/,1((*8,'$ 3(5/$35(9(1=,21('$/5,6&+,2$0,$1721(//$5,3$5$=,21( '(,9(,&2/, ,1752'8=,21( /¶DPLDQWRKDHFFHOOHQWLSURSULHWjILVLFRFKLPLFKHqLQIDWWLUHVLVWHQWHLQGLVWUXWWLELOH IOHVVLELOHILODELOHRWWLPRLVRODQWHQRQLQILDPPDELOHHFRQXQFRVWRGLSURGX]LRQHPROWREDVVR&Lz KDSRUWDWRDOO LPSLHJRGLTXHVWDILEUDLQPROWLDPELHQWLVLDGLODYRURVLDGLYLWDVLDDOORVWDWRSXUR VLDLPSDVWDWRLQDOWULPDWHULDOL 1HOWHPSRO DPLDQWRVLqULYHODWRQRFLYRSHUODVDOXWHGHOO XRPRHGLGDQQLFKHHVVRSURYRFD VRQRRUPDLEHQQRWL / HVSRVL]LRQHDILEUHG¶DPLDQWRqLQIDWWLUHVSRQVDELOHGLSDWRORJLH JUDYLHG LUUHYHUVLELOLWUDOHTXDOLDQFKHLOFDQFUR/¶DPLDQWRq FDQFHURJHQRHQRQHVLVWHXQYDORUHVRWWRDO TXDOHVLVLDFHUWLGLQRQFRQWUDUUHSDWRORJLHQHRSODVWLFKH ( VXOODEDVHGHOODSHULFRORVLWjGLTXHVWDVRVWDQ]DSHUODVDOXWHGHOO XRPRHGHOO DPELHQWHFKH OR 6WDWR ,WDOLDQR KD SURPXOJDWR LO '/JV Q GHO DJRVWR FKH DO &DSR ,,, WUDWWD OD ³SURWH]LRQHGHLODYRUDWRULFRQWURLULVFKLFRQQHVVLDOO¶HVSRVL]LRQHGDDPLDQWRGXUDQWHLOODYRUR´GD DSSOLFDUH D WXWWH OH DWWLYLWj ODYRUDWLYH QHOOH TXDOL YL VLD ULVFKLR G¶HVSRVL]LRQH H OD SUHVHQ]D GL ODYRUDWRULVXERUGLQDWLRDGHVVLHTXLSDUDWLHOD/HJJHQGHOPDU]RFKHGHWWDOHQRUPH SHU OD FHVVD]LRQH GHOO LPSLHJR GL WDOH PDWHULDOH H FKH SUHYHGH ROWUH DO GLYLHWR G¶HVWUD]LRQH LPSRUWD]LRQHHVSRUWD]LRQHFRPPHUFLDOL]]D]LRQHDQFKHTXHOORGLSURGX]LRQH/DGDWDFKHVDQFLVFH TXHVWRGLYLHWRqLODSULOH /D /HJJHQSUHYHGHDQFKHLO&HQVLPHQWRGHOOHDWWLYLWjSURGXWWLYHQHOOHTXDOLYLVLD VWDWRXVRG¶DPLDQWRRGLPDWHULDOLFRQWHQHQWLDPLDQWR,O&HQVLPHQWRqVWDWRDWWLYDWRGDOOD5HJLRQH (PLOLD5RPDJQD FRQ 'HOLEHUD GHO &RQVLJOLR 5HJLRQDOH Q GHO GLFHPEUH HG KD HYLGHQ]LDWRFKHLOFRPSDUWR³ULSDUDWRULG¶DXWRPRELOLGLPRWRFLFOLHGLELFLFOHWWH´qVWDWRHWXWWRUDqD FRQWDWWRFRQWDOLPDWHULDOL7DOHFRPSDUWRQRQqULFRPSUHVRQHO'0GHO³1RUPDWLYHH PHWRGRORJLHWHFQLFKHSHUODYDOXWD]LRQHGHOULVFKLRLOFRQWUROORODPDQXWHQ]LRQHHODERQLILFDGHL PDWHULDOLFRQWHQHQWLDPLDQWRSUHVHQWLQHLPH]]LURWDELOL´FKHVLDSSOLFDDLPH]]LPRELOLURWDELOLSHU WUDVSRUWR WHUUHVWUH TXDOL WUHQL PHWURSROLWDQH WUDP DXWREXV LQ FXL VRQR SUHVHQWL PDQXIDWWL FRPSRQHQWL H PDWHULDOL FRQWHQHQWL DPLDQWR IULDELOH GDL TXDOL SXz GHULYDUH HVSRVL]LRQH D ILEUH DHURGLVSHUVH $SSDUH YHURVLPLOH FKH WDOL PDWHULDOL VLDQR LQ YLD G¶HVDXULPHQWR PD q SRVVLELOH WURYDUOL VX DXWRYHLFROLHPRWRFLFOLFKHPRQWDQRJXDUQL]LRQLHRPDWHULDOLG¶DWWULWRSURGRWWLSULPDGHO ,QIDWWLGDOO DPLDQWRLPSDVWDWRFRQDOWULPDWHULDOL UHVLQHVLQWHWLFKHVLRWWHQHYDQRSULPDGHO LIHURGLXVDWLSHUIDEEULFDUHIUHQLHGLVFKLGHOOHIUL]LRQLGHLYHLFROL(UDDQFKHXWLOL]]DWRQHOOH JXDUQL]LRQLSHUWHVWDWH GL PRWRUL QHOOH JXDUQL]LRQL SHU O¶LPSLDQWR LGUDXOLFR GL UDIIUHGGDPHQWR QHO ULYHVWLPHQWRGHLFROOHWWRULGLVFDULFRLQIRUPDGLFRUGLQLRQDVWULQHJOLVFKHUPLSDUDILDPPDYHUQLFL H PDVWLFL DQWLURPER QHL ULYHVWLPHQWL SHU HOHWWURGL GL VDOGDWXUD 1HOOD 7DE VRQR VFKHPDWLFDPHQWHLQGLFDWLLSULQFLSDOLSURGRWWLHOHSHUFHQWXDOLLQSHVRG¶DPLDQWRFRQWHQXWR 352'277, LQ3(62GL$0,$172 PDWHULDOLGLDWWULWR · JXDUQL]LRQL · FDUWRQL FRUGHWHVVXWL 7DE3URGRWWLFRQWHQHQWLDPLDQWRHUHODWLYHSHUFHQWXDOLLQSHVR ,'(17,),&$=,21((9$/87$=,21('(/5,6&+,2 2%%/,*+,'(/'$725(',/$9252 ,O ULVFKLR GD DPLDQWR q OHJDWR VLD DOOD PDQLSROD]LRQH GHL PDWHULDOL FKH OR FRQWHQJRQR VLD DOOD GLVSHUVLRQHGHOODSROYHUHDFFXPXODWDVLLQFRQVHJXHQ]DDOODORURXVXUD,QIDWWLGXUDQWHOHIUHQDWHHLO FDPELRGLPDUFLDLIHURGLVLFRQVXPDQRULGXFHQGRVLLQSDUWLFHOOHFKHVLGLVSHUGRQRQHOO DULD*UDQ SDUWHGHOO DPLDQWRLYLFRQWHQXWRSHUHIIHWWRGHOO DOWDWHPSHUDWXUDFDXVDWDGDOO DWWULWRVLWUDVIRUPDLQ DOWULPLQHUDOLPDXQDFHUWDTXDQWLWjULPDQHWDOHHTXDOH 3RFKLVRQRLODYRULSXEEOLFDWLULSRUWDQWLULVXOWDWLGLFDPSLRQDPHQWLHVHJXLWLGXUDQWHOHODYRUD]LRQLGL PDQXWHQ]LRQHFKHHVSRQJRQRLODYRUDWRULDOOHILEUHGLDPLDQWR9LHQHULSRUWDWDGLVHJXLWRXQDVLQWHVL LQFXLVLHYLGHQ]LDFKHOHFRQFHQWUD]LRQLG¶DPLDQWRVRQRYDULDELOLWUDHIIFPñ Autori )HUUDQG Operazioni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ff/cm³ Durata in minuti !! · GDD GDD GDD GDD GDD GDD GDD GDD GDD · · · SLFFR · DSHUWXUDSXOL]LDFRQVSD]]ROD GDD IUHQRDWDPEXUR GDD SXOL]LDVRIILDJJLR GDD SXOL]LDFRQDVSLUD]LRQH GDD SXOL]LDGHOIUHQRDGLVFRH FDPELRGLJXDUQL]LRQH FDPELRHPRODWXUDGHOIUHQRDGLVFR GHSROYHUDPHQWRVRIILDJJLRIUHQRD · WDPEXUR GHSROYHUDPHQWRVRIILDJJLRIUHQRD · WDPEXURSXOL]LD VRIILDJJLR SXOL]LDDVHFFR 'DLGDWLULSRUWDWLLQWDEHOODqSRVVLELOHHYLQFHUHXQULVFKLRPROWRHOHYDWRTXDQGRVLRSHUDFRQ DULDFRPSUHVVDRFRQDWWUH]]DWXUHFKHQHOORURXWLOL]]RFRPSRUWDQRXQDIRUWHWXUEROHQ]DGHOO¶DULD 9LFHYHUVDVLRVVHUYDXQDGLPLQX]LRQHGHOODFRQFHQWUD]LRQHGHOOHILEUHG¶DPLDQWRLQDULDFKHVFHQGH D YDORUL FRPSUHVL WUD H IIFPñ QHO FDVR LQ FXL OH RSHUD]LRQL YHQJDQR SUHFHGXWH GD XQD RSHUD]LRQHGLSXOL]LDHVHJXLWDFRQDFTXDFDOGDDGGL]LRQDWDDGXQGHWHUJHQWH 6L QRWD LQROWUH FKH JOL LQWHUYHQWL HVHJXLWL VXJOL LPSLDQWL IUHQDQWL GHL PH]]L SHVDQWL FRPSRUWDQRXQDHVSRVL]LRQHDILEUHGLDPLDQWRPROWRSLHOHYDWDGHLUHODWLYLLQWHUYHQWLHVHJXLWLVXJOL DXWRYHLFROL 3HU ULGXUUH LO OLYHOOR GL HVSRVL]LRQH q QHFHVVDULR XWLOL]]DUH XQ DVSLUDWRUH GRWDWR GL ILOWUR DVVROXWR+(3$HGDSDUWHGHOO¶RSHUDWRUHLQGRVVDUHXQDPDVFKHULQDWLSR3 6RQR GD HYLWDUH XWHQVLOL TXDOL IOHVVLELOL PROH DEUDVLYH VHJKHWWL IXQ]LRQDQWL DG DOWD YHORFLWj LQ TXDQWRFUHDQRSROYHUHFKHVLGLVSHUGHQHOOHLPPHGLDWHYLFLQDQ]HGHLODYRUDWRULÊFRQVLJOLDWRO¶XVR GLSLQ]HWHQDJOLHVHJKHWWLDPDQRRIRUELFL ,O GDWRUH GL ODYRUR KD LO FRPSLWR LQ EDVH DOOH FRQRVFHQ]H DFTXLVLWH GDOO¶HVSHULHQ]D DOOD YLVLRQH GHO OLEUHWWR GL PDQXWHQ]LRQH GHO YHLFROR H DG HYHQWXDOL LQIRUPD]LRQL IRUQLWHJOL GDO SURSULHWDULR GHO YHLFROR GL YDOXWDUH OD SRVVLELOH SUHVHQ]D GL PDWHULDOL FRQWHQHQWL DPLDQWR UHODWLYDPHQWHDOO¶LQWHUYHQWRGDFRPSLHUHHLQFDVRDIIHUPDWLYR D VH VL WUDWWD GL XQ ODYRUR GL ULPR]LRQH GL PDQXIDWWL FRQWHQHQWL DPLDQWR LO 'DWRUH GL ODYRUR GRYUD¶HVHJXLUHLODYRULLQFRQIRUPLWD¶DOOHVHJXHQWLOLQHHJXLGDSUHYLDSUHVHQWD]LRQHGLXQ3LDQR GL ODYRUR DOOD $]LHQGD 8VO FRPSHWHQWH SHU WHUULWRULR H[ DUW '/JV (VVHQGR WDOL LQWHUYHQWLGLULPR]LRQHFRQQHVVLDOODQRUPDOHDWWLYLWjGHOOD'LWWDHDYHQGRFDUDWWHUHULSHWLWLYRLO GDWRUH GL ODYRUR SXz SUHVHQWDUH XQ 3LDQR ³WLSR´ GL VHJXLWR GHQRPLQDWR 3LDQR 6WDQGDUG FKH GHVFULYD WXWWH OH FDXWHOH GL FDUDWWHUH WHFQLFR GL LJLHQH H VLFXUH]]D GHO ODYRURH GL WXWHOD GHOO¶DPELHQWH DOOHJDWR $ 7DOH 3LDQR RWWHQXWR LO QXOOD RVWD SRWUj HVVHUH XWLOL]]DWR SHU RJQL LQWHUYHQWRDQDORJR E VHVLWUDWWDGLXQLQWHUYHQWRLQFXLQRQVLULPXRYRQRPDQXIDWWLFRQWHQHQWLDPLDQWRPDYLH¶ XJXDOPHQWH XQ ULVFKLR GL LQDOD]LRQH GL SROYHUL FRQWHQHQWL ILEUH GL DPLDQWR LO GDWRUH GL ODYRUR GRYUD¶ HVHJXLUH XJXDOPHQWH O¶LQWHUYHQWR LQ FRQIRUPLWD¶ D TXDQWR ULSRUWDWR VXOOH VHJXHQWL OLQHH JXLGDVHQ]DODQHFHVVLWD¶GLSUHVHQWDUHLO3LDQRGLODYRUR6WDQGDUG ,1',&$=,21,23(5$7,9( ,QQDQ]LWXWWRVLUDPPHQWDODUHJRODJHQHUDOHFKHWXWWHOHRSHUD]LRQLGHEERQRWHQGHUHD OLPLWDUHODIRUPD]LRQHGLSROYHUHHODGLIIXVLRQHGLILEUHGLDPLDQWR $OORVFRSRqXWLOHDGRWWDUHO¶XVRGLSURFHGXUHDXPLGRFRQVROX]LRQLWHQVLRDWWLYHHVLVWRQRLQ FRPPHUFLRLPSLDQWLFRQLUURUD]LRQHGHOO¶DFTXDDFLFORFKLXVRRSSXUHqVXIILFLHQWHXQDYDVFDPRELOH GLUDFFROWDGHOO¶DFTXDSRVWDVRWWROD]RQDGLLQWHUYHQWR /¶DGR]LRQHGLDVSLUDWRULSRUWDWLOLFRQILOWULGLWLSRDVVROXWR+(3$O¶XWLOL]]RGLPDVFKHULQH WLSR 3 GD SDUWH GHOO¶RSHUDWRUH H O¶HIIHWWXD]LRQH GL SXOL]LD SHULRGLFD GHOOD SRVWD]LRQH GL ODYRUR DG XPLGR FRQ LPSLDQWR WLSR ³ODYDDVFLXJD¶¶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pWUDEDVDPHQWRHFRSSDGHOO¶ROLR *OL LQWHUYHQWL VX TXHVWH SDUWL VRQR SRFR IUHTXHQWL QHOOD YLWD GHOO¶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¶FRPSRUWDUHODGLIIXVLRQHGLILEUHGLDPLDQWRQHOO¶DULDXQGHSRVLWR VXO SDYLPHQWR VXOOH VXSHUILFL GHJOL DUUHGL H GHOOH DWWUH]]DWXUH H OD SURGX]LRQH GL XQ ULILXWR FRQWHQHQWHDPLDQWR 6ROX]LRQL /¶LQWHUYHQWR YD HIIHWWXDWR FRQ WHFQLFD D XPLGR SURYYHGHQGR D EDJQDUH OD JXDUQL]LRQH FRQ XQD VROX]LRQHDFTXRVDRROHRVD (¶QRUPDGLSURWH]LRQHSHUVRQDOHLQGRVVDUHXQDPDVFKHULQDDSHUGHUHGLWLSR3ILQLWRO¶LQWHUYHQWR DVSLUDUH HYHQWXDOL IUDPPHQWL FRQ DVSLUDWRUH SRUWDWLOH GRWDWR GL ILOWUR +(3$ H SXOLUH LO SDYLPHQWR VRWWRVWDQWHFRQLOPHGHVLPRDVSLUDWRUHRFRQLPSLDQWRWLSR³ODYDDVFLXJD´ 6FKHUPLGLSURWH]LRQH 2JJHWWR 6RQRSURWH]LRQLGDOFRQWDWWRFRQFRPSRQHQWLSDUWLFRODUPHQWHFDOGHGHOPRWRUHRGHOOHWXED]LRQLGL VFDULFR GHO PHGHVLPR XVDWH SHU FDYL H WXED]LRQL LQ SDUWLFRODUH GL EHQ]LQD RG ROLR FKH QHO ORUR SHUFRUVRLQWHUVHFDQRWXED]LRQLGLVFDULFRGHOPRWRUH$TXHVWHSURWH]LRQLDSSDUWHQJRQRTXHOOHFKH LVRODQRO¶DELWDFRORGDOFDORUHHPHVVRGDOODPDUPLWWDFDWDOLWLFDFKHODYRUDWUDH&RSSXUH TXHOOHSRVWHFRPHSURWH]LRQHGDOOHLQWHPSHULHRGDOUXPRUHSHUHVHPSLROHYHUQLFLDQWLURPER 1HLPH]]LSHVDQWLDXWREXVWUDWWRULFDPLRQHWFJOLVFKHUPLGLSURWH]LRQHSRVVRQRULYHVWLUHLOWXER GLVFDULFRLQWHUSRVWLWUDSDUHWLGLODPLHUDVDOGDWHRULYHWWDWH ,O PDWHULDOH VL SUHVHQWD SUHYDOHQWHPHQWH QHL YHLFROL LPPDWULFRODWL SULPD GHOO¶DQQR HG HYHQWXDOPHQWHLQDOFXQLPH]]LSHVDQWLLPSRUWDWLGDSDHVLRYHVLXWLOL]]DDQFRUDO¶DPLDQWR 3UREOHPL ,O WHPSR O¶HOHYDWD WHPSHUDWXUD JOL DJHQWL DWPRVIHULFL H OH YLEUD]LRQL SRVVRQR GHWHULRUDUH LO ULYHVWLPHQWROLEHUDQGRILEUHGLDPLDQWR 3DUWLFRODUH DWWHQ]LRQHYDSRVWDDOULYHVWLPHQWRGHOWXERGLVFDULFRGHLPH]]LSHVDQWLLQ TXDQWR SHU HIIHWWRGHOFDORUHGHOOHFRQWLQXHYLEUD]LRQLHGHJOLXUWLVWHVVLLOPDWHULDOHWHQGHDVIDOGDUVL 6ROX]LRQL /¶LQWHUYHQWR YD HIIHWWXDWR FRQ WHFQLFD D XPLGR SURYYHGHQGR D EDJQDUH OD JXDUQL]LRQH FRQ XQD VROX]LRQHDFTXRVDRROHRVD (¶QRUPDGLSURWH]LRQHSHUVRQDOHLQGRVVDUHXQDPDVFKHULQDDSHUGHUHGLWLSR3ILQLWRO¶LQWHUYHQWR DVSLUDUH HYHQWXDOL IUDPPHQWL FRQ DVSLUDWRUH SRUWDWLOH GRWDWR GL ILOWUR +(3$ H SXOLUH LO SDYLPHQWR VRWWRVWDQWHFRQLOPHGHVLPRDVSLUDWRUHRFRQLPSLDQWRWLSR³ODYDDVFLXJD´ 2UJDQLPHFFDQLFLLQWHUHVVDWLGDOODWUDVPLVVLRQHGHOPRWR 2JJHWWR ,OPDWHULDOHVLSXR¶ULQYHQLUHLQIUL]LRQLJLXQWLRPRFLQHWLFLUDOOHQWDWRULGHOFDPELRHGHOODYHORFLWj HWFJOLLQWHUYHQWLVXTXHVWHSDUWLYHQJRQRSUHYDOHQWHPHQWHHVHJXLWLGDRIILFLQHVSHFLDOL]]DWH 3UREOHPL /HILEUHGLDPLDQWROLEHUDWHGDOO¶XVXUDVLWURYDQRFRQILQDWHDOO¶LQWHUQRGHOODVFDWRODFKHFRQWLHQHJOL RUJDQL LQ PRYLPHQWR SHUWDQWR LO ULVFKLR q SUHVHQWH QHO PRPHQWR LQ FXL VL DSUH OD VFDWROD HG q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¶XVR 9LVWDO¶HWD¶PHGLDGHOSDUFRPDFFKLQHFLUFRODQWHHODIUHTXHQ]DGLVRVWLWX]LRQHGHLIHURGLVLULWLHQH SRFR SUREDELOH PD DQFRUD SRVVLELOH OD SUHVHQ]D GL IHURGL FRQWHQHQWL DPLDQWR VX DXWRYHLFROL FLUFRODQWL 3UREOHPL /¶XVXUDGHLIHURGLFRPSRUWDODGHSRVL]LRQHGLILEUHGLDPLDQWRVXOOHSLQ]HSRUWDIHURGLVXOFHUFKLR VXOFRSULFHUFKLR 6ROX]LRQL 3URYYHGHUHDSXOLUHFHUFKLRHFRSULFHUFKLRDXPLGRFRQWHQVLRDWWLYLHFRQWHPSRUDQHDUDFFROWDGHOOH DFTXHGLODYDJJLR 9DOJRQRFRPXQTXHOHQRUPHJHQHUDOLGLVLFXUH]]DTXDOLSURFHGXUDDGXPLGRDVSLUD]LRQHGLWXWWH OHSROYHULODYDJJLDFFXUDWL(¶LQROWUHUDFFRPDQGDWRO¶XVRGLPDVFKHULQHWLSR3 )UHQLDWDPEXUR 2JJHWWR $XWRYHLFROL TXDQWR ULSRUWDWR SHU L IUHQL D GLVFR YDOH DQFKH SHU L IUHQL D WDPEXUR FKH LQ JHQHUH YHQJRQRVRVWLWXLWLLQWHJUDOPHQWH6LULFRUGDFKHLQTXHVWRFDVROHILEUHULPDQJRQRSUHYDOHQWHPHQWH FRQILQDWHDOO¶LQWHUQRGHOWDPEXUR 0H]]LSHVDQWLDXWREXVDXWRFDUULHGDXWRDUWLFRODWLPH]]LGDFDYDPH]]LVSHFLDOLHPH]]LSHU PRYLPHQWR H WUDVSRUWR WHUUD HFF L IUHQL D WDPEXUR SUHVHQWL QHL PH]]L VRSUDFLWDWL VRQR FDUDWWHUL]]DWL GD GLPHQVLRQL QRWHYROL ! PP H VRQR IUHTXHQWL OH RSHUD]LRQL GL UHFXSHUR IXQ]LRQDOLWD¶GHOWDPEXUR 'XUDQWH O¶XVR LO PDWHULDOH GL DWWULWR SHU HIIHWWR GHOOD URWD]LRQH GHOOD FDPPD HFFHQWULFD YLHQH D FRQWDWWRFRQODSDUHWHLQWHUQDGHOFLOLQGURH IRUPDQGRDWWULWRUDOOHQWD LO PRWR &LR¶ FRPSRUWD XQD XVXUDFRQOLEHUD]LRQHGLILEUHGLDPLDQWRFKHULPDQJRQRLQSDUWHDOO¶LQWHUQRGHOWDPEXUR 3UREOHPL 0H]]LSHVDQWLO¶DSHUWXUDGHOWDPEXURSHUODVRVWLWX]LRQHGHLIHURGL SXR¶OLEHUDUHSROYHULFRQWHQHQWL DPLDQWRQHOO¶DULDFKHSRVVRQRHVVHUHLQDODWHRGHSRVLWDWHVXDUUHGLHSDYLPHQWR ,QROWUHFRQO¶XVRSRVVRQRDYYHQLUHGXHIHQRPHQLLQGHVLGHUDWL OD OXFLGDWXUD GHO WDPEXUR IHQRPHQR SHU LO TXDOH OD VXSHUILFLH LQWHUQD VL OLVFLD ILQR D GLYHQLUH FRPHXQRVSHFFKLRH OD EDFKHOL]]D]LRQH GHO FHSSR IHQRPHQR SHU FXL OD VXSHUILFLH HVWHUQD GHO PDWHULDOH GL DWWULWR VL YHWULILFD ,QHQWUDPELLFDVLODIUHQDWDYLHQHUHVDLQHIILFDFH $QFKH OH RSHUD]LRQL SHU LO ULSULVWLQR GHL GXH LQFRQYHQLHQWL VRSUDFLWDWL JHQHUDQR SROYHUH FKH SXR¶ FRQWHQHUHILEUHGLDPLDQWR 6ROX]LRQL 6RVWLWX]LRQH IHURGL RFFRUUH SURFHGHUH FRQ WHFQLFKH DG XPLGR SXOHQGR O¶LQWHUQR GHO WDPEXUR FRQ DVSLUDWRUH GRWDWR GL ILOWUR DVVROXWR JOL XWHQVLOL YDQQR DFFXUDWDPHQWH SXOLWL DOPHQR DO WHUPLQH GHOO¶RSHUD]LRQH FRQ SH]]XROH XPLGH R ODYDWL LQWHJUDOPHQWH OH RSHUD]LRQL YDQQR FRQGRWWH LQ DVVHQ]DGLFRUUHQWLG¶DULDSHUHYLWDUHODGLVSHUVLRQHGHOOHSROYHUL ,QGRVVDUHPDVFKHULQHWLSR3FRQWULEXLVFHDULGXUUHLOULVFKLRSHUODVDOXWH '$ (9,7$5( $662/87$0(17( O¶XVR GL VWUXPHQWL GD WDJOLR DG DOWD YHORFLWD¶ FRPH SRWUHEEH DYYHQLUHLQFDVRGLULYHWWLVIRUPDWLRUHVLVWHQWL /XFLGDWXUD GHO WDPEXUR O¶RSHUD]LRQH YD HVHJXLWD FRQ XQ ODYDJJLR SUHOLPLQDUH GHO WDPEXUR SHU DVSRUWDUH UHVLGXL H TXLQGL DQFKH SDUWL GL IHURGR HG XQ ODYDJJLR GHOOD SDUWH LQWHUQD GHO WDPEXUR DO WHUPLQHGHOO¶RSHUD]LRQHSHUHOLPLQDUHUHVLGXLGLODYRUD]LRQHRSHUD]LRQHLQGLSHQGHQWHGDOODQDWXUD GHOIHURGR %DFKHOL]]D]LRQH GHO FHSSR GRSR LO ODYDJJLR GHO FRPSOHVVR FHSSRIUHQR QRQ SRWHQGR ODYRUDUH DG XPLGRqQHFHVVDULRXWLOL]]DUHXQXWHQVLOHGRWDWRGLDVSLUDWRUHGLDGHJXDWDSRWHQ]DFRQILOWURGLWLSR DVVROXWR/¶RSHUDWRUHGHYHLQGRVVDUHPDVFKHULQHWLSR3 6RVWLWX]LRQHJRPPH 2JJHWWR ,O IHURGR FRQ O¶XVXUD OLEHUD ILEUH FKH DVVLHPH DOOD SROYHUH H DO IDQJR UDFFROWR GDOOD JRPPD VXOOD VWUDGDVLGHSRVLWDQRVXOFHUFKLRVXOODSDUWHLQWHUQDGHOFRSULFHUFKLRGHQWURLOWDPEXURRDWWRUQRDOOH SLQ]H GHO IUHQR (¶ QHFHVVDULR SHUWDQWR SHU RJQL DXWRYHLFROR SURYYHGHUH DOO¶LGHQWLILFD]LRQH GHL IHURGL FRQWHQHQWL DPLDQWR SHU HVHPSLR YHULILFDQGR LO OLEUHWWR GHOO¶DXWRYHLFROR FKLHGHQGR DO SURSULHWDULRHWF«« 3UREOHPL (¶WXWWRUDGLIIXVDO¶DVSRUWD]LRQHGLWDOLSROYHULFRQXQRVWUDFFLRRFRQO¶DXVLOLRGLSLVWRODDGDULD FRPSUHVVDWDOLRSHUD]LRQLGHYRQRHVVHUHHYLWDWHLQTXDQWROLEHUDQRQHOORFDOHOHILEUHSHULFRORVH LQSDUWHVLGLVSHUGRQRQHOO¶DULDHVRQR UHVHGLVSRQLELOLDOODLQDOD]LRQHLQSDUWHVL GHSRVLWDQRDWHUUDSURQWH DOLEHUDUVLQHOO¶DULDLQXQVHFRQGRWHPSRDVHJXLWRGL FDOSHVWLR FRUUHQWL G¶DULDDFFHQVLRQHGHOO¶DXWRPRELOHHWFIDOORXW 6ROX]LRQL ,QWHUYHQWRDXPLGREDJQDUHODUXRWDVPRQWDUHLOFRSULFHUFKLRODYDUHLOFHUFKLRHLOFRSULFHUFKLRD EDVVDSUHVVLRQHFRQDFTXDFDOGDPLVWDDGHWHUJHQWHFRQVSHFLILFDDWWUH]]DWXUDDFLUFXLWRFKLXVR RSSXUHUDFFRJOLHQGROHDFTXHGLODYDJJLRLQXQDYDVFDPRELOHVXUXRWH ,QWHUYHQWRDVHFFR HYLWDUHDVVROXWDPHQWHO¶XWLOL]]RGLSLVWRODDGDULDFRPSUHVVDSHUODSXOL]LDGHOOD UXRWDHGHOJUXSSRIUHQDQWHqQHFHVVDULRXWLOL]]DUHXQDVSLUDWRUHGRWDWRGLILOWURDVVROXWD+(3$ LQTXHVWRFDVRODSDYLPHQWD]LRQHVRWWRVWDQWHGHYHHVVHUHOLVFLDHIDFLOPHQWHSXOLELOH ,QROWUH q RSSRUWXQR FKH O¶RSHUDWRUH XWLOL]]L XQD PDVFKHULQD SURWHWWLYD WLSR 3 H FKH D ILQL GL SUHYHQ]LRQHYHQJDVRVWLWXLWRORVYLWDWRUH DG DULD FRPSUHVVD FRQ XQ PRGHOOR ROHRGLQDPLFR FKH ULGXFHQRWHYROPHQWHLOPRYLPHQWRGHOO¶DULDFLUFRVWDQWHHLOUXPRUHHPHVVR /D SDYLPHQWD]LRQH SHULRGLFDPHQWH DQGUD¶ ODYDWD D XPLGR FRQ DSSDUHFFKLR WLSR ©ODYD DVFLXJDªRSSXUHSXOLWDFRQDVSLUDWRUHGRWDWRGLILOWURDVVROXWR 'HPROL]LRQHDXWRYHLFROL 2JJHWWR 0HQWUH OH DXWRPRELOL LQ FLUFROD]LRQH SHU OR SLX¶ FRVWUXLWH GRSR LO VRQR HVHQWL GD DPLDQWR TXHOOHGHVWLQDWHDOODGHPROL]LRQHHVVHQGRVWDWHFRVWUXLWHLQPDVVLPDSDUWHQHOSHULRGRDQWHFHGHQWH QHSRVVRQRFRQWHQHUHSDUWL 3UREOHPL /¶HVSRVL]LRQH D ILEUH GL DPLDQWR SHU JOL DGGHWWL DOOD GHPROL]LRQH q OHJDWD DOOH RSHUD]LRQL GL VPHPEUDPHQWRGHJOLDXWRYHLFROLHIIHWWXDWHDOORVSHFLILFRVFRSRGLSURFHGHUHDOUHFXSHURGLSH]]L FKHYLHQHHIIHWWXDWRLQTXDWWURIDVL VWRFFDJJLR DXWRYHLFROL GD GHPROLUH VL SUHVXPH XQ EDVVR ULVFKLR GL HVSRVL]LRQH JHQHUDOPHQWHDOO¶DSHUWRHVHQ]DSUHVHQ]DGLSHUVRQDOH RSHUD]LRQL GL VPHPEUDPHQWR FDUFDVVD O¶DPLDQWR SXz HVVHUH SUHVHQWH QHOOH SROYHUL LQ SURVVLPLWD¶GHOJUXSSRIUHQDQWHSLQ]HRWDPEXURFHUFKLRFRSULFHUFKLRQHOOHSROYHULSUHVHQWL DOO¶LQWHUQR GHOOD FDPSDQD GHOOD IUL]LRQH H QHO JUXSSR YRODQRVSLQJLGLVFRGLVFR QHOOH SURWH]LRQLWHUPLFKHGHOODFDUUR]]HULDQHOOH JXDUQL]LRQLWUDSDUWLGHOPRWRUHHWUDPRWRUH WXERGLVFDULFRPDUPLWWD GHSRVLWRSH]]LGLUHFXSHURLOULVFKLRqOHJDWRDOODPRYLPHQWD]LRQHHVWRFFDJJLR SUHVVDWXUDFDUFDVVHVLSUHVXPHXQEDVVRULVFKLRGLHVSRVL]LRQH 6ROX]LRQL 1HOOHRSHUD]LRQLGLVPHPEUDPHQWRFDUFDVVHODYRUDUHDXPLGREDJQDQGROH]RQHVRSUDFLWDWHVHVL RSHUD D VHFFR H LO PDWHULDOH q SROYHURVR LQGRVVDUH XQD PDVFKHULQD 3 H XWLOL]]DUH XQ DVSLUDWRUH D ILOWURDVVROXWR 3XOLUH SHULRGLFDPHQWH D XPLGR R FRQ DVSLUDWRUH GRWDWR GL ILOWUR DVVROXWR OD SDYLPHQWD]LRQH VRWWRO¶DUHDGLODYRURUDFFRJOLHUHLIUDPPHQWLFRQWHQHQWLDPLDQWRHULSRUOLLQVDFFKLRFRQWHQLWRUL FKLXVL 1HOGHSRVLWRSH]]LGLUHFXSHURq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¶3266,%,/($'277$5(,/35,02 352&(',0(172 $'2=,21(',63(&,),&+($775(==$785(3(5/¶(6(&8=,21('(//(23(5$=,21,35(9,67(68,0&$ 87(16,/,0$18$/,7$*/,(17,6&$/3(//,5$6&+,(77, $63,5$725($),/75,$662/87,+(3$ 0$6&+(5$ )$&&,$/(&21*5$'2',),/75$=,21(3 ',6326,7,9,',6,&85(==$',86281,9(56$/( 6,67(0,',/$9$**,2(9$6&+(5$&&2/7$$&48( *8$17,2&&+,$/, 7(/,',39&3(532/9(5, (9(178$/(787$$3(5'(5(&217(1,725,3(55,),87, $775(==$785($&,&/2$3(572 $775(==$785($&,&/2&+,862 $%2/,=,21('(//¶87,/,==2',3,672/($'$5,$&2035(66$7521&$75,&,$',6&2)5(6((6,0,/$5, $'2=,21(',87(16,/,$&20$1'2 2/(2',1$0,&248$/,381=21,35(66((6,0,/$5, 7DEHOOD 7$%(//$5,$66817,9$'(//(35,1&,3$/,0,685(',3527(=,21( ( 35(9(1=,21(35(9,67(1(//(/,1((*8,'$ $8725,3$5$725, ,1',9,'8$=,21('(,3(==,&210$7(5,$/,&217(1(17,$0,$172 60217$**,23$57,&210&$,1',9,'8$=,21('(/3(==2 60217$**,2)5(1,$',6&2 ,1',9,'8$=,21(3,1=$ 3(5$8729(,&2/, *$1$6&(3$67,*/,( 60217$**,2)5(1,$7$0%852 ,1',9,'8$=,21(7$0%852 3(5$8729(,&2/, 60217$**,2)5(1,$7$0%852 ,1',9,'8$=,21()5(12 3(5$8729(,&2/,,1'8675,$/, x 38/,=,$&216,67(0,$'80,'2 x 60217$**,2'(/3(==2 x ',6$66(0%/$**,2'(/3(==2$' 80,'22&21$63,5$725( x 87,/,==2',0$6&+(5$3 x ,19,2$5,),872'(/0&$ x 38/,=,$$'80,'2'(/%/2&&2 x 6267,78=,21('(//(3$67,*/,( x 87,/,==2',0$6&+(5$3 x ,19,2$5,),872'(/0&$ x 38/,=,$$'80,'2'(/%/2&&2 x 60217$**,2'(/7$0%852 x 87,/,==2',0$6&+(5$3 x ,19,2$5,),872'(/7$0%852 38/,=,$(5(77,),&$ x 60217$**,2'(/7$0%852 x 87,/,==2',0$6&+(5$3 5(77,),&$'(,)(52', x 38/,=,$$'80,'2 x 5(77,),&$&21$63,5$725( x 87,/,==2',0$6&+(5$3 6267,78=,21('(,)(52', x 38/,=,$$'80,'2 x 862',$775(==,0$18$/, x 87,/,==2',0$6&+(5$3 x ,19,2$5,),872'(/0&$ $872'(02/,=,21, ,1',9,'8$=,21('(,3(==,&210$7(5,$/,&217(1(17,$0,$172 60217$**,23$57,&210&$ ,1',9,'8$=,21('(/3(==2 6(3$5$=,21('(/3(==2'$ 60217$5( x 38/,=,$&216,67(0,$'80,'2 x 60217$**,2'(/3(==2 x ',6$66(0%/$**,2'(/3(==2 $'80,'22&21$63,5$725( x 87,/,==20$6&+(5$3 x ,19,2$5,),872'(/0&$ 6267,78=,21(*200( ,1',9,'8$=,21('(,)5(1,&210$7(5,$/,&217(1(17,$0,$172 352&('85(67$1'$5'',,'(17,),&$=,21()5(1,()(52',&217(1(17,$0,$172 7DEHOOD x 38/,=,$*200(()5(1,&21$&48$1(%8/,==$7$$%$66$35(66,21(('(7(5*(17, x (9(178$/(862',$63,5$725($),/75,$662/87, x $%2/,=,21('(//¶87,/,==2',3,672/$31(80$7,&$ $OOHJDWR$ 3LDQRGLODYRURVWDQGDUG SHUODULPR]LRQHGLPDWHULDOLFRQWHQHQWLDPLDQWR DUW'/JV 'LWWD 5DJLRQHVRFLDOH VHGHOHJDOH FRSLDGHOFHUWLILFDWRGLLVFUL]LRQHDOOD&DPHUDGL&RPPHUFLRDOOHJDWRQ QODYRUDWRUL ,QIRUPD]LRQH)RUPD]LRQH JOLDGGHWWLVRQRVWDWLLQIRUPDWLVXLULVFKLDOODVDOXWHGHULYDQWLGDOO¶LQDOD]LRQHGLILEUHGL DPLDQWR JOLDGGHWWLVRQRVWDWLIRUPDWLLQPHULWRDOOHSURFHGXUHGLODYRURGD DGRWWDUHHVXOO¶XVRGHL '3,DOOHJDWRQGRFXPHQWD]LRQHDWWHVWDQWHO¶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¶RSHUD]LRQHLOODYRUDWRUHVLGHFRQWDPLQHUjDVSLUDQGRVLODWXWDFRQ O¶DVSLUDWRUHDILOWURDVVROXWRFRQODPDVFKHUDWLSRSDQFRUDLQGRVVDWDVLSXOLUjPDQLHYLVRFRQ VDOYLHWWHLQXPLGLWHHVLWRJOLHUjODPDVFKHUD 2JQLILQHWXUQRO¶LJLHQHSHUVRQDOHqFRPSOHWDWDIDFHQGRXVRGLDFTXDFRUUHQWHIUHGGDFDOGD VRQRDGLVSRVL]LRQHVSRJOLDWRLRODYDQGLQRHPH]]LSHUGHWHUJHUVLHDVFLXJDUVL 'XUDQWHOHRSHUD]LRQLVXGGHWWHqIDWWRGLYLHWRGLIXPDUH 0RGDOLWjGLGHFRQWDPLQD]LRQHDWWUH]]DWXUH 3HULRGLFDPHQWHVDUDQQRVRVWLWXLWLLILOWULDVVROXWLGHOO¶DVSLUDWRUHSRUWDWLOHXWLOL]]DWRSHUOD GHFRQWDPLQD]LRQHGHOSHUVRQDOHGHOOHDWWUH]]DWXUHHGHOOHDUHHGLODYRURVHJXHQGROHPRGDOLWj LQGLFDWHQHOOHLVWUX]LRQLDFRUUHGRGHOO¶DVSLUDWRUH 7HFQLFDDGRWWDWDSHUODULPR]LRQH &21/$9$**,2 RSHUD]LRQLSUHOLPLQDUL SRVL]LRQDUHLOYHLFRORQHOOD]RQDDWWUH]]DWDDOO¶LQWHUYHQWRGRWDWDGLGLVSRVLWLYRGLODYDJJLR DGDFTXDDEDVVDSUHVVLRQHHUDFFROWDDFTXHUHIOXHDFTXDGLODYDJJLRFDOGDHDGGL]LRQDWDFRQ GHWHUJHQWH SRVL]LRQDUHLQSURVVLPLWjGHOOD]RQDGLODYRUROHDWWUH]]DWXUHGDXWLOL]]DUHQHEXOL]]DWRUHSLHQR GLVROX]LRQHLQFDSVXODQWHVYLWDWRUHSQHXPDWLFRRROHRGLQDPLFRUDVFKLHWWRRDOWURDWWUH]]R VLPLODUH LQGRVVDUHPDVFKHUDS ULPR]LRQH ODYDUHFRQJHWWRGLDFTXDFDOGDDEDVVDSUHVVLRQHHGHWHUJHQWHOHSDUWLGDVPRQWDUH SURFHGHUHDOORVPRQWDJJLRODYDQGRRJQLYROWDLYDULSH]]LLPSROYHUDWL ULPXRYHUHJOLHYHQWXDOLUHVLGXLRIUDPPHQWLDGHVLDOVXSSRUWRFRQXQDVSDWRODSURFHGHQGR OHQWDPHQWHFRQWLQXDQGRDEDJQDUH SXOLUHOD]RQDGLODYRUR &21$63,5$=,21( RSHUD]LRQLSUHOLPLQDUL SRVL]LRQDUHVRWWRODUXRWDGDVPRQWDUHXQWHORGLSROLWHQHLQPRGRGDSRWHUDVSLUDUHFRQ IDFLOLWjOHHYHQWXDOLSROYHULFKHSRVVRQRFDGHUHVXOSDYLPHQWR SRVL]LRQDUHLQSURVVLPLWjGHOOD]RQDGLODYRUROHDWWUH]]DWXUHGDXWLOL]]DUHDVSLUDWRUHDILOWUR DVVROXWRFRPSOHWRGLLGRQHLDFFHVVRULQHEXOL]]DWRUHFRQVROX]LRQHLPSUHJQDQWHVYLWDWRUH SQHXPDWLFRRROHRGLQDPLFRUDVFKLHWWRRDOWURDWWUH]]RVLPLODUH LQGRVVDUHLOIDFFLDOHILOWUDQWHHLJXDQWL ULPR]LRQH SXOLUHFRQO¶DVSLUDWRUHODSDUWHGDVPRQWDUHSHUDFFHGHUHDOOHSDUWLFRQWHQHQWLDPLDQWR SURFHGHUHDOORVPRQWDJJLRSHUVFRSULUHLOPDWHULDOHGDULPXRYHUH EDJQDUHFRQLPSUHJQDQWHLOPDWHULDOHGDULPXRYHUHHSURFHGHUHDOODULPR]LRQH ULPXRYHUH JOL HYHQWXDOL UHVLGXL R IUDPPHQWL DGHVL DO VXSSRUWR FRQ XQD VSDWROD SURFHGHQGR OHQWDPHQWHHVRWWRDVSLUD]LRQH SXOLUHLOWHORGDOOHHYHQWXDOLSROYHULFDGXWHFRQDVSLUDWRUHDILOWURDVVROXWR 9DOXWD]LRQHGHOULVFKLRGLHVSRVL]LRQHDGDPLDQWR ODYDOXWD]LRQHGHOULVFKLRVHFRQGRO¶DUWGHO'/JVqVWDWDHVHJXLWDIDFHQGR ULIHULPHQWRDLGDWLGLHVSRVL]LRQHULSRUWDWLVXOOHOLQHH*XLGDGHOOD5HJLRQH(PLOLD5RPDJQDH DGRWWDQGROHSURWH]LRQLFROOHWWLYHHLQGLYLGXDOLSUHYLVWHGDOOHOLQHHJXLGDUHJLRQDOLSHUULGXUUHDO PLQLPRLOULVFKLRGLLQDOD]LRQHGLILEUHGDDPLDQWR 3HUWDQWRO¶HVSRVL]LRQHGHLODYRUDWRULGXUDQWHOHRSHUD]LRQLGLULPR]LRQHRSHUD]LRQLVDOWXDULH DOO¶LQWHUQRGHOO¶DWWLYLWjGHOOD$]LHQGDqUDJLRQHYROPHQWHDOGLVRWWRGLIIFFSHU VHWWLPDQDRSHUDQGRLQVLFXUH]]D ODYDOXWD]LRQHGHOULVFKLRVHFRQGRO¶DUWGHO'/JVqVWDWDHIIHWWXDWDWUDPLWHPLVXUH LULVXOWDWLVRQRULSRUWDWLLQDOOHJDWRGDOOHTXDOLVLULFDYDXQDHVSRVL]LRQHGHLODYRUDWRULGXUDQWH ODULPR]LRQHSDULDBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 5LILXWL ,PDWHULDOLULPRVVLVDUDQQRPHVVLLQXQVDFFKHWWRGLPDWHULDOHSODVWLFRVLJLOODWLHWLFKHWWDWLH VWRFFDWLSUHVVRO¶$]LHQGD(VVLVDUDQQRDOORQWDQDWLGDOODVWHVVDLOSULPDSRVVLELOHULVSHWWDQGROH PRGDOLWD¶SUHYLVWHGDO'/JV'HFUHWR5RQFKL 7UDVSRUWR ,OWUDVSRUWRYHUUD¶HIIHWWXDWR &RQPH]]RSURSULRBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 7UDPLWHODGLWWDBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB HVWUHPLGHOO¶DXWRUL]]D]LRQHDOWUDVSRUWRBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 'LVFDULFD ,ULILXWLVDUDQQRVWRFFDWL SURYYLVRULDPHQWHSUHVVRBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB (VWUHPLGHOO¶DXWRUL]]D]LRQHBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB LQPRGRGHILQLWLYRSUHVVRBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB (VWUHPLGHOO¶DXWRUL]]D]LRQH BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 0LLPSHJQRDIRUQLUHDQQXDOPHQWHODUHOD]LRQHH[DUWGHOOD/VHFRQGRLOPRGHOOR PLQLVWHULDOH )LUPD