&U\VWDO:HDWKHU6WDWLRQ
0RGHOOR%$
0$18$/(3(5/¶87(17(
,1752'8=,21(
*UD]LH SHU DYHU VFHOWR TXHVWD VWD]LRQH PHWHRURORJLFD
GL 2UHJRQ 6FLHQWL¿F
70
&RQVHUYDUH LO SUHVHQWH PDQXDOH
SRLFKp FRQWLHQH LVWUX]LRQL H LQIRUPD]LRQL FKH q QHFHVVDULR
FRQRVFHUH
3$125$0,&$'(/352'2772
8QLWjSHUOHSUHYLVLRQLPHWHRURORJLFKHLQFULVWDOOR
/('FRORUDWL
6HQVRUHGLPRYLPHQWRDUDJJLLQIUDURVVL,5
,FRQDGHOVHJQDOHGLUDGLRFRQWUROOR
'LIIHUHQ]DGLIXVRRUDULR
9LVXDOL]]D]LRQHGLRUDHWHPSHUDWXUD
&/2&.
FRQVHQWHGLLPSRVWDUHO¶RUD
FRQVHQWHGLDWWLYDUHGLVDWWLYDUHODULFH]LRQH
UDGLRFRQWUROODWD GHOO¶RUD FRQVHQWH GL DXPHQWDUH
GLPLQXLUHLOYDORUHGLXQ¶LPSRVWD]LRQH
&)
FRQVHQWHGLPRGL¿FDUHO¶XQLWjGLYLVXDOL]]D]LRQH
GHOODWHPSHUDWXUD
5(6(7
FRQVHQWH GL ULSULVWLQDUH L YDORUL SUHGH¿QLWL
GHOO¶XQLWj
5DSSUHVHQWD]LRQH LFRQH PHWHR SHU LO FRUUHWWR
SRVL]LRQDPHQWRGHOFULVWDOOR
2URORJLRLQIRUPDWRRUH
8QLWjGLPLVXUDGHOODWHPSHUDWXUD
8QLWj%DVH
$872212))
FRQVHQWHGLDWWLYDUHRGLVDWWLYDUH
O¶DOWHUQDUVLDXWRPDWLFRGHOODYLVXDOL]]D]LRQHGLWHPSHUDWXUD
HRUD
(88.
FRQVHQWHGLVHOH]LRQDUHLOVHJQDOHSLYLFLQR
6HQVRUHGHOODWHPSHUDWXUD
(QWUDWDSHUO¶DOLPHQWDWRUH
$77(1=,21(
1RQ JXDUGDUH GLUHWWDPHQWH OD OXFH /('
SRWUHEEHQXRFHUHDJOLRFFKL
,167$//$=,21(
,QVHULUHO¶DOLPHQWDWRUHSHUGDUHFRUUHQWHDOO¶XQLWj
,PSRVWDUHO¶RUDFRPHLQGLFDWRQHOSDUDJUDIR³2URORJLR´
&ROORFDUH GHOLFDWDPHQWH VXOOD EDVH O¶XQLWj LQ FULVWDOOR
SHU OH SUHYLVLRQL PHWHRURORJLFKH 9HUL¿FDUH FKH SRJJL
GLUHWWDPHQWH VXOOD EDVH H FKH OH LFRQH PHWHR VLDQR
ULYROWHYHUVRLOODWRFRUUHWWR
127$
3UHVWDUH DWWHQ]LRQH DOO¶HWLFKHWWD GL DYYHUWLPHQWR
SRVWDVXOUHWURGHOO¶XQLWj
127$
3HUYHUL¿FDUHFKHO¶XQLWjVLDLQVWDOODWDFRUUHWWDPHQWH
FRQWUROODUHFKHOHLFRQHPHWHRVXOO¶XQLWjEDVHVLDQRULYROWH
QHOOD VWHVVD GLUH]LRQH GHOOH LFRQH SUHVHQWL VXOO¶XQLWj LQ
FULVWDOOR
$77(1=,21(
/¶XQLWj LQ FULVWDOOR GHOOH SUHYLVLRQL
PHWHRURORJLFKH q PROWR IUDJLOH H GHYH HVVHUH PDQHJJLDWD
FRQFXUD2UHJRQ6FLHQWL¿FGHFOLQDTXDOVLDVLUHVSRQVDELOLWj
LQ FDVR GL GDQQL R OHVLRQL FDXVDWH GDOOD PDQLSROD]LRQH
LPSURSULDGHOSURGRWWR
127$
,Q FDVR GL LQWHUIHUHQ]H UDGLR VXOOD OLQHD HOHWWULFD
LO SURGRWWR SXz QRQ IXQ]LRQDUH LQ PRGR FRUUHWWR ,Q WDOH
HYHQWXDOLWj O¶XQLWj ULSUHQGHUj D IXQ]LRQDUH QRUPDOPHQWH
DO FHVVDUH GHOO¶LQWHUIHUHQ]D 9HUL¿FDUH FKH O¶HQWUDWD SHU
O¶DOLPHQWDWRUHVLDIDFLOPHQWHDFFHVVLELOH
5,&(=,21('(//¶25$
4XHVWRSURGRWWRqSURJHWWDWRSHUVLQFURQL]]DUHDXWRPDWLFDPHQWH
LO SURSULR RURORJLR TXDQGR VL WURYD QHO UDJJLR GL XQ VHJQDOH
UDGLR
'&) JHQHUDWR GD )UDQFRIRUWH *HUPDQLD SHU
O¶(XURSD&HQWUDOH
06)JHQHUDWRGD5XJE\,QJKLOWHUUD
/¶RURORJLRULFHYHXQVHJQDOHUDGLRTXDQGRVLWURYDHQWUR
NPGDOORVWHVVR6SRVWDUHODOHYHWWD
(88.
VXOODSRVL]LRQH
FRUUHWWD SHU OD SURSULD XELFD]LRQH 5LSHWHUH OD SURFHGXUD
RJQLYROWDFKHVLD]]HUDO¶XQLWj
127$
3HURWWHQHUHULVXOWDWLRWWLPDOLSRVL]LRQDUHO¶RURORJLR
ORQWDQRGDRJJHWWLPHWDOOLFLRHOHWWULFLHYLFLQRDXQD¿QHVWUD
FRQYLVXDOHOLEHUDYHUVRLOFLHOR
3HUDWWLYDUHHGLVDWWLYDUHODULFHUFDGLXQVHJQDOH
7HQHUHSUHPXWR
6(*1$/()257(
6(*1$/(
1(6681
'(%2/(
6(*1$/(
127$
3HURWWHQHUHXQVHJQDOHYDOLGRVRQRQHFHVVDUL¿QR
DPLQXWL7XWWDYLDVHLOVHJQDOHUDGLRqGHEROHSRVVRQR
HVVHUHQHFHVVDULH¿QRDRUH
02',),&$'(//$9,68$/,==$=,21(
3HUDOWHUQDUHDXWRPDWLFDPHQWHODYLVXDOL]]D]LRQHGHOOD
WHPSHUDWXUDLQWHUQDHTXHOODGHOO¶RUDVSRVWDUHODOHYHWWD
$872212))
VX21
3HU FDPELDUH OD YLVXDOL]]D]LRQH FRQ LO VHQVRUH GL
PRYLPHQWRSDVVDUHODPDQRGDYDQWLDOORVWHVVR
252/2*,2
3HU LPSRVWDUH O¶RUD TXDQGR OD ULFH]LRQH UDGLR QRQ q
DWWLYD
7HQHUHSUHPXWR
&/2&.
SHUVHFRQGL
3UHPHUH
SHUPRGL¿FDUHOHLPSRVWD]LRQL
3UHPHUH
&/2&.
SHUFRQIHUPDUH
/¶RUGLQHGHOOHLPSRVWD]LRQLqGLIIHUHQ]DGLIXVRRUDULR
IRUPDWRRUDRUHRUDPLQXWL
35(9,6,21,0(7(252/2*,&+(
/HSUHYLVLRQLSHUOHVXFFHVVLYHRUHVRQRLQGLFDWHGDO
FRORUHGHOO¶LFRQDPHWHR
,&21$
&2/25(
6,*1,),&$72
5RVVR
6HUHQR
$]]XUUR
1XYRORVR
9HUGH
3LRJJLD
7(03(5$785$
3HUPRGL¿FDUHO¶XQLWj GL YLVXDOL]]D]LRQH GHOOD WHPSHUDWXUD
SUHPHUH
&)
5(6(7
3UHPHUH
5(6(7
SHUULSULVWLQDUHOHLPSRVWD]LRQLSUHGH¿QLWH
GHOO¶XQLWj
35(&$8=,21,
1RQ VRWWRSRUUH LO SURGRWWR D IRU]D HFFHVVLYD XUWL
SROYHUHWHPSHUDWXUDRDXPLGLWj
,7
1RQRWWXUDUHLIRULGLDHUD]LRQHFRQRJJHWWLFRPHJLRUQDOL
WHQGHHWF
1RQLPPHUJHUHO¶XQLWjLQDFTXD6HVLYHUVDGHOOLTXLGR
VXOSURGRWWRDVFLXJDUORLPPHGLDWDPHQWHFRQXQSDQQR
PRUELGRHOLVFLR
1RQSXOLUHO¶XQLWjFRQPDWHULDOLDEUDVLYLRFRUURVLYL
1RQPDQRPHWWHUHLFRPSRQHQWLLQWHUQL,QTXHVWRPRGR
VLLQYDOLGDODJDUDQ]LD
8WLOL]]DUH VROR EDWWHULH QXRYH 1RQ PHVFRODUH EDWWHULH
QXRYHFRQEDWWHULHYHFFKLH
/HLPPDJLQLGHOPDQXDOHSRVVRQRGLIIHULUHGDOODUHDOWj
$OPRPHQWRGHOORVPDOWLPHQWRGHOSURGRWWRXWLOL]]DUHOD
UDFFROWDGLIIHUHQ]LDWD
2UHJRQ 6FLHQWL¿F GHFOLQD RJQL UHVSRQVDELOLWj SHU
HYHQWXDOLGDQQLDOOH¿QLWXUHFDXVDWLGDOSRVL]LRQDPHQWR
GHOSURGRWWRVXGHWHUPLQDWLWLSLGLOHJQR&RQVXOWDUHOH
LVWUX]LRQLIRUQLWHGDOIDEEULFDQWHGHOPRELOHSHUXOWHULRUL
LQIRUPD]LRQL
,O FRQWHQXWR GL TXHVWR PDQXDOH QRQ SXz HVVHUH
ULVWDPSDWRVHQ]DO¶DXWRUL]]D]LRQHGHOIDEEULFDQWH
127$
/H VSHFL¿FKH WHFQLFKH GHO SURGRWWR H LO FRQWHQXWR
GHO PDQXDOH SHU O¶XWHQWH SRVVRQR HVVHUH PRGL¿FDWL VHQ]D
SUHDYYLVR
63(&,),&+(7(&1,&+(
7,32
'(6&5,=,21(
$[/[3
[[PP
3HVRGHOO¶XQLWjLQFULVWDOOR
JOE
3HVRGHOO¶XQLWjEDVH
JOE
)UHTXHQ]D5)
'&)R06)
)RUPDWRRUD
RUH
'LVWDQ]DFRSHUWDGDO
'DDFP
VHQVRUH,5
&DPSRGLPLVXUD]LRQH
'DD&
WHPSHUDWXUD
5LVROX]LRQHWHPSHUDWXUD
&
$OLPHQWD]LRQH
$OLPHQWDWRUH$&'&
,1)250$=,21,6825(*216&,(17,),&
3HU DYHUH PDJJLRUL LQIRUPD]LRQL VXL SURGRWWL 2UHJRQ
6FLHQWL¿FYLVLWDLOQRVWURVLWRLQWHUQHWZZZRUHJRQVFLHQWL¿FLW6XO
QRVWURVLWRLQWHUQHWSRWUDLWURYDUHWXWWHOHLQIRUPD]LRQLGLFXLKDL
ELVRJQRPDVHGHVLGHULFRPXQLFDUHGLUHWWDPHQWHFRQLOQRVWUR
6HUYL]LR&RQVXPDWRULSXRLFRQWDWWDUFLDOLQIR#RUHJRQVFLHQWL¿FLW
3HUULFHUFKHGLWLSRLQWHUQD]LRQDOHSXRLYLVLWDUHLQYHFHLOVLWR
ZZZRUHJRQVFLHQWL¿FFRPDERXWLQWHUQDWLRQDODVS
',&+,$5$=,21(',&21)250,7$¶8(
&RQ OD SUHVHQWH 2UHJRQ 6FLHQWL¿F GLFKLDUD FKH TXHVWD
VWD]LRQH PHWHRURORJLFD %$ q FRQIRUPH DL UHTXLVLWL
HVVHQ]LDOL HG DOOH DOWUH GLVSRVL]LRQL SHUWLQHQWL VWDELOLWH
GDOODGLUHWWLYD&(8QDFRSLD¿UPDWDHGDWDWDGHOOD
'LFKLDUD]LRQH GL &RQIRUPLWj q GLVSRQLELOH VX ULFKLHVWD
WUDPLWHLOVHUYL]LRFOLHQWLGHOOD2UHJRQ6FLHQWL¿F
3$(6,&21)250,$//$',5(77,9$5 77(
7XWWLL3DHVL(XURSHL6YL]]HUD&+
(1RUYHJLD1