)RUP 1R +( :KHHO +RUVHX 7UDWWRULQR GD *LDUGLQR 0RGHOOR HG ROWUH 0DQXDOH GHOO·RSHUDWRUH ,WDOLDQ ,
3DJLQD )XQ]LRQDPHQWR /D VLFXUH]]D SULPD GL WXWWR &RPDQGL )UHQR GL VWD]LRQDPHQWR $YYLDPHQWR H VSHJQLPHQWR GHO PRWRUH $]LRQDPHQWR GHOOD SUHVD GL IRU]D 3') 6LVWHPD PLFURLQWHUUXWWRUL GL VLFXUH]]D 0RGXOR LQGLFDWRUL
,QWURGX]LRQH 3HULFROR VHJQDOD XQD VLWXD]LRQH GL HVWUHPR SHULFROR FKH SURYRFD LQIRUWXQL JUDYL R OD PRUWH VH QRQ VL RVVHUYDQR OH SUHFDX]LRQL UDFFRPDQGDWH *UD]LH SHU DYHUH DFTXLVWDWR XQ SURGRWWR 7RUR $YYHUWHQ]D VHJQDOD XQ SHULFROR FKH SXz SURYRFDUH LQIRUWXQL JUDYL R OD PRUWH VH QRQ VL RVVHUYDQR OH SUHFDX]LRQL UDFFRPDQGDWH 7XWWL QRL GHOOD 7RUR FL DXJXULDPR FKH VLDWH FRPSOHWDPHQWH VRGGLVIDWWL GHO YRVWUR QXRYR SURGRWWR 3HU LQIRUPD]LRQL LQ PDWHULD GL DVVLVWHQ]D ULFDPEL RULJLQDOL R DOWUH LQIRUPD]LRQL ULYR
3ULPD GHOO·XVR FRQWUROODWH VHPSUH D YLVWD FKH OH ODPH L EXOORQL GHOOH ODPH H LO JUXSSR GL WDJOLR QRQ VLDQR XVXUDWL R GDQQHJJLDWL 6RVWLWXLWH LQ VHULH ODPH H EXOORQL GDQQHJJLDWL SHU PDQWHQHUH LO ELODQFLDPHQWR GHOOD PDFFKLQD 1RQ WRVDWH LQ SURVVLPLWj GL DOWUH SHUVRQH VRSUDWWXWWR EDPELQL R GL DQLPDOL GD FRPSDJQLD 5LFRUGDWH VHPSUH FKH O·RSHUDWRUH R XWLOL]]DWRUH q UHVSRQVDELOH GL LQFLGHQWL R SHULFROL RFFRUVL DG DOWUH SHUVRQH R DOOD ORUR SURSULHWj 6X PDFFKLQH PXOWLODPD ULFRUGDWH FKH OD URWD]LRQH
6SHJQHWH LO PRWRUH H GLVLQVHULWH OD WUDVPLVVLRQH DOO·DFFHVVRULR 3UHVWDWH DWWHQ]LRQH DO WUDIILFR TXDQGR DWWUDYHUVDWH R SURFHGHWH QHL SUHVVL GL XQD VWUDGD SULPD GHO ULIRUQLPHQWR GL FDUEXUDQWH $UUHVWDWH OD URWD]LRQH GHOOD ODPD SULPD GL DWWUDYHUVDUH VXSHUILFL QRQ HUERVH SULPD GL WRJOLHUH LO UDFFRJOLHUED 4XDQGR XWLOL]]DWH GHJOL DFFHVVRUL QRQ GLULJHWH PDL OR VFDULFR GHO PDWHULDOH YHUVR WHU]L H QRQ FRQVHQWLWH DG DOFXQR GL DYYLFLQDUVL DOOD PDFFKLQD GXUDQWH LO ODYRUR SULPD GL HIIHWWXDUH UH
LFXUH]]D GHO ULGHU 7RUR /LYHOOR GL SRWHQ]D DFXVWLFD /D VHJXHQWH OLVWD FRQWLHQH LQIRUPD]LRQL VXOOD VLFXUH]]D PLUDWH DL SURGRWWL 7RUR RG DOWUH LQIRUPD]LRQL VXOOD VLFXUH]]D QRQ FRPSUHVH QHOOD QRUPDWLYD &(1 4XHVWD XQLWj SUHVHQWD XQ OLYHOOR GL SRWHQ]D DFXVWLFD GL /ZD EDVDWR VX PLVXUD]LRQL GL PDFFKLQH LGHQWLFKH DL VHQVL GHOOH SURFHGXUH ULSRUWDWH QHOOD 'LUHWWLYD &(( HG HPHQGDPHQWL 8WLOL]]DWH VROWDQWR DFFHVVRUL DSSURYDWL GDOOD 7RUR /·XWLOL]]R GL DFFHVVRUL QRQ DSSURYDWL SXz UHQGHUH QXOOD OD J
DEHOOD GHL SHQGLL $//,1($7( 48(672 %25'2 &21 81 3,$12 9(57,&$/( $/%(52 (',),&,2 3$/2 ', 812 67(&&$72 3$/2 (&& 3 ,( * $ 7 ( 3 3 & , ( ( 2 * 1 1 ' ) $ 7 , 2 5 2 2 & 1 2 7 1 $ 7 , / ( / 8 1 * 2 ( 6 ( 0 3 , 2 / $ 5 ,* $ $ 3 3 5 2 3 5 ,$ % , / 2 5 ' 2 7 $
1RUPH GL VLFXUH]]D H DGHVLYL G·LVWUX]LRQH *OL DGHVLYL G·LVWUX]LRQH VRQR FKLDUDPHQWH YLVLELOL H VRQR DIILVVL DFFDQWR D ]RQH SDUWLFRODUPHQWH SHULFRORVH 6RVWLWXLWH JOL DGHVLYL GDQQHJJLDWL R VPDUULWL 1R FDW 3HULFROR /HJJHWH LO PDQXDOH FRPSUHQGHWHOR 3HULFROR GL ULEDOWDPHQWR 3HULFROR GL ULEDOWDPHQWR QRQ DWWUDYHUVDWH SHQGLL GL 3HULFROR GL RJJHWWL VFDJOLDWL ² 3HULFROR GL RJJHWWL VFDJOLDWL ² WHQHWH ORQWDQR JOL DVWDQWL WHQHWH ORQWDQR JOL DVWDQWL GHOO·RSHUDWRUH H
1R FDW 1R FDW &DPELDWH OD JDPPD GL DOWH]]H GHO SLDWWR GL WDJOLR .H\&KRLFH JLUDWHOD SHU WRVDUH LQ UHWURPDUFLD 3HULFROR GL FDPELDQGR OH SXOHJJH YHGHUH LO PDQXDOH GHOO·RSHUDWRUH 1R FDW 1R FDW DVWDQWL QRQ GLVDWWLYDWH OD VPHPEUDPHQWR ² IXQ]LRQH HVFOXVLRQH GHOOD 3HULFROR GL 3HULFROR GL RJJHWWL VFDJOLDWL 1RQ GDWH SDVVDJJL WRVDWXUD LQ UHWURPDUFLD JXDUGDWH LQGLHWUR H LQ JL GXUDQWH OD UHWURPDUFLD ,Q SUHVHQ]D GL EDPELQL R VFKLDF
1R FDW 6ROOHYDPHQWR DFFHVVRUL $EEDVVDPHQWR DFFHVVRUL 1R FDW ,QQHVWDWH OD WUDVPLVVLRQH 1RQ WUDLQDWH LO WUDWWRULQR SHU XVDUH LO WUDWWRULQR 'LVLQQHVWDWH OD WUDVPLVVLRQH SHU VSLQJHUH LO WUDWWRULQR 1R FDW &RQWLHQH SLRPER QRQ 8VDWH RFFKLDOL GL VLFXUH]]D ² /·DFLGR VROIRULFR SXz VPDOWLWH OD EDWWHULD QHOOD L JDV HVSORVLYL SRVVRQR DFFHFDUH H XVWLRQDUH VSD]]DWXUD DFFHFDUH H FDXVDUH DOWUH JUDYHPHQWH OHVLRQL 5LFLFODWH /DYDWH LPPHG
1R FDW 3HULFROR GL HVSORVLRQH 9LHWDWR IXPDUH VFLQWLOOH R ILDPPH 8VDWH RFFKLDOL GL /HJJHWH LO PDQXDOH 7HQHWH ORQWDQR JOL DVWDQWL VLFXUH]]D GHOO·RSHUDWRUH 3HULFROR OLTXLGR FDXVWLFR ² XVWLRQL DOOH PDQL H GDQQL DOOH FRVH 1R FDW 0DVVLPR /XFL 0LQLPR 2Q )XQ]LRQDPHQWR 6SHJQHUH LO PRWRUH $YYLDPHQWR 6WDUWHU ,QQHVWDWH OD 3') 2Q 'LVLQQHVWDWH OD 3') 6WRS 3') 1R FDW 3RVL]LRQH GHOO·DOWH]]D GL WD
%HQ]LQD H ROLR 8VR GHOOR VWDELOL]]DWRUH FRQGL]LRQDWRUH %HQ]LQD UDFFRPDQGDWD /·XVR GL XQR VWDELOL]]DWRUH FRQGL]LRQDWRUH QHOOD PDFFKLQD RIIUH L VHJXHQWL YDQWDJJL 8WLOL]]DWH EHQ]LQD QRUPDOH 6(1=$ 3,20%2 SHU DXWRPRELOL PLQLPR RWWDQL 4XDORUD QRQ VLD GLVSRQLELOH EHQ]LQD QRUPDOH VHQ]D SLRPER q SRVVLELOH XWLOL]]DUH EHQ]LQD QRUPDOH HWLOL]]DWD 0DQWLHQH IUHVFD OD EHQ]LQD GXUDQWH LO ULPHVVDJJLR ILQR D JLRUQL ,Q FDVR GL ULPHVVDJJL SL OXQJKL VL FRQVLJOLD GL VFDULFDUH LO FDUEXUDQWH ,PSRUWDQWH 1RQ XWL
)XQ]LRQDPHQWR ,QQHVWR GHO IUHQR GL VWD]LRQDPHQWR /D VLFXUH]]D SULPD GL WXWWR 6ROOHYDWH OD OHYD GHO IUHQR GL VWD]LRQDPHQWR )LJ HG DO]DWH OHQWDPHQWH LO SLHGH GDO SHGDOH GHO IUHQR ,O SHGDOH GHO IUHQR GHYH ULPDQHUH SUHPXWR EORFFDWR 3UHPHWH H WHQHWH SUHPXWR LO SHGDOH GHO IUHQR )LJ /HJJHWH DWWHQWDPHQWH WXWWH OH LVWUX]LRQL GL VLFXUH]]D DOOH SDJJ 4XHVWH LQIRUPD]LRQL FRQWULEXLUDQQR DOOD SURWH]LRQH GHOOD YRVWUD SHUVRQD GHOOD YRVWUD IDPLJOLD GL DQLPDOL GD FRPSDJQLD H GL HYHQWXDOL DVWDQ
*LUDWH OD FKLDYH GL DFFHQVLRQH H WHQHWHOD LQ SRVL]LRQH ´67$57µ )LJ 5LODVFLDWH OD FKLDYH TXDQGR LO PRWRUH VL q DFFHVR 6SHJQLPHQWR ,PSRUWDQWH 6H LO PRWRUH QRQ VL DFFHQGH GRSR VHFRQGL GL DGHVFDPHQWR FRQWLQXR SRUWDWH OD FKLDYH GL DFFHQVLRQH LQ SRVL]LRQH ´2))µ H ODVFLDWH UDIIUHGGDUH LO PRWRUH SHU VHFRQGL YHGHUH /RFDOL]]D]LRQH JXDVWL SDJLQD 3RUWDWH OD OHYD GHOO·DFFHOHUDWRUH QHOOD SRVL]LRQH WUD PHGLD H PDVVLPD )LJ 4XDQGR LO PRWRUH VL q DFFHVR PXRYHWH OHQWDPHQWH OD OHYD GHOO·DF
6LVWHPD PLFURLQWHUUXWWRUL GL VLFXUH]]D 3HULFROR 3RWUHVWH IDUH PDUFLD LQGLHWUR FRQWUR XQ ELPER R XQD SHUVRQD PHQWUH OD ODPD R ODPH R XQ DOWUR DFFHVVRULR VRQR LQQHVWDWL H FDXVDUH JUDYL IHULWH R OD PRUWH $WWHQ]LRQH 6H L PLFURLQWHUUXWWRUL GL VLFXUH]]D VRQR VFROOHJDWL R JXDVWL OD PDFFKLQD SXz PXRYHUVL LPSURYYLVDPHQWH H FDXVDUH OHVLRQL DOOH SHUVRQH 1RQ WRVDWH LQ UHWURPDUFLD VH QRQ q VWUHWWDPHQWH QHFHVVDULR 1RQ LQVHULWH OD FKLDYH .H\&KRLFH VH QRQ TXDQGR q DVVROXWDPHQWH QHFHVVDULR *XDUGDWH VHPSUH YH
ULODVFLDWHOD /D VSLD GL UHWURPDUFLD VL GHYH DFFHQGHUH 6SRVWDWH LO SHGDOH LQ UHWURPDUFLD /D 3') GHYH ULPDQHUH LQVHULWD H OD UHODWLYD VSLD VXOOD SODQFLD q DFFHVD 3UHPHWH LO FRPDQGR GHOOD 3') LQ SRVL]LRQH 2)) /D VSLD GHOOD 3') H OD VSLD GL IXQ]LRQDPHQWR LQ UHWURPDUFLD GHYRQR VSHJQHUVL 0RGXOR LQGLFDWRUL )LJXUD /XFH GL UHWURPDUFLD ,O PRGXOR LQGLFDWRUL )LJ VL DFFHQGH TXDQGR LO IUHQR GL VWD]LRQDPHQWR R OD 3') VRQR LQQHVWDWL H TXDQGR YL VRQR SUREOHPL GL EDVVD SUHVVLRQH GHOO·ROLR R GL HURJD]LR
%DWWHULD $UUHVWR GHOOD PDFFKLQD /D VSLD GHOOD EDWWHULD VL DFFHQGH TXDQGR OD FKLDYH q QHOOH SRVL]LRQL ´)81=,21$0(172µ R ´/8&,µ H OD WHQVLRQH GHOOD EDWWHULD q LQIHULRUH D 9 R TXDQGR LO PRWRUH JLUD H O·DOWHUQDWRUH HURJD SL GL 9 4XDQGR VL DFFHQGH TXHVWD VSLD GRYHWH IDUH FRQWUROODUH OD EDWWHULD H O·LPSLDQWR HOHWWULFR H ULDWWDUH 3HU IHUPDUH OD PDFFKLQD ULODVFLDWH LO SHGDOH GL FRPDQGR GHOOD WUD]LRQH GLVLQVHULWH OD SUHVD GL IRU]D H SRUWDWH OD FKLDYH GL DFFHQVLRQH LQ SRVL]LRQH ´2))µ LQ PRGR GD VSHJ
P )LJXUD 3RPHOOR GL UHJROD]LRQH )DUL DQWHULRUL , IDUL YHQJRQR DFFHVL VSRVWDQGR O·LQWHUUXWWRUH GL DFFHQVLRQH LQ SRVL]LRQH ´/8&,µ )LJ , IDUL VRQR DFFHVL TXDQGR O·LQWHUUXWWRUH GL DFFHQVLRQH VL WURYD LQ SRVL]LRQH ´/8&,µ DQFKH D PRWRUH VSHQWR 7RJOLHWH OD FKLDYH SULPD GL ODVFLDUH OD PDFFKLQD LQFXVWRGLWD SHUFKp QRQ VL SRVVDQR DFFHQGHUH OH OXFL H VFDULFDUH OD EDWWHULD )LJXUD /HYD GL VROOHYDPHQWR ,QGLFDWRUH 3XOVDQWH $OWR 5HJRODWRUH GHOO·DOW
&RQWUROOR HOHWWURQLFR GHOOD WUD]LRQH 6SLQJHUH OD PDFFKLQD D PDQR ,PSRUWDQWH 6SLQJHWH VHPSUH OD PDFFKLQD D PDQR QRQ WUDLQDWHOD PDL LQ TXDQWR SRWUHVWH GDQQHJJLDUH O·DVVH GL WUDVPLVVLRQH /·LQQHVWR q FRQWUROODWR GD XQ FRPDQGR D WUH SRVL]LRQL 6HW /RFN ,PSRVWD %ORFFD D PROOD 2Q H 2II 8QORFN (VFOXVR 6EORFFD )LJ QHOOD SODQFLD ,O FRQWUROOR HOHWWURQLFR GHOOD WUD]LRQH PDQWLHQH OD WUD]LRQH LPSRVWDWD VHQ]D GRYHUH SUHPHUH LO SHGDOH HG q SUHYLVWR SHU IXQ]LRQDPHQWR SHU OD VROD PDUFLD DYDQWL QRQ GRYHWH XW
0DQXWHQ]LRQH 3URJUDPPD GL PDQXWHQ]LRQH UDFFRPDQGDWR &DGHQ]D GL PDQXWHQ]LRQH 'RSR LO SULPR XWLOL]]R 2JQL XWLOL]]R 3URFHGXUD GL PDQXWHQ]LRQH &DPELDWH O·ROLR &RQWUROODWH LO OLYHOOR GHOO·ROLR &RQWUROODWH LO VLVWHPD LQWHUUXWWRUL GL VLFXUH]]D &RQWUROODWH LO IUHQR 3XOLWH OD VXSHUILFLH HVWHUQD GHO PRWRUH 2JQL RUH &RQWUROODWH LO OLYHOOR GHOO·HOHWWUROLWR GHOOD EDWWHULD 2JQL RUH 2JQL RUH ,QJUDVVDWH LO WHODLR &RQWUROODWH FUHSH XVXUD GHOOH FLQJKLH 2JQL RUH &DPELDWH O·RO
$WWHQ]LRQH 6H ODVFLDWH OD FKLDYH QHOO·LQWHUUXWWRUH GL DFFHQVLRQH TXDOFXQR SRWUHEEH DYYLDUH LO PRWRUH H IHULUH JUDYHPHQWH YRL RG DOWUH SHUVRQH 3ULPD GL HVHJXLUH TXDOVLDVL LQWHUYHQWR GL PDQXWHQ]LRQH WRJOLHWH OD FKLDYH GDOO·LQWHUUXWWRUH GL DFFHQVLRQH H VWDFFDWH LO FDSSHOORWWR GHOOD FDQGHOD $OORQWDQDWH LO FDSSHOORWWR LQ PRGR FKH QRQ YHQJD DFFLGHQWDOPHQWH D FRQWDWWR FRQ OD FDQGHOD )LOWUR GHOO·DULD 6WDFFDWH FRQ FDXWHOD O·HOHPHQWR LQ VFKLXPD VLQWHWLFD GDOO·HOHPHQWR GL FDUWD )LJ &DGHQ]D GL PDQXWHQ]
87,/,==$7( 2/, &21 48(67$ 9,6&26,7$· )LJXUD (OHPHQWR GL FDUWD 7HQXWD GL JRPPD ) & &RQWUROOR GHO OLYHOOR GHOO·ROLR 3DUFKHJJLDWH OD PDFFKLQD VX XQD VXSHUILFLH SLDQD GLVLQQHVWDWH OD SUHVD GL IRU]D LQQHVWDWH LO IUHQR GL VWD]LRQDPHQWR H SRUWDWH OD FKLDYH GL DFFHQVLRQH LQ SRVL]LRQH ´2))µ SHU VSHJQHUH LO PRWRUH 7RJOLHWH OD FKLDYH ,QVWDOOD]LRQH GHJOL HOHPHQWL LQ VFKLXPD VLQWHWLFD H FDUWD ,PSRUWDQWH 3HU SUHYHQLUH GDQ
&DPELR VSXUJR GHOO·ROLR 6SXUJDWH O·ROLR GDO PRWRUH YHGHUH &DPELR VSXUJR GHOO·ROLR SDJLQD $YYLDWH LO PRWRUH H ODVFLDWHOR IXQ]LRQDUH SHU FLQTXH PLQXWL /·ROLR FDOGR VL VSXUJD FRQ PDJJLRUH IDFLOLWj 7RJOLHWH LO ILOWUR XVDWR H WHUJHWH OD VXSHUILFLH GHOOD JXDUQL]LRQH GHOO·DGDWWDWRUH GHO ILOWUR )LJ 3DUFKHJJLDWH OD PDFFKLQD LQ PRGR FKH LO ODWR GL VSXUJR VLD OHJJHUPHQWH SL EDVVR ULVSHWWR DO ODWR RSSRVWR SHU JDUDQWLUH O·HIIOXVVR FRPSOHWR GHOO·ROLR 'LVLQQHVWDWH OD SUHVD GL IRU]D LQQHVW
0RQWDJJLR GHOOD FDQGHOD R FDQGHOH 7RJOLHWH OD FDQGHOD R FDQGHOH 0RQWDWH OD FDQGHOD R FDQGHOH $FFHUWDWHYL FKH OD GLVWDQ]D IUD JOL HOHWWURGL GHOOD FDQGHOD VLD FRUUHWWD 6HUUDWH OD FDQGHOD R FDQGHOH D 1P 0RQWDWH LO FDSSHOORWWR VXOOD FDQGHOD R FDQGHOH )LJ &KLXGHWH LO FRIDQR ,QJUDVVDJJLR H OXEULILFD]LRQH &DGHQ]D GL PDQXWHQ]LRQH H VSHFLILFKH 0 )LJXUD &DSSHOORWWR GHOOD FDQGHOD /XEULILFDWH OD PDFFKLQD FRQ JUDVVR RJQL RUH GL HVHUFL]LR RSSXUH RJQL DQQR RSW
/H UXRWH SRVWHULRUL GHYRQR EORFFDUVL H VOLWWDUH TXDQGR FHUFDWH GL VSLQJHUH LQ DYDQWL LO WUDWWRULQR 1HO FDVR LQ FXL OH UXRWH JLULQR H QRQ VL EORFFKLQR RFFRUUH UHJRODUOH YHGHUH 5HJROD]LRQH GHO IUHQR SDJLQD /XEULILFDWH LO SHGDOH GL FRPDQGR GHOOD WUD]LRQH VXL PRGHOOL LGURVWDWLFL R L SHGDOL GHO IUHQR H GHOOD IUL]LRQH VXL PRGHOOL FRQ LO FDPELR QHL SXQWL LQ FXL JLUDQR VXOO·DOEHUR GL PRQWDJJLR )LJ 5LODVFLDWH LO IUHQR H VSRVWDWH O·DVWD GL FRQWUROOR GHOOD WUD]LRQH LQ SRVL]LRQH ´386+µ VSLQJHUH
6HUEDWRLR GHO FDUEXUDQWH 6SXUJR GHO VHUEDWRLR GHO FDUEXUDQWH 3HULFROR ,Q WDOXQH FRQGL]LRQL OD EHQ]LQD q HVWUHPDPHQWH LQILDPPDELOH HG DOWDPHQWH HVSORVLYD 8Q LQFHQGLR R XQ·HVSORVLRQH SRVVRQR XVWLRQDUH YRL HG DOWUH SHUVRQH H SRVVRQR FDXVDUH GDQQL DOOH FRVH 6SXUJDWH OD EHQ]LQD GDO VHUEDWRLR FDUEXUDQWH D PRWRUH IUHGGR (VHJXLWH TXHVWD RSHUD]LRQH DOO·DSHUWR 7HUJHWH OD EHQ]LQD YHUVDWD 1RQ IXPDWH PDL TXDQGR VSXUJDWH OD EHQ]LQD H VWDWH ORQWDQL GD ILDPPH YLYH R GRYH XQD VFLQWLOOD SRVVD DFFHQGHUH
5HJROD]LRQH GHOOD FRQYHUJHQ]D 0RQWDWH XQ QXRYR ILOWUR HG DYYLFLQDWH OH IDVFHWWH VWULQJLWXER DO ILOWUR &RQWUROODWH OD FRQYHUJHQ]D SULPD GL UHJRODUOD YHGHUH 0LVXUD]LRQH GHOOD FRQYHUJHQ]D SDJLQD $SULWH OD YDOYROD GL FKLXVXUD VXO VHUEDWRLR GHO FDUEXUDQWH )LJ &KLXGHWH LO FRIDQR 7RJOLHWH LO JLXQWR D VIHUD GD XQD OHYD GL FRPDQGR GHOOR VWHU]R )LJ &RQYHUJHQ]D GHOOH UXRWH DQWHULRUL $OOHQWDWR LO FRQWURGDGR FKH ILVVD LO JLXQWR D VIHUD DOO·DVWD GHOOR VWHU]R *LUDWH LO JLXQWR D V
)XVLELOH &DGHQ]D GL PDQXWHQ]LRQH H VSHFLILFKH /·LPSLDQWR HOHWWULFR q SURWHWWR GD IXVLELOL 1RQ QHFHVVLWD GL DOFXQD PDQXWHQ]LRQH WXWWDYLD QHO FDVR LQ FXL VDOWL XQ IXVLELOH GRYHWH FRQWUROODUH FKH QRQ YL VLD XQ FRUWRFLUFXLWR H VH L FRPSRQHQWL IXQ]LRQDQR FRUUHWWDPHQWH 3HU VRVWLWXLUH XQ IXVLELOH WLUDWHOR )LJ HG HVWUDHWHOR GDOO·DWWDFFR )XVLELOH 5HWH $YYLDPHQWR ) ³ $ WLSR D ODPLQD 5HJRODWRUH ) ³ $ WLSR D ODPLQD 3ODQFLD ) ³ $ WLSR D ODPLQD )DUL DQWHULRUL ) ³ $ WLSR D ODPLQD
%DWWHULD 'LVLQQHVWDWH OD SUHVD GL IRU]D LQVHULWH LO IUHQR GL VWD]LRQDPHQWR H VSHJQHWH LO PRWRUH SRUWDQGR OD FKLDYH GL DFFHQVLRQH LQ SRVL]LRQH ´2))µ 7RJOLHWH OD FKLDYH $YYHUWHQ]D $SULWH LO FRIDQR SHU DFFHGHUH DOOD EDWWHULD 3ULPD GL ULPXRYHUH OD EDWWHULD WRJOLHWH L SDQQHOOL ODWHUDOL )LJ 7RJOLHWH OH YLWL HG DO]DWH ROWUH LO SHUQR TXLQGL HVWUDHWH OH OLQJXHWWH GHO SDQQHOOR GDO SLDQWRQH , SROL GHOOD EDWWHULD L PRUVHWWL H JOL DFFHVVRUL DWWLQHQWL FRQWHQJRQR SLRPER H UHODWLYL FRPSRVWL VRVWD
0RQWDJJLR GHOOD EDWWHULD 0RQWDWH OD EDWWHULD QHO WUDWWRULQR )LJ )LVVDWH OD EDWWHULD FRQ OD FLQJKLD GL WHQXWD )LJ 8WLOL]]DQGR LO EXOORQH HG LO GDGR DG DOHWWH FROOHJDWH LO FDYR SRVLWLYR FDSSXFFLR URVVR DO SROR SRVLWLYR GHOOD EDWWHULD )LJ ,QILODWH LO FDSSXFFLR GL JRPPD VXO SROR GHOOD EDWWHULD 8WLOL]]DQGR LO EXOORQH HG LO GDGR DG DOHWWH FROOHJDWH LO FDYR QHJDWLYR QHUR DO SROR QHJDWLYR GHOOD EDWWHULD )LJ P )LJXUD 0RQWDWH L SDQQHOOL ODWHUDOL LQILODQ
$JJLXQWD GL DFTXD DOOD EDWWHULD 4XDQGR OD EDWWHULD q FRPSOHWDPHQWH FDULFD VWDFFDWH LO FDULFDEDWWHULH GDOOD SUHVD HOHWWULFD H VFROOHJDWH L FDYL GL ULFDULFD GDL SROL GHOOD EDWWHULD )LJ ,O PRPHQWR PLJOLRUH SHU DJJLXQJHUH O·DFTXD GLVWLOODWD q DSSHQD SULPD GL XWLOL]]DUH OD PDFFKLQD ,Q WDO PRGR O·DFTXD VL PLVFHOD FRPSOHWDPHQWH FRQ O·HOHWWUROLWR 7RJOLHWH OD EDWWHULD GDO WUDWWRULQR 3XOLWH OD SDUWH VXSHULRUH GHOOD EDWWHULD FRQ XQD VDOYLHWWD GL FDUWD 1RWD 1RQ ULHPSLWH PDL OD EDWW
6FKHPD HOHWWULFR ' ,2 /( ,1/ 8) 2 6 * /83 .5 $3 6 6 ( ' 2 & 5 2 / 2 & ( ,5 : . ,1 3 7 ( / ,2 9 ' 1 ( $ 5 7 ( 7 , + : 1 6(/ ,2 ,71 8' 2 * 8/ ,* 0 3 .5 $3 6 : 2 / / ( < 2 . , 3 5 7 9 :< .
3XOL]LD H ULPHVVDJJLR 6SHJQHWH LO PRWRUH ODVFLDWHOR UDIIUHGGDUH H VSXUJDWH LO VHUEDWRLR GHO FDUEXUDQWH YHGHUH 6SXUJR GHO VHUEDWRLR GHO FDUEXUDQWH SDJLQD 'LVLQQHVWDWH OD SUHVD GL IRU]D LQVHULWH LO IUHQR GL VWD]LRQDPHQWR H VSHJQHWH LO PRWRUH SRUWDQGR OD FKLDYH GL DFFHQVLRQH LQ SRVL]LRQH ´2))µ 7RJOLHWH OD FKLDYH GL DFFHQVLRQH H OD FKLDYH .H\&KRLFH 5LDYYLDWH LO PRWRUH H IDWHOR IXQ]LRQDUH ILQFKp QRQ VL VSHJQH $YYLDWH R DGHVFDWH LO PRWRUH $YYLDWH LO PRWRUH H ODVFLDWHOR JLUDUH ILQFKp
/RFDOL]]D]LRQH JXDVWL 3UREOHPD /R VWDUWHU QRQ IXQ]LRQD ,O PRWRUH QRQ VL DYYLD KD GLIILFROWj GL DYYLDPHQWR R S SHUGH S SRWHQ]D 3RVVLELOL FDXVH 5LPHGL 3UHVD GL IRU]D 3') ,16(5,7$ ',6,16(5,7( OD SUHVD GL IRU]D 3') ,O IUHQR GL VWD]LRQDPHQWR QRQ q LQVHULWR ,QVHULWH LO IUHQR GL VWD]LRQDPHQWR /·RSHUDWRUH QRQ q VHGXWR 6HGHWHYL VXO VHGLOH /D EDWWHULD q VFDULFD &DULFDWH OD EDWWHULD , FROOHJDPHQWL HOHWWULFL VRQR FRUURVL R DOOHQWDWL &RQWUROODWH LO FRQWDWWR GHL FRO
3UREOHPD ,O PRWRUH SHUGH SRWHQ]D ,O PRWRUH VL VXUULVFDOGD 9LEUD]LRQL DQRPDOH /D WUD]LRQH QRQ IXQ]LRQD 3RVVLELOL FDXVH 5LPHGL ,O PRWRUH q VRWWR VIRU]R HFFHVVLYR 5DOOHQWDWH ,O ILOWUR GHOO·DULD q VSRUFR 3XOLWH O·HOHPHQWR GHO ILOWUR GHOO·DULD ,O OLYHOOR ROLR PRWRUH q VFDUVR 5DEERFFDWH O·ROLR PRWRUH /H DOHWWH GL UDIIUHGGDPHQWR H L SDVVDJJL SHU O·DULD VRWWR LO FRQYRJOLDWRUH VRQR LQWDVDWL 5LPXRYHWH O·RVWUX]LRQH GD DOHWWH GL UDIIUHGGDPHQWR H SDVVDJJL SHU O·DULD /
