(AGENPARL) – lun 31 ottobre 2022 &RPXQLFDWR 6WDPSD
 *,251$7$ 021',$/( '(/ 5,63$50,2
,O YDORUH GHO ULVSDUPLR QHOO¶HUD GHOO¶LQFHUWH]]D
3URIXPR 5LVSRVWH UDSLGH DOOH HPHUJHQ]H H VROX]LRQL LQQRYDWLYH
GL OXQJR SHULRGR SHU DIIURQWDUH LO FOLPD GL LQFHUWH]]D
,O YLGHR H LO WHVWR GHJOL LQWHUYHQWL
KWWSVZZZDFULLWHYHQWLDJLRUQDWDPRQGLDOHGHOULVSDUPLR
5RPD  RWWREUH  6RWWR O¶$OWR 3DWURQDWR GHO 3UHVLGHQWH GHOOD 5HSXEEOLFD q VWDWD
FHOHEUDWD RJJL
D 5RPD
 HGL]LRQH GHOOD *LRUQDWD 0RQGLDOH GHO 5LVSDUPLR
 LVWLWXLWD
QHOO¶RWWREUH GHO  LQ RFFDVLRQH GHO ƒ &RQJUHVVR,QWHUQD]LRQDOH GHO 5LVSDUPLR H GD DOORUD
RUJDQL]]DWD DQQXDOPHQWH GD $FUL O¶DVVRFLD]LRQH GHOOH )RQGD]LRQL GL RULJLQH EDQFDULD H GHOOH
&DVVH GL 5LVSDUPLR 6SD 4XHVW¶DQQR LO WHPD GHOOD *LRUQDWD q ³,O YDORUH GHO ULVSDUPLR QHOO¶HUD
GHOO¶LQFHUWH]]D´,QVLHPH DO 3UHVLGHQWH GL $FUL )UDQFHVFR
3URIXPR
 VRQR LQWHUYHQXWL LO
0LQLVWUR GHOO¶(FRQRPLD H GHOOH )LQDQ]H *LDQFDUOR
*LRUJHWWL
 LO *RYHUQDWRUH GHOOD %DQFD
G¶,WDOLD,JQD]LR
9LVFR
 LO 3UHVLGHQWH GHOO¶$EL $QWRQLR
3DWXHOOL

$ VHJXLUH L SDVVDJJL SULQFLSDOL GHOO¶LQWHUYHQWR GHO SUHVLGHQWH GL $FUL )UDQFHVFR 3URIXPR
4XHVW¶DQQR LO WHPD GHOOD JLRUQDWD q ³,O YDORUH GHO 5LVSDUPLR QHOO¶HUD GHOO¶LQFHUWH]]D´

6L WUDWWD GL XQ WLWROR FKH DEELDPR LQGLYLGXDWR DOO¶LQL]LR GHOO¶DQQR TXDQGR DQFRUD OD JUDYLWj
GHOOD VLWXD]LRQH QRQ VL HUD SDOHVDWD LQ WXWWD OD VXD JUDYLWj FRPH DEELDPR SXUWURSSR DYXWR
PRGR GL VFRSULUH QHO FRUVR GHO  2JJL LQFHUWH]]D YXRO GLUH YLYHUH LQ XQR VFHQDULR LQ
FRVWDQWH FDPELDPHQWR &Lz VLJQLILFD FKH q QHFHVVDULR LPSDUDUH D YLYHUH LQ XQD FRQGL]LRQH
GL LQVWDELOLWj SHUPDQHQWH 2YYHUR FKH TXHOOR GL FULVL QRQ q XQR VWDWR HFFH]LRQDOH PD XQD
QXRYD QRUPDOLWj EDVDWD VX XQD FRVWDQWH ULFHUFD GL QXRYL HTXLOLEUL
>«@
3HU SURJHWWDUH QHOO¶HUD LQFHUWH]]D q QHFHVVDULR WHQHUH D PHQWH DOPHQR WUH IDWWRUL
,O
SULPR q
OD UDSLGLWj GHOOD ULVSRVWD
 /¶DEELDPR YLVWR QHL SULPL PHVL GHOOD SDQGHPLD OD
FDSDFLWj GL DGDWWDUVL D VFHQDUL LQ UHSHQWLQR H FRVWDQWH PXWDPHQWR q IRQGDPHQWDOH SHU IRUQLUH
ULVSRVWH DGHJXDWH H WHPSHVWLYH $OWUR IDWWRUH q OD QHFHVVLWj GL
VSHULPHQWDUH VROX]LRQL
LQQRYDWLYH FKH LQFLGDQR VXOOH FDXVH VWUXWWXUDOL
/H IDVL GL FULVL VRQR DQFKH O¶RFFDVLRQH
SHU WURYDUH QXRYH VWUDGH SHU ULVSRQGHUH D SUREOHPL DQWLFKL 1RQ YDQQR VSUHFDWH
FRQWLQXDQGR D EDWWHUH VHQWLHUL QRWL VROR SHU HYLWDUH SHU LO ULVFKLR GL IDOOLUH SURYDQGR D
FDPELDUH,QILQH
OH ULVSRVWH QRQ GHYRQR HVVHUH PDL LQGLYLGXDOL PD GL UHWH
 1HVVXQR VL
VDOYD GD VROR q IRUVH XQR GHL SL FKLDUL ODVFLWL FKH GRYUHPPR DYHU LPSDUDWR GD TXHVWL DQQL
WHUULELOL /¶DGR]LRQH VLPXOWDQHD GL TXHVWL WUH IDWWRUL q VWDWD SHUVHJXLWD UHFHQWHPHQWH QHO QRVWUR
&RQWLQHQWH
/¶8QLRQH (XURSHD q VWDWD LQ JUDGR GL PHWWHUH LQ FDPSR XQD ULVSRVWD
VWUDRUGLQDULD VFUROODQGRVL GHFHQQL GL WHQWHQQDPHQWL LQ SRFKL PHVL KD DWWLYDWR XQ
SLDQR GL DSSURYYLJLRQDPHQWR YDFFLQDOH H FRQWHPSRUDQHDPHQWH KD DSSURYDWR LO 1H[W
*HQHUDWLRQ (X 3ODQ FKH KD DSHUWR XQD QXRYD VWDJLRQH DQFKH SHU LO QRVWUR 3DHVH

>«@
,Q PROWL KDQQR ODQFLDWR O¶DOODUPH VXO IDWWR FKH OD 3XEEOLFD DPPLQLVWUD]LRQH WHUULWRULDOH 
FRP¶HUD SUHYHGLELOH  VL VLD WURYDWD LQ JUDQGH GLIILFROWj QHOO¶LQWHUFHWWDUH L EDQGL GHO 3155 SHU
XQD FRQFODPDWD FDUHQ]D GL FRPSHWHQ]H SURJHWWXDOL
6RQR JOL VWHVVL DPPLQLVWUDWRUL VRSUDWWXWWR GHL SLFFROL &RPXQL FKH GRSR DQQL GL PDQFDWH
DVVXQ]LRQL DVVHQ]D GL DJJLRUQDPHQWR H LQYHFFKLDPHQWR GHO SHUVRQDOH KDQQR FKLHVWR DLXWR
LQ PROWL FDVL SURSULR DOOH )RQGD]LRQL DXVSLFDQGR GL HVVHUH DFFRPSDJQDWL LQ TXHVWD IDVH
PROWR GHOLFDWD H GDL WHPSL VWUHWWLVVLPL 6XO WHPD GHO
3LDQR 1D]LRQDOH GL 5LSUHVD H
5HVLOLHQ]D

VH QRQ ULXVFLDPR D LQWHUYHQLUH LQ PDQLHUD RUJDQLFD VX TXHVWR IURQWH
ULVFKLDPR GL SHUGHUH XQD VWUDRUGLQDULD RFFDVLRQH SHU SURGXUUH XQD UHDOH LQQRYD]LRQH
GHO 3DHVH
 4XHOOD FKH SRWHYD WUDGXUVL LQ XQD IDVH SHU ULQQRYDUH SURFHVVL H FRPSHWHQ]H
SURJHWWXDOL GHOOD 3XEEOLFD DPPLQLVWUD]LRQH ODVFLDQGR XQD WUDFFLD GXUDWXUD DO WHUPLQH GHOOD
WUDQVLWRULD IDVH 3155 ULVFKLD GL WUDVIRUPDUVL LQ XQ¶RFFDVLRQH PDQFDWD
>«@
,O ULVSDUPLR q OD ULVSRVWD DOO¶LQFHUWH]]D VWUXWWXUDOH GHL QRVWUL WHPSL /¶DEELDPR YLVWR
QHJOL DQQL GHOOD SDQGHPLD TXDQGR LO OLYHOOR GL ULVSDUPLR DFFXPXODWR VXL FRQWL FRUUHQWL
GL IDPLJOLH H LPSUHVH KD UDJJLXQWR OLYHOOL UHFRUG
0D OH YLFHQGH GHJOL XOWLPL PHVL
GLPRVWUDQR FRPH VL WUDWWL GL XQ¶LOOXVLRQH PRQHWDULD SRFR OXQJLPLUDQWH H VXO OXQJR SHULRGR
IDOOLPHQWDUH $OPHQR SHU GXH PRWLYL O¶LQIOD]LRQH H LO VXR ULPDQHUH OLTXLGR
,O SULPR DVSHWWR VL
VWD SDOHVDQGR LQ TXHVWL PHVL OD SHUGXUDQWH FUHVFLWD GHOO¶LQIOD]LRQH WHQGH D IDU HYDSRUDUH LO
ULVSDUPLR SULYDQGROR GL JUDQ SDUWH GHO VXR YDORUH /¶LQIOD]LRQH JDORSSDQWH q LQROWUH XQD
³SDWULPRQLDOH LQLTXD´  FRPH O¶KD GHILQLWD OD &*,$ GL 0HVWUH  SHUFKp LQWURGXFH XQ WHUULELOH
GLIIHUHQ]LDOH GL FODVVH &RPH QRWR OD VSHVD SHU O¶HQHUJLD H JOL DOLPHQWDUL SHVD PDJJLRUPHQWH
VXOOH IDPLJOLH FRQ L UHGGLWL SL EDVVL PHQWUH OH IDPLJOLH FRQ UHGGLWL SL DOWL VSHQGRQR OD TXRWD
PDJJLRUH GHO ORUR UHGGLWR LQ VHUYL]L 4XHVWR ID Vu FKH O¶DXPHQWR PHGLR GHOO¶LQIOD]LRQH  H OH
VWLPH SUHOLPLQDUL VX RWWREUH DSSHQD GLIIXVH GDOO¶,VWDW GLVHJQDQR XQR VFHQDULR DQFRUD
SHJJLRUH  FKH VL DWWHVWD RUPDL VXOO¶ ULVXOWD FRPSRVWR GD XQ DXPHQWR GHO  SHU L
UHGGLWL SL DOWL H GHOO¶ SHU L UHGGLWL SL EDVVL $QFRUD XQD YROWD D VRIIULUH PDJJLRUPHQWH
GHOOH FULVL VRQR FRORUR JLj YLYRQR LQ FRQGL]LRQL GLIILFROWj $QDOL]]DQGR LO FRPSRUWDPHQWR GHL
SRFKL FKH GHFLGRQR GL LQYHVWLUH HPHUJH XQ DOWUR GDWR FKH ID ULIOHWWHUH LQ,WDOLD DSSHQD LO 
GHO ULVSDUPLR GHOOH IDPLJOLH YLHQH LQYHVWLWR QHO QRVWUR 3DHVH FRQWUR LO  LQ *HUPDQLD H LO
 LQ )UDQFLD,Q TXHVWR FRQWHVWR O¶LQGXVWULD EDQFDULD LWDOLDQD  QHOOD VXD YDULHWj  FRQWLQXD
D VYROJHUH LQ PDQLHUD PHULWRULD LO UXROR GL LQWHUPHGLDULR SHU DFFRPSDJQDUH OD WUDVIRUPD]LRQH
GHO ULVSDUPLR LQ LQYHVWLPHQWR FRQ WXWWH OH GLIILFROWj H L ULVFKL FKH XQD VLPLOH RSHUD]LRQH
FRPSRUWD
>«@
7UD JOL LVWLWXWL GL FUHGLWR DWWLYL QHO QRVWUR 3DHVH UHVLVWH XQD PLQRUDQ]D GL &DVVH GL
5LVSDUPLR 6SD  DVVRFLDWH LQ $FUL  FKH LQVLHPH DOOH DOWUH EDQFKH ORFDOL FRQWLQXDQR
DG DQLPDUH OD ³ELRGLYHUVLWj´ EDQFDULD GHL WHUULWRUL
3XU FRVWLWXHQGR XQD SLFFROD SRU]LRQH
GHO VHWWRUH D ORUR YDQQR ULFRQRVFLXWL GLYHUVL PHULWL 9RUUHL ULFKLDPDUQH DOPHQR GXH
,QQDQ]LWXWWR OH EDQFKH GL WHUULWRULR FRPH OH &DVVH GL 5LVSDUPLR WXWHODQR LO ³UHODWLRQVKLS
EDQNLQJ´ XQ DVSHWWR FKH VWD ILQDOPHQWH WRUQDQGR DOO¶DWWHQ]LRQH GHJOL VWXGLRVL 3HUFKp OD ORUR
SURVVLPLWj H FRQRVFHQ]D GLUHWWD GL IDPLJOLH H LPSUHVH OH UHQGH DQWHQQH VXL WHUULWRUL LQ JUDGR
GL LQWHUFHWWDUH OH GLYHUVH HVLJHQ]H DGDWWDUVL UDSLGDPHQWH DJOL VFHQDUL LQ HYROX]LRQH IDYRULUH
O¶LQFOXVLRQH ILQDQ]LDULD
,QROWUH FRQWUDVWDQR OD ³GHVHUWLILFD]LRQH EDQFDULD´ GHL WHUULWRUL
FRQWLQXDQGR D SUHVLGLDUH OXRJKL LQ FXL OD SUHVHQ]D EDQFDULD WHQGH D GLUDGDUVL
>«@
/H )RQGD]LRQL GL RULJLQH EDQFDULD VRQR XQ HVHPSLR HPEOHPDWLFR GL XQD PRGDOLWj SHU
FRQYRJOLDUH LO ULVSDUPLR SULYDWR YHUVR O¶HFRQRPLD UHDOH WUDVIRUPDQGR OH ULVRUVH
DFFXPXODWH LQ IHUWLOL LQYHVWLPHQWL SHU DFFRPSDJQDUH OR VYLOXSSR GHO 3DHVH
7DQWR FRQ
OD JHVWLRQH GHL ORUR SDWULPRQL  FKH DPPRQWDQR FRPSOHVVLYDPHQWH D FLUFD  PLOLDUGL GL HXUR

 FKH FRQ OD ORUR DWWLYLWj HURJDWLYD LVWLWX]LRQDOH OH )RQGD]LRQL DGHPSLRQR DOOD ORUR GL
PLVVLRQH GL FRQWULEXLUH DOOR VYLOXSSR VRFLDOH HG HFRQRPLFR GHO 3DHVH 1HOO¶HUD GHOO¶LQFHUWH]]D
SHUPDQHQWH FRQWLQXDQR FRPH VHPSUH D ODYRUDUH VX XQ GRSSLR IURQWH GD XQ ODWR
VXOO¶HPHUJHQ]D GDOO¶DOWUR VXO OXQJR SHULRGR 'D XQD SDUWH LQIDWWL FRQWLQXDQR D FRQWUDVWDUH
JOL HIIHWWL GHOOH YDULH FULVL FRQWULEXHQGR D PLWLJDUH OD SRYHUWj D FRPEDWWHUH O¶HVFOXVLRQH
VRFLDOH GL JLRYDQL H DQ]LDQL H D VXSSRUWDUH JOL (QWL GHO 7HU]R VHWWRUH 'DOO¶DOWUD ODYRUDQR SHU
FRQWUDVWDUH OH FDXVH GHOOH HPHUJHQ]H LQYHVWHQGR VX JLRYDQL IRUPD]LRQH ULFHUFD
LQQRYD]LRQH DIILQFKp RJJL QRQ VL DOLPHQWLQR OH GLVXJXDJOLDQ]H GL GRPDQL PD VL FUHLQR OH
EDVL SHU XQR VYLOXSSR VRVWHQLELOH GXUDWXUR
>«@
/¶LQGDJLQH $FUL,SVRV VXO ³5LVSDUPLR GHJOL,WDOLDQL´ FKH UHDOL]]LDPR GD  DQQL LQ RFFDVLRQH
GL TXHVWD *LRUQDWD FL GLFH FKH ULVSHWWR DOO¶DQQR VFRUVR VRQR SUDWLFDPHQWH UDGGRSSLDWH OH
IDPLJOLH LQ GLIILFROWj GDO  DO  H TXHOOH FKH UHJLVWUDQR XQD VLWXD]LRQH SRVLWLYD VRQR
VFHVH GDO  DO ,QROWUH SHQVDQGR DO IXWXUR LO  GHJOL LWDOLDQL VL VHQWH SUHRFFXSDWR
HUD LO  QHO  'RSR LO SRVLWLYR ³HIIHWWR ULPEDO]R´ SRVW &RYLG GHO  O¶LPSDWWR GHOOD
QXRYD FULVL HQHUJHWLFD H LQIOD]LRQLVWLFD FRQ LO IDQWDVPD GHOOD UHFHVVLRQH DOOH SRUWH LQL]LD D
LQWDFFDUH L ULVSDUPL GHJOL LWDOLDQL RIIXVFDQGR OH SUHYLVLRQL SHU LO IXWXUR
1HOO¶HUD GHOO¶LQFHUWH]]D LO ULVSDUPLR FRQWLQXD DG DYHUH LO VXR LQHVWLPDELOH YDORUH
ULFRQRVFLXWR GDL &RVWLWXHQWL TXDVL VHWWDQWDFLQTXH DQQL ID XQ YDORUH FKH OD 5HSXEEOLFD
q FKLDPDWD D LQFRUDJJLDUH H D WXWHODUH
6H VDUHPR LQ JUDGR GL DFFRPSDJQDUH JOL LWDOLDQL LQ XQD WUDQVL]LRQH FRQVDSHYROH
YHUVR XQ VDSLHQWH PL[ GL OLTXLGLWj SHU JOL LPSUHYLVWL H LQYHVWLPHQWR SHU JOL DQQL D YHQLUH
DQFRUD XQD YROWD LO ULVSDUPLR SRWUj ULYHODUVL XQR VWUXPHQWR LPSUHVFLQGLELOH SHU
DWWUDYHUVDUH LQGHQQL OD WHPSHVWD H LPPDJLQDUH  H LQL]LDUH ILQDOPHQWH D FRVWUXLUH  XQ
IXWXUR PLJOLRUH SHU WXWWL
ª
8IILFLR 6WDPSD $FUL
5HVSRQVDELOH *LDFRPR 3DLDQR     
JLDFRPRSDLDQR#DFULLW