5,7&+(< ,VWUX]LRQLSHUO·XVR ,QWURGX]LRQH 3HGDOLHVHULHGLSHGLYHOOH ,PSRUWDQWL LQIRUPD]LRQL VXOO·XWLOL]]R OD FXUD OD PDQXWHQ]LRQH H LO PRQWDJJLR ,QGLFH 1RWHVXOOHSUHVHQWLLVWUX]LRQLSHUO·XVR ,QWURGX]LRQH 3ULPDGHOODSULPDXVFLWD²8VRFRQVHQWLWR 8WLOL]]RPDQHJJLRGHLSHGDOLDOODELFLFOHWWD ,QGLFD]LRQLJHQHUDOLVXOPRQWDJJLR 8WLOL]]RGHOODFKLDYHGLQDPRPHWULFD 0RQWDJJLRGHOOHVHULHGLSHGLYHOOHHGHJOLLQJUDQDJJL 0RQWDJJLRGHLSHGDOL 5HJROD]LRQHGHOODIRU]DGLVJDQFLRGHLSHGDOL 0RQWDJJLRGHOOHWDFFKHWWHDOOHVFDUSH 0DQXWHQ]LRQHSXOL]LDHFXUDGHLSHGDOL 0DQXWHQ]LRQHSXOL]LDHFXUDGHOOHVHULHGLSHGLYHOOH *DUDQ]LDOHJDOHVXLGLIHWWLGLIDEEULFD]LRQH ,QGLFD]LRQLVXOO·XVXUD *DUDQ]LDFRPPHUFLDOHGHOSURGXWWRUH 1RWHVXOOHSUHVHQWLLVWUX]LRQLSHUO·XVR 3UHVWDUHSDUWLFRODUHDWWHQ]LRQHDLVHJXHQWLVLPEROL 4XHVWRVLPERORLQGLFDXQSRVVLELOHSHULFRORSHUODYLWDR SHUODVDOXWHLQFDVRGLPDQFDWDHVHFX]LRQHGHOOHULVSHWWLYH RSHUD]LRQL R QHO FDVR LQ FXL QRQ YHQJDQR SUHVL L SURYYHGLPHQWL VSHFLÀFDWL 4XHVWRVLPERORLQGLFDXQFRPSRUWDPHQWRVEDJOLDWRFKH SXzFDXVDUHGDQQLDFRVHHRDOO·DPELHQWH 4XHVWR VLPEROR IRUQLVFH LQIRUPD]LRQL VX FRPH XVDUH LO L SURGRWWR R OD UHODWLYD VH]LRQH GHOOH LVWUX]LRQL G·XVR DOOD TXDOHqQHFHVVDULRSUHVWDUHSDUWLFRODUHDWWHQ]LRQH /HSRVVLELOLFRQVHJXHQ]HLQGLFDWHVRSUDQRQYHQJRQRVHPSUHULSH WXWHQHOOHLVWUX]LRQLODGGRYHDSSDLRQRTXHVWLVLPEROL D &RQJUDWXOD]LRQLSHUDYHUDFTXLVWDWRXQSURGRWWR5,7&+(<$YHWH IDWWRXQ·RWWLPDVFHOWD1RLGL5,7&+(<VYLOXSSLDPRWHVWLDPRHUHD OL]]LDPRLQRVWULSURGRWWLFRQGHGL]LRQHHFXUDSHUPDQWHQHUHLSL HOHYDWL VWDQGDUG GL SURGX]LRQH &RPH WXWWL JOL DWWUH]]L VSRUWLYL GL YDORUHDQFKHLFRPSRQHQWL5,7&+(<GHYRQRHVVHUHPRQWDWLFRQ FXUDPHJOLRVHGDXQHVSHUWR6RORFRVuqSRVVLELOHJDUDQWLUHIXQ ]LRQDOLWjHGXUDWDRWWLPDOLSHUXQOXQJRSHULRGR9LFRQVLJOLDPRGL IDUYLDLXWDUHGDXQPHFFDQLFRHVSHUWRRGDOYRVWURULYHQGLWRUHVSH FLDOL]]DWR5,7&+(<9LFRQVLJOLDPRDQFKHGLXWLOL]]DUHLFRPSRQHQWL 5,7&+(<LQVLHPHRJQLYROWDFKHVLDSRVVLELOHLQPRGRGDJDUDQWLUH XQIXQ]LRQDPHQWRHXQDUHVLVWHQ]DDLFDULFKLRWWLPL3HUJDUDQWLUHXQ PRQWDJJLRIDFLOHHDJHYROHOHWROOHUDQ]HFRVWUXWWLYHSHUODFRPELQD ]LRQHGHLFRPSRQHQWLYHQJRQRPRQLWRUDWHDWWHQWDPHQWHGXUDQWHOH IDVLGLSURGX]LRQHHFRQWUROORTXDOLWj 4XHVWHLVWUX]LRQLSHUO·XVRFRQWHQJRQRLQGLFD]LRQLLPSRUWDQWLSHU O·XWLOL]]RODFXUDODPDQXWHQ]LRQHHLOPRQWDJJLR 6L SUHJD GL OHJJHUH DWWHQWDPHQWH TXHVWH LVWUX]LRQL LQL]LDQGR GDOOH LQIRUPD]LRQLGLFDUDWWHUHJHQHUDOH6XFFHVVLYDPHQWHSRWHWHSDVVDUH DLVLQJROLFDSLWROLULJXDUGDQWLLOFRPSRQHQWHGDYRLDFTXLVWDWRHRXWL OL]]DWRRFKHXWLOL]]HUHWH,QTXHVWRPRGRVLDVVLFXUDXQPRQWDJJLR SULYRGLGLIÀFROWjHGXQXWLOL]]RSULYRGLLQWRSSL &RQVHUYDWHFRQFXUDTXHVWHLVWUX]LRQL,QFDVRGLYHQGLWDSUHVWLWR HFFGHOODELFLFOHWWDRGHOFRPSRQHQWHFRQVHJQDWHOHDOQXRYRSUR SULHWDULRRXWLOL]]DWRUH &RQLFRPSRQHQWL5,7&+(<FRVuFRPHFRQWXWWLLFRPSRQHQWLOHJ JHULqQHFHVVDULRWHQHUSUHVHQWHDOFXQHSDUWLFRODULWj)DWHLQPRGR FKHLOPRQWDJJLRDYYHQJDLQPRGRDFFXUDWRHFKHLOSURGRWWRYHQJD XWLOL]]DWR LQ FRQIRUPLWj DOO·XVR FRQVHQWLWR , PDWHULDOL LPSLHJDWL GD 5,7&+(<VRQRSDUWLFRODUPHQWHUREXVWLHUHVLVWHQWLTXLQGLSRVVRQR HVVHUH VRWWRSRVWL D QXPHURVH VROOHFLWD]LRQL SXU PDQWHQHQGR XQ SHVR PROWR ULGRWWR GHO FRPSRQHQWH 4XHVWL PDWHULDOL VRQR SHUz UHODWLYDPHQWHIUDJLOLFLzVLJQLÀFDFKHLOFRPSRQHQWHSXz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²8VR FRQVHQWLWR 8WLOL]]RPDQHJJLRGHLSHGDOL DOODELFLFOHWWD ,SHGDOLHLVHWGLSHGLYHOOH5RDGGL5,7&+(<DVRQRDGDWWLSHU O·LPSLHJRVXELFLFOHWWHGDFRUVDGDWULDWKORQHSHULOORURXVRWLSLFR ,SHGDOLFUHDQRO·DWWDFFRWUDGLYRLHODWUDVPLVVLRQHGHOODELFLFOHWWD )DUH TXLQGL DWWHQ]LRQH D SRUWDUH VHPSUH GHOOH VFDUSH DGDWWH FLz VLJQLÀFDGHOOHVFDUSHWWHGDFLFOLVPRFRQWDFFKHWWHDGDWWH , SHGDOL E H L VHW GL SHGLYHOOH GD PRXQWDLQ ELNH VRQR DGDWWL SHU O·LPSLHJRVXELFLFOHWWHGDFLFORFURVVGDWUHNNLQJHPRXQWDLQELNHH SHU LO ORUR XVR WLSLFR 1RQ VRQR WXWWDYLD DGDWWL SHU IUHHULGH GXDO VODORPGRZQKLOOVDOWLHXVLVLPLOL ,SHGDOLQRQSRVVRQRHVVHUHXWLOL]]DWLVXELFLFOHWWHÀVVHGDVSLQQLQJR HUJRPHWUL,SHGDOLVRQRFRQFHSLWLSHUXQSHVRPDVVLPRGHOFLFOLVWD SDULDNJEDJDJOLRFRPSUHVRFRPHDGHVXQR]DLQR 3HUWXWWLLSHGDOLDVJDQFLRUDSLGRRDXWRPDWLFL5,7&+(<DYHWHELVR JQRGLSDUWLFRODULVFDUSHWWHQHOOHFXLVXROHSRVVRQRHVVHUHLQWHJUDWH OHWDFFKHWWHSHUSHGDOL´&OHDWVµ/HVFDUSHWWHSHUPRXQWDLQELNHH ELFLFOHWWHGDFRUVDVLFRQWUDGGLVWLQJXRQRSHULOORURWLSRGLÀVVDJJLR GHOOHWDFFKHWWHSHUSHGDOL,´&OHDWVµSHUSHGDOLGLELFLFOHWWHGDFRUVD QRQSRVVRQRHVVHUHÀVVDWLDOOHVFDUSHWWHSHUELFLFOHWWHGDPRXQWDLQ ELNHQpYLFHYHUVD3HUVFHJOLHUHOHVFDUSHWWHDGDWWHDOYRVWURFDPSR GLLPSLHJRYLUDFFRPDQGLDPRGLIDUYLFRQVLJOLDUHDWWHQWDPHQWH 1RQPRGLÀFDUHQpDOWHUDUHPDLLSHGDOLQpOHSHGLYHOOH1RQOLPDWH QpSHUIRUDWHPDLLFRPSRQHQWLSRLFKpTXHVWRQHGDQQHJJLDODVWUXW WXUDHIDGHFDGHUHODJDUDQ]LD )DUHDWWHQ]LRQHDUHJRODUHLSHGDOLVHPSUHLQPRGRFKHGLDQRXQD EXRQD WHQXWD PD FKH VLD DQFKH SRVVLELOH VJDQFLDUVL YHORFHPHQWH GDOO·DWWDFFR3ULPDGLRJQLXVFLWDFRQWUROODUHORVWDWRGHOOHWDFFKHWWH SHU SHGDOL 1HO FDVR SUHVHQWDVVHUR WUDFFH GL XVXUD FRQWDWWDUH LO YRVWURULYHQGLWRUHVSHFLDOL]]DWRHQRQXWLOL]]DUHLSHGDOLQpOHVFDU SHWWH VLQR D TXDQGR LO YRVWUR ULYHQGLWRUH QRQ KD FRQWUROODWR HR VRVWLWXLWRLFRPSRQHQWL L , SHGDOL 5,7&+(< SHU PRXQWDLQ ELNH VRQR VHPSUH FRQFHSLWL SHU HVVHUHXWLOL]]DWLVXDPEHGXHLODWL 1HLSHGDOLSHUELFLFOHWWDGDFRUVD5,7&+(<LOPHFFDQLVPRGLULWHQ ]LRQHqVRORVXXQODWRJUD]LHDOODUHODWLYDGLVWULEX]LRQHGHOSHVRLO SHGDOHSHUzVLSRVL]LRQDVHPSUHLQXQDSRVL]LRQHGL´SURQWRDOO·DJ JDQFLRµHYRLGRYHWHVRORSUHPHUHVXOSHGDOH ,QQDQ]LWXWWRSRJJLDUHVXOSHGDOHFRQODSXQWDGHOOHWDFFKHWWHHTXLQGL SUHPHUHVHPSOLFHPHQWHVXOFRUSRGHOSHGDOHRUL]]RQWDOH/DVFDU SHWWDVLEORFFDTXLQGLFRQODWDFFKHWWDFRQXQSHUFHWWLELOHHGXGLELOH FOLFF ,OEORFFDJJLRSLIDFLOHDYYLHQHTXDQGRLOSHGDOHODSHGLYHOODVLWUR YDQRQHOODSRVL]LRQHSLEDVVDG /·DWWDFFRDLSHGDOL5,7&+(<YLHQHVJDQFLDWRJLUDQGRLOWDOORQHYHUVR O·HVWHUQRH G 3HU TXDOVLDVL GRPDQGD ULYROJHWHYL DO YRVWUR ULYHQGLWRUH VSHFLDOL]]DWR5,7&+(< 1RQGRYHWHSLXWLOL]]DUHODELFLFOHWWDVHOHSHGLYHOOHRL SHGDOLVFULFFKLRODQRRVHQRWDWHGDQQLHVWHUQLFRPHLQFL VLRQL FULFFKH ULJRQÀDPHQWL DPPDFFDWXUH DOWHUD]LRQL GL FRORUH HFF)DWHOLFRQWUROODUHDFFXUDWDPHQWHGDOYRVWURULYHQGLWRUHVSH FLDOL]]DWR5,7&+(<HVHQHFHVVDULRVRVWLWXLWHLFRPSRQHQWL F H *UD]LHDOO·DWWDFFRVWDELOHQHOVWDWRDJJDQFLDWRLOSHGDOHSXzHVVHUH DQFKHVSLQWRHRWLUDWRJUD]LHDOODWHQXWDÀVVDGHOSLHGH&LzUHQGH VHPSOLFHSHGDODUHLQPRGRVFLROWRHPLJOLRUDODWUDVPLVVLRQHGLIRU]D ULVSHWWRDSHGDOLFRQJDEELHWWDDSHUWD'LYHUVDPHQWHFKHFRQSHGDOL GRWDWLGLIHUPDSLHGLHFLQJKLHWWDVXVVLVWHODSRVVLELOLWjGLVJDQFLDUH LQTXDOVLDVLPRPHQWRLOSLHGHGDOSHGDOHVHPSOLFHPHQWHUXRWDQGRLO WDOORQHYHUVRO·HVWHUQRIDWWRFKHVLJQLÀFDPDJJLRUHVLFXUH]]DVRSUDW WXWWRQHOFDVRGLLPSURYYLVHVLWXD]LRQLSHULFRORVHD /D IRU]D GL VJDQFLR GHL SHGDOL SXz HVVHUH UHJRODWD$ WDO L SURSRVLWRYHGDVLDOFDSLWROR´5HJROD]LRQHGHOODIRU]D GLVJDQFLRGHLSHGDOLµ (VHUFLWDUVLQHOFUHDUHLOFRQWDWWRFRQLSHGDOLDJJDQFLDUVLQHLSHGDOLH VJDQFLDUVLGHOO·DWWDFFRJLUDQGRLOWDOORQHYHUVRO·HVWHUQRLQQDQ]LWXWWR DELFLFOHWWDIHUPDSULPDGLPLJOLRUDUHODWHFQLFDVXXQD]RQDSULYDGL WUDIÀFR6LFRQVLJOLDGLDSSRJJLDUVLDGXQPXURRVLPLOH 'XUDQWHLSULPLWHQWDWLYLRGRSROXQJKHXVFLWHFRQLOSHGDOHQXRYR SXz VXFFHGHUH FKH O·LQVROLWR PRYLPHQWR SHU VJDQFLDUVL GDO SHGDOH QRQVLDDQFRUDDELWXDOHHFKHTXLQGLQRQULHVFDVHPSUH/DFRQVH JXHQ]DSXzHVVHUHXQDFDGXWDGDIHUPLHQHOWUDIÀFRVWUDGDOHSXz FDXVDUHFROOLVLRQLSHULFRORVHFRQDOWULXWHQWLGHOODVWUDGD3HUHYLWDUH FLz QHOOD IDVH LQL]LDOH FRQFHQWUDUVL SHU VJDQFLDUH OD WDFFKHWWD GDO SHGDOHSULPDGLIHUPDUVL )DUHDWWHQ]LRQHFKHLOSHGDOHHODVXRODGHOODVFDUSDVLDQR SULYLGLVSRUFL]LDHGLDOWULFRUSLHVWUDQHLDOWULPHQWLQRQ VRQR JDUDQWLWL XQ DJJDQFLR H XQR VJDQFLR VLFXUL ² SHULFROR GL FDGXWD *HQHUDOPHQWHLOPRQWDJJLRGHLSHGDOLHGHOOHSHGLYHOOHGHYHHVVHUH HVHJXLWRGDXQRVSHFLDOLVWD3HUODYRVWUDVLFXUH]]DSHUVRQDOHTXHVWH RSHUD]LRQLGRYUHEEHURHVVHUHHIIHWWXDWHVRORGDOULYHQGLWRUHDXWR UL]]DWR 5,7&+(< &LDVFXQD GHOOH VHJXHQWL LQGLFD]LRQL GHYH HVVHUH ULVSHWWDWDVFUXSRORVDPHQWH,OPDQFDWRULVSHWWRGHOOHLVWUX]LRQLSXz SURYRFDUH LO FHGLPHQWR GHO FRPSRQHQWH HG DYHUH FRPH FRQVH JXHQ]DFDGXWHJUDYLRIHULWH 3HU OD UHJROD]LRQH H LO SULPR PRQWDJJLR IDWHYL DLXWDUH GDO YRVWUR ULYHQGLWRUHVSHFLDOL]]DWR6HYROHWHSURYDUHGDVROLVLSUHJDGLOHJ JHUHDWWHQWDPHQWHLOVHJXHQWHFDSLWROR ,OPRQWDJJLRGLFRPSRQHQWLQRQFRPSDWLELOLIUDORURSXzSURYRFDUH LOFHGLPHQWRGHOÀVVDJJLRHFDXVDUHFDGXWHJUDYL &RQVLJOLDPRVHPSUHGLXWLOL]]DUHLQVLHPHLSHGDOLHOHSHGLYHOOHGL 5,7&+(< SHUFKp FRPSDWLELOL WUD GL ORUR 6H GHFLGHWH GL XWLOL]]DUH XQFRPSRQHQWHGLXQDOWURSURGXWWRUHFRQVXOWDWHFRQDWWHQ]LRQHOH LVWUX]LRQLGLTXHVWRSURGXWWRUHHYHULÀFDWHOHPLVXUHHVDWWHDIÀQFKp VLDGDWWLEHQHHSRVVDHVVHUHXVDWRLQVLFXUH]]DFRQLFRPSRQHQWL 5,7&+(< 5,7&+(< QRQ VL DVVXPH DOFXQD UHVSRQVDELOLWj SHU SUREOHPL GHUL YDQWLGDOODFRPELQD]LRQHGLFRPSRQHQWL5,7&+(<FRQFRPSRQHQWL GLDOWULSURGXWWRUL 6H QRQ YL VHQWLWH VLFXUL QHOO·HVHJXLUH LO PRQWDJJLR ULYROJHWHYL DO YRVWUR ULYHQGLWRUH VSHFLDOL]]DWR 5,7&+(< FKH YHULÀFKHUj VH LO GLIHWWR SXz HVVHUH HOLPLQDWR R VH q QHFHVVDULR VRVWLWXLUH LO FRP SRQHQWH ,QQHVVXQFDVRFRQWLQXDUHDGXWLOL]]DUHLSH]]LGDQQHJJLDWL 6LSUHJDGLRVVHUYDUHFKHOHSHGLYHOOH5,7&+(<VRQRSUHYLVWHSHU HVVHUHXWLOL]]DWHFRQPRYLPHQWLFHQWUDOL6KLPDQR2FWDOLQN,QJUDV VDUH O·DOEHUR GHO PRYLPHQWR FHQWUDOH F H OH YLWL GHOOH SHGLYHOOH 3RJJLDUH OH SHGLYHOOH VXOO·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jGHOOHSHGLYHOOHHJOLLQJUDQDJJLVRQRVXIÀFLHQ WHPHQWHGLVWDQWLGDLIRGHULRUL]]RQWDOLG /LQHDFDWHQDFRQVLJOLDWD07% /HSHGLYHOOH5,7&+(<YHQJRQRIRUQLWHJLjPRQWDWHFRQJOLLQJUD QDJJLDYYLWDWL6HYROHWHPRQWDUHGHJOLLQJUDQDJJLQXRYLFRQVLJOLDPR YLYDPHQWHGLXWLOL]]DUHLSH]]LGLULFDPELRRULJLQDOL5,7&+(< 9LWLGHOO·LQJUDQDJJLR )DUHDWWHQ]LRQHFKHODSRVL]LRQHGLPRQWDJJLRGHJOLLQJUDQDJJLVXOOH SHGLYHOOHVLDFRUUHWWD,OSHUQRGLSUHYHQ]LRQHFDGXWDFDWHQDGHOO·LQ JUDQDJJLRJUDQGHGHYHWURYDUVLGLHWURLOEUDFFLRGHOODSHGLYHOOD*OL LQJUDQDJJLSLSLFFROLGHYRQRHVVHUHDSSOLFDWLLQPRGRFKHODFDWHQD QRQSRVVDHVVHUHEORFFDWDWUDTXHVWHHO·LQWHUQRGHOEUDFFLRGHOOD SHGLYHOOD 7DFFKHWWHDOODVXROD 1RQFRQWLQXDUHDXWLOL]]DUHODELFLFOHWWDVLQRDTXDQGRLO FRPSRQHQWH QRQ q VWDWR VRVWLWXLWR 4XDORUD GRYHVVHUR VXVVLVWHUHGHLGXEELFRQVLJOLDPRGLVRVWLWXLUHLOFRPSRQHQWH *LUDUHOHYLWLGLÀVVDJJLRHHLGDGLFDYLLQJUDVVDWLDPDQRHFRQ WUROODUHFKHLGXHLQJUDQDJJLVLDQRFHQWUDWLSULPDGLVHUUDUOLDFURFH FRQXQDFKLDYHGLQDPRPHWULFDFRQXQDFRSSLDGLVHUUDJJLRWUDH 1PI F RPP 'LDPHWURJLUREXOORQL07% PP /LQHDFDWHQDFRQVLJOLDWDELFLFOHWWDGDFRUVD PP PP )LOHWWDWXUDGHOSHGDOH ´[73, &RSSLHGLVHUUDJJLRFRQVLJOLDWH 1P 9LWHGHOODSHGLYHOOD 1P 3HUQLGHOSHGDOH 1P 1P 7XWWH OH FRSSLH GL VHUUDJJLR VRQR YDORUL RULHQWDWLYL 6L L SUHJD GL DWWHQHUVL DQFKH DOOH LQGLFD]LRQL GHO FRVWUXWWRUH GHL FRPSRQHQWL DQQHVVL GD YRL XWLOL]]DWL 3HU TXDOVLDVL GRPDQGD ULYROJHWHYLDOYRVWURULYHQGLWRUHVSHFLDOL]]DWR5,7&+(< 7 3ULPD GHOOD SULPD XVFLWD IDPLOLDUL]]DUH FRQ LO IXQ]LRQD PHQWRGHOO·DJJDQFLRHVJDQFLRHVHUFLWDQGRYLLQQDQ]LWXWWR GD IHUPL H VROR FRQ XQ SLHGH &RQWLQXDWH DG HVHUFLWDUYL LQ XQD ]RQDSULYDGLWUDIÀFRHVXXQIRQGRSRVVLELOPHQWHPRUELGR 0RQWDJJLRGHOOHVHULHGLSHGL YHOOHHGHJOLLQJUDQDJJL 7 ,QGLFD]LRQLJHQHUDOLVXOPRQ WDJJLR H 8WLOL]]RGHOODFKLDYHGLQDPR PHWULFD 3HU ÀVVDUH QHO PRGR SL VLFXUR SRVVLELOH GXH FRPSRQHQWL QRL GL 5,7&+(<ULWHQLDPRLQGLVSHQVDELOHXWLOL]]DUHXQDFKLDYHGLQDPRPH WULFDE 9LWL WURSSR DOOHQWDWH R WURSSR VWUHWWH SRVVRQR FDXVDUH XQ FHGLPHQWR HG HVVHUH TXLQGL FDXVD GL XQ LQFLGHQWH $WWHQHWHYL ULJRURVDPHQWH DOOH FRSSLH GL VHUUDJJLR LQGLFDWH 6H QRQDYHWHDGLVSRVL]LRQHXQDFKLDYHGLQDPRPHWULFDGLDOWDTXDOLWj UHFDWHYLGDOYRVWURULYHQGLWRUHVSHFLDOL]]DWR5,7&+(< D E G I 7 7 0RQWDJJLRGHLSHGDOL 3HU OD UHJROD]LRQH H LO SULPR PRQWDJJLR IDWHYL DLXWDUH GDO YRVWUR ULYHQGLWRUHVSHFLDOL]]DWR6HYROHWHSURYDUHGDVROLVLSUHJDGLOHJ JHUHDWWHQWDPHQWHLVHJXHQWLFDSLWROL 3ULPDGLPRQWDUHLSHGDOLDVVLFXUDUVLFKHODÀOHWWDWXUDGHOSHGDOHVLD DGDWWDDOODSHGLYHOOD/HELFLFOHWWHSLYHFFKLHPDDQFKHOHELFLFOHWWH %0;QRQSUHVHQWDQRODVROLWDÀOHWWDWXUDVWDQGDUG´[73,,Q FDVRGLGXEELRFKLHGHWHFRQVLJOLRDOYRVWURULYHQGLWRUHVSHFLDOL]]DWR 5,7&+(< ,QJUDVVDUH OD ÀOHWWDWXUD GHL EUDFFL GHOOH SHGLYHOOH OH ÀOHWWDWXUH GHO SHGDOHHSXUHODVXSHUÀFLHGLDSSRJJLRGHLSHUQLGHLSHGDOLFRQXQD SDVWDSHUPRQWDJJLRD $O SHGDOH VLQLVWUR q SUHVHQWH XQD ÀOHWWDWXUD VLQLVWURUVD 3RJJLDUH DQFKH LO SHUQR FRQ OH GLWD H JLUDUH LO SHUQR LQ VHQVR DQWLRUDULR 4XLQGLVWULQJHUORFRQODFKLDYHSHUSHGDOLF 5HJROD]LRQHGHOODIRU]DGL VJDQFLRGHLSHGDOL 0RQWDJJLRGHOOHWDFFKHWWHDOOH VFDUSH /DFRSSLDGLVHUUDJJLRFRQVLJOLDWDqWUD1P /DIRU]DGLVJDQFLRGHLSHGDOL5,7&+(<SXzHVVHUHUHJRODWDWUDPLWH EUXJROD &RQWUROODUHDQ]LWXWWRVHODIRUPDGLÀ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·DWWDFFRWUDVFDUSHWWDH SHGDOHSRVVDHVVHUHVJDQFLDWRLQRJQLPRPHQWR$OO·LQL]LRSHUDEL WXDUVL VL FRQVLJOLD GL UHJRODUH OD IRU]D GL VJDQFLR VX XQ YDORUH SL EDVVR'RSRXQIDVHGLSUDWLFDXQDWHQVLRQHSLIRUWHSXzRIIULUHSL YDQWDJJL3URYDWHORHGRSRRJQLPRGLÀFDSUDWLFDWHO·DJJDQFLRHOR VJDQFLRFRPHVXGHVFULWWR *HQHUDOPHQWH VL SXz GLUH FKH OD ]RQD WULDQJRODUH HR TXHOOD SL DSSXQWLWDGHOOHWDFFKHWWHGHYHVHPSUHHVVHUHULYROWDYHUVRODSXQWD GHOOHVFDUSHI/HWDFFKHWWHHOHVXROHGHOOHVFDUSHKDQQRXQGHWHU PLQDWR UDQJH GL UHJROD]LRQH ,Q TXHVWR PRGR OD SRVL]LRQH GHOOH WDFFKHWWHSXzHVVHUHDGDWWDWDDOOHYRVWUHSURSRU]LRQLHGHVLJHQ]H )LVVDUH OH WDFFKHWWH VXOOD VFDUSD LQ PRGR FKH O·DYDPSLHGH VL WURYL VRSUDLOSHUQRGHOSHGDOHJ 8QDWHQVLRQHWURSSRDOWDGHOOHPROOHGLULWHQXWDSXzDYHUH FRPHFRQVHJXHQ]DFKHLOPHFFDQLVPRGLULWHQ]LRQHQRQ SHUPHWWDSLDOODVFDUSDGLOLEHUDUVLSHULFRORGLLQFLGHQWH D F E G I H J ,OSLHGHGHYHDVVXPHUHODVXDSRVL]LRQHQDWXUDOHTXDQGRSHGDOD/D PDJJLRU SDUWH GL SHUVRQH KD TXLQGL LO WDOORQH ULYROWR OHJJHUPHQWH YHUVRO·LQWHUQRD 0DQXWHQ]LRQHSXOL]LDHFXUD GHLSHGDOL 6HQHFHVVDULRGHWHUPLQDUHODSRVL]LRQHGHOOHWDFFKHWWHDGDWWDDYRL VWDFFDQGRSLYROWHODWDFFKHWWDVXOODVFDUSDHSRLVSRVWDQGRODQXR YDPHQWH ,SHGDOLYHQJRQRIRUQLWLJLjPRQWDWLHVRORODIRU]DGLVJDQFLRGHYH HVVHUH UHJRODWD LQ PRGR LQGLYLGXDOH , FXVFLQHWWL GHL SHGDOL VRQR OXEULÀFDWLHUHJRODWLLQPRGRFKHQRQULFKLHGDQRTXDVLXQDPDQX WHQ]LRQH 1RQ SXOLUH L SHGDOL FRQ XQ JHWWR G·DFTXD IRUWH SHUFKp GDQQHJJLD LO ULHPSLPHQWR GL JUDVVR DOO·LQWHUQR H VSRUFD SUREDELO PHQWH L FXVFLQHWWL &RQWUROODUH UHJRODUPHQWH VH L FXVFLQHWWL GHL SHGDOLSUHVHQWDQRJLRFRRVHqGLIÀFLOHJLUDUHLSHGDOL,QTXHVWRFDVR ULYROJHWHYLDOYRVWURULYHQGLWRUHVSHFLDOL]]DWR5,7&+(< ,QÀQHVHUUDUHOHYLWLGHOOHWDFFKHWWHFRQXQDFKLDYHGLQDPRPHWULFD FRQXQDFRSSLDGLVHUUDJJLRGDD1PE 2VVHUYDUHDQFKHOHLVWUX]LRQLGHOSURGXWWRUHGHOOHVFDUSH FRQOHXOWHULRULDYYHUWHQ]HVXOÀVVDJJLRGHOOHWDFFKHWWH )DUHDWWHQ]LRQHFKHODVFDUSDGDYRLVFHOWDVLDFRPSDWLELOH FRQLOYRVWURSHGDOH5,7&+(<1RQRJQLVFDUSDqLGRQHD DOSHGDOH9LVRQRJUDQGLGLIIHUHQ]HVRSUDWWXWWRWUDOHVFDUSHSHU PRXQWDLQ ELNH H TXHOOH SHU ELFLFOHWWH GD FRUVD &RQVXOWDUH D WDO VFRSRLOYRVWURULYHQGLWRUHVSHFLDOL]]DWR5,7&+(< 8WLOL]]DUHVRORXQVLVWHPDGLSHGDOLFKHVLEORFFDHVEORFFD VHQ]D GLIÀFROWj 1HO FDVR QRQ VL SRWHVVH SHGDODUH EHQH FRQLOSHGDOHRVHODWDFFKHWWDIRVVHPROWRXVXUDWDVXVVLVWHSHUL FRORGLFDGXWDYLVWRFKHODVFDUSDVLSXzVJDQFLDUHDXWRPDWLFD PHQWHGDOSHGDOH,QDOFXQLFDVLSXzDQFKHYHULÀFDUVLFKHODVFDUSD SRVVDHVVHUHVEORFFDWDVRORFRQGLIÀFROWjRFKHQRQODVLSRVVDSL VEORFFDUHGHOWXWWR D 3XOLUHLSHGDOLFRQDFTXDHGXQSDQQRPRUELGR8WLOL]]DUHVHQHFHV VDULR XQ VDSRQH QRQ DEUDVLYR SHU ULPXRYHUH OR VSRUFR 3XOLUH LO PHFFDQLVPRGLULWHQ]LRQHUHJRODUPHQWHFLzVLJQLÀFDVHQHFHVVDULR HOLPLQDUHORVSRUFRHLOVXGLFLXPHSULPDGLRJQLXVFLWD/XEULÀFDUH OHPROOHVFRSHUWHHLSXQWLGLDSSRJJLRGHOOHSDUWLPRELOLFRQROLR SHVXQDYROWDDOPHVHF 5LPXRYHUHO·ROLRRLOJUDVVRFKHUHVWDDWWDFFDWRLQPRGRSHUVLVWHQWH GDOOHVXSHUÀFLVROLGHFRQXQGHWHUJHQWHDEDVHGLSHWUROLR1RQXWL OL]]DUH VRVWDQ]H SHU VJUDVVDWXUD FKH FRQWHQJRQR VROYHQWL RUJDQLFL FLzVLJQLÀFDDFHWRQHWULFORURHWLOHQHFORUXURGLPHWLOH,GHWHUJHQWL FKLPLFLGLTXHVWRWLSRSRVVRQRDWWDFFDUHODVXSHUÀFLHRODVWUXWWXUD GHOPDWHULDOH 'RSR FKH OD YRVWUD ELFLFOHWWD VL q DVFLXJDWD SDVVDUH OD FHUD GXUD FRPPHUFLDOH VXOOH VXSHUÀFL YHUQLFLDWH LQ PHWDOOR R LQ FDUERQLR 4XDQGRODFHUDVDUjEHQDVFLXWWDSRWUHWHOXFLGDUHLFRPSRQHQWL,Q TXHVWRPRGRLSHGDOLPDQWHUUDQQRQHOWHPSRXQEXRQDVSHWWRI F OD SXOL]LD IDWH DWWHQ]LRQH DG HYHQWXDOL FULFFKH 'XUDQWH JUDIÀ DOWHUD]LRQL GL FRORUH R GHIRUPD]LRQL GL PDWHULDOH 6H DYHWH GHL GXEEL FRQWDWWDWH LO YRVWUR ULYHQGLWRUH VSHFLDOL]]DWR 5,7&+(< )DU VRVWLWXLUH LPPHGLDWDPHQWH L FRPSRQHQWL GDQQHJ JLDWLSHUJDUDQWLUHXQXVRVLFXUR )DUH DWWHQ]LRQH FKH OH YLWL GL ÀVVDJJLR GHOOH WDFFKHWWH VLDQR VHPSUH VHUUDWH FRQ OD FRSSLD GL VHUUDJJLR JLXVWD SHUFKpVHODWDFFKHWWDIRVVHDOOHQWDWDqTXDVLLPSRVVLELOHVFHQGHUH ²SHULFRORGLFDGXWD &RQWUROODUHODFRSSLDGLVHUUDJJLRGHOOHYLWLGHOOHWDFFKHWWH HGHLSHUQLGHLSHGDOLGRSRLSULPLNPHSRLQXR YDPHQWHRJQLNP,SHUQLGHOSHGDOHHOHWDFFKHWWHDOOHQWDWL SRVVRQRFDXVDUHXQLQFLGHQWH 6HOHWDFFKHWWHVFULFFKLRODQRRVWULGRQRVSHVVREDVWDDSSOLFDUHXQ SR·GLJUDVVRDLSXQWLGLFRQWDWWRGHOODWDFFKHWWDFRQLOSHGDOHSHU RYYLDUHG /HWDFFKHWWHVRQRVRJJHWWHDGXVXUDGRYXWDDOO·LPSLHJR6HVLEORF FDQRRVLVEORFFDQRFRQGLIÀFROWjELVRJQDVRVWLWXLUOH &RQWUROODUHUHJRODUPHQWHVHSUHVHQWDQRXVXUDVRSUDWWXWWRQHOFDVR GL WDFFKHWWH LQ PDWHULDOH SODVWLFR %LVRJQD VRVWLWXLUOH DO SL WDUGL TXDQGROHWDFFKHWWHVRQRWURSSRVRWWLOLGDYDQWLRGLHWURHGKDQQR XQD IRUPD DSSXQWLWD D IRUPD GL IDOFH 8Q DSSRJJLR YDFLOODQWH VXO SHGDOHLQGLFDXVXUDGHOODWDFFKHWWDRGHOODVXRODH 6RVWLWXLUHOHWDFFKHWWHVRORFRQSH]]LGLULFDPELRRULJLQDOL5,7&+(< 7DFFKHWWHGLDOWULSURGXWWRULSRVVRQRFRPSRUWDUHLOEORFFDJJLRGHO PHFFDQLVPRHO·LPSRVVLELOLWjGLVEORFFDJJLRSHULFRORGLFDGXWD 'RSRDYHUVRVWLWXLWROHWDFFKHWWHFRQWUROODUHDVVROXWDPHQWHODIRU]D GLVJDQFLRHVHQHFHVVDULRUHJRODUODQXRYDPHQWH 0DQXWHQ]LRQHSXOL]LDHFXUD GHOOHVHULHGLSHGLYHOOH /H VHULH GL SHGLYHOOH YHQJRQR IRUQLWH JLj PRQWDWH 1RQ SXOLUH OH SHGLYHOOH FRQ XQ JHWWR G·DFTXD IRUWH SHUFKp GDQQHJJLD LO ULHPSL PHQWR GL JUDVVR DOO·LQWHUQR GHO PRYLPHQWR FHQWUDOH &RQWUROODUH UHJRODUPHQWH VH OH YLWL GL ÀVVDJJLR GHJOL LQJUDQDJJL H OH YLWL GHOOH SHGLYHOOHVRQRVHUUDWHFRQODFRSSLDGLVHUUDJJLRLQGLFDWD &RQWUROODUHORVWDWRGLXVXUDGHJOLLQJUDQDJJLTXDQGRPRQWDWHXQD FDWHQD QXRYD 8QD FDWHQD QXRYD SXz HYHQWXDOPHQWH VFLYRODUH VXL GHQWLGHJOLLQJUDQDJJLHSLJQRQLSURYRFDQGRXQDFDGXWDRXQLQFL GHQWH &RQWUROODUH OD FRSSLD GL VHUUDJJLR GHOOH YLWL GL ÀVVDJJLR GHJOL LQJUDQDJJL H GHOOH SHGLYHOOH DO PRYLPHQWR FHQWUDOH GRSRLSULPLNPHSRLQXRYDPHQWHRJQLNP/H YLWL GHJOL LQJUDQDJJL H OH YLWL GL ÀVVDJJLR GHOOH SHGLYHOOH DOOHQWDWH SRVVRQRFDXVDUHXQLQFLGHQWH 3XOLUH OD VHULH GL SHGLYHOOH FRQ DFTXD HG XQ SDQQR PRUELGR 8WL OL]]DUH VH QHFHVVDULR XQ VDSRQH QRQ DEUDVLYR SHU ULPXRYHUH OR VSRUFR 5LPXRYHUH O·ROLR R LO JUDVVR FKH UHVWD DWWDFFDWR LQ PRGR SHUVLVWHQWHGDOOHVXSHUÀFLVROLGHFRQXQGHWHUJHQWHDEDVHGLSHWUR OLR1RQXWLOL]]DUHVRVWDQ]HSHUVJUDVVDWXUDFKHFRQWHQJRQRVROYHQWL RUJDQLFL FLz VLJQLÀFD DFHWRQH WULFORURHWLOHQH FORUXUR GL PHWLOH , GHWHUJHQWLFKLPLFLGLTXHVWRWLSRSRVVRQRDWWDFFDUHODVXSHUÀFLHR ODVWUXWWXUDGHOPDWHULDOH 'RSR FKH OD YRVWUD ELFLFOHWWD VL q DVFLXJDWD SDVVDUH OD FHUD GXUD FRPPHUFLDOH VXOOH VXSHUÀFL YHUQLFLDWH LQ PHWDOOR R LQ FDUERQLR 4XDQGR OD FHUD VDUj EHQ DVFLXWWD SRWUHWH OXFLGDUH L FRPSRQHQWL ,Q TXHVWR PRGR OH VHULH GL SHGLYHOOH PDQWHUUDQQR QHO WHPSR XQ EXRQDVSHWWRI 6H GXUDQWH OD JXLGD VL VHQWRQR UXPRUL SURYHQLHQWL GDL SHGDOLVLSUHJDGLOXEULÀFDUHLSXQWLGLFRQWDWWRWUDOHWDF FKHWWHHLSHGDOL,UXPRULSRVVRQRDQFKHHVVHUHXQVHJQRGLXVXUD 1RQDQGDUHLQELFLFOHWWDFRQOHWDFFKHWWHSHUSHGDOLXVX UDWH OD VFDUSD SRWUHEEH VWDFFDUVL LPSURYYLVDPHQWH GDO SHGDOH OD SXOL]LD IDWH DWWHQ]LRQH DG HYHQWXDOL FULFFKH 'XUDQWH JUDIÀ DOWHUD]LRQL GL FRORUH R GHIRUPD]LRQL GL PDWHULDOH 6H DYHWH GHL GXEEL FRQWDWWDWH LO YRVWUR ULYHQGLWRUH VSHFLDOL]]DWR 5,7&+(<)DWHVRVWLWXLUHLPPHGLDWDPHQWHLFRPSRQHQWLGDQQHJ JLDWL )DUHDWWHQ]LRQHFKHLOSHGDOHHODVXRODVLDQRVHPSUHSULYL GLVSRUFL]LDHGLDOWULFRUSLHVWUDQHL3XOLUOLHOXEULÀFDUHUHJR ODUPHQWHFRQROLRLOPHFFDQLVPRGLULWHQ]LRQH E H G I PLQPP *DUDQ]LDOHJDOHVXLGLIHWWLGL IDEEULFD]LRQH 6HFRQGRODQRUPDWLYDHXURSHDSHUODWXWHODGHOFRQVXPDWRUHO·DF TXLUHQWHKDGLULWWRSHULSULPLGXHDQQLGDOODGDWDG·DFTXLVWRDWXWWH OHJDUDQ]LHOHJDOLDVHJXLWRGLGLIHWWLGLIDEEULFD]LRQH,Q$PHULFDGHO 1RUGWDOHGLULWWRVLULIHULVFHDOSULPRDQQRGDOODGDWDG·DFTXLVWR3HU OHJJH LO YRVWUR ULYHQGLWRUH VSHFLDOL]]DWR 5,7&+(< q UHVSRQVDELOH FKHLOYRVWURFRPSRQHQWHQRQDEELDGLIHWWLFKHQHFRPSURPHWWDQR LOYDORUHRO·HIÀFLHQ]D /DUHJRODGHLDQQLYDOHVRORQHJOLVWDWLFKHKDQQRUDWLÀ L FDWRJOLDFFRUGL8(,QIRUPDWHYLSUHVVRLOYRVWURULYHQGL WRUHVSHFLDOL]]DWRVXOOHGLVSRVL]LRQLYDOLGHQHOSDHVHGLDFTXLVWR ,QGLFD]LRQLVXOO·XVXUD *DUDQ]LDFRPPHUFLDOHGHOSURGXWWRUH ,FRPSRQHQWLGHOOHELFLFOHWWHVRQRVRJJHWWLDGXVXUDGRYXWDDOO·XVR FKH GLSHQGH GDOOD FXUD H GDOOD PDQXWHQ]LRQH GDOO·XVR GHO PH]]R H GDOOH FRQGL]LRQL DPELHQWDOL D FXL q HVSRVWR DG HV SLRJJLD IDQJR SROYHUH H VDEELD$OFXQL FRPSRQHQWL QHFHVVLWDQR GL FXUD H PDQX WHQ]LRQHFRVWDQWLPDDQFKHFRQLOPLJOLRUSURJUDPPDGLPDQXWHQ ]LRQHWXWWLLFRPSRQHQWLSULPDRSRLGLYHQWDQRLQXWLOL]]DELOL4XHVWR GLSHQGHGDOO·LQWHQVLWjHGDOOHFRQGL]LRQLG·XVR , SURGRWWL 5,7&+(< VRQR IDEEULFDWL FRQ JUDQGH FXUD UHDOL]]DWL VHFRQGROHSLDOWHHVLJHQ]HTXDOLWDWLYHHYHQJRQRVRWWRSRVWLDFRQ WUROOL DFFXUDWL , QRVWUL SURGRWWL YHQJRQR YHULÀFDWL QHOO·DPELWR GHO QRVWURVLVWHPDGLFRQWUROORLQWHUQRSHUULVSRQGHUHDLSLULJLGLVWDQ GDUGGLTXDOLWj0DLFRQWUROOLYHQJRQRHIIHWWXDWLDQFKHGDODERUDWRUL GLYHULÀFDHVWHUQLHQHXWUDOL ,OVHJXHQWHFRPSRQHQWH5,7&+(<qVRJJHWWRVRSUDWWXWWRDXVXUD QRQFRSHUWDGDOODJDUDQ]LDGRYXWDDOO·XVR /HWDFFKHWWHSHUSHGDOHVRQRVRJJHWWHDGXVXUDSHUYLDGHOOXEUL ÀFDQWHQHLFXVFLQHWWLGHOSHGDOH*OLLQJUDQDJJLGHOVHWGLSHGLYHOOH VRQRVRJJHWWLDGXVXUDGRYXWDDGDWWULWRSURYRFDWRGDOODFDWHQDH GDOSLHWULVFR /DSUHPHVVDSHUSRWHUHVHUFLWDUHODJDUDQ]LDOHJDOHVXLGLIHWWLGLIDE EULFD]LRQHqO·XVRFRQVHQWLWRYHGLFDSLWROR´3ULPDGHOODSULPD XVFLWDµ 3HUWDQWR QHO WHUULWRULR 8( LQGLSHQGHQWHPHQWH GDOOD OHJLVOD]LRQH FRQFHGLDPR SHU WXWWL L SURGRWWL 5,7&+(< XQD JDUDQ]LD FRPPHU FLDOHSHUGDQQLGLIDEEULFD]LRQHHODYRUD]LRQHGLGXHDQQLGDOODGDWD G·DFTXLVWR 3HULOPHUFDWRQRUGDPHULFDQRLQGLSHQGHQWHPHQWHGDOODOHJLVOD]LRQH FRQFHGLDPRXQDJDUDQ]LDFRPPHUFLDOHSHUGDQQLGLIDEEULFD]LRQHH ODYRUD]LRQHSHUXQDQQRGDOODGDWDG·DFTXLVWR /DJDUDQ]LDGHOSURGXWWRUHYDOHVRORSHULOSULPRDFTXLUHQWHGLHWUR SUHVHQWD]LRQHGHOODULFHYXWDG·DFTXLVWRGDOODTXDOHVLGHYRQRSRWHU ULOHYDUH GDWD G·DFTXLVWR LQGLUL]]R GHO ULYHQGLWRUH VSHFLDOL]]DWR H GHQRPLQD]LRQHGHOPRGHOOR3UHVXSSRVWRSHULOULFRUVRDOODJDUDQ]LD FRPPHUFLDOHGHOSURGXWWRUHqXQXWLOL]]RGHOODELFLFOHWWDLQFRQIRU PLWjDOO·XVRFRQVHQWLWRGHLSURGRWWL5,7&+(< 6RQRHVFOXVLLGDQQLGDXVXUDLQFXULDFDUHQ]DGLFXUDHPDQXWHQ ]LRQHLQFLGHQWHVRYUDFFDULFRDVHJXLWRGLVHUUDJJLRHFFHVVLYRPRQ WDJJLRHWUDWWDPHQWRLPSURSULRQRQFKpODPRGLÀFDGHLFRPSRQHQWL 6HJXLUH DWWHQWDPHQWH WXWWH OH LVWUX]LRQL VXO PRQWDJJLR H OH DYYHU WHQ]HDJJLXQWLYHGHLFRVWUXWWRULGHLSURGRWWLFKHYHQJRQRXWLOL]]DWL FRQLSURGRWWL5,7&+(<VRSUDWWXWWRSHUTXDQWRULJXDUGDOHLQGLFD ]LRQLVXOOHFRSSLHGLVHUUDJJLRSHUOHYLWLHODPDQXWHQ]LRQHGHVFULWWD $WWHQHUVLDWXWWHOHLVWUX]LRQLSHUTXDQWRFRQFHUQHLFRPSRUWDPHQWL HOHSURFHGXUHGLFRQWUROORFKHVRQRDOOHJDWHDOOHSUHVHQWLLVWUX]LRQL 1RQ GLPHQWLFDWH SHUz DQFKH OH DOWUH LVWUX]LRQL FKH SRWUHEEHUR HVVHUHDOOHJDWHDLSURGRWWL5,7&+(<5LVSHWWDUHDVVROXWDPHQWHWXWWH OH LVWUX]LRQL ULJXDUGDQWL OD VRVWLWX]LRQH GL FRPSRQHQWL LPSRUWDQWL SHUODVLFXUH]]DDGHVLUHJJLVHOODO·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pHYHQWXDOLDFFHVVRUL DVHJXLWRGHOOHPLVXUHPRGLÀFDWHQRQYHQJRQRULPERUVDWLQHLFDVL FRQWHPSODWLGDOODJDUDQ]LD /DJDUDQ]LDQRQFRPSUHQGHLFRVWLGHOODPDQRG·RSHUDGLWUDVSRUWR QRQFKpLFRVWLGHULYDQWLGDGLIHWWL 1HO FDVR VL YHULÀFDVVH XQ YL]LR LO YRVWUR LQWHUORFXWRUH q VHPSUH LO YRVWUR ULYHQGLWRUH VSHFLDOL]]DWR 5,7&+(< FKH q DXWRUL]]DWR D ULVSRQGHUHDOOHYRVWUHULFKLHVWH 6HDYHWHGRPDQGHULYROJHWHYLDOULYHQGLWRUHGHOYRVWURSDHVH8QHOHQFR GLWXWWLLGLVWULEXWRULqGLVSRQLELOHDOO·LQGLUL]]RZZZULWFKH\ORJLFFRP 6RQRHVFOXVLLGDQQLGD ,O YRVWUR FRQWDWWR GLUHWWR SHU WXWWL L WHPL LOOXVWUDWL QHOOH SUHVHQWL LVWUX]LRQLSHUO·XVRGRYUHEEHHVVHUHLQRJQLFDVRVHPSUHLOYRVWUR ULYHQGLWRUH VSHFLDOL]]DWR 5,7&+(< FKH VDUj EHQ OLHWR GL ULVSRQ GHUHFRQFRPSHWHQ]DDWXWWHOHYRVWUHGRPDQGH$IÀQFKpOHYRVWUH ULFKLHVWH SRVVDQR HVVHUH HODERUDWH q QHFHVVDULR FKH PRVWULDWH OD ULFHYXWDG·DFTXLVWR XVXUD LQFXULDFDUHQ]DGLFXUDHPDQXWHQ]LRQH LQFLGHQWL VROOHFLWD]LRQHHFFHVVLYDGRYXWDDVHUUDJJLRWURSSRIRUWH PRQWDJJLRHXVRLPSURSULR PRGLÀFDGHLFRPSRQHQWL 1HOFDVRLQFXLVLYHULÀFKLXQGLIHWWRRDEELDWHXQDULFKLH VWD FRQWHPSODWD GDOOD JDUDQ]LD ULYROJHWHYL DO ULYHQGLWRUH VSHFLDOL]]DWR SUHVVR LO TXDOH DYHWH DFTXLVWDWR LO SURGRWWR 5,7&+(<5,7&+(<KDGHJOLDFFRUGLHVFOXVLYLFRQWXWWLLFRQFHV VLRQDULSHUGLVEULJDUHLFDVLFRQWHPSODWLGDOODJDUDQ]LD6HDFTXLVWDWH XQSURGRWWR5,7&+(<QRQGDXQFRQFHVVLRQDULR5,7&+(<DXWR UL]]DWRPDDGHVVXXQ·DVWDRQOLQHQRQSRWHWHULYDOHUYLLQDOFXQ PRGRVX5,7&+(<HGRYHWHULYROJHUYLDOUHODWLYRYHQGLWRUH 5,7&+(<,QWHUQDWLRQDO 9LD&DQWRQDOH &+*UDQFLD/XJDQR 5,7&+(<&RUSRUDWH+4·V 6SLFH,VODQG'ULYH 6SDUNV19 (XURSHDQ$XWKRUL]HG5HSUHVHQWDWLYH 2EHOLVVD %G*pQpUDO:DKLV %UXVVHOV%(/*,80 5,7&+(<'HVLJQ,QF 6DOHV:DUUDQW\2IÀFH 2OG&RXQW\5RDG 6DQ&DUORV&$ 5,7&+(<'HVLJQ,QF7DLZDQ%UDQFK &KXQJDQJ5G6HF 7DLFKXQJ 7DLZDQ52& 0RGLÀFKHDLGHWWDJOLWHFQLFLDOWHVWRHDOOHLOOXVWUD]LRQLULVHUYDWH ËYLHWDWDODULVWDPSDODWUDGX]LRQHODULSURGX]LRQHRO·XOWH ULRUH XVR DG HV VX VXSSRUWL HOHWWURQLFL DQFKH SDU]LDOH VHQ]D DXWRUL]]D]LRQHVFULWWD 7HVWRRFRQFH]LRQH =HGOHU ² ,QVWLWXW IU )DKUUDGWHFKQLN XQG 6LFKHUKHLW *PE+ ZZZ]HGOHUGH (GL]LRQHRWWREUH 5LYROJHWHYLDOYRVWURGLVWULEXWRUHQD]LRQDOH8QHOHQFRqGLVSRQLELOHDOO¶LQGLUL]]RZZZULWFKH\ORJLFFRP
Scarica
