(AGENPARL) - Roma, 28 Settembre 2022 - (AGENPARL) – mer 28 settembre 2022 
620(& 63$,/ &216,*/,2 ', $00,1,675$=,21( +$ $33529$72 /$ 5(/$=,21( ),1$1=,$5,$
6(0(675$/( $/  *,8*12 
5,&$9, 6$/*212 $  0,/,21, ', (852 
3257$)2*/,2 25',1, $  0,/,21, ', (852
)257( *(1(5$=,21( ', &$66$ 23(5$7,9$ 3(5  0,/,21, ', (852
5,68/7$7, $/  *,8*12 
5LFDYL FRQVROLGDWL D  PLOLRQL GL HXUR LQ FUHVFLWD GHO  ULVSHWWR DO GDWR GHO  JLXJQR 
%DFNORJ D  PLOLRQL GL HXUR QXRYL RUGLQL QHO VHPHVWUH SHU ROWUH  PLOLRQL GL HXUR
(%,7'$ FRQVROLGDWR SDUL D  PLOLRQL GL HXUR LQ GLPLQX]LRQH ULVSHWWR DL  PLOLRQL GL HXUR DO 
JLXJQR 

(%,7'$ PDUJLQ FRQVROLGDWR SDUL DO  LQ GLPLQX]LRQH ULVSHWWR DOO¶ GHO  JLXJQR 
)RUWH JHQHUD]LRQH GL FDVVD RSHUDWLYD SHU  PLOLRQL GL HXUR
,QGHELWDPHQWR ILQDQ]LDULR QHWWR D  PLOLRQL GL HXUR ULVSHWWR DL  PLOLRQL GL HXUR DO  GLFHPEUH
 LQFOXGHQGR O¶HIIHWWR,)56 LO GDWR q SDUL D  PLOLRQL GL HXUR ULVSHWWR D  PLOLRQL GL HXUR DO
 GLFHPEUH 
6DQ 9HQGHPLDQR 79  VHWWHPEUH  ±,O &RQVLJOLR GL $PPLQLVWUD]LRQH GL 6RPHF 6S$ ULXQLWRVL LQ GDWD
RGLHUQD KD HVDPLQDWR H DSSURYDWR OD 5HOD]LRQH )LQDQ]LDULD 6HPHVWUDOH DO  JLXJQR 
,O SULPR VHPHVWUH q VWDWR FDUDWWHUL]]DWR D OLYHOOR JOREDOH GD XQ IRUWH LQFUHPHQWR GHL FRVWL GHOOH PDWHULH SULPH
H GHOO
HQHUJLD´
VRWWROLQHD LO
3UHVLGHQWH
GL 6RPHF *UXSSR
2VFDU 0DUFKHWWR
 ³,O IHQRPHQR KD LQHYLWDELOPHQWH
LPSDWWDWR DQFKH LO QRVWUR *UXSSR FKH KD FRPXQTXH UHJLVWUDWR XQD IRUWH JHQHUD]LRQH GL FDVVD XQ UREXVWR
LQFUHPHQWR GHO IDWWXUDWR GHO  H XQ SRUWDIRJOLR RUGLQL D  PLOLRQL GL HXUR,O %DFNORJ LQVLHPH DOOH PLVXUH
PHVVH LQ DWWR SHU LO UHFXSHUR GHOOD PDUJLQDOLWj FL FRQVHQWRQR GL JXDUGDUH FRQ ILGXFLD DO VHFRQGR VHPHVWUH
DQQR SHU LO TXDOH SUHYHGLDPR OD FRQIHUPD GHO WUHQG GL FUHVFLWD GHL YROXPL H XQ VLJQLILFDWLYR PLJOLRUDPHQWR
GHL PDUJLQL 6HJQDOL LQWHUHVVDQWL VRQR JLj DUULYDWL GDOOD ULSUHVD GHOO¶DWWLYLWj GL UHILWWLQJ GDO EXVLQHVV
QRUGDPHULFDQR H GDOOD GLYLVLRQH GHGLFDWD DJOL,QWHULRU´
3RUWDIRJOLR RUGLQL
1HO FRUVR GHO SULPR VHPHVWUH  LO *UXSSR KD UHDOL]]DWR XQD UDFFROWD RUGLQL SHU XQ DPPRQWDUH GL ROWUH 
PLOLRQL GL HXUR
,O EDFNORJ WRWDOH

GHO *UXSSR KD UDJJLXQWR DO  JLXJQR  LO YDORUH GL  PLOLRQL GL HXUR  PLOLRQL GL HXUR
DO  GLFHPEUH  GL FXL  PLOLRQL GL HXUR SHU OD GLYLVLRQH
6LVWHPL LQJHJQHUL]]DWL GL DUFKLWHWWXUH QDYDOL H
IDFFLDWH FLYLOL
 PLOLRQL GL HXUR SHU OD GLYLVLRQH
6LVWHPL H SURGRWWL GL FXFLQH SURIHVVLRQDOL
H  PLOLRQL GL HXUR
SHU OD GLYLVLRQH
0HVWLHUL SURJHWWD]LRQH H FUHD]LRQH GL LQWHULRU SHUVRQDOL]]DWL
 FRQ XQ RUL]]RQWH WHPSRUDOH GHOOH
FRPPHVVH LQ SRUWDIRJOLR ILQR DO  6XO YDORUH GHO EDFNORJ WRWDOH GL  PLOLRQL GL HXUR LO YDORUH GHO EDFNORJ
LQ RS]LRQH LQFLGH SHU LO 

6L SUHFLVD FKH QHO SULPR VHPHVWUH  O¶(%,7'$ FRQVROLGDWR LQFOXGHYD XQ FRQWULEXWR LQ FRQWR HVHUFL]LR SDUL D  PLOLRQL GL HXUR FKH KD LQWHUHVVDWR OD
FRQWUROODWD DPHULFDQD )DEEULFD //&

%DFNORJ WRWDOH LQWHVR FRPH VRPPD GL EDFNORJ H EDFNORJ LQ RS]LRQH

/D WDEHOOD VHJXHQWH LOOXVWUD VLQWHWLFDPHQWH O¶DQGDPHQWR VWRULFR GHO YDORUH GHO EDFNORJ SHU VHPHVWUH
%DFNORJ WRWDOH GHO *UXSSR SHU VHPHVWUH (XURPLOLRQL
      
      
/D WDEHOOD VHJXHQWH LOOXVWUD VLQWHWLFDPHQWH OD FRPSRVL]LRQH GHOO¶RUL]]RQWH WHPSRUDOH GHO EDFNORJ WRWDOH GHO
*UXSSR DO  JLXJQR 
%DFNORJ WRWDOH GHO *UXSSR SHU DQQR LQFLGHQ]D  VXO WRWDOH
        
        
/D WDEHOOD VHJXHQWH LOOXVWUD VLQWHWLFDPHQWH OD FRPSRVL]LRQH GHO EDFNORJ WRWDOH SHU GLYLVLRQL GL
EXVLQHVV

6LVWHPL LQJHJQHUL]]DWL
GL DUFKLWHWWXUH QDYDOL H
IDFFLDWH FLYLOL
6LVWHPL H SURGRWWL GL
FXFLQH SURIHVVLRQDOL
0HVWLHUL SURJHWWD]LRQH H
FUHD]LRQH GL LQWHULRU
SHUVRQDOL]]DWL
7RWDOH




/D WDEHOOD VHJXHQWH LOOXVWUD VLQWHWLFDPHQWH OD FRPSRVL]LRQH GHO EDFNORJ ULSDUWLWR LQ EDVH DOOH VRFLHWj DUPDWULFL
FKH KDQQR JHQHUDWR OH FRPPHVVH SHU QXRYH QDYL
%DFNORJ SHU VRFLHWj DUPDWULFH 
$ % & ' ( $OWUH PLQRUL 7RWDOH
      
3ULQFLSDOL GDWL HFRQRPLFRILQDQ]LDUL FRQVROLGDWL GHO SULPR VHPHVWUH 
ULFDYL FRQVROLGDWL
DO  JLXJQR  VRQR SDUL D  PLOLRQL GL HXUR LQ FUHVFLWD GHO  ULVSHWWR DO
FRUULVSRQGHQWH GDWR DO  JLXJQR  SDUL D  PLOLRQL GL HXUR /D FUHVFLWD RUJDQLFD GHO *UXSSR q VWDWD SDUL
DO 
$ OLYHOOR GL DUHD GL EXVLQHVV VL HYLGHQ]LD OD VHJXHQWH SHUIRUPDQFH
6LVWHPL LQJHJQHUL]]DWL GL DUFKLWHWWXUH QDYDOL H IDFFLDWH FLYLOL

 PLOLRQL GL HXUR FRQWUR  PLOLRQL GL HXUR DO  JLXJQR 
6LVWHPL H SURGRWWL GL FXFLQH SURIHVVLRQDOL

 PLOLRQL GL HXUR FRQWUR  PLOLRQL GL HXUR DO  JLXJQR 
0HVWLHUL SURJHWWD]LRQH H FUHD]LRQH GL
LQWHULRU
SHUVRQDOL]]DWL

 PLOLRQL GL HXUR FRQWUR  PLOLRQL GL HXUR DO  JLXJQR 

/D WDEHOOD VRWWRVWDQWH ULSRUWD OD FRPSRVL]LRQH GHL
ULFDYL
VXGGLYLVL SHU DUHH GL EXVLQHVV
(XU 0
 VXO WRWDOH
6LVWHPL LQJHJQHUL]]DWL GL
DUFKLWHWWXUH QDYDOL H
IDFFLDWH FLYLOL
6LVWHPL H SURGRWWL GL
FXFLQH SURIHVVLRQDOL
0HVWLHUL SURJHWWD]LRQH H
FUHD]LRQH GL LQWHULRU
SHUVRQDOL]]DWL
7RWDOH
6HPHVWUH DO









6HPHVWUH DO










9DULD]LRQH 




/D WDEHOOD VHJXHQWH LOOXVWUD VLQWHWLFDPHQWH OD FRPSRVL]LRQH GHL
ULFDYL WRWDOL SHU DUHD JHRJUDILFD



,WDOLD
 
(XURSD HVFOXVD,WDOLD
 
1RUG $PHULFD
 
5HVWR GHO PRQGR
 
(%,7'$
FRQVROLGDWR DO  JLXJQR 
SDUL D  PLOLRQL GL HXUR LQ GLPLQX]LRQH GHO  ULVSHWWR DO GDWR
GL  PLOLRQL GL HXUR DO  JLXJQR  FRQ XQ (%,7'$
PDUJLQ
GHO  ULVSHWWR DOO¶ GHO VHPHVWUH
SUHFHGHQWH SRVWR D FRQIURQWR SHU O¶LPSDWWR GHL VHJXHQWL IDWWRUL DXPHQWR GHL FRVWL GL SURGX]LRQH FRQ SDUWLFRODUH
ULIHULPHQWR DL SUH]]L GHOOH PDWHULH SULPH H GHL FRVWL HQHUJHWLFL FRQ FRQVHJXHQWH FRUUH]LRQH QHO SULPR VHPHVWUH
GHOOD PDUJLQDOLWj GHOOH FRPPHVVH LQ FRUVR PDJJLRUL FRVWL GHO SHUVRQDOH SHU QXRYH DVVXQ]LRQL H DFTXLVL]LRQL
PDJJLRUL VSHVH GL FRPXQLFD]LRQH SHU DWWLYLWj ILHULVWLFKH H SURPR]LRQDOL O¶DVVHQ]D GHO FRQWULEXWR QRQ ULFRUUHQWH
UHODWLYR DO
3DFKHFN 3URWHFWLRQ 3URJUDP
FKH DYHYD LQWHUHVVDWR OD FRQWUROODWD DPHULFDQD )DEEULFD //& QHO
SULPR VHPHVWUH  SHU  PLOLRQL GL HXUR
(%,7'$
PDUJLQ

SHU OD GLYLVLRQH
6LVWHPL LQJHJQHUL]]DWL GL DUFKLWHWWXUH QDYDOL H IDFFLDWH FLYLOL
q SDUL DO  ULVSHWWR DO
 GHO  JLXJQR  /D IOHVVLRQH q GD ULFRQGXUVL DOOD ULGX]LRQH GL PDUJLQDOLWj GHOOH FRPPHVVH
FDXVDWD GDO ULDO]R GHL SUH]]L GHOOH PDWHULH SULPH LQ SDUWLFRODUH GHOO¶DFFLDLR H GHOO¶DOOXPLQLR H GDO PDQFDWR
HIIHWWR SRVLWLYR GHO FRQWULEXWR LQ FRQWR HVHUFL]LR GHOOD FRQWUROODWD )DEEULFD //& SDUL D  PLOLRQL GL HXUR
FKH DYHYD FDUDWWHUL]]DWR LO SULPR VHPHVWUH 
SHU OD GLYLVLRQH
6LVWHPL H SURGRWWL GL FXFLQH SURIHVVLRQDOL
q SDUL DO  ULVSHWWR DO  GHO  JLXJQR

/D IOHVVLRQH DYYHQXWD QHO FRUVR GHO SULPR VHPHVWUH  q ULFRQGXFLELOH DO ULDO]R GHL SUH]]L GHOOH PDWHULH
SULPH SL SUHFLVDPHQWH GHOO¶DFFLDLR ROWUH DO VRVWHQLPHQWR GL FRVWL SHU DWWLYLWj SURPR]LRQDOH GHOOD
FRQWUROODWD 3L]]D *URXS 6UO
SHU OD GLYLVLRQH
0HVWLHUL SURJHWWD]LRQH H FUHD]LRQH GL LQWHULRU SHUVRQDOL]]DWL
q SDUL DO  ULVSHWWR DO
 GHO  JLXJQR ,O PLJOLRUDPHQWR GL  SXQWL SHUFHQWXDOL YD ULFRQGRWWR DOOD ULSUHVD GHOOH DWWLYLWj
UHILWWLQJ
 FDUDWWHUL]]DWH GD PDUJLQL SL DOWL ULVSHWWR DOOH QXRYH FRVWUX]LRQL LO FXL FRQWULEXWR HUD YHQXWR
VRVWDQ]LDOPHQWH D PDQFDUH QHO SULPR VHPHVWUH  D FDXVD GHOOD SDQGHPLD
FRVWL GHO SHUVRQDOH
DPPRQWDQR D  PLOLRQL GL HXUR DO  JLXJQR  ULVSHWWR DL  PLOLRQL GL HXUR DO
 JLXJQR  7DOH YRFH KD ULVHQWLWR SHU XQ LPSRUWR SDUL D  PLOLRQL GL HXUR GHO SLDQR GL LQFHQWLYD]LRQH D
PHGLROXQJR WHUPLQH GHOOD &DSRJUXSSR ROWUH DL SUHPL GL ULVXOWDWR HQWUDPEL QRQ SUHVHQWL QHO FRUVR GHO SULPR
VHPHVWUH  6L q UHJLVWUDWR LQROWUH XQ IRUWH LQFUHPHQWR GHOOD IRU]D ODYRUR LQ )DEEULFD //& ROWUH
DOO¶DFTXLVL]LRQH GL %OXHVWHHO 6UO FKH KD FRPSRUWDWR XQ LQFUHPHQWR GHOOD YRFH GL FRVWR
DPPRUWDPHQWL H VYDOXWD]LRQL
VRQR SDUL D  PLOLRQL GL HXUR ULVSHWWR DL  PLOLRQL GL HXUR GHO  JLXJQR
 7DOH YRFH ULVHQWH GL VLJQLILFDWLYL DFFDQWRQDPHQWL SHU VYDOXWD]LRQL FUHGLWL SHU FRPSOHVVLYL  PLOLRQL GL
HXUR UHODWLYL D GXH FOLHQWL HVWHUL
FRQVROLGDWR DO  JLXJQR 
D]]HUDWR ULVSHWWR DO GDWR SRVLWLYR GL  PLOLRQL GL HXUR GHO SULPR
VHPHVWUH  FRQ XQ¶LQFLGHQ]D SHUFHQWXDOH VXL ULFDYL QXOOD ULVSHWWR DO  GHO VHPHVWUH SUHFHGHQWH SRVWR

D FRQIURQWR /D ULGX]LRQH GHOO¶(%,7 q LPSXWDELOH DOOH PRWLYD]LRQL JLj LOOXVWUDWH LQ ULIHULPHQWR DOO¶(%,7'$ ROWUH
DOOD PDJJLRU LQFLGHQ]D GHOOH VYDOXWD]LRQL VRSUD PHQ]LRQDWH
/D YRFH
3URYHQWL RQHUL ILQDQ]LDUL
SUHVHQWD XQ YDORUH VRVWDQ]LDOPHQWH LQ OLQHD FRQ LO SULPR VHPHVWUH 
SUHVVRFKp QXOOR ULVSHWWR DO YDORUH QHJDWLYR GL  PLOLRQL GL HXUR GHO VHPHVWUH SRVWR D FRQIURQWR
5LVXOWDWR 1HWWR &RQVROLGDWR
GHO SHULRGR ULVXOWD QHJDWLYR SHU  PLOLRQL GL HXUR ULVSHWWR DO GDWR SRVLWLYR GL 
PLOLRQL GHO  JLXJQR  /¶LQFLGHQ]D GHO ULVXOWDWR QHWWR FRQVROLGDWR VXL ULFDYL q SDUL DO  QHO SULPR
VHPHVWUH  ULVSHWWR DO  GHO SULPR VHPHVWUH 
5LVXOWDWR 1HWWR GL *UXSSR
q QHJDWLYR SHU  PLOLRQL GL HXUR ULVSHWWR DO GDWR SRVLWLYR GL  PLOLRQL GL HXUR
GHO SULPR VHPHVWUH 
FDSLWDOH GL HVHUFL]LR QHWWR
q SDUL D  PLOLRQL GL HXUR LQ GLPLQX]LRQH GL  PLOLRQL GL HXUR ULVSHWWR DO GDWR
GL  PLOLRQL GL HXUR DO  GLFHPEUH  /H SULQFLSDOL YDULD]LRQL KDQQR ULJXDUGDWR L O¶LQFUHPHQWR GHOOH
ULPDQHQ]H GL PDJD]]LQR SHU HIIHWWR GHOO¶DXPHQWR GHL FRVWL GHL PDWHULDOL H SHU XQ PDJJLRU OLYHOOR GL
DSSURYYLJLRQDPHQWR GHO *UXSSR SHU IDU IURQWH DOOD SRWHQ]LDOH VFDUVLWj GL ULVRUVH UHSHULELOL VXO PHUFDWR LL
O¶LQFUHPHQWR VLD GHL ODYRUL LQ FRUVR VX RUGLQD]LRQH VLD GHOOH SDVVLYLWj SHU ODYRUL LQ FRUVR VX RUGLQD]LRQH SHU
HIIHWWR GHOO¶DXPHQWR GHL YROXPL SURGXWWLYL H GHL FRVWL XQLWDUL LLL O¶DXPHQWR GHL GHELWL FRPPHUFLDOL ULIHULWL
SULQFLSDOPHQWH DOOH IRUQLWXUH VX FRPPHVVH LQ FRUVR GL SDJDPHQWR VXFFHVVLYDPHQWH DOOD FKLXVXUD GHO SHULRGR
SDWULPRQLR QHWWR GHO *UXSSR
DPPRQWD D  PLOLRQL GL HXUR DO  JLXJQR  ULVSHWWR D  PLOLRQL GL HXUR
DO  GLFHPEUH  /D YDULD]LRQH ROWUH FKH DOO¶DQGDPHQWR GHO SHULRGR q SULQFLSDOPHQWH ULFRQGXFLELOH DL
SOXVYDORUL ULFRQRVFLXWL QHOO¶DFTXLVL]LRQH GHOO¶XOWHULRUH  GHO FDSLWDOH VRFLDOH GHOOD VRFLHWj FRQWUROODWD )DEEULFD
//& H SRUWDWL D GLUHWWD ULGX]LRQH GHO SDWULPRQLR QHWWR H DOOD GLVWULEX]LRQH GHL GLYLGHQGL
3RVL]LRQH )LQDQ]LDULD 1HWWD
GL *UXSSR
HVFOXGHQGR JOL HIIHWWL GHOO¶DSSOLFD]LRQH GHO SULQFLSLR FRQWDELOH
,)56 
VL DWWHVWD DO  JLXJQR  D  PLOLRQL GL HXUR ULVSHWWR D  PLOLRQL GL HXUR DO  GLFHPEUH 
3RVL]LRQH )LQDQ]LDULD 1HWWD
GL *UXSSR DO  JLXJQR  FRPSUHQVLYD GHOO¶HIIHWWR,)56  VL DWWHVWD D
 PLOLRQL GL HXUR ULVSHWWR D  PLOLRQL GL HXUR DO  GLFHPEUH 
/¶LQFUHPHQWR GHOO¶LQGHELWDPHQWR ILQDQ]LDULR QHWWR FRQVROLGDWR DO  JLXJQR  ULVSHWWR DO
 GLFHPEUH  q VWDWR GHWHUPLQDWR GDO SDJDPHQWR GL GLYLGHQGL SHU (XUR  PLOLRQL GL FXL  PLOLRQL GL HXUR
HURJDWL GDOOD &DSRJUXSSR HG (XUR  PLOLRQL HURJDWL GD )DEEULFD //& DL SURSUL VRFL GL PLQRUDQ]D GDOOH
DFTXLVL]LRQL GHOO¶XOWHULRUH  GL )DEEULFD //& SHU (XUR  PLOLRQL H GL %OXHVWHHO 6UO SHU (XUR  PLOLRQL
FRQWURELODQFLDWD GDOO¶HIIHWWR SRVLWLYR GHULYDQWH GDOOD FRQWUD]LRQH GHO FDSLWDOH FLUFRODQWH $ WDO ULJXDUGR YD DQFKH
PHQ]LRQDWR O¶LQFUHPHQWR GL (XUR  PLOLRQL DL ILQL,)56 FRQVHJXHQWH O¶DFTXLVL]LRQH GL %OXHVWHHO 6UO
/D YDULD]LRQH GHL GHELWL EDQFDUL QRQ FRUUHQWL q SULQFLSDOPHQWH GRYXWD DOOD VRWWRVFUL]LRQH DYYHQXWD QHO SULPR
WULPHVWUH  GD SDUWH GHOOD &DSRJUXSSR 6RPHF 6S$ GL XQ FRQWUDWWR GL ILQDQ]LDPHQWR D PHGLROXQJR
WHUPLQH FRQ XQ
GL SULPDUL LVWLWXWL EDQFDUL LWDOLDQL GHVWLQDWD DO VRVWHJQR GHL SURJHWWL GL LQWHUQD]LRQDOL]]D]LRQH
H D ULILQDQ]LDUH O¶LQGHELWDPHQWR EDQFDULR D PHGLROXQJR WHUPLQH HVLVWHQWH $O  JLXJQR  OH OLQHH GL
ILQDQ]LDPHQWR DWWLYDWH VRQR SDUL DG (XUR  PLOLRQL
IOXVVR GL FDVVD GHULYDQWH GDOO¶DWWLYLWj RSHUDWLYD
 SDUL DG (XUR  PLOLRQL

ULVXOWD LQ DXPHQWR GL (XUR 
PLOLRQL ULVSHWWR DO GDWR GHO SULPR VHPHVWUH  SULQFLSDOPHQWH SHU HIIHWWR GHOOD FRQWUD]LRQH GHO FDSLWDOH GL
HVHUFL]LR QHWWR
IUHH FDVK IORZ
DO  JLXJQR  ULVXOWD SDUL DG (XUR  PLOLRQL SHU HIIHWWR GHOOD IRUWH JHQHUD]LRQH GL FDVVD
RSHUDWLYD

)DWWL GL ULOLHYR DYYHQXWL GRSR LO  JLXJQR 
,QWHVD QRQ YLQFRODQWH SHU O¶DFTXLVL]LRQH GL /DPS $UUHGR 6UO
,Q GDWD  OXJOLR  6RPHF 6S$ KD VRWWRVFULWWR XQD OHWWHUD GL LQWHQWL QRQ YLQFRODQWH SHU O¶DFTXLVL]LRQH GHOOD
PDJJLRUDQ]D GHO FDSLWDOH VRFLDOH GL /DPS $UUHGR 6UO VRFLHWj VSHFLDOL]]DWD QHOO¶LQJHJQHUL]]D]LRQH H
SURGX]LRQH GL HOHPHQWL PHWDOOLFL FKH VL GLVWLQJXH SHU OH HOHYDWH FRPSHWHQ]H QHOOH ODYRUD]LRQL GHOO¶DFFLDLR
YHUQLFLDWR H GHOO¶LQR[ FRVu FRPH GL PDWHULDOL SUHJLDWL QHOOH SL VYDULDWH H FUHDWLYH ILQLWXUH SHU RSHUH GL DOWLVVLPR
OLYHOOR HVWHWLFR
/D OHWWHUD G¶LQWHQWL VRWWRVFULWWD q ILQDOL]]DWD DOO¶DFTXLVWR GL XQD TXRWD GHO  GL /DPS $UUHGR 6XO UHVWDQWH 
SRWUj HVVHUH SUHYLVWD O¶DVVHJQD]LRQH GL RS]LRQL
3XW DQG &DOO
LQ IDYRUH GHOOH SDUWL HVHUFLWDELOL DOO¶LQWHUQR GL
ILQHVWUH WHPSRUDOL GD GHWHUPLQDUVL
3HUIH]LRQDPHQWR GHOO¶DFTXLVL]LRQH GL %XGUL
,Q GDWD  OXJOLR  VL q SHUIH]LRQDWD WUDPLWH OD FRQWUROODWD 0HVWLHUL 6UO O¶DFTXLVL]LRQH GHOOD TXRWD GL
PDJJLRUDQ]D GHO  GHO FDSLWDOH VRFLDOH GL %XGUL 6UO
$OOD GDWD GHO
FORVLQJ
q VWDWR FRUULVSRVWR XQ SUH]]R SURYYLVRULR SDUL D  PLOLRQL GL HXUR FKH LQFOXGH LO
ULFRQRVFLPHQWR GL XQ SUHPLR GL PDJJLRUDQ]D GHO  VXOOD SHUFHQWXDOH GL
HTXLW YDOXH
RJJHWWR GL DFTXLVL]LRQH
/¶DFFRUGR LQROWUH SUHYHGH XQ¶LQWHJUD]LRQH GHO SUH]]R SURYYLVRULR D WLWROR GL
HDUQ RXW
 GD FRUULVSRQGHUVL DO
UDJJLXQJLPHQWR GL SUHILVVDWL RELHWWLYL GL (%,7'$ H GL SRVL]LRQH ILQDQ]LDULD QHWWD LQ FLDVFXQR GHJOL HVHUFL]L
FRPSUHVL QHO SHULRGR  /¶DPPRQWDUH FXPXODWR GHJOL
HDUQ RXW
QRQ SRWUj HFFHGHUH O¶LPSRUWR GL 
PLOLRQL GL HXUR QHO ELHQQLR  H O¶LPSRUWR GL  PLOLRQL GL HXUR QHO ELHQQLR 
,QILQH VXOOD TXRWD GL PLQRUDQ]D VRQR SUHYLVWH RS]LRQL
3XW DQG &DOO
HVHUFLWDELOL VXO UHVLGXR  HVHUFLWDELOL LQ
GXH GLVWLQWL LQWHUYDOOL WHPSRUDOL WUD O¶DSSURYD]LRQH GHO ELODQFLR  H O¶DSSURYD]LRQH GHO ELODQFLR 
(VHUFL]LR GHOO¶RS]LRQH
VXO  GHO FDSLWDOH VRFLDOH GL 7RWDO 6ROXWLRQ,QWHULRUV 6UO
,Q GDWD  OXJOLR  6RPHF 6S$ KD SHUIH]LRQDWR O¶HVHUFL]LR GHOO¶RS]LRQH
VXO  GHO FDSLWDOH VRFLDOH
GL 7RWDO 6ROXWLRQ,QWHULRUV 6UO 76, SUHFHGHQWHPHQWH GHWHQXWD GD DOFXQL VRFL GL PLQRUDQ]D UDJJLXQJHQGR
FRVu LO FRQWUROOR GHOO¶ GHOOD VRFLHWj DWWLYD QHOOD UHDOL]]D]LRQH GL SURJHWWL GL
LQWHULRU
SHUVRQDOL]]DWL
,O SUH]]R FRUULVSRVWR DL VRFL GL PLQRUDQ]D ULVXOWD QRQ VLJQLILFDWLYR LQ EDVH DL SDUDPHWUL VRWWRVWDQWL OD IRUPXOD GL
HVHUFL]LR
6RPHF 6S$ VL ULVHUYD OD IDFROWj GL HVHUFLWDUH LO SURSULR GLULWWR GL RS]LRQH G¶DFTXLVWR VXO UHVLGXR  GHO
FDSLWDOH VRFLDOH GL 7RWDO 6ROXWLRQ,QWHULRUV 6UO VHFRQGR L WHUPLQL GL HVHUFL]LR GL FXL DO SUHGHWWR SDWWR
SDUDVRFLDOH
(YROX]LRQH SUHYHGLELOH GHOOD JHVWLRQH
3HU OD VHFRQGD SDUWH GHOO¶DQQR VL SXz LSRWL]]DUH XQD FRQIHUPD GHO
WUHQG
GL FUHVFLWD GHL YROXPL VLD D OLYHOOR
RUJDQLFR FKH SHU HIIHWWR GHOOH DFTXLVL]LRQL /¶DWWHQ]LRQH YHUUj ULYHUVDWD VX PLVXUH YROWH DO UHFXSHUR GHOOD
PDUJLQDOLWj VLD DWWUDYHUVR LQWHUYHQWL VXOOH FRPPHVVH LQ FRUVR VLD DWWUDYHUVR XQD UHYLVLRQH GHL OLVWLQL 8OWHULRUH
HOHPHQWR GL FRQIRUWR q GDWR GDOOD ULSUHVD GHOO¶DWWLYLWj GL
UHILWWLQJ
FRQ HYLGHQ]H DQFKH QHOOD UHVWDQWH SDUWH
GHOO¶DQQR
$QFKH LO
EXVLQHVV
QRUGDPHULFDQR DWWUDYHUVR )DEEULFD //& PRVWUD XQD FRQWLQXD DFFHOHUD]LRQH GHL YROXPL
/D FLWDWD FRUUH]LRQH GHOOD PDUJLQDOLWj GHOOH FRPPHVVH LQ FRUVR JLj LQL]LDWD QHO SULPR VHPHVWUH FRQVHQWH GL
SUHYHGHUH XQ VLJQLILFDWLYR PLJOLRUDPHQWR GHL PDUJLQL QHOOD VHFRQGD SDUWH GHOO¶DQQR
/D JHQHUD]LRQH GL FDVVD RSHUDWLYD GHO VHFRQGR VHPHVWUH q LQILQH SUHYLVWD LQ FUHVFLWD SHU O¶HIIHWWR FRPELQDWR
GHO PLJOLRUDPHQWR GHL PDUJLQL H GL XQD SRWHQ]LDOH ULGX]LRQH GHO OLYHOOR GHOOH VFRUWH

'HSRVLWR GHOOD GRFXPHQWD]LRQH
/D 5HOD]LRQH )LQDQ]LDULD 6HPHVWUDOH DO  JLXJQR  FRUUHGDWD GDOOD 5HOD]LRQH GHOOD 6RFLHWj GL 5HYLVLRQH
YHUUj PHVVD D GLVSRVL]LRQH GHJOL $]LRQLVWL H GHO SXEEOLFR SUHVVR LO PHFFDQLVPR GL VWRFFDJJLR DXWRUL]]DWR
,1)2 ZZZLQIRLW H VXO VLWR LQWHUQHW GHOOD 6RFLHWj ZZZVRPHFJUXSSRFRP QHOOD JLRUQDWD GL PHUFROHGu 
VHWWHPEUH 
,O GLULJHQWH SUHSRVWR DOOD UHGD]LRQH GHL GRFXPHQWL FRQWDELOL VRFLHWDUL )HGHULFR 3XSSLQ GLFKLDUD DL VHQVL H SHU JOL HIIHWWL GHOO¶DUWLFROR ELV FRPPD
 GHO ' /JV Q  GHO  FKH O¶LQIRUPDWLYD FRQWDELOH FRQWHQXWD QHO SUHVHQWH FRPXQLFDWR FRUULVSRQGH DOOH ULVXOWDQ]H GRFXPHQWDOL DL OLEUL H DOOH
VFULWWXUH FRQWDELOL
,O SUHVHQWH FRPXQLFDWR FRQWLHQH GLFKLDUD]LRQL SUHYLVLRQDOL IRUZDUGORRNLQJ VWDWHPHQWV LQ SDUWLFRODUH QHOOD VH]LRQH LQWLWRODWD ³(YROX]LRQH
SUHYHGLELOH GHOOD JHVWLRQH´ UHODWLYH D IXWXUL HYHQWL H ULVXOWDWL RSHUDWLYL HFRQRPLFL H ILQDQ]LDUL GHO *UXSSR 7DOL SUHYLVLRQL VRQR EDVDWH VXOOH DWWXDOL
DVSHWWDWLYH H SURLH]LRQL GHO *UXSSR UHODWLYDPHQWH DG HYHQWL IXWXUL H SHU ORUR QDWXUD KDQQR XQD FRPSRQHQWH GL ULVFKLRVLW
HG LQFHUWH]]D LQ TXDQWR
VL ULIHULVFRQR DG HYHQWL H GLSHQGRQR GD FLUFRVWDQ]H FKH SRVVRQR R QRQ SRVVRQR DFFDGHUH R YHULILFDUVL LQ IXWXUR H FRPH WDOL QRQ VL GHYH IDUH XQ
LQGHELWR DIILGDPHQWR VX GL HVVH, ULVXOWDWL HIIHWWLYL SRWUHEEHUR GLIIHULUH LQ PLVXUD DQFKH VLJQLILFDWLYD GD TXHOOL FRQWHQXWL LQ GHWWH GLFKLDUD]LRQL D FDXVD
GL XQD PROWHSOLFLW
GL IDWWRUL LQFOXVH OD YRODWLOLW
H LO GHWHULRUDPHQWR GHL PHUFDWL GHO FDSLWDOH H ILQDQ]LDUL YDULD]LRQL QHL SUH]]L GL PDWHULH SULPH FDPEL
QHOOH FRQGL]LRQL PDFURHFRQRPLFKH H QHOOD FUHVFLWD HFRQRPLFD HG DOWUH YDULD]LRQL GHOOH FRQGL]LRQL GL EXVLQHVV PXWDPHQWL GHOOD QRUPDWLYD H GHO
FRQWHVWR LVWLWX]LRQDOH VLD LQ,WDOLD FKH DOO¶HVWHUR H PROWL DOWUL IDWWRUL OD PDJJLRUDQ]D GHL TXDOL
DO GL IXRUL GHO FRQWUROOR GHO *UXSSR
620(&
620(& 6S$ q VSHFLDOL]]DWD QHOO
LQJHJQHUL]]D]LRQH SURJHWWD]LRQH H UHDOL]]D]LRQH GL SURJHWWL FRPSOHVVL
FKLDYL LQ PDQR QHOO
LQJHJQHULD FLYLOH H QDYDOH LQ WUH VHJPHQWL GL FRPPHVVD VLVWHPL LQJHJQHUL]]DWL GL
DUFKLWHWWXUH QDYDOL H IDFFLDWH FLYLOL VLVWHPL H SURGRWWL GL FXFLQH SURIHVVLRQDOL SURJHWWD]LRQH H FUHD]LRQH GL
LQWHULRU SHUVRQDOL]]DWL /H VRFLHWj GHO *UXSSR RSHUDQR LQ XQ PRGHOOR GL EXVLQHVV VLPLOH IRFDOL]]DWR VXOOD
SURJHWWD]LRQH SURGX]LRQH H LQVWDOOD]LRQH VHFRQGR ULJRURVL VWDQGDUG GL TXDOLWj H VLFXUH]]D GHOO
LQJHJQHULD
FLYLOH H QDYDOH, SURJHWWL JHVWLWL GDO *UXSSR VL GLVWLQJXRQR SHU O
DOWR JUDGR GL SHUVRQDOL]]D]LRQH H LO NQRZKRZ
VSHFLILFR GHL GLYHUVL PDWHULDOL UHTXLVLWR IRQGDPHQWDOH QHL SURJHWWL DG DOWR YDORUH DJJLXQWR $WWUDYHUVR XQ
ULJRURVR SURFHVVR GL FHUWLILFD]LRQH H DFFUHGLWDPHQWR 620(& KD UDJJLXQWR XQD UHSXWD]LRQH GL TXDOLWj H
DIILGDELOLWj RSHUDWLYD H ILQDQ]LDULD VX VFDOD JOREDOH 620(& KD VHGH D 6DQ 9HQGHPLDQR 79 H KD VRFLHWj
QHJOL 6WDWL 8QLWL 6ORYDFFKLD &LQD H &DQDGD LPSLHJD FLUFD  SHUVRQH H KD IDWWR UHJLVWUDUH XQ IDWWXUDWR GL
 PLOLRQL GL HXUR QHO 
&RQWDWWL
8IILFLR VWDPSD
,QYHVWRU 5HODWLRQV RIILFH
7KDQDL &RPPXQLFDWLRQ $GYLVRUV
LQYHVWRUUHODWLRQV#VRPHFJUXSSRFRP
7KDQDL %HUQDUGLQL WHO   
PH#WKDQDLLW
_    
$OHVVDQGUR %R]]L 9DOHQWL
DOHVVDQGURYDOHQWL#WKDQDLLW
_    

7DEHOOH 5LDVVXQWLYH
&RQWR HFRQRPLFR FRQVROLGDWR ULFODVVLILFDWR
,PSRUWL LQ PLJOLDLD GL HXUR
6HPHVWUH DO
 JLXJQR


6HPHVWUH DO
 JLXJQR


?
5LFDYL GD FRQWUDWWL FRQ L FOLHQWL 




$OWUL ULFDYL H SURYHQWL 




7RWDOH 5LFDYL 




$FTXLVWL SUHVWD]LRQL GL VHUYL]L H FRVWL GLYHUVL 




&RVWR GHO SHUVRQDOH 




&RVWL 2SHUDWLYL 




5LVXOWDWR 2SHUDWLYR /RUGR (%,7'$ 




$PPRUWDPHQWL H VYDOXWD]LRQL 




5LVXOWDWR 2SHUDWLYR (%,7 




3URYHQWL RQHUL ILQDQ]LDUL 




4XRWD GL SHUWLQHQ]D GHO ULVXOWDWR GL VRFLHWj FROOHJDWH 




5LVXOWDWR $QWH,PSRVWH (%7 




,PSRVWH GHOO
HVHUFL]LR 


 
5LVXOWDWR 1HWWR &RQVROLGDWR 


 
5LVXOWDWR 1HWWR GL 7HU]L 


 
5LVXOWDWR 1HWWR GL *UXSSR 


 

6LWXD]LRQH SDWULPRQLDOH FRQVROLGDWD ULFODVVLILFDWD
,PSRUWL LQ PLJOLDLD GL HXUR
 
,PPRELOL]]D]LRQL LPPDWHULDOL  
GL FXL $YYLDPHQWL 

,PPRELOL]]D]LRQL PDWHULDOL  
$WWLYLWj SHU GLULWWL G
XVR  
3DUWHFLSD]LRQL LQ VRFLHWj FROOHJDWH  
$WWLYLWj ILQDQ]LDULH QRQ FRUUHQWL  
$OWUH DWWLYLWj H SDVVLYLWj QRQ FRUUHQWL  
%HQHILFL DL GLSHQGHQWL  
&DSLWDOH LPPRELOL]]DWR QHWWR  
&UHGLWL FRPPHUFLDOL  
5LPDQHQ]H GL PDJD]]LQR H DFFRQWL  
/DYRUL LQ FRUVR VX RUGLQD]LRQH H DQWLFLSL GD FOLHQWL  
3DVVLYLWj SHU ODYRUL LQ FRUVR VX RUGLQD]LRQH HG DQWLFLSL GD FOLHQWL  
'HELWL FRPPHUFLDOL  
)RQGL SHU ULVFKL H RQHUL GLYHUVL  
$OWUH DWWLYLWj H SDVVLYLWj FRUUHQWL  
&DSLWDOH GL HVHUFL]LR QHWWR  
&DSLWDOH LQYHVWLWR QHWWR  
3DWULPRQLR QHWWR GHO *UXSSR  
3DWULPRQLR QHWWR GHL WHU]L  
3RVL]LRQH ILQDQ]LDULD QHWWD  
)RQWL GL ILQDQ]LDPHQWR  

3RVL]LRQH ILQDQ]LDULD QHWWD FRQVROLGDWD
,PSRUWL LQ PLJOLDLD GL HXUR


&DVVD  
&RQWL FRUUHQWL H GHSRVLWL SRVWDOL  
/LTXLGLWj  
&UHGLWL ILQDQ]LDUL FRUUHQWL  
'HELWL EDQFDUL FRUUHQWL  
3DUWH FRUUHQWH GHOO¶LQGHELWDPHQWR QRQ FRUUHQWH  
$OWUH SDVVLYLWj ILQDQ]LDULH FRUUHQWL  
,QGHELWDPHQWR ILQDQ]LDULR FRUUHQWH  
,QGHELWDPHQWR ILQDQ]LDULR FRUUHQWH QHWWR  
'HELWL EDQFDUL QRQ FRUUHQWL  
$OWUH SDVVLYLWj ILQDQ]LDULH QRQ FRUUHQWL  
,QGHELWDPHQWR ILQDQ]LDULR QRQ FRUUHQWH  
,QGHELWDPHQWR ILQDQ]LDULR QHWWR DQWH HIIHWWR,)56   
(IIHWWR,)56  ±
/HDVH
 
'HELWL ILQDQ]LDUL SHU OHDVLQJ  TXRWD FRUUHQWH  
'HELWL ILQDQ]LDUL SHU OHDVLQJ  TXRWD QRQ FRUUHQWH  
,QGHELWDPHQWR ILQDQ]LDULR QHWWR  

5HQGLFRQWR ILQDQ]LDULR FRQVROLGDWR ULFODVVLILFDWR
,PSRUWL LQ PLJOLDLD GL HXUR
 
)OXVVL GL FDVVD GDOO
DWWLYLWj RSHUDWLYD  
)OXVVL GL FDVVD GDOO
DWWLYLWj GL LQYHVWLPHQWR  
)UHH &DVK )ORZ  
)OXVVL GL FDVVD GDOO
DWWLYLWj GL ILQDQ]LDPHQWR  
(IIHWWR GHOWD FDPEL VX GLVSRQLELOLWj OLTXLGH
 
)OXVVR PRQHWDULR GHO SHULRGR  
'LVSRQLELOLWj OLTXLGH DOO¶LQL]LR GHO SHULRGR  
'LVSRQLELOLWj OLTXLGH DOOD ILQH GHO SHULRGR  
,O SUHVHQWH FRPXQLFDWR QRQ FRVWLWXLVFH XQ¶RIIHUWD DO SXEEOLFR GL SURGRWWL ILQDQ]LDUL LQ,WDOLD DL VHQVL GHOO¶DUW  FRPPD  OHWW W GHO ' /JV  IHEEUDLR
 Q ,O SUHVHQWH FRPXQLFDWR LQFOXVH OH LQIRUPD]LRQL LYL FRQWHQXWH QRQ FRVWLWXLVFH Qp IRUPD SDUWH GL XQ¶RIIHUWD DO SXEEOLFR GL SURGRWWL ILQDQ]LDUL
Qp XQD VROOHFLWD]LRQH GL RIIHUWH SHU O¶DFTXLVWR GL SURGRWWL ILQDQ]LDUL H QRQ VDUj HIIHWWXDWD XQ¶RIIHUWD GL YHQGLWD GL WDOL SURGRWWL LQ TXDOVLDVL JLXULVGL]LRQH
LQ FXL WDOH RIIHUWD R YHQGLWD VLD FRQWUDULD DOOD OHJJH DSSOLFDELOH,O SUHVHQWH FRPXQLFDWR QRQ FRVWLWXLVFH XQ¶RIIHUWD GL YHQGLWD GL SURGRWWL ILQDQ]LDUL QHJOL
6WDWL 8QLWL G¶$PHULFD LQ $XVWUDOLD &DQDGD H *LDSSRQH H TXDOVLDVL DOWUD JLXULVGL]LRQH LQ FXL WDOH RIIHUWD R YHQGLWD VRQR SURLELWL H QRQ SRWUj HVVHUH
SXEEOLFDWR R GLVWULEXLWR GLUHWWDPHQWH R LQGLUHWWDPHQWH LQ WDOL JLXULVGL]LRQL, SURGRWWL ILQDQ]LDUL PHQ]LRQDWL QHO SUHVHQWH FRPXQLFDWR QRQ VRQR VWDWL H
QRQ VDUDQQR UHJLVWUDWL DL VHQVL GHO 6HFXULWLHV $FW GHJOL 6WDWL 8QLWL G¶$PHULFD GHO  FRPH PRGLILFDWR WDOL SURGRWWL QRQ SRWUDQQR HVVHUH RIIHUWL R
YHQGXWL QHJOL 6WDWL 8QLWL G¶$PHULFD LQ PDQFDQ]D GL UHJLVWUD]LRQH R GL XQ¶HVHQ]LRQH GDOO¶DSSOLFD]LRQH GHJOL REEOLJKL GL UHJLVWUD]LRQH /D
GRFXPHQWD]LRQH UHODWLYD DOO¶RIIHUWD QRQ q VWDWDQRQ YHUUj VRWWRSRVWD DOO¶DSSURYD]LRQH GHOOD &2162% H GL %RUVD,WDOLDQD 6S$
,O SUHVHQWH FRPXQLFDWR VWDPSD SRWUHEEH FRQWHQHUH LQIRUPD]LRQL SUHYLVLRQDOL FRPSUHVL ULIHULPHQWL FKH QRQ VRQR UHODWLYL HVFOXVLYDPHQWH D GDWL VWRULFL
R HYHQWL DWWXDOL H SHUWDQWR LQ TXDQWR WDOL LQFHUWL /H LQIRUPD]LRQL SUHYLVLRQDOL VL EDVDQR VX GLYHUVH DVVXQ]LRQL DVSHWWDWLYH SURLH]LRQL H GDWL
SUHYLVLRQDOL UHODWLYL DG HYHQWL IXWXUL H VRQR VRJJHWWH D PROWHSOLFL LQFHUWH]]H H DG DOWUL IDWWRUL DO GL IXRUL GHO FRQWUROOR GHOOD 6RFLHWj HR GHO *UXSSR
(VLVWRQR QXPHURVL IDWWRUL FKH SRVVRQR JHQHUDUH ULVXOWDWL H DQGDPHQWL QRWHYROPHQWH GLYHUVL ULVSHWWR DL FRQWHQXWL LPSOLFLWL R HVSOLFLWL GHOOH LQIRUPD]LRQL
SUHYLVLRQDOL H SHUWDQWR WDOL LQIRUPD]LRQL QRQ VRQR XQ¶LQGLFD]LRQH DWWHQGLELOH FLUFD OD SHUIRUPDQFH IXWXUD 6RPHF 6S$ QRQ DVVXPH DOFXQ REEOLJR
GL DJJLRUQDUH SXEEOLFDPHQWH R ULYHGHUH OH LQIRUPD]LRQL SUHYLVLRQDOL VLD D VHJXLWR GL HYHQWL IXWXUL R SHU DOWUH UDJLRQL VDOYR FKH FLz VLD ULFKLHVWR GDOOD
QRUPDWLYD DSSOLFDELOH /H LQIRUPD]LRQL H OH RSLQLRQL FRQWHQXWH LQ TXHVWR FRPXQLFDWR VWDPSD VRQR TXHOOH GLVSRQLELOL DOOD GDWD GHO SUHVHQWH GRFXPHQWR
H VRQR VRJJHWWH D PRGLILFKH VHQ]D SUHDYYLVR,QROWUH LO ULIHULPHQWR D SHUIRUPDQFH SDVVDWH GHOOD 6RFLHWj R GHO *UXSSR QRQ GHYH HVVHUH SUHVD FRPH
XQ¶LQGLFD]LRQH GHOOD SHUIRUPDQFH IXWXUD
121 '(67,1$72 $//$ 38%%/,&$=,21( 2 ',675,%8=,21( 1(*/, 67$7, 81,7,,1 $8675$/,$ &$1$'$ ( *,$3321(
