Studi Pergolesiani / Pergolesi Studies [7, 1 ed.] 3034311702, 9783034311700

Citation preview

.

Studi Pergolesiani Pergolesi Studies 7

Studi Pergolesiani Pergolesi Studies 7

a cura di / edited by

Simone Caputo

ISBN 978-3-0343-1170-0

Peter Lang www.peterlang.com

Studi Pergolesiani Pergolesi Studies

Studi Pergolesiani Pergolesi Studies Fondazione Pergolesi Spontini

Studi Pergolesiani Pergolesi Studies 7

a cura di / edited by

Simone Caputo

Bibliographic information published by die Deutsche Nationalbibliothek Die Deutsche Nationalbibliothek lists this publication in the Deutsche Nationalbibliografie; detailed bibliographic data is available on the Internet at ‹http://dnb.d-nb.de›.

Questo volume è pubblicato con il contributo del Dipartimento di Studi greco-latini, italiani e scenico-musicali dell’Università di Roma «La Sapienza». ISBN 978-3-0343-1170-0 pb. ISSN 2235-2678 pb.

ISBN 978-3-0351-0522-3 eBook ISSN 2235-266X eBook

© Peter Lang AG, International Academic Publishers, Bern 2012 Hochfeldstrasse 32, CH-3012 Bern, Switzerland [email protected], www.peterlang.com All rights reserved. All parts of this publication are protected by copyright. Any utilisation outside the strict limits of the copyright law, without the permission of the publisher, is forbidden and liable to prosecution. This applies in particular to reproductions, translations, microfilming, and storage and processing in electronic retrieval systems. Printed in Switzerland

,QGLFH

 )UDQFR3LSHUQR 3UHVHQWD]LRQH    3URJUDPPDGHO&RQYHJQRLQWHUQD]LRQDOH GLVWXGL©5RPD3HUJROHVLH/·2OLPSLDGHª 5RPDVHWWHPEUH    %HDWULFH$OIRQ]HWWL /·$UFDGLDDXVWULDFDGHOFXVWRGH/RUHQ]LQL    6DYHULR)UDQFKL /DUDSSUHVHQWD]LRQHGHOO·2OLPSLDGHGL3HUJROHVL VIRQGLVWRULFRSROLWLFLHYLFHQGHWHDWUDOL    6LOYLD7DWWL 'D9LHQQDD5RPDLOYLDJJLRGHOO·2OLPSLDGH    6WHIDQR7HOYH 7UDVWRULDGHOODOLQJXDHILORORJLDRVVHUYD]LRQL VXOWHVWRGHOO·2OLPSLDGHGL3HUJROHVL    &RVWDQWLQR0DHGHU 3HUJROHVLFRPHOHWWRUHGL0HWDVWDVLR/·2OLPSLDGH 6SXQWLGLWHRULDOLEUHWWLVWLFDHGUDPPDWXUJLDPXVLFDOH    $QGUHD&KHJDL $IIHWWLHD]LRQHQHOPHORGUDPPDPHWDVWDVLDQR$PDUJLQH GL©0HQWUHGRUPLDPRUIRPHQWLª3HUJROHVL2OLPSLDGH, 

 *LRYDQQL3ROLQ 3HUXQDUHFHQVLRGHOO·2OLPSLDGHGL3HUJROHVL 8QDSULPDLQGDJLQHVXLPVVFRPSOHWL  7HUHVD0*LDOGURQL /DFLUFROD]LRQHGLEUDQLGHOO·2OLPSLDGH DWWUDYHUVROHUDFFROWHPLVFHOODQHH 

3UHVHQWD]LRQH

4XHVWRVHWWLPRYROXPHGL6WXGL3HUJROHVLDQL3HUJROHVL6WXGLHVUDFFRJOLHOHUHOD ]LRQLSUHVHQWDWHDOFRQYHJQR©5RPD3HUJROHVLH/·2OLPSLDGHªWHQXWRVL SUHVVROD6DSLHQ]D8QLYHUVLWjGL5RPDLOVHWWHPEUHLQFROODERUD ]LRQHIUDOD)RQGD]LRQH3HUJROHVL6SRQWLQLGL-HVLHLO'LSDUWLPHQWRGL6WXGL JUHFRODWLQLLWDOLDQLHVFHQLFRPXVLFDOLGHOODSUHGHWWDXQLYHUVLWjLOFXLGLUHW WRUHSURI/HRSROGR*DPEHUDOHTXLVLULQJUD]LDSHULOFRQFUHWRVRVWHJQR DOO·LQL]LDWLYD ,O ODYRURGLULFHUFD H GL SURJHWWD]LRQH GHO FRQYHJQRULHQWUD QHOOH DWWLYLWj ILQDQ]LDWH GDO 0,85 35,1   H GDO PHGHVLPR FHVSLWH SURYLHQHXQFRQWULEXWRDOODSXEEOLFD]LRQHGLTXHVWRYROXPHFKHVLqDYYDOVR GHOODFXUDDWWHQWDHJHQHURVDGL6LPRQH&DSXWR ,OFRQYHJQRLGHDWRGDOORVFULYHQWHVLLQVHUuQHOODVHULHGLPDQLIHVWD]LRQL GHGLFDWHD*LRYDQQL%DWWLVWD3HUJROHVLQHOWHU]RFHQWHQDULRGHOODQDVFLWDLQ TXHOO·DQQRGLYHUVHFLWWjDYDULRWLWROR¶SHUJROHVLDQH·DYUHEEHURULFRUGDWRLO JUDQGHPXVLFLVWDSUHPDWXUDPHQWHVFRPSDUVRDVROLYHQWLVHLDQQLQHO HQHDYUHEEHURDSSURIRQGLWRGLYHUVLHPROWHSOLFLDVSHWWLGHOODILJXUDGHO O·RSHUDHGHOODFRPPLWWHQ]D5RPDYHQQHLQGLYLGXDWDFRPHOXRJRVLPEROR GLXQYRORLQWHUURWWRYHUVRODIDPDLWDOLDQDHGHXURSHDODVHGHGLXQWHQWDWR ODQFLR GHOO·DVWUR QDVFHQWH GHOOD PXVLFD GL VFXROD QDSROHWDQD GD SDUWH GL DPELHQWLHFRPPLWWHQWLGLSDUWHSROLWLFDILORDVEXUJLFD2OLPSLDGHGHOSRHWD FHVDUHR 0HWDVWDVLR JLj UDSSUHVHQWDWD FRQ JUDQGH VXFFHVVR D 9LHQQD QHO FRQOHPXVLFKHGL$QWRQLR&DOGDUDIXLOWHVWRGUDPPDWLFRFKHGRYHYD DVVHFRQGDUHVHQRQSURYRFDUHTXHVWRODQFLRQHLFLUFXLWLWHDWUDOLLWDOLDQLHG HXURSHL GL XQ PXVLFLVWD ILQ Ou DIIHUPDWRVL QRQ VHQ]D TXDOFKH LQFLDPSR VROR VXOOD VFHQD SDUWHQRSHD 0D LO SURJHWWR IDOOu SUREDELOPHQWH SHU LO VRYUDSSRUVLGLULYDOLWjHFRQWUDSSRVL]LRQLGLPDWULFHSROLWLFDDOODFDSDFLWj GHOODPXVLFDSHUJROHVLDQDGLIDUSUHVDVXOJXVWRGHOSXEEOLFRURPDQR ,OFRQYHJQRLQWHVHHVDPLQDUHGDXQDSURVSHWWLYDSOXULGLVFLSOLQDUHTXH VWRLQIHOLFHHSLVRGLRGHOODYLWDHGHOODFDUULHUDGL3HUJROHVL2OLPSLDGHIXDO FHQWURGHOO·LQGDJLQHHGHOODGLVFXVVLRQHGDSDUWHGLVWXGLRVLGLOHWWHUDWXUD LWDOLDQDGLVWRULFLGHOODOLQJXDGLPXVLFRORJLYHQQHVRWWRSRVWDDGHVDPLGD XQDSURVSHWWLYDVWRULFDGUDPPDWXUJLFRPXVLFDOHILORORJLFDHGHOODVWRULD



35(6(17$=,21(

GHOODUHFH]LRQH7XWWRFLzDOILQHGLIDUHSLOXFHSRVVLELOHVXXQHSLVRGLR RVFXURTXDQWRSDUDGRVVDOHXQILDVFRFKHDSUuODSRUWDDOODIDPDSRVWXPDGL 3HUJROHVLHGDOODGLIIXVLRQHVRYUDQD]LRQDOHGHOODVXDPXVLFD ,OOHWWRUHJLXGLFKHUjVHHTXDQWRTXHVWRLQWHQWRFKLDULILFDWRUHVLDVWDWR UDJJLXQWR5HVWDLQRJQLFDVRLQTXHVWROLEURIHOLFHWHVWLPRQLDQ]DGLGXH RSHURVH H IHUWLOL JLRUQDWH GL VWXGLR LQ FXL XQ FRQFUHWR RJJHWWR GL WHDWUR PXVLFDOHqVWDWRVRWWRSRVWRDGLVDPLQDGDPROWHSOLFLSURVSHWWLYHGLVFLSOLQD ULFRQVLJQLILFDWLYLFRQWULEXWLDOODFRQRVFHQ]DUHFDWLGDWXWWLLSDUWHFLSDQWL )UDQFR3LSHUQR

 &HOHEUD]LRQL1D]LRQDOLSHULO7HU]R&HQWHQDULR GHOOD1DVFLWDGL*LRYDQQL%DWWLVWD3HUJROHVL 5RPDVHWWHPEUH 6DOD2GHLRQ3LD]]DOH$OGR0RUR 6DSLHQ]D8QLYHUVLWjGL5RPD )DFROWjGL/HWWHUHH)LORVRILD &RQYHJQRLQWHUQD]LRQDOHGLVWXGL

©5RPD3HUJROHVLH/·2OLPSLDGHª DFXUD GHOFRPLWDWRSHUJROHVLDQRGHOOD)RQGD]LRQH3HUJROHVL6SRQWLQL 352*5$00$ *LRYHGLVHWWHPEUH RUH ,QGLUL]]LGLVDOXWR /(232/'2*$0%(5$/('LUHWWRUHGHO'LSDUWLPHQWRGL6WXGLJUHFRODWLQL LWDOLDQLHVFHQLFRPXVLFDOL6DSLHQ]D8QLYHUVLWjGL5RPD :,//,$0* 5$=,26,$PPLQLVWUDWRUH'HOHJDWRGHOOD)RQGD]LRQH3HUJROHVL 6SRQWLQL ,QWURGX]LRQHDLODYRUL )5$1&23,3(5126DSLHQ]D8QLYHUVLWjGL5RPD 3UHVLHGH3,(5/8,*,3(752%(//,6DSLHQ]D8QLYHUVLWjGL5RPD %($75,&($/)21=(77,6DSLHQ]D8QLYHUVLWjGL5RPD /HYRFLGHOODFXOWXUDOHWWHUDULDHWHDWUDOHD5RPDQHJOLDQQLWUHQWD 6$9(5,2)5$1&+,&RQVHUYDWRULR6&HFLOLDGL5RPD /DUDSSUHVHQWD]LRQHGHOO· 2OLPSLDGHVIRQGLVWRULFRSROLWLFLHYLFHQGHWHDWUDOL 6,/9,$7$77,6DSLHQ]D8QLYHUVLWjGL5RPD ,OYLDJJLRGHOO· 2OLPSLDGHGD9LHQQDD5RPD &267$17,120$('(58QLYHUVLWjGL/RYDQLR (OHPHQWLGLGUDPPDWXUJLDQHOO·2OLPSLDGHGL3HUJROHVL



352*5$00$

9HQHUGuVHWWHPEUH RUH 3UHVLHGH5(1$72 ',%(1('(7723UHVLGHQWH GHO &RPLWDWR 3HUJROHVLDQR GHOOD)RQGD]LRQH3HUJROHVL6SRQWLQL 67()$127(/9(8QLYHUVLWjGHOOD7XVFLD /DOLQJXDGHOO·2OLPSLDGHGL0HWDVWDVLR3HUJROHVL $1'5($&+(*$,8QLYHUVLWjGHJOL6WXGLGL6LHQD$UH]]R $IIHWWL H D]LRQH QHO PHORGUDPPD PHWDVWDVLDQR $ PDUJLQH GL ©0HQWUH GRUPL DPRUIRPHQWLª3HUJROHVL2OLPSLDGH, 7(5(6$0*,$/'521,8QLYHUVLWjGHJOL6WXGLGL5RPD´7RU9HUJDWDµ² &RQVHUYDWRULR/5HILFHGL)URVLQRQH /DFLUFROD]LRQHGLEUDQLGHOO·2OLPSLDGHDWWUDYHUVROHUDFFROWHPLVFHOODQHH *,29$11,32/,18QLYHUVLWjGHJOL6WXGLGL3DGRYD $SSXQWL SHU XQD UHFHQVLR GHOO·2OLPSLDGH XQD SULPD LQGDJLQH VXOOH SDUWLWXUH FRPSOHWH &RQFOXVLRQL$*267,12=,,128QLYHUVLWjGHJOL6WXGLGL5RPD´7RU9HUJDWDµ

 %HDWULFH$OIRQ]HWWL

/·$UFDGLDDXVWULDFDGHOFXVWRGH/RUHQ]LQL

1HOSULPRDJRVWRGHOFRPHGRFXPHQWDODVWDPSDGHOO·$FFDGHPLD WHQXWDVLDO6HPLQDULR5RPDQRVLVYROJHXQDIHVWDSHUSURSL]LDUHODQDVFLWD GHOO·HUHGHDOWURQRLPSHULDOH0DULD7HUHVDHUDDOORUDGRGLFHQQHHO·LPSHUD WRUH&DUOR 9,HUDLPSHJQDWRGDWHPSRDIDUULFRQRVFHUHDOOHYDULHFRUWL HXURSHHLOGLULWWRIHPPLQLOHDOODVXFFHVVLRQHJLjLQYLJRUHLQ$XVWULDGDO FRQOD3UDPPDWLFDVDQ]LRQH&RQJHJQDWRFRPHVSHWWDFRORLQWHUQRDLFRQYLW WRULGHOFROOHJLRHTXLQGLQRQUXEULFDELOHIUDOHUHFLWHGHOLQTXDQWR ©O·DFFDGHPLDQRQFRPSUHQGHYDFRPSRQLPHQWLGUDPPDWLFLROLULFRGUDPPDWL FLªHVVRVHPEUDIDUVLFLIUDGHOO·RULHQWDPHQWRILORDVEXUJLFRLQJUDQSDUWH GRPLQDQWHVXOSLDQRFXOWXUDOHOHWWHUDULRHDUWLVWLFRQHLSULPLGHFHQQLGHO QRVWUR6HWWHFHQWR$TXHVWRIHQRPHQRQRQVLqSUHVWDWDVLQRUDODGRYXWD DWWHQ]LRQH VH QRQ QHOO·DPELWR GHOOH DUWLILJXUDWLYH H GHO WHDWUR PXVLFDOH DQFKHSHUODLQLQWHUURWWDSUHVHQ]DD9LHQQDGHLYDUL6WDPSLJOLD3DULDWL=HQR VLQRDGDUULYDUHD0HWDVWDVLRFKHSDUWHSHU9LHQQDSURSULRQHO4XHVWL SHUFRUVLDWWHQGRQRDQFRUDXQRVJXDUGRVWRULRJUDILFRSLDPSLRFKHOLFRO OHJKLDGDOWUHSDUDOOHOHGLUH]LRQLGHOODFXOWXUDOHWWHUDULDHWHDWUDOHFKHWURYDQHL SULPLGHFHQQLGHOVHFRORXQPLWRIRUWHDWWRUQRDFXLFRQYHUJHUHTXHOOR GHOO·HURH GDOOH RULJLQL LWDOLDQH (XJHQLR GL 6DYRLD FKH GD XQ ODWR VWD SHU O·,PSHURHGDOO·DOWURSHULOGLIHQVRUHGHOODFULVWLDQLWjGDOODPLQDFFLDWXUFD  3HUWXWWDODSULPDPHWjGHO6HWWHFHQWRHROWUHGXQTXHHQFRPLRHOHWWHUH YDQQRGLSDULSDVVR$5RPDGRYHLFDUGLQDOLHOHYDULHIDPLJOLHQRELOLKDQ QROHJDPLGLIIHUHQWLO·HQFRPLRKDFRORULGLYHUVL3HUIDUHXQHVHPSLRQHOOR VWHVVRLOFDUGLQDOH3ROLJQDFRUJDQL]]DDOSDOD]]R$OWHPSVXQDIHVWD SHU OD QDVFLWD GHO 'HOILQR GL )UDQFLD ( VL ULYROJH D 0HWDVWDVLR FKH SHU 

&IU6$9(5,2 )5$1&+, 'UDPPDWXUJLDURPDQD,, 5RPD(GL]LRQLGL6WRULDH /HWWHUDWXUD,S



6XOOD FRUULVSRQGHQ]D IUD LO PLWR GL (XJHQLR H OD ULQDVFLWD WUDJLFD VL YHGD %($75,&( $/)21=(77, &RQJLXUH'DOSRHWDGHOODERWWHDOO·HORTXHQWHJLDFRELQR 5RPD%XO]RQL FDSS,,,,



%($75,&( $/)21=(77,

O·RFFDVLRQHVFULYH/DFRQWHVDGHL1XPLXQ·D]LRQHWHDWUDOHFKHROWUHDVLJODUH ODULFRQFLOLD]LRQHGHOSRHWDFRQO·$UFDGLDKDLOVXRFRUULVSHWWLYRQHO&DUOR 0DJQR GHO FDUGLQDOH 2WWRERQL VFULWWR SHU LO PHGHVLPR OLHWR HYHQWR 3XU PDQWHQHQGRVLTXHVWDGLYHUVLWjGLRULHQWDPHQWLLOWUHQGILORDVEXUJLFRGDO UHJQRGL1DSROLHGDOGXFDWRGL0LODQR²HQWUDPELGDROWUHXQYHQWHQQLR IDFHQWLSDUWHGHOO·,PSHUR²VLGLIIRQGHDQFKHD5RPDQHOTXDQGRDOOD PRUWHGL&UHVFLPEHQLqHOHWWRQXRYRFXVWRGH)UDQFHVFR0DULD/RUHQ]LQL )DOOLWRLOGLVHJQRGHJOLVFLVPDWLFLGLHVVHUHULFRQRVFLXWLFRPHLYHULDUFDGL /RUHQ]LQLHUDULHQWUDWRLQ$UFDGLDQHODOODPRUWHGL/LYLR2GHVFDOFKL (TXLRFFRUUHIDUHXQSDVVRLQGLHWURHDFFHQQDUHFRQXQDSURVSHWWLYD LQSDUWHQXRYDDLIDWWLGHO4XHVWDYLFHQGDQRWDFRPHODGLYL VLRQHGL$UFDGLDVHQHOODEUHYHGXUDWDUHJLVWUDODVXSUHPD]LDGL&UHVFLPEHQL FKHDYHYDGRPLQDWRO·DFFDGHPLDGDOQHOODOXQJDYHGHLOSUHYDOHUHGL ILJXUHDOWHUQDWLYHDOSULPRFXVWRGHHSLYLFLQHD*UDYLQDQHOO·DEDWH /RUHQ]LQLXQRGHJOLH[VFLVPDWLFLHDOODVXDPRUWHQHO0LFKHOH0RUHL FKHDYHYDIDWWRSDUWHGHOO·DFFDGHPLDULYDOHGHL4XLULQL/RUHQ]LQLLQSDUWL FRODUHDSURSRVLWRGHOODVFLVVLRQHGHOULYHVWHXQUXRORGLSULPRSLDQR DFFDQWRDTXHOORGL*UDYLQDDQFKHVHHVVRqVWDWRQHOWHPSRRVFXUDWRGDL GXHDQWDJRQLVWLSLQRWL&UHVFLPEHQLH*UDYLQD/DYLFHQGDWXWWDYLDSXz ULVHUYDUHTXDOFKHVRUSUHVDVHFLVLVSRVWDVXDOFXQLFRPSULPDULLOFXLSURILOR HLFXLVFULWWLVLULYHODQRDVVDLSURILFXL)RQWHIRQGDPHQWDOHqLOSRHPHWWRLQ RWWDYH,O*LDPPDULDRYYHURO·$UFDGLDOLEHUDWDGHOO·DUFDGHVFLVPDWLFR'RPHQLFR 2WWDYLR3HWURVHOOLQLSUHFHGXWRGDXQEUHYHGLVFRUVRGL*UDYLQDLQHGLWR VLQRDOODILQHGHOO·2WWRFHQWRDFDXVDGHOODVXDLUULYHUHQ]DGHOUHJLVWURVDWL ULFR H GHO OLQJXDJJLR VFXUULOH 3HU FRPSUHQGHUOR EDVWD OHJJHUH OD SULPD RWWDYDFRQO·LPPHGLDWRULIHULPHQWRDOORVWUXPHQWRPXVLFDOHXQDVRUWDGL OLXWRSRSRODUH©&DQWRDOVXRQGLSLDFHYRO&RODVFLRQH /HFHOHEULG·$UFD GLDDVSUHFRQWHVH /DSULPDQRQDQFRUQRWDFDJLRQH FKHWDQWRIXRFRWUD L3DVWRULDFFHVH &DQWRO·LUDOHIURGLHODUDJLRQH 'LGXHJUDQSDUWLHOH 











5DSSUHVHQWDWR XQD SULPD YROWD QHO GLFHPEUH  LQ $UFDGLD LO &DUOR 0DJQR DYUj XQ QXRYRDOOHVWLPHQWRHVDUjHGLWRO·DQQRGRSRTXDQGRDOODILJOLDIHPPLQDVHJXLUjLOVRVSLUDWR GHOILQR&IU6)5$1&+, 'UDPPDWXUJLDURPDQDFLWS6XOSHFXOLDUHHQFRPLRGL0HWDVWDVLR LQFXLVLUDYYLVDODOH]LRQHGL&DORSUHVHVLYHGD6,/9,$ 7$77, ´/DFRQWHVDGH·QXPLµHJOLXOWLPL DQQLURPDQLGL0HWDVWDVLRLQ7HDWURHOHWWHUDWXUD3HUFRUVLHXURSHLWUD·H·DFXUDGL6%HOOD YLD©6WXGLHWHVWL LWDOLDQLª;;,,,SS 

&IU,O*LDPPDULDRYYHUR/·$UFDGLDOLEHUDWDDFXUDGL&0DULDQLVO



/·$5&$',$ $8675,$&$'(/&8672'(/25(1=,1,

ORU PXWXH RIIHVH  ( VRSUD RJQ·DOWUD FRVD OD VIDYDWD  &KH DYYHQQH JLj QHOODIDWDOJLRUQDWDª $OOD SURWDVL DOOD 0XVD FKH DFFRUGL DO SRHWD LO FRODVFLRQH VHJXRQR OD GHGLFDDG$TXLOLR/LYLR2GHVFDOFKL HOHDFFXVHDOIDOVR©FRVWXPHSDVWRUDOª GL&UHVFLPEHQL$OIHVLEHRËOXLDPXWDUHO·RULJLQDULD$UFDGLD©VHPSOLFHH EHOODªLQXQDFRUWLJLDQDGLVSRVWDDRJQLJHQHUHGLWUDIILFLSHUIDUHTXDWWULQL FLRqDIDUYLHQWUDUHFRPHQHOO·$UFDGL1RqWXWWHOHEHVWLHHQRQSLVROWDQ WRLVDJJLVHFRQGRTXDQWRYROXWRGD*UDYLQDFRQODFRQYHQ]LRQDOHDVVH JQD]LRQH GL XQD FDPSDJQD D RJQL SDVWRUH &UHVFLPEHQL LVWLWXLVFH FRVu LO SDJDPHQWRGL©JDEHOOHHFREHOOHªSHUPDQWHQHUHILQRDOODPRUWHLO©&XVWR GLDWRªTXDVLIRVVHXQD©VSHFLHGL3DSDWRª'DOO·RWWDYDDVLHQWUDQHOYLYR GHOO·D]LRQHFRQLOJXVWRVRULWUDWWRGLXQ&UHVFLPEHQLLQSUHGDDOODSDXUDGL SHUGHUHODVXDFDULFDHFKHDXQWUDWWRVLULFRUGDGHOFRQVLJOLRGHOIHGHOH 9LQFHQ]R/HRQLR©$EELJLXGL]LRHWLHQSHULQIDOOLELOH ,OSDUHUFKHSL YROWHWLIXGDWR 'DOYHFFKLR8UDQLRFKHVHUHJQDUYXRL 'HLIDU&ROOHJKLL YHFFKLDPLFLWXRLª,OFXVWRGHOLULXQLVFHHGHVSRQHORURLVXRLWLPRULFKHVL GLVVROYRQRWUDLOJLXELORJHQHUDOHTXDQGR/HRQLRWURYDODSDURODPDJLFD IRU]DQGRO·LQWHUSUHWD]LRQHGHOODOHJJH¶LQRUEHP·VLJQLILFD©DOWHUQDWLYDPHQWHª HQRQ©LQJLURªFLRqDURWD]LRQHIUDWXWWLJOLLVFULWWLFRPHXUOHUjSRL3DROR 5ROOL1HOIUDWWHPSRFDQWR,, ODID]LRQHDYYHUVDLQIRUPDWDGLTXDQWR DYYHQXWRGDXQVHUYLWRUHGL&UHVFLPEHQLSUHSDUDOHFRQWURPRVVH)UDL YDULPHPEULVSLFFDLOYLYDFHHGHQHUJLFRULWUDWWRGHOJLRYDQHSRHWD3DROR 5ROOL©'LOLEHUDOHHG·DPRURVRFRUH 'HOOD&RUWHQHPLFRHSLGHO)RUR  $PDWRUG·RJQL/HJJHHG·RJQLRQRUHªFKHQRQSUH]]DSHUVpO·HVVHUHHOHW WRPDQRQVRSSRUWDODPDQLSROD]LRQHGHLUHJRODPHQWL3HUTXHVWRPRWLYR 5ROOLVXJJHULVFHD3HWURVHOOLQLDXWRUHPDDQFKHDWWRUHGHOODQDUUD]LRQH GL IDULQWHUYHQLUHDOO·DGXQDQ]DTXDQWLSLDPLFLSRVVLELOLGHOORURSDUWLWR,O JLXJQRVLVFDWHQDXQ©EDFFDQRG·RVWHULDªVHFRQGRLOFRPPHQWRGL3LHU -DFRSR0DUWHOORFKHQHVVXQRULHVFHDVHGDUHVHQRQDOODILQHO·LQWHUYHQWR GL&UHVFLPEHQLFRQODSURSRVWDGLXQDFRPPLVVLRQHDSSRVLWD,QWDQWRXQ DOWURSHUVRQDJJLRDFTXLVWDULVDOWRqO·DEDWH/RUHQ]LQLDQFKHOXLVFLVPDWLFR DQ]L²VHFRQGRLOSRHPHWWR²LOYHURDUWHILFHGHOODGLYLVLRQHG·$UFDGLD 













 &RVu&UHVFLPEHQL©7XWWREDOGRHYLYDFH*LDPPDULD'LYHQQHDFRVuGRWWDVSLHJD]LRQH $O]zOHPDQLDO&LHOSHUDOOHJULD(VLEXWWzFRQIXULDLQJLQRFFKLRQH'LFHQGRRWHIHOLFH $UFDGLDPLD6HDYHVVLFRPH8UDQLRDOWUH3HUVRQH&KHFROO·DOWRVDSHUHHLOSDUODUVDJJLR 2SUDVVHURFRQHVVRDWXRYDQWDJJLRª,YLS



%($75,&( $/)21=(77,

'RWDWRGLXQDVWUDRUGLQDULDHORTXHQ]DGLXQIHUYLGRLQJHJQRGLXQD JUDQGHPHQWHHGLWUDWWLVLJQRULOLQRQFRUULVSRQGHQWLDLVXRLXPLOLQDWDOL )LODFLGD/RUHQ]LQL PHGLWD VX FRPH IDUH D OLEHUDUH O·$UFDGLD PHQWUH SL YROWH$OIHVLEHRVLUHFDGD*UDYLQDULXVFHQGRDIDUJOLGDUHXQ·LQWHUSUHWD]LR QHGHLWUHTXHVLWLVROOHYDWLGD5ROOLQRQGHOWXWWRFRQWUDULDDOOHULFKLHVWHGHO FXVWRGH$FFRUJHQGRVLGHOIDWWRORVWHVVR3HWURVHOOLQLULSUHQGHLO0DHVWUR GLYROHU©VDFULILFDUHLOGULWWRDOODSDVVLRQHªDOORUD*UDYLQDJLXUDVX©0DGRQ QD $VWUHDª H O·LQGRPDQL LQIRUPD &UHVFLPEHQL FKH ©>«@ GL WUH SXQWL DFFRUGHURQQHGXLªWDQWRFKHDOVXRDUULYRDQFKH0DUWHOOR 0LUWLORVLDF FRUJHGHOODSUXGHQ]DGL*UDYLQD©(FKHLOVDJJLR%LRQHLQVHQVRVWRUWR /D OHJJHFKLDUDLQWHUSUHWDWRDYHDª 1HOWHU]RFDQWR/RUHQ]LQL)LODFLGDLQIRU PDWRGHOOHYLVLWHGL&UHVFLPEHQLHGHOQRQOLFHWGL*UDYLQDPHWWHLQSUDWLFDLO SLDQRSHUSURYRFDUHORVFLVPD3DROR5ROOLqJLjGDOODVXDSDUWHPDRFFRUUH XQSHUVRQDJJLRGLVSLFFRGHOODQRELOWjURPDQDFRVuFKHLQVLHPHDOO·DEDWH GH%HUQLV/RUHQ]LQLVLUHFDGD/LYLR2GHVFDOFKLHJOLHQXQFLDOHUDJLRQL FXOWXUDOLHSROLWLFKHGHOODQXRYD$UFDGLDPHWWHUHILQHDOSHWUDUFKLVPRSHU ULODQFLDUHXQDQXRYDSRHVLDHURLFDGLFXLVLDYYHUWLYDO·HVLJHQ]DLQSLHQD JXHUUDGLVXFFHVVLRQHVSDJQRODTXDQGRYDULHURLGHOORVFKLHUDPHQWRILOR DXVWULDFRSHUSULPR(XJHQLRGL6DYRLD DWWHQGHYDQRO·LPPRUWDOLWjJUD]LH DO ORUR FDQWR ©0HFR q XQ·LOOXVWUH 6FKLHUD HG HUXGLWD  'L *LRYDQ DWWL D FDQWDU'XFLHG$UPL &KHSXzVHUEDUHDOODVHFRQGDYLWD /·RSUHGH·*UDQGL FROYDORUGH·&DUPL ,QYDQ6LJQRUODPDQGH·)DEULDUGLWD 6WXGLDHWHUQDU O·,PSUHVHLQ%URQ]LHLQ0DUPL 6·DOWR6FULWWRUFR·L9HUVLHFROO·,VWRULD  1RQQHWUDPDQGDDGRJQLHWjPHPRULDª 0DO·©LPSRVWXUDªYLQFHPDLVL HUDQR YLVWH WDQWH IDFFH QXRYH WDQWL IUDWL H ELDQFKL H QHUL FRPH OH IDYH GLVWULEXLWHSHUYRWDUHLQVLHPHDLVRUEHWWLLQYLDWLGDOFDUGLQDOH/RUHQ]R&RUVLQL LOIXWXURSDSD&OHPHQWH;,, FKHRVSLWHUjQHOVXRSDOD]]RJOLVFLVPDWLFL /·XOWLPRFDQWRFLUDSSUHVHQWDGDOYLYRWXWWHOHVHTXHQ]HGHOORVFLVPDJOL VWUHSLWLOHXUODJOLHYYLYDILQDOLFRQLOFXVWRGHVROOHYDWRLQDOWRHSRUWDWRD EUDFFLRGDXQRVWXRORGLIDQDWLFLPDFLPRVWUDDQFKHODPRUWLILFD]LRQHHOD 















 



,YLFDQWR,,SS

,YLFDQWR,,S/·RWWDYDULFKLDPDTXDQWRHQXQFLDWRGDO5DJLRQDPHQWRGL*LRYDQ%DWWLVWD $QFLRQLLQPHULWRDOODQXRYDSRHWLFDHURLFDGDFRQWUDSSRUUHDOFDQWRGLQLQIHHSDVWRULHLGRQHD DLOOXVWUDUHO·HURLVPRGL(XJHQLR(VVRLQWURGXFHYDL&RPSRQLPHQWLGHOOL6LJQRUL$FFDGHPLFL4XLULQL LQORGHGHO6HUHQLVVLPR3ULQFLSH(XJHQLRGL6DYRMD5HFLWDWLQHOOD*DOOHULDGHOO·(PLQHQWLVVLPR&RUVLQL,Q RFFDVLRQHGHOOH9LWWRULHG·8QJKHULDO·DQQR0'&&;9,,,Q5RPD$QWRQLRGH·5RVVL



/·$5&$',$ $8675,$&$'(/&8672'(/25(1=,1,

UDEELDGHLFRQWUDUL5ROOL3HWURVHOOLQL/RUHQ]LQL'·DOWURQGHJLjVHQ]DDOFX QDYHUJRJQDHUDDUULYDWR&UHVFLPEHQLVSDOOHJJLDWRGDLVXRLHVLHUDPHVVR DIDUHODJXDUGLDSHURULHQWDUHLOYRWRGHLSDVWRULDOORURDUULYR©'LPDQRLQ PDQFKHYHQJRQRL)DXWRUL *OLULFHYHJO·LQFKLQDHOHFFDLO&HVVR (FRQ VHUHQRHPDQVXHWRYROWR /RURXPDQRVLPRVWUDHGLVLQYROWRª $OFXVWR GHWDQWRGHWHVWDWR3HWURVHOOLQLDVVHJQDODSHQDGHOO·LQFRQWURFRQO·$OOHJUH]]D SHUVRQLILFDWDGDXQDJLRYDQHGRQQDFKHORVHGXFHSHUSRLWUDVIRUPDUVLLQ XQD 9HFFKLD OD 3HQLWHQ]D  FKH JOL IUXVWD OH ©QDSSHª SHU DYHU VFDFFLDWR L JLRYDQLGDOFRQVHVVR3URIH]LHHGHORJLYDQQRDLSURWHWWRULGHJOLVFLVPDWLFL O·2GHVFKDOFKLHLOFDUGLQDOH/RUHQ]R&RUVLQLJUD]LHDOTXDOH5RPD©9HGUj PHUFqGHOVXRIDYRUVRYUDQR 5LQQRYHOODUVLLOVHFROG·2WWDYLDQRªRWWDYD  6LWUDWWDFKLDUDPHQWHGLXQ·DJJLXQWDFKHVLULIHULVFHDOO·HOH]LRQHDOVRJOLR SRQWLILFLRGL&RUVLQLQHOFROQRPHGL&OHPHQWH;,, 1HOOR VWHVVR  OD YRFH GHJOL H[ VFLVPDWLFL FKH QHO  DYHYDQR IRQGDWRO·DFFDGHPLDGHL4XLULQLVDOXWDLOQXRYRSRQWHILFHFRQXQDUDFFROWD SRHWLFD1HOODGHGLFDDO%HDWLVVLPR3DGUHO·DFFDGHPLDGHL4XLULQLSURIHVVD ODVXDREEOLJD]LRQHLQTXDQWR©ILQGDOVXRSULQFLSLRVLYLGHEHQLJQDPHQWH GDOHLDFFROWDHFRWDQWRLOOXVWUDWDFROO·DFFHWWD]LRQHIDWWDDOORUDGD96GHO WLWRORGL'LWWDWRUHSHUSHWXRª'LWXWWLTXHJOLDQQLVLULHYRFDSRLO·RVSLWDOLWj ©SHUOLSXEEOLFLUHFLWDPHQWLªGDWDGD&RUVLQLQHOVXRVSOHQGLGRSDOD]]R 7DQWLVRQRJOLDXWRULGHLFRPSRQLPHQWLSRHWLFLLQORGHGHOQXRYRSRQWHILFH JLjSUHVHQWLQHOODSUHFHGHQWHUDFFROWDGHL4XLULQLRLVFULWWLDOODQXRYD$FFD GHPLD5LFRUGLDPR1LFFROz&DVRQLFXLqDIILGDWDO·RUD]LRQH²LQFXLVL HVDOWDQR GXH SULQFLSL GHO QXRYR SRQWLILFDWR LO YROHU ©VWDU VRWWR L YLQFROL GHOOH&LYLOLH&DQRQLFKH/HJJLªHO·DSSRUWRGHOODFRQFRUGLDIUDOH©GLYLVH YRJOLH GHOOH FRPPRVVH 1D]LRQLª  ² %HUQDUGR %XFFL *DHWDQR /HPHU 'RPHQLFR 2WWDYLR 3HWURVHOOLQL 3DROR 5ROOL 0ROWH SRHVLH GHL IRQGDWRUL GHOOD4XLULQDVRQRSHUYDVHGDOWHPDGHOODOXFHEHQVLQWHWL]]DWRDGHVHP SLRGDOFDQWRGHOO·DEDWH%XFFLLQFXLLOSRHWDJXLGDWRGD'DQWHDVFHQGHDL 









,O*LDPPDULDRYYHUR/·$UFDGLDOLEHUDWDFLWFDQWR,9RWWDYD;,,

 &RPSRQLPHQWLGH·6LJQRUL$FFDGHPLFL4XLULQLSHUODJORULRVDHVDOWD]LRQHGLQRVWUR6LJQRUH&OHPHQWH ;,,DO6RPPR3RQWLILFDWR5RPD6DOYLRQLSS/DGHGLFDqGHOPDUFKHVH$OHVVDQGUR *UHJRULR&DSSRQL  

&RPSRQLPHQWLGHOOL6LJQRUL$FFDGHPLFL4XLULQLLQORGHGHO6HUHQLVVLPR3ULQFLSH(XJHQLRGL6DYRMDFLW

&RPSRQLPHQWLGH·6LJQRUL$FFDGHPLFL4XLULQLSHUODJORULRVDHVDOWD]LRQHGLQRVWUR6LJQRUH&OHPHQWH ;,,DO6RPPR3RQWLILFDWRFLWSS



%($75,&( $/)21=(77,

FLHOLVHEEHQHLVXRLRFFKLVLDQRYHODWLHLPSHGLWLDYHGHUHOHIXWXUHFRVHR GDOSRHPHWWR,O7HPSLRGHOO·(WHUQLWjGL*DHWDQR/HPHULQFXLLOSRHWDYHGH XQDPROHURWRQGDVXOOHFXLSRUWHVRQRLPSUHVVLQRPLHVHPELDQWLGHLUH GXFLHGHURLGHOO·HWjSDVVDWHPHQWUHYLULVSOHQGHJLj&OHPHQWHFKHDSSRUWD SDFHIUDOHJHQWL©8QFHQWURDOORUPLUDLGRYHVLVHUUD /XFHFK·qGLVSOHQ GRUH HPXODDO6ROH 0DFRPHLO6ROHDOO·RFFKLRQRQIDJXHUUDª $OWUL FRPSRQLPHQWLFRPHTXHOORGL5ROOLGHFOLQDQRLQYHFHLOPRWLYRGHOO·©,WDOLFD YLUWªLQFXLV·LQFRQWUDQRO·,WDOLDH5RPDVRWWRLOVHJQRGHOOHDUWLILRULWHFRQ LO SRQWLILFDWR GL /HRQH ; VHFRQGR XQ PLWR IRQGDWLYR GHOOD ULQDVFLWD GL SULPR6HWWHFHQWRFKHVLULFKLDPDDO5LQDVFLPHQWRURPDQR1RWHYROLSRLFL VHPEUDQROHSUHVHQ]HGLGXHYRFLDXWRUHYROLFKHDOODUJDQRLOUDJJLRG·D]LR QHGHL4XLULQLTXHOODGL/XGRYLFR$QWRQLR0XUDWRULFRQXQVRQHWWRGL UR]]DIDWWXUDHTXHOODGL0LFKHO*LXVHSSH0RUHL²LOWHU]RFXVWRGHGHOO·$U FDGLD GDO  DO  ² FRQ OH RWWDYH LQWLWRODWH D /·$UFR WULRQIDOH LQ FXL 8UDQLDqFKLDPDWDDFRVWUXLUHOHYDULHHIILJLHLO7HYHUHHO·$UQR0RVqH *LRYDQQL(YDQJHOLVWD SHUIDUULVSOHQGHUHOD7RVFDQDH5RPDLO5HJQRHLO 6DFHUGR]LRVLQRDOEXVWRGL/RUHQ]R&RUVLQLFLUFRQGDWRGDWXWWHOHFRURQH GLODXURGHOELDQFRXOLYRGLTXHUFLDGLSLQR  ËVLQJRODUHFKHQHOSDUODUHGHOODGLYLVLRQHGHOO·$UFDGLDGHOQRQVL VLDWHQXWRFRQWRFRQTXDOFKHHFFH]LRQHQpGHOODIXWXUDDFFDGHPLDGHL4XLULQL HGHOODVXDFROORFD]LRQHILORLPSHULDOHQpGHO*LDPPDULDFKHULYHODSHUO·DS SXQWRYHULWjGLYHQXWHQHOWHPSRVFRPRGHVRSUDWWXWWRTXDQGRFRQXQ 





,YLSS6LJQLILFDWLYDODULFKLHVWDDFFDQWRDOOD©EHOODSDFHªRDOOH©DXUHH/HJJLªGLQRQ DEEDQGRQDUHODSURWH]LRQHGHOOH©6DFUH0XVHªVHQ]DOHTXDOL©QRQYLYUHEEH$FKLOOHª



,YLSS



,YLSS8QHTXLOLEUDWRSURILORGL/RUHQ]R&RUVLQLqWUDFFLDWRGD$&DUDFFLRORLQ 'L]LRQDULR%LRJUDILFRGHJOL,WDOLDQL;;9,5RPD7UHFFDQL6LJQLILFDWLYRSHUODQRVWUD SURVSHWWLYDLOGDWRVWRULFRFKH&RUVLQLDSSRJJLDWRGDOO·,PSHUDWRUHIXHOHWWRDOVRJOLRSRQWL ILFLR©FRQGLVSHWWRGHLIUDQFHVLªS   &LVLULIHULVFHDLYDULODYRULGL$0('(2 4821'$0 &XOWXUDHLGHRORJLDGL*LDQYLQFHQ]R*UDYLQD 0LODQR0XUVLDSS,'/·,VWLWX]LRQH$UFDGLD6RFLRORJLDHLGHRORJLDGLXQ·DFFDGH PLD©4XDGHUQLVWRULFLª,,SS$1721,2 &,35,$1, &RQWULEXWRSHUXQDVWRULD SROLWLFDGHOO·$UFDGLDVHWWHFHQWHVFD©$WWLH0HPRULHªV,,,YRO9IDVF,,,,,SS IRFDOL]]DLQYHFHODVXDDWWHQ]LRQHVRSUDWWXWWRVXOOHRULJLQLSROLWLFKHGHOORVFLVPDLQGLYL GXDQGRO·RSSRVL]LRQHIUDLPSHULDOLHILORIUDQFHVLVHQ]DUDFFRUGLSHUzFRQODQXRYDSRHWLFD GHL4XLULQL4XRQGDPGLVFXWHWDOHODYRURLQ1XRYLGRFXPHQWLVXOODFULVLGHOO·$UFDGLDQHO ©$WWLH0HPRULHGHOO·$UFDGLDªV,,,YRO9,IDVF,SS

/·$5&$',$ $8675,$&$'(/&8672'(/25(1=,1,



VXVVHJXLUVL GL PRUWL ² EDVWL ULFRUGDUH OD VFRPSDUVD GL /LYLR 2GHVFDOFKL VHJXLWDTXDOFKHDQQRGRSRGDTXHOODGL*UDYLQDHQHOGDTXHOODGL &UHVFLPEHQL²HGLQXRYLFXVWRGLVLHUDULFRPSRVWDODPHPRULDGHOO·$UFD GLDVHQ]DSLODFHUD]LRQLLQWHUQH/·RSHUD]LRQHDYYLDWDSURSULRGD/RUHQ]LQL GXUDQWHLOVXRFXVWRGLDWR VDUjDYDOODWDGD0RUHLFKHFRQOHVXH 0HPRULH LVWRULFKH GHOO·$GXQDQ]D GHJOL$UFDGL GHO  ² FXL JHQHUDOPHQWH VL DWWLQJH ² ULFRVWUXLUj SDFDWDPHQWH OR VFLVPD PRVWUDQGR GL DSSUH]]DUH *UDYLQD©XRPRJUDQGHª GLFRQVLGHUDUORO·DUWHILFHGHOOHOHJJLXQDGHOOH TXHVWLRQLGHOODFRQWURYHUVLDFRQ&UHVFLPEHQL HO·DQWHVLJQDQRGHOQXRYR VWLOH SRHWLFR LQFOXVLYR GHL VHQWLPHQWL H GHOOH VFLHQ]H $OOR VWHVVR WHPSR 0RUHLUHVWLWXLYDDOO·DPLFR/RUHQ]LQLLOPHULWRGLDYHUIDWWRUHLQWHJUDUHLQ XQDVROHQQHDGXQDQ]D©WXWWLTXHJOL$UFDGLFKHLQRFFDVLRQHGHOODVFLVVXUD HUDQRVWDWLGDOFDWDORJRGH·3DVWRULHVSXQWLHFDQFHOODWLHG·LQGLLQSRLFHV VDURQRVXWDOSURSRVLWRWXWWLLGLVWXUELHWXWWHOHDPDUH]]Hª  /RUHQ]LQLULVROWDODOLWHJLXGL]LDULDSUHIHUuULHQWUDUHQHOODFDVDPDGUH 'RSRTXDWWRUGLFLDQQLQHGLYHQQHLOFXVWRGHVLQRDOLPSURQWDQGROD VXDD]LRQHFXOWXUDOHQRQSLDOODSROLWLFDGLHVSDQVLRQHGHOOHFRORQLHFRPH LOVXRSUHGHFHVVRUHTXDQWRSLXWWRVWRDOO·LQJUHVVRLQ$UFDGLDGHOORVWXGLRGL 'DQWHGHOOD%LEELDHGHOOHUHFLWHGHOOHFRPPHGLHGL3ODXWRH7HUHQ]LR6L QDUUD FKH LO SXEEOLFR YHQLVVH DGGLULWWXUD GDOOH )LDQGUH GDOOD )UDQFLD H GDOO·,QJKLOWHUUD ©SHU YHGHUH LQ ,WDOLD TXHVWR PLUDFROR GRSR WDQWL VHFROLª VHFRQGRLOGLVFRUVRFRPPHPRUDWLYRGLXQRGHLGRGLFLFROOHJKLFKHHOHQFD QHOO·HORJLRIXQHEUHOHFRPSHWHQ]HGL/RUHQ]LQLTXHVWLHUDQRQVRORSRHWD PD PHGLFR DQDWRPLFR WHRORJR ILORVRIR VWRULFR JHRJUDIR FRPLFR SLW WRUH GLVHJQDWRUH ROWUH D HVVHUH SRUWDWRUH GHL SL QDVFRVWL VHJUHWL GHOOD )LORVRILD8QDUFDGHDPEL]LRVRPDFRVWDQWHVLSRWUHEEHGLUHWDQWRGD DWWXDUHDGLVWDQ]DGLROWUHXQGHFHQQLRLOSURJUDPPDGL*UDYLQDFRQLO TXDOHDYHYDLQFRPXQHJOLVWXGLJLXULGLFLHILORVRILFLHO·DGHVLRQHDLOXPLQRVL HDOODILORVRILDGHOODOXFH0ROWHVXHSRHVLHKDQQRTXHVWDFLIUDHUPHWLFDH SURIHWLFDYLVLELOHDGHVHPSLRQHOVRQHWWRDOOD7HUUD©'HKQRQODVFLDUPH 

0HPRULHLVWRULFKHGHOO·$GXQDQ]DGHJOL$UFDGLGHGLFDWHD&OHPHQWH;,,,GD0LFKHO*LXVHSSH0RUHL FXVWRGHJHQHUDOHG·$UFDGLD,Q5RPD$QWRQLRGH·5RVVLSS6X*UDYLQD©FHOHEUH OHWWHUDWRªFKHSHUSULPRDYYLzODQRYLWjGHOORVWLOHSS  &IU&RPSRQLPHQWLGHJOL$UFDGLQHOODPRUWHGL)LODFLGD/XFLQLDQR&XVWRGH*HQHUDOHGL$UFDGLD GHGLFDWLDO&DUGLQDOH)UDQFHVFR%RUJKHVH5RPD$QWRQLRGH·5RVVL6LWUDWWDGHOODSURVD UHFLWDWDLQ$UFDGLDLOQRYHPEUHGD$3RPSHR%HUWLSS



%($75,&( $/)21=(77,

QHOFRPPXQULSRVR 9HJOLDUPDLVHPSUHFKHGHO6ROHDVFRUQR 'LUzSRL TXHOFK·qIRUVHDOYROJRDVFRVR 'LUzFK·KDQO·RPEUHWXHTXDO·KDG·LQ WRUQR &RUSRODOXFHHFKHO·$ELVVRRPEURVR (UDJLjSULPDHDQFRUQRQ HUDLOJLRUQRª/RUHQ]LQLVLLQROWUDDQFKHLQVRJJHWWLWUDWWLGDOODVWRULDUR PDQDFRPHLOFLFORVXOORVWXSURHLOVXLFLGLRGL/XFUH]LD GDOO·,OLDGHHGDOOD %LEELD$FKLOOH0RVpHFF SRLULWHQXWDODYHUDVRUJHQWHGHOO·©HVWURSRHWL FRªGHOOD©VXEOLPLWjGLGLUHHGLFRORULUHª ,OPDQFDWRULOLHYRGHOWDUGLYRUHFXSHURGHOODOLQHDDOWHUQDWLYDD&UHVFLPEHQL FRVWLWXLVFHXQYHURQRGRVWRULRJUDILFRLQTXDQWRVRQRSDVVDWLLQRVVHUYDWL DOFXQLIHQRPHQLGLVWUDRUGLQDULRULOLHYRGDOODSHUVLVWHQWHIRUWXQDGL*UDYLQD ²DOTXDOHVLULFKLDPDQRQHOFRUVRGHOVHFRORLYDUL0XUDWRUL$QWRQLR&RQWL 0HWDVWDVLR 0DIIHL *ROGRQL EHQ SULPD GL 6DOIL )RVFROR H GHOOR VWHVVR %RUVLHULQHOSURJUDPPDGHO©&RQFLOLDWRUHª²DOO·HPHUJHUHGLXQSHFXOLDUH FODVVLFLVPRLQVFULWWRQHOODULIRUPDDUFDGLFDHGDULFRQGXUVLDOODFROORFD]LRQH LPSHULDOHGHJOLVFLVPDWLFLHGHL4XLULQLËXQDVFHOWDFKHUXRWDFRPHVLq GHWWRHVVHQ]LDOPHQWHDWWRUQRDOPLWRGHOO·HURHLWDOLFR(XJHQLRGL6DYRLDOD FXLIXQ]LRQHVLULYHUVDVRSUDWWXWWRQHLPHORGUDPPLLWDOLDQLGL0HWDVWDVLRH QHOOD ULQDVFLWD WUDJLFD FDUDWWHUL]]DWD GDOOD WUDJHGLD D OLHWR ILQH HURLFD H FHOHEUDWLYDOD0HURSHGL0DIIHLLO*LXVWLQRGL0HWDVWDVLRO·2UD]LDGL6DYHULR 3DQVXWLHFF /·LQVLHPHGHLGDWLTXLHDOWURYHUDFFROWLPHWWHTXLQGLIRUWH PHQWHLQGXEELRLOJLXGL]LRVWRULRJUDILFRFKHYHGHQHOO·$UFDGLDGL/RUHQ]LQL LOSXQWRPDVVLPRGHOGHFOLQRGHOO·$FFDGHPLD ,QTXHVWLJLXGL]LQRQVLWLHQHFRQWRGHOYHULILFDUVLGLXQDOWURHYHQWRFKH FUHD D 5RPD LQ TXHO GHFHQQLR XQD FRQYHUJHQ]D VXO SLDQR FXOWXUDOH IUD 











'HOOH3RHVLHGL/RUHQ]LQLGRSRODSULQFHSVSRVWXPD1DSROL VLKDQQRYDULHHGL]LRQL FRQDJJLXQWH1DSROL0LODQR0DODWHVWD3DOHVWULQD0DVFLH9HQH]LD2F FKLH 4XLVLFLWDGD'HOOH3RHVLHGL)UDQFHVFR/RUHQ]LQL*LjFXVWRGH*HQHUDOH G·$UFDGLDWUDJOLDUFDGL)LODFLGD/XFLQLDQR5DFFROWHGDGRWWRHGLOLJHQWH8RPRLQ5RPDHSXEEOLFDWHLQ 1DSROL>«@9HQH]LD2FFKLS 

&IU 3DUDIUDVL GHO &DQWLFR GH· WUH )DQFLXOOL QHOOD )RUQDFH GL %DELORQLD GL )UDQFHVFR /RUHQ]LQL &XVWRGHJHQHUDOHG·$UFDGLDFROQRPHGL)LODFLGD/XFLQLDQR5RPD$QWRQLRGH·5RVVLGDOOD GHGLFDDOOD&RQWHVVD)ODYLD7HRGROL 

 

©,O&RQFLOLDWRUHªDFXUDGL9%UDQFD,,,)LUHQ]H/H0RQQLHUYRO,

&IU$&,35,$1, &RQWULEXWRSHUXQDVWRULDSROLWLFDGHOO·$UFDGLDVHWWHFHQWHVFDFLWS/8&,2 )(/,&,  /·$UFDGLD URPDQD WUD ,OOXPLQLVPR H 1HRFODVVLFLVPR ©$WWL H 0HPRULHª YRO 9 FLW SSFRQVLGHUDOH0HPRULHGL0RUHLXQDVRUWDGLHSLWDIILRS 

/·$5&$',$ $8675,$&$'(/&8672'(/25(1=,1,



O·$UFDGLD DXVWULDFD GL /RUHQ]LQL H LO SDSDWR Ë LO SDUDOOHOR SRQWLILFDWR GL &OHPHQWH;,, GXUDQWHLOTXDOHQRQFDVXDOPHQWHVLVYLOXSSDLO FODVVLFLVPR URPDQR VRSUDWWXWWR QHOOH EHOOH DUWL RUPDL LQGLYLGXDWR FRPH DXWRQRPRHLQDQWLFLSRULVSHWWRDFHUWDSLWWXUDIUDQFHVHXQWHPSRULWHQXWD DOO·RULJLQHVLDGHOJXVWRSHUO·DQWLFRVLDGHOJHQHUHLQFRVWXPH)UDJOLDUWLVWL SULYLOHJLDWLGD&OHPHQWH;,,FLVRQR$JRVWLQR0DVXFFL6HEDVWLDQR&RQFD 3RPSHR%DWRQLHORVWHVVR-DFRSR=REROLFKHD5RPDGLSLQJHQHO XQD0RUWHGL&HVDUH$OFODVVLFLVPRSLWWRULFRVLDIILDQFDJUD]LHD*UDYLQD XQ SUHFRFH FODVVLFLVPR WUDJLFR SHUORSL GL VRJJHWWR URPDQR DOOD UHFLWD GHOO·2UD]LDGL6DYHULR3DQVXWLH[FRQJLXUDWRILORDVEXUJLFRQHO GHO VHJXHODSXEEOLFD]LRQHQHJOLDQQLGHOOHDOWUHVXHWUDJHGLH ,O%UXWROD9LUJLQLD/D6RIRQLVED,O6HMDQRQHOLOFDUGLQDOH%HQWLYRJOLR FXUDO·HGL]LRQHGHO&HVDUHGL$QWRQLR&RQWL*RULQL&RULRIDDSSDULUHLOVXR %UXWRD0LODQRQHOHLQVHFRQGDHGL]LRQHQHO&RQWXWWHOH GLIIHUHQ]HGHLJHQHULqXQFODVVLFLVPRJLjSUHVHQWHQHOPHORGUDPPDEDVWL SHQVDUHDLOLEUHWWLGL6WDPSLJOLDHGL=HQR 5RPDqSRLDPELHQWD]LRQHH OXRJRGHOODUDSSUHVHQWD]LRQHGHO&DWRQHLQ8WLFDGL0HWDVWDVLRDQGDWRLQ VFHQDDO7HDWURGHOOH'DPHLOJHQQDLRFRQPXVLFKHGL/HRQDUGR 9LQFL1HOORVWHVVRDQQR5RPDqGLQXRYRLQVFHQDQHOO·(]LRGLFHPEUH 7HDWURGHOOH'DPH IHOLFHPHQWHGHILQLWRGD(OHQD6DOD'L)HOLFHXQR©VSHW WDFRORGHOO·HURLVPRªILQDOL]]DWRLGHDOPHQWHDOODFRUWHLPSHULDOHGL&DUOR9, (VHPSUHQHOLOJHQQDLRDOWHDWURGHO6HPLQDULRYDLQVFHQD ,O 7HPLVWRFOHGL0RUHLOHWWHUDWRPROWRYLFLQRD/RUHQ]LQLHGLRULHQWDPHQWR ILORDVEXUJLFRLOOLEUHWWRqGHGLFDWRDOFDUGLQDOH6LQ]HQGRUI 6RQRDQQLGL PHFHQDWLVPROHJDWRDOOHJUDQGLILJXUHGLFDUGLQDOLIUDLTXDOLULFRSURQRXQ UXRORLPSRUWDQWHLIUDWHOOL$QQLEDOHH$OHVVDQGUR$OEDQLHYDOODSHQDUL FKLDPDUHTXLO·DFTXLVWRGHOODVHFRQGDFROOH]LRQHGL$OHVVDQGUR$OEDQLIDWWR QHOSURSULRGD&OHPHQWH;,,SHULPSHGLUHFK·HVVDIRVVHYHQGXWDH 

&IU/,/,$1$%$552(52/DSLWWXUDD5RPDQHO6HWWHFHQWRLQ/D3LWWXUDLQ,WDOLD,O6HWWHFHQWR 0LODQR(OHFWDW,SVJJ 

%($75,&( $/)21=(77, ©,O%UXWRª©SHUIHWWDWUDJHGLDªGHOPLWRDVEXUJLFR6DYHULR3DQVXWLH*LRVHIIR *RULQL&RULR LQ%UXWRLOPDJJLRUHQHOODOHWWHUDWXUDIUDQFHVHHGLQWRUQLDFXUDGL)3LYD)DVDQR 6FKHQDSS

 &IU*,25*,2 3(752&&+, 8QPHORGUDPPDURPDQRGHO0HWDVWDVLRLQ2UIHRLQ$UFDGLD6WXGLVXO WHDWURD5RPDQHO6HWWHFHQWR5RPD7UHFFDQLSS(/(1$6$/$ ',)(/,&( /·©(]LRªGHO 0HWDVWDVLRLYLSSHSHUOHDOOXVLRQLD(XJHQLR%$/)21=(77, &RQJLXUHFLWSS



%($75,&( $/)21=(77,

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² ULSUHQGHQGR LO QRVWUR SHUFRUVR ² DO O·HSRFDGHOODGLYLVLRQHG·$UFDGLDqGRSRO·2GHVFDOFKLLOPDJJLRUHSURWHW WRUHGHJOLVFLVPDWLFLFKHWUDVIRUPDWLVLSRLQHL4XLULQLVRQRRVSLWDWLGDOO·DO ORUDFDUGLQDOH/RUHQ]R&RUVLQLDOTXDOH&UHVFLPEHQLGHGLFDQHOWHQWDWLYR GLDYHUORGDOODVXDSDUWHODQXRYDHGL]LRQHGHOOD%HOOH]]DGHOODYROJDUSRHVLD ,OVXRSRQWLILFDWRFUHDGDOXQDVRUWDGLSRQWHFRQLOQXRYRFXVWRGH GHOO·$FFDGHPLD D VXD YROWD OHJDWLVVLPR DO &ROOHJLR 5RPDQR GRYH DYHYD VWXGLDWR FRVu FRPH OR VWHVVR /RUHQ]R &RUVLQL (QWUDWR D IDU SDUWH GHOOD FRPSDJQLDGL*HV/RUHQ]LQLVLVHJQDODSUHVWRFRPHOLEUHWWLVWDGLRUDWRUL GLDUJRPHQWRELEOLFRLQODWLQRTXDVLWXWWLUDSSUHVHQWDWLDOO·2UDWRULRGHO6V &URFHILVVR4XHVWDDWWLYLWjOHWWHUDULDJOLYDUUjO·LVFUL]LRQHLQ$UFDGLDQHO 2UD ULWRUQLDPR DO WHVWR GHO  FKH UDFFRJOLH L 9RWL SHU OD VXFFHVVLRQH GHOO·DXJXVWLVVLPD&DVDG·$XVWULD(VVLLOOXVWUDQRSHUIHWWDPHQWHSXUQHOO·DQRQL PDWRVHFRQGRLOFRVWXPHJHVXLWLFRGHOOHFRPSRVL]LRQLTXHOFRQQXELRGL DUPLHOHWWHUHFKHFRVWLWXLVFHQRQVROWDQWRLOPLWRGHOFRVLGGHWWRSHUIHWWR 

6XTXHVWLDVSHWWLULQYLRDOPLR&RQWLHODIRQGD]LRQHGHO©WHDWURURPDQRª*LXQLR%UXWRH0DUFR %UXWRLQVFHQDLQ$QWRQLR&RQWLXQRVFLHQ]LDWRQHOOD5pSXEOLTXHGHVOHWWUHVDFXUDGL*%DOGDVVDUUL 6&RQWDULQL))HGL3DGRYD,O3ROLJUDIRSS 

6XJOL$OEDQLLSURILOLGL*6RIULLQ'L]LRQDULR%LRJUDILFRGHJOL,WDOLDQL,5RPD7UHFFDQL 6XOEDURQHSUXVVLDQRDQWLTXDULRHDJHQWHVHJUHWRGHOJRYHUQR:KLJVLYHGD5(1$72 3$67$)HUPHQWLFXOWXUDOLHFLUFROLPDVVRQLFLQHOOD7RVFDQDGHO6HWWHFHQWRLQ/D0DVVRQHULDDFXUDGL *0&D]]DQLJD©6WRULDG·,WDOLDª$QQDOL 7RULQR(LQDXGLSVJJ 

©2U9RLFKHDWDQWROXVWURQRQVGHJQDWHG·DJJLXQJHUTXHOORGHOSURWHJJHUOHEXRQH$UWL HVSHFLDOPHQWHOHOHWWHUH>«@HWHQHQGRORQWDQHGDOODORURLQJHQXLWjWXWWHTXHOOHGLVDYYHQWX UHFKHOHVRJOLRQRDFFRPSDJQDUH>«@9RLLPSORURSHUSURWHWWRUHGLTXHVWDPLD2SHUDª &IU/DEHOOH]]DGHOODYROJDUSRHVLDGL*LR0DULR&UHVFLPEHQL>«@5LYHGXWDFRUUHWWDHDFFUHVFLXWD GHO 1RQR 'LDORJR GDOOR VWHVVR $XWRUH H ULVWDPSDWD G·RUGLQH GHOOD 5DJXQDQ]D GHJOL $UFDGL 5RPD $QWRQLRGH·5RVVLS

/·$5&$',$ $8675,$&$'(/&8672'(/25(1=,1,



FDSLWDQR²HQHOTXDOHULHQWUDEHQLVVLPRO·LPPDJLQHGL(XJHQLRGL6DYRLD² PDDQFKHLOVHQVRSURIRQGRGHOODSRHVLDDUFDGLFDVHFRQGRODOLQHD*UDYLQD /RUHQ]LQL3ULPDGLFKLDULUHPHJOLRTXHVWRSXQWRVRIIHUPLDPRFLVXOO·DF FDGHPLDGLOHWWHUHHGLDUPLWHQXWDGDLFRQYLWWRULGHOFROOHJLRJLRYDQLUDPSROOL GLYDULHFDVHQRELOLDULROWUHD5DLPRQGRGL6DQJURSULQFLSHGL6DQ6HYHURYL VRQR0LFKHOH*UDYLQDSULQFLSHGL&RPLWLQL')UDQFHVFRGH6LOYD'&DU OR0ROHVGXFDGL3DUHWHLOPDUFKHVH)UDQFHVFR0DULD2UVLQL'*LR*UXWWHU GHLGXFKLGL66HYHULQDLOFRQWH$*LXVHSSHGHOOD7RUUHGL5H]]RQLFR ,JQD]LR*ULPDOGLEDURQHGL.HWWHPEHUJHFF&RPHVLDSSUHQGHGDOODUHOD ]LRQHODIHVWDqSUHFHGXWDGDOO·HVSOHWDPHQWRGHOOHYDULHIXQ]LRQLVFRODVWL FKHVHJXLWHGDOOHDSSOLFD]LRQLQHOOD6FULWWXUD6DFUDQHOOD7HRORJLD6FRODVWL FDLQ)LORVRILDGDOOHFRQWURYHUVLHLQ0DWHPDWLFD/HJJHFLYLOHH&DQRQLFD ,OOXRJRGRYHO·HYHQWRVLVYROJHqO·DPSLRFRUWLOHGHO6HPLQDULR (UDTXHVWRDGRUQDWRQHOODSUHVHQWHRFFDVLRQHSHURJQLSDUWHGHOODVXDVRPPLWj ILQRDWHUUDGL9HOOXWLH'DPDVFKLWULQDWLG·RUR6LYHGHYDQHOODIDFFLDWDGLULP SHWWRDOO·LQJUHVVRXQJUDQ5LWUDWWRLQ$UD]]RUDSSUHVHQWDQWHO·,PSHUDWRUHDFD YDOORHQHJOLDUFKLG·LQWRUQRDOWULULWUDWWLGLPROWL*HQHUDOLG·(VHUFLWLVWDWLJLj &RQYLWWRULGHO6HPLQDULRHGLTXLQGLFL&DUGLQDOLVWDWLSXUHTXL&RQYLWWRULH SUHVHQWHPHQWHYLYHQWLLTXDOLVRQRJOL(PLQHQWLVVLPL%RQFRPSDJQL2WWKRERQL &RUVLQL $QQLEDOH $OEDQL &XVDQL 2GHVFDOFKL *LRUJLR 6SLQROD '·$O]D]LD '·$OWKDQQ3HWUD/HUFDUL6LQ]HQGRUI2OLYLHUL%DQFKLHULH&ROOLFROD

,QPH]]RDOFRUWLOHqHUHWWRLOSDOFRGRYHFRPHLQXQRVSHWWDFRORKDQQR OXRJROHHVLEL]LRQLGHLFRQYLWWRULDGLDFHQWLDLGXHDQJROLVRQRFROORFDWLDOWUL GXHSDOFKLDIRUPDGLOXQDGRYHVWDQQRLPXVLFLVWLFRQLORURVWUXPHQWL $OO·DUULYRGHL&DUGLQDOLLOVLJQRU'RQ$JDWLQR5HJJLRQHOODTXDOLWjGLSULQ FLSHGHOO·$FFDGHPLDUHFLWDO·,QWURGX]LRQH/DUHLWHUDWDDQDIRUD©FKLHGLD PRªDO*ORULRVLVVLPR,PSHUDWRUH&DUOR9, VLSUHVWDDXQDVRUWDGLFOLPD[ DVFHQGHQWHLQFXLGDOODULFKLHVWDGLXQ©JHUPRJOLRªFKHULSURGXFD©O·LQGROH SLPDJQDQLPDO·$QLPRTXDVL'LYLQRHOH9LUWWXWWHODXGHYROLHVLQJRODULª 

6XOOD FRQWLQXLWj FRQ *UDYLQD LO SURILOR GL /RUHQ]LQL UHGDWWR GD 9 *DOOR LQ 'L]LRQDULR %LRJUDILFRGHJOL,WDOLDQL/,5RPD7UHFFDQL 

9RWLSHUODVXFFHVVLRQHGHOO·DXJXVWLVVLPD&DVDG·$XVWULD$FFDGHPLDGL/HWWHUHHG·DUPLWHQXWDGD· 6LJQRUL&RQYLWWRULGHO6HPLQDULR5RPDQRHGD·PHGHVLPLGHGLFDWDDOOD6DFUD&HVDUHDH5HDOH&DWWROLFD 0DHVWjGL&DUOR9,,PSHUDWRUGH·5RPDQL5HGL*HUPDQLDGHOOH6SDJQHG·8QJKHULD%RHPLDHFFHFF ,Q5RPD$QWRQLRGH·5RVVLS,;



%($75,&( $/)21=(77,

GL&DUORVLVDOHDO©'LIHQVRUHGHOOD)HGHFKHODSURWHJJDGDJOL2WWRPDQLªDO ©VXFFHVVRUHGHOO·,PSHURªSHUSURPXRYHUQHODJORULDDO©3DGUHFRPXQHDL 5HJQLHDOOH3URYLQFLHVRJJHWWHªVLQRDO©3DGUHGHOODSXEEOLFDWUDQTXLOOLWjª /·XOWLPDSUHJKLHUDFRPSHQGLDWXWWHOHIXQ]LRQLSUHFHGHQWLO·©(URHFKLHGLD PRLQILQHDOODSUHVHQWH(Wjª $OO·XWLOLWjGHOJRYHUQRGL&DUORFRUULVSRQGHYDDOO·HVWHUQRODSDFHLQ(X URSDLQJUDQSDUWH©VWDELOLWDªGRSROHYLWWRULHGL%HOJUDGRH7HPHVYDUUH PDQRQHVVHQGRDQFRUDL7XUFKLGHOWXWWRDQQLHQWDWLLOYRWRHUDFRPXQHD WXWWHOHFLWWjFULVWLDQHFXLVLXQLYDTXHOORGHOFDSRGHO&ULVWLDQHVLPR%HQH GHWWR ;,,,  H GXQTXH GHOOD &ULVWLDQD 5HSXEEOLFD HYRFDWD SL YROWH 6HL HSLJUDPPLLQODWLQRLQFRSSLDFRQDOWUHWWDQWLVRQHWWLGLVHJQDQRO·DUFKLWHWWX UDUHWRULFDGHOODULFKLHVWDDYDQ]DWDGD5RPD©&KHQDVFDD&DUORLOVRVSLUDWR (UHGH (FKHDJJXDJOLLOJUDQ3DGUHH·OVHUELDQRL ,OFKLHGH5RPDGDJOL $OWDULVXRL (VHFR(XURSDHLO0RQGRWXWWRLOFKLHGHª/DWHU]DFRSSLD HVDOWDVHFRQGRXQPRWLYRWRSLFRGHOO·HQFRPLDVWLFDHURLFD&DUORLQSDFHH LQJXHUUDLPLWDWRUHGHJOLDYLDSDUWLUHGDOJUDQGH&DUOR9(VHODTXDUWD ULFRUGDOHYLWWRULHFRQWURLOQHPLFRWXUFRODTXLQWDLQWURGXFHLOPRWLYRGHOOD OLEHUD]LRQHDSSRUWDWDGDOOHDUPLFULVWLDQHPRVWUDQGROD*UHFLDLQFDWHQH FKHLPSORUD&DUORGLOLEHUDUODGDL7XUFKLDIILQFKp©(OODULWRUQLDOO·RQRUVXR SULPLHUR &$5/2UHJJDL*HUPDQLL*UHFLUHJJD ',&$5/2LOILJOLR HGXQRVLDO·,PSHURª/·LPSHUDWRUHqLQILQHXPDQL]]DWRQHOO·XOWLPRVRQHWWR GRYHVRWWRIRUPDGLDORJDWDVLYHGHO·LPSHUDWULFHLQDWWRGLSUHJDUH'LRGL FKLDPDUODDVpSHUIDUVuFKHLOVXRVSRVRDEELDO·DWWHVRHUHGH&RPHLQXQ PHORGUDPPDLQWHUYLHQHQHOOHWHU]LQH&DUOR©$8*867$JLjFRVuSUHJDU V·XGLR &DUORULYROWRDOODVXDVSRVDDOORUD /XQJLGDWHWDOGLPRULUGHVLR  9LYLSXUGLVVHHTXDQWRDO)LJOLRDGRUD 'HO&LHORL)DWLRUSHUWDLYRWLR 'LR 1RQPHUWDXQ)LJOLROD*UDQ&RSSLDDQFRUD"ª )LQLWDODUHFLWDKDLQL]LRO·DOWHUQDUVLGLEDOOLFRPEDWWLPHQWLVILODWHWXWWL DFFRPSDJQDWLGDOODPXVLFDLOSULPRFRPEDWWLPHQWRqFRQTXDWWURDODEDUGH HTXDWWURVSDGRQLHYLILJXUDGL6DQJURFXLVLGHYHO·LQJHJQRVDLQYHQ]LRQH GLIDUFRUUHUHLOSDOFRHSRLIDUORUHVWULQJHUHFRPHXQOLEUR(VVRVLWUDVIRU PDFRPHXQDVFHQRJUDILDWHDWUDOHEDURFFD 





















,YLS;,&RVuLOVHFRQGRHSLJUDPPD©&DHVDUHDPWDQGHPPDJQLVYDJLWLEXVDXODP5HJLXV LPSXOHUDWSXEOLFDYRWD3XHUª 

,YLSS;9;9,6LQRWLODWHPSHVWLYDFRUULVSRQGHQ]DDQWLWHWLFDFRQ/DFRQWHVDGH·1XPLH FRQLO&DUOR0DJQR

/·$5&$',$ $8675,$&$'(/&8672'(/25(1=,1,



$O]DWRLQWDOJXLVDLO3DOFRFDOzVXELWRDULFRSULUOR XQ JUDQWHQGRQH RYHVL YHGHYDLQPH]]RGLSLQWDO·$UPH,PSHULDOHHGDOOHSDUWLGXH3URVSHWWLYHFRL GXHSULQFLSDOLILXPLGHOOD*HUPDQLD'DQXELRH5HQR(UHVWDQGRWXWWROLEHUR HQHOPHGHVLPRWHPSRLOOXPLQDWRGDJUDQGLVVLPDTXDQWLWjGL7RUFHLO&RUWLOH XVFLURQRDIDUHJOLHVHUFL]LGHOOD&DYDOOHUL]]DOL6LJQRUL&RQYLWWRULGHOOD6FXROD GHO6LJ*LXOLR*DEULHOOL

,OILQDOHGHOO·$FFDGHPLDqLQOLQHDFRQLOFOLPDHURLFRPLOLWDUHGRPLQDQWH QHLWHDWULGLJXHUUDGRSRODJXHUUDGLVXFFHVVLRQHVSDJQRODO·(XURSDVWD YD SHU SUHFLSLWDUH LQ TXHOOD GL VXFFHVVLRQH SRODFFD VFRSSLDWD QHO  PD LO YHQWHQQLR FKH VHSDUD L GXH JUDQGL FRQIOLWWL HUD VWDWR WXUEROHQWR H FDUDWWHUL]]DWRGDOOHJXHUUHFRQWURLWXUFKL HLQTXHOOLGUDPPDWLFLHPXVL FDOLTXDWWURFRQYLWWRULFRQLORURSDGULQLVLHVLELVFRQRLQXQ&DURVHOORIDWWR GD XQD /DQFLD DO 6DUDFLQR XQ 'DUGR DOOR 6FXGR H XQD 6SDGD DOOD WHVWD LQ7HUUD /·$UFDGLD GL &UHVFLPEHQL QHOOD VXD IRUPD GL URPDQ]R DOOHJRULFR SDVWRUDOH PHWWHYD LQ DWWR OD VWHVVD SRHWLFD GHO FXVWRGH JLj HVSUHVVD VLQ GDOODSULPDHGL]LRQHGHOOD%HOOH]]DGHOODYROJDUSRHVLD/·RSHUDHUDVuYROWDDO ULVRUJLPHQWRGHOOHQRVWUHOHWWHUH²VFRSRTXHVW·XOWLPRFKHVXVFLWzO·LQWH UHVVHGHLYDUL0XUDWRUL0DIIHL2UVL=HQRHFF²PDFRQXQDEHQLQGL YLGXDWDVFHOWDGLFDPSRLOVRQHWWRHODIDYRODSDVWRUDOHRWUDJHGLDDOLHWR ILQHFRPHO·(OYLRGHOORVWHVVR&UHVFLPEHQL&RHUHQWHPHQWHFRQTXHVWD OLQHDVLLJQRUDYDXQPRGRGLSRHWDUHFKHLQWHQGHVVHJXDUGDUHDOOHYHULWj WUDVPHVVHGDJOLDQWLFKLPLWLJUHFLFXLLQYHFHHUDLQWHUHVVDWR*UDYLQD&Lz FKH OL DYHYD XQLWL LQL]LDOPHQWH HUD OD FRPXQH YRORQWj GL IDU ULVRUJHUH OH OHWWHUHLWDOLDQHGDOODGHFDGHQ]DEDURFFDRGDOVHFHQWLVPR*LjQHO'LVFRUVR VXOO·(QGLPLRQHGL*XLGL*UDYLQDVRVWHQHYDFKHODVRODLPSUHVDGHOSRHWDq ©O·HVSUHVVLRQHGHOYHURVRWWRO·RPEUDGHOILQWRHODUDVVRPLJOLDQ]DGHOQDWX UDOHªLFXLYHUWLFLVRQRLQGLFDWLLQ2PHURHLQ$ULRVWRVRWWROHFXLIDYROH VLFHODYDQRYHULWjDQWLFKHODVDSLHQ]D FKHVRORL*UHFLHJOL(JL]LHUDQR VWDWLLQJUDGRGLGHFLIUDUHDYHQGRVPDUULWRLPRGHUQLODFKLDYHSHUDFFH GHUH DOOH GRWWULQH QDVFRVWH &RVu DG HVHPSLR QHOOD IDYROD GL 'LDQD HG (QGLPLRQHO·LQQDPRUDPHQWRSHUODGHDQDVFRQGHYDLQ(QGLPLRQHLOSULPR  /D EHOOH]]D GHOOD YROJDU SRHVLD GL *LR 0DULR &UHVFLPEHQL FLW GLDORJR TXLQWR S VJJ 5LOLHYLLQWHUHVVDQWLLQ0$5,$ *5$=,$ $&&256, 3DVWRULHWHDWUR3RHVLDHFULWLFDLQ$UFDGLD%ROR JQD 0XFFKL  S  VJJ DQFKH VH GD ULYHGHUH ULVSHWWR DO PLWR ©GL XQD FRQGL]LRQH SDFLILFDDQWLJXHUUHVFDDQWLHURLFDªGHOSULPR*UDYLQDSS 



%($75,&( $/)21=(77,

LQGDJDWRUHGHOODOXQD3RLQHO/LEURGHOOD7UDJHGLD*UDYLQDDYUHEEHDIIHU PDWRFRQWURLGLIHQVRULGHOOHSDVWRUDOLFKH©JOL$UFDGLDYHDQFRVWXPHFL YLOHHPLOLWDUHFRPHLOUHVWRGHOOD*UHFLDHFRPHWDOLQRQHUDQRWUD·SDVWRUL DQQRYHUDWLª1HOODVWHVVDGLUH]LRQHYROWDDULEDGLUHODFHQWUDOLWjGHOO·$U FDGLD/RUHQ]LQLLOOXVWUDYDODQDVFLWDPLWLFDGL5RPDFRQLOUH(YDQGUR 5RWWDODWHUUDHVFRVVDODUXLQD &KHGDJUDQWHPSRDQGLDPFHUFDQGRLQYDQR  $SSDUYHIXRUGDOO·DOWDVXDFROOLQD &RQGRSSLDFKLRPDHGRSSLDIURQWH*LD QR (GLVVHREHOODDOPD&LWWj/DWLQD 6HSRF·DQ]LDVFROWDVWLLOSLR7URMDQR  2U·DQFRDPHO·DXJXVWRRFFKLRLQFKLQD &K·LRUHVVLLQSULDTXHVWRSRLVXRO5RPD QR ,3DVWRULG·$UFDGLDLOOXVWUHYDQWR $JJLXJQHUDQQRDOSULVFRPLRVSOHQGRUH  &ROODQRYHOOD6LJQRUuDGHOFDQWR 1pVWUDQRHJOLqPHQWUHLOSULPLHUR$XWRUH  'HOQRPHWXRSRLFKLDURLQDUPLWDQWR $OWULQRQIXFK·XQXPLOH3DVWRUH 

























$OO·LQWHUQR GHOOD SRHVLD HQFRPLDVWLFD $UFDGL H 4XLULQL IDQQR D JDUD QHO GHGLFDUHOHORURULPHD(XJHQLRGL6DYRLDQHJOLDQQL/DGHGLFD GHOOH5LPHGHJOL$UFDGLILUPDWDGD&UHVFLPEHQLFHOHEUDYDLQ(XJHQLRO·HURH FULVWLDQRYROWRDOODGLIHVDGHOO·(XURSDGDLWXUFKLLJQRUDQGRLOULWUDWWRGHO SULQFLSHILVVDWRGDOODGHGLFD©$O6HUHQLVVLPR3ULQFLSH(XJHQLRGL6DYRLDªGHO /LEURGHOODWUDJHGLDGL*UDYLQD(VVDIRQGDYDLOPLWRGHOJUDQGHXRPRSROLWLFR HPLOLWDUHLQSDFHHLQJXHUUDVRVWHQLWRUHGHOODFXOWXUDGHOOHOHJJLHGHOO·HOR TXHQ]DO·HURHPRGHUQRFKHUHJJHYDLOFRQIURQWRFRQO·HURLVPRDQWLFRJUD]LH DOODSLHQH]]DGLYLUWFKHDWWUDYHUVROHRULJLQLLWDOLFKHVLHUDQRULJHQHUDWHLQ OXL4XHVWRULWUDWWRPLWL]]DQWHGDUjOHFRRUGLQDWHVWLOLVWLFKHHFXOWXUDOLDL &RPSRQLPHQWLGHL4XLULQLPRGHOODWLVXXQUHJLVWURFODVVLFLVWLFRWHVRDFDQWDUH LOULVRUJHUHGLXQDSRHVLDGHOO·DQWLFRDOLPHQWDWDGDOO·DOLWRYLWDOHGHOSUHVHQWH 

*,$1 9,1&(1=2 *5$9,1$6FULWWLFULWLFLHWHRULFLDFXUDGL$4XRQGDP%DUL/DWHU]D SS 

/LEURGHOODWUDJHGLDLYLS



3RHVLHGL)UDQFHVFR/RUHQ]LQLFLWS'LVHJXLWR©&KLPDLFUHGXWRDYUHEEHRDO&LHO GLOHWWR$UFDGH*HQLRFKHQHOVXRO/DWLQR'RSRLOVROFRIDWDOFRQFXL4XLULQR6SHQVH LOWXRQRPHHPLSDVVzQHOSHWWR'HOWHPSRVWUXJJLWRUTXDVLDGLVSHWWR'DOFHQHUPLR FKHFRSUHLO3DODWLQR'RYHVVHXQ·DOWUDYROWDLOWXRGHVWLQR6RUJHUGDWHUUDHLQSLOHJJLD GURDVSHWWR"(SXUHqYHU1RQSLPLODJQRR(QHD'HOVDQJXHVSDUVRGL3DOODQWH XFFLVR6HVuEHOIUXWWRUHQGHUPLGRYHD&RVuSDUOzPLVFKLDQGRD·GHWWLXQULVR/·$UFDGH (YDQGURHLQWDQWRVLWHUJHD/DIUHGGDVHSROFUDOQRWWHGDOYLVRª 

*9*5$9,1$6FULWWLFULWLFLHWHRULFLFLWSS



/·$5&$',$ $8675,$&$'(/&8672'(/25(1=,1,

)DFHQGRHFFH]LRQHDOSURJUDPPDGLORGDUHVROWDQWRO·DQWLFKLWjURPDQDL 4XLULQLVLFRQIRUPDYDQRDOODOLQHDGHWWDWDGD*UDYLQDGLULIRQGDUHOHUHJROH VXL©VXFFHVVLYHULªVXL©QHJR]LFLYLOLªVXL©UDJLRQDPHQWLHFRVWXPLYLYLH SUHVHQWL G·RJQL HWj G·RJQL RUGLQH H G·RJQL VWDWRª /D JUDQGLRVLWj GHJOL HYHQWLVSLQJHYHUVRLOSDVVDJJLRGDLWHPLSDVWRUDOLDXQDSRHVLD©VXEOLPHª LVSLUDWDGDO©JUDQVRJJHWWRª(XJHQLR TXHVWRPRWLYRXQLILFDJOLDOWULO·HURH LWDOLFR O·HURH DQWLFR H TXHOOR FULVWLDQR  QHO VHJQR GHOOD ULQDVFLWD SRHWLFD PRUDOHHSROLWLFDFRGLILFDWDGDO5DJLRQDPHQWRGL*LDQ%DWWLVWD$QFLRQLSRVWR LQDSHUWXUDDL&RPSRQLPHQWL4XHVWLDFFHQQLVRQRSUHVHQWLDQFKHQHOOH5LPH GHJOL$UFDGLPDLQPDQLHUDIUDPPHQWDULDHQRQXQLWDULDFRPHQHOOHOLULFKH GHJOLDFFDGHPLFLULYDOL2YYLDPHQWHQRQSRWHYDPDQFDUHODYRFHGL/RUHQ]LQL FKHFHOHEUDYD(XJHQLRSHUOHYLWWRULHULSRUWDWHFRQWURL7XUFKL /·DOWRJULGR6LJQRUFK·KDLWXQHOOHDUPL 3HUORWXRYLQFHUVHPSUHHLQRJQL ORFR 7DQWRPLQRUGHOOHJUDQJHVWHRUSDUPL 4XDQWRDOODWRGHO6ROSLFFLROR IRFR (TXHOFKHTXLQFLHTXLQGLRGRQDUUDUPL 'H·IDWWLHJUHJLWXRLSUHQ GHQGRDJLRFR 3HQVRFKHQXOODLSLIDPRVLFDUPL 3DUOLQGLWHEHQFKpQRQ SDUOLQSRFR &DQWDFLDVFXQFKHLOIRUPLGDELO7UDFH &LERDJOLDXJHOOLHDOOH VXHYRJOLHDYDUH 2UULGRHVHPSLRLQULYDDOO·,VWURJLDFH 0DIUDFRWDQWHRSUH RQRUDWHHFKLDUH &RPHYLQFLGDOXQJHDQFRUVLWDFH &ROJULGRVROGHOOD9LWWRULD LQPDUH 

























/·HURLVPRGL(XJHQLRVLOHJDYDDOPLWRGLXQ·,WDOLDJUDQGHHOLEHUDFKHGDYD PDWHULDDOVXRFDQWR©(VVHUQRQSXRFKHDOO·RQRUWXRSULPLHUR ,WDOLDPLD WXQRQULVRUJDDOILQH (FKHGDOSHVRGHOOHWXHURYLQH 1RQOHYLDOWROD IURQWHH·OILDQFRDOWHURª LQFXLVLFHOHEUDYDLOQXRYRGXFHGLFDVD6DYRLDFKH SURWHJJHYDOH$OSLGDRJQLQXRYR$QQLEDOH8QVHFRQGRHVHPSLRGLVRQHW 







,YLS



&IU%($75,&( $/)21=(77, (XJHQLRHURHSHUIHWWLVVLPR'DOFDQWRGHL4XLULQLDOODULQDVFLWDWUDJL FD©6WXGLVWRULFLª,SS 

*OLIDHFRO·DOWURVRQHWWR©0DLQULYDDOO·,VWURIXOPLQDQGRVFHVH,OJUDQ*XHUULHUFKHWXWWD (XURSDRQRUD(O·HPSLDXQ·DOWUDYROWDDOVXROGLVWHVH7DOFK·HOODYLQWDEHQFRQRVFH RJQRUD'HOIRUWH(XJHQLRDOOHVXEOLPLLQSUHVH&KH$FKLOOHH3LUURLQOXLYLYRQRDQFRUDª 3RHVLHGL)UDQFHVFR/RUHQ]LQLFLWS6XOPLWRGL(XJHQLRPROWHOLULFKHIUDFXLTXHOOHGL6DYH ULR3DQVXWLQHOOH5LPHVFHOWHGLYDUMLOOXVWULQDSROHWDQLLQ)LUHQ]HDVSHVHGL$QWRQLR0X]L 

&IU3RHVLHGL)UDQFHVFR/RUHQ]LQLFLWS6LULFRUGLFKH9LWWRULR$PHGHR,,HUDVFKLH UDWRFRQO·,PSHURHO·,QJKLOWHUUDQHOODJXHUUDGLVXFFHVVLRQHVSDJQROD



%($75,&( $/)21=(77,

WRFRQDSRVWURIHDOO·,WDOLDLQVHULVFHDOFXQHGLTXHVWHSRHVLHQHOOLQJXDJJLR SRHWLFRSDUDOOHORDOOHSUDWLFKHSROLWLFRGLSORPDWLFKH6LSXzSHQVDUHDTXHOOH GL 1HUL &RUVLQL QLSRWH GHO SDSD PLUDQWL DOO·LQGLSHQGHQ]D GHOOD 7RVFDQD VHFRQGRXQUDGLFDWRPLWRLWDOLFRSUHVHQWHVLDD)LUHQ]HFKHD1DSROLHD 9HQH]LD/·,WDOLDULPDQGDYDD5RPDFKHDYHYDRVSLWDWRODJUDQGH]]DURPDQD SHUSRLIDUVLVHGHGHOVRJOLRGL3LHURRUDWRUQDWRDOVXRVWUDRUGLQDULRYDORUH FRQ&OHPHQWH;,,©25RPDR7HUUDVRSUDFXLO·,PSHUR 6XRYLVLELOIRQGDU SLDFTXHD&ROXL &KHVLIHFHXRP>«@ 9ROJLORVJXDUGRDOWXR&OHPHQWH HPLUD 4XDOGHOO·RSUHPDJQDQLPHHGDOYROWR 1DWLYDOXFHGLYLUWWUDVSL UD 7DQWRFKHSRWUDLGLUFKHLQOXLUDFFROWR 3HUVRPPD3URYLGHQ]DRJJL VLDPPLUD ,OYDORUSULVFRFKHSDUqDVHSROWRª 7XWWDYLD OD JORULD GHOO·,WDOLD ULVLHGHYD DQFKH QHO IDU SDUWH GHOO·,PSHUR FRPH/RUHQ]LQLFDQWDQHOO·HQFRPLRGL&DUOR9,WHVVXWRQHOFRPSRQLPHQWR GUDPPDWLFR/D*ORULDLO*HQLR5RPDQRH·O7HPSR1HOODSULPDSDUWHOD*ORULD TXDOLILFDQGRVLFRPHODSURJHQLWULFHGHO*HQLRURPDQRHGLRJQLDOWURVXR HURHLVWLWXLVFHO·HTXD]LRQH*ORULD5RPD1HqHUHGH&DUOR9,FXLLO*HQLR YRUUHEEHDO]DUHXQJUDQGH7HPSLR©&RQVLORGHYRODUWH (GLVuIRUWLHVuUR EXVWLPDUPL &KHVFKHUQLVVHGHO7HPSRHO·LUHHLGDQQLª/D*ORULDFRQGXFH LO*HQLRDVFRUJHUHLO6ROH©1RQVXOODEDVVD7HUUD 0DLQQDO]HUDVVLHQWUR LOFKLDURUGHO6ROHª HDLQQDO]DUYLXQ7HPSLRLQGLVWUXWWLELOHSHUFKpQRQIDWWR GLPDWHULDXQ7HPSLRFRQODVFULWWD©$OO·HFFHOVDYLUWGL&DUORLO*LXVWRªOH FXLYLUWIXQJRQRGDFRORQQHODJLXVWL]LDDGHVWUDODIRUWH]]DDVLQLVWUD  ,OFRPSRQLPHQWRSUHFHGHLOTXDQGROHWUXSSHGL&DUORGL%RUERQH RFFXSDQR1DSROLGXUDQWHODJXHUUDGLVXFFHVVLRQHSRODFFD(VVRLQYLWDYDOH ©$QLPHLOOXVWULHVDJJHªGHO6HEHWRDJXDUGDUHLO6ROHSHUVFRUJHUYLLOWHPSLR LQQDO]DWRDOORURUH,QTXHVWRFOLPDV·LQVHULVFHSHUIHWWDPHQWHODUDSSUHVHQ WD]LRQHD9LHQQDQHOO·DJRVWRGHOGHOO·2OLPSLDGHTXDVLXQRPDJJLRDO O·LGHDGHOO·DUFDGHJXHUULHURGL*UDYLQDLQFDUQDWRGDOSHUVRQDJJLRGL/LFLGD VLQGDOODSULPDVFHQDHDOODULQQRYDWD$UFDGLDDXVWULDFDGHOFXVWRGH)LODFLGD 























4XHVWRO·LQFLSLW©,WDOLD,WDOLDH·OIODJHOODUQRQRGL'H·%DUEDULFLUHPLDOODPDULQD1RQ YHGLLOYLQFLWRUFKHFKHV·DYYLFLQD&ROO·DUPLQRGLVHUYLWFR·QRGL"ª3RHVLHGL)UDQFHVFR /RUHQ]LQLFLWS 

,YLS



,YLSS

/·$5&$',$ $8675,$&$'(/&8672'(/25(1=,1,



ULFKLDPDWRQHOQRPHGHOO·HURHPHWDVWDVLDQR(GqTXHVWRLOFRQWHVWRURPD QRSXUWXUEDWRGDLUXPRULGLJXHUUDHGDOODSHUGLWDGDSDUWHGHJOL,PSHULDOL GHOUHJQRGL1DSROLFKHDFFRJOLHQHOO·2OLPSLDGHPXVLFDWDGD3HUJROHVL ,QTXHVWLDQQLGLJXHUUHHVFRQWULGLQDVWLFLDFFDQWRDOSDUDGLJPDURPDQR LOFRGLFHELEOLFRVLULYHODSDUWLFRODUPHQWHDWWRDOODSUHJKLHUDHDOWUDYHVWLPHQ WR0HWDVWDVLRD9LHQQDFRPSRQHYDULHD]LRQLWUDWWHGDOOH6DFUHVFULWWXUHIUD OHTXDOL%HWXOOLDOLEHUDWDOHWWDFRPHDOOHJRULDGHOJUDQGH(XJHQLRFKHSHU O·XOWLPDYROWDDOODILQHGHOqFRVWUHWWRQXRYDPHQWHDFRPDQGDUHODVXD DUPDWDVFHJOLHQGRLOIURQWHGHO5HQRSHUQRQVFRQWUDUVLFRQL6DYRLDTXHVWD YROWDQRQSLDOOHDWLFRQO·,PSHUR$*LXGLWWDDQFKH/RUHQ]LQLGHGLFDYDUL VRQHWWLSHUSRLQHOIDWLGLFRDGDWWDUHLOFDQWLFRGL'HERUDO·©DOWHUDªH ©LOOXVWUH'RQQDªFKHDOOXGHDOODQXRYDUHJLQD0DULD7HUHVDHDOODJXHUUDGL VXFFHVVLRQHDSSHQDVFRSSLDWD,OFDQWLFRqGHGLFDWRDOFDUGLQDOH*HQWLOLXQR GHLSLJHQHURVLSURWHWWRULGHOO·$FFDGHPLD/DWLQDGRYHVLHUDQRUHFLWDWHOH FRPPHGLHGL3ODXWRH7HUHQ]LR,OWHDWUROuVHPSUHDSHUWRHUDVWDWRFRQYD OLGDWRGDOOD6HJUHWHULDGL6WDWRSHUYRORQWjGL&OHPHQWH;,,DSSHQDVFRP SDUVR/DVXDPRUWHHUDXQGDQQRLQFDOFRODELOHVRSUDWWXWWRSHUOH%HOOH$UWL HO·(ORTXHQ]DGLFXLHUDVWDWR©ULVWRUDWRUHªH©SURPRWRUH9LJLODQWLVVLPRª 

 6XJOLVSD]LG·$UFDGLDQHOO·2OLPSLDGH$/%(572%(1,6&(//, )HOLFLWjVRJQDWH,OWHDWURGL0HWDVWDVLR *HQRYD,OPHODQJRORSS/·2OLPSLDGHVHPEUDURYHVFLDUHL*LRFKLROLPSLFLGL FDUDWWHUHSRHWLFRGHVFULWWLGD&UHVFLPEHQLLQRSSRVL]LRQHDTXHOOLILVLFLGHJOLDQWLFKL*UHFL &RVuLOFXVWRGHVDOXWDYDLYLQFLWRUL©6XOO·2OLPSLFDDUHQDRJJLQRQVFHVH,O*HQLRGL%HOOR QD1pLOILHUR0DUWHHEEHWUDQRLVRJJLRUQR0DGL&LUUDLOJUDQ1XPHHG·(OLFRQD 4XHVWLEHL&DPSLLQWRUQR(PSLqGLOXFHHGLQRLFXUDSUHVH6HFROH'LYH6XRUH(EEH HVHFRHEEH$PRUHFKHDJOL(URLYLQFLWRUL'RQDURLQJXLGHUGRQ0LUWLHG$OORULª/·$U FDGLDGHOFDQRQLFR*LR0DULR&UHVFLPEHQL&XVWRGHGHOODPHGHVLPD$UFDGLD'LQXRYRDPSOLDWD>«@ 5RPD$QWRQLRGH·5RVVLSPDVLYHGDLOOLEURVHWWLPRGDOODSURVD9, 

&IU6$%5,1$675233$©)UDQRWWXUQLVHUHQLª/HD]LRQLVDFUHGHO0HWDVWDVLR)LUHQ]H2OVFKNL SS



&IUODGHGLFDGHOOD3DUDIUDVLYROJDUHGHOFDQWLFRGL'HEERUD&DQWDWRGRSROD9LWWRULDFRQWUR6LIRUD GL)UDQFHVFR/RUHQ]LQL&XVWRGH*HQHUDOHG·$UFDGLD$6XD(PLQHQ]D,O6LJQRU&DUGLQDOH*HQ WLOLLQ5RPD=HPSHO

6DYHULR)UDQFKL

/DUDSSUHVHQWD]LRQHGHOO·2OLPSLDGHGL3HUJROHVL VIRQGLVWRULFRSROLWLFLHYLFHQGHWHDWUDOL

'DPROWLVWXGLRVLHDSSDVVLRQDWLO·2OLPSLDGHqVWDWDFRQFRUGHPHQWHFRQVL GHUDWDXQRGHLYHUWLFLGHOO·DUWHSHUJROHVLDQD9DOJDSHUWXWWLLOJLXGL]LRGL )UDQFHVFR'HJUDGDVHFRQGRLOTXDOHFRQO·2OLPSLDGH3HUJROHVL©SURSRQHYD XQ UDGLFDOH ULQQRYDPHQWR GHO WHDWUR PXVLFDOH DQWLFLSDQGR HVSHULHQ]H H RULHQWDPHQWLFKHVDUHEEHURPDWXUDWLQHOFRQWHVWRHXURSHRVRORQHOODVH FRQGDPHWjGHO6HWWHFHQWRªUDJLRQHGLIRQGRFKHVHFRQGRORVWXGLRVRDV VLFXUzDXWHQWLFDDPPLUD]LRQHSHUPROWHSDJLQHGHOO·RSHUDILQRDG2WWRFHQ WR LQROWUDWR FRVWLWXHQGR XQ·HFFH]LRQH LQ XQ·HSRFD LQ FXL ©OD PXVLFD GHO SDVVDWRHUDVRJJHWWDDXQUDSLGLVVLPRSURFHVVRGLREOLRª/·DPPLUD]LRQH IXVXVFLWDWDVRSUDWWXWWRGDOOHTXDOLWjPHORGLFRDUPRQLFKHGLDULHHGXHWWL DOWDPHQWHHVSUHVVLYLLQXQILORQHGLLQWURVSH]LRQHVHQWLPHQWDOHFKHLQWHU SUHWDYDQHOPRGRSLSHUVXDVLYRLOOLEUHWWRGL0HWDVWDVLRHFKHSHU'HJUDGD FRVWLWXu©LOQXFOHRSLSURJUHVVLYRªGHOODYRURFRPSRVLWLYRSHUJROHVLDQR /·RSHUDIXUDSSUHVHQWDWDD5RPDQHOODVWDJLRQHGLFDUQHYDOHO·LQ FDULFR IX RWWHQXWR GDO FRPSRVLWRUH PHGLDQWH L VXRL SDWURQL L GXFKL GL 0DGGDORQLFKHJLjORDYHYDQR¶SUHVHQWDWR·DOSXEEOLFRURPDQRO·DQQRSUL PDFRQO·HVHFX]LRQHGLXQDJUDQGHPHVVDD6/RUHQ]RLQ/XFLQD4XHVWH YLFHQGHGHOO·DWWLYLWjDUWLVWLFDGL3HUJROHVLHGHOPHFHQDWLVPRGHLVXRLSDWUR QLYDQQRSHUzFROORFDWHSHUXQDPLJOLRUHFRPSUHQVLRQHQHOSUHFLVRFRQ WHVWR VWRULFR H SROLWLFR GHO WHPSR UHODWLYR DO 5HJQR GL 1DSROL H D WXWWD O·,WDOLDVFRVVDGDXQDHQQHVLPDJXHUUDWUDOHJUDQGLSRWHQ]HGHOWHPSR )LQGDOODIUDJLOHSDFHHXURSHDVLHUDLQIDWWLLQFULQDWDSHUODVXF FHVVLRQHDOWURQRGL3RORQLDPHQWUHOHIRU]HPLOLWDULDXVWULDFKHHUDQROu 

/HFLWD]LRQLVRQRWUDWWHGD)5$1&(6&2 '(*5$'$/·2OLPSLDGHGL0HWDVWDVLRH3HUJROHVLLQ ZZZUDGLRUDLLWUDGLRUDGLRBVXLWHDUFKLYLRBHYHQWLBBBROLPSLDGH!

 ,OUHSRODFFR$XJXVWRPRUuLOƒIHEEUDLRLOVXFFHVVLYRVHWWHPEUHOD'LHWDHOHVVH QXRYRUHLOFDQGLGDWRVRVWHQXWRGDOOD)UDQFLD6WDQLVODR/HV]F]\QVNLQRPLQDLPSXJQDWD GDOO·LPSHUDWRUH&DUOR9,FKHPRVVHJXHUUD



6$9(5,2)5$1&+,

LPSHJQDWHOHSRWHQ]HERUERQLFKH)UDQFLDH6SDJQD PRVVHURJXHUUDLQ ,WDOLDDOOHDWRGHOOD)UDQFLDPDQRQGHOOD6SDJQDHUD&DUOR(PDQXHOHGL 6DYRLDUHGL6DUGHJQD,Q,WDOLDOHD]LRQLPLOLWDULIXURQRIDYRUHYROLDOIURQWH DQWLDVEXUJLFRDOODILQHGHO&DUOR(PDQXHOHHQWUzWULRQIDOPHQWHLQ 0LODQR PHQWUHLQ3RORQLDSUHYDOHYDQRJOLDXVWULDFLFRQO·LQFRURQD]LRQH GHOORURFDQGLGDWR)HGHULFR$XJXVWRGL6DVVRQLDLOVRYUDQRGL%DFK ,O  PDU]R  &DUOR GL %RUERQH PH]]R LWDOLDQR LQ TXDQWR ILJOLR GHOO·LWDOLDQLVVLPDUHJLQDGL6SDJQD(OLVDEHWWD)DUQHVHJLXQJHYDFRQODVXD DUPDWDD0RQWHURWRQGRPHQWUHGD3DUPDYHQLYDGLIIXVRXQSURFODPDGL VXRSDGUH)LOLSSR9GL6SDJQDQRQSULYRGLWRQLTXDVLRWWRFHQWHVFKL©/H JULGDGHLSRSROLGHOOH'XH6LFLOLHRSSUHVVLGDOJLRJRDOHPDQQRKDQQRSHQH WUDWRLOUHDOPLRFXRUH«ª O·DUPDWDVSDJQRODDOFRPDQGRGHOO·HVSHUWR JHQHUDOHGRQ-RVp&DUULOORFRQWHGL0RQWHPDUPRVVHFRQGHFLVLRQHDOOD ULFRQTXLVWD GHO 5HJQR GL 1DSROL GD ROWUH XQ TXDUWR GL VHFROR LQ PDQR DXVWULDFD6HQ]DDIIURQWDUHYHUHEDWWDJOLHLODSULOH&DUORGL%RUERQHLQ FRQWUzLPDJLVWUDWLQDSROHWDQLD0DGGDORQLSURSULRLOIHXGRGHLPHFHQDWL GL3HUJROHVL HGHEEHLQVLPEROLFDRIIHUWDOHFKLDYLGHOODFDSLWDOHGRYHHQWUz WULRQIDOPHQWHLOPDJJLR0DODJXHUUDQRQHUDILQLWDHVLWUDVFLQHUjILQR  &DUOR(PDQXHOHVLHUDDOOHDWRFRQOD)UDQFLDILUPDQGRLOWUDWWDWRGL7RULQRVHWW  VXELWRGRSRVLDSUuLOIURQWHGLJXHUUDQHOO·,WDOLDVHWWHQWULRQDOHRWWREUH GRYHSHUSURSULR FRQWROD6SDJQDLQYLzXQIRUWHFRUSRPLOLWDUH3RLFKpFRVWDQWLHUDQRLSURJUHVVLGL&DUOR (PDQXHOH QHL FRQIURQWL GHO TXDOH OD FRUWH GL 0DGULG QXWULYD DSHUWD RVWLOLWj L GXH UDPL ERUERQLFLGL)UDQFLDH6SDJQDVLOHJDURQRFRQLOWUDWWDWRGHOO·(VFRULDOQRY 7UHJLRUQL SULPDLSLHPRQWHVLDYHYDQRFRQTXLVWDWR0LODQRGRYHO·GLFHPEUH&DUOR(PDQXHOHIHFHXQ LQJUHVVRWULRQIDOHSUHOXGLRDGDYYHQLPHQWLRWWRFHQWHVFKLORQWDQLSLGLXQVHFROR3HUXQD ULJRURVDQDUUD]LRQHFULWLFDGHJOLHIIHWWLGLTXHVWDJXHUUDVXOODVLWXD]LRQHLWDOLDQDVLYHGD)5$1  &2 9 $/6(&&+, /·,WDOLDQHO6HWWHFHQWRGDODO0LODQR0RQGDGRULSS 

/·LQFRURQD]LRQHVROHQQHGL)HGHULFR$XJXVWRVLWHQQHD&UDFRYLDLOJHQQDLR



)9$/6(&&+, /·,WDOLDQHO6HWWHFHQWRFLWS



/·HQWUDWDWULRQIDOHGHOPDJJLRDFFROWDGDIHVWHH©DOOHJUH]]HªIXVHJXLWDGDOODSURFOD PD]LRQHGL&DUORGL%RUERQHDUHGL1DSROLPDJJLR 5HVLVWHYDXQFRUSRPLOLWDUHDXVWULD FRLQ3XJOLDFKHVLDUUHQGHUjDO0RQWHPDULOPDJJLREDWWDJOLDGL%LWRQWR /DQRWL]LDGHO IRUWXQDWRHVLWRGHOODFDPSDJQDGL&DUORGL%RUERQHODVFLzGXEELD9LHQQDFRPHULVXOWDGD XQDOHWWHUDGL0HWDVWDVLRDXQLQFRJQLWRDPLFRURPDQRFKHORLQIRUPDYDDOULJXDUGROHWWHUD GD 9LHQQD GHO  PDJJLR  LQ 7XWWH OH RSHUH GL 3LHWUR 0HWDVWDVLR D FXUD GL % %UXQHOOL 0LODQR0RQGDGRUL,,,S ,OSRHWDQRQYROHYDFUHGHUFLHVRVWHQHYDFKHODQRWL]LD ©KDWXWWDO·DSSDUHQ]DG·HVVHUIDEEULFDWDLQ5RPDHIRUVHGDOSDUWLWRFRQWUDULRSHUWULRQIDUH GHOODQRVWUDFUHGXOLWjª

/$5$335(6(17$=,21('(//·2/,03,$'(',3(5*2/(6,



DOO·DXWXQQRJLXQJHQGRDLWUDWWDWLGLSDFHFRQTXDOFKHQRWHYROHVRU SUHVD 6LJQLILFDWLYLIXURQRLULIOHVVLVXOO·DWWLYLWjGL3HUJROHVLDOO·HSRFDYLUWXRVRDO VHUYL]LRGL)HUGLQDQGR&RORQQDSULQFLSHGL6WLJOLDQRDOWRIXQ]LRQDULRGHO YLFHUpDXVWULDFRGHO5HJQR,OJLRYDQHPDHVWURODFXLDWWLYLWjWHDWUDOHHUDJLj IHOLFHPHQWHDYYLDWDD1DSROLJRGHYDGXQTXHGHOODVWLPDHGHOIDYRUHGHJOL  'RSRODFRQTXLVWDGHO5HJQRGDSDUWHGL&DUORGL%RUERQHSRLFKpODJXHUUDSURVHJXLYD VXSLIURQWLLOSDSD&OHPHQWH;,,QRPLQDOPHQWHDOWRVRYUDQRIHXGDOHGLTXHOUHJQRVL WURYzLQLPEDUD]]RQHOODFHULPRQLDGHOOD©FKLQHDªLOJLXJQRLQDWWHVDGHOULFRQRVFL PHQWRJHQHUDOHGHOQXRYRVWDWRGLFRVHDFFHWWzO·RPDJJLRGHOELDQFRFDYDOORGDSDUWHGHO SULQFLSH6DQWDFURFHSHUFRQWRGHOO·LPSHUDWRUHVROOHYDQGROHSURWHVWHGL&DUORGL%RUERQHLO TXDOHVWULQVHSLIRUWLUDSSRUWLFRQ%DUWRORPHR&RUVLQLQLSRWHGHOSRQWHILFHQRPLQDQGROR VXROXRJRWHQHQWHLQ6LFLOLDGDOVXRYLFHUp 4XHVWHYLFHQGHHEEHURLPPHGLDWLULIOHVVL QHOO·DULVWRFUD]LDURPDQDHQHOODQDVFHQWHRSLQLRQHSXEEOLFDGHOWHPSR1HOIHEEUDLRVL DYYLzXQDPHGLD]LRQHEULWDQQLFDSHUULVROYHUHLOFRQIOLWWRYDQDIXODFDPSDJQDGHOODVXFFHV VLYDHVWDWHFRQWURODURFFDIRUWHDVEXUJLFDGL0DQWRYDSHUFXLODGLSORPD]LDILVVzSUHOLPLQDUL GLSDFHRWWREUH SRLUDWLILFDWLGDOWUDWWDWRGL9LHQQDGHO&RQHVVLVHSHUGHYD 1DSROLO·$XVWULDGL0DULD7HUHVDULDFTXLVWDYD0LODQRHDGHVVDDJJLXQJHYDLOJUDQGXFDWRGL 7RVFDQDPDQWHQHQGRXQDIRUWHSUHVHQ]DLQ,WDOLD/HFRPSOHVVHYLHGHOODSROLWLFDGHOWHPSR HUDQRVWDWHLQWXLWHGDO0HWDVWDVLRFKHQHOPRPHQWRSHJJLRUHSHUODSDUWHDVEXUJLFDVFULYHYD DOIUDWHOOR/HRSROGR©1XOODGLPHQRODIDYRODQRQqWHUPLQDWDFKLSXzPDLLQGRYLQDUQHOD FDWDVWURIH"ªOHWWHUDGHODSULOHLQ7XWWHOHRSHUHGL3LHWUR0HWDVWDVLRFLW,,,S  

,OSULQFLSHGL6WLJOLDQRDSSDUWHQHYDDXQUDPRGHL&RORQQDGLVWDFFDWRVLQHO6HLFHQWR6XR SDGUH*LXOLDQR HUDVWDWRSULQFLSHGL6RQQLQRHGL*DODWURIHXGLFKH)HUGLQDQGR DYHYDFHGXWRDOODOLQHDSULQFLSDOHGHL&RORQQDLSULQFLSLGL3DOLDQRLQYHVWLWLGHOWLWRORRQR ULILFRGLJUDQFRQWHVWDELOHGHO5HJQR DVVXPHQGRLQYHFHLOWLWRORGLSULQFLSHGL6WLJOLDQR ROWUHFKpGLVLJQRUHG·DOWULIHXGLLQ5HJQRSULQFLSHGL$OLDQRPDUFKHVHGL&DVWHOQXRYR  QRQFKp GL SDWUL]LR GL 1DSROL H GL 9HQH]LD 'DL YLFHUq DXVWULDFL GL 1DSROL HEEH LQFDULFKL JRYHUQDWLYLG·DOWRSUHVWLJLRHIXQRPLQDWRFDYDOLHUHGL6DQ*HQQDUR'DOHUDVSRVDWR FRQ/XLVD&DUDFFLRORILJOLDGL&DUPLQH1LFROzSULQFLSHGL6DQWRERQRDYHQGRQHLOILJOLR 0DUF·$QWRQLR6XLVXRLSURJHWWLGLPLJOLRULDSHU1DSROLFIU(51(6725 8662 ,OULVDQDPHQWRGL 1DSROLQHOOHOHWWHUHGL)HUGLQDQGR&RORQQDGL6WLJOLDQRD*HQQDUR$VSUHQR*DODQWH©&DS\Vª;/ SS,OGLUHWWROHJDPHGL3HUJROHVLFRQLOSULQFLSHGL6WLJOLDQRYHQQHD SRUOR QHOOD SRVL]LRQH GL XQ SURWHWWRGHOUHJLPH DVEXUJLFRGL1DSROLGHOUHVWRXQFHUWR UDSSRUWRGHOFRPSRVLWRUHFRQO·DPELWRDVEXUJLFRHUDVWDWRJLjLOVXRLQYLRDTXLQGLFLDQQL G·HWjQHO&RQVHUYDWRULRGHL3RYHULGL*HV&ULVWRSHULQWHUHVVDPHQWRGHOPDUFKHVH3LDQHWWL DOXQJRDUFKLWHWWRPLOLWDUHDOVHUYL]LRGHOO·LPSHUDWRUH&DUOR9,



'RSROHWUDYHUVLHGHOOD6DOXVWLDUDSSUHVHQWDWDQHO7HDWUR6DQ%DUWRORPHRQHOJHQQDLR GDSLHQRVXFFHVVRHUDVWDWRDFFROWR/RIUDWH·QQDPRUDWRUDSSUHVHQWDWRQHO7HDWURGHL )LRUHQWLQLQHOVHWWHPEUHGHOORVWHVVRFRPHSXUHLODJRVWRODQXRYDRSHUD



6$9(5,2)5$1&+,

DPELHQWLDULVWRFUDWLFLOHJDWLDOUHJLPHDVEXUJLFRODFRQTXLVWDGHO5HJQRGDSDUWH GL&DUORGL%RUERQHGLHWURLOTXDOHVWDYDQROD6SDJQDHOD)UDQFLDSRWHYDSHU OXLVHJQDUHXQDEDWWXWDGLDUUHVWRVHLVXRLSDWURQLQRQVLIRVVHURGRFLOPHQWH DOOLQHDWLDOQXRYRVWDWRGLFRVH0DODJXHUUDHUDDQFRUDLQFRUVRHLOVXRHVLWR QRQVHPEUDYDJLjGHFLVRSHUFXLSULPDDQFRUDGHOODFRQTXLVWDGL1DSROLGD SDUWHGL&DUORGL%RUERQHHGHOVXRJHQHUDOLVVLPRFRQWHGL0RQWHPDUPROWL QRELOLDXVWULDFDQWLVLVWDELOLURQRD5RPDVIXJJHQGRLOSHULFRORFRQLOSRUVL VRWWRLOUHJLPHQHXWUDOHGHOSDSDFRVuIHFHWUDJOLDOWULLOSULQFLSHGL6WLJOLDQR PHQWUHGDWHPSRYLYHYDD5RPDLOGXFDGL0DGGDORQL'RPHQLFR0DU]LR &DUDIDFRQODJLRYDQHVSRVD$QQD&RORQQDJUDQGLDSSDVVLRQDWLGLPXVLFD VHULD,OSULJLRQLHUVXSHUERVRSUDWWXWWRSHUPHULWRGHJOLLQWHUPH]]L/DVHUYDSDGURQD ,QWDQWR O·DSSRJJLRGHOSULQFLSHGL6WLJOLDQRDYHYDDVVLFXUDWRD3HUJROHVLO·DVVXQ]LRQHSUHVVROD&DS SHOOD 5HDOH FRPH RUJDQLVWD VRSUDQQXPHUDULR QRYHPEUH   DVVXQ]LRQH PRWLYDWD GDO ELVRJQRGHOOD&DSSHOODGL©VRJJHWWLFKHFRPSRQJRQRVRSUDLOJXVWRPRGHUQRªGRFXPHQWR FLWGD)5$1&(6&2 & 277,&(//, ²3$2/20 $,21( ©6WXGLSHUJROHVLDQL²3HUJROHVL6WXGLHVª DFXUDGL)'HJUDGD6FDQGLFFL)LUHQ]H /D1XRYD,WDOLDS 3RFRSULPDGHOOD FRQTXLVWDGL1DSROLGDSDUWHGL&DUORGL%RUERQHLOFRPSRVLWRUHIXLQROWUHQRPLQDWRPDH VWURGLFDSSHOODVRVWLWXWRGHOOD)HGHOLVVLPD&LWWjGL1DSROLFRQGLULWWRGLVXFFHGHUHDOWLWRODUH 'RPHQLFR6DUURIHEEUDLR 6XOODYLWDGL3HUJROHVLSHUODSDUWHFKHTXLLQWHUHVVDVLID ULIHULPHQWRDOODPRGHUQDOLQHDGLVWXGLFKHDSDUWLUHGD)5$1.  :$/.(5 7ZRFHQWXULHVRI 3HUJROHVL)RUJHULHVDQG0LVDWWULEXWLRQV©0XVLFDQG/HWWHUVª;;;SS3HUJROHVL /HJHQGV©7KH0RQWKO\0XVLFDO5HFRUGª/;;;,,SS qVWDWDVYL OXSSDWDGDGLYHUVLVWXGLRVLDQFRUDYDOLGDODYRFHVFULWWDGD$QQD0RQGROILSHUO·(QFLFORSHGLD GHOOR6SHWWDFROR9,,5RPD/H0DVFKHUHFROO LQSDUWLFRODUHGD)UDQFHVFR 'HJUDGDLQQXPHURVLODYRULHGLWLGDOSRLVLQWHWL]]DWLQHOO·DPSLDUHFHQWHYRFHVXOFRP SRVLWRUHSXEEOLFDWDLQ0**3HUVRQHQWHLO;,,,FROO HQHOSURILOR/DYLFHQGD ELRJUDILFDLQZZZFHQWURVWXGLSHUJROHVLXQLPLLW!FRS\ULJKW VLDJJLXQJDO·LPSRUWDQWH YRFHGL+HOPXW+XFNHH'DOH(0RQVRQSHUO·XOWLPDHGL]LRQHGHO1HZ*URYH;,; SS FXLVLULQYLDDQFKHSHUODULFFDPDVHOH]LRQDWDELEOLRJUDILD  $QFRUDQHOJLXJQRLOSDSDDYHYDULFHYXWRFRQVROHQQLWjDO4XLULQDOHO·XOWLPRYLFHUp DXVWULDFRGL1DSROLLOFRQWH*LXOLR9LVFRQWLFKHSDUWuGRSRO·DVFROWRGLXQDFDQWDWDHGLXQD VLQIRQLD5RPD%LEOLRWHFD&RUVLQLDQDPV$0HPRULHHVFULWWXUH>«@FF 3RFKL PHVLGRSRODYLFHUHJLQDODVFLDYD1DSROLHVLULIXJLDYDD0DULQRGDJOLDXVWULDFDQWL&RORQQD PDU]RFIU)5$1&(6&2 9$/(6,2 'LDULRGL5RPD>@DFXUDGL*6FDQR0LODQR /RQJDQHVL F9S SHUSRLHQWUDUHFRQODILJOLDQHOPRQDVWHURURPDQRGHL 6V'RPHQLFRH6LVWRLELG ,OYLFHUpUHVLVWHYDD1DSROLPDLODSULOHODVFLzODFDSLWDOHSHU UDJJLXQJHUHLOFRUSRPLOLWDUHVWDQ]LDWRLQ3XJOLDLYLS GDOuV·LPEDUFzSHUQRQULVFKLDUH GLFDGHUHLQPDQRDOQHPLFR2OWUHDOODYLFHUHJLQDHDOSULQFLSHGL6WLJOLDQRD5RPDVLHUDQR DOO·HSRFDVWDELOLWLGRQ0DULQR&DUDFFLRORSULQFLSHGL6DQWRERQRHLOSULQFLSHGL&ROXEUDQR )UDQFHVFR&DUDIDFKHSRLSURVHJXuSHU9LHQQDLQVLHPHDOODGRWWDVSRVD)DXVWLQD3LJQDWHOOL

/$5$335(6(17$=,21('(//·2/,03,$'(',3(5*2/(6,



'L TXHVWL PHFHQDWL RFFRUUH GDUH TXDOFKH QRWL]LD 'RPHQLFR 0DU]LR 3DFKHFR&DUDIDQDWRD1DSROLQHOFRPHGXFDGL0DGGDORQLHSULQFLSH GHOOD*XDUGLDIDFHYDSDUWHGHOODIDVFLDSLDOWDGHOO·DULVWRFUD]LDGHO5HJQR $PDYDODPXVLFDHSHUGLOHWWRVXRQDYDLOYLRORQFHOORDYHQGRLQGHGLFDGD /HRQDUGR/HRLFRQFHUWLSHUTXHOORVWUXPHQWRFRPHSDWURQRGL/HRHEEH LQGHGLFDDQFKHLOGUDPPD&DWRQHLQ8WLFDUDSSUHVHQWDWRD9HQH]LDQHO 'D9HQH]LDVLWUDVIHUuD9LHQQDGRYHIXDFFROWRFRQRQRUHDOODFRUWHULFH YHQGRLOWLWRORGLSULQFLSHGHO6DFUR5RPDQR,PSHURGLOuDSRFRIXGHVWLQDWR VSRVRGL$QQD&RORQQDVRUHOODGHOFRQWHVWDELOH)DEUL]LROHQR]]HYROXWH GDOO·LPSHUDWRUH&DUOR9,IXURQRXIILFLDOPHQWHULFKLHVWHDOFRQWHVWDELOHGDO FDUGLQDO&LHQIXHJRVSOHQLSRWHQ]LDULRLPSHULDOHD5RPD4XL&DUDIDJLXQ VHQHOJHQQDLRDQGDQGRDGRPDJJLDUHODILGDQ]DWDQHO7HDWURGHOOH 'DPH GRYH FRQREEH 0HWDVWDVLR GHO TXDOH VL UDSSUHVHQWDYD O·$OHVVDQGUR QHOO·,QGLHFRQPXVLFDGL/HRQDUGR9LQFL$YHYDSUHVRLQDIILWWRLOSDOD]]R'H $QJHOLVSXUWURSSRGLVWUXWWRQHOSHUO·DOODUJDPHQWRGLYLDGHO7ULWRQH LYLVDUjSUREDELOPHQWHRVSLWDWR3HUJROHVLQHLGXHVRJJLRUQLURPDQLGHO H  4XHVWH QR]]H GL FKLDUR VDSRUH SROLWLFR IXURQR FHOHEUDWH FRQ SRPSDQHOOXJOLR'HOORVSRVRLOIDPRVRSLWWRUH3LHU/HRQH*KH]]L WUDFFLzXQULWUDWWR)LJ FRUUHGDQGRORFRQTXHVWDGLGDVFDOLD 

6XOODIDPLJOLDVLYHGD)5$1&(6&2 ' $1'2/2/RVWDWRIHXGDOHGHL&DUDIDGL0DGGDORQL*HQHVL HDPPLQLVWUD]LRQHGLXQGXFDWRQHO5HJQRGL1DSROLVHF;9;9,,, 1DSROL*LDQQLQL6XO IRQGR PXVLFDOH GL IDPLJOLD $11$3,$  6 &,2/$5,  0 (/8==,  ² & $5/2 9,7$/,  8QD SUH]LRVD UDFFROWDGLPDQRVFULWWLQHJOL$UFKLYLPXVLFDOLGHOOD5$,GL5RPDLOIRQGR&DUDIDGL0DGGDORQL&DWDORJR ©1XRYD5LYLVWD0XVLFDOH,WDOLDQDª;;,,SS 

/DGHGLFDILUPDWDGDOO·LPSUHVDULR'RPHQLFR/DOOLqVWDPSDWDQHOOLEUHWWRGHOO·RSHUDFIU &/$8',2 6 $5725, ,OLEUHWWLLWDOLDQLDVWDPSDGDOOHRULJLQLDO&DWDORJRDQDOLWLFRFRQLQGLFL YROO&XQHR%HUWROD /RFDWHOOLQ   /HYLFHQGHGHOODYRULRGLSORPDWLFRSHUOHQR]]HGHOGXFDVRQRULFRUGDWHLQ)9$/(6,2  'LDULRGL5RPDFLW9SS 

,YLS



/·LQL]LRGHOO·DIILWWRGHOSDOD]]R'H$QJHOLVqULFRUGDWRGDO9DOHVLRDOO·JHQQDLR,YL S   /HQR]]HIXURQRFHOHEUDWHLOOXJOLRGDOFDUGLQDO3LHUOXLJL&DUDID]LRGHOORVSRVR QHOODFDSSHOODSULYDWDGHOSURSULRSDOD]]RLQYLDGHOOD3DORPEHOOD,YLS 3RFRSULPDLO GXFDDYHYDRIIHUWRDOODVSRVDXQULQIUHVFR©G·DFTXHJHODWHªLQSDOD]]R&RORQQDOXJOLR ,YLS IRUVHDFFRPSDJQDWRGDPXVLFD



6$9(5,2)5$1&+,

,OVLJQRUGXFDGL0DWDORQDFKHVSRVzODVLJQRUD$QQD&RORQQD>«@,OPHGHVL PRVLULWURYDDQQLHWLRFDY*KH]]LPHQHVRQRODVVDWRPHPRULDLOGu DJRVWR3HUFDVDVWDYDLQFDPLJLDHVHQ]DFDO]HWWHQpEHUUHWWLQRFRQXQ PHURVSROYHULQRFRPHYHGHWHHWLHQHLQPDQRODWULQDGHOODVXDOLYUHDFKHIDIDU GLQRYR

'HOUHVWRLOJLRYLQVLJQRUHDYHYDDQFKHXVDQ]HSHUHJULQHFRPHULFRUGDLO GLDULRGHO9DOHVLRWHQHYDQHOFRUWLOHGHOSDOD]]R'H$QJHOLVXQJURVVROHR QHLQXQVHUUDJOLR4XDQWRDOODVSRVDQDWDDQFK·HVVDQHOQRQHUD SDUWLFRODUPHQWHEHOODPDSRUWDYDXQJUDQQRPHHIXFRPHLOPDULWRLP SHJQDWDSROLWLFDPHQWHHDSSDVVLRQDWDGLPXVLFDDQFKHGLOHLUHVWDXQULWUDW WRIDWWROHGD*KH]]LLQGDWDLJQRWD)LJ  *OLVSRVLHEEHURXQUXRORGLVSLFFRQHOODVWDJLRQHWHDWUDOHGHODYHQGR LQGHGLFDLOLEUHWWLGHOO·$GRQHUHGL&LSURPXVLFDWRGD0LFKHOH&DEDOORQHHUDSSUH VHQWDWRDO&DSUDQLFDHGHLGXHGUDPPLUDSSUHVHQWDWLDO7HDWURGHOOH'DPHGD ORURSDWURFLQDWRLO&LURULFRQRVFLXWRGL)UDQFHVFR$UD\DHO·(YHUJHWHGL/HRQDUGR /HR6HQ]DGXEELRLORURJXVWLPXVLFDOLQRQIXURQRHVWUDQHLDOO·DIIHUPD]LRQH URPDQDGLTXHJOLDXWRULG·DUHDQDSROHWDQDHGLIDWWRVRVWLWXLURQRQHOUXRORGL PHGLDWRULPXVLFDOLWUD5RPDH1DSROLO·RUPDLLQFULPLQDWRFDUGLQDO&RVFLD

 4XHVWRULWUDWWRFRPHWXWWLTXHOOLG·LQWHUHVVHPXVLFDOHFRPSUHVLQHOOHJUDQGLUDFFROWHGL *KH]]LqVWDWRSXEEOLFDWRGD*LDQFDUOR5RVWLUROODFRQDPSLRFRPPHQWRFULWLFR,O´0RQGR QRYRµPXVLFDOHGL3LHU/HRQH*KH]]L0LODQR6NLUDSS LYLDGLQGLFHPVLYHGDQR YDULHDOWUHQRWL]LHVXLGXFKLGL0DGGDORQLHVXOODORURDWWLYLWjGLSURPR]LRQHPXVLFDOH)RUWL LQWHUHVVLPXVLFDOLHEEHORVWHVVRSLWWRUH3LHU/HRQH*KH]]LVXFXLVLULQYLDDOO·DPSLDLQWURGX ]LRQHGL5RVWLUROODQHOYROXPHFLWDWR 

)9$/(6,2 'LDULRGL5RPDFLW9SQRWL]LDGHOGLFHPEUH 



*5267,52//$ ,O´0RQGRQRYRµFLWSS

 'HGLFKHGL$QWRQLR0DQJRLPSUHVDULRGHO&DSUDQLFDDOODVSRVDSHUO·RSHUDGL&DEDOORQH GL)UDQFHVFR&DYDQQDLPSUHVDULRGHOOH'DPHDOGXFDSHUO·RSHUDGL$UD\DHDOODVSRVDSHU O·RSHUDGL/HRGDWLHIRQWLLQ6$9(5,2 )5$1&+, 'UDPPDWXUJLDURPDQD,, 5RPD (GL]LRQLGL6WRULDH/HWWHUDWXUDSS  

,OFDUGLQDO1LFROz&RVFLDIXLOSHUVRQDJJLRGRPLQDQWHGXUDQWHLOSRQWLILFDWRGL%HQHGHWWR ;,,,DOXLYDULSRUWDWDO·DWWLYLWjURPDQDGLDXWRULGLIRUPD]LRQHQDSROHWDQDFRPH/HR$XOHWWD )HRFIU6)5$1&+, 'UDPPDWXUJLDURPDQD,,FLWSS  'RSRODPRUWHGHOSDSDVXRSURWHWWRUH&RVFLDIXSRVWRVRWWRLQFKLHVWDSHUSHVDQWL PDOYHUVD]LRQLSROLWLFKHHILQDQ]LDULHSHUVDOYDUVLIXJJuD1DSROL

/$5$335(6(17$=,21('(//·2/,03,$'(',3(5*2/(6,



)LJ'RPHQLFR0DU]LR&DUDIDGXFDGL0DGGDORQLULWUDWWRDSHQQDGL3LHU/HRQH*KH]]L GDWDWRDJRVWR5RPD%LEOLRWHFD$SRVWROLFD9DWLFDQD2WWRE/DWF FRPHWXWWHOHDOWUHILJXUHqULSURGRWWRGDOYROXPHGL*,$1&$5/25 267,52//$  ,O´0RQGRQRYRµPXVLFDOHGL3LHU/HRQH*KH]]L0LODQR6NLUD 



6$9(5,2)5$1&+,

)LJ$QQD&RORQQD&DUDIDGXFKHVVDGL0DGGDORQLULWUDWWRDSHQQDGL3LHU/HRQH*KH]]L SULYRGLGDWD/RQGRQ%ULWLVK0XVHXP3ULQWVDQG'UDZLQJVG 

$YHYDQRDOORURVHUYL]LRXQFDPHULHUHYLROLQLVWDHGXHVXRQDWRULGLFRUQLGD FDFFLDORURYLUWXRVRHUDLOJLRYDQHFDVWUDWRPLODQHVH)HOLFH6DOLPEHQLDOOLHYR GL3RUSRUDFKHIHFHURGHEXWWDUHQHO&DMR)DEULFLRGL+DVVHUDSSUHVHQWDWRDO &DSUDQLFDQHO&RQ3HUJROHVLLUDSSRUWLVLVYLOXSSDURQRLQTXHOO·DQQR 

/HQRWL]LHVXLPXVLFLVWLDOVHUYL]LRGHLGXFKLGL0DGGDORQLVLWUDJJRQRGDOOHGLGDVFDOLHGL3LHU /HRQH*KH]]LDLVXRLULWUDWWL*5267,52//$,O´0RQGRQRYRµFLWSS  'XHLPPDJLQLUHODWLYHDLFRUQLVRQRGHOH1DWXUDOPHQWHYDULFRUGDWRFKH3HUJROHVL YDORUL]]z TXHVWL VWUXPHQWL QHOOD SDUWLWXUD GHOO·2OLPSLDGH ,Q WXWWD ,WDOLD LQ SDUWLFRODUH QHL FDSROXRJKLLQSRVVHVVRGHJOL$VEXUJRFRPH0LODQRH1DSROL LFRUQLVHPEUDQRHVVHUVLGLIIXVL DSDUWLUHGDOO·XVRFKHVHQHIHFHLQRUFKHVWUDD9LHQQDJLjQHOVHFRQGRGHFHQQLRGHOVHFROR $QFKHD5RPDVHPEUDQROHJDWLLQRULJLQHDSHUVRQDJJLDXVWULDFLFRPHO·DPEDVFLDWRUH-RKDQQ :HQ]HOFRQWHGL*DOODVLOFDUGLQDOH0LFKHOH)HGHULFRG·$OWKDQQLOSOHQLSRWHQ]LDULRFDUGLQDO $OYDUR&LHQIXHJRV,OIHOLFHXVRGHLFRUQLQHOODVHUHQDWDSHUO·LPSHUDWULFH(OLVDEHWWDFRPSRVWD GD%HQHGHWWR0LFKHOLVXLQFDULFRGHOO·XOWLPRFLWDWRHEEHULVRQDQ]DHXURSHD6$9(5,2 )5$1  &+, ,OQRQQRGL6WHUELQL$SSXQWLSHUXQDELRJUDILDGL%HQHGHWWR0LFKHOLPXVLFLVWDHOLEUHWWLVWDURPDQR ©%ROOHWWLQRGHO&HQWUR5RVVLQLDQRGL6WXGLª;/,,,SS GDDOORUDLFRUQL HQWUDURQRVHPSUHSLVSHVVRQHOODIRUPD]LRQHGHOOHRUFKHVWUHILQRDFRVWLWXLUHLQVLHPHDOOD FRSSLDGHJOLRERLO·HOHPHQWRFRQVXHWRGLFRORUDWXUDWLPEULFDQHLFRPSOHVVLGHO6HWWHFHQWR 4XDQWRDOFDVWUDWR6DOLPEHQLODSURWH]LRQHGHLGXFKLGL0DGGDORQLqDVVLFXUDWDGD3LHU/HRQH *KH]]L*5267,52//$ ,O´0RQGRQRYRµFLWS QHOODFLWDWDRSHUDGL+DVVHVRVWHQQHLO UXRORGHOODVHFRQGDGRQQD%LUFHQQD FIU&6$5725, ,OLEUHWWLLWDOLDQLDVWDPSDFLWQ

/$5$335(6(17$=,21('(//·2/,03,$'(',3(5*2/(6,



TXDQGRD1DSROLQHOODFKLHVDGL60DULDG·2JQL%HQHGHLSDGUL6HUYLWL IHFHURHVHJXLUHXQDVXDPHVVDDGXHFRULFRQRUFKHVWUDLQRQRUHGHOOD9HUJLQH GHL6HWWH'RORULVSHFLDOHSURWHWWULFHGHO5HJQR(UDLOVHWWHPEUHH ODJXHUUDGLVXFFHVVLRQHSRODFFDHUDDSSHQDVFRSSLDWD$OO·HVHFX]LRQHGHOOD PHVVDHUDSUHVHQWH/HRQDUGR/HRFKHSHUEUHYHWHPSRHUDVWDWRPDHVWURGL 3HUJROHVLDO&RQVHUYDWRULRGHL3RYHULGL*HV&ULVWR6HQ]DGXEELRLOUDS SRUWRWUDLOYHQWLGXHQQHFRPSRVLWRUHLHVLQRHL&DUDIDIXIDYRULWRGDOSULQ FLSH)HUGLQDQGR&RORQQDDOO·HSRFDSDWURQRGL3HUJROHVLFKHPLOLWDYDQHOOR VWHVVRSDUWLWRILORDVEXUJLFRGHL&DUDIDHGHOODVSRVDHUDORQWDQRSDUHQWH$ TXHVWRSHULRGRIRUVHDOSXzHVVHUHSHUFLzDVVHJQDWDODFRPSRVL]LRQH GHOODVRQDWDSHUYLRORQFHOORLQ)DPDJJLRUHLQWLWRODWD6LQIRQLDFKH3HUJROHVL YHURVLPLOPHQWHVFULVVHSHULOGXFDGL0DGGDORQL , GHFLVLYL HYHQWL GHO  FRVWULQVHUR L &DUDID FKH GD SRFR DYHYDQR DYXWRXQILJOLRDGDOOLQHDUVLD&DUORGL%RUERQHLQSURFLQWRGLSURFODPDUVL UHGHOOH'XH6LFLOLHDOILQHGLQRQHVVHUHGLFKLDUDWLULEHOOLHSHUGHUHLIHXGLLQ PDU]RLOGXFDSDUWuSHU1DSROLHFHUWRIXSUHVHQWHD0DGGDORQLDOO·LQFRQWUR GHOQXRYRVRYUDQRFRQLPDJLVWUDWLGHO5HJQRSRFKLJLRUQLGRSRODGX 

©'LDULR2UGLQDULRGL5RPDªQGHOO·QRYQRWL]LDGD1DSROLVXOODIHVWDIDWWD IDUHGDLGXFKLGL0DGGDORQLDOOD9HUJLQHGH·6HWWH'RORULVSHFLDOHSURWHWWULFHGHO5HJQR QHOODFKLHVDGL60DULDG·2JQL%HQHFRQVRQWXRVRDSSDUDWRHPXVLFDGL3HUJROHVLFKHGD SRFRHUDGLYHQXWRFRQIUDWHOORGHOOD©&RQJUHJD]LRQHGH·0XVLFLVRWWRLOWLWRORGHOOD9HUJLQH 6DQWLVVLPDGHOOL6HWWH'RORULª'HJUDGDYRFHFLWLQ0** 



/·LSRWHVLqVWDWDJLjVRVWHQXWDGD'HJUDGDQHOODYRFHLQ0**ULFRUGDQGRFKHQRQVRORL VHLFRQFHUWLGL/HRPDDQFKHXQD6LQIRQLDGL1LFROD)LRUHQ]DIXURQRGHGLFDWLDOGXFDGL 0DGGDORQL  ,OEDPELQRQDWRD5RPDDOODILQHGLJHQQDLR)9$/(6,2 'LDULRGL5RPDFLW9 S  IX EDWWH]]DWR &DUOR LQ RQRUH GHOO·LPSHUDWRUH SDGULQR GL EDWWHVLPR IX LO SOHQLSRWHQ]LDULRLPSHULDOHFDUGLQDO&LHQIXHJRVQRWL]LHGHO*KH]]LQHOVXRGLDULRPDQRVFULW WRFLWDQRWDDGGLHPJHQQDLR  

,OGXFDSDUWuGD5RPDSHU1DSROLLOPDU]R)9 $/(6,2  'LDULRGL5RPDFLW9 S  $OOD VXD SUHVHQ]D H VXO VXROR GHO VXR IHXGR LO  DSULOH DYYHQQH D 0DGGDORQL OD VLPEROLFDFHULPRQLDGLFRQVHJQDGHOOHFKLDYLGL1DSROLD&DUORGL%RUERQHGDSDUWHGHL PDJLVWUDWLGHOODFLWWj/HVFDUVHWUXSSHGHOYLFHUp9LVFRQWLSURSULRWUD0DGGDORQLH&DSXD DYHYDQRFHUFDWRGLRSSRUUHTXDOFKHUHVLVWHQ]DDOO·DYDQ]DWDVSDJQRODPDEHQSUHVWR0DGGDORQL VLDUUHVHHPHQWUHO·DYDQJXDUGLDGHOVXRHVHUFLWRSURVHJXLYDSHU1DSROL&DUORGL%RUERQHVL LQVWDOOzSURSULRQHOIHXGRGHOGXFD&DUDID6HPEUDIXRUGLGXEELRFKHLOGXFDDEELDFHUFDWR GLHQWUDUHQHOOHJUD]LHGLFROXLFKHJLjVHPEUDYDGHVWLQDWRDGLYHQLUHLOVXRQXRYRVRYUDQR )XJJLWR LQ 3XJOLD LO YLFHUp9LVFRQWL  DSULOH  L PDJLVWUDWL FLYLFL GL 1DSROL VL UHFDURQR D



6$9(5,2)5$1&+,

FKHVVDULPDVWDD5RPDIHFHFDODUHOHDUPLLPSHULDOLGDOODIDFFLDWDGHOVXR SDOD]]RLQQDO]DQGRYLTXHOOHGL6SDJQD,OGXFDRWWHQXWDGD&DUORGL%RUERQH OLFHQ]DSHUWUHPHVLWRUQzUDSLGDPHQWHD5RPDGRYHDIIURQWzXQDOWUR SUREOHPDVHHUDDVVLFXUDWDXQDFHUWDWROOHUDQ]DGDSDUWHGHOQXRYRSRWHUH LQVHGLDWRVLD1DSROLVLSRQHYDRUDLOSUREOHPDGLXQRPDJJLRDOPHQRLP SOLFLWRDOO·LPSHUDWRUHSHUQRQSHUGHUQHLOIDYRUHVFHJOLHQGRDOSURSRVLWR XQD HVHFX]LRQH PXVLFDOH GL JUDQGH SRUWDWD H GL VLFXUD HFR LQ ,WDOLD H LQ (XURSDGDWHQHUVLSHUODIHVWDGLXQVDQWRDPDWLVVLPRQHOPRQGRDVEXUJLFR *LRYDQQL1HSRPXFHQRXQVDFHUGRWHGHO;,9VHFRORFDQRQL]]DWRQHO H SURFODPDWR SDWURQR GHOOD %RHPLD /·HVHFX]LRQH VL WHQQH QHO PDJJLR LQ6/RUHQ]RLQ/XFLQDHIXVROHQQH,QTXHVWDRFFDVLRQH*KH]]LGL VHJQzGXHFHOHEULULWUDWWLGL3HUJROHVLULWHQXWLGDJOLVWXGLSLUHFHQWLJOLXQLFL GDYYHURDWWHQGLELOLGHOFRPSRVLWRUH/DGLGDVFDOLDGHOSULPR)LJ UHFLWD

0DGGDORQLSHUVRWWRPHWWHUVLD&DUORGL%RUERQHHGHYLWDUHYLROHQ]HHUDSSUHVDJOLHQHOOD FDSLWDOH/·DWWHJJLDPHQWRGHOGXFD&DUDIDGHYHHVVHUHVWDWRYDOXWDWRLQPRGRVXIILFLHQWH PHQWHSRVLWLYRGDLFRQVLJOLHULSROLWLFLGHO%RUERQHFKLHGHQGRJOLSHUzXQJHVWRSXEEOLFRGD FRPSLHUHD5RPDJHVWRFKHVDUjFRPSLXWRGDOODGXFKHVVDVXDPRJOLHSRFKLJLRUQLGRSR 

DSULOH,YLS 



DSULOH,YLS 

 /DFDQRQL]]D]LRQHHUDVWDWDFHOHEUDWDGD%HQHGHWWR;,,,LOPDU]RQHOOD%DVLOLFD GHO/DWHUDQR)9$/(6,2 'LDULRGL5RPDFLW9SS VXOODYLWDGHOVDQWRHVXOOD FHULPRQLDFIULO%UHYHFRPSHQGLRGHOODYLWDPRUWHHPLUDFROLGL6*LRYDQQL1HSRPXFHQR>«@5RPD SHULO0RQDOGL9LSUHVHQ]LzLOFDUGLQDOH$OWKDQQYHQXWRD5RPDGDOGLFHPEUHD VSHVHGHOO·LPSHUDWULFHIHUYHQWHIDXWULFHGHOVDQWR)9$/(6,2 'LDULRGL5RPDFLW9S  /DIHVWDGLV*LRYDQQL1HSRPXFHQR -DQ1HSRPXFN\GHWWRFRVuSHUFKpQDWRD1HSRPXN LQ%RHPLD IXILVVDWDDOPDJJLRLQFRQQHVVLRQHDOOHYLFHQGHGHOODVXDYLWDIXFRQVLGHUDWR SDWURQRGHOOHDFTXHIOXYLDOLHGHLSRQWLD5RPDXQDEHOODVWDWXDWXWWRUDHVLVWHQWH JOLIX HUHWWDQHOGDOORVFXOWRUH$JRVWLQR&RUQDFFKLQLDOODWHVWDWDGLSRQWH0LOYLR  /DFKLHVDGL6/RUHQ]RLQ/XFLQDHUDVHGHGHOOD&DSSHOOD1D]LRQDOH%RHPD/DPDQLIHVWD ]LRQHIX©XQDWWRVFRSHUWDPHQWHSROLWLFRXQ·DSHUWDGLFKLDUD]LRQHGLIHGHOWjDOO·LPSHURDX VWULDFRGDSDUWHGHOODIDPLJOLD0DGGDORQLªPHQWUHSHU3HUJROHVLUDSSUHVHQWz©XQJUDQGH VXFFHVVR>«@HODVXDSULPDDIIHUPD]LRQHDUWLVWLFDIXRULGHLFRQILQLQDSROHWDQLªPDLQVLHPH ©XQDIDWDOHLQFULQDWXUDGHLVXRLUDSSRUWLFRQLOQXRYRJRYHUQRERUERQLFRª)' (*5$'$/D YLFHQGDELRJUDILFDFLW )RUVHDTXHVWRQXRYRFOLPDVLGHYHORVFDUVRVXFFHVVRGHOVXRVXFFHVVL YRODYRURO·$GULDQRLQ6LULDUDSSUHVHQWDWRLQVLHPHDJOLLQWHUPH]]L/LYLHWWDH7UDFROORQHO7HD WUR6DQ%DUWRORPHRGL1DSROLLORWWREUH

/$5$335(6(17$=,21('(//·2/,03,$'(',3(5*2/(6,



)LJ*LRYDQQL%DWWLVWD3HUJROHVLULWUDWWRDSHQQDGL3LHU/HRQH*KH]]L GDWDWRPDJJLR/RQGRQ%ULWLVK0XVHXP3ULQWVDQG'UDZLQJVG 

©3HUJROHVHFRPSRVLWRUGLPXVLFDFKHYHQQHLQ5RPDOLPDJJLRª 'LSRFRVXFFHVVLYRqLOULWUDWWRGL3HUJROHVLDILJXUDLQWHUD)LJ PDODGL GDVFDOLDDSSRVWDYLqPROWRSLWDUGD©6LJQRU3HUJROHVHFRPSRVLWRUGLPXVL FDLOTXDOHqQDSROHWDQREUDYRDVVDLHWqPRUWRLQ1DSROLLOGuIHEEUDLR HWHUDSDWLWRDVVDLQHOODJDPEDPDQFDFKHORIDFHYDDQGDU]RSSRª$OFXQH QRWL]LHGHOODGLGDVFDOLDVRQRLPSUHFLVHPDLPSRUWDQWHqO·LQGLFD]LRQHVXOOD JDPEDVLQLVWUDFKH3LHUOXLJL3HWUREHOOLKDFRQQHVVRFRQO·HIILFDFHGLVHJQR GHO*KH]]LHFRQODPDODWWLDFKHDYHYDDIIOLWWRLOFRPSRVLWRUHQHOO·LQIDQ]LD 

*5267,52//$,O´0RQGRQRYRµFLWSSVXOULWUDWWRHVX3HUJROHVLDOWUHQRWL]LHLYL DGLQGLFHP

 

,YLSSFRQFRPPHQWRHELEOLRJUDILD

3,(5/8,*, 3 (752%(//, 3HUJROHVLDQG*KH]]LUHYLVLWHGLQ0XVLFLQWKH&ODVVLF3HULRG(VVD\VLQ +RQRURI %DUU\6%URRNDFXUDGL$OODQ:$WODV1HZGHOO·DULD@WHVVLWXUDIRQLFDQRQDQGUDQQRDWWULEXLWHDVXSHUILFLDOLUDJLRQLGL RUQDWXVª VXJOLHIIHWWLGHOODULSHWL]LRQHQHOO·DULD6HFHUFDVHGLFHFIUDQFKHOHQRWHGL6WHQGKDOH LOFRPPHQWRGL(6$/$ ', )(/,&( 6RJQLHIDYROHLQVHQGHOYHUR0HWDVWDVLRULWURYDWRFLWSS HOHFRQVLGHUD]LRQLGL)5$1&2 3,3(512 /·RSHUDLQ,WDOLDQHOVHFROR;9,,,LQ*OLLWDOLDQL DOO·HVWHUR/·RSHUDLQ,WDOLDHLQ)UDQFLD©0XVLFDLQVFHQD6WRULDGHOORVSHWWDFRORPXVLFDOHª,, GLU$%DVVR 7RULQR8WHWSSVXOOHGLYHUVHYHUVLRQLHVHFXWLYHGHO EUDQRGDSDUWHGL&DOGDUD9LYDOGL3HUJROHVL*DOXSSLH$QIRVVL



75$6725,$'(//$/,1*8$(),/2/2*,$

,DOWUHWWDQWRDYYLHQHLQ'HPRIRRQWH©WURSSRGHJOLDYL QHDUURVVLUHEERQ O·RPEUHª, 5DJLRQLIRUPDOLULPLFKHLQSDUWLFRODUHJLXVWLILFDQRLQROWUHOD YLWDOLWjQHOODOLQJXDSRHWLFDVHWWHFHQWHVFDHDQFKHLQ0HWDVWDVLRVLQGDOOH3 FIUDGHV'LGRQH,,&DWRQH,$UWDVHUVH,,,$OHVVDQGUR,HSDVVLP  GHOSRVVHVVLYRVXLFKHYLHQHLQYHFHULILXWDWRQHOQRVWURWHVWRDOWURVHJQRGL VFDUVD DWWHQ]LRQH DOOD IRUPD  GRYH ILJXUD EDQDOL]]DWR LQ VXRL D GLVSHWWR GHOODULPDVLDQHOO·DULD©/·LQIHOLFHLQTXHVWRVWDWRª,,,DOWUXLVXRL VLDQHO UHFLWDWLYR IDOOLVXRLOXL,,,  

6XDULDHUHFLWDWLYRSRVVLDPRLQILQHDJJLXQJHUHGXHUDSLGHQRWH,QXQD GHOOHDULHFLWDWHLQSUHFHGHQ]D©3LQRQVLWURYDQRª,$UJHQH 3HUJROHVL ID DYYLDUH OD VHFRQGD VWURIH VSRVWDQGR O·DFFHQWR GDOOH GXH SDUROH YXRWH LQL]LDOL©(LOªSRVWHLQDQDFUXVLDOODSDURODVXFFHVVLYDUHRFRQLOGRSSLR HIIHWWRGLGDUHXQFHUWRULOLHYRDTXHVWDSDURODVHPDQWLFDPHQWHSLHQDHOHWWD SHUDOWURFRPHELVLOODED HGLULVSHWWDUHORVFKHPDGLDFFHQWLLQSULPDHTXDUWD VHGHGLWXWWLJOLDOWULTXLQDULFKHFRPSRQJRQROHGXHVWURIHGHOO·DULD 3LQRQVLWURYDQR IUDPLOOHDPDQWL VROGXHEHOO·DQLPH FKHVLDQFRVWDQWL HWXWWLSDUODQR GLIHGHOWj (LO UHRFRVWXPH WDQWRV·DYDQ]D FKHODFRVWDQ]D GLFKLEHQDPD RUPDLVLFKLDPD VHPSOLFLWj



6XVXLFIU/6(5,$11, /DOLQJXDSRHWLFDLWDOLDQD*UDPPDWLFDHWHVWLFLWSS

 3HUXQ·DQDOLVLOLQJXLVWLFRPXVLFDOHGHOOHDULHPHWDVWDVLDQHVSHFLILFDPHQWHGHOO·$GULDQRLQ 6LULD FIU,/$5,$ %2120, ²67()$12 6$,12 3HUJROHVLOHWWRUHGHO0HWDVWDVLR©6WXGLSHUJROHVLDQL 3HUJROHVLVWXGLHVªDFXUDGL&7RVFDQL0LODQR&HQWUR6WXGL3HUJROHVLSS



67()$127(/9(

$FFDQWRDTXHVWRDFFRUJLPHQWRPHWULFRDSSDUHGHJQDG·DWWHQ]LRQHDQFKH ODYDULHWjGHOODULSUHVDGHLYHUVLGHOODSULPDVWURIHFKHSRWUHPPRGLVWLQJXH UHLQSLWLSL ² SURJUHVVLYD©6XSHUERGLPHVWHVVRª,2JQLYHUVRDFXLFRUULVSRQGH XQVLQWDJPD GHOODSULPDTXDUWLQDqULSHWXWRQHOORVWHVVRRUGLQHQHOOH WUHULSUHVHVWURILFKHVXFFHVVLYHFKHDPSOLILFDQRSULPDLOVHFRQGRYHUVR ©DQGUzSRUWDQGRLQIURQWHªGXHYROWH SRLLOWHU]R©TXHOFDURQRPH LPSUHVVRª GXH YROWH QHOOD SULPD VWURIH TXHVWR HOHPHQWR ILJXUD VROR JUDPPDWLFDOPHQWHQHOSURQRPHOR©/·DQGUzSRUWDQGRLQIURQWHª HLQ ILQHLOTXDUWR©FRPHPLVWDQHOFRUªULSHWXWRWUHYROWH ULFRVWUXHQGR GXQTXHODVHTXHQ]DGLSDUWHQ]D ² UHJUHVVLYDHSDU]LDOH©3LQRQVLWURYDQRª,'HLVHLYHUVLVLDPSOLILFD QRSULPDLOƒSRLLOƒTXLQGLLOƒ ² SDU]LDOH©$SSRUWDWRUVRQLRª,,6LLQVLVWHHVFOXVLYDPHQWHVXOƒ©H GLVFDFFLDUPLVHQWRª HVXOƒYHUVR©VHQ]DVDSHUSHUFKpª  ² FHQWURSHULIHULD©7DORUJXHUULHURLQYLWWRª,/HGXHVWURIHGLULSUHVD DPSOLILFDQRULSHWHQGROLGXHYROWHQHOODSULPDLGXHYHUVLFHQWUDOLQHOOD VHFRQGDLGXHYHUVLLQL]LDOHHILQDOH ² DOWHUQDWD©1RQVRGRQGHYLHQHª,,,1HOODSULPDVWURIHVLULSUHQGRQR LOƒHLOƒHƒYHUVRQHOODVHFRQGDLOƒHLOƒTXLQGLLOƒHLOƒ ² LQIUDYHUVDOH ©6H FHUFD VH GLFHª ,, 1HOOD ULSUHVD L SULPL GXH YHUVL VRQRULSHWXWLULGLVWULEXHQGRQHOHGLYHUVHPHWjLOSULPRYHUVRqIRUPDWR GDOODSULPDPHWjGHOSULPRYHUVRHGDOODSULPDPHWjGHOVHFRQGRYHUVR ©6HFHUFDO·DPLFRª LOWHU]RGDOOHVHFRQGHPHWj©6HGLFHGRY·qª HQ WUDPELVRQRLQIUDPPH]]DWLFRQLOTXDUWR©ULVSRQGLPRUuª 6WHVVRSUR FHGLPHQWRVLKDLQ©/·LQIHOLFHLQTXHVWRVWDWRª,,,GRYHQHOODULSUHVDLO VHFRQGRYHUVRqIRUPDWRGDOODSULPDPHWjGHOWHU]RHGHOVHFRQGRGHOOD VWURIH©3LHWjGHVWDEHQFKpUHRª  4XHVWDGXWWLOLWjQHOO·HVHFX]LRQHGHOODSULPDVWURIHqIUXWWRGHOODVWUXWWXUD VLQWDWWLFDGHOO·DULDHLQSDUWLFRODUHGDOODFRQFRPLWDQ]DGLGXHIDWWRULODFRU ULVSRQGHQ]DWUDXQLWjPHWULFDYHUVR HXQLWjVLQWDWWLFDVLQWDJPDVLDTXH VWRQRPLQDOHDJJHWWLYDOHRIUDVDOH HODVROLGDULHWjVHPDQWLFDGHOOHSDUWL 4XDQGRODVWURIHSUHVHQWDXQ·LQWHUUX]LRQHGLTXHVWDVROLGDULHWjHGXQ TXHXQFDPELRORJLFRVHPDQWLFRFLzqEHQPHVVRLQHYLGHQ]DHFRVWLWXLVFH DQ]L LO FDUGLQH GLVFRUVLYR GHOOD ULSUHVD /·DULD ©*UDQGL q YHU VRQ OH WXH SHQHª,,SUHVHQWDQHOPH]]RXQQHVVRORJLFRPD FKHRSSRQHHFDUDWWH



75$6725,$'(//$/,1*8$(),/2/2*,$

UL]]DODVHFRQGDFRSSLDGLYHUVLULVSHWWRDOODSULPD©*UDQGLqYHUVRQOH WXHSHQH SHUGLqYHUO·DPDWREHQH PDVHLWXDPDSLDQJLLQWDQWR PD GRPDQGLDOPHQSLHWjª1HOODULSUHVDqTXHVWRHOHPHQWRDGHVVHUHPHVVRDO FHQWURGHOGLVFRUVR©PDPDVHLWXDPDPDPDSLDQJLª4XDOFRVDGLDQDOR JRDYYLHQHLQ©&KHQRQPLGLVVHXQGuª,,3XUULVSHWWDQGRODFRQVXHWD FRUULVSRQGHQ]DWUDYHUVRHVLQWDJPDODVWURIHSUHVHQWDJLjXQDULSHWL]LRQH DOƒHƒYHUVR©(FRPHRKGLRVLSXz FRPHVLSXzFRVuªXQSDVVDJJLR SLGLVFRUVLYRFKHOLULFRFKHFLDVSHWWHUHPPRSLQHOUHFLWDWLYRFKHQHO O·DULDHFKHWRUQDLQVLHPHDOUHVWRQHOODULSUHVD©(FRPHRKGLRVLSXzVL SXzFRVu>«@(FRPHRK'LRRK'LRVLSXz VLSXzFRVuª  









/·LPSRUWDQ]DGHOUHFLWDWLYRPHWDVWDVLDQRqFRVDQRWD8QHVSHULPHQWR LQWHUHVVDQWHSHUYHULILFDUQHDQFRUDXQDYROWDLOYDORUHSXzHVVHUHTXHOORGL OHJJHUH LO OLEUHWWR GHOO·2OLPSLDGH VWDPSDWR LQ XQ·DOWUD ORQWDQD RFFDVLRQH FHOHEUDWLYDLOELFHQWHQDULRGHOODPRUWHGHOPXVLFLVWDQHO /DFDUDWWHULVWLFDIRUVHPDJJLRUHGHOWHVWRqODGUDVWLFDSRWDWXUDGLWXWWLL SDVVDJJLFKHQRQVLDQRVWUHWWDPHQWHIXQ]LRQDOLDOORVYLOXSSRGHOODWUDPD )RUQHQGRVRORDOFXQLHVHPSLGDOSULPRDWWRLWDJOLVLVHJQDODQRWUDDSLFLH LQFRUVLYR XQDVFHQDSUHWWDPHQWHGLDORJLFDFRPHTXHOODLQL]LDOHWUD$PLQWD H/LFLGD, qULGRWWDDOOHEDWWXWHILQDOLHPROWLDOWULPRPHQWLSXUHLPSRU WDQWLYHQJRQRDEROLWLSDVVDJJLULIOHVVLYLFRPHLQ,OHVXSSRVL]LRQLFKH ULYHODQRODSUHPXUDGL$PLQWDQHLFRQIURQWLGL/LFLGD $0,17$ ©3LOHQWRRSUHQFH QHOILQJHUWLIHOLFH〈$QFRUYLUHVWD PROWRGLFKHWHPHU3RWULDO·LQJDQQR HVVHUVFRSHUWRDOSDUDJRQSRWUHEEH  *%3HUJROHVL2OLPSLDGHGUDPPDLQWUHDWWLGL30HWDVWDVLRUDSSUHVHQWDWRSHUODSULPD YROWD D 5RPD QHO7HDWURGL 7RUGLQRQD SHU LO FDUQHYDOH GHO  3ULPD ULHVXPD]LRQH LQ RFFDVLRQH GHOOD FHOHEUD]LRQH GHO %LFHQWHQDULR GHOOD PRUWH GHOO·$XWRUH  ;,9;9 ()5HJLDFLWWjGL-HVL7HDWUL3HUJROHVLPDUWHGuPDU]R;95RPD6WDELOLPHQWR 7LSRJUDILFR/XLJL3URMD  6XOOHPRGLILFKHDLGUDPPLPHWDVWDVLDQLQHOFRUVRGHOWHPSRFIUDOPHQR$1'5($ &+(*$,  /·HVLOLRGL0HWDVWDVLRIRUPHHULIRUPHGHOORVSHWWDFRORG·RSHUDIUD6HWWHH2WWRFHQWR)LUHQ]H/H/HWWHUH SS 

6·DJJLXQJDDQFRUDSHULOVRORSULPRDWWRODIRUWLVVLPDULGX]LRQHGHOOHEDWWXWHGHOGLDORJR WUD0HJDFOHH/LFLGDLQ,ODVRSSUHVVLRQHGL,HDOWURDQFRUD



67()$127(/9(

0HJDFOHVRJJLDFHU6RFK·DOWUHYROWH IXYLQFLWRUPD〉XQLPSHQVDWRHYHQWR VRFKHWDORUFRQIRQGHLOYLOHHLOIRUWH QpVHPSUHKDODYLUWO·LVWHVVDVRUWHª,

XQPRPHQWRGLGDVFDOLFRQDUUDWLYRLQ,OjGRYH$ULVWHDVROOHFLWDDIIHWWXR VDPHQWH/LFRULDOUDFFRQWR $5,67($©0DFKLEUDPRQRQY·q〈'HKVLSURSRQJD PHQIXQHVWDPDWHULD DOQRVWURUDJLRQDU〉6LHGL/LFRUL VLHGH$ULVWHD 〈 JO·LQWHUURWWLODYRUL ULSUHQGLHSDUOD,QFRPLQFLDVWLXQJLRUQR DQDUUDUPLLWXRLFDVL,OWHPSRqTXHVWR GLSURVHJXLUOL〉,OPLRGRORUVHGXFL UDGGROFLVFLVHSXRL LPLHLWRUPHQWLLQUDPPHQWDQGRLWXRLª,

HLQILQHTXHLUDSLGLFHQQLGHVFULWWLYLGHOODILJXUDGL0HJDFOHDEER]]DWLGD $UJHQH LQ , FKH QRQ VL OLPLWDQR SHUz D XQD PHUD UDIILJXUD]LRQH ILVLRJQRPLFDPDULYHODQRWUDWWLHVVHQ]LDOLGHOO·DQLPR $5*(1(©,RO·KRSUHVHQWH$YHD ELRQGHOHFKLRPHRVFXURLOFLJOLR〈LODEEUL YHUPLJOLVuPDWXPLGHWWLHIRUVH ROWUHLOGRYHU〉JOLVJXDUGL OHQWLHSLHWRVL〈XQDUURVVLUIUHTXHQWH〉 XQVRDYHSDUODU«0D«SULQFLSHVVD WXFDPELGLFRORU&KHDYYHQQH"ª,

8QDPXWLOD]LRQHYHUEDOHGLTXHVWRWLSRILQLVFHFROQRQUHQGHUHJLXVWL]LD QRQVRORDOSRHWDFRP·qHYLGHQWHPDQHDQFKHDOFRPSRVLWRUHVHqYHUR FKHDQFKHQHLUHFLWDWLYL©ODGHFODPD]LRQHPXVLFDOHGHOYHUVRHLOFRQWHQXWR HVSUHVVLYRQRQVRQRPDLULVROWLVHSDUDWDPHQWHª



3,18&&,$ 0&$55(5 3HUJROHVLLQ'L]LRQDULR(QFLFORSHGLFR8QLYHUVDOHGHOOD0XVLFDHGHL0XVL FLVWL/H%LRJUDILHGLU$%DVVR7RULQR87(79SS

 &RVWDQWLQR0DHGHU

3HUJROHVLFRPHOHWWRUHGL0HWDVWDVLR/·2OLPSLDGH 6SXQWLGLWHRULDOLEUHWWLVWLFDHGUDPPDWXUJLDPXVLFDOH

,QWURGX]LRQH8QFRPSRVLWRUHFKHVLFRQIURQWDFRQXQOLEUHWWRRFFXSDXQD GRSSLDSRVL]LRQHGDXQFDQWRqXQFUHDWRUHFKHVFULYHXQDSDUWLWXUDGDO O·DOWURqXQOHWWRUHIUXLWRUHFKHLQWHUSUHWDHJLXGLFDXQWHVWRHQHUHFHSLVFH HFRJOLHJOLHOHPHQWLPXVLFDOLHGUDPPDWLFLFKHYLVRQRGHOLQHDWL,OSRHWD FRPSHWHQWHQRQVFULYHVRORXQWHVWR¶OHWWHUDULR·PDSUHYHGHXQRVSHWWDFR ORGUDPPDWLFRPXVLFDOHGLVWULEXHQGRDGHVHPSLRGHWHUPLQDWLFRQWHQXWL VXYDULHIRUPHOHWWHUDULHFRPHUHFLWDWLYRHDULDRVXOODSULPDHVXOODVHFRQ GD VWURID GHOO·DULD FRO GD FDSR VSHVVR VHFRQGR VFHOWH GUDPPDWXUJLFKH H FRQWHQXWLVWLFKHEHQSUHFLVH,QWDOPRGRDQWLFLSDRFRQGL]LRQDXQLQVLHPH GLVSHWWDFROLGDIDUVLPDDQFKHXQLQVLHPHGLSRVVLELOLSDUWLWXUH,OFRPSR VLWRUHSHUzVLDSSURSULDGLTXHVWRWHVWRORLQWHUSUHWDORLOOXVWUDORDWWXDOL]]D ORWUDVIRUPDORUHDOL]]DLQXQDSDUWLWXUDFKHVWUDYROJHQHFHVVDULDPHQWHO·DV VHWWRGHOOLEUHWWRRULJLQDOHFRPHRJQLWUDVFUL]LRQHGLXQWHVWR¶FDQWDWR·GL PRVWUD,OFRPSRVLWRUHPHWWHLQDWWRXQ¶IDUHSRLHWLFR·FRQGL]LRQDWRGDO OLEUHWWR,QWDOPRGRODYLUWXDOLWjGHOOLEUHWWRqDWWXDOL]]DWDLQXQDYHUVLRQH FRQFUHWDGHILQLWDGDOODSDUWLWXUD4XHVWDFUHDQXRYHYLUWXDOLWjHSRVVLELOLWj FKHGLSHQGHUDQQRRUDGDLFRSLVWLQHOFDVRGHOO·2OLPSLDGHLOORURLQIOXVVR FRPHVLYHGUjLQVHJXLWRQRQqGDVRWWRYDOXWDUH GDLUHJLVWLGLRJJLGDL FDQWDQWLGLRJQLWHPSRFKHDORURYROWDVRQRGDXQODWROHWWRULIUXLWRULH GDOO·DOWURFUHDWRULHUHDOL]]DWRULVHQ]DGLPHQWLFDUHLOSXEEOLFRFKHGDYDQWL DOSURGRWWRILQDOHLQWHUSUHWDJLXGLFDHJXVWDDWWLYDPHQWHHFUHDWLYDPHQWH TXHOORFKHYHGHHVHQWHLQVFHQD



&IUO·$33(1',&( DOWHVWR



&267$17,12 0$('(5

,Q TXHVWR VDJJLR FL VL VRIIHUPHUj VX DOFXQH VWUDWHJLH ¶SRLHWLFKH· H ¶HVWHVLFKH·PHVVHLQDWWRGD*LRYDQQL%DWWLVWD3HUJROHVL6LPRVWUHUjFKH GLHWURDPROWHVROX]LRQLPXVLFRGUDPPDWXUJLFKHSHUUDJLRQLSHFXOLDULVLD DOORVWDWXWRVHPLRWLFRGHOJHQHUH¶RSHUD·VLDDOOHDWWLYLWjFRJQLWLYHSURSULH DOODULFH]LRQHVLFHODQRVWUDWHJLHVHPSOLFLEDVDWHVXSURFHVVLFRJQLWLYLEDVLODUL HFKHFRQVHQWRQRGLFRQQHWWHUHWHVWRPXVLFDVSHWWDFRORLQXQPRGRRUJD QLFRDVVDLHIILFDFH8QIUXLWRUHDFTXLVLVFHWDOLFRPSHWHQ]HLQGLUHWWDPHQWH WUDPLWHODIUHTXHQWD]LRQHGLVSHWWDFROLRDWWUDYHUVRO·DVFROWR1RQQHFHVVD ULDPHQWHWDOLFRQRVFHQ]HEDVDWHVXOO·HVSHULHQ]DSRVVRQRHVVHUH¶HVSOLFLWDWH· YHUEDOPHQWHFRPHqDQFKHLOFDVRSHUO·XVRVSRQWDQHRGHOODOLQJXDPROWL QRQVRQRLQJUDGRGLVSLHJDUHSHUFKpXVDQRGHWHUPLQDWHIRUPHJUDPPDWL FDOLRUHJROHVLQWDWWLFKH 1RQFLVLULIHULVFHTXLDVSHFLDOLVWLGHOVHWWRUHFRQ DSSURIRQGLWHFRQRVFHQ]HGLWHRULDOHWWHUDULDRPXVLFRORJLFDFKHFRQEHQ DOWULFULWHULGLJLXGL]LRHVWHWLFRSRVVRQRDYYLFLQDUVLDIHQRPHQLFRPHO·RSH UDODPXVLFDRODOHWWHUDWXUD $OFXQH RVVHUYD]LRQL WHRULFKH /H ULIOHVVLRQL SUHQGHUDQQR VSXQWR GDOO·DQDOLVL GHOO·2OLPSLDGHGL*LRYDQQL%DWWLVWD3HUJROHVLFUHDWDSHULOWHDWUR7RUGLQRQD D5RPDQHOHSRLULSUHVDRYXQTXHLQ(XURSD3ULPDGLLQL]LDUHO·DQDOLVL XUJHGHVFULYHUHO·RJJHWWRVXOTXDOHVLIRQGDTXHVWRVDJJLRFLRqLPDQRVFULW WLDGLVSRVL]LRQH(VLVWRQRQXPHURVHFRSLHGHOO·RSHUDFKHSUHVHQWDQRQR WHYROLGLIIHUHQ]HEHQFKpTXDVLWXWWHUHFKLQRVXOIURQWHVSL]LRLOQRPHGHO FRPSRVLWRUHQRQFKpORVWDELOHSHULOTXDOHIXFUHDWDO·RSHUD5RPD 7HDWUR7RUGLQRQD ,QDOFXQHODVWHVVDDULDqQRWDWDGDOVHJQRLQDOWUHFRSLH 

,WHUPLQLVRQRPXWXDWLGDOVDJJLRGL-($1 02/,12 )DLWPXVLFDOHWVpPLRORJLHGHODPXVLTXH ©0XVLTXHHQ-HXªSSULSUHVRSRLGD-($1 -$&48(6 1$77,(= )RQGHPHQWV G·XQHVpPLRORJLHGHODPXVLTXH3DULJL8QLRQJpQpUDOHG·pGLWLRQV

 4XHVWRVDJJLRQDVFHGDXQDVHULHGLULFHUFKHFKHGRYUHEEHURVIRFLDUHLQXQPDQXDOHGL OLEUHWWRORJLDFKHVLDYYDUUjGLVWUDWHJLHHGLDSSURFFLPXWXDWLGDOOHFRUUHQWLVHPLRWLFKHHSRVW VHPLRWLFKHUHFHQWLGDOODSUDJPDWLFDGDOODOLQJXLVWLFDHGDOOHVFLHQ]HFRJQLWLYH 

3HUODGLVFXVVLRQHGLDOFXQHVWUDWHJLHGLTXHVWRWLSRVLULQYLDD&267$17,12  0 $('(5  $UJXPHQWDWLYH,FRQLFDQG,QGH[LFDO6WUXFWXUHVLQ6FKXEHUW·V'LH6FK|QH0OOHULQLQ6HPEODQFHDQG 6LJQLILFDWLRQ D FXUD GL 3 0LFKHOXFFL 2 )LVFKHU H & /MXQJEHUJ $PVWHUGDP1HZ@DOILQSLHWj ²‹ 

/·XOWLPR HQXQFLDWR LQYHFH QRQ VXGGLYLGH OH VLQJROH XQLWj PD FUHD XQD IUDVHWURSSROXQJD8QDVROX]LRQHVWDQGDUGVDUHEEHVWDWDDGHVHPSLR©PD GRPDQGLDOILQSLHWj PDGRPDQGLDOILQSLHWj DOILQSLHWjª/·HQXQFLDWRq DQFKHFRQWUDGGLVWLQWRGDHVWUHPLFRPHODYDVWDSUHVHQ]DGLILRULWXUHVDOWLH VRSUDWWXWWRQRWHOXQJKHLQFKLXVXUD ,QIDWWLODVHFRQGDVROX]LRQHTXHOODGLDFFDYDOODUHVHQ]DSDXVDSLXQLWj SURVRGLFKHLQXQVRORHQXQFLDWRqDOWUHWWDQWRVHJQRG·LQFDSDFLWjGLFRQ WUROORGDSDUWHGHOSHUVRQDJJLR6SHVVRTXHVWDVROX]LRQHqFRQQRWDWDHG 

/HVLOODEHLQJUDVVHWWRLQGLFDQRQRWHOXQJKHOHSDUWLVRWWROLQHDWHVRQRFDUDWWHUL]]DWHGD ILRULWXUHHFRORUDWXUH

3(5*2/(6,&20(/(7725(',0(7$67$6,2



HVSULPHLPSD]LHQ]DRULFKLHVWDLQVLVWLWDPDDQFKHO·DFFDYDOODUVLG·LGHHQHOOD PHQWHGLIILFLOPHQWHJHVWLELOH/HDULHGL$UJHQHVRQRFDUDWWHUL]]DWHGDTXH VWDVROX]LRQHFIU$33 $UJHQHIDWLFDDFRQWUROODUVLFUHDHQXQFLDWLOXQ JKLQRQVWUXWWXUDWLVSHFFKLRGHOVXRFDUDWWHUHYHQGLFDWLYRHSURIRQGDPHQ WHVFRVVRGDOO·LQIHGHOWjGHOILGDQ]DWR 0DVVLPDGHOODVHPSOLFLWj/HFRQFOXVLRQLQRQSRVVRQRHVVHUHFKHSDU]LDOL,Q TXHVWRVDJJLRFLVLqOLPLWDWLDVWXGLDUHVRORDOFXQHVWUDWHJLHVRWWRO·DVSHWWR FRJQLWLYR4XHVWHKDQQRSHUzSHUPHVVRGLPRVWUDUHFRPH3HUJROHVLSXU ULVSHWWDQGRHLOOXVWUDQGR0HWDVWDVLRVLDVWDWRLQJUDGRGLFUHDUHXQUDIILQD WR JLRFR GL FRQQRWD]LRQL H G·LQWHUSUHWD]LRQH GUDPPDWXUJLFD SDUWLFRODUH WUDPLWHO·XVRGLVWUDWHJLHVHPSOLFLFKHQRQULFKLHGHVVHURXQDFRPSHWHQ]D PXVLFDOHDSSURIRQGLWD$OWUHVWUDWHJLHDOWUHWWDQWRVHPSOLFLSRWUHEEHURFRP SOHWDUHLOTXDGURDGHVHPSLRO·RSSRVL]LRQHWUDPDJJLRUHHPLQRUHRTXHOOD WUDVWDELOLWjWRQDOHHLQVWDELOLWjWRQDOHQHOUHFLWDWLYRËSDOHVHFKH3HUJROHVL DEELDVFULWWRXQDSDUWLWXUDEHQSLFRPSOHVVDFKHFRQVHQWHSLDFHULHVWHWLFL UDIILQDWL/·LQWHQWRqSHUzTXHOORGLPRVWUDUHFKHO·RSHUDSHUJDUDQWLUHOD FRPXQLFD]LRQHVLVLDVHUYLWDQHFHVVDULDPHQWHGLSURFHVVLFRJQLWLYLEDVLODUL DWWLDFRQVHQWLUHXQLVRPRUILVPRWUDLSLGLVSDUDWLWLSLGLOLQJXDJJL1HOOR VWHVVR WHPSR SURSULR WDOL VWUXWWXUH FRQVHQWRQR D 3HUJROHVL GL ULOHJJHUH 0HWDVWDVLRHGLRIIULUHDOSXEEOLFRXQ·LQWHUSUHWD]LRQHRULJLQDOHFRHUHQWH $OQHUYRVLVPRHDOJLRYDQLOHIXURUHGL/LFLGD$ULVWHD0HJDFOHH$UJHQH 3HUJROHVLRSSRQHODFDOPDGL&OLVWHQHFKHDQFKHQHLPRPHQWLSLHPRWLYL ULHVFHDFRQWUROODUVLQRQRVWDQWHODJUDYHGHFLVLRQHFKHGHYHSUHQGHUHFLRq RUGLQDUHODSHQDFDSLWDOHSHULOILJOLRDSSHQDULWURYDWR$QFKH/LFLGDQHOOD VXD XOWLPD DULD ©1HOOD IDWDO PLD VRUWHª  RPHVVD LQ PROWL PDQRVFULWWL D OLYHOORGLVWUXWWXUD]LRQHLQHQXQFLDWLPRVWUDGLHVVHUHLQJUDGRGLIRUPXODUH LQ PRGR FRHUHQWH L VXRL SHQVLHUL 6H DOO·LQL]LR SUHYDOHYDQR QRWH OXQJKH VHJXLWHSRLGDSDUWLFRQFRORUDWXUHHFRQILRULWXUHFKHVHJQDODYDQRFRVu O·DPELJXLWjHODSDVVLRQDOLWjHVWUHPDGHOSHUVRQDJJLRRUDVLQRWDODPHGLHWj GHOFDQWRDOODILQH/LFLGDKDFDSLWRGLDYHUDYXWRWRUWR/RVRWWROLQHDOD OLQJXDHODUHVDPXVLFDOH6HDOO·LQL]LRGRPLQDYDQROHDULHDHIIHWWRGDOSXQ WRGLYLVWDPXVLFDOHDQFKHQHOOHDULHGRPLQDQRRUDGLQXRYRODFRPXQLFD ]LRQHLOUDJLRQDPHQWRHGXQTXHODFRPSUHQVLRQH



&267$17,12 0$('(5

$33(1',&( ²©6HFHUFDVHGLFHª,, ² ² ² ² ² ² ² ² ² ² ² ² ² ² ² ²

6HFHUFD¶ VHGLFH¶ O·DPLFRGRY·q¶ GRY·q¶ GRY·q7¶™ O·DPLFRLQIHOLFH¶ ULVSRQGL¶ PRUu¶ ULVSRQGL¶ PRUu7¶ $KQRVuJUDQGXROR¶ QRQGDUOHSHUPH7¶ ULVSRQGL¶ PDVROR¶ SLDQJHQGRSDUWu   SLDQJHQGRSDUWu 

¶q·GL©GRY·qªqVHPSUHUHVRVHQ]DDF FRPSDJQDPHQWR GHL YLROLQL ULVXRQD VRORODYRFHLOFKHFUHDXQLQWHUHVVDQWH HIIHWWRIRQLFRJUD]LHDOODIUHTXHQWHUL SHWL]LRQH WUDQVL]LRQH ² ² ² ² ² ² ² ² ² ² ² ²

6HFHUFD¶ O·DPLFR7¶ ULVSRQGL¶™ PRUu7¶ 6HGLFH¶™ GRY·q7¶ ULVSRQGL¶™ PRUu¶ DK¶ QR¶ QR¶ VHQWL¶™

² ² ² ² ² ² ²

DKQR¶ QR¶ VHQWL7  ¶ 5LVSRQGL¶ PDVROR¶ SLDQJHQGRSDUWu   SLDQJHQGRSDUWu 

WUDQVL]LRQH ² ² ² ² ² ² ²

&KHDELVVRGLSHQH¶ ODVFLDUHLOVXREHQH¶ ODVFLDUORSHUVHPSUH¶ ODVFLDUORFRVu7¶ FKHDELVVR¶ GLSHQH¶ ODVFLDUORFRVuODVFLDUORFRVu

WUDQVL]LRQH ² ² ² ² ² ² ² ² ² ² ² ² ² ² ² ²

6HFHUFD¶ VHGLFH¶ O·DPLFRGRY·q¶ GRY·q¶ GRY·q7¶™ /·DPLFRLQIHOLFH¶ ULVSRQGL¶ PRUu¶ ULVSRQGL¶™ PRUu7¶ $KQRQVLJUDQGXROR¶ QRQGDUOHSHUPH7¶ ULVSRQGL¶ PDVROR¶ SLDQJHQGRSDUWu   SLDQJHQGRSDUWu

3(5*2/(6,&20(/(7725(',0(7$67$6,2

WUDQVL]LRQH ² ² ² ² ² ² ² ² ² ² ² ² ² ² ²

6HFHUFD¶ O·DPLFR7¶ ULVSRQGL¶™ PRUu7¶ VHGLFH¶™ GRY·q7¶ ULVSRQGL¶™ PRUu¶ DK¶ QR¶ QR¶ VHQWL¶™ DKQR¶ QR¶ VHQWL7  ¶

² ² ² ² ² ² ² ² ² ² ² ² ²



ULVSRQGL¶ PDVROR¶ SLDQJHQGRSDUWu   SLDQJHQGRSDUWu7 FKHDELVVR¶ GLSHQH¶ ODVFLDUHLO¶ VXREHQH¶ ODVFLDUORSHUVHPSUHODVFLDUORFRVu¶ FKHDELVVRGLSHQHFKHDELVVRGLSHQH¶ ODVFLDUH¶ LOVXREHQH¶ ODVFLDUOR SHU VHPSUH ODVFLDUOR FRVu OD VFLDUORFRVu

*UDVVHWWRQRWDOXQJDVRWWROLQHDWXUDIUD VHFRVWUXLWDVXOODVWHVVDQRWD

²©7DORUJXHUULHULQYLWWRª,LQ*DUODQG ,QWURGX]LRQH 7DORUJXHUULHURLQYLWWR²‹ IUDFHQWRDUPDWLHFHQWR ²‹ IUDFHQWRDUPDWLHFHQWR  LQPDU]LDOFRQIOLWWR  ODSDOPDULSRUWz  ODSDOPDULSRUWz   ULSRUWz   ULSRUWz   7UDQVL]LRQH 7DORUJXHUULHURLQYLWWR²‹ IUDFHQWRDUPDWLHFHQWR ²‹ IUDFHQWRDUPDWLHFHQWR  LQPDU]LDOFRQIOLWWR  LQPDU]LDOFRQIOLWWR  ODSDOPDULSRUWz   WDORUJXHUULHURJXHUULHURLQYLWWR 

LQPDU]LDOFRQIOLWWRIUjFHQWRDUPDWLq FHQWR  ODSDOPDULSRUWz   ULSRUWz  ULSRUWz  7UDQVL]LRQH (SRLG·XQVRORjIURQWH  GLOXLPHQSURGHqIRUWH  GLOXLPHQSURGHqIRUWH  SUHGDUHVWzGLPRUWH  Q·qLOVXRYDORUEDVWz  Q·qLOVXRYDORUEDVWz   'DFDSR

9DORUHEDVH  RI VLOODEHFRQYDORULSL OXQJKL H GXQTXH PDUFDWH VRQR UHVH FRO JUDVVHWWRPDQFDQRFRORUDWXUHRILRULWXUH LPSRUWDQWL



&267$17,12 0$('(5

²©&KHQRQPLGLVVHXQGuª,, ,QWURGX]LRQH &KHQRQPLGLVVHXQGuTXDLQRPLQRQJLXUzTXDLQRPLQRQJLXUz  HFRPHRK'LRVLSXzFRPHVLSXzFRVuPDQFDUGLIHGH  PDQFDUGLIHGH  7UDQVL]LRQH FKHQRQPLGLVVHXQGuTXDLQXPLQRQJLXUzTXDLQRPLQRQJLXUz  HFRPHRK'LRVLSXz  VLSXzFRVu  PDQFDUGLIHGH  FKHQRQPLGLVVHFKHQRQJLXUz7 HFRPHRK'LRRK'LRVLSXzVLSXzFRVu PDQFDUGLIHGH  PDQFDUGLIHGH  7UDQVL]LRQH 7XWWRSHUOXLSHUGHL 7 2JJLOXLSHUGRDQFRU  SRYHULDIIHWWLPLHL  TXHVWDPLUHQGLDPRU  'DD& TXHVWD  TXHVWDPHUFHGH ²‹ 'DOVHJQR *UDVVHWWRQRWDOXQJDVRWWROLQHDWXUDLQGLFDOHSDUWLLQILRUHWWDWHLQPRGRLQVLVWLWR HEUHYLFRORUDWXUH

 $QGUHD&KHJDL

$IIHWWLHD]LRQHQHOPHORGUDPPDPHWDVWDVLDQR $PDUJLQHGL©0HQWUHGRUPLDPRUIRPHQWLª 3HUJROHVL2OLPSLDGH,

0HWDVWDVLR2OLPSLDGHDWWR,VFHQDRWWDYD,OPRPHQWRqVDOLHQWH0HJDFOHH /LFLGDJLXQWLGDTXLQWHRSSRVWHVXOODVFHQDULPDVWDYXRWDSDWWXLVFRQRL GHWWDJOLGHOORURSLDQR0HJDFOHUHVRLUULFRQRVFLELOHGDOFLPLHURJDUHJJHUj DOO·LQGRPDQL FRO QRPH GL /LFLGD SHU VXR FRQWR SRFR YHUVDWR QHOOH JDUH DWOHWLFKH)RUWHHYDORURVRLOJLRYDQHDWHQLHVHQXWUHLQYHFHFRQFUHWHVSH UDQ]HGLYLWWRULDSRWUjFRVuVGHELWDUVLFRQO·DPLFRSHUHVVHUVWDWRLQWHPSL ORQWDQLGDOXLWUDWWRLQVDOYRGDLSLUDWL0DDGLIIHUHQ]DGHOSXEEOLFRFKH KDOHWWRO·$UJRPHQWRHVHJXLWRODVFHQDLQL]LDOHGHOGUDPPD VRORDGHVVR 0HJDFOHDSSUHQGHGDXQVRYUHFFLWDWR/LFLGDTXDOHVLDLOSUHPLRLQSDOLROD PDQRGL$ULVWHDILJOLDGL&OLVWHQHUHGL6LFLRQH3URSULRTXHOODVWHVVD$ULVWHD DPDQWHULDPDWDGL0HJDFOHHGDOXLGLYLVDSHUYRORQWjGHOSDGUHGLOHLRVWLOH DOOHRULJLQLDWHQLHVLGHOJLRYDQH,QFDVVDWDO·LQIDXVWDQRWL]LDHUDJJHODWRGD XQWXPXOWRVHQWLPHQWDOHLUULVROYLELOH0HJDFOHQRQSXzPDQLIHVWDUHLOSUR SULRVFRQFHUWRD/LFLGDFLzHTXLYDUUHEEHDWUDVJUHGLUHLOSDWWRHULQQRYDUH LOGHELWRQHLVXRLFRQIURQWLFRQO·DJJUDYDQWHGLXQ·XOWHULRUHPRUWLILFD]LRQH 3LYROWHDXQSDVVRGDOWUDGLUHODSURSULDGLVSHUD]LRQH0HJDFOHSUHIHULVFH DOORUDILQJHUHXQLPSUREDELOHVRQQRULVWRUDWRUHUDQQLFFKLDQGRVLLQXQDQ JRORDGRFFKLFKLXVLVRORFRLVXRLSHQVLHUL/LFLGDLJQDURGHOWRUPHQWRFKH VWDLQIOLJJHQGRD0HJDFOHHVRVSHVRIUDJUDWLWXGLQHHGHVDOWD]LRQHDPRUR VDFKLXGHODVFHQDFRQXQDVRDYHDULDGHOVRQQR©0HQWUHGRUPLDPRU IRPHQWLª LQGLUL]]DWDDOO·DPLFRILQWDPHQWHDVVRSLWRPDODVXDPHQWHqJLj ULYROWDDJOLDEEUDFFLGL$ULVWHD$33(V 

'HGLFRTXHVWHSDJLQHDOODFDUDPHPRULDGL*LRYDQQL0RUHOOLPHWDVWDVLDQRGRF 5LQJUD]LR*LRYDQQL3ROLQH&ODXGLR7RVFDQLSHUDYHUPLPHVVRDGLVSRVL]LRQHDOFXQHIRQWL $OHVVDQGUR5RFFDWDJOLDWLSHUXQDSURSRVLWLYDULOHWWXUD



$1'5($ &+(*$,

/DVLWXD]LRQHIUDOHSLLQWULJDQWLHSDWHWLFKHGHOWHDWURPHWDVWDVLDQRq SDUDGLJPDWLFDGLXQDFRQFH]LRQHGUDPPDWXUJLFDGLLPSLDQWRUD]LRQDOLVWD JLRFDWDVXOGLDORJRHVXOFRQIURQWRPDFRPHVSHVVRFDSLWDQHO3RHWD&HVDUHR LOFRQIOLWWRGLDIIHWWLFXLVLDVVLVWHQRQGHULYDQpGDVFRQWURYLROHQWRQpGD FROSDFRPPHVVDEHQVuGDOODVRYUDSSRVL]LRQHGLDVSLUD]LRQLWDQWROHJLWWLPH TXDQWRIUDORURLQFRQFLOLDELOLGLYHUUDQQRSRVVLELOLVRORDVHJXLWRGHOULFR QRVFLPHQWRGL/LFLGDTXDOHILJOLRGL&OLVWHQHHIUDWHOORGL$ULVWHDFK·qLO FRPSLPHQWRGHOO·D]LRQHSULQFLSDOH/·HIIHWWRWHDWUDOHYHUWHTXLVLFHWVLPSOLFLWHU VXOO·LURQLDGUDPPDWLFDJHQHUDWDGDXQDFRQGL]LRQHGLLQFRPXQLFDELOLWjIUDL GXHSHUVRQDJJLGRSRO·DUPRQLDHO·LQWHVDPDQLIHVWDWDQHOOHDQWHFHGHQWLVFHQH ,XQDIUDWWXUDVHQWLPHQWDOH²GHPDQGDWDDOO·LQWHOOLJHQ]DGHOORVSHWWDWR UHOXLVRORLQJUDGRGLLQWHQGHUHJOL¶DSDUWH·GL0HJDFOHHLOVXRVWDWRG·DQL PR²DVVXQWDDIRU]DPRWULFHGHOO·D]LRQHFKHQRQSRWUHEEHDOWULPHQWLGH FROODUH 'D TXHVWR GLDORJR LPSRVVLELOH O·LQYLOXSSDUVL GHL ILOL WHPDWLFL GHO GUDPPDODGHFLVLRQHGL0HJDFOHGLJDUHJJLDUHHYLQFHUHQRQRVWDQWHWXWWR O·DGGLRGL0HJDFOHHG$ULVWHDHSLROWUHQHOO·RSHUDO·LVWLQWLYRULJHWWRGLTXH VW·XOWLPDQHLFRQIURQWLGL/LFLGDFKHLPSHGLVFHDLGXHGLFRPPHWWHUHXQ LQFRQVDSHYROH LQFHVWR OD ULSURYD]LRQH GHOO·DEEDQGRQDWD $UJHQH OD FRQ GDQQDGL&OLVWHQHQHLFRQIURQWLGHOWUXIIDWRUH/LFLGDO·LQWHUYHQWRVDOYLILFR GL0HJDFOHH$UJHQHO·DJQL]LRQHLOSHQWLPHQWRFROOHWWLYRODULFRPSRVL]LRQH GLXQDSSURSULDWRTXDGURGRPHVWLFRHDPRURVRFKHYLHQHSURVSHWWDWRD FKLXVXUDGLVLSDULR&KHO·LQWUHFFLRVLLQYLOXSSLDSSXQWRDSDUWLUHGDXQ·LQ FDQWHYROHQLQQDQDQQD²ODSLIOHELOHHVWDWLFDGHOOHDULHSRVVLELOL²FLLQGXFH DULIOHWWHUHVXJOLHOHPHQWLFRVWLWXWLYLGHOODGUDPPDWXUJLDPHWDVWDVLDQDHVXL GLVSRVLWLYLFKHGHWHUPLQDQRO·LQFHGHUHGHOO·D]LRQHHLQEXRQDVRVWDQ]DXQD YROWDPHVVRLQPXVLFDLOGUDPPDSHUPXVLFDVXOVXRVWHVVRGHWHUPLQDUVL ¶DQFRUD·FRPHGUDPPDHQRQJLjVRORFRPHVXFFHVVLRQHGLDULHSLRPHQR XQLYHUVDOLLQTXDQWRDFRQWHQXWRDIIHWWLYRLQFDVWRQDWHLQXQDWUDPDDWWDD JLXVWLILFDUQHO·HVLVWHQ]DXQ´FRQFHUWRGLDULHµVHFRQGRODYHFFKLDLGHDGL *URXWR)UHHPDQ  

/DQDWXUDLQWHUUHOD]LRQDOHHQRQQHFHVVDULDPHQWHFRQIOLWWXDOHGHOODFRQFH]LRQHFODVVLFR URPDQWLFDGHOWHDWURFRQULIHULPHQWRDOO·(VWHWLFDKHJHOLDQDHDO&RUVRGLOHWWHUDWXUDGUDPPDWLFDGL 6FKOHJHOqRJJHWWRGLDQDOLVLLQ)$%5,=,2 ' (//$ 6 (7$©«QRQVHQ]DSD]]LDª3URVSHWWLYHVXO WHDWURPXVLFDOH5RPD&DURFFLSSVJJ 

6XOODFRVWUX]LRQHGHOODSHULSH]LDQHOWHDWURPHWDVWDVLDQRLOIRQGDPHQWDOH*,//(6 '( 9$1  /HVMHX[GHO·DFWLRQ/DFRQVWUXFWLRQGHO·LQWULJXHGDQVOHGUDPHVGH0pWDVWDVH©3DUDJRQH/HWWHUDWXUDª D;/,;V,,,QQRWWREUHGLFHPEUHSS

$))(77,( $=,21(1(/0(/2'5$00$0(7$67$6,$12



,OWLWRORGLTXHVWRPLRFRQWULEXWRULFKLDPDVFLHQWHPHQWHTXHOORGLXQ VDJJLRGL)DEUL]LR'HOOD6HWDULSXEEOLFDWRRUQRQqPROWR6LUDJLRQDLQ TXHOOHSDJLQHGHOODFRHVLVWHQ]DQHOO·RSHUDLQPXVLFDGLGXHGLYHUVHVWUXWWXUH ORJLFKH /D SULPD DFFODUDWD GD VHFROL GL WUDGL]LRQH FULWLFD q TXHOOD GHJOL DIIHWWLGHOO·HVSUHVVLRQHGHOO·DQLPRIRUPDOL]]DWLHUHVLHIILFDFLDOLYHOORWHDWUD OHGDXQ·DULDRGDXQDGLODWD]LRQHOLULFDHVHFRQGRXQDFHUWDPHQWDOLWjO·HVDO WD]LRQHGLTXHLPRPHQWLFRVWLWXLVFHO·RELHWWLYRSULPDULRVHQRQLOSUHWHVWR GHOODFRVWUX]LRQHVFHQLFRGUDPPDWLFD'DOODWRRSSRVWRDEELDPRLOFRQFHW WRGLGUDPPDLPSLDQWRIRQGDWRVXOORVFDPELRGLDORJLFRUD]LRQDOHDLILQL GHOO·DYDQ]DPHQWRRUJDQLFRGLXQDYLFHQGDRGLSLYLFHQGHLQWHUFRQQHVVH FRQ ORJLFD GLUH]LRQDOH PHVVD D UHSHQWDJOLR VHPSUH VHFRQGR FHUWD OLQHD FULWLFDGDOODSULRULWjHQGRJHQDFKHJOLDIIHWWLJXDGDJQDQRQHOO·RSHUDLQPX VLFD /·LQYLWRGHOORVWXGLRVRqTXHOORGLFRQVLGHUDUHODFRD]LRQHGLHQWUDPEH OHFRPSRQHQWLODGGRYHGLFDVRLQFDVRHGLPRPHQWRLQPRPHQWRSUHYDOJD O·DVVHWWRGLDORJLFRUD]LRQDOHRYYHURTXHOORDIIHWWLYRUHVWLWXHQGRFRVuDOO·RSHUD LQPXVLFDODSRVVLELOLWjFK·HVVDVWHVVDSRVVDFRVWLWXLUVLFRPH¶XQGUDPPD· 'HOOD6HWDIRUPXODTXHOOHLSRWHVLDSDUWLUHGDXQWLWRORRWWRFHQWHVFR/D VRQQDPEXODGL%HOOLQL 0DYLHQHGDFKLHGHUVLVHHLQTXDOPLVXUDTXHOOH ULIOHVVLRQLQRQSRVVDQRLQYLWDUFLDULFRQVLGHUDUHLFRQFHWWLGLDIIHWWRHD]LR QHLQDOWURVHWWRUHTXHOORPDFURVFRSLFRGHOGUDPPDPHWDVWDVLDQRHVSUHV VLRQHVRPPDGHOIDPLJHUDWRORJRFHQWULVPRFKHFRVuVSHVVRKDLQWUDOFLDWR ODFRPSUHQVLRQHGHOO·RSHUDLQTXDQWR¶IDWWRGUDPPDWLFR·1HO6HWWHFHQWR WHDWUDOHOHUHJROHGHOJLRFRVRQRGLIIHUHQWLPDQRQqXWLOHQpRSSRUWXQR WUDFFLDUHXQDQHWWDOLQHDGLGHPDUFD]LRQHHGHVLPHUFLGDOSRUFLLQDOWULWHU PLQLJOLVWHVVLLQWHUURJDWLYL'DXQODWRDEELDPROuSURGRWWLVHULRFRPLFL LQFXLODQR]LRQHGLGUDPPDqHVSOLFLWDWDVLQGDOIURQWHVSL]LRGHOOLEUHWWR GUDPPDSHUPXVLFDGUDPPDJLRFRVR'DOO·DOWURSHUzWDOHQR]LRQHVLULIHUL VFHSULPDULDPHQWHDOODGLPHQVLRQHYHUEDOHTXHOODGHOWHVWRSRHWLFRPHVVR DGLVSRVL]LRQHGHOODPXVLFD¶SHUPXVLFD·DSSXQWR XQDYROWDPXVLFDWRH LQVFHQDWRTXHOGUDPPDJOLDIIHWWLYLJXDGDJQDQRPRWXSURSULRXQDSUHPL QHQ]DDVVROXWDHSUHYDULFDQWHDWWUDYHUVRODVXFFHVVLRQHGHLSH]]LFKLXVLIUD 

) '(//$  6 (7$ $IIHWWR H D]LRQH 6XOOD WHRULD GHO PHORGUDPPD LWDOLDQR RUD LQ ©«QRQ VHQ]D SD]]LDª3URVSHWWLYHVXOWHDWURPXVLFDOHFLWSS 

¶&KLXVL·LQTXDQWRPHWULFDPHQWHHVWURILFDPHQWHGHILQLWLPDqRUPDLDFFHUWDWDODVXVVL VWHQ]DQHOUHSHUWRULRPDJJLRUHVHWWHFHQWHVFRGLSLDQLILFDWHFRQQHVVLRQLORJLFRVLQWDWWLFKHIUD UHFLWDWLYLHVXVVHJXHQWLDULHFIUDOPHQR&267$17,12  0 $('(5 0HWDVWDVLRO·´2OLPSLDGHµH O·RSHUDGHO6HWWHFHQWR%RORJQD,O0XOLQRSS



$1'5($ &+(*$,

ORUR GLIIHUHQ]LDWL SHU VWUXWWXUD H WUDWWL VRPDWLFL PD SRVWL DL VROLWL OXRJKL SHUORSLLQILQHVFHQD HLQYDULDELOPHQWHLQWHUYDOODWLGDUHFLWDWLYLFKHJD UDQWLVFRQRO·LQFHGHUHGHOO·D]LRQH/DGLUH]LRQDOLWjWHPSRUDOHRVVLDLOORJLFR HFRHUHQWHVYLOXSSRGUDPPDWLFRQHYHUUHEEHDOORUDIRUWHPHQWHFRPSUR PHVVDWURSSRIRUWHODGLYDULFD]LRQHIUDO·HVLJXDVRVWDQ]DPXVLFDOHGHLUHFL WDWLYLHTXHOODDVVDLSLFRVSLFXDGHOOHDULHWURSSRIRUWHORVFRPSHQVRIUDL FRQWHQXWLGHLUHFLWDWLYL²LQFOLQLDOFRQIURQWRDOORVFDPELRUHOD]LRQDOHGL LQIRUPD]LRQLRVVLD¶GUDPPDWLFL·²HOHDULH²GHVWLQDWHYLFHYHUVDDOODFULVWDO OL]]D]LRQHGLXQDIIHWWRLVRODWRFRQFDUDWWHULGLXQLYHUVDOLWjRVVLD¶PXVLFDOL· 6LPLOLFRQYLQFLPHQWLLQSDUWHPXWXDWLGDOSHQVLHURFULWLFRGHOO·HSRFDR DOPHQRGDTXHOYHUVDQWHSLIRUWHPHQWHRULHQWDWRVHFRQGRORVSLULWRGHO VHFRORDGHVDPLQDUHLOWHDWURPXVLFDOHQHLWHUPLQLGLGHFDGHQ]DHVXVVH JXHQWHULIRUPDGD4XDGULRDG$OJDURWWLD0DWWHLD%RUVDD&DO]DELJL FRQ XQRFFKLRRUDDG$ULVWRWHOHRUDDOWHDWURFODVVLFRRUDDOWHDWURWUDJLFRIUDQ FHVHGL&RUQHLOOHH5DFLQHRUDDOODWUDJpGLHHQPXVLTXHEHQSLUDUDPHQWHDOOH SDUWLWXUH G·RSHUD LWDOLDQD KDQQR FRUURERUDWR O·DSSURFFLR VRFLRORJLFR D OXQJRSUHYDOHQWHQHJOLVWXGLPRGHUQLLQPDWHULDDQFKHDSUHVFLQGHUHGDL FRQWHQXWLPXVLFDOLHGUDPPDWLFLGLYROWDLQYROWDHVSUHVVL,OULOLHYRVWRULFR VRFLDOHGHOO·RSHUDLQPXVLFDGHOFDSLOODUHVLVWHPDSURGXWWLYRFKHQHGHULYDH GHOGLEDWWLWRLQWHOOHWWXDOHJHQHUDWRDIURQWHGHOODULSHWLWLYLWjGHLSURGRWWLqD OXQJRSDUVRODPLJOLRUFDXVDSHUFXLGRYHUVLRFFXSDUHGLRSHUDVHWWHFHQWH VFD'DTXLO·LGHDUHVLVWHQWHQHLVHFROLFKHODPXVLFDQHOO·RSHUDGHO6HWWH FHQWRVLULVROYDSUHYDOHQWHPHQWHLQXQDVHGX]LRQHLQFDQWDWRULDFRQILQDWD DOOH DULH FRQ SRFR FRVWUXWWR GUDPPDWXUJLFR LGHD FKH VRWWUDH D SULRUL DO GUDPPDSHUPXVLFDRVVLDVHFRQGRWDOXQLFRPPHQWDWRUL©ULYHVWLWRGLPXVL FDª O·HYHQWXDOLWjFK·HVVRSRVVDFRVWLWXLUVLFRPHGUDPPDDQFKHPXVLFDOHHDO FRPSRVLWRUHGHO6HWWHFHQWRTXDOVLDVLFKDQFHGLSRUVLHJOLVWHVVRFRPHGUDP PDWXUJRLPSHJQDWRFRP·HUDDULVSHWWDUHOHPROWHSOLFLFRQYHQLHQ]HGHOWHD  ©/DVWRULDGHOOHWHRULHGHOO·RSHUD>«@qXQDVWRULDGLOHWWHUDWL$OPDVVLPRFRVWRURVDUDQQR VWDWLGDOHWWHUDWLDQFKHOLEUHWWLVWL'LIDWWRXQDWUDGL]LRQHFRHUHQWHHFRQWLQXDGLGUDPPD WXUJLHPXVLFDOLQRQHVLVWHRHVLVWHDLQWHUPLWWHQ]DGHWWDWDSLGDOOHHVLJHQ]HHGDJO·LQWHUHVVL GHLOHWWHUDWLFKHGDTXHOOLGHLPXVLFLVWLª/25(1=2 % ,$1&21, ,QWURGX]LRQHD/DGUDPPDWXUJLD PXVLFDOHDFXUDGL/%LDQFRQL%RORJQD,O0XOLQRSS   8QTXDGURVXOOHSULQFLSDOLSRVL]LRQLGHOODVWRULRJUDILDQHLFRQIURQWLDQFKHGHOO·RSHUDED URFFDLQ)' (//$ 6 (7$'LIILFROWjGHOODVWRULRJUDILDGHOO·RSHUDLWDOLDQDRUDLQ©«QRQVHQ]DSD]]LDª 3URVSHWWLYHVXOWHDWURPXVLFDOHFLWSS

$))(77,( $=,21(1(/0(/2'5$00$0(7$67$6,$12



WURIUD FXL O·LPSRVL]LRQH GL XQ WLWROR GD PXVLFDUH VHQ]D SHUORSLSRWHU HIIHWWXDUH¶VFHOWHSRHWLFKH·DXWRQRPH  7DOHVWDWRGLFRVHKDLQGRWWRULVSRVWHFULWLFKHGLVSDUDWH8QDWUDGL]LR QDOH YzOWD DG LQGLYLGXDUH GRYH FRPH H TXDQGR VLPLOL GLVFUDVLH SRVVDQR HVVHUVWDWHULVROWH'LTXLODULFHUFDG·LQQRYD]LRQLSLRPHQRFLUFRVFULWWHH GLIRUPHGLWHDWURIOHVVLELOLHGLIIHUHQ]LDWHODWUDJHGLDPXVLFDOHGLLPSLDQWR ILORIUDQFHVHLQ7UDHWWD*OXFNQHOOR-RPPHOOLGHO)HWRQWHHDOWURYHFRQUHFL WDWLYLVWUXPHQWDWLOLPLWD]LRQLQHOO·XVRGHOGDFDSRGLGDVFDOLHGLUHFLWD]LRQHH D]LRQHVFHQLFDDOO·LQWHUQRGHOOHDULHFRULHGDQ]HLQWHJUDWHDOO·D]LRQHRSSX UHODSLVFDWWDQWHRSHUDEXIIDHLQSDUWLFRODUHLOGUDPPDJLRFRVRPR]DUWLDQR FRQ L VXRL DPSL ILQDOL GDOOD FRQGRWWD VHUUDWDPHQWH GLUH]LRQDOH H TXLQGL GUDPPDWLFL RSSXUHDQFRUDDULWURVRQHOWHPSRO·RSHUDKlQGHOLDQDUH IUDWWDULDDIDUVLLUUHWLUHQHLFDQRQLPHWDVWDVLDQLHDQ]LDQFRUDLPSOLFDWDFRQ ODSLYROXELOHGUDPPDWXUJLDGHOVHFRORDQWHFHGHQWHRYH+lQGHOVLSURFX UDPDUJLQLGLYDULHWjSLDPSLULVSHWWRDTXHOOLFRQFHVVLDGXQFRPSRVLWRUH FRHYRGHOODVFXRODQDSROHWDQD²QHOODULJRJOLRVDVWHVXUDPXVLFDOHGHLUHFLWD WLYLDIURQWHGHOODORUROXQJKH]]DWDORUDULGRWWDQHOODGLVRPRJHQHDGLVWUL EX]LRQHGHOOHDULHVRWWUDWWDDOFDUWHVLDQHVLPRGHO0HWDVWDVLRFKHPDLFRQ FHSLUHEEHOHWUHDULHGL5LQDOGRLQXQDVWHVVDVHTXHQ]DROHQRYHFRPSOHVVLYH GL5RGHOLQGD 'LIURQWHDVLPLOLWHUPLQLGLSDUDJRQHO·RSHUDPHWDVWDVLDQD VWDQGDUG PDJQD SDUV GHOOR VSHWWDFROR PXVLFDOH HXURSHR SHU ROWUH PH]]R VHFRORILQLVFHSHUSURILODUVLFRPHXQ·DPSLDLQGLVWLQWD]RQDJULJLDTXDVL IRVVHURTXHOOHFRPHDOWUHGHOSHULRGRRSHUH©WXWWHXJXDOPHQWHEXRQHR VFDGHQWLª VHFRQGR XQ D]]HFFDWR DVVHUWR GL 6WURKP FKH DYYHUVD VLPLOH SXQWRGLYLVWD  8OWHULRUL ULVSRVWH SL HYROXWH PD QRQ PHQR SDUWLFRODUL VRQR LQYHFH RULHQWDWHDFRJOLHUHXQDFRQWLQXLWjGUDPPDWLFDQHOODUDIILJXUD]LRQHGHLVLQ JROLSHUVRQDJJLXQORURFDUDWWHUHFRPSOHVVLYRFKHGHULYLGDOODVRPPDGHOOH ULVSHWWLYHDULHPDJDULQHOO·DPELWRGLXQSLDQRWRQDOHSUHILVVDWRGLFXLUHVWD SHUzVHPSUHGLIILFLOHSHUO·RSHUDGHO6HWWHFHQWRSUHFLVDUHLFRQWRUQLHOH

 6XOODTXHVWLRQHVLLQWUDWWLHQHDQFKH)5$1&(6&2 '(*5$'$6WUDWHJLHGUDPPDWXUJLFKHHFRPSRVLWLYH QHO´)ODPLQLRµGL*LRYDQEDWWLVWD3HUJROHVL©6WXGLSHUJROHVLDQL3HUJROHVLVWXGLHVªDFXUDGL & )HUWRQDQL H & 7RVFDQL 0LODQR-HVL 8QLYHUVLWj  GHJOL 6WXGL GL 0LODQR ² )RQGD]LRQH 3HUJROHVL6SRQWLQLSS 

5(,1+$5' 6 752+0 /·RSHUDLWDOLDQDQHO6HWWHFHQWR9HQH]LD0DUVLOLRS



$1'5($ &+(*$,

ILQDOLWj6LPLOHPHWRGR:LQWRQ'HDQORDSSOLFDGDWHPSRSURSULRD+lQGHO DOFXQHGHOOHVXHOHWWXUHPDQLIHVWDQRO·LQWHQWRGLULFRPSRUUHLOSURILORGUDP PDWLFRGHLSHUVRQDJJLDSDUWLUHGDOORURSDWULPRQLRLQGLYLGXDOHGLSH]]L FKLXVLJLXQJHQGRVXTXHVWDEDVHDVWDELOLUHVHLOFRPSRQLPHQWRGUDPPDWL FRVLDSLRPHQRULXVFLWR3URFHGLPHQWRULVFKLRVRJLDFFKpQHOO·RSHUDVHW WHFHQWHVFD L SHUVRQDJJL QRQ VXVVLVWRQR FRPH PRQDGL LVRODWH PD TXDOL GHSRVLWDUL GL DIIHWWL XQLYHUVDOL FKH QRQ SRWUHEEHUR PDWXUDUH ² DQFKH LQ VHQVRGUDPPDWLFR²VHQRQQHOFRQIURQWRFRQTXHOOLGLDOWULSHUVRQDJJL(G qTXLQGLODQR]LRQHGLDIIHWWRLUULQXQFLDELOHDGDQGDUOuGLVSHUVDQHOWHQWD WLYRGLFRJOLHUYLXQ·XQLWjGUDPPDWLFDG·RUGLQHVXSHULRUHDSDUWLUHSHUORSL GDVROHDULH /·2OLPSLDGHGL3HUJROHVLFKHTXLVLGLVFXWH5RPD HFKH©VLSRWUHE EHUDSSUHVHQWDUWXWWDLQWHUDDOSUHVHQWHVHQ]DSHULFRORGLQDXVHDRGLQRLDª  RIIUHO·RSSRUWXQLWjGLFRQIURQWDUVLDQFKHLQSURVSHWWLYDGUDPPDWXUJLFDFRQ XQ HFFHOOHQWH SURGRWWR GL VFXROD QDSROHWDQD  RULHQWDPHQWR VWLOLVWLFR FRQWUDGGLVWLQWRGDXQDVLPELRVLFRQJHQLWDSHUSLJHQHUD]LRQLGLPXVLFL VWLFROGUDPPDPHWDVWDVLDQR©0HQWUHGRUPLDPRUIRPHQWLªFKH/LFLGD FDQWDDFKLXVXUDGL,ULHQWUDSHUVXRFRQWRLQXQDWLSRORJLDEHQULFRQRVFL ELOHG·DULDGXHWULVWLFLSDUDOOHOLQHOOHULPHDEFDEF FXLJOLRWWRQDULFRQIHUL VFRQRO·DQGDPHQWRFXOODQWHFKHSLVLDGGLFHDLVRSRURVLVXRLFRQWHQXWL,O OLQJXDJJLRYHUEDOHSUHVFHOWRSHUYRFHGL/LFLGDGLSLQJHXQRVFHQDULRGL VWXGLDWDLPPRELOLWjRYHVLFHOHEUDLOSLDFHUHGHOVRQQRQHOODFRPXQLRQHGL XQSURJHWWRFRQGLYLVRODQDWXUD©ULRªH©]HIILURªDVVLVWHDWWRQLWDVRVSHQ 

7DOHSURFHGLPHQWRqGHVFULWWRFRJOLHQGRQHOXFLGDPHQWHLOLPLWLDQFKHLQ&$5/ '$+/+$86  'UDPPDWXUJLDGHOO·RSHUDLWDOLDQDLQ6WRULDGHOO·RSHUDLWDOLDQDDFXUDGL/%LDQFRQLH*3HVWHOOL 7RULQR('7 9,7HRULHHWHFQLFKH,PPDJLQLHIDQWDVPL SSH



:,1721 ' ($1 ²- 2+1 0 (55,// .1$33 +DQGHO·V2SHUDV2[IRUG&ODUHQGRQ 3UHVV  H :,1721  ' ($1  +DQGHO·V 2SHUDV  :RRGEULGJH %R\GHOO  H UHODWLYDUHFHQVLRQHGL)UDQFHVFR*LXQWLQLQH©,O6DJJLDWRUHPXVLFDOHª;9,SS 9HGL DQFKH OH FRQVLGHUD]LRQL SUHOLPLQDUL VXO WHDWUR KlQGHOLDQR LQ 5 (,1+$5'  6 752+0  /·´$OHVVDQGURQHOO·,QGLHµGHO0HWDVWDVLRHOHVXHSULPHYHUVLRQLPXVLFDOLQH/DGUDPPDWXUJLDPXVLFDOH FLWSS

 )DFFLRPLHOHSDUROHGL6$9(5,2 0 $77(, (ORJLRGHO-RPPHOOLRVLDLOSURJUHVVRGHOODSRHVLDH PXVLFDWHDWUDOH&ROOH0DUWLQLH&RPSSQRWDD   3HU XQD OHWWXUD FRPSOHVVLYD GHOO·RSHUD QRQ SULYD GL WUDWWL GLVFXWLELOL TXDQWR GL YLYLGH LOOXPLQD]LRQLULQYLRD56752+0 /·RSHUDLWDOLDQDQHO6HWWHFHQWRFLWSSFKHQRQVL VRIIHUPDVXOO·DULDTXLWUDWWDWD 

AFFETTI E AZIONE NEL MELODRAMMA METASTASIANO

127

dendo «passi» e «moti». Ma la ninnananna non prospetta effettivamente un sonno ristoratore, bensì inquadra uno stato di attesa gravido delle aspettative amorose di Licida nei confronti di Aristea, che verrà data in sposa al vincitore («l’idea del mio piacer»). L’amicizia fra i due giovani è ciò che determina l’esistenza del brano e la sua patetica efficacia; ma i suoi contenuti riflettono assai più lo stato d’animo infervorato di Licida, che proietta sul sonno di Megacle le proprie aspirazioni, invocate a rinsaldare il sodalizio che lo lega a lui, ma nella prospettiva della propria soddisfazione erotica. Ogni verso della prima strofa reca infatti una delle parole-chiave “amor” o “piacer”, che diverranno prevalenti in qualsiasi realizzazione musicale; l’invocazione naturalistica, attinente soprattutto al riposo di Megacle, è viceversa confinata a quella che sarà all’atto della musicazione la sezione interna del brano. Pergolesi segue le indicazioni del testo e concorre coi mezzi di cui dispone a compiere il progetto poetico-drammatico preordinato dal Cesareo Poeta, improntandolo di carattere e senso propriamente drammatico-musicali. Di qui un’aria dilatata ben al di là dell’esiguo materiale verbale, di andamento Comodo, tonalità di Fa (pastorale per eccellenza), tempo di 3/8 nel registro grave articolato in sestine di semicrome ostinate, forma pentapartita (AA'B quindi ‘dal segno’), all’esecuzione lunga mediamente sui sei minuti (APP., Es. 2).13 La strumentazione, costituita da oboi, corni ed archi, si avvantaggia soprattutto di questi ultimi lasciando i fiati sullo sfondo, per non interrompere l’uniformità anche timbrica parte integrante del carattere del brano. Il motivo dell’introduzione orchestrale adotta la tipica struttura aa'b (qui 6+6+8 bb., più una battuta sul battere conclusivo) e al solito prefigura il materiale melodico dell’intercalare. La frase melodica di apertura (bb. 1-6), sia all’interno del ritornello strumentale (bb. 7-12) sia alla prima esposizione dei vv. 1-2, viene ripetuta pressoché invariata (vi si aggiunge solo il caratteristico ritmo lombardo al canto), a marcare l’immobilità dello scenario sentimentale evocato. Il ritmo armonico è conseguentemente lentissimo: un pedale di Fa transita in orchestra, fra bassi e viole. I due primi versi vengono distanziati fra loro e dal terzo tramite cadenze 13 Anche in Cd-rom allegato, CHEGAI , Affetti e azione nel melodramma metastasiano. L’esemplare riprodotto, scelto per migliore leggibilità, reca alcune lievi varianti rispetto alla fonte qui considerata (I-Nc Rari 7.6.2-3), fra cui il da capo finale che sostituisce l’originale e più funzionale ‘dal segno’.



$1'5($ &+(*$,

VXOODWRQLFDDILQHYHUVRHSDXVHQHOODOLQHDGHOFDQWR/DFRPSLXWH]]DGHOOD IUDVHYHUEDOHULVXOWDFRVuLQWHUURWWDIUDXQYHUVRHO·DOWURVLLQWHUSRQHLQ RUFKHVWUDXQGLVHJQRRVWLQDWRGLVHVWLQHGLVFHQGHQWL²VDUHEEHLQDGHJXDWR GHILQLUORVHPSOLFHDFFRPSDJQDPHQWR²FKHVFLYRODQRGDLYLROLQL,,DYLROH HEDVVLXQDILJXUD]LRQHVWHUHRWLSLFDLQ3HUJROHVLFKHYDTXLDFRVWLWXLUHOR VIRQGRHPRWLYRGHOEUDQRSDOSHEUHFKHVLDEEDVVDQR,OYLQFRUUL VSRQGHQ]DGHOFRPSLPHQWRGHOFRQFHWWRGLODWDODFHOOXODEGHOPRWLYRLQL ]LDOHHSURILODO·XVFLWDGLWRQRD'RPDODWRQLFDVLDIIHUPDDOEDVVRVROWDQWR LQFRQFOXVLRQHGLYHUVRULFRQGXFHQGRVLDO)DLQL]LDOHQHOFRUVRGHOULWRUQHO ORFKHUHLQWURGXFH$ ,QTXHVWDVH]LRQHODVWUXWWXUDGHOPRWLYRYHGHGHFXUWDWH DGXQDVROWDQWROHULSURSRVWHGLDYLFHYHUVDLYYSUHQGRQRSLVSD]LR VXXQDFHOOXODPRWLYLFDGHULYDWDE FRQWUDGGLVWLQWDGDOUHFXSHURDOFDQWR GHOPRWLYRGHOODVHVWLQDGLVFHQGHQWHHGDDFFRUWLPHOLVPLSXUHGLVFHQGHQWL VXOODSDURODFKLDYH©SLDFHUªVLQWRPDWLFDPHQWHSUROXQJDWD/·XOWHULRUHXVFL WDGLWRQRLQSURJUHVVLRQHYHUVRODGRPLQDQWHDVVXPHXQYDORUHHSLVRGLFR YYVHFRQGDHVSRVL]LRQH WDQWRqUDSLGDODULFRQGX]LRQHDOODWRQLFDVX FXLVLGLVWHQGHQXRYDPHQWHODFHOOXODPHORGLFDERUDVWDELOPHQWHDOODWRQL FD FKHFRQFOXGHODSULPDSDUWH/DVH]LRQH%DOODPLQRUHUHODWLYDVFDQGL VFHLOWHPSRDOODFURPDFRVLFFKp©DEELDLOULRSDVVLSLOHQWLª HSHUXQD YROWDLOIOXVVRULWPLFRPRPHQWDQHDPHQWHVLLQWHUURPSH©HVRVSHQGDLPRWL VXRLª SULPDGLULWRUQHOORHULSUHVD /·DWPRVIHUDqVRDYHLOWHPSRFURQRPHWULFRSDUHGDYYHURDUUHVWDUVL0D VLqYLVWRFRPHTXHVW·DULDQRQVLDDIIDWWRFLzFKHVHPEUDDSSHQDODVLFROOH JKLDOUHFLWDWLYRDQWLVWDQWHRYHVLSURILODXQDODFHUDQWHVIDVDWXUDQHLSURSR VLWLGHLGXHDOOHDWLLQQDPRUDWLGHOODVWHVVDGRQQDPDVROR0HJDFOHORVD  /·RPDJJLRFKH/LFLGDLQWHQGHWULEXWDUJOLVLFRQYHUWHLQDFXWRWRUPHQWRSHU 0HJDFOHHTXHVWLVXELVFHLQVLOHQ]LRLOOHQWRWUDVFRUUHUHGHOFDQWRVHQ]D SRWHUVLJLRYDUHGHOOHLQWHQ]LRQLEHQHYROHGHOO·DPLFR©0HQWUHGRUPLªFRO ORFDWDQHOJLXVWRFRQWHVWRQRQIXQ]LRQDDOORUDWHDWUDOPHQWHFRPHXQ·DULD  ,OPRWLYRLQL]LDOHqODULVXOWDQWHGLXQDUDIILQDWDGLVWULEX]LRQHGLUHJLVWULIUDYLROLQL,H,, YLRODHEDVVLILQDOL]]DWDVLGLUHEEHDUHQGHUHDQFRUDSLVHQVLELOHLOGLVHJQRGLVFHQGHQWHGHO PRWLYRVWHVVR,YLROLQLGRSRO·XQLVRQRLQL]LDOHVXIDVLVFLQGRQRDL,XQLQXVXDOHVDOWRGL GHFLPDDVFHQGHQWHE DL,,²FXLDOOXRJRVLDVVRFHUjLOFDQWR²XQFRQWUDSSXQWRSUHYDOHQ WHPHQWHLQWHU]HHVHVWHILQRDOODSULPDSURSRVWDGHOGLVHJQRLQVHVWLQHGLVFHQGHQWLE  FRQFHSLWRFRPHFRGDGHOPRWLYRHGHUHGLWDWRDEGDYLRODHEDVVL'DOVL D GHLYLROLQL,GL EDOIDGHLYLRORQFHOOLGLELOGLVHJQRPHORGLFRDEEUDFFLDGXHRWWDYHHPH]]RYHUVRLO JUDYH

$))(77,( $=,21(1(/0(/2'5$00$0(7$67$6,$12



GHOVRQQRQHVVXQRVWDLQUHDOWjGRUPHQGRQp0HJDFOHKDODEHQFKpPLQL PDYRJOLDGLULSRVDUH,OWUDWWDPHQWRDQDOLWLFRGHOWHVWRDWWUDYHUVRODPXVLFD GLYLHQHDQ]LXQSHUIHWWRVWUXPHQWRGLWRUWXUD/HGHOLFDWHVHVWLQHGLVFHQ GHQWLSRVWHVXOORVIRQGRFKHODVFLDYDQRVXSSRUUHQHOODSURVSHWWLYDGL/LFLGD XQSODFLGRLQYLWRDOVRQQRVLWUDVIRUPDQRLQVWLOOHGLGRORUHDOOHRUHFFKLHGL XQ0HJDFOHDPPXWROLWRXQGRORUHFKHLOULWPRDUPRQLFROHQWLVVLPRHO·LQ VLVWHQ]DVXOODWRQLFDLQIRUPDFDGHQ]DOHRFRPHSHGDOHFRQVHQWRQRTXDVL VDGLFDPHQWH  GL SUROXQJDUH 1HOOR VSHWWDWRUH VL YHULILFD XQD VRUWD GL GLVVRFLD]LRQHIUDO·DSSUH]]DPHQWRGLXQVRDYHEUDQRGLPXVLFDHLOFRPSD WLPHQWRSHUO·DIIOL]LRQHGL0HJDFOH,QRJQLFDVRODVXDSDUWHFLSD]LRQHq JDUDQWLWD 6LSRVVRQRTXLQGLIRUPXODUHDOFXQHFRQVLGHUD]LRQL/DSULPD/·HIIHWWR SDWHWLFRGLTXHVWDVFHQDGHWHUPLQDWRGDOODGLVFUDVLDIUDOHLQWHQ]LRQLEHQH YROHGL/LFLGDHODUHDOWjGHLIDWWLVLUHDOL]]DFRPSLXWDPHQWHVRORDOO·DVFROWR RDOODYLVLRQHHLQHQWUDPELLFDVLOHGXUDWHULYHVWRQRODPDVVLPDLPSRUWDQ ]D$OODVHPSOLFHOHWWXUDVLKDQQRYHUVLGLUHFLWDWLYRGDDQHO O·HGL]LRQHXOWLPDWLYD+pULVVDQW FRQWURVHLGLDULD4XDQWRLQWHUPLQLWHP SRUDOL"6FRUUHQGRXQLIRUPHPHQWHO·RFFKLRRDGXQDOHWWXUDUHFLWDWDFLUFD XQ PLQXWR H PH]]R FRQWUR XQD YHQWLQD GL VHFRQGL $OO·DVFROWR GHOOD PXVLFD]LRQHGL3HUJROHVLQHOODGLUH]LRQHGL2WWDYLR'DQWRQH)HVWLYDOGL %HDXQH DEELDPRLQYHFH 

GLUHFLWDWLYRFRQWUR 

GLDULD&RPH VHPSUHLQTXHVWLFDVLQHHVFHXQUDSSRUWRLQYHUWLWRHULHTXLOLEUDWRDWXWWR YDQWDJJLRGHOODSDURODFDQWDWDVXTXHOOD¶UHFLWDWD·VLWUDWWDGLXQDFRQGL]LR 

3,(7520(7$67$6,2 2OLPSLDGHQHL'UDPPLSHUPXVLFD,,,OUHJQRGL&DUOR9,  DFXUDGL$/%HOOLQD9HQH]LD0DUVLOLRSS

 6DUHEEHLOOXVRULRVXSSRUUHFKHXQDGLYHUVDSURVSHWWLYDVXOO·RSHUDGHO6HWWHFHQWRGHEED JLXQJHUFLGDXQDULDELOLWD]LRQHHVWHWLFDGHLUHFLWDWLYL7XWWDYLDFRPHFRPSRQHQWHIRQGDPHQ WDOHGLXQVLVWHPDFRPSOHVVRQRQQHDQGUHEEHURWUDVFXUDWHOHYDOHQ]HGUDPPDWXUJLFKHHOD SURJHWWXDOLWj PXVLFDOH WDORUD ILQH 6XJJHVWLYD DO ULJXDUGR XQ·DQQRWD]LRQH GL *LXVHSSH 6LJLVPRQGR QHO VXR(ORJLR SHUJROHVLDQR RYH DL SUHJL GHOO·2OLPSLDGH DQQHWWH ©LO UHFLWDWLYR VHQ]D LVWUXPHQWL FKH SUHFHGH O·DULD ´6H FHUFD VH GLFHµ UHFLWDWLYR SDUODQWH FKH QRQ SXz FDQWDUVLGDSHUVRQDVHQVLELOHVHQ]DYHUVDUODJULPHªHGLWRLQ)5$1&(6&2 ' (*5$'$*LXVHSSH 6LJLVPRQGR LO PDUFKHVH GL 9LOODURVD H OD ELRJUDILD GL 3HUJROHVL ©6WXGL SHUJROHVLDQL  3HUJROHVL VWXGLHVªDFXUDGL)'HJUDGD6FDQGLFFL)LUHQ]H /D1XRYD,WDOLDSS  6WUDWHJLHLQWRQD]LRQDOLQHLUHFLWDWLYLSHUJROHVLDQLVRQRGLVFXVVHLQ'$/( (0 21621  'UDPD LQ 3HUJROHVL·V ´RSHUH VHULHµ ([SUHVVLRQ DQG 7UDGLWLRQ ©6WXGL SHUJROHVLDQL  3HUJROHVL VWXGLHVªDFXUDGL)'HJUDGD6FDQGLFFL)LUHQ]H /D1XRYD,WDOLDSS



$1'5($ &+(*$,

QHHQGRJHQDGHOO·RSHUDVHULDGLTXHVWLDQQLFKHYDDFRQYHUJHUHFRQXQ SURJHWWRFRQVDSHYROH²VLDGHO0HWDVWDVLRVLDGL3HUJROHVLSHUODORURSDUWH ²IXQ]LRQDOHDOO·HIIHWWRGUDPPDWLFR /DVHFRQGD1RLGLFLDPR¶DULDVROLVWLFD·0D/LFLGDQRQqVRORLQVFHQD H LO VHQVR GUDPPDWLFR GHOOD VXD DULD ¶D VROR· OR VL FRPSUHQGH TXDORUD VL WHQJDFRQWRGHOIDWWRFKHLOSULPRVXRDVFROWDWRUHqSURSULR0HJDFOHFXLLO EUDQRHVSUHVVDPHQWHVLULYROJHFKHORLQWHQGHVHQ]DSURIIHULUSDUROD1HO GUDPPDSHUPXVLFDODVWUXWWXUDFRPSOHVVLYDGHOOHVHTXHQ]HGLVFHQHGD PXWD]LRQHDPXWD]LRQHQRQLQFLGHVRORVXOPHFFDQLVPRGHOOHXVFLWHHGHOOH HQWUDWHRVVLDVXOFRQWDWWRIUDSHUVRQDJJLGDFXLODGLPHQVLRQHGLDORJLFR UD]LRQDOHRVVLDLUHFLWDWLYL PDDQFKHVXOOHSURSULHWjHOHFRQVHJXHQ]HGHOOH DULHGLYROWDLQYROWDFDQWDWHRQRQFDQWDWH ,QSRFKLKDQQRLOSULYLOHJLRGL UHVWDUH VROL LQ VFHQD DG HODERUDUH PXVLFDOPHQWH XQ SHQVLHUR SULYDWR UHFHSLELOHXQLFDPHQWHGDOSXEEOLFRSLVSHVVRLSHUVRQDJJLFRQFHSLVFRQR OHSURSULHDULHFRPHXQDFRPXQLFD]LRQHGLUHWWDRLQGLUHWWDDJOLDVWDQWL SULPDGHOO·HQWUDWDLQTXLQWDLQRJQLFDVRFRQVDSHYROLQHOODILQ]LRQHVFHQL FDFKHTXDQWRGDORURFDQWDWRDYUjLVXRLHIIHWWLVXOO·DQLPRGLTXDQWLLQ VFHQDUHVWDQR1HOFDVRGL2OLPSLDGH,VLKDXQDFRQIHUPDGLTXHVWRFRO ODXGDWRPHFFDQLVPR²/LFLGDHVFHGLVFHQDHGjPRGRD0HJDFOHGLPDQL IHVWDUH DO SXEEOLFR LO VXR VFRQFHUWR QHOOD VFHQD VXFFHVVLYD ² H DO WHPSR VWHVVRXQDGHURJDGDOSLFRPXQHDVVHWWRORJLFRLQTXDQWR/LFLGDQRQq FRQVDSHYROH GHJOL HVLWL FKH VDUDQQR GLURPSHQWL GHOOH LQIRUPD]LRQL ULOD VFLDWHD0HJDFOHHGHOSDWLPHQWRDOXLLQIOLWWR'DTXLO·LQL]LRGHOODSHULSH]LD /DWHU]D6LWUDWWDQHOQRVWURFDVRGLDIIHWWRRGLD]LRQH"'LDIIHWWRLQ TXDQWR/LFLGDHVSULPH¶VWDWLFDPHQWH·XQSHQVLHURVLQFHURHORIDDWWUDYHUVR XQ·DULDGLJHQHUHPDGLD]LRQHSHULWXPXOWLVLOHQ]LRVLFKHO·DULDSURGXFH QHOO·DQLPRGL0HJDFOHSHUIHWWDPHQWHLQWHOOLJLELOLSXUQHOVLOHQ]LRGHOOHSD UROHGDOORVSHWWDWRUHFKHDEELDVHJXLWRFRQDWWHQ]LRQHO·HYROYHUVLGHOODYL FHQGD$VFROWLDPR/LFLGDPDVLDPRLQSHQDSHU0HJDFOHFKHSXUHDVFROWD 

©$ SDUWLUH GDOOD SHUVRQD H GDOOR VSD]LR VFHQLFR VL FRVWUXLVFH TXLQGL OD UHOD]LRQH LQWHU SHUVRQDOHHGLTXHVWDFRVWUX]LRQHODSDURODLQTXDQWRWDOHQRQDSSDUHXQDFRQGL]LRQHQHFHV VDULDWDQWRPHQRODSDURODOHWWHUDULDª)'(//$ 6 (7$©«QRQVHQ]DSD]]LDª3URVSHWWLYHVXO WHDWURPXVLFDOHFLWS   6LYHULILFDFLRqXQDFRQGL]LRQHGLIDOVRPRQRORJRFRPSRQHQWHIRQGDPHQWDOHGHOODGUDP PDWXUJLDFODVVLFDFIU-$&48(6 6 &+(5(5 /DGUDPDWXUJLHFODVVLTXHHQ)UDQFH3DULV1L]HW SS

$))(77,( $=,21(1(/0(/2'5$00$0(7$67$6,$12



FRQQRLORYHGLDPRLQVFHQDDIIUDQWRHQHFRQGLYLGLDPROHWDFLWHVRIIHUHQ ]HWDQWRFKHVHTXHVW·DULDIRVVHWDJOLDWDHQRQY·qGXEELRFKHFLzSRWHVVH DYYHQLUHLQTXHVWDRLQDOWUHPXVLFD]LRQL SXUSHUPDQHQGRJDUDQWLWDOD FRPSUHQVLELOLWjGHOO·DVVXQWRVDUHEEHSURSULRO·D]LRQHDYHQLUQHSHQDOL]]D WD /D VWUXWWXUD PXVLFDOH GHOO·DULD FRQ OH QXPHURVH ULSHWL]LRQL GHO WHVWR ULSURSRVWRRJQLYROWDLQXQDOXFHOLHYHPHQWHGLYHUVDHODVXDYHVWHVRQRUD ²XQLIRUPHLQULWPRPHORGLDHWLPEURRULHQWDWDTXLQGLDLFULWHULHVWHWLFL GHOO·LPLWD]LRQHGHLFRQWHQXWLGHOWHVWR DQFRUDDOODEDVHGHOORVWUXPHQWDOH QHO6HWWHFHQWR²FRQFRUURQRSXUHDOGHOLQHDUVLGLXQ·¶D]LRQHLQWHULRUH·IRQ GDPHQWDOH SHU OD ULXVFLWD GUDPPDWLFD 8QD YROWD XVFLWR O·¶LQFROSHYROH· /LFLGDQLHQWHGLSLDSSURSULDWRSHUVRWWUD]LRQHGLXQUHFLWDWLYRVHPSOLFH FKHGLDWHPSRD0HJDFOHGLDVVRUELUHLOFROSRSRWUHEEHDGHVVRVSHWWDUJOL O·DULDGLILQHDWWRVHQRQVRSUDJJLXQJHVVH$ULVWHDDGDJJUDYDUHXOWHULRU PHQWHOHFRVHHLOSXEEOLFRVDUjGHOL]LDWRGDOGXHWWRGHLGXH  +DVHQVRTXLQGLSHUO·RSHUDVHWWHFHQWHVFDFRPHSHUO·RWWRFHQWHVFDVFLQ GHUHUHFLVDPHQWHDIIHWWRHD]LRQH"2SLXQLWDPHQWHO·LQFHGHUHGHOO·D]LRQH 

&IU'$/( (0 21621 $QJHOR0DULD0RQWLFHOOLDQGWKH5HYLYDORI 3HUJROHVL·V´/·ROLPSLDGHµ ©6WXGLSHUJROHVLDQL3HUJROHVLVWXGLHVªDFXUDGL)'HJUDGDSSRYH VLLQGLFDQRDQFKHRFFDVLRQDOLVRVWLWX]LRQLRVRSSUHVVLRQLGLTXHVW·DULDLQVYDULDWHYHUVLRQL GHOO·RSHUD



,O FRQFHWWR GL¶D]LRQH LQWHULRUH· q WUDWWHJJLDWRLQ&' $+/+$86 'UDPPDWXUJLD GHOO·RSHUD LWDOLDQDFLWSS1RQY·qGXEELRFKHXQ·DUWLFRODWDULIOHVVLRQHDOULJXDUGRFKHHVXODYD GDOOHILQDOLWjGLTXHOVXRFRQWULEXWRVDUHEEHDVVDLIHUWLOHLQDPELWRGLVWXGLGUDPPDWXUJLFL VXOO·RSHUD DQWHFHGHQWH O·2WWRFHQWR 6X XQ SLDQR SDUDOOHOR H FRPSOHPHQWDUH 5 $))$(/( 0(//$&( QH/·DXWXQQRGHO0HWDVWDVLR*OLXOWLPLGUDPPLSHUPXVLFDGL-RKDQQ$GROI +DVVH)LUHQ ]H2OVFKNLSSSURSRQHXQ·DQDOLVLGHOO·KDVVLDQR7ULRQIRGL&OHOLDVXOODEDVH GHOORVOLWWDPHQWRGHOO·¶D]LRQHGUDPPDWLFD·DUWLFRODWDGDOWHVWROHWWHUDULRYHUVRXQ·¶D]LRQH YLVLELOH·VRVWHQXWDSULPDULDPHQWHGDOFDQWR,QHQWUDPELLFDVLHPHUJHO·LQWHQWRGLDQDOL]]DUH LOWHVWRWHDWUDOHFRPHVLVWHPDSOXULGLPHQVLRQDOHODGGRYHODVHJPHQWD]LRQHWUDGL]LRQDOHGHUL YDWDGDOWHVWRYHUEDOHHGDOOHVXHSURSRU]LRQLLQWHUQHQRQEDVWDQRDGDIIHUUDUHOHGLQDPLFKH VWUHWWDPHQWH GUDPPDWLFKH JHQHUDWH GDOOD FRQYHUJHQ]D GHL VLVWHPL VHPLRWLFL GHOOD SDUROD GHOODPXVLFDGHOO·D]LRQH$TXHVWRULJXDUGRXWLOHULQYLDUHDQFKHDLPRGHOOLGLD]LRQHWHDWUDOH PHVVL D SXQWR LQ 7$'(86=  .2:=$1  6pPLRORJLH GX WKpkWUH 3DULV 1DWKDQ  H $ 11( 8 %(56)(/' /HVWHUPHVFOpVGHO·DQDO\VHGXWKpkWUH3DULVeGLWLRQVGH6HXLO  3URSULRTXDQWR0HJDFOHDYUHEEHYROXWRVFRQJLXUDUHHFHORFDQWDDSSXQWRQHOUHFLWDWLYR ©$OWURQRQWHPRFKH·OYROWRGHOPLREHQ4XHVWRV·HYLWLIRUPLGDELOHLQFRQWUR,QIDFFLD DOHLPLVHURFKHIDUHLª0(7$67$6,2 2OLPSLDGH,YYQHL'UDPPLSHUPXVLFD,, FLWS 



$1'5($ &+(*$,

qJDUDQWLWRGDFLzFKHGHILQLUHPPRXQ·¶D]LRQHGLDIIHWWL·",OFKHHTXLYDOHD SRUFLLOVHJXHQWHLQWHUURJDWLYRLQTXDQWRRJJHWWLDQFKHPXVLFDOLGUDPPD WLFLROWUHFKHGUDPPDWLFRSRHWLFLVXVVLVWHDOOLYHOORGHOODPHVVDLQPXVLFD ODSRVVLELOLWjGLLQWHQGHUHOHGLYHUVHDULHFRPHXQSURFHVVRVLVWHPLFRLQGL UL]]DWRDFRUURERUDUHODVRVWDQ]DGHOGUDPPD"6XVVLVWHQHOODSDUDWDVVLGHOOH DULHXQSULQFLSLRRUGLQDWRUHFKHOHFRVWLWXLVFDDQFKHFRPHIOXVVRGUDPPD WLFRROWUHFKHFRPHUHSHUWRULRGLDIIHWWLORFDOL]]DWLFRQVHJQDWLDOSHUVRQDJ JLRGLWXUQR"3HUWHQWDUHXQDULVSRVWDJLRYDFRQVLGHUDUHFRPSOHVVLYDPHQWH O·LPSLDQWRGLTXHVWR,DWWRQHOODPXVLFD]LRQHGL3HUJROHVLLQTXDGUDQGROD VFHQDTXLGLVFXVVDQHOO·HFRQRPLDFRPSOHVVLYDVLEDGLQRQLQFHUFDGLXQ·HYD QHVFHQWHXQLWjTXDQWRGLXQDFRHUHQ]DQHOVXVVHJXLUVLOLQHDUHHTXLQGL GUDPPDWLFR  GHJOL HYHQWL PXVLFDOL H QHJOL HTXLOLEUL GHOOH GLYHUVH VH]LRQL FIU7DEHOOD  ËQRWRFRPHQHOGUDPPDSHUPXVLFDGLIILFLOPHQWHVLSRVVDDVVHJQDUH YDORUHVWUXWWXUDOHDOODVXFFHVVLRQHGHOOHWRQDOLWjGHOOHDULHVXOODVFDODGLVH TXHQ]HRLQWHULDWWLGDWHOHQXPHURVHYDULDELOLFKHLQWHUFRUURQRQHOODVFHOWD WRQDOLWjWUDGL]LRQDOPHQWHFRQJLXQWHDJOLDIIHWWLRDOODWLSRORJLDGHLEUDQLGL SHU Vp YDULDELOL OLPLWL RJJHWWLYL GHOO·DFFRUGDWXUD PHVRWRQLFD LPSLHJR GL GHWHUPLQDWLVWUXPHQWLDSSURSULDWH]]DDGXQUHJLVWURYRFDOHSUHVFHOWRHWF  QRQGLPHQRQHGHULYDXQDVHTXHQ]DFDUDWWHUL]]DWDGDFRQWLQXLWjHGLVFRQ WLQXLWjDUPRQLFKHLQFRUULVSRQGHQ]DGLGHWHUPLQDWLQHVVLGUDPPDWXUJLFL /DGLPHQVLRQHWRQDOHVHQ]DDVVXPHUHXQDYDOHQ]DSULRULWDULDHQWUDTXLQGL QHOQRYHURGHLGDWLXWLOLDOO·LGHQWLILFD]LRQHGHOODVRVWDQ]DPXVLFDOHGHLEUDQL SHUVpVWHVVLHQHOORURDYYLFHQGDPHQWRLQWHUPLQLGLSURVVLPLWjHGLVWDQ]D DIILQLWjRGLIIHUHQ]LD]LRQHHTXDQW·DOWUR DVVLHPHDPHORGLDULWPRDQGD PHQWRVWUXPHQWD]LRQHYRFDOLWj1HOODVFXRODQDSROHWDQDFLFRQIURQWLDPR FRQPRGXOLPHORGLFRULWPLFLWRSLFLHULFRUUHQWLIUDVLEUHYLULSHWXWHLQPRGR LGHQWLFR R FRQ OLHYL YDULDQWL VRYHQWH VSHFXODUL IUD RUFKHVWUD H FDQWR   5DJLRQDUHRJJLGuGLXQSURGRWWRGUDPPDWLFRGHO6HWWHFHQWRLQWHUPLQLGL¶XQLWj·SDUHXQ DQDFURQLVPRHXQDFRVWRVDHUHGLWjPXWXDWDGDIRUPHGLWHDWURGLJUDQOXQJDVXFFHVVLYH,Q UHDOWjVLWUDWWDGLXQWzSRVFULWLFRWXWW·DOWURFKHHVWUDQHRDO6HFRORGHL/XPLPDDQFKHLQTXHO FDVRIXSHUORSLFRVDGDOHWWHUDWLDOULJXDUGR$1'5($ &+(*$, /HSDUROHFKLDYHGHOODFULWLFD VHWWHFHQWHVFDVXOO·RSHUDIUDOXRJKLFRPXQLHSURJHWWLGLULIRUPDQH/HSDUROHGHOODPXVLFD,,,6WXGLGL OHVVLFRORJLDPXVLFDOHDFXUDGL)1LFRORGLH37URYDWR)LUHQ]H2OVFKNLSS  ,Q3HUJROHVLVHFRQGRXQQRWRDVVHUWRGL0DWWHL©>«@TXHOODUHJRODULWjGLPRWLYLEHQ FRQWLQXDWLHGLVWHVLFKHQRQVLYHGHQH·PDHVWULDQWLFKLª60$77(, (ORJLRGHO-RPPHOOLFLW S 



$))(77,( $=,21(1(/0(/2'5$00$0(7$67$6,$12

«Talor guerriero invitto», Aminta, I.3, aria intermedia, autoimprestito da Adriano in Siria (Osroa, «Sprezza il furor del vento», I.3); testo non metastasiano

Allegro presto, 3/4, Fa (ob, cor, archi) → B (stesso tempo, archi) → d.c. Assente nella fonte indicata; ma cfr. GB-Lbl Add. 30798-799-800.

«Quel destrier, che all’albergo è vicino», Licida, I.3, aria di fine scena e fine sequenza; segue mutazione

Presto, C, Re (tr, ob, cor, archi) → B, (stesso tempo) → d.s.

«Oh care selve, oh cara», Argene, I.4, aria d’apertura di scena

Amorosetto, 12/8, Sol (archi), interrotta

«Del destin non vi lagnate», Clistene, I.5, aria di fine scena

Allegro, 3/8, La (archi) → B (stesso tempo) → d.s.

«Tu di saper procura», Aristea, I.6, aria di fine scena

Andante, 3/8, Si b (archi) → B (stesso tempo) → d.s.

«Più non si trovano», Argene, I.7, aria di fine scena; ‘parte’ senza liaison des scènes

Allegro, 2/4, Do (archi) → B (stesso tempo) → d.c.

«Mentre dormi, amor fomenti», Licida, I.8, aria di fine scena

Comodo, 3/8, Fa (ob, cor, archi) → B (stesso tempo, archi) → d.s.

«Ne’ giorni tuoi felici», Megacle, Aristea, I.10, duetto di fine atto

[Amoroso,] 4/4, La (archi) → B (stesso tempo) → d.s.

Seconda sequenza

Allegro e spiritoso, C, Sol (archi) → sezione B Larghetto, 3/4 → d.s.

(«Vasta campagna alle falde di un monte …»)

«Superbo di me stesso», Megacle, I.2, aria di fine scena

Prima sequenza (esposizione)

Allegro assai, C, Re (tr, ob, tr da caccia, archi) Andante, 3/4 (archi) Allegro, 3/8 (ob, tr da caccia, archi)

(«Folto bosco adombrato da grandi alberi…»)

“Introduzzione” (Sinfonia)

7DEHOOD²3HUJROHVL2OLPSLDGH,DWWRVFHQHVHTXHQ]HDULH,1F5DUL 

ULWPLFDDIILGDWDDOO·DYYLFHQGDPHQWRGLWHPSLRILJXUD]LRQLELQDULHRWHUQDULH VWUXPHQWD]LRQHVHOHWWLYDHPDLSUHYDULFDQWHWRQDOLWjVWDQGDUGLQFXLLOPRGR PLQRUHqUDUR²FRQWUDULDPHQWHDTXDQWRDYYLHQHQHLYHQH]LDQL²HOHPHQWL WXWWLXWLOLDOODFDUDWWHUL]]D]LRQHGHLEUDQLQHOODFRUQLFHSUHVWDELOLWDGLVFHQH HVHTXHQ]H /HSULPHWUHDULHFRQWHQXWHQHOODVHTXHQ]DLQL]LDOHGLHVSRVL]LRQHVRQR FRPSDWWHHFRQVLPLOLWXWWHGLDQGDPHQWRYLYDFHFRQVFULWWXUDULWPLFDGHWWD JOLDWDDOODFURPDHFDUDWWHUL]]DWDGDILJXUD]LRQLPHORGLFKHDFDGXWDWHPDWLV PRVYHWWDQWHQHLSURILOLYRFDOLLPSLHJDWL$GDWWHDO,DWWRHEHQGLIILFLOPHQWH



$1'5($ &+(*$,

FRQFHSLELOL QHL VXFFHVVLYL LGHQWLILFDQR DWWUDYHUVR LO FRPXQH DQGDPHQWR GLQDPLFRXQDFRQGL]LRQHGLRWWLPLVPRHGLFRQYHUJHQ]DGLLQWHQWLVODQFLR HRELHWWLYLWjSULPDFKHLOFRQIOLWWRGLDIIHWWLVLVLDPDWHULDOL]]DWR&KHDQFKH O·DULD GL $PLQWD ©7DORU JXHUULHUR LQYLWWRª  SXU SUHOHYDWD GDOO·$GULDQR LQ 6LULD HFROORFDWDDIRU]DLQSRVL]LRQHG·DULDLQWHUPHGLDSRVL]LRQHVRPPD PHQWHDQWLPHWDVWDVLDQDPDO·XQLFDSRVVLELOHLQTXHVWRFRQWHVWR PDQLIHVWL DQDORJLHVWLOLVWLFKHFRQODSUHFHGHQWHHODVXFFHVVLYDVHPEUDFRQIHUPDUH LQTXDQWRVFHOWDFRQVDSHYROHLOSURSRVLWRGLGDUOXRJRDGXQDVH]LRQHFRP SDWWDHFRHUHQWHDOFRQWHPSRUDIIRU]DQGRLOUXRORSHGDJRJLFRGL$PLQWD 9LHQHSRLODOXQJDHULIOHVVLYDSRLSDWHWLFD VHTXHQ]DSDVWRUDOHFKHVL HVWHQGHILQRDOFRPSLPHQWRGHOO·DWWR,QL]LDFRQODFDYDWLQDLQWHUURWWDGL $UJHQH©2KFDUHVHOYHRKFDUDª VHQ]DFRURSHUOHULVWUHWWH]]HLPSRVWHGDO 7RUGLQRQD 3DVWRUHOOD G·LPSRUWD]LRQH HOOD HVSULPH QHOOR VWLOH QRVWDOJLFR GHOODVLFLOLDQDODSURSULDFRQGL]LRQHGLDULVWRFUDWLFDHVXOHORVWDFFRGDOO·DULD GLHQWUDWDGL/LFLGDFKHFRQFOXGHODVHTXHQ]DDQWHFHGHQWHqQHWWLVVLPR,O GLDORJRVXFFHVVLYRFRQ$ULVWHDFRQWUDULDPHQWHDTXHOORIUD/LFLGDH0HJDFOH TXLDQDOL]]DWRSXzVYROJHUVLLQWRWDOHIUDQFKH]]DSHUFKpDSUHVFLQGHUHGDL PDOVDQLSURSRVLWLGL/LFLGDOHGXHGRQQHDPDQRXRPLQLGLYHUVLHSRVVRQR FRQIHVVDUVLDSHUWDPHQWHLORURSDWHPLQRQFRQIOLWWXDOLHTXLQGLLQVXIILFLHQWL DJHQHUDUHODSHULSH]LD$OGLDORJRQRQVHJXHDULDDOFXQDJLDFFKpVRSUDJ JLXQJH&OLVWHQHDFFRUVRDFRQIHUPDUHDG$ULVWHDODQHFHVVLWjGLSURFHGHUH FRQOHJDUHVHJXHODVXDSULPDDULD©'HOGHVWLQQRQYLODJQDWHª 6WURKPYL FRJOLH QHOO·DQGDPHQWR D PLQXHWWR XQ ULIHULPHQWR DG ©REEOLJKL VRFLDOL HG HWLFKHWWDGLFRUWHªODVRYUDQLWjGHOSHUVRQDJJLRqWXWWDYLDDWWHQXDWDGDXQR VJXDUGRVSLULWRVRHEHQHYRORDOO·XQLYHUVRIHPPLQLOHQRQqDOORUDFDVXDOH O·DQGDPHQWRLQWHPSRWHUQDULRGLFKHULFKLDPDO·DULDSUHFHGHQWHGL $UJHQHLQ HTXHOODVXFFHVVLYDGL$ULVWHDLQ 4XHVW·XOWLPDDVXD  /·DULDGL$PLQWDIXHVHPSODWDVXOO·DULDGL2VURD©6SUH]]DLOIXURUGHOYHQWRª, *OL DXWRLPSUHVWLWLSHUJROHVLDQLVRQRVWDWLSLYROWHGHVFULWWLEDVWLTXLLOULQYLRD5 (1$72', % (1('(77 2'DO0HWDVWDVLRD3HUJROHVLHULWRUQR'LYDJD]LRQLLQWHUWHVWXDOLIUDO·´$GULDQRLQ6LULDµH O·´2OLPSLDGHµ©,O6DJJLDWRUHPXVLFDOHª,,SSFRQSDUWLFRODUHULIHULPHQWR DOO·DULDVXGGHWWD 

6XOSDULULOLHYRDVVHJQDWRQHOVXRGUDPPDD/LFLGDH0HJDFOHVLLQWUDWWLHQHLO0HWDVWDVLRLQ XQDOHWWHUDDG$QWRQLR%HUQDFFKLPDU]RLQ2SHUHDFXUDGL%%UXQHOOL0LODQR 9HURQD0RQGDGRUL,,,SS  

56752+0 /·RSHUDLWDOLDQDQHO6HWWHFHQWRFLWS

$))(77,( $=,21(1(/0(/2'5$00$0(7$67$6,$12



YROWDYLPRGHUDLWRQLSDWHWLFLLQTXHOODFK·qXQDUDFFRPDQGD]LRQHDIIHWWXRVD QHLFRQIURQWLGHOO·DPLFD©7XGLVDSHUSURFXUDª  $SUHVFLQGHUHGDOODGLYHUVDGLVSRVL]LRQHGLVSLULWRHGDOGLYHUVRFRQWH VWRVLDLOSULPREORFFRG·DULHVLDLOVHFRQGRILQRDOODVXFFHVVLYDVHFRQGD DULDGL$UJHQHFRPSUHVDKDQQRXQDVWUXWWXUDFRPXQLFDWLYDGLUHWWDLEUDQL VLJQLILFDQR¶GUDPPDWLFDPHQWH·HVDWWDPHQWHFLzFKHHVSULPRQR¶YHUEDOPHQ WH·HQRQGHWHUPLQDQRGLQDPLFKHFRQWUDVWLYHDOO·LQWHUQRGHOO·D]LRQHLQFXL VLFROORFDQR/·DULDGL$UJHQH©3LQRQVLWURYDQRª FKHULPDVWDVRODLQ VFHQDVLULYROJHVHQWHQ]LDQGRDOSXEEOLFR²FRQDEEDWWLPHQWRGHOODTXDUWD SDUHWHWXWW·DOWURFKHLQFRQVXHWRQHOO·RSHUDGHO6HWWHFHQWR²PDQLIHVWDQHOO·LQ WRQD]LRQH SHUJROHVLDQD TXDOFKH DIILQLWj FRO UHJLVWUR FRPLFR LUULSHWXWR QHOO·LQWHUDRSHUDHVHJQDXQQHWWRHVWUDWHJLFRSXQWRGLVYROWDQHOODWRQDOL WjDQFRUDLQDXGLWDGL'RPDJJLRUHGLIIHUHQ]LDQGRVLDQFKHULWPLFDPHQWH GDLWHPSLWHUQDULGHOOHDULHDQWHFHGHQWLTXLLOWHPSRqGL  $UJHQHHVFHODVFLDQGRODVFHQDYXRWDSHUFKpQRQqOXRJRFKHJLjLQFRQ WUL LO IHGLIUDJR /LFLGD /D ULQXQ]LD GD SDUWH GHO 0HWDVWDVLR DOOD OLDLVRQ GHV VFqQHVUDUDQHO3RHWD&HVDUHRVRUWLVFHO·HIIHWWRVWXGLDWR GLLQFUHPHQWDUH O·DWWHQ]LRQHSHUFLzFKHYDDVHJXLUH,OULOLHYRDGHVVRJXDGDJQDWRGDOODVFH QDGL0HJDFOHH/LFLGDDWWLHQHWDQWRDOODGLPHQVLRQHPXVLFDOHFKHDTXHOOD GUDPPDWLFDLOWHPSRSUHVFHOWRQXRYDPHQWHULFRQGXFHO·DULDGL/LFLGD DOORVSLULWRGHOEORFFRSDVWRUDOHVLDPRSXUVHPSUHQHOOHFDPSDJQHG·(OLGH  PDFLzQRQIDFKHDFFHQWXDUHODGLVWRQLDIUDLOFDUDWWHUHGHOEUDQRHLOVXR HIIHWWLYRVLJQLILFDWR/DVWUXWWXUDFRPXQLFDWLYDqTXLREOLTXDWUDVYHUVDOH O·HIIHWWRWHDWUDOHJLRFDWRVXVLOHQ]LHUHWLFHQ]HFRQIOLJJHFRQODSODFLGDVWH VXUDSRHWLFRPXVLFDOHHVXLFRQWHQXWLDSSDUHQWL/·HTXLOLEULRVLqURWWR/LFLGD  ,Q TXHVWR EORFFR GL DULH ILQR D TXHOOD GL $UJHQH QHO WHVWLPRQH ,1F 5DUL  OD VWUXPHQWD]LRQHqSHUDOWURRPRJHQHDHFRVWLWXLWDGDLVROLDUFKLFIU7DEHOOD 7XWWDYLDVRQR QRWHGLVFUHSDQ]HWUDIRQWLQHOO·RUJDQLFRGHOOHDULHGLTXHVW·RSHUDXQDSLSUHFLVDYDOXWD]LRQH GLTXHVWRDVSHWWRGRYUjTXLQGLHVVHUHULQYLDWDGRSRXQ·DFFXUDWDUHFHQVLRGHOOHIRQWLDOO·HGL ]LRQHFULWLFDSURJUDPPDWDQHOO·DPELWRGHOO·(GL]LRQH1D]LRQDOH0LODQR5LFRUGL 8Q·HGL ]LRQHSUHOLPLQDUHGHOO·RSHUDqDOPRPHQWRGLSURSULHWjGHOOD)RQGD]LRQH3HUJROHVL6SRQWLQL *,29$11, %$77,67$3(5*2/(6, /·2OLPSLDGHDFXUDGL)'HJUDGDH&7RVFDQL-HVL)RQGD ]LRQH3HUJROHVL6SRQWLQL YHGLDQFKH)'(*5$'$6WUDWHJLHGUDPPDWXUJLFKHFLWSS GRYHVLFRQIHUPDODVWUXPHQWD]LRQHTXLLQGLFDWD  

ËTXHVWDODSULPDYROWDFKHFLzFDSLWDQHOGUDPPDPHWDVWDVLDQR

$OWUL FDVL GL FRQWDPLQD]LRQH VWLOLVWLFD QHOOD SURGX]LRQH SHUJROHVLDQD VRQR GLVFXVVL IUD O·DOWURLQ)'(*5$'$6WUDWHJLHGUDPPDWXUJLFKHFLWSSVJJ



$1'5($ &+(*$,

QRQqSLVRORDPLFRGL0HJDFOHPDDQFKHVXRDYYHUVDULRLQDPRUHHQRQ VLSXzIDUQXOODSHURYYLDUHDTXHVWRVWDWRGLFRVH /DSLDQLILFD]LRQHGLXQGXHWWRQHOFDQRQHSRHWLFRPHWDVWDVLDQRSLXWWR VWRLQIUHTXHQWHGHY·HVVHUHEHQPRWLYDWDHFRQGRWWDLQPRGRFK·HVVRSDLD FRQGL]LRQHSRVVLELOHHLQFHUWDPLVXUDLQHYLWDELOH&RLSUHVXSSRVWLVRSUD ULDVVXQWLLOVXFFHVVLYRGXHWWRIUD0HJDFOHHG$ULVWHDFKHDPSOLILFDDFKLX VXUDG·DWWRTXHOODQRQFRPXQLFD]LRQHFKHVLHUDGHWHUPLQDWDDOODVFHQD, DSSDUHOHJLWWLPRHFRHUHQWH'RSRODFHVXUDFRVWLWXLWDGDOO·XVFLWDGLVFHQDGL $UJHQHVLYHULILFDXQVHQVLELOHFUHVFHQGRHPRWLYRFKHODPXVLFDGL3HUJROHVL UDFFRJOLHHVYLOXSSDILQRDOO·LQFRQWURGHLGXHLQQDPRUDWL0HJDFOHHG$ULVWHD VRQROuDYYLFLQDWLGDOO·DPRUHPDGLVJLXQWLGDOO·LPSRVVLELOLWjSDWLWDGD0HJDFOH GLULIHULUHDOO·DPDWDOHPRWLYD]LRQLGHOVXRDGGLRFKHQRQSXzULYHODUHSHU QRQWUDGLUHO·DPLFR1HOO·LQWRQD]LRQHGL3HUJROHVLFRPHFDSLWDVRYHQWHD ILQHDWWRLQWRQDOLWjFRQGLHVLVHVFDOLQRDUPRQLFRGDOO·DULDSUHFHGHQWHFKH GjFRUSRDOFUHVFHQGRHPRWLYR LGXHUXROLYRFDOLVLDYYDOJRQRSXUFRQ VIXPDWXUHHVSUHVVLYHOLHYHPHQWHGLIIHUHQWLGLILJXUD]LRQLSDUDOOHOHQHOSUR ILORPHORGLFRDUPRQLFRGHOPRWLYRSULQFLSDOHHDPDJJLRUUDJLRQHQHOOH VXFFHVVLYHVRYUDSSRVL]LRQLLQRPRULWPLDRLQFDQRQH8QDSUDVVLIUHTXHQWH QHLGXHWWLGHOO·HSRFDHLQYDOVDDQFKHLQHSRFKHVXFFHVVLYHWDQWRGDHVVHUH DQQRYHUDWDIUDJOLHOHPHQWLELVRJQRVLGLULIRUPD1HOFDVRSHUzGLWDQWL GXHWWLPHWDVWDVLDQLHGLTXHVWRLQSDUWLFRODUHQRQqD]]DUGDWRLQWUDYYHGHUYL DQFKH XQD FRHUHQ]D GUDPPDWXUJLFRPXVLFDOH 6HSDUDWL GDOOD VRUWH L GXH SHUVRQDJJLFRQGLYLGRQRXQVHQWLPHQWRFRPXQHGLFXLVRQRUHFLSURFDPHQWH DFRQRVFHQ]DODFRQGLYLVLRQHGLPRWLYLPXVLFDOLqTXLQGLSURFHGLPHQWR SHUWLQHQWHHLOSLFRQVRQRDOO·HWLFDGLIRQGRGHOWHDWURVHWWHFHQWHVFR$W WUDYHUVRLOSDWHWLVPRGHOO·DGGLRILOWUDODOXFHGHOODVSHUDQ]DFKHSRLqXQD FHUWH]]D G·XQUHFLSURFRULFRQJLXQJLPHQWR6HVLPLOHSURFHGLPHQWRFRPH WXWWHOHIRUPHGHOO·RSHUDGLHSRFDLQHSRFDILQuSHUWHGLDUHFLzQRQGHYH LPSHGLUFLGLFRJOLHUQHLFULWHULHODORJLFDTXDQGRYLIRVVH



©/DVFLDPRXQDYROWDGLIDUVHQWLUQHLGXHWWLHQHLWHU]HWL>VLF@HQHOOHIXJKHHQHLFDQRQL XQDVRODHPHGHVLPDFDQWLOHQDFKHGDOODERFFDGHOILJOLRSHQWLWRSDVVDDTXHOODGHOSDGUH DGLUDWRRGHOO·DPDQWHJHORVDVRVWHQXWDVROWDQWRGDOO·LJQRUDQ]DRGDOO·LUULIOHVVLRQGHOPDH VWURFRQWURWXWWLLGLULWWLGHOODQDWXUDHGHOODSDVVLRQHª0 $77(2 %256$ 6DJJLRILORVRILFRVRSUD ODPXVLFDLPLWDWLYDWHDWUDOH0LODQR0DUHOOLS 

$))(77,( $=,21(1(/0(/2'5$00$0(7$67$6,$12



3HUFRQFOXGHUH/DVXFFHVVLRQHGHLEUDQLQHOORURFRPSOHVVRQRQqSULYDGL XQD GLUH]LRQDOLWj LQWHUQD DOO·DWWR GLUHL GL XQD VXD SURSULD ¶PHPRULD· WUDVIHULELOHDOODSVLFKHGHOO·DVFROWDWRUH FKHUHQGHVHQVDWLHGUDPPDWLFDPHQWH IHUWLOLJOLDYYLFHQGDPHQWLGHJOLDIIHWWLHODGLYHUVLILFD]LRQHGHLFDUDWWHULVH FRQGRXQDORJLFDFKLDURVFXUDOH6LGLUjFKHO·LPSLDQWRFRPSOHVVLYRHUDJLj VWDELOLWRGDO0HWDVWDVLRPDORVDUjDQFKHLQ5RPDQLSHU%HOOLQLH3LDYHSHU 9HUGL SHUFKp XQ·DQDOLVL GUDPPDWXUJLFRPXVLFDOH ULVXOWL DSSURSULDWD QRQ GHY·HVVHUHQHFHVVDULDPHQWHYROWDDFRJOLHUHVHHFRPHO·RSHUDWRGHOFRPSR VLWRUHVLDSUHPLQHQWHULVSHWWRDTXHOORGHOSRHWDPHQFKHPHQRYLFHYHUVD  TXDQWRDGLQGLYLGXDUHLWHUPLQLGHOODUHFLSURFDUHOD]LRQHHLOVHQVRGHOSUR GRWWRILQLWR1HOQRVWURFDVRO·LQWRQD]LRQHPXVLFDOHDVVHFRQGDVuLOWHVWR PDFRQFRUUHQGRDOORVYLOXSSRGHOGUDPPD/DVXFFHVVLRQHGLUHFLWDWLYLHG DULHQHOORURFRPSOHVVRWUDWWHJJLDXQIOXVVRGUDPPDWLFRLQFXLLUHFLWDWLYL FRPHQHOFDVRGHOODVFHQDHVDPLQDWD KDQQRQRQVRORODWUDGL]LRQDOHIXQ ]LRQHORURULFRQRVFLXWDGLHOHPHQWRSURSXOVLYRPDDQFKHTXHOODGLGHILQL ]LRQHDIIHWWLYDDOPHQRTXDQWROHDULHQRQSRVVDQRYLFHYHUVDULVROYHUVLLQ PRPHQWLVFHQLFDPHQWHIHUWLOLSHUFLzFKHULJXDUGDLOFRQIURQWRIUDSHUVR QDJJL /D SURVSHWWLYDSURGRWWD GDO WHVWR GUDPPDWLFR ILQLVFH TXLQGL SHU UHDOL]]DUVLFRPSLXWDPHQWHQHOODGLPHQVLRQHPXVLFDOHFRPSUHQVLYDGLDI IHWWLHD]LRQH $GGHQGXP 'RSRODVWHVXUDGHOVDJJLRqDSSDUVDODSULPDHGL]LRQHGLVFRJUDILFDFRP PHUFLDOHGHOO·2OLPSLDGHSHUJROHVLDQDIRQGDWDVXOO·HGL]LRQHFULWLFDDFXUDGL )'HJUDGDH&7RVFDQLGLU$'H0DUFKL'HXWVFKH+DUPRQLD0XQGL  FIUDQFKHQ©0HQWUHGRUPLDPRUIRPHQWLªVLHVWHQGHOu SHUROWUHVHWWHPLQXWLDIURQWHGHLVHLVFDUVLLPSLHJDWLQHOO·HVHFX]LRQHGL 2'DQWRQHSUHVDDGHVHPSLRLQTXHVWHSDJLQH8QVXSSOHPHQWRGLVRIIH UHQ]DSHU0HJDFOHHGLSDUWHFLSD]LRQHHVWHWLFDGDSDUWHGHOSXEEOLFR



$1'5($ &+(*$,

$33(1',&( (VHPSLR²/·2OLPSLDGHGUDPDSHUPXVLFD5RPD7HDWURGL7RUGLQRQDFDUQHYDOH  SS 6&(1$9,,, /LFLGDH0HJDFOHGDGLYHUVHSDUWL 0 (*$&/( /LFLGD /,&,'$ $PLFR 0 (*$&/( (FFRPLDWH /,&,'$ &RPSLVWL« 0 (*$&/( 7XWWRRVLJQRU*LjFROWXRQRPHDOWHPSLR SHUWHPLSUHVHQWDL3HUWHIUDSRFR YDGRDOFLPHQWR2UILQFKH·OQRWRVHJQR GHOODSXJQDVLGLDVSLHJDUPLSXRL ODFDJLRQGHOODWUDPD /,&,'$ 2KVHWXYLQFL QRQKDGLPHSLIRUWXQDWRDPDQWH WXWWRLOUHJQRG·DPRU 0 (*$&/( 3HUFKp" /,&,'$ 3URPHVVD LQSUHPLRDOYLQFLWRUH qXQDUHDOEHOWj/DYLGLDSSHQD FKHQ·DUVLHODEUDPDL0DSRFRHVSHUWR QHJOLDWOHWLFLVWXGL« 0 (*$&/( ,QWHQGR,RGHJJLR FRQTXLVWDUODSHUWH /,&,'$ 6u&KLHGLSRL ODPLDYLWDLOPLRVDQJXHLOUHJQRPLR WXWWRR0HJDFOHDPDWRLRW·RIIURHWXWWR VFDUVRSUHPLRVDUj

0(*$&/( 'LWDQWLRSUHQFH VWLPROLQRQIDG·XRSR DOJUDWRVHUYRDOILGRDPLFR,RVRQR PHPRUHDVVDLGH·GRQLWXRLUDPPHQWR ODYLWDFKHPLGHVWL$YUDLODVSRVD VSHUDORSXU1HOODSDOHVWUDHOHD QRQHQWURSHOOHJULQ%HYYHDOWUHYROWH LPLHLVXGRULHWLOVLOYHVWUHXOLYR QRQqSHUODPLDIURQWH XQLQVROLWRIUHJLR,RSLVLFXUR PDLGLYLQFHUQRQIXL'HVLRG·RQRUH VWLPROLG·DPLVWjPLIDQSLIRUWH $QHORDQ]LPLVHPEUD G·HVVHUJLjQHOO·DJRQ*OLHPXOLDOILDQFR PLVHQWRJLjJLjOLSUHFRUURHDVSHUVR GHOO·ROLPSLFDSROYHLOFULQHLOYROWR GHOYROJRVSHWWDWRUJOLDSSODXVLDVFROWR /,&,'$ 2KGROFHDPLFR2KFDUD $EEUDFFLDQGROR VRVSLUDWD$ULVWHD 0(*$&/( &KH /,&,'$ &KLDPRDQRPH LOPLRWHVRUR 0(*$&/( (G$ULVWHDVLFKLDPD" /,&,'$ $SSXQWR 0(*$&/( $OWURQHVDL" /,&,'$ 3UHVVRD&RULQWR QDFTXHLQULYDDOO·$VRSRDOUH&OLVWHQH XQLFDSUROH

$))(77,( $=,21(1(/0(/2'5$00$0(7$67$6,$12

0(*$&/( $LPq4XHVWDqLOPLREHQH  (SHUOHLVLFRPEDWWH" /,&,'$ 3HUOHL 0(*$&/( 4XHVWDGHJJ·LR FRQTXLVWDUWLSXJQDQGR" /,&,'$ 4XHVWD 0(*$&/( (GqWXDVSHUDQ]DHWXRFRQIRUWR VROD$ULVWHD" /,&,'$ 6ROD$ULVWHD 0(*$&/( 6RQPRUWR  /,&,'$ 1RQWLVWXSLU4XDQGRYHGUDLTXHOYROWR IRUVHPLVFXVHUDL'·HVVHUQHDPDQWL QRQDYUHEERQURVVRUHLQXPLLVWHVVL 0(*$&/( $KFRVuQROVDSHVVL /,&,'$ 2KVHWXYLQFL &KLSLOLHWRGLPH"0HJDFOHLVWHVVR TXDQWRPDLQHJRGUj'L·QRQDYUDL SLDFHUGHOSLDFHUPLR" 0(*$&/( *U DQGH /,&,'$ ,OPRPHQWR FKHDG$ULVWHDP·DQQRGL 0HJDFOHGL·QRQWLSDUUjIHOLFH" 0(*$&/( )HOLFLVVLPR2KGHL /,&,'$  7XQRQYRUUDL SURQXERDFFRPSDJQDUPL DOWDODPRQX]]LDO" 0(*$&/( &KHSHQD /,&,'$ 3DUOD



0(*$&/( 6u&RPHYXRL4XDOQXRYDVSHFLHqTXHVWD GLPDUWLULRG·LQIHUQR /,&,'$ 2KTXDQWRLOJLRUQR OXQJRqSHUPH&KHO·DVSHWWDUHXFFLGD QHOFDVRLQFXLPLYHGR WXQRQFUHGLRQRQVDL 0(*$&/( /RVRORFUHGR /,&,'$ 6HQWLDPLFR,RPLILQJR JLjO·DYYHQLUJLjFROGHVLRSRVVLHGR ODGROFHVSRVD 0(*$&/( $KTXHVWRqWURSSR /,&,'$ (SDUPL 0(*$&/( 0DWDFL$VVDLGLFHVWL$PLFRLRVRQR &RQLPSHWR LOPLRGRYHUFRPSUHQGR PDSRL« /,&,'$ 3HUFKpWLVGHJQL",QFKHW·RIIHQGR" 0(*$&/( ,PSUXGHQWHFKHIHFL ,OPLRWUDVSRUWR 6LFRPSRQH qGHVLRGLVHUYLUWL,RVWDQFRDUULYR GDOFDPPLQOXQJRKRGDSXJQDUPLUHVWD SLFFLROWHPSRDOULSRVRHWXPHOWRJOL /,&,'$ (FKLPDLWLULWHQQH GLVSLHJDUWLILQRUD" 0(*$&/( ,OPLRULVSHWWR /,&,'$ 9XRLGXQTXHULSRVDU" 0(*$&/( 6u /,&,'$ %U DPLDOWURYH PHFRYHQLU"

 0 (*$&/( 1R /,&,'$ 5LPDQHUWLSLDFH TXLIUDTXHVW·RPEUH" 0 (*$&/( 6u /,&,'$ 5HVWDUGHJJ·LR" 0 (*$&/( 1R&RQLPSD]LHQ]DHVLJHWWDDVHGHUH

$1'5($ &+(*$,

/,&,'$ 6WUDQDYRJOLD (EHQULSRVD$GGLR 0HQWUHGRUPLDPRUIRPHQWL LOSLDFHUGH·VRQQLWXRL FRQO·LGHDGHOPLRSLDFHU $EELDLOULRSDVVLSLOHQWL HVRVSHQGDLPRWLVXRL RJQL]HIILUROHJJLHU 0HQWUH F3DUWH

(VHPSLR²©0HQWUHGRUPLDPRUIRPHQWLª3HUJROHVL2OLPSLDGH*%/DP0VD 



$QFKHLQ&GURPDOOHJDWR&+(*$, $IIHWWLHD]LRQHQHOPHORGUDPPDPHWDVWDVLDQR

$))(77,( $=,21(1(/0(/2'5$00$0(7$67$6,$12





$1'5($ &+(*$,

$))(77,( $=,21(1(/0(/2'5$00$0(7$67$6,$12





$1'5($ &+(*$,

$))(77,( $=,21(1(/0(/2'5$00$0(7$67$6,$12



*LRYDQQL3ROLQ

3HUXQDUHFHQVLRGHOO·2OLPSLDGHGL3HUJROHVL 8QDSULPDLQGDJLQHVXLPVVFRPSOHWL

3UHPHVVDOLPLWLGHOODULFHUFD3HUDYHUHXQ·LGHDUHDOLVWLFDDQFRUFKpIRUVHQRQ GHILQLWLYDGHOO·HVLVWHQ]DHGHOODORFDOL]]D]LRQHGHOOHSDUWLWXUHPDQRVFULWWH FKHKDQQRWUjGLWRLOWHVWRGHOO·XOWLPDRSHUDVHULDGL3HUJROHVLKRFRPSR VWRQHOODWDEHOODXQTXDGURVLQWHWLFRGHOOHLQIRUPD]LRQLDFFXPXODWHLQ ROWUHXQVHFRORGDUHSHUWRULVDJJLEDQFKHGDWLHFFDSDUWLUHGDO4XHOOHQ /H[LFRQ GL (LWQHU GHO  DOOD PRQRJUDILD GL *LXVHSSH 5DGLFLRWWL GHO VXVXILQRDOQRWRVWXGLRGL+HOPXWK+XFNHHDOODYRFHGDOXLFXUD WD SHU OD 3LSHUV (Q]\NORSlGLH GHV 0XVLNWKHDWHUV DOO·DUWLFROR QHOO·XOWLPD HGL ]LRQH GHO 1HZ *URYH·V 'LFWLRQDU\ RI  0XVLF DQG 0XVLFLDQV VFULWWR GD 'DOH

0ROWHSHUVRQHPLKDQQRDLXWDWRLQSLPRGLPDVHPSUHFRQJUDQGHJHQHURVLWjQHOOD UDFFROWDQHOO·DQDOLVLHQHOODUHYLVLRQHGHLGDWLHVSRVWLLQTXHVWRFRQWULEXWR7UDGLHVVLULWHQJR GRYHURVRHVSULPHUHODPLDULFRQRVFHQ]DDOPHQRYHUVR&ODXGLR%DFFLDJDOXSSL&ODXGLR7R VFDQL$QQD/DXUD%HOOLQD/XFLR7XIDQRH6LOYLD8UEDQL3HUODJHQWLOH]]DODFRPSHWHQ]DH ODFHOHULWjFRQFXLPLKDQQRIRUQLWRLGDWLULFKLHVWLXQSDUWLFRODUHULQJUD]LDPHQWRGHYRULYRO JHUORD0DUFHOOR(\QDUGGHOOD%LEOLRWHFD&LYLFD$QJHOR0DLGL%HUJDPRD0DULQD'HPLQD GHOOD 0XVLN RFK 7HDWHUELEOLRWHNHW GL 6WRFFROPD HG D 5RODQG 6FKPLGW+HQVHO GHOOD 6WDDWVELEOLRWKHNGL%HUOLQR 

6LYHGDQHO&GURPDOOHJDWR32/,1 ,FRSLVWLGHOO·2OLPSLDGHGL3HUJROHVL,PPDJLQLGLHVHPSLRH LSRWHVLGLDSSDUHQWDPHQWRFRQPVVFRHYL1HOODFDUWHOODLQGLFDWDVRQRULSRUWDWHOH7DEHOOHFXLVL IDULIHULPHQWRQHOFRUVRGHOVDJJLR

 5 2%(5  ( ,71(5  %LRJUDSKLVFKELEOLRJUDSKLVFKHV 4XHOOHQOH[LFRQ GHU 0XVLNHU XQG 0XVLNJHOHKUWHQ /HLS]LJ%UHLWNSRI  +lUWHO9,,S 

*,86(33( 5 $',&,277, *%3HUJROHVL9LWDRSHUHHGLQIOXHQ]DVXO·DUWH5RPD(GL]LRQL0X VLFDSSLQSDUWS

 +(/087+ + 8&.(  3HUJROHVL 3UREOHPH HLQHV :HUNYHU]HLFKQLVVHV LQ ©$FWD 0XVLFRORJLFDª  SSLQSDUWLFRODUHSH, '3HUJROHVL2OLPSLDGHLQ3LSHUV(Q]\NORSlGLHGHV 0XVLNWKHDWHUV2SHU2SHUHWWH0XVLFDO%DOOHW0QFKHQ3LSHU,9SS



*,29$11,32/,1

0RQVRQDOOHLQGLFD]LRQLIRUQLWHGDO18&GD6DUWRULQHOVXRFDWDORJR GHLOLEUHWWLHDOOHRGLHUQHEDQFKHGDWL5,60/DVHPSOLFHYLVLRQHGLTXH VWR VFKHPD FL ID UHQGHUH FRQWR GHOOD FRPSOHVVLWj GHOOD VLWXD]LRQH LQGX FHQGRDULIOHWWHUHVXOODGDYYHURVLQJRODUHODELOLWjDQFKHQHO·GHOODWUD VPLVVLRQH GL QRWL]LH GL FDUDWWHUH VWRULFR ILORORJLFR 6H YL VRQR LQIDWWL LQIRUPD]LRQLFKHUHVWDQRFRVWDQWLDOWUHVFRPSDLRQRHULDSSDLRQRDQFKH DGLVWDQ]DGLPROWLDQQL DOWUHVRQRHUURQHHRSDU]LDOPHQWHHUURQHHHFF 1HOODWDEHOODqHVSRVWRLQPDQLHUDVLQWHWLFDXQHOHQFRFRPSOHWRGHOOH IRQWLQRWHILQRUD(VVRqVWDWRRWWHQXWRYHULILFDQGRHDJJLRUQDQGROHLQIRU PD]LRQLGHOODWDEHOODHFRPSXOVDQGRFRPHDOVROLWRLQTXHVWLFDVLIDFKL FRPSLDXQDVHULDUHFHQVLR23$&HFDWDORJKLDVFKHGHHRDVWDPSDGLJUDQGL ELEOLRWHFKHFKHSRVVHJJDQRQRWLIRQGLGLSDUWLWXUHRSHULVWLFKHVHWWHFHQWH VFKHFRPH$:Q)3Q(0S3/D86:FHFF QRQDQFRUDRVRORLQ SDUWH UHJLVWUDWLQHO5,607DOHULFHUFDKDULYHODWRFKHXQWHVWLPRQHLQ) 3QFUHGXWRVRORSDU]LDOHHUDLQUHDOWjFRPSOHWR,GXHWRPLFKHFRPSRQJR QRLOWHVWRDYHYDQRDQWLFDPHQWHQXPHULGLVHJQDWXUDFRQWLJXLH  PDSRLYHQQHURVFKHGDWLVWUDQDPHQWHFRQVLJOHGLVWDQWL/ LOSULPRYROXPHHG/LOVHFRQGR FRPHVHHVVLQRQIRVVHURVWDWLGXH SDUWLGLXQ·XQLFDRSHUD6RQRLQROWUHULHPHUVLXQPVLQXQDELEOLRWHFDSUL YDWDLQJOHVHXQFRGLFHLQ)'FHGXQSDLRGLWHVWLPRQLLQ'%XQD 

'$/(  0 21621 VY3HUJROHVL*LRYDQQL%DWWLVWDLQ*URYH0XVLF2QOLQHZZZR[IRUGPXVLF RQOLQHFRP!H, '$QJHOR0DULD0RQWLFHOOLDQGWKH5HYLYDORI 3HUJROHVL·V©/·ROLPSLDGHªLQ©6WXGL 3HUJROHVLDQL²3HUJROHVL6WXGLHVªSS 

&IU7KH1DWLRQDO8QLRQ&DWDORJ3UH,PSULQWV/RQGRQ0DQVHOOYS



&/$8',2 6 $5725, ,OLEUHWWLLWDOLDQLDVWDPSDGDOOHRULJLQLDO&DWDORJRDQDOLWLFRFRQLQGLFL &XQHR%HUWROD /RFDWHOOL,9SDOQ 

&IUKWWSZZZULVPLQIRKWWSZZZULVPRUJXNHKWWSZZZULVPFKRUJ!



3HUEUHYLWjELEOLRWHFKHHDUFKLYLVLLQGLFKHUDQQRVHFRQGROHQRWHVLJOH5,60,QFDVRGLSL PVVLQXQDPHGHVLPDELEOLRWHFDFDVRFKHULJXDUGD,1F'%'+V$:Q)3QH%%F HVVL YHQJRQRQXPHUDWL/DVHJQDWXUDGLULIHULPHQWRGLRJQLIRQWHqVFLROWDDOO·LQL]LRGHOODWDEHOOD 

6LWUDWWDGHOPVLQ*%60OHDWKDPDOODVHJQDWXUD%+&IU* (5$/'  * ,))25'  $ 'HVFULSWLYH&DWDORJXHRI WKH0XVLF&ROOHFWLRQDW%XUJKOH\+RXVH6WDPIRUG$OGHUVKRW²%XUOLQJWRQ 86$²6LQJDSRUH²6\GQH\$VKJDWHS 

/·HVHPSODUHXQDSDUWLWXUDGLFDUWHqVHJQDODWRQHOVLWRKWWSFFIUEQIIUSRUWDLOFFIU MVSLQGH[MVS!GRYHVLWURYDLOFDWDORJR5,60IUDQFHVHDOODVHJQDWXUD,QIRO3DWULPRLQH PXVLFDO

3(581$5(&(16,2 '(//·2/,03,$'(',3(5*2/(6,



UDFFROWDGLDULHHGXQPVFRPSOHWRSURYHQLHQWHGDOODQRWDFROOH]LRQHGL *HRUJ-RKDQQ'DQLHO3RHOFKDX  'XQTXHDOORVWDWRDWWXDOHGHOOHULFHUFKHHQRQqXQPRGRGLGLUHPD GDYYHURXQDVLWXD]LRQHUHDOHLWHVWLPRQLFKHqVWDWRSRVVLELOHLQGLYLGXDUH VRQRFLUFDXQDWUHQWLQDVRPPDQGROHSDUWLWXUHFRPSOHWHDOOHDQWRORJLHSL RPHQRFRPSOHWHVHQ]DUHFLWDWLYL,OQXPHURqDSSURVVLPDWLYRGLFHUWRSHU GLIHWWRJLDFFKpqSLFKHSUREDELOHFKHSULPDRSRLHPHUJDQRQXRYHIRQWL H SHUFKp XQR GHL FRGLFL LQGLYLGXDWL VHPEUD SHU LO PRPHQWR LUUHSHULELOH DQFKHVHODVXDSUHVHQ]DDOOD%LEOLRWHFD(VWHQVHGL0RGHQDSDUHYDFHUWDD PHWjDQQL·,QXQDUHOD]LRQHGHOO·DOORUDGLUHWWRUHGHOO·LVWLWX]LRQHVXLOLEUL HPVVHQWUDWLWUDLOHGLOVLVHJQDODYDLQIDWWLFKHXQPVGHO O·2OLPSLDGHGL3HUJROHVLHUDVWDWRDFTXLVLWRDVVLHPHDGDOWULSUH]LRVLFRGLFL PXVLFDOLGHO;9,,,VHFRORXQDSDUWLWXUDGHO0HVVLDKGL+DHQGHOHGXQDGL XQ·RSHUDGL3DLVLHOOR PDGLWXWWRTXHVWRORWWRQRQY·qDSSDUHQWHPHQWHSL WUDFFLDQHLFDWDORJKLGHOODELEOLRWHFDPRGHQHVH8QRVSRJOLRFRPSOHWRGH JOLLQYHQWDULG·HQWUDWDWUDLOHGLOQRQDQFRUDDWWXDWRSRWUjIRUVH FRQVHQWLUHGLULQWUDFFLDUHTXHVWRWHVWLPRQHDOPRPHQWRLQWURYDELOH 3HUPHWWHUHXQSR·G·RUGLQHLQTXHVWDFRQJHULHGLPDWHULDOHqQHFHVVDULR DQDOL]]DUHLQFKLDYHFRPSDUDWLYDTXHOOLFKHLQGLSORPDWLFDYHQJRQRGHWWLL FDUDWWHULHVWULQVHFLJOLDVSHWWLFRGLFRORJLFL HGLQWULQVHFLTXHOOLSLVTXLVLWD PHQWHWHVWXDOL GHOOHIRQWL (VFOXGHQGRILQGDSULQFLSLRLGXHGHVFULSWLLQ,0FH,5VF HQWUDPEH FRSLHGLFKLDUDWHRWWRFHQWHVFKHGL,1FR,1F SHUPRWLYLRYYvPDQRQ DEEDVWDQ]D SHU FKL SUHSDUz LO PDWHULDOH PXVLFDOH DOOD EDVH GHOO·HGL]LRQH GLVFRJUDILFDGHOO·RSHUDGL3HUJROHVLEDVDQGRVLVXOODSDUWLWXUDGHOIRQGR1RVHGD 

&IU.215$' .h67(5  VY3RHOFKDX*HRUJ-RKDQQ'DQLHO LQ*URYH0XVLF2QOLQH ZZZR[IRUG PXVLFRQOLQHFRP!  &IUODUHOD]LRQHUHODWLYDDOOD%LEOLRWHFD(VWHQVHGL0RGHQDLQ'LHFLDQQLGLYLWDGHOOH%LEOLRWH FKHLWDOLDQH5RPD3DORPEL,S RYHVLFLWDWUDLPVVDFTXLVLWLQHOGHFHQQLR XQ©0VFDUWGHOVHF;9,, ªGHOO·2OLPSLDGHGL3HUJROHVLHQWUDWRQHOO·LVWLWX]LRQHLQVLHPH DGXQDSDUWLWXUDGHO0DWULPRQLRLQDVSHWWDWRGL3DLVLHOORHXQDGHO0HVVLDGL+DHQGHOGDXQDQRQ PHJOLRSUHFLVDWDSURYHQLHQ]D 

(QWUDPEHOHIRQWLSRUWDQRODGLFLWXUD©&RSLDFRQIRUPHDOO·RULJLQDOHHVLVWHQWHQHOO·$UFKL YLRGHO5HDO&ROOHJLRGL0XVLFD9HULILFDWDGDPH9LFH$UFKLYLVWDGHO5HDO&ROOHJLR0DHVWUR )UDQFHVFR5RQGLQHOODª3DUHFKHWUDLFRSLVWLDVVROGDWLSHUFRSLHGLRSHUHLQ,1FSRLYHULIL FDWHGD5RQGLQHOODDTXHVW·HSRFDYLIRVVHDQFKHLOJLRYDQLVVLPR0DUWXFFL&IU626,2&$3$662 0DJQLILFDW9LWDHRSHUHGL)UDQFHVFR'XUDQWH)UDWWDPDJJLRUH,VWLWXWRGL6WXGL$WHOODQL



*,29$11,32/,1

GL0LODQRFRQWDPLQDWDFRQ,%*FFRPXQTXHXQDIRQWHWDUGDSHULQWHJUDUH DOFXQHODFXQH qVWDWRILQRUDSRVVLELOHSUHQGHUHLQHVDPHGLUHWWDPHQWH LQGLUHWWDPHQWHRLQULSURGX]LRQHEXRQDSDUWHGLTXHVWHIRQWLSHUSRWHUOH YDOXWDUHFULWLFDPHQWHFRPSDUDQGRDOPHQRLQSDUWHLORURGDWLFRGLFRORJLFL HLOFRQWHQXWRWHVWXDOHDOLYHOORGLPDFURYDULDQWL /HFRQVLGHUD]LRQLFKH VHJXRQRKDQQRQHFHVVDULDPHQWHXQFDUDWWHUHSDU]LDOHHSURYYLVRULRHVRQR VXVFHWWLELOLGLDPSLHHVRVWDQ]LDOLPRGLILFKHSHUFKpQRQqVWDWRSRVVLELOH HVDPLQDUHGHYLVXPROWHGHOOHIRQWLGLFXLVLSDUODHSHUFKpQRQKRDQFRUD SRWXWRVFUXWLQDUHLQQHVVXQPRGRDOFXQLGHLWHVWLPRQLFHQVLWL 1XRYLGDWL SRWUDQQRSUREDELOPHQWHHPHUJHUHTXDQGRVDUjSRVVLELOHFRPSDUDUHLQX PHULGHOOHLPSURQWHUDVWURJUDILFKHGHLPVVFKHVLVWDQQRUDFFRJOLHQGRH TXDQGRVLWURYHUDQQRDSSDUHQWDPHQWLFRGLFRORJLFLSUREDQWLSHUTXHOOHIRQ WLFRPHDGHVHPSLR''O ODFXLRULJLQHQRQqGHOWXWWRDQFRUDSDOHVH 8QDWUDGL]LRQHDSSDUHQWHXQLIRUPHPDFRPSOHVVDHORQJHYD3HULQVHULUHLPVV QHOO·DOYHRGHOODWUDGL]LRQHWHVWXDOHFRPSOHVVLYDGHOPHORGUDPPDKRLQSUL PROXRJRFRQIURQWDWROHDWWHVWD]LRQLGHLSH]]LFKLXVLSUHVHQWLQHOOHSDUWLWXUH FRQTXHOOHHPHUVHGDLSRFKLOLEUHWWLQRWLFKHUDFFRQWDQRODVFDUVDIRUWXQD SHUIRUPDWLYDGHOO·2OLPSLDGHSHUJROHVLDQD3DUHFFKLHDULHVRVWLWXWLYHGLTXH VWH ULSUHVH EHQ YDULDWH VRQR ULQWUDFFLDELOL LQ SH]]L VWDFFDWL FRPH KDQQR PRVWUDWRFRQFKLDUH]]D+XFNHH0RQVRQPDSHUTXDQWRVLDGDWRDO PRPHQWRVDSHUHQRQVRQRVRSUDYYLVVXWLWHVWLPRQLPXVLFDOLFRPSOHWLGL TXHVWHXOWHULRULYHUVLRQL&RPHVLSXzQRWDUHGDOODWDEHOODTXDVLWXWWHOH SDUWLWXUHSXUWDORUDFRQODFXQHVLJQLILFDWLYHHQRQSRFKHGLYHUJHQ]HSDLR QROHJDWHVRORDOWHVWRGHOSULPRDOOHVWLPHQWR/HVROHDQWRORJLHULQWUDFFLDELOL 

&IU LO ERRNOHW GL DFFRPSDJQDPHQWR GHOO·HGL]LRQH GLVFRJUDILFD 0LODQR $UNDGLD ² $NDGHPLD 

 0HQWUHSHULOPVVLQ*E&XKRSRWXWRDYYDOHUPLGHLGDWLGHOODVFKHGD5,60FKHIRUQL VFRQRJLjHOHPHQWLLQSDUWHXWLOLSHUFROORFDUHLOWHVWLPRQHLQXQDIDPLJOLDGHOODWUDGL]LRQH QXOODVLqSRWXWRSHULOPRPHQWRIDUHSHULPVVLQ)'F*%60OHDWKDP86:F86&$ 866)VF 

3HURQHVWjYDULFRQRVFLXWRFKHQRQVLqDQFRUDWURYDWDWUDFFLDGHOODIRQWHGLXQDSUHVXQWD UDSSUHVHQWD]LRQHGHOO·RSHUDGDWDD0RQDFRQHOODFXLQRWL]LDULVDOHDLFODVVLFL$QQDOVRI 2SHUDGL$OIUHG/RHZHQEHUJ/RQGRQ&DOGHUFRO  

++ 8&.( 3HUJROHVL3UREOHPHHLQHV:HUNYHU]HLFKQLVVHVFLWSS



'021621 $QJHOR0DULD0RQWLFHOOLFLWSS

3(581$5(&(16,2 '(//·2/,03,$'(',3(5*2/(6,



LQ'%H''OFRQWHQJRQRDOWULEUDQLLQVHULWLODFXLRULJLQHQRQqVHPSUH FKLDUD1RWHYROHFRPXQTXHFKHODUDFFROWD'%DWWHVWLXQEUDQRULIHULELOH DOODULSUHVDYHQH]LDQDGHOO·DULD©6RFKHVRIIHUVLRK'LRªLQ,,  3HUWHQWDUHGLPHWWHUHRUGLQHLQTXHVWRSURIOXYLRGLIRQWLPLqSDUVR XWLOHLQROWUHFRPSDUDUHQHOODWDEHOODSHUVLVWHQ]HGLSH]]LFKLXVLLQGLFD]LR QLDJRJLFKHHGLVWUXPHQWD]LRQHTXDORUDYLIRVVHURGLIIHUHQ]HULOHYDQWL  GDQGRFRQWRDQFKHGLXQIHQRPHQRFXLILQRUDVLqSUHVWDWRSRFDDWWHQ]LR QHRVVLDLOWDJOLRGHOOHEDWWXWHGLUDFFRUGRDOGDFDSRSRVWHDILQHDULD,O WXWWRSHUSRLLQFURFLDUHTXHVWLGDWLFRQUDIIURQWLGLDSSDUHQWDPHQWRGHOOH PDQLGLVFULWWXUDFRQSDUWLWXUHFRHYHSHUJROHVLDQHHQRQ ,QILQHTXDQGR SRVVLELOHKRLQWHJUDWRLQIRUPD]LRQLVXOODSRVVLELOHSURYHQLHQ]DGHOVXS SRUWRFDUWDFHRFRQJHWWXUDWDLQEDVHDOO·HVDPHGHOOHILOLJUDQHDOILQHGLRULHQ WDUHOHULFHUFKHVXOODSURYHQLHQ]DSULPDULDGHLWHVWLPRQL 3RVWRFKHODQXPHUD]LRQHLQVFHQHGHOWHU]RDWWRGLIIHUHQWHWUDODSULQFHSV ,5HWXWWHOHIRQWLPXVLFDOLSDUHHVVHUHHQWUDWDLQXVRVRORFRQODULSUHVD SHUXJLQDGHOPDIRUVHHUDXQDPRGLILFDLPPHVVDLQSDUWLWXUDFKHQRQ VLHUDIDWWRLQWHPSRDGLQWURGXUUHQHOODVWDPSDGHOOLEUHWWRGHOODSULPD WRUQLDPRDOODWDEHOOD'DXQHVDPHDQFKHVXSHUILFLDOHGHOOHSHUVLVWHQ]H DSSDUHHYLGHQWHFKHTXHVWDWUDGL]LRQHQRQqDIIDWWRVROLGDOHDQ]LHPHUJH FRPHYLVLDQRDOFXQLJUXSSLUHODWLYDPHQWHRPRJHQHLGLWHVWLPRQLLQFXL PROWHPDFURYDULDQWLVLJLRFDQRHQRQFUHGRVLDXQFDVRVXOODSUHVHQ]DR DVVHQ]D GHL EUDQL LQVHULWL GD 3HUJROHVL LQ FRUVR G·RSHUD H FRPHVRYHQWH DFFDGHVXPDFURHUURULFRPXQLFKHGLYHQWDQRORFLFULWLFLGLVFULPLQDQWL &RPHqQRWRQHOFRUVRGHOOHUHFLWHURPDQHGHO·YHQQHURLQVHULWLPDQ PDQRDOFXQLSH]]LGLFXLUHQGHFRQWRLOOLEUHWWRLPSUHVVRSHUO·RFFDVLRQHVL WUDWWDGHOOHDULH©7DORUJXHUULHURLQYLWWRªLQ,©$SSRUWDWRUVRQLRªLQ,, ©/·LQIHOLFHLQTXHVWRVWDWRªLQ,,,©7RUELGRLQYROWRHQHURªLQ,,,H ©1HOODIDWDOPLDVRUWHªLQ,,,9LVWDODVXDDVVHQ]DLQPROWLVVLPHIRQWL 

/DSURYHQLHQ]DDOORJHQDGLTXHVWLHDOWULEUDQLGHOO·XOWLPRGUDPPDSHUPXVLFDSHUJROHVLDQR OD VLQIRQLD H OD PXVLFD GHO GXHWWR ©1H· JLRUQL WXRL IHOLFLª GD , SURGLJL GHOOD GLYLQD JUD]LD ©$SSRUWDWRUVRQLRªH©7RUELGRLQYROWRHQHURªGD$GULDQRLQ6LULD,,©/·LQIHOLFHLQTXHVWR VWDWRªSDURGLDGL©3ULJLRQLHUDDEEDQGRQDWDªH©6RQTXDOSHUPDUHLJQRWRªDGDWWDWDGD©/HRQ SLDJDWRDPRUWHªVHPSUHGD$GULDQRLQ6LULD qQRWDGDWHPSRHVXGLHVVDQRQPLVRIIHUPR EDVWL LO ULIHULPHQWR DO EHO FRQWULEXWR GL 5 (1$72 ' , % (1('(77 2 3HUJROHVL H LO 0HWDVWDVLR 7UDSLDQWLWUDVIHULPHQWLSDURGLHGDOO·$GULDQRLQ6LULDDOO·2OLPSLDGHLQ,OPHORGUDPPDGL3LHWUR 0HWDVWDVLR/DSRHVLDODPXVLFDODPHVVDLQVFHQDHO·RSHUDLWDOLDQDQHO6HWWHFHQWR$WWLGHOFRQYHJQR LQWHUQD]LRQDOHGLVWXGL5RPDGLFHPEUHDFXUDGL(6DOD'L)HOLFHH50&DLUD /XPHWWL5RPD$UDFQHSS



*,29$11,32/,1

DSSDUHLQROWUHSLFKHSUREDELOHFKHDQFKHODFRVLGGHWWD©0DUFLDDOVXSSOL ]LRªLQ,,,VLDVWDWDXQ·DJJLXQWDGHOO·XOWLPDRUD6HPEUDGLIILFLOHVWDELOLUH XQDFURQRORJLDGLTXHVWLLQWHUYHQWLVLSXzIRUVHFRQJHWWXUDUHFKH©7RUELGR LQYROWRHQHURªSUHVHQWHQHOPDJJLRUQXPHURGHLWHVWLPRQLVLDVWDWRLO SULPREUDQRDGHVVHUHLQVHULWRHODPDUFLDVLDVWDWRO·XOWLPRRXQRGHJOL XOWLPLPDqVRORXQ·LSRWHVL&KHODSUHSDUD]LRQHGHOWHVWRSHUTXHVWHUHFLWH URPDQH DEELD FRPXQTXH DYXWR XQD YLWD SLXWWRVWR WUDYDJOLDWD SDUH WHVWL PRQLDUORDQFKHLOIDWWRFKHQHOOLEUHWWRVLDQRSUHVHQWLDSDJLQDEHQGXH UHLPSULPDWXU1RQSDUHLQYHURVLPLOHFRQJHWWXUDUHFKHQHOFRUVRGHOOHUHFLWH VLUHDOL]]DURQRYDULHFRSLHGHOODSDUWLWXUDHO·DQWLJUDIRYDULzPDQPDQRFKH VLSURFHGHYDFRQJOLDJJLXVWDPHQWLSURSULGLPROWLDOOHVWLPHQWLGLGUDPPL SHUPXVLFDQHO6HWWHFHQWR4XHVWHFRSLHVHUYLURQRDORURYROWDSRLGDDQWL JUDILGDFXLVLJHQHUDURQRDOWUHFRSLH4XHVWRIHQRPHQRGLIIUDWWLYRGHOOD WUDGL]LRQHqDPSOLILFDWRHUHVRDQFRUSLFRPSOHVVRGDFRPSUHQGHUHGDOOD TXDQWLWjGLWHVWLPRQLVRSUDYYLVVXWLWUDOHPDFHULHGHOODVWRULD 6LSXzXWLOPHQWHFRPLQFLDUHGLYLGHQGRLWHVWLPRQLLQJUXSSLUHVLVROLGDOL GDSDUWLFRODULFRPXQLGHOWHVWRWUjGLWRFRPHDGHVHPSLRO·DVVHQ]DGHOOD PDUFLDLQ,,,HRGDFDUDWWHULVWLFKHFRGLFRORJLFKHFRPXQL ,O SULPR JUXSSR URPDQR H L VXRL GHULYDWL  XQ SULPR UDPR /D SUHVHQ]D LQ DOFXQHSDUWLWXUHFRPH%%F'0hVH,%*FGLLQGLFD]LRQLVFHQRJUDILFKH LPSUHVVHQHOOLEUHWWRGHOODSULQFHSVSHUJROHVLDQDHGLIIHUHQWLGDTXHOOHGHOOH HGL]LRQLPHWDVWDVLDQHXIILFLDOLSDUHHVVHUHXQUDJLRQHYROHLQGLFDWRUHGHOOD YLFLQDQ]DFURQLFDHWRSLFDGLUHWWDRLQGLUHWWDGLWDOLWHVWLPRQLDOO·DOOHVWLPHQ WR URPDQR GHO  3DUH GLIDWWL LPSUREDELOH FKH SRWHVVH JLUDUH SHU OH FRSLVWHULHLOOLEUHWWRGLTXHVWDSULPDDQQLGRSRGLHVVD$OFRQWUDULRULVFRQ WUDUH LQ IRQWL FRPH 66NPD GLGDVFDOLH LGHQWLFKH D TXHOOH GHOOH HGL]LRQL PHWDVWDVLDQHGLGLIIXVLRQHH[WUDWHDWUDOHOLFHQ]LDWHGDOO·DXWRUHFRQWULEXLVFH DGDOORQWDQDUHWDOHPVGDJOLDQQLGHOODSULPD 7UDOHSDUWLWXUHGLTXHVWRSULPRJUXSSR,%*FSDUHODSLWDUGDQHOVXR IURQWHVSL]LRHOHJDQWHPHQWHLQFLVRHVROLGDOHFROUHVWRGHOFRGLFHDSSDLR 

3HUXQTXDGURFRPSOHWRGHOOHSHUVLVWHQ]HVLYHGDOD7DEHOOD



&IUOD7DEHOODUHODWLYDDOOHGLGDVFDOLHVFHQRJUDILFKH

 &IU3HUTXHVWDLPPDJLQHHOHDOWUHUHODWLYHDTXHVWRPVHDJOLDSSDUHQWDPHQWLDGHVVR ULIHULELOLFIUODFDUWHOOD,%*FSRVWDQHO&GURPDOOHJDWRDOO·LQWHUQRGHOODFDUWHOOD*UXSSR 5RPDLQ32/,1  , FRSLVWL GHOO·2OLPSLDGHGL3HUJROHVL8Q·DQDOLVL GHWWDJOLDWD GHOOD VWUXWWXUD

3(581$5(&(16,2 '(//·2/,03,$'(',3(5*2/(6,



QR GLIDWWL L QRPL GL GXH DUWLVWL &DUORQL H %RPEHOOL TXDVL VLFXUDPHQWH LGHQWLILFDELOLFRQ0DUFR*UHJRULR&DUORQLH3LHWUR/HRQH%RPEHOOL'DJOL HVWUHPLFURQRORJLFLGHLGXHSLWWRULSHU%RPEHOOLHSHU&DUORQL GDOIDWWRFKHGLTXHVW·XOWLPRQRQVLDQRQRWHRSHUHDQWHULRULDO SDUHIDFLOHGHVXPHUHFKHODGDWD]LRQHGLTXHVWDSDUWLWXUDGLIILFLOPHQWH SRVVDHVVHUHDQWHULRUHDO/DFRVDSDUHSRLFRQIHUPDWDGDXQDQDORJR IURQWHVSL]LRSUHVHQWHLQXQDFRSLDGHOOR 6WDEDWPDWHUSHUJROHVLDQRGDWDWD 5RPDRJJLLQ,0&1RQLQGLIIHUHQWHSRLLOIDWWRFKHLQTXHVWR WHVWLPRQH OH DULH YHQJDQR VSHVVR FRSLDWH FRO GD FDSR VFULWWR SHU HVWHVR GLPRVWUDQGR FKH OD SUDVVL GL VFULWWXUD GHOOD IRUPD PXVLFDOH GHOO·DULD HUD RUPDL PXWDWD /H GLGDVFDOLH VFHQRJUDILFKH SUHVHQWL GRFXPHQWDWH DQFKH QHO OLEUHWWR GHOOD SULQFHSV URPDQD ULFKLDPDQR FRPXQTXH XQD SDUHQWHOD VHSSXUSUREDELOPHQWHSHULQWHUSRVWRDQWLJUDIRFRQLOWHVWRXVDWRSHUOH UDSSUHVHQWD]LRQLGHO '0hVXQDSDUWLWXUDGHOO·DUFLQRWDFROOH]LRQH6DQWLQLqPXWLODPDQ FDQRO·LQWHURWHU]RDWWRHDOFXQHFDUWHDOODILQHGHOVHFRQGRDWWR HGHVWUHPD PHQWHGHWHULRUDWDGDOO·DFTXDWDQWRFKHODVXDOHWWXUDLQULSURGX]LRQHq WXWW·DOWUR FKH DJHYROH , GDWL FKH QRQRVWDQWH WXWWR HPHUJRQR FRPH LO IURQWHVSL]LR GHO VHFRQGR DWWR FKH SRUWD O·LQGLFD]LRQH ´5RPD µ OH FRGLFRORJLFDGHOOHIRQWLVDUjGLVSRQLELOHPDQPDQRFKHLGDWLVDUDQQRLQVHULWLQHOOHVFKHGH UHODWLYHDLPVVQHOVLWRKWWSZZZYDULDQWLDOORSHUDLW!  &IU /8&,$  9,1(//$  &DUORQL 0DUFR *UHJRULR LQ 'L]LRQDULR %LRJUDILFR GHJOL ,WDOLDQL 5RPD 7UHFFDQL;;SSHVY&DUORQL0DUFRLQ$OOJHPHLQHV.QVWOHU/H[LNRQ6DXU 0QFKHQ/HLSL]J;9,SS 

&IUVY%RPEHOOL3LHWUR/HRQHLQ$OOJHPHLQHV.QVWOHU/H[LNRQ6DXU0QFKHQ/HLSL]J ;,,S



,OPVqDOODVHJQDWXUD(3HUO·LPPDJLQHFIUODFDUWHOODFLWDQRWD



&IUOD7DEHOODUHODWLYDDOOHGLGDVFDOLHVFHQRJUDILFKH

 6XOODVWRULDGHOODUDFFROWDGHOO·DEDWH)RUWXQDWR6DQWLQLFIUWUDJOLDOWUL:/$',0,5 6 7$662)  /·$EEp6DQWLQLHWVDFROOHFWLRQHPXVLFDOHD5RPH)LUHQ]H/H0RQQLHU$1'5($ $00(1'2/$  6DQWLQL)RUWXQDWRLQ'LH0XVLNLQ*HVFKLFKWHXQG*HJHQZDUW3HUVRQHQWHLO.DVVHO6WXWWJDUW:HLPDU %lUHQUHLWHU0HW]OHU;,9SSH%,$1&$ 0 $5,$ $172/,1, )RUWXQDWR6DQWLQL FROOH]LRQLVPRHGHVHFX]LRQLGLPXVLFDDQWLFDD5RPDQHOODSULPDPHWjGHOO·2WWRFHQWRLQ0pODQJHV+HQUL 9DQKXOVWDFXUDGL&%DOOPDQH9'XIRXU7XUQKRXW%UHSROVSS 

/DFROOH]LRQH6DQWLQLRJJLD0QVWHUGRSRWUDYDJOLDWHYLFHQGHIXYLWWLPDGLXQ·DOOXYLRQH QHOHVRORXQUHVWDXURKDUHVRSRLDQFRUDGLVSRQLELOHTXHVWDIRQWH



*,29$11,32/,1

GLGDVFDOLHVFHQRJUDILFKHFRUULVSRQGHQWLDTXHOOHGHOODSULPDHXQDVHULHGL FRLQFLGHQ]HQHOODWUDGL]LRQHWHVWXDOHFROUHVWRGHLPHPEULGHOJUXSSR FR PXQTXHVHPEUDQRRULHQWDUHYHUVRXQDSURYHQLHQ]DURPDQDGHOFRGLFHG·DO WURQGHqULVDSXWRFKHO·DEDWHIRUPzEXRQDSDUWHGHOODVXDELEOLRWHFDQHOOD FDSLWDOHSRQWLILFLDWUDILQH6HWWHFHQWRHSULPLGHOO·2WWRFHQWR 5HVWDGDYHUL ILFDUHHQRQqSRFDFRVDODSRVVLELOHGDWD]LRQHGHOWHVWLPRQHSHUFDSLUHVH FLVLWURYDGLIURQWHDGXQDFRSLDUHGDWWDDSRFDGLVWDQ]DGDOODSULPDRFRPH FUHGRIRUVHSLSUREDELOHDOGHVFULSWXVWDUGRVHWWHFHQWHVFRGLXQPVURPDQR GHJOLDQQL· (OHPHQWLVLPLOLDTXHOOLULVFRQWUDWLLQ'0hVLQSULPLVGLGDVFDOLHVFHQL FKHFRUULVSRQGHQWLDTXHOOHGHOODSULPD SDLRQRFRQYDOLGDUHDQFKHO·RULJLQH URPDQD GL %%F JLj EHQ QRWR SHU HVVHUH VWDWR SXEEOLFDWR LQ IDFVLPLOH GDOO·HGLWRUH*DUODQG,OPVqFDUDWWHUL]]DWRLQROWUHGDXQRVWUDRUGLQDULR IURQWHVSL]LRULFFRGLXFFHOOLHGDGHFRUD]LRQLVWLOLVWLFDPHQWHVLPLOLSUHVHQWL LQPROWHDOWUHFDUWHGHOODSDUWLWXUD7DOLGLVHJQLFRLORURYRODWLOLULFKLDPDQR VHQ]DGXEELRO·XFFHOORSUHVHQWHQHOODSDJLQDG·LQWLWROD]LRQHGLXQDOWURWH VWLPRQH LO PV ,0FVS OD FXL RULJLQH URPDQD KR GLPRVWUDWR LQ XQ·DOWUD RFFDVLRQHDWWUDYHUVRLOFRQIURQWRFRQSDUWLWXUHFRHYHXJXDOPHQWHGHFRUD WHGLVLFXUDGDWD]LRQHHSURYHQLHQ]DVXFXLQRQPLGLOXQJRROWUH/·LQVLH PHGHLGDWLSUHVHQWLVHPEUDGDUHVXIILFLHQWHFUHGLWRDOODGDWD]LRQH´5RPD µEHQYLVLELOHDGDSHUWXUDGHOODSDUWLWXUD $TXHVWRSULPRJUXSSR¶URPDQR·YDQQRULFRQGRWWLVHSSXUSHUPRWLYL GLYHUVLDOPHQRDOWULGXHPVVFRPSOHWL'0EVH'% HGXHDQWRORJLH *%/FPH%%U /DSDUWLWXUDEDYDUHVHGDWDWD´7RUGLQRQDµqXQ FRGLFHDFFXUDWLVVLPRQHOOHLQGLFD]LRQLDJRJLFKHHGLQDPLFKHFKHULPDVWR PXWLORQHOODSDUWHILQDOHGHOSULPRDWWRqVWDWRLQWHJUDWRVXFFHVVLYDPHQWH QHOUHFLWDWLYRGDXQDPDQRSRVWHULRUHIRUVHO·DQWLFRSRVVHVVRUHLOWHRORJR H FROOH]LRQLVWD-RKDQQ0LFKDHO +DXEHU  H SRL XWLOL]]DQGR SHU LO EUDQR 

&IUODUHODWLYD7DEHOODUHODWLYDDOOHGLGDVFDOLHVFHQRJUDILFKH

 &RPHYROGHOODVHULH,WDOLDQ2SHUD1HZ2OLP SLDGH@ F$ULD7UDIURQGDHIURQGD'HO6LJ*LR%DWWD3HUJROHVLFRSLVWD%>6*XJOLHOPR@ F$ULD3HOOHJULQFK·LQIROWRRUURU'HOVLJ*LR%DWWLVWD3HUJROHVLFRSLVWD%">0RUWHGL 6*LXVHSSH@ F0XVLFDGHOVLJ3HUJROHVL6HQWRXQDFHUERGXRORFRSLVWD&>6DOXVWLD@ F$GXH/DJKHWWR9ROJLDPHOHYDJKHFLJOLDFRSLVWD&>,O3ULJLRQLHUVXSHUER@ FY,QPDUWXUEDWRHQHURFRSLVWD&>6DOXVWLD@ F/HQWR3HUTXHVWHDPDUHODFULPHFRSLVWD&>6DOXVWLD@ F  $ULD 'LR V·RIIHQGH H O·XRP QH JLDFH 'HO 6LJ *LR %DWWD 3HUJROHVH FRSLVWD % >6*XJOLHOPR@ F6FHQD&RVuGXQTXHVLWHPH'HO6LJH*LR%DWWD3HUJROHVHFRSLVWD%UHF6HJXH VXELWRDULD&RPHQRQSHQVLFK·LQIXRFRHWHUQR>6*XJOLHOPRG·$TXLWDQLD@ F$ULD9RODLQWRUQRDOSULPRUDJJLR'HOVLJ*LR%DWWD3HUJROHVLFRSLVWD%>/D PRUWHGL6*LXVHSSH@ &KLVRIIUHVHQ]DSLDQWRDULDGL6DELQDGD$GULDQRLQ6LULDFRSLVWD%

6LWUDWWDGLYROXPLVHQ]·DOWURHWHURJHQHLQHOODSURYHQLHQ]DFRPHGLPRVWUD QROHGLYHUVHPDQLPDIUXWWRGLXQDSUHFLVDYRORQWjGLUDFFRJOLHUHEUDQLGD FRPSRVL]LRQLSHUJROHVLDQH/HDULHGD2OLPSLDGHVLULIHULVFRQRDWXWWLLSHU



7(5(6$0*,$/'521,

VRQDJJLSULQFLSDOLTXDVLXQDUDFFROWDDQWRORJLFDFKHXQLVFHSH]]L¶HVHPSOD UL·GLGLYHUVL¶FDUDWWHUL·GHOO·RSHUD1RQqGXQTXHXQDUDFFROWDDEHQHILFLRGL XQFDQWDQWHPDXQDVRUWDGLVSHFLPHQGLWXWWRFLzFKHO·RSHUDSXzRIIULUH$ VXDYROWDLQIDWWLTXHVWDDQWRORJLDqVWDWDODIRQWHSHUDOFXQHFRSLHGLEUDQL GD2OLPSLDGH FRQVHUYDWH SUHVVR OD ELEOLRWHFD GHOO·$FFDGHPLD )LODUPRQLFD URPDQD FKH DSSDUWHQHYDQR DOOD 6RFLHWj 0XVLFDOH 5RPDQD VLFXUDPHQWH TXLQGLIXURQRDSSURQWDWHSHUXQDHVHFX]LRQHDOO·LQWHUQRGLTXHVWDLVWLWX ]LRQHHVVHULVDOJRQRFKLDUDPHQWHDOODILQHGHOO·2WWRFHQWRHODORURGHULYD ]LRQHGDLPDQRVFULWWLFDVDQDWHQVLqGLFKLDUDWDVXOIURQWHVSL]LR)LJ  0ROWRGLYHUVDXQDUDFFROWDGLDULHFRQVHUYDWDSUHVVRODELEOLRWHFDGHO &RQVHUYDWRULRGL1DSROLVHJQDWD$ROLP UHGDWWDGDXQPHGH VLPRFRSLVWDHFRQWHQHQWHFRPHVLULOHYDGDOO·LQGLFH)LJ DULHGL3HUJROHVL WUDWWHGDRSHUHVLDEXIIHVLDVHULHWXWWHUDSSUHVHQWDWHD1DSROLWUDQQHSUR SULRO·XQLFDDULDGD2OLPSLDGH©3LQRQVLWURYDQRªGL$UJHQH/·DSSDUWHQHQ ]DDOO·2OLPSLDGHqHVSOLFLWDWDLQXQDDQQRWD]LRQHIDWWDGDGLYHUVDPDQR)LJ D PHQWUHVXOO·XOWLPDFDUWDqDJJLXQWR©TXHVW·DULDFRPHVLYHGHQHOORVSDU WLWRGL=LQJDUHOOLLQ%HIDª)LJE /RVSDUWLWRFXLVLIDULIHULPHQWRSRWUHE EHHVVHUHLOPDQRVFULWWRFKHSRUWDODVHJXHQWHDQQRWD]LRQHGL*LXVHS SH6LJLVPRQGR©5RPDªHSLDYDQWL 4XHVWRVSDUWLWRPLIXLPSURQWDWRLQEUHGDO0DHVWUR'1LFROD=LQJDUHOOL PDLRODVXSSRQJRXQDFRSLDGLTXHVW·RSHUDULIDWWDLQTXDOFKH7HDWURHQRQ O·2ULJLQDOHRVVLDXQDXWRJUDIRGL3HUJROHVL,5HFLWDWLYLSHUDOWURSDUODQWLHUDQR HVSUHVVLYLHEHQLQWHVLVLFFKpQHKRIDWWRFRSLDGLXQSH]]RGHLPHGHVLPL *LXVHSSH6LJLVPRQGR

$SDUWHSRFKLFDVLGXQTXHOHDULHGL2OLPSLDGHVLWURYDQRSUHYDOHQWHPHQWH LQUDFFROWHFKHVRQRLOULVXOWDWRGLDVVHPEODJJLGLPDWHULDOLHWHURJHQHLRS SXUHDQFKHTXDQGRVLWUDWWDGLUDFFROWHULFRQGXFLELOLDOORVWHVVRFRSLVWD QRQVHPEUDQRUHDOL]]DWHSHUILQLFROOH]LRQLVWLFLPDHYLGHQWHPHQWHSHUXQD XWLOL]]D]LRQHSUDWLFD4XHVWRIDSHQVDUHDXQDVFHOWDGLSH]]LHIIHWWXDWDLQ HSRFDFRHYDDOODSULPDUDSSUHVHQWD]LRQHSH]]LFKHSRLVRQRVWDWLDORUR YROWDULSURGRWWLQHOWHPSRSUHQGLDPRGXHHVHPSLDEEDVWDQ]DRYYLLO·DULD ©6HFHUFDVHGLFHªHLOGXHWWRFKHFKLXGHLOSULPRDWWR©1HJLRUQLWXRLIHOLFLª 

6LIDULIHULPHQWRDOOHILJXUHDE FRQVXOWDELOLQHO&GURPDOOHJDWRLQ*,$/'521,  /DFLUFROD]LRQHGLEUDQLGHOO·2OLPSLDGHDWWUDYHUVROHUDFFROWHPLVFHOODQHH

/$&,5&2/$=,21(',%5$1,'(//·2/,03,$'(



(QWUDPELLSH]]LVRQRVWDWLULSURGRWWLGLYHUVHYROWHVLDLQIDVFLFROLVWDFFDWL VLDLQUDFFROWHGLYDULRWLSRGDOVHFRQGR6HWWHFHQWRLQSRLILQRDOODILQH GHOO·2WWRFHQWRLQTXHVWRPRGRODORURIDPDVLqSURWUDWWDQHOWHPSRHQ WUDQGRQHOODFRVFLHQ]DFROOHWWLYDLQPDQLHUDTXDVLLPSHUFHWWLELOH4XHVWRq DWWHVWDWRDQFKHGDOFHOHEHUULPRHORJLRFKHQHID6WHQGKDOQHOODVXD9LHGH 0pWDVWDVHFKHDGGLULWWXUDLPSXWDODUDULWjGLHVHFX]LRQHGL2OLPSLDGHSURSULR DOODHFFHVVLYDIDPDGL©6HFHUFDVHGLFHªFKHPHWWHUHEEHLQGLIILFROWjO·HVH FXWRUH /·DLU6HFHUFDVHGLFHHVWVXSDUFRHXUGHWRXWHO·,WDOLHHWF·HVWSHXWrWUHOD SULQFLSDOHUDLVRQSRXUODTXHOOHRQQHUHSUHQGSDVO·2O\PSLDGH$XFXQGLUHFWHXU QHYRXGUDLWVHKDVDUGHUjIDLUHMRXHUXQRSpUDGRQWO·DLUSULQFLSDOVHUDLWGpMj GDQVODPpPRLUHGHWRXVVHVDXGLWHXUV

/DWHVWLPRQLDQ]DGL6WHQGKDOqTXDQWRPDLVLJQLILFDWLYDVLSURFODPDODIDPD GL XQ·DULD GLFKLDUDQGR FKH WXWWD ,WDOLD OD FRQRVFH D PHPRULD PD QHO FRQWHPSRVLODPHQWDODVFDUVDSRVVLELOLWjGLDVFROWDUHO·2OLPSLDGHQHLWHDWUL SURSULR SHUFKp FRQWLHQH TXHVW·DULD WURSSR IDPRVD H TXLQGL ULVFKLRVD GD SURSRUUH4XHVWDRVVHUYD]LRQHIDULIOHWWHUHVXXQDVRUWDGLVWUDQLDPHQWR FKHVLYLHQHDFUHDUHIUDXQ·RSHUDHXQDVXDSDUWHVLJQLILFDWLYD1RQFUHGR FKHODPRWLYD]LRQHSRUWDWDGD6WHQGKDODEELDXQVXRIRQGDPHQWRO·2OLPSL DGHQRQVLDVFROWDYDLQWHDWURDLSULPLGHOO·2WWRFHQWRFRPHQRQVLDVFROWDYD QRDOWUHRSHUHGHOSULPR6HWWHFHQWRHTXHVWRDQFKH6WHQGKDOGRYHYDVDSHU OR,OSUREOHPDqFKHO·DULDVWDFFDWDDFTXLVLYDXQDVXDLGHQWLWjFKHODUHQGHYD DXWRVXIILFLHQWHDXWRQRPDULVSHWWRDOO·RSHUDGLDSSDUWHQHQ]DO·DULDYHQLYD WUDVILJXUDWDHDVVXPHYDLOVXRDXWHQWLFRUXRORGLHVSUHVVLRQHDVWUDWWDHWR WDOPHQWHGHFRQWHVWXDOL]]DWD4XHVWRqXQIHQRPHQRSURIRQGDPHQWHUDGL FDWRQHOODVWRULDGHOODULFH]LRQHSXULQXQ·HSRFDGLIRUPD]LRQHGHOUHSHUWR ULRTXDQGROHRSHUHSLVLJQLILFDWLYHFRPLQFHUDQQRDGDFTXLVLUHXQDFHUWD VWDELOLWjPROWHDOWUHFRQWLQXHUDQQRDGHVVHUHOHJDWHDOODIRUWXQDGLXQXQLFR SH]]R /DWLSRORJLDGHLPDQRVFULWWLFKHFRQWHQJRQRSH]]LGD2OLPSLDGHVHPEUD GXQTXHHVVHUHYDULDHODVFLDWDDOODFDVXDOLWjDQFKHOHPLVFHOODQHHFKHDSSD LRQRRPRJHQHHQHOORURFRQWHQXWRGLIDWWRVDUHEEHURLOIUXWWRGLDVVHPEODJJL 

67(1'+$/  9LHV GH +D\GQ GH 0R]DUW HW GH 0pWDVWDVH 3DULV /LEUDLULH $QFLHQQH +RQRUp &KDPSLRQS



7(5(6$0*,$/'521,

SRVWHULRULHSULYLGLXQDSUHFLVDLQWHQ]LRQDOLWj3HUHVHPSLRXQDUDFFROWD FRQVHUYDWDSUHVVROD%LEOLRWKqTXH5R\DOHGL%UX[HOOHVFRQWLHQHFDQWDWHH DULHGL3HUJROHVLGHOO·2OLPSLDGHRWWRDULHHLOGXHWWRGHOSULPRDWWRPDPHQ WUHSHULSULPLFLQTXHSH]]LF·qO·LQGLFD]LRQHSUHFLVDGHOO·DSSDUWHQHQ]DDO O·RSHUDFRPSUHVDO·LQGLFD]LRQHGHOO·DWWRHGHOODVFHQD SHUJOLDOWULqULSRUWD WRVROR©GHO3HUJROHVLª(FFRQHORVSRJOLR ²%%U0V,,0XV)pWLV 1HJLRUQLWXRLIHOLFLGXHWWRILQDOH,DWWR 0HQWUHGRUPLDPRU/LFLGD2OLPSLDGH$WWR,PR$ULDYD'HO6LJU3HUJROHVL 7XGLVDSHUSURFXUD2OLPSLDGH$WWR,PR$ULDWD'HO6LJU3HUJROHVL 6HFHUFDVHGLFH0RQWLFHOOL6*LR*ULVRVPR3PD/·DXWXQR2OLPSLDGH$WWRGR $ULDWD'HO6LJU3HUJROHVL /DPSXJQDQL 6LFDQJLDLQXQPRPHQWR3HUJROHVL &DURVRQWXDFRVu2OLPSLDGH$WWD]R$ULDGH6LJU3HUJROHVL 6HQWLUG·XQYDJRRJJHWWR60RLVq3PD3HUJROHVL 6RFK·qIDQFLXOORDPRU'HO6LJU3HUJROHVL $KVHVRIIHUVLRK'LR'HO3HUJROHVL $ULDGDO)ODPLQLR 1RQVRGRQGHYLHQH'HO3HUJROHVL 5LQDOGRGD&DSXD&LURULFRQRVFLXWR /·LQIHOLFHLQTXHVWRVWDWR2OLPSLDGH$WWD]R$ULDPD6LJU3HUJROHVL

,QXQDF·qXQHVSOLFLWRULIHULPHQWRDOO·HVHFX]LRQHYHQH]LDQDGHODQFKH FRQLOQRPHGHOFDQWDQWH$QJHOR0DULD0RQWLFHOOLFKHLQTXHOO·RFFDVLRQH LQWHUSUHWz0HJDFOH,QROWUHXQ·DOWUDDULDSUHVHQWHLQTXHVWDUDFFROWD©$KVH VRIIHUVLRK'LRªGL$UJHQHqSUHVHQWHVROWDQWRQHOOLEUHWWRYHQH]LDQRHQRQ LQ TXHOOR GHOOD SULPD URPDQD GHO  DQ]L TXHVWD VDUHEEH O·XQLFD DULD VWDFFDWDLQHTXLYRFDELOPHQWHULIHULWDDTXHOODUDSSUHVHQWD]LRQH$FFDQWRD TXHVWDDEELDPRDQFKHO·DULDGL&OLVWHQH©6RFK·qIDQFLXOORDPRUªPDFRQ PXVLFDGLYHUVDULVSHWWRDTXHOODGHOODSDUWLWXUDSRWUHEEHHVVHUHTXLQGLXQD YHUVLRQHDOWHUQDWLYDSUHVHQWDWDD9HQH]LDQHO·7XWWDYLDXQ·DOWUDDULDSUH VHQWHLQTXHVWRPDQRVFULWWR©1RQVRGRQGHYLHQHªqSUHVHQWHVRORQHOOD YHUVLRQHGHO·HQRQLQTXHOODYHQH]LDQD4XHVWRWHVWLPRQLDODSURYHQLHQ]D GLYHUVDGLTXHVWHDULHDIURQWHGLXQDDSSDUHQWHRPRJHQHLWjGHOPDQRVFULWWR 4XDVLWXWWHOHUDFFROWHFRQWHQJRQRDULHGHVWLQDWHDUXROLYRFDOLGLYHUVL QRQVLWUDWWDTXLQGLGLUDFFROWHFRQIH]LRQDWHSHUXQFDQWDQWHSHULOTXDOH

/$&,5&2/$=,21(',%5$1,'(//·2/,03,$'(



HYHQWXDOPHQWHVRQRVWDWHUHDOL]]DWHOHVLQJROHDULHLQIDVFLFROLVWDFFDWL1HO FRPSOHVVRVLWUDWWDFRPHKRJLjGHWWRGLPDWHULDOLUHDOL]]DWLSHUXVRQRQ SHUFROOH]LRQLVPR3UREDELOPHQWHqVWDWDFROWDLPPHGLDWDPHQWHO·HVHPSODULWj GL WDOXQL EUDQL PHQWUH OH VXFFHVVLYH ULSURGX]LRQL WHVWLPRQLDQR OD VWDELOL]]D]LRQH GL DOFXQL GL HVVL FRPH PRGHOOL VLD SHU L FDQWDQWL VLD SHU L FRPSRVLWRUL,OIDWWRFKHDQFRUDQHJOLDQQL2WWDQWDGHOO·2WWRFHQWRXQLQVL JQH GRFHQWH GL FRPSRVL]LRQH GL WDUGD VFXROD QDSROHWDQD 3DROR 6HUUDR DEELDFRSLDWRDOFXQLEUDQLGD2OLPSLDGH²IUDLTXDOLRYYLDPHQWH©6HFHUFD VHGLFHª²WHVWLPRQLDLOORURFDUDWWHUHHVHPSODUHSHUFXLIXURQRULSURGRWWLD VFRSLGLGDWWLFL)LJ  7XWWDYLDQRQELVRJQDWUDVFXUDUHDQFKHXQDIUXL]LRQHGLWLSRDPDWRULDOHLQ XQDFRSLDGL©6HFHUFDVHGLFHªGHOODELEOLRWHFDGHOO·$EED]LDGL0RQWHFDVVLQR VRORSHUIDUHXQHVHPSLRqULSRUWDWDQHOO·LQWHVWD]LRQHODGLFLWXUD©3HUXVR GHOOD6UD'D)RUWXQDWD*RVFqªPHQWUHXQDWHVWLPRQLDQ]DDQFRUDSL VLJQLILFDWLYDSHUDOWURDEEDVWDQ]DQRWDVRQROHQRQSRFKHULJKHGHGLFDWHGD $QWRQLR)RJD]]DURSURSULRD©6HFHUFDVHGLFHªQHOURPDQ]R'DQLHOH&RUWLV GHO  LQ XQD OHWWHUD DOO·DPDWD (OHQD LO SURWDJRQLVWD UDFFRQWD GL XQD DFFDGHPLDGL©PXVLFDDQWLFDªVYROWDLQXQVDORWWRURPDQRQHOTXDOHODSDGUR QDGLFDVDFDQWDSURSULR©6HFHUFDVHGLFHªULSRUWDQGRDQFKHTXDVLWXWWRLO WHVWRGL0HWDVWDVLRHDQWLFLSDQGRO·LQYLRGHOODPXVLFDRSSXUHGHOVRORWHVWR >«@+RVDSXWRLHUVHUDFKHDGRUDODPXVLFDSL~DQFRUDGHOYLQRG·$OEDQRHGL XQFHUWRFLEREHUJDPDVFRFKHFKLDPDFDVRQVqLHFKHYDDPDQJLDUHXQDYROWD SHUVHWWLPDQDLQ7UDVWHYHUHGDXQRVWHVXRFRPSDWULRWD,HUVHUDF·qVWDWDLQ FDVD6«XQDPH]]DDFFDGHPLDGLPXVLFDDQWLFDHGRQQD/DXUDFDQWzXQ·DULHWWD GHO3HUJROHVHFKHWUDVVHGHOOHYHUHODJULPHDOQRVWURYHFFKLRDPLFRYDOEUHPEDQR ,RVFKHU]DLXQSR·JOLGLVVLFKHWHORDYUHLVFULWWR´&HUWRµULVSRVH´HOHPDQGL DQFKHO·DULDRDOPHQRLYHUVLGL0HWDVWDVLRFKHYDOJRQRHVVLVROLWXWWLLPRGHUQL HO]HYLULµ(FFROLFRPHOLKRWUDVFULWWLGDOODPXVLFDGLGRQQD/DXUD 6HFHUFDVHGLFH /·DPLFRGRY·q" /·DPLFRLQIHOLFH 5LVSRQGLPRUt



,OPDQRVFULWWRqVHJQDWR)



7(5(6$0*,$/'521,

$KQRVtJUDQGXROR 1RQGDUOHSHUPH 5LVSRQGLPDVROR 3LDQJHQGRSDUWt 0LULFRUGDLULQFDVDQGRGLXQDQHGGRWRFKHPLUDFFRQWDYDLOPDHVWUR%UDJDLO JUDQ YLRORQFHOOLVWD H FKH QRQ VR G·DYHUH PDL WURYDWR QHL OLEUL /·2OLPSLDGH GRYHVLWURYDTXHOO·DULDOtIXGDWDDOO·$UJHQWLQDHILVFKLDWDEUXWDOPHQWH,OSRYH UR3HUJROHVHIHULWRDPRUWHSLHJzVXOVXRVWDOORG·RUFKHVWUDVLQDVFRVHLOYLVR WUDOHPDQL,OWHDWURVLYXRWDYDHGHJOLHUDVHPSUHOjSURVWUDWRTXDQGRODPDQR GLXQDSHUVRQDLQYLVLELOHXVFtGDXQSDOFKHWWRJOLJLWWzGHLILRULHGLVSDUYH

'XQTXHLOEUDQRGL)RJD]]DURWHVWLPRQLDODIDPDGLXQ·DULDSHUJROHVLDQD ULPDVWDLQWDWWDQHOWHPSRHDQFKHO·DELWXGLQHGLFRSLDUHHLQYLDUHLQGRQR GHL SH]]L GL PXVLFD ©«H OH PDQGL DQFKH O·DULD R DOPHQR L YHUVL GL 0HWDVWDVLR«ª ,OULIHULPHQWRDOILDVFRDOO·$UJHQWLQDWHVWLPRQLDFRPHSXU JRGHQGRGLXQDGLIIXVLRQHWRWDOPHQWHDXWRQRPDHDIILGDWDDOODFRSLDWXUDGL XQDVLQJRODDULDWXWWDYLDQRQVLqSHUVDODPHPRULDGHOO·RSHUDGDOODTXDOH O·DULDqVWDWDWUDWWD6RORXQ·DOWUDSLFFRODFRQVLGHUD]LRQHTXHVWDWUDFFLDGL ©6H FHUFD VH GLFHª LQ XQ URPDQ]R WDUGR RWWRFHQWHVFR q GHELWULFH D PLR DYYLVRQRQVRORDOODIDPDGL3HUJROHVLFKHQHOO·2WWRFHQWRDYHYDDVVXQWROH GLPHQVLRQLGHOPLWRPDDQFKHDXQDOWURPLWRTXHOORGL0HWDVWDVLRQRQ D FDVR FLWDWR GDO SURWDJRQLVWD  FKH DOPHQR ILQR DOO·HWj FDUGXFFLDQD QRQ FHVVDGLLQFRPEHUHVXOODFXOWXUDLWDOLDQDSXUDWWUDYHUVDQGRGLYHUVHPXWD]LR QLJHQHWLFKH ,QILQH XQD FXULRVLWj ULJXDUGDQWH LO GXHWWR ©1H JLRUQL WXRL IHOLFLª FXL 5HLQKDUG6WURKPDWWULEXLVFHXQUXRORSULPDULRQHOODGHILQL]LRQHGHOO·LP PDJLQHGL3HUJROHVLDOODILQHGHO6HWWHFHQWRSURSULRLQYLUWGHOOHQXPHURVH FRSLHFKHQHFLUFRODYDQR4XHVWRGXHWWRVLWURYDLQTXHOODFKHHUURQHD PHQWHYLHQHGHILQLWDGDOODVFKHGD6%1PXVLFDXQDUDFFROWDDVWDPSDLQWL WRODWD&RQFHUWR6WRULFR'L0XVLFD0HORGUDPPDWLFDSXEEOLFDWDD5RPDGD&XJJLDQL 

&IU$ 1721,2 )2*$==$52'DQLHOH&RUWLV0LODQR0RQGDGRULFDSS/HWWHUD DOOD%DURQHVVD(OHQDGL6DQWD*LXOLDD&HIDO 



6XOODIRUWXQDGL0HWDVWDVLRQHOO·2WWRFHQWRFIU0HWDVWDVLRQHOO·2WWRFHQWRDFXUDGL)35XVVR 5RPD$UDFQH



5(,1+$5' 6 752+0 /·RSHUDLWDOLDQDQHO6HWWHFHQWR9HQH]LD0DUVLOLRS

/$&,5&2/$=,21(',%5$1,'(//·2/,03,$'(



QHO,QUHDOWjVLWUDWWDGLXQOLEUHWWRUHODWLYRDXQFRQFHUWRGL¶PXVL FKH PHORGUDPPDWLFKH· LWDOLDQH GDO ;9,, DO ;,; VHFROR SURPRVVR GDOOD 6RFLHWj0XVLFDOH5RPDQDHWHQXWRLOPDJJLRQHOOD6DOD3DOHVWULQD GL 3DOD]]R 'RULD 3DPSKLOM LQ SLD]]D 1DYRQD GD XQ JUXSSR GL PXVLFLVWL GLUHWWR GDOO·DFFDGHPLFR FHFLOLDQR $OHVVDQGUR 2UVLQL /·LQWHQ]LRQH HUD GL SUHVHQWDUH FRPH XQD ©VWRULD SURJUHVVLYD GHOOD PXVLFD GDL VXRL SULPRUGL ILQRDLJLRUQLQRVWULªqTXDQWRVLOHJJHLQXQDOHWWHUDGHOSUHVLGHQWHGHOOD 6RFLHWj DO GLUHWWRUH GHO &RQVHUYDWRULR 6 3LHWUR D 0DLHOOD GL 1DSROL FKH DOORUDHUD3LHWUR3ODWDQLDHDOGLUHWWRUHGHO&RQVHUYDWRULRGL0LODQR$QWR QLR %D]]LQL SHU RWWHQHUH LQ SUHVWLWR GDOOH ELEOLRWHFKH GL TXHJOL LVWLWXWL OH QHFHVVDULHSDUWLWXUH'XUDQWHLOFRQFHUWRIXURQRHVHJXLWHDQFKHPXVLFKH WUDWWHGDRSHUHGL0RQWHYHUGL)UDQFHVFD &DFFLQL/XLJL5RVVL 6WUDGHOOD $OHVVDQGUR6FDUODWWL,RPPHOOL3DLVLHOOR6SRQWLQL&KHUXELQL*OXFN$Q JHOR7DUFKL5RVVLQLSHUOHTXDOLIXURQRXWLOL]]DWHIRQWLULFKLHVWHGDOSUHVL GHQWHGHOODVRFLHWjDLGLUHWWRULGL1DSROLH0LODQRWUDQQHSURSULRLOGXHWWR GL2OLPSLDGHSHULOTXDOHIXXWLOL]]DWDXQDIRQWHGHOODELEOLRWHFD&DVDQDWHQVH FRPHGLPRVWUDODFRSLDFRQVHUYDWDDOOD)LODUPRQLFD5RPDQD 4XHVWDqXQ·XOWHULRUHWHVWLPRQLDQ]DGLFRPHQHOWDUGR2WWRFHQWRXQ EUDQRGL2OLPSLDGHYHQJDVFHOWRSHUUDSSUHVHQWDUHXQPRPHQWRGHOODVWRULD GHOODPXVLFDLWDOLDQDTXHOORIUD6FDUODWWLH,RPPHOOL(LQROWUHVLVFHJOLHXQ GXHWWRFKHFRPHKDVRWWROLQHDWR6WURKP©ULFDOFDIHGHOPHQWHXQRVWHUHRWLSR GHOO·RSHUDQDSROHWDQDGHOWHPSRªHODFXLIRUWXQDqWHVWLPRQLDWDFRPH DEELDPRYLVWRGDQXPHURVHFRSLHVSDUVHLQGLYHUVHUDFFROWHXQ·XOWHULRUH SURYDGLTXDQWRODULIOHVVLRQHVXTXHVWDWLSRORJLDQHJOHWWDGLIRQWHSRVVD DVVXPHUHWDOYROWDYDORUHGLWHVWLPRQLDQ]DHVVHQ]LDOHSHUFDSLUHOHGLQDPL FKHGLGLIIXVLRQHGHOO·RSHUDGHO6HWWHFHQWRDQFKHLQHSRFKHSLUHFHQWL



&RGLFHLGHQWLILFDWLYRGHOODVFKHGD6%1,7?,&&8?086?



&IU56752+0 /·RSHUDLWDOLDQDFLWS



7(5(6$0*,$/'521,

$33(1',&( /·2OLPSLDGHDULH/HIRQWL 6HFHUFDVHGLFH0HJDFOH,, %%F %%U0V,, %'6XOS)66XOSLWLXV>WUDYHVWLPHQWRVSLULWXDOH´2-HVXRVSRQVHRVRODµ@ &+*F50V &+*SX0VIU0V '6:O0XV *%/EO$GG ,26>HG/RQGUD:DOVKWUDLOHLO@ ,%*L ,%VI 03,9 ,0F1RVHGD/ ,0F0XV7UPV ,0&) ,0&) ,1F$ULH ,1F$ULH ,1F$ULH ,5F0VV ,9F&RUUHU%XVWD ,9F&RUUHU%XVWD ,9F&RUUHU%XVWD ,9OHYL&)& ,9QP&$1$/ 66NPD76(5 86%S0 86)$\4XDUWR06 865(DVWPDQ6FKRRO5RFKHVWHU 86:F0/5 7XGLVDSHUSURFXUD$ULVWHD, %%U0V,, ,0F1RVHGD/ ,0F1RVHGD/ ,0&( ,0&)E

/$&,5&2/$=,21(',%5$1,'(//·2/,03,$'(

,260VV0XV% ,3$F6DQYLWDOH$ ,5F0VV 6+bFRSLH 68X9RNPXVLKVƒ 68X9RNPXVLKVD 86)$\4XDUWR06 1HLJLRUQLWXRLIHOLFL$ULVWHD0HJDFOH, %%F %%U0V,, &+*F5 '+V1'9,1U ,0F0XV7UPV '+V1'9,S1U '5+0V ,%F,, ,0F0XV7UPV ,5DI(, 66. 68X*LPR 86)$\4XDUWR06 861+0LVF0V 6XSHUERGLPHVWHVVR0HJDFOH, %%F &+*F50V '5+0V PV ,0&)D ,5F0VV ,9F&RUUHU%XVWD 6+bFRSLHVHQ]DVHJQDWXUD 866X0//2 3LQRQVLWURYDQR$UJHQH, %%F ,%*L SURY3LDWWL ,0&) ,1F$ULH ,5DPD$0V



 66NPD76(5 86%(P06 861+0LVF0V 865VHQ]DVHJQDWXUD 0HQWUHGRUPLDPRUIRPHQWL/LFLGD, %%F %%F %%U0V,, ')8O0 ,%*L ,0&)F ,1F$ULH 86)$\4XDUWR06 86:F0/5 *UDQGLqYHUVRQOHWXHSHQH$ULVWHD,, ,%*L;;9,,,$F ,%VI 03,9 ,)=F$9, ,0&) ,1F$ULH ,1F06DSS ,9F&RUUHU%XVWD 86)$\4XDUWR06 &KHQRQPLGLVVHXQGu$UJHQH,, %%F &+*F5 *%/EO50H ,)=$9, 86&$E060XV0DKUHQKRO]:ROII + 86:F0/5 &DURVRQWXDFRVu$ULVWHD,,, %%U0V,, %%F ,5DPD

7(5(6$0*,$/'521,

/$&,5&2/$=,21(',%5$1,'(//·2/,03,$'(

/·LQIHOLFHLQTXHVWRVWDWR$OFDQGUR,,, %%U0V,, %%U0V,, '5+0V 4XHOGHVWULHUFKHDOO·DOEHUJR/LFLGD, ,5F 66.PD76(5FRSLH 86:F0/5 7RUELGRLQYROWRHQHUR0HJDFOH,,, %%F ,0F1RVHGD/ ,0F1RVHGD/ $SSRUWDWRUVRQLR$OFDQGUR,, %%F 866)VF 00 *HPRLQXQSXQWRHIUHPR/LFLGD,, ,5F 86)$\4XDUWR06 1HOODIDWDOPLDVRUWH/LFLGD,,, ,5F ,5DI(, 1RQVRGRQGHYLHQH&OLVWHQH,,, %%F %%F 6RQTXDOPDUHSHULJQRWR$PLQWD,,, ,%*L &+*F50V 6LDPQDYLDOO·RQGH$PLQWD,, %%F %%F



 'HOGHVWLQQRQYLODJQDWH&OLVWHQH, %%F )LDPPDLJQRWD$UJHQH,,, ,5F 6RFKHVRIIHUVLRK'LR$UJHQH,, %%U0V,,0XV)HWLV 7XPHGDPHGLYLGL$ULVWHD,, ,5DPD 7DORUJXHUULHURLQYLWWR$PLQWD, 66NPD76(5

7(5(6$0*,$/'521,