BILANCIO DI PREVISIONE 2014 - Comune di Rosignano Marittimo

&2081(',
526,*1$12
0$5,77,02
ZZZFRPXQHURVLJQDQROLYRUQRLW
3URYLQFLDGL/LYRUQR
%,/$1&,2',
35(9,6,21(
5HOD]LRQH3UHYLVLRQDOHH
3URJUDPPDWLFD
,1',&(*(1(5$/(
3UHPHVVD
6H]LRQH
²3RSROD]LRQH
²7HUULWRULR
²6HUYL]L
3HUVRQDOH
²6WUXWWXUH
²2UJDQLVPLJHVWLRQDOL
²$FFRUGLGLSURJUDPPDHDOWULVWUXPHQWLGL
SURJUDPPD]LRQHQHJR]LDWD
²)XQ]LRQLHVHUFLWDWHVXGHOHJD
²(FRQRPLDLQVHGLDWD
6H]LRQH
²)RQWLGLILQDQ]LDPHQWR
²4XDGURULDVVXQWLYR
²$QDOLVLGHOOHULVRUVH
²(QWUDWHWULEXWDULH
²&RQWULEXWLHWUDVIHULPHQWLFRUUHQWL
²3URYHQWLH[WUDWULEXWDUL
²&RQWULEXWLH7UDVIHULPHQWLLQFFDSLWDOH
²3URYHQWLHGRQHULGLXUEDQL]]D]LRQH
²$FFHQVLRQHGLSUHVWLWL
²5LVFRVVLRQHGLFUHGLWLH$QWLFLSD]LRQLGLFDVVD
6H]LRQH
²&RQVLGHUD]LRQLJHQHUDOLHPRWLYDWDGLPRVWUD]LRQHGHOOHYDULD]LRQLULVSHWWRDOO
HVHUFL]LR
SUHFHGHQWH
²2ELHWWLYLGHJOLRUJDQLVPLJHVWLRQDOLGHOO
HQWH
²4XDGURJHQHUDOHGHJOLLPSLHJKLSHUSURJUDPPD
3URJUDPPDQXPHUR
6(59,=,,67,78=,21$/,*(1(5$/,(',*(67,21(
5LVRUVHFRUUHQWLHGLQFRQWRFDSLWDOH
SHUODUHDOL]]D]LRQHGHOSURJUDPPD
6SHVDSUHYLVWDSHUODUHDOL]]D]LRQHGHOSURJUDPPD
'HVFUL]LRQHGHOSURJHWWR
(/(=,21,(&2168/7$=,21,3232/$5,$1$*5$)((67$72&,9,/(
GLFXLDOSURJUDPPD
6(59,=,,67,78=,21$/,*(1(5$/,(',*(67,21(
6SHVDSUHYLVWDSHUODUHDOL]]D]LRQH
GHOSURJHWWR
'HVFUL]LRQHGHOSURJHWWR
*(67,21(%(1,'(0$1,$/,(3$75,021,$/,
GLFXLDOSURJUDPPD
6(59,=,,67,78=,21$/,*(1(5$/,(',*(67,21(
6SHVDSUHYLVWDSHUODUHDOL]]D]LRQH
GHOSURJHWWR
'HVFUL]LRQHGHOSURJHWWR
*(67,21('(//((175$7(75,%87$5,((6(59,=,),6&$/,
GLFXLDOSURJUDPPD
6(59,=,,67,78=,21$/,*(1(5$/,(',*(67,21(
6SHVDSUHYLVWDSHUODUHDOL]]D]LRQH
&RPXQHGL5RVLJQDQR0DULWWLPR5HOD]LRQH3UHYLVLRQDOH3URJUDPPDWLFD
GHOSURJHWWR
'HVFUL]LRQHGHOSURJHWWR
*(67,21((&2120,&$),1$1=,$5,$352*5$00$=,21((
35299(',725$72
GLFXLDOSURJUDPPD
6(59,=,,67,78=,21$/,*(1(5$/,(',*(67,21(
6SHVDSUHYLVWDSHUODUHDOL]]D]LRQH
GHOSURJHWWR
'HVFUL]LRQHGHOSURJHWWR
25*$1,,67,78=,21$/,
GLFXLDOSURJUDPPD
6(59,=,,67,78=,21$/,*(1(5$/,(',*(67,21(
6SHVDSUHYLVWDSHUODUHDOL]]D]LRQH
GHOSURJHWWR
'HVFUL]LRQHGHOSURJHWWR
5,6256(80$1(
GLFXLDOSURJUDPPD
6(59,=,,67,78=,21$/,*(1(5$/,(',*(67,21(
6SHVDSUHYLVWDSHUODUHDOL]]D]LRQH
GHOSURJHWWR
'HVFUL]LRQHGHOSURJHWWR
6(*5(7(5,$*(1(5$/(
GLFXLDOSURJUDPPD
6(59,=,,67,78=,21$/,*(1(5$/,(',*(67,21(
6SHVDSUHYLVWDSHUODUHDOL]]D]LRQH
GHOSURJHWWR
'HVFUL]LRQHGHOSURJHWWR
67$7,67,&$(6,67(0,,1)250$7,9,
GLFXLDOSURJUDPPD
6(59,=,,67,78=,21$/,*(1(5$/,(',*(67,21(
6SHVDSUHYLVWDSHUODUHDOL]]D]LRQH
GHOSURJHWWR
'HVFUL]LRQHGHOSURJHWWR
8)),&,27(&1,&2
GLFXLDOSURJUDPPD
6(59,=,,67,78=,21$/,*(1(5$/,(',*(67,21(
6SHVDSUHYLVWDSHUODUHDOL]]D]LRQH
GHOSURJHWWR
3URJUDPPDQXPHUR
25',1(38%%/,&2(6,&85(==$
5LVRUVHFRUUHQWLHGLQFRQWRFDSLWDOH
SHUODUHDOL]]D]LRQHGHOSURJUDPPD
6SHVDSUHYLVWDSHUODUHDOL]]D]LRQHGHOSURJUDPPD
'HVFUL]LRQHGHOSURJHWWR
32/,=,$/2&$/(($00,1,675$7,9$
GLFXLDOSURJUDPPD
25',1(38%%/,&2(6,&85(==$
6SHVDSUHYLVWDSHUODUHDOL]]D]LRQH
GHOSURJHWWR
3URJUDPPDQXPHUR
,6758=,21((',5,772$//2678',2
5LVRUVHFRUUHQWLHGLQFRQWRFDSLWDOH
SHUODUHDOL]]D]LRQHGHOSURJUDPPD
6SHVDSUHYLVWDSHUODUHDOL]]D]LRQHGHOSURJUDPPD
'HVFUL]LRQHGHOSURJHWWR
,6758=,21(35(6&2/$67,&$
GLFXLDOSURJUDPPD
,6758=,21((',5,772$//2678',2
6SHVDSUHYLVWDSHUODUHDOL]]D]LRQH
GHOSURJHWWR
'HVFUL]LRQHGHOSURJHWWR
$/75,25',1,',,6758=,21(
GLFXLDOSURJUDPPD
,6758=,21((',5,772$//2678',2
6SHVDSUHYLVWDSHUODUHDOL]]D]LRQH
GHOSURJHWWR
'HVFUL]LRQHGHOSURJHWWR
6(59,=,$86,/,$5,$//
,6758=,21(
GLFXLDOSURJUDPPD
,6758=,21((',5,772$//2678',2
6SHVDSUHYLVWDSHUODUHDOL]]D]LRQH
GHOSURJHWWR
3URJUDPPDQXPHUR
787(/$(9$/25,==$=,21('(,%(1,&8/785$/,($77,9,7$
&8/785$/,
5LVRUVHFRUUHQWLHGLQFRQWRFDSLWDOH
SHUODUHDOL]]D]LRQHGHOSURJUDPPD
6SHVDSUHYLVWDSHUODUHDOL]]D]LRQHGHOSURJUDPPD
'HVFUL]LRQHGHOSURJHWWR
$77,9,7$
&8/785$/,(,17(59(17,',9(56,1(/6(7725(&8/785$/(
GLFXLDOSURJUDPPD
787(/$(9$/25,==$=,21('(,%(1,&8/785$/,($77,9,7$
&8/785$/,
6SHVDSUHYLVWDSHUODUHDOL]]D]LRQH
&RPXQHGL5RVLJQDQR0DULWWLPR5HOD]LRQH3UHYLVLRQDOH3URJUDPPDWLFD
GHOSURJHWWR
3URJUDPPDQXPHUR
32/,7,&+(*,29$1,/,63257(7(032/,%(52
5LVRUVHFRUUHQWLHGLQFRQWRFDSLWDOH
SHUODUHDOL]]D]LRQHGHOSURJUDPPD
6SHVDSUHYLVWDSHUODUHDOL]]D]LRQHGHOSURJUDPPD
'HVFUL]LRQHGHOSURJHWWR
32/,7,&+(*,29$1,
GLFXLDOSURJUDPPD
32/,7,&+(*,29$1,/,63257(7(032/,%(52
6SHVDSUHYLVWDSHUODUHDOL]]D]LRQH
GHOSURJHWWR
'HVFUL]LRQHGHOSURJHWWR
63257(7(032/,%(52
GLFXLDOSURJUDPPD
32/,7,&+(*,29$1,/,63257(7(032/,%(52
6SHVDSUHYLVWDSHUODUHDOL]]D]LRQH
GHOSURJHWWR
3URJUDPPDQXPHUR
785,602
5LVRUVHFRUUHQWLHGLQFRQWRFDSLWDOH
SHUODUHDOL]]D]LRQHGHOSURJUDPPD
6SHVDSUHYLVWDSHUODUHDOL]]D]LRQHGHOSURJUDPPD
'HVFUL]LRQHGHOSURJHWWR
69,/8332(9$/25,==$=,21('(/785,602
GLFXLDOSURJUDPPD
785,602
6SHVDSUHYLVWDSHUODUHDOL]]D]LRQH
GHOSURJHWWR
3URJUDPPDQXPHUR
$66(772'(/7(55,725,2('(',/,=,$$%,7$7,9$
5LVRUVHFRUUHQWLHGLQFRQWRFDSLWDOH
SHUODUHDOL]]D]LRQHGHOSURJUDPPD
6SHVDSUHYLVWDSHUODUHDOL]]D]LRQHGHOSURJUDPPD
'HVFUL]LRQHGHOSURJHWWR
85%$1,67,&$($66(772'(/7(55,725,2
GLFXLDOSURJUDPPD
$66(772'(/7(55,725,2('(',/,=,$$%,7$7,9$
6SHVDSUHYLVWDSHUODUHDOL]]D]LRQH
GHOSURJHWWR
3URJUDPPDQXPHUR
69,/83326267(1,%,/((787(/$'(/7(55,725,2('(//
$0%,(17(
5LVRUVHFRUUHQWLHGLQFRQWRFDSLWDOH
SHUODUHDOL]]D]LRQHGHOSURJUDPPD
6SHVDSUHYLVWDSHUODUHDOL]]D]LRQHGHOSURJUDPPD
'HVFUL]LRQHGHOSURJHWWR
787(/$9$/25,==$=,21((5(&83(52$0%,(17$/(
GLFXLDOSURJUDPPD
69,/83326267(1,%,/((787(/$'(/7(55,725,2('(//
$0%,(17(
6SHVDSUHYLVWDSHUODUHDOL]]D]LRQH
GHOSURJHWWR
'HVFUL]LRQHGHOSURJHWWR
$5((3527(77(3$5&+,1$785$/,3527(=,21(1$785$/,67,&$(
)25(67$/(
GLFXLDOSURJUDPPD
69,/83326267(1,%,/((787(/$'(/7(55,725,2('(//
$0%,(17(
6SHVDSUHYLVWDSHUODUHDOL]]D]LRQH
GHOSURJHWWR
'HVFUL]LRQHGHOSURJHWWR
5,),87,
GLFXLDOSURJUDPPD
69,/83326267(1,%,/((787(/$'(/7(55,725,2('(//
$0%,(17(
6SHVDSUHYLVWDSHUODUHDOL]]D]LRQH
GHOSURJHWWR
'HVFUL]LRQHGHOSURJHWWR
787(/$(9$/25,==$=,21(5,6256(,'5,&+(
GLFXLDOSURJUDPPD
69,/83326267(1,%,/((787(/$'(/7(55,725,2('(//
$0%,(17(
6SHVDSUHYLVWDSHUODUHDOL]]D]LRQH
GHOSURJHWWR
3URJUDPPDQXPHUR
75$63257,(',5,772$//$02%,/,7$
5LVRUVHFRUUHQWLHGLQFRQWRFDSLWDOH
SHUODUHDOL]]D]LRQHGHOSURJUDPPD
6SHVDSUHYLVWDSHUODUHDOL]]D]LRQHGHOSURJUDPPD
'HVFUL]LRQHGHOSURJHWWR
75$63257238%%/,&2/2&$/(
GLFXLDOSURJUDPPD
75$63257,(',5,772$//$02%,/,7$
6SHVDSUHYLVWDSHUODUHDOL]]D]LRQH
&RPXQHGL5RVLJQDQR0DULWWLPR5HOD]LRQH3UHYLVLRQDOH3URJUDPPDWLFD
GHOSURJHWWR
'HVFUL]LRQHGHOSURJHWWR
9,$%,/,7$
(,1)5$67587785(675$'$/,
GLFXLDOSURJUDPPD
75$63257,(',5,772$//$02%,/,7$
6SHVDSUHYLVWDSHUODUHDOL]]D]LRQH
GHOSURJHWWR
3URJUDPPDQXPHUR
62&&2562&,9,/(
5LVRUVHFRUUHQWLHGLQFRQWRFDSLWDOH
SHUODUHDOL]]D]LRQHGHOSURJUDPPD
6SHVDSUHYLVWDSHUODUHDOL]]D]LRQHGHOSURJUDPPD
'HVFUL]LRQHGHOSURJHWWR
6,67(0$',3527(=,21(&,9,/(
GLFXLDOSURJUDPPD
62&&2562&,9,/(
6SHVDSUHYLVWDSHUODUHDOL]]D]LRQH
GHOSURJHWWR
3URJUDPPDQXPHUR
',5,77,62&,$/,32/,7,&+(62&,$/,()$0,*/,$
5LVRUVHFRUUHQWLHGLQFRQWRFDSLWDOH
SHUODUHDOL]]D]LRQHGHOSURJUDPPD
6SHVDSUHYLVWDSHUODUHDOL]]D]LRQHGHOSURJUDPPD
'HVFUL]LRQHGHOSURJHWWR
,17(59(17,3(5,/',5,772$//$&$6$
GLFXLDOSURJUDPPD
',5,77,62&,$/,32/,7,&+(62&,$/,()$0,*/,$
6SHVDSUHYLVWDSHUODUHDOL]]D]LRQH
GHOSURJHWWR
'HVFUL]LRQHGHOSURJHWWR
,17(59(17,3(5/
,1)$1=,$0,125,($6,/,1,'2
GLFXLDOSURJUDPPD
',5,77,62&,$/,32/,7,&+(62&,$/,()$0,*/,$
6SHVDSUHYLVWDSHUODUHDOL]]D]LRQH
GHOSURJHWWR
'HVFUL]LRQHGHOSURJHWWR
,17(59(17,9$5,$6267(*12'(*/,$1=,$1,',6$%,/,7$
62**(77,
$5,6&+,2(6&/86,21(()$0,*/,(
GLFXLDOSURJUDPPD
',5,77,62&,$/,32/,7,&+(62&,$/,()$0,*/,$
6SHVDSUHYLVWDSHUODUHDOL]]D]LRQH
GHOSURJHWWR
'HVFUL]LRQHGHOSURJHWWR
352*5$00$=,21((*29(512'(//$5(7('(,6(59,=,
62&,26$1,7$5,(62&,$/,
GLFXLDOSURJUDPPD
',5,77,62&,$/,32/,7,&+(62&,$/,()$0,*/,$
6SHVDSUHYLVWDSHUODUHDOL]]D]LRQH
GHOSURJHWWR
'HVFUL]LRQHGHOSURJHWWR
6(59,=,21(&526&23,&2(&,0,7(5,$/(
GLFXLDOSURJUDPPD
',5,77,62&,$/,32/,7,&+(62&,$/,()$0,*/,$
6SHVDSUHYLVWDSHUODUHDOL]]D]LRQH
GHOSURJHWWR
3URJUDPPDQXPHUR
69,/8332(&2120,&2(&203(7,7,9,7$
5LVRUVHFRUUHQWLHGLQFRQWRFDSLWDOH
SHUODUHDOL]]D]LRQHGHOSURJUDPPD
6SHVDSUHYLVWDSHUODUHDOL]]D]LRQHGHOSURJUDPPD
'HVFUL]LRQHGHOSURJHWWR
&200(5&,25(7,',675,%87,9(787(/$'(,&21680$725,
GLFXLDOSURJUDPPD
69,/8332(&2120,&2(&203(7,7,9,7$
6SHVDSUHYLVWDSHUODUHDOL]]D]LRQH
GHOSURJHWWR
3URJUDPPDQXPHUR
$*5,&2/785$32/,7,&+($*52$/,0(17$5,(3(6&$
5LVRUVHFRUUHQWLHGLQFRQWRFDSLWDOH
SHUODUHDOL]]D]LRQHGHOSURJUDPPD
6SHVDSUHYLVWDSHUODUHDOL]]D]LRQHGHOSURJUDPPD
'HVFUL]LRQHGHOSURJHWWR
69,/8332'(/6(7725($*5,&2/2('(/6,67(0$$*52$/,0(17$5(
GLFXLDOSURJUDPPD
$*5,&2/785$32/,7,&+($*52$/,0(17$5,(3(6&$
6SHVDSUHYLVWDSHUODUHDOL]]D]LRQH
GHOSURJHWWR
²5LHSLORJRSURJUDPPLSHUIRQWLGLILQDQ]LDPHQWR
&RPXQHGL5RVLJQDQR0DULWWLPR5HOD]LRQH3UHYLVLRQDOH3URJUDPPDWLFD
6H]LRQH
²(OHQFRGHOOHRSHUHSXEEOLFKHILQDQ]LDWHQHJOLDQQLSUHFHGHQWLHQRQUHDOL]]DWHLQWXWWRRLQ
SDUWH
²&RQVLGHUD]LRQLVXOORVWDWRGLDWWXD]LRQHGHLSURJUDPPL
6H]LRQH
6H]LRQH
&RPXQHGL5RVLJQDQR0DULWWLPR5HOD]LRQH3UHYLVLRQDOH3URJUDPPDWLFD
35(0(66$
/D 5HOD]LRQH 3UHYLVLRQDOH H 3URJUDPPDWLFD q OR VWUXPHQWR GL SLDQLILFD]LRQH WULHQQDOH
GHOO
DWWLYLWjGHOO·HQWHYROWRDLQGLYLGXDUHVLDLSURJUDPPLGDUHDOL]]DUHFKHJOLREELHWWLYLGLUDQJR
VWUDWHJLFRGDFRQVHJXLUHQHOPHGLRSHULRGR&LzLQXQFRQWHVWRVHPSUHSLFULWLFRFDUDWWHUL]]DWR
GD VHPSUH SL OLPLWDWH ULVRUVH GLVSRQLELOL H SHUDOWUR QRQ DQFRUD FRPSLXWDPHQWH GHILQLWH GDO
OHJLVODWRUH
'DTXLO
HVLJHQ]DGLFRQLXJDUHJOLRELHWWLYLFRQOHULVRUVHGLVSRQLELOLGHILQHQGRXQDVWUDWHJLDGL
PHGLRSHULRGRSHUTXDQWRGRPLQDWDGDULOHYDQWLHOHPHQWLGLLQFHUWH]]D
,O TXDGUR QRUPDWLYR GHOOD ILQDQ]D ORFDOH FRQ OD GHILQL]LRQH GHOOH SUHFLVH FRPSHWHQ]H
FRPXQDOLLQIDWWLqDQFRUDORQWDQRGDDVVXPHUHXQDFRQILJXUD]LRQHVROLGDHGXUDWXUD(TXHVWR
FRPSOLFDHUHQGHSLGLIILFLOLO
RSHUDWLYLWjTXRWLGLDQDHOHQRVWUHGHFLVLRQL
,OSUHVHQWHGRFXPHQWRQRQRVWDQWHOHRJJHWWLYHGLIILFROWjVRSUDGHVFULWWHYXROHULDIIHUPDUHOD
FDSDFLWj SROLWLFD GHOO
DPPLQLVWUD]LRQH GL DJLUH LQ EDVH D FRPSRUWDPHQWL FKLDUL HG HYLGHQWL H
TXHVWRVLDDOO
LQWHUQRFKHDOO
HVWHUQRGHOO
HQWH
6LDLOFRQVLJOLRFRPXQDOHFKLDPDWRDGDSSURYDUHLOSULQFLSDOHGRFXPHQWRGLSLDQLILFD]LRQH
GHOO
HQWHFKHLOFLWWDGLQRLQTXDOLWjGLXWHQWHILQDOHGHLVHUYL]LHURJDWLGDOFRPXQHGHYRQRSRWHU
ULWURYDUHDOO
LQWHUQRGLTXHVWD5HOD]LRQH²FRQSDUWLFRODUHULIHULPHQWRDOOD6H]LRQHGHOODVWHVVDOH
FDUDWWHULVWLFKHGLXQDRUJDQL]]D]LRQHFKHDJLVFHSHULOFRQVHJXLPHQWRGLRELHWWLYLEHQGHILQLWLQHO
WHPSR
4XHVWRHODERUDWRSURSULRSHUULVSRQGHUHDOODULFKLHVWDGLFKLDUH]]DHVSRVLWLYDHGLSUHFLVLRQH
QHOOD SUHVHQWD]LRQH GHL GDWL ILQDQ]LDUL VL FRPSRQH GL YDUL DUJRPHQWL FKH IRUPDQR XQ TXDGUR
VLJQLILFDWLYR GHOOH VFHOWH FKH O
$PPLQLVWUD]LRQH LQWHQGH LQWUDSUHQGHUH QHOO
LQWHUYDOOR GL WHPSR
FRQVLGHUDWR
&RPXQHGL5RVLJQDQR0DULWWLPR5HOD]LRQH3UHYLVLRQDOH3URJUDPPDWLFD
6(=,21(
&DUDWWHULVWLFKHJHQHUDOLGHOOD
SRSROD]LRQHGHOWHUULWRULR
GHOO
HFRQRPLDLQVHGLDWDHGHL
VHUYL]LGHOO
HQWH
&RPXQHGL5RVLJQDQR0DULWWLPR5HOD]LRQH3UHYLVLRQDOH3URJUDPPDWLFD
²3RSROD]LRQH
²3RSROD]LRQHOHJDOHDOFHQVLPHQWR
²3RSROD]LRQHUHVLGHQWHDOODILQHGHOSHQXOWLPRDQQRSUHFHGHQWHDUW'/JV
'LFXL
0DVFKL
)HPPLQH
1XFOHLIDPLOLDUL
&RPXQLWjFRQYLYHQ]H
²3RSROD]LRQHDOO
²1DWLQHOO
DQQR
²'HFHGXWLQHOO
DQQR
6DOGRQDWXUDOH
²,PPLJUDWLQHOO
DQQR
²(PLJUDWLQHOO
DQQR
6DOGRPLJUDWRULR
²3RSROD]LRQHDOO
'LFXL
²,QHWjSUHVFRODUHDQQL
²,QHWjVFXRODREEOLJRDQQL
D
²,QIRU]DODYRUR RFFXSD]LRQHDQQL
²,QHWjDGXOWDDQQL
²,QHWjVHQLOHROWUHDQQL
²7DVVRGLQDWDOLjXOWLPRTXLQTXHQQLR
²7DVVRGLPRUWDOLWjXOWLPRTXLQTXHQQLR
&RPXQHGL5RVLJQDQR0DULWWLPR5HOD]LRQH3UHYLVLRQDOH3URJUDPPDWLFD
$QQR
7DVVR
$QQR
7DVVR
²3RSROD]LRQHPDVVLPDLQVHGLDELOHFRPHGDVWUXPHQWRXUEDQLVWLFRYLJHQWH
$ELWDQWL
(QWURLO
²/LYHOORGLLVWUX]LRQHGHOODSRSROD]LRQHUHVLGHQWH
1RQGHILQLWR
$OIDEHWD
/LFHQ]DHOHPHQWDUH
/LFHQ]DPHGLDLQIHULRUH
7LWRORGLLVWUX]LRQHVHFRQGDULDVXSHULRUHFKHQRQSHUPHWWHO
DFFHVVRDOO
8QLYHUVLWj
'LSORPDPHGLDVXSHULRUH
'LSORPDXQLYHUVLWDULR
/DXUHD
²&RQGL]LRQHVRFLRHFRQRPLFDGHOOHIDPLJOLH
,OSULPRGDWRVXFXLqQHFHVVDULRVRIIHUPDUVLqO·XOWHULRUHFDORGHOOHQDVFLWHLQIDWWLQHOLQDWLVRQR
VWDWLQHOVRQRVWDWLPHQWUHQHOVRQRVWDWL,GHFHVVLQHOVRQRVWDWL
PHQWUHQHOHUDQRVWDWLSHUFXLLOVDOGRQDVFLWHPRUWLqQHJDWLYR,OQXPHURGHOOH
QDVFLWHqLOSLEDVVRGHOO·XOWLPRGHFHQQLR
&DOD ODSRSROD]LRQHUHVLGHQWHQHOQRVWUR&RPXQH$QFKH LQTXHVWR FDVR VL FRQIHUPD XQ WUHQG
QHJDWLYRLFLWWDGLQLUHVLGHQWLVRQRVFHVLGDQHODQHOHGDQHO
5HODWLYDPHQWHDOLOQXPHURGHJOLLWDOLDQLUHVLGHQWLqJOLVWUDQLHULUHVLGHQWLQHOVRQR
*OLVWUDQLHULUHVLGHQWLQHOHUDQR
*OL XOWUD VHVVDQWDFLQTXHQQL VRQR SDUL DO LQ DXPHQWR ULVSHWWR DO SHU FXL VL
FRQIHUPD ODWHQGHQ]D GHJOL DQQL SDVVDWLFKH YHGH XQ FRVWDQWH LQFUHPHQWRGHOOD SRSROD]LRQH
DQ]LDQD
(·XQGDWRVLJQLILFDWLYRFKHFLGHYHIDUULIOHWWHUHVXOOHVFHOWHGHOOHSROLWLFKHVRFLDOLGDDWWXDUHQHL
SURVVLPLDQQL
,UHVLGHQWLQDWLWUDLOHGLOVRQRSDULDOGHOODSRSROD]LRQH
/HIDPLJOLHPRQRQXFOHDULVRQRPHQWUHTXHOOHFRPSRVWHGDSLGLSHUVRQHVRQRTXHVWL
GDWL VRQR LQ FDOR ULVSHWWR DJOL DQQL SDVVDWL DQFKH LQ FRQVHJXHQ]D GHO FDOR FRPSOHVVLYR GHOOD
SRSROD]LRQH
/DFRQGL]LRQHHFRQRPLFDGHOOHIDPLJOLHULVHQWHGHOODFULVLFKHLQYHVWHLOWHUULWRULR3DUWLFRODULFULWLFLWj
VLULVFRQWUDQRVXOIURQWHDELWDWLYRFRQDXPHQWRGLVIUDWWLHGLVLWXD]LRQLHPHUJHQ]LDOL&UHVFRQROH
IDPLJOLHFKHVLULYROJRQRDLVHUYL]LVRFLDOLPROWHGHOOHTXDOLVRWWRRDULGRVVRGHOODVRJOLDGLSRYHUWj
$XPHQWDDQFKHODSHUFH]LRQHGHOODIUDJLOLWjHFRQRPLFDGHULYDQWHGDOO·LQFHUWH]]DGHOODYRURH
FRQVHJXHQWHPHQWHGHOUHGGLWRGLVSRQLELOH3XUWURSSRVHPSUHSLIDPLJOLHVLVHQWRQRLQVLWXD]LRQLGL
GLVDJLRHQRQKDQQRODVHQVD]LRQHGLXQIXWXURPLJOLRUHWDQWRFKHVRQRVILGXFLDWHHGHPRWLYDWH
DQFKHQHOODULFHUFDGLHYHQWXDOLVROX]LRQLPLJOLRUDWLYH3HUTXHVWRVDUjQHFHVVDULRPHWWHUHLQFDPSR
D]LRQL GL SURJHWWXDOLWj QRQ VROR HFRQRPLFD PD DQFKH VRFLDOH YROWH D ULPRWLYDUH H D ULFUHDUH
ILGXFLD
&RPXQHGL5RVLJQDQR0DULWWLPR5HOD]LRQH3UHYLVLRQDOH3URJUDPPDWLFD
²7HUULWRULR
²6XSHUILFLHLQ.PT ²5LVRUVHLGULFKH
/DJKLQƒ )LXPLHWRUUHQWLQƒ
6WUDGH
6WDWDOLNP 3URYLQFLDOLNP 9LFLQDOLNP &RPXQDOLNP $XWRVWUDGHNP ²3LDQLHVWUXPHQWLXUEDQLVWLFLYLJHQWL
6H6,GDWDHGHVWUHPLGHOSURYYHGLPHQWRGLDSSURYD]LRQH
3LDQRUHJRODWRUHDGRWWDWR
VL
QR 3LDQRUHJRODWRUHDSSURYDWR
VL
QR Delibera C.C. n192 del 10 novembre 2009
Delibera C.C. n121 del 29 novembre 2013
Delibera C.C. n21 del 17 marzo 2014
Delibera C.C. n119 del 29 novembre 2013
Delibera C.C. n22 del 17 marzo 2014
Delibera C.C. n20 del 17 marzo 2014
Delibera C.C. n120 del 29 novembre 2013
Delibera C.C. n122 del 29 novembre 2013
Delibera C.C. n56 del 09 aprile 2014
3URJUDPPDGLIDEEULFD]LRQH
VL
QR 3LDQRHGLOL]LDHFRQRPLFDHSRSRODUH
VL
QR ,QGXVWULDOL
VL
QR $UWLJLDQDOL
VL
QR &RPPHUFLDOL
VL
QR 3,$12,16(',$0(172352'877,9,
$OWULVWUXPHQWLVSHFLILFDUH
(VLVWHQ]DGHOODFRHUHQ]DGHOOHSUHYLVLRQLDQQXDOLHSOXULHQQDOLFRQJOLVWUXPHQWLXUEDQLVWLFLYLJHQWL
DUWFRPPD'/YR
VL
QR
6H6,LQGLFDUHO
DUHDGHOODVXSHUILFLHIRQGLDULDLQPT
$5($,17(5(66$7$
$5($',6321,%,/(
3((3
3,3
²6HUYL]L
3HUVRQDOH
4)
35(9,67,,13,$17$25*$1,&$1ƒ
,16(59,=,2180(52
',5,*(17,
'
'
&
%
%
727$/(
²7RWDOHSHUVRQDOHDO
GLUXROR
IXRULUXROR
²$UHDWHFQLFD
1ƒ35(9,67,,13,$17$
25*$1,&$
1ƒ,16(59,=,2
',5,*(17(
'
)81=,21$5,2
'
,67587725(',5(77,92
4)
',5,*(17,
48$/,),&$352)(66,21$/(
&
,67587725(
%
&2//$%25$725(
%
(6(&8725(
1ƒ35(9,67,,13,$17$
25*$1,&$
1ƒ,16(59,=,2
',5,*(17(
'
)81=,21$5,2
'
,67587725(',5(77,92
&
,67587725(
²$UHDHFRQRPLFRILQDQ]LDULD
4)
',5,*(17,
48$/,),&$352)(66,21$/(
²$UHDGLYLJLODQ]D
4)
48$/,),&$352)(66,21$/(
1ƒ35(9,67,,13,$17$
25*$1,&$
1ƒ,16(59,=,2
'
)81=,21$5,2
'
,67587725(',5(77,92
&
,67587725(
1ƒ35(9,67,,13,$17$
25*$1,&$
1ƒ,16(59,=,2
²$UHDGHPRJUDILFDVWDWLVWLFD
4)
48$/,),&$352)(66,21$/(
'
)81=,21$5,2
'
,67587725(',5(77,92
&
,67587725(
%
&2//$%25$725(
127$SHUOHDUHHQRQLQVHULWHQRQGHYRQRHVVHUHIRUQLWHQRWL]LHVXLGDWLGHOSHUVRQDOH,QFDVRGLDWWLYLWjSURPLVFXD
GHYHHVVHUHVFHOWDO
DUHDGLDWWLYLWjSUHYDOHQWH
²6WUXWWXUH
(6(5&,=,2,1
&2562
7,32/2*,$
$QQR
352*5$00$=,21(3/85,(11$/(
$QQR
$QQR
$QQR
²$VLOLQLGR
Qƒ
SRVWL
Qƒ
SRVWLQƒ
SRVWLQƒ
SRVWLQƒ
²6FXROHPDWHUQH
Qƒ
SRVWL
Qƒ
SRVWLQƒ
SRVWLQƒ
SRVWLQƒ
²6FXROHHOHPHQWDUL
Qƒ
SRVWL
Qƒ
SRVWLQƒ
SRVWLQƒ
SRVWLQƒ
²6FXROHPHGLH
Qƒ
SRVWL
Qƒ
SRVWLQƒ
SRVWLQƒ
SRVWLQƒ
²6WUXWWXUHUHVLGHQ]LDOLSHUDQ]LDQL
Qƒ
SRVWL
Qƒ
SRVWLQƒ
SRVWLQƒ
SRVWLQƒ
²)DUPDFLH&RPXQDOL
Qƒ
Qƒ
Qƒ
Qƒ
²5HWHIRJQDULDLQNP
ELDQFD
QHUD
PLVWD
VL
²(VLVWHQ]DGHSXUDWRUH
QR
QR
²5HWHDFTXHGRWWRLQNP
VL
²$WWXD]LRQHVHUYL]LRLGULFRLQWHJUDWR
²$UHHYHUGLSDUFKLJLDUGLQL
²3XQWLGLLOOXPLQD]LRQHSXEEOLFD
QR
VL
QR
VL
QR
VL
QR
VL
QR
Qƒ
Qƒ
Qƒ
KT
KT
KT
KT
Qƒ
Qƒ
Qƒ
Qƒ
LQGXVWULDOH
UDFFGLII
WD
QR
²5DFFROWDULILXWLLQTXLQWDOL
FLYLOH
VL
Qƒ
²5HWHJDVLQNP
²(VLVWHQ]DGLVFDULFD
VL
VL
VL
QR
VL
QR
VL
QR
VL
QR
VL
QR
VL
QR
VL
QR
QR
²0H]]LRSHUDWLYL
Qƒ
Qƒ
Qƒ
Qƒ
²9HLFROL
Qƒ
Qƒ
Qƒ
Qƒ
²&HQWURHODERUD]LRQHGDWL
²3HUVRQDOFRPSXWHU
²$OWUHVWUXWWXUHVSHFLILFDUH
VL
Qƒ
QR
VL
Qƒ
QR
VL
Qƒ
16&$11(5
13/277(5
167$03$17,',&8,1,15(7(
QR
VL
Qƒ
QR
²2UJDQLVPLJHVWLRQDOL
(6(5&,=,2,1&2562
$QQR
352*5$00$=,21(3/85,(11$/(
$QQR
$QQR
$QQR
²&RQVRU]L
Qƒ
Qƒ
Qƒ
Qƒ
²$]LHQGH
Qƒ
Qƒ
Qƒ
Qƒ
²,VWLWX]LRQL
Qƒ
Qƒ
Qƒ
Qƒ
²6RFLHWjGLFDSLWDOL
Qƒ
Qƒ
Qƒ
Qƒ
²&RQFHVVLRQL
Qƒ
Qƒ
Qƒ
Qƒ
'HQRPLQD]LRQH&RQVRU]LR?L
3DUFR&ROOLQH/LYRUQHVL
3ROR7HFQRORJLFR0DJRQD
&RQVRU]LR6RFLHWjGHOOD6DOXWHGHOOD%DVVD9DOGL&HFLQD
&RPXQH?LDVVRFLDWR?LLQGLFDUHLOQƒWRWDOHHQRPL
&RQVRU]LR3DUFR&ROOLQH/LYRUQHVL
&RPXQLDVVRFLDWLQ&RPXQLGL/LYRUQR&ROOHVDOYHWWL5RVLJQDQR0DULWWLPR
&RQVRU]LR3ROR7HFQRORJLFR0DJRQD
&RPXQLH?RHQWLDVVRFLDWLQ&RPXQHGL&HFLQD&RPXQHGL5RVLJQDQR0DULWWLPR3URYLQFLD
GL/LYRUQR8QLYHUVLWjGL3LVD&0*6RFFRRSHUDWLYDDUO&KLPHW6S$&RVWDFXUWD6S$$OWDLU
&KLPLFD6S$ 1HQFLQL/DWHUL]L6S$$LJOH6S$ 6RF&RQV3ROL6FLHQWLILFL7HFQRORJLFL7RVFDQD
2PHJDVDV5XEEHUSODVW6S$/D7RVFDQD,PSLDQWLVUO8QLUDVUO6ROYD\&KLPLFD,WDOLD6S$
3URPR]LRQHH6YLOXSSR9DOGL&HFLQDVUO5LILQL]LRQL66WHIDQR6S$6(7VUO(OHVWDUVUO2IILFLQD
VUO7HUPLVRO7HUPLFDVUO0DULQD7UHVQF*HZDWHUSURFHVV
&RQVRU]LR6RFLHWjGHOOD6DOXWHGHOOD%DVVD9DOGL&HFLQD
&RPXQL DVVRFLDWL Q &RPXQH GL 5RVLJQDQR 0PR %LEERQD &DVWHOOLQD 0PD &HFLQD
&DVWDJQHWR&FL*XDUGLVWDOOR0RQWHVFXGDLR5LSDUEHOOD6DQWD/XFH&DVDOH0PRH$VO
²'HQRPLQD]LRQH$]LHQGD
²(QWH?L$VVRFLDWR?L
1(6681$$=,(1'$$77,9$
²'HQRPLQD]LRQH,VWLWX]LRQH?L
(QWH?L$VVRFLDWR?L
1(6681$,67,78=,21($77,9$
'HQRPLQD]LRQH²6S$VUO
3URPR]LRQHH6YLOXSSR9DOGL&HFLQDVUO
&HQWUDOHGHO/DWWHGL)LUHQ]H3LVWRLD/LYRUQR6S$
)LGL7RVFDQD6S$
5RVLJQDQR(QHUJLD$PELHQWH6S$
$]LHQGD6HUYL]L$PELHQWDOL6S$
$]LHQGD7UDVSRUWL/LYRUQHVHVUO
&DVD/LYRUQRH3URYLQFLD6S$
$JHQ]LD(QHUJHWLFDGHOOD3URYLQFLDGL/LYRUQRVUO
%DQFD(WLFD
&5R0VUO
5HWLDPELHQWH6SD
5RVLJQDQR,PSLDQWLH7HFQRORJLHVUO
²(QWH?L$VVRFLDWR?L
3URPR]LRQHH6YLOXSSR9DOGL&HFLQDVUOLQOLTXLGD]LRQH
VRFLSXEEOLFLQ&RPXQHGL5RVLJQDQR0DULWWLPR&RPXQHGL&HFLQD3URYLQFLDGL/LYRUQR
&RPXQH GL 9ROWHUUD &RPXQLWj 0RQWDQD GHOOD 9DO GL &HFLQD =RQD ) &RPXQH GL 3RPDUDQFH
&RPXQHGL&DVWDJQHWR&DUGXFFL&DPHUD GL&RPPHUFLR/LYRUQR3URYLQFLDGL3LVD&RPXQHGL
%LEERQD&RPXQHGL&DVDOH0DULWWLPR&RPXQHGL&DVWHOOLQD0DULWWLPD&RPXQHGL&DVWHOQXRYR
9DO GL &HFLQD &RPXQH GL *XDUGLVWDOOR &RPXQH GL 0RQWHFDWLQL 9DO GL &HFLQD &RPXQH GL
0RQWHVFXGDLR&RPXQHGL5LSDUEHOOD&RPXQHGL6DQWD/XFH
VRFLSULYDWLQ0RQWHGHL3DVFKLGL6LHQD6S$&DVVDGL5LVSDUPLRGL9ROWHUUD6S$&DVVDGL
5LVSDUPLRGL/LYRUQR6S$1HQFLQL/DWHUL]L6S$,QL]LDWLYH,PPRELOLDUL(WUXVFKH6S$&/&6RF
&RRSDUO)UDVVLQHOOLVUO6YLOXSSR9DORUH6UO)RQGD]LRQH&59ROWHUUD0DULQD7UH6QF*UDQFKL
5RGROIR6UO9DQQL3LHULQR8QLRQH&RPPHUFLR7XULVPRH6HUYL]L²&RQIFRPPHUFLR&RQIHVHUFHQWL
3URYLQFLDOH /LYRUQR 0HWDOTXDWWUR 6QF 6RFLHWj ,WDOLDQD GL 5LVWRUD]LRQH 6&UO ² (XGDQL $PLFL
*LXVHSSH $PLFL 0DULR *XDUGLVWDOOR ,7 6UO 0DVLQL 3DROR 3UR0R 6UO 6RF ,PP $UWLJLDQDWR
/LYRUQHVH&1$6UO'·$QGUHD$QWRQLR&269,*6UO&1$$VV3URYOH/LYRUQR%HUQDUGLQL*LXOLR
&DVLQL)RVFR3DULHWWL,OLR7DIIL(QLR&RQVRU]LR8QLRQFDVD6&UO
&HQWUDOHGHO/DWWHGL)LUHQ]H3LVWRLD/LYRUQR6S$
VRFLSXEEOLFLQ&RPXQHGL5RVLJQDQR0DULWWLPR&RPXQHGL/LYRUQR3URYLQFLDGL/LYRUQR
&RPXQH GL &DPSLJOLD 0DULWWLPD &RPXQH GL &ROOHVDOYHWWL &RPXQH GL &DVWDJQHWR &DUGXFFL
&RPXQH GL 6DQ 9LQFHQ]R &RPXQH GL 6XYHUHWR &RPXQH GL %LEERQD &RPXQH GL 6DVVHWWD
&RPXQHGL)LUHQ]H&RPXQHGL3LVWRLD
VRFLSULYDWLQ%DQFD1D]LRQDOHGHO/DYRUR&DVVDGL5LVSDUPLRGL)LUHQ]H)LGL7RVFDQD6S$
&DPHUDGL&RPPHUFLR
)LGL7RVFDQD6S$
VRFL SXEEOLFL Q 5HJLRQH 7RVFDQD &RPXQH GL 3UDWR 3URYLQFLD GL )LUHQ]H &RPXQH GL
9LDUHJJLR&RPXQHGL&HUWDOGR&RPXQHGL(PSROL3URYLQFLDGL*URVVHWR&RPXQHGL6DQWD&URFH
VXOO
$UQR&RPXQHGL&DSDQQROL&RPXQHGL6HVWR)LRUHQWLQR&RPXQHGL&DPSL%LVHQ]LR&RPXQH
GL5RVLJQDQR0DULWWLPR&RPXQHGL/LYRUQR&RPXQHGL3RQWDVVLHYH3URYLQFLDGL0DVVD&DUUDUD
&RPXQH GL &DVWHOILRUHQWLQR &RPXQH GL 6FDQGLFFL&RPXQH GL )LYL]]DQR &RPXQH GL 3LRPELQR
&RPXQHGL&ROOHVDOYHWWL&RPXQHGL/DPSRUHFFKLR&RPXQHGL)LUHQ]H&RPXQHGL%DJQRD5LSROL
&RPXQH GL &RUWRQD &RPXQH GL $EHWRQH &RPXQH GL 6DQ *LRYDQQL 9DOGDUQR &RPXQH GL
3RPDUDQFH&RPXQHGL/DLDWLFR&RPXQHGL6HUUDYDOOH3LVWRLHVH&RPXQHGL0RQWDOH&RPXQHGL
3HVFLD3URYLQFLDGL3LVWRLD&RPXQHGL0RQVXPPDQR7HUPH&RPXQHGL6DQ0DUFHOOR3LVWRLHVH
&RPXQHGL&DPDLRUH3URYLQFLDGL/XFFD&RPXQHGL&DYULJOLD&RPXQHGL)ROORQLFD&RPXQHGL
3RJJLERQVL&RPXQHGL)RLDQRGHOOD&KLDQD&RPXQHGL0RQWHYDUFKL&RPXQHGL0RQWRSROLLQ9DO
G
$UQR&RPXQHGL9ROWHUUD3URYLQFLDGL3LVD3URYLQFLDGL/LYRUQR&RPXQHGL9HFFKLDQR&RPXQH
GL0DVVDH&R]]LOH&RPXQHGL&ROOH9DOG
(OVD8QLRQH0RQWDQD$OWD9DOGL&HFLQD&RPXQHGL
%RUJR6DQ/RUHQ]R3URYLQFLDGL6LHQD3URYLQFLDGL$UH]]R&RPXQHGL%LEELHQD&RPXQHGL3LVWRLD
&RPXQH GL 0RQWHFDWLQL 7HUPH &RPXQH GL /DUFLDQR &RPXQH GL 6LJQD &RPXQH GL 0DVVD
&RPXQH GL *URVVHWR &RPXQH GL 6LHQD &RPXQH GL &DUUDUD &RPXQH GL 0RQWHULJJLRQL
)HGHUDOEHUJKL7RVFDQD8QLRQH&RPXQL9DOGL%LVHQ]LR8QLRQH0RQWDQD&RPXQL0XJHOOR8QLRQH
&RPXQL 0RQWDQD &ROOLQH 0HWDOOLIHUH 8QLRQH &RPXQL *DUIDJQDQD 8QLRQH &RPXQL 0RQWDQL
&DVHQWLQR&RPXQLWj0RQWDQD$UFLSHODJR7RVFDQR8QLRQH0RQWDQD&RPXQL9DOWLEHULQD7RVFDQD
8QLRQH&RPXQL0HGLD9DOOH6HUFKLR8QLRQH&RPXQL0RQWDQD/XQLJLDQD8QLRQH&RPXQL0RQWDQL
$PLDWD *URVVHWDQD 8QLRQH &RPXQL 9DOGDUQR H 9DOGLVLHYH &RPXQH GL 6HUDYH]]D &RPXQH GL
)RUWHGHL0DUPL&RPXQHGL3LHWUDVDQWD&RPXQHGL0DVVDURVD&RPXQHGL6WD]]HPD
VRFLSULYDWLQ&RQILQGXVWULD7RVFDQD$3,7RVFDQD&RQIDUWLJLDQDWR7RVFDQD&1$8QLRQH
5HJLRQDOH &&,$$ 7RVFDQD &RQIFRRSHUDWLYH8QLRQH 5HJLRQDOH 7RVFDQD $1&( 7RVFDQD
&RQILGL ,PSUHVH 7RVFDQH )HGHUD]LRQH 7RVFDQD %DQFKH &UHG &RRS %DQFD 3RSRODUH (WUXULD H
/D]LR &RQIHVHUFHQWL &RPLWDWR 7RVFDQR $VVRWXULVPR &RQIFRPPHUFLR 8QLRQH 5HJ7RVFDQD
%DQFD&5)LUHQ]H&,$&RQIHGHUD]LRQH,WDOLDQD$JULFROWRUL%DQFD3RSRODUHGL9LFHQ]D&DVVDGL
5LVSDUPLRGL3LVWRLDHGHOOD/XFFKHVLD%DQFR3RSRODUH&DVVDGL5LVSDUPLRGL6DQ0LQLDWR&DVVDGL
5LVSDUPLR GL &DUUDUD &DVVD GL 5LVSDUPLR GL 9ROWHUUD ,QWHVD 6DQSDROR %DQFD ,WDOHDVH %DQFD
&UHGLWR&RRSHUDWLYRGL&DPELDQR%DQFD1D]LRQDOHGHO/DYRUR%DQFD0RQWHGHL3DVFKLGL6LHQD
&DEHO +ROGLQJ ),13$6 /XFFD +ROGLQJ %DQFR GL /XFFD %DQFD 3RSRODUH GL /DMDWLFR %DQFD
3RSRODUHGHOO
(PLOLD5RPDJQD%DQFD3RSRODUH(WLFD&RRSIRQG%DQFD&$5,*(%DQFDGHO0RQWH
GL /XFFD %DQFD 3RSRODUH GL &RUWRQD 8QLSRO %DQFD%DQFD ,QWHUUHJLRQDOH6YLOXSSR ,QGXVWULDOH
%DQFD&UHG&RRS&DVWDJQHWR&DUGXFFL%DQFD&UHG&RRS)RUQDFHWWH&DVVDGL5LVSDUPLRGL
3DUPDH3LDFHQ]D
5RVLJQDQR(QHUJLD$PELHQWH6S$5($
6RFL SXEEOLFL Q &RPXQL GL 5RVLJQDQR 0DULWWLPR &HFLQD %LEERQD &ROOHVDOYHWWL 2UFLDQR
3LVDQR /RUHQ]DQD &DSUDLD ,VROD 5LSDUEHOOD &DVWHOOLQD 0DULWWLPD 6DQWD /XFH 0RQWHVFXGDLR
*XDUGLVWDOOR&DVDOH0PR
6RFLSULYDWLQ(QHUWHFNVUO
$]LHQGD6HUYL]L$PELHQWDOL6S$$6$
6RFLSXEEOLFLQ&RPXQLGL/LYRUQR3LRPELQR9ROWHUUD3RPDUDQFH6XYHUHWR&DVWHOQXRYR
9DOGL&HFLQD0RQWHFDWLQL9DOGL&HFLQD0RQWHYHUGL0DULWWLPR&DVWDJQHWR&DUGXFFL&ROOHVDOYHWWL
&DVWHOOLQD 0DULWWLPD 5LSDUEHOOD *XDUGLVWDOOR &DSUDLD LVROD 5RVLJQDQR 0DULWWLPR 6DQWD /XFH
&DPSLJOLD 0DULWWLPD 6DVVHWWD 5LR QHOO
(OED 6DQ 9LQFHQ]R &HFLQD 5DGLFRQGROL 3RUWRIHUUDLR
&DPSRQHOO·(OED0RQWHVFXGDLR
6RFLSULYDWLQ$*$6SD
$]LHQGD7UDVSRUWL/LYRUQHVHVUO$7/
6RFLSXEEOLFLQ&RPXQHGL5RVLJQDQR0DULWWLPR&RPXQHGL/LYRUQR&RPXQHGL&HFLQD
&RPXQHGL&ROOHVDOYHWWL&RPXQHGL0DUFLDQD&RPXQHGL%LEERQD&RPXQHGL&DPSRQHOO·(OED
&RPXQH GL 6DQWD /XFH &RPXQH GL 5LR QHOO (OED &RPXQH GL &DVWHOOLQD 0DULWWLPD &RPXQH GL
*XDUGLVWDOOR
6RFLSULYDWLQ
&DVD/LYRUQRH3URYLQFLD6S$&$6$/3
VRFL SXEEOLFL Q &RPXQL GL /LYRUQR %LEERQD &DPSLJOLD 0DULWWLPD &DPSR QHOO
(OED
&DSROLYHUL &DSUDLD LVROD &DVWDJQHWR &DUGXFFL &HFLQD &ROOHVDOYHWWL 0DUFLDQD 0DUFLDQD
0DULQD3LRPELQR3RUWR$]]XUUR 3RUWRIHUUDLR5LR0DULQD5LRQHOO
(OED5RVLJQDQR0DULWWLPR6DQ
9LQFHQ]R6DVVHWWD6XYHUHWR
$JHQ]LD(QHUJHWLFDGHOOD3URYLQFLDGL/LYRUQRVUO($/3
VRFL SXEEOLFL Q 3URYLQFLD GL /LYRUQR &RPXQL GL /LYRUQR 5RVLJQDQR 0DULWWLPR 3LRPELQR
&DVWDJQHWR&DUGXFFL
%DQFD(WLFDVRFLGLFXLSHUVRQHJLXULGLFKHHSHUVRQHILVLFKH
&5R0VUO
VRFLSXEEOLFLQ&RPXQLGL5RVLJQDQR0PR0RQWHVFXGDLR&DVWHOOLQD0PD
5HWLDPELHQWHVSD
VRFL SXEEOLFL &RPXQH GL %LEERQD&RPXQH GL &DPSR QHOO·(OED &RPXQH GL &DSROLYHUL
&RPXQH GL &DSUDLD ,VROD &RPXQH GL &HFLQD &RPXQH GL &ROOHVDOYHWWL &RPXQH GL /LYRUQR
&RPXQHGL0DUFLDQD&RPXQHGL3RUWR$]]XUUR&RPXQHGL3RUWR)HUUDLR&RPXQHGL5LR0DULQD
&RPXQHGL5RVLJQDQR0DULWWLPR&RPXQHGL$OWRSDVFLR&RPXQHGL%DJQLD/XFFD&RPXQHGL
%DUJD &RPXQH GL &DPSRUJLDQR &RPXQH GL &DSDQQRUL &RPXQH GL &DUHJJLQH &RPXQH GL
&DVWHOQXRYR *DUIDJQDQD &RPXQH GL &DVWLJOLRQH GL *DUIDJQDQD &RPXQH GL &RUHJOLD
$QWHOPLQHOOL &RPXQH GL )DEEULFKH GL 9DOOLFR &RPXQH GL )RVFLDQGRUD &RPXQH GL *DOOLFDQR
&RPXQH GL *LXQFXJQDQR &RPXQH GL /XFFD &RPXQH GL 0DVVDURVD &RPXQH GL 0LQXFFLDQR
&RPXQH GL 0ROD]]DQD &RPXQH GL 0RQWHFDUOR &RPXQH GL 3HVFDJOLD &RPXQH GL 3LD]]D $O
6HUFKLR &RPXQH GL )RVFLDQD &RPXQH GL 3RUFDUL &RPXQH GL 6DQ 5RPDQR LQ *DUIDJQDQD
&RPXQH GL 6HUUDYH]]D &RPXQH GL 6LOODQR &RPXQH GL 6WD]]HPD &RPXQH GL 9DJOL GL 6RWWR
&RPXQHGL9HUJHPROL&RPXQHGL9LOOD%DVLOLFD&RPXQHGL9LOOD&ROOHPDQGLQD&RPXQHGL$XOOD
&RPXQHGL%DJQRQH&RPXQHGL&DUUDUD&RPXQHGL&DVROHLQ/XQLJLDQD&RPXQHGL&RPDQR
&RPXQHGL)LODWWLHUD)DUPDFLH&RPXQDOHGL)LYL]]DQR&RPXQHGL)RVGLQRYR&RPXQHGL/LFFDQD
1DUGL&RPXQHGL0DVVD&RPXQHGL0RQWLJQRVR&RPXQHGL0XOD]]R&RPXQHGL3RGHQ]DQD
&RPXQH GL 3RQWUHPROL &RPXQH GL 7UHVDQD &RPXQH GL 9LOODIUDQFD /XLJLDQD &RPXQH GL =HUL
&RPXQH GL %LHQWLQD &RPXQH GL %XWL &RPXQH GL &DOFL &RPXQH GL &DOFLQDLD &RPXQH GL
&DSDQQROL&RPXQHGL&DVFLDQD7HUPH&RPXQHGL&DVFLQD&RPXQHGL&DVWHOIUDQFRGL6RWWR
&RPXQHGL&DVWHOOLQD 0DULWWLPD&RPXQH GL&KLDQQL&RPXQH GL &UHVSLQD&RPXQH GL)DXJOLD
&RPXQHGL*XDUGLVWDOOR&RPXQHGL/DMDWLFR&RPXQHGL/DUL&RPXQHGL/RUHQ]DQD&RPXQHGL
0RQWHFDWLQL9DOGL&HFLQD&RPXQHGL0RQWHVFXGDLR&RPXQHGL0RQWHYHUGL0DULWWLPR&RPXQH
GL 2UFLDQR 3LVDQR &RPXQH GL 3DODLD &RPXQH GL 3HFFLROL &RPXQH GL 3LVD &RPXQH GL
3RPDUDQFH&RPXQHGL3RQVDFFR&RPXQHGL3RQWHGHUD&RPXQHGL5LSDUEHOOD&RPXQHGL6DQ
*LXOLDQR7HUPH&RPXQHGL6DQ0LQLDWR&RPXQHGL6DQWD&URFHVXOO·$UQR&RPXQHGL6DQWD/XFH
&RPXQH GL 6DQWD 0DULD D 0RQWH &RPXQH GL 7HUULFFLROD &RPXQH GL 9HFFKLDQR &RPXQH GL
9LFRSLVDQR&RPXQHGL0RQWRSROL9DOG·$UQR
5RVLJQDQR,PSLDQWLH7HFQRORJLHVUO
VRFLSXEEOLFL&RPXQHGL5RVLJQDQR0DULWWLPR
6HUYL]LJHVWLWLLQFRQFHVVLRQH
5DFFROWDHVPDOWLPHQWR568H*HVWLRQH'LVFDULFD
6HUYL]LRLGULFRLQWHJUDWR
'LVWULEX]LRQHJDVPHWDQR
,OOXPLQD]LRQHYRWLYDVHUYL]LFLPLWHULDOL
²6RJJHWWLFKHVYROJRQRLVHUYL]L
5RVLJQDQR(QHUJLD$PELHQWH6S$²5($
$]LHQGD6HUYL]L$PELHQWDOL6S$$6$
(1,6SDKDDFTXLVWDWR$6$75$'(VSD
&5R0VUO
²8QLRQHGL&RPXQLVHFRVWLWXLWD
1(6681$
²$OWURVSHFLILFDUH
*HVWLRQHPDQLIHVWD]LRQLFXOWXUDOL
$VVRFLD]LRQH$UPXQLD)HVWLYDO&RVWDGHJOL(WUXVFKL
*HVWLRQL$VVRFLDWH
$EEDWWLPHQWREDUULHUHDUFKLWHWWRQLFKH
&RPXQLDVVRFLDWL%LEERQD&DVDOH0DULWWLPR&DVWDJQHWR&DUGXFFL&DVWHOOLQD0DULWWLPD&HFLQD
*XDUGLVWDOOR0RQWHVFXGDLR5LSDUEHOOD5RVLJQDQR0DULWWLPR6DQWD/XFH
&RPXQH&DSRILOD&HFLQD
&DWDVWR
&RPXQLDVVRFLDWL%LEERQD&DVDOH0DULWWLPR&DVWDJQHWR&DUGXFFL&DVWHOOLQD0DULWWLPD&HFLQD
*XDUGLVWDOOR0RQWHVFXGDLR5LSDUEHOOD5RVLJQDQR0DULWWLPR6DQWD/XFH
&RPXQH&DSRILOD&HFLQD
)RUPD]LRQHHGDJJLRUQDPHQWRGHO3HUVRQDOH
&RPXQLDVVRFLDWL%LEERQD&DVDOH0DULWWLPR&DVWDJQHWR&DUGXFFL&DVWHOOLQD0DULWWLPD&HFLQD
*XDUGLVWDOOR0RQWHVFXGDLR5LSDUEHOOD5RVLJQDQR0DULWWLPR6DQWD/XFH
&RPXQH&DSRILOD&HFLQD
3DUFRFDQLOHFRPSUHQVRULDOH
&RPXQLDVVRFLDWL%LEERQD&DVDOH0DULWWLPR&DVWDJQHWR&DUGXFFL&DVWHOOLQD0DULWWLPD&HFLQD
*XDUGLVWDOOR0RQWHVFXGDLR5LSDUEHOOD5RVLJQDQR0DULWWLPR6DQWD/XFH
&RPXQH&DSRILOD5RVLJQDQR0DULWWLPR
3URWH]LRQH&LYLOH
&RPXQLDVVRFLDWL%LEERQD&DVWDJQHWR&DUGXFFL&HFLQD5RVLJQDQR0DULWWLPR
&RPXQH&DSRILOD5RVLJQDQR0DULWWLPRGDO
5HJRODPHQWRHGLOL]LR
&RPXQLDVVRFLDWL%LEERQD&DVDOH0DULWWLPR&DVWDJQHWR&DUGXFFL&DVWHOOLQD0DULWWLPD&HFLQD
*XDUGLVWDOOR0RQWHVFXGDLR5LSDUEHOOD5RVLJQDQR0DULWWLPR6DQWD/XFH
&RPXQH&DSRILOD&DVWDJQHWR&DUGXFFL
6SRUWHOORXQLFRDWWLYLWjSURGXWWLYH68$3
&RPXQLDVVRFLDWL&DVWHOOLQD0DULWWLPD5RVLJQDQR0DULWWLPR6DQWD/XFH
&RPXQH&DSRILOD5RVLJQDQR0DULWWLPR
*UDGXDWRULHXQLFKHWHPSRGHWHUPLQDWR
&RPXQLDVVRFLDWL%LEERQD&DVDOH0DULWWLPR&DVWDJQHWR&DUGXFFL&DVWHOOLQD0DULWWLPD&HFLQD
*XDUGLVWDOOR0RQWHVFXGDLR5LSDUEHOOD5RVLJQDQR0DULWWLPR6DQWD/XFH&DPSLJOLD0DULWWLPD6DQ
9LQFHQ]R
&RPXQH&DSRILOD5RVLJQDQR0DULWWLPR
²$FFRUGLGLSURJUDPPDHDOWULVWUXPHQWLGL
SURJUDPPD]LRQHQHJR]LDWD
1(6681$&&25'2',352*5$00$2$/75,67580(17,',352*5$00$=,21(1(*2=,$7$$77,9$7,
²)XQ]LRQLHVHUFLWDWHVXGHOHJD
²)XQ]LRQLHVHUYL]LGHOHJDWLGDOOR6WDWR
5LIHULPHQWLQRUPDWLYL
)XQ]LRQLRVHUYL]L
7UDVIHULPHQWLGLPH]]LILQDQ]LDUL
8QLWjGLSHUVRQDOHWUDVIHULWR
²)XQ]LRQLHVHUYL]LGHOHJDWLGDOOD5HJLRQH
5LIHULPHQWLQRUPDWLYL
9,1&2/2$0%,(17$/($8725,==$=,21(3$(6$**,67,&$'/*6
)XQ]LRQLRVHUYL]L
$8725,==$=,21,²6$1=,21,68/9,1&2/23$(6$**,67,&2
7UDVIHULPHQWLGLPH]]LILQDQ]LDUL 12
8QLWjGLSHUVRQDOHWUDVIHULWR
12
²9DOXWD]LRQLLQRUGLQHDOODFRQJUXLWjIUDIXQ]LRQLGHOHJDWHHULVRUVHDWWULEXLWH
/(5,6256(5,68/7$1268)),&,(17,3(5/2692/*,0(172'(//()81=,21,
²)XQ]LRQLHVHUYL]LGHOHJDWLGDOOD5HJLRQH
5LIHULPHQWLQRUPDWLYL
9,1&2/2,'52*(2/2*,&2/5702',),&$72'$/57
)XQ]LRQLRVHUYL]L
$8725,==$=,21,²&21752//2²',&+,$5$=,21(,1,=,2/$925,
7UDVIHULPHQWLGLPH]]LILQDQ]LDUL 12
8QLWjGLSHUVRQDOHWUDVIHULWR
12
²9DOXWD]LRQLLQRUGLQHDOODFRQJUXLWjIUDIXQ]LRQLGHOHJDWHHULVRUVHDWWULEXLWH
3(5 48$172 5,*8$5'$ /
8)),&,2 9,1&2/2 ,'52*(2/2*,&2 $778$/0(17( /( 0$16,21,
$66(*1$7(9(1*212692/7('$81*(2/2*2&$7'(81,67587725($00,1,675$7,92&$7&
²)XQ]LRQLHVHUYL]LGHOHJDWLGDOOD5HJLRQH
5LIHULPHQWLQRUPDWLYL
'(0$1,20$5,77,02/57
)XQ]LRQLRVHUYL]L
&21&(66,21,²$8725,==$=,21,&21752//,
7UDVIHULPHQWLGLPH]]LILQDQ]LDUL 6,
8QLWjGLSHUVRQDOHWUDVIHULWR
12
²9DOXWD]LRQLLQRUGLQHDOODFRQJUXLWjIUDIXQ]LRQLGHOHJDWHHULVRUVHDWWULEXLWH
3(548$1725,*8$5'$/
8)),&,2'(0$1,20$5,77,02$778$/0(17(/(0$16,21,$66(*1$7(
9(1*212 692/7( '$ 81 ,1*(*1$5( &$7 ' 81 ,67587725( $00,1,675$7,92 &$7& ( 81
,67587725(*(20$75$&$7&
²)XQ]LRQLHVHUYL]LGHOHJDWLGDOOD5HJLRQH
5LIHULPHQWLQRUPDWLYL
/571250(3(5/$3527(=,21('(//$)$81$6(/9$7,&$
20(27(50$(3(5,/35(/,(929(1$725,2
)XQ]LRQLRVHUYL]L
&216(*1$(5,7,527(66(5,1,7$%(//$785(3(5',9,(7,',&$&&,$
3$57(&,3$=,21(352*5$00$=,21(7(55,725,$/(
7UDVIHULPHQWLGLPH]]LILQDQ]LDUL 6,68//$%$6('(//(6200(5,6&266(,1%$6($,7(66(5,1,
8QLWjGLSHUVRQDOHWUDVIHULWR
12
²9DOXWD]LRQLLQRUGLQHDOODFRQJUXLWjIUDIXQ]LRQLGHOHJDWHHULVRUVHDWWULEXLWH
121&
(
815$332572&21*58275$/(5,6256($775,%8,7((,&203,7,'$692/*(5(
²(FRQRPLDLQVHGLDWD
$*5,&2/78$&$&&,$(3(6&$
$]LHQGH
$57,*,$1$72
$]LHQGH
,1'8675,$
$]LHQGH
&200(5&,2
&RPPHUFLRDOGHWWDJOLRHULYHQGLWHTXRWLGLDQLHSHULRGLFL
6RPPLQLVWUD]LRQHSXEEOLFLHVHUFL]LHGDOWUHDWWLYLWjGL36 &RPPHUFLRVXDUHHSXEEOLFKHVXSRVWRILVVR
727$/(&200(5&,2
785,602
6WUXWWXUHULFHWWLYHDOEHUJKLFDPSHJJLDIILWWDFDPHUH
$JULWXULVPL
6WDELOLPHQWLEDOQHDUL
727$/(785,602
75$63257238%%/,&2
/LQHHXUEDQHNPSHUFRUVL
/LQHHH[WUDXUEDQHNPSHUFRUVL
6(=,21(
$QDOLVLGHOOHULVRUVH
5RVLJQDQR0DULWWLPR²5HOD]LRQH3UHYLVLRQDOH3URJUDPPDWLFD
²)RQWLGLILQDQ]LDPHQWR
²4XDGURULDVVXQWLYR
75(1'6725,&2
(175$7(
7ULEXWDULH
&RQWULEXWLH
WUDVIHULPHQWLFRUUHQWL
([WUDWULEXWDULH
727$/((175$7(
&255(17,
352*5$00$=,21(3/85,(11$/(
(VHUFL]LRDQQR
DFFHUWDPHQWL
FRPSHWHQ]D
(VHUFL]LRDQQR
DFFHUWDPHQWL
FRPSHWHQ]D
(VHUFL]LRLQFRUVR
SUHYLVLRQH
3UHYLVLRQHGHOELODQFLR
DQQXDOH
ƒDQQRVXFFHVVLYR
ƒDQQRVXFFHVVLYR
VFRVWDPHQWRGHOOD
FRORQQDULVSHWWRDOOD
FRORQQD
ŀ 3URYHQWLRQHULGL
XUEDQL]]D]LRQHGHVWLQDWL
DPDQXWHQ]LRQH
RUGLQDULDGHOSDWULPRQLR
ŀ $YDQ]RGL
DPPLQLVWUD]LRQH
DSSOLFDWRSHUVSHVH
FRUUHQWL
5RVLJQDQR0DULWWLPR²5HOD]LRQH3UHYLVLRQDOH3URJUDPPDWLFD
75(1'6725,&2
(175$7(
352*5$00$=,21(3/85,(11$/(
(VHUFL]LRDQQR
DFFHUWDPHQWL
FRPSHWHQ]D
(VHUFL]LRDQQR
DFFHUWDPHQWL
FRPSHWHQ]D
(VHUFL]LRLQFRUVR
SUHYLVLRQH
3UHYLVLRQHGHOELODQFLR
DQQXDOH
ƒDQQRVXFFHVVLYR
ƒDQQRVXFFHVVLYR
VFRVWDPHQWRGHOOD
FRORQQDULVSHWWRDOOD
FRORQQD
727$/((175$7(
87,/,==$7(3(563(6(
&255(17,(5,0%2562
35(67,7,$
$OLHQD]LRQHGLEHQLH
WUDVIHULPHQWLGLFDSLWDOH
3URYHQWLGL
XUEDQL]]D]LRQHGHVWLQDWL
DLQYHVWLPHQWL
$FFHQVLRQHPXWXLSDVVLYL
$OWUHDFFHQVLRQLSUHVWLWL
$YDQ]RGL
DPPLQLVWUD]LRQH
DSSOLFDWRSHU
ŀ )RQGRDPPRUWDPHQWR
ŀ )LQDQ]LDPHQWR
LQYHVWLPHQWL
727$/((175$7(
&&$3,7$/('(67,1$7($
,19(67,0(17,%
5LVFRVVLRQHGLFUHGLWL
$QWLFLSD]LRQLGLFDVVD
727$/(029,0(172
)21',&
5RVLJQDQR0DULWWLPR²5HOD]LRQH3UHYLVLRQDOH3URJUDPPDWLFD
75(1'6725,&2
(175$7(
727$/(*(1(5$/(
(175$7($%&
352*5$00$=,21(3/85,(11$/(
(VHUFL]LRDQQR
DFFHUWDPHQWL
FRPSHWHQ]D
(VHUFL]LRDQQR
DFFHUWDPHQWL
FRPSHWHQ]D
(VHUFL]LRLQFRUVR
SUHYLVLRQH
3UHYLVLRQHGHOELODQFLR
DQQXDOH
ƒDQQRVXFFHVVLYR
ƒDQQRVXFFHVVLYR
VFRVWDPHQWRGHOOD
FRORQQDULVSHWWRDOOD
FRORQQD
5RVLJQDQR0DULWWLPR²5HOD]LRQH3UHYLVLRQDOH3URJUDPPDWLFD
²$QDOLVLGHOOHULVRUVH
²(QWUDWHWULEXWDULH
75(1'6725,&2
(175$7(
,PSRVWH
352*5$00$=,21(3/85,(11$/(
(VHUFL]LRDQQR
DFFHUWDPHQWL
FRPSHWHQ]D
(VHUFL]LRDQQR
DFFHUWDPHQWL
FRPSHWHQ]D
(VHUFL]LRLQFRUVR
SUHYLVLRQH
3UHYLVLRQHGHOELODQFLR
DQQXDOH
ƒDQQRVXFFHVVLYR
ƒDQQRVXFFHVVLYR
VFRVWDPHQWRGHOOD
FRORQQDULVSHWWRDOOD
FRORQQD
7DVVH
7ULEXWLVSHFLDOLHGDOWUH
HQWUDWHSURSULH
727$/(
²,PSRVWDFRPXQDOHVXJOLLPPRELOL
*(77,72'$(',/,=,$
5(6,'(1=,$/($
$/,4827(,&,
(VHUFL]LRLQFRUVR
(VHUFL]LRELODQFLR
SUHYLVLRQHDQQXDOH
(VHUFL]LRLQFRUVR
*(77,72'$(',/,=,$
1215(6,'(1=,$/(%
(VHUFL]LRELODQFLR
SUHYLVLRQHDQQXDOH
(VHUFL]LRLQFRUVR
(VHUFL]LRELODQFLR
SUHYLVLRQHDQQXDOH
727$/('(/
*(77,72$%
,&,,A&DVD
,&,,,A&DVD
)DEEULFDWLSURGXWWLYL
$OWUR
5RVLJQDQR0DULWWLPR²5HOD]LRQH3UHYLVLRQDOH3URJUDPPDWLFD
$/,4827(,&,
(VHUFL]LRLQFRUVR
727$/(
(VHUFL]LRELODQFLR
SUHYLVLRQHDQQXDOH
*(77,72'$(',/,=,$
5(6,'(1=,$/($
(VHUFL]LRLQFRUVR
*(77,72'$(',/,=,$
1215(6,'(1=,$/(%
(VHUFL]LRELODQFLR
SUHYLVLRQHDQQXDOH
(VHUFL]LRLQFRUVR
(VHUFL]LRELODQFLR
SUHYLVLRQHDQQXDOH
727$/('(/
*(77,72$%
²9DOXWD]LRQHSHURJQLWULEXWRGHLFHVSLWLLPSRQLELOLGHOODORURHYROX]LRQHQHOWHPSRGHLPH]]LXWLOL]]DWLSHUDFFHUWDUOL
/QGHO/HJJHGLVWDELOLWjDUWFRPPDKDLVWLWXLWRDGHFRUUHUHGDOƒJHQQDLRO·,PSRVWD8QLFD&RPXQDOH,8&
4XHVW·XOWLPD VL EDVD VX GXH SUHVXSSRVWL LPSRVLWLYLXQR FRVWLWXLWR GDO SRVVHVVR GL LPPRELOL HFROOHJDWR DOOD ORUR QDWXUD H YDORUH O·DOWUR FROOHJDWR
DOO·HURJD]LRQHHDOODIUXL]LRQHGLVHUYL]LFRPXQDOL/D,8&ULVXOWDSHUWDQWRFRPSRVWDGD
,PSRVWD0XQLFLSDOH3URSULD,08GLQDWXUDSDWULPRQLDOHGRYXWDGDOSRVVHVVRUHGLLPPRELOLHVFOXVHOHDELWD]LRQLSULQFLSDOLHOHDWUHFDWHJRULHGL
HVHQ]LRQL SUHYLVWH GDOOD OHJJH /·DUW FRPPD GHOOD / 1 VWDELOLVFH FKH O·LVWLWX]LRQH GHOOD ,8& ODVFLD VDOYD O·DSSOLFD]LRQH
GHOO·,08
7$6,FRPSRQHQWHULIHULWDDLVHUYL]LDFDULFRVLDGHOSRVVHVVRUHFKHGHOO·XWLOL]]DWRUHGHOO·LPPRELOH
7$5,WDVVDULILXWLILQDOL]]DWDDILQDQ]LDUHLFRVWLGHOVHUYL]LRGLUDFFROWDHVPDOWLPHQWRGHLULILXWLDFDULFRGHOO·XWLOL]]DWRUH
4XHVWR (QWH KD SURYYHGXWR PHGLDQWH GHOLEHUD]LRQH GL &RQVLJOLR &RPXQDOH Q GHO DG DGRWWDUH OH DOLTXRWH HG D GHWHUPLQDUH OH
VFDGHQ]HSHULOYHUVDPHQWRLQDFFRQWRGHOOHVLQJROHFRPSRQHQWL,8&RYYHUR,08²7$6,7$5,UHJRODPHQWDQGRFRQWHVWXDOPHQWHO·LQWHUDGLVFLSOLQD
3HU OD VWLPD GHL JHWWLWL GHOOD ,8& FRQ ULIHULPHQWR DOO·HVHUFL]LR H VHJXHQWL VL ULPDQGD DOOH SDUWL FKH VHJXRQR GDWR FKH q VWDWD GHFLVD OD
ULPRGXOD]LRQHGHOOHDOLTXRWHDLILQLGHOILQDQ]LDPHQWRGHLSURJUDPPLGLVSHVDGHOO
HQWHGHOODVDOYDJXDUGLDGHJOLHTXLOLEULGL%LODQFLR²HGDO
FRQVHJXLPHQWRGHO3DWWRGL6WDELOLWj²$FLzVLDJJLXQJHLQROWUHODQHFHVVLWjGLGHWHUPLQDUHGHOODWDULIIH7DULQHOULVSHWWRGHOSULQFLSLRGL
FRSHUWXUDLQWHJUDOHGHOVHUYL]LRGLJHVWLRQHGHLULILXWLQHOULVSHWWRGHOODFRJHQ]DGHOODQRUPDLQWURGRWWDGDOOD/Q
&RQ ULIHULPHQWRDOOD 7$568 FRQWLQXD OD JHVWLRQH DVWUDOFLR SHU TXDQWR ULJXDUGD OHDQQXDOLWjSUHFHGHQWL FRQ OHPRGDOLWjJLjLQGLYLGXDWHSHULO
UHFXSHURGHOO·HYDVLRQHHRHOXVLRQHGHOODWDVVD
,QUHOD]LRQHDOOD&26$3VLDWHPSRUDQHDFKHSHUPDQHQWHLFHVSLWLLPSRQLELOLUHVWDQRSLRPHQRVWDELOLULVSHWWRDOOHDQQXDOLWjSUHFHGHQWLFRPH
GHVFULWWRQHOODVFKHGDGLGHWWDJOLR*OLDFFHUWDPHQWLYHQJRQRHIIHWWXDWLGDOSHUVRQDOHGHOVHUYL]LR*HVWLRQH(QWUDWHFRQODFROODERUD]LRQHGHO6HWWRUH
*HVWLRQH H &RQWUROOR 3ROL]LD 0XQLFLSDOH H $WWLYLWj (FRQRPLFKH D VHJXLWR GHOOH GLFKLDUD]LRQL VSRQWDQHH VLD FRQ VRSUDOOXRJKL GHO SHUVRQDOH GL
5RVLJQDQR0DULWWLPR²5HOD]LRQH3UHYLVLRQDOH3URJUDPPDWLFD
YLJLODQ]D
$QFKHLQULIHULPHQWRDOO·LPSRVWDGL3XEEOLFLWjHDLGLULWWLVXOOH3XEEOLFKH$IILVVLRQLVLFRQIHUPDQRJOLDQGDPHQWLUHODWLYLDOOHDQQXDOLWjSUHFHGHQWLDQFKH
LQUHOD]LRQHDOODLQYDULDQ]DGHOODWDULIID]LRQH
,OVHUYL]LRGLDSSRVL]LRQHPDQLIHVWLYLHQHHIIHWWXDWRDWWUDYHUVRXQDSSDOWRHVWHUQRDGXQDGLWWDLQFDULFDWDFRQFRQWUDWWRELHQQDOHDOTXDOHqDIILGDWD
DQFKHODQRUPDOHPDQXWHQ]LRQHGHJOLLPSLDQWL1HOO·DQQRVLUHQGHUjQHFHVVDULRO·HVSOHWDPHQWRGHOODSURFHGXUDGLJDUDSHUO·DIILGDPHQWRGHO
VHUYL]LRFKHVFDGHDO
&RQ'/JVPDU]RQ´'LVSRVL]LRQLLQPDWHULDGLIHGHUDOLVPRILVFDOHPXQLFLSDOHqVWDWDLQWURGRWWDIUDO·DOWURODSRVVLELOLWj´«GLLVWLWXLUHFRQ
GHOLEHUDGLFRQVLJOLRXQ·LPSRVWDGLVRJJLRUQRDFDULFRGLFRORURFKHDOORJJLDQRQHOOHVWUXWWXUHXELFDWHVXOSURSULRWHUULWRULRGDDSSOLFDUHVHFRQGRL
FULWHULGLJUDGXDOLWjLQSURSRU]LRQHDOSUH]]RILQRDHXURDQRWWHGLVRJJLRUQRLOUHODWLYRJHWWLWRqGHVWLQDWRDILQDQ]LDUHLQWHUYHQWLLQPDWHULDGL
WXULVPR GL PDQXWHQ]LRQH IUXL]LRQH H UHFXSHUR GHL EHQL FXOWXUDOL HG DPELHQWDOL ORFDOL QRQFKp GHL UHODWLYL VHUYL]L SXEEOLFL ORFDOLµ 4XHVWD
$PPLQLVWUD]LRQHKDSURYYHGXWRDGDSSURYDUHLO5HJRODPHQWRSHUO·DSSOLFD]LRQHGHOO·LPSRVWDFRQGHOLEHUD]LRQH GL&RQVLJOLR&RPXQDOHQGHO
HVXFFHVVLYHPRGLILFKHHSHULOFRUUHQWHDQQRLOSHULRGRGLDSSOLFD]LRQHVDUjGDODO&RQGHOLEHUD]LRQHGL*&QGHO
VRQRVWDWHDSSURYDWHOHWDULIIH,O6HUYL]LR*HVWLRQH(QWUDWHqVWDWRLQYHVWLWRGHOODJHVWLRQHGHOWULEXWR3HUO·DQQRVRQRVWDWLFRQIHUPDWL
WDULIIHH5HJRODPHQWRDSSOLFDWLQHOO·DQQRHTXLQGLDQFKHLOUHODWLYRJHWWLWR(·VWDWRULODVFLDWRGDOOD6RFLHWjFKHJHVWLVFHO·DSSOLFDWLYRDSSRVLWR
VRIWZDUHFKHSHULOSHULRGRGLLPSRVWDFRQVHQWLUjDLWLWRODULGLVWUXWWXUHULFHWWLYHGLDGHPSLHUHDJOLREEOLJKLLQWHPDGLGLFKLDUD]LRQHDQFKHRQ
OLQHIHUPDUHVWDQGRODPRGDOLWjGLLQYLRFDUWDFHR
&RQ ULIHULPHQWR D WXWWL L WULEXWL FRPXQDOL O
LPSHJQR FRQWUR O
HYDVLRQH ILVFDOH H O
HOXVLRQH JLj DWWLYDWR QHJOL HVHUFL]L SUHFHGHQWL KD FRQVHQWLWR GL
SUHYHGHUHXQ DXPHQWRGHOJHWWLWRRUGLQDULRLQ TXDQWRSDUWHGHOUHFXSHUR qGLYHQXWR FRQVROLGDWR/·DIILGDPHQWRDOODGLWWDHVWHUQDSHUTXDQWR
ULJXDUGDO·DWWLYLWjGLDFFHUWDPHQWRqFHVVDWRJLjGDOSHUWDQWRO·DWWLYLWjVWHVVDqWRUQDWDLQFDULFRDOVHUYL]LRJHVWLRQH(QWUDWHFKHFRQWLQXD
OHYHULILFKHSHUOHDQQXDOLWjQRQDQFRUDGHILQLWHQpVFDGXWH
$OILQHGLSRWHQ]LDUHO·DWWLYLWjGLFRQWUDVWRDLIHQRPHQLHYDVLYLHOXVLYLO·8IILFLRWULEXWLKDDGHULWRDO3URWRFROORFRQO·$JHQ]LDGHOOH(QWUDWHLQPDWHULDGL LQYLR GHOOH FRVLGGHWWH ´VHJQDOD]LRQL TXDOLILFDWHµ LQ TXHVWR PRGR LO &RPXQH KD GLULWWR DOOD FRPSDUWHFLSD]LRQH DO JHWWLWR FKH O·$JHQ]LD ULHVFH D
UHFXSHUDUHGDWDOLVHJQDOD]LRQL9HUUjGHILQLWRLQWHUQDPHQWHDOO·(QWHXQ SURWRFROORSHUHQIDWL]]DUHLOWHPDGHOFRQWUDVWRDOO·HYDVLRQHDQFKHVXOOH
PDWHULHGLLQWHUHVVHQRQVWUHWWDPHQWHWULEXWDULRFKHSUHVXSSRQJRQRODFROODERUD]LRQHGLDOWUL6HWWRULGHOO·$PPLQLVWUD]LRQH,QROWUHO·8IILFLR(QWUDWHKD
DGHULWRPHGLDQWHFRQYHQ]LRQHDOSURJHWWR726&$SURPRVVRGD5HJLRQH7RVFDQDHGDO&RPXQHGL)DEEULFKHGL9DOOLFRLOSURJHWWRFRQVHQWHGL
DYHUHXQDPDJJLRUH´FRPXQLFDELOLWjµWUDODQRVWUDEDQFDGDWLHTXHOODGHJOLDOWULSRUWDOLDWWUDYHUVRXQLQFURFLRGHLGDWLILQDOL]]DWRDGHYLGHQ]LDUH
DQRPDOLHVXVFHWWLELOLGLDFFHUWDPHQWR1HOO·DQQRVRQRSUHYLVWLLQFRQWULIRUPDWLYLSHUFRQVHQWLUHDOSHUVRQDOHO·XWLOL]]RHIIHWWLYRGLWDOHVRIWZDUH
4XDQWRDOO·DWWLYLWjGLULVFRVVLRQHVLUHQGHQHFHVVDULRIDUHXQDGLVWLQ]LRQHWUDODULVFRVVLRQHGLUHWWDGHLYDULWULEXWLFKHYLHQHHVHUFLWDWDDXWRQRPDPHQWH
GDOO·8IILFLR (QWUDWH SDVVDJJLR DULVFRVVLRQH GLUHWWDQHOFRQ FRQVHJXHQWHQRWHYROHDJJUDYLRLQWHUPLQLGL FDULFRGLODYRURH OD ULVFRVVLRQH
FRDWWLYDSHUODTXDOHO·(QWHVLqDYYDOVRGHO&RQFHVVLRQDULR(TXLWDOLD6S$
&RQULJXDUGRDTXHVW·XOWLPDSUHVRDWWRFKHODQRUPDWLYDDOPRPHQWRVWDELOLVFHSHUJOL(QWL/RFDOLODFHVVD]LRQHGHLUDSSRUWLFRQLO&RQFHVVLRQDULRDO
5RVLJQDQR0DULWWLPR²5HOD]LRQH3UHYLVLRQDOH3URJUDPPDWLFD
GLFHPEUHVLUHQGHQHFHVVDULRLQWUDSUHQGHUHXQSHUFRUVRFKHFRQVHQWDDOO·(QWHODJHVWLRQHGHOOHSRVL]LRQLLQVROXWHVLDSHULWULEXWLFKHSHUOH
DOWUHHQWUDWHSDWULPRQLDOLSUHVRDWWRFKHQRQYLVRQRULVRUVHXPDQHHVWUXPHQWDOLSHUXQDJHVWLRQHGLUHWWD$WDOSURSRVLWRO·(QWHKDSUHVHQWDWRIRUPDOH
´PDQLIHVWD]LRQHGLLQWHUHVVHµ DOSURJHWWR$1&,5,6&266,21,SURPRVVRGD$1&,726&$1$SHULOVXSSRUWRDJOL(QWL/RFDOLQHOO·DWWLYLWjGLULVFRVVLRQH
FRDWWLYD,QVRVWDQ]D$QFL7RVFDQDHIIHWWXDLOUXRORGLFHQWUDOHGLFRPPLWWHQ]DSHUODJHVWLRQHGHOOHSURFHGXUHGLJDUDUHODWLYHDOO·DIILGDPHQWRGHL
VHUYL]LQHFHVVDULQHOODULVFRVVLRQHFRDWWLYD
²3HUO
,&,LQGLFDUHODSHUFHQWXDOHG
LQFLGHQ]DGHOOHHQWUDWHWULEXWDULHGHLIDEEULFDWLSURGXWWLYLVXOOHDELWD]LRQL
,QTXDQWRDEURJDWDVLULPDQGDDTXDQWRDIIHUPDWRLQPHULWRDUHFXSHURHYDVLRQHHG,08
²,OOXVWUD]LRQHGHOOHDOLTXRWHDSSOLFDWHHGLPRVWUD]LRQHGHOODFRQJUXLWjGHOJHWWLWRLVFULWWRSHUFLDVFXQDULVRUVDQHOWULHQQLRLQUDSSRUWRDLFHVSLWL
LPSRQLELOL
D
,&,²*HVWLRQHVWUDOFLR
,O '/ Q GHO FRQYHUWLWR LQ / Q GHO DOO·DUW KD DQWLFLSDWR LQ YLD VSHULPHQWDOH O·HQWUDWD LQ YLJRUH GHOO·,PSRVWD
0XQLFLSDOH3URSULD,08VRSSULPHQGRFRQWHPSRUDQHDPHQWHO·,&,
5LPDQHFRPXQTXHLQHVVHUHO
LPSHJQRFRQWURO
HYDVLRQHILVFDOHHO
HOXVLRQHJLjDWWLYDWRQHJOLHVHUFL]LSUHFHGHQWLILQRDGUHFXSHURGLTXDQWRQRQ
SDJDWRILQRDOO·DQQXDOLWj
3HUPDQJRQROHGLIILFROWjGHLFRQWUROOLHGHJOLLQFURFLWUDODQRVWUDEDQFDGDWLHTXHOOHIRUQLWHGDJOL(QWLHVWHUQLDOO
$PPLQLVWUD]LRQHFDXVDOHFRPSOHVVH
SURFHGXUHHODGLYHUVLWjGHLVRJJHWWLLQWHUHVVDWL&DWDVWR$QDJUDIH7ULEXWDULD,)(/FKHVRQRVWDWHLQSDUWHULGRWWHFRQDSSRVLWHFRQYHQ]LRQL
,QSDUWLFRODUHLFROOHJDPHQWLFRQO
$JHQ]LDGHO7HUULWRULRSHULOFRQWUROORGHOOHYLVXUH&DWDVWDOLQRQFKpFRQOD&RQVHUYDWRULDGHLUHJLVWULLPPRELOLDUL
FRQVHQWRQRYHULILFKHSLUDSLGHLQTXDQWRqSRVVLELOHDFFHGHUHGLUHWWDPHQWHWUDPLWH,QWHUQHWDOOHEDQFKHGDWLGLWDOLVRJJHWWLPDLOQXPHUROLPLWDWR
GHJOLDFFHVVLSUHYLVWRGDOO·$JHQ]LDVWHVVDHVFOXGHFKHSLRSHUDWRULSRVVDQRGHGLFDUVLFRQWHPSRUDQHDPHQWHDTXHVWDDWWLYLWj
/·HQWUDWDLQYLJRUHGHO'/QGHOFRQYHUWLWRLQ/QGHOKDHVHQWDWRGDOSDJDPHQWROHDELWD]LRQLSULQFLSDOLQRQFKpFRPH
SUHFLVDWR GDOOD 5LVROX]LRQH Q ') GHO WXWWH OH DELWD]LRQL FKH QHO 5HJRODPHQWR &RPXQDOH YLJHQWH HUDQR SDULILFDWH DOO·DELWD]LRQH
5RVLJQDQR0DULWWLPR²5HOD]LRQH3UHYLVLRQDOH3URJUDPPDWLFD
SULQFLSDOH
,OJHWWLWRqVWDWRVWLPDWRLQULGX]LRQHULVSHWWRDTXDQWRDFFHUWDWRQHO
D
,08
/·HQWUDWDLQYLJRUHGHOOD,PSRVWD8QLFD&RPXQDOH,8&KDLQGLYLGXDWRO·,08TXDOHFRPSRQHQWHGLQDWXUDSDWULPRQLDOHGHOODQXRYDLPSRVWD7XWWDYLD
O·DUWFRPPDGHOOD/QKDIDWWRVDOYDO·DSSOLFD]LRQHGHOODQRUPDWLYD,08HGLOQRVWUR(QWHFRQODGHOLEHUD]LRQHGL&&QGHO
KDFRQIHUPDWRSHULOYHUVDPHQWRLQDFFRQWROHDOLTXRWH,08QRQFKpOHPHGHVLPHIDWWLVSHFLHGLDJHYROD]LRQL
,QRFFDVLRQHGHOVDOGR,08qSUHYLVWDFRPHDQWLFLSDWRVRSUDXQDUHYLVLRQHGHOOHWDULIIHFKHWHQJDFRQWRGHOFRPELQDWRGLVSRVWRGLFXLDOO·DUW
FRPPD GHOOD / Q H GHOO·DUW FRPPD GHOOD PHGHVLPD OHJJH FKH GHWHUPLQHUj XQ LQFUHPHQWR GL JHWWLWR ,08 SDUL DG ½
'DWRULOHYDWRGDOODEDQFDGDWLGHOOD82*HVWLRQH(QWUDWHGHOO·(QWHQHLWHUPLQLGLFXLDOOHWDEHOOHFKHVHJXRQR
,0802/7,3/,&$725,SHUGHWHUPLQD]LRQHYDORUH
02/7,3/,&$725,
)$%%5,&$7,
SULPDGLDSSOLFDUHLPROWLSOLFDWRULOHUHQGLWHFDWDVWDOLULVXOWDQWLLQ&DWDVWRDOƒJHQQDLRGHOO
DQQRGL
LPSRVL]LRQHGHYRQRHVVHUHDXPHQWDWHGHO
SHULIDEEULFDWLFODVVLILFDWLQHOJUXSSRFDWDVWDOH$HQHOOHFDWHJRULHFDWDVWDOL&&H&FRQHVFOXVLRQHGHOOD
FDWHJRULDFDWDVWDOH$
SHULIDEEULFDWLFODVVLILFDWLQHOJUXSSRFDWDVWDOH%HQHOOHFDWHJRULHFDWDVWDOL&&&
SHULIDEEULFDWLFODVVLILFDWLQHOODFDWHJRULDFDWDVWDOH'
5RVLJQDQR0DULWWLPR²5HOD]LRQH3UHYLVLRQDOH3URJUDPPDWLFD
SHULIDEEULFDWLFODVVLILFDWLQHOODFDWHJRULDFDWDVWDOH$
SHULIDEEULFDWLFODVVLILFDWLQHOJUXSSRFDWDVWDOH'DGHFFH]LRQHGHLIDEEULFDWLDFFDWDVWDWLQHOODFDWHJRULD'
SHULIDEEULFDWLFODVVLILFDWLQHOODFDWHJRULDFDWDVWDOH&
7(55(1,
02/7,3/,&$725,
SULPDGLDSSOLFDUHLPROWLSOLFDWRULLUHGGLWLGRPLQLFDOLULVXOWDQWLLQ&DWDVWRDOƒJHQQDLRGHOO
DQQRGL
LPSRVL]LRQHGHYRQRHVVHUHDXPHQWDWLGHO
SHULWHUUHQLDJULFROL
SHULWHUUHQLDJULFROLQRQFKpSHUTXHOOLQRQFROWLYDWLSRVVHGXWLHFRQGRWWLGDLFROWLYDWRULGLUHWWLHGDJOLLPSUHQGLWRUL
DJULFROLSURIHVVLRQDOLLVFULWWLQHOODSUHYLGHQ]DDJULFROD
5,02'8/$=,21('(//($/,4827(,083(5
/
(6(5&,=,2(6(*8(17,
)$77,63(&,(,0321,%,/(
$/,4827$$&&2172,08&217$6,$/
3(50,//(
$/,4827$,08&217$6,$/3(5
0,//(
,1&5(0(172*(77,72,08'(5,9$17(
'$//
$'(*8$0(172'(//($/,4827(',&8,
$//$&2/211$35(&('(17(
$OLTXRWDGLEDVH
SHUPLOOH
SHUPLOOH
BBB
$ELWD]LRQHSULQFLSDOH
(VHQWH,PXSHUOHJJH
(VHQWH,PXSHUOHJJH
(VHQWH,PXSHUOHJJH
$ELWD]LRQHDGLVSRVL]LRQHQRQORFDWD
SHUPLOOH
(
SRVVLELOHDXPHQWDUHGLSHUPLOOHQHO
ULVSHWWRGHOFLWDWRDUWFRPPD/Q
'DGHWHUPLQDUHDLILQLGLJDUDQWLUHOHILQDOLWjGL
FXLDOO
DUWFRPPD/Q
SHUPLOOH
½
,PPRELOLDGXVRDELWDWLYRHUHODWLYHSHUWLQHQ]H SHUPLOOH
5RVLJQDQR0DULWWLPR²5HOD]LRQH3UHYLVLRQDOH3URJUDPPDWLFD
GDWLLQORFD]LRQHFRQFRQWUDWWRUHJRODUPHQWH
UHJLVWUDWRSHUDOPHQRRWWRPHVLQHOO·DUFR
GHOO·DQQR
SHUPLOOH
8QLWjLPPRELOLDULHUHODWLYHSHUWLQHQ]H
SRVVHGXWHLQ,WDOLDDWLWRORGLSURSULHWjRGL
XVXIUXWWRGDFLWWDGLQLLWDOLDQLQRQUHVLGHQWLQHO
WHUULWRULRGHOOR6WDWRDFRQGL]LRQHFKHODVWHVVD
QRQULVXOWLORFDWD
SHUPLOOH
1RQVFRUSRUDELOH
)DEEULFDWLGLFXLDOODFDWHJRULDFDWDVWDOH$H
SHUPLOOH
UHODWLYHSHUWLQHQ]HQHLOLPLWLGLXQDSHU
FDWHJRULDFDWDVWDOHFRQFHVVHLQXVRJUDWXLWRD
SDUHQWLHQWURLOƒJUDGRFKHODXWLOL]]DQRFRPH
DELWD]LRQHSULQFLSDOH
SHUPLOOH
½
SHUPLOOH
SHUPLOOH
½
,PPRELOLQRQSURGXWWLYLGLUHGGLWRIRQGLDULRFRVu SHUPLOOH
FRPHTXDOLILFDWLGDOO·DUW78,5HVFOXVLL
IDEEULFDWLGLFDWHJRULD'
SHUPLOOH
½
)DEEULFDWLGLFXLDOOHFDWHJRULHFDWDVWDOL&²
&²&²&VHSRVVHGXWLHXWLOL]]DWL
GLUHWWDPHQWHTXDOLEHQLVWUXPHQWDOLGDVRJJHWWL
SDVVLYL,5(6
,PPRELOLGLFDWHJRULD'HVFOXVLL'
SHUPLOOH
SHUPLOOH
½
)DEEULFDWLGLFXLDOODFDWHJRULDFDWDVWDOH%
SHUPLOOH
SHUPLOOH
½
$UHHHGLILFDELOL
SHUPLOOH
SHUPLOOH
BBB
/DSUHYLVLRQHGHOO·,08SHULO%LODQFLRHVHJXHQWLRULJLQDFRPXQTXHGDOO·LQFDVVDWRDWDOHWLWRORQHOO·HVHUFL]LRRYYHURHXURDFXL
VLDJJLXQJHLOJHWWLWRGHOODULPRGXOD]LRQHGLFXLVRSUDSHUXQDSUHYLVLRQHLQL]LDOHSDULDGHXUR$IURQWHGLWDOHGDWR´ORUGRµO·DUWGHO'/ FRQYHUWLWRLQOHJJHGLVSRQHFKHJOLHQWLORFDOLFRQWDELOL]]DQRO·,08DOQHWWRGHOOHFRPSHQVD]LRQLDWWXDWHGDOOR6WDWRDLILQLGHOIXQ]LRQDPHQWR
GHO)RQGRGL6ROLGDULHWj1D]LRQDOH)6&H[DUWFRPPDWHUOHWWDGHOOD/3HULO&RPXQHGL5RVLJQDQR0DULWWLPRWDOH)6&DG
RJJLqVWDWRGHWHUPLQDWRLQWHUPLQLQHJDWLYLRYYHURqSDULD²HXUR'DFLzGHULYDFKHOR6WDWRVWHVVRPHGLDQWHO·$JHQ]LDGHOOH(QWUDWH
SURYYHGHUjDWUDWWHQHUHXQJHWWLWR,08SDULDSUHGHWWRDPPRQWDUH'LTXLODSRVWDGL%LODQFLRHGHVHUFL]LVXFFHVVLYLVWLPDWDLQHXUR DQQXDOLDOQHWWRGLHYHQWXDOLLQWURLWLGDOO·DWWLYLWjGLFRQWUDVWRDOO·HYDVLRQHHOXVLRQHILVFDOH
5RVLJQDQR0DULWWLPR²5HOD]LRQH3UHYLVLRQDOH3URJUDPPDWLFD
D
,03267$',62**,2512
&RQ'/JVPDU]RQ´'LVSRVL]LRQLLQPDWHULDGLIHGHUDOLVPRILVFDOHPXQLFLSDOHµqVWDWDLQWURGRWWDIUDO·DOWURODSRVVLELOLWj´«GLLVWLWXLUHFRQ
GHOLEHUDGLFRQVLJOLRXQ·LPSRVWDGLVRJJLRUQRDFDULFRGLFRORURFKHDOORJJLDQRQHOOHVWUXWWXUHXELFDWHVXOSURSULRWHUULWRULRGDDSSOLFDUHVHFRQGRL
FULWHULGLJUDGXDOLWjLQSURSRU]LRQHDOSUH]]RILQRDHXURDQRWWHGLVRJJLRUQRLOUHODWLYRJHWWLWRqGHVWLQDWRDILQDQ]LDUHLQWHUYHQWLLQPDWHULDGL
WXULVPRGLPDQXWHQ]LRQHIUXL]LRQHHUHFXSHURGHLEHQLFXOWXUDOLHGDPELHQWDOLORFDOLQRQFKpGHLUHODWLYLVHUYL]LSXEEOLFLORFDOLµ
4XHVWD$PPLQLVWUD]LRQHFRQ'HOLEHUDFRQVLOLDUHQGHOKDLVWLWXLWRO·,PSRVWDGL6RJJLRUQRHGKDSURYYHGXWRDGDSSURYDUHLO5HJRODPHQWR
SHUO·DSSOLFD]LRQHGHOO·LPSRVWDFRQGHOLEHUD]LRQHGL&RQVLJOLR&RPXQDOHQGHOHVXFFHVVLYHPRGLILFKHHLQWHJUD]LRQL
&RQGHOLEHUD]LRQHGL*LXQWD&RPXQDOHQGHOHVXFFHVVLYHPRGLILFKHVRQRVWDWHDSSURYDWHOHWDULIIH
3HULOFRUUHQWHDQQRLOSHULRGRGLDSSOLFD]LRQHVDUjGDODO,O6HUYL]LR*HVWLRQH(QWUDWHqVWDWRLQYHVWLWRGHOODJHVWLRQHGHOWULEXWR
(·VWDWRULODVFLDWRGDOOD6RFLHWjFKHJHVWLVFHO·DSSOLFDWLYRLOVRIWZDUHSHUO·DVVROYLPHQWRRQ OLQHGDSDUWHGHL WLWRODULGHOOHVWUXWWXUHULFHWWLYHGHJOL
REEOLJKLGLFKLDUDWLYLSUHYLVWLGDO5HJRODPHQWR&RQWLQXDWXWWDYLDDGHVVHUHDSSOLFDWDODPRGDOLWjGLLQYLRFDUWDFHRGHOOHVXGGHWWHGLFKLDUD]LRQLFLzDO
ILQHGLQRQFUHDUHGLVDJLDOOHVWUXWWXUHPHQRDUWLFRODWHFKHQRQGLVSRQJRQRGLLQWHUQHW
3HUJOLHVHUFL]LQRQVRQRSUHYLVWLLQFUHPHQWLGHOO·LPSRVWDHGXQTXHqVRVWDQ]LDOPHQWHFRQIHUPDWRLOJHWWLWRGHOO·HVHUFL]LRSUHFHGHQWHLQ½
7DOHHQWUDWDULVXOWDYLQFRODWDDLVHJXHQWLLQWHUYHQWLFRQWULEXWLSHUPDQLIHVWD]LRQLYDULHHSURPR]LRQHWXULVWLFDHDVVRFLD]LRQLWXULVPRDSSDOWL
YDUL VHUYL]LR DPELHQWH WUDVIHULPHQWL DG DOWL HQWL VHWWRUL SXEEOLFL WXULVPR DSSDOWL YDUL VHUYL]LR UDFFROWD FRQWULEXWL YDUL SHU LQL]LDWLYH FXOWXUDOL GLYHUVH
RUJDQL]]D]LRQHPDQLIHVWD]LRQLHFRQYHJQLYDULHGLJHVWLRQHUHODWLYHDOSURJHWWR´HVWDWHµFRQWULEXWLYDULSHULQL]LDWLYHGLSURPR]LRQHWXULVWLFRFXOWXUDOL
VHUYL]LRSXEEOLFDLOOXPLQD]LRQHSHUXQWRWDOHSDULDG½
,03267$',62**,2512
67587785($/%(5*+,(5(
$/%(5*+,
,03267$
67587785((;75$$/%(5*+,(5(
,03267$
67(//$
½$1277(
&$6(('$33$57$0(17,3(59$&$1=(
½$1277(
5RVLJQDQR0DULWWLPR²5HOD]LRQH3UHYLVLRQDOH3URJUDPPDWLFD
67(//(
½$1277(
&$6(3(5)(5,(
½$1277(
67(//(
½$1277(
$*5,785,60,
½$1277(
67(//(
½$1277(
&$03(**,67(//(
½$1277(
67(//(
½$1277(
267(//,3(5/$*,29(178·
½$1277(
5(6,'(1=(785,67,&2$/%(5*+,(5(
½$1277(
$)),77$&$0(5(352)(66,21$/,
½$1277(
7877(/($/75(67587785(5,&(77,9(1215,&2035(6(1(//(35(&('(17,$LVHQVLGHOOD/5QHVP
½$1277(
(6(1=,21,
DLPLQRULILQRDOTXDWWRUGLFHVLPRDQQRGLHWj
ELIDPLOLDULGLVRJJHWWLULFRYHUDWLSUHVVRVWUXWWXUHRVSHGDOLHUHDFKHKDQQRODQHFHVVLWjDOILQHGLJDUDQWLUHODQHFHVVDULDDVVLVWHQ]DGLVRJJLRUQDUHSUHVVROH
VWUXWWXUHULFHWWLYHXELFDWHQHOWHUULWRULRGL5RVLJQDQR0DULWWLPR
FFRORURFKHQRQUHVLGHQWLQHO&RPXQHGL5RVLJQDQR0DULWWLPRSUHVWDQRDWWLYLWjODYRUDWLYDSUHVVRTXDOVLDVLGHOOHVWUXWWXUHULFHWWLYHVRSUDLQGLFDWH
GFRORURFKHDOORJJLDQRLQVWUXWWXUHULFHWWLYHDVHJXLWRGLSURYYHGLPHQWLDGRWWDWLGDDXWRULWjSXEEOLFKHSHUIURQWHJJLDUHVLWXD]LRQLGLHPHUJHQ]DFRQVHJXHQWLDG
HYHQWLFDODPLWRVLRGLQDWXUDVWUDRUGLQDULDRSHUILQDOLWjGLVRFFRUVRXPDQLWDULR
IVFRODUHVFKHLQJLWDGLLVWLWXWR
5RVLJQDQR0DULWWLPR²5HOD]LRQH3UHYLVLRQDOH3URJUDPPDWLFD
D
7$568
/·LQWURGX]LRQHGHOOD7DULLQYLUWGHOOD/HJJHGL6WDELOLWjSHULO/KDHVSUHVVDPHQWHDEURJDWRLOSUHOLHYR7DUVX&RQWLQXDFRPXQTXH
O
DWWLYLWjGLFRQWUROORHGDFFHUWDPHQWR,OUHODWLYRJHWWLWRqSUHYLVWRLQPLVXUDLQIHULRUHDLULVXOWDWLHGLQDXPHQWRSHUJOLHVHUFL]LVXFFHVVLYL
D
7$5,
/QGHO/HJJHGLVWDELOLWjDUWFRPPDKDLVWLWXLWRDGHFRUUHUHGDOƒJHQQDLR O·,PSRVWD8QLFD&RPXQDOH,8&7DOH
,PSRVWDFRPHGHWWRFRPSUHQGHOD7$5,RYYHURODWDVVDULILXWLILQDOL]]DWDDILQDQ]LDUHLFRVWLGHOVHUYL]LRGLUDFFROWDHVPDOWLPHQWRGHLULILXWLDFDULFR
GHOO·XWLOL]]DWRUH
4XHVWR (QWH KD SURYYHGXWR PHGLDQWH GHOLEHUD]LRQH GL &RQVLJOLR &RPXQDOH Q GHO DG DGRWWDUH OH DOLTXRWH HG D GHWHUPLQDUH OH
VFDGHQ]HSHULOYHUVDPHQWRLQDFFRQWRGHOOHVLQJROHFRPSRQHQWL,8&RYYHUR,08²7$6,7$5,UHJRODPHQWDQGRFRQWHVWXDOPHQWHO·LQWHUDGLVFLSOLQD
3HUTXDQWRULJXDUGDOD7$5,LQDFFRQWRDOJLXJQRqVWDWRLQYLDWRDLFRQWULEXHQWLLOPRGHOORGLSDJDPHQWR)FDOFRODWRFRPHDFFRQWRSDULDO
GHOOD7$568&LzLQRWWHPSHUDQ]DDO'/QHGDOOD&LUFRODUH')GHO0LQLVWHURGHOOH)LQDQ]H3HULOVDOGRILVVDWRDOGLFHPEUH
YHUUjLQYLDWRDFRQJXDJOLRXQLPSRUWREDVDWRVXOOHQXRYHWDULIIH7$5,DLVHQVLGHO'35QGDDSSURYDUHHQWURO·DSSURYD]LRQHGHOELODQFLRGL
SUHYLVLRQH
(QWURLOWHUPLQHSUHYLVWRGDOODQRUPDWLYDVWDWDOHSHUO·DSSURYD]LRQHGHO%LODQFLRGLSUHYLVLRQHYHUUDQQRSHUWDQWRGHILQLWHOHDOLTXRWHGHOOHVLQJROH
FRPSRQHQWL,8&,08²7$6,²7$5,SHULYHUVDPHQWLDVDOGRSUHYLVWLQHOGLFHPEUHHVHQHFHVVDULRDSSRUWDWHPRGLILFKHDO5HJRODPHQWR,8&
,QSDUWLFRODUHSHUODGHWHUPLQD]LRQHGHOOHWDULIIH7$5,qLQGLVSHQVDELOHO
DSSURYD]LRQHGHO3LDQR)LQDQ]LDULRUHGDWWRGDOVRJJHWWRJHVWRUHGHOVHUYL]LRGL
UDFFROWDHVPDOWLPHQWRLQTXDQWRODWDVVDqILQDOL]]DWDDOODLQWHJUDOHFRSHUWXUDGHLFRVWLGHOVHUYL]LRVWHVVR(·FRQIHUPDWDO·DSSOLFD]LRQHGHO7ULEXWR
3URYLQFLDOH7()$PHQWUHVRQRVRSSUHVVHOHDGGL]LRQDOLH[(&$HGH[0(&$DSSOLFDWHLQUHJLPH7$568,OSUHVHQWH%LODQFLRFRPSUHQGHFRPXQTXH
JOLLPSRUWLLQHQWUDWDHGLQXVFLWDGHVXQWLGDOODSURSRVWDGL3()SUHVHQWDWRGDOJHVWRUHLOQVSURW
D
7$6,
/D/QGHO/HJJHGLVWDELOLWjDUWFRPPDKDLVWLWXLWRDGHFRUUHUHGDOƒJHQQDLRO·,PSRVWD8QLFD&RPXQDOH,8&7DOH
,PSRVWDFRPHGHWWRFRPSUHQGHOD7$6,FRPSRQHQWHULIHULWDDLVHUYL]LDFDULFRVLDGHOSRVVHVVRUHFKHGHOO·XWLOL]]DWRUHGHOO·LPPRELOH
5RVLJQDQR0DULWWLPR²5HOD]LRQH3UHYLVLRQDOH3URJUDPPDWLFD
/DSUHYLVLRQHGL%LODQFLR²qFDUDWWHUL]]DWDGDOODGHFLVLRQHGLLQFUHPHQWDUHO·DOLTXRWDILQRDOSHUPLOOHVXOODJHQHUDOLWjGHOOHIDWWLVSHFLH
LPSRQLELOLDGHFFH]LRQHGHJOLLPPRELOLGLFXLDOODFDWHJRULD$HUHODWLYHSHUWLQHQ]HQRQGHVWLQDWHDGDELWD]LRQHSULQFLSDOHHFKHULHQWUDQRQHOODFG
WLSRORJLDGHOOHDELWD]LRQLDGLVSRVL]LRQH3HUTXHVW·XOWLPHVLDSSOLFDO·DOLTXRWDSDULDOORSHUPLOOHYROWDDOODFRSHUWXUDGLGHWUD]LRQLGHFUHVFHQWL
VXOO·DELWD]LRQHSULQFLSDOHLQDWWXD]LRQHGHOO·DUWFRGHOOD/FRPHVXFFHVVLYDPHQWHPRGLILFDWD7DOLGHWUD]LRQLVLDSSOLFDQRSHUUHQGLWH
FDWDVWDOLGDDHXUR,OJHWWLWRVWLPDWRqSDULDGHXURLQIHULRUHDTXDQWRSUHYLVWRGDOODEDQFDGDWLFDWDVWDOHGHOO·XIILFLRWULEXWLHXUR
LQTXDQWRFDOPLHUDWRVXOODEDVHGHJOLLQFDVVLHIIHWWLYL,08&LzQHOULVSHWWRGHOSULQFLSLRGHOODSUXGHQ]D
5,(3,/2*26(59,=,,1',9,6,%,/,7LW,8DOQHWWRGHOOHVSHVHILQDQ]LDWHFRQHQWUDWHDVSHFLILFDGHVWLQD]LRQH
%,/$1&,235(9,6,21(
7LWROR
3DUFKLHVHUYL]L
9LDELOLWj
$QDJUDIHVWDWR
,OOXPLQD]LRQH
SHUODWXWDOH
6HUYL]LGL
3ROL]LD
FLUFROD]LRQH
FLYLOHHOHWWRUDOH
3XEEOLFDHVHUYL]L DPELHQWDOHGHO
SURWH]LRQH
PXQLFLSDOH VWUDGDOHHVHUYL]L
OHYDHVHUYL]LR
FRQQHVVL
YHUGHDOWULVHUYL]L
&LYLOH
IXQ]VHUY
FRQQHVVL
VWDWLVWLFR
IXQ]VHUY
WHUULWHDPE
IXQ]VHUY
IXQ]VHUY
IXQ]VHUY
IXQ]VHUY
%LEOLRWHFKH
IXQ]VHUY
$VVLVWHQ]D
EHQHILFLHQ]D
SXEEOLFDH
VHUYL]LGLYHUVL
DOODSHUVRQD
IXQ]VHUY
*HVWLRQHGHL
EHQL
GHPDQLDOLH
SDWULPRQLDOL
IXQ]VHUY
7RWDOH 5RVLJQDQR0DULWWLPR²5HOD]LRQH3UHYLVLRQDOH3URJUDPPDWLFD
D
$'',=,21$/(,53()
(·VWDWDLQWURGRWWDO·DGGL]LRQDOH,53()FRQXQDVRJOLDGLHVHQ]LRQHSDULDGHXURFKHQRQKDYDORUHGLIUDQFKLJLDPDqYROWDHVFOXVLYDPHQWH
DG HVHQWDUH GDO WULEXWR FKL SHUFHSLVFH UHGGLWR SDUL R LQIHULRUH D WDOHVRJOLD HG DOLTXRWH GHWHUPLQDWHVXOOD EDVH GHJOL VFDJOLRQL GL UHGGLWR ,53()
´QD]LRQDOLµLQWHUPLQLGLSURJUHVVLYLWj
0HGLDQWHLOSRUWDOHGHO)HGHUDOLVPRILVFDOHqVWDWRSRVVLELOHVWLPDUHLOJHWWLWRPLQLPRSUHVXQWRSDULDGHXURHGLOJHWWLWRPDVVLPRSUHVXQWRSDUL
DGHXUR,OJHWWLWRSUHYLVWRLQ%LODQFLRqODPHGLDDULWPHWLFDSDULDGHXUR
D
38%%/,&,7$
(',5,77,38%%/,&+($)),66,21,
&(63,7,QRQVLSUHYHGRQRYDULD]LRQL
0(==,38%%/,&,7$5,
0$1,)(67,$)),66,
/·DFFHUWDPHQWRUHODWLYRDTXHVWDWLSRORJLDGLHQWUDWDYLHQHHIIHWWXDWRGDOSHUVRQDOHDGGHWWRDOVHUYL]LRWULEXWLDWWUDYHUVRGLFKLDUD]LRQLVSRQWDQHH
GHOO
XWHQWH H DWWUDYHUVR VRSUDOOXRJKL VXO WHUULWRULR /D JHVWLRQH YLHQH DQFRUD HIIHWWXDWD GLUHWWDPHQWH 3XU WUDWWDQGRVL GL XQ WULEXWR PLQRUH O·82
*HVWLRQH(QWUDWHHIIHWWXDFRQWUROOLVXOWHUULWRULRLQFROODERUD]LRQHFRQLO&RPDQGRGL3ROL]LD0XQLFLSDOHSHUODULFHUFDGLHYHQWXDOLVDFFKHGLHYDVLRQH
3HUTXDQWRULJXDUGDOHDIILVVLRQLQRQVLSUHYHGHLQFUHPHQWRQHOQXPHURGHLPDQLIHVWLDIILVVLDQFKHSHUFKpQHJOLDQQLVLqQRWDWDXQDILVLRORJLFDIOHVVLRQH
GHOODULFKLHVWDLQSDUWHOHJDWDDOVHWWRUHTXHOORFRPPHUFLDOHFKHULVHQWHGHOO·DWWXDOHPRPHQWRGLFULVL
5RVLJQDQR0DULWWLPR²5HOD]LRQH3UHYLVLRQDOH3URJUDPPDWLFD
,O6HUYL]LRGLDSSRVL]LRQHPDQLIHVWLYLHQHDQFRUDHIIHWWXDWRDWWUDYHUVRXQDSSDOWRHVWHUQRDGXQDGLWWDLQFDULFDWDFRQFRQWUDWWRELHQQDOHDOODTXDOHq
DIILGDWDDQFKHODRUGLQDULDPDQXWHQ]LRQHGHJOLLPSLDQWL6DUjQHFHVVDULDXQDDWWLYLWjGLYHULILFDSXQWXDOHGLWXWWLJOLLPSLDQWLHVLVWHQWLSHUYDOXWDUHVH
VRSSHULVFRQRDOOHHIIHWWLYHQHFHVVLWjDQFKHLQFROODERUD]LRQHFRQL6HUYL]L0DQXWHQWLYLFRPSHWHQWLSHUO·DUUHGRXUEDQR
1HOFRUVRGHOWULHQQLRVRQRVWDWHFHQVLWHQLQVHJQHGLHVHUFL]LRHGDYHULILFKHHIIHWWXDWHVXOO·DUFKLYLRULVXOWDQRSRVL]LRQDWLQHOWHUULWRULR
FLUFDLPSLDQWLSXEEOLFLWDULSUHLQVHJQHFDUWHOOLVWUDGDOLHFF/·82*HVWLRQH(QWUDWHLQWHQGHSURVHJXLUHTXHVWDWLSRORJLDGLDWWLYLWj,OJHWWLWR
SURJUDPPDWRqLQOLQHDFRQJOLHVHUFL]LSUHFHGHQWLLQDVVHQ]DGLLQFUHPHQWLWDULIIDUL
7$5,))(,19,*25($11,
²²²
(/(1&27$5,))(3(538%%/,&,7$·$118$/(3(50$1(17(
&2',&(
&$7(*25,$
3XEEOLFLWj)RQLFD
,&33XEEOLFLWj2UGLQDULD
,&30RWRYHLFROL
,&33XEEOLFLWjRSDFDVWDJLRQDOHPHVL
,&33XEEOLFLWjOXPLQRVD
5RVLJQDQR0DULWWLPR²5HOD]LRQH3UHYLVLRQDOH3URJUDPPDWLFD
,&36FULWWHVXDXWRYHLFROLNJ
,&3
,&32UGLQDULDROWUHPT
,&3
,&36FULWWHLQWHUQRDXWRYHLFROL
,&3
,&36FULWWHDXWRYHLFROLROWUHNJ
,&3
,&32SDFDFRQULGX]LRQH
,&3
,&3/XPLQRVDFRQULGX]LRQH
,&3
,&32UGLQDULDVWDJLRQDOHPHVL
,&3
,&37HPSRUDQHD/XPLQRVDPHVL
,&3
,&3VFULWWHHVWHUQHDXWRYHLFROL
,&3
,&3/XPLQRVDWUDHPT
,&3
,&32SDFDWUDHPT
,&3
,&3/XPLQRVDROWUHPT
5RVLJQDQR0DULWWLPR²5HOD]LRQH3UHYLVLRQDOH3URJUDPPDWLFD
D
$'',=,21$/(&216802(1(5*,$(/(775,&$
&(63,7,².:+)$7785$7,'$//·(17((52*$17(
87(1=(,002%,/,&2081$/,
.:+
.:+
.:+
.:+
.:+
.:+
38%%/,&$,//80,1$=,21(
NZK
NZK
NZK
NZK
NZK
NZK
/DULOHYD]LRQHGHLFRQVXPLqHIIHWWXDWDGLUHWWDPHQWHGDOO·(1(/GLVWULEX]LRQHFKHFRQSHULRGLFKHFRPXQLFD]LRQLLQIRUPDO·(QWHVLDSUHYHQWLYDPHQWH
FKHDFRQVXQWLYR3HULOWULHQQLRLQRJJHWWRO·LQFUHPHQWRGHLNZKLQHUHQWLDOOHXWHQ]HGHJOLLPPRELOLFRPXQDOLHDOODSXEEOLFDLOOXPLQD]LRQHVDUj
GRYXWRDQXRYHDWWLYD]LRQL
5RVLJQDQR0DULWWLPR²5HOD]LRQH3UHYLVLRQDOH3URJUDPPDWLFD
²,QGLFD]LRQHGHOQRPHFRJQRPHHGHOODSRVL]LRQHGHLUHVSRQVDELOLGHLVLQJROLWULEXWL
3HUWXWWLL7ULEXWLLQRJJHWWRODUHVSRQVDELOHqOD'VVD0DULD)UDQFHVFD%RQWj
²$OWUHFRQVLGHUD]LRQLHYLQFROL
6LWHQJDFRQWRFKHODYDULD]LRQHJHQHUDOHGHOOHHQWUDWHWULEXWDULHULVSHWWRDOO
HVHUFL]LRqFDUDWWHUL]]DWDGDOODGLYHUVDFRQWDELOL]]D]LRQHGHOO
,PX²DO
QHWWRGHO)RQGRGL6ROLGDULHWj&RPXQDOH²FRVuFRPHVWDELOLWRGDO/HJLVODWRUHQHOFRUVRGHO
5RVLJQDQR0DULWWLPR²5HOD]LRQH3UHYLVLRQDOH3URJUDPPDWLFD
²&RQWULEXWLHWUDVIHULPHQWLFRUUHQWL
75(1'6725,&2
352*5$00$=,21(3/85,(11$/(
(VHUFL]LRDQQR
DFFHUWDPHQWL
FRPSHWHQ]D
(VHUFL]LRDQQR
DFFHUWDPHQWL
FRPSHWHQ]D
(VHUFL]LRLQFRUVR
SUHYLVLRQH
3UHYLVLRQHGHO
ELODQFLRDQQXDOH
ƒDQQRVXFFHVVLYR
ƒDQQRVXFFHVVLYR
VFRVWDPHQWRGHOOD
FRORQQDULVSHWWR
DOODFRORQQD
&RQWULEXWLHWUDVIHULPHQWL
FRUUHQWLGDOOR6WDWR
&RQWULEXWLHWUDVIHULPHQWL
FRUUHQWLGDOOD5HJLRQH
(175$7(
&RQWULEXWLHWUDVIHULPHQWLGDOOD
5HJLRQHSHUIXQ]LRQLGHOHJDWH
&RQWULEXWLHWUDVIHULPHQWLGD
SDUWHGLRUJDQLVPLFRPXQLWDULH
LQWHUQD]LRQDOL
&RQWULEXWLHWUDVIHULPHQWLGDDOWUL
HQWLGHOVHWWRUHSXEEOLFR
727$/(
²9DOXWD]LRQHGHLWUDVIHULPHQWLHUDULDOLSURJUDPPDWLLQUDSSRUWRDLWUDVIHULPHQWLPHGLQD]LRQDOLUHJLRQDOLHSURYLQFLDOL
6L ULOHYDDG RJJLO·LQDVSULPHQWR GHO FRQWULEXWRULFKLHVWR GDOOR 6WDWRDO &RPXQH GL 5RVLJQDQR PHGLDQWHLOVLVWHPD GL ILQDQ]LDPHQWR GHO )RQGR GL
6ROLGDULHWj&RPXQDOH)6&7DOH)6&DQFKHSHULOVLSUHVHQWDQHJDWLYRRYYHURLO&RPXQHYHUVDQHOODFDVVHGHOOR6WDWRROWUHPLOLRQLGLHXUR
QRQULFHYHQGRDTXHVWRWLWRORDOFXQDULSDUWL]LRQHSRVLWLYD
5RVLJQDQR0DULWWLPR²5HOD]LRQH3UHYLVLRQDOH3URJUDPPDWLFD
,QSDUWLFRODUHLO)6&VLqFDUDWWHUL]]DWRODFLIUDqVWDWDGHILQLWDVRORORVFRUVRJLXJQR²SHUXQLPSRUWRQHJDWLYRGLHXURGLFXLHXUR TXDOHTXRWDFKHDOLPHQWDLO)6&H[DUWFGHOOD/HGHXURTXDOHLPSRUWRFKHLO&RPXQHGL5RVLJQDQRYHUVD
DOOR6WDWRSHUDOLPHQWDUHLWUDVIHULPHQWLDJOLDOWULHQWLORFDOLPHGLDQWHLO0LQLVWHURGHOO·,QWHUQR3HULOHGDQQXDOLWjVXFFHVVLYHWDOHFRQWULEXWR
QHJDWLYRVDOHDGRJJLDGHXURGLFXLHXURTXDOHTXRWDFKHDOLPHQWDLO)6&H[DUWFGHOOD/HGHXUR TXDOHLPSRUWRFKHLO&RPXQHGL5RVLJQDQRYHUVDDOOR6WDWRSHUDOLPHQWDUHLWUDVIHULPHQWLDJOLDOWULHQWLORFDOL3HULOUHVWRVRQRVWDWHLQVHULWH
OHULVRUVHFG´QRQILVFDOL]]DWHµSUHYLVWHGDO0LQLVWHURGHOO·,QWHUQRXQLWDPHQWHDOULVWRURVFDWXULWRGDOODULIRUPXOD]LRQHGHO)6&JLjFRPSHQVDWRGD
SDUWHGHOOR6WDWR
²&RQVLGHUD]LRQLVXLWUDVIHULPHQWLUHJLRQDOLLQUDSSRUWRDOOHIXQ]LRQLGHOHJDWHRWUDVIHULWHDLSLDQLRSURJUDPPLUHJLRQDOLGLVHWWRUH
6RQRSUHYLVWLLQ%LODQFLRLFRQWULEXWLDGHVWLQD]LRQHYLQFRODWDSUHYLVWLGDSURYYHGLPHQWLGLUDQJRUHJLRQDOH
²,OOXVWUD]LRQHDOWULWUDVIHULPHQWLFRUUHODWLDGDWWLYLWjGLYHUVHFRQYHQ]LRQLHOH]LRQLOHJJLVSHFLDOLHFF
1RQVLULOHYDQRSDUWLFRODULWUDVIHULPHQWLVHQRQLULPERUVLFRQQHVVLDGDWWLYLWjHOHWWRUDOH6LULFRUGDFKHODFRPSDUWHFLSD]LRQHDOJHWWLWR,53()ULVXOWD
DEURJDWD GDO ' /JV Q ´'LVSRVL]LRQL LQ PDWHULD GL IHGHUDOLVPR PXQLFLSDOHµ FKH KD ILVFDOL]]DWR L WUDVIHULPHQWL HUDULDOL PHGLDQWH
LQWURGX]LRQHGLQXRYHWLSRORJLHGLHQWUDWD
²$OWUHFRQVLGHUD]LRQLHYLQFROL
6LQRWDFRPHLOPHFFDQLVPRGLDOLPHQWD]LRQHGHO)6&SHQDOL]]DIRUWHPHQWHLO&RPXQHGL5RVLJQDQRQHLWHUPLQLGHVFULWWLDOSUHFHGHQWHSXQWR
5RVLJQDQR0DULWWLPR²5HOD]LRQH3UHYLVLRQDOH3URJUDPPDWLFD
²3URYHQWLH[WUDWULEXWDUL
75(1'6725,&2
(175$7(
3URYHQWLGHLVHUYL]LSXEEOLFL
352*5$00$=,21(3/85,(11$/(
(VHUFL]LRDQQR
DFFHUWDPHQWL
FRPSHWHQ]D
(VHUFL]LRDQQR
DFFHUWDPHQWL
FRPSHWHQ]D
(VHUFL]LRLQFRUVR
SUHYLVLRQH
3UHYLVLRQHGHO
ELODQFLRDQQXDOH
ƒDQQRVXFFHVVLYR
ƒDQQRVXFFHVVLYR
VFRVWDPHQWRGHOOD
FRORQQDULVSHWWR
DOODFRORQQD
,QWHUHVVLVXDQWLFLSD]LRQLHFUHGLWL
8WLOLQHWWLGHOOHD]LHQGHVSHFLDOLH
SDUWHFLSDWHGLYLGHQGLGLVRFLHWj
3URYHQWLGHLEHQLGHOO
(QWH
3URYHQWLGLYHUVL
727$/(
5RVLJQDQR0DULWWLPR²5HOD]LRQH3UHYLVLRQDOH3URJUDPPDWLFD
²$QDOLVLTXDOLTXDQWLWDWLYHGHJOLXWHQWLGHVWLQDWDULGHLVHUYL]LHGLPRVWUD]LRQHGHLSURYHQWLLVFULWWLSHUOHSULQFLSDOLULVRUVHLQUDSSRUWRDOOHWDULIIH
SHULVHUYL]LVWHVVLQHOWULHQQLR
D
5()(=,21(6&2/$67,&$0(16(
$112
3$67,(52*$7,
'20$1'(35(6(17$7(
7$5,))(6(59,=,25()(=,21(6&2/$67,&$
&21,6((,1)(5,25($½(6(1=,21(
'$6(77(0%5($*,8*12('$6(77(0%5($*,8*12('$6(77(0%5($*,8*12
,)$6&,$'$½$½
½
½
,,)$6&,$'$½$½
½
½
,,,)$6&,$'$½$½
½
½
,9)$6&,$'$½$½
½
½
9)$6&,$'$½$½
½
½
9,)$6&,$2/75(½
½
½
5LGX]LRQHJLRUQDOLHUDSHURSLILJOLFKHXVXIUXLVFRQRFRQWHPSRUDQHDPHQWHGLSLVHUYL]L
5RVLJQDQR0DULWWLPR²5HOD]LRQH3UHYLVLRQDOH3URJUDPPDWLFD
$YHQGRUDJJLXQWRODSLHQDVRGGLVID]LRQHGHOODGRPDQGDSRWUHEEHURYHULILFDUVLYDULD]LRQLQHOODFRPSRVL]LRQHVRFLDOHGHLIUXLWRULGHOVHUYL]LRPDDQFKH
LQWDOFDVRQRQVLRULJLQHUHEEHURVHQVLELOLVFRVWDPHQWLQHOJHWWLWR
'DWDODQXRYDQRUPDWLYDUHODWLYDDOPLQLPRYLWDOHHGDOOHDJHYROD]LRQLHFRQRPLFKHLQEDVHDLQXRYLSDUDPHWULGLGHILQL]LRQHGHOUHGGLWRSRVVRQR
YHULILFDUVL VFRVWDPHQWL QHO JHWWLWR LQ IXQ]LRQH GHOOH YDULD]LRQL VWDELOLWH GDO SDUDPHWUR ,6(( FKH YDULD FRO YDULDUH GHOOD VLWXD]LRQH HFRQRPLFD H
SDWULPRQLDOHGHJOLXWHQWL
D
$6,/,1,'2
$112 %$0%,1,)5(48(17$17, '20$1'(35(6(17$7(
7$5,))($6,/,1,'2
&21,6((,1)(5,25($½(6(1=,21(
'$6(77(0%5($*,8*12('$6(77(0%5($*,8*12('$6(77(0%5($*,8*12
727$/(
3(5**
$3(5785$
3(5**
35(6(1=$
,)$6&,$'$½$½
½
½
½
,,)$6&,$'$½$½
½
½
½
,,,)$6&,$'$½$½
½
½
½
5RVLJQDQR0DULWWLPR²5HOD]LRQH3UHYLVLRQDOH3URJUDPPDWLFD
,9)$6&,$'$½$½
½
½
½
9)$6&,$'$½$½
½
½
½
9,)$6&,$2/75(½
½
½
½
9)$6&,$'$½$½
½
½
½
½
½
½
9,)$6&,$2/75(½
5LGX]LRQHJLRUQDOLHUDSHURSLILJOLFKHXVXIUXLVFRQRFRQWHPSRUDQHDPHQWHGLSLVHUYL]L
$LVHQVLGHOODGHOLEHUDGL*0QƒSHUWXWWLLVHUYL]LDGRPDQGDLQGLYLGXDOHQHOFDVRGLIDPLJOLHQXPHURVHFRQSLGLWUHILJOLHFKHQHIDFFLDQR DSSRVLWDULFKLHVWDqSUHYLVWDO·LVFUL]LRQHDXWRPDWLFDSHURJQLILJOLRQHOODIDVFLDGLFRQWULEX]LRQHSLEDVVD1HOFDVRLQFXLODIDPLJOLDQXPHURVDVLDJLj
FROORFDELOHSHU,6((QHOODIDVFLDGLFRQWULEX]LRQHSLEDVVDVDUjDSSOLFDWDXQ·XOWHULRUHULGX]LRQHGHO
D
75$63257,6&2/$67,&,
$112 $/811,75$63257$7,
7$5,))(75$63257,6&2/$67,&,
&21,6((,1)(5,25($½(6(1=,21(
'$6(77(0%5($*,8*12('$6(77(0%5($*,8*12('$6(77(0%5($*,8*12
5RVLJQDQR0DULWWLPR²5HOD]LRQH3UHYLVLRQDOH3URJUDPPDWLFD
2/75(½
½
½
5LGX]LRQHJLRUQDOLHUDSHURSLILJOLFKHXVXIUXLVFRQRFRQWHPSRUDQHDPHQWHGLSLVHUYL]L
'DWDODQXRYDQRUPDWLYDUHODWLYDDOPLQLPRYLWDOHHGDOOHDJHYROD]LRQLHFRQRPLFKHLQEDVHDLQXRYLSDUDPHWULGLGHILQL]LRQHGHOUHGGLWRSRWUDQQR
YHULILFDUVLVFRVWDPHQWLQHOJHWWLWRGDWRFKHLOSDUDPHWUR,6((YDULDFROYDULDUHGHOODVLWXD]LRQHHFRQRPLFDHSDWULPRQLDOHGHJOLXWHQWL
D
3,6&,1$&2081$/(
$112 35(6(1=(
7$5,))(3,6&,1$&2081$/(
7$5,))(
²
87(1=(,1',9,'8$/,
DGXOWL
ULGRWWL
$%%21$0(17,
$GXOWLEDJQL
$GXOWLEDJQL
5LGRWWLEDJQL
5LGRWWLEDJQL
5RVLJQDQR0DULWWLPR²5HOD]LRQH3UHYLVLRQDOH3URJUDPPDWLFD
87(1=(3(562&,(7$
63257,9(
&RUVLDILQRDQQL
&RUVLDROWUHDQQL
9DVFDLQWHUD
9DVFDEDPELQL
D
,03,$17,63257,9,
$112 35(6(1=(
*OLLPSLDQWLVSRUWLYLFRPXQDOLVRQRFRQFHVVLWXWWLLQJHVWLRQHDVRFLHWjVSRUWLYHHRHQWLGLSURPR]LRQH/HTXRWHGLFRPSDUWHFLSD]LRQHSHUO·XWLOL]]R
RUDULRVRQRVWDELOLWHGDOOD$PPLQLVWUD]LRQH&RPXQDOHHULVFRVVHGDLJHVWRULVWHVVL
*OLLQWURLWLSUHYLVWLFRPHJHVWLRQHLPSLDQWLVSRUWLYLGHULYDQRGDLFDQRQLVWDELOLWLQHLUHODWLYLFRQWUDWWLGLFRQFHVVLRQHDOFXQLGHLTXDOLVRQRLQFRUVRGL
VWLSXOD]LRQH
/·DPPLQLVWUD]LRQHFRPXQDOHFRQFHGHLQJHVWLRQHQLPSLDQWLVSRUWLYLFRSHUWL SDOHVWUH HQLPSLDQWL VSRUWLYL DOO·DSHUWRLPSLDQWLSROLYDOHQWL
FDPSLGLFDOFLR
5RVLJQDQR0DULWWLPR²5HOD]LRQH3UHYLVLRQDOH3URJUDPPDWLFD
D
086(2$5&+(2/2*,&2
,O0XVHRDUFKHRORJLFRqFKLXVRDOSXEEOLFRGDOGLFHPEUH1RQqSRVVLELOHIDUHXQDSUHYLVLRQHULVSHWWRDOODGDWDGLULDSHUWXUDDOSXEEOLFR
D
',5,77,&$57(,'(17,7$·
$112
35(9,6,21(1&$57('
,'(17,7$
5,/$6&,$7( 1829(&$57(VRJJHWWHDSDJDPHQWRGL½ FRVuULSDUWLWL
GLULWWRILVVRFDUWHLGHQWLWj½ FKHGLYHQWD½ LQFDVRGLVRVWLWX]LRQHSHUVPDUULPHQWRGHWHULRUDPHQWR
GLULWWLGLVHJUHWHULD½ ULPERUVRVSHVH½
6LULWLHQHFKHFRQLOJUDGXDOHHVDXULPHQWRGHOODSRVVLELOLWjGLULFRUUHUHDOODSURURJDGHOOHFDUWHGLLGHQWLWjULODVFLDWHGRSRLOVLLSRWL]]DSHUJOL
DQQLVXFFHVVLYLXQDVRVWDQ]LDOHVWDELOLWjGHOGDWRDOGLVRSUDLQWRUQRDOOHO·DQQR
5RVLJQDQR0DULWWLPR²5HOD]LRQH3UHYLVLRQDOH3URJUDPPDWLFD
²'LPRVWUD]LRQHGHLSURYHQWLGHLEHQLGHOO
HQWHLVFULWWLLQUDSSRUWRDOO
HQWLWjGHLEHQLHGDLFDQRQLDSSOLFDWLSHUO
XVRGLWHU]LFRQSDUWLFRODUH
ULJXDUGRDOSDWULPRQLRGLVSRQLELOH
D
,1752,7,3529(1,(17,'$//$',6&$5,&$&2081$/('(//26&$3,*/,$72
/
LPSRUWRGHULYDQWHGDOODJHVWLRQHGHO3RORGL6FDSLJOLDWRqDFFHUWDELOHVXOODEDVHGHOOD&RQYHQ]LRQHQGHOHGHOODGHOLEHUD]LRQHGL &RQVLJOLR&RPXQDOHQGHOVWLSXODWDIUDLO&RPXQHGL5RVLJQDQR0DULWWLPRH5HD,PSLDQWL6UO,QDWWXD]LRQHGHOODVWHVVDOD6RFLHWjGHTXD
²QVSURWGHOKDGHILQLWRLOGLULWWRGHO&RPXQHLQHXURROWUH,9$DFXLVLDJJLXQJHODTXRWDGHULYDQWHGDOODJHVWLRQH
GHOELRJDVSDULDGHXURROWUH,9$
D
&21&(66,21(7(55(1,(/2&$=,21,$77,9(
&21&(66,21$5,2
/2&$7$5,2
7,32/2*,$
8%,&$=,21(
&$121(
)$%%5,&$72
9DQQLQL0DULDQR
5RVLJQDQR6ROYD\
3LD]]DGHOOD5HSXEEOLFD
)$%%5,&$72
3URORFR$PLFLGL
&DVWLJOLRQFHOOR9LD
&DVWLJOLRQFHOORH$VVRFLD]LRQH
$XUHOLDVWD]LRQH
DOEHUJDWRUL&RVWD(WUXVFD
)$%%5,&$72
/H0RUHOOLQH9LD*
5RVVD
&$121(
&$121(
'85$7$&21&(66,21(
127(
,67$7 &$121(,67$7
,9$
,9$
FDQRQHFRPSUHQVLYRGL
,9$
1RQVRJJHWWRDG
DJJLRUQDPHQWRLVWDWHGLYD
VFDGXWRGDULQQRYDUH
7(55(12
:,1'7,09RGDIRQH
5RVLJQDQR6ROYD\9LD
&KDPSLJQ\
,67$7
,9$
LOFDQRQHVDUjULIHULWR
DOVRORSHULRGRILQRDOOD
VFDGHQ]D
7(55(12
6LFLJQDQR5DIIDHOH
5RVLJQDQR0DULWWLPR
3LD]]DGHO&DVWHOOR
LQIDVHGLULQQRYR
7(55(12
6RF6ROYD\
/RF3ROYHURQL
,67$7 &$121(,67$7
5RVLJQDQR0DULWWLPR²5HOD]LRQH3UHYLVLRQDOH3URJUDPPDWLFD
ODFRQFHVVLRQHQRQSUHYHGH
YHUVDPHQWRGLFDQRQHLQ
TXDQWRLOFRQFHVVLRQDULR
GHYHUHDOL]]DUHDOFXQL
LQWHUYHQWL
7(55(12
)$%%5,&$72
,O)RUWXOOLQRVUO
3DUFRGHO)RUWXOOLQR
7(55(12
+*
5RVLJQDQR6ROYD\/RF
&DVDOLQR
,67$7&$121(,67$7
,9$
,9$
FDQRQHFRPSUHQVLYRGL
,9$
7(55(12
5DL:D\
&DVWLJOLRQFHOOR9LDGHO
0XVHR
,67$7
,9$
LOFDQRQHVDUjULIHULWR
DOVRORSHULRGRILQRDOOD
VFDGHQ]D
7(55(12
:,1'
9DGD&HQWURGHOOD
1DXWLFD
,67$7&$121(,67$7
,9$
,9$
FDQRQHFRPSUHQVLYRGL
,9$
7(55(12
)$%%5,&$72
&LUFROR1DXWLFR/LOODWUR
5RVLJQDQR6ROYD\/RF
/LOODWUR
,67$7
,9$
FDQRQHFRPSUHQVLYRGL
,9$
)$%%5,&$72
&RQVRU]LR1XRYR)XWXUR
&DVWLJOLRQFHOOR3LQHWD
0DUUDGLPLQLJROI
,67$7&$121(,67$7
,9$
,9$
FDQRQHFRPSUHQVLYRGL
,9$
7(55(12
:,1'
5RVLJQDQR6ROYD\
'HSXUDWRUH
,67$7&$121(,67$7
FDQRQHFRPSUHQVLYRGL
,9$
,9$
,9$
7(55(12
:,1'
5RVLJQDQR6ROYD\9LD
)LOLGHL
,67$7&$121(,67$7
,9$
,9$
FDQRQHFRPSUHQVLYRGL
,9$
7(55(12
+*
5RVLJQDQR6ROYD\9LD
)LOLGHL
,67$7&$121(,67$7
,9$
,9$
FDQRQHFRPSUHQVLYRGL
,9$
7(55(12
:,1'
&DVWLJOLRQFHOOR9LD
/RUHQ]LQL
,67$7&$121(,67$7
,9$
,9$
FDQRQHFRPSUHQVLYRGL
,9$
7(55(12
+*
&DVWLJOLRQFHOOR9LD
/RUHQ]LQL
,67$7&$121(,67$7
,9$
,9$
FDQRQHFRPSUHQVLYRGL
,9$
)$%%5,&$72
6RF,3XQJHQWLVDV
&DVWLJOLRQFHOOR/RF
3XQJHQWL
,67$7 &$121(,67$7
,9$
,9$
FDQRQHFRPSUHQVLYRGL
,9$
7(55(12
%LDQFKL*LDQFDUOR
5RVLJQDQR0DULWWLPR
/RF$FTXDERQD
,67$7 &$121(,67$7
7(55(12
9LRODQWH)HGHULFR
5RVLJQDQR0DULWWLPR
/RF$FTXDERQD
,67$7 &$121(,67$7
5RVLJQDQR0DULWWLPR²5HOD]LRQH3UHYLVLRQDOH3URJUDPPDWLFD
7(55(12
+*
&DVWLJOLRQFHOOR9LD
2PEURQH
,67$7&$121(,67$7
,9$
,9$
FDQRQHFRPSUHQVLYRGL
,9$
)$%%5,&$72
3URORFR$PLFLGL
&DVWLJOLRQFHOOR
&DVWLJOLRQFHOOR7RUUH
0HGLFHD
,67$7 &$121(,67$7
7(55(12
+*
9DGD&HQWURGHOOD
1DXWLFD
,67$7&$121(,67$7
,9$
,9$
FDQRQHFRPSUHQVLYRGL
,9$
7(55(12
7RJQRWWL6LOYDQR
5RVLJQDQR0PR9LD
0DOHQFKLQL
&$121(
&$121(,67$7
,67$7
)$%%5,&$72
&RQIHGHUD]LRQH,WDOLDQD
$JULFROWRUL
*DEEUR9LD
'LDFFLDUHOOR
)$%%5,&$72
,O&DUGHOOLQRVUO
&DVWLJOLRQFHOOR3LQHWD
0DUUDGL
,67$7 &$121(,67$7
,9$
,9$
FDQRQHFRPSUHQVLYRGL
,9$
7(55(12
201,7(/
5RVLJQDQR0DULWWLPR
3DUFR3RJJHWWL
FDQRQHFRPSUHQVLYRGL
,9$
)$%%5,&$72
9DXGDJQD*LRUJLR
&DVWHOQXRYR0GLD9LD
*UDPVFL
,67$7 &$121(,67$7
,9$
,9$
FDQRQHFRPSUHQVLYRGL
,9$
7(55(12
&RRS7RVFDQD/D]LR
9DGD/RF,O3RJJHWWR ,67$7 &$121(,67$7
QRQGHILQLWR
,9$
,9$
FDQRQHFRPSUHQVLYRGL
,9$
)$%%5,&$72
6SDJQROL5REHUWR
*DEEUR9LDGHOOH
&DSDQQH
,67$7 &$121(,67$7
,9$
,9$
FDQRQHFRPSUHQVLYRGL
,9$
)$%%5,&$72
9HQWXUL&ODXGLR
1LEELDLD3LD]]D
0D]]LQL
,67$7 &$121(,67$7
,9$
,9$
FDQRQHFRPSUHQVLYRGL
,9$
)$%%5,&$72
$VVRFLD]LRQH&LFOLVWLFD&RVWD 5RVLJQDQR6ROYD\9LD
(WUXVFD
GHOOD&RVWLWX]LRQH
,67$7 &$121(,67$7
)$%%5,&$72
$5081,$
5RVLJQDQR6ROYD\/RF
/H0RUHOOLQH
7(55(12
)$%%5,&$72
(QGDV/LYRUQR
$UHDSDUFR&DOHWWD
,67$7 &$121(,67$7
,9$
,9$
FDQRQHFRPSUHQVLYRGL
,9$
7(55(12
)$%%5,&$72
&77125'
9DULH
VFDGHQ]DQRQGHILQLWDPD
SUHVXQWDDO
««
5RVLJQDQR0DULWWLPR²5HOD]LRQH3UHYLVLRQDOH3URJUDPPDWLFD
7(55(12
/(48(5&,2/$,(
&DVWLJOLRQFHOOR
/DJKHWWR6SLDQDWH
7(55(12
)$%%5,&$72
6RF/
DVWURODELR
7(55(12
3(6&,$3$2/2
7(55(12
63257,1*&/8%352/2&2 $UHDDIHVWH5RVLJQDQR
526,*1$120$5,77,02
0DULWWLPR
7(55(12
&223726&$1$/$=,2
$UHDLQYLD%HUWL
0DQWHOODVVL
)$%%5,&$72
81,75(5RVLJQDQR0DULWWLPR
/RFDOHLQ3LD]]D
5LVRUJLPHQWR
$5(('(0$1,$/,
&,5&2/21$87,&29$'(6(
'LYHUVHDUHHGHPDQLDOL
LQ9DGD
)$%%5,&$72
3XEEOLFD$VVLVWHQ]D
5RVLJQDQR6ROYD\9LD
&DGXWLGL1DVVLU\D
7(55(12
92'$)21(
5RVLJQDQR6ROYD\YLD
)LOLGHL
,67$7&$121(,67$7
,9$
,9$
FDQRQHFRPSUHQVLYRGL
,9$
7(55(12
92'$)21(
&DVWLJOLRQFHOOR9
ORUHQ]LQL92PEURQH
,67$7&$121(,67$7
,9$
,9$
FDQRQHFRPSUHQVLYRGL
,9$
)$%%5,&$72
'RWW/XLJL*XLGL
'LVSHQVDULR1LEELDLD
9LD6JDUDOOLQR
,67$7 &$121(,67$7
,9$
,9$
FDQRQHFRPSUHQVLYRGL
,9$
)$%%5,&$72
3UR/RFR&DVWHOQXRYR
,PPRELOH,O6RUEHWWR
&DVWHOQXRYR
7(55(12
)$%%5,&$72
FRPLQFLDDSDJDUHLOFDQRQH
GDOSULPDJUDWXLWRSHU
UHDOL]]D]LRQHRSHUH
1XRYR)XWXUR
3XQWR$]]XUUR9DGD
,67$7 7(55(12
(FRFRRS&DYDOOR
3DUFKHJJLFDPSHU/RF
&DOHWWDH0D]]DQWD
FDQRQHFRPSUHQVLYRGL
,9$
)$%%5,&$72
*LDPSLWUR&ODXGLR
)RQIRH[ODYDQGHULD
&DVWHOQXRYR
««««««
VFDGHQ]DQRQGHILQLWDH
VXERUGLQDWDDOO
DOLHQD]LRQH
GHOO
LPPRELOH
,67$7 &$121(,67$7
,9$
,9$
FDQRQHFRPSUHQVLYRGL
,9$
5RVLJQDQR6ROYD\/RF
/LOODWUR
1LEELDLD
,67$7 &$121(,67$7
,9$
,9$
FDQRQHFRPSUHQVLYRGL
,9$
FDQRQHJLjFRUULVSRVWRSHU
LQWHURQHO
,67$7 &$121(,67$7
LOFDQRQHSRWUHEEH
VXELUHYDULD]LRQLDVHJXLWR
GHOODYDULD]LRQHGHOFDQRQH
GHPDQLDOH
5RVLJQDQR0DULWWLPR²5HOD]LRQH3UHYLVLRQDOH3URJUDPPDWLFD
7(55(12
1XRYR)XWXWUR
3DUFKHJJL
&DVWLJOLRQFHOOR
FDQRQHFRPSUHQVLYRGL
,9$
7(55(12
1XRYR)XWXUR
3DUFKHJJL9DGD
FDQRQHFRPSUHQVLYRGL
,9$
7(55(12
5RVLJQDQR*DV0DVL*LRUJLR
7HUUHQR/RF/H
0RUHOOLQH
,67$7
&$121(,67$7
)$%%5,&$72
&520
)DUPDFLH*DEEURH
5RVLJQDQR6
,67$7&$121(,67$7
,9$
,9$
LQIDVHGLGHILQL]LRQH
)$%%5,&$72
$6'$PLFLGHO0DUH
)RQGR/XQJRPDUH
&RORPER
,67$7 &$121(,67$7
,9$
,9$
FDQRQHFRPSUHQVLYRGL
,9$
)$%%5,&$72
7LQWL1HOXVFR
)RQGR&RPPHUFLDOH
3LD]]DGHOOD5HSXEEOLFD
,67$7 &$121(,67$7
,9$
,9$
FDQRQHFRPSUHQVLYRGL
,9$
)$%%5,&$72
6DOYDGRULQL5REHUWD
)RQGR&RPPHUFLDOH
3LD]]DGHOOD5HSXEEOLFD
,67$7 &$121(,67$7
FDQRQHFRPSUHQVLYRGL
,9$
,9$
,9$
D
5RVLJQDQR6ROYD\
Q
9DGD
Q
*DEEUR
Q
D
$66(*1$=,21(7(0325$1($',7(55(1,&2081$/(3(5/$3,&&2/$&2/7,9$=,21(',257$**,
$66(*1$=,21(7(0325$1($',7(55(12&2081$/(3(5/$5$&&2/7$',2/,9(
5RVLJQDQR6ROYD\
Q
&DVWLJOLRQFHOOR
Q
5RVLJQDQR0DULWWLPR²5HOD]LRQH3UHYLVLRQDOH3URJUDPPDWLFD
D
&26$3
&(63,7,QRQVLSUHYHGRQRYDULD]LRQLQHOWULHQQLR
3$57,7(
3$57,7($582/23(50 3$57,7($582/27(03 ,OqVWDWRLOSULPRDQQRGLDSSOLFD]LRQHGHO&DQRQH26$3DVHJXLWRGHOODGHFLVLRQHGLHVFOXGHUHO
DSSOLFD]LRQHGHOOD726$3HWXWWHOHLVFUL]LRQLD
UXRORVRQRVWDWHWUDVIRUPDWHHULFDOFRODWHVHFRQGRLSDUDPHWULSUHYLVWLGDOUHJRODPHQWRLVWLWXWLYRGLFXLDOODGHOLEHUD&&
&Lz KD FRQVHQWLWR GL XQLIRUPDUH OH FRQWULEX]LRQL H YHULILFDUH OH VXGGHWWH LVFUL]LRQL DQFKH LQ PHULWR DOOH GLYHUVH WLSRORJLH GL RFFXSD]LRQH H DOOD
FRHVLVWHQ]DGLWDVVDHFDQRQHGLXWHQ]D
/D VFHOWD GL WUDVIRUPDUH OD 7DVVD HQWUDWD WULEXWDULD LQ &DQRQH HQWUDWD SDWULPRQLDOH QRQ KD LQFLVR VXO JHWWLWR HG q FRQVROLGDWD OD SUHYLVLRQH
GHOO
HVHUFL]LRSUHFHGHQWH
(·VWDWDULQQRYDWDODFRQYHQ]LRQHFRQ3RVWH,WDOLDQH63$FKHKDFRQVHQWLWRODODYRUD]LRQHGHLEROOHWWLQLHO
LQYLRDOGRPLFLOLRGHLFRQWULEXHQWLQRQFKpOD
UHQGLFRQWD]LRQHGHLYHUVDPHQWLHIIHWWXDWLSHUODJHVWLRQHLQDXWRPDWLFRGHLFDULFDPHQWLVXOODSURFHGXUDLQIRUPDWLFD
*OL DFFHUWDPHQWL YHQJRQR HIIHWWXDWL GDO SHUVRQDOH GHOO·82 *HVWLRQH (QWUDWH FRQ OD FROODERUD]LRQH GHL 6HWWRUL 4XDOLWj GHOOD 9LWD 82 3ROL]LD
0XQLFLSDOH3DWULPRQLRH$WWLYLWj(FRQRPLFKHDVHJXLWRGHOOHGLFKLDUD]LRQLVSRQWDQHHVLDFRQVRSUDOOXRJKLGHOSHUVRQDOHGLYLJLODQ]D
&2()),&,(17,3(5/$'(7(50,1$=,21('(/&$121(
&DWHJRULHGLLPSRUWDQ]DGHOOHVWUDGHDUHHHVSD]L
D,AFDWHJRULDFHQWURDELWDWR
5RVLJQDQR0DULWWLPR²5HOD]LRQH3UHYLVLRQDOH3URJUDPPDWLFD
E,,AFDWHJRULD]RQHOLPLWURIH
F,,,AFDWHJRULD]RQDSHULIHULFD
9DORUHHFRQRPLFRGHOODGLVSRQLELOLWjGHOO
DUHD
D$UHHGLSDUFKHJJLROLPLWDWHDGRUH
E6WUDGHYLHHSLD]]HGLSDUWLFRODUHYDORUHHFRQRPLFR
F0HUFDWLHILHUHDWWUH]]DWL
G0HUFDWLHILHUHQRQDWWUH]]DWL
H5HVLGXH]RQHGHOWHUULWRULRFRPXQDOH
6DFULILFLRLPSRVWRDOODFROOHWWLYLWjHPRGDOLWjGLRFFXSD]LRQH
D2FFXSD]LRQHFRQDOORFD]LRQHVWDELOHGLVWUXWWXUHHLPSLDQWLILVVL
E2FFXSD]LRQLGLFXLDOQGHWHUPLQDQWLVHQVLELOHULGX]LRQHGHOODYLDELOLWj
F2FFXSD]LRQLVHQ]DDOORFD]LRQHVWDELOHGLVWUXWWXUHHLPSLDQWLILVVL
G2FFXSD]LRQLSHUSDVVLFDUUDELOL
H2FFXSD]LRQLSHUSDVVLFDUUDELOLGLDFFHVVRDGLVWULEXWRULGLFDUEXUDQWL
I2FFXSD]LRQLVRSUDVWDQWLLOVXROR
J2FFXSD]LRQLVRWWRVWDQWLLOVXROR
5RVLJQDQR0DULWWLPR²5HOD]LRQH3UHYLVLRQDOH3URJUDPPDWLFD
1DWXUDGHOO
DWWLYLWj
D,QGXVWULDOLDUWLJLDQDOLFRPPHUFLDOLSURIHVVLRQDOLHGLVHUYL]L
E&RPPHUFLRLQDUHHSXEEOLFKHSXEEOLFLHVHUFL]LSURGXWWRULDJULFROLFKHYHQGRQR
GLUHWWDPHQWHLORURSURGRWWLRFFXSD]LRQLWHPSRUDQHH
F0DQLIHVWD]LRQLSROLWLFKHFXOWXUDOLULFUHDWLYHVSRUWLYHIHVWHJJLDPHQWLVSHWWDFROL
YLDJJLDQWLHLQVWDOOD]LRQHJLRFKL
G(GLOL]LD
H'LVWULEXWRULGLFDUEXUDQWL
I(URJD]LRQHSXEEOLFLVHUYL]LDUHWH
J$OWULXVL
,OJHWWLWRSUHYLVWRqLQOLQHDFRQJOLHVHUFL]LSUHFHGHQWL
²$OWUHFRQVLGHUD]LRQLHYLQFROL
,QTXHVWRWLWRORVRQRFRPSUHVHDQFKHDOFXQHSRVWHFKHQRQKDQQRLQFLGHQ]DVXJOLHTXLOLEULGHOELODQFLRHVVHQGRFRPSHQVDWHGDDQDORJKHLVFUL]LRQL
QHOODSDUWHXVFLWD$OSURSRVLWRRFFRUUHHYLGHQ]LDUHTXDQWRVHJXH
,QWURLWLGLYHUVL/HJJH²,VFULWWRSHUIDUWUDQVLWDUHGDLFDSLWROLUHODWLYLDOILQDQ]LDPHQWRGHOOHRSHUHSXEEOLFKHDOIRQGRGLHIILFLHQ]DOD
TXRWDGDOLTXLGDUHDIDYRUHGHOSHUVRQDOHGLSHQGHQWHSHUORVYROJLPHQWRGL DWWLYLWjWHFQLFKHSHUODUHDOL]]D]LRQH GHOOHVWHVVHqGD SUHFLVDUHFKHLQVHJXLWRDOODEHQQRWDVHQWHQ]DGHOOD&RUWHGHL&RQWLQqVWDWRGHILQLWLYDPHQWHVWDELOLWRLOFRQFHWWRSHUFXLWDOL
VSHVHWHFQLFKHGHYRQRHVVHUHDQQRYHUDWHDWXWWLJOLHIIHWWLWUDTXHOOHGLLQYHVWLPHQWRHTXLQGLQRQGHYRQRHVVHUHFRQWHJJLDWHWUDOHVSHVH
GLSHUVRQDOH
5RVLJQDQR0DULWWLPR²5HOD]LRQH3UHYLVLRQDOH3URJUDPPDWLFD
,QWURLWRSHUUHFXSHURGDQQLFDXVDWLDOSDWULPRQLR²LVFULWWRDQFKHTXHVW·DQQRSHU½SHUODFRQWDELOL]]D]LRQHGLHYHQWXDOLLQWURLWLH
DQDORJKHVSHVHSHUODULSDUD]LRQHGLGDQQLFDXVDWLGDWHU]LDOSDWULPRQLRGHOO·(QWHDVHJXLWRGLLQFLGHQWLRD]LRQLGHOLWWXRVH
,QTXHVWRWLWRORVRQRFROORFDWHDQFKHSRVWHFKHSHUORURQDWXUDQRQVLULIHULVFRQRDGXQVHUYL]LRHURJDWRGLUHWWDPHQWHDOO·XWHQ]DHFKHSHUWDQWR
YHQJRQRYDOXWDWHVXOODVFRUWDGHLULVXOWDWLFRQVHJXLWLQHJOLDQQLSDVVDWLFRPHHYLGHQ]LDQRLSURVSHWWLUHODWLYL6LWUDWWDLQSDUWLFRODUHGL
'LULWWL GL VHJUHWHULD SHU L TXDOL YHQJRQR SUHYLVWH VRPPH FRVWDQWL QHO WULHQQLR VXOOD VFRUWD GHL FRQWUDWWL GD VWLSXODUH DQFKH LQ FRQVLGHUD]LRQHGHOOHGLVSRVL]LRQLFRQFHUQHQWLO·DIILGDPHQWRGLIRUQLWXUHSUHVWD]LRQLGLVHUYL]LHVHFX]LRQHGLRSHUHSXEEOLFKHHFF
&RQWUDYYHQ]LRQLDOFRGLFHGHOODVWUDGDHDLUHJRODPHQWLFRPXQDOLSHUOHTXDOLVLqSURSRVWRORVWDQ]LDPHQWRGL½VXOODEDVH
GHOOHULVFRVVLRQLGHJOLXOWLPLHVHUFL]L'LWDOHLPSRUWRDOPHQRLOqGHVWLQDWRLQPRGRYLQFRODWRDOOHSUHYLVLRQLGLFXLDOO·DUW7DOHTXRWD
VDOHDOSHUOHYLROD]LRQLLQHUHQWLDLOLPLWLGLYHORFLWj
&DQRQHFRQFHVVLRQHGHOVHUYL]LRLGULFRLQWHJUDWRLQVHULWRLQSUHYLVLRQHSHU½
3URYHQWLGLYHUVLSHUOHTXDOLqVWDWDLVFULWWDXQDVRPPDFRVWDQWHQHOWULHQQLR
5RVLJQDQR0DULWWLPR²5HOD]LRQH3UHYLVLRQDOH3URJUDPPDWLFD
²&RQWULEXWLH7UDVIHULPHQWLLQFFDSLWDOH
75(1'6725,&2
352*5$00$=,21(3/85,(11$/(
(VHUFL]LRDQQR
DFFHUWDPHQWL
FRPSHWHQ]D
(VHUFL]LRDQQR
DFFHUWDPHQWL
FRPSHWHQ]D
(VHUFL]LRLQFRUVR
SUHYLVLRQH
3UHYLVLRQHGHO
ELODQFLRDQQXDOH
ƒDQQRVXFFHVVLYR
ƒDQQRVXFFHVVLYR
VFRVWDPHQWRGHOOD
FRORQQDULVSHWWR
DOODFRORQQD
$OLHQD]LRQHGLEHQLSDWULPRQLDOL
7UDVIHULPHQWLGLFDSLWDOHGDOOR
6WDWR
7UDVIHULPHQWLGLFDSLWDOHGDOOD
5HJLRQH
7UDVIHULPHQWLGLFDSLWDOHGDDOWUL
(QWLGHOVHWWRUHSXEEOLFR
7UDVIHULPHQWLGLFDSLWDOHGDDOWUL
VRJJHWWL
(175$7(
727$/(
²,OOXVWUD]LRQHGHLFHVSLWLLVFULWWLHGHLORURYLQFROLQHOO
DUFRGHOWULHQQLR
3HUO
LOOXVWUD]LRQHGHLFHVSLWLRJJHWWRGLYDORUL]]D]LRQHQHOO
DQQRVLULPDQGDDOODGHOLEHUDGL*LXQWDQ
²$OWUHFRQVLGHUD]LRQLHGLOOXVWUD]LRQL
6LULOHYDFKHJOLLQWURLWLGHULYDQWLGDOOHFG´&RQFHVVLRQLHVDQ]LRQLHGLOL]LHµVRQRLQWHJUDOPHQWHGHVWLQDWHDOILQDQ]LDPHQWRGHOODVSHVDGLLQYHVWLPHQWR
5RVLJQDQR0DULWWLPR²5HOD]LRQH3UHYLVLRQDOH3URJUDPPDWLFD
²3URYHQWLHGRQHULGLXUEDQL]]D]LRQH
75(1'6725,&2
(175$7(
3URYHQWLHGRQHULGL
XUEDQL]]D]LRQH
727$/(
352*5$00$=,21(3/85,(11$/(
(VHUFL]LRDQQR
DFFHUWDPHQWL
FRPSHWHQ]D
(VHUFL]LRDQQR
DFFHUWDPHQWL
FRPSHWHQ]D
(VHUFL]LRLQFRUVR
SUHYLVLRQH
3UHYLVLRQHGHO
ELODQFLRDQQXDOH
ƒDQQRVXFFHVVLYR
ƒDQQRVXFFHVVLYR
VFRVWDPHQWRGHOOD
FRORQQDULVSHWWR
DOODFRORQQD
²,QGLYLGXD]LRQHGHOODTXRWDGHLSURYHQWLGDGHVWLQDUHDPDQXWHQ]LRQHRUGLQDULDGHOSDWULPRQLRHPRWLYD]LRQHGHOOHVFHOWH
1HVVXQDTXRWDGHLSURYHQWLGHULYDQWLGDRQHULGLXUEDQL]]D]LRQHqGHVWLQDWDDPDQXWHQ]LRQHRUGLQDULD
²$OWUHFRQVLGHUD]LRQLHYLQFROL
6LYHGDTXDQWRRVVHUYDWRDO
5RVLJQDQR0DULWWLPR²5HOD]LRQH3UHYLVLRQDOH3URJUDPPDWLFD
²$FFHQVLRQHGLSUHVWLWL
75(1'6725,&2
(175$7(
352*5$00$=,21(3/85,(11$/(
(VHUFL]LRDQQR
DFFHUWDPHQWL
FRPSHWHQ]D
(VHUFL]LRDQQR
DFFHUWDPHQWL
FRPSHWHQ]D
(VHUFL]LRLQFRUVR
SUHYLVLRQH
3UHYLVLRQHGHO
ELODQFLRDQQXDOH
ƒDQQRVXFFHVVLYR
ƒDQQRVXFFHVVLYR
VFRVWDPHQWRGHOOD
FRORQQDULVSHWWR
DOODFRORQQD
)LQDQ]LDPHQWLDEUHYHWHUPLQH
$VVXQ]LRQLGLPXWXLHSUHVWLWL
(PLVVLRQHGLSUHVWLWL
REEOLJD]LRQDUL
727$/(
²9DOXWD]LRQHVXOO
HQWLWjGHOULFRUVRDOFUHGLWRHVXOOHIRUPHGLLQGHELWDPHQWRDPH]]RGLXWLOL]]RGLULVSDUPLRSXEEOLFRRSULYDWR
1RQqSUHYLVWRULFRUVRDOO·LQGHELWDPHQWR
²'LPRVWUD]LRQHGHOULVSHWWRGHOWDVVRGLGHOHJDELOLWjGHLFHVSLWLGLHQWUDWDHYDOXWD]LRQHVXOO
LPSDWWRGHJOLRQHULGLDPPRUWDPHQWRVXOOHVSHVH
FRUUHQWLFRPSUHVHQHOODSURJUDPPD]LRQHWULHQQDOH
/·LPSDWWRGHJOLLQWHUHVVLSDVVLYLGDLQGHELWDPHQWRVXOOHVSHVHFRUUHQWLqSDULDOQHODOQHODOQHO
²$OWUHFRQVLGHUD]LRQLHYLQFROL
,OPDQFDWRULFRUVRDQXRYRLQGHELWDPHQWRFRQVHQWLUjGLDEEDWWHUHDILQHHVHUFL]LRORVWRFNGHOGHELWRSHUHXURSRUWDQGRORDGHXUR
$OODILQHGHOWULHQQLRGLULIHULPHQWRqSUHYLVWRFKHORVWHVVRVLDWWHVWLDGHXURRYYHURVLUHDOL]]LXQDEEDWWLPHQWRGHO
5RVLJQDQR0DULWWLPR²5HOD]LRQH3UHYLVLRQDOH3URJUDPPDWLFD
²5LVFRVVLRQHGLFUHGLWLH$QWLFLSD]LRQLGLFDVVD
75(1'6725,&2
(175$7(
352*5$00$=,21(3/85,(11$/(
(VHUFL]LRDQQR
DFFHUWDPHQWL
FRPSHWHQ]D
(VHUFL]LRDQQR
DFFHUWDPHQWL
FRPSHWHQ]D
(VHUFL]LRLQFRUVR
SUHYLVLRQH
3UHYLVLRQHGHO
ELODQFLRDQQXDOH
ƒDQQRVXFFHVVLYR
ƒDQQRVXFFHVVLYR
VFRVWDPHQWRGHOOD
FRORQQDULVSHWWR
DOODFRORQQD
5LVFRVVLRQLGLFUHGLWL
$QWLFLSD]LRQLGLFDVVD
727$/(
²'LPRVWUD]LRQHGHOULVSHWWRGHLOLPLWLGHOULFRUVRDOODDQWLFLSD]LRQHGLWHVRUHULD
/DSUHYLVLRQHLQHUHQWHDOULFRUVRDOO·DQWLFLSD]LRQHGLWHVRUHULDqVWDWDIRUPXODWDFRQULIHULPHQWRDOOLPLWHPDVVLPRFRQVHQWLWRGDOODQRUPDWLYDYLJHQWH
3HULOO·DUWFRPPDELVGHO'/JHQQDLRQFRQYHUWLWRGDOODOHJJHPDU]RQHOHYDLOOLPLWHPDVVLPRGLULFRUVRGDSDUWHGHJOL HQWLORFDOLDGDQWLFLSD]LRQLGLWHVRUHULDGLFXLDOFRPPDGHOO
DUWLFRORGHOWHVWRXQLFRGLFXLDOGHFUHWROHJLVODWLYRDJRVWRQGDWUHD
FLQTXHGRGLFHVLPL3HULOHGLOVLqDSSOLFDWRLOOLPLWHGLFXLDOSUHGHWWRDUWGHO78(/
²$OWUHFRQVLGHUD]LRQLHYLQFROL
6LULFRUGDFKHO
DQWLFLSD]LRQHGLFDVVDQRQLPSDWWDVXOODFRVWUX]LRQHGHJOLHTXLOLEULGLSDUWHFRUUHQWHHGLQFRQWRFDSLWDOHGHO%LODQFLRGLSUHYLVLRQH
5RVLJQDQR0DULWWLPR²5HOD]LRQH3UHYLVLRQDOH3URJUDPPDWLFD
6(=,21(
3URJUDPPLHSURJHWWL
5RVLJQDQR0DULWWLPR²5HOD]LRQH3UHYLVLRQDOH3URJUDPPDWLFD
²&RQVLGHUD]LRQLJHQHUDOLHPRWLYDWDGLPRVWUD]LRQHGHOOH
YDULD]LRQLULVSHWWRDOO
HVHUFL]LRSUHFHGHQWH
6LULOHYDFKHWUDWWDVLGHOSULPRHVHUFL]LRGHOQXRYRPDQGDWRDPPLQLVWUDWLYR²3HUOHYDULD]LRQLGLQDWXUDILQDQ]LDULDVLULPDQGDDOOHDQDOLVL
FRQWHQXWHQHOOD6H]LRQH&RQULIHULPHQWRDOODYDULD]LRQHVXL3URJUDPPLFKHVHJXRQRVLULPDQGDDJOLHVHUFL]LVXFFHVVLYL
5RVLJQDQR0DULWWLPR²5HOD]LRQH3UHYLVLRQDOH3URJUDPPDWLFD
²2ELHWWLYLGHJOLRUJDQLVPLJHVWLRQDOLGHOO
HQWH
*OLRELHWWLYLGHJOLRUJDQLVPLJHVWLRQDOLGHOO
HQWHVRQRULFRPSUHVLQHL3URJUDPPLH3URJHWWLFKHVHJXRQR
&RQSDUWLFRODUHULIHULPHQWRDOOH6RFLHWjFRQWUROODWHVLHYLGHQ]LDQRJOLRELHWWLYLFKHVHJXRQR
5($63$
&RQVHJXLPHQWR H PDQWHQLPHQWR GHOO·HTXLOLEULR HFRQRPLFR D YDOHUH QHO WHPSR H GXQTXH DQFKH QHO WULHQQLR GL ULIHULPHQWR FRQVLGHUDWR
&RPSLPHQWRGHOSURSULRRJJHWWRVRFLDOHRYYHURDWWLYLWjGLJHVWLRQHGHOVHUYL]LRGLUDFFROWDVWRFFDJJLRHVPDOWLPHQWRGHLULILXWL
&5206(59,=,65/
&RQVHJXLPHQWR H PDQWHQLPHQWR GHOO·HTXLOLEULR HFRQRPLFR D YDOHUH QHO WHPSR H GXQTXH DQFKH QHO WULHQQLR GL ULIHULPHQWR FRQVLGHUDWR
&RPSLPHQWRGHOSURSULRRJJHWWRVRFLDOHRYYHURDWWLYLWjGLJHVWLRQHGHOOH)DUPDFLHHVSOHWDPHQWRGHLVHUYL]LSXEEOLFLORFDOLFLPLWHULDOLDOWUL
VHUYL]LFRQQHVVLDOO·HPHUJHQ]DDELWDWLYD
5RVLJQDQR0DULWWLPR²5HOD]LRQH3UHYLVLRQDOH3URJUDPPDWLFD
²4XDGURJHQHUDOHGHJOLLPSLHJKLSHUSURJUDPPD
$QQR
3URJUDPPD
6SHVHFRUUHQWL
&RQVROLGDWH
'LVYLOXSSR
$QQR
6SHVHSHU
LQYHVWLPHQWR
7RWDOH
6SHVHFRUUHQWL
&RQVROLGDWH
'LVYLOXSSR
$QQR
6SHVHSHU
LQYHVWLPHQWR
7RWDOH
6SHVHFRUUHQWL
&RQVROLGDWH
'LVYLOXSSR
6SHVHSHU
LQYHVWLPHQWR
7RWDOH
7RWDOL
5RVLJQDQR0DULWWLPR²5HOD]LRQH3UHYLVLRQDOH3URJUDPPDWLFD
352*5$00$
16HUYL]LLVWLWX]LRQDOLJHQHUDOLHGLJHVWLRQH
12UGLQHSXEEOLFRHVLFXUH]]D
1,VWUX]LRQHHGLULWWRDOORVWXGLR
17XWHODHYDORUL]]D]LRQHGHLEHQLHDWWLYLWjFXOWXUDOL
13ROLWLFKHJLRYDQLOLVSRUWHWHPSROLEHUR
17XULVPR
1$VVHWWRGHOWHUULWRU LRHGHGLOL]LDDELWDWLYD
352*(772
1(OH]LRQLHFRQVXOWD]LRQLSRSRODUL$QDJUDIHHVWDWRFLYLOH
1*HVWLRQHGHLEHQLGHP DQLDOLHSDWULP RQLDOL
1*HVWLRQHGHOOHHQWUDWHWULEXWDULHHVHUYL]LILVFDOL
1*HVWLRQHHFRQRP LFDILQDQ]LDULDSURJUDP P D]LRQHHSURYYHGLWRUDWR
12UJDQLLVWLWX]LRQDOL
15LVRUVHXP DQH
16HJUHWHULDJHQHUDOH
16WDWLVWLFDHVLVWHP LLQIRUP DWLY L
18IILFLRWHFQLFR
13ROL]LDORFDOHHDP P LQLVWUDWLYD
1,VWUX]LRQHSUHVFRODVWLFD
1$OWULRUGLQLGLLVWUX]LRQH
16HUYL]LDXVLOLDULDOO·LVWUX]LRQH
1$WWLYLWjFXOWXUDOLHLQWHUYHQWLGLYHUVLQHOVHWWRUHFXOWXUDOH
13ROLWLFKH*LRY DQLOL
16SRUWHWHP SROLEHUR
16YLOXSSRHYDORUL]]D]LRQHGHOWXULVP R
18UEDQLVWLFDDVVHWWRGHOWHUULWRULR
17XWHODYDORUL]]D]LRQHHUHFXSHURDP ELHQWDOH
16YLOXSSRVRVWHQLELOHHWXWHODGHOWHUULWRULRH
GHOO
DPELHQWH
17UDVSRUWLHGLULWWRDOODPRELOLWj
16RFFRU VRFLYLOH
1'LULWWLVRFLDOLSROLWLFKHVRFLDOLHIDPLJOLD
16YLOXSSRHFRQRPLFRHFRPSHWLWLYLWj
1$JULFROWXUDSROLWLFKHDJURDOLPHQWDULHSHVFD
1$UHHSURWHWWHSDUFKLQDWXUDOLSURWH]LRQHQDWXUDOLVWLFDHIRUHVWD]LRQH
15LILXWL
17XWHODHYDORUL]]D]LRQHGHOOHULVRUVHLGULFKH
17UDVSRUWRSXEEOLFRORFDOH
19LDELOLWjHLQIUDVWUXWWXUHVWUDGDOL
16LVWHP DGLSURWH]LRQHFLYLOH
1,QWHUYHQWLSHULOGLULWWRDOODFDVD
1,QWHUYHQWLSHUO
LQIDQ]LDHLP LQRULHSHUDVLOLQLGR
1,QWHUYHQWLYDULDVRVWHJQRGHJOLDQ]LDQLGLVDELOLWjVRJJHWWLDULVFKLRHVFOXVLRQHHIDP LJOLH
13URJUDP P D]LRQHHJRYHUQRGHOODUHWHGHLVHUYL]LVRFLRVDQLWDULHVRFLDOL
16HUYL]LRQHFURVFRSLFRHFLP LWHULDOH
1&RP P HUFLRUHWLGLVWULEXWLYHWXWHODGHLFRQVXP DWRUL
16YLOXSSRGHOVHWWRUHDJULFRORHGHOVLVWHP DDJURDOLP HQWDUH
5RVLJQDQR0DULWWLPR5HOD]LRQH3UHYLVLRQDOH3URJUDPPDWLFD
3URJUDPPDQXPHUR
6(59,=,
,67,78=,21$/,*(1(5$/,(',*(67,21(
1XPHURSURJHWWLQHOSURJUDPPD
$UWLFRODWRLQ1352*(77,
1(/(=,21,(&2168/7$=,21,3232/$5,²$1$*5$)((67$72&,9,/(
1*(67,21('(,%(1,'(0$1,$/,(3$75,021,$/,
1*(67,21('(//((175$7(75,%87$5,((6(59,=,),6&$/,
1*(67,21((&2120,&$),1$1=,$5,$352*5$00$=,21(35299(',725$72
125*$1,,67,78=,21$/,
15,6256(80$1(
16(*5(7(5,$*(1(5$/(
167$7,67,&$(6,67(0,,1)250$7,9,
18)),&,27(&1,&2
6LULPDQGDDOOHVLQJROHUHOD]LRQLGHL3URJHWWLSHUO·DQDOLVLGHLFRQWHQXWLGHO3URJUDPPD
&HQWULGLFRVWRLQWHUHVVDWLQHOO·DWWXD]LRQHGHOSURJUDPPD
(/(7725$/($1$*5$)(67$72&,9,/(/(9$
8)),&,23$75,021,2
38%%/,&$,//80,1$=,21(
352'8=,21((1(5*,$
$)),66,21,(38%%/,&,7$·
75,%87,
5$*,21(5,$
9$5,(5$*
5RVLJQDQR0DULWWLPR5HOD]LRQH3UHYLVLRQDOH3URJUDPPDWLFD
0$*$==,12(&21202
2)),&,1$
25*$1,',*29(512
3$57(&,3$=,21(
6(*5(7(5,$&216,*/,2&2081$/(
6,&85(==$
*(67,21(3(5621$/((25*$1,==$=,21(
6(*5(7(5,$*(1(5$/(
9$5,(6(*5
'$7,,1)250$=,21,
*(67,21($00,1,675$7,9$/$925,
8)),&,27(&1,&2
0$187(1=,21,,002%,/,
5RVLJQDQR0DULWWLPR5HOD]LRQH3UHYLVLRQDOH3URJUDPPDWLFD
5LVRUVHFRUUHQWLHGLQFRQWRFDSLWDOH
SHUODUHDOL]]D]LRQHGHOSURJUDPPD
$QQR
$QQR
$QQR
/HJJHGLILQDQ]LDPHQWRHDUWLFROR
(175$7(63(&,),&+(
ł 67$72
ł 3529,1&,$
ł 81,21((8523($
727$/($
3529(17,'(,6(59,=,
ł $OWUH
727$/(&
727$/(*(1(5$/($%&
ł 5(*,21(
ł &$66$''33&5(',72
63257,92²,67,787,',
35(9,'(1=$
ł $/75,,1'(%,7$0(17,
ł $/75((175$7(
ł 727$/(%
4827(',5,6256(*(1(5$/,
3UHVWLWLGDLVWLWXWLSULYDWLULFRUVRDOFUHGLWRRUGLQDULRSUHVWLWLREEOLJD]LRQDULHVLPLOL
5RVLJQDQR0DULWWLPR5HOD]LRQH3UHYLVLRQDOH3URJUDPPDWLFD
6SHVDSUHYLVWDSHUODUHDOL]]D]LRQHGHO
SURJUDPPD
$QQR
6SHVDFRUUHQWH
&RQVROLGDWD
(QWLWjD
'LVYLOXSSR
3HUFHQWXDOHVX
WRWDOH
(QWLWjE
3HUFHQWXDOHVX
WRWDOH
9DORUH
SHUFHQWXDOH
7RWDOHDEF
VXOWRWDOH
VSHVHILQDOL
3HUFHQWXDOHVX
WLWROL,,,H,,,
WRWDOH
6SHVDSHULQYHVWLPHQWR
(QWLWjF
$QQR
6SHVDFRUUHQWH
&RQVROLGDWD
(QWLWjD
3HUFHQWXDOHVX
WRWDOH
(QWLWjE
3HUFHQWXDOHVX
WRWDOH
9DORUH
SHUFHQWXDOH
VXOWRWDOH
7RWDOHDEF
VSHVHILQDOL
3HUFHQWXDOHVX
WLWROL,,,H,,,
WRWDOH
6SHVDSHULQYHVWLPHQWR
'LVYLOXSSR
(QWLWjF
$QQR
6SHVDFRUUHQWH
&RQVROLGDWD
(QWLWjD
'LVYLOXSSR
3HUFHQWXDOHVX
WRWDOH
(QWLWjE
9DORUH
SHUFHQWXDOH
VXOWRWDOH
7RWDOHDEF
VSHVHILQDOL
3HUFHQWXDOHVX
WLWROL,,,H,,,
WRWDOH
6SHVDSHULQYHVWLPHQWR
3HUFHQWXDOHVX
WRWDOH
(QWLWjF
5RVLJQDQR0DULWWLPR5HOD]LRQH3UHYLVLRQDOH3URJUDPPDWLFD
'HVFUL]LRQHGHOSURJHWWR
(/(=,21,(
&2168/7$=,21,3232/$5,$1$*5$)((
67$72&,9,/(
GLFXLDOSURJUDPPD
6(59,=,
,67,78=,21$/,*(1(5$/,(',*(67,21(
5HVSRQVDELOH'VVD$QJHOD0DULD&DVXFFL
'(6&5,=,21('(/352*(772
&(175,',&2672,17(5(66$7,1(//·$778$=,21('(/352*(772
(/(7725$/($1$*5$)(67$72&,9,/(/(9$
6HUYL]L(OHWWRUDOLWHQXWD$OELGHJOL6FUXWDWRULGHL3UHVLGHQWLGL6HJJLRGHL*LXGLFL3RSRODULSHUO·$OER
GL&RUWHG·$SSHOORGHL*LXGLFL3RSRODULSHUGL&RUWHG·$VVLVHG·$SSHOORJHVWLRQHGHOOHSURFHGXUH
HOHWWRUDOLSHU(OH]LRQL3ROLWLFKH(XURSHH5HJLRQDOL$PPLQLVWUDWLYH5HIHUHQGXPSULPDULHJHVWLRQH
LVFUL]LRQHOLVWHDJJLXQWLYH6FKHGDULR(OHWWRUDOHUHYLVLRQHRUGLQDULDHVWUDRUGLQDULDOLVWH
6HUYL]LGL6WDWR&LYLOHJHVWLRQHGHLSURFHGLPHQWLLQHUHQWLJOLHYHQWLSULQFLSDOLGHOODYLWDGHLFLWWDGLQL
LWDOLDQL H VWUDQLHUL UHVLGHQWL H LQ DOFXQL FDVL DQFKH QRQ UHVLGHQWL QDVFLWD PDWULPRQLR PRUWH
ILOLD]LRQH DFTXLVWR GHOOD FLWWDGLQDQ]D LWDOLDQD QHOOH VXH YDULH PRGDOLWj PHGLDQWH UHGD]LRQH DWWL
LVFUL]LRQHDQQRWD]LRQHWUDVFUL]LRQHDWWLLVWDQ]HGLUHWWLILFDVHSDUD]LRQHGLYRU]LRULFRQRVFLPHQWR
ILJOL DGR]LRQH HG RJQL DOWUR DWWR DIIHUHQWH OR VWDWR FLYLOH ULODVFLR FRSLH HVWUDWWL DXWRUL]]D]LRQL
LQHUHQWL GHWWH SUDWLFKH LYL FRPSUHVH OH DXWRUL]]D]LRQL SRVWPRUWHP VHSSHOOLPHQWR FUHPD]LRQH
GLVSHUVLRQHHGDIILGDPHQWRGHOOHFHQHUL
6HUYL]LGL$QDJUDIHLVFUL]LRQLUHWWLILFKHFDQFHOOD]LRQLDQDJUDILFKH$35H$,5(GLFLWWDGLQLFRPXQLWDUL
HQRQYDULD]LRQLGLLQGLUL]]RHWFDVHJXLWRGLLPPLJUD]LRQHHPLJUD]LRQHLUUHSHULELOLWjRSHUD]LRQL
FHQVXDULHHWFDQFKHDVHJXLWRGLDFFHUWDPHQWLDWWLYLWjVWDWLVWLFDSHULRGLFDLQHUHQWHDQDJUDIH
VWDWR FLYLOH DOWUR WUDVPLVVLRQH TXRWLGLDQD GDWL ,1$ 6$,$ ,QGLFH 1D]LRQDOH $QDJUDILFR
DJJLRUQDPHQWRSDWHQWLGLJXLGDSHUFDPELRUHVLGHQ]DLQGLUL]]RSDVVDJJLSURSULHWjGLEHQLPRELOLH
WHQXWD GHO UHSHUWRULR GL GHWWL DWWL DXWHQWLFD]LRQH ILUPH H FRSLH GL GRFXPHQWL DWWHVWD]LRQL GL
VRJJLRUQRVRJJLRUQRSHUPDQHQWHSHUFLWWDGLQLFRPXQLWDULULOHYD]LRQHHGDJJLRUQDPHQWRGHLUXROL
PDWULFRODUL
),1$/,7$·'$&216(*8,5((027,9$=,21('(//(6&(/7(
3HU TXDQWR FRQFHUQH OD WRUQDWD HOHWWRUDOH SUHYLVWD QHO UHODWLYD DOOH (OH]LRQL HXURSHH H
FRPXQDOLVLLQWHQGHPLJOLRUDUHLOLYHOOLGLLQIRUPD]LRQHGHOODFLWWDGLQDQ]DGXUDQWHOHYDULHIDVLGHOOH
5RVLJQDQR0DULWWLPR5HOD]LRQH3UHYLVLRQDOH3URJUDPPDWLFD
HOH]LRQLSUHOLPLQDUHFRQWHVWXDOHVXFFHVVLYDPHGLDQWHODFUHD]LRQHGLXQ·DUHDGHGLFDWDVXOVLWRH
O·LQVHULPHQWR SURJUHVVR GL OLQHH JXLGD HG LQIRUPD]LRQL WXWWR TXHVWR LQ OLQHD FRQ JOL LQGLUL]]L GL
VHPSOLILFD]LRQHHGXWLOL]]RGHOOHQXRYHWHFQRORJLHSHUPLJOLRUDUHODFRPXQLFD]LRQHFRQLOWHUULWRULR
6LULWLHQHFKHXQDLQIRUPD]LRQHDGHJXDWDJHQHUDPLQRULFRVWLSHUODFLWWDGLQDQ]DLQWHUPLQLDGHV
GLWHOHIRQDWHHGLDFFHVVRGLUHWWRDJOLXIILFLDQFKHLOFRLQYROJLPHQWRGHOOHULVRUVHLQWHUQHqPHQR
GLVSHUVLYRHSLHIILFLHQWHVHOHLQIRUPD]LRQLYHQJRQRSURJUHVVLYDPHQWHFRGLILFDWHHUHVHGLVSRQLELOL
3HULVHUYL]LDQDJUDILFLHGHOHWWRUDOLFRVuFRPHSHUJOLDOWULDIIHUHQWLDOVHWWRUHYLHQHHIIHWWXDWDXQD
DQDOLVLGHOOHDWWLYLWjHURJDELOLLQVHGHGLIURQWRIILFHHGLTXHOOHFKHGHYRQRULPDQHDOEDFNRIILFHDO
ILQH GL SDVVDUH DO 32/,63257(//2 SXQWR XQLFR GL DFFHVVR ILVLFR WHOHIRQLFR H WHOHPDWLFR OD
JHVWLRQHGHLVHUYL]LVWDQGDUGL]]DELOLHGLOFXLWHPSRGLHURJD]LRQHQRQVXSHULLPLQXWL&RQTXHVWD
QXRYD PRGDOLWj RUJDQL]]DWLYD VL FRQVHJXH FHOHULWj GL DFFHVR SHU L FLWWDGLQL H PLVXUDELOLWj GHOOD
TXDQWLWj H TXDOLWj GHL VHUYL]L HURJDWL QRQFKp O·DPSOLDPHQWR GHOO·RUDULR GL DSHUWXUD DO SXEEOLFR
FRPSOHVVLYDPHQWHRUHVHWWLPDQDOLLQSL
, 6HUYL]L DQDJUDILFL HG HOHWWRUDOL HURJDWL GDO 32/,63257(//2 VRQR ULODVFLR FDUWH G·LGHQWLWj
FHUWLILFD]LRQL DQDJUDILFKH DXWHQWLFD]LRQH GL ILUPD H FRSLH UDFFROWDDXWHQWLFD]LRQH ILUPH SHU
SURSRVWHGLOHJJHOLVWHHOHWWRUDOLFRQVXOWD]LRQLUHIHUHQGDULHULODVFLRLQIRUPD]LRQLHPRGXOLVWLFD
/DVILGDSHUXQDGHPRFUD]LDGLJLWDOHWURYDXQRGHLVXRLFDSLVDOGLQHOORVYLOXSSRGHOODSLDWWDIRUPD
RQOLQHSHULOULODVFLRGLFHUWLILFDWLFRQWLPEURGLJLWDOHSUHYLDDXWRUL]]D]LRQHSUHIHWWL]LDHSDJDPHQWL
RQOLQHGLTXDQWRGRYXWRFRPSUHVRLOSDJDPHQWREROORYLUWXDOHRYHGRYXWRSUHYLDFRQYHQ]LRQH
FRQ$JHQ]LDGHOOH(QWUDWH4XHVWDXOWHULRUHLQL]LDWLYDFRQVHQWHDLFLWWDGLQLGLRWWHQHUHDGRPLFLOLR
DWWLHFHUWLILFDWLVHQ]DODQHFHVVLWjGLUHFDUVLSUHVVRODVHGH&RPXQDOHFRQFRVWLLQWHUPLQLGLWHPSR
HGHQDUR
3HUIDFLOLWDUHO·DFFHVVRDLVHUYL]LRQOLQHROWUHDO32/,63257(//2 VLLQWHQGHDYYLDUHXQSURJUHVVLYR
FRLQYROJLPHQWRGHJOLDOWUL6SRUWHOOLSUHVHQWLVXOWHUULWRULRTXDOLLO3DVVGL9DGDO·,QIRUPDJLRYDQL(FFR
)DWWRVX1LEELDLDOD5HFHSWLRQGHOODVHGHFRPOHGHO&DVWHOOR
,SRWHVLGLDYYLRLQIRUPDWL]]D]LRQHFDUWHOOLQLDQDJUDILFLHUHODWLYLDUFKLYL
5,6256(80$1('$,03,(*$5(
Q'LULJHQWH
QIXQ]LRQDULRUHVSRQVDELOH32
QLVWUXWWRUHGLUHWWLYRDPPLQLVWUDWLYR
QLVWUXWWRULDPPLQLVWUDWLYLGLFXLGHORFDOL]]DWLDO32/,63257(//2
QFROODERUDWRUH
5,6256(67580(17$/,'$87,/,==$5(
QSRVWD]LRQLGLODYRURGLFXLGHORFDOL]]DWHDO32/,63257(//2
QSHUVRQDOFRPSXWHU
QVWDPSDQWL
QPDFFKLQHGDVFULYHUH
QSXQ]RQDWULFLSHUFDUWHG·LGHQWLWj
QDSSDUHFFKLRID[
5RVLJQDQR0DULWWLPR5HOD]LRQH3UHYLVLRQDOH3URJUDPPDWLFD
6SHVDSUHYLVWDSHUODUHDOL]]D]LRQH
GHOSURJHWWR
$QQR
6SHVDFRUUHQWH
&RQVROLGDWD
(QWLWjD
'LVYLOXSSR
3HUFHQWXDOHVX
WRWDOH
(QWLWjE
3HUFHQWXDOHVX
WRWDOH
9DORUH
SHUFHQWXDOH
7RWDOHDEF
VXOWRWDOH
VSHVHILQDOL
3HUFHQWXDOHVX
WLWROL,,,H,,,
WRWDOH
6SHVDSHULQYHVWLPHQWR
(QWLWjF
$QQR
6SHVDFRUUHQWH
&RQVROLGDWD
(QWLWjD
3HUFHQWXDOHVX
WRWDOH
(QWLWjE
3HUFHQWXDOHVX
WRWDOH
9DORUH
SHUFHQWXDOH
7RWDOHDEF
VXOWRWDOH
VSHVHILQDOL
3HUFHQWXDOHVX
WLWROL,,,H,,,
WRWDOH
6SHVDSHULQYHVWLPHQWR
'LVYLOXSSR
(QWLWjF
$QQR
6SHVDFRUUHQWH
&RQVROLGDWD
(QWLWjD
'LVYLOXSSR
3HUFHQWXDOHVX
WRWDOH
(QWLWjE
9DORUH
SHUFHQWXDOH
7RWDOHDEF
VXOWRWDOH
VSHVHILQDOL
3HUFHQWXDOHVX
WLWROL,,,H,,,
WRWDOH
6SHVDSHULQYHVWLPHQWR
3HUFHQWXDOHVX
WRWDOH
(QWLWjF
5RVLJQDQR0DULWWLPR5HOD]LRQH3UHYLVLRQDOH3URJUDPPDWLFD
'HVFUL]LRQHGHOSURJHWWR
*(67,21(
%(1,'(0$1,$/,(3$75,021,$/,
GLFXLDOSURJUDPPD
6(59,=,
,67,78=,21$/,*(1(5$/,(',*(67,21(
5HVSRQVDELOH'VVD/RUHQD6LOYHVWUL
'(6&5,=,21('(/352*(772
&(175,',&2672,17(5(66$7,1(//·$778$=,21('(/352*(772
8)),&,23$75,021,2
38%%/,&$,//80,1$=,21(
352'8=,21((1(5*,$
,O3URJHWWRVLRFFXSDGHOODJHVWLRQHGHOSDWULPRQLRGLSURSULHWjHQHOODGLVSRQLELOLWjGHO&RPXQHLQ
SDUWLFRODUHGL
D
JHVWLRQHGHLEHQLGLQDWXUDLPPRELOLDUHGDOPRPHQWRGHOODORURDFTXLVL]LRQHHGHVWLQD]LRQH
DOGHPDQLRRDOSDWULPRQLRGHO&RPXQHILQRDOPRPHQWRGHOODORURHYHQWXDOHGLVPLVVLRQH
HDOLHQD]LRQH
D
HVSURSULD]LRQLSHURSHUHGLSXEEOLFDXWLOLWj
D
FRVWLWX]LRQH GL WXWWL L UDSSRUWL JLXULGLFL DYHQWL DG RJJHWWR EHQL LPPRELOL RFFXSD]LRQL
WHPSRUDQHH VHUYLW SHUPXWH FRQFHVVLRQL GL DUHH LQ GLULWWR GL VXSHUILFLH DFTXLVL]LRQL H
DOLHQD]LRQLLPPRELOLDULWUDVIRUPD]LRQLGLGLULWWLGLVXSHUILFLHLQGLULWWRGLSURSULHWjDIIUDQFD]LRQL
GLOLYHOORDXWRUL]]D]LRQLDOODYHQGLWDHWF
D
YDOXWD]LRQL WHFQLFKH DQFKH GL LQWHUHVVH GHJOL DOWUL VHWWRULVHUYL]L SDUHUL VWLPH LPPRELOLDUL
YHULILFKHFDWDVWDOLHLSRWHFDULHYLVXUHLQFRQVHUYDWRULDHLQFDWDVWRUDSSRUWLFRQO·$JHQ]LD
GHOOH(QWUDWHUDSSRUWLFRQOD6RSULQWHQGHQ]DSHULPPRELOLGLLQWHUHVVHVWRULFRFXOWXUDOHULOLHYL
WHFQLFLHSUDWLFKHFDWDVWDOL
D
JHVWLRQHGHOO·LQYHQWDULRLPPRELOLDUHHUHGD]LRQHDQQXDOHGHO&RQWRGHO3DWULPRQLR
D
FRQWHQ]LRVRLQPDWHULDSDWULPRQLDOH
D
LQFDULFKLSURIHVVLRQDOLLQHUHQWLDWWLYLWjGLFRPSHWHQ]D
D
SDUWHFLSD]LRQHDLSURFHGLPHQWLLQHUHQWL&RQYHQ]LRQL8UEDQLVWLFKH3LDQL$WWXDWLYLH3UDWLFKH
(GLOL]LH
D
(GLOL]LD5HVLGHQ]LDOH3XEEOLFDUDSSRUWLFRQ&$6$/3 6S$H/2'(/LYRUQHVHSHUJOLDVSHWWL
SDWULPRQLDOL
D
SURFHGXUHHUDSSRUWLSHUFRQFHVVLRQLLQIDYRUHGHO&RPXQHGLDUHHHIDEEULFDWLDIIHUHQWL
DO GHPDQLR IRUHVWDOH IHUURYLDULR LGULFR SURYLQFLDOH H PDULWWLPR H ORUR HYHQWXDOH
5RVLJQDQR0DULWWLPR5HOD]LRQH3UHYLVLRQDOH3URJUDPPDWLFD
DIILGDPHQWRDWHU]L
D
FRQFHVVLRQHGHOVHUYL]LRGLGLVWULEX]LRQHGHOJDVPHWDQRVXOWHUULWRULRFRPXQDOH
D
SURFHGXUH H DWWL SHU O·DIILGDPHQWR LQ JHVWLRQH D WHU]L GL IDEEULFDWL H DUHH DIIHUHQWL DO
SDWULPRQLR H GHPDQLR FRPXQDOH FRQFHVVLRQL FRPRGDWL ORFD]LRQL FRQVHJQH
WHPSRUDQHHHFF
D
PRQLWRUDJJLRGHOOHVWUXWWXUHDIILGDWHLQJHVWLRQHDWHU]L
D
JHVWLRQHGHOVHUYL]LRGLSXOL]LDHFXVWRGLDGHJOLLPPRELOLFRPXQDOL
D
JHVWLRQHGHOVHUYL]LRGLYLJLODQ]DGLDOFXQLLPPRELOLFRPXQDOL
D
JHVWLRQH GLUHWWD GHOOH VWUXWWXUH ULFHWWLYH &RORQLD GL *DYLQDQD VDOH FRQIHUHQ]H H DUHH D
IHVWDFRPSUHVLLFHQWULFLYLFL
D
JHVWLRQHDVVHJQD]LRQHDUHHSHURUWLFRPXQDOLHSHUODUDFFROWDGHOOHROLYH
D
FRRUGLQDPHQWRGHOOHDWWLYLWjFRQQHVVHDOODJHVWLRQHGHO3DUFRGHOOH&ROOLQH/LYRUQHVL
D
JHVWLRQH GHOOHXWHQ]H GL DFTXD PHWDQR HG HQHUJLD HOHWWULFD GHJOL LPPRELOL FRPXQDOL H
GHOODSXEEOLFDLOOXPLQD]LRQH
D
XIILFLR&RQWUDWWLUHGD]LRQHHVWLSXODGLWXWWLJOLDWWLLQIRUPDSXEEOLFDDPPLQLVWUDWLYDGHOOH
VFULWWXUH SULYDWH DXWHQWLFDWH H GL TXHOOH VRJJHWWH D UHJLVWUD]LRQH LQ FDVR G·XVR GL FXL LO
&RPXQHqSDUWHDWWLYLWjFRUUHODWHGLUHJLVWUD]LRQHYROWXUD]LRQHHFRQWDELOL]]D]LRQH
D
6LVWHPDGL*HVWLRQH$PELHQWDOH,62HG(0$6UHGD]LRQHHDJJLRUQDPHQWRGHJOL
LQGLFDWRUL GL FRPSHWHQ]D FRQWUROOR DSSDOWDWRUL H IRUQLWRUL GL EHQL H VHUYL]L FRQWUROOR
DVVHJQDWDULLPPRELOLGLSURSULHWjHQHOODGLVSRQLELOLWjGHO&RPXQH
),1$/,7$·'$&216(*8,5((027,9$=,21('(//(6&(/7(
5LFRJQL]LRQHHEXRQHSUDWLFKHJHVWLRQDOLYDORUL]]D]LRQHVRFLDOHDPELHQWDOHHWXULVWLFRULFUHDWLYD
GHOOD GRWD]LRQH LPPRELOLDUH GL SURSULHWj H QHOOD GLVSRQLELOLWj GHOO·(QWH RWWLPL]]D]LRQH H
UD]LRQDOL]]D]LRQHGHOODJHVWLRQHGHLEHQLSXEEOLFLQHOO·RWWLFDGHOULVSDUPLRGHOOHULVRUVHILQDQ]LDULHH
DPELHQWDOLDQFKHPHGLDQWHODGLVPLVVLRQHGHOOHORFD]LRQLSDVVLYH
,PSOHPHQWD]LRQHGHOQXRYR SURJUDPPD LQIRUPDWLFRSHUODJHVWLRQHGHOO·LQYHQWDULRFRPXQDOHH
FROOHJDPHQWRGHLGDWLFRQLOFRQWRGHOSDWULPRQLRFRPXQDOHHLOFRQWRGHOSDWULPRQLRGHO0LQLVWHUR
GHOO·(FRQRPLDHGHOOD)LQDQ]H5HDOL]]D]LRQHGLXQ6LVWHPD,QIRUPDWLYR3DWULPRQLDOHFRPSOHWRFKH
DJHYROLDQFKHODSXEEOLFD]LRQHGHLGDWLSDWULPRQLDOLDLILQLGHJOLREEOLJKLVXOODWUDVSDUHQ]DGLFXLDO
'/JVQ
,PSOHPHQWD]LRQHGL VWUXPHQWLGL PRQLWRUDJJLRGHL FRVWLHFRQVXPL GL HQHUJLD HOHWWULFD HDFTXD
UHODWLYLDGLPPRELOLGLSURSULHWjHQHOODGLVSRQLELOLWjGHOO·(QWH
5,6256(80$1('$,03,(*$5(
QGLULJHQWHSHUTXRWDSDUWH
QIXQ]LRQDULR7HFQLFR&RQWDELOHFDW'FRQ3RVL]LRQH2UJDQL]]DWLYDSHUTXRWDSDUWH
QLVWUXWWRUH'LUHWWLYR$PPLQLVWUDWLYRFDW'
5RVLJQDQR0DULWWLPR5HOD]LRQH3UHYLVLRQDOH3URJUDPPDWLFD
QLVWUXWWRUHGLUHWWLYRDPPLQLVWUDWLYR&DW'SDUWWLPHDOO·TXRWDSDUWH
QLVWUXWWRULWHFQLFLJHRPHWUDFDW&GLFXLQ37DO
QLVWUXWWRULDPPLQLVWUDWLYLFDW&
QLVWUXWWRUHDPPLQLVWUDWLYRFDW&SHUTXRWDSDUWH
QLVWUXWWRUHWHFQLFRFDW&
QFROODERUDWRUHDPPLQLVWUDWLYRFDW%
5,6256(67580(17$/,'$87,/,==$5(
QDXWRDGLVSRVL]LRQHGLWXWWRLO6HWWRUH3URPR]LRQHGHO7HUULWRULRHGHOO·,PSUHVD
Q3&
QVWDPSDQWLGLUHWH
QVWDPSDQWHQRQGLUHWH
QIRWRFRSLDWULFH
QVFDQQHU
5RVLJQDQR0DULWWLPR5HOD]LRQH3UHYLVLRQDOH3URJUDPPDWLFD
6SHVDSUHYLVWDSHUODUHDOL]]D]LRQH
GHOSURJHWWR
$QQR
6SHVDFRUUHQWH
&RQVROLGDWD
(QWLWjD
'LVYLOXSSR
3HUFHQWXDOHVX
WRWDOH
(QWLWjE
3HUFHQWXDOHVX
WRWDOH
9DORUH
SHUFHQWXDOH
7RWDOHDEF
VXOWRWDOH
VSHVHILQDOL
3HUFHQWXDOHVX
WLWROL,,,H,,,
WRWDOH
6SHVDSHULQYHVWLPHQWR
(QWLWjF
$QQR
6SHVDFRUUHQWH
&RQVROLGDWD
(QWLWjD
3HUFHQWXDOHVX
WRWDOH
(QWLWjE
3HUFHQWXDOHVX
WRWDOH
9DORUH
SHUFHQWXDOH
7RWDOHDEF
VXOWRWDOH
VSHVHILQDOL
3HUFHQWXDOHVX
WLWROL,,,H,,,
WRWDOH
6SHVDSHULQYHVWLPHQWR
'LVYLOXSSR
(QWLWjF
$QQR
6SHVDFRUUHQWH
&RQVROLGDWD
(QWLWjD
'LVYLOXSSR
3HUFHQWXDOHVX
WRWDOH
(QWLWjE
9DORUH
SHUFHQWXDOH
7RWDOHDEF
VXOWRWDOH
VSHVHILQDOL
3HUFHQWXDOHVX
WLWROL,,,H,,,
WRWDOH
6SHVDSHULQYHVWLPHQWR
3HUFHQWXDOHVX
WRWDOH
(QWLWjF
5RVLJQDQR0DULWWLPR5HOD]LRQH3UHYLVLRQDOH3URJUDPPDWLFD
'HVFUL]LRQHGHOSURJHWWR
*(67,21(
'(//((175$7(75,%87$5,((6(59,=,
),6&$/,
GLFXLDOSURJUDPPD
6(59,=,
,67,78=,21$/,*(1(5$/,(',*(67,21(
5HVSRQVDELOH'RWW0LUNR&DQWLQL
'(6&5,=,21('(/352*(772
&(175,',&2672,17(5(66$7,1(//·$778$=,21('(/352*(772
$)),66,21,(38%%/,&,7$·
75,%87,
/D JHVWLRQH GHOOH HQWUDWH WULEXWDULH HG L VHUYL]L ILVFDOL ULFRSURQR DOO·LQWHUQR GHOOD VWUXWWXUD
RUJDQL]]DWLYDGHOO·HQWHXQUXRORGLQDWXUDVWUDWHJLFDQRQVRORLQPHULWRDOO·DWWLYLWjGLDFFHUWDPHQWR
HULVFRVVLRQHPDDQFKHLQWHUPLQLGLLPSDWWRVXL ELVRJQL GHOODFROOHWWLYLWjUDSSUHVHQWDWD&LzVLD
GLUHWWDPHQWHGDWRLOFRPSLWRGLVHPSOLILFDUHJOLDGHPSLPHQWLGHLFRQWULEXHQWLVLDLQGLUHWWDPHQWH
GDWR FKH LO FRQWUDVWR DOO·HYDVLRQHHOXVLRQH ILVFDOH KD FRPH ILQDOLWj XOWLPD OD ULGX]LRQH GHOOD
SUHVVLRQH ILVFDOH R O·LQFUHPHQWR TXDQWLWDWLYR R TXDOLWDWLYR GHL VHUYL]L HURJDWL PHGLDQWH XQ
HVWHQVLRQH GHOOD EDVH LPSRQLELOH 7DOL UHVSRQVDELOLWj RJJL DOORFDWH DOOD FRPSHWHQ]D GHOOD 82
*HVWLRQH(QWUDWHVRQRFDUDWWHUL]]DWHGDOO·HOHYDWDFRPSOHVVLWjGHOODPDWHULDWULEXWDULDDFXLWDQHJOL
XOWLPLDQQLGDFRQWLQXLLQWHUYHQWLQRUPDWLYLWDOYROWDFRQWUDGGLWWRULHTXLQGLGLGLIILFLOHLQWHUSUHWD]LRQH
HGDSSOLFD]LRQH
,Q SDUWLFRODUH LO UDIIRU]DPHQWR GHO GHFHQWUDPHQWR ILVFDOH LQ SDUWLFRODUH QHOO·XOWLPR ELHQQLR KD
FUHDWR QXRYH IDWWLVSHFLH LPSRVLWLYH FKH KDQQR LQFUHPHQWDWR L FDULFKL GL ODYRUR GHO SHUVRQDOH
VLJQLILFDWLYDO·LQWURGX]LRQHDGHFRUUHUHGDOƒJHQQDLRGHOO·,PSRVWD8QLFD&RPXQDOH,8&
SHUHIIHWWRGHOO·DUWFRPPDGHOOD/Q/DQXRYD,PSRVWDVLFRPSRQHGLXQDSDUWH
GLQDWXUDSDWULPRQLDOHO·,08HGLXQDSDUWHOHJDWDDOODIUXL]LRQHGLVHUYL]LFRPXQDOLVXGGLYLVDDVXD
YROWDLQ7$5,WDVVDVPDOWLPHQWRULILXWLH7$6,WDVVDVXLVHUYL]LLQGLYLVLELOLFKHFRVWLWXLVFHGLIDWWRXQ
QXRYRWULEXWRFKHO·8IILFLRGHYHJHVWLUHDGLQYDULDQ]DGLULVRUVHDQFKHSURIHVVLRQDOL$WDOSURSRVLWR
O·HVHUFL]LRFRUUHQWHVLFDUDWWHUL]]DSHUO·LQWHQVDDWWLYLWjSURSHGHXWLFDDOO·DSSOLFD]LRQHGHOODQXRYD
LPSRVWD FRPSUHVD OD GHWHUPLQD]LRQH GHOOH QXRYH DOLTXRWHWDULIIH H O·DGR]LRQH GHOOD UHODWLYD
GLVFLSOLQD UHJRODPHQWDUH D FXL VHJXH OD JHVWLRQH GHO WULEXWR VWHVVR FRPSUHQVLYD GHOOD JLXVWD
DWWHQ]LRQHDOUDSSRUWRFRQO·XWHQ]DHGXQTXHDOO·DWWLYLWjGLLQIRUPD]LRQHDQFKHLQYLUWGHLQXRYL
VLVWHPLGLFRPXQLFD]LRQHDGHVHPSLRDJJLRUQDPHQWRGHOVLWRZHEHWF
/·HQWHFXUD GLUHWWDPHQWHDQFKHODULVFRVVLRQHVSRQWDQHD GHOOHHQWUDWHWULEXWDULHPHQWUHSHUOD
ULVFRVVLRQH FRDWWLYDqLQFRUVR O·DGHVLRQH GHILQLWLYDDOSURJHWWR$1&, 5,6&266,21,FRQ LOTXDOH
$QFL 7RVFDQD VL SURSRQH GL RFFXSDUVL GHOOH SURFHGXUH GL JDUD SHU O·DIILGDPHQWR GHO VHUYL]LR
SRLFKpDGHFRUUHUHGDODQFKHTXHVWRWLSRGLDWWLYLWjQRQSRWUjSLHVVHUHVYROWDGD
5RVLJQDQR0DULWWLPR5HOD]LRQH3UHYLVLRQDOH3URJUDPPDWLFD
(TXLWDOLD6SDVDOYRXOWHULRULGHURJKH
/·XIILFLRLQROWUHJHVWLVFHLQHFRQRPLDLOFRQWHQ]LRVRWULEXWDULRPHGLDQWHLOIXQ]LRQDULR UHVSRQVDELOH
XQLWDPHQWH DOOH SURFHGXUH GL IDOOLPHQWR R DOWUH SURFHGXUH DIILQL SHU OH TXDOL VL SURFHGH
DOO·LQVLQXD]LRQHDOSDVVLYRGRSRDYHUYHULILFDWRODVXVVLVWHQ]DGLFUHGLWLGLQDWXUDWULEXWDULD
,QPDWHULDGLFRQWUDVWRDOO·HYDVLRQHHOXVLRQHILVFDOHO·HQWHKDDGHULWRDO3URJHWWR726&$SURPRVVR
GDOOD 5HJLRQH H GD $QFL 7RVFDQD SHU O·XWLOL]]R GL XQ DSSOLFDWLYR VRIWZDUH WHVR D PLJOLRUDUH OH
SURFHGXUH ILQDOL]]DWH DOO·DWWLYLWj GL DFFHUWDPHQWR XQLWDPHQWH DOOH LQL]LDWLYH GHOO·$JHQ]LD GHOOH
(QWUDWH*XDUGLDGL)LQDQ]DLQPDWHULDGLFRQFRUVRDOFRQWUDVWRGLIHQRPHQLHOXVLYLULJXDUGDQWLWULEXWL
DIIHUHQWLDGDOWULOLYHOOLGLJRYHUQR
,Q PDWHULD GL SXEEOLFLWj H GLULWWL VXOOH SXEEOLFKH DIILVVLRQL OD 82 *HVWLRQH (QWUDWH SURYYHGH
DOO·DWWLYLWj GL DFFHUWDPHQWR DWWUDYHUVR GLFKLDUD]LRQL VSRQWDQHH GHOO
XWHQWH H VRSUDOOXRJKL VXO
WHUULWRULR LQ FROODERUD]LRQH FRQ LO &RPDQGR GL 3ROL]LD 0XQLFLSDOH ,O 6HUYL]LR GL DWWDFFKLQDJJLR
PDQLIHVWL YLHQH DQFRUD HIIHWWXDWR DWWUDYHUVR XQ DSSDOWR HVWHUQR DG XQD GLWWD LQFDULFDWD FRQ
FRQWUDWWRELHQQDOHDOODTXDOHqDIILGDWDDQFKHODRUGLQDULDPDQXWHQ]LRQHGHJOLLPSLDQWL
),1$/,7$·'$&216(*8,5((027,9$=,21('(//(6&(/7(
/DILQDOLWjHVVHQ]LDOHGDFRQVHJXLUHqODFRUUHWWDLPSOHPHQWD]LRQHGHOODQXRYDILVFDOLWjLQPDWHULD
GL ,8& PHGLDQWH O·DGR]LRQH GHL UHODWLYL DWWL FRPSUHVD OD GLVFLSOLQD UHJRODPHQWDUH H OD
GHWHUPLQD]LRQH GHOOH DOLTXRWHWDULIIH OD JHVWLRQH GHO QXRYR WULEXWR OD UHODWLYD DWWLYLWj GL
DFFHUWDPHQWRULVFRVVLRQH 6DUj LQROWUH SHUVHJXLWD O·DWWLYLWj GL UHFXSHUR GHOO·HYDVLRQHHOXVLRQH
ILVFDOHDQFKHPHGLDQWHFROODERUD]LRQHFRQOHDXWRULWjFRPSHWHQWL*XDUGLDGL)LQDQ]D$JHQ]LD
GHOOH(QWUDWHLQPDWHULDGLVHJQDOD]LRQLTXDOLILFDWH5LOHYDQWHDQFKHODJHVWLRQHRUGLQDULDGHJOLDOWUL
WULEXWL SHULTXDOLO·RELHWWLYRqUDSSUHVHQWDWRGDL EXRQL ULVXOWDWLRWWHQXWL LQPDWHULD GL JHWWLWRHGL
UDSSRUWLFRQO·XWHQ]DFRQWULEXHQWL
5,6256(80$1('$,03,(*$5(
QUHVSRQVDELOHWHPSRGHWHUPLQDWRFRQSRH[DUW78(/
QLVWUXWWRUHGLUHWWLYRWHPSRLQGHWHUPLQDWRFDW'
QLVWUXWWRULDPPLQLVWUDWLYLWHPSRLQGHWHUPLQDWRFDW&GLFXLSDUWWLPHDO
QLVWUXWWRUHWHFQLFRWHPSRLQGHWHUPLQDWRJHRPHWUDFDW&
5,6256(67580(17$/,'$87,/,==$5(
QVWDPSDQWLVFDQQHU
QVWDPSDQWLSHUEROOHWWLQL
Q3&
5RVLJQDQR0DULWWLPR5HOD]LRQH3UHYLVLRQDOH3URJUDPPDWLFD
6SHVDSUHYLVWDSHUODUHDOL]]D]LRQH
GHOSURJHWWR
$QQR
6SHVDFRUUHQWH
&RQVROLGDWD
(QWLWjD
'LVYLOXSSR
3HUFHQWXDOHVX
WRWDOH
(QWLWjE
3HUFHQWXDOHVX
WRWDOH
9DORUH
SHUFHQWXDOH
7RWDOHDEF
VXOWRWDOH
VSHVHILQDOL
3HUFHQWXDOHVX
WLWROL,,,H,,,
WRWDOH
6SHVDSHULQYHVWLPHQWR
(QWLWjF
$QQR
6SHVDFRUUHQWH
&RQVROLGDWD
(QWLWjD
3HUFHQWXDOHVX
WRWDOH
(QWLWjE
3HUFHQWXDOHVX
WRWDOH
9DORUH
SHUFHQWXDOH
7RWDOHDEF
VXOWRWDOH
VSHVHILQDOL
3HUFHQWXDOHVX
WLWROL,,,H,,,
WRWDOH
6SHVDSHULQYHVWLPHQWR
'LVYLOXSSR
(QWLWjF
$QQR
6SHVDFRUUHQWH
&RQVROLGDWD
(QWLWjD
'LVYLOXSSR
3HUFHQWXDOHVX
WRWDOH
(QWLWjE
9DORUH
SHUFHQWXDOH
7RWDOHDEF
VXOWRWDOH
VSHVHILQDOL
3HUFHQWXDOHVX
WLWROL,,,H,,,
WRWDOH
6SHVDSHULQYHVWLPHQWR
3HUFHQWXDOHVX
WRWDOH
(QWLWjF
5RVLJQDQR0DULWWLPR5HOD]LRQH3UHYLVLRQDOH3URJUDPPDWLFD
'HVFUL]LRQHGHOSURJHWWR
*(67,21(
(&2120,&$),1$1=,$5,$
352*5$00$=,21((35299(',725$72
GLFXLDOSURJUDPPD
6(59,=,
,67,78=,21$/,*(1(5$/,(',*(67,21(
5HVSRQVDELOH'RWW0LUNR&DQWLQL
'(6&5,=,21('(/352*(772
&(175,',&2672,17(5(66$7,1(//·$778$=,21('(/352*(772
:
5$*,21(5,$
:
9$5,(5$*
:
0$*$==,12(&21202
:
2)),&,1$
1HOO·DPELWR GHOOH DPPLQLVWUD]LRQL SXEEOLFKH ORFDOL OH FRPSHWHQ]H DWWULEXLWH GDOO·RUGLQDPHQWR DO
6HUYL]LR )LQDQ]LDULR ULVXOWDQR HVVHQ]LDOL SHU LO IXQ]LRQDPHQWR JHQHUDOH GHOOD PDFFKLQD
DPPLQLVWUDWLYD /·DWWLYLWj q TXLQGL FRQWUDGGLVWLQWD GD WXWWH TXHOOH DWWLYLWj VWUHWWDPHQWH OHJDWH
DOO·RUGLQDPHQWRILQDQ]LDULRHFRQWDELOHFRRUGLQDPHQWRGHOOHDWWLYLWjYROWHDOODSUHGLVSRVL]LRQHGHO
ELODQFLR GL SUHYLVLRQH HG DOOD SURJUDPPD]LRQH XWLOH DL ILQL GHO ULVSHWWR GHO 3DWWR GL 6WDELOLWj
DWWHVWD]LRQL FRQWDELOL SDUHUL H YLVWL LQ PDWHULD GHL GHOLEHUD]LRQL H GHWHUPLQD]LRQL G·LPSHJQR GL
VSHVD FRQWUROOR VXOOH OLTXLGD]LRQL GHOOD VSHVD HPLVVLRQH GHL PDQGDWL GL SDJDPHQWR
UHQGLFRQWD]LRQHGHOOHULVXOWDQ]HILQDQ]LDULHHFRQRPLFKHHSDWULPRQLDOLHWF«
7XWWR FLz QHOO·RWWLFD GL JDUDQWLUH O·HIILFDFH VYROJLPHQWR GHOO·D]LRQH DPPLQLVWUDWLYD QHOO·DPELWR GL
XQDVDQDJHVWLRQHILQDQ]LDULDILQDOL]]DWDGDXOWLPRDOODVDOYDJXDUGLDGHJOLHTXLOLEULGLELODQFLR
7DOL FRPSHWHQ]H ULFRQGXFLELOL DOOD 82 )LQDQ]H H %HQL 0RELOL VL DJJLXQJRQR DG DOWUH DOORFDWH
QHOO·DPELWR GHOO·DXWRQRPLD RUJDQL]]DWLYD ULFRQRVFLXWD DOO·HQWH FRQWUROOR GL JHVWLRQH VRFLHWj
SDUWHFLSDWHJHVWLRQHSUDWLFKHDVVLFXUDWLYHSURYYHGLWRUDWRHFRQRPDWRJHVWLRQHGLPDJD]]LQRH
RIILFLQD
,QSDUWLFRODUHLQPDWHULDGLJHVWLRQHGHOOHSUDWLFKHDVVLFXUDWLYHLQHUHQWLDOODUHVSRQVDELOLWjFLYLOHVLq
SURYYHGXWRDOODUHLQWHUQDOL]]D]LRQHGHLVLQLVWULVRWWRIUDQFKLJLDFRQWUDWWXDOH½
),1$/,7$·'$&216(*8,5((027,9$=,21('(//(6&(/7(
/HILQDOLWjVRQRTXLQGLULFRQGXFLELOLDOO·HIILFDFHHGHIILFLHQWHVYROJLPHQWRGHOOHFRPSHWHQ]HVRSUD
5RVLJQDQR0DULWWLPR5HOD]LRQH3UHYLVLRQDOH3URJUDPPDWLFD
ULFKLDPDWH
,QRWWLFDSOXULHQQDOHqGDSHUVHJXLUHLOUDIIRU]DPHQWRGHJOLVWUXPHQWLGLJRYHUQDQFHGHOOHVRFLHWj
FRQWUROODWHO·DWWLYD]LRQHGLD]LRQLGLVSHQGLQJUHYLHZFRQSDUWLFRODUHULIHULPHQWRDOFRQWHQLPHQWR
GHLFGFRQVXPLLQWHUPHGLODUD]LRQDOL]]D]LRQHGHOOHSURFHGXUHDPPLQLVWUDWLYHGLQDWXUDFRQWDELOH
VHSSXULQXQFRQWHVWRQRUPDWLYRFRPSOHVVRWDOYROWDFRQWUDGGLWWRULRHGLQFRQWLQXRGLYHQLUH
5,6256(80$1('$,03,(*$5(
QUHVSRQVDELOHSR
QLVWUXWWRUHGLUHWWLYRWHPSRLQGHWHUPLQDWRFDW'
QLVWUXWWRULDPPLQLVWUDWLYLFDW&
FROODERUDWRULDPPLQLVWUDWLYLFDW%
5,6256(67580(17$/,'$87,/,==$5(
3F
WHOHIRQLILVVL
ID[
WHOHIRQLFHOOXODUL
VWDPSDQWL
5RVLJQDQR0DULWWLPR5HOD]LRQH3UHYLVLRQDOH3URJUDPPDWLFD
6SHVDSUHYLVWDSHUODUHDOL]]D]LRQH
GHOSURJHWWR
$QQR
6SHVDFRUUHQWH
&RQVROLGDWD
(QWLWjD
'LVYLOXSSR
3HUFHQWXDOHVX
WRWDOH
(QWLWjE
3HUFHQWXDOHVX
WRWDOH
9DORUH
SHUFHQWXDOH
7RWDOHDEF
VXOWRWDOH
VSHVHILQDOL
3HUFHQWXDOHVX
WLWROL,,,H,,,
WRWDOH
6SHVDSHULQYHVWLPHQWR
(QWLWjF
$QQR
6SHVDFRUUHQWH
&RQVROLGDWD
(QWLWjD
3HUFHQWXDOHVX
WRWDOH
(QWLWjE
3HUFHQWXDOHVX
WRWDOH
9DORUH
SHUFHQWXDOH
7RWDOHDEF
VXOWRWDOH
VSHVHILQDOL
3HUFHQWXDOHVX
WLWROL,,,H,,,
WRWDOH
6SHVDSHULQYHVWLPHQWR
'LVYLOXSSR
(QWLWjF
$QQR
6SHVDFRUUHQWH
&RQVROLGDWD
(QWLWjD
'LVYLOXSSR
3HUFHQWXDOHVX
WRWDOH
(QWLWjE
9DORUH
SHUFHQWXDOH
7RWDOHDEF
VXOWRWDOH
VSHVHILQDOL
3HUFHQWXDOHVX
WLWROL,,,H,,,
WRWDOH
6SHVDSHULQYHVWLPHQWR
3HUFHQWXDOHVX
WRWDOH
(QWLWjF
5RVLJQDQR0DULWWLPR5HOD]LRQH3UHYLVLRQDOH3URJUDPPDWLFD
'HVFUL]LRQHGHOSURJHWWR
25*$1,
,67,78=,21$/,
GLFXLDOSURJUDPPD
6(59,=,
,67,78=,21$/,*(1(5$/,(',*(67,21(
5HVSRQVDELOH'VVD$QJHOD0DULD&DVXFFL
SHULOFHQWURGLFRVWR25*$1,,67,78=,21$/,
'VVD&OHPHQWLQD)DQWRQL32&RRUGLQDWULFHVXSSRUWRRUJDQLLVWLWX]LRQDOL
'(6&5,=,21('(/352*(772
&(175,',&2672,17(5(66$7,1(//·$778$=,21('(/352*(772
:
3$57(&,3$=,21(
:
6(*5(7(5,$&216,*/,2&2081$/(
/HUHFHQWLPRGLILFKHDO5HJRODPHQWRGL3DUWHFLSD]LRQHGHWHUPLQDQRFRQODQXRYDOHJLVODWXUDOD
FRVWLWX]LRQH GL XQD &RPPLVVLRQH GHOOH 3DUL 2SSRUWXQLWj DSHUWD DOOD SDUWHFLSD]LRQH GL WXWWH OH
FRPSRQHQWL GHOOD VRFLHWj YROWD D DO VXSHUDPHQWR GL RJQL IRUPD GL GLVFULPLQD]LRQH IDYRULUH OD
SDUWHFLSD]LRQHGLWXWWHOHFRPSRQHQWLGHOODVRFLHWjDOODYLWDSROLWLFDHGDPPLQLVWUDWLYDORFDOHH
SURPXRYHUH LQWHUYHQWL GL FRQWUDVWR DG RJQL IRUPD GL HVFOXVLRQH H YLROHQ]D 0DQWHQLPHQWR
GHOO·RSHUDWLYLWjGHOOR6SRUWHOOR'RQQDFRQVXSSRUWRSVLFRORJLFRHOHJDOHGLSULPRLQWHUYHQWR
6HPSUHLQ ULIHULPHQWRDJOLVWUXPHQWL GLSDUWHFLSD]LRQHWUDGL]LRQDOHYHQJRQR VHJXLWLLODYRUL GHOOH
$VVHPEOHH 3HUPDQHQWL GL )UD]LRQH RUJDQLVPL VHPSUH DSHUWL D QXRYH DGHVLRQL D FXL YLHQH
DVVLFXUDWRDQFKHVSD]LRYLUWXDOHVXOVLWRHPHGLDQWHJOLDOWULVWUXPHQWLVRFLDOQHWZRUNGHO&RPXQH
IDFHERRNH7ZLWWHU6LPDQWHQJRQRLUDSSRUWLFRQLO0RYLPHQWR&RQVXPDWRULHGLO7DYRORSHUOD
3$$6
6XOODEDVHGHOODUHJRODPHQWD]LRQHYLJHQWHYLHQHDVVLFXUDWRLOVXSSRUWRORJLVWLFRHRUJDQL]]DWLYRDOOH
DWWLYLWj GHO &RQVLJOLR &RPXQDOH GHOOD 3UHVLGHQWHGHOOD&RQIHUHQ]D GHL&DSLJUXSSRGHLJUXSSL
FRQVLOLDULHGHLVLQJROLFRQVLJOLHULODJHVWLRQHGHLUHODWLYLEXGJHWGLVSHVDGHOOHSUHVHQ]HGHLULPERUVL
HGHLJHWWRQLODJHVWLRQHGHJOLDFTXLVWLGLEHQLHVHUYL]LDIIHUHQWLDO&RQVLJOLR
)DQQR FDSR DO FHQWUR GL FRVWR OH DWWLYLWj GL SURGX]LRQH H JHVWLRQH GHJOL DWWL FRQVLOLDUL
DJJLRUQDPHQWR SHULRGLFR GHOOD UHJRODPHQWD]LRQH H GHOOH SUDVVL LQ RWWLFD GL VQHOOLPHQWR
WUDVSDUHQ]D HG HIILFDFLD RUJDQL]]DWLYD UHJLVWUD]LRQH WUDVFUL]LRQH HG DUFKLYLD]LRQH GHOOH VHGXWH
PHGLDQWHLOVLVWHPD0DJQHWRIRQRLOWXWWRYLVLELOHRQOLQHHGRJJHWWRGLFRQVHUYD]LRQHVRVWLWXWLYD
7XWWRTXDQWRULJXDUGDLO&RQVLJOLRHGLODYRULqWUDVSDUHQWHHGDFFHVVLELOHGDOVLWRDQFKHROWUHJOL
VSHFLILFLREEOLJKLGLSXEEOLFLWjSUHYLVWLGDO'/JVVH]LRQH$PPLQLVWUD]LRQH7UDVSDUHQWH
5RVLJQDQR0DULWWLPR5HOD]LRQH3UHYLVLRQDOH3URJUDPPDWLFD
),1$/,7$·'$&216(*8,5((027,9$=,21('(//(6&(/7(
,QRWWLFDGLGHPRFUD]LDGLJLWDOHqQHFHVVDULRFKHOD3$VYLOXSSLXQDFDSDFLWjGLLQWHUORTXLUHFRQL
FLWWDGLQL DWWUDYHUVR JOL VWUXPHQWL PDJJLRUPHQWH XWLOL]]DWL 3HU TXHVWR PRWLYR OD SDUWHFLSD]LRQH
VHPSUHGLSLGHYHHVVHUHYHLFRODWDPHGLDQWHLQWHUQHWHVRFLDOQHWZRUN/HPRGDOLWjWHFQRORJLFKH
GLYHQWDQR LQGLVSHQVDELOL SHU YHLFRODUH RJQL IRUPD GL FRQWHQXWR H ILGHOL]]DUH L FLWWDGLQL &RVu
IDFHQGR GHYRQR GLYHQWDUH VHPSUH SL GLJLWDOL L GRFXPHQWL GL UHQGLFRQWD]LRQH VRFLDOH TXDOL LO
ELODQFLR VRFLDOH HGL JHQHUH L UHSRUW VXOO·DQGDPHQWR GHOOH VWUDWHJLH SROLWLFKH OH LQIRUPD]LRQL GL
QDWXUDDPELHQWDOHHWF
&RQODQXRYDOHJLVODWXUDHQWUDLQRSHUDWLYLWjLOQXRYR5HJRODPHQWRGHO&RQVLJOLR&RPXQDOHFKHLQ
OLQHD FRQ JOL LQGLUL]]L OHJLVODWLYL GL VQHOOLPHQWR SURFHGXUDOH H ULGX]LRQH GHL FRVWL GHOOD SROLWLFD
SUHYHGHGLYHUVLPHFFDQLVPLGLVHPSOLILFD]LRQHULVSHWWRDOSDVVDWRWUDFXLDQFKHXQDULGX]LRQHQHO
QXPHURGHOOH&RPPLVVLRQLHGHLUHODWLYLFRPSRQHQWLFRQFRQWHVWXDOHLQWURGX]LRQHGLPHFFDQLVPLGL
SRQGHUD]LRQH GHO YRWR WHPSL ULVSHWWR DO SDVVDWR PRGLILFKH QHOO·RUGLQH GHOOD GLVFXVVLRQH GHJOL
DUJRPHQWLGDSDUWHGHO&RQVLJOLR HGLQWURGX]LRQHGLXQVLVWHPDGLULVSRVWHYHORFLFG TXHVWLRQ
WLPH
,QOLQHD FRQJOLLQGLUL]]L GL DPPLQLVWUD]LRQHGLJLWDOHL&RQVLJOLHUL YHQJRQR GRWDWL GL 3(&DOILQHGL
GLDORJDUHFRQLO&RPXQHLQWHUPLQLGLFHUWH]]DHGLFHOHULWjFRVuIDFHQGRLQROWUH YLHQHPHQROD
QHFHVVLWj GL QRWLILFDUH OH FRQYRFD]LRQL GHOOH VHGXWH PHGLDQWH L PHVVL QRWLILFDWRUL FRQ HYLGHQWL
ULVSDUPLGLWHPSRSHUWXWWLGLFRVWLHGLULVRUVHXPDQHSHULO&RPXQH
3HU L &RQVLJOLHUL q VWDWR PHVVR D SXQWR XQ SURJUDPPD LQIRUPDWLFR SHU O·HVHUFL]LR GHOOH ORUR
SUHURJDWLYH SROLWLFKH LQROWUR PR]LRQL RGJ LQWHUSHOODQ]H LQWHUURJD]LRQL ULFKLHVWD DWWL HWF
DFFHVVLELOHDQFKHGDUHPRWRPHGLDQWHXQ·DUHDORURGHGLFDWDGHOVLWRQHOODTXDOHYHQJRQRDOWUHVu
LQVHULWLLTXRWLGLDQLHLQSURVVLPLWjGHOOHVHGXWHFRQVLOLDULJOLDWWLGDGHOLEHUDUH
6LSUHYHGHO·LQWURGX]LRQHGLXQ$OERGHOOH&RPSHWHQ]HDSHUWRSHULQGLYLGXDUHOHPLJOLRULHQHUJLHH
SURIHVVLRQDOLWjFXLDWWLQJHUHSHUQRPLQDUHHGHVLJQDUHUDSSUHVHQWDWLGHOO·(QWHQHLGLYHUVLRUJDQLVPL
5,6256(80$1('$,03,(*$5(
'LULJHQWH²
QLVWUXWWRULDPPLQYR&
QLVWUXWWRUHDPPLQYR&²HQWUDPELDO
QLVWUXWWRUHWHFQLFRLQIRUPDWLFR&²
QHVHFXWRUHDPPLQLVWUDWLYR%²
QLVWUXWWRULDPPLQLVWUDWLYLWSPHVVLQRWLILFDWRUL&²
5,6256(67580(17$/,'$87,/,==$5(
QSHUVRQDOFRPSXWHU
QVWDPSDQWH
5RVLJQDQR0DULWWLPR5HOD]LRQH3UHYLVLRQDOH3URJUDPPDWLFD
&(175,',&2672,17(5(66$7,1(//·$778$=,21('(/352*(772
25*$1,',*29(512
D
6XSSRUWRORJLVWLFRDOO·DWWLYLWjGHJOL2UJDQLGL*RYHUQRFRPSUHVDODFXUDGHLORURUDSSRUWL
FRQLFLWWDGLQL
D
&XUDGHOOHDWWLYLWjGLLQIRUPD]LRQHGHOO·(QWHDWWUDYHUVROHFRPSHWHQ]HGHOO·XIILFLRVWDPSD
HVHUFLWDWH FRQ OD SURGX]LRQH GL FRPXQLFDWL O·RUJDQL]]D]LRQH GL FRQIHUHQ]H VWDPSD H OD
FXUDGHLUDSSRUWLFRQJOLRUJDQLGLLQIRUPD]LRQHSHUO·(QWHQHOODVXDWRWDOLWj
D
&RPXQLFD]LRQHHSXEEOLFL]]D]LRQHGHOOHLQL]LDWLYHRUJDQL]]DWHGDOVHUYL]LRVWHVVRHGLTXHOOH
QRQDWWULEXLELOLDGXQRVSHFLILFRVHWWRUHGHOO·(QWH
D
2UJDQL]]D]LRQH H JHVWLRQH GHOOD UDSSUHVHQWDQ]D H GHO FHULPRQLDOH GHOOH PDQLIHVWD]LRQL
LVWLWX]LRQDOLHGLHYHQWLRFFDVLRQDOLFRPSUHVDODFXUDGHO´3URJHWWR0HPRULDµ
),1$/,7$·'$&216(*8,5((027,9$=,21('(//(6&(/7(
*DUDQWLUH XQ FRVWDQWH IHHGEDFN WUD XIILFL FLWWDGLQL H $PPLQLVWUDWRUL FXUDQGR VLD LO UDSSRUWR
GLUHWWRFRQ JOLXWHQWLVLDOHUHOD]LRQL FRQ JOLRUJDQLGLLQIRUPD]LRQH LQPRGR GDPLJOLRUDUHOD
WUDVSDUHQ]D GHOOD PDFFKLQD FRPXQDOH SHUPHWWHUH O·DFFHVVLELOLWj DOOH LQIRUPD]LRQL H XQ
FRQWDWWRGLUHWWRHELGLUH]LRQDOHFRQJOL2UJDQLGL*RYHUQR
3RWHQ]LDUH LO ´3URJHWWR 0HPRULDµ SURVHJXHQGR H FROWLYDQGR L UDSSRUWL FRQ VFXROH LVWLWX]LRQL
O·,6725(&2GL/LYRUQRHODORFDOH$13,DOILQHGLIDYRULUHODFRQRVFHQ]D GHLIDWWLFKHKDQQR
VHJQDWRLOQRVWURWHUULWRULRQHOSHULRGRGHOUHJLPHIDVFLVWDGHOODVHFRQGDJXHUUDPRQGLDOHH
GHOOD5HVLVWHQ]DSHUHGXFDUHOHQXRYHJHQHUD]LRQLDOOD3DFH
$UWLFRODUH OH VLQJROH FRPPHPRUD]LRQL H JOL HYHQWL LVWLWX]LRQDOL DOO·LQWHUQR GL XQ SURJUDPPD
VWUXWWXUDWRLQPRGRWDOHFKHQRQVLDQRYXRWHIRUPDOLWjPDSXQWLGLSDUWHQ]DSHUGLIIRQGHUHOD
FRQRVFHQ]DVWRULFDORFDOHLSULQFLSLFDUGLQHGHOOD&RVWLWX]LRQHUHSXEEOLFDQDHGHOO·(QWHORFDOH
&RPXQH GL 5RVLJQDQR SHU SURPXRYHUH OD FXOWXUD GHOOD OHJDOLWj HG LQFHQWLYDUH SHUFRUVL GL
FLWWDGLQDQ]DDWWLYDHGHPRFUDWLFD
5,6256(80$1('$,03,(*$5(
UHVSRQVDELOH'LQ32
'FRQIXQ]LRQLGLDGGHWWRVWDPSDSDUWWLPHDWHPSRGHWHUPLQDWRILQRDO
LVWUXWWRULDPPLQLVWUDWLYL&
%FRQIXQ]LRQLGLDXWLVWDGLUDSSUHVHQWDQ]D
5,6256(67580(17$/,'$87,/,==$5(
SF
IRWRFRSLDWRUHVWDPSDQWHGLUHWH
VWDPSDQWL
VFDQQHU
DXWRGLUDSSUHVHQWDQ]DHDXWRGLVHUYL]LRLQFRQGLYLVLRQH
FHOOXODULGLVHUYL]LR
5RVLJQDQR0DULWWLPR5HOD]LRQH3UHYLVLRQDOH3URJUDPPDWLFD
6SHVDSUHYLVWDSHUODUHDOL]]D]LRQH
GHOSURJHWWR
$QQR
6SHVDFRUUHQWH
&RQVROLGDWD
(QWLWjD
'LVYLOXSSR
3HUFHQWXDOHVX
WRWDOH
(QWLWjE
3HUFHQWXDOHVX
WRWDOH
9DORUH
SHUFHQWXDOH
7RWDOHDEF
VXOWRWDOH
VSHVHILQDOL
3HUFHQWXDOHVX
WLWROL,,,H,,,
WRWDOH
6SHVDSHULQYHVWLPHQWR
(QWLWjF
$QQR
6SHVDFRUUHQWH
&RQVROLGDWD
(QWLWjD
3HUFHQWXDOHVX
WRWDOH
(QWLWjE
3HUFHQWXDOHVX
WRWDOH
9DORUH
SHUFHQWXDOH
7RWDOHDEF
VXOWRWDOH
VSHVHILQDOL
3HUFHQWXDOHVX
WLWROL,,,H,,,
WRWDOH
6SHVDSHULQYHVWLPHQWR
'LVYLOXSSR
(QWLWjF
$QQR
6SHVDFRUUHQWH
&RQVROLGDWD
(QWLWjD
'LVYLOXSSR
3HUFHQWXDOHVX
WRWDOH
(QWLWjE
9DORUH
SHUFHQWXDOH
7RWDOHDEF
VXOWRWDOH
VSHVHILQDOL
3HUFHQWXDOHVX
WLWROL,,,H,,,
WRWDOH
6SHVDSHULQYHVWLPHQWR
3HUFHQWXDOHVX
WRWDOH
(QWLWjF
5RVLJQDQR0DULWWLPR5HOD]LRQH3UHYLVLRQDOH3URJUDPPDWLFD
'HVFUL]LRQHGHOSURJHWWR
5,6256(
80$1(
GLFXLDOSURJUDPPD
6(59,=,
,67,78=,21$/,*(1(5$/,(',*(67,21(
5HVSRQVDELOH'RWW0LUNR&DQWLQL
'(6&5,=,21('(/352*(772
&(175,',&2672,17(5(66$7,1(//·$778$=,21('(/352*(772
6,&85(==$
*(67,21(3(5621$/((25*$1,==$=,21(
/D JHVWLRQH GHO SHUVRQDOH UDSSUHVHQWD XQ SUHURJDWLYD VWUDWHJLFD DOO·LQWHUQR GHOOH SXEEOLFKH
DPPLQLVWUD]LRQL&LzVSHFLHQHO&RPXQHGL5RVLJQDQRRYHRJJLVRQRLQVHUYL]LRQGLSHQGHQWLD
WHPSR LQGHWHUPLQDWR FRQ SURILOL SURIHVVLRQDOL GL YDULR JHQHUH 6L WUDWWD GXQTXH GL JHVWLUH
O·RUJDQL]]D]LRQH TXDOH VWUXPHQWR SHU LO FRQVHJXLPHQWR GHJOL RELHWWLYL GL LQWHUHVVH SXEEOLFR
GHOO·$PPLQLVWUD]LRQH JDUDQWHQGR XQ FOLPD RUJDQL]]DWLYR VHUHQR H SURGXWWLYR FDSDFH GL
YDORUL]]DUHLOPHULWR,QWDOHFRQWHVWRSULRULWjqUDSSUHVHQWDWDGDOO·DWWXD]LRQHGHO'/JVLQ
PDWHULDGLVLFXUH]]DVXRLOXRJKLGLODYRUR
),1$/,7$·'$&216(*8,5((027,9$=,21('(//(6&(/7(
1HO FRUVR GHO WULHQQLR VL GDUj DWWXD]LRQH DG XQ DGHJXDPHQWR GHOOD VWUXWWXUD RUJDQL]]DWLYD
GHOO·HQWHILQDOL]]DWDDOO·DOORFD]LRQHRWWLPDOHGHOSHUVRQDOHULVSHWWRDJOLRELHWWLYLGHOO·$PPLQLVWUD]LRQH
HG DL FDULFKL GL ODYRUR GHL VHWWRUL 3DULPHQWL VDUDQQR GD DWWXDUH VWUXPHQWL HG LQL]LDWLYH YROWH DO
SHUVHJXLPHQWRGHOEHQHVVHUHRUJDQL]]DWLYRHGDOODYDORUL]]D]LRQHGHOPHULWRPHGLDQWHOHSUHPLDOLWj
SUHYLVWH GDO TXDGUR RUGLQD PHQWDOH H FRQWUDWWXDOH &Lz LQ XQ FRQWHVWR QRUPDWLYR DYYHUVR
FDUDWWHUL]]DWRGDYLQFROLWHVLDOLPLWDUHO·DXWRQRPLDRUJDQL]]DWLYDHGHFLVLRQDOHGHJOLHQWL
,QPDWHULDGLVLFXUH]]DVXRLOXRJKLGLODYRURVLGDUjDWWXD]LRQHDO'/JVRYYHURO·DGR]LRQH
GLXQD6LVWHPDGL*HVWLRQHGHOOD6LFXUH]]D SHULVHWWRUL,QWHUYHQWLVXOWHUULWRULRH4XDOLWj8UEDQDH
4XDOLWj GHOOD 9LWD O·DQDOLVL GHL ELVRJQL IRUPDWLYL H OD SURJUDPPD]LRQH FRUVL GL IRUPD]LRQH SHU
DJJLRUQDPHQWR FRQWLQXR VXL ULVFKL JHQHUDOL H VSHFLILFL GHL GLSHQGHQWL O·DJJLRUQDPHQWR GHL
GRFXPHQWLGLYDOXWD]LRQHGHLULVFKLHGHLSLDQLGLHPHUJHQ]DO·LPSOHPHQWD]LRQHGHLUHJLVWULGHOOD
VLFXUH]]DDQWLQFHQGLRSHUOHVHGLOXRJKLGLODYRURGHLGLSHQGHQWLPHGLDQWHODFROODERUD]LRQHFRQ
O·XIILFLRWHFQLFRO·DFTXLVWRGLPDWHULDOLLQHUHQWLODVLFXUH]]DVXLOXRJKLGLODYRUR
5,6256(80$1('$,03,(*$5(
5RVLJQDQR0DULWWLPR5HOD]LRQH3UHYLVLRQDOH3URJUDPPDWLFD
QLVWUXWWRUHGLUHWWLYRDPPLQLVWUDWLYR5HVSRQVDELOH82*HVWLRQHGHOSHUVRQDOH
QLVWUXWWRUHDPPLQLVWUDWLYRFRQWDELOH5HVSRQVDELOHGHO6HUYL]LRGLSUHYHQ]LRQHH3URWH]LRQH
FRPXQDOH
QLVWUXWWRULDPPLQLVWUDWLYL
5,6256(67580(17$/,'$87,/,==$5(
SF
VWDPSDQWL
5RVLJQDQR0DULWWLPR5HOD]LRQH3UHYLVLRQDOH3URJUDPPDWLFD
6SHVDSUHYLVWDSHUODUHDOL]]D]LRQH
GHOSURJHWWR
$QQR
6SHVDFRUUHQWH
&RQVROLGDWD
(QWLWjD
'LVYLOXSSR
3HUFHQWXDOHVX
WRWDOH
(QWLWjE
3HUFHQWXDOHVX
WRWDOH
9DORUH
SHUFHQWXDOH
7RWDOHDEF
VXOWRWDOH
VSHVHILQDOL
3HUFHQWXDOHVX
WLWROL,,,H,,,
WRWDOH
6SHVDSHULQYHVWLPHQWR
(QWLWjF
$QQR
6SHVDFRUUHQWH
&RQVROLGDWD
(QWLWjD
3HUFHQWXDOHVX
WRWDOH
(QWLWjE
3HUFHQWXDOHVX
WRWDOH
9DORUH
SHUFHQWXDOH
7RWDOHDEF
VXOWRWDOH
VSHVHILQDOL
3HUFHQWXDOHVX
WLWROL,,,H,,,
WRWDOH
6SHVDSHULQYHVWLPHQWR
'LVYLOXSSR
(QWLWjF
$QQR
6SHVDFRUUHQWH
&RQVROLGDWD
(QWLWjD
'LVYLOXSSR
3HUFHQWXDOHVX
WRWDOH
(QWLWjE
9DORUH
SHUFHQWXDOH
7RWDOHDEF
VXOWRWDOH
VSHVHILQDOL
3HUFHQWXDOHVX
WLWROL,,,H,,,
WRWDOH
6SHVDSHULQYHVWLPHQWR
3HUFHQWXDOHVX
WRWDOH
(QWLWjF
5RVLJQDQR0DULWWLPR5HOD]LRQH3UHYLVLRQDOH3URJUDPPDWLFD
'HVFUL]LRQHGHOSURJHWWR
6(*5(7(5,$
*(1(5$/(
GLFXLDOSURJUDPPD
6(59,=,
,67,78=,21$/,*(1(5$/,(',*(67,21(
5HVSRQVDELOH'VVD$QJHOD0DULD&DVXFFL
'(6&5,=,21('(/352*(772
&(175,',&2672,17(5(66$7,1(//·$778$=,21('(/352*(772
6(*5(7(5,$*(1(5$/(
:
9$5,(6(*5
:
/D6HJUHWHULD*HQHUDOHVHJXHLODYRULGHOOD*LXQWDSHUTXDQWRULJXDUGDODUHGD]LRQHGHOO·RUGLQHGHO
JLRUQR OD IRUPDOL]]D]LRQH H SXEEOLFD]LRQH GHOOH GHOLEHUD]LRQL QXPHUD SXEEOLFD H FRQVHUYD L
3URYYHGLPHQWL6LQGDFDOLHTXHOOLGHO'LULJHQWHJHVWLVFHDWWLYLWjHFRPXQLFD]LRQLGLLQWHUHVVHGLWXWWR
LO6HWWRUHLOFRQWRGHOSHUVRQDOHHGDOWUHDWWLYLWjGLVHJUHWHULDFRPSUHVRJOLDFTXLVWLGLEHQLHVHUYL]L
GLFRPSHWHQ]DHO·DJJLRUQDPHQWRDQQXDOHGHOO·$OERGHOOH$VVRFLD]LRQL
$IIHULVFRQR DOOD 6HJUHWHULD *HQHUDOH JOL XIILFL GHO SURWRFROOR FRPSOHWDPHQWH LQIRUPDWL]]DWR OD
JHVWLRQH GHJOL DUFKLYL ILVLFL DUFKLYLR FRUUHQWH SUHVVR OD VHGH GL YLD GHL /DYRUDWRUL H DUFKLYLR GL
GHSRVLWRLQORFDOLWj/H0RUHOOLQHFRQHVFOXVLRQHGHOO·DUFKLYLRVWRULFRO·DFFHVVRDJOLDWWL
)DQQRFDSRDTXHVWD82LVHUYL]LDXVLOLDULGLXVFLHUDWRFHQWUDOLQRVWDPSHULDLVHUYL]LGLQRWLILFD]LRQH
GHJOLDWWLSXEEOLFLWjOHJDOHGHJOLDWWLDPPLQLVWUDWLYLGHO&RPXQHHVXULFKLHVWDGLVRJJHWWLHVWHUQL
0HVVL1RWLILFDWRULODJHVWLRQHGHOO·$OER3UHWRULRRQ/LQH
$OOD6HJUHWDULD*HQHUDOHYLHQHULFRQGRWWDODUHVSRQVDELOLWjGLDWWXDUHHGDJJLRUQDUHLO3URJUDPPD
7ULHQQDOHGHOOD7UDVSDUHQ]DHG,QWHJULWj377,REEOLJKLGLSXEEOLFD]LRQHVXOODQXRYDVH]LRQHGHOVLWR
GHQRPLQDWD$PPLQLVWUD]LRQH7UDVSDUHQWHVHFRQGRLGHWWDPLQRUPDWLYLHGJOLVWDQGDUGREEOLJDWRUL
DYYDOHQGRVLGLXQRVSHFLILFRJUXSSRGLODYRURLQWHUQR
&ROODERUD DOOD UHGD]LRQH GHO 3LDQR 7ULHQQDOH GL 3UHYHQ]LRQH GHOOD &RUUX]LRQH 373& FRQ LO
6HJUHWDULR*HQHUDOHHGDWWXDOHPLVXUHGLSUHYHQ]LRQHGLFDUDWWHUHWUDVYHUVDOHDIILGDWHDO6HWWRUH
LQIRUPDWL]]D]LRQHGHLSURFHVVLDFFHVVRWHOHPDWLFRHWFHTXHOOHGLVSHFLILFDFRPSHWHQ]D
,VWLWX]LRQHGLXQ8IILFLRGHO&RQWHQ]LRVRDFXLYLHQHGHVWLQDWRXQIXQ]LRQDULRDPPLQLVWUDWLYRDELOLWDWR
DOOD SURIHVVLRQH IRUHQVH HG LVFULWWR DOOR VSHFLILFR $OER SURIHVVLRQDOH DO ILQH GL SUHVLGLDUH FRQ
PDJJLRUHSURIHVVLRQDOLWjOHDWWLYLWjHOHD]LRQLOHJDWHDOFRQWHQ]LRVRHGDQFKHDJLUHGLUHWWDPHQWHD
WXWHODGHOO·(QWH
),1$/,7$·'$&216(*8,5((027,9$=,21('(//(6&(/7(
5RVLJQDQR0DULWWLPR5HOD]LRQH3UHYLVLRQDOH3URJUDPPDWLFD
/D6HJUHWHULD*HQHUDOHqXQDPELWRPROWRVHQVLELOHGLGHPRFUD]LDGLJLWDOHHGLPSOHPHQWD]LRQHGL
VWUXPHQWL,7&,OVLWRYLHQHODUJDPHQWHXWLOL]]DWRSHULQIRUPDUHLQWHPSRUHDOHODFLWWDGLQDQ]DDQFKH
DOGLODGHJOLVSHFLILFLREEOLJKLGLWUDVSDUHQ]DGHULYDQWLGDO'/JVQLODYRULGHOOD*LXQWDLQIDWWL
VRQRLQVHULWLLQWHPSRUHDOHLQDSSRVLWDVH]LRQH
/·LQIRUPDWL]]D]LRQHGHOFLFORGLSURGX]LRQHGHJOLDWWLDPPLQLVWUDWLYLqXQWDVVHOORIRQGDPHQWDOHGHO
SURFHVVR GL GHPRFUD]LD GLJLWDOH LO VXR FRPSOHWDPHQWR FRQ OD SURGX]LRQH GLJLWDOH GHJOL DWWL
GLULJHQ]LDOL FRPSOHWD O·LQWHUR LWHU FRVWLWXHQGR DQFKH DGHPSLPHQWR SHU OD 7UDVSDUHQ]D H OD
3UHYHQ]LRQHGHOOD&RUUX]LRQHFRPHSUHYLVWRGDOORVWHVVR3LDQR
$QFKHQHOO·DPELWRGHOOD6HJUHWHULD*HQHUDOHYLHQHHIIHWWXDWDXQDDQDOLVLGHLVHUYL]LHURJDWLDOILQH
GLLQGLYLGXDUHTXHOOHDWWLYLWjFKHVWDQGDUGL]]DELOLHGHURJDELOLLQXQWHPSRPDVVLPRGLPLQXWLq
SL RSSRUWXQR HURJDUH PHGLDQWH XQR VSRUWHOOR GL IURQW ,Q TXHVWD RWWLFD VRQR VWDWL SDVVDWL DO
32/,63257(//2 SXQWRXQLFRGLDFFHVVR ILVLFRWHOHIRQLFR HWHOHPDWLFR SHULVHUYL]L GL DQDJUDIH
SURWRFROORHGXUSLVHJXHQWLVHUYL]LSURWRFROOD]LRQHHVFDQVLRQHGHJOL DWWLFRQVHJQDWL DPDQR
FRQVHJQD GHJOL DWWLLQ GHSRVLWR (TXLWDOLDFDUWHOOHHVDWWRULDOLDWWLJLXGL]LDULHWFULFH]LRQHGHOOH
LVWDQ]HGLDFFHVVRFLYLFRHGLDFFHVVRDJOLDWWLROWUHDOULODVFLRLQIRUPD]LRQLHPRGXOLVWLFD
4XHVWD QXRYD PRGDOLWj RUJDQL]]DWLYD FRQVHQWH DL FLWWDGLQL FHOHULWj GL DFFHVR H SHU O·(QWH
PLVXUDELOLWj GHOOD TXDQWLWj H TXDOLWj GHL VHUYL]L HURJDWL QRQFKp XQ DPSOLDPHQWR GHOO·RUDULR GL
DSHUWXUDDOSXEEOLFR&RQWHVWXDOPHQWHODSLDWWDIRUPDRQOLQHFRQVHQWHO·DFFHVVRDLVHUYL]LHGDOOH
LQIRUPD]LRQL LQ YLD WHOHPDWLFD FRPSUHVR LO SDJDPHQWR FRQ HYLGHQWL XOWHULRUL YDQWDJJLR SHU L
FLWWDGLQL FKH QRQ GHYRQR UHFDUVL ILVLFDPHQWH SUHVVR OD VHGH &RPXQDOH ULVSDUPLR LQ WHUPLQL GL
WHPSRHGHQDUR/·DFFHVVRDLVHUYL]LRQOLQHROWUHFKHDXWRQRPDPHQWHGDSFSHUVRQDOLHSUHVVRLO
32/,63257(//2GHYHHVVHUH SRVVLELOHDQFKHSUHVVRJOLDOWUL6SRUWHOOLSUHVHQWLVXOWHUULWRULR3DVVGL
9DGD,QIRUPDJLRYDQLLQ5RVLJQQDR6ROYD\(FFR)DWWRVX1LEELDLD5HFHSWLRQGHOODVHGHFRPOH
GHO&DVWHOOR
,OQXRYRVHUYL]LRJDUDQWLVFHPDJJLRUHVSHFLDOL]]D]LRQHSURIHVVLRQDOLWjHWHPSHVWLYLWjDOO·D]LRQHGHO
&RPXQHDYDQWDJJLRGHJOLVWHVVLRSHUDWRULHVRSUDWWXWWRGHOODWXWHODGHJOLLQWHUHVVLGHLFLWWDGLQL
/D FRVWLWX]LRQH GL XQD $YYRFDWXUD LQWHUQD FRQVHQWH GL DIIURQWDUH LO FRQWHQ]LRVR FRQ PDJJLRUH
SURIHVVLRQDOLWjLQWHUPLQLGLYDOXWD]LRQLSUHOLPLQDULVXOOHSUDWLFKHPRQLWRUDJJLRGHOO·DQGDPHQWRGHO
JLXGL]LR H GHOOH UHODWLYH IDVL DIILGDPHQWR GHJOL LQFDULFKL GL WXWHOD OHJDOH H JHVWLRQH GHL UHODWLYL
FRQWUDWWL GL VHUYL]LR 'D TXHVWR FRQVHJXH OD QHFHVVLWj GL ULYHGHUH OD UHJRODPHQWD]LRQH LQWHUQD
UHODWLYDDOFRQWHQ]LRVRLQIXQ]LRQHGHOODPRGLILFDRUJDQL]]DWLYDHGLVFLSOLQDUHORVYROJLPHQWRGHOOH
DWWLYLWjGLTXHVWDQXRYDILJXUDSURIHVVLRQDOHO·(OHQFRGHL/HJDOLGLILGXFLDYDDJJLRUQDWRVXOODEDVH
GHOODQXRYDQRUPDWLYDWDULIIDULDIRUHQVH
5,6256(80$1('$,03,(*$5(
'LULJHQWH²
QIXQ]LRQDULRDPPLQLVWUDWLYR'DYYRFDWR
QIXQ]LRQDULRDPPLQLVWUDWLYR'DUFKLYLVWD
QLVWUXWWRULDPPLQYL&GLFXLXQRDO
QHVHFXWRUHDPPLQLVWUDWLYR%DO
QRSHUDWRUHWHFQLFR%
QDXVLOLDUL%GLFXLDO32/,63257(//2
QFHQWUDOLQLVWD%
QLVWUXWWRULDPPLQLVWUDWLYLPHVVLQRWLILFDWRUL&DO
5,6256(67580(17$/,'$87,/,==$5(
5RVLJQDQR0DULWWLPR5HOD]LRQH3UHYLVLRQDOH3URJUDPPDWLFD
6SHVDSUHYLVWDSHUODUHDOL]]D]LRQH
GHOSURJHWWR
$QQR
6SHVDFRUUHQWH
&RQVROLGDWD
(QWLWjD
'LVYLOXSSR
3HUFHQWXDOHVX
WRWDOH
(QWLWjE
3HUFHQWXDOHVX
WRWDOH
9DORUH
SHUFHQWXDOH
7RWDOHDEF
VXOWRWDOH
VSHVHILQDOL
3HUFHQWXDOHVX
WLWROL,,,H,,,
WRWDOH
6SHVDSHULQYHVWLPHQWR
(QWLWjF
$QQR
6SHVDFRUUHQWH
&RQVROLGDWD
(QWLWjD
3HUFHQWXDOHVX
WRWDOH
(QWLWjE
3HUFHQWXDOHVX
WRWDOH
9DORUH
SHUFHQWXDOH
7RWDOHDEF
VXOWRWDOH
VSHVHILQDOL
3HUFHQWXDOHVX
WLWROL,,,H,,,
WRWDOH
6SHVDSHULQYHVWLPHQWR
'LVYLOXSSR
(QWLWjF
$QQR
6SHVDFRUUHQWH
&RQVROLGDWD
(QWLWjD
'LVYLOXSSR
3HUFHQWXDOHVX
WRWDOH
(QWLWjE
9DORUH
SHUFHQWXDOH
7RWDOHDEF
VXOWRWDOH
VSHVHILQDOL
3HUFHQWXDOHVX
WLWROL,,,H,,,
WRWDOH
6SHVDSHULQYHVWLPHQWR
3HUFHQWXDOHVX
WRWDOH
(QWLWjF
5RVLJQDQR0DULWWLPR5HOD]LRQH3UHYLVLRQDOH3URJUDPPDWLFD
'HVFUL]LRQHGHOSURJHWWR
67$7,67,&$(
6,67(0,,1)250$7,9,
GLFXLDOSURJUDPPD
6(59,=,
,67,78=,21$/,*(1(5$/,(',*(67,21(
5HVSRQVDELOH'VVD$QJHOD0DULD&DVXFFL
'(6&5,=,21('(/352*(772
&(175,',&2672,17(5(66$7,1(//·$778$=,21('(/352*(772
'$7,,1)250$=,21,
/·82 6LVWHPL ,QIRUPDWLYL H ,QQRYD]LRQH q LO VHUYL]LR GHSXWDWR DOOR VYLOXSSR GHOO·LQQRYD]LRQH HG
DOO·LPSOHPHQWD]LRQHGHOOHQXRYHWHFQRORJLHGL,&7SHUODSURGX]LRQHGHJOLDWWLO·HURJD]LRQHGHL
VHUYL]LODJHVWLRQHGHOOHSUDWLFKHO·DFFHVVRHODFRPXQLFD]LRQHqLQSRFKHSDUROHLOYRODQRSHULO
FDPELDPHQWRGLDSSURFFLRGHOOD3$YHUVRVHVWHVVDYHUVRLOWHUULWRULRHODFROOHWWLYLWj
/DFRPSHWHQ]DGHOO·82qYROWDDGDVVLFXUDUHODIXQ]LRQDOLWjHODVLFXUH]]DGHOO·LQIUDVWUXWWXUDGLUHWH
ROWUHVWUXPHQWLLQIRUPDWLFLHGHLVXRLFROOHJDPHQWLHVWHUQLGHLVLVWHPLRSHUDWLYLGHLVHUYL]LDUHWH
SRVWDHOHWWURQLFDSHF'16QDYLJD]LRQHLQWHUQHWGHOVLVWHPDGLJHVWLRQHXQLWDULDIRQLDGDWLVX
,3 H PRELOH OD JHVWLRQH UHWH GHO 3URJHWWR 5RVLJQDQR :L)L OD SLDWWDIRUPD GHL VHUYL]L H GHL
SDJDPHQWLRQOLQHO·DVVLVWHQ]DGHOSHUVRQDOHSHUO·XWLOL]]RGLVWUXPHQWD]LRQHHSURJUDPPL
/·82qGHSXWDWDDSUHGLVSRQHVWUXPHQWLHUHJLDGHOODFRPXQLFD]LRQHFRQILJXUD]LRQHGHOVLWRZHE
LVWLWX]LRQDOHHSXEEOLFD]LRQHGHLFRQWHQXWLDWWLYD]LRQHHFRRUGLQDPHQWRGHLVRFLDO QHWZRUN3HU
IDUHTXHVWHDWWLYLWjqVWDWRFRVWLWXLWRXQRVSHFLILFRJUXSSRGLODYRURGLVHWWRUH
3HUFRRUGLQDUHODFRPXQLFD]LRQHVLSURSRQHXQ3LDQRGL&RPXQLFD]LRQHFRQGLYLVRHO·LQWURGX]LRQH
GL XQ 0DVWHU 3ODQ GHOOD FRPXQLFD]LRQH RQ OLQH VXOOD LQWUDQHW FKH $PPLQLVWUDWRUL 'LULJHQWL H 32
DJJLRUQDQRLQWHPSRUHDOHFRQLQL]LDWLYHHGDWWLYLWj
4XHVWLGXHVWUXPHQWLFRQVHQWRQRGLDOLPHQWDUHLVRFLDOQHWZRUN)%HWFGDSDUWHGHOVHWWRUH6,&
,QWURGX]LRQH GL XOWHULRUL VWUXPHQWL GL FRPXQLFD]LRQH GLIIXVLRQH LQ VWUHDPLQJ GHOOH VHGXWH GHO
FRQVLJOLRHFRPPLVVLRQLFRQVLOLDULVRQGDJJLRQOLQHHWF
/DJHVWLRQHGHOOHEDQFKHGDWLFRQVHQWHDOO·82GLSURGXUUHVWDWLVWLFKHLQDPELWRHOHWWRUDOHHQRQ
VROR
/·82 KD FRPSHWHQ]D LQ PDWHULD GL DJJLRUQDPHQWR GHO 6LVWHPD GL *HVWLRQH $PELHQWDOH GHO
&RPXQH FHUWLILFD]LRQH 81, (1 ,62 LPSOHPHQWD]LRQH GHO FRQWUROOR VWUDWHJLFR
LPSOHPHQWD]LRQH GL SHUFRUVL LQQRYDWLYL GL FRPXQLFD]LRQH ILQDOL]]DWL DQFKH DOOD UHQGLFRQWD]LRQH
GHOOHDWWLYLWjGLPDQGDWRHGDOODVWHVXUDGHOELODQFLRVRFLDOHHGLJHQHUH
5RVLJQDQR0DULWWLPR5HOD]LRQH3UHYLVLRQDOH3URJUDPPDWLFD
),1$/,7$·'$&216(*8,5((027,9$=,21('(//(6&(/7(
2WWLPL]]D]LRQLGHULYDQWLGDOO·DGHVLRQHDOOHSLDWWDIRUPHSUHGLVSRVWHGDOODUHJLRQDOHWRVFDQDGLFXLDO
3URJHWWR 9,//$**,2 ',*,7$/( FXL YLHQH ULFRQGRWWR DQFKH LO 3URJHWWR 2SHQ &LW\ 3ODWIRUP GL FXL
VLDPR SDUWQHU VSHULPHQWDWRUL LQ YLUW GHOOD QRVWUD DGHVLRQH DO EDQGR 0,85 6PDUW &LWLHV DQG
&RPPXQLWLHV
'LIIXVLRQHGHOODEDQGDODUJDVXOWHUULWRULRHFRSHUWXUD:,)LIUHH
$QFKHQHOO·DPELWRGHOO·826LVWHPL,QIRUPDWLYLH,QQRYD]LRQHYLHQHHIIHWWXDWDXQDDQDOLVLGHLVHUYL]L
HURJDWLDOILQHGLLQGLYLGXDUHTXHOOHDWWLYLWjFKHVWDQGDUGL]]DELOLHGHURJDELOLLQXQWHPSRPDVVLPR
GLPLQXWLqSLRSSRUWXQRHURJDUHPHGLDQWHXQRVSRUWHOORGLIURQW,QTXHVWDRWWLFDVRQRVWDWL
SDVVDWL DO 32/,63257(//2 SXQWR XQLFRGL DFFHVVR ILVLFRWHOHIRQLFR HWHOHPDWLFR SHULVHUYL]L GL
DQDJUDIHSURWRFROORHGXUSO·8IILFLR5HOD]LRQLFRQLO3XEEOLFR853ODJHVWLRQHGHOOHVHJQDOD]LRQL
ODFDVHOODGLSRVWDHOHWWURQLFDHQXPHURYHUGHOHIXQ]LRQLGL*DUDQWHGHOOD&RPXQLFD]LRQHDLVHQVL
GHOOH //5577 Q H Q 4XHVWD QXRYD PRGDOLWj RUJDQL]]DWLYD FRQVHQWH DL FLWWDGLQL
FHOHULWjGLDFFHVRHSHUO·(QWHPLVXUDELOLWjGHOODTXDQWLWjHTXDOLWjGHLVHUYL]LHURJDWLQRQFKpXQ
DPSOLDPHQWRGHOO·RUDULRGLDSHUWXUDDOSXEEOLFR
/R VYLOXSSR GHOOD SLDWWDIRUPD RQ OLQH FRQVHQWH O·DFFHVVR DL VHUYL]L HG DOOH LQIRUPD]LRQL LQ YLD
WHOHPDWLFD FRPSUHVR LO SDJDPHQWR FRQ HYLGHQWL XOWHULRUL YDQWDJJLR SHU L FLWWDGLQL FKH QRQ
GHYRQRUHFDUVLILVLFDPHQWHSUHVVRODVHGH&RPXQDOHULVSDUPLRLQWHUPLQLGLWHPSRHGHQDUR6L
SUHYHGRQR RQOLQH VHUYL]L GHOO·$UHD 'HPRJUDILFD DXWRFHUWLILFD]LRQHVFKHGD SHUVRQD ULFKLHVWD
FDPELR GRPLFLOLR LVFUL]LRQH SUHVLGHQWL GL VHJJLRLVFUL]LRQH VFUXWDWRUL ULLFKLHVWD FRQWDWWR FHUWLILFD]LRQL GHOO·$UHD 6FRODVWLFD DXWRGHWHUPLQD]LRQH ,6((PHQVD H WUDVSRUWRLVFUL]LRQH DOOH
6FXROH 0DWHUQH HG $VLOL GHOO·$UHD 7ULEXWL ULFKLHVWH ULPERUVLLPSRVWD GL VRJJLRUQR FDOFROR ,08
GLFKLDUD]LRQH GL YDULD]LRQH ,08 GHOO·$UHD 9LJLODQ]D VHUYL]L FLUFROD]LRQH XUEDQDULODVFLR
FRQWUDVVHJQRGLVDELOLGLVDELOLWHPSRUDQHLULQQRYLDFFHVVR=7/LQIRHSDJDPHQWRFRQWUDYYHQ]LRQL
/·DFFHVVRDLVHUYL]LRQOLQHROWUHFKHDXWRQRPDPHQWHGDSFSHUVRQDOLHSUHVVRLO32/,63257(//2
GHYH HVVHUH SRVVLELOH DQFKH SUHVVR JOL DOWUL 6SRUWHOOL SUHVHQWL VXO WHUULWRULR 3DVV GL 9DGD
,QIRUPDJLRYDQL LQ 5RVLJQQDR 6ROYD\ (FFR )DWWR VX 1LEELDLD 5HFHSWLRQ GHOOD VHGH FRPOH GHO
&DVWHOOR3HUTXHVWRO·82JUXSSRGLODYRURGLVHWWRUHKDSLDQLILFDWRFRQWDWWLFRQJOLDOWUL6SRUWHOOL
5,6256(80$1('$,03,(*$5(
Q'LULJHQWH
QIXQ]LRQDULRWHFQLFRLQI'32
QLVWUXWWRULGLUHWWLYL'
QLVWUXWWRUHGLUHWWLYRWHFQLFRLQI'
QLVWUXWWRULDPPLQYL&GLFXLDODOO·GHORFDOL]]DWLDO32/,63257(//2GLFXLDO
QLVWUXWWRUHDPPLQYRWSDU]LDOH&
QLVWUXWWRUHWHFQLFRLQI&GLFXLDOO·
5,6256(67580(17$/,'$87,/,==$5(
5RVLJQDQR0DULWWLPR5HOD]LRQH3UHYLVLRQDOH3URJUDPPDWLFD
6SHVDSUHYLVWDSHUODUHDOL]]D]LRQH
GHOSURJHWWR
$QQR
6SHVDFRUUHQWH
&RQVROLGDWD
(QWLWjD
'LVYLOXSSR
3HUFHQWXDOHVX
WRWDOH
(QWLWjE
3HUFHQWXDOHVX
WRWDOH
9DORUH
SHUFHQWXDOH
7RWDOHDEF
VXOWRWDOH
VSHVHILQDOL
3HUFHQWXDOHVX
WLWROL,,,H,,,
WRWDOH
6SHVDSHULQYHVWLPHQWR
(QWLWjF
$QQR
6SHVDFRUUHQWH
&RQVROLGDWD
(QWLWjD
3HUFHQWXDOHVX
WRWDOH
(QWLWjE
3HUFHQWXDOHVX
WRWDOH
9DORUH
SHUFHQWXDOH
7RWDOHDEF
VXOWRWDOH
VSHVHILQDOL
3HUFHQWXDOHVX
WLWROL,,,H,,,
WRWDOH
6SHVDSHULQYHVWLPHQWR
'LVYLOXSSR
(QWLWjF
$QQR
6SHVDFRUUHQWH
&RQVROLGDWD
(QWLWjD
'LVYLOXSSR
3HUFHQWXDOHVX
WRWDOH
(QWLWjE
9DORUH
SHUFHQWXDOH
7RWDOHDEF
VXOWRWDOH
VSHVHILQDOL
3HUFHQWXDOHVX
WLWROL,,,H,,,
WRWDOH
6SHVDSHULQYHVWLPHQWR
3HUFHQWXDOHVX
WRWDOH
(QWLWjF
5RVLJQDQR0DULWWLPR5HOD]LRQH3UHYLVLRQDOH3URJUDPPDWLFD
'HVFUL]LRQHGHOSURJHWWR
8)),&,2
7(&1,&2
GLFXLDOSURJUDPPD
6(59,=,
,67,78=,21$/,*(1(5$/,(',*(67,21(
5HVSRQVDELOH,QJ$QGUHD,PPRUDOL
'(6&5,=,21('(/352*(772
&(175,',&2672,17(5(66$7,1(//·$778$=,21('(/352*(772
*(67,21($00,1,675$7,9$/$925,
8)),&,27(&1,&2
:
0$187(1=,21,,002%,/,
:
/·82*DUHHJHVWLRQHDPPLQLVWUDWLYDODYRULIXQJHGDVXSSRUWRSHUO·DWWXD]LRQHGHOSURJUDPPD
GHL ODYRUL SXEEOLFLFXUDQGR WXWWD OD SDUWHDPPLQLVWUDWLYD FKH YD GDOO·DIILGDPHQWRGHL ODYRUL LYL
FRPSUHVD OD JHVWLRQH GHJOL LQFDULFKL SURIHVVLRQDOL VLQR DOOH OLTXLGD]LRQL D IDYRUH GHOOH LPSUHVH
HVHFXWULFL ,QHVVD VRQR SUHYLVWH OH GRWD]LRQL ILQDQ]LDULH SHUO·DFTXLVWR GL DWWUH]]DWXUH FRPSXWHU
SURJUDPPLLQIRUPDWLFLGLFDUDWWHUHWHFQLFRFDQFHOOHULDFDUWRJUDILHHFF
$OO·LQWHUQRGHOO·82*DUHHJHVWLRQHDPPLQLVWUDWLYDODYRULqFROORFDWRO·8IILFLRJDUHXQLFRGHOO·(QWH
FKH FXUD WXWWH OH SURFHGXUH FRQFRUUHQ]LDOL GL DIILGDPHQWR GHL FRQWUDWWL SXEEOLFL GHL YDUL VHWWRUL
FRPXQDOLHO·8IILFLRILQDQ]LDPHQWLFKHFXUDODULFHUFDGHOOHULVRUVHFRPXQLWDULHVWDWDOLHUHJLRQDOL
O·LVWUXWWRULD GHOOD SUDWLFD GL FDQGLGDWXUD LO PRQLWRUDJJLR GHL SURJHWWL ILQDQ]LDWL H WXWWL JOL
DGHPSLPHQWLSUHYLVWLGDLGHFUHWLGLILQDQ]LDPHQWRQRQFKpLOFRRUGLQDPHQWRSHUODSUHVHQWD]LRQH
GLFDQGLGDWXUHLQSURJHWWLPXOWLGLVFLSOLQDULDQFKHGLQDWXUDVRYUDFRPXQDOH
,O FHQWUR GL FRVWR UHODWLYR DO IXQ]LRQDPHQWR GHOO·XIILFLR WHFQLFR FRPSUHQGH WXWWH OH VSHVH SHU LO
SHUVRQDOHSHUODFDQFHOOHULDSHULFRQVXPLHQHUJHWLFLQRQFKpSHUO·DFTXLVWRRLOULQQRYRGLVRIWZDUH
HDWWUH]]DWXUH)DQQRFDSRDWDOHFHQWURGLFRVWRDQFKHOHULVRUVHSHUJOLLQFDULFKLSURIHVVLRQDOL
FRQIHULWLGDOO·XIILFLRQRQFKpSHUO·DWWLYD]LRQHGHOIRQGRSHUDFFRUGLERQDULGDXWLOL]]DUHLQFDVRGL
FRQWHQ]LRVLSUHJLXGL]LDOLQHJOLDSSDOWL
,O3URJHWWR´0DQXWHQ]LRQLµRSHUDLQDPPLQLVWUD]LRQHGLUHWWDRPHGLDQWHDIILGDPHQWLDWHU]L²QHL
VHJXHQWLDPELWL
D
D
D
D
PDQXWHQ]LRQHGHJOLLPPRELOLHGHLUHODWLYLLPSLDQWLFRPSUHVLPRQWDFDULFKLHGDVFHQVRUL
LPSLDQWLDQWLQFHQGLRHDQWLQWUXVLRQH
JHVWLRQHGHOFDORUH
DEEDWWLPHQWRRSHUHDEXVLYH
LQWHUYHQWLQHLFDVLGLSHULFRORDOODSXEEOLFDLQFROXPLWjLPPRELOLVLDSXEEOLFLFKHSULYDWL
5RVLJQDQR0DULWWLPR5HOD]LRQH3UHYLVLRQDOH3URJUDPPDWLFD
D
PDQXWHQ]LRQHGHOOHVWUDGHPDUFLDSLHGLSDUFKHJJLLQWHUYHQWLULFKLHVWLGDL&RQVLJOLGL
IUD]LRQHHWFDXWRUL]]D]LRQLWUDQVLWRGLFDULFKLHFFH]LRQDOLDXWRUL]]D]LRQHDJOLVFDYL
VLQLVWULVXVWUDGHFRPXQDOL
ULSULVWLQRGDQQLDOSDWULPRQLR
PDQXWHQ]LRQHIRJQDWXUHELDQFKHHJHVWLRQHGHLQXRYLDOODFFL
ULPR]LRQHHVPDOWLPHQWRGHOOHDOJKHULSDVFLPHQWRGHJOLDUHQLOLPDQXWHQ]LRQHGHLSDVVL
DPDUH
VHJQDOHWLFDVWUDGDOHRUL]]RQWDOHHYHUWLFDOHFDUWHOORQLVWLFDVSLDJJH
D
PDQXWHQ]LRQHVXJOLLPSLDQWLHOHWWULFLGHLIDEEULFDWLHGHOODSXEEOLFDLOOXPLQD]LRQH
D
JHVWLRQHHPDQXWHQ]LRQHGHOO·DUUHGRXUEDQR
D
JHVWLRQHHPDQXWHQ]LRQHGHOOHDWWUH]]DWXUHOXGLFKH
D
JHVWLRQHHPDQXWHQ]LRQHGHOYHUGHSXEEOLFRGHOOHIRQWDQHHGHJOLLPSLDQWLLUULJXL
D
DOOHVWLPHQWRVHJJLHOHWWRUDOLHGDOWUHPDQLIHVWD]LRQL
D
FRQWUROORRSHUHSXEEOLFKHHVHJXLWHGDSULYDWL
D
D
D
D
,Q SDUWLFRODUH LO FHQWUR GL FRVWR ´0DQXWHQ]LRQH LPPRELOLµ FRPSUHQGH ULVRUVH GHVWLQDWH DOOD
PDQXWHQ]LRQHRUGLQDULDHVWUDRUGLQDULDGHJOLHGLILFLGLSURSULHWjFRPXQDOHLYLFRPSUHVHOHVFXROH
DQFKHVWDWDOLHGHLUHODWLYLLPSLDQWLFRPSUHVLPRQWDFDULFKLHDVFHQVRULLPSLDQWLDQWLQWUXVLRQHHG
DQWLQFHQGLR LPSLDQWL GL ULVFDOGDPHQWR LPSLDQWL HOHWWULFL O·DEEDWWLPHQWR GL RSHUH DEXVLYH
O·DOOHVWLPHQWR GL VHJJL HOHWWRUDOL H GL DOWUH PDQLIHVWD]LRQL JOL LQWHUYHQWL QHL FDVL GL SHULFROR DOOD
SXEEOLFDLQFROXPLWjUHODWLYLDGLPPRELOLVLDSXEEOLFLFKHSULYDWL
),1$/,7$·'$&216(*8,5((027,9$=,21('(//(6&(/7(
,O 3URJUDPPD GL 0DQGDWR GHO 6LQGDFR GHVWLQD OD TXDVL WRWDOLWj GHOOH ULVRUVH DG LQWHUYHQWL GL
FDUDWWHUHPDQXWHQWLYRVLDSHUJDUDQWLUHODSXOL]LDHGLOGHFRURXUEDQRDQFKHLQIXQ]LRQHGLXQ
WHUULWRULR WXULVWLFDPHQWH SL DWWUDWWLYR VLD SHU PLJOLRUDUH OD VLFXUH]]D H OD TXDOLWj GHOOH VWUXWWXUH
FRPXQDOL VRSUDWWXWWR QHOO·DPELWR GHOO·HGLOL]LD VFRODVWLFD /·LQWHQ]LRQH TXLQGL QHOO·DPELWR GHOOD
´0DQXWHQ]LRQHLPPRELOLµqTXHOODGLGDUHSULRULWjDJOLLQWHUYHQWLFRQVHUYDWLYLQHOOHVFXROHSXQWR
´/DVFXRODVHPHGHOSURJUHVVRµHQHJOLLPSLDQWLVSRUWLYLSXQWR´&XOWXUDHVSRUWPRWRULGLVYLOXSSR
HLQQRYD]LRQHµ0HQWUHQHOO·RWWLFDGHOWXULVPRVRQRULSURSRVWLJOLLQWHUYHQWLGLPDQXWHQ]LRQHGHOOH
VSLDJJHDWWUDYHUVRRSHUHGLULQDVFLPHQWRGHJOLDUHQLOL
2OWUHDJOLLQWHUYHQWLGLFDUDWWHUHPDQXWHQWLYRO·XIILFLRWHFQLFRLQTXDOLWjGLVWUXWWXUDDXVLOLDULDGHO
&RPPLVVDULR6WUDRUGLQDULRGHO*RYHUQRFXUHUjODSURJHWWD]LRQHHVHFXWLYDGHJOLLQWHUYHQWLGLPHVVD
LQVLFXUH]]DLGUDXOLFDGHOILXPH)LQHFRVuGDSRWHUEDQGLUHODJDUDGLDSSDOWRGHLODYRULQHO
6DUjLQROWUHVYLOXSSDWDODSURJHWWD]LRQHGHJOLLQWHUYHQWLGDHIIHWWXDUVLVXOIRVVR9DOOHFRUVDVHPSUH
QHOO·RWWLFD GL UHDOL]]DUH O·RELHWWLYR VWUDWHJLFR GHOOD PHVVD LQ VLFXUH]]D LGUDXOLFD GHO WHUULWRULR
FRPXQDOHFRPHHYLGHQ]LDWRDOSXQWR´/DFXUDGHOWHUULWRULRHGHOO·DPELHQWHµGHO3URJUDPPDGL
0DQGDWRGHO6LQGDFR
8OWHULRUH RELHWWLYR VWUDWHJLFR GHOO·$PPLQLVWUD]LRQH HYLGHQ]LDWR DO SXQWR ´/D VFXROD VHPH GHO
SURJUHVVRµ GHO3URJUDPPD GL 0DQGDWRGHO6LQGDFRqUDSSUHVHQWDWRGDOOD SURJHWWD]LRQHGHOOD
QXRYD VFXRODGHOOHIUD]LRQLFROOLQDUL/·XIILFLRWHFQLFRFXUHUj JOLVWXGLGLIDWWLELOLWjVLDWHFQLFDFKH
HFRQRPLFDUHODWLYLDOODUHDOL]]D]LRQHGLWDOHVWUXWWXUDGDOSXQWRGLYLVWDWHFQLFRODIDWWLELOLWjVDUj
YDOXWDWDDQFKHHVRSUDWWXWWRVXOODEDVHGHOODVFHOWDGHOVLWRRYHGRYUjHVVHUHFRVWUXLWRO·HGLILFLR
GDO SXQWR GL YLVWD HFRQRPLFR VDUDQQR DSSURIRQGLWL L GLYHUVL VWUXPHQWL FKH OD FRQWUDWWXDOLVWLFD
SXEEOLFDPHWWHDGLVSRVL]LRQHSHUUHDOL]]DUHRSHUHFRPHTXHVWDVLSHQVLDOSDUWHQDULDWRSXEEOLFR
5RVLJQDQR0DULWWLPR5HOD]LRQH3UHYLVLRQDOH3URJUDPPDWLFD
SULYDWRDOFRQWUDWWRGLGLVSRQLELOLWjHFF
$FFDQWR DOO·RELHWWLYR VWUDWHJLFR JLj UDJJLXQWR GHOOD UD]LRQDOL]]D]LRQH GHJOL XIILFL DWWUDYHUVR OD
FRVWLWX]LRQH GHOO·XIILFLR XQLFR JDUH O·82*DUHHJHVWLRQHDPPLQLVWUDWLYD ODYRULDFFRJOLHQGR OH
FRPSHWHQ]HGHOO·XIILFLRILQDQ]LDPHQWLULRUJDQL]]HUjWDOHXIILFLRJDUDQWHQGRDQFKHLOVXSSRUWRDOOH
LPSUHVHSHULOUHSHULPHQWRGHOOHULVRUVHXWLOLDOOHGLYHUVHDWWLYLWjLPSUHQGLWRULDOLFRPHHYLGHQ]LDWRDL
SXQWL´,OODYRURVSHUDQ]DSHULOIXWXURµH´,O&RPXQHYLYHHUHVSLUDFRQODFLWWjµGHO3URJUDPPDGL
0DQGDWRGHO6LQGDFR
$WWUDYHUVR OH DWWLYLWj GHOO·82 *DUH H JHVWLRQH DPPLQLVWUDWLYD ODYRUL VL LQWHQGH LQROWUH SRUUH LQ
HVVHUHPLVXUHHIILFDFLGLFRQWUDVWRDOODFRUUX]LRQHQHOOD3$$TXHVWRVFRSRqSUHYLVWDDFFDQWRDO
SURVHJXLPHQWRGHOOHPLVXUHVSHFLILFKHJLjDGRWWDWHO·DGR]LRQHGLXOWHULRULPLVXUHVSHFLILFKHTXDOL
ODULYLVLWD]LRQHGHOUHJRODPHQWRVXOOHDFTXLVL]LRQLLQHFRQRPLDO·DGR]LRQHGHOQXRYRUHJRODPHQWR
SHUO·DWWLYLWjFRQWUDWWXDOHGHOO·(QWHHO·HODERUD]LRQHHFRQVHJXHQWHDSSURYD]LRQHGLXQFRGLFH
HWLFRSHUODSDUWHFLSD]LRQHDOOHJDUHHSHUO·HVHFX]LRQHGHLFRQWUDWWL
5,6256(80$1('$,03,(*$5(
'LULJHQWHDO
IXQ]LRQDULR'DPPLQLVWUDWLYR'
IXQ]LRQDULR'73DO
IXQ]LRQDULR'73
IXQ]LRQDULR'73SDUWWLPHDO
JHRORJR'SDUWWLPHDO
LVWUXWWRUHGLUHWWLYRDPPLQLVWUDWLYR'SDUWWLPHDO
LVWUXWWRULGLUHWWLYL'73
LVWUXWWRUL&
LVWUXWWRULDPPLQLVWUDWLYL&
LVWUXWWRUHDPPLQLVWUDWLYR&SDUWWLPDDO
LVWUXWWRUHDPPLQLVWUDWLYR&SDUWWLPHDO
FROODERUDWRULSURIHVVLRQDOL%
HVHFXWRULSURIHVVLRQDOL%
5,6256(67580(17$/,'$87,/,==$5(
DXWRPH]]LFRPSUHVHPDFFKLQHRSHUDWULFL
3&GLFXLSRUWDWLOH
VWDPSDQWLODVHUGLUHWH
IRWRFRSLDWRUL
ID[
WHOHIRQLILVVL
WHOHIRQLFHOOXODUL
5RVLJQDQR0DULWWLPR5HOD]LRQH3UHYLVLRQDOH3URJUDPPDWLFD
6SHVDSUHYLVWDSHUODUHDOL]]D]LRQH
GHOSURJHWWR
$QQR
6SHVDFRUUHQWH
&RQVROLGDWD
(QWLWjD
'LVYLOXSSR
3HUFHQWXDOHVX
WRWDOH
(QWLWjE
3HUFHQWXDOHVX
WRWDOH
9DORUH
SHUFHQWXDOH
7RWDOHDEF
VXOWRWDOH
VSHVHILQDOL
3HUFHQWXDOHVX
WLWROL,,,H,,,
WRWDOH
6SHVDSHULQYHVWLPHQWR
(QWLWjF
$QQR
6SHVDFRUUHQWH
&RQVROLGDWD
(QWLWjD
3HUFHQWXDOHVX
WRWDOH
(QWLWjE
3HUFHQWXDOHVX
WRWDOH
9DORUH
SHUFHQWXDOH
7RWDOHDEF
VXOWRWDOH
VSHVHILQDOL
3HUFHQWXDOHVX
WLWROL,,,H,,,
WRWDOH
6SHVDSHULQYHVWLPHQWR
'LVYLOXSSR
(QWLWjF
$QQR
6SHVDFRUUHQWH
&RQVROLGDWD
(QWLWjD
'LVYLOXSSR
3HUFHQWXDOHVX
WRWDOH
(QWLWjE
9DORUH
SHUFHQWXDOH
7RWDOHDEF
VXOWRWDOH
VSHVHILQDOL
3HUFHQWXDOHVX
WLWROL,,,H,,,
WRWDOH
6SHVDSHULQYHVWLPHQWR
3HUFHQWXDOHVX
WRWDOH
(QWLWjF
5RVLJQDQR0DULWWLPR5HOD]LRQH3UHYLVLRQDOH3URJUDPPDWLFD
3URJUDPPDQXPHUR
25',1(38%%/,&2(
6,&85(==$
1XPHURSURJHWWLQHOSURJUDPPD
5HVSRQVDELOH'RWW9LQFHQ]R%URJL
$UWLFRODWRLQ1352*(772
132/,=,$/2&$/(($00,1,675$7,9$
6LULPDQGDDOODVLQJRODUHOD]LRQHGHO3URJHWWRSHUO·DQDOLVLGHLFRQWHQXWLGHO3URJUDPPD
&HQWULGLFRVWRLQWHUHVVDWLQHOO·DWWXD]LRQHGHOSURJUDPPD
32/,=,$081,&,3$/(
5RVLJQDQR0DULWWLPR5HOD]LRQH3UHYLVLRQDOH3URJUDPPDWLFD
5LVRUVHFRUUHQWLHGLQFRQWRFDSLWDOH
SHUODUHDOL]]D]LRQHGHOSURJUDPPD
$QQR
$QQR
$QQR
/HJJHGLILQDQ]LDPHQWRHDUWLFROR
(175$7(63(&,),&+(
ł 67$72
ł 3529,1&,$
ł 81,21((8523($
ł $OWUH
727$/(&
727$/(*(1(5$/($%&
ł 5(*,21(
ł &$66$''33&5(',72
63257,92²,67,787,',
35(9,'(1=$
ł $/75,,1'(%,7$0(17,
ł $/75((175$7(
727$/($
3529(17,'(,6(59,=,
ł 727$/(%
4827(',5,6256(*(1(5$/,
3UHVWLWLGDLVWLWXWLSULYDWLULFRUVRDOFUHGLWRRUGLQDULRSUHVWLWLREEOLJD]LRQDULHVLPLOL
5RVLJQDQR0DULWWLPR5HOD]LRQH3UHYLVLRQDOH3URJUDPPDWLFD
6SHVDSUHYLVWDSHUODUHDOL]]D]LRQHGHO
SURJUDPPD
$QQR
6SHVDFRUUHQWH
&RQVROLGDWD
(QWLWjD
'LVYLOXSSR
3HUFHQWXDOHVX
WRWDOH
(QWLWjE
3HUFHQWXDOHVX
WRWDOH
9DORUH
SHUFHQWXDOH
7RWDOHDEF
VXOWRWDOH
VSHVHILQDOL
3HUFHQWXDOHVX
WLWROL,,,H,,,
WRWDOH
6SHVDSHULQYHVWLPHQWR
(QWLWjF
$QQR
6SHVDFRUUHQWH
&RQVROLGDWD
(QWLWjD
3HUFHQWXDOHVX
WRWDOH
(QWLWjE
3HUFHQWXDOHVX
WRWDOH
9DORUH
SHUFHQWXDOH
VXOWRWDOH
7RWDOHDEF
VSHVHILQDOL
3HUFHQWXDOHVX
WLWROL,,,H,,,
WRWDOH
6SHVDSHULQYHVWLPHQWR
'LVYLOXSSR
(QWLWjF
$QQR
6SHVDFRUUHQWH
&RQVROLGDWD
(QWLWjD
'LVYLOXSSR
3HUFHQWXDOHVX
WRWDOH
(QWLWjE
9DORUH
SHUFHQWXDOH
VXOWRWDOH
7RWDOHDEF
VSHVHILQDOL
3HUFHQWXDOHVX
WLWROL,,,H,,,
WRWDOH
6SHVDSHULQYHVWLPHQWR
3HUFHQWXDOHVX
WRWDOH
(QWLWjF
5RVLJQDQR0DULWWLPR5HOD]LRQH3UHYLVLRQDOH3URJUDPPDWLFD
'HVFUL]LRQHGHOSURJHWWR
32/,=,$
/2&$/(($00,1,675$7,9$
GLFXLDOSURJUDPPD
25',1(
38%%/,&2(6,&85(==$
5HVSRQVDELOH'RWW9LQFHQ]R%URJL
'(6&5,=,21('(/352*(772
&(175,',&2672,17(5(66$7,1(//·$778$=,21('(/352*(772
32/,=,$081,&,3$/(
,OWHUULWRULRGHO&RPXQHGL5RVLJQDQR0DULWWLPRqVXGGLYLVRDPPLQLVWUDWLYDPHQWHLQVHWWHIUD]LRQL/D
GHQVLWjGHOODSRSROD]LRQHqPROWRHOHYDWDULVSHWWRDOODPHGLDUHJLRQDOHHQD]LRQDOH/·HVWHQVLRQH
WHUULWRULDOHDPPRQWDDFLUFDNPT'DOSXQWRGLYLVWDJHRJUDILFRLOWHUULWRULRqULSDUWLWRLQGXH
GLVWLQWHDUHHTXHOODFROOLQDUH HTXHOODFRVWLHUD /HVWUDGHGLJUDQGHFRPXQLFD]LRQH
DWWUDYHUVDQRLOWHUULWRULRGDQRUGDVXGSHUFLUFDNPHORVYLOXSSRGHOODFRVWDqGLFLUFD.P
,OWHUULWRULRPDULWWLPRVRJJHWWRDFRQWUROORPLJOLRPDULQRGDOODFRVWDH
GLFLUFD.PT,O7HUULWRULR
&RPXQDOHYLVWDODVXDGLVRPRJHQHDFRQIRUPD]LRQHFRQIUD]LRQLGLVORFDWHVXOODIDVFLDFRVWLHUDHLQ
FROOLQD FDUDWWHUL]]D H FRQGL]LRQD O·RUJDQL]]D]LRQH GHO ODYRUR (· RSSRUWXQR ULFRUGDUH FKH L IOXVVL
WXULVWLFL LPSHJQDQR LQ PRGR FDRWLFR O
RUJDQL]]D]LRQH GHL VHUYL]L SXEEOLFL LQ JHQHUDOH HG LQ
SDUWLFRODUHTXHOOLGLSROL]LDORFDOH
/
DWWLYLWj GL FRQWUROOR GL XQ WHUULWRULR FRVu FRPSOHVVR DYYLHQH GL QRUPD SHU RUH FRQWLQXDWLYH
JLRUQDOLHUHPHQWUHQHOSHULRGRHVWLYRLOVHUYL]LRVLVYLOXSSDVXWUHWXUQLSHURUHJLRUQDOLHUH2OWUH
DOOH DWWLYLWj GL LVWLWXWR QRUPDOPHQWH VYROWH ULYHVWH LPSRUWDQ]D LO FRQWUROOR LQWHJUDWR GHO WHUULWRULR
ILQDOL]]DWRDGLQIRQGHUHXQDPDJJLRUHVLFXUH]]D DOFLWWDGLQRHLQSDUWLFRODUHULYROWRDWXWHODUHOH
FDWHJRULHSLGHEROLTXDOLDQ]LDQLGLVDELOLHPLQRUL(VVRYLHQHUHDOL]]DWRFRQWLSRORJLHGLLQWHUYHQWL
GLYHUVL
DVLFXUH]]DGHOODFLUFROD]LRQHPRELOLWjXUEDQDHULVSHWWRGHOOHQRUPHGHO&G6
E WXWHOD GHO FLWWDGLQR H FRQYLYHQ]D FLYLOH FRQ SDUWLFRODUH DWWHQ]LRQH DOOH FDWHJRULH SL
GHEROL
FWXWHODGHOWHUULWRULRFRQSDUWLFRODUHDWWHQ]LRQHDOO·DPELHQWHFRQWUROORGHOWHUULWRULRUHODWLYR
DOO·DEEDQGRQRGHLULILXWLGLVWXUELDOODTXLHWHSXEEOLFD
G VLFXUH]]D VRFLDOH H FHUWH]]D GHOOD OHJDOLWj DWWLYLWj YROWD D FRQWUDVWDUH IHQRPHQL GL
YDQGDOLVPREXOOLVPRJLRYDQLOHSUHYHQ]LRQHFRPSRUWDPHQWLGHYLDQWL
),1$/,7$·'$&216(*8,5((027,9$=,21('(//(6&(/7(
5RVLJQDQR0DULWWLPR5HOD]LRQH3UHYLVLRQDOH3URJUDPPDWLFD
/HILQDOLWjGLFDUDWWHUHWULHQQDOHVRQRFRVuUDSSUHVHQWDWH
6YLOXSSDUHVXO WHUULWRULRXQDUHWHDWWLYDGLSUHVLGLRFRQRVFHQ]DHPRQLWRUDJJLRDWWXDQGRDQFKH
GLYHUVHIRUPHGLFROODERUD]LRQHFRQOHDOWUH)RU]HGL3ROL]LDFRQWUROORRFFXSD]LRQLDEXVLYHGHOOD
VHGHVWUDGDOHSRVWLGLFRQWUROORFRQFRUGDWLFRQWUROOLSHUODSUHYHQ]LRQHVWUDJLVDEDWRVHUD
(· VWDWR VRWWRVFULWWR LO 3DWWR SHU OD 6LFXUH]]D WUD 3UHIHWWXUD 5HJLRQH 3URYLQFLD H &RPXQL FKH
SUHYHGHLQL]LDWLYHLQFROODERUD]LRQHFRQ*XDUGLDGL)LQDQ]D3ROL]LDGL6WDWRH&DUDELQLHUL
,QFUHPHQWR GHOOH DWWLYLWj GL FRQWUROOR GL SROL]LD VWUDGDOH DWWH D SUHYHQLUH H ULGXUUH JOL LQFLGHQWL
VWUDGDOL,QSDUWLFRODUHPDJJLRULFRQWUROOLPLUDWLDOO·DFFHUWDPHQWRGHOODYHORFLWjGHLYHLFROLFRQOR
VWUXPHQWRLQGRWD]LRQHDXWRYHOR[&RQO·$XWRYHOR[qSRVVLELOHHIIHWWXDUHFRQWUROOL´PRELOLµFRQOD
SUHVHQ]DGHJOLRSHUDWRULGHOOD3ROL]LD0XQLFLSDOHFKHSRWUDQQRWUDO·DOWURLQWHJUDUHO·DWWLYLWjFRQ
O·DFFHUWDPHQWRGHOODJXLGDLQVWDWRGLHEEUH]]DDOFROLFDSHUPH]]RGHOSUHFXUVRUHSHULOSUHWHVWH
O·HWLORPHWUR QRQFKp FRQ O·DFFHUWDPHQWR GL HYHQWXDOL YLROD]LRQL ULJXDUGDQWL O·DXWRWUDVSRUWR GL
SHUVRQH H PHUFL XWLOL]]DQGR OR VWUXPHQWR SHU OD OHWWXUD GHO FURQRWDFKLJUDIR VXJOL DXWRFDUUL HG
DXWREXV 'DOOH ULVXOWDQ]H IRWRJUDILFKH GHO VXGGHWWR VWUXPHQWR YHQJRQR DFFHUWDWH DQFKH OH
YLROD]LRQL GL FXL DOO·DUW GHO &RGLFH GHOOD 6WUDGD PDQFDWD FRSHUWXUD DVVLFXUDWLYD SHU OD
UHVSRQVDELOLWjFLYLOHYHUVRWHU]L
&UHVFLWDGHOODILGXFLDGHLFLWWDGLQLYHUVROHLVWLWX]LRQLHYHUVRODORURFDSDFLWjGLJDUDQWLUHWXWHOD
DWWUDYHUVRXQ·DPSLDRIIHUWDGLFRUVLGLHGXFD]LRQHDOODOHJDOLWjQHOOHVFXROHGLRJQLRUGLQHHJUDGR
QRQFKpUHDOL]]D]LRQHGLD]LRQLIRUPDWLYHVXOODVLFXUH]]DVWUDGDOHSHULJLRYDQLDGROHVFHQWLLQPHULWR
DLGDQQLSURGRWWLGDOO·XVRHGDEXVRGLVRVWDQ]HDOFROLFKH
6LFXUH]]DQHOODIUXLELOLWjGHJOLVSD]LSXEEOLFLHUHVLGHQ]LDOLFROODERUD]LRQHSHUODYLJLODQ]DGHOOHDUHH
SXEEOLFKH LQ SDUWLFRODUH GHOOH VFXROH WUD 3ROL]LD 0XQLFLSDOH H RUJDQLVPL GL YRORQWDULDWR H GL
SURPR]LRQHVRFLDOH/·D]LRQHGLSUHVLGLRSUHVVRJOLLVWLWXWLVFRODVWLFLVDUjLQWHQVLILFDWDLQSDUWLFRODUHLQ
FRQFRPLWDQ]D GL LQL]LR H ILQH RUDULR VFRODVWLFR SURVHJXHQGR FRQ O·D]LRQH GL FRLQYROJLPHQWR
GHOO·$86(5YLJLOL QRQQLLQ PRGR GD YDORUL]]DUH LO ORURUXROR DWWLYR QHOOD VRFLHWj RGLHUQD,QROWUHq
SUHYLVWDO·LQWHQVLILFD]LRQHGHOO·DWWLYLWjGLSUHYHQ]LRQHHYLJLODQ]DDPELHQWDOHVXOWHUULWRULRFRPXQDOH
LQPRGRGDVFRUDJJLDUHO·DEEDQGRQRGHLULILXWLLQDVSUHQGRFRQWUROOLHVDQ]LRQL7DOHDWWLYLWjVDUj
LQFUHPHQWDWDGDOODFROODERUD]LRQHFRQO·82$PELHQWHHFRQDOWULVRJJHWWLFRLQYROWLLQSDUWLFRODUH
FRQ5($HGHYHQWXDOPHQWHFRQO·DXVLOLRGLXQVLVWHPDGLYLGHRVRUYHJOLDQ]D
5,6256(80$1('$,03,(*$5(
Q3RVL]LRQH2UJDQL]]DWLYD5HVSRQVDELOHGL82&$7'
Q,VWUXWWRULGLUHWWLYLGLYLJLODQ]D&$7'
Q,VWUXWWRULGLYLJLODQ]D&$7&
Q,VWUXWWRUHDPPYR&$7&
5,6256(67580(17$/,'$87,/,==$5(
QDXWRYHLFROL
QPRWRYHLFROL
QVWD]LRQLSF
QPDFFKLQHIRWRJUDILFKH
5RVLJQDQR0DULWWLPR5HOD]LRQH3UHYLVLRQDOH3URJUDPPDWLFD
QDSSDUHFFKLSHUODPLVXUD]LRQHGLYHORFLWjWHOHODVHUHDXWRYHOR[
QHWLORPHWUR
QUDGLRSRUWDWLOL
QUDGLRYHLFRODUL
QSFSRUWDWLOL
QHWLORPHWURSUHFXUVRUH
QGLVSRVLWLYRSHUOHWWXUDFURQRWDFKLJUDIRGLJLWDOH
5RVLJQDQR0DULWWLPR5HOD]LRQH3UHYLVLRQDOH3URJUDPPDWLFD
6SHVDSUHYLVWDSHUODUHDOL]]D]LRQH
GHOSURJHWWR
$QQR
6SHVDFRUUHQWH
&RQVROLGDWD
(QWLWjD
'LVYLOXSSR
3HUFHQWXDOHVX
WRWDOH
(QWLWjE
3HUFHQWXDOHVX
WRWDOH
9DORUH
SHUFHQWXDOH
7RWDOHDEF
VXOWRWDOH
VSHVHILQDOL
3HUFHQWXDOHVX
WLWROL,,,H,,,
WRWDOH
6SHVDSHULQYHVWLPHQWR
(QWLWjF
$QQR
6SHVDFRUUHQWH
&RQVROLGDWD
(QWLWjD
3HUFHQWXDOHVX
WRWDOH
(QWLWjE
3HUFHQWXDOHVX
WRWDOH
9DORUH
SHUFHQWXDOH
7RWDOHDEF
VXOWRWDOH
VSHVHILQDOL
3HUFHQWXDOHVX
WLWROL,,,H,,,
WRWDOH
6SHVDSHULQYHVWLPHQWR
'LVYLOXSSR
(QWLWjF
$QQR
6SHVDFRUUHQWH
&RQVROLGDWD
(QWLWjD
'LVYLOXSSR
3HUFHQWXDOHVX
WRWDOH
(QWLWjE
9DORUH
SHUFHQWXDOH
7RWDOHDEF
VXOWRWDOH
VSHVHILQDOL
3HUFHQWXDOHVX
WLWROL,,,H,,,
WRWDOH
6SHVDSHULQYHVWLPHQWR
3HUFHQWXDOHVX
WRWDOH
(QWLWjF
5RVLJQDQR0DULWWLPR5HOD]LRQH3UHYLVLRQDOH3URJUDPPDWLFD
3URJUDPPDQXPHUR
,6758=,21((
',5,772$//2678',2
1XPHURSURJHWWLQHOSURJUDPPD
5HVSRQVDELOH'RWW9LQFHQ]R%URJL
$UWLFRODWRLQ1352*(77,
1,6758=,21(35(6&2/$67,&$
1$/75,25',1(',,6758=,21(
16(59,=,$86,/,$5,$//·,6758=,21(
6LULPDQGDDOOHVLQJROHUHOD]LRQLGHL3URJHWWLSHUO·DQDOLVLGHLFRQWHQXWLGHO3URJUDPPD
&HQWULGLFRVWRLQWHUHVVDWLQHOO·DWWXD]LRQHGHOSURJUDPPD
6&82/(0$7(51(&2081$/,
6&82/(0$7(51(67$7$/,
,6758=,21(6(&21'$5,$0(',$,1)(5,25(
,6758=,21(6(&21'$5,$0(',$683(5,25(
6&82/((/(0(17$5,
0(16(
75$63257,6&2/$67,&,
8)),&,238%%/,&$,6758=,21(
5RVLJQDQR0DULWWLPR5HOD]LRQH3UHYLVLRQDOH3URJUDPPDWLFD
5LVRUVHFRUUHQWLHGLQFRQWRFDSLWDOH
SHUODUHDOL]]D]LRQHGHOSURJUDPPD
$QQR
$QQR
$QQR
/HJJHGLILQDQ]LDPHQWRHDUWLFROR
(175$7(63(&,),&+(
ł 67$72
ł 5(*,21(
ł 3529,1&,$
ł 81,21((8523($
727$/($
3529(17,'(,6(59,=,
ł $OWUH
727$/(&
727$/(*(1(5$/($%&
ł &$66$''33&5(',72
63257,92²,67,787,',
35(9,'(1=$
ł $/75,,1'(%,7$0(17,
ł $/75((175$7(
ł 727$/(%
4827(',5,6256(*(1(5$/,
3UHVWLWLGDLVWLWXWLSULYDWLULFRUVRDOFUHGLWRRUGLQDULRSUHVWLWLREEOLJD]LRQDULHVLPLOL
5RVLJQDQR0DULWWLPR5HOD]LRQH3UHYLVLRQDOH3URJUDPPDWLFD
6SHVDSUHYLVWDSHUODUHDOL]]D]LRQHGHO
SURJUDPPD
$QQR
6SHVDFRUUHQWH
&RQVROLGDWD
(QWLWjD
'LVYLOXSSR
3HUFHQWXDOHVX
WRWDOH
(QWLWjE
3HUFHQWXDOHVX
WRWDOH
9DORUH
SHUFHQWXDOH
7RWDOHDEF
VXOWRWDOH
VSHVHILQDOL
3HUFHQWXDOHVX
WLWROL,,,H,,,
WRWDOH
6SHVDSHULQYHVWLPHQWR
(QWLWjF
$QQR
6SHVDFRUUHQWH
&RQVROLGDWD
(QWLWjD
3HUFHQWXDOHVX
WRWDOH
(QWLWjE
3HUFHQWXDOHVX
WRWDOH
9DORUH
SHUFHQWXDOH
VXOWRWDOH
7RWDOHDEF
VSHVHILQDOL
3HUFHQWXDOHVX
WLWROL,,,H,,,
WRWDOH
6SHVDSHULQYHVWLPHQWR
'LVYLOXSSR
(QWLWjF
$QQR
6SHVDFRUUHQWH
&RQVROLGDWD
(QWLWjD
'LVYLOXSSR
3HUFHQWXDOHVX
WRWDOH
(QWLWjE
9DORUH
SHUFHQWXDOH
VXOWRWDOH
7RWDOHDEF
VSHVHILQDOL
3HUFHQWXDOHVX
WLWROL,,,H,,,
WRWDOH
6SHVDSHULQYHVWLPHQWR
3HUFHQWXDOHVX
WRWDOH
(QWLWjF
5RVLJQDQR0DULWWLPR5HOD]LRQH3UHYLVLRQDOH3URJUDPPDWLFD
'HVFUL]LRQHGHOSURJHWWR
,6758=,21(
35(6&2/$67,&$
GLFXLDOSURJUDPPD
,6758=,21((
',5,772$//2678',2
5HVSRQVDELOH'RWW9LQFHQ]R%URJL
'(6&5,=,21('(/352*(772
&(175,',&2672,17(5(66$7,1(//·$778$=,21('(/352*(772
6&82/(0$7(51(&2081$/,
6&82/(0$7(51(67$7$/,
D
6FXROHGHOO·LQIDQ]LDFRPXQDOL
$WWLYLWjHGXFDWLYHSHUEDPELQLGDLDLDQQL
1VFXROH
6L WUDWWD GL ´6FXROH 3DULWDULHµ UHJRODUPHQWH DXWRUL]]DWH GDO 0LQLVWHUR HG DXWRQRPH QHOOD ORUR
JHVWLRQHFKHYLHQHVYROWDGDO&RPXQHGL5RVLJQDQR0DULWWLPRLQIRUPDGLUHWWD
D
6FXROHGHOO·LQIDQ]LDVWDWDOL
$WWLYLWjHGXFDWLYHSHUEDPELQLGDLDLDQQL
1 VFXROH XELFDWH D 5RVLJQDQR 6ROYD\ H D &DVWLJOLRQFHOOR DSSDUWHQHQWL DOOH GXH 'LUH]LRQL
'LGDWWLFKH6WDWDOL)RUPDGLJHVWLRQH6WDWDOH
),1$/,7$·'$&216(*8,5((027,9$=,21('(//(6&(/7(
,VWUX]LRQHHGHGXFD]LRQHGHLEDPELQLGDLWUHDLVHLDQQLGLHWj
5LOHYDQWHq OD VSHVD ULVSHWWR DO SHUVRQDOH HGXFDWLYR GL UXROR FKHUHVWD OD YRFH SULQFLSDOHSHU
TXHVWHDWWLYLWjGLVXSSRUWRDOOHIDPLJOLHFRQEDPELQLGDLWUHDLVHLDQQLGLHWj
8QDYRFHVLJQLILFDWLYDGHOELODQFLRSHUTXHVWRLQWHUYHQWRqVWDWDULGRWWDDWWUDYHUVRO·LQWHJUD]LRQHGL
SHUVRQDOH HVWHUQR LQVHUHQGR LO SURJHWWR VSHFLILFR GL VRVWHJQR DOO·KDQGLFDS DWWLYDWR LQ
FROODERUD]LRQHFRQODFRRSHUDWLYD&RQWHVWRLQIDQ]LD
/DVLQHUJLDLQUHWHFRQLOWHUULWRULRHFRQJOLDOWULVHUYL]LHGXFDWLYLqXQRGHJOLDVSHWWLIRQGDPHQWDOLGL
TXHVWR RUGLQHGL VFXROH H VL PDQWLHQHPROWR IRUWHO·LPSHJQR QHOOD UHDOL]]D]LRQH GHO SHUFRUVR GL
FRQWLQXLWjFRQLVHUYL]LHOHVFXROHGHOO·LQIDQ]LDVWDWDOLSULYDWHSDULWDULHROWUHFKHFRQOHVFXROH
5RVLJQDQR0DULWWLPR5HOD]LRQH3UHYLVLRQDOH3URJUDPPDWLFD
SULPDULH
,VWUX]LRQHHGHGXFD]LRQHGHLEDPELQLGDLWUHDLVHLDQQLGLHWj
/DVLQHUJLDLQUHWHFRQLOWHUULWRULRHFRQJOLDOWULVHUYL]LHGXFDWLYLqXQRGHJOLDVSHWWLIRQGDPHQWDOLGL
TXHVWR RUGLQHGL VFXROH H VL PDQWLHQHPROWR IRUWHO·LPSHJQR QHOOD UHDOL]]D]LRQH GHO SHUFRUVR GL
FRQWLQXLWjFRQLVHUYL]LHOHVFXROHGHOO·LQIDQ]LDVWDWDOLSULYDWHSDULWDULHROWUHFKHFRQOHVFXROH
SULPDULH
5,6256(80$1('$,03,(*$5(
QGLULJHQWHTXRWDSDUWH
Q,QVHJQDQWLVFXROHGHOO·LQIDQ]LDGL5XROR
Q&ROODERUDWULFHVFRODVWLFD
Q$XWLVWDGLUXROR
Q&DSRFXRFRGLUXROR
QFXRFKLGLUXROR
QIXQ]LRQDULR5HVSRQVDELOH32FDW'
QXQ,VWUXWWRUH'LUHWWLYRFDW'
Q,VWUXWWRUH$PPLQLVWUDWLYRFDW&GLUXROR
5,6256(67580(17$/,'$87,/,==$5(
QSHUVRQDOFRPSXWHU
QVWDPSDQWLGLVWULEXLWLVXLVHUYL]L
QDXWRFDUULSHUPHQVHVFRODVWLFKH
QDXWRFDUURSHULWUDVSRUWLVFRODVWLFL
5RVLJQDQR0DULWWLPR5HOD]LRQH3UHYLVLRQDOH3URJUDPPDWLFD
6SHVDSUHYLVWDSHUODUHDOL]]D]LRQH
GHOSURJHWWR
$QQR
6SHVDFRUUHQWH
&RQVROLGDWD
(QWLWjD
'LVYLOXSSR
3HUFHQWXDOHVX
WRWDOH
(QWLWjE
3HUFHQWXDOHVX
WRWDOH
9DORUH
SHUFHQWXDOH
7RWDOHDEF
VXOWRWDOH
VSHVHILQDOL
3HUFHQWXDOHVX
WLWROL,,,H,,,
WRWDOH
6SHVDSHULQYHVWLPHQWR
(QWLWjF
$QQR
6SHVDFRUUHQWH
&RQVROLGDWD
(QWLWjD
3HUFHQWXDOHVX
WRWDOH
(QWLWjE
3HUFHQWXDOHVX
WRWDOH
9DORUH
SHUFHQWXDOH
7RWDOHDEF
VXOWRWDOH
VSHVHILQDOL
3HUFHQWXDOHVX
WLWROL,,,H,,,
WRWDOH
6SHVDSHULQYHVWLPHQWR
'LVYLOXSSR
(QWLWjF
$QQR
6SHVDFRUUHQWH
&RQVROLGDWD
(QWLWjD
'LVYLOXSSR
3HUFHQWXDOHVX
WRWDOH
(QWLWjE
9DORUH
SHUFHQWXDOH
7RWDOHDEF
VXOWRWDOH
VSHVHILQDOL
3HUFHQWXDOHVX
WLWROL,,,H,,,
WRWDOH
6SHVDSHULQYHVWLPHQWR
3HUFHQWXDOHVX
WRWDOH
(QWLWjF
5RVLJQDQR0DULWWLPR5HOD]LRQH3UHYLVLRQDOH3URJUDPPDWLFD
'HVFUL]LRQHGHOSURJHWWR
$/75,25',1,
',,6758=,21(
GLFXLDOSURJUDPPD
,6758=,21((
',5,772$//2678',2
5HVSRQVDELOH'RWW9LQFHQ]R%URJL
'(6&5,=,21('(/352*(772
&(175,',&2672,17(5(66$7,1(//·$778$=,21('(/352*(772
,6758=,21(6(&21'$5,$0(',$,1)(5,25(
,6758=,21(6(&21'$5,$0(',$683(5,25(
6&82/((/(0(17$5,
6FXROHPHGLHLQIHULRUL
1VFXRODPHGLDFKHVLVXGGLYLGHLQGLVWLQWLSOHVVLVFRODVWLFL)RUPDGLJHVWLRQH6WDWDOH
,VWUX]LRQHVHFRQGDULDLVWLWXWLVXSHULRUL
1,VWLWXWR,6,6FRPSUHQVLYRGL,36$OEHUJKLHUR,36,QGXVWULDH$UWLJLDQDWR,VWLWXWR7HFQLFR
,QGXVWULDOH/LFHR7HFQRORJLFR)RUPDGLJHVWLRQH6WDWDOH6LFRQWLQXDDHURJDUHXQ
FRQWULEXWRVSHFLILFRSHUSURJHWWLGLGDWWLFL
6FXROH3ULPDULHVWDWDOL
13OHVVLVFRODVWLFLLQTXDQWRQHOOH)UD]LRQL&ROOLQDULODVFXRODqRUJDQL]]DWDVXGGLYLVDLQGXHSOHVVL
GLVWLQWL)RUPDGLJHVWLRQH6WDWDOH
),1$/,7$·'$&216(*8,5((027,9$=,21('(//(6&(/7(
'DUH VXSSRUWR DOOH DWWLYLWj SUHYLVWH GDO 3LDQR GHOO·2IIHUWD (GXFDWLYD DWWUDYHUVR FRQWULEXWL
HFRQRPLFL6LFRQWLQXDDHURJDUHXQFRQWULEXWRVSHFLILFRSHUSURJHWWLGLGDWWLFLSUHYLVWLQHO3LDQR
GHOO·2IIHUWD(GXFDWLYD
'DUHVXSSRUWRDOOHDWWLYLWjSUHYLVWHGDO3LDQRGHOO·2IIHUWD(GXFDWLYDDWWUDYHUVRFRQWULEXWLHFRQRPLFL
HGDUHVXSSRUWRDOO·RUJDQL]]D]LRQHGHOOHLQL]LDWLYHHYHQWXDOPHQWHFRUUHODWH
5RVLJQDQR0DULWWLPR5HOD]LRQH3UHYLVLRQDOH3URJUDPPDWLFD
5,6256(80$1('$,03,(*$5(
QGLULJHQWHTXRWDSDUWH
Q$XWLVWDGLUXROR
Q&DSRFXRFRGLUXROR
QFXRFKLGLUXROR
QIXQ]LRQDULR5HVSRQVDELOH32FDW'
QXQ,VWUXWWRUH'LUHWWLYRFDW'
Q,VWUXWWRUH$PPLQLVWUDWLYRFDW&GLUXROR
5,6256(67580(17$/,'$87,/,==$5(
QSHUVRQDOFRPSXWHU
QVWDPSDQWLGLVWULEXLWLVXLVHUYL]L
QDXWRFDUULSHUPHQVHVFRODVWLFKH
QDXWRFDUURSHULWUDVSRUWLVFRODVWLFL
5RVLJQDQR0DULWWLPR5HOD]LRQH3UHYLVLRQDOH3URJUDPPDWLFD
6SHVDSUHYLVWDSHUODUHDOL]]D]LRQH
GHOSURJHWWR
$QQR
6SHVDFRUUHQWH
&RQVROLGDWD
(QWLWjD
'LVYLOXSSR
3HUFHQWXDOHVX
WRWDOH
(QWLWjE
3HUFHQWXDOHVX
WRWDOH
9DORUH
SHUFHQWXDOH
7RWDOHDEF
VXOWRWDOH
VSHVHILQDOL
3HUFHQWXDOHVX
WLWROL,,,H,,,
WRWDOH
6SHVDSHULQYHVWLPHQWR
(QWLWjF
$QQR
6SHVDFRUUHQWH
&RQVROLGDWD
(QWLWjD
3HUFHQWXDOHVX
WRWDOH
(QWLWjE
3HUFHQWXDOHVX
WRWDOH
9DORUH
SHUFHQWXDOH
7RWDOHDEF
VXOWRWDOH
VSHVHILQDOL
3HUFHQWXDOHVX
WLWROL,,,H,,,
WRWDOH
6SHVDSHULQYHVWLPHQWR
'LVYLOXSSR
(QWLWjF
$QQR
6SHVDFRUUHQWH
&RQVROLGDWD
(QWLWjD
'LVYLOXSSR
3HUFHQWXDOHVX
WRWDOH
(QWLWjE
9DORUH
SHUFHQWXDOH
7RWDOHDEF
VXOWRWDOH
VSHVHILQDOL
3HUFHQWXDOHVX
WLWROL,,,H,,,
WRWDOH
6SHVDSHULQYHVWLPHQWR
3HUFHQWXDOHVX
WRWDOH
(QWLWjF
5RVLJQDQR0DULWWLPR5HOD]LRQH3UHYLVLRQDOH3URJUDPPDWLFD
'HVFUL]LRQHGHOSURJHWWR
6(59,=,
$86,/,$5,$//
,6758=,21(
GLFXLDOSURJUDPPD
,6758=,21((
',5,772$//2678',2
5HVSRQVDELOH'RWW9LQFHQ]R%URJL
'(6&5,=,21('(/352*(772
&(175,',&2672,17(5(66$7,1(//·$778$=,21('(/352*(772
0(16(
75$63257,6&2/$67,&,
8)),&,238%%/,&$,6758=,21(
0HQVHVFRODVWLFKH
)RUQLWXUDGLSDVWLDWXWWLJOLDOXQQLIUHTXHQWDQWLLOVLVWHPDHGXFDWLYRHVFRODVWLFRGDJOLDVLOLQLGRDOOH
VFXROH GHOO·LQIDQ]LD HG DOOHVFXROH SULPDULH FRQVLGHUDQGR FRPSOHVVLYDPHQWH OD IRUQLWXUD SHU OH
VFXROHSXEEOLFKHHSULYDWHVXWXWWRLOWHUULWRULR
7UDVSRUWR6FRODVWLFR
7UDVSRUWRXWHQWLVFXRODGHOO
REEOLJRHVFXROHGHOO·LQIDQ]LDSXEEOLFKHHSULYDWHSDULWDULH
8IILFLR$WWLYLWj(GXFDWLYH
&RRUGLQDPHQWRHJHVWLRQHGLWXWWLJOLLQWHUYHQWLSHUOHFRPSHWHQ]HGLUHWWHGHOHJDWHHWUDVIHULWH
),1$/,7$·'$&216(*8,5((027,9$=,21('(//(6&(/7(
&RQWLQXDUHDPDQWHQHUHODTXDOLWjULOHYDQWHHFRQIHUPDUHODGLVWLQ]LRQHGHOODILOLHUDSURGXWWLYDSHUL
EDPELQLILQRD VHL DQQLGL YLWD,QIDWWLLO 3URJHWWR JDUDQWLVFHODJHVWLRQHGL GXH GLVWLQWHOLQHH
SURGXWWLYHSHUODUHIH]LRQHVFRODVWLFDDQGDQGRDVDOYDJXDUGDUHVLDOHHVLJHQ]HGHLUDJD]]LGHOOH
VFXROH SULPDULH FKH L EDPELQL GHL VHUYL]L SHU OD SULPD LQIDQ]LD H GHOOH VFXROH GHOO·LQIDQ]LD /D
FRPSOHVVLWj GHOOD ULRUJDQL]]D]LRQH JHQHUDOH KD DYXWR HVLWL PROWR SRVLWLYL HG LO JUDGLPHQWR GHOOD
&RPPLVVLRQH0HQVD qVWDWRGRFXPHQWDWRDWWUDYHUVRYDULHIDVLGLFRQIURQWRHGLSURJHWWD]LRQH
FKH KDQQR YLVWR OD UHDOL]]D]LRQH DQFKH GL YLVLWH QHOOH FXFLQH FRPXQDOL FRQ DWWLYLWj PROWR
SDUWHFLSDWH /H YDULH IDVL GL YHULILFD VL VYROJRQR UHJRODUPHQWH H DWWUDYHUVR XQ SURJUDPPD
GHWWDJOLDWRYLHQHFRPSLXWRLOPRQLWRUDJJLRGLVLVWHPD
*OLXWHQWLFKHDFFHGRQRSULRULWDULDPHQWHDOVHUYL]LRVRQRUHVLGHQWLLQORFDOLWjGLVDJLDWHHRSULYHGL
5RVLJQDQR0DULWWLPR5HOD]LRQH3UHYLVLRQDOH3URJUDPPDWLFD
WUDVSRUWLGLOLQHDVXFFHVVLYDPHQWHYHQJRQRDFFROWLLUHVLGHQWLLQ]RQHFKHQRQKDQQRYLFLQDQ]DDOOH
IHUPDWH GHO VLVWHPD XUEDQR GHL WUDVSRUWL /D IRUPD GL JHVWLRQH LQ DSSDOWR SXU HVVHQGR O·XQLFD
SRVVLELOHFRQVLGHUDWDODFRPSOHVVLWjGHOVLVWHPDQHFHVVDULRSHUJDUDQWLUHLQFLDVFXQDGHOOHIUD]LRQL
ODUHWHGLYLDJJLDWXWHODGHOGLULWWRDOOR6WXGLRSUHVHQWDSUREOHPDWLFKHQRQLQGLIIHUHQWLOHJDWHDOOD
FRQVLVWHQ]DHFRQRPLFDGHOOHULVRUVHGDGHVWLQDUHHGDOODSRVVLELOLWjORJLVWLFDHGHFRQRPLFDGHOOH
GLWWH DSSDOWDWULFL /·HVSHULHQ]D DWWXDOH FDUDWWHUL]]DWR GDO IDOOLPHQWR GHOOD GLWWD DSSDOWDWULFH ID
ULOHYDUHODSUHFDULHWjGHOVHUYL]LRGHULYDQWHGDOO
DQGDPHQWRGHOPHUFDWRHGXQTXHODQHFHVVLWjGL
HODERUDUHXQSLDQRHPHUJHQ]LDOHGDDWWLYDUHVXVSHFLILFLFDVL
3DUWLFRODUHLPSHJQRYLHQHGHGLFDWRDGDWWLYLWjGLIRUPD]LRQHGHOSHUVRQDOHFDUDWWHUL]]DWRGDOOD
SUHVHQ]DGLGLYHUVLILFDWHILJXUHSURIHVVLRQDOL
$WWHQ]LRQH HG LPSHJQR VL DWWXDQR DQFKH LQ FRQFRPLWDQ]D FRQ O·RUJDQL]]D]LRQH GL LQL]LDWLYH
SXEEOLFKHTXDOLLO6HWWHPEUH3HGDJRJLFRHOD*LRUQDWDGHLVHUYL]LHGXFDWLYLPRPHQWRQHOTXDOHVL
VYROJH XQD ULIOHVVLRQH VXOOH DWWLYLWj VYROWH FRQ LO FRLQYROJLPHQWR GHJOL RSHUDWRUL VFRODVWLFL H OH
IDPLJOLH1HJOLXOWLPLDQQLqVWDWDDJJLXQWDODJHVWLRQHGHO3(=FRPXQDOHSHULVHUYL]LHGXFDWLYL
HGDQFKHGHO3(=]RQDOHSHUTXDQWRULJXDUGDLILQDQ]LDPHQWLUHJLRQDOLVHPSUHSHUODIDVFLDGLHWj
DPELWRLQFRUVRGLFRPSOHWDPHQWRRUJDQL]]DWLYR
1HOODJHVWLRQHGHOOHYDULHSURFHGXUHWHOHPDWLFKHVLVWHPLLQIRUPDWLFLVLqPROWRFRPSOLFDWD
LQTXDQWROD5HJLRQH7RVFDQDXWLOL]]DJOLXIILFLFRPXQDOLSHUVYROJHUHDWWLYLWjGLSURJUDPPD]LRQH
FRRUGLQDPHQWRHUHQGLFRQWD]LRQHDQFKHGLD]LRQLULVHUYDWHDLVHUYL]LHGXFDWLYLHVFRODVWLFLSULYDWL
FRQ ULOHYDQWH DJJUDYLR GL VLWXD]LRQL ODYRUDWLYH JLj QRQ DGHJXDWH DO FRQWHVWR GL UHVSRQVDELOLWj
DVVHJQDWR /D VWHVVD 5HJLRQH VL DYYDOH GHJOL DPELWL FRPXQDOL DQFKH SHU GHWWDJOLDWH DQDOLVL H
YHULILFKHVWDWLVWLFKHGHLYDULVLVWHPLOHJDWLDOO·DPELWRLVWUX]LRQHHGHGXFD]LRQHFRPSRUWDQGRFDULFR
GLODYRURDJJLXQWLYRHWHPSLSUREOHPDWLFLSHULOODYRURLQWHUQRDOO·XIILFLRDWWLYLWjHGXFDWLYH
8OWLPDPHQWHVLqGDWRULOLHYRQRWHYROHDOODJHVWLRQHGHOFRQWHVWRGHOODVLFXUH]]DGHLODYRUDWRULFLz
GRYUjUDSSUHVHQWDUHXQDSULRULWjDQFKHSHUO
DQQRVFRODVWLFR
5,6256(80$1('$,03,(*$5(
QGLULJHQWHTXRWDSDUWH
Q$XWLVWDGLUXROR
Q&DSRFXRFRGLUXROR
QFXRFKLGLUXROR
QIXQ]LRQDULR5HVSRQVDELOH32FDW'
QXQ,VWUXWWRUH'LUHWWLYRFDW'
Q,VWUXWWRUH$PPLQLVWUDWLYRFDW&GLUXROR
5,6256(67580(17$/,'$87,/,==$5(
QSHUVRQDOFRPSXWHU
QVWDPSDQWLGLVWULEXLWLVXLVHUYL]L
QDXWRFDUULSHUPHQVHVFRODVWLFKH
QDXWRFDUURSHULWUDVSRUWLVFRODVWLFL
5RVLJQDQR0DULWWLPR5HOD]LRQH3UHYLVLRQDOH3URJUDPPDWLFD
6SHVDSUHYLVWDSHUODUHDOL]]D]LRQH
GHOSURJHWWR
$QQR
6SHVDFRUUHQWH
&RQVROLGDWD
(QWLWjD
'LVYLOXSSR
3HUFHQWXDOHVX
WRWDOH
(QWLWjE
3HUFHQWXDOHVX
WRWDOH
9DORUH
SHUFHQWXDOH
7RWDOHDEF
VXOWRWDOH
VSHVHILQDOL
3HUFHQWXDOHVX
WLWROL,,,H,,,
WRWDOH
6SHVDSHULQYHVWLPHQWR
(QWLWjF
$QQR
6SHVDFRUUHQWH
&RQVROLGDWD
(QWLWjD
3HUFHQWXDOHVX
WRWDOH
(QWLWjE
3HUFHQWXDOHVX
WRWDOH
9DORUH
SHUFHQWXDOH
7RWDOHDEF
VXOWRWDOH
VSHVHILQDOL
3HUFHQWXDOHVX
WLWROL,,,H,,,
WRWDOH
6SHVDSHULQYHVWLPHQWR
'LVYLOXSSR
(QWLWjF
$QQR
6SHVDFRUUHQWH
&RQVROLGDWD
(QWLWjD
'LVYLOXSSR
3HUFHQWXDOHVX
WRWDOH
(QWLWjE
9DORUH
SHUFHQWXDOH
7RWDOHDEF
VXOWRWDOH
VSHVHILQDOL
3HUFHQWXDOHVX
WLWROL,,,H,,,
WRWDOH
6SHVDSHULQYHVWLPHQWR
3HUFHQWXDOHVX
WRWDOH
(QWLWjF
5RVLJQDQR0DULWWLPR5HOD]LRQH3UHYLVLRQDOH3URJUDPPDWLFD
3URJUDPPDQXPHUR
787(/$(
9$/25,==$=,21('(,%(1,&8/785$/,(
$77,9,7$
&8/785$/,
1XPHURSURJHWWLQHOSURJUDPPD
5HVSRQVDELOH'RWW9LQFHQ]R%URJL
$UWLFRODWRLQ1352*(77,
1$77,9,7$·&8/785$/,(,17(59(17,',9(56,1(/6(7725(&8/785$/(
6LULPDQGDDOOHVLQJROHUHOD]LRQLGHL3URJHWWLSHUO·DQDOLVLGHLFRQWHQXWLGHO3URJUDPPD
&HQWULGLFRVWRLQWHUHVVDWLQHOO·DWWXD]LRQHGHOSURJUDPPD
%,%/,27(&$
086(2
6(59,=,&8/785$/,
35202=,21,785,67,&2&8/785$/,
*(0(//$**,2
5RVLJQDQR0DULWWLPR5HOD]LRQH3UHYLVLRQDOH3URJUDPPDWLFD
5LVRUVHFRUUHQWLHGLQFRQWRFDSLWDOH
SHUODUHDOL]]D]LRQHGHOSURJUDPPD
$QQR
$QQR
$QQR
/HJJHGLILQDQ]LDPHQWRHDUWLFROR
(175$7(63(&,),&+(
ł 67$72
ł 3529,1&,$
ł 81,21((8523($
ł $OWUH
727$/(&
727$/(*(1(5$/($%&
ł 5(*,21(
ł &$66$''33&5(',72
63257,92²,67,787,',
35(9,'(1=$
ł $/75,,1'(%,7$0(17,
ł $/75((175$7(
727$/($
3529(17,'(,6(59,=,
ł 727$/(%
4827(',5,6256(*(1(5$/,
3UHVWLWLGDLVWLWXWLSULYDWLULFRUVRDOFUHGLWRRUGLQDULRSUHVWLWLREEOLJD]LRQDULHVLPLOL
5RVLJQDQR0DULWWLPR5HOD]LRQH3UHYLVLRQDOH3URJUDPPDWLFD
6SHVDSUHYLVWDSHUODUHDOL]]D]LRQHGHO
SURJUDPPD
$QQR
6SHVDFRUUHQWH
&RQVROLGDWD
(QWLWjD
'LVYLOXSSR
3HUFHQWXDOHVX
WRWDOH
(QWLWjE
3HUFHQWXDOHVX
WRWDOH
9DORUH
SHUFHQWXDOH
7RWDOHDEF
VXOWRWDOH
VSHVHILQDOL
3HUFHQWXDOHVX
WLWROL,,,H,,,
WRWDOH
6SHVDSHULQYHVWLPHQWR
(QWLWjF
$QQR
6SHVDFRUUHQWH
&RQVROLGDWD
(QWLWjD
3HUFHQWXDOHVX
WRWDOH
(QWLWjE
3HUFHQWXDOHVX
WRWDOH
9DORUH
SHUFHQWXDOH
VXOWRWDOH
7RWDOHDEF
VSHVHILQDOL
3HUFHQWXDOHVX
WLWROL,,,H,,,
WRWDOH
6SHVDSHULQYHVWLPHQWR
'LVYLOXSSR
(QWLWjF
$QQR
6SHVDFRUUHQWH
&RQVROLGDWD
(QWLWjD
'LVYLOXSSR
3HUFHQWXDOHVX
WRWDOH
(QWLWjE
9DORUH
SHUFHQWXDOH
VXOWRWDOH
7RWDOHDEF
VSHVHILQDOL
3HUFHQWXDOHVX
WLWROL,,,H,,,
WRWDOH
6SHVDSHULQYHVWLPHQWR
3HUFHQWXDOHVX
WRWDOH
(QWLWjF
5RVLJQDQR0DULWWLPR5HOD]LRQH3UHYLVLRQDOH3URJUDPPDWLFD
'HVFUL]LRQHGHOSURJHWWR
$77,9,7$
&8/785$/,(,17(59(17,',9(56,1(/
6(7725(&8/785$/(
GLFXLDOSURJUDPPD
787(/$(
9$/25,==$=,21('(,%(1,&8/785$/,(
$77,9,7$
&8/785$/,
5HVSRQVDELOH'RWW9LQFHQ]R%URJL
'(6&5,=,21('(/352*(772
&(175,',&2672,17(5(66$7,1(//·$778$=,21('(/352*(772
%,%/,27(&$
086(2
6(59,=,&8/785$/,
35202=,21,785,67,&2&8/785$/,
*(0(//$**,2
,O&RPXQHGL5RVLJQDQR0DULWWLPRKDRSHUDWRODVFHOWDGLLPSHJQDUVLDIDYRUHGHOODSURPR]LRQH
GHOODFXOWXUDLQWHVDFRPHSROLWLFDGLFLWWDGLQDQ]DHIDWWRUHGLVYLOXSSRXPDQRHVRFLDOH6LFHUFD
TXLQGL GL SURPXRYHUH SROLWLFKH FXOWXUDOL FRLQYROJHQWL H SDUWHFLSDWHFDSDFL GL LQGXUUH FXULRVLWj
SURGXUUH LQWUHFFL H UHOD]LRQL VSHULPHQWDUH IRUPH QXRYH GL SURGX]LRQH H FLUFROD]LRQH GHOOD
FRQRVFHQ]D
,QTXHVWRVIRU]RULYHVWHXQUXRORFHQWUDOHO·D]LRQHIRUPDWLYDFRQVLGHUDWDHOHPHQWRFDUGLQHLQWRUQR
DO TXDOH FRVWUXLUH XQ TXDGUR LQWHJUDWR FDSDFH GL FRLQYROJHUH QXPHURVL VRJJHWWL SURPXRYHUH
EXRQH SUDWLFKH DYYLDUH SURFHVVL VRFLDOL DOLPHQWDUH H GLIIRQGHUH OD ULIOHVVLRQH VXL VDSHUL
IRQGDPHQWDOL
6LYRJOLRQRFHUFDUHHRIIULUHJOLVWUXPHQWLSHUIDYRULUHODFDSDFLWjGLOHJJHUHQHOSUHVHQWHLVHJQL
GHOODHYROX]LRQHVWRULFDHSHUYDOXWDUHOHSRVVLELOLWjGLWUDVIRUPD]LRQHIXWXUDQHOODFRQYLQ]LRQHFKH
WDOL DELOLWj VWLDQR DOOD EDVH GL XQD FLWWDGLQDQ]D FRQVDSHYROH H GL XQD FRUUHWWD D]LRQH
DPPLQLVWUDWLYD
,Q TXHVWD SURVSHWWLYD DYUDQQR XQ UXROR FHQWUDOH OD ULFHUFD GHOOD LQQRYD]LRQH GL TXDOLWj H
VRFLDOPHQWHXWLOHHODYDORUL]]D]LRQHGHOODFUHDWLYLWjJLRYDQLOH&RVFLHQWLFKHODFXOWXUDKDJUDQGL
FDSDFLWj GL DWWUDUUH ULVRUVH SRVLWLYH H DWWLYDUH FLUFROL YLUWXRVL VL SXQWD DOO·DXPHQWR H DOOD
GLIIHUHQ]LD]LRQHGHOODRIIHUWDFXOWXUDOHDQFKHDOILQHGLIDYRULUHORVYLOXSSRGHOO·LQGRWWRFRVWLWXLWRGD
VHUYL]LODYRURHPHUFDWR
5RVLJQDQR0DULWWLPR5HOD]LRQH3UHYLVLRQDOH3URJUDPPDWLFD
/·DWWLYLWj FXOWXUDOH GHO QRVWUR &RPXQH VL HVWULQVHFD LQ JHQHUDOH DWWUDYHUVR XQ SURJUDPPD
FRRUGLQDWRFKHFRPSUHQGHODYDORUL]]D]LRQHGHOOHVWUXWWXUH$UFKLYLR6WRULFR%LEOLRWHFD&HQWURGL
(GXFD]LRQH $PELHQWDOH 0XVHR $UFKHRORJLFR HFF H GHL EHQL FXOWXUDOL OLEUDUL GRFXPHQWDUL H
DUFKLYLVWLFL LQ HVVH FRQVHUYDWL O·RIIHUWD GL VRVWHJQR D LQL]LDWLYH FRQFHUWDWH FRQ OH DVVRFLD]LRQL
FXOWXUDOLSUHVHQWLVXOWHUULWRULRODSURSRVWDGLDWWLYLWjGLSURPR]LRQHFXOWXUDOHFRQYDOHQ]DGLGDWWLFD
IRUPDOH H QRQ IRUPDOH YROWD DG RIIULUH XQD FRQRVFHQ]D DSSURIRQGLWD GHOOH SHFXOLDULWj FKH
ULJXDUGDQR LO WHUULWRULR FRPXQDOH OD SURJUDPPD]LRQH LQ FROODERUD]LRQH FRQ LVWLWXWL XQLYHUVLWDUL
VRSULQWHQGHQ]H HR LVWLWX]LRQL FXOWXUDOL GL ULOLHYR QD]LRQDOH GL LQL]LDWLYH VSHFLILFKH YROWH DG XQLUH
LQGLVFXVVL FRQWHQXWL FXOWXUDOL XWLOL DQFKH DG RULHQWDUH O·D]LRQH FXOWXUDOH GHOO·$PPLQLVWUD]LRQH
FRPXQDOHVWHVVDHGHOHPHQWLGLDUULFFKLPHQWRGHOO·RIIHUWDWXULVWLFDGHOOD]RQD/DSURJHWWXDOLWjH
O·DWWLYLWjFXOWXUDOHSURPRVVDWLHQHFRQWRGHOTXDGURQRUPDWLYRHXURSHRQD]LRQDOHHUHJLRQDOH
),1$/,7$·'$&216(*8,5((027,9$=,21('(//(6&(/7(
/HILQDOLWjGLFDUDWWHUHWULHQQDOHVRQRFRVuUDSSUHVHQWDWH
/D %LEOLRWHFD &RPXQDOH LQVHULWD QHO QXRYR &HQWUR &XOWXUDOH /H &UHVWH JUD]LH DOOH VSHFLILFKH
FDUDWWHULVWLFKH DUFKLWHWWRQLFKH ORJLVWLFKH H JHVWLRQDOL GHOO·LQQRYDWLYR FRPSOHVVR VL FRQILJXUHUj
VHPSUH SL HIILFDFHPHQWH FRPH OXRJR GL IXVLRQH WUD VDSHUL H LQQRYD]LRQH 2OWUH DL WUDGL]LRQDOL
FRPSLWLGLFRQVHUYD]LRQHHLQFUHPHQWRGHOSDWULPRQLRHGHLVHUYL]LGLFRQVXOWD]LRQHHSUHVWLWRHVVH
GRYUj GLYHQLUH VHPSUH SL XQ OXRJR GL LQIRUPD]LRQH H IRUPD]LRQH GL HVSHULHQ]H H GL LQFRQWUL
FDSDFHGLRIIULUHHIILFDFLVWUXPHQWLSHURULHQWDUVLQHOODFRPSOHVVLWjGHOFRQWHPSRUDQHRHRSHUDUH
LQFXUVLRQL QHOOD SURSULD LQWHULRULWj SHU DWWLYDUH FRQIURQWL WUD HVSHULHQ]H SURJHWWL H JHQHUD]LRQL
GLYHUVHWUDSROLWLFKHVRFLDOLHGXFDWLYHFXOWXUDOLGHOO·LQWUDWWHQLPHQWRHGHOJXVWR
6L SXQWHUjDOPDJJLRU FRRUGLQDPHQWRGHOOHDWWLYLWjSUHVHQWL QHO QXRYR&HQWUR%LEOLRWHFD&,$)
6DODFRQIHUHQ]H6SD]LRSROLYDOHQWH&DIIHWWHULDHDOSLDPSLRFRLQYROJLPHQWRGLVRJJHWWLHVWHUQL
FDSDFLGLLQWHUHVVDUHDPSLHIDVFHGHOODFLWWDGLQDQ]D6LFHUFKHUjGLPDQWHQHUHHGLQFUHPHQWDUHLO
OLYHOORGLSUHVHQ]HUHJLVWUDWRDVHJXLWRGHOODDSHUWXUDQHOODQXRYDVHGH
1HOOH PRUH GHL ODYRUL GL DGHJXDPHQWR GHO 0XVHR $UFKHRORJLFR GL 5RVLJQDQR 0DULWWLPR
SURFDVWLQDWL GDOOH UHJROH GHO 3DWWR GL 6WDELOLWj ROWUH D JDUDQWLUH OD FRQVHUYD]LRQH GHL UHSHUWL VL
FRQWLQXHUj D SURPXRYHUH OD SURSRVWD FXOWXUDOH VFLHQWLILFD HG HGXFDWLYD DWWLYLWj GLGDWWLFKH
$PLFR0XVHR1RWWLGHOO·$UFKHRORJLDHFF
7DOHSURSRVWDXQLWDPHQWHDOODYDORUL]]D]LRQHQHOODVWHVVDRWWLFDGHO0XVHR0LODQLGL&DVWLJOLRQFHOOR
RUPDLGHILQLWLYDPHQWHDOOHVWLWRHIUXLELOHHDOWUDGL]LRQDOHVRVWHJQRULYROWRDJOL6FDYLGL6*DHWDQR
GRYUjHVVHUHSHQVDWDHSURPRVVDFRPHSDUWHGLXQYHURHSURSULR´VLVWHPDDUFKHRORJLFRµ1HOOD
LPSRVVLELOLWj GL FUHDUH XQ UHDOH 3DUFR DUFKHRORJLFR SHU SUREOHPL OHJDWL DOOD VLFXUH]]D H DOOD
ORJLVWLFDVLVWXGLHUjODSRVVLELOLWjGLYDORUL]]DUHLQVHQVRVFLHQWLILFRHWXULVWLFRO·LQWHURVLVWHPDIDFHQGR
ULFRUVRDLQXRYLVWUXPHQWLLQIRUPDWLFLHWHFQRORJLFL
6LFHUFKHUDQQRQXRYHVWUDWHJLHSHUODVHPSUHPDJJLRUHDSHUWXUDHYHUVDWLOLWjGHOOHGLYHUVHVWUXWWXUH
QHL FRQIURQWL GHOO·XWHQ]D $UFKLYLR 6WRULFR JLj WUDVIHULWR H ULRUGLQDWR LQ QXRYD VHGH 0XVHL
$UFKHRORJLFL 0XVHR GL 6WRULD 1DWXUDOH LQ DWWHVD GL WUDVIHULPHQWR LQ QXRYD VHGH &HQWUR GL
(GXFD]LRQH$PELHQWDOHHFFHODSURPR]LRQHGLXQSURJUDPPDLQWHJUDWR
$WWUDYHUVR LO UDSSRUWR FRQ OH YDULH DVVRFLD]LRQL SUHVHQWL VXO WHUULWRULR VL FHUFKHUj GL LQWHUSUHWDUH
VHPSUHSLHIILFDFHPHQWHODGRPDQGDHDGHJXDUHO·RIIHUWDDOOHHVLJHQ]HGHOODFLWWDGLQDQ]D
/·$UFKLYLR6WRULFRLQVLHPHDO)RQGR3*RULHQHOTXDGURGHOOHSROLWLFKHUHJLRQDOLVDUjHOHPHQWR
FDUGLQHGLXQVLVWHPDFRQGLYLVRGLFRQVHUYD]LRQHHYDORUL]]D]LRQHGHOODPHPRULDVWRULFD
,O0XVHRGL6WRULD1DWXUDOHVLTXDOLILFKHUjVHPSUHSLFRPHSXQWRGLULIHULPHQWRSHUODGLIIXVLRQH
GHOOD FXOWXUD VFLHQWLILFD FKHDYUj FRPHEDVH OD FRQRVFHQ]D DSSURIRQGLWD GHOOH VSHFLILFLWj GHO
WHUULWRULR H FHUFKHUj GL FUHDUH RFFDVLRQL GL IRUPD]LRQH DQFKH SURIHVVLRQDOH SHU JOL LQWHUORFXWRUL
5RVLJQDQR0DULWWLPR5HOD]LRQH3UHYLVLRQDOH3URJUDPPDWLFD
JLRYDQLOL
,O&HQWURGL(GXFD]LRQH $PELHQWDOHQHOTXDGURGLXQDD]LRQHHGXFDWLYDULYROWDDWXWWLGXUDQWH
WXWWRO·DUFRGHOODYLWDFRQWLQXHUjDSURPXRYHUHLQL]LDWLYHULYROWHDOOHVFXROHHDOODFLWWDGLQDQ]DFRQ
LOILQHGLFRQWULEXLUHDOODFUHD]LRQHGLXQDVRFLHWjVRVWHQLELOHQHOSUHVHQWHHQHOIXWXUR
$WWUDYHUVRVLQHUJLHFRQ8QLYHUVLWj6RSULQWHQGHQ]H,VWLWXWLH$VVRFLD]LRQLFXOWXUDOLVLSURPXRYHUDQQR
SURJUDPPLGL DOWRFRQWHQXWRFXOWXUDOHFKHVLFDUDWWHUL]]HUDQQR SHULO OHJDPHFRQ ODVWRULDHOH
WUDGL]LRQL FXOWXUDOL GHL QRVWUL OXRJKL PD DQFKHSHU O·DWWHQ]LRQH DOOD FRQWHPSRUDQHLWj H DOOD VXD
FRPSOHVVLWj UDVVHJQD FLQHPDWRJUDILFD SURPR]LRQH GHOOD OHWWXUD H DSSURIRQGLPHQWL VXOOD
OHWWHUDWXUDODFXOWXUDSROLWLFDFRQWHPSRUDQHDODILORVRILDLQL]LDWLYHULYROWHDOODFRQRVFHQ]D GHOOH
WHPDWLFKHDPELHQWDOLHDOODYDORUL]]D]LRQHGHOSDHVDJJLRHFF
$WWUDYHUVR O·DWWLYLWj GL $UPXQLD VL FRQWLQXHUDQQR D YDORUL]]DUH LO WUDGL]LRQDOH SHUFRUVR GL ULODQFLR
GHOOHDWWLYLWjWHDWUDOLHPXVLFDOLVXOWHUULWRULRHGLSURJHWWLSLSUHFLVDPHQWHHGXFDWLYLIRUPDOLQRQ
IRUPDOLODERUDWRULDOLHSURIHVVLRQDOLDGHVVHFRQQHVVL6LSXQWHUjDUDIIRU]DUHLOVLVWHPDGLUHOD]LRQL
WUDDUWLVWLHWHUULWRULRHGLLQL]LDWLYHGLIRUPD]LRQHGHOSXEEOLFR
*UD]LHDOUDIIRU]DPHQWRGHOODFROODERUD]LRQHFRQLSLTXDOLILFDWLVRJJHWWLRSHUDQWLQHOFDPSRGHO
WXULVPR VL FHUFKHUj GL VRWWROLQHDUHH LQFUHPHQWDUH OD YDOHQ]D SURPR]LRQDOH H WXULVWLFD FKHWDOH
SURJUDPPD]LRQHSXzHVSULPHUH
1HO FDPSR GHO *HPHOODJJLR VL RIIULUj LO FRQVXHWR VRVWHJQR DOOH DWWLYLWj GHO ORFDOH &RPLWDWR VL
FROODERUHUjFRQLSURJHWWLSLLVWLWX]LRQDOLGHOO·HQWHHFLVLFRRUGLQHUjFRQOHSROLWLFKHVRFLDOLYROWHD
IDFLOLWDUHTXHJOLVFDPELFXOWXUDOLWUDWUDGL]LRQLHHVSHULHQ]HGLFLWWDGLQDQ]DGLYHUVH
5,6256(80$1('$,03,(*$5(
QGLULJHQWHTXRWDSDUWH
QIXQ]LRQDULR'LQ32
QIXQ]LRQDULR'
QLVWUXWWRULGLUHWWLYL'
QLVWUXWWRUHGLUHWWLYR'3RVWRYDFDQWH
QLVWUXWWRULDPPLQLVWUDWLYL&
QLVWUXWWRUHDPPLQLVWUDWLYR&
QLVWUXWWRUHDPPLQLVWUDWLYR&SDUWWLPH
QFXVWRGH%3RVWRYDFDQWH
5,6256(67580(17$/,'$87,/,==$5(
QSFGLFXLDVVHJQDWRDO'LULJHQWHDOOD%LEOLRWHFDSRVWD]LRQLLQWHUQHWSXEEOLFR
Q0$&
QSFSRUWDWLOLGLFXLDVVHJQDWRDO'LULJHQWH
QIRWRFRSLDWULFLGL FXLDQFKHFRQIXQ]LRQLGLVWDPSDQWHDVVHJQDWDDOOD%LEOLRWHFD
FRQWHVVHUDPDJQHWLFDSHUXWLOL]]RGDSDUWHGHOSXEEOLFR
QVWDPSDQWLGLFXLFRQVFDQQHULQFRUSRUDWRFRQIXQ]LRQLGLIRWRFRSLDWULFH
QVWDPSDQWHSHUHWLFKHWWHOLEULDVVHJQDWDDOOD%LEOLRWHFD
QVFDQQHU
QSURLHWWRULPXOWLPHGLDOL
5RVLJQDQR0DULWWLPR5HOD]LRQH3UHYLVLRQDOH3URJUDPPDWLFD
QID[
QWHOHYLVRUL
QL3DGDVVHJQDWLDOOD%LEOLRWHFD
QHERRNUHDGHUDVVHJQDWLDOOD%LEOLRWHFD
QOHWWRULGYG
QOHWWRULYKV
QIRWRFDPHUHGLJLWDOL
QYLGHRFDPHUDGLJLWDOH
QFXIILHVWHUHR
QFDOFRODWULFLHOHWWULFKH
QODYDJQDOXPLQRVD
QVDOGDWULFLDFDOGRSHUSODVWLILFD]LRQHGRFXPHQWL
QWDJOLHULQDHOHWWULFD
QWDJOLHULQDPDQXDOH
Q)LDW3XQWRGL FXLXQDDVVHJQDWDDOGLULJHQWHXQDDOO·XIILFLRFXOWXUD HXQDDOPXVHR
DUFKHRORJLFR
Q)LDW3DQGDDVVHJQDWDDOOD%LEOLRWHFD
5RVLJQDQR0DULWWLPR5HOD]LRQH3UHYLVLRQDOH3URJUDPPDWLFD
6SHVDSUHYLVWDSHUODUHDOL]]D]LRQH
GHOSURJHWWR
$QQR
6SHVDFRUUHQWH
&RQVROLGDWD
(QWLWjD
'LVYLOXSSR
3HUFHQWXDOHVX
WRWDOH
(QWLWjE
3HUFHQWXDOHVX
WRWDOH
9DORUH
SHUFHQWXDOH
7RWDOHDEF
VXOWRWDOH
VSHVHILQDOL
3HUFHQWXDOHVX
WLWROL,,,H,,,
WRWDOH
6SHVDSHULQYHVWLPHQWR
(QWLWjF
$QQR
6SHVDFRUUHQWH
&RQVROLGDWD
(QWLWjD
3HUFHQWXDOHVX
WRWDOH
(QWLWjE
3HUFHQWXDOHVX
WRWDOH
9DORUH
SHUFHQWXDOH
7RWDOHDEF
VXOWRWDOH
VSHVHILQDOL
3HUFHQWXDOHVX
WLWROL,,,H,,,
WRWDOH
6SHVDSHULQYHVWLPHQWR
'LVYLOXSSR
(QWLWjF
$QQR
6SHVDFRUUHQWH
&RQVROLGDWD
(QWLWjD
'LVYLOXSSR
3HUFHQWXDOHVX
WRWDOH
(QWLWjE
9DORUH
SHUFHQWXDOH
7RWDOHDEF
VXOWRWDOH
VSHVHILQDOL
3HUFHQWXDOHVX
WLWROL,,,H,,,
WRWDOH
6SHVDSHULQYHVWLPHQWR
3HUFHQWXDOHVX
WRWDOH
(QWLWjF
5RVLJQDQR0DULWWLPR5HOD]LRQH3UHYLVLRQDOH3URJUDPPDWLFD
3URJUDPPDQXPHUR
32/,7,&+(
*,29$1,/,63257(7(032/,%(52
1XPHURSURJHWWLQHOSURJUDPPD
5HVSRQVDELOH'RWW9LQFHQ]R%URJL
$UWLFRODWRLQ1352*(77,
132/,7,&+(*,29$1,/,
163257(7(032/,%(52
6LULPDQGDDOOHVLQJROHUHOD]LRQLGHL3URJHWWLSHUO·DQDOLVLGHLFRQWHQXWLGHO3URJUDPPD
&HQWULGLFRVWRLQWHUHVVDWLQHOO·DWWXD]LRQHGHOSURJUDPPD
352*(772*,29$1,
3,6&,1$
,03,$17,63257,9,(8)),&,263257
5RVLJQDQR0DULWWLPR5HOD]LRQH3UHYLVLRQDOH3URJUDPPDWLFD
5LVRUVHFRUUHQWLHGLQFRQWRFDSLWDOH
SHUODUHDOL]]D]LRQHGHOSURJUDPPD
$QQR
$QQR
$QQR
/HJJHGLILQDQ]LDPHQWRHDUWLFROR
(175$7(63(&,),&+(
ł 67$72
ł 5(*,21(
ł 3529,1&,$
ł 81,21((8523($
ł $/75((175$7(
727$/($
3529(17,'(,6(59,=,
ł 727$/(%
ł $OWUH
727$/(&
727$/(*(1(5$/($%&
ł &$66$''33&5(',72
63257,92²,67,787,',
35(9,'(1=$
ł $/75,,1'(%,7$0(17,
4827(',5,6256(*(1(5$/,
3UHVWLWLGDLVWLWXWLSULYDWLULFRUVRDOFUHGLWRRUGLQDULRSUHVWLWLREEOLJD]LRQDULHVLPLOL
5RVLJQDQR0DULWWLPR5HOD]LRQH3UHYLVLRQDOH3URJUDPPDWLFD
6SHVDSUHYLVWDSHUODUHDOL]]D]LRQHGHO
SURJUDPPD
$QQR
6SHVDFRUUHQWH
&RQVROLGDWD
(QWLWjD
'LVYLOXSSR
3HUFHQWXDOHVX
WRWDOH
(QWLWjE
3HUFHQWXDOHVX
WRWDOH
9DORUH
SHUFHQWXDOH
7RWDOHDEF
VXOWRWDOH
VSHVHILQDOL
3HUFHQWXDOHVX
WLWROL,,,H,,,
WRWDOH
6SHVDSHULQYHVWLPHQWR
(QWLWjF
$QQR
6SHVDFRUUHQWH
&RQVROLGDWD
(QWLWjD
3HUFHQWXDOHVX
WRWDOH
(QWLWjE
3HUFHQWXDOHVX
WRWDOH
9DORUH
SHUFHQWXDOH
VXOWRWDOH
7RWDOHDEF
VSHVHILQDOL
3HUFHQWXDOHVX
WLWROL,,,H,,,
WRWDOH
6SHVDSHULQYHVWLPHQWR
'LVYLOXSSR
(QWLWjF
$QQR
6SHVDFRUUHQWH
&RQVROLGDWD
(QWLWjD
'LVYLOXSSR
3HUFHQWXDOHVX
WRWDOH
(QWLWjE
9DORUH
SHUFHQWXDOH
VXOWRWDOH
7RWDOHDEF
VSHVHILQDOL
3HUFHQWXDOHVX
WLWROL,,,H,,,
WRWDOH
6SHVDSHULQYHVWLPHQWR
3HUFHQWXDOHVX
WRWDOH
(QWLWjF
5RVLJQDQR0DULWWLPR5HOD]LRQH3UHYLVLRQDOH3URJUDPPDWLFD
'HVFUL]LRQHGHOSURJHWWR
32/,7,&+(
*,29$1,
GLFXLDOSURJUDPPD
32/,7,&+(
*,29$1,/,63257(7(032/,%(52
5HVSRQVDELOH'RWW9LQFHQ]R%URJL
'(6&5,=,21('(/352*(772
&(175,',&2672,17(5(66$7,1(//·$778$=,21('(/352*(772
352*(772*,29$1,
/·DSHUWXUDGHO&HQWURFXOWXUDOH´/H&UHVWHµKDDQFRUDGLSLUDIIRU]DWRO·DWWHQ]LRQHVXOOHSROLWLFKH
JLRYDQLOHLQWHVHQRQ FRPHSROLWLFKHVRFLDOLHGL DWWHQ]LRQHDO GLVDJLRPDFRPH D]LRQH DWXWWR
FDPSRYROWDDIRUQLUHRSSRUWXQLWjHVRVWHJQR,QTXHVWDRWWLFDSDUWLFRODUHLPSRUWDQ]DDVVXPRQR
O·,QIRUPDJLRYDQL GL 5RVLJQDQR H &DVWHOQXRYR HG LO &HQWUR *LRYDQL GL 5RVLJQDQR FKH VRQR
SDUWLFRODUPHQWHIUHTXHQWDWLHGRYHYHQJRQRVYROWHDWWLYLWjFRQILQDOLWjVRFLRHGXFDWLYH
2OWUH FKH PDQWHQHUH JOL LQGLUL]]L H OH DWWLYLWj LQ FRUVR VL LQWHQGH DYYLDUH GHL SURFHVVL FKH
FRLQYROJDQRHGLQGLUL]]LQRLJLRYDQLYHUVRLOIXWXUR,QSDUWLFRODUHVLSHQVDDOODFUHD]LRQHGLXQ:HE
0DJD]LQH *LRYDQL D SHUFRUVL WHVL DG LQFHQWLYDUH O·LPSUHQGLWRULD JLRYDQLOH DQFKH SDVVDQGR
DWWUDYHUVRIRQGLHXURSHL8QDVILGDLQQRYDWLYDVDUjULXVFLUHDGRWWHQHUHILQDQ]LDPHQWLHXURSHLSHU
DWWLYLWjGHGLFDWHDOVHWWRUHHGXFD]LRQHIRUPD]LRQHHJLRYDQL
),1$/,7$·'$&216(*8,5((027,9$=,21('(//(6&(/7(
2ELHWWLYRWULHQQDOHQ*HVWLRQH&,$)²&HQWUR*LRYDQL²,QIRUPDJLRYDQL
$WWLYLWj GL LQIRUPD]LRQH HG RULHQWDPHQWR VXOOH YDULH SUREOHPDWLFKH JLRYDQLOL LQ SDUWLFRODUH SHU
TXDQWRFRQFHUQHVWXGLRODYRURYDFDQ]HYRORQWDULDWR
*HVWLRQH GHO &,$) GL 5RVLJQDQR 6ROYD\ H VXD YDORUL]]D]LRQH PHGLDQWH LQL]LDWLYH VSHFLILFKH LQ
SDUWLFRODUHYHUUjSRVWDDWWHQ]LRQHDOOHDWWLYLWjGHO&HQWURJLRYDQLHGLIIXVDODVXDFRQRVFHQ]DQHOOH
VFXROH
2ELHWWLYRWULHQQDOHQ3URJHWWR:(%0$*$=,1(*,29$1,JHVWLWRGDL´*LRYDQLµ
&UHDUH XQD VRUWDGL EORJZHE PDJD]LQHXWLOL]]DQGRVWUXPHQWLJUDWXLWLFRPHZRUGSUHVV FKHVLD
JHVWLWRGDXQJUXSSRGLJLRYDQLDWWUDYHUVRODYHLFROD]LRQHGLXQEDQGRDQQXDOHDQFKHXWLOL]]DQGRLO
FDQDOHVFXROHVXSHULRUL
5RVLJQDQR0DULWWLPR5HOD]LRQH3UHYLVLRQDOH3URJUDPPDWLFD
2ELHWWLYRWULHQQDOHQ3HUFRUVRVXOO·LPSUHQGLWRULDJLRYDQLOH
/·RELHWWLYR q GLIIRQGHUH WUD L JLRYDQL OD WHPDWLFD GHOO·LPSUHQGLWRULD H GHOO·LQL]LDWLYD GRWDQGR L
JLRYDQL GHJOL VWUXPHQWL QHFHVVDUL LQ WHUPLQL GL LQIRUPD]LRQHIRUPD]LRQH HVXSSRUWR SHUO·DYYLR GL
QXRYHLPSUHVHSHUFRUVLLPSUHQGLWRULDOLDXWRQRPL
2ELHWWLYRWULHQQDOHQƒ$WWLYD]LRQHSURJHWWLHXURSHL
/D&RPPLVVLRQHHXURSHDPHWWHDGLVSRVL]LRQHSHULOVHWWHQQDWRVWUXPHQWLVSHFLILFLSHULO
ILQDQ]LDPHQWRGLDWWLYLWj GHGLFDWHDOVHWWRUHHGXFD]LRQHIRUPD]LRQH HJLRYDQL,QSDUWLFRODUHLO
3URJUDPPD (UDVPXV SOXV UDFFRJOLH XQD VHULH GL EDQGL UHODWLYL D SROLWLFKH HGXFDWLYH JLRYDQLOL
PRELOLWjJLRYDQLOHRFFXSD]LRQHHIRUPD]LRQH&LSURSRQLDPRGLODYRUDUHFRQFUHWDPHQWHSHUOD
SUHVHQWD]LRQHGLXQSURJHWWRFKHSRVVDHVVHUHILQDQ]LDWRFRQIRQGLHXURSHL
2ELHWWLYRWULHQQDOHQƒ7HPSROLEHURPXVLFDDUWHHFUHDWLYLWjJLRYDQLOH
/·RELHWWLYRqGLSURPXRYHUHHYDORUL]]DUHLWDOHQWLPXVLFDOLORFDOLLQGLYLGXDQGRVSD]LGRYHLJLRYDQL
WDOHQWLSRVVDQRHVLELUVLHFROWLYDUHOHSURSULHSDVVLRQLQRQFKpSUHGLVSRUUHWDOLVSD]LFRPHOXRJKLGL
DJJUHJD]LRQHHGLYHUWLPHQWR
5,6256(80$1('$,03,(*$5(
Q'LULJHQWHTXRWDSDUWH
Q5HVSRQVDELOHGHO6HUYL]LR
Q,VWUXWWRUH'LUHWWLYR$PPLQLVWUDWLYR
Q,VWUXWWRUH$PPLQLVWUDWLYR
5,6256(67580(17$/,'$87,/,==$5(
QSF
QVWDPSDQWL
QFDOFRODWULF
QIRWRFRSLDWULFL
5RVLJQDQR0DULWWLPR5HOD]LRQH3UHYLVLRQDOH3URJUDPPDWLFD
6SHVDSUHYLVWDSHUODUHDOL]]D]LRQH
GHOSURJHWWR
$QQR
6SHVDFRUUHQWH
&RQVROLGDWD
(QWLWjD
'LVYLOXSSR
3HUFHQWXDOHVX
WRWDOH
(QWLWjE
3HUFHQWXDOHVX
WRWDOH
9DORUH
SHUFHQWXDOH
7RWDOHDEF
VXOWRWDOH
VSHVHILQDOL
3HUFHQWXDOHVX
WLWROL,,,H,,,
WRWDOH
6SHVDSHULQYHVWLPHQWR
(QWLWjF
$QQR
6SHVDFRUUHQWH
&RQVROLGDWD
(QWLWjD
3HUFHQWXDOHVX
WRWDOH
(QWLWjE
3HUFHQWXDOHVX
WRWDOH
9DORUH
SHUFHQWXDOH
7RWDOHDEF
VXOWRWDOH
VSHVHILQDOL
3HUFHQWXDOHVX
WLWROL,,,H,,,
WRWDOH
6SHVDSHULQYHVWLPHQWR
'LVYLOXSSR
(QWLWjF
$QQR
6SHVDFRUUHQWH
&RQVROLGDWD
(QWLWjD
'LVYLOXSSR
3HUFHQWXDOHVX
WRWDOH
(QWLWjE
9DORUH
SHUFHQWXDOH
7RWDOHDEF
VXOWRWDOH
VSHVHILQDOL
3HUFHQWXDOHVX
WLWROL,,,H,,,
WRWDOH
6SHVDSHULQYHVWLPHQWR
3HUFHQWXDOHVX
WRWDOH
(QWLWjF
5RVLJQDQR0DULWWLPR5HOD]LRQH3UHYLVLRQDOH3URJUDPPDWLFD
'HVFUL]LRQHGHOSURJHWWR
63257(
7(032/,%(52
GLFXLDOSURJUDPPD
32/,7,&+(
*,29$1,/,63257(7(032/,%(52
5HVSRQVDELOH'RWW9LQFHQ]R%URJL
'(6&5,=,21('(/352*(772
&(175,',&2672,17(5(66$7,1(//·$778$=,21('(/352*(772
3,6&,1$
,03,$17,63257,9,(8)),&,263257
5LWHQLDPRFKHVLDLQGLVSHQVDELOHOHJDUHORVSRUWDOWXULVPR4XHVWRDQFKHSHUFKpLOQRVWURWHUULWRULR
SHU OD SURSULD VWUXWWXUD PRUIRORJLFD SUHVHQWD FRQGL]LRQL IDYRUHYROL DOOR VYROJLPHQWR GL TXDOVLDVL
DWWLYLWjVSRUWLYD,OWXULVPRVSRUWLYRGRYUjHVVHUHXQ·RFFDVLRQHGLVYLOXSSRGHOWHUULWRULR
7XWWRTXHVWRSDUWHQGRGDOFRQVROLGDPHQWRGHLULVXOWDWLRWWHQXWLQHJOLXOWLPLDQQLSHUGDUHULVSRVWH
PLUDWHDOOHGLYHUVHHVLJHQ]HFKHVLPDQLIHVWDQRQHOFDPSRGHOORVSRUWSHUPLJOLRUDUHHULTXDOLILFDUH
OH GRWD]LRQL WHFQLFKH GL XQD SDUWH GHJOL LPSLDQWL H GHOOH VWUXWWXUH SHU VYLOXSSDUH JOL LQWHUYHQWL
ILQDOL]]DWLDOODFUHVFLWDGHOODSDUWHFLSD]LRQHVSRUWLYDQRQDJRQLVWLFDHPXOWLGLVFLSOLQDUH
/·(QWH LQWHQGH FRQWULEXLUH DOOD FUHVFLWD GL XQD FXOWXUD OXGLFRPRWRULD RYYHUR VSRUWLYD GL EDVH
SURPRVVDHVSHULPHQWDWDQHOO·RWWLFDGHOOR6SRUWSHUWXWWL
/DVWHVVD3LVFLQD&RPXQDOHGRSRLODYRULHIIHWWXDWLQHOFRUVRGHOKDULSUHVRDSLHQRUHJLPHOD
SURSULDDWWLYLWjFRQXQDSUHVHQ]DSDUWLFRODUPHQWHHOHYDWDGLLVFULWWLDLFRUVLHGDOQXRWROLEHUR
),1$/,7$·'$&216(*8,5((027,9$=,21('(//(6&(/7(
2ELHWWLYRWULHQQDOHQ6SRUWHWXULVPR
3DUWHQGR GDOOD FRQVWDWD]LRQH FKH LO WHUULWRULR GHO 1RVWUR &RPXQH SHUPHWWH OD SUDWLFD D GLUHWWR
FRQWDWWRFRQODQDWXUD GLVSRUWFRPHODFDQRDLOVXUILONLWHVXUIODYHODLOQXRWRLOWUHNNLQJOD
PRXQWDLQELNHLOFLFOLVPRODSHVFDVSRUWLYDLOWLURFRQO·DUFRHGLOFLFORWXULVPRRFFRUUHFRJOLHUH
TXHVWD RSSRUWXQLWj DIILQFKp DQFKH DWWUDYHUVR OD FDSDFLWj FKH KDQQR OH VRFLHWj VSRUWLYH GL
RUJDQL]]DUH PDQLIHVWD]LRQL HG HYHQWL GL JUDQGH ULOLHYR WDOL LQL]LDWLYH VLDQR XQ·RFFDVLRQH GL
SURPR]LRQHFRPSOHVVLYDGHOWXULVPRHGLFUHVFLWDGHOORVSRUW
2ELHWWLYRWULHQQDOHQ3URPR]LRQHGHOOR6SRUW
/·RELHWWLYR q TXHOOR GHOOD GLIIXVLRQH GHOOD FXOWXUD H GHOOD SUDWLFD GHOOH DWWLYLWj PRWRULH IUD WXWWL L
5RVLJQDQR0DULWWLPR5HOD]LRQH3UHYLVLRQDOH3URJUDPPDWLFD
FLWWDGLQLUHVLGHQWLVHQ]DDOFXQWLSRGLGLVWLQ]LRQHGLHWjVHVVRHFRQGL]LRQHVRFLDOHFRQVLGHUDQGROR
VSRUW FRPH DWWLYLWj ILQDOL]]DWD DO EHQHVVHUH GHOOD SHUVRQD DOOD SUHYHQ]LRQH GHOOH PDODWWLH H GL
TXDOVLYRJOLDGLVDJLR
2ELHWWLYRWULHQQDOHQ$JHQ]LDGHOOR6SRUW
6DUjLQWUDSUHVRXQSHUFRUVRSHUDUULYDUHDOODQDVFLWDGLXQD$JHQ]LDGHOORVSRUWFKHGRYUjHVVHUHOR
VWUXPHQWRGLULIHULPHQWRSHUORVSRUWGHOO·(QWHHGHOOH6RFLHWj6SRUWLYH
2ELHWWLYRWULHQQDOHQ,PSLDQWL6SRUWLYL
9HUUDQQR FRPSOHWDWH H YHULILFDWH OH FRQYHQ]LRQL FRQ JOL (QWL GL SURPR]LRQH GHOOR VSRUW H GHOOH
6RFLHWj 6SRUWLYH GHO WHUULWRULR 6DUj DWWXDWR XQ FRQWUROOR VXOOD JHVWLRQH H SURJUDPPD]LRQH GHJOL
LQWHUYHQWL GL PDQXWHQ]LRQH GHJOL LPSLDQWL GL SURSULHWj FRPXQDOH XWLOL]]DWL GDOOH 6FXROH R GDWL LQ
FRQFHVVLRQH D (QWL H 6RFLHWj 6SRUWLYH &RQWUROOR VXOOD JHVWLRQH GHJOL LPSLDQWL GL SURSULHWj GHOOD
3URYLQFLD3DOHVWUD,36,$HG,7,
2ELHWWLYRWULHQQDOHQ3LVFLQDFRPXQDOH
/D 3LVFLQD &RPXQDOH q VWDWD DIILGDWD LQ JHVWLRQH PHGLDQWH SURFHGXUD GL JDUD DOOD 'LWWD 6SRUW
0DQDJHPHQWGL9HURQDSHULOSHULRGR²6DUjFRPSLWRGHOO·(QWHYHULILFDUHOD
JHVWLRQHGHOODSLVFLQDHSURJUDPPDUHJOLLQWHUYHQWLGLPDQXWHQ]LRQHVWUDRUGLQDULD
2ELHWWLYRWULHQQDOHQ6RVWHJQRDOOHPDQLIHVWD]LRQLVSRUWLYH
6YLOXSSRHSURPR]LRQHGLDWWLYLWjVSRUWLYHPHGLDQWHD]LRQLGLFRRUGLQDPHQWRJHVWLRQDOHHLQL]LDWLYH
GL RULHQWDPHQWR FRVu FRPH SUHYLVWR GDOOD /HJJH 5HJLRQH 7RVFDQD Qƒ GHO DG
RJJHWWR ´5LRUGLQR GHOOH )XQ]LRQL H GHOOH DWWLYLWj LQ PDWHULD GL SURPR]LRQH GHOOD FXOWXUD H GHOOD
SUDWLFDGHOOHDWWLYLWjPRWRULHµ
5,6256(80$1('$,03,(*$5(
Q'LULJHQWHTXRWDSDUWH
Q5HVSRQVDELOHGHO6HUYL]LR
Q,VWUXWWRUH'LUHWWLYR$PPLQLVWUDWLYR
Q,VWUXWWRUH$PPLQLVWUDWLYR
Q&ROODERUDWRUH$PPLQLVWUDWLYR
5,6256(67580(17$/,'$87,/,==$5(
QSF
QVWDPSDQWL
QFDOFRODWULF
QIRWRFRSLDWULFL
5RVLJQDQR0DULWWLPR5HOD]LRQH3UHYLVLRQDOH3URJUDPPDWLFD
6SHVDSUHYLVWDSHUODUHDOL]]D]LRQH
GHOSURJHWWR
$QQR
6SHVDFRUUHQWH
&RQVROLGDWD
(QWLWjD
'LVYLOXSSR
3HUFHQWXDOHVX
WRWDOH
(QWLWjE
3HUFHQWXDOHVX
WRWDOH
9DORUH
SHUFHQWXDOH
7RWDOHDEF
VXOWRWDOH
VSHVHILQDOL
3HUFHQWXDOHVX
WLWROL,,,H,,,
WRWDOH
6SHVDSHULQYHVWLPHQWR
(QWLWjF
$QQR
6SHVDFRUUHQWH
&RQVROLGDWD
(QWLWjD
3HUFHQWXDOHVX
WRWDOH
(QWLWjE
3HUFHQWXDOHVX
WRWDOH
9DORUH
SHUFHQWXDOH
7RWDOHDEF
VXOWRWDOH
VSHVHILQDOL
3HUFHQWXDOHVX
WLWROL,,,H,,,
WRWDOH
6SHVDSHULQYHVWLPHQWR
'LVYLOXSSR
(QWLWjF
$QQR
6SHVDFRUUHQWH
&RQVROLGDWD
(QWLWjD
'LVYLOXSSR
3HUFHQWXDOHVX
WRWDOH
(QWLWjE
9DORUH
SHUFHQWXDOH
7RWDOHDEF
VXOWRWDOH
VSHVHILQDOL
3HUFHQWXDOHVX
WLWROL,,,H,,,
WRWDOH
6SHVDSHULQYHVWLPHQWR
3HUFHQWXDOHVX
WRWDOH
(QWLWjF
5RVLJQDQR0DULWWLPR5HOD]LRQH3UHYLVLRQDOH3URJUDPPDWLFD
3URJUDPPDQXPHUR
785,602
1XPHURSURJHWWLQHOSURJUDPPD
5HVSRQVDELOH'VVD/RUHQD6LOYHVWUL
$UWLFRODWRLQ1352*(77,
169,/8332(9$/25,==$=,21('(/785,602
6LULPDQGDDOOHVLQJROHUHOD]LRQLGHL3URJHWWLSHUO·DQDOLVLGHLFRQWHQXWLGHO3URJUDPPD
&HQWULGLFRVWRLQWHUHVVDWLQHOO·DWWXD]LRQHGHOSURJUDPPD
785,602
5RVLJQDQR0DULWWLPR5HOD]LRQH3UHYLVLRQDOH3URJUDPPDWLFD
5LVRUVHFRUUHQWLHGLQFRQWRFDSLWDOH
SHUODUHDOL]]D]LRQHGHOSURJUDPPD
$QQR
$QQR
$QQR
/HJJHGLILQDQ]LDPHQWRHDUWLFROR
(175$7(63(&,),&+(
ł 67$72
ł 5(*,21(
ł 3529,1&,$
ł 81,21((8523($
ł $/75((175$7(
727$/($
3529(17,'(,6(59,=,
ł 727$/(%
ł $OWUH
727$/(&
727$/(*(1(5$/($%&
ł &$66$''33&5(',72
63257,92²,67,787,',
35(9,'(1=$
ł $/75,,1'(%,7$0(17,
4827(',5,6256(*(1(5$/,
3UHVWLWLGDLVWLWXWLSULYDWLULFRUVRDOFUHGLWRRUGLQDULRSUHVWLWLREEOLJD]LRQDULHVLPLOL
5RVLJQDQR0DULWWLPR5HOD]LRQH3UHYLVLRQDOH3URJUDPPDWLFD
6SHVDSUHYLVWDSHUODUHDOL]]D]LRQHGHO
SURJUDPPD
$QQR
6SHVDFRUUHQWH
&RQVROLGDWD
(QWLWjD
'LVYLOXSSR
3HUFHQWXDOHVX
WRWDOH
(QWLWjE
3HUFHQWXDOHVX
WRWDOH
9DORUH
SHUFHQWXDOH
7RWDOHDEF
VXOWRWDOH
VSHVHILQDOL
3HUFHQWXDOHVX
WLWROL,,,H,,,
WRWDOH
6SHVDSHULQYHVWLPHQWR
(QWLWjF
$QQR
6SHVDFRUUHQWH
&RQVROLGDWD
(QWLWjD
3HUFHQWXDOHVX
WRWDOH
(QWLWjE
3HUFHQWXDOHVX
WRWDOH
9DORUH
SHUFHQWXDOH
VXOWRWDOH
7RWDOHDEF
VSHVHILQDOL
3HUFHQWXDOHVX
WLWROL,,,H,,,
WRWDOH
6SHVDSHULQYHVWLPHQWR
'LVYLOXSSR
(QWLWjF
$QQR
6SHVDFRUUHQWH
&RQVROLGDWD
(QWLWjD
'LVYLOXSSR
3HUFHQWXDOHVX
WRWDOH
(QWLWjE
9DORUH
SHUFHQWXDOH
VXOWRWDOH
7RWDOHDEF
VSHVHILQDOL
3HUFHQWXDOHVX
WLWROL,,,H,,,
WRWDOH
6SHVDSHULQYHVWLPHQWR
3HUFHQWXDOHVX
WRWDOH
(QWLWjF
5RVLJQDQR0DULWWLPR5HOD]LRQH3UHYLVLRQDOH3URJUDPPDWLFD
'HVFUL]LRQHGHOSURJHWWR
69,/8332(
9$/25,==$=,21('(/785,602
GLFXLDOSURJUDPPD
785,602
5HVSRQVDELOH'VVD/RUHQD6LOYHVWUL
'(6&5,=,21('(/352*(772
&(175,',&2672,17(5(66$7,1(//·$778$=,21('(/352*(772
785,602
,OSURJHWWRFRQVLVWHSULQFLSDOPHQWHLQ
D
SURFHGLPHQWL LQHUHQWL VWUXWWXUH WXULVWLFRULFHWWLYH SURIHVVLRQL WXULVWLFKH H PDQLIHVWD]LRQL
ILHULVWLFKHHGHVSRVLWLYH
D
FRQFHVVLRQH FRQWULEXWL HVXSSRUWRDGRUJDQLVPLHGDVVRFLD]LRQL SHULQL]LDWLYHFRQ ILQDOLWj
WXULVWLFKH
D
DWWLYLWjLQHUHQWHODUHWHGLLQIRUPD]LRQHWXULVWLFDFRQLOVXSSRUWRGHOOHDVVRFLD]LRQL3UR/RFR
FKHJHVWLVFRQRDOFXQLXIILFLWXULVWLFLLQRVVHTXLRDO&RGLFHGHOWXULVPRYLJHQWH/57H
GHOOD3URYLQFLDGL/LYRUQRLQEDVHDFRQYHQ]LRQHVWLSXODWDLQRWWHPSHUDQ]DDOODQRUPDWLYDGL
VRSSUHVVLRQHGHOOH$37
D
SURFHGLPHQWLLQHUHQWLLQL]LDWLYHWXULVWLFRFRPPHUFLDOLWHPSRUDQHHHVWUDRUGLQDULH
D
UHDOL]]D]LRQHGLVWUXPHQWLGLSURPR]LRQHGHOWHUULWRULRFDUWRJUDILHWHPDWLFKHHWF
D
JHVWLRQHVLWRZHEHSDJLQD)DFHERRNLVWLWX]LRQDOH
),1$/,7$·'$&216(*8,5((027,9$=,21('(//(6&(/7(
,O SURJHWWR VL SURSRQH GL VRVWHQHUH JOL LQWHUYHQWL H OH LQL]LDWLYH GL DQLPD]LRQH H VSHWWDFROD]LRQH
SURPRVVHGDOOHDVVRFLD]LRQLSUHVHQWLVXO7HUULWRULRDQFKHFRQO·HURJD]LRQHGLFRQWULEXWLGLVWULEXLWLD
VHJXLWRGLQRUPHUHJRODPHQWDULGLFXLXUJHO·DGR]LRQHHFRQPRGDOLWjGLYHUVHULVSHWWRDOSDVVDWR
FRVuFRPHLPSRVWRDQFKHGDOOHUHFHQWLQRUPDWLYHVXOODILQDQ]DSXEEOLFDHGDO'/JVQ
5LFRQRVFLPHQWRGHOFDUDWWHUHGHOODWLSLFLWj HGHOODVWRULFLWjGLDOFXQHPDQLIHVWD]LRQLFKHKDQQR
UDJJLXQWROLYHOOLGLTXDOLWjQRWRULHWjHFRLQYROJLPHQWRGLSXEEOLFRDWWUDYHUVRO·DSSURYD]LRQHGLXQD
GHOLEHUDFKHFRQVHQWHGLIUXLUHGLDOFXQLYDQWDJJLHFRQRPLFLHGRUJDQL]]DWLYLDOOHDVVRFLD]LRQLFKH
OHJHVWLVFRQR
$GHJXDPHQWR LQ IXQ]LRQH GHOO·HYROX]LRQH QRUPDWLYD QRQFKp GHO SHUVHJXLPHQWR GHJOL RELHWWLYL
5RVLJQDQR0DULWWLPR5HOD]LRQH3UHYLVLRQDOH3URJUDPPDWLFD
SRVWLGDOO·DPPLQLVWUD]LRQHGHO5HJRODPHQWRFKHGLVFLSOLQDOHLQL]LDWLYHWHPSRUDQHHHFRPPHUFLDOL
WHPSRUDQHHHUHGD]LRQHGHLFDOHQGDULFRRUGLQDWLGHOODPDQLIHVWD]LRQLULFRUUHQWLHGHOOHPHGHVLPH
LQL]LDWLYHFRPPHUFLDOLWHPSRUDQHH
5,6256(80$1('$,03,(*$5(
Q'LULJHQWHSHUTXRWDSDUWH
Q&DW'3RVL]LRQH2UJDQL]]DWLYDDO
Q&DW'GLSHQGHQWHGLUXRORDO
Q&DW&GLSHQGHQWHGLUXRORDO
Q&DW&GLSHQGHQWHGLUXRORDO
5,6256(67580(17$/,'$87,/,==$5(
QSHUVRQDOFRPSXWHU
QVWDPSDQWL
QVFDQQHU
QDXWRDGLVSRVL]LRQHGLWXWWRLO6HWWRUH3URPR]LRQHGHO7HUULWRULRHGHOO·,PSUHVD
5RVLJQDQR0DULWWLPR5HOD]LRQH3UHYLVLRQDOH3URJUDPPDWLFD
6SHVDSUHYLVWDSHUODUHDOL]]D]LRQH
GHOSURJHWWR
$QQR
6SHVDFRUUHQWH
&RQVROLGDWD
(QWLWjD
'LVYLOXSSR
3HUFHQWXDOHVX
WRWDOH
(QWLWjE
3HUFHQWXDOHVX
WRWDOH
9DORUH
SHUFHQWXDOH
7RWDOHDEF
VXOWRWDOH
VSHVHILQDOL
3HUFHQWXDOHVX
WLWROL,,,H,,,
WRWDOH
6SHVDSHULQYHVWLPHQWR
(QWLWjF
$QQR
6SHVDFRUUHQWH
&RQVROLGDWD
(QWLWjD
3HUFHQWXDOHVX
WRWDOH
(QWLWjE
3HUFHQWXDOHVX
WRWDOH
9DORUH
SHUFHQWXDOH
7RWDOHDEF
VXOWRWDOH
VSHVHILQDOL
3HUFHQWXDOHVX
WLWROL,,,H,,,
WRWDOH
6SHVDSHULQYHVWLPHQWR
'LVYLOXSSR
(QWLWjF
$QQR
6SHVDFRUUHQWH
&RQVROLGDWD
(QWLWjD
'LVYLOXSSR
3HUFHQWXDOHVX
WRWDOH
(QWLWjE
9DORUH
SHUFHQWXDOH
7RWDOHDEF
VXOWRWDOH
VSHVHILQDOL
3HUFHQWXDOHVX
WLWROL,,,H,,,
WRWDOH
6SHVDSHULQYHVWLPHQWR
3HUFHQWXDOHVX
WRWDOH
(QWLWjF
5RVLJQDQR0DULWWLPR5HOD]LRQH3UHYLVLRQDOH3URJUDPPDWLFD
3URJUDPPDQXPHUR
$66(772'(/
7(55,725,2('(',/,=,$$%,7$7,9$
1XPHURSURJHWWLQHOSURJUDPPD
5HVSRQVDELOH'VVD/RUHQD6LOYHVWUL
$UWLFRODWRLQ1352*(77,
185%$1,67,&$($66(772'(/7(55,725,2
6LULPDQGDDOOHVLQJROHUHOD]LRQLGHL3URJHWWLSHUO·DQDOLVLGHLFRQWHQXWLGHO3URJUDPPD
&HQWULGLFRVWRLQWHUHVVDWLQHOO·DWWXD]LRQHGHOSURJUDPPD
:
85%$1,67,&$(',/,=,$35,9$7$
:
3,$1,),&$=,21(7(55,725,$/(
5RVLJQDQR0DULWWLPR5HOD]LRQH3UHYLVLRQDOH3URJUDPPDWLFD
5LVRUVHFRUUHQWLHGLQFRQWRFDSLWDOH
SHUODUHDOL]]D]LRQHGHOSURJUDPPD
$QQR
$QQR
$QQR
/HJJHGLILQDQ]LDPHQWRHDUWLFROR
(175$7(63(&,),&+(
ł 67$72
ł 3529,1&,$
ł 81,21((8523($
ł $OWUH
727$/(&
727$/(*(1(5$/($%&
ł 5(*,21(
ł &$66$''33&5(',72
63257,92²,67,787,',
35(9,'(1=$
ł $/75,,1'(%,7$0(17,
ł $/75((175$7(
727$/($
3529(17,'(,6(59,=,
ł 727$/(%
4827(',5,6256(*(1(5$/,
3UHVWLWLGDLVWLWXWLSULYDWLULFRUVRDOFUHGLWRRUGLQDULRSUHVWLWLREEOLJD]LRQDULHVLPLOL
5RVLJQDQR0DULWWLPR5HOD]LRQH3UHYLVLRQDOH3URJUDPPDWLFD
6SHVDSUHYLVWDSHUODUHDOL]]D]LRQHGHO
SURJUDPPD
$QQR
6SHVDFRUUHQWH
&RQVROLGDWD
(QWLWjD
'LVYLOXSSR
3HUFHQWXDOHVX
WRWDOH
(QWLWjE
3HUFHQWXDOHVX
WRWDOH
9DORUH
SHUFHQWXDOH
7RWDOHDEF
VXOWRWDOH
VSHVHILQDOL
3HUFHQWXDOHVX
WLWROL,,,H,,,
WRWDOH
6SHVDSHULQYHVWLPHQWR
(QWLWjF
$QQR
6SHVDFRUUHQWH
&RQVROLGDWD
(QWLWjD
3HUFHQWXDOHVX
WRWDOH
(QWLWjE
3HUFHQWXDOHVX
WRWDOH
9DORUH
SHUFHQWXDOH
VXOWRWDOH
7RWDOHDEF
VSHVHILQDOL
3HUFHQWXDOHVX
WLWROL,,,H,,,
WRWDOH
6SHVDSHULQYHVWLPHQWR
'LVYLOXSSR
(QWLWjF
$QQR
6SHVDFRUUHQWH
&RQVROLGDWD
(QWLWjD
'LVYLOXSSR
3HUFHQWXDOHVX
WRWDOH
(QWLWjE
9DORUH
SHUFHQWXDOH
VXOWRWDOH
7RWDOHDEF
VSHVHILQDOL
3HUFHQWXDOHVX
WLWROL,,,H,,,
WRWDOH
6SHVDSHULQYHVWLPHQWR
3HUFHQWXDOHVX
WRWDOH
(QWLWjF
5RVLJQDQR0DULWWLPR5HOD]LRQH3UHYLVLRQDOH3URJUDPPDWLFD
'HVFUL]LRQHGHOSURJHWWR
85%$1,67,&$(
$66(772'(/7(55,725,2
GLFXLDOSURJUDPPD
$66(772'(/
7(55,725,2('(',/,=,$$%,7$7,9$
5HVSRQVDELOH'VVD/RUHQD6LOYHVWUL
'(6&5,=,21('(/352*(772
&(175,',&2672,17(5(66$7,1(//·$778$=,21('(/352*(772
85%$1,67,&$(',/,=,$35,9$7$
:
3,$1,),&$=,21(7(55,725,$/(
,OSURJHWWRFRQVLVWHSULQFLSDOPHQWHLQ
D
GHILQL]LRQHHJHVWLRQHGHJOLVWUXPHQWLGHOODSLDQLILFD]LRQHWHUULWRULDOHGHJOLDWWLGLJRYHUQR
GHOWHUULWRULRHORURYDULDQWLFRPSUHVHOHFRQQHVVHYDOXWD]LRQLDPELHQWDOL
D
SUHGLVSRVL]LRQH DWWL GL FRPSHWHQ]D FRPXQDOH UHODWLYL D SURFHGXUH GL 9,$ SURYLQFLDOH
UHJLRQDOHHVWDWDOH
D
SUHGLVSRVL]LRQHJHVWLRQHHPRQLWRUDJJLRGHOOHFRQYHQ]LRQHXUEDQLVWLFKH
D
JHVWLRQH GHO VLVWHPD LQIRUPDWLYR WHUULWRULDOH FRPXQDOH H GHL GDWD EDVH SHU OD
SUHGLVSRVL]LRQHGHOOHFDUWRJUDILH
D
JHVWLRQHGHOODWRSRQRPDVWLFDHGHOODQXPHUD]LRQHFLYLFD
D
SUHGLVSRVL]LRQHGHLFHUWLILFDWLGLGHVWLQD]LRQHXUEDQLVWLFDHYLGLPD]LRQHIUD]LRQDPHQWL
D
JHVWLRQHGHOGHPDQLRPDULWWLPR
D
SLDQLILFD]LRQHHJHVWLRQHGHOODFRQYHQ]LRQHUHODWLYHDOSRUWRWXULVWLFR
D
SURFHGLPHQWL H DWWLYLWj LQHUHQWL SHUPHVVL GL FRVWUXLUH OH 6&,$ H OH&RPXQLFD]LRQL ,QL]LR
/DYRUL
D
DFFHUWDPHQWLGLFRQIRUPLWjH[DUW/5
D
FRQGRQLHGLOL]L
D
FRQWUROORHYHULILFDGHOO·DWWLYLWjHGLOL]LDVXOWHUULWRULRHUHODWLYLSURFHGLPHQWLVDQ]LRQDWRUL
D
SURFHGXUHUHODWLYHDOYLQFRORSDHVDJJLVWLFRDXWRUL]]D]LRQLDFFHUWDPHQWLGLFRPSDWLELOLWj
HFF
D
JHVWLRQHGHOOHFRPSHWHQ]HFRPXQDOLLQPDWHULDGLYLQFRORLGURJHRORJLFR
D
DXWRUL]]D]LRQLVXOOHDWWLYLWjHVWUDWWLYH
5RVLJQDQR0DULWWLPR5HOD]LRQH3UHYLVLRQDOH3URJUDPPDWLFD
D
JHVWLRQH GHO FRQWHQ]LRVR UHGD]LRQH PHPRULH H FRQWURGHGX]LRQL VX ULFRUVL LQ PDWHULD GL
SLDQLILFD]LRQHWHUULWRULDOHHGLOL]LDSULYDWDHGHPDQLRPPR
D
3URFHGLPHQWL VDQ]LRQDWRUL H[ /HJJH Q QHOOH PDWHULH GL FRPSHWHQ]D
SUHGLVSRVL]LRQHRUGLQDQ]H
D
FXUDGLHYHQWXDOLPDQLIHVWD]LRQLHSURPR]LRQLVHWWRULDOL
D
JHVWLRQH ELODQFLR GL FRPSHWHQ]D UDSSRUWL FRQ O·XIILFLR SHUVRQDOH UDSSRUWL FRQ JOL XIILFL
HFRQRPDWRH&('JHVWLRQHFDQFHOOHULDHVWUXPHQWD]LRQLLQGRWD]LRQHULFKLHVWD'85&
D
SDUWHFLSD]LRQHDOOHVHJXHQWLJHVWLRQLDVVRFLDWH
RFDWDVWRGHOOD%DVVD9DOGL&HFLQD
RUHJRODPHQWRHGLOL]LR
R HURJD]LRQH GHL FRQWULEXWL SHU O
DEEDWWLPHQWR GHOOH EDUULHUH
DUFKLWHWWRQLFKH
R VXSSRUWR GHOO·8IILFLR 6,7 DOO·XIILFLR DVVRFLDWR ´&DWDVWR LQFHQGL
ERVFKLYLµ
RFRRUGLQDPHQWRVWUXWWXUD9,$
),1$/,7$·'$&216(*8,5((027,9$=,21('(//(6&(/7(
5HYLVLRQH GHJOL VWUXPHQWL XUEDQLVWLFL SDUWHQGR GDOOD LGHQWLILFD]LRQH GHOOH SULRULWj HFRQRPLFKH
DPELHQWDOLHVRFLDOLGHOWHUULWRULRSHUDYYLDUHXQDIDVHGLULTXDOLILFD]LRQHXUEDQLVWLFDHGHGLOL]LDGL
ULJHQHUD]LRQH XUEDQD H ULVWUXWWXUD]LRQH GHO SDWULPRQLR HGLOL]LR HVLVWHQWH FKH SUHYHGD LO PLQRU
FRQVXPR GL VXROR SRVVLELOH SHU O·HGLOL]LD UHVLGHQ]LDOH H IDYRULVFD JOL LQYHVWLPHQWL SURGXWWLYL LQ
DJULFROWXUD QHO WXULVPR QHO FRPPHUFLR H QHOO·LQGXVWULD 1HOOD IDVH SUHOLPLQDUH VL SURFHGHUj DOOD
UHDOL]]D]LRQHGHOORVWXGLRGLPLFUR]RQD]LRQHVLVPLFDGHOWHUULWRULR
5HYLVLRQH GHO UHJRODPHQWR HGLOL]LR SHU XQD SURJHWWD]LRQH RULHQWDWD DOOD ELRHGLOL]LD H DOOD
VRVWHQLELOLWj HQHUJHWLFD DG XQD FRUUHWWD ULTXDOLILFD]LRQH GHOO·HVLVWHQWH H DOOD VDOYDJXDUGLD GHOOH
ULVRUVHSDHVDJJLVWLFKH
,QFRQWUL GL DJJLRUQDPHQWRLQIRUPD]LRQH SHU L OLEHUL SURIHVVLRQLVWL FKH RSHUDQR QHO WHUULWRULR
FRPXQDOH SHU JDUDQWLUH XQ FRVWDQWH DJJLRUQDPHQWR H LQIRUPD]LRQH VXOOH QRYLWj QRUPDWLYH H
SURFHGXUDOLLQPDWHULDGLHGLOL]LDWLWROLDELOLWDWLYLHGLOL]LHVXOOHQRUPDWLYHUHJRODPHQWDULFRPXQDOL
,PSOHPHQWD]LRQH GHOO·$UFKLYLR 1D]LRQDOH GHJOL VWUDGDUL H GHL QXPHUL FLYLFL LQ DWWXD]LRQH GHOOD
FRQYHQ]LRQHGHOWUD/·,VWDWHO·$JHQ]LDGHO7HUULWRULR
5,6256(80$1('$,03,(*$5(
82(GLOL]LD3ULYDWD
QXQLWj&DW'32IXQ]LRQDULRWHFQLFR
QXQLWj&DW'LVWUXWWRUHGLUHWWLYRWHFQLFR
QXQLWj&DW'LVWUXWWRUHGLUHWWLYRDPPLQLVWUDWLYR
5RVLJQDQR0DULWWLPR5HOD]LRQH3UHYLVLRQDOH3URJUDPPDWLFD
QXQLWj&DW'JHRORJR
QXQLWj&DW'LVWUXWWRUHGLUHWWLYRWHFQLFR
QXQLWj&DW&LVWUXWWRUHJHRPHWUD
QXQLWj&DW&,VWUXWWRUHWHFQLFR
QXQLWj&DW&,VWUXWWRUHWHFQLFR
QXQLWj&DW&,VWUXWWRUHDPPLQLVWUDWLYR
QXQLWj&DW&,VWUXWWRUHDPPLQLVWUDWLYR
823LDQLILFD]LRQH
QXQLWj&DW'²32
QXQLWj&DW'LVWUXWWRUHGLUHWWLYRWHFQLFR
QXQLWj&DW&LVWUXWWRUHJHRPHWUD
QXQLWj&DW&LVWUXWWRUHJHRPHWUD
QXQLWj&DW&,VWUXWWRUHDPPLQLVWUDWLYR
QXQLWj&DW&,VWUXWWRUHDPPLQLVWUDWLYRDO
QXQLWj&DW&,VWUXWWRUHDPPLQLVWUDWLYRDO
5,6256(67580(17$/,'$87,/,==$5(
82(GLOL]LD3ULYDWD
Q&RPSXWHUSRUWDWLOH
Q)RWRFRSLDWULFHPXOWLIXQ]LRQH
Q3&
QVFDQQHU
QVWDPSDQWLODVHU
Q7HOHIRQLFHOOXODULGLVHUYL]LR
QPDFFKLQDIRWRJUDILFDGLJLWDOH2O\PSXV
QFKLDYHWWD86%
QDXWRDGLVSRVL]LRQHGLWXWWRLO6HWWRUH3URPR]LRQHGHO7HUULWRULRHGHOO·,PSUHVD
823LDQLILFD]LRQH
1SHUVRQDOFRPSXWHUILVVL
1SHUVRQDOFRPSXWHUSRUWDWLOH
1SORWWHU
1ƒVWDPSDQWHODVHUDFRORUL+S
1ƒVWDPSDQWHODVHUDFRORUL+S
1IRWRFRSLDWULFHFRQIXQ]LRQLGLVWDPSDQWHHVFDQQHU2OLYHWWL*HQHULF&
5RVLJQDQR0DULWWLPR5HOD]LRQH3UHYLVLRQDOH3URJUDPPDWLFD
1VFDQQHUKSVFDQMHWFVXSRVWD]LRQH
1ƒPDFFKLQDIRWRJUDILFD1,.21
10DFFKLQDIRWRJUDILFDGLJLWDOH2/,0386
19LGHRFDPHUDGLJLWDOH&$121
1326
1*36*HR[VSORUHU75,0%/(
1*36*DUPLQ6
17DJOLHULQD
1YLGHRSURLHWWRUHVFKHUPR
17HOHIRQLFHOOXODULGLVHUYL]LR
1&KLDYHWWD86%
1DXWRDGLVSRVL]LRQHGLWXWWRLO6HWWRUH3URPR]LRQHGHO7HUULWRULRHGHOO·,PSUHVD
5RVLJQDQR0DULWWLPR5HOD]LRQH3UHYLVLRQDOH3URJUDPPDWLFD
6SHVDSUHYLVWDSHUODUHDOL]]D]LRQH
GHOSURJHWWR
$QQR
6SHVDFRUUHQWH
&RQVROLGDWD
(QWLWjD
'LVYLOXSSR
3HUFHQWXDOHVX
WRWDOH
(QWLWjE
3HUFHQWXDOHVX
WRWDOH
9DORUH
SHUFHQWXDOH
7RWDOHDEF
VXOWRWDOH
VSHVHILQDOL
3HUFHQWXDOHVX
WLWROL,,,H,,,
WRWDOH
6SHVDSHULQYHVWLPHQWR
(QWLWjF
$QQR
6SHVDFRUUHQWH
&RQVROLGDWD
(QWLWjD
3HUFHQWXDOHVX
WRWDOH
(QWLWjE
3HUFHQWXDOHVX
WRWDOH
9DORUH
SHUFHQWXDOH
7RWDOHDEF
VXOWRWDOH
VSHVHILQDOL
3HUFHQWXDOHVX
WLWROL,,,H,,,
WRWDOH
6SHVDSHULQYHVWLPHQWR
'LVYLOXSSR
(QWLWjF
$QQR
6SHVDFRUUHQWH
&RQVROLGDWD
(QWLWjD
'LVYLOXSSR
3HUFHQWXDOHVX
WRWDOH
(QWLWjE
9DORUH
SHUFHQWXDOH
7RWDOHDEF
VXOWRWDOH
VSHVHILQDOL
3HUFHQWXDOHVX
WLWROL,,,H,,,
WRWDOH
6SHVDSHULQYHVWLPHQWR
3HUFHQWXDOHVX
WRWDOH
(QWLWjF
5RVLJQDQR0DULWWLPR5HOD]LRQH3UHYLVLRQDOH3URJUDPPDWLFD
3URJUDPPDQXPHUR
69,/8332
6267(1,%,/((787(/$'(/7(55,725,2(
'(//
$0%,(17(
1XPHURSURJHWWLQHOSURJUDPPD
5HVSRQVDELOH,QJ$QGUHD,PPRUDOL
$UWLFRODWRLQ1352*(77,
1787(/$9$/25,==$=,21((5(&83(52$0%,(17$/(
1$5((3527(77(3$5&+,1$785$/,3527(=,21(1$785$/,67,&$
15,),87,
1787(/$(9$/25,==$=,21('(//(5,6256(,'5,&+(
6LULPDQGDDOOHVLQJROHUHOD]LRQLGHL3URJHWWLSHUO·DQDOLVLGHLFRQWHQXWLGHO3URJUDPPD
&HQWULGLFRVWRLQWHUHVVDWLQHOO·DWWXD]LRQHGHOSURJUDPPD
8)),&,2$0%,(17(
3$5&+,(*,$5',1,
',6&$5,&$
5$&&2/7$
&,&/2'(//($&48(
5RVLJQDQR0DULWWLPR5HOD]LRQH3UHYLVLRQDOH3URJUDPPDWLFD
5LVRUVHFRUUHQWLHGLQFRQWRFDSLWDOH
SHUODUHDOL]]D]LRQHGHOSURJUDPPD
$QQR
$QQR
$QQR
/HJJHGLILQDQ]LDPHQWRHDUWLFROR
(175$7(63(&,),&+(
ł 67$72
ł 5(*,21(
ł 3529,1&,$
ł 81,21((8523($
ł $/75((175$7(
727$/($
ł $OWUH
727$/(&
727$/(*(1(5$/($%&
ł &$66$''33&5(',72
63257,92²,67,787,',
35(9,'(1=$
ł $/75,,1'(%,7$0(17,
3529(17,'(,6(59,=,
ł 727$/(%
4827(',5,6256(*(1(5$/,
3UHVWLWLGDLVWLWXWLSULYDWLULFRUVRDOFUHGLWRRUGLQDULRSUHVWLWLREEOLJD]LRQDULHVLPLOL
5RVLJQDQR0DULWWLPR5HOD]LRQH3UHYLVLRQDOH3URJUDPPDWLFD
6SHVDSUHYLVWDSHUODUHDOL]]D]LRQHGHO
SURJUDPPD
$QQR
6SHVDFRUUHQWH
&RQVROLGDWD
(QWLWjD
'LVYLOXSSR
3HUFHQWXDOHVX
WRWDOH
(QWLWjE
3HUFHQWXDOHVX
WRWDOH
9DORUH
SHUFHQWXDOH
7RWDOHDEF
VXOWRWDOH
VSHVHILQDOL
3HUFHQWXDOHVX
WLWROL,,,H,,,
WRWDOH
6SHVDSHULQYHVWLPHQWR
(QWLWjF
$QQR
6SHVDFRUUHQWH
&RQVROLGDWD
(QWLWjD
3HUFHQWXDOHVX
WRWDOH
(QWLWjE
3HUFHQWXDOHVX
WRWDOH
9DORUH
SHUFHQWXDOH
VXOWRWDOH
7RWDOHDEF
VSHVHILQDOL
3HUFHQWXDOHVX
WLWROL,,,H,,,
WRWDOH
6SHVDSHULQYHVWLPHQWR
'LVYLOXSSR
(QWLWjF
$QQR
6SHVDFRUUHQWH
&RQVROLGDWD
(QWLWjD
'LVYLOXSSR
3HUFHQWXDOHVX
WRWDOH
(QWLWjE
9DORUH
SHUFHQWXDOH
VXOWRWDOH
7RWDOHDEF
VSHVHILQDOL
3HUFHQWXDOHVX
WLWROL,,,H,,,
WRWDOH
6SHVDSHULQYHVWLPHQWR
3HUFHQWXDOHVX
WRWDOH
(QWLWjF
5RVLJQDQR0DULWWLPR5HOD]LRQH3UHYLVLRQDOH3URJUDPPDWLFD
'HVFUL]LRQHGHOSURJHWWR
787(/$
9$/25,==$=,21((5(&83(52
$0%,(17$/(
GLFXLDOSURJUDPPD
69,/8332
6267(1,%,/((787(/$'(/7(55,725,2(
'(//
$0%,(17(
5HVSRQVDELOH,QJ$QGUHD,PPRUDOL
'(6&5,=,21('(/352*(772
&(175,',&2672,17(5(66$7,1(//·$778$=,21('(/352*(772
8)),&,2$0%,(17(
)DQQRFDSRDTXHVWRFHQWURGLFRVWRWXWWHOHDWWLYLWjUHODWLYHDJOLDGHPSLPHQWLQRUPDWLYLLQPDWHULD
GLDPELHQWHDOODWXWHODGHOOHYDULHPDWULFLDPELHQWDOLHGDOODVDOYDJXDUGLDGHOODVDOXWHSXEEOLFD
ROWUHDOODJHVWLRQHGHLUDSSRUWLFRQOH$XWRULWjSUHSRVWHDOFRQWUROORDPELHQWDOHHFRQL*HVWRULGHL
6HUYL]L3XEEOLFLDULOHYDQ]DDPELHQWDOH
$IIHULVFRQR LQROWUH D TXHVWR FHQWUR GL FRVWR OH DWWLYLWj OHJDWH DG LQWHUYHQWL GL WXWHOD LJLHQLFR
VDQLWDULDOHLVWUXWWRULHWHFQLFKHSHULOULODVFLRGHOOHDXWRUL]]D]LRQLDJOLVFDULFKLLQDPELHQWHHTXHOOH
UHODWLYH DOOH SURFHGXUH GL ERQLILFD QRQFKp OH LVWUXWWRULH SHU OH DXWRUL]]D]LRQL DOOH HPLVVLRQL LQ
DWPRVIHUDHGLLPSLDQWLGLJHVWLRQHULILXWLLVWUXWWRULHHSDUHULSHUSURFHGXUHGL$,$9,$YDOXWD]LRQLH
SUHYLVLRQLGLLPSDWWRDFXVWLFR
/·XIILFLR FXUD DOWUHVu OH DWWLYLWj YROWH DOOD VHQVLELOL]]D]LRQH GHOOD FLWWDGLQDQ]D UHODWLYDPHQWH DOOH
SUREOHPDWLFKH GHO ULVSDUPLR HQHUJHWLFR H GHOO·XWLOL]]R GL IRQWL HQHUJHWLFKH ULQQRYDELOL ROWUH
DOO·RUJDQL]]D]LRQHGLHYHQWLPRVWUHHFRQYHJQLUHODWLYLDWHPDWLFKHDPELHQWDOL
(·SUHYLVWRO·DIILGDPHQWRGHOVHUYL]LRGLVRUYHJOLDQ]DGHOODFRVWDSHUPRWLYLGLVLFXUH]]DLQPDUHHSHU
O·DYYLVWDPHQWR GHJOL LQFHQGL QRQFKp SHU OD VHJQDOD]LRQH GL LQTXLQDPHQWL DPELHQWDOL q LQROWUH
SUHYLVWRO·DIILGDPHQWRGHOVHUYL]LRGLDVVLVWHQ]DDOODEDOQHD]LRQH
/HDWWLYLWjYROWHDOOD JHVWLRQHGHOWHUULWRULRHGDOOD WXWHOD GHOO·DPELHQWHQHO ULVSHWWRGHOOHYLJHQWL
QRUPDWLYHLQPDWHULDSHUPHWWRQRDQFKHLOPDQWHQLPHQWRGLULFRQRVFLPHQWLTXDOLOD&HUWLILFD]LRQH
,62OD5HJLVWUD]LRQH(0$6HOD%DQGLHUD%OX6SLDJJH
,QTXHVWRDPELWRqDQFKHSUHYLVWRLOFRQWLQXRDJJLRUQDPHQWRGHLGDWLDPELHQWDOLUDFFROWLQHOOH
5HOD]LRQHVXOOR6WDWRGHOO·$PELHQWH
)DQQR FDSR LQROWUH D TXHVWR FHQWUR GL FRVWR OH DWWLYLWj VYROWH SHU OD JHVWLRQH GL HVSRVWL H
VHJQDOD]LRQL H O·HIIHWWXD]LRQH GL LQWHUYHQWL ULFKLHVWL GDL FLWWDGLQL SHU OD GLVLQIHVWD]LRQH H
GHPXVFD]LRQHQHOOHFDPSDJQHROWUHDTXHOOLSHUODORWWDDOODSURFHVVLRQDULD
5RVLJQDQR0DULWWLPR5HOD]LRQH3UHYLVLRQDOH3URJUDPPDWLFD
),1$/,7$·'$&216(*8,5((027,9$=,21('(//(6&(/7(
,O WHUULWRULR FRPXQDOH q FDUDWWHUL]]DWR GD IOXVVL WXULVWLFL FRQVLGHUHYROL FKH UHQGRQR QHFHVVDULR
DSSURQWDUHPLVXUHDJDUDQ]LDGHOODVLFXUH]]DGHOO·XWHQ]D3HUTXHVWRRJQLDQQRLO&RPXQHDVVLFXUD
LO VHUYL]LR GL VDOYDPHQWR QHOOH VSLDJJH OLEHUH FRSUHQGR FRQ SRVWD]LRQL XELFDWH LQ PDQLHUD
VWUDWHJLFDJUDQSDUWHGHOODIDVFLDFRVWLHUDGLSHUWLQHQ]D
$FFDQWR D TXHVWD DWWLYLWj O·XIILFLR q VROLWR RUJDQL]]DUH PDQLIHVWD]LRQL FKH FRLQYROJRQR OD
FLWWDGLQDQ]D H VRSUDWWXWWR L JLRYDQL VWXGHQWL VROOHFLWDQGRQH O·DWWHQ]LRQH DOOH SUREOHPDWLFKH
DPELHQWDOL2ELHWWLYRRUPDLVWRULFRGDFRQVHJXLUHDQFKHSHULOWULHQQLRqO·RWWHQLPHQWR
GHOOD´EDQGLHUDEOXµSHUOHIUD]LRQLFRVWLHUHGL9DGDH&DVWLJOLRQFHOOR
&RQIRUPHPHQWHDJOLRELHWWLYLVWUDWHJLFLHYLGHQ]LDWLDOSXQWR´/DFXUDGHOWHUULWRULRHGHOO·DPELHQWHµ
GHO3URJUDPPDGL0DQGDWRGHO6LQGDFRSURVHJXLUDQQROHDWWLYLWjSUHYLVWHQHO3DWWRGHL6LQGDFLSHU
ODULGX]LRQHGHOOHHPLVVLRQLLQDWPRVIHUDFXLLO&RPXQHKDDGHULWRQHOHVDUDQQRPDQWHQXWLJOL
LQFHQWLYLSHUO·HOLPLQD]LRQHGHOO·DPLDQWRGDOOHFRSHUWXUHGHJOLLPPRELOLSULYDWL
6HPSUH FRQ ULJXDUGR DOO·RELHWWLYR GL WXWHOD GHOO·DPELHQWH O·(QWH LQWHQGH DWWXDUH SROLWLFKH GL
FRQWHQLPHQWRHQHUJHWLFRDTXHVWRSURSRVLWRDVHJXLWRGLDSSRVLWDSURSRVWDIDWWDSHUYHQLUHGD
XQVRJJHWWRSULYDWRO·XIILFLRKDDYYLDWRLOSHUFRUVRGLILQDQ]DGLSURJHWWRSHUODVFHOWDGHOQXRYR
JHVWRUH GHOOD UHWH GHOOD SXEEOLFD LOOXPLQD]LRQH DO TXDOH VDUDQQR ULFKLHVWL DQFKH LQWHUYHQWL GL
PLJOLRUDPHQWRGHOO·HIILFLHQ]DHQHUJHWLFDGHJOLLPSLDQWL
5,6256(80$1('$,03,(*$5(
GLULJHQWHDO
IXQ]LRQDULR'DO
IXQ]LRQDULR'WHFQLFRDPELHQWDOH
LVWUXWWRUHGLUHWWLYRWHFQLFR'
LVWUXWWRUHWHFQLFRJHRPHWUD&
LVWUXWWRUHDPPLQLVWUDWLYR&
FROODERUDWRUHSURIHVVLRQDOHGHPXVFD]LRQH%
5,6256(67580(17$/,'$87,/,==$5(
3F
VWDPSDQWH
VFDQQHU
IRWRFRSLDWRUH
WHOHIRQLILVVL
WHOHIRQLFHOOXODUL
UDGLRSRUWDWLOL
UDGLRYHLFRODUL
5RVLJQDQR0DULWWLPR5HOD]LRQH3UHYLVLRQDOH3URJUDPPDWLFD
6SHVDSUHYLVWDSHUODUHDOL]]D]LRQH
GHOSURJHWWR
$QQR
6SHVDFRUUHQWH
&RQVROLGDWD
(QWLWjD
'LVYLOXSSR
3HUFHQWXDOHVX
WRWDOH
(QWLWjE
3HUFHQWXDOHVX
WRWDOH
9DORUH
SHUFHQWXDOH
7RWDOHDEF
VXOWRWDOH
VSHVHILQDOL
3HUFHQWXDOHVX
WLWROL,,,H,,,
WRWDOH
6SHVDSHULQYHVWLPHQWR
(QWLWjF
$QQR
6SHVDFRUUHQWH
&RQVROLGDWD
(QWLWjD
3HUFHQWXDOHVX
WRWDOH
(QWLWjE
3HUFHQWXDOHVX
WRWDOH
9DORUH
SHUFHQWXDOH
7RWDOHDEF
VXOWRWDOH
VSHVHILQDOL
3HUFHQWXDOHVX
WLWROL,,,H,,,
WRWDOH
6SHVDSHULQYHVWLPHQWR
'LVYLOXSSR
(QWLWjF
$QQR
6SHVDFRUUHQWH
&RQVROLGDWD
(QWLWjD
'LVYLOXSSR
3HUFHQWXDOHVX
WRWDOH
(QWLWjE
9DORUH
SHUFHQWXDOH
7RWDOHDEF
VXOWRWDOH
VSHVHILQDOL
3HUFHQWXDOHVX
WLWROL,,,H,,,
WRWDOH
6SHVDSHULQYHVWLPHQWR
3HUFHQWXDOHVX
WRWDOH
(QWLWjF
5RVLJQDQR0DULWWLPR5HOD]LRQH3UHYLVLRQDOH3URJUDPPDWLFD
'HVFUL]LRQHGHOSURJHWWR
$5((
3527(77(3$5&+,1$785$/,
3527(=,21(1$785$/,67,&$()25(67$/(
GLFXLDOSURJUDPPD
69,/8332
6267(1,%,/((787(/$'(/7(55,725,2(
'(//
$0%,(17(
5HVSRQVDELOH,QJ$QGUHD,PPRUDOL
'(6&5,=,21('(/352*(772
&(175,',&2672,17(5(66$7,1(//·$778$=,21('(/352*(772
3$5&+,(*,$5',1,
)DQQRSDUWHGLTXHVWRFHQWURGLFRVWROHDWWLYLWjGLJHVWLRQHGHOYHUGHSXEEOLFRGHOOHIRQWDQHH
GHJOLLPSLDQWLLUULJXLGHLSDUFKLJLRFKLGHOOHVWDFFLRQDWHHGHOO·DUUHGRXUEDQR
),1$/,7$·'$&216(*8,5((027,9$=,21('(//(6&(/7(
,OVHUYL]LRGLJHVWLRQHGHOYHUGHSXEEOLFRqDIILGDWRDOODVRFLHWjSDUWHFLSDWD5HDVSDSHUTXHVWRLO
ELODQFLR SUHYHGH OR VWDQ]LDPHQWR GHOOD VRPPD GD FRUULVSRQGHUH DQQXDOPHQWH DO JHVWRUH SHU
HIIHWWRGHOODFRQYHQ]LRQHVRWWRVFULWWDQHOO·DQQR
$FFDQWRDTXHVWRVHUYL]LRO·$PPLQLVWUD]LRQHKDLQWHQ]LRQHGLHIIHWWXDUHQHOXQRVWXGLRSHU
LQGLYLGXDUH JOL LQWHUYHQWL GD HIIHWWXDUH QHOOD SLQHWD 0DUUDGL D &DVWLJOLRQFHOOR JDUDQWHQGRQH LO
ULQQRYRFRQSRWDWXUHHQXRYHSLDQWXPD]LRQL
6HPSUH QHOOD SLQHWD 0DUUDGLDQFKHD VHJXLWR GHJOL HVLWLGHO FRQFRUVR GLSURJHWWD]LRQHVYROWRVL
QHOO·DQQR O·XIILFLR LQWHQGH DYYLDUH FRQ SURIHVVLRQDOLWj LQWHUQH XQR VWXGLR GL IDWWLELOLWj SHU
UHDOL]]DUHLOSDUFKHJJLRSUHYLVWRRYHDGHVVRqORFDOL]]DWRLOFDPSRVSRUWLYRPHGLDQWHDWWLYD]LRQH
GHOODSURFHGXUDGLILQDQ]DGLSURJHWWRYROHQGRFRLQYROJHUHLOSULYDWRQHOILQDQ]LDPHQWRHQHOOD
JHVWLRQHGHOODVWUXWWXUD
/D SULRULWj GL TXHVWR WULHQQLR DQFKH QHOO·DPELWR GHO YHUGH SXEEOLFR q GDWD FRPXQTXH GDJOL
LQWHUYHQWL GL FDUDWWHUH FRQVHUYDWLYRPDQXWHQWLYR FRVu GD UHDOL]]DUH O·RELHWWLYR LQGLYLGXDWR QHO
SXQWR´/DFXUDGHOWHUULWRULRHGHOO·DPELHQWHµGHO3URJUDPPDGL0DQGDWRGHO6LQGDFRGLDYHUHXQ
WHUULWRULREHQFXUDWRQHJOLDUUHGLXUEDQLQHOYHUGHHQHOODSXOL]LD
5RVLJQDQR0DULWWLPR5HOD]LRQH3UHYLVLRQDOH3URJUDPPDWLFD
5,6256(80$1('$,03,(*$5(
GLULJHQWHDO
IXQ]LRQDULRUHVSRQVDELOHGHOVHUYL]LR'DO
DJURQRPRSDUWWLPHDO
5,6256(67580(17$/,'$87,/,==$5(
3F
VWDPSDQWH
IRWRFRSLDWRUH
WHOHIRQLILVVL
WHOHIRQLFHOOXODUL
5RVLJQDQR0DULWWLPR5HOD]LRQH3UHYLVLRQDOH3URJUDPPDWLFD
6SHVDSUHYLVWDSHUODUHDOL]]D]LRQH
GHOSURJHWWR
$QQR
6SHVDFRUUHQWH
&RQVROLGDWD
(QWLWjD
'LVYLOXSSR
3HUFHQWXDOHVX
WRWDOH
(QWLWjE
3HUFHQWXDOHVX
WRWDOH
9DORUH
SHUFHQWXDOH
7RWDOHDEF
VXOWRWDOH
VSHVHILQDOL
3HUFHQWXDOHVX
WLWROL,,,H,,,
WRWDOH
6SHVDSHULQYHVWLPHQWR
(QWLWjF
$QQR
6SHVDFRUUHQWH
&RQVROLGDWD
(QWLWjD
3HUFHQWXDOHVX
WRWDOH
(QWLWjE
3HUFHQWXDOHVX
WRWDOH
9DORUH
SHUFHQWXDOH
7RWDOHDEF
VXOWRWDOH
VSHVHILQDOL
3HUFHQWXDOHVX
WLWROL,,,H,,,
WRWDOH
6SHVDSHULQYHVWLPHQWR
'LVYLOXSSR
(QWLWjF
$QQR
6SHVDFRUUHQWH
&RQVROLGDWD
(QWLWjD
'LVYLOXSSR
3HUFHQWXDOHVX
WRWDOH
(QWLWjE
9DORUH
SHUFHQWXDOH
7RWDOHDEF
VXOWRWDOH
VSHVHILQDOL
3HUFHQWXDOHVX
WLWROL,,,H,,,
WRWDOH
6SHVDSHULQYHVWLPHQWR
3HUFHQWXDOHVX
WRWDOH
(QWLWjF
5RVLJQDQR0DULWWLPR5HOD]LRQH3UHYLVLRQDOH3URJUDPPDWLFD
'HVFUL]LRQHGHOSURJHWWR
5,),87,
GLFXLDOSURJUDPPD
69,/8332
6267(1,%,/((787(/$'(/7(55,725,2(
'(//
$0%,(17(
5HVSRQVDELOH,QJ$QGUHD,PPRUDOL
'(6&5,=,21('(/352*(772
&(175,',&2672,17(5(66$7,1(//·$778$=,21('(/352*(772
',6&$5,&$
5$&&2/7$
,OFHQWURGLFRVWR'LVFDULFDVLRFFXSDGHOOHDWWLYLWjGLSLDQLILFD]LRQHGHLFRQIHULPHQWLGHLULILXWLXUEDQL
HVSHFLDOLQHOODGLVFDULFDFRPXQDOHGHOOR´6FDSLJOLDWRµTXDQWLWDWLYLWDULIIHULODVFLRDXWRUL]]D]LRQLDO
FRQIHULPHQWRDGHQWLHGD]LHQGHGLPRQLWRUDJJLRPHQVLOHGHLIOXVVLGLULILXWLLQLQJUHVVRGLDVVLVWHQ]D
SHUO·LQGLYLGXD]LRQHGHOOHOLQHHGLVYLOXSSRGHOOHDWWLYLWjGLGLVFDULFDGLPRQLWRUDJJLRGHOODUDFFROWD
GLIIHUHQ]LDWD GL VXSHUYLVLRQH GHOOH DWWLYLWj GL JHVWLRQH DIILGDWH DO VRJJHWWR JHVWRUH PLUDQGR
DOO·RWWLPL]]D]LRQHGLDWWLYD]LRQHGLVWXGLLQGDJLQLHPRQLWRUDJJLDPELHQWDOL
)HUPRUHVWDQGRORVWDQ]LDPHQWRUHODWLYRDOVHUYL]LRGLUDFFROWDWUDVSRUWR HFRQIHULPHQWRULILXWLD
IDYRUHGHOODVRFLHWj SDUWHFLSDWDFKHORJHVWLVFHOHDWWLYLWjUHODWLYHDOFHQWURGLFRVWR5DFFROWD
VRQR YROWH DG LQFUHPHQWDUH OD UDFFROWD GLIIHUHQ]LDWD HG D ULGXUUH OD SURGX]LRQH GHL ULILXWL
DOO·DGHJXDPHQWR GHJOL DWWXDOL FHQWUL GL UDFFROWD DOOD YLJHQWH QRUPDWLYD QRQFKp DOOD JHVWLRQH
UDFFROWDULILXWLDEEDQGRQDWLVXOWHUULWRULR
),1$/,7$·'$&216(*8,5((027,9$=,21('(//(6&(/7(
3HU TXDQWR ULJXDUGD OD 'LVFDULFD OH ULVRUVH VDUDQQR FRQYRJOLDWH QHOOR VYLOXSSR GHOO·DUHD
LPSLDQWLVWLFD GL 6FDSLJOLDWR RELHWWLYR VWUDWHJLFR LOOXVWUDWR QHO SXQWR ´/D FXUD GHO WHUULWRULR H
GHOO·DPELHQWHµGHO3URJUDPPDGL0DQGDWRGHO6LQGDFR,QSDUWLFRODUHVDUjSRWHQ]LDWRO·LPSLDQWR
SHULOFRPSRVWDJJLRDIILQFKpVLSRVVDRWWHQHUHXQLQFUHPHQWRGHOWUDWWDPHQWRGHLULILXWLSURYHQLHQWL
GDOODUDFFROWDGHOO·RUJDQLFRHVDUDQQRDYYLDWLLQWHUYHQWLVXOO·LPSLDQWRGLVHOH]LRQHLQDGHPSLPHQWR
DTXDQWRSUHYLVWRGDOOD´FLUFRODUH2UODQGRµ
3HUTXDQWRFRQFHUQHODUDFFROWDFRQIRUPHPHQWHDTXDQWRHYLGHQ]LDWRQHOSXQWR´/DFXUDGHO
WHUULWRULRHGHOO·DPELHQWHµGHO3URJUDPPD GL0DQGDWRGHO6LQGDFRFKHTXDOLILFDLOULILXWRFRPH
XQDULVRUVDVDUDQQRSURVHJXLWHOHDWWLYLWjGLSURPR]LRQHHGHVWHQVLRQHGHOODUDFFROWDGLIIHUHQ]LDWD
JLj LQL]LDWH QHO ,Q SDUWLFRODUH VDUDQQR SRVWH LQ HVVHUH FDPSDJQH SURPR]LRQDOL SHU
LQFUHPHQWDUH OD JLj DYYLDWD UDFFROWD GLIIHUHQ]LDWD QHOOD IUD]LRQH GL 9DGD H VDUDQQR FRLQYROWH
5RVLJQDQR0DULWWLPR5HOD]LRQH3UHYLVLRQDOH3URJUDPPDWLFD
DQFKHOHDWWLYLWjSURGXWWLYHRSHUDQWLLQORFDOLWj/D0D]]DQWD
5,6256(80$1('$,03,(*$5(
GLULJHQWHDO
IXQ]LRQDULRUHVSRQVDELOHGHOVHUYL]LR'DO
LVWUXWWRUHGLUHWWLYRWHFQLFRDPELHQWDOH'
FROODERUDWRUHDPPLQLVWUDWLYR%
5,6256(67580(17$/,'$87,/,==$5(
3F
VWDPSDQWH
IRWRFRSLDWRUH
WHOHIRQLILVVL
WHOHIRQLFHOOXODUL
5RVLJQDQR0DULWWLPR5HOD]LRQH3UHYLVLRQDOH3URJUDPPDWLFD
6SHVDSUHYLVWDSHUODUHDOL]]D]LRQH
GHOSURJHWWR
$QQR
6SHVDFRUUHQWH
&RQVROLGDWD
(QWLWjD
'LVYLOXSSR
3HUFHQWXDOHVX
WRWDOH
(QWLWjE
3HUFHQWXDOHVX
WRWDOH
9DORUH
SHUFHQWXDOH
7RWDOHDEF
VXOWRWDOH
VSHVHILQDOL
3HUFHQWXDOHVX
WLWROL,,,H,,,
WRWDOH
6SHVDSHULQYHVWLPHQWR
(QWLWjF
$QQR
6SHVDFRUUHQWH
&RQVROLGDWD
(QWLWjD
3HUFHQWXDOHVX
WRWDOH
(QWLWjE
3HUFHQWXDOHVX
WRWDOH
9DORUH
SHUFHQWXDOH
7RWDOHDEF
VXOWRWDOH
VSHVHILQDOL
3HUFHQWXDOHVX
WLWROL,,,H,,,
WRWDOH
6SHVDSHULQYHVWLPHQWR
'LVYLOXSSR
(QWLWjF
$QQR
6SHVDFRUUHQWH
&RQVROLGDWD
(QWLWjD
'LVYLOXSSR
3HUFHQWXDOHVX
WRWDOH
(QWLWjE
9DORUH
SHUFHQWXDOH
7RWDOHDEF
VXOWRWDOH
VSHVHILQDOL
3HUFHQWXDOHVX
WLWROL,,,H,,,
WRWDOH
6SHVDSHULQYHVWLPHQWR
3HUFHQWXDOHVX
WRWDOH
(QWLWjF
5RVLJQDQR0DULWWLPR5HOD]LRQH3UHYLVLRQDOH3URJUDPPDWLFD
'HVFUL]LRQHGHOSURJHWWR
787(/$(
9$/25,==$=,21(5,6256(,'5,&+(
GLFXLDOSURJUDPPD
69,/8332
6267(1,%,/((787(/$'(/7(55,725,2(
'(//
$0%,(17(
5HVSRQVDELOH,QJ$QGUHD,PPRUDOL
'(6&5,=,21('(/352*(772
&(175,',&2672,17(5(66$7,1(//·$778$=,21('(/352*(772
&,&/2'(//($&48(
2OWUHDJOLLQWHUYHQWLGLFDUDWWHUHPDQXWHQWLYRLQHUHQWLODUHWHIRJQDULDHLGULFDIDFDSRDOSUHVHQWH
FHQWURGLFRVWRODOLTXLGD]LRQHGHOOHTXRWHH[$$727RVFDQD&RVWDRUD$XWRULWj,GULFD7RVFDQD
),1$/,7$·'$&216(*8,5((027,9$=,21('(//(6&(/7(
/H DWWLYLWj UHODWLYH D WDOH SURJHWWR VRQR SULQFLSDOPHQWH YROWH D UHDOL]]DUH LQWHUYHQWL PDQXWHQWLYL
GHOODUHWHIRJQDULD HLGULFD7XWWDYLDXQRELHWWLYRVWUDWHJLFRGHOO·$PPLQLVWUD]LRQHHYLGHQ]LDWRDO
SXQWR ´/D FXUD GHO WHUULWRULR H GHOO·DPELHQWHµ GHO 3URJUDPPD GL 0DQGDWR GHO 6LQGDFR q
UDSSUHVHQWDWR GDOO·LQVWDOOD]LRQH LQ RJQL IUD]LRQH GHO &RPXQH GL IRQWDQHOOH HURJDWULFL GL DFTXD
SXEEOLFDGLTXDOLWjXWLOLSHUULGXUUHODSURGX]LRQHGLSODVWLFD
$WDOHVFRSRVDUjVFHOWRFRQDSSRVLWDJDUDGLOLYHOORVRYUDQD]LRQDOHLOFRQFHVVLRQDULRGHOVHUYL]LR
FKHSRWUjDQFKHLQVWDOODUHDFFDQWRDOOHIRQWDQHOOHXOWHULRULGLVWULEXWRUL DXWRPDWLFLGLSURGRWWLGL
GLYHUVR JHQHUH VHPSUH FRQ O·RELHWWLYR GL ULGXUUH OD SURGX]LRQH GHL ULILXWL GDWL GDL FRQWHQLWRUL LQ
FRPPHUFLR
5,6256(80$1('$,03,(*$5(
GLULJHQWHDO
IXQ]LRQDULRUHVSRQVDELOH'DO
5,6256(67580(17$/,'$87,/,==$5(
3F
VWDPSDQWH
5RVLJQDQR0DULWWLPR5HOD]LRQH3UHYLVLRQDOH3URJUDPPDWLFD
IRWRFRSLDWRUH
WHOHIRQLILVVL
FHOOXODUL
5RVLJQDQR0DULWWLPR5HOD]LRQH3UHYLVLRQDOH3URJUDPPDWLFD
6SHVDSUHYLVWDSHUODUHDOL]]D]LRQH
GHOSURJHWWR
$QQR
6SHVDFRUUHQWH
&RQVROLGDWD
(QWLWjD
'LVYLOXSSR
3HUFHQWXDOHVX
WRWDOH
(QWLWjE
3HUFHQWXDOHVX
WRWDOH
9DORUH
SHUFHQWXDOH
7RWDOHDEF
VXOWRWDOH
VSHVHILQDOL
3HUFHQWXDOHVX
WLWROL,,,H,,,
WRWDOH
6SHVDSHULQYHVWLPHQWR
(QWLWjF
$QQR
6SHVDFRUUHQWH
&RQVROLGDWD
(QWLWjD
3HUFHQWXDOHVX
WRWDOH
(QWLWjE
3HUFHQWXDOHVX
WRWDOH
9DORUH
SHUFHQWXDOH
7RWDOHDEF
VXOWRWDOH
VSHVHILQDOL
3HUFHQWXDOHVX
WLWROL,,,H,,,
WRWDOH
6SHVDSHULQYHVWLPHQWR
'LVYLOXSSR
(QWLWjF
$QQR
6SHVDFRUUHQWH
&RQVROLGDWD
(QWLWjD
'LVYLOXSSR
3HUFHQWXDOHVX
WRWDOH
(QWLWjE
9DORUH
SHUFHQWXDOH
7RWDOHDEF
VXOWRWDOH
VSHVHILQDOL
3HUFHQWXDOHVX
WLWROL,,,H,,,
WRWDOH
6SHVDSHULQYHVWLPHQWR
3HUFHQWXDOHVX
WRWDOH
(QWLWjF
5RVLJQDQR0DULWWLPR5HOD]LRQH3UHYLVLRQDOH3URJUDPPDWLFD
3URJUDPPDQXPHUR
75$63257,(
',5,772$//$02%,/,7$
1XPHURSURJHWWLQHOSURJUDPPD
5HVSRQVDELOL'VVD/RUHQD6LOYHVWUL
,QJ$QGUHD,PPRUDOL
$UWLFRODWRLQ1352*(77,
175$63257238%%/,&2/2&$/(
19,$%,/,7$·(,1)5$67587785(675$'$/,
6LULPDQGDDOOHVLQJROHUHOD]LRQLGHL3URJHWWLSHUO·DQDOLVLGHLFRQWHQXWLGHO3URJUDPPD
&HQWULGLFRVWRLQWHUHVVDWLQHOO·DWWXD]LRQHGHOSURJUDPPD
75$63257,
9,((3,$==(
5RVLJQDQR0DULWWLPR5HOD]LRQH3UHYLVLRQDOH3URJUDPPDWLFD
5LVRUVHFRUUHQWLHGLQFRQWRFDSLWDOH
SHUODUHDOL]]D]LRQHGHOSURJUDPPD
$QQR
$QQR
$QQR
/HJJHGLILQDQ]LDPHQWRHDUWLFROR
(175$7(63(&,),&+(
ł 67$72
ł 3529,1&,$
ł 81,21((8523($
3529(17,'(,6(59,=,
ł 727$/(%
ł $OWUH
727$/(&
727$/(*(1(5$/($%&
ł 5(*,21(
ł &$66$''33&5(',72
63257,92²,67,787,',
35(9,'(1=$
ł $/75,,1'(%,7$0(17,
ł $/75((175$7(
727$/($
4827(',5,6256(*(1(5$/,
3UHVWLWLGDLVWLWXWLSULYDWLULFRUVRDOFUHGLWRRUGLQDULRSUHVWLWLREEOLJD]LRQDULHVLPLOL
5RVLJQDQR0DULWWLPR5HOD]LRQH3UHYLVLRQDOH3URJUDPPDWLFD
6SHVDSUHYLVWDSHUODUHDOL]]D]LRQHGHO
SURJUDPPD
$QQR
6SHVDFRUUHQWH
&RQVROLGDWD
(QWLWjD
'LVYLOXSSR
3HUFHQWXDOHVX
WRWDOH
(QWLWjE
3HUFHQWXDOHVX
WRWDOH
9DORUH
SHUFHQWXDOH
7RWDOHDEF
VXOWRWDOH
VSHVHILQDOL
3HUFHQWXDOHVX
WLWROL,,,H,,,
WRWDOH
6SHVDSHULQYHVWLPHQWR
(QWLWjF
$QQR
6SHVDFRUUHQWH
&RQVROLGDWD
(QWLWjD
3HUFHQWXDOHVX
WRWDOH
(QWLWjE
3HUFHQWXDOHVX
WRWDOH
9DORUH
SHUFHQWXDOH
VXOWRWDOH
7RWDOHDEF
VSHVHILQDOL
3HUFHQWXDOHVX
WLWROL,,,H,,,
WRWDOH
6SHVDSHULQYHVWLPHQWR
'LVYLOXSSR
(QWLWjF
$QQR
6SHVDFRUUHQWH
&RQVROLGDWD
(QWLWjD
'LVYLOXSSR
3HUFHQWXDOHVX
WRWDOH
(QWLWjE
9DORUH
SHUFHQWXDOH
VXOWRWDOH
7RWDOHDEF
VSHVHILQDOL
3HUFHQWXDOHVX
WLWROL,,,H,,,
WRWDOH
6SHVDSHULQYHVWLPHQWR
3HUFHQWXDOHVX
WRWDOH
(QWLWjF
5RVLJQDQR0DULWWLPR5HOD]LRQH3UHYLVLRQDOH3URJUDPPDWLFD
'HVFUL]LRQHGHOSURJHWWR
75$632572
38%%/,&2/2&$/(
GLFXLDOSURJUDPPD
75$63257,(
',5,772$//$02%,/,7$
5HVSRQVDELOH'VVD/RUHQD6LOYHVWUL
'(6&5,=,21('(/352*(772
&(175,',&2672,17(5(66$7,1(//·$778$=,21('(/352*(772
75$63257,
*HVWLRQH GHO VHUYL]LR GL 7UDVSRUWR 3XEEOLFR /RFDOH VHFRQGR OH SULRULWj GHULYDQWL GDOO·DWWLYLWj GL
PRQLWRUDJJLRGHOVHUYL]LRQRQFKpGDOOHHVLJHQ]HGHLFLWWDGLQLHGHLWXULVWL
&RRUGLQDPHQWRGHOOHYDULHPRGDOLWjGLWUDVSRUWRSXEEOLFR
6XSSRUWR WHFQLFR DOO·8IILFLR 5HJLRQDOH 8QLFR LQGLYLGXDWR TXDOH VWD]LRQH DSSDOWDQWH GHOOD JDUD
UHJLRQDOHSHUO·DIILGDPHQWRGHO6HUYL]LR73/
),1$/,7$·'$&216(*8,5((027,9$=,21('(//(6&(/7(
,QFHQWLYD]LRQHDOO·XVRGHOVHUYL]LRGL7UDVSRUWR3XEEOLFR/RFDOHHVRVWHJQRDGLQL]LDWLYHULYROWHDG
XQD PDJJLRUH RSSRUWXQLWj GL PRELOLWj XUEDQD SHU L FLWWDGLQL GHO &RPXQH FRQ SDUWLFRODUH
ULIHULPHQWR D TXHOOL GHOOH IUD]LRQL FROOLQDUL DQFKH SHU VYLOXSSDUH XQD PLJOLRUH DFFHVVLELOLWj GHL
FLWWDGLQLGLTXHVWHIUD]LRQLDLVHUYL]LVFRODVWLFLVSRUWLYLHVRFLRVDQLWDUL
5,6256(80$1('$,03,(*$5(
QGLULJHQWHSHUTXRWDSDUWH
Q)XQ]LRQDULR7HFQLFR&RQWDELOHFDW'FRQ3RVL]LRQH2UJDQL]]DWLYDTXRWDSDUWH
QLVWUXWWRUHGLUHWWLYRDPPLQLVWUDWLYR&DW'SDUWWLPHDOO·TXRWDSDUWH
QLVWUXWWRUHDPPLQLVWUDWLYRFDW&SHUTXRWDSDUWH
5,6256(67580(17$/,'$87,/,==$5(
QSHUVRQDOFRPSXWHU
QDXWRDGLVSRVL]LRQHGLWXWWRLO6HWWRUH3URPR]LRQHGHO7HUULWRULRHGHOO·,PSUHVD
5RVLJQDQR0DULWWLPR5HOD]LRQH3UHYLVLRQDOH3URJUDPPDWLFD
6SHVDSUHYLVWDSHUODUHDOL]]D]LRQH
GHOSURJHWWR
$QQR
6SHVDFRUUHQWH
&RQVROLGDWD
(QWLWjD
'LVYLOXSSR
3HUFHQWXDOHVX
WRWDOH
(QWLWjE
3HUFHQWXDOHVX
WRWDOH
9DORUH
SHUFHQWXDOH
7RWDOHDEF
VXOWRWDOH
VSHVHILQDOL
3HUFHQWXDOHVX
WLWROL,,,H,,,
WRWDOH
6SHVDSHULQYHVWLPHQWR
(QWLWjF
$QQR
6SHVDFRUUHQWH
&RQVROLGDWD
(QWLWjD
3HUFHQWXDOHVX
WRWDOH
(QWLWjE
3HUFHQWXDOHVX
WRWDOH
9DORUH
SHUFHQWXDOH
7RWDOHDEF
VXOWRWDOH
VSHVHILQDOL
3HUFHQWXDOHVX
WLWROL,,,H,,,
WRWDOH
6SHVDSHULQYHVWLPHQWR
'LVYLOXSSR
(QWLWjF
$QQR
6SHVDFRUUHQWH
&RQVROLGDWD
(QWLWjD
'LVYLOXSSR
3HUFHQWXDOHVX
WRWDOH
(QWLWjE
9DORUH
SHUFHQWXDOH
7RWDOHDEF
VXOWRWDOH
VSHVHILQDOL
3HUFHQWXDOHVX
WLWROL,,,H,,,
WRWDOH
6SHVDSHULQYHVWLPHQWR
3HUFHQWXDOHVX
WRWDOH
(QWLWjF
5RVLJQDQR0DULWWLPR5HOD]LRQH3UHYLVLRQDOH3URJUDPPDWLFD
'HVFUL]LRQHGHOSURJHWWR
9,$%,/,7$
(
,1)5$67587785(675$'$/,
GLFXLDOSURJUDPPD
75$63257,(
',5,772$//$02%,/,7$
5HVSRQVDELOH,QJ$QGUHD,PPRUDOL
'(6&5,=,21('(/352*(772
&(175,',&2672,17(5(66$7,1(//·$778$=,21('(/352*(772
9,((3,$==(
/H DWWLYLWj JHVWLRQDOL FKH IDQQR FDSR D TXHVWR FHQWUR GL FRVWR ULJXDUGDQR LQWHUYHQWL GL
ULTXDOLILFD]LRQHGLVSHFLILFKH]RQHGHOWHUULWRULRFRPXQDOHODPDQXWHQ]LRQHRUGLQDULDHVWUDRUGLQDULD
GHOOHVWUDGHGHOOHIRJQDWXUHELDQFKHODPDQXWHQ]LRQHRUGLQDULDGHOODVHJQDOHWLFDRUL]]RQWDOHH
YHUWLFDOHO·DOOHVWLPHQWRGHOOH=7/HVWLYHOHDXWRUL]]D]LRQLDOWUDQVLWRGLFDULFKLHFFH]LRQDOLDJOLVFDYLH
GL DOODFFLR DOOH IRJQDWXUH ELDQFKH LO IXQ]LRQDPHQWR GHOOD VTXDGUD GL SURQWR LQWHUYHQWR SHU OH
PDQXWHQ]LRQLGDHIIHWWXDUVLQHOWHUULWRULRQHOOHRUHFRQVLVWHQWLLQFRSHUWXUDGLEXFKHPXUDWXUDGL
HOHPHQWL GL PDUFLDSLHGL SR]]LQL H JULJOLH UDGGUL]]DPHQWR H PXUDWXUD GL SDOL GHOOD VHJQDOHWLFD
DEEDWWXWLO·RUJDQL]]D]LRQHGHOVHUYL]LRGLUHSHULELOLWjLOFRQWUROORGHOOHRSHUHSXEEOLFKHHVHJXLWHGD
SULYDWL
),1$/,7$·'$&216(*8,5((027,9$=,21('(//(6&(/7(
/D SULRULWj GHJOL LQWHUYHQWL GD DWWXDUVL QHO WULHQQLR GL ULIHULPHQWR q ULFRQRVFLXWD DL ODYRUL GL
PDQXWHQ]LRQH GHOOD YLDELOLWj GHO WHUULWRULR FRPH HYLGHQ]LDWR QHL SXQWL ´/D FXUD GHO WHUULWRULR H
GHOO·DPELHQWHµH´,OODYRURVSHUDQ]DSHULOIXWXURµGHO3URJUDPPDGL0DQGDWRGHO6LQGDFR
7UDTXHVWLLQWHUYHQWLDVVXPHSDUWLFRODUHULOHYDQ]DODPDQXWHQ]LRQHGHOSRQWHLQORFDOLWj4XHUFHWDQR
D&DVWLJOLRQFHOORSHUO·HYLGHQWHGHJUDGRGHOFDOFHVWUX]]RGRYXWRDOODYLFLQDQ]DDOPDUHHTXLQGL
DOODFRVWDQWHD]LRQHHURVLYD
5,6256(80$1('$,03,(*$5(
GLULJHQWHDO
IXQ]LRQDULRUHVSRQVDELOHGHOVHUYL]LR'DO
LVWUXWWRUHGLUHWWLYRWHFQLFR'
LVWUXWWRULWHFQLFL&
FROODERUDWRULSURIHVVLRQDOL%
5RVLJQDQR0DULWWLPR5HOD]LRQH3UHYLVLRQDOH3URJUDPPDWLFD
HVHFXWRUL%
5,6256(67580(17$/,'$87,/,==$5(
DXWRPH]]LFRPSUHVRPDFFKLQHRSHUDWULFL
3F
VWDPSDQWH
IRWRFRSLDWRUH
ID[
WHOHIRQLILVVL
WHOHIRQLFHOOXODUL
5RVLJQDQR0DULWWLPR5HOD]LRQH3UHYLVLRQDOH3URJUDPPDWLFD
6SHVDSUHYLVWDSHUODUHDOL]]D]LRQH
GHOSURJHWWR
$QQR
6SHVDFRUUHQWH
&RQVROLGDWD
(QWLWjD
'LVYLOXSSR
3HUFHQWXDOHVX
WRWDOH
(QWLWjE
3HUFHQWXDOHVX
WRWDOH
9DORUH
SHUFHQWXDOH
7RWDOHDEF
VXOWRWDOH
VSHVHILQDOL
3HUFHQWXDOHVX
WLWROL,,,H,,,
WRWDOH
6SHVDSHULQYHVWLPHQWR
(QWLWjF
$QQR
6SHVDFRUUHQWH
&RQVROLGDWD
(QWLWjD
3HUFHQWXDOHVX
WRWDOH
(QWLWjE
3HUFHQWXDOHVX
WRWDOH
9DORUH
SHUFHQWXDOH
7RWDOHDEF
VXOWRWDOH
VSHVHILQDOL
3HUFHQWXDOHVX
WLWROL,,,H,,,
WRWDOH
6SHVDSHULQYHVWLPHQWR
'LVYLOXSSR
(QWLWjF
$QQR
6SHVDFRUUHQWH
&RQVROLGDWD
(QWLWjD
'LVYLOXSSR
3HUFHQWXDOHVX
WRWDOH
(QWLWjE
9DORUH
SHUFHQWXDOH
7RWDOHDEF
VXOWRWDOH
VSHVHILQDOL
3HUFHQWXDOHVX
WLWROL,,,H,,,
WRWDOH
6SHVDSHULQYHVWLPHQWR
3HUFHQWXDOHVX
WRWDOH
(QWLWjF
5RVLJQDQR0DULWWLPR5HOD]LRQH3UHYLVLRQDOH3URJUDPPDWLFD
3URJUDPPDQXPHUR
62&&2562&,9,/(
1XPHURSURJHWWLQHOSURJUDPPD
5HVSRQVDELOH,QJ$QGUHD,PPRUDOL
$UWLFRODWRLQ1352*(772
16,67(0$',3527(=,21(&,9,/(
6LULPDQGDDOOHVLQJROHUHOD]LRQLGHL3URJHWWLSHUO·DQDOLVLGHLFRQWHQXWLGHO3URJUDPPD
&HQWULGLFRVWRLQWHUHVVDWLQHOO·DWWXD]LRQHGHOSURJUDPPD
3527(=,21(&,9,/(($17,1&(1',2
5RVLJQDQR0DULWWLPR5HOD]LRQH3UHYLVLRQDOH3URJUDPPDWLFD
5LVRUVHFRUUHQWLHGLQFRQWRFDSLWDOH
SHUODUHDOL]]D]LRQHGHOSURJUDPPD
$QQR
$QQR
$QQR
/HJJHGLILQDQ]LDPHQWRHDUWLFROR
(175$7(63(&,),&+(
ł 67$72
ł 5(*,21(
ł 3529,1&,$
ł 81,21((8523($
ł $/75((175$7(
727$/($
3529(17,'(,6(59,=,
ł 727$/(%
ł $OWUH
727$/(&
727$/(*(1(5$/($%&
ł &$66$''33&5(',72
63257,92²,67,787,',
35(9,'(1=$
ł $/75,,1'(%,7$0(17,
4827(',5,6256(*(1(5$/,
3UHVWLWLGDLVWLWXWLSULYDWLULFRUVRDOFUHGLWRRUGLQDULRSUHVWLWLREEOLJD]LRQDULHVLPLOL
5RVLJQDQR0DULWWLPR5HOD]LRQH3UHYLVLRQDOH3URJUDPPDWLFD
6SHVDSUHYLVWDSHUODUHDOL]]D]LRQHGHO
SURJUDPPD
$QQR
6SHVDFRUUHQWH
&RQVROLGDWD
(QWLWjD
'LVYLOXSSR
3HUFHQWXDOHVX
WRWDOH
(QWLWjE
3HUFHQWXDOHVX
WRWDOH
9DORUH
SHUFHQWXDOH
7RWDOHDEF
VXOWRWDOH
VSHVHILQDOL
3HUFHQWXDOHVX
WLWROL,,,H,,,
WRWDOH
6SHVDSHULQYHVWLPHQWR
(QWLWjF
$QQR
6SHVDFRUUHQWH
&RQVROLGDWD
(QWLWjD
3HUFHQWXDOHVX
WRWDOH
(QWLWjE
3HUFHQWXDOHVX
WRWDOH
9DORUH
SHUFHQWXDOH
VXOWRWDOH
7RWDOHDEF
VSHVHILQDOL
3HUFHQWXDOHVX
WLWROL,,,H,,,
WRWDOH
6SHVDSHULQYHVWLPHQWR
'LVYLOXSSR
(QWLWjF
$QQR
6SHVDFRUUHQWH
&RQVROLGDWD
(QWLWjD
'LVYLOXSSR
3HUFHQWXDOHVX
WRWDOH
(QWLWjE
9DORUH
SHUFHQWXDOH
VXOWRWDOH
7RWDOHDEF
VSHVHILQDOL
3HUFHQWXDOHVX
WLWROL,,,H,,,
WRWDOH
6SHVDSHULQYHVWLPHQWR
3HUFHQWXDOHVX
WRWDOH
(QWLWjF
5RVLJQDQR0DULWWLPR5HOD]LRQH3UHYLVLRQDOH3URJUDPPDWLFD
'HVFUL]LRQHGHOSURJHWWR
6,67(0$',
3527(=,21(&,9,/(
GLFXLDOSURJUDPPD
62&&2562
&,9,/(
5HVSRQVDELOH,QJ$QGUHD,PPRUDOL
'(6&5,=,21('(/352*(772
&(175,',&2672,17(5(66$7,1(//·$778$=,21('(/352*(772
3527(=,21(&,9,/(($17,1&(1',2
)DQQRFDSRDTXHVWRFHQWURGLFRVWROHVHJXHQWLDWWLYLWjJHVWLRQDOL
*HVWLRQHGHOODSURWH]LRQHFLYLOHFRPXQDOH
&RRUGLQDPHQWRFRQ3UHIHWWXUD5HJLRQHH3URYLQFLDHDVVRFLD]LRQLGLYRORQWDULDWR
3DUWHFLSD]LRQHDOOHDWWLYLWjGHO&HQWUR,QWHUFRPXQDOHGL3URWH]LRQH&LYLOHLVWLWXLWRGDO
FRRUGLQDPHQWR GHL VLQGDFL FRQ FRPSLWL GL FHQWUR GL VXSSRUWR LQ 3URWH]LRQH &LYLOH OLPLWDWDDO
3UHYHQ]LRQHLQFHQGLERVFKLYL
3DUWHFLSD]LRQHDOODWXUQD]LRQHSHUODVDODRSHUDWLYD$,%SURYLQFLDOH
)RUPD]LRQHGHJOLDGGHWWLFRPXQDOL
,QIRUPD]LRQHDOODFLWWDGLQDQ]D
&RLQYROJLPHQWRGHOOH$VVRFLD]LRQLGLYRORQWDULDWRQHOOHRSHUD]LRQLGL3URWH]LRQH&LYLOH
5HSHULELOLWjFRPXQDOH+
&RRUGLQDPHQWRGHOYRORQWDULDWRLQHYHQWLGL3&
),1$/,7$·'$&216(*8,5((027,9$=,21('(//(6&(/7(
,O SURJUDPPD SUHYHGH OD SURVHFX]LRQH GHL UDSSRUWL FRQ OH YDULH DVVRFLD]LRQL GL YRORQWDULDWR
SUHVHQWL VXO WHUULWRULR FRQ OH TXDOL VRQR VWDWH VWLSXODWH DSSRVLWH FRQYHQ]LRQL QHJOL DQQL VFRUVL
3XEEOLFD $VVLVWHQ]D FRQ ULIHULPHQWR DJOL LQWHUYHQWL GL SUHYHQ]LRQH HG HVWLQ]LRQH GHJOL LQFHQGL
ERVFKLYL&URFH5RVVD,WDOLDQDH0LVHULFRUGLDGL*DEEURSHUOHDWWLYLWjGLSURWH]LRQHFLYLOH
ËSUHYLVWDDOWUHVuODSURVHFX]LRQHGHOOHDWWLYLWjGLIRUPD]LRQHGHOODFLWWDGLQDQ]DHGLUHSHULELOLWjSHU
JDUDQWLUHLOFRRUGLQDPHQWRGHOSURQWRLQWHUYHQWRQHLFDVLGLFDODPLWj
5RVLJQDQR0DULWWLPR5HOD]LRQH3UHYLVLRQDOH3URJUDPPDWLFD
,QFRQVLGHUD]LRQHGHOIDWWRFKHOHDWWLYLWjGHO&HQWUR,QWHUFRPXQDOHWHUPLQDQRLOqDOOR
VWXGLRODSRVVLELOLWjGLFUHDUHXQDVWUXWWXUDVRYUDFRPXQDOHOLPLWDWDDLFRPXQLGHOOD%DVVD 9DOGL
&HFLQDSUHVHQWLQHOWHUULWRULRGHOODSURYLQFLDGL/LYRUQR
5,6256(80$1('$,03,(*$5(
GLULJHQWHDO
IXQ]LRQDULRUHVSRQVDELOHGHOVHUYL]LR'DO
LVWUXWWRUHDPPLQLVWUDWLYR&
5,6256(67580(17$/,'$87,/,==$5(
DXWRPH]]R
3F
3FSRUWDWLOH
VWDPSDQWH
IRWRFRSLDWRUH
ID[
WHOHIRQLILVVL
WHOHIRQLFHOOXODUL
5RVLJQDQR0DULWWLPR5HOD]LRQH3UHYLVLRQDOH3URJUDPPDWLFD
6SHVDSUHYLVWDSHUODUHDOL]]D]LRQH
GHOSURJHWWR
$QQR
6SHVDFRUUHQWH
&RQVROLGDWD
(QWLWjD
'LVYLOXSSR
3HUFHQWXDOHVX
WRWDOH
(QWLWjE
3HUFHQWXDOHVX
WRWDOH
9DORUH
SHUFHQWXDOH
7RWDOHDEF
VXOWRWDOH
VSHVHILQDOL
3HUFHQWXDOHVX
WLWROL,,,H,,,
WRWDOH
6SHVDSHULQYHVWLPHQWR
(QWLWjF
$QQR
6SHVDFRUUHQWH
&RQVROLGDWD
(QWLWjD
3HUFHQWXDOHVX
WRWDOH
(QWLWjE
3HUFHQWXDOHVX
WRWDOH
9DORUH
SHUFHQWXDOH
7RWDOHDEF
VXOWRWDOH
VSHVHILQDOL
3HUFHQWXDOHVX
WLWROL,,,H,,,
WRWDOH
6SHVDSHULQYHVWLPHQWR
'LVYLOXSSR
(QWLWjF
$QQR
6SHVDFRUUHQWH
&RQVROLGDWD
(QWLWjD
'LVYLOXSSR
3HUFHQWXDOHVX
WRWDOH
(QWLWjE
9DORUH
SHUFHQWXDOH
7RWDOHDEF
VXOWRWDOH
VSHVHILQDOL
3HUFHQWXDOHVX
WLWROL,,,H,,,
WRWDOH
6SHVDSHULQYHVWLPHQWR
3HUFHQWXDOHVX
WRWDOH
(QWLWjF
5RVLJQDQR0DULWWLPR5HOD]LRQH3UHYLVLRQDOH3URJUDPPDWLFD
3URJUDPPDQXPHUR
',5,77,62&,$/,
32/,7,&+(62&,$/,()$0,*/,$
1XPHURSURJHWWLQHOSURJUDPPD
5HVSRQVDELOH'RWW9LQFHQ]R%URJL
$UWLFRODWRLQ1352*(77,
1,17(59(17,3(5,/',5,772$//$&$6$
1,17(59(17,3(5/·,1)$1=,$0,125,($6,/,1,'2
1 ,17(59(17, 9$5, $ 6267(*12 '(*/, $1=,$1, ',6$%,/,7$· 62**(77, $ 5,6&+,2 (6&/86,21(()$0,*/,(
1352*5$00$=,21((*29(512'(//$5(7('(,6(59,=,62&,26$1,7$5,(62&,$/,
16(59,=,21(&526&23,&2(&,0,7(5,$/(
6LULPDQGDDOOHVLQJROHUHOD]LRQLGHL3URJHWWLSHUO·DQDOLVLGHLFRQWHQXWLGHO3URJUDPPD
&HQWULGLFRVWRLQWHUHVVDWLQHOO·DWWXD]LRQHGHOSURJUDPPD
:
8)),&,2&$6$
:
&2/21,(
:
$6,/,1,'2
:
8)),&,262&,$/(
:
6(59,=,62&,$/,
:
&,0,7(5,
5RVLJQDQR0DULWWLPR5HOD]LRQH3UHYLVLRQDOH3URJUDPPDWLFD
5LVRUVHFRUUHQWLHGLQFRQWRFDSLWDOH
SHUODUHDOL]]D]LRQHGHOSURJUDPPD
$QQR
$QQR
$QQR
/HJJHGLILQDQ]LDPHQWRHDUWLFROR
(175$7(63(&,),&+(
ł 67$72
ł 5(*,21(
ł 3529,1&,$
ł 81,21((8523($
727$/($
3529(17,'(,6(59,=,
ł $OWUH
727$/(&
727$/(*(1(5$/($%&
ł &$66$''33&5(',72
63257,92²,67,787,',
35(9,'(1=$
ł $/75,,1'(%,7$0(17,
ł $/75((175$7(
ł 727$/(%
4827(',5,6256(*(1(5$/,
3UHVWLWLGDLVWLWXWLSULYDWLULFRUVRDOFUHGLWRRUGLQDULRSUHVWLWLREEOLJD]LRQDULHVLPLOL
5RVLJQDQR0DULWWLPR5HOD]LRQH3UHYLVLRQDOH3URJUDPPDWLFD
6SHVDSUHYLVWDSHUODUHDOL]]D]LRQHGHO
SURJUDPPD
$QQR
6SHVDFRUUHQWH
&RQVROLGDWD
(QWLWjD
'LVYLOXSSR
3HUFHQWXDOHVX
WRWDOH
(QWLWjE
3HUFHQWXDOHVX
WRWDOH
9DORUH
SHUFHQWXDOH
7RWDOHDEF
VXOWRWDOH
VSHVHILQDOL
3HUFHQWXDOHVX
WLWROL,,,H,,,
WRWDOH
6SHVDSHULQYHVWLPHQWR
(QWLWjF
$QQR
6SHVDFRUUHQWH
&RQVROLGDWD
(QWLWjD
3HUFHQWXDOHVX
WRWDOH
(QWLWjE
3HUFHQWXDOHVX
WRWDOH
9DORUH
SHUFHQWXDOH
VXOWRWDOH
7RWDOHDEF
VSHVHILQDOL
3HUFHQWXDOHVX
WLWROL,,,H,,,
WRWDOH
6SHVDSHULQYHVWLPHQWR
'LVYLOXSSR
(QWLWjF
$QQR
6SHVDFRUUHQWH
&RQVROLGDWD
(QWLWjD
'LVYLOXSSR
3HUFHQWXDOHVX
WRWDOH
(QWLWjE
9DORUH
SHUFHQWXDOH
VXOWRWDOH
7RWDOHDEF
VSHVHILQDOL
3HUFHQWXDOHVX
WLWROL,,,H,,,
WRWDOH
6SHVDSHULQYHVWLPHQWR
3HUFHQWXDOHVX
WRWDOH
(QWLWjF
5RVLJQDQR0DULWWLPR5HOD]LRQH3UHYLVLRQDOH3URJUDPPDWLFD
'HVFUL]LRQHGHOSURJHWWR
,17(59(17,
3(5,/',5,772$//$&$6$
GLFXLDOSURJUDPPD
',5,77,62&,$/,
32/,7,&+(62&,$/,()$0,*/,$
5HVSRQVDELOH'RWW9LQFHQ]R%URJL
'(6&5,=,21('(/352*(772
&(175,',&2672,17(5(66$7,1(//·$778$=,21('(/352*(772
8)),&,2&$6$
2JQLDQQRLOSUREOHPDFDVDDVVXPHFRQQRWDWLVHPSUHSLDOODUPDQWLLFDQRQLGLORFD]LRQHGHO
OLEHURPHUFDWRVRQRWURSSRDOWLOHFDVHSRSRODULPDQFDQRHQRQVRQRSURJUDPPDELOLGDWDOD
VFDUVLWj GHOOH ULVRUVH FRPXQDOL LQYHVWLPHQWL LPPRELOLDUL 6HPSUH SL IDPLJOLH VRQR FROSLWH GDOOH
LQJLXQ]LRQLGLVIUDWWRHQHOODPDJJLRUDQ]DGHLFDVLULFRQGXFLELOLDPRURVLWjLQFROSHYROLWXWWRFLzq
FDXVDWRVRSUDWWXWWRGDOODPDQFDQ]DGLRIIHUWDGLODYRURHTXLQGLGDOODFDSDFLWjGHOOHIDPLJOLHGL
UHQGHUVLDXWRQRPHGDLFRQWULEXWLDVVLVWHQ]LDOL6RQRQHWWDPHQWHFDPELDWLLFRQQRWDWLGHOODFODVVH
PHGLDGRYHDQFKHLSLFFROLLPSUHQGLWRULVLSRVVRQRDGHVVRFODVVLILFDUHFRPHL´QXRYLSRYHULµ(·
QHFHVVDULR WURYDUH XQD VROX]LRQH HTXD FKH VHQ]D HOXGHUH OD QHFHVVDULD UHVSRQVDELOLWj GHOOH
SHUVRQHFRQVHQWDORURGLQRQSHUGHUHO·DOORJJLRSHUQRQFDGHUHLQXQDVLWXD]LRQHGLJUDYLVVLPD
GLIILFROWjFKHULVFKLDGLGHJHQHUDUHVHPSUHSLLQXQSUREOHPDGLRUGLQHSXEEOLFR,QIDWWLLGDWL
UDIIURQWDWL GHJOL XOWLPL DQQL FRQIHUPDQR LO FUHVFHQWH DXPHQWR GHOOH GLIILFROWj HFRQRPLFKH
VRSUDWWXWWRGD SDUWHGLFRORURFKHYLYRQRLQXQDOORJJLRLQORFD]LRQHVHPSUHPDJJLRULVRQROH
ULFKLHVWH GL DLXWR GD SDUWH GHOOH IDPLJOLH FKH ODPHQWDQR O·LPSRVVLELOLWj GL SRWHU IDU IURQWH DO
SDJDPHQWRGHLFDQRQLGLORFD]LRQH6HPSUHPDJJLRUHqLOGLVDJLRSHUOHIDVFHSLGHEROLGHOOD
SRSROD]LRQH SHU OH TXDOL LO VRVWHJQR SXEEOLFR UDSSUHVHQWD RUPDL O
XQLFD VSHUDQ]D GL YHGHU
VRGGLVIDWWHOHSURSULHHVLJHQ]HGLXQDOORJJLRLQORFD]LRQHDGXQFDQRQHULGRWWR'REELDPRLQROWUH
HYLGHQ]LDUHFRPHFUHVFDQRYHUWLJLQRVDPHQWHLFDQRQLGLORFD]LRQHGHOOHFDVH6WDWLVWLFDPHQWHq
GLPRVWUDELOHFRPHOHIDPLJOLHFRQIDVFHGLUHGGLWRVRWWRLPLODHXURDQQXLQRQVRQRSLLQJUDGR
GLDFFHGHUHDOPHUFDWRGHOOHORFD]LRQLSULYDWH4XHVWRVSLHJDDQFKHO·DXPHQWRGHOQXPHURGHJOL
VIUDWWL6RQR GDWLDOODUPDQWLFKHUDSSUHVHQWDQRVLJQLILFDWLYDPHQWHFRPHLOSUREOHPDGHOODFDVD
FRLQYROJDXQQXPHURVHPSUHPDJJLRUHGLIDPLJOLHDOOHSUHVHFRQODSHUGLWDGHOSRVWRGLODYRUR
FRQ ODYRUL VSHVVR SUHFDUL VDODUL VWDJQDQWL FRQ O·DXPHQWR GHO FRVWR GHOOD YLWD FRQ FDQRQL GL
ORFD]LRQHHVDVSHUDQWLHGLQYHVWLPHQWLLPPRELOLDULSUHVVRFKpLPSRVVLELOL'LFRQVHJXHQ]DFUHVFHOD
GRPDQGDVRFLDOHGLDOORJJLGLHGLOL]LDUHVLGHQ]LDOHSXEEOLFDHFRPSUHQGHFRORURFKHVRQRSULYLGL
FDVDFRORURFKHYLYRQRLQDELWD]LRQLLPSURSULHRGHJUDGDWHFRORURFKHDELWDQRLQXQDOORJJLRLQ
ORFD]LRQH PD FRQ XQ FDQRQH WURSSR JUDYRVR H XQ VHPSUH FUHVFHQWH QXPHUR GL SHUVRQH
LPPLJUDWHSURYHQLHQWHGDDOWULFRQWLQHQWL1RQRVWDQWHLSURFODPLLJRYHUQLFHQWUDOLQRQLQYHVWRQR
DGHJXDWDPHQWH VXO FRVLGGHWWR 3LDQR &DVD (VLJXR VH QRQ DGGLULWWXUD VFDUVR q O·LPSHJQR
ILQDQ]LDULR SXEEOLFR RFFRUUH XQ·D]LRQH FKH DIILDQFKL OR VWUXPHQWR LQGLUHWWR GHO VRVWHJQR DOOD
SHUVRQDLOFRVuGHWWR´FRQWULEXWRDOODORFD]LRQHµSUHYLVWRGDOOD/HJJHFRQLOILQDQ]LDPHQWR
5RVLJQDQR0DULWWLPR5HOD]LRQH3UHYLVLRQDOH3URJUDPPDWLFD
GLSLDQLGLLQYHVWLPHQWRHGLOL]LRLQQXRYHFRVWUX]LRQLRUHFXSHUL,QPDQFDQ]DGLVLPLOLLQWHUYHQWLHFLRq
GL XQ·D]LRQH SXEEOLFD FKH SDUWD GDOOR 6WDWR JOL VWHVVL (QWL /RFDOL QRQ SRWUDQQR SURJUDPPDUH
SROLWLFKHGLLQYHVWLPHQWLVXOSUREOHPDGHOO·HPHUJHQ]DDELWDWLYD/·DWWULEX]LRQHD5HJLRQLH&RPXQL
GHOOH FRPSHWHQ]H LQ PDWHULD GL SROLWLFKH DELWDWLYH KD FRQVHQWLWR XQD PDJJLRUH DGHUHQ]D DOOH
HVLJHQ]HGHOWHUULWRULRXQDFRQFUHWDUHDOL]]D]LRQHGHOSULQFLSLRGLVXVVLGLDULHWjPDSHUGDUHULVSRVWH
RFFRUUH LQGLFDUH H SUHYHGHUH IRQWL GL ILQDQ]LDPHQWR FRVu JOL HQWL ORFDOL KDQQR RJJL OD PDJJLRU
SDUWH GHOOHFRPSHWHQ]H LQ PDWHULD GL SROLWLFKH SHUOD FDVD PD QRQ JOL VRQR VWDWH DWWULEXLWHOH
ULVRUVHQHFHVVDULH
8QQXPHURVHPSUHFUHVFHQWHGLIDPLJOLHSUHVHQWDULFKLHVWHGLFRQWULEXWRDOODORFD]LRQHFRVuFRPH
SUHYLVWRGDOOD/HJJH,OIRQGRUHJLRQDOHVHPSUHLQPLVXUDPLQRUHDVVHJQDWRDO&RPXQH
YLHQH RJQL YROWD LQFUHPHQWDWR FRQ ULVRUVH GL TXHVWD $PPLQLVWUD]LRQH DO ILQH GL VRGGLVIDUH XQ
QXPHURPDJJLRUHGLLVWDQ]H'LSDUWLFRODUHULOLHYRVRQROHD]LRQLPHVVHLQFDPSRGDODO
HFKHSURVHJXLUDQQRQHOFRUVRGHOUHODWLYHDOGHFUHWRUHJLRQDOHGHQRPLQDWR´VDOYDVIUDWWLµ
FKH KD SHUPHVVR DWWUDYHUVR IRQGL PHVVL D GLVSRVL]LRQH GHOOD UHJLRQH GL PDQWHQHUH LO SURSULR
FRQWUDWWRDIDPLJOLHFKHDVHJXLWRGHOODFULVLQRQHUDQRSLLQJUDGRGLSDJDUHODORFD]LRQHH
DYHYDQRXQDYYLVRGLVIUDWWR
),1$/,7$·'$&216(*8,5((027,9$=,21('(//(6&(/7(
2ELHWWLYRWULHQQDOHQ(GLOL]LD5HVLGHQ]LDOH3XEEOLFD
*HVWLRQHJUDGXDWRULH(531XRYH$VVHJQD]LRQLRUHYRFKHDOORJJL(53YHULILFDUHTXLVLWLGHFUHWLGL
DVVHJQD]LRQHRGHFDGHQ]DUHOD]LRQLFRQ(QWH*HVWRUH&$6$/3*HVWLRQHPRELOLWjDOORJJL(53
LVWUXWWRULD SHU HYHQWXDOL FDPEL FRQVHQVXDOLSUHGLVSRVL]LRQH EDQGR GL PRELOLWj FRQ FRQVHJXHQWH
JUDGXDWRULDUHOD]LRQLFRQ&$6$/3*HVWLRQHDPPLQLVWUDWLYDGHJOLDOORJJLSURSULHWjFRPXQDOHQRQ
SDVVDWL D &$6$/3 YHULILFD SHULRGLFD UHTXLVLWL DVVHJQDWDUL FDOFROR GHO FDQRQH GL ORFD]LRQH LQ
UHOD]LRQHDOUHGGLWRHPLVVLRQHEROOHWWLQLSHUULVFRVVLRQHFDQRQLGLORFD]LRQH
2ELHWWLYR WULHQQDOH Q $OORJJL GL HGLOL]LD DJHYRODWD LQ ORFD]LRQH SHUPDQHQWH D FDQRQH FRQFRUGDWR
/·(QWHVYROJHDWWXDOPHQWHXQUXRORGLYLJLODQ]DHGLFRQWUROORQRQFKpGLDVVHJQD]LRQHGLDOORJJL
FKHHYHQWXDOPHQWHVLUHQGRQROLEHUL
2ELHWWLYRWULHQQDOHQ&RQWULEXWLDOODORFD]LRQHDELWDWLYD
$WWLYD]LRQH PHGLDQWH VSHFLILFR EDQGR H VXFFHVVLYD HURJD]LRQH GHL FRQWULEXWL DOOD ORFD]LRQH
DELWDWLYDGLFXLDOO·DUWGHOODQ,OIRQGRDVVHJQDWRDQQXDOPHQWHGDOOD5HJLRQHRJQLDQQR
LQPLVXUDLQIHULRUHYLHQHLQFUHPHQWDWRFRQULVRUVHGHO%LODQFLR&RPXQDOHDOILQHGLULVSRQGHUHDG
XQ QXPHUR PDJJLRUH GL ULFKLHVWH /·RELHWWLYR DQFKH JHQHUDOH FKH VL LQWHQGH SHUVHJXLUH q
PLJOLRUDUHODTXDOLWjGHOODYLWDGHOODSRSROD]LRQHUHVLGHQWHFKHVLWURYDLQVLWXD]LRQHGLGLVDJLRH
FRQVHJXHQWHPHQWHPLJOLRUDUHODFRHVLRQHVRFLDOH
2ELHWWLYR WULHQQDOH Q $]LRQL LQ IDYRUH GHOOD SRSROD]LRQH LQ VWDWR GL GLVDJLR FRQQHVVH DOO·HPHUJHQ]DDELWDWLYD
(·SUHYHQWLYDWDODSURVHFX]LRQHGHOO·LQWHUYHQWRGLDLXWRFRQFUHWRDOOHIDPLJOLHLQWHUHVVDWHGDJUDYL
SUREOHPL DELWDWLYL FRQ LQL]LDWLYH TXDOL OD FRQFHVVLRQH GL URXORWWH QHL FDPSLQJ GHOOD ]RQD SHU LO
SHULRGR HVWLYR H LO FRQWULEXWR VWUDRUGLQDULR SHU O·HPHUJHQ]DFDVD HURJDWR WUDPLWH LO 6HUYL]LR
$VVLVWHQ]D 6RFLDOH GHOOD 6RFLHWj GHOOD 6DOXWH ,Q WDOH DPELWR O·$PPLQLVWUD]LRQH SURVHJXLUj
DYYDOHQGRVLGHOODVRFLHWjLQKRXVH&520VHUYL]LVUOQHOO·DWWLYLWjILQDOL]]DWDDIDFLOLWDUHO·DFFHVVR
5RVLJQDQR0DULWWLPR5HOD]LRQH3UHYLVLRQDOH3URJUDPPDWLFD
DO PHUFDWR DELWDWLYR SHUTXHOOH IDVFH GL SRSROD]LRQH FKHSXU HVVHQGR LQ JUDGR GL SDJDUHXQ
UDJLRQHYROH FRUULVSHWWLYR WURYDQR SHU YDULH UDJLRQL HVWUHPD GLIILFROWj QHO PHUFDWR SULYDWR LQ
SDUWLFRODUHWDOHDWWLYLWjVDUjULYROWDDLPPLJUDWLVWUDQLHULHFLWWDGLQLLWDOLDQLVHJQDODWLGDLVHUYL]LVRFLDOL
2ELHWWLYR SULPDULR VDUj TXHOOR GL UHSHULUH H VFDQGDJOLDUH HYHQWXDOL GLVSRQLELOLWj GL DOORJJL QHO
PHUFDWR LPPRELOLDUH SULYDWR DO ILQH GL XQD SL FRQFUHWD UD]LRQDOL]]D]LRQH GHO SDWULPRQLR
UHVLGHQ]LDOHH GL HOLPLQDUH FRVuOH JUDYRVH VLWXD]LRQL GHOOHVHFRQGH FDVH ´VILWWHµH LQXWLOL]]DWH,Q
TXHVWRDPELWRYHUUjYHULILFDWDODSRVVLELOLWjFRVuFRPHDQFKHVROOHFLWDWRGDOODUHJLRQH7RVFDQDGL
LVWLWXLUHO·DJHQ]LDGHOODFDVD4XHVWDSRWUjHVVHUHORVWUXPHQWRFKHDOLYHOORFRPXQDOHRDGGLULWWXUD
DOLYHOOR]RQDOHDIIURQWHUjLOGLIILFLOHHVHPSUHFUHVFHQWHSUREOHPDGHOO·HPHUJHQ]DDELWDWLYD
2ELHWWLYR WULHQQDOH Q &RQVXOHQ]D DL FLWWDGLQL VXOOD QRUPDWLYD GHOOH ORFD]LRQL DELWDWLYH /HJJH /RFD]LRQLDELWDWLYH
&RQVXOHQ]D DL FLWWDGLQL VXOO
DSSOLFD]LRQH JHQHUDOH GHOOD QXRYD OHJJH VXOOH ORFD]LRQL DELWDWLYH
VRSUDWWXWWR LQ UHOD]LRQH DOOD WLSRORJLD GHL FRQWUDWWL DOO
DSSOLFD]LRQH GHJOL DXPHQWL ,67$7 H DOOH
SURFHGXUHGLVIUDWWR&RQVXOHQ]DVXFRQWUDWWLGLDIILWWRVWLSXODWL DQWHFHGHQWHPHQWHDOOD/
FRQOHJJLHTXRFDQRQHHSDWWLLQGHURJD&RQWUDWWLGLORFD]LRQHFRQFRUGDWLDQQLDLVHQVL
GHOOD/
/·RELHWWLYR FKH VL LQWHQGH SHUVHJXLUH TXDOH XQD PLJOLRUH TXDOLWj GHOOD YLWD H XQD PDJJLRUH
FRHVLRQH VRFLDOH q FRQFUHWL]]DWR DWWUDYHUVR LO VXSSRUWR DOOH SHUVRQH LQ GLIILFROWj PHGLDQWH LO
VRVWHJQR DO SDJDPHQWR GHL FDQRQL GL ORFD]LRQH FRQ O·LQWHJUD]LRQH FRPXQDOH GHL IRQGL
FRQFHVVLRQH GL DOORJJL D FDQRQH FRQFRUGDWR QRQFKp L FRQVLGHUHYROL LQWHUYHQWL OHJDWL
DOO·HPHUJHQ]DDELWDWLYDHXQ·DWWHQWDDWWLYLWjGLIURQWRIILFHDOILQHGLRULHQWDUHO·XWHQWHDJHYRODUOR
HVRVWHQHUORQHOODFRPSLOD]LRQHGHOOHSUDWLFKHUHODWLYH,QROWUHO·D]LRQHVDUjULYROWDDOODUHGD]LRQH
GHOOHJUDGXDWRULH(53HDOODORURJHVWLRQH/·DWWLYLWjJHVWLWDqRULHQWDWDDOULVSHWWRGHOOHQRUPDWLYH
DPELHQWDOL
5,6256(80$1('$,03,(*$5(
Q'LULJHQWHTXRWDSDUWH
Q5HVSRQVDELOHGHO6HUYL]LR
Q,VWUXWWRUH$PPLQLVWUDWLYR
Q&ROODERUDWRUH$PPLQLVWUDWLYR
5,6256(67580(17$/,'$87,/,==$5(
QSF
QVWDPSDQWH
QFDOFRODWULFH
QIRWRFRSLDWULFH
QSURJUDPPLLQIRUPDWLFLVSHFLILFL
5RVLJQDQR0DULWWLPR5HOD]LRQH3UHYLVLRQDOH3URJUDPPDWLFD
6SHVDSUHYLVWDSHUODUHDOL]]D]LRQH
GHOSURJHWWR
$QQR
6SHVDFRUUHQWH
&RQVROLGDWD
(QWLWjD
'LVYLOXSSR
3HUFHQWXDOHVX
WRWDOH
(QWLWjE
3HUFHQWXDOHVX
WRWDOH
9DORUH
SHUFHQWXDOH
7RWDOHDEF
VXOWRWDOH
VSHVHILQDOL
3HUFHQWXDOHVX
WLWROL,,,H,,,
WRWDOH
6SHVDSHULQYHVWLPHQWR
(QWLWjF
$QQR
6SHVDFRUUHQWH
&RQVROLGDWD
(QWLWjD
3HUFHQWXDOHVX
WRWDOH
(QWLWjE
3HUFHQWXDOHVX
WRWDOH
9DORUH
SHUFHQWXDOH
7RWDOHDEF
VXOWRWDOH
VSHVHILQDOL
3HUFHQWXDOHVX
WLWROL,,,H,,,
WRWDOH
6SHVDSHULQYHVWLPHQWR
'LVYLOXSSR
(QWLWjF
$QQR
6SHVDFRUUHQWH
&RQVROLGDWD
(QWLWjD
'LVYLOXSSR
3HUFHQWXDOHVX
WRWDOH
(QWLWjE
9DORUH
SHUFHQWXDOH
7RWDOHDEF
VXOWRWDOH
VSHVHILQDOL
3HUFHQWXDOHVX
WLWROL,,,H,,,
WRWDOH
6SHVDSHULQYHVWLPHQWR
3HUFHQWXDOHVX
WRWDOH
(QWLWjF
5RVLJQDQR0DULWWLPR5HOD]LRQH3UHYLVLRQDOH3URJUDPPDWLFD
'HVFUL]LRQHGHOSURJHWWR
,17(59(17,
3(5/
,1)$1=,$0,125,($6,/,1,'2
GLFXLDOSURJUDPPD
',5,77,62&,$/,
32/,7,&+(62&,$/,()$0,*/,$
5HVSRQVDELOH'RWW9LQFHQ]R%URJL
'(6&5,=,21('(/352*(772
&(175,',&2672,17(5(66$7,1(//·$778$=,21('(/352*(772
&2/21,(
3URVHJXLUDQQR OH DWWLYLWj OXGLFR ULFUHDWLYH SHU EDPELQL GD HIIHWWXDUVL QHO SHULRGR HVWLYR ,Q
SDUWLFRODUHSHULOYLHQHSUHYLVWDODUHDOL]]D]LRQHGHOSURJHWWRGHQRPLQDWR´(VWDWHLQ&ROOLQDµ
LPSURQWDWRVXOOHWHPDWLFKHDPELHQWDOL7DOHSURJHWWRSUHYHGHDWWLYLWjULYROWHDLEDPELQLLQWXWWHOH
IUD]LRQLFROOLQDULGHO&RPXQH'XUDQWHWXWWRLOSHULRGRHVWLYRVDUDQQRUHDOL]]DWHXQDVHULHGLLQL]LDWLYH
QHOOHYDULHIUD]LRQLGHOWHUULWRULRFRPXQDOHULYROWHDLUDJD]]LGDLDLDQQLG
HWj
*LRFKLDO&DVWHOORODERUDWRULFUHDWLYLHJLRFKLGLUXRORQHOODIUD]LRQHGL5RVLJQDQR0DULWWLPR
)DYROHLQ&ROOLQDOHWWXUHDQLPDWHHODERUDWRULFUHDWLYLQHOOHIUD]LRQLGL*DEEURH1LEELDLD
&DPSLVRODULQHOODIUD]LRQHGL&DVWHOQXRYRGHOOD0LVHULFRUGLD
626 9DFDQ]H LQ &ROOLQD VRVWHJQR VFRODVWLFR SHU EDPELQL H UDJD]]L GHOOH VFXROH HOHPHQWDUL H
PHGLH LQIHULRULQHOOH IUD]LRQL GL &DVWHOQXRYR GHOOD 0GLD *DEEUR 1LEELDLD 5RVLJQDQR 0PR H
9DGD
,QROWUHFRQVLGHUDWHOHDWWXDOLVLWXD]LRQLGLGLVDJLRDQFKHPLQRULOLHSHUODSUHYHQ]LRQHGHOORVWHVVR
GLVDJLR SHU LO q VWDWD UDYYLVDWD OD QHFHVVLWj DQ]LFKp SUHYHGHUH OH WUDGL]LRQDOL DWWLYLWj
GHQRPLQDWH&(00HFLRq&HQWUL(VWLYL0DULQLH0RQWDQLGLSURVHJXLUHO·DSHUWXUDGHL&HQWUL'LXUQL
SHU0LQRULILQRDODJRVWRFRQLQYHVWLPHQWRGLUHWWRGHOO·$PPLQLVWUD]LRQH&RPXQDOH
3HUJDUDQWLUHODSRVVLELOLWjDOOHIDPLJOLHGHLGLYHUVDPHQWHDELOLHGDJOLVWHVVLGLDYHUHSDULRSSRUWXQLWj
YHUUDQQR SUHYLVWH SHU VRJJHWWL SDUWLFRODUPHQWH JUDYL GHOOH RUH GL DVVLVWHQ]D GL EDVH DO ILQH GL
JDUDQWLUHORURXQVRVWHJQRQHOSHULRGRHVWLYR
),1$/,7$·'$&216(*8,5((027,9$=,21('(//(6&(/7(
/·RELHWWLYR SUHILVVDWR q TXHOOR JDUDQWLUH SHU WXWWL L PLQRUL RFFDVLRQL GL LQWHJUD]LRQH H GL
VRFLDOL]]D]LRQH(·XQSURFHVVRFKHVLUHQGHQHFHVVDULRFRQODPHVVDLQFDPSRGLD]LRQLGLUHWWHQHL
FRQIURQWLGLVRJJHWWLFKHLQTXHVWRPRPHQWRVHQWRQRDQFRUDGLSLODFULVLFKHLQYHVWHLOWHUULWRULR
*DUDQWLUHDLPLQRULRSSRUWXQLWjGLUHDOHLQWHJUD]LRQHHSHUFRUVLWHVLDGHYLWDUHO·HPDUJLQD]LRQHq
O·RELHWWLYRLPSUHVFLQGLELOHFKHGRYUjHVVHUHUDJJLXQWRQHLSURVVLPLDQQL
5RVLJQDQR0DULWWLPR5HOD]LRQH3UHYLVLRQDOH3URJUDPPDWLFD
5,6256(80$1('$,03,(*$5(
Q'LULJHQWHTXRWDSDUWH
Q5HVSRQVDELOHGHO6HUYL]LR
Q,VWUXWWRUH$PPLQLVWUDWLYR
5,6256(67580(17$/,'$87,/,==$5(
QSF
QVWDPSDQWH
QFDOFRODWULFH
QIRWRFRSLDWULFH
&(175,',&2672,17(5(66$7,1(//·$778$=,21('(/352*(772
$6,/,1,'2
$WWLYLWjVRFLRHGXFDWLYHSHUEDPELQLDQQL
1$VLOL1LGR&RPXQDOL*HVWLRQHGLUHWWDHLQDSSDOWR
),1$/,7$·'$&216(*8,5((027,9$=,21('(//(6&(/7(
*DUDQWLUHOD TXDOLWjGHLVHUYL]L HODFRHUHQ]DSURJHWWXDOHFKHYHQJRQRFRQVHJXLWHDWWUDYHUVROD
VXSHUYLVLRQH FRPXQDOH H OR VYROJLPHQWR GL XQLWDUL FRUVL GL DJJLRUQDPHQWR H IRUPD]LRQH GHO
SHUVRQDOH D SDUWLUH GDO SURJHWWR D EDVH SVLFRPRWRULD FKH UDSSUHVHQWD LO IXOFUR GHOOH D]LRQL
SHGDJRJLFKHHGDFXLVLGLUDPDQROHYDULHSURSRVWHHGXFDWLYHSURJUDPPDWH
(·SUHYLVWRXQ PLQRUQXPHUR GLSRVWLLQFRQYHQ]LRQDPHQWRFRQXQDVLORQLGRGHOOD&RRSHUDWLYD
&RQWHVWRLQIDQ]LDIUD]LRQHGL5RVLJQDQR6ROYD\HFRQXQFHQWURJLRFRHGXFDWLYRGHOO·$UFLIUD]LRQH
&DVWHOQXRYRGHOOD0LVHULFRUGLDDPEHGXHULVSRQGHQWLDOOHQRUPHGHWWDWHGDOOD5HJLRQH7RVFDQD
HGDL5HJRODPHQWLUHJLRQDOLH&RPXQDOLYLJHQWL&LzGRYUjHVVHUHYHULILFDWRSHULOPDQWHQLPHQWR
GHLSRVWLSHUODSULPDLQIDQ]LDSHULEDPELQLUHVLGHQWLDWWUDYHUVRODFRVWLWX]LRQHGLXQDUHWHGLVHUYL]L
D FXL SDUWHFLSDQRTXLQGLVRJJHWWLSULYDWLDFFUHGLWDWLFKHVLFRQQRWD SHUODTXDOLWjGHOO·RIIHUWD
HGXFDWLYDDLEDPELQLHSHUO·RUJDQL]]D]LRQHIXQ]LRQDOHDOOHQHFHVVLWjGHOOHIDPLJOLH7DOHRIIHUWD
GHYHULHQWUDUHQHJOLRELHWWLYLGL/LVERQDHGRIIULUHDOPHQRLOGHLSRVWLVHUYL]LRDLEDPELQLUHVLGHQWL
QHOWHUULWRULRFRPXQDOH$WWXDOPHQWHLOQRVWUR&RPXQHqDOGLVRWWRGLWDOHSDUDPHWURHXURSHR
5,6256(80$1('$,03,(*$5(
QGLULJHQWHTXRWDSDUWH
Q(GXFDWRUL$VLOR1LGRGLUXROR
Q$VVLVWHQWL(GXFDWLYLGLUXROR
Q$XWLVWDGLUXROR
5RVLJQDQR0DULWWLPR5HOD]LRQH3UHYLVLRQDOH3URJUDPPDWLFD
Q&DSRFXRFRGLUXROR
QFXRFKLGLUXROR
QIXQ]LRQDULR5HVSRQVDELOH32FDW'
QXQ,VWUXWWRUH'LUHWWLYRFDW'
Q,VWUXWWRUH$PPLQLVWUDWLYRFDW&GLUXROR
5,6256(67580(17$/,'$87,/,==$5(
QSHUVRQDOFRPSXWHU
QVWDPSDQWLGLVWULEXLWLVXLVHUYL]L
QDXWRFDUULSHUPHQVHVFRODVWLFKH
QDXWRFDUURSHULWUDVSRUWLVFRODVWLFL
5RVLJQDQR0DULWWLPR5HOD]LRQH3UHYLVLRQDOH3URJUDPPDWLFD
6SHVDSUHYLVWDSHUODUHDOL]]D]LRQH
GHOSURJHWWR
$QQR
6SHVDFRUUHQWH
&RQVROLGDWD
(QWLWjD
'LVYLOXSSR
3HUFHQWXDOHVX
WRWDOH
(QWLWjE
3HUFHQWXDOHVX
WRWDOH
9DORUH
SHUFHQWXDOH
7RWDOHDEF
VXOWRWDOH
VSHVHILQDOL
3HUFHQWXDOHVX
WLWROL,,,H,,,
WRWDOH
6SHVDSHULQYHVWLPHQWR
(QWLWjF
$QQR
6SHVDFRUUHQWH
&RQVROLGDWD
(QWLWjD
3HUFHQWXDOHVX
WRWDOH
(QWLWjE
3HUFHQWXDOHVX
WRWDOH
9DORUH
SHUFHQWXDOH
7RWDOHDEF
VXOWRWDOH
VSHVHILQDOL
3HUFHQWXDOHVX
WLWROL,,,H,,,
WRWDOH
6SHVDSHULQYHVWLPHQWR
'LVYLOXSSR
(QWLWjF
$QQR
6SHVDFRUUHQWH
&RQVROLGDWD
(QWLWjD
'LVYLOXSSR
3HUFHQWXDOHVX
WRWDOH
(QWLWjE
9DORUH
SHUFHQWXDOH
7RWDOHDEF
VXOWRWDOH
VSHVHILQDOL
3HUFHQWXDOHVX
WLWROL,,,H,,,
WRWDOH
6SHVDSHULQYHVWLPHQWR
3HUFHQWXDOHVX
WRWDOH
(QWLWjF
5RVLJQDQR0DULWWLPR5HOD]LRQH3UHYLVLRQDOH3URJUDPPDWLFD
'HVFUL]LRQHGHOSURJHWWR
,17(59(17,
9$5,$6267(*12'(*/,$1=,$1,
',6$%,/,7$
62**(77,$5,6&+,2
(6&/86,21(()$0,*/,(
GLFXLDOSURJUDPPD
',5,77,62&,$/,
32/,7,&+(62&,$/,()$0,*/,$
5HVSRQVDELOH'RWW9LQFHQ]R%URJL
'(6&5,=,21('(/352*(772
&(175,',&2672,17(5(66$7,1(//·$778$=,21('(/352*(772
8)),&,262&,$/(
,OTXDGURVRFLRHFRQRPLFRGHOQRVWURWHUULWRULRULVHQWHIRUWHPHQWHGHOODFULVLVRFLRHFRQRPLFDFKH
LQYHVWHLOQRVWURSDHVH/DFULVLGHOPHUFDWRGHOODYRURKDIDWWRSUHFLSLWDUHXQDVLWXD]LRQHJLjFULWLFD
HOHIDPLJOLHFKHXQD YROWDHUDQRFRQVLGHUDWHDULVFKLRRUD VLWURYDQR LQGLIILFROWj FRQFUHWD H
VSHVVR QRQ ULHVFRQR D IDU IURQWH DOOH VSHVH ULWHQXWH GL RUGLQDULD DPPLQLVWUD]LRQH TXRWLGLDQH ,O
&RPXQHTXDOH(QWH/RFDOHSLYLFLQRDOFLWWDGLQRqODSULPDLQWHUIDFFLDSHUTXHVW·XOWLPRDOTXDOH
ULFKLHGHODVROX]LRQHGHOSURSULRGLVDJLRVHPSUHSLFRPSOHVVRHDOODUPDQWHHFKHVSHVVRULVXOWDGL
GLIILFLOH JHVWLRQH GDWD OD VFDUVLWj GHOOH ULVRUVH GLVSRQLELOL 6L FRQIHUPD SXUWURSSR LO FRVWDQWH
DXPHQWRGHOODSRYHUWjVHPSUHSLQXPHURVHVRQROHIDPLJOLHFKHVLULYROJRQRDLVHUYL]LVRFLDOLSHU
ULFKLHVWHHFRQRPLFKHXQDWDQWXPEXRQLDOLPHQWDULVRVWHJQRVSHVHSHUXWHQ]H$WDOHSURSRVLWR
TXHVW·$PPLQLVWUD]LRQHKDLQWHVRVWDQ]LDUHXQDSDUWHVLJQLILFDWLYDGLULVRUVHLQIDYRUHGL$VDVSDH
$VD 7UDGH VSD SHU VRVWHQHUH TXHOOH VLWXD]LRQL GL JUDYH GLVDJLR HFRQRPLFR VRFLDOH H GL JUDYH
YXOQHUDELOLWj H IUDJLOLWj VRFLDOH /D IRUWH GLIILFROWj LQ FXL LQFRUURQR OH IDPLJOLH H JOL XWHQWL FKH VL
ULYROJRQR DO VHUYL]LR VRFLDOH q SUHYDOHQWHPHQWH TXHOOD GL QRQ ULXVFLUH D IDUH IURQWH DOOH VSHVH
TXRWLGLDQHHLQSDUWLFRODUPRGRDOOHXWHQ]HGRPHVWLFKHGLJDVHDFTXDVHUYL]LQHFHVVDULDPHQWH
GDJDUDQWLUHHSUHVHUYDUHSHULOGLJQLWRVRYLYHUHTXRWLGLDQR,QROWUHFRPHSHUJOLDQQLSDVVDWLVL
FRQIHUPDODFRQFHVVLRQHGHJOLDWWHVWDWLGLHVHQ]LRQHGDOWLFNHWSHUOHSUHVWD]LRQLVDQLWDULHLQIDYRUH
GHLUHVLGHQWLLQFRQGL]LRQH GLGLVDJLRHFRQRPLFR UDSSUHVHQWDWRGDXQ YDORUH,6(( LQIHULRUH D ½
3DUWLFRODUH DWWHQ]LRQH VDUj ULYROWD QHL FRQIURQWL GHO IHQRPHQR GHOO·LPPLJUD]LRQH
&RQVLVWHQWHqODSUHVHQ]DGLLPPLJUDWLVXOQRVWURWHUULWRULRGDVHPSUHTXHVWD$PPLQLVWUD]LRQHKD
DGRWWDWRSROLWLFKHGLDFFRJOLHQ]DHGLLQWHJUD]LRQHFXOWXUDOHEDVWLULFRUGDUHLO3LDQR1D]LRQDOH$VLOR
31$ RJJL GHQRPLQDWR 6LVWHPD GL 3URWH]LRQH SHU ULFKLHGHQWL DVLOR H ULIXJLDWL 635$5 4XHVWR
SURJHWWRqVWDWRILQDQ]LDWRGDO0LQLVWHURGHJOL,QWHUQLDQFKHSHULOWULHQQLR/HOLQHHJXLGD
VXFXLVLLQGLUL]]HUjQHOO·D]LRQHLQFDPSRVRFLDOHVDUDQQRULYROWHDOODWXWHODHDOODSURPR]LRQH
GHOEHQHVVHUHGHOODSHUVRQD,QTXHVWRDPELWRXQDSDUWLFRODUHDWWHQ]LRQHVDUjULYROWDDLVRJJHWWL
GHEROLHRVYDQWDJJLDWLQRQFKpDLGLYHUVDPHQWHDELOLDWWUDYHUVRO·DWWLYLWjGLDVVLVWHQ]DVSHFLDOLVWLFD
DJOLDOXQQLLQVLWXD]LRQHGL+DQGLFDSIUHTXHQWDQWLOHVFXROHGLTXHVWR&RPXQH,OVHUYL]LRDGRJJLq
5RVLJQDQR0DULWWLPR5HOD]LRQH3UHYLVLRQDOH3URJUDPPDWLFD
JHVWLWRGDOODFRRSHUDWLYD&RQVRU]LR1XRYR )XWXURVHUYL]LR DIILGDWRFRQSURFHGXUD DGHYLGHQ]D
SXEEOLFD 6DUDQQRLQGLYLGXDWHD]LRQL SHU OD SUHYHQ]LRQH GHO GLVDJLR VRFLDOH VDUDQQR LQGLYLGXDWL
SHUFRUVLSHUORVYLOXSSRGLXQOLYHOORDSSUH]]DELOHGLVRVWHJQRHDVVLVWHQ]DDOOHVLWXD]LRQLGLGLIILFROWj
LQGLYLGXDOHHIDPLOLDUH8QDSDUWLFRODUHDWWHQ]LRQHVDUjLQGLUL]]DWDDOOHSUREOHPDWLFKHDELWDWLYHFKH
VHPSUHSLDVVXPRQRLOFDUDWWHUHGLHPHUJHQ]DVRFLDOH3RVVLDPRGLUHFKHDQFKHSHULOWULHQQLR
TXHOORDELWDWLYRVDUjLOSUREOHPDPDJJLRUHVXFXLGRYUDQQRHVVHUHLQGLUL]]DWLLQRVWULVIRU]L
QHOO·DPELWRGHOOHSROLWLFKHVRFLDOLULFRUGLDPRDQFKHFKHLQIRUWHFUHVFLWDVRQRJOLVIUDWWLVXOWHUULWRULR
FRPXQDOHLSLGHLTXDOLSHUPRURVLWj/DFULVLHFRQRPLFDODSHUGLWDGHLSRVWLGLODYRURLQFLGRQR
IRUWHPHQWHVXOSUREOHPDFDVDXQLWDPHQWHDOIDWWRFKHLFRVWLGHOOHORFD]LRQLVRQRSDUWLFRODUPHQWH
HOHYDWL
),1$/,7$·'$&216(*8,5((027,9$=,21('(//(6&(/7(
2ELHWWLYRWULHQQDOHQ$]LRQLLQIDYRUHGHOODSRSROD]LRQHLQVWDWRGLGLVDJLR
8Q RELHWWLYR SULPDULR VDUj PDQWHQHUH LQDOWHUDWL JOL LQWHUYHQWL VRVWDQ]LDOL SHU JDUDQWLUH O·DVVLVWHQ]D
VSHFLDOLVWLFDQHJOLDVLOLQLGRQHOOHVFXROHGHOO·LQIDQ]LDHOHPHQWDULHPHGLH/DIRUWHGLIILFROWjLQFXL
LQFRUURQROHIDPLJOLHHJOLXWHQWLFKHVLULYROJRQRDOVHUYL]LRVRFLDOHqSUHYDOHQWHPHQWHTXHOODGL
QRQULXVFLUHDIDUHIURQWHDOOHVSHVHTXRWLGLDQHHLQSDUWLFRODUPRGRDOOHXWHQ]HGRPHVWLFKHGLJDV
HDFTXDVHUYL]LQHFHVVDULDPHQWHGDJDUDQWLUHHSUHVHUYDUHSHULOGLJQLWRVRYLYHUHTXRWLGLDQR3HU
TXHVWRPRWLYRXQXOWHULRUHRELHWWLYRQHLFRQIURQWLGHOODSRSROD]LRQHLQVWDWRGLELVRJQRVDUjHYLWDUH
WUDPLWHXQLPSHJQRHFRQRPLFRDVVXQWRQHLFRQIURQWLGL$6$HG$6$7UDGHLOGLVWDFFRGLXWHQ]HQHL
FRQIURQWLGLSHUVRQHXQJURVVD VLWXD]LRQHGLGLVDJLRVRFLDOH&RVu FRPHXQ DOWURRELHWWLYRVDUjLO
PDQWHQLPHQWR GHOO·HVHQ]LRQH GHO WLFNHW SHU OH SUHVWD]LRQL VDQLWDULH LQ IDYRUH GHL UHVLGHQWL LQ
FRQGL]LRQHGLGLVDJLRHFRQRPLFRUDSSUHVHQWDWRGDXQYDORUH,6((LQIHULRUHD½
2ELHWWLYRWULHQQDOHQ$]LRQLLQIDYRUHGHOODSRSROD]LRQHDQ]LDQD
3URVHJXLUj LO SURJUDPPD GHQRPLQDWR ´1RQQL &LYLFLµ H VYROWR LQ FROODERUD]LRQH FRQ O·$XVHU
5RVLJQDQRFKHSUHYHGHLQL]LDWLYHGLDQLPD]LRQHVRFLDOL]]D]LRQH HGD]LRQLGLVRVWHJQR SUDWLFRDO
VHQVRFLYLFR
2ELHWWLYRWULHQQDOHQ$]LRQLLQIDYRUHGHOODSRSROD]LRQHLPPLJUDWD
&RQWLQXHUjO·LPSHJQRGHOO·$PPLQLVWUD]LRQH&RPXQDOHQHOO·DPELWRGHO3URJHWWRUHODWLYRDO6LVWHPD
GL 3URWH]LRQH SHU ULFKLHGHQWL DVLOR H ULIXJLDWL 635$5 FKH q VWDWR DSSURYDWR H ILQDQ]LDWR GDO
0LQLVWHURGHJOL,QWHUQLSHULOWULHQQLR$QFKHWUDPLWHILQDQ]LDPHQWLUHJLRQDOLQHOO·DPELWR
GHL3LDQL(GXFDWLYL=RQDOL3(=YHUUDQQRILQDQ]LDWLLQWHUYHQWLFKHKDQQRFRPHILQDOLWjOR6YLOXSSR
GHOODFRQRVFHQ]DGHOODOLQJXDLWDOLDQDGDSDUWHGHJOLDOXQQLVWUDQLHULO·RWWLPL]]D]LRQHGHOUDSSRUWR
VFXROD²DOXQQLHVFXROD²IDPLJOLHODSURPR]LRQHGLDWWLYLWjLQWHUFXOWXUDOLHODULGX]LRQHGHLSUREOHPL
LQWHJUD]LRQHWUDLEDPELQLGLGLYHUVHQD]LRQDOLWj/R6SRUWHOOR,PPLJUDWLFRQWLQXHUjDIRUQLUHDWWLYLWj
GLDVVLVWHQ]DHFRQVXOHQ]DDJOLLPPLJUDWLSUHVHQWHVXOQRVWURWHUULWRULR
5,6256(80$1('$,03,(*$5(
Q'LULJHQWHTXRWDSDUWH
Q5HVSRQVDELOHGHO6HUYL]LR
Q,VWUXWWRUH'LUHWWLYR$PPLQLVWUDWLYR
Q,VWUXWWRUL$PPLQLVWUDWLYL
5RVLJQDQR0DULWWLPR5HOD]LRQH3UHYLVLRQDOH3URJUDPPDWLFD
5,6256(67580(17$/,'$87,/,==$5(
QSF
QVWDPSDQWH
QFDOFRODWULFH
QIRWRFRSLDWULFH
5RVLJQDQR0DULWWLPR5HOD]LRQH3UHYLVLRQDOH3URJUDPPDWLFD
6SHVDSUHYLVWDSHUODUHDOL]]D]LRQH
GHOSURJHWWR
$QQR
6SHVDFRUUHQWH
&RQVROLGDWD
(QWLWjD
'LVYLOXSSR
3HUFHQWXDOHVX
WRWDOH
(QWLWjE
3HUFHQWXDOHVX
WRWDOH
9DORUH
SHUFHQWXDOH
7RWDOHDEF
VXOWRWDOH
VSHVHILQDOL
3HUFHQWXDOHVX
WLWROL,,,H,,,
WRWDOH
6SHVDSHULQYHVWLPHQWR
(QWLWjF
$QQR
6SHVDFRUUHQWH
&RQVROLGDWD
(QWLWjD
3HUFHQWXDOHVX
WRWDOH
(QWLWjE
3HUFHQWXDOHVX
WRWDOH
9DORUH
SHUFHQWXDOH
7RWDOHDEF
VXOWRWDOH
VSHVHILQDOL
3HUFHQWXDOHVX
WLWROL,,,H,,,
WRWDOH
6SHVDSHULQYHVWLPHQWR
'LVYLOXSSR
(QWLWjF
$QQR
6SHVDFRUUHQWH
&RQVROLGDWD
(QWLWjD
'LVYLOXSSR
3HUFHQWXDOHVX
WRWDOH
(QWLWjE
9DORUH
SHUFHQWXDOH
7RWDOHDEF
VXOWRWDOH
VSHVHILQDOL
3HUFHQWXDOHVX
WLWROL,,,H,,,
WRWDOH
6SHVDSHULQYHVWLPHQWR
3HUFHQWXDOHVX
WRWDOH
(QWLWjF
5RVLJQDQR0DULWWLPR5HOD]LRQH3UHYLVLRQDOH3URJUDPPDWLFD
'HVFUL]LRQHGHOSURJHWWR
352*5$00$=,21((*29(512'(//$
5(7('(,6(59,=,62&,26$1,7$5,(
62&,$/,
GLFXLDOSURJUDPPD
',5,77,62&,$/,
32/,7,&+(62&,$/,()$0,*/,$
5HVSRQVDELOH'RWW9LQFHQ]R%URJL
'(6&5,=,21('(/352*(772
&(175,',&2672,17(5(66$7,1(//·$778$=,21('(/352*(772
6(59,=,62&,$/,
/H FRPSHWHQ]H VRFLRDVVLVWHQ]LDOL GL FXL O·(QWH /RFDOH q WLWRODUH VDUDQQR HVSOHWDWH LQ IRUPD
FRRUGLQDWDFRQOD6RFLHWjGHOOD6DOXWHFRQODTXDOHYHUUDQQRPDQWHQXWLUDSSRUWLFRVWDQWLVLDSHU
DIIURQWDUH O·DWWXDOH HPHUJHQ]D VRFLDOH VLD SHU XQ PRQLWRUDJJLR FRVWDQWH GHOOH VLWXD]LRQL GL
GLIILFROWjSUHVHQWLVXOWHUULWRULR6HPSUHFRQJLXQWDPHQWHDOOD6RFLHWjGHOOD6DOXWHYHUUDQQRDWWXDWL
LQWHUYHQWLDVRVWHJQRGHOOHVLWXD]LRQLGLGLVDELOLWj
),1$/,7$·'$&216(*8,5((027,9$=,21('(//(6&(/7(
6L SUHYHGRQR LQWHUYHQWL GHVWLQDWL DOO·DVVLVWHQ]D GRPLFLOLDUH SUHVWDWD WUDPLWH O·$]LHQGD 6DQLWDULD
/RFDOH H LO FRQVROLGDPHQWR GHO VHUYL]LR GL PRELOLWj SHU GLVDELOL VLD VXO WHUULWRULR FRPXQDOH VLD VXO
WHUULWRULRH[WUDFRPXQDOH,QROWUHSHUDVVLFXUDUHOHFRPSHWHQ]HVRFLRDVVLVWHQ]LDOLFKHODQRUPDWLYD
DVVHJQDDOO
HQWHORFDOHGDHVHUFLWDUVLLQIRUPDFRRUGLQDWDFRQOD$]LHQGD6DQLWDULD/RFDOHDQFKH
SHU LO L FRPXQL GHOOD ]RQD DVVHJQDQR DOO·$6/ XQR VWDQ]LDPHQWR FRVSLFXR SHU LO %LODQFLR
6RFLDOHODFLIUDSUHYLVWDSURFDSLWHDGDELWDQWHqGL½3HUPDQWHQHUHXQUDSSRUWRGLGLUHWWR
WUD&LWWDGLQL&RPXQHH6RFLHWjGHOOD6DOXWHqSUHYLVWRXQR6SRUWHOOR6RFLDOHFKHVDUjDSHUWRLO
PDUWHGuFKHYHGUjODSUHVHQ]DGLXQDILJXUDTXDOLILFDWD$VVLVWHQWH6RFLDOHSHULOSULPRDFFHVVR
GHLFLWWDGLQLDLVHUYL]L
5,6256(80$1('$,03,(*$5(
Q'LULJHQWHTXRWDSDUWH
QXQLWjFDW'5HVSRQVDELOHGHO6HUYL]LR
Q,VWUXWWRUH'LUHWWLYR$PPLQLVWUDWLYR
5RVLJQDQR0DULWWLPR5HOD]LRQH3UHYLVLRQDOH3URJUDPPDWLFD
Q,VWUXWWRUL$PPLQLVWUDWLYLGLFXLXQR
5,6256(67580(17$/,'$87,/,==$5(
QSF
QVWDPSDQWH
QFDOFRODWULFH
QIRWRFRSLDWULFH
5RVLJQDQR0DULWWLPR5HOD]LRQH3UHYLVLRQDOH3URJUDPPDWLFD
6SHVDSUHYLVWDSHUODUHDOL]]D]LRQH
GHOSURJHWWR
$QQR
6SHVDFRUUHQWH
&RQVROLGDWD
(QWLWjD
'LVYLOXSSR
3HUFHQWXDOHVX
WRWDOH
(QWLWjE
3HUFHQWXDOHVX
WRWDOH
9DORUH
SHUFHQWXDOH
7RWDOHDEF
VXOWRWDOH
VSHVHILQDOL
3HUFHQWXDOHVX
WLWROL,,,H,,,
WRWDOH
6SHVDSHULQYHVWLPHQWR
(QWLWjF
$QQR
6SHVDFRUUHQWH
&RQVROLGDWD
(QWLWjD
3HUFHQWXDOHVX
WRWDOH
(QWLWjE
3HUFHQWXDOHVX
WRWDOH
9DORUH
SHUFHQWXDOH
7RWDOHDEF
VXOWRWDOH
VSHVHILQDOL
3HUFHQWXDOHVX
WLWROL,,,H,,,
WRWDOH
6SHVDSHULQYHVWLPHQWR
'LVYLOXSSR
(QWLWjF
$QQR
6SHVDFRUUHQWH
&RQVROLGDWD
(QWLWjD
'LVYLOXSSR
3HUFHQWXDOHVX
WRWDOH
(QWLWjE
9DORUH
SHUFHQWXDOH
7RWDOHDEF
VXOWRWDOH
VSHVHILQDOL
3HUFHQWXDOHVX
WLWROL,,,H,,,
WRWDOH
6SHVDSHULQYHVWLPHQWR
3HUFHQWXDOHVX
WRWDOH
(QWLWjF
5RVLJQDQR0DULWWLPR5HOD]LRQH3UHYLVLRQDOH3URJUDPPDWLFD
'HVFUL]LRQHGHOSURJHWWR
6(59,=,2
1(&526&23,&2(&,0,7(5,$/(
GLFXLDOSURJUDPPD
',5,77,62&,$/,
32/,7,&+(62&,$/,()$0,*/,$
5HVSRQVDELOH'RWW9LQFHQ]R%URJL
'(6&5,=,21('(/352*(772
&(175,',&2672,17(5(66$7,1(//·$778$=,21('(/352*(772
&,0,7(5,
/HSROLWLFKHFLPLWHULDOLDGRWWDWHGDO&RPXQHGL5RVLJQDQR0DULWWLPRLQGLYLGXDQRQHOFRQWHQLPHQWR
GHJOLLPPRELOL]]LXQRELHWWLYRVWUDWHJLFRSHUSHUVHJXLUHXQ´YLUWXRVRUDSSRUWRFRQO·DPELHQWHµLQ
WHUPLQL GL ULGX]LRQH R FRQWHQLPHQWR GHJOL DPSOLDPHQWL 8Q·LQWHQVD DWWLYLWj GL UHFXSHUR GHOOH
YHFFKLH VHSROWXUH OD GLYXOJD]LRQH GL SROLWLFKH FXOWXUDOL YROWH DOOD ULGX]LRQH GHL FLFOL GL VHSROWXUD
VRVWLWXLWLGDXQGXUHYROH´FLFORGHOODPHPRULDµVRVWHQXWHGDSROLWLFKHGLLQFHQWLYD]LRQHHFRQRPLFD
IDYRULVFRQRLOSHUVHJXLPHQWRGLRELHWWLYLGLFRQWHQLPHQWRGHJOLVSD]L
6RJJHWWRFRQFHVVLRQDULRGHLVHUYL]LFLPLWHULDOLqOD&5206HUYL]LVUOVRFLHWjFRVWLWXLWDGDL&RPXQL
GL5RVLJQDQR0PR&DVWHOOLQD0PDH0RQWHVFXGDLRFKHLQXQDIDVHLQL]LDOHJHVWLYDXQLFDPHQWH
OH IDUPDFLH FRPXQDOL /H IXQ]LRQL GL LQGLUL]]R H FRQWUROOR VRQR ULPDVWH DO &RPXQH GL 5RVLJQDQR
0DULWWLPRFKHLQGLFKHUjOHILQDOLWjGDSHUVHJXLUHVLDDOLYHOORDQQXDOHFKHSOXULHQQDOHPHQWUHJOL
DVSHWWLJHVWLRQDOLHGRSHUDWLYLVRQRVWDWLGHILQLWLQHOFRQWUDWWRGLVHUYL]LRDSSURYDWRFRQDWWRGL&&
QƒGHOHGDVVHJQDWLDOOD&5206HUYL]LVUO
),1$/,7$·'$&216(*8,5((027,9$=,21('(//(6&(/7(
/·$PPLQLVWUD]LRQH LQWHQGH VYLOXSSDUH LO SURJHWWR SHU LO UHFXSHUR H ULTXDOLILFD]LRQH GHL SOHVVL
FLPLWHULDOL PHGLDQWH LQWHUYHQWL GL PDQXWHQ]LRQH RUGLQDULD H VWUDRUGLQDULD H LQFUHPHQWR GHOOD
ULFHWWLYLWj
5,6256(80$1('$,03,(*$5(
Q'LULJHQWHTXRWDSDUWH
QXQLWjFDW'5HVSRQVDELOHGHO6HUYL]LRDO
Q,VWUXWWRUH'LUHWWLYR$PPLQLVWUDWLYR
Q,VWUXWWRUL$PPLQLVWUDWLYL
5RVLJQDQR0DULWWLPR5HOD]LRQH3UHYLVLRQDOH3URJUDPPDWLFD
5,6256(67580(17$/,'$87,/,==$5(
Q3&ILVVL
QƒVWDPSDQWL
5RVLJQDQR0DULWWLPR5HOD]LRQH3UHYLVLRQDOH3URJUDPPDWLFD
6SHVDSUHYLVWDSHUODUHDOL]]D]LRQH
GHOSURJHWWR
$QQR
6SHVDFRUUHQWH
&RQVROLGDWD
(QWLWjD
'LVYLOXSSR
3HUFHQWXDOHVX
WRWDOH
(QWLWjE
3HUFHQWXDOHVX
WRWDOH
9DORUH
SHUFHQWXDOH
7RWDOHDEF
VXOWRWDOH
VSHVHILQDOL
3HUFHQWXDOHVX
WLWROL,,,H,,,
WRWDOH
6SHVDSHULQYHVWLPHQWR
(QWLWjF
$QQR
6SHVDFRUUHQWH
&RQVROLGDWD
(QWLWjD
3HUFHQWXDOHVX
WRWDOH
(QWLWjE
3HUFHQWXDOHVX
WRWDOH
9DORUH
SHUFHQWXDOH
7RWDOHDEF
VXOWRWDOH
VSHVHILQDOL
3HUFHQWXDOHVX
WLWROL,,,H,,,
WRWDOH
6SHVDSHULQYHVWLPHQWR
'LVYLOXSSR
(QWLWjF
$QQR
6SHVDFRUUHQWH
&RQVROLGDWD
(QWLWjD
'LVYLOXSSR
3HUFHQWXDOHVX
WRWDOH
(QWLWjE
9DORUH
SHUFHQWXDOH
7RWDOHDEF
VXOWRWDOH
VSHVHILQDOL
3HUFHQWXDOHVX
WLWROL,,,H,,,
WRWDOH
6SHVDSHULQYHVWLPHQWR
3HUFHQWXDOHVX
WRWDOH
(QWLWjF
5RVLJQDQR0DULWWLPR5HOD]LRQH3UHYLVLRQDOH3URJUDPPDWLFD
3URJUDPPDQXPHUR
69,/8332
(&2120,&2(&203(7,7,9,7$
1XPHURSURJHWWLQHOSURJUDPPD
5HVSRQVDELOH'VVD/RUHQD6LOYHVWUL
$UWLFRODWRLQ1352*(77,
1&200(5&,25(7,',675,%87,9((787(/$'(,&21680$725,
6LULPDQGDDOOHVLQJROHUHOD]LRQLGHL3URJHWWLSHUO·DQDOLVLGHLFRQWHQXWLGHO3URJUDPPD
&HQWULGLFRVWRLQWHUHVVDWLQHOO·DWWXD]LRQHGHOSURJUDPPD
&200(5&,2
),(5((0(5&$7,
35202=,21((&2120,&$
63257(//281,&2
5RVLJQDQR0DULWWLPR5HOD]LRQH3UHYLVLRQDOH3URJUDPPDWLFD
5LVRUVHFRUUHQWLHGLQFRQWRFDSLWDOH
SHUODUHDOL]]D]LRQHGHOSURJUDPPD
$QQR
$QQR
$QQR
/HJJHGLILQDQ]LDPHQWRHDUWLFROR
(175$7(63(&,),&+(
ł 67$72
ł 5(*,21(
ł 3529,1&,$
ł 81,21((8523($
ł $/75((175$7(
727$/($
ł $OWUH
727$/(&
727$/(*(1(5$/($%&
ł &$66$''33&5(',72
63257,92²,67,787,',
35(9,'(1=$
ł $/75,,1'(%,7$0(17,
3529(17,'(,6(59,=,
ł 727$/(%
4827(',5,6256(*(1(5$/,
3UHVWLWLGDLVWLWXWLSULYDWLULFRUVRDOFUHGLWRRUGLQDULRSUHVWLWLREEOLJD]LRQDULHVLPLOL
5RVLJQDQR0DULWWLPR5HOD]LRQH3UHYLVLRQDOH3URJUDPPDWLFD
6SHVDSUHYLVWDSHUODUHDOL]]D]LRQHGHO
SURJUDPPD
$QQR
6SHVDFRUUHQWH
&RQVROLGDWD
(QWLWjD
'LVYLOXSSR
3HUFHQWXDOHVX
WRWDOH
(QWLWjE
3HUFHQWXDOHVX
WRWDOH
9DORUH
SHUFHQWXDOH
7RWDOHDEF
VXOWRWDOH
VSHVHILQDOL
3HUFHQWXDOHVX
WLWROL,,,H,,,
WRWDOH
6SHVDSHULQYHVWLPHQWR
(QWLWjF
$QQR
6SHVDFRUUHQWH
&RQVROLGDWD
(QWLWjD
3HUFHQWXDOHVX
WRWDOH
(QWLWjE
3HUFHQWXDOHVX
WRWDOH
9DORUH
SHUFHQWXDOH
VXOWRWDOH
7RWDOHDEF
VSHVHILQDOL
3HUFHQWXDOHVX
WLWROL,,,H,,,
WRWDOH
6SHVDSHULQYHVWLPHQWR
'LVYLOXSSR
(QWLWjF
$QQR
6SHVDFRUUHQWH
&RQVROLGDWD
(QWLWjD
'LVYLOXSSR
3HUFHQWXDOHVX
WRWDOH
(QWLWjE
9DORUH
SHUFHQWXDOH
VXOWRWDOH
7RWDOHDEF
VSHVHILQDOL
3HUFHQWXDOHVX
WLWROL,,,H,,,
WRWDOH
6SHVDSHULQYHVWLPHQWR
3HUFHQWXDOHVX
WRWDOH
(QWLWjF
5RVLJQDQR0DULWWLPR5HOD]LRQH3UHYLVLRQDOH3URJUDPPDWLFD
'HVFUL]LRQHGHOSURJHWWR
&200(5&,2
5(7,',675,%87,9(787(/$'(,
&21680$725,
GLFXLDOSURJUDPPD
69,/8332
(&2120,&2(&203(7,7,9,7$
5HVSRQVDELOH'VVD/RUHQD6LOYHVWUL
'(6&5,=,21('(/352*(772
&(175,',&2672,17(5(66$7,1(//·$778$=,21('(/352*(772
&200(5&,2
),(5((0(5&$7,
35202=,21((&2120,&$
63257(//281,&2
,OSURJHWWRFRQVLVWHSULQFLSDOPHQWHLQ
D
SURFHGLPHQWLUHODWLYLDOFRPPHUFLRLQVHGHILVVDHVXDUHHSXEEOLFKHDOOHDWWLYLWjGLYHQGLWD
GLVWDPSDTXRWLGLDQDHSHULRGLFD
D
SURFHGLPHQWL LQHUHQWL DOOH DWWLYLWj GL VRPPLQLVWUD]LRQH DOLPHQWL H EHYDQGH H GL
SDQLILFD]LRQHDXWRUL]]D]LRQLLQPDWHULDGLRUDULHVWDELOLPHQWLEDOQHDUL
D
LVWUXWWRULDSHUDXWRUL]]D]LRQL6FLDGLSROL]LDDPPLQLVWUDWLYDSXEEOLFRVSHWWDFRORWUDWWHQLPHQWL
YDULDXWRULPHVVH QROHJJLR DXWRJHVWLRQH HGLQVWDOOD]LRQH GHJOL DSSDUHFFKL H FRQJHJQL
DXWRPDWLFLGDJLRFRHWUDWWHQLPHQWRDXWRUL]]D]LRQLDFFHVVRULHGLSXEEOLFDVLFXUH]]DSUHVVR
SXEEOLFLHVHUFL]L
D
LVWUXWWRULDSHUGHURJKHHPLVVLRQLVRQRUHSURGRWWHGDDWWLYLWjWHPSRUDQHHUXPRURVHYHQGLWD
SURGRWWLILWRVDQLWDULWUDVSRUWRDQLPDOLYLYLHGDOWUHDXWRUL]]D]LRQLVDQLWDULH
D
LVWUXWWRULD SHU ULFRQRVFLPHQWR VWDELOLPHQWL GL SURGX]LRQH H ODYRUD]LRQH SURGRWWL GL RULJLQH
DQLPDOH
D
JHVWLRQHFRPPLVVLRQHFRPXQDOHWHFQLFDGLYLJLODQ]DVXLORFDOLGLSXEEOLFRVSHWWDFROR
D
DWWLYLWjGLFRQWUROORSHUORVYROJLPHQWRGHOOHWRPEROHORWWHULHHFF
D
JHVWLRQHJUDGXDWRULHPHUFDWLWXUQLGLFKLXVXUDGHOOHDWWLYLWjULFKLHVWHGLFHUWLILFD]LRQLHQXOOD
RVWDDQWLPDILDSHQDOHH'85&
D
SURFHGLPHQWL LQHUHQWL O·DYYLR GL DWWLYLWj SURGXWWLYH LQ TXHVWR (QWH H QHL FRPXQL
FRQYHQ]LRQDWL
5RVLJQDQR0DULWWLPR5HOD]LRQH3UHYLVLRQDOH3URJUDPPDWLFD
D
SURFHGLPHQWL LQHUHQWL DXWRUL]]D]LRQH XQLFD DPELHQWDOH GHQXQFLD GL LPSLDQWL GL PHVVD D
WHUUDOLFHQ]DGLYHQGLWDSURGRWWLDOFROLFL
D
ULODVFLRWHVVHULQLHDXWRUL]]D]LRQLLPSLHJRJDVWRVVLFL
D
SURFHGLPHQWL LQHUHQWL O·DWWLYD]LRQH GHJOL LPSLDQWL GL UDGLRFRPXQLFD]LRQH FRPSUHVD OD
SURSRVWDGHO3URJUDPPDFRPXQDOHWULHQQDOHGLVYLOXSSRGHJOLLPSLDQWL
D
LQWHVHHDFFRUGLFRQJOLHQWLHVWHUQLHIXQ]LRQLGLVSRUWHOORXQLFRDVVRFLDWRQHOUDSSRUWRFRQL
FRPXQLFRQYHQ]LRQDWL
D
SURFHGLPHQWLLQHUHQWLLPSLDQWLGLGLVWULEX]LRQHFDUEXUDQWL
D
DWWLYLWjUHODWLYHDSURFHGLPHQWLSHU DFFRQFLDWRULHVWHWLVWLDWWLYLWjGLWDWXDJJLHSLHUFLQJ
DJHQ]LHGLDIIDULGLFXLDOO·DUWGHO78/36LVWUXWWRULGLWLURIRFKLQLSDOHVWUHSULYDWHWLQWR
ODYDQGHULH
),1$/,7$·'$&216(*8,5((027,9$=,21('(//(6&(/7(
,O SURJHWWR VL SRQH O·RELHWWLYR GL SUHGLVSRUUH VWUXPHQWL QRUPDWLYL SHU XQ PLJOLRUH JRYHUQR GHO
WHUULWRULR SHU XQD PDJJLRUH FHUWH]]D GL D]LRQH H WUDVSDUHQ]D QHL FRQIURQWL GHJOL RSHUDWRUL
HFRQRPLFLROWUHFKpXQDULGX]LRQHGHLWHPSLSHUJOLLQVHGLDPHQWLLPSUHQGLWRULDOL
&RQWLQXRDGHJXDPHQWRDVHJXLWRGLGLVSRVL]LRQL QRUPDWLYHHUHJRODPHQWDULGHOOHSUDWLFKHSHU
DYYLRPRGLILFDFHVVD]LRQHVXELQJUHVVRGHOOHDWWLYLWjSURGXWWLYHHSUHVWD]LRQLGLVHUYL]L FKHVRQR
SUHVHQWDWH REEOLJDWRULDPHQWH LQ PRGR WHOHPDWLFR WUDPLWH LO SRUWDOH 68$3 FKH FRVWLWXLVFH XQD
SLDWWDIRUPD FRPXQH D WXWWL JOL XIILFL DG HVVR FROOHJDWL 7DOH DWWLYLWj FRPSRUWD XQ FRVWDQWH
DGHJXDPHQWRRUJDQL]]DWLYRHIRUPDWLYR
1XRYD SURFHGLPHQWDOL]]D]LRQH GHOO·DWWLYLWj GL WLQWR ODYDQGHULH D VHJXLWR GL VSHFLILFD QRUPDWLYD
UHJLRQDOH UHODWLYD /57 FKH KD DVVHJQDWR OD FRPSHWHQ]D DELOLWDWLYD H GL FRQWUROOR DL
FRPXQL
$GR]LRQH H DSSOLFD]LRQH GHOOD UHJRODPHQWD]LRQH SHU OD JHVWLRQH DPELHQWDOH GHOOH LQL]LDWLYH GL
VRPPLQLVWUD]LRQH WHPSRUDQHD H GHOOH VDJUH FKH FRQVHQWH GL YDORUL]]DUH LQL]LDWLYH WHVH D
VDOYDJXDUGDUH H SURPXRYHUH OH WLSLFLWj ORFDOL SUHYHGHQGR DJHYROD]LRQL ULFRQRVFLPHQWL H
SXEEOLFL]]D]LRQHDOOHVDJUHFKHSURSRQJDQRSURGRWWLDJURDOLPHQWDULORFDOL
,Q PDWHULD GL WHOHIRQLD VL UHQGH LQGLVSHQVDELOH LQWHUYHQLUHFRQ LGRQHD GLVFLSOLQD SLDQLILFDWRULD H
UHJRODPHQWDUH VLDSXUHQHOO·LQFHUWH]]DQRUPDWLYDGHULYDQWHGDOODFRQIOLWWXDOLWjWUDODQRUPDWLYD
QD]LRQDOHHTXHOODUHJLRQDOHSHUIRUQLUHFRPXQTXHXQRVWUXPHQWRGLJRYHUQRHWXWHODGHLFLWWDGLQL
ROWUHFKHSHUGDUHFHUWH]]DDLJHVWRULGHOOHYDULHUHWLGLUDGLRFRPXQLFD]LRQL
$JJLRUQDPHQWR D VHJXLWR GHOOD FRQWLQXD HYROX]LRQH QRUPDWLYD GHO UHJRODPHQWR SHU O·DWWLYLWj
FRPPHUFLDOHVXOOHDUHHSXEEOLFKHHGLTXHOORGLRUJDQL]]D]LRQHGHOOD&RPPLVVLRQH&RPXQDOHGL
9LJLODQ]D
$ VHJXLWR GHOO·HQWUDWD LQ YLJRUH GL QRUPDWLYH GL GHWWDJOLR ULHODERUD]LRQH LPPHGLDWD GHOOH
SURFHGXUH LQHUHQWL OR VYROJLPHQWR GL DWWLYLWj LVWLWX]LRQDOH SHU LO ULODVFLR GHOOH DXWRUL]]D]LRQL SHU L
5RVLJQDQR0DULWWLPR5HOD]LRQH3UHYLVLRQDOH3URJUDPPDWLFD
WUDWWHQLPHQWLPXVLFDOLHUHODWLYHGHURJKH'35*Q5ËLQDWWRXQDFROODERUD]LRQHFRQ
O·82 $PELHQWH SHU OH PRGLILFKH DO 3LDQR $FXVWLFR &RPXQDOH $OWUR RELHWWLYR O
DGR]LRQH GHO
5HJRODPHQWR$FXVWLFRDOILQHGLJDUDQWLUHULVSRVWDDJOLRSHUDWRULGHOVHWWRUH
$VHJXLWRGHOUHFHQWHWUDVIHULPHQWRGHOODFRPSHWHQ]DDFRQFOXGHUHLSURFHGLPHQWLLQPDWHULDGL
YLROD]LRQLGHOOHQRUPHVXOFRPPHUFLRDYYLRGLUHODWLYDSURFHGLPHQWDOL]]D]LRQHSHUO·DGR]LRQHGL
QXPHURVHRUGLQDQ]HLQJLXQ]LRQLYROWHDOO·LUURJD]LRQHGHOOHVDQ]LRQLHGDOO·HYHQWXDOHPHVVDDUXROR
RYYHURUDWHL]]D]LRQHQRQFKpJHVWLRQHGHOFRQWHQ]LRVRSUHVVRLOJLXGLFHFRPSHWHQWH
5LFRQRVFLPHQWRGLQXRYL&HQWUL&RPPHUFLDOL1DWXUDOLROWUHTXHOOLJLjHVLVWHQWL
5,6256(80$1('$,03,(*$5(
Q'LULJHQWHSHUTXRWDSDUWH
Q&DW'3RVL]LRQH2UJDQL]]DWLYDDO
QGLSHQGHQWLGLUXRORDO&DW'
QGLSHQGHQWHGLUXRORDO&DW'
QGLSHQGHQWLGLUXRORDO&DW&
QGLSHQGHQWHGLUXRORSDUWWLPHDO&DW&
5,6256(67580(17$/,'$87,/,==$5(
QSHUVRQDOFRPSXWHU
QVWDPSDQWL
QVFDQQHU
QDXWRDGLVSRVL]LRQHGLWXWWRLO6HWWRUH3URPR]LRQHGHO7HUULWRULRHGHOO·,PSUHVD
5RVLJQDQR0DULWWLPR5HOD]LRQH3UHYLVLRQDOH3URJUDPPDWLFD
6SHVDSUHYLVWDSHUODUHDOL]]D]LRQH
GHOSURJHWWR
$QQR
6SHVDFRUUHQWH
&RQVROLGDWD
(QWLWjD
'LVYLOXSSR
3HUFHQWXDOHVX
WRWDOH
(QWLWjE
3HUFHQWXDOHVX
WRWDOH
9DORUH
SHUFHQWXDOH
7RWDOHDEF
VXOWRWDOH
VSHVHILQDOL
3HUFHQWXDOHVX
WLWROL,,,H,,,
WRWDOH
6SHVDSHULQYHVWLPHQWR
(QWLWjF
$QQR
6SHVDFRUUHQWH
&RQVROLGDWD
(QWLWjD
3HUFHQWXDOHVX
WRWDOH
(QWLWjE
3HUFHQWXDOHVX
WRWDOH
9DORUH
SHUFHQWXDOH
7RWDOHDEF
VXOWRWDOH
VSHVHILQDOL
3HUFHQWXDOHVX
WLWROL,,,H,,,
WRWDOH
6SHVDSHULQYHVWLPHQWR
'LVYLOXSSR
(QWLWjF
$QQR
6SHVDFRUUHQWH
&RQVROLGDWD
(QWLWjD
'LVYLOXSSR
3HUFHQWXDOHVX
WRWDOH
(QWLWjE
9DORUH
SHUFHQWXDOH
7RWDOHDEF
VXOWRWDOH
VSHVHILQDOL
3HUFHQWXDOHVX
WLWROL,,,H,,,
WRWDOH
6SHVDSHULQYHVWLPHQWR
3HUFHQWXDOHVX
WRWDOH
(QWLWjF
5RVLJQDQR0DULWWLPR5HOD]LRQH3UHYLVLRQDOH3URJUDPPDWLFD
3URJUDPPDQXPHUR
$*5,&2/785$
32/,7,&+($*52$/,0(17$5,(3(6&$
1XPHURSURJHWWLQHOSURJUDPPD
5HVSRQVDELOH'VVD/RUHQD6LOYHVWUL
$UWLFRODWRLQ1352*(77,
169,/8332'(/6(7725($*5,&2/2('(/6,67(0$$*52$/,0(17$5(
6LULPDQGDDOOHVLQJROHUHOD]LRQLGHL3URJHWWLSHUO·DQDOLVLGHLFRQWHQXWLGHO3URJUDPPD
&HQWULGLFRVWRLQWHUHVVDWLQHOO·DWWXD]LRQHGHOSURJUDPPD
$*5,&2/785$
5RVLJQDQR0DULWWLPR5HOD]LRQH3UHYLVLRQDOH3URJUDPPDWLFD
5LVRUVHFRUUHQWLHGLQFRQWRFDSLWDOH
SHUODUHDOL]]D]LRQHGHOSURJUDPPD
$QQR
$QQR
$QQR
/HJJHGLILQDQ]LDPHQWRHDUWLFROR
(175$7(63(&,),&+(
ł 67$72
ł 3529,1&,$
ł 81,21((8523($
3529(17,'(,6(59,=,
ł 727$/(%
ł $OWUH
727$/(&
727$/(*(1(5$/($%&
ł 5(*,21(
ł &$66$''33&5(',72
63257,92²,67,787,',
35(9,'(1=$
ł $/75,,1'(%,7$0(17,
ł $/75((175$7(
727$/($
4827(',5,6256(*(1(5$/,
3UHVWLWLGDLVWLWXWLSULYDWLULFRUVRDOFUHGLWRRUGLQDULRSUHVWLWLREEOLJD]LRQDULHVLPLOL
5RVLJQDQR0DULWWLPR5HOD]LRQH3UHYLVLRQDOH3URJUDPPDWLFD
6SHVDSUHYLVWDSHUODUHDOL]]D]LRQHGHO
SURJUDPPD
$QQR
6SHVDFRUUHQWH
&RQVROLGDWD
(QWLWjD
'LVYLOXSSR
3HUFHQWXDOHVX
WRWDOH
(QWLWjE
3HUFHQWXDOHVX
WRWDOH
9DORUH
SHUFHQWXDOH
7RWDOHDEF
VXOWRWDOH
VSHVHILQDOL
3HUFHQWXDOHVX
WLWROL,,,H,,,
WRWDOH
6SHVDSHULQYHVWLPHQWR
(QWLWjF
$QQR
6SHVDFRUUHQWH
&RQVROLGDWD
(QWLWjD
3HUFHQWXDOHVX
WRWDOH
(QWLWjE
3HUFHQWXDOHVX
WRWDOH
9DORUH
SHUFHQWXDOH
VXOWRWDOH
7RWDOHDEF
VSHVHILQDOL
3HUFHQWXDOHVX
WLWROL,,,H,,,
WRWDOH
6SHVDSHULQYHVWLPHQWR
'LVYLOXSSR
(QWLWjF
$QQR
6SHVDFRUUHQWH
&RQVROLGDWD
(QWLWjD
'LVYLOXSSR
3HUFHQWXDOHVX
WRWDOH
(QWLWjE
9DORUH
SHUFHQWXDOH
VXOWRWDOH
7RWDOHDEF
VSHVHILQDOL
3HUFHQWXDOHVX
WLWROL,,,H,,,
WRWDOH
6SHVDSHULQYHVWLPHQWR
3HUFHQWXDOHVX
WRWDOH
(QWLWjF
5RVLJQDQR0DULWWLPR5HOD]LRQH3UHYLVLRQDOH3URJUDPPDWLFD
'HVFUL]LRQHGHOSURJHWWR
69,/8332'(/
6(7725($*5,&2/2('(/6,67(0$
$*52$/,0(17$5(
GLFXLDOSURJUDPPD
$*5,&2/785$
32/,7,&+($*52$/,0(17$5,(3(6&$
5HVSRQVDELOH'VVD/RUHQD6LOYHVWUL
'(6&5,=,21('(/352*(772
&(175,',&2672,17(5(66$7,1(//·$778$=,21('(/352*(772
$*5,&2/785$
,OSURJHWWRFRQVLVWHSULQFLSDOPHQWHLQ
D
,VWUXWWRULD H GHILQL]LRQH GHL SLDQL GL PLJOLRUDPHQWR DJULFROR DPELHQWDOH SUDWLFKH GL
GHUXUDOL]]D]LRQHHGDWWLYLWjDJULWXULVWLFKHHGLWWLWXULVWLFKH
D
$WWLYLWjGLFRQWUROORG·XIILFLRHWUDPLWHVRSUDOOXRJKL
D
3DUWHFLSD]LRQLLQHUHQWLDGLVWUXWWRULHSHUODUHDOL]]D]LRQHGLDQQHVVLDJULFROLDPDWRULDOL
D
3URFHGLPHQWLLQHUHQWLODYHQGLWDGDSDUWHGLLPSUHQGLWRULDJULFROLSHVFDWRULSURIHVVLRQDOLH
PHUFDWLGHOODILOLHUDFRUWD
D
5LODVFLRWHVVHULQLSHUUDFFROWDWDUWXILSHUODYHQGLWDSURGRWWLILWRVDQLWDULHSHUHVHUFL]LRGHOOD
FDFFLD
D
3UDWLFKHLQHUHQWLO·DWWLYLWjYHQDWRULDFRPSUHVDODGLVFLSOLQDGHLIRQGLFKLXVL
D
$WWLYLWjFRQQHVVHDGRSHUD]LRQLFHQVXDULH,67$7
D
$WWLYLWjGLSURPR]LRQHHVRVWHJQRDOOHLQL]LDWLYHULYROWHDOVHWWRUHDJULFROR
D
$GHVLRQL H VRVWHJQL HFRQRPLFL DG $VVRFLD]LRQL 1D]LRQDOL GL YDORUL]]D]LRQH GL SURGRWWL
DJURDOLPHQWDUL
),1$/,7$·'$&216(*8,5((027,9$=,21('(//(6&(/7(
,OSURJHWWRVLSRQHO·RELHWWLYRGLYDORUL]]D]LRQHGHOFRPSDUWRDJULFRORFKHFRPSUHQGHXQDEXRQD
SDUWHGLHFRQRPLD GHOWHUULWRULRIDYRUHQGROHSURGX]LRQL ORFDOLODILOLHUD FRUWDLSURGRWWLWLSLFL H
DJURDOLPHQWDULHWXWWDO·DWWLYLWjDJULFRODULFRQRVFHQGROHDQFKHXQLPSRUWDQWHUXRORGLWXWHODGHO
WHUULWRULRHGHOSDHVDJJLR
5RVLJQDQR0DULWWLPR5HOD]LRQH3UHYLVLRQDOH3URJUDPPDWLFD
6WXGLRHDSSOLFD]LRQHGHOOD/57QVXLPDQXIDWWLSHUDSSRVWDPHQWRILVVRFDUDWWHUL]]DWD
GD HOHPHQWL FRQWUDGGLWWRUL FKH FRPSRUWDQR QRWHYROL SUREOHPDWLFKH LQWHUSUHWDWLYH DWWH D
PRELOLWDUH L QXPHURVL FDFFLDWRUL FRLQYROWL DL TXDOL LO VHUYL]LR QRQ SXz ULVSRQGHUH VH QRQ SUHYLR
FKLDULPHQWRFRQLOOHJLVODWRUHUHJLRQDOH
$GHJXDPHQWR RUJDQL]]DWLYR H VWUXPHQWDOH DQFKH GDO SXQWR GL YLVWD GHOOD UHWWLILFD GHOOD
PRGXOLVWLFDQHFHVVDULDDLYDULSURFHGLPHQWLDVHJXLWRGHOODFRQWLQXDHYROX]LRQHQRUPDWLYD
5,6256(80$1('$,03,(*$5(
Q'LULJHQWHSHUTXRWDSDUWH
Q&DW'3RVL]LRQH2UJDQL]]DWLYDDO
QGLSHQGHQWLGLUXRORSDUWWLPH&DW'
QDJURQRPRFRQFRQWUDWWRSDUWWLPHDO&DW'
QGLSHQGHQWHGLUXRORDO&DW&
5,6256(67580(17$/,'$87,/,==$5(
QSHUVRQDOFRPSXWHU
QVWDPSDQWH
QIRWRFRSLDWULFHDGLVSRVL]LRQHGHOO·8268$3
QDXWRDGLVSRVL]LRQHGLWXWWRLO6HWWRUH3URPR]LRQHGHO7HUULWRULRHGHOO·,PSUHVD
5RVLJQDQR0DULWWLPR5HOD]LRQH3UHYLVLRQDOH3URJUDPPDWLFD
6SHVDSUHYLVWDSHUODUHDOL]]D]LRQH
GHOSURJHWWR
$QQR
6SHVDFRUUHQWH
&RQVROLGDWD
(QWLWjD
'LVYLOXSSR
3HUFHQWXDOHVX
WRWDOH
(QWLWjE
3HUFHQWXDOHVX
WRWDOH
9DORUH
SHUFHQWXDOH
7RWDOHDEF
VXOWRWDOH
VSHVHILQDOL
3HUFHQWXDOHVX
WLWROL,,,H,,,
WRWDOH
6SHVDSHULQYHVWLPHQWR
(QWLWjF
$QQR
6SHVDFRUUHQWH
&RQVROLGDWD
(QWLWjD
3HUFHQWXDOHVX
WRWDOH
(QWLWjE
3HUFHQWXDOHVX
WRWDOH
9DORUH
SHUFHQWXDOH
7RWDOHDEF
VXOWRWDOH
VSHVHILQDOL
3HUFHQWXDOHVX
WLWROL,,,H,,,
WRWDOH
6SHVDSHULQYHVWLPHQWR
'LVYLOXSSR
(QWLWjF
$QQR
6SHVDFRUUHQWH
&RQVROLGDWD
(QWLWjD
'LVYLOXSSR
3HUFHQWXDOHVX
WRWDOH
(QWLWjE
9DORUH
SHUFHQWXDOH
7RWDOHDEF
VXOWRWDOH
VSHVHILQDOL
3HUFHQWXDOHVX
WLWROL,,,H,,,
WRWDOH
6SHVDSHULQYHVWLPHQWR
3HUFHQWXDOHVX
WRWDOH
(QWLWjF
5RVLJQDQR0DULWWLPR²5HOD]LRQH3UHYLVLRQDOH3URJUDPPDWLFD
²5LHSLORJRSURJUDPPLSHUIRQWLGLILQDQ]LDPHQWR
'HQRPLQD]LRQH
GHOSURJUDPPD
3UHYLVLRQHSOXULHQQDOHGLVSHVD
/HJJHGLILQDQ]LDPHQWRH
UHJRODPHQWR8(HVWUHPL
)217,',),1$1=,$0(172
7RWDOHGHOODSUHYLVLRQHSOXULHQQDOH
&DVVD''33
$OWUL
&563
LQGHELWDPHQWL
,VW3UHY
$QQRGL
FRPSHWHQ]D
ƒDQQR
VXFFHVVLYR
ƒDQQR
VXFFHVVLYR
4XRWHGL
ULVRUVH
JHQHUDOL
6WDWR
5HJLRQH
3URYLQFLD
8(
$OWUHHQWUDWH
5RVLJQDQR0DULWWLPR²5HOD]LRQH3UHYLVLRQDOH3URJUDPPDWLFD
LOQU'HOSURJUDPPDGHYHHVVHUHTXHOORLQGLFDWRDOSXQWR
SUHVWLWLGDLVWLWXWLSULYDWLFUHGLWRRUGLQDULRSUHVWLWLREEOLJD]LRQDULHVLPLOL
5RVLJQDQR0DULWWLPR²5HOD]LRQH3UHYLVLRQDOH3URJUDPPDWLFD
Programmazione degli Incarichi di Collaborazione Autonoma ANNO 2014
Codifica di Bilancio
Settore/
Responsabile
101010303000380
D.ssa
ANGELA
MARIA
CASUCCI
CPO INCARICO DI CONSULENZA
PSICOLOGICA SERVIZIO
SPORTELLO DONNA
101020303000380
D.ssa
ANGELA
MARIA
CASUCCI
101020302000235
Dott.
MIRKO
CANTINI
101020302001235
Dott.
MIRKO
CANTINI
101020302001286
Dott.
MIRKO
CANTINI
20105010688
20906010488
20801011088
*Totale
ITQU
ITQU
ITQU
Oggetto Prestazione
Importo*
Prestazione imposta da legge
Studio, Ricerca o Consulenza
1.800,00 NO
SI
Patrocini Legali
80.000,00 NO
NO
CORSI FORMAZIONE PERSONALE
CORSI FORMAZIONE PERSONALE IN MATERIA DI SICUREZZA SUL
LAVORO e Membri di commissioni di
concorso
10.000,00 NO
NO
9.750,00 NO
NO
1.530,00 NO
NO
10.000,00 NO
NO
20.000,00 NO
NO
25.000,00 NO
158.080,00
NO
Membri di commissioni di concorso
pubblico
progettazione interventi adeguamento
normativa prevenzione incendi e
relative pratiche - servizio di ingegneria
ex art. 90 del d.lgs. n. 163/06
progettazione interventi manutentivi di
parchi - servizio di ingegneria ex art. 90
del d.lgs. n. 163/06
progettazione, direzione lavori e
collaudo statico - servizio di ingegneria
ex art. 90 del d.lgs. n. 163/06
Note: *trattasi di importo massimo previsto per collaborazioni autonome, fatta salva la possibilità di altro impiego in applicazione del PEG.
5RVLJQDQR0DULWWLPR5HOD]LRQH3UHYLVLRQDOH3URJUDPPDWLFD
6(=,21(
6WDWRGLDWWXD]LRQHGHLSURJUDPPL
GHOLEHUDWLQHJOLDQQLSUHFHGHQWLH
FRQVLGHUD]LRQLVXOORVWDWRGL
DWWXD]LRQH
5RVLJQDQR0DULWWLPR5HOD]LRQH3UHYLVLRQDOH3URJUDPPDWLFD
²(OHQFRGHOOHRSHUHSXEEOLFKH
ILQDQ]LDWHQHJOLDQQLSUHFHGHQWLHQRQ
UHDOL]]DWHLQWXWWRRLQSDUWH
352*5$00,'(/,%(5$7,1(*/,$11,35(&('(17,(121$1&25$&21&/86,
,PSRUWLLQ
PLJOLDLDGL
HXUR²JLj
OLTXLGDWL
]HUR
)RQWLGL
ILQDQ]LDPHQWR
GHVFUL]LRQH
HVWUHPL
PXWXR
]HUR
PXWXR
&RQWU5HJLRQH
]HUR
PXWXR
PXWXR
&RQWU5HJLRQH
]HUR
&RQWU5HJLRQH
]HUR
&RQWU&((
&RQWU6WDWRVX
IRQGL&,3(
$YDQ]R
DPPQH
]HUR
(QWUDWH
FRUUHQWL
]HUR
'LYHUVLGD
DOLHQD]LRQL
EHQLLPPRELOL
$YDQ]R
DPPQH
'HVFUL]LRQH
RJJHWWRGHOOH
RSHUH
&RGLFHH
IXQ]LRQH
VHUYL]LR
0LJOLRUDPHQWRH
DPSOLDPHQWRYLD
GL6HUUDJUDQGH
5HJLPD]LRQH
IRVVR9DOOHFRUVD
&RPSOHWDPHQWR
H[IDWWRULD
DUFLYHVFRYLOH
5LTXDOLILFD]LRQH
DPELHQWDOH
GHOO·DUHD
DUWLJLDQDOH´/H
0RUHOOLQHµ²ƒ
ORWWR
5HDOL]]D]LRQHGL
EULJOLDDERFFD
WDUDWDDOERWUR
&RWRQH
DPSOLDPHQWRGHO
SDUFKHJJLRGL
FDVWHOORYLDGHO
7RUULRQHH
FROOHJDPHQWR
FRQLOSDUFR
XUEDQRGL
5RVLJQDQR
0DULWWLPR
$PSOLDPHQWR
SDOHVWUDH
UHDOL]]D]LRQHDUHD
VSRUWLYDHVWHUQD²
ƒORWWR²*DEEUR
$PSOLDPHQWRH
ULVWUXWWXUD]LRQH
VFXRODPDWHUQDD
1LEELDLD
5LVWUXWWXUD]LRQHH
PDQXWHQ]LRQH
VWUDRUGLQDULDGHOOH
YDULHVHGL&OL
$QQRGL
,PSRUWLLQ
LPSHJQR PLJOLDLDGL
IRQWL
HXURWRWDOH
]HUR
5RVLJQDQR0DULWWLPR5HOD]LRQH3UHYLVLRQDOH3URJUDPPDWLFD
,PSLDQWR
LUULJD]LRQH
&DVWHOOR3DVTXLQL
3DYLPHQWD]LRQH
WUDWWRYLDOH3LQHWD
0DUUDGL
$GHJXDPHQWR
IRJQDWXUDELDQFD
YLD%HQJDVL
5LTXDOLILFD]LRQH
ORF3ROYHURQL²
UHDOL]]D]LRQH
WUDWWRIRJQDWXUD
QHUD
6LVWHPD]LRQHH
DPSOLDPHQWRYLD
GHOOD)LDPPHWWD
0DQXWHQ]LRQH
VWUDRUGLQDULDH
PHVVDLQVLFXUH]]D
YDULLPPRELOL
FRPXQDOL
0DQXWHQ]LRQH
VWUDRUGLQDULD
VFXROH
6RVWLWX]LRQHJDUG
UDLOVWUDGH
FRPXQDOL
0DQXWHQ]LRQH
FRSHUWXUDYDUL
LPPRELOLFRPXQDOL
5HDOL]]D]LRQH
ORFXOLFLPLWHUR
5RVLJQDQR
0DULWWLPR
&RQVROLGDPHQWR
VFXROH1RYDUR
]HUR
$YDQ]R
DPPQH
]HUR
(QWUDWH
FRUUHQWL
]HUR
$YDQ]R
DPPQH
]HUR
2288
]HUR
0XWXR
]HUR
$YDQ]R
DPPQH
]HUR
$YDQ]R
DPPQH
]HUR
$YDQ]R
DPPQH
]HUR
$YDQ]R
DPPQH
]HUR
'HYPXWXR
$YDQ]R
DPPQH
]HUR
(QWUDWH
FRUUHQWL
5RVLJQDQR0DULWWLPR5HOD]LRQH3UHYLVLRQDOH3URJUDPPDWLFD
/$925,),1$1=,$7,1(//·$112/$&8,352&('85$',*$5$6$5$·(63/(7$7$
1(//·$112
'HVFUL]LRQH
RJJHWWRGHOOHRSHUH
,PSRUWLLQ ,PSRUWLLQ
&RGLFHH $QQRGL
PLJOLDLD
)RQWLGL
PLJOLDLD
IXQ]LRQH LPSHJQR
GLHXUR² ILQDQ]LDPHQWR
GLHXUR
VHUYL]LR
IRQWL
JLj
GHVFUL]LRQH
WRWDOH
OLTXLGDWL
HVWUHPL
Adeguamento prevenzione incendi
palazzo Bombardieri
Interventi di adeguamento
pubblica illuminazione
90
2013
120
zero Avanzo amm.ne
59
2013
76
zero Avanzo amm.ne
Asfaltatura varie strade comunali
58
2013
240
zero Avanzo amm.ne
Adeguamento parallelismi rete gas
60
2013
79
2013
338
zero Entrate correnti
55
2013
12
zero Avanzo amm.ne
55
2013
15
zero Avanzo amm.ne
58
2013
160
zero Avanzo amm.ne
22
2013
70
zero Avanzo amm,ne
2013
12
zero Avanzo amm.ne
8
2013
19
zero Avanzo amm.ne
57
2013
150
zero Avanzo amm.ne
37
2013
49
Manutenzione fognature bianche
58
2013
Opere di urbanizzazione primaria
lottizzazione via Buccari
58
2013
Adeguamento teatro L’Ordigno a
Vada
Metanizzazione immobile via XX
giugno
Metanizzazione centro civico
Castelnuovo
Manutenzione pavimentazioni
stradali e messa in sicurezza
Adeguamento impiantistico
palazzetto
Trasformazione a GPL delle
centrali termiche dei campi di
Castelnuovo e Gabbro
Metanizazione via Veneto
Manutenzione parchi gioco sul
territorio comunale
Manutenzione ordinaria immobili
destinati a edilizia cimiteriale
22
140
70
256
zero Avanzo amm.ne
zero
OO.UU.
OO.UU.
Diversi da
alienaz.beni imm
Convenz. Privati
OO.UU.
zero
zero
5RVLJQDQR0DULWWLPR5HOD]LRQH3UHYLVLRQDOH3URJUDPPDWLFD
²&RQVLGHUD]LRQLVXOORVWDWRGL
DWWXD]LRQHGHLSURJUDPPL
/DSUHVHQWH5HOD]LRQH3UHYLVLRQDOHH3URJUDPPDWLFDqODSULPDDGHVVHUHDSSURYDWD
GDOODQXRYD$PPLQLVWUD]LRQH&RPXQDOHLQVHGLDWDVLGRSROHHOH]LRQLDPPLQLVWUDWLYHGHO
3HUWDQWR OH FRQVLGHUD]LRQL VXOORVWDWR GL DWWXD]LRQH GHL SURJUDPPL SRWUDQQR HVVHUHHODERUDWH D
SDUWLUHGDOSURVVLPRDQQR
5RVLJQDQR0DULWWLPR5HOD]LRQH3UHYLVLRQDOH3URJUDPPDWLFD
6(=,21(
5LOHYD]LRQHSHULOFRQVROLGDPHQWR
GHLFRQWLSXEEOLFLDUWFRPPD
'HFUHWR/HJLVODWLYR
&ODVVLILFD]LRQHIXQ]LRQDOH
&ODVVLILFD]LRQHHFRQRPLFD
9LDELOLWjHWUDVSRUWL
$PPLQLVWUD]LRQ
JHVWLRQHH
FRQWUROOR
*LXVWL]LD
3ROL]LDORFDOH
,VWUX]LRQH
SXEEOLFD
&XOWXUDHEHQL
FXOWXUDOL
6HWWRUHVSRUWLYR
HULFUHDWLYR
7XULVPR
9LDELOLWjH
LOOXPLQ
SXEEOLFD
VHUYL]LH
7UDVSRUWR
SXEEOLFR
VHUYL]LR
7RWDOH
$63(6(&255(17,
3HUVRQDOH
GLFXL
RQHULVRFLDOL
ULWHQXWHLUSHI
$FTXLVWRGLEHQLHVHUYL]L
7UDVIHULPHQWLDIDPLJOLHH,VW6RF
7UDVIHULPHQWLDLPSUHVHSULYDWH
7UDVIHULPHQWLD(QWLSXEEOLFL
6WDWRH(QWL$PPQH&OH
5HJLRQH
3URYLQFHH&LWWjPHWURSROLWDQH
$]6DQLWDULHH2VSHGDOLHUH
&RQVRU]LGLFRPXQLHLVWLWX]LRQL
&RPXQLWjPRQWDQH
$]LHQGHGLSXEEOLFLVHUYL]L
GLFXL
&RPXQLH8QLRQL&RPXQL
$OWUL(QWL$PPQH/RFDOH
7RWDOHWUDVIHULPHQWLFRUUHQWL
,QWHUHVVLSDVVLYL
$OWUHVSHVHFRUUHQWL
727$/(63(6(&255(17,
FRQWLQXD
&ODVVLILFD]LRQHIXQ]LRQDOH
&ODVVLILFD]LRQHHFRQRPLFD
*HVWLRQHWHUULWRULRHGHOO
DPELHQWH
(GLOL]LD
UHVLGHQ]LDOH
SXEEOLFD
VHUYL]LR
6HUYL]LR
LGULFR
VHUYL]LR
$OWUH
VHUYL]L
6YLOXSSRHFRQRPLFR
7RWDOH
6HWWRUH
VRFLDOH
,QGXVWULDH
DUWLJLDQDWR
VHUYL]LH
&RPPHUFLR
VHUYL]LR
$JULFROWXUD
VHUYL]LR
$OWUH
VHUYL]LGD
D
7RWDOH
6HUYL]L
SURGXWWLYL
7RWDOH
JHQHUDOH
$63(6(&255(17,
3HUVRQDOH
RQHULVRFLDOL
ULWHQXWHLUSHI
$FTXLVWRGLEHQLHVHUYL]L
7UDVIHULPHQWLDIDPLJOLHH,VW6RF
7UDVIHULPHQWLDLPSUHVHSULYDWH
7UDVIHULPHQWLD(QWLSXEEOLFL
6WDWRH(QWL$PPQH&OH
5HJLRQH
3URYLQFHH&LWWjPHWURSROLWDQH
&RPXQLH8QLRQL&RPXQL
$]6DQLWDULHH2VSHGDOLHUH
&RQVRU]LGLFRPXQLHLVWLWX]LRQL
&RPXQLWjPRQWDQH
$]LHQGHGLSXEEOLFLVHUYL]L
$OWUL(QWL$PPQH/RFDOH
7RWDOHWUDVIHULPHQWLFRUUHQWL
,QWHUHVVLSDVVLYL
$OWUHVSHVHFRUUHQWL
727$/(63(6(&255(17,
GLFXL
GLFXL
FRQWLQXD
&ODVVLILFD]LRQHIXQ]LRQDOH
&ODVVLILFD]LRQHHFRQRPLFD
$PPLQLVWUD]LRQ
JHVWLRQHH
FRQWUROOR
*LXVWL]LD
3ROL]LDORFDOH
,VWUX]LRQH
SXEEOLFD
&XOWXUDHEHQL
FXOWXUDOL
6HWWRUHVSRUWLYR
HULFUHDWLYR
9LDELOLWjHWUDVSRUWL
9LDELOLWjH
LOOXPLQ
SXEEOLFD
VHUYL]LH
7XULVPR
7UDVSRUWR
SXEEOLFR
VHUYL]LR
7RWDOH
%63(6(LQ&&$3,7$/(
&RVWLWX]LRQHGLFDSLWDOLILVVL
GLFXL
EHQLPRELOLPDFFKLQHHDWWUH]]DWXUHWHFQLFR
VFLHQWLILFKH
7UDVIHULPHQWLDIDPLJOLHH,VW6RF
7UDVIHULPHQWLDLPSUHVHSULYDWH
7UDVIHULPHQWLD(QWLSXEEOLFL
6WDWRH(QWL$PPQH&OH
5HJLRQH
3URYLQFHH&LWWjPHWURSROLWDQH
&RPXQLH8QLRQL&RPXQL
$]6DQLWDULHH2VSHGDOLHUH
&RQVRU]LGLFRPXQLHLVWLWX]LRQL
&RPXQLWjPRQWDQH
$]LHQGHGLSXEEOLFLVHUYL]L
$OWUL(QWL$PPQH/RFDOH
7RWDOHWUDVIHULPHQWLLQFFDSLWDOH
GLFXL
3DUWHFLSD]LRQLH&RQIHULPHQWL
&RQFHVVLRQHFUHGLWLHDQWLFLSD]LRQL
727$/(63(6(LQ&&$3,7$/(
727$/(*(1(5$/(63(6$
FRQWLQXD
&ODVVLILFD]LRQHIXQ]LRQDOH
*HVWLRQHWHUULWRULRHGHOO
DPELHQWH
6YLOXSSRHFRQRPLFR
(GLOL]LD
UHVLGHQ]LDOH
SXEEOLFD
VHUYL]LR
6HUYL]LR
LGULFR
VHUYL]LR
$OWUH
VHUYL]L
EHQLPRELOLPDFFKLQHHDWWUH]]DWXUHWHFQLFR
VFLHQWLILFKH
7UDVIHULPHQWLDIDPLJOLHH,VW6RF
7UDVIHULPHQWLDLPSUHVHSULYDWH
7UDVIHULPHQWLD(QWLSXEEOLFL
6WDWRH(QWL$PPQH&OH
6HUYL]L
SURGXWWLYL
7RWDOH
JHQHUDOH
,QGXVWULDH
DUWLJLDQDWR
VHUYL]LH
&RPPHUFLR
VHUYL]LR
$JULFROWXUD
VHUYL]LR
5HJLRQH
3URYLQFHH&LWWjPHWURSROLWDQH
&RPXQLH8QLRQL&RPXQL
$]6DQLWDULHH2VSHGDOLHUH
&RQVRU]LGLFRPXQLHLVWLWX]LRQL
&RPXQLWjPRQWDQH
$]LHQGHGLSXEEOLFLVHUYL]L
$OWUL(QWL$PPQH/RFDOH
7RWDOHWUDVIHULPHQWLLQFFDSLWDOH
3DUWHFLSD]LRQLH&RQIHULPHQWL
&RQFHVVLRQHFUHGLWLHDQWLFLSD]LRQL
727$/(63(6(LQ&&$3,7$/(
727$/(*(1(5$/(63(6$
&ODVVLILFD]LRQHHFRQRPLFD
7RWDOH
6HWWRUH
VRFLDOH
$OWUH
VHUYL]LGD
D
7RWDOH
%63(6(LQ&&$3,7$/(
&RVWLWX]LRQHGLFDSLWDOLILVVL
GLFXL
GLFXL
5RVLJQDQR0DULWWLPR5HOD]LRQH3UHYLVLRQDOH3URJUDPPDWLFD
6(=,21(
&RQVLGHUD]LRQLILQDOLVXOOD
FRHUHQ]DGHLSURJUDPPLULVSHWWR
DLSLDQLUHJLRQDOLGLVYLOXSSRDL
SLDQLUHJLRQDOLGLVHWWRUHDJOLDWWL
SURJUDPPDWLFLGHOOD5HJLRQH
5RVLJQDQR0DULWWLPR5HOD]LRQH3UHYLVLRQDOH3URJUDPPDWLFD
/D SURJUDPPD]LRQH SHU LO WULHQQLR q FRPSDWLELOH FRQ OD SURJUDPPD]LRQH GL UDQJR
UHJLRQDOH
5RVLJQDQR0DULWWLPROXJOLR
,/6(*5(7$5,2
0DULD&DVWDOOR
,/6,1'$&2
,/5(63216$%,/('(,6(59,=,
),1$1=,$5,
$OHVVDQGUR)UDQFKL0LUNR&DQWLQL