Valutazione del rischio rumore

Page 1


LA VALUTAZIONE DEL RISCHIO RUMORE

Edizione 2015


3XEEOLFD]LRQH UHDOL]]DWD GD ,1$,/ 'LSDUWLPHQWR ,QQRYD]LRQL 7HFQRORJLFKH H 6LFXUH]]D GHJOL ,PSLDQWL 3URGRWWL HG ,QVHGLDPHQWL $QWURSLFL ',7 D FXUD GL 5DIIDHOH 6DEDWLQR ',7 FROODERUD]LRQH GL 0LFKHOH 'HO *DXGLR ,QDLO 8QLWj 2SHUDWLYD 7HUULWRULDOH 827 GL $YHOOLQR UHYLVLRQH VFLHQWLILFD GL 3LHWUR 1DWDOHWWL ,QDLO 'LSDUWLPHQWR Ěŝ DĞĚŝĐŝŶĂ͕ ƉŝĚĞŵŝŽůŽŐŝĂ͕ /ŐŝĞŶĞ ĚĞů >ĂǀŽƌŽ ĞĚ ŵďŝĞŶƚĂůĞ ; ŝD /> Ϳ SHU LQIRUPD]LRQL ,1$,/ 'LSDUWLPHQWR ,QQRYD]LRQL 7HFQRORJLFKH H 6LFXUH]]D GHJOL ,PSLDQWL 3URGRWWL HG ,QVHGLDPHQWL $QWURSLFL 9LD $OHVVDQGULD ( 5RPD GLW#LQDLO LW ZZZ LQDLO LW ,1$,/

/D SXEEOLFD]LRQH YLHQH GLVWULEXLWD JUDWXLWDPHQWH H QH q TXLQGL YLHWDWD OD YHQGLWD QRQFKp OD ULSURGX]LRQH FRQ TXDOVLDVL PH]]R Ê FRQVHQWLWD VROR OD FLWD]LRQH FRQ O¶LQGLFD]LRQH GHOOD IRQWH ,6%1 7LSROLWRJUDILD ,1$,/ 0LODQR ILQLWR GL VWDPSDUH QHO PHVH GL VHWWHPEUH


,1',&( &DSLWROR ± ,QWURGX]LRQH *OL DJHQWL ILVLFL ,O WLWROR 9,,, GHO G OJV GHO DSULOH H V P L

&DSLWROR ,O ULVFKLR UXPRUH *HQHUDOLWj ,O ULVFKLR UXPRUH QHO G OJV GHO DSULOH H V P L ,O OLYHOOR VRQRUR FRQWLQXR HTXLYDOHQWH / $ H T ,O FDOFROR GHL OLYHOOL VRQRUL HTXLYDOHQWL / ( ; K H / ( ; Z ,O OLYHOOR VRQRUR GL SLFFR / S L F F R G% & /D YDOXWD]LRQH GHO ULVFKLR UXPRUH /D QRUPDWLYD WHFQLFD /D QRUPD 81, /LYHOOR GL HVSRVL]LRQH DO UXPRUH JLRUQDOLHUR H VHWWL PDQDOH / ( ; K H / ( ; : /H WLSRORJLH GL UXPRUH /H VWUDWHJLH GL PLVXUD PLVXUD]LRQL EDVDWH VXOOH DWWLYLWj FRPSLWL PLVXUD]LRQL EDVDWH VXOOH PDQVLRQL PLVXUD]LRQL D JLRUQDWD LQWHUD /H VWUXPHQWD]LRQL GL PLVXUD /H LQFHUWH]]H &DOFROR GHOO¶LQFHUWH]]D HVWHVD 8 / ( ; K VHFRQGR OD QRUPD 81, (1 ,62 &DOFROR GHOO¶LQFHUWH]]D FRPELQDWD VWDQGDUG VWUDWHJ LD EDVDWD VXL FRPSLWL &DOFROR GHOO¶LQFHUWH]]D VXO OLYHOOR VRQRUR GL SLFFR / S L F F R &DOFROR GHOO¶LQFHUWH]]D SHU O¶HVSRVL]LRQH VHWWLPDQDO H &DOFROR GHOO¶LQFHUWH]]D FRPELQDWD VWDQGDUG VWUDWHJ LD EDVDWD VXOOH PDQVLRQL &DOFROR GHOO¶LQFHUWH]]D FRPELQDWD VWDQGDUG VWUDWHJ LD D JLRUQDWD LQWHUD *HVWLRQH GHOO¶LQFHUWH]]D HVWHVD 8 / ( ; K VHFRQGR OD QRUPD 81, , '3, XGLWLYL /D YHULILFD GHOO¶LGRQHLWj GHL '3, X ,O PHWRGR SHU EDQGD G¶RWWDYD 2%0 ,O PHWRGR +0/ ,O PHWRGR 615 /D YDOXWD]LRQH GHOO¶DWWHQXD]LRQH VRQRUD GL XQ '3, X SHU UXPRUL LPSXOVLYL /D YHULILFD GHOO¶DGHJXDWH]]D D '3, X LQGRVVDWR /¶HIILFDFLD GHL '3, X (VHPSLR DSSOLFDWLYR

&DSLWROR /D YDOXWD]LRQH GHO ULVFKLR , OLYHOOL GL HVSRVL]LRQH DO UXPRUH H OH UHODWLYH FODVVL G L ULVFKLR / ( ; H / $ H T FRQFHWWL GLYHUVL /¶HVSRVL]LRQH FRQFRPLWDQWH D VRVWDQ]H RWRWRVVLFKH H R D YLEUD]LRQL +$9 R :%9 ,QWHUD]LRQH UXPRUH H VRVWDQ]H RWRWRVVLFKH


,QWHUD]LRQH WUD UXPRUH H YLEUD]LRQL ,QWHUD]LRQH WUD UXPRUH H FRPSRQHQWL LPSXOVLYH 3URSRVWD SHU YDOXWDUH O LQWHUD]LRQH WUD UXPRUH VRVWD Q]H RWRWRVVLFKH H YLEUD]LRQL ,QWHUD]LRQH WUD UXPRUH H VHJQDOL GL DYYHUWLPHQWR DFXV WLFR /¶HPLVVLRQH DFXVWLFD GHOOH PDFFKLQH /D PDSSDWXUD DFXVWLFD ,O 3 $ 5 ( /D VWUXWWXUD GHOOD QRUPD 81, (VHPSLR GL XQD VFKHGD GL VLQWHVL GL XQD VLWXD]LRQH GL ULVFKLR FRQWHQXWD QHO 3 $ 5 ( /H PLVXUH GL SUHYHQ]LRQH &ODVVH GL ULVFKLR %$66$ &ODVVH GL ULVFKLR 0(',$ &ODVVH GL ULVFKLR $/7$ (VSRVL]LRQH ,1$&&(77$%,/(

$SSHQGLFH

$ , FULWHUL DFXVWLFL GL DFTXLVWR GL PDFFKLQH DWWUH]]DWXUH H LPSLDQWL $ 8Q SRVVLELOH FDSLWRODWR GL DFTXLVWR GL XQD PDFFKLQD $ 6FKHGD WHFQLFD SHU O¶DFTXLVWR GL DSSDUHFFKLDWXUH 81, (1 ,62 $ 8Q FDOFROR GHOO¶HVSRVL]LRQH JLRUQDOLHUD VWUDWHJLH SHU FRPSLWL H SHU PDQVLRQL $ 8Q FDOFROR GHOO¶HVSRVL]LRQH JLRUQDOLHUD VWUDWHJLD D JLRUQDWD LQWHUD $ 8Q HVHPSLR GL YDOXWD]LRQH GHO ULVFKLR $ *OL LQWHUYHQWL WHFQLFL H RUJDQL]]DWLYL LO SLDQR GL P LJOLRUDPHQWR H LO 3 $ 5 (

%LEOLRJUDILD


Introduzione


/$ $ 9$ $/8 87$ $=,2 21( ( '( (/ 5,6 6&+ +,2 580 025(

&DSLWWROR &D R ,QWWURGX X]LR RQH H * *OL DJ JHQ QWL ILV VLFLL

*OL DJ JHQWL ILVLFLL UDSSUUHVH HQWD DQR R GH HL ID DWWR RUL J JRY YHUQ QDWL GD D OHJ JJL ILVLFKH H FFKH SUR RYRFDQ QR X XQD D WUD DVIR RUP PD]LRQH H GH HOOH H FRQGL]LRQL D DPE ELHQ QWDOL QH HOOH TXD DOL H HVV VL VL PD DQLIIHVWDQR R /D D ORUR SUH HVHQ Q]D GH HWHUUPLQ QD XQ¶LPP PLVVVLRQ QH GL H HQH HUJLD QHJ Q OL D DPE ELHQ QWL GL G YLWD Y H GL OODYR RUR FK KH ROWUUH L YD DORULL WROOHUD DWL ULVX XOWD SR RWHQ Q]LD DOPH HQWH H GD DQQ QRVD D SH HU OD VDOXWWH X XPD DQD D , ULVFK U KL ILVLF I FL FR RQWH HPSODWWL QHO Q 7 7HV VWR 8Q QLFR R GH HOOD 6LFFXUH H]] ]D G OJ JV GH HO DS SULOH H H V P P L

ULJ JXD DUGD DQR R LO UUXPRUH H OH YLEUD D]LR RQL PH HFFFDQLLFKH H L FD DPS SL HOHW H WWURPDJQH HWLFL OH UD DGLD D]LR RQL RWWWLFK KH GL RULJLQH D DUWLIILFLD DOH LO P PLFUURFOOLPD D GLL DP PELH HQWLL VH HYHUUL J JOL LQ QIUD DVXR RQL JOLL XOWWUDV VXRQ QL H H OH DWP PRV VIHUUH LS SHUE EDULLFKH H 3H HUDOWWUR DQ QFKH H OH H UDG GLD]]LRQ QL R RWWLF FKH QDWWXUD DOL V VRQR R ULFFRP PSUUHVH H QH HO 7 7HVWWR 8 8QLF FR LQ YYLUW GH HOO¶R REEOLJR R JH HQH HUDOH H GLL YDOXWD D]LR RQH GL WXWWWL L UULVFKL DUWWW H H SHU TX XDQ QWR ULJX XDUG GD LQY YHFH H OH H UD DGLD D]LR RQL LRQL]]D DQWLL LO 7HVVWR 8Q QLFR R ULP PDQ QGD DO G G OJ JV GH HO P PDU] ]R H H V P P L

),* *85 5$ 5,,6&+ +, '$ $ $* *(17 7, ),6 6,&,

, ULVFK U KL GHUL G LYDQ QWL G HQWL ILVVLFL QHOO¶DP PELLHQWWH ODYR R GH HEE ERQR R H HVVH HUH ULP PRVVL R ULGR SL SRV VVLE ELOH GD DJH RUDWWLYR U RWWL LO S DWWWUDYYHUV VR OH H VH HJX QL XHQWWL D]]LRQ ™ FRUU ™ F UHWWD S JHWWD D]LR RQH H H SLDQLILFFD] ]LRQ QH G GHL S VVL ODYR RUDWWLYL VXO OXR RJR GL ODYR SURJ SURFHV RUR ™ ULGX ™ U X]LR RQH GHOOD S SUHVHQ Q]D GL D DJH HQWL ILVLLFL Q QHOO¶DP PELH HQWH H GL ODY YRUR R LQ ED DVH DOOH H QH HVVLWWj OD DYR RUDWWLYH HFH ™ GLP ™ G PLQX X]LR GXUD DWD H G GHOO¶¶LQWH HQV VLWj GL H SRVL]LRQH RQH GHOOOD G HVS ™ UHVW ™ U WUL]LLRQH PR G GHO QXPHUR G GHL ODYRUD RWHQ Q]LD DOPH HQWH H HVSR RVWL H DO PLLQLP DWRUL SR ™ FRUU ™ F UHWWD IR PD]LLRQH H HG G LQ QIRUUPD]LRQH GHL ODYYRUD DWRUUL RUP ™ VRP ™ V PPLLQLVVWUD] ]LRQ QH GL DWWWUH] ]]DWXUH H DGH D HJXD D DWWLY D LWj H LQG D]LR RQH GH HOOH H UH HODWWLYH H DWH DOOOD VSHFLIILFD GLFD SUR S FHG GXUH DQX XWHQ Q]LR RQH H GL PD ™ GHWH ™ G HUP PLQD RQH GL LGRQHH H PLVXUH WWHFQ QLFR R RUUJDQL]]]DWLLYH D]LR HVSRVL] ]LRQ QH LLQ D ELHQ QWH ODYR RUDWLYR R DG G DJ JHQ QWL G GL ULVVFKLR G GL WLSR IILVLFFR FFRLQ QYR ROJH LQ ,WDO LD P PLOLR RQL GL OODYR RUDWWRUL /¶H DPE 'D DWL UUHFH HQWL UH HSHULELOL GD DO V VLVWH HPD D GL VR RUYH HJOLDQ]]D G PDOD DWWLH H SURIH HVVLRQDOL 0$ $/3 2) HYLGHQ Q]LD DQR FR RPH H GHOOH P 352 ROWUH LO GHOOOH PD DODWWWLH GL SUURED DELOH RULJ R JLQH VLRQ QDOH H Q QHOO¶XOWLPR R WUULHQ R VLDQ V QR ULFRQG GXFLELOLL H SURI S IHVV QQLR DOO¶HVS SRV VL]LR RQH H DG JHQWWL ILV VLFL G DJ

/R VFR RSR R FK KH VL SUH HILJJ JH OD SUH HVHQ QWH SX XEEOLFD JOLHUH JOL HOH HPH HQWL HV VVHQ Q]LD DOL LQHUHQ QWL OD D D]LRQH q UDFFFRJ J VWLRQ JHV QH GHL ULVFKL GRYYXWL DOOO¶HV VSRV VL]LR RQH H DOO¶DJ JHQWWH IILVLF FR UUXP PRUH H D DYHQ QGR R LQ RELHWWWLYR GL D DJJ JUHJ JDUH H LQ Q XQ F QWHV FRQ VWR RSH HUDWWLYR R XQ QD VHUULH G GL LQ QIRUUPD D]LR RQL X XWLOLL DJ JOL D DWWRUL GHO VVLVWHPD G GL VLLFXUUH]]]D D D]LH HQG GDOH H ' 'DWR RUL G GL ODYR RUR H 5 5HVVSRQVD DELOLL GH HO 6H HUYL]LR R GL 3UH HYH HQ]LRQH RWH] ]LRQ QH LQ S SULP PLV H H 3UR


/$ 9$/87$=,21( '(/ 5,6&+,2 58025(

,O WLWROR 9,,, GHO G OJV GHO DSULOH H V P L

$OOD OXFH GHO G OJV GHO DSULOH H V P L OD YDOXWD]LRQH GHO ULVFKLR GL XQ DJHQWH ILVLFR FRPH GHO UHVWR SUHYLVWR GDOO¶DUW H LQ SDUWLFRODUH SHU JOL DJHQWL ILVLFL GDJOL DUWLFROL GHO 7LWROR 9,,, YD IRQGDPHQWDOPHQWH LQWHVD FRPH XQD VH]LRQH GHO JHQHUDOH 'RFXPHQWR GL 9DOXWD]LRQH GL WXWWL L 5LVFKL SHU OD VDOXWH H VLFXUH]]D '95 XQLWDPHQWH DOOD UHOD]LRQH WHFQLFD UHGDWWD GD SHUVRQDOH TXDOLILFDWR FRPSUHQVLYD GL HYHQWXDOL PLVXUD]LRQL GD WHQHUVL LQ $]LHQGD LQ YLVWD GHOOD SURJUDPPD]LRQH H GHOO¶DWWXD]LRQH GHOOH PLVXUH GL SUHYHQ]LRQH H SURWH]LRQH H RYYLDPHQWH D GLVSRVL]LRQH GHJOL RUJDQL GL YLJLODQ]D $JHQWL ILVLFL

5LIHULPHQWL OHJLVODWLYL

5XPRUH

G OJV H V P L 7LWROR 9,,, &DSR , 7LWROR 9,,, &DSR ,,

9LEUD]LRQL

G OJV H V P L 7LWROR 9,,, &DSR , 7LWROR 9,,, &DSR ,,,

&DPSL HOHWWURPDJQHWLFL

G OJV H V P L 7LWROR 9,,, &DSR , 7LWROR 9,,, &DSR ,9

5DGLD]LRQL RWWLFKH DUWLILFLDOL

G OJV H V P L 7LWROR 9,,, &DSR , 7LWROR 9,,, &DSR 9

0LFURFOLPD DPELHQWL VHYHUL LQIUDVXRQL XOWUDVXRQL DWPRVIHUH LSHUEDULFKH

G OJV H V P L 7LWROR 9,,, &DSR ,

7$%(//$ '(, 5,)(5,0(17, /(*,6/$7,9,

,O 'RFXPHQWR GRYUj SHUWDQWR ULSRUWDUH OH PLVXUH GL SUHYHQ]LRQH H SURWH]LRQH LQ HVVHUH HG LQGLFDUH LO SURJUDPPD GHOOH PLVXUH DWWH D JDUDQWLUH QHO WHPSR LO PLJOLRUDPHQWR GHL OLYHOOL GL VDOXWH H VLFXUH]]D FRQ OH UHODWLYH SURFHGXUH D]LHQGDOL H GHL UXROL GHOO¶RUJDQL]]D]LRQH FKH YL GHEERQR SURYYHGHUH FXL GHEERQR HVVHUH DVVHJQDWL VRJJHWWL LQ SRVVHVVR GL DGHJXDWH FRPSHWHQ]H H SRWHUL 1HOOD YDOXWD]LRQH GHO ULVFKLR GL RJQL DJHQWH ILVLFR YDQQR LQGLFDWL L VHJXHQWL HOHPHQWL $ GDWD FHUWD GL HVHFX]LRQH GHOOD YDOXWD]LRQH GHOO¶DJHQWH ILVLFR FRQ HYHQWXDOL PLVXUD]LRQL % GDWL LGHQWLILFDWLYL GHO SHUVRQDOH TXDOLILFDWR FKH KD SURYYHGXWR DOOD YDOXWD]LRQH & GDWL LGHQWLILFDWLYL GHO 0HGLFR &RPSHWHQWH VH SUHYLVWR DL VHQVL GHJOL DUWW H H GHO 5633 FKH KDQQR SDUWHFLSDWR DOOD YDOXWD]LRQH GHO ULVFKLR ' GDWL LGHQWLILFDWLYL GHO 5/6 R RYH DVVHQWH GHL ODYRUDWRUL FRQVXOWDWL DL VHQVL GHOO¶DUW FRPPD H GHOOH PRGDOLWj GHOOD UHODWLYD FRQVXOWD]LRQH H LQIRUPD]LRQH ( GDWL LGHQWLILFDWLYL GHOOD UHOD]LRQH WHFQLFD DOOHJDWD HV GDWD HVWUHPL GHO SURWRFROOR QXPHUR GL SDJLQH HFF FKH GHYH FRQWHQHUH DOPHQR o O¶HOHQFR GHOOH VRUJHQWL ULFRQGXFLELOL DJOL DJHQWL ILVLFL H OH ORUR SULQFLSDOL FDUDWWHULVWLFKH FRQQHVVH DO ULVFKLR LQ HVDPH o LO TXDGUR GL VLQWHVL GHJOL HVSRVWL DOO¶DJHQWH ILVLFR VXGGLYLVR SHU IDVFH GL ULVFKLR FRQ LQGLYLGXD]LRQH GHOOH DUHH D ULVFKLR o OD YDOXWD]LRQH GHOOD SUHVHQ]D GL ULVFKL SRWHQ]LDQWL DG HV RWRWRVVLFL YLEUD]LRQL PHFFDQLFKH VHJQDOL GL DYYHUWLPHQWR FRQGL]LRQL GL ODYRUR HVWUHPH IUHGGH H R XPLGH PDWHULDOL HVSORVLYL H R LQILDPPDELOL HFF H GL DSSURIRQGLPHQWL VSHFLILFL SHU VLQJROR DJHQWH ILVLFR DG HV YDOXWD]LRQH GHOO¶HIILFLHQ]D H GHOO¶HIILFDFLD GHL '3, XGLWLYL o OD YDOXWD]LRQH GHL ULVFKL OHJDWL DOOD SUHVHQ]D GL ODYRUDWRUL SDUWLFRODUPHQWH VHQVLELOL DOOD GLIIHUHQ]D GL JHQHUH DOO¶HWj DOOD SURYHQLHQ]D GD DOWUL SDHVL HG DOOD WLSRORJLD FRQWUDWWXDOH o OH SURSRVWH UHODWLYH D VROX]LRQL SUHYHQWLYH H SURWHWWLYH DGRWWDELOL QHOOH GLIIHUHQWL VLWXD]LRQL GL ULVFKLR SUHVHQWL QHL OXRJKL GL ODYRUR ) ,O SURJUDPPD GHOOH PLVXUH WHFQLFKH H RUJDQL]]DWLYH FKH VL DGRWWHUDQQR SHU HOLPLQDUH R ULGXUUH LO ULVFKLR GD HVSRVL]LRQH DOO¶DJHQWH ILVLFR FRQ O¶LQGLFD]LRQH GHOOD WHPSLVWLFD GHOOH PRGDOLWj H GHOOH ILJXUH D]LHQGDOL SUHSRVWH DOOD ORUR DWWXD]LRQH

6L GHILQLVFH SHUVRQDOH TXDOLILFDWR XQ RSHUDWRUH FKH DEELD DIIURQWDWR FRQ YDOXWD]LRQH ILQDOH SRVLWLYD XQ DSSRVLWR FRUVR GL IRUPD]LRQH LQ DVVHQ]D GL XOWHULRUL VSHFLILFKH q SRVVLELOH YDOXWDUH O¶RSHUDWR GHO YDOXWDWRUH LQ EDVH DOOD TXDOLWj GHOO¶HODERUDWR SURGRWWR H LQ EDVH DOO¶DGHUHQ]D DOOH QRUPDWLYH FRJHQWL H GL EXRQD WHFQLFD


/$ 9$/87$=,21( '(/ 5,6&+,2 58025(

Ê QHFHVVDULR FKH L 'DWRUL GL ODYRUR UHVSRQVDELOL GHO SURFHVVR GL YDOXWD]LRQH HVSOLFLWLQR FKLDUDPHQWH L WHUPLQL GHO PDQGDWR DO SHUVRQDOH TXDOLILFDWR VSHFLH ODGGRYH HVWHUQR H YHULILFKLQR SXQWXDOPHQWH L FRQWHQXWL GHOOD SUHVWD]LRQH DIILGDWD WDQWR SL FKH HYHQWXDOL FDUHQ]H GHOOD UHOD]LRQH WHFQLFD GRYUDQQR VXFFHVVLYDPHQWH HVVHUH JHVWLWH H ULVROWH QHO '95 $ QRUPD GHOO¶DUW FRPPD OD YDOXWD]LRQH GHL ULVFKL GHULYDQWL GD HVSRVL]LRQL DG DJHQWL ILVLFL q SURJUDPPDWD HG HIIHWWXDWD FRQ FDGHQ]D DOPHQR TXDGULHQQDOH ROWUHFKp DJJLRUQDWD LQ RFFDVLRQH GL PRGLILFKH GHO SURFHVVR SURGXWWLYR R GHOOD RUJDQL]]D]LRQH GHO ODYRUR VLJQLILFDWLYH DL ILQL GHOOD VDOXWH H VLFXUH]]D GHL ODYRUDWRUL 6L VHJQDOD FKH GDO PDJJLR QRQ q SL SRVVLELOH DYYDOHUVL GHOOD ³DXWRFHUWLILFD]LRQH´ LQL]LDOPHQWH SUHYLVWD DOO¶DUW FRPPD GHO G OJV GHO DSULOH H V P L SHU HIIHWWR GHOOD FRVLGGHWWD /HJJH GL 6WDELOLWj / GHO GLFHPEUH SHUWDQWR DQFKH OH D]LHQGH RFFXSDQWL ILQR D GLHFL ODYRUDWRUL GHEERQR SUHGLVSRUUH LO '95 FKH SRWUj HVVHUH UHGDWWR VHFRQGR OH SUHYLVLRQL GHO ' 0 QRYHPEUH ³3URFHGXUH VWDQGDUGL]]DWH´ IHUPR UHVWDQGR OH DOWUH FRQGL]LRQL LPSRVWH GDO /HJLVODWRUH R VHFRQGR OH PRGDOLWj SUHYLVWH GDJOL DUWW H FRQ ULIHULPHQWR DL VLQJROL DJHQWL ILVLFL GHWWDJOLDWL DO 7LWROR 9,,, 5LPDQH TXLQGL LQDOWHUDWR O¶REEOLJR GHO 'DWRUH GL ODYRUR FKH GHYH FRPXQTXH HIIHWWXDUH OD YDOXWD]LRQH GHL ULVFKL GD HVSRVL]LRQH DG DJHQWL ILVLFL VHFRQGR OH PRGDOLWj LQGLFDWH DO 7LWROR 9,,, H LQ SDUWLFRODUH D FXUD GL SHUVRQDOH TXDOLILFDWR FKH LGHQWLILFDWH OH VRUJHQWL H JOL HVSRVWL GHWHUPLQL LQ TXDOH FODVVH GL ULVFKLR L ODYRUDWRUL VRQR VWDWL FROORFDWL H TXDOL PLVXUH SUHYHQWLYH H SURWHWWLYH VRQR VWDWH DGRWWDWH H SUHYLVWH 6L HVDPLQD GL VHJXLWR OD VLWXD]LRQH QRUPDWLYD LQHUHQWH JOL REEOLJKL H OH UHODWLYH GHFRUUHQ]H GHO 7LWROR 9,,, GHO G OJV GHO DSULOH H V P L ,O &DSR , 'LVSRVL]LRQL JHQHUDOL q SLHQDPHQWH LQ YLJRUH GDO JHQQDLR SHU WXWWL JOL REEOLJKL LQ HVVR ULFKLDPDWL HG LQ WXWWH OH UHDOWj SURGXWWLYH 9D VSHFLILFDWR FKH PHQWUH WDOH GDWD q OD VWHVVD DQFKH SHU O¶HQWUDWD LQ YLJRUH GHO &DSR ,, UXPRUH H GHO &DSR ,,, YLEUD]LRQL FRQ OD SUHFLVD]LRQH FKH OH PRGLILFKH LQWURGRWWH GDO G OJV GHO DJRVWR DO G OJV GHO DSULOH VRQR LQ YLJRUH GDO DJRVWR SHU LO &DSR ,9 FDPSL HOHWWURPDJQHWLFL H LO &DSR 9 UDGLD]LRQL RWWLFKH DUWLILFLDOL FRQ OH GHURJKH GL FXL DOO¶DUW FRPPD LO /HJLVODWRUH KD SUHYLVWR XQ¶HQWUDWD LQ YLJRUH GLIIHULWD ,QIDWWL UHODWLYDPHQWH DL FDPSL HOHWWURPDJQHWLFL FRQ OD IRUPXOD]LRQH DGRWWDWD GDO /HJLVODWRUH DOO¶DUW SULPD H O¶HPDQD]LRQH GHOOD 'LUHWWLYD 8( FKH KD DEURJDWR OD 'LUHWWLYD &( FXL q LVSLUDWD O¶DWWXDOH IRUPXOD]LRQH GHO &DSR ,9 SRL O¶HQWUDWD LQ YLJRUH GL TXHVWR &DSR GRYUHEEH DYYHQLUH FRQ XQ WHVWR VRVWDQ]LDOPHQWH GLYHUVR GDOO¶DWWXDOH LQ TXDQWR DOOLQHDWR DOOD FLWDWD 'LUHWWLYD 8( HQWUR LO DJRVWR ,O &DSR 9 UDGLD]LRQL RWWLFKH DUWLILFLDOL q LQYHFH SLHQDPHQWH LQ YLJRUH GDO 6L VRWWROLQHD DQFRUD XQD YROWD LO SULQFLSLR DIIHUPDWR LQ JHQHUDOH DOO¶DUW H ULEDGLWR UHODWLYDPHQWH DJOL DJHQWL ILVLFL DOO¶DUW FKH REEOLJD LO 'DWRUH GL ODYRUR DOOD YDOXWD]LRQH GL WXWWL L ULVFKL SHU OD VDOXWH H OD VLFXUH]]D LQFOXVL TXHOOL GHULYDQWL GD HVSRVL]LRQL D FDPSL HOHWWURPDJQHWLFL LQ UHOD]LRQH DL TXDOL HVLVWH TXLQGL O¶REEOLJR VDQ]LRQDELOH DOOD YDOXWD]LRQH HG DOO¶LGHQWLILFD]LRQH GHOOH PLVXUH SUHYHQWLYH H SURWHWWLYH SHU PLQLPL]]DUH LO ULVFKLR 6XVVLVWH LQ RJQL FDVR O¶REEOLJR GL FXL DOO¶DUW GL SURYYHGHUH DIILQFKp L ODYRUDWRUL HVSRVWL D ULVFKL GHULYDQWL GD DJHQWL ILVLFL VXO OXRJR GL ODYRUR H L ORUR UDSSUHVHQWDQWL YHQJDQR LQIRUPDWL H IRUPDWL LQ UHOD]LRQH DO ULVXOWDWR GHOOD YDOXWD]LRQH GHL ULVFKL 7DOH REEOLJR DVVXPH SDUWLFRODUH ULOHYDQ]D QHO FDVR GHL ODYRUDWRUL SDUWLFRODUPHQWH VHQVLELOL DO ULVFKLR RYH XQD FRUUHWWD LQIRUPD]LRQH SXz FRQGXUUH LO ODYRUDWRUH D IRUPXODUH PRWLYDWD ULFKLHVWD GL VRUYHJOLDQ]D VDQLWDULD FRPH SUHYLVWR GDOO¶DUW


Il rischio rumore


/$ 9$/87$=,21( '(/ 5,6&+,2 58025(

&DSLWROR ,O ULVFKLR UXPRUH

/RFDOH SXEEOLFR UXPRURVR

2IILFLQD

-HW DO GHFROOR

6RJOLD GHO GRORUH

0DUWHOOR SQHXPDWLFR

5RFN EDQG

&ODFVRQ UDYYLFLQDWR

8IILFLR UXPRURVR

&DPHUD GD OHWWR VLOHQ]LRVD

&RQYHUVD]LRQH QRUPDOH

$PELHQWH GRPHVWLFR

8IILFLR VLOHQ]LRVR

%RVFR VLOHQ]LRVR

/LPLWH GL XGLELOLWj VWDQGDUG

G% $

/LPLWH GL XGLELOLWj PHGLD

,O UXPRUH DOO LQWHUQR GHJOL DPELHQWL GL ODYRUR ULPDQH FRPH DQWLFLSDWR QHOOH SUHPHVVH XQD GHOOH SULQFLSDOL FDXVH GL PDODWWLD SURIHVVLRQDOH 0D PHQWUH QHOOH HSRFKH SDVVDWH OHJDWH DOOD FRQFH]LRQH GL FLFOL SURGXWWLYL REVROHWL H IRQGDPHQWDOPHQWH DOO¶DVVHQ]D GL FXOWXUD GHOOD VLFXUH]]D LO ODYRUDWRUH DYHYD SRFKH DOWUH SRVVLELOLWj ROWUH FKH DGDWWDUVL DO UXPRUH SUHVHQWH QHO FRQWHVWR ODYRUDWLYR QHOO¶HSRFD DWWXDOH OH FRVH VRQR FDPELDWH HVLVWRQR LQIDWWL PROWL PH]]L SHU DWWHQXDUH LO UXPRUH DOO¶LQWHUQR H DOO¶HVWHUQL GHJOL DPELHQWL GL ODYRUR

),*85$ 6&$/$ '(/ 58025( ,1 5(/$=,21( $//$ 6(16,%,/,7¬ 8',7,9$ &RQ LO G OJV GHO DSULOH H V P L LO OHJLVODWRUH KD FRQIHUPDWR OH SUHVFUL]LRQL PLQLPH GL VLFXUH]]D H GL VDOXWH DWWLQHQWL DOO HVSRVL]LRQH GHL ODYRUDWRUL DL ULVFKL GHULYDQWL GDOO¶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¶DJJLRUQDPHQWR WHPSRUDOH GHOOH PLVXUH SUHYHQWLYH H GL XQD FDSLOODUH IRUPD]LRQH H LQIRUPD]LRQH GHL ODYRUDWRUL HVSRVWL LQ PDQLHUD SDUWLFRODUH LQ PHULWR DO FRUUHWWR XWLOL]]R GHL '3, XGLWLYL ,Q ULIHULPHQWR DL GDWL UHODWLYL DOO¶LSRDFXVLD VL VHJQDODQR OH VWDWLVWLFKH GHJOL XOWLPL TXDWWUR DQQL IRQWH %DQFD 'DWL 6WDWLVWLFD ,1$,/ UHODWLYL DOOD *HVWLRQH ͞,QGXVWULD H VHUYL]L DJULFROWXUD GLSHQGHQWL FRQWR VWDWR´ 0DODWWLD

6RYUDFFDULFR ELRPHFFDQLFR GHOO¶DUWR VXSHULRUH

(UQLD GLVFDOH ORPEDUH

,SRDFXVLD GD UXPRUH

0DODWWLH GD YLEUD]LRQL PHFFDQLFKH WUDVPHVVH DO VLVWHPD PDQR EUDFFLR

0DODWWLH GD UDGLD]LRQL LRQL]]DQWL

0DODWWLH GD UDGLD]LRQL 89

0$/$77,( 352)(66,21$/, '$ $*(17, ),6,&, '(181&,$7( $//¶,1$,/ 1(/ 3(5,2'2 *(67,21( ,1'8675,$ ( 6(59,=, $*5,&2/785$ ',3(1'(17, &2172 67$72

3HUDOWUR LQ ULIHULPHQWR DOOH GHQXQFH GL LSRDFXVLH FLUFD LO GHO WRWDOH GHOOH PDODWWLH SURIHVVLRQDOL GHQXQFLDWH QH VRQR VWDWH LQGHQQL]]DWH SRFR SL GHO UHJLVWUDQGRVL XQ WUHQG SRVLWLYR QHJOL DQQL


/$ 9$/87$=,21( '(/ 5,6&+,2 58025(

*HQHUDOLWj

,O VXRQR q XQ¶RVFLOOD]LRQH GL SUHVVLRQH FKH VL GLIIRQGH LQ XQ PH]]R HODVWLFR JDVVRVR OLTXLGR R VROLGR VHQ]D WUDVSRUWR GL PDWHULD PD VRODPHQWH GL HQHUJLD DG HVHPSLR SHU XQ VXRQR WUDVPHVVR LQ DULD TXHVW¶XOWLPD QRQ VXELVFH XQR VSRVWDPHQWR EHQVu RJQL PROHFROD SUHVHQWH YLEUD LQWRUQR DG XQD SRVL]LRQH GL HTXLOLEULR GHWHUPLQDQGR GHOOH SLFFROH YDULD]LRQL GL SUHVVLRQH ULVSHWWR DOOD SUHVVLRQH PHGLD 1HO YXRWR QRQ HVVHQGRFL DOFXQ PH]]R HODVWLFR QRQ SXz HVLVWHUH DOFXQ VXRQR &DUDWWHULVWLFKH GHO VXRQR VRQR 9 OD IUHTXHQ]D I LQ +HUW] +]

QXPHUR GL FLFOL FRPSOHWL QHOO¶XQLWj GL WHPSR OD FDUDWWHULVWLFD GL XQ VXRQR GD EDVVR DG DFXWR GLSHQGH GDOOD IUHTXHQ]D 9 LO SHULRGR 7 LQ VHFRQGL V

LQWHUYDOOR GL WHPSR QHFHVVDULR SHU FRPSOHWDUH XQ FLFOR q XJXDOH DO UHFLSURFR GHOOD IUHTXHQ]D 7 I 9 OD OXQJKH]]D G¶RQGD O LQ PHWUL P

VSD]LR SHUFRUVR GDOO¶RQGD LQ XQ SHULRGR 9 O¶DPSLH]]D $ LQ 3DVFDO 3D

DPSLH]]D GHOO¶RQGD q LQGLFDWLYD GHO OLYHOOR VRQRUR 9 OD YHORFLWj GL SURSDJD]LRQH QHOO¶DULD LQ FRQGL]LRQL VWDQGDUG GL WHPSHUDWXUD XPLGLWj H SUHVVLRQH q SDUL D P V NP K QHOO¶DFTXD q GL P V H QHOO¶DFFLDLR P V /D SUHVVLRQH DFXVWLFD q XQD SHUWXUED]LRQH VXELWD GDOO¶DULD SHU HIIHWWR GHOOD VRUJHQWH VRQRUD HTXLYDOH DOOD GLIIHUHQ]D WUD OD SUHVVLRQH S W LQ XQ GDWR LVWDQWH H TXHOOD S HVLVWHQWH SULPD GHOO¶LQL]LR GHO IHQRPHQR VRQRUR q OD JUDQGH]]D FKH PHJOLR GHVFULYH LO IHQRPHQR DFXVWLFR H YLHQH HVSUHVVD LQ 3DVFDO 3D 3RLFKp LO FDPSR GLQDPLFR GHOO¶XGLWR XPDQR q PROWR DPSLR VL SUHIHULVFH HVSULPHUH L SDUDPHWUL DFXVWLFL FRPH ORJDULWPR GHO UDSSRUWR WUD YDORUH PLVXUDWR ³S´ HG XQ YDORUH GL ULIHULPHQWR SDUL DOOD SL SLFFROD SUHVVLRQH LQ JUDGR GL SURGXUUH XQD VHQVD]LRQH VRQRUD ³SR ´ LO OLYHOOR GL SUHVVLRQH VRQRUD 63/ R OLYHOOR VRQRUR /S q SDUL D

/S ORJ S SR ORJ S SR &RPH XQLWj GL PLVXUD YLHQH XWLOL]]DWR LO GHFLEHO G% LQ HIIHWWL LO G% QRQ q XQD YHUD XQLWj GL PLVXUD EHQVu XQD XQLWj GL OLYHOOR FKH HVSULPH LO ORJDULWPR GHO UDSSRUWR WUD GXH TXDQWLWj RPRJHQHH XQD GHOOH TXDOL DVVXQWD FRPH ULIHULPHQWR Ê SRVVLELOH LQ WDO PRGR FRPSULPHUH OD JDPPD GHL UXPRUL LQ XQ UDQJH FRPSUHVR WUD H G% ULFRUGDQGR FKH RJQL G% VL KD XQ UDGGRSSLR GHOOD SUHVVLRQH VRQRUD ,Q SUDWLFD VH XQD VRUJHQWH VRQRUD SURGXFH LQ XQ FHUWR SXQWR XQ OLYHOOR ³[´ GXH VRUJHQWL VRQRUH GL SDUL SRWHQ]D FRQWHPSRUDQHDPHQWH LQ IXQ]LRQH SURGXUUDQQR XQ OLYHOOR ³[´ G% WRWDOL ,O SULQFLSDOH YDQWDJJLR QHOO XVR GHL ORJDULWPL LQ DFXVWLFD q UDSSUHVHQWDWR GDOOD FDSDFLWj GL FRPSULPHUH FDPSL GL HVFXUVLRQL PROWR YDVWL LQ QXPHUL GL SRFKH FLIUH 3RWHQ]H VRQRUH FRPSUHVH WUD FHQWRPLOLRQHVLPL H PLJOLDLD GL ZDWW JUDQGH]]D DVVROXWD SRVVRQR SHUWDQWR HVVHUH VHPSOLFHPHQWH WUDVSRVWH LQ SRFKH GHFLQH GL GHFLEHO XQLWj GL OLYHOOR 1HOOD PLVXUD GHOOD SUHVVLRQH VRQRUD H QHO UHODWLYR FDOFROR LO ORJDULWPR FKH YLHQH DGRWWDWR q LQ EDVH G% $

ORJ P3D

P3D

(

P3D

3D

3D

3D

3D

),*85$ 6&$/$ ', ,17(16,7¬ '(//$ 35(66,21( 62125$

,Q OLQHD JHQHUDOH LO UXPRUH q XQ VHJQDOH QRQ GHVLGHUDWR GL RULJLQH QDWXUDOH R DUWLILFLDOH


/$ $ 9$ $/8 87$ $=,2 21( ( '( (/ 5,6 6&+ +,2 580 025(

, G GDQQ QL SURF S FXUD DWL GDO UXP PRUUH SHUUWDQ QWR VR RQR IXQ Q]LR RQH GH HOOD SRWWHQ]D DFX XVWLFD H G GHO WHP PSR R GL HVVSRVVL]LR RQH H q q SR RVVLELOH H VX XGGLLYLG GHUOL QH HOOH VHJ JXH HQWL WLSR RORJ JLH ¾ WUDX ¾ W XPL DOO¶¶XGLWWR O HV VSRVVL]LR RQH DO UXP PRUH H DOOD D OXQ QJD SXz SUR RYRFFDUH H OD D GLVWUX X]LR QH GL FHOOOXOH FK KH QRQ Q VLL SHUUGLWD ULJH U QHUDQR R GD D FX XL GHULY G YD XQD X D SUURJUUHVVVLYD GHOO XG GLWR SULPD QHOOD ]RQ ] D GHOOH H IUH HTXH HQ]H H HVVWUH HPH VX XRQLL PROW P WR D DFXWWL R P PROWR J JUDYYL S SRL D DQFKH LLQ TXHOOOD G HOOD D UHJ JLRQ QH P PHGLD Q QHL FFDVL SL JUUDYL SXz z VR RSUD DJJLXQJ JHUH H DQFKH H OD VR RUGLLWj ¾ HIIH ¾ H WWL VVX D DOWUL RUJDQL GL VVHQV VR O RUH HFFKLR FRPH QRWWR q q OD D VHGH G GHO VHQ QVR GHOO HTXLOLE EULR LO UUXP PRUH H SHUWDQ QWR S SXz z DJLU D UH Q QHJD DWLYD DPH HQWH H SUR RYR RFDQ QGR YHUUWLJLQ QL H H QD DXVH HH WDOH H FR RQGL]LRQ QH VL V ULLOHYD D DG D H HVHP PSLR R QHL Q ODYR RUDWR RUL FKH H RSH R UDQR D FRQ QWDWWWR FRQ LL PR RWRUL D UUHD] ]LRQ QH ¾ HIIH ¾ H WWL ILVLR I RORJLLFL L SUULQFLSDOLL HIIIHWWL GHOO¶HV VSRVVL]LR RQH DO UXP PRUH H SR RVVR RQR HVV VHUH H VVWDQ FKH H]]D D VH HQVR GL IDWLFD D LQ Q DOFX D XQL FFDVLL q G GRF FXPH HQWD DWR FKH H QH HDQF FKH LO ULSRVVR G GL TX XDOF FKH JLR RUQR R ULHVFH H D H HOLP PLQD DUOR GLVVWXUUEL R R LP PSHG GLPHQWLL GHO G VRQ QQR VLD D SH HU L UXP PRUL XGLWL P PHQ QWUH VL G GRUP PH VLD D SH HU TX XHOOL FK KH ULPD DQJR RQR LPS SUHV VVL G GDOOR VWWDWR R GL YHJ JOLD HPL H FUDQ QLD VWR RUGLPHQ QWR LQD DSSHWHQ Q]D DQ QHP PLD GLV VWXUE EL QHXU Q UR YHJH HWDWLYYL DFF FHOHUUD]L RQH H GH HO EDWWLW E WR FFDUG GLDFR H H GHOOD G D UH HVSLUUD]LRQH H LQQDO]]DP PHQWWR G GHOOD D SUH HVVLLRQH H VD DQJX XLJQ QD YYDULD D]LR RQL G GHO P PHWWDER ROLVP PR G GL EDVH H HFFF ¾ HIIH ¾ H WWL S SVLFR RORJ JLFL OD FRQ QVHJ JXHQ Q]D SL FRPXQ QH G GHOO¶HVS SRVL]LRQ QH D DO UX XPR RUH S SXz z HVVVHUH H O¶LQVRUJHQ]D D GL VHQ QWLPHQWLL QHJ Q DWLYYL TX XDOL DQJ JRVFLD GLV VDJLLR IDVW I WLGLR R SD DXUD D HF FF DOWUUL HIIIHWWWL SL S JUDY J YL SRVV S VRQ R HVVH HUH UDSS U SUHVVHQWWDWL GD GLIILF G FROWj G GL FRQF FHQWUD]LLRQH H GLVWX G XUEL GH HOOD PH HPRULD GLV VWXUE EL GHOOD G D SHUVR RQD DOLWj LQ VRUJ JHQ Q]D GL DWWH HJJLLDPHQWLL RVVH R HVVLYL LUULWD DELOLWj DVWWHQLD D G GLIILFFROWj j GL FRP PSUUHQV VLRQH GL PH HVVD DJJ JL YH HUED DOL QHOOD D FR QYH HUVD]LRQ QH UDOOH HQWD DPH HQWR R GHOO

G DWWLYYLWj LQWH HOOHWWWXD DOH H H R P PRWRULD D HF FF

DFXVLD RVVVLD D OD GLP PLQX X]LR RQH H GH HOOD SHUUFH] ]LRQ QH VVRQ QRUD D ILQ QR D DO OLP PLWH H GH HOOD D SH HUGLWWD G GHOOD FD DSD DFLWj j XG GLWLY YD q LOO /¶LSRD DQQR R GD D UX XPR RUH SL QR RWR H H SL V VWXG GLDWR R GD (V VVD q O¶HIIH HWWR R GH HOO¶H HVSR RVL] ]LRQ QH F FURQ QLFD D D UXP PRUH H FR RQ LQWH HQVLWj X XJX XDOL R VVXSH HULR RUL D DG G G% $ 3R RVVR RQR R LQ QROWWUH ULOHYD DUVL HIIIHWWWL DFXW D WL SHU S O¶DSSD DUDWWR X XGLWWLYR R GR RYX XWL DOO¶H D HVS SRVL]LRQ QH DO UXP PRUUH TXD DOL DG G HVHPSLR R GDQQ QL P PHF FFDQ QLFLL DO WLP PSD DQR QH HO FDVR F R GL HV VSR RVL] ]LRQ QH D D UX XPR RUL LVWD DQWD DQH HL PD P DG D LQWH HQV VLWj PR ROWR R HOH HYDWH FRP PH VL H HYLQ QFH GDO GLD DJUUDPPD D VH HJXH HQWH H

),* *85$ $ '$11 $ , 35292 2&$7 7, '$ $/ 5 5802 25( ( /D D YD DOXWWD]LRQH H G R H H OH H PLVX P UD] ]LRQ QL IR RQR HWULFFKH GH HO UXP U PRUH H GHEE ERQR H VHUH H HIIIHWWWXDWH FR RPH H GHO ULVFFKLR RPH HVV DQWLFLSDWR G GD S SHUUVRQ QDOH H FR RPS SHWH HQWH H Q QHO ULVS SHWWR G H P PHWR RGROORJLLH LQ QGLFFDWH H QH HO G G OJVV G GHO D DSULOH H H GHOOH V P P L H GHOOOD QRUUPD DWLYD D WH HFQLFD HV QRUPH H 81, 8 (1 1 ,6 62 ³'H HWHUUPLQ QD]]LRQ QH G GHOOO¶HVVSRVVL]LR RQH H DOO UXP PRUUH QHJ Q JOL DPE D ELHQ QWL G GL OD DYR RUR´´ H 81 1, 'HWH HUP PLQD D]LR RQH GH HO OLYHOOOR G GL H RVL]]LRQ QH S SHUUVRQ QDOH H DOO ' HVSR UXP PRUUH Q QHOO¶DP PELH H GL ODY YRUR R HQWH , YDOR Y RUL PLV P VXUD DWL Q PELWWR G GHOOH FDP F PSDJQH H IR RQR HWULF FKH VD DUDQ QQR XWLLOL]] ]DWL GD DO WWHFQ QLFR R FRPSHWWHQWWH FFKH H QHOOO¶DP RPH HIIIHWWX XD OOD Y YDOX XWD]]LRQ QH G GHO UULVFFKLR R UXPRUH GHWWHUP PLQDQG GR LL OLYHOOL GL H HVS SRVLL]LR RQH SHUUVRQ QIUR RQWD DQGR ROL FFRQ Q QDOL H FRQ L YD DORUL G D]LLRQH H H LO Y YDOR RUH OOLPLWH VSH HFLIILFDWWL QH HO G G OJVV G GHO DSULOH H V P P L 3H HU HVHJ H JXLUUH OD O YYDOX XWD]]LRQ QH G GHO ULV VFKLR UXP U PRUH H VL GR RYUj j FR RQVVLGH HUDUUH LQROWUH DQFK F WULE EXWR R KH O HYYHQWWXDOOH FRQ GH HOOH HYH HQWX XDOL VRVVWDQ]H H RWRWRVVLF FKH H H G GL D DOWUL IDWWWRUL GL ULVFFKLR R VLQ QHUJ JLFLL SUH HVH HQWL QHO OXR R GL ODY YRUR R RJR

),*85$ ,*85$ 5,/,(92 )2120(75,&2


/$ 9$/87$=,21( '(/ 5,6&+,2 58025(

,O ULVFKLR UXPRUH QHO G OJV GHO DSULOH H V P L

$UWLFROR 9DOXWD]LRQH GHL ULVFKL 1HOO¶DPELWR GHOOD YDOXWD]LRQH « LO GDWRUH GL ODYRUR YDOXWD WXWWL L ULVFKL GHULYDQWL GD HVSRVL]LRQH DG DJHQWL ILVLFL LQ PRGR GD LGHQWLILFDUH H DGRWWDUH OH RSSRUWXQH PLVXUH GL SUHYHQ]LRQH H SURWH]LRQH «

$UWLFROR 'LVSRVL]LRQL PLUDQWL DG HOLPLQDUH R ULGXUUH L ULVFKL 7HQXWR FRQWR GHO SURJUHVVR WHFQLFR « L ULVFKL GHULYDQWL GDOO HVSRVL]LRQH DJOL DJHQWL ILVLFL VRQR HOLPLQDWL DOOD IRQWH R ULGRWWL DO PLQLPR« ,Q QHVVXQ FDVR L ODYRUDWRUL GHYRQR HVVHUH HVSRVWL D YDORUL VXSHULRUL DL YDORUL OLPLWH GL HVSRVL]LRQH $OORUFKp QRQRVWDQWH L SURYYHGLPHQWL SUHVL « L YDORUL OLPLWH ULVXOWLQR VXSHUDWL LO GDWRUH GL ODYRUR DGRWWD PLVXUH LPPHGLDWH SHU ULSRUWDUH O HVSRVL]LRQH DO GL VRWWR GHL YDORUL OLPLWH LQGLYLGXD OH FDXVH H DGHJXD GL FRQVHJXHQ]D OH PLVXUH GL SURWH]LRQH H SUHYHQ]LRQH SHU HYLWDUH XQ QXRYR VXSHUDPHQWR

$UWLFROR 'HILQL]LRQL H FDPSR GL DSSOLFD]LRQH « SHU DJHQWL ILVLFL VL LQWHQGRQR LO UXPRUH « FKH SRVVRQR FRPSRUWDUH ULVFKL SHU OD VDOXWH H OD VLFXUH]]D GHL ODYRUDWRUL

'(),1,=,21( ( 9$/87$=,21( '(/ 5,6&+,2 58025( ' /*6 '(/ $35,/( ( 6 0 , 7,72/2 9,,, &$32 ,

*OL HIIHWWL GL GLVWXUER SRWHQ]LDOPHQWH FRQQHVVL DO ULVFKLR GL GDQQR XGLWLYR GLSHQGRQR GD WUH IDWWRUL o GDOO¶HQWLWj GHL OLYHOOL VRQRUL HQHUJLD o GDOOD GXUDWD GHOO¶HVSRVL]LRQH WHPSR o GDOOD GLVWULEX]LRQH LQ IUHTXHQ]D GHOO¶HQHUJLD VHQVLELOLWj GHOO¶RUHFFKLR /H FXUYH GL SRQGHUD]LRQH /D ORJLFD GHOO¶LPSLHJR GHOOH FXUYH GL SRQGHUD]LRQH ULVLHGH QHO IDWWR FKH O¶RUHFFKLR XPDQR QRQ q LQGLIIHUHQWHPHQWH UHDWWLYR VX WXWWD OD JDPPD GHOOH IUHTXHQ]H HVVR LQIDWWL ULVXOWD DQDWRPLFDPHQWH SL VHQVLELOH DOOH DOWH IUHTXHQ]H ULVSHWWR D TXHOOH EDVVH /D ULVSRVWD GHOO RUHFFKLR DG XQ FHUWR VXRQR q IXQ]LRQH VLD GHOOD SUHVVLRQH VRQRUD FKH GHOOD IUHTXHQ]D GHOOR VWHVVR H SHUWDQWR QRQ q SRVVLELOH YDOXWDUH XQ VXRQR VRODPHQWH LQ EDVH DG XQR VROWDQWR GL TXHVWL GXH IDWWRUL 'L FRQVHJXHQ]D DO ILQH GL ULSURGXUUH LQ PDQLHUD LO SL SRVVLELOH IHGHOH LO FRPSRUWDPHQWR GHOO RUHFFKLR XPDQR VL XWLOL]]DQR GHOOH RSSRUWXQH FXUYH GL SRQGHUD]LRQH $ % & ' FKH KDQQR LO FRPSLWR GL DWWHQXDUH DOFXQH IUHTXHQ]H H GL DFFHQWXDUQH DOWUH D VHFRQGD GHO ULVXOWDWR FKH VL YXROH RWWHQHUH YHGL ILJXUD /H TXDWWUR FXUYH GL SRQGHUD]LRQH QRUPDOL]]DWH LQ FDPSR LQWHUQD]LRQDOH VRQR x &XUYD GL ILOWUR $ DQGDPHQWR LQYHUVR ULVSHWWR DOOD FXUYD LVRIRQLFD D SKRQ x &XUYD GL ILOWUR % DQGDPHQWR LQYHUVR ULVSHWWR DOOD FXUYD LVRIRQLFD D SKRQ LQ GLVXVR x &XUYD GL ILOWUR & DQGDPHQWR LQYHUVR ULVSHWWR DOOD FXUYD LVRIRQLFD D SKRQ x &XUYD GL ILOWUR ' XWLOL]]DWD QHOOD YDOXWD]LRQH GL UXPRUL DHURSRUWXDOL 'RYH LO SKRQ UDSSUHVHQWD LO OLYHOOR GL VHQVD]LRQH VRQRUD VXOOD EDVH GHO TXDOH VL UDSSUHVHQWDQR OH FXUYH LVRIRQLFKH 1HOOD WDEHOOD VHJXHQWH VRQR ULSRUWDWL DOOH GLYHUVH IUHTXHQ]H L YDORUL GL FRUUH]LRQH LQ UHOD]LRQH DOOH GLYHUVH FXUYH GL SRQGHUD]LRQH 6SHULPHQWDOPHQWH OD FXUYD FKH VL q ULYHODWD HVVHUH SL ULVSRQGHQWH DOO HVLJHQ]D GL ULSURGXUUH OD ULVSRVWD SVLFRILVLFD GHOO¶RUHFFKLR XPDQR q OD FXUYD GL SRQGHUD]LRQH $ FKH DWWHQXD QRWHYROPHQWH OH IUHTXHQ]H LQIHULRUL D N+] HVDOWDQGR TXHOOH WUD N+] H N+] 7DOH FXUYD q DGRWWDWD GDO G OJV GHO DSULOH H V P L SHU OD GHWHUPLQD]LRQH GHL OLYHOOL GL HVSRVL]LRQH DO UXPRUH /(; JLRUQDOLHUD H VHWWLPDQDOH PHQWUH SHU OD GHWHUPLQD]LRQH GHOOD SUHVVLRQH DFXVWLFD GL SLFFR SSHDN LO YDORUH GHOOD SUHVVLRQH GRYUj HVVHUH SRQGHUDOR LQ VFDOD & YHGL SDUDJUDIL VHJXHQWL /H XQLWj GL PLVXUD GHL OLYHOOL GL SUHVVLRQH VRQRUD PLVXUDWL FRQ OD SRQGHUD]LRQH GHOO¶XQD R GHOO DOWUD FXUYD VRQR ULVSHWWLYDPHQWH LO G% $ H G% & 6L VHJQDOD FKH QRQRVWDQWH OD FXUYD GL SRQGHUD]LRQH $ VLD TXHOOD FKH PHJOLR DSSURVVLPD OD ULVSRVWD GHOO RUHFFKLR HVVD SUHVHQWD FRPXQTXH GHL OLPLWL LQ SDUWLFRODUH VH LO UXPRUH SUHVHQWD LPSRUWDQWL FRPSRQHQWL LPSXOVLYH R WRQDOL R VH q SUHYDOHQWH OD EDVVD IUHTXHQ]D QHO TXDO FDVR HVVR SRWUHEEH ULVXOWDUH VRWWRVWLPDWR


/$ 9$/87$=,21( '(/ 5,6&+,2 58025(

IUHTXHQ]D +] I &XUYD $ G% $I &XUYD % G% %I &XUYD & G% &I &XUYD ' G% 'I

9$/25, '(//( &859( ', 321'(5$=,21( $ % & '

),*85$ &859( ', 321'(5$=,21( $ % & ' ,1 )5(48(1=$

1HOOD YDOXWD]LRQH GHO GLVWXUER VRQR GXH L SDUDPHWUL GD YDOXWDUH LO OLYHOOR GL SUHVVLRQH VRQRUD /S LQ G% $ YDORUH PHGLR U P V QHO WHPSR GHOOD SUHVVLRQH VRQRUD H LO OLYHOOR VRQRUR GL SLFFR /SLFFR LQ G% & YDORUH LVWDQWDQHR PDVVLPR GHOOD SUHVVLRQH VRQRUD /D OHJJH SHUWDQWR VWDELOLVFH GXH YDORUL OLPLWH GL HVSRVL]LRQH GD QRQ VXSHUDUH XQR FRQWLQXR H O¶DOWUR GL SLFFR o G% $ FRPH HVSRVL]LRQH TXRWLGLDQD SHUVRQDOH DO UXPRUH o G% & FRPH YDORUH GL SLFFR 3HU OD PLVXUD]LRQH GHO OLYHOOR VRQRUR LQ DPELWR ODYRUDWLYR H TXLQGL GHO UHODWLYR OLYHOOR GL ULVFKLR GD HVSRVL]LRQH DO UXPRUH RFFRUUH WHQHU FRQWR VLD GHOO HVSRVL]LRQH WHPSRUDOH GHO ODYRUDWRUH VLD GHOO¶HVSRVL]LRQH PDVVLPD LVWDQWDQHD D WDOH VFRSR O¶DUW GHILQLVFH L VHJXHQWL SDUDPHWUL

D SUHVVLRQH DFXVWLFD GL SLFFR SSHDN YDORUH PDVVLPR GHOOD SUHVVLRQH DFXVWLFD LVWDQWDQHD SRQGHUDWD LQ IUHTXHQ]D & E OLYHOOR GL HVSRVL]LRQH JLRUQDOLHUD DO UXPRUH /(; K LQ G% $ YDORUH PHGLR SRQGHUDWR LQ IXQ]LRQH GHO WHPSR GHL OLYHOOL GL HVSRVL]LRQH DO UXPRUH SHU XQD JLRUQDWD ODYRUDWLYD QRPLQDOH GL RWWR RUH H VL ULIHULVFH D WXWWL L UXPRUL VXO ODYRUR LQFOXVR LO UXPRUH LPSXOVLYR ĐͿ OLYHOOR GL HHVS SRVL]LRQH VHWWWLPDQD DOH DO UXP PRUH H / /(; Z YDOORUH H P PHGLLR SRQ QGHUDWR R LQ Q IX XQ]LRQH H GH HO WWHPSR GHL G OLYHOOL GL HV VSRV VL]LRQH H JLRU J QDOLLHUD D D DO UX XPR RUH SH HU X XQD D VHWWLPDQD QR RPLQ QDOH H G GL FLQT F TXH JLR RUQDWH H ODYR RUDWWLYH H GL RWWR R RUUH


/$ $ 9$ $/8 87$ $=,2 21( ( '( (/ 5,6 6&+ +,2 580 025(

,,O O LYH HOOR R VR RQ RUR R F FRQ WLQ QXR R HT TX LYD DOHQ QWH H / $ H T

,O OLYHOOOR V VRQ QRUR R FR RQWLQXR R HT TXLYYDOH HQWH H /$HT UDWWH HUL]]]D FR RQ X XQ VVROR R QX XPH HUR LQ XQ FH UWR LQWH HUYD DOOR R GL WHP PSR R 7 $ FDU XQ OLYH HOOR R VR RQRUUR YYDULDELOH Q QHO WWHP PSR R L FXL H HIIHWWL GL G GLVWXUE ER R R GL GDQ QQR R VR RQR R OHJ JDWL DO FRQWHQXWR GL HQ QHUJ JLD 7 න S WW S GW ቉ G /$HT ORJ ቈ G% $ $ W W

3H HUWDQWR R LO /$HHT q q LO OLYH HOOR HVVSUH HVV VR LQ Q G% $ $ GL X XQ LSRWHWLFR UXP PRUUH FFRVWWDQWWH FFKH H VH H VRVWLWXLWWR DO D UXPRUH H UHD DOH SH HU OR VWHV V VVR LQWHUY YDOOR GL G WHP W PSR 7 FR RPS SRUWWHUH HEE EH OOD VWHV V VVD D TX XDQ QWLWj j WR RWDOH G GL HQH H HUJLD D VRQ V RUD D DOO¶RUH HFFK KLR

),* *85 5$ ,/ /,9(//2 2 (4 48,9 (17( ( &2 217,182 2 32 21'( (5$7 72 /$HT 9$/( 48$/( ( 0(',$ ,17( (*5$ $7$ $ 1(/ / 7( 2 '( (/ /,,9(/ //2 ' ', 35 5(66,21 1( 6 6212 25$ (032 $

),* *85 5$ ,/ /,9(//2 2 (4 48,9 (17( ( &2 217,182 2 321'( (5$7 72 /$HT 9$/(

2OWUH DO OLYHOOR VRQRUR FRQWLQXR HTXLYDOHQWH /$HT HVLVWH DQFKH LO OLYHOOR VRQRUR FRQWLQXR HTXLYDOHQWH /&HT HVSUHVVR LQ G% & YDORUH XWLOL]]DWR SHU OD GHWHUPLQD]LRQH GHOO¶HIILFLHQ]D GL DWWHQXD]LRQH GHL OLYHOOL VRQRUL GD SDUWH GHL '3, XGLWLYL


/$ 9$/87$=,21( '(/ 5,6&+,2 58025(

,O FDOFROR GHL OLYHOOL VRQRUL HTXLYDOHQWL / ( ; K H / ( ; Z

3HU YDOXWDUH OยถHVSRVL]LRQH SHUVRQDOH JLRUQDOLHUD DO UXPRUH GL XQ ODYRUDWRUH VL GRYUj FDOFRODUH LO /(; K Q /(; K ORJ เตฅ เท 7L /L เตฉ G% $ 7 L

GRYH x 7L q LO WHPSR GL HVSRVL]LRQH TXRWLGLDQR LQ PLQXWL GL XQ ODYRUDWRUH DOOD IRQWH GL UXPRUH L HVLPD x /L q LO OLYHOOR HTXLYDOHQWH FRQWLQXR GHOOD IRQWH GL UXPRUH L HVLPD x 7 q SDUL DG RUH ODYRUDWLYH (VHPSLR VXSSRQLDPR FKH XQ ODYRUDWRUH GXUDQWH OH RWWR RUH GL ODYRUR VLD VRWWRSRVWR o SHU WUH RUH DG XQ OLYHOOR / K G% $ o SHU XQยถRUD DG XQ OLYHOOR / K G% $ o SHU TXDWWUR RUH DG XQ OLYHOOR / K G% $ LO OLYHOOR GL HVSRVL]LRQH TXRWLGLDQR /(; K ULVXOWHUj /(; K ORJ > [ [ [ @ G% $ 6H OH FRQGL]LRQL ODYRUDWLYH HVSRQJRQR L ODYRUDWRUL D OLYHOOL GL UXPRUH VLJQLILFDWLYDPHQWH YDULDELOL WUD OH GLIIHUHQWL JLRUQDWH ODYRUDWLYH DUW FRPPD q SRVVLELOH FDOFRODUH LO /(; Z RVVLD OD PHGLD VHWWLPDQDOH GHL YDORUL TXRWLGLDQL GL HVSRVL]LRQH GHILQLWR QHO VHJXHQWH PRGR P /(; Z ORJ เตฅ เท /(; K N เตฉ G%แ บ$แ ป N

GRYH x N q OยถLQGLFH UDSSUHVHQWDWLYR GHOOD JLRUQDWD ODYRUDWLYD x P q LO QXPHUR GHOOH JLRUQDWH ODYRUDWLYH GHOOD VHWWLPDQD x /(; K N q LO YDORUH GL /(; K UHODWLYR DOOD N HVLPD JLRUQDWD ODYRUDWLYD (VHPSLR VXSSRQLDPR FKH XQ ODYRUDWRUH GXUDQWH OD VHWWLPDQD ODYRUDWLYD GL FLQTXH JLRUQL VLD VRWWRSRVWR o SHU GXH JLRUQL DG XQ OLYHOOR / G G% $ o SHU o S XQ JLR RUQR R DG G XQ Q OLYYHOOR / G G% $ o SHU o S GXH JLRUQ QL D DG X XQ OLYHOOR / / G G% % $

LO OLLYHOOR G GL HVSR RVL]]LRQ QH V VHWWLLPD DQDOH / /(; ZZ ULV VXOWWHUj j /(; Z ORJ J > [ [ [ @ G% % $ $

1p LO G OJV GHO DSULOH H V P L Qp OH QRUPH WHFQLFKH 81, (1 ,62 H 81, IRUQLVFRQR FULWHUL RJJHWWLYL SHU GHWHUPLQDUH VH OD YDULDELOLWj GHO OLYHOOR GL HVSRVL]LRQH JLRUQDOLHUD VLD VXIILFLHQWHPHQWH VLJQLILFDWLYD GD JLXVWLILFDUH LO ULFRUVR DO OLYHOOR GL HVSRVL]LRQH VHWWLPDQDOH &L VL SXz ULIHULUH LQ SURSRVLWR DOOH LQGLFD]LRQL RSHUDWLYH VXOOD SUHYHQ]LRQH H SURWH]LRQH GDL ULVFKL GRYXWL DOOยถHVSRVL]LRQH DG DJHQWL ILVLFL QHL OXRJKL GL ODYRUR GHO &RRUGLQDPHQWR 7HFQLFR SHU OD VLFXUH]]D QHL OXRJKL GL ODYRUR GHOOH 5HJLRQL H GHOOH 3URYLQFLH DXWRQRPH LQ FROODERUD]LRQH FRQ ,1$,/ H ,VWLWXWR 6XSHULRUH GL 6DQLWj $O SXQWR GL WDOL LQGLFD]LRQL YLHQH DIIHUPDWR FKH ยฉ$L ILQL GHO &DSR ,, GHO 7LWROR 9,,, GHO G OJV Q VL IRUQLVFH OยถLQGLFD]LRQH GL UHSXWDUH VLJQLILFDWLYD XQD YDULDELOLWj FKH FODVVLILFD LO ODYRUDWRUH LQ XQD IDVFLD GL ULVFKLR GLYHUVD D VHFRQGD FKH OD VWLPD YHQJD IDWWD VXO OLYHOOR JLRUQDOLHUR R VX TXHOOR VHWWLPDQDOHยช /D VLPERORJLD XWLOL]]DWD GDOOD SUHFHGHQWH OHJLVOD]LRQH QD]LRQDOH H[ G OJV GHO DJRVWR q GHO WXWWR HTXLYDOHQWH LQ WHUPLQL GL FRQWHQXWR WHFQLFR D TXHOOD SUHYLVWD GDO G OJV GHO DSULOH H V P L SHUWDQWR LO /(; K FRLQFLGH FRQ LO /(3 G H LO /(; Z FRLQFLGH FRQ LO /(3 Z


/$ $ 9$ $/8 87$ $=,2 21( ( '( (/ 5,6 6&+ +,2 580 025(

,,O O LYH HOOR R VR RQ RUR R G GL S SLFF FR / S L F F R G % & &

/D D QR RUPD V VWDE ELOLVFFH FKH H R ROWUH H DL OLYH HOOL HTX XLYD DOHQ QWL QRQ Q SRVV VD H HVVH HUH H PD DL V VXSH HUDWR X XQ OLYH HOOR GL S SLFFFR / /& SLFFRR SD DUL D D G G% & & S SRQ QGHUUDWR R & /SLFFR ORJ J S SSHDNN SUUHI OR RJ SSHHDN S SUHI GR RYH x SSHDN q OD D SUUHVV VLRQ QH D DFXVWLF FD LV VWDQ QWDQHD D PDVVVLPD SRQG GHUD DWD LQ IIUHT TXH HQ]D D & & x SUHHI q OD S SUHVVLR RQH H VR RQRUD G GL ULIHULLPH HQWR R SD DUL D ȝ ȝ3D ),*8 85$ ,/ /,9(/ 125 52 ',, 3,& &&2 3SHDDN //2 621

),*85 5$ /,9( (//2 2 62 21252 ' ', 3,,&&2 2 3 . ( /,9( (//2 2 (4 48,9$ $/(17( ( 321 1'( (5$7 3($. 72 2 50 2 06

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


/$ 9$/87$=,21( '(/ 5,6&+,2 58025(

$ WDO SURSRVLWR VL VHJQDOD FKH HVLVWRQR RJJL LQ FRPPHUFLR GHOOH FXIILH HOHWWURQLFKH DG DWWHQXD]LRQH FRQWUROODWD FRQ DPSOLILFD]LRQH GHOOH IUHTXHQ]H GHO SDUODWR · +] UHJRODELOH GDOO¶XWLOL]]DWRUH H FRQ XQ VLVWHPD GL OLPLWD]LRQH HOHWWURQLFD GHL UXPRUL LPSXOVLYL D G% $ 4XHVWH FXIILH FRQVHQWRQR SHUWDQWR DO ODYRUDWRUH GL FRPXQLFDUH DJHYROPHQWH SXU HVVHQGR LQ SUHVHQ]D GL UXPRUL GDQQRVL SHU O¶XGLWR ,Q VLQWHVL RFFRUUHUj ¾ GHWHUPLQDWR LO OLYHOOR VRQRUR /(; K DIILDQFDUH DG HVVR XQ YDORUH GL SLFFR /SLFFR D ULFRQRVFLPHQWR GHOO¶DJJUDYLR GL ULVFKLR XGLWLYR UDSSUHVHQWDWR GDO UXPRUH LPSXOVLYR ¾ XWLOL]]DUH LO OLYHOOR /SLFFR GL PDVVLPD DPSLH]]D IUD WXWWL TXHOOL PLVXUDWL SHU LO FRQIURQWR FRQ L YDORUL GL D]LRQH H FRQ LO YDORUH OLPLWH SUHYLVWL GDOOD QRUPDWLYD /D YDOXWD]LRQH GHO ULVFKLR UXPRUH

$UWLFROR 9DOXWD]LRQH GHO ULVFKLR 1HOO DPELWR GL TXDQWR SUHYLVWR GDOO¶DUWLFROR LO GDWRUH GL ODYRUR YDOXWD O HVSRVL]LRQH GHL ODYRUDWRUL DO UXPRUH GXUDQWH LO ODYRUR« 6H D VHJXLWR GHOOD YDOXWD]LRQH « SXz IRQGDWDPHQWH ULWHQHUVL FKH L YDORUL LQIHULRUL GL D]LRQH SRVVRQR HVVHUH VXSHUDWL /(; G%$ H SSHDN 3D G% & LO GDWRUH GL ODYRUR PLVXUD L OLYHOOL GL UXPRUH FXL L ODYRUDWRUL VRQR HVSRVWL L FXL ULVXOWDWL VRQR ULSRUWDWL QHO GRFXPHQWR GL YDOXWD]LRQH GL FXL DOO DUW , PHWRGL H OH VWUXPHQWD]LRQL XWLOL]]DWL GHYRQR HVVHUH DGHJXDWL DOOH FDUDWWHULVWLFKH GHO UXPRUH GD PLVXUDUH « H SRVVRQR LQFOXGHUH OD FDPSLRQDWXUD SXUFKp VLD UDSSUHVHQWDWLYD GHOO HVSRVL]LRQH GHO ODYRUDWRUH 1HOO DSSOLFDUH TXDQWR SUHYLVWR QHO SUHVHQWH DUWLFROR LO GDWRUH GL ODYRUR WLHQH FRQWR GHOO¶LQFHUWH]]D GHOOH PLVXUH GHWHUPLQDWH VHFRQGR OD SUDVVL PHWURORJLFD

$UWLFROR 9DOXWD]LRQH GL DWWLYLWj D OLYHOOR GL HVSRVL]LRQH PROWR YDULDELOH )DWWR VDOYR LO GLYLHWR DO VXSHUDPHQWR GHL YDORUL OLPLWH GL HVSRVL]LRQH SHU DWWLYLWj FKH FRPSRUWDQR XQ HOHYDWD IOXWWXD]LRQH GHL OLYHOOL GL HVSRVL]LRQH SHUVRQDOH GHL ODYRUDWRUL LO GDWRUH GL ODYRUR SXz DWWULEXLUH D GHWWL ODYRUDWRUL XQ HVSRVL]LRQH DO UXPRUH DO GL VRSUD GHL YDORUL VXSHULRUL GL D]LRQH JDUDQWHQGR ORUR OH PLVXUH GL SUHYHQ]LRQH H SURWH]LRQH FRQVHJXHQWL H LQ SDUWLFRODUH D OD GLVSRQLELOLWj GHL GLVSRVLWLYL GL SURWH]LRQH LQGLYLGXDOH GHOO¶XGLWR E O¶LQIRUPD]LRQH H OD IRUPD]LRQH F LO FRQWUROOR VDQLWDULR ,Q TXHVWR FDVR OD PLVXUD]LRQH DVVRFLDWD DOOD YDOXWD]LRQH VL OLPLWD D GHWHUPLQDUH LO OLYHOOR GL UXPRUH SURGRWWR GDOOH DWWUH]]DWXUH QHL SRVWL RSHUDWRUH DL ILQL GHOO¶LGHQWLILFD]LRQH GHOOH PLVXUH GL SUHYHQ]LRQH H SURWH]LRQH H SHU IRUPXODUH LO SURJUDPPD GHOOH PLVXUH WHFQLFKH H RUJDQL]]DWLYH GL FXL DOO¶DUWLFROR FRPPD 6XO GRFXPHQWR GL YDOXWD]LRQH GL FXL DOO DUWLFROR D ILDQFR GHL QRPLQDWLYL GHL ODYRUDWRUL FRVu FODVVLILFDWL YD ULSRUWDWR LO ULIHULPHQWR DO SUHVHQWH DUWLFROR

$UWLFROR 0LVXUH GL SUHYHQ]LRQH H SURWH]LRQH « LO GDWRUH GL ODYRUR HOLPLQD L ULVFKL DOOD IRQWH R OL ULGXFH DO PLQLPR PHGLDQWH VSHFLILFKH PLVXUH DGR]LRQH GL DOWUL PHWRGL GL ODYRUR FKH LPSOLFDQR XQD PLQRUH HVSRVL]LRQH DO UXPRUH VFHOWD GL DWWUH]]DWXUH GL ODYRUR DGHJXDWH FKH HPHWWDQR LO PLQRU UXPRUH SRVVLELOH SURJHWWD]LRQH GHOOD VWUXWWXUD GHL OXRJKL H GHL SRVWL GL ODYRUR « 6H D VHJXLWR GHOOD YDOXWD]LRQH GHL ULVFKL ULVXOWD FKH L YDORUL VXSHULRUL GL D]LRQH VRQR VXSHUDWL /(; G% $ H SSHDN 3D G%& LO GDWRUH GL ODYRUR HODERUD HG DSSOLFD XQ SURJUDPPD GL PLVXUH WHFQLFKH H RUJDQL]]DWLYH YROWH D ULGXUUH O¶HVSRVL]LRQH DO UXPRUH ROWUH D TXHOOH JLj DGRWWDWH GL FXL DO SXQWR , OXRJKL GL ODYRUR GRYH L ODYRUDWRUL SRVVRQR HVVHUH HVSRVWL DG XQ UXPRUH DO GL VRSUD GHL YDORUL VXSHULRUL GL D]LRQH /(; G% $ H SSHDN 3D G% & VRQR LQGLFDWL GD DSSRVLWL VHJQDOL 'HWWH DUHH VRQR LQROWUH GHOLPLWDWH H O¶DFFHVVR DOOH VWHVVH q OLPLWDWR RYH FLz VLD WHFQLFDPHQWH SRVVLELOH H JLXVWLILFDWR GDO ULVFKLR GL HVSRVL]LRQH«


/$ 9$/87$=,21( '(/ 5,6&+,2 58025(

$UWLFROR 8VR GHL GLVSRVLWLYL GL SURWH]LRQH LQGLYLGXDOL '3,

« LO GDWRUH GL ODYRUR QHL FDVL LQ FXL L ULVFKL GHULYDQWL GDO UXPRUH QRQ SRVVRQR HVVHUH HYLWDWL FRQ OH PLVXUH GL SUHYHQ]LRQH H SURWH]LRQH GL FXL DOO¶DUWLFROR IRUQLVFH L GLVSRVLWLYL GL SURWH]LRQH LQGLYLGXDOL SHU O¶XGLWR FRQIRUPL DOOH VHJXHQWL FRQGL]LRQL D QHO FDVR LQ FXL O HVSRVL]LRQH DO UXPRUH VXSHUL L YDORUL LQIHULRUL GL D]LRQH /(; G% $ H SSHDN G% & LO GDWRUH GL ODYRUR PHWWH D GLVSRVL]LRQH GLVSRVLWLYL GL SURWH]LRQH LQGLYLGXDOH GHOO XGLWR E QHO FDVR LQ FXL O HVSRVL]LRQH DO UXPRUH VLD SDUL R DO GL VRSUD GHL YDORUL VXSHULRUL GL D]LRQH /(; G% $ H SSHDN G% & HVLJH FKH L ODYRUDWRUL XWLOL]]LQR L GLVSRVLWLYL GL SURWH]LRQH « ,O GDWRUH GL ODYRUR WLHQH FRQWR GHOO DWWHQXD]LRQH SURGRWWD GDL '3, LQGRVVDWL GDO ODYRUDWRUH VROR DL ILQL GL YDOXWDUH O¶HIILFLHQ]D GHL '3, H LO ULVSHWWR GHO YDORUH OLPLWH GL HVSRVL]LRQH , PH]]L LQGLYLGXDOL GL SURWH]LRQH GHOO¶XGLWR VRQR FRQVLGHUDWL DGHJXDWL DL ILQL GHOOH SUHVHQWL QRUPH VH FRUUHWWDPHQWH XVDWL H FRPXQTXH ULVSHWWDQR OH SUHVWD]LRQL ULFKLHVWH GDOOH QRUPDWLYH WHFQLFKH

/¶DUW GHO G OJV GHO DSULOH H V P L LPSRQH SHUWDQWR DO 'DWRUH GL ODYRUR GL HIIHWWXDUH XQD YDOXWD]LRQH GHO UXPRUH DOO¶LQWHUQR GHOOD SURSULD D]LHQGD H LQGLSHQGHQWHPHQWH GDO VHWWRUH SURGXWWLYR QHOOD TXDOH VLDQR SUHVHQWL ODYRUDWRUL VXERUGLQDWL R HTXLSDUDWL DG HVVL DO ILQH GL LQGLYLGXDUH L ODYRUDWRUL HVSRVWL DO ULVFKLR HG DWWXDUH L QHFHVVDUL LGRQHL LQWHUYHQWL GL SUHYHQ]LRQH H SURWH]LRQH GHOOD VDOXWH 1HL FDVL LQ FXL QRQ VL SRVVD IRQGDWDPHQWH HVFOXGHUH FKH VLDQR VXSHUDWL L YDORUL LQIHULRUL GL D]LRQH /(; K ! G% $ R /SLFFR ! G% &

OD YDOXWD]LRQH GHYH SUHYHGHUH DQFKH PLVXUD]LRQL HIIHWWXDWH VHFRQGR OH JLj FLWDWH QRUPH WHFQLFKH 81, H 81, (1 ,62 3HU OH VLWXD]LRQL QHOOH TXDOL LQYHFH q HYLGHQWH FKH O¶HVSRVL]LRQH DO UXPRUH ULVXOWL WUDVFXUDELOH VL SXz ULFRUUHUH DOOD FRVLGGHWWD ³JLXVWLILFD]LRQH´ H LQ WDO FDVR QRQ VDUj QHFHVVDULR DSSURIRQGLUH ROWUH OD YDOXWD]LRQH GHO ULVFKLR RSSXUH QHL FDVL GXEEL FL VL SRWUj OLPLWDUH DG DOFXQH PLVXUD]LRQL LQ PDQLHUD GD SRWHU HVFOXGHUH LO VXSHUDPHQWR GHL YDORUL LQIHULRUL G¶D]LRQH DQFKH SHU L ODYRUDWRUL SL D ULVFKLR 3HUWDQWR QHOO¶LSRWHVL GL XQD YDOXWD]LRQH VHQ]D PLVXUD]LRQL OD UHOD]LRQH WHFQLFD GRYUj LQGLFDUH ¾ LO OD\RXW SODQLPHWULD H LQGLFD]LRQH GHOOH PDFFKLQH DWWUH]]DWXUH ODYRUDWRUL HVSRVWL HFF ¾ O¶LQGLYLGXD]LRQH GL HYHQWXDOL IDWWRUL SRWHQ]LDQWL LO ULVFKLR DG HV RWRWRVVLFL YLEUD]LRQL UXPRUL LPSXOVLYL HFF FRPH LGHQWLILFDWL GDOO¶DUW FRPPD ¾ O¶LQGLFD]LRQH GHOOH PRWLYD]LRQL FKH HVFOXGRQR LO VXSHUDPHQWR GHL YDORUL GL D]LRQH LQIHULRUL QHOOD JLRUQDWD VHWWLPDQD VHWWLPDQD ULFRUUHQWH D PDVVLPR ULVFKLR ¾ OH FRQFOXVLRQL FRQ OH HYHQWXDOL LQGLFD]LRQL VSHFLILFKH SHU OD ULGX]LRQH GHO ULVFKLR 0HQWUH XQD YDOXWD]LRQH FRQ PLVXUD]LRQL GRYUj LQYHFH FRQWHPSODUH ¾ LO OD\RXW SODQLPHWULD H LQGLFD]LRQH GHOOH PDFFKLQH DWWUH]]DWXUH ODYRUDWRUL HVSRVWL HFF ¾ OD GHVFUL]LRQH GHO FLFOR ODYRUDWLYR DOPHQR GL TXHOOH IDVL LQ UHOD]LRQH DOOH TXDOL QRQ q SRVVLELOH ULWHQHUH OD SUHVHQ]D GL XQ ULVFKLR WUDVFXUDELOH ¾ O¶LQGLYLGXD]LRQH GL HYHQWXDOL IDWWRUL SRWHQ]LDQWL LO ULVFKLR DG HV RWRWRVVLFL YLEUD]LRQL UXPRUL LPSXOVLYL HFF FRPH LGHQWLILFDWL GDOO¶DUW FRPPD ¾ L ULVXOWDWL GHOOH PLVXUD]LRQL GL UXPRUH /$HT /SLFFR H /&HT ¾ O¶LQGLYLGXD]LRQH GHOOH DUHH H GHOOH PDFFKLQH D IRUWH ULVFKLR /$HT ! G% $ H /SLFFR ! G% &

¾ OD YDOXWD]LRQH GHO ULVSHWWR GHL YDORUL OLPLWH GL HVSRVL]LRQH SHU /(; ! G% $ H /SLFFR ! G% &

¾ LO FDOFROR GHL /(; H GHL /SLFFR GHJOL HVSRVWL ROWUH JOL G% $ H L G% & ¾ OD YDOXWD]LRQH GHOO¶HIILFLHQ]D H GHOO¶HIILFDFLD GHL '3, XGLWLYL VH HG LQ TXDQWR IRUQLWL DL ODYRUDWRUL ¾ OD GHILQL]LRQH GHOOH PLVXUH WHFQLFKH H RUJDQL]]DWLYH GL FRQWHQLPHQWR GHO ULVFKLR LO 3 $ 5 ( 3URJUDPPD $]LHQGDOH GL 5LGX]LRQH GHOO (VSRVL]LRQH GL FXL DOOD QRUPD 81, ¾ OH FRQFOXVLRQL TXDGUR G LQVLHPH GHO ULVFKLR /D YDOXWD]LRQH GHO UXPRUH GHYH RYYLDPHQWH FRQIOXLUH QHO '95 JHQHUDOH GL FXL DOO¶DUW &DVL SDUWLFRODUL GL YDOXWD]LRQH GHO ULVFKLR VRQR TXHOOL FRQQHVVL DOOD UHGD]LRQH GHO 36& 3LDQR GL 6LFXUH]]D H &RRUGLQDPHQWR GD UHGLJHUH SUHOLPLQDUPHQWH O¶DIILGDPHQWR GL XQ FRQWUDWWR G¶DSSDOWR QHOO¶DPELWR GHL FDQWLHUL WHPSRUDQHL H PRELOL H DOOD VWHVXUD GHO '895, 'RFXPHQWR 8QLFR GL 9DOXWD]LRQH GHL 5LVFKL GD ,QWHUIHUHQ]D GD UHGLJHUH VHFRQGR OH SUHYLVLRQL GHOO¶DUW GHO G OJV GHO DSULOH H V P L


/$ 9$/87$=,21( '(/ 5,6&+,2 58025(

5LHSLORJDQGR FRPSXWDQGR QHL OLYHOOL GL HVSRVL]LRQH DQFKH LO FRQWULEXWR GHOOH LQFHUWH]]H GL FXL VL SDUOHUj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

VL ID ULIHULPHQWR DO OLYHOOR GL HVSRVL]LRQH VWLPDWR FRQ LGRQHL GLVSRVLWLYL GL SURWH]LRQH XGLWLYD '3, X LQGRVVDWL /¶(; K FRQ '3,

,O SHUFRUVR SHU OD UHGD]LRQH GHOOD UHOD]LRQH WHFQLFD DOOHJDWD DO '95 SUHYHGH XQD VHULH GL VWHS FKH LO SHUVRQDOH TXDOLILFDWR LQFDULFDWR GRYUj VHJXLUH LQ EDVH DO FULWHULR ORJLFR GD DSSOLFDUH DO FDVR GL VSHFLH /R VFKHPD VHJXHQWH ULDVVXPH OH SULQFLSDOL WDSSH GHOO¶LWHU FKH VDUDQQR SDVVDWH LQ UDVVHJQD QHO SURVLHJXR GHOOD SXEEOLFD]LRQH 3L LQ JHQHUDOH LO SURFHVVR GL YDOXWD]LRQH GHO ULVFKLR UXPRUH FKH RYYLDPHQWH GHYH HVVHUH HIIHWWXDWR DGDWWDQGROR DOOH VLWXD]LRQL UHDOL DYHQGR LQ RELHWWLYR OD SURWH]LRQH GHL ODYRUDWRUL SDUWH GDOO¶LGHQWLILFD]LRQH GHL SHULFROL SDVVDQGR SHU OD UHODWLYD YDOXWD]LRQH ILQR D JLXQJHUH DOOD SLDQLILFD]LRQH GHJOL LQWHUYHQWL WHFQLFL H RUJDQL]]DWLYL GL ULGX]LRQH GHO ULVFKLR


/$ 9$/87$=,21( '(/ 5,6&+,2 58025(

',$*5$00$ '(/ 352&(662 ', 9$/87$=,21( '(/ 5,6&+,2 58025(


/$ 9$/87$=,21( '(/ 5,6&+,2 58025(

/D QRUPDWLYD WHFQLFD /D FRQRVFHQ]D DSSURIRQGLWD GHOOH WUH QRUPH OD 81, OD 81, (1 ,62 VXOOD GHWHUPLQD]LRQH GHO OLYHOOR GL HVSRVL]LRQH DO UXPRUH H OD 81, VXL 3URJUDPPL $]LHQGDOL GL 5LGX]LRQH GHOO¶(VSRVL]LRQH D UXPRUH 3 $ 5 ( GL FXL VL SDUOHUj DO SDUDJUDIR ULVXOWD LQGLVSHQVDELOH SHU DIIURQWDUH H ULVROYHUH LO SUREOHPD UXPRUH /D SUHFHGHQWH HGL]LRQH GHOOD QRUPD 81, GHO ³$FXVWLFD 'HWHUPLQD]LRQH GHO OLYHOOR GL HVSRVL]LRQH SHUVRQDOH DO UXPRUH QHOO DPELHQWH GL ODYRUR´ HUD VWDWD HODERUDWD VSHFLILFDWDPHQWH SHU JOL DGHPSLPHQWL SUHYLVWL GDOOD OHJLVOD]LRQH YLJHQWH UDSSUHVHQWDWD GDO G OJV GHO DSULOH H V P L H VL SUHILJJHYD OR VFRSR GL GHVFULYHUH XQ PHWRGR GL PLVXUD]LRQH GHL OLYHOOL GL SUHVVLRQH VRQRUD FRQWLQXL HTXLYDOHQWL H GL SLFFR DL TXDOL ULVXOWD HVSRVWR XQ ODYRUDWRUH SHU LO FDOFROR GHO OLYHOOR GL HVSRVL]LRQH JLRUQDOLHUD R VHWWLPDQDOH DO UXPRUH H OD TXDQWLILFD]LRQH GHOOH UHODWLYH LQFHUWH]]H

/D QRUPD 81, KD VXELWR XQD VLJQLILFDWLYD UHYLVLRQH D VHJXLWR GHOO HPDQD]LRQH GHOOD QRUPD 81, (1 ,62 ³$FXVWLFD 'HWHUPLQD]LRQH GHOO HVSRVL]LRQH DO UXPRUH QHJOL DPELHQWL GL ODYRUR 0HWRGR WHFQLFR SURJHWWXDOH´ SDUDOOHOD DG HVVD ,Q UHDOWj OD QRUPD 81, (1 ,62 VL LQTXDGUD LQ PDQLHUD QRQ VHPSUH SLHQDPHQWH FRQJUXHQWH QHO TXDGUR QRUPDWLYR QD]LRQDOH ULVSHWWR DOOD QRUPD 81, HVVD LQIDWWL SUHVHQWD DOFXQH FULWLFLWj x ULFKLHGH XQ LPSLHJR VXSHULRUH GL WHPSR SHU OH PLVXUD]LRQL GL FDOFROR GHO OLYHOOR GL HVSRVL]LRQH SHUVRQDOH DO UXPRUH GHO ODYRUDWRUH x OH SURFHGXUH SHU LO FDOFROR GHOO¶LQFHUWH]]D GLIIHULVFRQR ULFKLHGHQGR D SDULWj GL FRQGL]LRQL O¶LQVHULPHQWR GL XQ PDJJLRU QXPHUR GL PLVXUD]LRQL H GL SDUDPHWUL x OD WUDWWD]LRQH GHOO¶HVSRVL]LRQH GHL JUXSSL RPRJHQHL GL ODYRUDWRUL QRQ WLHQH FRQWR GHO FDUDWWHUH LQGLYLGXDOH GHOO¶HVSRVL]LRQH

/D QXRYD YHUVLRQH GHOOD QRUPD 81, ULVSHWWR DOOD QRUPD 81, (1 ,62 FRQWLHQH DOFXQL PHWRGL VHPSOLILFDWL SHU OD YDOXWD]LRQH GHL OLYHOOL VRQRUL GL HVSRVL]LRQH XWLOL D ULGXUUH L WHPSL GL PLVXUD]LRQH H GL FDOFROR JDUDQWHQGR LQ RJQL FDVR O DIILGDELOLWj GHO ULVXOWDWR (VVD GHILQLVFH SHU GL SL L FULWHUL GL YDOXWD]LRQH GL DVSHWWL QRQ GHOLQHDWL QHOOD QRUPD 81, (1 ,62 H LQ SDUWLFRODUH L PHWRGL GL FDOFROR GHOOD SURWH]LRQH RIIHUWD GDL '3, XGLWLYL H GHOOD ORUR HIILFDFLD QHOOH VLWXD]LRQL UHDOL GL XWLOL]]R H XQ PHWRGR SHU YDOXWDUH LO VXSHUDPHQWR GHOOH VRJOLH SUHYLVWH GDOOD QRUPDWLYD YLJHQWH

(QWUDPEH OH QRUPH VRQR ILQDOL]]DWH DOOD YDOXWD]LRQH GHL OLYHOOL GL HVSRVL]LRQH DO UXPRUH QHOO¶DPELHQWH GL ODYRUR FRQ HVFOXVLRQH GL TXHOOL SHU L TXDOL VRQR SUHYLVWH QRUPDWLYH VSHFLILFKH VX VFDOD JLRUQDOLHUD VHWWLPDQDOH H GL SLFFR ULVSHWWR DOOD SUHFHGHQWH QRUPD 81, VRQR VWDWL HOLPLQDWL JOL DUJRPHQWL FRPXQL FRQ OD QRUPD 81, (1 ,62 H LQWURGRWWL GHJOL RSSRUWXQL ULFKLDPL DOOD PHGHVLPD QRUPD (VVH LQROWUH QRQ SRVVRQR HVVHUH XWLOL]]DWH SHU YDOXWDUH HVSRVL]LRQL DG LQIUDVXRQL H XOWUDVXRQL H QRQ VL DSSOLFDQR LQROWUH SHU OD YDOXWD]LRQH GHOO¶HVSRVL]LRQH DO UXPRUH SURGRWWR GD VRUJHQWL SRVWH LQ SURVVLPLWj GHOO¶RUHFFKLR SHU HVHPSLR FXIILH FRUQHWWH HFF SHU OD TXDOH VL GHYH IDU ULIHULPHQWR DOOD QRUPD 81, 75 FKH D VXD YROWD VL LVSLUD DOOH QRUPH 81, (1 ,62 81, (1 ,62 H (76, (* 9

/¶RGLHUQD 81, q OD QRUPD WHFQLFD FKH KD VRVWLWXLWR OD SUHFHGHQWH 81, 75 FKH QHJOL XOWLPL FLQTXH DQQL KD FRVWLWXLWR XQ ULIHULPHQWR FRPH UDSSRUWR WHFQLFR PD QRQ FRPH QRUPD YHUD H SURSULD /D 81, 75 KD DYXWR XQ ULVFRQWUR SRVLWLYR QHOO¶DPELWR GHOO¶DFXVWLFD GHL OXRJKL GL ODYRUR H QRQ VRQR HPHUVH LQGLFD]LRQL GL LPSUHFLVLRQL R LQGHWHUPLQDWH]]H WDOL GD LQGXUUH D PRGLILFDUQH O¶DUWLFRODWR IRQWH 81,


/$ 9$/87$=,21( '(/ 5,6&+,2 58025(

/D QRUPD 81,

/D VWUXWWXUD]LRQH GHOOD QRUPD q OD VHJXHQWH 6FRSR H FDPSR GL DSSOLFD]LRQH 5LIHULPHQWL QRUPDWLYL 7HUPLQL H GHILQL]LRQL 6WUXPHQWD]LRQH 0LVXUD]LRQH GHL OLYHOOL VRQRUL 5HOD]LRQH 7HFQLFD $SSHQGLFH $ (VSRVL]LRQH DO UXPRUH D OXQJR WHUPLQH $SSHQGLFH % 9DOXWD]LRQH GHOO¶LQFHUWH]]D VXO OLYHOOR GL HVSRVL]LRQH D OXQJR WHUPLQH H VXO OLYHOOR VRQRUR GL SLFFR $SSHQGLFH & 9DOXWD]LRQH GHL '3, XGLWLYL $SSHQGLFH ' $WWHQXD]LRQH UHDOH RIIHUWD GDL '3, XGLWLYL $SSHQGLFH ( &RQIURQWR FRQ L YDORUL GL OHJJH %LEOLRJUDILD 'DO FRQIURQWR WUD OD QRUPD 81, (1 ,62 H OD QRUPD 81, ULVSHWWR DOOD SUHFHGHQWH YHUVLRQH 81, HPHUJRQR DOFXQH PRGLILFKH H DOFXQH FRQIHUPH o VRQR UDFFRPDQGDWL L IRQRPHWUL GL FODVVH PD DPPHVVL DQFKH IRQRPHWUL GL FODVVH o OD GXUDWD GHOOH PLVXUH GHYH HVVHUH PDJJLRUH GL ¶ SHU L UXPRUL FRVWDQWL H FLFOLFL H GL ¶ SHU L IOXWWXDQWL o RFFRUUH FDOFRODUH O¶LQFHUWH]]D VXL WHPSL GL HVSRVL]LRQH 7H o q VWDWR LQWURGRWWR XQ FULWHULR GL YHULILFD GHL *$2 LQFHUWH]]D GL FDPSLRQDPHQWR G% o VRQR VWDWL ULSULVWLQDWL OD SRVVLELOLWj GL XWLOL]]DUH LO /(; ³SHJJLRUH´ GHOOD VHWWLPDQD HG LO FRQFHWWR GL VHWWLPDQD ULFRUUHQWH D PDVVLPR ULVFKLR 6505 o LO /(; GHL *$2 q LO YDORU PHGLR HQHUJHWLFR H QRQ TXHOOR DO PD q VWDWD ULSULVWLQDWD OD SRVVLELOLWj GL XWLOL]]DUH LO /(; ³SHJJLRUH´ GHO *$2 o q VWDWR PRGLILFDWR LO FDOFROR GHOO¶LQFHUWH]]D o q VWDWD ULSULVWLQDWD OD YDOXWD]LRQH GHL '3, XGLWLYL /H SULQFLSDOL QRYLWj GHOOD QRUPD 81, ULJXDUGDQR LO QXPHUR H OD GXUDWD GHOOH PLVXUH SHU OD GHWHUPLQD]LRQH GHO OLYHOOR VRQRUR FRQWLQXR HTXLYDOHQWH SRQGHUDWR $ 3HU OH PRGDOLWj GL HIIHWWXD]LRQH GHOOH PLVXUD]LRQL OD QRUPD 81, ULPDQGD DOOD QRUPD 81, (1 ,62 FKH SURSRQH WUH VWUDWHJLH GL PLVXUD]LRQH /D VFHOWD GHOOD VWUDWHJLD q LQIOXHQ]DWD GD GLYHUVL IDWWRUL TXDOL DG HVHPSLR OR VFRSR GHOOH PLVXUD]LRQL OD FRPSOHVVLWj GHOOD VLWXD]LRQH ODYRUDWLYD LO QXPHUR GL ODYRUDWRUL FRLQYROWL O¶HIIHWWLYD GXUDWD GHOOD JLRUQDWD ODYRUDWLYD QRQFKp LO WHPSR D GLVSRVL]LRQH SHU OH PLVXUD]LRQL H O¶DQDOLVL /H VWUDWHJLH GL PLVXUD]LRQH SURSRVWH VRQR OH VHJXHQWL ¾ PLVXUD]LRQL EDVDWH VXL FRPSLWL LO ODYRUR VYROWR GXUDQWH OD JLRUQDWD q DQDOL]]DWR H VXGGLYLVR LQ XQ QXPHUR GL FRPSLWL UDSSUHVHQWDWLYL SHU RJQL GHWHUPLQDWR FRPSLWR VL HVHJXRQR VHSDUDWDPHQWH OH PLVXUH GL OLYHOOR GL SUHVVLRQH VRQRUD ¾ PLVXUD]LRQL EDVDWH VXOOH PDQVLRQL PHGLDQWH FDPSLRQDWXUD FDVXDOH VL RWWHQJRQR GHOOH PLVXUH GL OLYHOOR GL SUHVVLRQH VRQRUD GXUDQWH O¶HVHFX]LRQH GL GHWHUPLQDWH PDQVLRQL ¾ PLVXUD]LRQL D JLRUQDWD LQWHUD LO OLYHOOR GL SUHVVLRQH VRQRUD q PLVXUDWR FRQWLQXDWLYDPHQWH QHOO¶DUFR FRPSOHWR GL XQD R SL JLRUQDWH ODYRUDWLYH

,O *$2 *UXSSR $FXVWLFDPHQWH 2PRJHQHR FRVWLWXLVFH XQ JUXSSR GL ODYRUDWRUL FKH VYROJH OR VWHVVR ODYRUR JOL VWHVVL YHURVLPLOPHQWH VRQR VRWWRSRVWL D VLPLOL HVSRVL]LRQL VRQRUH QHOO¶DUFR GHOOD JLRUQDWD ODYRUDWLYD 8Q *$2 GHYH HVVHUH FKLDUDPHQWH LGHQWLILFDWR LQGLFDQGR L QRPLQDWLYL GHL ODYRUDWRUL FKH OR FRPSRQJRQR


/$ 9$/87$=,21( '(/ 5,6&+,2 58025(

3HU RJQL VWUDWHJLD OD QRUPD 81, (1 ,62 IRUQLVFH XQ RULHQWDPHQWR SHU XQD FRUUHWWD VFHOWD LQ EDVH DO PRGHOOR GL ODYRUR DQDOL]]DWR ¾ OD VWUDWHJLD q FRQVLJOLDWD SHU SRVWD]LRQL GL ODYRUR ILVVH FRQ FRPSLWR XQLFR R VHPSOLFH SRVWD]LRQL GL ODYRUR ILVVH FRQ PROWHSOLFL R FRPSOLFDWL FRPSLWL RSSXUH SHU ODYRUDWRUH LQ PRYLPHQWR FRQ XQ ULGRWWR QXPHUR GL FRPSLWL SUHYHGLELOL ¾ OD VWUDWHJLD q FRQVLJOLDWD SHU ODYRUDWRUH VWD]LRQDULR R LQ PRYLPHQWR FRQ YDUL FRPSLWL FRQ GXUDWH QRQ VSHFLILFDWH R SHU ODYRUDWRUH VWD]LRQDULR R LQ PRYLPHQWR FRQ QHVVXQ FRPSLWR DVVHJQDWR ¾ OD VWUDWHJLD q FRQVLJOLDWD SHU ODYRUDWRUH LQ PRYLPHQWR FRQ XQ HOHYDWR QXPHUR GL FRPSLWL R PRGDOLWj GL ODYRUR FRPSOHVVR SUHYHGLELOL R SHU ODYRUDWRUH LQ PRYLPHQWR FRQ PRGDOLWj GL ODYRUR LPSUHYHGLELOH O DQDOLVL GHO ODYRUR RJJHWWR GHOOD YDOXWD]LRQH &RPH QHOOD SUHFHGHQWH YHUVLRQH OH PLVXUD]LRQL IRQRPHWULFKH GHEERQR HVVHUH SUHFHGXWH GDOOD UDFFROWD GHOOH LQIRUPD]LRQL DWWH D IRUQLUH XQ TXDGUR FRPSOHWR HG RELHWWLYR GHOOH DWWLYLWj ODYRUDWLYH GD DQDOL]]DUH /D QRUPD 81, ULPDQGDQGR DOOD QRUPD 81, (1 ,62 ULFKLHGH XQD GHWWDJOLDWD DQDOLVL GHO ODYRUR SHU SRWHU GHFLGHUH O¶DGHJXDWD VWUDWHJLD GL PLVXUD]LRQH H SHU SLDQLILFDUH OH YDULH PLVXUH ,Q SDUWLFRODUH O¶DQDOLVL GHYH IRUQLUH OH LQIRUPD]LRQL UHODWLYH DL FRPSLWL GHL ODYRUDWRUL H GHYH LGHQWLILFDUH HYHQWXDOL HYHQWL UXPRURVL VLJQLILFDWLYL FRPH DG HVHPSLR OD SUHVHQ]D GL UXPRUL GHULYDQWL GD JHWWL G¶DULD FRPSUHVVD PDUWHOODPHQWR SDVVDJJLR GL YHLFROL UXPRURVL RSSXUH OD SUHVHQ]D GL RSHUD]LRQL PROWR UXPRURVH GXUDQWH DOFXQH IDVL GHOO¶DWWLYLWj ODYRUDWLYD LQL]LR ILQH WXUQR IDVL GL SXOL]LD HFF /D QRUPD D WDO SURSRVLWR IRUQLVFH XQ HVHPSLR GL OLVWD GL FRQWUROOR


/$ 9$/87$=,21( '(/ 5,6&+,2 58025(

/LYHOOR GL HVSRVL]LRQH DO UXPRUH JLRUQDOLHUR H VHWWLPDQDOH /(; K H /(; : &RQ ULIHULPHQWR DO SXQWR GHOOD QRUPD 81, LQ IXQ]LRQH GHOO¶DUWLFROD]LRQH GHOOD VHWWLPDQD ODYRUDWLYD SHU RJQL ODYRUDWRUH VL GHWHUPLQD O¶HVSRVL]LRQH VLJQLILFDWLYD WUD TXHOOD JLRUQDOLHUD H TXHOOD VHWWLPDQDOH DL ILQL GHO FRQIURQWR FRQ L YDORUL OLPLWH GL OHJJH H GHOO¶DVVHJQD]LRQH GHOOD &ODVVH GL ULVFKLR ,O OLYHOOR GL HVSRVL]LRQH JLRUQDOLHUR DO UXPRUH GL XQ ODYRUDWRUH /(; K GHYH HVVHUH FDOFRODWR PHGLDQWH O¶HTXD]LRQH SXQWR GHOOD QRUPD 81, (1 ,62 /(; K /S $ HT7H ORJ 7H 7R G%ሺ$ሻ GRYH

/S $ HT7H q LO OLYHOOR GL SUHVVLRQH VRQRUD FRQWLQXR HTXLYDOHQWH SRQGHUDWR $ SHU O¶LQWHUYDOOR GL WHPSR 7H 7H q OD GXUDWD HIIHWWLYD HVSUHVVD LQ RUH GHOOD JLRUQDWD ODYRUDWLYD 7 q OD GXUDWD GL ULIHULPHQWR SDUL RUH

6H QHOO¶DPELWR GHOOD VWHVVD FDPSDJQD GL PLVXUD]LRQH LO OLYHOOR GL HVSRVL]LRQH JLRUQDOLHUD /(; K GHOOR VWHVVR ODYRUDWRUH PRVWUD XQD YDULDELOLWj VLJQLILFDWLYD DOO¶LQWHUQR GHOOD VHWWLPDQD q SRVVLELOH SURFHGHUH o DVVXPHQGR FRPH OLYHOOR GL HVSRVL]LRQH GHO ODYRUDWRUH LO YDORUH PDVVLPR GHO OLYHOOR GL HVSRVL]LRQH JLRUQDOLHUD o DVVXPHQGR FRPH OLYHOOR GL HVSRVL]LRQH GHO ODYRUDWRUH TXHOOR FDOFRODWR VX EDVH VHWWLPDQDOH PHGLDQWH O¶HTXD]LRQH P /(; Z ORJ ൥ ෍ /(; K N ൩ G%ሺ$ሻ GRYH

N

N q O¶LQGLFH UDSSUHVHQWDWLYR GHOOD JLRUQDWD ODYRUDWLYD P q LO QXPHUR GHOOH JLRUQDWH ODYRUDWLYH GHOOD VHWWLPDQD /(; K N q LO YDORUH GL /(; K UHODWLYR DOOD N HVLPD JLRUQDWD ODYRUDWLYD

6H OD VHWWLPDQD ODYRUDWLYD KD GXUDWD GLYHUVD GDOOH FLQTXH JLRUQDWH VL DVVXPH FRPH OLYHOOR GL HVSRVL]LRQH GHO ODYRUDWRUH TXHOOR FDOFRODWR VX EDVH VHWWLPDQDOH PHGLDQWH OD SUHFHGHQWH HTXD]LRQH 6H O¶HVSRVL]LRQH PDQLIHVWD FDUDWWHULVWLFKH GL VLJQLILFDWLYD YDULDELOLWj VX VFDOH GL WHPSR VXSHULRUL DG XQD VHWWLPDQD VL DPPHWWH SHU OD GHWHUPLQD]LRQH GHO OLYHOOR GL HVSRVL]LRQH LO ULFRUVR DO OLYHOOR VHWWLPDQDOH ULFRUUHQWH D PDVVLPR ULVFKLR 6H LQYHFH L WHPSL GL HVSRVL]LRQH VRQR JOL VWHVVL SHU WXWWD OD VHWWLPDQD JLRUQDWD WLSR VL SUHQGRQR FRPH ULIHULPHQWR SHU LO FDOFROR GHOO¶HVSRVL]LRQH L WHPSL SHU XQ XQLFR JLRUQR LQ WDO FDVR LO OLYHOOR GL HVSRVL]LRQH JLRUQDOLHUR H VHWWLPDQDOH FRLQFLGRQR /H WLSRORJLH GL UXPRUH (VLVWRQR YDULH WLSRORJLH GL UXPRUH FRVu FRPH LQGLFDWR DQFKH QHOOH GHILQL]LRQL GHOOD QRUPD 81, 5XPRUH FRVWDQWH 5XPRUH FLFOLFR 5XPRUH IOXWWXDQWH 5XPRUH LPSXOVLYR


/$ 9$/87$=,21( '(/ 5,6&+,2 58025(

5XPRUH FRVWDQWH UXPRUH DYHQWH GXUDWD PDJJLRUH GL V FDUDWWHUL]]DWR GD XQD GLIIHUHQ]D IUD LO PDVVLPR H LO PLQLPR GL /3$6 PLQRUH GL G% $ HV PDFFKLQH DG DVSRUWD]LRQH GL WUXFLROR 5XPRUH FLFOLFR UXPRUH FKH VL ULSHWH VHPSUH FRQ OH VWHVVH FDUDWWHULVWLFKH DG LQWHUYDOOL GL WHPSR XJXDOL H PDJJLRUL GHO VHFRQGR HV PDFFKLQH D PRWR DOWHUQDWLYR ODYRUD]LRQL GL ODPLQD]LRQH HFF 5XPRUH IOXWWXDQWH UXPRUH DYHQWH GXUDWD PDJJLRUH GL V H FRQ YDULDELOLWj GL /3$6 PDJJLRUH GL G% $ DOOR VWUXPHQWR GL PLVXUD]LRQH FRQ ILOWUR GL SRQGHUD]LRQH $ H FRVWDQWH GL WHPSR VORZ HV PRWRVHJKH SDVVDJJLR GL DXWRPRELOL HFF 5XPRUH LPSXOVLYR UXPRUH FDUDWWHUL]]DWR GD XQD ULSLGD FUHVFLWD H GD XQ UDSLGR GHFDGLPHQWR GHO OLYHOOR VRQRUR DYHQWH GXUDWD PLQRUH R XJXDOH D V H JHQHUDOPHQWH ULSHWXWR DG LQWHUYDOOL HV ODYRUD]LRQL GL PDUWHOOR HVSORVLRQL HFF H /$HT , /$HT • G% $ YHGL SXQWR GHOOD QRUPD 81,

),*85$ *5$),&, $1'$0(172 ',$*5$00, 58025( &,&/,&2 )/8778$17( ( ,038/6,92

/LYHOOR GL SUHVVLRQH VRQRUD SRQGHUDWR $ FRQ FRVWDQWH GL WHPSR ³VORZ´ RYYHUR FRVWDQWH GL WHPSR SDUL D VHFRQGR


/$ 9$/87$=,21( '(/ 5,6&+,2 58025(

/H VWUDWHJLH GL PLVXUD 8QD FRUUHWWD YDOXWD]LRQH GHO ULVFKLR YLHQH HVHJXLWD LQ FRQIRUPLWj DOOH LQGLFD]LRQL GHOOD QRUPD 81, (1 ,62 FKH SURSRQH XQ PHWRGR WHFQLFR SURJHWWXDOH SHU OD PLVXUD]LRQH GHOO¶HVSRVL]LRQH DO UXPRUH GHL ODYRUDWRUL QHOO¶DPELHQWH GL ODYRUR HG LO FDOFROR GHO OLYHOOR GL HVSRVL]LRQH VRQRUD 2FFRUUH WHQHU FRQWR LQROWUH GHOOD QRUPD 81, GD FRQVLGHUDUVL FRPSOHPHQWDUH DOOD QRUPD 81, (1 ,62 /D YDOXWD]LRQH GHO ULVFKLR YLHQH HIIHWWXDWD VHJXHQGR WUH SRVVLELOL VWUDWHJLH PLVXUD]LRQL EDVDWH VX DWWLYLWj FRPSLWL LO ODYRUR VYROWR GXUDQWH OD JLRUQDWD q DQDOL]]DWR H VXGGLYLVR LQ XQ QXPHUR GL FRPSLWL UDSSUHVHQWDWLYL SHU RJQL GHWHUPLQDWR FRPSLWR VL HVHJXRQR VHSDUDWDPHQWH OH PLVXUH GL OLYHOOR GL SUHVVLRQH VRQRUD PLVXUD]LRQL EDVDWH VXOOH PDQVLRQL PHGLDQWH FDPSLRQDWXUD FDVXDOH VL RWWHQJRQR GHOOH PLVXUH GL OLYHOOR GL SUHVVLRQH VRQRUD GXUDQWH O¶HVHFX]LRQH GL GHWHUPLQDWH PDQVLRQL PLVXUD]LRQL D JLRUQDWD LQWHUD LO OLYHOOR GL SUHVVLRQH VRQRUD q PLVXUDWR FRQWLQXDWLYDPHQWH VXOO¶DUFR FRPSOHWR GL XQD R SL JLRUQDWH ODYRUDWLYH 6WUDWHJLD GL PLVXUD]LRQH 7LSRORJLD R PRGDOLWj GL ODYRUR

6WUDWHJLD 6WUDWHJLD PLVXUD]LRQL EDVDWH PLVXUD]LRQL EDVDWH VXL FRPSLWL VXOOH PDQVLRQL

6WUDWHJLD PLVXUD]LRQL D JLRUQDWD LQWHUD

3RVWD]LRQH GL ODYRUR ILVVD &RPSLWR XQLFR R VHPSOLFH

3RVWD]LRQH GL ODYRUR ILVVD &RPSLWL FRPSOHVVL

/DYRUDWRUH LQ PRYLPHQWR 0RGDOLWj SUHYHGLELOH 5LGRWWR QXPHUR GL FRPSLWL

/DYRUDWRUH LQ PRYLPHQWR 0RGDOLWj SUHYHGLELOH (OHYDWR QXPHUR GL FRPSLWL R PRGDOLWj GL ODYRUR FRPSOHVVD

/DYRUDWRUH LQ PRYLPHQWR 0RGDOLWj LPSUHYHGLELOH

/DYRUDWRUH VWD]LRQDULR R LQ PRYLPHQWR &RPSLWL PXOWLSOL FRQ GXUDWH GHL FRPSLWL QRQ VSHFLILFDWH

/DYRUDWRUH VWD]LRQDULR R LQ PRYLPHQWR 1HVVXQ FRPSLWR DVVHJQDWR

/D VWUDWHJLD SXz HVVHUH XWLOL]]DWD 6WUDWHJLD FRQVLJOLDWD

675$7(*,( ', 0,685$=,21( '(/ 58025( 35263(772 % '(//$ 1250$ 81,


/$ 9$/87$=,21( '(/ 5,6&+,2 58025(

PLVXUD]LRQL EDVDWH VXOOH DWWLYLWj FRPSLWL /D PLVXUD]LRQH EDVDWD VXL FRPSLWL q XWLOL]]DWD SHU ODYRUL FRVWLWXLWL GD FRPSLWL EHQ GHILQLWL FRQ FRQGL]LRQL GL UXPRUH FKLDUDPHQWH LQGLYLGXDELOL DVVLFXUDQGRVL FKH WXWWL L FRQWULEXWL DO UXPRUH VLDQR LQFOXVL YHGL QRUPD 81, (1 ,62 3HU LO ODYRUDWRUH R SHU L JUXSSL DFXVWLFDPHQWH RPRJHQHL *$2 GD HVDPLQDUH OD JLRUQDWD ODYRUDWLYD QRPLQDOH WLSR YLHQH VXGGLYLVD LQ FRPSLWL ³P´ 3HU RJQL FRPSLWR ³P´ VL ULOHYDQR TXLQGL LO OLYHOOR VRQRUR HTXLYDOHQWH SRQGHUDWR $ /$HT P HG LO OLYHOOR VRQRUR GL SLFFR SRQGHUDWR & /SLFFR P /D PLVXUD]LRQH GHO OLYHOOR VRQRUR HTXLYDOHQWH SRQGHUDWR & /&HT P SXU QRQ HVVHQGR REEOLJDWRULD DL ILQL GHO FDOFROR GHL GHVFULWWRUL GL ULVFKLR q XWLOH SHU O¶HYHQWXDOH YHULILFD GHL '3, XGLWLYL /D PDQVLRQH q O¶LQVLHPH GHOOH DWWLYLWj H FLRq GHL FRPSLWL VYROWL GDO ODYRUDWRUH L TXDOL DOWUR QRQ VRQR FKH OH VSHFLILFKH FRPSRQHQWL GHOOD PDQVLRQH HV PDQVLRQH IDOHJQDPH FRPSLWL WDJOLR IUHVDWXUD HFF

/H PLVXUD]LRQL GHEERQR FRQVLGHUDUH OH YDULD]LRQL GHO OLYHOOR GL UXPRUH DOO¶LQWHUQR GL RJQL FRPSLWR QHO WHPSR QHOOR VSD]LR H QHOOH FRQGL]LRQL GL ODYRUR ,O WHFQLFR DGGHWWR DOOH PLVXUD]LRQL GHYH DVVLFXUDUVL FKH OD VLWXD]LRQH ODYRUDWLYD VLD UDSSUHVHQWDWLYD /D GXUDWD GL RJQL PLVXUD]LRQH GHYH HVVHUH VXIILFLHQWHPHQWH DPSLD SHU UDSSUHVHQWDUH LO OLYHOOR PHGLR GL SUHVVLRQH VRQRUD FRQWLQXR HTXLYDOHQWH SHU O¶HIIHWWLYR FRPSLWR VYROWR YHGL SDUDJUDIR SUHFHGHQWH H FRPXQTXH GHYH HVVHUH GL DOPHQR PLQ 3HU RJQL FRPSLWR VL GHEERQR HVHJXLUH DOPHQR WUH PLVXUD]LRQL 3HU WHQHU FRQWR GHOOH UHDOL YDULD]LRQL QHO OLYHOOR GL UXPRUH VL UDFFRPDQGD GL HVHJXLUH GHOOH PLVXUD]LRQL LQ WHPSL GLYHUVL GXUDQWH O¶HVHFX]LRQH GHO FRPSLWR H R VX GLYHUVL ODYRUDWRUL GL XQ *$2 VH OH WUH PLVXUD]LRQL ULVXOWDQWL GL XQ FRPSLWR GRYHVVHUR SRUWDUH D ULVXOWDWL FKH GLIIHULVFRQR GL G% R ROWUH OD QRUPD SUHYHGH GL HVHJXLUH WUH R SL PLVXUH DJJLXQWLYH GHO FRPSLWR GL VXGGLYLGHUH LO FRPSLWR LQ SL FRPSLWL VRWWRIDVL HOHPHQWDUL R GL DXPHQWDUH OD GXUDWD GL RJQL PLVXUD]LRQH DXPHQWDQGR FRVu OD TXDQWLWj GL LQIRUPD]LRQL ULOHYDWH 3HU ULOLHYL IRQRPHWULFL HIIHWWXDWL WUDPLWH VLQJROD PLVXUD OD VWUXPHQWD]LRQH IRUQLVFH GLUHWWDPHQWH L OLYHOOL VRQRUL ULVXOWDQWL GHO FRPSLWR FRQVLGHUDWR x /$HT P x /&HT P x /SLFFR P 3HU ULOLHYL HVHJXLWL WUDPLWH FDPSLRQDPHQWR LO OLYHOOR VRQRUR HTXLYDOHQWH SRQGHUDWR $ ULVXOWDQWH GHO FRPSLWR ³P´ FRQVLGHUDWR q ULFDYDWR WUDPLWH OD VHJXHQWH UHOD]LRQH ,

/$HT P

ORJ ቎ ෍ /$HT PL ቏ O L


/$ 9$/87$=,21( '(/ 5,6&+,2 58025(

GRYH

┬Г ┬Г ┬Г ┬Г

/$HT PL q LO OLYHOOR VRQRUR FRQWLQXR HTXLYDOHQWH SRQGHUDWR $ GHO FDPSLRQH GL LQGLFH L L q O┬╢LQGLFH GHO FDPSLRQH FRQVLGHUDWR , q LO QXPHUR WRWDOH GL FDPSLRQL SHU LO FRPSLWR P P q LO FRPSLWR FRQVLGHUDWR

,O FDOFROR GL /&HT P ULVXOWDQWH GHO FRPSLWR q DQDORJR D TXDQWR ULSRUWDWR SHU /$HT P 4XDORUD OD PLVXUD]LRQH DYYHQLVVH WUDPLWH FDPSLRQDPHQWR LO YDORUH GHO OLYHOOR VRQRUR GL SLFFR /SLFFR VDUHEEH UDSSUHVHQWDWR GHO SL DOWR YDORUH PLVXUDWR SHU L FDPSLRQL LQ HVDPH /D GXUDWD GHL FRPSLWL /D GXUDWD GHL FRPSLWL 7P q GHWHUPLQDWD PHGLDQWH ┬╛ LQWHUYLVWH DL ODYRUDWRUL H R DO ORUR VXSHUYLVRUH ┬╛ RVVHUYD]LRQL H PLVXUH GL GXUDWH WHPSRUDOL GXUDQWH OH PLVXUD]LRQL GHO UXPRUH ┬╛ UDFFROWD GL LQIRUPD]LRQL LQ PHULWR DOOH WLSLFKH IRQWL GL UXPRUH DG HV SURFHVVL ODYRUDWLYL PDFFKLQH DWWLYLWj VXO OXRJR GL ODYRUR H QHL GLQWRUQL 2YH ULWHQXWR RSSRUWXQR OD GXUDWD GL XQ FRPSLWR SXz DQFKH HVVHUH FRQVLGHUDWD XQD YDULDELOH 3HU GHWHUPLQDUH OH SRVVLELOL YDULD]LRQL GHOOD GXUDWD VL SURFHGH DG RVVHUYDUH LO FRPSLWR HG D UHJLVWUDUQH OD GXUDWD DG HVHPSLR SHU XQ QXPHUR SUHFLVR GL ULSHWL]LRQL ,Q DOWHUQDWLYD SRVVRQR HVVHUH LQWHUSHOODWL DOFXQL ODYRUDWRUL H L ORUR VXSHUYLVRUL DO ILQH GL GHWHUPLQDUH XQD UDJLRQHYROH YDOXWD]LRQH GHOOH YDULD]LRQL GHOOH GXUDWH 2WWHQXWR XQ YDORUH - GL RVVHUYD]LRQL GHO FRPSLWR DYHQWH GLYHUVH GXUDWH 7P M OD PHGLD DULWPHWLFD GHOOD GXUDWD р┤др┤др┤др┤д GHO FRPSLWR 7 P q GDWD GDOO┬╢HVSUHVVLRQH -

р┤др┤др┤др┤д 7 P

р╖Н 7P M M

/D VRPPDWRULD GHOOH GXUDWH LQGLYLGXDOL GHL YDUL FRPSLWL FKH FRVWLWXLVFRQR OD JLRUQDWD QRPLQDOH FRUULVSRQGH DOO┬╢HIIHWWLYD GXUDWD GHOOD JLRUQDWD ODYRUDWLYD /D GXUDWD HIIHWWLYD GHOOD JLRUQDWD ODYRUDWLYD 7H q GDWD GD 0

7P 7H р╖Н р┤др┤др┤др┤д P

GRYH

┬Г ┬Г ┬Г

р┤др┤др┤др┤д 7 P q OD PHGLD DULWPHWLFD GHOOH GXUDWH GHO FRPSLWR P RVVLD OD GXUDWD HVDWWD GL TXHVWR TXDORUD HVVD IRVVH GHWHUPLQDELOH FRQ SUHFLVLRQH P q O┬╢LQGLFH GHO FRPSLWR 0 q LO QXPHUR WRWDOH GL FRPSLWL FKH FRPSRQJRQR OD PDQVLRQH

,O FDOFROR GHO OLYHOOR GL HVSRVL]LRQH JLRUQDOLHUD DO UXPRUH 3HU RJQL JLRUQDWD ODYRUDWLYD VL FDOFROD TXLQGL LO OLYHOOR GL HVSRVL]LRQH JLRUQDOLHUD DO UXPRUH GHO VLQJROR ODYRUDWRUH R GHO *$2 GRYXWR DOOD WRWDOLWj GHL FRPSLWL VHFRQGR OD VHJXHQWH UHOD]LRQH 0

/(; K ORJ сЙОр╖Н P

р┤др┤др┤др┤д 7P /$HT P сЙП 7


/$ 9$/87$=,21( '(/ 5,6&+,2 58025(

GRYH

┬Г ┬Г ┬Г

/$HT P q LO OLYHOOR VRQRUR FRQWLQXR HTXLYDOHQWH SRQGHUDWR $ GHO FRPSLWR P р┤др┤др┤др┤д 7 P q OD PHGLD DULWPHWLFD GHOOH GXUDWH GHO FRPSLWR P 7 q OD GXUDWD GL ULIHULPHQWR GHOOD JLRUQDWD ODYRUDWLYD QRPLQDOH SDUL RUH /D VHJXHQWH UHOD]LRQH SHUPHWWH GL FDOFRODUH O┬╢HVSRVL]LRQH DO UXPRUH SRQGHUDWR $ D SDUWLUH GDO FRQWULEXWR DO UXPRUH GL RJQL FRPSLWR 0

/(; K ORJ сЙОр╖Н /(; K P сЙП P

GRYH ┬Г /(; K P q O┬╢HVSRVL]LRQH DO UXPRUH SRQGHUDWR $ GHO FRPSLWR P FKH FRQWULEXLVFH DO OLYHOOR GL HVSRVL]LRQH JLRUQDOLHUD DO UXPRUH ┬Г P q LO QXPHUR GHL FRPSLWL ┬Г 0 q LO QXPHUR WRWDOH GL FRPSLWL FKH FRQWULEXLVFRQR DOO┬╢HVSRVL]LRQH JLRUQDOLHUD DO UXPRUH 6H LO FRQWULEXWR DO UXPRUH UHODWLYR DG RJQL FRPSLWR ┬│P┬┤ q FDOFRODWR LQ FRQIRUPLWj DO SXQWR IDFROWDWLYR GHOOD QRUPD 81, (1 ,62 SXz HVVHUH XWLOL]]DWD OD VHJXHQWH UHOD]LRQH р┤др┤др┤др┤д /(; K P /$HT P ORJ 7 P 7R 7DOH SDUDPHWUR q XWLOH SHU HYLGHQ]LDUH TXDOH FRPSLWR ODYRUDWLYR FRQWULEXLVFH PDJJLRUPHQWH DOO┬╢HVSRVL]LRQH JLRUQDOLHUD GHO ODYRUDWRUH H LQGLYLGXDUH TXLQGL OH PDFFKLQH ODYRUD]LRQL SL SHULFRORVH GDO SXQWR GL YLVWD DFXVWLFR DL ILQL GHJOL HYHQWXDOL LQWHUYHQWL GL ERQLILFD PLVXUD]LRQL EDVDWH VXOOH PDQVLRQL /D PLVXUD]LRQH EDVDWD VXOOH PDQVLRQL YLHQH XWLOL]]DWD TXDQGR QRQ VLD XWLOPHQWH SRVVLELOH GHVFULYHUH PRGHOOL GL ODYRUR H R FRPSLWL 7DOH VWUDWHJLD q EDVDWD VX XQ DSSURFFLR GL WLSR VWDWLVWLFR H FRQVLVWH QHO SUHOLHYR GL FDPSLRQL FDVXDOL GHOO┬╢HVSRVL]LRQH DO UXPRUH PLVXUDQGR LO /$HT 7 GXUDQWH O┬╢HVHFX]LRQH GHOOD PDQVLRQH LQ HVDPH / LQGLYLGXD]LRQH GHOOD PDQVLRQH H GHO SLDQR GHOOH PLVXUD]LRQL

,QGLYLGXDWD OD PDQVLRQH VRQR VWDWL VWDELOLWL L JUXSSL DFXVWLFDPHQWH RPRJHQHL *$2 ,GHQWLILFDWR LO JUXSSR RFFRUUH GHWHUPLQDUH OD PLQLPD GXUDWD FXPXODWLYD GHOOH PLVXUD]LRQL LQ EDVH DO QXPHUR GL ODYRUDWRUL Q* FKH FRVWLWXLVFH LO *$2


/$ 9$/87$=,21( '(/ 5,6&+,2 58025(

,O SURVSHWWR GHOOD QRUPD 81, (1 ,62 IRUQLVFH OH LQGLFD]LRQL SHU LO FDOFROR GHOOD GXUDWD PLQLPD FXPXODWLYD GHOOH PLVXUD]LRQL 1XPHUR GL ODYRUDWRUL DSSDUWHQHQWL DO *$2 Q*

'XUDWD PLQLPD FXPXODWLYD GHOOD PLVXUD]LRQH GD GLVWULEXLUVL VXOO¶LQWHUR *$2

Q*

K

Q*

K Q* ± [ K

Q*

K Q* ± [ K

Q* !

K R GLYLGHUH LO JUXSSR

,O FDOFROR GHOOD GXUDWD FXPXODWLYD GHOOH PLVXUD]LRQL FRQVHQWH GL GHWHUPLQDUH LO SLDQR GL PLVXUD]LRQH RVVLD LO QXPHUR GL FDPSLRQL H OD UHODWLYD GXUDWD ,Q DGHUHQ]D D TXDQWR LQGLFDWR GDOOD QRUPD 81, (1 ,62 LO QXPHUR GL FDPSLRQL UDSSUHVHQWDWLYR GHOOD PDQVLRQH GHYH HVVHUH DOPHQR SDUL D FLQTXH H OD GXUDWD FRPSOHVVLYD GHOOH PLVXUD]LRQL GHYH HVVHUH XJXDOH R VXSHULRUH DOOD GXUDWD PLQLPD FXPXODWLYD FDOFRODWD XWLOL]]DQGR LO SURVSHWWR GHOOD QRUPD 3HU RJQL FDPSLRQH ³Q´ GLVWULEXLWR FDVXDOPHQWH IUD L PHPEUL GHO JUXSSR RPRJHQHR VL ULOHYDQR OH VHJXHQWL JUDQGH]]H x x x

/$HT Q /SLFFR Q /&HT Q /D PLVXUD]LRQH GHO OLYHOOR VRQRUR HTXLYDOHQWH SRQGHUDWR & /&HT SXU QRQ HVVHQGR REEOLJDWRULD DL ILQL GHO FDOFROR GHL GHVFULWWRUL GL ULVFKLR q XWLOH SHU O¶HYHQWXDOH YHULILFD GHL '3, XGLWLYL 3HU RJQL JLRUQDWD ODYRUDWLYD VL FDOFROD TXLQGL LO OLYHOOR GL SUHVVLRQH VRQRUD FRQWLQXR HTXLYDOHQWH SRQGHUDWR $ SHU O HIIHWWLYD GXUDWD GHOOD JLRUQDWD ODYRUDWLYD 7H VHFRQGR OD VHJXHQWH UHOD]LRQH 1

/$HT 7H

ORJ ቎ ෍ /$HT Q ቏ 1 Q

GRYH / $HT 7H q LO OLYHOOR GHOOD SUHVVLRQH VRQRUD FRQWLQXD HTXLYDOHQWH SRQGHUDWR $ GHO FDPSLRQH Q Q q O LQGLFH QXPHULFR GHO FDPSLRQH GHOOD PDQVLRQH 1 q LO QXPHUR WRWDOH GL FDPSLRQL GHOOD PDQVLRQH ,O FDOFROR GL /&HT ULVXOWDQWH GHO FRPSLWR q DQDORJR D TXDQWR ULSRUWDWR SHU /$HT 3HU TXDQWR FRQFHUQH LO OLYHOOR VRQRUR GL SLFFR /SLFFR HVVR q LGHQWLILFDWR FRPH LO SL DOWR YDORUH PLVXUDWR ULVSHWWR DL FDPSLRQL LQ HVDPH ,O FDOFROR GHO OLYHOOR GL HVSRVL]LRQH JLRUQDOLHUD DO UXPRUH ,O OLYHOOR GL HVSRVL]LRQH JLRUQDOLHUD DO UXPRUH SRQGHUDWR $ VDUj TXLQGL GHWHUPLQDWR GDOOD VHJXHQWH UHOD]LRQH /(; K /$HT 7H ORJ 7H 7R GRYH

/$HT 7H q LO OLYHOOR GL SUHVVLRQH VRQRUD FRQWLQXR HTXLYDOHQWH SRQGHUDWR $ SHU O¶HIIHWWLYD GXUDWD GHOOD JLRUQDWD ODYRUDWLYD 7H q O HIIHWWLYD GXUDWD GHOOD JLRUQDWD ODYRUDWLYD 7 q OD GXUDWD GL ULIHULPHQWR SDUL RUH


/$ 9$/87$=,21( '(/ 5,6&+,2 58025(

PLVXUD]LRQL D JLRUQDWD LQWHUD /D PLVXUD]LRQH D JLRUQDWD LQWHUD YLHQH XWLOL]]DWD TXDQGR LO PRGHOOR GL HVSRVL]LRQH DO UXPRUH GHL ODYRUDWRUL q LPSUHYHGLELOH R FRPSOHVVR ,O YDQWDJJLR GL TXHVWD VWUDWHJLD q TXHOOR GL SRWHU HVVHUH LPSLHJDWD QHO FDVR LQ FXL O¶DWWLYLWj ODYRUDWLYD VLD DOWDPHQWH YDULDELOH R VHQ]D WHPSL GL FLFOR SUHILVVDWL 7DOH PLVXUD]LRQH FRPSUHQGH WXWWL L FRQWULEXWL DO UXPRUH DVVRFLDWL DO ODYRUR HG L SHULRGL VLOHQ]LRVL GXUDQWH OD JLRUQDWD ODYRUDWLYD q SUDVVL FRPXQH HVHJXLUH TXHVWR PLVXUD]LRQL D OXQJR WHUPLQH PHGLDQWH PLVXUDWRUL SHUVRQDOH GHOO¶HVSRVL]LRQH VRQRUD 'HOOH WUH OH VWUDWHJLH GL PLVXUD]LRQH TXHVWD q LQGXEELDPHQWH OD SL VHPSOLFH D OLYHOOR FRQFHWWXDOH H DQFKH LQ WHUPLQL GL FRPSOHVVLWj GL FDOFROR VL WUDWWD GL ULOHYDUH PHGLDQWH PLVXUDWRUH SHUVRQDOH O¶HVSRVL]LRQH GHO ODYRUDWRUH GXUDQWH OD VXD LQWHUD JLRUQDWD ODYRUDWLYD ,O QXPHUR GHL FDPSLRQL GD ULOHYDUH QRQ SXz FRPXQTXH HVVHUH LQIHULRUH D WUH GL GXUDWD SDUL DOOD JLRUQDWD HIIHWWLYD GHO ODYRUDWRUH *OL VYDQWDJJL GL TXHVWD VWUDWHJLD VRQR HVVHQ]LDOPHQWH GXH LO SULPR q O¶HOHYDWR QXPHUR GL RUH ULFKLHVWR SHU HIIHWWXDUH L FDPSLRQDPHQWL LO VHFRQGR q GHWHUPLQDWR GDO IDWWR FKH OD QRUPD 81, (1 ,62 SUHYHGH FKH TXDORUD L ULVXOWDWL GHOOH WUH PLVXUD]LRQL GLIIHULVFDQR GL ROWUH G% $ VL GHEED SURFHGHUH DO ULOLHYR GL DOPHQR DOWUH GXH PLVXUH JLRUQDOLHUH /R VFKHPD GL UHOD]LRQH SHU LO FDOFROR GHOO¶HVSRVL]LRQH q OR VWHVVR XWLOL]]DWR SHU OD VWUDWHJLD SHU PDQVLRQL ,O SLDQR GHOOH PLVXUD]LRQL ,Q DGHUHQ]D D TXDQWR LQGLFDWR GDOOD QRUPD 81, (1 ,62 FRPH GHWWR RFFRUUH HVHJXLUH WUH R SL PLVXUD]LRQL VH '/ ! G% RFFRUUH HVHJXLUH DOPHQR DOWUH GXH PLVXUH H SHU RJQXQD GL HVVH ULOHYDUH OH VHJXHQWL JUDQGH]]H x /$HT Q x /SLFFR Q x /&HT Q /D PLVXUD]LRQH GHO OLYHOOR VRQRUR HTXLYDOHQWH SRQGHUDWR & /&HT SXU QRQ HVVHQGR REEOLJDWRULD DL ILQL GHO FDOFROR GHL GHVFULWWRUL GL ULVFKLR q XWLOH SHU O¶HYHQWXDOH YHULILFD GHL '3, XGLWLYL ,O OLYHOOR GL SUHVVLRQH VRQRUD FRQWLQXR HTXLYDOHQWH SRQGHUDWR $ SHU O HIIHWWLYD GXUDWD GHOOD JLRUQDWD ODYRUDWLYD 7H VL FDOFROD VHFRQGR OD VHJXHQWH UHOD]LRQH 1

/$HT 7H ORJ ቎ ෍ /$HT Q ቏ 1 Q

GRYH /$HT 7H q LO OLYHOOR GHOOD SUHVVLRQH VRQRUD FRQWLQXD HTXLYDOHQWH SRQGHUDWR $ GHO FDPSLRQH Q Q q O LQGLFH QXPHULFR GHO FDPSLRQH GHOOD PDQVLRQH 1 q LO QXPHUR WRWDOH GL FDPSLRQL GHOOD PDQVLRQH ,O FDOFROR GL /&HT ULVXOWDQWH GHO FRPSLWR q DQDORJR D TXDQWR ULSRUWDWR SHU /$HT 3HU TXDQWR FRQFHUQH LO OLYHOOR VRQRUR GL SLFFR /SLFFR HVVR q LGHQWLILFDWR FRPH LO SL DOWR YDORUH PLVXUDWR ULVSHWWR DOOH PLVXUD]LRQL HVHJXLWH ,O FDOFROR GHO OLYHOOR GL HVSRVL]LRQH JLRUQDOLHUD DO UXPRUH ,O OLYHOOR GL HVSRVL]LRQH JLRUQDOLHUD DO UXPRUH SRQGHUDWR $ VDUj TXLQGL GHWHUPLQDWR GDOOD VHJXHQWH UHOD]LRQH

/(; K /$HT 7H ORJ 7H 7R

GRYH

/$HT 7H q LO OLYHOOR VRQRUR FRQWLQXR HTXLYDOHQWH SRQGHUDWR $ SHU O HIIHWWLYD GXUDWD 7H q O HIIHWWLYD GXUDWD GHOOD JLRUQDWD ODYRUDWLYD 7 q OD GXUDWD GL ULIHULPHQWR SDUL RUH


/$ $ 9$ $/8 87$ $=,2 21( ( '( (/ 5,6 6&+ +,2 580 025(

/H H V VWUX XP HQ WD] ]LR QL GL PL VX UD , P PLVX XUD DWRUUL SH HUV VRQD DOL GHOOO¶HV VSR RVL] ]LRQ QH V VRQ QRUUD ³³GR RVLP PHWWUL´ , P PLVX XUDWWRUL GH HOO¶HVSR RVL] ]LRQ QH VVRQR RUD D ILVVVDWWL VX XOOD D SH HUVR RQD VR RQR GD XWLLOL]]]DUH H QH HL FFDVLL LQ FXL QR RQ VVLD SRVVLE ELOH H PLVXUUDUH H O H HVSR RVL]]LRQ QH G GL XQ OD DYR RUDWR RUH FR RQ LO IRQ QRP PHWUR DG HVH HPS SLR TX XDQGR LO UX XPR RUH GD D YD DOXWD DUH SUH HVH HQWD D FDUDWWWHULV VWLF FKH GL YYDULDELOLWj j HG G LP PSUH HYH HGLE ELOLWj j R RSSX XUH TXDQG GR Q QRQ Q q SRVVVLE ELOH HIIIHWWX XDUH XQD IRQ QRP PHWUULD FFRQ Q XQ IR RQRP PHWWUR SRUWDWWR D D PDQ P R DG HVVHP PSLR R DOO LQWWHUQ QR G GL FDE F ELQH H GLL FR RQGX XFH HQWL PD DFF FKLQH LQ QGX XVWUULDOL

H HVVLL GH HEER RQR R HV VVHUH FRQ QIRUUPL DOOD D QRUP Q PD &( (, (1 ( $ H ULVS SHWWWDUH H L UHT TXLVVLWL GHOOOD FODV F VVH R LQ Q FRQIR RUPLLWj D DOOD D QR RUPD D & &(, (1 1 SUUHYLVVWL S SHU L IR RQRPH HWUL LQWH HJUD DWRUUL ,O PLF P FURIR RQR R q PR RQWD DWR VX XOOD VSD DOOD D GDO ODWR O R GH HOO¶R RUHF FFKLR SL S HV VSRVVWR DG G XQD GLVVWDQ Q]D GL DOP PHQ QR FP P GD DOO¶DSHUUWXUD D GH HO FFDQD DOH XGLLWLYR R H DG XQD D GLVWD DQ]D D G L FLUUFD F FP VVRS SUD OD VVSDOOD V VWHVVVD D ,O PLF P FURIR RQR R HG G LO VX XR FDY F YR VVRQR R ILLVVD DWL LQ L PDQ P QLHUUD WDOH W H GD D QRQ VXE ELUH H LQ QWUDOOFL PH HFFD DQLFFL R R RVVWUX]LRQL FFKH H SR RWUHE EEH HUR LQGXUUH H ID DOVL ULVX XOWD DWL ,QR ROWUH H OD D P PLVX XUD GHY YH H HVVHUH H SUH HVH HQ]LDWD D GD DO WH HFQLFR SHU HY YLWD DUH HYH HQWX XDOL HUUURUL VLVVWHP PDWLLFL G GRYYXWL D V VHJQ QDOLL QR RQ D DWWLQ QHQ QWL OD ODY YRUD D]LR RQH VS SHFLILFD D R VHJ V JQDOOL GRYX G XWL D PD DOIXQ Q]LR RQD DPH HQWR R G GHOOH H P PDF FFKLQH R D XQ Q FRPS SRUWD DPH HQWR QRQ FRUUUHWWWR G GHO ODYR RUDWRUH H ,Q DOWH HUQD DWLY YD VVL S SXz ULF FRUUH HUH D V VWUX XPH HQWL FKH FFRQVVHQWDQ QR OD D UH HJLV VWUD D]LRQH GHOOD WWLPH H KLVWR RU\ G GHO VHJQD DOH H R R GH HOOD UHJ JLVWUUD]LRQH H DX XGLR R S SHU HIIH HWWXDUH H OD FRUUUH]]LRQ QH G GHL GDWWL LQ SRVW H HODE ERUD D]LR RQH H

),* *85$ $ 0,68 85$ $725 5, 3( 21$ $/, '(//¶(63 326,,=,21( 6 6212 25$ $ (562

&D DOLEUUDWR RUH , F FDOLE EUDWWRUL VRQ QR D SDUH HFFKL FFKH HP PHWWWRQR R D DG X XQD HTXH HQ] ]D VVWDE ELOLWD D X XQ V VXRQR FDO LEUD DWR FRQ Q XQ Q OLYYHOOR QRWR R DSS D IUH LQ G% HV VVL G GHE EERQ VVHG GHUUH UH HTX XLVLWWL FR RPS SDWLELOL FRQ Q OD D FOD DVVH GH HOOD QRUUPD D &( (, ( QR SRV (1

),*8 85$ $ & $/,% %5$ $725 5( $ $&86 67,&2 2

/ /D 1RUP PD &(, ( (1 ULPDQ QH DSSOLFFDELOH ILQ QR D DO Q HPEUH QRYH


/$ 9$/87$=,21( '(/ 5,6&+,2 58025(

&DOLEUD]LRQH GHOOD VWUXPHQWD]LRQH /D FDOLEUD]LRQH DFXVWLFD GHOO¶LQWHUD FDWHQD GL PLVXUD PHGLDQWH LO FDOLEUDWRUH YLHQH HIIHWWXDWD SULPD H GRSR RJQL VHULH GL PLVXUD]LRQL FRQ OD VWHVVD FRQILJXUD]LRQH VWUXPHQWDOH QHOOH VWHVVH FRQGL]LRQL PLFURFOLPDWLFKH H FRPXQTXH DOO¶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q LO IRQRPHWUR FRPSRVWR GD XQ PLFURIRQR GD XQD XQLWj GL WUDWWDPHQWR H GD XQD XQLWj GL OHWWXUD GDWL , IRQRPHWUL LQWHJUDWRUL GHEERQR ULVSHWWDUH L UHTXLVLWL GHOOD FODVVH R LQ FRQIRUPLWj DOOD QRUPD &(, (1 /¶XQLWj GL WUDWWDPHQWR DSSOLFD DO VHJQDOH XQD GHOOH FXUYH GL SRQGHUD]LRQH RSSXUH QHVVXQD LO FKH SHUPHWWH DO VHJQDOH GL SDVVDUH LQDOWHUDWR FXUYD OLQHDUH /LQ R = 'RSR FKH LO VHJQDOH q VWDWR SRQGHUDWR YLHQH DPSOLILFDWR H QH YLHQH FDOFRODWR LO YDORUH HIILFDFH 506 4XHVWR YDORUH YLHQH LQYLDWR DOO¶XQLWj GL OHWWXUD FKH UDSSUHVHQWD LO 6(/ 6RXQG ([SRVXUH /HYHO LQ G% R LQ G% $ /D PDJJLRU SDUWH GHL VXRQL ULFKLHGH OD PLVXUD GL XQ OLYHOOR IOXWWXDQWH DL ILQL GL PLVXUDUH LO VXRQR FRUUHWWDPHQWH OH YDULD]LRQL GHEERQR HVVHUH PLVXUDWH FRQ XQ WHPSR GL ULVSRVWD GHO ULYHODWRUH DGHJXDWR 3HU TXHVWD UDJLRQH VRQR VWDWH VWDQGDUGL]]DWH GXH ULVSRVWH FDUDWWHULVWLFKH GHO ULOHYDWRUH H FKH VRQR FRQRVFLXWH FRPH x ) IDVW YHORFH FKH KD XQD FRVWDQWH GL WHPSR GL PV H SHUPHWWH GL RWWHQHUH XQD ULVSRVWD UDSLGD SHU VHJXLUH H PLVXUDUH L OLYHOOL VRQRUL FKH QRQ YDULDQR WURSSR UDSLGDPHQWH x 6 VORZ OHQWD FKH KD XQD FRVWDQWH GL WHPSR GL VHFRQGR H TXLQGL IRUQLVFH XQD ULVSRVWD SL OHQWD SHU VPRU]DUH OH IOXWWXD]LRQL GHO VXRQR 6H LQYHFH LO VXRQR FKH GHYH HVVHUH PLVXUDWR FRQVLVWH GL LPSXOVL LVRODWL R FRQWLHQH XQ¶DOWD SHUFHQWXDOH GL UXPRUL GL WLSR LPSXOVLYR LO IRQRPHWUR KD D GLVSRVL]LRQH XQD FRVWDQWH GL WHPSR DQFRUD SL UDSLGD QRUPDOL]]DWD FRPH x , LPSXOVH FKH KD XQD FRVWDQWH GL WHPSR GL PV H FRQ OD TXDOH VL PLVXUDQR DQFKH L UXPRUL WUDQVLWRUL 3RLFKp XQ SLFFR HOHYDWR SXz HVVHUH GDQQRVR SHU O¶XGLWR DQFKH VH LO YDORUH 506 VL PDQWLHQH EDVVR F¶q LQILQH XQ FLUFXLWR SHU OH PLVXUH GHO YDORUH GL SLFFR GHL OLYHOOL VRQRUL x 3HDN FRQ XQD FRVWDQWH QRQ VXSHULRUH D PV /D QRUPDWLYD LQWHUQD]LRQDOH SUHYHGH WUH FODVVL GL VWUXPHQWL o FODVVH IRQRPHWUR GD ODERUDWRULR GL ULIHULPHQWR o FODVVH IRQRPHWUR SHU PLVXUH GD ODERUDWRULR R VXO FDPSR LQ FRQGL]LRQL DFXVWLFKH GHILQLWH o FODVVH IRQRPHWUR SHU XVR JHQHUDOH SHU PLVXUH VXO FDPSR , IRQRPHWUL SL VHPSOLFL GDQQR OD PLVXUD GHO OLYHOOR LVWDQWDQHR GHO UXPRUH HVLVWRQR VWUXPHQWL SL FRPSOHVVL FKH HODERUDQR TXHVWD PLVXUD SHU IRUQLUH LO OLYHOOR HTXLYDOHQWH /$HT IRQRPHWUL LQWHJUDWRUL O¶DQDOLVL GHO UXPRUH DOOH YDULH IUHTXHQ]H DQDOL]]DWRUL LQ EDQGH GL RWWDYD H RWWDYD O¶DQDOLVL VWDWLVWLFD O¶DQDOLVL GL HYHQWR OH DQDOLVL DUFKLWHWWRQLFKH WHPSR GL ULYHUEHUR 57 H SHUGLWD GL WUDVPLVVLRQH DWWUDYHUVR SDUHWH *OL VWUXPHQWL SL PRGHUQL LQ VSHFLDO PRGR TXHOOL GL FODVVH FRPSUHQGRQR WXWWH OH YDULH IXQ]LRQL


/$ $ 9$ $/8 87$ $=,2 21( ( '( (/ 5,6 6&+ +,2 580 025(

5$ )2120 2 0(75 52 ,17( (*5$ $725 /$66 6( (675 5$77 7, '( (//( ( 0,6 685$ 21, ),*85 5( ,1 &/ $=,2 , ULLOLHY YL IIRQR RP PHWUULFL 3UH HOLP PLQD DUP PHQWH DOO¶H HVH HFX] ]LRQ QH GHOOOH LQGDJLQL IIRQRPHWULLFKH H R RFFR RUUH H DFFTX XLVLUUH WXWWH W H OH H LQ QIRUUPD D]LR RQL DWWH H D D IRUUQLUH H XQ T TXDG GUR FR RPS SOHWR R GH HOOH H DWWWLYLWWj S SHUWWLQH HQWL DL ODYR RUDWRUL R DOOH H SR RVWD D]LR RQL FXL OH PLVVXUD D]LR RQL VWH HVVH H VLL ULIH HULVVFRQ QR 2F FFRUUH SH HUWDQWR FR RQVLGHUDUH H L FLF L FOL WH HFQ RJLF FL OH H P PRGD DOLWj j GL HVHFX X]LR RQH GH HOOH IIDVL ODYYRUD DWLYYH L PH H]] ]L H HG L P PDWH HULDOL XWWLOL]]DWL QROR OD Y O YDULD DELOLWj GHOOH ODYR RUD] ]LRQ QL OH F O FDUD DWWHULVWLFKH H GH HO UXPRUH H FR RVWD DQWH H IOOXWWX QWH LPSXOVVLYR R FFLFOLFFR XDQ OH O FRQ F QGL]]LRQ QL DFXV D VWLFKH LQ SUR RVV VLPLWj GHLL SXQWL GL P PLVX XUD FR RPS SUHV VD OD SUH HVH HQ]D D G GL VHJQ V QDOLL GLL DYY D YHUWLLPH R H R DOODUUPL HQWR OH S O SRVWWD]LLRQL GL ODYRUR R RF FFXS SDWH H H L WH HPS SL GLL SH HUPDQH HQ]]D QHOOD D VWHVV VH OH H O HYHQ QWXD SDX XVH R S SHULR RGL GL UULSR RVR H OH H UH R DP PELHQWWL GR RYH DOL S HODWWLYH SRVWD]LRQL R H VRQR IUXLLWH O¶HY O YHQWWXDOH S SUHV VHQ] ]D G GL J JUXS SSL GL OD DYR RUDWWRUL DFX XVWLFDP PHQ QWH RP PRJH HQH HL


/$ 9$/87$=,21( '(/ 5,6&+,2 58025(

&RQGL]LRQL GL PLVXUD , ULOLHYL IRQRPHWULFL YDQQR HIIHWWXDWL QHOOH VHJXHQWL FRQGL]LRQL RSHUDWLYH x DPELHQWL D QRUPDOH UHJLPH GL IXQ]LRQDPHQWR x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¶LPPLVVLRQH VXO PHUFDWR /D YHULILFD GHOOD WDUDWXUD DYYLHQH FRPXQTXH GRSR XQ HYHQWR WUDXPDWLFR SHU JOL VWUXPHQWL R GRSR XQD ULSDUD]LRQH /H YHULILFKH SHULRGLFKH VRQR HVHJXLWH SUHVVR ODERUDWRUL IDFHQWL SDUWH GHO /$7 /$ERUDWRULR GL 7DUDWXUD DFFUHGLWDWR GD $&&5(',$ H[ 6,7 6HUYL]LR GL 7DUDWXUD LQ ,WDOLD R GHOO¶(XURSHDQ &RRSHUDWLRQ IRU WKH $FFUHGLWDWLRQ ($ $ PDUJLQH VL UDFFRPDQGD LQ IDVH GL HIIHWWXD]LRQH GHOOH PLVXUH GL UXPRURVLWj QHJOL DPELHQWL GL ODYRUR GL IDU ULOHYDUH ROWUH DO YDORUH GL /$HT DQFKH LO /&HT DWWHVR FKH L PRGHUQL IRQRPHWUL LQWHJUDWRUL GL FODVVH R GLVSRQJRQR GL HQWUDPEH OH FXUYH GL SRQGHUD]LRQH SHUDOWUR FLz QRQ FRPSRUWD QHDQFKH PDJJLRUL RQHUL LQ WHUPLQL HFRQRPLFL H WHPSRUDOL LQ TXDQWR L GXH OLYHOOL /$HT H /&HT YHQJRQR PHPRUL]]DWL LQ FRQWHPSRUDQHD GDOOR VWUXPHQWR H SRVVRQR HVVHUH YLVXDOL]]DWL LQ UDSLGD VXFFHVVLRQH GD FKL HIIHWWXD OH PLVXUH /D PLVXUD]LRQH GHO UXPRUH LPSXOVLYR /D PLVXUD]LRQH GHOO¶HVSRVL]LRQH D UXPRUH LPSXOVLYR DYYLHQH VXOOD EDVH GL GXH SHUFRUVL x QHOOD GHWHUPLQD]LRQH GHO /SLFFR SHU OD TXDOH VL XWLOL]]D O¶LPSXOVR GL PDVVLPD DPSLH]]D IUD WXWWL TXHOOL SUHYHGLELOL ,O OLYHOOR /SLFFR FRVu PLVXUDWR GHYH HVVHUH FRQIURQWDWR FRQ L YDORUL GL D]LRQH G% &

H FRQ LO YDORUH OLPLWH G% &

SUHYLVWL GDOO¶DUW GHO G OJV GHO DSULOH H V P L x QHOOD GHWHUPLQD]LRQH GHO FDUDWWHUH LPSXOVLYR GHL VHJQDOL DL TXDOL YLHQH HVSRVWR LO VRJJHWWR $ TXHVWR SURSRVLWR TXDORUD LO SHUVRQDOH TXDOLILFDWR LSRWL]]L XQD SRVVLELOH SUHVHQ]D GL UXPRUH LPSXOVLYR XQD YHULILFD RJJHWWLYD SXz HVVHUH HIIHWWXDWD DWWUDYHUVR LO FULWHULR LQVHULWR QHOOD QRUPD 81, DO SXQWR SHU FXL XQ VHJQDOH SXz HVVHUH FRQVLGHUDWR LPSXOVLYR TXDQGR HVVR VRGGLVID LO FULWHULR

¨., / $HT , 7 / $HT 7 G% $ GRYH /$HT , 7 UDSSUHVHQWD LO OLYHOOR HTXLYDOHQWH SRQGHUDWR $ ULOHYDWR FRQ OD FRVWDQWH GL WHPSR ,PSXOVH /$HT 7 UDSSUHVHQWD LO QRUPDOH OLYHOOR HTXLYDOHQWH SRQGHUDWR $

/D 1RUPD &(, (1 ULPDQH DSSOLFDELOH ILQR DO QRYHPEUH


/$ 9$/87$=,21( '(/ 5,6&+,2 58025(

/H LQFHUWH]]H

6L GHILQLVFH LQFHUWH]]D TXHO SDUDPHWUR DVVRFLDWR DO ULVXOWDWR GL XQD PLVXUD]LRQH R GL XQD VWLPD GL XQD JUDQGH]]D FKH QH FDUDWWHUL]]D OD GLVSHUVLRQH GHL YDORUL DG HVVD DWWULEXLELOL FRQ UDJLRQHYROH SUREDELOLWj &RPH QRWR O¶DUW FRPPD GHO G OJV GHO DSULOH H V P L SUHYHGH HVSUHVVDPHQWH FKH QHOO¶DSSOLFDUH TXDQWR SUHYLVWR QHO SUHVHQWH DUWLFROR LO GDWRUH GL ODYRUR WLHQH FRQWR GHOO¶LQFHUWH]]D GHOOH PLVXUH GHWHUPLQDWH VHFRQGR OD SUDVVL PHWURORJLFD /D FRUUHWWD YDOXWD]LRQH GHOOH LQFHUWH]]H GL PLVXUD q SHUWDQWR SDUWH LQWHJUDQWH GHOOD GRFXPHQWD]LRQH D VXSSRUWR GHOOD YDOXWD]LRQH GHO ULVFKLR H LQ WDO VHQVR SRLFKp OD QRUPD GL OHJJH ULFKLDPD HVSUHVVDPHQWH OD SUDVVL PHWURORJLFD H OD QRUPD 81, (1 ,62 DVVLFXUD O¶DVVHQ]D GL HUURUL VLVWHPDWLFL VROR LQ FDVR GL ULVSHWWR ULJRURVR GHL UHTXLVLWL GHOOD QRUPD VWHVVD DSSDUH QHFHVVDULR DWWHQHUVL VFUXSRORVDPHQWH DOOH LQGLFD]LRQL LYL SUHYLVWH ,O SXQWR GHOOD QRUPD 81, (1 ,62 LQ SDUWLFRODUH DIIHUPD FKH O¶LQFHUWH]]D HVWHVD GL PLVXUD]LRQH DVVLHPH DO IDWWRUH GL FRSHUWXUD FRUULVSRQGHQWH GHYH HVVHUH GLFKLDUDWD SHU XQ LQWHUYDOOR XQLODWHUDOH GL FRQILGHQ]D GHO ,Q IXQ]LRQH GHOOD VWUDWHJLD GL PLVXUD]LRQH VHOH]LRQDWD OD QRUPD 81, (1 ,62 IRUQLVFH GLIIHUHQWL PRGDOLWj GL GHWHUPLQD]LRQH GHOO¶LQFHUWH]]D 9D DOWUHVu HYLGHQ]LDWR FRPH LQ DOOHJDWR DOOD QRUPD YHQJD SUHVHQWDWR XQ IRJOLR GL FDOFROR FKH FRQVHQWH O¶HVHFX]LRQH GHL FRPSXWL QHFHVVDUL 3HU LO FDOFROR GHOO¶LQFHUWH]]D VXO OLYHOOR GL SLFFR O¶XQLFR ULIHULPHQWR QRUPDWLYR q O¶DSSHQGLFH % GHOOD 81, 'L WDOL LQFHUWH]]H VL GRYUj WHQHU FRQWR DO ILQH GL VWDELOLUH O¶HYHQWXDOH VXSHUDPHQWR GHL YDORUL OLPLWH H GHL YDORUL GL D]LRQH FXL q OHJDWD O¶DGR]LRQH GHOOH PLVXUH GL WXWHOD H VLFXUH]]D VWDELOLWH GDO &DSR ,, GHO 7LWROR 9,,, GHO G OJV GHO DSULOH &DOFROR GHOO¶LQFHUWH]]D HVWHVD 8 /(; K VHFRQGR OD QRUPD 81, (1 ,62 6L ID ULIHULPHQWR DOO¶DSSHQGLFH & GHOOD QRUPD 81, (1 ,62 WDOH DSSHQGLFH GHVFULYH OD SURFHGXUD SHU GHWHUPLQDUH O¶LQFHUWH]]D HVWHVD GHO OLYHOOR GL HVSRVL]LRQH DO UXPRUH SRQGHUDWR $ H QRUPDOL]]DWR DG XQD JLRUQDWD ODYRUDWLYD GL RUH /(; K /¶LQFHUWH]]D HVWHVD q GDWD GD 8 /(; K N X /(; K 3HUWDQWR QHOOD SUDWLFD DO ILQH GL GLPRVWUDUH OD FRQIRUPLWj DL YDORUL GL D]LRQH H DO YDORUH OLPLWH GL HVSRVL]LRQH VWDELOLWL GDOOD QRUPDWLYD YLJHQWH LO FRQIURQWR FRQ GHWWL YDORUL DYYLHQH XWLOL]]DQGR SHU LO OLYHOOR GL HVSRVL]LRQH JLRUQDOLHUD /(; K O¶HVWUHPR VXSHULRUH GHOO¶LQWHUYDOOR PRQRODWHUDOH FRUULVSRQGHQWH DG XQ OLYHOOR GL FRQILGHQ]D GHO

/ (; K /(; K 8 /(; K GRYH 8 /(; K >N X /(; K @ q O¶LQFHUWH]]D HVWHVD VXO OLYHOOR GL HVSRVL]LRQH JLRUQDOLHUD X /(; K q O¶LQFHUWH]]D FRPELQDWD VWDQGDUG VXO OLYHOOR GL HVSRVL]LRQH JLRUQDOLHUD N q XQ IDWWRUH GL FRSHUWXUD IXQ]LRQH GHOO¶LQWHUYDOOR XQLODWHUDOH GL FRQILGHQ]D GHO 3HU OH FRQGL]LRQL LQ FXL VL QHFHVVLWD GHO FRQIURQWR FRQ LO OLYHOOR GL HVSRVL]LRQH VHWWLPDQDOH O¶HTXD]LRQH q DSSOLFDWD VRVWLWXHQGR LO OLYHOOR /(; Z DO OLYHOOR /(; K /¶LQFHUWH]]D SHU L OLYHOOL GL SUHVVLRQH VRQRUD GL SLFFR SRQGHUDWL & q GHWHUPLQDWD LQ FRQIRUPLWj DOO¶DSSHQGLFH % GHOOD QRUPD 81, ,O FRQIURQWR GHO OLYHOOR GL SLFFR FRQ L UHODWLYL YDORUL GL D]LRQH H FRQ LO YDORUH OLPLWH GL HVSRVL]LRQH GL OHJJH DYYLHQH XWLOL]]DQGR OR VWHVVR PHWRGR LOOXVWUDWR SHU LO OLYHOOR GL HVSRVL]LRQH JLRUQDOLHUD D SDUWLUH GDOO¶LQFHUWH]]D X /SLFFR ¶

/ SLFFR /SLFFR 8 /SLFFR GRYH 8 /SLFFR >N X /SLFFR @ q O¶LQFHUWH]]D HVWHVD VXO OLYHOOR GL SLFFR X /SLFFR q O¶LQFHUWH]]D VXO OLYHOOR GL SLFFR


/$ 9$/87$=,21( '(/ 5,6&+,2 58025(

&DOFROR GHOOยถLQFHUWH]]D FRPELQDWD VWDQGDUG VWUDWHJLD EDVDWD VXL FRPSLWL , FRQWULEXWL DOOยถLQFHUWH]]D FRPELQDWD VWDQGDUG X DVVRFLDWD DO OLYHOOR GL HVSRVL]LRQH DO UXPRUH GLSHQGRQR GDOOยถLQFHUWH]]D XL GL RJQL JUDQGH]]D LQ LQJUHVVR H GDL UHODWLYL FRHIILFLHQWL GL VHQVLELOLWj FL , FRHIILFLHQWL GL VHQVLELOLWj UDSSUHVHQWDQR OD PLVXUD GL FRPH LO OLYHOOR GL HVSRVL]LRQH DO UXPRUH q PRGLILFDWR GDL FDPELDPHQWL QHL YDORUL GHOOH UHODWLYH JUDQGH]]H GยถLQJUHVVR , FRQWULEXWL GHOOH UHODWLYH JUDQGH]]H GยถLQJUHVVR VRQR GDWL GDO SURGRWWR GHOOH LQFHUWH]]H VWDQGDUG H GHL FRHIILFLHQWL GL VHQVLELOLWj DVVRFLDWL /ยถLQFHUWH]]D FRPELQDWD VWDQGDUG X VL RWWLHQH GDL FRQWULEXWL LQGLYLGXDOL GL LQFHUWH]]D FLXL PHGLDQWH OD VHJXHQWH HTXD]LRQH X เท F L X L 3HU OD VWUDWHJLD GL PLVXUD EDVDWD VXL FRPSLWL OยถLQFHUWH]]D FRPELQDWD VWDQGDUG q 0

X เตซ/(; K เตฏ เท แ F D P เตซX D P X P X เตฏ เตซF E P X E P เตฏ แ

P

GRYH ยพ F D P q LO FRHIILFLHQWH GL VHQVLELOLWj

F D P LQ FXL ย ย ย ย ยพ

7P เตซ/$HT P /(; K เตฏ 7

7P q OD GXUDWD GHO FRPSLWR P 7 q LO WHPSR GL ULIHULPHQWR SDUL D RUH /$HT P q LO OLYHOOR VRQRUR FRQWLQXR HTXLYDOHQWH SRQGHUDWR $ GHO FRPSLWR ยณPยด /(; K q LO OLYHOOR GL HVSRVL]LRQH JLRUQDOLHUD D UXPRUH X D P q O LQFHUWH]]D VWDQGDUG GRYXWD DO FDPSLRQDPHQWR GHO OLYHOOR GL UXPRUH GHO FRPSLWR ยณPยด

,

X D P เถฉ แ เท เตซ/$HT PL /เดค $HT P เตฏ แ , ,

L

LQ FXL ย ย ย ย

L q OยถLQGLFH QXPHULFR GHO FDPSLRQH GHL FRPSLWL , q LO QXPHUR WRWDOH GL FDPSLRQL /$HT PL q LO OLYHOOR VRQRUR FRQWLQXR HTXLYDOHQWH SRQGHUDWR $ GHO FDPSLRQH L /เดค $HT P q OD PHGLD DULWPHWLFD GL XQ QXPHUR , GL OLYHOOL VRQRUL FRQWLQXL HTXLYDOHQWL SRQGHUDWL $ PLVXUDWL SHU LO FRPSLWR P

RYYHUR ,

/เดค $HT P เท /$HT PL , L

ยพ X P q OยถLQFHUWH]]D VWDQGDUG GRYXWD DOOD VWUXPHQWD]LRQH XVDWD SHU OD PLVXUD GHL FRPSLWL WDOH YDORUH q IXQ]LRQH GHOOD FRQIRUPLWj QRUPDWLYD GHOOD VWUXPHQWD]LRQH XWLOL]]DWD H VL ULFDYD WUDPLWH OD VHJXHQWH WDEHOOD


/$ 9$/87$=,21( '(/ 5,6&+,2 58025(

7LSR GL VWUXPHQWD]LRQH

,QFHUWH]]D VWDQGDUG X P G%

)RQRPHWUR LQ FRQIRUPLWj DOOD &(, (1 FODVVH

0LVXUDWRUH SHUVRQDOH GHOO¶HVSRVL]LRQH VRQRUD LQ FRQIRUPLWj DOOD &(, (1 $

)RQRPHWUR LQ FRQIRUPLWj DOOD &(, (1 FODVVH

/¶LQFHUWH]]D VWDQGDUG LQGLFDWD QHO SURVSHWWR q YDOLGD VROR SHU /$HT ¾ X q O¶LQFHUWH]]D VWDQGDUG GRYXWD DOOD SRVL]LRQH GHOOD VWUXPHQWD]LRQH VL EDVD VX GDWL HPSLULFL HG q SRVWD SDUL DG ¾ F E P q LO FRHIILFLHQWH GL VHQVLELOLWj F D P F E P 7P LQ FXL F D P q LO FRHIILFLHQWH GL VHQVLELOLWj FDOFRODWR FRVu FRPH ULSRUWDWR QHL SDVVDJJL SUHFHGHQWL 7P q OD GXUDWD GHO FRPSLWR ³P´ FRQVLGHUDWR ¾ X E P q O¶LQFHUWH]]D VWDQGDUG GRYXWD DOOD GXUDWD GHL FRPSLWL ³P´ HG q FDOFRODWD LQ EDVH DOOH GXUDWH PLVXUDWH PHGLDQWH PLVXUD]LRQL LQGLSHQGHQWL -

X E P ඩ

቎෍൫7P M 7P ൯ ቏ - -

M

LQ FXL - q LO QXPHUR WRWDOH GL RVVHUYD]LRQL GL GXUDWD GHL FRPSLWL 7P M q OD GXUDWD GHO FRPSLWR ³P´ FRQVLGHUDWR UHODWLYD DOO¶RVVHUYD]LRQH M 7P q OD PHGLD GHOOH GXUDWH GHO FRPSLWR ³P´ FRQVLGHUDWR UHODWLYD DOOH RVVHUYD]LRQL WRWDOL ,O FRQWULEXWR F E PX E P GRYXWR DOO¶LQFHUWH]]D ULVSHWWR DOOD GXUDWD GHL FRPSLWL q SUHVR LQ FRQVLGHUD]LRQH SHU TXHL FRPSLWL OD FXL GXUDWD q YDULDELOH HG q VWDWD RWWHQXWD FRPH PHGLD GL XQ QXPHUR - GL RVVHUYD]LRQL &DOFROR GHOO¶LQFHUWH]]D VXO OLYHOOR VRQRUR GL SLFFR /SLFFR /¶LQFHUWH]]D WRWDOH VXO OLYHOOR VRQRUR GL SLFFR YDOH X /SLFFR >X V SLFFR X / @ /¶LQFHUWH]]D VWUXPHQWDOH VXO ULVXOWDWR GHOOD PLVXUD GHO OLYHOOR VRQRUR GL SLFFR q VWLPDELOH GLPH]]DQGR LO YDORUH GHOO¶LQFHUWH]]D HVWHVD 8V SLFFR ULSRUWDWR VXO FHUWLILFDWR GL WDUDWXUD GHOOR VWUXPHQWR GL PLVXUD

XV SLFFR 8 SLFFR 1HO FDVR WDOH YDORUH QRQ VLD LQGLFDWR SHU VWUXPHQWL GL FODVVH XV SLFFR q DVVXQWR SDUL D G% /¶LQFHUWH]]D X/ GRYXWD DO SRVL]LRQDPHQWR GHOOR VWUXPHQWR q X/


/$ 9$/87$=,21( '(/ 5,6&+,2 58025(

&DOFROR GHOOยถLQFHUWH]]D SHU OยถHVSRVL]LRQH VHWWLPDQDOH ,O OLYHOOR GL HVSRVL]LRQH VHWWLPDQDOH DO UXPRUH q FDOFRODWR XWLOL]]DQGR OD VHJXHQWH HVSUHVVLRQH P /(; Z ORJ เตฅ เท เตซ /(; K เตฏN เตฉ N

/D QRUPD 81, (1 ,62 QRQ FRQWLHQH LQGLFD]LRQL ULJXDUGR DO FDOFROR GHOOยถLQFHUWH]]D LQ UHOD]LRQH DO OLYHOOR GL HVSRVL]LRQH VHWWLPDQDOH LO FDOFROR GL TXHVWยถXOWLPD SXz HIIHWWXDUVL XWLOL]]DQGR O HTXD]LRQH % GHOOD QRUPD 81, RULJLQDULDPHQWH VYLOXSSDWD SHU O HVSRVL]LRQH D OXQJR WHUPLQH XD /(; Z

เถงฯ QL /L X L ฯ QL /L

GRYH ย Q q LO QXPHUR GHOOH JLRUQDWH ODYRUDWLYH SHU TXDOL VL GLVSRQH GL XQD VWLPD GHO OLYHOOR GL HVSRVL]LRQH ย XL q SDUL DOOยถLQFHUWH]]D XD /(; K UHODWLYD DOOยถL HVLPD JLRUQDWD ODYRUDWLYD $ TXHVWD JUDQGH]]D GHYH TXLQGL HVVHUH DJJLXQWD OD FRPSRQHQWH OHJDWD DOOD VWUXPHQWD]LRQH XV /ยถLQFHUWH]]D VXO OLYHOOR GL HVSRVL]LRQH VHWWLPDQDOH q GDWD GD X /(; Z เถฅ>X D /(; Z X V @ &DOFROR GHOOยถLQFHUWH]]D FRPELQDWD VWDQGDUG VWUDWHJLD EDVDWD VXOOH PDQVLRQL 3HU OH VWUDWHJLD GL PLVXUD EDVDWD VXOOH PDQVLRQL OยถLQFHUWH]]D FRPELQDWD VWDQGDUG q X เตซ/(; K เตฏ F X F เตซX X เตฏ GRYH ยพ X q O LQFHUWH]]D VWDQGDUG GRYXWD DO FDPSLRQDPHQWR 1

X เถฉ แ เท เตซ/$HT Q /เดค $HT เตฏ แ 1

Q

LQ FXL ย ย ย ย

1 q LO QXPHUR WRWDOL GL FDPSLRQL Q q OยถLQGLFH GHOOยถL HVLPR FDPSLRQH /$HT Q q LO OLYHOOR VRQRUR FRQWLQXR HTXLYDOHQWH FRUULVSRQGHQWH DOOยถQ HVLPR FDPSLRQH /เดค $HT q OD PHGLD GHJOL 1 FDPSLRQL PLVXUDWL SHU LO JUXSSR RPRJHQHR RVVLD 1

/เดค $HT

แ เท เตซ/$HT Q เตฏแ 1 Q

ยพ F q LO FRHIILFLHQWH GL VHQVLELOLWj DVVRFLDWR DO FDPSLRQDPHQWR GHO OLYHOOR GL UXPRUH SHU OD PDQVLRQH LO FRQWULEXWR F X YD FDOFRODWR LQ IXQ]LRQH GL X H GHO QXPHUR GL FDPSLRQL 1 DWWUDYHUVR OยถXWLOL]]R GHO SURVSHWWR & GHOOD QRUPD 81, (1 ,62


/$ 9$/87$=,21( '(/ 5,6&+,2 58025(

&RQRVFHQGR LO QXPHUR GHL FDPSLRQL 1 HG LO YDORUH GL X LQ G% DVVRFLDWD DL YDORUL PLVXUDWL GL /$HT Q LO SURVSHWWR VHJXHQWH IRUQLVFH LO YDORUH GL F X LQ G%

1

&2175,%872 $//ยถ,1&(57(==$ & 8 '(/ &$03,21$0(172 '(/ /$HT Q

6H LO FRQWULEXWR DOOยถLQFHUWH]]D F X GRYXWR DO FDPSLRQDPHQWR ULVXOWDVVH PDJJLRUH GL G% YDORUL LQGLFDWL LQ JUDVVHWWR VL GRYUHEEH PRGLILFDUH LO *$2 R LQFUHPHQWDUH LO QXPHUR GL PLVXUD]LRQL DO ILQH GL ULGXUUH OยถLQFHUWH]]D

ยพ F q LO FRHIILFLHQWH GL VHQVLELOLWj GRYXWR DOOD VWUXPHQWD]LRQH q SRVWR SDUL DG ยพ X q OยถLQFHUWH]]D VWDQGDUG GRYXWD DOOD VWUXPHQWD]LRQH XVDWD SHU OD PLVXUD GHL FRPSLWL WDOH YDORUH q IXQ]LRQH GHOOD FRQIRUPLWj QRUPDWLYD GHOOD VWUXPHQWD]LRQH XWLOL]]DWD H VL ULFDYD WUDPLWH OD VHJXHQWH WDEHOOD 7LSR GL VWUXPHQWD]LRQH

,QFHUWH]]D VWDQGDUG X G%

)RQRPHWUR LQ FRQIRUPLWj DOOD &(, (1 FODVVH

0LVXUDWRUH SHUVRQDOH GHOOยถHVSRVL]LRQH VRQRUD LQ FRQIRUPLWj DOOD &(, (1 $

)RQRPHWUR LQ FRQIRUPLWj DOOD &(, (1 FODVVH

/ยถLQFHUWH]]D VWDQGDUG LQGLFDWD QHO SURVSHWWR q YDOLGD VROR SHU /$HT ยพ X q OยถLQFHUWH]]D VWDQGDUG GRYXWD DOOD SRVL]LRQH GHOOD VWUXPHQWD]LRQH VL EDVD VX GDWL HPSLULFL HG q SRVWD SDUL DG G%

&DOFROR GHOOยถLQFHUWH]]D FRPELQDWD VWDQGDUG VWUDWHJLD D JLRUQDWD LQWHUD 3HU OH VWUDWHJLD GL PLVXUD D JLRUQDWD LQWHUD OD SURFHGXUD SHU FDOFRODUH OยถLQFHUWH]]D FRPELQDWD VWDQGDUG q XJXDOH DO PHWRGR SHU PDQVLRQH X เตซ/(; K เตฏ F X F เตซX X เตฏ GRYH ยพ X q O LQFHUWH]]D VWDQGDUG GRYXWD DO FDPSLRQDPHQWR 1

X

เถฉ แ เท เตซ/$HT Q /เดค $HT เตฏ แ 1

Q


/$ 9$/87$=,21( '(/ 5,6&+,2 58025(

LQ FXL

1 q LO QXPHUR WRWDOH GHOOH PLVXUH Q q O¶LQGLFH GHOO¶L HVLPD PLVXUD /$HT Q q LO OLYHOOR VRQRUR FRQWLQXR HTXLYDOHQWH FRUULVSRQGHQWH DOO¶Q HVLPD PLVXUD /ത $HT q OD PHGLD GHOOH 1 PLVXUH RVVLD 1

/ത $HT

቎෍൫/$HT Q ൯቏ 1 Q

¾ F q LO FRHIILFLHQWH GL VHQVLELOLWj DVVRFLDWR DO FDPSLRQDPHQWR GHO OLYHOOR GL UXPRUH F q LO FRHIILFLHQWH GL VHQVLELOLWj DVVRFLDWR DO FDPSLRQDPHQWR GHO OLYHOOR GL UXPRUH SHU OD PDQVLRQH LO FRQWULEXWR F X YD FDOFRODWR LQ IXQ]LRQH GL X H GHO QXPHUR GL FDPSLRQL 1 DWWUDYHUVR O¶XWLOL]]R GHO SURVSHWWR & GHOOD QRUPD 81, (1 ,62 &RQRVFHQGR LO QXPHUR GHL FDPSLRQL 1 HG LO YDORUH GL X LQ G% DVVRFLDWD DL YDORUL PLVXUDWL GL /$HT Q LO SURVSHWWR VHJXHQWH IRUQLVFH LO YDORUH GL F X LQ G%

1

&2175,%872 $//¶,1&(57(==$ & 8 '(/ &$03,21$0(172 '(/ /$HT Q

2YH F X ULVXOWDVVH PDJJLRUH GL G% VL UDFFRPDQGD GL ULYHGHUH R GL PRGLILFDUH LO SLDQR GL PLVXUD]LRQH SHU ULGXUUH X ¾ F q LO FRHIILFLHQWH GL VHQVLELOLWj GRYXWR DOOD VWUXPHQWD]LRQH q SRVWR SDUL DG ¾ X q O¶LQFHUWH]]D VWDQGDUG GRYXWD DOOD VWUXPHQWD]LRQH XVDWD SHU OD PLVXUD GHL FRPSLWL WDOH YDORUH q IXQ]LRQH GHOOD FRQIRUPLWj QRUPDWLYD GHOOD VWUXPHQWD]LRQH XWLOL]]DWD H VL ULFDYD WUDPLWH OD VHJXHQWH WDEHOOD 7LSR GL VWUXPHQWD]LRQH

,QFHUWH]]D VWDQGDUG X G%

)RQRPHWUR LQ FRQIRUPLWj DOOD &(, (1 FODVVH

0LVXUDWRUH SHUVRQDOH GHOO¶HVSRVL]LRQH VRQRUD LQ FRQIRUPLWj DOOD &(, (1 $

)RQRPHWUR LQ FRQIRUPLWj DOOD &(, (1 FODVVH

/¶LQFHUWH]]D VWDQGDUG LQGLFDWD QHO SURVSHWWR q YDOLGD VROR SHU /$HT ¾ X q O¶LQFHUWH]]D VWDQGDUG GRYXWD DOOD SRVL]LRQH GHOOD VWUXPHQWD]LRQH VL EDVD VX GDWL HPSLULFL HG q SRVWD SDUL DG G%


/$ 9$/87$=,21( '(/ 5,6&+,2 58025(

*HVWLRQH GHOO¶LQFHUWH]]D HVWHVD 8 /(; K VHFRQGR OD QRUPD 81, $G LQWHJUD]LRQH GHOOH GLVSRVL]LRQL FRQWHQXWH QHOOD QRUPD 81, (1 ,62 OD QRUPD 81, FRQVLJOLD LQ UHOD]LRQH DO QXPHUR H DOOD GXUDWD GHOOH PLVXUD]LRQL SHU OD GHWHUPLQD]LRQH GHO OLYHOOR VRQRUR FRQWLQXR HTXLYDOHQWH SRQGHUDWR $ /$HT 7H OH VHJXHQWL VWUDWHJLH 5XPRUH FRVWDQWH 4XDQGR VXOOD EDVH GHOOD ULFRJQL]LRQH q DFFHUWDWD O HVLVWHQ]D SHU WXWWR LO SHULRGR GL HVSRVL]LRQH GL UXPRUH FRVWDQWH VWD]LRQDULR q VXIILFLHQWH O HVHFX]LRQH GL XQD VROD PLVXUD]LRQH ,O WHPSR GL PLVXUD]LRQH 7P SXz HVVHUH OLPLWDWR DO WHPSR QHFHVVDULR DG RWWHQHUH OD VWDELOL]]D]LRQH HQWUR G% $ GHOOD OHWWXUD GHO OLYHOOR /$HT 7P H FRPXQTXH QRQ GHYH HVVHUH PLQRUH GL V ,Q TXHVWR FDVR O LQFHUWH]]D GRYXWD DO FDPSLRQDPHQWR q SRVWD SDUL D ]HUR 5XPRUH FLFOLFR /D QRUPD 81, SUHYHGH FKH TXDQGR VXOOD EDVH GHOOD ULFRJQL]LRQH q DFFHUWDWD O HVLVWHQ]D SHU WXWWR LO SHULRGR GL HVSRVL]LRQH GL UXPRUH FLFOLFR q VXIILFLHQWH O HVHFX]LRQH GL XQD VROD PLVXUD]LRQH /D GXUDWD GHOOD PLVXUD]LRQH GHYH LQ RJQL FDVR HVVHUH SDUL DG XQ QXPHUR LQWHUR GL FLFOL H VHFRQGR OD QRUPD 81, FRPXQTXH QRQ PLQRUH GL V ,Q TXHVWR FDVR O LQFHUWH]]D GRYXWD DO FDPSLRQDPHQWR q SRVWD SDUL D ]HUR 5XPRUH IOXWWXDQWH 4XDQGR VXOOD EDVH GHOOD ULFRJQL]LRQH HG DOOH LQIRUPD]LRQL ULFHYXWH GDL UHIHUHQWL D]LHQGDOL VL q DFFHUWDWD O HVLVWHQ]D SHU WXWWR LO SHULRGR GL HVSRVL]LRQH GL UXPRUH IOXWWXDQWH QRQ VWD]LRQDULR O DGHJXDWH]]D GHO YDORUH PLVXUDWR D UDSSUHVHQWDUH LO OLYHOOR VRQRUR FRQWLQXR HTXLYDOHQWH GHOO LQWHUR SHULRGR SXz HVVHUH JDUDQWLWD x PHGLDQWH O HVHFX]LRQH GL XQD VLQJROD PLVXUD]LRQH GL GXUDWD SDUL DOO LQWHUR SHULRGR GL HVSRVL]LRQH LQ TXHVWR FDVR VL RWWLHQH XQD PLVXUD]LRQH GLUHWWD GL /$HT 7H H O LQFHUWH]]D GRYXWD DO FDPSLRQDPHQWR q SRVWD SDUL D ]HUR x PHGLDQWH O HVHFX]LRQH GL XQD VLQJROD PLVXUD]LRQH UHODWLYD DOOD FRQGL]LRQH RSHUDWLYD SL UXPRURVD Ê FRPSLWR GHO UHVSRQVDELOH GHOOH PLVXUD]LRQL LQGLYLGXDUH WDOH FRQGL]LRQH FKH GHYH HVVHUH YDOXWDWD VXOOD EDVH GHOO HVSHULHQ]D H VFHOWD LQ IXQ]LRQH GHOOH YDULHWj GL ODYRUD]LRQL UHDOPHQWH HIIHWWXDWH XWLOL]]DQGR OH IRQWL LQIRUPDWLYH ULWHQXWH SL DIILGDELOL /D GXUDWD GHOOD PLVXUD]LRQH QRQ SXz HVVHUH LQIHULRUH DOOD GXUDWD GHOO RSHUD]LRQH FRQVLGHUDWD $QFKH LQ TXHVWR FDVR O LQFHUWH]]D GD FDPSLRQDPHQWR q SRVWD SDUL D ]HUR x QHO FDVR GL UXPRUH IOXWWXDQWH GHWHUPLQDWR FRPH PHGLD GL SL PLVXUH O¶LQFHUWH]]D GRYXWD DO FDPSLRQDPHQWR YD LQYHFH FDOFRODWD

/¶DSSHQGLFH ( GHOOD QRUPD 81, FRQVLJOLD GL HIIHWWXDUH LO FRQIURQWR FRQ L YDORUL GL OHJJH 9,$ 96$ 9/ XWLOL]]DQGR O¶HVWUHPR VXSHULRUH GHOO¶LQWHUYDOOR GL LQFHUWH]]D VXO OLYHOOR GL HVSRVL]LRQH GHWHUPLQDWR WUDPLWH O¶DSSHQGLFH & GHOOD QRUPD 81, (1 ,62 / (; /(; 8 /(; ! ^9,$ 96$ 9/` GRYH 9,$ q LO 9DORUH ,QIHULRUH GL $]LRQH /(; G% $ H SSHDN G% & 96$ q LO 9DORUH 6XSHULRUH GL $]LRQH /(; G% $ H SSHDN G% & 9/ q LO 9DORUH /LPLWH GL HVSRVL]LRQH /(; G% $ H SSHDN G% &


/$ 9$/87$=,21( '(/ 5,6&+,2 58025(

, '3, XGLWLYL 3UHPHVVD ,O ULVFKLR UXPRUH 121 VL SXz FRQWUROODUH VROR FRQ L GLVSRVLWLYL GL SURWH]LRQH XGLWLYL '3, X H FRQ OD VRUYHJOLDQ]D VDQLWDULD '¶DOWUR FDQWR SXUWURSSR RFFRUUH VHJQDODUH FKH WURSSR VSHVVR O¶HQIDVL ULVHUYDWD DOOD YDOXWD]LRQH GHL '3, X GL FXL FL VL RFFXSHUj SL DYDQWL ULVFKLD QHO FRQFUHWR GL IDU GLPHQWLFDUH FKH O¶RELHWWLYR SULQFLSDOH GHO 'DWRUH GL ODYRUR '(9( HVVHUH TXHOOR GL SHUYHQLUH DOO¶RUJDQL]]D]LRQH GHO SURSULR OXRJR GL ODYRUR RVVHUYDQGR LO IRQGDPHQWDOH SULQFLSLR GHOOD ULGX]LRQH GHO ULVFKLR ³D PRQWH´ 1HO FDVR GHO ULVFKLR UXPRUH OD ULGX]LRQH GHO ULVFKLR QRQ SXz FKH SDVVDUH SHU OD PHVVD D GLVSRVL]LRQH GHL ODYRUDWRUL GL DWWUH]]DWXUH FKH HPHWWDQR LO PLQLPR SRVVLELOH OD UHDOL]]D]LRQH GL LQVRQRUL]]D]LRQL H TXDQW¶DOWUR FRQFRUUD DO FRQWUROOR GHO ULVFKLR PHGLDQWH SURFHGLPHQWL GL ULRUJDQL]]D]LRQH GHO ODYRUR 6RODPHQWH ODGGRYH OD SUHGLVSRVL]LRQH GL PLVXUH FRQFUHWH SUHYHQWLYH H SURWHWWLYH QRQ VL ULYHOL VXIILFLHQWH LQ UHOD]LRQH DOOD JHVWLRQH GHO OLYHOOR GL ULVFKLR VL SRWUj H GRYUj ULFRUUHUH DOOD ³ULVRUVD´ '3, X *HQHUDOLWj /D VFHOWD GHL '3, X GLSHQGH GDOOH FDUDWWHULVWLFKH GHO UXPRUH HVVL VL GLVWLQJXRQR LQ

PH]]L DG LQVHULPHQWR WDSSL LQVHUWL DXULFRODUL FXIILH FDVFKL , WDSSL H JOL LQVHUWL VSHVVR PRQRXVR VL LQVHULVFRQR GLUHWWDPHQWH QHO FDQDOH DFXVWLFR HVWHUQR H D ORUR YROWD VRQR VXGGLYLVL LQ LQVHUWL VDJRPDWL LQ PDWHULDOH SODVWLFR PRUELGR SRFR GHIRUPDELOH H LQVHUWL GHIRUPDELOL FRVWLWXLWL GD PDWHULDOL FRQ HOHYDWH FDSDFLWj SODVWLFKH VFKLXPH VLOLFRQL HFF (VVL SHUPHWWRQR GL UDJJLXQJHUH WUD JOL HG L G% GL DWWHQXD]LRQH D VHFRQGD GHOOD FRPSRVL]LRQH LQ IUHTXHQ]D GHO UXPRUH GD DWWHQXDUH /H FXIILH VL DSSOLFDQR HVWHUQDPHQWH D SURWH]LRQH GHOO RUHFFKLR L PRGHOOL SL HIILFLHQWL VRQR TXHOOL GRWDWL GL DXULFRODUL LQ 39& SLHQL GL OLTXLGR IRQRDVVRUEHQWH H UDJJLXQJRQR YDORUL WUD L HG L G% GL DWWHQXD]LRQH ,Q FRQGL]LRQL SDUWLFRODUL FDUDWWHUL]]DWH GD OLYHOOL HOHYDWL GL UXPRUH VDOH SURYH PRWRUL FROODXGR GL DHUHL D WHUUD HFF OH FXIILH SRVVRQR HVVHUH LQWHJUDWH GD FDVFKL FKH ULGXFHQGR OD WUDVPLVVLRQH GHO UXPRUH DWWUDYHUVR OH RVVD GHO FUDQLR SHUPHWWRQR GL SRUWDUH L OLYHOOL GL UXPRUH HQWUR L OLPLWL GL OHJJH 1HOOD VHJXHQWH WDEHOOD VRQR ULSRUWDWL L YDORUL GL DWWHQXD]LRQH LQ G% RWWHQLELOH DO YDULDUH GHOOD IUHTXHQ]D FRQ O LPSLHJR GHL SULQFLSDOL '3, X )UHTXHQ]D +] '3, X ,QVHUWL VDJRPDWL

,QVHUWL GHIRUPDELOL

6HPL LQVHUWL

&XIILH

&XIILH H LQVHUWL LQVLHPH

6L SRVVRQR GHILQLUH HIILFLHQ]D OD FDSDFLWj SRWHQ]LDOH GL XQ '3, X GL SURWHJJHUH OD IXQ]LRQDOLWj XGLWLYD GL XQ ODYRUDWRUH HG HIILFDFLD OD UHDOH SURWH]LRQH GHOOD IXQ]LRQH XGLWLYD RWWHQXWD GDO '3, X ,O SDUDPHWUR UHODWLYR DOO¶HIILFLHQ]D VDUj RJJHWWR GHL SDUDJUDIL VHJXHQWL LO VHFRQGR SDUDPHWUR HIILFDFLD DWWLHQH VRVWDQ]LDOPHQWH DOOD HURJD]LRQH GL XQ DGHJXDWR SURJUDPPD GL IRUPD]LRQH H DGGHVWUDPHQWR GHL ODYRUDWRUL H DOOD SUHVHQ]D GL XQ VLVWHPD GL FRQWUROOR GHOO¶XVR H GHOOD PDQXWHQ]LRQH GHL '3, X FKH JDUDQWLVFD TXDQWR PHQR FKH LO SHUVRQDOH LQGRVVL FRUUHWWDPHQWH L '3, X DVVLFXUL LO ORUR XVR UHJRODUH QHOOH VLWXD]LRQL GL ULVFKLR OD FRUUHWWD FXVWRGLD H OD SHULRGLFD PDQXWHQ]LRQH 6L SXz SHUWDQWR DIIHUPDUH FKH O¶HIILFLHQ]D UDSSUHVHQWL XQD SUH FRQGL]LRQH GHOO¶HIILFDFLD GL XQ '3, X


/$ 9$/87$=,21( '(/ 5,6&+,2 58025(

/D YHULILFD GHOO¶LGRQHLWj GHL '3, X /D QRUPD HXURSHD 81, (1 IRUQLVFH OH OLQHH JXLGD SHU OD VHOH]LRQH O¶XVR OD FXUD H OD PDQXWHQ]LRQH GHL '3, X VHFRQGR WDOH QRUPD RJQL SURWHWWRUH DXULFRODUH ROWUH DG HVVHUH PDUFDWR &( GHYH SRVVHGHUH L GDWL GL DWWHQXD]LRQH VRQRUD IRUQLWL GDO IDEEULFDQWH 3HU YHULILFDUH O¶LGRQHLWj GL XQ '3, XGLWLYR HVLVWRQR YDUL PHWRGL FKH VL EDVDQR VXO JUDGR GL FRQRVFHQ]D GHOOH FDUDWWHULVWLFKH GHO UXPRUH DPELHQWDOH H VXL YDORUL GL DWWHQXD]LRQH VRQRUD IRUQLWL GDO FRVWUXWWRUH GHO GLVSRVLWLYR FRQJLXQWDPHQWH DOOD PDUFDWXUD &( &RPH GHWWR VHFRQGR OD QRUPD 81, (1 RJQL SURWHWWRUH DXULFRODUH GHYH HVVHUH DFFRPSDJQDWR GDL GDWL GL DWWHQXD]LRQH VRQRUD IRUQLWL GDO IDEEULFDQWH HVSUHVVL LQ WUH PRGDOLWj o $39I HVSULPH FRQ XQD VHULH GL YDORUL LQ G% O¶DWWHQXD]LRQH VRQRUD GHO '3, X SHU OR VSHWWUR GL IUHTXHQ]D LQ EDQGD G¶RWWDYD FKH YD GD +] D +] o +0/ HVSULPH FRQ WUH YDORUL LQ G% O¶DWWHQXD]LRQH VRQRUD GHO '3, X SHU OH IUHTXHQ]H DOWH + PHGLH 0 H EDVVH / o 615 HVSULPH FRQ XQ VROR YDORUH LQ G% O¶DWWHQXD]LRQH VRQRUD VHPSOLILFDWD 6LPSOLILHG 1RLVH 5HGXFWLRQ GHO '3, X /¶DWWHQXD]LRQH GHYH HVVHUH WDOH GD QRQ JHQHUDUH XQD SURWH]LRQH LQVXIILFLHQWH R YLFHYHUVD XQD LSHUSURWH]LRQH OR VSHWWUR GL DWWHQXD]LRQH GRYUHEEH HVVHUH VFHOWR LQ IXQ]LRQH VLD GHOOR VSHWWUR GHO UXPRUH GD FXL SURWHJJHUH FKH GHOOH PRGDOLWj GL HVSOHWDPHQWR GHO ODYRUR QHO VHJXLWR VDUDQQR LOOXVWUDWL L PHWRGL XWLOL]]DWL SHU FDOFRODUH OD SURWH]LRQH IRUQLWD GDOO¶RWRSURWHWWRUH , PHWRGL GD DSSOLFDUH VHFRQGR OD 81, (1 VRQR LQ RUGLQH GL SUHIHUHQ]D L VHJXHQWL PHWRGR SHU EDQGH G¶RWWDYD 2%0 PHWRGR +0/ PHWRGR 615 ,O PHWRGR SHU EDQGH G¶RWWDYD q GL JUDQ OXQJD LO PLJOLRUH PD RFFRUUH FRQRVFHUH L OLYHOOL GL UXPRUH SHU EDQGD G¶RWWDYD PLVXUDWL VXO OXRJR GL ODYRUR HG L GDWL GL DWWHQXD]LRQH SHU EDQGD G¶RWWDYD GHO SURWHWWRUH DXULFRODUH VRWWRSRVWR D YDOXWD]LRQH 3HU RWWHQHUH L OLYHOOL LQ IUHTXHQ]D GHO UXPRUH VXO OXRJR GL ODYRUR YD HIIHWWXDWD XQD DQDOLVL LQ IUHTXHQ]D R VSHWWUR GHO UXPRUH FRQ XQ IRQRPHWUR LQWHJUDWRUH GRWDWR GL SDFFR ILOWUL D EDQGH G¶RWWDYD R XQ DQDOL]]DWRUH GL IUHTXHQ]D LQ WHPSR UHDOH LQ HQWUDPEL L FDVL GHWWL VWUXPHQWL GHEERQR VRGGLVIDUH L UHTXLVLWL GHOOH QRUPH &(, (1 H &(, (1 5LDVVXPHQGR

0HWRGR

,QIRUPD]LRQL QHFHVVDULH

*LXGL]LR

EDQGH G¶RWWDYD

5XPRUL FRVWDQWL IOXWWXDQWL R LPSXOVLYL OLYHOOL GL SUHVVLRQH DFXVWLFD FRQWLQXL HTXLYDOHQWL SHU EDQGH G¶RWWDYD /RFW HT

5DFFRPDQGDWR SL SUHFLVR

+0/

5XPRUL FRVWDQWL IOXWWXDQWL R LPSXOVLYL GDWL VXL YDORUL FRQWLQXL HTXLYDOHQWL /$HT

,QWHUPHGLR

615

5XPRUL FRVWDQWL IOXWWXDQWL R LPSXOVLYL GDWL VXL YDORUL FRQWLQXL HTXLYDOHQWL /$HT

$SSURVVLPDWR

,Q EDVH DOO¶DUW FRPPD LO 'DWRUH GL ODYRUR WLHQH FRQWR GHOO DWWHQXD]LRQH SURGRWWD GDL GLVSRVLWLYL GL SURWH]LRQH LQGLYLGXDOH GHOO XGLWR LQGRVVDWL GDO ODYRUDWRUH VROR DL ILQL GL YDOXWDUH O¶HIILFLHQ]D GHL '3, X H LO ULVSHWWR GHL YDORUL OLPLWH GL HVSRVL]LRQH /(; G% $ H R /& SLFFR G% & 1HO FDVR LQ FXL q JDUDQWLWD O¶HIILFLHQ]D GHL '3, X L YDORUL OLPLWH GL HVSRVL]LRQH VRQR VHPSUH ULVSHWWDWL

/D QRUPD 81, (1 SUHYHGH DQFKH XQ DOWUR PHWRGR GHWWR ³GL FRQWUROOR +0/´ WXWWDYLD SRFR XWLOL]]DWR


/$ 9$/87$=,21( '(/ 5,6&+,2 58025(

,O PHWRGR SHU EDQGD G¶RWWDYD 2%0

3HU DSSOLFDUH WDOH PHWRGR RFFRUUH FRQRVFHUH L OLYHOOL GL UXPRUH SHU EDQGD G¶RWWDYD PLVXUDWL VXL OXRJKL GL ODYRUR HG L GDWL GL DWWHQXD]LRQH SHU EDQGD G¶RWWDYD GHO SURWHWWRUH DXULFRODUH VRWWRSRVWR D YDOXWD]LRQH 3HU WDOL PLVXUD]LRQL RFFRUUH XWLOL]]DUH XQ IRQRPHWUR LQWHJUDWRUH GRWDWR GL SDFFR ILOWUL D EDQGH G¶RWWDYD ,O YDORUH GL / $HT DOO¶RUHFFKLR GRYXWR DOO¶DWWHQXD]LRQH GHO '3, X VL RWWLHQH GDOOD IRUPXOD VHJXHQWH

/ $HT ORJ ෍ /I $I $39I

I

GRYH

I q OD IUHTXHQ]D FHQWUDOH GL EDQGD G¶RWWDYD GHOOR VSHWWUR FRPSUHVR WUD H +] /I q LO OLYHOOR GL UXPRUH LQ G% QHOOD EDQGD G¶RWWDYD I $I q OD SRQGHUD]LRQH LQ IUHTXHQ]D GHOOD FXUYD $ LQ G% QHOOD EDQGD G¶RWWDYD I $39I q LO YDORUH GL SURWH]LRQH SUHVXQWR GHO SURWHWWRUH DXULFRODUH LQ G% QHOOD EDQGD G¶RWWDYD I HG q ULFDYDELOH VLD GLUHWWDPHQWH GDOOD VFKHGD WHFQLFD GHO '3, FKH DWWUDYHUVR OD VHJXHQWH IRUPXOD

$39I 0 I IF VI GRYH 0I q O¶DWWHQXD]LRQH RWWLPDOH PHGLD PLVXUDWD SHU FLDVFXQD EDQGD GL RWWDYD FRQ IUHTXHQ]D FHQWUDOH GD +] D +] OD EDQGD GL RWWDYD D +] q IDFROWDWLYD IF q XQ FRHIILFLHQWH PROWLSOLFDWLYR FKH JDUDQWLVFH O¶DWWHQXD]LRQH GHO OLYHOOR VRQRUR GHOOD SRSROD]LRQH RJJHWWR GHOOD YDOXWD]LRQH VHFRQGR XQD GHWHUPLQDWD SHUFHQWXDOH FKH GLSHQGH GDO YDORUH DVVHJQDWR D WDOH FRHIILFLHQWH R IF JDUDQWLVFH O¶DWWHQXD]LRQH SHU O¶ GHOOD SRSROD]LRQH RJJHWWR GHOOD SURYD R IF JDUDQWLVFH O¶DWWHQXD]LRQH SHU LO GHOOD SRSROD]LRQH RJJHWWR GHOOD SURYD R IF JDUDQWLVFH O¶DWWHQXD]LRQH SHU LO GHOOD SRSROD]LRQH RJJHWWR GHOOD SURYD VI q OR VFDUWR WLSR GHOOH DWWHQXD]LRQL PLVXUDWH SHU FLDVFXQD EDQGD GL RWWDYD ,O YDORUH / $HT FDOFRODWR YD SRL FRQIURQWDWR FRQ LO OLYHOOR GL D]LRQH /DFW SHU YDOXWDUH O¶LGRQHLWj GHOO¶RWRSURWHWWRUH ,O PHWRGR +0/

3HU DSSOLFDUH LO PHWRGR +0/ RFFRUUH FRQRVFHUH L YDORUL GL OLYHOOR HTXLYDOHQWH GL UXPRUH VXO OXRJR GL ODYRUR SRQGHUDWL VHFRQGR OH FXUYH $ H & /$HT H /&HT HG L WUH YDORUL GL DWWHQXD]LRQH + 0 HG / GHO SURWHWWRUH DXULFRODUH VRWWRSRVWR D YDOXWD]LRQH ULSRUWDWL QHOOD VFKHGD WHFQLFD IRUQLWD GDO FRVWUXWWRUH )DVH FDOFROR GHOOD GLIIHUHQ]D /&HT /$HT )DVH FDOFROR GHOOD ULGX]LRQH SUHYLVWD GHO OLYHOOR GL UXPRUH 315 3UHGLFWHG 1RLVH 5HGXFWLRQ VHFRQGR XQD GHOOH GXH HTXD]LRQL 315 0 315 0

+ 0 0 /

/&HT /$HT SHU /&HT /$HT G% /&HT /$HT SHU /&HT /$HT ! G%

,O YDORUH RWWHQXWR YD DUURWRQGDWR DO QXPHUR LQWHUR SL SURVVLPR )DVH FDOFROR GHO OLYHOOR HIIHWWLYR DOO¶RUHFFKLR /¶$HT VHFRQGR O¶HTXD]LRQH / $HT /$HT 315 )DVH FRQIURQWR GHO YDORUH /¶$HT FRQ LO OLYHOOR GL D]LRQH /DFW SHU YDOXWDUH O¶LGRQHLWj GHOO¶RWRSURWHWWRUH 7DOH PHWRGR QRQ ULFKLHGH OD ULOHYD]LRQH GHOOR VSHWWUR GL IUHTXHQ]D GHO UXPRUH H SRLFKp QRUPDOPHQWH XQ IRQRPHWUR GL FODVVH R GLVSRQH GL HQWUDPEH OH SRQGHUD]LRQL LQ IUHTXHQ]D $ H & q SRVVLELOH PLVXUDUH GLUHWWDPHQWH L OLYHOOL /$HT HG /&HT ULFKLHVWL GDO PHWRGR


/$ $ 9$ $/8 87$ $=,2 21( ( '( (/ 5,6 6&+ +,2 580 025(

,OO PHWR RGR R 61 15

Ê LO P PHWWRGR R SL S VHP PSOLFH SH HU RWWH HQH HUH LO YDOR Y RUH /¶$HT FRUUUH VRWW V WUDUUH DO YDOR Y RUH /&HT Y RUH 61 15 GHOO $ RFF & LO YDOR GLV VSRVLWLY YR G GL S SURWH H]LR RQH H )D DVH F FDOF FROR R GH HO / /¶$HTT /¶$HT 5 $ /&HT & 615 (V VLVWR RQR R GLYHUUVL IDWWWRULL FKH SR RVVR RQR R ULGXUUUH O¶D DWWHQ QXD D]LR RQH PLVX P XUDWWD LQ ODERUD DWRULR GH HL G GLVS SRVLLWLYL GLL SUR RWH]]LRQ QH D DXULFROODUH H 7UD D TXHV VWL ULFRUUGLD DPR R O DJOLLD G GHL GLVS SRV VLWLYYL WD DOYR ROWD LQD DGH HJXD DWD DOOH H FD DUDWWHUULVWLFKH H ILVVLFK KH G GHL ODYR RUDWRULL WLS SLFD DPH HQWH H SHU LL x OD WD GLVS G SRVVLWLYL GL SUR RWH] ]LRQ QH D DXULFRODUH H SUH HIRUPD DWL L GHWH G HULRUDP PHQ QWR GHL PDWH P HULD DOL FKH F H FR RVWLWXLV VFR RQR LO GLV VSRVVLWLYYR GL SUR RWH]]LRQ QH DXUULFR RODUH H OHJDWR R x LO DOO¶L D QYH HFFK KLDP PHQ QWR R D DOOD LQD DGHJXD DWD FRQ QVH HUYD D]LR RQH GHOO GLV VSR RVLWLYYR V VWHV VVR R L SRVL S L]LR RQDP PHQ QWR R O¶LQ QVHULPHQWWR DSS D SURVVVLP PDWLYR GH HO GLVS G SRVVLWLYR R GL G SUR S WH]LRQH DXUL D LFROODUH H Q QRQ Q x LO FRQ F QIRUPH DL FULWHUL VWDELOLWWL GD DO ID DEE EULFD DQWH H O PRG GLILFFKH UHD DOL]] ]DWH G GDO OODYR RUDWWRUH H VX XO G GLVS SRVLWLYR R GL SURWH]LRQH DXUULFR RODUH H D DOOR VFRSR R GLL UHQGH HUOR R x OH P SL S FRQIR RUWHY YROH H S SHU HV VHP PSLR R XQ QD GHIIRUP PD] ]LRQ QH GHOO G H FXII F ILH S SHUU OLP PLWD DUH OD SUH HVVLRQH H VXOOD D WH HVWD D ULWHQ U QXWD D ID DVWLG GLRVVD O SUHV S VHQ]D GL FDS SHOOLL OXQJK KL E EDUE ED RFFFKLDOL FKH H UH HQGRQR R SURE EOHP PDWLFD XQD D EXRQ E QD WHQXWD D DF FXVWWLFD D x OD GHOO G OH FFXIILLH O VSRVVWDP PHQ QWR GHO GLVSR RVLWLLYR GL S SURWH]LRQH D DXULFFROD DUH GDOOD VVHG GH R RULJLQDULD SH HU H HVHP PSLR LQ QVHUWL FFKH H x OR V VL V VSRV V VWDQ QR YHUUVR O¶HVVWHUUQR GH HO FR RQG GRWWR X XGLWLLYR D FDX F XVD GHL PRYL P PH HQWL PD DQGLERODUL R FXIIILH FKH H VLL VSR V RVWD DQR SHU L P PRY YLPH HQWL GH HOOD WHV VWD O R FRQJ JLXQ QWR GL D DOWULL '3 3, Q QRQ XGLWLYLL SH HU H HVHPSLR H HOPHWWL RFFFKLDOL

x O¶XV H VL LQWH HQG GH YYDOX DWWH HQXD]LR RQH H UH HDOH H WH HQHQ QGR RQWR R GH HO UH HQG GLPH HQWR R UH HDOH H GH HO ' DYUj j 6H XWDUH O¶D R FR '3, VL D /¶$HHT UHHDOH /&HT 5¶ /&HHT 61 15 E E & 615

RYH 61 15¶ q LO S GRWWWR GHO G YD DORUH H 615 6 5 SHU L FR HQWLL E GL FXL DO SUURVS SHWWWR ' HOOD QR RUPD 8 81,, GR RHIIILFLH SURG ' GH SH HU OH FXIILH SHU JOL LQV VHUWWL HVSD DQGLELOLL SHU JOL LQV VHUWWL SUHIR RUP PDWL DVH F FRQ QIURQWR GH HO YD DORUUH / /¶$HTT UHDOH FR RQ LO OLY YHOOR R GL D] ]LRQH / /DFW S SHU YDOXWD DUH O¶LGR RQH HLWj GHOO¶RWWRSUURWH HWWR RUH )D

/(*( $ ,16 6(5 57, 35()250 0$7,, &8)),( 802 25( 3 3(5 5 (/0 0(77 72 &8)) ),( $ 025 5( (1'$ ( $17,58 $17,,580 ,16( (57, $85,&2 2/$ $5, $ $' $5 5&+ 72 ,16(5 1 57, ( (63$ $1',,%,/,, 02 2128 862 +(77

,O , FR RHIILF FLHQWWH FRUUH F HWWLYR R E SXz S HVVVHUH DSS SOLFD DWR DQFK D KH DL D VLQ DORUL GL D DWWHQ QXD]]LRQH H SH HU ED DQGD D GL RWWD DYD QHOO FDVVR VVL DS SSOLFFKL LOO QJROL YD P RGR 2 PHWR 2%0 0 H DL YYDORUUL + 0 / / QH HO FDV VR V VL DSSOLFK KL LO PHWR RGR +0 0/


/$ 9$/87$=,21( '(/ 5,6&+,2 58025(

/D YDOXWD]LRQH GHOO¶DWWHQXD]LRQH VRQRUD GL XQ '3, X SHU UXPRUL LPSXOVLYL

/¶DWWHQXD]LRQH VRQRUD GL XQ SURWHWWRUH GHOO¶XGLWR SXz HVVHUH FRQVLGHUDWD VXIILFLHQWH VH LO OLYHOOR HIIHWWLYR GL ¶ SUHVVLRQH VRQRUD GL SLFFR / SLFFR DOO¶RUHFFKLR TXDQGR VL LQGRVVD LO SURWHWWRUH GHOO¶XGLWR q XJXDOH R PLQRUH GHO ¶ OLYHOOR GL D]LRQH GL SLFFR GHILQLWR VX VFDOD QD]LRQDOH / DFW SLFFR G% &

, UXPRUL LPSXOVLYL VRQR FODVVLILFDWL FRPH 7LSR R ULVSHWWR DO FRQWHQXWR GL IUHTXHQ]D GHO UXPRUH VHFRQGR LO SURVSHWWR % LQGLFDWR GDOOD QRUPD 81, (1 7LSR GL UXPRUH

,QWHUYDOOR GL IUHTXHQ]H

6RUJHQWL GL UXPRUH

7LSR

4XDQGR OD PDJJLRU SDUWH GHOO¶HQHUJLD DFXVWLFD q GLVWULEXLWD QHJOL LQWHUYDOOL GHOOH IUHTXHQ]H SL EDVVH

3UHVVLRQH GHOOD SXQ]RQDWULFH 6FRVVD SHU FRPSUHVVLRQH (VSORVLYR .J (VSORVLYR .J

7LSR

4XDQGR OD PDJJLRU SDUWH GHOO¶HQHUJLD DFXVWLFD q GLVWULEXLWD WUD OH IUHTXHQ]H PHGLH H SL HOHYDWH

3LVWROD FKLRGDWULFH 0DJOLR SHU IXFLQDWXUD SHVDQWH 3LVWROD SXQ]RQDWULFH 0DUWHOOR DFFLDLR 0DUWHOOR DOOXPLQLR )XFLOH )XRFR GL SURYD

7LSR

'RYH OD PDJJLRU SDUWH GHOO¶HQHUJLD DFXVWLFD q GLVWULEXLWD QHOOH IUHTXHQ]H SL HOHYDWH

3LVWROD 3LVWROD OHJJHUD 3LVWROD SHVDQWH

¶ ,O OLYHOOR HIIHWWLYR GL SUHVVLRQH VRQRUD GL SLFFR / SLFFR DOO¶RUHFFKLR HG LO OLYHOOR HTXLYDOHQWH GL SUHVVLRQH VRQRUD SRQGHUDWR $ /¶$HT DOO¶RUHFFKLR VRQR GHWHUPLQDWL XWLOL]]DQGR LO YDORUH GL DWWHQXD]LRQH VRQRUD PRGLILFDWR GP GHO SURWHWWRUH GHOO¶XGLWR VHFRQGR LO SURVSHWWR % ULSRUWDWR GDOOD QRUPD 81, (1

7LSR GL UXPRUH LPSXOVLYR GP G% / 0 + GRYH + 0 H / VRQR RWWHQXWL GDL GDWL GL DWWHQXD]LRQH SDVVLYD GHL IDEEULFDQWL R LQ FRQIRUPLWj DOOD (1

,GHQWLILFDWR LO WLSR GL UXPRUH HG DYHQGR D GLVSRVL]LRQH L GDWL GL DWWHQXD]LRQH GHO '3, X q SRVVLELOH ULFDYDUH TXLQGL LO YDORUH GP HVSUHVVR LQ G% )DVH GHILQL]LRQH GHO WLSR GL UXPRUH R )DVH GHWHUPLQD]LRQH GHO YDORUH GP G% )DVH FDOFROR GHO OLYHOOR VRQRUR GL SLFFR HIIHWWLYR DOO¶RUHFFKLR PHGLDQWH OD VHJXHQWH IRUPXOD / SLFFR /SLFFR GP ¶

9DOXWD]LRQH FRQIURQWR GHO / SLFFR FRQ LO OLYHOOR GL D]LRQH GL SLFFR GHILQLWR VX VFDOD QD]LRQDOH /DFW SLFFR ¶

6H / SLFFR /DFW SLFFR DOORUD LO SURWHWWRUH GHOO¶XGLWR q FRQVLGHUDWR DGHJXDWR


/$ 9$/87$=,21( '(/ 5,6&+,2 58025(

/D YHULILFD GHOO¶DGHJXDWH]]D D '3, X LQGRVVDWR

, PHWRGL GL YHULILFD VRSUDLQGLFDWL FRQVHQWRQR GL SUHYHGHUH LO OLYHOOR HIIHWWLYR GL SUHVVLRQH VRQRUD SRQGHUDWR $ WRWDOH /¶$HT TXDQGR VL LQGRVVD LO SURWHWWRUH GHOO¶XGLWR 7DOH YDORUH GRYUHEEH HVVHUH XJXDOH R PLQRUH GHO OLYHOOR GL D]LRQH GHILQLWR VX VFDOD QD]LRQDOH FKH VHFRQGR OH LQGLFD]LRQL GHOOD 81, (1 FRUULVSRQGH DO YDORUH G¶D]LRQH ROWUH LO TXDOH GHEERQR HVVHUH LQGRVVDWL L '3, X 6HFRQGR OH ³,QGLFD]LRQL RSHUDWLYH´ GHO &RRUGLQDPHQWR 7HFQLFR GHOOH 5HJLRQL H GHOOH 3URYLQFH DXWRQRPH VL ULWLHQH FKH LO OLYHOOR HIIHWWLYR DOO¶RUHFFKLR /¶$HT QRQ GHEED VXSHUDUH JOL G% $ QHOOD FRQVLGHUD]LRQH FKH LQ EDVH GHOO¶DUW FRPPD OHWW D GHO G OJV GHO DSULOH H V P L XQD YROWD FKH VXO 'DWRUH GL ODYRUR ULFDGD O¶REEOLJR GL PHWWHUH L '3, D GLVSRVL]LRQH GHL ODYRUDWRUL TXHVWL SXU SRWHQGROL LQGRVVDUH D ORUR GLVFUH]LRQH HVVL GHEEDQR LQ RJQL FDVR ULFHYHUOL DGHJXDWL 6L ULWLHQH DFXVWLFDPHQWH DGHJXDWR H TXLQGL HIILFDFH XQ '3, X FKH SHUPHWWH GL RWWHQHUH XQD SURWH]LRQH EXRQD /¶DGHJXDWH]]D GHO GLVSRVLWLYR GL SURWH]LRQH DXULFRODUH q LQROWUH VXERUGLQDWD DOOD FRQGL]LRQH FKH VL DEELD /¶SLFFR ” G% & SHU WXWWH OH DWWLYLWj ODYRUDWLYH 'L VHJXLWR q ULSRUWDWR LO SURVSHWWR GL ULIHULPHQWR GL FXL DO SXQWR & GHOOD QRUPD 81, /LYHOOR HIIHWWLYR DOO¶RUHFFKLR D '3, X LQGRVVDWR /¶$HT G%

6WLPD GHOOD SURWH]LRQH

!

LQVXIILFLHQWH

GD D

DFFHWWDELOH

GD D

EXRQD

GD D

DFFHWWDELOH

WURSSR DOWD LSHUSURWH]LRQH

1HO FDVR LQ FXL /¶$HT VLD PDJJLRUH GL G% $ O¶DWWHQXD]LRQH IRUQLWD GDO '3, DXULFRODUH q LQVXIILFLHQWH H LO GLVSRVLWLYR VWHVVR GHYH HVVHUH VRVWLWXLWR

3HU TXDQWR ULJXDUGD L YDORUL GL /¶$HT LQIHULRUL D G% $ TXHVWL SRVVRQR FRPXQTXH HVVHUH ULWHQXWL DFFHWWDELOL FDVR SHU FDVR SUHYLD YHULILFD GHOO¶DVVHQ]D GL FRQWURLQGLFD]LRQL OHJDWH DOO¶DVFROWR GL VHJQDOL DFXVWLFL DOODUPL SHULFROL R SDUWLFRODUL VHQVD]LRQL GL LVRODPHQWR PDQLIHVWDWH GDO ODYRUDWRUH


/$ $ 9$ $/8 87$ $=,2 21( ( '( (/ 5,6 6&+ +,2 580 025(

/ /¶HIIILFD DFLD D G GHL ' '3,, X /¶H HIILFFDFLD G GHL ' '3, X q OH HJD DWD o DG o D XQD D FR RUUH HWWD IRUUPD D]LR RQH H D DOO¶D DGGH HVWUUDP PHQWR REE EOLJ JDWR RULR DOO¶XWLOL]] ]R DUWW FFRP PPD D G OJV GHO G D DSULOH H H V P L H HG D DOOD PD DQXWHQ Q]LRQH HIIIHWWXDWD G GD S SHUV VRQDOH TX XDOLIILFDWWR H H VX XSS SRUWD DWD GD D WHVW W W GL YDOXWD D]LRQH SUD DWLFL LQ DXOD o DOOD o D D YLJ JLODQ]D D GH HO SUHS SRVWWR V VXO OXRJ JR G GL OD DYRUR o DOOD o D D YD DOXWWD]LRQH H GHL G GDWWL VDQL V WDULL GH HO 0 0HG GLFR R &RP & PSH HWHQ QWH FLUFD OR VWD DWR GL VDOXWH H GHL ODYR RUD DWRULL UHO D]LR RQH H VD DQLWWDULD D DQ QQX XDOH H VX XL ULVXOOWDWLL DQ QRQLPL FR ROOHWWWLYL GH HOOD VRUUYHJ JOLD DQ]D D VDQLWWDULD G GL FXL F DOO¶DUW

,O WH HPS SR GL X XWLOL]]R R G GHL ' '3,, X q X XQR R GH HL SDUD DPH HWUL SL LP PSR RUWD DQWLL

),*85 5$ ' '(/ 381 172 2 50$ $ 81 1, (1 '(//$ 125 3527( 5 (=,2 21( ( ())( (77,,9$ ' ', 81 1 ' 3, 8 ,1 )81 1=,21 1( ' '(/ 7(0 032 ', 87,/,= ==2 8

8VD H FR RUUH HWWD DPH HQWH H L ' '3,, X ULFK KLH GH XQD IR RUP PD] ]LRQ QH V VSH HFLILLFD HG DFH DUH G HIIILFD

12 12

1 12 2

6 6,

12 2

12 12


/$ 9$/87$=,21( '(/ 5,6&+,2 58025(

(VHPSLR DSSOLFDWLYR 6L FRQVLGHUL XQD SRVWD]LRQH GL ODYRUR LQ XQ DPELHQWH UXPRURVR OD FXL DQDOLVL LQ IUHTXHQ]D HVHJXLWD FRQ XQ IRQRPHWUR LQWHJUDWRUH GRWDWR GL SDFFR ILOWUL D EDQGH G¶RWWDYD KD GDWR L VHJXHQWL ULVXOWDWL I +] /I G%

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

/ $HT ORJ ෍ /I $I

I

o /$HT G% $ o H DQDORJDPHQWH /&HT G% & 6FHOWR XQ '3, X LQVHUWL DXULFRODUL FRQ DUFKHWWR FKH VL ULWLHQH SRVVD HVVHUH DGHJXDWR SHU LO ODYRUDWRUH L GDWL ULSRUWDWL QHOOD VFKHGD WHFQLFD IRUQLWD GDO SURGXWWRUH VRQR L VHJXHQWL 615

+

0

/ ) +] 0I G%

VI G%

0I VI

9DORUL GL DWWHQXD]LRQH DOOH )UHTXHQ]H GL EDQGD +]

8WLOL]]LDPR L WUH PHWRGL VRSUD HVDPLQDWL SHU YHULILFDUH O¶LGRQHLWj GHO '3, $SSOLFD]LRQH GHO PHWRGR SHU EDQGD G¶RWWDYD 2%0 )DVH FDOFROR GHO /¶$HT

/ $HT ORJ ෍ /I $I $39I I

/¶$HT ORJ >

[

[

[

[

[

[

[

@ G% $

)DVH YDOXWD]LRQH

$VVXPHQGR FRPH OLYHOOR GL D]LRQH /DFW G% $ LO YDORUH GL /¶$HT FDOFRODWR q GD FRQVLGHUDUH VHFRQGR OD QRUPD (1 DFFHWWDELOH G% $ /¶$HT G% $

H VL SXz SHUWDQWR ULWHQHUH DGHJXDWR LO '3, X VFHOWR ,Q FDVR GL LSHUSURWH]LRQH /¶$HT G% $ R GL SURWH]LRQH LQVXIILFLHQWH /¶$HT ! G% $ VL VDUHEEH GRYXWR SUHQGHUH LQ FRQVLGHUD]LRQH XQ DOWUR SURWHWWRUH DXULFRODUH H ULSHWHUH OD SURFHGXUD GL YHULILFD Ê LPSRUWDQWH QRWDUH FKH OD YDOXWD]LRQH GHOO¶DWWHQXD]LRQH DFXVWLFD GHO SURWHWWRUH QRQ GLSHQGH WDQWR GDOOD VXD DWWHQXD]LRQH FRPSOHVVLYD PD GDOO¶DQGDPHQWR LQ IUHTXHQ]D GHOO¶DWWHQXD]LRQH ULVSHWWR D TXHOOR GHO UXPRUH DPELHQWDOH


/$ 9$/87$=,21( '(/ 5,6&+,2 58025(

1HOO¶HVHPSLR LO UXPRUH DPELHQWDOH KD XQ DQGDPHQWR LQ IUHTXHQ]D FUHVFHQWH FRQ XQ PDVVLPR LQWRUQR D +] O¶DQGDPHQWR GHOO¶DWWHQXD]LRQH GHO SURWHWWRUH DFXVWLFR HVDPLQDWR q DQDORJR SHUWDQWR O¶HIILFDFLD GHO '3, X SHU TXHVWR WLSR GL VRUJHQWH q VHQ]¶DOWUR EXRQD

$SSOLFD]LRQH GHO PHWRGR +0/

)DVH FDOFROR GHOOD GLIIHUHQ]D /&HT /$HT

/&HT /$HT G% )DVH FDOFROR GHO 315 ULVXOWDQGR /&HT /$HT ” G% VL DSSOLFKHUj OD UHOD]LRQH 315 0 315

+ 0 /&HT /$HT

315 GD DUURWRQGDUH D G% )DVH FDOFROR GHO /¶$HT

/ $HT /$HT 315 /¶$HT G% )DVH YDOXWD]LRQH $VVXPHQGR FRPH OLYHOOR GL D]LRQH /DFW G% $ LO YDORUH GL /¶$HT FDOFRODWR q GD FRQVLGHUDUH VHFRQGR OD QRUPD (1 DFFHWWDELOH G% $ /¶$HT ” G% $

H VL SXz SHUWDQWR ULWHQHUH DGHJXDWR LO '3, X VFHOWR $SSOLFD]LRQH GHO PHWRGR 615 )DVH D FDOFROR GHO /¶$HT 615

/¶$HT /&HT 615 /¶$HT G% )DVH E FDOFROR GHO /¶$HT 615¶ ,QWHQGHQGR LQYHFH YDOXWDUH O¶DWWHQXD]LRQH UHDOH WHQHQGR FRQWR GHO UHQGLPHQWR UHDOH GHO '3, X VL DYUj /¶$HT UHDOH /&HT 615¶ /&HT 615 E LQ TXHVWR FDVR E /¶$HT UHDOH [ G% )DVH D YDOXWD]LRQH $VVXPHQGR FRPH OLYHOOR GL D]LRQH /DFW G% $ LO YDORUH GL /¶$HT FDOFRODWR q GD FRQVLGHUDUH VHFRQGR OD QRUPD (1 DFFHWWDELOH G% $ /¶$HT ” G% $

H VL SXz SHUWDQWR ULWHQHUH DGHJXDWR LO '3, X VFHOWR )DVH E YDOXWD]LRQH $VVXPHQGR FRPH OLYHOOR GL D]LRQH /DFW G% $ LO YDORUH GL /¶$HT UHDOH FDOFRODWR q GD FRQVLGHUDUH VHFRQGR OD QRUPD (1 LQVXIILFLHQWH /¶$HT UHDOH ! G% $

H QRQ VL SXz SHUWDQWR ULWHQHUH DGHJXDWR LO '3, X VFHOWR


La valutazione del rischio


/$ 9$/87$=,21( '(/ 5,6&+,2 58025(

&DSLWROR /D YDOXWD]LRQH GHO ULVFKLR

, OLYHOOL GL HVSRVL]LRQH DO UXPRUH H OH UHODWLYH FODVVL GL ULVFKLR

,O G OJV GHO DSULOH H V P L LQ PDWHULD GL SURWH]LRQH GHL ODYRUDWRUL GDL ULVFKL GHULYDQWL GDOO HVSRVL]LRQH DO UXPRUH GHWHUPLQD WUH FODVVL GL HVSRVL]LRQH DO UXPRUH FRPH ULSRUWDWR QHOOD VHJXHQWH WDEHOOD UHODWLYDPHQWH DOOD FRQGL]LRQH FKH SUHYHGH /¶(; K ! G% $ R /¶SLFFR ! G% & OD VLWXD]LRQH QRQ q ULWHQXWD DFFHWWDELOH DUW FRPPD &ODVVH GL ULVFKLR ³%$66$´ ³0(',$´ ³$/7$´

/LYHOOR GL HVSRVL]LRQH /¶(; K G% $

3UHVVLRQH GL SLFFR /¶SLFFR G% &

/¶(; K

/¶SLFFR

/¶(; K

/¶SLFFR

/¶(; K

/¶SLFFR

,O OLYHOOR GL HVSRVL]LRQH /¶(; K HG LO OLYHOOR GL SLFFR /¶SLFFR OLYHOOL FRPSUHQVLYL VL EDGL EHQH GHO FRQWULEXWR GHOOH LQFHUWH]]H YHGL SDUDJUDIR VRQR RVVHUYDWL FRQJLXQWDPHQWH DL ILQL GHOOD YHULILFD GHO VXSHUDPHQWR GHL YDORUL GL D]LRQH H GL TXHOOL OLPLWH 6L VHJQDOD SHUDOWUR FKH D QRUPD GHOO¶DUW FRPPD ODGGRYH D FDXVD GHOOH FDUDWWHULVWLFKH LQWULQVHFKH GHOO¶DWWLYLWj ODYRUDWLYD O¶HVSRVL]LRQH JLRUQDOLHUD DO UXPRUH YDULD VLJQLILFDWLYDPHQWH GD XQD JLRUQDWD GL ODYRUR DOO¶DOWUD q SRVVLELOH VRVWLWXLUH DL ILQL GHOO¶DSSOLFD]LRQH GHL YDORUL OLPLWH GL HVSRVL]LRQH H GHL YDORUL GL D]LRQH LO OLYHOOR GL HVSRVL]LRQH JLRUQDOLHUD DO UXPRUH /¶(; K FRQ LO OLYHOOR GL HVSRVL]LRQH VHWWLPDQDOH /¶(; Z &Lz q VSHFLILFDWR D FRQGL]LRQH FKH D LO OLYHOOR GL HVSRVL]LRQH VHWWLPDQDOH DO UXPRUH FRPH GLPRVWUDWR GD XQ FRQWUROOR LGRQHR QRQ HFFHGD LO YDORUH OLPLWH GL HVSRVL]LRQH GL G% $ E VLDQR DGRWWDWH OH DGHJXDWH PLVXUH SHU ULGXUUH DO PLQLPR L ULVFKL DVVRFLDWL D WDOL DWWLYLWj 3HU OD YDOXWD]LRQH GHOO¶HVSRVL]LRQH JLRUQDOLHUD OD QRUPD SUHYHGH FKH TXDQGR L OLYHOOL GL HVSRVL]LRQH PLVXUDWL VXO FDPSR HFFHGRQR L YDORUL OLPLWH GL HVSRVL]LRQH /¶(; K G% $ R GL /¶SLFFR ! G% & VL SURFHGD D YHULILFDUH FKH O¶DGR]LRQH GHL '3, X JDUDQWLVFD LO QRQ VXSHUDPHQWR GHL YDORUL OLPLWH GL HVSRVL]LRQH 3ULPD GL ULFRUUHUH DL '3, X RFFRUUH VHPSUH SULYLOHJLDUH JOL LQWHUYHQWL DOOD IRQWH H SL LQ JHQHUDOH TXHOOL WHFQLFL H RUJDQL]]DWLYL ILQDOL]]DWL DOO¶HOLPLQD]LRQH R DOOD ULGX]LRQH GHL ULVFKL 1HO FDVR LQ FXL /¶(; K VLD ! G% $ R /¶SLFFR ! G% & H O¶DWWHQXD]LRQH IRUQLWD GDO '3, X QRQ VLD VXIILFLHQWH D ULVSHWWDUH LO YDORUH OLPLWH VWDELOLWR GDOOD OHJLVOD]LRQH YLJHQWH RFFRUUHUj SUHYHGHUH XQD VHULH GL LQL]LDWLYH LPPHGLDWH YROWH DOOD ULPR]LRQH GHOOH FDXVH FKH GHWHUPLQDQR WDOH VLWXD]LRQH 'D WDOH DQDOLVL VL SXz TXLQGL FRQFOXGHUH FKH SHU OD GHILQL]LRQH GHO FRUUHWWR '3, X q QHFHVVDULR HIIHWWXDUH O¶DQDOLVL GHOO¶DGHJXDWH]]D YHULILFDQGR O¶DSSOLFD]LRQH GHO SURVSHWWR GHOOD QRUPD 81, (1 ULSRUWDWR DO SXQWR & GHOOD QRUPD 81, H YHULILFDUH FKH LO OLYHOOR HTXLYDOHQWH VXOOD JLRUQDWD ODYRUDWLYD UHDOH FRUUHODWR DO WHPSR GL XWLOL]]R GHL '3, X VLD LQIHULRUH DL YDORUL OLPLWH GL HVSRVL]LRQH

,Q VRVWDQ]D OD QRUPD KD ILVVDWR XQ WHWWR PDVVLPR LQYDOLFDELOH SHU FXL VH DO WHUPLQH GHOOD YDOXWD]LRQH VL ULOHYL XQ YDORUH GL /¶(; K ! G% $ R XQ /¶SLFFR ! G% & OD VLWXD]LRQH ULVXOWDQWH QRQ q DFFHWWDELOH ,O OHJLVODWRUH WXWWDYLD RIIUH DO 'DWRUH GL ODYRUR FRQ O DUW FRPPD GHO G OJV GHO DSULOH H V P L OD SRVVLELOLWj GL YHULILFDUH VH IDFHQGR XWLOL]]DUH DO ODYRUDWRUH L '3, X TXHVWR FRQWLQXD QRQRVWDQWH LO '3, X LQGRVVDWR D ULPDQHUH HVSRVWR D YDORUL VXSHULRUL DO YDORUH OLPLWH HYHQWXDOLWj SHUDOWUR DOTXDQWR UHPRWD Ê LPSRUWDQWH VRWWROLQHDUH FKH WDOH SRVVLELOLWj VHUYH XQLFDPHQWH D TXHVWR VFRSR H LQ QHVVXQ FDVR TXHVWD YHULILFD SXz HVVHUH XWLOL]]DWD SHU DEEDVVDUH OD FODVVH GL ULVFKLR GHO ODYRUDWRUH &Lz LQ TXDQWR OD YDOXWD]LRQH GHOO HVSRVL]LRQH DO UXPRUH QHFHVVDULD SHU OD GHWHUPLQD]LRQH GHOOD FODVVH GL ULVFKLR QRQ GHYH WHQHU FRQWR GHOO XWLOL]]R GHL '3, X


³0(',$´ G% $ /¶(; K ” G% $ G% & /¶SLFFR ” G% &

³$/7$´ G% $ /¶(; K ” G% $ G% & /¶SLFFR ” G% &

1HVVXQ REEOLJR

,O 'DWRUH GL /DYRUR GHYH PHWWHUOL D GLVSRVL]LRQH GHL ODYRUDWRUL

0LVXUH WHFQLFKH H RUJDQL]]DWLYH

1HVVXQ REEOLJR

8VR GHL GLVSRVLWLYL GL SURWH]LRQH LQGLYLGXDOH '3, X

3Xz HVVHUH ULFKLHVWD GDO ODYRUDWRUH R LQGLFDWD GDO 0HGLFR &RPSHWHQWH

1HVVXQ REEOLJR

1HVVXQ REEOLJR

6RUYHJOLDQ]D VDQLWDULD

(VSRVL]LRQH DSSRVLWD VHJQDOHWLFD GL VLFXUH]]D

1HVVXQ REEOLJR

R R R R R R R R

( REEOLJDWRULR ,O 'DWRUH GL /DYRUR GHYH HVLJHUH FKH L ODYRUDWRUL OL LQGRVVLQR , OXRJKL GL ODYRUR VRQR ,QGLFDWL GD DSSRVLWL VHJQDOL 'HWWH DUHH VRQR LQROWUH GHOLPLWDWH H O DFFHVVR DOOH VWHVVH q OLPLWDWR RYH FLz VLD WHFQLFDPHQWH SRVVLELOH H JLXVWLILFDWR GDO ULVFKLR GL HVSRVL]LRQH ,O 'DWRUH GL ODYRUR HODERUD H DWWXD XQ SURJUDPPD GL PLVXUH WHFQLFKH H RUJDQL]]DWLYH YROWH D HOLPLQDUH R ULGXUUH L ULVFKL

( REEOLJDWRULD FRQ SHULRGLFLWj VWDELOLWD GDO 0HGLFR &RPSHWHQWH

2EEOLJR GL ,QIRUPDUH H IRUPDUH L ODYRUDWRUL VX QDWXUD GL WDOL ULVFKL PLVXUH DGRWWDWH SHU ULGXUUH LO UXPRUH H ORUR DSSOLFD]LRQH YDORUL OLPLWH GL HVSRVL]LRQH YDORUL GL D]LRQH ULVXOWDWL H VLJQLILFDWL GHOOD PLVXUD]LRQH H YDOXWD]LRQH GHO UXPRUH H ULVFKL SRWHQ]LDOL XVR FRUUHWWR GHO '3, X XWLOLWj H PH]]L SHU VHJQDODUH VLQWRPL GL GDQQL DOO XGLWR VLJQLILFDWR H UXROR GHOOD VRUYHJOLDQ]D VDQLWDULD H VXRL RELHWWLYL SURFHGXUH GL ODYRUR VLFXUH SHU ULGXUUH DO PLQLPR O HVSRVL]LRQH DO UXPRUH

/¶REEOLJR GHOOD YDOXWD]LRQH GHO ULVFKLR VFDWWD VHPSUH LQGLSHQGHQWHPHQWH GDOOD FODVVH GL ULVFKLR 7DOH YDOXWD]LRQH GHO ULVFKLR SXz HVVHUH HVHJXLWD FRQ R VHQ]D PLVXUD]LRQL D VHFRQGD GHOOR VSHFLILFR FRQWHVWR

³%$66$´ /¶(; K ” G% $ /¶SLFFR ” G% &

,QIRUPD]LRQH H IRUPD]LRQH GHL ODYRUDWRUL

9DOXWD]LRQH GHO ULVFKLR

2EEOLJKL

&ODVVH GL ULVFKLR /LYHOOL GL HVSRVL]LRQH TXRWLGLDQD /¶(; K G% $ H R SUHVVLRQH DFXVWLFD GL SLFFR /¶SLFFR G% & FRPSUHQVLYL GHO FRQWULEXWR GHOOH LQFHUWH]]H

,O 'DWRUH GL ODYRUR HOLPLQD L ULVFKL DOOD IRQWH R ,, ULGXFH DO PLQLPR H LQ RJQL FDVR D OLYHOOL QRQ VXSHULRUL DO YDORUL OLPLWH GL HVSRVL]LRQH PHGLDQWH OH VHJXHQWL PLVXUH ¾ DGR]LRQH GL DOWUL PHWRGL GL ODYRUR FKH LPSOLFDQR XQD PLQRUH HVSRVL]LRQH DO UXPRUH ¾ VFHOWD GL DWWUH]]DWXUH GL ODYRUR DGHJXDWH FKH HPHWWDQR LO PLQRU UXPRUH SRVVLELOH H LO FXL HIIHWWR q GL OLPLWDUH O HVSRVL]LRQH DO UXPRUH ¾ SURJHWWD]LRQH GHOOD VWUXWWXUD GHL OXRJKL H GHL SRVWL GL ODYRUR ¾ DGHJXDWD LQIRUPD]LRQH H IRUPD]LRQH VXOO XVR FRUUHWWR GHOOH DWWUH]]DWXUH GL ODYRUR ¾ DGR]LRQH GL PLVXUH WHFQLFKH SHU LO FRQWHQLPHQWR GHO UXPRUH WUDVPHVVR SHU YLD DHUHD VFKHUPDWXUH LQYROXFUL R ULYHVWLPHQWL UHDOL]]DWL FRQ PDWHULDOL IRQRDVVRUEHQWL H GHO UXPRUH VWUXWWXUDOH VLVWHPL GL VPRU]DPHQWR R GL LVRODPHQWR ¾ SURJUDPPL GL PDQXWHQ]LRQH GHOOH DWWUH]]DWXUH GHO OXRJR H GHO VLVWHPL VXO SRVWR GL ODYRUR ¾ PLJOLRUH RUJDQL]]D]LRQH GHO ODYRUR OLPLWD]LRQH GHOOD GXUDWD H GHOO LQWHQVLWj GHOO HVSRVL]LRQH H DGR]LRQH GL RUDUL GL ODYRUR DSSURSULDWL FRQ VXIILFLHQWL SHULRGL GL ULSRVR

/$ 9$/87$=,21( '(/ 5,6&+,2 58025(


/$ 9$/87$=,21( '(/ 5,6&+,2 58025(

/(; H /$HT FRQFHWWL GLYHUVL

2FFRUUH DYHU EHQ FKLDUR FKH L YDORUL GL /(; H /$HT HVSULPRQR FRQFHWWL GLYHUVL WUD ORUR H GD QRQ FRQIRQGHUH $G HVHPSLR QHOO¶LSRWHVL LQ FXL VL DEELD XQ /(; K FKH QRQ VXSHUL JOL G% $ PD VL ULOHYLQR DOFXQL /$HT FKH VXSHUDQR WDOH YDORUH LO G OJV GHO DSULOH H V P L QRQ LPSRQH O XVR GHL '3, FKH WXWWDYLD GHEERQR FRPXQTXH HVVHUH PHVVL D GLVSRVL]LRQH GHL ODYRUDWRUL 3Xz HVVHUH LO FDVR GL XQ YDQR WHFQLFR RVSLWDQWH DG HVHPSLR XQ FRPSUHVVRUH 8Q JHQHULFR DGGHWWR DO FRQWUROOR SRWUHEEH GRYHU HIIHWWXDUH GHJOL LQWHUYHQWL QHO YDQR WHFQLFR DQFKH FRQ LO FRPSUHVVRUH IXQ]LRQDQWH LSRWL]]DQGR XQ DFFHVVR SHU GLHFL PLQXWL DO JLRUQR LQ WDOH VLWXD]LRQH H PLVXUDQGR XQ YDORUH GL /$HT SDUL D G% $ VL SRWUHEEH RVVHUYDUH LQ DVVHQ]D GL DOWUH HVSRVL]LRQL VLJQLILFDWLYH FKH LO YDORUH GL /(; K ULVXOWD LQIHULRUH DQFKH DJOL G% $ H FKH SHUWDQWR QRQ VLDQR QHDQFKH QHFHVVDUL '3, X SHU O¶DFFHVVR DO YDQR WHFQLFR /D UDJLRQH GL WDOH SUHYLVLRQH QRUPDWLYD ULVLHGH QHOOD FRQVLGHUD]LRQH FKH QRQ VRQR JOL G% $ GL /$HT GHOOD VSHFLILFD VRUJHQWH FRPSUHVVRUH D FDXVDUH XQD SRWHQ]LDOH LQVRUJHQ]D GL LSRDFXVLD EHQVu O LQWHUR FRPSOHVVR HVSRVLWLYR SRQGHUDWDPHQWH PHGLDWR FKH GHWHUPLQD LQ IXQ]LRQH GHO /(; K FDOFRODWR O¶DVVHJQD]LRQH GHO L ODYRUDWRUH L QHOOD IDVFLD ULVFKLRVD GL FRPSHWHQ]D /D YDOXWD]LRQH GHO ULVFKLR UXPRUH UDSSUHVHQWD OR VWXGLR FRPSOHVVLYR GHO IHQRPHQR H OH D]LRQL SUHYLVWH GDOOD QRUPD EDVDQGRVL VXOO HVSRVL]LRQH SHUVRQDOH VFDWWDQR VXL /(; H QRQ VXL /$HT 3HUDOWUR SXU FRQVLGHUDQGR FKH LO G OJV GHO DSULOH H V P L FRQWLHQH REEOLJKL PLQLPL QRQ GHURJDELOL QHOOD SUDVVL SUHYHQ]LRQLVWLFD q VHPSUH EHQH DWWHQHUVL D SURWRFROOL SL FDXWHODWLYL 1HOOH IDWWLVSHFLH q FRPXQTXH FRQVLJOLDELOH XWLOL]]DUH OH FXIILH SHU OH IDVL D /$HT ! DQFKH VH EUHYL H DQFKH SHU /(; G%$ LQ TXDQWR QRQ VL SRVVRQR HVFOXGHUH D SULRUL ULVFKL SHU OD VDOXWH VSHFLDOPHQWH LQ VRJJHWWL SDUWLFRODUPHQWH VHQVLELOL

),*85$ 6(*1$/(7,&$ 2%%/,*$725,$ $5(( &21 58025( 683(5,25( $ G% $


/$ 9$/87$=,21( '(/ 5,6&+,2 58025(

/¶HVSRVL]LRQH FRQFRPLWDQWH D VRVWDQ]H RWRWRVVLFKH H R D YLEUD]LRQL +$9 R :%9 1HOO DPELWR GHOOD YDOXWD]LRQH GHO ULVFKLR RFFRUUH HVDPLQDUH DFFXUDWDPHQWH OH IDVL ODYRUDWLYH LQ FXL VLD SRVVLELOH ULVFRQWUDUH XQD TXDOFKH FRUULVSRQGHQ]D WUD OD SUHVHQ]D GL UXPRUH VRVWDQ]H RWRWRVVLFKH YLEUD]LRQL H FRPSRQHQWL LPSXOVLYH 1HFHVVLWHUj TXLQGL DQDOL]]DUH L ULVXOWDWL RWWHQXWL FRQ LO 0HGLFR &RPSHWHQWH QHOO¶DPELWR GL XQ QHFHVVDULR H YLUWXRVR GLDORJR OD YDOXWD]LRQH H OD ULGX]LRQH GHL ULVFKL GRYUHEEHUR LQIDWWL LQWHUDJLUH FRQWLQXDPHQWH FRQ OD VRUYHJOLDQ]D VDQLWDULD FRQIURQWDQGR L ULVXOWDWL DO ILQH GL RWWLPL]]DUQH OH PRGDOLWj GL SLDQLILFD]LRQH HG HVHFX]LRQH GHOOH ULVSHWWLYH DWWLYLWj ,QWHUD]LRQH UXPRUH H VRVWDQ]H RWRWRVVLFKH 8Q DJHQWH RWRWRVVLFR YLHQH GHILQLWR FRPH XQD VRVWDQ]D FKH SXz GDQQHJJLDUH OH VWUXWWXUH H R OD IXQ]LRQH GHOO RUHFFKLR LQWHUQR DSSDUDWR XGLWLYR H YHVWLERODUH H OH YLH QHXUDOL FROOHJDWH / HIIHWWR FRPELQDWR GHOOH VRVWDQ]H FKLPLFKH RWRWRVVLFKH SHU LQDOD]LRQH R SHU FRQWDWWR FXWDQHR H GHOO HVSRVL]LRQH DO UXPRUH q SDUWLFRODUPHQWH GDQQRVR SHU O XGLWR /D SUHVHQ]D GL VRVWDQ]H FKLPLFKH FDXVD LQIDWWL XQR VWDWR DQRUPDOH GHOO RUHFFKLR LQWHUQR UHQGHQGROR SDUWLFRODUPHQWH YXOQHUDELOH DL GDQQL PHFFDQLFL GRYXWL DO UXPRUH /H VRVWDQ]H RWRWRVVLFKH YHQJRQR JHQHUDOPHQWH FODVVLILFDWH LQ QRQ RFFXSD]LRQDOL H RFFXSD]LRQDOL /H VRVWDQ]H RWRWRVVLFKH QRQ RFFXSD]LRQDOL VRQR FRVWLWXLWH HVVHQ]LDOPHQWH GD IDUPDFL WUD OH FODVVL IDUPDFRORJLFKH PDJJLRUPHQWH LQWHUHVVDWH OD SULQFLSDOH q TXHOOD GHJOL DQWLELRWLFL H LQ SDUWLFRODUH GHJOL DPLQR JOLFRVLGL ROWUH DL GLXUHWLFL GHOO¶DQVD O¶DFLGR HWDFULQLFR L VDOLFLODWL JOL DQWLQHRSODVWLFL H JOL DQWLPDODULFL $OWUL IHQRPHQL GL RWRWRVVLFLWj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¶D]LRQH RWRWRVVLFD DQFKH SHUFKp QRQ HVLVWRQR DO PRPHQWR VXIILFLHQWL VWXGL VFLHQWLILFL FKH SRVVDQR RIIULUH GHL ULIHULPHQWL FHUWL ,O GDQQR XGLWLYR VL SUHVHQWD VH O¶HVSRVL]LRQH D TXHVWH VRVWDQ]H DYYLHQH D FRQFHQWUD]LRQL VXIILFLHQWHPHQWH DOWH FKH SHUDOWUR SRVVRQR DQFKH HVVHUH LQIHULRUL D TXHOOH SHU FXL OD VRVWDQ]D q FRQVLGHUDWD WRVVLFD VRWWR DOWUL DVSHWWL QHO FDVR GL VRVWDQ]H DHURGLVSHUVH FRPH L VROYHQWL L 7/9 7KUHVKROG /LPLW 9DOXH GHOO¶$&*,+ Ê VWDWR DQFKH GLPRVWUDWR FKH O¶D]LRQH RWRWRVVLFD GHOOH VRVWDQ]H FKLPLFKH YLHQH DPSOLILFDWD GDOOD SUHVHQ]D GL UXPRUH DQFKH D OLYHOOL UHODWLYDPHQWH EDVVL DG HVHPSLR LQIHULRUL DJOL G% $ ILVVDWL GDOOD QRUPDWLYD FRPH VRJOLD GL VLFXUH]]D H GDOOD SUHVHQ]D FRQWHPSRUDQHD GL SL VRVWDQ]H RWRWRVVLFKH ,O YHUR SUREOHPD q FKH LQ DVVHQ]D GL GDWL SUHFLVL OH VRVWDQ]H LPSXWDWH FRQWLQXDQR DG HVVHUH LPSLHJDWH LQ FRQFHQWUD]LRQL QHOOH TXDOL SRVVRQR VYROJHUH XQ¶D]LRQH RWRWRVVLFD SXU HVVHQGR SHUPHVVH GDOOD QRUPDWLYD VXOOH VRVWDQ]H SHULFRORVH $QFKH SHUFKp O¶RWRWRVVLFLWj GL XQD VRVWDQ]D LQ GHILQLWLYD OD VXD FRQFHQWUD]LRQH GDQQRVD SHU O¶XGLWR q LQIOXHQ]DWD GDO OLYHOOR GL UXPRUH FRHVLVWHQWH H GDOOD SUHVHQ]D GL DOWUH VRVWDQ]H RWRWRVVLFKH 3HU FXL VL WUDWWD GL HODERUDUH GHOOH WDEHOOH LQFURFLDWH ODYRUR ROWUHPRGR FRPSOHVVR FKH SUHYHGDQR HYHQWXDOPHQWH O¶DEEDVVDPHQWR GHOOD VRJOLD QRFLYD GL UXPRUH ILVVDWD DG G% $

LQ IXQ]LRQH GHOOD FRQFHQWUD]LRQH GL VRVWDQ]H RWRWRVVLFKH SUHVHQWL ,Q VLWXD]LRQL QHOOH TXDOL q SRVVLELOH OD FRQWHPSRUDQHD HVSRVL]LRQH D UXPRUH H D WDOXQH VRVWDQ]H RWRWRVVLFKH TXDOL WROXHQH SLRPER PDQJDQHVH H DOFRRO Q EXWLOLFR O¶$&*,+ FRQVLJOLD GL GLVSRUUH SHULRGLFL HVDPL DXGLRPHWULFL 6L ULPDQGD SHU XOWHULRUL DSSURIRQGLPHQWL DO GRFXPHQWR GHOO 26+$ UHSHULELOH DO VLWR KWWSV RVKD HXURSD HX HQ SXEOLFDWLRQV OLWHUDWXUHBUHYLHZV FRPELQHG H[SRVXUH WR QRLVH DQG RWRWR[LF VXEVWDQFHV


/$ 9$/87$=,21( '(/ 5,6&+,2 58025(

,QWHUD]LRQH WUD UXPRUH H YLEUD]LRQL &RPH QRWR OH YLEUD]LRQL SRVVRQR HVVHUH WUDVPHVVH DO VLVWHPD PDQR EUDFFLR +$9 +DQG $UP 9LEUDWLRQV R DO FRUSR LQWHUR :%9 :KROH %RG\ 9LEUDWLRQV *Lj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¶LQWHUQR GHOO¶HVSRVL]LRQH SXU QRQ SRWHQGRVL WUDGXUUH LQ XQD SHQDOL]]D]LRQH LQ WHUPLQL TXDQWLWDWLYL UDSSUHVHQWD SHU O¶HVSRVWR XQD SRVVLELOH FDXVD GL DPSOLILFD]LRQH GHOOD SHUGLWD XGLWLYD D OXQJR WHUPLQH H FRPH WDOH YD VROOHFLWDPHQWH VHJQDODWD DO 0HGLFR &RPSHWHQWH 6L VHJQDOD LQ SURSRVLWR FKH QHO FDVR GHO UXPRUH LPSXOVLYR VL SXz DYHUH LO VXSHUDPHQWR GHOOD VRJOLD GL GDQQR LPPHGLDWR D OLYHOOL SDUL D G% & ,Q TXHVWR FDVR LQIDWWL QRQ KD SL LPSRUWDQ]D YDOXWDUH L WHPSL GL HVSRVL]LRQH LQ TXDQWR LO YDORUH GHOOD SUHVVLRQH VRQRUD q WDOH GD SRWHU SUHJLXGLFDUH O¶LQWHJULWj ILVLFD GHOO¶DSSDUDWR XGLWLYR LQ PRGR LPPHGLDWR H WUDXPDWLFR URWWXUD GHO WLPSDQR 3HUDOWUR SHU TXDQWR FRQFHUQH O¶DFFHUWDPHQWR GHOOD SUHVHQ]D GL FRPSRQHQWL LPSXOVLYH QHO UXPRUH RFFRUUH SUHFLVDUH FKH DOOR VWDWR DWWXDOH WDOH TXHVWLRQH QRQ q DQFRUD VWDWD ULVROWD LQ PRGR XQDQLPHPHQWH FRQGLYLVR 0HQWUH LQIDWWL LO ULFRQRVFLPHQWR GL LPSXOVL VRQRUL EHQ LQGLYLGXDELOL H UHODWLYDPHQWH LVRODWL DG HVHPSLR FROSL GL PDJOLR R GL SUHVVD R GL PDUWHOOR q XQ¶RSHUD]LRQH QHO FRPSOHVVR DJHYROH QHO FDVR GL LPSXOVL PXOWLSOL UDSLGL DVVRFLDWL DG HVHPSLR D ODYRUD]LRQL HVHJXLWH GD SUHVVH YHORFL R QHO FDVR GL VLWXD]LRQL DPELHQWDOL FRQ XQD PROWHSOLFLWj GL VRUJHQWL VRQRUH LPSXOVLYH WDOH ULFRQRVFLPHQWR SXz ULVXOWDUH SL FRPSOHVVR H FRQWURYHUVR 3URSRVWD SHU YDOXWDUH O LQWHUD]LRQH WUD UXPRUH VRVWDQ]H RWRWRVVLFKH H YLEUD]LRQL 1HOO¶DPELWR GHOOH /LQHH *XLGD GHOO $6/ GL 3LDFHQ]D 'LSDUWLPHQWR GL 6DQLWj 3XEEOLFD 8 2 3UHYHQ]LRQH H 6LFXUH]]D $PELHQWL GL /DYRUR ³0LVXUD]LRQH GHOO¶HVSRVL]LRQH H YDOXWD]LRQH GHO ULVFKLR UXPRUH WLWROR 9,,, FDSR ,, G OJV ´ JLXJQR q VWDWD SXEEOLFDWD XQD SURSRVWD SHU OD YDOXWD]LRQH GHOO LQWHUD]LRQH WUD UXPRUH H VRVWDQ]H RWRWRVVLFKH H UXPRUH H YLEUD]LRQL 6L WUDWWD GL XQD JXLGD QRQ YLQFRODQWH GL EXRQH SUDVVL SHU OD YDOXWD]LRQH GHOO LQWHUD]LRQH WUD UXPRUH H VRVWDQ]H RWRWRVVLFKH H UXPRUH H YLEUD]LRQL DO ILQH GL JDUDQWLUH O DGR]LRQH GL PLVXUH SUHYHQWLYH DQFKH LQ DVVHQ]D GL FRQRVFHQ]H VFLHQWLILFKH VXOOH UHOD]LRQL IUD GRVL H UHD]LRQL 9DOXWDQGR LO UDSSRUWR WUD OD FRQFHQWUD]LRQH GHOO DJHQWH FKLPLFR &HVS D FXL q HVSRVWR LO ODYRUDWRUH H LO 7/9 GL ULIHULPHQWR VDUj SRVVLELOH JUDGXDUH LO ULVFKLR VHFRQGR OD VFDOD VHJXHQWH 5XPRUH H VRVWDQ]H RWRWRVVLFKH *UDGXD]LRQH GHO 5LVFKLR $]LRQH GL 6RUYHJOLDQ]D 6DQLWDULD 9,$ ! G% $ 96$ ! G% $ 9,$ ! G% $ 96$ ! G% $ ²

&HVS 7/9 7UD H 7UD H

$QDORJDPHQWH LQ SUHVHQ]D GL XQ ULVFKLR GL HVSRVL]LRQH D YLEUD]LRQL VRJJHWWR DG XQR VSHFLILFR SHUFRUVR GL YDOXWD]LRQH &DSR ,,, GHO G OJV GHO DSULOH H V P L VDUj SRVVLELOH JUDGXDUH LO ULVFKLR VHFRQGR OD VFDOD VHJXHQWH +$9 7UD H P VHF 7UD H P VHF P VHF

5XPRUH H YLEUD]LRQL :%9 7UD H P VHF 7UD H P VHF P VHF

$]LRQH GL 6RUYHJOLDQ]D 6DQLWDULD 9,$ ! G% $ 96$ ! G% $ 9,$ ! G% $ 96$ ! G% $ ²

6L WUDWWD LQ VRVWDQ]D GL SURSRUUH XQ DEEDVVDPHQWR LQ IXQ]LRQH GHOOD JUDGXD]LRQH GHO ULVFKLR ULOHYDWD GHL YDORUL GL D]LRQH LQ UHOD]LRQH DL TXDOL DWWLYDUH LQ RJQL FDVR VHFRQGR LO JLXGL]LR GHO 0HGLFR &RPSHWHQWH OH SURFHGXUH GL VRUYHJOLDQ]D VDQLWDULD 9,$ o 9LVLWD D ULFKLHVWD 96$ o 9LVLWD REEOLJDWRULD


/$ 9$/87$=,21( '(/ 5,6&+,2 58025(

,QWHUD]LRQH WUD UXPRUH H VHJQDOL GL DYYHUWLPHQWR DFXVWLFR

1HOO¶DPELWR GHOOD YDOXWD]LRQH GHL ULVFKL GL FXL DOO¶DUW LO 'DWRUH GL ODYRUR GHYH FRQVLGHUDUH IUD O¶DOWUR WXWWL JOL HIIHWWL VXOOD VDOXWH H VLFXUH]]D ULVXOWDQWL GD LQWHUD]LRQH IUD UXPRUH H VHJQDOL GL DYYHUWLPHQWR 4XHVWL GHEERQR HVVHUH XGLELOL GLVFULPLQDELOL H LQHTXLYRFDELOL 5LIHULPHQWR G OJV GHO DSULOH H V P L 7LWROR 9 H $OOHJDWL GD ;;,9 D ;;;,, ,QGLFD]LRQL WHFQLFKH QRUPH 81, (1 H 81, (1 ,62 8GLELOLWj / XGLELOLWj GHL VHJQDOL DFXVWLFL SXz GHILQLUVL EXRQD SHU YDORUL GHO OLYHOOR GL SUHVVLRQH VRQRUD SRQGHUDWD $ VXSHULRUL D G% $ H PDJJLRUL GL DOPHQR G% ULVSHWWR DO OLYHOOR GHO UXPRUH DPELHQWDOH LQ G% $ 6H TXHVWR q VXSHULRUH D G% q QHFHVVDULR DVVRFLDUH XQ VHJQDOH OXPLQRVR D TXHOOR DFXVWLFR 'LVFULPLQDELOLWj 7UH VRQR L SDUDPHWUL FKH GHWHUPLQDQR OD GLVFULPLQDELOLWj GHL VHJQDOL DFXVWLFL LO OLYHOOR VRQRUR OD GLVWULEX]LRQH WHPSRUDOH H OD FRPSRVL]LRQH VSHWWUDOH $OPHQR GXH GL TXHVWL GHEERQR GLIIHULUH QHWWDPHQWH GDO UXPRUH DPELHQWDOH O¶LQWHUYDOOR GL IUHTXHQ]H GHYH HVVHUH FRPSUHVR WUD +] H OD IUHTXHQ]D GL ULSHWL]LRQH FRPSUHVD WUD H V ,QHTXLYRFDELOLWj , VHJQDOL DFXVWLFL SXOVDQWL VRQR SUHIHULELOL D TXHOOL FRVWDQWL QHO WHPSR , SURILOL WHPSRUDOL H LQ IUHTXHQ]D GL GLYHUVL VHJQDOL DFXVWLFL GHEERQR HVVHUH VHQVLELOPHQWH GLYHUVL WUD ORUR


/$ 9$/87$=,21( '(/ 5,6&+,2 58025(

/¶HPLVVLRQH DFXVWLFD GHOOH PDFFKLQH /¶DUW GHO G OJV GHO DSULOH H V P L DIIHUPD FKH QHOO¶DPELWR GHOOD YDOXWD]LRQH GHO ULVFKLR LO 'DWRUH GL ODYRUR SUHQGH LQ FRQVLGHUD]LRQH DQFKH OH LQIRUPD]LRQL VXOO¶HPLVVLRQH GL UXPRUH IRUQLWH GDL FRVWUXWWRUL GHOOH DWWUH]]DWXUH GL ODYRUR LQ FRQIRUPLWj DOOH YLJHQWL GLVSRVL]LRQL LQ PDWHULD ,O ULIHULPHQWR DWWXDOH q OD 'LUHWWLYD PDFFKLQH &( ³1XRYD 'LUHWWLYD PDFFKLQH´ UHFHSLWD FRQ G OJV GHO JHQQDLR FKH QHOO¶$OOHJDWR , FRQVLGHUD IUD L UHTXLVLWL HVVHQ]LDOL GL VLFXUH]]D LO UXPRUH SXQWR H LQ PRGR LQQRYDWLYR ULVSHWWR DOOH 'LUHWWLYH SUHFHGHQWL OH YLEUD]LRQL SXQWR Ê SHUWDQWR SUHYLVWR FKH /D PDFFKLQD GHYH HVVHUH SURJHWWDWD H FRVWUXLWD LQ PRGR WDOH FKH L ULVFKL GRYXWL DOO¶HPLVVLRQH GL UXPRUH DHUHR VLDQR ULGRWWL DO OLYHOOR PLQLPR WHQXWR FRQWR GHO SURJUHVVR WHFQLFR H GHOOD SRVVLELOLWj GL GLVSRUUH GL PH]]L DWWL D OLPLWDUH LO UXPRUH LQ SDUWLFRODUH DOOD IRQWH ,O OLYHOOR GHOO¶HPLVVLRQH GL UXPRUH SXz HVVHUH YDOXWDWR FRQ ULIHULPHQWR DL GDWL FRPSDUDWLYL GL HPLVVLRQH GL PDFFKLQH VLPLOL LQWHUHVVDQWL VSXQWL VX TXHVWR DUJRPHQWR SRVVRQR HVVHUH GHVXQWL GDOOH QRUPH 81, (1 ,62 ³6XJJHULPHQWL SUDWLFL SHU OD SURJHWWD]LRQH GL PDFFKLQH HG DSSDUHFFKLDWXUH D EDVVD HPLVVLRQH GL UXPRUH´ H FKH /D PDFFKLQD GHYH HVVHUH SURJHWWDWD H FRVWUXLWD LQ PRGR WDOH FKH L ULVFKL GRYXWL DOOH YLEUD]LRQL WUDVPHVVH GDOOD PDFFKLQD VLDQR ULGRWWL DO OLYHOOR PLQLPR WHQXWR FRQWR GHO SURJUHVVR WHFQLFR H GHOOD GLVSRQLELOLWj GL PH]]L DWWL D ULGXUUH OH YLEUD]LRQL LQ SDUWLFRODUH DOOD IRQWH ,O OLYHOOR GHOO¶HPLVVLRQH GL YLEUD]LRQL SXz HVVHUH YDOXWDWR LQ ULIHULPHQWR DL GDWL FRPSDUDWLYL GL HPLVVLRQH GL PDFFKLQH VLPLOL ,O IDEEULFDQWH q TXLQGL UHVSRQVDELOH GHL ULVFKL SURYRFDWL GDOOD SURSULD PDFFKLQD LQ UDJLRQH GHO UXPRUH SURGRWWR OD 'LUHWWLYD PDFFKLQH SHUDOWUR QRQ ILVVD OLPLWL ULJXDUGR DOOH HPLVVLRQL DFXVWLFKH PD LPSRQH DL IDEEULFDQWL GL ULGXUUH LO ULVFKLR GRYXWR DOO¶HPLVVLRQH GL UXPRUH DO OLYHOOR PLQLPR WHQXWR FRQWR GHO SURJUHVVR WHFQLFR H GHOOD SRVVLELOLWj GL GLVSRUUH GL PH]]L DWWL D FRQWHQHUH LO UXPRUH &RPH HVDPLQHUHPR SL DYDQWL ROWUH DOOD 'LUHWWLYD PDFFKLQH WDOXQH FDWHJRULH GL PDFFKLQH VRQR VRJJHWWH DQFKH DL OLPLWL GL HPLVVLRQH DFXVWLFD SUHYLVWL GDOOD 'LUHWWLYD &( FRQFHUQHQWH OH PDFFKLQH HG DWWUH]]DWXUH GHVWLQDWH D IXQ]LRQDUH DOO¶DSHUWR /D OLPLWD]LRQH GHO UXPRUH DOOD IRQWH q LO PRGR SL HIILFDFH SHU ULGXUUH L ULVFKL GRYXWL DO UXPRUH SHU O¶RSHUDWRUH DGGHWWR DOOD PDFFKLQD H SHU OH DOWUH SHUVRQH FKH SRVVRQR HVVHUH HVSRVWH DO UXPRUH JHQHUDWR GDOOD VWHVVD 3HU OLPLWDUH O¶HPLVVLRQH GL UXPRUH DOOD IRQWH LQ PRGR HIILFDFH q QHFHVVDULR LQGLYLGXDUH OH IRQWL SULQFLSDOL GHO UXPRUH JHQHUDWR GDOOD PDFFKLQD ,O FRVWUXWWRUH JLj LQ IDVH GL SURJHWWD]LRQH GHYH DGRWWDUH WXWWH OH PLVXUH YROWH D OLPLWDUH OD IRQWH R OH IRQWL GRPLQDQWL GL UXPRUH /H PLVXUH GL SURWH]LRQH LQWHJUDWH FRQWUR O¶HPLVVLRQH DFXVWLFD FRPSUHQGRQR OD GRWD]LRQH GL EDUULHUH GL SURWH]LRQH DFXVWLFD DWWRUQR DOOD PDFFKLQD R DWWRUQR DOOH IRQWL SULQFLSDOL GL UXPRUH QHOOD PDFFKLQD 6H GHO FDVR VL GRYUDQQR SURJHWWDUH L ULSDUL DQWLUXPRUH QHFHVVDUL ROWUH D IRUQLUH OD SURWH]LRQH FRQWUR DOWUL SHULFROL Ê DQFKH SRVVLELOH SURJHWWDUH EDUULHUH GL LVRODPHQWR DFXVWLFR DQWLUXPRUH DWWRUQR DL SRVWL GL ODYRUR R GL JXLGD FDELQH R FDELQH FKLXVH FKH IRUQLVFRQR SURWH]LRQH DQFKH FRQWUR DOWUL SHULFROL 6L VHJQDOD FKH WDOL PLVXUH QRQ SURWHJJRQR Qp JOL RSHUDWRUL FKH VL WURYLQR DO GL IXRUL GHOOD ]RQD SURWHWWD Qp DOWUH SHUVRQH HVSRVWH &RPH JLj DQWLFLSDWR OH VSHFLILFKH JHQHUDOL VXOOD OLPLWD]LRQH GHO UXPRUH JHQHUDWR GDOOD PDFFKLQD VRQR IRUQLWH GDOOH QRUPH 81, (1 ,62 H 81, (1 ,62 ,O 'DWRUH GL ODYRUR QHOO¶DPELWR GL XQD FRUUHWWD YDOXWD]LRQH GHO ULVFKLR GRYUj TXLQGL DFTXLVWDUH PDFFKLQH VLOHQ]LRVH VFHOWH VXOOD EDVH GHL GDWL GL FHUWLILFD]LRQH DFXVWLFD IRUQLWL GDL FRVWUXWWRUL YHGL SL DYDQWL RYYHUR QHO FDVR GL PDFFKLQH JLj SUHVHQWL GRYUj XWLOL]]DUOH ULGXFHQGR DO PDVVLPR O¶HVSRVL]LRQH GHL ODYRUDWRUL DQFKH PRGLILFDQGR LO OD\ RXW VXOOD EDVH GHOOD PDSSDWXUD DFXVWLFD LOOXVWUDWD QHO SDUDJUDIR


/$ $ 9$ $/8 87$ $=,2 21( ( '( (/ 5,6 6&+ +,2 580 025(

,Q GHIILQLWWLYD L UULVFK KL F FRQQ QHVVVL D DO UX XPR RUH HG G DOOOH YYLEUUD]LRQL PH HFFDQLFKH H G GHEE ERQ QR H HVVH HUH SH HUWD DQWR R SUHVL LQ FR RQVLGHUUD]LLRQH H VLD V GD D FK KL SUR RJHWWWD H FRVVWUX XLVF FH OH O PDFFK KLQH H H H OH H D DWWUH H]]D DWXUUH VLD D GD G FKL JH HQHUUDOP PHQ QWH LO 'DWR ' RUH GL ODYRUR R KD D OD D UH HVSR RQVVDELOLWj j GL VFHJOLHUH H P PDFF FKLQ QH H D DWWUH H]]D DWXUUH VVLOHQ]LR RVH H GD D PH HWWH HUH D GLVSRVL]]LRQ QH G GHL SUR RSUL ODY YRUD DWRUUL HIIH ,O IIDWWR R FK KH J JOL H HWWL GL WWDOL ULVF FKL QRQ Q VLDQR R LQ Q DOFXQ QL F FDVLL SH HUFH HSLELOL LPP PHG GLDWWDP PHQWH LQR ROWUH H ULFFKLH HGH H XQ Q¶DWWWHQ] ]LRQ QH P PDJ JJLR RUH DQ QFKH H QHOOD D ID DVH GL IIRUP PD] ]LRQ QH H H LQ QIRUUPD D]LRQH GHJ JOL R RSH HUDWWRUL LQ PR RGR FKH H VL SR RVVD D LQVWDXUD DUH XQ FLUF FROR R YLUUWXR RVR SH HU LO PLJ JOLRUDP PHQ QWR G GHOOOH F FRQG GL]LLRQL GL ODYYRUR R GD DO SX XQWR GL YLVVWD GHO UXP PRUUH H H GH HOOH YLE EUD]]LRQ QL P PHF FFDQ QLFK KH JOL RSH HUDWWRUL LQIIDWWL RSHUUDQG GR D D VWWUHWWWR FFRQ QWDWWWR FFRQ OH PDFFK KLQH H H OOH D DWWUH H]]DWXUH SRV VVRQ QR IRUQ QLUH H SUUH]LRVL VXJJH HULP PHQ QWL V VLD DO ' 'DWWRUH H GL ODY YRUR R R RULHQWDQGR R OH H VF FHOWH H LQ Q DFFTXLLVWL VLD HYH PH HULWR R DJOL D HQWX XDOP PHQ QWH DLL ID DEEULFD DQWL LP PSOH HPHQWDQG GR VROX]L RQL PLJOLR RUDWLYH H GHOOH H PD DFFKLQH H H GH ]DWX XUH XWLOOL]]]DWH H HOOH DWWUUH]]

),*85 5$ &$% $72 ,162 212 25,== =$17( %,1$


/$ 9$/87$=,21( '(/ 5,6&+,2 58025(

/H LVWUX]LRQL SHU O LQVWDOOD]LRQH H LO PRQWDJJLR GHOOH PDFFKLQH $O SXQWR ³&RQWHQXWR GHOOH LVWUX]LRQL´ GHOO¶$OOHJDWR , GHOOD 'LUHWWLYD PDFFKLQH q VWDELOLWR FKH TXDOXQTXH VLD OD WLSRORJLD GL PDFFKLQD FLDVFXQ PDQXDOH GL LVWUX]LRQL GHEED FRQWHQHUH VH GHO FDVR DOPHQR OH LVWUX]LRQL SHU O LQVWDOOD]LRQH H LO PRQWDJJLR YROWH D ULGXUUH LO UXPRUH H OH YLEUD]LRQL SURGRWWL ,QROWUH DO PHGHVLPR SXQWR OHWWHUD X LO PDQXDOH GHYH FRQWHQHUH LQIRUPD]LRQL UHODWLYH DOO HPLVVLRQH GL UXPRUH DHUHR L FRVWUXWWRUL VRQR REEOLJDWL DOOD ULOHYD]LRQH GL DOFXQH JUDQGH]]H UHODWLYH DOO¶HPLVVLRQH DFXVWLFD GHO PDFFKLQDULR GD LQGLFDUH SRL QHO OLEUHWWR G¶XVR H PDQXWHQ]LRQH ,Q WDOH OLEUHWWR GHEERQR ILJXUDUH LQGLFD]LRQL UHODWLYH DO o OLYHOOR GL SUHVVLRQH DFXVWLFD FRQWLQXR HTXLYDOHQWH SRQGHUDWR $ /$HT QHL SRVWL GL ODYRUR VH TXHVWR VXSHUD L G% $ ,Q FDVR FRQWUDULR GHYH HVVHUH GLFKLDUDWR LO QRQ VXSHUDPHQWR o LQ DJJLXQWD DO SUHFHGHQWH DQFKH LO OLYHOOR GL SRWHQ]D DFXVWLFD /:$ HPHVVR GDOOD PDFFKLQD TXDQGR LO OLYHOOR GL SUHVVLRQH DFXVWLFD FRQWLQXR HTXLYDOHQWH SRQGHUDWR $ QHL SRVWL GL ODYRUR VXSHUD JOL G% $ 1HO FDVR GL PDFFKLQH GL JUDQGLVVLPH GLPHQVLRQL q SRVVLELOH VRVWLWXLUH O¶LQGLFD]LRQH GHO /:$ FRQ O¶LQGLFD]LRQH GHL OLYHOOL GL SUHVVLRQH DFXVWLFD FRQWLQXL HTXLYDOHQWL LQ DSSRVLWL SXQWL DWWRUQR DOOD PDFFKLQD o YDORUH PDVVLPR GL SUHVVLRQH DFXVWLFD LVWDQWDQHD SRQGHUDWD & OLYHOOR GL SLFFR /SLFFR QHOOH SRVWD]LRQL GL ODYRUR VH TXHVWR VXSHUD L G% & , VXGGHWWL YDORUL GHEERQR HVVHUH R TXHOOL PLVXUDWL HIIHWWLYDPHQWH VXOOD PDFFKLQD LQ TXHVWLRQH RSSXUH TXHOOL VWDELOLWL VXOOD EDVH GL PLVXUD]LRQL HIIHWWXDWH VX XQD PDFFKLQD WHFQLFDPHQWH FRPSDUDELOH H UDSSUHVHQWDWLYD GHOOD PDFFKLQD GD SURGXUUH 6L VHJQDOD LQROWUH FKH WUD L FRPSRQHQWL GL VLFXUH]]D GL FXL DOO DUW FRPPD OHWWHUD F GHOOD 'LUHWWLYD HOHQFDWL DOO¶DOOHJDWR 9 VRQR ULFKLDPDWL DQFKH L VLVWHPL H GLVSRVLWLYL GHVWLQDWL D ULGXUUH O HPLVVLRQH GL UXPRUH H GL YLEUD]LRQL 6L RVVHUYL FKH VH LO FRVWUXWWRUH LQGLFD FRUUHWWDPHQWH L YDORUL GL HPLVVLRQH VRQRUD GRSR DYHU IDWWR WXWWR LO SRVVLELOH SHU FRQWHQHUOL FRQVHQWH DO 'DWRUH GL ODYRUR ³XWLOL]]DWRUH´ GL HIIHWWXDUH XQ FRQIURQWR GHOOH SUHVWD]LRQL DFXVWLFKH RIIHUWH GDL GLYHUVL PDFFKLQDUL LQ FRPPHUFLR H TXLQGL OR PHWWH LQ JUDGR QHO FRQFUHWR GL DVVROYHUH DOO¶REEOLJR SUHYLVWR GDOO¶DUW GHO G OJV GHO DSULOH H V P L GL VFHJOLHUH OH DWWUH]]DWXUH D SL EDVVD UXPRURVLWj ,QROWUH GLUHWWDPHQWH VXOOD EDVH GHL YDORUL GL /$HT R PHGLDQWH DOFXQL FDOFROL VXOOD EDVH GHL YDORUL GL /Z$ LO 'DWRUH GL ODYRUR q LQ JUDGR GL IDUH SUHYLVLRQL VXL OLYHOOL GL HVSRVL]LRQH GHJOL RSHUDWRUL DGGHWWL R FKH RSHUDQR LQ SURVVLPLWj GHOOD PDFFKLQD LQ TXHVWLRQH /D 'LUHWWLYD PDFFKLQH UDFFRPDQGD DO SURGXWWRUH GL GHWHUPLQDUH L YDORUL GHOOH JUDQGH]]H DFXVWLFKH GD ULSRUWDUH VXOOD GRFXPHQWD]LRQH XWLOL]]DQGR L PHWRGL GHVFULWWL GDOOH QRUPH DUPRQL]]DWH LQ FDVR FRQWUDULR L GDWL DFXVWLFL GRYUDQQR HVVHUH PLVXUDWL XWLOL]]DQGR LO FRGLFH PHWRGR GL PLVXUD]LRQH SL DSSURSULDWR DGHJXDWR DOOD PDFFKLQD 1DWXUDOPHQWH q IDWWR REEOLJR DO IDEEULFDQWH GL LQGLFDUH OH FRQGL]LRQL GL IXQ]LRQDPHQWR GHOOD PDFFKLQD GXUDQWH OD PLVXUD]LRQH HG L PHWRGL GL PLVXUD]LRQH VHJXLWL ,Q RJQL FDVR VRQR GD FRQVLGHUDUVL LQFRPSOHWH HG LQDGHJXDWH OH LQIRUPD]LRQL GL UXPRURVLWj FKH QRQ IDFFLDQR ULIHULPHQWR DG XQ PHWRGR GL SURYD VWDQGDUGL]]DWR ,QROWUH VH QHFHVVDULR QHOOH LVWUX]LRQL SHU O¶XVR GHEERQR HVVHUH LQGLFDWH OH SUHVFUL]LRQL GL PRQWDJJLR YROWH D ULGXUUH LO UXPRUH H OH YLEUD]LRQL SURGRWWH DG HVHPSLR LPSLHJR GL DPPRUWL]]DWRUL QDWXUD H PDVVD GHO EDVDPHQWR HFF ,O G OJV GHO DSULOH H V P L SUHYHGH O¶REEOLJR VSHFLILFR SHU LO 'DWRUH GL ODYRUR GL DFFHUWDUH OD FRQIRUPLWj GHO PDFFKLQDULR YHULILFDQGR OD SUHVHQ]D GHOOD PDUFDWXUD &( H OD GLFKLDUD]LRQH GL FRQIRUPLWj FKH O¶DFFRPSDJQD DQGDQGR D VFHJOLHUH TXHOOD PDFFKLQD FKH D SDULWj GL SUHVWD]LRQL WHQHQGR FRQWR GHOO¶LQVLHPH GHL ULVFKL SUHVHQWL SURSRQJD YDORUL LQIHULRUL GL UXPRUH HPHVVR 6L VHJQDOD FKH WDQWR OD PDQLIHVWD DVVHQ]D GL GLVSRVLWLYL GL ULGX]LRQH GHO UXPRUH FDELQH DFXVWLFKH VLOHQ]LDWRUL HFF TXDQWR O¶DVVHQ]D WRWDOH GL LQIRUPD]LRQL VXOO¶HPLVVLRQH DFXVWLFD UHQGRQR OD PDFFKLQD QRQ FRQIRUPH HG HVSRQJRQR DQFKH O¶XWLOL]]DWRUH DOOH VDQ]LRQL SUHYLVWH GDO G OJV GHO DSULOH H V P L


/$ 9$/87$=,21( '(/ 5,6&+,2 58025(

/D FHUWLILFD]LRQH DL ILQL GHOOD 'LUHWWLYD UXPRUH &( /D 'LUHWWLYD &( UHFHSLWD GDO G OJV GHO VHWWHPEUH GLVFLSOLQD OH HPLVVLRQL DFXVWLFKH DPELHQWDOL GL PDFFKLQH HG DWWUH]]DWXUH GHVWLQDWH D IXQ]LRQDUH DOOƍDSHUWR HG q DSSOLFDELOH DG XQD YDVWD JDPPD GL PDFFKLQH SHU XVL DJULFROL H GD FDQWLHUH PD ULJXDUGD DQFKH PDFFKLQH XWLOL]]DELOL VRWWR WHQGRQL WHWWRLH R VWUXWWXUH DSHUWH GL HGLILFL 7UD OH DWWUH]]DWXUH FKH ULHQWUDQR QHO FDPSR GL DSSOLFD]LRQH VRQR FLWDWL DG HVHPSLR GHFHVSXJOLDWRUL PRWRVHJKH LGURSXOLWULFL JUXSSL HOHWWURJHQL FDUUHOOL HOHYDWRUL EHWRQLHUH LPSLDQWL IULJRULIHUL PRQWDWL VX YHLFROL YHLFROL SHU OD UDFFROWD GHL ULILXWL H FRQWHQLWRUL PRELOL GL ULILXWL HFF /D 'LUHWWLYD &( VXGGLYLGH OH PDFFKLQH H OH DWWUH]]DWXUH LQ GXH FDWHJRULH x PDFFKLQH VRJJHWWH D OLPLWL GL HPLVVLRQH DFXVWLFD DUW PDFFKLQH FKH GHEERQR REEOLJDWRULDPHQWH HVVHUH FRQWUROODWH GD XQ 2UJDQLVPR 1RWLILFDWR FKH RSHUL GHOOH YHULILFKH VLD LQ IDVH GL SURJHWWD]LRQH FKH GL SURGX]LRQH / LQWHUYHQWR GHOO 2UJDQLVPR 1RWLILFDWR QRQ q OLPLWDWR DOO HVHFX]LRQH GL VROH SURYH GL WLSR PD DQFKH DG XQ DWWLYLWj GL FRQWUROOR QHO FRUVR GHOOD SURGX]LRQH PHGLDQWH ULSHWL]LRQH GL SURYH R VRUYHJOLDQGR LO 6LVWHPD GL *HVWLRQH SHU OD 4XDOLWj DOOHJDWL 9, 9,, H 9,,, x PDFFKLQH VRJJHWWH VROR DOOD PDUFDWXUD GL UXPRURVLWj DUW PDFFKLQH FKH QRQ KDQQR O REEOLJR GL ULVSHWWDUH OLPLWL GL UXPRUH PD VXOOH TXDOL q FRPXQTXH QHFHVVDULR HVHJXLUH OH SURYH GLFKLDUDUH LO YDORUH GL SRWHQ]D VRQRUD JDUDQWLWD H DSSRUUH OD PDUFDWXUD GL FRQIRUPLWj DOOHJDWR 9 ,O G OJV GHO VHWWHPEUH SUHYHGH DOO¶DOOHJDWR ,9 XQD VSHFLILFD WDUJKHWWD DSSRVWD DOOD PDFFKLQD ODEHO DFXVWLFD VXOOD TXDOH GHYH HVVHUH ULSRUWDWD O¶LQGLFD]LRQH GHO OLYHOOR GL SRWHQ]D VRQRUD /:$ SURGRWWD D WDO SURSRVLWR VL VHJQDODQR OH PRGLILFKH DOOD 'LUHWWLYD &( DSSRUWDWH GDOOD 'LUHWWLYD &( UHFHSLWD GDO G P OXJOLR

),*85$ 7$5*+(77( 5,3257$17, ,/ /,9(//2 ', 327(1=$ 62125$ 3(5 81$ 0$&&+,1$ 2 $775(==$785$ 5,6321'(17( $//$ &( 61 ( $ 48(//$ 35(&('(17( 1250$7,9$ ';

,O 0LQLVWHUR GHOO $PELHQWH H GHOOD 7XWHOD GHO 7HUULWRULR H GHO 0DUH UHFHSHQGR LO G OJV GHO VHWWHPEUH KD DIILGDWR DG ,635$ LO FRPSLWR GHOOD 6RUYHJOLDQ]D GHO 0HUFDWR


/$ 9$/87$=,21( '(/ 5,6&+,2 58025(

/D PDSSDWXUD DFXVWLFD

$O ILQH GL VWXGLDUH L SRVVLELOL LQWHUYHQWL DOOD IRQWH SHU OD ULGX]LRQH GHO OLYHOOR GL UXPRUH QHOO¶DPELHQWH q QHFHVVDULR DQDOL]]DUH D IRQGR LO FOLPD DFXVWLFR SUHVHQWH PHGLDQWH DFFXUDWH LQGDJLQL 8Q¶DQDOLVL DSSURIRQGLWD FRQVHQWH LQIDWWL GL FRPSUHQGHUH TXDOL VRQR OH VRUJHQWL SULQFLSDOL GL UXPRUH FRPH TXHVW¶XOWLPR VL SURSDJD DOO¶LQWHUQR GHOO¶DPELHQWH H FRPH LQWHUYHQLUH VH SRVVLELOH VXOOH VRUJHQWL DQFKH PRGLILFDQGR LO OD\ RXW H VXOOH YLH GL SURSDJD]LRQH ,O SULPR SDVVR VHJXLWR SHU DSSURFFLDUH XQ SUREOHPD GL ERQLILFD DFXVWLFD q TXHOOR UHODWLYR DOO¶LQGLYLGXD]LRQH GHOOH ]RQH FULWLFKH GDO SXQWR GL YLVWD GHOOD UXPRURVLWj $O ILQH GL FDUDWWHUL]]DUH OD UXPRURVLWj QHOO¶DPELHQWH YLHQH TXLQGL UHDOL]]DWD XQD PDSSDWXUD DFXVWLFD FKH IRUQLVFH XQD YDOXWD]LRQH GHOOD UXPRURVLWj QHL YDUL SXQWL FRVWLWXHQWL OD VXSHUILFLH GHOO¶DPELHQWH RJJHWWR GL YDOXWD]LRQH

),*85$ (6(03,2 ', 0$33$785$ $&867,&$

3HU UHDOL]]DUH TXHVWR WLSR GL PDSSDWXUD RFFRUUH HVHJXLUH GLYHUVH PLVXUH GL OLYHOOR HTXLYDOHQWH QHOO¶DPELHQWH LQ DOWUHWWDQWH SRVL]LRQL VXFFHVVLYDPHQWH L GDWL RWWHQXWL YHQJRQR WUDVIHULWL LQ VSHFLILFL VRIWZDUH FDSDFL GL HVHJXLUH O¶LQWHUSROD]LRQH H OD VXFFHVVLYD UDSSUHVHQWD]LRQH JUDILFD ULSRUWDWD LQ ILJXUD 6L VHJQDOD FKH WDOL VRIWZDUH VRQR LQ JUDGR GL HVHJXLUH VRODPHQWH XQD PHUD LQWHUSROD]LRQH GHL GDWL LQVHULWL H GL FRQVHJXHQ]D QRQ VRQR LQ JUDGR GL SUHYHGHUH OD UXPRURVLWj UHDOPHQWH SUHVHQWH WUD GXH SXQWL PLVXUDWL SHU WDOH PRWLYR GHWWL SURJUDPPL SRVVRQR HVVHUH XWLOL]]DWL VROR D SDWWR FKH L GDWL GL SDUWHQ]D RVVLD OH PLVXUH GL UXPRUH VLDQR VWDWL ULOHYDWL LQ SRVL]LRQL RSSRUWXQDPHQWH VFHOWH HG LQ QXPHUR DGHJXDWR LQ IXQ]LRQH GHOOD JHRPHWULD H GHOOD FRPSOHVVLWj GHOO¶DPELHQWH H GHOOH VRUJHQWL VRQRUH SUHVHQWL /H PDSSDWXUH DFXVWLFKH SRVVRQR HVVHUH HVHJXLWH VLD QHO SLDQR RUL]]RQWDOH DG XQ¶DOWH]]D VLJQLILFDWLYD WLSLFDPHQWH DOO¶DOWH]]D GHOO¶RUHFFKLR GHOOH SHUVRQH SUHVHQWL VLD QHO SLDQR YHUWLFDOH LQ XQD GHWHUPLQDWD SRVL]LRQH SHU YDOXWDUH LQ FKH PRGR LO UXPRUH VL GLVWULEXLVFH VHFRQGR OD VH]LRQH FRQVLGHUDWD 2OWUH FKH SHU PH]]R GL XQD PDSSD D FRORUL OD GLVWULEX]LRQH GHO UXPRUH QHOO¶DPELHQWH SXz HVVHUH YLVXDOL]]DWD WUDPLWH FXUYH GL LVROLYHOOR RVVLD WUDPLWH FXUYH FKH UDFFRUGDQR WXWWL L SXQWL FRQ OR VWHVVR OLYHOOR GL SUHVVLRQH VRQRUD


/$ 9$/87$=,21( '(/ 5,6&+,2 58025(

3L LQ JHQHUDOH ODGGRYH VLDQR SRWHQ]LDOPHQWH VXSHUDWL JOL G% $ GL HVSRVL]LRQH O¶DXVLOLR FKH SXz IRUQLUH OD PDSSDWXUD DFXVWLFD QHOO¶DPELWR GHO SURFHVVR GL YDOXWD]LRQH GHO ULVFKLR GRYXWR DOO¶HVSRVL]LRQH DO UXPRUH FRQVLVWH QHOOD SRVVLELOLWj GL HYLGHQ]LDUH LPPHGLDWDPHQWH OH DUHH GRYH O¶HVSRVL]LRQH q VXSHULRUH DJOL G% $ H OH UHFLSURFKH LQWHUIHUHQ]H GRYXWH DOOH VRUJHQWL HG DOOD ORUR SRVL]LRQH QHOO¶DPELHQWH RJJHWWR GL YDOXWD]LRQH &RPH VL HVDPLQHUj SL DYDQWL OD PDSSDWXUD DFXVWLFD ULVXOWD GL IRQGDPHQWDOH VXSSRUWR QHOOD SUHGLVSRVL]LRQH GHO 3 $ 5 ( 3URJUDPPD $]LHQGDOH SHU OD 5LGX]LRQH GHOO (VSRVL]LRQH QHOO¶DPELWR GHOOD SUHGLVSRVL]LRQH PLVXUH WHFQLFKH H RUJDQL]]DWLYH GL FRQWHQLPHQWR GHO ULVFKLR YHGL QRUPD 81, IRUQHQGR XQ DWWHQGLELOH TXDGUR DFXVWLFR G¶LQVLHPH GHL OXRJKL GL ODYRUR

),*85$ ,62/$0(172 $&867,&2 ', $0%,(17, ', /$9252

,O OD\RXW GDWL GHOOH LQGDJLQL IRQRPHWULFKH HVHJXLWH SXQWL GL PLVXUD HVSRVWL VRUJHQWL H DPELHQWL FRQVHQWH GL GHVFULYHUH OD VLWXD]LRQH GL UXPRURVLWj LQ GHWHUPLQDWH ]RQH GL XQ DPELHQWH GL ODYRUR DOO LQWHUQR R DOO HVWHUQR VL HVHJXRQR JHQHUDOPHQWH OH VHJXHQWL IDVL x GHILQL]LRQH GHL SRVWL GL ODYRUR H GHOOH UHODWLYH JUDQGH]]H GL UXPRUH DPELHQWDOH x GHILQL]LRQH SHU RJQL SHUVRQD GHL SRVWL GL ODYRUR LQWHUHVVDWL H GHOOH UHODWLYH HVSRVL]LRQL VRQRUH x GHILQL]LRQH GHOOH VRUJHQWL VRQRUH H GHOOH UHODWLYH JUDQGH]]H GL HPLVVLRQH GHO UXPRUH 4XHVWL GDWL SRVVRQR HVVHUH HOHQFDWL LQ XQD VFKHGD LQIRUPDWLYD GHO UXPRUH HG HYHQWXDOPHQWH ULSRUWDWL LQ PDSSH GHO UXPRUH SHU VLQJROH ODYRUD]LRQL


/$ 9$/87$=,21( '(/ 5,6&+,2 58025(

,O 3 $ 5 (

/D YDOXWD]LRQH GHO ULVFKLR UXPRUH QHJOL DPELHQWL GL ODYRUR q XQD DWWLYLWj FKH LQ GHILQLWLYD VL SUHILJJH OH VHJXHQWL ILQDOLWj FDOFRODUH LO YDORUH GL HVSRVL]LRQH SHUVRQDOH DO UXPRUH GD FXL IDU GLVFHQGHUH OH PLVXUH GL SUHYHQ]LRQH SHU OD VDOXWH GHL ODYRUDWRUL HVSRVWL H VWDELOLUH VH L '3, X LQ XVR VLDQR HIILFDFL SHU XQD FRUUHWWD DWWHQXD]LRQH LQGLFDUH JOL LQWHUYHQWL WHFQLFL H RUJDQL]]DWLYL FKH SRVVRQR HVVHUH DGRWWDWL GDO 'DWRUH GL ODYRUR DO ILQH GL ULGXUUH O HVSRVL]LRQH DO ULVFKLR ODGGRYH OD UXPRURVLWj VLD ULVXOWDWD VXSHULRUH DL YDORUL SUHYLVWL GDOOD QRUPDWLYD YLJHQWH QRQFKp LQGLYLGXDUH OH DUHH GL ODYRUR D PDJJLRU UXPRURVLWj DO ILQH GHOOD ORUR GHOLPLWD]LRQH VHJQDOD]LRQH H OLPLWD]LRQH GL DFFHVVR ,O G OJV GHO DSULOH H V P L FRPH QRWR SUHVFULYH DOO¶DUW FKH DO VXSHUDPHQWR GHO OLPLWH GL D]LRQH VXSHULRUH G% $ H R /SLFFR VXSHULRUH D G% & LO 'DWRUH GL ODYRUR SUHYHGD H DGRWWL PLVXUH WHFQLFKH H RUJDQL]]DWLYH SHU ULGXUUH O¶HVSRVL]LRQH DO UXPRUH GHL VXRL ODYRUDWRUL /D QRUPD 81, SUHYHGH LO 3 $ 5 ( 3URJUDPPD $]LHQGDOH SHU OD 5LGX]LRQH GHOO (VSRVL]LRQH FKH FRQWHPSOD XQ SURJUDPPD GL PLVXUH WHFQLFKH H RUJDQL]]DWLYH SHU O¶HVHFX]LRQH GL LQWHUYHQWL DWWL D ULGXUUH LO ULVFKLR UXPRUH SUHIHULELOPHQWH DOOD IRQWH (VVR GHILQLVFH TXLQGL XQ PRGHOOR GL SURJUDPPD GL ULGX]LRQH GHOO HVSRVL]LRQH DO UXPRUH QHL OXRJKL GL ODYRUR HYLGHQ]LDQGRQH FRQWHVWXDOPHQWH LO OLYHOOR GL GHWWDJOLR DOOR VFRSR GL IRUQLUH XQR VWUXPHQWR GL RULHQWDPHQWR LQ XQD UHDOWj FKH DO PRPHQWR SURSRQH OH VROX]LRQL SL GLIIHUHQ]LDWH 3HU FLDVFXQD VLWXD]LRQH FKH SUHVHQWL OLYHOOL GL HVSRVL]LRQH HOHYDWL LO 'DWRUH GL ODYRUR GRYUj LQGLFDUH QHO 3 $ 5 ( JOL LQWHUYHQWL WHFQLFL H RUJDQL]]DWLYL FKH WUD TXHOOL FRQFUHWDPHQWH DWWXDELOL LQWHQGH UHDOL]]DUH ILVVDQGR O RELHWWLYR DFXVWLFR GRYH WHFQLFDPHQWH SRVVLELOH LQ DFFRUGR FRQ OH LQGLFD]LRQL WHFQLFKH FRQWHQXWH QHOOH QRUPH GHOOD VHULH 81, (1 ,62 ,O 3 $ 5 ( GRYUj TXLQGL SUHYHGHUH SXQWR 81, ¾ O¶HOHQFR GHL PDFFKLQDUL GHOOH DWWLYLWj H GHL ODYRUDWRUL LQ UHOD]LRQH DL TXDOL VL q ULVFRQWUDWR LQ VHGH GL YDOXWD]LRQH GHO ULVFKLR LO VXSHUDPHQWR GHL YDORUL VXSHULRUL GL D]LRQH ¾ OH PLVXUH WHFQLFKH H RUJDQL]]DWLYH FKH VL LQWHQGRQR DGRWWDUH D PH]]R GL VROX]LRQL WHFQLFKH SURJHWWL FRVWL GL FLDVFXQ LQWHUYHQWR HFF ¾ L ULVXOWDWL FKH VL DWWHQGRQR GRSR JOL LQWHUYHQWL LQ WHUPLQL GL GLPLQX]LRQH GHL OLYHOOL GL HVSRVL]LRQH /(; H R /SLFFR EHQHILFLR DWWHVR ¾ L WHPSL GL HVHFX]LRQH GL RJQL VLQJROR LQWHUYHQWR ¾ OD PLVXUD GHL ULVXOWDWL RWWHQXWL ¾ O¶LGHQWLILFD]LRQH GDOOD SHUVRQD FKH QHOO¶DPELWR GHOO¶D]LHQGD UHVSRQVDELOH D]LHQGDOH VL RFFXSHUj GHOO¶DWWXD]LRQH GHL VLQJROL LQWHUYHQWL ¾ OH PRGDOLWj GL YHULILFD GHL ULVXOWDWL DFXVWLFL RWWHQXWL D VHJXLWR GHOO¶LQWHUYHQWR GL FRQWUROOR GHOO¶HIILFLHQ]D DFXVWLFD QHO WHPSR GL PDQXWHQ]LRQH H GL VPDOWLPHQWR D ILQH YLWD GHOO¶LQWHUYHQWR $ FRPSOHWDPHQWR GHOO¶LQWHUYHQWR GL ULGX]LRQH GHO ULVFKLR LO 3 $ 5 ( GHYH DQFKH SUHYHGHUH XQ LQWHUYHQWR LQIRUPDWLYR H IRUPDWLYR GHVWLQDWR DL ODYRUDWRUL SHU LOOXVWUDUH OH QRYLWj LQWURGRWWH QHOOH DWWUH]]DWXUH H VXL PDFFKLQDUL QHJOL DPELHQWL GL ODYRUR QHOOH SURFHGXUH H QHOOH RSHUD]LRQL PDQXWHQ]LRQH ,O 3 $ 5 ( GHYH FRQWHQHUH DOPHQR SXQWR 81, ¾ XQ¶LQWHVWD]LRQH FKH VL SXz RPHWWHUH VH LO 3 $ 5 ( q FRQWHQXWR QHO '95 ¾ GHOOH VFKHGH GL VLQWHVL GHOOH VLWXD]LRQL GL ULVFKLR ¾ XQ SURVSHWWR ULDVVXQWLYR GHJOL LQWHUYHQWL SURJUDPPDWL ¾ GHOOH VFKHGH LOOXVWUDWLYH GHL VLQJROL LQWHUYHQWL ULSRUWDWL QHO SURVSHWWR ULDVVXQWLYR 1HOO LGHQWLILFD]LRQH GHOOH PRGDOLWj GL ULGX]LRQH GHO ULVFKLR GHEERQR HVVHUH FRQVLGHUDWL LQQDQ]LWXWWR JOL LQWHUYHQWL FKH ULGXFRQR LO UXPRUH DOOD VRUJHQWH TXLQGL TXHOOL FKH OR ULGXFRQR OXQJR LO SHUFRUVR GL SURSDJD]LRQH HG LQILQH TXHOOL FKH DJLVFRQR GLUHWWDPHQWH VXOOD SRVWD]LRQH GL ODYRUR )HUPR UHVWDQGR O¶RELHWWLYR GL ULGXUUH D UXPRUH DL OLYHOOL PLQLPL SRVVLELOL LQ FRQIRUPLWj FRQ OD 81, (1 ,62 JOL RELHWWLYL LQ WHUPLQL GL /$HT FRQVLJOLDWL GDOOD QRUPD 81, VRQR GD G% $ D G% $ SHU JOL DPELHQWL LQGXVWULDOL H GD G% $ D G% $ SHU JOL XIILFL

9HGL QRWD DO SDUDJUDIR


/$ 9$/87$=,21( '(/ 5,6&+,2 58025(

/D QRUPD 81, UDPPHQWD FKH OD SURJHWWD]LRQH GHOO LQWHUYHQWR GHYH HVVHUH WDOH GD HYLWDUH XOWHULRUL ULVFKL SHU OD VLFXUH]]D DG HVHPSLR LO ULVFKLR LQFHQGLR H SHU OD VDOXWH DG HVHPSLR PLQRU ULFDPELR G DULD YHUVR L ODYRUDWRUL H R SUREOHPL LJLHQLFR VDQLWDUL YHUVR LO SURGRWWR DG HVHPSLR QHO VHWWRUH DOLPHQWDUH RYYHUR PDJJLRUL ULVFKL YHUVR L UHFHWWRUL HVWHUQL GD XOWLPR HVVR IRUQLVFH LQGLFD]LRQL VXOOH FDUDWWHULVWLFKH SURIHVVLRQDOL H IRUPDWLYH QRQFKp GHOOH GLVSRQLELOLWj VWUXPHQWDOL GHO SHUVRQDOH TXDOLILFDWR GHVLJQDWR DOOD SURJHWWD]LRQH GHJOL LQWHUYHQWL ULSRUWDWL QHO 3 $ 5 ( /H PRGDOLWj GL ULGX]LRQH GHOO HVSRVL]LRQH VRQR VXGGLYLVH LQ GXH FDWHJRULH LQWHUYHQWL WHFQLFL LQWHUYHQWL SHU OD ULGX]LRQH GHO UXPRUH HPHVVR WUDVPHVVR R ULFHYXWR GDO ODYRUDWRUH HG LQWHUYHQWL RUJDQL]]DWLYL LQWHUYHQWL SHU OD ULGX]LRQH GHOO¶HVSRVL]LRQH R SHU OD SURPR]LRQH GHJOL LQWHUYHQWL FKH ULGXFRQR LO ULVFKLR (VHPSL GL LQWHUYHQWL WHFQLFL R OD VHSDUD]LRQH GHOOH DWWLYLWj UXPRURVH GD TXHOOH QRQ UXPRURVH R OD ULGX]LRQH GHO UXPRUH DOOD VRUJHQWH PHGLDQWH VRVWLWX]LRQH GHOOH DWWUH]]DWXUH GL ODYRUR FRQ DOWUH PHQR UXPRURVH R O¶LGHQWLILFD]LRQH GL VROX]LRQL WHFQRORJLFKH DOWHUQDWLYH R PLJOLRUDWLYH GHOOD FRUUHQWH PRGDOLWj SURGXWWLYD FKH ULVXOWLQR DFFUHGLWDWH GD ULOLHYL DFXVWLFL VSHULPHQWDOL QHOOH FRQGL]LRQL HIIHWWLYH GL XWLOL]]R GD QRUPH WHFQLFKH R GD ELEOLRJUDILD WHFQLFD DXWRUHYROH OD ULGX]LRQH GHO UXPRUH DOOD VRUJHQWH PHGLDQWH UHJROD]LRQH GHL SDUDPHWUL R GHOOH PRGDOLWj GL IXQ]LRQDPHQWR GHOOH DSSDUHFFKLDWXUH DO ILQH GL PLQLPL]]DUQH LO UXPRUH HPHVVR SHU HVHPSLR DGR]LRQH GL VLVWHPL SHU OD ULGX]LRQH DO PLQLPR GHOOH DOWH]]H GL FDGXWD GHL SH]]L LQ ODYRUD]LRQH R GHJOL VFDUWL R O¶DGR]LRQH GL VLVWHPL DQWLYLEUDQWL SHU OD ULGX]LRQH GHO UXPRUH WUDVPHVVR SHU YLD VROLGD R OD ULGX]LRQH GHO UXPRUH DOOD VRUJHQWH PHGLDQWH LQVRQRUL]]D]LRQH VLOHQ]LDWRUL FDSSRWWDWXUH GHOOH PDFFKLQH DSSDUHFFKLDWXUH UXPRURVH R OD ULGX]LRQH GHO UXPRUH GLIIXVR ORQWDQR GDOOD VRUJHQWH WUDPLWH VFKHUPL DFXVWLFL SDQQHOOL LQVRQRUL]]DQWL PDWHULDOL FRQ PDJJLRU FRHIILFLHQWH G DVVRUELPHQWR PRGLILFD GHO FLFOR SURGXWWLYR D]LHQGDOH R DOWUL DFFRUJLPHQWL PLUDWL D GLPLQXLUH LO ULYHUEHUR GHOO¶DPELHQWH OD FUHD]LRQH GL ]RQH GL SHUPDQHQ]D GHL ODYRUDWRUL LVRODWH GDO UXPRUH FDELQH GL ULSRVR DFXVWLFR (VHPSL GL LQWHUYHQWL RUJDQL]]DWLYL R OD PRGLILFD GHOOD GLVWULEX]LRQH GHOOH SRVWD]LRQL GL ODYRUR R OD ULVWUXWWXUD]LRQH GHO FLFOR SURGXWWLYR DO ILQH GL HYLWDUH OD SUHVHQ]D FRQFRPLWDQWH GL SL DWWLYLWj UXPRURVH LQ VSD]L ULVWUHWWL R OD FRUUHWWD PDQXWHQ]LRQH SHU LO PDQWHQLPHQWR GHO UXPRUH HPHVVR GDOOD PDFFKLQD DL OLYHOOL RULJLQDULDPHQWH SUHYLVWL GDO IDEEULFDQWH R O¶DGR]LRQH GL SURFHGXUH SHU OD WXUQD]LRQH GHO SHUVRQDOH DGGHWWR DOOH ODYRUD]LRQL UXPRURVH DO ILQH GL PLQLPL]]DUH D WHPSR GL HVSRVL]LRQH SUR FDSLWH R O¶DGR]LRQH GL DSSRVLWD VHJQDOHWLFD GL VLFXUH]]D SHULPHWUD]LRQH H OLPLWD]LRQH DOO¶DFFHVVR SHU L QRQ DGGHWWL DL ODYRUL QHOOH DUHH FRQ OLYHOOL VXSHULRUL D TXHOOL LQGLFDWL GDOOD OHJLVOD]LRQH R O¶LQIRUPD]LRQH H OD IRUPD]LRQH GHL ODYRUDWRUL DO ILQH GL XWLOL]]DUH OH DSSDUHFFKLDWXUH L PHWRGL H OH SURFHGXUH GL ODYRUR LQ PRGR GD UHQGHUH PLQLPD O¶HVSRVL]LRQH DO UXPRUH 1HOOD QRUPD 81, VL DIIHUPD FKH PHQWUH SHU JOL LQWHUYHQWL WHFQLFL q JHQHUDOPHQWH QHFHVVDULR DIILGDUVL DG XQD FRPSHWHQ]D VSHFLILFD LQ DFXVWLFD H R VLFXUH]]D VXO ODYRUR SHU JOL LQWHUYHQWL RUJDQL]]DWLYL FLz QRQ q JHQHUDOPHQWH ULFKLHVWR 6L ULPDQGD SHU XOWHULRUL LQIRUPD]LRQL DOOD FRQVXOWD]LRQH GHO PDQXDOH HGLWR GDOO¶,1$,/ ³0HWRGRORJLH H LQWHUYHQWL WHFQLFL SHU OD ULGX]LRQH GHO UXPRUH QHJOL DPELHQWL GL ODYRUR´ FRQVXOWDELOH DO VHJXHQWH OLQN KWWS ZZZ LQDLO LW LQWHUQHWBZHE ZFP LGF JURXSV LQWHUQHW GRFXPHQWV GRFXPHQW XFPB SGI

),*85$ (6(03,2 ', 6&+(50$785$ ', $77,9,7¬ 5802526$


6&+(0$7,==$=,21( '(, 3266,%,/, ,17(59(17, 7(&1,&, $778$%,/,

/$ 9$/87$=,21( '(/ 5,6&+,2 58025(


/$ 9$/87$=,21( '(/ 5,6&+,2 58025(

/D VWUXWWXUD GHOOD QRUPD 81, 6FRSR H FDPSR GL DSSOLFD]LRQH 5LIHULPHQWL QRUPDWLYL 7HUPLQL H GHILQL]LRQL 5HTXLVLWL GHO 3 $ 5 ( 3URJUDPPD $]LHQGDOH GL 5LGX]LRQH GHOO¶(VSRVL]LRQH D UXPRUH $SSHQGLFL LQIRUPDWLYH $SSHQGLFH $ ,QGLFD]LRQL RULHQWDWLYH VXOOD VFHOWD GHJOL LQWHUYHQWL WHFQLFL GL FRQWUROOR GHO ULVFKLR UXPRUH $SSHQGLFH % 9DOXWD]LRQL RULHQWDWLYH VXOO¶HIILFDFLD GHJOL LQWHUYHQWL WHFQLFL GL FRQWUROOR GHO ULVFKLR UXPRUH H GHL FRVWL GHOOH VROX]LRQL $SSHQGLFH & 5HTXLVLWL SURIHVVLRQDOL GHO SHUVRQDOH TXDOLILFDWR %LEOLRJUDILD , FULWHUL JHQHUDOL FKH GHEERQR JXLGDUH QHOOD VFHOWD GL XQ LQWHUYHQWR VRQR GHILQL]LRQH GL XQ RUGLQH GL SULRULWj FRQVLGHUD]LRQH GL WXWWH OH FRQVHJXHQ]H GHOO¶LQWHUYHQWR FRQVLGHUD]LRQH GHOO¶LQWHUD]LRQH WUD O¶LQWHUYHQWR SURJHWWXDOH SURSRVWR HG LO SURFHVVR SURGXWWLYR GHOO¶D]LHQGD ,Q VRVWDQ]D UDJLRQDQGR LQ WHUPLQL GL UDSSRUWR FRVWL EHQHILFL SXQWR 81, SRWUHPPR FRQVLGHUDUH LO UDSSRUWR Ș F Ș 1 ¼ G% σ ¨ G% L QL L GRYH F q LO FRVWR GHOO¶RSHUD FRPSUHQVLYR GL WXWWH OH YRFL GL VSHVD PHVVD LQ RSHUD FROODXGR PDQXWHQ]LRQH HFF ¨ G%L q O¶DWWHQXD]LRQH LQ G% DVVLFXUDWR GDOO¶LQWHUYHQWR DG XQ L HVLPR JUXSSR GL ODYRUDWRUL QL q LO QXPHUR GL ODYRUDWRUL GHOO¶L HVLPR JUXSSR 1 q LO QXPHUR GL JUXSSL GL ODYRUDWRUL FKH RWWHQJRQR XQ EHQHILFLR DFXVWLFR /D VROX]LRQH RWWLPDOH q TXHOOD DOOD TXDOH FRUULVSRQGH LO YDORUH PLQLPR GL Ș $G HVHPSLR VL VXSSRQJD GL GRYHU RSHUDUH LQ ULIHULPHQWR DG XQ DPELHQWH GL ODYRUR QHO TXDOH RSHULQR Q ODYRUDWRUL FKH SUHVHQWLQR WXWWL 1 XQ OLYHOOR GL HVSRVL]LRQH VXSHULRUH DO YDORUH OLPLWH GL D]LRQH VXSHULRUH G% $ H VL VFHOJD GL LQVWDOODUH XQD VHULH GL EDUULHUH IRQRLVRODQWL DYHQWL VXSHUILFLH FRPSOHVVLYD SDUL D PT 1HOO¶LSRWHVL GL GRYHU VFHJOLHUH WUD GXH SRVVLELOL RS]LRQL ± ,SRWHVL $ SDQQHOOL LVRODQWL DFXVWLFL HIILFDFLD ¨ G% G% FRVWR GHOO¶RSHUD ¼ PT ± ,SRWHVL % SDQQHOOL LVRODQWL DFXVWLFL HIILFDFLD ¨ G% G% FRVWR GHOO¶RSHUD ¼ PT

Ș$

[ [

¼ G%

Ș%

[ [

¼ G%

VROX]LRQH PLJOLRUH


/$ $ 9$ $/8 87$ $=,2 21( ( '( (/ 5,6 6&+ +,2 580 025(

),*8 85$ $ %$ $55 5,(5( ( )2 212,,62/ /$17 7,

/D QRUUPD ULJX XDUG GDQWWH L 3 $ $ 5 ( Q QHL OXRJ JKL G GL OD DYRUUR VVSHF FLILFD D D FRP PH LQGLFDUUH JOL LQWHUY YHQWWL WHFQLF FL H RUJ JDQL]]D DWLYL FKH H YH HQJR RQR DGR RWWDWWL GD DOO¶D D]LHQ QGD D SH HU ULG GXUUUH O¶H HVSR RVL]]LRQ QH DO UXP PRUUH QH HL OX XRJK KL GL ODY YRUR R E FRP PH LGH HQWLILLFDUUH OH H DUUHH GL ODYR O RUR D PDJJ P JLRUU ULVVFKLR R DOO ILQ QH G GHOOD D ORUUR G GHOLP PLWD D]LRQH VVHJQDOD D]LR RQH UHVWWUL]LRQH H DOO¶¶DFF FHVVVR FFRVuu FRPH ULFK KLHV VWR G GDOOD D OHJ JLVOD D]LR RQH YLJHQWH H DWWUDYYHUVVR OD D UH HGD] ]LRQ QH GL XQ Q 3 $ $ 5 5 ( DO UX XPR RUH 1H HO 3 $ 5 5 ( GHE HVVHUH IRUQ QLWH XQD D VH HULH GL LQIRUUPD D]LRQ QL D D FRP PLQFLDUUH GDOO¶H HOHQ QFR GHL ODYRUDWWRUL H GHOOH DWWLLYLWj j EERQR H SHUU L T TXDOLL VL q q ULVVFRQ QWUD DWR LQ ID DVH GL Y YDOXWWD]LR RQH H GHO ULVVFKLR R LO VVXS SHUDPHQ QWR GHL YDORUL S SUHYYLVWLL 0D D DQ QFKH H OH PLVVXUH H WHFFQLFKH H H RUUJDQ QL]]DWLY YH FK KH VVL LQ QR D DGRWWWDUH H DOOR R VFFRSR R WH HQXWR FFRQWR GH HOOH HVLJHQ Q]H QWHQGRQ GHOOD V VLFXUH]]]D VLD GHO SHUUVRQ QDOH H FK KH G GHOOH H PD DFFFKLQH H FKH G GHL SURG GRWWWL GHOOD S SURG GX]LLRQH H GHOO¶DP PELH HQWH H 9DQQR R LQG GLFD DWL L ULVXOWD DWL DWWHV D VL GDJOLL LQWWHUYHQWLL GL ULG X]LR RQH GHL OLYYHOOL GL HVS SRVL]LRQ QH L WH SL GL DWWWXD]]LRQ QH GHOOH G H HPS VLQ QJROH H P PLVXUUH G RQLILFD DFX XVWLF FD LLO VH HWWRUUH D D]LHQ QGD GL ULIIHULP PHQ QWR LO VRJJ JHWWR R L LQ QFD DULFD QH G GHOOH H GL ER DOH G DWR L GHOO¶DWWWXD]]LRQ PLVVXUH H GL ERQ QLILFFD OH H PRGD DOLWj GL Y YHULIILFD GHL ULVXOWD DWL D FXVWLFL GL F FRQWUROOOR GHOO¶H HIILF FLHQ] ]D D DFXVVWLFD D QH HO WH HPS SR


/$ 9$/87$=,21( '(/ 5,6&+,2 58025(

(VHPSLR GL XQD VFKHGD GL VLQWHVL GL XQD VLWXD]LRQH GL ULVFKLR FRQWHQXWD QHO 3 $ 5 ( 6FKHGD GL VLQWHVL IDOHJQDPHULD 5LVFKLR HYLGHQ]LDWR

2ULJLQH GHO ULVFKLR

'DOOD YDOXWD]LRQH GHO ULVFKLR GD HVSRVL]LRQH D UXPRUH HPHUJH FKH /¶(; K G% $

3UHVHQ]D GL DWWLYLWj SDUWLFRODUPHQWH UXPRURVD SUHVHQWL QHOO¶DUHD VHJKHULD VHJD D QDVWUR

3URVSHWWR GHJOL LQWHUYHQWL SURJUDPPDWL 1RWH JHQHUDOL /¶DPELHQWH GL ODYRUR VHJKHULD ULVHQWH LQ PDQLHUD VLJQLILFDWLYD GHOOH HPLVVLRQL VRQRUH SURYHQLHQWL GD DWWLYLWj OLPLWURIH VH]LRQDWULFH H OHYLJDWULFH LQ SULPLV OH TXDOL WXWWDYLD QHFHVVLWDQR GHO FROOHJDPHQWR FRQ OH DOWUH DUHH SURGXWWLYH GHO UHSDUWR 6L ULWLHQH LPSURURJDELOH SURFHGHUH DG XQ SULPR LQWHUYHQWR XUJHQWH GL ULGX]LRQH GHO ULVFKLR H TXLQGL SURJUDPPDUH LQWHUYHQWL GL PDJJLRUH LPSDWWR VXOO¶RUJDQL]]D]LRQH GHOO¶LQWHUR FLFOR ODYRUDWLYR

&URQRSURJUDPPD GHJOL LQWHUYHQWL 0RGLILFD SRVWD]LRQL GL ODYRUR DUHD VHJKHULD

JLRUQL

0RGLILFD GHOOD GLVWULEX]LRQH GHOOH SRVWD]LRQL GL ODYRUR

PHVL

$OORQWDQDPHQWR LQ DOWUD DUHD GHOOD OHYLJDWULFH

PHVL

6FKHGD GHOO¶LQWHUYHQWR Q 6SHFLILFKH GHOO¶LQWHUYHQWR )RUQLWXUD H SRVD LQ RSHUD GL SDQQHOOL LVRODQWL DFXVWLFL FRPSRVLWL HG LJQLIXJKL UHDOL]]DWL FRQ XQD ODVWUD GL FDUWRQJHVVR DG DOWD GHQVLWj FRPELQDWD FRQ XQ VROLGR IRJOLR GL JRPPD HVSDQVD LQ ILRFFKL FRPSUHVVL DG DOWR SRWHUH IRQRLVRODQWH H IRQRDVVRUEHQWH FKH IXQJH GD PROOD QHOOH DSSOLFD]LRQL LQ FRQWURSODFFDJJLR GL SDUHWL JLj HVLVWHQWL FRQVHQWHQGR O RWWHQLPHQWR GL VWDQGDUG GL ULVDQDPHQWR DFXVWLFR GL DVVROXWR ULOLHYR %HQHILFLR DWWHVR $OO¶HVLWR FROODXGR VL DWWHQGH XQD ULGX]LRQH GHO /¶(; K GL G% $

6WLPD GHL FRVWL 3DUHWL GD FP FRQ SODFFDJJLR VXL GXH ODWL FRQ SDQQHOOL LVRODQWL VSHVVL PP 0LJOLRUDPHQWR G% Ș ¼ G% [

Ș ¼ G% F ¼ Q 1 'G% 7HPSL GL DWWXD]LRQH GDO DO

&URQRSURJUDPPD D ,QVWDOOD]LRQH GL SDQQHOOL IRQRLVRODQWL SHU LVRODUH OD VHJD D QDVWUR GDO UHVWR GHOOD IDOHJQDPHULD

JLRUQL

E 7UDWWDPHQWR DFXVWLFR GHO VRIILWWR GHOO¶DUHD VRYUDVWDQWH OD ]RQD SURWHWWD

JLRUQL

5HVSRQVDELOH D]LHQGDOH 6LJ )LOLSSR 0DVWURQDUGL SUHSRVWR D]LHQGDOH


/$ 9$/87$=,21( '(/ 5,6&+,2 58025(

/H PLVXUH GL SUHYHQ]LRQH $L VHQVL GHOO¶DUW GHO G OJV GHO DSULOH H V P L QHO SURFHVVR GL YDOXWD]LRQH GHO ULVFKLR GL HVSRVL]LRQH DO UXPRUH GXUDQWH OH DWWLYLWj ODYRUDWLYH RFFRUUH SUHQGHUH LQ FRQVLGHUD]LRQH LQ SDUWLFRODUH x LO OLYHOOR LO WLSR H OD GXUDWD GHOO¶HVSRVL]LRQH LYL LQFOXVD RJQL HVSRVL]LRQH D UXPRUH LPSXOVLYR x L YDORUL OLPLWH GL HVSRVL]LRQH HG L YDORUL GL D]LRQH GL FXL DOO¶DUW x WXWWL JOL HIIHWWL VXOOD VDOXWH H VXOOD VLFXUH]]D GHL ODYRUDWRUL SDUWLFRODUPHQWH VHQVLELOL DO UXPRUH x JOL HIIHWWL VXOOD VDOXWH H VLFXUH]]D GHL ODYRUDWRUL GHULYDQWL GDOOH LQWHUD]LRQL WUD UXPRUH H VRVWDQ]H RWRWRVVLFKH FRQQHVVH DOO¶DWWLYLWj VYROWD H IUD UXPRUH H YLEUD]LRQL VHJXHQGR DWWHQWDPHQWH O¶RULHQWDPHQWR GHOOD OHWWHUDWXUD VFLHQWLILFD H VDQLWDULD HG L VXJJHULPHQWL GHO 0HGLFR &RPSHWHQWH x OH LQIRUPD]LRQL VXOO¶HPLVVLRQH GL UXPRUH IRUQLWH GDL FRVWUXWWRUL GHOOH DWWUH]]DWXUH LPSLHJDWH LQ FRQIRUPLWj DOOH YLJHQWL GLVSRVL]LRQL LQ PDWHULD x O HVLVWHQ]D GL DWWUH]]DWXUH GL ODYRUR DOWHUQDWLYH SURJHWWDWH SHU ULGXUUH O HPLVVLRQH GL UXPRUH x LO SUROXQJDPHQWR GHO SHULRGR GL HVSRVL]LRQH DO UXPRUH ROWUH O RUDULR GL ODYRUR QRUPDOH LQ ORFDOL GL FXL LO 'DWRUH GL ODYRUR q UHVSRQVDELOH x OH LQIRUPD]LRQL UDFFROWH GDOOD VRUYHJOLDQ]D VDQLWDULD FRPSUHVH SHU TXDQWR SRVVLELOH TXHOOH UHSHULELOL QHOOD OHWWHUDWXUD VFLHQWLILFD x OD GLVSRQLELOLWj GL '3, X FRQ DGHJXDWH FDUDWWHULVWLFKH GL DWWHQXD]LRQH ,Q EDVH DOOH ULVXOWDQ]H HPHUVH LQ VHGH GL YDOXWD]LRQH GHL ULVFKL LO 'DWRUH GL ODYRUR LQGLYLGXD DL VHQVL GHJOL DUWW H OH QHFHVVDULH PLVXUH JHQHUDOL GL SUHYHQ]LRQH H SURWH]LRQH o ULGXFH OH HPLVVLRQL GL UXPRUH DOOD VRUJHQWH o DGRWWD RUDUL FKH WHQJDQR VRWWR FRQWUROOR O HVSRVL]LRQH DO UXPRUH o HODERUD H DSSOLFD XQ SURJUDPPD GL PLVXUH WHFQLFKH H RUJDQL]]DWLYH YROWR D ULGXUUH O HVSRVL]LRQH DO UXPRUH FRQVLGHUDQGR LQ SDUWLFRODUH OH PLVXUH GL FXL DOO DUW FRPPD o SUHVFULYH FKH L ODYRUDWRUL HYLWLQR GL VRVWDUH LQ PDQLHUD SUROXQJDWD LQ DPELHQWL GL ODYRUR DG HOHYDWD UXPRURVLWj )HUPR UHVWDQGR O REEOLJR GHO QRQ VXSHUDPHQWR GHL YDORUL OLPLWH GL HVSRVL]LRQH ODGGRYH QRQRVWDQWH O DGR]LRQH GHOOH PLVXUH DSSOLFDWH LO 'DWRUH GL ODYRUR LQGLYLGXL HVSRVL]LRQL VXSHULRUL D GHWWL YDORUL o DGRWWD PLVXUH LPPHGLDWH SHU ULSRUWDUH O HVSRVL]LRQH DO GL VRWWR GHL YDORUL OLPLWH GL HVSRVL]LRQH o LQGLYLGXD OH FDXVH GHOO HVSRVL]LRQH HFFHVVLYD o PRGLILFD OH PLVXUH GL SURWH]LRQH H GL SUHYHQ]LRQH SHU HYLWDUH FKH OD VLWXD]LRQH VL ULSHWD ,O 'DWRUH GL ODYRUR SURYYHGH DG LQGLFDUH L OXRJKL GL ODYRUR GRYH L ODYRUDWRUL SRVVRQR HVVHUH HVSRVWL DG XQ UXPRUH DO GL VRSUD GHL YDORUL VXSHULRUL GL D]LRQH 'HWWH DUHH VRQR LQGLFDWH GD DSSRVLWL VHJQDOL H O DFFHVVR DOOH VWHVVH q OLPLWDWR RYH FLz VLD WHFQLFDPHQWH SRVVLELOH H JLXVWLILFDWR GDO ULVFKLR GL HVSRVL]LRQH ,Q RWWHPSHUDQ]D D TXDQWR GLVSRVWR GDOO DUWLFROR FRPPD OHWWHUD F QHL FDVL LQ FXL QRQ VLD VWDWR SRVVLELOH HYLWDUH L ULVFKL GHULYDQWL GDO UXPRUH FRQ OH PLVXUH GL SUHYHQ]LRQH H SURWH]LRQH GL FXL DOO DUW LO 'DWRUH GL ODYRUR IRUQLVFH L '3, X FRQIRUPL DOOH GLVSRVL]LRQL FRQWHQXWH QHO 7LWROR ,,, &DSR ,, GHO G OJV GHO DSULOH H V P L HG DOOH VHJXHQWL FRQGL]LRQL ¾ QHO FDVR LQ FXL O HVSRVL]LRQH DO UXPRUH VXSHUL L YDORUL LQIHULRUL GL D]LRQH PHWWH D GLVSRVL]LRQH GHL ODYRUDWRUL L '3, X ¾ QHO FDVR LQ FXL O HVSRVL]LRQH DO UXPRUH VLD SDUL R DO GL VRSUD GHL YDORUL VXSHULRUL GL D]LRQH HVLJH FKH L ODYRUDWRUL XWLOL]]LQR L '3, X ¾ VFHJOLH '3, X FKH FRQVHQWRQR GL HOLPLQDUH LO ULVFKLR SHU O XGLWR R GL ULGXUOR DO PLQLPR SUHYLD FRQVXOWD]LRQH GHL ODYRUDWRUL R GHL ORUR UDSSUHVHQWDQWL ¾ YHULILFD O HIILFDFLD GHL '3, X ,O 'DWRUH GL ODYRUR WLHQH FRQWR GHOO DWWHQXD]LRQH SURGRWWD GDL '3, X LQGRVVDWL GDO ODYRUDWRUH VROR DL ILQL GL YDOXWDUQH O HIILFLHQ]D HG LO ULVSHWWR GHL YDORUL OLPLWH GL HVSRVL]LRQH , '3, X VRQR FRQVLGHUDWL DGHJXDWL DL ILQL GHOOH SUHVHQWL QRUPH VH FRUUHWWDPHQWH XVDWL H FRPXQTXH ULVSHWWDQR OH SUHVWD]LRQL ULFKLHVWH GDOOH QRUPDWLYH WHFQLFKH


/$ 9$/87$=,21( '(/ 5,6&+,2 58025(

&ODVVH GL ULVFKLR %$66$ /LYHOOR GL HVSRVL]LRQH /¶(; K G% $ 3UHVVLRQH GL SLFFR /¶SLFFR G% & 6LQWHVL GHOOH PLVXUH GL VLFXUH]]D GD SUHYHGHUH GD SDUWH GHO 'DWRUH GL ODYRUR YDOXWD LO ULVFKLR DQFKH VHQ]D PLVXUD]LRQL DGRWWDQGR WXWWH OH PLVXUH SHU HOLPLQDUH R ULGXUUH LO ULVFKLR &ODVVH GL ULVFKLR 0(',$ /LYHOOR GL HVSRVL]LRQH /¶(; K G% $ 3UHVVLRQH GL SLFFR /¶SLFFR G% & 6LQWHVL GHOOH PLVXUH GL VLFXUH]]D GD SUHYHGHUH GD SDUWH GHO 'DWRUH GL ODYRUR YDOXWD LO ULVFKLR FRQ PLVXUD]LRQL SUHYHGH XQ DGHJXDWD IRUPD]LRQH HG LQIRUPD]LRQH LQ UHOD]LRQH DL ULVFKL SURYHQLHQWL GDOO HVSRVL]LRQH D UXPRUH QHL OXRJKL GL ODYRUR PHWWH D GLVSRVL]LRQH GHL ODYRUDWRUL LGRQHL '3, X HVWHQGH LO FRQWUROOR VDQLWDULR D FKL QH IDFFLD ULFKLHVWD R TXDORUD LO 0HGLFR &RPSHWHQWH QH FRQIHUPL O RSSRUWXQLWj RIIUH DL ODYRUDWRUL XQ PDUJLQH GL VFHOWD WUD '3, X FRQ FDUDWWHULVWLFKH DQDORJKH LQ PDQLHUD WDOH FKH L VLQJROL LQWHUHVVDWL SRVVDQR VFHJOLHUH TXHOOR FKH q SHU ORUR LO SL FRPRGR VL DVVLFXUD FKH L ODYRUDWRUL VLDQR IRUPDWL HG LQIRUPDWL VXOOH PRGDOLWj GL XVR FRQVHUYD]LRQH H PDQXWHQ]LRQH GHL '3, X &ODVVH GL ULVFKLR $/7$ /LYHOOR GL HVSRVL]LRQH /¶(; K G% $ 3UHVVLRQH GL SLFFR /¶SLFFR G% & 6LQWHVL GHOOH PLVXUH GL VLFXUH]]D GD SUHYHGHUH GD SDUWH GHO 'DWRUH GL ODYRUR YDOXWD LO ULVFKLR FRQ PLVXUD]LRQL HODERUD HG DSSOLFD XQ SURJUDPPD GL PLVXUH WHFQLFKH H RUJDQL]]DWLYH YROWH D ULGXUUH O¶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j GL PDJJLRU HVSRVL]LRQH SHU HYLWDUH LO SDVVDJJLR DOOD IDVFLD VXSHULRUH GL ULVFKLR IRUQLVFH DL ODYRUDWRUL '3, X FKH FRQVHQWRQR GL HOLPLQDUH LO ULVFKLR SHU O XGLWR R GL ULGXUOR DO PLQLPR SUHYLD FRQVXOWD]LRQH GHL ODYRUDWRUL R GHL ORUR UDSSUHVHQWDQWL HG HVLJH FKH OL LQGRVVLQR YHULILFD O HIILFDFLD GHL '3, X DGRWWD PLVXUH GL FDUDWWHUH FROOHWWLYR IUD FXL XQD GLYHUVD RUJDQL]]D]LRQH GHO ODYRUR GHOLPLWD O DFFHVVR DOOH DUHH FRQ PDJJLRUH UXPRURVLWj FRQ DSSRVLWD VHJQDOHWLFD VL DVVLFXUD FKH LO ODYRUR VLD RUJDQL]]DWR LQ PRGR WDOH GD OLPLWDUH DO PDVVLPR L WHPSL GD WUDVFRUUHUH LQ DUHH UXPRURVH VL DVVLFXUD FKH L ODYRUDWRUL VLDQR IRUPDWL DGGHVWUDWL HG LQIRUPDWL VXOOH PRGDOLWj GL XVR FRQVHUYD]LRQH H PDQXWHQ]LRQH GHL '3, X GXUDQWH OH IDVL GL ODYRUR FKH HFFHGRQR JOL G% $ OD ]RQD GL ODYRUR q SHULPHWUDWD HG q LQGLFDWR LO GLYLHWR GL DFFHVVR PHGLDQWH RSSRUWXQD VHJQDOHWLFD 3URWH]LRQH REEOLJDWRULD GHOO XGLWR 3HULFROR UXPRUH


/$ 9$/87$=,21( '(/ 5,6&+,2 58025(

(VSRVL]LRQH ,1$&&(77$%,/( /LYHOOR GL HVSRVL]LRQH /¶(; K ! G% $ 3UHVVLRQH GL SLFFR /¶SLFFR ! G% & ,O 'DWRUH GL ODYRUR GHYH IDU FHVVDUH LPPHGLDWDPHQWH O HVSRVL]LRQH 6LQWHVL GHOOH PLVXUH GL VLFXUH]]D GD SUHYHGHUH GD SDUWH GHO 'DWRUH GL ODYRUR DGRWWD PLVXUH LPPHGLDWH SHU ULSRUWDUH O¶HVSRVL]LRQH DO GL VRWWR GHL YDORUL OLPLWH GL HVSRVL]LRQH LQGLYLGXD OH FDXVH GHOO¶HVSRVL]LRQH HFFHVVLYD PRGLILFD OH PLVXUH GL SUHYHQ]LRQH H SURWH]LRQH SHU HYLWDUH FKH OD VLWXD]LRQH VL ULSHWD


Appendice


/$ 9$/87$=,21( '(/ 5,6&+,2 58025(

$ , FULWHUL DFXVWLFL GL DFTXLVWR GL PDFFKLQH DWWUH]]DWXUH H LPSLDQWL 1HOO¶DWWXDOH VLWXD]LRQH OHJLVODWLYD O¶REEOLJR GHO SURGXWWRUH FRQVLVWH QHOO¶LPPLVVLRQH LQ FRPPHUFLR GHO SURGRWWR VXERUGLQDWD DO ULVSHWWR GHL OLYHOOL PDVVLPL GL UXPRURVLWj VH SUHYLVWL SHU TXHOOD WLSRORJLD GL PDFFKLQD R DWWUH]]DWXUD H DOO¶DSSRVL]LRQH VXO PDFFKLQDULR GHOOD WDUJKHWWD DWWHVWDQWH LO OLYHOOR GL SRWHQ]D VRQRUD JDUDQWLWR GHO PDFFKLQDULR GHWHUPLQDWR VHFRQGR XQD SURFHGXUD GL SURYD H GL PLVXUD VWDQGDUG *OL REEOLJKL VSHFLILFL SHU LO 'DWRUH GL ODYRUR UHVWDQR TXHOOL GL DFFHUWDUH OD SUHVHQ]D GHOOD WDUJKHWWD ULSRUWDQWH LO OLYHOOR GL SRWHQ]D VRQRUD JDUDQWLWR /:$ QRQFKp RYYLDPHQWH TXHOOR GL DFTXLVWDUH WUD OH GLYHUVH RIIHUWH TXHOOD FKH SURGXFH PHQR UXPRUH /H LQIRUPD]LRQL PLQLPH GD ULFKLHGHUH DL SRWHQ]LDOL IRUQLWRUL LQ IDVH GL DFTXLVWR GHO PDFFKLQDULR FRPSUHQGRQR L GDWL VXOO¶HPLVVLRQH GHO UXPRUH FXL VL ID ULIHULPHQWR DO SXQWR ,Q EDVH DG XQ DFFRUGR SULYDWR WUD DFTXLUHQWH H SRWHQ]LDOH IRUQLWRUH TXHVW¶XOWLPR SXz IRUQLUH DQFKH GDWL FRPSOHPHQWDUL GL HPLVVLRQH GL UXPRUH SHU FLFOL GL ODYRUD]LRQH PRQWDJJLR H FRQGL]LRQL GL IXQ]LRQDPHQWR GLYHUVL GD TXHOOL SUHFLVDWL QHOOD UHODWLYD SURFHGXUD GL FHUWLILFD]LRQH LQ UHOD]LRQH DOOH FRQGL]LRQL GL IXQ]LRQDPHQWR GL SDUWLFRODUH LQWHUHVVH SHU O¶DFTXLUHQWH ,O IRUPDOL]]DUH OH ULFKLHVWH DFXVWLFKH VXO FDSLWRODWR G¶DFTXLVWR FRPSUHVL L OLPLWL FKH VL YXROH FKH LO FRVWUXWWRUH ULVSHWWL q TXDVL VHPSUH FRQGL]LRQH QHFHVVDULD SHU DYHUH LO FRQWUROOR GHOOD UXPRURVLWj FKH VL GHWHUPLQHUj QHO OXRJR GL ODYRUR XQD YROWD LQVWDOODWR LO PDFFKLQDULR $L ILQL GL FRVD LQGLFDUH ULFKLHGHUH VXO FDSLWRODWR VL FRQVLGHUL FKH L OLYHOOL GLFKLDUDWL GDO SURGXWWRUH ULVXOWHUDQQR LQFUHPHQWDWL VLD GDO UXPRUH GL IRQGR FKH GDO ULYHUEHUR DFXVWLFR GHOO¶DPELHQWH GL LQVWDOOD]LRQH H FKH OH HIIHWWLYH FRQGL]LRQL GL XWLOL]]R GHO PDFFKLQDULR TXDVL PDL FRLQFLGRQR FRQ TXHOOH GL FHUWLILFD]LRQH ,QIDWWL L YDORUL GL HPLVVLRQH VRQRUD VRQR FDUDWWHULVWLFKH LQWULQVHFKH GHOOD VRUJHQWH VRQRUD PD L OLYHOOL GL SUHVVLRQH VRQRUD FKH HVVD GHWHUPLQD LQ XQ FHUWR DPELHQWH GLSHQGRQR DQFKH GDOOH FDUDWWHULVWLFKH DFXVWLFKH GHOO¶DPELHQWH GL ODYRUR ULYHUEHUD]LRQH GDO FRQWULEXWR GL DOWUH VRUJHQWL VRQRUH H GDOOH UHDOL FRQGL]LRQL GL IXQ]LRQDPHQWR GHOOD VRUJHQWH VRQRUD , YDORUL GL HPLVVLRQH VRQRUD GLFKLDUDWL GDO IDEEULFDQWH VRQR LPSRUWDQWL SHUFKp FRQVHQWRQR GL VFHJOLHUH OH PDFFKLQH H OH DWWUH]]DWXUH VXOOD EDVH GL GHILQLWL UHTXLVLWL DFXVWLFL VWDELOLUH XQ GLDORJR WHFQLFR IUD DFTXLUHQWH H IRUQLWRUH YDOXWDUH OD FRQIRUPLWj GHO SURGRWWR DL UHTXLVLWL VWDELOLWL QHOOH VSHFLILFKH (VVL LQROWUH FRQVHQWRQR GL GHWHUPLQDUH DWWUDYHUVR FDOFROL H VWLPH x L OLYHOOL GL UXPRURVLWj FRQVHJXHQWL DOOD LPPLVVLRQH GL XQD GHWHUPLQDWD VRUJHQWH VRQRUD LQ XQR VSHFLILFR DPELHQWH GL ODYRUR x O¶XOWHULRUH HVLJHQ]D GL SURYYHGHUH D ERQLILFKH DFXVWLFKH QHOO¶DPELHQWH GL ODYRUR &RPH VL GLFHYD SHUz RFFRUUH ULFRUGDUVL FKH L OLYHOOL GLFKLDUDWL GDO SURGXWWRUH VRQR DO QHWWR GHO ULYHUEHUR DFXVWLFR GHOO¶DPELHQWH GL LQVWDOOD]LRQH H ULVXOWHUDQQR LQFUHPHQWDWL DQFKH GDO UXPRUH GL IRQGR LQ HVVR JLj HVLVWHQWH Ê LQWHUHVVH GHOO¶DFTXLUHQWH ULFKLHGHUH DQFKH L GDWL VXOO¶HPLVVLRQH VRQRUD QHOOH HIIHWWLYH FRQGL]LRQL G¶XWLOL]]R GHOOD PDFFKLQD R GHOO¶DWWUH]]DWXUD SRLFKp OH HIIHWWLYH FRQGL]LRQL GL XWLOL]]R GHO PDFFKLQDULR QRQ VHPSUH FRLQFLGRQR FRQ TXHOOH GL FHUWLILFD]LRQH DFXVWLFD /¶XWLOL]]DWRUH SXz SRL DQFKH ULFKLHGHUH JDUDQ]LH VXL OLYHOOL VRQRUL FKH VL GHWHUPLQHUDQQR LQ GHWHUPLQDWH SRVWD]LRQL GL XQR VSHFLILFR DPELHQWH &RPH RYYLR HQWUDPEH TXHVWH XOWLPH FRQGL]LRQL ULFKLHGRQR XQD VWUHWWD FROODERUD]LRQH WUD DFTXLUHQWH H IRUQLWRUH LQ PRGR FKH LO IRUQLWRUH SRVVD FRQRVFHUH OH UHDOL FRQGL]LRQL G¶XVR GHOOD PDFFKLQD H R OH FDUDWWHULVWLFKH DFXVWLFKH GHOO¶DPELHQWH FXL WDOH VRUJHQWH q GHVWLQDWD /D YHULILFD GHL YDORUL GL UXPRUH FRVu ULFKLHVWL DQGUj HIIHWWXDWD VHFRQGR XQD SURFHGXUD GL SURYD FRQFRUGDWD IUD DFTXLUHQWH H IRUQLWRUH /D VFHOWD GHOOD PDFFKLQD PHQR UXPRURVD YD HIIHWWXDWD SHU FRQIURQWR QHOOH VWHVVH FRQGL]LRQL RSHUDWLYH LQ SULPR OXRJR QRUPDOPHQWH VXOOD EDVH GHO /:$ H VH OD SRWHQ]D DFXVWLFD QRQ q LQGLFDWD VXOOD EDVH GHL /S$ Ê FRPXQTXH VHPSUH LPSRUWDQWH FRQIURQWDUH JOL /S$ LQ SRVL]LRQH RSHUDWRUH LQ TXDQWR VL SXz YHULILFDUH FKH PDFFKLQH D PDJJLRU SRWHQ]D DFXVWLFD DGRWWLQR VROX]LRQL PLJOLRUL D WXWHOD GHO SRVWR GL ODYRUR FKH YDQQR SUHPLDWH 3ULPD GL FRQFOXGHUH TXHVWR SDUDJUDIR VL ULWLHQH LPSRUWDQWH HYLGHQ]LDUH OD QHFHVVLWj GL DFTXLVWDUH DWWUH]]DWXUH IRUQLWH GL GDWL GL HPLVVLRQH VRQRUD QHOOH FRQGL]LRQL UDJLRQHYROPHQWH UDSSUHVHQWDWLYH GL UHDOH IXQ]LRQDPHQWR H QRQ ³D YXRWR´ ,QROWUH VL UDFFRPDQGD GL DFTXLVWDUH PDFFKLQH FKH QHOOH VWHVVH FRQGL]LRQL G¶XVR H SHU OH VWHVVH DSSOLFD]LRQL VRQR GLVSRQLELOL LQ YHUVLRQH VLOHQ]LDWD ULVSHWWR DOOD YHUVLRQH ³QRQ VLOHQ]LDWD´ 8QD YROWD ILVVDWH OH ULFKLHVWH DFXVWLFKH VXO FDSLWRODWR G¶DFTXLVWR RFFRUUH YHULILFDUQH LO ULVSHWWR LQ VHGH GL DFFHWWD]LRQH GHOOD PDFFKLQD 1HO FDSLWRODWR G¶DFTXLVWR DQGUj VHPSUH SUHFLVDWD OD SRVVLELOLWj GHOOD UHVWLWX]LRQH GHOOD PDFFKLQD FKH QRQ ULVSHWWDVVH L YDORUL SUHYLVWL H OH UHODWLYH SHQDOL


/$ 9$/87$=,21( '(/ 5,6&+,2 58025(

$ 8Q SRVVLELOH FDSLWRODWR GL DFTXLVWR GL XQD PDFFKLQD ,O 'DWRUH GL ODYRUR LQ TXDOLWj GL XWLOL]]DWRUH KD O¶REEOLJR DO PRPHQWR GHOO¶DFTXLVWR GL DSSXUDUH OD FRQIRUPLWj GHO PDFFKLQDULR YHULILFDQGR OD PDUFDWXUD &( H OD GLFKLDUD]LRQH GL FRQIRUPLWj FKH O¶DFFRPSDJQD DQGDQGR D VFHJOLHUH TXHOOD PDFFKLQD FKH D SDULWj GL SUHVWD]LRQL WHQHQGR FRQWR GHOO¶LQVLHPH GHL ULVFKL SUHVHQWL SURSRQJD YDORUL LQIHULRUL GL UXPRUH HPHVVR 3ULPD GL DFTXLVWDUH XQ QXRYR PDFFKLQDULR R LPSLDQWR q RSSRUWXQR FKH O¶XWLOL]]DWRUH VHJXD XQD SURFHGXUD EHQ SUHFLVD LGRQHD DO FRQVHJXLPHQWR GHJOL RELHWWLYL GL ULGX]LRQH GHOO¶HVSRVL]LRQH DO UXPRUH QHL OXRJKL GL ODYRUR /D SURFHGXUD FRPSUHQGH L SDVVL LQGLFDWL QHO VHJXLWR LQ DFFRUGR FRQ TXDQWR UDFFRPDQGDWR GDOOD QRUPD 81, (1 ,62 D $QDOLVL GHOOH LQIRUPD]LRQL GLVSRQLELOL VXO UXPRUH DPELHQWDOH QHO OXRJR GL ODYRUR LQ FXL OD PDFFKLQD DQGUj LQ IXQ]LRQH RSSXUH VH QRQ HVLVWRQR LQ DOWUL OXRJKL GL ODYRUR GL VLPLOH WLSRORJLD E $QDOLVL GHOOH LQIRUPD]LRQL GLVSRQLELOL SUHVVR O¶D]LHQGD VXOO¶HPLVVLRQH GL UXPRUH SHU PDFFKLQDUL VLPLOL D TXHOOR FKH YHUUj LQVWDOODWR F ,QGLYLGXD]LRQH GHL OLYHOOL GL UXPRURVLWj DPELHQWDOH GD ULVSHWWDUH SUHVVR O¶DUHD GL ODYRUR RYH YHUUj LQVWDOODWR LO PDFFKLQDULR H SUHVVR JOL DOWUL DPELHQWL GL ODYRUR SRWHQ]LDOPHQWH LQWHUHVVDWL GDOOD HPLVVLRQH DFXVWLFD GHO PDFFKLQDULR VWHVVR DQFKH DOOD OXFH GL D]LRQL SURJUDPPDWH GL ULGX]LRQH GHO UXPRUH H ERQLILFD DFXVWLFD FKH O¶D]LHQGD LQWHQGH PHWWHUH LQ DWWR G $ VHJXLWR GHOOH DQDOLVL FXL DL SXQWL D F LQGLYLGXD]LRQH GHOOH LQIRUPD]LRQL GD ULFKLHGHUH DL IRUQLWRUL LQ UHOD]LRQH DOOD UXPRURVLWj HPHVVD GDO PDFFKLQDULR GD DFTXLVWDUH H ,QGLYLGXD]LRQH GL SDUWLFRODUL UHTXLVLWL DFXVWLFL GD ULFKLHGHUH DL ILQL GHOOD ULGX]LRQH GHOOD UXPRURVLWj HPHVVD GDO PDFFKLQDULR GD DFTXLVWDUH LQ UHOD]LRQH DOOD IDWWLELOLWj SUDWLFD GHJOL VWHVVL /H LQIRUPD]LRQL IRQGDPHQWDOL GD YHULILFDUH HG HYHQWXDOPHQWH ULFKLHGHUH VH PDQFDQWL LQ IDVH GL DFTXLVWR GHO PDFFKLQDULR FRPSUHQGRQR FRPH SUHYLVWR GDOOD 'LUHWWLYD PDFFKLQH VRQR L VHJXHQWL GDWL VXOO¶HPLVVLRQH GHO UXPRUH ™ /LYHOOR GLFKLDUDWR GL SRWHQ]D VRQRUD SRQGHUDWR $ /:$ ™ /LYHOOL GLFKLDUDWL GL SUHVVLRQH VRQRUD QHL SRVWL GL ODYRUR /S$ H LO OLYHOOR PDVVLPR GL SLFFR SRQGHUDWR & /S& SLFFR VH OD PDFFKLQD SURGXFH DSSUH]]DELOL UXPRUL LPSXOVLYL ™ 5LIHULPHQWR DOOD QRUPD WHFQLFD GHOOD SURFHGXUD SHU SURYH GL UXPRURVLWj XWLOL]]DWD QHOOD GLFKLDUD]LRQH GHL YDORUL FXL DL SXQWL D E RSSXUH VH QRQ HVLVWH WDOH QRUPD GHVFUL]LRQH FRPSOHWD GHO PHWRGR GL PLVXUD]LRQH DGRWWDWR SHU OD GHWHUPLQD]LRQH GHOO¶HPLVVLRQH GL UXPRUH GHO PDFFKLQDULR /¶DOOHJDWD VFKHGD WHFQLFD ULSUHVD GDO PDQXDOH ,1$,/ ³0HWRGRORJLH H LQWHUYHQWL WHFQLFL SHU OD ULGX]LRQH GHO UXPRUH QHJOL DPELHQWL GL ODYRUR´ DSULOH ULSRUWD XQ HVHPSLR GL OLVWD GL ULVFRQWUR UHODWLYD DOO¶HPLVVLRQH GL UXPRUH FKH SXz HVVHUH XWLOL]]DWD SHU ULFKLHGHUH DO SURGXWWRUH GLVWULEXWRUH GHO PDFFKLQDULR L GDWL UHODWLYL DOOD UXPRURVLWj GD TXHVWR SURGRWWD 6H HVLVWH XQD SURFHGXUD SHU SURYH GL UXPRURVLWj SHU OD IDPLJOLD GL PDFFKLQH LQ TXHVWLRQH OH VXGGHWWH JUDQGH]]H GL HPLVVLRQH GL UXPRUH GHEERQR ULVSHWWDUH TXDQWR SUHVFULWWR GD WDOH SURFHGXUD GL SURYD 6H OD SURFHGXUD SHU SURYH GL UXPRURVLWj RIIUH GLYHUVH DOWHUQDWLYH ULJXDUGR DOOH FRQGL]LRQL GL IXQ]LRQDPHQWR GL PRQWDJJLR DOOH SRVL]LRQL GL PLVXUD HFF OD GLFKLDUD]LRQH GL HPLVVLRQH GL UXPRURVLWj GHYH IRUQLUH WXWWH OH LQIRUPD]LRQL QHFHVVDULH DOOD GHILQL]LRQH GL XQD FKLDUD GLFKLDUD]LRQH GL UXPRURVLWj ,Q EDVH DG XQ DFFRUGR SULYDWR WUD DFTXLUHQWH H SRWHQ]LDOH IRUQLWRUH TXHVW¶XOWLPR SRWUj IRUQLUH DQFKH GDWL FRPSOHPHQWDUL GL HPLVVLRQH GL UXPRUH SHU FLFOL GL ODYRUD]LRQH PRQWDJJLR H FRQGL]LRQL GL IXQ]LRQDPHQWR GLYHUVL GD TXHOOL SUHFLVDWL QHOOD UHODWLYD SURFHGXUD SHU SURYH GL UXPRURVLWj VH HVLVWHQWH LQ UHOD]LRQH DOOH FRQGL]LRQL GL IXQ]LRQDPHQWR GL SDUWLFRODUH LQWHUHVVH SHU O¶DFTXLUHQWH 3ULPD GL FRQFOXGHUH TXHVWD VFKHGD VL ULWLHQH LPSRUWDQWH HYLGHQ]LDUH OD QHFHVVLWj GL DFTXLVWDUH DWWUH]]DWXUH IRUQLWH GL GDWL GL HPLVVLRQH VRQRUD QHOOH FRQGL]LRQL UDJLRQHYROPHQWH UDSSUHVHQWDWLYH GL UHDOH IXQ]LRQDPHQWR H QRQ ³D YXRWR´


/$ 9$/87$=,21( '(/ 5,6&+,2 58025(

$ 6FKHGD WHFQLFD SHU O¶DFTXLVWR GL DSSDUHFFKLDWXUH 81, (1 ,62

0DFFKLQD 7LSR 3DUDPHWUL ULIHULWL DO UXPRUH GHOOD PDFFKLQD 0RGHOOR 3RWHQ]D HOHWWULFD QRPLQDOH )DEEULFDQWH 3RWHQ]D PHFFDQLFD QRPLQDOH 0DFFKLQD Q 9HORFLWj QRPLQDOH HVHPSL $QQR GL FRVWUX]LRQH 9HORFLWj PDVVLPD 9DORUL ULOHYDWL GL HPLVVLRQH GL UXPRUH $OWUH FRQGL]LRQL GL &RQGL]LRQL GL IXQ]LRQDPHQWR VHFRQGR IXQ]LRQDPHQWR 0LVXUD GL HPLVVLRQH GL UXPRUH VHFRQGR ,62« FRQFRUGDWH ,62« H ,62« 6HQ]D FDULFR &RQ FDULFR 8WLOL]]R SUHYLVWR /LYHOOR GL SRWHQ]D VRQRUD /Z$ G% ULI G% G% G% S: ,QFHUWH]]D GHOOH PLVXUD]LRQL G% G% G% /LYHOOR GL SUHVVLRQH VRQRUD SRQGHUDWR $ G% G% G% QHO SRVWR GL ODYRUR /3$ ,Q DOWHUQDWLYD OLYHOOR GL SUHVVLRQH VRQRUD GHOOD VXSHUILFLH D P /3$ P RSSXUH G% G% G% /LYHOOR GL SUHVVLRQH VRQRUD GL SLFFR D P GDOOD VXSHUILFLH GHOOD PDFFKLQD H D G% G% G% P VRSUD LO SDYLPHQWR /3$ P PD[ /LYHOOR GL SUHVVLRQH VRQRUD GL SLFFR G% G% G% SRQGHUDWR & QHO SRVWR GL ODYRUR /S& SLFFR ,Q RS]LRQH OLYHOOR VRQRUR /: RSSXUH /3 LQ EDQGH GL RWWDYH SHU OH FRQGL]LRQL GL IXQ]LRQDPHQWR VHFRQGR ,62« I LQ +] /: /3 QHO SRVWR GL ODYRUR LQ G% ,QIRUPD]LRQL VXOOH FRQGL]LRQL GL IXQ]LRQDPHQWR 5LGX]LRQH GHO UXPRUH ,O SURJHWWR GHOOD PDFFKLQD FRPSUHQGH SURYYHGLPHQWL GL ULGX]LRQH GHO UXPRUH" 6, ,Q FDVR DIIHUPDWLYR TXDOL SURYYHGLPHQWL GL ULGX]LRQH GHO UXPRUH VRQR VWDWL DGRWWDWL" (VLVWH XQD YHUVLRQH D EDVVR UXPRUH GHOOR VWHVVR PRGHOOR GL PDFFKLQD" 6, ,Q FDVR DIIHUPDWLYR LQ FKH PLVXUD VL ULGXFH LO OLYHOOR VRQRUR" G% 6HQ]D FDULFR &RQ FDULFR G% G% 5LGX]LRQL GL /:$ 5LGX]LRQL GL /3$ G% G% 9DORUL GLFKLDUDWL ,Q DOWHUQDWLYD YDORUH GLFKLDUDWR FRQ QXPHUR XQLFR FRQ GRSSLR QXPHUR 6HQ]D FDULFR &RQ FDULFR 9DORUH GL HPLVVLRQH GL UXPRUH GLFKLDUDWR FRQ VLQJROR QXPHUR /LYHOOR GL SRWHQ]D VRQRUD /:$ G% G% /LYHOOR GL SUHVVLRQH VRQRUD QHO SRVWR GL G% G% ODYRUR /S$ 9DORUH GL HPLVVLRQH GL UXPRUH GLFKLDUDWR FRQ GRSSLR QXPHUR /LYHOOR GL SRWHQ]D VRQRUD /:$ G% G% ,QFHUWH]]D .:$ G% G% /LYHOOR GL SUHVVLRQH VRQRUD QHO SRVWR GL ODYRUR /S$ G% G% ,QFHUWH]]D .S$ G% G% /LYHOOR GL SUHVVLRQH VRQRUD GL SLFFR SRQGHUDWR & QHO SRVWR GL ODYRUR /S& SLFFR

G%

G%

12

12

8WLOL]]R SUHYLVWR G% G%

8WLOL]]R SUHYLVWR G% G% G% G% G% G% G%


/$ 9$/87$=,21( '(/ 5,6&+,2 58025(

$ 8Q FDOFROR GHOO¶HVSRVL]LRQH JLRUQDOLHUD VWUDWHJLH SHU FRP SLWL H SHU PDQVLRQL

6XSSRQLDPR GL GRYHU GHWHUPLQDUH O¶HVSRVL]LRQH DO UXPRUH QHOO¶DPELWR GL XQ¶RIILFLQD PHFFDQLFD QHOOD TXDOH RSHULQR VHL DGGHWWL GL FXL WUH VLDQR RSHUDL VSHFLDOL]]DWL GHQRPLQDWL ODYRUDWRUL Q H XQR VLD XQ DSSUHQGLVWD GHQRPLQDWR ODYRUDWRUH Q H GXH VLDQR GHJOL LQVWDOODWRUL DGGHWWL SUHYDOHQWHPHQWH DG DWWLYLWj GL PRQWDJJLR SUHVVR FDQWLHUL HVWHUQL GHQRPLQDWL ODYRUDWRUL Q H Q 3HU OD PLVXUD]LRQH GHOO¶HVSRVL]LRQH DO UXPRUH GHL ODYRUDWRUL FRQVLGHUDWH OH FDUDWWHULVWLFKH GHO FLFOR ODYRUDWLYR GHOO¶RIILFLQD VL q ULWHQXWR RSSRUWXQR XWLOL]]DUH SHU L WUH RSHUDL VSHFLDOL]]DWL H SHU O DSSUHQGLVWD OD VWUDWHJLD SHU FRPSLWL PHQWUH SHU JOL LQVWDOODWRUL VDUj DGRWWDWD LQYHFH OD VWUDWHJLD SHU PDQVLRQL 3HU JOL VFRSL GHOO¶HVHPSLR VL GHWHUPLQHUj VRODPHQWH O¶HVSRVL]LRQH DO UXPRUH ULJXDUGDQWH L ODYRUDWRUL GHQRPLQDWL Q H Q H Q

&RPSLWR

'HVFUL]LRQH GHO FRPSLWR

$WWLYLWj PDQXDOL GL DVVHPEODJJLR

8VR GHOOD IUHVDWULFH

8VR GHO WUDSDQR D FRORQQD

8VR GHO SDQWRJUDIR HOHWWURSQHXPDWLFR

8VR GHOO¶LQWHVWDWULFH SHU DOOXPLQLR

8VR GHOOD WURQFDWULFH SHU DOOXPLQLR

8VR GHOOD VPHULJOLDWULFH OHYLJDWULFH

8VR GHOOD VHJDWULFH D QDVWUR

$WWLYLWj DOO¶LQWHUQR GHOO¶XIILFLR DPPLQLVWUDWLYR

3DXVH WHFQLFKH H ILVLRORJLFKH

'(6&5,=,21( '(, &203,7, &8, Ê $''(772 ,/ /$925$725( '(120,1$72 1

$QFKH VH DOFXQH PDFFKLQH VRQR XWLOL]]DWH DVVDL UDUDPHQWH QHO FLFOR SURGXWWLYR HV OD VHJDWULFH D QDVWUR VL q FRPXQTXH FRQVLGHUDWR FDXWHODWLYDPHQWH LO ORUR FRQWULEXWR HVDPLQDQGR OD FRQGL]LRQH SL VYDQWDJJLDWD GL PDVVLPR XVR GL WXWWH OH DWWUH]]DWXUH SUHVHQWL LQ SDUWLFRODUH LQ WHUPLQL GL WHPSL GL XWLOL]]R

, ULOLHYL IRQRPHWULFL VRQR VWDWL HIIHWWXDWL QHOOH VHJXHQWL FRQGL]LRQL RSHUDWLYH LPSLDQWL LQ QRUPDOH UHJLPH GL IXQ]LRQDPHQWR PDFFKLQH LQ HVDPH LQ FRQGL]LRQL RSHUDWLYH GL IXQ]LRQDPHQWR WLSLFR SDUDPHWUL PLFURFOLPDWLFL VWDQGDUG H ULFRPSUHVL WUD L YDORUL GL FRUUHWWR IXQ]LRQDPHQWR GHOOR VWUXPHQWR VWUXPHQWD]LRQH LPSLHJDWD IRQRPHWUR GL FODVVH FRQIRUPH DOOD QRUPD &(, (1 EDQFR GL ILOWUL GL RWWDYD FRQIRUPH DOOD FODVVH GHOOD QRUPD &(, (1 FDOLEUDWRUH FRQIRUPH DOOD FODVVH GHOOD QRUPD &(, (1 PLVXUDWRUH SHUVRQDOH GL HVSRVL]LRQH FRQIRUPH DOOD QRUPD &(, (1 $ OH PLVXUH FRQ LO IRQRPHWUR VRQR VWDWH HVHJXLWH FRQ LO ODYRUDWRUH SUHVHQWH XELFDWR LQ FRUULVSRQGHQ]D GHOOD XVXDOH SRVWD]LRQH GL ODYRUR H LO PLFURIRQR GHO IRQRPHWUR SRVL]LRQDWR D FLUFD FP GDOO¶RUHFFKLR SL HVSRVWR RULHQWDWR QHOOD VWHVVD GLUH]LRQH GHOOR VJXDUGR GHO ODYRUDWRUH GXUDQWH O¶HVHFX]LRQH GHOO¶DWWLYLWj OH PLVXUH FRQ PLVXUDWRUH SHUVRQDOH GHOO¶HVSRVL]LRQH VRQR VWDWH HVHJXLWH SRVL]LRQDQGR LO PLFURIRQR D FLUFD FP GDOO¶RUHFFKLR GHO ODYRUDWRUH DG XQ¶DOWH]]D GL FLUFD FP VRSUD OD VXD VSDOOD OH PLVXUH VRQR VWDWH SURWUDWWH SHU XQ WHPSR VXIILFLHQWH D GHVFULYHUH OD YDULDELOLWj GHL OLYHOOL VRQRUL WUDWWDVL QHOOR VSHFLILFR GL UXPRUH IOXWWXDQWH FRQ DOFXQH FDUDWWHULVWLFKH GL LPSXOVLYLWj H FRQJUXR DO ILQH GL YDOXWDUH O¶HVSRVL]LRQH DO UXPRUH GHO ODYRUDWRUH SULPD H GRSR RJQL VHULH GL PLVXUH q VWDWD FRQWUROODWD OD FDOLEUD]LRQH GHOOD VWUXPHQWD]LRQH PHGLDQWH FDOLEUDWRUH LQ GRWD]LRQH YHULILFDQGR FKH OR VFRVWDPHQWR GDO OLYHOOR GL WDUDWXUD DFXVWLFD QRQ IRVVH VXSHULRUH D G% QRUPD 81,

*OL HVHPSL SUHQGRQR VSXQWR GDOOD SXEEOLFD]LRQH GL $QGUHD 5RWHOOD 9DOXWD]LRQH GHO UXPRUH LQ XQD FDUSHQWHULD PHWDOOLFD ,JLHQH 6LFXUH]]D GHO /DYRUR JLXJQR


/$ 9$/87$=,21( '(/ 5,6&+,2 58025(

,Q OLQHD JHQHUDOH OH PLVXUD]LRQL HIIHWWXDWH VRQR VWDWH HVHJXLWH FRQ OD SUHVHQ]D FRQWHPSRUDQHD GL DOWUH ODYRUD]LRQL QHOO¶DPELHQWH FRPSUHQGHQGR LO FLFOR FRPSOHWR GHOOD ODYRUD]LRQH QHOOD FRQGL]LRQH RSHUDWLYD SL UXPRURVD SUROXQJDQGR OD PLVXUD SHU O¶LQWHUD GXUDWD GHO FRPSLWR ,Q OLQHD GL PDVVLPD L ODYRUDWRUL QRQ VRQR DVVHJQDWL FLDVFXQR DG XQD VSHFLILFD PDFFKLQD PD VL DOWHUQDQR IUD GL ORUR D VHFRQGD GHOOH HVLJHQ]H SURGXWWLYH GHOO¶RIILFLQD

),*85$ 3/$1,0(75,$ '(//¶2)),&,1$ 0(&&$1,&$ ,1',&$=,21( $5(( 692/*,0(172 '(, &203,7,


/$ 9$/87$=,21( '(/ 5,6&+,2 58025(

/H ULVXOWDQ]H GHOOH PLVXUD]LRQL LQ UHOD]LRQH DO ODYRUDWRUH GHQRPLQDWR Q IRUQLVFRQR L VHJXHQWL YDORUL 1 PLVXUD 1 PLVXUD 1 PLVXUD 1 PLVXUD 1 PLVXUD 1 PLVXUD 1 PLVXUD 1 PLVXUD 1 PLVXUD 1 PLVXUD

'XUDWD PLVXUD PLQ 'XUDWD PLVXUD PLQ 'XUDWD PLVXUD PLQ 'XUDWD PLVXUD PLQ 'XUDWD PLVXUD PLQ 'XUDWD PLVXUD PLQ 'XUDWD PLVXUD PLQ 'XUDWD PLVXUD PLQ 'XUDWD PLVXUD PLQ 'XUDWD PLVXUD PLQ

/$HT PL G%$ /$HT PL G%$ /$HT PL G%$ /$HT PL G%$ /$HT PL G%$ /$HT PL G%$ /$HT PL G%$ /$HT PL G%$ /$HT PL G%$ /$HT PL G%$

&RPSLWR 'XUDWD FRPSLWR PLQ 7P M &RPSLWR 'XUDWD FRPSLWR PLQ 7P M &RPSLWR 'XUDWD FRPSLWR PLQ 7P M &RPSLWR 'XUDWD FRPSLWR PLQ 7P M &RPSLWR 'XUDWD FRPSLWR PLQ 7P M &RPSLWR 'XUDWD FRPSLWR PLQ 7P M &RPSLWR 'XUDWD FRPSLWR PLQ 7P M &RPSLWR 'XUDWD FRPSLWR PLQ 7P M &RPSLWR 'XUDWD FRPSLWR PLQ 7P M &RPSLWR 'XUDWD FRPSLWR PLQ 7P M

/ SLFFR G%&

6WUXPHQWR

0LVXUDWRUH SHUVRQDOH 0LVXUDWRUH SHUVRQDOH 0LVXUDWRUH SHUVRQDOH

/ SLFFR G%&

6WUXPHQWR

)RQ &O )RQ &O )RQ &O

/ SLFFR G%&

6WUXPHQWR

)RQRPHWUR &O )RQRPHWUR &O )RQRPHWUR &O

/ SLFFR G%&

6WUXPHQWR

)RQRPHWUR &O )RQRPHWUR &O )RQRPHWUR &O

/ SLFFR G%&

6WUXPHQWR

)RQRPHWUR &O )RQRPHWUR &O )RQRPHWUR &O

/ SLFFR G%&

6WUXPHQWR

)RQRPHWUR &O

/ SLFFR G%&

6WUXPHQWR

)RQRPHWUR &O )RQRPHWUR &O )RQRPHWUR &O

/ SLFFR G%&

6WUXPHQWR

)RQRPHWUR &O )RQRPHWUR &O )RQRPHWUR &O

/ SLFFR G%&

6WUXPHQWR

)RQRPHWUR &O

/ SLFFR G%&

6WUXPHQWR

)RQRPHWUR &O 6L VHJQDOD FKH QHL FDOFROL OH GXUDWH GHEERQR HVVHUH LQGLFDWH LQ RUH H GHFLPDOL GL RUD HV RUH H PLQXWL RUH


/$ 9$/87$=,21( '(/ 5,6&+,2 58025(

/H ULVXOWDQ]H GHOO HVSRVL]LRQH UHODWLYD DO ODYRUDWRUH GHQRPLQDWR Q D PHQR GHOOH LQFHUWH]]H IRUQLVFRQR L VHJXHQWL YDORUL

เดคเดคเดคเดค 7P IRUPDWR GHFLPDOH

/(; K G%$

&RPSLWR

/$HT P G%$

/SLFFR P G%&

6RQR VWDWL HYLGHQ]LDWL LQ JUDVVHWWR L FRPSLWL SHU FXL ULVXOWD /$HT P ! G%$ ,

/$HT P ORJ แ เท /$HT PL แ O L

DG HVHPSLR

/$HT ORJ แ [ เต [ เต [ แ ปแ G% $

GRYH

ย ย ย ย

/$HT PL q LO OLYHOOR VRQRUR FRQWLQXR HTXLYDOHQWH SRQGHUDWR $ GHO FDPSLRQH GL LQGLFH L L q OยถLQGLFH GHO FDPSLRQH FRQVLGHUDWR , q LO QXPHUR WRWDOH GL FDPSLRQL SHU LO FRPSLWR P P q LO FRPSLWR FRQVLGHUDWR

0

/(; K ORJ แ เท P

เดคเดคเดคเดค 7P /$HT P แ 7

/(; K ORJ แ

[

[

[ [ เต

เต

[

[

[ [ เต

เต

[

[

[ [ เต

เต [

[

[ [ เต

เต

[

GRYH

ย ย ย

/$HT P q LO OLYHOOR VRQRUR FRQWLQXR HTXLYDOHQWH SRQGHUDWR $ GHO FRPSLWR P เดคเดคเดคเดค 7 P q OD PHGLD DULWPHWLFD GHOOH GXUDWH GHO FRPSLWR P 7 q OD GXUDWD GL ULIHULPHQWR GHOOD JLRUQDWD ODYRUDWLYD QRPLQDOH SDUL RUH

[

[ [ เต

แ ปแ G% $


/$ 9$/87$=,21( '(/ 5,6&+,2 58025(

&RQVLGHUDQGR TXLQGL LO FRQWULEXWR GHOOH LQFHUWH]]H VL DYUj &RPSLWR

เดคเดคเดคเดค 7P

/$HT P G%$

/SLFFR P G%&

F D P

F E P

X D P G%$

X E P G%$

X P G%$

X G%$

ฤป

ฤธ

/ยถ(; K ! G%$

8 /(; K ย

,QL]LDWLYH LPPHGLDWH SHU OD ULPR]LRQH GHOOH FDXVH GHWHUPLQDQWL /ยถ(; K ! G%$ 8 /(; K N X /(; K GRYH x x x GRYH ยพ

/(; K G%$

8 /(; K >N X /(; K @ q OยถLQFHUWH]]D HVWHVD VXO OLYHOOR GL HVSRVL]LRQH JLRUQDOLHUD X /(; K q OยถLQFHUWH]]D FRPELQDWD VWDQGDUG VXO OLYHOOR GL HVSRVL]LRQH JLRUQDOLHUD N q XQ IDWWRUH GL FRSHUWXUD IXQ]LRQH GHOOยถLQWHUYDOOR XQLODWHUDOH GL FRQILGHQ]D GHO

F D P q LO FRHIILFLHQWH GL VHQVLELOLWj 7P เตซ/$HT P /(; K เตฏ 7

F D P DG HVHPSLR F D Q FXL ย ย ย ย ยพ

เตซ เตฏ

7P q OD GXUDWD GHO FRPSLWR P 7 q LO WHPSR GL ULIHULPHQWR SDUL D RUH /$HT P q LO OLYHOOR VRQRUR FRQWLQXR HTXLYDOHQWH SRQGHUDWR $ GHO FRPSLWR ยณPยด /(; K q LO OLYHOOR GL HVSRVL]LRQH JLRUQDOLHUD D UXPRUH X D P q O LQFHUWH]]D VWDQGDUG GRYXWD DO FDPSLRQDPHQWR GHO OLYHOOR GL UXPRUH GHO FRPSLWR ยณPยด

,

X D P

เถฉ

แ เท เตซ/$HT PL /เดค $HT P เตฏ แ , ,

L

DG HVHPSLR X D เถง

เฌถ

[ >เตซ เตฏ เตซ เตฏ แ ฟ G% $


/$ 9$/87$=,21( '(/ 5,6&+,2 58025(

LQ FXL

ย ย ย ย

L q OยถLQGLFH QXPHULFR GHO FDPSLRQH GHL FRPSLWL , q LO QXPHUR WRWDOH GL FDPSLRQL /$HT PL q LO OLYHOOR VRQRUR FRQWLQXR HTXLYDOHQWH SRQGHUDWR $ GHO FDPSLRQH L /เดค $HT P q OD PHGLD DULWPHWLFD GL XQ QXPHUR , GL OLYHOOL VRQRUL FRQWLQXL HTXLYDOHQWL SRQGHUDWL $ PLVXUDWL SHU LO FRPSLWR P

RYYHUR ,

/เดค $HT P

เท /$HT PL , L

DG HVHPSLR /เดค $HT

G% $

ยพ X P q OยถLQFHUWH]]D VWDQGDUG GRYXWD DOOD VWUXPHQWD]LRQH XVDWD SHU OD PLVXUD GHL FRPSLWL WDOH YDORUH q IXQ]LRQH GHOOD FRQIRUPLWj QRUPDWLYD GHOOD VWUXPHQWD]LRQH XWLOL]]DWD SHU LO &RPSLWR H SHU JOL DOWUL &RPSLWL ยพ X q OยถLQFHUWH]]D VWDQGDUG GRYXWD DOOD SRVL]LRQH GHOOD VWUXPHQWD]LRQH VL EDVD VX GDWL HPSLULFL HG q SRVWD SDUL DG

ยพ F E P q LO FRHIILFLHQWH GL VHQVLELOLWj F E P

F D P 7P

DG HVHPSLR F E

LQ FXL ย F D P q LO FRHIILFLHQWH GL VHQVLELOLWj FDOFRODWR FRVu FRPH ULSRUWDWR QHL SDVVDJJL SUHFHGHQWL ย 7P q OD GXUDWD GHO FRPSLWR ยณPยด FRQVLGHUDWR ยพ X E P q OยถLQFHUWH]]D VWDQGDUG GRYXWD DOOD GXUDWD GHL FRPSLWL ยณPยด HG q FDOFRODWD LQ EDVH DOOH GXUDWH PLVXUDWH PHGLDQWH PLVXUD]LRQL LQGLSHQGHQWL -

X E P

เถฉ แ เท เตซ7P M 7P เตฏ แ - -

M

DG HVHPSLR X E เถง

เฌถ

[ >เตซ เตฏ เตซ เตฏ แ ฟ G% $

LQ FXL ย - q LO QXPHUR WRWDOH GL RVVHUYD]LRQL GL GXUDWD GHL FRPSLWL ย 7P M q OD GXUDWD GHO FRPSLWR ยณPยด FRQVLGHUDWR UHODWLYD DOOยถRVVHUYD]LRQH M ย 7P q OD PHGLD GHOOH GXUDWH GHO FRPSLWR ยณPยด FRQVLGHUDWR UHODWLYD DOOH RVVHUYD]LRQL WRWDOL H TXLQGL 0

X เตซ/(; K เตฏ เท แ F D P เตซX D P X P X เตฏ เตซF E P X E P เตฏ แ P

X /(; K G% $ o

X /(; K G% $

o

8 /(; K X G% $

H OยถLQFHUWH]]D HVWHVD ULVXOWD


/$ 9$/87$=,21( '(/ 5,6&+,2 58025(

'DL ULVXOWDWL RWWHQXWL VL HYLQFH FKH SHU TXDQWR FRQFHUQH OH PDQVLRQL VYROWH GDO ODYRUDWRUH GHQRPLQDWR Q TXHVWH FRPSRUWDQR XQ¶HVSRVL]LRQH D OLYHOOL GL UXPRUH VXSHULRUL DL YDORUL OLPLWH GL HVSRVL]LRQH G% $

H SHUWDQWR FRPH SUHYLVWR GDOO¶DUW GHO G OJV GHO DSULOH H V P L LO 'DWRUH GL ODYRUR GHYH DGRWWDUH PLVXUH LPPHGLDWH SHU ULSRUWDUH O¶HVSRVL]LRQH DO GL VRWWR GL WDOL OLYHOOL 1HOOH PRUH H FRPH PLVXUD XUJHQWH GL SURWH]LRQH SXz IDU XWLOL]]DUH DGHJXDWL GLVSRVLWLYL GL SURWH]LRQH LQGLYLGXDOH XGLWLYL '3, X SURFHGHQGR DOOD GHWHUPLQD]LRQH GHOO¶DWWHQXD]LRQH SURGRWWD DO ILQH GL YHULILFDUH LO VRVWDQ]LDOH ULVSHWWR GHL YDORUL OLPLWH GL HVSRVL]LRQH DL VHQVL GDOO¶DUW FRPPD 3HU LO ODYRUDWRUH GHQRPLQDWR Q OD PHVVD D GLVSRVL]LRQH GHL '3, X q OLPLWDWD DOO¶HVHFX]LRQH GHOOH IDVL GL ODYRUR SL UXPRURVH FRPSLWL H LQGLYLGXDWH WUD TXHOOH FKH FRPSRUWDQR XQ¶HVSRVL]LRQH GHO ODYRUDWRUH D YDORUL GL /$HT ! G% $ 6XSSRQLDPR HVVHUH VWDWL LQGLYLGXDWL L GXH VHJXHQWL '3, X GD DVVRJJHWWDUH DOOD YHULILFD GL LGRQHLWj SHU FLDVFXQD GHOOH SUHGHWWH IDVL VL SURFHGH DO FDOFROR GHOO¶DWWHQXD]LRQH PHGLDQWH LO PHWRGR 615

o &XIILD DQWLUXPRUH 615 G% $ o ,QVHUWL DXULFRODUL HVSDQGLELOL 615 G% $

3HU WHQHU FRQWR GHO FRVLGGHWWR µµUHDOH¶¶ RVVLD GHOOD ULGX]LRQH GL DWWHQXD]LRQH GHL '3, X FDXVDWD GD WXWWL TXHL IHQRPHQL FKH GHWHUPLQDQR GHOOH GLIIRUPLWj WUD L GDWL GLFKLDUDWL GDO SURGXWWRUH GHWHUPLQDWL LQ ODERUDWRULR ULVSHWWR DOOH UHDOL FRQGL]LRQL GL ODYRUR VL DSSOLFDQR L IDWWRUL GHPROWLSOLFDWLYL E LQGLFDWL QHOOD QRUPD 81, DO ILQH GL SHUIH]LRQDUH L YDORUL DWWHQXDWL GHWHUPLQDWL VHFRQGR OD SURFHGXUD LQGLFDWD DO SXQWR $ GHOOD QRUPD 81, (1 GHWHUPLQDQGR L YDORUL DWWHQXDWL UHDOL SHU OH GLYHUVH ODYRUD]LRQL

o &XIILD DQWLUXPRUH E o ,QVHUWL DXULFRODUL HVSDQGLELOL E ,SRWHVL FXIILD DQWLUXPRUH LQGRVVDWD

/¶$HT UHDOH /&HT 615¶ /&HT 615 E

&RPSLWR /&HT G%$ 615

E

615 / $HT G%$ / $HT UHDOH G%$

,SRWHVL LQVHUWL DXULFRODUL HVSDQGLELOL LQGRVVDWL &RPSLWR /&HT G%$ 615

E

615 / $HT G%$ / $HT UHDOH G%$

6L ULFDYD FKH JOL LQVHUWL DXULFRODUL HVSDQGLELOL QRQ SRWUDQQR HVVHUH FRQVLGHUDWL QHOO¶HVHFX]LRQH GHOOD IDVH GL ODYRUR FRQQHVVD DO &RPSLWR / $HT UHDOH ! G% $

3HUWDQWR JOL LQVHUWL DXULFRODUL QRQ VDUDQQR SL FRQVLGHUDWL GD TXL LQ DYDQWL D EHQHILFLR GHOOH FXIILH


/$ 9$/87$=,21( '(/ 5,6&+,2 58025(

/D FODVVH GL ULVFKLR GL DVVHJQD]LRQH q ULVXOWDWD PDJJLRUH GHO 9DORUH /LPLWH GL HVSRVL]LRQH DO ILQH GL YDOXWDUH O¶HIILFLHQ]D GHL '3, X H LO ULVSHWWR GHO YDORUH OLPLWH GL HVSRVL]LRQH DUW FRPPD VL HIIHWWXD LO FDOFROR VHJXHQWH ,Q SUDWLFD LQ ULIHULPHQWR DO ODYRUDWRUH GHQRPLQDWR Q QHOOD VFKHGD GL FDOFROR VRWWR ULSRUWDWD DL YDORUL FRUULVSRQGHQWL DOO¶LPSLHJR GHOOH VLQJROH PDFFKLQH UXPRURVH FRPSLWL H SHU OH TXDOL q VWDWR FDOFRODWR O¶HIIHWWR GHOO¶DWWHQXD]LRQH GRYUDQQR HVVHUH VRVWLWXLWL L YDORUL DWWHQXDWL VRSUD GHWHUPLQDWL / $HT UHDOH FDOFRODQGR LO QXRYR YDORUH GHOO¶HVSRVL]LRQH JLRUQDOLHUD GHO ODYRUDWRUH DO UXPRUH FKH GRYUj HVVHUH FRQIURQWDWR FRQ LO YDORUH OLPLWH GL HVSRVL]LRQH G% $

$QDORJD YHULILFD YD HVHJXLWD LQ UHOD]LRQH DG XQ¶HYHQWXDOH LSHUSURWH]LRQH LO FXL YDORUH GL VRJOLD VHFRQGR OD QRUPD 81, (1 q SDUL D /DFW GRYH /DFW FRUULVSRQGH DL YDORUL LQIHULRUL GL D]LRQH VWDELOLWL GDOOD QRUPDWLYD $ PHQR GHOOH LQFHUWH]]H FRQVLGHUDWH D SDUWH VL DYUj ,SRWHVL FXIILD DQWLUXPRUH LQGRVVDWD &RPSLWR

തതതത 7P

/$HT P G%$

/SLFFR P G%&

/(; K 615¶ G%$

8 /(; K “

&RQFOXGHQGR VL SXz YHULILFDUH FKH XWLOL]]DQGR OD FXIILD L YDORUL DWWHQXDWL /(; K 615¶ FRPSUHQVLYL GHO FRQWULEXWR GHOO¶LQFHUWH]]D HVWHVD ULVXOWDQR PLQRUL GHO YDORUH LQIHULRUH GL D]LRQH G% $

VHQ]D WXWWDYLD SURYRFDUH IHQRPHQL GL LSHUSURWH]LRQH /¶$HT UHDOH ! G% $

$QDORJD SURFHGXUD DGRWWDQGR OD VWUDWHJLD SHU FRPSLWL VL DSSOLFKHUj SHU GHWHUPLQDUH H YHULILFDUH O¶HVSRVL]LRQH DO UXPRUH GHJOL DOWUL GXH ODYRUDWRUL GHQRPLQDWL Q H Q H SHU O¶DSSUHQGLVWD GHQRPLQDWR Q 5HODWLYDPHQWH LQYHFH DL GXH DGGHWWL DO PRQWDJJLR GHQRPLQDWL Q H Q FKH RSHUDQR SUHYDOHQWHPHQWH SUHVVR VLWL HVWHUQL FRPH DQWLFLSDWR VDUj DGRWWDWD OD VWUDWHJLD SHU PDQVLRQL 6L SXz FRQVLGHUDUH D WDOH VFRSR XQ *$2 FRPSRVWR GDL GXH LQVWDOODWRUL H VSRUDGLFDPHQWH DQFKH GDOO DSSUHQGLVWD 6XOOD EDVH GHOOH LQGLFD]LRQL FRQWHQXWH QHO SURVSHWWR GHOOD QRUPD 81, (1 ,62 *$2 VDUDQQR QHFHVVDULH RUH FRPSOHVVLYH GL PLVXUD]LRQH 'RYHQGR LO QXPHUR GL FDPSLRQL GD ULOHYDUH HVVHUH QHFHVVDULDPHQWH HVVHUH VXSHULRUH D H GHOOD PHGHVLPD GXUDWD DO ILQH GL ULGXUUH O¶LQFHUWH]]D FRPSOHVVLYD VL VWDELOLVFH GL HVHJXLUH PLVXUD]LRQL GHOOD GXUDWD GL PH]]¶RUD FLDVFXQD , FDPSLRQDPHQWL VDUDQQR HIIHWWXDWL LQ GXH JLRUQDWH GLIIHUHQWL QHJOL RUDUL GL FXL DOOD WDEHOOD VHJXHQWH DO ILQH GL UHJLVWUDUH LO PDJJLRU QXPHUR GL VLWXD]LRQL FKH SRVVRQR GHULYDUH GDOOR VYROJLPHQWR GHOOH DWWLYLWj 3ULPD JLRUQDWD 6HFRQGD JLRUQDWD 2UDUL GHL FDPSLRQDPHQWL GDOOH RUH DOOH RUH GDOOH RUH DOOH RUH GDOOH RUH DOOH RUH GDOOH RUH DOOH RUH GDOOH RUH DOOH RUH GDOOH RUH DOOH RUH GDOOH RUH DOOH RUH GDOOH RUH DOOH RUH GDOOH RUH DOOH RUH GDOOH RUH DOOH RUH


/$ 9$/87$=,21( '(/ 5,6&+,2 58025(

6L GHWHUPLQD OยถHVSRVL]LRQH DO UXPRUH ULJXDUGDQWH L ODYRUDWRUL GHQRPLQDWL Q H Q

&RPSLWR

'HVFUL]LRQH GHO FRPSLWR $WWLYLWj SUHVVR FDQWLHUL HVWHUQL FRQVLVWHQWH QHOOR VPRQWDJJLR H PRQWDJJLR GL LQILVVL WUDPLWH OยถLPSLHJR GL DWWUH]]L PDQXDOL DYYLWDWRUL H WUDSDQL D EDWWHULD HFF /ยถDWWLYLWj VYROWD FRPSUHQGH DQFKH LO WUDVSRUWR FRPSUHQVLYR GHL WHPSL GL WUDVIHULPHQWR DO FDQWLHUH LO FDULFR H OR VFDULFR GHL PDWHULDOL GL ULVXOWD '(6&5,=,21( '(/ &203,72 &8, 6212 $''(77, , /$925$725, '(120,1$7, 1 ( 1

/H ULVXOWDQ]H GHOOH PLVXUD]LRQL HIIHWWXDWH LQ UHOD]LRQH DL ODYRUDWRUL GHQRPLQDWL Q H Q IRUQLVFRQR L VHJXHQWL YDORUL &RPSLWR

'XUDWD PLVXUD PLQ

1 PLVXUD

/$HT Q G%$

/SLFFR G%&

6WUXPHQWR

*LRUQDWD

3ULPD 0LVXUDWRUH SHUVRQDOH 6HFRQGD

/H ULVXOWDQ]H GHOO HVSRVL]LRQH FRQVLGHUDQGR DQFKH L FRQWULEXWL GHOOH LQFHUWH]]H IRUQLVFRQR L VHJXHQWL YDORUL

&RPSLWR 7H 7 /$HT 7H G%$ /SLFFR G%& X G%$ F X F X G%$ X G%$ /(; K G%$

8 /(; K ย

ฤป

ฤธ

/ยถ(; K ! G%$

$VVHJQD]LRQH GHL ODYRUDWRUL DOOD &ODVVH GL ULVFKLR $/7$

1

/$HT 7H

ORJ แ เท /$HT Q แ 1 Q

GRYH ย /$HT 7H q LO OLYHOOR GHOOD SUHVVLRQH VRQRUD FRQWLQXD HTXLYDOHQWH SRQGHUDWR $ GHO FDPSLRQH Q ย Q q O LQGLFH QXPHULFR GHO FDPSLRQH GHOOD PDQVLRQH ย 1 q LO QXPHUR WRWDOH GL FDPSLRQL GHOOD PDQVLRQH /$HT 7H ORJ แ [ วกอบ เต [ เต [ เต [ เต [ เต [ เต

[ เต [ เต [ เต [ แ ปแ G% $ &RQVLGHUDWR FKH OยถHIIHWWLYD GXUDWD GHOOD JLRUQDWD ODYRUDWLYD 7H FRLQFLGH FRQ OD GXUDWD GL ULIHULPHQWR 7 RUH LO /(; K FRLQFLGH FRQ LO /$HT 7H


/$ 9$/87$=,21( '(/ 5,6&+,2 58025(

5HODWLYDPHQWH DL FRQWULEXWL GHOOH LQFHUWH]]H VL DYUj ยพ X q O LQFHUWH]]D VWDQGDUG GRYXWD DO FDPSLRQDPHQWR 1

X

เถฉ แ เท เตซ/$HT Q /เดค $HT เตฏ แ 1

Q

เฌถ

X เถง [ >เตซ เตฏ เตซวฆ เตฏ อต แ ฟ G% $

LQ FXL ย ย ย ย

1 q LO QXPHUR WRWDOL GL FDPSLRQL Q q OยถLQGLFH GHOOยถL HVLPR FDPSLRQH /$HT Q q LO OLYHOOR VRQRUR FRQWLQXR HTXLYDOHQWH FRUULVSRQGHQWH DOOยถL HVLPR FDPSLRQH /เดค $HT q OD PHGLD GHJOL 1 FDPSLRQL PLVXUDWL SHU LO JUXSSR RPRJHQHR RVVLD 1

/เดค $HT

แ เท เตซ/$HT Q เตฏแ 1 Q

/เดค $HT

[ แ พ แ ฟ G% $

ยพ F q LO FRHIILFLHQWH GL VHQVLELOLWj DWWUDYHUVR OยถXWLOL]]R GHO SURVSHWWR & GHOOD QRUPD 81, (1 ,62 QHO FDVR LQ HVDPH QHOOยถHVHPSLR ULVXOWD F X G%

ยพ LO FRHIILFLHQWH GL VHQVLELOLWj F GRYXWR DOOD VWUXPHQWD]LRQH q SRVWR SDUL DG

ยพ X q OยถLQFHUWH]]D VWDQGDUG GRYXWD DOOD VWUXPHQWD]LRQH XVDWD SHU OD PLVXUD GHL FRPSLWL QHOOยถHVHPSLR ULVXOWD ยพ X q OยถLQFHUWH]]D VWDQGDUG GRYXWD DOOD SRVL]LRQH GHOOD VWUXPHQWD]LRQH VL EDVD VX GDWL HPSLULFL HG q SRVWD SDUL DG G% H TXLQGL X เตซ/(; K เตฏ F X F เตซX X เตฏ

X /(; K G% $ o X /(; K G% $ o H OยถLQFHUWH]]D HVWHVD ULVXOWD 8 /(; K X G% $ ,O YDORUH GL /ยถ(; K FRPSUHQVLYR GHO FRQWULEXWR GHOOยถLQFHUWH]]D HVWHVD SHU L ODYRUDWRUL GHQRPLQDWL Q H Q GHWHUPLQD XQ ULVXOWDWR FRPSOHVVLYR SDUL D G% $ SHUWDQWR L GXH ODYRUDWRUL GRYUDQQR HVVHUH FRQVLGHUDWL DSSDUWHQHQWL DOOD &ODVVH GL ULVFKLR $/7$ 3HUWDQWR FRPH SUHYLVWR GDOOยถDUW GHO G OJV GHO DSULOH H V P L LO 'DWRUH GL ODYRUR GHYH HODERUDUH H DWWXDUH XQ SURJUDPPD GL PLVXUH WHFQLFKH H RUJDQL]]DWLYH SHU ULGXUUH OยถHVSRVL]LRQH 1HOOH PRUH FRPH PLVXUD GL SURWH]LRQH SXz IDU XWLOL]]DUH DGHJXDWL GLVSRVLWLYL GL SURWH]LRQH LQGLYLGXDOH XGLWLYL '3, X YDOXWDQGRQH HIILFLHQ]D HG HIILFDFLD DL VHQVL GDOOยถDUW 2FFRUUH GD XOWLPR YHULILFDUH OยถHVLVWHQ]D GL XQD SRVVLELOH FRUULVSRQGHQ]D WUD OD SUHVHQ]D GL UXPRUH VRVWDQ]H RWRWRVVLFKH LQGLFDQGR LO QRPH GHOOD VRVWDQ]D YLEUD]LRQL SUHFLVDQGR VH +$9 R :%9 H UXPRUL LPSXOVLYL 3HU TXDQWR FRQFHUQH OยถXOWLPR IDWWRUH LQ WXWWL L FDVL LO UXPRUH ULOHYDWR q VWDWR GL WLSR IOXWWXDQWH H QRQ q VWDWD GHWHUPLQDWD SHU DOFXQD ODYRUD]LRQH OD SUHVHQ]D GL FRPSRQHQWL LPSXOVLYH


/$ 9$/87$=,21( '(/ 5,6&+,2 58025(

$G HVHPSLR SHU LO ODYRUDWRUH GHQRPLQDWR Q ULVXOWD &RPSLWR

തതതത 7P

/$HT P G%$

(VSRVL]LRQH D YLEUD]LRQL +$9 :%9

(VSRVL]LRQH D RWRWRVVLFL VL QR

5XPRUL LPSXOVLYL VL QR

+$9

+$9

QR QR

QR QR

+$9

QR

QR

+$9

QR

QR

QR

QR

+$9

+$9

QR

QR

+$9

QR

QR

+$9

QR

QR

0HQWUH SHU L ODYRUDWRUL GHQRPLQDWL Q H Q &RPSLWR

തതതത 7P

/$HT P G%$

(VSRVL]LRQH D YLEUD]LRQL +$9 :%9

(VSRVL]LRQH D RWRWRVVLFL VL QR

&RPSRQHQWL LPSXOVLYH VL QR

+$9 H :%9 FDXVDWL GDOO¶LPSLHJR GHJOL DYYLWDWRUL PDQXDOL GHO WUDSDQR H GDOOD FRQGX]LRQH GHOO¶DXWRPH]]R GL ODYRUR

QR

QR

3UHPHVVR FKH L ULVXOWDWL RWWHQXWL QHFHVVLWDQR GL XQ¶DQDOLVL FRQJLXQWD FRQ LO 0HGLFR &RPSHWHQWH HVVHQGR L ODYRUDWRUL LQ TXHVWLRQH DVVHJQDWL DOOD &ODVVH GL ULVFKLR $/7$ H TXLQGL JLj VRWWRSRVWL D VRUYHJOLDQ]D VDQLWDULD REEOLJDWRULD VL ULPDQGD DOOH FRQVLGHUD]LRQL HVSRVWH DO SDUDJUDIR $ 8Q FDOFROR GHOO¶HVSRVL]LRQH JLRUQDOLHUD VWUDWHJLD D JLRUQ DWD LQWHUD

6XSSRQLDPR GL GRYHU GHWHUPLQDUH O¶HVSRVL]LRQH DO UXPRUH QHOO¶DPELWR GL XQD IDEEULFD GHGLWD DOOD SURGX]LRQH H LPPDJD]]LQDJJLR GL HOHWWURGRPHVWLFL QHOOD TXDOH RSHUDQR GHL FDUUHOOL LQGXVWULDOL 6RQR SUHVHQWL WUH RSHUDWRUL FRQVLGHUDWL FRPH *$2 DGGHWWL DOOD PDQRYUD GHL FDUUHOOL (VVL VYROJRQR XQ WXUQR GL RUH FKH FRPSUHQGH WUH SDXVH ULVSHWWLYDPHQWH GL H PLQXWL /H SDXVH SL EUHYL VRQR IDWWH LQ TXDOVLDVL SRVWR DOO¶LQWHUQR GHO OXRJR GL ODYRUR LQ PRPHQWL JUDGLWL DO ODYRUDWRUH OD SDXVD OXQJD q DG RUDULR ILVVR QHOOD PHQVD D]LHQGDOH /D GXUDWD HIIHWWLYD GHOOD JLRUQDWD ODYRUDWLYD SDXVD PHQVD HVFOXVD q TXLQGL GL RUH H PLQXWL RUH /D GHVFUL]LRQH GHOO¶DWWLYLWj ODYRUDWLYD q VWDWD GHVXQWD PHGLDQWH RVVHUYD]LRQH H FRQIHUPDWD LQ EDVH DO FRQIURQWR FRQ L PDQRYUDWRUL HG L ORUR VXSHUYLVRUL 'HVFUL]LRQH GHOO¶DWWLYLWj ODYRUDWLYD GHL FDUUHOOLVWL /D PDQVLRQH GHL FDUUHOOLVWL FRQVLVWH QHO WUDVSRUWR GHOOH PDWHULH SULPH H GHL SURGRWWL ILQLWL IUD OH ]RQH GL SURGX]LRQH PDJD]]LQR HG GHSRVLWR PHUFL GHOOD IDEEULFD ,O ODYRUR GHJOL RSHUDWRUL SXz YDULDUH D VHFRQGD GHOOH LVWUX]LRQL GHOO¶DGGHWWR VXSHUYLVRUH *OL RSHUDWRUL WUDVFRUURQR JUDQ SDUWH GHOOD JLRUQDWD DOO¶LQWHUQR GHOOD FDELQD GL JXLGD &RQVLGHUDWD OD YDULHWj H O¶LPSUHYHGLELOLWj GHL FLFOL ODYRUDWLYL OD VWUDWHJLD GL PLVXUD]LRQH D JLRUQDWD LQWHUD q VWDWD JLXGLFDWD OD SL LGRQHD LQL]LDOPHQWH q VWDWD HIIHWWXDWD XQD PLVXUD]LRQH D JLRUQDWD LQWHUD VX FLDVFXQR GHL ODYRUDWRUL

&RQVLGHUDWD OD QHFHVVLWj GL FRQFHGHUH GHO WHPSR SHU DOOHVWLUH H SHU VPRQWDUH OD VWUXPHQWD]LRQH DOO¶LQL]LR H DOOD ILQH GHL WXUQL H SHU IRUQLUH LVWUX]LRQL DL ODYRUDWRUL VXO IXQ]LRQDPHQWR GHOOR VWUXPHQWR GL PLVXUD H VXOOH FRUUHWWH PRGDOLWj GL VYROJLPHQWR GHOOD SURSULD PDQVLRQH GXUDQWH OD FDPSDJQD GL PLVXUD]LRQH OD GXUDWD GHOOH PLVXUD]LRQL q VWDWD OHJJHUPHQWH LQIHULRUH DOOD GXUDWD FRPSOHWD GHO WXUQR GL ODYRUR VHSSXU GL GXUDWD VXIILFLHQWH SHU FRSULUH WXWWL L SHULRGL VLJQLILFDWLYL GL HVSRVL]LRQH DO UXPRUH


/$ 9$/87$=,21( '(/ 5,6&+,2 58025(

$ VHJXLWR GHOOH SULPH WUH PLVXUD]LRQL D JLRUQDWD LQWHUD q VWDWD ULVFRQWUDWR FKH L WUH ULVXOWDWL GLIIHULYDQR GL ROWUH G% 3HUWDQWR VRQR VWDWH HVHJXLWH XOWHULRUL WUH PLVXUD]LRQL D JLRUQDWD LQWHUD XWLOL]]DQGR OH PHGHVLPH WHFQLFKH LPSLHJDWH QHOOH SULPH PLVXUD]LRQL /H VHL PLVXUD]LRQL D JLRUQDWD LQWHUD KDQQR IRUQLWR OH ULVXOWDQ]H GL FXL DOOD VHJXHQWH WDEHOOD /DYRUDWRUH 'XUDWD PLVXUD /$HT Q G%$ *LRUQDWD

3ULPD

6HFRQGD

/H ULVXOWDQ]H GHOO HVSRVL]LRQH FRQVLGHUDQGR DQFKH L FRQWULEXWL GHOOH LQFHUWH]]H IRUQLVFRQR L VHJXHQWL YDORUL

$WWLYLWj 7H !7 /$HT 7H G%$ X G%$ F X F X G%$ X G%$ / (; K G%$ GHO *$2 8 /(; K “

/$HT 7H ORJ ቂ [ ൅ [ ൅ [ ൅ [ ൅ [ ൅ [ ሻቃ G% $ &RQVLGHUDWR SRL FKH O¶HIIHWWLYD GXUDWD GHOOD JLRUQDWD ODYRUDWLYD 7H RUH QRQ FRLQFLGH FRQ OD GXUDWD GL ULIHULPHQWR 7 RUH LO /(; K VDUj GHWHUPLQDWR GDOOD UHOD]LRQH /(; K ORJ G% $ 5HODWLYDPHQWH DL FRQWULEXWL GHOOH LQFHUWH]]H VL DYUj

X ට [ > ሿ G% $

FRQ F X G% HVVHQGR GDO SURVSHWWR & 1 H X G% $ X G% $ X G% $ F H TXLQGL X /(; K G% $ o X /(; K G% $ o H O¶LQFHUWH]]D HVWHVD ULVXOWD 8 /(; K X G% $ 3HUWDQWR L ODYRUDWRUL VRQR VRJJHWWL DG XQ¶HVSRVL]LRQH JLRUQDOLHUD DO UXPRUH GL G% $ FRQ XQ¶LQFHUWH]]D HVWHVD DVVRFLDWD GL G% $ SHU XQD FRSHUWXUD GL SUREDELOLWj XQLODWHUDOH GHO N 3HUWDQWR FRPH SUHYLVWR GDOO¶DUW GHO G OJV GHO DSULOH H V P L LO 'DWRUH GL ODYRUR GHYH DGRWWDUH PLVXUH LPPHGLDWH SHU ULSRUWDUH O¶HVSRVL]LRQH DO GL VRWWR GL WDOL OLYHOOL 1HOOH PRUH H FRPH PLVXUD XUJHQWH GL SURWH]LRQH SXz IDU XWLOL]]DUH DGHJXDWL GLVSRVLWLYL GL SURWH]LRQH LQGLYLGXDOH XGLWLYL '3, X SURFHGHQGR DOOD GHWHUPLQD]LRQH GHOO¶DWWHQXD]LRQH SURGRWWD DO ILQH GL YHULILFDUH LO VRVWDQ]LDOH ULVSHWWR GHL YDORUL OLPLWH GL HVSRVL]LRQH DL VHQVL GDOO¶DUW FRPPD


/$ 9$/87$=,21( '(/ 5,6&+,2 58025(

$ 8Q HVHPSLR GL YDOXWD]LRQH GHO ULVFKLR

*HQHUDOLWj GHOO¶LPSUHVD 6L LSRWL]]D XQ¶LPSUHVD FKH HIIHWWXL SURYH H LQGDJLQL ILVLFR PHFFDQLFKH FKLPLFKH H JHRWHFQLFKH LQ ODERUDWRULR H LQ VLWR VX PDWHULDOL FRPSRQHQWL H VWUXWWXUH SHU O LQGXVWULD GHOOH FRVWUX]LRQL LQ SDUWLFRODUH o SURYH PHFFDQLFKH H ILVLFKH VX FDOFHVWUX]]R DFFLDLR SHU & $ H & $ 3 DFFLDLR GD FDUSHQWHULD ODERUDWRULR DXWRUL]]DWR GDO 0LQLVWHUR GHOOH ,QIUDVWUXWWXUH H GHL 7UDVSRUWL O o SURYH VXO FDOFHVWUX]]R IUHVFR o SURYH PHFFDQLFKH H ILVLFKH VX EXOORQHULD o SURYH PHFFDQLFKH H ILVLFKH VX FRPSRQHQWL HGLOL H VWUDGDOL FRPH WXEL EDUULHUH GL VLFXUH]]D SURILODWL PHWDOOLFL SDQQHOOL FKLXVLQL ODVWUH GL FRSHUWXUD GHOLPLWDWRUL GL FRUVLD HFF o SURYH VX OHJQR HG HOHPHQWL OLJQHL o SURYH GL SLDVWUD VX SLDQL GL IRQGD]LRQH ULOHYDWL H SDYLPHQWD]LRQL o SURYH SHQHWURPHWULFKH VWDWLFKH H GLQDPLFKH VRQGDJJL VXSHUILFLDOL o FDURWDJJL VX VWUXWWXUH LQ F D SDYLPHQWD]LRQL H PXUDWXUH o LQGDJLQL XOWUDVRQLFKH VX VWUXWWXUH LQ FDOFHVWUX]]R o ULOLHYR GL DUPDWXUH LQ VWUXWWXUH LQ F D FRQ WHFQLFD PDJQHWLFD o FRQWUROOR GL IHVVXUD]LRQL o SURYH GL FDULFR VX VRODL SRQWL WUDYL SDOL GL IRQGD]LRQH

/H DWWLYLWj GHOO¶LPSUHVD VL VXGGLYLGRQR VLQWHWLFDPHQWH LQ GXH WLSRORJLH DWWLYLWj HVHJXLWH LQ ODERUDWRULR H DQQHVVH DWWLYLWj GL DPPLQLVWUD]LRQH H GL PDJD]]LQR H DWWLYLWj VXO FDPSR 'DOO¶DQDOLVL GHO FLFOR ODYRUDWLYR q HPHUVR FKH LQ OLQHD GL PDVVLPD L ODYRUDWRUL RSHUDQWL QHO ODERUDWRULR QRQ VRQR DVVHJQDWL FLDVFXQR DG XQD VSHFLILFD DWWUH]]DWXUD EHQVu DWWXDQR GHOOH WXUQD]LRQL IUD TXHVWH D VHFRQGD GHOOH HVLJHQ]H GHWHUPLQDWH GDOOD WLSRORJLD GL SURYH GD HIIHWWXDUH 6L q TXLQGL SURFHGXWR DOOD YDOXWD]LRQH GHOO¶HVSRVL]LRQH DO UXPRUH SHU L ODYRUDWRUL GHOO¶LPSUHVD DGRWWDQGR OD VWUDWHJLD GL PLVXUD]LRQH SHU FRPSLWL LQ ULIHULPHQWR DOOH VHJXHQWL VFKHGH PDQVLRQL ™ 6FKHGD 8IILFLR VHJUHWHULD DPPLQLVWUD]LRQH /DYRUDWRUL SHU L TXDOL q VWDWD HIIHWWXDWD OD YDOXWD]LRQH 0DUFHOOD *DOLPEHUWL ™ 6FKHGD *$2 PDJD]]LQLHUL DXWLVWL /DYRUDWRUL SHU L TXDOL q VWDWD HIIHWWXDWD OD YDOXWD]LRQH 0DUFR 6HSSL 1LFROD 'DQGLQL 1XQ]LR 3HURWWL ™ 6FKHGD *$2 DGGHWWL ODERUDWRULR SURYH 6HWWLPDQD FRPSRVWD GD JLRUQDWH SHU O¶HVHFX]LRQH GL SURYH VX FDOFHVWUX]]R DFFLDLR SHU & $ H & $ 3 JLRUQDWD SHU O¶HVHFX]LRQH GL SURYH PHFFDQLFKH H ILVLFKH VX EXOORQHULD JLRUQDWD SHU O¶HVHFX]LRQH GL SURYH PHFFDQLFKH VX SURILODWL PHWDOOLFL H FRPSRQHQWL PHWDOOLFL LQ JHQHUH H JLRUQDWD SHU O¶HVHFX]LRQH GHOOH SURYH VX HOHPHQWL OLJQHL /DYRUDWRUL SHU L TXDOL q VWDWD HIIHWWXDWD OD YDOXWD]LRQH *LRYDQQL &DSRGDFTXD 0DULR /D 1HYH 5REHUWR &DSL]]L *LDFRPR %DUOHWWD 1DQGR /D &DVD 6L q LQYHFH SURFHGXWR DOOD YDOXWD]LRQH GHOO¶HVSRVL]LRQH DO UXPRUH SHU L ODYRUDWRUL DGGHWWL SUHYDOHQWHPHQWH SUHVVR FDQWLHUL DSSOLFDQGR O¶DUW ™ 6FKHGD *$2 DGGHWWL SURYH LQ FDPSR SUHYDOHQWHPHQWH SUHVVR FDQWLHUL /DYRUDWRUL SHU L TXDOL q VWDWD HIIHWWXDWD OD YDOXWD]LRQH *LDQQL %LVFDUGL 0DQIUHGR /D 5RFFD $QWRQLR 6HSSL 0DUFR 9LWDOH

1RPL VLWXD]LRQL H LSRWHVL SXUDPHQWH FDVXDOL


/$ 9$/87$=,21( '(/ 5,6&+,2 58025(

6WUXPHQWD]LRQH XWLOL]]DWD QHOOH LQGDJLQL IRQRPHWULFKH 3HU OH PLVXUD]LRQL VRQR VWDWH XWLOL]]DWH OH VHJXHQWL DWWUH]]DWXUH L FXL HUURUL VWUXPHQWDOL VXO OLYHOOR VRQRUR HTXLYDOHQWH SRQGHUDWR $ H VXO OLYHOOR VRQRUR GL SLFFR VRQR ULSRUWDWL LQ WDEHOOD 7LSR VWUXPHQWR

0DUFD

0RGHOOR

)RQRPHWUR ;;<< /& &DOLEUDWRUH ==:: (56

1 XV /$HT XV /SLFFR GL VHULH

,Q ULIHULPHQWR DOOH WDUDWXUH GHOOD VWUXPHQWD]LRQH VL ULOHYD 7LSR 'DWD 5LODVFLDWD 1 0DUFD 0RGHOOR VWUXPHQWR ULODVFLR GD FHUWLILFDWR )RQRPHWUR ;;<< /& 6,7 6,7 6 U O /$7 &DOLEUDWRUH ==:: (56 6,7 6,7 6 U O /$7

5LOLHYL IRQRPHWULFL 3UHOLPLQDUPHQWH DOO¶HVHFX]LRQH GHOOH LQGDJLQL IRQRPHWULFKH VRQR VWDWH DFTXLVLWH WXWWH OH LQIRUPD]LRQL DWWH D IRUQLUH XQ TXDGUR FRPSOHWR GHOOH DWWLYLWj SHUWLQHQWL DL ODYRUDWRUL R DOOH SRVWD]LRQL FXL OH PLVXUD]LRQL VWHVVH VL ULIHULVFRQR 6RQR VWDWL SHUWDQWR SUHVL LQ FRQVLGHUD]LRQH ¾ L FLFOL WHFQRORJLFL OH PRGDOLWj GL HVHFX]LRQH GHOOH IDVL ODYRUDWLYH L PH]]L H HG L PDWHULDOL XWLOL]]DWL ¾ OD YDULDELOLWj GHOOH ODYRUD]LRQL ¾ OH FDUDWWHULVWLFKH GHO UXPRUH FRVWDQWH IOXWWXDQWH LPSXOVLYR FLFOLFR ¾ OH FRQGL]LRQL DFXVWLFKH LQ SURVVLPLWj GHL SXQWL GL PLVXUD FRPSUHVD OD SUHVHQ]D GL VHJQDOL GL DYYHUWLPHQWR H R DOODUPL ¾ OH SRVWD]LRQL GL ODYRUR RFFXSDWH H L WHPSL GL SHUPDQHQ]D QHOOD VWHVVH ¾ OH HYHQWXDOL SDXVH R SHULRGL GL ULSRVR H OH UHODWLYH SRVWD]LRQL R DPELHQWL GRYH VRQR IUXLWH ¾ O¶HYHQWXDOH SUHVHQ]D GL JUXSSL GL ODYRUDWRUL DFXVWLFDPHQWH RPRJHQHL *$2 &RQGL]LRQL GL PLVXUD , ULOLHYL IRQRPHWULFL VRQR VWDWL HIIHWWXDWL QHOOH VHJXHQWL FRQGL]LRQL RSHUDWLYH x DPELHQWL D QRUPDOH UHJLPH GL IXQ]LRQDPHQWR x DWWUH]]DWXUH LQ FRQGL]LRQL RSHUDWLYH GL PDVVLPD HPLVVLRQH VRQRUD 3RVL]LRQDPHQWR GHO PLFURIRQR x SHU OH IDVL GL ODYRUR FKH QRQ ULFKLHGRQR QHFHVVDULDPHQWH OD SUHVHQ]D GHO ODYRUDWRUH LO PLFURIRQR q VWDWR SRVL]LRQDWR LQ FRUULVSRQGHQ]D GHOOD SRVL]LRQH RFFXSDWD GDOOD WHVWD GHO ODYRUDWRUH x SHU OH IDVL GL ODYRUR FKH ULFKLHGRQR QHFHVVDULDPHQWH OD SUHVHQ]D GHO ODYRUDWRUH LO PLFURIRQR q VWDWR SRVL]LRQDWR D FLUFD P GL IURQWH DOO RUHFFKLR HVSRVWR DO OLYHOOR SL DOWR GL UXPRUH 7HPSL GL PLVXUD 3HU RJQL VLQJROR ULOLHYR q VWDWR VFHOWR XQ WHPSR GL PLVXUD FRQJUXR DO ILQH GL YDOXWDUH O HVSRVL]LRQH DO UXPRUH GHL ODYRUDWRUL ,Q SDUWLFRODUH VL FRQVLGHUD VRGGLVIDWWD OD FRQGL]LRQH VXGGHWWD TXDQGR LO OLYHOOR HTXLYDOHQWH GL SUHVVLRQH VRQRUD VL VWDELOL]]D HQWUR G% $ 3HU JOL VFRSL GHOO¶HVHPSLR VL VXSSRQH FKH OH LQGDJLQL IRQRPHWULFKH VLDQR VWDWH HIIHWWXDWH VHFRQGR OD SUDVVL PHWURORJLFD IRUQLWD GDOOD 81, (1 ,62 FRQ VSHFLILFR ULIHULPHQWR DO SXQWR LQ UHOD]LRQH DOOD GHWHUPLQD]LRQH GHOOH GXUDWH PHGLH R HIIHWWLYH GHOOH PLVXUD]LRQL H GHL OLYHOOL HTXLYDOHQWL PHGL SHU FLDVFXQ FRPSLWR HVDPLQDWR , OLYHOOL VRQRUL GL SLFFR /SLFFR VRQR VWDWL ULOHYDWL LQ IDVH GL PLVXUD]LRQH SHU YDOXWDUH O¶HVSRVL]LRQH DO UXPRUH LPSXOVLYR ODGGRYH QHFHVVDULR VL q LQROWUH GHWHUPLQDWR LO FDUDWWHUH LPSXOVLYR GHO UXPRUH DWWUDYHUVR OD PLVXUD GHO SDUDPHWUR /$HT , OLYHOOR HTXLYDOHQWH SRQGHUDWR $ ULOHYDWR FRQ OD FRVWDQWH GL WHPSR ,PSXOVH ,QILQH OD PLVXUD]LRQH HIIHWWXDWD GHO OLYHOOR VRQRUR HTXLYDOHQWH SRQGHUDWR & /&HT RFFRUUH SHU O¶HYHQWXDOH YHULILFD GHL '3, X


/$ 9$/87$=,21( '(/ 5,6&+,2 58025(

352&('85$ ', 9$/87$=,21( '(// (6326,=,21( $/ 58025(


/$ 9$/87$=,21( '(/ 5,6&+,2 58025(

7DQWR SUHPHVVR VL ULSRUWDQR OH ULVXOWDQ]H GHOOH LQGDJLQL IRQRPHWULFKH HVHJXLWH D SDUWLUH GDL YDORUL GHO /$HT P OLYHOOR VRQRUR HTXLYDOHQWH SRQGHUDWR $ ULVXOWDQWH UHODWLYR DO FRPSLWR ³P´ GL GXUDWD ³7P´ ,O FDOFROR GHL /&HT P ULVXOWDQWH GHO FRPSLWR q VWDWR DQDORJR D TXHOOR HVHJXLWR SHU GHWHUPLQDUH L /$HT P 6FKHGD 8IILFLR VHJUHWHULD DPPLQLVWUD]LRQH JLRUQDWD WLSR 'XUDWD 7LSRORJLD 5LOLHYR &RPSLWR PLVXUD UXPRUH PLQ $WWLYLWj IOXWWXDQWH G¶XIILFLR

7P /$HT /SLFFR /&HT WHPSL GL HVSRVL]LRQH G%$ G%& G%& IRUPDWR GHFLPDOH

/(; K G%$

/SLFFR G%&

/(; K ORJ ൤

෍ 7P /L ൨ G% $ 7

/(; K ORJ > [

[

@ G% $ &RQVLGHUDQGR TXLQGL LO FRQWULEXWR GHOOH LQFHUWH]]H FKH FRPH QRWR FRQVHQWH GL DIILQDUH LO FULWHULR GL FODVVLILFD]LRQH GHL OLYHOOL GL HVSRVL]LRQH GHL ODYRUDWRUL DVVHJQDQGR DOOD IDVFLD GL ULVFKLR VXSHULRUH WXWWL L ODYRUDWRUL FDUDWWHUL]]DWL GD YDORUL GHO OLYHOOR GL HVSRVL]LRQH SHUVRQDOH DO OLPLWH GHOO¶DWWULEX]LRQH DOOD IDVFH GL HVSRVL]LRQH · · H ROWUH G% $

SHU L TXDOL LO FRQWULEXWR GHOO¶LQFHUWH]]D SRVVD GHWHUPLQDUH LO VXSHUDPHQWR GHL OLPLWL PLQLPL SHU FLDVFXQD EDQGD VL RWWHUUDQQR L YDORUL PDVVLPL SHU L YDORUL GL /(; H GL /SLFFR 8 /(; K X /(; K 8 /(; K G% $ o /¶(; K /¶(; Z G% $ 8 /SLFFR > X /SLFFR @ 8 /SLFFR G% & o /¶SLFFR G% & H GL FRQVHJXHQ]D O¶DVVHJQD]LRQH DOOD UHODWLYD FODVVH GL ULVFKLR /(; G% $ H /SLFFR G% & o 5LVFKLR %DVVR 3HU OD YDOXWD]LRQH GHOO¶HVSRVL]LRQH DO UXPRUH FRQVLGHUDWR LO FRPSLWR HVDPLQDWR VL q DQFKH WHQXWR FRQWR GHOO¶DVVHQ]D GL VRVWDQ]H RWRWRVVLFKH GHOO¶DVVHQ]D GL HVSRVL]LRQH DO ULVFKLR YLEUD]LRQL PDQR EUDFFLR +$9 R FRUSR LQWHUR :%9 H GHOO¶DVVHQ]D GL UXPRUL LPSXOVLYL


$WWLYLWj GL PDJD]]LQR *XLGD

&RPSLWR

IOXWWXDQWH

IOXWWXDQWH

เท 7P /L เตจ G% $ 7

/(; K G% $

/(; K ORJ เตค

/SLFFR G%&

/(; K G%$

&RQVLGHUDQGR TXLQGL LO FRQWULEXWR GHOOH LQFHUWH]]H FKH FRPH QRWR FRQVHQWH GL DIILQDUH LO FULWHULR GL FODVVLILFD]LRQH GHL OLYHOOL GL HVSRVL]LRQH GHL ODYRUDWRUL DVVHJQDQGR DOOD IDVFLD GL ULVFKLR VXSHULRUH WXWWL L ODYRUDWRUL FDUDWWHUL]]DWL GD YDORUL GHO OLYHOOR GL HVSRVL]LRQH SHUVRQDOH DO OLPLWH GHOOยถDWWULEX]LRQH DOOD IDVFH GL HVSRVL]LRQH ยท ยท H ROWUH G% $

SHU L TXDOL LO FRQWULEXWR GHOOยถLQFHUWH]]D SRVVD GHWHUPLQDUH LO VXSHUDPHQWR GHL OLPLWL PLQLPL SHU FLDVFXQD EDQGD VL RWWHUUDQQR L YDORUL PDVVLPL SHU L YDORUL GL /(; H GL /SLFFR 8 /(; K X /(; K 8 /(; K G% $ o /ยถ(; K /ยถ(; Z G% $ 8 /SLFFR > X /SLFFR @ 8 /SLFFR G% & o /ยถSLFFR G% &

5LOLHYR

'XUDWD 7P 7LSRORJLD / /SLFFR /&HT X X E P X P X XV SLFFR X/ 0LVXUD WHPSL GL HVSRVL]LRQH $HT F F D P UXPRUH G%$ G%& G%& D P E P G%$ G%$ G%$ G%$ G%& G%&

PLQ IRUPDWR GHFLPDOH

ย 6FKHGD *$2 PDJD]]LQLHUL DXWLVWL JLRUQDWD WLSR

/$ 9$/87$=,21( '(/ 5,6&+,2 58025(


/$ 9$/87$=,21( '(/ 5,6&+,2 58025(

H GL FRQVHJXHQ]D O¶DVVHJQD]LRQH DOOD UHODWLYD FODVVH GL ULVFKLR /(; G% $ H /SLFFR G% & o 5LVFKLR %DVVR 3HU OD YDOXWD]LRQH GHOO¶HVSRVL]LRQH DO UXPRUH FRQVLGHUDWL L FRPSLWL HVDPLQDWL VL q DQFKH WHQXWR FRQWR GHOO¶DVVHQ]D GL VRVWDQ]H RWRWRVVLFKH H GHOO¶DVVHQ]D GL UXPRUL LPSXOVLYL LQ UHOD]LRQH DO ULVFKLR YLEUD]LRQL FRUSR LQWHUR :%9 TXHVWR q SUHVHQWH LQ UHOD]LRQH DO FRPSLWR OHJDWR DOOD PDQVLRQH GL DXWLVWD 3XU ULVXOWDQGR LO /(; G% $ LQ DVVHQ]D GL XQD VWLPD GHOO¶$ OD VLPXOWDQHD HVSRVL]LRQH D :%9 ID Vu FKH LO ULVFKLR QRQ SRVVD HVVHUH FRQVLGHUDWR ³JLXVWLILFDELOH´ QHFHVVLWDQGRVL GL XOWHULRUL LQGDJLQL 6FKHGD *$2 DGGHWWL ODERUDWRULR SURYH FDOFROR GHO OLYHOOR VHWWLPDQDOH PDVVLPR ULFRUUHQWH 1HO ULVSHWWR GL TXDQWR SUHYLVWR DO SXQWR GHOOD QRUPD 81, VH QHOO¶DPELWR GHOOD VWHVVD FDPSDJQD GL PLVXUD]LRQH LO OLYHOOR GL HVSRVL]LRQH JLRUQDOLHUD /(; K GHOOR VWHVVR ODYRUDWRUH PRVWUD XQD YDULDELOLWj VLJQLILFDWLYD DOO¶LQWHUQR GHOOD VHWWLPDQD q SRVVLELOH SURFHGHUH x DVVXPHQGR FRPH OLYHOOR GL HVSRVL]LRQH GHO ODYRUDWRUH LO YDORUH PDVVLPR GHO OLYHOOR GL HVSRVL]LRQH JLRUQDOLHUD x DVVXPHQGR FRPH OLYHOOR GL HVSRVL]LRQH GHO ODYRUDWRUH TXHOOR FDOFRODWR VX EDVH VHWWLPDQDOH PHGLDQWH O¶HTXD]LRQH P /(; Z ORJ ൥ ෍ /(; K N ൩ G%ሺ$ሻ N

5HVWD LQWHVR FKH OD VWLPD VXO OLYHOOR VHWWLPDQDOH LQ VRVWLWX]LRQH GHO OLYHOOR JLRUQDOLHUR SXz HVVHUH HIIHWWXDWD DYHQGR VHPSUH FXUD GL YHULILFDUH LO ULVSHWWR GHO YDORUH OLPLWH GL HVSRVL]LRQH H VH GHO FDVR DGRWWDQGR OH PLVXUH QHFHVVDULH SHU ULGXUUH DO PLQLPR L UHODWLYL ULVFKL QHO ULVSHWWR GHOO¶DUWLFROR FRPPD /D QRUPD 81, (1 ,62 QRQ FRQWLHQH LQGLFD]LRQL ULJXDUGR DO FDOFROR GHO OLYHOOR GL HVSRVL]LRQH VHWWLPDQDOH H GHOOD UHODWLYD LQFHUWH]]D LO FDOFROR GL TXHVW¶XOWLPD DYYLHQH XWLOL]]DQGR O HTXD]LRQH % GHOOD VWHVVD QRUPD RULJLQDULDPHQWH VYLOXSSDWD SHU O HVSRVL]LRQH D OXQJR WHUPLQH XD /(; Z

ටσQL /L X L σQL /L

X /(; Z ට>X D /(; Z X V @ 6L q VWDELOLWR QHOO¶HVHFX]LRQH GHOOD YDOXWD]LRQH GL TXHVWR *$2 GL RSWDUH SHU OD VHFRQGD SRVVLELOLWj


&RPSLWR

7UDSDQR HOHWWULFR 7RUQLR 3XQ]RQDWULFH 0ROD /DPLQDWRLR 7UDSDQR D FRORQQD )UHVD 7UDSDQR IUHVD 7URQFDWULFH /HYLJDWULFH 0DJOLR )OH[ WDJOLR 6HJKHWWR DOWHUQDWLYR $YYLWDWRUH 6SD]]ROD HOHWWULFD ILVVD 3URYD DO EDQFR Q 3URYD DO EDQFR Q 3URYD DO EDQFR Q 3URYD DO EDQFR Q 3URYD DO EDQFR Q 6DOGDWXUD DG HOHWWURGR 6DOGDWXUD RVVLDFHWLOHQLFD $WWUH]]DWXUH PDQXDOL $WWUH]]DWXUH PDQXDOL $WWUH]]DWXUH PDQXDOL $WWUH]]DWXUH PDQXDOL &DSSD DVSLUDQWH Q &DSSD DVSLUDQWH Q /DYRUR DO EDQFR %LGRQH DVSLUDWXWWR

5LOLHYR

IOXWWXDQWH IOXWWXDQWH LPSXOVLYR IOXWWXDQWH FLFOLFR IOXWWXDQWH IOXWWXDQWH IOXWWXDQWH IOXWWXDQWH IOXWWXDQWH LPSXOVLYR IOXWWXDQWH IOXWWXDQWH IOXWWXDQWH IOXWWXDQWH IOXWWXDQWH IOXWWXDQWH IOXWWXDQWH IOXWWXDQWH IOXWWXDQWH IOXWW LPS FRVWDQWH IOXWWXDQWH IOXWWXDQWH IOXWWXDQWH IOXWWXDQWH IOXWWXDQWH IOXWWXDQWH IOXWW LPS IOXWWXDQWH

'XUDWD 7LSRORJLD PLVXUD UXPRUH PLQ

/8

0$

0(

*,2 9(1

6$

'2

7H WHPSL GL HVSRVL]LRQH IRUPDWR GHFLPDOH

35263(772 5,(3,/2*$7,92 0,685$=,21, 3(5 , &203,7, 5,/(9$7,

/$HT G%$

/SLFFR G%&

/&HT X D P X E P X P X XV SLFFR X/ G%& G%$ G%$ G%$ G%$ G%& G%&

/$ 9$/87$=,21( '(/ 5,6&+,2 58025(


,PSLDQWL UXPRUH IRQGR &RPSUHVVRUH Q &RPSUHVVRUH Q 7UDSDQR GHPROLWRUH 3UHVVD /DSLGHOOR *HQHUDWRUH IRQGR 9HQWLODWRUH 6HJD FLUFRODUH &HVRLD 0DUWHOOR 3DXVH WHFQLFKH H ILVLRO 3XOL]LD GHOO DPELHQWH

FRVWDQWH FLFOLFR FLFOLFR IOXWWXDQWH IOXWWXDQWH IOXWWXDQWH FRVWDQWH IOXWWXDQWH IOXWWXDQWH IOXWWXDQWH LPSXOVLYR IOXWWXDQWH IOXWWXDQWH

/(; Z ORJ >

[

/(; Z

P

[

N

[

[

[

ORJ เตฅ เท /(; K N เตฉ G%แ บ$แ ป

/(; K G% $ /8 0$ 0( *,2 9(1

@ G% $

&RQVLGHUDQGR TXLQGL LO FRQWULEXWR GHOOH LQFHUWH]]H VL RWWHUUDQQR L YDORUL PDVVLPL SHU L YDORUL GL /(; Z H GL /SLFFR 8 /(; K X /(; K

/(; K ORJ เตค เท 7H /L เตจ G% $ 7

6RQR VWDWL HYLGHQ]LDWL LQ JUDVVHWWR L FRPSLWL SHU FXL ULVXOWD /$HT ! G%$

/$ 9$/87$=,21( '(/ 5,6&+,2 58025(


/$ 9$/87$=,21( '(/ 5,6&+,2 58025(

XD /(; Z

ටσQL /L X L σQL /L

GRYH͗

XL /(; K L /8 0$ 0( *,2 9(1

XD /(; Z G% $

XV G% $

X /(; Z ට>X D /(; Z X V @ RWWHQHQGR X /(; Z G% $ o H DQFRUD /SLFFR G%&

8 /(; K G% $

o

/¶(; Z G% $

8 /SLFFR > X /SLFFR @ 8 /SLFFR G% & o /¶SLFFR G% & H GL FRQVHJXHQ]D O¶DVVHJQD]LRQH DOOD UHODWLYD FODVVH GL ULVFKLR /(; G% $ H /SLFFR G% & o 5LVFKLR $OWR /¶(; K ! G%$ o 3 $ 5 ( YHGL SDUDJUDIR $ 3HU L ODYRUDWRUL DSSDUWHQHQWL DO *$2 HPHUJH FKH O¶REEOLJR GL XWLOL]]R GHL '3, X q OLPLWDWR DOO¶HVHFX]LRQH GHOOH IDVL GL ODYRUR SL UXPRURVH FRPSLWL VHJQDWL LQ URVVR QHOOD WDEHOOD LQGLYLGXDWH WUD TXHOOH FKH FRPSRUWDQR XQ¶HVSRVL]LRQH GHO ODYRUDWRUH D YDORUL GHO OLYHOOR HTXLYDOHQWH VXSHULRUH D G% $ 6XSSRQLDPR HVVHUH VWDWL LQGLYLGXDWL L VHJXHQWL '3, X GD DVVRJJHWWDUH DOOD YHULILFD GL LGRQHLWj SHU FLDVFXQD GHOOH SUHGHWWH IDVL VL SURFHGH DO FDOFROR GHOO¶DWWHQXD]LRQH PHGLDQWH LO PHWRGR 615

o &XIILD DQWLUXPRUH PRGHOOR ;;9, 9 00;,,, 615 G% $ 3HU WHQHU FRQWR GHO FRVLGGHWWR µµUHDOH¶¶ RVVLD GHOOD ULGX]LRQH GL DWWHQXD]LRQH GHL '3, X FDXVDWD GD WXWWL TXHL IHQRPHQL FKH GHWHUPLQDQR GHOOH GLIIRUPLWj WUD L GDWL GLFKLDUDWL GDO SURGXWWRUH GHWHUPLQDWL LQ ODERUDWRULR ULVSHWWR DOOH UHDOL FRQGL]LRQL GL ODYRUR VL DSSOLFD LO IDWWRUH GHPROWLSOLFDWLYR E DO ILQH GL SHUIH]LRQDUH L YDORUL DWWHQXDWL GHWHUPLQDQGR L YDORUL DWWHQXDWL UHDOL SHU OH GLYHUVH ODYRUD]LRQL

o &XIILD DQWLUXPRUH E /¶$HT UHDOH /&HT 615¶ /&HT 615 E


/$ 9$/87$=,21( '(/ 5,6&+,2 58025(

&RQ O¶LSRWHVL GL FXIILD DQWLUXPRUH LQGRVVDWD ULVXOWD LQ RJQL FDVR /¶$HT UHDOH G% $ &RPSLWR /&HT G%$ 615 E 615 / $HT G%$ / $HT UHDOH G%$

6L HVHJXH TXLQGL OD YHULILFD GHL '3, X LQ UHOD]LRQH DG XQ¶HYHQWXDOH LSHUSURWH]LRQH LO FXL YDORUH GL VRJOLD VHFRQGR OD QRUPD 81, (1 q SDUL D /DFW GRYH /DFW FRUULVSRQGH DL YDORUL LQIHULRUL GL D]LRQH VWDELOLWL GDOOD QRUPDWLYD $O ULJXDUGR VL HYLQFH FKH L &RPSLWL H / $HT UHDOH G% $

SRVVRQR HVVHUH HVHJXLWL LQGRVVDQGR OH FXIILH DQWLUXPRUH D SDWWR GL YHULILFDUH FRQ L ODYRUDWRUL LQWHUHVVDWL O¶DVVHQ]D GL IHQRPHQL GL ³LVRODPHQWR´ H GL PDQFDWD SHUFH]LRQH GL VHJQDOL DFXVWLFL GL SHULFROR D IURQWH GHL TXDOL HJOL GHYH SRWHU UHDJLUH FRPH DG HVHPSLR TXHOOL OHJDWL DOO¶LPSLDQWR DQWLQFHQGLR HFF

/ŶƚĞƌĂnjŝŽŶĞ ƌƵŵŽƌĞ͕ ƐŽƐƚĂŶnjĞ ŽƚŽƚŽƐƐŝĐŚĞ͕ ǀŝďƌĂnjŝŽŶŝ Ğ ĐŽŵƉŽŶĞŶƚŝ ŝŵƉƵůƐŝǀĞ 3URVHJXHQGR QHOOD YDOXWD]LRQH FRQVLGHUDWL L FRPSLWL HVDPLQDWL RFFRUUH DQFKH WHQHU FRQWR GHOOD SUHVHQ]D GL VRVWDQ]H RWRWRVVLFKH GL YLEUD]LRQL PDQR EUDFFLR +$9 R FRUSR LQWHUR :%9 H GL UXPRUL LPSXOVLYL QHOO¶DPELWR GHO FLFOR ODYRUDWLYR 5LVXOWDQGR SHU L ODYRUDWRUL LQ HVDPH O¶DVVHJQD]LRQH &ODVVH GL ULVFKLR $OWD OD VRUYHJOLDQ]D VDQLWDULD q REEOLJDWRULD FRQ SHULRGLFLWj VWDELOLWD GDO 0HGLFR &RPSHWHQWH DO FXL SDUHUH VL ULPDQGD 6L q ULOHYDWD OD SUHVHQ]D GL PRQRVVLGR GL FDUERQLR QHOO¶DPELWR GHOOR VYROJLPHQWR GHL &RPSLWL H ,Q SURSRVLWR VL SXz SUHYHGHUH D GLVFUH]LRQH GHO 0HGLFR &RPSHWHQWH XQD SL DWWHQWD H IUHTXHQWH VRUYHJOLDQ]D VDQLWDULD GHL ODYRUDWRUL HVSRVWL /¶HYHQWXDOH LQWHUD]LRQH WUD YLEUD]LRQL HG HVSRVL]LRQH DO UXPRUH GRYUj HVVHUH PRQLWRUDWD QHO WHPSR DWWUDYHUVR OH ULVXOWDQ]H GHOOD VRUYHJOLDQ]D VDQLWDULD 4XDOH PLVXUD GL SUHYHQ]LRQH QHL FRQIURQWL GHO ULVFKLR YLEUD]LRQL LO 'DWRUH GL ODYRUR GHYH LQWDQWR YHULILFDUH FKH OH PDFFKLQH VLDQR EHQ VWDELOL LQ PDQLHUD GD HYLWDUH YLEUD]LRQL LQXWLOL 1HVVXQ UXPRUH LPSXOVLYR ULOHYDWR VXSHUD R VL DYYLFLQD DOOD VRJOLD GL GDQQR LPPHGLDWR SDUL D G% $ 3HUDOWUR HVVHQGR LQGLVSHQVDELOH LO ULOHYDPHQWR GL DOODUPL VRQRUL QHOOR VYROJLPHQWR GHOO DWWLYLWj ODYRUDWLYD LQ FDVR GL XWLOL]]R GL '3, X LO 'DWRUH GL ODYRUR VL GHYH DFFHUWDUH FKH L VHJQDOL YHQJDQR FRUUHWWDPHQWH ULOHYDWL LQ FDVR FRQWUDULR GHYH LQWHJUDUH GHWWL VHJQDOL VRQRUL FRQ VHJQDOL RWWLFL R FRQ DOWUL VLVWHPL LGRQHL 6L ULSRUWD GL VHJXLWR OD WDEHOOD ULDVVXQWLYD GHWWDJOLDWD SHU L YDUL &RPSLWL FRQ OD VSHFLILFD GHOOH SRWHQ]LDOL LQWHUD]LRQL ULOHYDWH


/$ 9$/87$=,21( '(/ 5,6&+,2 58025(

5LOLHYR

&RPSLWR

7LSRORJLD UXPRUH

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

IOXWWXDQWH IOXWWXDQWH LPSXOVLYR IOXWWXDQWH FLFOLFR IOXWWXDQWH IOXWWXDQWH IOXWWXDQWH IOXWWXDQWH IOXWWXDQWH LPSXOVLYR IOXWWXDQWH IOXWWXDQWH IOXWWXDQWH IOXWWXDQWH IOXWWXDQWH IOXWWXDQWH IOXWWXDQWH IOXWWXDQWH IOXWWXDQWH IOXWW LPS FRVWDQWH IOXWWXDQWH IOXWWXDQWH IOXWWXDQWH IOXWWXDQWH IOXWWXDQWH IOXWWXDQWH IOXWW LPS IOXWWXDQWH FRVWDQWH FLFOLFR FLFOLFR IOXWWXDQWH IOXWWXDQWH IOXWWXDQWH FRVWDQWH IOXWWXDQWH IOXWWXDQWH IOXWWXDQWH LPSXOVLYR IOXWWXDQWH IOXWWXDQWH

3UHVHQ]D ULOHYDQWH 3UHVHQ]D ULOHYDQWH 3UHVHQ]D ULOHYDQWH GL VRVWDQ]H GL YLEUD]LRQL GL YLEUD]LRQL RWRWRVVLFKH PDQR EUDFFLR +$9 FRUSR LQWHUR :%9 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 6, 6, 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12

6, 12 12 12 12 6, 6, 6, 12 6, 12 12 6, 6, 12 12 12 12 12 12 6, 6, 12 12 12 12 12 12 12 12 12 12 12 6, 6, 6, 12 12 6, 6, 12 12 12

12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12

9HULILFD '3, X VX /SLFFR 6L HVDPLQD DG HVHPSLR LO &RPSLWR 0DJOLR /$HT G% $ H /SLFFR G% &

WLSR GL UXPRUH LPSXOVLYR 7LSR 9HULILFKLDPR OD FXIILD DQWLUXPRUH PRGHOOR ;;9 ,9 00;,,,


/$ 9$/87$=,21( '(/ 5,6&+,2 58025(

/H VSHFLILFKH GHO '3, FRQ L YDORUL GL DWWHQXD]LRQH VRQR ULSRUWDWH QHOOD WDEHOOD VHJXHQWH 615

+

0

/

9DORUL GL DWWHQXD]LRQH DOOH )UHTXHQ]H GL EDQGD +]

7LSR GL UXPRUH LPSXOVLYR GP G% / 0 + GRYH + 0 HG / VRQR RWWHQXWL GDL GDWL GL DWWHQXD]LRQH SDVVLYD GHL IDEEULFDQWL R LQ FRQIRUPLWj DOOD (1

GDOOD WDEHOOD VL RWWLHQH G 0 G% ,O OLYHOOR GL SUHVVLRQH VRQRUD GL SLFFR HIIHWWLYR DOO¶RUHFFKLR VL FDOFROD PHGLDQWH OD VHJXHQWH IRUPXOD / SLFFR /SLFFR GP RWWHQHQGR /¶SLFFR G% & ™ 6FKHGD *$2 DGGHWWL SURYH LQ FDPSR SUHYDOHQWHPHQWH SUHVVR FDQWLHUL 3HU L ODYRUDWRUL LQ TXHVWLRQH YDOXWDWR FKH LQ DPELWR FDQWLHUH HVLVWH XQD FRPSRQHQWH GL DOHDWRULHWj LQHUHQWH L WHPSL GL HVSRVL]LRQH LQGXEELDPHQWH PDJJLRUH FKH LQ DOWUL FRQWHVWL SURGXWWLYL FRQVLGHUDWR FKH O RELHWWLYR ILQDOH GHOOD YDOXWD]LRQH GHO ULVFKLR UXPRUH ULPDQH TXHOOR GL DVVHJQDUH XQD FODVVH GL HVSRVL]LRQH VX WUH GLVSRQLELOL H WHQXWR FRQWR FKH LO ULVFKLR GL LSRDFXVLD QHO VHWWRUH HGLOH q FHUWDPHQWH SRWHQ]LDOH VL ULWLHQH FKH QHOOD IDWWLVSHFLH SRVVD HVVHUH DSSOLFDWR O DUW ,Q WDO FDVR OH PLVXUD]LRQL HIIHWWXDWH LQ UHOD]LRQH DOOH VLQJROH DWWUH]]DWXUH DOO¶RSHUD QHL ORUR XVL WLSLFL RFFRUUHUDQQR QRQ SHU LO FDOFROR GHO /(; K FKH QRQ VDUj HIIHWWXDWR PD DO ILQH GL UHFHSLUH OH LQIRUPD]LRQL QHFHVVDULH DL ILQL GHOOD GHWHUPLQD]LRQH GHOOH PLVXUH SUHYHQWLYH H SURWHWWLYH GHOOD YHULILFD GHOO HIILFDFLD GHL '3, GXUDQWH O¶XWLOL]]R GHOOH DWWUH]]DWXUH ROWUH JOL G% $ H SHU LO SURJUDPPD GHOOH PLVXUH WHFQLFKH HG RUJDQL]]DWLYH GL FXL DOO¶DUW FRPPD 6L SXz SHUWDQWR ULDVVXPHUH OD ILORVRILD GHOO¶DUW LQ TXHVWR PRGR HVHQ]LRQH SHU TXDQWR ULJXDUGD OH IRQRPHWULH SHUVRQDOL PD UHVWDQR JOL REEOLJKL LQ UHOD]LRQH DOOH PDFFKLQH DL ILQL GHOOD ERQLILFD ,Q GHILQLWLYD VL YDOXWD GL SUHDVVHJQDUH OD FODVVH GL HVSRVL]LRQH SDUL DOOD &ODVVH GL ULVFKLR $OWD FRQ OH FRQVHJXHQWL PLVXUH SUHYLVWH VHQ]D TXLQGL FDOFRODUH LO YDORUH GL /(; K 'HO UHVWR DVVXQWD O¶HVWUHPD DOHDWRULHWj GHL WHPSL GL HVSRVL]LRQH QRQ VL DYUHEEH PDWHULDOPHQWH OD SRVVLELOLWj GL SRWHU FDOFRODUH XQ /(; K UDSSUHVHQWDWLYR FRPH GHO UHVWR QHPPHQR VDUHEEH SRVVLELOH FDOFRODUH XQ /(; Z UDSSUHVHQWDWLYR R XQ /(; Z PDVVLPR ULFRUUHQWH PDQFDQGR HOHPHQWL FHUWL SHU SRWHU DIIHUPDUH D TXDOH ZHHN VLD SRVVLELOH ULIHULUH LO PDVVLPR ULFRUUHQWH 'D XOWLPR LQ UHOD]LRQH DOOD TXHVWLRQH GHO YDORUH OLPLWH GL HVSRVL]LRQH DUW FRPPD VL VHJQDOD FKH D QRUPD GHOO DUW FRPPD WDOH OLPLWH SXz HVVHUH YHULILFDWR WHQHQGR FRQWR GHOO DWWHQXD]LRQH GHL '3, X IRUQLWL FKH QHOOH IDWWLVSHFLH FRQVLGHUDWH GDOO¶DUW VDUDQQR GD LQGRVVDUH REEOLJDWRULDPHQWH HVVHQGR O¶HVSRVL]LRQH SHU GHILQL]LRQH ROWUH JOL G% $ GL /(; 3HUWDQWR YDOXWDQGR OH VLQJROH HPLVVLRQL VXOOH YDULH DWWUH]]DWXUH H TXLQGL O HIILFLHQ]D GHL '3, X QHO FRQWHPSR VL YHULILFD DQFKH LO QRQ VXSHUDPHQWR GHO YDORUH OLPLWH GL G% $


/$ 9$/87$=,21( '(/ 5,6&+,2 58025(

$ *OL LQWHUYHQWL WHFQLFL H RUJDQL]]DWLYL LO SLDQR GL PLJOLRUDPHQWR H LO 3 $ 5 (

&RPH q VWDWR HVDPLQDWR DO SDUDJUDIR OD QRUPD 81, VSHFLILFD FRPH LQGLFDUH JOL LQWHUYHQWL WHFQLFL H RUJDQL]]DWLYL FKH YHQJRQR DGRWWDWL GDOO¶D]LHQGD SHU ULGXUUH O¶HVSRVL]LRQH DO UXPRUH QHL OXRJKL GL ODYRUR QRQFKp FRPH LGHQWLILFDUH OH DUHH GL ODYRUR D PDJJLRU ULVFKLR DO ILQH GHOOD ORUR GHOLPLWD]LRQH VHJQDOD]LRQH UHVWUL]LRQH DOO¶DFFHVVR FRVu FRPH ULFKLHVWR GDOOD QRUPDWLYD YLJHQWH DWWUDYHUVR OD UHGD]LRQH GL XQ SURJUDPPD D]LHQGDOH GL ULGX]LRQH GHOO¶HVSRVL]LRQH 3 $ 5 ( DO UXPRUH 1HO 3 $ 5 ( GHEERQR SHUWDQWR HVVHUH IRUQLWH XQD VHULH GL LQIRUPD]LRQL DG LQL]LDUH GDOO¶HOHQFR GHL ODYRUDWRUL H GHOOH DWWLYLWj SHU L TXDOL VL q ULVFRQWUDWR LQ IDVH GL YDOXWD]LRQH GHO ULVFKLR LO VXSHUDPHQWR GHL YDORUL SUHYLVWL ILQR DG LOOXVWUDUH L SUHGHWWL LQWHUYHQWL FKH VL LQWHQGRQR DGRWWDUH FRQWHPSHUDQGR OH HVLJHQ]H GHOOD VLFXUH]]D GHO SHUVRQDOH GHOOH PDFFKLQH H GHL SURGRWWL FRQ TXHOOH GHOOD SURGX]LRQH H GHOO¶DPELHQWH ,Q UHOD]LRQH DOOH ULVXOWDQ]H GHOOD YDOXWD]LRQH GHO ULVFKLR SHU LO *$2 GL FXL DOOD 6FKHGD DGGHWWL ODERUDWRULR SURYH q HPHUVR FKH RFFRUUH LQWHUYHQLUH SHU FRQWHQHUH L OLYHOOL GL HVSRVL]LRQH GHL ODYRUDWRUL GHO SUHGHWWR *$2

),*85$ 3/$1,0(75,$ $778$/( '(/ /$%25$725,2 3529(

&21 5,)(5,0(172 $/ 35263(772 5,(3,/2*$7,92 '(//( 0,685$=,21, 3(5 , &203,7, 5,/(9$7,

$ ,QWHUYHQWL WHFQLFL GD DWWXDUH PRGLILFD GHO OD\ RXW SHU ULGXUUH O¶HVSRVL]LRQH GHL ODYRUDWRUL DO UXPRUH VHSDUD]LRQH GHOOH DWWLYLWj SL UXPRURVH GD TXHOOH PHQR UXPRURVH 6L SUHYHGH OD GLYLVLRQH GHO ODERUDWRULR LQ GXH DUHH TXHOOD QHOOD TXDOH VRQR FRQWHQXWH OD PDJJLRUDQ]D GHOOH PDFFKLQH GD TXHOOD LQ FXL VRQR SUHVHQWL L EDQFKL GL ODYRUR GRYH VL UHJLVWUD O¶XWLOL]]R SUHYDOHQWH GL DWWUH]]DWXUH PDQXDOL H OD PDJJLRUH SHUPDQHQ]D GHL ODYRUDWRUL QHO FRUVR GHO FLFOR ODYRUDWLYR ULGX]LRQH GHO UXPRUH GLIIXVR GDOOH VRUJHQWL SL UXPRURVH WUDPLWH OD UHDOL]]D]LRQH GL XQ GLYLVRULR IRQRDVVRUEHQWH FRQ VWUXWWXUD LQ DFFLDLR 6L SUHYHGH LQROWUH GL LQVWDOODUH GHL SDQQHOOL IRQRDVVRUEHQWL H IRQRLVRODQWL LQ FRUULVSRQGHQ]D GHOOH SDUHWL GHOOD ]RQD ³SL UXPRURVD´ FRQVLGHUDWR FKH O¶LPSLHJR GL FDELQH VLOHQWL ULVXOWD LPSUDWLFDELOH D FDXVD GHOOD DQJXVWLD GHJOL VSD]L D GLVSRVL]LRQH &RQVLGHUDWR FKH OH PDFFKLQH SUHVHQWL VRQR WXWWH GL UHFHQWH FRVWUX]LRQH H TXLQGL PDUFKLDWH µµ&(¶¶ XQD ORUR LSRWHWLFD VRVWLWX]LRQH FRQ PDFFKLQH PHQR UXPRURVH QRQ FRQWULEXLUHEEH DOO¶DEEDWWLPHQWR GHO UXPRUH 3HUDOWUR OD UHDOH LQIHULRUH UXPRURVLWj GL QXRYH LSRWHWLFKH DWWUH]]DWXUH VDUHEEH FRPXQTXH GD GLPRVWUDUH LQ TXDQWR FRQWLQXHUHEEHUR D ULPDQHUH UXPRURVH OH ODYRUD]LRQL FRQ HVVH HVHJXLWH DG HVHPSLR TXHOOH GL WDJOLR % ,QWHUYHQWL RUJDQL]]DWLYL GD DWWXDUH OD FRUUHWWD PDQXWHQ]LRQH SHU LO PDQWHQLPHQWR GHO UXPRUH HPHVVR GDOOH PDFFKLQH DL OLYHOOL RULJLQDULDPHQWH SUHYLVWL GDO IDEEULFDQWH O¶DGR]LRQH GL SURFHGXUH SHU OD WXUQD]LRQH GHO SHUVRQDOH DGGHWWR DOOH ODYRUD]LRQL UXPRURVH DO ILQH GL PLQLPL]]DUH LO WHPSR GL HVSRVL]LRQH SUR FDSLWH O¶DGR]LRQH GL DSSRVLWD VHJQDOHWLFD GL VLFXUH]]D SHULPHWUD]LRQH H OLPLWD]LRQH DOO¶DFFHVVR SHU L QRQ DGGHWWL DL ODYRUL QHOOH DUHH FRQ OLYHOOL VXSHULRUL D TXHOOL LQGLFDWL GDOOD OHJLVOD]LRQH O¶LQIRUPD]LRQH H OD IRUPD]LRQH GHL ODYRUDWRUL DO ILQH GL XWLOL]]DUH OH DSSDUHFFKLDWXUH L PHWRGL H OH SURFHGXUH GL ODYRUR LQ PRGR GD UHQGHUH PLQLPD O¶HVSRVL]LRQH DO UXPRUH

/D QRUPD 81, SUHYHGH XQD ULYDOXWD]LRQH GHO ULVFKLR UXPRUH DO WHUPLQH GHO SURFHVVR RSHUDWLYR GHO 3 $ 5 (


/$ $ 9$ $/8 87$ $=,2 21( ( '( (/ 5,6 6&+ +,2 580 025(

),* *85$ $ 3/$ $1,0(75 5,$ ' '(/ /$% %25$ $725 5,2 352 29( $ 6( (*8 8,72 '(/ //$ 02' ',),& &$ ' '(/ / /$<2 287 7 & &21 5 5,)( (5,0 0(17 72 $/ 35 5263 3(7 772 5 5,(3 3,/2* *$7 7,92 '(/ //( 0 0,68 85$= =,21 1, 3( (5 , &20 03,7 7, 5,/ /(9$ $7,

$ 5LHSLLORJ JR G GHJ JOL LQWH HUYH HQWL WH HFQLLFL /H H DWWWLYLWj Q QRQ UXP PRUURVH H YD DQQR V VHSD DUDWWH G GD T TXH HOOH SL UXP PRUURVH H D D WD DO SUURSR RVLWWR VVL ULFFRUG GD LLO SUULQFFLSLR R GL WXWWHOD D GD DOOH HVS SRVL]LR RQL LLQGH HELWWH V VDQ QFLWR R DO SX XQWR R GH HOO¶DOOOHJ JDWR R ,9 9 GH HO G OJV GH HO DS SULOH H H VV P L 1H HO OD DERUDWR RULR R LQ Q HIIIHWWWL H HVLVWRQR OD DYR RUDWR RUL LQGHEL WDP PHQ QWH H HVS SRVWWL D UXP PRUUH FKH H VYYROJ JRQ QR D DWWLYYLWj DXV VLOLD DULH H GL YHUULILFD R R FR ROODX XGR R R FRP PXQ QTX XH F FDUD DWWHUL]] ]DWH H GD D XQ E EDVV VR OLYHOOR GL UUXP PRUH H FRP PH OH H SUURYH D DO ED DQF FR SXUU QR RQ H HVVH HQG GR D DVVR RFLD DWL R RSHUDWLLYDP PHQ QWH D P PDF FFKLLQH R D DWWLY YLWj UXP PRUURVH H $O ILQH GL G OLPLWD DUH H WDOH HVS H SRVL]LRQH LQG GHELLWD VL SUHY S YHG GH GL G ULFR U OORF FDUH H OH H PDFF P FKLQ QH S SL UXP PRUURVH RSH R HUDQ QGR R GH HJOL VS SRVWWDP PHQWWL PLUD P DWL GHOOH VWH HVVH H LQ SUH HYLVVLRQ QH GHOOOD UHD DOL]] ]D]]LRQ QH GHO GLLYLVRULR R IR RQR RDVVVRUUEHQ QWH VDOYDJ JXD DUGD DQG GR Q PLWL G GHO SRV VVLE ELOH DQ QFKH H OH H HVVLJH HQ]H H GH HOOD D SURGX X]LR RQH QHL OLP 6L SUH HYHG GH TXLQGL O¶LV VROD DPH HQWR R GH HOOH VRUUJHQWL SL UXP H Y YHGL ILJ JXUD D G GDO UHVWR G ERUD DWRUULR PH HGLD DQWH H PRUURVH GHO ODE OD UHD DOL]] ]D]LLRQH H GL XQ Q GLYYLVR RULR R ILV VVR FRVVWLWX XHQWH X XQR FKHUUPR R DFFXVWWLFR R IRQ QRD DVVR RUEHQWWH H H IRQ QRLV VROD DQWH H R VF /¶LQWHUQR R GH HOOH SD D ]R RQD D ³S SL UXP PRUURVD D´ GRYHQ QGR DYYHUH H XQ LGRQ QHR R SR RWHUUH IRQR VVRUUEHQWH H VDUj j DUHWWL GHOOD I RDV RJJHWWWR G GL X XQ P PLUD PHQ QWR DFX XVWLFFR DWR WUDWWWDP

),* *85 5$ 3$5 &2/$ $5( '(/ / ',9 9,625,2 57,&

$Q QDOR RJR WUDWWDP PHQ XVWLLFR VDUUj ULVHUUYDWWR D DQFKH DO V VRIIILWWR VRYYUDVWDQWH H OD ]RQ QD ³³SL VD´ QWR DFX UXPRURV


/$ 9$/87$=,21( '(/ 5,6&+,2 58025(

6FKHGD GL VLQWHVL ODERUDWRULR SURYH 5LVFKLR HYLGHQ]LDWR

2ULJLQH GHO ULVFKLR

3UHVHQ]D GL DWWLYLWj 'DOOD YDOXWD]LRQH GHO ULVFKLR GD SDUWLFRODUPHQWH UXPRURVD HVSRVL]LRQH D UXPRUH HPHUJH SHU LO *$2 GRYXWD DOOD SUHVHQ]D FKH /¶(; K G% $ LQGLVFULPLQDWD GL PROWL PDFFKLQDUL

3URVSHWWR GHJOL LQWHUYHQWL SURJUDPPDWL 1RWH JHQHUDOL 6L ULWLHQH QHFHVVDULR SURFHGHUH DG XQ SULPR LQWHUYHQWR GL ULFROORFD]LRQH GHOOH PDFFKLQH ³SL UXPRURVH´ RSHUDQGR GHJOL RSSRUWXQL VSRVWDPHQWL GHOOH VWHVVH H TXLQGL OD UHDOL]]D]LRQH GL XQ GLYLVRULR IRQRDVVRUEHQWH FKH SRVVD VHSDUDUH OH DWWLYLWj QRQ UXPRURVH GD TXHOOH FKH OR VRQR PDJJLRUPHQWH ,O GLYLVRULR YHWUDWR DO FRVWLWXLUj SHUWDQWR XQR VFKHUPR LQVRQRUL]]DQWH *OL RELHWWLYL GL WLSR DPELHQWDOH FKH GHEERQR HVVHUH ULVSHWWDWL VRQR LO FRQWHQLPHQWR GHL OLYHOOL GL HPLVVLRQH QHOOD ]RQD ³SL UXPRURVD´ H LO ULVSHWWR GHO OLYHOOR DPPLVVLELOH YHUVR O DPELHQWH HVWHUQR ,O GLYLVRULR VDUj UHDOL]]DWR FRQ VWUXWWXUD LQ DFFLDLR FRQ DOO¶LQWHUQR GHOO¶LQYROXFUR GHL SDQQHOOL GL PDWHULDOH IRQRDVVRUEHQWH H IRQRLVRODQWH 6L SUHYHGH LQROWUH GL LQVWDOODUH GHL SDQQHOOL IRQRDVVRUEHQWL LQ FRUULVSRQGHQ]D GHOOH SDUHWL GHOOD ]RQD ³SL UXPRURVD´ H GHO VRIILWWR VRYUDVWDQWH &URQRSURJUDPPD GHJOL LQWHUYHQWL 0RGLILFD GHOOD GLVWULEX]LRQH GHOOH SRVWD]LRQL GL ODYRUR

JLRUQL

5HDOL]]D]LRQH GHO GLYLVRULR

JLRUQL

,QVWDOOD]LRQH GHL SDQQHOOL IRQRDVVRUEHQWL

JLRUQL

«« RPLVVLV «« 6FKHGD GHOO¶LQWHUYHQWR Q 6SHFLILFKH GHOO¶LQWHUYHQWR )RUQLWXUD H SRVD LQ RSHUD GL GLYLVRULR IRQRDVVRUEHQWH UHDOL]]DWR FRQ VWUXWWXUD LQ DFFLDLR H SDQQHOOL PRGXODUL LQ DFFLDLR ]LQFDWR VSHVVRUH PP YHUQLFLDWXUD GL ILQLWXUD FRQ VPDOWR SROLHVWHUH FRORUH DYRULR 5$/ FRQ DOO¶LQWHUQR GHOO¶LQYROXFUR LQ DFFLDLR GXH SDQQHOOL GL ODQD GL URFFLD FRQ SURSULHWj IRQRDVVRUEHQWL H IRQRLVRODQWL IUD L TXDOL q LQWHUSRVWD XQD ODPLQD IORWWDQWH IRQRLPSHGHQWH 5HD]LRQH DO IXRFR &ODVVH $

%HQHILFLR DWWHVR $OO¶HVLWR FROODXGR VL DWWHQGH XQD ULGX]LRQH GHO /¶(; K GL G% $

6WLPD GHL FRVWL 0LJOLRUDPHQWR G% Ș ¼ G% [

Ș ¼ G% F ¼ Q 1 'G% 7HPSL GL DWWXD]LRQH GDO DO

&URQRSURJUDPPD D 5HDOL]]D]LRQH GHOOD VWUXWWXUD GHO GLYLVRULR

JLRUQL

E 5HDOL]]D]LRQH GHOOH YHWUDWXUH H GHJOL LQILVVL

JLRUQL

5HVSRQVDELOH D]LHQGDOH 6LJ $QWRQLR 6HUUD 'DWRUH GL ODYRUR


/$ 9$/87$=,21( '(/ 5,6&+,2 58025(

% 5LHSLORJR GHJOL LQWHUYHQWL RUJDQL]]DWLYL 8WLOL]]R GHOOH PDFFKLQH 4XDOH SURFHGXUD ILQDOL]]DWD D PLQLPL]]DUH LO WHPSR GL HVSRVL]LRQH SHUVRQDOH LQ ULIHULPHQWR DOO¶XWLOL]]R GHOOH PDFFKLQH SL UXPRURVH VL ID GLYLHWR GL XWLOL]]DUH FRQWHPSRUDQHDPHQWH DQFKH QHOOD ]RQD ³SL UXPRURVD´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¶DFFHVVR &RVWLWXLVFH REEOLJR OD GHOLPLWD]LRQH VHJQDOD]LRQH H OLPLWD]LRQH GHOO¶DFFHVVR DO ODERUDWRULR D FDXVD GHO VXSHUDPHQWR GHL YDORUL VXSHULRUL GL D]LRQH q SHUWDQWR YLHWDWR DFFHGHUH QHOOH DUHH LQGLFDWH H GHOLPLWDWH D ULVFKLR XGLWLYR FKH SUHVHQWDQR OLYHOOL VXSHULRUL D G% $ VHQ]D DYHU SULPD LQGRVVDWR L '3, X 2OWUH DOOH GLVSRVL]LRQL SUHVFULWWH GDOOD QRUPDWLYD YLJHQWH LQ PDWHULD L ODYRUDWRUL GRYUDQQR DWWHQHUVL DG DOFXQH HOHPHQWDUL UHJROH FRPSRUWDPHQWDOL GL VLFXUH]]D TXDOL o HYLWDUH GL VRVWDUH LQ YLFLQDQ]D GHOOH PDFFKLQH SL UXPRURVH VH QRQ VLD QHFHVVDULR DL ILQL GHOOD ODYRUD]LRQH o HYLWDUH LO SL SRVVLELOH OD SURGX]LRQH GL UXPRUL LQXWLOL VRSUDWWXWWR GHL UXPRUL GL LPSDWWR GRYXWL DOOD FDGXWD GDOO DOWR GHL SH]]L ODYRUDWL R VHPLODYRUDWL FRPH HOHPHQWL PHWDOOLFL o VHJQDODUH TXDOVLDVL PDOIXQ]LRQDPHQWR FKH SRVVD SURGXUUH XQ DXPHQWR GHOOD UXPRURVLWj GXUDQWH OH ODYRUD]LRQL FKH SRVVD HVSRUUH LQGHELWDPHQWH L ODYRUDWRUL D OLYHOOL GL UXPRUH HOHYDWL

),*85$ 3/$1,0(75,$ '(/ /$%25$725,2 3529( 6(*1$/(7,&$ 58025( ,QIRUPD]LRQH H IRUPD]LRQH GHL ODYRUDWRUL ,O 'DWRUH GL ODYRUR VYROJH XQ FRVWDQWH SURJUDPPD IRUPDWLYR SHU L ODYRUDWRUL DGGHWWL DO ODERUDWRULR ILQDOL]]DWR DOO¶XWLOL]]R FRUUHWWR GHOOH PDFFKLQH DOO¶DGR]LRQH GL FRUUHWWL PHWRGL H SURFHGXUH GL ODYRUR LQ JUDGR GL PLQLPL]]DUH O¶HVSRVL]LRQH DO UXPRUH ,Q UHOD]LRQH DOOH ULVXOWDQ]H GHOOD YDOXWD]LRQH SHU LO *$2 GL FXL DOOD 6FKHGD DGGHWWL SURYH LQ FDPSR SUHYDOHQWHPHQWH SUHVVR FDQWLHUL SHU LO TXDOH VL q DSSOLFDWR O DUW XJXDOPHQWH VL GRYUj DWWXDUH LO 3 $ 5 ( XQD YROWD LQGLYLGXDWH SHU OR VSHFLILFR FDQWLHUH OH PDFFKLQH H OH DWWUH]]DWXUH UXPRURVH


/$ 9$/87$=,21( '(/ 5,6&+,2 58025(

%LEOLRJUDILD

'HFUHWR /HJLVODWLYR GHO DSULOH H VXFFHVVLYH PRGLILFKH H LQWHJUD]LRQL 81, (QWH 1D]LRQDOH ,WDOLDQR GL 8QLILFD]LRQH KWWS ZZZ XQL FRP ,635$ 7HPDWLFKH LQ 3ULPR 3LDQR $QQXDULR GHL GDWL DPELHQWDOL $ &HUQLJOLD 8Q FDVR GL ERQLILFD DFXVWLFD LQ DPELHQWH LQGXVWULDOH $QWLQTXLQDPHQWR DQQR 9 Q &RRUGLQDPHQWR 7HFQLFR GHOOH 5HJLRQL H GHOOH 3URYLQFH DXWRQRPH G OJV H V P L 7LWROR 9,,, &DSL , ,, ,,, ,9 H 9 VXOOD SUHYHQ]LRQH H SURWH]LRQH GDL ULVFKL GRYXWL DOO¶HVSRVL]LRQH DG DJHQWL ILVLFL QHL OXRJKL GL ODYRUR ,QGLFD]LRQL RSHUDWLYH 5HY DSSURYDWD LO FRQ DJJLRUQDPHQWL OHJLVODWLYL H QRUPDWLYL DO /LQHH *XLGD GHOO $6/ GL 3LDFHQ]D 'LSDUWLPHQWR GL 6DQLWj 3XEEOLFD 8 2 3UHYHQ]LRQH H 6LFXUH]]D $PELHQWL GL /DYRUR ³0LVXUD]LRQH GHOO¶HVSRVL]LRQH H YDOXWD]LRQH GHO ULVFKLR UXPRUH WLWROR 9,,, FDSR ,, G OJV ´ JLXJQR ,1$,/ ³0HWRGRORJLH H LQWHUYHQWL WHFQLFL SHU OD ULGX]LRQH GHO UXPRUH QHJOL DPELHQWL GL ODYRUR´ DSULOH $ 5RWHOOD 9DOXWD]LRQH GHO UXPRUH LQ XQD FDUSHQWHULD PHWDOOLFD ,JLHQH 6LFXUH]]D GHO /DYRUR JLXJQR * &HOODL ,O ULVFKLR UXPRUH PDU]R $$ 99 0DQXDOH 6LFXUH]]D ,362$ PDJJLR * &DPSXUUD 0DQXDOH 0HGLFLQD GHO ODYRUR ,362$ RWWREUH &RUWRQHVL 3UDWL 0DQXDOH GL DFXVWLFD DSSOLFDWD 2 1LFROLQL H DOWUL G%$ 7UHQW¶DQQL GL 3UHYHQ]LRQH H 3URWH]LRQH GDJOL $JHQWL )LVLFL 5HJ ( 5RPDJQD $86/ 0RGHQD H ,1$,/ PDJJLR KWWS ZZZ ULVFKLRFKLPLFR LW GUXSDO VRVWDQ]HBFKLPLFKHBRWRWRVVLFKH KWWS ZZZ SRUWDOHDJHQWLILVLFL LW KWWS ZZZ DJHQWLILVLFL LW

6L ULQJUD]LD O D]LHQGD %OXPDWLFD SHU DYHU PHVVR D GLVSRVL]LRQH GHO SURSULR PDWHULDOH LQHUHQWH L IOXVVL WLSR SHU OD YDOXWD]LRQH GHL ULVFKL RJJHWWR GHOOD SUHVHQWH SXEEOLFD]LRQH )RQWL GHOOH LOOXVWUD]LRQL x &RSHUWLQD ZZZ JHVXQG XQG VFKODQN QHW GLH JHVXQGKHLW GHU RKUHQ VFKXHW]HQ x )LJXUD ZZZ JUXSSRVHD QHW x )LJXUD ZZZ ERWWHJDHQHUJLD FRP x )LJXUH H ZZZ VOLGHVKDUH QHW VWXGLRVLFXUH]]D UXPRUH x &ŝŐƵƌĂ ZZZ DHVVHT LW x )LJXUD HVWUDWWR GDOOD SUHVHQWD]LRQH GHOOD GRWW VVD 'HOXFLV /63 86/ /XFFD 5XPRUH x )LJXUD ZZZ YLEUR DFRXVWLF HX x )LJXUD ZZZ GLUHFWLQGXVWU\ LW x )LJXUD ZZZ FHVYD FRP HG HVWUDWWR GDOOD SUHVHQWD]LRQH GL 7UHQLWDOLD 5XPRUH JOL HIIHWWL XGLWLYL GHO UXPRUH x )LJXUD ,1$,/ ³0HWRGRORJLH H LQWHUYHQWL WHFQLFL SHU OD ULGX]LRQH GHO UXPRUH QHJOL DPELHQWL GL ODYRUR´ DSULOH x )LJXUD HVWUDWWR GDOOD SUHVHQWD]LRQH GHO GRWW &RFKHR ,5&&6 )RQGD]LRQH 0DXJHUL /D GHWHUPLQD]LRQH GHO OLYHOOR GL HVSRVL]LRQH SURIHVVLRQDOH D UXPRUH PHGLDQWH PLVXUD]LRQL x )LJXUD ZZZ H[S URFNIRQ FRP x )LJXUD ZZZ SDURF LW x )LJXUH H ZZZ ERVFRLWDOLD LW







Issuu converts static files into: digital portfolios, online yearbooks, online catalogs, digital photo albums and more. Sign up and create your flipbook.