL RUGLQL GHO FDSLWDQR 6LODV WXWWL LQJOHVL FKH KDQQR JLj ODYRUDWR FRQ *RW]HGLFXLSRVVLDPRILGDUFLDOODFLHFD3DUODQRODORURVWUDQDOLQ JXDGLFXLULHVFRJLjDULFRQRVFHUHDOFXQHHVSUHVVLRQLSL~IUHTXHQWL HVFODPD]LRQLHEHVWHPPLHFUHGR (URJLXQWRDG$QYHUVDFRQO LGHDGLPLJUDUHLQ,QJKLOWHUUDHQRQ WRUQDUHSL~$GHVVRVWRDQGDQGRDIDUFLDIIDUL/HFRVHFDPELDQRLP SUHYHGLELOPHQWH LHUL HUR XQR VWUDFFLRQH EUDFFDWR GDJOL VELUUL RJJL VRQR XQ ULVSHWWDELOH PHUFDQWH GL ]XFFKHUR FRQ XQ DVVLFXUD]LRQH GL TXLQGLFLPLODILRULQLVXOFDULFRHVXOOHQDYL*HWWRORVJXDUGRLQGLHWUR
ODVHFRQGDLPEDUFD]LRQHFLVHJXHDXQTXDUWRGLPLJOLR/DFRQGXFH LO VHFRQGR GL 6LODV XQ JLRYDQH EXFDQLHUH JDOOHVH FKH KD QDYLJDWR QHOOH,QGLH ,OPHUFDQWH+DQV*UHEYDDYHQGHUH]XFFKHURD/RQGUD,SLDWWL LVRORWWL GHOOD =HODQGD OD WHUUD VWUDSSDWD DO PDUH FRQ OH XQJKLH JOL VFRUURQRGDYDQWLDIIROODWLGLJDEELDQLHPDQPDQRFKHVLGLUDGDQR LO0DUH1RUGLFRORDFFRJOLHSODFLGRFROVXREOXLQWHQVRFXSRFRPHL SHQVLHULFKHJOLDIIROODQRODPHQWHGDOODQRWWDWD ,OUDFFRQWRLQFUHGLELOHGL/D]DUXVLOULVRUWRPLFRVWULQJHDWRUQDUH DLULFRUGLGL0QVWHUIRUVHRJJLSL~YLYLGLSHUDYHUOLQDUUDWLD(ORL /D GRPDQGD q VHPSUH FKL &KL HUD OD VSLD &KL ODYRUDYD ILQ GDO SULQFLSLR SHU L SDSLVWL &KL SRUWz LQ SHJQR GHQDURSHUODFDXVDULX VFHQGRDIDUVLDFFRJOLHUHWUDLULJHQHUDWL &KL &KLHUDO LQIDPH 3DVVR LQ UDVVHJQD YROWL OXRJKL RFFDVLRQL ,O PLR DUULYR LQ FLWWj O DFFRJOLHQ]D OH EDUULFDWH H SRL LO GHOLULR OD IROOLD &KL KD ODYRUDWR SHUFKpWXWWRILQLVVHFRVt+R JLjGHWWRD(ORL6RQRPRUWLWXWWL1RQq VRSUDYYLVVXWR QHVVXQR 6ROR %DOWKDVDU 0HUFN H L VXRL DPLFL .UH FKWLQJLOJLRYDQH"1HPPHQRSHULGHD 0D DQFKH TXHVWR q XQ PRGR FRPH XQ DOWUR SHU ULFDFFLDUH JL~ LO SUHVHQWLPHQWRSHJJLRUH 8QRGLQRL8QDOOHDWR,QJUDGRGLRWWHQHUHILGXFLD(GLVSHGLUWL DOPDVVDFURDOPRPHQWRJLXVWR /HOHWWHUH /HOHWWHUHD0DJLVWHU7KRPDV 8QDVSLDDWWLYDGDSULPDGHO ,Q*HUPDQLD 8QRHQHVVXQR )UDQNHQKDXVHQ0QVWHU 6WHVVDVWUDWHJLD6WHVVLULVXOWDWL /DVWHVVDSHUVRQD 4RqOHW
7(5=$3$57( ,O%HQHILFLRGL&ULVWR
/HWWHUDLQYLDWDD1DSROLGDOODFLWWjSRQWLILFLDGL9LWHUERLQGLUL] ]DWDD*LDQSLHWUR&DUDIDGDWDWDPDJJLR $OO RQRUDQGLVVLPRVLJQRUHPLR*LRYDQQL3LHWUR&DUDIDLQ1DSROL
6LJQRUHPLRUHYHUHQGLVVLPROHQRWL]LHFKHOD6LJQRULD9RVWUDPL Gj VXOOD VFRQILWWD GHOO ,PSHUDWRUH DG $OJHUL H VXOOD URWWD GHOOH VXH WUXSSHLQ8QJKHULDSHUPDQRGHL7XUFKLODVFLDQREHQVSHUDUHTXHVWR FXRUHGLYHGHUHSUHVWRO $VEXUJRSLHJDWRVRWWRLFROSLGHLVXRLDYYHU VDUL H LO VXR LPPHQVR SRWHUH VIDOGDWR 6H D TXHVWRVLDJJLXQJRQROH QRYLWjGDOOD)UDQFLDRYYHUROHLQWHQ]LRQLGL)UDQFHVFR,GLULSUHQGH UH OD JXHUUD VHQWR FKH LO PRPHQWR q SDUWLFRODUPHQWH SURSL]LR DOOH VSHUDQ]H GL 9RVWUD 6LJQRULD H GL TXHVWR 6XR VHUYLWRUH 0DL SULPD G RUD O ,PSHUDWRUH VL WURYz WDQWR LQ GLIILFROWj QHO FRQWUROOR GHL VXRL LPPHQVLFRQILQLPDLSULPDG RUDLOVXRGHELWRSUHVVRLEDQFKLHULWH GHVFKLIXSL~JUDQGHHOXQJLGDOSRWHUHVVHUHVDOGDWR 1RQVWXSLVFHGXQTXHFKHHJOLFHUFKLGLULXQLUHOD&ULVWLDQLWjVRWWR LOVXRYHVVLOORIDFHQGRFRQFHVVLRQLDLSULQFLSLSURWHVWDQWLLQ*HUPD QLD DIILQFKp DFFRUUDQR LQ VXR DLXWR QHOOH SLDQXUH XQJKHUHVL H QHL %DOFDQLFRQWURO DYDQ]DWDGL6ROLPDQR,OXWHUDQLVRQRRUPDLFRQVR OLGDWL QHOOD 6DVVRQLD H QHO %UDQGHEXUJR H O ,PSHUDWRUH q GLVSRVWR D SUHQGHUQH DWWR H DG DFFRQGLVFHQGHUH D FKH 5RPD UHVWL SHU VHPSUH IXRULGDTXHLSULQFLSDWL 7XWWDYLDODVSHUDQ]DGLFKLLQWHQGHRVWDFRODUHLOSRWHUHGL&DUOR9 qFKHLSULQFLSLQRQFHGDQRDOOHVXHOXVLQJKHHFRQWLQXLQRDJXDUGDU OR FRPH VL JXDUGD XQ QHPLFR IRUWH FRQ FXL VFHQGHUH D SDWWL PD GD QRQVFHJOLHUHFRPHDOOHDWR/HVLPSDWLHGL)LOLSSRG $VVLDQRQVRQR LQIDWWL XQ EXRQ VHJQDOH O ,PSHUDWRUH KD FKLXVR HQWUDPEL JOL RFFKL VXOOD ELJDPLD GHO ODQJUDYLR SXU GL DYHUOR GL QXRYR DO ILDQFR H TXH VW XOWLPRV qSUHVWDWRDXQYLOHPHUFDWR 0DWDQW qVSLQJHUHOD&KLHVDURPDQDHLWHRORJLOXWHUDQLDVHGHUVL DXQRVWHVVRWDYRORqO LQWHQWRFKH&DUORSHUVHJXHFRQRJQLPH]]RH QRQ Y q GXEELR DOFXQR FKH GDUj EDWWDJOLD QRQ HVVHQGR ULXVFLWR D VFRQILJJHUH L SULQFLSL OXWHUDQL RJJL YRUUHEEH IDUVL SDODGLQR GHOOD
&ULVWLDQLWj ULXQLWD DOO LQVHJQD GHOOD QXRYD FURFLDWD FRQWUR L 7XUFKL VLFXUR FKH FLz OR UHQGHUHEEH LQYLQFLELOH 3HU TXHVWR q GLVSRVWR D VSHQGHUHRJQLVXDUHVLGXDULVRUVD )RUWXQDWDPHQWH KR LO SLDFHUH GL DSSUHQGHUH FKH OD 'LHWD GL :RUPVQRQKDGDWRLIUXWWLDJRJQDWLGD&DUORLGRWWRULOXWHUDQLFRQ WLQXDQRDJXDUGDUHLQFDJQHVFROD6DQWD6HGHHLSULQFLSDWLFDWWROLFL 3RLFKpKRFRQRVFLXWRSHUVRQDOPHQWH/XWHURH0HODQWRQHDOO HSR FDGHOODORURDVFHVDSRVVRDJJLXQJHUHFKHVRQRXRPLQLWURSSRRUJR JOLRVL H VRVSHWWRVL SHU DFFRQGLVFHQGHUH D XQD ULFRQFLOLD]LRQH FRQ 5RPD&Lz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qULYHODWD SL~FKHHIILFDFH 3RVVR GXQTXH DIIHUPDUH FRQ FHUWH]]D FKH TXHOOR FKH YD FRVWL WXHQGRVLTXLD9LWHUERSUHVVRODVHGHGHO3DWULPRQLRGL6DQ3LHWURq XQYHURH SURSULRSDUWLWRIDYRUHYROHDOGLDORJRFRQLOXWHUDQLLOTXDOH SXz SUHVWDUH LO ILDQFR DOOH DVSLUD]LRQL GHOO ,PSHUDWRUH /D 6LJQRULD 9RVWUDVXROHGHILQLUOL6SLULWXDOLDOOXGHQGRFRQFLzDLFDUGLQDOLDSHUWL DG DOFXQH GHOOH SHULFRORVH GRWWULQH GL /XWHUR H GL TXHO QRYHOOR HUH VLDUFDJLQHYULQRGLFXLRJJLWXWWLSDUODQR*LRYDQQL&DOYLQRWXWWDYLD EHQFKpGLFHUWRLOFLUFRORYLWHUEHVHJUDYLWLLQWRUQRDOFROWLVVLPRFDU GLQDOH3RORGHYRLQIRUPDUHLOPLRVLJQRUHFKHODFHUFKLDGLSHUVRQH GL FXL FRVWXL V q DWWRUQLDWR GD TXDQGR qVWDWRQRPLQDWR*RYHUQDWRUH SDSDOHGHO3DWULPRQLXPLQFOXGHOHWWHUDWLG RJQLVRUWDODLFLHFKLHULFL SURYHQLHQWL GD PH]]R PRQGR XQLWL GDO FRPXQH LQWHQWR GL DSULUH OD &KLHVDDOOHLVWDQ]HSDUWRULWHGDOSHUILGR/XWHUR3URSULRTXHVWDLQJH QXDDFFHWWD]LRQHGLRJQLLQWHOOHWWRFKHVLRIIUDDOODORURFDXVDKDFRQ VHQWLWRDTXHVWRVROHUWHVHUYLWRUHGL96GLHQWUDUHDIDUSDUWHGHOFLU FRORHGLRWWHQHUHLIDYRULGHLVXRLPHPEULSL~LOOXVWULVRQRVWDWLSL~ FKHOLHWLGLDYHUHWUDOHORURILODXQOHWWHUDWRWHGHVFRFKHFRQRVFHEH QHLWHVWLSURGRWWLQHOOHXQLYHUVLWjJHUPDQLFKH 0LVLDGXQTXHFRQVHQWLWRHVSRUUHO LPSUHVVLRQHFKHKRSRWXWRUL
SRUWDUH GL FROXL FKH VHQ]D GXEELR q GD FRQVLGHUDUVL O LVSLUDWRUH GL TXHVWD FRQJUHJD RYYHUR LO FDUGLQDOH LQJOHVH 5HJLQDOGR 3ROR (JOL JRGHGHOODOLPSLGDIDPDGLPDUWLUHGHOODFDWWROLFLWjSHUHVVHUGRYXWR VFDSSDUH GDOOD VXD WHUUD D FDXVD GHOOR VFLVPD SHUSHWUDWR GD (QULFR 9,,,HTXHVWRUHQGHDUGXRVROOHYDUHTXDOXQTXHJHQHUHGLVRVSHWWLVXO OD VXD RUWRGRVVLD Ê XRPR FROWR H UDIILQDWR LQFDSDFH GL VRVSHWWR H PDODIHGHJHQXLQRVRVWHQLWRUHGHOODSRVVLELOLWjGLDYYLDUHXQGLDORJR FRQ L SURWHVWDQWL DO ILQH GL ULFRQGXUOL QHOO DOYHR GL 6DQWD 5RPDQD &KLHVD &RPHHYLGHQ]LDYRSRF DQ]LQRQY qGXQTXHGDVWXSLUVLFKHO ,P SHUDWRUH JXDUGL D TXHVWR SLR XRPR GL &KLHVD FRPH D XQ FDPSLRQH GHLSURSULLQWHUHVVL ,O3RORqDQFKHQHOOHJUD]LHGHOFDUGLQDOHGL%RORJQD&RQWDULQLLO SUHVFHOWRGD6XD6DQWLWj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qXRPRGL OHWWHUH FKH KD VWXGLDWR D 2[IRUG LQVLHPH D TXHO 7RPPDVR 0RUR OH FXLYLFHQGHKDQQRWDQWRVFRVVROD&ULVWLDQLWj0DUWLUHDPLFRGLPDU WLULOHVXHFUHGHQ]LDOLSDLRQRGDYYHURLQDWWDFFDELOL(JOLKDSRLXOWL PDWRJOLVWXGLD3DGRYDHGqTXLQGLDQFKHXQEXRQFRQRVFLWRUHGHOOD UHDOWjLWDOLDQD 1RQqGXQTXHGLIILFLOHLPPDJLQDUHTXDQWRV LQWHQGDFRQLOHWWHUD WL GL FXL VL FLUFRQGD H LQ SDUWLFRODUH FRQ 0DUFR $QWRQLR )ODPLQLR SRHWD H WUDGXWWRUH QHOOH JUD]LH GL 6XD 6DQWLWj 3DROR ,,, H FKH SHU TXHVWR OD 6LJQRULD 9RVWUD DYUj VLFXUDPHQWH JLj VHQWLWR QRPLQDUH ,O VRGDOL]LRWUDLO3RORHLO)ODPLQLRVWUHWWRTXLD9LWHUERQRQqDPLR DYYLVRPHQRSHULFRORVRGLTXHOORFKHVLFRQVROLGzSL~GLYHQW DQQLID D :LWWHQEHUJ WUD 0DUWLQ /XWHUR H )LOLSSR 0HODQWRQH 4XDQGR XQD IHGH WHVWDUGDPHQWH YLVVXWD LQFRQWUD OH OHWWHUH FLz FKH QH QDVFH q TXDVLVHPSUHTXDOFRVDGLJUDQGLRVRQHOEHQHRQHOPDOH 4XDQWRSULPDPLVDUjSRVVLELOHIDUSHUYHQLUHDOOD6LJQRULD9RVWUD XOWHULRULQRWL]LHVXOOHWUDPHYLWHUEHVLWDQWRSULPDLOPLRGHVLGHULRGL VHUYLU/DVDUjDSSDJDWR
GR
%DFLROHPDQLGL9RVWUD6LJQRULDHDOOD6XDJUD]LDPLUDFFRPDQ GL9LWHUERLOJLRUQRPDJJLRGHOO DQQR ,OIHGHOHRVVHUYDWRUHGL9RVWUD6LJQRULD 4
/HWWHUDLQYLDWDD5RPDGDOODFLWWjSRQWLILFLDGL9LWHUERLQGLUL] ]DWDD*LDQSLHWUR&DUDIDGDWDWDQRYHPEUH
$OUHYHUHQGLVVLPRHRVVHUYDQGLVVLPRVLJQRUHPLR*LRYDQQL3LH WUR&DUDIDLQ5RPD 6LJQRUHPLRRQRUDQGLVVLPRDSSUHQGRFRQVRGGLVID]LRQHGHOIDO OLPHQWR GHOO LQL]LDWLYD FRQGRWWD GDO FDUGLQDO &RQWDULQL D 5DWLVERQD &RPHDYHYRSUHYLVWRLOXWHUDQLVLVRQRULYHODWLLQDPRYLELOLVXOODGRW WULQDGHOODJLXVWLILFD]LRQHSHUVRODIHGHHQRQRVWDQWHO DFFRQGLVFHQ GHQ]D GHO &RQWDULQL O DELOH GLSORPD]LD GHOOD 6LJQRULD 9RVWUD KD VD SXWRSUHYHQLUHHUHVSLQJHUHO HVL]LDOHDFFRUGRFKHVHPEUDYDVXOSXQ WRG HVVHUHVDQFLWR ÊXQDGHOXVLRQHDPDUDSHULPHPEULGHOFLUFRORGL5HJLQDOGR3R ORVXOOHFXLIDFFHVFXUHOHJJRRJJLODGLVGHWWD 1RQELVRJQDWXWWDYLDULQIRGHUDUHODVSDGDLOSHULFRORUDSSUHVHQ WDWR GD TXHVWH PHQWL q WXWW DOWUR FKH GHEHOODWR (G q DSSXQWR GL XQD QXRYDPLQDFFLDFKHPLDFFLQJRDIDUUHVRFRQWRPLQX]LRVRDIILQFKp OD 6LJQRULD 9RVWUD VDSSLD FRQVLJOLDUH LO 6XR VHUYLWRUH VXOOH PLVXUH FKHULWHUUj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tGDOGRQRGL YLQRGHOODIHGHHGDQLHQW DOWUR'LFRQVHJXHQ]DQHVVXQDEXRQDRSHUD FRPSLXWD GDO FULVWLDQR SRWUHEEH LQWHUYHQLUH D PXWDUH TXHVWR GRQR RULJLQDULRULFHYXWRGDDOFXQLXRPLQLJOLHOHWWLLSUHGHVWLQDWLDOODVDO
YH]]DQHOGLVHJQRGL'LR 1RQqQHFHVVDULRULFRUGDUHTXDQWRTXHVWDGRWWULQDVLDSHULFRORVD SHULOEXRQRUGLQHFULVWLDQRFKHLQYHFHGHYHDIIHUPDUVLSURSULRVXOOD EDVHGHOODOLEHUDVFHOWDGHOODIHGHRGHOULILXWRGLTXHVW XOWLPDGDSDU WHGHJOLXRPLQL'HOUHVWRQRQHVLWRDGDIIHUPDUHFKHSURSULRODGRW WULQDFRQRVFLXWDFRPHJLXVWLILFD]LRQHSHUVRODIHGHqLOSLODVWURSRU WDQWHGLWXWWHOHQHIDQGH]]HFRPSLXWHGDLOXWHUDQLLQYHQWLFLQTXHDQ QL(VVDqO DUFKLWUDYHGHOODORURWHRORJLDURYHVFLDWDQRQFKpFLzFKH GjORURODIRU]DGLVFDJOLDUVLFRQWUROD6DQWD6HGHVHQ]DDOFXQDXPLO WjGLPHWWHUHLQGLVFXVVLRQHOHJHUDUFKLHGL6DQWD5RPDQD&KLHVDH WXWWRTXHVWRLQQRPHGHOO LQXWLOLWjG XQJLXGLFHSHUOHD]LRQLXPDQHH GL XQ DXWRULWj HFFOHVLDVWLFD FKH DPPLQLVWUL OD UHJROD H JLXGLFKL DS SXQWRFKLqGHJQRGLHQWUDUHQHO5HJQRGL'LRHFKLQRQORq/D69 ULFRUGHUj VHQ] DOWUR FKH XQD GHOOH SULPH DUGLWH PRVVH GL /XWHUR IX SURSULR TXHOOD GL QRQ ULFRQRVFHUH DO 6DQWR 3DGUH O DXWRULWj GHOOD VFRPXQLFD (EEHQHFLzFKHLOFDUGLQDO&RQWDULQLQRQKDSRWXWRRYYHURVWRU SLDUHHPXWLODUHODGRWWULQDFDWWROLFDGHOODVDOYH]]DDWWUDYHUVROHRSH UHSRWUHEEHRJJLODVHPSUHPHQRULVWUHWWDFHUFKLDGLDFFROLWLGHOFDU GLQDOH3ROR *Lj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~SHULFRORVDSHUTXHVWHWHUUHLWDOLFKHGDLWHPSLGHLSHUILGLVHUPRQL GL6DYRQDURODHFKHGREELDPRDOJHQLRGLVWRUWRGHOOHPHQWLYLWHUEHVL WUDOHTXDOLPLWURYR 0L ULIHULVFR D XQ EUHYH WUDWWDWHOOR OD FXL SHULFRORVLWj VXSHUDGL JUDQOXQJDODVXDYROXPLQRVLWjJLDFFKpYLqHVSRVWDSLDQDPHQWHLQ XQ OLQJXDJJLR EHQ FRPSUHQVLELOH SHU FKLXQTXH OD GRWWULQD SURWH VWDQWHGHOODJLXVWLILFD]LRQHSHUVRODIHGHFRPHVHHVVDQRQFRQWUDG GLFHVVHDIIDWWRODGRWWULQDGHOOD&KLHVD 1RQYLVRQRGXEELFKHVLWUDWWDGHOWHQWDWLYRGLTXHVWDFHUFKLDGL OHWWHUDWLHFKLHULFLGLLQWURGXUUHLQVHGHGRWWULQDOHHOHPHQWLFKHIDYR ULVFDQRLOULDYYLFLQDPHQWRWUDFDWWROLFLHOXWHUDQLDFFHWWDQGRFRPSOH
WDPHQWHODGRWWULQDGHOODVDOYH]]DVRVWHQXWDGDTXHVW XOWLPL / DXWRUHGHOWHVWRLQTXHVWLRQHqXQIUDWHEHQHGHWWLQRWDOH%HQH GHWWR)RQWDQLQLGD0DQWRYDDWWXDOPHQWHUHVLGHQWHQHOPRQDVWHURGL 6DQ 1LFROz O $UHQD VXOOH SHQGLFL GHO PRQWH (WQD 0D OH PDQL FKH KDQQR ODYRUDWR DOOD UHGD]LRQH GHO WHVWR LQWURGXFHQGRYL WUDGX]LRQL SUHVVRFKp OHWWHUDOL GHOO ,VWLWX]LRQH GL &DOYLQR VRQR TXHOOH GL 5HJL QDOGR3RORHGL0DUFR$QWRQLR)ODPLQLR /H LQGDJLQL FRQGRWWH FRQ HVWUHPD FDXWHOD PL KDQQR SRUWDWR D VFRSULUH FKH LO FDUGLQDO 3ROR HEEH RFFDVLRQH GLLQFRQWUDUHIUDWH%H QHGHWWRJLjQHOTXDQGRLQIXJDGDOO ,QJKLOWHUUDVLWURYzDSDV VDUHSUHVVRLOPRQDVWHURGHOO LVRODGL6DQ*LRUJLR0DJJLRUHGL9HQH ]LD $ TXHOO HSRFD LQIDWWL LO )RQWDQLQL ULVLHGHYD FROj /D 69 GHYH VDSHUH FKH O DEDWH GHO FRQYHQWR GL 6DQ *LRUJLR 0DJJLRUH D TXHO WHPSRDOWULQRQHUDVHQRQTXHO*UHJRULR&RUWHVHFKHRJJLqXQIHU YLGRVRVWHQLWRUHGHJOL6SLULWXDOLQHOOD&XULD $ TXHVWR SUHFHGHQWH VL DJJLXQJD LO IDWWR FKH GXH DQQL GRSR QHO
DQFKH 0DUFR $QWRQLR )ODPLQLR VL UHFz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pULSUHQGHOHWWHUDOPHQWH XQ HVSUHVVLRQH XVDWD SL~ YROWH GD 0HODQWRQH QHL VXRL/RFL FRPPX QHV ,O%HQHILFLRGL&ULVWRRYYHUR7UDWWDWRXWLOLVVLPRGHOEHQHILFLRGL *LHV~&KULVWRFURFLILVVRYHUVRL&KULVWLDQL4XHVWRLOWLWRORGHOO RSH UDODFXLUHGD]LRQHYLHQHXOWLPDWDLQTXHVWLJLRUQLGDO)ODPLQLRHQHO TXDOHqDIIHUPDWRFKLDUDPHQWHFKH VDUjEDVWDQWHODJLXVWL]LDGL&ULVWRDIDUFLJLXVWLHILJOLXROLGLJUD]LDVHQ]DDOFXQH QRVWUHEXRQHRSHUHOH TXDOLQRQSRVVRQRHVVHUHEXRQHVHSULPDFKHOHIDFFLDPR QRQVLDPRQRLIDWWLEXRQLHJLXVWLSHUODIHGH
/D 6LJQRULD 9RVWUD SXz EHQ JLXGLFDUH OD PLQDFFLD FKH OD GLIIX VLRQHGLLGHHGHOJHQHUHSXzUDSSUHVHQWDUHSHUOD&ULVWLDQLWjHLQSDU WLFRODUH SHU OD6DQWD 6HGH TXDORUD ULVFXRWHVVHUR FRQVHQVL 6H SRLLO OLEHUFROR WURYDVVH SODXVR WUD L QRWDELOL GHOOD &KLHVD SRWUHEEH VFRS SLDUHXQ HSLGHPLDGLFRQVHQVRSHULSURWHVWDQWLLQVHQRDOOD&KLHVDGL
5RPD1RQRVRSHQVDUHTXDOLRGLRVHFRQVHJXHQ]HFLzSRWUHEEHDYH UHVXOODSROLWLFDGHOOD6DQWD6HGHQHLFRQIURQWLGL&DUOR9 0L DSSUHVWR GXQTXH D ULFHYHUH QXRYH GLUHWWLYH GDO 9RVWUR LQJH JQR FHUWR FKHVDSUHWHDQFRUDXQDYROWDFRQVLJOLDUHQHOPLJOLRUHGHL PRGLTXHVWRVHUYR]HODQWH ,QIHGHPLUDFFRPDQGREDFLDQGROHPDQLGL9RVWUD6LJQRULD
GL9LWHUERLOQRYHPEUH ,OIHGHOHRVVHUYDWRUHGL9RVWUD6LJQRULD 4
/HWWHUDLQYLDWDD5RPDGDOODFLWWjSRQWLILFLDGL9LWHUERLQGLUL] ]DWDD*LDQSLHWUR&DUDIDGDWDWDJLXJQR
$OO RVVHUYDQGLVVLPR H UHYHUHQGLVVLPR *LRYDQQL 3LHWUR &DUDID LQ 5RPD
6LJQRUHPLRRVVHUYDQGLVVLPRVFULYRSHUFRPXQLFDUHDOOD6LJQR ULD9RVWUDFKHVRRUPDLSHUFHUWRHVVHUHVWDWRGDWRDOOHVWDPSH,O%H QHILFLRGL&ULVWRLQTXHOGL9HQH]LD 'D SRFKL JLRUQL 0DUFR $QWRQLR )ODPLQLR KD IDWWR ULWRUQR GDO YLDJJLRFRPSLXWRDOVHJXLWRGHO6DQWR3DGUHD%XVVHWRSHULQFRQWUD UHO ,PSHUDWRUH,QWHUURJDQGRXQRGHLSDJJLGHO)ODPLQLRVRQRYHQX WR DFRQRVFHQ]DGLTXDOLVRQRVWDWLLVXRLVSRVWDPHQWL(EEHQHLVR VSHWWL FKH QXWULYR VL VRQR ULYHODWL IRQGDWL ,QIDWWL LO )ODPLQLR GRSR DYHUSDUWHFLSDWRDOO LQFRQWURGL%XVVHWRHDYHUWUDVFRUVRFROjLOPDJ JLRqWRUQDWRLQGLHWURFRPSLHQGRXQ LQVROLWDGHYLD]LRQHYHUVR9HQH ]LD,OSDJJLRKDULIHULWRFKHKDYLVLWDWRODVWDPSHULDGLWDOH%HUQDUGR GH %LQGRQLPDQRQqVWDWRLQJUDGRGLGLUHGLSL~7XWWDYLDVRQRVL FXUR FKH GL DOWUR QRQ V q WUDWWDWR VH QRQ GHOOD FRQVHJQD R IRUVH JLj GHOO XOWLPDUHYLVLRQHGHOWHVWRLQTXHVWLRQH 'DTXDQGRXQDQQRID3DSD3DROR,,,KDDIILGDWRDOODFXUDGHOOD 6LJQRULD9RVWUDODULQDWD&RQJUHJD]LRQHGHO6DQW 8IIL]LRVWDELOHQGR FKH O HUHVLD SRVVD HVVHUH SHUVHJXLWD RYXQTXH VL DQQLGL H FRQ RJQL PH]]RQHFHVVDULRJOL6SLULWXDOLVLVRQRGRYXWLIDUHSL~IXUEL/DERO ODGL6XD6DQWLWj/LFHWDELQLWLRLOFRQVHJXHQWHULODQFLRGHOO ,QTXLVL ]LRQHHQRQ GDXOWLPDODPRUWHGHOFDUGLQDO&RQWDULQLKDQQRVSLQWRLO 3ROR H LO )ODPLQLR D PXRYHUVL FRQ HVWUHPD FDXWHOD 6RVSHWWDYR FKH DYUHEEHURVWDPSDWRLOOLEHUFRORDOO HVWHURSHUGLSL~HVVLVDQQREHQH FKH9HQH]LDJRGHGLXQDSDUWLFRODUHOLEHUWjULJXDUGRDOODVWDPSDHDO FRPPHUFLRGLOLEULHVHDQFRUDVXVVLVWHYDLQPHXQGXEELRVXOPRWL YR GHOOD YLVLWD GHO )ODPLQLR DOOD VWDPSHULD YHQH]LDQD TXHVWH FRQVL GHUD]LRQLORIXJDQRGHOWXWWR ,O PLR VLJQRUH VD EHQH TXDOH DUPD SHULFRORVD SRVVD HVVHUH OD VWDPSDVHQ]DGLHVVD/XWHURVDUHEEHDQFRUDLOGRFHQWHGHOODVFRQR
VFLXWDXQLYHUVLWjGLXQDSLFFRODHIDQJRVDFLWWjVDVVRQH
,Q DWWHVD GL SRWHU IRUQLUH SUHVWR QXRYH XWLOL LQIRUPD]LRQL DO PLR VLJQRUHEDFLROHPDQLGHOOD6LJQRULD9RVWUD GL9LWHUERLOJLXJQRGHO ,OIHGHOHRVVHUYDWRUHGL9RVWUD6LJQRULD 4
/HWWHUDLQYLDWDD5RPDGDOODFDVDPDGUHGHOODFRPSDJQLD)XJ JHULQ$XJXVWDGDWDWDPDJJLR
$OO LOOXVWULVVLPRHGHPLQHQWLVVLPRFDUGLQDOH*LRYDQQL3LHWUR&D UDIDLQ5RPD
$OOD UHYHUHQGLVVLPD 6LJQRULD 9RVWUD DXJXUR VDOXWH H RJQL EHQH VHUEDQGR OD VSHUDQ]D FKH TXHVWH ULJKH YHUJDWH GD XQ SLR FULVWLDQR VHUYR GHYRWLVVLPR GL 6DQWD 5RPDQD &KLHVD QRQ FRQRVFDQR DOWUR VJXDUGRFKHTXHOORGL9RVVLJQRULD ,OXQJKLDQQLGLDPLFL]LDFKHOHJDQRODPLDIDPLJOLDHOD 6LJQRULD 9RVWUDFRQVHQWRQRGLQRQGRYHULPEHOOHWWDUHGLIDOVHSDUROHODJUD]LD FKHPLDFFLQJRDFKLHGHUHSUHVVRGL9RL,QSL~GLXQ RFFDVLRQHO ( PLQHQ]D9RVWUDKDYROXWRFRQFHGHUFLO RQRUHGLSUHVWDUHLQRVWULVHU YLJL DJOL DIIDUL GD (OOD FRQGRWWL LQ WHUUD JHUPDQLFD SL~ G XQD YROWD TXHVW DQLPDqVWDWDRQRUDWDGLSUHVWDUHDLXWRFRQLPH]]LFKHLOEXRQ 'LRKDYROXWRFRQFHGHUOHVXOODWHUUDDLPHUFDWLHDOOHWUDWWDWLYHFKHOD 6LJQRULD9RVWUDKDLQWUDSUHVRTXDVV~WUDWDOLVHUYLJLVLSXzFHUWRDQ QRYHUDUH O DYHU PHVVR D GLVSRVL]LRQH XQ LQJHQWH VRPPD GL GHQDUR SHUJOLDJHQWLFKHOD69PDQWLHQHLQWHUUDWHGHVFDHDOODFRUWHGHO O ,PSHUDWRUH (EEHQH XQ WDO GHELWR SRWUHEEH G LPSURYYLVR VFRPSDULUH FRPH QRQIRVVHHVLVWLWRPDLGDLOLEULFRQWDELOLGLTXHVWDFRPSDJQLDTXDOR UDYROHVWHFRQFHGHUFLFLzFKHULFKLHGLDPR 'RYHWHVDSHUHFKHODQRVWUDFRPSDJQLDqVWDWDRJJHWWRG XQUDJ JLURIRUPLGDELOHHVSDYHQWRVRDOTXDOHqQHFHVVDULRSRUUHULPHGLRLO SULPDSRVVLELOHHSRLFKpUHSXWRVFRQYHQLHQWHSHUJOLLQWHUHVVLGHOOD IDPLJOLD ODVFLDUH FKH OD FRVD WUDSHOL SXEEOLFDPHQWH VRQR VSLQWR D FKLHGHUHO LQWHUYHQWRGHOOD6LJQRULD9RVWUD 6HQ]D HQWUDUH WURSSR QHL GHWWDJOL GHOO LQIHUQDOH PDUFKLQJHJQR EDVWLVDSHUHFKHGDTXDOFKHWHPSRP HURDFFRUWRGLXQDFHUWDLQFRQ JUXLWj QHL FRQWL DQQXDOL GHOOD FRPSDJQLD TXDOFRVD QRQ FROOLPDYD SHUIHWWDPHQWH TXHVWLRQH GL YLUJROH GL TXDOFKH FLIUD LUULOHYDQWH VXL OLEUL FRQWDELOL HSSXUH ULPDQHYD XQD VHQVD]LRQH SRLFKp OD YDVWLWj
GHJOL LQWHUHVVL GHL )XJJHU LQ (XURSD q TXDVL GL SHUVpLQFDOFRODELOH ILJXUDUVL TXDQWR SXz HVVHUH IDFLOH VFRSULUHSLFFROHIDOOH0DODIDOOD F HUDHRJQLDQQRFKHSDVVDYDODVHQVD]LRQHSUHQGHYDOHIDWWH]]HGHO VRVSHWWR H YLD YLD GHOOD FHUWH]]D (UD FRPH VH OH ILOLDOL SHULIHULFKH GHOOD FRPSDJQLD VEDJOLDVVHUR PLQLPDPHQWH L FRQWL TXDVL DUURWRQ GDVVHURSHUHFFHVVRODTXDQWLWjGLGHQDURHPHVVDLQIRUPDGLOHWWHUH GLFUHGLWR7DQW qFKHGDSULQFLSLRSHQVDLDXQRGHLQRVWULDJHQWLTXD OH UHVSRQVDELOH GHO UDJJLUR HSSXUH SDUHYD VWUDQR JLDFFKp SULPD GL VFHJOLHUHJOLXRPLQLDFXLDIILGDUHODFXUDGHLQRVWULLQWHUHVVLOLYDOX WLDPRGDFDSRDSLHGLHVSHVVRYLQFROLDPRDQRLLORURSDWULPRQLSHU VRQDOLGLPRGRFKHVLDQRWXWW XQRFRQO LQWHUHVVHGHOODFRPSDJQLD (LQIDWWLPLVEDJOLDYR,OSDUDVVLWDSURYHQLYDGDOO HVWHUQR /D 69 QRQ SXz LPPDJLQDUH TXDOH VSHVD H TXDQWR WHPSR VLDQR VWDWLQHFHVVDULSHUVFRSULUHLFROSHYROLVLDPRVWDWLFRVWUHWWLDLQYLDUH FRPPLVVDULVSHFLDOLLQRJQLILOLDOHHLQRJQLDJHQ]LD)XJJHUDIILQFKp VXSHUYLVLRQDVVHURSHUXQDQQRLQWHUROHDWWLYLWjGLSUHVWLWR7UDDJHQ ]LHHILOLDOLVRQRSL~GLVHVVDQWDLQWXWWD(XURSD Ê RFFRUVR XQ LQWHUR DQQR SHU ULSHUFRUUHUH DULWURVRGLPHUFDQWH LQPHUFDQWHLSDVVDJJLGHOOHOHWWHUHGLFUHGLWRGDQRLHPHVVHHFDSLUH FKH FRVD QRQ WRUQDVVH QHL QRVWUL FRQWL Ê VWDWR LQ TXHVWR PRGR FKH DEELDPR SRWXWR VFRSULUH FKH DOFXQH GHOOH OHWWHUH GL FUHGLWR ULVFRVVH SUHVVROHQRVWUHDJHQ]LHHUDQRIDOVH (EEHQH O HOHPHQWR FRPXQH QHL FRPPHUFL VX FXL DYHYDPR LQGD JDWRHUDODSUHVHQ]DGLXQDSSDUHQWHPHQWHLQQRFXRPHUFDQWHGLOLQR ]XFFKHUR H SHOODPL 3HU TXDQWR SRWHVVH DSSDULUH VLQJRODUH DL QRVWUL RFFKLDEELDPRVHJXLWRLVXRLVSRVWDPHQWLFRPPHUFLDOLHOLDEELDPR WURYDWL TXDQWR PDL LQVROLWL 6HQ]D FRPPHUFLDUH LQ EHQL WURSSR SUH ]LRVL FRVWXL FRSULYD GLVWDQ]H GRSSLH D TXHOOH FKH JOL VDUHEEHUR EDVWDWH SHU YHQGHUH OD SURSULD PHUFDQ]LD FLz FKH GDOOD 6YH]LD SRWHYDHVVHUHYHQGXWRVXOPHUFDWRGL$QYHUVDYHQLYDWUDVSRUWDWRLQ 3RUWRJDOOR FLz FKH GD %UHVW SRWHYD WURYDUH XQ RWWLPR PHUFDWR LQ ,QJKLOWHUUDILQLYDVXOODSLD]]DGL$PEXUJRHYLDGLTXHVWRSDVVR,O QRVWUR PHUFDQWH SUHGLOLJHYD LQVRPPD OH SLD]]H SHULIHULFKH ,QL]LDOPHQWH SHQVDPPR FKH XQD WDOH VFHOWD IRVVH GRYXWD DOOD VSHUDQ]D GL JXDGDJQL PDJJLRUL PD VFRSULPPR FKH QRQ HUD YHUR JLDFFKp L SUH]]L SUDWLFDWL GD FRVWXL QRQ HUDQR DIIDWWR VXSHULRUL DOOD PHGLD0DLOSDUWLFRODUHDQFRUDSL~VWUDQRHUDFKHHJOLULVXOWDHVVHUH XQFUHGLWRUHGHOODQRVWUDFRPSDJQLDDYHQGRDSHUWRXQFRQWRSUHVVR ODQRVWUDILOLDOHGL$QYHUVDVHLDQQLID ,OVXRQRPHq+DQV*UHEWHGHVFRGXQTXHGLQDVFLWD7XWWDYLDL
PLHL FRPPLVVDUL QRQ KDQQR WURYDWR WUDFFLD GL TXHVWR QRPH SUHVVR DOFXQPHUFDWRWHGHVFR&RVWXLVHPEUDYDHVVHUHFRPSDUVRSHUODSUL PD YROWD DG $QYHUVD QHO$EELDPRGXQTXHLQGDJDWRLQTXHOOD FLWWj VFRSUHQGR FKH LO VXR VRFLR LQ DIIDUL q XQ SHUVRQDJJLR TXDQWR PDL DPELJXR H VRVSHWWR XQ FHUWR /R\ R /RGHZLMFN GH 6FKDOLHGH FNHUR(ORL3UX\VWLQFNILQRDVHLDQQLIDXQVHPSOLFHFRSULWHWWLHJLj FRQRVFLXWRGDOOHDXWRULWjGL$QYHUVDSHUHVVHUHLQVRVSHWWRG HUHVLD (UDYDPRRUDPDLFHUWLGLDYHUHLQGLYLGXDWRLUHVSRQVDELOLGHOWHU ULELOH UDJJLUR DL QRVWUL GDQQL $QFRUD QRQ VDSSLDPR FRPH FRVWRUR VLDQRULXVFLWLDULSURGXUUHFRSLHSHUIHWWHGLOHWWHUHGLFUHGLWR)XJJHU WXWWDYLDQRQDEELDPRLQWHQ]LRQHGLDWWHQGHUHROWUHULVFKLDQGRGLVX ELUHXOWHULRULGDQQHJJLDPHQWL 2U GXQTXH LO PRWLYR SHU FXL PL VRQR ULVROWR D FKLHGHUH O LQWHU YHQWRGL9RVWUD6LJQRULDqFKHQRQUHSXWRXWLOHLQXQIUDQJHQWHGHO JHQHUH GHQXQFLDUH L GXH VRVSHWWL DOOH DXWRULWj ORFDOL /D FRPSDJQLD ULFHYHUHEEHXQGDQQRLUUHSDUDELOHVHWUDSHODVVHODQRWL]LDFKHFLUFR ODQRSHULPHUFDWLQRVWUHOHWWHUHGLFUHGLWRIDOVLILFDWH6LSURGXUUHEEH LQIDWWL XQD WHUULELOH FULVL GL ILGXFLD QHL QRVWUL FRQIURQWL H LQ SRFR WHPSR ULVFKLHUHPPR GL YHGHUH L FUHGLWRUL ULWLUDUH LO ORUR GHQDUR GDL QRVWULIRU]LHUL0LSHUPHWWRGLDJJLXQJHUHFKHXQDWDOHFRQVHJXHQ]D VDUHEEH WHUULELOH SHU PROWL H QRQ VROWDQWR SHU L )XJJHU JOL LQWHUHVVL GHOODFRPSDJQLDVRQRVWUHWWDPHQWHOHJDWLDTXHOOLGLPROWHFRUWLQRQ GDXOWLPDOD6DQWD6HGH (EEHQH Y q SHU QRVWUD FRPXQH IRUWXQD XQD YLD SHUFRUULELOH FKH FRQVHQWLUHEEHDJOLXQLHDJOLDOWULGLULVROYHUHTXHVWRSUREOHPDVHQ]D FKHDOFXQRQHULSRUWLJUDQGDQQR &RPH GLFHYR TXHVWR (ORL 3UX\VWLQFN q JLj GD TXDOFKH WHPSR LQ VRVSHWWRG HUHVLDGDFFKpSUDWLFDHSUHGLFDODFRPXQDQ]DGHOOHGRQQH O DEEDQGRQRGHLSRVVHVVLSULYDWLHQHJDFRVtGLFRQRLPLHLLQIRUPD WRUL O HVLVWHQ]D GHO SHFFDWR )LQRUD OD VFDOWUH]]D GL TXHVWR SLFFROR HUHVLDUFD KD FRQVHQWLWR D OXL H D L VXRL FRPSDUL GL VIXJJLUH VHPSUH DOOHDFFXVHGLEODVIHPLDHDSRVWDVLD0DGDFKH6XD6DQWLWj3DROR,,, KD ULRUGLQDWR O ,QTXLVL]LRQH PHWWHQGRQH DOOD JXLGD OD 6LJQRULD 9R VWUDSRVVRVSHUDUHFKHGHWWL/RLVWLYHQJDQRILQDOPHQWHLQFULPLQDWLH SURFHVVDWL &LzFKHFKLHGRDOODPDJQDQLPLWjGHOOD6LJQRULD9RVWUDQRQqQp SL~HQpPHQRFKHGLLQGLUL]]DUHOHDWWHQ]LRQLGHO7ULEXQDOHGHO6DQ W 8IIL]LR VX TXHVWL GDQQDWL HUHWLFL QRQFKp VFDOWUL WUXIIDWRUL DIILQFKp FHVVLQR GL GLVVHPLQDUH OH ORUR LGHH EODVIHPH H DO FRQWHPSR GL GDQ QHJJLDUH OD QRVWUD FRPSDJQLD VHQ]D FKH LQ TXHVWR PRGR VL VDSSLD
QXOODGHOGDQQRGDHVVLDUUHFDWRFL
&RQILGDQGR XPLOPHQWH QHOO LQWHUYHQWR GHOOD 6LJQRULD 9RVWUD H FRQIHUPDQGRO DPLFL]LDFKHFLOHJDEDFLROHPDQLGL9RVVLJQRULD 'L$XJXVWDLOPDJJLRGHOO DQQR $QWRQ)XJJHUVHUYRGL'LR
%DVLOHD
&DSLWROR %DVLOHDPDUWHGtJUDVVR
1RQYHQLWHPLDGLUHFKHQRQYHO DYHYRGHWWRFRPSDUH2SRUL QXV 6RQR GXH DQQL FKH YL ULSHWR GL WHQHUH G RFFKLR TXHO 6HEDVWLDQ 0QVWHU 8Q DOOLHYR GL 0HODQWRQH XQR FRQ GXH SDOOH FRVt FDSLWR" FKH PL VFULYH XQD&RVPRJUDILD FRPH QRQ VH Q HUDQR PDL YLVWH SUL PDJHRJUDILDHURPDQ]RFDUWRJUDILDHDQHGGRWLLOOXVWUD]LRQLHSDUR OHXQDFDQQRQDWDFDSLWR"(PHODIDWHSXEEOLFDUHGDTXHJOLDPPXI ILWL GHOOD WLSRJUDILD +HULFSHWULQD FLQTXHPLOD FRSLH LQ FLQTXH PHVL PLFDEUXVWXOOL 3LHWUR3HUQDqXQILXPHGLSDUROHLQXQWHGHVFRVWHQWDWRLQIUDP PH]]DWR G LWDOLDQR H ODWLQR FKHVWUDULSDVHQ]DSUHDYYLVRQHOODVWDP SHULDGLPHVVHU2SRULQXVXQDGHOOHSL~LPSRUWDQWLGLWXWWDOD6YL]]H UD /DYRJOLDPRIDUHVXELWRXQDWUDGX]LRQHLWDOLDQDGLTXHVWRJHQLR RYRJOLDPRDVSHWWDUHFKHORSXEEOLFKLTXDOFXQDOWUR"4XHVWRFRV q" $IIHUUDXQOLEURGDXQDPHQVRODHORVIRJOLDTXDVLORVWURSLFFLDWUDOH PDQLJUDVVRFFHSRLORODQFLDVXOWDYRORFRQXQ HVSUHVVLRQHGLGLVJX VWR6LDYYLFLQDD2SRULQXVHJOLFLQJHOHVSDOOHLQPRGRJRIIR SRL FKp q SL~ EDVVR GL DOPHQR GXH VSDQQH &RQXQJHVWRGHOODPDQROR VRWWRSRQHDOODQRVWUDDWWHQ]LRQH 6LJQRULLOJUDQGH2SRULQXVFKHKDSXEEOLFDWRGDSRFRLOOLEUR FKH JOL JDUDQWLUj XQD IDPD LPSHULWXUD OR VWUDRUGLQDULR'H )DEULFD GHOVRPPRDQDWRPLVWDHGLVHJQDWRUH9HVDOLRVLLQWHUHVVDQHOORVWHV VRWHPSRGLXQDUDFFROWDGLEDU]HOOHWWHVXOODFLUFROD]LRQHGHOVDQJXH XQ YROXPH GHO WXWWR SULYR GL LOOXVWUD]LRQL FKH SDUUHEEH DUUHWUDWR DO SL~IHGHOHVHJXDFHGL$ULVWRWHOH/RYRJOLDPRFDSLUHFRPSDUHFKHL WUDWWDWLVFLHQWLILFLFKHQRQIDQQRYHGHUHTXHOORGLFXLSDUODQRVRQRGD FHVWLQDUH" 6L DJJLUD QHUYRVR WUD L WDYROL IUHJDQGRVL OH PDQL PHQWUH 2SRUL QXV FL ODQFLD VJXDUGL VFRQVRODWL ,WDOLDQR WUD JOL XRPLQL SL~ EDVVL FKHPLVLDFDSLWDWRG LQFRQWUDUHVHVLHVFOXGRQRLQDQLYHULHSURSUL EHVWHPPLDWRUH RVWLQDWR TXDVL FRPSOHWDPHQWH FDOYR H LQFDSDFH GL VWDU IHUPR 3LHWUR 3HUQD q XQ SHUVRQDJJLR PROWR QRWR D %DVLOHD $
TXDQWR SDUH SDVVD GL TXD RJQL PHVH SHU FRQVLJOLDUH SXEEOLFD]LRQL YLVLRQDUH QRYLWj VWURQFDUH RSHUH H VRSUDWWXWWR ULIRUQLUVL GL OLEUL SURLELWLFODQGHVWLQLLQVRVSHWWRG HUHVLDFKHDVXDYROWDVPHUFLDQHO OHOLEUHULHGLWXWWLLGXFDWLOHUHSXEEOLFKHJOLVWDWLHOHVLJQRULHGHOO , WDOLDVHWWHQWULRQDOH 6WDQFDUR"0ROODWHORFRPSDUH2SRULQXVÊROWUHPRGRQRLRVR 1RLRVRGLWH" /DYRFHqSLHQDGLULVHQWLWRVWXSRUH )UDQFHVFR 6WDQFDUR q XQ XRPR FROWLVVLPR XQ HEUDLVWD UDIILQDWR1HOVXRSURV VLPR VFULWWR IDUj XQ SDUDOOHOLVPR WUD $QDEDWWLVWL HG HEUHL LQ PHULWR DOODYHQXWD %HOOLVVLPRLQWHUHVVDQWLVVLPRHWFROHQGLVVLPR $EEDVVDLOPL QXVFROR EUDFFLR H FRQ XQ JHVWR ID SLD]]D SXOLWD GL IURQWH D Vp 4XDQWLVRQQDPEXOLSHQVDWHFKHFRPSUHUDQQRTXHVWDURED" 9HQGHUH YRL QRQ SHQVDWH DG DOWUR 0D FL VRQR OLEUL FKH q FR PXQTXH XWLOH SXEEOLFDUH GDQQR SUHVWLJLR PHWWRQR EXRQL FHUWL GHWUDWWRUL ,O PLR XQLFR SUHVWLJLR q LO VHJXHQWH FRPSDUH FKH L OLEUL FKH FRQVLJOLR H GLVWULEXLVFR IDFFLDQR IDUH OH QRWWL LQ ELDQFR DJOL RSHUDL GHO WRUFKLR ,QVRPPD YLD JOL DWWDFFKL IURQWDOLOH GLVSXWH FKH VSDF FDQRLOFDSHOORLQTXDWWUROHDFFXVHQRQSLDFFLRQRSL~DQHVVXQR/D SDUROD G RUGLQH DGHVVR q FRPPLVWLRQH FDSLWR" FRPPLVWLRQH 4XHOOHUREHFKHWLODVFLDQRFROILDWRVRVSHVRFDSLWR"HILQRDOODILQH QRQFDSLVFLVHVLWUDWWDGLXQ DXWRUHHUHWLFRRRUWRGRVVR/LEULFRPH,O %HQHILFLRGL&ULVWRVFULWWRGDXQIUDWHFDWWROLFRPDSLHQRGLWHPLFDUL DOODIHGHG $OOHPDJQD6WDQFDUR(FKLYHO KDFRQVLJOLDWR",OQRVWUR DQDEDWWLVWDODJJL~" +DLQGLFDWRPH9LHQHGDTXHVWDSDUWH8QDVHULHGLUDSLGHSDF FKHWWHVXOODVSDOOD (K JLj /D SHQVDWD q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
/ LWDOLDQRVLDJJLUDDQFRUDXQSR WUDLWDYROLHOHPHQVROHDIIHU UDQGRXQOLEURDRJQLSDVVR 4XHVWRQRTXHVWRQRTXHVWRQHDQ FKH 4XHVWR 6FKLDIIHJJLDODFRSHUWLQDFROGRUVRGHOODPDQR 0L GDWHYHQWLFRSLHGLTXHVWRHXQFHQWLQDLRGL9HVDOLR ,QWDQWR L ULQWRFFKL PL ULFRUGDQR FKH q GHFLVDPHQWH WDUGL )DFFLR FHQQRD2SRULQXVFKHULSDVVHUzHPLDYYLRDOO XVFLWD 1R DVSHWWDWH /D YRFH VWULGXOD GL 3HUQD H L VXRL SDVVL YHORFL GLHWUR GL PH &RPH VH QRQ DYHVVH SDUODWR 'LFR D YRL DVSHWWDWH 2SRULQXV GD WHQHUH G RFFKLR LO WHU]R OLEUR GHOO RSHUD GL 5DEHODLV WUDGXUORHDVSHWWDWHQR"SRL0LFKHOH6HUYHWRDYUHWHOHWWRLOVXRWUDW WDWRFRQWUROD7ULQLWjHKLQRQYHODVDUHWHPLFDSUHVDSHUTXHOIDWWR GHOODIHGHQR" 0L UDJJLXQJH GRSR PH]]R PLJOLR G LQVHJXLPHQWR DVFLXJDQGR FRQXQID]]ROHWWRWXWWDODJHQHURVDHVWHQVLRQHGHOODIURQWH 0DFRPHVLHWHVXVFHWWLELOHFRPSDUH'DYYHURYRLQRUGLFLQRQ FRQRVFHWHO LURQLD 3Xz GDUVL ULVSRQGR GLYLQFRODQGRPL VXELWR GDOOD VXD PDQR 6XGDWD HGRYHWHVFXVDUPL SHUTXHOODERWWDGLSULPDPDFRPHVD SUHWHLQRUGLFLQRQVRQRDYYH]]LDPHWWHUVLOHPDQLDGGRVVRVHQRQ SHUSLFFKLDUH / LWDOLDQRVLVIRU]DGLSUHQGHUHILDWRGRSRODOXQJDULQFRUVDPHQ WUHIDWLFDDWHQHUHLOPLRSDVVRVSHGLWR 0LKDQQRGHWWRGLYRLFKH VLHWHSLXWWRVWRULFFRFKHQHDYHWHYLVWHSL~GLTXDQWRVLSRVVDLPPD JLQDUH FKH VLHWHDQDEDWWLVWDHYLLQWHUHVVDLOFRPPHUFLRGLOLEUL5L JXDUGR DOO DQDEDWWLVPR PL SDUH GL DYHU FDSLWR FRPH VWDQQR OH FRVH 3HULOUHVWR" 0HWWLDPRODFRVtVHWXWWRLOUHVWRIRVVHYHURFKHFRVDPLFKLH GHUHVWH" 9LSURSRUUHLXQDIIDUH 6FXRWRODWHVWD / XOWLPDSHUVRQDFKHO KDIDWWRqVWDWDJLXVWL]LDWD SRFKLPHVLRUVRQR/DVFLDWHSHUGHUHYHORFRQVLJOLR ,QVLVWHQHOO DIIHUUDUPLLOEUDFFLRFRQTXHOODPDQR 1RQIDUHWHLO VXSHUVWL]LRVRFRQXQLWDOLDQRFRPSDUH 1RQ VL WUDWWD GL VXSHUVWL]LRQH Ê TXHOOR FKH q VXFFHVVR ILQRUD WXWWLTXHOOLFKHVLVRQRPHVVLFRQPHKDQQRIDWWRXQDEUXWWDILQH 0DYRLVLHWHYLYR JULGDFRQTXHOWRQRGLYRFHVHPSUHWURSSR DOWR HLRVRQRPROWRIRUWXQDWR 0L VL SDUD GL IURQWH FDPPLQDQGR DOO LQGLHWUR FRQ OH EUDFFLD DO ODUJDWH 6HQWLWH DOPHQR GL FRVDVLWUDWWD5LJXDUGDTXHOOLEURDFXL
KRIDWWRFHQQRSULPD,O%HQHILFLRGL&ULVWR8QRVFULWWRVWUHSLWRVR ,QWHQGLDPRFLOHFRVHFKHGLFHGLSHUVpYDQQREHQHSHULPRUWLGL VRQQR FDSLWR" XQD PHODVVD VXOOD JLXVWLILFD]LRQH SHU VROD IHGH PD TXHO FKH FRQWD q FKH O KDQQR VFULWWR GHL FDUGLQDOL 4XHVWR VLJQLILFD VFDQGDORFDSLWR"HVFDQGDORVLJQLILFDPLJOLDLDGLFRSLH 5LDO]R LO FROOR GL SHOOLFFLD GHOOD JLXEED SHU ULSDUDUH OH RUHFFKLH GDOYHQWRJHOLGR 3DUODWHQHFRQ2SRULQXVQR"6RQRFHUWRFKHODTXHVWLRQHORLQ WHUHVVD 2SRULQXVqIXRULTXHVWLRQHFRPSDUH,O%HQHILFLRGL&ULVWRq XQ OLEUR FKH LQWHUHVVD HVFOXVLYDPHQWH O ,WDOLD 1RQ VL SXEEOLFD XQ OLEUR FRVtD%DVLOHD (GRYHORVLSXEEOLFD" $9HQH]LD,QIDWWLqOjFKHO KDQQRSXEEOLFDWR0DQRQDSSHQD YLHWHUDQQRGLVWDPSDUORHGqTXHVWLRQHGLSRFKLPHVLIRUVHO DWWXDOH HGLWRUH VPHWWHUj GL IDUQH GHOOH FRSLH FDSLWR" H IRUVH FRORUR FKH OR VWDQQRGLVWULEXHQGRRJJLQRQYRUUDQQRSL~DYHUFLDFKHIDUH9RLVD SHWHEHQHFKHD9HQH]LD 'L 9HQH]LD QRQ VR PROWR 4XDOFXQR PL KD GHWWR FKH FL VRQR L FDQDOLFRPHDG$PVWHUGDP ,O PLR DFFRPSDJQDWRUH QRQ ULFKLHVWR VL EORFFD GL FROSR FRPH SUHVR GD XQ TXDOFKH PDORUH $IIHUUD FRQ OD PDQR XQ DQHOOR FKH VSRUJHGDOPXURGLTXHOOLSHUOHJDUHLFDYDOOLHOHQWDPHQWHYROWDOD WHVWDYHUVRGLPH 0LVWDWHGLFHQGRFKHQRQDYHWHPDLYLVWR9HQH ]LD" 9LGLUzGLSL~TXHVWDFLWWjqLOSXQWRSL~PHULGLRQDOHFKHPLVLD PDLFDSLWDWRGLWRFFDUHQHOODYLWD &RQWRQRRIIHVRUHVWDQGRVHPSUHDJJUDSSDWRDOO DQHOOR 0DDO ORUD WXWWR TXHOOR FKH PL KDQQR UDFFRQWDWR GL YRL q IDOVR 1RQ VROR QRQVLHWHDQDEDWWLVWDFDSLWR"PDQHSSXUHGRYHWHDYHUYLVWRFRVHFR VtLQFUHGLELOLVHWUDTXHOOHQRQSRWHWHDQQRYHUDUH9HQH]LDHGLFHUWR QRQ VLHWH PROWR LQWHUHVVDWR DO FRPPHUFLRGHLOLEULVHQRQVLHWHPDL SDVVDWRSHUODFDSLWDOHGHOODVWDPSDHLQILQHQRQSRWHWHHVVHUHPROWR ULFFRSHUFKpQHVVXQRFKHDEELDLTXDWWULQLDOJLRUQRG RJJLVLQHJD XQYLDJJLRLQ,WDOLD /RJXDUGRSHUXQDWWLPRHDQFRUDQRQFDSLVFRSHUTXDOHPRWLYR TXHVW XRPRSHWXODQWHHJRIIRPLULVXOWLLQILQGHLFRQWLVLPSDWLFR,Q RJQLFDVRqRUDGLFRQJHGDUPLGDOXLPLKDJLjIDWWRDOORQWDQDUHGL XQEHOSR GDOSRVWRFKHGRYHYRUDJJLXQJHUH 6HYROHWHVWDUHDWWDFFDWRDTXHOIHUURSHUWXWWDODPDWWLQDDPH
VWDEHQH3HUTXDQWRPLULJXDUGDGHYRFRQVHJQDUHXQDOHWWHUDLPSRU WDQWHDOODVWD]LRQHGLSRVWDHQWURPH]]RJLRUQR $ULD GD PRULERQGR $QGDWH SXUH FRPSDUH 7DQWR VR JLj FKH DFFHWWHUHWHODPLDSURSRVWD1RQVHUYRQRDOWUHPRWLYD]LRQLqODYR VWUDRFFDVLRQHSHUYHGHUH9HQH]LD
&DSLWROR %DVLOHDOH&HQHUL
+RYHUJDWRULJKHLQVXIILFLHQWLFKHDWWUDYHUVHUDQQROHFROOLQHRO WUH OD )UDQFD &RQWHD D LPERFFDUH OD 6HQQD VHJXHQGRQH LO FRUVR VHPSUH SL~ DPSLR H SLDWWR GRYH OH LPEDUFD]LRQL SRVVRQR QDYLJDUH DOODYROWDGL3DULJLHGHOPDUH(SRLOD0DQLFDHOHFRVWHLQJOHVL8Q PHVHIRUVHSL~6IXJJLUDQQRFRVtDOODJXHUUDDOOHWUXSSHPHUFHQDULH GHL SULQFLSL WHGHVFKL DJOL HVHUFLWL DPPDVVDWL DO FRQILQH GHL 3DHVL %DVVLGDLYDVVDOOLGHOO ,PSHUDWRUH&RQVHJQRODOHWWHUD ,QGLUL]]DWDDXQIDQWDVPDGLQRPH*RW]YRQ3ROQLW]QHOODFLWWjGL /RQGUD 1HVVXQR O DYHYD GHWWR DSHUWDPHQWH PD VDSHYDPR GL HVVHUHDUUL YDWLDOO XOWLPRJLUR$OVLFXURJLjGXHFHQWRFLQTXDQWDPLODILRULQL(OD VHQVD]LRQHFKH)XJJHUFRPLQFLDVVHDVRVSHWWDUHTXDOFRVD *RW]YRQ3ROQLW]O XQLFRFKHHUDVHPSUHULPDVWRQHOO RPEUDLQ VRVSHWWDELOH H SHU GL SL~ PRUWR SDUHFFKL DQQL SULPD FRQ LO QRPH GL /D]DUXV7XFKHU $OXLKRDIILGDWRLOGHVWLQRGHOOHSHUVRQHSL~FDUH.DWKOHHQ0D JGDVHVLPHWWHPDOHqFRQOXLFKHGRYHWHDQGDUH/RWGRYUjFRUUHUH SL~IRUWHGHJOLVELUULVHQ]DYROWDUVLLQGLHWUR $SSHQD VFHVR GDOOD QDYH XQ UDJD]]LQR V q DYYLFLQDWR H PL KD VFRQVLJOLDWRGLWRUQDUHDFDVD /LKDQQRSRUWDWLYLDWXWWL / DFFRUGRFRQ*RW]6HULHVFLDSRUWDUOHFRQWHXQGUDSSRURVVR DOODILQHVWUDGHOODFDVDGRYHDEELDPRQDVFRVWRLVROGL ,OGUDSSRF HUDHPDJDULF qDQFRUD/DFDVDHUDTXHOODGLXQYHF FKLR PHUFDQWH WUDVIHULWRVL D *RD QHOOH ,QGLH & HUD DQFKHLOGHQDUR FHQWRPLODILRULQL $YUHLGRYXWRUDJJLXQJHUH.DWKOHHQH0DJGDDOVLFXURYLYHUHLO UHVWRGHLJLRUQLLQSDFH 0DQRQQHKRDYXWRLOFRUDJJLRODVWRULDGLFHFKHFKLWRFFRPXR UH$PLFLIUDWHOOLFRPSDJQLGLYHQWXUD'LHWURGLPHF qXQDVFLDGL VDQJXH FKH FRPLQFLD ORQWDQR LQ XQ JLRUQR GL PDJJLR H DUULYD ILQR TXL
7KRPDV0QW]HUWRUWXUDWRHJLXVWL]LDWRYHQW DQQLID (OLDVLOPLQDWRUHGHFDSLWDWRGDOODVSDGDGLXQPHUFHQDULRLQXQD VWUDGDIDQJRVD +DQV+XWVRIIRFDWRLQFDUFHUHGDOO LQFHQGLRGHOVXRVWHVVRJLDFL JOLR -RKDQQHV'HQFNVWURQFDWRGDOODSHVWHLQTXHVWDVWHVVDFLWWj 0HOFKLRU+RIPDQQSUREDELOPHQWHPRUWRGLPDUFLXPHQHOOHSUL JLRQLGL6WUDVEXUJR -DQ9RONHUWV]SULPRPDUWLUHGHOOHWHUUHG 2ODQGD -DQ0DWWK\VGL+DDUOHPLQSH]]LGHQWURXQFHVWRGLSDJOLD -DQ %RFNHOVRQ GL /HLGD %HUQKDUG .QLSSHUGROOLQJ +DQV .UH FKWLQJWRUWXUDWLFRQWHQDJOLHURYHQWLJLXVWL]LDWLHGHVSRVWLDOSXEEOL FROXGLEULRLQWUHJDEELHDSSHVHDOFDPSDQLOHGL6DQ/DPEHUWR -DQ9DQ%DWHQEXUJGHFDSLWDWRD9LOYRRUGH ,QRPLVRQRQRPLGLPRUWL 8OWLPR VRSUDYYLVVXWR GL XQD UD]]D VHQ]DIRUWXQDXQSRSRORFKH OD VWRULD KD YROXWR VWHUPLQDUH 8QLFR VRSUDYYLVVXWR LQVLHPH DOOH GRQQH FKH GDYDQR HQHUJLD H FHUYHOOR DL JXHUULHUL 2WWLOLH 8UVXOD .DWKOHHQ0DJGDqVDOYDVRWWRXQDOWURFLHOR,VXRLGRGLFLDQQLVRQR OD IHVVXUD FKH UHVWD DOOD YLWD SHU VJXVFLDUH YLD GD PH]]R VHFROR GL VFRQILWWH 6RQR O XOWLPR VXSHUVWLWH GL XQ HUD H PL WUDVFLQR DSSUHVVR WXWWL L VXRLPRUWLFDULFRSHVDQWHDFXLQRQYRJOLRFRQGDQQDUHQHVVXQDOWUR 7DQWRPHQR OD IDPLJOLD FKH DYUHL SRWXWR DYHUH 6RQR VDOYH TXHVWR FRQWD*RW]SHQVHUjDORUR/RKDSURPHVVR /RDYUHVWLIDWWRDQFKHSHUPHIRUVHJUDQGHPDJRGHLQXPHULPD HURXQULVFKLRHURXQDSSHVWDWRXQYROWRFKHLQWDQWLDYUHEEHURSR WXWRULFRQRVFHUH3HUTXHVWRQRQKDLGHWWRQLHQWHHKDLVDOSDWRO DQFR UD VHQ]D YROWDUWL /R DYHYL GHWWR ILQ GDOO LQL]LR VH YD PDOH QRQ FL VDUHPR PDL FRQRVFLXWL QRQ FL SUHVWHUHPR DLXWR RJQXQR SHQVHUj D Vp+DLSUHVRODWXDSDUWHHTXHOODGL(ORLSHU0DJGDH.DWKOHHQ7L VHLULYHODWRXQILJOLRGLSXWWDQDGLEXRQFXRUH .DWKOHHQ 1RQ EDVWDQR TXHVWH ULJKH SHU VSLHJDUH QRQ EDVWHUHE EHURPLOOHOHWWHUH&HUFDYDQRPHQRQYRLDYUHEEHURSUHVRDQFKHOH GRQQHHLEDPELQLFHUWRPDQRQ*RW]LOIDQWDVPDHDOORUDPHWWLOHLQ VDOYRO ,QJKLOWHUUDWUDOHEUDFFLDGHLWXRLDPLFLLQJOHVLHGHOORURUH XEULDFRQH .DWKOHHQ)RUVHPHORKDLOHWWRLQIDFFLDTXHOJLRUQRFKHWXWWRIL QLYDOt&KHQRQPLDYUHVWLULYLVWRDQFKHVHFHO DYHVVLIDWWDDQFKHVH IRVVL VFDPSDWR 3HUFKp XQ YHFFKLR GHVWLQR PL DYHYD ULDJJXDQWDWR H
PLOOHDPLFLSHUGXWLPRULYDQRGLQXRYRFRQ(ORL +DQQRSUHVR%DOWKDVDUFKHQRQULYHGUjPDLSL~VXDPRJOLHKDQ QR SUHVR 'DYLRQ H 'RUKRXW +DQQR SUHVR 'RPLQLTXH OD VXD SURVD PXRUH FRQ OXL ( SRL 9DQ +RYH LO GHQDUR QRQ JOL q VHUYLWR TXHVWD YROWD H 6WHHQDHUWV 6WHYHQV 9DQ +HHU /D JUDQGH FDVD q ULPDVWD YXRWD,RVRQRVFDSSDWRHVRQRGLQXRYRVRORDQFRUDXQDYROWD 7HPHYDPR O LUD GL )XJJHU LO )XUER QRQ SRWHYDPR LPPDJLQDUH FKHVDUHEEHURVWDWLLVHJXJLGHO3DSDDPHWWHUFLOHPDQLDGGRVVR 1RQ KD IDWWR XQ QRPH ,O VXR VSLULWR q YRODWR OLEHUR VXOOD FDUQH ODFHUDWD 'LFRQR FKH DEELD ULVR FKH DEELD ULVR IRUWH FKH LQYHFH GL XUODUHULGHYD3UHIHULVFRSHQVDUORFRVtPHQWUHLOIXPRORDYYROJHOXL FKHULGHDFUHSDSHOOHGDYDQWLDLFRUYL0DGRYUHEEHHVVHUHTXLDRI IULUPLDQFRUDOLTXRUHHTXHLVLJDULSURIXPDWLGHOOH,QGLH ÊGHVWLQRFK LRGHEEDVRSUDYYLYHUHVHPSUHSHUFRQWLQXDUHDYL YHUHQHOODVFRQILWWDFRQVXPDUODSRFRDOODYROWD 6RQR YHFFKLR 2JQL YROWD FKH XQ WHPSRUDOH ID WXRQDUH LO FLHOR VREEDO]RDOULFRUGRGHLFDQQRQL2JQLYROWDFKHFKLXGRJOLRFFKLSHU GRUPLUHVRFKHOLULDSULUzGRSRFKHPROWLVSHWWULPLDYUDQQR YLVLWDWR .DWKOHHQ DGHVVR LQ XQ SRVWR ORQWDQR GDOOD JXHUUD VSHQGR LO WHPSRFKHUHVWDQDVFRVWRWUDJHQWHLQIXJDGDPH]]D(XURSDEUDF FDWDFRPHPHGDOO ,QTXLVL]LRQHGHO3DSDRGDTXHOODGL/XWHURH&DO YLQR *HQWH SDFLILFD FKH DUULYDFROSURSULRFDULFR GLOLEULGLVWRULH GL DYYHQWXUH OHWWHUDWL FKLHULFL SHUVHJXLWDWL EDWWLVWL VRQR VROR XQ YROWRWUDWDQWLULFFRDEEDVWDQ]DSHUSHUPHWWHUPLLOVLOHQ]LR6ROGLSHU ILQLUHLJLRUQL&HQWRPLODILRULQL(QHVVXQPRGRGHFHQWHGLVSHQGHU OL 6RQRYHFFKLR)RUVHqVRORTXHVWR+RYLVVXWRGLHFLYLWHGLYHUVH VHQ]DIHUPDUPLPDLHRUDVRQRVWDQFR/DGLVSHUD]LRQHQRQPLYLVLWD SL~GDTXDOFKHWHPSRFRPHVHO DQLPRVLIRVVHFKLXVRDOODVRIIHUHQ ]D H ULXVFLVVL D JXDUGDUH OH FRVH GD ORQWDQR TXDVL OH OHJJHVVL LQ XQ OLEUR (SSXUH GD TXHOOH SDJLQH VDOH DQFRUD O 2PEUD 1HUD FKH PL DF FRPSDJQDGDVHPSUHDGLUPLFKHQHVVXQSUH]]RSXzVDOGDUHLOFRQ WR FKH QRQ VL SDJD PDL DEEDVWDQ]D H QRQ HVLVWH ULIXJLR VLFXUR & q XQDSDUWLWDFKHYXROHHVVHUHFKLXVDVHGHYHHVVHUHILQRDOODILQHFKH VLD 7XWWR FLz D FXL WHQHYR q LQ VDOYR FL VRQR VROWDQWR LR ,R H JOL VSHWWULFKHPLDFFRPSDJQDQR7XWWLTXDQWL $QFKH /RGHZLMFN GH 6FKDOLHGHFNHU DOLDV (ORL 3UX\VWLQFN EUX FLDWRH[WUDPXURV LOGLRWWREUHGHO
&DSLWROR %DVLOHDPDU]R
$9HQH]LDFLVLSHUGHFRPSDUHDQFKHTXDQGRVLFUHGHGLFRQR VFHUOD EHQH FDSLWR" 6L UHVWD FRPSOHWDPHQWH LQ EDOLD GL TXHOOD FLWWj 8QODELULQWRGLFDQDOLYLFROLFKLHVHHSDOD]]LFKHWLFRPSDLRQRGD YDQWLFRPHLQVRJQRVHQ]D XQOHJDPHDSSDUHQWHFRQTXDQWRKDLSR WXWRYHGHUHILQRDTXHOPRPHQWR 3LHWUR3HUQDFRPHDOVROLWRVLSHUGHDSDUODUHGHOO ,WDOLDPHQWUH VWDSSDXQDERWWLJOLDGHO©PLJOLRUYLQRGHOPRQGRª'DOODILQHVWUDGHO UHWURERWWHJDGL2SRULQXVLOFLHORGL%DVLOHDqGLXQJULJLRFKHWHQGH DOELDQFRFRPHVHTXDOFXQRO DYHVVHSULYDWRGHOFRORUHPDVDUjO R GRUHGHOYLQRRO DFFHQWRODWLQRGHOPLRLQWHUORFXWRUHKRO LPSUHVVLR QHFKHLOVROHLQRQGLODVWDQ]D 1RQVWDYDWHSDUODQGRGHLSUHVXQWLDXWRULGHO%HQHILFLRGL &ULVWR PHVVHU3LHWUR" *LXVWR ULVSRQGH SXOHQGRVL LO EDIIR FRO GRUVR GHOOD PDQR QRQSHUGLDPRGLYLVWDODTXHVWLRQHSULQFLSDOH,OOLEURXIILFLDOPHQWHq DQRQLPR XIILFLRVDPHQWH VL GLFH VLD VWDWR VFULWWR GD IUD %HQHGHWWR )RQWDQLQL GD 0DQWRYD H VRWWHUUDQHDPHQWH VL DIIHUPD VLD RSHUD GL PHQWLYLFLQHDOFDUGLQDOHLQJOHVH5HJLQDOG3ROH /R LQWHUURPSR VXELWR ,PPDJLQR FKH QRQ YL VSLDFHUj VH YL FKLHGHUz TXDOFKH LQIRUPD]LRQH LQ SL~ VXOOH YLFHQGH LWDOLDQH SHUFKp TXHVWD VWRULD GL FDUGLQDOL FKH FLWDQR &DOYLQR QRQ PL WRUQD ILQ GD SULQFLSLR(IRUVHLOYLQRQRQqODEHYDQGDPLJOLRUHSHUTXHVWDQRVWUD GLVFXVVLRQH 6JUDQD JOL RFFKL H VL YHUVD XQ DOWUR ELFFKLHUH 4XHVWR TXL q &KLDQWL VLJQRU PLR SRWHWH EHUQH TXDQWR YROHWH H OD WHVWD YL SDUUj VHPSUH SL~ OHJJHUD /R LQILDVFDQR L PLHL JHQLWRUL LQ XQ SRGHUH QHL SUHVVLGHOYLOODJJLRGL*DLROHÊXQYLQRFKHKDRQRUDWRODWDYRODGL &RVLPRGH 0HGLFLFDSLWR"8QDEHYDQGDLQLPLWDELOH 6LDFFRUJHGHOPLRJHVWRHULSUHQGH 7RUQLDPRDQRLFRPSDUH ,O PHGLFR VSDJQROR 0LFKHOH 6HUYHWR KD GHVFULWWR JOL LWDOLDQL FRPH GLYHUVLWUDORURLQWXWWRJRYHUQROLQJXDFRVWXPLHWUDWWLVRPDWLFL&L XQLUHEEHVROWDQWRO DQWLSDWLDGHJOLXQLYHUVRJOLDOWULODPDQFDQ]DGL
FRUDJJLRLQJXHUUDHODVSRFFKLDYHUVRJOLXOWUDPRQWDQL3HU ODIHGHVL SXzTXDVLGLUHDOWUHWWDQWRGDXQDSDUWHF qFKLLQYRFDODFRQFLOLD]LR QHFRQLOXWHUDQLGDOO DOWUDFKLGjODSUHFHGHQ]DDVVROXWDDOODJXHUUD FRQWUR O HUHVLD H ULVSROYHUD LO 6DQW 8IIL]LR GHOO ,QTXLVL]LRQH 7UD LO SRSROR q PROWR GLIIXVR O RGLR SHU L SUHWL H TXLQGL OD VLPSDWLD SHU TXHOODFKHWXWWLFKLDPDQR©IHGHJHUPDQLFDªPDVLSRWUHEEHSXUHGL UHLOFRQWUDULRFDSLWR"&RPHVLSRWUHEEHDQFKHGLUHFKHPROWLFRQWD GLQL LJQRUDQR FKH FRVDVLDOD7ULQLWjVLFRPXQLFDQRHFRQIHVVDQRD 3DVTXD SHU IDU FRQWHQWR LO SDUURFR H LO UHVWR GHOO DQQR YLYRQR GHOOH ORURVXSHUVWL]LRQL &HUFR GL LPPDJLQDUPL OD WHUUD GHVFULWWD GDOOH SDUROH GL 3LHWUR 3HUQD PHQWUH VRUVHJJLR LO VHFRQGR ELFFKLHUH GL TXHO VXR VTXLVLWR SURGRWWR/ ,WDOLDIRUVHqYHURFKHQRQSRVVRPRULUHVHQ]DUHQGHUOH YLVLWD'HOUHVWRKRODVHQVD]LRQHFKHPROWRGLTXHOFKHKRSDVVDWR DEELDSUHVROHPRVVHGLOjQRQGDXOWLPRORVWHUPLQLRGL(ORLHGHJOL 6SLULWL/LEHULFKHSURSULRO ,QTXLVL]LRQHKDLQGLFDWRD&DUOR9FRPH HUHWLFLFLWWDGLQLSHULFRORVLHLQIHGHOL ,QWDQWR 3HUQD QRQ VPHWWH SL~ GL SDUODUH DFFRPSDJQDQGR RJQL IUDVHFRQJHVWLHORTXHQWL /D /HJD 6PDOFDOGLFD GHL SULQFLSL SURWHVWDQWL KD XQ VXR DPED VFLDWRUHD9HQH]LDFDSLWR"(QRQSRFKLJUDGLUHEEHURFKHQHOOD6HUH QLVVLPD 5HSXEEOLFD WULRQIDVVHUR OH LGHH OXWHUDQH &RPXQTXH QRQ SRWHWH SHUGHUYL XQD FLWWj FRVt FRPSDUH *UD]LH DO FRPPHUFLR F q WXWWR TXHOOR FKH XQ XRPR ULFFR SXz GHVLGHUDUH GL FRPSUDUH WXWWR TXHOORFKHXQRVSLULWRFXULRVRSXzGHVLGHUDUHGLYHGHUHWXWWRTXHOOR FKHODFDUQHSXzFKLHGHUHDOODFDSLWDOHGHOPHUHWULFLRGRYHXQDGRQ QDVXFLQTXHIDRSSXUHKDIDWWRDOPHQRVDOWXDULDPHQWHODSURVWLWXWD ,QILQHJUD]LHDLOLEULF qPRGRGLULPSLQJXDUHXOWHULRUPHQWHODERU VD SXUFKp VL DEELD TXHO SR GL FRUDJJLR FKH D TXDQWR SDUH GLIHWWD VROWDQWRDQRLDOWULLWDOLDQL 7HU]RELFFKLHUH 9LVWRFKHSDUODWHGLGDQDURPHVVHU3LHWURKR XQ LGHDSHUYRL6FULYHWHXQOLEURVX9HQH]LDSHULQYRJOLDUHLQRWDEL OLG (XURSDDYLVLWDUODHLQGLFDWHJOLGRYHGHYRQRPDQJLDUHGRYHGH YRQR EHUH GRYH SRVVRQR WURYDUH OH DFFRPSDJQDWULFL GRYH GHYRQR GRUPLUH6RQRVLFXURFKHLOOLEURDYUHEEHXQJUDQGHVXFFHVVRHFKHL SURSULHWDUL GHL OXRJKL FKH LQGLFKHUHWH VDSUHEEHURULFRPSHQVDUYLSHU ODPHQ]LRQH $OOXQJDOHPDQLVXOWDYRORHDIIHUUDOHPLHSULPDFKHSRVVDULWL UDUOH &RPSDUH GDWH UHWWD YRL VLHWH VSUHFDWR TXDVV~ %DVLOHD OR VDSHWH PHJOLR GL PH q OD FLWWj GRYH L SHQVDWRUL SL~ LQQRYDWLYL JOL
HUHVLDUFKLSL~SHULFRORVLOHPHQWLSL~ULEHOOLG (XURSDYHQJRQRDIDU SHUGHUHOHWUDFFHDULSRVDUVLDUHVSLUDUHXQSR GLTXLHWH7XWWRTXH VWRVLDWHVLQFHURQRQIDSHUYRL9RLVLHWHXRPRG D]LRQH )RUVH 0D q SDVVDWR WURSSR SRFR WHPSR GDOO XOWLPD IHULWD OD SHOOHGHYHDQFRUDULPDUJLQDUVL $OORUDEHYHWHFRPSDUHQRQF qPLJOLRUHXQJXHQWRGLTXHVWR 4XDUWRELFFKLHUHODWHVWDqGDYYHUROHJJHUD
&DSLWROR %DVLOHDPDU]R
/D FDVD GL -RKDQQ 2SRULQXV q JUDQGH DEEDVWDQ]D SHU FRQWHQHUFL WXWWL /D FRPXQLWj GHL WUDQVIXJKL DSSURGDWL LQ 6YL]]HUD FRQWD XQD YHQWLQD GL SHUVRQH SURWHVWDQWL SL~ R PHQR LOOXVWUL FDQL VFLROWL FKH KDQQR FRQRVFLXWR OHPLJOLRULPHQWLGHOOD5LIRUPDDPLFLGL%XFHUR &DSLWRQH H &DOYLQR FKH SURSULR D %DVLOHD KD GDWR DOOH VWDPSH OD SULPDHGL]LRQHGHOODVXD,QVWLWXWLR&KULVWLDQDH5HOLJLRQLV 0ROWLGLTXHVWLOHWWHUDWLQRQ FRQFRUGDQRFRQLSDGULGHOOD5LIRUPD VXOOD FRVWLWX]LRQH GL XQD QXRYD RUJDQL]]D]LRQH HFFOHVLDVWLFD /D VFHOWDGL%XFHURD6WUDVEXUJRHGL&DOYLQRD*LQHYUDTXHOODGLWUD VIRUPDUHOHFDSLWDOLGHOOD5LIRUPDLQFLWWjFKLHVHQRQqFRQGLYLVDGD WXWWL 0ROWL GL TXHOOL FKH VRQR IXJJLWL TXDJJL~ VL VRQR VFRQWUDWL FRQ O RVWUDFLVPRGHLORURVWHVVLPDHVWULRJJLLQGDIIDUDWLDULFRVWUXLUHXQD QXRYD FKLHVD FKH VDSSLD ULPSLD]]DUH OD YHFFKLD QXRYL GRWWRUL FKH SURYYHGDQR DOO LQVHJQDPHQWR FDWHFKLVWLFR QXRYL GLDFRQL QXRYL SD VWRULHDQ]LDQLFKHYLJLOLQRVXOODYLWDUHOLJLRVDHPRUDOHGHLIHGHOL 'LVFLSOLQDqODSDURODFKHRJJLULVXRQDGDXQFDSRDOO DOWURGHOOH WHUUHULIRUPDWH8QDSDURODFKHODVFLDLQVRGGLVIDWWLTXHVWLOLEHULSHQ VDWRULJHQWHVFRPRGDSHUFKLDVSLUDDOO RUGLQHHDOODJHUDUFKLD 2SRULQXVFLKDFRQYRFDWLSHUSDUODUHDWXWWLTXDQWLQRQKDYROXWR GLUHGLFRVDPDSHQVRVLWUDWWLGHOOHYRFLFKHFLUFRODQRVXOIDWWRFKH LO&RQFLOLR(FXPHQLFRSL~YROWHDQQXQFLDWRGDO3DSDTXHVWDYROWDVL IDUjGDYYHURDOODILQHGHOO DQQR / XQLFD IDFFLD QRWD q 'DYLG -RULV ILQR D SRFKL PHVL ID OD JXLGD GHOO DQDEDWWLVPRRODQGHVHDQFKHOXLDUULYDWRTXDJJL~FRQSRFKLVH JXDFLIXJJHQGRGDOODPRUVDGHOO ,QTXLVL]LRQH%RFKROWDJRVWR LO FRQFLOLR GHJOL $QDEDWWLVWL %DWHQEXUJ FRQWUR WXWWL FRQWUR 3KLOLSV H -RULVULFRUGREHQHODVSDGDFRQWURODSDUROD1RQFUHGRPLULFRQR VFHUjVRQRSDVVDWLTXDVLGLHFLDQQL 9HGR 3LHWUR 3HUQD VFLYRODUH YHUVR XQD VHGLD XQ SDLR GL OLEUL LQ PDQR FKH DGHVVR VIRJOLD DQQRLDWR VFXRWHQGR OD WHVWD WUD Vp FRPH WURYDVVHFRQIHUPDDXQDSHVVLPDDVSHWWDWLYD 0L VLHGR DQFK LR XQ SR LQ GLVSDUWH ,R GL DVSHWWDWLYH QRQ QH KR
DIIDWWR VRSUDWWXWWR VX 2SRULQXV HODVXDFHUFKLDGLDPLFL$SSUH]]R O DWWLYLWj GHO QRVWUR DPLFR VWDPSDWRUH 3DUDFHOVR 6HUYHWR 6RFLQL VRQRDXWRULFKHSRVVRQRSRUWDUHJXDLJHQWHFKH&DOYLQRqGLVSRVWRD VDFULILFDUHSXUGLDVVXUJHUHDQXRYR/XWHUR0DTXHVWRJHQHUHGLFR UDJJLRQRQSXzEDVWDUHHDQFKHVHLWHPSLFKHYLYLDPRIRUVHQRQQH FRQFHGRQRDOWURKRFRPEDWWXWRWURSSRSHUHFFLWDUPLDQFRUDGDYDQWL DXQDGLVSXWDWHRORJLFD ,OQRVWURRVSLWHFLIDVHJQRGLDEEDQGRQDUHOHFKLDFFKLHUHYXROH SUHQGHUHODSDUROD $PLFLPLHL ODYRFHqWLHSLGDLOWRQRSDFLILFR YLKRFRQYR FDWLTXLTXHVW RJJLSHUFKpFUHGRVLDXWLOHDWXWWLQRLXQRVFDPELR G L GHH VXOO HYHQWR FKH YD SURILODQGRVL DOO RUL]]RQWH 6L VFKLDULVFH OD YRFH 9L VDUj SUREDELOPHQWH JLXQWD QRWL]LD GHOOD FRQYRFD]LRQH GL XQ&RQFLOLRDFXLIDUSDUWHFLSDUHWXWWDODFULVWLDQLWjGLYLVDSHUFHUFD UHXQSXQWRG DFFRUGRHODSRVVLELOLWjG XQDULFRQFLOLD]LRQHWUDWXWWHOH ID]LRQL /HJJHO DVVHQVRQHLYROWLGHLSUHVHQWL3HUQDVEDGLJOLDLQXQDQJR ORDEEDUELFDWRVXOODVHGLDWURSSRDOWDLSLHGLDSHQ]RORQL 2SRULQXV ULSUHQGH (EEHQH XQ HYHQWR GL WDOH SRUWDWD QRQ SXz YHGHUFL LQ GLVSDUWH VLOHQ]LRVL VSHWWDWRUL Ê PROWR SUREDELOH FKH SHU IDFLOLWDUH O LQWHUYHQWR GHL PLJOLRUL GRWWRUL GHOOD SURWHVWD OXWHUDQD LO OXRJRSUHVFHOWRSHUTXHVWR&RQFLOLRVLDODFLWWjQHXWUDOHGL7UHQWRWUD 5RPDHOHWHUUHWHGHVFKHQRQWURSSRGLVWDQWHGDOODQRVWUD%DVLOHD 9RUUHVWHIDUFLLQYLWDUHWXWWLDO&RQFLOLR" ,OWRQRqWUDO LURQLFRH O LQFUHGXORODEDWWXWDSURYLHQHGDXQDGHOOHVHGLHGLULPSHWWRD2SR ULQXV /R VWDPSDWRUH VFXRWH OD WHVWD 1RQ GLFR TXHVWR 0D IRUVH VD UHEEHRSSRUWXQRVFULYHUHD*LQHYUDSHUIDUVDSHUHD&DOYLQRHDLVXRL FKHQRQYRJOLDPRHVVHUHODVFLDWLLQGLVSDUWHFKHYRUUHPPRGLUHDQ FKH QRL OD QRVWUD PDJDUL SXEEOLFDUH TXDOFRVD DQFKH VROR XQ GRFX PHQWRFKHSRVVDHVVHUHOHWWRGDYDQWLDLFDUGLQDOLFDWWROLFL3RWUHPPR VFULYHUHD6HUYHWRD3DULJLIDUHLQPRGRFKHFRPSRQJDTXDOFRVDSHU O RFFDVLRQH 'DOODVHFRQGDILODVLDO]DXQXRPRSDOOLGRHPDJURDFFHQWRIUDQ FHVHGHYHDYHUPHORSUHVHQWDWR2SRULQXVPDJLjQRQULFRUGRSL~LO VXRQRPH 1RQFUHGHUHWHYHUDPHQWHFKH/XWHUR0HODQWRQHH&DOYLQRYRU UDQQRSDUWHFLSDUHDTXHO&RQFLOLR" (SHUFKpQR"6HLFDUGLQDOLVLVRQRULVROWLDFRQYRFDUHXQ&RQ FLOLRVLJQLILFDFKHWHPRQRLOGLODJDUHGHOOD5LIRUPDHVRQRGLVSRVWLD
XQFRPSURPHVVRPDJDULDGDSULUVLDGDOFXQHLVWDQ]H /HURX[HFFRFRPHVLFKLDPDFRQFLWDWR 6H/XWHURYDDO&RQFL OLRQRQWRUQHUjLQGLHWUR(FRVtSHUWXWWLJOLDOWUL6HLSDSLVWLULHVFR QRDGDYHUOLDXQWLURGLVFKLRSSRQRQUHVLVWHUDQQRDOODWHQWD]LRQHGL SUHQGHUOLHEUXFLDUOL/LFRQRVFLDPRWURSSREHQH 7HVWHFKHDQQXLVFRQRDOFXQLVWRUFRQRODIDFFLD3HUQDGRQGRODOH JDPEHHVIRJOLDVYRJOLDWRLOLEULFKHKDLQJUHPER $OOH VSDOOH GHO IUDQFHVH -RULV q LQ SLHGL DOWR H ELRQGR DJLWDQGR XQDPDQRELDQFD ,RYLGLFRFKHVH&DOYLQRH/XWHURULXVFLVVHURD PHWWHUH OH PDQL VX DOFXQL GHL SUHVHQWL ULVHUYHUHEEHUR ORUR OD VWHVVD ILQH &KH FL LPSRUWD GHO &RQFLOLR" $PPHVVR FKH VLIDFFLDGDYYHUR VDUjXQDWUDSSRODSHUDOORFFKLHVHTXDOFXQRGHLFRUYDFFLGL*LQHYUD RGL:LWWHQEHUJFLILQLVFHGHQWURQRQVDUzLRDFRPSLDQJHUOR 2SRULQXVLQWHUYLHQHSHUSODFDUHJOLDQLPL 1R-RULVTXHVWRQRQ GRYHWHGLUOR,GLVVHQVLFKHVHSDUDQRDOFXQLGLQRLGD/XWHURH&DOYL QR QRQ GHYRQR VSLQJHUFL D IDUH G RJQL HUED XQ IDVFLR ( DQFKH VXO &RQFLOLRQRQFRQGLYLGRODYRVWUDRSLQLRQH / RODQGHVHDO]DOHVSDOOHHVLULVLHGH )DWHFKHTXHO&RQFLOLRYD GDLQSRUWRHGLRSLQLRQHYHQHLPSRUUDQQRXQDVROWDQWR 4XHOORFKHLQWHQGR SURVHJXHORVWDPSDWRUHYLQFHQGRLOEUX VLR FKH O LQWHUYHQWR GHOO DQDEDWWLVWD KD SURYRFDWR q FKH &DOYLQR H /XWHURIDUDQQRGLWXWWRSHUODVFLDUFLIXRULGDTXDOXQTXHWUDWWDWLYDHVH PDL FRQFOXGHVVHUR XQ DFFRUGR FRQ 5RPD HVVR VDUj GDQQRVR SHU FKLXQTXH QRQ VL ULFRQRVFD SLHQDPHQWH QHOOH ORUR SURSRVWH &KH QH VDUjGHL0LFKHOH6HUYHWRGHL/HOLR6RFLQLGHL6HEDVWLDQ&DVWHOOLRQ" /RVJXDUGRGL2SRULQXVSHUFRUUHODVHTXHQ]DGLYROWL &KHQHVDUj GLQRLIUDWHOOL" 'DOOD VHGLD SL~ HVWHUQD LQ IRQGR DOODILODLOEDVLOHHVH6HUUHVLQ WHUYLHQH 1RQ FL VDUj QHVVXQ DFFRUGR 2SRULQXV SHUFKp L SDSLVWL QRQFHGHUDQQRPDLVXOODJLXVWLILFD]LRQHSHURSHUHH/XWHURH&DOYL QRGDOO DOWUDSDUWHQRQVRQRGLVSRVWLDPXRYHUVLG XQSDVVRGDOODJLX VWLILFD]LRQHSHUVRODIHGH3HUORURYRUUHEEHGLUHODVFLDUHDQFRUDXQR VSD]LRDOSRWHUHDQWLFULVWLDQRGHO3DSDDOOHLQGXOJHQ]HDOODFRPSUD YHQGLWDGHOODIHGH 4XHVWRQRQSRVVLDPRVDSHUORFRQFHUWH]]DDVVROXWD6HUUHV( VLVWHSL~G XQFDUGLQDOHLQ,WDOLDFKHLQYHFHYHGHGLEXRQRFFKLRXQD SDFLILFD]LRQHFRQLSURWHVWDQWLHDSSUH]]DODWHRORJLDOXWHUDQD(VLVWH JLjXQDOHWWHUDWXUDLQSURSRVLWRSLFFROHFRVHIRUVHPDVLWUDWWDGLVH JQDOLLPSRUWDQWL$YHWHOHWWRWXWWL,O%HQHILFLRGL&ULVWR6LGLFHFKHLO VXR DXWRUH VLD XQ IUDWH DSSRJJLDWR GD LPSRUWDQWL OHWWHUDWL LWDOLDQL H
SHUILQR GD XQ FDUGLQDOH 4XHVWL VRQR IDWWL IUDWHOOL PLHL QRQ SRVVLD PRLJQRUDUOL6HHVLVWHODSRVVLELOLWjFKHLQTXHVWR&RQFLOLRVLDSUDOR VSLUDJOLR GL XQ ULFRQJLXQJLPHQWR H GL XQD ULIRUPD UDGLFDOH GHOOD &KLHVDURPDQDLRGLFRFKHQRQGREELDPRODVFLDUHO LQL]LDWLYDVROWDQ WR D &DOYLQR H /XWHUR 1H YD GHOOD QRVWUD OLEHUWj ,O VXR VJXDUGR IUXJDLOFURJLXRORGLWHVWHILQFKpQRQSHVFDODSHODWDGL3HUQD 9RU UHLVHQWLUHLOYRVWURSDUHUHPHVVHU3HUQDYRLSL~GLWXWWLVLHWHDFR QRVFHQ]DGHJOLDIIDULLWDOLDQL ,O SLFFROHWWR VWLUD OH EUDFFLD FRUWLVVLPH QRQ V DVSHWWDYD G HVVHUH FKLDPDWRLQFDXVDVLJUDWWDODIURQWHHVLDO]DLQSLHGLVHQ]DULXVFLUH DVXSHUDUHOHWHVWHGHLSUHVHQWL 8Q OXQJR VRVSLUR 6LJQRUL KR VHQWLWR PROWH EHOOH SDUROH PD QHVVXQDqULXVFLWDDFHQWUDUHLOFXRUHGHOSUREOHPD7XWWLORJXDU GDQR SHUSOHVVL SURWHVL D FRJOLHUH O LQVROLWD SURQXQFLD GHOO LWDOLDQR 3RWHWH VFULYHUH R FRPPLVVLRQDUH OH SL~ EHOOH RSHUH WHRORJLFKH GHO VHFRORVHTXHVWRSXzIDUYLVHQWLUHPHJOLRPDQRQFDPELHUHWHODUH DOWjGHLIDWWL(ODUHDOWjVLJQRULqFKHQRQVDUDQQROHTXHVWLRQLGRW WULQDOLDVHJQDUHLGHVWLQLGHO&RQFLOLRPDODSROLWLFD ÊVFHVRXQVLOHQ]LRWRPEDOHLOSLFFROR3HUQDQRQFRQRVFHPH]]H PLVXUHPLDFFRUJRFKHODORJRUUHDVWDSHUUDSLUOR 6HTXHVWR&RQ FLOLRVLIDqSHUOHSUHVVLRQLFKHO ,PSHUDWRUHVWDHVHUFLWDQGRVXO3DSD ÊO $VEXUJRFKHYXROHULXQLUHFDWWROLFLHSURWHVWDQWLSHUFKpO ,PSHUR JOLVWDVIXJJHQGRGLPDQRHLOWXUFR6ROLPDQRXRPRFKHVLGLFHULH VFDDVRGGLVIDUHYHQWLGRQQHLQXQDVRODQRWWHHFKHQRQSHUQLHQWHq GHWWR LO *UDQGH OR VWD PHWWHQGR LQ VHULD GLIILFROWj $ &DUOR 9 QRQ LPSRUWDFRPHHVXFRVDLWHRORJLVLPHWWHUDQQRG DFFRUGRDOXLLQWH UHVVDULXQLILFDUHLFULVWLDQLVRWWRODVXDEDQGLHUDSHUUHVLVWHUHDL7XU FKL H ULSUHQGHUH LO FRQWUROOR GHL SURSUL FRQILQL 6FXRWH OD WHVWD 2UD VWDWHPL EHQH D VHQWLUH JL~ D 5RPD F q XQ GLVFUHWR QXPHUR GL FDUGLQDOLDFXLLURJKLSLDFFLRQRPROWR0DQRQGRYHWHSHQVDUHFKH TXHVWL VDQWL XRPLQL PXRLDQR GDOOD YRJOLD GL DUURVWLUH /XWHUR &DOYL QR %XFHUR H WXWWL L SUHVHQWL 3HUFKp YHGHWH ILQFKp TXHVWL HUHWLFL FRPHOLGHILQLVFRQRVDUDQQRLQFLUFROD]LRQHORURSRWUDQQRVJXLQ]D JOLDUH O ,QTXLVL]LRQH D FDFFLD GHJOL LQWHOOHWWL SL~ VFRPRGL SULPL IUD WXWWLLORURDYYHUVDULSROLWLFLGHQWUROD&KLHVDURPDQD'DFKHPRQGR qPRQGRLQHPLFLHVWHUQLIDQQRFRPRGRSHUPHWWHUHLQVFDFFRTXHOOL LQWHUQL2SRULQXVKDUDJLRQHTXDQGRGLFHFKHF qXQSDUWLWRGLFDUGL QDOLIDYRUHYROLDOGLDORJRFRQLSURWHVWDQWLHGqSURSULRVXTXHVWLFKH FRQWD O ,PSHUDWRUH SHU UHDOL]]DUH LO VXR SURJHWWR 0D YHGLDPR FKL q VFKLHUDWR GDOO DOWUD SDUWH 3HUQD FRQWD VXOOH GLWD JUDVVRFFH 'XQ
TXHDEELDPRLSULQFLSLWHGHVFKLFKHqFRPHGLUH/XWHURH0HODQWR QH4XHOOLSURSULRSHUPDQWHQHUHO DXWRQRPLDGD5RPDHGDOO ,PSH URQRQKDQQRDOFXQLQWHUHVVHDIDUSDUWHFLSDUHDO&RQFLOLRLORURWHR ORJL$Q]LVHGDO&RQFLOLRYHQLVVHIXRULFKHVRQRWXWWLDSRVWDWLO ,P SHUDWRUHQRQSRWUHEEHSL~JULGDUHDOODOHVDPDHVWjHGRYUHEEHUDVVH JQDUVL D YHGHU SHUGXWL L SULQFLSDWL WHGHVFKL & q SRL LOUHGL)UDQFLD FKHVLJQLILFDWXWWLLFDUGLQDOLIUDQFHVL YHQW DQQLGLJXHUUDVWDQQROtD WHVWLPRQLDUH O LQLPLFL]LD GL )UDQFHVFR , SHU O $VEXUJR 6HUYH DOWUR SHUGHGXUUHFKHLFDUGLQDOLIUDQFHVLYRWHUDQQRFRQWURO LSRWHVLGLXQD ULFRQFLOLD]LRQH" ,QILQH FL VRQR L FDUGLQDOL URPDQL GHOO ,QTXLVL]LRQH TXHOOL FKH YRJOLRQR OD OLQHD GXUD H FKH RVWHJJLDQR LO GLDORJR FRQ L SURWHVWDQWL 3HUQDSUHQGHILDWRLYROWLGHLSUHVHQWLVRQRDWWRQLWLFRPHVHXQ RUVRDPPDHVWUDWRIRVVHHQWUDWRQHOODVWDQ]D8QLVWDQWHHO LWDOLDQRq GLQXRYRDOO DWWDFFR ,O&RQFLOLRVLJQRULVDUjXQDUHVDGHLFRQWLWUD L SRWHQWDWL G (XURSD 6FULYHWH VFULYHWH SXUH VH YROHWH WXWWL L WUDWWDWL WHRORJLFLGHOPRQGRPDQRQVDUHWHYRLQp&DOYLQRQp/XWHURDJLR FDUHTXHVWDSDUWLWD6HYROHWHVRSUDYYLYHUHGRYUHWHSHQVDUHTXDOFRVD GLGLYHUVR
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qSL~QLHQWHGDIDUH7XWWLLYRVWUL DPLFL VLEORFFDGDYDQWLDOODPLDPDQRDO]DWD SHUGRQDWHPLWXWWL JOL DPLFL GL PHVVHU 2SRULQXV VRQR FDULVVLPH SHUVRQH FDSLWR" PD QRQDQGUDQQRGDQHVVXQDSDUWH*OLRFFKLHWWLQHULIUXJDQROHUXJKH GHOPLRYROWRLQFHUFDGLTXDOFRVD/HORURSUHRFFXSD]LRQLVLHVDX ULVFRQRQHOOHGLYHUJHQ]HRQHLSXQWLG DFFRUGRWUDLOORURSHQVLHURH
TXHOORGL*LRYDQQL&DOYLQR(JHQWHFRPHPHHFRPHYRLFRPSDUH VDEHQLVVLPRFKHOHOHYHGHOPRQGRVRQREHQDOWUHFDSLWR" 'RYHYROHWHDUULYDUH" 6WULQJH DQFRUD LO PLR EUDFFLR 6XYYLD PHVVHUH 1RQ SUHQGLD PRFLLQJLURVHGHYHHVVHUHXQOLEUDLRLWDOLDQRDGLUHORURFRPHVWDQ QROHFRVHVLJQLILFDFKHTXHVWHEHOOLVVLPHWHVWHQRQYHGRQRDOGLOj GHOORURQDVR6FULYRQRWUDWWDWLWHRORJLFLSHUDOWULGRWWRULFDSLWR"HLO JLRUQR FKHOLYHUUDQQRDSUHQGHUHSHUOHJDUOLDXQSDORFRQTXDOFKH IDVFLQD VRWWR IRUVH DOORUD DSULUDQQR JOL RFFKL 6ROR FKH VDUj WURSSR WDUGL4XHOORFKHLQWHQGRDPLFRPLRqFKHLJLRFKLVRQRIDWWL6XLQ *HUPDQLD QH DYHWH IDWWR GL FKLDVVR H YH OH VLHWH DQFKH VXRQDWH GL VDQWD UDJLRQH H SRL FL VRQR VWDWL JOL RODQGHVL JUDQ EXRQWHPSRQL TXHOOLPDWWLFRPHFDYDOOLHDGHVVRLIUDQFHVLHJOLVYL]]HULH&DOYL QR FKH GLYHQWD OD VWHOOD GHOOD ULYROWD FRQWUR LO SDSDWR 7XWWH EDOOH PHVVHU PLR LO SRWHUH LO SRWHUH SHU TXHVWR VL VFDQQDQR 3HU FDULWj QRQGLFRFKHLOYHFFKLR/XWHURQRQFLFUHGHVVHQRQGLFRFKHO DLWDQWH &DOYLQRQRQQHVLDFRQYLQWRPDVRQRVROWDQWRSHGLQH6HQRQIDFHV VHUR FRPRGR DL SRWHQWL TXHL FRUYDFFL QHUL QRQ VDUHEEHUR QHVVXQR YHORGLFRLRQHVVXQR 0LOLEHURGDOODSUHVDXEULDFRGLSDUROH3HUQDDO]DOHVSDOOHHDO ODUJD OH EUDFFLD LQFUHGLELOPHQWH FRUWH ,R IDFFLR LO PLR PHVWLHUH FDSLWR" ,R VRQR XQ OLEUDLR YDGR LQ JLUR YHGR XQ VDFFR GL JHQWH YHQGR L OLEUL VFRSUR WDOHQWL QDVFRVWL VRWWR PRQWDJQH GL FDUWD ,R SURSDJRLGHH,OPLRqLOPHVWLHUHSL~ULVFKLRVRGHO PRQGRFDSLWR" VRQR UHVSRQVDELOH GHOODGLIIXVLRQHGHLSHQVLHULPDJDULGLTXHOOLSL~ VFRPRGL,QGLFDLQGLUH]LRQHGHOODFDVDGL2SRULQXV /RURVFULYR QRHVWDPSDQRLRGLIIRQGR/RURFUHGRQRFKHXQOLEURYDOJDLQVpH SHUVp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qXQFROSREDVVRTXH VWR q XQ DUPD SRWHQWH &UHGHWH FKH VLD XQ FDSRODYRUR" Ê XQ OLEUR
PHGLRFUHULVFLDFTXDHVLQWHWL]]DO ,VWLWX]LRQHGL&DOYLQR0DGRY q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qVHPSUHXQ3DSD 8QJHVWRGLGLVDSSURYD]LRQH 0DYLYHUHHSRWHUFRQWLQXDUHDGL UHODSURSULDqEHQGLYHUVRGDOPRULUHDUURVWLWL )DSHUUDFFRJOLHUHODERUVDHDQGDUVHQHPDTXHVWDYROWDVRQRLR FKHORWUDWWHQJR $VSHWWDWH 6L IHUPD *XDUGR TXHVWR SLFFROR XRPR FKH VXGD DVWX]LD H IRU]D GDWXWWLLSRUL& qTXDOFRVDGL(ORLQHOJXL]]RGHJOLRFFKLTXDOFRVD GL*RW]YRQ3ROQLW]QHOODGHWHUPLQD]LRQHGHOODSDUROD &RVD GLUHVWH VH YL GLFHVVL FKH QRQ P LPSRUWD SL~ GL FDPELDUH DOFXQFKp" 6RUULGH 'LUHLFKHGRYUHVWHSDUWLUHVXELWRSHUO ,WDOLDSULPDFKH LOIDQJRGLTXHVWDFLWWjYLVRIIRFKLODPHQWH 3XWWDQH DIIDUL OLEUL SURLELWL H LQWULJKL SDSDOL" Ê TXHVWR FKH SURPHWWHWH" )DXQSLFFRORVDOWHOORPHQWUHJLjVLDOORQWDQDFHUFDQGRGLDOOXQ JDUHLOSDVVR & qIRUVHTXDOFRV DOWURFKHGjVDSRUHDOODYLWD"
&DSLWROR %DVLOHDDSULOH
+RVHQWLWRFKHVLHWHLQSDUWHQ]D9RJOLDPRSDUODUHGLDIIDUL" 5LGDFFKLDUDJJLDQWHHPLIDHQWUDUHQHOVRJJLRUQRGRYHVFRSSLHW WDLOIXRFRHFLDWWHQGRQRGXHSROWURQH/DERWWLJOLDGLYLQRFDPSHJ JLDLPPDQFDELOHVXOWDYROR6HPEUDTXDVLFKHPLVWHVVHDVSHWWDQGR 6LIUHJDOHPDQLVSRUJHQGRVLLQDYDQWLOHRUHFFKLHWHVH 3URSULRQRQULHVFRDQRQVRUULGHUHGDYDQWLDTXHVW XRPR 6H GHYR LQYHVWLUH L PLHL VROGL q QHFHVVDULR FKH PL VSLHJKLDWH FRVDDYHWHLQPHQWH $QQXLVFHFRQDPSLFHQQLGHOFDSR &HUWRqVDFURVDQWR0DLQ FDPELRYRLPLGLUHWHFKHFRVDYLKDFRQYLQWR 0LVHPEUDDFFHWWDELOH 6DOWHOOD ILQR DOOD ERUVD GD YLDJJLR GDOOD TXDOH HVWUDH LO OLEUHWWR JLDOOR (FFRTXD,O%HQHILFLRGL&ULVWRGLIUD %HQHGHWWRGD0DQWRYD 4XHVWRqO DIIDUHGHOPRPHQWR,O%LQGRQLORKDVWDPSDWRD9HQH]LD QHO HGqULXVFLWRDYHQGHUQHDOFXQHPLJOLDLDGLFRSLH,RVWHVVRKR FRQWULEXLWRDGLIIRQGHUOHLOPLRFRQWUDWWRFRQ%LQGRQLPLJDUDQWLVFH ODPHWjQHWWDGHLJXDGDJQL 9HQLWHDOGXQTXH 3XQWD L SLHGL H DYYLFLQD OD SROWURQD DOOD PLDO HVSUHVVLRQHIXUED GLFKLVDGLSRWHUYHQGHUHSHOOLFFHDJOLVYHGHVL %LQGRQLKDGHOIH JDWRFDSLWR"PDJOLPDQFDQR LVROGLHODQHFHVVDULDDPSLH]]DGLYH GXWH0LVSLHJRPHJOLRQHOOD5HSXEEOLFDGL9HQH]LDQRQqGLIILFLOH YHQGHUH OLEUL FRPH TXHVWR GLFLDPR FRVt QRQ RUWRGRVVL L YHQH]LDQL FL WHQJRQR D ULPDQHUH LQGLSHQGHQWL GDO 3DSD DQFKH VXOOH TXHVWLRQL UHOLJLRVHDOWULPHQWLLO%LQGRQLVHORVFRUGDYDGLVWDPSDUHLO%HQHIL FLR0DVHXQDSHUVRQDLQJDPEDHFRQTXHOSRFRGLVFDOWUH]]DFKH VHUYHSHUYLDJJLDUHLOPRQGRVLLQFDULFDVVHGLSRUWDUHOHFRSLHLQJL URSHUO ,WDOLDD)HUUDUDD%RORJQD0RGHQD)LUHQ]HDFFHGHUHEEH DXQPHUFDWRSRWHQ]LDOPHQWHLOOLPLWDWR 0PK2FFRUUHUHEEHDXPHQWDUHODWLUDWXUD6LHWHVLFXURFKHTXH
VWR%LQGRQLqGLVSRVWRDGDVVHFRQGDUFL" &RPHQR",YHQH]LDQLILXWDQRJOLDIIDULDGLVWDQ]DVHDQFKHOXL QRQ IRVVH LQWHUHVVDWR WURYHUHPPR XQ DOWUR VWDPSDWRUH LQ PHQ FKH QRQVLGLFDFDSLWR"9HQH]LDqODFDSLWDOHGHOODVWDPSD 5HVWDPXWRDFHUFDUHLOPLRDVVHQVRFRQJOLRFFKLVEDUUDWL )XRULLQVWUDGDXQJUXSSRGLVWXGHQWLLQWRQDXQDFDQ]RQHYROJDUH FKHVLSHUGHOXQJRODYLD $OWUHPLJOLDDOWUHWHUUHFLWWj ,PPDJLQR FKH GRYUHL HVVHUH LR D YLDJJLDUH SHU O ,WDOLD FRQ OH FRSLHGHOOLEUR ÊXQDIIDUHFKHGLYLGHUHPPRHTXDPHQWHFDSLWR",RPLRFFXSH UHLGHO0LODQHVHHGL5RPD$YRLVSHWWHUHEEHURLO1RUGHVWO (PLOLD H)LUHQ]H3HUzqLQGLVSHQVDELOHFKHTXDOFXQRYDGDD9HQH]LDDFRQ WDWWDUHJOLVWDPSDWRULHDPHWWHUOLDOODYRURVXO%HQHILFLR'DWHUHWWD TXHVWROLEURSXzYHQGHUHGHFLQHGLPLJOLDLDGLFRSLH /RJXDUGRVWRUWR +RFRPEDWWXWR/XWHURHLSUHWLSHUWXWWDODYL WD H DGHVVR GRYUHL PHWWHUPL DO VHUYL]LR GHL FDUGLQDOL LQQDPRUDWL GL /XWHUR" 8Q VHUYL]LR EHQ UHWULEXLWR FRPSDUH ( XWLOH D FKL FRPH YRL H PHSHQVDFKHqPHJOLRVHLOLEULH OHLGHHFRQWLQXDQRDFLUFRODUHOL EHUDPHQWH VHQ]D WULEXQDOL GHOO ,QTXLVL]LRQH LQ PH]]R 1RQ YL VWR FKLHGHQGRGLVSRVDUHJOLDXWRULGLTXHVWROLEURPDVROWDQWRGLDLXWDUOL DUHQGHUFLODYLWDSL~IDFLOHIRUVHDQFKHDVDOYDUFHODFDSLWR" 'LQXRYRVLOHQ]LR VROWDQWRLOIXRFRHXQFDUURFKHSDVVDLQVWUDGD FLJRODQGR / LWDOLDQR VD LO IDWWR VXR GLVSHQVD EXRQL DUJRPHQWL 0H VFHLOYLQRHPLRIIUHLOELFFKLHUH8QVRVSLURSRLLQWRQRTXDVLIUD WHUQR $PLFR PLR YROHWH GDYYHUR WUDVFRUUHUH LO UHVWR GHL JLRUQL D %DVLOHD" 'DYYHUR QRQ YL YHQJRQR D QRLD OH GLVFXVVLRQL LQILQLWH GL TXHVWDJHQWH"6LHWHXRPRG D]LRQHORGLFRQROHYRVWUHPDQLHLOYR VWURVJXDUGR 6RUULGRDSSHQD &RV DOWURYLGLFHLOPLRVJXDUGR" 9RFH EDVVD &KH QRQ Y LPSRUWD SL~ PROWR GHOOR VFRUUHUHGHJOL HYHQWLPDDQFRUDULXVFLWHDIDUYLDIIDVFLQDUHGDXQSDHVDJJLRVFRQR VFLXWR ( FKH SURSULR SHU TXHVWR SRWUHVWH LPEDUFDUYL QHOO LPSUHVD $OWULPHQWLQRQVDUHVWHYHQXWRGDPHRVEDJOLR" 3HUQD q XQ XRPR VLQJRODUH PDWHULDOH H JUHWWR PD DOOR VWHVVR WHPSR DFXWR H UDIILQDWR FRQRVFLWRUH G XRPLQL 8QLVFH OD VDSLHQ]D GRWWULQDOH D XQ VHQVR FRQFUHWR GHOOH FRVH XQD FRPPLVWLRQH FKH KR LQFRQWUDWRUDUDPHQWHQHOODYLWD 'HJOXWLVFR LO YLQR LO JXVWR IRUWH PL ULHPSLH OD ERFFD /R ODVFLR
FRQWLQXDUHKRDSSUHVRFKHQRQqIDFLOHIUHQDUHODVXDOLQJXD $YHWH FRQRVFLXWR OH OHWWHUH H OH DUPL $YHWH FRPEDWWXWR SHU TXDOFRVDLQFXLFUHGHYDWHHDYHWHSHUVRODFDXVDPDQRQODYLWD&D SLWHPL SDUOR GHO VHQVR GHOOD YLWD FKH DFFRPXQD JHQWH FRPH PH H YRLO LQFDSDFLWjGLIHUPDUVL GLDFFRPRGDUVLLQTXDOFKHEXFRLQDWWH VDGHOODILQHO LGHDFKHLOPRQGRQRQqFKHXQDJUDQGHSLD]]DVXFXL VLDIIDFFLDQRLSRSROLHLVLQJROLXRPLQLGDLSL~VFLDOELDLSL~EL]]DU ULGDLWDJOLDJROHDLSULQFLSLFLDVFXQRFRQODVXDLQVRVWLWXLELOHVWRULD FKHUDFFRQWDJLjODVWRULDGLWXWWL9RLGRYHWHDYHUFRQRVFLXWRODPRU WH OD SHUGLWD )RUVH F q VWDWD XQD IDPLJOLD GD TXDOFKH SDUWH ODVV~ QHOOH WHUUH GHO 1RUG 6LFXUDPHQWH PROWL DPLFL SHUVL SHU OD VWUDGD H PDLGLPHQWLFDWL(FKLVVjTXDQWLFRQWLGDVDOGDUHGHVWLQDWLDULPDQH UHDSHUWL /DOXFHGHOIXRFRJOLLOOXPLQDPH]]DIDFFLDORIDDVVRPLJOLDUHD XQDFUHDWXUDILDEHVFDXQRJQRPRVDJJLRHLQWULJDQWHDOWHPSRVWHV VRRIRUVHXQVDWLURFKHWLVXVVXUUDVHJUHWLDOO RUHFFKLR,VXRLRFFKL SLFFROLJXL]]DQRLQVLHPHDOOHILDPPH 'L TXHVWR VWR SDUODQGR FDSLWR" 'HOO LPSRVVLELOLWj GL IHUPDUVL 1RQqJLXVWR1RQORqPDL$YUHPPRGRYXWRIDUHDOWUHVFHOWHWDQWR WHPSRIDRJJLqWURSSRWDUGL/DFXULRVLWjTXHOODLQVROHQWHFDSDUELD FXULRVLWj GLVDSHUHFRPHYD DILQLUHODVWRULDFRPHVLFRQFOXGHUjOD YLWD'LTXHVWRGLQLHQW DOWURVLWUDWWD1RQVRQRPDLVROWDQWRLJXD GDJQL D PHQDUFL SHU LO PRQGR QRQ q PDL VROWDQWR OD VSHUDQ]D OD JXHUUDROHGRQQH& qTXDOFRV DOWUR4XDOFRVDFKHQpLRQpYRLSR WUHPR PDL GHVFULYHUH PD FKH FRQRVFLDPR EHQH $QFKH DGHVVR DQ FKHQHOPRPHQWRLQFXLYLVHPEUDG HVVHUYLDOORQWDQDWRWURSSRGDOOH FRVHLQYRLFRYDODYRJOLDGLFRQRVFHUHLOILQDOH'LYHGHUHDQFRUD 1RQF qSL~QLHQWHGDSHUGHUHTXDQGRV qSHUVRJLjWXWWR 8QVRUULVRGLVWDFFDWRGHYHHVVHUPLULPDVWRLQFLVRVXOODIDFFLDSHU WXWWR LO WHPSR (SSXUH QDVFH GDOOD VHQVD]LRQH GL VWDUH DVFROWDQGR LO FRQVLJOLRGLXQYHFFKLRDPLFR 0LWRFFDLOEUDFFLR ,RGRPDQLSDUWRSHU0LODQRYDGRDYHQGH UHLOLEULGL2SRULQXVODJJL~0LGRYUzWUDWWHQHUHSHUXQSR SHUVEUL JDUHDOFXQLDIIDULFKHKRODVFLDWRLQVRVSHVR'RSRGLFKpPLPXRYHUz YHUVR 9HQH]LD 6H OD PLD SURSRVWD YL DOOHWWD O DSSXQWDPHQWR q DOOD OLEUHULD GL $QGUHD $UULYDEHQH DOO LQVHJQD GHO SR]]R ULFRUGDWHYL TXHVWRQRPH3HUFKpULGHWH" 1LHQWH SHQVDYR DOOH FRLQFLGHQ]H GHOOD YLWD 'HO SR]]R DYHWH GHWWR" 3URSULRFRVt0LJXDUGDSHUSOHVVR
9XRWRLOELFFKLHUH+DUDJLRQHTXDUDQWDFLQTXHDQQLHSL~QLHQWH GDSHUGHUH 1RQSUHRFFXSDWHYLFLVDUz
/HWWHUDLQYLDWDD5RPDGD9LWHUERLQGLUL]]DWDD*LDQSLHWUR&D UDIDGDWDWDPDJJLR
$OO LOOXVWULVVLPR H UHYHUHQGLVVLPR VLJQRUH PLR *LRYDQQL 3LHWUR &DUDIDLQ5RPD
6LJQRUH PLR RQRUDQGLVVLPR VFULYR DOOD 6LJQRULD 9RVWUD SHU FR PXQLFDUH FKH LO GDGR q WUDWWR 5HJLQDOGR 3ROR KD LQIDWWL GHFLVR GL FRPSLHUHODSULPDPRVVD &RPHFHUWROD69VDSUj6XD6DQWLWj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j XQD TXDOFKH FRPSDWLELOLWj WUD OD GRWWULQD SURWHVWDQWH H TXHOOD FDWWROLFD Ê TXLQGL RUPDL FHUWR FKH LO FDUGLQDOH YXROH LPSHJQDUH ILQ GDOOH SULPH EDWWXWH L SDGUL FRQFLOLDUL QHOODULFHUFDG XQFRPSURPHVVRFRQLOXWHUDQL /DVWDPSDHODGLIIXVLRQHGHO%HQHILFLRGL&ULVWRHPHUJRQRRJJL QHOODORURYHUDOXFHTXHOODG XQDVWUDWHJLDSRQGHUDWD 'D GXH DQQL D TXHVWD SDUWH LO 3ROR H LVXRLDPLFLVRQRULXVFLWLD GLIIRQGHUHLVHPLGHOOHORURLGHHFULSWROXWHUDQHDWWUDYHUVRTXHOPD OHILFROLEHOORQRQFKpDVFDWHQDUHODGLVFXVVLRQHVXLVXRLFRQWHQXWLH DGHVVRVSHUDQRGLUDFFRJOLHUQHLIUXWWLD7UHQWR &KH ,GGLR RQQLSRWHQWH FL SURWHJJD GD XQD WDOH VYHQWXUD LOOXPL QDQGR O DQLPR GHO PLR VLJQRUH H FRQVLJOLDQGRJOL OH LQGLVSHQVDELOL PLVXUHSUHYHQWLYH
%DFLDQGROHPDQLGHOOD6LJQRULD9RVWUDDOOD6XDFXUDPLUDFFR PDQGR
GL9LWHUERLOJLRUQRPDJJLR ,OIHGHOHRVVHUYDWRUHGL9RVWUD6LJQRULD 4
,OGLDULRGL4
9LWHUERPDJJLR
1HOO DIIUHVFRVRQRXQDGHOOHILJXUHGLVIRQGR $OFHQWURFDPSHJJLDQRLO3DSDO ,PSHUDWRUHLFDUGLQDOLHLSULQ FLSLG (XURSD $L PDUJLQL JOL DJHQWL GLVFUHWL H LQYLVLELOL FKH IDQQR FDSROLQR GLHWUROHWLDUHHOHFRURQHPDFKHLQUHDOWjUHJJRQRO LQWHUDJHRPHWULD GHO TXDGUR OR ULHPSLRQR H VHQ]D ODVFLDUVL VFRUJHUH FRQVHQWRQR D TXHOOHWHVWHGLRFFXSDUQHLOFHQWUR WL
&RQWDOHLPPDJLQHQHOODPHQWHPLULVROYRDWHQHUHTXHVWLDSSXQ
,Q WXWWD OD YLWD QRQ KR PDL YHUJDWR ULJKH SHU PH VWHVVR QRQ Y q SDJLQD GHO SDVVDWR FKH SRVVD FRPSURPHWWHUH LO SUHVHQWH QRQ Y q WUDFFLDDOFXQDGHOPLRSDVVDJJLR1RQXQQRPHQRQXQDSDUROD6RO WDQWRPHPRULHDFXLQHVVXQRSXzFUHGHUHJLDFFKpVRQRTXHOOHGLXQ IDQWDVPD
0D RUD q GLYHUVR RJJL IRUVH q SL~ GLIILFLOH H ULVFKLRVR FKH D 0QVWHU *OL DQQL LWDOLDQL LQVHJQDQR FKH L SDOD]]L VRQR PLFLGLDOL TXDQWRLFDPSLGLEDWWDJOLDVRORFKHTXLGHQWURLUXPRUL GHOODJXHUUD VRQRDWWXWLWLDVVRUELWLGDOSDUORWWLRGHOOHWUDWWDWLYHHGDOOHPHQWLDFXWH HDVVDVVLQHGLTXHVWLXRPLQL 1LHQWHqFLzFKHVHPEUDGHQWURLSDOD]]LURPDQL 1HVVXQRSXzFRJOLHUHLOTXDGURG LQVLHPHYHGHUHFRQWHPSRUDQH DPHQWHODILJXUDHORVIRQGRO RELHWWLYRILQDOH1HVVXQRHFFHWWRFROR UR FKH WHQJRQR L ILOL GL TXHOOH WUDPH XRPLQL FRPH LO PLR VLJQRUH FRPHLO3DSDFRPHLGHFDQLGHO6DFUR&ROOHJLR 3UR PHPRULD FDSLUH DQQRWDUH QRQ WUDODVFLDUH GHWWDJOL LQ DSSD UHQ]DLUULOHYDQWLFKHSRWUHEEHUR ULVXOWDUHFKLDYLGLYROWDGLXQ LQWHUD VWUDWHJLD
*OL HOHPHQWL GHO TXDGUR XQOLEURSHULFRORVRXQ&RQFLOLRLPPL QHQWHXQXRPRSRWHQWLVVLPRLOVHUYLWRUHSL~VHJUHWR
6XO%HQHILFLRGL&ULVWR 6RQR TXDVL GXH DQQL FKH LO OLEUR q VWDWR VWDPSDWR +D VFDWHQDWR SROHPLFKH JLj LO FDUGLQDOH &HUYLQL OR KD YLHWDWR QHOOD VXD GLRFHVL PD FLRQRQRVWDQWH FRQWLQXD D FLUFRODUH LQGLVWXUEDWR H DQ]L FRQRVFH JUDQGHGLIIXVLRQH ,©YLWHUEHVLªIDQQRILQWDGLQLHQWHHLQWDQWRVLSUHSDUDQRDSRUWD UH OH WHVL GHO OLEUR DO &RQFLOLR GL 7UHQWR 5HJLQDOG 3ROH ©&L VRQR WHPSLHOXRJKLJLXVWLSHUOHLGHHFKHVFHOWLFRQFXUDSRVVRQRLPSHGL UH DL QXRYL WULEXQDOL GL IHUPDUOHª 3ROH VSHUD GL EDWWHUH &DUDID VXO WHPSR OD GLIIXVLRQH GHOOH LGHH ULIRUPDWH FRQWUR OD FRVWUX]LRQH GHO O ,QTXLVL]LRQH ,O%HQHILFLRGL&ULVWRSXzHVVHUHXQ DUPDDGRSSLRWDJOLRFKHFRO SLVFDFKLO KDIRUJLDWD"(FRPH" )DUHLQPRGRFKHLO&RQFLOLRORVFRPXQLFKLVXELWRHVPDVFKHUDU QHJOLDXWRUL"$WWULEXLUORD3ROHHDOVXRFLUFRORGLDPLFL" 1RO LQJOHVHQHJKHUHEEHWXWWRODVXDFUHGLELOLWjqWURSSRDOWDSHU LPSXWDUORGLHUHVLDHSRLQRQFLVRQRSURYHFKHVLDVWDWROXLDUHGLJH UHLOOLEUR6HULXVFLVVHDVFDJLRQDUVLQHXVFLUHEEHSL~IRUWHFKHPDL 4XHVWR LOPLRVLJQRUHORVDqXRPRWURSSRSUXGHQWHSHUFRQFHGHUH XQDWDOHRSSRUWXQLWjDOVXRPDJJLRUHDYYHUVDULR 0HJOLRLQYHFHRUGLUHXQDWHODGRYHXQRGRSRO DOWURFDGRQRWXWWL LFDUGLQDOLFKHJXDUGDQRFRQVLPSDWLDDLULIRUPDWL8QOLEURFKHSDV VD GL PDQR LQ PDQR GL ELEOLRWHFD LQELEOLRWHFDHFRQWDPLQDFKLXQ TXHORWRFFKL( TXDQGRUDFFRJOLODUHWHSUHQGLWXWWLLSHVFLJURVVLLQ XQD YROWD 2FFRUUH ODVFLDUOR FLUFRODUH DQFKH VH LO &RQFLOLR OR VFR PXQLFDVVHODVFLDUHFKHJOLDPLFLGL3ROHOROHJJDQRQHUHVWLQRDIID VFLQDWLFRVtFRPHVRQRDIIDVFLQDWLGDTXHOEHOO LQWHOOHWWRLQJOHVH,Q WDQWR&DUDIDODYRUDFRVWUXLVFHSDVVRSDVVRODPDFFKLQDFKHORPHW WHUj QHOOH FRQGL]LRQL GL LQFDVWUDUOL WXWWL LQ XQ FROSR VROR 6t q FRVu FKHUDJLRQDLOPLRVLJQRUH0DXQJLRFRGHOJHQHUHSXzVIXJJLUHGL PDQRGLYHQWDUHWURSSRJUDQGHDQFKHSHUODVXDPHQWHXELTXD 6XO&RQFLOLR JLXJQR SXEEOLFDWD OD EROOD SDSDOH GL FRQYRFD]LRQH GHO &RQFLOLRHFXPHQLFR OXJOLREROODSDSDOH/LFHWDELQLWLRFKHLVWLWXLVFHOD&RQ JUHJD]LRQHGHO6DQW 8IIL]LRGHOO ,QTXLVL]LRQH
,
7UDTXHVWHGXHGDWHULSUHVDGHOODJXHUUDWUD&DUOR9H)UDQFHVFR
$TXDQWRSDUHVHQRQq&RQFLOLRqJXHUUDGLHVHUFLWLRGLLQWHO OHWWLQRQIDWURSSDGLIIHUHQ]D 'H&RQFLOLRXQDGLIHVDYHODWDGHOOHWHVLGHO%HQHILFLRGL&ULVWR, FDUGLQDOL 6SLULWXDOL YRJOLRQR WUDVIRUPDUH LO &RQFLOLR GL 7UHQWR QHOOD VHGH SULYLOHJLDWD SHU DIIURQWDUH OD TXHVWLRQH GHOOD JLXVWLILFD]LRQH ,O &RQFLOLR GRYUHEEH GLYHQWDUH OD IRU]D FRQWUDSSRVWD DOO ,QTXLVL]LRQH FKH YD LUUREXVWHQGRVL VRWWR O DVWXWD JXLGD GL &DUDID 1RQ YL VRQR GXEELFKHLOPLRVLJQRUHVLSURGLJKHUjDIILQFKpOHWHVLGHO%HQHILFLR YHQJDQRFRQGDQQDWHDQFRUSULPDG HVVHUHGLVFXVVH
6X&DUDID & qGDFKLHGHUVLFRVDPDLWURYHUHEEH9HVDOLRLOQHFURILORGHQWUR TXHVW XRPRLOFXLVJXDUGRVHPEUDSXQWDUHYHUVRXQRUL]]RQWHWURSSR ORQWDQRQRQGLTXHVWDWHUUD)RUVHWXWWRLOWLPRUHFKH(JOLLQFXWH2 ODJUD]LDGLYLQDGHOODPHQWHLQVRQGDELOHGHO&UHDWRUHVRWWROHFHODWH IDWWH]]HGHOODFUXGHOWj &KLqPDLFRVWXL" 3DGURQHPLRHPRQDFRPDHVWURGLVLPXOD]LRQHHGLVVLPXOD]LRQH GDJHQtDQDWDSHUFRPDQGDUHYHVFRYRSULPDHSRLSRYHURWHDWLQRSHU YRWR1HPLFRGHOO ,PSHUDWRUHFKHWHQQHLQIDQWHVXOOHJLQRFFKLDJLj GLVSUH]]DQGRORGLLQWXLWRFKHSDUUHEEHGLDEROLFRVHQRQVHQHFRQR VFHVVH OD IHGH VRPPR DUFKLWHWWR GHO 6DQW 8IIL]LR ULQDWR SHU OXL H VRWWRGLOXLFKHQHFXVWRGLVFHLVHJUHWLOHPLUHHORIDFUHVFHUHFRPH XQDSUROHDPDWDFRQVPLVXUDWDHQHUJLDDXQ HWjFKHJUDQSDUWHGHJOL XRPLQL JLj GD OXQJR WHPSR WUDVFRUUH WUD YHUPL H WHUUD DSRVWROR GL FLz FKH ROWUH RJQL FRVD ORHVDOWD OD JXHUUD VSLULWXDOH ORWWD LQWHULRUH HGHVWHULRUHVHQ]DTXDUWLHUHDOOHVHGX]LRQLGHOO HUHVLDVRWWRTXDOVLD VLIRUPDVLSUHVHQWLQR &KLqPDLFRVWXL" 6XGLPH / RFFKLRGL&DUDID
&DSLWROR 3DVVRGHO6DQ*RWWDUGRPDJJLR
1RQDYUHLGRYXWRIDUOR7RUQHUzDFRQWUROODUHLJHVWLODPHQWH" %XIIDVXEOLPHSDXURVDYLVLRQH 2SSXUHDEEDQGRQDUPLFRPSOHWDPHQWH"
, ERVFKL RQGXODWL GHO 0LWWHOODQG ILQR D UDJJLXQJHUH O $DUH SRL OHQWDPHQWH VXO SLDWWR H ODUJR EDUFRQH SDVVDQGR 2OWHQ 6XKUVHH H IL QDOPHQWH /XFHUQD DOO HVWUHPLWj SURIRQGD GHO FXSR ODJRGHLFDQWRQL GRYH LQFURFLD OD 5HXV 'D Ot D GRUVR GL PXOR GXH DQ]L XQR SHU LO EDJDJOLR H L OLEUL GL 3HUQD WUD OH FHQWLQDLD FKH ULVDOJRQR FDULFKL L ILDQFKLGHOWRUYR0RQWH3LODWXVVEXIIDQGRVXVHQWLHULVSHVVRLPSHUYL PDILWWLGLWUDIILFRHXPDQLHFDUULHEHVWLH6XHJL~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pQRQVRFKLVRQR (OHPLHJDPEHQRQVRQRSL~VDOGH2UD
%HUJDPR5HSXEEOLFDGL9HQH]LDPDJJLR
'DYYHUR GXQTXH SRFKH WLUDWH GD TXHVWH OXQJKH IRJOLH DUURWRODWH JOLDURPDWLFLVLJDULG ROWUHPDUHFKHDYHYRSRUWDWRFRQPHGDOOHWHUUH RODQGHVL D TXHOOH YHWWH SRVVRQR LQGXUUH WDOL LQWHQVH H VTXLOLEUDWHH PR]LRQL" 1HVRQRDQFRUDWXUEDWR0DGLTXHOODSDXUDVLPLOHDOODYHUWLJLQH GHOORVSDHVDPHQWRGHOIDVFLQRGHOO LJQRWRHGHOODSRVVLELOLWjHVWUHPD GHOOH UHJLRQL LQHVSORUDWH H GHOOD YLVLRQH SURIRQGD 'LYHUVD GDOO HE EUH]]D GL YLQR ELUUD R DFTXDYLWH 6HQ]D TXHL IXPL H O LPSDVWR GHL SHQVLHULHODORJRUUHDLQVHQVDWD 8QDOWURHVVHUHGHQWURGLWH&KHOHJJHURVYDQLVFHQRQODVFLDQGR WUDFFHVXOFRUSRPDLPPXWDWHOHGRPDQGH /XQJRLO7LFLQRILQRDOSLFFRORSDHVHGL%LDVFD'LOtDFFRPSD JQDWR GD XQD JXLGD DWWUDYHUVR L VHQWLHUL GL PRQWDJQD D HVW YHUVR &KLDYHQQDVXSHUDQGROHYDOOL&DODQFDH0HVROFLQDVXFRPPLVVLRQH GL3HUQDSHUFRQVHJQDUHOLEULDOFLUFRORGHJOLHVXOLULIRUPDWLFKHGDO O ,WDOLDGHO1RUGDIIOXLVFRQRQHOOD5HSXEEOLFD5HWLFD 6XOOH VSRQGH GHO ILXPH 0HUD XQ OXRJR LPSHUYLR H SDOXGRVR DO WHPSR VWHVVR LQ SDUWH RVWUXLWR GD DQWLFKLVVLPH IUDQH GRYH OD WHUUD IHUPDVLFRQIRQGHFRQOHDFTXHGHOODJRGL&RPRHPRQWDJQHVWHULOL H DOWLVVLPH UHQGRQR GLIILFLOH O DFFHVVR &KLDYHQQD OD FKLDYH GHOOH YDOOL VH QRQ IRVVH SHU OD SRVL]LRQH VWUDWHJLFD H O DXWRQRPLD FKH OH FRQVHQWHG HVVHUHULIXJLRXQOXRJRGDVFRQVLJOLDUHDOYLDQGDQWH 'XH JLRUQL GL VRVWD SHU ULSRVDUH OH RVVD GDOOH PDUFH DOSLQH H TXLQGL GL QXRYR D VXG ILQR DO SXQWR LQ FXL O $GGDVL JHWWD QHO ODJR /DULR8QDPH]]DJLRUQDWDSHUWUDJKHWWDUHD/HFFRDLFRQILQLFROWHU ULWRULRGHOOD6HUHQLVVLPD 'DTXLGRSRWDQWRVDOLUHHVFHQGHUHODVWUDGDFRUUHGLULWWDDWWUD YHUVR OD SLDQXUD ILQR D 9HQH]LD &RQ XQ EXRQ VHUYL]LR GL FROOHJD PHQWRTXDWWURJLRUQLGLYLDJJLR
9HQH]LD
&DSLWROR 9HQH]LDPDJJLR
$OSULPRVJXDUGRGLVWDQWHUHVRSL~LQFHUWRGDLYHOLGLQHEELDFKH IDQQRGHOVROHXQGLVFRELDQFDVWURQRQVDLVHLOPLUDJJLRVLDLOPDUH FKH VWDL VROFDQGR H LQYHFH q WHUUDIHUPD R L SDOD]]L H OH FKLHVH DS SRJJLDWLVXOO DFTXDLQUHDOWjVFRJOLGLIRUPHDUFKLWHWWRQLFKH 3RLLOEDUFRQHLQILODXQODUJRFDQDOH)LQHVWUHEDOFRQLHJLDUGLQL GDQ]DQRFRPHPDFFKLHGLFRORUHHVLGLIIRQGRQRWUDOHVSRQGH $L ODWL VL DSURQR YLFROL QDYLJDELOL GD XQD VROD SLFFROD LPEDUFD ]LRQHDOODYROWDWDOPHQWHVWUHWWLDOFXQLFKHLWHWWLGHOOHFDVHVHPEUD QRWRFFDUVLLPSHGHQGRDLUDJJLGHOVROHGLILOWUDUH3HUQDPLKDSDU ODWRGLFKLHVHGLSDOD]]LGLSLD]]HHERUGHOOLPDQRQPLDVSHWWDYRLO PLUDFROR GHOOH YLH G DFTXD LO QXPHUR LPSUHVVLRQDQWH GLEDUFKHG R JQLIRUPDHGLPHQVLRQHFKHVRVWLWXLVFRQROHFDUUR]]HOHSRUWDQWLQHH LFDYDOOL4XHVWDFLWWjVHPEUDQRQFRQRVFHUHODUXRWDQp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jHLOPDUHVHPEUDQRFUHVFLXWLDVVLHPH /RVFDIRRUPHJJLDTXDVLVRWWRLOPDJQLILFREDOFRQHGLXQSDOD]]R WXWWRULYHVWLWRGLPDUPRURVDWRDILDQFRGLXQDFRORQQDFRQODVWDWXD GHO/HRQHDODWRHGLTXHOORFKHGHYHHVVHUHLOSDOFRSHUOHHVHFX]LRQL
FDSLWDOL*OLVWUXPHQWLHLVLPEROLGHOSRWHUHGHOOD6HUHQLVVLPDVRQR OHSULPHLPPDJLQLFKHORVWUDQLHURGHYHDYHUHVRWW RFFKLR $SSHQDPHVVRLOSLHGHDWHUUDLQYHFHFROSLVFHODFRQIXVLRQHLO YLDYDLGLJHQWHOHJULGDJOLDIIROODPHQWLLVDOXWLOHOLWLIRUVHO XQLFR HOHPHQWRDVHSDUDUHLOPDUHOXRJRGLUXPRULDWWXWLWLGDOUHVWRGHOOD FLWWj $SSHQDPHVVRLOSLHGHDWHUUDQRQVRLQYLUW~GLTXDOLFDUDWWHUL VWLFKHYHQJRULFRQRVFLXWRVXELWRFRPHXQRVWUDQLHURGLOLQJXDWHGH VFD H FLUFRQGDWR GD XQD YHQWLQD GL UDJD]]L FKH VL VIRU]DQR GL VSLH JDUPL FRPH VLD LPSRVVLELOH JLUDUH 9HQH]LD VHQ]D FRQRVFHUOD D IRQ GRTXDQWRVLDJUDQGHLOULVFKLRGLSHUGHUVLGLILQLUH LQFDWWLYHPDQL GL ULPHWWHUFL FRQ LO FDPELR H PHQWUH HOHQFDQR FRUWHVHPHQWH TXHVWL ULVFKLFHUFDQRLQWXWWLLPRGLGLLQILODUPLOHPDQLQHOODERUVD 0DJQLILFRVLJQRUHGLTXDGLTXDVHJXLPLJUDQGHVLJQRUHYXRL XQSRVWRGRYHGRUPLUH"9XRL"9LHQLFRQPHLOOXVWULVVLPRWLPRVWUR OD FLWWj SL~ EHOOD GHO PRQGR GRY q LO WXR EDJDJOLR PDJQLILFR" $OOD VWD]LRQH GL FDPELR" %UXWWR SRVWR PLR VLJQRUH QRQ q GHJQR GL XQ JUDQG XRPR /DYRFHHVFHGDXQDERFFDFRPSOHWDPHQWHVGHQWDWDHULFRUGDGH FLVDPHQWHTXHOODGLXQYHFFKLRPDLOUDJD]]RFKHSHUTXDOFKHVSLF FLRORVLqRIIHUWRGLPRVWUDUPLODFLWWjQRQSXzDYHUHSL~GLTXLQGLFL DQQL 9LHQLYLHQLYXRLEHUHGHOYLQR"1R"9XRLXQDGRQQD"4XLWUR YLOHGRQQHSL~EHOOHGD&RVWDQWLQRSROLD/LVERQDQRQFDUHVLJQRUH QRQFDUHQRYLHQLYXRLXQDGRQQD"7LSRUWRLRGRYHFLVRQROHSL~ EHOOH SXOLWLVVLPH QLHQWH PDODWWLH QR QR JLRYDQLVVLPH 6HL TXL SHU IDUH DIIDUL QRELOLVVLPR" 6HWD" 6SH]LH" 1R" 7L SRUWR QHO SRVWR JLX VWR TXL YLFLQR YLHQL EHOOLVVLPR SRVWR JUDQ VLJQRUL FRPH WH PHU FDQWLYLHQL 0HQWUH DWWUDYHUVLDPR OD SLD]]D OD VXD OLQJXD QRQ VLIHUPDVLUL YROJHLQYHQH]LDQRDFKLXQTXHFHUFKLGLDYYLFLQDUVLWHQHQGRORDGH ELWD GLVWDQ]D SRUWDQGRVL XQD PDQR VXO SHWWR D LQGLFDUH FKH OR VWUD QLHURqVXRQHVVXQRJOLHORWRFFKL 6HJXLPLVLJQRUHLQXQDWWLPRVLDPRD5LDOWRHDO)RQGDFRGHL 7HGHVFKL/jSXRLFDPELDUHWXWWLLVROGLIDUHLWXRLFRPPHUFLVt0D VHGHVLGHULVWDUHFRQWHQWRFLVRQRLRWLGRFLQTXDQWDGXFDWLSHUWUHQ WDGXHILRULQLGLSHVRUHJRODUH 3LD]]D6DQ0DUFRQRQVHPEUDIDUSDUWHGLXQDFLWWjSLXWWRVWRqLO VDORQH GHOOH GDQ]H GL XQ TXDOFKH SDOD]]R LO SRQWH FRSHUWR GL XQ
JUDQGHYDVFHOORO DOEHURPDHVWURqTXHOUREXVWRFDPSDQLOHODUJRDOOD EDVH H VWUHWWR LQ FLPD H OD WRUUH FRQ O RURORJLR q LO FDVVHURGLSUXD VRWWRFXLSDVVLDPRRUDFRQLGXHDPPLUDJOLLQFLPDSURQWLDVXRQDUH LOFDPSDQRQH 4XHOODq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~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jPHQWDOL 9HGLHFFHOOHQWLVVLPR"4XHVWRTXLFKHLQWXWWHOHFLWWjG ,WDOLDVL FKLDPDSLD]]DTXLD9HQH]LDORFKLDPLFDPSRHOHYLHHOHVWUDGH VRQRFDOOHVWUHWWDVWUHWWDHIRQGDPHQWDDERUGRGHOFDQDOHHVDOL]DGD HODUXJD /D VWUDGD VL ULDIIDFFLD VXOO DFTXD LQ FRUULVSRQGHQ]D FRQ O LPERF FDWXUD GL XQ LPSRQHQWH SRQWH GL OHJQR 'DO QXPHUR GHOOH QDYL RU PHJJLDWHVXOOHGXHULYHGHOFDQDOHDOODGHVWUDGHOSRQWHHGDOWUDIIL FRLQFHVVDQWHGLFDULFRHVFDULFRPHUFLSDUHSURSULRGLHVVHUHDUULYD WLQHOFXRUHGHOFRPPHUFLRGHOOD6HUHQLVVLPD 5LDOWRVLJQRUH
8QR VSOHQGLGR SRQWH OLJQHR FRQ SDUWH VXSHULRUH DSULELOH DO SDV VDJJLRGHOOHQDYLSL~JUDQGL 6XOOD GHVWUD XQD ORJJLD HQRUPH OH SDUHWL HVWHUQH DIIUHVFDWH SHU WXWWDODOXQJKH]]DGHOFDVHJJLDWR 'LSLQWLGD*LRUJLRQHHPLQHQWLVVLPRHGDOVXRDOOLHYR7L]LDQR FRQRVFL"1R"*UDQPHUDYLJOLDVLJQRUH3LWWRULIDPRVL7L]LDQRGL SLQJHO ,PSHUDWRUH 1HO FRUWLOHLQWHUQRLOEUXVLRLQGLVWLQWRFKHVLOHYDGDOOHILWWHWUDW WDWLYH FRPPHUFLDOL q FRPSRVWR GD DOPHQR TXDWWUR GLDOHWWL WHGHVFKL *HQWHGHO1RUGWHVWHELRQGHEDIILVSLRYHQWLHPHVFLWDGLELUUD ,O)RQGDFRGHL7HGHVFKLQRELOLVVLPRSHULWXRLDIIDUL%DQFKH DJHQWLULFFKL9HGLTXHOO DJHQ]LDOjVRWWR")XJJHULSL~JUDQGLEDQ FKLHUL GHO PRQGR FRQRVFR O DJHQWH SRVVR SUHVHQWDUWHOR VH YXRL VL JQRUHqPLRDPLFRJOLSURFXUROHSXWWDQHOXLPLLQVHJQDODWXDOLQ JXD 6H YROHYR LQFRQWUDUH GHL WHGHVFKL UHVWDYR LQ *HUPDQLD QRQ FUHGL" *LXVWLVVLPR VLJQRUH QRQ LQWHUHVVDQR L FRPPHUFL PHJOLR LO SLDFHUHQR"3XWWDQHEHOOLVVLPH 8QSRVWRGRYHVLVWHPDUPL/HWWRGHFHQWHYLWWRGHFHQWH 'RYHQRQGDUHQHOO RFFKLR"&HUWRPDJQLILFRGHWWRIDWWRYLHQL WLSRUWRLRXQSRVWRGLVFUHWREXRQDFXFLQDEXRQLOHWWLHEXRQHGRQ QH PROWR EXRQH GRQQH QLHQWH GRPDQGH &RUWH 5DPSDQL LQ 6DQ &DVVLDQR YLHQL QRQ q ORQWDQR SDVVDWR LO SRQWH GRQQD 'HPHWUD WL FRQRVFHYROHQWLHULXQVLJQRUHLPSRUWDQWHFRPHWH &DOOHGH %RWWDLPDJQLILFRVLJQRUHVLDPRTXDVLDUULYDWL &LVRQRSXWWDQHGDSSHUWXWWR/HGRQQHGLTXHVWDFLWWjSUDWLFDQR TXDOFKHDOWURPHVWLHUH" 1RQ FRVt UHGGLWL]LR VLJQRUH ,O &RQVLJOLR YROHYD FRQILQDUH L ERUGHOOLLQ&RUWH5DPSDQLPDQRQF HUDSRVWRSHUWXWWLTXLQGLFRPH GLFLKDFKLXVRXQRFFKLRVt"(FFRTXHVWDqODORFDQGDGHO&DUDWHOOR $QQXQFLRLOPLRVLJQRUHDGRQQD'HPHWUD /HGXHUDJD]]HFKHVWDQQRVXOODVRJOLDGLFRQRTXDOFRVDLQYHQH ]LDQR JUDQ VRUULVL H WHWWH FKH WUDVSDLRQR VRWWR L YHVWLWL VXIILFLHQWH PHQWH GLVFLQWL Ê XQD FDVD LQ OHJQR H PXUDWXUD GL WUH SLDQL 6XOOD SRUWDFDPSHJJLDXQ LQVHJQDUDIILJXUDQWHXQDSLFFRODERWWH/DJXLGD VLLQWUXIRODGHQWURODVFLDQGRPLLQFRPSDJQLDGHOOHJLRYDQLSXWWDQH $OOHPDQQR" )DFFLR XQ PH]]R LQFKLQR ULFDPELDWR GD HQWUDPEH 4XHOOD FKH
VHPEUDSL~JLRYDQHFHUFDOHSDUROHQHOODPLDOLQJXD 0HUFDQWH" 9LDJJLDWRUH 7UDGXFHSHUO DPLFDHVHODULGRQRLQVLHPH 6FRSUHXQDWHWWDSURVSHURVD 9XRL" ,OWRQRSL~JHQWLOHFKHWURYR 1RQDGHVVRPLDFDUDKRELVRJQR GLULSRVDUHOHYHFFKLHRVVD )RUVHQRQKDFDSLWRFRPXQTXHDO]DOHVSDOOHHVLULFRSUH/DSLF FRODUDGXUDQHOODIRUHVWDGLFDVHqLQWHUURWWDGDXQSRQWHDOO DSSDUHQ ]DWURSSRHVLOHSHUUHJJHUHLOSHVRGLGXHVROLXRPLQL6RWWRLOFDQDOH OLPDFFLRVRVFRUUHSODFLGR0LUHQGRFRQWRGLDYHUSHUVRGHOWXWWRO R ULHQWDPHQWR DEELDPR SHUFRUVR XQ GHGDOR LQILQLWR GL YLX]]H SRQWL SLD]]HHVRQRTXDVLFHUWRFKHQRQDEELDPRYLDJJLDWRLQOLQHDG DULD qLPSRVVLELOHLQTXHVWDFLWWj /DJXLGDVSXQWDVXOODSRUWD IDFHQGRPLVHJQRGLHQWUDUH 8QDPELHQWHJUDQGHXQDWDYHUQDFRQERWWLHQRUPLLQILODOXQJR LOPXURXQFDPLQRFDSLHQWHHWDYROLQHOPH]]R ÊXQDGRQQDVXOODTXDUDQWLQDTXHOODFKHPLYLHQHLQFRQWURHDFXL IDFFLRXQLQFKLQRFDSHOOLFRUYLQLHXQSURILORWDJOLHQWHWUDWWLHVRWLFL FKHSDUODQRGHO0HGLWHUUDQHR 6RQRGRQQD'HPHWUD%RHULR,OJLRYDQH0DUFRGLFHFKHFHUFDWH XQDOORJJLRPHVVHUH6LDWHLOEHQYHQXWR 6LqULYROWDDPHLQXQDOLQJXDVWUDQDPDFRPSUHQVLELOHF qGHO ODWLQRFROWRFKHULYHODVWXGLGLVFUHWLPDLOVDOXWRqVWDWRLQWHGHVFR 6FHOJR LO ODWLQR 6RQR /XGZLJ 6FKDOLHGHFNHU DOOHPDQQR 9RU UHLIHUPDUPLSHUTXDOFKHJLRUQR 7XWWR LO WHPSR FKH YRUUHWH $EELDPR OHWWL FRPRGL H OH VWDQ]H QRQ VRQR FDUH 0DUFRKDGHWWRFKHDYHWHODVFLDWRLOYRVWUREDJDJOLR DOOD VWD]LRQH GL FDPELR 1RQ SUHRFFXSDWHYL PDQGHUz LO UDJD]]R D SUHQGHUYHOR GL OXL FL VL SXz ILGDUH ODYRUD SHU PH GD TXDQGR HUD EDPELQR /HFRVHVLIDQQRSL~FKLDUHHPLVWUDSSDQRXQVRUULVR 4XDQGRLOEDJDJOLRVDUjTXLYLSDJKHUzODFDPHUDDQWLFLSDWD
0DUFRORVGHQWDWRODVFLDFDGHUHODVDFFDVXOSDYLPHQWRHVLWRJOLH LOVXGRUHGDJOLRFFKLFRQODPDQLFD ,OGXFDWRG RURJOLFDQFHOODVXELWRODIDWLFDGDOODIDFFLD *UD]LHPXQLILFHQWLVVLPRVLJQRUHPLOOHYROWHJUD]LH6HWLVHUYH
DOWURVtFKLHGLGLPHHULPDUUDLVHPSUHVRGGLVIDWWR 3HUDGHVVRPLVHUYHVRORXQ LQGLFD]LRQH'HYRDQGDUHLQXQSR VWR 6L LOOXPLQD 'LPPL GLPPL VLJQRUH FRQRVFR WXWWD 9HQH]LD YXRLDQGDUHGDTXDOFKHSDUWH"7LSRUWRTXDQGRYXRL 1RQRUD&RQRVFLODOLEUHULDGL$QGUHD$UULYDEHQH" $UULYDEHQHLOOLEUDLRFHUWRVLJQRUHVLWURYDLQ0HUFHULD $OO LQVHJQDGHOSR]]R" &HUWRQRELOLVVLPRSRFRWHPSRDSLHGLROWUHLOSRQWHGL5LDOWR 9XRLDQGDUHOj" 'RPDQL$GHVVRYRJOLRULSRVDUH (VFHLQFKLQDQGRVLSL~YROWH 'DOOD ILQHVWUHOOD VFRUJR OH JUDQGL FXSROH GHOOD &DWWHGUDOH H LO FDPSDQLOH 'XQTXH q ODJJL~ FKH VRQR VEDUFDWR ( LQ TXDOFKH PRGR KRDWWUDYHUVDWRLOODELULQWRGLTXHVWDFLWWjEL]]DUUDFKHDGHVVRPLVH SDUDGD6DQ0DUFR1RQVDSUHLGDGRYHLQFRPLQFLDUHVHYROHVVLSHU FRUUHUHODVWUDGDDULWURVR5LVFKLHUHLGLWURYDUPLDSRFKLSDVVLGDOO H QRUPH FKLHVD VHQ]D ULXVFLUH D VFRUJHUOD ILQHQGRFKLVVj GRYH (G q SURSULR TXHVWD OD VHQVD]LRQH FKH SUHYDOH GL SRWHU FRQWLQXDUH D FDPPLQDUH DOO LQILQLWR VHQ]D JLXQJHUH GD QHVVXQD SDUWH RSSXUH LQ OXRJKL PDL QHPPHQR LPPDJLQDWL QDVFRVWL /D PHUDYLJOLD WL DVSHWWD GLHWURRJQLDQJRORLQIRQGRDRJQLYLFROR 9HQH]LD 0HUFDQWL SXWWDQH H FDQDOL DFFDQWR DJOL DIIUHVFKL DOOH FKLHVH DL SDOD]]L DL FDQWLHUL 3HUQD DYHYD UDJLRQH LO FRQWUDVWR H OD SRVVLELOLWjVLUHVSLUDQRQHOO DULDXPLGDGLTXHVWHVWUDGH ,OOHWWRqFRPRGROHJDPEHKDQQRELVRJQRGLULSRVR'DOOD&DW WHGUDOHDTXLQRQqSRLXQDJUDQGLVVLPDGLVWDQ]DPDWXWWRTXHOVDOL VFHQGLGLSRQWLTXHLYLFROLWRUWXRVL/DSULPDFRVDGDIDUHqSURFX UDUVLXQDEDUFD
&DSLWROR 9HQH]LDJLXJQR
3LHWUR3HUQDqDUULYDWRLQFLWWj+DODVFLDWRXQPHVVDJJLRSHUPH DOOD OLEUHULD GL$UULYDEHQHILVVDQGRO DSSXQWDPHQWRQHOODERWWHJDGL -DFRSR*DVWDOGLXQSLWWRUHDFXLGHVLGHUDFRPPLVVLRQDUHXQTXDGUR ,OPDHVWURVWDLVWUXHQGRXQRGHJOLDSSUHQGLVWLVXOFRORUHGDXVDUH SHUFRPSOHWDUHXQ GLVHJQR 0HVVHU3HUQDQRQqDUULYDWR" GRPDQGRGDOODSRUWD 8Q FHQQR GHOOD WHVWD PL LQYLWD DHQWUDUH/DWHODVXOFDYDOOHWWRq GDYYHURJUDQGHHULWUDH9HQH]LDDYRORG XFFHOORLQFUHGLELOHODELULQ WRG DFTXDHWHUUDSLHWUDHOHJQRGLPRUDGLDOPHQRFHQWRFLQTXDQWD PLODSHUVRQHGLGLYHUVLVVLPHUD]]HFRQFKLHVHLQQXPHURVXSHULRUHD FHQWRVHVVDQWDFLQTXHPRQDVWHULHIRUVHRWWRPLODFDVHGDPHUHWULFLR 3HUTXDOFKHLVWDQWHODVRUYROR &ROSLVFH VXELWR O DVVHQ]D GL PXUD H GL SRUWH GL WRUUL GLIHQVLYH H EDVWLRQL / DFTXD GHOOD ODJXQD SDUH VXIILFLHQWH D VFRUDJJLDUH L SHJ JLRULQHPLFL0ROWLSDOD]]LG DOWURQGHVRQRDOWLFRPHHSL~GLTXDO VLDVLPXUDJOLDHSRWUHLVFRPPHWWHUHFKHFLYRUUDQQRWXWWLLFRORULGHO ODWDYROR]]DSHUGDUUDJLRQHGHOOHWLQWHHGHLPDUPLFKHVLDIIROODQR VXTXHOOHIDFFLDWH &RQ LO FRQVHQVR GHO *DVWDOGL LQJDQQR O DWWHVD DJJLUDQGRPL WUD L GLSLQWLWHUPLQDWLHDQFRUDLQFRUVRG RSHUD 8QTXDGUREHQSL~SLFFRORGHOSUHFHGHQWHUDIILJXUDXQFDQDOHILW WR GL LPEDUFD]LRQL GDOOD JDOHUD SL~ LPSRQHQWHFRQ YRJDWRUL QHJUL DOOD SL~ VHPSOLFH EDUFKHWWD FRQ XQ XQLFR UHPR 6XOOD IRQGDPHQWD FKHORFRVWHJJLDVLGLVWLQJXRQRXQWXUFRFRQLOFDIIHWWDQRDUDEHVFD WR H DOPHQR WUH GRQQH LQFRQIRQGLELOL SRLFKp VYHWWDQWL VXOOD IROOD JUD]LH D TXHJOL ]RFFROL DOWLVVLPLFKH KR YLVWR FDO]DUH ELRQGH FRPH VRQ ELRQGH TXDVL WXWWH OH UDJD]]H GL TXL QRQ SHU QDVFLWD FRPH LQ *HUPDQLDPDJUD]LHDOO DELWXGLQHGLHVSRUUHLFDSHOOLDOVROHEDJQDWL GLHVVHQ]HHVWHVLVXTXHJOLVWUDQLFDSSHOOLDODUJDWHVDSULYLGLFXSR OD 6XELWRGLHWURTXHVWDFLVRQRDOWUHGXHWHOHGLGLPHQVLRQLLGHQWL FKH'XHULWUDWWLLQFRPSOHWLXQRGLGRQQDHTXHOORGLXQPDJLVWUDWR /DGRQQDqLQJLRLHOODWDGDOODWHVWDDLSLHGLDGGLULWWXUDSHQGDJOLG RUR
DOOHRUHFFKLHVHFRQGRO XVRGHOOHIHPPLQHGL9HQH]LDGLHVSRUUHVX WXWWRLOFRUSRXQQXPHURVSURSRVLWDWRGLJLRLHSHUOHHSLHWUHSUH]LR VH,OPDJLVWUDWRSRUWDXQDWRJDGLFRORUHDFFHVRFKHGRYUHEEHLQGL FDUHO DSSDUWHQHQ]DDXQDGHOOHWDQWLVVLPHFRQJUHJKHGHOVHUHQLVVLPR JRYHUQR 'DOOD EHVWHPPLD DOOH ULVVH GDL IRUHVWLHUL DOOD YLWD QRWWXUQD QRQ F qDVSHWWRGHOODYLWDGHLYHQH]LDQLFKHQRQVLDUHJRODWRGDXQDSDUWL FRODUH PDJLVWUDWXUD 3LHWUR 3HUQD VRVWLHQH FKH LO VLVWHPD q GDYYHUR FRPSOLFDWLVVLPR WDQWR FKH LO SRSROR KD SUREDELOPHQWH ULQXQFLDWR D FDSLUFLDOFXQFKpHVLDVWLHQHGDOSURWHVWDUHHFRQWHVWDUHLOSRWHUHLQ GLUL]]DQGR WXWWH OH WHQVLRQL DL JLRFKL SL~ EUXWDOL FRPH OD FDFFLDGHL WRULHOHULVVHWUDGL]LRQDOLWUD&DVWHOODQLH1LFRORWWLSHUODFRQTXLVWD GLXQSRQWHDVXRQGLSXJQLHEDVWRQDWH 8QD FRUQLFH SUH]LRVD FRQ VWXFFKL H WUDIRUL DYYROJH XQ TXDGUR DOTXDQWRPLVWHULRVRODODJXQDYLDSSDUHLQJRPEUDGLLPEDUFD]LRQLGL RJQL WLSR WUD OH TXDOL QH VSLFFD XQD RUQDWD GL GUDSSHJJL H FRORUL GDOO DOWRGHOODTXDOHXQXRPRFKHSRWUHEEHHVVHUHLO'RJHIDXQJHVWR VWUDQRYHUVRLOPDUHDSHUWR 9L LQWHUHVVDWH GL SLWWXUD FRPSDUH" /D YRFH VWULGXOD GL 3HUQD PL VRUSUHQGHDOOHVSDOOH 2SLXWWRVWRqLOVRJJHWWRGHOODWHODDVWX SLUYL" ,QGLFRODILJXUDDOFHQWURGHOGLSLQWR ,O'RJHYHUR" ,QVHUHQLVVLPDSHUVRQDQHOO DWWRGLVSRVDUHLOPDUHJHWWDQGRXQ DQHOOR G RUR WUD L IOXWWL FRPH q WUDGL]LRQH SHU OD IHVWD GHOOD 6HQVD O $VFHQVLRQHGHOOD9HUJLQH,YHQH]LDQLYDQQRSD]]LSHUTXHVWRJHQH UHGLULWXDOL0LVWULQJHODPDQRHVLDOODUJDLQXQVRUULVR %HQYH QXWRD9HQH]LD )HOLFH GL ULYHGHUYL PHVVHU 3LHWUR 2UD FKH VLHWH TXL VSHUR PL IDUHWHGDJXLGDLQTXHVWRODELULQWRDQFRUDQRQP qULXVFLWRGLRULHQ WDUPL(VHLQFDPELRSRWUzHVVHUYLXWLOHDTXDOFRVD /RVJXDUGRFLUFRVSHWWRVLIDYLFLQLVVLPR (FFRSRWUHVWHSRWUH VWHqSHUYLDGLXQDVLJQRUDFDSLWR"KRTXLXQDOHWWHUDSHUOHLPD QRQ SRVVR SRUWDUOD DOOD VXD GRPHVWLFD FKH VH LO PDULWR GRYHVVH YH GHUPLGLYHQWHUHEEHSDUWLFRODUPHQWHQHUYRVR0LGRPDQGDYRVHYRL QRQVDUHVWHWDQWRJHQWLOH6HQ]DGDUHWURSSRQHOO RFFKLRV LQWHQGH 0LRIIULUHWHILQDOPHQWHODFHQDFKHPLDYHWHSURPHVVRD%DVLOH D" &KLHGHWH H YL VDUj GDWR DPLFR PLR XQ FXRUH SD]]R G DPRUH QRQEDGDDVSHVH
&DSLWROR 9HQH]LDJLXJQR
,OWUDPEXVWRGDEDVVRPLIDVDOWDUHLQSLHGL8UODVHGLHFDSRYRO WH4XDOFXQRVDOHOHVFDOHGLFRUVD$JJXDQWRLOSXJQDOH /DSRUWDVLVSDODQFDJOLRFFKLWHUURUL]]DWLGL0DUFRPLILVVDQR &KHVXFFHGH" *UDQ GLVJUD]LD VLJQRUH WHUULELOH9XROHXFFLGHUODVRQVLFXUR FKHYXROHXFFLGHUOD /RVSURORTXLRFRQWLQXDLQYHQH]LDQR 1RQFDSLVFRQLHQWH&KHVXFFHGH" ,O0XORVLJQRUHPLRLO0XORqGLVRWWRFRQGXHGHLVXRLYXROH SXQLUHGRQQD'HPHWUD'LR6DQWLVVLPRO DPPD]]D /RVSLQJRIXRULGDOODVWDQ]D &KLqLO0XOR" 7LHQHOHSXWWDQHGLFDOOHGH %RWWDLGLFHFKHGRQQD'HPHWUDJOL KDUXEDWROHUDJD]]H ,OUHVWRGLYHQWDLQFRPSUHQVLELOH 6FHQGROHVFDOH1HOODWDYHUQDVHPEUDQRSDVVDWLLODQ]LFKHQHFFKL WDYROLULEDOWDWLVHGLHVSDFFDWH/HUDJD]]HVLVWULQJRQRLQXQDQJROR WHUURUL]]DWH WUH XRPLQL LQ SLHGL XQR WLHQH XQ FROWHOOR DOOD JROD GL GRQQD'HPHWUD &LQTXHSDVVLWUDPHHLOSL~YLFLQRWUHQW DQQLDOPDVVLPRXQED VWRQHDFXPLQDWRLQPDQR,OSL~JURVVREORFFDGRQQD'HPHWUDSHUL FDSHOOLODODPDVXOODSHOOHLOWHU]RqVXOODSRUWD 0L YHGRQR ,O JURVVR GLFH TXDOFRVD LQ YHQH]LDQR )DFFLD VWROWD DVVDVVLQDÊLOFDSR 4XHOORFRQLOEDVWRQHVLIDVRWWRXQFROSRLQHVSHUWRJOLEORFFRLO EUDFFLRHJOLVSDFFRLOQDVRFRQXQDWHVWDWD%DUFROODLQGLHWURVRUSUH VR5DFFROJRLOEDVWRQHJXDUGRQHJOLRFFKLLO0XORHVSXWRSHUWHUUD *KLJQD VWRUWR *HWWD GRQQD 'HPHWUD VXO SDYLPHQWR H OH JULGD TXDOFRVDSXQWDQGROHO LQGLFHFRQWUR )DSHUDYYLFLQDUVLJOLURPSRLOEDVWRQHVXOODVSDOODHFRQLOPRQ FRQHORFROSLVFRDOORVWRPDFR6LDFFXFFLDJOLKRIDWWRPDOH (VWUDJJRLOSXJQDOHHJOLHORLQILORLQXQDQDULFHODWHVWDEORFFDWD SHULFDSHOOL 8Q RFFKLDWDDJOLDOWULGXHOHPDQLVXOQDVRJURQGDQWHIXRULJLR
FRLOVHFRQGRVWDJLjSHQVDQGRGLVYLJQDUVHODORGLFH LOVXRVJXDUGR 0DUFR ,OUDJD]]RqGLHWURGLPH 6DQWLGGLRVLJQRUHORYROHWHDPPD] ]DUH" 'LJOLFKHVHORULYHGRGDTXHVWHSDUWLJOLVWDFFRODWHVWD ,OUDJD]]RVERIRQFKLDTXDOFRVDLQYHQH]LDQR 'LJOL FKH VH WRFFD GRQQD 'HPHWUD R XQD GHOOH VXH UDJD]]H OR YDGRDFHUFDUHHJOLVWDFFRODWHVWD 0DUFRSUHQGHFRUDJJLRHFLPHWWHODUDEELDFKHPLPDQFD 6SLQJRLO0XORYHUVRO XVFLWDO XOWLPRVODQFLRJOLHORGjXQVRQRUR FDOFLRQHOFXOR,GXHFRPSDULVLLQILODQRGLHWURGLOXL 'RQQD'HPHWUDVLDO]DVLVWHPDQGRVLLOYHVWLWRHO DFFRQFLDWXUD 9LULQJUD]LRVLJQRUH1RQSRWUzPDLVGHELWDUPLSHUTXHOORFKH DYHWHIDWWR ÊVXIILFLHQWHFKHPLGLFLDWHFKLKRSLFFKLDWRGRQQD'HPHWUDH VDUHPRSDUL 5DFFRJOLHXQDVHGLDPHQWUHOHUDJD]]HODFLUFRQGDQRG DWWHQ]LRQL H0DUFROHSRUJHGHOO DFTXD ,O0XORqLOWHQXWDULRGHLERUGHOOLGLFDOOHGH %RWWDL (YLRGLDWDQWR" 6L VFLRJOLH L FDSHOOL $OFXQH GHOOH UDJD]]H FKH ODYRUDYDQR SHU OXLKDQQRGHFLVRGLYHQLUHFRQPH1RQHUDQRVRGGLVIDWWHGHOWUDWWD PHQWRFKHLO0XORULVHUYDYDORUR3DJDVFDUVDHFLQJKLDWHQRQVRVH FDSLWH $QQXLVFR 3RVVRLPPDJLQDUHQRQDYHYDO DULDGHOJHQWLOXRPR 'RQQD 'HPHWUD VRUULGH , JHQWLOXRPLQL SRVVRQR IDUH DQFKH GL SHJJLRVLJQRUHPLRHGqSHUTXHVWRFKHLOYRVWURLQWHUYHQWRGLRJJL QRQEDVWDDSUHYHQLUHWXWWLLULVFKLGHOPHVWLHUH &DSLVFR )LQFKp FL VDUz DOORUD GRQQD 'HPHWUD VSHUR YRUUHWH DFFHWWDUHLPLHLVHUYLJL
&DSLWROR 9HQH]LDJLXJQR
3LHWUR3HUQDDUSLRQDXQDIHWWDGLSDQH LPEXUUDWRHWUDXQERFFRQH HO DOWURVLODQFLDQHOODGHVFUL]LRQHGHOSLDWWRIRUWHGHOODVHUDWD 6LJQRUL XQD SLFFROD OH]LRQH GL FRPH O DUWH FXOLQDULD GL TXHVWH WHUUH KD VDSXWR LQVDSRULUH H ULQQRYDUH XQD WLSLFD ULFHWWD ROWUHPRQWD QDLOPHUOX]]RHVVLFFDWR,QRVWULDPLFLQRUGLFLVLOLPLWDQRDOHVVDUH TXHVWRSHVFHGRSRDYHUORWHQXWRLQEDJQRSHUGXHJLRUQL6LDYYLFL QD H PL DEEUDFFLD FRQ DULD GL FRPPLVHUD]LRQH ,R GLFR TXDOH LP SHUGRQDELOHPDQFDQ]DGLIDQWDVLD$SURSRVLWRFRPSDUHO DYHWHPDL DVVDJJLDWRSULPD" &HUWRPROWHYROWH / LWDOLDQR VRIILD YLD XQD ULVDWD WUD OH ODEEUD H DO]D JOL RFFKL DOOH WUDYL GHO VRIILWWR 'L VLFXUR q XQ HVSHULHQ]D FKH YL q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pDOWULPHQWLGRYUHWHIDUHXQVHJQRVXOYRVWURWDFFXLQRDOODYRFH ©6WURQ]DWH GHO %LQGRQLª 4XLQGL SDVVD DO ODWLQR , QRVWUL DPLFL
QRQVDQQRFKHDYHWHJLj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pO DULQJDDIIXPLFDWDVDUjGLYHQWDWDO X QLFRFLERODELUUDO XQLFDEHYDQGDHOD%LEELDGL/XWHURO XQLFROLEUR ' DFFRUGR VRUULGH%LQGRQL DOORUDSURYLDPRDSDUODUHGLOL EULFKpDOPHQRLQIDWWRGLVWDPSDLWRVFDQLGHYRQRDEEDVVDUHODFUH VWD&RVDSURSRQHWHHVDWWDPHQWH" 3HUQD q LQFUHGLELOPHQWH VLQWHWLFR IRUVH SHU FRQVHQWLUPL GL FR JOLHUHRJQLSDUROD ,O%HQHILFLR/XLILQDQ]LDHGLVWULEXLVFHQHOWHUUL WRULR GHOOD 5HSXEEOLFD WX VWDPSL $UULYDEHQH YHQGH D 9HQH]LD H LR PLRFFXSRGHOPLODQHVH %LQGRQL VL JUDWWD OD EDUED QHUD Ê XQ XRPR VXOOD TXDUDQWLQD XQ DFFHQQRGLVWHPSLDWXUDHODFDUQDJLRQHROLYDVWUD 3LDQR3HUQDYDFFLSLDQR/DVWDLIDFHQGRWURSSRIDFLOH &RPH"4XDQWHFRSLHQHKDLYHQGXWHILQRUD" &LUFD WUHPLOD O LQWHUD WLUDWXUD 0D DGHVVR ELVRJQD HVVHUH SL~ SUXGHQWL 'DOO DQQR VFRUVR OD 0DJLVWUDWXUD GHJOL (VHFXWRUL QRQ VX SHUYLVLRQDVRORLOJLRFRG D]]DUGRHODEHVWHPPLDPDDQFKHODYLR OD]LRQHGHOOHOHJJLVXOODVWDPSD 3HUQD KD O DFFRUWH]]D GL LQIRUPDUPL LQ WHGHVFR 6RQRLFHQVRUL GL9HQH]LD4XLQGLJXDUGD%LQGRQLFRUUXFFLDWRHSUHQGHXQDVRUVD WDGLYLQR 0DD9HQH]LDV qVHPSUHVWDPSDWRGLWXWWR %LQGRQL 6tPDDGHVVRL'LHFLVLVRQRIDWWLSL~IXUEL2JQLOLEUR SULPDGLHVVHUHVWDPSDWRGHYHULFHYHUHO DXWRUL]]D]LRQHGHJOL(VHFX WRUL+RGHLVHULGXEELFKHODFRQFHGHUHEEHURDO%HQHILFLRGL&ULVWR 3HUQD PL JXDUGD SHU VLQFHUDUVL FKH DQFK LR DEELD DIIHUUDWR WXWWR
TXDQWR TXLQGL VL ULYROJH DL GXH FRPSDUL & q TXDOFKH SUREOHPD D VWDPSDUORFODQGHVWLQDPHQWH" %LQGRQL 1R PD VHUYH TXDOFKH WLWROR GL FRSHUWXUD 6H FKLHGR O DXWRUL]]D]LRQHSHUQRYHRSHUHFL VRQREXRQHSRVVLELOLWjFKHODGH FLPDSDVVLLQRVVHUYDWDPLVSLHJR" 3HUQDPLODQFLDXQ RFFKLDWDFFLDPHQWUHVWRSHUSUHQGHUHLOEDFFD Oj FRQ OH PDQL H PL VYHQWROD VRWWR LO QDVR XQ DWWUH]]R ELIRUFXWR )RUFKHWWD 4XLQGLLQILO]DXQSH]]RGLSHVFHORSRUWD DOODERFFDHDVSHWWDFKH LRIDFFLDDOWUHWWDQWR &RVtQRQFLVLXQJHOHPDQL $UULYDEHQH q XQ WLSR JUDVVRFFLR DQFKH OXL VXL TXDUDQWD XQ FD VFKHWWR GL UDGL FDSHOOL QHUL H XQ PRGR GL SDUODUH XQ SR OH]LRVR D ERFFD VWUHWWD 3HU OD VWDPSD QRQ GRYUHEEHUR HVVHUFL SUREOHPL VH QRQGLIRQGL9RLFKHWLUDWXUDDYHYDWHLQPHQWH" 8QFHQQRDOODGRPHVWLFDFKHDUULYDFRQXQYDVVRLRGLFRQFKLJOLH OXQJKHHQHUHPH]]HDSHUWH 3HUQD ID OH SUHVHQWD]LRQL &R]]H 4XHVWH VL PDQJLDQR FRQ OH PDQL 1H SUHQGH XQD OD DSUH SHU EHQH FL VSUX]]D VRSUD TXDOFKH JRFFLD GL OLPRQH H VXFFKLD LOPROOXVFR &LPHWWHWHLOSUH]]HPROR" 'RYUHVWHSURYDUOHSLXWWRVWRFRQLOSDQJUDWWDWRLOSHSHURQFLQRHXQ ILOR G ROLR WRVFDQR QDWXUDOPHQWH ,R SHQVDYR D GLHFLPLOD FRSLH LQ WUHDQQL $%LQGRQLYDGLWUDYHUVRLOYLQR7RVVLVFHPHQWUH$UULYDEHQHJOL GjSDFFKHVXOODVFKLHQD 5LHVFH D ULSUHQGHUH LO ILDWR 6WDL VFKHU]DQGR" 3HU FKL PL KDL SUHVR" 0DQX]LR" 1RQ SRVVR LQYHVWLUH WDQWL VROGL H WDQWH HQHUJLH VX XQVRORWLWROR 3HUFKpDQFRUDQRQKDLILXWDWRODSRUWDWDGHOO DIIDUH JOLULEDWWH 3HUQD ,O QRVWUR DPLFR WHGHVFR SXz ILQDQ]LDUH OH SULPH GLHFLPLOD FDSLWR"HLQVLHPHDPHGLVWULEXLUOHSHUODSHQLVROD $UULYDEHQH q GLIILGHQWH &RPH IDL D HVVHUH VLFXUR FKH YHQGHUj FRVtWDQWR" 3HUQDDOODUJDOHSLFFROHEUDFFLD 3URSULRSHUFKpFLVRQREXRQH SUREDELOLWjFKHYHQJDSURLELWR8QOLEURFODQGHVWLQRORYHQGLDOSUH] ]RFKHYXRLFDSLWR"HVXOVXRFRQWHQXWRPRQWDQROHDVSHWWDWLYH/R GDUHPRYLDFRPHLOSDQH6DYRQDUROLDQLDQWLWULQLWDULVDFUDPHQWLVWL FULSWROXWHUDQL H LQ SL~ WXWWL L FXULRVL 1RQ VRWWRYDOXWDWH OD FXULRVLWj GHJOLXRPLQLDPLFLPLHLSXzPXRYHUHOHPRQWDJQH 0PK 4XL D 9HQH]LD SUHFLVD $UULYDEHQH OD FHUFKLD GHL FRPSUDWRULqTXHOODGHJOLDPLFLGHOOR6WUR]]LHGHOO DPEDVFLDWRUHLQ
JOHVH WXWWL VLPSDWL]]DQWL GL /XWHUR H &DOYLQR ROWUH FKLDUDPHQWH DL YLDQGDQWLPHUFDQWLHXRPLQLGLOHWWHUH 6RQRFRQYLQWR ORUDVVLFXUD3HUQD FKHD0LODQRLOOLEURDE ELDEXRQHSRVVLELOLWjGLYHQGHUHHWDQWRSL~D)HUUDUDRD%RORJQD GRY q SLHQR GL VWXGHQWL D )LUHQ]H 3ULPD FRPLQFHUHPR D FRSULUH LO WHUULWRULR GHOOD 5HSXEEOLFD SRL VH JOL DIIDUL YDQQR EHQH FL DOODU JKLDPRVHPSUHGLSL~ %LQGRQLqPHGLWDERQGRVLOLVFLDODEDUEDHJLUDLQWRUQRJOLRFFKL DUURVVDWL6RSSHVDLULVFKLHLYDQWDJJLKDEHQSUHVHQWHLSULPLHGHL VHFRQGLQRQVLqDQFRUDFRQYLQWR 3HUQDORLQFDO]D 0HWjGHLJXDGDJQLSHUQRLHPHWjSHUYRL %LQGRQL DQQXLVFH 6H OD WLUDWXUD GHY HVVHUH FODQGHVWLQD QRQ FL PHWWLDPRLOPLRQRPHVRSUD 3HUQD JOL DOOXQJD OD PDQR $IIDUH IDWWR )RVVLPR LQ 7RVFDQD VXJJHOOHUHLO DIIDUHQHOPRGRSL~GHJQRPDYLVWRFKHVLDPRLQODJX QDDFFRQWHQWLDPRFLGLTXHVWRGLVFUHWRYLQRGHLFROOLYHQHWL
&DSLWROR 9HQH]LDOXJOLR
,OSURIXPRGLGRQQD'HPHWUDqXQHIIOXYLRGROFHHVRWWLOHHVVHQ ]D GL PXJKHWWR SL~ R PHQR LQWHQVD FKHIRUQLVFHLQGL]LVXOVXRSDV VDJJLRRODVXDSUHVHQ]DQHOOHFDPHUHGHOSDOD]]R 6HGXWDDOORVFULWWRLRQHOO DQWLFDPHUDGHOODVXDVWDQ]DFRQO DLXWR GLFDUWDHSHQQDVXGGLYLGH LJXDGDJQLGHOPHVH (QWUDWHGRQ/XGRYLFRDFFRPRGDWHYLTXLDFFDQWR *OL RFFKL JULJLRYHUGL FKH LQYLWDQR D SDUODUH H L SRFKL FDSHOOL ELDQFKL YROXWDPHQWH VIXJJLWL DOOD WLQWXUD VRQR L VROL VHJQL FKH TXD UDQW DQQLGLYLWDDEELDQRODVFLDWRVXOYROWRGLTXHVWDGRQQDGL&RUI~ ILJOLD G XQ FDSLWDQR YHQH]LDQR H GL XQD JUHFD ,O VXR FRUSR HPDQD XQ HQHUJLDDQFRUDLQWDWWD 9ROHYDWHSDUODUPLGRQQD'HPHWUD" ,QIDWWL ULVSRQGHFRQXQVRUULVRHVSHUWR 0DVHGHWHYLSUHJR , ULFRUGL UHPRWL GHOO XQLYHUVLWj PL DLXWDQR D FRPSUHQGHUH LO VXR WHGHVFR LPSDVWDWR GL ODWLQR H JUHFR XQ PLVFXJOLR YDULR FKH VHPEUD HVVHUHODOLQJXDXQLYHUVDOHDFXLLPHUFDQWLGLTXHVWDFLWWjVLVRQRD GDWWDWLO LGLRPDGHJOLDIIDULGHOOHVSH]LHGHLWHVVXWLHGHOOHSRUFHOOD QH ,OFKLDURUHGLTXHJOLRFFKLKDXQFKHGLPDJLFRGLDQWLFRHDIID VFLQDQWH 9L EULOOD O LQWHOOLJHQ]D GL XQD GRQQD HVSHUWD GHL IDWWL GHO PRQGRTXHOPRQGRPXOWLIRUPHHYDULRSLQWRFKHKDIDWWRGL9HQH]LD XQDWDSSDREEOLJDWD 9LFRQIHVVRGRQ/XGRYLFRXQFHUWRLPEDUD]]R /D IUDVH q VWXGLDWD IDOVD QHO FRQWHQXWR H QLHQW DIIDWWR QHO WRQR SUHDQQXQFLDODVSRQWDQHLWjFKHPLDVSHWWR 'RQQD 'HPHWUD FLQJH OH PDQL LQ JUHPER 9RL VLHWH WHGHVFR H VREHQHFKHGDOOHYRVWUHSDUWLQRQqXVXDOHSHUQRQGLUHDVVDLUDUR FKHXQDGRQQDSDUOLG DIIDULDXQXRPR /DUDVVLFXUR 6HqTXHVWRLOPRWLYRGHOYRVWURLPEDUD]]RDOORUD QRQ WHPHWH *OL DFFDGLPHQWL GHOOD YLWD PL KDQQR LQVHJQDWR FKH OD JHQXLQD SUDWLFLWj GHOOH GRQQH q GL JUDQ OXQJD SUHIHULELOH DOOD JUHWWD PDWHULDOLWjGHJOLXRPLQL
,O VRUULVR VL DOODUJD &UHGHYR GL IDUYL XQ IDYRUH QHO PRVWUDUPL LQJHQXD GL VROLWR JOL XRPLQL WUDJJRQR XQ SLDFHUH VSHFLDOH GDOO LGHD GL SRWHU FRPSUHQGHUH ODPHQWHGLXQDGRQQDGLSRWHUHSUHQGHUVHQH FXUDGDOO DOWRGHOODORURHVSHULHQ]D3HUWUDWWDUHFRQYRLDOWULGDSDULD SDUL q QHFHVVDULR ILQJHUH VSDHVDPHQWR H LQIHULRULWj DOWULPHQWL LO UL VFKLRqTXHOORGLUHFDUHRIIHVDDXQRUJRJOLRIDFLOPHQWHVXVFHWWLELOH $QQXLVFR ODVFLDQGR VFLYRODUH OR VJXDUGR VXO FROOR ROLYDVWUR H O DPSLDVFROODWXUD / RUJRJOLR ODVFLDPROR DJOL LQHWWL DOORUD H SHU XQD YROWD HFFH GLDPRDOODUHJROD ÊTXHOORFKHYROHYDVHQWLUVLGLUH 9RUUHLPHWWHUPLLQDIIDULFRQ YRL H IDUH GL TXHVWR SRVWR LO SL~ HVFOXVLYR H LO SL~ ULFKLHVWR OXRJR G DPRUHGLWXWWD9HQH]LD+RDOFXQHLGHHLQSURSRVLWRHYRLDYHWHL VROGLSHUUHDOL]]DUOH 0L DJJLXVWR VXOOD VHGLD H DSSRJJLR OD JXDQFLD VX XQD PDQR 3URSRVWDVLQJRODUHGRQQD'HPHWUDO RVSLWHFKHGLYHQWDWHQXWDULR $O]D XQD PDQR SHU FKLHGHUPL GL ODVFLDUOD FRQWLQXDUH 1RQ F q GD ODPHQWDUVL SHU FRPH YDQQR DGHVVR OH FRVH 0D O HVSHULHQ]D PL GLFH FKH TXDOFKH PRGLILFD SRWUHEEH LQFUHPHQWDUH GL JUDQ OXQJD LO YROXPHGHJOLDIIDULGHOODFDVD &RQWHQJR OD VRUSUHVD GLYHUWLWR QRQ Y q IHPPLQD WUD O 2GHU H LO 5HQRFKHSDUOHUHEEHFRQWDQWDQDWXUDOH]]DGLDUJRPHQWLGHOJHQHUH $GHVVR OH FRVH IXQ]LRQDQR FRVt JOL XRPLQL DGRFFKLDQR OH UD JD]]HVXOODVWUDGDRSSXUHDUULYDQRTXLDWWUDYHUVDQRLOFRUULGRLRWUDL GLYDQLGHOOHUDJD]]HVLVLHGRQRDFFDQWRDTXHOODFKHSL~JUDGLVFRQR OD LQYLWDQR H TXDQGR GHFLGRQR GL DQGDUVHQH SDJDQR OD FDPHUD H LO VHUYL]LR&RVDSLDFHDJOLXRPLQLLQTXHVWRPHFFDQLVPR" $VSHWWDXQDULVSRVWDULRUGLQRLQIUHWWDOHLGHHSHUVDOYDUHODIDF FLD 0ROWHFRVHGLUHLDJLXGLFDUHGDFRPHVLDIIH]LRQDQR,QSULPR OXRJRODQDWXUDOH]]DGLWXWWRLOULWXDOH *LXVWR&RPHGLFRVHPSUHDOOHUDJD]]HQRQGDWHO LPSUHVVLRQH GLHVVHUHDOODYRURHTXDQGRYLLQYLWDQRDO]DWHYLFRPHVHYLDYHVVH URFKLHVWRXQEDOOR'XQTXHVLWUDWWHUHEEHGLUHQGHUHODFRVDDQFRUD SL~ QDWXUDOH ,O FOLHQWH GRYUHEEHDYHUHO LPSUHVVLRQHGLDYHUVHGRWWR ODVXDSUHIHULWD$OSLDQWHUUHQRGRYUHEEHHVVHUFLXQDWDYHUQDGLJUDQ OXVVRFRQPHVFLWDGLYLQLSUHJLDWLHFXFLQD8QSRVWRGRYHXQULFFR PHUFDQWHSRVVDGHVLGHUDUHGLYHQLUHDQFKHVRORSHUPDQJLDUH 3LDQR SLDQRGRQQD'HPHWUDVHQWRJLjFKHPLJLUDODWHVWD 6RUULGHDOORVFKHU]RHULSUHQGH 3HQVDWHODFRVtDXQDFHUWDRUD OHUDJD]]HHQWUDQRLQVDOD4XDOFXQDVLVLHGHTXDOFXQDVHUYHDLWDYR
OLTXDOFXQDYDDOEDQFRGHLYLQL,FOLHQWLSL~GLVLQYROWLOHLQYLWDQRD VHGHUVL DO ORUR WDYROR TXHOOL SL~ WLPLGL FKLHGRQR D XQ FDPHULHUH GL IDUHGDLQWHUPHGLDULR 'RQQD'HPHWUDVLDO]DOHQWDPHQWHHVRQRVLFXURFKHLOPRGRLQ FXLORIDqVWXGLDWRDSSRVWDSHUGDUPLXQDQXRYDHIXJDFHSURVSHWWLYD GHOODVXDVFROODWXUD 6LPHWWHGLHWURGLPHHFRPLQFLDDPDVVDJJLDU PLLOFROORFRQODSXQWDGHOOHGLWD8QEULYLGRPLIDVFDSSDUHXQVR VSLUR ,RFUHGRGRQ/XGRYLFRFKHFRQTXLVWDUHXQDGRQQDDFHQDDQ FKHVRORSHUILQWDVLDPROWRSL~SLDFHYROHFKHIDUORVXOGLYDQRGLXQ FRUULGRLR2VEDJOLR" *LXVWLVVLPR /D VHFRQGD SURSRVWD q GL DOODUJDUH LO JLUR GHOOH UDJD]]H 8QD TXLQGLFLQD ILVVH H XQ DOWUD TXLQGLFLQD FKH YLHQH TXDQGR YXROH TXDQGRKDELVRJQRGLVROGLTXDQGRVHODVHQWH3L~ULFDPELRFLVDUj H SL~ L FOLHQWL DIIH]LRQDWL DYUDQQR O LOOXVLRQH GL QRQ DYHU D FKH IDUH FRQGRQQHGLPHVWLHUHHDYUDQQRO RSSRUWXQLWjGLSRUWDUHDOHWWRTXL TXHOODUDJD]]DFKHIXRULQRQDYUHEEHURLOFRUDJJLRGLDYYLFLQDUH ,O PDVVDJJLR PL VFLRJOLH OD WHQVLRQH OXQJR LO FROOR H OD VFKLHQD VRQROHPDQLSL~DELOLFKHPLDEELDQRPDLWRFFDWR 3HUFKp SHQVDWH FKH SRWUHL HVVHUH LQWHUHVVDWR D XQ SRVWR FRPH TXHVWR" , VXRL FDSHOOL PL VILRUDQR O RUHFFKLR 6H XQR VWUDQLHUR YLHQH D 9HQH]LDqSHUIDUHDIIDULRSHUQDVFRQGHUVL$OPHUFDQWHSURSRQJR XQ FRPPHUFLR UHGGLWL]LR $O IXJJLDVFR XQ DWWLYLWj FKH JDUDQWLVFH GL VFUH]LRQHHQHVVXQDLQJHUHQ]DGDSDUWHGHOOHDXWRULWj $QQXLVFR ,R VRQR VWDWR O XQR H O DOWUR 0D YL GLUz FKH RJJL TXHOORFKHPLLQWHUHVVDGLSL~VRQROHLQIRUPD]LRQL /D ULVDWD IUHVFD GL XQD UDJD]]LQD 6LJQRUH PLR ODVFLDWH DOORUD FKH O HVSHULHQ]D SDUOL SHU PH D OHWWR JOL XRPLQL ULYHODQR FRVH FKH QRQ VL ODVFHUHEEHUR VIXJJLUH QHPPHQR QHO FRQIHVVLRQDOH &RQRVFR SL~LRGHLORVFKLDIIDULGHO'RJHFKHLVXRLVWHVVLFRQVLJOLHUL 4XHVWDGRQQDFRQWLQXDDVEDORUGLUPL 6DSHWH GRQQD 'HPHWUD FUHGR FKH IDUz OD YRVWUD IRUWXQD ,Q PHQ FKH QRQ VL GLFD VDUHWH OD 9LWWRULD &RORQQD GHOOD 5HSXEEOLFD GL 9HQH]LD 0LODVFLDVFLYRODUHOHEUDFFLDVXOSHWWRHDFFRVWDODERFFDDOPLR RUHFFKLR &RQODGLIIHUHQ]DGRQ/XGRYLFRFKH9LWWRULD&RORQQDID LO PLR VWHVVR ODYRUR VHQ]D YROHUOR DPPHWWHUH 6L GjDULHGLJUDQVH GXWWULFHHILQJHGLQRQVDSHUHTXHOORFKHJOLDUWLVWLFRPH0LFKHODQJH
ORVLDVSHWWDQRGDOHL $OORUDGLFLDPRVROWDQWRFKHGLYHQWHUHWHULFFD ( DQFKHYRL(IRUVHPLUDFFRQWHUHWHTXDOFRVDGLSL~GLTXHOOR FKH VLHWH YHQXWR D IDUH TXL 0D YL FRQVLJOLR GL DIIUHWWDUYLVHYROHWH DYHUH LO SLDFHUH GL UDFFRQWDUH D XQD GRQQD TXHOOR FKH DQFRUD LO VXR LQWXLWRQRQOHKDVXJJHULWR
&DSLWROR 9HQH]LDIHEEUDLR
)DWHSLDQRFRQTXHOODO KRIDWWDDUULYDUHDSSRVWDGD3DGRYD *OLRSHUDLURWRODQRFRQDWWHQ]LRQHODERWWHVXOIRQGRGHOODVDOD ,YHFFKLWDYRODFFLVRQRVSDULWLVRVWLWXLWLGDLSH]]LGHOPLJOLRUID OHJQDPH GL 9HQH]LD 9HOL FRORUDWL FRSURQR OH YHFFKLH SDUHWL XPLGH ULGLSLQWH H XQ JUDQGH VSHFFKLR FDPSHJJLD GLHWUR OD PHVFLWD GHL OL TXRUL 5LPDQGD O LPPDJLQH GL XQ XRPR UREXVWR YROWR VHJQDWR GDO WHPSRHFDSHOOLJULJL5HVWRXQDWWLPRDJXDUGDUORDRVVHUYDUHTXHOOR FKH VRQR GLYHQWDWR LQ TXDUDQWDFLQTXH DQQL GL YLWD ,O FRUSR VHPEUD UDFFKLXGHUHXQDIRU]DDQFRUDLQWDWWDPDQRQSL~FRVtSURQWDHDJLOH DJOLRFFKLGLFKLODIHFHVDHWWDUHVXOOHEDUULFDWH&KHDVVXUGRPLUDFR OR JOL VSHFFKL H TXHVWD FLWWj QH q SLHQD QRQ F qERWWHJD R PHUFHULD GRYH QRQ VL WURYL LQ EHOOD YLVWD XQR GHL ILQL ODYRUL GHL PDVWUL YHWUDL ORFDOL8QPRQGRFDSRYROWRVLPPHWULFRGRYHODGHVWUDGLYHQWDVLQL VWUDQRQFUHGHYRGLDYHUHLOQDVRFRVtVWRUWR 'HYRVFDFFLDUHVXELWRLSHQVLHULF qDQFRUDPROWRGDIDUHO LQDX JXUD]LRQHqTXHVWDVHUD 'RQQD 'HPHWUD PL YLHQH LQFRQWUR FRQ XQ VRUULVR /H UDJD]]H VRQRSURQWH *OLDUURVWL" /DFXRFDVWDIDFHQGRGHOVXRPHJOLR 6LJXDUGDLQWRUQRTXDVLVSHUGXWD 4XHVWRSRVWRQRQVHPEUDSL~ ORVWHVVR ÊVRSUDWWXWWRPHULWRYRVWURDYHWHVFHOWRFRQJXVWR 0HWWHUHWHLOYRVWURYHVWLWRQXRYRTXHVWDVHUD" 1RQWHPHWHQRQKRVSHVRTXHOODFLIUDSHUIDUORDPPXIILUHLQXQ FDVVHWWR 3LHWUR3HUQDLUURPSHQHOODORFDQGDDEUDFFLDVSDODQFDWH6LIHUPD D ERFFD DSHUWD YHGH GRQQD 'HPHWUD FHUFD GL ULFRPSRUVL H DYDQ]D FRQXQLQFKLQR ,PLHLRPDJJLDOSL~EHOJLRLHOORGLWXWWD9HQH]LD 6LHWHO DGXODWRUHSL~JDODQWHFKHDEELDPDLDYXWRPHVVHU3HUQD 0DVLHWHLQDQWLFLSRQRQVHUYLUHPRSULPDGHOWUDPRQWR /RVRHYLDVVLFXURFKHQRQYHGRO RUDGLJXVWDUHLSLDWWLFKHD YHWHLQVHUERSHUQRL 'XQTXHFRVDYLSRUWDGDTXHVWHSDUWL"
3ULPD GL YDUFDUH OD VRJOLD HUR FRQYLQWR GL VDSHUOR PD OD OXFH GHLYRVWULRFFKLPLKDFRQIXVRLSHQVLHUL 'RQQD 'HPHWUD VFRSSLD D ULGHUH PHQWUH SUHQGR 3HUQD SHU XQ EUDFFLRHORFRQGXFRLQIRQGRDOODVDOD %DQGRDOOHVPDQFHULHFKHVXFFHGH" )D XQ SDVVR LQGLHWUR H JHWWD OH PDQL DYDQWL &L VHL FRPSDUH" 6HLSURQWR" 6RQRWXWW RUHFFKLSDUODSXUH 0DUWLQ/XWHURqPRUWR
,O YLQR VFRUUH D ILXPL GDOOH ERWWL PHQWUH L ELFFKLHUL SDVVDQR GL PDQRLQPDQRLQXQDOXQJDFDWHQDXPDQDFKHVHUSHJJLDQHOODUHVVD GHOORFDOH9RFtRGLGRQQHHXRPLQLDOOHJULPHUFDQWLDIIDULVWLHSHU ILQRTXDOFKHDULVWRFUDWLFRGLUDQJRPLQRUH %LQGRQL q DOOHSUHVHFRQODFRVFLDG XQIDJLDQRFKHSLOXFFDFRQ FXUD DWWHQWR D QRQ PDFFKLDUH LO YHVWLWR EXRQR $UULYDEHQH VL ID OL VFLDUH L FDSHOOL GD XQD GHOOH UDJD]]H ULGDFFKLDQGR DOOH IUDVL FKH JOL YHQJRQRVXVVXUUDWHDOO RUHFFKLR 3HUQD WLHQH EDQFR D XQR GHL WDYROL UDFFRQWDQGRDQHGGRWL GHOOD YLWDSDVVDWDWUDXQDFLWWjHO DOWUD 1RRRRVLJQRULLO&RORVVHRqXQD IUHJDWXUDXQSRVWDFFLRYHO DVVLFXURLRSLHQRGLJDWWDFFLURJQRVLH WRSLJUDQGLFRPHYLWHOOL $O WDYROR D ILDQFR TXDWWUR JLRYDQL UDPSROOL GHOOD FRUSRUD]LRQH GHJOL VSH]LDOL VSROSDQR FLz FKH ULPDQH G XQ PDLDOLQR DOOR VSLHGR VFDPELDQGRRFFKLDWHPROWRHVSOLFLWHFRQOHUDJD]]HVHGXWHLQIRQGR DOODVDOD 'LHWUR XQ FDSDQQHOOR GL WHVWH DO WDYROR DSSRJJLDWR DO PXUR XQ XRPRHXQDJLRYDQHGRQQDVLVFDPELDQRHIIXVLRQL $YYLFLQRGRQQD'HPHWUDGLHWURLOEDQFRQH &KLVRQRTXHLGXHVHGXWLLQIRQGR"1HVVXQRVLSRUWDO DPDQWHLQ XQERUGHOOR 6FUXWD H DQQXLVFH 6H q OD PRJOLH G XQ DOWUR Vt /HL q &DWHULQD 7ULYLVDQRPRJOLHGL3LHU)UDQFHVFR6WUR]]L 6WUR]]L",OSURIXJRURPDQR"4XHOORFKHVHODIDFRQO DPEDVFLD WRUHLQJOHVH" 3URSULROXL(TXHOORFKHVWDFRQOHLqO DPLFRGHOPDULWRDVSHW WD 'RQ]HOOLQL Vt *LURODPR 'RQ]HOOLQL Ê GRYXWR VFDSSDUH GD 5R PD LQVLHPH D VXR IUDWHOOR H D 6WUR]]L SHUFKp OR SHUVHJXLWDYDQR Ê
XQRVWXGLRVRWUDGXFHGDOJUHFRDQWLFRFUHGR (VDLDQFKHSHUFKp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qODFLWWjSL~EHOODGHOPRQGR ,YHVWLWLVRQRHOHJDQWLWHVVXWLHWDJOLUDIILQDWLLWUDWWLGHLYROWLLQ GXEELDPHQWHPHGLWHUUDQHLFDSHOOLQHULSL~OXQJKLGHOQRUPDOHUDF FROWLGLHWURODQXFDFRQQDVWULGuFXRLRVFXUR%DUEHVRWWLOLVVLPHFKH VFHQGRQRGDOOHRUHFFKLHILQRDWHUPLQDUHLQXQDSXQWDDSSHQDDFFHQ QDWD 0L ULYROJR D ORUR LQ ODWLQR 6DOYHVLJQRULVRQR/XGZLJ6FKD OLHGHFNHUWHQXWDULRGHOODFDVD 8QOLHYHLQFKLQRGHOFDSR 3XUWURSSRLOPLRODWLQRFHGHLOSDVVR DOSRUWRJKHVHHDOILDPPLQJR $OORUDSRWUHPPRLQWHQGHUFLFRQO LGLRPDGL$QYHUVDVHFUHGH WH6SHURDEELDWHJUDGLWRODFHQDRIIHUWDYLGDO&DUDWHOOR 8Q SR VWXSLWR ,O PLR QRPH q-RmR0LTXH]SRUWRJKHVHGLQD VFLWD ILDPPLQJR G DGR]LRQH ,QGLFD LO JLRYDQH DOOD VXD GHVWUD 0LR IUDWHOOR %HUQDUGR ( TXHVWL q 'XDUWH *RPH] DJHQWH GHOOD PLD IDPLJOLDD9HQH]LD 6HSRWHYRVHUEDUHTXDOFKHGXEELRVXOODULFFKH]]DGLTXHVW XRPR O DQHOORG RURPDVVLFFLRFKHSRUWDDOO RUHFFKLRVLQLVWURORGLVVLSDGHO WXWWR 3RFR SL~ GL WUHQW DQQL RFFKL QHUL LQWHQVL H XQ RGRUHEXRQRGL FRQFLRVSH]LHHGHVVHQ]HPDULQHLQVLHPH 9ROHWHEHUHFRQPH" 6DUHPROLHWLGLEHUHDOODVDOXWHGLFKLFLKDRIIHUWRXQSDVWRSUH OLEDWR6HYROHWHRQRUDUFLGHOODYRVWUDFRPSDJQLD 0LSRUJHODVH GLDFRQXQJHVWRHOHJDQWH 0L VLHGR 9HUDPHQWH VDSHWH VLJQRUH RJJL XQ YHFFKLR QHPLFR KD GHFLVR ILQDOPHQWH GL WLUDUH OH FXRLD 6RQR WHQWDWR GL EULQGDUH D TXHVWROLHWRHYHQWR
, WUH VL ODQFLDQR XQ RFFKLDWD LQFRPSUHQVLELOH FRPH VH SRWHVVHUR SDUODUVLFRQLOVRORSHQVLHURPDqVHPSUHORVWHVVRDGDUHODYRFHD WXWWL 9RUUHWHDOORUDGLUFLFKLHUDODSHUVRQDFKHDOLPHQWDYDLOYRVWUR RGLR 6ROWDQWRXQYHFFKLRIUDWHDJRVWLQLDQRWHGHVFRFRPHPHFKHLQ JLRYHQW~VHSSHWUDGLUHYLJOLDFFDPHQWHPHHDOWUHPLJOLDLDGLVYHQWX UDWL ,O SRUWRJKHVH VRUULGH DIIDELOH GHQWL ELDQFKLVVLPL H SHUIHWWL &RQVHQWLWHDOORUDFKHEULQGLDOODPRUWHGRORURVDGLWXWWLLWUDGLWRULGL FXLSXUWURSSRTXHVWRPRQGRqSLHQR ,ELFFKLHULVLYXRWDQR 6LHWHGDPROWRD9HQH]LDPHVVHUL" 6LDPRDUULYDWLLHULO DOWUR$EELDPRUDJJLXQWRPLD]LDFKHYLYH TXLGDSL~GLXQDQQRRUPDL 0HUFDQWL" ,OIUDWHOORSL~JLRYDQH 4XDOFXQRFKHYLHQHD9HQH]LDIRUVHQRQ ORq"(YRLVLJQRUHDYHWHGHWWRG HVVHUWHGHVFR" 6t 0D KR FRPPHUFLDWR DEEDVWDQ]D LQ $QYHUVD GD SDUODUH OD OLQJXDGLTXHOOHWHUUH 0LTXH]VLLOOXPLQD 6SOHQGLGDFLWWj0DQRQTXDQWRTXHVWDH GLVLFXURPHQROLEHUD ,O VRUULVR q LPSHQHWUDELOH PD F q LO JXL]]R GL XQ DOOXVLRQH LQ TXHOODIUDVH 5LHPSLRGL QXRYRLELFFKLHUL1RQVRQRWHQXWRDGLUHQLHQWHVR QRDFDVDPLD &RQRVFHWH$QYHUVD" 9LKRWUDVFRUVRJOLXOWLPLGLHFLDQQLGHY HVVHUHXQFDVRFKHQRQ Y DEELDPDLLQFRQWUDWR $YHWHGXQTXHGHFLVRGLWUDVIHULUHLYRVWULDIIDULTXDJJL~ ,QIDWWL 4XDQGRVRQRDUULYDWRPLKDQQRGHWWRFKHFKLYLHQHD9HQH]LD RqXQPHUFDQWHRqXQIXJJLDVFR(VSHVVRO XQRHO DOWURDVVLHPH 0LTXH] DPPLFFD JOL DOWUL GXH VHPEUDQR LPEDUD]]DWL 9RL D TXDOHVSHFLHDSSDUWHQHYDWH" 6HPEUDFKHQLHQWHSRVVDIDUJOLSHUGHUHO DULDVHUHQDTXHOODGLXQ JDWWRFKHSUHQGHLOVROHVXXQGDYDQ]DOH $ TXHOOD GHLULFFKLIXJJLDVFKL0DQRQULFFRTXDQWRYRLFUH GR 5LGHGLJXVWR 9RUUHLSURSRUYLLRXQEULQGLVLVLJQRUH$O]DLO ELFFKLHUH $OOHIXJKHULXVFLWH
$OOHWHUUHQXRYH
*OLXOWLPLDYYHQWRULLQILODQRODSRUWDLQFHUWLVXOOHJDPEHRQGHJ JLDQWLFRPHEDUFKHFRQWURYHQWR5DFFROJR3HUQDGDOWDYRORVXFXLVL qDFFDVFLDWR 'RY qILQLWRLOWXRXGLWRULR" 6ROOHYDODWHVWDFRQJUDQGHVIRU]RJOLRFFKLDQQHEELDWLULJXUJLWD XQUDJOLRGLVDUWLFRODWR 6RQRWXWWLGHJOLVWURQ]LVLVRQRSRUWDWLYLD SXUHOHUDJD]]H 0D FKH UDJD]]H q PHJOLR FKH WL EXWWL VX XQ OHWWR 1RQ VDUj LO QHWWDUHWRVFDQRPDSXUHLOYLQRYHQHWRWLKDSLHJDWRSHUEHQH /RDLXWRDGDO]DUVLHORWUDVFLQRYHUVROHVFDOH'RQQD'HPHWUDFL YLHQHLQFRQWUR &RVD SRVVLDPR IDUH SHU LO QRVWUR JDODQWH OLEUDLR FKH KD FRVt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qWRVFDQR
&DSLWROR 9HQH]LDPDU]R
6FHQGLDPR GDO SRQWLFHOOR LQ FDOOHGH %RWWDL0DUFRDUUDQFDFRQ LOFDUUHWWRVWUDSLHQRGLYHWWRYDJOLH/RSUHFHGRPDPLDFFRUJRVXEL WR FKH F q TXDOFRVD GL VWUDQR QRQ F q SDVVDJJLR TXDWWUR WLSL EHQ SLDQWDWLEORFFDQRODVWUDGD8QRGLORURqLO0XOR $QFKH0DUFROLYHGHUDOOHQWD8QRVJXDUGRSUHQGRLOFDUUHWWR 9LHQLPLGLHWUR 6FHQGRSLDQROLSXQWRLOFDUUHWWRFRPHXQDULHWH 1HLQFDVWURXQRFRQWURLOPXURJOLDOWULVLIDQQRVRWWRFROWHOORLQ PDQR6FDOSLFFtRDOOHPLHVSDOOHHOHXUODWHUURUL]]DWHGL0DUFR7UH VDJRPHVEXFDQRGLFRUVDVSDGHVJXDLQDWHHLPSUHFD]LRQLSRUWRJKH VL ,O0XORHLVXRLUDOOHQWDQRXQRGHLSRUWRJKHVLPLDIILDQFDJOLDO WULGXHFRUURQRDYDQWLVSDGHSXQWDWH*OLVJKHUULGHO0XORVHODEDW WRQR 'XDUWH *RPH] WLHQH OD SXQWD DOOD JROD GHOO XQLFR ULPDVWR 0L SLDFHUHEEHDPPD]]DUYLFRPHXQFDQHVHxRU , IUDWHOOL 0LTXH] WRUQDQR D SDVVR VYHOWR -RmR VRUULGH H JULGD LQ ILDPPLQJR 1RQQHYDOHODSHQDFRPSDUH *RPH]JOLIDXQDYLUJRODVXOODJXDQFLDXQEDIIRGLVDQJXH )LOD YLDEDVWDUGR 6FDSSDYHUVRLO&DQDO*UDQGH 6HPEUDFKHGHEEDHVVHUYLJUDWRGRQ-RmR ,OSRUWRJKHVHULQIRGHUDODVSDGDXQDWROHGDQDIUHJLDWDIDXQLQ FKLQR H ULGH 3RFD FRVD ULVSHWWR DOOD VSOHQGLGD RVSLWDOLWj GHOO DOWUD VHUD ,O PLQRUH GHL 0LTXH] %HUQDUGR WUDQTXLOOL]]D GRQQD 'HPHWUD 1RQDYHWHSL~ QXOODGDWHPHUHVLJQRUD4XHLTXDWWURVWUDFFLRQLQRQ YLGDUDQQRSL~QRLD /RVSHURPHVVHULORVSHURGDYYHUR9LVRQRLQILQLWDPHQWHJUD WD 1HVLHWHFRVtVLFXUR"
ÊLOPDJJLRUHDULVSRQGHUPL 1RQY qGXEELR,QFHUWLDPELHQWL OHYRFLYLDJJLDQRUDSLGH'DRJJLLQSRLVDUjQRWRFKHXQWRUWRIDWWRD YRLRDOOHYRVWUHUDJD]]HVDUjFRPHIDWWRDQRL /DYRVWUDIDPLJOLDqGXQTXHWDQWRSRWHQWH" 'RQ-RmRSDUODOHQWDPHQWHFHUFDQGRGLFRJOLHUHODPLDUHD]LRQH 4XHOODVHIDUGLWDqXQDJUDQGHIDPLJOLDLFXLPHPEULVRQRDELWXDWLD GDUVL PDQ IRUWH O XQ O DOWUR SHU UHVLVWHUH DOOD GLIILFROWj G HVVHU GD VHPSUHVWUDQLHULLQWHUUDVWUDQLHUD 8QLVWDQWHGLVLOHQ]LR 6RQRVRUSUHVR1RQFDSLVFRFRPHLRHGRQQD'HPHWUDSRWUHP PRIDUSDUWHGHOODYRVWUDIDPLJOLD 6H DFFHWWDWH LO PLR LQYLWR D SUDQ]R YL GDUz YROHQWLHUL TXDOFKH FKLDULPHQWR
/D OXQJD EDUFD WDJOLD LO &DQDO *UDQGH SHU LPERFFDUH ULR GL 6DQ /XFD /H LPSUHFD]LRQL GHO JREER 6HEDVWLDQR QRFFKLHUR GHL 0LTXH] QRQVLFRQWDQRGLUHWWHDFKLXQTXHLQFURFLODSUXD &RVtGDUDJD]]RKRVHPSUHLPPDJLQDWRLOWUDJKHWWDWRUHGHOO $GH GXUDQWH OH OH]LRQL FODVVLFKH GHO GRWWR 0HODQWRQH 6SRUFR FRQ XQD PDVVDGLFDSHOOLDJJURYLJOLDWLFKHLOFRSULFDSRQRQULHVFHDFRQWHQH UHHPDQDXQWDQIRGLPDUFLRFKHGDOODSRSSDVLIDVWUDGDILQRDQRL 5LFXUYR VSLQJH LO OXQJKLVVLPR UHPR TXDVL LQ YHUWLFDOH VRSUD OR VFDOPR 0LTXH]qXRPRG LQWXLWR $EELDPREULQGDWRDOODPRUWHGHLWUD GLWRULULFRUGDWH",OEHOO DVSHWWRHOHEXRQHPDQLHUHQRQFRQWDQRGD YDQWLDOODOHDOWjGLXQVHUYLWRUHIHGHOH 6FHQGLDPRULRGHL%DUFDUROLVXSHUDQGRXQRVODUJRFKHSDUHXQD SLVFLQDSRLVLUHVWULQJHDOO DOWH]]DGLXQSLFFRORSRQWH 0LTXH]PLLQGLFDDOODVLQLVWUD /DFKLHVDGL6DQ0RVq9HQH]LD q O XQLFD FLWWj FULVWLDQD LQ FXL FL VRQR FKLHVH GHGLFDWH D SURIHWL GHO 9HFFKLR7HVWDPHQWR1RQSHQVDWHFKHFLzVLDVWDWRFRQFHVVRSHUJH QHURVLWj YHUVR L *LXGHL FRQYHUWLWL DO FULVWLDQHVLPR TXHOOL FKH FKLD PDQRL1XRYL&ULVWLDQLRFRQSL~GLVSUH]]R0DUUDQL1RLFRQWLDPR PROWRTXL 'RQ-RmRVRQRPROWRLQWHUHVVDWRDTXDQWRDQGDWHGLFHQGR/D VLPSDWLD YHUVR L SURIXJKL GL WXWWH OH FRQIHVVLRQL q TXDVL XQ PRWRL VWLQWLYRSHUXQRFKHqVIXJJLWRSHUWXWWDODYLWDDSUHWLHSURIHWL6SH
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
&DSLWROR 9HQH]LDPDU]R
&DPSR%DUEDUR/DSXQWDHVWUHPDGHOOD*LXGHFFD /D VSOHQGLGD DELWD]LRQH GHL 0LTXH] IURQWHJJLD SLD]]D 6DQ 0DU FRFKHLQXQDJLRUQDWDOLPSLGDGLVROHFRPHTXHVWDVHPEUDDSRUWDWD GLPDQR /DFDVDq VLJQRULOHFRQXQJLDUGLQRLQWHUQRULFFRGLYHJHWD]LRQH H SLDQWH VFRQRVFLXWH *OL RJJHWWL UDFFRQWDQRGLXQLQWHUPLQDELOHYD JDERQGDJJLR WDSSHWL SRUFHOODQH PRELOL WHVVXWL GDOOH SURSDJJLQL DIULFDQHFKHVILRUDQROD6SDJQDHLO3RUWRJDOORDOOHSRUWHG 2ULHQWH DO7XUFRFKHODPELVFHO $GULDWLFRHVLLQFURFLDTXLFRQOHIRUPHPR UHVFKH LEHULFKH 8QD PLVFHOD EL]]DUUD H RULJLQDOH &URFL JUHFKH HG HQRUPL FURFLILVVL LQ DUJHQWR VSDJQROL PD DQFKH FDQGHODEUL D VHWWH EUDFFLD H WHFKH FRQWHQHQWL URWROL GL SHUJDPHQD H PRQHWH FKH VHP EUDQRSURYHQLUHGDLVHSROFULGHLSURIHWLGHOOD%LEELD 9HQJRIDWWRDFFRPRGDUHLQXQDPSLRSDWLRDIIDFFLDWRVXOJLDUGL QR-RmR0LTXH]DSUHFRQFDXWHODXQDVFDWRODGLOHJQRHPLRIIUHXQ VLJDUR 1RQ ULHVFR D WUDWWHQHUH XQ PRWR G HQWXVLDVPR H GL SLDFHYROL ULFRUGL )D SLDFHUH LQFRQWUDUH XQD SHUVRQD FKH VD DSSUH]]DUH JOLDURPL GHOOH,QGLH 8Q RPEUDLPSURYYLVDFRSUHLSHQVLHUL 'RQ-RmRQHOODPLDYLWDKRFRQRVFLXWRSRFRORVIDU]RHLOOXVVR HKRVHPSUHGRYXWRDIILGDUPLDOO LQWXLWR8QRVJXDUGRLQWRUQR $ RFFKLRHFURFHVLHWHXQRGHJOLXRPLQLSL~ULFFKLGL9HQH]LD9HQLWHD FHQDQHOPLRERUGHOORPLVDOYDWHODYLWDHPLLQYLWDWHDFDVDYRVWUD 3HUFKp" 8Q VRUULVR GLVDUPDQWH DQQXLVFH )LQDOPHQWH XQD UHD]LRQH GD WHGHVFR0LYHUVDXQGLWR GLYLQRLQXQSLFFRORELFFKLHUHGLFULVWDO OR ( VH QRQ IRVVH FKHqFRVtFKHYLFKLDPDQRDYUHLIDWWRIDWLFDD FUHGHUOR6DSHWHTXDQGRVLDUULYDLQXQDQXRYDFLWWjGHFLVLDQRQVWD UHFRQOHPDQLLQPDQRELVRJQDFDSLUHLQIUHWWDTXDOLRSSRUWXQLWjVL SURVSHWWDQRHFKLYDOHODSHQDLQFRQWUDUH0LODQFLDXQ RFFKLDWDDO
OXVLYD ,YRVWULFRQWHUUDQHLOLFKLDPDQRDIIDUL,ROHFKLDPHUHLDIIL QLWjFKHUHQGRQRODYLWDSL~VDSLGDDSUHQGRLQWHUHVVDQWLSURVSHWWLYH /R LQWHUURPSR 6LHWH VLFXUR FKH XQ LPSURYYLVDWR WHQXWDULR GL ERUGHOORVLDTXHOORFKHFHUFDWH" 8QWHGHVFRDUULYDD9HQH]LDGDOOD6YL]]HUD+DXQSDVVDWRSHU ORSL~LJQRWRXQDFRQVLGHUHYROHIRUWXQDDFFXPXODWDYHURVLPLOPHQWH QHLSRUWLGHO1RUGIUHTXHQWDLOLEUDLHJOLVWDPSDWRULORFDOLGDSDULD SDULVDWHQHUHDEDGDOHWHVWHFDOGHHDSUHLOERUGHOORSL~EHOORGHOOD FLWWj ,Q SL~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q FRPLQFLDWD YHQW DQQL SULPD FKH LR QDVFHVVLTXDQGRQHOL&DWWROLFLVVLPL)HUGLQDQGRH,VDEHOODVR YUDQL G $UDJRQD H &DVWLJOLD GHFLVHUR GL VDOGDUH LO GHELWR VPLVXUDWR FRQWUDWWRSUHVVRLEDQFKLHULJLXGHLVFDWHQDQGRFRQWURGLORURO ,QTXL VL]LRQH,PLHLDYLGRYHWWHURIXJJLUHLQJUDQIUHWWDODSULPDYROWD UL SDUDQGR LQ 3RUWRJDOOR GRYH SHU RYYLD FRQYHQLHQ]D DEEUDFFLDURQR ODIHGHFULVWLDQDPHWWHQGRLQVDOYRLOSDWULPRQLR1DFTXLD/LVERQD QHOHPLD]LD%HDWUL]GH/XQDTXDWWURDQQLSULPDGLPH(UD YDPR ULFFKL H WUD OH IDPLJOLH SL~ ULVSHWWDWH GHO 3RUWRJDOOR 0LD ]LD GRQQD %HDWULFH FKH SUHVWR FRQRVFHUHWH LQFURFLz OH VXH IRUWXQH FRQ TXHOOHGHOEDQFKLHUH)UDQFLVFR0HQGH]SRFRSULPDGHO ,QSRFKL DQQL OD VWRULD VL ULSHWp L PRQDUFKL SRUWRJKHVL GUDPPDWLFDPHQWH VSURYYLVWLGLGHQDURYDUDURQRO ,QTXLVL]LRQHHODVFDWHQDURQRFRQWUR L*LXGHLSHUDFTXLVLUQHOHSURSULHWj0DHUDYDPRSURQWLORHUDYDPR GD TXDUDQW DQQL PLD ]LD ULPDVH YHGRYD HG HUHGH GHOOH IRUWXQH GHL 0HQGH]PHQWUHJLjFLDSSUHVWDYDPRDODVFLDUHSHUVHPSUHLO3RUWR JDOOR(UDLOTXDQGRUDJJLXQJHPPRL3DHVL%DVVL 8QDSDXVD$O]DOHVSDOOH -RmR0LTXH]-XDQ0LFDV-HDQ0L FKH*LRYDQQL0LFKHVR=XDQFRPHPLFKLDPDQRTXL,OPLRQRPH KDWDQWHYHUVLRQLTXDQWLVRQRLSDHVLFKHKRSHUFRUVR3HUO ,PSHUDWR
UH&DUOR9HUR-HKDQ0LFDV /D WHQVLRQH VL q XQ SR DOOHQWDWD O HVSUHVVLRQH DSHUWD GHO YROWR SUHWHQGHFKHPLILGL 6LHWHVWDWREDQFKLHUHGHOO ,PSHUDWRUH" $QQXLVFH 6tPDFRQQRLQRQqVWDWRFRVtJHQHURVRFRPHFRQL )XJJHUGL$XJXVWD$EELDPRGRYXWRULWDJOLDUFLLOQRVWURSLFFRORDQ JRORVWUDSSDQGRORDOO DYLGLWjGLTXHLWXRLFRQWHUUDQHLFKHQRQDPDQR OD FRQFRUUHQ]D 'RSR TXDOFKH WHPSR DQFKH O ,PSHUDWRUH FRPLQFLz DGDYHUHPLUHVXOQRVWURSDWULPRQLRHSURSRVHFKHPLDFXJLQDDQGDV VH LQ VSRVD D XQ VXR SDUHQWH XQ JHQWLOH )UDQFLVFR G $UDJRQD 0LD ]LDFKHQXWULYDXQDVDQDGLIILGHQ]DSHUOHVWUDWHJLHPDWULPRQLDOLGHO O ,PSHUDWRUHULILXWz(FRVtLO&DWWROLFLVVLPRSHQVzEHQHGLDFFXVDUFL GL FULSWRJLXGDLVPR IXPPR GHQXQFLDWL DOO ,QTXLVL]LRQH FRPH IDOVL FULVWLDQL %HOOD IDFFLD WRVWD QRQ WURYDWH" 3ULPD FL FRVWULQJRQR D FDPELDUHIHGHHSRLFHORULQIDFFLDQR0DLOGHQDURqGHQDURHO ,Q TXLVL]LRQHQHL3DHVL%DVVLFXUDVRSUDWWXWWRJOLLQWHUHVVLGL&DUORHGHL VXRLDPLFL)XJJHU 6LIHUPDDVSHWWDFKHFROJDTXHOODFKHQHVRQRTXDVLFHUWRqSL~ GLXQ DOOXVLRQH1RQSXzVDSHUHFRQSUHFLVLRQHFKLKDGDYDQWLPDOH LSRWHVL H L SUHVHQWLPHQWL GHYRQR DUURYHOODUH LO VXR FHUYHOOR DOPHQR TXDQWRLOPLR 5LSUHQGH 6DSHYDPRFKH&DUOR9QRQFLDYUHEEHODVFLDWRXVFLUH GDLVXRLWHUULWRULIDFLOPHQWHFRVtDUFKLWHWWDPPRXQSLDQR)LQVLXQD IXJD G DPRUH FRQ PLD FXJLQD 5H\QD VFDSSDPPR YHUVR OD )UDQFLD 0LD]LDFRQLOSUHWHVWRG LQVHJXLUHODILJOLDFLUFXLWDFLYHQQHGLHWUR ,RPLIHUPDLDOFRQILQHHPHVVHLQVDOYROHGRQQHWRUQDLDG$QYHUVD SHU HYLWDUH LO VHTXHVWUR GHO SDWULPRQLR GL IDPLJOLD &L VRQR ULXVFLWR VROWDQWR GRSR GXH DQQL GL VQHUYDQWL WUDWWDWLYH FRQ O ,PSHUDWRUH H FRPSUDQGRJOLLQTXLVLWRULDSHVRG RUR(ILQDOPHQWHHFFRPLTXL 8QVHUYLWRUHVFLYRODDOOHVXHVSDOOHHJOLVXVVXUUDTXDOFRVDDOO R UHFFKLR 0LTXH] VL DO]D ,O SUDQ]R q VHUYLWR 6LHWH DQFRUD GHOO LGHD GL PDQJLDUHFRQQRL" (VLWRJXDUGDQGRORGULWWRQHJOLRFFKL 2JJLPLDYHWHVDOYDWRODYLWD1RQYLWURYDYDWHOjSHUFDVRQRQ qYHUR" 6RUULGH ,OYDQWDJJLRGLDYHUHXQDIDPLJOLDWDQWRHVWHVDqFKHWL VL PROWLSOLFDQR JOL RFFKL H OH RUHFFKLH 0D LR VSHUR FKH LPSDUHUHWH DGDSSUH]]DUFLSHUWXWWHOHQRVWUHDOWUHTXDOLWj
4XDQGRq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t YLWD SRVVLELOLWj SHUVRQH GD DPDUH ( LO YHFFKLR LVWLQWR GHOOD EDWWD JOLDFRQRELHWWLYLHDUPLQXRYH+DIXQ]LRQDWRILQFKpO ,QTXLVL]LRQH QRQFLqSLRPEDWDDGGRVVR/ LURQLDGHOODVRUWHq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q XQDILOLDOHGHL)XJJHUHGLVLFXUR DG$QWRQqFRQYHQXWRIDUYLIXRULFRPHHUHWLFLSLXWWRVWRFKHGHQXQ FLDUHG HVVHUHVWDWRIUHJDWR3HQVRFKHVLDXQPLUDFRORFKHVLDWHYLYR 5LPDQJRDULIOHWWHUHVHPSOLFLHGLUHWWHOHDIIHUPD]LRQLGL0LTXH] ODVFLDQRSRFKLGXEEL 4XDOqODOH]LRQH"7LIRWWRQRFRPXQTXH%LVRJQDUHVWDUHIHUPL QRQRVDUHPDL 0LTXH] VHULR (VDWWDPHQWH LO FRQWUDULR ELVRJQD PXRYHUVL YH ORFLVVLPL 3L~ YHORFL GL ORUR &RQIRQGHUVL WUD L PROWL SXQWDUH XQR ELHWWLYREODQGLUHLQHPLFLHDYHUHVHPSUHXQEDJDJOLROHJJHUR$O ODUJD OH EUDFFLD D FRPSUHQGHUH WXWWR LQWRUQR $OWULPHQWL FRVD VWD UHPPRDIDUHTXD"$9HQH]LDLOERUGHOORGHOPRQGR
/RLQFDO]R 9HQLDPRDOGXQTXHDOORUD&RVDDYHWHLQPHQWH" 5LDFFHQGHLOPR]]LFRQHGHOVLJDURHSHUXQDWWLPRLWUDWWLUHJRODUL GHOYROWRVLSHUGRQRQHOOHYROXWH /DVWDPSD&HUFDOHSDUROH /DVWDPSDqO DIIDUHGHOPRPHQ WR(QRQqLPSRUWDQWHVRORSHULOSURILWWRYHLFRODOHLGHHIHFRQGDOH PHQWLHFRVDQRQWUDVFXUDELOHUDIIRU]DLUDSSRUWLWUDJOLXRPLQL3HU XQD IDPLJOLD LPSRUWDQWH HSSXUH VHPSUH D ULVFKLR FRPH OD PLD PD IRUVHSL~LQJHQHUDOHSHUWXWWLL*LXGHLSXzHVVHUHGHFLVLYRLQWHVVHUH UHOD]LRQLFRQXRPLQLGLOHWWHUHVWXGLRVLSHUVRQHULFRQRVFLXWHHFUH GLELOLFKHSRVVRQRLQIOXHQ]DUQHDOWUHQHOOHORURFRPXQLWjGLDSSDUWH QHQ]D 6H YROHWH q XQ PHFHQDWLVPR LQWHUHVVDWR HG q SHU TXHVWR FKH QRQPLDWWUDHVROWDQWRODVWDPSDJLXGHD6RQRJLjLQWUDWWDWLYHFRQL PDJJLRUL HGLWRUL YHQH]LDQL 0DQX]LR *LROLWR &RQ GRQQD %HDWULFH PLD]LDDEELDPRULOHYDWRVWDPSHULHTXLHD )HUUDUD3XEEOLFKLDPR LO 7DOPXG PD DQFKH /DQGR 5XVFHOOL 5HLQRVR ,QFRUDJJLDPR OD SDV VLRQHSHUOHOHWWHUH'RQQD%HDWULFHSRWUHEEHULQXQFLDUHDWXWWHOHDO WUHDWWLYLWjHFFHWWRTXHVWD1RQKRGXEELFKHVLDXQDGHOOHGRQQHSL~ FROWH G (XURSD 6LFKLQDDSSHQDVXOORVFULWWRLR 1RQDYUHWHGLIIL FROWj D FDSLUH SHUFKp PL LQWHUHVVD IDYRULUH LO SDUWLWR GHL WROOHUDQWL H GHLPRGHUDWLGHQWURHIXRULOD&KLHVDHRVWDFRODUHLOGLIIRQGHUVLGHO O LQWUDQVLJHQ]D UHOLJLRVD H GHOOD JXHUUD VSLULWXDOH FRQGRWWD GDO 6DQ W 8IIL]LR 0L VHUYRQR SHUVRQH FDSDFL GL ILXWDUH OH QXRYH FRUUHQWL GL SHQVLHUROHRSHUHGHVWLQDWHDVPXRYHUHJOLDQLPLHDPXWDUHLOFRUVR GHJOLHYHQWL 6FRUURLWLWROLGHLOLEULDOOLQHDWLVXJOLVFDIIDOLWHVWLDUDELHEUDLFL FULVWLDQLULFRQRVFROD%LEELDGL/XWHUR4XLQGLWRUQRVXGLOXL 1RQ SRVVRILQJHUHFKHLOFDPSRPLVLDHVWUDQHR6WRODYRUDQGRVXXQ RSH UD]LRQH GL TXHVWR WLSR $YHWH PDL VHQWLWR SDUODUH GHO %HQHILFLR GL &ULVWR" *XDUGDLQDOWRURWHDQGRJOLRFFKL 1R0DQRQHVFOXGHUHLFKH GRQQD%HDWULFHQHVDSSLDTXDOFRVD 8IILFLDOPHQWH O DXWRUH q XQ IUDWH EHQHGHWWLQR PDQWRYDQR PD GLHWURFLVRQRDOFXQLLPSRUWDQWLOHWWHUDWLFKHVLPSDWL]]DQRSHU&DOYL QRHGHVSRQHQWLGHOSDUWLWRPRGHUDWRURPDQROLFKLDPDQR6SLULWXDOL 6LWUDWWDGLXQOLEURVFDOWURGHVWLQDWRDVROOHYDUHLQILQLWLYHVSDLSHU FKp KD FRQWHQXWL DPELJXL HVSUHVVL LQ XQD OLQJXD FKH WXWWL SRVVRQR FDSLUH8QFDSRODYRURGHOODGLVVLPXOD]LRQHVXOTXDOHJLjLQPROWLVL DUURYHOODQRÊVWDWRVWDPSDWRODSULPDYROWDWUHDQQLIDSURSULRTXLD 9HQH]LD'DDOORUDODVXDIRUWXQDQRQKDVPHVVRGLFUHVFHUH1HDE ELDPR JLj SURQWH PLOOH QXRYH FRSLH GD VPLVWDUH ROWUH FKH TXL QHL
WHUULWRUL D RYHVW H D VXG GHOOD 6HUHQLVVLPD 6WLPLDPR GL SRWHUQH IDU FLUFRODUHGLHFLPLODLQWUHDQQL 8Q FHQQR G DSSURYD]LRQH FRQ OD WHVWD WDPEXUHOOD OH GLWD VRWWLOL VXO WDYROR 0PK 0ROWR LQWHUHVVDQWH 8Q LPSUHVD DPEL]LRVD FKH QHFHVVLWD GL PH]]L DGHJXDWL $YHWH SDUODWR GHL WHUULWRUL D RYHVW H D VXGGHOOD5HSXEEOLFD(SHUFKpQRQSHQVDUHDQFKHDTXHOOLDHVWHD QRUG" 4XLQGLFL IRUVH YHQWLPLOD FRSLH LPSHJQDQGR SL~ VWDPSHULH FRLQYROJHQGRDOWULHGLWRULDFRSHUWXUD+REXRQLDJJDQFLLQ&URD]LDH LQ )UDQFLD 3RL FL VDUHEEH O ,QJKLOWHUUD OXRJR GL LQILQLWH SRVVLELOLWj +R OH QDYL OD UHWH GL FRQWDWWL H GHFLQH GL PHUFDQWL FRPSLDFHQWL GL VSRVWLDIDUFLUFRODUHTXDOXQTXHFRVD6SHURFKHYRJOLDWHFRQVLGHUDUH WXWWRTXHVWR,QRJQLFDVRJUDGLUHLDYHUHXQDFRSLDGHOOLEURGDUHJD ODUHDPLD]LDFKHqVHPSUHLQFHUFDGHOO XOWLPDSLHWUDGLVFDQGDOR &HUWRFKHOHVDSHWHIDUHOHRIIHUWH0DQRQSRVVRSUHQGHUHGHFL VLRQLVHQ]DDYHUHSULPDFRQVXOWDWRLPLHLVRFL0HWWHUVLLQDIIDULFRQ YRL VLJQLILFKHUHEEH DOODUJDUH GL SDUHFFKLR OH SURVSHWWLYH GHOO RSHUD ]LRQH 0LTXH] DOODUJD OH EUDFFLD H LO VRUULVR &RPSUHQGR EHQLVVLPR 3UHQGHWHYLLOWHPSRFKHYLRFFRUUH6DSHWHGRYHWURYDUPL $QFKH YRL VSHUR FKH DYUzRFFDVLRQHGLULFDPELDUHO RVSLWDOLWj 3L~G XQDGHOOHQRVWUHUDJD]]HYLKDQRWDWR $O]DOHVSDOOHHPLJXDUGDFRQLURQLD $KLPqOHIHPPLQHVRQR VSHVVRDWWUDWWHGDFLzFKHQRQSRVVRQRDYHUH,OSLDFHUHq PDWHULDR SLQDELOHHVFHJOLHVWUDGHGLYHUVH6LDFFRUJHGHOPLRVWXSRUHHDJ JLXQJH 0DQRQWHPHWH'XDUWHHLRQRQFLSULYHUHPRGHOODEXRQD FXFLQDHGHOO RWWLPDFDQWLQDGHO&DUDWHOOR
/HWWHUD LQYLDWD D 7UHQWR GDOOD FLWWj SRQWLILFLD GL %RORJQD LQGL UL]]DWDD*LDQSLHWUR&DUDIDPHPEURGHO&RQFLOLRHFXPHQLFRGDWD WDOXJOLR $OVLJQRUHPLRUHYHUHQGLVVLPR*LRYDQQL3LHWUR&DUDID
6LJQRUHPLRRQRUDQGLVVLPROHQRWL]LHJLXQWHD%RORJQDGD7UHQ WRLQTXHVWLPHVLQRQSRVVRQRFKHUDOOHJUDUHTXHVWR FXRUH]HODQWH 1RQVROWDQWRLQIDWWLO ,PSHUDWRUHKDYLVWRVIXPDUHOHSURSULHVSH UDQ]HFKHLOXWHUDQLSUHQGHVVHURSDUWHDO&RQFLOLRPDKDGRYXWRDV VLVWHUH DQFKH DOOD GHILQLWLYD FRQGDQQD GHOOD WHRORJLD GHL SURWHVWDQWL GHOOD GRWWULQD VXO SHFFDWR RULJLQDOHH GHOOD JLXVWLILFD]LRQH SHU VROD IHGH $ WXWW RJJL L SULQFLSL SURWHVWDQWL GHOOD /HJD GL 6PDOFDOGD VXD DYYHUVDULDGHYRQRHVVHUFRQVLGHUDWLDSRVWDWLHQHPLFLGHOODUHOLJLRQH H FRVt VL YDQLILFDQR OH VSHUDQ]H GL &DUOR GL ULSUHQGHUH LO FRQWUROOR GHOO LQWHUD *HUPDQLD H GL SRUWDUH L SULQFLSL WHGHVFKL GDOOD VXD SDUWH FRQWURLO7XUFR *OLVIRU]LGHOFDUGLQDOH3RORFRQWURLGHFUHWLFRQFLOLDULFKHVDQFL VFRQRODVHSDUD]LRQHGHILQLWLYDGHLOXWHUDQLGD6DQWD5RPDQD&KLHVD VRQRULVXOWDWLYDQLHTXHVWDqIRUVHODPDJJLRUYLWWRULDGL9RVVLJQRULD HGHOSDUWLWRGHJOL=HODQWL 9HQJR LQIDWWL D FRQIHUPDUH DOOD 6LJQRULD 9RVWUD FKH L PRWLYL GL VDOXWH DGGRWWL GDO FDUGLQDOH LQJOHVH SHU O DEEDQGRQR SUHPDWXUR GHL ODYRULFRQFLOLDULQRQVRQRDOWURFKHXQDVFXVDODVXDULWLUDWDqGHWWDWD GDOODQHFHVVLWjGLWRUQDUHD9LWHUERSHUOHFFDUVLOHIHULWHSLXWWRVWRFKH GDOOHIHEEULDOSLQH 0DLOXQJKLDQQLDOVHUYL]LRGHOOD6LJQRULD9RVWUDLQVHJQDQRFKH QRQVLGHYHFDQWDUYLWWRULDSULPDFKHLOQHPLFRVLDVFRQILWWRGHOWXWWR 5HJLQDOGR 3ROR UHVWDLO SUHIHULWR GDOO ,PSHUDWRUH O XRPR VX FXL O $ VEXUJR ULSRQH OH VSHUDQ]H LQ XQ FDPELDPHQWR GL URWWD QHL FRQIURQWL GHLSURWHVWDQWLHQRQY qGXEELRFK HJOLLQGLUL]]HUjLVXRLLQWULJKLVXO O DJHYROD]LRQHGHOODFDUULHUDHGHOODIDPDGHOO LQJOHVH 3HUTXHVWROD VFRPXQLFDGHO%HQHILFLRGL&ULVWRGDSDUWHGHLSD GUL FRQFLOLDUL IRUQLVFH DOOD 6LJQRULD 9RVWUDXQ DUPDLQSL~SHULQFUL
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j LQJUDGRGLIRUQLUOLLRVWHVVRDOO ,QTXLVL]LRQH 0DWDQW q2JJLIRUVHqVXIILFLHQWHJLRLUH GHOOHYLWWRULHLPPHGLD WHHDWWHQGHUHGLYDOXWDUHLOGDIDUVLTXDQGRTXHVW HQWXVLDVPRVLVDUj SODFDWRODVFLDQGRSRVWRDOODVDJJH]]D 5DFFRPDQGDQGRPL DOOD JUD]LD GL 9RVWUD 6LJQRULD H LQ DWWHVD GL QXRYHGLUHWWLYHEDFLROHPDQL 'L%RORJQDLOJLRUQRGLOXJOLR ,OYRVWURIHGHOHRVVHUYDWRUH 4
,OGLDULRGL4
OXJOLR
/XWHURqPRUWR 5HJLQDOG3ROHVHQHYDVFRQILWWRGD7UHQWR / ,PSHUDWRUHYRPLWDELOH ,OFLUFRORYLWHUEHVHHWXWWLLFULSWROXWHUDQLVHODIDQQRVRWWR ,O%HQHILFLRq VFRPXQLFDWR 9HFFKLDLDIRUVHqVRORTXHVWRLOPRWLYRFKHVSLQJHDYHUJDUHUL JKHFKHPDLQHVVXQROHJJHUj3D]]LD
$QQRWR QRPL H OXRJKL ,O FDUGLQDOH 0RURQH GL 0RGHQD LO *RQ ]DJD GL 0DQWRYD LO *LEHUWL GL 9HURQD LO 6RUDQ]R GL %HUJDPR LO &RUWHVH4XDOFKHGXEELRVXO&HUYLQLHVXO'HO0RQWH$PLFLGL3ROH PDSDYLGLTXHVW XOWLPLSLFFROLXRPLQL 6XD6DQWLWj3DROR,,,VFHJOLHLPHPEULGHO6DFUR&ROOHJLRFRQOD ELODQFLD XQR =HODQWH SHU XQR 6SLULWXDOH XQ LQWUDQVLJHQWH SHU XQ PRGHUDWR4XHVWDSROLWLFDG HTXLOLEULRKDYLWDEUHYHLFRQWLGRYUDQ QRHVVHUHVDOGDWL3DROR,,,)DUQHVHqXQXRPRDQWLFRGLPDQHJJLGL QHSRWLVPRHILJOLLOOHJLWWLPLGDFROORFDUHQHLSRVWLGLSRWHUH8OWLPR 3DSD G XQ HUD PRUHQWH DEEDUELFDWR GLHWUR DO VXR VFUDQQR H DL VXRL LQWUDOOD]]L ULGLFROL LJQDUR FKH TXHO WHPSR q ILQLWR FKH V DYDQ]DQR QXRYLVROGDWLTXDJJL~FRPHQHOOHWHUUHGHO1RUGLVDQWLSUHGHVWLQDWL GL&DOYLQRFRPPHUFLDQWLYRWDWLDOODFDXVDGHOODIHGHULIRUPDWDHGHO ORUR 'LR WHUULILFDQWH JOL XRPLQL GHOO ,QTXLVL]LRQH ]HODQWL LQHVRUD ELOPHQWHGHYRWLDOORURSLFFRORHPHVFKLQRFRPSLWRGLSROL]LRWWLOLJL DOGRYHUHSLJQROLUDFFRJOLWRULGLLQIRUPD]LRQLYRFLGHOD]LRQL ,JQD]LRGL/R\RODHLOVXRRUGLQHGLVROGDWLGL'LROD&RPSDJQLD GL *HV~ *KLVOLHUL H L QXRYL GRPHQLFDQL H GLHWUR D WXWWL *LDQSLHWUR &DUDID O XRPR GHO IXWXUR VHWWDQWHQQHLQFRUUXWWLELOHHGHIILFLHQWHVL JQRUHGHOODJXHUUDVSLULWXDOHGHOODEDWWDJOLDSHULOFRQWUROORGHJOLD QLPL
(LRQHOPH]]R$QFK LRWUDFRORURFKHKDQQRSDJDWRLOSUH]]RGHO WHPSR GHJOL HYHQWL FKH KDQQR YLVVXWR /XWHUR 0QW]HU 0DWWK\V 1RQ ULPSLDQJR JOL DYYHUVDUL ODVFLDWL VXO FDPSR PD FROXL FKH OL KD DIIURQWDWLLOPHVWHVVRGLDOORUD2JJLP qFRQFHVVRXQ3ROHSLROHW WHUDWRFKHFUHGH'LRYRJOLDHVVHUVHUYLWRFRQRQHVWj/XLHLVXRLD PLFLQRQVDQQRFRV qODYHUDIHGHQRQKDQQRPDLGRYXWRSURYDUHLO VDFULILFLR GHJOL DOWUL SULPD FKH GL VH VWHVVL H GL VH VWHVVL DWWUDYHUVR O DQQLHQWDPHQWRGHJOLDOWULO RPLFLGLRVtORVWHUPLQLRLOWUDGLPHQWR GHOOD EXRQD IHGH 0QW]HU JOL $QDEDWWLVWL H FKLVVj TXDQWL TXDQWD PDOHGHWWD EXRQD IHGH TXDQWD LQQRFHQ]D LQ TXHOOD IROOLD 4XDQWR VSUHFR 0D OD SHJJLRUH SUHVXQ]LRQH G LQQRFHQ]D q GDYYHUR TXHVWD TXHOODFKHVLFHODGLHWURODSHQLWHQ]DSL~IDFLOHGLHWURO RQHVWj(FL WRFFD LQ VRUWH DQFRUD XQ 7RPPDVR 0RUR XQ (UDVPR XQ 5HJLQDOG 3ROH)ROOLLGLRWLSURQWLDPRULUHSHUO LQFDSDFLWjGLFDSLUHLOSRWHUH GLVHUYLUORFRPHGLFRPEDWWHUOR 6LHWH SL~ YHFFKL GL PH SHUVL GLHWUR XQ VRJQR WDQWR GLVWDQWH GDO WURQRTXDQWRGDOIDQJRGHLSH]]HQWL0LGLVJXVWDWHHYRUUHLDYHUHOR VWRPDFRGLXQWHPSRPDO KRSHUGXWROXQJRODVWUDGDFKHPLKDSRU WDWRILQRTXL*OLDQQLQRQULQIRU]DQRORVSLULWRORLQGHEROLVFRQRH ILQLVFL FRO JXDUGDUH QHJOL RFFKL JOL DYYHUVDUL FRO JXDUGDUOL GHQWUR SHU YHGHUFL LO YXRWR OD PLVHULD GHOO LQWHOOHWWR H VFRSULUWL GLVSRVWR D JUD]LDUHODVWXSLGLWj 1HOPH]]R)LQRDTXDQGRJOLRFFKLVRQRDQFRUDEXRQLDTXDOFR VDILQRDTXDQGRVFRSULUDQQRFKHODIHGHWLVWDDEEDQGRQDQGRHFKH RUPDLVRORXEULDFRULHVFLDFDODUHODPDQQDLDFRPHXQYHFFKLR ERLD DQQHEELDWR
&DSLWROR 9HQH]LDOXJOLR
,OSLFFRORLWDOLDQRPLVWULQJHIRUWHLQXQDEEUDFFLRIUDWHUQR $PLFRPLRKRIDWWREXRQLVVLPLDIIDUL0LODQRq XQDJUDQSLD] ]D WH O DVVLFXUR SLHQD GL PDQJLDFUDXWL FRPH WH PD DQFKH XQVDFFR GL VSDJQROL VYL]]HUL IUDQFHVL %XRQL OHWWRUL DQFKH L PLODQHVL JHQWH FKHVDDSSUH]]DUHXQ RSHUDKRYHQGXWRTXDVLWUHFHQWRFRSLHGHO%H QHILFLRHQHKRODVFLDWHFHQWRDXQOLEUDLRPLRDPLFRFKHPLIDUjD YHUHLOUHQGLFRQWRGHOOHYHQGLWHDOSL~SUHVWR / XQLFRPRGRGLIHUPDUORqSUHQGHUORSHUOHVSDOOHHFRVWULQJHUOR DVHGHUVL6L]LWWLVFHVFUXWDLOPLRVJXDUGRHORTXHQWHVWRUFHODERF FD &RVDqVXFFHVVR" ,OWRQRqTXHOOR GLFKLVLDVSHWWDXQDVFLDJX UD 0L VLHGRGLIURQWHDOXLHFKLHGRDXQDGHOOHUDJD]]HGLSRUWDUFL GDEHUH 8QFROSRGLWRVVH 6HQWL3LHWURVRQRVXFFHVVHSDUHFFKLHFRVH( QRQWXWWHJUDYL $O]DJOLRFFKLDOVRIILWWR /RVDSHYRLRORVDSHYRFKHQRQGR YHYRDQGDUPHQH /DVFLDPLGLUH+DLVDSXWRGHOODVFRPXQLFDGHO&RQFLOLR" $QQXLVFH &HUWRGRYUHPRVWDUHSL~DWWHQWLPDHUDJLjQHLSUR QRVWLFL QR" &KH SUREOHPD F q" /R YHQGLDPR DO GRSSLR GHO SUH]]R DWWXDOHHQHYHQGLDPRGLSL~ 9XRLVWDUH]LWWRXQPRPHQWR" ,QFURFLDOHEUDFFLDVXOSHWWRHVWULQJHJOLRFFKL 3URPHWWLGLQRQLQWHUURPSHUPL 9DEHQHPDSDUOD %LQGRQLVLqFKLDPDWRIXRULGDOO RSHUD]LRQH 1HVVXQDUHD]LRQHLPPHGLDWDDSDUWHORVFDWWRTXDVLLPSHUFHWWLEL OH GL XQ VRSUDFFLJOLR UHVWD LPPRELOH FRQWLQXR 'LFH FKH DGHVVR FKHVXOOLEURSHQGHODVFRPXQLFDKDSDXUDGLSDVVDUHGHLJXDLHFKH JOLIDFFLDQRFKLXGHUHODVWDPSHULD$O]RXQDPDQRSHUEORFFDUHOD VXDUHD]LRQH 8QPRPHQWR,RFUHGRFKHLQUHDOWjVWHVVHDVSHWWDQGR ODVFXVDEXRQDSHUPROODUHSHUYLDGHOQRVWURQXRYRVRFLR
6L VROOHYD DQFKH O DOWUR VRSUDFFLJOLR LO YROWR DVVXPH XQ FRORULWR URVVDVWUR1RQVLFRQWHUUjDQFRUDSHUPROWR /R VR *OL DFFRUGL HUDQR FKH VDUHL GRYXWR DQGDUH D 3DGRYD D GLIIRQGHUH LO OLEURWUDJOLDPLFLGL'RQ]HOOLQLH6WUR]]L(O KRIDWWR 0DKRIDWWRDQFKHPROWRDOWUR ,OURVVRVSDULVFHORVJXDUGRVLVSHJQHODWHVWDWRQGDGL3HUQDVL LQFOLQDVXOWDYRORODUDEELDPXWDLQGHSUHVVLRQH &RQ YRFH DIIUDQWD 'LPPL WXWWR GDO SULQFLSLR H QRQWUDODVFLDUH QLHQWH &L VHUYRQR GHOOD JUDSSD 3HUQD VFROD LO SULPR ELFFKLHUH H VH QH ULHPSLHXQVHFRQGR & q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qXQSH VFHWURSSRJURVVRFKHYHUUHPRVFKLDFFLDWL /XLYHUUjVFKLDFFLDWR'DOODVXDLQHWWLWXGLQH&KLqTXHVWREDQ FKLHUHFRPHVLFKLDPD" ÊXQPDUUDQRXQVHIDUGLWDSRUWRJKHVHG RULJLQH-RmR0LTXH] KDIDWWRDIIDULFRQO ,PSHUDWRUH9LYHLQXQSDOD]]RDOOD*LXGHFFD 3HUQDVLDO]DLQSLHGL &KHVLFDJKLDGGRVVR%LQGRQL7HO DYHYR GHWWRFKHLO%HQHILFLRHUDXQDIIDUHJURVVRVHXQSLFFRORVWDPSDWRUH PHGLRFUHQRQULHVFHDFDSLUORIDWWLVXRL)DTXDOFKHSDVVRSDUODQGR WUDVp ,QDIIDULFRQL*LXGHLLQDIIDUL FRQLSL~JUDQGLDIIDULVWLGHO PRQGR
UR
)UDQFHVFR 6WUR]]L 5RPDQR /HWWHUDWR FROWLVVLPRKDOHWWR/XWH
*LURODPR 'RQ]HOOLQL 5RPDQR /HWWHUDWR FULSWROXWHUDQR &RQR VFH LO JUHFR DQWLFR 6WXGLD OD QXRYD VFLHQ]D Ê VWDWR DO VHUYL]LR GHO FDUGLQDOH 'XUDQWH GH 'XUDQWL Ê VFDSSDWR GD 5RPD SHUFKp XQ PR QDFRFRSLVWDVSDJQRORVHO qFDQWDWRDOO ,QTXLVL]LRQH
3LHWUR&RFFR/HWWHUDWRSDGRYDQR3RVVLHGHXQDGHOOHELEOLRWHFKH SL~IRUQLWHGLWXWWDOD6HUHQLVVLPD+DDFTXLVWDWRLO%HQHILFLRGL&UL VWRFRQHQWXVLDVPR (GPXQG +DUYHO $PEDVFLDWRUH LQJOHVH SUHVVR OD 5HSXEEOLFD GL 9HQH]LD6LULJLUDYDLOYROXPHWUDOHPDQLSHUSOHVVRHGHQWXVLDVWDDO WHPSRVWHVVR3L~GHJOLDOWULPLVFUXWDYDDWWHQWRVIRU]DQGRVLGLFDSL UHFKLIRVVL %HQHGHWWR GHO %RUJR QRWDLR 0DUFDQWRQLR GHO %RQ *LXVHSSH 6DUWRUL1LFRODG $OHVVDQGULD /HWWHUDWLEHQHVWDQWLLQQDPRUDWLGL&DOYLQRHGLVHVWHVVL &D]]RQL 8WLOLFD]]RQL ,JQRUDQR OD SRVWD GHOOR VFRQWUR LQ DWWR DPDQR LO IOXLUH LQ ERFFD GLFHUWHEHOOHLGHH6RQRGHVWLQDWLDFDGHUHSHUSULPLQHOODPRUVDGHO ODJXHUUDVSLULWXDOH ,OORURILDWRGHYHLPSDVWDUHODPHQWHGHOODJHQWHGLULVSHWWRLVD ORWWLFROWL9DEHQHFKHQRQVDSSLDQRGLFRVDVWDQQRSDUODQGRLPSRU WDQWHqFKHFRQWLQXLQRDSDUODUQH 1HOODQHEELDGLXQGLVVHQVRGLIIXVRFLVLPXRYHDJHYROPHQWH 6LDSURQRQXRYHSURVSHWWLYHSL~DPSLH/HQRWL]LHFKHJLXQJRQR GDO &RQFLOLR GL 7UHQWR FRQIHUPDQR OD GHEROH WHPSUD GHJOL RQHVWL 6SLULWXDOL 1RQ q JHQWH GD EDWWDJOLD LPPDJLQH ULIOHVVD QHOOD &KLHVD GLTXHVWLVHUHQLVVLPLOHWWHUDWL2FFRUUHVFXRWHUOLPDFRPH"1RQSUH YHGHYR QHPPHQR GL WRUQDUH D JLRFDUH XQD SDUWLWD FRVt JURVVD PD QHSSXUHSUHYHGHYRFKHDYUHLFRQWDWRXQDOOHDWRSRWHQWHFRPHLOJLX GHR0LTXH]QRQPHQRLQWHUHVVDWRGLPHDFRQWHQHUHO DYDQ]DWDGHO O ,QTXLVL]LRQH 4XDO q LO PLR PROR"'LVVLPXODUHSHUFKpDOWULVFHQGDQRLQEDWWD JOLD",QFDO]DUHJOL6SLULWXDOLDOO LQVDSXWDGLORURVWHVVL" ,QWDQWR RVVHUYDUH PHJOLR LO FDPSR QHPLFR VH]LRQDUQH OH IRU]H LQGLYLGXDUQHLFDSLFRPSUHQGHUQHODVWUDWHJLD
&DSLWROR 9HQH]LDDJRVWR
,Q TXHVWD WHUUD FKH QRQ q WHUUD L FRORUL DWWDFFDQR ODYLVLRQHFRQ ULSHWXWL VXVVXOWL H O DEELJOLDPHQWRRQLULFRGHJOLXPDQLSDUHIDWWRDS SRVWD SHU GLVRULHQWDUH LO YLDQGDQWH VRWWR L FROSL GL EL]]DUUH IRUPH JHRPHWULFKHFLSULHHVHQLVFRSHUWLREOXQJKLFRSULFDSRDFFRQFLDWXUH IDQWDVWLFKH H LQFUHGLELOL FDO]DWXUH 3URYRFDQR DOOXFLQDWH HPR]LRQL H VREEDO]L D RJQL FDOOH DFFRPSDJQDWL D VFRSSL G LUD LPSURYYLVL FKH WDQWRFDULDSSDLRQRDJOLDELWDQWLXQLFLGLTXHVWDFLWWjG DOWULPRQGL ,Q TXHVWD WHUUD FKH QRQ q WHUUD OD SRWHQ]D GHOOH GRQQH PXWD LO FRUVRGHJOLHYHQWLLPSRQHWRUVLRQLUHSHQWLQHDOODVWDQFDUDJLRQHPD VFKLOH FRQIHUPD QHOOD PLD PHQWH XQD VHQVD]LRQH SURIRQGD DVVDSR UDWDSL~YROWHHDOWURYHVXOOHORURYLUW~VXSHULRULIUXWWRGLULVRUVHFXL FLqQHJDWRO DFFHVVR ,Q TXHVWD WHUUD FKH QRQ q WHUUD FDULFR GL FXULRVLWj H GL WHQVLRQH FKHDOOHQWDLVHQVLPLDFFLQJRDHVVHUHULFHYXWRGDFROHLODFXLIDPD SL~ GL RJQL DOWUD VHPEUD FRQIHUPDUH OD JLXVWD YLD GL WDOL FRQVLGHUD ]LRQLGRQQD%HDWULFH0HQGH]GH/XQD 0L DWWHQGH LQ XQR GHL VRQWXRVL VDORWWL GL FDVD 0LTXH] VHWH SUH JLDWH ULYHVWRQR GLYDQL GL WHQXL ULFDPL DUD]]L DUDEHVFDWL DOOH SDUHWL LQVLHPH D VFHQH GL YLWD ILDPPLQJD GL %UXHJHO LO 9HFFKLR XQD [LOR JUDILDGLPDHVWUR'UHUXQULWUDWWRGROFLVVLPRGL7L]LDQRODJUDQGH FHOHEULWj ORFDOH H FDVVHWWRQL LQWDUVLDWL GDJOL LQVWDQFDELOL PDVWUL IDOH JQDPLYHQHWLSULPLDVYHJOLDUVLHXOWLPLDGDQGDUHDOULSRVRDLULQ WRFFKLGHOOD0DUDQJRQD 1HURGLRFFKLEULOODQWHPLVFUXWD0DWXULWjGLURPSHQWHGLIHPPL QD LVSDQLFD LQFRUQLFLDWD LQ DFFRQFLDWXUD FRUYLQD FRQ OLHYL VWULDWXUH ELDQFKHYH]]RUDIILQDWRFKHQRQWUDGLVFHWLPRUH'HQWLELDQFKLVVLPL LQFDVWRQDQR O DPELJXR PXWR VRUULVR FKH P DFFRJOLH 6WXGLDWL PRYL PHQWL OD VROOHYDQR GDO GLYDQR D YHQLUPL LQFRQWURDOOXQJDQGRIHOLQD LOFROORVFROSLWRGDSHUOHG RULHQWH 0 LQFKLQR /RGHZLMFN GH 6FKDOLHGHNHU LO 7HGHVFR FKH WDQWD LPSUHVVLRQH KD GHVWDWR LQ -RmR QLSRWH SUHGLOHWWR ILQDOPHQWH 7HGHVFR PD FRQ
QRPH GL ILDPPLQJR H FKH QRPH,OSULPRQHPLFRGHOO DXWRULWjUHOL JLRVDHFLYLOHGL$QYHUVDQHLJLRUQLDIIDQQRVLGHOODPLDSDUWHQ]DGD TXHOOHWHUUHRSHURVHHDYLGH&KHEL]]DUUHFRQJHWWXUHVXVFLWDQRLQR PLQRQWURYDWH"*OLXRPLQLSDLRQRHVVHUYLFRVtIHURFHPHQWHDWWDFFD WL PD EDVWD HVVHUH SDVVDWL SHU SL~ GL XQ EDWWHVLPR H XQD WHUUD SHU VFRSULUH FRPH VLD XWLOH SLDFHYROH DGGLULWWXUD DYHUQH WDQWL 6LHWH G DFFRUGR" 6ILRURFRQOHODEEUDODPDQRULFRSHUWDG DQHOOL6WRVXGDQGR 6HQ]D GXEELR GRQQD %HDWULFH +R LPSDUDWR D ULFRQRVFHUH JOL XRPLQLGDOFRUDJJLRGLFXLVRQRFDSDFLHPDLSL~GDLQRPLFKHSRU WDQR,OPLRSLDFHUHG LQFRQWUDUYLqJUDQGLVVLPR ,O FRUDJJLR %HQ GHWWR PHVVHU /XGRYLFR YD EHQH QR /XGRYL FR"EHQGHWWR3UHJRVHGHWHTXLDFFDQWRDPH$QFK LRHURDQVLRVD GLFRQRVFHUYLHLQIDWWLHFFRFL 'DYDQWLDQRLVXXQEDVVRWDYROLQRGHFRUDWRXQYDVVRLRG DUJHQ WR GDJOL DPSL PDQLFL D IRUPD GL VHUSHQWL LQWUHFFLDWL FRQ VRSUD XQ EULFFRIXPDQWHGLXQLQIXVRGLHUEHDURPDWLFKH /DIDPDFKHYLSUHFHGHqTXDQWRPHQRHQLJPDWLFDVDSHWH" UL SUHQGHYHUVDQGRO LQIXVRLQJUDQGLWD]]HGLSRUFHOODQD 1RQPLGL OXQJR PD OH QRWL]LH VXO YRVWUR FRQWR JLXQWHPL GD PLR QLSRWH PL KDQQRDGLUSRFRVRUSUHVR/HYRVWUHIUHTXHQWD]LRQLSUHVHQWLHSDV VDWH O DORQH GL PLVWHUR FKH HPDQDWH H L VHQWLHUL FKH VWDWH EDWWHQGR IRUPDQRXQDPLVFHODGLLQGXEELRLQWHUHVVH6RQRPROWLFUHGHWHPLL PRWLYL FKH PL KDQQR VSLQWRDLQVLVWHUHSHUTXHVWRLQFRQWURHLOSUL PR VSHUR QRQ PH QH YRUUHWH FRQVLVWH QHO UDFFRPDQGDUYL OD SL~ JUDQGH FDXWHOD GL FXL VLHWH FDSDFH LQ RJQL PRVVD SDUROD R DQFKH VROWDQWRDOOXVLRQH9LSUHJRGLQRQFRQVLGHUDUHHFFHVVLYDTXHVWDPLD SUHPXUD /DRVVHUYRFDPELDUHSRVWXUDVRSUDODPRUELGDLPERWWLWXUDGHOGL YDQRFKHRVSLWDHQWUDPELSRUWDUHODWD]]DDOODERFFDFRQHQWUDPEHOH PDQLVRUVHJJLDUHLOOLTXLGRFDOGRHSURIXPDWR7UDWWHQJRLOUHVSLUR 1RQ GXELWDWH 1H WHUUz LO PDVVLPR FRQWR PD SHUPHWWHWH GL FKLHGHUYLDFRVDVLDGRYXWRWDOHHVSOLFLWRLQYLWRDOODULVHUYDWH]]D&R VtSUHVVDQWHGDDOOXGHUHDSHULFROLQDVFRVWLHVHPSUHLQDJJXDWR 5LSRQHODWD]]DVXOYDVVRLR ÊSURSULRFRVt/DVFLDWHFKH YLIRU QLVFDDOFXQLUDJJXDJOLVXFRPHIXQ]LRQDQRTXLOHFRVH/ HQRUPHSR WHUHGLTXHVWDFLWWjSRQWHIUD2ULHQWHH2FFLGHQWHVLIRQGDQRQVXO O DFTXDVXFXLIROOLHJHQLDOLIXJJLDVFKLODFRQFHSLURQRHWDQWRPHQR VXOFURJLXRORG DUWLVWLHOHWWHUDWLFKHO DIIROODQR'DVHFROLRUPDLLVL JQRULGLTXHVWDODJXQDLQWHVVRQRXQ LQWULFDWDUDJQDWHODGLSRWHULHGL
VSLHJXDUGLHHPDJLVWUDWLDFXLSRFRRQXOODVIXJJH5DIILQDWLHTXLOL EULVRVWHQJRQROHUHOD]LRQLFKHTXHVWHJHQWLWUDWWHQJRQRFRQUHHGL SORPDWLFLGLRJQLUHJLRQHFRQWHRORJLFKLHULFLHOHSL~DOWHDXWRULWj GL RJQL FRQIHVVLRQH H FRQ L GHWHQWRUL GL ULFFKH]]H FROWLYD]LRQL R SURGRWWL FKH WHUUD FRQRVFD 0HQWUH DO VXR LQWHUQR VL GLVSLHJD O LQH VWULFDELOH UHWH GL FRQWUROOR VX FLDVFXQR FKH O DWWUDYHUVL R OD DELWL SHU TXDOFKHWHPSR9LqXQDSROL]LDSHUODEHVWHPPLDHXQDSHUOHSURVWL WXWH TXHOOD SHU L OHQRQL H XQ DOWUD SHU L ULVVDLROL F q FKL FRQWUROOD L WUDJKHWWDWRULHDOWULFKHVRUYHJOLDQRJOLDUPDUROL1HVVXQRqLQJUDGR GL GLUH FKL FRPDQGD TXL PD WXWWL GHYRQR WHPHUH L PLOOH RFFKL FKH VFUXWDQR TXHVWH FDOOL VRVSHVH VXOO DFTXD 3HVL H FRQWUDSSHVL JDUDQWL VFRQR OD SRWHQ]D GHOOD 6HUHQLVVLPD OD VROD FRVD FKH FRQWL GDYYHUR LQ XQ JLRFR GL VSHFFKL FKH ULQYLDQR LPPDJLQL IXRUYLDQWL GRYH FLz FKHDSSDUHQRQqHFLzFKHqUHDOHVSHVVRVLQDVFRQGHGLHWURSHVDQWL WHQGDJJL 3UHQGHWH LO 'RJH DG HVHPSLR YHQHUDWR GDO FRUWHR GL LP EDUFD]LRQL H GDO SRSROR GDOOD VXD QRPLQD ILQR DOOD PRUWH (EEHQH HJOL QRQ FRQWD QLHQWH QRQ SXz QHPPHQR DSULUH OH PLVVLYH D OXL LQ YLDWH VHQ]D LO FRQVHQVR SUHYHQWLYR GHL FRQVLJOLHUL SUHSRVWL D TXHOOD IXQ]LRQH3HUQRQGLUHSRLGHOOHPHQWLUDIILQDWHFKHFRQYRJOLDQRO R GLRGHOOHJHQWLEDVVHLOUDQFRUHVRUGRFKHFRYDGDVHPSUHYHUVRVH VWHVVHGLYLGHQGROHLQID]LRQLHFUHDQGRPLOOHSUHWHVWLHPLOOH JLRFKL SHUFKp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zFKHLQWHQGHYRGLUHqFKHODGGRYHO DX WRULWj QRQ q QHOOH PDQL GL XQ VROR SULQFLSH PD GLVWULEXLWD WUD YDULH PDJLVWUDWXUHHFRUSRUD]LRQLqSRVVLELOHLQWUDSUHQGHUHOHPDQRYUHSL~ DUGLWH $ SDWWR SHUz GL VDSHU ULFRQRVFHUH H JUDWLILFDUH WDOL SRWHUL TXDQGRqQHFHVVDULR4XHVWDqODOLEHUWjFKHYLJHLQ9HQH]LDQRQLO VXRRUGLQDPHQWRFKHWDQWLGHFDQWDQRPDFKHQHVVXQRFDSLVFH
6L ID SL~ YLFLQD XQ HIIOXYLR GL HVVHQ]H P LQHEULD 9HGHWH QRL SUHVWLDPRLOGHQDUR'DVHPSUHJOLVWHVVLFKHFLEODQGLVFRQRSUHVWR RWDUGLFRPLQFLDQRDEUDFFDUFL1RLDEELDPRLPSDUDWRDIDUHORVWHV VR/HJKLDPRDQRLXRPLQLLPSRUWDQWLVRVWHQLDPRDWWLYLWjHLQWHUHVVL YLWDOL GHFLGLDPR TXDQGR H FRPH DOOHQWDUH L FRUGRQL GHOOD ERUVD , PHUFDQWLGL5LDOWRFLVRQRGHELWRULHFRVtJOLDUPDWRULGHOO $UVHQDOH )DPLJOLH SDWUL]LH GHO &RQVLJOLR H FDVDWH FKH IRUQLVFRQR YHVFRYL H PDJLVWUDWL DOOD 5HSXEEOLFD VHPSUH LQFOLQL DOOR VSHUSHUR GHYRQR D QRLEXRQDSDUWHGHOORVIDU]RGLFXLVLDPPDQWDQR3HUFRVWRURLOQR VWURGHQDURqLPSRUWDQWHFRPHO DULDFKHUHVSLUDQRGHYRQRULIOHWWHUH SULPDGLFRQWUDVWDUFL' DOWUDSDUWHQRLGREELDPRVDSHUHFKHLOVRGD OL]LRQRQGXUHUjWURSSRDOXQJR /DIUDVHGHOQLSRWH $YHUHXQEDJDJOLROHJJHUR 6RUULGH /D FRUUX]LRQH q XQ ILOR VRWWLOH FKH SHVL H FRQWUDSSHVL PDQWHQJRQRWHVR4XHVWDqODFDXWHODGLFXLYLSDUODYR8Q HVSUHV VLRQHSUHRFFXSDWDOHVFLYRODVXOYROWR %LVRJQDVDSHUHGDFKLJXDU GDUVLTXDOLVRQROHIRU]HFKHSRVVRQRURPSHUHO HTXLOLEULR& qTXH VWD QXRYD UD]]D GL LQTXLVLWRUL JHQWH VFDOWUD H IDQDWLFD VRVSLQWL GDO FDUGLQDOH &DUDID SHULFRORVR FRPH QHVVXQ DOWUR 'D GHFHQQL VHPSUH QHO SRVWR JLXVWR KD SURPRVVR OD &RQJUHJD]LRQH GHO 6DQW 8IIL]LR FKH LO 3DSD KD LVWLWXLWR SHU OXL H GDO QH WLHQH OH ILOD DOOHYDQGR XQD PXWD GL VHJXJL IHURFL GHYRWL H LQFRUUXWWLELOL Ê GD FRVWRUR FKH ELVRJQDJXDUGDUVLILXWDQRODSUHGDODSXQWDQRHODLQFDO]DQRILQFKp QRQFDGH 'RQQD %HDWULFH ULHVFH D FRPXQLFDUPL WXWWD O LQTXLHWXGLQH XQD SDXUD DQWLFD FKH VHPEUD DFFRPSDJQDUOD GDOOD QRWWH GHL WHPSL +R XQEULYLGR &RQRVFR OD UD]]D /D SDXUD q O DUPD FRQ FXL VRJJLRJDQR JOL XRPLQL/DSDXUDGL'LRGHOFDVWLJRHGLTXHOOLFRPHORUR1RQSRV VLDPR UDGXQDUH HVHUFLWL SHU FRPEDWWHUOL PD VSLQJHUH SHUFKp VLDQR DOWUL D IDUOR & q TXHVWR SDUWLWR GL FDUGLQDOL DYYHUVL DOO ,QTXLVL]LRQH JOL6SLULWXDOLPDSXUWURSSRVLWUDWWDGLJHQWHSRFRDYYH]]DDOORVFRQ WURPHQWUHJOLDOWULVHUUDQRLUDQJKLTXHVWDqO XQLFDPRVVDGLULOLHYR FKHVRQRULXVFLWLDIDUH (VWUDJJRGDOODPDQLFDLOYROXPHWWR $QQXLVFH ,O %HQHILFLR GL &ULVWR / KR OHWWR FRQ JUDQGH DWWHQ ]LRQHHVRQRG DFFRUGRFRQYRL)RUVHQRQEDVWDDWHQHUHDEDGDLFD QLPDKDXQDIRU]DGLFXLQHPPHQRJOL6SLULWXDOLVRQRFRQVDSHYROL (VLVWHXQ DPSLDIDXQDGLSUHWLGRWWRULFKLHULFLOHWWHUDWLHDQFKHXR PLQL LPSRUWDQWL GHOOD &KLHVD FKH SXz DFFRJOLHUH TXHVWH LGHH 3DROR
,,,qXQLPEHOOHPDVHLOSURVVLPR3DSDIRVVHXQR6SLULWXDOHPDJDUL TXHOO LQJOHVH VWLPDWR GD WXWWL 5HJLQDOGR 3ROR DOORUD O DULD FDPELH UHEEH$QFRUDXQVRUULVR 0HWWHWHYLLQDIIDULFRQQRLGRQ/XGR YLFR 0LVWULQJHXQDPDQRWUDOHVXH &KHFRSSLDIHQRPHQDOH -RmR0LTXH]LUURPSHQHOODVWDQ]D'XDUWH*RPH]ORVHJXH'HQ WDWXUHVPDJOLDQWLHUXPRUHGLVWLYDOL $OORUD%HDWUL]KDLFLUFXLWRDGRYHUHLOQRVWURLQYLWDWR"*XDUGD FKHOXLDOFRQWUDULRGHOWXRQLSRWHSHUYHUWLWRSUHGLOLJHOHGRQQH 'RQQD%HDWULFHKDODULVSRVWDSURQWD 0DVLFLUFRQGDGLUDJD] ]LQHQHOILRUHGHJOLDQQLDTXDQWRPLKDLGHWWR 0L JXDUGR LQWRUQR VSDHVDWR / LPEDUD]]R PL VRYUDVWD 6PHWWHWHODYLSUHJR 0LTXH]VLHVLELVFHLQXQDPSLRLQFKLQRH*RPH]VFRSSLDDULGH UH0LVRWWUDJJRDOWLURLQFURFLDWR $PLFL SRFKH SHUVRQH PL KDQQR DFFROWR FRQ IDPLOLDULWj H FRU GLDOLWjSDULDOODYRVWUD/HUDIILQDWHLQWXL]LRQLGLFXLVLHWHFDSDFLQRQ VPHWWRQR GL VRUSUHQGHUPL DSUHQGRPL DIIDVFLQDQWL RUL]]RQWL ,O PDU FKLRFKHJUDYDVXOODYRVWUDJHQWHPLDSSDUHRUDLQWXWWDODVXDLQFRQ VLVWHQ]D%LVRJQDDYHUFDPPLQDWRLOPRQGRLQOXQJRHLQODUJRSHU SRWHUORGLSLQJHUHFRQWDOHFKLDUH]]D9LVRQR JUDWRGHOODILGXFLDFKH PL DFFRUGDWH $WWHQGR DQFRUD FKH WRUQLDWH D RQRUDUH OD PLD WDYROD -RmR4XDQWRDYRLGRQQD%HDWULFHFLDVFXQDGHOOHUDJD]]HFKHIUH TXHQWDQRLO&DUDWHOORGRYUHEEHULQDVFHUHWUHYROWHSULPDGLDFTXLVLUH XQIDVFLQRSDULDOYRVWUR -RmRH'XDUWHDSSODXGRQRGLYHUWLWL ,O PLR FRPPLDWR QRQ SXz FKH HVVHUH GL SRFKH SDUROH FRQVLGHUDWHLOQRVWURSULPRDIIDUHJLjFRQWUDWWR
&DSLWROR 9HQH]LDRWWREUH
4XDUDQWDFLQTXH GXFDWL 3L~ WUHQWD RWWDQWXQR VHGLFL 6RWWUDUUH OD SDJDGHOOHUDJD]]HOHYLYDQGHHLOYLQR 'HPHWUD1RQF qSL~LQFKLRVWUR /DYRFHDUULYDVFKHU]RVDHLUULYHUHQWHGDOODFXFLQD 8VDODPH PRULD/XGRYLFRODPHPRULD 4XDUDQWDFLQTXH SL~ WUHQWD VHWWDQWDFLQTXH 3L~ RWWDQWXQR VHWWDQ WDFLQTXHSL~RWWDQWXQR *UDQGLILJOLGLEXRQDGRQQDFDUDPLDVHWLSUHQGRQRGLPLUD QRQWLPROODQRSL~(YRUUHEEHURLQILODUVLGRYXQTXHDVFROWDUHWXWWR 6EUDLWDFRPHXQGDQQDWRHLQWDQWRODPDQRURYLVWDVRWWRODJRQ QD 6HWWDQWDFLQTXH SL~ RWWDQWXQR ID FHQWRFLQTXDQWDVHLVtSL~VHGL FL $K PD TXL D 9HQH]LD KDQQR YLWD GXUD JOL VJKHUUL GL &DUDID PLFDFLODVFLDPRPHWWHUHLSLHGLLQWHVWDYHQLUHDILFFDUHLOQDVRQHL QRVWUL DIIDUL &H OL ULVROYLDPR QRL L FRQWL FRQ JOL HUHWLFL H L EHVWHP PLDWRUL 3L~VHGLFLHSLDQWDODVWURQ]RSL~VHGLFLFHQWRVHWWDQWDGXH HSRLEHOOLVVLPDWXORVDLFKLqLOFDUGLQDOH&DUDID"1R"7HOR GLFRLRXQYHFFKLDFFLRUXJRVRHVGHQWDWRFKHVHORYHGLGLQRWWHWHOD IDLVRWWRGDOODILID,RO KRFRQRVFLXWRVtPDPLFDVLIDYHGHUHPRO WRLOYHFFKLRQRQRQJOLSLDFHSUHIHULVFHO RVFXULWjFRPHLGLDYR ODFFLFRPHJOLVWUHJRQL &RQODFRGDGHOO RFFKLRVFRUJRXQIUXOODUHGLPDQLGHQWURVRWWDQH HVFROODWXUH(FFRDSSXQWRVRWWUDUUHODSDJDGHOOHUDJD]]HGXQTXH 8QJUDQVSLRQHYRUUHEEHVDSHUHWXWWRGLWXWWLLRSRLFDUDPLD VDUHLLOSULPRGHOODOLVWDVRORSHUFKpPLSLDFFLRQRLOYLQRHOHSXWWD QH 'RGLFLSL~TXLQGLFLSL~ 1RQVLVDPLFDTXDQWLDQQLKDTXHOORF qGDVHPSUHTXHOORJLj VSLDYD TXDQGR LR H WXD PDGUH SUHQGHYDPR DQFRUD LO ODWWH 6SLDYD O ,PSHUDWRUH LO UH G ,QJKLOWHUUD VSLDYD /XWHUR VSLDYD L SULQFLSL H L FDUGLQDOL3RLLO3DSDORKDIDWWRFRQWHQWRJOLKDPHVVRVXO ,QTXLVL
]LRQH FRVt Vt FKH SXz GLYHUWLUVL ( V q IDWWR ULFRQRVFHUH DOWURFKp +DULFKLDPDWRWXWWHOHVXHVSLHVSDUVHLQJLURSHUO (XURSDVtSHULQ ILOWUDUOHGHQWUROD&KLHVD/DSDJDGHOOHUDJD]]H 4XHOORqQDWRSHU VSLDUHWHORGLFRLRqSHULFRORVRVHQRQIRVVHFKHD9HQH]LDVWLDPR LQFDPSDQDTXHOORYHUUHEEHDQFKHTXLDPHWWHUFLLQULJDWXWWLTXDQ WL VSLDYD/XWHURYHQWLVHWWHVFXGLVSLDYD/XWHURULFKLDPDWRWXWWH OHVXHVSLHVSDUVHLQJLURYHQWLVHWWHSL~TXDUDQWDGXHO ,QTXLVL]LRQH F qGDVHPSUHJLjVSLDYDTXDQGRLRHWHSUHQGHYDPRDQFRUDLOODWWH VSLDYD/XWHURYHQWLVHWWHSL~TXDUDQWDGXHIDVHVVDQWDQRYHF qWXWWRLO UHVWR DQFRUD ULFKLDPDWR WXWWH OH VXH VSLH SHU LQILOWUDUOH GHQWUR OD &KLHVD O ,QTXLVL]LRQH SUHIHULVFH O RVFXULWj VHVVDQWDQRYH WX OR VDL FKLqLOFDUGLQDOH&DUDID"$JJLXQJLTXLQGLFLGHOYLQRQRQVLVDPL FDTXDQWL DQQLKDTXHOORF qGDVHPSUHVSLDYDO ,PSHUDWRUHVSLDYD /XWHUR 6SLDYD/XWHUR $O]R JOL RFFKL L FRQWL VL GLVVROYRQR VROR OH UDJD]]H QLHQWH SL~ PXOLQLR GL PDQL 6HGLD YXRWD 3UHVVLRQH LQ WHVWD GLHWUR JOL RFFKL H DOODEDVHGHOFROORSHVDFRPHXQVDVVR 'RY qDQGDWR" 8Q DO]DWDGLVSDOOHPRVWUDQROHPRQHWHWUDOHGLWD )XRUL Ê QRWWH VFLYROR VXO VHOFLDWR YLVFLGR XQ EODWHUDUH ORQWDQR GLFHFKHYDYHUVR5LDOWR&RUURYHORFHRORSHUGRFRUUR8QDQJROR XQDOWURXQSRQWLFHOORVHJXHQGRODYRFHqXQDFDQ]RQHELDVFLFDWD LQ YHQH]LDQR JL~ D GLURWWR QHOOD QRWWH LQ IRQGR DOOD FDOOH XQ RPEUD JUDVVDRQGHJJLDGLYLQR ,PLHLSDVVLSHVDQWLORIDQQRWUDVDOLUHVJXDLQDXQRVWLOHWWROXQJR DOPHQRGXHVSDQQH 1RQWHPHWH6RQRLOJHVWRUHGHO&DUDWHOOR +RSDJDWRPHVVHUH /RVR0DQRQDYHWHDVVDJJLDWRLOYLQRFKHWHQLDPRLQVHUERSHU JOLRVSLWLGLULJXDUGR 0LSUHQGHWHLQJLUR" 6WUL]]DJOLRFFKLDUURVVDWLODWHVWDGHYH JLUDUJOLSDUHFFKLR 1LHQW DIIDWWRRIIUHODFDVDQRQSRVVRSHUPHWWHUYLGLDQGDUYHQH VHQ]DDYHUHDVVDJJLDWRTXHOODERWWLJOLD $KEH TXDQG qFRVtVHYROHWHIDUPLVWUDGDYLVHJXLUzYROHQWLH UL /RDIIHUURVRWWRLOEUDFFLR &HODIDWHDQRQILQLUHLQFDQDOH" 6WDWHWUDQTXLOOR%DUWRORPHR%XVLQHKDSUHVHGLSHJJLR
%DUWRORPHR %XVLXQWHPSRIUDWHWHDWLQR3ULPDFKHLFRUYDFFL QHULGL&DUDIDPLEXWWDVVHURIXRUL6RORGXHDQQLIDVLVVLJQRUHVHUYR GL'LRHDPRGRPLRORVRQRDQFRUDHFFKHFFD]]R9DGRFRQOHSXW WDQHFHUWRIRUVHHVDJHURXQSR FRQLOYLQRPDVRQFRVHFKHDVSLH JDUOH EHQH DO EXRQ 'LR QRQ IDQQR WURSSL SUREOHPL QR $GHVVR PL WRFFD URPSHUPL LO FXOR DOO $UVHQDOH D FXFLUH YHOH WXWWR LO JLRUQR JXDUGDTXDFKHPDQL%DVWDUGL$OFRQYHQWRQRQHUDFRVtQRQVLID FHYDXQDEUXWWDYLWDEDGDYRDOO RUWRVWDYRLQFXFLQDJLUDYDXQVDFFR GL JHQWH RVSLWL LPSRUWDQWL FDUGLQDOL SULQFLSL 3HQVDWH FKH XQ FRQ YHQWRVLDXQOXRJRGLFODXVXUD"9LVEDJOLDWHF qXQYLDYDLFRQWLQXR DQFKH GL GRQQH 6WDYR Ot DOO LQL]LR EUXWWL PDLDOL QRQ YROHYR PLFD IDUH FDUULHUD FKH VRQ VHPSUH VWDWR LJQRUDQWH VSLRQL 6t G DFFRUGR RJQL WDQWR P LPERVFDYR TXDOFKH SDWDWD XQ SH]]R GL PDQ]R SHU UL YHQGHUORIXRULPDQLHQWHGLSL~(LQYHFHKDQQRWLUDWRIXRULODVWRULD FKH HUR XQ VRGRPLWD 8Q VRGRPLWD /R VDSHYDQR WXWWL FKH PL VRQ VHPSUHSLDFLXWHOHGRQQHQRLUDJD]]LQLHWXWWHTXHOOHSRUFKHULHGH JOL DEDWL 7XWWH VFXVH /D YHULWj q FKH DYHYD SUHVR XQD EUXWWD SLHJD JLjGDWHPSRFDURPLR6LHUDFDSLWRFKHVSLRQLGHODWRULHVELUULVWD YDQR SUHQGHQGR WXWWR LQ PDQR +DL YRJOLD D GLUH YRWR GL SRYHUWj ULQQRYDUHOD&KLHVDULVFDWWDUVLGDLODGURQLGL5RPD7XWWRDOOHVSDOOH GL TXHO VDQW XRPR GL *DHWDQR GD 7KLHQH $K Vt VDQWR JUDQGH FR JOLRQH ( FKL F HUD" /R VDSHWH FKL F HUD OR VDSHWH FKL VH OR JLUDYD FRPH XQ EXUDWWLQR" 9H OR GLFR LR LO SDGUH GL WXWWL JOL VSLRQL *LR YDQQL 3LHWUR &DUDID ,O YHFFKLDFFLR VLVVLJQRUH VHPSUH OXL SWXK 4XHOOR WUD FHQW DQQL TXDQGR OH QRVWUH FDUFDVVH IDUDQQR VFKLIR SXUH DLYHUPLVDUjDQFRUDOtDVSLDUH4XHOORGLYHQWD3DSDYHORGLFRLR 0DWXSHQVDTXDUDQW DQQLIDHUDJLjYHVFRYRTXDUDQWDFDURPLR/H JDWR SRQWLILFLR DOOD FRUWH LQJOHVH H VSDJQROD GRYHYDWH VHQWLUOR FL UDFFRQWDYD FKH VL HUD WHQXWR VXOOH JLQRFFKLD O ,PSHUDWRUH FKH DYHYD VHWWH DQQL O ,PSHUDWRUH 3ULPD GHO HUD DUFLYHVFRYR GL%ULQGLVLH SRLFKHIDVHQWHODSX]]DGLPHUGD/XWHURLFDVLQLH5RPDFKHYDD SXWWDQH(OXLFKHID"0ROODWXWWRVLIDSHUGLUHULQXQFLDDOOHFDULFKH HPHWWHDODYRUDUHLVXRLVSLRQLLQWXWWD(XURSD,QWDQWRTXDIDLOVDQ WRLQVLHPHDOSRYHUR*DHWDQRLOFRJOLRQHH IRQGDLOQRVWURRUGLQH( FRVtGRSRLO GRSRFKHLWHGHVFDFFLKDQQRFDJDWRLQ6DQ3LHWUR VRQR WXWWL FKH VEDYDQR GD OXL D SUHJDUOR LPSORUDUOR GL WRUQDUH GL PHWWHUHOHFRVHDSRVWR(OXLFKHID"0DQFRDGLUORDFFHWWDPDGLFH OHFRVHGHYRQRFDPELDUHELVRJQDIDUHVXOVHULRVHQR/XWHURFLPDQ
GDWXWWLDVSDVVR(DOORUDGjJOLDGGRVVRDWXWWLTXDQWL1HO ORIDQ QRFDUGLQDOHDGDUHOHGLUHWWLYHSHUHPHQGDUHOD&KLHVDGDLFRUURWWL GDL VRGRPLWL H GDJOL HUHWLFL FKH VRQ GDSSHUWXWWR ( FRVt JOL VSLRQL QRQ WH OL OHYL SL~ GD GRVVR 6RQR GRYXQTXH ( QRQ VL VWDQFD PDL VHPSUHDWUDPDUHFRPHVHQRQGRYHVVHPRULUHPDL0DGLFRLRFKL JOLHORIDIDUH"1HO LO3DSDDOWUDEUDYDSHUVRQDJOLUHJDODOD&RQ JUHJD]LRQHGHO6DQW 8IIL]LRXQEHOYHVWLWRWDJOLDWRVXPLVXUDSHUOXL %DVWDUGL/XLGLFHqDUULYDWRLOPRPHQWRGLVLVWHPDUHOHFRVH(FKH ID"5LFKLDPDWXWWLJOLVSLRQLWXWWLDQFKHTXHOOLFKHFRQWDYDQROHSL VFLDWHGL/XWHUR/LKRYLVWLHKVSDJQROLWHGHVFKLRODQGHVLVYL]]HUL LQJOHVLIUDQFHVLWXWWLDOFRQYHQWRFLVRQRSDVVDWLWXWWLDSUHQGHUHL QXRYLRUGLQL(OXLGLFHVLJQRULLWHPSLVRQRFDPELDWLF qXQWHPSR SHUVHPLQDUHHXQRSHUUDFFRJOLHUHTXHVWRqLOWHPSRGHOUDFFROWR( JL~GLQXRYRDVSLDUHHDPHPLIRWWRQRSHUFKp VWDPHUGDQRQPLq PDLSLDFLXWDYDEHQHIDUHSXOL]LDLQFDVDSURSULDPDWXWWR VWRJXDU GDUH QHOOH PXWDQGH DVSHWWDUH FKH WX GLFD OD SDUROD VEDJOLDWD SHU SUHQGHUWLHSURFHVVDUWL'LRQRQqXQWULEXQDOHqDPRUHFD]]RORGL FH*HV~QRQLR*HV~&ULVWRLQSHUVRQD4XHVWLQLHQWHLQYHFHWLGHYL FDJDUH DGGRVVR GDOOD SDXUD H EDVWD ( DOORUD YDL FRQ O DFFXVD IUD %DUWRORPHR LO VRGRPLWD FRQ WDQWR GL WHVWLPRQL 6FKLIRVL ( PL q DQGDWDEHQHVDSHWH"FKHVHQRQHURXQSHVFHSLFFRORPLVSLFFDYDQR LOFDSRGDOFROOR(DGHVVRPLWRFFDODYRUDUHWXWWRLOJLRUQRDOO $UVH QDOH SHU XQ SH]]R GL SDQH 'D YHFFKLR TXDVL FLQTXDQW DQQL Ê SHU TXHOORFKHPLSLDFFLRQROHSXWWDQHHEHYRLOYLQR$KPDYRLVLHWHXQ JUDQVLJQRUHLOYRVWURERUGHOORVHPEUDLOJLDUGLQRGHOOHGHOL]LH&KH IHPPLQH Ê FKH QRQ PH OH SRVVR SHUPHWWHUH FRQ OD SDJD GL IDPH FKHFLGDQQR6RORWRFFDUHQLHQWHGLSL~3HUGRQDWHPLVDSHWHTXDQ GRSHQVRDTXHLPDLDOLPLYDLOVDQJXHDOODWHVWD /D WLVDQD GL 'HPHWUD OR KD XQ SR VYHJOLDWR H JLj ODQFLD VJXDUGL LQWHUHVVDWLDOODERWWLJOLDFKHKRSRVDWRVXOWDYROR/DVWDSSR 7HGHVFKL1HDYHWHLQFRQWUDWLWHGHVFKLDOFRQYHQWR" (KKWHGHVFKL"6RQRLVXRLSUHIHULWLJHQWHDIILGDELOHWHVWHTXD GUDWH 3RL FL VRQR JOL VSDJQROL Vt PD SHUFKp JOL GLFL FKL GHYRQR DPPD]]DUHHORURORDPPD]]DQR%DVWDUGL 0LLQWHUHVVDQRLWHGHVFKL*OLULHPSLRLOELFFKLHUH ,WHGHVFKLFHUWROLKRYLVWL6HPSUHDSDUODUHGL/XWHUR 7UD FDQQDLOYLQR &HORGLFHYDOXL&DUDIDFKHLWHGHVFKLDQQRWDQRWXW WRVRQRSUHFLVLPLFDFRPHQRLVWUDFFLRQLFKHFLSHUGLDPRLQFKLDF FKLHUH,SL~DIILGDELOL 5LFRUGLTXDOFKHQRPH"
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
&DSLWROR 9HQH]LDRWWREUH
,OSRQWHGL5LDOWRWUDERFFDGLEDQFDUHOOHYHQGLWRULSDVVDQWLFKH VHPEUDQRGRYHUFDGHUHLQ&DQDOHGDXQPRPHQWRDOO DOWURWDQWRVR QRSLJLDWL0LIDFFLRVWUDGDDJRPLWDWHVHQ]DIDUFDVRDOOHLPSUHFD ]LRQLFKHPLSLRYRQRDGGRVVR,PERFFROH0HUFHULHYLFROLFKHULP ERPEDQR GHJOL VWULOOL GHL FRPPHUFLDQWL GL WHVVXWL GHJOL RUHILFL PD DOPHQRVLUHVSLUD 8QYHFFKLRWHGHVFRD]RQ]RFRPHWDQWL/ LGHDHUDGLUDJJLXQJHUH LO FRQYHQWRGHL7HDWLQLPDDGHVVRQRQQHKRSL~YRJOLDQRQVHUYL UHEEH ,OFRQYHQWR1HVVXQRVDFRVDDFFDGHGHQWURXQFRQYHQWRQHVVX QR VD FKL VHL QHO FRQYHQWR LO WXR QRPH q XQ QRPH TXDOVLDVL OR KD GHWWR %DUWRORPHR 8Q FHQWUR GL VPLVWDPHQWR GL VSLH QHO OXRJR SL~ LPSHQVDELOH 7HGHVFKLDOPHQRXQDPH]]DGR]]LQDGLWHGHVFKL*HQWHFKHFRQ WDYDOHSLVFLDWHGL/XWHURSLD]]DWDQHLSRVWLJLXVWLILQGDOO LQL]LRILQ GD TXDQGR XQR VFRQRVFLXWR IUDWH DJRVWLQLDQR DIILVVH OH VXH WHVL D :LWWHQEHUJ 3DVVR ULR 6DQ 6DOYDGRU YHUVR FDPSR 6DQ /XFD ,OYRFLDUHGHOOD FRPSUDYHQGLWDGLPLQXLVFHDSSHQD :LWWHQEHUJÊ WUDVFRUVDXQDYLWD/DPLD/XWHURqPRUWR,SUR WHVWDQWLKDQQRIRQGDWRODORUR&KLHVDULIRUPDWDLJLRFKLVRQRFKLXVL /HVSLHYHQJRQRULFKLDPDWHLQ,WDOLDSHUQXRYHLPSUHVH/DSRVWDqLO SRWHUHD5RPDIRUVHLO6RJOLR3RQWLILFLR1XRYHGLUHWWLYHQRQq GLI ILFLOH LPPDJLQDUH TXDOL LQILOWUDUH LO SDUWLWR DYYHUVDULR GHQWUR OD &KLHVD URPDQD JOL 6SLULWXDOL TXHOOL FKH YRUUHEEHUR WURYDUH XQ DF FRUGR FRQ L SURWHVWDQWL VSLDUH RJQL ORUR PRVVD H ULIHULUH DO FDSR 0DJDULFRUWHJJLDUOLJUDWLILFDUHLORUROXPLQRVLLQWHOOHWWLDVSHWWDUHXQ SDVVRIDOVRHFROSLUOLDPRUWH3URSULRFRPHLQ*HUPDQLD&RPHFRQ 0QW]HU&RPHFRQJOL$QDEDWWLVWL ©& q XQ WHPSR SHU SLDQWDUH H XQ WHPSRSHUVUDGLFDUHOHSLDQWHª 4RqOHW 0LVLHGRVXXQSLODVWUROXQJRULRGHL)XVHUL
/DFDUWDVLVEULFLRODWUDOHGLWDPDOHSDUROHVRQRDQFRUDOHJJLELOL GRYHOHPDFFKLHGHOWHPSRQRQKDQQRFDQFHOODWRODWUDFFLDG LQFKLR VWUR /HWWHUH FKH UDFFRQWDQR XQD VWRULD GL YHQW DQQL ID TXDQGR OD *HUPDQLD EUXFLDYDDOOHSDUROHGL0DJLVWHU7KRPDVHFXVWRGLWHFRQ FXUD$GHVVRVRSHUFKpOHKRSRUWDWHFRQPHGXUDQWHWXWWLTXHVWLDQ QL3HUULFRUGDUPLGLWH 4RqOHW /DQFLRLQDULDODPRQHWDHODULDFFKLDSSRDOYROR/DVFULWWDFDP SHJJLD DQFRUD EHQ YLVLELOH 81 ',2 81$ )('( 81 %$77(6,02&LPHOLRGLXQ DOWUDVFRQILWWD3H]]RUDURTXDVLXQLFR IRUJLDWRGDOOD]HFFDGL0QVWHU 8QEDUFDLRORODQFLDLOVXRJULGRG DYYHUWLPHQWRSULPDGLLPERF FDUHO DQVDGHOULRHVSDULUHDOODYLVWDLJDEELDQLJDOOHJJLDQRWUDQTXLO OLVFUXWDQGRLOIRQGDOH 6SLDYL /XWHUR 6SLDYL 0QW]HU 6SLDYL JOL $QDEDWWLVWL DQ]L HUL XQRGLORUR8QRGLQRL)RUVHWLKRFRQRVFLXWR 4RqOHW ,FRQWDGLQLQHOODSLDQD ,FLWWDGLQLGL0QVWHUDVVHUUDJOLDWLGHQWUROHPXUD 'RQQHHEDPELQL &DWDVWHGLPRUWL 6HLTXL&DUDIDQRQSXzSULYDUVLGLXQDSHGLQDLPSRUWDQWHFRPH WH/ KDLVHUYLWREHQHPDDGHVVRF qO ,QTXLVL]LRQHQLHQWHSL~DOILHUL VROLWDUL UDFFRJOLHUH YRFL LQIRUPD]LRQL VSLDUH JOL 6SLULWXDOL SHU FR JOLHUHLOPRPHQWRPLJOLRUH 6HLTXL'RYHVLJLRFDODSDUWLWDGHFLVLYDFRPHVHPSUHFRPHGD YHQW DQQLDTXHVWDSDUWH,PLHLYHQW DQQL &DWDVWHGLPRUWL 0DJLVWHU 7KRPDV +HLQULFK 3IHLIIHU 2WWLOLH (OLDV -RKDQQHV 'HQFN-DFREH0DWWKLDV=LHJOHUSRFRSL~FKHUDJD]]L 0HOFKLRU +RIPDQQ PRUWR TXDOFKH DQQR ID QHOOD SULJLRQH GL 6WUDVEXUJR ,O IHGHOH *UHVEHFN H L IUDWHOOL %UXQGW IDWWL SULJLRQLHUL H JLXVWL]LDWL IXRUL GDOOH PXUD GL 0QVWHU ( L 0D\HU H %DUWKRORPHXV %RHNELQGHU FKH PL SUHVWz LO QRPH FDGXWL QHOOD VWUHQXD GLIHVD GHOOD FLWWj (DQFRUD(ORL3UX\VWLQFNHWXWWLLIUDWHOOLGL$QYHUVD8QDSURFHV VLRQHGLIDQWDVPLVXOODULYDGLTXHVWRFDQDOH6LDPRULPDVWLVRORLRH WH *OL XOWLPL WHVWLPRQL GL XQ HUD FKH WUDPRQWD 'XH YHFFKLH RPEUH VWDQFKH
4XHOO RGLRPLKDDEEDQGRQDWRQRQqXQRVYDQWDJJLRSRVVRHVVH UHSL~DWWHQWRDQFKHSL~VFDOWUR3L~GLTXDQWRWXQRQORVLDPDLVWD WR 2JJLSRVVRVFRYDUWL
2OWUHSLD]]D6DQ0DUFRLOPRORVLDOOXQJDYHUVRO $UVHQDOHGRYH OHQDYLLQVXSHUDELOLGHLYHQH]LDQLDWWHQGRQRLOSULPRYDUR 'LIURQWHO LVRODGL6DQ*LRUJLR0DJJLRUHFRQLOFRQYHQWREHQH GHWWLQR,OEDFLQRGHOO $UVHQDOHVLDSUHVXOODVLQLVWUDLFDUSHQWLHULOD YRUDQRDJOLVFKHOHWULGLGXHJDOHUHLPSRQHQWL 0L VLHGR D RVVHUYDUH OD PDHVWULD GL TXHVWL XRPLQL IDPRVL QHO PRQGRPDVFDFFLDUHLSHQVLHULQRQqIDFLOH *OLHOHPHQWLGHOTXDGURVRQRVHPSUHJOLVWHVVL'DXQDSDUWHXQ FDUGLQDOHLQJOHVHDPDWRGDWXWWLTXHOOLFKHPLUDQRDOODULFRQFLOLD]LR QH FRQ L SURWHVWDQWL FDYDOOR YLQFHQWH GHOO ,PSHUDWRUH FKH VSHUD LQ XQD SDFLILFD]LRQH UHOLJLRVD GHOOD &ULVWLDQLWj SHUFKp O ,PSHUR JOL VWD VIXJJHQGR GL PDQR LO SL~ RGLDWR GDL FDUGLQDOL FKH IRPHQWDQR OD JXHUUDVSLULWXDOHGHOO ,QTXLVL]LRQH 'DOO DOWUD SDUWH F q LO SULQFLSH QHUR GHO 6DQW 8IIL]LR LO FDUGLQDOH &DUDIDFKHFRVWUXLVFHODPDFFKLQDXQSH]]RDOODYROWDHVLSUHSDUDD GDUH EDWWDJOLD +D ULFKLDPDWR WXWWH OH VXH VSLH LQ ,WDOLD SHU DSSLFFLFDUOH DGGRVVR DJOL 6SLULWXDOL 8QD VFKLHUD GL RVVHUYDWRUL XQ HVHUFLWRGLRFFKLHRYYLDPHQWHGLGHODWRUL 8QRGLORURqLOSL~LPSRUWDQWHLOSL~ILGDWR,OSL~EUDYRVHqYH URFKHHUDD:LWWHQEHUJHD0QVWHU 0QVWHU *OL$QDEDWWLVWtYHFFKLDFRQRVFHQ]D 8Q LGHD6ROWDQWRXQ LQWXL]LRQH 1HVVXQRTXDJJL~KDPDLFRQRVFLXWRO DQDEDWWLVPR0DOXLVtHUD D0QVWHUHKDVDSXWRWUDGLUHDOPRPHQWRJLXVWR *OLHOHPHQWLDGLVSRVL]LRQHXQOLEUR,O%HQHILFLRGL&ULVWRPD QXDOHGL FDOYLQLVPRDGDWWDWRSHULFDWWROLFLPDVLSRWUHEEHWLUDUHIXR ULGHOO DOWUR&RPHJOL$QDEDWWLVWLKDQQRIDWWRGDJOLVFULWWLGL/XWHUR $FFHQGHUHLOFRQIOLWWR5DGLFDOL]]DUHLFRQWHQXWLGHOOLEURGDOFDOYL QLVPRDOO DQDEDWWLVPR 0LDO]RVHQ]DVPHWWHUHGLULIOHWWHUHPLLQFDPPLQRDSDVVRVSHGL WRYHUVRODSLD]]D *OLLQTXLVLWRULVRQRFDQLGDFDFFLDDQQXVDQRODSUHGDODSXQWDQR HQRQODPROODQRSL~&RVtKDGHWWRGRQQD%HDWULFH 2FFRUUHXQDOHSUH
8QEHUVDJOLRFKHOLSRUWLDOORVFRSHUWR(DXVFLUHLQFDFFLD GHYH HVVHUHLOSL~EUDYRTXHOORFRQSL~HVSHULHQ]D4RqOHW 6H OD SUHGD IRVVH XQ DQDEDWWLVWD PDJDUL WHGHVFR PDQGHUHEEHUR OXL4XHOORFKHOLKDJLjIRWWXWLD0QVWHUTXHOORFKHOLFRQRVFHEH QH $WWUDYHUVR SLD]]D 6DQ 0DUFR D SDVVR IUHQHWLFR LPERFFDQGR OH 0HUFHULH 8QDQDEDWWLVWDLQ,WDOLDTXDOFXQRFKHFLVDSSLDIDUH 0LIHUPRGDYDQWLDO)RQGDFRGHL7HGHVFKLFRQLOILDWRJURVVRHLO FXRUHLQJROD 5HVSLURSURIRQGR 8QDSDUWLWDDGXH'XHFKHKDQQRFRPEDWWXWROHVWHVVHEDWWDJOLH 8QVRORYHFFKLRFRQWRGD UHJRODUH 3RVVRVFRYDUWL
&RVDVXFFHGHUHEEHVH,O%HQHILFLRGL&ULVWRVLWUDVIRUPDVVHLQXQ OLEUR PROWR SL~ SHULFRORVR GL TXHOOR FKH q" &RVD VXFFHGHUHEEH VH TXDOFXQRVtPHWWHVVHDGDQGDUHLQJLURULEDWWH]]DQGRODJHQWHFRQLO %HQHILFLRLQPDQR" &DUDIDHVXRLVHJXJLVLPHWWHUHEEHURLQFDFFLD0DVRSUDWWXWWRLO FDUGLQDOH 5HJLQDOG 3ROH H WXWWL JOL 6SLULWXDOL VDUHEEHUR FRVWUHWWL D VFHQGHUHLQFDPSRHDGDUEDWWDJOLDSHUGLIHQGHUVLGDOO DWWDFFRGHJOL =HODQWLÊPHJOLRFKHFLzDFFDGDSULPDFKHYHQJDIDWWR3DSDXQLQ WUDQVLJHQWHXQR]HODQWHXQDPLFRGL&DUDIDRDQFRUSHJJLR&DUDID VWHVVR0HJOLRFKHVLDUULYLVXELWRDOODUHVDGHLFRQWLSULPDFKHLGH ODWRULHJOLVSLRQLGHOSULQFLSHQHURULHVFDQRDLQFDVWUDUH3ROHO RQH VWRHLVXRLLQJHQXLVHJXDFL $FFHOHUDUHLOFRQIOLWWR&RVWULQJHUH3ROHDULEDWWHUHFROSRVXFRO SRLQYHFHGLFRQWLQXDUHDLQFDVVDUHLQVLOHQ]LR6SLQJHUHTXHOEHOO LQ WHOOHWWRLQJOHVHDLPSXJQDUHOHDUPL'HYHHVVHUHOXLLOSURVVLPR3D SD'HYHIDUHIXRULLOYHFFKLRWHDWLQR /R VSHFFKLR ULPDQGD JOL DQQL WXWWL LQVLHPH PD F q DQFRUD XQ JXL]]RQHJOLRFFKL4XDOFRVDFKHGHYHHVVHUHEDOHQDWRVXOOHEDUULFDWH GL 0QVWHU R WUD OH VFKLHUH FRQWDGLQH GHOOD 7XULQJLD 4XDOFRVD FKH QRQV qSHUVDSHUVWUDGDSHUFKpODVWUDGDQRQSRWHYDXFFLGHUOD)RO OLD"1R PDFRPHGLVVH3HUQDODYRJOLDGLYHGHUHFRPHYDDILQLUH / XRPRQHOORVSHFFKLRKDLFDSHOOLSL~OXQJKL$QFKHODEDUEDVL DOOXQJKHUj9HVWLWLPHQRHOHJDQWLQLHQWHWHVVXWLYHQH]LDQLPDLYHF
FKLVWUDFFLWHGHVFKL /DIDFFLDVHJQDWDTXDVLVLDSSLFFLFDDOYHWURVJXDUGRDFXWRFKH VFDYDGHQWURHRJQLWDQWRSXQWDLQDOWRDFRQVXOWDUHLO3DGUH ,HUL KR FKLHVWR D XQ EDPELQRGLFLQTXHDQQLFKLIRVVH*HV~( OXLKDULVSRVWRXQDVWDWXD ,OYHFFKLRSD]]RJKLJQDGLYHUWLWR +RWURYDWRO DQDEDWWLVWD
/HWWHUDLQYLDWDD7UHQWRGDOODFLWWjSRQWLILFLDGL9LWHUERLQGLUL] ]DWDD*LDQSLHWUR&DUDIDGDWDWDJHQQDLR $OO LOOXVWULVVLPRVLJQRUHPLR*LRYDQQL3LHWUR&DUDIDLQ7UHQWR
6LJQRUH PLR RVVHUYDQGLVVLPR OR VWUDQR IDWWR GL FXL P DFFLQJR D ULIHULUHPHULWDG HVVHUHSRQGHUDWRDGHJXDWDPHQWH 6RSHUFHUWRFKH,O%HQHILFLRGL&ULVWRKDULFRPLQFLDWRDFLUFRODUH VXYDULHSLD]]H1HJOLXOWLPLPHVLqVWDWRDFTXLVWDWRD5DYHQQD$Q FRQD 3HVFDUD H DQFKH SL~ D VXG OXQJR LO OLWRUDOH DGULDWLFR &Lz VL JQLILFD FKH OH SDUWLWH YLDJJLDQR YLD PDUH VX EDVWLPHQWL LQ JUDGR GL WUDVSRUWDUH GLVFUHWH TXDQWLWj GL OLEUL ( QRQ GHYH WUDWWDUVL GL SRFKH FHQWLQDLD GL FRSLH PLR VLJQRUH PD GL PLJOLDLD DO SXQWR FKH ULHVFH GLIILFLOHFUHGHUHVLDDOODYRURXQDVRODVWDPSHULD'DWDOD]RQDGLGLI IXVLRQHGHYHWUDWWDUVLGLTXDOFKHVWDPSDWRUHYHQH]LDQRRIHUUDUHVHGL FHUWR UHVLGHQWH QHL WHUULWRUL GL TXHJOL VWDWL FKH SL~ RVWHJJLDQR O LQ JUHVVRGHOO ,QTXLVL]LRQHURPDQD 6RFKHO DXWRULWjGHOOD69QRQVLHVWHQGHILQRDOWHUULWRULRGHOOD 6HUHQLVVLPD PD FLRQRQRVWDQWH SRWUHEEH ULVXOWDUH XWLOH PHWWHUH OD SXOFH QHOO RUHFFKLR GHJOL LQTXLVLWRUL YHQH]LDQL H GHO GXFD (UFROH ,, G (VWH1RQFUHGRLQIDWWLFKHFRVWRURYRUUDQQRGDUHGLVpO LPPDJLQH GLFKLSHUPHWWHODVWDPSDGLXQOLEURVFRPXQLFDWRGDO&RQFLOLR &RVDVWUDQDqFKHTXLD9LWHUERQHVVXQRVHPEUDVDSHUHQXOODGHL UHVSRQVDELOL GL TXHVWD QXRYD GLIIXVLRQH 6HPEUD SURSULR FKH TXHVWD YROWDLOFDUGLQDOH3RORHLVXRLDPLFLQRQF HQWULQR9 qGDVRVSHWWDUH VL WUDWWL GL XQ RSHUD]LRQH YDVWD FRQ XQD PHQWH EULOODQWH D GLULJHUOD PDHVWUDQHDDOODFHUFKLDGHJOL6SLULWXDOL (EEHQHFRPHLOPLRVLJQRUHVDD9HQH]LDWURYDQRULIXJLRPROWL UDGLFDOL FULSWROXWHUDQL 3RWUHEEH GXQTXH HVVHUH XWLOH UDFFRJOLHUH PDJJLRUL LQIRUPD]LRQL VXOOH ORUR DWWLYLWj VHQ]D LQVRVSHWWLUH L YHQH ]LDQLFKHFRP qQRWRVRQRDVVDLVXVFHWWLELOLULJXDUGRDOOHLQJHUHQ]H QHLORURDIIDULGDSDUWHGHOOD6DQWD6HGH
%DFLDQGR OH PDQL GHOOD 6LJQRULD 9RVWUD DOOD 6XD JUD]LD PL UDF FRPDQGR
GL9LWHUERLOJLRUQRSULPRGHOO DQQR ,OIHGHOHRVVHUYDWRUHGHOOD6LJQRULD9RVWUD 4
,OGLDULRGL4
9LWHUERJHQQDLR
6XO&RQFLOLR / ,PSHUDWRUHQRQKDSHUVRWHPSR,OYHFFKLROHRQHKDDQFRUDJOL DUWLJOL+DIDWWRVFHQGHUHLODQ]LFKHQHFFKLQHO7UHQWLQR(FRQORUROD SHVWHFKHOLDFFRPSDJQDGDVHPSUH ,OPHVVDJJLRqFKLDURGRSRODGLVIDWWDGHOVXRSDODGLQRDO&RQFL OLRLFDUGLQDOLVWLDQRDWWHQWL4XHOO LQHWWRGHO3DSDVLHUDPHVVRDODQ FLDUHVHJQDOLG LQWHVDDL)UDQFHVL0D&DUORqVHPSUH&DUORUHJJLWR UH GHO 6DFUR 5RPDQR ,PSHUR FKH QHVVXQR SURYL D WUDPDUJOL DOOH VSDOOH ,O &RQFLOLR q VWDWR VRVSHVR OR WUDVIHULUDQQR D %RORJQD ORQWDQR GDOILDWRSHVWLOHQ]LDOHGHLODQ]L&RVtGLFRQR
6X&DUDID &DUDIDGHYHVWDUHDWWHQWRO ,PSHUDWRUHQRQqXRPRGDIDUVLPHW WHUHLSLHGLLQWHVWDORKDDSSHQDGLPRVWUDWR)RUVHqSHUTXHVWRFKH LO YHFFKLR WDUGD D VFDJOLDUH O ,QTXLVL]LRQH VXOOH WUDFFH GHO%HQHILFLR GL &ULVWR GL FKL OR SRVVLHGH H GL FKL OR KD UHGDWWR 5HJLQDOG3ROHq DQFRUDLQDXJHQHOFXRUHGLPROWLSLDFHDO3DSDHDQFRUSL~DOO ,PSH UDWRUH 2 IRUVH q VROWDQWR XQ WHPSRUHJJLDUH VWXGLDWR )RUVH LO YHFFKLR SHQVDFKHLWHPSLQRQVLDQRDQFRUDPDWXULPROWLSHVFLGHYRQRDQFR UDFDGHUHQHOODUHWHELVRJQDFKHLOOLEURFLUFROL0DVFKHU]DFROIXR FRSHUFKpLQVLHPHDOOLEURVLGLIIRQGRQROHLGHH 'HOODQXRYDGLIIXVLRQHGHOOLEUR &KLSXzDYHUHLQWHUHVVHDULVFKLDUHWDQWRGDVWDPSDUHHYHQGHUH,O %HQHILFLRGL&ULVWR" 6H 3ROH H JOL 6SLULWXDOL QRQ F HQWUDQR FKL q LO UHVSRQVDELOH" 8Q PHUFDQWHXQXRPRRSL~XRPLQLFRQLOVHQVRGHJOLDIIDUL0DSHU FKp"6LSXzOXFUDUHDQFKHVXDOWUHVWDPSHQRQF qELVRJQRGLULVFKLD UHODSULJLRQHRODYLWDSHUXQJURVVRODQRFRPSHQGLRGLFDOYLQLVPR & qTXDOFRVDFKHDQFRUDQRQDIIHUUR'HYRVHJXLUHO LVWLQWR
7L]LDQR
&DSLWROR
3DGRYDJHQQDLR
,HULKRGRPDQGDWRDXQEDPELQRGLFLQTXHDQQLFKLIRVVH*HV~ 6DSHWHFRV KDULVSRVWR"8QDVWDWXD 9ROWLLQFXULRVLWLDSSHQDLOOXPLQDWLGDOODFDQGHOD8QDGR]]LQDGL VWXGHQWLVWUHWWLLQWRUQRDOOXPHJOLXQLFLDVILGDUHLOVRQQRHOHULJLGH UHJROH GHO FRQYLWWR 8Q SDLR OL KR FRQRVFLXWL TXHVWR SRPHULJJLR DO JDELQHWWRDQDWRPLFRGRSRODOH]LRQHGLWHRORJLD3RFKHFKLDFFKLHUH QHLFRUULGRLVRQREDVWDWHSHUFKpPLSURSRQHVVHURGLVHJXLUOLDOFRQ YLWWRGHLEHQHGHWWLQLSHUSDVVDUHODQRWWH &RVDqLO&ULVWRSHUXQDPHQWHVHPSOLFH"8QDVWDWXDÊXQDEH VWHPPLD TXHVWD" 1R SHUFKp OH PDQFD OD YRORQWj G RIIHQGHUH ÊOD PHQ]RJQD G XQ LJQRUDQWH DOORUD" 1HPPHQR ,R YL GLFR FKH TXHO EDPELQRQRQKDPHQWLWRDQ]LKDGHWWRODYHULWjGXHYROWH/DSULPD SHUFKpGDYDQWLDLVXRLRFFKLPHQWUHORDGGHVWUDYDQRDLQJLQRFFKLDU VL F HUD XQ FURFLILVVR GL SLHWUD &RVD LQIRQGH YLWD D TXHOOD SLHWUD" &RVDODUHQGHGLYHUVDGDOOHDOWUH"/DFRQRVFHQ]DGLFLzFKHUDSSUH VHQWD/DFRQRVFHQ]DFLzFKHGjXQVLJQLILFDWRDOOHFRVHDOPRQGRH DQFKHDOOHVWDWXH'XQTXHSHUIDUYLYHUHTXHOODVWDWXDGREELDPRFR QRVFHUHLO&ULVWR3RVVLDPRGLUHFRQSRFKHHVHPSOLFLSDUROHFKLVLD LO &ULVWR" 6t DPRUH H JUD]LD Ê 'LR FKH SHU DPRUHGHJOLXRPLQLVL LPPROD VXOOD FURFH JUD]LDQGROL GDO SHFFDWR VDOYDQGROL GDOOH WHQH EUH(ODIHGHLQTXHVWRVRORDWWRJLXVWLILFDJOLXRPLQLGDYDQWLD'LR TXHVWRqLOEHQHILFLRFKH&ULVWRFLSRUWD,O%HQHILFLRGL&ULVWR 6HGXQTXHFRQRVFHQ]DHDPRUHIDQQRYLYHUHTXHOODVWDWXDQRVWUR FRPSLWRqGLFROWLYDUOHFRPHLOSL~SUH]LRVRGHLGRQLHULIXJJLUHDQ ]LFRPEDWWHUHFKLFLDOORQWDQDGDHVVH 4XHVWR FL SRUWD DOOD VHFRQGD YHULWj GHO EDPELQR 2JJL GDYYHUR DVVLVWLDPRDOO DJRQLDGL&ULVWR1pFRQO DPRUHQpFRQODFRQRVFHQ]D OD&KLHVDUHQGHYLYRLO&ULVWRDFXLDFFRVWDLIDQFLXOOL(VVRGLYHQWD XEELGLHQ]DLQFRQGL]LRQDWDDOO DXWRULWjVHFRODUHDOODJHUDUFKLDFRUURW WD GL 5RPD DO 3DSD VLPRQLDFR GLYHQWD SDXUD GHO FDVWLJR GLYLQR PHVVR LQ VFHQD GDO 6DQW 8IIL]LR 7XWWR TXHVWR QRQ q LO 'LR YLYHQWH
PDGDYYHURXQDVWDWXDDULGDHPXWD 2FFRUUH DOORUD UHQGHUVL GL QXRYR IDQFLXOOL ULDFTXLVWDUH OD PHQWH VHPSOLFH GL TXHO EDPELQR SLHQR GL VDJJH]]D H VDQFLUH GL QXRYR OD GLVFHVDGHOODJUD]LDVXGLQRL8QQXRYREDWWHVLPRFKHFLUHQGDDQ FRUDSDUWHFLSLGHOEHQHILFLRGL&ULVWR &RQTXHVWDULQQRYDWDFHUWH]]DQRQSRVVLDPRWHPHUHGLSURIHVVDUH ODYHUDIHGHDQFKHFRQWURO LSRFULVLDGHLWULEXQDOLHGHJOLXRPLQLFRU URWWL (FFR SHUFKp YL GLFR FKH VH PDL TXDOFXQR FKLHGHUj FKL YL KD SDUODWRLQTXHVWRPRGRQRQWHPHWHGLGLUJOLFKHVRQRVWDWRLR7L]LD QRLOEDWWLVWD
&DSLWROR 5RYLJRJHQQDLR
3URSULRLHULDOO XVFLWDGDXQDFKLHVDKRLQFRQWUDWRXQEDPELQR GL FLQTXH DQQL H JOL KR GRPDQGDWR FKL IRVVH *HV~ 6DSHWH FKH FRVD PLKDULVSRVWR"8QDVWDWXD )UDWH 9LWWRULR DO]D OH VSDOOH H ODVFLD LQWUDYHGHUHXQVRUULVRVRWWR ODEDUEDIROWD 6HYLSXzFRQVRODUHF qXQXRPRGHOQRVWURSDHVHXQ IDOHJQDPHFKHDYUjXQDTXDUDQWLQDG DQQLFKHRJQLJLRUQRVLSUHVHQ WDLQFKLHVDSHUWUHYROWHUHFLWDXQ3DWHUGLIURQWHDOFURFHILVVRHSRL WRUQDDODYRUDUH*OLKRFKLHVWRFRPHPDLIRVVHGLYHQWDWRFRVtDVVL GXRQHOOHYLVLWHDO6LJQRUHHPLKDULVSRVWRFKHVRQRVWDWRLRDGLUJOL FKH FRQ WUH SUHJKLHUH D *HV~ RJQL JLRUQR DYUHEEH JXDULWR LO PDO GL VFKLHQD4XHVWRqLOSRVWRSL~YLFLQRFKHFRQRVFRGRYHWURYDUH*HV~ KD DJJLXQWR 1RQ YL GLFR OD IDFFLD FKH DYHYD TXDQGR KR FHUFDWR GL VSLHJDUJOL FKH *HV~ SXz HVVHUH GDSSHUWXWWRQHOOHGRQQHHQHLEDP ELQLQHOO DULDHQHOUXVFHOORQHOO HUEDHQHJOLDOEHUL %DWWROHPDQLHOHULDOODUJRFRQUDVVHJQD]LRQH,OJHVWRDWWLUDO DW WHQ]LRQHGLDOWULGXHIUDWL6LDYYLFLQDQRSHUFDSLUHGLFKHVLWUDWWD ,OYRVWURHVHPSLRQRQPLFRQVRODDIIDWWRIUDWHOOR6HXQXRPR GL TXDUDQW DQQL FUHGH FKH *HV~ VLD XQD VWDWXD HVDWWDPHQWH FRPH ID XQELPERGLFLQTXHVLJQLILFDFKHWUHQWDFLQTXHDQQLGLQRUPHHSUH FHWWLGRJPLHFDVWLJKLQRQIDQQRFUHVFHUHGLXQDYLUJRODODIHGHGHO FULVWLDQR &RPH q SRVVLELOH YL FKLHGR FKH XQ EDPELQR YHQJD FR VWUHWWRDULFHYHUHLVDFUDPHQWLDLQJLQRFFKLDUVLGDYDQWLDTXHOODFKH SHU OD VXD PHQWH VHPSOLFH QRQ SXz HVVHUH DOWUR FKH XQD VWDWXD DG DVFROWDUHLO9DQJHORTXDQGRSHUOXLHVVRQRQqFKHXQDIDYRODLQQXO OD SUHIHULELOH D TXHOOH FKH JOL YHQJRQR UDFFRQWDWH GDYDQWL DO IXRFR" 9L VHPEUD VHQVDWR WXWWR TXHVWR" ,R GLFR FKH TXHVWR QRQ q VROWDQWR DVVXUGR IUDWHOOL PD DQFKH SHULFRORVR 4XDOH FUHGHQWH FUHVFHUHPR LQIDWWL"4XDOHVLQFHUDGHYR]LRQHD&ULVWRSRVVLDPRVSHUDUHGLYHGHU PDWXUDUHLQTXHOSLFFRORHVVHUHVHORDELWXHUHPRILQGDOODSL~WHQHUD HWj DG DFFHWWDUHSDVVLYDPHQWHFRVHFKHQRQFRPSUHQGH"$LQJLQRF FKLDUVLGDYDQWLDOOHVWDWXH",RGLFRIUDWHOOLPLHLFKH&ULVWRQRQSXz FKH HVVHUH XQD VFHOWD FRQVDSHYROH H PRWLYDWD H QRQ XQD IDYROD LQ
FXOFDWD DJOL LQJHQXL 0D RJJL FL YLHQH FKLHVWR SURSULR TXHVWR &L YLHQHFKLHVWRGLFUHGHUHVHQ]DFRPSUHQGHUHGLXEELGLUHLQVLOHQ]LR ILQDQFKH GL WHPHUH YLYHQGR QHO WHUURUH G HVVHUH SXQLWL SURFHVVDWL LQFDUFHUDWL3XzQDVFHUHYHUDIHGHWUDVHQWLPHQWLVLPLOL"1RGLFHUWR IUDWHOOL , WUH IUDQFHVFDQL VL VFDPELDQR XQ RFFKLDWD LQFHUWD )DWLFDQR D URPSHUHLOVLOHQ]LRFKHVHJXHOHXOWLPHSDUROH8QRGLORURIDFHQQR DGDOWULGXHGLUDJJLXQJHUOR 6RQR 7L]LDQR SHOOHJULQR WHGHVFR GLUHWWR D 6DQ 3LHWUR , IUDQFH VFDQLGLTXHVWRSLFFRORFRQYHQWRGLFDPSDJQDPLKDQQRDFFROWRFRQ JHQWLOH]]DHRVSLWDWRFRQJUDQGHFRUWHVLD 3DUORWWDQRVRPPHVVDPHQWHWUDORURLOULDVVXQWRSHUJOLXOWLPLDU ULYDWL )UDWH9LWWRULRVLLUULJLGLVFHLQXQDSRVDSODVWLFDSRLQRQWUDWWLHQH ODULVDWD 1RQPHWWHWHODFRVtIUDWHOOR7L]LDQR3HQVDWHTXHVWRSLXW WRVWRYLFLQRDXQYLOODJJLRGHOODQRVWUDGLRFHVLF qXQSLRSSRVHFROD UH IRUVH O DOEHUR SL~ LPSRQHQWH FKH PL VLD PDL FDSLWDWR GL YHGHUH (EEHQH L FRQWDGLQLVRVWHQJRQRFKHGXUDQWHLOSOHQLOXQLRGLRWWREUH FKLVLPHWWHVRWWRO DOEHURHULFHYHWUDOHPDQLXQDVXDIRJOLDSRUWDWD GDOYHQWRPDQJLDQGRODDFTXLVWDIRU]DHORQJHYLWj 8QRVJXDUGRDFFLJOLDWR 1RQFDSLVFRGRYHYRJOLDWHDUULYDUH 8Q SHOOHJULQR FRPH YRL ULSUHQGH LQFURFLDQGR OH PDQL GLHWUR OD VFKLHQD YHQW DQQL ID YHQQH D ULVWRUDUVL LQ TXHVWR FRQYHQWR *OL UDFFRQWDPPRODVWRULDGHOSLRSSRHJOLVSLHJDPPRGRYHVLWURYDYD (UD FRQYLQWR FKH SURGLJL QDWXUDOL VL YHULILFKLQR QHL OXRJKL GRYH OD 0DGRQQDGHVLGHUDPRVWUDUVLDLVXRLILJOL$QGzOjHOD0DGRQQDJOL DSSDUYH GLFHQGR ©,O FRUSR H LO VDQJXH GL PLR )LJOLR GDQQR OD YLWD HWHUQDª'DDOORUDQHOSOHQLOXQLRGLRWWREUHIHVWHJJLDPROD0DGRQ QDGHO3LRSSRHLFRQWDGLQLYHQJRQRSHUPDQJLDUHO (XFDUHVWLDHOH IRJOLH GHOO DOEHUR FKH FDGRQR VXOO DOWDUH YHQJRQR EHQHGHWWH H GLVWUL EXLWHDWXWWLLIHGHOL 0LVLHGRVXXQDGHOOHSDQFKHGLSLHWUDFKHFRVWHJJLDQRLOPXUR, IUDWL VL VRQR PROWLSOLFDWL DOPHQR XQD GHFLQD , SL~ DQ]LDQLVLHGRQR DFFDQWRDPHJOLDOWULVLDFFRYDFFLDQRSHUWHUUD $OORUD FKLHGRULYROWRDWXWWRLOJUXSSR FRV KDYROXWRGLUHLO YRVWURFRQIUDWHOORFRQODVWRULDGHOSLRSSR" 5LVSRQGHXQIUDWHJLRYDQHWXWWRQDVRH]LJRPLRVVXWL &KHSHU SRUWDUHLO&ULVWR DOODJHQWHGHOOHFDPSDJQHQRQVLSXzWDQWRVRWWLOL] ]DUHDOFXQLFUHGHUDQQRFKHHJOLqXQDVWDWXDDOWULPDQJHUDQQRLOVXR FRUSRFRPHGDJLRYDQLPDQJLDYDQROHIRJOLHGLXQDOEHUR
2UDFKHOLKRPHVVLWXWWLDVHGHUHPLDO]RLQSLHGLGLVFDWWR ©,O FRUSR H LO VDQJXH GL PLR )LJOLR GDQQR OD YLWD HWHUQDª /D 0DGRQQD GHO 3LRSSR KD DQQXQFLDWRDOSHOOHJULQRLOFXRUHGHOODIHGHFULVWLDQD /DJHQWHGHOOHFDPSDJQHQRQFDSLVFHLO&ULVWRSHUFKpYRLORUHQGHWH WURSSRFRPSOHVVR(FFRSHUFKpKDQQRELVRJQRGLXQDVWDWXDRGLX Q DQWLFDOHJJHQGDSHUDFFRVWDUVLD/XL'LRVLqIDWWRXRPRHGqPRU WR LQ FURFH SHUFKp SRWHVVLPR DQFKH QRL ULVRUJHUH DOOD YLWD HWHUQD 4XHVWDqODIHGHFKHVDOYDQRQVHUYHDOWUR4XHVWDqODIHGHFKHQHV VXQQHRQDWRSXzSURIHVVDUHSHUTXHVWRYLGLFRFKHEDWWH]]DUHXQQH RQDWR QRQ KD SL~ YDORUH FKH ODYDUH XQ FDQH / XQLFR EDWWHVLPR q TXHOORGHOODIHGHQHOEHQHILFLRGL&ULVWR %DO]DLQSLHGLHTXDVLLQFLDPSDQHOODOXQJDYHVWHIROWHVRSUDFFL JOLDQHUHHEDUEDILQVRWWRJOLRFFKL0LDEEUDFFLDGLVODQFLRPLED FLD SRL PL ILVVD FRQ OR VJXDUGR LQFDQGHVFHQWH $GDOEHUWR 5L]]L WL ULQJUD]LD IUDWHOOR WHGHVFR 6RQR YHQW DQQL FKH YLYR TXL GHQWUR GD TXDQGROD0DGRQQDPLDSSDUYHWUDOHIRJOLHGHOSLRSSRHFRQPROWL VHJQLPLWHVWLPRQLzODVXDSUHVHQ]D,IUDWLSL~JLRYDQLORJXDUGDQR VEDORUGLWL 6tVtFKLHGHWHORDIUDWH0LFKHOHTXLVHQRQGLFRLOYH UR 'RSR O DSSDUL]LRQH FRPLQFLDL D SUHGLFDUH OH VWHVVH FRVH FKH WX IUDWHOOR 7L]LDQR KDL GHWWR TXHVW RJJL 3DUROD SHU SDUROD WL DVVLFXUR 0D PL GLVVHUR FKHHUR VFRQYROWR FKH DYHYR ELVRJQR GL ULSRVR H GL PHGLWD]LRQHFKHOD0DGRQQDQRQPLDYHYDDIIDWWRFKLHVWRGLGLUHOH FRVHFKHDQGDYRGLFHQGR0LFRQYLQVHUR0DRUDVHQWRFKHWXPLKDL ULGDWRTXHOORFKHPLHUDVWDWRVRWWUDWWRHFRQOLQJXDGLIXRFRSURFOD PHUz DOPRQGRODIHGHQHOQXRYREDWWHVLPRHQHOEHQHILFLRGL&ULVWR 6LEXWWDLQJLQRFFKLRTXDVLOHJDPEHQRQORVRUUHJJDQRSL~ %DWWH]]DPLIUDWHOOR7L]LDQRSHUFKpODVFLDFTXDWDFKHPLGLHGH UR GD IDQFLXOOR QRQ FRQWD SL~ QXOOD SHU PH %DWWH]]DPL DQFKH FRQ O DFTXDVSRUFDGLTXHOODSR]]DODPLDIHGHEDVWHUjDSXULILFDUOD 0L JXDUGR LQWRUQR WXWWL LPPRELOL D ERFFD DSHUWD HFFHWWR IUDWH 9LWWRULRFKHVFXRWHODWHVWDVFRQVRODWR+RJLjIDWWRDEEDVWDQ]DSHU LOOXRJRLQFXLPLWURYR0HJOLRQRQULVFKLDUHFRQJHVWLWURSSRSODWH DOL 7XVWHVVRSXRLEDWWH]]DUWLIUDWHOOR$GDOEHUWR6HLWXLOWHVWLPRQH GHOODWXDFRQYHUVLRQH 0LJXDUGDSHUXQDWWLPRFRQLOYROWRHVWDVLDWRSRLVLEXWWDDFD SRILWWRFRQODIDFFLDQHOO DFTXDIDQJRVDHFRPLQFLDDURWRODUFLVLGHQ WURJULGDQGRDVTXDUFLDJROD 7XWWRVRPPDWRSLXWWRVWRSODWHDOH
&DSLWROR )HUUDUDIHEEUDLR
,OGHSRVLWRVHJUHWRGHLOLEUDL8VTXHqVRWWRWHUUD/ XQLFRDFFHVVR qXQDERWRODGLQRQSL~GLXQEUDFFLRGLGLDPHWURPLPHWL]]DWDWUDOH DVVLGHOSDYLPHQWR3RLVLVFHQGHSHUXQDVFDODULWURYDQGRVLLQTXHOOD FKH VHPEUD XQD FDQWLQD 0D LO ORFDOH q DVFLXWWR JOL 8VTXH KDQQR SHQVDWRDXQPRGRLQJHJQRVRSHUHYLWDUHFKHLOLEULFRQVHUYDWLTXDJ JL~ TXHOOL FKH SRWUHEEHUR ULVXOWDUH SL~ VFRPRGL H SHULFRORVL QRQ YHQJDQRPDQJLDWLGDOO XPLGLWj%RFFDSRUWLG HQWUDWDHXVFLWDFRQVHQ WRQRDOO DULDGLFLUFRODUHWDQWRFKHQRQWUDWWHQJRLEULYLGLqSL~IUHG GRFKHLQVXSHUILFLH ,OQRVWURVWDPSDWRUHFLIDVWUDGDFRQXQDODQWHUQDILQRDXQDFDWD VWDGLYROXPLLPSLODWLDUHJROD G DUWH (FFR TXL VLJQRUL 0LOOH FRSLH SURQWH SHU OD VSHGL]LRQH /H SURVVLPHWUDPHQRGLXQPHVH 0LTXH]LQGLFDDPHWj GHOODSLOD &LQTXHFHQWRFRSLHYHUUDQQRD SUHOHYDUOHLPLHLLQFDULFDWLWUDTXDOFKHJLRUQRHDQGUDQQRLPEDUFDWH VXOODFRVWD/HDOWUHOHSUHQGRVXELWROHSRUWRD0LODQRFRQPH9L IDUzDYHUHLUHQGLFRQWLHQWUR3DVTXD 8VTXHORLQWHUURPSH /DVFLDWHPLFHQWRFRSLH&UHGRGLSRWHUOH YHQGHUHTXL ,WUDWWLPHGLWHUUDQHLULVDOWDQRDOODOXFHGHOODODQWHUQD 3UHQGHWHOH GDOODPLDSDUWHDOORUD/DFDUUR]]DqTXLIXRULSRWHWHFDULFDUHVXELWR 5LVDOLDPR QHOO HOHJDQWH RIILFLQD GHL SL~ LPSRUWDQWL VWDPSDWRUL JLXGHL GL )HUUDUD 6HL WRUFKL XQD GR]]LQD GL RSHUDL LQGDIIDUDWL PL LQFDQWR D JXDUGDUH OD VLQFURQLD GHL PRYLPHQWL LQILODUH OD PDWULFH GHOOR VWDPSR SHQQHOODUOD G LQFKLRVWUR LQVHULUH LO IRJOLR VXO WRUQLR H SRLDEEDVVDUORHVWULQJHUHEHQHSHULPSULPHUHLFDUDWWHULVXOODFDUWD 3RFRSL~LQOjVLFRPSRQJRQROHSDJLQHFROORFDQGRLFDUDWWHULXQRD XQR QHL WDVVHOOL SUHGLVSRVWL SHVFDQGROL GD JUDQGL FDVVHWWRQL FRQXQ RFFKLRDOPDQRVFULWWRHO DOWURDLSLFFROLSH]]LGLSLRPER ,Q IRQGR DOOD FDWHQD L OHJDWRUL DJR ILOR H FROOD GL SHVFH GDQQR IRUPDFRPSLXWDDLYROXPL 0LTXH] PL VL DFFRVWD FRQ LQGLIIHUHQ]D $ EDVVD YRFH *OL 8
VTXH SXEEOLFDQR HVFOXVLYDPHQWH RSHUH LQHUHQWL LO JLXGDLVPR 3HU LO %HQHILFLRKDQQRIDWWRXQ HFFH]LRQH *KLJQR ,IDYRULUHFLSURFLGLXQ LPPHQVD IDPLJOLD 6t(ODIRU]DSHUVXDVLYDGLXQEXRQDIIDUH 8VTXHFKLHGHTXDOFRVDLQVSDJQROR 6t3RWHWHSURFHGHUH4XLIXRULF qPLRIUDWHOOR%HUQDUGRSHQVH UjOXLDGDVVLFXUDUHLOFDULFR /RVWDPSDWRUHVHPEUDWLWXEDQWH & qXQ DOWUDFRVDGRQ-RmR XQ RFFKLDWDGL0LTXH]ORFRQYLQFHFKHSXzSDUODUHLQPLDSUHVHQ]D 0LqJLXQWDXQDULFKLHVWDVWUDQD'DOODFRUWH8QDFRSLDGHO%HQHILFLR GL&ULVWR &LJXDUGLDPRSHUSOHVVLqDQFRUD0LTXH]DSDUODUH ,OGXFD" 1R/DSULQFLSHVVD5HQDWDODIUDQFHVH6LLQWHUHVVDGLWHRORJLD &KLDYHQQD5HSXEEOLFD5HWLFD 'XHDQQLID &DPLOOR5HQDWRHLOVXRFLUFRORGLHVXOL *OLSRUWDYRLOLEULGDSDUWHGL3HUQDPHQWUHVFHQGHYRSHUODSULPD YROWDLQ,WDOLD &DPLOOR 5HQDWR DOLDV /LVLD )LOHQR DOLDV 3DROR 5LFFL 6LFLOLDQR OHWWHUDWR ILORULIRUPDWRUH SUHGHVWLQD]LRQLVWD VDFUDPHQWLVWD FHOH EUDYD O 8OWLPD &HQD FRQ XQ EDQFKHWWR GHVWDQGR VFDQGDOR LQ FKLXQ TXH4XDQGRORLQFRQWUDLVWDYDRVSLWDQGR/HOLR6RFLQLHDOWULOHWWHUDWL HVLOLDWL 5LPDVL Ot SRFR WHPSR PD DEEDVWDQ]D SHU VDSHUH FKH DYHYD JLUDWR O (XURSD HUD VWDWR D 6WUDVEXUJR GD&DSLWRQHHD%RORJQDO D YHYDQR LQTXLVLWR &RQGDQQDWR DO FDUFHUH D YLWDD)HUUDUDSHUHUHVLD HUDULXVFLWRDHYDGHUHJUD]LHDOO DLXWRGLXQDQRELOGRQQDGLFRUWH/D SULQFLSHVVD 5HQDWD /D VXDULFRQRVFHQ]D VL HUD VSLQWD ILQR DG DVVX PHUHLOQRPHGHOODVXDVDOYDWULFH $8VTXH ÊLPSRUWDQWHIDUOHJLXQJHUHRJJLVWHVVRXQDFRSLD /DSUHQGRGDOODERUVDVXOORVFULWWRLRGL8VTXHWURYRSHQQDHFD ODPDLR6FULYRVXOODSULPDSDJLQD 1RQY q EXRQDRSHUDRD]LRQHFKHSRVVDHJXDJOLDUHLOEHQHILFLR GL&ULVWRYHUVRJOLXRPLQL6ROROD*UD]LDULFHYXWDGDO6DOYDWRUHHLO GRQRLQFRPPHQVXUDELOHGHOODIHGHSRVVRQRVHJQDUHLOGHVWLQRGLX Q DQLPDÊTXHVWDULQDVFLWDDGDFFRPXQDUHLQ&ULVWRLYHULFUHGHQWL &RQODVSHUDQ]DGLLQFRQWUDUHODGDPDFKHKDVDOYDWRXQFRPX QHDPLFR 7L]LDQR5LQDWR/RFDQGDGHO3DQ
,GXHJLXGHLPLJXDUGDQRHVWHUUHIDWWL &RQVHJQRLOYROXPHD8VTXH 4XHVWDqODFRSLD $0LTXH] /DVFLDIDUH 'LYHUWLWR 'D TXDQGR WL VHL IDWWR FUHVFHUH TXHVWR EDUERQH WL FRPSRUWLLQPRGRVWUDQR 0HORKDLLQVHJQDWRWXDFROWLYDUHOHDPLFL]LHDOWRORFDWH 6FXRWHODWHVWDVDOXWDORVWDPSDWRUHLQVSDJQROR)XRUL%HUQDUGR H 'XDUWHFLVWDQQRDVSHWWDQGROHFDVVHGLOLEULVRQRVWDWHFDULFDWHH DVVLFXUDWHFRQFLQJKLH -RmRPLFLQJHOHVSDOOH +DVWDOXHJRDPLJR&LYHGLDPRDSUL PDYHUD 6DOXWDLOSLFFROR3HUQDGDSDUWHPLD 8QFHQQRDLGXHFRPSDULPHQWUHODFDUUR]]DVLPXRYH
&DSLWROR 9HQH]LDIHEEUDLR
/DUDJD]]DKDGHWWRFKHLOWL]LRHUDEUXQRSLXWWRVWRDOWRFRQXQD VLUHQDWDWXDWDVXOODVSDOOD /D UDJD]]D KD GHWWR DQFKH FKH JLRFKHUHOODYD LQ FRQWLQXD]LRQH FRQLGDGLQHDYHYDVHPSUHXQRLQPDQRSHUFKpJOLSLDFHYDVFRP PHWWHUHHGLFHYDFKHSL~WRFFDYDLGDGLSL~ODIRUWXQDUHVWDYDYLFLQD /D UDJD]]D SLDQJHYD 3HUFKp XQ WDJOLR FRPH TXHOOR TXDQGR VL ULPDUJLQD ODVFLD XQD FLFDWULFH ELDQFD H OXQJD FKH QHL JLRUQL IUHGGL GLYHQWDYLRODFHDHVHPEUDXQDPDODWWLD 3LDQJHYDPHQWUHORUDFFRQWDYDDQFKHVH qVXFFHVVRTXDWWURJLRU QLIDSHUFKp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qEDVWDWR 4XHOORFKHGRYHYRIDUH 8QJUHFRDFXLSLDFHJLRFDUH 1RQULFRUGRGLDYHUSHUFRUVRDSLHGLODFLWWj0DO KRIDWWRSHU FKpDOULQWRFFRHURGDYDQWLDOODELVFDGHO0RURFRQJOLRFFKLSLDQWDWL LQIDFFLDDOJLJDQWHVXOODSRUWD 'L DO0RURFKHLO7HGHVFRORYXROHYHGHUH *ROLDGHYHDYHUVRJJKLJQDWRRIRUVHHUDXQ HVSUHVVLRQHQDWXUDOH SULPDGLLQILODUVLQHOODSRUWLFLQD +RDVSHWWDWRILQFKpLOSHUWXJLRQRQVLqULDSHUWRHLGHQWLELDQFKL GHO0RURKDQQRULIOHVVRODOXFHGHOODODQWHUQD ,OVRUULVRGLXQSHVFHFDQH 1HVVXQR KD VHQWLWR OD PDQFDQ]D GHL FRQYHQHYROL 8Q JUHFR
IRUVH XQ GDOPDWD JOL SLDFH JLRFDUH DL GDGL YHVWH HOHJDQWH H KD XQ WDWXDJJLR VXOOD VSDOOD XQD VLUHQD+DVIUHJLDWRXQDGHOOHPLHUDJD] ]H ,O 0RUR QRQ KD EDWWXWR FLJOLR PD LO VXR VJXDUGR GLFHYD FKH OD QRWL]LD HUD DUULYDWD DQFKH D OXL $ XQD FRQGL]LRQH 7HGHVFR 3DJR JOL VELUUL SHU HVVHUH ODVFLDWR LQ SDFH OD IDFFHQGD OD VEULJKL IXRUL GL TXL(LOWXRSXJQDOHORODVFLD.HPDO +RDQQXLWRVILODQGRODODPDGDOODJXDLQDHFRQVHJQDQGRODDOJL JDQWH,O0RURVLqIDWWRGDSDUWHFRQXQJHVWRG LQYLWR /D VDOHWWD HUD VLOHQ]LRVD VROR LO UXPRUH GHL GDGL FKH URWRODYDQR VXLWDYROLHLPSUHFD]LRQLVRPPHVVH /H UD]]H GHO PRQGR VL HUDQR GDWH DSSXQWDPHQWR Oj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pQRQKDVHQWLWRLOVHOFLD WRVXOODJXDQFLD 4XDOFXQRJOLWHQHYDLOEUDFFLRGLHWURODVFKLHQDHLQWDQWRJOLVFR SULYDODVSDOODVLQLVWUD +DLPSUHFDWRQHOODVXDOLQJXDPHQWUHLGDGLG DYRULRJOLURWROD YDQRIXRULGDOODWDVFDLQVLHPHDOODIRUWXQD 3RLKDSRWXWRVROWDQWRXUODUHHYHGHUHODODPDWUDQFLDUJOLGLQHWWR OHGLWDGHOODPDQR /HKDQQRULWURYDWHDOO DOEDLYHQGLWRULGLSHVFHLQFKLRGDWHDXQDD XQDDOOHWUDQVHQQHGHOPHUFDWR $ 9HQH]LD VRQR GL QXRYR GRQ/XGRYLFRLO7HGHVFR(GHYRRF FXSDUPLGHJOLDIIDULGHOERUGHOOR
&DSLWROR 9HQH]LDIHEEUDLR
0LTXH]H3HUQDVRQRD0LODQR ,O7HGHVFRKDIDWWRFDSLUHDWXWWLFKHQRQqLOFDVRGLVFRPPHWWHUH FRQWURGLOXL 7L]LDQR VL q IDWWR QRWDUH LQ WUH GLYHUVH RFFDVLRQL $ )HUUDUD KD SHUILQRLQFRQWUDWRODSULQFLSHVVD5HQDWDGL)UDQFLDDPLFDGHJOLHVXOL HLQWHUHVVDWLVVLPDDO%HQHILFLRGL&ULVWR/ DQDEDWWLVWDKDIDWWRFROSR 3RVVR HVVHUH VRGGLVIDWWR PD QRQ EDVWD 6WR SHQVDQGR D XQ VH FRQGR JLUR 7UHYLVR $VROR %DVVDQR H 9LFHQ]D SHU SRL WRUQDUH D 9HQH]LD 2UD FKH KR SUHVR OH PLVXUH DO PLR SUHGLFDWRUH DQDEDWWLVWD SRVVRDFFRUFLDUHLWHPSL'LHFLJLRUQLGXHVHWWLPDQHDOPDVVLPR 4XHVWDQRWWHKRVRJQDWR.DWKOHHQHG(ORL6RORLPPDJLQLFRQIX VH QRQ ULFRUGR DOWUR PD PL VRQR VYHJOLDWR FRQ OD VHQVD]LRQH GL TXDOFRVD GL LQFRPEHQWH VXO GHVWLQR GL WXWWL &RPH XQ RPEUD VFXUD FKHSUHPHQHOODPHQWH +RVFDFFLDWRLOPDOXPRUHFRQXQDSDVVHJJLDWDILQRD6DQ0DUFR UDFFRJOLHQGRLVDOXWLGLPROWDJHQWH FKHQRQFRQRVFR0HQWUHWRUQD YR KR DYXWR OD VHQVD]LRQHGLHVVHUHVHJXLWRIRUVHXQDIDFFLDFKHD YHYRJLjQRWDWRTXHVWDPDWWLQDLQ&DPSR6DQ&DVFLDQR+RIDWWRXQ JLURODUJRVRORSHUFRQIHUPDUHLOVRVSHWWR'XHWL]LSDODQGUDQHQHUH WUHQWDSDVVLGLHWUR)RUVHVELUUL1RQGHYHHVVHUHVWDWRGLIILFLOHLQWXL UHFKLSXzDYHUPR]]DWRODPDQRGLTXHOPDULQDLRJUHFR'RYUzDEL WXDUPL DG DYHUH TXDOFXQR DSSUHVVR QHL PLHL VSRVWDPHQWL LQ FLWWj 0RWLYRLQSL~SHUULSDUWLUHVXELWR
7HQHYDLGLQXRYR" Ê FRPSDUVD LQ VLOHQ]LR DOOH PLH VSDOOH JOL RFFKL VPHUDOGR VXOOD ERUVDDSSHQDFKLXVD &HUFRGLHYLWDUHLOVXRVJXDUGR 6DUzTXLWUDGXHVHWWLPDQH 8QVRVSLUR'HPHWUDVLVLHGHVXOOHWWRDFFDQWRDOODVDFFDGDYLDJ
JLR3HUGRWHPSRDQQRGDQGRXQID]]ROHWWRDOSROVRGD TXDOFKHWHP SRXQUHXPDQRQPLGjWUHJXDHGHYROLPLWDUQHLPRYLPHQWL 6HIRVVLUHVWDWRTXL6DELQDDYUHEEHDQFRUDLOVXREHOYLVR )LQDOPHQWH OD JXDUGR 4XHO EDVWDUGR O KD SDJDWD 1HVVXQR WRU FHUjSL~XQFDSHOORDOOHUDJD]]H 'RYHYLXFFLGHUOR 7UDWWHQJR O DJLWD]LRQH &RVt DYUHPPR DYXWRJOLVELUULDGGRVVR 6WDPDWWLQDPLKDQQRVHJXLWRDOPHUFDWR 8QDOWURVRVSLURSHUPDQGDUHJL~ODYRJOLDGLVEDWWHUPLLQIDFFLD TXHOORVIUHJLR ÊSHUTXHVWRFKHULSDUWL"+DLSDXUD" & qXQDFRVDFKHGHYRIDUH 3L~LPSRUWDQWHGHO&DUDWHOOR" 0LIHUPR+DUDJLRQHOHGHYRXQDSDURODLQSL~ &LVRQRFRVHFKHYDQQRIDWWHHEDVWD 4XDQGR JOL XRPLQL SDUODQR FRVt R VWDQQR SHU DQGDUVHQH SHU VHPSUHRKDQQRXQDYHQGHWWDGDFRPSLHUH 6RUULGRDOODVXDVDJJH]]DVHGHQGRPLDFFDQWRDOHL ,RWRUQHUz 'LTXHVWRSXRLVWDUHFHUWD 'RYHYDL"& HQWUDQRLJLXGHLFRQFXLWLVHLPHVVRLQDIIDUL" 4XHVWRqPHJOLRFKHWXQRQORVDSSLD& qXQYHFFKLRFRQWRGD UHJRODUHKDLUDJLRQH9HFFKLRTXDQWRPH 'HPHWUDVFXRWHODWHVWDXQYHORGLWULVWH]]DRIIXVFDLOYHUGHGHJOL RFFKL %LVRJQDVDSHUVHOLVFHJOLHUHLQHPLFL/XGRYLFR1RQPHWWHUWL FRQWURODJHQWHVEDJOLDWD /HUHJDORXQVRUULVRDSHUWRqSL~SUHRFFXSDWDSHUPHFKHSHULO ERUGHOOR 1RQ WHPHUHKRSRUWDWRIXRULODSHOOHGDVLWXD]LRQLSHJJLRULÊ ODPLDVSHFLDOLWj
,OGLDULRGL4
9LWHUERDSULOH
0RYLPHQWLLPSHUFHWWLELOL8QRVWULVFLDUHOHQWRGLLQVHWWLFKHSXRL FRJOLHUHVROWDQWRVHILVVLORVJXDUGRHWLODVFLLQFDQWDUHGDOVRWWLOHLQ FUHVSDUVLGHLILOLG HUED 'LIILFLOHLPPDJLQDUHVHYLVLDXQRUGLQHVHJUHWRLQTXHOEUXOLFDUH XQ DUPRQLDXQILQH 'HYR VHJXLUH O LQWXLWR 6FRSULUH GRY q LO IRUPLFDLR ,QGLYLGXDUH L SHUFRUVLFKHORULIRUQLVFRQR 6RQRLQSDUWHQ]DSHU0LODQR+RVFULWWRD&DUDIDFKHVHJXLYRXQD SLVWDSHUVFRSULUHLUHVSRQVDELOLGHOODQXRYDGLIIXVLRQHGHO%HQHILFLR GL &ULVWR Ê OD YHULWj $ 9LWHUER QRQ F q SL~ PROWR GD IDUH RUPDL TXDOFXQRVWDDYYDQWDJJLDQGRJOL6SLULWXDOLDORURVWHVVDLQVDSXWDGLI IRQGHQGRLOOLEURLQOXQJRHLQODUJR&RVDVSHUDQRGLRWWHQHUH"$GH VLRQLDLXWRVFDWHQDUHXQDULYROWDILORULIRUPDWULFH" ÊHVVHQ]LDOHFDSLUHFKLVRQRFRVWRURVFRSULUHFRVDYRJOLRQR
0LODQR*OLLQTXLVLWRULGLODVV~KDQQRIHUPDWRXQJLXGHRFRQYHU WLWRFRQO DFFXVDGLFRQWULEXLUHDOODGLIIXVLRQHGLXQ RSHUDHUHWLFD,O %HQHILFLRGL&ULVWR 3DUH FKH VLD YHQH]LDQR RULJLQDULR GHO 3RUWRJDOOR WDOH *LRYDQQL 0LFKHV &KHFRVDF HQWUDQRL0DUUDQLLQTXHVWDVWRULD"
&DSLWROR 9HQH]LDDSULOH
-RmRH%HUQDUGR0LTXH]VLVWDJOLDQRVXOODSRUWDFRPHGXHJLJDQ WLULVSHWWRDOSLFFRORXRPRVWHPSLDWRFKHIDFDSROLQRLQPH]]RDOR UR FRQWUDEEDQGLHUH GL OLEUL HG HVSHUWR GL YLQL 0L VDOWHOOD LQFRQWUR DIIHUUDQGRODPLDPDQRWHVD Ê GDYYHUR XQ SLDFHUH YHFFKLR PLR QRQ SXRL QHPPHQR LPPD JLQDUHFRVDFLqFDSLWDWR/HYHQGLWHVRQRDQGDWHDJRQILHYHOHSUD WLFDPHQWH LQ FDVD GHO &DWWROLFLVVLPR ,PSHUDWRUH PD FD]]R LO 6DQ W 8IIL]LRQRQFLYROHYDSURSULR )UHQRODOLQJXDGL3HUQDVDOXWDQGRLGXHIUDWHOOL %HQWRUQDWL 8QD SDFFD VXOOD VSDOOD 6SHUR QRQ FL ODVFHUDL DOO DVFLXWWR $E ELDPRIDWWRSRFKLVVLPHVRVWHGXUDQWHLOYLDJJLR 3UHQGRXQDERWWLJOLD6HGHWHYLHUDFFRQWDWHPLWXWWR 3HUQDDJJXDQWDXQDVHGLDHDWWDFFD / DEELDPRVFDPSDWDEHOOD FD]]R6WDYDQRSHUIDUVLLOWXRDPLFRJLXGHRVtVtDGHVVRVHODULGH PDVHO qYLVWDEUXWWDWHORGLFRLRHVHQRQHUDSHULVROGRQLVRQDQWL FKH KD VERUVDWR DTXHOIUDWDFFLRDOWURFKHEULQGDUHFDSLWR"$GHVVR VWDYDDIDUFRPSDJQLDDLWRSLQHOOHVHJUHWHGL0LODQR &RQFDOPD6SLHJDWHPLWXWWRGDOO LQL]LR 3HUQDVLPHWWHEXRQROHPDQLIUHPHQWLVXOWDYRORÊ%HUQDUGRD SDUODUHPHQWUH-RmRVIRGHUDXQRGHLVXRLVRUULVLDFFDWWLYDQWL / ,QTXLVL]LRQH O KD WHQXWR LQ VWDWR GL IHUPR SHU WUH JLRUQL / KDQQRDFFXVDWRGLYHQGHUHVWDPSDHUHWLFD *XDUGRLOPDJJLRUHFKHLQYHFHUHVWD]LWWRHIDFRQWLQXDUHLOIUD WHOOR 8QVDFFRGLGRPDQGH4XDOFXQRGHYHDYHUIDWWRODVSLDWD& q DQGDWDEHQHqEDVWDWRDOOXQJDUHLVROGLDOOHSHUVRQHJLXVWHHO KDQQR ULODVFLDWRQRQHUDJHQWHVHULDPD XQ DOWUDYROWDSRWUHEEHQRQDQGDUH FRVtOLVFLD 8QLVWDQWHGLVLOHQ]LR3HUQDIUHPHDVSHWWRFKH-RmRGLFDTXDOFR VD ,QFURFLDOHGLWDDIIXVRODWHSRJJLDQGRLJRPLWLVXOWDYROR (VDJHUDQR 4XHOOL QRQ VDSHYDQR QLHQWH GHO%HQHILFLR VROR VR VSHWWL JHQHULFL 4XDOFXQR KD IDWWR LO PLR QRPH H PL VRQR YHQXWL D
FHUFDUH7XWWRTXL6HGDYYHURDYHVVHURILXWDWRXQDSLVWDQRQDYUHE EHUR DFFHWWDWR L PLHL VROGL XQ JHVWR GL VFKHUQR R DYUHEEHUR FKLHVWRGLSL~ ,O QRVWUR OLEUDLR VFRSSLD 6t Vt OD ID IDFLOH OXL PD GREELDPR VWDUH DWWHQWL /R VR DQFK LR FKH QRQVDSHYDQRXQFD]]RTXHLTXDWWUR FRUYDFFL PD FKL FL WRUQD D 0LODQR DGHVVR" &KL" Ê XQD SLD]]D EUXFLDWDWHUUDFKHVFRWWDFDSLWR"7XWWRLOGXFDWRFKLXVRQLVEDQRQ SRVVLDPRSL~PHWWHUFLSLHGHDQRVWURULVFKLRHSHULFROR&RPHUHFX SHULDPRJOLLQFDVVLGHOOHSDUWLWHFKHDEELDPRFRQVHJQDWR" -RmRORWUDQTXLOOL]]D &LULIDUHPRGDXQ DOWUDSDUWH 9HUVRLOVHFRQGRJLURGLYLQR 3HUXQSR ODVFLDPRSHUGHUH0L ODQR&RPXQTXHWHQLDPRWXWWLJOLRFFKLEHQHDSHUWLO ,QTXLVL]LRQHVL VWDRUJDQL]]DQGRPHJOLR3DROR,,,qXQSDYLGRXQPDQHJJLRQHPD QRQGXUHUjLQHWHUQR6XOSURVVLPR3DSDVLJLRFKHUDQQRWXWWLLGHVWL QL$QFKHLQRVWUL , WUH VRFL DQQXLVFRQR DOO XQLVRQR 1RQ F q ELVRJQR GL GLUH DOWUR FRQGLYLGLDPRJOLVWHVVLSHQVLHUL
,OGLDULRGL4
0LODQRPDJJLR
/DOHWWHUDGLSUHVHQWD]LRQHGL&DUDIDKDVRUWLWRLOVXRHIIHWWRO KR OHWWR VXOOD IURQWH LPSHUODWD GL VXGRUH GL IUDWH $QVHOPR *KLQL H QHL JHVWL DIIHWWDWL GHL VXRL FROODERUDWRUL 8QR VWUDQR URQ]DUPL LQWRUQR 2UHFFKLHWHVHHRFFKLEDVVL )UDWH $QVHOPR *KLQL DQQL JOL XOWLPL GXH SDVVDWL D YDJOLDUH VFUXSRORVDPHQWH WHVWL LQ RGRUH G HUHVLD SHU FRQWR GHOOD &RQJUHJD ]LRQH GHO 6DQWR 8IIL]LR 6L q WRUPHQWDWR OH PDQL SHU WXWWD OD GXUDWD GHO FROORTXLR GLHWUR XQR GHJOL VFULWWRL GHOOD VDOD GL OHWWXUD GHO FRQ YHQWR GHL GRPHQLFDQL / DQGLULYLHQL DJLWDWR DOOH PLH VSDOOH QRQ VL q IHUPDWRXQLVWDQWHTXDVLIRVVLLRO LQTXLVLWRUH8QQHUYRVLVPRSDOSD ELOHLQWXWWLL SUHVHQWLGHOODVDOD$EELDPRSDUODWRDEDVVDYRFH *LRYDQQL 0LFKHV LO QRPH q VWDWR IDWWR GD XQ OLEUDLR WURYDWR LQ SRVVHVVR GL GLHFL FRSLH GHO %HQHILFLR GL &ULVWR &RQVWDWDWD OD VXD SUHVHQ]DLQFLWWj0LFKHVqVWDWRIHUPDWRLOPDU]R(UDDFFRPSD JQDWR GDO IUDWHOOR %HUQDUGR GDO ORUR DWWHQGHQWH 2GRDUGR *RPH] H GDOOLEUDLR3LHWUR3HUQDFKHQRQVRQRVWDWLWUDWWHQXWL,OSULPRLQWHU URJDWRULRqVWDWRFRQGRWWRGDIUDWH$QVHOPR*KLQL 5LFKLHVWRVXLPRWLYLGHOODVXDSUHVHQ]DD0LODQR0LFKHVKDSDU ODWR GL XQ LQFRQWUR LPPLQHQWH FRQ LO *RYHUQDWRUH GXFD )HUUDQWH *RQ]DJDULJXDUGRXQ LQWHUFHVVLRQHSUHVVRO ,PSHUDWRUHSHUVEORFFDUH DOFXQHSURSULHWjGLIDPLJOLDQHOOH)LDQGUH +DQHJDWRGLHVVHUHFRLQYROWRLQDOFXQPRGRQHOODGLIIXVLRQHGHO %HQHILFLR GL &ULVWR PD KD DPPHVVR L VXRL LQWHUHVVL QHOOD VWDPSD GLFKLDUDQGRGLHVVHUHVRFLRG DIIDULGHLPDJJLRULVWDPSDWRULYHQH]LD QL*LXQWL0DQX]LRH*LROLWR0LFKHVKDDJJLXQWRGLHVVHUHDFRQR VFHQ]DGHOO HVLVWHQ]DGHO%HQHILFLRGL&ULVWRPHQRGHLVXRLFRQWHQX WLFKHQRQORLQWHUHVVDQRDIIDWWR,QROWUHVLqGHWWRPHUDYLJOLDWRGHO O LQWHUHVVDPHQWRQHLVXRLFRQIURQWLLQPHULWRDXQRVFULWWRFKHFLUFROD LQ9HQH]LDVHQ]DDOFXQDOLPLWD]LRQH ,O JLRUQR VXFFHVVLYR GRSR XQ VHFRQGR FROORTXLR GL FXL QRQ q VWDWR WHQXWR LO YHUEDOH 0LFKHV q VWDWR ULODVFLDWR $OOD PLD GRPDQGD
VXOPRWLYRGLWDOHRPLVVLRQHIUDWH$QVHOPRKDULVSRVWRFKHLQTXHO O RFFDVLRQH QRQ HUDQR HPHUVL HOHPHQWL XOWHULRUL ULVSHWWR DO JLRUQR SULPD 3ULPHHYLGHQ]H*LRYDQQL0LFKHVqVHQ]DGXEELRXQWLSRVFDOWUR FKH YDQWD VRUSUHQGHQWL DGHUHQ]H 1RQ VL RVWHQWDQR FRQRVFHQ]H FRVt DOWRORFDWHVHQRQVLqLQJUDGRGLFRPSURYDUOH &KLq*LRYDQQL0LFKHV" )UDWH $QVHOPR QRQ GLFH WXWWD OD YHULWj WURSSD WLWXEDQ]D WURSSH LQFRQJUXHQ]H 3HUFKpLFRPSDULGL0LFKHVQRQVRQRVWDWLIHUPDWL" 3HUFKpQRQF qWUDFFLDGHOYHUEDOHGHOVHFRQGRLQWHUURJDWRULR" 2JJLKRSUHVRQRWD'RPDQLGDUzIRQGDPHQWRDLPDOFHODWLWLPRUL GLIUDWH$QVHOPR 0LODQRPDJJLR
1HOODFHOODGLIUDWH$QVHOPR1HVVXQRDRULJOLDUH Ê EDVWDWR PHQR GL TXHOOR FKH SHQVDVVL LOQRPHGL&DUDIDHYRFD SDXUDFLHFD 0LFKHVKDSDJDWR ,O IUDWH KD FRPLQFLDWR D EDOEHWWDUH DSSHQD JOL KR LQWLPDWR GL VPHWWHUHGLUDFFRQWDUHEDOOH7UHPDYDVHGXWRVXOODEUDQGDLRLQSLH GLFXUYRVXGLOXL*OLFLqYROXWRGHOWHPSRSULPDGLLQL]LDUHDJLX VWLILFDUVL 6L HUDQR LQIRUPDWL 0LFKHV FRQRVFH GDYYHUR LO *RYHUQDWRUH GL 0LODQR 0ROWL JHQWLOXRPLQL VRQR LQ DIIDUL FRQ OXL GLSHQGRQR GDOOD VXDERUVDTXLOHFRVHQRQVRQRFRPHD5RPDTXLFRPDQGDO ,PSH UDWRUHHDO*RQ]DJDQRQSLDFHFKHVLPHWWDQRVRWWRLVXRLDPLFL4XL QRQqFRPHD5RPDELVRJQDHVVHUHFDXWL 6L HUDQR LQIRUPDWL XQ SH]]R JURVVR XQD IDPLJOLD SRWHQWH 3HU TXHOOR QRQ DYHYDQR IHUPDWR JOL DOWUL %DQFKLHUL O ,PSHUDWRUH KD DW WLQWR DOOH ORUR FDVVH &RPH IDL D WHQHUH LQ JDWWDEXLD XQR FRVt" /H JXDUGLH VWHVVH GHO GXFD VDUHEEHUR YHQXWH D SUHQGHUOR 7DQWR YDOHYD JXDGDJQDUFLTXDOFRVD4XDOFRVDSHULOFRQYHQWR1RQVLWUDWWDGLFRU UX]LRQH q XQ ODYRUR GLIILFLOH WUD PLOOH RVWDFROL 4XL QRQ q FRPH D 5RPD 0LKDLPSORUDWRGLQRQIDUHUDSSRUWRD&DUDID3DXUDFLHFD *OLKRGHWWRFKHGDRJJLODYRUHUjSHUPHSDVVDQGRPLWXWWHOHLQ IRUPD]LRQLXWLOL
+DULQJUD]LDWRPLKDEDFLDWRODPDQR
$OHMDQGUR 5RMDV &RQVLJOLHUH SDUWLFRODUH GHOO DUFLYHVFRYR GL0L ODQR2YYHURO LQIRUPDWRUHVSDJQRORFKH&DUDIDKDDWWDFFDWRDOOHVXH FDOFDJQD ÊLQYHFFKLDWRHPROWRSL~JUDVVRPHULWRGHOODWDYRODGHOYHVFR YR+DFRQIHUPDWRWXWWRHKDDJJLXQWRDOWUHQRWL]LH -XDQ 0LFDV DOLDV -RmR 0LTXH] DOLDV -HDQ 0LFKH DOLDV -RKDQ 0LFKHV DOLDV *LRYDQQL 0LFKHV 'HOOD ULFFD IDPLJOLD VHIDUGLWD GHL 0LTXH]XQLWDVLDTXHOODGHL0HQGH]EDQFKLHULGHOO ,PSHUDWRUH 8QSDWULPRQLRFRQVLGHUHYROHHWRUWXRVLWUDVFRUVL6HPSUHLQELOL FRWUDJORULDHVYHQWXUDPDDQFKHVHPSUHFDSDFLGLWURYDUHXQD YLD G XVFLWD /D FRQYHUVLRQH DO FULVWLDQHVLPR QRQ q VHUYLWD D LPSHGLUH FKHLORURDPLFLGLXQJLRUQRO LQGRPDQLVLWUDVIRUPDVVHURLQSHUVH FXWRUL$ELOLHVFDOWULFRPHSRFKLODORURIRUWXQDIDJRODDPROWLPD KDQQR LPSDUDWR D GLIHQGHUOD 'D TXDOFKH DQQR VL VRQR WUDVIHULWL D 9HQH]LDGRYHKDQQRLQWUDSUHVRYDULHDWWLYLWjFRPPHUFLDOL
*LXGHL FRQYHUWLWL%DQFKLHULVSUHJLXGLFDWL&RQRVFLXWLGDOOHFRUWL GLPH]]D(XURSD &KHLQWHUHVVHSRVVRQRDYHUHDGLIIRQGHUH,O%HQHILFLRGL&ULVWR" 6HPSOLFLDIIDUL"& qGDGXELWDUQH $OOHDWLVHJUHWLGHJOL6SLULWXDOL"9HULILFDUH 'LFHUWRKDQQRLPH]]LHLFRQWDWWLSHUGLIIRQGHUHLOOLEURDPDF FKLDG ROLR $OWUH FRQVLGHUD]LRQL OD PDFFKLQD FKH &DUDID FRVWUXLVFH JLRUQR SHUJLRUQRqDQFRUDORQWDQDGDOO HVVHUHSHUIHWWD1RQWXWWLJOLXRPLQL VRQRDIILGDELOL0LODQRH9HQH]LDQRQVRQR5RPD2JQLVWDWRKDXQ SDGURQHRJQLSDGURQHVWDELOLVFHLFRQILQLDFFHWWDELOLGHOODFRUUX]LR QH &DUDIDGRYUjWHQHUQHFRQWR 0LODQRPDJJLR
'DTXLPHQHSRVVRDQGDUH)UDWH$QVHOPRHJOLDOWUL SXVLOODQLPL VFDWWHUDQQR D RJQL PLD ULFKLHVWD *OL VSRVWDPHQWL GHL 0LTXH] R GHL ORUR VRFL GD TXHVWH SDUWL QRQ SDVVHUDQQR LQRVVHUYDWL 5DFFRJOLHUH RJQLGHWWDJOLRXWLOH/LWHQJRWXWWLSHUOHSDOOH
/HWWHUD LQYLDWD D %RORJQD SUHVVR LO &RQFLOLR HFXPHQLFR GDOOD FLWWjGXFDOHGL)HUUDUDLQGLUL]]DWDD*LDQSLHWUR&DUDIDHGDWDWD JLXJQR $OO LOOXVWULVVLPR H UHYHUHQGLVVLPR FDUGLQDOH *LRYDQQL 3LHWUR &D UDIDLQ%RORJQD
6LJQRUH PLR RVVHUYDQGLVVLPR PL VRQRULVROWRDFRPXQLFDUHDOOD 6LJQRULD 9RVWUD L ULVXOWDWL GHOOD PLD LQGDJLQH VROWDQWR RUD SRLFKp WDQWR q RFFRUVR SHU RWWHQHUH JOL HOHPHQWL QHFHVVDUL D FRPSRUUH LO TXDGURQHOVXRLQVLHPH ( GRYUz DJJLXQJHUH FKH FLRQRQRVWDQWH DQFRUD QRQ q SRVVLELOH SDUODUHFRQFHUWH]]DDVVROXWDGLTXDQWRPLDFFLQJRDHVSRUUHSRLFKp OHSHUVRQHFRQFXLDEELDPRDFKHIDUHVRQRDVVDLVFDOWUHHSUHYLGHQWL 0DYHQJRVXELWRDLIDWWL'RSRDYHUYLDJJLDWRWUD0LODQR9HQH ]LDH)HUUDUDHDYHUSUHVRFRQWDWWRFRQJOL,QTXLVLWRULGLTXHOOHFLWWj JUD]LHDOOHOHWWHUHFUHGHQ]LDOLRIIHUWHPLGDOOD69VRQRJLXQWRDUDF FRJOLHUH JOL LQGL]L VXIILFLHQWL SHU DIIHUPDUH FKH O LQVSLHJDELOH GLIIX VLRQHLQWXWWDODSHQLVRODGHO%HQHILFLRGL&ULVWRqGDLPSXWDUHDXQD GHOOH IDPLJOLH JLXGHH SL~ LPSRUWDQWL G (XURSD L FXL FRPSRQHQWL FRQYHUWLWLVLDOODYHUDUHOLJLRQHVRQRFRQRVFLXWLSUHVVRODFRUWHLPSH ULDOH FRPH 0HQGHVL GDO QRPH GHO GHIXQWR )UDQFLVFR 0HQGH] EDQ FKLHUH VSDJQROR LQWLPR GHOO ,PSHUDWRUH FRQVRUWH GL 'RQQD %HDWUL] GH/XQD4XHVW XOWLPDqGDFRQVLGHUDUVLODPDWULDUFDGHOODIDPLJOLDD WXWW RJJL UHVLGHQWH LQ 9HQH]LD LQWHUHVVDWD GD VHPSUH DOOD VWDPSD H DOODOHWWHUDWXUDLQJHQHUHROWUHFKpDJOLDIIDULHDLFRPPHUFL,QVLHPH DL QLSRWL FRVWHL ILQDQ]LD QRQ VROWDQWR OD PDJJLRU SDUWH GHOOH SXEEOL FD]LRQL GL DUJRPHQWR JLXGDLFR PD DQFKH DXWRUL FULVWLDQL DSSURILW WDQGRGHOODSURSULDGRSSLDUHOLJLRQH /DIDPLJOLDQRQqPROWRHVWHVD'RQQD%HDWUL]KDXQDILJOLD5H \QDHXQDVRUHOODWDOH%ULDQGDGH/XQDYHGRYDQLHQWHPHQRFKHGHO IUDWHOORGL)UDQFLVFR0HQGH]'LHJRHDVXDYROWDPDGUHGLXQDJLR YDQHLQHWjGDPDULWR*UDFLDOD&KLFD *OLXRPLQLGHOODIDPLJOLDVRQRLILJOLGLXQGHIXQWRIUDWHOOR*LR YDQQL FKH L YHQH]LDQL FKLDPDQR =XDQ H %HUQDUGR 0LTXH] 3HU XQ WRWDOHGLQRQSL~GLVHLFRQJLXQWLGLFXLTXDWWURVRQRGRQQH 1RQRVWDQWH TXHVWR JOL DIIDUL FKH L 0HQGHVL LQWUDWWHQJRQR FRQ L
SL~ LPSRUWDQWL DUPDWRUL H PHUFDQWL YHQH]LDQL KDQQR GHOO LQFUHGLELOH /D ORUR ULFFKH]]D GHYH HVVHUH HQRUPH H L ORUR LQWHUHVVL JLXQJRQR D FRLQYROJHUHDOFXQHGHOOHIDPLJOLHSDWUL]LHSL~DQWLFKHGL9HQH]LD 0DFLzFKHSL~LQWHUHVVHUjOD6LJQRULD9RVWUDqVHQ]DGXEELRO LQ WHQVRFRPPHUFLRGLOLEULFKHOLYHGHQHOUXRORGLPHFHQDWLVRFLGHJOL VWDPSDWRULHQRQGDXOWLPRUHVSRQVDELOLGHOODGLIIXVLRQH6XTXHVW XO WLPDDWWLYLWjLQSDUWLFRODUHKRLQGDJDWRGXUDQWHLOVRJJLRUQRYHQH]LD QR GHOO XOWLPR PHVH H OHVFRSHUWHVRQRVWDWHDVVDLLQWHUHVVDQWLWDQWR GDFRQGXUPLTXLD)HUUDUDVXOOHWUDFFHGHOOLEURSURLELWR 0DqQHFHVVDULRFKHSURFHGDSHUJUDGL $ 9HQH]LD VRQR JLXQWR FRQ GHEROL LQGL]L ULJXDUGR DO FRLQYROJL PHQWRGL-RmR0LTXH]QHOODGLIIXVLRQHGHO%HQHILFLR / XQLFDSHUVRQDFKHULWHQHYRLQJUDGRGLGDUPLTXDOFKHLQIRUPD ]LRQH XWLOH HUD %HUQDUGLQR%LQGRQLLOSULPRVWDPSDWRUHGHO%HQHIL FLRGL&ULVWR,O%LQGRQLqXQSLFFRORVWDPSDWRUHUDQFRURVR QHLFRQ IURQWLGHLSL~JUDQGLFRORVVLTXDOL*LXQWLR0DQX]LRPHVFKLQRHWXW WRVRPPDWRUHWLFHQWHHSRFRSURSHQVRDSDUODUHGHOODIDFFHQGDIDF FHQGDDOODTXDOHVLqULIHULWRVHPSUHDOSDVVDWROHSRFKHYROWHFKHVL qODVFLDWRVIXJJLUHTXDOFKHDFFHQQR 0D PHQWUH ODVFLDYR GHOXVR OD VXD ERWWHJD KD DYXWR O DUGLUH GL FRQVLJOLDUPLFKHVHSURSULRHURLQWHUHVVDWRDGDFTXLVWDUHXQDSDUWLWD GHO%HQHILFLRGL&ULVWRDYUHLGRYXWRULYROJHUPLDL*LXGHL ÊVWDWDSL~FKHXQDFRQIHUPD /RVWDPSDWRUHJLXGHR'DQLHOH%RPEHUJLQILQHPLKDLQGLUL]]DWR VXLVXRLFROOHJKL8VTXHGL)HUUDUD (G HFFRPL QHL WHUULWRUL GHO GXFD (UFROH ,, G (VWH 6H GRYHVVL VWDPSDUH XQ OLEUR GLFKLDUDWR HUHWLFR GDO &RQFLOLR q LQGXEELDPHQWH TXHVWRLOSRVWRFKHVFHJOLHUHL4XLGRYHO ,QTXLVL]LRQHKDOHPDQLOH JDWHGDOGXFDXRPRVDQJXLJQRHLQVRIIHUHQWHGLRJQLWHQWDWLYRG LQ JHUHQ]DGD5RPD)HUUDUDDPH]]DYLDWUD9HQH]LDH%RORJQDWUDOD 6HUHQLVVLPDHOR6WDWR3RQWLILFLRSLFFRODPDUFDLQGLSHQGHQWHFRQXQ IDFLOHVERFFRDOPDUH ÊVWDWRXQODYRUROHQWRGL DWWHVDPDQHqYDOVDODSHQD%DWWHOOL IOXYLDOL VFHQGRQR LO EUDFFLR GHO 3R GD )HUUDUD ILQR DOOD FRVWD GRYH LPEDUFDQRLOFDULFRVXQDYLPHUFDQWLOLGLUHWWHDVXG 9L VRQR EXRQH UDJLRQL SHU ULWHQHUH FKH JOL 8VTXH DGRWWLQR OR VWHVVRULPHGLRSHUIDUJLXQJHUH OHSDUWLWHGLOLEULDOOHQDYLYHQH]LDQH FKH IDQQR VFDORXQSDLRGLPLJOLDDOODUJRGHOOLWRUDOH&RVtVLVSLH JKHUHEEHLOGLIIRQGHUVLGHO%HQHILFLROXQJRO $GULDWLFRDWWUDYHUVROH QDYLDUPDWHGDL0HQGHVLD9HQH]LDVSHGLWHDOODUJRGHOOHFRVWHIHU
UDUHVLSHUDJJLXQJHUHLOLEULDOORURFDULFRQRUPDOHHTXLQGLGLUHWWHD VXGDFLUFXPQDYLJDUHODSHQLVROD (SSXUHWXWWRTXHVWRDQFRUDQRQVYHODQXOOD3RLFKpVLJQRUHPLR RVVHUYDQGLVVLPRFLzFKHDQFRUDVIXJJHqLOSHUFKpSHUFKpXQDULFFD IDPLJOLDVHIDUGLWDVLLQWHUHVVDGLGLIIRQGHUHXQOLEURFULVWLDQR 3HUDYYDQWDJJLDUHJOLDYYHUVDULGL9RVWUD6LJQRULDSHUDLXWDUHLO FDUGLQDOH3RORHJOL6SLULWXDOL4XHVWDqODULVSRVWDSUREDELOH3HUIDU VtFKHVLDVHPSUHSL~GLIILFLOHLVRODUHHFROSLUHLSURPRWRULGHOOLEHOOR HUHWLFRFRPHqLQWHQ]LRQHGHOOD6LJQRULD9RVWUD $9HQH]LDKRSRWXWRUHQGHUPLFRQWRGHOOHVRWWLOLVWUDWHJLHGLVR SUDYYLYHQ]D DGRWWDWH GD TXHVWL ULFFKL JLXGHL , 0HQGHVL UHJJRQR OH SURSULHIRUWXQHVXFDOLEUDWLHTXLOLEULGLSRWHUHVFDPELGLIDYRULSDU WHFLSD]LRQL FRPPHUFLDOL PD]]HWWH 4XHVWR q LO PRGR FRQ FXL VRQR ILQRUDULXVFLWLDVFDPSDUHVHPSUHDOOHSHUVHFX]LRQL*HQWHFRPHORUR DYUHEEH WXWWR GD SHUGHUH GD XQ DXPHQWR GL SRWHUH GHOOD &RQJUHJD ]LRQH GHO 6DQW 8IIL]LR GDOO DYYHQWR GHOO LQWUDQVLJHQ]D &RQ RJQL SUREDELOLWjHVVLVSHUDQRFKHVDUDQQRTXHOOLFRPH5HJLQDOGR3RORDG DYHUH OD PHJOLR VXJOL =HODQWL RYYHUR XRPLQL GL OHWWHUH PRULJHUDWL H WROOHUDQWL RJJL GLVSRVWL D GLDORJDUH H SDWWHJJLDUH FRQ L OXWHUDQL GR PDQLIRUVHFRQL*LXGHL $9HQH]LDTXHVWDJHQWHqDVVDLSRWHQWHQRQILQRDHVVHUHLQWRF FDELOH PD GL FHUWR GLIILFLOPHQWH UDJJLXQJLELOHFRQPH]]LQRUPDOL, *LXGHLLQJHQHUHVRQRXQDFRPSRQHQWHHVVHQ]LDOHGHOODYLWDGLTXHO ODFLWWjQHIDQQRSDUWHDOSXQWRFKHVHQ]DGLHVVL9HQH]LDULVFKLHUHE EH GL VSURIRQGDUH &RPH OD 6LJQRULD 9RVWUD VD EHQH O RUGLQH GHOOD 6HUHQLVVLPDVLUHJJHVXXQGHOLFDWRLQFDVWURGLFRPSHWHQ]HHSRWHUL GL SROLWLFD H FRPPHUFLR QHO TXDOH q TXDVL LPSRVVLELOH WURYDUH XQ YDUFR$WWDFFDUHXQDIDPLJOLDFRPHL0HQGHVLVLJQLILFKHUHEEHWRFFD UHXQQHUYRYLYRGL9HQH]LDFRQWXWWHOHFRQVHJXHQ]HGHOFDVR 3HULOPRPHQWRPLWUDWWHUUzD)HUUDUDLQDWWHVDGLXQDULVSRVWDGL 9RVWUD 6LJQRULD H FHUFDQGR GL UDFFRJOLHUH XOWHULRUL HOHPHQWL VXOO H YROYHUVLGHOO DIIDUH%HQHILFLR GR
%DFLROHPDQLGL9RVWUD6LJQRULDHDOOD6XDJUD]LDPLUDFFRPDQ
GL)HUUDUDLOJLRUQRJLXJQR ,OIHGHOHRVVHUYDWRUHGL9RVWUD6LJQRULD 4
/HWWHUD LQYLDWD D %RORJQD GDOOD FLWWj GL 9LWHUER LQGLUL]]DWD D *LDQSLHWUR&DUDIDGDWDWDVHWWHPEUH $OO LOOXVWULVVLPRHUHYHUHQGLVVLPR*LRYDQQL3LHWUR&DUDID
6LJQRUH PLR RQRUDQGLVVLPR OD QRWL]LD GHOO DVVDVVLQLR GHO ILJOLR GHO3DSD3LHU/XLJLGXFDGL3DUPDH3LDFHQ]DqJLXQWDILQRTXDGH VWDQGRQHOVHUYLWRUHGHOOD6LJQRULD9RVWUDWULVWLSUHVDJL &UHGRLQIDWWLVLDQRIRQGDWHOHYRFLFKHDWWULEXLVFRQRDO*RQ]DJD WDOH PLVIDWWR 'HO UHVWR QRQ q GLIILFLOH LQVHULUH TXHVW RPLFLGLR QHO TXDGURFRPSOHVVRGHJOLHYHQWLFKHYDSUHQGHQGRIRUPDVHVLSHQVD FKH )HUUDQWH *RQ]DJD JRYHUQD 0LODQR SHU FRQWR GHOO ,PSHUDWRUH H FKH GD WHPSR KD PLUH HVSDQVLRQLVWLFKH VX 3LDFHQ]D QRQ q GLIILFLOH FDSLUH TXDOH ORVFR EDUDWWR DEELD DYXWR OXRJR O HOLPLQD]LRQH GL 3LHU /XLJL)DUQHVHDYYDQWDJJLDLO*RQ]DJDWDQWRTXDQWR&DUOR9FKHQH JXDGDJQDXQ LQWLPLGD]LRQHJUDYLVVLPDD6XD6DQWLWj 3DROR,,, &UHGRVLWUDWWLGHOO DYYHUWLPHQWRLPSHULDOHLQPHULWRDLGHEROLVH JQDOLG DOOHDQ]DFKH6XD6DQWLWjKDODQFLDWRDOQXRYRUHIUDQFHVH 0D &DUOR QRQ KD DOFXQD LQWHQ]LRQH GL VSUHFDUH O RSSRUWXQLWj ID YRUHYROH FKH LO GHVWLQR JOL KD ULVHUYDWR LQ XQ VROR DQQRVRQRPRUWL GXHGHLVXRLSL~DQWLFKLDYYHUVDULORVFLVPDWLFR(QULFR9,,,G ,QJKLO WHUUD H LO EHOOLFRVR )UDQFHVFR , GL )UDQFLD $ TXHVWR VL DJJLXQJD OD YLWWRULD ULSRUWDWD GDOO HVHUFLWR LPSHULDOH VXOOD /HJD GL 6PDOFDOGD D 0KOEHUJLSULQFLSLSURWHVWDQWLKDQQRDFFXVDWRLOGXURFROSRHTXH VWRULQYLJRULVFHQRQSRFRO ,PSHUDWRUH 1RQY qGXQTXHGDVWXSLUVLFKHDQFKHLQ,WDOLDO $VEXUJRWRUQLDO O DWWDFFR &Lz FKH QRQ KD SRWXWR FRQ OD GLSORPD]LD DO &RQFLOLR GL 7UHQWRSRWUHEEHRWWHQHUORFROORFDQGRVXO6RJOLR3RQWLILFLRLOSURSULR FDQGLGDWR SDSDOH RYYHUR TXHO 5HJLQDOGR 3ROR FKH OD 6LJQRULD 9R VWUDSUHIHULUHEEHYHGHUHDOORQWDQDWRGDOO ,WDOLDXQDYROWDSHUWXWWH 2JJLSL~FKHPDLRFFRUUHDJLUHFRQODGRYXWDFDXWHODRQGHHYLWD UHFKHLOGDQQRGLYHQWLLUUHSDUDELOH ( YHQJR LQIDWWL D ULIHULUH GHL SL~ UHFHQWL VYLOXSSL LQ PHULWR DO FRPSLWRDVVHJQDWRPLGDOOD69
*UD]LH DOOH UHIHUHQ]H IRUQLWHPL GD 9RVWUD 6LJQRULD VRQR LQ FRQ WDWWRHSLVWRODUHFRQOHDXWRULWjGLSROL]LDHFRQJOL,QTXLVLWRULGLDOFX QHJUDQGLFLWWjGHOOD SHQLVROD+RGXQTXHSRWXWRDSSXUDUHFKHLOUDJ JLRG D]LRQHGHLGLVWULEXWRULGHO%HQHILFLRGL&ULVWRVLVWDDOODUJDQGR GLHFLJLRUQLIDVRQRVWDWHWURYDWHGXHFHQWRFRSLHGHOOLEHOORD1DSROL ( TXHVWRLOSL~FRVSLFXRGHLVHLVHTXHVWULDYYHQXWLILQRUD,QGXHGL TXHVWLDFRSULUHLOWUDVSRUWRGHLOLEULF HUDQRDIIDULULFRQGXFLELOLDOOD ULFFD IDPLJOLD VHIDUGLWD GHL 0HQGHVL GHO FXL FRLQYROJLPHQWR QHOO R SHUD]LRQHSRVVLDPRRUPDLHVVHUHSL~FKHFHUWL +R RWWHQXWR GDOOH DXWRULWj ORFDOL XQD SULPD OLVWD GL QRPL GL SHU VRQHFKHFUHGRVLDPHJOLRVRUYHJOLDUHDGLVWDQ]D 6LPRQH,QIDQWHQHO5HJQRGL1DSROL$OIUHGR%RQDWWLSHUL'X FDWLGL0DQWRYD0RGHQDH3DUPD3LHWUR3HUQDQHO'XFDWRGL0LOD QR 1LFROz %UDQGDQL LQ 7RVFDQD )UDQFHVFR 6WUR]]L H *LURODPR 'RQ]HOOLQLD9HQH]LD 6LWUDWWDGLXQIRUQLWRUHGHOODFRUWHGL1DSROLGLXQFRUWLJLDQRID YRULWRGDOGXFDGL0DQWRYDGLXQFROSRUWRUHLWLQHUDQWHFKHVFDPELD OLEULFRQJOLHVXOLEDVLOHHVLGLXQPHPEURGHOODFRUSRUD]LRQHODQLHUD GL)LUHQ]HHGLGXHOHWWHUDWLVFDSSDWLGD5RPD 4XHVWH SHUVRQH FLULYHODQRPROWRVXTXDOHIUXL]LRQHLO%HQHILFLR SXz DYHUHLQ,WDOLD6LWUDWWDGLSHUVRQDJJLFROWLYLFLQLDOOHFRUWLGHL ORUR VLJQRUL H LQ JUDGR GL HVVHUH YHLFROR G LGHH WUD OD QRELOWj H L PHPEUL GHL FHWL PHUFDQWLOL H DUWLJLDQDOL 3HVFL SLFFROL FKH SRVVRQR SHUzGLYHQWDUHSHULFRORVLFRQLOWUDVFRUUHUHGHOWHPSR ,OPLRFRQVLJOLRqFKHVHQRQqSRVVLELOHLQTXLVLUHLSRWHQWL0HQ GHVLSRWUHEEHHVVHUHXWLOHFRPLQFLDUHGDJOLXOWLPLDQHOOLGHOODFDWHQD SHUIDUVHQWLUHVXOFROORGHL6HIDUGLWLO DOLWRGHO6DQW 8IIL]LR 1RQPLUHVWDDGLUHDOWURVHQRQFKHDWWHQGRRUGLQLGDOOD6LJQRULD 9RVWUDUDFFRPDQGDQGRPLDOOD6XDJUD]LD 'L9LWHUERLOJLRUQRVHWWHPEUH ,OIHGHOHRVVHUYDWRUHGL9RVWUD6LJQRULD 4
&DSLWROR 9HQH]LDJHQQDLR
$OWUDPRQWRLQXQVDORQHGLFDVD0LTXH]%HDWULFHRUDLQSLHGL GL IURQWH D PH VLOHQ]LRVD OD VXD VDJRPD VL VWDJOLD FRQWUR XQD ILQH VWUDFKHGjDSRQHQWH&RQWUROXFHLVXRLWUDWWLRUDSL~VRIIXVLHFRQ IXVL6HGXWRVXXQ RWWRPDQDEHYRYLQRJUHFR/RFKLDPDQR5HWVLQD 9LQRDURPDWLFRDOODUHVLQDGLSLQRPDULWWLPR &RQYRFDWRDSSHQDXQ RUDIDXQPHVVDJJLRFRQVHJQDWRGDXQUD JD]]LQR+RSHQVDWRFLIRVVHURQRYLWjPDQRQF q-RmRHQHPPHQR VXR IUDWHOOR Qp 'XDUWH *RPH] QHVVXQR $QFKH OD VHUYLW~ VL q GLOH JXDWD GRSR LO PLR DUULYR 9DUFDWR LO SRUWRQH GXH SDVVL ROWUH OD VR JOLD%HDWULFHVRUULGHQWH 5XPRUL DWWXWLWL YRFL ORQWDQLVVLPH PHQWUH EHYR TXHVWR YLQR GL FXL3HUQDQRQPLKDPDLSDUODWRWUDWDSSHWLGLSLQWLRJJHWWLHFRORUL PDLYLVWLQHSSXUHDG$QYHUVD 8QD TXLHWH LQHVSHULELOH QHL YLFROL H QHOOH FDWDFRPEH LQ FXL PL PXRYRRJQLJLRUQRHRJQLQRWWHGDVHPSUH8QDTXLHWHFKHPLSRUWD ROWUH TXHVWR LQYHUQR ROWUH WXWWL JOL LQYHUQL 1RQ FLz FKH GHYR IDUH PDFLzFKHSRWUHEEHHVVHUH &RQTXHVWDGRQQDGLYHUVDGDRJQLGRQQDFKHKRFRQRVFLXWR ,OVXRILDPPLQJRFKHQHVVXQILDPPLQJRVDSUHEEHFDQWDUHOLEHUR G RJQLDVSHULWjIDWWRGLVLELOLOXQJKHYRFDOLHIRQHPLSHUPHLQDXGL WL(FKLGLGLYHUVHOLQJXHQRUGLFKHHURPDQ]HSRUWDWLRUDGDO JUHFDOH RUDGDOOLEHFFLRJLXQWLGDOHYDQWHHGDSRQHQWHSHUULVXRQDUPLOXQJR ODVSLQDGRUVDOH)RUVHXQJLRUQRWXWWLJOLXRPLQLHOHGRQQHDLTXDW WURDQJROLGHOFRQWLQHQWHPRGXOHUDQQRTXHVWHQRWHTXLHWDFDQWLOHQD SDQHXURSHDSROLIRQLFDULFFDGLPLOOHYDULDQWLORFDOL ,OVXRVRUULVR6ROD6RODTXLFRQPH/D5HJLQD0DGUHGHOODGL QDVWLD GHL 0LTXH] FKH WUDWWD FRQ DULVWRFUDWLFL H PHUFDQWL SURWHJJH JOLDUWLVWLHJOLVWXGLRVL8QDUHJLQDLQXQDFLWWjGLOHQRQLHFRUWLJLDQH ,SRHWLGLFXLqPHFHQDWHOHGHGLFDQROHORURRSHUH6IRJOLRLOOLEURGL XQFHUWR2UWHQVLR/DQGR©$OODPROWRLOOXVWUHHWKRQRUDWLVVLPD%HD WUL]GH/XQDª/DVXDULVDWDQRQLPEDUD]]RPDGLYHUWLWDFRPPLVHUD ]LRQH
0L FKLHGH GHO &DUDWHOOR GHOOD VXD JHVWLRQH OH UDJD]]H 6L VLHGH GLILDQFRDPH4XHVWDGRQQDFKHQRQqDQVLRVDGLFRQRVFHUHFLzFKH VRQRVWDWRVDSHUHTXDOLHTXDQWLILXPLGLVDQJXHKRJXDGDWR4XHVWD GRQQD D FXL QRQ LPSRUWD GHL PLHL WDQWL QRPL 4XHVWD GRQQDFXULRVD GL PHDGHVVR 'L PHRUD 4XHVWD GRQQD FKH RUDPLSDUODGHOOD PLD XPDQLWjFKHGLFHGLVHQWLUVLVILGDWDGDPHGLSRWHUDYYHUWLUHODPLD XPDQLWjVRWWRODFRUD]]DFKHLQGRVVRGDWURSSRWHPSRVRWWRODPDWH ULDUHIUDWWDULDLQFXLKRWUDVIRUPDWRODPLDSHOOHSHUQRQHVVHUHIHULWR DQFRUD 8QDOWURVRUVRGLYLQR 4XHVWDGRQQD4XHVWDGRQQDFKHPLYXROH %HDWULFH &LzFKHSRWUHEEHHVVHUH 2UD
&DSLWROR 'HOWDGHO3RIHEEUDLR
/XQJR LO EUDFFLR GHO 3R FKH FROOHJD )HUUDUD DOOD FRVWD FRQ FLQ TXHFHQWR FRSLH GHO %HQHILFLR GL &ULVWR FDULFDWH VXOOH GXH LPEDUFD ]LRQLPHVVHDGLVSRVL]LRQHGDJOL8VTXH,OVROHqDOWRVXOOHDFTXHOL PDFFLRVHVFUXWDWHGDJOLXFFHOOLDFDFFLDGLFLERVRSUDOHQRVWUHWHVWH HQHJOLDQIUDWWLGHOILXPH,OIUHGGRXPLGRFLLQWLUL]]LVFHVRWWROHSH VDQWLFDSSHGLODQD 0HQHDFFRUJRWURSSRWDUGL /DEDUFDFKHWUDVSRUWDODSULPDPHWjGHOFDULFRKDXQRVFDUWRUH SHQWLQR GDYDQWL DOOD QRVWUD OD SUXD D GHVWUD SHU HYLWDUH OD ]DWWHUD VSXQWDWDLPSURYYLVDPHQWHGDOOHFDQQHYHUVRLOFHQWURGHOILXPH$OOH PLHVSDOOHO LPSUHFD]LRQHGHOWLPRQLHUH,QXQDWWLPRLOEDUFRQHVSD ULVFHLQXQFDQDOHVHFRQGDULRO LPERFFDWXUDLQYLVLELOHSHUODILWWDYH JHWD]LRQH/D]DWWHUDVXELWRGLHWURDERUGRWUHVDJRPHULFXUYH ' LVWLQWR LPEUDFFLR O DUFKLEXJLR FHUFR GL SUHQGHUH OD PLUD PD VRQRJLj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qSL~GLPHWjGHOFDULFRVXTXHOODEDUFD1RQKRDO
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pGLHWURGLPH6HEDVWLDQRVSXWDLPSUHFDHJURQ GDVXGRUHPHQWUHSHUFXRWHLOIRQGRGHOILXPH 9HGRVSDULUHGDYDQWLDLPLHLRFFKLOHGXHLPEDUFD]LRQLFRPHLQ JKLRWWLWHGDOO DFTXD&HUFRXQGHWWDJOLRXQSDUWLFRODUHVXOODULYDGHO FDQDOHSHUILVVDUHLOSXQWR HVDWWRLQFXLOHKRSHUVHGLYLVWD8QDOEHUR PRUWRFRLUDPLLPPHUVL 3L~YHORFHSL~YHORFH /H EHVWHPPLH GL 6HEDVWLDQR GDQQR LO ULWPR DOOH EUDFFLDWH (FFR O DOEHUR)DFFLRFHQQRDO*REERGLIHUPDUVL)UXJRODVSRQGDRSSR VWDFRQODSHUWLFDILQRDVFRSULUHXQSXQWRLQFXLLOFDQQHWRVLGLUDGD DSSHQD 1RQ VHPEUD XQ YDUFR SUDWLFDELOH PD QRQ SRVVRQR HVVHUH DQGDWLGDQHVVXQ DOWUDSDUWH 'HQWUR 6HEDVWLDQRLQVLVWH 6LJQRULDGDWHUHWWDGLOtQRQVLSDVVD 8Q RFFKLDWDDOIHULWR,OVDQJXHVLq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j VWR SUHQGHQGR OD PLUD ,O FROSR VROOHYD
VWRUPLGLXFFHOOLLQRJQLGLUH]LRQH4XDQGRLOIXPRVLGLUDGDORYHGR VWULVFLDUHYHUVRLFRPSDUL8QDFDVVDYLHQHODVFLDWDVHORFDULFDQRLQ VSDOOD&LDUHQLDPRGLVODQFLRVXOO LVRORWWR6JXDLQRODGDJDHVRQRLO SULPRDEDO]DUHJL~QHOODPHOPDILQRDOODFLQWRODSLDQWDWRFRPHXQ SDOR+RDQFRUDYRJOLDGLULGHUH6HEDVWLDQRSUHQGHWHUUDSL~LQOjH PLVUDGLFDGLSHVR $QGLDPRDQGLDPR6LJQRULDVWDQQRVFDSSDQGR $OO DOWUR EDUFDLROR &DULFD O DUFKLEXJLR H UHVWD GL JXDUGLD DOOD EDUFD $O SLFFROR WURWWR VXOODOLQJXDGLWHUUD/LYHGLDPRDUUDQFDUHFRQ ODFDVVDHLOIHULWR/HEHVWHPPLHGL6HEDVWLDQRVRQRSURLHWWLOLVSDUDWL VXLIXJJLDVFKL+RLOILDWRFRUWRHXQDJUDQYRJOLDGLULGHUH 8Q DOWUDUDGXUDDOODJDWDHSLHQDGLLVRORWWLILWWLGLFDQQH6HFRUUR DQFRUDXQSR PLVFRSSLDLOFXRUH ,PSURYYLVDPHQWHVLIHUPDQR 5DOOHQWR 6HEDVWLDQR PL DIILDQFD VSXWDFFKLDQGR 5HVSLUR D SLHQL SROPRQL FDULFRODSLVWROD$YDQ]LDPRVHPEUDQRDUPDWLVRORGLEDVWRQL,OIH ULWRqVWHVRSHUWHUUDSRWUHEEHHVVHUHPRUWR)DFFHOXULGHHVSDYHQWD WH VWUDFFL OHUFL DGGRVVR 0DJUL FDSHOOL DSSLFFLFDWL DOOD WHVWD FRPH FDORWWHGLIDQJR0DJULGDIDUHLPSUHVVLRQHSLHGLVFDO]L2UPDLVLD PRYLFLQLVVLPLSXQWRODSLVWRODXQ RFFKLDWDDOSRYHUDFFLRSHUWHUUD QRQqVYHQXWREDWWHOHSDOSHEUH1RQYHGRVDQJXH ,QTXHOPRPHQWRFRPSDLRQR 8Q EUHYH IUXVFLR GL FDQQH H VSXQWDQR XQD WUHQWLQD GL IDQWDVPL FHQFLRVLEDVWRQLDSSXQWLWLHIDOFHWWLLQPDQR 0HUGD 7XWWR LQWRUQR OD SDOXGH D SHUGLWD G RFFKLR L PLHL EHL YHVWLWL LO JREER6HEDVWLDQRDSSRJJLDWRDOODSHUWLFDFLUFRQGDWLGDLVHOYDJJL 'XQTXHqFRVtFKHGRYHYDILQLUH" 4XHVWDYROWDULGR5LGRIRUWHVJXDLDWR5LGRIXRULODVWDQFKH]]D HODWHQVLRQH'HYHVWXSLUOLQRQSRFRSHUFKpVWULQJRQRJOLDUQHVLDO SHWWRHLQGLHWUHJJLDQRGXEELRVL 'DOILWWRGHOODYHJHWD]LRQHVDOHXQWUDPEXVWR/DVDJRPDVYHWWD VXWXWWHOHDOWUH8QVDLRFRSHUWRGLIDQJRGXHOHJQLOHJDWLJOLSHQGR QRGDOFROORDIRUPDUHXQFURFHILVVR6WULQJHLQPDQRXQEDVWRQHQR GRVR FRQ FXL FDOD IHQGHQWL D GHVWUD H D VLQLVWUD EODWHUDQGR SDUROH LQFRPSUHQVLELOL 6LDYYLFLQDDOODFDVVDHODDSUH/RYHGRDO]DUHJOLRFFKLDOFLHOR VFRQIRUWDWR$SRVWURIDDQFRUDODWRUPDFRQXQWRQRGLULPSURYHUR
9LHQH YHUVR GL QRL 3HUGRQR SHUGRQR IUDWUHV SHUGRQR /D EDUEDJULJLDSL~OXQJDGHOODPLDLQFURVWDWDGLIDQJRHLQVHWWL*OLRF FKLGXHEUDFLD]]XUUHWUDOHUXJKHLQFXLVHPEUDDQQLGDUVLXQDVSRU FL]LDVHFRODUH,FDSHOOLVFHQGRQRILQRDOOHVSDOOHHULFRUGDQRLOQLGR GLXQXFFHOOR 3HUGRQDWH IUDWUHV 6LPSOLFL LQJHJQL VLFXW SXHUL 3HU PDQJLDUH PDQJLDUHVROXP1XPTXDPOLEUHVYLGHURQRQVDQQR ,Q TXHO PRPHQWR FRPLQFLR DG DYYHUWLUH LO PRYLPHQWR VXJOL LVR ORWWL ,O FDQQHWR KDXQRUGLQHDUWLILFLDOHVLLQWUDYHGRQRSHUWXJLRP EUHDQLPDWH$PSLHUHWLVROOHYDWHGDIXQLHEDVWRQLDSHORG DFTXD 8QYLOODJJLR3HUGLRLOFDQQHWRq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qDERFFDDSHUWD/RWUDVFLQRFRQPHLQWLPDQGRJOLGL WDFHUH )UDWH /XFLIHUR SRUWDWRUH GL OXFH DO SRSROR GHL UHLHWWL QDVFRVWL QHOOH SDOXGL GHO 3R FRPH LQ XQD URFFDIRUWH LQDWWDFFDELOH 8Q DFTXL WULQRFKHVLHVWHQGHGDOODIRFHGHOILXPHILQRDOOH5RPDJQH7HUUDGL QHVVXQRORQWDQDHVHOYDJJLDFRPHLO1XRYR0RQGR)UDWH/XFLIHUR VSHGLWR D HYDQJHOL]]DUH TXHVWL GLPHQWLFDWL TXDVL WUHQW DQQL ID H GL PHQWLFDWR D VXD YROWD TXDJJL~ /RQWDQR GDOOD OLQJXD FRUUHQWH H GDO GHVWLQR GHJOL VWDWL 6SHUGXWR LQ XQD PDFFKLD G LQFKLRVWUR VXOOH PDS SH LQVHJXHQGR O HVHPSLR GL IUDWH )UDQFHVFR G $VVLVL TXDVL DYHVVH GLYHOWRODFURFHGL&ULVWRSHUFRQILFFDUODQHOOHVDEELHPRELOLGLTXH VWHODQGHDVILGDUHODVXSHUVWL]LRQHSDJDQD 7UHQW DQQL 4XDVL LPSRVVLELOL GD LPPDJLQDUH 7UHQW DQQL GL GLVWDQ]D GDOOH VRUWLGHOOD&KLHVD'D/XWHUR&DOYLQRGDOO ,QTXLVL]LRQHHGDO&RQFL OLR$FROWLYDUHXQDIHGHIRQGDWDVXOODSXUDFDULWjYHUVRJOLXPLOL 6HQ]DIDUFDVRDLQRVWULDELWLFLKDVFDPELDWLSHUPLVVLRQDULFRPH
OXLIUDWH7L]LDQRHIUDWH6HEDVWLDQRLQYLDWLGDOO DEED]LDGL3RPSRVD DGLIIRQGHUHODGRWWULQDHLOOLEURSHULQVHJQDUOD&LKDFRSHUWLGLOX VLQJKH VLQFHUH H GRPDQGDWR GLRIILFLDUH0HVVD LQYHFHVXD1RQKR SRWXWRVRWWUDUPL (FRVtGRQ/XGRYLFRJHVWRUHGHOERUGHOORSL~OXVVXRVRGL9HQH ]LD QHOOH VSRJOLH GL IUDWH 7L]LDQRVLqWURYDWRGDYDQWLDOO LQWHURSR SRORGHOODSDOXGHDFHOHEUDUHO XQLFRULWRUHOLJLRVRGLFXLVLDFDSDFH +DULEDWWH]]DWRWXWWLJOLDGXOWL'DOSULPRDOO XOWLPR $O PRPHQWR GL WRUQDUH LQGLHWUR FL q VWDWD IRUQLWD XQD JXLGD H LQ GRQRXQEDULOHGLDQJXLOOHYLYHLQFDPELRGLXQDQXRYDIHGHHGLGXH FRSLHGHO%HQHILFLRGL&ULVWR
,OGLDULRGL4
9LWHUERIHEEUDLR
6H FRQRVFR LO YHFFKLR FRPLQFHUj GDL SHVFL SLFFROL FRPH JOL KR VXJJHULWR , OLEUDL JOL LQWHUPHGLDUL JOL VWDPSDWRUL ( VH TXHVWR QRQ EDVWHUjDLQWLPLGLUHLSH]]LJURVVLLILQDQ]LDWRULGHOO RSHUD]LRQHDOOR UDVDSUjSHQVDUHTXDOFRVDSHUWRJOLHUOLGLPH]]R,OYHFFKLRQRQDJL VFH PDL G LPSXOVR VD DVSHWWDUH $QFKH OD PRUWH VHPEUD DVSHWWDUOR VHPEUD FKH QRQ YRJOLD SUHQGHUORILQFKp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q VHPSUHXQHUURUH8QHUURUHIDWDOH &KLPHJOLRGLPHSXzGLUORFKHORVHUYRGDWUHQW DQQL" ,QWDQWR OH QRWL]LH GDJOL LQTXLVLWRUL YHQH]LDQL DQQXQFLDQR QXRYH SUHRFFXSD]LRQL LQ PHULWR DOOD GLIIXVLRQH GHO %HQHILFLR GL &ULVWR 6HPEUDFKHQHOOHFDPSDJQHHVVDVWLDGDQGRYLWDDHSLVRGLLQFRQWURO ODWL
1RWL]LHGD9HQH]LD / LQTXLVL]LRQHYHQH]LDQDqVXOOHWUDFFHGLXQIUDQFHVFDQRFRQR VFLXWRFROQRPHGLIUDWH3LRSSRDWWLYRQHO3ROHVLQH0ROWLFRQWDGLQL GLTXHOOHSDUWLKDQQRULYHODWRLQFRQIHVVLRQHGLHVVHUHVWDWLGDOXLEDW WH]]DWL©QHOODIHGHQXRYDGHOEHQHILFLRGL*HV~&ULVWRª
'DOO DOWUDSDUWHGHO3RXQDIDPLJOLDGLSHVFDWRULVLqULILXWDWDGL IDUEDWWH]]DUHLOSURSULRILJOLR©FKpDQFRUDQRQSXzFRPSUHQGHUHLO
PLVWHUR GL *HV~ &ULVWR VRSUD OD FURFHª 1RQ KDQQR PHQ]LRQDWR LQ DOFXQPRGRIUDWH3LRSSR
$%DVVDQRXQDGRQQDKDFKLHVWRDVLORLQXQFRQYHQWRGLVXRUH SRLFKpLOPDULWRO KDSLFFKLDWDSHUFRQYLQFHUODDIDUVLULEDWWH]]DUH,Q FDVDGHOO XRPRqVWDWDWURYDWDXQDFRSLDGHO%HQHILFLRGL&ULVWR
/D UR]]D UHOLJLRVLWj SRSRODUH ULHVFH D GDUH YLWD DOOH SL~ DVVXUGH PLVFHOH,GHHIRUWLQHOOHPDQLGLPHQWLVHPSOLFL'DGRYHqVWDWDDW WLQWD O LGHD GL ULEDWWH]]DUH JOL DGXOWL"1RQFHUWRGDOODPDWHULDGHOOL EHOORHUHWLFR 5HSHULUHXOWHULRULQRWL]LH 3DUODUQHD&DUDID" IHEEUDLR
3HUFKpLOYHFFKLRQRQKDDQFRUDXVDWRLO%HQHILFLRGL&ULVWRFRPH DUPDFRQWUR3ROHHJOL6SLULWXDOL"3HUFKpQRQKDDQFRUDVFRQIHVVDWR JOLDYYHUVDUL"*OLEDVWHUHEEHSRFRVXOOLEURSHQGHODVFRPXQLFDGHO &RQFLOLRDOYHFFKLRVDUHEEHVXIILFLHQWHLQFDUFHUDUHIUD %HQHGHWWRGD 0DQWRYDHIDUJOLIDUHLQRPLGHLVXRLWXWRULGLFKLKDSUHVRLQFRQVH JQDLOWHVWRHO KDUHGDWWRHVWDPSDWR Ê SUREDELOH FKH &DUDID WHPD GL EUXFLDUH OH SURSULH FDUWH WURSSR SUHVWR6WDDQFRUDDVSHWWDQGR0DFRVD"3DROR,,,QRQQHDYUjDQFRUD SHUPROWRHO LQJOHVHSRWUHEEHGLYHQWDUH3DSDFRQJUDQGHJLRLDGHO O ,PSHUDWRUH FKH YHGUHEEH LQWUDSUHQGHUH XQD ULFRQFLOLD]LRQH FRQ L SURWHVWDQWL )RUVH q SURSULR TXHVWR FKH LO YHFFKLR DVSHWWD FRQ SD]LHQ]D LO FROSROHWDOHVWRFFDWRDOO XOWLPRPRPHQWR0DTXDQWRFUHGHGLSRWHU YLYHUHDQFRUD"
,OGLDULRGL4
9LWHUERPDJJLR
)UDWH 0LFKHOH GD (VWH SULRUH GHO FRQYHQWR GL 6DQ %RQDYHQWXUD SUHVVR 5RYLJR DVFROWDWR GDJOL LQTXLVLWRUL GHOOD 6HUHQLVVLPD LQ GDWD PDU]RLQPHULWRDOO DWWLYLWjGLXQFHUWRIUDWH3LRSSRVRVSHW WDWRG HUHVLD 8Q QRPH H XQ FRJQRPH $GDOEHUWR 5L]]L IUDQFHVFDQR GHO FRQ YHQWRGL6DQ%RQDYHQWXUDVFRPSDUVRDOODILQHGLJHQQDLRGHO LQVLHPHDXQRVSLWHWHGHVFRXQSHOOHJULQRFKHKDGHWWRGLFKLDPDUVL 7L]LDQR LOTXDOHORDYUHEEHULEDWWH]]DWRFRQO DFTXDGLXQDSR]]DQ JKHUD $OWUHQRWL]LHSHUYHQXWHGDJOLLQTXLVLWRULYHQH]LDQL 9LFHQ]DPDU]RDUUHVWDWLXQIDOHJQDPHHXQRVWHVRU SUHVL DG DEEDLDUH GXUDQWH XQ EDWWHVLPR,QWHUURJDWL VX FKL OL DYHVVH FRQYLQWL FKH ©EDWWH]]DUH L QHRQDWL q FRPH ODYDUH L FDQLª KDQQR UL VSRVWR©XQRFKHSURIHVVDODIHGHG $OOHPDJQDHORIDFRQDXWRULWj SHUFKpWHGHVFRª
3DGRYD DSULOH OR VWXGHQWH /XFD %HQHWWL VRVWLHQH SXE EOLFDPHQWHFKH©LOEDWWHVLPRqLQXWLOHSHUOHPHQWLFKHQRQSRVVRQR FRQRVFHUHLPLVWHULGHOODIHGHHVSHFLDOPHQWHTXHOORGHOEHQHILFLRGL &ULVWRYHUVRWXWWDO XPDQLWjª 6HQWLWRLQPHULWRDOOHVXHDIIHUPD]LRQLVRVWLHQHJOLHOHDEELDVXJ JHULWHXQOHWWHUDWRWHGHVFRGLQRPH7L]LDQR (OHPHQWLGHOTXDGUR 5RYLJR%DVVDQR9LFHQ]D3DGRYD 8QSHUFRUVRXQFDPPLQR8QYLDJJLR"2SSXUHXQVHPLFHUFKLR LOFXLFHQWURqLQGXEELDPHQWH9HQH]LD
8Q WHGHVFR 8Q WHGHVFR OD FXL SUHVHQ]D IRUVH VSLHJD O RULJLQH GHOO LGHDGHOVHFRQGREDWWHVLPR
8QDQDEDWWLVWD" 8Q WHGHVFR FKH GLFH GL FKLDPDUVL7L]LDQR5HJDODFRSLHGHO%H QHILFLRGL&ULVWR HULEDWWH]]DLYLOOLFL 7L]LDQRLOWHGHVFR ,O)RQGDFRGHL7HGHVFKLD9HQH]LD*OLDIIUHVFKLGLSLQWLGD*LRU JLRQHHGDOVXRDOOLHYR7L]LDQRVXOOHSDUHWLHVWHUQHGHO)RQGDFR ,OQRVWURDQDEDWWLVWDqXQWHGHVFRFKHYLYHD9HQH]LD &RPHGLUHXQDJRLQXQSDJOLDLR PDJJLR
& qXQWHPSRHXQOXRJRSHUFXLRJQLFRVDDEELDXQLQL]LRHXQD ILQH(SRLFLVRQRFRVHFKHLQYHFHULWRUQDQR6DOJRQRDJDOODGDJOL DQIUDWWLGHOO DQLPDFRPHSH]]LGLVXJKHURVXOODVXSHUILFLHGLXQODJR 4XDVL PLQDFFH RVFXUH R UDJLRQL SHU YLYHUH YHQGHWWH IUDPPHQWL VFKHJJH & qXQWHPSRSHUODJXHUUDHXQWHPSRSHUODSDFH& qXQWHPSR LQFXLRJQLFRVDSXzHVVHUHIDWWDHTXHOORLQFXLQRQKDLVFHOWDSHU FKp LPSURYYLVDPHQWH LO FRUDJJLR H OD IRJD GL YHQW DQQL VFRPSDLRQR VRWWROHUXJKHGHOYROWR (FRPLQFLDWHPHUHO DUULYRGLXQPHVVDJJHUR4XDOHVDUjLOSURV VLPR LQFDULFR" 7HPR LO GLVJXVWR FKH SHUFRUUH OD VWUDGD VWUHWWD GDOOR VWRPDFR DOOD PHQWH 4XDOFRVD GD QDVFRQGHUH GLHWUR O DXWRULWj GHOOH PLVVLRQL FRPSLXWH GLHWUR O HVSHULHQ]D H FKH SHUz QRQ SXz VSDULUH DQ]L GLYHQWD SL~ IRUWH RJQL JLRUQR SHU TXDQWR YRUUHVWL ULFDFFLDUOD JL~QHOIRQGRLQFDSDFHGLWURYDUHXQPRWLYRO DSSLJOLRGLPLOOHYRO WLGLXRPLQLHGLGRQQHPDQGDWLDOO LQIHUQR 3RL XQ EHO JLRUQR WL VFRSUL D GLUWL FKH QRQ VHL VWDWR WX &KH QRQ KDLLPSXJQDWRWXODVSDGD(DOORUDFDSLVFLG HVVHUHILQLWR
,OGLDULRGL4
9LWHUERDJRVWR
3HUYHQXWRGD)HUUDUDLOYHUEDOHG LQWHUURJDWRULRGLWDOIUDWH/XFL IHUR LQ PHULWR DOOD GLIIXVLRQH GHOO HUHVLD WUD OD FRPXQLWj GHL FRVLG GHWWL ©SLUDWL GHO 3Rª JLj SLDJD GHL PHUFDQWL IHUUDUHVL UHFHQWHPHQWH HVWLUSDWDGDOGXFD(UFROH,,G (VWH / LQTXLVLWRKDGDWRVHJQLHYLGHQWLGLSD]]LDGLFKLDUDQGRGLLJQR UDUH LQ TXDOH DQQR GL JUD]LD VWLDPR YLYHQGR H PDQLIHVWDQGR OD FRQ YLQ]LRQHFKH/HRQH;VLDDQFRUD3DSD $FFXVDWR GL DYHU LQWURGRWWR ULWXDOL HUHWLFL H SDJDQHJJLDQWL WUD L IXRULOHJJHGHOOHSDOXGLHLQSDUWLFRODUHGLSUDWLFDUHLOEDWWHVLPRGHJOL DGXOWLVLqGLIHVRVRVWHQHQGRGLDYHUULFHYXWRTXHOODFRQVHJQDGDXQ PLVVLRQDULRWDOHIUDWH7L]LDQRLQYLDWRJOLGDOO DEDWH GL3RPSRVD&R VWXLJOLDYUHEEHIDWWRGRQRGHO©OLEUXPGHQRYDGRFWULQDª,O%HQHIL FLRGL&ULVWRLPSRQHQGRJOLSRLLOVHFRQGREDWWHVLPR +RVWUDSSDWRODOHWWHUD*OLLQTXLVLWRULGL9HQH]LDVRQRVRORLQHWWL VHUYL GHO 'RJH 1RQ VDQQR QHPPHQR FRVD VLD O DQDEDWWLVPR 1RQ WURYHUHEEHURLOQRVWURPLVVLRQDULRDQDEDWWLVWDQHPPHQRVHORFHUFDV VHUR SHU FHQW DQQL 0DL GXH YROWH QHOOR VWHVVR SRVWR 2JQL VHJQDOD ]LRQHSURYLHQHGDXQDORFDOLWjGLYHUVDHWXWWHKDQQRFRPHHSLFHQWUR 9HQH]LD 4XDVL XQ GLVHJQR %DVWD PHWWHUH LQVLHPH WXWWL L SH]]L 8Q VRORXRPRVLDJJLUDWUDLWHUULWRULGHOOD6HUHQLVVLPDHLOIHUUDUHVHUL EDWWH]]DQGR OD JHQWH ODVFLDQGR WUDSHODUH LO QRPH FKH KD VFHOWR 4XDQGR O ,QTXLVL]LRQH DUULYD q JLj VFRPSDUVRQHOQXOODULSLRPEDWR QHLPHDQGULGHOODVWRULDFKHORKDYRPLWDWRÊDEEDVWDQ]DRYYLRQRQ VL WUDWWD GL XQ SHOOHJULQDJJLR QRQ OR VL SXz LQVHJXLUH 6ROR VLQJROH SXQWDWHDFROSRVLFXUREDWWH]]DODVFLDLOSURSULRQRPHEHQLPSUHV VR QHOOH RUHFFKLH H VFRPSDUH $OWULPHQWL SHUFKp VFHJOLHUVL XQ QRPH FRVtEL]]DUURHIDPRVR"
DJRVWR
'DOOD FRQIHVVLRQH GL IUDWH $GDOEHUWR 5L]]L FRQRVFLXWR DQFKH FRPHIUDWH3LRSSRFDWWXUDWRVXOODVSRQGDIHUUDUHVHGHO3RLQGDWD JLXJQRHGHWHQXWRQHOOHFDUFHULGHOGXFDG (VWH
©(GHJOLPLLQYLWzDFRQVLGHUDUHFKHDYHQGRFKLHVWRDXQIDQFLXO OR GL FLQTXH DQQL FKL IRVVH *HV~ &ULVWR JOL HUD VWDWR ULVSRVWR XQD VWDWXD ( GD TXL GHGXFHYD FKH QRQ HUD JLXVWR VRPPLQLVWUDUH OD GRW WULQDDPHQWLLQFDSDFLGLFRPSUHQGHUHª ©'LVVH FKH OD GHYR]LRQH YHUVR OH VWDWXH H L VLPXODFUL DSULYD OD VWUDGDDXQDIHGHLJQRUDQWHHLQHWWDª ©6tDIIHUPzGLFKLDPDUVL7L]LDQRHGLHVVHUHGLUHWWRD5RPDª ,OEDPELQRHODVWDWXD %ULYLGL%ULYLGLGHQWURODWHVWD ,OEDPELQRHODVWDWXD 4XDOFRVDGLGLVWDQWHFKHVLDYYLFLQDYHORFLVVLPRWUDVFLQDWRGDXQ YHQWRFKHVSD]]DODPHPRULD ,OEDPELQRHODVWDWXD
&DSLWROR 9HQH]LDDJRVWR
6DJRPDQHUDVWDJOLDWDVXOODSRUWD'XDUWH*RPH]IDXQSDVVRVL IHUPDHEDWWHLOWDFFRGHOORVWLYDOH9ROWRROLYDVWURWUDWWLFXUDWLOHJ JHUPHQWHIHPPLQHLLQWHUURWWLGDXQDSLHJDVXOODIURQWH 8QFHQQRD'HPHWUDFKHDOORQWDQDOHUDJD]]H &KHVXFFHGH" 9LHQLWLSUHJR / DWWHQGHQWHGHL0LTXH]PLDFFRPSDJQDIXRULQHOVRWWRSRUWLFRH SRLQHOYLFRORGRYHVLSDVVDXQRDOODYROWD , GXH IUDWHOOL VRQR Ot &RPH GXH VLFDUL FKH DVSHWWDQR DO YDUFR OD YLWWLPD -RmRSL~DOWRFRQXQJUDQGHFDSSHOORQHURRUQDWRGDXQQDVWURGL FXRLR%HUQDUGRFRQO DULDGDUDJD]]LQRHXQEXIIRDFFHQQRGLEDUED VRWWR LO PHQWR/HWROHGDQHVSXQWDQRGDVRWWRLPDQWHOOL /DOXFHYD FDODQGRRJQLPRPHQWRGLSL~ &KHVXFFHGHVLJQRUL"3HUFKpTXHVWRPLVWHUR" ,OVROLWRVRUULVRqLQFULQDWRTXDVLVLVIRU]DVVHGLRIIULUORDQFKHVH ORVWDWRG DQLPRQRQJOLHORFRQVHQWLUHEEH +DQQRSUHVR3HUQD 'RYH" $0LODQR &KHFD]]RFLIDD0LODQR"1RQDYHYDPRGHFLVRGLODVFLDUSHU GHUHODSLD]]D" ,YROWLGHLWUHVHIDUGLWLGLYHQWDQRSL~FXSLODOXFHFRQWLQXDDGL PLQXLUH 'RYHYDIHUPDUVLD%HUJDPRUDFFRJOLHUHLVROGLGDLOLEUDLHWRU QDUH LQGLHWUR $ TXDQWR SDUH KD YROXWR ULVFKLDUH / DFFXVD qGLYHQ GHUHOLEULHUHWLFL $VFROWR LO PLR VRVSLUR ULVXRQDUH GD XQ FDSR DOO DOWUR GHO YLFROR PLDSSRJJLRDOPXUR ,O6DQW 8IIL]LR" 3XRLVFRPPHWWHUFL *RPH]QHUYRVRFRQWLQXDDVEDWWHUHLWDFFKLVXOVHOFLDWR &RVDIDFFLDPR"
-RmRPRVWUDXQIRJOLRDUURWRODWR 3DJKLDPRHORWLULDPRIXRULSULPDFKHODIDFFHQGDGLYHQWLWURS SRVHULD'XDUWHSDUWHTXHVWDQRWWH,O*RQ]DJDPLGHYHGHLVROGLJOL KRSURSRVWRGLHVWLQJXHUHLOVXRGHELWRVHPHWWHUjXQDEXRQDSDUROD )XQ]LRQHUj" 6SHURGLVt 0HUGD1RQPLSLDFH-RmRQRQPLSLDFHSHUQLHQWH ÊVWDWRXQFDVRQHVRQRFRQYLQWR6IRUWXQDHDYYHQWDWH]]D 3HVVLPLSUHVHQWLPHQWLQRQULHVFRDSHQVDUH ,OPDJJLRUHGHL0LTXH]PLRIIUHLOVXRVRUULVRSL~VLQFHUR 6WDL WUDQTXLOOR 6RQR DQFRUD LO ILQDQ]LDWRUH SL~ LPSRUWDQWH LQ FLWWj 1RQ RVHUDQQRWRFFDUFL 6SLQJROHPDQLVXHQWUDPEHOHSDUHWLFRPHVHYROHVVLVSRVWDUOH )LQRDTXDQGR-RmR")LQRDTXDQGR"
9HQH]LDVHWWHPEUH
)RUVHTXDOFXQRqULXVFLWRDPHWWHUHDVVLHPHLSH]]LGHOO LQFDVWUR %UXWWH QRWL]LH GD 1DSROL ,QIDQWH LO QRVWUR UHIHUHQWH ODJJL~ q VWDWR PHVVRLQSULJLRQHHVDUjWRUFKLDWRGDJOLLQTXLVLWRUL /HQWDPHQWH VWDQQR VFRSUHQGRODWUDPDFKHDEELDPRLQWHVVXWRLQ TXHVWLGXHDQQL ,O FDUGLQDOH &DUDID QRQ KD DQFRUD VFKLHUDWR LQ EDWWDJOLD L VXRL SH]]LIRUWLILQFKpUHVWDQRLQDXJH3ROH0RURQH6RUDQ]RHWXWWLJOL DOWUL6SLULWXDOLKDOHPDQLOHJDWH 6H5HJLQDOG3ROHGLYHQWHUj3DSDSULPDFKH&DUDIDULHVFDDSDV VDUH DOO DWWDFFR O ,QTXLVL]LRQH YHUUHEEH IHUPDWD WXWWL L JLRFKL VL ULD SULUHEEHUR SHUILQR OD VFRPXQLFD GHO %HQHILFLR GL &ULVWR YHUUHEEH VRVSHVD 7UDPHWURSSRHVWHVHSHUXQVRORXRPR)RUVHDQFKHDIIDVFLQDQWL SHUFKLqJLXQWRQHOTXLQWRGHFHQQLRGHOODYLWDHULHVFHDGDSSUH]]DU QHODJHRPHWULDLOGLVHJQRPDF q TXDOFRV DOWURGDIDUH4XDOFRVDGL SHUVRQDOH 4XDOFRVDFKHDVSHWWDGDYHQW DQQL4XDQGRLPXVFROLFRPLQFLDQR DLUULJLGLUVLHOHRVVDIDQQRPDOHLFRQWLULPDVWLDSHUWLGLYHQWDQRSL~ LPSRUWDQWLGHOOHEDWWDJOLHHGHOOHVWUDWHJLH 7L]LDQR O DQDEDWWLVWD GRYUj FROSLUH DQFRUD PD ORQWDQR GD TXL
FRQ O DULD FKH FRPLQFLD D WLUDUH RFFRUUH WHQHUH OD YHQGHWWD ORQWDQD GDJOLDIIDULYHQH]LDQL 'HYLYHQLUPLDFHUFDUH3HUFKpLRSRVVDSUHQGHUWL
,OGLDULRGL4
9HQH]LDVHWWHPEUH
$9HQH]LDO HUHVLDq GDSSHUWXWWR 1HOPRGRGLYHVWLUHGHOOHGRQQHFRLVHQLIXRULGDJOLDELWLHVXROH DOWHXQDVSDQQDVRWWROHVFDUSH1HLPLOOHYLFROLVWUHWWLGRYHVXVVXU UDUHGRWWULQHSURLELWH1HOOHIRQGDPHQWDLPSRVVLELOLFKHODVRUUHJJR QR $ 9HQH]LD DQFKH L WHGHVFKL VRQR GDSSHUWXWWR 1RQ F q FDOOH FDPSRRFDQDOHFKHQRQFRQRVFDLOVXRQRGHOODOLQJXDGL/XWHUR 9HQH]LDLOWHUUHQRLGHDOHSHUILXWDUHODWUDFFLD %LUUHULD GHO )RQGDFR $FFHQQL DOO DQDEDWWLVPR EXWWDWL TXD H Oj VJXDUGLVWXSLWLULIHULPHQWLDOORVWHUPLQLRGL0QVWHUQHVVXQDQRWL]LD XWLOH7L]LDQR&KLLOSLWWRUH"1LHQWHGLQLHQWH
8QJLURSHULOPHUFDWRGL5LDOWRDGDQQXVDUHO DULD6XHJL~SHU LOSRQWHHTXLQGLILQRD6DQ0DUFROXQJRODVWUDGDGHOOH0HUFHULH *HQWHSUHVDGDJOLDIIDULWHGHVFKLYHQGLWRUL GLSHOOLFFHLPSHQVDELOLD EDWWH]]DUHXQIUDWHLQXQFRQYHQWRGL5RYLJRWDQWRPHQRWUDJOLVWX GHQWLGL3DGRYD *OLVWXGHQWL7L]LDQRqXQWLSRFROWRXQRFKHSXzSDUODUHODOLQ JXD GHOOH 8QLYHUVLWj DOWUHWWDQWR EHQH GL TXHOOD GHOO RVWH H GHO IDOH JQDPHGL%DVVDQR 8QDVHQVD]LRQHO XRPRFKHFHUFRQRQIUHTXHQWDTXHVWLOXRJKL 9HQH]LDVHWWHPEUH
$UFKLYLRGHOO ,QTXLVL]LRQH 7UHWHGHVFKLLPSOLFDWLLQSURFHVVLGLHUHVLD
0DWKLDV .OHEHU WUHQWDGXHDQQLEDYDUHVHOLXWDLRD9HQH]LDGD GRGLFLDQQLVRUSUHVRDUXEDUHRVWLHFRQVDFUDWHGDOWDEHUQDFRORGHOOD
&KLHVD GL 6DQ 5RFFR FRQGDQQDWR DOO HVSXOVLRQH HULVFDWWDWRVLFRQLO SHQWLPHQWRHODFRQYHUVLRQHDOODIHGHFDWWROLFD (UQVW+UHXVFKTXDUDQWXQDQQLPHUFDQWHGLOHJQDPHRULJLQDULR GL 0DJRQ]D SURFHVVDWR SHU OH VFULWWH LQQHJJLDQWL D /XWHUR VXL PXUL GL 6DQ 0RVq H 6DQ =DFFDULD &RQGDQQDWR D FDQFHOODUOH H D YHUVDUH XQ RIIHUWDGLFHQWRFLQTXDQWDGXFDWLSHUOHGXHFKLHVH :HUQHU.DOW]YHQWLVHLDQQLYDJDERQGRSURYHQLHQWHGDOODFLWWj GL =XULJR LQFULPLQDWR FRPH VWUHJRQH SHU OH VXH DWWLYLWj GL FKLUR PDQWHDOFKLPLVWDHDVWURORJR(YDVRGDOFDUFHUHGHL3LRPELDQFRUD ODWLWDQWH 8Q PH]]R LFRQRFODVWD XQ IDQDWLFR GL /XWHUR H XQR VWUHJRQH 3URYR D LPPDJLQDUOL QHOOH GLYHUVH VLWXD]LRQL FKH KDQQR YLVWRSURWD JRQLVWD 7L]LDQR PD QHVVXQR VHPEUD YHUDPHQWH DGDWWR DO UXROR GHO PLVVLRQDULRDQDEDWWLVWD
2SHUD]LRQHFRQWUDULDLPPDJLQDUVL7L]LDQRGDUYLWDDOVXRIDQWD VPD PXRYHUOR FRPH XQ EXUDWWLQR SHU OH VWUDGH H OH ERWWHJKH GHOOD FLWWj1R $9HQH]LD7L]LDQRQRQq7L]LDQRÊTXDOFXQDOWUR6HDYHVVHUL EDWWH]]DWRDQFKHTXLGDTXDOFKHSDUWHVHQHFRQVHUYHUHEEHPHPRULD 7L]LDQRQDVFRQGHODSURSULDLGHQWLWjDOOHJHVWDLQYHFHVHPEUDYROHU GDUHODPDVVLPDULVRQDQ]D &KLqFKLqVWDWR7L]LDQRD9HQH]LD"
&DSLWROR 9HQH]LDRWWREUH
6LVRQRIDWWLSUHFHGHUHGDXQDOHWWHUDÊSHUTXHVWRFKHVLDPRTXL DOPRORORVJXDUGRDFFDQLWRVXOFDQDOHGHOOD*LXGHFFDGDGRYHGR YUHEEHURVSXQWDUH %HUQDUGR0LTXH]SDVVHJJLDVXHJL~-RmRqIHUPRFRPHXQDVWD WXDHOHJDQWLVVLPRFRPHVHPSUHJXDQWLGLFXRLRLQILODWLLQFLQWXUDH ODUJKHPDQLFKHGHOODJLXEEDFKHVYROD]]DQRDOYHQWR 'HPHWUDPLKDIDWWRXQDVFLDUSDGLODQDSHUTXHVW DXWXQQRJHOLGR 'HYR HVVHUJOLHQH JUDWR SHUFKp LO FROOR PL JLRFD EUXWWL VFKHU]L GD TXDOFKHWHPSR 2VVHUYRLEDUFRQLFKHVILODQROHQWLYHUVRJOLDWWUDFFKLHVYXRWDQR LOORURFDULFRXPDQRYDULRSLQWRHEL]]DUUR 3HULO'RJHH6DQ0DUFR 7UDVDOLVFR GDYDQWL DOOD YRFH VTXLOODQWH GL XQ JLJDQWHVFR PHUOR QHURWUDVSRUWDWRLQXQDJDEELD -RmRULGHIRUWHDOO HVSUHVVLRQHGHOODPLDIDFFLD 8FFHOOLSDUODQWL FRPSDUH4XHVWDFLWWjQRQILQLUjPDLGLVWXSLUH %HUQDUGRVLVSRUJHDYDQWLILQRDOERUGRGHOODEDQFKLQDULVFKLDQ GRTXDVLGLSHUGHUHO HTXLOLEULR (FFROL 'RYH" WHQJRSHUPHLOIDWWRFKHODYLVWDQRQqSL~DFXWDFRPH XQDYROWD /DJJL~VRQRVEXFDWLDGHVVR )LQJR GL ULFRQRVFHUH O LPEDUFD]LRQH FKH q DQFRUD XQD PDFFKLD VFXUD 6RQRSURSULRORUR" 0DFHUWR*XDUGD6HEDVWLDQR 3HU 0RVq H WXWWL L SURIHWL(FFROj3HUQD&HO KDIDWWD'XDUWH FHO KDIDWWD-RmRVLFRQFHGHXQJHVWRG HVXOWDQ]D %DVWDUGLVFKLIRVLLQIDPLSH]]LGLPHUGDDQFRUDXQSR HFLUH VWDYROjVRWWRFULVWRLQFURVWDWRGDLIXQJKLHGDOPXVFKLRYDIIDQFX OR 3UHQGHILDWRKDDQFRUDLOWHUURUHQHJOLRFFKL $VVDVVLQL q TXHOOR FKH VRQR 5RED GD SD]]L /XGRYLFR DPLFR PLR F HUDQR WRSL FKH SDUHYDQR FXFFLROL GL FDQH FDSLWR" QRQ SXRL
FUHGHUOR GRYUHVWL DYHUOL YLVWL JUDQGL FRVt EDVWDUGL XQ PHVH GHQWUR TXHOOD ODWULQD SULJLRQH OD FKLDPDQR VH OL LPSDODVVHUR L 7XUFKL WXWWL TXDQWLEDVWDUGLJXDUGD/XGRYLFRJUDQGLFRVtLWRSLHGHLJXDUGLRQL FKHVHPEUDYDQRLPRVWULGHOO $SRFDOLVVHWLHQLXQXRPRLQTXHOOHVH JUHWHSHUXQDQQRHWLFRQIHVVHUjTXDOXQTXHFRVDDQFKHFKHDKH SRLVFULYRQRWXWWRWXWWRQRQVLSHUGRQRXQDSDURODF qVHPSUHXQR VFULEDFFKLQRGHOFD]]RFKHVFULYHTXHOORFKHGLFLYHORFHVFULYHYH ORFLVVLPRVHQ]DDO]DUHPDLORVJXDUGRGDOIRJOLRWXIDLXQRVWDUQXWR HTXHOORORVFULYHFDSLWR" ,SRFKLFDSHOOLVRQRVFRPSLJOLDWLVXOODWHVWDRFFKLDLHSURIRQGHH PDQGLEROH FKH YRUUHEEHUR DFFDQLUVL VXOOD ELVWHFFD FKH 'HPHWUD JOL KDVHUYLWRVHQRQIRVVHURLPSHJQDWHGDTXHOWRUUHQWHLQSLHQD ,QJRLD ILQDOPHQWH LO SULPR ERFFRQHHVHPEUDUHFXSHUDUHODOXFL GLWjQHFHVVDULD $O]D DSSHQD JOL RFFKL GDO SLDWWR +DQQRLQFDVWUDWRTXDOFXQDO WUR" ,QIDQWHD1DSROL 8QRVEXIIR (QRQqODQRWL]LDSHJJLRUH *OLRFFKLHWWLGL3HUQDPLVFUXWDQRDSSUHQVLYL &KLDQFRUD" %HQHGHWWR)RQWDQLQL ,O OLEUDLR VL SDVVD OH PDQL VXOOD WHVWD D SHWWLQDUH L SRFKL FDSHOOL ULPDVWL 6DQWRFLHORVLDPRQHOODPHUGD / KDQQRLPSULJLRQDWRQHOPRQDVWHURGL6DQWD*LXVWLQDD3DGR YD / DFFXVD q GL HVVHUH O DXWRUH GHO%HQHILFLR GL &ULVWR 5LVFKLD GL PDUFLUHOjGHQWURSHUVHPSUH 3HUQDULVROOHYDODWHVWD 'DDGHVVRF qGDVWDUHGDYYHURDWWHQWL &LSDVVDLQUDVVHJQDWXWWLHWUH 7XWWLTXDQWL6LVRIIHUPDVX-RmR ( WX QRQ FUHGHUH GL HVVHUH WDQWR SL~ DO VLFXUR GL QRL VRFLR FKH VH TXHOOLVLPHWWRQRDIDUHVXOVHULRVRQRFD]]LSHUWXWWL4XLD9HQH]LD SHUDGHVVRVWLDPRDOVLFXURPDFLKDQQRGDWRXQEHOO DYYHUWLPHQWR &KHYXRLGLUH" JOLULHPSLRLOELFFKLHUHGLYLQR +DQQRFDSLWR6DQQRFKLVLDPRFKLF qGLPH]]R3ULPDKDQQR IHUPDWR-RmRSRLPHHTXHOSRYHUHWWRGL,QIDQWH3RLYDQQRDSHVFD UH%HQHGHWWRGD0DQWRYD 0DVWLFDHGHJOXWLVFH 'XDUWHFLJXDUGDWXWWLTXDQWL 'LFKLVWLDPRSDUODQGR" /D IRUFKHWWD GL 3HUQD FDGH VXO SLDWWR 6LOHQ]LR ,O &DUDWHOOR q FKLXVR VLDPR VROL WUH VHIDUGLWL H GXH PLVFUHGHQWL LQYHWHUDWL VHGXWL LQWRUQRD XQWDYRORDFRPSORWWDUHODJLRLDGLRJQLLQTXLVLWRUH 3HUQDVLDFTXDWWDFRPHXQJDWWR 6WLDPRSDUODQGRGHO&D]]RGX
ULVVLPR VLJQRUL Vt 6XD (PLQHQ]D &D]]RGXULVVLPD *LRYDQQL 3LHWUR &DUDID 3DUOLDPR GHJOL =HODQWL 'L TXHOOL FKH YRUUHEEHUR IDUVL XQ FLRQGRORFRQOHSDOOHGL5HJLQDOG3ROHHGHLVXRLDPLFL*UDQEDVWDU GL ORUR H L ORUR VJKHUUL $QFRUD QRQ OL KDQQR VJXLQ]DJOLDWL LQ JLUR PDQRQWDUGHUDQQRDIDUORYHGUHWH8Q RFFKLDWDD-RmR (TXHOOL VRFLRQRQOLFRPSULFDSLWR",QFRUUXWWLELOLEDVWDUGL /R LQWHUURPSR 1p 0LODQR Qp 1DSROL WDQWRPHQR 9HQH]LD OD VFHUDQQRFKHO ,QTXLVL]LRQHGL5RPDPHWWDLOQDVRQHLORURDIIDUL $IIDUL TXHVWD q OD SDUROD JLXVWD 3HU DGHVVR QRQ KDQQR DOFXQD FRQYHQLHQ]DDODVFLDUJOLFDPSROLEHURKDLUDJLRQH0DWXWWRGLSHQGH GDFKLVDOLUjDO6RJOLR3RQWLILFLRGDFKLVWDELOLUjOHUHJROHGRSRFKH 3DROR,,,DYUjWLUDWROHFXRLD(FRPXQTXHSHUHYLWDUHOHLQJHUHQ]HGL 5RPD L YHQH]LDQL SRWUHEEHUR SHQVDUH GL UHJRODUHLQSURSULRLFRQWL FRQQRLDOWULVHQ]DDVSHWWDUH&DUDIDHLVXRLDPLFL ,QJKLRWWHLOERFFRQH &KHVFKLIRTXDQGRULSHQVRDTXHOODODWUL QDPLSDVVDODYRJOLDGLPDQJLDUH
,OGLDULRGL4
9HQH]LDQRYHPEUH
,OEDPELQRFKHFUHGH*HV~XQDVWDWXD
+R SHUFRUVR OD FLWWj LQ OXQJR H LQ ODUJR &HUFR XQ WHGHVFR DIIL GDQGRPLDOO LQWXLWROHOLEUHULHGRYHSRWUHEEHDYHUDFTXLVWDWRLO%HQH ILFLRGL&ULVWR +RYLVLWDWRODERWWHJDGL$QGUHD$UULYDEHQHLOOLEUDLRDOO LQVHJQD GHOSR]]RXQSRVWRFKH7L]LDQRFRQRVFHUjVHQ] DOWUR+RILQWRGLHV VHUHLQWHUHVVDWRDOOHGRWWULQHGHOO DQDEDWWLVPRVSHUDQGRFKHPLLQGL FDVVHURTXDOFXQRDFXLULYROJHUPL 1LHQWHGLQLHQWH 9HQH]LDQRYHPEUH
,OEDPELQRHODVWDWXDGL&ULVWR ,OEDPELQRFKHFUHGHYDFKH*HV~IRVVHXQDVWDWXD ,OEDPELQRGLFLQTXHDQQL ,O EDPELQR D FXL %HUQKDUG 5RWKPDQQ SDVWRUH GL 0QVWHU GR PDQGzFKLIRVVH*HV~ 8QDVWDWXD / DQHGGRWRULSHWXWRDOO LQILQLWRQHLJLRUQLGHOODPDODWWLD ,JLRUQLGL5H'DYLGH Ê GLIILFLOH WRUQDUH LQGLHWUR 'RORURVR 5LFRUGL GL FRQYHUVD]LRQL OXQJKH LQWHUPLQDELOL VRELOODQGR OD SD]]LD GHO SUHGLFDWRUH VXJJH UHQGRDXQDPHQWHGHOXVDHVPDUULWDOHVFHOWHSL~LQVDQH 7HUURUHHOHQWDGLVVROX]LRQH *OLXOWLPLJLRUQLGL0QVWHU )XRUL GD TXHOOH PXUD LO SULPR EULYLGR G LQFHUWH]]D +R YROXWR GLPHQWLFDUH 7L]LDQRLOSHOOHJULQRWHGHVFRFKHKDEDWWH]]DWR$GDOEHUWR5L]]L DOLDV IUDWH 3LRSSR IUDWH /XFLIHUR H L SLUDWL GHO 3R KD FRQRVFLXWR
%HUQKDUG5RWKPDQQ 4XDOFXQRGL0QVWHUTXDOFXQRFKHKRFRQRVFLXWR
6RQR VFHVR GL QXRYR LQ VWUDGD TXHVWD YROWD D FHUFDUH XQ YROWR 0LVRQRJLUDWRGLVFDWWRDRJQLSDURODSURQXQFLDWDQHOODPLDOLQJXD +RVFUXWDWRLYLVLVRWWROHEDUEHROWUHLFDSHOOLOXQJKLRFRUWLWUDOH FLFDWULFLHOHUXJKH&RPHXQ DOOXFLQD]LRQHLQRJQXQRF HUDTXDOFRVD SHUFRQIHUPDUHXQVRVSHWWR 4XHVWRQRQVHUYLUj
&DSLWROR 9HQH]LDQRYHPEUH
1RQqIDFLOHVSLHJDUORURFKHGHYRSDUWLUH1RQqIDFLOHUDFFRQWD UHGLXQQHPLFRDQWLFR4RqOHWO DOOHDWRGLVHPSUHLOWUDGLWRUHO LQILO WUDWR 1RQ VDUj IDFLOH PD q QHFHVVDULR 6SLHJDUH L YLDJJL GHJOL XOWLPL PHVLTXHVWDEDUED7L]LDQRO DSRVWRORFRO%HQHILFLRGL&ULVWRLQXQD PDQRHO DFTXDGHO*LRUGDQRQHOO DOWUD&KLXGHUHXQFRQWRDSHUWRSL~ GLYHQW DQQLID&HUFDQGRGLPHWWHUHORVELUURGL&DUDIDLOSL~EUDYR LOSL~IXUERVXOOHWUDFFHGLXQHUHVLDUFDDQDEDWWLVWDFUHDWRVXPLVXUD SHUOXL1RQF qDOWURWHPSRDGLVSRVL]LRQH,OFHUFKLRKDFRPLQFLDWR DVWULQJHUVLSULPDGHOSUHYLVWRPDVDSHYRFKHVDUHEEHDFFDGXWR6WR JLRFDQGR FRO IXRFR H QRQ SRVVR SL~ ULVFKLDUHFKH ORURFLYDGDQRGL PH]]R/RVWHVVRLPSHUGRQDELOHHUURUHGLWXWWDODYLWDLOPLRSDVVDWR FKHLUURPSHVXOSUHVHQWHHQHIDVWUDJHODFHUDQGROHFDUQLGLDPLFL VRGDOL DPDQWL 'HPHWUD %HDWULFH -RmR 3LHWUR 1RPL GL PRUWL LP PLQHQWL 3DUWLUH SULPD FKH DFFDGD 7UDVFLQDUPL GLHWUR O $QJHOR 6WHUPLQDWRUH H O HWHUQR VELUUR ORQWDQR GDJOL DIIHWWL GHOO XOWLPD VWD JLRQH &DPPLQDUH ILQR DOOH HVWUHPH SURSDJJLQL LO IRQGR EXFR GHO FXOR GL TXHVWD WHUUD G (XURSD FKH KR SHUFRUVR LQ OXQJR H LQ ODUJR )DUPL LQVHJXLUH ILQOt H LQ TXHOOD FKLDYLFD PDOHRGRUDQWHDWWHQGHUHH UHJRODUHLOFRQWRGLPROWHYLWH'DVROL 1RQLPSRUWDTXDQWRWHPSR(ORLSXzULSUHQGHUVLLOVXRQRPHVD UzVROWDQWR7L]LDQRLOIROOHEDWWLVWD -RmRYLJLOHUjVXOERUGHOORHVX'HPHWUDDOSRVWRPLR0LVSRVWH UzVHPLQHUzLQGL]LJLUHUzILQFKpQRQDYUzWUDVFLQDWR4RqOHWDOODOX FHGHOVROH 3HUQDORKDLGHWWRWXELVRJQDVFRSULUHFRPHYDDILQLUHJLRFDUVL ODVRUWHHODYLWDSHUGDUHDHVVHXQVLJQLILFDWR3HUPRWLYDUHWXWWHOH VFRQILWWHHDQFKHFLzFKHUHVWDGD YLYHUH1RQDEEDQGRQRODSDUWLWD YRJOLRFRQFOXGHUOD,QTXDOXQTXHPRGR
'DJOL VJXDUGL DWWRQLWL H GDOOH ERFFKH VHUUDWH HPHUJH VROWDQWR OD YRFH OLPSLGD GL %HDWULFH , VRWWHUIXJL D FXL OD YLWD KD FRVWUHWWR OD PLDIDPLJOLDQRQKDQQRPDLLPSHGLWRGLDSSUH]]DUHODVLQFHULWj/X GRYLFR 6RUULGH OH PLH SDUROH QRQ KDQQR GLVDUPDWR L VXRL RFFKL QHUL /DVFLDTXLQGLFK LRULFDPELODWXDIUDQFKH]]D1RQVHLWXODFDXVDGHO SHULFRORFKHFLPLQDFFLDWXWWLVDSHYDPRILQGDOO LQL]LRDTXDOLULVFKL DQGDYDPRLQFRQWURLPEDUFDQGRFLQHOO LPSUHVDFRPXQHGLGLIIRQGHUH ,O %HQHILFLR GL &ULVWR $EELDPR VILGDWR OD VFRPXQLFD GHO &RQFLOLR O ,QTXLVL]LRQH OH DPELJXH VWUDWHJLH GHL SRWHQWL YHQH]LDQL $ TXDOH VFRSR"/DJXHUUDVSLULWXDOHFRQGRWWDGDLFDQLQHULGHO6DQW 8IIL]LRq XQDPLQDFFLDSHUWXWWLQRL)LQJHUHGLQRQVDSHUORQRQFLVDOYHUHEEH *XDUGD FKL KDL GL IURQWH XQ OLEUDLR FODQGHVWLQR OD WHQXWDULD GL XQ ERUGHOORHXQDULFFDIDPLJOLDJLXGHDLQIXJDGDPH]]RVHFROR3RLFL VHL WX HUHWLFR UHLHWWR ODGURHOHQRQH6LDPRWXWWRFLzFKHYRJOLRQR VSD]]DUH YLD 6H YLQFRQR SUHQGHUDQQR WXWWR RFFXSHUDQQR RJQL VSD ]LR9HUUHPRULQFKLXVLLSL~IRUWXQDWLPRULUDQQR %HDWULFHVLDYYLFLQDDOODILQHVWUDROWUHODTXDOHVLLQWUDYHGHLOFD QDOHGHOOD*LXGHFFDVXOORVIRQGRGL6DQ0DUFR5LPDQHXQDVDJRPD VFXUD 3URVHJXH +DLSDUODWRGLXQGHVWLQRSHUVRQDOHFRQFXLVDOGDUHL FRQWL'HOO DODQHUDFKHWLYROWHJJLDVXOODWHVWDGDWXWWDODYLWDHFDQ FHOODTXHOORFKHWLqFDUR/HWXHSUHRFFXSD]LRQLVRQRQRELOLHVHQVD WHPDRJQXQRGHYHIDUHODVXDSDUWH$QFK LRVRQRFRQYLQWDFKHVLD XWLOHVHSDUDUVLPDVROWDQWRUHVWDQGRXQLWLQHOOHLQWHQ]LRQLGLXQGLVH JQRFRPXQH/DSLVWDGL7L]LDQRFKHVLDOORQWDQDVHPLQDQGRHUHVLDH FRQIXVLRQHSXzSRUWDUHLFDQLIXRULVWUDGDFRQIRQGHUQHO ROIDWWRUDO OHQWDUHODORURDYDQ]DWDLQDWWHVDGHOQXRYR3DSD0DVHTXHVWRVDUj LOWXRFRPSLWRRJQXQRGLQRLGHYHDYHUQHXQDOWUR -RmR VL DO]D QLHQWH VRUULVL 7X ]LD SRWUHVWL WHQHUH DSHUWD OD YLD G XVFLWD,OWXRFDULVPDHOHWXHFRQRVFHQ]HDOODFRUWHGL)HUUDUDGRYH VLDPREHQYROXWLSHULSUHVWLWLDOGXFDHSHUODWXDUDIILQDWH]]DSRVVR QR JDUDQWLUH XQ DSSURGR VLFXUR SHU WXWWL VH OH FRVH GRYHVVHUR SUHFLSLWDUH ,R ULPDUUz TXL D 9HQH]LD D IDU YDOHUH OH QRVWUH HODUJL]LRQLÊRUDFKHLSDWUL]LHLPHUFDQWLGLTXHVWDFLWWjGLPRVWULQR GLGDUHLOJLXVWRSHVRDFKLWLHQHLQSLHGLLOORURVIDU]RHLORURDIIDUL ,QWDQWR SRVVRFXUDUHLQXRYLFRPPHUFLOHURWWHFKHDEELDPRDSHUWR FRQLO7XUFR 6LULYROJHD3HUQD ÊPHJOLRFKHWXVWLDORQWDQRSHUXQSR 6D UDL LO PLR DJHQWH SHU OH FRVWH RULHQWDOL 'LIIRQGHUDL OD QXRYD WUDGX
]LRQH GHO %HQHILFLR LQ &URD]LD H 'DOPD]LD ILQR D 5DJXVD H ROWUH 1RQ WL RFFXSHUDL VROR GL OLEUL VDUDL LO PLR DJHQWH GL FROOHJDPHQWR IXRULGDOODSRUWDWDGHOO ,QTXLVL]LRQH ,O SLFFROHWWR VDOWD VX 9HQGHUH OLEUL DL 7XUFKL" 6WR VRJQDQGR )DUH VX H JL~ VX TXHOOH WLQR]]H PDOHRGRUDQWL" (FFR FRVD WRFFD LQ VRUWHD3LHWUR3HUQDXQRFKHKDXQQRPHFKHqULVSHWWDWRGD%DVLOHD D5RPD/XGRYLFRGL TXDOFRVD 6tDSSXQWRWLVHUYHXQQRPHQXRYR0DJDULPHQRULVSHWWDELOH PDPHQRFRQRVFLXWRGDJOLVELUUL 3HUQDVLDFFDVFLDVXOODVHGLDTXDVLVFRPSDUHQGRFLGHQWURLSLHGL DSHQ]RORQL -RmR VRUULGH D 'HPHWUD / DIIDVFLQDQWH GRQQD 'HPHWUD FRQWL QXHUj D JHVWLUH LO &DUDWHOOR FRPH VH QLHQWH IRVVH FRQ OH RUHFFKLH VHPSUH WHVH D RJQL LQGLVFUH]LRQH GHL VXRL IDFROWRVL FOLHQWL 2JQL LQ IRUPD]LRQHSXzHVVHUHSUH]LRVD9HJOLHUHPRVXGLOHLHVXOOHUDJD]]H LQDVVHQ]DGL/XGRYLFR %HDWULFH ÊLQXWLOHQHJDUHFKHLOQRVWURGHVWLQRGLSHQGHLQEXR QD SDUWH GD FKL VDUj LO SURVVLPR 3DSD $WWHQGHUHPR TXHO PRPHQWR SHUGHFLGHUHFRPHPXRYHUFLDOODOXFHGHOODQXRYDVLWXD]LRQH %HUQDUGR VWD ULHPSLHQGR L FDOLFL -RmR VROOHYD LO SULPR KD ULDF TXLVWDWRLOVRUULVR $OIXWXUR3DSDDOORUD &LOLEHULDPRFRQXQDIUDJRURVDULVDWD
,OGLDULRGL4
9HQH]LDQRYHPEUH
1RWL]LHUHSHULWHVXLOXRJKLIUHTXHQWDWLRJHVWLWLGDWHGHVFKL
/LEUHULD DO ©*LJOLR G DUJHQWRª VSHFLDOL]]DWD LQ OLEUL OXWHUDQL H VDFUDPHQWLVWLGLSURSULHWjGLWDO+HUPDQQ5HLGHO )ULHGULFKYRQ0HOOHUHQFRQWHDQLPDWRUHGHOODULVWUHWWDFHUFKLD GHL OHWWHUDWL WHGHVFKL GL 9HQH]LD KD XQ SDOD]]R SURSULR GLHWUR DO )RQGDFR 7DYHUQDGHOOD©6HOYD1HUDªJHVWLWDGDXQDWHGHVFDVSRVDWDFRQ XQPHUFDQWHYHQH]LDQRÊLOULWURYRGHJOLDUWLJLDQLLQWDJOLDWRULRUH ILFLFDO]RODL 7DYHUQD ©,O &DUDWHOORª GL SURSULHWj GL /XGZLJ 6FKDOLHGHFNHU FRQRVFLXWRFRPHLO7HGHVFRHGLXQDGRQQDJUHFD,OERUGHOORSUHIH ULWRGDLWHGHVFKLGLUDQJRHERUVDEXRQL 7DYHUQDGHOOD©6HWDªULWURYRGHLPHUFDQWLGLSURSULHWjGL+DQV *DVWZLUW 6L JLRFD G D]]DUGR H VL FDPELD LO GHQDUR D WDULIIH YDQWDJ JLRVH %RWWHJD GL -DFRSR 0DQLHUR YHWUDLR RJQL JLRYHGt GRSR LO YH VSURUDGXQRGHOODFRPXQLWjFDOYLQLVWDLWDOLDQLHOYHWLFLHWHGHVFKL 9HQH]LDQRYHPEUH
*LRUQDWDWUDVFRUVDDOOD©6HOYD1HUDªHQHOODOLEUHULDGL+HUPDQQ 5HLGHO 1LHQWH 8QQRPHJLjVHQWLWR/XGZLJ6FKDOLHGHFNHU'RYH"7UDJOLDSR VWDWLWHGHVFKL"4XDOFRVDDFKHYHGHUHFRQ:LWWHQEHUJ /XGZLJ6FKDOLHGHFNHUWHQXWDULRGHO©&DUDWHOORª 9HULILFDUHGRPDQL
&DSLWROR 9HQH]LDQRYHPEUH
6L DSSRJJLD D PH SHU QRQ SHUGHUH O HTXLOLEULR PHQWUH VDOH VXO EDUFRQH FKH FL SRUWHUj DOOD FDUDFFD GHL IUDWHOOL 0LTXH] RUPHJJLDWD ROWUHO LVROD&RQO DOWUDPDQRUHJJHODSHVDQWHVRWWDQDDLXWDWDGDXQD VHUYD DWWHQWD FKH L OHPEL GHO YHVWLWR QRQ VL EDJQLQR 5LHVFH D FRQ VHUYDUHXQDGLJQLWjLQILQLWDODGGRYHDOWUHQRELOGRQQHVHPEUHUHEEHUR VHPSOLFHPHQWHJRIIHHLPSDFFLDWHGDOOHDUPDWXUHFKHOHDGGREEDQR 1RQSRVVRLPSHGLUPLGLSHQVDUHFKH%HDWULFHqXQDFUHDWXUDVSHFLD OHOXPLQRVD / DLXWR D SUHQGHU SRVWR VXO VHGLOH OD VRWWDQD DUURWRODWD VRWWR OH EUDFFLD ,OJREER6HEDVWLDQRqSURQWRFRQLOUHPRDSRSSD -RmRH%HUQDUGRFLDEEUDFFLDQR =LDQRQWHPHUHWLODVFLRLQEXRQHPDQL6FULYLPLDSSHQDDUUL YDWHD)HUUDUDHSRUWDLPLHLVDOXWLDOGXFD(UFROHHDOODSULQFLSHVVD 5HQDWD ( WX VWDL DWWHQWR -RmR TXHVWH FDOOL SRVVRQR HVVHUH SL~ LQILGH GHOOHVHJUHWHGLXQFDVWHOOR(YHJOLDVXWXRIUDWHOOR%HUQDUGRVHGR YHVVHVXFFHGHUJOLTXDOFRVDWLULWHUUzUHVSRQVDELOH 1RQWHPHUH&LULYHGUHPRSUHVWRWXWWLTXDQWL -RmRVIRGHUDLOVRUULVR $PLFRPLREXRQDIRUWXQD7LHQLWLVWUHW WD OD SHOOH H QRQ HVVHUH WURSSR DYYHQWDWR 4XHOOD q JHQWH SHULFROR VD 6RHVVHUORDQFK LRDOO RFFDVLRQH 6HEDVWLDQR KD JLj VWDFFDWR OD EDUFD GDO PROR L GXH IUDWHOOL FL VDOXWDQROHPDQLOHYDWHDOFLHOR /DQRWL]LDqDUULYDWDDOO DOED8QIUDQFHVFDQRYHQXWRDIRWWHUHGL QDVFRVWR DO &DUDWHOOR O ,QTXLVL]LRQH YHQH]LDQD SURJHWWD LO IHUPR GL %HDWULFH2JJLDYUHEEHGRYXWRHVVHUHLQWHUURJDWDLQPHULWRDGDOFXQH GHOD]LRQLFKHODDGGLWDQRFRPHFULSWRJLXGHDIDOVDFULVWLDQD 8Q LQWLPLGD]LRQH LO GHEROH WHQWDWLYR GL PHWWHUH VRWWR SUHVVLRQH XQDIDPLJOLDVFRPRGDSHUWXWWLIRUVHGLULFDWWDUODSHURWWHQHUHVFRQWL
VXOFUHGLWR,VHUHQLVVLPLSDWUL]LVHODIDQQR VRWWR&KLQRQKDULFHYX WR SUHVWLWL GDL 0HQGHVL FRPH OL FKLDPDQR TXL" $ FKL QRQ ID JROD O LPPHQVDULFFKH]]DIDPLJOLDUH" -RmRKDIDWWRVXELWRDSSURQWDUHODFDUDFFDQRQF qVWDWRWHPSRGD SHUGHUH &RVtSDUWLDPRVHQ]DQHPPHQRLOWHPSRGLSHQVDUH )HUUDUD 'D Oj GRYUj SDUWLUH LO YLDJJLR GL 7L]LDQR 8Q YLDJJLR OXQJRTXHVWDYROWDFRQODFLWWjHVWHQVHFRPHFDVDVLFXUDLQFXLWRUQD UH SHU UDFFRJOLHUH QRWL]LH VXOOD VLWXD]LRQH D 9HQH]LD 9RJOLR VSLQ JHUPLDVXGYHUVR%RORJQDHSDVVDUHJOL$SSHQQLQLUDJJLXQJHUH)L UHQ]H3ULPDFKHORVDOXWDVVL3HUQDPLKDGHWWRFKHQRQSRVVRPRUL UHVHQ]DDYHUYLVWR)LUHQ]H3RYHURSLFFROR3HUQDVSHGLWRVXOODFRVWD FURDWD1RQKRGXEELFKHVDSUjIDUVLYDOHUHDQFKHOjSLDQJHHVLGL VSHUDLOOLEUDLR3LHWURPDDOODILQHODVXDJURVVDWHVWDSHODWDULVSXQWD VHPSUHLOOHVDSURQWDDULSUHQGHUHO LQILQLWDORJRUUHD &LVLDPRGXQTXH6LDPRDOODFRUVDILQDOHO XOWLPRWUDWWRGLVWUDGD H XQD QXRYD DYYHQWXUD 6RQRXQSD]]RYHFFKLRXFFHOORDSSROODLDWR VXTXHVWRVHGLOHFRQODPLDEDUEDJULJLDHJOLDFFLDFFKLFKHQRQPL ODVFLDQR LQ SDFH 6RQR SD]]R H PL YLHQH DQFRUD GD ULGHUH $QFRUD QRQFLFUHGRGLHVVHUHGLQXRYRLQJLURGLWRUQDUHDSUHGLFDUHWHP SHVWD0LYLHQHGDSHQVDUHDTXDQGRWXWWRqFRPLQFLDWR0LYLHQHGD SHQVDUH FKH OD YLWD KD FRLQFLVR FRQ OD JXHUUD OD IXJD VFLQWLOOH FKH LQFHQGLDQRODSLDQXUDHRQGDWHG DFTXDFKHODULFRSURQR'RYUHLFDF FLDUHOHRVVDVWDQFKHLQTXDOFKHEXFRHVFLYRODUHYLDVHUHQRXQSRFR DOODYROWDFXOODQGRQHOODPHPRULDLYROWLGHOOHGRQQHHGHJOLDPLFL ,QYHFHVRQRDQFRUDTXLDIDUPLLQVHJXLUHGDLFDQLDULVROYHUHLOFRQ WRGLWXWWLTXHLYROWL/ RVVHVVLRQHGLXQYHFFKLRHUHWLFRFKHQRQSXz GDUVLSDFH 8OWLPD VILGD XOWLPD EDWWDJOLD $YUHL SRWXWR PRULUH D )UDQNHQ KDXVHQQHOOHSLD]]HGL0QVWHULQ2ODQGDDG$QYHUVDQHOOHJDOHUH GHOO ,QTXLVL]LRQH6RQRTXL(FKLXGHUHLOJLRFRULVROYHUHO HQLJPDq O XOWLPDFRVDFKHUHVWDGDIDUH
,OGLDULRGL4
9HQH]LDQRYHPEUH
9LVLWDDO©&DUDWHOORª/XGZLJ6FKDOLHGHFNHUR©GRQ/XGRYLFRª LOJHVWRUHQRQF HUDÊSDUWLWRQRQVLVDSHUGRYH'RPDQGHEXWWDWH TXDHOjQRQYRJOLRLQVRVSHWWLUHQHVVXQR 5LFRUGL SL~ QLWLGL (ORLVLXV GH6FKDOLHGHFNHU:LWWHQEHUJSL~GL YHQW DQQLIDXQXRPRYHQQHDVILGDUH/XWHURH0HODQWRQH)HFHSDU ODUH GL Vp LQ WXWWD O XQLYHUVLWj SHU OH VXHLGHHEL]]DUUHVXOSHFFDWRH VXOODSHUIH]LRQH )RUVH YHQLYD GDL 3DHVL %DVVL R GDOOH )LDQGUH QRQ ULFRUGR SL~ 5HSHULUH LQIRUPD]LRQL 6FULYHUH DOO ,QTXLVL]LRQH GL $PVWHUGDP H $QYHUVD6HUYLUHEEHXQDUDFFRPDQGD]LRQHGL&DUDID(TXHVWRVLJQL ILFKHUHEEHPHWWHUORDSDUWHGHLPLHLVRVSHWWL &LYRUUHEEHURFRPXQTXHPHVL &RQWLQXDUH OH ULFHUFKH TXL D 9HQH]LD 7HQHUH G RFFKLR ©LO &DUD WHOORªLQDWWHVDFKHWRUQL 6FULYHUH DJOL ,QTXLVLWRUL GL 0LODQR )HUUDUD H %RORJQD SHU DYHUH QXRYHLQIRUPD]LRQLVX7L]LDQRO DQDEDWWLVWD
/HWWHUDLQYLDWDD5RPDGD9HQH]LDLQGLUL]]DWDD*LDQSLHWUR&D UDIDGDWDWDQRYHPEUH $OO LOOXVWULVVLPRHRQRUDQGLVVLPR*LRYDQQL3LHWUR&DUDID
0LRVLJQRUHPLUDJJLXQJHSURSULRTXHVW RJJLOD9RVWUDXUJHQWLV VLPD FRPXQLFD]LRQH 5LFHYHUHWH TXHVWD PLD DO PDVVLPR GXH JLRUQL SULPD GHO PLR DUULYR D 5RPD 6DUz D GLVSRVL]LRQH GD VXELWR SHU L FRPSLWLFKHOD9RVWUD6LJQRULDYRUUjDIILGDUPL Ê PLR GRYHUH H GHVLGHULR LQIRUPDU9L FKH O LPSURYYLVR SHJJLR UDPHQWRGHOODVDOXWHGL3DSD)DUQHVHPLDOORQWDQDFRQXQGLVSLDFH UHFKHQRQQDVFRQGRGDXQDSLVWDIHFRQGDLQPHULWRDOODGLIIXVLRQH GHO%HQHILFLRGL&ULVWRÊ PLDSUHVXQ]LRQHLPPDJLQDUHFKHQHLSLDQL GL 9RVWUD 6LJQRULD SHU RVWDFRODUH 5HJLQDOGR 3ROR FLVLD SURSULR OD TXHVWLRQH GL TXHO WUDWWDWHOOR &RQILGR TXLQGL FKH LO SUHFLSLWDUH GHJOL HYHQWL FRPSRUWL VROWDQWR OD VRVSHQVLRQH GHOO LQGDJLQH FKH RUPDL GD PHVLYDGRFRQGXFHQGRSRLFKpHVVDqDQFRUDORQWDQDGDOO HVVHUHFRQ FOXVDHGDOO DYHUHVDXULWRLOVXRLQWHUHVVH )LGDQGRQHOODYHORFLWjGHLGHVWULHULLWDOLDQLSHUSRWHUHVVHUHTXDQ WRSULPDD9RVWUDGLVSRVL]LRQHEDFLROHPDQLGL9RVWUD6LJQRULD
'L9HQH]LDLOQRYHPEUH ,OIHGHOHRVVHUYDWRUHGL9RVWUD6LJQRULD 4
&DSLWROR )LQDOH(PLOLDFRQILQHGRJDQDOHWUDL'XFDWLGL0RGHQDH)HUUD UDDSULOH
/D VWD]LRQH GL FDPELR q XQ FDVFLQDOH LVRODWRLQPH]]RDOODWHUUD SLDWWD H XJXDOH 4XDOFKH ERVFKHWWR VSDUVR D LQWHUURPSHUH OD OLQHD FRQWLQXDGHOO RUL]]RQWH,OFDYDOORqVWDQFRODVFKLHQDHOHJDPEHDQ FKH ,OFRUWLOHLQWHUQRqXQYLDYDLGLJDOOLQHHSDVVHULFKHVLFRQWHQGR QR EULFLROH LQYLVLELOL QHOOD JKLDLD 8Q YHFFKLR FDQH PL DEEDLD SRFR FRQYLQWRSUREDELOPHQWHFRVWUHWWRGDOGRYHUHGHJOLDQQLSHUVLDJXDU GLDGLTXHVWRSRVWR 2LOjVWDOOLHUH F qXQSRVWRSHUTXHVWRURQ]LQR" 8Q WLSR UREXVWR EDIIL FKH VFHQGRQR OXQJR LO PHQWR 0L LQGLFD XQDSRUWDEDVVDO DQWDVXSHULRUHFKLXVD 6PRQWR D IDWLFD HIDFFLRTXDOFKHSDVVRFRQOHJDPEHDQFRUDDO ODUJDWHGDOODVHOOD 3UHQGHOHUHGLQL %UXWWDJLRUQDWDSHUYLDJJLDUH 3HUFKp" 8QJHVWRYDJRYHUVRRYHVW 7HPSRUDOH/DVWUDGDGLYHQWHUjXQ ILXPHGLIDQJR $O]ROHVSDOOH 9RUUjGLUHFKHPLIHUPHUz 6FXRWHODWHVWD 1LHQWHOHWWL7XWWRSLHQR 0L JXDUGR LQWRUQR LQ FHUFD GHOOH WUDFFH GL VRYUDIIROODPHQWR PD LOFRUWLOHqYXRWRGDOODFDVDQHDQFKHXQUXPRUH /R VWDOOLHUH VFKLRFFD OD OLQJXD LO EDIIR VFDWWD DOO LQV~ $VSHW WLDPRXQYHVFRYR 3RWUHLVLVWHPDUPLQHOILHQLOH 8Q DOWUD DO]DWD GL VSDOOH PHQWUH VSDULVFH GHQWUR OD VWDOOD FRQ LO FDYDOOR ,OFDQHqWRUQDWRDVWHQGHUVLDOVROHLFLXIILGLSHORJULJLRLQWRUQR DO PXVR QH IDQQR OD FRSLD DQLPDOH GHOOR VWDOOLHUH 4XDQGR OR YHGR ULHPHUJHUHGDOO RPEUDVRUULGRSHQVDQGRDOODVRPLJOLDQ]D 4XDQWLDQQLKD" ,OFDQH"2KRWWRQRYHSL~RPHQRÊYHFFKLRVWDSHUGHQGRL
GHQWL7UDSRFRGRYUzDPPD]]DUOR 2FFKLVWUHWWLLQIHVVXUHH]DPSHGLVWHVHVRORXQOLHYHPRYLPHQWR GHOOD FRGD H O DO]DUVL GLXQVRSUDFFLJOLR$QFKHOHHVSUHVVLRQLULFRU GDQRTXHOOHGHO SDGURQH 0LVWLUDFFKLRSURGXFHQGRXQQRWHYROHVFULFFKLROLRGHOOHRVVD 'HQWURF qGHOOD]XSSDFDOGDVHYROHWH&KLHGHWHDPLDPRJOLH 2WWLPR0DQRQYRUUHWHVHUYLUODDOYHVFRYRPLDXJXUR" 6LIHUPDSHUSOHVVRJUDWWDQGRVLODQXFDVXGDWD %H QRQDEELD PRGHLJUDQVLJQRULGDTXHVWHSDUWL1RQF qPDLYHQXWRXQYHVFRYR TXL 0LFKLQRSHUFRQWUROODUHFKHOHJLQRFFKLDIXQ]LRQLQRDQFRUDUR WHRODWHVWDHVRQRFRPHQXRYR &LSHQVD ,QHIIHWWLqXQEHOJXDLR7XWWRLOVHJXLWRLODFFKq ,VHJUHWDULLVHUYLWRULOHJXDUGLHSHUVRQDOL 6EXIIDSUHRFFXSDWRHDO]DOHVSDOOH 6LDFFRQWHQWHUDQQR 6DOHOHVFDOHSHUULHQWUDUHLQFDVD 3HULODFFKqHOHJXDUGLHOD]XSSDYDEHQH0DSHULOYHVFRYRFL YRUUHEEHGHOODFDFFLDJLRQH$SURSRVLWRFKLq" 6LIHUPDVXOODSRUWD 9HVFRYRFDUGLQDOH6XD6LJQRULD*LRYDQQL 0DULD'HO0RQWH&LRFFKL9LHQHGD0DQWRYDLQYLDJJLRYHUVR5R PD $KVt6DUjSHULO&RQFODYH'LFRQRFKHLO3DSDVWLDPDOHPD VLVDFKHLSDSLVRQRGXULDPRULUH 6LJXDUGDODSXQWDGHOOHVFDUSHSHUSOHVVRLQGHFLVRVHPDQGDUPL DOGLDYRORRGDUPLFRUGD ,R QRQ VR XQ EHO QLHQWH 'HYRVROWDQWRRVSLWDUHLOYHVFRYRHLO VHJXLWRSHUXQDQRWWH 6tVt0DQRQDYHWHFDFFLDJLRQHGDVHUYLUHSHUFHQD 'LYHQWDSDRQD]]RVHQRQFLIRVVHODVFDODDGLYLGHUFLWHPHUHLSHU LOPLRFROOR 2JJLQRQFHQ qÊXQDVWD]LRQHGLFDPELRQRQXQDO EHUJR (QWUDLQFDVD 5LGDFFKLR GD VROR H PL DYYLFLQR DO FDQH $GHVVR VHPEUD WUDQTXLOOR VL ODVFLD DFFDUH]]DUH QRQ GHYH DYHU SL~ XQD JUDQ YRJOLD GLULQJKLDUHHQHPPHQRGLYLYHUH7UDSRFRVFRFFKHUjODVXDRUD 7X QRQ VWDL PHJOLR GHO 3DSD ( DOPHQR QRQ KDL XQR VWXROR GL DYYROWRLFKHWLJLUDVXOODWHVWD ,OFDUGLQDOH'HO0RQWH =HODQWHR6SLULWXDOH" &RQ&DUDIDRFRQ3ROH"
0DQWRYDQR ,OFDJQDFFLRPLSLDQWDLQIDFFLDXQRVEDGLJOLRVGHQWDWR 0DQWRYDQRFRPHIUDWH%HQHGHWWR)RQWDQLQL =HODQWHR6SLULWXDOH"
/HLQVHJQHYHVFRYLOLVXJOLVSRUWHOOLGHOODFDUUR]]DVRQRVFKL]]DWH GLIDQJR8QDGR]]LQDGLXRPLQLDUPDWLELYDFFDVXOODJKLDLDGHOFRU WLOH$QGLULYLHQLVXHJL~SHUOHVFDOH/RVWDOOLHUHVLDIIUHWWDDULSXOLUH ORVWHPPDFRQXQRVWUDFFLR ,VROGDWLPLODQFLDQRDSSHQDXQ RFFKLDWDVWDQFD,OYHVWLWREXRQR FKHLQGRVVRGHYHGDUPLO DULDGHOFRUWLJLDQR 8Q WLSR VPLO]R VFHQGH OH VFDOH D SLFFROL VDOWHOOL FKLXVR LQ XQD FDSSDHOHJDQWHXQFDSSHOORULGLFRORLQWHVWD6XOODWUHQWLQD 6L ULYROJH DOOR VWDOOLHUH 6XD 6LJQRULD JUDGLUHEEH O DFTXD FDOGD SULPDGLGHVLQDUH7RQRVDFFHQWHHVFKLIDWR ,OEDIIRQHDQQXLVFHFRQO DULDSL~VWROWDGHOPRQGRODVFLDSHUGHUH ODFDUUR]]DHVLSUHFLSLWDVXSHUOHVFDOH 0LDYYLFLQR $TXHVWHVWD]LRQLLOVHUYL]LRODVFLDVHPSUHSL~DGHVLGHUDUH /R FROJR DOOD VSURYYLVWD QRQ WURYD GL PHJOLR FKH DQQXLUH Ê GDYYHURVFDQGDORVR 8QXRPRGLTXHOFDOLEUR 1RQULHVFHDJXDUGDUPLO DULDFRUGLDOHORGLVRULHQWD 'RSRWDQWD VWUDGDDOODVXDHWj (FRQWXWWHTXHOOHSUHRFFXSD]LRQL 'HFLGH GL UHDJLUH RFFKLHWWL JULJL FKH JXDUGDQR GDOO DOWR 6LHWH SHUFDVRFRQWHUUDQHRGL6XD6LJQRULD" 1RPHVVHUHLRVRQRWHGHVFRG RULJLQH $K/ HVSUHVVLRQHGLFKLKDFROWRXQDSURIRQGDYHULWj ,RVR QR)HOLFH)LJOLXFFLVHJUHWDULRGL6XD6LJQRULD 7L]LDQRFRPHLOSLWWRUH8QOLHYHLQFKLQRUHFLSURFR $QGDWH D5RPDLPPDJLQR ,QIDWWL5LSDUWLDPRGRPDWWLQD 7HPSLGXUL *Lj,O3DSD 5HVWLDPR LQ VLOHQ]LR SHU XQ LVWDQWH JXDUGDQGR LQ EDVVR FRPH VWHVVLPR ULIOHWWHQGR VX SURIRQGH TXHVWLRQL WHRORJLFKH VR FKH YRU UHEEHFRQJHGDUVLPDQRQJOLODVFLRLOWHPSR 6HSRVVRIDUHTXDOFR
VDSHU6XD6LJQRULDQRQHVLWDWHDFKLHGHUOR *HQWLOH GD SDUWH YRVWUD &HUWR 3HU O DSSXQWR q LO FDVR FKH WRUQLVXDVLQFHUDUPLFKHWXWWRYDGDEHQH 6LFRQJHGDLPEDUD]]DWR
3LRYH D GLURWWR PD KR XQD JUDQ YRJOLD GL IXPDUH XQ VLJDUR $O ULSDUR VRWWR XQD WHWWRLD VRIILR LO IXPR LQ IDFFLD DO WHPSRUDOH 'HO YHFFKLR FDQH QHDQFKH O RPEUD ,O ULIOHVVR GHJOL RFFKL GL XQ JDWWR SULPDFKHVFRPSDLDROWUHXQDJUDWD %DWWH]]HUzFRQPHWRGROD JHQWHJLXVWDFKHSRVVDFRVWLWXLUHLOQX FOHRGLXQDYHUDHSURSULDVHWWD$JOLLQTXLVLWRULOHVHWWHSLDFFLRQRFL SXRL IDYROHJJLDUH VRSUD DOO LQILQLWR SXRL DWWULEXLUH ORUR GL WXWWR OR VFRQWHQWR SRSRODUH OD SHVWH OD SURVWLWX]LRQH OD VWHULOLWj GL WXD PR JOLH6HUYRQRGHJOLDSRVWROLFKHYDGDQRLQJLURDULEDWWH]]DUHSUR SULR FRPH IHFH LO YHFFKLR 0DWWK\V 4XDOFXQR FH O KR JLj LQ PHQWH TXDOFKH IHUUDUHVH PD GHYR DUULYDUH SL~ ORQWDQR 0RGHQD %RORJQD )LUHQ]H 3RL FL VRQR OH 5RPDJQH 6HPEUD FKH JOL DELWDQWL GL TXHOOH WHUUHVLDQRLSL~WXUEROHQWLWUDWXWWLLVXGGLWLGHO3DSD3RWUHEEHHVVHUH LQWHUHVVDQWH UDJJLXQJHUH TXDOFXQR ODJJL~ (UHVLD H ULYROWD FRVD DQ FRUD" 7HQJRLOVLJDURWUDLGHQWLHLQFURFLROHPDQLGLHWURODVFKLHQD8Q EULYLGR PL GLFH FKH q PHJOLRULHQWUDUH1RQSRVVRSHUPHWWHUPLPD ODWWLH 1HOOD VDOD LO FDPLQR q DQFRUD DFFHVR TXDOFXQR VWD DL]]DQGR LO IXRFRFRQXQDWWL]]DWRLRVDJRPDVFXUDGLVSDOOHVHGXWDVXXQDGHOOH VHGLDFFHGLOHJQRGHOODORFDQGD8QDFDPLFLDGLIODQHOODOXQJDILQRDL SLHGLDFRSULUHODVWD]]DHODSDSDOLQDSXUSXUHDVXOODFKLHULFD 6LYROWDDSSHQDTXDQGRDYYHUWHODPLDSUHVHQ]D 0L DIIUHWWR D WUDQTXLOOL]]DUOR 1RQ WHPHWH 6LJQRULDqVROWDQWR LOSDVVRGLXQLQVRQQH 8QR VWUDQR YHUVR D PHWj WUD LO PXJXJQR H OR VEXIIR RFFKL FHU FKLDWLFKHVSURIRQGDQRVRSUDOHJXDQFHUXJRVH $OORUDVLDPRLQGXHILJOLR 3RVVRDLXWDUYL" &HUFDYR GL UDYYLYDUH TXHVWR IXRFR SHUULXVFLUHDOHJJHUHTXDO FKHULJD 0LDYYLFLQRUDFFROJRLOPDQWLFHHPLPHWWRDVRIILDUHVXOODEUD FH
/ LQVRQQLDqXQDEUXWWDEHVWLD 3RWHWH GLUOR IRUWH 0D TXDQGR VL q JLXQWL DOO HWj GL VHVVDQWDVHL DQQLQRQELVRJQDODPHQWDUVLWURSSRHDFFHWWDUHFRQXPLOWjTXHOORFKH LOEXRQ'LRFLPDQGD'REELDPRHVVHUHJUDWLGLDYHUDQFRUDJOLRFFKL EXRQLSHUULXVFLUHDOHJJHUHHLQJDQQDUHOHRUHQRWWXUQH ,OIXRFRKDULSUHVRDVFRSSLHWWDUHLOFDUGLQDOH'HO0RQWHUDFFR JOLH LO OLEUR DSHUWR GDO SDYLPHQWR ,QWUDYHGR LO WLWROR DOOD OXFH GHO FDPLQRHQRQWUDWWHQJRODVRUSUHVD /HJJHWH9HVDOLR" 8Q ERUERWWLR LPEDUD]]DWR ,O EXRQ 'LR YRUUj SHUGRQDUH OD FX ULRVLWj GL XQ YHFFKLR FKH QRQ ULVHUYD D VH VWHVVR DOWUR SLDFHUH FKH TXHOOR GL WHQHUVL DO FRUUHQWH GHOOH EL]]DUULH SDUWRULWH GDOOD PHQWHX PDQD $QFK LR KR OHWWR TXHO OLEUR ,QYHUR EL]]DUUR TXHVWR PDQLSRODUH FDGDYHUL PD FLz FKH DO ILQH VHPEUD XVFLUQH q XQ JUDQGH RPDJJLR DOOD JUDQGH]]D GL 'LR H DOOD SHUIH]LRQH FKH KD VDSXWR FUHDUH QRQ WURYDWH"6HIRVVHURGLSL~FRORURFKHFROWLYDQRODVWHVVDYRVWUDFXULR VLWjIRUVHVLHYLWHUHEEHURPROWLIUDLQWHQGLPHQWLFRPHTXHOORGLYHGH UHLOPDOHODGGRYHQRQFHQ qWUDFFLD 0L RVVHUYD FRQ DULD VRUQLRQD VHPEUD XQ YHFFKLR RUVR ERQDULR DFFRFFRODWRVXOODVHGLD / DYHWHOHWWRGXQTXH"0DDFRVDYLULIHULWH TXDQGRSDUODWHGLIUDLQWHQGLPHQWL" &LSURYR 7DQWL IHUYHQWL FULVWLDQL RJJLULVFKLDQRG HVVHUHLPSULJLRQDWLSHU ODORURYRJOLDGLULQQRYDUHHSRUWDUHOLQIDQXRYDDOOD&KLHVDGL5RPD 9HQJRQRDGGLWDWLFRPHPHPEULGLVHWWHSHULFRORVHFRPHDOFKLPLVWL PDJKL XQWRUL 6RQR SURFHVVDWL FRPH QHPLFL GHOOD &KLHVD OXWHUDQL TXDQGRHVVLPDLHSRLPDLKDQQRRVDWRPHWWHUHLQGLVFXVVLRQHO DXWR ULWj LQIDOOLELOH GHO 3DSD H GHL WHRORJL 6H VROWDQWR TXDOFXQR QXWULVVH SHU OH LGHH GL FRVWRUR XQ FHQWHVLPR GHOO DWWHQ]LRQH FKH YRL RUD PR VWUDWHFUHGRFKHQRQVDUHEEHGLIILFLOHGLVWLQJXHUOLGDJOLHUHWLFLG 2O WUDOSHHGDJOLVFLVPDWLFL 'HO0RQWHPLJXDUGDSDWHUQR )LJOLRDGHVVRGDYDQWLDTXHVWR IXRFRLRHWHVLDPRVROWDQWRGXHLQVRQQL'RPDWWLQDLRVDUzGLQXR YRLOFDUGLQDOHYHVFRYRGL3DOHVWULQDHSRWUHLQRQSRWHUPLSHUPHWWHUH TXHVWD OLEHUDOLWj Ê GLIILFLOH FXFLUH DUPRQLRVDPHQWH DVVLHPH OD UH VSRQVDELOLWj GL XQ JUHJJH DPDWR GD GLIHQGHUH H ODJLXVWDPLVXUDQHO ULSUHQGHUH OH SHFRUH VPDUULWH OXQJR OD VWUDGDWUDYLDWHGDOO LQWHOOHWWR GDFDWWLYHOHWWXUHHLQVDQHLQGX]LRQL 'HFLGRGLDQGDUHILQRLQIRQGR ,RWHPRO DYYHQWDWH]]DHODSDX UDGHLJLXGLFLWHPRFKHHVVHUHFLGDQRORVSLULWRULQQRYDWRUHIDFHQGR
G RJQLHUEDXQIDVFLR ,O FDUGLQDOH VWUL]]D JOL RFFKL 9RL DYHWH LQ PHQWH TXDOFRVD GL SUHFLVRQRQqFRVt" ,QIDWWL 1RQ VR VH SRVVR SHUPHWWHUPL GL SDUODUQH DOOD 6LJQRULD 9RVWUD PD O RUD WDUGD H O LQWLPLWj FKH FRQFHGHWH PL LQFRUDJJLDQR D VSHQGHUHTXDOFKHSDURODVXXQDIDFFHQGDFKHPLDIIOLJJHGDWHPSRH FKHULJXDUGDXQ9RVWURFRQWHUUDQHR 0HPEURGHOODPLDGLRFHVL" (XRPRSLR(PLQHQ]D)UDWH%HQHGHWWR)RQWDQLQLGD0DQWRYD 1HVVXQD UHD]LRQH LO SDVVR q IDWWR GHYR DQGDUH DYDQWL RUPDL 'D PHVL q UHFOXVR QHO PRQDVWHUR GL 6DQWD *LXVWLQD GL 3DGRYD FRQ O DFFXVDG HVVHUHO DXWRUHGHO%HQHILFLRGL&ULVWRÊ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qSDJLQDQHO%HQHILFLRGL&ULVWR FKHPHWWDLQGLVFXVVLRQHO DXWRULWj GHO3DSDHGHLYHVFRYLQRQY q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~FKHPDLELVRJQRGHOO LQWHUYHQWRGLSHUVRQDOLWjVRSUDOHSDU
WLSHUHYLWDUHFKHLQQRFHQWLVLDQRYLWWLPHGLXQRVFRQWURFKHLQYHUR QRQOLULJXDUGD $QQXLVFHDSSHQD 5LXVFLWHDHVVHUHPROWRHVSOLFLWR0DYLGLFR FKHQRQqIDFLOHVRSUDWWXWWRDGHVVRFKHLO3DSDqPDODWRHGD5RPD VRIILD LO YHQWR GHOOH PDFDEUH WUDWWDWLYH 1RQ q IDFLOH SHU FKL YXROH HVVHUHXRPRGLSDFHULPDQHQGRIXRULGDOFRQIOLWWR4XDOVLDVLJHVWR DQFKH TXHOOR GHWWDWR GDOOD SL~ VHPSOLFH FDULWj YHUUHEEH RJJL LQWHU SUHWDWRFRPHXQRVFKLHUDUVLFRQO XQRRO DOWURSDUWLWR3HUFRORURFKH YRJOLRQRLPSHGLUHLOFDVWLJRGHJOLLQQRFHQWLO XQLFDYLDqTXHOODGHO O DSSHOORDOODFDULWjHDOEXRQVHQVRGHJOLXRPLQLGL&KLHVD /RLQFDO]R &LVRQRJHVWLVRPPHVVLFKHSHUzSRVVRQRVLJQLILFD UHPROWR *XDUGDOHILDPPHFKHJLjYDQQRVSHJQHQGRVLFRPHVHYLFHUFDV VHTXDOFRVD+DO DULDUDVVHJQDWDHVWDQFD &RQRVFREHQHLO*HQHUD OH GHL %HQHGHWWLQL 3HU XQDWWLPRVHPEUDQRQYROHUDJJLXQJHUHDO WUR 8QD OHWWHUD D 0RQWH &DVVLQR q LO JHQHUH GL FRVH FKH DQFRUD SRVVRSHUPHWWHUPL 6DUHEEHJLjWDQWR $GHVVRSHQVRFKHULXVFLUzDGRUPLUH 8QPHVVDJJLRDEEDVWDQ]DHVSOLFLWRÊRUDGLDFFRPLDWDUPL (PLQHQ]D OD YRVWUD PDJQDQLPLWj q FRVD UDUD GL TXHVWL WHPSL 1RQVRQRPROWLLVDQW XRPLQLGL&KLHVDFKHDFFHWWHUHEEHURGLSDUODUH FRQ XQR VFRQRVFLXWR QHO FXRUH GHOOD QRWWH DFFRJOLHQGR SHUVLQR OH VXHLVWDQ]H,OPLRQRPHq $O]DXQDPDQR 1R'RPDQLLOYHVFRYRGL3DOHVWULQDQRQSRWUj SHUPHWWHUVL OD FRQILGHQ]D GL TXHVWD QRWWH 3HU TXDQWR PL ULJXDUGD ULPDUUHWH O LQVRQQHHUXGLWRFKHPLKDWHQXWRFRPSDJQLD
,OGLDULRGL4
9LWHUER JLXJQR
,O)DUQHVHq PRUHQWH3RWUHEEHHVVHUHGRPDQLFRPHIUDWUHPHVL /DIUHQHVLDGHOOHWUDWWDWLYHFUHVFHPDQPDQRFKHODVDOXWHDEEDQGRQD LOFRUSRVWDQFRGL3DROR,,, *OLHTXLOLEULQRQVRQRIDYRUHYROLDJOL=HODQWL5HJLQDOG3ROHqLO FDYDOORGHOO ,PSHUDWRUHHODVXDIDPD qDOOHVWHOOH,OFDPSLRQHGHOOD IHGHVHPEUDSRWHUPHWWHUHG DFFRUGRPROWL6HVLHQWUDVVHGRPDQLLQ &RQFODYHLJLRFKLVDUHEEHURIDWWL,QWDOFDVRO LQWHUDWUDPDLQWHVVXWD GD&DUDIDLQTXHVWLDQQLVLVIDOGHUHEEH,OVXRJUDQGHDYYHUVDULRVXO VRJOLRSDSDOHHOHWWRGDOVXRSL~DFHUULPRQHPLFRO ,PSHUDWRUH1RQ F q XQ JLRUQR GD SHUGHUH &DUDID LQFLWD O DOOHDWR IUDQFHVH D WHQWDUH GHOOHFRQWURPRVVH9XROHVFRPSDJLQDUHLOTXDGURDWWXDOHUDOOHQWDUHL WHPSLULDSULUHLJLRFKL ,OUHGL)UDQFLD(QULFR,,VHJXHQGROHRUPHGHOSDGUHKDULQQR YDWRO DOOHDQ]DFRQLSULQFLSLSURWHVWDQWL&DUDIDORVSURQDDULSUHQGH UHODJXHUUDPDYLVRQRPROWHUHVLVWHQ]HILQDQ]HVHPSUHGLVVHVWDWH HTXLOLEUL LQWHUQL WUDEDOODQWL LO SURJUHVVLYR DOORQWDQDUVL GDOOHYLFHQGH LWDOLDQH ,O FDSR GHO 6DQW 8IIL]LR GHYH PHWWHUH LQ FDPSRWXWWDODVXD DUWHSHUULEDOWDUHXQHVLWRFKHJOLVDUHEEHOHWDOH ,OFOLPDqTXHOORGHOODUHVDGHLFRQWL&KLXVFLUjYLQFLWRUHQRQH VLWHUj D VSD]]DU YLD O DYYHUVDULR ,O FDOFROR q LQFHVVDQWH RJQL YRWR VSRVWDWRSXzHVVHUHGHFLVLYR6LSURPHWWHWXWWRDWXWWL,SULYLOHJLGD GLVWULEXLUHHLOWHPSRFKHULPDQHVRQRLYHULSDGURQLGLTXHVWRVFRQ WUR &DUDID GHYH IURQWHJJLDUH LO PRPHQWR SL~ LPSRUWDQWH SURSULR TXDQGR OH IRUWXQH GHOO RGLDWR ,PSHUDWRUH VRQR DOO DSLFH VHPEUD GL SRWHUQH WRFFDUH O XPRUH QHUR H OD IUHGGD GHWHUPLQD]LRQH 4XL D 9L WHUERLQYHFHLYROWLVRQREHQSL~GLVWHVLYDGLIIRQGHQGRVLODILGXFLD QHOO LPPLQHQWH ©UDFFROWR GL XQ DQWLFD VHPLQDª FRPH HVVL DPDQR FKLDPDUH O HVLWR FKH VL SURVSHWWD/ LQJOHVHGLVSHQVDVRUULVLHSRFKH SDFDWHSDUROHPHQWUHLQWRUQRDOXLFUHVFHO HXIRULD
9LWHUERVHWWHPEUH
,O)DUQHVHqGXURDPRULUH*OL6SLULWXDOLVFDOSLWDQRLORURVRUULVL VRQRSL~WLUDWLO DWWHVDOLORJRUD7HPRQRHYHQWLFKHSRVVDQRPXWDUH JOL HTXLOLEUL FKH OL IDYRULVFRQR 7HPRQR VHQ]D QDVFRQGHUOR RJQL PRVVDGL&DUDID 1HKDQQREHQUDJLRQH,OYHFFKLR7HDWLQRKDVHPSUHLQVHUERX Q DUPDVHJUHWDO H[WUHPDUDWLRGLXQDJXHUUDFKHQRQSXzSHUGHUH,O %HQHILFLRGL&ULVWR 4XDORUD L SURQRVWLFL GRYHVVHUR ULPDQHUH LPPXWDWL QRQ HVLWHUj D XVDUOD 0L KD GHWWR GL VWDUH DOO HUWD PD WLHQH DQFRUD VHJUHWL L VXRL SLDQL 3RWUHEEH XVDUH ,O %HQHILFLR SHU DWWDFFDUH 3ROH H JOL 6SLULWXDOL IURQWDOPHQWH DFFXVDQGR O LQJOHVH GL HVVHUH LO YHUR UHGDWWRUH GL XQ OLEUR VFRPXQLFDWR GDO &RQFLOLR 3RWUHEEH WRUFKLDUH TXDOFKH SHVFH SLFFRORGHOFLUFRORYLWHUEHVHSHUIDUORFRQIHVVDUH3HUzGRYUHEEHIDU ORDGHVVRHVSRUVLSHUVRQDOPHQWH6DUHEEHULVFKLRVR&DUDIDQRQDPD PHWWHUVL DO FHQWUR GHO IXRFR DYYHUVDULR 6H OR FRQRVFR VFHJOLHUjX Q DOWUD YLD IDU FLUFRODUH YRFL VHPSUH SL~ LQVLVWHQWL SL~ GHWWDJOLDWH VXOOH FRQVHJXHQ]H GHOO DVFHVD GL 5HJLQDOG 3ROH DO6RJOLR3RQWLILFLR ,O 3DSD FKH VRVWLHQH GRWWULQH VFRPXQLFDWH GDO &RQFLOLR GL 7UHQWR ,PPDJLQL GL GLVJUHJD]LRQH FXSL SUHVDJL GL XQ FRQIOLWWR SDUDGRVVDOH H LQVDQDELOH LO GUDPPDWLFRLQGHEROLPHQWRGHOOD&KLHVDGL5RPDOD VXDWRWDOHGLSHQGHQ]DGDOO DXWRULWjVHFRODUHGHOO ,PSHUDWRUH 8Q TXDGUR IRVFR FKH GRYUHEEH VSDYHQWDUH PROWL VSRVWDUH YRWL GHWHUPLQDQWL 6RORDOORUD&DUDIDHQWUHUHEEHLQJLRFRD&RQFODYHLQFRUVRFR PHFROXLFKHSRUWDO RUGLQHHXQDUDJLRQHVXSHULRUH&DUDIDLO&RQFL OLDWRUH 0LYLHQHGDULGHUH 5RPDQRYHPEUH
3DROR ,,, )DUQHVH q PRUWR 6L VSHJQH XQD GHOOH GLQDVWLH SL~ LQ IOXHQWLG (XURSD 8Q DJRQLD OXQJD H DGHVVR WXWWL WUDWWHQJRQR LO ILDWR FRPH JKLDF FLDWL GDO VHQVR GL TXDOFRVD GL LQFRPEHQWH 1RQ q SL~ TXHVWLRQH GL TXDOHVDUjODSURVVLPDIDPLJOLDDWHQHUHOHUHGLQLGHOSRWHUHSRQWLIL
FLRQRQqSL~TXHVWRLQJLRFRÊLOUXRORGHOOD&KLHVDODFRQFH]LRQH GHO SRWHUH VWHVVR FKH HVVD GRYUj HVHUFLWDUH 6LDPR DOOD ILQH GL XQ WHPSRHDOGXULVVLPRFRQIURQWRWUDGXHID]LRQLGXHPRGLFRQWUDSSR VWLGLSHQVDUHOD&ULVWLDQLWj 8QDVRODFRVDqFHUWDQRQVLWRUQHUjLQGLHWUR 1RQSL~SRWHQWDWLIDPLJOLDULDGDOWHUQDUVLDOOHDUVLHGLYLGHUVLPD ODQHFHVVLWjGLWHQHUHLQHTXLOLEULRXQDFRVWHOOD]LRQHGLIRU]HDSSDUD WLHQXRYHHQWLWjFKHHPHUJRQRFRQYLJRUH/D&KLHVDOXWHUDQD&DO YLQRHLVXRLVHJXDFLO ,QTXLVL]LRQHJOLRUGLQLFDULWDWHYROLL*HVXLWL FRQTXHOO ,JQD]LRFKHQRQGjWUHJXDDQHVVXQR(WXWWRTXHVWRDIURQ WHJJLDUHOHPXWHYROLVRUWLGLLPSHULUHJQLSULQFLSDWL 3HUTXDQWRDFHUULPLDYYHUVDULHFRQPLUHGLYHUVHVLD&DUDIDFKH 3ROHVDQQRFKHOD&KLHVDGRYUjHVVHUHXQ DOWUDFRVDULVSHWWRDTXHOOR FKHqVWDWDILQRUD*XDUGDQR DYDQWLORQWDQRGDLYHFFKLPRGHOOL 5RPD QRYHPEUH
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j EL VRJQR GL LQFXWHUH WXWWR LO VXR SURYHUELDOH WLPRUH QHO FXRUHGHJOLLQ GHFLVL 5RPDGLFHPEUH
)XPDWDQHUDYRWLSHU3ROH*OLHQHVHUYRQRSHUUDJJLXQJH UHLGXHWHU]LQHFHVVDUL &RPHOHQRWL]LHULHVFDQRDXVFLUHGDOjGHQWURqVHPSUHXQPLVWH URPDVLSXzVWDUFHUWLFKHDOPHQRXQSDLRGLYROWHDOJLRUQRJLXQJD
QRSXQWXDOLHGHWWDJOLDWH 5RPDGLFHPEUH
)XPDWDQHUD3ROHKDSUHVRYRWL,OFRQVHQVRDXPHQWDPDFRU UHYRFHFKHLFDUGLQDOLIUDQFHVLVWLDQRSHUDUULYDUH6H&DUDIDULHVFHD ULWDUGDUH O HOH]LRQH GL 3ROH DQFRUD SHU XQ JLRUQR O LQJOHVH SRWUHEEH XVFLUHGDLJLRFKL 5RPDGLFHPEUH
/HYRFLGLFRQRFKH&DUDIDKDODQFLDWRO DFFXVD 1RQXQDWWDFFRIURQWDOHQRQIDSHUOXL3LXWWRVWRXQDYYHUWLPHQ WRXQLQYLWRDUDJLRQDUHVXLULVFKLFKHVLGHYRQRHYLWDUH$YUjGLFHU WR VXJJHULWR D TXHOOH YHQHUDQGH RUHFFKLH TXDOH SDUDGRVVR H TXDOH HQRUPH SUREOHPD UDSSUHVHQWHUHEEH ULWURYDUVL FRQ XQ 3DSD FRDXWRUH GHO%HQHILFLRGL&ULVWRXQOLEURVFRPXQLFDWRGDO&RQFLOLR+DVLFX UDPHQWH VYHQWRODWR GDYDQWL D TXHL YHFFKL OR VSDXUDFFKLR GHOOH ORWWH WUD YHVFRYL H SRQWHILFL FKH OD &KLHVD KD JLj FRQRVFLXWR QHL WHPSL SDVVDWL +DLQVLQXDWRLOGXEELRLQFRORURFKHJLjULFDPELDYDQRLOVHUDILFR VRUULVRLQJOHVH 2JJLSRPHULJJLRODYRWD]LRQH 0L KD IDWWR SHUYHQLUH XQ PHVVDJJLR 3RFKH SDUROH VXIILFLHQWL D WUDVPHWWHUHODWHQVLRQHGHOYHFFKLR7HDWLQR*OL6SLULWXDOLKDQQRSUH VR DFFRUGL FRQ WUH FDUGLQDOL QHXWUDOL VH 3ROH RWWLHQH SUHIHUHQ]H WUDVIHULUDQQRLORURYRWLVXGLOXL6HFHODIDO RUGLQHqGLUDJJLXQJH UHLPPHGLDWDPHQWHODFDVDPDGUHGHLGRPHQLFDQL 6HFHODIDqILQLWD 7UDXQ RUDODYRWD]LRQH ,QJDQQRLOWHPSRQHUYRVDPHQWH
YRWL1HPDQFDXQRXQRVROR 6LVRQRJXDUGDWLDOXQJR 1HVVXQ DOWUDPDQRDO]DWD )XPDWDQHUD
5RPD GLFHPEUH
&DUGLQDOLIUDQFHVLLQ&RQFODYH3ROHQRQSXzSL~IDUFHOD6LDPR VWDWLDSSHVLDXQILORFKHQRQVLqVSH]]DWR 5RPDJHQQDLR
(VWHQXDQWH6RQRFKLXVLOjGHQWURGDTXDUDQWRWWRJLRUQL1RQF q DFFRUGRRJQLJLRUQRXQQRPHQXRYRVHQ]DFKHQHVVXQRFLFUHGD 6LVFRPPHWWHDQFKHVXFKLQRQXVFLUjYLYRGDO&RQFODYH3RWHQ WLVVLPL YHFFKL FKH VL ORJRUDQR GHQWUR VWDQ]H FKLXVH QHO WDQIR GL SL VFLR HG HVFUHPHQWL ,PPDJLQR L YROWL VWDQFKL L FRUSL LQGHEROLWL OH PHQWLDQQHEELDWH/ LGHDOHSHU&DUDID 5RPDIHEEUDLR
)XPDWDELDQFD 1XQWLR YRELV PDJQXP JDXGLXP +DEHPXV SDSDP 6LEL QRPHQ LPSRVXLW,XOLXV,,, 6HWWDQWDWUHJLRUQLSHUGRSSLDUHODPHWj GLTXHVWRVHFRORHWURYDUH LO FRPSURPHVVR *LRYDQQL 0DULD 'HO 0RQWH YHVFRYR FDUGLQDOH GL 3DOHVWULQD *LXOLR,,,
&DSLWROR )HUUDUDPDU]R
6FLYROLDPRVLOHQ]LRVLGHQWURLOYLFRORVHQ]DJXDUGDUFLDOOHVSDO OH&LIHUPLDPRILQJHQGRGLSDUORWWDUHQHVVXQRFLVHJXH 3URVHJXLDPRILQRDOODFDVDWUHFROSLSL~XQR &KLq" 3LHWURH7L]LDQR /DSRUWDVLDSUHXQDIDFFLDWRQGDEDUEDQHUDDUULFFLDWDHEDIILD SXQWD 9HQLWHYHQLWH9LVWDYDPRDVSHWWDQGR &L FRQGXFH DWWUDYHUVR XQD ERWWHJD LQJRPEUD GL DWWUH]]L H WDYROL GDODYRURLOSDYLPHQWRqFRSHUWRGLWUXFLROLFKHVFULFFKLRODQRVRWWRL QRVWULSLHGL 6DOLDPRXQDVFDODILQRDOO DELWD]LRQHVRQRLQTXDWWURDGDVSHWWDU FLUHFOXWDWLQHOO XOWLPRDQQRHULEDWWH]]DWLGD7L]LDQRLQSHUVRQD ,O IDOHJQDPH FL RIIUH VJDEHOOL FKH RGRUDQR GL OHJQR WDJOLDWR GL IUHVFR +DLVSLHJDWRWXWWR" ÊPHJOLRFKHORIDLWX $QQXLVFRSULPDFKHWHUPLQLODIUDVH /LVTXDGURIDFFHGHIHUHQWL ÊSLXWWRVWRVHPSOLFH,RH3LHWURVWLDPRSHQVDQGRGLUDGXQDUHL FRQIUDWHOOLLQXQFRQFLOLR'REELDPRFRQRVFHUFLFRQWDUFL4XDOFKH VXVVXOWR )LQRUDQRQKRIDWWRDOWURFKHEDWWH]]DUH3UHGLFDUHHEDW WH]]DUH VHQ]D IHUPDUPL XQ DWWLPR 3LHWUR QHJOL XOWLPL PHVL KD SHU FRUVR LO*UDQGXFDWRHOH0DUFKHLQOXQJRLQODUJR$GHVVRqWHPSR GLUDFFRJOLHUH(FKHDQFKHYRLIDFFLDWHODYRVWUDSDUWH 8QRGLORURQRQVLIDVFUXSRORGLLQWHUURPSHUPL 4XDQGR" 2FFKLDWHGLGLVDSSURYD]LRQHGDSDUWHGHJOLDOWULPDQRQFLIDFFLR FDVR ,QDXWXQQR'RYHqDQFRUDGDGHFLGHUH3HUDGHVVRqQHFHV VDULRPHWWHUVLLQPDUFLDSHUFRQWDWWDUHWXWWHOHFRPXQLWjWUDTXLHJOL $EUX]]L 2JQL FRPXQLWj GRYUj LQYLDUH GXH UDSSUHVHQWDQWL ,O OXRJR FKHVFHJOLHUHPRSHULOFRQFLOLRVDUjUHVRQRWRXQDYROWDFKHVDUDQQR JLXQWLD)HUUDUDÊPHJOLRQRQFRUUHUHULVFKLLQXWLOL
)HUUDUDPDU]RXQ RUDSULPD
3HUFKpXQFRQFLOLR" 'REELDPRVDSHUHTXDQWLVLDPR'REELDPRRUJDQL]]DUFL ÊSHULFRORVR7L]LDQRO ,QTXLVL]LRQH / ,QTXLVL]LRQHVDDPDODSHQDFKLVRQR'LWHQRQVDQLHQWHHGL VLFXURQRQVRVSHWWDFKHVLDPRLQPROWL7XQRQWLSUHRFFXSDUH&RQ WLQXD DIDUHVHPSUHVROWDQWRLOPLRQRPHqO XQLFRFKHLIUDWHOOLGH YRQRFRQRVFHUH 0DVHTXDOFXQRGLORURIRVVHFDWWXUDWRWXVDUHVWLLOSULPRDGDQ GDUFLGLPH]]R ,R6ROWDQWRLRQHVVXQDOWUR/LFRQRVFLTXHOOLQRQJOLLQWHUHV VDQRLSURVHOLWLYRJOLRQRO HUHVLDUFD 5LGLDPR 'LRFLVFDPSLPDXQFRQFLOLRHVSRUUHEEHWXWWLDOULVFKLRGLHV VHUHVFRSHUWL 6DUj FODQGHVWLQR 6WDPPL EHQH D VHQWLUH 3LHWUR q SHU TXHVWR FKHQRQYRJOLRSL~GLGXHUDSSUHVHQWDQWLSHUFRPXQLWj1RQVDUHPR PHQRGLFLQTXDQWDPDQHDQFKHSL~GLFHQWR (VHDVSHWWDVVLPRGLYHGHUHFRVDIDUjLOQXRYR3DSD"1RQVDS SLDPRVHVLVFKLHUHUjFRQJOL=HODQWLRFRQJOL6SLULWXDOL 1RQVLVFKLHUHUj &RVD" 1RQVLVFKLHUHUjLRO KRFRQRVFLXWR1RQVFHJOLHUjXQSDUWLWRq OD YLD SL~ GLIILFLOH SHUFKp OR FRQGDQQD DG DFFRQWHQWDUH WXWWL H JOL LQWHUHVVLGHJOLXQLVRQRODURYLQDGHJOLDOWUL &RPH4XDQGR KDLFRQRVFLXWRLO3DSD" 3ULPD FKH OR HOHJJHVVHUR *OL KR SDUODWR D OXQJR 6XOO ,QTXLVL ]LRQHODSHQVDFRPHQRLÊFRQWUDULRDLPHWRGLGL&DUDIDHGHLVXRL DPLFL6DFKHVHGDUjORURFDUWDELDQFDFLDQGUDQQRGLPH]]RXQVDF FR GL LQQRFHQWL 0L SURPLVH GL LQWHUFHGHUH SHUVRQDOPHQWH SUHVVR LO *HQHUDOHGHL%HQHGHWWLQLSHUODVFDUFHUD]LRQHGL)RQWDQLQL 4XHO)RQWDQLQL"%HQHGHWWRGD0DQWRYD"/ DXWRUHGHO%HQHILFLR GL&ULVWR" $GHVVRqGLQXRYROLEHUR1RQWLVHPEUDXQVHJQRVXIILFLHQWHD IDUFLWLUDUHXQSR LO ILDWR",OFRQFLOLRGREELDPRIDUORSULPDSRVVLELOH SULPDFKHJOLHTXLOLEULFDPELQRGLQXRYRHPDJDULTXDOFXQRIRU]LOD PDQR DO 3DSD 6RQR TXDVL FHUWR FKH *LXOLR ,,, DO IRQGR q DSHUWR DO
GLDORJRFRQODIHGHULIRUPDWDVRORFKHQRQSXzGLUORQpGDUORDLQ WHQGHUHHVSOLFLWDPHQWHSHUFKpVDFKHODVXDHOH]LRQHqVWDWDLOIUXWWR GL XQ FRPSURPHVVR 'HYH FRPSRUWDUVL GL FRQVHJXHQ]D &RPH GLWH YRL"'DUHXQFROSRDOFHUFKLRHXQRDOODERWWH 6HFUHGLFKHVLDODFRVDJLXVWDGDIDUHLRVRQRFRQWH 3LHWUR0DQHOILPLFDPPLQDDOILDQFRQHOOD9LDGHOOH9ROWH/ KR FRQRVFLXWRD)LUHQ]HFKLHULFRPDUFKLJLDQRVXGGLWRULEHOOHGHO3DSD XQ WUDYDJOLR VSLULWXDOH FRPLQFLDWR DQQL ID FKH OR KD SRUWDWR DG DE EDQGRQDUHLOVHPLQDULRHDVFLYRODUHVHPSUHSL~YHORFHPHQWHVXTXHO FULQDOH VRWWLOH FKH VHSDUD O DIILDWR PLVWLFR GDOO HUHVLD *OL KR IRUQLWR OHULVSRVWHFKHFHUFDYDHPLVLq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~XQR &KLq" 3LHWURH7L]LDQR
$)HUUDUDVLVWDEHQHÊXQDFLWWjLQFXLWXWWRJLUDDXQULWPRSDU WLFRODUH WXWWR VL LQFDVWUD 0D QRQ FRPH D 9HQH]LD 9HQH]LD q FRP SOLFDWDD9HQH]LDPXRYLXQRVSLOORHULVFKLVHPSUHGLSXQJHUHLOFX ORGLXQJLJDQWH )HUUDUDqSLFFRODHDEEDUELFDWDFRQWURLOILXPHPDWLFRQFHGHOR VWHVVRGLSHUGHUWLQHLYLFROLSL~DQWLFKL)HUUDUDqSL~OLEHUDYHUUHEEH GDGLUHSL~OHJJHUDPHQRDIIROODWDFRQPHQRVELUULHVSLRQL$9H QH]LD KDL VHPSUH JOL RFFKL GL TXDOFXQR DGGRVVR TXL QR SDVVHJJL VHQ]D GRYHUWL VHPSUH IHUPDUH ILQJHQGR G DYHU SHUVR OD VWUDGD SHU
YHGHUHVHGLHWURGLWHF qTXDOFKHDOWURILQWRWRQWR8Q DELWXGLQHVDOX WDUHPDLQXWLOHD)HUUDUDTXLVWDLWUDQTXLOOR(UFROH,,VLULHPSLHOD ERFFDGLVRUULVLSHULO3DSDPDLQWDQWRODVFLDFKHQHOODVXDFLWWjWUR YLQR VFDPSR OH PHQWL SL~ DWWLYH H SHULFRORVH G ,WDOLD $PD DYHUH LO SDOD]]R SLHQR GL OHWWHUDWL H QRQ ODVFLD PDL VSHJQHUH LO OXPH VXOOD WRPED GL TXHO /XGRYLFR $ULRVWR FKH TXL YHQHUDQR FRPH XQ VDQWR 'HYHVSLDFHUJOLGDYYHURPROWRGLQRQDYHUVRWWRPDQRJHQWHGLTXHO FDOLEUR 3RL F q 5HQDWD OD YHGRYD GL $OIRQVR G (VWH FKH QRQ VL ID VFUXSROR GL RVWHQWDUH OH VXH VLPSDWLH FDOYLQLVWH 6RQR LQ SDUHFFKL D HVVHUVLULIXJLDWLWUDOHVRWWDQHGHOODSULQFLSHVVDSHUVIXJJLUHDVELUULH LQTXLVLWRUL $QFKH L *LXGHL VH OD SDVVDQR QLHQWH PDOH FRPH D 9HQH]LD PD TXL SL~ FKH DOWUR IDQQR JOL XVXUDL SUHVWDQR LO GHQDUR D XQ LQWHUHVVH SL~EDVVRFKHLORURIUDWHOOLODJXQDULHIDQQREXRQLVVLPLDIIDUL,OGH QDURFLUFRODQRQVLIHUPDPDLHTXHVWRqLOVHJQRGHOODEXRQDVDOXWH GHOODFLWWj/DJLXVWL]LDqDPPLQLVWUDWDHTXDPHQWHVHQ]DWURSSLPD JLVWUDWL H SROL]LRWWL H WULEXQDOL FKH LPSLHJKLQR PHVL SHU GHFLGHUH OH ULVSHWWLYH FRPSHWHQ]H VX XQ FDVR GL ULVVD DJJUDYDWD GDO PRUWR 4XL IDQQR SUHVWR VH WL IDL QRWDUH WURSSR WL DFFRPSDJQDQRDLFRQILQL6H DPPD]]LTXDOFXQRWLDFFRPSDJQDQRGDOERLDXQYHFFKLRXEULDFRQH FKH YLYHVXOOHPXUDVHWWHQWULRQDOLHPHQWUHODYRUDFDQWLFFKLDFDQ]R QDFFHRVFHQH6HGXHKDQQRGHLFRQWLGDUHJRODUHVLGDQQRDSSXQWD PHQWR DOYLFRORGHLGXHOOLXQDYLX]]DVWUHWWDHFKLXVDVXHQWUDPELL ODWLGDVSHVVLFDQFHOOLHQWUDQRLQGXHQHHVFHXQRVROR7XWWRVHQ]D WURSSR UXPRUH VHQ]D WXUEDUH OD TXLHWH DWWLYD GL TXHVWD FLWWj ,O PLR DQDEDWWLVWDFLVWDFRPHXQSHVFHLQXQRVWDJQR +RUDFFROWRXQDPH]]DGR]]LQDGLDGHSWLQRQVROWDQWRIHUUDUHVL GLVSRVWLDSDUWLUHDOODYROWDGLDOWUHFLWWjSHUGLIIRQGHUHODQXRYDIHGH HULEDWWH]]DUH,QWDQWRJHVWLVFRDQFKHO DOWUDPHWjGLPHLQFRQWUDQGR %HDWULFHLQFDVDVXDGRYHHQWURSDVVDQGRGDXQSHUWXJLRVXOUHWUR ,0LTXH]PLIDQQRSHUYHQLUHPHVVDJJLWUDPLWHLO&KL~O RVWHGHO *RUJDGHOORODPLJOLRUHFDQWLQDGHOODFLWWjSURSULRGLILDQFRDOOD&DW WHGUDOH 'LFRQR FKH FL DQGDVVH D VEURQ]DUVL O $ULRVWR H TXDOFXQRUL FRUGD DQFKH GL DYHUOR VHQWLWR GHFODPDUH SL~ G XQD YROWD L YHUVL GHO VXR 2UODQGR )XULRVR ,O &KLXFFKLROLQR GHWWR &KL~ GD TXHOOL D FXL FRQFHGH FUHGLWR q XQ HVVHUH LPSUHVVLRQDQWH JOL RFFKL JOL VWDQQR DL ODWLGHOODWHVWDFRPHTXHOOLGLXQURVSRHSXQWDQRLQGLUH]LRQLGLYHU VH8QDFUHVWDOHRQLQDGLULFFLROLQHULJURVVLH DUUXIIDWLFRPHOHVHWR OHGLXQFLQJKLDOHJOLULFRSUHODIURQWHÊXQXRPRLPSRUWDQWHHVVHQ ]LDOH SHU TXHVWD FLWWj 6H KDL XQ SUREOHPD SXRL SDUODUQH FRO &KL~ H
YHGHUWL UDFFRPDQGDUH SUHVVR XQD SHUVRQD FKH TXDVL VLFXUDPHQWH UL VROYHUjLWXRLJXDL,O&KL~qODEDQFDGHLVHJUHWL$OXLSXRLGLUHGL WXWWRHVWDUHFHUWRFKHQRQDSULUjERFFDFRQQHVVXQRFKHDFFXPXOHUj OHLQIRUPD]LRQLQHOODFDVVDIRUWHHWHOHUHVWLWXLUjFRQJOLLQWHUHVVLVRW WR IRUPD GL FRQVLJOL QRPL H UHFDSLWL D FXL ULYROJHUWL $QFKH L PLHL VHJUHWL VRQR LQ TXHOOD EDQFD /D FKLDYH SRFKL VHJQL FRQYHQ]LRQDOL 9LQRQHVVXQDQRYLWj$FTXDYLWHQRWL]LHLPSRUWDQWL 2JJLKDRIIHUWRDFTXDYLWH'DL0LTXH]DOWUDPRQWR $WWUDYHUVRODFLWWjILQRDUDJJLXQJHUHFDVDPLD8QDSLFFRODVWDQ ]DLQFXLXVFLUHGDLSDQQLGL7L]LDQRHULSRVDUHTXDOFKHRUD $FFHQGRLOIXRFRQHOSLFFRORFDPLQRHPHWWRDVFDOGDUHO DFTXD 9HQH]LD PL KD DELWXDWR D ODYDUPL VSHVVR DO SXQWR FKH q GLYHQWDWD XQDFRQVXHWXGLQH6FRPRGDHFRVWRVDDELWXGLQHSHUXQRFKHqVHP SUHLQYLDJJLR 5HVWR QXGR D SHUOXVWUDUH L FLQTXDQW DQQL DFFXPXODWL QHOOH PHP EUD 6HJQL DQWLFKL H TXDOFKH SHOR ELDQFR VXO SHWWR 3HU IRUWXQD QRQ KRODVFLDWRDLPXVFROLLOWHPSRGLULODVFLDUVLWURSSRODIRU]DF qDQ FRUDSL~VWDWLFDSL~VROLGDHFRULDFHD0DLUHXPLQRQPLDEEDQGR QDQR SL~ 6ROWDQWR G HVWDWH ULHVFR DQFRUD DG DYHUH SDFH GLVWHQGHQ GRPLDOVROHFRPHXQDOXFHUWRODHODVFLDQGRDVFLXJDUHWXWWDO XPLGLWj GLTXHVWHWHUUHEDVVH+RDQFKHVFRSHUWRFKHQRQSLHJRSL~ODVFKLH QD FRPSOHWDPHQWH VH QRQ D ULVFKLR GL ILWWH ODQFLQDQWL H RJQL YROWD FKHSRVVRHYLWRLFDYDOOL 6WUDQRFRPHLQYHFFKLDLDVLLPSDULDGDSSUH]]DUHLJHVWLVHPSOL FL FRPH VL VLD SL~ GLVSRVWL D SHUGHUH WHPSR ODVFLDQGRVL FXOODUH GD XQDSROWURQDFRPRGDDOO RPEUDGLXQDOEHURRDULJLUDUVLQHOOHWWRD FDFFLD GLXQPRWLYRYDOLGRSHUDO]DUVL $VFLXJRPHWLFRORVDPHQWHRJQLDQJRORGHOFRUSRPLVWHQGRVXOOD EUDQGDHFKLXGRJOLRFFKL0LEDVWDXQEULYLGRDSSHQDDYYHUWLWRSHU WRJOLHUH L YHVWLWL SXOLWL GDOO XQLFR EDXOH FKH DPPRELOLD OD VWDQ]D , PLHL HOHJDQWL YHVWLWL YHQH]LDQL 8Q FDSSHOORQH ODUJR VRWWR LO TXDOH QDVFRQGHUHODIDFFLDORVWLOHWWRVRWWLOHGDSRUWDUHLQFLQWXUD,OULQWRF FRqTXDVLRUDGLDQGDUH
,FDSHOOLQHULVXOODVSDOODRGRUDQRG HVVHQ]H3HUFHSLVFRTXHOFRU SR FDOGR SUHPXWR DQFRUD FRQWUR LOPLR FKH SRVVR DYYROJHUH LQ XQ DEEUDFFLRGLPDQLHJDPEHHSLHGL
4XDVL QRQ FUHGHYDQR DOOH SDUROH GHO PLR UDFFRQWR / LQFRQWUR FRQLOIXWXUR3DSDO LQWHUFHVVLRQHSHUVFDUFHUDUH)RQWDQLQL1RQYH GRLOYROWRPDVRFKHqVYHJOLDHIRUVHVRUULGH 8QSDUDGRVVR2LO&RQFLOLRKDVEDJOLDWRDVFRPXQLFDUH,O%HQH ILFLRGL&ULVWRRSSXUHLO3DSDqHUHWLFRKDGHWWR-RmR 9RUUHLGLUOHTXDOFRVDTXDOFRVDFKHGHVFULYDODFRPPR]LRQHFKH DWWDQDJOLDORVWRPDFRHFKHTXDVLPLIDSLDQJHUH 1p =HODQWH Qp 6SLULWXDOH *LXOLR ,,, q XQ HTXLOLEULVWD $OOD ILQH VWDUjFRQFKLDYUjDYXWRODPHJOLR,JLRFKLVRQRDQFRUDDSHUWL 6RQRWURSSRYHFFKLRSHUSDUODUHG DPRUHXQDFRVDFKHKRUHOHJD WRDJOLDQJROLGHOODYLWDHFKHVRQRVHPSUHULXVFLWRDVDFULILFDUHQH JDQGRPLO LQWLPLWjGLLVWDQWLFRPHTXHVWRODSRVVLELOLWjVWHVVDGLSUR OXQJDUOLQHJOLDQQLFRQFHGHQGRORURGLFDPELDUHLOGHVWLQR &RPH VXSHUDUH TXHVWR VWDOOR KD FKLHVWR 'XDUWH &RVD IDUH GHO %HQHILFLRRUDFKHVLWURYDLQFLPDDOODOLVWDGHLOLEULSURLELWLDSSHQD SURPXOJDWDGDOO ,QTXLVL]LRQHYHQH]LDQD" 3HUOHLQRQGHY HVVHUHVWDWRGLYHUVR6WRULHVLPLOLLQIRQGROHQR VWUH6WRULHFKHQRQFLVLDPRUDFFRQWDWL'RPDQGHQRQIDWWH $QGDUH DYDQWL KD GHWWR 6LFXUD VWXSHQGRFL DQFRUD XQD YROWD / ,QTXLVL]LRQH QRQ SXz IDU QXOOD VHQ]DO DSSRJJLRGHOO DXWRULWjORFD OH 9HQH]LD VD FRPH GLIHQGHUVL GDOOH LQJHUHQ]H GL 5RPD $QGDUHD YDQWL&RQWLQXDUHDIRPHQWDUHORVFRQWHQWRYHUVROD&KLHVD %HDWULFHUHVWDLPPRELOHHPLODVFLDDVFROWDUHLOVXRUHVSLURFRPH VHVDSHVVHFRV qLPSRUWDQWHFRPHVHFRQGLYLGHVVHJOLVWHVVLSHQVLHUL / KDLWURYDWR" &KL" /DPLDYRFHVHPEUDXVFLUHGDXQDJURWWD ,OWXRQHPLFR 1RQDQFRUD0DVHQWRFKHqYLFLQR &RPHSXRLHVVHUQHVLFXUR" 6RJJKLJQR 6RORFRVtWURYRODIRU]DGLQRQUHVWDUHTXLFRQWHIL QRDOODPRUWH
,OGLDULRGL4
5RPDDSULOH
,O QXRYR 3DSD KD ULIRUPDWR OD &RQJUHJD]LRQH GHO 6DQW 8IIL]LR &DUDID H 'H &XSLV =HODQWL 3ROH H 0RURQH 6SLULWXDOL &HUYLQL H 6IRQGUDWR QRQ DOOLQHDWL 9XROH DFFRQWHQWDUH WXWWL H QHVVXQR *LXOLR ,,,qXQDUPLVWL]LRPRPHQWDQHRXQDFRSHUWDFKH=HODQWLH6SLULWXDOL VLFRQWHQGHUDQQRDPRUWH &DUDID SDVVD OH JLRUQDWH LQ WUDWWDWLYH ILWWH FRPH VH LO &RQFODYH QRQIRVVHWHUPLQDWR0LKDVFULWWRGLDYHUSUHVRLSLGRFFKLOjGHQWUR ©LQ PH]]R D TXHL YHFFKLDFFL SL~ PRUWL FKH YLYLª 6HWWDQWDTXDWWUR DQQLSL~YHFFKLRGHO3DSDHTXDVLQRQGRUPH 9RUUHLDYHUHOHVWHVVHHQHUJLH,QYHFHVRQRTXLLQDWWHVDGLRUGL QLIHUPRGDVHWWLPDQHDIDUHLQXWLOLSDVVHJJLDWHSHULFROOLGL5RPD DUDOOHJUDUPLGHO FOLPDPLWHGLTXHVWDVWDJLRQHFRPHXQYHFFKLRDU QHVHDOODILQHGHLVXRLJLRUQL +R VFULWWR GL QXRYR DJOL LQTXLVLWRUL GL PH]]D ,WDOLD SHU UHSHULUH LQIRUPD]LRQLVX7L]LDQR$QFRUDQLHQWH 5RPDDSULOH
7L]LDQRD)LUHQ]H 3LHU )UDQFHVFR 5LFFLR PDJJLRUGRPRHVHJUHWDULRGL&RVLPRGH 0HGLFL 3LHWUR&DUQHVHFFKLYHFFKLDFRQRVFHQ]DYLWHUEHVHJLjSURFHVVDWR QHO HDVVROWRSHULQWHUFHVVLRQHSDSDOH %HQHGHWWR9DUFKLOHWWRUHGHOO $FFDGHPLD)LRUHQWLQDSURYHQLHQWH GDOFLUFRORGHJOL,QILDPPDWLGL3DGRYD &RVLPR%DUWROLFRQVROHGHOO $FFDGHPLD)LRUHQWLQDHJLjOHWWRUH GHO%HQHILFLRGL&ULVWR $QWRQ)UDQFHVFR'RQLOHWWHUDWRVWDIIHWWDWUD)LUHQ]HH9HQH]LD 3LHUR9HWWRULDPLFRGL0DUF $QWRQLR)ODPLQLRHFRUULVSRQGHQWH GHOFDUGLQDOH3ROH
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tKDWUDVFRUVRLJLRUQLGHO&RQFODYHWUDLSL~DFFDQLWLVRVWHQLWRULGL 5HJLQDOG3ROH *OL LQTXLVLWRUL ULIHULVFRQR FKH SL~ GL WXWWHSUHIHULVVH OD FRPSD JQLDGHOSLWWRUH3RQWRUPRHGHOVXRDOOLHYR%URQ]LQR 2UPDLVHVVDQWHQQH-DFRSRGD3RQWRUPRWUDVFRUUHQRWWHHJLRUQR DTXHOORFKHVHPEUDLOVXRVIRU]RSL~JUDQGHO DIIUHVFRGHOODEDVLOLFD GL6DQ/RUHQ]RFRPPLVVLRQDWRJOLGD3LHU)UDQFHVFR5LFFLRSHUFRQ WR GL &RVLPR , /D PDVVLPD VHJUHWH]]D DYYROJH L ODYRUL DQFKH OH ER]]HGHLGLVHJQLSUHSDUDWRULVRQRFHODWH6RORLO%URQ]LQRHSRFKLV VLPLDOWULSRVVRQRDFFHGHUHDOODYLVLRQHGLFLzFKHLOPDHVWURVWDID FHQGR 9RFL PLVVLYH DQRQLPH UHFDSLWDWH DOO ,QTXLVL]LRQH ILRUHQWLQD O RFFKLRLQGLVFUHWRGLTXDOFKHIUDWH3RQWRUPRVWDUDSSUHVHQWDQGRLQ GHWWDJOLR ,O %HQHILFLR GL &ULVWR QHOO DEVLGH GHOOD FKLHVD LQ FXL GRYUj HVVHUHWXPXODWR&RVLPRGH 0HGLFL 'DOODILQHGHO&RQFODYHQRQVLKDQQRSL~QRWL]LHGL7L]LDQRD)L UHQ]H 5RPDPDJJLR
&DUDID FRQWDYD VXL IUDQFHVL 0D OH QRWL]LH FKH JLXQJRQR GDOOD )UDQFLD GLFRQR FKH (QULFR ,, QRQ SXz SHUPHWWHUVL GL ULSUHQGHUH OD JXHUUD FRQWUR O $VEXUJR Oj GRYH VXR SDGUH O KD ODVFLDWD SHUFKp JOL RFFRUURQRGHLILQDQ]LDPHQWLFKHQHVVXQRqGLVSRVWRDFRQFHGHUJOL &DUDID GLFH FKH O ,PSHUDWRUH VL VWD LPSHJQDQGR SHU WURYDUH XQ DFFRUGRFRQLWHRORJLOXWHUDQLHVHFLULXVFLVVHJOL6SLULWXDOLSRWUHEEH URDQFRUDDYHUHODPHJOLR
OLD
&DUDID YXROH DOORQWDQDUH 3ROH GD 5RPD /R YXROH IXRUL GDOO ,WD
&DUDID GLFH FKH LQ ,QJKLOWHUUD VWD SHU VFRSSLDUH XQD JXHUUD GL VXFFHVVLRQH(QULFR9,,,qPRUWRODVFLDQGRGLHWURGLVpXQRVWXRORGL ILJOLFKHVLFRQWHQGRQRODFRURQD &DUDID GLFH FKH ELVRJQD SUHSDUDUH LO WHUUHQR SHU OD ULFRQTXLVWD FDWWROLFDGHOO ,QJKLOWHUUDHFKHELVRJQDIDUHLQPRGRFKHO LPSUHVDVLD DIILGDWDD3ROH &DUDID GLFH FKH GHYR DQGDUH LQ ,QJKLOWHUUD SHU SUHQGHUHFRQWDWWL FRQLVRVWHQLWRULGL0DULD7XGRUGHYRWDDO3DSDLQWHQ]LRQDWDDFRQ WHVWDUHODFRURQDGHOIUDWHOODVWUR &DUDID SDUOD GL XQ LQFDULFR GHOLFDWR H LPSRUWDQWLVVLPR FKH SXz DVVHJQDUHVROWDQWRDOVXRVHUYLWRUHSL~ILGDWR&DUDIDQRQKDPDLSDU ODWRLQTXHVWRPRGR &DUDIDVHUYHFLFXWDLQXQDFRSSDG DUJHQWR 3ULPDRSRLGRYHYDVXFFHGHUH &DUDID PL WRJOLH GDOOD SDUWLWD PDJJLRUH TXHOOD FKH KR VHJXLWR GDOO LQL]LR /DVWHOODGL4RqOHWqWUDPRQWDWD
,Q ,QJKLOWHUUD $ WUDWWDUH FRQ TXDWWUR QRELODVWUL LJQRUDQWL H PDO YHVWLWL ,Q,QJKLOWHUUD/ RSHUD]LRQH%HQHILFLRQRQqSL~PLD 3HQVR FKH IRUVH QRQ WRUQHUz )RUVH QRQ FL DUULYHUz QHDQFKH D /RQGUD,QFRQWUHUzODODPDGLXQVLFDULROXQJRODVWUDGDORQWDQRGD JOLRFFKLGLWXWWL,OPLRWHPSRqVFDGXWR,VHJUHWLGLWUHQW DQQLIDQQR SDXUDDFKLVLDSSUHVWDDGDSULUHXQQXRYRFDSLWRORGHOODORWWDSHULO SRWHUHDVVROXWRD5RPD&LVRQRJLRYDQLIDQDWLFLHLQFRQVDSHYROLF q *KLVOLHUL LO GRPHQLFDQR &L VRQR L *HVXLWL $QFKH OR VSD]LR VL qH VDXULWRÊRUDGLSDVVDUHODPDQR 6RQRVWDQFR6SDYHQWDWRHVWDQFR,OEDJDJOLRqSURQWRHORJXDU GRFRPHVHQRQIRVVHPLR3RFKLVWUDFFLHUHGLWDULGDXQDYLWDFKHIL QLVFH VHQ]D FKLDVVR ,O SHQVLHUR PL DFFRPSDJQD GD WHPSR PD QRQ SHQVDYR VDUHEEH DFFDGXWR FRVt LQ IUHWWD FRQ TXHVWR VHQWLPHQWR GL EDQDOLWjQHOFXRUH1RQqFRVtFKHFLVLSUHSDUD 9RUUHL ODVFLDUH TXHVWH SDJLQH D TXDOFXQR OD WHVWLPRQLDQ]D GL TXDQWRqVWDWRFRPSLXWR0DSHUTXDOHPRWLYR"3HUFKL" 1RLVROFKLDPRLPHDQGULGHOODVWRULD1RLVLDPRRPEUHGLFXLOH
FURQDFKHQRQSDUOHUDQQR1RLQRQHVLVWLDPR +RVFULWWRSHUPH6ROWDQWRSHUPH$PHVWHVVRGHGLFRH ODVFLR TXHVWRGLDULR
,OGLDULRGL4
/RQGUDJLXJQR
*LRUQL GL SLRJJLD H GL FROORTXL 6WROLGL DULVWRFUDWLFL LQJOHVL FKH WUDPDQRDOODOXFHGHOVROHLQFDSDFLGLRJQLGLSORPD]LD6DQQRXVDUH ODVSDGDFKHTXLWXWWLSRUWDQRLQEHOODYLVWD1LHQW DOWUR6LULVROYHUj WXWWRQHOVDQJXHHYLQFHUjFKLDYUjO HVHUFLWRSL~QXPHURVR 7UH FRQWHQGHQWL WUH SDUWLWL (TXLOLEUL LPSUREDELOL (GRDUGR XQ UDJD]]LQR FRQ OD FRURQD VXO FDSR FKH VL q VFHOWR FRPH SUHFHWWRUH QLHQWHPHQRFKH0DUWLQ%XFHURLOPDJJLRUWHRORJROXWHUDQR0DULD ILJOLDGHOSULPRPDWULPRQLRGL(QULFR9,,,FRQ&DWHULQDG $UDJRQD GXQTXHSHUPHWjVSDJQRODGHYRWLVVLPDDO3DSD3RLODJLRYDQH(OL VDEHWWD QDWD GDO VDQJXH GL VXD PDGUH $QQD %ROHQDFKHVHPEUDLQ YHFHDPPLUDUHOHVFHOWHVFLVPDWLFKHGHOSDGUH /HFDVDWHFKHDSSRJJLDQR0DULDODFDWWROLFDYHGUHEEHURGLEXRQ RFFKLRLOULWRUQRLQSDWULDGL5HJLQDOG3ROHFRPHSDODGLQRGHOFDWWR OLFHVLPRF qJLjFKLJOLWLHQHFDOGRORVFUDQQRGL&DQWHUEXU\0DQRQ VDQQRSDUODUG DOWURFKHGLVWHUPLQLRGHJOLDYYHUVDUL'DVHFROLTXHVWL QRELOL JLRFDQR D HOLPLQDUVL D HVWLQJXHUVL D YLFHQGD LQ JXHUUH IDPL JOLDULFKHULFRUGDQRSL~JOLXVLEDUEDULGHL&HOWLFKHO DUWHGHOODSROL WLFD 4XLqSHJJLRGHOO HVLOLR1RQKRQRWL]LHGDOO ,WDOLD
4XHOOD ODPD QRQ q DUULYDWD &DUDID PL FRQFHGH DQFRUD WHPSR )RUVHVWDGHFLGHQGRFRVDIDUHGLPH2IRUVHWXWWRIDSDUWHGHOSLDQR /D ULVROX]LRQH GHJOL 6WRLFL QRQ PL ULJXDUGD 1HVVXQD GHOXVLRQH GDHVSLDUH1HVVXQULPSLDQWR 4XDVV~SLRYH3LRYHVHPSUH8Q LVRODFKHQRQFRQRVFHVWDJLRQLH FKHOHUDFFKLXGHWXWWHLQXQVRORJLRUQR 0RULUzDOWURYH /RQGUDDJRVWR
,O PLR FRPSLWR q HVDXULWR 1RQ F q VWDELOLWj LQ YLVWD WRUQR FRQ PROWHSURPHVVHHODFHUWH]]DGHOODWRWDOHLQDIILGDELOLWjGHLQRELOLLQ JOHVL 0DULD QRQ EXVVD VROR DOOD QRVWUD SRUWD KR YLVWR DQFKH FRQVL JOLHULVSDJQROL&DUOR9KDXQILJOLRGDULPDULWDUHSHUTXDQWRGLDO PHQRGLHFLDQQLSL~JLRYDQHGL0DULD6H&DUDIDDXVSLFDLOULWRUQRGL 3ROH LQ SDWULD GRYUj WHQHUH FRQWR FKH TXHVWR SRWUHEEH VLJQLILFDUH O DYYLFLQDPHQWRGL6SDJQDH,QJKLOWHUUDDWXWWRYDQWDJJLRGHOO ,PSH UDWRUH ,OGLVLQWHUHVVHSHUTXHVWHYLFHQGHKDUHVRGLIILFLOHUHGLJHUHOHUH OD]LRQL LQYLDWH D 5RPD H RUD FKH PLDFFLQJRDSDUWLUHVHQWRGLQRQ DYHUHDOFXQDIUHWWDGLWRUQDUH4XHOORFKHULPDQHqODFXULRVLWjSHUXQ HQLJPDHLOVHQVRGLXQ XOWLPDFRVDGDIDUH 9RJOLR FRQFHGHUPL LO WHPSR GL ULFDOFDUH OH RUPH 'L FDSLUH FKH FRVDSUHPHSHUDIILRUDUHLQVXSHUILFLH
&DSLWROR )HUUDUDVHWWHPEUH
/HWWHUDWLSLWWRULSRHWLVWDPSDWRUL (DQFKHVHJUHWDULGLSDOD]]R OHWWRULGHOOHXQLYHUVLWjFKLHULFL(VLVWHXQPRQGRVRPPHUVRGHOGLV VLGLR FRQWUR OD &KLHVD 8Q PRQGRWUDVYHUVDOHFKHWRFFDSXQWLFKLD YHILJXUHLPSRUWDQWLQHOOHFRUWLGLIIXVRULG LGHHHGLFRQVLJOLDLSULQ FLSL 7XWWL VFRQWHQWL GHOO DXPHQWR GL SRWHUH GHOO ,QTXLVL]LRQH H GHL FDUGLQDOLLQWUDQVLJHQWL1RQY qFLWWjFKHQRQDEELDLVXRLFLUFROLGRYH VLFRDJXODXQSURIRQGRPDOFRQWHQWRHODFRQVDSHYROH]]DFKHXQODF FLR VRIIRFDQWH VL YD VWULQJHQGR , YDOGHVLDQL GL 1DSROL L FULSWR FDOYLQLVWLILRUHQWLQLJOLDPLFLGL3ROHD3DGRYDLILORULIRUPDWRULYH QH]LDQL(SRLD0LODQR)HUUDUD3ULQFLSLFRPH&RVLPRGH 0HGLFL R(UFROH,,G (VWHSRVVRQRWURYDUHLQTXHVWLIHUPHQWLHLQTXHVWHILJX UHODVSRQGDSHUWHQHUHO ,QTXLVL]LRQHORQWDQDGDLORURFRQILQLHGHV VHUH TXLQGL FRVWUHWWL D LQDXJXUDUH XQD VWDJLRQH GL OLEHUDOLWj H WROOH UDQ]D,OYHFFKLRSRWHUHGHLQRELOLFDVDWLSXzWRUQDUHXWLOHSHULPSH GLUH O DYDQ]DWD GHO QXRYR SRWHUH LQTXLVLWRULDOH 4XHVWH JUDVVH IDPL JOLH VHQWRQR O LQJHUHQ]D GL 5RPD FRPH XQ RFFKLR SXQWDWR VXL ORUR GRPLQLXQDSUHVHQ]DLQFRPEHQWHFKHWRJOLHORURVSD]LR6HYHGHVVH URPRQWDUHLOGLVVHQVRGHOOHSRSROD]LRQLYHUVRLSULYLOHJLHOHJHUDU FKLHHFFOHVLDVWLFKHSRWUHEEHURULVROYHUVLDFRQWUDVWDUHLWULEXQDOLGHO 6DQW 8IIL]LR ,OFRPSLWRGLQRLEDWWLVWLVDUjTXHOORGLYLQFHUHODFURQLFDLUUHVR OXWH]]D GL TXHVWH FHUFKLH GL OHWWHUDWL SXQJRODUOL VSLQJHUOL D YHQLUH DOORVFRSHUWRSULPDFKHVLDWURSSRWDUGL 0DHVLVWHDQFKHXQRVFRQWHQWRSRSRODUHGLIIXVRQHOOHFDPSDJQH HRYXQTXH 8Q LVWLQWLYDHTXDVLFRQQDWXUDWDDYYHUVLRQHYHUVRORVWUD SRWHUHGHOFOHURGHWWDWRGDOOHFRQGL]LRQLPLVHUDELOLLQFXLYHUVDQROH SRSROD]LRQL5LXVFLUHDHVVHUHODFHVXUDWUDORVSLULWRHYDQJHOLFRSOH EHRHLOGLVVHQVRFROWRqLOGLIILFLOHFRPSLWRFKHGRYUHPRDVVROYHUH 4XHVWR QRQ GHYH DYYHQLUH QHFHVVDULDPHQWH DOOD OXFH GHO VROH EHQVuFRQODGRYXWDSUHFDX]LRQHGHOODGLVVLPXOD]LRQHGHOOHLQWHQ]LR QL H GHOOD IHGH ,O QRVWUR FRQFLOLR GHYH VHUYLUH D GDUH XQLWj G LQWHQWL SHU O LPPHGLDWR IXWXUR D WXWWL L FRQIUDWHOOL VSDUVL SHU OD SHQLVROD 6L
WHUUjD9HQH]LDLQRWWREUHHVDUjFODQGHVWLQR,RQRQFLVDUz &RPH" 6HL O XQLFR ILOR FKH SXz OHJDUH WXWWH OH FRPXQLWj 3HU WXWWLVHLLOSXQWRGLULIHULPHQWR 3HUPHSDUOHUjLOGRFXPHQWRFKHWLDIILGHUz6HqYHURFKHVRQR O XQLFD DXWRULWj VSLULWXDOH q PHJOLR FKH ULPDQJD QHOO RPEUD &KH GL 7L]LDQRQRQVLFRQRVFDLOYROWRPDODSRWHQ]DGHOODSDUROD 0DQHOIL DEEDVVD OR VJXDUGR GHIHUHQWH H VWHQGH LO IRJOLR VXOOR VFULWWRLR 8QD JUDILD PLQXWDGLDQQRWD]LRQL6DUj LOSRUWDYRFHGL7L ]LDQRDOFRQFLOLRGHLEDWWLVWLLWDOLDQL
,OGLDULRGL4
$QYHUVDVHWWHPEUH
/RGHZLMFNGH6FKDOLHGHFNHUDOLDV(ORLVLXV3UX\VWLQFNDOLDV(ORL 'LPHVWLHUHFRSULWHWWL ,PSXWDWR GHOOD GLIIXVLRQH GL OLEUL HUHWLFL GL QHJDUH VRVWDQ]D D 'LRGLQHJDUHLOSHFFDWRGLVRVWHQHUHODSHUIH]LRQHGHOO XRPRHGHO ODGRQQDGLSUDWLFDUHO LQFHVWRHLOFRQFXELQDJJLR $UVRVXOURJRFRPHHUHWLFRLORWWREUHGHOLQVLHPHDPRO WLPHPEULGHOODVXDVHWWDFRVLGGHWWDGHL/RLVWL ,OVXRQRPHDSSDUHSL~YROWHQHJOLDQQDOLGHOOHDXWRULWjDQYHUVD QH DVVRFLDWR D TXHOOR GL 'DYLG -RULV -RKDQQHV 'HQFN H GL DOFXQL QRWDELOLHULFFKLPHUFDQWLORFDOL *LjQHJOLDQQL7UHQWDGLYHUVLVXRLVHJXDFLHILDQFKHJJLDWRULIXUR QRDUUHVWDWL 1RQRVWDQWHOHXPLOLRULJLQL3UX\VWLQFNqVWDWRXQRGHLSHUQLGHO O DWWLYLWjDQWLHFFOHVLDVWLFDDG$QYHUVDPDLQYLVRDQFKHDLOXWHUDQL )X SURFHVVDWR H FRQGDQQDWR D XQD EODQGD SHQD QHO IHEEUDLR GHO VX GHOD]LRQH GL /XWHUR FKH GRSR DYHUOR LQFRQWUDWR D :LWWHQ EHUJ VFULVVH DOOH DXWRULWj GL $QYHUVD SHU VHJQDODUQH OD SHULFRORVLWj 6FDPSz DOOD SHQD JUD]LH D XQD ULWUDWWD]LRQH FRPSOHWD H DOOH GHEROL VDQ]LRQLDOORUDYLJHQWL 1HO IX VRWWRSRVWR DOOD WRUWXUD DIILQFKp FRQIHVVDVVH OH VXH SUDWLFKHHOHVXHLGHHEODVIHPH 1RQULFRQREEH PDLQHVVXQRGHLVXRLFRPSOLFLRVHJXDFLILUPDQ GRGLSURSULRSXJQRODVHQWHQ]DGLPRUWH 6HQWHQ]D FRQWURILUPDWD GD 1LFRODV %X\VVFKHU GRPHQLFDQR FKH KDUDFFROWROHVXHXOWLPHGHSRVL]LRQL
,OWHGHVFRFKHVWRFHUFDQGRqXQPRUWRFKHULHPSLHXQLQWHURID VFLFRORQHOO DUFKLYLRGHOO ,QTXLVL]LRQHGL$QYHUVD ,OPRUWRRJJLqWLWRODUHGLXQERUGHOORGLOXVVRD9HQH]LD ,OWHGHVFRFKHVWRFHUFDQGRKDDWWUDYHUVDWRTXHVWHWHUUHQHJOLDQQL GHOODULYROWDDQDEDWWLVWD
$QYHUVDVHWWHPEUH
1LFRODV%X\VVFKHURJJLqLOEUDFFLRGHVWURGHO3DGUH,QTXLVLWRUH GL$QYHUVD 8QDTXDUDQWLQDG DQQLDOWRPDJURORVJXDUGRGLFKLKDDYXWRWUD OHPDQLLGHVWLQLGHJOLXRPLQL 0L KD DFFROWR FRQ FRUWHVLD +D ULFRUGDWR WXWWR VHQ]D IDOVH UHWL FHQ]HLSDUWLFRODULGL XQDYLFHQGDLQFUHGLELOH / HUHVLDUFDGL$QYHUVDHUDSHUVRQDDVWXWDFROWDFDSDFHGLWHVVHUH XQ DPSLD WUDPD GL UHOD]LRQL WDQWR FRQLOYROJRTXDQWRFRQLQRWDELOL GHOOD FLWWj $QFRUD RJJL PROWL OR FRQVLGHUDQR XQ PDUWLUH H XQ HURH 6HDOSRUWRIDLLOQRPHGL(ORLODJHQWHDQFRUDVRUULGH (ORLLOFRSULWHWWLHUDXQHUHWLFRPROWRSDUWLFRODUH1HJDYDLOSHF FDWRFRQXQ DUJX]LDGLIILFLOHGDGHPROLUH6HPEUDYDYROHUFRVWUXLUHLO SDUDGLVRLQWHUUD5LXVFLYDDRWWHQHUHFKHULFFKLDUWLJLDQLHPHUFDQWL FRQGLYLGHVVHURLORUREHQLHSURSULHWjFRQLSOHEHL8QPDHVWURGHO O DUWHGHOUDJJLURHGHOFRQYLQFLPHQWR,VXRLVHJXDFLDG$QYHUVDYL YHYDQRDVVLHPHQHOOHSURSULHWjPHVVHDGLVSRVL]LRQHGDLSL~ULFFKL 1HOFRUVRGHJOLDQQLGHFLQHHGHFLQHGLXRPLQLHGRQQHVRQRSDVVDWH GDOOD FRPXQLWj ORLVWD (ORL DFFRJOLHYD WXWWL QRQ LPSRUWDYD GD TXDOH GLVDYYHQWXUDIRVVHURUHGXFL8QHUHWLFRPROWRSDUWLFRODUHLQFRQWUD VWRFRQOHIUDQJHSL~HVWUHPHHVDQJXLQDULHGHOO DQDEDWWLVPR&LRQR QRVWDQWH SL~ G XQR GHL IXRULXVFLWL GD 0QVWHU R GDOOH EDQGH GL %D WHQEXUJ DYHYD WURYDWR ULIXJLR SUHVVR GL OXL 'D EXRQ GLVVLPXODWRUH TXDOHUDVDUHEEHSRWXWRDQGDUHDYDQWLDOXQJRVHQRQDYHVVHSHVWDWRL SLHGLDOODJHQWHVEDJOLDWD &LzFKHLYHUEDOLGRYHYDQRWDFHUH8QDFRPSOHVVDWUXIIDDLGDQQL GHLEDQFKLHUL)XJJHUIDOVHOHWWHUHGLFUHGLWRFHQWLQDLDGLPLJOLDLDGL ILRULQL 8QD FRVD LQFUHGLELOH JOL VWHVVL EDQFKLHUL IDFHYDQR IDWLFD D VSLHJDUVLFRPH(LOFRPHDQFRUDQRQqFKLDUR ,OPDOWROWRQRQqPDLVWDWRUHFXSHUDWR (ORLDYHYDGHLVRFLLQTXHVWDLPSUHVD 8QRHUDXQPHUFDQWHWHGH VFRGLQRPH+DQV*UHEVFRPSDUVRQHOQXOOD ,)XJJHUQRQSRWHYDQRSHUPHWWHUVLFKHODIDFFHQGDGLYHQLVVHQR WDFRVtKDQQREXVVDWRDOOHSRUWHGHOO ,QTXLVL]LRQH/ RUGLQHGLLQWHU YHQLUHFRQWURL/RLVWLJLXQVHDGGLULWWXUDGD5RPD 1RQ WXWWL VRQR VWDWL SUHVL 6L VXSSRQH FKH PROWL VLDQR IXJJLWL LQ ,QJKLOWHUUD'LUHGXFLPQVWHULWLqGLIILFLOHGLUHTXDQWLYHQHIRVVHUR
WUD OH ILOD GHL /RLVWL 8QR FHUWDPHQWH q PRUWR TXDOFKH WHPSR ID LQ FDUFHUH(UD%DOWKDVDU0HUFN 'LDOWULQRQVLFRQRVFHLOQRPH1RQWUDTXHOOLDUUHVWDWL /RVFRQRVFLXWRPHUFDQWHWHGHVFRVRFLRGL(ORL 8QFRORVVDOHUDJJLURDLEDQFKLHULGHOO ,PSHUDWRUH 6ROGLPDLUHFXSHUDWL 8QERUGHOORGLOXVVRD9HQH]LD 6WUDWHJDGHOODGLVVLPXOD]LRQH 5HGXFLGL0QVWHU ,OEDPELQRHODVWDWXD 7L]LDQRO DQDEDWWLVWD
,OGLDULRGL4
$QYHUVDVHWWHPEUH
/ HQLJPDPLULSRUWDLQGLHWUR)XRULGDOOHPXUDGL0QVWHU )RUVHXQ DOOXFLQD]LRQHQRWL]LHFKHFROOHJRDUELWUDULDPHQWH,QVH JXHQGRXQPRUWR &KL" 3RWUHL HVVHUH LR VWHVVR / XOWLPD FDFFLD SHU DOORQWDQDUH OD ILQHLPPLQHQWH&RVDIDXQXRPRTXDQGRVDGLHVVHUHPRUWR"$QWL FKL SUH]]L GHYRQR HVVHUH SDJDWL $ SDUWLUH GDL ULFRUGL FKH OD PHQWH DYHYDFDQFHOODWR)XRULGDTXHOOHPXUD 'HQWURXQIRVVRIDQJRVRODYLWDDSSHVDDOOHPDQLOXULGHFKHSOD VPDQRODWHUUD,EDIILDUURJDQWLGHOPHUFHQDULRFKHPLWLHQHODODPD VXOFROOR
/ RGRUHGLHUEDEDJQDWDVWHVRFRPHXQLQVHWWRQHOODWHUUDGLQHV VXQRWUDODFLWWjHLOUHVWRGHOPRQGR,QGLHWURQRQVLWRUQD 'DYDQWL O LJQRWR HVHUFLWR GL SUH]]RODWL SURQWL D VSDUDUH VX FKL YDUFD TXHOOH PXUD )DQJRFKHVFLYRODWUDOHGLWDLWRUULRQLLSXQWLSL~IDFLOLGDSHQH WUDUH /D WXD YLWD QRQ YDOH XQ FD]]R PL GLFH IDL FRQWR GL HVVHUH JLj PRUWR *OLGHVFULYRFRQFLWDWRRJQLIRUWLILFD]LRQHRJQLSDVVDJJLRLWXUQL GLJXDUGLDTXDQWHVHQWLQHOOHDRJQLSRUWD 7LSXRLDOOXQJDUHODYLWDILQRDOODWHQGDGHOFDSLWDQRGLFHHULGH 0LFROSLVFHHPLWUDVFLQDYLD
,OFDSLWDQRYRQ'KDXQPLVDOYzODYLWDHPLGLHGHXQDSRVVLELOLWj /HHVDWWHSDUROHVHTXHVWDQRWWHULHVFLDULVDOLUHVXOOHPXUDHWRU QDUHTXLVHQ]DIDUWLDPPD]]DUHPLGLPRVWUHUDLFKHSRVVRILGDUPLGL WH &RVtVLFRPStLOWUDGLPHQWRSURJHWWDWRHFXVWRGLWRILQGDOO DUULYR
QHOODFLWWjGHLIROOLJRPLWRDJRPLWRFRQORURSHUROWUHXQDQQR *OL XOWLPL PHVL GL IDPH H GHOLULR VRQR XQD PDFFKLD QHUD FKH OD PHQWHKDFDQFHOODWR1RQPLVRQRPDLYROWDWRLQGLHWURLQWXWWRTXH VWRWHPSRTXLQGLFLDQQLDFHUFDUHLYROWLHOHSDUROHGLTXHJOLXRPL QL )RUVH SHUFKp KR YROXWR QDVFRQGHUH D PH VWHVVR GL DYHU DQFK LR YDFLOODWRSHUXQLVWDQWHODJJL~LQTXHOIRVVRFRPHVHODIROOLDDYHV VHFRQWDJLDWRDQFKHPHGLVWRJOLHQGRODPHQWHGDOFRPSLWRDVVHJQD WR)RUVHSHUFKpTXHOJLRUQRKRULVFKLDWRGLIDOOLUHPLVHUDPHQWHLQ ILO]DWR GDL PHUFHQDUL YHVFRYLOLFKHLQYHFHSHUTXDOFKHFDVRGHOGH VWLQRVFHOVHURGLWUDVFLQDUPLGDYDQWLDOORURFDSLWDQR
1HLJLRUQLVXFFHVVLYLGRSRLOPDVVDFURLOYHVFRYRYRQ:DOGHFN WRUQDWRVLJQRUHDVVROXWRGL0QVWHUFRPHWURQRXQDFDWDVWDGLFDGD YHUL DQGDYD GLFHQGR FKH TXHOOL FRPH PH HURL JXHUULHUL GHOOD &UL VWLDQLWjQRQVDUHEEHURPDLVWDWLGLPHQWLFDWLLQRSHUHHGHIILJLH 6DSHYDGLPHQWLUHLOEDVWDUGRÊSURSULRGLTXHOOLFRPHPHFKH YDVPDUULWDRJQLWUDFFLD*OLHVHFXWRULSURQWLDHVVHUHULEXWWDWLQHOOD VHQWLQD GRYHQRELOLVLJQRULOLUDFFROVHURSHUDIILGDUHORUROXULGHPDQ VLRQL $OORUD SUHJDL LO PLR VLJQRUH O DOILHUHQHURGL&ULVWRGLSRUWDUPL YLDGDTXHOOHWHUUHGDTXHOO RUURUHFKHDYHYDODFHUDWROHPLHFDUQLH LQFULQDWRODPLDIHGH 2JJLqOjFKHGHYRWRUQDUHVHQ]DDOFXQDIHGHDLQFLGHUHOHFLFD WULFL
&DSLWROR 5DYHQQDVHWWHPEUH
/HVFHQHGHOODPLVHULDVRQRVHPSUHXJXDOL%DPELQLPDJULFHQ FLRVL 3DQFH JRQILH GL QLHQWH SLHGL VFDO]L 0DQL SLFFROH H OXULGH D FKLHGHUHO HOHPRVLQD,QHRQDWLOHJDWLFRQVFLDOOLGLHWURODVFKLHQDSHU QRQ LQWHUURPSHUH LO ODYRUR OH GRQQH ULHPSLRQR L VDFFKL GL JUDQR SLDQWDWH ILQR DO JLQRFFKLR GHQWUR OD JUDQGH FLVWHUQD FKH FRQWLHQH LO UDFFROWRGLXQDVWDJLRQH 3RFKLDQ]LDQLRVVXWLPXWLODWLJXHUFL /DVWUDGDGLIDQJRVHFFRIXRULGDOODSRUWDPHULGLRQDOH/HFDSDQ QH DGGRVVDWH DOOH PXUD FRPH XQ HVFUHVFHQ]D LQIRUPH GHOOD FLWWj H FKHYLDYLDVLGLUDGDQRYHUVRODFDPSDJQD 1HVVXQXRPRLQYLVWD3UREDELOPHQWHWXWWLQHLFDPSLDLPEDOODUH ODSDJOLDSHULJLDFLJOLGLTXHVW LQYHUQRHLOILHQRSHULOEHVWLDPHGHL ORURVLJQRUL 6ROR WUH WLSL FKH FDULFDQR VDFFKL VX XQ FDUUR VFKLHQH SLHJDWH H VXGRUH %RUJR GHL &DSDQQHWWL /HJQR H FDQQH PDOHRGRUDQWL WHQXWL DVVLH PHGDOIDQJRHGDOOH]DQ]DUH 6SH]]RLOSDQHHLOIRUPDJJLRFKHKRQHOODVDFFDHORGLVWULEXLVFR WUD L UDJD]]LQL FKH PL VL DFFDOFDQR LQWRUQR &H Q q GL SLFFROLVVLPL FKH DSSHQD FDPPLQDQR H GL SL~ JUDQGL LQWHQWL D VFDFFLDUH FRQ OH ILRQGH L SDVVHUL FKH GDQQR O DVVDOWR DOOD FLVWHUQD GHO JUDQR8QRGHL SL~YLVSLPLUHJDODODVXDDUPD 6DOXWRWXWWLFRQXQVRUULVRHXQDEHQHGL]LRQH/LHYLFHQQLGHOFD SRLQULVSRVWD ,WUHXRPLQLPLODQFLDQRRFFKLDWHGLIILGHQWL7DUFKLDWLWHVWHJURV VH /DPLVHULDqGHIRUPH 8QILVFKLRULPEDO]DGDOOHPXUD 2FFKLSXQWDWLVXOODSRUWD,WUHVLDIIUHWWDQRDFRSULUHLOFDUURFRQ XQJUDQGHWHORGLVDFFR / DJLWD]LRQHGLYDPSDJOLXRPLQLLPSUHFDQRLQIHURFLWL 4XDOFRVDVWDSHUDFFDGHUH 8Q GUDSSHOOR GL FDYDOLHUL VXSHUD O DUFDWD 1HFRQWRXQDGR]]LQD
&RUD]]HHODQFHLQPRVWUD8QRVWHQGDUGRFRQOHLQVHJQHYHVFRYLOL 6LIDQQRODUJRWUDOHSURWHVWHGHOOHGRQQHVLIHUPDQRQRQULHVFR QRDSURVHJXLUHJULGDFRQFLWDWH 8QDGHOOHGRQQHFKHVWDYDQRULHPSLHQGRLVDFFKLODSL~IXUHQWH IURQWHJJLDLOFDSRGHOGUDSSHOOR 8UODQR HQWUDPEL LQ XQ ODWLQR VJUDPPDWLFDWR PLVWR DO JHUJR GL TXHVWHSDUWLTXDVLLQFRPSUHQVLELOH 5LVFXRWHUHODGHFLPDGHOJUDQR $PHWjGHOPHVH 6HPSUHSL~SUHVWR 1RQFHODIDFFLDPRSL~ 1LHQWHGLVFXVVLRQL 6XD6LJQRULDKDRUGLQDWR , WUH XRPLQL VRQR ULPDVWL DFFDQWR DO FDUUR 6JXDUGL IXUWLYL 8QR VDOHJOLDOWULGXHDVVLFXUDQRLOWHORGLFDQDSDFRQFLQJKLHEHQVWUHWWH / HVDWWRUHOLVFRUJH ,QGLFDLQTXHOODGLUH]LRQHLQWLPDQGRTXDOFRVD /DGRQQDDIIHUUDLOPRUVRGHOFDYDOORHORVWUDWWRQD ,OSRUFROHVIHU]DODIDFFLDFRQXQDVFXGLVFLDWD %DO]RLQSLHGLVXXQDSDQFDPDOIHUPD )LJOLRGLFDJQDLPSHVWD WD ,OSRUFRVLYROWDKRJLjSUHVRODPLUD ,OVDVVRORFHQWUDLQSLHQDIDFFLD 6LDFFDVFLDVXOFDYDOORFRQOHPDQLVXOYROWRPHQWUHWXWW LQWRUQR VL VFDWHQD XQ WUDPEXVWR LQIHUQDOH , UDJD]]LQL ODQFLDQR DOO XQLVRQR FRPH XQD OLQHD GL DUFLHUL /H GRQQH VL DFFDOFDQR VRWWR L FDYDOOL WD JOLDQGRLJDUUHWWLFRQSLFFROHODPH,OFDUURSDUWHDURWWDGLFROOR/R VWURQ]RFKHVDQJXLQDXUOD 3UHQGHWHOR3UHQGHWHOR , FDYDOOL VL LPSHQQDQR FDGRQR D WHUUD XQD JUDJQXROD GL SLHWUH LQYHVWHJOLVELUUL6SXQWDQRGHLEDVWRQLDUQHVLGDODYRUR'DLFDPSL DFFRUURQRJOLXRPLQLULFKLDPDWLGDOOHJULGD ,GXHFKHFDULFDYDQRLOFDUURPL IDQQRFHQQRGLVHJXLUOL6LLQIL ODQR LQ XQ SHUWXJLR LQ PH]]R DOOH FDSDQQH $WWUDYHUVLDPR SDVVDJJL VHPSUH SL~ VWUHWWL LR GLHWUR FL ODQFLDPR GHQWUR XQD EDUDFFD GL DVVL WDUODWH XVFLDPR GDOO DOWUD SDUWH VXOO RUOR GL XQ ULJDJQROR G DFTXD SRFRSL~FKHXQIRVVR 8Q EDUFKLQR SLDWWR H VRWWLOH GHQWUR VSLQJRQR FRPH IRUVHQQDWL WUDLPSUHFD]LRQLFKHQRQSRVVRFRPSUHQGHUH 'DYDQWLFLDWWHQGHLOILWWRGHOODSLQHWD
,OGLDULRGL4
0QVWHUVHWWHPEUH
/D -XGHIHOGHUWRU q OD SRUWD GD FXL HQWUDQR HG HVFRQR OH PHUFL , FRQWDGLQLHQWUDQRFRQLOUDFFROWRLPHUFDQWLHVFRQRFRQLORURPDQX IDWWL &DUUL FDULFKL GL WHVVXWL GLFRQR FKH O DWWLYLWj SL~ SURILFXD GL 0QVWHU KD ULSUHVR FRQ QXRYD OHQD GLPHQWLFDQGR .QLSSHUGROOLQJ YHFFKLRFDSRGHOODJLOGDGHLWHVVLWRUL 8RPLQL H GRQQH SRSRODQR OH VWUDGH PHWWHQGR LQ VFHQD OD YLWD TXRWLGLDQD ,O FRQYHQWR GL hEHUZDVVHU q GLYHQWDWR XQ RVSHGDOH )RUVH TXDO FKH VXRUD VDUj ULPDVWD &HUWDPHQWH QRQ 7LOOEHFN H -XGHIHOGW L GXH ERUJRPDVWULOXWHUDQLFKHVLDVVHUUDJOLDURQROt GHQWURQHLJLRUQLGHOOD ULYROWDDQDEDWWLVWD 1HOODJUDQGHSLD]]DDOFHQWURGHOODFLWWjOD&DWWHGUDOHHLO0XQL FLSLRVRQRDQFRUDOtDIURQWHJJLDUVL,O'XRPRqVWDWRFRPSOHWDPHQWH UHVWDXUDWRDGRUQRGLVWDWXHHJXJOLHFKHLQQDO]DQROD&KLHVDURPDQD 'DYDQWLDOSDOD]]RFRPXQDOHGUDSSHOOLGLJXDUGLHODFXLSUHVHQ]DVL DYYHUWHRYXQTXH 3RLODSLD]]DGHO0HUFDWR,EDQFKLVRQRRUGLQDWLLQILODVXLODWL PRVWUDQRLORURSURGRWWL9RFLVFDQGLVFRQRSUH]]LWUDWWDWLYH 6DQ/DPEHUWR 7UHJDEELHSHQGRQRGDOFDPSDQLOH9XRWH 1HVVXQROHJXDUGD %RFNHOVRQ.QLSSHUGROOLQJ.UHFKWLQJ 6RORLRVRQRULPDVWRFRQLOQDVRDOO LQV~SHUQRQVRTXDQWRWHP SR PHQWUH WXWWL PL SDVVDYDQR DFFDQWR FKL VL DYYLFLQDYD DL EDQFKL FKLHQWUDYDLQFKLHVD 1HVVXQROHJXDUGD ,OSDVVDWRqVRSUDOHORURWHVWH(VHSURYDQRDGDO]DUOHOHJDEELH VRQROtDULFRUGDUJOLHOR 0QVWHU q LO PRQLWR FKH LQFRPEH VXOOD &ULVWLDQLWj WXWWR ULWRUQD FRPH SULPD GHO PDOH QRQ UHVWD WUDFFLD VH QRQ QHO VLPEROR HWHUQR GHOODSXQL]LRQHSL~WHUULELOH
3ULPDGLHVSRUOLQHOOHJDEELHLFRUSLGL%RFNHOVRQLO5H'DYLGH GL.QLSSHUGROOLQJ0LQLVWURGL*LXVWL]LDGHO5HJQRGL6LRQHGL.UH FKWLQJFRQVLJOLHUHGHO5HIXURQRGLODQLDWLGDWHQDJOLHURYHQWLHSX JQDODWLGDOERLD 'HQWUR OD FKLHVD QRQ ULHFKHJJLDQR SL~ L VHUPRQL LQFHQGLDUL GL %HUQKDUG 5RWKPDQQ SUHGLFDWRUH GHOOD ULYROWD 4XHL VHUPRQL FKH FRPLQFLDYDQR VHPSUH FRQ O DQHGGRWR GHOOD VWDWXD GL &ULVWR H GHO EDPELQR ,QXWLOH FKLHGHUH LQ JLUR FRVD QH VLD VWDWR GL OXL JLDFFKp LOFRUSR QRQIXPDLULWURYDWRWUDOHFDWDVWHGLFDGDYHUL 4XDVLYRUUHLFKHIRVVHOXLRUPDLYHFFKLRLO7L]LDQRFKHSHUFRUUH O ,WDOLD 0DGRYUHEEHHVVHUHULQVDYLWRGDOODIROOLDLQFXLFRQWULEXLLDVSUR IRQGDUOR/XQJKHGLVFXVVLRQLLQTXHOOHQDYDWHVXJOLXVLGHLSDWULDU FKL GHOOD %LEELD VXOOD SROLJDPLD VXOO LQDSSHOODELOH OHJJH PRVDLFD DOLPHQWDQGRLOIXRFRGHOGHOLULR %HUQKDUG 5RWKPDQQ JXLGD VSLULWXDOH GHL PQVWHULWL SDVWRUH GH JOLLQVRUWLSULPRQHPLFRGHOYHVFRYRYRQ:DOGHFN3RLJL~DSUHFL SL]LRQHOO DELVVRGLGLVSHUD]LRQHHDSRFDOLVVHGDFXLQRQVLIDULWRU QR1R5RWKPDQQQR9LYRRPRUWRFKHVLDRJJLQRQSRWUHEEHPDL ULFRPLQFLDUHGDFDSR 6HFLIRVVHVWDWRXQVRORJLXVWRLQWXWWDODFLWWj6RGRPDVLVDUHE EHVDOYDWD 0D TXHOO XQLFR JLXVWR VH Q HUD DQGDWR 6ROR FRVt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ÊVXTXHVWDSLD]]DFKHGRYHYRWRUQDUHDVDOGDUHLFRQWLFRQTXHO ORFKHVRQRVWDWR1RQQHOOHDXOHGL:LWWHQEHUJHQHPPHQRQHLSD OD]]LGL9LWHUER7KRPDV0QW]HU5HJLQDOG3ROHO LQJHQXLWjFRPH ODIROOLDGHLSURIHWLVLWUDGLVFHGDVROD1RQLOVHQVRGLSRVVLELOLWjGL
TXHLJLRUQLHGLTXHLJHVWLQRQODGHWHUPLQD]LRQHGLFKLFHORLQIXVH 'RYUHEEHHVVHUHOXLDVDOGDUHLOFRQWRQRQODODPDGL&DUDID0D GRYUHEEH HVVHUH DQFRUD YLYRVFDPSDWR D TXLQGLFL DQQL GLVFRQILWWD VRSUDYYLVVXWR DOOH ULYROWH RODQGHVL 'RYUHEEH HVVHUH VWDWR DFFROWR QHOOD FRPXQLWj GHL /RLVWL GL $QYHUVD GRYUHEEH HVVHUH VIXJJLWR DOOD YHQGHWWD GHL )XJJHU SRUWDQGR FRQ Vp LO IUXWWR GHO UDJJLUR GRYUHEEH HVVHUHDUULYDWRD9HQH]LDODSDWULDGHLIXJJLWLYLGLYHQWDQGRLOWHQX WDULRGLXQERUGHOORGLOXVVRHDOWHPSRVWHVVRFRQLOQRPHGL7L]LD QRJLUDUHO ,WDOLDSHUGLIIRQGHUHO DQDEDWWLVPR 6t(LO7XUFRGRYUHEEHFRQYHUWLUVL
3RVVR WRUQDUH D 5RPD RUD D LQFRQWUDUH LO GHVWLQR FKH DWWHQGH L VHUYL RUPDL ORJRUL H LQYHFFKLDWL / HSLORJR EDQDOH GL XQD YLWD LQFD VWUDWDWUDHYHQWLWURSSRJUDQGLSHUWHQHUFRQWRGHOOHLQTXLHWHHPR]LR QLGLXQDVSLDDOWUDPRQWR'LIURQWHDWXWWRTXHVWRHDTXHVWHJDEELH SRVVRGLUHGLQRQDYHUYLVVXWRRVDWRPDLVHQRQQHLJLRUQLGHOWUD GLPHQWRLQIDPHHSHUIHWWRGHOODSL~JUDQGHLPSUHVDFKHLOFRUDJJLRH OD IROOLD GHJOL XRPLQL SRWHVVHUR LPPDJLQDUH /D OXFLGD UDJLRQH GL XQDVSLDHODIHGHOWjDSSDVVLRQDWDGLXQOXRJRWHQHQWHYHUVRXQFDSL WDQR DPPLUDWR GDO SULPR JLRUQR TXHL JLRUQL WUDERFFDQR ULFRUGL JOL XQLFLFDULFKLGLGLVFRUGDQWLVHQVD]LRQLFRPHODYLWDDSSXQWRFKHKR WHQXWR ORQWDQL SDYLGR HVHFXWRUH GL JUDQGLRVH WUDPH ,O WHPSR SHU VFLRJOLHUH O HQLJPD YD HVDXUHQGRVL HG q JLXVWR FRVt $YUHL GRYXWR XFFLGHUWLDOORUD6RORFRVtDYUHLHVSUHVVRLOVRPPRULVSHWWRSHUOHWXH JHVWD6RORFRVtDYUHLLPSHGLWRDPHVWHVVRGRSRTXLQGLFLDQQLTXD VLDOODILQHGLGHVLGHUDUHGLLQFRQWUDUHGLQXRYRLOIXRFRGHLWXRL RF FKLHLOIUHGGRGHOODWXDVSDGD&DSLWDQR*HUWGDO3R]]R
&DSLWROR 3LQHWDGL&ODVVHQHLSUHVVLGL5DYHQQDRWWREUH
1LHQWHOXQD'LVWLQJXRDSSHQDOHVDJRPHSL~VFXUHGHJOLDOEHULH LOULYHUEHURGHOOHRQGHVXOODVSLDJJLD 0DOFDQWzQ LQYHFH VFUXWD LO EXLR FRPH VH SRWHVVH YDOXWDUH DOOD SHUIH]LRQHO HQWLWjHODGLVWDQ]DGHOOHFRVH(WjLQGHILQLWDIDFFLDWRU YD GL PDULQDLR YHODWD GD XQD SUHRFFXSD]LRQH FRVWDQWH 0DQL FRPH EDGLOLHXQDFLFDWULFHFKHJOLFRUUHGDOO RUHFFKLRDOODVSDOOD4XDOFXQR GHYHDYHUSURYDWRDVWDFFDUJOLODWHVWDVHQ]DVXFFHVVR4XDOFXQRFKH GHYH HVVHUVHQH SHQWLWR 0DOFDQWzQ LOFDWWLYRFDQWRQHLOQRUGRYHVW GD GRYH DUULYDQR L WHPSRUDOL LPSURYYLVL OD JUDQGLQH FKH URYLQD LO UDFFROWR OH EXUUDVFKH FKH ULEDOWDQR OH LPEDUFD]LRQL 6H D TXDOFXQR LQWHUHVVDLOVXRYHURQRPHSXzDQGDUORDOHJJHUHQHOODSLD]]DGL5D YHQQDGRYHqDIILVVRLQEHOODYLVWDLQVLHPHDOODWDJOLDFKHSHQGHVXO ODVXDWHVWD $QFKH JOL DOWUL SRVVRQR YDQWDUQHXQD0qOJDH*XDFtQRYYHURL IUDWHOOL5DVLULFHUFDWLGDSL~GLXQDQQRSHUO DVVDVVLQLRGLXQGRJD QLHUH 7DPEzFFQRQSL~GLYHQW DQQLIDFFLDDQJHOLFDULFFLROLQHULHXQD IRU]DVPLVXUDWD7UXIIDWRUHLQFDOOLWRXQPHVWLHUHHUHGLWDWRGDOSDGUH LQVLHPHDOO RGLRSHULSUHWLHOHDXWRULWj6HQHVWDDFFXFFLDWRFRQWUR XQ WURQFR D ILVVDUH OD QRWWH DOOH QRVWUH VSDOOH 'DOOD SLQHWD L UXPRUL GHOODIRUHVWDIUXVFLLHEDWWHUHG DOLFKHULFRQRVFHDXQRDXQR 4XHVWROHPERGLWHUUDHGLPDUHIXVLDVVLHPHqIURQWLHUD&RQWHVD WUD 9HQH]LD )HUUDUD H LO 3DSD H DOOR VWHVVR WHPSR WHUUD GL QHVVXQR ODELULQWRGLJDEHOOHGD]LHGRJDQHFKHFLDVFXQVLJQRUHSURYDDLP SRUUHVXRJQLVRUWDGLPHUFLLQWUDQVLWRRSURGRWWLGHOODWHUUD&RQO H VLWR GL YHVVDUH OD SRYHUD JHQWH DQFRU SL~ FKH DOWURYH H IDU ODQJXLUH RJQLWUDIILFRRFRPPHUFLR ÊSHUTXHVWRFKHVHUYRQRLFRQWUDEEDQGLHUL &RQRVFRQRSDOPRDSDOPRODSLDWWDFRVWDGDOGHOWDGHO3RILQRRO WUH5LPLQL$SSURGLGLIRUWXQDPROLLQGLVXVRYHFFKLFDQDOLURPDQL DEEDQGRQDWLFKHGDQQRDFFHVVRDOO HQWURWHUUDYDVWRDFTXLWULQRSDOX GRVR FKH VL HVWHQGH SHU PLJOLD H PLJOLD VRWWR LO WHWWR XQLIRUPH GHL
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q XQ ODYRUR IDFLOH SHU PDUH QXOOD q FHUWR DWWHVH FKH SRVVRQR GXUDUH RUH JLRUQL FRQ TXDOVLDVL FRQGL]LRQH GHO WHPSR 4XDQGR ILQDOPHQWH O LQFRQWURDYYLHQHVLWUDVERUGDODPHUFHVLVDOGDQRLFRQWL2SSXUHL PHUFDQWLOL YHQJRQR SLORWDWL YHUVR DSSURGL VHJUHWL GD DJLOL ODQFH VL VEDUFD LO FDULFR VXOOD VSLDJJLD VL FRQWUDWWD LO SUH]]R H VL FRQFOXGH O DIIDUH /H LPERVFDWH VRQR IUHTXHQWL 6L ULVFKLD OD YLWD H SHQH VHYHULVVL PH 0DqVRORJUD]LHDTXHVWDLQYLVLELOHUHWHFRPPHUFLDOHFKHODJHQ WHGLTXLQRQPXRUHGLLQHGLD&KLVFHJOLHODYLWDGHOFRQWUDEEDQGLHUH YLHQHGDOODPLVHULDQHUDGDOO RGLRLVWLQWLYRHEHQPRWLYDWRFKHFLD VFXQRLQTXHVWHWHUUHQXWUHYHUVRRJQLDXWRULWjTXDVLVHPSUHVLWUDWWD GLXRPLQLVXFXLJLjSHQGHRJQLVRUWDGLFDSLG DFFXVDFRVWUHWWLDQD VFRQGHUVLQHOILWWRGHOODSLQHWDSHUVIXJJLUHDJOLVELUUL 1RQYLqGRQQDDQ]LDQRRFRQWDGLQRGLTXDOVLDVLERUJRFKHQRQ OL SURWHJJD DQFKH VROR FRQ O RVWLQDWR VLOHQ]LR 3HUFKp XQD SDUWH GL TXHOORFKHFLUFRODYLHQHUHJRODUPHQWHGLVWULEXLWRWUDLOSRSROR4XH VWRqO XQLFRGD]LR 3ULPD FKH LO YHVFRYR VJXLQ]DJOL L VXRL HVDWWRUL SHU ULVFXRWHUH OH GHFLPHVXL UDFFROWLSDUWHGLHVVLYLHQHQDVFRVWDGDLFRQWUDEEDQGLHUL QHL WDQWL GHSRVLWL GHOOD IRUHVWD SHU UHQGHUH PHQR JUDYRVD O LPSRVWD FDOFRODWD VX WXWWR LO UDFFROWR H SHU JDUDQWLUH OD VRSUDYYLYHQ]D GHOOH FRPXQLWjGXUDQWHO LQYHUQR (UD TXHVWR FKH VWDYD DYYHQHQGR XQ PHVH ID TXDQGR JLXQVH LO GUDSSHOORGHLJDEHOOLHULRJQLDQQRVHPSUHSL~LQDQWLFLSR (UDQR0DOFDQWzQ*XDFtQH0qOJDJOLXRPLQLFKHVLDSSUHVWDYD QRDWUDVSRUWDUHLOJUDQRYHUVRLPDJD]]LQLQDVFRVWLQHOODSDOXGH %DVWDQR XQD ILRQGD H XQD GLVFUHWD PLUD SHU FRQTXLVWDUHODVWLPD GXUDWXUDGLTXHVWDJHQWH%DVWDDYHUHXQSR GLIXRFRQHOVDQJXH 1RWWHVHQ]DOXQD$WWHQGLDPRGLYHGHUHLOVHJQDOHGHOOHWRUFH0L
VWULQJR QHO PDQWHOOR DFTXD QHOOH RVVD PHQWUH 0DOFDQWzQ WLHQH OR VJXDUGRILVVRVXOPDUH 0qOJDO ,PEURJOLRqJLjSURQWRFRQODEDUFDUHPLVXOORVFDOPR 6XRIUDWHOORWLHQHODODQWHUQDSURQWRDGDFFHQGHUODLQULVSRVWD 7DPEzFFVHPSUHFRQOHRUHFFKLHWHVHYHUVRODSLQHWD 3HUORURTXHVWDQRWWHVHJQDO LQL]LRGLXQQXRYRFRPPHUFLRFKH OLVRUSUHQGHHOLLQFXULRVLVFHDQFKH 1RQFLSHQVDYDQRSURSULR5LGHYDQR+DQQRIDWWRPROWHGRPDQ GH3URLELWL"(SHUFKp"&KHWDQWRQHVVXQRFLFDSLVFHQLHQWH 1R3URSULRQRQSHQVDYDQRGLSRWHUIDUHVROGLFRQLOFRQWUDEEDQ GRGHLOLEUL
,OGLDULRGL4
5RPDQRYHPEUH
& qXQXOWLPRODYRURGDIDUH&DUDIDORKDULVHUYDWRSHUPH'HOL FDWRHLPSRUWDQWHFRPHJOLDOWULLQFDULFKL)RUVHGLSL~&RVtLPSRU WDQWHGDQRQSRWHUHVVHUHVYROWRGDDOFXQRFKHQRQVLDLOSL~ILGDWRLO SL~ PHULWHYROH GHL VXRL VROGDWL 6D GL DYHUPL PHVVR SL~ YROWH DOOD SURYDGLDYHUPLFKLHVWRVHPSUHLOPDVVLPRVIRU]R'RSRTXHVW XOWL PDPLVVLRQHSRWUzJRGHUHXQPHULWDWRULSRVREHQLQWHVRVHPSUHFKH QHDEELDYRJOLD +R DFFHWWDWR FRQ HQWXVLDVPR ,O YHFFKLRTXHVWDYROWDQRQKDVD SXWROHJJHUPLGHQWUR )RWWHUHL*LXGHLTXHVWLRGLRVLSDUDVVLWLLPSHQLWHQWLDVVDVVLQLGHO &ULVWRVSHVVRFRQYHUWLWLDOODYHUDIHGHSHUFRQYHQLHQ]DDOVRORVFR SR GL FRQWLQXDUH D WUDUUH OXFUR GDL ORUR VXGLFL DIIDUL KD GHWWR 8Q PRUER FKH DSSHVWD GDOO LQWHUQR LO FRUSR GHOOD &ULVWLDQLWj 8QPRUER FKHqJLXQWRLOWHPSRGLHVWLUSDUH2FFRUUHFRPLQFLDUHGDGRYHqSL~ UDGLFDWR 9HQH]LD +D GHWWR GL DYHU FDSLWR DQFRUD XQD YROWD GDL PLHL UHVRFRQWL FKH HURO XRPRSL~DGDWWRDTXHVWRFRPSLWR,QYHULWjO LPSRUWDQ]DVWHVVD GHOODTXHVWLRQHJOLVLqIDWWDFKLDUDOHJJHQGRGLTXDOHSRWHUHSRVVDQR DFFXPXODUHTXHVWHLPPRQGHIDPLJOLHGLXVXUDL*LjGDWHPSRDQGD YDVWXGLDQGRODVROX]LRQHSL~DGDWWDHDGHVVRLWHPSLVRQRPDWXULq WXWWRSURQWRJOLDFFRUGLVRQRVWLSXODWL / HQWUDWD LQ YLJRUH GHOO ,QGLFH GHL OLEUL SURLELWL QHL WHUULWRUL GHOOD 6HUHQLVVLPD q XQ VHJQDOH HYLGHQWH FKH OH DXWRULWj YHQH]LDQH KDQQR ILQDOPHQWH FRPSUHVR OD QHFHVVLWj GL VFHQGHUH D XQ FRPSURPHVVR VXSHUDQGRODVSRFFKLDHO DUURJDQ]DFKHGDVHPSUHOHFRQWUDGGLVWLQ JXH(GqFKLDURLOPRWLYROHIDPLJOLHSDWUL]LHGHOOD6HUHQLVVLPDVR QRLQGHELWDWHILQRDOFROOROHORURIRUWXQHGLSHQGRQRWRWDOPHQWHGDO OHERUVHGHLEDQFKLHULPDUUDQL8QGHELWRGLWDOHSRUWDWDGDSRWHUHV VHUHHVWLQWRVRORFRQ O HVWLQ]LRQHGHLFUHGLWRUL/RVFDPELRqGLUHFL SURFD VRGGLVID]LRQH D &DUDID XQD GLPRVWUD]LRQH GL IRU]D GHO 6DQ
W 8IIL]LR QHOOD FLWWj SL~ RVWLOH DOOH LQJHUHQ]H GL 5RPD SUHOXGLR GHO SXJQRGLIHUURFKHLOSRWHUHLQTXLVLWRULDOHDGRWWHUjLQRJQLWHUULWRULR FDWWROLFRDLYHQH]LDQLLOULVDQDPHQWRGHOOHILQDQ]HDWWUDYHUVRODFRQ ILVFDGHLEHQLGHLULFFKL*LXGHL ,OPHFFDQLVPRqJLjDYYLDWR/ ,QTXLVL]LRQHHOHPDJLVWUDWXUHYH QH]LDQHKDQQRFRPLQFLDWRDLVWUXLUHSURFHVVLDSHUVRQDJJLPDUJLQDOL GHOOD FRPXQLWj VHIDUGLWD FRQ O DFFXVD GL FULSWRJLXGDLVPR 0D q DL SH]]LJURVVLFKHELVRJQDDUULYDUH 3HU DUULYDUFL F q ELVRJQRGLXQRFRPHPH8QRFRQWUHQW DQQLGL JXHUUD VSLULWXDOH VXOOH VSDOOH LQ JUDGR GL FUHDUH LQ FLWWj XQ RVWLOLWj GLIIXVDYHUVRL*LXGHLGLDGGLWDUOLFRPHODFDXVDGLWXWWLLPDOLSUH SDUDQGRLOWHUUHQRDXQ RIIHQVLYDFKHLQYHVWDO LQWHUDFRPXQLWj +RDFFHWWDWRFRQHQWXVLDVPR +RQDVFRVWRORVWXSRUHGLYHGHUSUROXQJDWRLOPLRWHPSR +R PRVWUDWRODPDVFKHUDGHOOR]HORTXHOODFKHRJJLQRQPLDS SDUWLHQHSL~ 8OWLPRODYRURSULPDGHOPHULWDWRULSRVR 8OWLPDLQIDPLD 7HQXWDLQVHUERSHUFKLGDVHPSUHqDSDUWHGHLVHJUHWLGL&DUDID 3HQVDYRGLHVVHUHJLXQWRDOODILQH0LYLHQHFRQFHVVRDOWURWHP SR4XDQWR"(SHUFKp" 1RQ VRQR JOL DLWDQWL H IDPHOLFL GRPHQLFDQL FKH DIIROODQR TXHVWL FRUULGRL D SRWHU FRQGXUUH WUDPH GHO JHQHUH 7URSSR IDQDWLFL 3LHQL GHO UXROR FKH JOL q VWDWR DIILGDWR VRQR LQFDSDFL GL VRWWLOL VWUDWHJLH TXDQWR HIILFDFL QHO SHUVHJXLUH FLHFDPHQWH OD SUHGD FKH YLHQH ORUR LQGLFDWD 7XWWR DOOD OXFH GHO VROH &DUDID OL SUHSDUD DOO RIIHQVLYD SL~ LPSRUWDQWHGHOODJXHUUDVSLULWXDOH/DUHVDGHLFRQWLGRSRGLHFLDQQL GLDFFXUDWDSLDQLILFD]LRQH/DFRVWUX]LRQHFKHKRFRQWULEXLWRDHGLIL FDUHPDWWRQHVXPDWWRQHYHUUjSRUWDWDDWHUPLQHGDDOWULHPROWRSUH VWR / DSSURVVLPDUVL GHOOD ULSUHVD GHO &RQFLOLR IRUWHPHQWH YROXWD GDOO ,PSHUDWRUHSDUHHVVHUHO RUDLQFXL&DUDIDVFRSULUjOHFDUWHVIHU UDQGR O DWWDFFR IURQWDOH FRQWUR JOL 6SLULWXDOL /D WHQVLRQH VXL YROWL H QHOOH YRFL GHL JLRYDQL VHJXJL JXLGDWL GD $QWRQLR *KLVOLHUL UDSDFH FKHYRODDOWRQHOODFRQVLGHUD]LRQHGHOYHFFKLRGLFHFKHRJQLLQGXJLR VWDSHUWHUPLQDUH 1RQVDUzGLTXHVWDSDUWLWDSHUFKpQHFRQRVFRWXWWHOHPRVVHSUH FHGHQWL &DUDID VD EHQH FKH GXH SRVVRQR PDQWHQHUH XQ VHJUHWR VRO WDQWRTXDQGRXQRqPRUWR 1HO IUDWWHPSR PL DIILGD O XOWLPD OHUFLD FURFLDWD SHU FXL QRQ KR
SL~ORVWRPDFRLQYHQWDUHLOQXRYRQHPLFRHPXRYHUJOLFRQWURO HVHU FLWR FULVWLDQR $ FKLXQTXH DFFHWWHUj GL VFHQGHUH LQ EDWWDJOLD YLHQH JDUDQWLWD XQD ODXWD ULFRPSHQVD OH ULFFKH]]H GHOOH VXH YLWWLPH H XQ SRVWRLQSDUDGLVR,YHQH]LDQLVRQRLSULPLDOWULGRYUDQQRVHJXLUH $PHFRPHVHPSUHLOFRPSLWRGLSUHSDUDUHLOWHUUHQRSHUODSUL PD PDWWDQ]D 3RL QRQ UHVWHUj FKH FXVWRGLUH LO VHJUHWR 6RWWR GXH EUDFFLDGLWHUUD
+R DFFHWWDWR FRQ HQWXVLDVPR 9HQH]LD & q DQFRUD WHPSR SHU VFLRJOLHUHO HQLJPD4XHVWDYROWDQRQVDUzO LQVWDQFDELOHHGHIILFLHQWH VHUYLWRUHFKH&DUDIDKDFRQRVFLXWR6DUjO HQLJPDO LPPLQHQ]DGHOOD VXDVROX]LRQHDVFDQGLUHLOWHPSRFKHULPDQH
&DSLWROR &RVWDGHOOH5RPDJQHIHEEUDLR
,Q'DOPD]LDqVWDWRXQVXFFHVVRFRPSDUL 3HUQDIDULPEDO]DUH XQVDVVRVXOSHORGHOO DFTXD *HQWHFKHVLQXWUHDVVDLPDOHFDSLWR" PDVDVFHJOLHUHFRQFXUDOHOHWWXUH6HDQGLDPRDYDQWLGLTXHVWRSDV VRULVFKLDPRGLGLYHQWDUIDPRVLFRPHLGLVWULEXWRULGHO/LEURSL~GLI IXVRGRSROD%LEELD 9HQWRJHOLGRFKHVDGLQRWWHGLPDUHHGLUHVLQD6XOODVSLDJJLD FRQ3LHWUR3HUQDH-RmR0LTXH]XQLQFRQWURSHUVFDPELDUVLQRWL]LHH SURJHWWDUHO LPPHGLDWRIXWXUR$SSXQWDPHQWRGL FRUVDULFRPHPROWH VWDJLRQL ID VXOOH ULYH RODQGHVL /D PDQR DIIRQGD OHQWDPHQWH QHOOD VDEELDIUHGGDLOVROHIDDOWUHWWDQWRROWUHODSLQHWD (QWULDPR QHO FDSDQQR GL SHVFDWRUL 'HQWUR LO IXRFR q JLj VWDWR DSSURQWDWR/HUHWLSHQGRQRGDOVRIILWWRDGDVFLXJDUH &HUFRORVJXDUGRGL-RmR 6DLTXDOFRVDGL'HPHWUD" 6L YROWD DQQXHQGR 4XHOODVLJQRUDWLVWDIDFHQGRGLYHQWDUHULF FR/ XOWLPDYROWDFKHVRQRSDVVDWRGDO&DUDWHOORQRQF HUDXQWDYROR OLEHUR6WDEHQHPLSDUHQRQVRGLQHVVXQRFKHO DEELDGLVWXUEDWD (TXLQHOOH5RPDJQH" 3HUQDPLVFXRWHSHUXQEUDFFLR 6SHUR QRQWLVDUDLSHUVRORVWUDRUGLQDULR6DQJLRYHVH6DQJXHGL%XH'LFRQR FKHIDVRJQDUHFDSLWR" (VWUDJJR LO ILDVFR GDOOD ERUVD H JOLHOR VWDSSR VRWWR LO QDVR (FFRWLVHUYLWR 3HUQD WUDFDQQD DOFXQL DYLGL VRUVL 'RYHYR YHQLUH D VWDQDUWL TXDJJL~ SHUFKp PL RIIULVVL DQFRUD GHO EXRQ YLQR &KH DOWUR F q GL EXRQRLQPH]]RDTXHVWHSDOXGL" /DJHQWHGLTXHVWHWHUUHRGLDLOFOHURGDOSURIRQGRGHOOHYLVFHUH +R FRQRVFLXWR OH SHUVRQHSL~GLYHUVHEDWWH]]DWRFRQWDGLQLHSHVFD WRULPHUFDQWLHXEULDFRQLWXWWLWHVWDUGLDOORVWHVVRPRGRWXWWLFRQLO IXRFR DO SRVWR GHO VDQJXH $JLWDUH JOL DQLPL GD TXHVWH SDUWL QRQ VHPEUDLPSUHVDGLIILFLOH -RmR ,O%HQHILFLR" ,FDULFKLVRQRDUULYDWLUHJRODUPHQWH/LKRYHQGXWLEHQH7UDIIL FRFRQLFRQWUDEEDQGLHULGLTXL*HQWHUXYLGDGDOO DVSHWWRWUXFHHXQ
JHUJRFKHDQFRUDIDFFLRIDWLFDDFDSLUHPDVFDOWUDHYLFLQDDOSRSR OR1HVVXQRFKHVDSSLDOHJJHUHRVFULYHUHPDKDQQRFRPSUHVRVXEL WRODFRQYHQLHQ]DGHOO DIIDUH -RmRILVFKLDGHQWURXQFRQFKLJOLDHVFXRWHODWHVWD 0HJOLRFRVt &UHGRVLDQHFHVVDULRFKHWHQHVWLDLQJLURDQFRUDSHUXQSR ,OPLRVJXDUGRFKLHGHVSLHJD]LRQL /H DXWRULWj KDQQR DYXWR VHQWRUH GHO FRQFLOLR GHJOL $QDEDWWLVWL 1RQFLVRQRVWDWLDUUHVWLPDVRQRWXWWLVXOFKLYLYH9HQH]LDSXOOXOD GL VELUUL VSLH GHODWRUL QRQ F q GD ILGDUVL 'D TXDQGR q VWDWR SUR PXOJDWR O ,QGLFH VRSUDWWXWWR JOL VWDPSDWRUL VRQR WHQXWL G RFFKLR L OLEULQRQFLUFRODQRSL~FRQODVWHVVDIDFLOLWj(SRL F qXQDQRYLWjDO FXQL *LXGHL FRQYHUWLWL QRVWUL DPLFL SHUVRQH FKH FRQRVFLDPR EHQH VRQR VWDWL IHUPDWL FRQ O DFFXVD GL FULSWRJLXGDLVPR 6L DQQXQFLDQR L SULPL SURFHVVL SHU RUD PDUJLQDOL VHQ]D JUDQGH FODPRUH PD VRQR FRVHFKHKRJLj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j &RPXQTXH GDWD O DULD FKH WLUD q PHJOLR FKH WX UHVWL DQFRUD ORQWDQRGD9HQH]LD ' DFFRUGRPDQRQSHUPROWRWHPSRDQFRUD&RPLQFLRDGDYHUH LFRJOLRQLSLHQLGLIDUHLOSURIHWDDOODPLDHWj/DVHPLQDGL7L]LDQRq RUPDLILQLWD,OFRQFLOLRDQDEDWWLVWDKDVDQFLWRO XQLRQHGHOOHFRPXQL WjFKHGLVVHQWRQRGDOOD&KLHVD&LUFROLIUHTXHQWDWLGDILJXUHGLVSLFFR LQRJQLVWDWRGHOODSHQLVRODSUHPRQRVXLJRYHUQDQWL8QJUDQGHSLWWR UH FRQFXLKRDYXWRLQVRUWHGLGLYHQWDUHIDPLOLDUH-DFRSRGD3RQ WRUPRVWDDIIUHVFDQGR,O%HQHILFLRGL&ULVWRQHOODFDSSHOODGRYHVDUj VHSROWR &RVLPR GH 0HGLFL 8Q RSHUD PHUDYLJOLRVD KR YLVWR LO SUR JHWWR H SDUWH GHJOL DIIUHVFKL JLj UHDOL]]DWL FKH HJOL FRQGXFH LQ JUDQ VHJUHWR 7XWWH OH FRPXQLWj VRQR DWWLYH LO VDVVR q VWDWR ODQFLDWR OH FRQVHJXHQ]H VL YHGUDQQR ,QWDQWR q QHFHVVDULR FKH PL WHQLDWH LQIRU
PDWRVXTXDQWRDFFDGHD9HQH]LD$QFKHLGHWWDJOLVRQRLPSRUWDQWL 5LPDQLDPR LQ VLOHQ]LR/DULVDFFDFXOODLSHQVLHULLQVRQQROLWLOD WHVWDqSHVDQWH/HQRVWUHRPEUHVFLYRODQROXQJKLVVLPHOXQJROHSD UHWLILQRDOVRIILWWR 3HUQD GUL]]D LO FDSR FRPH VYHJOLDWR GD XQ UXPRUH LPSURYYLVR JOL RFFKL SLFFROL H DUURVVDWL GL VWDQFKH]]D 3RWUHL DYHUH DQFRUD XQ SR GLTXHOQHWWDUH"
,OGLDULRGL4
9HQH]LDIHEEUDLR
$9HQH]LDVRQRXQRIUDLWDQWL8QDVSLDQHOSDHVHGHOOHVSLH6R QR LQ PROWL TXHOOL FKH RVVHUYDQR DQQRWDQR H SRL ULIHULVFRQR DO SD GURQH GL WXUQR VSHVVR DO VHUYL]LR GL SL~ SDGURQL DO WHPSR VWHVVR 7XUFKL DXVWULDFL LQJOHVL QRQ F q SRWHQ]D SDUWLWR R LPSUHVD FRP PHUFLDOH FKH QRQ DEELD LQWHUHVVH D WHQHUH RFFKL H RUHFFKLH LQ RJQL DQJRORGLTXHVWDFLWWj7XWWLVSLDQRWXWWLLQXQLQFDVWURGLGRSSLJLR FKL WULSOL TXDGUXSOL 'HQWUR TXHVWR ODELULQWR GL VWUDWHJLH H RSSRVWH FRQJLXUH GRYUHL IDUH HPHUJHUH O LQWHUHVVH FRPXQH GL LQFDVWUDUH L *LXGHL &RPH"
,QWDQWRWHQJROD PHQWHDOOHQDWDFRQJOLLQWULJKLFKHOXEULILFDQRLO SDWWRWUD&DUDIDHLYHQH]LDQL ,O GL TXHVWR PHVH LO &RQVLJOLR GHL 'LHFL KD EDQGLWR L SDGUL %DUQDELWLHOHPRQDFKH$QJHOLFKHGD9HQH]LDFRQO DFFXVDGLSDVVD UH QRWL]LH ULVHUYDWH UDFFROWHLQFRQIHVVLRQDOHDOJRYHUQDWRUHGL0L ODQR)HUUDQWH*RQ]DJDYDVVDOORGHOO ,PSHUDWRUH,QTXHVWRPRGR&D UDIDVLqOLEHUDWRGLXQFRQFRUUHQWHKDFKLXVRJOLRFFKLHOHRUHFFKLH GL &DUOR 9 D 9HQH]LD / DVWX]LD GHO YHFFKLR WHDWLQR q VSDYHQWRVD 1RQ VROR SXOLVFH LO FDPSR GDJOL DYYHUVDUL LQ YLVWD GL JUDQGL PDQR YUHPDFRQVHQWHDLYHQH]LDQLGLFRQIHUPDUHODFHOHEUHIDPDGLLQWH JHUULPL FXVWRGL GHL SURSUL DIIDUL XQLFL D QRQ WROOHUDUH LQJHUHQ]H GL DOFXQR QHDQFKH GL 5RPD ,O YHFFKLR ILQJH GL GROHUVHQH PHQWUH VWULQJHODPRUVD 6RQRD9HQH]LDGDXQSDLRGLPHVL1RQIUHTXHQWRPROWLOXRJKL PDDOPLRVROGRFLVRQRGLYHUVLRFFKLFKHRVVHUYDQRFLzFKHPLLQWH UHVVD ,O ERUGHOOR GHO GHIXQWR HUHVLDUFD GL $QYHUVD LQQDQ]L WXWWR 'L OXL QHPPHQR O RPEUD SL~ IDQWDVPD FKH PDL 'HYR DYHUH SD]LHQ]D 5DFFRJOLHUH DOWUH LQIRUPD]LRQL VX 7L]LDQR ( LQWDQWR VYROJHUH LO FRPSLWRFKHPLqVWDWRDVVHJQDWR
,OGLDULRGL4
9HQH]LDPDU]R
*OLRFFKLFKHSDJRQHOOHVWDQ]HGHOOD0DJLVWUDWXUDVXJOL6WUDQLHUL ULIHULVFRQR GL XQD VWUDQD DIIOXHQ]D LQ FLWWj QHOO RWWREUH GHOOR VFRUVR DQQR 3HUVRQDJJL DPELJXL SLFFROL DUWLJLDQL FRPPHUFLDQWL FKLHULFL OHWWHUDWL DOFXQL SURYHQLHQWL DQFKH GD ORQWDQR 8Q FHQWLQDLR GL SUH VHQ]H GLIILFLOPHQWH ULFRQGXFLELOL DJOL DIIDUL GL 9HQH]LD 1HVVXQR GL ORURVLqWUDWWHQXWRSL~GLXQDVHWWLPDQD8QDPDFFKLDQHUDQHJOLDU FKLYLGHOOHDXWRULWjORFDOL , QRPL QRQ GLFRQR QLHQWH 7UDQQH XQR 3LHWUR 0DQHOIL ILJOLR GL ,SSROLWR0DQHOILFKLHULFRGL$QFRQD /RVWHVVRQRPHFKHFRPSDULYDWUDJOLDFFROLWLGHOFLUFRORFULSWR SURWHVWDQWHGL)LUHQ]H /RVWHVVRFLUFRORIUHTXHQWDWRGD7L]LDQRWUDLO HLO 8QDWUDFFLD 6HJQDODUHTXHVWRQRPHDJOL,QTXLVLWRULGHLWHUULWRULOLPLWURIL0L ODQR)HUUDUD%RORJQD 9HQH]LDPDU]R
3HUYHQXWDXQDPLVVLYDGDO3DGUH,QTXLVLWRUHGHOOH5RPDJQH ,QWHUURJDWL DOFXQL DUWLJLDQL GL 5DYHQQD LQ PHULWR DOOD SUDWLFD GHO EDWWHVLPRGHJOLDGXOWL6RVWHQJRQRGLDYHUVHQWLWRGLXQFHUWR7L]LDQR GHGLWRDTXHOODSUDWLFDQRQSL~GLXQPHVHIDQHOOHWHUUHEDVVHLQWRU QRDOODFLWWj'LFRQRDQFKHFKHGHWWR7L]LDQRSDUODVVHFRQWURO DXWRUL Wj GHO FOHUR H OD SURSULHWj HFFOHVLDVWLFD 'LFRQR FKH ULVFXRWHVVH OD VLPSDWLDGHOODSOHEHVHPSUHSURQWDGDTXHOOHSDUWLDGDFFRJOLHUHR JQLSUHWHVWRSHUGDUOXRJRDLPSRVWXUHHWXPXOWL
9HQH]LDPDU]R
6HJQDOD]LRQHGHOO ,QTXLVLWRUHGL)HUUDUD 6RVWLHQH LO QRPH GL 7L]LDQR LO EDWWLVWD HVVHUH QRWR LQ FHUWL DP ELHQWLGLTXHOODFLWWj 9HQH]LDPDU]R
/ LQWHUD QRWWH q SDVVDWD D ULIOHWWHUH VXOOD VWUDWHJLD DGRWWDELOH QHL FRQIURQWLGHL*LXGHL)RUVHF qXQPRGR 6FULYHUHD&DUDID
/HWWHUDLQYLDWDD5RPDGD9HQH]LDLQGLUL]]DWDD*LDQSLHWUR&D UDIDGDWDWDPDU]R ID
$OO LOOXVWULVVLPR H RQRUDQGLVVLPR VLJQRUH *LRYDQQL 3LHWUR &DUD
6LJQRUHPLRRVVHUYDQGLVVLPRLWUHPHVLGLSHUPDQHQ]DLQTXHVWD HQRUPHHEL]]DUUDFLWWjVRQRVWDWLVXIILFLHQWLDVXJJHULUPLTXHOODFKH UHSXWRO XQLFDVWUDWHJLDSUDWLFDELOHFRQWURL*LXGHL0LDIIUHWWRTXLQGL D GDUQH FRQWR DOOD 6LJQRULD 9RVWUD DIILQFKp SRVVD HVSULPHUH LO SL~ VDJJLRSDUHUHVRSUDGLHVVDHFRQFHGHUPLLOSULYLOHJLRGLVHUYLUHDQ FRUDDJOLVFRSLFRPXQL *OLHTXLOLEULGL9HQH]LDVRQRLQWULFDWLHFRPSOHVVLTXDQWROHVXH FDOOLHOHVXHYLHG DFTXD1RQY qLQIRUPD]LRQHRDFFDGLPHQWRSL~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jD9HQH]LDLOUXRORGL EDQFKLHULHILQDQ]LDWRULODGRSSLDUHOLJLRQHQHIDQQRXQRGHLFDUGLQL SRUWDQWLGHOODYLWDFRPPHUFLDOHHSROLWLFDGHOODFLWWj4XHVWDORURSR
VL]LRQH GD XQ ODWR OL ID VHPEUDUH LQDWWDFFDELOLGDOO DOWURFLLQGLFDLO ORURSXQWRGHEROH 0ROWHGHOOHIDPLJOLHJLXGHHVLVRQRFRQYHUWLWHDOODIHGHFULVWLDQD SHU WRJOLHUH RJQL SRVVLELOH LQWUDOFLR DL ORUR DIIDUL H GLIHQGHUVL GD TXDOVLDVLDWWDFFR4XHVWDGLVVLPXOD]LRQHSXzHVVHUORURULQIDFFLDWDH GLYHQWDUHHVVDVWHVVDLOIXOFURGLXQDGLIIXVDDYYHUVLRQHQHLORURFRQ IURQWL$TXHVWRVLDJJLXQJDFKHLQPROWLFDVLLO7XUFRVLDYYDOHSUR SULRGHOODFRQVXOHQ]DHGHOO DELOLWjGHLILQDQ]LDWRULJLXGHLSHUUDSSUH VHQWDUH D 9HQH]LD L SURSUL LQWHUHVVL 1H VRQR XQ RWWLPR HVHPSLR L 0HQGHVL JLj UHVSRQVDELOL GHOOD GLIIXVLRQH GHO %HQHILFLR GL &ULVWR FKHLQWUDWWHQJRQRUHOD]LRQLFRPPHUFLDOLHGLSORPDWLFKHFRQLO6XOWD QR6HVLULXVFLVVHDULFRQGXUUHDOOHJUDQGLIDPLJOLHJLXGHHODUHWHGL VSLHWXUFKHDWWLYHQHLWHUULWRULGHOOD6HUHQLVVLPDQRQVDUHEEHGLIILFL OH DGGLWDUOH DOOH DXWRULWj FRPH UHVSRQVDELOL GL XQD FRQJLXUD FKH PL QDFFLDJOLLQWHUHVVLGL9HQH]LD 3RLFKpL*LXGHLVRQRROWUHPRGRHVSHUWLQHOIDUFUHGHUHFKHODORUR URYLQDVDUHEEHODURYLQDGLWXWWLRFFRUUHFKHWXWWLFRPSUHQGDQRTXD OHVDUHEEHLOYDQWDJJLRGLXQDYDVWDRSHUD]LRQHFRQWURGLORUR$WWUL EXHQGRDL*LXGHLWXWWLJOLLQWULJKLFLDVFXQRSRWUHEEHFRQGXUUHLSUR SULFRQPDJJLRUHWUDQTXLOOLWj$QHVVXQRVIXJJLUHEEHO XWLOLWjGLTXH VWDVWUDWHJLD / DFFXVD GL IDOVD FRQYHUVLRQH SHUPHWWHUHEEH DL YHQH]LDQL GL VH TXHVWUDUHOHULFFKH]]HGHL*LXGHLULPSLQJXDQGROHFDVVHGHOORVWDWR TXHOOD GL FRQJLXUDUH FRQ LO 6XOWDQR HVFOXGHUHEEH O HYHQWXDOH LQWHU YHQWRLQORURIDYRUHGDSDUWHGHOOHSRWHQ]HFULVWLDQH $WWHQGRFRQILGXFLDLOSDUHUHGL96UDFFRPDQGDQGRPLDOODVXD EHQHYROHQ]D 'L9HQH]LDQHOJLRUQRGLPDU]R ,OIHGHOHRVVHUYDWRUHGL96 4
,OGLDULRGL4
9HQH]LDDSULOH
&RPLQFLDODIURQGD $QWRQLR *KLVOLHUL q D %HUJDPR ,O YHVFRYR ORFDOH 6RUDQ]RqDF FXVDWR GL DYHU FRQVHQWLWR OD GLIIXVLRQHGHO%HQHILFLR GL &ULVWR QHOOD SURSULDGLRFHVLÊVWDWDULQYHQXWDXQDFRSLDGHOOLEHOORVFRPXQLFDWR QHOODVXDELEOLRWHFDSULYDWD *KLVOLHULORWRUFKLHUjILQFKpQRQORDYUjYLVWRFDGHUH 9HQH]LDDSULOH
,QTXLVLWRDQFKHLOYHVFRYRGL&RPR1HPPHQRLQTXHOODGLRFHVL ,O%HQHILFLRKDWURYDWRRVWDFROL *OL6SLULWXDOLERFFKHJJLDQR1RQVLDVSHWWDYDQRXQDWWDFFRGLUHW WR ,OGRPHQLFDQR*KLVOLHULqVFDWHQDWR &RPHVLSRWHYDVXSSRUUH&DUDIDKDDWWHVRODULSUHVDGHO&RQFLOLR D7UHQWRSHUODQFLDUHO RIIHQVLYD ILQDOH 9HQH]LDPDJJLR
&DGRQR DQFKH L YHVFRYL GL $TXLOHLD H GL 2WUDQWR / DFFXVD q OD VWHVVD 7HVWD GRSR WHVWD OD VWUDWHJLD GL &DUDID QRQ LQFRQWUD RVWDFROL ,O YDQWDJJLR q GRSSLR SXOL]LD GHJOL DYYHUVDUL LQWHUQL H FDQFHOOD]LRQH GHL GLVHJQL GHOO ,PSHUDWRUH FKH VXOOD ULSUHVD GHO &RQFLOLR SXQWDYD WXWWR 9HQH]LDJLXJQR
6RWWRLFROSLGHOGRPHQLFDQRQXRYRPDJOLRGHOOD&ULVWLDQLWjFD
GH LO PDFLJQR SL~ JUDQGH 0RURQH YHVFRYR GL 0RGHQD PHPEUR GHOOD&RQJUHJD]LRQHGHO6DQW 8IIL]LRILGDWRFRQVLJOLHUHGL5HJLQDOG 3ROHXQDILJXUDLQDWWDFFDELOHILQRDSRFKLPHVLID 7XWWL JOL LQTXLVLWL GD RJJL LQ SRL GRYUDQQR GLIHQGHUVL ( WXWWL JOL DOWUL WHPHUH /D FDGXWD GL VLPLOL WHVWH DYYHUWH FKH QHVVXQR q SL~ DO VLFXUR&KLXQTXHVLDVWDWRVILRUDWRGDOYHOHQRGHO%HQHILFLRGL&ULVWR QRQQHXVFLUjLOOHVR , IUXWWL PDWXUL GHO PLR ODYRUR VWDQQR FDGHQGR XQR GRSR O DOWUR 'RYUHL HVVHUH JLj PRUWR SRUWDQGR VRWWR WHUUD L VHJUHWL GL XQ RSHUD ]LRQHFRQFHSLWDGLHFLDQQLID 8Q LPSUXGHQ]DRIRUVHXQHFFHVVRGLVLFXUH]]DRDQFRUDODIRJD GL DQQLHQWDUH O DYYHUVDULR 0L UHVWD DQFRUD XQ SR GL WHPSR TXHOOR QHFHVVDULRDSLDQWDUHLOFURFHILVVRQHOFXRUHGHL*LXGHL 9HQH]LDOXJOLR
1XRYD OHWWHUD GHOO ,QTXLVLWRUH GHOOH 5RPDJQH /DSUHVHQ]DGLXQ WHGHVFRGLQRPH7L]LDQRqVWDWDVHJQDODWDQHOERUJRGL%DJQDFDYDOOR WUD,PRODH5DYHQQD 9HQH]LDOXJOLR
,Q FLWWj VXOOD ERFFD GL WXWWL F q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jPHUFDQWLOHGL9HQH]LDQRQDYDOODTXHVWHYRFLL VXRLDIIDULVRQROHJDWLDILORGRSSLRFRQLEDQFKLHULJLXGHL,SURFHVVL LQ FRUVR DOLPHQWDQR XQ RVWLOLWj FKH VHPEUD SRWHU GLODJDUH 0D VHUYH XQDVFLQWLOODFKHIDFFLDGLYDPSDUHO LQFHQGLR +RPHVVRJOLRFFKLVXDOFXQLORVFKLOHYDQWLQLFKHSRWUHEEHURWRU QDUHXWLOLDOOHFLUFRVWDQ]H,VWUXLWRDGRYHUHXQWXUFRFKHFRQIHVVDVVH GDYDQWLDOOHDXWRULWjYHQH]LDQHGLHVVHUHXQDVSLDGHO6XOWDQRDOVRO
GRGLXQDSRWHQWHIDPLJOLDJLXGHDSURYRFKHUHEEHO DWWHVDUHD]LRQH 9HQH]LDDJRVWR
/ ,QTXLVLWRUHGL)HUUDUDVFULYHSHUVHJQDODUHODSUHVHQ]DGL3LHWUR 0DQHOILQHOODFLWWjHVWHQVH 9HQH]LDDJRVWR
&DUDIDVLHVSRQHLQSULPDSHUVRQD'LIURQWHDO&RQFLOLRKDDFFX VDWRJOL6SLULWXDOLGLLQDGHPSLHQ]DGLQRQDYHUPDLIDWWRQLHQWHSHU LPSHGLUHODGLIIXVLRQHGHO%HQHILFLRGL&ULVWR6RVWLHQHFKH3ROHHL VXRLDPLFLQRQKDQQRPDLYROXWRUHQGHUVLFRQWRGHOODSRUWDWDHUHWLFD GHO OLEUR GL )RQWDQLQL DFDXVDGHLORURDPELJXLLQWHQWLGLULFRQFLOLD ]LRQHFRQLOXWHUDQL/LVWDDFFXVDQGRGLHVVHUVLODVFLDWLFLUFXLUHGDOOH LGHHSURWHVWDQWL/ LPSXWD]LRQHqJUDYLVVLPD ,OYHFFKLRWHDWLQRQRQHUDPDLVFHVRLQFDPSRSHUVRQDOPHQWH6H JOL 6SLULWXDOL QRQ VDSUDQQR UHDJLUH LQ WHPSR VRQR GHVWLQDWL D VRF FRPEHUH
&DSLWROR )HUUDUDVHWWHPEUH
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q XQR VFDULFR GL HVFUHPHQWL H ULILXWLDFLHORDSHUWR 3LHWUR0DQHOILqDJLWDWRSHGDQWHLPSDXULWR HPROWHYROWHKRDYXWRODVHQVD]LRQHGLHVVHUHVHJXLWRVSLDWR 0DSL~GLWXWWRFRPHWLGLFHYRVRQRWXWWHTXHOOHGRPDQGHLQJLURLO PLRQRPHIDWWRQHOOHRVWHULHSHUVRQHPDLYLVWHFKHIDQQRGRPDQGH ( SRL WXWWH OH FRVH FKH VL VHQWRQR GLUH FKH DQFKH IXRUL FRPLQFLDQR DGDOLWDUHVXOFROORGHLFRQIUDWHOOLLQ5RPDJQDQHOOH0DUFKH6LVHQ WRQR WDQWH FRVH F q O ,QGLFH GHL OLEUL H WXWWR TXHVWR ERUGHOOR VXO %HQHILFLR GL &ULVWR 1RQ GRYHYDQR DQGDUH FRVt OH FRVH GLFHYL FKH TXHVWR3DSDDYUHEEHDYXWRSL~PLVXUDHLQYHFHVHPEUDFKHQHVVXQR VLD SL~ DO VLFXUR QHPPHQR L FDUGLQDOL ILJXULDPRFL QRL & q WURSSD JHQWH FKH YD LQ JLUR D IDUH GRPDQGH FL VWDQQR DGGRVVR SUHSDUDQR TXDOFRVD$QFKHTXL+DLYLVWRFRVDqVXFFHVVRD*LRUJLR6LFXOR",O GXFDQRQFLKDSHQVDWRGXHYROWHDEUXFLDUOR$9HQH]LDDOFRQFLOLR V qSDUODWRGLQLFRGHPLVPRGLVVLPXODUHODQRVWUDIHGHPDTXDQGRWL PHWWRQROHPDQLDGGRVVRFRPHIDLTXHOOLWLWRUFKLDQRXVDQROHWHQD JOLHURYHQWLVHYDEHQHWLVEDWWRQRLQJDOHUDWXWWDODYLWD %DVWD 3LHWUR &DSLVFR O DQVLD GL VHQWLUVLEUDFFDWL PD LO SX]]R LJQRELOH GL TXHVWD IRJQD GRYH PL KDL GDWR DSSXQWDPHQWR WL VWD DQ QHEELDQGRODPHQWH3HQVDYLFKHLOFOHURGL5RPDSRWHVVHGLYHQWDUH QRVWURDOOHDWR"2FKHLSULQFLSLVLVDUHEEHURFRPSURPHVVLSHUVSHQ GHUH XQD SDUROD LQ QRVWUR IDYRUH" 3HUFKp DOORUD DYUHPPR DYXWR EL VRJQR GL GLVVLPXODUH" 1RQ FDSLVFL FKH FHUFDQR GL WHUURUL]]DUFL"
4XHVWDqODORURVWUDWHJLDVRVSHWWDUHGLWXWWLDIILQFKpFKLKDUDJLRQH GLWHPHUHIDFFLDXQSDVVRIDOVRHVLVFRSUD $QFKH OXL SX]]D GL VXGRUH H SDXUD 0D VH PL SUHQGRQR" ,R QRQYRJOLRIDUHODILQHGHO6LFXOR 3DUOLGLPHVROWDQWRGLPHHULWUDWWLWXWWR'LFLFKHVRQRVWDWRLR DLPERWWLUWLGLIDOVHFUHGHQ]HFKHHULGHEROHHFKHLRVRQRVWDWREUD YRDVSDFFLDUHIDOVLWjSHUODJLXVWDGRWWULQD 6LWRUWXUDOHPDQL DJLWDWR (VHSUHQGRQRWH" /RDSSHQGRDOPXURODIDFFLDFRQWURODVXD 6HQWLPLEHQH3LH WURYDWWHQHGD)HUUDUD7RUQDQHOOH0DUFKHFKLXGLWLLQXQFRQYHQWR VFDSSDLQFLPDDXQDPRQWDJQDRYXQTXHWXWLSRVVDVHQWLUHDOVLFXUR H IDUWL SDVVDUH OD SDXUD 1RQ PL SLDFFLRQR L SDYLGL FKH VL ODVFLDQR SDUDOL]]DUH GD TXDOFKH GRPDQGD IDWWD LQ JLUR /R ODVFLR VFLYRODUH JL~UDWWUDSSLWR /DSDXUDSXzHVVHUHXQ DOOHDWDVHWLVHUYHDHVVHUH SL~ FDXWR H SL~ DVWXWR 6H WL FDJKL DGGRVVR LO QHPLFR WL WURYHUj VH JXHQGRODSX]]DGLPHUGD 0LDOORQWDQRYLDGDTXHOWDQIR
&DSLWROR )HUUDUDRWWREUH
,O&KL~KDYHUVDWRDFTXDYLWH8QDEDWWXWDHXQFRPPLDWRYHORFH YHUVRODUHVLGHQ]DGHL0LTXH]
%HDWULFHq LQSLHGLDFFDQWRDXQDJUDQGHYROLHUD8QPHUORGHOOH ,QGLHEHFFDXQDPHODGDOODVXDPDQR 2JQLYROWDFKHODYHGRFDSLVFRSHUFKpQRQKRSL~WDQWDYRJOLDGL DQGDUPHQHLQJLURDUDFFDWWDUHWLSLFRPH0DQHOIL5HVWRDJXDUGDUOD DVSHWWDQGRFKHVLDFFRUJDGHOOD PLDSUHVHQ]D /XGRYLFR9XRLIDUPLSDXUDFRQFLDWRFRVt" 3HUGRQDPLPDQRQKRDYXWRWHPSRGLUHQGHUPLSL~SUHVHQWDEL OH +RTXLSHUWHXQPHVVDJJLRGL-RmR -RmR-RmR 0LJLURGLVFDWWRYHUVRODJDEELDH%HDWULFHVFRSSLDDULGHUH Ê VRUSUHQGHQWHFRPH ULHVFDQR D LPLWDUH OD YRFH GHJOL XRPLQL 0LSRUJHLOIRJOLRVLJLOODWR $ XQD SULPD RFFKLDWD F q GD UHVWDUH SHUSOHVVL XQD VHTXHQ]D GL IUDVLLQQHJJLDQWLDOODYLWDQHLFDPSL 3URYD FRQ TXHVWD %HDWULFH PL Gj XQD VRWWLOH ODPLQD GL IHUUR EXFKHUHOODWD JUDQGH TXDQWR OD SDJLQD Ê LO QRVWUR FRGLFH GL IDPL JOLD/RXVLDPRGDPROWLDQQLSHUPHWWHUFLDOULSDURGDJOLRFFKLLQGL VFUHWL6RYUDSSRQLODJULJOLDDOIRJOLR *OLVSD]LLQWDJOLDWLQHOODODPLQDLVRODQRSDUROHSH]]LGLIUDVHVLO ODEHFKHLPSURYYLVDPHQWHDFTXLVWDQRVHQVR 8Q QXRYR FDQH GDOOD FDPSDJQD URPDQD WHGHVFR FDFFLDWRUH G HUED PDOLJQD 6FUXWD OHJJH FRQVLJOLD 6HPSUH GHQWUR LO VHUUD JOLRQRQPRVWUDLOYROWRDLXWDLSDVWRULDFRQWDUHLOJUHJJHDVH SDUDUHLOJUDQRGDOORJOLR6HUYHLOSDGURQHVHQ]DLQGRVVDUQHO DEL WR 1RQ FHUFDUH GL WRUQDUH LQ ODJXQD &HUFDQR LO SLWWRUH 1XRYH DUULYHUDQQR
8Q XRPR GL &DUDID DG DIILDQFDUH O ,QTXLVLWRUH YHQH]LDQR 7HGH VFR/DLFR &HUFD7L]LDQR 4RqOHW &LVLDPR 4XHOORFKHGHYRIDUH
4RqOHW
&DSLWROR 9HQH]LDRWWREUH
1RWWHIRQGD/D*LXGHFFDqXQDOXQJDOLQJXDGLFDVHHDOEHULVWD JOLDWD FRQWUR LO FLHOR /D EDUFD DFFRVWD SLDQR DOSRQWLOHVXOUHWURGL &D %DUEDUR IDFFLR FHQQR DO YRJDWRUH GL IHUPDUVL H DOODFFLR OD JR PHQDDOSDOR 3DJRLQIUHWWDLOWHPSRGLFRQWDUHHVSLQJRO LPEDUFD]LRQHYHUVR LOODUJRULVFKLDQGRGLVELODQFLDUPL ,PLHLSDVVLULVXRQDQRVXOOHDVVLFRPHVXXQWDPEXUR/DSRUWD %XVVR 1LHQWH 3L~IRUWH ,OUXPRUHGLXQDILQHVWUDFKHVLDSUHVRSUDODPLDWHVWD )DWHYLULFRQRVFHUH 6RQR/XGRYLFR6RQRWRUQDWR /D SRUWD VL VSDODQFD DOO LPSURYYLVR XQDOXFHVRIIXVDLOOXPLQDOD FDQQDGLXQDSLVWROD 'XDUWHVRQRLR 6JUDQDJOLRFFKLDVVRQQDWL 'LDYROR6HLLPSD]]LWR"&RVDFLIDL TXL" 'HYRSDUODUHFRQ-RmR (QWURQHOJLDUGLQRGHOODFDVD7UDPEXVWRGDOOHVFDOH &KLq" Ê/XGRYLFR 8Q LPSUHFD]LRQHLQSRUWRJKHVH ,QGRVVDXQDFDPLFLDRUODWDGLSL]]RLFDSHOOLVFLROWLVXOOHVSDOOH 3HUFKpVHLWRUQDWR"7LDYHYRVFULWWR /RVRFRVDPLKDLVFULWWR0DQRQF qWHPSR'REELDPRSDUODUH -RmRFRQO LQGLFHHLOPHGLRVLSUHPHXQRFFKLR $KDOO LQIHUQRVHLSD]]R9LHQLGHQWUR 0LIDVWUDGDILQRDOORVFULWWRLR / ,QTXLVL]LRQHLQGDJDVXOFRQFL OLRGHLWXRLDPLFLDQDEDWWLVWL,OQRPHGL7L]LDQRqJLjVDOWDWRIXRULLQ SL~GLXQ RFFDVLRQH9HQLUHTXLqXQDPRVVDVWXSLGDGDSDUWHWXD 5DYYLYDODEUDFHQHOFDPLQR3RLVLVLHGHFRQWLQXDQGRDVWURSLF FLDUVLJOLRFFKLSHUVSD]]DUHYLDLOVRQQR
0LJXDUGDFRQO DULDGLFKLDVSHWWDXQDVSLHJD]LRQH 'DTXDQWRWHPSRVDLGHOWHGHVFR" 7UDWWLHQHXQRVEDGLJOLR 'DTXDOFKHVHWWLPDQD1RQVLIDYHGHUH LQJLURqLQDYYLFLQDELOH 4XDQGRqDUULYDWRD9HQH]LD" 1RQORVR6HLPHVLIRUVHSL~ 6LELOR XQD EHVWHPPLD WUD L GHQWL ,R GLUHL GD TXDQGR VRQR FR PLQFLDWLJOLDUUHVWLGHL *LXGHL -RmRHVSUHVVLRQHVHULD 'LFRQRFKHVLDLOFRQVXOHQWHSDUWLFRODUH GHOO ,QTXLVLWRUHFKHSDVVLWXWWRLOWHPSRDOHJJHUHLOLEULFKHYHQJRQR VWDPSDWLD9HQH]LDSHUVFRYDUHDQFKHLOSL~SLFFRORLQGL]LRG HUHVLD /DVFLDSHUGHUHOHYRFL& qGLPH]]REHQDOWUR &KHYXRLGLUH" 1RQWLVHPEUDVWUDQRFKH5RPDVSHGLVFDXQRGHLVXRLD9HQH ]LDHLPSURYYLVDPHQWHTXLVLPHWWDQRDGDUUHVWDUH*LXGHL" 6DOWD LQ SLHGL LPSURYYLVDPHQWH VYHJOLR TXDOFKH SDVVR QHUYRVR JOLRFFKLVXOSDYLPHQWR 3HQVLFKHVLVLDQRPHVVLG DFFRUGRSHULQFDVWUDUFL" ÊFKLDUR(VHVLWUDWWDGHOWHGHVFRFKHFUHGRLRqXQXRPRGL &DUDID,OPLJOLRUH 6LSDVVDXQDPDQRVXOODEDUEDHVEXIIDVRQRUDPHQWH 6HqFRVtGREELDPRVDSHUORFRQFHUWH]]D'DTXDOFKHWHPSRSH Uz q GLYHQWDWR VHPSUH SL~ GLIILFLOH RWWHQHUH LQIRUPD]LRQL &L VWDQQR IDFHQGRLOGHVHUWRLQWRUQR(FRPHVHQRQEDVWDVVHFLWHQJRQRG RF FKLRRJQLLVWDQWH3HUILQRLO&DUDWHOORqVRUYHJOLDWR+RGRYXWRPHW WHUHGHOOHVSLHDFRQWUROODUHOHORURVSLH 6LIHUPDHYLWDLOPLRVJXDUGR /RLQFDO]R 'LPPLWXWWR ÊVDOWDWRIXRULXQWXUFRXQWUXIIDWRUHGDTXDWWURVROGLFKHED] ]LFDO $UVHQDOH6Lq PHVVRDJHWWDUPHUGDVXGLQRL'LFHGLDYHUUL FHYXWRGHLVROGLGDXQULFFRJLXGHRSHUSDVVDUHDL7XUFKLWXWWHOHLQ IRUPD]LRQLVXOODIORWWDGL9HQH]LD 8QDILWWDDOSROVRPLIDVWULQJHUHLGHQWL 'REELDPRWHQWDUHTXDOFRVD-RmR3ULPDFKHVLDWURSSRWDUGL 8Q EULYLGR OR VFXRWH 5DFFRJOLH XQD SHVDQWH SDODQGUDQD H VH OD DYYROJH DGGRVVR *OL DUDEHVFKL GRUDWL ULOXFRQR GDYDQWL DO FDPLQR PHQWUHVSURIRQGDQHOODSROWURQDGLFXRLR /DVWDQFKH]]DqVFRPSDUVDLOVXRWRQRqGLQXRYRTXHOORGLVHP SUH 'LPPLFRV KDLLQPHQWH
,OGLDULRGL4
9HQH]LDRWWREUH
7UH JLRUQL ID 3LHWUR0DQHOILVLqFRQVHJQDWRVSRQWDQHDPHQWHDO O ,QTXLVLWRUHGL%RORJQD
&DSLWROR 9HQH]LDQRYHPEUH
,OSXWWRVDTXHOORFKHGHYHIDUH,OSXWWRKDGLHFLDQQL$O ULQWRFFR FRQVHJQD LO PHVVDJJLR DO SDOD]]R FRQ LO FRQWUDVVHJQR SUHVWDELOLWR LPSUHVVRVXOGRUVRGHOIRJOLRULSLHJDWRLOFDOFRGLXQVHUSHQWHDYYRO WRDOODODPDGLXQDVSDGD,OPHVVDJJLRGLFH ,O7HGHVFRqD9HQH]LD/XRJRHRUDVWDELOLWL
,OSXWWRVDEHQHFKHGHYHLQVLVWHUHFKHO (FFHOOHQ]DORULFHYDVXEL WR DOWULPHQWL VDUDQQR IUXVWDWH SLDJQXFROD FKH LO SDGURQH FKH O KD PDQGDWR Ot KD GHWWR FKH HUD XUJHQWH FKH VH QR VRQRJXDL©SDUPLH SDUWLª ,OSXWWRULFFLROLELRQGLILQVRSUDOHVSDOOHGHQWLELDQFKLFRPHOD SULPDQHYHqXQDIDLQDDPPDHVWUDWDLQVLVWHSLDJQXFRODFRQVHJQDH VSDULVFH ,OSRVWRqODFKLHVDGL6DQ*LRYDQQLGLHWURLO)RQGDFRGHL7XUFKL / XRPR VHQ]D YROWR q SXQWXDOH &RPH VWDELOLWR VL VLHGH QHO FRQ IHVVLRQDOHHDVSHWWD / RPHWWRSHODWRGDOO DOWUDSDUWHGHOODJUDWDDWWDFFDODVXDVWRULD 3DUOD GHOOD VXD YLWD GL SHFFDWRUH GL TXDQWR SRFR IUHTXHQWL OH PHVVH GL TXDQWL DQQL VRQR FKH QRQ VL FRQIHVVD /H FKLHVH SHUz JOL SLDFFLRQR FRPXQLFDQR XQD VHQVD]LRQH GL TXLHWH H VRSUDWWXWWR TXH VWDFRVtSLFFRODFRVtDSSDUWDWDJOLKDIDWWRYHQLUHYRJOLDGLOLEHUDUVL ODFRVFLHQ]D / XRPRVHQ]DYROWRLPSUHFDWUDVp1RQHUDTXHVWRSHGDQWHERWR ORGDOO DFFHQWRWRVFDQRFKHVWDYDDVSHWWDQGR 5HVWDLQVLOHQ]LRDWWHQGHFKHILQLVFD /D YRFH JUDFFKLD GL FRPH QRQ ULHVFD D UHVLVWHUH DOOD WHQWD]LRQH GHO JLRFR 'L TXDQWR JOL SHVL DYHU YLQWR TXHL VROGL H GHO ELVRJQRGL GHYROYHUOLDRSHUHGLEHQH 4XDOFRVD YLHQH SUHPXWR QHOOD IHVVXUD VRWWR OD JUDWD EULOOD DOOD OXFHFKHILOWUDDWWUDYHUVRODWHQGDVLLQFDVWUDVXOERUGRHFRQO XOWLPD VSLQWDJOLULPEDO]DLQJUHPER
/ XRPRVHQ]DYROWRqFRQIXVR /DYRFHVLSURIRQGHLQULQJUD]LDPHQWLDYHYDSURSULRELVRJQRGL OLEHUDUVL GL TXHVWR SHVR SHU IRUWXQD FLVRQRVHPSUHGHLVDQW XRPLQL GLVSRVWL DG DVFROWDUH H LQWDQWR VL DIILHYROLVFH /H XOWLPH SDUROH UL FRUGDQRFKHSULPDRGRSRWXWWLILQLUHPRDOFRVSHWWRGHOO $OWLVVLPR ,OFRQIHVVLRQDOHqYXRWR / XRPRVHQ]DYROWRKDXQVXVVXOWR(VFHQHOODQDYDWDQHVVXQR $SUH LO SDOPR FKH UDFFKLXGH OD PRQHWD /H LVFUL]LRQL VRQR ILWWH VLD VXO UHFWR FKH VXO YHUVR GHYH DYYLFLQDUOD SHU SRWHUOH GHFLIUDUH 3DUODQRODVXDOLQJXD 81',281$)('(81%$77(6,02 815(*,86726235$78772 /$3$52/$6,Ê)$77$&$51( 0h167(5 / XRPRVHQ]DYROWRVLSUHFLSLWDIXRULGDOODFKLHVD /DOXFHORDEEDJOLD6LIHUPD'HOO RPHWWRQRQF qWUDFFLD ,O5HJQRGL6LRQ0QVWHU9HQH]LD ,QPH]]RXQPDUHGLWHPSRULHPSLWRGDOO HQLJPD ,O7HGHVFR&KHKDLOQRPHGLXQPRUWR /RVSHWWURFKHKDSRUWDWRILQROtTXHOODPRQHWD 7XWWR DFFDGH WURSSR LQ IUHWWD DOO LPSURYYLVR VRWWR LO ULYHUEHUR GHOFLHORFRQWURLOVHOFLDWR ,OFDPSLHOORVLDQLPDGLXQDVWUDQDDJLWD]LRQH*LRYDQLFRUSXOHQWL FRQ JKLJQH GD LQYDVDWL DFFRUURQR GDL ODWL RSSRVWL OH FDVDFFKH GHL 1LFRORWWL FRQWUR TXHOOH GHL &DVWHOODQL 3ULPD LQVXOWL LPSUHFD]LRQL TXDOFKH VDVVR EDVWRQL LQ YLVWD SRL XQ JURYLJOLR GL FRUSL LPSD]]LWL RFFXSDO LQWHUDVFHQD / XRPRVHQ]DYROWRDWWRQLWRVSDOOHDOPXURFHUFDGLJXDGDJQDUH ORVWUHWWLVVLPRYLFRORFKHILDQFKHJJLD6DQ*LRYDQQL $O VXR ILDQFR FRPSDUH XQD FUHDWXUD HQRUPH FKH OR VRVSLQJH LQ TXHOOD GLUH]LRQH / XRPR VHQ]D YROWR DUUHWUD LPSUHVVLRQDWR GDOO LQ FUHGLELOHYLVLRQHGLXQDGRQQDDOWDGXHPHWULFRQXQFDSSHOORODUJR TXDQWR LO YLFROR GD FXL IXRULHVFH O DFFRQFLDWXUD DOWD GD 0HGXVD ELDQFD LQ IDFFLD FRQ JOL RFFKL FHUFKLDWL GL EOX L FDSH]]ROL LQ YLVWD WLQWLGLURVVRFDUPLQLRSXQWDWLVXGLOXLDOO DOWH]]DGHOYROWRJOL]RF FROLDOWLVVLPLDYDQ]DFRPHVXLWUDPSROLHVRUULGH / XRPR VHQ]D YROWR QRQ q SL~ VLFXUR GL FLzFKHYHGH6L YROWDH SURYDDGDOOXQJDUHLOSDVVRQHOYLFRORVHPSUHSL~VWUHWWR ,QIRQGRLOSXWWRORVWDDVSHWWDQGR)DDPSLFHQQLYLHQLVLJQRUH YLHQLGLTXD
,OSXWWRKDGLHFLDQQLHVDTXHOORFKHGHYHIDUH / XRPR VHQ]D YROWR QRQ SXz IDUH DOWUR FKH DQGDUH LQFRQWUR D TXHOODFDVFDWDGLULFFLROLGRUDWL4XDQGRYHGHODSRUWDVSDODQFDWDVXO EXLR DOOD VXD GHVWUD q WURSSR WDUGL SHU SURYDUH D WRUQDUH LQGLHWUR 6RWWR L VXRL FRJOLRQL VFLQWLOOD OD ODPD FKH LO SXWWR SXQWD FRQ PDQR IHUPD / XRPRVHQ]DYROWRQRQqVLFXURGLFLzFKHYHGH
,OIUDWHOORGHO6HIDUGLWDORSUHQGHLQFRQVHJQDLOIUHGGRGHOODOD PDDGHVVRqVXOFROOR/LQHDPHQWLJHQWLOLHVXOODIDFFLDTXDVLXQVRU ULVR /D SRUWD YLHQH ULFKLXVD DOOH VXH VSDOOH / XRPR VHQ]D YROWR VFHQGHOHVFDOHVWUHWWHYHUVRODOXFHGHEROHGLXQDWRUFLD$YYHUWHO D FUHRGRUHGLPXIIDO XPLGLWjFKHDOO LVWDQWHJOLSHQHWUDOHRVVD / DPLFR IHGHOH GHO 6HIDUGLWD JOL LQILODXQFDSSXFFLROHJDLSROVL GLHWURODVFKLHQD1HVVXQRSDUOD /RIDQQRVHGHUHVXXQDSDQFDPDOIHUPD / XRPRVHQ]DYROWR QRQYHGHQRQVHQWHSL~VFRUUHUHLOWHPSR,O IUDWHOORGHO6HIDUGLWDGLFHFKHGRYUj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~IRUWHLQFD SDFHGLSUHYHGHUHO LPPHGLDWRGHVWLQR6HSRLYLHQHLPSRVWDDFKLq DELWXDWRDGHFLGHUHGHLGHVWLQLDOWUXLVLSXzLPPDJLQDUHO LPEDUD]]R
FKHSURYRFD7XWWDYLDDJJLXQJHUHTXDOFKHQRWL]LDFKHFRQWULEXLVFDD FKLDULUHLFRQWRUQLGLTXDQWRYDDFFDGHQGRSXzFHUWDPHQWHDOOHYLDU QHLOSHVR ,O 6HIDUGLWD GLFH FKH D 9HQH]LD ELVRJQD HVVHUH SDUWLFRODUPHQWH FDXWL QHOOR VFHJOLHUH JOL LQIRUPDWRUL &KH D 9HQH]LDTXHOORqSURED ELOPHQWHLOPHVWLHUHSL~GLIIXVRGRSRLOPHUHWULFLRHDQ]LVLSXzGLUH FKHQRQGLIIHULVFDLQQXOODGDTXHVW XOWLPR$9HQH]LDJOLLQIRUPDWR UL IDQQR SUHVWR D FDPELDUH EDQGLHUD 'HO UHVWR XQD VSLD QRQ FKLHGH DOWURFKHXQDEXRQDSDJDHODVLFXUH]]DGHOODSURSULDSHUVRQDFKLVD RIIULUJOLHOHJRGUjGHLVXRLVHUYLJL3HUFXLqSRVVLELOHFKHVLPLOLLQ FRQYHQLHQWL VLDQR GRYXWL DOOH VFDUVH UHPXQHUD]LRQL RIIHUWH GDJOL LQ TXLVLWRULRDOO HFFHVVLYDJHQHURVLWjGHLORURDYYHUVDUL(GqEXIIRFKH WDOL ODXWH ULFRPSHQVH LQ TXHVWR FDVR SURYHQJDQR GD FKL GD VHPSUH SRUWDLOWLWRORGLDYDURHXVXUDLR / XRPRLQFDSSXFFLDWRVHQWHLVXRLSDVVLSURFHGHUHLQFLUFROR 'RSRTXDOFKHVHFRQGRODYRFHULSUHQGH'LFHFKHO DIILGDUVLDLQ IRUPDWRUL SRFR GHYRWL q VWDWDFHUWDPHQWHXQDOHJJHUH]]DPDQRQOD VROD1RQODVFLDUHYLHGLVFDPSRDOQHPLFRLQIDWWLqLPSUXGHQ]DDO WUHWWDQWR JUDYH 6WULQJHUH LO ODFFLR DO FROOR GL XQD LQWHUD FRPXQLWj IDUOHSUHVDJLUHXQIXWXURGLVRIIHUHQ]DHGLPRUWHQRQSXzFKHVFDWH QDUH UHD]LRQL VRUSUHQGHQWL / XRPR FRQ OH VSDOOH DO PXUR q TXHOOR FKHVLGLIHQGHPHJOLR/DJXHUUDQRQVRORTXHOODVSLULWXDOHqXQ DUWH UDIILQDWD TXDQWR OD GLSORPD]LD FKH GD HVVD GHULYD ( LQ TXHVW DUWH ORURPDOJUDGRL*LXGHLVRQRFRVWUHWWLDHFFHOOHUH4XDQGRVLqDFFHU FKLDWLVLHODERUDQRWUDPHGLIURQWHDOODPRUWHVLFRPEDWWH ,O 6HIDUGLWD SUHDQQXQFLD FKH FL VDUj PROWR DOWUR GL FXL SDUODUH FRPHDG HVHPSLRGLTXHOWXUFRFKHPLOODQWDG HVVHUHDOORURVHUYL]LR SHUFRQWRGHO6XOWDQR0DRJQLFRVDDOPRPHQWRJLXVWR3HUFKpSUL PDGRSRTXDOFKHRUDGLULSRVRORDVSHWWDXQDOWURYLDJJLR / XRPRLQFDSSXFFLDWRVLODVFLDVWHQGHUHVXXQDEUDQGDHFDGHLQ XQVRQQRLQTXLHWR
&DSLWROR 9HQH]LDQRYHPEUH
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~IRUWXQDWL+DQQR JRGXWRLOSULYLOHJLRGLFRPEDWWHUOD3H]]HQWLRQRELOLEDVWDUGLRHURL LQIDPLVSLHRFDYDOLHULGHJOLXPLOLVRUGLGLPHUFHQDULRSURIHWLGLXQ WHPSRQXRYRHVVLKDQQRVFHOWRLOFDPSRDEEUDFFLDWRXQDIHGHDL] ]DWR LO IXRFR GHOOD VSHUDQ]D H GHOOD YDQLWj ,O FDPSR q TXHOOR GRYH KDQQRWURYDWRFKLGLODQLzOH ORURFDUQLODIHGHTXHOODFKHOLWUDGt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
JOLDUWLHQHOGRORUHPDUWHOODQWHGLHWURO RFFKLRGHVWUR/ DWWHQ]LRQHq UDSLWD GD RJQL FRVD GD RJQL GHWWDJOLR FKLHGH XQD WUHJXD GRSR OH OXQJKHQRWWLLQVRQQLFRQ-RmRDOILDQFRDSURJHWWDUHO RSHUD]LRQHILQ QHL PLQLPL SDUWLFRODUL ,Q ORQWDQDQ]D EDUFKHGLSHVFDWRULFKHIDQQR ULWRUQR JLUDQGR DO ODUJR SHU HYLWDUH OH VHFFKH LQVLGLRVH GHOOD EDVVD PDUHD , SULPL JDEELDQL VL DO]DQR LQ YROR R VWD]LRQDQR VXOO DFTXD FDOPD 'RYUHL HVVHUH WHVR DJLWDWR ,QYHFH DYYHUWR VROR OD VSRVVDWH]]D GHOOHRVVDLUHXPLHDQFKHXQDFHUWDWLWXEDQ]D)RUVHLQIRQGRYRUUHL QRQ VDSHUH 9RUUHL WHQHUPL LO VRVSHWWR FKH PL KD DFFRPSDJQDWR LQ WXWWL TXHVWL DQQL 9ROWDUH SDJLQD H LQFRPLQFLDUH XQD VWRULD SL~ VRP PHVVD IDWWD GL OHWWL PRUELGL H DIIHWWL DOWUHWWDQWR DFFRJOLHQWL 7UDVFL QDUPLYLDGDOFDPSRGLEDWWDJOLDHULSRVDUHLQILQH 0DLPRUWLWRUQHUHEEHURDLQWHUURJDUPL7XWWLTXHLYROWLLQVLVWRQR VXOOD PHPRULD H GLFRQR FKH DOO XOWLPR XRPR ULPDVWR LQ SLHGL WRFFD VDOGDUHLFRQWL6FRSULUHODYHULWj/RGHYRIRUVHSL~DORURFKHDPH VWHVVR D TXHOOL FKH VRQR ULPDVWL VXO FDPSR DL SURIHWL WUDGLWL GDOOH ORUR VWHVVH SURIH]LH DL FRQWDGLQL FKH LPSXJQDURQR OH ]DSSH FRPH VSDGHDLWHVVLWRULFKHGLYHQQHURVROGDWLSHUVSRGHVWDUHLYHVFRYLHL SULQFLSLDLFRPSDJQLGLWXWWDODYLWD/RGHYRDQFKHDL *LXGHLVWUDQR SRSRORGLSHOOHJULQLVHQ]DPHWDFKHPLKDDFFRPSDJQDWRQHOO XOWLPR WUDWWRGLVWUDGD 2SSXUH QR $ YROWH SHQVR FKH TXHVWD VLD VWDWD O LOOXVLRQH FKH q VHUYLWD SHU FRQWLQXDUH SHU WUDFFLDUH QXRYH URWWH SHUQRQIHUPDUVLH DPPHWWHUHFKHSL~GLWXWWRVRQRVWDWLJOLDQQLDWUDGLUPL / XQDHO DOWUDFRVDLQVLHPHIRUVH1RQULHVFRSL~DGDUHDOOHFRVH OD VWHVVD LPSRUWDQ]D GL XQ WHPSR (SSXUH GRYUHL 2UD FKH DYUz OD FRQIHUPD FKH KRFHUFDWRFRVtDOXQJRRUDFKHODVWRULDSXzWURYDUH XQD FRQFOXVLRQH 2UD TXDVL PL GLVSLDFH 3HUFKp VR FKH QH VDUz FR PXQTXHGHOXVR'HOXVRG HVVHUJLXQWRDOODILQHGHOXVRGLULFRQRVFH UHO XRPRFKHSHUWUHQW DQQLFLKDYHQGXWLDOQHPLFRÊEXIIRULGLFR OR FKH SL~ GL WXWWR LR SURYL LO GHVLGHULRGLFKLHGHUJOLGLULFRUGDUHLO SDVVDWR GL IDU ULHPHUJHUH DQFRUD WXWWL TXHL YROWL / XQLFR FKH FRQR VFHGDYYHURODPLDVWRULDFKHSXzSDUODUPLDQFRUDGLTXHOODSDVVLR QHGLTXHOODVSHUDQ]DÊLOGHVLGHULRVWXSLGRHEDQDOHGLXQYHFFKLR 1RQDOWUR2IRUVHqVRORODVWDQFKH]]DFKHPLSRUWRGLHWURLOVRQQR WUDVFXUDWRFKHVPRU]DO DQLPR $OO RUL]]RQWHFRPSDUHXQDEDUFDSXQWDGULWWRVXOO LVROD9DEHQH qRUDGLIDUODILQLWD ,O *REER DFFRVWD OD EDUFD DO SLFFROR SRQWLOH / XRPR LQFDSSXF
FLDWRYLHQHDLXWDWRDVFHQGHUH,O6HIDUGLWDJOLOLEHUDOHPDQLHJOLWR JOLHLOFDSSXFFLR3RLWRUQDLQGLHWURHULVDOHDERUGR
,O YHFFKLR VL PDVVDJJLD L SROVL VWUL]]D JOL RFFKL DUURVVDWL YROWR VHJQDWRGDOODVWDQFKH]]DHFDSHOOLJULJLVFDUPLJOLDWL3RUWDXQDPDQR VXO VRSUDFFLJOLR D PDVVDJJLDUH XQD FLFDWULFH SURIRQGD SRL ILVVD OR VJXDUGRVXGLPH 3URYRDUDVFKLDUHYLDJOLDQQLGDTXHOYROWR 4RqOHW ÊOXLLOSULPRDSDUODUH 8Q D]LRQHGHJQDGHOFDSLWDQR*HUWGDO 3R]]R 4XDQGRO KDLFDSLWR" ,O SDOPR SUHPH VXOOD YHFFKLD IHULWD 6RQRWRUQDWRD0QVWHU 7RVVLVFH VWULQJHQGRVL QHOOD FDSSD VFXUD 7L KR FHUFDWR SHU DQQL H DOODILQHVHLVWDWRWXDWURYDUPL 0DDYHYLJLjFDSLWR 1RQ q VWDWR WURSSR GLIILFLOH 7L]LDQR LO EDWWLVWD XQ PDJQDFFLD FRQ LO QRPH GL XQ HUHWLFR $QYHUVD L VRSUDYYLVVXWL GL 0QVWHU 7UH JLRUQL ID KR DYXWR O XOWLPD FRQIHUPD 8QD WUDSSROD EHQFRQJHJQDWD 6RORWXSRWHYLDSSURQWDUOD 0LDYHYDQRGHWWRFKHHULPRUWRD0QVWHUFHUFDQGRGLIRU]DUH LOEORFFRGHLYHVFRYLOL 6L DSSRJJLD D XQD GHOOH ODSLGL OH PDQL VXOOH JLQRFFKLD VJXDUGR EDVVR1HPPHQROXLKDSL~O HWjSHUDOEHJHOLGHFRPHTXHVWD(VR SUDWWXWWRQRQKDSL~XQDUDJLRQHSHUQRQULFRUGDUH 7HQ HULDQGDWRQHOODSULPDYHUDGHO DFHUFDUHVROGLHPXQL ]LRQLLQ2ODQGD0LIDFHVWLXQIDYRUHPLVDUHEEHGLVSLDFLXWRYHGHUH LQJKLRWWLWR DQFKH WH GDOOD URYLQD FKH PL DSSUHVWDYR DG DFFHOHUDUH (URJLXQWRD0QVWHUFRQXQLQFDULFRDIILDQFDUHJOL$QDEDWWLVWLQHO ODORWWDFRQWURLOYHVFRYRGLYHQWDUHXQRGLORURDWXWWLJOLHIIHWWLDLX WDUOLDWUDVIRUPDUHODFLWWjQHOOD1XRYD*HUXVDOHPPHHDOPRPHQWR RSSRUWXQR IDU GHIODJUDUH TXHOOD VSHUDQ]D 0L SUHVHQWDL D %HUQKDUG 5RWKPDQQFRQXQDODXWDGRWHSHUODFDXVDUDFFRQWDQGRGLHVVHUHXQ H[PHUFHQDULRULPDVWRORQWDQRGD0QVWHUSHUPROWLDQQL3L~GHOOD PLDVWRULDSRWpLOGHQDUR *XDUGRTXHOO XRPRULFXUYRIDWLFRDULFRQRVFHUHFROXLDFXLDIIL GDL OD GLIHVD GHOOD SLD]]D GHO 0HUFDWR QHL JLRUQL LQ FXL SUHQGHPPR 0QVWHU Ê VROWDQWR LO UHOLWWR GHO PLR OXRJRWHQHQWH +HLQULFK *UH VEHFN 5LSUHQGH 0LDWWDFFDLDWHSHUFKpPLGLVVHURFKHDYHYLFRPEDW
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jSL~OHWDOL 1HPPHQRTXHVWRIXGLIILFLOHGLOtDSRFR%RFNHOVRQVLSURFODPz 1XRYR'DYLGHUHGL6LRQHGLHWURVXJJHULPHQWRGHOWHRORJRGLFRUWH 5RWKPDQQLVWLWXtODSROLJDPLDSHUULSULVWLQDUHOHDELWXGLQLGHL3DGUL )X LO FROODVVR 1RQ ULFRUGR TXDQWH IXURQR OH GRQQH JLXVWL]LDWH SHU QRQ HVVHUVL YROXWH VRWWRPHWWHUH DOOH QXRYH RUGLQDQ]H 'L TXHL PHVL KRXQULFRUGRYDJRFRPHGLXQVRJQR/DIDPHOHFDVHPHVVHVRWWR VRSUD SHU VFRYDUH DQFKH O XOWLPD SDJQRWWDLJLXGLFLEDPELQLFRQOD PRUWHQHJOLRFFKLDGDGGLWDUHLOVXSHUIOXRSHUOHVWUDGH&RUSLSDOOLGL H VPXQWL FKH VL WUDVFLQDYDQR SHU OD FLWWj RUPDL LQFRVFLHQWL $YUHL SRWXWRDQGDUPHQHHODVFLDUHFKHODILQHDUULYDVVHGDVROD,QYHFHSHU TXDOFKHVWUDQDDOFKLPLDVHQWLLFKHO XOWLPRJHVWRGLSLHWjSRWHYDWRF FDUHVROWDQWRDPH'RYHYRPHWWHUHILQHDTXHOO DJRQLD 5DGGUL]]DODVFKLHQDDIDWLFDFRPHVHOHVSDOOHIRVVHURSHVDQWLV VLPH*OLRFFKLILVVDQRXQSXQWRLQGHILQLWRVXOODODJXQD 6DOWDL ROWUH OH PXUD SHUFRUVL LO PH]]R PLJOLR FKH OH VHSDUDYD GDOIURQWHGHLYHVFRYLOLULVFKLDLOHSDOORWWROHPLDFTXDWWDLLQXQIRV VRHULPDVLOtSHURUHFHUWRFKHVHDYHVVLDO]DWRODWHVWDDYUHLRIIHUWR XQ RWWLPR EHUVDJOLR DL PHUFHQDUL GL YRQ:DOGHFN0LFDWWXUDURQRH VFDPSDLDOODPRUWHULFRVWUXHQGRFROIDQJRXQPRGHOORGHOOHPXUDH LQGLFDQGR TXDOL HUDQR L SXQWL SHQHWUDELOL 1RQ EDVWz GRYHWWL GLPR VWUDUHODYHULWjGLTXHOORFKHGLFHYRULVDOHQGRQRWWHWHPSRVXOOHPXUD HWRUQDQGRLQFROXPHDOO DFFDPSDPHQWR5LFRUGL"(ULVWDWRWXDGDIIL GDUPLLOFRQWUROORGHOOHGLIHVH/HFRQRVFHYRSDOPRDSDOPR6RORLR SRWHYRIDUOR,OFROSRGLJUD]LDWRFFDYDDPH 6LSLHJDGLQXRYRVRSUDIIDWWRGDOSHVR *OLSRUJRLIRJOLJLDOOLSROYHUHWUDOHGLWD/HJJHWHQHQGROHSD JLQHDGLVWDQ]DHVWUL]]DQGROHSDOSHEUH /HKDLFRQVHUYDWHWXWWRTXHVWRWHPSR PLUHVWLWXLVFHOHOHWWHUH FKHVFULVVHD0DJLVWHU7KRPDVYHQWLFLQTXHDQQLID (ULDOVROGRGL&DUDIDJLjDOORUD" 6RQRVWDWRODWHVVHUDGLXQPRVDLFRFKHVLqFRPSRVWRQHOO DUFR
GL GHFHQQL 4XDQGR PL UHFOXWDURQR HUR VROWDQWR O DLXWR ELEOLRWHFDULR GHOO 8QLYHUVLWj GL :LWWHQEHUJ ,O PLR FRPSLWR HUD TXHOOR GL WHQHUH G RFFKLR /XWHUR $OORUD VROWDQWR SRFKL VL HUDQR UHVL FRQWR GL TXHOOR FKH XQ SLFFROR H RWWXVR IUDWH DJRVWLQLDQR DYUHEEH SRWXWR VFDWHQDUH &DUDIDIXLOSULPRDFDSLUHFKHLSULQFLSLWHGHVFKLORDYUHEEHURXVDWR FRPHDULHWHSHUVIRQGDUHLSRUWDOLGL5RPDHSHUFDVWLJDUHO DUURJDQWH UDPSROOR D FXL L )XJJHU DYHYDQR FRPSUDWR OD FRURQD LPSHULDOH ,Q TXHOO LQWULFDWRGLVHJQRODPLDSDUWHIXTXHOODGLLQFLWDUHO DQLPRIRFR VR GHO SL~ JUDQGH DQWDJRQLVWD GL /XWHUR 7KRPDV 0QW]HU SHU DOL PHQWDUHLOIXRFRGHOODULYROWDFRQWDGLQDFRQWURLSULQFLSLHLOORURD SRVWDWDGLFRUWH0HQWUHODULEHOOLRQHGLYDPSDYDSHUWXWWDOD*HUPD QLD5RPDSUHQGHYDWHPSRH&DUDIDFHUFDYDGLFRQYLQFHUHLFDUGLQD OLGHOSHULFRORUDSSUHVHQWDWRGD/XWHUR0DSRLOHFRVHSUHFLSLWDURQR / ,PSHUDWRUH UDJD]]LQR VL ULYHOz SL~ DPEL]LRVR GHO SUHYLVWR LO VXR HUJHUVL D SDODGLQR GHOOD IHGH FDWWROLFD VX XQ WHUULWRULR HVWHVR GDOOD 6SDJQDDOOD%RHPLDORUHVHPROWRSL~SHULFRORVRDJOLRFFKLGL5R PD GHL SLFFROL SULQFLSDWL WHGHVFKL 'D TXHO PRPHQWRLSURWHWWRULGL /XWHURGLYHQQHURSRWHQ]LDOLDOOHDWLFRQWURO ,PSHUDWRUH1HOIUDWWHP SR L FRQWDGLQL LQVRUWL DYHYDQR FRPLQFLDWR D IDUH SDXUD /D ULYROWD GRYHYD ILQLUH 4XHOOH OHWWHUH VRQR VHUYLWH D OXEULILFDUH WXWWR O LQJUD QDJJLR0LYDOVHURODSURPR]LRQHVXOFDPSR ,O YHFFKLR *UHVEHFN SUHQGH ILDWR WRVVLVFH DQFRUD PL JXDUGD 8QDVPRUILD 'RSRLOVDFFRGL5RPDQHO &DUDIDWUDVVHYDQWDJ JLRGDOOHSURSULHSUHYLVLRQLQHVVXQRRVzSL~FRQWUDGGLUORDYHYDYL VWR JLXVWR ILQ GDOO LQL]LR L OXWHUDQL HUDQR JHQWH VHQ]DGLR FKH VH QH IUHJDYDGHOOHVFRPXQLFKHHGHSUHGDYDODFLWWjGHO3DSD&RPLQFLzDG DFFXPXODUH SRWHUH VFDOz OD JHUDUFKLD HFFOHVLDVWLFD HG HEEH DQFRUD PROWHEXRQHSUHPRQL]LRQL /HSDUROHPLHVFRQRGDVROH 8QDUHWHGLVSLHLQRJQLVWDWR $QQXLVFH 5LXVFLYDVHPSUHDGDYHUHOHQRWL]LHSULPDGHJOLDOWUL JUD]LHDOOHPROWHSDLDGLRFFKLFKHPDQWHQHYDLQRJQLSRVWRFKLDYH 'RYXQTXHVXFFHGHVVHTXDOFRVDGLULOHYDQWHSRWHYLVFRPPHWWHUHFKH LOYHFFKLRDYHYDOjXQRGHLVXRL /R LQFDO]R 3HUFKp WL RUGLQz GL IRWWHUH JOL $QDEDWWLVWL D 0Q VWHU"&RVDF HQWUDYDQRFRQ5RPD" 5RPDqGRYXQTXH*HUW,QYRLVRSUDYYLYHYDORVSLULWRGHOODUL YROWD FRQWUR L SRWHQWL/XWHURDYHYDSUHGLFDWRO REEHGLHQ]DLQFRQGL ]LRQDWD7DQWREDVWDYDFRQLVRYUDQLVLSXzVHPSUHWUDWWDUH&RQYRL QR YRL YROHYDWH VRWWUDUYL DOORURJLRJRSUHGLFDYDWHOLEHUWjHGLVRE EHGLHQ]D &DUDID QRQ SRWHYD SHUPHWWHUVL FKH LGHH GHO JHQHUH VL GLI
IRQGHVVHUR*UD]LHDLPLHLUDSSRUWLGHWWDJOLDWLDYHYDSRWXWRFRQRVFH UH OD IRU]D GL XQD PDVVD FKH PDUFLDYD FRPSDWWD DYHYD YLVWR FRVD SRWHYD IDUH DQFKH XQ VROR SUHGLFDWRUH FRPH 7KRPDV 0QW]HU *OL $QDEDWWLVWLGRYHYDQRVRFFRPEHUHSULPDFKHSRWHVVHURGLYHQWDUHXQD PLQDFFLDVHULD &DUDID ULFRQYRFz WXWWH OH VSLH DOOD ILQH GHJOL DQQL 7UHQWD ,O FRQYHQWRGHL7HDWLQLIXLOFHQWURGLUDFFROWD 6HPEUDVWXSLWR 6HLVWDWREUDYR8QEULYLGRJOLVFXRWHOHVSDO OHPDFRQWLQXDDSDUODUH & HUDELVRJQRGLQRLLQ,WDOLD&DUDIDHUD VXOSXQWRGLRWWHQHUHGDO3DSDO DSSURYD]LRQHGHOVXRSURJHWWRODFR VWLWX]LRQH GHO 6DQW 8IIL]LR /H PRWLYD]LRQL HUDQROHSL~QRELOLFRQ WUDVWDUH LO GLIIRQGHUVL GHOO HUHVLD FRQ PH]]L QXRYL ,Q UHDOWj TXHL PH]]L LO YHFFKLR OL DYUHEEH XVDWL FRQWUR L VXRL DYYHUVDUL LQWHUQL D 5RPD/DSRVWDLQJLRFRHUDTXHOODSL~DOWD ,O6RJOLR3RQWLILFLR ,OEULYLGRUDJJLXQJHDQFKHPH ( O DQQLHQWDPHQWR GL WXWWL L VXRL DYYHUVDUL / LQJOHVH 3ROH JOL KDGDWRILORGDWRUFHUHDPRGRVXRXQYHURRVVRGXURPD&DUDIDKD JLRFDWREHQHOHFDUWHFKHDYHYDLQPDQR(O KDIUHJDWR3HUXQFDSHO ORPDFLqULXVFLWR ,O%HQHILFLRGL&ULVWR ,QIDWWL+RFXUDWRLRO LQWHUDRSHUD]LRQH$OPHQRILQRDTXDQGR &DUDIDKDULWHQXWRGLDYHUHELVRJQRGLPH)LQGDOO LQL]LRVDSHYDPR FKHGLHWURD)RQWDQLQLHDOVXROLEURF HUDLOFLUFRORGL3ROHHGHLVXRL DPLFL 6DSHYDPR FKH L FDUGLQDOL 6SLULWXDOL DYUHEEHUR OHWWR LO OLEURH QH DYUHEEHUR WUDWWR VSXQWR SHU OD ORUR D]LRQH GL ULDYYLFLQDPHQWR DL OXWHUDQL6HFLIRVVHURULXVFLWL&DUOR9DYUHEEHULXQLWROD&ULVWLDQLWj VRWWR OD VXD EDQGLHUD LQ XQD FURFLDWD FRQWUR L 7XUFKL H RJJL QRQD YUHEEHSL~DYYHUVDUL0D3ROHQRQqGLYHQWDWR3DSDHDGHVVRJOL6SL ULWXDOLFDGRQRXQRGRSRO DOWURVRWWRLFROSLGHOO ,QTXLVL]LRQH,OYHF FKLRWHDWLQRqVWDWRDQFRUDXQDYROWDLOSL~IXUERKDULYROWDWRO DUPD GHLVXRLDYYHUVDULFRQWURGLORUR ,OVROHqVSXQWDWRVXOODODJXQDXQFHUFKLRURVVRVDQJXHFKHJHWWD ODVXDVFLDVXOO DFTXD,SHQVLHULVLDIIDVWHOODQRQHOODPHQWHPDGHYR VIRU]DUPLGLWUDWWHQHUOLGHYRVDSHUHLOWHPSRqSUH]LRVR &RVDF HQWUDQRL*LXGHLLQWXWWRTXHVWR"&DUDIDKDVWUHWWRXQDF FRUGRFRQLYHQH]LDQLQRQqYHUR" $QFRUDXQFHQQRG DVVHQVRJOLRFFKLVHPSUHSL~SLFFROLHLQIRV VDWLGDOODVWDQFKH]]D ,*LXGHLVRQRPHUFHGLVFDPELR7XWWLDYUDQ QRXQWRUQDFRQWRGDOODORURURYLQDVHL0DUUDQLYHUUDQQRULFRQRVFLX
WLFROSHYROLGLSHUSHWUDUHLQVHJUHWRLOJLXGDLVPRLYHQH]LDQLSRWUDQ QRUHTXLVLUHWXWWLLORUREHQL&DUDIDJOLHOLVHUYHVXXQSLDWWRG DUJHQ WRHLQFDPELRSLDQWDLOYHVVLOORGHOO ,QTXLVL]LRQHD9HQH]LDYDUDQGR XQ RSHUD]LRQH LQ JUDQGH VWLOH QHOOR VWDWR FKH YD IDPRVR SHU OD VXD LQGLSHQGHQ]D GD 5RPD 6DUDQQR SDUHFFKL L VRYUDQL LQ (XURSD FKH VXGHUDQQRIUHGGRDXQDQRWL]LDGHOJHQHUH$QFKHTXHVWDYROWDWLUL WURYLGDOO DOWUDSDUWH&DSLWDQR 5LPDQLDPR LQ VLOHQ]LR VROR LO OHQWR VFKLXPDUH GHOOD PDUHD H LO JULGRGLXQJDEELDQR ÊTXHVWRLOWXRFRPSLWR",QFDVWUDUH L*LXGHL" 8Q RPEUD JOL DWWUDYHUVD OR VJXDUGR TXDVL VWHQWDVVH D SDUODUH OD YRFHqXQPRUPRULR 3HUTXHVWRVRQRVWDWRPDQGDWRD9HQH]LD /DVSRVVDWH]]DSHUYDGHRJQLDQIUDWWRGHOFRUSRLOPDOGLWHVWDq DXPHQWDWRSUHPRXQGLWRVXOODWHPSLDHPLDSSRJJLRDQFK LRDXQD ODSLGHSHUGDUHVROOLHYRDOOHJDPEH +HLQULFK*UHVEHFNIUXJDO RUL]]RQWHSRLWRUQDDJXDUGDUHPHJOL DQQL QRQ OR KDQQR ULVSDUPLDWR OD QRWWH q VWDWD OXQJD H LQVRQQH SHU HQWUDPEL 4XDOHVDUjODULFRPSHQVDTXHVWDYROWD" 6RUULGH 8QDILQHUDSLGDSUREDELOPHQWH ÊTXHVWDODSDJDGHOVHUYLWRUHSL~IHGHOH" $O]DOHVSDOOH 6RQRLOVRORDFRQRVFHUHWXWWDODVWRULDGDOSULQ FLSLR &DUDID QRQ SXz ULVFKLDUH GL WHQHUPL DQFRUD LQ FLUFROD]LRQH 1RQDGHVVRFKHVLDSSUHVWDDSUHQGHUHSHUVpWXWWRLOSRWHUH /DVFLRFRUUHUHORVJXDUGRVXOOHWRPEH6XRJQXQDSRWUHLOHJJHUH LOQRPHGLXQFRPSDJQRULSHUFRUUHUHOHWDSSHFKHPLKDQQRSRUWDWR TXL0DQRQULHVFRDSURYDUHRGLR1RQKRSL~ODIRU]DSHUGLVSUH] ]DUH*XDUGR*UHVEHFNHYHGRVROWDQWRXQYHFFKLR
&DSLWROR 9HQH]LDQRYHPEUH
/ LPEDUFD]LRQH ULSUHQGH LO ODUJR %HUQDUGR H 'XDUWH UHPDQR DO O XQLVRQR6HEDVWLDQRDSRSSDSURQWRDHYLWDUHOHVHFFKHFRQODSHU WLFDRDGDUHLOFDPELR-RmRDSUXDDOPLRILDQFR/ XRPRLQFDSSXF FLDWRVLHGHGLIURQWHDPH &L DWWHQGH XQD GHOOH QDYL GD WUDVSRUWRGHL0LTXH]DOO DQFRUDXQ PLJOLRIXRULGDOODFLWWjQHOVLOHQ]LRURWWRVRORGDLFROSLGLUHPRQHO O DFTXDHGDOOHJULGDGHLJDEELDQL ÊFRVtFKHILQLVFHXQGXHOORGXUDWRWXWWDODYLWD"
'DOOD FDUDFFD GL 0LTXH] FL ODQFLDQR XQD IXQH H XQD VFDOHWWD GL FRUGD'DOSURIRQGRVHQWR*UHVEHFNHVSORGHUHLQXQDULVDWDVFRQFLD FKH DOOH PLH VWHVVH RUHFFKLH VXRQD OXJXEUH FRPH XQ SUHVDJLR GL PRUWH ( DQFKH D TXHOOH GL -RmR IRUVH SHUFKp SHU XQ LVWDQWH VROR SHUGHLOSURYHUELDOHVRUULVRHULQJKLD 3RUTXHFRxRWHULHV" 6LJQRULVRFKHDYUHVWHPROWHFRVHGDGLUYL0DSXUWURSSRODVL WXD]LRQHQRQFRQVHQWHGLDEEDQGRQDUVLDLULFRUGL *XDUGD GULWWR LQ IDFFLD *UHVEHFN &RPH DYUHWH FDSLWR (FFHO OHQ]DVRQR-RmR0LTXH]/ XRPRFKHVWDWHFHUFDQGRGLIRWWHUH *UHVEHFNQRQIDXQDSLHJD]LWWR 3HU-RmRQRQqJLRUQRGLVRUULVL /D SRUWDWD GHO YRVWUR DFFRUGR FRQ OH GLHFL FDURJQH GHO &RQVL JOLR GHYH HVVHUHWDOHHFRVtHVSOLFLWDSHUHQWUDPELGDIDUYLULWHQHUH VXIILFLHQWL DQFKH OH SL~ ULGLFROH PRQWDWXUH &RPH TXHOOD FKH DYHWH LPEDVWLWRLQWRUQRDOOHFRQIHVVLRQLGLFRP qFKHVLFKLDPD"7DQXVLQ %H\ PL SDUH FKH DFFXVD OD PLD IDPLJOLD GL HVVHUH LO YHUWLFH GHOOD UHWHGLVSLHGHO6XOWDQRQHOOD6HUHQLVVLPD0LFKLHGRGDTXDOHIRJQD ORDYHWHWUDWWRIXRUL,PPDJLQRQRQYLVDUjVWDWRGLIILFLOHFRQYLQFHUH XQTXDOVLDVLWDJOLDJROHDSUHVWDUVLDLYRVWULVFRSL *UHVEHFNUHVWDPXWRLPSDVVLELOH 0LTXH]FRQWLQXD (FKHGLUHGHLSURFHVVLSHUFULSWRJLXGDLVPR" 3ULPDFLDYHWHFRVWUHWWRDEDFLDUHODFURFHFRQOHIDVFLQHGHOURJRJLj
DFFHVHHDGHVVRFLYHQLWHDGLUHFKHORDEELDPRIDWWRSHUFRQYHQLHQ ]DHFKHLQUHDOWjVLDPRJOLVWHVVLGLVHPSUH$QQXLVFHWUDVp 9D EHQH9LKDQQRPDQGDWRTXLGD5RPDSHUWRJOLHUFLGLPH]]R(LYH QH]LDQLYLODVFHUDQQRIDUHDQ]LYLDLXWHUDQQRQHOO LPSUHVD6RQRGHL SD]]L H DQGUDQQR LQ URYLQD ,RHYRLORVDSSLDPR1RQF qXQRVROR GHL PHUFDQWL GL TXL FKH LQ FLQTXH DQQL QRQ DEELD IDWWR DIIDUL FRQ OD PLDIDPLJOLD1RQF qXQRVRORGHJOLVFLDFDOOLFKHVLHGRQRLQ&RQVL JOLRFKHQRQDEELDFRQWUDWWRSUHVWLWLFRQQRL6HQ]DL*LXGHL9HQH]LD SHUGHUjOHURWWHLO6XOWDQRJOLHOHVWUDSSHUjXQDGRSRO DOWUDJOLDIIDUL PRULUDQQR TXHVWD FLWWj WRUQHUj D HVVHUH XQR VSXWR VXOOH PDSSH VFKLDFFLDWRWUDJOLLPSHUL4XHVWLDULVWRFUDWLFLSLHQLGLERULDVLVWDQQR FRQGDQQDQGRDGLYHQWDUHGHLSLFFROLVLJQRULGLFDPSDJQD 6RVSLUD 0DWDQW q6HqFRVtFKHKDQQRGHFLVRVDSSLDWH(FFHO OHQ]DFKHQRQFLODVFHUHPRLQFDVWUDUHVHQ]DFROSRIHULUH,PHUFDQWL FKHGLSHQGRQR GDLFRUGRQLGHOODPLDERUVDKDQQRJLjDQQXQFLDWRFKH VRVSHQGHUDQQRRJQLWUDIILFRFRQO 2ULHQWHVHOHDXWRULWjQRQSRUUDQQR ILQHDTXHVWDLQGLVFULPLQDWDFDFFLDDOJLXGHR(SHUTXDQWRULJXDUGD YRL VH TXHOOR FKH GLFH OD YRVWUD YHFFKLD FRQRVFHQ]D TXL SUHVHQWH q YHURFUHGRFKHLOFDUGLQDOH&DUDIDGRYUjIDUHDPHQRGHOVXRSULPR DJHQWHTXHVWDYROWD *UHVEHFNFRQWLQXDDJXDUGDUORVHQ]DEDWWHUFLJOLRO DULDLQRIIHQ VLYDHODVWDQFKH]]DVXOODIDFFLDLOUHVSLURSHVDQWH -RmRVLDO]DHSDVVHJJLDVXHJL~SHQVLHURVR 1RQ q O DFXPH D PDQFDUYL VLJQRU PLR H SRWHWH FDSLUH FHUWD PHQWHFRVDPLLQWHUHVVD 6LULVLHGH6LOHQ]LR6RORORVFLDERUGLRGHOOHRQGHHSDVVLDWWXWLWL VXO SRQWH /D OXFH GHO JLRUQR HQWUD GD GXH JUDQGL ILQHVWUH ODWHUDOL D LOOXPLQDUH OD FDELQD GHO FDSLWDQR XQ WDYROR GXH SROWURQH H XQD EUDQGD $O]DUPLFRVWDXQDIDWLFDLPPHQVD*UHVEHFNPLRIIUHXQRVJXDU GRVHUHQR0LVLHGRVXOERUGRGHOORVFULWWRLRVFRVWDQGRLOOHPERGHO ODPDSSDGHOO $GULDWLFR7RFFDDPH ,OYDQWDJJLRGLHVVHUHDUULYDWLILQTXLq FKHQRQDEELDPRSL~EL VRJQRGLUHFLSURFLLQJDQQL$FLQTXDQW DQQLQRQKRSL~LOIXRFRVDFUR GHOOD ULYROWD QHOOH YHQH H VRQR GXH QRWWL FKH QRQ GRUPR /D VWDQ FKH]]DPLDLXWHUjDHVVHUHFKLDURDULVSDUPLDUHOHSDUROH0LSUH PR OH GLWD VXOOD WHPSLDSHUDOOHYLDUHO HPLFUDQLD ,OWXRIRWWXWRSD GURQH KD VHWWDQWDFLQTXH DQQL 8Q HWj FKH OD PDJJLRU SDUWH GHJOLXR PLQLWUDVFRUUHVRWWRWHUUD4XHOORFKHPLFKLHGRqFKHFRVDTXHOYHF FKLR LPPRQGR SUHWHQGD GD VH VWHVVR GDL VXRL XRPLQL H GD QRL 0L
FKLHGRTXDOHVLDLOYHURGLVHJQRFKHORKDVRVSLQWRLQWXWWLTXHVWLDQ QL 6FRQILJJHUH O HUHVLD" 3XQLUH L WHQWDWLYL GL ULVFDWWR GHL SH]]HQWL" ,VWLWXLUH L WULEXQDOL GHOOD FRVFLHQ]D SHU SRWHU FRQWUROODUH LO SHQVLHUR GHJOL XRPLQL" 0L FKLHGR D FRVD q VHUYLWR DFFXPXODUH WXWWR TXHVWR SRWHUH ( DQFKH RUD FKH OH WHVWH GHL FDUGLQDOL 6SLULWXDOL FDGRQR XQD GRSR O DOWUD H FKH D 9HQH]LD DYDQ]D OD IURQGD FRQWUR L *LXGHL PL FKLHGRSHUFKp1RQVRQRLVROGLGHL6HIDUGLWLQpJOLDIIDULGHOOD6H UHQLVVLPD QRQ LO UHJRODPHQWR GL FRQWL FRQ L QHPLFL 6SLULWXDOL ( QHPPHQR LO 6RJOLR 3RQWLILFLR +HLQULFK 1RQ D VHWWDQWDFLQTXH DQQL )LQRUD&DUDIDQRQVLqPDLSURSRVWRFRPHSDSDELOH/DSRVWDLQJLR FR q TXDOFRVD GL SL~ DOWR GL WXWWR TXHVWR PHVVR DVVLHPH 4XDOFRVD FKH LQFRPEH VXOOH QRVWUH WHVWH 3HU FDSLUH FRVD VWD DFFDGHQGR TXL FRVDFLDVSHWWDGREELDPRFRQRVFHUHLOGLVHJQRILQRLQIRQGR 6RWWRLEDIILGL*UHVEHFNXQVRUULVRVHQ]DDUURJDQ]D 5HVSLUD URFR YRFHSURIRQGD ,O3LDQR4XHOORDFXL&DUDIDVWD ODYRUDQGR GD WXWWDODYLWD&LzFKHULHPSLHOD ERFFDGHOSL~SLFFROR FKLHULFR GL FDPSDJQD FKH FDPSHJJLD VXJOL VWHQGDUGL GHJOL HVHUFLWL VXOOH VSDGH GHL FRQTXLVWDWRUL GHO 1XRYR 0RQGR VXL IURQWRQL GHOOH SLHYLHGHOOHFDWWHGUDOL/DVFLDFDGHUHOHSDUROHFRPHIRVVHURSLHWUH /DPDJJLRUJORULDGL'LR 6FXRWHDSSHQDODWHVWD ,PSRUUHXQRUGLQHDOPRQGR&RQFHGHUH DOOD&KLHVDGL3LHWURGLULPDQHUHO DUELWURLQGLVFXVVRGHOGHVWLQRGHJOL XRPLQL H GHL SRSROL 3L~ GL RJQL DOWUR &DUDID KD FDSLWR VX FRVD VL IRQGD XQ SRWHUH PLOOHQDULR 8Q PHVVDJJLR VHPSOLFH LO WLPRUH GL 'LR8QDSSDUDWRJLJDQWHVFRHFRPSOHVVRFKHORLQFXOFKLQHLFRVWX PL H QHOOH FRVFLHQ]H 'LIIRQGHUH LO PHVVDJJLR JHVWLUH LO VDSHUH RV VHUYDUHHYDJOLDUHO DQLPRGHJOLXRPLQLLQTXLVLUHRJQLVSLQWDFKHRVL ROWUHSDVVDUH TXHO WLPRUH &DUDID VL qDUURJDWR O LPPDQH FRPSLWR GL DJJLRUQDUH OH IRQGDPHQWD GL TXHO SRWHUH DOOD OXFH GHL WHPSL QXRYL / DPEL]LRQHFKHHJOLLQFDUQDKDDWWLQWRGDRJQLGHEROH]]DGHOFRUSR GHOOD&KLHVDULXVFHQGRDWUDVIRUPDUODLQXQSXQWRGLIRU]D/XWHURq VWDWRLOVXRSL~DFHUULPRQHPLFRHLOVXRPLJOLRUHDOOHDWR6HQ]DLQ WDFFDUH LO WLPRUH GL'LRLOIUDWHDJRVWLQLDQRPLVHWXWWLGLIURQWHDOOD QHFHVVLWj GL XQ FDPELDPHQWR )XURQR JOL XRPLQL SL~ LQWHOOLJHQWL L SULPLDUHQGHUVHQHFRQWRFRPH&DUDIDFRPH3ROHFRPHLIRQGDWRUL GHL QXRYL RUGLQL PRQDVWLFL $ SL~ GL WUHQW DQQL GL GLVWDQ]D JOL XQLFL ULPDVWLDQFRUDLQJLRFR2FFRUUHYDULVSRQGHUHFRQDUPLDGHJXDWHDO ODVILGDODQFLDWDGD/XWHUR(VXTXHVWRQDFTXHLOFRQIOLWWR3ROHHJOL 6SLULWXDOLHUDQRGLVSRVWLDPHGLDUHSXUGLPDQWHQHUHXQLWDOD&ULVWLD QLWj &DUDID QR SUHIHULYD DEEDQGRQDUH L SURWHVWDQWL DO ORUR GHVWLQR
SLXWWRVWR FKH FRQFHGHUH DQFKH XQD SLFFROD LQFULQDWXUD GHOO DXWRULWj DVVROXWDGHOOD&KLHVDRFFRUUHYDULEDWWHUHDLOXWHUDQLFROSRVXFROSR IDUHSXOL]LDDOSURSULRLQWHUQRHGRWDUVLGLDSSDUDWLQXRYLFKHUDFFR JOLHVVHUR OD VILGD 6H JOL 6SLULWXDOLDYHVVHURYLQWRSHU5RPDTXHVWR DYUHEEHVLJQLILFDWRODSHUGLWDGHOSULPDWR6HDXQTXDOXQTXHIUDWHR DGGLULWWXUD D XQ ODLFR FRPH &DOYLQR IRVVH VWDWR FRQVHQWLWR GLVFXWHUH GDSDULDSDULFRQLOGLVFHQGHQWHGL3LHWURFKHQHVDUHEEHVWDWRGHO O RUGLQHPLOOHQDULR"&KHQHVDUHEEHVWDWRGHOOD&KLHVDGL5RPD"&KH QHVDUHEEHVWDWRGHO3LDQR" *UHVEHFNVLIHUPDHVDXVWR 0LTXH]QRQVLWUDWWLHQHSL~ $OSXQWRLQFXLVLDPRVLJQRUHPLR OD GRPDQGDqSLXWWRVWRXQ DOWUD&KHQHVDUjGLQRL" /RVWHVVRWRQRFDOPR 6DUHWHVDFULILFDWL /RJXDUGRQHJOLRFFKL $OODPDJJLRUJORULDGL'LR *Lj(TXHVWDYROWDPHVVHU0LTXH]QRQVDUjFRPHLQ3RUWRJDO OR R LQ 6SDJQD R QHL 3DHVL %DVVL 4XHVWD YROWD VDUj SHU VHPSUH ,O SURFHGLPHQWRG LQTXLVL]LRQHGLGRQQD%HDWULFHqJLjVWDWRDSSURQWD WRVDUjHVHFXWLYRLQXQSDLRGLJLRUQL$LYHQH]LDQLLQWHUHVVDQRVRO WDQWRLYRVWULVROGL&DUDIDYXROHXQDGLPRVWUD]LRQHGLIRU]DGHOO ,Q TXLVL]LRQH 9XROH ULGXUYL DOO LPSRWHQ]D IDUYL LO GHVHUWR LQWRUQR H VFKLDFFLDUYL ( FKH OD OH]LRQH VLD GL PRQLWR SHU WXWWL 1RQ SRWHWH FRPSUDUH OD YRVWUD VDOYH]]DFRPHDYHWHIDWWRLQSDVVDWRJOLXRPLQL GL &DUDID VRQR LQFRUUXWWLELOL KDQQR XQD PLVVLRQH GD FRPSLHUH H LO ORURODYRURVDQQRIDUORPROWREHQH1RQF qVHUUDWDGHLPHUFDQWLFKH SRVVD VSDYHQWDUOL QRQ JOL LPSRUWD QXOOD$YHWHUDJLRQH9HQH]LDQH WUDUUj XQ GDQQR LUUHSDUDELOH PD FKL QRQ VDSUj DGHJXDUVL DL WHPSL QXRYLqGHVWLQDWRDSHULUH -RmR q QHUR ULJLGR VXOOD VHGLD FRPH XQD VWDWXD GL PRJDQR QRQ SDUOD *UHVEHFNVLULYROJHDPH (DQFKHLWXRL$QDEDWWLVWLVWDQQRSHU HVVHUHVSD]]DWLYLD'DOSULPRDOO XOWLPR ,PSRVVLELOH / LGHD GL 7L]LDQR HUD EHQ FRQJHJQDWD 0D QRQ HVLVWH XQ SLDQR SHUIHWWR ILGDUVL GHOOD SHUVRQD VEDJOLDWD q LO JHQHUH GL HUURUH FKH VL SDJD 8QPRUVRDOORVWRPDFR 'XHVHWWLPDQHID3LHWUR0DQHOILVLqFRQVHJQDWRDOO ,QTXLVLWRUH GL %RORJQD 'DYYHUR XQD PHPRULD VRUSUHQGHQWH +D IRUQLWR WXWWL L QRPLLPHVWLHULHOHORFDOLWjGLDSSDUWHQHQ]DGHJOLDIILOLDWLDOODVHWWD 1DWXUDOPHQWH KD SDUODWR DQFKH GL 7L]LDQR 6H FRQWLQXHUj D HVVHUH
FRVtDFFRQGLVFHQGHQWHVLJXDGDJQHUjLOSHUGRQR 5HVSLUR SURIRQGDPHQWH WXWWR PL SUHFLSLWD QHOOD WHVWD 3RL XQ SUHVHQWLPHQWR 7XORKDLLQFRQWUDWR 7RVVLVFH (URVXOOHVXHWUDFFHGDXQSR GLWHPSRVSHUDYRFKH PLFRQGXFHVVHDWH4XDQGRKRDYXWRODQRWL]LDPLVRQRSUHFLSLWDWRD %RORJQD$SSHQDLQWHPSRSHULQFRQWUDUORSRLFKp/HDQGUR$OEHUWL O ,QTXLVLWRUHDYHYDJLjGHFLVRGLLQYLDUORD5RPDSHUQRQDVVXPHUVL OD UHVSRQVDELOLWj GL JHVWLUH XQD IDFFHQGD FRVt JURVVD ,Q TXHVWR PR PHQWR0DQHOILqGDYDQWLDOOD&RQJUHJD]LRQHGHO6DQW 8IIL]LRDULSH WHUHOHVXHFRQIHVVLRQL7XWWLTXHOOLFKHKDLEDWWH]]DWRLQTXHVWLDQQL KDQQRLJLRUQLFRQWDWL*OLRFFKLJULJLSDVVDQRGDPHD-RmR 6LHWH VWDWLEUDYL6WDPSDUH,O%HQHILFLRGL&ULVWRFRQWDWWDUHWXWWLTXHLOHWWH UDWL,OFROSRGL3RQWRUPRqVWDWRPLUDELOH/ DQDEDWWLVPRHUDXQ LGHD FRVtDVVXUGDGDSRWHUIXQ]LRQDUH0DQRQSRWHYDWHIDUFHOD1RQFRQ WUR&DUDID -RmR HVWUDH OD VSDGD FRQ XQ JHVWR UDSLGR HG HOHJDQWH $OORUD (FFHOOHQ]DODVFLDWHDOPHQRFKHPLSUHQGDODVRGGLVID]LRQHGLPDQ GDUYLSHUVRQDOPHQWHDOO LQIHUQRWRJOLHQGRYLLOSLDFHUH GLDVVLVWHUHDO IUXWWRGHOYRVWURVSRUFRODYRUR *UHVEHFNQRQVLPXRYHQRQJXDUGDODODPD $O]RXQDPDQR 1R1RQFLKDLGHWWRWXWWR6DSHYLTXDOHVRUWHWL VDUHEEHWRFFDWDORVDSHYLILQGDTXDQGRPLKDLYLVWRLQIDFFLD3RWH YLWDFHUH3RWHYLQRQGLUHQXOODHIDUWLDPPD]]DUHODVFLDQGRFLQHOO LQ FHUWH]]D 6RUULGH ,OPLRWHPSRqVFDGXWR*HUW4XDQGRL*LXGHLVDUDQQR LQJLQRFFKLR&DUDIDPLYRUUjPRUWR6RQRWURSSHOHFRVHFKHVR & qTXDOFRV DOWURQRQqYHUR" 1RQ HVLVWH XQ SLDQR SHUIHWWR 1RQ HVLVWH XQD WUDPD FKH SRVVD HVVHUHDOULSDURGDJOLLPSUHYLVWL(XQLPSUHYLVWRF qVHPSUHXQSLF FRORGHWWDJOLRFKHULVFKLDGLURYLQDUHWXWWRDOO XOWLPRPRPHQWRULWH QXWRLUULOHYDQWHHGLPHQWLFDWRPDFKHDOO LPSURYYLVRGLYHQWDODOHYD FKHSXzVFDUGLQDUHO LQWHURPDUFKLQJHJQR -RmRKDDEEDVVDWRODVSDGD 'LFRVDVWDSDUODQGR" *UHVEHFN 1HPPHQR LRKRSL~TXHOIXRFRQHOOHYHQH*HUW,R VRQRJLjPRUWR&KHVLDWXRXQVLFDULRGL&DUDIDQRQIDPROWDGLIIH UHQ]D +R HVHJXLWR JOLRUGLQLSHUWXWWDODYLWD3RVVRFRQFHGHUPLXQ ILQDOHGLYHUVRGDTXHOORFKHqLQVHUERSHUPHGLHWURLOSURVVLPRDQ JROR3RVVRFRQFHGHUORDWHDO&DSLWDQR*HUWDOO DYYHUVDULRGLWXWWD ODYLWD 3HUFKp"
3HUFKpVLDPROHGXHIDFFHGHOODVWHVVDPRQHWDSHUFKpDEELDPR FRPEDWWXWR OD VWHVVD JXHUUD H QHVVXQR GHL GXH QH HVFH YLQFLWRUH ,O FDPSRqGL&DUDIDODVSHUDQ]DGHLSH]]HQWLqVSURIRQGDWDQHOIDQJR PDDQFKH4RqOHWGHYHXVFLUHGLVFHQD 4XHVWDYROWDVRQRLRFKHVRUULGROHSDUROHPLHVFRQROHQWHFRPH VH OH VRSSHVDVVL VXOOD OLQJXD 7L VEDJOL +HLQULFK DQFKH VH SXz VHPEUDUH IDFLOH FUHGHUOR LR H WH QRQ VLDPR DIIDWWR XJXDOL 7X KDL FRPEDWWXWRODJXHUUDGLXQDOWURKDLREEHGLWRDJOLRUGLQLKDLVYROWR XQD SDUWH QHO VXR SLDQR +DL VHUYLWR WXWWD OD YLWD SHU XQ ILQH GL FXL QRQ WL q QHPPHQR FRQFHVVR YHGHUH LO FRPSLPHQWR TXHVWD q OD WXD VFRQILWWD 1RQ VHL VWDWR EDWWXWR VXO FDPSR FRPH TXHOOH PLJOLDLD GL SH]]HQWLHGHUHWLFLFKHKDQQRORWWDWRFRQWURLORURVLJQRULHFRQWURLO SRWHUH GL 5RPD 1RQ WL UHVWD QLHQWH QHSSXUH LO VHQVR GL TXHOOR FKH KDLIDWWRÊSHUTXHVWRFKHGHYLRIIULUPLO XOWLPDRSSRUWXQLWjSHUFKp qDQFKHODWXDO XOWLPDRFFDVLRQHGLULSUHQGHUWLODYLWDFKHKDLYHQGX WRDXQDOWUR 5HVWD LQ VLOHQ]LR ,QILOD OD PDQR VRWWR OD JLXEED H PL SRUJH XQ IRJOLR 0DQHOILQRQKDIDWWRVROWDQWRLQRPLGHLVXRLFRQIUDWHOOL+D UDFFRQWDWR XQD VWRULD GDYDQWL DOO ,QTXLVLWRUH 4XHOOD GL XQ HUHWLFR FKHDQGDYDLQJLURDULEDWWH]]DUHODJHQWHHGLXQFDUGLQDOHFKHSRLq GLYHQWDWR 3DSD 8QD VWRULD FKH VH JLXQJHVVH DOOH RUHFFKLH JLXVWH IDUHEEHVDOWDUHWXWWRLOSLDQRGL&DUDID
(WLQSULPLVLQWHUURJDWXVGHTXLVHXPLQLWLDYLWGRFWULQDHDQDEDS WLVWDHUHVSRQGLW
,Q)ORUHQWLD7L]LDQRFRPLQFLzDSUHGLFDUPLODGRWWULQDDQDEDWWL VWDHWPLULEDWWH]]zGLFHQGRFK LRQRQHUREDWWH]]DWRSHUFKpQRQKD YHYRIHGHTXDQGRIDQFLXOORIXLEDWWH]]DWRHWGHOOHDOWUHRSHQLRQLDQ WLTXH GH DQDEDWWLVWL RYYHUR FKH OL FULVWLDQL QRQ SRVVRQR HVHUFLWDUH PDJLVWUDWXUHHWVLJQRULHGRPLQLLHWUHJQLHWTXHVWRqXQRGHSULPL SULQFLSLL GH DQDEDWWLVWL QRQ HUD SHUz DQFRUD IUD WDOL DQDEDWWLVWL FRQFOXVRFRQWUDODGLYLQLWjGL&KULVWRHWDOWULDUWLFROLQRYLGHWHUPL QDWLHWFRQFOXVLQHOFRQFLOLRFKHIXIDWWRLQ9HQHWLDFRPHKRGHWWRGL VRSUD (WGHWWR7L]LDQRGLVVHFKHOLDQDEDWWLVWLHUDQRQHOODEHQHYROHQ]D GH1RVWUR6LJQRUH,XOLR,,,HW FKHEHQSRWHYDWHVWLPRQLDUORSHUKD YHUORLQFRQWUDWRHLPHGHVLPRDQWHFKH OIDFHVVHUR3DSD
,QWHUURJDWXVDQFUHGDWGHFWXP7LFLDQXPFRQYHQLVVHDGFDUGLQD OHP,RDQQHP0DULDP'HO0RQWHUHVSRQGLW
,O GHWWR 7L]LDQR PL GLVVHDYHUSDUODWRDOVXGHWWRUHYHUHQGLVVLPR FDUGLQDOHSHUXQDLQWHUDQRWWHFRQYDULUDJLRQDPHQWL(WLQSDUWLFR ODUHGHTXHOOLEHOORIDPRVVLVVLPR%HQHILFLXP&KULVWLHWGHDXWKRUH VXR IUDWUH %HQHGHWWR )RQWDQLQLGD0DQWXD7L]LDQRPLGLVVHKDYHU TXHVWLRQDWRFRQ6XD6LJQRULDFLUFDO KHUHVLDGHWDOHOLEHOORHWKDYHU FRQYHQXWR QRQ HVVHUYHQH DOFXQD ,WHP GLPDQGz FKH 6XD 6LJQRULD LQWHUFHGHVVHSHULOVXGHWWR)RQWDQLQLFDUFHUDWRLQ3DGRDUHSXWDQ GROR LQQRFHQWH ,PSHUz FKH LO )RQWDQLQL IX SRL PDQGDWR OLEHUR LR FUHGHWWLDOUDFFRQWRGL7L]LDQR ,WHP 7L]LDQR IUHTXHQWz PROWL OHWWHUDWL FRUWHJLDQL HW ILQDQFR VL JQRULWXWWLFHUFDQGRGLSHUVXDGHUHGHOODERQWDWHGHOODGRWWULQDDQD EDWWLVWD HW GHO VXGHWWR %HQHILFLR GL &KULVWR &RVt IHFH LQ )ORUHQWLD FRQ OL FRUWHJLDQL GL &RVLPR GH 0HGLFL HW DQFR LQ )HUUDUD FRQ OD SULQFLSHVVD5HQDWDG (VWH ,WHP KD IDWWR HO PHGHVLPR RIILFLR GL SHUVXDGHUH 1RVWUR 6LJQRUH DOOD GRWWULQD DQDEDWWLVWD 7L]LDQR QRPLQDWR QHOOD PLD FRQIHVVLRQH GHO TXDOH QRQ VR DOWUR VXR FRJQRPH HW SHU TXDQWR LR VR OXL SRUWz TXHVWD GRWWULQD DQDEDWWLVWD LQ ,WDOLD HW YD VHPSUH DWWRUQR SHUVXD GHQGRHWLQVHJQDQGRTXHVWDGRWWULQD
$VSHWWD FKH DQFKH -RmR DEELD ILQLWR GL OHJJHUH Ê OD SDUWH SL~ VRUSUHQGHQWHGHOFRVWLWXWR0DQHOILODGHSRVL]LRQHFKH3LHWUR0DQHO ILKDULODVFLDWRD/HDQGUR$OEHUWL,QTXLVLWRUHGL%RORJQD8QDFRSLD KDJLjUDJJLXQWR5RPDLQVLHPHDOSHQWLWRHVWDWHSXUFHUWLFKHYHUUj GHELWDPHQWH HSXUDWD QRQ DSSHQD XQR GHJOL XRPLQL GL &DUDID SRWUj PHWWHUFLJOLRFFKLVRSUD/DVHFRQGDFRSLDFRPSOHWDGLILUPHHFRQ WURILUPHO KRULFHYXWDGDOORVWHVVR$OEHUWLFRQLOFRPSLWRGLFRQVH JQDUODD&DUDIDLQSHUVRQD+RULFRSLDWRTXHVWRSDVVRSULPDGLGHSR VLWDUH O LQWHUR LQFDUWDPHQWR SUHVVR OD ILOLDOH GHL )XJJHU DO )RQGDFR GHL 7HGHVFKL Ê VLFXUDPHQWH LO GHSRVLWR SL~ SUH]LRVR FKH DEELDQR PDLDYXWRLQFDVVDIRUWHHIRUWXQDWDPHQWHQRQORVDQQRTXLqVFULWWR DFKLDUHOHWWHUHFKHLOULFHUFDWRQXPHURXQRGDOO ,QTXLVL]LRQH7L]LDQR LO EDWWLVWD KD SRWXWR DYYLFLQDUH LO FDUGLQDOH 'HO 0RQWH SULPD FKH IRVVHHOHWWR3DSDHFRQYLQFHUORGHOO LQQRFHQ]DGHO%HQHILFLRGL&UL VWRDOSXQWRGDVSLQJHUORDLQWHUFHGHUHSHUODVFDUFHUD]LRQHGHOVXR DXWRUH )RQWDQLQL q YHUDPHQWH XVFLWR GL SULJLRQH JUD]LH DOO LQWHUFHV
VLRQHGLXQSRWHQWH,O*HQHUDOHGHOO RUGLQHEHQHGHWWLQRFRQRVFHSHU VRQDOPHQWH3DSD'HO0RQWH&LVRQRSURYHWDQJLELOLGHOODYHULGLFLWj GHOUDFFRQWR /DPLDULVDWDVXRQDFRPHXQDFRQIHUPD 6HPEUDSD]]HVFRPD qFRVt 0LTXH]UHVWDSHUSOHVVR $QFRUDQRQFDSLVFRFRVDFLVLDGLFRVt SUH]LRVR *UHVEHFNVHULR *KLVOLHULHLVXRLFRPSDULVWDQQRLQFKLRGDQGR JOL6SLULWXDOLDXQRDXQRDOOHORURUHVSRQVDELOLWjLQPHULWRDOODGLIIX VLRQH GHO%HQHILFLR GL &ULVWR QHOOH ORUR GLRFHVL &DUDID DO &RQFLOLR GL 7UHQWR OL VWD DFFXVDQGR DSHUWDPHQWH GL QRQ DYHUQH EORFFDWR OD FLUFROD]LRQH H LQPROWLFDVLGLDYHUODIDYRULWD&RVDSHQVDWHFKHDF FDGUHEEHVHJOLLQTXLVLWRULVWHVVLYHQLVVHURDFRQRVFHQ]DGHOO LQWHUHV VDPHQWRGHO3DSDSHUO DXWRUHHSHULFRQWHQXWLGHO%HQHILFLRGL&UL VWR" &RVD DFFDGUHEEH VH L FDUGLQDOL LQTXLVLWL DYYDOHQGRVL GL TXHVWD WHVWLPRQLDQ]DDQQXOODVVHURLOSHVRGHOOHDFFXVHPRVVHFRQWURGLOR UR" -RmRVLVSRUJHVXOWDYROR &DUDIDVDUHEEHIRWWXWR0DFKLFLJD UDQWLVFHFKHTXHVWRGRFXPHQWRHVLVWDGDYYHUR" 1pLRQpYRLDEELDPRSL~QLHQWHGDSHUGHUH
&DSLWROR 9HQH]LDQRYHPEUH
'XHJLRUQLGLYHJOLDDOOHYLDWLGDRWWRRUHGLVRQQREDVWDQRDLP SHGLUH FKH XQ FLQTXDQWHQQH LQGROHQ]LWR DOODFFL GHFHQWHPHQWH OD VXD JLXEED $O WHU]R WHQWDWLYR VROWDQWR ULSUHQGR ILQDOPHQWH FRQILGHQ]D FRQ LPRYLPHQWLGLRJQLJLRUQR/DVFLRVDOLUHGDOORVWRPDFRO DJLWD ]LRQHQHFHVVDULDDVFDFFLDUHODVWDQFKH]]D *UHVEHFN q JLj QHOO DWULR DYYROWR QHO PDQWHOOR VFKLHQD DSSRJJLDWD DOOD FDVVHWWLHUD H WHVWD DEEDQGRQDWD DOO LQGLHWUR TXDVL D FHUFDUHFRQFHQWUD]LRQHFRQO DLXWRGLOXQJKLUHVSLUL1RQDYUjFRQVp DUPL GD IXRFR 6ROR XQD ODPD FRUWD LO PLQLPR Ê YHFFKLR TXDQWR PH3L~VWDQFR3RVVRILGDUPL )LWWD DO SROVR VHPSUH IDVFLDWR VWUHWWR GD XQ OHJJHUR WHVVXWR G R ULHQWH YDULRSLQWR ULSLHJDWR SL~ YROWH VX VH VWHVVR SHU OD OXQJKH]]D GLFLQTXHGLWDDFRSULUHSRFRPHQRGLPHWjDYDPEUDFFLR (QWUHUj QHOO DJHQ]LD VHQ]D GHVWDUH VRVSHWWL +D FDUWD ELDQFD L )XJJHUVDQQRFRQFKLVWDUH 6WUHWWLJXDQWLGLSHOOHVFXUDOXFLGDVRWWLOHGHLFRQFLDWRULVSDJQR OLUHJDODWLPLGDOJLRYDQH%HUQDUGR0LTXH] 6WUDQRGHVWLQRODUHVDGHLFRQWLQRQqFRPHWHO DVSHWWL5LPEDO]D O LPPDJLQHULIOHVVDGDOVRQWXRVRVSHFFKLRDOWRFRPHPHODUJRGXH GHOOD UHVLGHQ]D 0LTXH] DOOD SXQWD HVWUHPD GHOOD *LXGHFFD 1RQ q FRPHWHO DVSHWWL5DGDEDUEDJULJLDLQFRUQLFLDLOYROWR 'RYUj WUDWWHQHUVL LO WHPSR QHFHVVDULR D ULWLUDUH O LQFDUWDPHQWR QLHQWHFRQYHQHYROL /D YHFFKLDJREEDVXOQDVRVFKLDFFLDOHJJHUPHQWHODSXQWDYHUVR VLQLVWUD , FDSHOOL OHJDWL GLHWUR OD QXFD H OLVFLDWL FRQ O ROLR GRQR GL %HDWULFH/HSLVWROHLQFURFLDWHLQFLQWXUDVILRURLOPDQLFRGHOFROWHO ORDVVLFXUDWRGLHWURODVFKLHQD 0LYHUUjLQFRQWURSDVVDQGRPLODSLFFRODERUVDGLWHODFRQGHQWUR LOGRFXPHQWR &RSUROHDUPLWLUDQGRPLVXOODVSDOODLOOHPERGHOPDQWHOOR 8Q RFFKLDWD D +HLQULFK ULIOHVVR QHOOR VSHFFKLR QHOOD PHGHVLPD SRVL]LRQH
6HEDVWLDQRFLDWWHQGHDOO LPEDUFD]LRQH 'RSR OR VFDPELRXVFLUHPRVXOODWRRSSRVWRGHO)RQGDFRGLUHW WDPHQWHVXO&DQDO*UDQGH'DOtDO&DUDWHOOR3RLYHUVRODWHUUDIHU PD -RmR FRPSDUH DOO LPSURYYLVR q WXWWR D SRVWR 8Q FHQQR D *UH VEHFNDQGLDPR
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zIDUOR &LQTXDQWDSDVVLHVLDPRGHQWUR,QWRUQRDOO LQJUHVVRWUDPEXVWRGL FDSDQQHOOLLQFURFLRORVJXDUGRGL'XDUWH6RORXQFHQQRGHOODWHVWD *UHVEHFNqDOPLRILDQFR(QWULDPRQHOTXDGULODWHURGHO)RQGDFRGHL 7HGHVFKL $OFHQWURGHOFRUWLOHFDPSHJJLDLOSR]]RULDO]DWRGDGXHJUDGLQL GL SLHWUD ,O PLR SRVWR $QGLULYLHQL GL XRPLQL G DIIDUL LPPDQFDELOH PHVFLWDGLELUUD *UHVEHFNJLUDVRWWRLOSRUWLFRDVLQLVWUDSXQWDGULWWRYHUVRO DJHQ ]LDGHL)XJJHU$OO DOWH]]DGHOODWHU]DDUFDWDHQWUD 7RFFROHLPSXJQDWXUHVRWWRLOPDQWHOOR 7UHRUGLQLGLSRUWLFLVLLQQDO]DQRVXLTXDWWURODWLGHOFRUWLOH&LQ TXH DUFDWH D WHUUD GLHFL VX FLDVFXQR GHJOL RUGLQL VXSHULRUL VHPSUH SL~EDVVHPDQPDQRFKHVLVDOH 6XOODGHVWUDTXDWWURSHUVRQHGLVFXWRQRILWWRFRQWDQGRVXOODSXQWD GHOOHGLWD 8QXRPRDSSRJJLDWRDXQDFRORQQDDOO XVFLWDFKHGjVXO&DQDOH 6XOO DQJROR LQ IRQGR DOOH PLH VSDOOH XQ JUXSSR GL WHGHVFKL VL SDVVDGHOOHFDUWH
/RVJXDUGRSURVHJXHLOVXRJLUR$OWULXRPLQLLQGDIIDUDWLHQWUDQR HG HVFRQR LQ FRQWLQXD]LRQH SHUFRUURQR LO SRUWLFDWR 'DO SULPR SLD QRLOUXPRUHGHJOLDYYHQWRULGHOODELUUHULDDIIDFFLDWLVXOFRUWLOHSHU VLQHOOHFKLDFFKLHUH $OO LQJUHVVR SULQFLSDOH ROWUH LO YLD YDL GXH XRPLQL LQ QHUR WHQ JRQRLODWL 5LJRQILDPHQWL VRWWROHFDSSH )LVVDQRODSRUWDGHOODEDQFD 0HUGD *UHVEHFNqDQFRUDGHQWUR$GHVWUDLTXDWWURQRQKDQQRVPHVVR GL FRQWDUH 4XHOOR SL~ GLVFRVWR ID XQ JHVWR D LQGLFDUH O DJHQ]LD DW WHQGHUH*XDUGDYHUVROHDUFDWHVXSHULRULDOOHPLHVSDOOH 0LYROWR'DOODELUUHULDXQDOWURVJKHUURWLHQHG RFFKLRODEDQFD 4XHOORDSSRJJLDWRDOODFRORQQDqDQFRUDOt2FFKLQHOODVWHVVDGL UH]LRQH Ê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qDOVLFXUR 0LDEEDQGRQRDOODPDUHDGHLPHUFDQWLGL5LDOWRFKHVFLDPDQRLQ VHQVR RSSRVWR YHUVR O XVFLWD VXO &DQDOH 1RQ YHGR *UHVEHFN UDJ JLXQJR LO SRUWDOH VRVSLQWR GL SHVR GD XQ QXJROR GL XRPLQL YRFLDQWL
FKH VHPEUDQR LPSD]]LWL &ROSL JULGD /R VJKHUUR DOOD SRUWD YLHQH WUDYROWR UDSLGDPHQWH *UHVEHFN ULDSSDUH DO PLR ILDQFR VL DSUH XQ YDUFRHYHQLDPRVFDUDYHQWDWLVXOODEDUFD 9LDYLDDO&DUDWHOOR
3DVVLDPR VRWWR 5LDOWR 6HEDVWLDQR VSLQJH OD EDUFD FRQ WXWWD OD IRU]DLQILOLDPRULR6DQ6DOYDGRU /H PDQL PL WUHPDQRGDOO DJLWD]LRQH9DPSDWHGLFDORUHGDOODWH VWDDLSLHGL 1RQVRQRVLFXURGLFRVDVLDDFFDGXWR'LIURQWHDPHLOYROWRGL *UHVEHFNSDUHFDOPRVRUSUHQGHQWHPHQWHLPSDVVLELOH 0HQWUHSUHQGLDPRDGHVWUDSHULOULRGHJOL6FRDFDPLQLVLIDSDV VDUHGHOODSROYHUHGDVSDURHULFDULFDODSLVWROD6LYROWDLQGLHWURDF FHQQDXQ HVSUHVVLRQHUDVVLFXUDQWHQRQFLVWDQQRVHJXHQGR 5LRUGLQROHLGHHSDVVROHPDQLVXOYROWR 'RYHO KDLSUHVD" *HUWGDL)XJJHUVLSXzGHSRVLWDUHRJQLFRVD6RFRVDKDLSHQVD WR 0D FRPH YHGL QRQ KDL ULSRVWR PDOH OD WXD ILGXFLD 1HPPHQR D 0QVWHU KDL VEDJOLDWR D IDUOR +HLQULFK *UHVEHFN q VWDWR XQ EXRQ OXRJRWHQHQWH +RFUHGXWRFKHTXHOFROSRIRVVHSHUPH 4XHOOLHUDQRLVLFDULGL&DUDID/DSUHGDHURLR0LFKLHGRFRPH SRWHVVHURHVVHUHJLjOtDGDVSHWWDUPL 5LRGHL)XVHULORULVDOLDPRILQRDULRGL6DQ/XFDSHUVEXFDUHGL QXRYRVXO&DQDO*UDQGH3XQWLDPRGULWWRVXULRGHL0HORQL ,)XJJHUVDQQRFRQFKLVWDUH+HLQULFK/DORURSURYHUELDOHUL VHUYDWH]]D VFRPSDUH GL IURQWH D FKL JDUDQWLVFH FKH 'LR q GDOOD ORUR SDUWH6RQRVWDWLORURDGDYYHUWLUH&DUDID 6L LQWUDYHGH O LPERFFR GL ULR 6DQW $SROOLQDUH VYROWLDPR &L VLD PRTXDVL *UHVEHFNVFXRWHODWHVWD /DFDFFLDqDSSHQDFRPLQFLDWD&RPH UDJJLXQJHUHPR7UHQWR"$QFKHVHGRYHVVLPRULXVFLUFL&DUDIDFLVWD UjDVSHWWDQGRDEUDFFLDDSHUWH /DEDUFDDFFRVWD 8QD VPRUILDFKHYRUUHEEHVRPLJOLDUHDXQVRUULVR 6LDPRYHF FKL+HLQULFK7HQWHUHPR (VWUDHXQSLFFRORWDFFXLQRGDOODWDVFD)RJOLJLDOOLDYYROWLGHQWUR XQDVWULVFLDGLFXRLRFKLXVDGDXQODFFLR
1HOODFDVVDIRUWHGHL)XJJHUF HUDDQFKHTXHVWRÊO XQLFDWUDFFLD GHOPLRSDVVDJJLR7LHQLOR&DSLWDQRqWXR /RLQILORQHOODPDQLFD6DOWLDPRJL~ 3HUFRUULDPR OR VWUHWWLVVLPR YLFROR XQR GLHWUR O DOWUR ILQR DOO LQ JUHVVRVXOUHWURGHO&DUDWHOOR /DUHVDGHLFRQWLQRQqFRPHWHO DVSHWWL
&DSLWROR 9HQH]LDQRYHPEUHXQLVWDQWHGRSR
3RUFLEDVWDUGLDPLFLGHL*LXGHLURWWLQFXOR 8QRVFKLDIIR Ê ILQLWDODIHVWD 3LHWURH'HPHWUDOHJDWLDOOHVHGLHWXPHIDWWL %UXWWRQDQRGLPHUGDPLYRJOLRGLYHUWLUHSULPDGLYHGHUYLDU URVWLUHTXDGHQWUR 2GRUHGLSHFH (QWURDSDVVLSHVDQWLDUPLVSLDQDWHLO0XORQRQULHVFHDJLUDUVL FKHLOFROSRDEUXFLDSHORJOLIDHVSORGHUHODVSDOOD6WUDPD]]DDWHUUD 3XQWRO DOWUDSLVWROD *UHVEHFNODVXD /RURVRQRLQWUH 1RQKDQQRDYXWRLOWHPSRGLHVWUDUUHOHDUPL 2FFKLVEDUUDWLVXOOHFDQQH ,PPRELOL &RQODFRGDGHOO RFFKLRODERUVD6XOEDQFRQH/DFRQIHVVLRQHGL 0DQHOIL 6FLYRODUHDYDQWLSUHQGHUOD 0Dq+HLQULFKFKHVLPXRYHOHQWDPHQWHOXQJRODSDUHWHDSSRJ JLDOD PDQRVXOPDUPROHYLJDWR &HO KD 8Q RPEUDVXOOHVFDOHGLHWURGLOXL $WWHQWR 6LJLUDGLVFDWWRODODPDJOLVILRUDODIDFFLDODVXDSLVWRODIDIXR FR OR SUHQGH LQ SLHQR SHWWR OR VJKHUUR GHO 0XOR ULPEDO]D FRQWUR L JUDGLQL 4XHOORDFFDQWRDOFDPLQRGjXQFDOFLRDOODERWWHODSHFHVLURYH VFLDVXOODEUDFHURYHQWHXQDILDPPDWDFKHUDJJLXQJHLOVRIILWWR 0LVLODQFLDFRQWURODPDLQSXJQR &RPHLOPRUVRGLXQFDQHVRSUDLOEUDFFLRVLQLVWUR 8UOR /RSUHQGRSHULFDSHOOLGLHWURODQXFDPHQWUHSHUGHO HTXLOLEULRH JOLVIRQGRODIDFFLDFRQWURORVSLJRORGHOEDQFRQH
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q 'HYR WRUQDUH LQGLHWUR 'HEROLVVLPR OD QDXVHD VFKLDFFLD OR VWR PDFR OD YLVWD DQQHEELDWD 5HVSLUR SURIRQGDPHQWH QRQ GHYR VYHQL UH5LSHUFRUURLSRFKLSDVVLILQRDOODSRUWDXQDGLVWDQ]DLQILQLWD 'DOODVRJOLDLQWUDYHGRODVXDVDJRPDLQPH]]RDOOD VDODODERUVD LQPDQR 7UDPHHOXLXQDSDUHWHGLIXRFR 8QSDVVDJJLRVWUHWWRDUJLQDWRGDGXHWDYROLURYHVFLDWL 'LTXD 8QJLQRFFKLRFHGH /D PDVFKHUD D EUDQGHOOL GHO 0XOR VL OHYD WUD LO IXPR DOOH VXH VSDOOH6WULQJHXQDWWL]]DWRLR *ULGRPHQWUHFDODLOIHQGHQWH &DGRQRHQWUDPEL 1RQOLYHGRSL~1R*UHVEHFNVLULDO]DEDUFROOD1RQKDSL~OD ERUVDJXDUGDDWWRUQR 8QLVWDQWH 4XHOORQHFHVVDULRDYHGHUJOLFUROODUHDGGRVVRO DUFKLWUDYHGHOVRI ILWWR
&DSLWROR &RVWDIHUUDUHVHTXDWWURJLRUQLGRSR
/ LPEDUFD]LRQHOXQJDHVWUHWWDYLHQHWUDVFLQDWDLQVHFFDGDLPDUL QDL &RQLOEUDFFLRVDQRDLXWR'HPHWUDDWUDVFLQDUHLOHPELGHOODVRW WDQDLQ]XSSDWLG DFTXD3HUQDGDOO DOWUDSDUWHLPPHUVRILQRDOODFLQ WRODLPSUHFDVRWWRYRFH &LIHUPLDPRVXOODUHQDVRWWRLOVROHRSDFRFKHQRQVFDOGD 'HPHWUDPLWRFFDODIDVFLDWXUD 6WDLDWWHQWRDQRQEDJQDUHODIH ULWD(PDQJLDPROWDFDUQHKDLSHUVRXQVDFFRGLVDQJXH /H VRUULGR LO WUXFFR ULHVFH DSSHQD D FRSULUH L OLYLGL VXO YROWR 1RQ WL SUHRFFXSDUH KDL IDWWR XQ RWWLPR ODYRUR FRQ TXHVWR EUDFFLR PDOFRQFLR6DUjFRPHQXRYR -RmRH%HUQDUGRVWULQJRQRODPDQRDOSLFFROR3LHWUR 6LHWHVLFXUL" 3HUQDDOODUJDOHEUDFFLD LSXQWLGLVXWXUDVXOOR]LJRPRORFRVWULQ JRQRDWHQHUHXQRFFKLRVHPLFKLXVR $QGLDPR-RmRPLFLYHGLLQ PH]]R DL PDRPHWWDQL" ,O WXUEDQWH QRQ PL GRQD DIIDWWR H SRL TXHOOD JHQWH QRQ EHYH YLQR 1RQ EHYH QLHQW DOWUR FKH DFTXD 1R JUD]LH QRQIDSHU3LHWUR3HUQDGD/XFFD3UHIHULVFRUHVWDUH /DQFLD XQ RFFKLDWD FRPSLDFLXWD D 'HPHWUD 6DUz LQ RWWLPD FRPSDJQLD %HUQDUGRORDEEUDFFLDVROOHYDQGRORGLSHVR 'XDUWHOREDFLDVXOODJXDQFLDLOOHVDIDFHQGRORDUURVVLUH *OLRFFKLVPHUDOGRGL'HPHWUDVRQROXFLGL /H DFFDUH]]RLOYROWR &RVDIDUDLDGHVVR" 5LFRPLQFHUzGDTXDOFKHSDUWHFUHGR2IRUVHDFFHWWHUzODSUR SRVWDGL3LHWUR0HODFDYHUzQRQWHPHUH 3HUQDqLPEDUD]]DWR )HUUDUDqVHPSUHXQDEXRQDSLD]]DFDSL WR" 8Q EXRQ SXQWR GL SDUWHQ]D SHU FRPLQFLDUH+R DQFRUD SDUHFFKL FRQWDWWLVSDUVLTXDHOjSHUO ,WDOLDFLVDUjPROWRGDIDUH6LFRQWLQXH UDQQR D VWDPSDUH OLEUL DPLFR PLR QRQ WHPHUH O LQJHJQR GHJOL XR PLQLWURYHUjLOPRGRGLUDJJLUDUHJOL,QGLFLHPDJDULXQJLRUQRSHUIL QR GL FDQFHOODUOL 6HUYLUj VHPSUH TXDOFXQR FKH VH QH YDGD LQ JLURD
YHQGHUHOLEULVWDQQHFHUWR 'HWWRGDWH3LHWURVXRQDFRPHXQDJDUDQ]LD 5LGDFFKLDFRPPRVVR&LDEEUDFFLDPR -Rm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mRPLDIILDQFD 'REELDPRDQGDUH/DEDUFDGLGRQQD%HDWULFH GHYHDYHUJLjUDJJLXQWRODQDYH &L DFFRJOLH VXO SRQWH GHOO DPPLUDJOLD GHOOD IORWWD GHL 0LTXH] ,O YHQWRKDVFLROWRDOFXQHFLRFFKHGDOO DFFRQFLDWXUDVHQ]DWRJOLHUHQXO ODDOIDVFLQRGLGRQQDGRQDQGROHDQ]LXQ DULDVHQVXDOHFKHSUHQGHDO EDVVRYHQWUHHDOFXRUH /H EDFLR OD PDQR WHQHQGROD SHU XQ LVWDQWH WUD OH PLH /DSUR VSHWWLYDGLYLDJJLDUHDOWXRILDQFRUHQGHSL~GROFHODVFRQILWWD%HD WULFH 6L WRJOLH L FDSHOOL GDO YLVR FRQXQDFDUH]]D 6FRQILWWD/XGRYL FR"/RFUHGLGDYYHUR"1RQVLDPRIRUVHDQFRUDYLYLHOLEHULGLVROFD UHLOPDUH" %HUQDUGRODQFLDDOFXQLRUGLQLDOFDSLWDQRGHOODQDYHGDXQFDSR DOO DOWURGHOSRQWHULVXRQDQRILVFKLHDYYHUWLPHQWL /HVRUULGR +DLUDJLRQH 1RQDJJLXQJRDOWUR/DILJOLDHODJLRYDQHVHUYDO DFFRPSDJQDQR DOODFDELQD -RmRGDOFDVWHOORGLSRSSDPLIDVHJQRGLUDJJLXQJHUOR ,OFDSLWDQRGLFHFKHLOYHQWRqIDYRUHYROH0HJOLRQRQSHUGHUOR $UULYHUHWHD/LVVDLQXQSDLRGLJLRUQLDOPDVVLPR3RL5DJXVD$OWUL GXHJLRUQLSHU&RUI~8QDYROWDUDJJLXQWD=DQWHVDUHWHIXRULSRUWDWD GHLYHQH]LDQL &RVDVLJQLILFD" $EEDVVDORVJXDUGR ,RH%HUQDUGRWRUQLDPRD9HQH]LD
6HLLPSD]]LWR"9LYRJOLRQRPRUWL ,OVHIDUGLWDILVVDODOLQHDGHOODFRVWDVIXPDWDGDOODQHEELD 6RVSLUD /XGRYLFRWXQRQSXRLFDSLUH1RLVLDPRXQDIDPLJOLDDEELDPR XQ SDWULPRQLR GD GLIHQGHUH ,O PLR FRPSLWR q TXHOOR GL UHFXSHUDUH TXDQWRqSRVVLELOHGDOOHJULQILHGHLYHQH]LDQL(FUHGLPLQRQPHOR VRQRVFHOWRLR 0LYROWRG LVWLQWRYHUVRODFDELQDGL%HDWULFH ,O VRUULVR GHL 0LTXH] ,Q XQ FHUWR VHQVR DQFK LR FRPH WXWWD OD JHQWHFKHYHGLVXTXHVWDQDYHVRQRVXOOLEURSDJD 7RUQDDILVVDUHODFRVWD 1RQSRVVLDPRODVFLDUHD9HQH]LDWXWWR TXDQWR &UHGLFKHVLIDUDQQRSRUWDUYLDLOPDOORSSRVRWWRLOQDVRGRSR WXWWRTXHOORFKHKDQQRIDWWRSHUIRWWHUYL" 1LHQW DIIDWWR 'RYUz XVDUH OD GLSORPD]LD O LQJDQQR H IRUVH DQ FKHODIRU]D7XWWHOHDUPLGHOO DUVHQDOHGHL0LTXH] 0LVWUDSSDXQDULVDWD (SRLF qDQFKHXQDOWURPRWLYRSHUWRUQDUHLQGLHWUR/DIDPLJOLD GLFXLWLSDUORqYDVWDTXDQWRXQSRSROR$9HQH]LDFLVRQRFLQTXH PLOD0DUUDQLFRPHOLFKLDPDQRHULVFKLDQRWXWWLGLHVVHUHLPSULJLR QDWLRXFFLVL%LVRJQDWURYDUHLOPRGRGLSRUWDUQHIXRULLO SL~SRVVLEL OH $QQXLVFR &RVDIDUHPRQHOOHWHUUHGHO6XOWDQR" &RVWDQWLQRSROL WL SLDFHUj YHGUDL /D FLWWj SL~ JUDQGH GHO PRQ GRROWUHPH]]RPLOLRQHGLXRPLQL$QFKHOtVRQRLQPROWLDGRYHUFL GHLIDYRUL6ROLPDQRLQWHVWDDWXWWL &KHJHQHUHGLIDYRUL"4XHOOLGLFXLWLDFFXVDYDXQFHUWR7DQXVLQ %H\" 6RUULGH /XGRYLFRODFDVDGHL0LTXH]qJUDQGHTXDQWRLOPRQ GR3HURJQLSRUWDFKHVLFKLXGHXQ DOWUDVHQHGHYHDSULUH8QDUR EXVWD SDFFD VXOOD VSDOOD +DVWD OXHJR DPLFR PLR &L ULYHGLDPR D &RVWDQWLQRSROL -RmRVFHQGHVXOSRQWHGRYH'XDUWHORVWDJLjDVSHWWDQGRLQVLHPH DOIUDWHOOR 5DJJLXQJRQRODSLFFRODLPEDUFD]LRQHDWWUDFFDWDVRWWRODQDYH/D YHODVLVSLHJDDOYHQWRFRQXQRVFKLRFFR /D JXDUGR VFLYRODUH YLD PHQWUH LO FDSLWDQR GHOO DPPLUDJOLD Gj O RUGLQHGLLVVDUHO DQFRUD
$OODUJRGHOOHFRVWHURPDJQROHKRVPHVVRGLLQGXJLDUHVXOO RUL] ]RQWHLQWLUL]]LWRGDOIUHGGR 6RWWRFRSHUWDGLVWHQGROHRVVDLQGROHQ]LWHVXXQDEUDQGD%HDWUL FH PL DWWHQGH PD SULPD XQ JURYLJOLR GL SHQVLHUL H VHQVD]LRQL SUH WHQGHGLHVVHUHVFLROWR )RJOLGHFUHSLWLRUPDLSROYHUHVXLWUHQW DQQLWUDVFRUVL /DPRQHWDGHOUHJQRGLXQVRORJLRUQR /DFRSLDGLXQOLEURFKHQRQODVFHUjWUDFFLD 8QWDFFXLQRILWWRGLDSSXQWL /DSL~VWUDQDHUHGLWj FKHLOGHVWLQRSRWHVVHDIILGDUPL +HLQULFK *UHVEHFN R TXDOXQTXH IRVVH LO VXR QRPH q O XOWLPR YROWRFKHSUHQGHSRVWRQHOODJDOOHULDGHLIDQWDVPL)RUVHLVXRLJLRUQL PLJOLRUL VRQR VWDWL TXHOOL WUDVFRUVL DO PLR ILDQFR )RUVH q FRVt FKH GRYUHLULFRUGDUOR 'HVLGHUDYDFKHIRVVHODPLDPDQRHQRQTXHOODGHLVLFDULGL&DUD ID D IDUOR FDGHUH ,QYHFH q ULPDVWR YLWWLPD GHO SL~ ULGLFROR GHLPLHL QHPLFLHGHOODVXDVWHVVDPDFFKLQD]LRQH,O0XORPLVHUDELOHSDSSR QH FKH YROHYD YHQGLFDUH XQ DIIURQWR VXELWR DSSURILWWDQGR GHOOD FD QHDVFDWHQDWDFRQWURL*LXGHL$YUHLGRYXWRXFFLGHUORDOORUD/DULVD WDFKHPLKDDFFRPSDJQDWRQHJOLXOWLPLWHPSLWRUQDDVDOLUPLLQJR ODLGHVWLQLGHLSRWHQWLHGHJOLXRPLQLDSSHVLDOJHVWRGHOO XOWLPRFR JOLRQH /D FRQIHVVLRQH GL 0DQHOIL q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
)UDWHOOLPLHLQRQFLKDQQRYLQWL6LDPRDQFRUDOLEHULGLVROFDUHLO PDUH
6XOSRQWHLOYHQWRWDJOLDODIDFFLDYROWDDOWUDPRQWR5LJLURLOWDF FXLQR WUD OH PDQL 6FLROJR LO ODFFLR FKH WLHQH DVVLHPH OH SDJLQH /H VFRUUR'DWHOXRJKLQRPL/HULIOHVVLRQLYHUJDWHFRQJUDILDSL~PL QXWD 8QIRJOLRSLHJDWRPLFDGHLQJUHPER8QDFDUWDGLYHUVD $*LRYDQQL3LHWUR&DUDID
6LJQRUH TXHVWD q O XOWLPD PLVVLYD GL FKL 9L KD VHUYLWR SHU ROWUH WUHQW DQQL ,OWHPSRQXRYRFKH9LDFFLQJHWHDLQDXJXUDUHGHYHGLPHQWLFDUHL VXRLDQRQLPLDUWHILFLFRORURFKHKDQQRFRQFHVVRDJOLHYHQWLGLFRP EDFLDUHFRQLOSLDQR,QRPLLOOXVWULGHLYLQWLHGHLYLQFLWRULULPDQJR QRDOOHFURQDFKHDGLVSRVL]LRQHGLFKLYRUUjULFRPSRUUHO LQWULFDWD YLFHQGD GL XQ HSRFD H GL FLz FKH HVVD KD SURGRWWR 4XDQGR L JHVWL VDUDQQRGLVWDQWLHOHYLWHDYUDQQRFHGXWRLOSDVVRDOIXWXURGLTXHO VLOHQ]LRVR HVHUFLWR GL VROGDWL GLYHQWXUDRVFXULFRVWUXWWRULGHOODEL ULQWRQRQUHVWHUjWUDFFLDDOFXQD'XQTXHQRQVLWUDWWDG DOWURFKHGL DFFHOHUDUH LO PRPHQWR GL TXHVWD VFRPSDUVD TXDQWR EDVWD SHU VRW WUDUVLDOO XOWLPDHVHFX]LRQH / LQJHQXLWjqSHUGXWDQHOPH]]RVHFRORFKHVWDDOOHVSDOOHLQVLH PHDOOHVSHUDQ]HFKHKRFRQWULEXLWRDFDQFHOODUHQRQFRYRDOFXQD LOOXVLRQHGLVIXJJLUHDOGHVWLQRFKHVRHVVHUHLQVHUERSHUPHQRQq ODYLWDFKHPLSUHPHSRLFKpIXRULGDOSLDQRQRQVRQRDOWURFKHXQ YHFFKLRPHUFHQDULRGLVDUPDWRFLUFRQGDWRGDLPRUWL4XHOOLODVFLDWL VXO FDPSR H TXHOOL FKH VL LPSDGURQLVFRQR GHO PRQGR 1RQ IXJJLUz GDYDQWLDQHVVXQRGLORURPDLOPLRFRPSLWRVLHVDXULVFHTXL$OWUL ORSRUWHUDQQRDWHUPLQH0LDFFLQJRDLQFRQWUDUHXQXOWLPRYHFFKLR DYYHUVDULRVSHURFKHVLDOXLDVSHJQHUHJOLRFFKLFKH9LKDQQRFRVt IHGHOPHQWHVHUYLWRSHUWXWWDODYLWD8QDYLWDVFLYRODWDYLDDQFK HVVD LQVLHPHDOOHPLJOLDLDGHFHQQLRGRSRGHFHQQLRVRIIRFDWDQHOVDQJXH HFKHVFHOJRGLILQLUHDPRGRPLR 1RQ SRWHWH IDUFL QLHQWH QHPPHQR ULPSURYHUDU9L SHU QRQ DYHU SUHYLVWRODGHIH]LRQHGHOPLJOLRUDJHQWHVXOO XOWLPRPLJOLRODPHQWH
GHJOL XRPLQL FRPSLH VWUDQH HYROX]LRQL H QRQ HVLVWH XQ SLDQR FKH SRVVDFRPSUHQGHUOHWXWWH 4XHVWR LPSHGLUj D RJQL YLWWRULD GL FRPSLHUVL ILQRLQIRQGR$Q FKHDOOD9RVWUD 4XHVWRIDVtFKHQHVVXQRPXRLDLQYDQRQHPPHQRFKLFRQLOVXR XOWLPRJHVWR9LVRPPLQLVWUDTXHVWDOH]LRQH ,O9RVWURRVVHUYDWRUH 4
(SLORJR
,VWDQEXO1DWDOH
&XLXVUHJLRHLXVUHOLJLR $RJQLWHUUDODUHOLJLRQHGHOVXRSULQFLSH &RQLSULQFLSLVLSXzVHPSUHWUDWWDUH&RQFOXGHUHEXRQLDIIDUL 4XHVWR q VWDWR GHFLVR DG $XJXVWD GXH PHVL ID VLJODQGR XQ DF FRUGR FKH VDQFLVFH OD VSDUWL]LRQH GL EHQL WHUULWRUL H FRQIHVVLRQL LQ WXWWRO ,PSHUR,OQXRYR3DSD3DROR,9ODVFLDDLSURWHVWDQWLLSRVVHVVL UHTXLVLWLDOOD&KLHVDILQRDRJJLHEHQHGLFHODSDFHULWURYDWD &RVtVLFKLXGHGHILQLWLYDPHQWHLOFRSHUFKLRFKH/XWHURLOEXUDWWL QR GHL QRELOL WHGHVFKL DYHYD VROOHYDWR TXDVL TXDUDQW DQQL ID GDQGR OD VWXUDDGHFHQQLGLVSHUDQ]HULYROWHIDLGHHUHVWDXUD]LRQL4XDUDQ W DQQL WDQWR q RFFRUVR SHU VWUDSSDUH QXRYDPHQWH DL SRSROL OD VFHOWD GHOSURSULRGHVWLQRHDJOLXRPLQLTXHOODGHOODSURSULDIHGH &RVLXQ HSRFDVLFKLXGH&DUOR9VWUHPDWRVLJQRUHGLXQ ,PSHUR SURVVLPR DO FROODVVR VL DFFLQJH DG DEGLFDUH ODVFLDQGR LQ HUHGLWj DO JLRYDQH)LOLSSRLGHELWLHOHJXHUUHIXWXUH $QFKHODVWHOODGHLIRUPLGDELOL)XJJHUqDOWUDPRQWRRVFXUDWDGD XQ FUHGLWR LPSRVVLELOH GD ULVFXRWHUH 3HUTXDVLPH]]RVHFRORKDQQR ILQDQ]LDWR OH SUHWHVH H OH DVSLUD]LRQL GHOO $VEXUJR DGHVVR QH VHJXL UDQQRODVRUWH &XLXVUHJLRHLXVUHOLJLR&KLQRQKDDFFHWWDWRGLPHWWHUHVRSUDOD SURSULDWHVWDXQSULQFLSHRGLOHJDUVLDXQDVRODWHUUDQRQKDVFHOWD /DVRUWHGHL*LXGHLD9HQH]LDQH qVWDWRO HVHPSLR 4XDQGR L 7DOPXG VRQR VWDWL EUXFLDWL LQ 5LDOWR LO DJRVWR GHO
-RmRHUDJLjULXVFLWRDSURFXUDUHXQDYLDGLIXJDD2ULHQWHDTXD VLXQPLJOLDLRGL*LXGHLVHIDUGLWL'RSRO HGLWWRGL*LXOLR,,,LURJKL JOL DUUHVWL LO *KHWWR QRQF q VWDWR SL~ QXOOD GD IDUH 2JJL OR VWHVVR VWDDFFDGHQGRDOWURYHSHUPDQRGL3DROR,9 +HLQULFK *UHVEHFN OR VDSHYD 9HQH]LD SRUWHUj LO SHVR GL WXWWR TXHVWRGLDYHUFHGXWRLOFDPSRDOODSHUVHFX]LRQHSL~LSRFULWDHIHUR FH,OSRSRORGHOOD%LEELDSRUWDYLDFRQVpLOWHVRURGHOO HVSHULHQ]DLO VDSHUHODSHUL]LDYHUVRXQ HQQHVLPDIXJD3HUORURVLDSUHODSRUWDGL XQDOWUR,PSHURFKHOLDFFRJOLHULFRQRVFHQGRQHLOYDORUH0DLQVLH PHDL*LXGHLVHQHYDQQRDQFKHPROWLFULVWLDQLDOWULXRPLQLHGRQQH
VHQ]DWHUUDJHWWDQRODYLWDROWUHOHVSRQGHGHO0HGLWHUUDQHRLQPH] ]R D TXHJOL ,QIHGHOL FKH FL KDQQR LQVHJQDWR D RGLDUH H FKH DGHVVR XQLFLFLDFFHWWDQRVHQ]DSUHWHQGHUHDWWLGLIHGH ,O ORUR VRYUDQR LQGLVFXVVR 6ROLPDQR LO 0DJQLILFR LO FXL QRPH DSSHQDPRUPRUDWR EDVWDDIDUUDEEULYLGLUHRJQLYHQH]LDQRqO XRPR SL~ULFFRHSRWHQWHGHOPRQGRSDGURQHGLXQ,PSHURFKHVLHVWHQGH GDOOD&ULPHDDOOH&RORQQHG (UFROHGDOO 8QJKHULDD%DJKGDG$FXWR FRQRVFLWRUHG XRPLQLHGLSRSROLVLHGHVXOWURQRFKHIXGL&RVWDQWLQR FRQ O DXUD GHO JXHUULHUR LQYLWWR H GHO VDJJLR WLUDQQR 1RQ VL SXz FRPSDULUHDOVXRFRVSHWWRVHQ]DSHQVDUHFKHqLOFRQTXLVWDWRUHGHOOD 0HVRSRWDPLDFKHqFROXLFKHKDSRUWDWROHVXHWUXSSHVRWWROHPXUD GL9LHQQDFKHKDEDWWXWR&DUOR9D0RKDFVO XRPRFKHFRQXQVROR FHQQRGHOFDSRSRWUHEEHFKLXGHUHOHYLHGHLFRPPHUFLFRQO 2ULHQWH ULGXFHQGR9HQH]LDDXQDSLFFRODFLWWDGLQDSRUWXDOH 6HPLFKLHGHUjGHOFRQWLQHQWHFKHLVXRLSRVVHGLPHQWLODPELVFR QRJOLUDFFRQWHUz ODPLDVWRULDFXOODQGRLOFRQYLQFLPHQWRFKHVDSUj DSSUH]]DUODSL~GHOUHVRFRQWRGLXQDPEDVFLDWRUH 1RQ FL VRQR LQVHJQDPHQWL GD WUDUQH 1RQ F q DOFXQ SLDQR GDVH JXLUH 6RQR DQFRUD YLYR HFFR WXWWR &RQ O DOWUD PHWj GHO PRQGR TXHOODORQWDQDWHUUDFKHKRYLVWRVFLYRODUHYLDGHQWURODQHEELDLQXQ JLRUQR G LQYHUQR QRQ KR SL~ QXOOD GD VSDUWLUH /D ODVFLR DL SULQFLSL FKHULQVDOGDQRLORURWURQLHVFHOJRQRTXDOHIHGHGRYUDQQRVHJXLUHL VXGGLWL DL QXRYL EDQFKLHUL FKH VL DFFLQJRQR D SUHQGHUH LO SRVWR GHL )XJJHU UHFLWDQGR D PHPRULD L WHVWL GL &DOYLQR $ &DOYLQR VWHVVR FKH PHWWH DO URJR 0LFKHOH 6HUYHWR VFLHQ]LDWR H WHRORJR /D ODVFLR DJOL LQTXLVLWRUL FKH EUXFLDQR L OLEUL D 5HJLQDOG 3ROH LHUL SDODGLQR GHOOD FRQFLOLD]LRQH RJJL $UFLYHVFRYR GL&DQWHUEXU\SHUVHFXWRUHGL SURWHVWDQWLLQ,QJKLOWHUUD 0DSL~GLWXWWLODODVFLRDOO DUFKLWHWWRGHOSLDQRFKHVLUHDOL]]D$ *LRYDQQL3LHWUR&DUDIDVDOLWRDO6RJOLR3RQWLILFLRFROQRPHGL3DROR ,9DOO HWjGLVHWWDQWDQRYHDQQLLOPDJJLRGHO $QFRUDDOHWWR" 1RQ O KRVHQWLWDHQWUDUHQHOODVWDQ]D0LJLURFRQXQPXJXJQR %HDWULFH LQFOLQD OD WHVWD SHU JXDUGDUPL QHJOL RFFKL ,O 6XOWDQR QRQVDUjFRQWHQWRGLGRYHUDWWHQGHUHGXHLQIHGHOLGHOYRVWURFDOLEUR 6HGXWRVXOOHWWRFRQXQEUDFFLROHFLQJRODYLWDFRQO DOWURODLP SULJLRQR LQ XQD VWUHWWD IRUWH )DL DWWHQGHUH L SRWHQWL H GLPRVWUHUDL ORURFKHQRQOLWHPL 6tHWLVWDFFKHUDQQRODWHVWDGDOFROOR 5LGLDPR 0L WLUR VX H UDJJLXQJR OD VWDQ]D GD EDJQR LO VROOLHYR
GHOOD PLD YHFFKLDLD2JQLYROWDFKHPHWWRSLHGH TXLGHQWURDOPHQR GXH RJQL JLRUQR SURYR XQ PLVWR GL FRPPR]LRQH H FRPSLDFLPHQWR SHUODPLDFRQGL]LRQH3LDVWUHOOHEOXHYHUGHPDUHULOXFRQRVXOSDYL PHQWRHVXOOHSDUHWL/DJUDQGHYDVFDRFFXSDXQLQWHURODWRSHUGXH EUDFFLDGLODUJKH]]D3XzHVVHUHLUULJDWDLQPDQLHUDFRQWLQXDGDGXH WXELFKHYHUVDQRDFTXDFDOGDRIUHGGD/ DFTXDULVFDOGDWDLQXQDFL VWHUQDDOSLDQRGLVRSUDYLHQHIDWWDGHIOXLUHDSLDFLPHQWRHPHVFRODWD DTXHOODIUHGGDFKHVFHQGHGDOO DOWURWXER ,QTXHVWDFLWWjGLVRJQRLEDJQLVRQRLQGLFHGLXQDFLYLOWjVXSHULR UHHGLXQDFRQVLGHUD]LRQHGHOFRUSRHGHOO LJLHQHVFRQRVFLXWDLQ(X URSD 9H QH VRQR GRYXQTXH GL RJQL JUDQGH]]D H FRQFH]LRQH WXWWL SHUzDGDWWLDULWHPSUDUHOHPHPEUDHODPHQWHGDOODIDWLFDHGDOFOL PD 0LLPPHUJRQHOWHSRUHLPPRELOH&KHLO6XOWDQRDVSHWWL -RVVpIPLIDVREEDO]DUHLUURPSHQGRQHOODVWDQ]DFRQWXWWRLOFOD PRUHSRVVLELOH 1RQVDUDLPLFDDQQHJDWRYHFFKLR" 6IRJJLD LO VXR PLJOLRU YHVWLWR JOL VWLYDOL SUHIHULWL DOWL DO JLQRF FKLR EUDFKH ODUJKH FKLDUH XQD EOXVDOXQJD LPERWWLWD FRQ L ULFDPL VXOSHWWRLOFROWHOORULFXUYRDOODFLQWXUDO HOVDLQWDUVLDWDLOFRSULFDSR WLSLFR GL TXHVWH WHUUH DYYROWR VXOOD WHVWD D]]XUUR FRQ XQD SLXPD ELDQFDILVVDWDGDXQDVSLOODG RUR &LVRQRDOWUHSHUVRQHFKHGREELDPRLQFRQWUDUHSULPDGHO6XOWD QR6EULJDWL6DPXHOHFLDVSHWWDGDXQSH]]R*OLDJLGLTXHVWDFLWWjWL VWDQQRIDFHQGRGLYHQWDUHSLJUR 6FDJOLDXQSH]]RGLVDSRQHQHOO DFTXDVFKL]]DQGRPLODIDFFLD0L SRUJHLOJUDQGHWHOR 0XRYLWL
1HO JUDQGH %D]DU FRSHUWR SXRL WURYDUH RJQL FRVD 'RSR DYHU FDPPLQDWRWUDXQDPLULDGHGLEDQFKLHVWUHWWLFRUULGRLFKHVLDSURQR WUD OH ERWWHJKH DO VHJXLWR GL 6DPXHOH H -RVVpI FKH JXLGDQR L PLHL SDVVLLQHVSHUWLHQWULDPRLQXQORFDOHFKHHVSRQHVSH]LHHJUDQDJOLH $URPL G RJQL WLSR LQYHVWRQR O ROIDWWR ,QWRUQR YL VRQR WDYROLQL EDVVL WDSSHWL H FXVFLQL RFFXSDWL GD XRPLQL LQWHQWL DJOL DIIDUL DOOH FKLDFFKLHUHHDOQDUJKLOq 'XH JUDVVL H VRUULGHQWL RWWRPDQL FL YHQJRQR LQFRQWUR FRQ DPSL LQFKLQL 8QR DEEUDFFLD FDORURVDPHQWH -RVVpI SRL VL ULYROJH DOO DOWUR
&RVWXL q LO PROWR RQRUHYROH -RVVpI 1DVVL XQD OHJJHQGD ( TXHVWR q VXRIUDWHOOR6DPXHOHQRQPHQRYDORURVR6LLOOXPLQD $9HQH]LD TXHVWLXRPLQLFRQRVFLXWLFRPH-RmRH%HUQDUGR0LTXH]VRQRFRQ VLGHUDWLLSULQFLSDOLQHPLFLGHOOD6HUHQLVVLPDSHULOIDWWRGLHVVHUHGD VHPSUH QRVWUL DPLFL 6H WRUQDVVHUR D 9HQH]LD VWDL SXU VLFXUR FKH OL LPSLFFKHUHEEHURDOOHFRORQQHGL6DQ0DUFR 5LGRQRGLJXVWRLOFRPSDUHqYLVLELOPHQWHDPPLUDWR ÊLOWXUQRGL-RVVpILOVHIDUGLWD 7XWWDYLDQRQHVFOXGRGLWRUQDUFL XQJLRUQR1RQRVWDQWHLVXRLSDGURQL9HQH]LDqXQDVSOHQGLGDFLWWj 6LJQRUL YL SUHVHQWR LO PLR VRFLR ,VPDHO ,O9LDJJLDWRUHGHO0RQGR FROXLFKHGDOOHWHUUHIUHGGHqJLXQWRILQRTXLDWWUDYHUVRRJQLVRUWDGL DYYHQWXUDQHPLFRGLWXWWLLSRWHQWLG (XURSD ,GXHRSXOHQWLPHUFDQWLVLLQFKLQDQRGLQXRYRFRQDULDGHIHUHQWH &LIDQQRDFFRPRGDUHXQRGLORURFRPLQFLDDFDULFDUHLOIRUQHOOR GHO QDUJKLOq PHQWUH O DOWUR SUHJD -RVVpI GL UDFFRQWDUH DOVRFLRGHOOD VXDLQFUHGLELOHIXJDGD9HQH]LD 8Q DOWUDYROWD6LDPRDWWHVLDFRUWHHQRQYRUUHLVSUHFDUHLOSRFR WHPSRDQRVWUDGLVSRVL]LRQHLQEODQGLSDYRQHJJLDPHQWL0HJOLRSDU ODUHGLDIIDUL &HUWDPHQWH8QUDSLGREDWWLPDQLHXQUDJD]]RLQWXQLFDELDQ FDSRUWDXQYDVVRLRFRQXQEULFFRIXPDQWHH DOFXQHWD]]H ,OVHUYLWRUHYHUVDXQOLTXLGRVFXURGDOSURIXPRLQWHQVRHVFRQR VFLXWR *XDUGR-RVVpI 0LSDUODLQILDPPLQJRODOLQJXDGHLUHPRWLJLRUQLGL$QYHUVD ÊSURSULRO DIIDUHGLFXLGREELDPRGLVFXWHUH$VVDJJLDOR 8Q VRUVR GLIILGHQWH ,O OLTXLGR FDOGR VFHQGH LQ JROD XQ VDSRUH IRUWHOHJJHUPHQWHDPDURVXELWRVLIDODUJRXQDVHQVD]LRQHGLYLJRUH HULQQRYDWDDFXWH]]DGHLVHQVL8QVRUVRSL~OXQJRHVXOODOLQJXDUL PDQJRQRLJUDQLSRVDWLVXOIRQGRGHOODWD]]D %XRQRPDQRQFDSLVFR 6L FKLDPDTDKYp 6L RWWLHQH GD XQD SLDQWD FKH FUHVFH QHOOH UH JLRQLG $UDELD ,OPHUFDQWHSRUJHXQVDFFKHWWRGLFKLFFKLYHUGL-RVVpIQHUDFFR JOLHXQDPDQFLDWD 9HQJRQRWRVWDWLPDFLQDWLLQSROYHUHHVRQRJLjSURQWLSHUO LQ IXVR QHOO DFTXD EROOHQWH ,Q (XURSD QH DQGUDQQR SD]]L ,QWXLVFH OD PLDSHUSOHVVLWj ,O6XOWDQRGLPRVWUDGLDSSUH]]DUHLVHUYLJLHOHLQ IRUPD]LRQL FKH JOL IRUQLDPR PD q VHPSUH RSSRUWXQR DYHUH DQFKH DOWULSURJHWWLHEXRQLFRPPHUFLGDVYLOXSSDUH&UHGLPLOHUR]]HJHQ
WLG (XURSDDSSUH]]HUDQQRXQRGRSRO DOWURTXHVWLSLFFROLSLDFHULFKH UHQGRQRODYLWDGHJQDG HVVHUHFKLDPDWDWDOH 6RUULGRHSHQVRDOODPLDYDVFDULFROPDG DFTXDWLHSLGD -RVVpIFRQWLQXD 4XLVWDQQRJLjQDVFHQGRERWWHJKHSHUODGHJX VWD]LRQH GL EHYDQGH ULJHQHUDQWL /XRJKL FRPH TXHVWR GRYH VL FRQ YHUVDVLIDQQRDIIDULHVLIXPDLOWDEDFFRGDTXHVWHIDQWDVWLFKHSLSH DGDFTXD9HGUDLQRQFLYRUUDQQRPROWLDQQLSHULQWURGXUUHLQ(XUR SD VLPLOL DELWXGLQL 'REELDPR VROWDQWR FRPLQFLDUH D IDU YLDJJLDUH VXOOH QRVWUH WUDWWH FRPPHUFLDOL L VDFFKL GL TXHVWL SUH]LRVL FKLFFKL H LOOXVWUDUQHO XWLOL]]R / (XURSDQRQDPDLSLDFHUL-RVVpIORVDL / (XURSDqILQLWD2UDFKHVLVRQRPHVVLG DFFRUGRULFRPLQFH UDQQRDIDUVLODJXHUUDFROWLYDQGRLOVRJQRGLXQDEDUEDUDVXSUHPD ]LD$QRLULPDQHLOPRQGR ,OUDJD]]RULHPSLHGLQXRYRODWD]]D 7LUR XQ DPSLD ERFFDWD GL IXPR GDOOD FDQQD GHO QDUJKLOq /H PHPEUDVLULODVVDQRVSURIRQGDQGRQHOFXVFLQR 6RUULGR1RQHVLVWHXQSLDQRFKHSRVVDSUHYHGHUHWXWWR$OWULVRO OHYHUDQQRLOFDSRDOWULGLVHUWHUDQQR,O WHPSRQRQFHVVHUjGLHODUJLUH VFRQILWWHHYLWWRULHDFKLSURVHJXLUjODORWWD 6RUVHJJLRVRGGLVIDWWR &L VSHWWD LO WHSRUH GHL EDJQL 3RVVDQR L JLRUQL WUDVFRUUHUH VHQ]D PHWD 1RQVLSURVHJXDO D]LRQHVHFRQGRXQSLDQR ),1(