(AGENPARL) - Roma, 29 Settembre 2022 - (AGENPARL) – gio 29 settembre 2022 KDWEz /E^Wd z Zd/Yh>/dz
&KZ d, KDW>/E dK
'DW
K K& &Z> Z'h>d/KE?
d/d> ??? sK>hD ?? WZd ???
&RPXQLFDWR VWDPSD
/$%20$5,/ &'$ $33529$ /$ 5(/$=,21( ),1$1=,$5,$
6(0(675$/( $/  *,8*12 
?, ULVXOWDWL UDJJLXQWL FRQIHUPDQR OD ERQW¬ GHOOH GLUHWWULFL GL VYLOXSSR WUDFFLDWH?
VRWWROLQHD LO IRQGDWRUH H $' :DOWHU %HUWLQ
1RPLQD GHO QXRYR *URXS &)2 1LFROD 7RPDVLQL
5LFDYL
FRQVROLGDWL
SDUL D
(XUR  PLOLRQL


ULVSHWWR DO 
(%,7'$ FRQVROLGDWR
SDUL D
(XUR  PLOLRQL


ULVSHWWR DO

8WLOH 1HWWR FRQVROLGDWR
SDUL D
(XUR  PLOLRQL


ULVSHWWR DO

3)1 FRQVROLGDWD
SDUL D
(XUR  PLOLRQL

(XUR  PLOLRQL
DO 
,VWUDQD 79  VHWWHPEUH  ?,O &RQVLJOLR GL $PPLQLVWUD]LRQH GL /DERPDU 7LFNHU
/%0 SUHVLHGXWR GD :DOWHU %HUWLQ KD DSSURYDWR LQ GDWD RGLHUQD OD 5HOD]LRQH ILQDQ]LDULD GHO
*UXSSR DO  JLXJQR 
(VSULPR JUDQGH VRGGLVID]LRQH SHU L ULVXOWDWL UDJJLXQWL GDO *UXSSR /DERPDU LQ TXHVWR
SULPR VHPHVWUH 
FRPPHQWD LO 3UHVLGHQWH H $PPLQLVWUDWRUH 'HOHJDWR GL /DERPDU
:DOWHU %HUWLQ
 FKH SURVHJXH ?
/D UDSLGD VLQHUJLD PHVVD LQ FDPSR WUD OH VRFLHW¬ GHO *UXSSR
SHQVR LQ SDUWLFRODUH DO *UXSSR :HOFDUH DFTXLVLWR VROR OR VFRUVR DQQR VL ¼ GLPRVWUDWD
HVWUHPDPHQWH HIILFDFH H SXU LQ XQ FRQWHVWR FRPSOHVVR FL KD SHUPHVVR GL FRJOLHUH QXRYH
RSSRUWXQLW¬ GL PHUFDWR H GL HIILFLHQWDUH XOWHULRUPHQWH OD VWUXWWXUD GHL FRVWL,O IRFXV VXOOD
5LFHUFD 6YLOXSSR DVSHWWR FKH FL FRQWUDGGLVWLQJXH GD VHPSUH FL KD SUHPLDWR
SHUPHWWHQGRFL GL HVVHUH SURSRVLWLYL QHL FRQIURQWL GHOOD FOLHQWHOD H GL LQWHUFHWWDUH DOOR VWHVVR
WHPSR OH GLYHUVH HVLJHQ]H GHO PHUFDWR /?DWWHQ]LRQH DOOD VRVWHQLELOLW¬ LQ WXWWH OH VXH
VIDFFHWWDWXUH GDO FLFOR GL SURGX]LRQH DOO?DPELHQWH GDO SHUVRQDOH H DO WHVVXWR VRFLDOH LQ FXL
VLDPR LQVHULWL UDSSUHVHQWD XQ XOWHULRUH YDORUH DJJLXQWR FKH YLHQH DSSUH]]DWR GDL QRVWUL
SDUWQHU H VWDNHKROGHU H FRQFRUUH DL ULVXOWDWL RWWHQXWL
?
5LVXOWDWL 6LQWHWLFL &RQVROLGDWL
PLOLRQL GL (XUR
6HPHVWUH ,QFLG 6HPHVWUH ,QFLG 9DULD] 
5LFDYL

(%,7'$

(%,7'$ $GMXVWHG


8WLOH 1HWWR

8WLOH 1HWWR $GMXVWHG


PLOLRQL GL (XUR

,QFLG 

,QFLG 9DULD] 
3DWULPRQLR QHWWR


3RVL]LRQH )LQDQ]LDULD 1HWWD

GL FXL 'HELWL SHU 'LULWWL G

,O ELODQFLR FRQVROLGDWR VHPHVWUDOH DEEUHYLDWR DO  JLXJQR  q VWDWR UHGDWWR LQ FRQIRUPLWj DOOR,$6 %LODQFL,QWHUPHGL
H VRWWRSRVWR D UHYLVLRQH FRQWDELOH OLPLWDWD GD SDUWH GL (/dz
&KZ d, KDW>/E dK
'DW
K K& &Z> Z'h>d/KE?
d/d> ??? sK>hD ?? WZd ???
, 5LFDYL
GHO *UXSSR /DERPDU QHO ? VHPHVWUH  DPPRQWDQR D (XUR  PLOLRQL FRQ XQD
VHQVLELOH FUHVFLWD GHO  ULVSHWWR D (XUR  PLOLRQL UHDOL]]DWL QHO SDUL SHULRGR  (VVL
LQFOXGRQR ROWUH DL YDORUL GL /DERPDU 6SD H (QWUHSULVHV,PSRUW)DE,QF LO IDWWXUDWR GHOOH
VRFLHW¬ DFTXLVLWH QHO VHFRQGR VHPHVWUH  RYYHUR LO *UXSSR :HOFDUH H /DELRWUH 6UO $
SDULW¬ GL SHULPHWUR OD FUHVFLWD GHL ULFDYL ULVXOWD XJXDOPHQWH LPSRUWDQWH H SDUL D TXDVL 
SXQWL SHUFHQWXDOL
/?LQFUHPHQWR GHL 5LFDYL ¼ VXSSRUWDWR LQ PRGR SDUWLFRODUH GDOOD &DSRJUXSSR FKH KD YLVWR
XQ UHFXSHUR GHOOH YHQGLWH GL SURGRWWL DSSDUWHQHQWL DOOH FDWHJRULH
SURELRWLFV
FRXJK FROG

SHQDOL]]DWL QHO  D FDXVD GHOOD SDQGHPLD 8JXDOPHQWH SRVLWLYR LO WUHQG SHU OH VRFLHW¬
SDUWHFLSDWH VRSUDWWXWWR SHU TXDQWR ULJXDUGD LO *UXSSR :HOFDUH FKH KD UHJLVWUDWR XQD
FUHVFLWD GHL 5LFDYL GHO  JUD]LH DOO?DPSOLDPHQWR GHL PHUFDWL SUHVLGLDWL DOOD UDIIRU]DWD
VWUXWWXUD FRPPHUFLDOH HG DO ODQFLR GHOOH QXRYH SURGX]LRQL GHGLFDWH DL SD]LHQWL DIIHWWL GD
SDWRORJLH WXPRUDOL
(%,7'$
GHO *UXSSR /DERPDU DO  JLXJQR  VL ¼ DWWHVWDWR D (XUR  PLOLRQL
(XUR 
PLOLRQL QHO JLXJQR  FRQ XQ PDUJLQH SUHPLDQWH GHO  VXL ULFDYL 7DOH LQFUHPHQWR
GL PDUJLQDOLW¬ ULVXOWD DQFRUD SLé ULOHYDQWH FRQVLGHUDQGR LO SDUWLFRODUH FRQWHVWR PDFUR
DIIHWWR GD XQD JHQHUDOH HYROX]LRQH VIDYRUHYROH GHL FRVWL GHOOH PDWHULH SULPH QRQFK½
GHOO?HQHUJLD HOHWWULFD H GHL WUDVSRUWL
6RQR DVVHQWL YRFL DYHQWL QDWXUD QRQ ULFRUUHQWH GL FRQVHJXHQ]D
(%,7'$ $GMXVWHG
FRLQFLGH
FRQ O?(%,7'$ 5HSRUWHG GLYHUVDPHQWH GDO SUHFHGHQWH HVHUFL]LR LQ FXL HUDQR DOORFDWL
DOO?LQWHUQR GL TXHVW?XOWLPR DJJUHJDWR (XUR  PLOLRQL GL FRQWULEXWL VWUDRUGLQDUL OHJDWL DO
SURFHVVR GL TXRWD]LRQH
'D VHJQDODUH SRL LQ SDUWLFRODUH SHU OD &DSRJUXSSR XQD FUHVFLWD GHO FRVWR GHO SHUVRQDOH
HIIHWWR GL XQ UDIIRU]DPHQWR GHOOD VWUXWWXUD GL 7RS 0DQDJHPHQW LQ OLQHD FRQ TXDQWR
SLDQLILFDWR DO ILQH GL VXSSRUWDUH LO SURFHVVR GL VYLOXSSR H PDVVLPL]]DUH OH VLQHUJLH
FRQQHVVH DOO?LQWHJUD]LRQH FRQ (QWUHSULVHV,PSRUW)DE,QF H OH QHRDFTXLVLWH :HOFDUH H
/DELRWUH
/D JHVWLRQH ILQDQ]LDULD
KD VDOGR QHJDWLYR PD
LPSDWWD LQ PRGR HVLJXR VXO SULPR VHPHVWUH
 FRQ XQ?LQFLGHQ]D DO GL VRWWR GHO SXQWR SHUFHQWXDOH
/?8WLOH 1HWWR GHO SHULRGR
VL DWWHVWD D (XUR  PLOLRQL
SDUL DO  GHO IDWWXUDWR

1HO SHULRGR OD VWUXWWXUD SDWULPRQLDOH GHO *UXSSR DSSDUH VROLGD FRQ XQ 3DWULPRQLR 1HWWR
SDUL D (XUR  PLOLRQL
/D 3RVL]LRQH )LQDQ]LDULD 1HWWD SDUL DG (XUR  PLOLRQL
LQFOXGH (XUR  PLOLRQL SHU GLULWWL
G?XVR H ULVXOWD LQ DXPHQWR ULVSHWWR DO VDOGR DO  TXDQG?HUD SDUL D (XUR  PLOLRQL
SHU HIIHWWR VRVWDQ]LDOPHQWH GHOOD FUHVFLWD GHO &DSLWDOH &LUFRODQWH 1HWWR &RPPHUFLDOH H GHOOD
GLVWULEX]LRQH GHL GLYLGHQGL DYYHQXWD QHO PHVH GL PDJJLR (XUR  PLOLRQL D VHJXLWR GHOOD
GHOLEHUD GL DSSURYD]LRQH GHO %LODQFLR G?(VHUFL]LR FKLXVR DO  GLFHPEUH 
/D FUHVFLWD ULOHYDQWH GHO &DSLWDOH &LUFRODQWH 1HWWR ROWUH FKH ULVSRQGHUH DG XQD DXPHQWDWD
GLPHQVLRQH ¼ IRUWHPHQWH LQIOXHQ]DWD GD SROLWLFKH GL DFTXLVWR DQWLFLSDWR GHOOH PDWHULH
SULPH FKH KDQQR JHQHUDOPHQWH FRQVHQWLWR GL ULVSRQGHUH DOOD GRPDQGD GHO PHUFDWR
KDWEz /E^Wd z Zd/Yh>/dz
&KZ d, KDW>/E dK
'DW
K K& &Z> Z'h>d/KE?
d/d> ??? sK>hD ?? WZd ???
DGRWWDQGR DO FRQWHPSR XQ DSSURFFLR SLé JUDGXDOH DJOL LQFUHPHQWL GL OLVWLQR DSSOLFDWL DOOD
FOLHQWHOD
)$77, ', 5,/,(92 $99(187, '232 /$ &+,8685$ '(/ 3(5,2'2
'RSR OD FKLXVXUD GHO ? VHPHVWUH OD 6RFLHW¬ KD DYYLDWR O?LWHU DPPLQLVWUDWLYR SHU OD
FRVWUX]LRQH GHOOD SULPD WUDQFKH GHO QXRYR 3ODQW GHQRPLQDWR ?/? H OD VRWWRVFUL]LRQH GL GXH
ILQDQ]LDPHQWL FKLURJUDIDUL GHO YDORUH FRPSOHVVLYR GL (XUR  PLOLRQL (XUR  PLOLRQL FDG
FKH JDUDQWLVFRQR D /DERPDU OD FRSHUWXUD ILQDQ]LDULD QHFHVVDULD QHO SURVVLPR ELHQQLR SHU
UHDOL]]DUH O?RSHUD SHU OD TXDOH VL VWLPD XQ LQYHVWLPHQWR FRPSOHVVLYR GL FLUFD (XUR 
PLOLRQL SHU PDJJLRUL GHWWDJOL VL ULPDQGD DO FRPXQLFDWR VWDPSD GHO  OXJOLR VFRUVR
/D 6RFLHW¬ KD FRPSOHWDWR OD VHOH]LRQH GHO QXRYR *URXS &)2 LQGLYLGXDWR QHO GU 1LFROD
7RPDVLQL FKH VRVWLWXLU¬ LO GU &ODXGLR &UHVSDQ LO TXDOH KD UDVVHJQDWR OH GLPLVVLRQL SHU
FRJOLHUH XQ?RSSRUWXQLW¬ SURIHVVLRQDOH LQ GLYHUVR VHWWRUH GL EXVLQHVV,O &RQVLJOLR OR ULQJUD]LD
SHU LO ODYRUR VYROWR
H JOL IRUPXOD L PLJOLRUL DXJXUL SHU LO SURVHJXR GHOOD VXD FDUULHUD
SURIHVVLRQDOH
,O GU 7RPDVLQL KD PDWXUDWR SURIHVVLRQDOPHQWH QHOO?$XGLW H QHOO?,QWHUQDWLRQDO 0 $ GL 3Z&
SULPD LQ,WDOLD H SRL D 1HZ /dz
&KZ d, KDW>/E dK
'DW
K K& &Z> Z'h>d/KE?
d/d> ??? sK>hD ?? WZd ???
6L DOOHJDQR DO SUHVHQWH FRPXQLFDWR L VHJXHQWL SURVSHWWL FRQWDELOL GHO *UXSSR
$OOHJDWR   3URVSHWWR ULFODVVLILFDWR GL 6WDWR 3DWULPRQLDOH &RQVROLGDWR
$OOHJDWR   3URVSHWWR ULFODVVLILFDWR GL &RQWR (FRQRPLFR &RQVROLGDWR
$OOHJDWR   3URVSHWWR GL 5HQGLFRQWR )LQDQ]LDULR &RQVROLGDWR
/D 5HOD]LRQH )LQDQ]LDULD 6HPHVWUDOH DO  JLXJQR  ¼ D GLVSRVL]LRQH GHO SXEEOLFR SUHVVR
OD VHGH VRFLDOH GHOOD 6RFLHW¬ QRQFK½ FRQVXOWDELOH VXO VLWR LQWHUQHW GL /DERPDU DOO?LQGLUL]]R
ZZZODERPDUFRP
 QHOOD VH]LRQH,QYHVWRU5LVXOWDWL H &RPXQLFDWL
1HOOD PHGHVLPD VH]LRQH ¼ DOWUHVÇ FRQVXOWDELOH LO SUHVHQWH FRPXQLFDWR VWDPSD H OD
SUHVHQWD]LRQH DJOL LQYHVWLWRUL UHODWLYD DL ULVXOWDWL GHO SULPR VHPHVWUH 
3URILOR /DERPDU
)RQGDWD GD :DOWHU %HUWLQ QHO  D,VWUDQD LQ SURYLQFLD GL 7UHYLVR /DERPDU ¼ XQD VRFLHW¬ VSHFLDOL]]DWD QHOOR VYLOXSSR H
SURGX]LRQH GL LQWHJUDWRUL DOLPHQWDUL GLVSRVLWLYL PHGLFL DOLPHQWL D ILQL PHGLFL VSHFLDOL H FRVPHWLFL SHU FRQWR WHU]L 1HJOL
ROWUH  DQQL GL YLWD /DERPDU KD FRVWUXLWR XQ
EXVLQHVV PRGHO
FKH OD GLIIHUHQ]LD GDL FRQFRUUHQWL GHO VHWWRUH H FKH ¼ LQ JUDGR
GL JHQHUDUH YDORUH SHU WXWWL L SURSUL
VWDNHKROGHU
 RIIUHQGR XQ VHUYL]LR D  JUDGL FRQ HOHYDWL VWDQGDUG GL TXDOLW¬ H
SURGXWWLYLW¬ 9DQWD XQ GLSDUWLPHQWR GL ULFHUFD H VYLOXSSR VWUXWWXUDWR H DOO?DYDQJXDUGLD FRQ XQD SDUWLFRODUH YRFD]LRQH
DOO?LQQRYD]LRQH XQD VTXDGUD FRPPHUFLDOH LQ JUDGR GL ULVSRQGHUH WHPSHVWLYDPHQWH DOOH ULFKLHVWH GHO PHUFDWR H XQ?HOHYDWD
GLIIHUHQ]LD]LRQH GL SURGRWWR DQFKH JUD]LH DL EUHYHWWL H IRUPXOH SURSULHWDULH
/DERPDU KD FKLXVR LO  FRQ ULFDYL FRQVROLGDWL SDUL D FLUFD  PLOLRQL GL HXUR LQ LQFUHPHQWR GHO  ULVSHWWR DO GDWR
FRQVROLGDWR UHDOL]]DWR QHO 
1HO FRUVR GHO  /DERPDU KD DFTXLVLWR LO  GHO *UXSSR :HOFDUH FRPSRVWR GD :HOFDUH,QGXVWULHV 6SD H :HOFDUH
5HVHDUFK 6UO D]LHQGH SURGXWWULFL GL
PHGLFDO GHYLFHV
GHGLFDWL DOOD FXUD GHOOD SHOOH FRQ VHGH DG 2UYLHWR (? VWDWD LQROWUH
FRVWLWXLWD /DER9DU 6UO ? SDUWHFLSDWD DO  GD /DERPDU ?
SHU OD YHQGLWD GL SURGRWWL QXWUDFHXWLFL VX SLDWWDIRUPD HFRPPHUFH
QHO PHUFDWR FLQHVH /DERPDU KD SRL DFTXLVLWR LO FRQWUROOR WRWDOH GL /DELRWUH 6UO VRFLHW¬ WRVFDQD VSHFLDOL]]DWD QHOOD
SURGX]LRQH GL HVWUDWWL YHJHWDOL LQWHJUDQGR DSSLHQR LO FRQFHWWR GL ILOLHUD VRVWHQXWR GDOOD VRFLHW¬
/DERPDU FUHGH SURIRQGDPHQWH LQ XQ VLVWHPD D]LHQGDOH IRQGDWR VXOOD VRVWHQLELOLW¬ VXOO?DWWHQ]LRQH DOOH SHUVRQH
DOO?DPELHQWH H DOOD FRPXQLW¬ H SHU TXHVWR PRWLYR KD FDPELDWR LO SURSULR VWDWXWR GLYHQHQGR 6RFLHW¬ %HQHILW LO QXRYR
VWDWXV JLXULGLFR LQWURGRWWR LQ,WDOLD QHO  IRUPDOL]]D OD VFHOWD GL SXQWDUH VX XQ PRGHOOR GL VYLOXSSR UHVSRQVDELOH
VRVWHQLELOH H WUDVSDUHQWH FKH LQWHJUD JOL RELHWWLYL HFRQRPLFRUHGGLWXDOL FRQ DVSHWWL GL QDWXUD VRFLDOH H DPELHQWDOH
3HU LQIRUPD]LRQL
8IILFLR 6WDPSD /DERPDU
7KDQDL %HUQDUGLQL   
PH#WKDQDLLW
$OHVVDQGUR %R]]L 9DOHQWL   
DOHVVDQGURYDOHQWL#WKDQDLLW
,QYHVWRU 5HODWLRQV /DERPDU
&ODXGLR 'H 1DGDL   
FODXGLRGHQDGDL#ODERPDUFRP
0DUD 'L *LRUJLR    
PDUD#WZLQVHUYLFHV
(XURQH[W *URZWK $GYLVRU
%DQFD 0HGLRODQXP      
HFP#PHGLRODQXPLW
KDWEz /E^Wd z Zd/Yh>/dz
&KZ d, KDW>/E dK
'DW
K K& &Z> Z'h>d/KE?
d/d> ??? sK>hD ?? WZd ???
6&+(0, ', %,/$1&,2 &2162/,'$72 $/  *,8*12 
$//(*$72  ? 35263(772 5,&/$66,),&$72 ', 67$72 3$75,021,$/( &2162/,'$72
6,78$=,21( 3$75,021,$/(
),1$1=,$5,$ 5,&/$66,),&$7$
%,/$1&,2 &2162/,'$72 *58332 /$%20$5

,QF  VX

,QF  VX
,PPRELOL]]D]LRQL LPPDWHULDOL 



'LULWWL G¶XVR 



,PPRELOL]]D]LRQL PDWHULDOL 



3DUWHFLSD]LRQL H DWWLYLWj ILQDQ]LDULH 



$OWUH DWWLYLWj H SDVVLYLWj QRQ FRUUHQWL




&DSLWDOH,PPRELOL]]DWR 1HWWR 



5LPDQHQ]H 



&UHGLWL FRPPHUFLDOL 



'HELWL FRPPHUFLDOL 



$OWUH DWWLYLWj H SDVVLYLWj FRUUHQWL




&DSLWDOH &LUFRODQWH 1HWWR 



&DSLWDOH,QYHVWLWR 1HWWR




3DWULPRQLR QHWWR




'LVSRQLELOLWj OLTXLGH 



'HELWL YHUVR EDQFKH 



3DVVLYLWj SHU VWUXPHQWL ILQDQ]LDUL GHULYDWL 



3RVL]LRQH )LQDQ]LDULD 1HWWD YHUVR EDQFKH




3DVVLYLWj SHU GLULWWL G¶XVR 



'HELWL YHUVR VRFL SHU GLYLGHQGL 



'HELWL SHU DJJUHJD]LRQL D]LHQGDOL 



3RVL]LRQH )LQDQ]LDULD 1HWWD &RPSOHVVLYD




)RQWL GL ILQDQ]LDPHQWR




/D YRFH LQFOXGH OH LPSRVWH GLIIHULWH DWWLYH SDVVLYLWj SHU EHQHILFL DL GLSHQGHQWL IRQGL ULVFKL H RQHUL LPSRVWH GLIIHULWH SDVVLYH
/D YRFH LQFOXGH OH $OWUH DWWLYLWj FRUUHQWL FUHGLWL SHU LPSRVWH VXO UHGGLWR SDVVLYLWj FRQWUDWWXDOL DOWUH SDVVLYLWj FRUUHQWL GHELWL SHU LPSRVWH VXO UHGGLWR
KDWEz /E^Wd z Zd/Yh>/dz
&KZ d, KDW>/E dK
'DW
K K& &Z> Z'h>d/KE?
d/d> ??? sK>hD ?? WZd ???
$//(*$72   35263(772 5,&/$66,),&$72 ', &2172 (&2120,&2 &2162/,'$72
, VHPHVWUH 

, VHPHVWUH 

5LFDYL GD FRQWUDWWL FRQ L FOLHQWL 



$FTXLVWL SURGRWWL PHUFL H PDWHULH 



9DULD]LRQH GHOOH ULPDQHQ]H 



&RVWR GHO YHQGXWR 



0DUJLQH GL FRQWULEX]LRQH SULPDULR 



&RVWL SHU VHUYL]L 



&RVWR GHO SHUVRQDOH 



$OWUL FRVWL RSHUDWLYL 



3URYHQWL GLYHUVL 



(%,7'$ 



$PPRUWDPHQWL H VYDOXWD]LRQL 



$FFDQWRQDPHQWL GLYHUVL 



(%,7 



3URYHQWL ILQDQ]LDUL 



2QHUL ILQDQ]LDUL 



8WLOL SHUGLWH VX FDPEL QHWWL 



5HWWLILFKH GL YDORUH GL DWWLYLWj ILQDQ]LDULH 



8WLOH DQWHLPSRVWH 



,PSRVWH 



5LVXOWDWR 1HWWR GHO SHULRGR 



5LVXOWDWR 1HWWR GHO *UXSSR 



5LVXOWDWR 1HWWR GL 7HU]L 



KDWEz /E^Wd z Zd/Yh>/dz
&KZ d, KDW>/E dK
'DW
K K& &Z> Z'h>d/KE?
d/d> ??? sK>hD ?? WZd ???
$//(*$72  ? 35263(772 ', 5(1',&2172 ),1$1=,$5,2 &2162/,'$72
, VHPHVWUH 
, VHPHVWUH 
5,68/7$72 1(772 '(//
(6(5&,=,2


5HWWLILFKH SHU HOHPHQWL QRQ PRQHWDUL 

$PPRUWDPHQWL H VYDOXWD]LRQL DWWLYLWj PDWHULDOL LPPDWHULDOL H
LPPRELOLDUL


$FFDQWRQDPHQWL 

,PSRVWH VXO UHGGLWR 

,QWHUHVVL DWWLYL H SDVVLYL QHWWL 

$OWUH UHWWLILFKH SHU HOHPHQWL QRQ PRQHWDUL 

9DULD]LRQL GHOOH DWWLYLWj H SDVVLYLWj RSHUDWLYH 

9DULD]LRQH ULPDQHQ]H 

9DULD]LRQH FUHGLWL FRPPHUFLDOL 

9DULD]LRQH GHELWL FRPPHUFLDOL 

8WLOL]]R GHL IRQGL 

$OWUH YDULD]LRQL GL DWWLYLWj H SDVVLYLWj RSHUDWLYH 

$OWUL LQFDVVL H SDJDPHQWL 

,QWHUHVVL LQFDVVDWL SDJDWL 

,PSRVWH VXO UHGGLWR SDJDWH 

$OWUL LQFDVVL SDJDPHQWL 

)/8662 ', &$66$ 1(772 *(1(5$72 $6625%,72
'$//
$77,9,7$
23(5$7,9$


$WWLYLWj GL LQYHVWLPHQWR
,QYHVWLPHQWL LQ LPPRELOL]]D]LRQL PDWHULDOL 

'LVLQYHVWLPHQWL GD LPPRELOL]]D]LRQL PDWHULDOL 

,QYHVWLPHQWL LQ LPPRELOL]]D]LRQL LPPDWHULDOL 

$OWUL IOXVVL ILQDQ]LDUL GD LPPRELOL]]D]LRQL LPPDWHULDOL 

$FTXLVWR GL XQ EXVLQHVV 

,QYHVWLPHQWL LQ DWWLYLWj ILQDQ]LDULH 

'LVLQYHVWLPHQWL LQ DWWLYLWj ILQDQ]LDULH 

)/8662 ', &$66$ 1(772 *(1(5$72 $6625%,72
'$//
$77,9,7$
',,19(67,0(172


*HVWLRQH ILQDQ]LDULD
$XPHQWR GL FDSLWDOH D SDJDPHQWR 

,QFUHPHQWR 'HFUHPHQWR ILQDQ]LDPHQWL EDQFDUL 

,QFUHPHQWR GHFUHPHQWR GHELWL D EUHYH YHUVR EDQFKH 

,QFUHPHQWR 'HFUHPHQWR DOWUH SDVVLYLWj ILQDQ]LDULH 

'LYLGHQGL LQFDVVDWL SDJDWL 

)/8662 ', &$66$ 1(772 *(1(5$72 $6625%,72
'$//
$77,9,7$
),1$1=,$5,$


KDWEz /E^Wd z Zd/Yh>/dz
&KZ d, KDW>/E dK
'DW
K K& &Z> Z'h>d/KE?
d/d> ??? sK>hD ?? WZd ???
,1&5(0(172 '(&5(0(172 '(//(
',6321,%,/,7$
/,48,'(


(IIHWWR FDPEL GHOOH GLVSRQLELOLWj OLTXLGH 

'LVSRQLELOLWj OLTXLGH DOO
LQL]LR GHO SHULRGR


,QFUHPHQWR GHFUHPHQWR GHOOH GLVSRQLELOLWj OLTXLGH 

'LVSRQLELOLWj OLTXLGH DOOD ILQH GHO SHULRGR


