
(AGENPARL) – mar 21 giugno 2022 &2081,&$72 67$03$
,17(6$ 6$13$2/2 ( &21625=,2 787(/$
'(/ *5$1$ 3$'$12
3(5 5$))25=$5( /$ &5(6&,7$ '(//( $=,(1'( &21625=,$7(
( /$ 352'8=,21( '(/ )250$**,2 '23
$FFHVVR DO ³SHJQR URWDWLYR´ SHU WUDVIRUPDUH LQ QXRYR FUHGLWR OH VFRUWH GL
PDJD]]LQR
)LQDQ]LDPHQWL SHU VWDJLRQDWXUD FRVWUX]LRQHULVWUXWWXUD]LRQH VLWL
SURGXWWLYL DFTXLVWR WHUUHQLLPPRELOLEHQL VWUXPHQWDOL
$FFRPSDJQDPHQWR QHOOD WUDQVL]LRQH JUHHQ FRQ VROX]LRQL FKH SUHPLDQR LO
UDJJLXQJLPHQWR GHJOL RELHWWLYL (6* H XQD SLDWWDIRUPD JUDWXLWD SHU
FRJOLHUH OH RSSRUWXQLWj GHO 3155
,QL]LDWLYH SHU VRVWHJQR DL IDEELVRJQL GL OLTXLGLWj SHU L SDJDPHQWL H
JDUDQWLUQH OD FRQWLQXLWj SURGXWWLYD DO ILQH GL FRSULUH LO FRVWR GHOOH EROOHWWH
SDVVDWH H IXWXUH
,O &RQVRU]LR DJJUHJD  SURGXWWRUL FRQ  FDVHLILFL SUHVHQWL LQ 
SURYLQFH GL  UHJLRQL 1HO  KD SURGRWWR ROWUH  PLOLRQL GL IRUPH
%UHVFLD  JLXJQR 
,QWHVD 6DQSDROR H LO &RQVRU]LR 7XWHOD GHO *UDQD 3DGDQR '23
KDQQR
VLJODWR XQ DFFRUGR SHU UDIIRU]DUH O¶DFFHVVR DO FUHGLWR SHU OH D]LHQGH GHOOD ILOLHUD FDVHDULD,O
&RQVRU]LR GD ROWUH VHVVDQW¶DQQL ULXQLVFH  SURGXWWRUL FRQ  FDVHLILFL  VWDJLRQDWRUL H  SUH
FRQIH]LRQDWRUL FKH QHO  KDQQR SURGRWWR ROWUH  PLOLRQL GL IRUPH GHO IRUPDJJLR *UDQD 3DGDQR
JDUDQWHQGRQH LO ULVSHWWR GHOOD ULFHWWD WUDGL]LRQDOH H OD VXD DOWD TXDOLWj ULFRQRVFLELOH LQ RJQL VLQJROD
IRUPD SURGRWWD,O &RQVRU]LR WUDPLWH XQ DWWHQWR FRQWUROOR VX WXWWD OD ILOLHUD SURGXWWLYD VYROJH DWWLYLWj
GL WXWHOD H SURPR]LRQH GL WXWWR FLz FKH ULJXDUGD *UDQD 3DGDQR '23 VXO WHUULWRULR QD]LRQDOH HG
HVWHUR
,QWHVD 6DQSDROR PHWWH D GLVSRVL]LRQH GHO &RQVRU]LR H GHOOH LPSUHVH DVVRFLDWH XQD VWUXWWXUD GHGLFDWD
GL VXSSRUWR H FRQVXOHQ]D FRVWLWXLWD GDL SURIHVVLRQLVWL GHOOD 'LUH]LRQH $JULEXVLQHVV VXO WHUULWRULR LQ
JUDGR GL DFFRPSDJQDUOH YHUVR O¶LQQRYD]LRQH OD WUDQVL]LRQH WHFQRORJLFD H DPELHQWDOH /¶DFFRUGR
ULHQWUD WUD OH LQL]LDWLYH FKH OD EDQFD KD PHVVR LQ DWWR LQ FRHUHQ]D H D VXSSRUWR GHJOL LQYHVWLPHQWL OHJDWL DO
3155
3DUWLFRODUH DWWHQ]LRQH q VWDWD ULVHUYDWD DL ILQDQ]LDPHQWL D PHGLROXQJR WHUPLQH JDUDQWLWL GD ³SHJQR
URWDWLYR VX IRUPH GL *UDQD 3DGDQR '23´ ILQDOL]]DWL SULQFLSDOPHQWH DOOD VWDJLRQDWXUD GHOOH IRUPH GL
IRUPDJJLR FRQ XQD IRUPXOD DQFKH D EUHYH WHUPLQH D VXSSRUWR GHOOH D]LHQGH SURGXWWULFL SHU OH ORUR
HVLJHQ]H ILQDQ]LDULH FRPH VSHVH GL JHVWLRQH WUDVIRUPD]LRQH GHL SURGRWWL RSSXUH QHOO¶DFTXLVWR GL
VHUYL]L,O &RQVRU]LR YHULILFKHUj O¶LGRQHLWj GHOOH IRUPH GL *UDQD 3DGDQR '23 FKH YHUUDQQR GDWH
GDOOH D]LHQGH FRQVRU]LDWH LQ SHJQR D JDUDQ]LD GHOOH OLQHH GL FUHGLWR PHVVH D GLVSRVL]LRQH
GDOO¶LVWLWXWR GL FUHGLWR
1HOO¶DPELWR GHOO¶DFFRUGR YHQJRQR PHVVL D GLVSRVL]LRQH DQFKH VHUYL]L LQWHJUDWL FRPH
O¶RUJDQL]]D]LRQH GL VHPLQDUL ZRUNVKRS H WDYROL GL ODYRUR DQFKH FRQ OD SDUWHFLSD]LRQH GL VRFLHWj GHO
*UXSSR,QWHVD 6DQSDROR VX WHPL WUD L TXDOL LO ZHOIDUH OD GLJLWDOL]]D]LRQH L VLVWHPL GL SDJDPHQWR H
GL LQFDVVR OH FRSHUWXUH DVVLFXUDWLYH ILQDQ]D DJHYRODWLYD OHDVLQJ QROHJJLR D OXQJR WHUPLQH
³(VVHUH D ILDQFR GHO &RQVRU]LR 7XWHOD *UDQD 3DGDQR '23 VLJQLILFD FRQWULEXLUH D IDU FUHVFHUH XQD
GHOOH SURGX]LRQL SL VLJQLILFDWLYH FKH LO QRVWUR 3DHVH YDQWD WUD L SURGRWWL WLSLFL H GL DOWD TXDOLWj
GLFKLDUD
0DVVLPLOLDQR &DWWR]]L UHVSRQVDELOH 'LUH]LRQH $JULEXVLQHVV,QWHVD 6DQSDROR ±
EHQHILFL GHO SHJQR URWDWLYR VWDQQR GDQGR RWWLPL ULVXOWDWL QHO VHWWRUH DJURDOLPHQWDUH WHVWLPRQLDWL
GDJOL ROWUH  PLOLRQL GL HXUR HURJDWL LQ TXHVWR DPELWR D OLYHOOR QD]LRQDOH LQ UHOD]LRQH DO VRVWHJQR
FRQFHVVR DOOH D]LHQGH SHU FRQWLQXDUH DG LQYHVWLUH DQFKH LQ XQ FRQWHVWR FRPSOHVVR FRPH TXHOOR
DWWXDOH SHUPHWWHQGR FRVu GL SHQVDUH DO ULODQFLR H DOOD VRVWHQLELOLWj LQ OLQHD FRQ OD YRORQWj GL DJLUH
LQ FRHUHQ]D FRQ JOL RELHWWLYL GHO 3155´
,QWHVD 6DQSDROR KD PROWHSOLFL LQL]LDWLYH DQFKH D VRVWHJQR GHOOD WUDQVL]LRQH JUHHQ FKH YLHQH
SURPRVVD DWWUDYHUVR FRQVXOHQ]D IRUPD]LRQH H FRQ SURGRWWL GL FUHGLWR FRPH L ILQDQ]LDPHQWL V/RDQ
FKH SUHPLDQR OH LPSUHVH LPSHJQDWH LQ D]LRQL FRQFUHWH GL PLJOLRUDPHQWR GHO SURSULR SURILOR (6*,Q
SDUWLFRODUH JOL 6/RDQ $JULEXVLQHVV VRQR OD VROX]LRQH SHU PLJOLRUDUH LO SURILOR GL VRVWHQLELOLWj GHOOH
D]LHQGH GHO VHWWRUH LQ UHOD]LRQH DOOD ULGX]LRQH GHL FRQVXPL LGULFL DOOD YDORUL]]D]LRQH GHJOL VFDUWL GL
ODYRUD]LRQH H GL EORFNFKDLQ SHU OD WUDFFLDELOLWj GHL SURGRWWL $G RJJL VRQR VWDWL HURJDWL  PLOLRQL GL
HXUR DOOH SLFFROH H PHGLH LPSUHVH
7UD L IRFXV GL DWWHQ]LRQH F¶q OD SURPR]LRQH GL LQL]LDWLYH D VXSSRUWR GHO 3155 DQFKH DWWUDYHUVR OD
GLIIXVLRQH GHOOD FRQRVFHQ]D GHOOH VXH RSSRUWXQLWj,QWHVD 6DQSDROR KD ODQFLDWR OD SLDWWDIRUPD
GLJLWDOH ³,QFHQW 1RZ´ FRQ 'HORLWWH PHVVD D GLVSRVL]LRQH JUDWXLWDPHQWH D WXWWL L FOLHQWL LQFOXVH OH
D]LHQGH GHO VHWWRUH DJURDOLPHQWDUH H YLHQH DJJLRUQDWD FRQ OH LQIRUPD]LRQL UHODWLYH DOOH PLVXUH H DL
EDQGL UHVL SXEEOLFL GD HQWL LVWLWX]LRQDOL QD]LRQDOL HG HXURSHL &LDVFXQ FOLHQWH SXz LQGLYLGXDUH
UDSLGDPHQWH OH PLJOLRUL RSSRUWXQLWj VXOOD EDVH GHO VXR SURILOR GHO VXR VHWWRUH GL DWWLYLWj H GHO VXR
WHUULWRULR H UDFFRJOLHUH OH LQIRUPD]LRQL XWLOL SHU SUHVHQWDUH L SURSUL SURJHWWL GL LQYHVWLPHQWR
FRQFRUUHQGR DOO¶DVVHJQD]LRQH GHL IRQGL SXEEOLFL
,QILQH SHU IDU IURQWH DOO¶DWWXDOH VFHQDULR GL PHUFDWR,QWHVD 6DQSDROR KD LQROWUH DYYLDWR LQL]LDWLYH
VSHFLILFKH SHU GDUH VRVWHJQR DOOH LPSUHVH QHL IDEELVRJQL GL OLTXLGLWj SHU L SDJDPHQWL H JDUDQWLUQH OD
FRQWLQXLWj SURGXWWLYD 6RQR VWDWL UHVL GLVSRQLELOL ILQDQ]LDPHQWL D  PHVL FRQ  GL SUH
DPPRUWDPHQWR GHVWLQDWL D FRSULUH LO FRVWR GHOOH EROOHWWH SDVVDWH H IXWXUH FKH LQ XQ FRQWHVWR GL
DXPHQWR GHL FRVWL FRQVHQWH GL PDQWHQHUH OLTXLGLWj UDWHL]]DQGR L SDJDPHQWL
3HU LQIRUPD]LRQL
,QWHVD 6DQSDROR
0HGLD 5HODWLRQV %DQFD GHL 7HUULWRUL H 0HGLD ORFDOL
VWDPSD#LQWHVDVDQSDRORFRP
ZZZLQWHVDVDQSDRORFRPLWQHZV
&RQVRU]LR 7XWHOD *UDQD 3DGDQR
5(63216$%,/( 0.7* &2081,&$=,21(,7$/,$

0LUHOOD 3DUPHJJLDQL
0DLO
PSDUPHJJLDQL#JUDQDSDGDQRFRP
8)),&,2 67$03$

/XGRYLFR *D
0RE 
 0DLO
OJD#JUDQDSDGDQRFRP
0HUFXULR&RP 6DV
0RE 
 0DLO
VWDPSDJUDQDSDGDQR#DKRRLW
,QWHVD 6DQSDROR
,QWHVD 6DQSDROR q LO PDJJLRU JUXSSR EDQFDULR LQ,WDOLD ± SXQWR GL ULIHULPHQWR GL IDPLJOLH LPSUHVH H GHOO¶HFRQRPLD UHDOH ± FRQ XQD
VLJQLILFDWLYD SUHVHQ]D LQWHUQD]LRQDOH,O EXVLQHVV PRGHO GLVWLQWLYR GL,QWHVD 6DQSDROR OD UHQGH OHDGHU D OLYHOOR HXURSHR QHO :HDOWK
0DQDJHPHQW 3URWHFWLRQ $GYLVRU H QH FDUDWWHUL]]D LO IRUWH RULHQWDPHQWR DO GLJLWDOH H DO ILQWHFK 8QD EDQFD HIILFLHQWH H
UHVLOLHQWH q FDSRJUXSSR GL IDEEULFKH SURGRWWR QHOO¶DVVHW PDQDJHPHQW H QHOO¶DVVLFXUD]LRQH,O IRUWH LPSHJQR LQ DPELWR (6*
SUHYHGH HQWUR LO   PLOLDUGL GL HXUR GL ILQDQ]LDPHQWL LPSDFW GHVWLQDWL DOOD FRPXQLWj H DOOD WUDQVL]LRQH YHUGH H FRQWULEXWL
SHU  PLOLRQL D VXSSRUWR GHOOH SHUVRQH LQ GLIILFROWj SRVL]LRQDQGR,QWHVD 6DQSDROR DL YHUWLFL PRQGLDOL SHU LPSDWWR VRFLDOH,QWHVD
6DQSDROR KD DVVXQWR LPSHJQL 1HW =HUR SHU OH SURSULH HPLVVLRQL HQWUR LO  HG HQWUR LO  SHU L SRUWDIRJOL SUHVWLWL H
LQYHVWLPHQWL O¶DVVHW PDQDJHPHQW H O¶DWWLYLWj DVVLFXUDWLYD &RQYLQWD VRVWHQLWULFH GHOOD FXOWXUD LWDOLDQD KD VYLOXSSDWR XQD UHWH
PXVHDOH OH *DOOHULH G¶,WDOLD VHGH HVSRVLWLYD GHO SDWULPRQLR DUWLVWLFR GHOOD EDQFD H GL SURJHWWL DUWLVWLFL GL ULFRQRVFLXWR YDORUH
1HZV
JURXSLQWHVDVDQSDRORFRPLWVDODVWDPSDQHZV
7ZLWWHU WZLWWHUFRPLQWHVDVDQSDROR?
/LQNHG,Q
OLQNHGLQFRPFRPSDQLQWHVDVDQSDROR
&RQVRU]LR 7XWHOD *UDQD 3DGDQR
'D ROWUH VHVVDQW¶DQQL LO &RQVRU]LR 7XWHOD *UDQD 3DGDQR ULXQLVFH SURGXWWRUL VWDJLRQDWRUL H FRPPHUFLDQWL GHO IRUPDJJLR *UDQD
3DGDQR SHU JDUDQWLUH LO ULVSHWWR GHOOD ULFHWWD WUDGL]LRQDOH H OD VXD DOWD TXDOLWj ULFRQRVFLELOH H ULWURYDELOH LQ RJQL VLQJROD IRUPD
SURGRWWD,O  DSULOH  XQ GHFUHWR GHO 0LQLVWHUR GHOOH 3ROLWLFKH $JULFROH H )RUHVWDOL ULFRQRVFH DO &RQVRU]LR OH IXQ]LRQL GL
WXWHOD SURPR]LRQH YDORUL]]D]LRQH LQIRUPD]LRQH GHO FRQVXPDWRUH H FXUD JHQHUDOH GHJOL LQWHUHVVL UHODWLYL D *UDQD 3DGDQR QHOOD VXD
QDWXUD GL SURGRWWR '23 RYYHUR D 'HQRPLQD]LRQH GL 2ULJLQH 3URWHWWD
1HO  VRQR VWDWH SURGRWWH  IRUPH SDUL D  WRQQHOODWH FRQIHUPDQGR LO SULPDWR GHO *UDQD 3DGDQR '23 FRPH
IRUPDJJLR D GHQRPLQD]LRQH G¶RULJLQH SURWHWWD SL FRQVXPDWR QHO PRQGR H FRQ XQ H[SRUW GL  IRUPH SDUL DO  GHOOH
IRUPH PDUFKLDWH 1HOOD ILOLHUD ODYRUDQR PLOD DGGHWWL H OH VWDOOH FKH FRQIHULVFRQR LO ODWWH GHVWLQDWR DG HVVHUH WUDVIRUPDWR VRQR
FLUFD PLOD
,O &RQVRU]LR 7XWHOD *UDQD 3DGDQR q IRUWHPHQWH LPSHJQDWR LQ LQL]LDWLYH GL ULFHUFD SHU UHQGHUH OD SURGX]LRQH VHPSUH SL
VRVWHQLELOH,Q SDUWLFRODUH FRQ LO SURJHWWR /LIH  77** UHDOL]]DWR FRQ LO 3ROLWHFQLFR GL 0LODQR OD &DWWROLFD GL 3LDFHQ]D 4XDOLYLWD H
LO IRUPDJJLR IUDQFHVH &RPWq FKH KDQQR SRUWDWR DOOD FHUWLILFD]LRQH 0DGH *UHHQ LQ,WDO GHO 0LQLVWHUR GHOOD 7UDQVL]LRQH HFRORJLFD
KD PHVVR D SXQWR LO SULPR VRIWZDUH SHU ULGXUUH O¶LPSURQWD DPELHQWDOH QHOOD ILOLHUD SURGXWWLYD GHO *UDQD 3DGDQR H GHL IRUPDJJL
,QROWUH q LQ SULPD ILOD QHOOH LQL]LDWLYH XPDQLWDULH LQ FROODERUD]LRQH FRQ &URFH 5RVVD,WDOLDQD HG DOWUH LPSRUWDQWL RQOXV
1HZV
ZZZJUDQDSDGDQRLW