
(AGENPARL) – mer 20 aprile 2022 5HJLRQH 8PEULD 8QLYHUVLWj GHJOL 6WXGL GL 3HUXJLD
3URWRFROOR JHQHUDOH G·LQWHVD WUD 5HJLRQH 8PEULD H 8QLYHUVLWj GHJOL 6WXGL GL 3HUXJLD LQ
DWWXD]LRQH GHOO·DUW  FRPPD  ' /JV  GLFHPEUH  Q  GHO '3&0  PDJJLR  H
DL VHQVL GHOOD OHJJH  GLFHPEUH  Q  H GHOOD OHJJH UHJLRQDOH  DSULOH  Q 
5(*,21( 80%5,$
3,9$  LQ SHUVRQD GHO 3UHVLGHQWH GHOOD *LXQWD UHJLRQDOH $YY
'RQDWHOOD 7HVHL GRPLFLOLDWD SHU OD FDULFD LQ 3HUXJLD 3J 3DOD]]R 'RQQLQL &RUVR 9DQQXFFL Q  GL
VHJXLWR DQFKH VROR ´5HJLRQHµ
81,9(56,7$· '(*/, 678', ', 3(58*,$
 3,9$  LQ SHUVRQD GHO 0DJQLILFR
5HWWRUH 3URI 0DXUL]LR 2OLYLHUR GRPLFLOLDWR SHU OD FDULFD LQ 3HUXJLD 3J 3DOD]]R 0XUHQD 3LD]]D
8QLYHUVLWj Q  GL VHJXLWR DQFKH VROR ´8QLYHUVLWjµ FRQJLXQWDPHQWH GHILQLWH GL VHJXLWR DQFKH OH ´3DUWLµ
35(0(662

&KH 5HJLRQH H 8QLYHUVLWj FRQFRUURQR PHGLDQWH O·DWWXD]LRQH GHO SUHVHQWH 3URWRFROOR JHQHUDOH DG
DVVLFXUDUH OLYHOOL GL HFFHOOHQ]D GHL VHUYL]L VDQLWDUL DG DVVLFXUDUH OD TXDOLWj H OD DSSURSULDWH]]D GHOOD
IRUPD]LRQH GHO SHUVRQDOH PHGLFR H VDQLWDULR H D SURPXRYHUH OR VYLOXSSR GHOOD ULFHUFD

&KH OD FROODERUD]LRQH IUD 8QLYHUVLWj H 6HUYL]LR VDQLWDULR UHJLRQDOH VL DWWXD LQ EDVH DO GOJV Q
 QHOOH $]LHQGH FRVWLWXLWH DL VHQVL GHOO
DUW  GHOOD OU  DSULOH  Q  QHOOH TXDOL
YHQJRQR DVVLFXUDWL WUD O·DOWUR JOL RELHWWLYL IRUPDWLYL GHL FRUVL GL ODXUHD H GL ODXUHD PDJLVWUDOH LQ
0HGLFLQD H &KLUXUJLD 2GRQWRLDWULD H 3URWHVL 'HQWDULD QRQFKp GHOOH SURIHVVLRQL VDQLWDULH H GHOOH
6FXROH GL 6SHFLDOL]]D]LRQH

&KH OD &RUWH &RVWLWX]LRQDOH FRQ VHQWHQ]D Q  KD VWDWXLWR FKH
DWWLYLWj GL DVVLVWHQ]D
RVSHGDOLHUD H TXHOOD GLGDWWLFRVFLHQWLILFD DIILGDWH GDOOD OHJLVOD]LRQH YLJHQWH DO SHUVRQDOH PHGLFR XQLYHUVLWDULR VL
SRQJRQR WUD ORUR LQ XQ UDSSRUWR FKH QRQ q VROR GL VWUHWWD FRQQHVVLRQH PD GL YHUD H SURSULD FRPSHQHWUD]LRQHª

&KH OD 5HJLRQH q WLWRODUH GHOOD SURJUDPPD]LRQH VDQLWDULD H O·8QLYHUVLWj q WLWRODUH GHOOD
SURJUDPPD]LRQH IRUPDWLYD PHGLFRVSHFLDOLVWLFD H FKH HQWUDPEH SHUVHJXRQR L ULVSHWWLYL DPELWL GL
FRPSHWHQ]D SURJUDPPDWRULD

&KH 5HJLRQH H 8QLYHUVLWj FRQFRUGDQR VXOOD QHFHVVLWj GL ULQQRYDUH H UDIIRU]DUH OH FRQGL]LRQL GL
FROODERUD]LRQH UHFLSURFD QHO FDPSR GHOOH DWWLYLWj DVVLVWHQ]LDOL GHOOD IRUPD]LRQH H GHOOD ULFHUFD
ELRPHGLFD H VDQLWDULD

&KH 5HJLRQH H 8QLYHUVLWj FRQFRUGDQR VXOOD QHFHVVLWj GL LPSOHPHQWDUH O·LQQRYD]LRQH VFLHQWLILFD H
WHFQRORJLFD QHOO·DPELWR GHOOD ULFHUFD PHGLFRFKLUXUJLFD QHOO·DPELWR GHOOH DSSOLFD]LRQL DVVLVWHQ]LDOL
GHOOD VWHVVD H GL VDQLWj SXEEOLFD

&KH DL ILQL SUHGHWWL 5HJLRQH H 8QLYHUVLWj FRQFRUGDQR VXOOD QHFHVVLWj GL FRVWLWXLUH O·$]LHQGD
RVSHGDOLHURXQLYHUVLWDULD GL 3HUXJLD H O·$]LHQGD RVSHGDOLHURXQLYHUVLWDULD GL 7HUQL TXDOL 6WUXWWXUH
QHOOH TXDOL VL UHDOL]]L OD SLHQD LQWHJUD]LRQH WUD OH 3DUWL H FKH FRVWLWXLVFDQR QHO FRQWHPSR HOHPHQWR
IRQGDPHQWDOH GHO 6LVWHPD 6DQLWDULR 5HJLRQDOH

&KH 5HJLRQH H 8QLYHUVLWj FRQFRUGDQR DQFRUD VXOOD QHFHVVLWj GL UDIIRU]DUH OD FROODERUD]LRQH
UHFLSURFD QHOO·DPELWR GHOOD UHWH IRUPDWLYD XQLYHUVLWDULD DUWLFRODWD SUHVVR OH XOWHULRUL VWUXWWXUH
VDQLWDULH WHUULWRULDOL GLYHUVH GDOOH D]LHQGH RVSHGDOLHURXQLYHUVLWDULH DL ILQL GHOOD IRUPD]LRQH
PHGLFRVSHFLDOLVWLFD H GHOOH ODXUHH VDQLWDULH

FKH LQ GDWD  JHQQDLR  OH 3DUWL KDQQR VRWWRVFULWWR XQ ´0HPRUDQGXP G·LQWHVD SHU OD VDOXWHµ
FKH KD LPSHJQDWR HQWUDPEH D LQWUDSUHQGHUH H UDSLGDPHQWH GHILQLUH XQ SHUFRUVR GL YDORUL]]D]LRQH
GHOOH DWWLYLWj FRQQHVVH GLUHWWDPHQWH H LQGLUHWWDPHQWH LQQDQ]LWXWWR DOOD VDOXWH GHL &LWWDGLQL GHOOD
5HJLRQH 8PEULD DO PLJOLRUDPHQWR GHOOH SHUIRUPDQFHV RUJDQL]]DWLYH H GHO OLYHOOR GL TXDOLWj GHOOH
SUHVWD]LRQL VDQLWDULH DOOD SURPR]LRQH GHOOD FXOWXUD H GHOOD ULFHUFD VFLHQWLILFD QHO VHWWRUH ELRPHGLFR
DOOH ULFDGXWH LQ WHUPLQL VRFLDOL HG HFRQRPLFL SHU WXWWD OD 5HJLRQH H FKH LO GHWWR 0HPRUDQGXP q
DOOHJDWR DO SUHVHQWH 3URWRFROOR JHQHUDOH GL LQWHVD TXDOH DOOHJDWR 

&KH LO SUHVHQWH 3URWRFROOR JHQHUDOH QHO ULVSHWWR GHOOH ULVSHWWLYH SUHURJDWLYH LVWLWX]LRQDOL GHOOH 3DUWL
KD OR VFRSR GL LGHQWLILFDUH JOL LQGLUL]]L FKH RULHQWHUDQQR OD FROODERUD]LRQH WUD OH 3DUWL QRQFKp
O·RUJDQL]]D]LRQH JHQHUDOH OH PRGDOLWj JOL VWUXPHQWL H L WHPSL GL UHDOL]]D]LRQH GHOOH $]LHQGH
RVSHGDOLHURXQLYHUVLWDULH QRQFKp GHOOD UHWH IRUPDWLYD WHUULWRULDOH VRSUD ULFKLDPDWH
&216,'(5$72
4XDQWR GLVSRVWR GDOO·DUW  FRPPD  'OJV  GLFHPEUH  Q  GDO '3&0  PDJJLR
 GDOOD OHJJH  GLFHPEUH  Q  QRQFKp GDOOD OHJJH UHJLRQDOH  DSULOH  Q 
78772 &,2· 35(0(662 ( &216,'(5$72
/D 5HJLRQH H O·8QLYHUVLWj FRQYHQJRQR H VWLSXODQR TXDQWR VHJXH
&$32, 5HFHSLPHQWR GHOOH SUHPHVVH RJJHWWR GHO 3URWRFROOR JHQHUDOH G·LQWHVD H
SULQFLSL H RELHWWLYL JHQHUDOL

5HFHSLPHQWR GHOOH SUHPHVVH
/H SUHPHVVH FRVWLWXLVFRQR SDUWH LQWHJUDQWH H VRVWDQ]LDOH GHO SUHVHQWH 3URWRFROOR JHQHUDOH
UDSSUHVHQWDQGRQH DOWUHVu FULWHUL GL LQWHUSUHWD]LRQH

3ULQFLSL H RELHWWLYL JHQHUDOL GHO 3URWRFROOR JHQHUDOH GL LQWHVD
,O SUHVHQWH 3URWRFROOR JHQHUDOH G
LQWHVD GL VHJXLWR DQFKH VROR ´3URWRFROORµ YLQFROD JOL DWWL D]LHQGDOL
GHOOH $]LHQGH RVSHGDOLHURXQLYHUVLWDULH HG L FRQVHJXHQWL DFFRUGL DWWXDWLYL D]LHQGDOL GHILQHQGR QHO ULVSHWWR
GHO GHFUHWR OHJLVODWLYR  GLFHPEUH  Q  'LVFLSOLQD GHL UDSSRUWL IUD 6HUYL]LR VDQLWDULR QD]LRQDOH
HG XQLYHUVLWj D QRUPD GHOO
DUWLFROR  GHOOD /  QRYHPEUH  Q  LQ SDUWLFRODUH
D SHU OH DWWLYLWj DVVLVWHQ]LDOL L FULWHUL SHU OD FRVWLWX]LRQH GHOOH VWUXWWXUH RUJDQL]]DWLYH
E LQ UHOD]LRQH DOOH DWWLYLWj GLGDWWLFKH GL FRPXQH LQWHUHVVH L FULWHUL SHU GHILQLUH JOL DSSRUWL UHFLSURFL ULVSHWWR
DL IDEELVRJQL IRUPDWLYL GHO 6HUYL]LR VDQLWDULR UHJLRQDOH GHOOH VFXROH GL VSHFLDOL]]D]LRQH GHL FRUVL GL ODXUHD
LQ 0HGLFLQD H &KLUXUJLD H LQ 2GRQWRLDWULD H SURWHVL GHQWDULD GHL FRUVL GL ODXUHD GHOOH SURIHVVLRQL VDQLWDULH
H GHL FRUVL GL IRUPD]LRQH QRQFKp SHU OD ULSDUWL]LRQH GHJOL RQHUL
F OH WLSRORJLH GL ULFHUFKH GL LQWHUHVVH FRPXQH GD DVVHJQDUH DL GLSDUWLPHQWL DVVLVWHQ]LDOL LQWHJUDWL HG L FULWHUL
GL ULSDUWL]LRQH GHL UHODWLYL RQHUL H GL XWLOL]]R GHL ULVXOWDWL FRQVHJXLWL
G L OLYHOOL GL FRPSDUWHFLSD]LRQH GHOOD 5HJLRQH H GHOO
8QLYHUVLWj DL ULVXOWDWL GL JHVWLRQH
H TXDQW·DOWUR GL VHJXLWR HVSUHVVDPHQWH GLVFLSOLQDWR QHO SUHVHQWH 3URWRFROOR
,O SUHVHQWH 3URWRFROOR QHO ULVSHWWR GHOO·DXWRQRPLD GHOOH 3DUWL H GHOOH DWWULEX]LRQL GHOOH,VWLWX]LRQL
FRPSHWHQWL GLVFLSOLQD OD FRVWLWX]LRQH O·DWWLYD]LRQH O·RUJDQL]]D]LRQH H LO IXQ]LRQDPHQWR GHOOH $]LHQGH
RVSHGDOLHURXQLYHUVLWDULH GL 3HUXJLD H GL 7HUQL QRQFKp L UDSSRUWL WUD 5HJLRQH H 8QLYHUVLWj LQ PDWHULD GL
DWWLYLWj LQWHJUDWH GL GLGDWWLFD ULFHUFD H DVVLVWHQ]D VYROWH QHOO·DPELWR GHO 6HUYL]LR VDQLWDULR UHJLRQDOH
 5HJLRQH H
8QLYHUVLWj QHO ULVSHWWR GHOOH ULVSHWWLYH DXWRQRPLH H
GHOOH VSHFLILFKH ILQDOLWj LVWLWX]LRQDOL
LVSLUDQGR L SURSUL UDSSRUWL DL SULQFLSL GL OHDOH FROODERUD]LRQH GL OLEHUWj GHOOD ULFHUFD H GHOO
LQVHJQDPHQWR
GL SXEEOLFLWj H WUDVSDUHQ]D VL LPSHJQDQR D SHUVHJXLUH XQ PRGHOOR GL UHOD]LRQL EDVDWR VXO SULQFLSLR GHOOD
SURJUDPPD]LRQH FRQJLXQWD GHOOH IRUPH GL LQWHJUD]LRQH WUD DWWLYLWj DVVLVWHQ]LDOL GLGDWWLFRIRUPDWLYH H GL
ULFHUFD
 /D 5HJLRQH H O·8QLYHUVLWj SHU TXDQWR GL SURSULD FRPSHWHQ]D H UHVSRQVDELOLWj SURPXRYRQR RELHWWLYL
D GL JDUDQ]LD GHOOD TXDOLWj H VRVWHQLELOLWj GHO 6HUYL]LR 6DQLWDULR 5HJLRQDOH

E GL DVVLFXUD]LRQH GHOOD TXDOLWj H DSSURSULDWH]]D GHOOD IRUPD]LRQH GHO SHUVRQDOH PHGLFR H VDQLWDULR
F GL SURPR]LRQH H VYLOXSSR GHOOD ULFHUFD ELRPHGLFD H VDQLWDULD
 /·LQWHJUD]LRQH IUD DWWLYLWj DVVLVWHQ]LDOH H GLGDWWLFRVFLHQWLILFD FRPSUHQGH L &RUVL GL /DXUHD PDJLVWUDOH LQ
0HGLFLQD H &KLUXUJLD H LQ 2GRQWRLDWULD H SURWHVL GHQWDULD L &RUVL GL /DXUHD GHOOH SURIHVVLRQL VDQLWDULH OH
6FXROH GL 6SHFLDOL]]D]LRQH GL DUHD VDQLWDULD H L FRUVL SRVWODXUHD GL DOWD IRUPD]LRQH H GL SHUIH]LRQDPHQWR
GRWWRUDWL GL ULFHUFD PDVWHU VWDJH FRUVL GL SHUIH]LRQDPHQWR GL DUHD VDQLWDULD
 3HU OD UHDOL]]D]LRQH GHOOH DWWLYLWj LQWHJUDWH OD VWUXWWXUD XQLYHUVLWDULD GL ULIHULPHQWR q UDSSUHVHQWDWD GDO
'LSDUWLPHQWR GL 0HGLFLQD H &KLUXUJLD $OOD UHDOL]]D]LRQH GHOOH SUHGHWWH DWWLYLWj LQWHJUDWH LO 'LSDUWLPHQWR
GL 0HGLFLQD H &KLUXUJLD FRQFRUUH PHGLDQWH LO SURSULR SHUVRQDOH GRFHQWH H ULFHUFDWRUH LQ SRVVHVVR GHL
UHTXLVLWL GL OHJJH DIIHUHQWH DL VHWWRUL VFLHQWLILFRGLVFLSOLQDUL FKH VYROJRQR DWWLYLWj FRPSHQHWUDWH
VFLHQWLILFRGLGDWWLFKH H FOLQLFRDVVLVWHQ]LDOL

$WWLYLWj GLGDWWLFD
 /
LQWHJUD]LRQH WUD OH DWWLYLWj DVVLVWHQ]LDOL H TXHOOH GLGDWWLFR IRUPDWLYH H GL ULFHUFD VL UHDOL]]D QHOO
DPELWR
GHL &RUVL GL VWXGLR XQLYHUVLWDUL SUHYLVWL GDOOH QRUPH YLJHQWL
 /
RUJDQL]]D]LRQH H LO IXQ]LRQDPHQWR GHOO
DWWLYLWj GLGDWWLFD SUHYHGRQR FKH OH VWUXWWXUH H OH DWWLYLWj
GLGDWWLFKH XQLYHUVLWDULH YROWH DOOD IRUPD]LRQH GHO PHGLFR GHOOR VSHFLDOLVWD H GHOOH DOWUH ILJXUH SURIHVVLRQDOL
VDQLWDULH SUHYLVWH GDOOD SURJUDPPD]LRQH UHJLRQDOH GLVSRQJDQR GL WXWWR OR VSHWWUR GHOOD FDVLVWLFD SUHVHQWH
QHOOH $]LHQGH 6DQLWDULH GL ULIHULPHQWR H QHOOH DOWUH VWUXWWXUH SUHVHQWL SUHVVR JOL DOWUL (QWL SXEEOLFL H SULYDWL
FRPH LQGLYLGXDWL QHO VXFFHVVLYR FRPPD 
 3HU OH DWWLYLWj DVVLVWHQ]LDOL HVVHQ]LDOL DOOR VYROJLPHQWR GHOOH IXQ]LRQL LVWLWX]LRQDOL GL GLGDWWLFD H GL ULFHUFD
GHOO·8QLYHUVLWj VRQR LQGLYLGXDWH TXDOL D]LHQGH GL ULIHULPHQWR OH $]LHQGH RVSHGDOLHURXQLYHUVLWDULH GL
3HUXJLD H 7HUQL
 /D 5HJLRQH H O·8QLYHUVLWj SRWUDQQR DOWUHVu LQGLYLGXDUH VXOOD EDVH GL FULWHUL GL FXL DL FRPPL  H  GHOO·DUW
 GHO 'OJV  DOWUH VHGL GL DWWLYLWj IRUPDWLYH SUHVVR DOWUH VWUXWWXUH SXEEOLFKH H LQ YLD VXERUGLQDWD
SUHVVR VWUXWWXUH DVVLVWHQ]LDOL SULYDWH SXUFKp JLj DFFUHGLWDWH
 /D SURJUDPPD]LRQH H O
RUJDQL]]D]LRQH GHOO
DWWLYLWj GLGDWWLFD GHYH SRWHU GLVSRUUH GL WXWWH OH FRPSHWHQ]H
QHFHVVDULH SHU OR VYROJLPHQWR GHL SLDQL GL VWXGLR XQLYHUVLWDUL,Q SDUWLFRODUH ROWUH DL GRFHQWL XQLYHUVLWDUL
SUHSRVWL LO SHUVRQDOH GHO 6HUYL]LR 6DQLWDULR 5HJLRQDOH VLD GLULJHQWL PHGLFL VLD FRRUGLQDWRUL H SHUVRQDOH
GHO FRPSDUWR LQ SRVVHVVR GHL UHTXLVLWL GL LGRQHLWj SUHYLVWL GDOOD QRUPDWLYD YLJHQWH SXz SDUWHFLSDUH
DWWLYLWj GLGDWWLFD FRQ LQFDULFKL GL LQVHJQDPHQWR WXWRUDJJLR H DOWUH DWWLYLWj IRUPDWLYH LQ IXQ]LRQH
RUJDQL]]D]LRQH GHOOD GLGDWWLFD SUHYLVWD GDO 'LSDUWLPHQWR GL 0HGLFLQD H &KLUXUJLD H FRPSDWLELOPHQWH
FRQ OH HVLJHQ]H UHODWLYH DOO
HVHUFL]LR GHOOH IXQ]LRQL DVVLVWHQ]LDOL DL VHQVL GHOOD YLJHQWH QRUPDWLYD H GHJOL
VSHFLILFL DFFRUGL DWWXDWLYL 8QLYHUVLWj  5HJLRQH
 ,Q SULPD DSSOLFD]LRQH SHU TXDQWR DWWLHQH OD UHWH IRUPDWLYD O
RUJDQL]]D]LRQH GHOOH VFXROH GL
VSHFLDOL]]D]LRQH H GHL FRUVL GL ODXUHD GHOOH SURIHVVLRQL VDQLWDULH ULPDQJRQR YDOLGH OH LQWHVH WUD 5HJLRQH HG
8QLYHUVLWj DWWXDOPHQWH LQ YLJRUH
 /D 5HJLRQH H O·8QLYHUVLWj SUHQGRQR DWWR GHO IDWWR FKH O·LQWHJUD]LRQH IUD OD IXQ]LRQH IRUPDWLYD H GL
ULFHUFD H O·DWWLYLWj DVVLVWHQ]LDOH FRPSUHQGH ROWUH DOOD IRUPD]LRQH GL EDVH SUHODXUHD GHO PHGLFR DQFKH
TXHOOD GHOOR VSHFLDOLVWD O·HGXFD]LRQH FRQWLQXD LQ PHGLFLQD OD IRUPD]LRQH GHL SURIHVVLRQLVWL GHOOD VDOXWH
QRQFKp OR VYLOXSSR GL LQQRYD]LRQL VFLHQWLILFKH LQ FDPSR FOLQLFR H GL RUJDQL]]D]LRQH VDQLWDULD
 OD 5HJLRQH H O·8QLYHUVLWj VWLSXODQR VSHFLILFKH LQWHVH SHU GLVFLSOLQDUH OH PRGDOLWj GHOOD UHFLSURFD
FROODERUD]LRQH DL VHQVL GHOO·DUWLFROR  FRPPD  GHO 'OJV  VXOOD EDVH GHL VHJXHQWL SULQFLSL
D YLHQH FRQFRUGDWD WUD 8QLYHUVLWj H 5HJLRQH OD UHWH IRUPDWLYD UHJLRQDOH FKH GRYUj ULFRPSUHQGHUH L SUHVLGL
RVSHGDOLHUL H WHUULWRULDOL LGRQHL DG DFFRJOLHUH H IRUPDUH SHUVRQDOH VLD SHU L FRUVL GL ODXUHD GHOOH SURIHVVLRQL
VDQLWDULH VLD SHU OH 6FXROH GL VSHFLDOL]]D]LRQH HQWUR L OLPLWL GL EXGJHW GL FLDVFXQD VWUXWWXUD UHODWLYDPHQWH
DOOH 6FXROH GL 6SHFLDOL]]D]LRQH O·LQVHULPHQWR QHOOD UHWH LPSOLFD O·LPSHJQR D FRQVHQWLUH DL PHGLFL LQ
IRUPD]LRQH VSHFLDOLVWLFD GL VHJXLWR DQFKH VROR ´VSHFLDOL]]DQGLµ O·HIIHWWXD]LRQH GL DWWLYLWj
SURIHVVLRQDOL]]DQWL LQFOXVH TXHOOH DVVLVWHQ]LDOL FRQ LPSHJQR GHO WXWRU D JXLGDUQH O·DWWLYLWj HQWUR L OLPLWL
GHO EXGJHW GL FLDVFXQD VWUXWWXUD $QFRUD O·LQVHULPHQWR GL VWUXWWXUH GHO 665 QHOOD UHWH IRUPDWLYD QRQ
LPSOLFD DOFXQ RQHUH SHU O·8QLYHUVLWj VH QRQ LO FRUULVSHWWLYR HFRQRPLFR GRYXWR DJOL VSHFLDOL]]DQGL OH
$]LHQGH RVSHGDOLHURXQLYHUVLWDULH H L UHODWLYL SUHVLGL IDFHQWL SDUWH GHOOD UHWH VRQR UHVSRQVDELOL GHOOD FRUUHWWD
DSSOLFD]LRQH GHOOH QRUPH UHODWLYH DOOD VLFXUH]]D HG DOOD SUHYHQ]LRQH GHOOH PDODWWLH WUDVPLVVLELOL
E SHU TXDQWR DWWLHQH DOOH 6FXROH GL VSHFLDOL]]D]LRQH PHGLFKH H DL &RUVL GL ODXUHD QHOOH SURIHVVLRQL VDQLWDULH
LO IDEELVRJQR IRUPDWLYR q GHILQLWR GDOOD SURJUDPPD]LRQH VDQLWDULD QD]LRQDOH H UHJLRQDOH VXOOD EDVH GHOOH
HVLJHQ]H GL IRUPD]LRQH ULOHYDWH GDOOD 5HJLRQH SHU LO WUDPLWH GHOO·2VVHUYDWRULR 5HJLRQDOH SHU OD
)RUPD]LRQH 0HGLFD 6SHFLDOLVWLFD DFTXLVLWR LO SDUHUH GHOO·8QLYHUVLWj
F LQ FRQIRUPLWj DOOH YLJHQWL GLVSRVL]LRQL H VXOOD EDVH GHO ELVRJQR GL VSHFLILFKH ILJXUH SURIHVVLRQDOL OD
5HJLRQH SRWUj ILQDQ]LDUH FRQWUDWWL GL IRUPD]LRQH VSHFLDOLVWLFD LQ HFFHGHQ]D ULVSHWWR DOOH DVVHJQD]LRQL
GHOLEHUDWH LQ VHGH QD]LRQDOH
G GHYH HVVHUH DVVLFXUDWD OD URWD]LRQH GHJOL VSHFLDOL]]DQGL WUD OH VWUXWWXUH GHOOH $]LHQGH RVSHGDOLHUR
XQLYHUVLWDULH H OH VWUXWWXUH SXEEOLFKH H SULYDWH DFFUHGLWDWH FRPSUHVH QHOOD UHWH IRUPDWLYD LQ SRVVHVVR GHL
UHTXLVLWL GL LGRQHLWj FKH JDUDQWLVFRQR OH SULRULWDULH HVLJHQ]H GHOOD IRUPD]LRQH H GHOO
DSSUHQGLPHQWR GHOOD
ULFHUFD FOLQLFD OD SULRULWj GHOO·LQVHULPHQWR QHOOD UHWH IRUPDWLYD YD GDWD DOOH VWUXWWXUH SXEEOLFKH DFFUHGLWDWH
H VXFFHVVLYDPHQWH DOOH VWUXWWXUH SULYDWH DFFUHGLWDWH QHO ULVSHWWR GHOOH YLJHQWL GLVSRVL]LRQL QRUPDWLYH
O·DWWLYLWj GHJOL VSHFLDOL]]DQGL QRQ GHYH HVVHUH XWLOL]]DWD SHU VRSSHULUH D FDUHQ]H GL RUJDQLFR GHOOH VWUXWWXUH
PD GHYH HVVHUH ILQDOL]]DWD HVVHQ]LDOPHQWH DOO·DSSUHQGLPHQWR FRQ DVVXQ]LRQH SURJUHVVLYD GL UHVSRQVDELOLWj
SHUVRQDOH LQ WXWWH OH DWWLYLWj SURSULH GHOOH VWUXWWXUH GL DVVHJQD]LRQH
H DL GLULJHQWL GHO 6HUYL]LR 6DQLWDULR 5HJLRQDOH LQ SRVVHVVR GHL UHTXLVLWL SUHYLVWL GDOOD QRUPDWLYD YLJHQWH
SRVVRQR HVVHUH DWWULEXLWL FRPSLWL GL IRUPD]LRQH QHOO·DPELWR GHL FRUVL GL LQVHJQDPHQWR SUHYLVWL
GDOO·RUGLQDPHQWR GLGDWWLFR XQLYHUVLWDULR,O VXGGHWWR SHUVRQDOH SDUWHFLSD DOO·DWWLYLWj GLGDWWLFD LQ YDULH YHVWL
HVHUFLWDQGR GRFHQ]D WXWRUDJJLR HG DOWUH DWWLYLWj IRUPDWLYH LQ IXQ]LRQH GHOO·RUJDQL]]D]LRQH GHOOD GLGDWWLFD
SUHYLVWD GDOOH VWUXWWXUH D FLz VSHFLILFDPHQWH SUHSRVWH GHOO·8QLYHUVLWj
 /D 5HJLRQH SXz DYYDOHUVL GHOO·8QLYHUVLWj FRQ O·DFFRUGR GL TXHVW·XOWLPD DL ILQL GHOO·RUJDQL]]D]LRQH GHL
FRUVL GL IRUPD]LRQH LQ PDWHULD GL VDQLWj SXEEOLFD H GL RUJDQL]]D]LRQH H JHVWLRQH VDQLWDULD GL FXL DOO·DUW 
FRPPD  OHWW F GHO GOJV  DJRVWR  Q  $WWXD]LRQH GHOOD GHOHJD GL FXL DOO
DUWLFROR  FRPPD 
OHWWHUD S GHOOD OHJJH  DJRVWR  Q  LQ PDWHULD GL GLULJHQ]D VDQLWDULD
 /·8QLYHUVLWj RIIUH OD SURSULD FROODERUD]LRQH SHU VRGGLVIDUH OH QHFHVVLWj GHO 6HUYL]LR 6DQLWDULR
5HJLRQDOH LQ SDUWLFRODUH LQ TXHL VHWWRUL GRYH OH HVLJHQ]H IRUPDWLYH VRQR SL HYLGHQWL H ODGGRYH OD
SURJUDPPD]LRQH UHJLRQDOH HYLGHQ]LHUj HVLJHQ]H IRUPDWLYH SDUWLFRODUL FRPXQTXH FRUUHODWH DOO·DVVLVWHQ]D
VDQLWDULD H VRFLR VDQLWDULD
 /·$]LHQGD 6DQLWDULD RVSLWDQWH DVVLFXUD OD VRUYHJOLDQ]D VDQLWDULD DJOL VWXGHQWL GHL &RUVL GL ODXUHD LQ
0HGLFLQD H &KLUXUJLD LQ 2GRQWRLDWULD GHL &RUVL GL ODXUHD GHOOH SURIHVVLRQL VDQLWDULH H DL PHGLFL GL
IRUPD]LRQH VSHFLDOLVWLFD GXUDQWH O·DWWLYLWj SUHVVR OH SURSULH VWUXWWXUH H VL LPSHJQD DIILQFKp DJOL VWXGHQWL
GHL &RUVL SUHGHWWL VLDQR IRUQLWH GHWWDJOLDWH LQIRUPD]LRQL VXL ULVFKL VSHFLILFL HVLVWHQWL QHOO·DPELHQWH LQ FXL
VRQR GHVWLQDWL DG RSHUDUH H VXOOH PLVXUH GL SUHYHQ]LRQH H GL HPHUJHQ]D DGRWWDWH LQ UHOD]LRQH DOOD SURSULD
DWWLYLWj DQFKH VXOOD EDVH GHO GRFXPHQWR GL VLFXUH]]D HODERUDWR GDO GDWRUH GL ODYRUR GHOOD VWUXWWXUD RVSLWDQWH
H FXVWRGLWR SUHVVR TXHVW·XOWLPD RYYHUR SUHVVR O·XQLWj SURGXWWLYD LQ EDVH DO 'OJV  3HU OH DWWLYLWj
GL FXL DO SUHVHQWH FRPPD LO SUHSRVWR LO GLULJHQWH H LO GDWRUH GL ODYRUR QRQFKp OH DOWUH ILJXUH SUHYLVWH
HVSUHVVDPHQWH GDOO·DUW  GHO 'OJV  VRQR TXHOOH GHOO·$]LHQGD RVSLWDQWH H FRPXQLFDWH DJOL VWXGHQWL
H DL PHGLFL H RGRQWRLDWUL LQ IRUPD]LRQH VSHFLDOLVWLFD SULPD GHOO·LQL]LR GHOOH DWWLYLWj VWHVVH
 5HJLRQH H 8QLYHUVLWj FRQYHQJRQR GL DWWLYDUH XQ 2VVHUYDWRULR UHJLRQDOH SHU OH SURIHVVLRQL VDQLWDULH
LQIHUPLHULVWLFKH WHFQLFKH GHOOD ULDELOLWD]LRQH H GHOOD SUHYHQ]LRQH GLVFLSOLQDWR VXOOD EDVH GL VSHFLILFL DFFRUGL
DWWXDWLYL VRWWRVFULWWL WUD OH 3DUWL
 3HU OH VWUXWWXUH GL GHJHQ]D LO QXPHUR GL SRVWL OHWWR PHVVR D GLVSRVL]LRQH GHO 'LSDUWLPHQWR GL 0HGLFLQD
H &KLUXUJLD SHU OR VYROJLPHQWR GHOOH DWWLYLWj GLGDWWLFKH H GL ULFHUFD q GHWHUPLQDWR LQ WUH SRVWL OHWWR ULSDUWLWL
SURSRU]LRQDOPHQWH WUD OH GXH $]LHQGH RVSHGDOLHURXQLYHUVLWDULH SHU RJQL VWXGHQWH LVFULWWR DO SULPR DQQR
GHO FRUVR GL ODXUHD LQ 0HGLFLQD H &KLUXUJLD DL VHQVL GHOO·DUW  FRPPD  '3&0  /H VWUXWWXUH
VDQLWDULH LQ UHOD]LRQH DOOD QHFHVVLWj GL DVVLFXUDUH OD SUHVHQ]D GHOOH VWUXWWXUH DVVLVWHQ]LDOL HVVHQ]LDOL SHU OH
DWWLYLWj GLGDWWLFKH H GL ULFHUFD H O
RWWLPDOH RUJDQL]]D]LRQH GHOOD SURGX]LRQH DVVLVWHQ]LDOH GHEERQR HVVHUH
DOWUHVu GLPHQVLRQDWH LQ PRGR GD FRQVHQWLUH O
HVSOHWDPHQWR GHOOH IXQ]LRQL IRUPDWLYH H GHOO
DWWLYLWj GL
ULFHUFD GHO SHUVRQDOH XQLYHUVLWDULR VLD QHL VHWWRUL RUGLQDUL VLD LQ TXHOOL GL QDWXUD VSHULPHQWDOH HG LQQRYDWLYD
DYXWR ULJXDUGR DOO
HYROX]LRQH GHOOD ULFHUFD ELRPHGLFD HG DOOH HVLJHQ]H GHOOD VDQLWj SXEEOLFD
 /H $]LHQGH RVSHGDOLHURXQLYHUVLWDULH VRQR LPSHJQDWH D SURFHGHUH DO SURJUHVVLYR DGHJXDPHQWR GHOOD
GRWD]LRQH GL SRVWL OHWWR DJOL VWDQGDUG LQGLFDWL QHO SLDQR VDQLWDULR UHJLRQDOH H QHL SLDQL DWWXDWLYL ORFDOL
VHFRQGR OH PRGDOLWj H QHL WHPSL LYL SUHYLVWL FRPSDWLELOPHQWH FRQ LO PDQWHQLPHQWR GHOOH VWUXWWXUH GHILQLWH
LQ EDVH DO SDUDPHWUR GL FXL DOO·DUW  FRPPD  '3&0 

5LFHUFD FOLQLFD WUDVOD]LRQDOH H VDQLWDULD
 /
8QLYHUVLWj H OD 5HJLRQH FRQVLGHUDQR GL LQWHUHVVH FRPXQH OR VYLOXSSR GHOOD ULFHUFD LQ DPELWR FOLQLFR
WUDVOD]LRQDOH H VDQLWDULR $ WDOH VFRSR 5HJLRQH H 8QLYHUVLWj GHILQLVFRQR L SURJUDPPL GL ULFHUFD ILQDOL]]DWL
DOOR VYLOXSSR GL LQQRYD]LRQL VFLHQWLILFKH H WHFQRORJLFKH GL QXRYH PRGDOLWj JHVWLRQDOL DQFKH VSHULPHQWDOL
H GL QXRYL PRGHOOL RUJDQL]]DWLYL FRQFRUUHQGR D FLz FRQ SURSULH ULVRUVH /
8QLYHUVLWj H OD 5HJLRQH VL
LPSHJQDQR D VYLOXSSDUH FRQJLXQWDPHQWH O
LQWHJUD]LRQH WUD PDFURDUHH GLVFLSOLQDUL QHL VHWWRUL GHOOD ULFHUFD
FOLQLFD WUDVOD]LRQDOH H VDQLWDULD $OWUHVu FRQFRUURQR DG LQFHQWLYDUH XQD VHPSUH PDJJLRUH SDUWHFLSD]LRQH
GHL 'LULJHQWL 0HGLFL H 6DQLWDUL GHO 665 DOOH DWWLYLWj GL ULFHUFD FOLQLFD H VDQLWDULD
 5HJLRQH HG 8QLYHUVLWj FRQVLGHUDQR FRPH LQWHUHVVH FRPXQH OR VYLOXSSR GHOOD ULFHUFD LQ DPELWR FOLQLFR
WUDVOD]LRQDOH H VDQLWDULR DQFKH FRPH HOHPHQWR GL FRQWLQXR PLJOLRUDPHQWR GHOOH FRQRVFHQ]H DSSOLFDELOL
DOOD SUDWLFD PHGLFD /D 5HJLRQH H O·8QLYHUVLWj DQFKH DO ILQH GL FRQVHQWLUH FKH OH DWWLYLWj GL ULFHUFD
ULVSRQGDQR DO IDEELVRJQR FRQRVFLWLYR H RSHUDWLYR GHO 6HUYL]LR 6DQLWDULR 5HJLRQDOH LQGLYLGXDQR WHPL GL
ULFHUFD VWUDWHJLFL GL LQWHUHVVH FRPXQH H VWLSXODQR DFFRUGL LQ PDWHULD GL ULFHUFD VDQLWDULD /D 5HJLRQH
V·LPSHJQD D FRLQYROJHUH O·8QLYHUVLWj LQ SURJHWWL GL ULFHUFD FRQJLXQWL VXL IRQGL SURSUL GHOOD 5HJLRQH H VXL
)RQGL GHVWLQDWL DOO·DWWLYLWj GL ULFHUFD GD SDUWH GHO 0LQLVWHUR GHOOD 6DOXWH R GD DOWUH LVWLWX]LRQL SXEEOLFKH R
SULYDWH 3DULPHQWL O·8QLYHUVLWj VL LPSHJQD D VRVWHQHUH SURJHWWL GL ULFHUFD VX WHPL GL LQWHUHVVH VWUDWHJLFR SHU
HQWUDPEH OH SDUWL
 /D 5HJLRQH H O·8QLYHUVLWj ULFRQRVFRQR FRPH SDUWH LQWHJUDQWH GHOOD TXDOLILFD]LRQH VFLHQWLILFD H
DVVLVWHQ]LDOH GHOOH $]LHQGH RVSHGDOLHURXQLYHUVLWDULH GL 3HUXJLD H GL 7HUQL H GHOOH $]LHQGH 6DQLWDUH ORFDOL
OD UHDOL]]D]LRQH GL XQ XQLFR &HQWUR 5HJLRQDOH SHU LO &RRUGLQDPHQWR GHOOD 5LFHUFD H OD 6SHULPHQWD]LRQH
&OLQLFD IDYRUHQGRQH OD SLHQD LQWHJUD]LRQH FRQ L FHQWUL GL ULFHUFD GHOO·8QLYHUVLWj &RQ VXFFHVVLYL DFFRUGL OH
3DUWL FRQFRUGHUDQQR OH PRGDOLWj GL LVWLWX]LRQH GHO SUHGHWWR &HQWUR
 /D 5HJLRQH H O·8QLYHUVLWj GL FRQFHUWR FRQ OH 'LUH]LRQL $]LHQGDOL SRWUDQQR UHDOL]]DUH SUHVVR OH $]LHQGH
RVSHGDOLHURXQLYHUVLWDULH GL 3HUXJLD H GL 7HUQL OH 8QLWj $]LHQGDOL GL 5LFHUFD &OLQLFD RYYHURVLD OH ´&OLQLFDO
7ULDO 8QLWµ &78 GHGLFDWH DOOH VSHULPHQWD]LRQL VXOO·XRPR /D &78 RSHUD GL FRQFHUWR FRQ LO &RPLWDWR
(WLFR GHOOH $]LHQGH 6DQLWDULH &($6 GHOO·8PEULD RIIUHQGR FRPSHWHQ]H VWUXWWXUH H ULVRUVH DGHJXDWH DOOD
FRPSOHVVLWj GHOOH VSHULPHQWD]LRQL FOLQLFKH SURPXRYHQGR O·HFFHOOHQ]D H IRUQHQGR JOL VWUXPHQWL QHFHVVDUL
SHU OD FRQGX]LRQH GL XQD ULFHUFD GL TXDOLWj VHFRQGR OD YLJHQWH QRUPDWLYD 1D]LRQDOH HG (XURSHD >/HJJH 
JHQQDLR  Q  'HOHJD DO *RYHUQR LQ PDWHULD GL VSHULPHQWD]LRQH FOLQLFD GL PHGLFLQDOL QRQFKp
GLVSRVL]LRQL SHU LO ULRUGLQR GHOOH SURIHVVLRQL VDQLWDULH H SHU OD GLULJHQ]D VDQLWDULD GHO 0LQLVWHUR GHOOD VDOXWH
5HJRODPHQWR 8(  >5HJRODPHQWR GHO 3DUODPHQWR (XURSHR H GHO &RQVLJOLR VXOOD
VSHULPHQWD]LRQH FOLQLFD GL PHGLFLQDOL SHU XVR XPDQR H FKH DEURJD OD GLUHWWLYD &( 7HVWR
ULOHYDQWH DL ILQL GHO 6(( @,O UHJRODPHQWR H OH PRGDOLWj GL LQWHJUD]LRQH GHOOH &78 $]LHQGDOL YHUUDQQR
LQGLYLGXDWH QHOO·DPELWR GHOO·DWWR D]LHQGDOH
 /·DWWR D]LHQGDOH FRQWHUUj WXWWL JOL HOHPHQWL QHFHVVDUL DO FRUUHWWR VYROJLPHQWR GHOOH DWWLYLWj GL ULFHUFD LQ
SDUWLFRODUH SHU TXDQWR FRQFHUQH OH ULVRUVH ILQDQ]LDULH H XPDQH GD LPSLHJDUH OH PRGDOLWj GL VYROJLPHQWR
GHOOH ULFHUFKH H GL GLYXOJD]LRQH H XWLOL]]D]LRQH GHL ULVXOWDWL FRQVHJXLWL OH FRQGL]LRQL SHU O
HYHQWXDOH ULFKLHVWD
GL OLFHQ]H R EUHYHWWL
, 'LULJHQWL 0HGLFL H 6DQLWDUL GHO 6HUYL]LR 6DQLWDULR 5HJLRQDOH SRVVRQR HVVHUH FRLQYROWL LQ SURJHWWL GL
ULFHUFD GHOO·8QLYHUVLWj HG DFFHGHUH DOO·XWLOL]]R GHOOR VWDEXODULR SHU OH DWWLYLWj GL ULFHUFD LQ PRGHOOL DQLPDOL
QHO ULVSHWWR GHOOD QRUPDWLYD YLJHQWH
 /·8QLYHUVLWj SXz UHDOL]]DUH DL VHQVL GHOO
DUW  FRPPD  GHOOD /HJJH  QRYHPEUH  Q  1XRYH
GLVSRVL]LRQL FRQFHUQHQWL L SURIHVVRUL H L ULFHUFDWRUL XQLYHUVLWDUL H GHOHJD DO *RYHUQR SHU LO ULRUGLQR GHO
UHFOXWDPHQWR GHL SURIHVVRUL XQLYHUVLWDUL VSHFLILFL SURJUDPPL GL ULFHUFD VXOOD EDVH GL FRQYHQ]LRQL FRQ OH
$]LHQGH 6DQLWDULH FRQ OD 5HJLRQH R FRQ DOWUL HQWL SXEEOLFL R SULYDWL FKH SUHYHGDQR DQFKH O
LVWLWX]LRQH
WHPSRUDQHD SHU SHULRGL QRQ VXSHULRUL DL  DQQL FRQ RQHUL ILQDQ]LDUL D FDULFR GHOOH $]LHQGH GHOOD 5HJLRQH
R GHL SUHGHWWL DOWUL HQWL SXEEOLFL R SULYDWL GL SRVWL GL SURIHVVRUH VWUDRUGLQDULR GD FRSULUH PHGLDQWH
FRQIHULPHQWR GL LQFDULFKL GHOOD GXUDWD GL  DQQL ULQQRYDELOL
 /
RUJDQL]]D]LRQH H LO IXQ]LRQDPHQWR GHOOH DWWLYLWj GL ULFHUFD FOLQLFD SUHYHGRQR FKH OH VWUXWWXUH
XQLYHUVLWDULH GLVSRQJDQR GL DFFHVVR SHU OH ILQDOLWj VFLHQWLILFKH D WXWWR OR VSHWWUR GHOOD FDVLVWLFD SUHVHQWH
QHOOH $]LHQGH 6DQLWDULH GL ULIHULPHQWR H QHOOH DOWUH VWUXWWXUH SUHVHQWL SUHVVR JOL DOWUL (QWL SXEEOLFL R SULYDWL
DFFUHGLWDWL FRQYHQ]LRQDWL FRQ O
8QLYHUVLWj
&$32,, )LQDOLWj H VWUXPHQWL GHOOD SURJUDPPD]LRQH FRQJLXQWD WUD 6HUYL]LR
6DQLWDULR 5HJLRQDOH H 8QLYHUVLWj

3URJUDPPD]LRQH FRQJLXQWD
 /D SURJUDPPD]LRQH FRQJLXQWD WUD LO 6HUYL]LR 6DQLWDULR 5HJLRQDOH H O·8QLYHUVLWj KD OR VFRSR GL
D DVVLFXUDUH LO FRQFRUVR GHOO·8QLYHUVLWj DOOD HODERUD]LRQH GHOOD SURJUDPPD]LRQH VDQLWDULD UHJLRQDOH SHU
TXDQWR ULJXDUGD OH DWWLYLWj PHGLFKH H DVVLVWHQ]LDOL HVVHQ]LDOL DOOH DWWLYLWj GLGDWWLFKH H GL ULFHUFD H VHFRQGR
TXDQWR SUHYLVWR GDOOD OHJLVOD]LRQH YLJHQWH 7DOL DWWLYLWj VL VYROJRQR QHOOD $]LHQGD 2VSHGDOLHUR
8QLYHUVLWDULD GL 3HUXJLD QHOOD $]LHQGD 2VSHGDOLHURXQLYHUVLWDULD GL 7HUQL H LQ DOWUH VHGL GHO 6HUYL]LR
6DQLWDULR 5HJLRQDOH
E GHILQLUH L SURJUDPPL GL ULFHUFD GL FRPXQH LQWHUHVVH LQ FRHUHQ]D DJOL LQGLUL]]L IRUPXODWL GDO 3LDQR
6DQLWDULR 1D]LRQDOH H 5HJLRQDOH
F FRRUGLQDUH OD SURJUDPPD]LRQH GHOOH DWWLYLWj GLGDWWLFRIRUPDWLYH GHOO·8QLYHUVLWj H OD SURJUDPPD]LRQH
GHOOH UHWL DVVLVWHQ]LDOL WHQHQGR DQFKH FRQWR GHL IDEELVRJQL IRUPDWLYL GHO 6HUYL]LR 6DQLWDULR 5HJLRQDOH
G DVVLFXUDUH OD GLVSRQLELOLWj H OD TXDOLILFD]LRQH GHO SHUVRQDOH GHO 6HUYL]LR 6DQLWDULR 5HJLRQDOH LQFDULFDWR
GL VYROJHUH FRPSLWL GLGDWWLFRIRUPDWLYL R GL ULFHUFD QHO ULVSHWWR GHJOL RELHWWLYL DVVLVWHQ]LDOL DVVHJQDWL DOOH
VWUXWWXUH GL ULIHULPHQWR
 )HUPH UHVWDQGR OH SUHYLVLRQL FRQWHQXWH QHO SUHVHQWH 3URWRFROOR LQ PHULWR DOOD GLVFLSOLQD GHOOH DWWLYLWj
RJJHWWR GHOO
LQWHJUD]LRQH DWWR D]LHQGDOH DFFRUGR DWWXDWLYR ORFDOH HWF OD SURJUDPPD]LRQH FRQJLXQWD WUD
6HUYL]LR 6DQLWDULR 5HJLRQDOH H 8QLYHUVLWj VL HVHUFLWD DL VHQVL GHOOH QRUPH FRQWHQXWH QHO SUHVHQWH &DSR

6WUXWWXUH GHOOD SURJUDPPD]LRQH FRQJLXQWD
/·HVHUFL]LR GHOOH IXQ]LRQL GL SURJUDPPD]LRQH FRQJLXQWD ILQDOL]]DWH D JDUDQWLUH O·LQWHJUD]LRQH WUD OD
SURJUDPPD]LRQH VDQLWDULD UHJLRQDOH H OH DWWLYLWj PHGLFKH H DVVLVWHQ]LDOL HVVHQ]LDOL DOOH IXQ]LRQL GLGDWWLFR
IRUPDWLYH H GL ULFHUFD GHOO·8QLYHUVLWj q DVVLFXUDWD GD
D
/·2UJDQR GL LQGLUL]]R XQLFR GHOOD $]LHQGD RVSHGDOLHURXQLYHUVLWDULD GL 3HUXJLD H GHOOD $]LHQGD
RVSHGDOLHURXQLYHUVLWDULD GL 7HUQL
E
/·2VVHUYDWRULR UHJLRQDOH SHU OD IRUPD]LRQH PHGLFRVSHFLDOLVWLFD

2UJDQR GL LQGLUL]]R GHOOH $]LHQGH RVSHGDOLHURXQLYHUVLWDULH
 $L VHQVL GHOO·DUW  FRPPD  GHO 'OJV  H GHOO·DUW  GHOOD /5  O
RUJDQR GL LQGLUL]]R
q FRPSRVWR GD FLQTXH PHPEUL QRPLQDWL FRQ GHFUHWR GHO 3UHVLGHQWH GHOOD *LXQWD UHJLRQDOH FRVu
LQGLYLGXDWL
D XQ PHPEUR FRQ IXQ]LRQL GL 3UHVLGHQWH GHVLJQDWR GDOOD *LXQWD UHJLRQDOH G
LQWHVD FRQ LO 5HWWRUH
8QLYHUVLWj
E LO 'LUHWWRUH GHO 'LSDUWLPHQWR GL 0HGLFLQD H FKLUXUJLD
F XQ PHPEUR GHVLJQDWR GDO 5HWWRUH LQ UDSSUHVHQWDQ]D GHOO
8QLYHUVLWj GHJOL 6WXGL GL 3HUXJLD
G GXH PHPEUL GHVLJQDWL GDOOD *LXQWD UHJLRQDOH
??
, FRPSRQHQWL GHOO
RUJDQR GL LQGLUL]]R VRQR VFHOWL WUD SHUVRQH GL QRWRULD H ULFRQRVFLXWD LQGLSHQGHQ]D
HVSHUWH LQ PDWHULD GL RUJDQL]]D]LRQH H SURJUDPPD]LRQH GHL VHUYL]L VDQLWDUL GXUDQR LQ FDULFD TXDWWUR DQQL
H SRVVRQR HVVHUH ULFRQIHUPDWL XQD VROD YROWD 1RQ SRVVRQR IDU SDUWH GHOO
RUJDQR GL LQGLUL]]R Qp L
GLSHQGHQWL GHOOH D]LHQGH Qp L FRPSRQHQWL GHO 'LSDUWLPHQWR GL 0HGLFLQD H &KLUXUJLD IDWWR VDOYR LO
'LUHWWRUH GHO 'LSDUWLPHQWR PHGHVLPR LQ TXDQWR PHPEUR GL GLULWWR 1RQ SRVVRQR HVVHUH DOWUHVu LQGLFDWL
TXDOL PHPEUL GHOO
RUJDQR G
LQGLUL]]R FRORUR FKH JLj JRGRQR GHO WUDWWDPHQWR GL TXLHVFHQ]D
 /
RUJDQR GL LQGLUL]]R GHWHUPLQD QHOO
DPELWR GHOOH ULVRUVH DVVHJQDWH GDOOR 6WDWR H GDOOD 5HJLRQH OH OLQHH
GL LQGLUL]]R GHOO
DWWLYLWj GHOO·$]LHQGD DO ILQH GL GHWHUPLQDUH OD FRHUHQ]D GHOOD SURJUDPPD]LRQH JHQHUDOH
DWWLYLWj DVVLVWHQ]LDOH GHOOH $]LHQGH FRQ OD SURJUDPPD]LRQH GLGDWWLFD H VFLHQWLILFD GHOO
8QLYHUVLWj H QH
YHULILFD OD FRUUHWWD DWWXD]LRQH G
LQWHVD FRQ OH GLUH]LRQL JHQHUDOL GHOOH $]LHQGH
 /
RUJDQR GL LQGLUL]]R YHULILFD LO UDJJLXQJLPHQWR GHJOL RELHWWLYL GL GLGDWWLFD H GL ULFHUFD H YLJLOD VXO
SHUVHJXLPHQWR GHJOL VWHVVL LQ FRHUHQ]D HG LQWHJUD]LRQH FRQ OH DWWLYLWj DVVLVWHQ]LDOL H GL FXUD GHOO·$]LHQGD
 /
RUJDQR GL LQGLUL]]R HVSULPH SDUHUH
D VXJOL DWWL GL SURJUDPPD]LRQH D]LHQGDOH LQ ULIHULPHQWR DOOH DWWLYLWj H DOOH VWUXWWXUH HVVHQ]LDOL
LQWHJUD]LRQH GHOO
DVVLVWHQ]D GHOOD GLGDWWLFD H GHOOD ULFHUFD
E VXOO
LVWLWX]LRQH OD PRGLILFD R OD GLVDWWLYD]LRQH GL GLSDUWLPHQWL LQWHUD]LHQGDOL HVVHQ]LDOL DOOR VYROJLPHQWR
GHOOH DWWLYLWj GL GLGDWWLFD H GL ULFHUFD, SUHGHWWL SDUHUL VL LQWHQGRQR IDYRUHYROL VH QRQ HVSUHVVL HQWUR WUHQWD
JLRUQL GDOOD ULFKLHVWD
 /
RUJDQR GL LQGLUL]]R YHULILFD OD FRUUHWWD DWWXD]LRQH GD SDUWH GHOO·$]LHQGD GHOOD SURJUDPPD]LRQH
UHJLRQDOH H GHO SURWRFROOR G
LQWHVD ULIHUHQGR WULPHVWUDOPHQWH DOOD 5HJLRQH H DOO
8QLYHUVLWj
 /
RUJDQR GL LQGLUL]]R VL GRWD GL XQ UHJRODPHQWR LQWHUQR HG q DVVLVWLWR GD XQD VHJUHWHULD
 /
RUJDQR GL LQGLUL]]R VL ULXQLVFH GL QRUPD XQD YROWD DO PHVH,O 3UHVLGHQWH FRQYRFD O
RUJDQR GL LQGLUL]]R
OR SUHVLHGH H QH ILVVD O
RUGLQH GHO JLRUQR
 3RVVRQR SDUWHFLSDUH DOOH VHGXWH GHOO
RUJDQR G
LQGLUL]]R VHQ]D GLULWWR GL YRWR LO 3UHVLGHQWH GHOOD *LXQWD
UHJLRQDOH HG LO 5HWWRUH GHOO
8QLYHUVLWj R ORUR GHOHJDWL SHU VLQJROH VHGXWH R VSHFLILFL DUJRPHQWL DOO
RUGLQH
GHO JLRUQR, 'LUHWWRUL JHQHUDOL GHOOH $]LHQGH RVSHGDOLHURXQLYHUVLWDULH SDUWHFLSDQR DL ODYRUL GHOO
2UJDQR
GL LQGLUL]]R VHQ]D GLULWWR GL YRWR
 $L FRPSRQHQWL GHOO
RUJDQR GL LQGLUL]]R QRQ VSHWWD DOFXQ FRPSHQVR
??

2VVHUYDWRULR UHJLRQDOH SHU OD IRUPD]LRQH PHGLFRVSHFLDOLVWLFD
 /
2VVHUYDWRULR UHJLRQDOH SHU OD IRUPD]LRQH PHGLFRVSHFLDOLVWLFD q FRPSRVWR DL VHQVL GHO 'OJV
 LQ IRUPD SDULWHWLFD GD GLHFL GRFHQWL XQLYHUVLWDUL FRPSUHVR LO 'LUHWWRUH GHO 'LSDUWLPHQWR GL
0HGLFLQD H &KLUXUJLD H GLHFL GLULJHQWL VDQLWDUL GHOOH VWUXWWXUH SUHVVR OH TXDOL VL VYROJH OD IRUPD]LRQH QRQFKp
GD WUH UDSSUHVHQWDQWL GHL PHGLFL LQ IRUPD]LRQH VSHFLDOLVWLFD /
2VVHUYDWRULR q SUHVLHGXWR GDO 'LUHWWRUH GHO
'LSDUWLPHQWR GL 0HGLFLQD H &KLUXUJLD GHOO·8QLYHUVLWj GHJOL 6WXGL GL 3HUXJLD 1HOO·2VVHUYDWRULR q DVVLFXUDWD
OD UDSSUHVHQWDQ]D GHL GLUHWWRUL GHOOH VFXROH GL VSHFLDOL]]D]LRQH HR SUHVLGHQWL GL FRPLWDWR RUGLQDWRUH HR
FRRUGLQDWRUL GL VHGH
, PHPEUL GHOO·2VVHUYDWRULR VRQR QRPLQDWL GDOOD 5HJLRQH, PHPEUL XQLYHUVLWDUL GHOO·2VVHUYDWRULR VRQR
QRPLQDWL GDOOD 5HJLRQH VX SURSRVWD GHO 5HWWRUH 7XWWL L PHPEUL GHOO·2VVHUYDWRULR VRQR QRPLQDWL VHFRQGR
OH GLVSRVL]LRQL GL FXL DO SUHVHQWH FRPPD HQWUR  JLRUQL GDOOD VRWWRVFUL]LRQH GHO SUHVHQWH 3URWRFROOR H
ULPDQJRQR LQ FDULFD SHU XQ PDQGDWR GL FLQTXH DQQL,O 'LUHWWRUH GHO 'LSDUWLPHQWR GL 0HGLFLQD H &KLUXUJLD
QHRHOHWWR VXEHQWUD DO SUHFHGHQWH H ULPDQH PHPEUR GHOO·2VVHUYDWRULR SHU OD FRUULVSRQGHQWH GXUDWD GHO
PDQGDWR DFFDGHPLFR $L PHPEUL GHOO·2VVHUYDWRULR QRQ q FRUULVSRVWR DOFXQ FRPSHQVR
 /
2VVHUYDWRULR SXz DUWLFRODUVL LQ VH]LRQL GL ODYRUR
 /·2VVHUYDWRULR GHILQLVFH L FULWHUL SHU OD URWD]LRQH GL FXL DOO
DUWLFROR  FRPPD  'OJV  Q
 GHILQLVFH DQQXDOPHQWH LO IDEELVRJQR GL PHGLFL VSHFLDOLVWL D OLYHOOR UHJLRQDOH GHILQLVFH L FULWHUL JHQHUDOL
SHU OD IUHTXHQ]D GHL 0HGLFL LQ IRUPD]LRQH VSHFLDOLVWLFD QHOOH VWUXWWXUH GHOOD UHWH IRUPDWLYD H YHULILFD JOL
VWDQGDUG GL DWWLYLWj DVVLVWHQ]LDOH GHJOL VSHFLDOL]]DQGL QHO ULVSHWWR GHOO·RUGLQDPHQWR GLGDWWLFR GHOOD 6FXROD
GHO SLDQR IRUPDWLYR LQGLYLGXDOH DSSURYDWR GDO &RQVLJOLR GHOOD 6FXROD H GHOO·RUJDQL]]D]LRQH GHOOH VWUXWWXUH
VDQLWDULH LQ FRQIRUPLWj DOOH GLVSRVL]LRQL QD]LRQDOL H GHOO·8QLRQH (XURSHD,Q DWWXD]LRQH GHOO·DUW FRPPD
 GHO 'OJV  H GHJOL DUWW  H VXFF GHO 'OJV  O·8QLYHUVLWj VXOOD EDVH GL LQGLFD]LRQL
JHQHUDOL IRUQLWH GDOO·2VVHUYDWRULR VWLSXOD DFFRUGL DWWXDWLYL FRQ OH VWUXWWXUH GHOOD UHWH IRUPDWLYD DOOR VFRSR
GL FRQVHQWLUH OD IUHTXHQ]D H O·DWWLYLWj FOLQLFD GHJOL VSHFLDOL]]DQGL QHOOH YDULH VWUXWWXUH

3LDQR VDQLWDULR UHJLRQDOH
 /D 5HJLRQH DL VHQVL GHOO·DUW  FRPPD  GHOOD /5  SULPD GHOO·DGR]LRQH GHO 3LDQR VDQLWDULR
UHJLRQDOH DFTXLVLVFH LO SDUHUH GHOO·8QLYHUVLWj,O SDUHUH VL LQWHQGH HVSUHVVR LQ VHQVR IDYRUHYROH TXDORUD
QRQ SHUYHQJD HQWUR VHVVDQWD JLRUQL GDO ULFHYLPHQWR GHOOD ULFKLHVWD
 1HO ULVSHWWR GL TXDQWR GLVSRVWR DOO·DUW  GHO '3&0  O·8QLYHUVLWj FRQWULEXLVFH SHU JOL
DVSHWWL FRQFHUQHQWL OH VWUXWWXUH H OH DWWLYLWj DVVLVWHQ]LDOL HVVHQ]LDOL DOOR VYROJLPHQWR GHOOH SURSULH IXQ]LRQL
LVWLWX]LRQDOL GL GLGDWWLFD H ULFHUFD DOO·HODERUD]LRQH GHO SLDQR VDQLWDULR UHJLRQDOH QRQFKp DOOD GHILQL]LRQH
GHJOL LQGLUL]]L GL SROLWLFD VDQLWDULD H GL ULFHUFD GHL SURJUDPPL GL LQWHUYHQWR H GHL PRGHOOL RUJDQL]]DWLYL
GHOOH VWUXWWXUH H GHOOH DWWLYLWj GL FXL VRSUD
??
 1HO ULVSHWWR GL TXDQWR GLVSRVWR DOO·DUW  GHO '3&0  SHU OH PDWHULH FKH LPSOLFDQR
O·LQWHJUD]LRQH WUD DWWLYLWj DVVLVWHQ]LDOL GLGDWWLFKH H GL ULFHUFD O·8QLYHUVLWj FROODERUD DOO·HODERUD]LRQH H DOOD
VWHVXUD GL SURSRVWH SHU OD IRUPXOD]LRQH GHO SLDQR VDQLWDULR UHJLRQDOH R GL DOWUL GRFXPHQWL R SURJHWWL
FRQFHUQHQWL OD SURJUDPPD]LRQH DWWXDWLYD UHJLRQDOH H ORFDOH WHQHQGR FRQWR GHL SURJUDPPL GL VYLOXSSR
GHO 'LSDUWLPHQWR GL 0HGLFLQD H &KLUXUJLD GHOLEHUDWL GDOOD VWHVVD H DSSURYDWL GDJOL RUJDQL GHOO·$WHQHR
WUDVPHVVL DOOD 5HJLRQH HG DOOH $]LHQGH RVSHGDOLHUR XQLYHUVLWDULH
&$32,,,
7,72/2, $]LHQGD RVSHGDOLHURXQLYHUVLWDULD GL 3HUXJLD H $]LHQGD RVSHGDOLHUR
XQLYHUVLWDULD GL 7HUQL

&RVWLWX]LRQH GHOOH $]LHQGH RVSHGDOLHURXQLYHUVLWDULH
,Q DWWXD]LRQH GHOO
DUWLFROR  FRPPD  OHWWHUD E 'OJV  OH 3DUWL FRQFRUGDQR VXOOD QHFHVVLWj
GL FRVWLWXLUH O·$]LHQGD RVSHGDOLHURXQLYHUVLWDULD GL 3HUXJLD H O·$]LHQGD RVSHGDOLHURXQLYHUVLWDULD GL 7HUQL
 /H $]LHQGH RVSHGDOLHURXQLYHUVLWDULH GL 3HUXJLD H GL 7HUQL VRQR FRVWLWXLWH LQ VHJXLWR DOOD VRWWRVFUL]LRQH
GHL SURWRFROOL DWWXDWLYL GL FXL DO VXFFHVVLYR DUW  VWLSXODWL ULVSHWWLYDPHQWH WUD L 'LUHWWRUL JHQHUDOL GHOOH
$]LHQGH RVSHGDOLHUH GL 3HUXJLD H GL 7HUQL H LO 5HWWRUH GHOO
8QLYHUVLWj GHJOL 6WXGL GL 3HUXJLD
 /D VRWWRVFUL]LRQH GHL SURWRFROOL DWWXDWLYL GRYUj DYYHQLUH VHQWLWH OH RUJDQL]]D]LRQL VLQGDFDOL HQWUR H QRQ
ROWUH  JLRUQL GDOOD VRWWRVFUL]LRQH GHO SUHVHQWH 3URWRFROOR
SURURJDELOL VX LQWHVD GHOOH 3DUWL XQD VROD YROWD
SHU XOWHULRUL  JLRUQL
, SURWRFROOL DWWXDWLYL GL FXL DO FRPPD  GLVFLSOLQDQR LQ SDUWLFRODUH L ULVSHWWLYL DWWL D]LHQGDOL HG L ULVSHWWLYL
UHJRODPHQWL GL RUJDQL]]D]LRQH H IXQ]LRQDPHQWR GHOOH $]LHQGH RVSHGDOLHURXQLYHUVLWDULH QRQFKp OD
ULSDUWL]LRQH GHL ULVXOWDWL HFRQRPLFL GHOOD JHVWLRQH FRPH ULVXOWDQWH GD ELODQFLR FRQVXQWLYR DQQXDOH,
SURWRFROOL DWWXDWLYL SRWUDQQR GLVFLSOLQDUH XOWHULRUL PDWHULH H DWWL QRUPDWLYL LQWHUQL UHODWLYL DO FRQFUHWR
IXQ]LRQDPHQWR GHOOH $]LHQGH RVSHGDOLHURXQLYHUVLWDULH QHJOL DPELWL GL DXWRQRPLD ULVHUYDWL DOOH $]LHQGH
PHGHVLPH GDOOD OHJJH HR GDO SUHVHQWH 3URWRFROOR
 /H $]LHQGH RVSHGDOLHURXQLYHUVLWDULH GL 3HUXJLD H GL 7HUQL VRQR GRWDWH GL SHUVRQDOLWj JLXULGLFD SXEEOLFD
H VRQR IRUPDOPHQWH FRVWLWXLWH FRQ GHFUHWR GHO 3UHVLGHQWH GHOOD *LXQWD UHJLRQDOH VX FRQIRUPH
GHOLEHUD]LRQH GHOOD *LXQWD UHJLRQDOH FKH SUHQGH DWWR GHOOD DYYHQXWD VRWWRVFUL]LRQH GHL SURWRFROOL DWWXDWLYL
GL FXL DO FRPPD 
 /D FRQFUHWD DWWLYD]LRQH GHOOH $]LHQGH RVSHGDOLHURXQLYHUVLWDULH DYYLHQH FRQ OD FRVWLWX]LRQH GHJOL RUJDQL
DO WHUPLQH GHOO
HVSOHWDPHQWR GHOOH UHODWLYH SURFHGXUH
??
 $ IDU GDWD GDOOD FRVWLWX]LRQH GHOOH $]LHQGH RVSHGDOLHURXQLYHUVLWDULH FRQ GHFUHWR GHO 3UHVLGHQWH GHOOD
*LXQWD UHJLRQDOH VX FRQIRUPH GHOLEHUD]LRQH GHOOD *LXQWD UHJLRQDOH VRQR VRSSUHVVH O
$]LHQGD
2VSHGDOLHUD GL 3HUXJLD 6DQWD 0DULD GHOOD 0LVHULFRUGLD H O
$]LHQGD RVSHGDOLHUD 6 0DULD GL 7HUQL
7,72/2,, 6WUXWWXUD GHOOH $]LHQGH RVSHGDOLHURXQLYHUVLWDULH GL 3HUXJLD H GL 7HUQL

2UJDQL GHOOH $]LHQGH RVSHGDOLHURXQLYHUVLWDULH
 6RQR RUJDQL GHOO·D]LHQGD RVSHGDOLHUR  XQLYHUVLWDULD
D LO 'LUHWWRUH JHQHUDOH
E LO &ROOHJLR GL GLUH]LRQH
F LO &ROOHJLR VLQGDFDOH
 Ë DOWUHVu RUJDQR GHOOH $]LHQGH RVSHGDOLHURXQLYHUVLWDULH O
2UJDQR GL LQGLUL]]R LVWLWXLWR TXDOH RUJDQR
XQLFR GHOOH $]LHQGH RVSHGDOLHUHXQLYHUVLWDULH GL 3HUXJLD H GL 7HUQL H GLVFLSOLQDWR QHO VXSHULRUH DUW 

'LUHWWRUH JHQHUDOH
,O 'LUHWWRUH JHQHUDOH q LO OHJDOH UDSSUHVHQWDQWH GHOO·$]LHQGD RVSHGDOLHURXQLYHUVLWDULD LQWHJUDWD GHOOD
TXDOH DVVLFXUD LO UHJRODUH IXQ]LRQDPHQWR HG HVHUFLWD LQ SDUWLFRODUH O·D]LRQH GL LQGLUL]]R QHL FRQIURQWL GHL
UHVSRQVDELOL GHOOH VWUXWWXUH DQFKH DL ILQL GHOO·LQWHJUD]LRQH GHOOH VWHVVH SHU OD UHDOL]]D]LRQH GHOOD PLVVLRQH
$]LHQGDOH,O 'LUHWWRUH JHQHUDOH q QRPLQDWR GDO 3UHVLGHQWH GHOOD 5HJLRQH G·LQWHVD FRQ LO 5HWWRUH, UHTXLVLWL
GHO 'LUHWWRUH JHQHUDOH VRQR JOL VWHVVL SUHYLVWL GDOOD QRUPDWLYD YLJHQWH SHU L 'LUHWWRUL JHQHUDOL GHOOH $]LHQGH
VDQLWDULH SXEEOLFKH
 /D YDOXWD]LRQH GHOO·DWWLYLWj GHO 'LUHWWRUH JHQHUDOH YLHQH RSHUDWD GDOOD 5HJLRQH G·LQWHVD FRQ LO 5HWWRUH LQ
FRQIRUPLWj D TXDQWR SUHYLVWR SHU L 'LUHWWRUL JHQHUDOL GHOOH $]LHQGH VDQLWDULH DL VHQVL GHOO·DUW  GHOOD /5
 H GDOO·DUW  GHO 'OJV  QRQFKp GHOOD VSHFLILFD GLVFLSOLQD UHJLRQDOH
, SURYYHGLPHQWL GL FRQIHUPD GL GHFDGHQ]D H GL UHYRFD GHO 'LUHWWRUH JHQHUDOH QRQFKp TXHOOL FRQFOXVLYL
GL YHULILFD GHL ULVXOWDWL VRQR DGRWWDWL GDO 3UHVLGHQWH GHOOD *LXQWD UHJLRQDOH G·LQWHVD FRQ LO 5HWWRUH
GHOO·8QLYHUVLWj GHJOL 6WXGL GL 3HUXJLD
??

&ROOHJLR GL GLUH]LRQH
,O &ROOHJLR GL 'LUH]LRQH ROWUH D TXDQW·DOWUR QRUPDWLYDPHQWH SUHYLVWR FRQFRUUH DO JRYHUQR GHOOH DWWLYLWj
FOLQLFKH SDUWHFLSD DOOD SLDQLILFD]LRQH GHOOH DWWLYLWj LQFOXVH OD ULFHUFD OD GLGDWWLFD L SURJUDPPL GL
IRUPD]LRQH H OH VROX]LRQL RUJDQL]]DWLYH SHU O
DWWXD]LRQH GHOO
DWWLYLWj OLEHURSURIHVVLRQDOH VLD LQWUDPXUDULD
VLD QHO ULVSHWWR GHOOD QRUPDWLYD YLJHQWH LQ PDWHULD LQWUDPXUDULD DOODUJDWD,O &ROOHJLR GL 'LUH]LRQH
SDUWHFLSD DOOD SLDQLILFD]LRQH GHOOH DWWLYLWj GL ULFHUFD H GLGDWWLFD QHOO
DPELWR GL TXDQWR GHILQLWR
8QLYHUVLWj FRQFRUUH LQROWUH DOOR VYLOXSSR RUJDQL]]DWLYR H JHVWLRQDOH GHOOH D]LHQGH FRQ SDUWLFRODUH
ULIHULPHQWR DOO
LQGLYLGXD]LRQH GL LQGLFDWRUL GL ULVXOWDWR FOLQLFRDVVLVWHQ]LDOH H GL HIILFLHQ]D QRQFKp GHL
UHTXLVLWL GL DSSURSULDWH]]D H GL TXDOLWj GHOOH SUHVWD]LRQL 3DUWHFLSD DOWUHVu DOOD YDOXWD]LRQH LQWHUQD GHL
ULVXOWDWL FRQVHJXLWL LQ UHOD]LRQH DJOL RELHWWLYL SUHILVVDWL HG q FRQVXOWDWR REEOLJDWRULDPHQWH GDO 'LUHWWRUH
JHQHUDOH VX WXWWH OH TXHVWLRQL DWWLQHQWL DO JRYHUQR GHOOH DWWLYLWj FOLQLFKH
,O &ROOHJLR GL 'LUH]LRQH q FRPSRVWR GDO 'LUHWWRUH JHQHUDOH GDO 'LUHWWRUH VDQLWDULR GDO 'LUHWWRUH
DPPLQLVWUDWLYR GDL 'LUHWWRUL GL GLSDUWLPHQWR DG DWWLYLWj LQWHJUDWD GDO 'LUHWWRUH GHO 'LSDUWLPHQWR GL
0HGLFLQD H &KLUXUJLD GD XQ GLULJHQWH GHO 3UHVLGLR 2VSHGDOLHUR H GDO 'LULJHQWH GHO 6,752

&ROOHJLR VLQGDFDOH
$O &ROOHJLR VLQGDFDOH VL DSSOLFDQR OH GLVSRVL]LRQL GHOO
DUWLFROR 
WHU
GHO GHFUHWR OHJLVODWLYR  GLFHPEUH
 Q ,O &ROOHJLR VLQGDFDOH QRPLQDWR GDO 'LUHWWRUH JHQHUDOH GHOO
$]LHQGD RVSHGDOLHURXQLYHUVLWDULD
GXUD LQ FDULFD WUH DQQL HG q FRPSRVWR GD WUH PHPEUL GL FXL XQR GHVLJQDWR GDO 3UHVLGHQWH GHOOD *LXQWD
UHJLRQDOH SUHYLD GHOLEHUD]LRQH GHOO
$VVHPEOHD OHJLVODWLYD XQR GHVLJQDWR GDO 0LQLVWUR GHOO
(FRQRPLD H GHOOH
)LQDQ]H H XQR GDO 0LQLVWUR GHOOD 6DOXWH

2UJDQR GL LQGLUL]]R

RUJDQR GL LQGLUL]]R GL FXL DOO
DUWLFROR  q XQLFR SHU OH GXH D]LHQGH RVSHGDOLHURXQLYHUVLWDULH

/D FRPSRVL]LRQH H OH DWWULEX]LRQL GHOO·RUJDQR GL LQGLUL]]R VRQR GLVFLSOLQDWH GDOO·DUW  GHO SUHVHQWH
3URWRFROOR
7,72/2,,,

2UJDQL]]D]LRQH LQWHUQD GHOOH $]LHQGH RVSHGDOLHURXQLYHUVLWDULH
 /H VWUXWWXUH RSHUDWLYH GHOO·$]LHQGD RVSHGDOLHUR XQLYHUVLWDULD LQWHJUDWD VRQR
D, 'LSDUWLPHQWL DG $WWLYLWj,QWHJUDWD '$,
??
E , 'LSDUWLPHQWL LQWHUD]LHQGDOL ',$
F, 'LSDUWLPHQWL DVVLVWHQ]LDOL '$
G /H VWUXWWXUH DVVLVWHQ]LDOL FRPSOHVVH 6&
H /H VWUXWWXUH DVVLVWHQ]LDOL VHPSOLFL 66 DQFKH D YDOHQ]D GLSDUWLPHQWDOH 66'
I , &HQWUL GL ULIHULPHQWR UHJLRQDOH FRQ YDOHQ]D DVVLVWHQ]LDOH

'LSDUWLPHQWL DG DWWLYLWj LQWHJUDWD
 /H $]LHQGH RVSHGDOLHURXQLYHUVLWDULH DGRWWDQR LO PRGHOOR GLSDUWLPHQWDOH TXDOH VWUXPHQWR XWLOH DG
DVVLFXUDUH O·HVHUFL]LR LQWHJUDWR HG LQVFLQGLELOH GHOOH DWWLYLWj DVVLVWHQ]LDOL GLGDWWLFKH H GL ULFHUFD
, 'LSDUWLPHQWL DG DWWLYLWj LQWHJUDWD '$, UDSSUHVHQWDQR LO PRGHOOR GL GLSDUWLPHQWR GHOOH $]LHQGH
RVSHGDOLHURXQLYHUVLWDULH (VVL GHYRQR DVVLFXUDUH O
HVHUFL]LR LQWHJUDWR GHOOH DWWLYLWj DVVLVWHQ]LDOL GL GLGDWWLFD
H GL ULFHUFD DWWUDYHUVR XQD FRPSRVL]LRQH FRHUHQWH GL WXWWH OH DWWLYLWj DO ILQH GL DVVLFXUDUH LO SL DOWR OLYHOOR
SRVVLELOH GL FRHVLRQH IUD SUHVWD]LRQL GL SUHYHQ]LRQH GLDJQRVWLFKH H WHUDSHXWLFKH HG DWWLYLWj GLGDWWLFR
VFLHQWLILFD IRQGHQGR DO PHJOLR OH GLIIHUHQWL H FRPSOHPHQWDUL FRPSHWHQ]H LVWLWX]LRQDOL GHOO
8QLYHUVLWj H
GHO 6HUYL]LR 6DQLWDULR 5HJLRQDOH
, '$, VRQR LQGLYLGXDWL QHOO·$WWR D]LHQGDOH 6RQR FRVWLWXLWL GD DOPHQR  VWUXWWXUH FRPSOHVVH ROWUH D
VWUXWWXUH VHPSOLFL DQFKH D YDOHQ]D GLSDUWLPHQWDOH QRQFKp GDL SURJUDPPL GL FXL DOO·DUW  FRPPD  GHO
'OJV  QHL OLPLWL LYL SUHYLVWL *OL VWHVVL FRVWLWXLVFRQR FHQWUL XQLWDUL GL UHVSRQVDELOLWj H GL FRVWR LQ
PRGR GD JDUDQWLUH QHO ULVSHWWR GHL YLQFROL GL GHVWLQD]LRQH GHOOH ULVRUVH ILQDQ]LDULH DOOR VWHVVR DVVHJQDWH
GDO 665 H GL ULVRUVH VWUXWWXUDOL H XPDQH DVVHJQDWH GDOO·8QLYHUVLWj XQLWDULHWj GHOOD JHVWLRQH RWWLPDOH
LQWHJUD]LRQH WUD DVVLVWHQ]D GLGDWWLFD H ULFHUFD QRQFKp IOHVVLELOLWj RSHUDWLYD
,Q VHGH GL SULPD DSSOLFD]LRQH L '$, VRQR LQGLYLGXDWL QHO SURWRFROOR $ DWWXDWLYR GHO SUHVHQWH DWWR /H
GLUH]LRQL GHL 'LSDUWLPHQWL DG DWWLYLWj LQWHJUDWD VRQR DWWULEXLWH IDYRUHQGR SHU TXDQWR SRVVLELOH XQ
HTXD
ULSDUWL]LRQH TXDOLTXDQWLWDWLYD WUD OD FRPSRQHQWH XQLYHUVLWDULD H TXHOOD RVSHGDOLHUD
 3RVVRQR HVVHUH SUHYLVWL SURJUDPPL LQWHUGLSDUWLPHQWDOL HR LQWHUD]LHQGDOL ILQDOL]]DWL DOO
LQWHJUD]LRQH
GHOOH DWWLYLWj DVVLVWHQ]LDOL GLGDWWLFKH H GL ULFHUFD GL SL GLSDUWLPHQWL FRQ SDUWLFRODUH ULJXDUGR DOOH
LQQRYD]LRQL WHFQRORJLFKH HG DVVLVWHQ]LDOL QRQFKp DO FRRUGLQDPHQWR GHOOH DWWLYLWj VLVWHPDWLFKH GL UHYLVLRQH
H YDOXWD]LRQH GHOOD SUDWLFD FOLQLFD HG DVVLVWHQ]LDOH
,O 'LUHWWRUH GHO GLSDUWLPHQWR DG DWWLYLWj LQWHJUDWD q QRPLQDWR GDO 'LUHWWRUH JHQHUDOH G
LQWHVD FRQ LO
5HWWRUH HG q VFHOWR WUD L UHVSRQVDELOL GHOOH VWUXWWXUH FRPSOHVVH GL FXL VL FRPSRQH LO GLSDUWLPHQWR VXOOD
EDVH GL UHTXLVLWL GL FDSDFLWj JHVWLRQDOH HG RUJDQL]]DWLYD HVSHULHQ]D SURIHVVLRQDOH H FXUULFXOXP VFLHQWLILFR
&RQ GHOLEHUD]LRQH GHOOD *LXQWD UHJLRQDOH G·LQWHVD FRQ O·8QLYHUVLWj SRVVRQR HVVHUH LVWLWXLWL GLSDUWLPHQWL
LQWHUD]LHQGDOL OH FXL PRGDOLWj GL IXQ]LRQDPHQWR YHQJRQR GLVFLSOLQDWH QHO PHGHVLPR DWWR LVWLWXWLYR
3HU L
??
'LSDUWLPHQWL LQWHUD]LHQGDOL LO 'LUHWWRUH GHO 'LSDUWLPHQWR q QRPLQDWR GDL 'LUHWWRUL JHQHUDOL G·LQWHVD FRQ
LO 5HWWRUH /D YDOXWD]LRQH GHOO·DWWLYLWj GHO 'LUHWWRUH GHO GLSDUWLPHQWR YLHQH RSHUDWD VHFRQGR OH PRGDOLWj
GLVFLSOLQDWH QHOO·DWWR D]LHQGDOH
,O 'LUHWWRUH GHO GLSDUWLPHQWR DVVXPH UHVSRQVDELOLWj GL WLSR JHVWLRQDOH LQ RUGLQH DOOD UD]LRQDOH H FRUUHWWD
SURJUDPPD]LRQH H JHVWLRQH GHOOH ULVRUVH DVVHJQDWH SHU OD UHDOL]]D]LRQH GHJOL RELHWWLYL DWWULEXLWL WHQHQGR
FRQWR GHOOD QHFHVVLWj GL VRGGLVIDUH OH SHFXOLDUL HVLJHQ]H FRQQHVVH DOOH DWWLYLWj GLGDWWLFKH H VFLHQWLILFKH
 3RVVRQR HVVHUH G·LQWHVD FRQ LO 5HWWRUH LVWLWXLWL GLSDUWLPHQWL DVVLVWHQ]LDOL DL VHQVL GHOO
DUW ELV GHO
GHFUHWR OHJLVODWLYR  GHO 

6WUXWWXUH FRPSOHVVH
 /H VWUXWWXUH FRPSOHVVH RSHUDQWL DOO
LQWHUQR GHL VLQJROL 'LSDUWLPHQWL VRQR LVWLWXLWH GDO 'LUHWWRUH
JHQHUDOH LQ EDVH D TXDQWR SUHYLVWR QHOO
$WWR D]LHQGDOH,Q RFFDVLRQH GHOOD YDULD]LRQH R VRVWLWX]LRQH GHOOR
VWHVVR VRQR PRGLILFDWH R VRSSUHVVH LQ FRHUHQ]D FRQ OH SUHYLVLRQL GHO 3LDQR VDQLWDULR UHJLRQDOH H FRQ
RUJDQL]]D]LRQH GHOOD GLGDWWLFD H GHOOD ULFHUFD QHO ULVSHWWR GHL YROXPL H GHOOH WLSRORJLH GHOOD SURGX]LRQH
DQQXD DVVLVWHQ]LDOH SUHYLVWD IHUPD UHVWDQGR OD QHFHVVDULD LQWHVD FRQ LO 5HWWRUH SHU OH VWUXWWXUH TXDOLILFDWH
FRPH HVVHQ]LOL DL ILQL GHOO·DWWLYLWj GL GLGDWWLFD H GL ULFHUFD
,Q SULPD DSSOLFD]LRQH O
HOHQFR GHOOH 6WUXWWXUH &RPSOHVVH q ULSRUWDWR QHO SURWRFROOR % DWWXDWLYR GHO
SUHVHQWH 3URWRFROOR
/H GLUH]LRQL GHOOH 6WUXWWXUH FRPSOHVVH VRQR DWWULEXLWH IDYRUHQGR SHU TXDQWR SRVVLELOH XQ
HTXD
ULSDUWL]LRQH TXDOLTXDQWLWDWLYD WUD OD FRPSRQHQWH XQLYHUVLWDULD H TXHOOD RVSHGDOLHUD
 /H DWWLYLWj H OH VWUXWWXUH DVVLVWHQ]LDOL FRPSOHVVH IXQ]LRQDOL DOOH HVLJHQ]H GL GLGDWWLFD H GL ULFHUFD GHO FRUVR
GL ODXUHD LQ 0HGLFLQD H &KLUXUJLD LQ 2GRQWRLDWULD H L FRUVL GL ODXUHD GHOOH SURIHVVLRQL VDQLWDULH VRQR
LQGLYLGXDWH VXOOD EDVH GL VRJOLH RSHUDWLYH FRQVLVWHQWL QHL OLYHOOL PLQLPL GL DWWLYLWj GHILQLWL VLD VHFRQGR FULWHUL
GL HVVHQ]LDOLWj HIILFDFLD DVVLVWHQ]LDOH HG HFRQRPLFLWj QHOO·LPSLHJR GHOOH ULVRUVH SURIHVVLRQDOL VLD GL
IXQ]LRQDOLWj H GL FRHUHQ]D FRQ OH HVLJHQ]H GHOOD GLGDWWLFD H GHOOD ULFHUFD 3HU OH DWWLYLWj DVVLVWHQ]LDOL WDOL OLYHOOL
VRQR UDSSUHVHQWDWL GDO QXPHUR PLQLPR GL FDVL WUDWWDWL R GDL YROXPL PLQLPL GL DWWLYLWj ULFKLHVWL GDOOD
SURJUDPPD]LRQH UHJLRQDOH SHU JDUDQWLUH O·DGHJXDWD TXDOLILFD]LRQH GHOOD VWUXWWXUD 3HU OH HVLJHQ]H GHOOD
GLGDWWLFD H GHOOD ULFHUFD VRQR UDSSUHVHQWDWL GDO QXPHUR GL SURIHVVRUL H ULFHUFDWRUL XQLYHUVLWDUL DVVHJQDWL DOOD
VWUXWWXUD QRQFKp GDO QXPHUR PHGLR GL DOOLHYL FKH DG HVVD RUGLQDULDPHQWH DIIHULVFRQR

&HQWUL GL ULIHULPHQWR UHJLRQDOH FRQ YDOHQ]D DVVLVWHQ]LDOH
, &HQWUL GL ULIHULPHQWR UHJLRQDOH FRQ YDOHQ]D DVVLVWHQ]LDOH VRQR LVWLWXLWL FRQ SURYYHGLPHQWR GHOOD
5HJLRQH VX SURSRVWD GHO 'LUHWWRUH *HQHUDOH G·LQWHVD FRQ LO 5HWWRUH GHOO·8QLYHUVLWj GHJOL 6WXGL GL 3HUXJLD
??
7,72/2,9 &RPSDUWHFLSD]LRQH DL ULVXOWDWL GL JHVWLRQH H DWWR D]LHQGDOH

&RPSDUWHFLSD]LRQH GHOOD 5HJLRQH H GHOO·8QLYHUVLWj
DL ULVXOWDWL GL JHVWLRQH GHOOH D]LHQGH RVSHGDOLHURXQLYHUVLWDULH
 $O VRVWHJQR HFRQRPLFRILQDQ]LDULR GHOOH DWWLYLWj VYROWH GDOO· $]LHQGD GL FXL DO SUHVHQWH DFFRUGR D IDU
GDWD GDOOD FRVWLWX]LRQH GHOO·$]LHQGD VWHVVD FRQFRUURQR ULVRUVH PHVVH D GLVSRVL]LRQH VLD GDOO·8QLYHUVLWj VLD
GDOOD 5HJLRQH
/H ULVRUVH PHVVH D GLVSRVL]LRQH GDO 665 FRPSUHQGRQR
D LO FRUULVSHWWLYR GHOOH SUHVWD]LRQL HURJDWH H ULFRQRVFLXWH FRPH DSSURSULDWH VHFRQGR L FULWHUL GL
ILQDQ]LDPHQWR GHOO·DVVLVWHQ]D RVSHGDOLHUD H GHOO·DVVLVWHQ]D VSHFLDOLVWLFD DPEXODWRULDOH LQ FRQIRUPLWj DO
YLJHQWH VLVWHPD WDULIIDULR H QHL OLPLWL GHL YROXPL RWWLPDOL GL DWWLYLWj HURJDELOL
E LO ILQDQ]LDPHQWR GHOOH IXQ]LRQL UHPXQHUDWH D FRVWR VWDQGDUG H[ DUW  VH[LHV 'OJV  QRQFKp
XOWHULRUL ILQDQ]LDPHQWL VSHFLILFL SHU L FHQWUL GL ULIHULPHQWR UHJLRQDOH GD GHWHUPLQDUVL LQ VHGH GL DGR]LRQH
GHO SURYYHGLPHQWR GL ULSDUWR GHO )RQGR VDQLWDULR UHJLRQDOH
F XOWHULRUL ILQDQ]LDPHQWL FRPSDWLELOPHQWH FRQ OH GLVSRQLELOLWj GL ELODQFLR SHU O·DWWXD]LRQH GL SURJUDPPL
GL ULFHUFD H LQQRYD]LRQH GL ULOHYDQWH LQWHUHVVH UHJLRQDOH GHILQLWL GL FRPXQH DFFRUGR WUD 5HJLRQH H
8QLYHUVLWj

/D 5HJLRQH FODVVLILFD OH $]LHQGH RVSHGDOLHURXQLYHUVLWDULH QHOOD IDVFLD GHL SUHVLGL D SL HOHYDWD
FRPSOHVVLWj DVVLVWHQ]LDOH H ULFRQRVFH L PDJJLRUL FRVWL LQGRWWL VXOOH DWWLYLWj DVVLVWHQ]LDOL GDOOH IXQ]LRQL GL
GLGDWWLFD H GL ULFHUFD QHOOD PLVXUD GHO   DSSOLFDWD VXL YDORUL ILQDQ]LDUL GL FXL DOOD OHWW D GHO SUHFHGHQWH
FRPPD VROR SHU O·DWWLYLWj RVSHGDOLHUD GL ULFRYHUR VYROWD DOO·LQWHUQR GHOO·$]LHQGD 2VSHGDOLHUD8QLYHUVLWDULD
$ JDUDQ]LD GHOOD TXDOLWj H VRVWHQLELOLWj GHO 6HUYL]LR 6DQLWDULR 5HJLRQDOH 5HJLRQH H 8QLYHUVLWj FRQFRUGDQR
VXOOD QHFHVVLWj GL SRUUH LQ HVVHUH RSHUD]LRQL GL HIILFLHQWDPHQWR FKH SURGXFDQR ULOHYDQWL HFRQRPLH
 /·8QLYHUVLWj UHDOL]]D OD FRPSDUWHFLSD]LRQH GL FXL DOO·DUW  FRPPL  H  GHO '3&0  PDJJLR 
FRQ O·DSSRUWR GL
D SHUVRQDOH GRFHQWH H QRQ GRFHQWH VHFRQGR OH PRGDOLWj GHILQLWH QHO SUHVHQWH SURWRFROOR
E EHQL PRELOL HG LPPRELOL GL FXL DOO·DUW  FRPPD  OHWWHUD D GHO 'OJV 
 *OL RQHUL VRVWHQXWL GDOO·8QLYHUVLWj SHU OD UHWULEX]LRQH GHO SHUVRQDOH XQLYHUVLWDULR LQVHULWR QHOOH DWWLYLWj
DVVLVWHQ]LDOL GHOOD VSHFLILFD $]LHQGD SHU OD SDUWH FRQFHUQHQWH LO WUDWWDPHQWR IRQGDPHQWDOH GHYRQR HVVHUH
ULOHYDWL QHOO·DQDOLVL HFRQRPLFD H ILQDQ]LDULD GHOOH $]LHQGH HG HYLGHQ]LDWL LQ DSSRVLWD DSSHQGLFH DOOD QRWD
LQWHJUDWLYD GHO ELODQFLR GL HVHUFL]LR $O ILQH GL FRQVHQWLUH WDOH ULFRQRVFLPHQWR H OD FRUUHWWD HYLGHQ]D QHO
??
ELODQFLR D]LHQGDOH LO 5HWWRUH WUDVPHWWH DO 'LUHWWRUH JHQHUDOH LO UHQGLFRQWR DQDOLWLFR GHJOL RQHUL VRVWHQXWL
HQWUR LO PHVH GL IHEEUDLR GHOO·DQQR VXFFHVVLYR D TXHOOR GL FRPSHWHQ]D GLVWLQJXHQGR D WDO ILQH UXROL H
FDWHJRULH
,O SHUVRQDOH XQLYHUVLWDULR DWWXDOPHQWH VWUXWWXUDWR ULPDQH LQ FDULFR DOO·8QLYHUVLWj SHU O·LPSRUWR UHODWLYR
DO UXROR H FDWHJRULD GL SURYHQLHQ]D H FRVWLWXLVFH SDUWH GHO FRQWULEXWR GHOO·8QLYHUVLWj DOOD JHVWLRQH
GHOO·$]LHQGD
 /D 5HJLRQH H O·8QLYHUVLWj VL LPSHJQDQR D FRPSDUWHFLSDUH SHU TXRWH SHUFHQWXDOL DL ULVXOWDWL GL JHVWLRQH
GHOOH $$2288 FRPH FHUWLILFDWL FRQ FRQWDELOLWj DQDOLWLFD QHL ULVSHWWLYL DWWL GL ELODQFLR DL VHQVL GHOO·DUW
 FRPPL  H  GHO '3&0  0DJJLR  H FRQWULEXLVFRQR DOO·RELHWWLYR GL XQD JHVWLRQH HIILFLHQWH
GHOO·$]LHQGD DVVLFXUDQGR LO PRQLWRUDJJLR GHOOD JHVWLRQH HFRQRPLFR ILQDQ]LDULD HG DGRWWDQGR SHU TXDQWR
GL ULVSHWWLYD FRPSHWHQ]D PLVXUH GL FRQWHQLPHQWR GHL FRVWL

 /H TXRWH SHUFHQWXDOL VRQR VWDELOLWH LQ EDVH D FULWHUL GL FRPSDUWHFLSD]LRQH FRUUHODWL DL ULVXOWDWL GHOO·DWWLYLWj
H GHOOD JHVWLRQH GHOOH VWUXWWXUH D GLUH]LRQH RVSHGDOLHUD H XQLYHUVLWDULD FRQ FRQWDELOLWj DQDOLWLFD QHJOL DWWL GL
ELODQFLR QRQFKp DL UDSSRUWL QXPHULFL WUD SHUVRQDOH GLULJHQWH RVSHGDOLHUR H SHUVRQDOH XQLYHUVLWDULR WHQXWR
FRQWR DQFKH GHL PDJJLRUL FRVWL LQGRWWL VXOOH DWWLYLWj DVVLVWHQ]LDOL GDOOH IXQ]LRQL GL GLGDWWLFD H GL ULFHUFD
 /·DFFHUWDPHQWR GHOOH DWWLYLWj H SDVVLYLWj UHODWLYH DOOD JHVWLRQH GHOO·DVVLVWHQ]D VDQLWDULD GHWHUPLQDWHVL
UHODWLYDPHQWH DJOL HVHUFL]L SUHFHGHQWL DOOD FRVWLWX]LRQH DYYLHQH DWWUDYHUVR XQD DSSRVLWD JHVWLRQH VHSDUDWD
H OD QRPLQD G·LQWHVD WUD 5HJLRQH H 8QLYHUVLWj GL DSSRVLWR FRPPLVVDULR VHQ]D RQHUL DJJLXQWLYL 1HO FDVR
GL HYHQWXDOL ULVXOWDWL QHJDWLYL GL JHVWLRQH UHODWLYL DJOL HVHUFL]L SUHFHGHQWL OD FRVWLWX]LRQH GHOO·$28 OH
PRGDOLWj GL ULSLDQR VDUDQQR GHILQLWH GDOOD 5HJLRQH FRQ DSSRVLWR SURYYHGLPHQWR GHOOD *LXQWD UHJLRQDOH
VHQ]D RQHUL D FDULFR GHOO·8QLYHUVLWj
, ULVXOWDWL SRVLWLYL GL JHVWLRQH GHOO·$28 VRQR SRUWDWL D ULSLDQR GHOOH HYHQWXDOL SHUGLWH GHJOL HVHUFL]L
SUHFHGHQWL DL VHQVL GHO 'OJV  JLXJQR  Q  'LVSRVL]LRQL LQ PDWHULD GL DUPRQL]]D]LRQH GHL
VLVWHPL FRQWDELOL H GHJOL VFKHPL GL ELODQFLR GHOOH 5HJLRQL GHJOL HQWL ORFDOL H GHL ORUR RUJDQLVPL D QRUPD
GHJOL DUWLFROL  H  GHOOD OHJJH  PDJJLR  Q  /·HYHQWXDOH HFFHGHQ]D q XWLOL]]DWD SHU LO
ILQDQ]LDPHQWR GL SURJUDPPL GL ULFHUFD GL LQWHUHVVH DVVLVWHQ]LDOH H GL VYLOXSSR GHOOD TXDOLWj GHOOH SUHVWD]LRQL
FRPH GLVSRVWR GDOO·DUW  FRPPD  GHO '3&0  /D SURSRVWD GL GHVWLQD]LRQH GHOO·HYHQWXDOH
XWLOH G·HVHUFL]LR SUHYLD DSSURYD]LRQH GD SDUWH GHOOD 5HJLRQH GHO ELODQFLR GL HVHUFL]LR GHOO·$28 GRYUj
HVVHUH FRQWHQXWD QHOOD UHOD]LRQH VXOOD JHVWLRQH H ULFKLHGH SDUHUH IDYRUHYROH GHO &ROOHJLR 6LQGDFDOH
GHOO·$]LHQGD
,Q FDVR GL ULVXOWDWL QHJDWLYL QHOOD JHVWLRQH GHOO·$]LHQGD RVSHGDOLHURXQLYHUVLWDULD IHUPD UHVWDQGR OD
YHULILFD H OD YDOXWD]LRQH GHOOD UHVSRQVDELOLWj GHO 'LUHWWRUH JHQHUDOH DL VHQVL H SHU JOL HIIHWWL GHOOD QRUPDWLYD
??
YLJHQWH H GHO SUHVHQWH 3URWRFROOR OD VWHVVD 5HJLRQH H O·8QLYHUVLWj FRQFRUGDQR DSSRVLWR SLDQR WULHQQDOH GL
ULHQWUR VHQ]D RQHUL ILQDQ]LDUL H SDWULPRQLDOL D FDULFR GHOO·8QLYHUVLWj GD YHULILFDUH H PRQLWRUDUH RJQL DQQR
FRQ HYHQWXDOH UHODWLYD ULPRGXOD]LRQH FRQWHQHQWH DQFKH PLVXUH GL ULRUJDQL]]D]LRQH GHOOH DWWLYLWj H GHOOH
VWUXWWXUH,Q FDVR GL PDQFDWR DFFRUGR OD 5HJLRQH KD IDFROWj GL GLVGHWWDUH LO 3URWRFROOR G·,QWHVD $QDORJD
IDFROWj VSHWWD DOO·8QLYHUVLWj
 $ GHFRUUHUH GDOOD FRVWLWX]LRQH GHOOH $$2288 TXHVWH XOWLPH GHYRQR DFTXLVUH LO SUHYHQWLYR QXOOD
RVWD GHOO·8QLYHUVLWj H GHOOD 5HJLRQH SULPD GHOO·DYYLR GHOOH SURFHGXUH GL UHFOXWDPHQWR GL FLDVFXQD XQLWj GL
SHUVRQDOH PHGLFR GLULJHQWH RVSHGDOLHUR

$WWR D]LHQGDOH
 /·DWWR D]LHQGDOH GL FXL DJOL DUWW  GHO 'OJV  GLFHPEUH  Q  H  GHO 'OJV  GLFHPEUH 
Q  q O·DWWR GL GLULWWR SULYDWR IRQGDPHQWDOH SHU O·RUJDQL]]D]LRQH H LO IXQ]LRQDPHQWR GHOOH VWUXWWXUH
RUJDQL]]DWLYH D]LHQGDOL HG q DGRWWDWR HQWUR  JLRUQL GDOOD VRWWRVFUL]LRQH GHO SUHVHQWH 3URWRFROOR
 1HOO·DWWR D]LHQGDOH VRQR GLVFLSOLQDWH OD FRVWLWX]LRQH O
RUJDQL]]D]LRQH H LO IXQ]LRQDPHQWR GHL
GLSDUWLPHQWL DG DWWLYLWj LQWHJUDWD H VRQR LQGLYLGXDWH OH VWUXWWXUH FRPSOHVVH FKH OL FRPSRQJRQR LQGLFDQGR
TXHOOH D GLUH]LRQH XQLYHUVLWDULD H TXHOOH D GLUH]LRQH RVSHGDOLHUD
 /·DWWR D]LHQGDOH YLHQH DGRWWDWR PRGLILFDWR H LQWHJUDWR GDO 'LUHWWRUH JHQHUDOH GHOOD $]LHQGD RVSHGDOLHUR
XQLYHUVLWDULD G·LQWHVD FRQ LO 5HWWRUH OLPLWDWDPHQWH DL GLSDUWLPHQWL DG DWWLYLWj LQWHJUDWD HG DOOH VWUXWWXUH D
GLUH]LRQH XQLYHUVLWDULD H YLHQH WUDVPHVVR DOOD *LXQWD UHJLRQDOH
,O SURWRFROOR ( DWWXDWLYR GHO SUHVHQWH 3URWRFROOR GLVFLSOLQD L FRQWHQXWL GHOO·DWWR D]LHQGDOH SUHYHGHQGR
FKH OR VWHVVR FRQWHQJD LQ RJQL FDVR
D
/H SURFHGXUH SHU O·LVWLWX]LRQH GHO &ROOHJLR WHFQLFR SHU OD YDOXWD]LRQH H OH YHULILFKH GHOOH DWWLYLWj
VYROWH FKH GRYUDQQR HVVHUH DQDORJKH SHU OH $]LHQGH RVSHGDOLHURXQLYHUVLWDULH GL 3HUXJLD H GL
7HUQL
E
/H SURFHGXUH GL QRPLQD H UHYRFD GHL 'LUHWWRUL GL 'LSDUWLPHQWR DVVLVWHQ]LDOH RYH FRVWLWXLWL
F
/H SURFHGXUH SHU O·DWWULEX]LRQH H OD UHYRFD GHL SURJUDPPL GL FXL DOO·DUW  FRPPD  'OJV

G
/H SURFHGXUH SHU OD QRPLQD GHO &RPLWDWR GHL JDUDQWL GL FXL DOO·DUW  FRPPD  'OJV 
FKH GRYUDQQR HVVHUH DQDORJKH SHU OH $]LHQGH RVSHGDOLHURXQLYHUVLWDULH GL 3HUXJLD H GL 7HUQL
H
/H PRGDOLWj GL DGR]LRQH GHJOL DWWL QRUPDWLYL LQWHUQL GL FDUDWWHUH JHQHUDOH
I
/H SURFHGXUH GL YDOXWD]LRQH GHL 'LUHWWRUL GHL GLSDUWLPHQWL DG DWWLYLWj LQWHJUDWD
??
 )LQR DOOD FRVWLWX]LRQH GHO &ROOHJLR WHFQLFR SHU OD YDOXWD]LRQH H OD YHULILFD GHOOH DWWLYLWj VYROWH H GHO
&RPLWDWR GHL JDUDQWL ULPDQJRQR LQ FDULFD JOL RUJDQLVPL FRVWLWXLWL DOO·HQWUDWD LQ YLJRUH GHO SUHVHQWH
SURWRFROOR H FRPXQTXH SHU XQ SHULRGR QRQ VXSHULRUH D RWWR PHVL
 3HU O·DGR]LRQH GHL VHJXHQWL DWWL DL VHQVL GHOO·DUW  GHO '3&0  OH $]LHQGH RVSHGDOLHUR
XQLYHUVLWDULH DFTXLVLVFRQR WUDPLWH LO 5HWWRUH LO SDUHUH SUHYHQWLYR GHOO·8QLYHUVLWj
D
3LDQL DWWXDWLYL ORFDOL GHO SLDQR VDQLWDULR UHJLRQDOH
E
3LDQL H SURJUDPPL SOXULHQQDOL GL LQYHVWLPHQWR
F
%LODQFLR HFRQRPLFR SUHYHQWLYR H ELODQFLR G·HVHUFL]LR
7,72/2 9

$FFRUGL H FRQYHQ]LRQL
 /H $]LHQGH RVSHGDOLHURXQLYHUVLWDULH GL 3HUXJLD H GL 7HUQL LQ EDVH DOOH ULVSHWWLYH QHFHVVLWj H RELHWWLYL
D]LHQGDOL SRVVRQR VWLSXODUH DFFRUGL H LQWHVH FRQ OH DOWUH D]LHQGH VDQLWDULH GHOOD 5HJLRQH QRQFKp FRQ FHQWUL
GL ULFHUFD LVWLWXWL H VWUXWWXUH XQLYHUVLWDULH,Q PHULWR RFFRUUH LO SDUHUH IDYRUHYROH GHOOD 5HJLRQH H
GHOO·8QLYHUVLWj
7,72/2 9,

3HUVRQDOH 8QLYHUVLWDULR SUHVVR OH $]LHQGH RVSHGDOLHURXQLYHUVLWDULH
 $L VHQVL GHOO·DUW  GHO 'OJV  H GHOO·DUW  OHWW E GHO '3&0  L SURIHVVRUL H
ULFHUFDWRUL XQLYHUVLWDUL FKH VYROJRQR DWWLYLWj DVVLVWHQ]LDOL SUHVVR OH $]LHQGH H DOWUH VWUXWWXUH VHGL GHOOD
FROODERUD]LRQH WUD 8QLYHUVLWj H 665 DVVROYRQR DJOL REEOLJKL DVVLVWHQ]LDOL SUHYLVWL GDOOD QRUPDWLYD YLJHQWH
H VRQR UHVSRQVDELOL GHL ULVXOWDWL FRQVHJXLWL LQ UHOD]LRQH DOO·DWWLYLWj VYROWD $L PHGHVLPL VL DSSOLFDQR SHU
TXDQWR DWWLHQH DOO·HVHUFL]LR GHOO·DWWLYLWj DVVLVWHQ]LDOH OH GLVSRVL]LRQL QRUPDWLYH H FRQWUDWWXDOL GHO 661 LQ
TXDQWR FRPSDWLELOL FRQ OR VWDWXV GL GRFHQWH XQLYHUVLWDULR
, VRJJHWWL GL FXL DO SUHFHGHQWH FRPPD VRQR LQGLYLGXDWL G·LQWHVD FRQ LO 5HWWRUH FRQ DSSRVLWR
SURYYHGLPHQWR GHO 'LUHWWRUH JHQHUDOH GHOOH $]LHQGH QHO TXDOH YLHQH VWDELOLWD O·DIIHUHQ]D DL 'LSDUWLPHQWL
DG DWWLYLWj LQWHJUDWD QHO ULVSHWWR GHO FULWHULR GL FRHUHQ]D WUD LO VHWWRUH VFLHQWLILFR GLVFLSOLQDUH GL
LQTXDGUDPHQWR OD VSHFLDOL]]D]LRQH SRVVHGXWD H O·DWWLYLWj GHO 'LSDUWLPHQWR8QLWj RSHUDWLYD DVVLVWHQ]LDOH
GL DIIHUHQ]D $L ILQL GL XQD SL HVWHVD HG HIILFDFH FRRSHUD]LRQH WUD 8QLYHUVLWj H 5HJLRQH H LQ EDVH DOOH
QHFHVVLWj D]LHQGDOL SRVVRQR FRQFRUUHUH DOOH DWWLYLWj LQWHJUDWH RJJHWWR GHO SUHVHQWH 3URWRFROOR DQFKH
'LSDUWLPHQWL XQLYHUVLWDUL GLYHUVL GD TXHOOR GL 0HGLFLQD H &KLUXUJLD IHUPR ULPDQHQGR LO UXROR GL VWUXWWXUD
GL ULIHULPHQWR GL TXHVW·XOWLPR QRQFKp ² FRQ LO FRQVHQVR GHOO·LQWHUHVVDWR  SHUVRQDOH XQLYHUVLWDULR GRFHQWH
??
H ULFHUFDWRUH DIIHUHQWH DOOH DUHH &81  H  H DL 66' 036, DQFKH GLYHUVR GD TXHOOR DIIHUHQWH DL VHWWRUL
GL FXL DO SUHFHGHQWH DUW  FRPPD  SXUFKp LQ SRVVHVVR GL UHTXLVLWL GL OHJJH
, VRSUD LQGLFDWL VRJJHWWL VRQR LQVHULWL LQ XQ DSSRVLWR HOHQFR DJJLRUQDWR FRQ FDGHQ]D SHULRGLFD D FXUD GHOOH
$]LHQGH
 6WDQWH O·LQVFLQGLELOLWj WUD OH DWWLYLWj DVVLVWHQ]LDOL GL GLGDWWLFD H GL ULFHUFD O·DWWLYLWj DVVLVWHQ]LDOH VYROWD GDL
SURIHVVRUL H ULFHUFDWRUL XQLYHUVLWDUL SUHVVR OH $]LHQGH RVSHGDOLHUR XQLYHUVLWDULH q FRPSHQHWUDWD FRQ
O·DWWLYLWj GLGDWWLFD H VFLHQWLILFD SHU XQ LPSHJQR RUDULR FRPSOHVVLYR HTXLYDOHQWH D TXHOOR SUHYLVWR SHU L
GLULJHQWL PHGLFL H VDQLWDUL GHO 661 DWWXDOPHQWH SDUL D  RUH VHWWLPDQDOL /
LPSHJQR GHGLFDWR DOO·DWWLYLWj
DVVLVWHQ]LDOH QRQ SRWUj HVVHUH LQIHULRUH DO  GHO GHELWR RUDULR FRPSOHVVLYR VWDELOLWR SHU LO SHUVRQDOH GHO
661 $L VROL ILQL GHOOD GHWHUPLQD]LRQH GHOOD GRWD]LRQH RUJDQLFD GL FLDVFXQD VWUXWWXUD LO FRQWULEXWR RUDULR
GHO SHUVRQDOH GRFHQWH H ULFHUFDWRUH q YDOXWDWR QHOOD PLVXUD GHO  GHO SHUVRQDOH GHO 6HUYL]LR 6DQLWDULR
5HJLRQDOH GHO FRUULVSRQGHQWH OLYHOOR 7DOH LPSHJQR VDUj DUWLFRODWR LQ EDVH DO SLDQR GL ODYRUR GHOOD VWUXWWXUD
HG DOOD SURJUDPPD]LRQH GHOO
DWWLYLWj GLGDWWLFD H GL ULFHUFD VHFRQGR FULWHUL GL IOHVVLELOLWj /D ULOHYD]LRQH GHOOH
SUHVHQ]H GHYH HVVHUH HIIHWWXDWD GDOOH $]LHQGH FRQ PHWRGRORJLD DQDORJD D TXHOOD XWLOL]]DWD SHU OD ULOHYD]LRQH
GHOOH SUHVHQ]H GHO SHUVRQDOH VDQLWDULR RVSHGDOLHUR
H VDUj RJJHWWR GL DSSRVLWR $FFRUGR WUD $]LHQGH H
8QLYHUVLWj 6WDQWH O·LQVFLQGLELOLWj GHOOH DWWLYLWj GLGDWWLFKH H GL ULFHUFD FRQ TXHOOH DVVLVWHQ]LDOL q ULFRQRVFLXWR
O·LQVHULPHQWR QHOOH IXQ]LRQL DVVLVWHQ]LDOL GHL ULFHUFDWRUL D WHPSR GHWHUPLQDWR FRQ XQ LPSHJQR RUDULR GL
DVVLVWHQ]D QRQ
VXSHULRUH D  RUH VHWWLPDQDOL DOO·LQWHUQR GHOO·LPSHJQR FRPSOHVVLYR DQQXR
,O SHUVRQDOH RSHUDQWH TXDOH SURIHVVRUH D FRQWUDWWR DVVHJQLVWD R GRWWRUDQGR SUHVVR LO 'LSDUWLPHQWR GL
0HGLFLQD H &KLUXUJLD SHU O
DWWLYLWj GL GLGDWWLFD HR GL ULFHUFD FOLQLFD SXz VYROJHUH SUHYLD DXWRUL]]D]LRQH
GHOOD 'LUH]LRQH D]LHQGDOH DWWLYLWj FOLQLFD QHO FRQWHVWR GHO SURSULR SURJHWWR GL GLGDWWLFD HR GL ULFHUFD
'HWWR SHUVRQDOH q LQVHULWR LQ XQ HOHQFR VHSDUDWR DJJLRUQDWR SHULRGLFDPHQWH D FXUD GHOOH $]LHQGH /H
PRGDOLWj GL HVHUFL]LR GHOO
DWWLYLWj DVVLVWHQ]LDOH VRQR FRQFRUGDWH WUD LO 'LUHWWRUH GHOO
82 GL DIIHUHQ]D H OD
'LUH]LRQH VDQLWDULD /R VYROJLPHQWR GHOO
DWWLYLWj DVVLVWHQ]LDOH QRQ Gj GLULWWR DG DOFXQ HPROXPHQWR
DJJLXQWLYR ULVSHWWR D TXDQWR SHUFHSLWR SHU HIIHWWR GHO FRQWUDWWR GL ULFHUFD HR GL GLGDWWLFD VDOYR GLYHUVD
LQWHVD WUD $]LHQGD H 8QLYHUVLWj /H FRSHUWXUH DVVLFXUDWLYH H JOL DGHPSLPHQWL FRQQHVVL D TXDQWR GLVSRVWR
GDO 'OJV  VRQR DVVROWL GDO 'LUHWWRUH JHQHUDOH GHOO·$]LHQGD
,O SHUVRQDOH WHFQLFR ² DPPLQLVWUDWLYR GHOO·8QLYHUVLWj QHOOH PRUH GHOOD HPDQD]LRQH GHL GHFUHWL
LQWHUPLQLVWHULDOL GL FXL DOO·DUW  FRPPD  'OJV  SXz HVVHUH DVVHJQDWR LQ VHUYL]LR SUHVVR OH
$]LHQGH RVSHGDOLHURXQLYHUVLWDULH H SUHVVR OH DOWUH VWUXWWXUH FRQYHQ]LRQDWH FRQ O·8QLYHUVLWj H FRQ OH
PRGDOLWj SUHYLVWH GDO FRPPD  GHO SUHVHQWH DUWLFROR SUHYLR DFFHUWDPHQWR GHO SRVVHVVR GHL QHFHVVDUL
UHTXLVLWL FXOWXUDOL H SURIHVVLRQDOL H QHO ULVSHWWR GHOOD SURJUDPPD]LRQH GHO IDEELVRJQR GL SHUVRQDOH GHO
665 GHL YLQFROL GL VSHVD H GHL FULWHUL FRQWHQXWL QHO 3URWRFROOR ' DWWXDWLYR GHO SUHVHQWH 3URWRFROOR 1HO
3URWRFROOR ' VRQR GHWHUPLQDWL LO WUDWWDPHQWR LQWHJUDWLYR H OH HYHQWXDOL LQGHQQLWj ULIHULWH DOOH VSHFLILFKH
??
IXQ]LRQL FRQIHULWH GD FRUULVSRQGHUH DO VXGGHWWR SHUVRQDOH GD SDUWH GHOOH $]LHQGH VWHVVH 'HWWL WUDWWDPHQWL
VRQR D FDULFR GHOOH $$2288 H GDOOH PHGHVLPH PHQVLOPHQWH FRUULVSRVWL DOO·8QLYHUVLWj H GD TXHVWD DO
SHUVRQDOH QHO ULVSHWWR GHOOH SURSULH SURFHGXUH,O SHUVRQDOH GL FXL DO SUHVHQWH FRPPD q LQVHULWR LQ XQ
DSSRVLWR HOHQFR DJJLRUQDWR SHULRGLFDPHQWH D FXUD GHOOH $]LHQGH
 $L VHQVL GHOO
DUW  FRPPD  H WHU GHO 'OJV  O
LQFDULFR GL GLUH]LRQH GL VWUXWWXUD FRPSOHVVD
FRQIHULWR DO SHUVRQDOH XQLYHUVLWDULR GDO 'LUHWWRUH JHQHUDOH G
LQWHVD FRQ LO 5HWWRUH VHQWLWR LO 'LUHWWRUH GHO
'LSDUWLPHQWR q VRJJHWWR D FRQIHUPD DO WHUPLQH GL XQ SHULRGR GL SURYD GL VHL PHVL SURURJDELOH GL DOWUL VHL
D GHFRUUHUH GDOOD GDWD GL QRPLQD D GHWWR LQFDULFR VXOOD EDVH GHOOD YDOXWD]LRQH
 $L VHQVL GHOO
DUW  FRPPD  GHO 'OJV  DL SURIHVVRUL GL SULPD IDVFLD DL TXDOL QRQ VLD VWDWR
SRVVLELOH FRQIHULUH XQ LQFDULFR GL GLUH]LRQH GL 6WUXWWXUD 6HPSOLFH R &RPSOHVVD LO 'LUHWWRUH JHQHUDOH
VHQWLWR LO 5HWWRUH DIILGD OD UHVSRQVDELOLWj H OD JHVWLRQH GL SURJUDPPL LQIUD R LQWHUGLSDUWLPHQWDOL ILQDOL]]DWL
LQWHJUD]LRQH GHOOH DWWLYLWj DVVLVWHQ]LDOL GLGDWWLFKH H GL ULFHUFD FRQ SDUWLFRODUH ULJXDUGR DOOH LQQRYD]LRQL
WHFQRORJLFKH HG DVVLVWHQ]LDOL QRQFKp DO FRRUGLQDPHQWR GHOOH DWWLYLWj VLVWHPDWLFKH GL UHYLVLRQH H YDOXWD]LRQH
GHOOD SUDWLFD FOLQLFD HG DVVLVWHQ]LDOH
/D UHVSRQVDELOLWj H OD JHVWLRQH GL DQDORJKL SURJUDPPL SXz HVVHUH DIILGDWD LQ UHOD]LRQH DOOD PLQRUH
FRPSOHVVLWj H ULOHYDQ]D GHJOL VWHVVL DQFKH DL SURIHVVRUL GL VHFRQGD IDVFLD DL TXDOL QRQ VLD VWDWR FRQIHULWR
XQ LQFDULFR GL GLUH]LRQH GL VWUXWWXUD VHPSOLFH R FRPSOHVVD *OL LQFDULFKL VRQR DVVLPLODWL D WXWWL JOL HIIHWWL
DJOL LQFDULFKL GL UHVSRQVDELOLWj ULVSHWWLYDPHQWH GL VWUXWWXUD FRPSOHVVD H GL VWUXWWXUD VHPSOLFH
 /·LQWHJUD]LRQH GHULYDQWH GDO SUHVHQWH SURWRFROOR GHWHUPLQD DOWUHVu OD SDUWHFLSD]LRQH GHO SHUVRQDOH GHO
665 GHOO·$]LHQGD DOO·DWWLYLWj GLGDWWLFD H GL ULFHUFD VHFRQGR OH PRGDOLWj H QHJOL DPELWL VWDELOLWL GDOOD
OHJLVOD]LRQH YLJHQWH FRPSDWLELOPHQWH FRQ JOL REEOLJKL DVVLVWHQ]LDOL GL WDOH SHUVRQDOH
 /D YDOXWD]LRQH GHL SURIHVVRUL H GHL ULFHUFDWRUL XQLYHUVLWDUL q HIIHWWXDWD VXOOD EDVH GHL SULQFLSL GL FXL DOO·DUW
 GHO 'OJV  YDOXWDQGR O·DWWLYLWj DVVLVWHQ]LDOH VXOOD EDVH GL TXDQWR SUHYLVWR GDL YLJHQWL &&1/
GHOOD GLULJHQ]D PHGLFR VDQLWDULD H YHWHULQDULD H GDO 3URJUDPPD 1D]LRQDOH (VLWL
 )HUPL UHVWDQGR L SURYYHGLPHQWL GLVFLSOLQDUL H OH VDQ]LRQL GD DWWXDUH LQ EDVH DOOH YLJHQWL GLVSRVL]LRQL GL
OHJJH DL VHQVL GHOO·$UW  F  GHO 'OJV  QHL FDVL GL JUDYLVVLPH PDQFDQ]H DL GRYHUL GL XIILFLR LO
'LUHWWRUH JHQHUDOH SUHYLR SDUHUH FRQIRUPH GD HVSULPHUH HQWUR WUH JLRUQL GDOOD ULFKLHVWD GL XQ DSSRVLWR
&RPLWDWR FRVWLWXLWR GD WUH *DUDQWL QRPLQDWL GL LQWHVD WUD 5HWWRUH H 'LUHWWRUH *HQHUDOH SHU XQ WULHQQLR
SXz VRVSHQGHUH L 3URIHVVRUL H L 5LFHUFDWRUL XQLYHUVLWDUL GDOO
DWWLYLWj DVVLVWHQ]LDOH H GLVSRUQH
DOORQWDQDPHQWR GDOO
$]LHQGD GDQGRQH LPPHGLDWD FRPXQLFD]LRQH DO 5HWWRUH SHU JOL XOWHULRUL
SURYYHGLPHQWL GL FRPSHWHQ]D 4XDORUD LO &RPLWDWR QRQ VL HVSULPD HQWUR L WUH JLRUQL SUHYLVWL LO SDUHUH VL
LQWHQGH HVSUHVVR LQ VHQVR FRQIRUPH
??
 /·DWWULEX]LRQH H OD UHYRFD GHJOL LQFDULFKL q HIIHWWXDWD DL VHQVL GHOO·DUW  GHO '35  H GHOO·DUW
 'OJV 
 4XDQWR GLVSRVWR GDO SUHVHQWH DUWLFROR VL DSSOLFD DQFKH DO SHUVRQDOH XQLYHUVLWDULR LQ FRQYHQ]LRQH FRQ
VWUXWWXUH GHO 665 GLYHUVH GDOOH $]LHQGH RVSHGDOLHURXQLYHUVLWDULH

7UDWWDPHQWR HFRQRPLFR GHO SHUVRQDOH XQLYHUVLWDULR GRFHQWH H ULFHUFDWRUH
 $L VHQVL GHOO·DUW  GHO ' /JV Q  H LQ RJQL FDVR QHO ULVSHWWR GHOOD QRUPDWLYD YLJHQWH DL
SURIHVVRUL H DL ULFHUFDWRUL XQLYHUVLWDUL FKH VYROJRQR DWWLYLWj DVVLVWHQ]LDOH  QRQFKp DOOH ILJXUH HTXLSDUDWH GL
FXL DOO·DUW  GHOOD /HJJH  QRYHPEUH  Q  FXL VLDQR FRQIHULWL FRPSLWL GLGDWWLFL H FKH VYROJRQR
DWWLYLWj DVVLVWHQ]LDOH  SUHVVR OH $]LHQGH 2VSHGDOLHURXQLYHUVLWDULH VRQR ULFRQRVFLXWL ROWUH L FRPSHQVL
OHJDWL DOOH SDUWLFRODUL FRQGL]LRQL GL ODYRUR RYH VSHWWDQWL LQGHQQLWj GL ULVFKLR UDGLRORJLFR GL WXUQR SURQWD
GLVSRQLELOLWj HFF ROWUH DO WUDWWDPHQWR HFRQRPLFR HURJDWR GDOO·8QLYHUVLWj L VRWWRLQGLFDWL WUDWWDPHQWL
HFRQRPLFL SRVWL D FDULFR GHOO·$]LHQGD
$ XQ WUDWWDPHQWR DJJLXQWLYR JUDGXDWR LQ UHOD]LRQH DOOH UHVSRQVDELOLWj FRQQHVVH DL GLYHUVL WLSL GL LQFDULFR
DIILGDWL GDOO·$]LHQGD,O SUHGHWWR WUDWWDPHQWR VL FRPSRQH GL
 XQD ´SDUWH ILVVDµ FRPSUHQVLYD GHOOD UHWULEX]LRQH QHO VXR YDORUH PLQLPR FRPH GHILQLWR GDO &&1/ GL
$UHD 6DQLWj PDJJLRUDWD GHOOH TXRWH GL UHWULEX]LRQH H ULVXOWDWR FRQJOREDWH H ULYDOXWDWH QHOOD PLVXUD
DWWXDOPHQWH LQ JRGLPHQWR 1HL FDVL LQ FXL LO WUDUUDPHQWR HFRQRPLFR FRPSOHVVLYR FRPSHQVLYR GHOOD ´SDUWH
ILVVDµ H GHOOD ´SDUWH YDULDELOHµ FRPH GL VHJXLWR GHWHUPLQDWD VLD LQIHULRUH D TXHOOR GHL GLULJHQWL RVSHGDOLHUL
GL SDUL DQ]LDQLWj GL VHUYL]LR H LQFDULFR LO WUDWWDPHQWR GL FXL DOOD OHWWHUD $ ´SDUWH ILVVDµ q LQWHJUDWR QHOOD
PLVXUD QHFHVVDULD YROWD D FRQVHQWLUQH O·HTXLSDUD]LRQH
 XQD ´SDUWH YDULDELOHµ DWWULEXLWD LQ UHOD]LRQH DOOH UHVSRQVDELOLWj FRQQHVVH DJOL LQFDULFKL H GHWHUPLQDWD
VRWWUDHQGR GDOOD UHWULEX]LRQH GL SRVL]LRQH FRPSOHVVLYD FRUUHODWD DOOD VLQJROD SRVL]LRQH VXOOD EDVH GHOOD
JUDGXD]LRQH GHOOH IXQ]LRQL GHILQLWD D OLYHOOR D]LHQGDOH LO YDORUH PLQLPR GHOOD SDUWH ILVVD FRPH GHILQLWR GDO
&&1/ GL $UHD 6DQLWj 1HO FDVR GL FRQIHULPHQWR GHOO·LQFDULFR GL GLUH]LRQH GL VWUXWWXUD FRPSOHVVD OD SDUWH
YDULDELOH YLHQH LQWHJUDWD FRQ XQ LPSRUWR SDUL DOO·LQGHQQLWj GL GLUH]LRQH GL VWUXWWXUD FRPSOHVVD TXDQWLILFDWD
DL VHQVL GHO &&1/ $UHD 6DQLWj 1HO FDVR GL LQFDULFR GL GLUH]LRQH GL 'LSDUWLPHQWR DG DWWLYLWj LQWHJUDWD
OD SDUWH YDULDELOH YLHQH LQWHJUDWD FRQ XQ LPSRUWR SDUL DOO·LQGHQQLWj GL GLUH]LRQH GL 'LSDUWLPHQWR DG DWWLYLWj
LQWHJUDWD TXDQWLILFDWD DL VHQVL GHO &&1/ $UHD 6DQLWj
% XQ WUDWWDPHQWR DJJLXQWLYR JUDGXDWR LQ UHOD]LRQH DL ULVXOWDWL RWWHQXWL QHOO·DWWLYLWj DVVLVWHQ]LDOH H
JHVWLRQDOH YDOXWDWL VHFRQGR SDUDPHWUL GL HIILFDFLD DSSURSULDWH]]D HG HIILFLHQ]D QRQFKp DOO·HIILFDFLD QHOOD
UHDOL]]D]LRQH GHOO·LQWHJUD]LRQH WUD DWWLYLWj DVVLVWHQ]LDOH GLGDWWLFD H GL ULFHUFD
, SUHGHWWL WUDWWDPHQWL HFRQRPLFL VRQR HURJDWL QHL OLPLWL GHOOH ULVRUVH GD DWWULEXLUH DL VHQVL GHOO·DUW 
FRPPD  GHO '35 Q  GHO  JOREDOPHQWH FRQVLGHUDWH H VRQR GHILQLWL VHFRQGR FULWHUL GL FRQJUXLWj
??
H SURSRU]LRQH ULVSHWWR D TXHOOH SUHYLVWH DO PHGHVLPR VFRSR GDL &&&&11/ GL FXL DOO·DUW  GHO '/JV
Q  GHO  H VXFFHVVLYH PRGLILFD]LRQL
, WUDWWDPHQWL HFRQRPLFL FRUUHODWL DOO·LQFDULFR H DO ULVXOWDWR GL FXL DOO·DUW  GHO '/JV  VRQR D
YDOHUH VXOOH ULVRUVH GL FXL DOO·DUW  FRPPD  GHO '35  LGHQWLILFDWH QHL IRQGL HURJDWL SHU OH
ILQDOLWj GL FXL DOOD GLVSRVL]LRQH QRUPDWLYD GD XOWLPR ULFKLDPDWD DOOD GDWD GL VRWWRVFUL]LRQH GHO SURWRFROOR
GL LQWHVD GHO  PDJJLR 
 9LHQH LQROWUH ULFRQRVFLXWD O·LQGHQQLWj GL HVFOXVLYLWj SHU L GLULJHQWL FRQ UDSSRUWR GL ODYRUR HVFOXVLYR LQ
DWWXD]LRQH GL TXDQWR GLVSRQH O·DUW  GHO '/JV 
,O WUDWWDPHQWR HFRQRPLFR q DGHJXDWR LQ EDVH DJOL LQFUHPHQWL SUHYLVWL GDO &&1/ $UHD 6DQLWj
 /
LPSRUWR GHL VXGGHWWL WUDWWDPHQWL YLHQH DWWULEXLWR PHQVLOPHQWH GDOO
$]LHQGD DOO
8QLYHUVLWj H GD TXHVWD
QHO ULVSHWWR GHOOH SURSULH SURFHGXUH DL GRFHQWL XQLYHUVLWDUL 'HWWD GLVSRVL]LRQH VL DSSOLFD DQFKH QHO FDVR
GL UDSSRUWL FRQYHQ]LRQDOL WUD O
8QLYHUVLWj H OH $]LHQGH 6DQLWDULH GHO 6HUYL]LR 6DQLWDULR 5HJLRQDOH
 2OWUH DO WUDWWDPHQWR GL FXL VRSUD DO SHUVRQDOH XQLYHUVLWDULR GRFHQWH H ULFHUFDWRUH FRQYHQ]LRQDWR FKH VL
UHQGD GLVSRQLELOH DOOR VYROJLPHQWR GL SDUWLFRODUL DWWLYLWj OHJDWH DOOR VPDOWLPHQWR GHOOH OLVWH G
DWWHVD R GL
SURJHWWL GL SDUWLFRODUH LQWHUHVVH VDQLWDULR SUHVVR O
$]LHQGD RVSHGDOLHURXQLYHUVLWDULD GL ULIHULPHQWR q
ULFRQRVFLXWR XQ WUDWWDPHQWR LQWHJUDWLYR SDUL D TXHOOR FRUULVSRVWR DO SHUVRQDOH RVSHGDOLHUR VHFRQGR OH
WDULIIH SUHYLVWH GDO &&1/ GHOO·$UHD GHOOD 6DQLWj R GD QRUPDWLYH VSHFLDOL
 )LQR DOOD FRVWLWX]LRQH GHOOH $]LHQGH 2VSHGDOLHUH 8QLYHUVLWDULH,QWHJUDWH UHVWD IHUPR LO WUDWWDPHQWR
DWWXDOPHQWH LQ JRGLPHQWR
 /H GLVSRVL]LRQL JLXULGLFKH HG HFRQRPLFKH GHO SUHVHQWH 3URWRFROOR LQ PDWHULD GL SHUVRQDOH
FRQYHQ]LRQDWR SUHVVR OH $]LHQGH RVSHGDOLHUR XQLYHUVLWDULH VL DSSOLFDQR DQFKH DO SHUVRQDOH XQLYHUVLWDULR
FRQYHQ]LRQDWR SUHVVR OH DOWUH $]LHQGH VDQLWDULH HG (QWL GHO 6HUYL]LR 6DQLWDULR 5HJLRQDOH
 /H SDUWL FRQFRUGDQR FKH O·DSSOLFD]LRQH GHOOH GLVSRVL]LRQL GHO SUHVHQWH DUWLFROR VRQR VXERUGLQDWH
DOO·HPDQD]LRQH GL XQ·DSSRVLWD QRUPD UHJLRQDOH GHPDQGDQGR DO FRPSHWHQWH XIILFLR OHJLVODWLYR UHJLRQDOH OD
SURSRVWD GHO UHODWLYR GLVHJQR GL OHJJH SUHYLD YDOXWD]LRQH GHO ULVSHWWR GHOOD YLJHQWH QRUPDWLYD LQ PDWHULD

&RSHUWXUD DVVLFXUDWLYD UHVSRQVDELOLWj FLYLOH YHUVR WHU]L H SDWURFLQLR OHJDOH
 /H $]LHQGH RVSHGDOLHURXQLYHUVLWDULH OH $]LHQGH VDQLWDULH H JOL (QWL SXEEOLFL FRQYHQ]LRQDWL FRQ
8QLYHUVLWj VRQR FLYLOPHQWH UHVSRQVDELOL H[ DUW  && SHU O
DWWLYLWj DVVLVWHQ]LDOH VYROWD GDO SHUVRQDOH
XQLYHUVLWDULR FRQYHQ]LRQDWR SUHVVR JOL VWHVVL H VHFRQGR OH PHGHVLPH FRQGL]LRQL ULFRQRVFLXWH DO SURSULR
SHUVRQDOH GLSHQGHQWH 6RQR DOWUHVu FLYLOPHQWH UHVSRQVDELOL SHU O·DWWLYLWj DVVLVWHQ]LDOH VYROWD QHOOH SURSULH
VWUXWWXUH GDJOL LVFULWWL DOOH VFXROH GL VSHFLDOL]]D]LRQH GL FXL DL GHFUHWL OHJLVODWLYL  DJRVWR  Q  H 
DJRVWR  Q  GDL SURIHVVRUL D FRQWUDWWR GDL WLWRODUL GL FRQWUDWWL GL ULFHUFD H GRWWRUDQGL ERUVLVWL H
??
FRQWUDWWLVWL FKH LQWHUDJLVFRQR FRQ OH DWWLYLWj DVVLVWHQ]LDOL
H GDL ODXUHDWL LQ 0HGLFLQD H &KLUXUJLD FKH
HIIHWWXDQR LO WLURFLQLR SUHDELOLWD]LRQH
 $O SHUVRQDOH XQLYHUVLWDULR FRQYHQ]LRQDWR q DVVLFXUDWR LO SDWURFLQLR OHJDOH LQ FRQIRUPLWj DOOD GLVFLSOLQD
QRUPDWLYD H FRQWUDWWXDOH YLJHQWH SHU LO SHUVRQDOH GHO 661
7,72/2 9,, 3URWRFROOL $WWXDWLYL

3URWRFROOL $WWXDWLYL
 /H 3DUWL GDQQR DWWXD]LRQH DO SUHVHQWH SURWRFROOR JHQHUDOH FRQ VRWWRVFUL]LRQH GHL VHJXHQWL SURWRFROOL
DWWXDWLYL
,QGLYLGXD]LRQH GHL 'LSDUWLPHQWL '$, H '$ D GLUH]LRQH XQLYHUVLWDULD R RVSHGDOLHUD
,QGLYLGXD]LRQH GHOOH 6WUXWWXUH &RPSOHVVH D GLUH]LRQH XQLYHUVLWDULD R RVSHGDOLHUD
(OHQFR GHL EHQL PRELOL H LPPRELOL DSSRUWDWL GDOO·8QLYHUVLWj H GDO 6HUYL]LR 6DQLWDULR 5HJLRQDOH
'
7UDWWDPHQWR LQWHJUDWLYR H PRGDOLWj GL XWLOL]]D]LRQH GHO 3HUVRQDOH WHFQLFR DPPLQLVWUDWLYR
XWLOL]]DWR SUHVVR OH $]LHQGH RVSHGDOLHURXQLYHUVLWDULH
&ULWHUL JHQHUDOL SHU O·DGR]LRQH GHJOL DWWL D]LHQGDOL H GHL UHJRODPHQWL GL RUJDQL]]D]LRQH H
IXQ]LRQDPHQWR GHOOH $]LHQGH RVSHGDOLHURXQLYHUVLWDULH
&ULWHUL GL ULSDUWL]LRQH GHL ULVXOWDWL HFRQRPLFL GL JHVWLRQH GHOOH $]LHQGH RVSHGDOLHURXQLYHUVLWDULH
 /D VRWWRVFUL]LRQH GHL SUHGHWWL SURWRFROOL DWWXDWLYL GRYUj DYHU OXRJR HQWUR H QRQ ROWUH  JLRUQL GDOOD
VRWWRVFUL]LRQH GHO SUHVHQWH 3URWRFROOR
SURURJDELOL XQD VROD YROWD G·LQWHVD WUD OH 3DUWL SHU XOWHULRUL 
JLRUQL
7,72/2 9,,, %HQL SDWULPRQLDOL

$SSRUWR XVR H DVVHJQD]LRQH GL EHQL SDWULPRQLDOL
, EHQL GHPDQLDOL R FRPXQTXH LQ XVR JUDWXLWR H SHUSHWXR DOO·8QLYHUVLWj QRQFKp L VXRL EHQL PRELOL H
LPPRELOL JLj GHVWLQDWL LQ PRGR SUHYDOHQWH DOOH DWWLYLWj DVVLVWHQ]LDOL H LGHQWLILFDWL QHO SURWRFROOR & DWWXDWLYR
GHO SUHVHQWH 3URWRFROOR VRQR PHVVL JUDWXLWDPHQWH D GLVSRVL]LRQH GHOO·$]LHQGD RVSHGDOLHURXQLYHUVLWDULD
??
SHU O·DWWLYLWj FRUUHQWH FRQ YLQFROR GL GHVWLQD]LRQH DG DWWLYLWj D]LHQGDOH IHUPL UHVWDQGR L UHODWLYL WLWROL GL
SURSULHWj H GLULWWL UHDOL RYH H ILQR D TXDQGR HVVL YHQJRQR DGLELWL D WDOH DWWLYLWj, EHQL GL FXL DO SUHVHQWH
FRPPD VRQR YDOXWDWL FRPH DSSRUWR SDWULPRQLDOH DL VHQVL GHOO·DUW  FRPPD  'OJV 
 /D GLVFLSOLQD GHOO·DSSRUWR GHOO·XVR H GHOOD DVVHJQD]LRQH GHL EHQL SUHGHWWL RVVHUYD L VHJXHQWL FULWHUL
D FRQ ULIHULPHQWR DG RJQL EHQH PRELOH HG LPPRELOH  R FDWHJRULD GL EHQH PRELOH HG LPPRELOH  GHYH
HVVHUH VHPSUH GHILQLWD DL YDUL HIIHWWL SUHYLVWL GDOOD OHJJH H GDO SUHVHQWH 3URWRFROOR OD TXRWD SHUFHQWXDOH GD
ULWHQHUH DVVHJQDWD DOO·$]LHQGD FRUUHODWDPHQWH DOO·XVR DVVLVWHQ]LDOH GHOOR VWHVVR EHQH
E L EHQL PRELOL H LPPRELOL FRQIHULWL QHOOR VWDWR LQ FXL VL WURYDQR VRQR YDOXWDWL FRPH DSSRUWR SDWULPRQLDOH
DOO· $]LHQGD QHL OLPLWL GHOOD TXRWD SHUFHQWXDOH SUHYLVWD DOOD SUHFHGHQWH OHWWHUD D
F QHL OLPLWL GHOOD TXRWD GL GHVWLQD]LRQH DVVLVWHQ]LDOH VRSUD LQGLFDWD H FRQ SDUWLFRODUH ULJXDUGR DL EHQL
LPPRELOL VRQR D FDULFR GHOO·$]LHQGD JOL RQHUL GL PDQXWHQ]LRQH RUGLQDULD H TXHOOL GL PDQXWHQ]LRQH
VWUDRUGLQDULD FRVu FRPH TXDOLILFDWL GDOOH OHWWHUH D H E GHO FRPPD  GHOO·DUWLFROR  GHO '35  LYL
FRPSUHVL JOL RQHUL LQHUHQWL OD VLFXUH]]D ULHQWUDQWL QHOOH VXGGHWWH FDWHJRULH GHOOD PDQXWHQ]LRQH RUGLQDULD R
VWUDRUGLQDULD IHUPR UHVWDQGR FKH SHU TXDQWR LQ SDUWLFRODUH DWWLHQH JOL LQWHUYHQWL GL PDQXWHQ]LRQH
VWUDRUGLQDULD JOL VWHVVL VRQR UHDOL]]DWL SUHYLD VSHFLILFD LQWHVD WUD 5HJLRQH H 8QLYHUVLWj H OD FRSHUWXUD
ILQDQ]LDULD GHJOL VWHVVL D FDULFR GHOO·$]LHQGD GRYUj HVVHUH YHULILFDWD H YDOXWDWD GDOO·$]LHQGD VWHVVD QHO
TXDGUR GHOOH FRPSDWLELOLWj H GHOOH UHJROH SUHYLVWH SHU WDOH WLSR GL LQWHUYHQWL LQ DPELWR UHJLRQDOH
$QFKH SHU OD JHVWLRQH SDWULPRQLDOH VL DSSOLFD TXDQWR SUHYLVWR LQ PDWHULD FRQWDELOH GDO 'OJV 
G L VXGGHWWL LQWHUYHQWL GL PDQXWHQ]LRQH VWUDRUGLQDULD VRQR HIIHWWXDELOL SUHYLR DVVHQVR GHOO·(QWH
SURSULHWDULR IRUPXODELOH DQFKH LQ YLD JHQHUDOH IHUPL UHVWDQGR JOL XOWHULRUL HYHQWXDOL SDUHUL H SUHVFUL]LRQL
SUHYLVWH GDOOD OHJJH
H OD UHDOL]]D]LRQH GHJOL XOWHULRUL LQWHUYHQWL SUHYLVWL GDOOH OHWWHUH F G H HG I GHO FLWDWR FRPPD 
GHOO·DUWLFROR  GHO '35  LQ RUGLQH DL VXGGHWWL EHQL LPPRELOL VDUj HIIHWWXDWD GDOOD VWHVVD $]LHQGD
QHO TXDGUR GHOOH FRPSDWLELOLWj ILQDQ]LDULH H GHOOH UHJROH SUHYLVWH SHU WDOH WLSR GL LQWHUYHQWL LQ DPELWR
UHJLRQDOH SUHYLD VSHFLILFD LQWHVD WUD 5HJLRQH 8QLYHUVLWj IHUPD UHVWDQGR OD SDUWHFLSD]LRQH GHJOL RUJDQLVPL
PLQLVWHULDOL H WHUULWRULDOL SHU TXDQWR GL ULVSHWWLYD FRPSHWHQ]D DL VHQVL GHOOD YLJHQWH QRUPDWLYD LQ PDWHULD
I L EHQL PHGHVLPL R OD FRQFHVVLRQH G·XVR ULHQWUDQR QHOOD SLHQD GLVSRQLELOLWj GHOO·8QLYHUVLWj DOOD FHVVD]LRQH
GHOOD GHVWLQD]LRQH DG DWWLYLWj DVVLVWHQ]LDOH VHQ]D FKH VLDQR GRYXWL RQHUL D ULPERUVR SHU OH PLJOLRULH
DSSRUWDWH
J OD UHVLGXD TXRWD SHUFHQWXDOH GL GHVWLQD]LRQH DVVLVWHQ]LDOH HYHQWXDOPHQWH LQWHJUDWD GD DOWUL SDUDPHWUL
FRQJUXL FRQ OD SDUWLFRODUH WLSRORJLD GHOOH XWHQ]H H GHL VHUYL]L FRVWLWXLVFH DOWUHVu OD PLVXUD SHUFHQWXDOH H LO
??
WLWROR JLXULGLFR DL ILQL GHO ULPERUVR GD SDUWH GHOO·$]LHQGD D IDYRUH GHOO·8QLYHUVLWj SHU JOL RQHUL
FRPSOHVVLYDPHQWH VRVWHQXWL GD TXHVW·XOWLPD LQ HVHFX]LRQH GL FRQWUDWWL GL FRQGX]LRQH XWHQ]D H VHUYL]L
LQGLVWLQWDPHQWH YHUWHQWL VXOO·LQWHUR FRPSOHVVR D]LHQGDOH H SHU JOL RQHUL FRQGRPLQLDOL GRYH VRVWHQXWL 3HU
OH VWHVVH DQDORJKH UDJLRQL RYH OD TXRWD SHUFHQWXDOH GL GHVWLQD]LRQH QRQ DVVLVWHQ]LDOH SHU IXQ]LRQL
GLGDWWLFRVFLHQWLILFKH QRQ VLD SUHYDOHQWH OD VWHVVD FRVWLWXLVFH OD PLVXUD SHUFHQWXDOH H LO WLWROR JLXULGLFR DL
ILQL GHO ULPERUVR GD SDUWH GHOO·8QLYHUVLWj D IDYRUH GHOO·$]LHQGD
 3HU L EHQL PRELOL VXFFHVVLYDPHQWH DFTXLVLWL GDOO·8QLYHUVLWj SHU HVVHUH DGLELWL DG DWWLYLWj DVVLVWHQ]LDOH q
QHFHVVDULR LO SUHYHQWLYR SDUHUH GHOO·$]LHQGD RVSHGDOLHURXQLYHUVLWDULD
 /·8QLYHUVLWj DJJLRUQD DQQXDOPHQWH O·HOHQFR GHL EHQL PRELOL HG LPPRELOL GL FXL DOO·DUW  FRPPD  OHWW
D 'OJV  GDQGRQH FRPXQLFD]LRQH DOOD 5HJLRQH DL ILQL GHOO·DGHJXDPHQWR GHO SURWRFROOR & DWWXDWLYR
GHO SUHVHQWH 3URWRFROOR
7,72/2,; 1RUPH WUDQVLWRULH H ILQDOL

&HVVD]LRQH GHO SHUVRQDOH XQLYHUVLWDULR GDOOR VYROJLPHQWR GHOOH RUGLQDULH DWWLYLWj
DVVLVWHQ]LDOL H GDOOD WLWRODULWj GHOOD GLUH]LRQH GHOOH VWUXWWXUH
 $L VHQVL GHOOD /HJJH  QRYHPEUH  Q  L SURIHVVRUL GL PDWHULH FOLQLFKH LQ VHUYL]LR DOOD GDWD GL
HQWUDWD LQ YLJRUH GHOOD ULFKLDPDWD OHJJH PDQWHQJRQR OH SURSULH IXQ]LRQL DVVLVWHQ]LDOL H SULPDULDOL
LQVFLQGLELOL GD TXHOOH GL LQVHJQDPHQWR H ULFHUFD H DG HVVH FRPSOHPHQWDUL ILQR DO WHUPLQH GHOO·DQQR
DFFDGHPLFR QHO TXDOH FRPSLDQR LO VHWWDQWHVLPR DQQR GL HWj QHO ULVSHWWR GHO SURFHVVR GL YDOXWD]LRQH

5LQYLR
 3HU TXDQWR QRQ SUHYLVWR QHO SUHVHQWH 3URWRFROOR G·LQWHVD VL ULQYLD DOOD QRUPDWLYD YLJHQWH LQ PDWHULD LQ
SDUWLFRODUH DO GHFUHWR OHJLVODWLYR  DO GHFUHWR OHJLVODWLYR  DO '3&0  PDJJLR 
DO GHFUHWR OHJLVODWLYR  HG DOOD OU 8PEULD 

'LVSRVL]LRQL WUDQVLWRULH
 $ GHFRUUHUH GDOOD ORUR GHILQLWLYD FRVWLWX]LRQH OH $]LHQGH RVSHGDOLHURXQLYHUVLWDULH VXEHQWUDQR LQ WXWWL
L UDSSRUWL JLXULGLFL DWWLYL H SDVVLYL GHOOH $]LHQGH 2VSHGDOLHUH GL FXL DOO
DUW  GHOOD OU  LYL FRPSUHVL
TXHOOL LQHUHQWL L UDSSRUWL GL ODYRUR LQFOXVL L UDSSRUWL GL ODYRUR GHO 'LUHWWRUH JHQHUDOH DPPLQLVWUDWLYR H
VDQLWDULR DVVXPHQGRQH L UHODWLYL GLULWWL H REEOLJKL H SURVHJXHQGR LQ WXWWL L UDSSRUWL SUHHVLVWHQWL DQFKH
SURFHVVXDOL
??
??
1HOOH PRUH GHOOD FRVWLWX]LRQH GHOOH $]LHQGH RVSHGDOLHURXQLYHUVLWDULH GL 3HUXJLD H 7HUQL L 'LUHWWRUL
JHQHUDOL GHOOH $]LHQGH RVSHGDOLHUH VRQR QRPLQDWL FRQ OH SURFHGXUH GL FXL DOO·DUWLFROR  GHOOD OU 
GLFHPEUH  Q  DFTXLVHQGR LO SUHYLR SDUHUH GHO 5HWWRUH VXOOD QRPLQD

0RGLILFKH HG LQWHJUD]LRQL
 /D 5HJLRQH H O·8QLYHUVLWj VL ULVHUYDQR GL DSSRUWDUH PRGLILFD]LRQL R LQWHJUD]LRQL DO SUHVHQWH 3URWRFROOR
VX ULFKLHVWD GL XQD GHOOH SDUWL H DG DGHJXDUH LO SUHVHQWH 3URWRFROOR DOOD QRUPDWLYD QHO WHPSR YLJHQWH
,O SUHVHQWH 3URWRFROOR JHQHUDOH G·LQWHVD SXz HVVHUH GLVGHWWR GD XQD GHOOH 3DUWL FRQ GRGLFL PHVL GL
SUHDYYLVR QHO ULVSHWWR GHOOD YLJHQWH QRUPDWLYD LQ PDWHULD
3HUXJLD 3* ;;;;;;
5HJLRQH 8PEULD 8QLYHUVLWj GHJOL 6WXGL GL 3HUXJLD
/D 3UHVLGHQWH GHOOD *LXQWD 5HJLRQDOH ,O 5HWWRUH
$YY 'RQDWHOOD 7HVHL 3URI 0DXUL]LR 2OLYLHUR
??
,1',&(
&$32, 5HFHSLPHQWR GHOOH SUHPHVVH RJJHWWR GHO 3URWRFROOR JHQHUDOH G·LQWHVD H SULQFLSL H RELHWWLYL
JHQHUDOL
 
 5HFHSLPHQWR GHOOH SUHPHVVH  
 3ULQFLSL H RELHWWLYL JHQHUDOL GHO 3URWRFROOR JHQHUDOH GL LQWHVD  
 $WWLYLWj GLGDWWLFD  
 5LFHUFD FOLQLFD WUDVOD]LRQDOH H VDQLWDULD 
&$32,, )LQDOLWj H VWUXPHQWL GHOOD SURJUDPPD]LRQH FRQJLXQWD WUD 6HUYL]LR 6DQLWDULR 5HJLRQDOH H
8QLYHUVLWj
 
 3URJUDPPD]LRQH FRQJLXQWD 
 6WUXWWXUH GHOOD SURJUDPPD]LRQH FRQJLXQWD  
 2UJDQR GL LQGLUL]]R GHOOH $]LHQGH RVSHGDOLHURXQLYHUVLWDULH  
 2VVHUYDWRULR UHJLRQDOH SHU OD IRUPD]LRQH PHGLFRVSHFLDOLVWLFD  
 3LDQR VDQLWDULR UHJLRQDOH  
&$32,,,
 
7,72/2, $]LHQGD RVSHGDOLHURXQLYHUVLWDULD GL 3HUXJLD H $]LHQGD RVSHGDOLHURXQLYHUVLWDULD GL 7HUQL
 
 &RVWLWX]LRQH GHOOH $]LHQGH RVSHGDOLHURXQLYHUVLWDULH  
7,72/2,, 6WUXWWXUD GHOOH $]LHQGH RVSHGDOLHURXQLYHUVLWDULH GL 3HUXJLD H GL 7HUQL
 
 2UJDQL GHOOH $]LHQGH RVSHGDOLHURXQLYHUVLWDULH  
 'LUHWWRUH JHQHUDOH  
 &ROOHJLR GL GLUH]LRQH  
 &ROOHJLR VLQGDFDOH  
 2UJDQR GL LQGLUL]]R  
7,72/2,,,
 
 2UJDQL]]D]LRQH LQWHUQD GHOOH $]LHQGH RVSHGDOLHURXQLYHUVLWDULH  
 'LSDUWLPHQWL DG DWWLYLWj LQWHJUDWD  
 6WUXWWXUH FRPSOHVVH  
7,72/2,9 &RPSDUWHFLSD]LRQH DL ULVXOWDWL GL JHVWLRQH H DWWR D]LHQGDOH
 
 &RPSDUWHFLSD]LRQH GHOOD 5HJLRQH H GHOO·8QLYHUVLWj DL ULVXOWDWL GL JHVWLRQH GHOOH D]LHQGH RVSHGDOLHUR
XQLYHUVLWDULH  
 $WWR D]LHQGDOH 
7,72/2 9
 
 $FFRUGL H FRQYHQ]LRQL  
7,72/2 9,
 
 3HUVRQDOH 8QLYHUVLWDULR SUHVVR OH $]LHQGH RVSHGDOLHURXQLYHUVLWDULH  
 7UDWWDPHQWR HFRQRPLFR GHO SHUVRQDOH XQLYHUVLWDULR GRFHQWH H ULFHUFDWRUH  
 &RSHUWXUD DVVLFXUDWLYD UHVSRQVDELOLWj FLYLOH YHUVR WHU]L H SDWURFLQLR OHJDOH  
??
7,72/2 9,, 3URWRFROOL $WWXDWLYL
 
 3URWRFROOL $WWXDWLYL  
7,72/2 9,,, %HQL SDWULPRQLDOL
 
 7UDVIHULPHQWR XVR H DVVHJQD]LRQH GL EHQL SDWULPRQLDOL  
7,72/2,; 1RUPH WUDQVLWRULH H ILQDOL
 
 &HVVD]LRQH GHO SHUVRQDOH XQLYHUVLWDULR GDOOR VYROJLPHQWR GHOOH RUGLQDULH DWWLYLWj DVVLVWHQ]LDOL H GDOOD
WLWRODULWj GHOOD GLUH]LRQH GHOOH VWUXWWXUH 
 5LQYLR  
 'LVSRVL]LRQL WUDQVLWRULH 
 0RGLILFKH HG LQWHJUD]LRQL