'155LGX]LRQHUXPRUH
2S]LRQDOH
6LSRVVRQRULGXUUHOHLQWHUIHUHQ]HHLOUXPRUH
FKHVLIRUPDQHOO¶LPPDJLQHXVDQGRTXHVWD
IXQ]LRQH6HOH]LRQDUH'15QHOPHQX
,PPDJLQHFRQLWDVWLGLGLUH]LRQHYHUVRO¶DOWR
YHUVRLOEDVVRSHUDWWLYDUHTXHVWDIXQ]LRQHH
VHOH]LRQDUHXQDGHOOHRS]LRQL63(172%$6
0('$/R$872FRQLWDVWLGLGLUH]LRQH
GHVWUDVLQLVWUD
7HPSGHOFRORUH
ÇSRVVLELOHUHJRODUHODWHPSHUDWXUDGHO
FRORUHFRQTXHVWDIXQ]LRQH6SRVWDUHOD
FDVHOOD7HPSGHOFRORUHQHOPHQX,PPDJLQH
SUHPHQGRLWDVWLGLGLUH]LRQHYHUVRO¶DOWR
YHUVRLOEDVVRHVHOH]LRQDUH&$/'2
)5(''2R1250$/(SUHPHQGRLWDVWLGL
GLUH]LRQHYHUVRGHVWUDYHUVRVLQLVWUD
&RQWUDVWRDWWLYR2S]LRQDOH
4XHVWDIXQ]LRQHFRQVHQWHGLUHJRODUH
OHLPSRVWD]LRQLGLOXPLQRVLWjVHFRQGR
O¶LPPDJLQH8Q¶LPPDJLQHSLOXPLQRVDR
SLVFXUDSXzHVVHUHLQYLDWDDOORVFKHUPR
VHFRQGRLOOLYHOORGLOXPLQRVLWjGHOO¶LPPDJLQH
&RVuVLRWWLHQHXQHIIHWWRSLDPSLRLQWHUPLQL
GLFRQWUDVWR
03(*152S]LRQDOH
ÇSRVVLELOHULPXRYHUHJOLRJJHWWLFKH
FRPSDLRQRQHOO¶LPPDJLQHLQIRUPDGL
TXDGUDWLXVDQGRTXHVWDIXQ]LRQHDG
HFFH]LRQHGHOODPRGDOLWj6LQWRQL]]DWRUH
6HOH]LRQDUH0SHJ'15QHOPHQX,PPDJLQH
FRQLWDVWLGLGLUH]LRQHYHUVRO¶DOWRYHUVR
LOEDVVRHVHOH]LRQDUHXQDGHOOHRS]LRQL
63(172%$60('R$/FRQLWDVWLGL
GLUH]LRQHGHVWUDVLQLVWUD
1RWDODIXQ]LRQH03(*15SXzHVVHUH
DWWLYDWDSHUIRQWLHVWHUQHDGHFFH]LRQHGHOOD
PRGDOLWj6LQWRQL]]DWRUH
,PPDJLQH6PDUW
6LSXzVHOH]LRQDUHXQDGHOOHWUH
LPSRVWD]LRQLSUHGHILQLWHQRQ
UHJRODELOLLQPHPRULDRXQDGHOOH
RS]LRQLXWHQWHSUHPHQGRLOWDVWR³
³VXOWHOHFRPDQGR62)),&(
1$785$/(H5,&&2VRQRYDORULSUHGHILQLWL
87(17(FRPXQTXHPRVWUDLYDORULVDOYDWLLQ
PHPRULD
)RUPDWR,PPDJLQH
&RQTXHVWDRS]LRQHO¶LPPDJLQH
GHOODWUDVPLVVLRQHFKHVLJXDUGD
SXzHVVHUHYLVWDQHOIRUPDWRFKHVL
GHVLGHUD/¶LPPDJLQH3&SXzHVVHUH
YLVXDOL]]DWDQHLIRUPDWL$872
)250$72/(77(5$627727,72/,R
3$125$0,&$,IRUPDWLLPPDJLQHR
SRVVRQRHVVHUHVHOH]LRQDWLQHOOHPRGDOLWj3&
,QTXHOFDVRLOQRPHGHOIRUPDWRGHOO¶LPPDJLQH
VHOH]LRQDWDVDUjYLVXDOL]]DWRDOFHQWURGHOOR
VFKHUPR
7LQW
4XDQGRVLDFFHGHDOYLGHR176&YLD6FDUWVL
SRVVRQRHIIHWWXDUHOHLPSRVWD]LRQLGHOODWLQWD
/¶RS]LRQHWLQWQRQVLYHGHQHOPHQXVHQRQVL
DFFHGHDWDOHWLSRGLYLGHR4XDQGRXQYLGHR
176&qFROOHJDWRYLD6FDUWTXHVWDRS]LRQHVL
DWWLYDHYLHQHUHVDGLVSRQLELOHQHOPHQX
$XWR
$OFXQLFDQDOLGLFLQHPD
SRVVRQRWUDVPHWWHUHQHO
IRUPDWR6HVLGHVLGHUD
YHGHUHDXWRPDWLFDPHQWH
TXHVWRIRUPDWRVHOH]LRQDUH$872,QWDOFDVR
VXOORVFKHUPRFRPSDUHLOVHJQDOH$872
8VDUHTXHVWDLPSRVWD]LRQH
SHUYHGHUH'9'DODUJR
VFKHUPROHYLGHRFDVVHWWH
FRQLPPDJLQHDODUJR
VFKHUPRRWUDVPLVVLRQLLQIRUPDWR3RLFKp
YHQJRQRXWLOL]]DWLGLYHUVLIRUPDWLGLVFKHUPR
TXDOLHFFVXOODSDUWHDOWDHEDVVD
GHOORVFKHUPRSRVVRQRHVVHUHYLVLELOLEDUUH
QHUH
4XHVWRqLOIRUPDWRFLQHPD
8VDUHTXHVWDLPSRVWD]LRQH
SHUJXDUGDUHOHWUDVPLVVLRQL
QHOIRUPDWR
)RUPDWROHWWHUD2S]LRQDOH
4XDQGRVLJXDUGDXQILOPDWR
RXQDYLGHRFDVVHWWDLQ³
RIRUPDWR&LQHPDVFRSH¶¶
TXHVWDLPSRVWD]LRQHHOLPLQD
RPLQLPL]]DOHVWULVFHQHUH
VXOORVIRQGR]XPDQGRQHOO¶LPPDJLQHHVHQ]D
GLIIRQGHUOH