)RUP 1R 5HY $ ;/ 3RZHU 7KURZZ 6SD]]DQHYH 0RGHOOR 1 ³ HG ROWUH 0DQXDOH GHOO·RSHUDWRUH ,WDOLDQR ,
,QGLFH 5HJROD]LRQH GHO VHOHWWRUH GL YHORFLWj /XEULILFD]LRQH GHOOR VSD]]DQHYH 6RVWLWX]LRQH GHOOD FDQGHOD 6YXRWDPHQWR GHO VHUEDWRLR GHO FDUEXUDQWH /RFDOL]]D]LRQH JXDVWL 5LPHVVDJJLR 3UHSDUD]LRQH GHOO·LPSLDQWR GL DOLPHQWD]LRQH 3UHSDUD]LRQH GHO PRWRUH 3UHSDUD]LRQH G
1RUPH GL VLFXUH]]D JHQHUDOL GHOOR VSD]]DQHYH ,O SUHVHQWH PDQXDOH HYLGHQ]LD L SHULFROL SRWHQ]LDOL H ULSRUWD PHVVDJJL GL VLFXUH]]D VSHFLDOL SHU DLXWDUH YRL HG DOWUH SHUVRQH DG HYLWDUH OHVLRQL SHUVRQDOL HG DQFKH OD PRUWH 3(5,&2/2 $99(57(1=$ H $77(1=,21( VRQR WHUPLQL XWLOL]]DWL SHU HYLGHQ]LDUH LO WLSR GL SHULFROR /H VHJXHQWL LVWUX]LRQL VRQR VWDWH DGDWWDWH GDOOD QRUPD $16, 23(, % H GDOOD QRUPD ,62 LQ YLJRUH DO WHPSR GHOOD IDEEULFD]LRQH /H LQIRUPD]LRQL R OD WHUPLQRORJLD VSHFLILFKH SHU JOL VSD]]D
1RQ WHQWDWH PDL GL HIIHWWXDUH UHJROD]LRQL D PRWRUH DFFHVR VDOYR HVSUHVVD LQGLFD]LRQH GHOOD 7RUR 1RQ VRYUDFFDULFDWH OD PDFFKLQD QHO WHQWDWLYR GL VSD]]DUH WURSSR YHORFHPHQWH OD QHYH /DVFLDWH FKH OD PDFFKLQD HG LO PRWRUH VL DGDWWLQR DOOD WHPSHUDWXUD HVWHUQD SULPD GL LQL]LDUH D VSD]]DUH OD QHYH 1RQ XWLOL]]DWH PDL OD PDFFKLQD D YHORFLWj GL WUDVSRUWR HOHYDWH VX VXSHUILFL VFLYRORVH 3ULPD GL SURFHGHUH LQ UHWURPDUFLD JXDUGDWH GLHWUR HG XWLOL]]DWH OD PDVVLPD FDXWHOD 7XWWH OH PDFFKLQH D PRWRUH GL
6LFXUH]]D GHJOL VSD]]DQHYH 7RUR (VHJXLWH VRODPHQWH JOL LQWHUYHQWL GL PDQXWHQ]LRQH LQGLFDWL LQ TXHVWR PDQXDOH 3ULPD GL HIIHWWXDUH TXDOVLDVL UHJROD]LRQH R ODYRUR GL PDQXWHQ]LRQH R DVVLVWHQ]D VSHJQHWH LO PRWRUH WRJOLHWH OD FKLDYHWWD H VWDFFDWH LO FDYR GHOOD FDQGHOD WHQHQGROR ORQWDQR GDOOD FDQGHOD SHU SUHYHQLUH O·DYYLDPHQWR DFFLGHQWDOH GHO PRWRUH ,Q FDVR GL ULSDUD]LRQL GL QRWHYROH HQWLWj ULYROJHWHYL DG XQ &HQWUR GL $VVLVWHQ]D $XWRUL]]DWR 7RUR /D VHJXHQWH OLVWD FRQWLHQH LQIRUPD]LRQL VXOOD VLFXUH]]D VSH
$WWHQ]LRQH / XVR LPSURSULR SXÌ SURYRFD OD SHUGLWD GL GLWD PDQL R SLHGL 3ULPD GHOO XVR /HJJHWH H FRPSUHQGHWH LO FRQWHQXWR GL TXHVWR PDQXDOH SULPD GL DYYLDUH OR VSD]]DQHYH $FTXLVLWH IDPLOLDULW FRQ WXWWL L FRPDQGL HG LPSDUDWH DG DUUHVWDUH UDSLGDPHQWH LO PRWRUH 9HQWROD DG DOWD YHORFLW D PP GDOO DSHUWXUD 3RVL]LRQH GL JXLGD /D FRFOHD D EDVVD YHORFLW KD XQ SXQWR GL SUHVD PRELOH YLFLQR DOO DSHUWXUD *ORVVDULR GHL VLPEROL 7ULDQJROR FRQ VLPEROR GL DYYHUWLPHQWR LO VLPEROR DOO·LQWHUQR GHO WULDQJRO
&RQVXOWDWH LO PDQXDOH WHFQLFR SHU DSSUHQGHUH OH SURFHGXUH GL DVVLVWHQ]D DSSURSULDWH 0DQWHQHWHYL D GLVWDQ]D GL VLFXUH]]D GDOOR VSD]]DQHYH D GXH VWDGL 6SHJQHWH LO PRWRUH H WRJOLHWH OD FKLDYH SULPD GL HVHJXLUH ODYRUL GL PDQXWHQ]LRQH R ULSDUD]LRQH 2JJHWWL VFDJOLDWL (VSRVL]LRQH WRWDOH GHO FRUSR 6SHJQHWH LO PRWRUH H WRJOLHWH OD FKLDYH SULPD GL DEEDQGRQDUH OD SRVL]LRQH GL PDQRYUD VSD]]DQHYH PRQRVWDGLR 6FRVVD HOHWWULFD HOHWWURFX]LRQH 6SHJQHWH LO PRWRUH H WRJOLHWH OD FKLDYH SULPD GL DEEDQGRQDUH OD SRV
7HQHWH DOO·DVFLXWWR &RFOHD GL UDFFROWD GHOOR VSD]]DQHYH 'LUH]LRQH GL VSRVWDPHQWR GHOOD PDFFKLQD DYDQWL ,QQHVWR 'LUH]LRQH GL VSRVWDPHQWR GHOOD PDFFKLQD LQGLHWUR 'LVLQQHVWR 2Q $YYLDPHQWR 6WDUWHU 2II 6SHJQLPHQWR 9HORFLWj GHO PRWRUH DFFHOHUDWRUH 5DSLGR )ROOH /HQWR &RFOHD YHQWROD GL UDFFROWD GHOOR VSD]]DQHYH 'HFUHVFHQWH &UHVFHQWH %ORFFDJJLR
$YYLDPHQWR PRWRUH 6EORFFDJJLR $UUHVWR PRWRUH )XQ]LRQDPHQWR OHYD 'LUH]LRQH GHOOR VFLYROR GHOOR VSD]]DQHYH )XQ]LRQDPHQWR OHYD ,QLHWWRUH VWDUWHU &RPEXVWLELOH VHQ]D SLRPER )XQ]LRQDPHQWR GHOO·LQLHWWRUH 7DJOLR GL GLWD R PDQL )XQ]LRQDPHQWR GHOOD YDOYROD GHO FDUEXUDWRUH 7DJOLR GHL SLHGL )XQ]LRQDPHQWR 3RZHU6KLIW 3HUFRUVR GHOOD FLQJKLD
$VVHPEODJJLR 1RWD , ODWL GHVWUR H VLQLVWUR GHOOR VSD]]DQHYH VRQR GHWHUPLQDWL FRQ O·RSHUDWRUH LQ SLHGL GLHWUR OH VWHJROH QHOOD QRUPDOH SRVL]LRQH GL HVHUFL]LR 3DUWL VFLROWH 0DWHULDOH 4Wj 8VR 6WHJROD 9LWL D WHVWD FLOLQGULFD 5RQGHOOH FXUYH ,QVWDOOD]LRQH GHOOH VWHJROH $VWD GHO VHOHWWRUH GL YHORFLWj &RSSLJOLD 5RQGHOOD SLDQD 'DGR GL EORFFDJJLR IODQJLDWR 0ROOD GL FRPSUHVVLRQH 7LUDQWH LQIHULRUH 'DGR GL EORFFDJJLR IODQJLDWR 'DGR IODQJLDWR ,QVWDOOD]LRQH GHOOD WLUDQWHULD GL FRQWUROO
,QILODWH OH UXRWH HG LQVWDOODWH LO SHUQR GHOO·DVVH QHL IRUL GHL PR]]L GHOOH UXRWH DG DWWUDYHUVR LO IRUR LQWHUQR GHOO·DVVH )LJ 3RVL]LRQDWH OD VWHJROD VLQLVWUD HG LQVHULWH O·DVWD GL WUD]LRQH QHO FHUFKLR GHOO·DVWD GL WUD]LRQH LQIHULRUH )LJ )LJXUD P )RUR LQWHUQR GHOO·DVVH H PR]]R )LJXUD $VWD GL WUD]LRQH LQIHULRUH $VWD GL WUD]LRQH )RUR HVWHUQR GHOO·DVVH 3HUQR GHOO·DVVH 1RWD 6H OR VSD]]DQHYH q FRUUHGDWR GL FDWHQH GD QHYH RS]LRQDOL LQVWDOODWH
5XRWDWH O·DVWD GHO VHOHWWRUH GL YHORFLWj QHO EDULORWWR )LJ ILQFKp O·HVWUHPLWj LQIHULRUH GHOO·DVWD VL LQILOD QHO IRUR GHO EUDFFLR GHO VHOHWWRUH GL YHORFLWj )LJ )LJXUD P $VWD GHO VHOHWWRUH GL /HYD GHO FRPDQGR GL WUD]LRQH )LJXUD P FP FLUFD FP 0DQLJOLD %DULORWWR YHORFLWj 3RUWDWH LO VHOHWWRUH GL YHORFLWj )LJ LQ TXLQWD PDUFLD 7LUDWH OHQWDPHQWH OR VSD]]DQHYH DOO·LQGLHWUR SUHPHQGR OHQWDPHQWH OD OHYD GHO FRPDQGR GL WU
$YYLWDWH XQ GDGR IODQJLDWR IODQJLD LQ DOWR LQ IRQGR DOO·DVWD GHO FRPDQGR VXSHULRUH VRWWR LO FHUFKLR QHO WLUDQWH LQIHULRUH )LJ &RQWUROODWH OD GLVWDQ]D WUD HVWUHPLWj VXSHULRUH GHOOD PDQLJOLD H TXHOOD LQIHULRUH GHOOD OHYD GL FRPDQGR GL FRFOHD YHQWROD )LJ /D GLVWDQ]D GHYH HVVHUH FLUFD FP P )LJXUD 6FLYROR GL VFDULFR $QFRUDJJLR LQ SODVWLFD VFLYROR GHOOR VFLYROR /HYD GL FRPDQGR GL FP FLUFD FRFOHD YHQWROD FP $QHOOR GHO
,QVHULWH OD YLWH D WHVWD WRQGD QHO IRUR GL PRQWDJJLR GHOOD VWDIID GHOOD YLWH VHQ]D ILQH )LJ 7RJOLHWH L GXH EXOORQL IODQJLDWL H OH URQGHOOH SLDQH FKH ILVVDQR OH HVWUHPLWj GHO UDVFKLDWRUH DOOH SLDVWUH ODWHUDOL )LJ P )LJXUD P )LJXUD )ODQJLD GL PRQWDJJLR 9LWH VHQ]D ILQH %XOORQL IODQJLDWL 5RQGHOOH SLDQH 9LWH VHQ]D ILQH 9LWH D WHVWD WRQGD 3LDVWUD ODWHUDOH 'DGR GL EORFFDJJLR $VWD GHOO·LQJUDQDJJ
&RQWUROODWH LO OLYHOOR GHOO·ROLR VXOO·DVWD 6H LO OLYHOOR GHOO·ROLR q EDVVR UDEERFFDWH OD VFDWROD LQJUDQDJJL FRQ ROLR SHU WUDVPLVVLRQL */² R */² 6$( ² (3 ILQFKp TXDVL QRQ WUDERFFD 6H LO OLYHOOR GHOO·ROLR VL WURYD DO GL VRWWR GHO VHJQR )XOO DJJLXQJHWH OHQWDPHQWH O·ROLR FRQWUROODQGR IUHTXHQWHPHQWH LO OLYHOOR YHGHUH SXQWL ² ILQFKp O·DVWD GL OLYHOOR QRQ LQGLFD )XOO 1RWD 1RQ XWLOL]]DWH ROLR VLQWHWLFR SHU LQJUDQDJJL LQ TXDQWR SXz HVVHUH LQFRPSDWLELOH FRQ O·ROLR QHOOD VFDWROD LQJUDQDJJL
3XOLWH RJQL HYHQWXDOH WUDFFLD GL EHQ]LQD YHUVDWD 3(5,&2/2 &RQWUROOR GHOOD SUHVVLRQH GHL SQHXPDWLFL 3(5,&2/2 327(1=,$/( ,Q GHWHUPLQDWH FLUFRVWDQ]H GXUDQWH LO ULIRUQLPHQWR HYHQWXDOL FDULFKH VWDWLFKH SRVVRQR LQFHQGLDUH LO FDUEXUDQWH &RQWUROODWH OD SUHVVLRQH GHL SQHXPDWLFL SRLFKp HVVL YHQJRQR VRYUDJRQILDWL LQ IDEEULFD SHU PRWLYL GL WUDVSRUWR 5LGXFHWH XQLIRUPHPHQWH OD SUHVVLRQH GL HQWUDPEL D XQ YDORUH FRPSUHVR WUD H N3D &26$ 38Ð 68&&('(5( 8Q LQFHQGLR R XQ·HVSORVLRQH FDXVDWD GDOOD EHQ]LQD
,QWHUUXWWRUH GL DFFHQVLRQH )LJ ³,QVHULWH OD FKLDYH SHU DYYLDUH LO PRWRUH FRQ O·DYYLDWRUH DXWRDYYROJHQWH 3HU VSHJQHUH LO PRWRUH WRJOLHWH OD FKLDYH 0DQLJOLD GHO GHIOHWWRUH GHOOR VFLYROR )LJ ³/D PDQLJOLD GHO GHIOHWWRUH VLWXDWD VRSUD OR VFLYROR GL VFDULFR FRQWUROOD O·DOWH]]D GHO JHWWR GL QHYH P )LJXUD )LJXUD ,QWHUUXWWRUH GL DFFHQVLRQH $FFHOHUDWRUH 6WDUWHU $GHVFDWRUH 0DQLJOLD GHO GHIOHWWRUH 6FLYROR GL VFDULFR GHOOR VFLYROR 6
$IIHUUDWH OD PDQRSROD GL DYYLDPHQWR )LJ H WLUDWHOD OHQWDPHQWH YHUVR O·HVWHUQR TXLQGL WLUDWHOD FRQ YLJRUH SHU DYYLDUH LO PRWRUH 6FROOHJDWH LO IHUPDJOLR GHO ILOR GL WHUUD YHUGH VRWWR O·DFFHOHUDWRUH )LJ ,PSXJQDWH VDOGDPHQWH OD PDQRSROD H ULSRUWDWHOD JUDGXDOPHQWH QHOOD SRVL]LRQH LQL]LDOH 1RWD 6H LO PRWRUH QRQ VL DYYLD R OD WHPSHUDWXUD q LQIHULRUH D ² E& SXz HVVHUH QHFHVVDULR XQ XOWHULRUH DGHVFDPHQWR 2JQL YROWD FKH SUHPHWH O·LQLHWWRUH SURYDWH DG DFFHQGHUH LO PRWRUH SULPD GL SUHPHUH
6SHJQLPHQWR GHO PRWRUH 5HJROD]LRQH GHO IDUR ,QQHVWDWH OD FRFOHD SHU ULSXOLUH O·DOORJJLDPHQWR GDOOD QHYH HYHQWXDOPHQWH GHSRVLWDWD $OOHQWDWH L GXH GDGL VXO EXOORQH D 8 FKH ILVVD OD VWDIID GHO IDUR DOOD VWHJROD )LJ )DWH JLUDUH LO PRWRUH SHU DOFXQL PLQXWL SHU DVFLXJDUH O·HYHQWXDOH XPLGLWj DFFXPXODWDVL $ PRWRUH DFFHVR WLUDWH WUH R TXDWWUR YROWH O·DYYLDWRUH DXWRDYYROJHQWH FRQ XQ PRYLPHQWR GHO EUDFFLR UDSLGR HG XQLIRUPH ,Q TXHVWR PRGR VL SUHYLHQH LO FRQJHODPHQWR GHOO·DYYLDWRUH 1RWD /D W
6XJJHULPHQWL 7DOYROWD OD SDUWH DQWHULRUH GHOOR VSD]]DQHYH WHQGH D VROOHYDUVL ,Q WDO FDVR ULGXFHWH OD YHORFLWj SDVVDQGR DG XQD PDUFLD LQIHULRUH 6H LO SUREOHPD SHUVLVWH VROOHYDWH HQWUDPEH OH VWHJROH SHU PDQWHQHUH EDVVD OD SDUWH DQWHULRUH GHOOR VSD]]DQHYH 3(5,&2/2 3(5,&2/2 327(1=,$/( 4XDQGR OR VSD]]DQHYH q LQ IXQ]LRQH OD YHQWROD H OD FRFOHD SRVVRQR UXRWDUH 6H SRVVLELOH VFDULFDWH OD QHYH VRWWRYHQWR 6RYUDSSRQHWH OH SDVVDWH SHU DVVLFXUDUYL FKH WXWWD OD QHYH YHQJD VSD]]DWD &26$ 38Ð 68&&('(5(
0DQXWHQ]LRQH 3URJUDPPD GL PDQXWHQ]LRQH UDFFRPDQGDWR ,QWHUYHQWR ,QL]LDOH 2UH 2UH 2UH 2UH &RQWUROOR GHO OLYHOOR GHOO·ROLR PRWRUH &RQWUROODWH LO OLYHOOR GHOO·ROLR RJQL YROWD SULPD GL XWLOL]]DUH OD PDFFKLQD H UDEERFFDWH VH QHFHVVDULR ; ; ; ; ; ; &DPELDWH O·ROLR PRWRUH &DPELDWH O·ROLR PRWRUH GRSR OH SULPH GXH RUH GL VHUYL]LR GRSRGLFKp VHJXLWH OH LVWUX]LRQL ; ; 6FDWROD LQJUDQDJJL GHOOD FRFOHD &RQWUROOR GHOO·ROLR GHOOD VFDWROD LQJUDQDJJL GHOOD FRFOHD HG DOO·RFFRUUHQ]D DJJLXQJHWH
&RPSRQHQWH ,QWHUYHQWR 6RVWLWX]LRQH GHOOD FLQJKLD GL WUDVPLVVLRQH GL FRFOHD YHQWROD 6RVWLWXLWH OD FLQJKLD GL WUDVPLVVLRQH GL FRFOHD YHQWROD FRPH RSSRUWXQR 3DWWLQL H UDVFKLDWRUH 5HJRODWH L SDWWLQL H OD ODPD GHO UDVFKLDWRUH ; 6HOHWWRUH GL YHORFLWj 5HJRODWH LO VHOHWWRUH GL YHORFLWj FRPH RSSRUWXQR ; /XEULILFD]LRQH GHOOR VSD]]DQHYH 2OLDWH HG LQJUDVVDWH OH SDUWL PRELOL LQWHUQH &DQGHOD 3XOLWH OD FDQGHOD H FRQWUROODWH OD GLVWDQ]D IUD JOL HOHWWURGL $OO·RFFRUUHQ]D VRVWLWXLWHOD 6HUEDWRLR GHO FDUEXUDQ
&RQWUROOR GHOO·ROLR GHOOD VFDWROD LQJUDQDJJL GHOOD FRFOHD &RQWUROODWH LO OLYHOOR GHOO·ROLR VXOO·DVWD 6H LO OLYHOOR GHOO·ROLR VL WURYD DO GL VRWWR GHO VHJQR )XOO DJJLXQJHWH OHQWDPHQWH O·ROLR FRQWUROODQGR IUHTXHQWHPHQWH LO OLYHOOR GHOO·ROLR ILQFKp O·DVWD GL OLYHOOR QRQ LQGLFD )XOO &RQWUROODWH LO OLYHOOR GHOO·ROLR QHOOD VFDWROD LQJUDQDJJL GHOOD FRFOHD GRSR O·DVVHPEODJJLR GHOOR VSD]]DQHYH H FRPH ULSRUWDWR QHO 3URJUDPPD GL PDQXWHQ]LRQH UDFFRPDQGDWR D SDJ 8WLOL]]DWH HVFOXVLYDPHQWH ROLR GHWHUJHQ
6RVWLWX]LRQH GHOOD FLQJKLD GL WUD]LRQH 6RVWLWXLWH OD FLQJKLD GL WUD]LRQH )LJ TXDORUD VLD XVXUDWD JUDIILDWD VSRUFD G·ROLR R GDQQHJJLDWD LQ TXDOVLDVL PRGR /D FLQJKLD GL ULFDPELR q GLVSRQLELOH SUHVVR LO &HQWUR GL $VVLVWHQ]D 7RUR DXWRUL]]DWR 6FROOHJDWH LO FDYR GHOOD FDQGHOD H DFFHUWDWHYL FKH QRQ OD WRFFKL )LJ 7RJOLHWH OH WUH YLWL FKH ILVVDQR LO FRSHUFKLR GHOOD FLQJKLD H VSRVWDWH D ODWR LO FRSHUFKLR )LJ P )LJXUD 3XOHJJLD WHQGLFLQJKLD GL
0RQWDWH OD PROOD GHOOD SXOHJJLD WHQGLFLQJKLD 7LUDWH OD SXOHJJLD WHQGLFLQJKLD YHUVR O·HVWHUQR H IDWH SDVVDUH OD FLQJKLD GDYDQWL DOOD SXOHJJLD GHO PRWRUH DFFHUWDQGRYL FKH OD FLQJKLD VL WURYL DOO·LQWHUQR GHOOD SXOHJJLD WHQGLFLQJKLD )LJ ,QVWDOODWH LO FRSHUFKLR GHOOD FLQJKLD FRQ OH WUH YLWL 9HULILFDWH FKH OD FRFOHD H OD YHQWROD QRQ JLULQR PHQWUH OD UHODWLYD OHYD GHO FRPDQGR GL WUD]LRQH VL WURYD LQ SRVL]LRQH 'LVLQQHVWDWR 'DOOD SRVL]LRQH GL ODYRUR JXDUGDWH LO ODWR GHOO·DOORJJLDPHQWR GHOO
0RQWDWH OD JROD GHOOD SXOHJJLD OD URQGHOOD OD URQGHOOD GL EORFFDJJLR H OD YLWH GHOO·DOEHUR PRWRUH &RQWUROODWH OD UHJROD]LRQH ULVSHWWDQGR L SXQWL GHO SDUDJUDIR GL ,QVWDOOD]LRQH GHOOD WLUDQWHULD GL FRQWUROOR GL FRFOHD YHQWROD D SDJ (IIHWWXDWH OH PRGLILFKH QHFHVVDULH 1RWD $FFHUWDWHYL FKH OH WDFFKH GL DOOLQHDPHQWR VX JROD GHOOD SXOHJJLD H SXOHJJLD FHQWUDOH VLDQR DOOLQHDWH )DWH DWWHQ]LRQH D QRQ FRPSULPHUH OD FLQJKLD GL FRPDQGR )LJ &RQWUROODWH OD WHQVLRQH GHOOD FLQJKLD D]LRQDQ
&RQWUROODWH OD SUHVVLRQH GHL SQHXPDWLFL )DWH ULIHULPHQWR D &RQWUROOR GHOOD SUHVVLRQH GHL SQHXPDWLFL D SDJLQD 5HJROD]LRQH GHO VHOHWWRUH GL YHORFLWj 3RUWDWH OR VSD]]DQHYH VX XQD VXSHUILFLH SLDQD 6H OR VSD]]DQHYH q OHQWR VH OD VHOH]LRQH GHOOD SULPD QRQ IXQ]LRQD R VH LO VHOHWWRUH GL YHORFLWj QRQ VL VSRVWD LQ TXLQWD PHWWHWH D SXQWR OD WLUDQWHULD GHO VHOHWWRUH GL YHORFLWj $OOHQWDWH L TXDWWUR EXOORQL IODQJLDWL FKH ILVVDQR HQWUDPEL L SDWWLQL DOOH SLDVWUH ODWHUDOL GHOOD FRFOHD )LJ ILQFKp L
/XEULILFDWH OHJJHUPHQWH OR VSD]]DQHYH FRQ ROLR OHJJHUR FRPH LOOXVWUDWR QHOOH )LJXUH H 6WDFFDWH LO FDYR GHOOD FDQGHOD )LJ H WRJOLHWH OD FDQGHOD GDOOD WHVWDWD ,03257$17( 1RQ ODVFLDWH FDGHUH ROLR R JUDVVR VXOOD UXRWD GL JRPPD R VXOOD SLDVWUD GL FRPDQGR GHOOD IUL]LRQH SHUFKp FLz IDUHEEH VOLWWDUH OD UXRWD H OD JRPPD VL GHWHULRUHUHEEH ,03257$17( /H FDQGHOH LQFULQDWH LQFURVWDWH R VSRUFKH GHYRQR HVVHUH VRVWLWXLWH 1RQ VDEELDWH UDVFKLDWH R SXOLWH JOL HOHWWURGL SRLFKp OD JUDQLJOLD SRWUHEE
$OOHQWDWH OD IDVFHWWD FKH ILVVD LO WXER GHO FDUEXUDQWH DOOD YDOYROD H VILODWHOR GDOOD YDOYROD )LJ ,QVWDOODWH LO WXER GHO FDUEXUDQWH H ILVVDWHOR FRQ XQD IDVFHWWD $SULWH OD YDOYROD GL DUUHVWR GHO FDUEXUDQWH UXRWDQGROD LQ VHQVR DQWLRUDULR SHU VFDULFDUH LO FDUEXUDQWH QHOOD YDVFKHWWD &ROOHJDWH LO FDYR DOOD FDQGHOD HG DYYLDWH OR VSD]]DQHYH )DUH JLUDUH LO PRWRUH ILQFKp QRQ VL IHUPD /RFDOL]]D]LRQH JXDVWL 7RUR KD SURJHWWDWR H FRVWUXLWR LO YRVWUR VSD]]DQHYH LQ PRGR FKH IXQ]LRQL VHQ]D SUR
352%/(0$ ,O PRWRUH QRQ VL DYYLD R VL DYYLD FRQ GLIILFROWj ,O PRWRUH QRQ q UHJRODUH ,O PRWRUH JLUD PD OD QHYH YLHQH VFDULFDWD SRFR R QLHQWH DIIDWWR DIIDWWR &$86( 3266,%,/, 0,685( &255(77,9( ,O OLYHOOR GHOO·ROLR PRWRUH QHO FDUWHU q WURSSR EDVVR R WURSSR DOWR $JJLXQJHWH R WRJOLHWH O·ROLR QHO FDUWHU ILQR D UDJJLXQJHUH LO VHJQR )XOO VXOO·DVWD GL PLVXUD]LRQH /D WHPSHUDWXUD GHOO·DULD q VXSHULRUH D & H OD VFDWROD GL ULVFDOGDPHQWR q VXOOR VSD]]DQHYH 7RJOLHWH OD VFDWROD GL ULVFDOGDPHQWR V
352%/(0$ &$86( 3266,%,/, 0,685( &255(77,9( /D FLQJKLD GL WUDVPLVVLRQH GL FRFOHD YHQWROD VL q DOOHQWDWD R q FDGXWD GDOOD SXOHJJLD 0RQWDWH H R UHJRODWH OD FLQJKLD GL WUDVPLVVLRQH GL FRFOHD YHQWROD /D FLQJKLD GL WUDVPLVVLRQH GHOOD FRFOHD YHQWROD q FRQVXPDWD R URWWD 6RVWLWXLWH OD FLQJKLD GL WUDVPLVVLRQH GL FRFOHD YHQWROD %DVVD SUHVVLRQH GHL SQHXPDWLFL &RQWUROODWH OD SUHVVLRQH GHL SQHXPDWLFL HG DOO·RFFRUUHQ]D UHJRODWHOD , SDWWLQL H R LO UDVFKLDWRUH QRQ VRQR PHVVL D SXQWR 5
5LPHVVDJJLR &DPELDWH O·ROLR PRWRUH &RQVXOWDWH &DPELR GHOO·ROLR PRWRUH D SDJ 3UHSDUD]LRQH GHOOR VSD]]DQHYH $99(57(1=$ /XEULILFDWH OR VSD]]DQHYH &RQVXOWDWH /XEULILFD]LRQH GHOOR VSD]]DQHYH D SDJ 3(5,&2/2 327(1=,$/( , JDV GL VFDULFR GHOOD EHQ]LQD VRQR LQILDPPDELOL HVSORVLYL H SHULFRORVL VH LQDODWL 3XOLWH OR VSD]]DQHYH &26$ 38Ð 68&&('(5( 6H OD PDFFKLQD YLHQH SDUFKHJJLDWD LQ XQ DPELHQWH LQ FXL VL WURYD XQD ILDPPD OLEHUD L JDV GL VFDULFR GL EHQ]LQD SRVVRQR SUHQGHUH IXRFR H FDX