Uploaded on

 

  • Full Name Full Name Comment goes here.
    Are you sure you want to
    Your message goes here
    Be the first to comment
    Be the first to like this
No Downloads

Views

Total Views
88
On Slideshare
0
From Embeds
0
Number of Embeds
0

Actions

Shares
Downloads
0
Comments
0
Likes
0

Embeds 0

No embeds

Report content

Flagged as inappropriate Flag as inappropriate
Flag as inappropriate

Select your reason for flagging this presentation as inappropriate.

Cancel
    No notes for slide

Transcript

  • 1. /H PDSSH PHQWDOL XQR VWUXPHQWR LQQRYDWLYR SHU OD IRUPD]LRQH H OD FRPXQLFD]LRQH 0LQG 0DSV DQ LQQRYDWLYH WUDLQLQJ DQG FRPPXQLFDWLRQ WRRO ,QJ $OEHUWR 6FRFFR ± 6FDWROH 3HQVDQWL 3XEEOLFDWR QHJOL DWWL GHO FRQYHJQR $,&$  ±  6HWWHPEUH   0LODQR $EVWUDFW 1HJOL XOWLPL DQQL OH PDSSH PHQWDOL VWDQQR DVVXPHQGR XQD JUDQGH LPSRUWDQ]D LQ PROWL DPELWL ROWUH TXHOOL FODVVLFL GHOOD SVLFRORJLD H GHO FRJQLWLYLVPR GRSR HVVHUH VWDWH XWLOL]]DWH VRSUDWWXWWR FRPH VXSSRUWR DO EUDLQVWRUPLQJ R DO QRWHWDNLQJ VWDQQR WURYDQGR DSSOLFD]LRQL TXDOL SRWHQWL VWUXPHQWL GL VXSSRUWR DOOH DWWLYLWj OHJDWH DOOD IRUPD]LRQH DO NQRZOHGJH PDQDJHPHQW HG DOOD FUHDWLYLWj ,Q TXHVWR DUWLFROR YLHQH IRUQLWD XQ¶LQGLFD]LRQH GHL IRQGDPHQWL PHWRGRORJLFL JHQHUDOL GHOOD WHRULD GHOOH PDSSH PHQWDOL LQGLFDQGR OH ORUR SULQFLSDOL FDUDWWHULVWLFKH HG DOFXQH GLIIHUHQ]H FKH HVLVWRQR ULVSHWWR DG DOWUL PHWRGL GL UDSSUHVHQWD]LRQH 9HQJRQR TXLQGL GHVFULWWH DOFXQH WHFQLFKH XWLOL]]DELOL SHU SURGXUUH HIILFDFL PDSSH PHQWDOL XWLOL]]DQGR FRGLFL FURPDWLFL HG LFRQLFL LQ JUDGR GL DXPHQWDUH OD ULWHQ]LRQH PQHPRQLFD H GL VWLPRODUH OD FUHDWLYLWj 9HQJRQR LQILQH IRUQLWH DOFXQH LQGLFD]LRQL VXOOH FDUDWWHULVWLFKH GHO 0LQG0DQDJHU XQ VRIWZDUH FKH ROWUH D SRVVHGHUH XQ VHW FRPSOHWR GL VWUXPHQWL JUDILFL LQ JUDGR GL VXSSRUWDUH SLHQDPHQWH OD WHRULD JHQHUDOH GHOOH PDSSH PHQWDOL FRQVHQWH GL HVSRUWDUH OH PDSSH LQ GLYHUVL IRUPDWL QRQ JUDILFL H ³FRQYHQ]LRQDOL´ 2YHU WKH ODVW IHZ HDUV WKH LPSRUWDQFH RI PLQG PDSSLQJŒ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¶V FKDUDFWHULVWLFV DUH SURYLGHG 7KLV LV D VRIWZDUH ZKLFK QRW RQO SURSRVHV D ZLGH VHW RI JUDSKLFDO WRROV IRU D FRPSOHWH VXSSRUW RI PLQG PDSSLQJ LW DOVR DOORZV XVHU WR H[SRUW PDSV LQ GLIIHUHQW XVHIXO IRUPDWV 3DJ  6FDWROH 3HQVDQWL 9LDOH 5HJLQD 0DUJKHULWD   3RUWR 3RWHQ]D 3LFHQD 0& ,WDOLD ± 3,YD  7HO 8IILFLR $PP  
  • 2.    ± 7HO 8IILFLR &RPP  
  • 3.    ± )D[  
  • 4.     :HE KWWSZZZVFDWROHSHQVDQWLLW (PDLO LQIR#VFDWROHSHQVDQWLLW
  • 5. ,QWURGX]LRQH 3HU PROWL GHFHQQL VL q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¶HODERUD]LRQH GHO SHQVLHUR QRQ IDQQR HFFH]LRQH RJQL VLQJROD SDUROD R LGHD KDQQR QXPHURVL FROOHJDPHQWL FRQ DOWUH SDUROH LGHH H FRQFHWWL H TXHVWR SHUPHWWH GL HVSULPHUH SHQVLHUL H ULVRQDQ]H FKH YDQQR EHQ ROWUH OR VWUHWWR VLJQLILFDWR GHL VLQJROL WHUPLQL UDSSUHVHQWDELOL LQ IRUPDWR WHVWXDOH VHPSOLFH >*$5 @ /H PDSSH PHQWDOL VIUXWWDQR WDOL SURSULHWj GHOOD PHQWH XPDQD ,Q SDUWLFRODUH TXHVWD WHFQLFD LQQRYDWLYD VL SURSRQH GL DSSOLFDUH OH SRWHQ]LDOLWj ODWHQWL QHOO¶HPLVIHUR GHVWUR GHO QRVWUR FHUYHOOR FLRq TXHOOR FKH HODERUD OH LQIRUPD]LRQL LQ PRGR JOREDOH FUHDWLYR LQWXLWLYR ILJXUDWR SHUPHWWHQGR GL ELODQFLDUH O DWWLYLWj GHOO¶HPLVIHUR VLQLVWUR OD FXL DWWLYLWj q LQYHFH ULYROWD PDJJLRUPHQWH DOOD ORJLFD DOOD UD]LRQDOLWj DOOD YHUEDOLWj HG q VROLWDPHQWH SL VYLOXSSDWR >.20 @  ,O FHUYHOOR H OH PDSSH 6YLOXSSDWH GD 7RQ %X]DQ LQWRUQR DO  OH PDSSH PHQWDOL VRQR VWDWH LQWURGRWWH LQL]LDOPHQWH FRPH XQ LQQRYDWLYR PHWRGR SHU LO QRWHWDNLQJ 'RSR QXPHURVL VWXGL VXOOH PRGDOLWj GL HODERUD]LRQH GHO SHQVLHUR GD SDUWH GHOOD PHQWH XPDQD HG DSSURIRQGLPHQWL PHWRGRORJLFL H WHFQLFL VRQR VWDWH SURSRVWH GDOOD FRPXQLWj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j LQ TXDQWR VWLPROD D FRQVLGHUDUH LGHH HG DVVRFLD]LRQL QRQ DQFRUD HODERUDWH ,Q XQD PDSSD PHQWDOH RJQL UDPR D VXD YROWD SRWUHEEH HVVHUH LO FHQWUR GL XQ DOWUD PDSSD PHQWDOH GL PDJJLRUH GHWWDJOLR 3DJ  6FDWROH 3HQVDQWL 9LDOH 5HJLQD 0DUJKHULWD   3RUWR 3RWHQ]D 3LFHQD 0& ,WDOLD ± 3,YD  7HO 8IILFLR $PP  
  • 6.    ± 7HO 8IILFLR &RPP  
  • 7.    ± )D[  
  • 8.     :HE KWWSZZZVFDWROHSHQVDQWLLW (PDLO LQIR#VFDWROHSHQVDQWLLW
  • 9. 8Q HVHPSLR GL PDSSD PHQWDOH FKH VFKHPDWL]]D OD FRQRVFHQ]D QHFHVVDULD SHU OD SUHVHQWD]LRQH GL XQ FRUVR G LQVHJQDPHQWR q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¶XWLOL]]R GL FRORUL HG LPPDJLQL ROWUH DG DXPHQWDUH OD SRWHQ]D HVSUHVVLYD GHO GLDJUDPPD H OD ULWHQ]LRQH PQHPRQLFD FRQVHQWH GL VWLPRODUH QRWHYROPHQWH OD FUHDWLYLWj 4XHVWD XOWHULRUH SRVVLELOLWj SHUPHWWH GL DPSOLDUH XOWHULRUPHQWH JOL DPELWL GL XWLOL]]R GL TXHVWD PRGDOLWj GL GLDJUDPPD]LRQH YHUVR TXHJOL DPELWL LQ FXL O¶DVVRFLD]LRQH GL LGHH q XQ YDOLGR VWUXPHQWR SHU DWWLYLWj + GL VLQWHVL GD VWUXWWXUH GL SHQVLHUR DUWLFRODWH DG DOWUH ULGRWWH H ULDVVXQWLYH 3DJ  6FDWROH 3HQVDQWL 9LDOH 5HJLQD 0DUJKHULWD   3RUWR 3RWHQ]D 3LFHQD 0& ,WDOLD ± 3,YD  7HO 8IILFLR $PP  
  • 10.    ± 7HO 8IILFLR &RPP  
  • 11.    ± )D[  
  • 12.     :HE KWWSZZZVFDWROHSHQVDQWLLW (PDLO LQIR#VFDWROHSHQVDQWLLW
  • 13. + GL DQDOLVL GD XQ¶LGHD LQL]LDOH DG XQD VWUXWWXUD HVWHVD H GHWWDJOLDWD ( LO FDVR DG HVHPSLR GHOOD VHJXHQWH PDSSD ,Q HVVD OH LPPDJLQL JOL VWLOL OD IRUPDWWD]LRQH HG L FRORUL VRQR VWDWL XWLOL]]DWL VLD SHU FDWWXUDUH O¶DWWHQ]LRQH GHO IUXLWRUH FKH SHU YHLFRODUH H ILVVDUH L FRQFHWWL FKH VL LQWHQGH HVSULPHUH $QFKH LO SHQVLHUR FUHDWLYR FRPH OD PHPRULD H O¶HODERUD]LRQH GHO SHQVLHUR VL EDVD VXOO DVVRFLD]LRQH GL FRQFHWWL FROOHJDQGR R UHOD]LRQDQGR OD VLQJROD LGHD $ FRQ OD VLQJROD LGHD % VL SURGXFH XQD QXRYD LGHD µFUHDWLYD¶ $%
  • 14.  GLYHUVD GDOOH GXH LQL]LDOL FKH q FRPELQD]LRQH GHOOH GXH H SURLHWWDWD QHOOR VSD]LR GHO SRVVLELOH R QHO IXWXUR >*$5 @ 'D TXHVWR SXQWR GL YLVWD OR VFRSR GHOOD FUHDWLYLWj q GL LQIOXHQ]DUH R GL FDPELDUH LO IXWXUR LQ TXDOFKH PRGR D SDUWLUH GD SUHVXSSRVWL HVLVWHQWL H JHQHUDQGR GD HVVL FLz FKH DWWXDOPHQWH QRQ q SUHVHQWH HG LQ TXHVWD RWWLFD LO SHQVLHUR FUHDWLYR WURYD QHOOH PDSSH PHQWDOL XQ SRWHQWH DXVLOLR >%8= @ LQ TXDQWR WDOH PHWRGRORJLD SHUPHWWH DJHYROPHQWH GL + HVSORUDUH WXWWH OH SRVVLELOLWj FUHDWLYH GL XQ GDWR VRJJHWWR + HOLPLQDUH SUHVXSSRVWL H SUHJLXGL]L ULJXDUGR DO VRJJHWWR LQ TXHVWLRQH IRUQHQGR FRVu VSD]LR D QXRYH LGHH + FUHDUH QXRYH VWUXWWXUH FRQFHWWXDOL DOO LQWHUQR GHOOH TXDOL OH LGHH SUHFHGHQWL SRVVRQR HVVHUH ULRUJDQL]]DWH + EORFFDUH RSSXUH VYLOXSSDUH HYHQWXDOL QXRYH LGHH ,QILQH FRPH JLj DFFHQQDWR LQ SUHFHGHQ]D WUD OH DSSOLFD]LRQL FKH OH PDSSH PHQWDOL KDQQR WURYDWR q GD DQQRYHUDUH TXHOOD QHOOH VHVVLRQL GL EUDLQVWRUPLQJ  ,Q TXHVWD WHFQLFD GL JUXSSR XWLOL]]DWD SHU OR VYLOXSSR GHOOH LGHH LQ PRGR FRRSHUDWLYR VL RSHUD LQ GXH PRPHQWL QHOOD SULPD IDVH GHWWD ³GLYHUJHQWH´ D SDUWLUH GDO WHPD GHOOD VHVVLRQH VL JHQHUDQR OLEHUDPHQWH H FROOHWWLYDPHQWH DVVRFLD]LRQL HG LGHH QHOOD IDVH VXFFHVVLYD GHWWD ³FRQYHUJHQWH´ VL SURFHGH ULRUJDQL]]DQGR TXDQWR HPHUVR H FROOHJDQGR LQ PRGR VLJQLILFDWLYR OH LGHH SURSRVWH GD FLDVFXQR >-$2 @ /H PDSSH PHQWDOL SURSULR SHU OD ORUR VWUXWWXUD UDGLDOH VL SUHVWDQR SHUIHWWDPHQWH DG XQD UDSSUHVHQWD]LRQH H DG XQD HODERUD]LRQH GL EUDLQVWRUPLQJ LQ TXDQWR + SHUPHWWRQR GL SRUUH LO WHPD GHO EUDLQVWRUPLQJ DO FHQWUR GHOOD PDSSD 3DJ  6FDWROH 3HQVDQWL 9LDOH 5HJLQD 0DUJKHULWD   3RUWR 3RWHQ]D 3LFHQD 0& ,WDOLD ± 3,YD  7HO 8IILFLR $PP  
  • 15.    ± 7HO 8IILFLR &RPP  
  • 16.    ± )D[  
  • 17.     :HE KWWSZZZVFDWROHSHQVDQWLLW (PDLO LQIR#VFDWROHSHQVDQWLLW
  • 18. + FRQVHQWRQR GL LQVHULUH H FROOHJDUH UDGLFDOPHQWH UDPL SULQFLSDOL H VHFRQGDUL LQ FRUULVSRQGHQ]D GL FLDVFXQ HOHPHQWR HPHUVR GXUDQWH OD IDVH GL HVSDQVLRQH + FRQVHQWRQR GL VHPSOLILFDUH OD PDSSD HOLPLQDQGR FRQJOREDQGR RSSXUH FROOHJDQGR HOHPHQWL
  • 19.  SHU ULRUJDQL]]DUOD VHFRQGR TXDQWR HPHUVR QHOOD IDVH FRQYHUJHQWH 6H SRL OD FUHD]LRQH GHOOD PDSSD DYYLHQH FRQWHVWXDOPHQWH DOOD VHVVLRQH GL EUDLQVWRUPLQJ ROWUH DO YDQWDJJLR GL XQD UDSSUHVHQWD]LRQH HIILFDFH GHOO¶HVLWR GHOOH GXH IDVL VH QH DIILDQFDQR DOWUH GL RUGLQH SUDWLFR OHJDWH DOOD GXWWLOLWj GHOOD UDSSUHVHQWD]LRQH JUDILFD DOOH PRGLILFKH 9ROHQGR ULDVVXPHUH LQ EUHYH L YDQWDJJL GL XQD UDSSUHVHQWD]LRQH GL SHQVLHUL HG LGHH DWWUDYHUVR PDSSH PHQWDOL ULVSHWWR DG XQD IRUPD OLQHDUH LQ HVVH + O LGHD SULQFLSDOH FKH VL LQWHQGH HVSRUUH H UDSSUHVHQWDUH q GHILQLWD LQ PRGR SL FKLDUR HVSOLFLWR H FRQ XQD SL DPSLD YLVLRQH G¶LQVLHPH + QHOOD PDSSD q SRVVLELOH VXSHUDUH LO OLPLWH SURSULR GHOOH UDSSUHVHQWD]LRQL ULJLGDPHQWH VHTXHQ]LDOL R JHUDUFKLFKH + O LPSRUWDQ]D UHODWLYD GL RJQL YRFH q LQGLFDWD HVSOLFLWDPHQWH GDOOD VWUXWWXUD]LRQH GHOOD PDSSD VWHVVD OH LGHH SL LPSRUWDQWL RSSXUH TXHOOH FRQ OLYHOOR GL DVWUD]LRQH SL DOWR VRQR SL YLFLQH DO FHQWUR DO FRQWUDULR TXHOOH SL GLVWDQWL GDO FHQWUR UDSSUHVHQWDQR GHL GHWWDJOL + O HVLVWHQ]D GL UHOD]LRQL IUD L FRQFHWWL q HYLGHQ]LDWD GDOOD SUHVHQ]D GL OHJDPL JUDILFL LQWHUSUHWDELOL FRPH FROOHJDPHQWL GL WLSR JHUDUFKLFR R DVVRFLDWLYR + OD SUDVVL GHOO LQVHULPHQWR GL QXRYH LQIRUPD]LRQL q VHPSOLFH HG LQWXLWLYD LQ TXDQWR OD VWUXWWXUD]LRQH GHL FRQFHWWL DYYLHQH LQ IRUPD JUDILFD H QRQ SXUDPHQWH WHVWXDOH + O¶XVR GL HOHPHQWL LFRQLFL IRUPH H FRORUL FRQVHQWH GL FDUDWWHUL]]DUH PDJJLRUPHQWH L FRQFHWWL SHUPHWWHQGR GL IDFLOLWDUH OH IXQ]LRQL GL ULFKLDPR PQHPRQLFR H GL OLEHUD DVVRFLD]LRQH GL LGHH + HVVHQGR LPSRVWDWD VX XQ PRGHOOR UDGLDOH OD PDSSD PHQWDOH FRQVHQWH DOOD PHQWH GL DXPHQWDUH OD VXD SURQWH]]D DG DOWUH SRVVLELOL HVWHQVLRQL H FROOHJDPHQWL  /D WHFQLFD GHO 0LQG 0DSSLQJŒ &RPH JLj HVSRVWR LQ SUHFHGHQ]D XQD PDSSD PHQWDOH q XQD VWUXWWXUD JUDILFD UDGLDQWH FKH VL ULFKLDPD D IXQ]LRQL QDWXUDOL H LQWULQVHFKH GHOOD PHQWH XPDQD H SHU TXHVWR FRVWLWXLVFH XQ SRVVLELOH VWUXPHQWR SHU VEORFFDUH LO SRWHQ]LDOH FUHDWLYR GHO FHUYHOOR >%8= @ ,Q TXHVWD WHFQLFD VRQR PROWR LPSRUWDQWL JOL HOHPHQWL FKH YHQJRQR LQVHULWL VLD D OLYHOOR WHVWXDOH FKH JUDILFR OD ORUR VFHOWD SHUPHWWH LQIDWWL GL SURGXUUH ULVRQDQ]H PHQWDOL SUH]LRVH SHU O¶HIILFDFLD GHOOD UDSSUHVHQWD]LRQH H SHU O¶HYRFD]LRQH GL QXRYL FRQFHWWL GD FROOHJDUH 3HU TXHVWR PRWLYR q QHFHVVDULR DGRWWDUH DOFXQL DFFRUJLPHQWL XWLOL SHU FUHDUH GHOOH YDOLGH PDSSH PHQWDOL >%8= @ 7UD TXHVWL L SL LPSRUWDQWL VRQR + LQL]LDUH FRQ XQ LPPDJLQH FRORUDWD QHO FHQWUR D WUH R SL FRORUL
  • 20.  FRHUHQWH FRQ LO WHPD GHOOD PDSSD SHU DYHUH D GLVSRVL]LRQH XQ SXQWR GL SDUWHQ]D UDSSUHVHQWDWLYR GHO VRJJHWWR + XVDUH WHUPLQL FKLDYH + FKH VLDQR VWDWL VFHOWL SHU OD ORUR YDOHQ]D HYRFDWLYD RSSXUH GL DVVRFLD]LRQH H FHUFDQGR GL HYLWDUH SRVVLELOL LQWHUSUHWD]LRQL HUURQHH + SRQHQGROL VX UDPL OD FXL OXQJKH]]D VLD LQ UHOD]LRQH FRQ OD ORUR ULOHYDQ]D + XVDUH LPPDJLQL QHOOD FRVWUX]LRQH GHOOD PDSSD VLD VXL UDPL FKH QHO FRQWRUQR SHU DXPHQWDUQH O¶HIIHWWR HYRFDWLYR + PHWWHUH FRQFHWWL GLIIHUHQWL VX UDPL GLIIHUHQWL SHU JDUDQWLUH OD SL FRPSOHWD OLEHUWj H IOHVVLELOLWj SHU HYHQWXDOL VXFFHVVLYH PRGLILFKH + XVDUH L FRORUL LQ TXDQWR VWLPRODQR L SURFHVVL FRUWLFDOL GHOOD FUHDWLYLWj H GHOOD PHPRUL]]D]LRQH 3DJ  6FDWROH 3HQVDQWL 9LDOH 5HJLQD 0DUJKHULWD   3RUWR 3RWHQ]D 3LFHQD 0& ,WDOLD ± 3,YD  7HO 8IILFLR $PP  
  • 21.    ± 7HO 8IILFLR &RPP  
  • 22.    ± )D[  
  • 23.     :HE KWWSZZZVFDWROHSHQVDQWLLW (PDLO LQIR#VFDWROHSHQVDQWLLW
  •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q SRVVLELOH ULFRUUHUH D YDUL VWUXPHQWL UDSSUHVHQWDWLYL + )5(&&( SRVVRQR HVVHUH XVDWH SHU PRVWUDUH FRPH VRQR FROOHJDWL L FRQFHWWL FKH FRPSDLRQR VX SRU]LRQL GLIIHUHQWL G XQD PDSSD /D IUHFFLD SXz HVVHUH VLQJROD PXOWLSOD DYHUH WUDWWHJJL XQD GLUH]LRQH R HVVHUH ELGLUH]LRQDOH + &2',&, 6,0%2/,&, DVWHULVFKL SXQWL HVFODPDWLYL FURFL SXQWL LQWHUURJDWLYL FRVu FRPH PROWL DOWUL FRGLFL VLPEROLFL SRVVRQR HVVHUH XVDWL YLFLQR DOOH SDUROH SHU VWDELOLUH LO WLSR GL LQIRUPD]LRQH R SHU PRVWUDUH DIILQLWj WUD UDPL GLYHUVL + ),*85( *(20(75,&+( TXDGUDWL FHUFKL HOOLVVL SRVVRQR HVVHUH XVDWL SHU FRQWUDVVHJQDUH DUHH GHOOD PDSSD R SDUROH VLPLOL DG HVHPSLR LQ XQ PRGHOOR SHU LO SUREOHPVROYLQJ L TXDGUDWL SRWUHEEHUR HVVHUH XWLOL]]DWL SHU PRVWUDUH JOL DUJRPHQWL GL DQDOLVL GHO SUREOHPD PHQWUH L WULDQJROL OH LSRWHVL GL VROX]LRQH /H ILJXUH JHRPHWULFKH SRVVRQR DQFKH HVVHUH XVDWH SHU PRVWUDUH O RUGLQH GL LPSRUWDQ]D DG HVHPSLR VL SXz XVDUH XQD IRUPD TXDGUDWD SHU O LGHD SULQFLSDOH FLUFRODUH SHU OH LGHH YLFLQR DO FHQWUR WULDQJRODUH SHU OH LGHH GL LPSRUWDQ]D VHJXHQWH H FRVu YLD + ),*85( $ 75( ',0(16,21, TXHVWR WLSR GL ILJXUH FRQ OD ORUR SURIRQGLWj SRVVRQR GDUH XQD VHQVD]LRQH GL SURVSHWWLYD H TXLQGL DXPHQWDUH LO ULVDOWR GHOOD JUDILFD DG HVHPSLR WUDVIRUPDQGR XQ TXDGUDWR LQ XQ FXER OD SDUROD VFULWWD VXOOD VXD IDFFLD VHPEUHUj OHYDUVL IXRUL GDOOD SDJLQD + ,00$*,1, &5($7,9( VRQR PROWR LPSRUWDQWL LQ TXDQWR IDFLOLWDQR OD ULWHQ]LRQH PQHPRQLFD HG LO SURFHVVR DVVRFLDWLYR 3RVVRQR VHUYLUH VLD FRPH FHQWUR GHOOD PDSSD FKH FRPH HOHPHQWL SHULIHULFL $G HVHPSLR SHU LOOXVWUDUH XQ DUJRPHQWR GL ILVLFD DWRPLFD q SRVVLELOH XVDUH LO QXFOHR G XQ DWRPR SHU LO FHQWUR GHOOD PDSSD PHQWUH IUHFFH DQQRGDWH H FRORUDWH YDULDPHQWH SRWUHEEHUR LQGLFDUH JOL RUELWDOL HOHWWURQLFL LQ XQ DOWUR SXQWR GHOOD PDSSD + &2/25, O XVR GHL FRORUL q SDUWLFRODUPHQWH XWLOH FRPH DXVLOLR DOOD PHPRULD H DOOD FUHDWLYLWj H SRVVRQR HVVHUH XVDWL ROWUH FKH SHU DUULFFKLUH WHVWR H JUDILFD DQFKH SHU FRQWUDVVHJQDUH OH GLYHUVH ]RQH GHOOD PDSSD FRQ ERUGL H FRQWRUQL + ',0(16,21, YDULDUH LO IRUPDWR H OH GLPHQVLRQL GHL UDPL GHL FDUDWWHUL H GHOOH LPPDJLQL DLXWD DG HYLGHQ]LDUH JOL HOHPHQWL RSSXUH D VWDELOLUH XQD JHUDUFKLD GL LPSRUWDQ]D WUD GL HVVL &RPH VL SXz QRWDUH SXU HVVHQGR PROWR VHPSOLFH O¶DUPDPHQWDULR GL UDSSUHVHQWD]LRQH RIIHUWR GD TXHVWD WHFQLFD q PROWR DPSLR H SHU TXHVWR PRWLYR GLYHQWD QHFHVVDULR H SRVVLELOH DFTXLVLUH XQ PLQLPR GL HVSHULHQ]D HG XQR VWLOH SHUVRQDOH FKH SHUPHWWD GL UDJJLXQJHUH L ULVXOWDWL HVSUHVVLYL DWWHVL  ,O 0LQG0DQDJHUŒ 8Q YDOLGR HVHPSLR GL FRPH O¶LQIRUPDWLFD SRVVD HVVHUH GL VXSSRUWR DOOD GLDJUDPPD]LRQH PHGLDQWH PDSSH PHQWDOL q LO VRIWZDUH 0LQG0DQDJHUŒ 6L WUDWWD GL XQ SURJUDPPD PROWR GLIIXVR QHJOL 86$ H QHO 1RUG (XURSD LQ JUDGR GL VXSSRUWDUH LQ PRGR FRPSOHWR OD WHFQLFD SURSRVWD GD 7RQ %X]DQ FRQLXJDQGR WXWWL L YDQWDJJL GHULYDQWL GDOOH PDSSH PHQWDOL FRQ OD SRWHQ]D H OD IOHVVLELOLWj SURSULD GHJOL VWUXPHQWL LQIRUPDWLFL H WHOHPDWLFL >.20 @ ,Q HVVR O¶XWHQWH KD OD SRVVLELOLWj GL LQWHUDJLUH LQ PRGR FRPSOHWDPHQWH :<6,:<* FRQ OD PDSSD FKH VWD FUHDQGR TXHVWR IDWWR q GL JUDQGH LPSRUWDQ]D LQ TXDQWR + DEEDVVD QRWHYROPHQWH OD VRJOLD GHOOH FRPSHWHQ]H WHFQLFKH LQL]LDOL ULFKLHVWH SHU DYYLFLQDUVL DOO¶XWLOL]]R GHOOH PDSSH PHQWDOL VXSSRUWDWH GD VWUXPHQWL LQIRUPDWLFL 3DJ  6FDWROH 3HQVDQWL 9LDOH 5HJLQD 0DUJKHULWD   3RUWR 3RWHQ]D 3LFHQD 0& ,WDOLD ± 3,YD  7HO 8IILFLR $PP  
  • 25.    ± 7HO 8IILFLR &RPP  
  • 26.    ± )D[  
  • 27.     :HE KWWSZZZVFDWROHSHQVDQWLLW (PDLO LQIR#VFDWROHSHQVDQWLLW
  • 28. + SHUPHWWH DOO¶XWHQWH GL FRQFHQWUDUVL VXOOH DWWLYLWj FUHDWLYH SLXWWRVWR FKH VX TXHOOH GL GLVHJQR + UDSSUHVHQWD XQ QHFHVVDULR SUHVXSSRVWR SHU + HVWHQGHUH O¶XWLOL]]R GHOOD PHWRGRORJLD GHOOH PDSSH PHQWDOL DL SL VYDULDWL DPELWL DSSOLFDWLYL + XQD LQWHJUD]LRQH VHPSOLFH HG LQWXLWLYD FRQ OH WHFQRORJLH DYDQ]DWH H OH VROX]LRQL RIIHUWH GD ,QWHUQHW /D VXD LQWHUIDFFLD JUDILFD q VLPLOH DOOD VHJXHQWH 3DJ  6FDWROH 3HQVDQWL 9LDOH 5HJLQD 0DUJKHULWD   3RUWR 3RWHQ]D 3LFHQD 0& ,WDOLD ± 3,YD  7HO 8IILFLR $PP  
  • 29.    ± 7HO 8IILFLR &RPP  
  • 30.    ± )D[  
  • 31.     :HE KWWSZZZVFDWROHSHQVDQWLLW (PDLO LQIR#VFDWROHSHQVDQWLLW
  • 32. 3HU GHVFULYHUQH OH SRVVLELOLWj VL FRQVLGHUL OD VHJXHQWH PDSSD PHQWDOH 7UD OH QRWHYROL SRVVLELOLWj RIIHUWH GD XQD LPSOHPHQWD]LRQH VRIWZDUH GHOOH PDSSH PHQWDOL GL JUDQGH LPSRUWDQ]D q TXHOOD GL SURGXUUH LQ PRGR PROWR VHPSOLFH FRQYHUVLRQL GL IRUPDWR UDSSUHVHQWDWLYR 8QD PDSSD PHQWDOH VL SUHVWD LQIDWWL DQFKH DG HVVHUH ULOHWWD HG LQWHUSUHWDWD DQFKH LQ DOWUH PRGDOLWj QRQ JUDILFKH PD FRPXQTXH VWUXWWXUDWH GHVWLQDWH D VFRSL HG DPELWL GLYHUVL GD TXHOOL FXL OD PDSSD SHU VXD QDWXUD VDUHEEH GHVWLQDWD 9DOLGL HVHPSL VRQR L VHJXHQWL GXH + (/(1&2 3817$72 ( 180(5$72 + L UDPL SULQFLSDOL GHOOD PDSSD YHQJRQR FRQYHUWLWL QHJOL HOHPHQWL SL HVWHUQL GL XQD VWUXWWXUD JHUDUFKLFD DG HOHQFR SXQWDWR + L UDPL GL GHWWDJOLR YHQJRQR ULFRQGRWWL DJOL HOHPHQWL YLD YLD SL LQWHUQL QHOO¶HOHQFR VHFRQGR XQ RUGLQH HG XQD SRVL]LRQH FKH ULVSHFFKLDQR LO OLYHOOR H OD FROORFD]LRQH QHOOD PDSSD PHQWDOH ,Q TXHVWR FDVR OD YDOHQ]D GL VLQWHVL GL XQD PDSSD PHQWDOH SXz HVVHUH VIUXWWDWD SHU SURGXUUH DG HVHPSLR VFKHPL H WUDFFH GL UHOD]LRQL DUWLFROL SUHVHQWD]LRQL GRFXPHQWL H SURJHWWL + ,3(57(672 + ,O QRGR FHQWUDOH GHOOD PDSSD UDSSUHVHQWD OD SDJLQD LQL]LDOH GHOO¶LSHUWHVWR + RJQL UDPR GHOOD PDSSD PHQWDOH GLYHQWD XQD SDJLQD + L OHJDPL DVVRFLDWLYL GLYHQWDQR OLQN GL FROOHJDPHQWR H GL QDYLJD]LRQH ,Q TXHVWR FDVR OD UDSSUHVHQWD]LRQH UDGLDOH GHOOD PDSSD PHQWDOH SXz HVVHUH XWLOL]]DWD SHU UDSSUHVHQWDUH OD VWUXWWXUD GHO UHWLFROR LSHUWHVWXDOH SULPD DQFRUD GL UHDOL]]DUOR H TXLQGL SHU SURGXUUH XQ PRGHOOR GD YDOXWDUH H GLVFXWHUH D PR¶ GL SURWRWLSR UHDOL]]DWLYR (QWUDPEH OH PRGDOLWj GL HVSRUWD]LRQH VRQR VXSSRUWDWH GDO 0LQG0DQDJHUŒ H TXHVWR UHQGH WDOH VRIWZDUH SDUWLFRODUPHQWH DGDWWR DG HVVHUH XWLOL]]DWR LQ PROWHSOLFL DPELWL GL DSSOLFD]LRQH FRPH DG 3DJ  6FDWROH 3HQVDQWL 9LDOH 5HJLQD 0DUJKHULWD   3RUWR 3RWHQ]D 3LFHQD 0& ,WDOLD ± 3,YD  7HO 8IILFLR $PP  
  • 33.    ± 7HO 8IILFLR &RPP  
  • 34.    ± )D[  
  • 35.     :HE KWWSZZZVFDWROHSHQVDQWLLW (PDLO LQIR#VFDWROHSHQVDQWLLW
  • 36. HVHPSLR TXHOOL GHO WUDLQLQJ H GHOOD FRPXQLFD]LRQH GHOOD SURJHWWD]LRQH H GHOOD SURGX]LRQH GRFXPHQWDOH GHO NQRZOHGJH PDQDJHPHQW GHO GHFLVLRQ WDNLQJ GHO SUREOHP VROYLQJ %LEOLRJUDILD >.20 @ , .RPPHU +5HLNH ³0LQG 0DSSLQJ DP 3&´ &DUO +DQVHU 9HUODJ 0XQFKHQ :LHQ  >%8= @ 7 %X]DQ ³8VH %RWK 6LGHV RI <RXU %UDLQ´ ( 3 'XWWRQ  >%8= @ 7 %X]DQ % %X]DQ ³7KH 0LQG 0DS %RRN +RZ WR 8VH 5DGLDQW 7KLQNLQJ WR 0D[LPL]H <RXU %UDLQ V 8QWDSSHG 3RWHQWLDO³ 3OXPH  >*$5 @ + *DUGQHU ³)UDPHV RI 0LQG 7KH 7KHRU RI 0XOWLSOH ,QWHOOLJHQFHV7HQWK $QQLYHUVDU (GLWLRQ´ %DVLF ERRNV  >-$2 @ + -DRXL ³&UHDWLYLWj SHU WXWWL VWUXPHQWL H PHWRGL GD LPSLHJDUH QHO TXRWLGLDQR´ )UDQFR $QJHOL 7UHQG (GLWRUH  1% 2JQL PDUFKLR H ORJR XWLOL]]DWR QHOOD SUHVHQWH SXEEOLFD]LRQH q GHO OHJLWWLPR SURSULHWDULR 3DJ  6FDWROH 3HQVDQWL 9LDOH 5HJLQD 0DUJKHULWD   3RUWR 3RWHQ]D 3LFHQD 0& ,WDOLD ± 3,YD  7HO 8IILFLR $PP  
  • 37.    ± 7HO 8IILFLR &RPP  
  • 38.    ± )D[  
  • 39.     :HE KWWSZZZVFDWROHSHQVDQWLLW (PDLO LQIR#VFDWROHSHQVDQWLLW