34
0DQXDOHGHO'XQJHRQ0DVWHU 'HVFUL]LRQL$PELHQWD]LRQL

[AD&D - Ita] - Guida - Dragonlance

Embed Size (px)

DESCRIPTION

Ambientazione Dragonlance in italiano

Citation preview

  • 0DQXDOHGHO'XQJHRQ0DVWHU'HVFUL]LRQL$PELHQWD]LRQL

  • 6H]LRQH/H5D]]HFKHDELWDQR.U\QQ, .DJDQHVWL&KLVRQRHFRPHYLYRQR, .DJDQHVWL QRWL FRPH JOL (OIL 6HOYDJJL LQ OLQJXD &RPXQH VRQR OD WHU]D UD]]D +DQQR FRPEDWWXWR FRQ JOL HOIL GL4XDOLQHVWLGXUDQWHODJXHUUDWUDOHUD]]H,QFDPELRGHOODORUROHDOWj.LQ.DQDQDVVHJQzORUROHPRQWDJQHG(UJRWKFLzDFFDGHYDSULPDFKHJOLHOILGL4XDOLQHVWLHTXHOOLG(UJRWKIRVVHURVHSDUDWLGDO&DWDFOLVPD6RQRXQSRSRORFKLXVRHDSSDUWDWRFKHQRQDPDLFRQWDWWLFRQJOLDOWUL8QDYROWDVLFKLDPDYDQR(OILGL)URQWLHUD6RQRJXHUULHULIRUPLGDELOLHKDQQRVHUYLWR.LQ.DQDQFRQGHYR]LRQHPDQRQDPDQRODFLWWj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qPLQDFFLDWR7KRQ7VDODULDQ )LXPHGHL0RUWL7KRQ7VDODURWK )LXPHGHOOD0RUWH7KRQ6DUJRQ )LXPHG$UJHQWRSHUL6LOYDQHVWL4XDQGRODOXQDGDUJHQWRVRUJHSLHQDQHOFLHORLO ILXPHVLWUDVIRUPDLQXQULYRGDUJHQWRIXVRHGqXQRVSHWWDFROREHOOLVVLPR, &ODQGHL1DQLGL)RVVR, QDQLGLIRVVRR$JKDUFRPHHUDFKLDPDWDODORURUD]]DHUDQRGDYYHURGHJOLLQIHOLFL8OWLPDFDVWDGHOODVRFLHWjGHLQDQLHUDQRGDSSHUWXWWRHGDSSHUWXWWRYLYHYDQRQHOODVSRUFL]LDHQHOORVTXDOORUHULIXJLDQGRVLQHLSRVWLDEEDQGRQDWLGDWXWWLDQFKHGDJOLDQLPDOL&RPHWXWWLLQDQLVLULXQLYDQRLQFODQHVSHVVRSDUHFFKLFODQYLYHYDQRLQVLHPHJRYHUQDWLGDLULVSHWWLYLFDSLRSSXUHGDXQVRORFDSRFODQSDUWLFRODUPHQWHSRWHQWH1RQHUDIDFLOHGLVWLQJXHUHLVHVVL/HIHPPLQHQRQDYHYDQRSHOLVXOPHQWRPDOHVXOOHJXDQFHVuHGLQGRVVDYDQRODFHULJUHPELXOLVWUHWWLLQYLWD,QRJQLFDVRHUDQREUXWWHFRPHLPDVFKL0DOJUDGRODVSHWWRGHSULPHQWHOHVLVWHQ]DGHLQDQLGLIRVVRHUDJHQHUDOPHQWHDOOHJUD7UHFODQYLYHYDQRD;DN7VDURWKJOL6OXGL%XOSHL*XOS,O.HQGHUHOR*QRPR/H YHFFKLH OHJJHQGH GL *UD\JHP GL *DUJDWK ODVFLDYDQR LQWHQGHUH FKH OH UD]]H GHL NHQGHU H GHJOL JQRPL IRVVHURYDJDPHQWHLPSDUHQWDWH,QGXEELDPHQWHLOJLRYDQHJQRPRDYHYDWUDWWLGDNHQGHUOHPDQLVRWWLOLOHVSUHVVLRQHYLYDFHHRFFKLHWWL IXUEL H DFXWL FXL QRQ VIXJJLYD QXOOD0D OH VRPLJOLDQ]H VL IHUPDYDQR Ou /R JQRPR QRQ DYHYD QLHQWH GHOFRPSRUWDPHQWRVSLJOLDWRHGLVLQLELWRGHONHQGHU(UDQHUYRVRVHULRLQGDIIDUDWRHFRQODULDSURIHVVLRQDOH 6H]LRQH/D6WRULDGL.U\QQ/D6WRULDGHOOD&UHD]LRQHVHFRQGRJOL,UGD6HFRQGRLQRVWULDQWHQDWLLWUHGHLFKHQRLFRQRVFLDPRFRPH3DODGLQH7DNKLVLVH*LOHDQGLPRUDYDQRXQWHPSRLQVLHPHVXO SLDQR LPPRUWDOH (VVL HUDQR IUDWHOOL SHUFKp QDWL GD&DRV 3DGUH GHO7XWWR H GHO1XOOD 3DODGLQH HUD LOPDJJLRUHFRVFLHQ]LRVRHUHVSRQVDELOH*LOHDQHUDLOVHFRQGRJHQLWRVWXGLRVRHFRQWHPSODWLYR7DNKLVLVODSLJLRYDQHHUDOXQLFDILJOLDHDGHWWDGLDOFXQLODSUHIHULWDHGHUDLQTXLHWDDPEL]LRVDHDQQRLDWD7DNKLVLVYROHYDLOSRWHUHYROHYDGRPLQDUHVXJOLDOWULPDSHUTXDQWRWHQWDVVHQRQULXVFLYDDGLPSRUVLDLIUDWHOOLSHUFKp3DODGLQHDYHYDXQDYRORQWjWURSSRIRUWHH*LOHDQHUDVHPSUHGLVWUDWWR6XOODEDVHGLWXWWRTXHVWRQRL,UGDULWHQLDPRFKHLOPRQGRGL.U\QQHWXWWHOHIRUPHGLYLWDSUHVHQWLVXTXHVWRSLDQRVLDQRVWDWLFUHDWLSHULVWLJD]LRQHGL7DNKLVLVFKHHUDFDSDFHGLGLYHQWDUHGHFLVDPHQWHDVWXWDHDIIDVFLQDQWHTXDQGRYROHYDTXDOFRVD7DNKLVLV VL UHFzTXLQGLGDLGXH IUDWHOOLPDJJLRUL HGHVSRVH ORUR OD VXD LGHDGL FUHDUHXQPRQGRHGHJOL VSLULWL FKHYLGLPRUDVVHUR FRQ3DODGLQH EDGz D VRWWROLQHDUH FRPH TXHVWL VSLULWL DYUHEEHURSRUWDWR RUGLQH LQ XQ XQLYHUVR DOWULPHQWLFDRWLFRHTXHVWLFKHGDWHPSRHUDWXUEDWRSHULOIDWWRFKHODORURYLWDQRQDYHYDXQRVFRSRRXQVLJQLILFDWRGLHGHLOVXRDVVHQVR LQVLHPH FRQ TXHOOR GHOOD VXD FRQVRUWH 0LVKDNDO (QWUDPEL LQIDWWL HUDQR PROWR VRGGLVIDWWL DOOLGHD GL XQFDPELDPHQWR1DWXUDOPHQWHKDLSDUODWRGLTXHVWRFRQLO3DGUHHKDLRWWHQXWRLOVXRSHUPHVVRYHUR" RVVHUYzSHUz3DODGLQH&HUWDPHQWHPLRFDURIUDWHOOR UHSOLFz7DNKLVLVHDQFKHVHGRYHYDHVVHUHFRQVDSHYROHGHOIDWWRFKHOHLVWDYDPHQWHQGR3DODGLQHFKLXVHJOLRFFKLGDYDQWLDOODYHULWjSHUFKpHUDLPSD]LHQWHGLGDUHRUGLQHDOOXQLYHUVR

  • 7DNKLVLV VL UHFz TXLQGL GD*LOHDQ H JOL SDUOz GHOOH RSSRUWXQLWj GL VWXGLR FKH VDUHEEHUR GHULYDWH GDOORVVHUYDUH FRPHFUHDWXUHGLYHUVHGDORURUHDJLYDQRLQVYDULDWHVLWXD]LRQL*LOHDQ WURYz OLGHD LQWHUHVVDQWHHQRQDYHQGRFRQVRUWH QRQFLVRQRQRWL]LHGLFRVD OH IRVVHVXFFHVVRVLFRQVXOWzFRQ=LYLO\QXQGLRFKHVLGLFHHVLVWDFRQWHPSRUDQHDPHQWHVXWXWWL LSLDQL LQWXWWL L WHPSLHFKHqJLXQWRGDXQRGHJOLDOWULSLDQLLPPRUWDOLFKHYLHQHLQGLFDWRVHPSOLFHPHQWHFRPHO2OWUH=LYLO\QJXDUGzGDYDQWLHGLHWURDGHVWUDHDVLQLVWUDLQDOWRHLQEDVVRHDOODILQHGLFKLDUzFKHTXHOODHUDXQDEXRQDLGHDSHUFXL*LOHDQDFFRQVHQWLDOSURJHWWRGHOODVRUHOOD1DWXUDOPHQWHKDLSDUODWRGHOODFRVDFRQLO3DGUHYHUR" DJJLXQVHFRPHSHUXQULSHQVDPHQWRVHQ]DQHSSXUHVROOHYDUHORVJXDUGRGDOOLEURFKHVWDYDOHJJHQGR&HUWDPHQWHPLRFDURIUDWHOOR UHSOLFz7DNKLVLV*LOHDQ VDSHYD FKH OHL VWDYD PHQWHQGR SHUFKp =LYLO\Q OR DYHYD DYYHUWLWR FKH OR DYUHEEH IDWWR PD ORSSRUWXQLWj GLDFTXLVLUHQXRYRVDSHUHHUDSHUOXLXQDWHQWD]LRQHWURSSRJUDQGHHSHUTXHVWRFKLXVHJOLRFFKLGDYDQWLDOODYHULWj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zGXQTXHGD5HRU[HFRPLQFLzDLQFHQVDUHOHVXHFUHD]LRQL3HUzqGDYYHURXQSHFFDWRFKHWXOHGHEEDEXWWDUHYLD FRQFOXVH+RLQPHQWHXQSLDQRFKHWLSHUPHWWHUjGLFUHDUHTXDOFRVDFKHQRQWLDQQRLHUjHFKHWLRIIULUjQXRYHVILGHSHURJQLJLRUQRGHOODWXDYLWDLPPRUWDOH&UHHUDLXQPRQGRHORSRSROHUDLGLVSLULWLLQVHJQDQGRORURWXWWHOHDUWLFKHFRQRVFL5HRU[ULPDVHDIIDVFLQDWRGDOOLGHDFKHOHVXHLQFHVVDQWLFUHD]LRQLDYHVVHURLQILQHXQLPSLHJRHXQXWLOLWjHIXSURQWRDGDFFRQVHQWLUH+DLSDUODWRGLTXHVWRFRQLO3DGUH" GRPDQGzD7DNKLVLV6HQRQORDYHVVLIDWWRQRQVDUHLPDLYHQXWDGDWH ULVSRVHOHL(VVHQGRVHPSOLFHHLQJHQXR5HRU[QRQVLUHVHFRQWRFKH7DNKLVLVVWDYDPHQWHQGR$ TXHOSXQWRJOLGHLVLUDGXQDURQR3DODGLQH0LVKDNDOHLORURILJOL*LOHDQHODVXDXQLFDILJOLDQDWXUDOHLQVLHPHDJOLDOWULILJOLGDOXLDGRWWDWL7DNKLVLVLOVXRFRQVRUWH6DUJRQQDVHLORURILJOL9HQQHDQFKH5HRU[FKHSRUWzFRQVpODVXDLQFXGLQH H Oj LQPH]]R DOOD QRWWH FXSD H LQILQLWD GHO &DRV YLEUz LO SULPR FROSR GLPDUWHOOR VX XQ SH]]R GLPHWDOORLQFDQGHVFHQWH,Q TXHOPRPHQWR L GXH IUDWHOOL IXURQR FRVWUHWWL D JXDUGDUH LQ IDFFLD OD YHULWj7DNKLVLV QRQ DYHYD FRQVXOWDWR LO&DRV3DGUH GHO 7XWWR H GHO 1XOOD &RQVDSHYROH FKH OXL VL VDUHEEH RSSRVWR DO VXR SLDQR GL SRUWDUH RUGLQH QHOOXQLYHUVR7DNKLVLVJOLHORDYHYDGHOLEHUDWDPHQWHWHQXWRQDVFRVWRFRVDGLFXLHUDLQGXEELRFKHLVXRLIUDWHOOLIRVVHURFRQVDSHYROL,O&DRVDYUHEEHSRWXWRGLVWUXJJHUHLVXRLILJOLHLOORURQXRYRJLRFDWWRORLQTXHOSUHFLVRPRPHQWRPDFRPqSURSULRGHLJHQLWRULGHFLVHLQYHFHGLLPSDUWLUHORURXQDOH]LRQH,Q HIIHWWL FUHHUHWH ORUGLQH WXRQz PD LR SURYYHGHUz SHUFKp WDOH RUGLQH JHQHUL OD GLVFRUGLD LQPH]]R D YRL H IUDFRORURFKHGLPRUHUDQQRVXOYRVWURPRQGR1XOODSRWHYDRUPDLHVVHUH IDWWRSHUPRGLILFDUH ODFFDGXWR OHSULPHVFLQWLOOHJHQHUDWHGDOPDUWHOORGL5HRU[HUDQRJLjGLYHQWDWHVWHOOHODFXLOXFHDYHYDJHQHUDWRVSLULWLYLYHQWLTXLQGL5HRU[IRUJLzXQPRQGRVXFXLTXHJOLVSLULWLSRWHVVHURYLYHUH( IXDOORUDFKHODPDOHGL]LRQHSURQXQFLDWDGDO&DRVFRPLQFLzDUHQGHUVLPDQLIHVWD7DNKLVLV YROHYD FKH JOL VSLULWL DSSHQD FUHDWL IRVVHUR VRWWR LO VXR FRQWUROOR SHUFKp LQWHQGHYD LPSDUWLUH ORUR RUGLQL HFRVWULQJHUOLDREEHGLUHDOODVXDYRORQWj3DODGLQHYROHYDLQYHFHDYHUHJOL VSLULWLVRWWRODVXDJXLGDFRQOLQWHQ]LRQHGLDOOHYDUOLHGLDYYLDUOLOXQJRODVWUDGDGHOODYLUW*LOHDQLQILQHWURYDYDSRFRYDQWDJJLRVHHQWUDPEHOHFRVHDOPHQRGDXQSXQWRGLYLVWDDFFDGHPLFRHYROHYDLQYHFHFKHJOLVSLULWLULPDQHVVHUROLEHULGLVFHJOLHUHODVWUDGDFKHSLSUHIHULYDQRLQTXDQWRTXHVWRDYUHEEHUHVRLOPRQGRXQSRVWRPROWRSLLQWHUHVVDQWH, WUH IUDWHOOL OLWLJDURQR H L ORUR ILJOL H JOL GHL GHJOL DOWUL SLDQL YHQQHUR FRLQYROWL QHOOD EDWWDJOLD FKH GLHGH LQL]LR DOOD*XHUUDGL7XWWLL6DQWL'DOODOWRLO3DGUHGHO7XWWRHGHO1XOODVFRSSLzLQXQDULVDWDVSDYHQWRVDDVHQWLUVL$OODILQH3DODGLQHH*LOHDQVLUHVHURFRQWRFKHTXHOODEDWWDJOLDDYUHEEHSRWXWRGLVWUXJJHUHWXWWDODFUHD]LRQHXQLURQROHIRU]HFRQWURODVRUHOODHSXUQRQULXVFHQGRDVFRQILJJHUODODFRVWULQVHURDOPHQRDYHQLUHDSDWWL&RQULOXWWDQ]D7DNKLVLVDFFRQVHQWLDOIDWWRFKHWXWWLHWUHGRYHVVHURJRYHUQDUHLQVLHPHLOQXRYRPRQGRPDQWHQHQGRXQHTXLOLEULRIUDORURQHOODVSHUDQ]DGLSRUUHFRVuILQHDOODPDOHGL]LRQHVFDJOLDWDGD3DGUH&DRV, WUH GHL GHFLVHUR FKH FLDVFXQR GL ORUR DYUHEEH GDWR DJOL VSLULWL GRQL FKH DYUHEEHUR SHUPHVVR ORUR GL YLYHUH H GLSURVSHUDUHVXTXHOPRQGRDSSHQDIRUPDWR3DODGLQH GLHGH DJOL VSLULWL LO ELVRJQR GL HVHUFLWDUH FRQWUROOR LQ PRGR FKH RSHUDVVHUR SHU VRWWRPHWWHUH OH FRVH FKH OLFLUFRQGDYDQRHSRUWDVVHURFRVuORUGLQHQHOPRQGR7DNKLVLV GLHGH DJOL VSLULWL ODPEL]LRQH H LO GHVLGHULR HVVL QRQ DYUHEEHUR VROWDQWR FRQWUROODWR LOPRQGRPD DYUHEEHURFRVWDQWHPHQWHFHUFDWRGLPLJOLRUDUORHGLPLJOLRUDUHORURVWHVVL*LOHDQGLHGHDJOLVSLULWLLOGRQRGHOODOLEHUDVFHOWD&LDVFXQRGLHVVLVDUHEEHVWDWROLEHURGLSUHQGHUHOHSURSULHGHFLVLRQLHQHVVXQVLQJRORGLRDYUHEEHGHWHQXWRLOSRWHUHDVVROXWR

  • 4XHLGRQLHUDQRWXWWLEXRQLHSRVLWLYLDSDWWRGLQRQHVVHUHSRUWDWLDJOLHVWUHPL,OELVRJQRGLHVHUFLWDUHFRQWUROORQHOODVXDIRUPDHVWUHPDSRUWDDOODSDXUDGHLFDPELDPHQWLDOODVRSSUHVVLRQHGLQXRYHLGHHDOOLQWROOHUDQ]DYHUVRWXWWRFLzFKHqGLYHUVR8QDPEL]LRQH SRUWDWD DOOHVWUHPR FRQGXFH DOOD GHWHUPLQD]LRQH GL LPSDGURQLUVL GHO SRWHUH D WXWWL L FRVWL H GLVFKLDYL]]DUHJOLDOWULLGHVLGHULSRVVRQRGLYHQWDUHRVVHVVLRQLJHQHUDQGRODYLGLWjODOXVVXULDODYDUL]LDHODJHORVLD/DOLEHUWjQHOODVXDIRUPDHVWUHPDqDQDUFKLD*OLVSLULWLDFTXLVLURQRXQDIRUPDILVLFDVFDWXUHQGRGDOOLPPDJLQD]LRQHGHJOLGHL'DOODPHQWHGL3DODGLQHJLXQVHURJOLHOIL ODVXDUD]]DLGHDOHFKHWUDHGLOHWWRGDOFRQWUROORGHOPRQGRILVLFRHDPDPRGHOODUORVHFRQGRODVXDYRORQWj8QDUD]]DORQJHYDHSRFRVRJJHWWDDLFDPELDPHQWL7DNKLVLVLPPDJLQzXQDUD]]DGLHVVHULGLVXSUHPDEHOOH]]DHJRLVWLHDPEL]LRVLTXDQWROHLHSURGXVVHJOLRUFKL$PDQRD PDQRFKHOHORUREUDPRVLHFUHEEHURODORUREHOOH]]DQHYHQQHFRQVXPDWDPDHVVLVRQRDQFRUDLPPHQVDPHQWHIRUWLHSRVVHQWL4XDQWRDQRL,UGDVLSXzGLUHFKHVLDPRDQRVWUDYROWDFUHD]LRQLGL7DNKLVLVSHUFKpLQRULJLQHHUDYDPRRUFKL4XDQGR DEELDPR YLVWR FRVD VWDYD VXFFHGHQGR DOOD QRVWUD JHQWH DOFXQL GL QRL VL VRQR ULYROWL D 3DODGLQH HG KDQQRLPSORUDWRLOVXRDLXWR/XLFLKDSHUPHVVRGLVRWWUDUFLDOGRPLQLRGHOOD5HJLQDGHOOH7HQHEUHPDLOSUH]]RFKHDEELDPRSDJDWRqVWDWRHOHYDWRQRQDYUHPPRSLSRWXWRYLYHUHQHOOHYLFLQDQ]HGHOOHDOWUHUD]]HSHUQRQFDGHUHSLLQWHQWD]LRQHH VDUHPPRGRYXWLGLYHQWDUHXQSRSRORLVRODWRHVROLWDULRFKHWUDHYDSLDFHUHGDOVXRVWHVVRLVRODPHQWRDOSXQWRGDEDGDUHD SUHVHUYDUOR3HUILQRXQLUFLSHUJHQHUDUHGHLGLVFHQGHQWLVDUHEEHVWDWRGLIILFLOHSHUQRLFRVDFKHFRQLOWHPSRKDSRUWDWRDOGHFUHVFHUHGHOQRVWURQXPHUR&RPXQTXHJOL,UGDKDQQRDFFHWWDWRWXWWHTXHVWHFRQGL]LRQLSHUVRWWUDUVLDOIDWRGHLORURIUDWHOOLHTXHVWRVSLHJDSHUFKpLOPRQGRQRQVDSSLDQXOODGLQRLRDEELDIDOVHFRJQL]LRQLDOULJXDUGR*LOHDQ LPPDJLQz OD UD]]D GHJOL XPDQL FKH KDQQR OD YLWD SL EUHYH H VRQR L SL UDSLGL D FDPELDUH ROWUH DG HVVHUHIDFLOPHQWHLQGRWWLDVFKLHUDUVLRUDFRQTXHVWDHRUDFRQTXHOODID]LRQH3HUVXRGLYHUWLPHQWRSHUVRQDOHHSHUDXPHQWDUHODFRQIXVLRQHLO3DGUHFUHzJOLDQLPDOLHLUULWzQRWHYROPHQWHLVXRLILJOLDWWULEXHQGR GHL YDQWDJJL DPROWL GL HVVL H LQ SDUWLFRODUH DL GUDJKL HVVL SRVVLHGRQR LQIDWWL VDJJH]]D LQWHOOLJHQ]D XQDOXQJDYLWDODPDJLDODIRU]DILVLFDHDQQLIRUPLGDELOLHILQGDTXDQGRKDQQRIDWWRODORURFRPSDUVDVX.U\QQWXWWHOHDOWUHVSHFLHOLKDQQRFRPEDWWXWLRSSXUHKDQQRFHUFDWRGLDOOHDUVLFRQHVVL,QTXHVWRPRGRVLJLXQVHDOOLQVWDXUD]LRQHGHOOHTXLOLEULRQHOPRQGR*OLHOILVLFRQVLGHUDYDQROLQFDUQD]LRQHGHOEHQHH ULWHQHYDQRJOLRUFKL ODSHUVRQLILFD]LRQHGHOPDOHq LQWHUHVVDQWHQRWDUHFRPH ODYLVLRQHGHOPRQGRGDSDUWHGHJOLRUFKLVLDGLDPHWUDOPHQWHRSSRVWDHGHVVLVLFRQVLGHULQREXRQLYHGHQGRFRPHPDOYDJLJOLHOILHOHDOWUHUD]]HGHFLVHD VWHUPLQDUOL*OLXPDQLSUHVLQHOPH]]RSRWHYDQRHVVHUHLQGRWWLFRQIDFLOLWjDVFKLHUDUVLRUDFRQJOLXQLHRUDFRQJOLDOWULFRVDFKHIDFHYDQRGLFRQWLQXR$YHQGRQHOVDQJXHLGRQLGLWXWWLJOLGHLLOELVRJQRGLFRQWUROODUHODPEL]LRQHLGHVLGHULHODOLEHUWj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pVLVFKLHUDVVHURFRQTXHVWDRFRQTXHOODID]LRQHHSRLFKpWHPHYDQRFKHTXHOODJXHUUDSRWHVVHGLVWUXJJHUHFLzFKHHVVLSLDPDYDQR ODPDJLD L WUH FXJLQL JLXUDURQR GL HVVHUH VHPSUH IHGHOL DOODPDJLD H JOL XQL DJOL DOWUL H DEEDQGRQDURQR LOSDQWHRQGHJOLGHLDVVXPHQGRVSRJOLHPRUWDOLHSUHQGHQGRDYDJDUHVXOODVXSHUILFLHGL.U\QQ2JQXQR GL HVVL WURYz TXLQGL XQ VHJXDFH IUD LPRUWDOL H JOL WUDVPLVH LO GRQR GHOODPDJLD SHUFKp YHQLVVH D VXD YROWDGLIIXVRIUDDOWULPRUWDOLFKHLQFDVRGLQHFHVVLWj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qTXLQGLXQRGHLPRWLYLSHUFXLHYLWLDPRRJQLFRQWDWWRFRQOHDOWUHVSHFLHHVVDqGLFUXFLDOHLPSRUWDQ]DSHUODQRVWUDVRSUDYYLYHQ]DLQTXDQWRRJQL,UGDQDVFHHVVHQGRQHJLjGRWDWRFHOKDSHUFRVuGLUHQHOVDQJXHHODXVDFRQODVWHVVDQDWXUDOH]]DFRQFXLLPSLHJDJOLDOWUL VHQVLGHOODYLVWDGHOOXGLWRGHOOROIDWWRGHOJXVWRHGHO WDWWR HSRLFKpD QHVVXQRYLHQHFKLHVWRGL VSLHJDUHSHUTXDOH PRWLYR q LQ JUDGR GL YHGHUH QRQ ULWHQJR FKH LO PRQGR HVWHUQR DEELD LO GLULWWR GL FKLHGHUFL GL VSLHJDUH FRPHIDFFLDPRDUHDOL]]DUHTXHOOLFKHDGHVVRVHPEUDQRGHLPLUDFROL5LSUHQGLDPRRUDODVWRULDGHOODFUHD]LRQH,O QXRYR PRQGR HUD JLRYDQH H VHOYDJJLR FRPH OR HUDQR DQFKH JOL VSLULWL GHL PRUWDOL FKH OR DELWDYDQR /DYRUDQGRGXUDPHQWHJOLHOIL VRWWRPLVHUROD ORURSDUWHGHOPRQGRPHQWUHJOLRUFKL LPSDUDYDQRDGDGDWWDUVLDOOD ORURHJOLXPDQLFHUFDYDQRGLPRGHOODUHHGLPLJOLRUDUHODSDUWHDGHVVLDVVHJQDWD2SSUHVVRFRPHVHPSUHGDOODVROLWXGLQH5HRU[VLRIIUuGLDLXWDUOLHGDDOORUDSDUHFKHOXLVLDYHUDPHQWHIHOLFHVROWDQWRTXDQGRVLPHVFRODDLPRUWDOL5HRU[LQVHJQzDGXQJUXSSRGLXPDQLLQQXPHUHYROLFRVHFRPSUHVDODWHFQLFDSHUIRUJLDUHODFFLDLRHVXELWRJOLHOILHJOLRUFKLFRPLQFLDURQRDGHVLGHUDUHTXHOPHWDOORFKHQRQHUDQRLQJUDGRGLSURGXUUHHYHQQHURGDJOLXPDQLSHUFRPSUDUH

  • VSDGH FROWHOOL H DWWUH]]L LQ DFFLDLR *OL XPDQL VLQRUJRJOLURQR DOORUD GHOOH ORUR FDSDFLWj H SUHVHUR D YDQWDUVHQHGLPHQWLFDQGRVXOODVSLQWDGHOORUJRJOLRGLRQRUDUH5HRU[LOORURPDHVWURHDUULYDQGRDGGLULWWXUDDGHYLWDUHLOGLRTXDQGRTXHVWLYHQLYDIUDORURGHULGHQGRORDFDXVDGHOODVXDEDVVDVWDWXUDHVPLQXHQGRLOVXRLQWHUHVVHSHUTXHOODUWHFKHSXUHVWDYDIUXWWDQGRORURWDQWHULFFKH]]H,QIXULDWR5HRU[PDOHGLVVHTXHJOLXPDQLHOLSULYzGHOOHDELOLWjFKHDYHYDLQVHJQDWRORURWXWWHWUDQQHTXHOODGLQYHQWDUHGLHULJHUHHGLFRVWUXLUHGHFUHWDQGRDOWHPSRVWHVVRFKHHVVLIRVVHURGLEDVVDVWDWXUDJULQ]RVLHFKHYHQLVVHURGHULVLGDOOHDOWUHUD]]HLQEUHYHOLWUDVIRUPzHFUHzJOLJQRPL'XUDQWHTXHVWRSHULRGRQRWRFRPH(UDGHO&UHSXVFROR OHTXLOLEULRGHOPRQGRFKHQRQHUDPDLVWDWRSDUWLFRODUPHQWHVWDELOHFRPLQFLzDYDFLOODUHQRQDFFRQWHQWDQGRVLSLGLTXHOORFKHDYHYDQRJOLXPDQLFRPLQFLDYDQRDGHVLGHUDUHLEHQLGHLYLFLQLHJOLRUFKLLQFLWDWLGD7DNKLVLVYROHYDQRDUULYDUHDOSRWHUHJOLHOILGDOFDQWRORURGHVLGHUDYDQRHVVHUHODVFLDWLLQ SDFHHGHUDQRSURQWLDFRPEDWWHUHSHUGLIHQGHUHLOORURLVRODPHQWR3HU LQWHQVLILFDUH LO VXR FRQWUROOR VXJOL XPDQL 7DNKLVLV SRUWz DOORUD VX TXHVWR SLDQR XQR GHJOL GHL GHOO2OWUH LO GLR+LGGXNHOFKHqSHUVXDQDWXUDXQYHURHSURSULRPHUFDQWHFKHDPDFRQWUDWWDUHHEDUDWWDUHHFKHqPROWRDELOHLQTXHVWRFDPSR+LGGXNHOYLGHVXELWRQHOYDFLOODUHGHOOHTXLOLEULRJHQHUDOHXQPRGRSHUDFFUHVFHUH LOSURSULRSRWHUH ODJXHUUDVDUHEEHLQIDWWLVWDWDSURSL]LDSHUJOLDIIDULLQTXDQWRDYUHEEHIDWWRDXPHQWDUHODSURGX]LRQHGLDUPLGLDUPDWXUHHGLFLERSHUQXWULUHOHWUXSSHHGDOPRPHQWRFKHIUDOHDOWUHFRVHFRPPHUFLDYDDQFKHLQDQLPHGHLPRUWL+LGGXNHOSUHYLGHGLSRWHUULFDYDUHLQTXHOFDPSRXQSURILWWRQRQLQGLIIHUHQWH1HOODVSHUDQ]DGLDFFHQWXDUHODFRQIXVLRQHJHQHUDOH+LGGXNHOVLUHFzTXLQGLGD&KLVOHYGHDGHOOHIRUHVWHHGHOODQDWXUDHIDFHQGRULFRUVRDLVXRLPRGLSLSHUVXDVLYLODFRQYLQVHFKHHYHQWLFDWDVWURILFLVLVWDYDQRSURILODQGRDOORUL]]RQWH VROR TXHVWLRQH GL WHPSR SULPD FKH VFRSSL XQD JXHUUD FRQFOXVH LQ WRQR GROHQWH ( FKH QH VDUj DOORUDGHOODPELHQWH"/HIRUHVWHYHUUDQQRDEEDWWXWHSHUFRVWUXLUHWRUULGDDVVHGLRJLRYDQLDOEHULVDUDQQRWUDVIRUPDWLLQDUFKLH IUHFFHLFDPSLYHUUDQQRGHYDVWDWLHLQFHQGLDWL'REELDPRSRUUHILQHXQDYROWDSHUWXWWHDTXHVWDORWWDIUDOHGLYHUVHUD]]HQDWXUDOPHQWHQHOOLQWHUHVVHGHOODQDWXUD( WXFRVKDLGDJXDGDJQDUFL LQ WXWWRTXHVWR" GRPDQGz&KLVOHY1RQ ULHVFRD FUHGHUH FKH WX VLD LQWHUHVVDWRDOOHFXFFLRODWHGLFRQLJOLVHOYDWLFL1HVVXQRSHQVDPDLFKHLRDEELDXQFXRUH VLODPHQWz+LGGXNHO3HUFKpqGLIILFLOHYHGHUHDOGLVRWWRGHOOXQWXRVLWjGHOOHWXHSDUROH ULEDWWp&KLVOHY6HSURSULRYXRLVDSHUORODJXHUUDDYUHEEHXQHIIHWWRVFRQYROJHQWHVXLPHUFDWLILQDQ]LDULLOYDORUHGHOORURFUROOHUHEEHILQRDGLYHQWDUHSUDWLFDPHQWHQXOOR H L FRQWDGLQLQRQSRWUHEEHUR YHQGHUH OH ORURPHUFLDOPHUFDWRQHOEHOPH]]RGLXQLQYDVLRQH,QROWUHLFRQLJOLPLSLDFFLRQRPROWR1HOORVWXIDWRIRUVH VRVSLUz&KLVOHY3HUDOWURFDSLVFRFRVDLQWHQGLSHUFKpGDWHPSRYHGRFUHVFHUHOLQTXLHWXGLQHIUDOHUD]]HHVHQWRDXPHQWDUHGLSDULSDVVRODPLDSUHRFFXSD]LRQH+RSDUODWRFRQ*LOHDQPDVDLFRPqIDWWR1RQDO]DPDLORVJXDUGRGDTXHOOLEURHFRQWLQXDDVFULYHUHVFULYHUHVFULYHUH3DUODUHFRQ7DNKLVLVQRQqSLIDFLOH VEXIIz+LGGXNHO4XDQGRQRQqFRQ6DUJRQQDVDJXDUGDUHLPLQRWDXULLQWHQWLD SUHQGHUVLD UDQGHOODWH LQ WHVWDq LPSHJQDWDD VFDWHQDUHSHVWLOHQ]HFDUHVWLHH LQRQGD]LRQLHQRQKDSL WHPSRSHUTXHOOLFRPHQRL&RVDVXJJHULVFLGLIDUHGDOPRPHQWRFKHVHPEULDYHUHXQSLDQR",RQHKRVHPSUHXQRPLDFDUDDPLFDDPDQWHGHJOLDOEHUL6HODQHXWUDOLWjGLYHQWDVVHODIRU]DGRPLQDQWHGHLPRQGRDOORUDOHTXLOLEULRULPDUUHEEHFRVWDQWHHQRQVLDOWHUHUHEEHPDLJLXVWR"6XSSRQJR GL Vu FRQYHQQH FRQ FDXWHOD&KLVOHY GLIILGDQGR GL+LGGXNHOPD QRQ WURYDQGRPRWLYR SHU FRQWUDGGLUOR3HUzQRQFDSLVFR$K9DGD5HRU[HFKLHGLJOLGLFUHDUHSHU WHXQDJHPPDFKHFRQWHQJDOHVVHQ]DVWHVVDGHOODQHXWUDOLWjHFKHVHUYDFRPH DQFRUD LQPRGR GD IDU Vu FKH OD QHXWUDOLWj GLYHQWL OD IRU]D GRPLQDQWH GL .U\QQ H VRSUDIIDFFLD L GXH HVWUHPLRSSRVWLFKHFRVuVDUDQQRYLQFRODWLDTXHOFHQWURQHXWUDOHHQRQSRWUDQQRDOORQWDQDUVLGDHVVR( FRVDQH IDUzGLTXHVWDJHPPDXQDYROWDFKHVDUjVWDWDFUHDWD"'RYUHL IRUVHDIILGDUODDOOD WXDFXVWRGLD" FKLHVH&KLVOHY FKH SXU HVVHQGR XQD GHD JHQWLOH DYHYD XQD FHUWD SURSHQVLRQH SHU LO VDUFDVPR VRSUDWWXWWR QHO SDUODUH FRQ+LGGXNHO6DQWR&LHORQR HVFODPzTXHVWL VJRPHQWR1RQYRUUHLPDLXQDVLPLOHUHVSRQVDELOLWj/DFRVDSLORJLFDVDUHEEHGDUODLQFXVWRGLDDTXDOFXQRGLFXLWLILGLQRQFUHGLDQFKHWX"&KLVOHY ILVVz LQWHQVDPHQWH+LGGXNHOFKHSHUz IHFHVIRJJLRGLXQDVVROXWD LQQRFHQ]DHGLXQDVLQFHUDSUHRFFXSD]LRQHSHULOGHVWLQRGHOPRQGR'HOUHVWRVLGLFHYDFKHODVXDDELOLWjIRVVHWDOHFKHSHUILQROD5HJLQD7DNKLVLVDYHYDSHUVRFRQOXLLQSLGLXQDWUDWWDWLYD&RPH FRQVHJXHQ]D GL TXHOOD FRQYHUVD]LRQH&KLVOHY ODVFLz OD VXD IRUHVWD H VL DJJLUz SHU LOPRQGR LQ IRUPDPRUWDOHYHGHQGRFRVHFKHODWXUEDURQRSURIRQGDPHQWHIXFLQHGDFFLDLRFKHDUGHYDQRGLXQURVVRDFFHVRDQFKHQHOFXRUHGHOODQRWWH HOIL FKH OXFLGDYDQR OH VSDGHGDSRFRRWWHQXWHXPDQLFKHFRQWDYDQR LO ORURGHQDURRUFKL FKH VL HVHUFLWDYDQRDVWDFFDUHWHVWH$GGRORUDWD &KLVOHY GHFLVH FKH HUD QHFHVVDULR IDUH TXDOFRVD H SUHVH LQ FRQVLGHUD]LRQH OHYHQWXDOLWj GL GLVFXWHUH GHOSUREOHPDFRQLOVXRFRQVRUWH=LYLO\QLOGLRFKHSRWHYDYHGHUHWXWWLLSLDQLHWXWWLLWHPSLIXWXULHSDVVDWL6DSHYDSHUzSHUHVSHULHQ]DFKHRWWHQHUHXQDULVSRVWDVHPSOLFHHFRQFLVDGDSDUWHGL=LYLO\QHUD LPSRVVLELOHSHUFKp OXL VHPEUDYDVHPSUHGHFLGHUHGLIDUHXQDFRVDHSRLFDPELDYDLGHDSHUDYHUYLVWRODVLWXD]LRQHGDXQDOWUDSURVSHWWLYDHVFHJOLHYDGLDJLUHGLYHUVDPHQWHVDOYRFDPELDUHDQFRUDLGHDSHUDYHUYLVWROHFRVHGDXQDWHU]DDQJROD]LRQHHILQLUHSRLSHUQRQIDUHQXOOD

  • &RQVDSHYROHFKHLQTXHVWRFDVRHUDLQYHFHQHFHVVDULRDJLUH&KLVOHYGHFLVHGLIDUORGLSHUVRQDHVLUHFzGD5HRU[8QRGHLPRWLYLSHUFXL5HRU[WUDVFRUUHYDWDQWRWHPSRLQFRPSDJQLDGHJOLXPDQLHUDFKHQHVVXQRGHJOLGHLVLUHFDYDPDLD WURYDUORTXLQGLOXLULPDVHVWXSHIDWWRHFRPSLDFLXWRGLULFHYHUHXQDYLVLWDVRSUDWWXWWRGDSDUWHGLXQDFUHDWXUDEHOODHGROFHFRPH&KLVOHY/HLGDOFDQWRVXRVLVHQWLVRSUDIIDUHGDOOHDWWHQ]LRQLGLFXL5HRU[ODULFRSUuFRPLQFLDQGRDFRUUHUHGLTXDHGLOjSHUSUHQGHUHGHLELVFRWWLGDRIIULUOHLQFLDPSDQGRQHOIUDWWHPSRQHOPRELOLRQHOWHQWDUHGLULQWUDFFLDUHODWHLHUDHRIIUHQGROHGDPDQJLDUH WXWWRFLzFKH OHLSRWHYDGHVLGHUDUHXQFRPSRUWDPHQWRFKHGHVWz LQ&KLVOHYXQ VHQVRGLFROSDGL IURQWHDOOHYLGHQWH VROLWXGLQHGHO VXRRVSLWH LQGXFHQGRODD ULPSURYHUDUVLSHU DYHUOR WUDVFXUDWRHDJLXUDUHD VH VWHVVDFKH LQIXWXURVDUHEEHYHQXWDDWURYDUORSLVSHVVR0HQWUHVRUVHJJLDYDLOWqHVSRVHTXLQGLODVXDULFKLHVWDD5HRU[FKHVLPRVWUzILQWURSSROLHWRGLVRGGLVIDUODVHYROHYDXQDJHPPDODYUHEEHDYXWDQHDYUHEEHDYXWHDFHQWLQDLDOHPLJOLRULGHOOXQLYHUVR$UURVVHQGR&KLVOHYULEDGuFKHOHLYROHYDXQDVRODJHPPDLQFXLUDFFKLXGHUHOHVVHQ]DGHOODQHXWUDOLWj( TXHVWHVVHQ]D FRVD VDUHEEH HVDWWDPHQWH" FKLHVH 5HRU[ DFFDUH]]DQGRVL OD EDUED FRQ OD IURQWH DJJURWWDWD LQXQHVSUHVVLRQHSHQVRVD(FFR FRPLQFLz&KLVOHYDOTXDQWRSHUSOHVVDOHVVHQ]DGHOODQHXWUDOLWjq,OFDRV" VXJJHUu5HRU[&KLVOHYULIOHWWpVXOODFRVDJXDUGDQGRVLLQWRUQRFRQXQFHUWRWLPRUHSHUHVVHUHFHUWDFKHLO3DGUHGHO7XWWRHGHO1XOODOLQFDUQD]LRQHGHO&DRVQRQDYHVVHVHQWLWR&UHGLFKHQHSRWUHPPRFDWWXUDUHXQDSLFFRODSDUWH" FKLHVHTXLQGL1RQWDQWDDSSHQDLOQHFHVVDULRSHUDQFRUDUHODQHXWUDOLWjQHOPRQGR"&RQVLGHUDOR IDWWR VLJQRUD ULVSRVH5HRU[ FRQ XQDGLVLQYROWXUDGDYYHUR VSOHQGLGD 'RYHGHYRFRQVHJQDUHTXHVWDJHPPD"3RUWDODD/XQLWDUL ULVSRVH&KLVOHYFKHDYHYDULIOHWWXWRDOXQJRVXTXHOSUREOHPD/HLqODSLYLFLQDDOPRQGRHGqFRQWLQXDPHQWHFRLQYROWDFRQLPRUWDOLHOHORURDWWLYLWjTXLQGLVDUjODFXVWRGHSLLQGLFDWD5HRU[ DQQXu OH EDFLz OD PDQR DQGz D VEDWWHUH FRQWUR XQRWWRPDQD URYHVFLz OD SURSULD WD]]D GD Wq H VL SUHFLSLWzLPPHGLDWDPHQWHQHOODVXDIXFLQDURVVRLQYROWRFRPHXQSRPRGRUR6ROOHYDWDGDOOHVXHSUHRFFXSD]LRQL&KLVOHYIHFHULWRUQRFRQJUDWLWXGLQHQHOODVXDIRUHVWD1RQ VL VD FRPH 5HRU[ VLD ULXVFLWR D FDWWXUDUH XQ IUDPPHQWR GL &DRV H D UDFFKLXGHUOR QHOOD JHPPD PD TXDQWR qDFFDGXWR LQ VHJXLWR q FKLDUD WHVWLPRQLDQ]D FKH OXL GRYHWWH ULXVFLUH QHO VXR LQWHQWR5HRU[ FUHz OD FRVLGGHWWD*HPPD*ULJLDHTXDQGRHEEHILQLWRODIILGzDOODFXVWRGLDGL/XQLWDULFKHVLVHQWLLPPHGLDWDPHQWHDWWUDWWDGDOODJHPPDHODSRVHQHOFHQWURGHOODOXQDURVVDFRQWHPSODQGRODTXDVLGLFRQWLQXRSHUFKpTXHOODSLHWUDDYHYDORVWUDQRHIIHWWRGLLQGXUUHWXWWLFRORURFKHODYHGHYDQRDGHVLGHUDUOD,QFOXVRQDWXUDOPHQWH LO VXR VWHVVRFUHDWRUH5HRU[1RQDSSHQDHEEHFRQVHJQDWR ODJHPPDD/XQLWDUL LQIDWWL5HRU[VFRSUuFRQVFRQFHUWRGLVRJQDUHOD*HPPD*ULJLDWXWWHOHQRWWLHFRPLQFLzDULPSLDQJHUHGLHVVHUVHQHVHSDUDWRDOSXQWRGDUHFDUVLGD/XQLWDULHFKLHGHUOHXPLOPHQWHFKHJOLHODUHVWLWXLVVH/XQLWDULSHUz ULILXWzSHUFKpDQFKH OHL VRJQDYD OD JHPPDRJQL QRWWHH DO ULVYHJOLR OHSLDFHYDYHGHUOD VFLQWLOODUH VXOODOXQDURVVD5HRU[VLLQIXULzHULPXJLQzHDOODILQHHVFRJLWzLOPRGRGLUHFXSHUDUHOD*HPPD*ULJLDDVVXQWDIRUPDPRUWDOHDSSDUYHLQPH]]RDOODUD]]DGDOXLFUHDWDTXHOODGHJOLJQRPLHVFHOVHIUDWXWWLXQRJQRPROHFXLLQYHQ]LRQLHUDQRILQRUDVWDWHOHPHQRGLVWUXWWLYHSHUODYLWDJOLDUWLHOHSURSULHWjDOWUXLPRVWUDQGRJOLLQVRJQROD*HPPD*ULJLD1DWXUDOPHQWHORJQRPRFRPLQFLzDGHVLGHUDUHODJHPPDSLGLTXDOVLDVLDOWUDFRVDFLIRVVHVX.U\QQFRQODSRVVLELOHHFFH]LRQHGLXQFDFFLDYLWHPXOWLWHVWHDYDSRUHFKHSHUDOWURHUD LPSRVVLELOHDGRWWHQHUVLSHUFKp LOSURJHWWRHUDDQFRUDDUHQDWR LQ VHGHGL FRPLWDWR H GHFLVH GL FDWWXUDUH OD*HPPD*ULJLD&RPH IHFHSHU ULXVFLUFL q JLj UHJLVWUDWRGD DOWUHFURQDFKHTXLQGLEDVWLGLUHFKHOLPSUHVDULFKLHVHXQDVFDODPDJLFDGLYHUVHFDUUXFROHHDUJDQLXQDUHWHPDJLFDHXQSRGLDLXWRGDSDUWHGL5HRU[HFKHDOODILQHORJQRPRFDWWXUzOD*HPPD*ULJLDPHGLDQWHODUHWHPDJLFDPHQWUH/XQLWDULHUDGDOODSDUWHRSSRVWDGHOPRQGR3URSULRTXHOORFKHPLVHUYLYDSHUDOLPHQWDUHLOPLRFRPELQDWRDODPDURWDQWHSHUDIIHWWDUHVRWWDFHWLHUHJRODUHODEDUEDFRPPHQWz ORJQRPRH VWDYDSHU LQVHULUH ODSLHWUDQHOOLQYHQ]LRQHTXDQGR5HRU[JOL VLSUHVHQWzQHLSDQQLGLXQDOWURJQRPRHSUHWHVHODSLHWUDSHUVH, GXH OLWLJDURQRHQHO FRUVRGHOODGLVFXVVLRQH OD*HPPD*ULJLD VJXVFLz IXRULGDOOD UHWH H VFRPSDUYHGLPRVWUDQGRGLHVVHUHTXDOFRVDGLSLHGLGLYHUVRGDFLzFKHVXSSRQHYDQR5HRU[/XQLWDULORJQRPRRFKLXQTXHDOWUR&RQ VXR VRPPR VWXSRUH5HRU[YLGH OD JHPPD IOXWWXDUH YLD QHOODULD H VL ODQFLz DO VXR LQVHJXLPHQWR FRPH DQFKH ORJQRPRHXQDVFKLHUDGLVXRLSDUHQWLVHQ]DSHUzULXVFLUHDULSUHQGHUOD'DTXHOPRPHQWROD*HPPD*ULJLDVLVFDWHQzSHUWXWWR .U\QQ VHPLQDQGR LO FDRV VXOOD VXD VFLD DOWHUDQGR DQLPDOL H SLDQWH LQIOXHQ]DQGR JOL LQFDQWHVLPL GHL PDJKL HFDXVDQGRQRWHYROLSUREOHPLDWXWWL$ TXHVWR SXQWR WXWWL JOL GHL VL DFFRUVHUR LQILQH GHOOHVLVWHQ]D GHOOD *HPPD *ULJLD H VLD 3DODGLQH FKH 7DNKLVLVVLQIXULDURQR FRQ 5HRU[ SHU DYHUOD IRUJLDWD VHQ]D SULPD FRQVXOWDUVL FRQ ORUR YHUJRJQRVD &KLVOHY FRQIHVVz OD SDUWHDYXWDQHOSLDQRHIHFHDQFKHLOQRPHGL+LGGXNHOFKHSHUzVLOLPLWzDVFUROODUHOHVSDOOHHDVFRSSLDUHLQXQDIUDJRURVDULVDWD,QIDWWL LO VXR SLDQR DYHYD IXQ]LRQDWR H LQYHFH GL JDUDQWLUH OHTXLOLEULR DGHVVR OD *HPPD *ULJLD OR VWDYD DOWHUDQGRXOWHULRUPHQWHJOLHOILVWDYDQRSURJHWWDQGRGLHQWUDUHLQJXHUUDFRQJOLXPDQLFKHDORURYROWDHUDQRSURQWLDFRPEDWWHUHFRQWURGLHVVLHJOLRUFKLHUDQRLPSD]LHQWLGLDIIURQWDUHFKLXQTXH

  • 1HOIUDWWHPSROD*HPPD*ULJLDYHQQHFDWWXUDWDGDXQXPDQRGLQRPH*DUJDWKFKHFRQODXVLOLRGLSDUHFFKLFRQJHJQLPDJLFLULXVFuDLQWUDSSRODUODQHOSURSULRFDVWHOORRDOPHQRULWHQQHGLDYHUORIDWWRDQFKHVHqPLRSDUHUHFKHOD*HPPD*ULJLDJOLSHUPLVHGLFDWWXUDUODLQTXDQWRQHVVXQDPDJLDXPDQDDPHQRWDqPDLULXVFLWDDWHQHUODYLQFRODWDDOXQJR*OLJQRPLFKHGDGHFHQQLVWDYDQRLQVHJXHQGRODJHPPDDVVHGLDURQRDOORUDLOFDVWHOORGL*DUJDWKHULXVFLURQRSHUSXURFDVRDGDSULUHXQDEUHFFLDQHOOHPXUDIDFHQGRFRVuLUUX]LRQHQHOFRUWLOHHLPSDGURQHQGRVLGHOODJHPPD4XDQGR OHEEHUR LQ PDQR XQD PHWj GHJOL JQRPL ULFKLHVH FKH YHQLVVH VSDFFDWD LQ GXH SHUFKp HUDQR HVWUHPDPHQWHFXULRVLGLYHGHUHFRVDFHUDGHQWURPHQWUHJOLDOWULSURSRVHURGLULSRUWDUODLQGLHWURFRQORURHGLFXVWRGLUODDFDXVDGHOVXRYDORUH,QTXHOPRPHQWRXQLQWHQVDOXFHJULJLDVLGLIIXVHWXWWLQWRUQRDFFHFDQGRWXWWLHTXDQGRIXGLQXRYRSRVVLELOHYHGHUHQHOFRUWLOHFHUDQRVROWDQWRGXHJUXSSLGLJQRPLLQWHQWLDOLWLJDUHIUDORUR/DFRVDSLVWXSHIDFHQWHSHUzHUDFKHJOLJQRPLQRQ HUDQR SL WDOL LO SRWHUH GHOOD *HPPD *ULJLD OL DYHYD DOWHUDWL WUDVIRUPDQGR TXHOOL FKH DYHYDQR GHVLGHUDWRFRQVHUYDUHODSLHWUDSHULOVXRYDORUHLQQDQLHTXHOOLFKHYROHYDQRDSULUODSHUFXULRVLWjLQNHQGHU4XDQWRDJOLJQRPLFKHHUDQRULPDVWLIXRULGHOFDVWHOORSHUFKp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zSHULSURSULVFRSLRIRUVHSHULOSURSULRGLYHUWLPHQWRHTXDQGRVLVWDQFDOHODVFLDOLEHUHULSUHQGHQGRODVXDIXJD$GHVVR WXWWDYLD VLDPR QRL ,UGD DG DYHUOD LQ QRVWUR SRVVHVVR H VLDPR DQFKH VWDWL L SULPL D VRWWRPHWWHUOD DOOD QRVWUDYRORQWj DOPHQR VHFRQGR O$UELWUR 4XHVWD QRWWH OXL DSULUj OD JHPPD H XVHUj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uPHQWUHODIRUHVWDGHOOD7RUUHGHOOH5RYLQHJHQHUDYDLQTXDQWLYLSHQHWUDYDQRWDOLSDVVLRQL FRQWUDVWDQWL GD LQGXUOL D SHUGHUH LQWHUHVVH LQ TXDOVLDVL DOWUD FRVD /D IRUHVWD FLUFRVWDQWH OD7RUUHGL:D\UHWKDYHYDLQYHFHLOGRQRGLHYLWDUHJOLLQWUXVLFKHSHUTXDQWRFLSURYDVVHURQRQHUDQRLQJUDGRGLWURYDUOD3LWHUULELOHGLWXWWLHUDSHUzLO%RVFKHWWRGL6KRLNDQSHUFKp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u&DUDPRQ0DMHUHOD5HYHUHQGD)LJOLD&U\VDQLDH.LWLDUD/HXOWLPHGXHDYHYDQRULFHYXWR XQ PHGDJOLRQH FKH FRQWUDVWDVVH LO WHUURUH H OH DLXWDVVH D SDVVDUH PHQWUH &DUDPRQ HUD ULXVFLWR D VWHQWR DGHPHUJHUHVHQ]DLPSD]]LUH/D6WRULDGHL*ORELGHL'UDJKLGDO5DFFRQWRGL5DLVWOLQ'XUDQWH O(Wj GHL 6RJQL TXDQGR TXHOOL GHO PLR2UGLQH HUDQR ULVSHWWDWL H ULYHULWL VX .U\QQ YL HUDQR FLQTXH 7RUULGHOO$OWD0DJLD4XDQGRVFRSSLzOD6HFRQGD*XHUUDGHLGUDJKLLSLDXWRUHYROLGHOPLR2UGLQHVLUDGXQDURQRQHOODSLLPSRUWDQWHGHOOH7RUUL/D7RUUHGL3DODQWKDVHFUHDURQRLJORELGHLGUDJKL4XHOOLGHOOH9HVWL%LDQFKHHQWUDURQRSHU SULPL QHOOD VWDQ]D SL DOWD GHOOD 7RUUH TXDQGR VRUVH 6ROLQDUL OD OXQDGDUJHQWR3RL /XQLWDUL VSXQWz QHO FLHORLQWULVD GL VDQJXH HG DOORUD HQWUDURQR TXHOOL GHOOH 9HVWL 5RVVH ,QILQH FKL VFUXWDYD L FLHOL DOOD VXD ULFHUFD SRWHYDVFRUJHUHLOYROWRGL1XLWDUL LOGLVFRQHURWUDOHVWHOOHHDQFKHTXHOOLGHOOH9HVWL1HUHHQWUDURQRQHOODVWDQ]D)XXQRVWUDQR PRPHQWR QHOOD VWRULD GHOOD PDJLD TXDQGR WXWWH OH LQLPLFL]LH WUD /H 9HVWL IXURQR DFFDQWRQDWH &DSLWz VRORXQDOWUD YROWD TXDQGR LPDJKL VL FRDOL]]DURQR QHOOH %DWWDJOLH 3HUGXWHPD D TXHO WHPSR QRQ HUD DQFRUD SRVVLELOHSUHYHGHUOR(UD VXIILFLHQWH LQ TXHOPRPHQWR VDSHUH FKH OH JUDQGL IRU]H GHOPDOH SRWHYDQR HVVHUH GLVWUXWWH3HUFKpILQDOPHQWHDYHYDPRFDSLWRFKHLOPDOHHUDLQWHQWRDGLVWUXJJHUHWXWWDODPDJLDGHOPRQGR,OPDOHYROHYDVWDELOLUHLO

  • SRWHUH LQFRQWUDVWDWRGHOODVXDPDJLD7UDTXHOOLGHOOH9HVWL1HUH IRUVHTXDOFXQRDYHYDSURYDWRDGDOOHDUVLFRQTXHOJUDQGHSRWHUHPDVLHUDQREHQSUHVWRUHVLFRQWRFKHQHVDUHEEHURVWDWLVRORJOLVFKLDYLFKHQRQVDUHEEHURPDLULXVFLWLD GRPLQDUOR(FRVuXQDQRWWHLQFXLWXWWHOHWUHOXQHHUDQRSLHQHQHOFLHORQHOOD7RUUHGL3DODQWKDVIXURQRFRVWUXLWLLJORELGHLGUDJKL4XHOODQRWWHOHPDJLHLPSLHJDWHIXURQRJUDQGLHSRWHQWLFRVuSRWHQWLFKHSRFKLYLUHVLVWHWWHURHLQILQHFUROODURQRFRQLOFRUSRH ODPHQWHGLVWUXWWL0D LOPDWWLQRGRSR FLQTXHJOREL VSOHQGHYDQR VXL ORURSLHGLVWDOOL VIDYLOODQWL GL OXFH FRQORVFXULWjGHOOH WHQHEUH7XWWL WUDQQHXQR IXURQRSUHVLGD3DODQWKDV H WUDVSRUWDWL WUDPLOOHSHULFROL ILQRDGRJQXQDGHOOHDOWUHTXDWWUR7RUUL(FRVuLJORELDLXWDURQRLOPRQGRDOLEHUDUVLGDOGRPLQLRGHOOD5HJLQDGHOO2VFXULWj>@JUDQGLGLVJUD]LHSRWHYDQRDEEDWWHUVLVXFRORURQRQDEEDVWDQ]DDELOLHSRWHQWLQHOOXVRGHOODPDJLDHFKHDYHVVHURWHQWDWRGLFRPDQGDUHLJOREL7XWWRFLzFKHVLVDSHYDGHLJORELGHLGUDJKLDQGzGLVSHUVRGXUDQWHOH%DWWDJOLH3HUGXWH'XHVLUDFFRQWDYDVFRPSDUYHURGXUDQWHOD&DGXWDGHOOH7RUULGHOO$OWD0DJLDGLVWUXWWLSHUFKpQRQILQLVVHURLQPDQRDOODPDUPDJOLD/HQRWL]LHVXJOLDOWULWUHVFRPSDUYHURFRQODPRUWHGHLPDJKLFKHOLFRVWUXLURQR/D6WRULDGHO.HQGHU3DNVOLQJHUHGHO&KLHULFRGL0RUJLRQ5DFFRQWDWDGD7DV8QDYROWDXQFKLHULFRGL0RUJLRQFKHVDUHEEHLOGLRGHOODSHVWLOHQ]DHGHOODPDODWWLDqYHQXWRD.HQGHUPRUHLQFHUFDGL SURVHOLWL (LGHUGRZQ3DNVOLQJHU DYHYD VHPSUH GHVLGHUDWR HVVHUH XQ FKLHULFR TXLQGL VL q RIIHUWR YRORQWDULR H SXUDIIHUPDQGRFKHOXLQRQHUDSUHFLVDPHQWHLOJHQHUHGLVRJJHWWRFKH0RUJLRQDYHYDLQPHQWHLOFKLHULFRJOLSHUPLVHGLIDUH XQ WHQWDWLYR (EEHQH OD VWHVVD VHWWLPDQD LQ FXL (LGHUGRZQ HEEH LQGRVVDWR OD YHVWH QHUD TXDVL RJQL NHQGHU GL.HQGHUPRUHVLPLVHDOHWWRFRQXQEUXWWRUDIIUHGGRUHQRQVLVHQWuPDLXQVLPLOHWRVVLUHVWDUQXWLUHHVRIILDUHGLQDVR4XHOORFKHVWDYDSHJJLRHUDLOFKLHULFRGL0RUJLRQFKHULPDVHDOHWWRSHUXQDVHWWLPDQDWRVVHQGRILQRDFRQVXPDUVLLSROPRQL ,O PHULWR GL DYHU VFDWHQDWR TXHOOHSLGHPLD DQGz WXWWR DG (LGHUGRZQ HG DQFKH VH LO UDIIUHGGRUH IX XQDVHFFDWXUD H ULPDQHPPR D FRUWR GL ID]]ROHWWL FL VHQWLPPRPROWR RUJRJOLRVL GL OXL SHUFKp SULPD GL DOORUD LO SRYHUR(LGHUGRZQQRQHEEHPDLPROWRVXFFHVVRLQQXOOD/XLGLFKLDUzGLIDUXQWHQWDWLYRFRQLFDOOLHPDJDULGRSRFRQODWLJQDPDQRQDSSHQDHEEHVPHVVRGLVWDUQXWLUHLOFKLHULFRGL0RUJLRQJOLWROVHOHYHVWLQHUHHODVFLzGLFROSRLOYLOODJJLRVHQ]DFKHQHVVXQRGLQRLQHFDSLVVHLOPRWLYR+XPDH0DJLXV6LGLFHYDFKH+XPDIRVVHDQGDWRLQEDWWDJOLDFRQXQPDJRDOVXRILDQFRHFKHLGXHVLIRVVHURVHUYLWLVLDGHOODVSDGDFKHGHOODPDJLDSHUVFRQILJJHUHLORURQHPLFLLOPDJRVLFKLDPDYD0DJLXVXQD9HVWH5RVVDFKHHUDVWDWDDPLFDGL+XPDILQGDOOLQIDQ]LDORVWHVVRDFXLHUDXQWHPSRDSSDUWHQXWRORPRQLPR%DVWRQHXQRGHJOLRJJHWWLPDJLFLSLSRWHQWLGLWXWWR.U\QQ0DJLXVSHUz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pDSSURQWDVVHSHUOXLLSLDQLGLEDWWDJOLD/DYHULWj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zEHQSRFR FRQWUROOR VXLPDJKL FKH HUDQR IDPRVL SHU IDUH OH FRVH DPRGRORUR7DNKLVLVWURYzLQILQHXQPDJRGDOOD9HVWH1HUDFKHSRWHYDHVVHUHLQGRWWRLQWHQWD]LRQHHSUHVHDGDSSDULUJOLLQVRJQRRJQLQRWWHFRQOHVHPELDQ]HGLXQDGRQQDEHOOLVVLPDVXVVXUUDQGRJOLSURPHVVHVHGXFHQWLILQRDTXDQGRLOPDJRFRPLQFLzDGHVVHUHRVVHVVLRQDWRGDOSHQVLHURGLTXHOODGRQQDPHUDYLJOLRVDJLXUzGLWURYDUODHIDUODVXD6RQR SULJLRQLHUD VXXQDOWUR SLDQR LQ XQ DOWUR WHPSR JOL GLVVH7DNKLVLV 6ROWDQWR WX FRQ LO WXR SRWHUHPL SXRLOLEHUDUHHSHUIDUORGRYUDLROWUHSDVVDUHLO3RUWDOH7LHQLQHOODPHQWHODPLDLPPDJLQHHGLRWLJXLGHUz2VVHVVLRQDWRGDOGHVLGHULRLOPDJRROWUHSDVVzLO3RUWDOHFRQODYLVLRQHGL7DNKLVLVFKHJOLEUXFLDYDQHOVDQJXH1HVVXQRVDFRVDJOLVLDVXFFHVVRSHUFKpQRQIHFHSLULWRUQR,O3RUWDOHSHUzHUDRUPDLDSHUWRHOD5HJLQD7DNKLVLVHOHVXHOHJLRQLGLGUDJKLVHQHVHUYLURQRSHUVFLDPDUHVX.U\QQVFDWHQDQGRTXHOODFKHOHOHJJHQGHGHILQLVFRQRFRPHOD3ULPD*XHUUDGHL 'UDJKL ,O FRUDJJLRVR FDYDOLHUH +XPD ULFDFFLz QHOO$ELVVR OD 5HJLQD GHOOH 7HQHEUH HG L PDJKL FKH DGHVVR VLYHUJRJQDYDQR SURIRQGDPHQWH GHOODFFDGXWR WHQWDURQR GL VLJLOODUH L 3RUWDOL 6IRUWXQDWDPHQWH FRORUR FKH OL DYHYDQRFUHDWLHUDQRPRUWLGXUDQWHOD*XHUUDGHL'UDJKLHFRQHVVLHUDQRVFRPSDUVLLOORURVDSHUHSHUFXLLPDJKLVXSHUVWLWLQRQSRWHYDQR FKLXGHUH L 3RUWDOL PD VROWDQWR UHQGHUH LPSRVVLELOH ROWUHSDVVDUOL R DOPHQR FUHGHWWHUR GL HVVHUFL ULXVFLWL

  •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jQHVVXQRORDYUHEEHWURYDWR6RWWRLO5HJQRGHO5H3UHWHGL,VWDU0ROWRWHPSRIDGXUDQWHLOUHJQRGHO5HSUHWHGL,VWDULOPRQGRHUDJRYHUQDWRGDOOHIRU]HGHOEHQHRDOPHQRHUDFRVu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

    6(=,21(/82*+,3$57,&2/$5,,O%RVFRGL'DUNHQv $L0DUJLQL>@VEXFz LQXQDPSLD UDGXUDYHUGHJJLDQWH'DO WHUUHQR VJRUJDYDXQDFTXD OLPSLGDFKH VFRUUHQGRVXGHOOHSLHWUHSLDWWHIRUPDYDXQSLFFRORUXVFHOOR1HOODUDGXUDOHUEDHUDIROWDHGLQYLWDQWHHDLVXRLPDUJLQLJOLDOEHULVHPEUDYDQRPRQWDUHODJXDUGLD3URSULRTXDQGRIXURQRLQYLVWDGHOODUDGXUDODOXFHGHOVROHVLDUURVVzHVLVSHQVHWUDJOLDOEHULDSSDUYHUROHRPEUHQHEELRVHGHOODQRWWH>@OHRPEUHGHOODQRWWHVLLQILWWLYDQRDWWRUQRDORUR4XHLVXRQLGHOERVFRFKHGLJLRUQRHUDQRVHPEUDWLORURLQQRFXLVHPEUDYDQRRUDVLQLVWULHPLQDFFLRVL>@VLUHVHFRQWRGLDYHUSHUVRODSURSULDYLVWDGDHOIR LQYHFHGLYHGHUHLFDOGLFRQWRUQLURVVLGHLVXRLFRPSDJQLYHGHYDVRORRPEUHVFXUHVXOORVIRQGRDQFRUSLVFXURGHOODUDGXUDv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uXQD ILJXUDSLWUHPHQGDHWHUULILFDQWHGHOOHDOWUHIHFHODSURSULDDSSDUL]LRQH/RVSHWWURHUDSLDOWRGLWXWWLJOLDOWULHSRUWDYDXQDFRURQDOXFHQWH/DVXDSDOOLGDDUPDWXUDHUDULFFDPHQWHGHFRUDWDGLJLRLHOOLVFXULHGLOVXRYROWRHUDDWWHJJLDWRDOSLWHUULELOHGRORUHv /D*XDUGLDQDGHOOD)RUHVWD1HVVXQRHQWUDFRQOHDUPLQHOERVFRGL'DUNHQ6RQR OD*XDUGLDQDGHOOD IRUHVWD ,O EXLR VL DSUu HG XQEULYLGR UHYHUHQ]LDOH OLHYH FRPHXQ YHQWRSULPDYHULOHSHUFRUVHDOFRPSDJQLD/DOXFHDUJHQWHDGHOODOXQDLQRQGDYDXQDOWRVSHURQHGLURFFLDVXFXLVWDYDXQXQLFRUQR/LJXDUGDYDIUHGGDPHQWHFRQJOLRFFKLLQWHOOLJHQWLSLHQLGLLQILQLWDVDJJH]]D

  • /D EHOOH]]D GHOOXQLFRUQR WRFFDYD LO FXRUH >@ ,O VXRPDQWR HUD ODUJHQWR GHOOD OXQD LO VXR FRUSR HUD GL SHUODOXFHQWHODVXDFULQLHUDFRPHODVSXPDPDULQD/DWHVWDVHPEUDYDVFROSLWDQHOPDUPRPDPDLXQXRPRHQHSSXUHXQQDQRDYUHEEHURVDSXWRFRJOLHUHOHOHJDQ]DODJUD]LDGHOVXRFROORSRGHURVRHGHOVXRSHWWRPXVFRORVR/H]DPSHHUDQRIRUWLPDGHOLFDWHJOL]RFFROLSLFFROLHIHVVLFRPHTXHOOLGLXQDFDSUD/D PLVVLRQHGHOGDLQRqGLIRUQLUHVRVWHQWDPHQWRDOFDFFLDWRUHVLDHVVRXRPRROXSR1RLQRQSLDQJLDPRFKLPXRUHFRPSLHQGRODSURSULDPLVVLRQHv /D9DOOHGHOOH1HEELH6SXQWz ODOED PD LO FKLDURUH ILOWUDYD DWWUDYHUVR XQD QHEELD FRVu ILWWD FKH 7DVVOHKRII SHQVz FKH DYUHEEH SRWXWRSUHQGHUVHQHXQDPDQFLDWDHGLQILODUVHODLQWDVFD,FRPSDJQLFDPPLQDYDQRYLFLQLDWUDWWLWHQHQGRVLSHUPDQRQHOWLPRUHGLSHUGHUVL/DULDVLLQWLHSLGu>@SURFHGHYDQRVXXQWHUUHQRFKHVHPEUDYDPDWHULDOL]]DUVLVRWWRLORURSLHGLVEXFDQGRGDOODQHEELD)LQDOPHQWHLOWHUUHQRVLDSSLDWWuVRWWRLORURSLHGLHQRQVLLQHUSLFDURQRQpVFHVHURSLJOLDOEHULVLGLUDGDURQRHLFRPSDJQLFDPPLQDURQRVXPRUELGDHUEDDYYL]]LWDGDO IUHGGRGHOOLQYHUQR$QFKHVH WXWWLORUR ULXVFLYDQR D YHGHUH VROR D SRFKL SDOPL GDO QDVR QHOOD QHEELD JULJLD HEEHUR OLPSUHVVLRQH GL WURYDUVL LQXQDPSLDUDGXUD/D9DOOHGHOOH1HEELHWDQWLDQQLIDSULPDGHOFDWDFOLVPDHUDXQRGHLSRVWLSLDPHQLGL.U\QQ/DEHOOH]]DGHOOD9DOOHGHOOH1HEELHqVFRPSDUVD8QDYROWDODIRUWH]]DGHOOD9DOHWRUUHJJLDYDVXOODQHEELDFRPHVHJDOOHJJLDVVHVXXQDQXYROD,OVROHFKHVRUJHYDDOODOEDGLSLQJHYDGLURVDOHQHEELHGHOPDWWLQRHOHSURVFLXJDYDDPH]]RJLRUQRFRVuFKH OH JXJOLH VYHWWDQWL GHOOD IRUWH]]D HUDQR YLVLELOL SHU FKLORPHWUL H FKLORPHWUL 9HUVR VHUD OD QHEELD WRUQDYD DFRSULUHODIRUWH]]DFRPHXQPDQWRYHOOXWDWR'LQRWWHODOXQDURVVDHODOXQDGDUJHQWRULIXOJHYDQRVRSUDOHQHEELHFKHEULOODYDQRQHOODORURSDOOLGDOXFH9LDIIOXLYDQRSHOOHJULQLGDRJQLSDUWHGL.U\QQ/DYDOOHq LPSHQHWUDELOH8Q WHPSRYLVLSRWHYDDFFHGHUHLQGXHSXQWLXQRSRUWDYDDOOH WHUUHGHJOLXPDQLGRYHL&DYDOLHUL DYHYDQR LO ORUR DYDPSRVWR ODOWUR FRQGXFHYD DOOH WHUUH GHJOL RUFKL (QWUDPEL L SDVVDJJL VFRPSDUYHURGXUDQWHLO&DWDFOLVPD,OSDHVDJJLRQRQFDPELDYD&DPPLQDYDQRQHOOHUEDDOWD1RQFHUDQRDOEHUL'L WDQWR LQ WDQWRXQJUDQGHPDVVRVEXFDYDGDOORVFXULWjHWXWWRILQLYDOu1RQFHUDQRWUDFFHGLXFFHOOLQRWWXUQLRDOWULDQLPDOLv ,O3RQWHGHO3DVVDJJLRHGLO0RQXPHQWRGHO'UDJR'DUJHQWR/D OXFH GHOOD WRUFLD EXFz OD QHEELD 7XWWL YLGHUR OD VDJRPD VSHWWUDOH GL TXDOFRVD ROWUH OD QHEELD ,Q XQ SULPRPRPHQWRVLPDWHULDOL]]zFRVuLQGHILQLWDPHQWHFKHLFRPSDJQLQRQULXVFLURQRDULFRQRVFHUOD3RLLOVLOHQ]LRGHOODQRWWHIXURWWRGDXQJRUJRJOLRFRPHGLDFTXDFKHEROOLVVHLQXQDSHQWROD/DQHEELDVLLQILWWuODULDVLIHFHFDOGDHSHVDQWH6RUJHQWLFDOGHHFFRVSLHJDWD ODQHEELDSHUVLVWHQWHHTXHVWDVDJRPDVFXUD LOSRQWHFKH OHDWWUDYHUVD'LULJHQGR ODWRUFLD VX XQ ULOXFHQWH SRQWHGL SLHWUD VXOOH DFTXH ULEROOHQWL GHL ULYROL FKH VFRUUHYDQR VRWWR L SLHGL ULHPSLHQGR ODQRWWHGLQHEELDFDOGDYDSRURVD,O 3RQWH GHO 3DVVDJJLR HUD XQ OXQJR OHYLJDWR DUFR GL SXUR PDUPR ELDQFR 6XOOH VXH ILDQFDWH VFROSLWH FRQEDVVRULOLHYL FKH VHPEUDYDQR YLYL OXQJKH FRORQQHGL&DYDOLHUL FDPPLQDYDQR VLPEROLFDPHQWH DWWUDYHUVR OH DFTXHJRUJRJOLDQWL ,O SRQWH HUD FRVu DOWR FKH QRQ ULXVFLYDQR D YHGHUQH OD VRPPLWj DWWUDYHUVR LO WXUELQLR GHOOH QHEELHYDSRURVH(GHUDDQWLFRFRVuDQWLFRFKHQHSSXUHXQQDQRQRQSRWHYDVWDELOLUQHODIDWWXUD1RQHUDDUWLJLDQDWRGHLQDQLQpGHJOLHOILHQHDQFKHGHJOLXPDQL1RQFHUDQRSDVVDPDQLFHUDVRORODUFRGLPDUPROLVFLRHVFLQWLOODQWHDYYROWRQHLYDSRULFKHVLDO]DYDQRVHQ]DVRVWDGDOOHVRUJHQWLFDOGH4XDQGR6ROLQDULODOXQDGDUJHQWRIXDOOR]HQLWKODQHEELDVLWUDVIRUPz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v /D7RPEDGL+XPD6HSRUWDWH LOPDOH LQTXHVWR OXRJRYHGUHVWH LYROWLGHLYRVWULSHJJLRULQHPLFL WUD OHVWDWXHGLSLHWUD/RUURUHH ORVSDYHQWRFKHYLLQFXWHUHEEHURYLLPSHGLUHEEHURGLSDVVDUH>@PHQWUHHQWUDYD LQFLzFKHYLGHHVVHUHXQFHUFKLRGLVWDWXHRJQXQDGHOOHTXDOLSUHVHQWDYDXQLPSUHVVLRQDQWHTXDVLVSDYHQWRVDVRPLJOLDQ]DFRQLVXRLDPLFL$OFHQWURGLTXHOVLOHQ]LRVRDQHOORGLSLHWUDVRUJHYDXQWHPSLR'LVHPSOLFHIRUPDUHWWDQJRODUHLOWHPSRVSXQWDYDWUDODQHEELD3RJJLDYDVXXQDEDVHRWWDJRQDOHGLOXFLGLJUDGLQL$QFKHLOWHPSLRHUDIDWWRGLRVVLGLDQDHODQHUDVWUXWWXUDEULOODYDEDJQDWDGDOODQHEELDSHUSHWXD(UDFRPHVHWXWWRIRVVHVWDWRVFROSLWRSRFKLJLRUQLSULPDVXOOHQLWLGHFKLDUHOLQHHGHLULOLHYLQRQFRPSDULYDDOFXQDWUDFFLDGHOORJRULRGHO WHPSR , FDYDOLHUL RJQXQR FRQ OD 'UDJRQODQFH ORWWDYDQR DQFRUD FRQWUR HQRUPL PRVWUL , GUDJKL VWULGHYDQRVLOHQ]LRVDPHQWH UDJJHODWL QHOOD PRUWH WUDILWWL GDOOH OXQJKH VRWWLOL DVWH GHOOH ODQFH )UHGGH SRUWH GL EURQ]R VLVFKLXVHURVXVLOHQ]LRVLFDUGLQL>@

  • $OOLQWHUQR ,O VHSROFUR HUD YXRWR DG HFFH]LRQH GL XQ FDWDIDOFR GL RVVLGLDQD FKH VL LQQDO]DYD DO FHQWUR GHOOD VWDQ]D,PPDJLQLFHVHOODWHGL&DYDOLHUL WUDVSRUWDYDQR ODEDUDPD LOFRUSRGHOFDYDOLHUHGHVWLQDWRDJLDFHUHQHOODEDUDHUDVFRPSDUVR8QDQWLFRVFXGRHUDGHSRVWRDLSLHGLGHOIHUHWURHDFFDQWRHUDSRVDWDXQDVSDGD>@/DWRPEDQRQHUDJUDQGH,OVHSROFURVLHOHYDYDLQPH]]RDOODVWDQ]DHFRQWUROHSDUHWLVLDOOLQHDYDQRGHOOHSDQFKH GL SLHWUD GRYH SUREDELOPHQWH FRORUR FKH FRPSLDQJHYDQR LO GHIXQWR SRWHYDQR ULSRVDUVL PHQWUHUHQGHYDQR RPDJJLR DOOD VDOPD ,Q IRQGR DOOD VWDQ]D VL HUJHYD XQ SLFFROR DOWDUH GL SLHWUD 6XOOD VXDVXSHUILFLH HUDQR VFROSLWL L VLPEROL GHOO2UGLQHGHL&DYDOLHUL OD FRURQD OD URVD HG LOPDUWLQ SHVFDWRUH ,OWDYRORHUDFRVSDUVRGLSHWDOLGLURVDHGLHUEHVHFFKHHODORURGHOLFDWDIUDJUDQ]DDOHJJLDYDDQFRUDOHJJHUDQHOODULDGRSRFHQWLQDLDGLDQQL6RWWRODOWDUHLQFDVWRQDWDQHOSDYLPHQWRGLSLHWUDVL WURYDYDXQDJUDQGHSLDVWUDGLIHUURFRQXQDQHOORLQPH]]R>@ VLDYYLFLQzVXOORUORGHOEXFRHVELUFLzGHQWUR(UDEXLR3HUVLQRFRQ OD WRUFLDQRQULXVFLYDDYHGHUHQLHQWHLQIRQGRDTXHOEXFR8QYDJRRGRUHGLPXIIDVDOuGDOORVTXDUFLRQHOSDYLPHQWRHQLHQWDOWUR/DWRPEDHOHVWDWXHVRQRRSHUDGLXRPLQLPDLOJUDQGHGUDJRQRQqVWDWRFRVWUXLWRGDOOHPDQLGLXQXRPRQpGLXQHOIRQpGLXQQDQR(GqFRVuYHFFKLRFKHLOVHSROFURqTXDVLPRGHUQR,OILDQFRGHOODUXSHQRQqVWDWRVFROSLWRGDOOHPDQLGLQHVVXQRGHJOLHVVHULYLYHQWLFKHFDPPLQDQRFRQGXH]DPSHVX.U\QQPDGHYHHVVHUVLWUDWWDWRGLXQDFUHDWXUDGRWDWDGLXQDIRU]DVWUDRUGLQDULDHQRUPHDODWDv ,O0DUHGHO6DQJXHGL,VWDU6LWURYDYDQRVXOORUORHVWHUQRGHO0DUHGHO6DQJXHGL,VWDU,O VROHHUDXQDJLJDQWHVFDSDOODGRUDWD LQHTXLOLEULRVXOORUL]]RQWHRULHQWDOHTXDQGR OD3HUHFKRQ VLDGGHQWUzQHOOHDFTXHURVVHFRPHODYHVWHLQGRVVDWDGDLPDJKLURVVHFRPHLOVDQJXH>@ DFTXH WRUELGH H URVVH 1RQ SRWHYDQR YHGHUH PROWR ORQWDQR 8QD SHUSHWXD WHPSHVWD JUDYDYD GDO FLHORDPPDQWDQGROHDFTXHGXQDFROWUHJULJLRSLRPER,OVDQJXHGLWXWWLFRORURFKHVRQRPRUWLD,VWDUTXDQGRODPRQWDJQDGLIXRFRFROSuLOWHPSLRGHO5H6DFHUGRWHSHUVSDYHQWDUHLPDULQDLGLDFTXDGROFH/DFTXD GHOPDUHDFTXLVWDTXHO FRORUHD FDXVDGHOOD WHUUD FKH YLHQH VROOHYDWDGDO IRQGR5LFRUGDWL FKH QRQqVDEELDTXHOODVRSUDFXLVWLDPRQDYLJDQGRFRPHLOQRUPDOHIRQGRGHOORFHDQR4XHVWDXQWHPSRHUDWHUUDIHUPDODFLWWjFDSLWDOHGL,VWDUHWXWWDODVXDULFFDFDPSDJQDLQWRUQR4XDQGRODPRQWDJQDGLIXRFRqFDGXWDKDVSDFFDWRODWHUUDLQGXH/HDFTXHGHOO2FHDQRVLVRQRSUHFLSLWDWHGHQWURFUHDQGRXQQXRYRPDUH$GHVVRODULFFKH]]DGL,VWDUJLDFHPROWRLQSURIRQGLWjVRWWROHRQGH$QFKHFRQLOPRYLPHQWRGHOOHRQGHHGHOOHPDUHHLOWHUULFFLRSHVDQWHFRPq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z OD FRUWLQD JULJLD /H QHEELH VL VHSDUDURQR ULOHYDQGR XQR VSHWWDFRORUDFFDSULFFLDQWH1XELQHUHWXUELQDYDQRLQPH]]RDLYHQWLUXJJHQWLDFFRPSDJQDWHGDXQFUHSLWLRGLIROJRULYHUGLFKH FDULFDYDQR ODULD GHOODFUH RGRUH GHOOR ]ROIR /DFTXD URVVD VL OHYDYD LQ DOWR SHU SRL ULFDGHUH %LDQFKHFUHVWHJRUJRJOLDYDQRVXOODVXSHUILFLHVLPLOLDOODVFKLXPDFKHXVFLYDGDOODERFFDGLXQXRPRPRUHQWH3HUXQLQVWDQWHQHVVXQRULXVFuDPXRYHUVL7XWWLSRWHYDQRUHVWDUHOjFRQJOLRFFKLVJUDQDWLDILVVDUHTXHOORVSHWWDFRORVHQWHQGRVL PLVHUL H PLQXVFROL FRQWUR OH VSDYHQWHYROL IRU]H GHOOD QDWXUD 3RL LO YHQWR Ou FROSu /D QDYHEHFFKHJJLz H UROOz VIHU]DWD GDOODOEHUR VSH]]DWR FKH VL WUDVFLQDYD GLHWUR 'XQ WUDWWR OD SLRJJLD VL DEEDWWpVIHU]DQWHVXGLORURODJUDQGLQHWHPSHVWzLOSRQWHGLOHJQRODFRUWLQDJULJLDVLFKLXVHDQFRUDXQDYROWDLQWRUQRDORUR (VHJXHQGR JOL RUGLQL GL 0DTXHVWD VL DUUDPSLFDURQR VXOOH VDUWLH SHU UXRWDUH OH YHOH ULPDVWH 8Q DOWURJUXSSRODYRUDYDGLVSHUDWDPHQWHSHUUHFLGHUHODOEHURVSH]]DWRFKHURWHDYDLQWRUQRFRPHLPSD]]LWR,PDULQDLORDJJUHGLURQRFRQOHDVFHWDJOLDQGRYLDOHFRUGHODVFLDQGRORSUHFLSLWDUHQHOODFTXDFRORUHVDQJXH/LEHUDWDGDOSHVR IUHQDQWH GHOODOEHUR OD QDYH VL UDGGUL]]z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

  • 3RLXQDUDIILFDGLYHQWRFROSuODQDYH8QRQGDVLQIUDQVHVXGLORUR/DFTXDSUHFLSLWzLQWRUQRDORURFRPHXQDFDVFDWDVFKLXPHJJLDQGRELDQFDIDFHQGRFDGHUHJOLXRPLQLHPDQGDQGROLDVOLWWDUHVXOSRQWH/DQDYHVEDQGz7XWWLVLDIIHUUDURQRDTXHOORFKHSRWHYDQRFRUGDPHUHWLTXDOXQTXHFRVDSHUHYLWDUHGLYHQLUHVSD]]DWLIXRULERUGR>,OWLPRQLHUH@FRPEDWWHYDFRQWURODUXRWDGHOWLPRQHTXDVLXQDFRVDYLYHQWHFKHJOLVDOWDYDWUDOHPDQL$OFXQHYHOHVLODFHUDURQRLQGXHDOFXQLXRPLQLVFRPSDUYHURQHO0DUHGHO6DQJXHOHYDQGRXUODWHUULILFDQWL3RLOHQWDPHQWHODQDYHWRUQzDUDGGUL]]DUVLFRQLOOHJQRFKHFLJRODYDSHUORVIRU]R,O PRYLPHQWR GHOOD QDYH VWDYD FDPELDQGR 1RQ VWDYDQR SL EHFFKHJJLDQGR DOOLPSD]]DWD $GHVVR VWDYDQRDYDQ]DQGRFRQXQPRYLPHQWRXQLIRUPHXQPRYLPHQWRSHUTXDOFKHPRWLYRDQFRUDSLVLQLVWURSHUFKpHUDFRVuLQQDWXUDOH ,QWUDSSRODWLQHO0DHOVWURP/D3HUHFKRQVLSUHFLSLWDYDLQDYDQWLVILRUDQGRODVXSHUILFLHGHOODFTXDOHJJHUDFRPHXQXFFHOOR0DHUDXQ XFFHOOR GDOOH DOL WDUSDWH FKH FDOFDYD OD PDUHD WXUELQDQWH GXQ FLFORQH GDFTXD DGGHQWUDQGRVL LQXQRVFXULWjURVVRVDQJXH4XHOOD IRU]D WHUULELOH OLVFLDYD OH DFTXH GHOPDUH ILQR D IDUOH DSSDULUH VLPLOL D YHWUR GLSLQWR8Q UXJJLWRFDYHUQRVR HWHUQR VLQQDO]DYD GD TXHOOH QHUH SURIRQGLWj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z D XUODUH RUGLQL IUHQHWLFL 6WRUGLWL JOL XRPLQL FRPLQFLDURQR DGHVHJXLUOLPDLORURVIRU]LHUDQRLQXWLOLOHYHOHFKHYHQLYDQRLVVDWHFRQWURTXHOWXUELQHVLODFHUDYDQRLFDYLVLVSH]]DYDQRVFDJOLDQGRLQDFTXDJOLXRPLQLXUODQWL3HU TXDQWR VL VIRU]DVVH LO WLPRQLHUH QRQ SRWHYD IDU YLUDUH OD QDYH R OLEHUDUOD GDOOD VSDYHQWRVD PRUVDGHOODFTXD(UD FRPH VH VWHVVH FHUFDQGRGLPSHGLUH DOPRQGRGL UXRWDUH VX VH VWHVVR0DTXHVWD ORWWDYDDQFRUDSHUVDOYDUH ODQDYHXUODQGRRUGLQL VRSUD OXOXODUHGHOYHQWRH LO VRUGRURPERFKHVFDWXULYDGDOOHSURIRQGLWjGHOPDHOVWURP0D LO VXRHTXLSDJJLR VWRUGLWRGDO WHUURUHQRQ OHREEHGLYDSL4XDOFXQRGHLVXRL XRPLQL SLDQJHYD TXDOFXQ DOWUR LPSUHFDYD /D PDJJLRU SDUWH QRQ SURGXFHYD DOFXQ VXRQR PDILVVDYDQR LQRUULGLWL H DIIDVFLQDWL LO JLJDQWHVFR YRUWLFH FKH OL VWDYD WUDVFLQDQGR LQHVRUDELOPHQWH GHQWUROLPPHQVD RVFXULWj GHOODELVVR&RQ DJRQL]]DQWH RQLULFD OHQWH]]D OD QDYH VLPLVH LQ HTXLOLEULR VXOORUORGHOOHDFTXHYRUWLFDQWLFRPHVHLOOHJQRVWHVVRGLFXLHUDIDWWRLOYDVFHOORHVLWDVVHLQSUHGDDOWLPRUH&RQXQXOWLPRWUHPLWRGDVSH]]DUHLOFXRUHOD3HUHFKRQVFLYROzROWUHORUORGHQWURTXHOODUXJJHQWHWHQHEUDYRUWLFDQWH,OOHJQRVLVSH]]zFUHSLWDQGRJOLDOEHULFDGGHURJOLXRPLQLYHQQHURVFDJOLDWLYLDXUODQWLGDLSRQWLLQFOLQDWLPHQWUHTXHOORVFXULWjURVVRVDQJXHULVXFFKLDYDJLOD3HUHFKRQGHQWURTXHOOHIDXFLVSDODQFDWH6,/9$1(67,'DROWUHTXDWWURFHQWRDQQL/RUDFYLYHYDLQTXHOODWHUUD/DYHYDYLVWDSUHQGHUHIRUPDHILRULUHULJRJOLRVDVRWWROHPDQLGHOODVXDJHQWH$YHYDQRDWWUDYHUVDWRDQFKHPRPHQWLGLIILFLOL/RUDFHUDXQRGHLSRFKLDQFRUDYLYLVX.U\QQDGDYHUDVVLVWLWRDO&DWDFOLVPD0DJOLHOILGL6LOYDQHVWLYLDYHYDQRUHVLVWLWRPHJOLRGLDOWULDOPRQGRWHQHQGRVLDGLVWDQ]DGDOOHDOWUH UD]]H (VVL VDSHYDQR SHUFKp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zDWWRUQRLQRUULGLWR'XUDQWHWXWWDODVXDYLWDDYHYDDVVLVWLWRDPROWLVSHWWDFROLVWUDQLHWHUULELOLPDQHVVXQRXJXDJOLDYDTXHOORFKHJOLVLSDUDYDGDYDQWL8QDVLPLOHYLVWDSHQVzSRWHYDIDUORLPSD]]LUH6LJLUzLQWXWWHOHGLUH]LRQLFHUFDQGRGLVSHUDWDPHQWHXQDYLDGLXVFLWDPDQRQFHUDVFDPSR7XWWLQWRUQRYLHUDQRVRORDOEHULJOLDOEHULVL6LOYDQHVWL0RVWUXRVDPHQWHFDPELDWL/RVSLULWRGLRJQLDOEHURFKHORFLUFRQGDYDVHPEUDYDLQWUDSSRODWRQHOWRUPHQWRLPSULJLRQDWRQHOWURQFR,UDPLDJJURYLJOLDWL VHPEUDYDQR JOL DUWL GL TXHOOR VSLULWR FKH VL FRQWRUFHYDQR LQ DJRQLD /H UDGLFL WHQDFL VL

  •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u XOWHULRUPHQWH$OFXQL DQLPDOL EDO]DURQR IXRUL WUD JOL DOEHUL WRUPHQWDWL H VL ODQFLDURQR DGGRVVR DL VXRL FRPSDJQL >@ IXFRVWUHWWR D GLVWRJOLHUH OR VJXDUGR SHUFKp DQFKH JOL DQLPDOL HUDQR PRVWUXRVL H GHIRUPL RUUHQGH VHPELDQ]DYLYHQWLGLPRUWHLPSHULWXUD7UD JOL DQLPDOL GHIRUPL FRUUHYDQR OHJLRQL GL JXHUULHUL HOIL H OD YLVWD GHL ORUR WHVFKL HUD XQR VSHWWDFRORLQVRSSRUWDELOH1HJOLLQFDYLYXRWLGHLORURYROWLQRQEULOODYDQRJOLRFFKLODFDUQHQRQFRSULYDODILQHRVVDWXUDGHOOH ORURPDQL &DYDOFDYDQR FRQ LO ORUR FRPSDJQL FRQ OXFLGH VSDGH JURQGDQWL GL VDQJXH0D VH FROSLWL GDXQDUPDVSDULYDQRQHOQXOOD(SSXUH OH IHULWH FKH ORUR LQIOLJJHYDQR HUDQR UHDOL &DUDPRQ ORWWDYD FRQWUR XQ OXSR GDO FXL FRUSR XVFLYDQRVHUSHQWLTXDQGRDO]zJOLRFFKLHYLGHXQJXHUULHURHOIRFKHFRQPDQRJULIDJQDDO]DYDFRQWURGL OXL OD ODQFLDVFLQWLOODQWH/XQLFD FRVD FKH IHFHUR IX ORWWDUH SHU RJQL FHQWLPHWUR GL WHUUHQR FKH JXDGDJQDYDQR ,QQXPHUHYROL YROWHULFDFFLDURQRLQGLHWURJOLVSLULWLGHJOLHOILVRORSHUHVVHUHGLQXRYRDWWDFFDWLGDQXJROLVHPSUHSLIROWL$WUDWWLLOVROH EULOODYD ILOWUDQGR DWWUDYHUVR OD YHUGH IRVFKLD VRIIRFDQWH 3RL LPSURYYLVDPHQWH OH WHQHEUH GHOOD QRWWHLQFRPEHYDQRVXOODWHUUDFRPHOHDOLGHLGUDJKL0DSURSULRPHQWUHORVFXULWjVLIDFHYDSLILWWDLQWUDYLGHUROD7RUUH,OPDUPRVIDYLOODQWHGHOOD7RUUHELDQFKHJJLDYDDOWRQHOFLHOR/DFRVWUX]LRQHVLHOHYDYDLQPH]]RDGXQDUDGXUDHVLSURWHQGHYDFRPHXQGLWRVFKHOHWULFRFKHHPHUJHQGRGDXQDWRPEDLQGLFDVVHLFLHOLODVV /DVSLHJD]LRQHGL5DLVWOLQ3HUFRUUHUHPRODVWUDGDGHOODPRUWHSHUFKpRJQLPRVWUXRVDFUHDWXUDPDLFRPSDUVDQHLVRJQLVFRQYROJHQWLHWRUPHQWDWLGHLPRUWDOLFLVLSDUHUjGDYDQWLSHUIHUPDUFL6DSSLDWHVRORFKHVWLDPRFDPPLQDQGRLQXQVRJQROLQFXERGL/RUDF&KHqDQFKHLOQRVWURLQFXER)RUVHFLDSSDULUDQQRYLVLRQLGHOQRVWURIXWXURSHUDLXWDUFLRSHUWUDWWHQHUFL5LFRUGDWHYLFKHDQFKHVLLQRVWULFRUSLVRQRVYHJOL OHQRVWUHPHQWLGRUPRQR/DPRUWHHVLVWHVROR QHL QRVWUL VRJQL D PHQR FKH QRL QRQ FUHGLDPR FKH HVLVWD UHDOPHQWH 1RQ SRVVLDPR VYHJOLDUFL SHUFKp/RUDF FUHGH PROWR IHUPDPHQWH QHO VRJQR PHQWUH YRL QRQ QH VLHWH FRQYLQWL 4XDQGR DQFKH YRL VDUHWHDVVROXWDPHQWH FHUWL VHQ]D XOWHULRUL GXEEL R LQFHUWH]]H FKH VL WUDWWD GL HIIHWWLYDPHQWH GL XQ VRJQR DOORUDULWRUQHUHWHDOODUHDOWj /D7RUUHGHOOH6WHOOH/D7RUUHGHO6ROHGL4XDOLQRVWHUDVWDWDFRVWUXLWDDGLPLWD]LRQHGHOOD7RUUHGHL6WHOOH/HGXHWRUULHUDQRVLPLOLPDQRQXJXDOL8QDHUDLQRQGDWDGLOXFHODOWUDRVFXUDWDGDOOHWHQHEUH/DWRUUHVLLQQDO]DYDLQVSLUDOLGLPDUPRFKH VIDYLOODYDQRFRQ LO IXOJRUHGHOOHSHUOH(UD VWDWDFRVWUXLWDSHUDFFRJOLHUH OD OXFHGHOOH OXQH FRVu FRPH OD7RUUHGHO6ROH LPEULJOLDYD OD OXFHGHO VROH/H ILQHVWUH LQFDVWRQDWH QHOOD WRUUH HUDQRGHFRUDWH GL JHPPHFKHLPSULJLRQDYDQRHGHVDOWDYDQR LO FKLDURUHGHOOHGXH OXQH 6ROLQDUL H/XQLWDUL L UDJJL DUJHQWDWL H URVVDVWUL VLLQWUHFFLDYDQRLQGDQ]HGLOXFHQHOODJUDQGHVDOD0D RUD OH JHPPH HUDQR URWWH ,O IXOJRUH OXQDUH FKH ILOWUDYD DVVXPHYD XQD WRQDOLWj GLVWRUWD H ODUJHQWR VLWUDVIRUPDYDQHOELDQFRSDOORUHGLXQFDGDYHUHLOURVVRQHOYLROHQWRFRORUHVDQJXH/$7255(',:$
  • ,O FDQFHOOR GL FLUFD PHWUL DOOD EDVH H GL TXDVL PHWUL GL DOWH]]D HUD D]LRQDWRGD XQPHFFDQLVPR FKH ORVSLQJHYD GHQWUR H IXRUL GDOOH PRQWDJQH &RQ XQR VSHVVRUH GL SL GL PHWUL DO FHQWUR LO FDQFHOOR HUDLQGLVWUXWWLELOHFRPHQHVVXQDOWURVX.U\QQDGHFFH]LRQHGHOFDQFHOORGHOOHVWHVVHGLPHQVLRQLFKHVLDSULYDVXOODWR VHWWHQWULRQDOH GHOOH PRQWDJQH /D SHUL]LD GHJOL DQWLFKL QDQL PXUDWRUL HUD VWDWD WDOH FKH VH FKLXVL L GXHFDQFHOOL HUDQR LQGLVWLQJXLELOL GDOOH SDUHWL GHOOD PRQWDJQD /D FKLXVXUD GHL FDQFHOOL XQ WXRQR ULPERPEzGDOOLQWHUQRGHOODPRQWDJQD,OPHFFDQLVPRFKHD]LRQDYDLOFDQFHOORFRPLQFLzDVURWRODUVLFKLXGHQGRFRQXQRVWULGRUHLOFDQFHOOR,OFDQFHOORVLFKLXVHGHILQLWLYDPHQWHFRQXQWRQIRVRUGR6(=,21(/(&,77$',.5
  •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j VL ULGXVVH D SRFKL PHWUL 2FFRUUHYD PXRYHUVL FDXWDPHQWH SRLFKp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u DPSLR FKH QHVVXQ SRQWH GL OLDQH DYUHEEH SRWXWRYDOLFDUOR8QDOEHURJLJDQWHVFRVLVWHQGHYDVXOODFTXDFRQXQWURQFRFRVuDPSLRGDODVFLDUSDVVDUHGXHSHUVRQHDIILDQFDWH ,QVXSHUILFLH>@GRYHWWHDPPHWWHUHGLQRQDYHUYLVWRXQOXRJRFRVuVTXDOOLGR/DVWUDGDOLFRQGXVVHDOFRUWLOHGLXQHGLILFLRGLURFFDWRGDOTXDOHUHVWDYDQRLQSLHGLVRORTXDWWURDOWHFRORQQHFKHQRQVRUUHJJHYDQRSLQLHQWH8QPXUHWWRFLUFRODUHDOWRSRFRSLGLXQPHWURGDWHUUDVLULYHOzHVVHUHXQSR]]R$ 1RUGGHOSR]]RVRUJHYDOXQLFRHGLILFLRVIXJJLWRDOODGLVWUX]LRQHGHO&DWDFOLVPD(UDXQDEHOODFRVWUX]LRQHGLSXUDSLHWUDELDQFDVRUUHWWDGDFRORQQHDOWHHVRWWLOL/H VXHJUDQGLSRUWHGRSSLHGRUDWH ULIOHWWHYDQR OD OXFHGHOODOXQD7XWWLJOLDOWULHVSORUDURQROD]RQDVHQ]DWURYDUHDOWULHGLILFLLQWDWWL/DEHOOH]]DGHOOHFRORQQHVYDVDWHHUDULFRUGDWDVRORGDLIUDPPHQWLDOVXROR/HVWDWXHHUDQRLQIUDQWXPLDYROWHVILJXUDWHLQPRGRJURWWHVFR(UDWXWWRDQWLFRFRVuDQWLFRFKHLOQDQRVLVHQWu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jGLURFFDWDVRWWRVWDQWH,OOLHYHUXPRUHGHOODULVDFFDULFRUGDYDORURFKHVLWURYDYDQRLQFLPDDXQSLFFRGDFXLVLGRPLQDYD1HZVHD 6RWWRWHUUUDOD&LWWj'LURFFDWD/DQRWWHGHO&DWDFOLVPDHUDVWDWDXQDQRWWHGRUURUHSHUODFLWWjGL;DN7VDURWK4XDQGRODPRQWDJQDGLIXRFRDYHYDFROSLWR.U\QQODWHUUDVLHUDVSDFFDWD/DQWLFDHVSOHQGLGDFLWWjHUDVFLYRODWDGDOILDQFRGHOODPRQWDJQDFDGHQGRLQXQHQRUPHFDYHUQDIRUPDWDGDLVRPPRYLPHQWLGHOWHUUHQR(FRVuHUDDQGDWDSHUGXWDQHOVRWWRVXRORH PROWLFUHGHYDQRFKHIRVVHVWDWD LQJKLRWWLWDGD1HZVHD/DFLWWjSHUzHVLVWHYDDQFRUD LVXRLHGLILFLGLURFFDWLGLVVHPLQDWLVXLYDULOLYHOOLGHOODFDYHUQD/HGLILFLRLQFXLHUDQRFDGXWLLFRPSDJQLHFKH7DQLVFUHGHYDGRYHVVHHVVHUHVWDWRXQIRUQRHUDVXXQOLYHOORLQWHUPHGLRSXQWHOODWRGDOOHURFFHFRQWURODSDUHWHGHOGLUXSR/DFTXDGHL WRUUHQWLVRWWHUUDQHLVJRUJDYDWUD OHURFFHHVFRUUHYDQHOOHVWUDGHODPEHQGROHURYLQH7DQLVVHJXuFRQORVJXDUGRLOFRUVRGHOODFTXDVFRUUHYDQHOPH]]RGLXQDVWUDGDVHOFLDWDSDVVDQGRWUDFDVHHERWWHJKHGRYHXQWHPSRXQSRSRORDYHYDYLVVXWRHODYRUDWR4XDQGRODFLWWjHUDFDGXWDJOLDOWLHGLILFLFKHDYHYDQRXQWHPSRILDQFKHJJLDWRODVWUDGDHUDQRFDGXWLXQRVRSUDODOWUR IRUPDQGR XQD VSHFLH GDUFDWD GL ODVWUH GL PDUPR VSH]]DWH VRSUD LO VHOFLDWR 3RUWH H ILQHVWUHVEDGLJOLDYDQRQHOODVWUDGDWXWWRHUDVLOHQ]LRWUDQQHLOUXPRUHGHOODFTXDFKHVJRFFLRODYD/DULDHUDSUHJQDGHOUXPRUHGHOGLVIDFLPHQWRFKHRSSULPHYDORVSLULWR$QFKHVHDOOLYHOORSLEDVVRODULDHUDSLWLHSLGDFKHVRSUDODWHWUDJJLQHGHOODWPRVIHUDJHODYDLOVDQJXH

  • >@SDVVDQGR VRWWR ODUFDWD GL HGLILFL GLURFFDWL/D VWUDGD VL DSULYD LQ XQDSLD]]D H TXL ODFTXDGLYHQWDYDXQILXPHFKHVFRUUHYDDG2YHVW$OGLOjGHOUXPRUHGHOILXPH7DQLVSHUFHSuFRQSUHRFFXSD]LRQHXQDOWURUXPRUHLOIUDVWXRQRGLXQDJUDQGHFDVFDWD>@JOLHURLDJJLUDURQRODSLD]]DLQYDVDGDOILXPHDWUDWWLFDPPLQDQGRFRQODFTXDILQHDOOHFDYLJOLH*LXQWLLQIRQGRDOODVWUDGDLFRPSDJQLVFRSULURQRODFDVFDWDODVWUDGDVLSHUGHYDQHOYXRWRHLOILXPHVFURVFLDYDWUDOHFRORQQHVSH]]DWHFDGHQGRSHUSLGLFHQWRPHWULYHUVRLOIRQGRGHOODFDYHUQD/jLQIRQGRFHUDLOUHVWRGHOODFLWWjGLURFFDWDGL;DU7VDURWK8QDOXFHILRFDILOWUDYDGDOVRIILWWRGHOODFDYHUQDHSHUPHWWHYDGLYHGHUHLOFXRUHGHOODFLWWjVSDUVRVXOIRQGRGHOEDUDWUR*OLHGLILFLHUDQRLQGLYHUVLVWDWLGLFRQVHUYD]LRQHDOFXQLHUDQRFRPSOHWDPHQWHLQWDWWLDOWULQRQHUDQRFKH PDFHULH 6XOOD FLWWj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j/DPDWWLQDGRSRSLVREULRODYHYDGLFKLDUDWDSURSULHWjGHOSURSULRFODQ,%XOSYLVLHUDQRVXELWR WUDVIHULWLHQHJOLDQQLVXFFHVVLYLDYHYDQRFRQFHVVRJUD]LRVDPHQWHDQFKHDLFODQGHJOL6OXGHGHL*OXSGLRFFXSDUHODFLWWj1HOOD FLWWj GLURFFDWD QRQ VL YLYHYD PDOH DOPHQR VHFRQGR LO PHWUR GL JLXGL]LR GHL QDQL GL IRVVR ,O PRQGRHVWHUQRQRQOLGLVWXUEDYDDQFKHSHUFKpQRQDYHYDODPLQLPDLGHDFKHVLWURYDVVHUROuHFRPXQTXHQRQJOLHQHLPSRUWDYD QLHQWH , %XOS DYHYDQRPDQWHQXWR VHQ]D VIRU]R LO SURSULR SUHGRPLQLR VXJOL DOWUL FODQ VRSUDWWXWWRSHUFKp HUD VWDWR XQ%XOS GL LQGROH VFLHQWLILFD*OXQJJX DG LQYHQWDUH ODVFHQVRUH VHUYHQGRVL GL GXH HQRUPLFDOGDLHFKHJOLDQWLFKLDELWDQWLGHOODFLWWjDYHYDQRXVDWRSHUVFLRJOLHUHLOODUGR/DVFHQVRUHSHUPLVHDLQDQLGLIRVVRGLHVSDQGHUHOHSURSULHDWWLYLWjSUHGDWRULHDOODJLXQJODVRSUDODFLWWjVHSROWDFRVuFKHLOORUROLYHOORGLYLWDQHULVXOWzQRWHYROPHQWHPLJOLRUDWR*OXQJJX%XOSGLYHQWzXQHURHHIXDFFODPDWR+LJKEXOSDOOXQDQLPLWj'DDOORUD LOFDSRGHLFODQHUDVHPSUHVWDWRXQ%XOS*OLDQQLSDVVDURQRHGDOOLPSURYYLVRLOPRQGRHVWHUQRSUHVHDGLQWHUHVVDUVLGL;DN7VDURWK/DUULYRGHOGUDJRH GHL GUDFRQLFL IHFH YROJHUH DO SHJJLR OHVLVWHQ]D GHL QDQL GL IRVVR 6XOOH SULPH L GUDFRQLFL DYHYDQR DYXWROLQWHQ]LRQHGLVWHUPLQDUHTXHJOL VSRUFKLSDUDVVLWLPD LQDQLGL IRVVRJXLGDWLGDOJUDQGH3KXGJHHUDQRVWDWLFRVuDELHWWDPHQWHVRWWRPHVVLHVWULVFLDQWLFKHLGUDFRQLFLVLHUDQROLPLWDWLDIDUHGLORURGHJOLVFKLDYL( FRVuGRSRFHQWLQDLDGDQQLFKHYLYHYDQRD;DN7VDURWKLQDQLGLIRVVRVHUDQRWURYDWLFRVWUHWWLDODYRUDUHSHUODSULPDYROWD,GUDFRQLFLDYHYDQRUHVWDXUDWROHFDVHLPSRVWRXQDGLVFLSOLQDPLOLWDUHHUHVRODYLWDDPDUDSHULQDQLFKHHUDQRRUDDGLELWLDOODFXFLQDDOOHSXOL]LHHDOODPDQXWHQ]LRQH /DVDODGHOWURQRGHLQDQLGLIRVVR, FRPSDJQL VL WURYDYDQRDOODFRUWHGHJOL$JKDUGL IURQWHDO WURQRGLXQQDQRGL IRVVRSUHVHQWDWR ORURFRPHJUDQGH+LJKEXOS/DFLWWjGL;DN7VDURWKHUDVWDWDVSRJOLDWDGLRJQLVXRRJJHWWRSUH]LRVRGDLQDQLGLIRVVRFKHOLDYHYDQRXVDWLSHUGHFRUDUHODVDODGHOWURQRGHOORURVLJQRUH,JQDULGHOEXRQJXVWRHVHJXHQGRODILORVRILDFKHVHXQPHWURGLVWRIIDGRUDWDqEHQHTXDUDQWDPHWULVRQRDQFRUDPHJOLR LQDQLGLIRVVRDYHYDQRIDWWRGHOODVDODGHO WURQRXQFDSRODYRUR GHOOD FRQIXVLRQH 8QD SHVDQWH H VGUXFLWD WDSSH]]HULD GRUDWD ULFRSULYD RJQL FHQWLPHWUR GL VSD]LROLEHUR PHQWUH GDO VRIILWWR SHQGHYDQR JUDQGL DUD]]L DOFXQL GHL TXDOL FDSRYROWL , GHOLFDWL DUD]]L HUDQR VWDWLULFRSHUWLGLFRORULFKLDVVRVLHVWULGHQWLGDLQDQLFKHYROHYDQRUDYYLYDUOLXQSR$OFXQLULPDVHURVFRQFHUWDWLGLIURQWHDXQDUD]]RVXFXLXQ+XPDVFDUODWWRDIIURQWDYDXQGUDJRDSDOOLQLYHUGL/DVDODHUDDQFKHDGRUQDGLDJJUD]LDWHVWDWXHGLQXGLPDDQFKHLQTXHVWRFDVRLQDQLGLIRVVRFRQVLGHUDQGRLOPDUPRELDQFR WULVWHHGHSULPHQWHDYHYDQRYROXWRYLYDFL]]DUOHFRQGHL WRFFKLGLFRORUHQHLSXQWLFUXFLDOL ,FRPSDJQLVWHQWDURQRGLUHVWDUHVHULLQTXHOPXVHRGHOORUURUH

    )/276$0 3ULPRDSSURFFLR>@ VL WURYDYDQRQHOYLFRORVFXURGLXQDFLWWjGRYHJHQHUDOPHQWH OHXQLFKHFRVHFKH VL LQFRQWUDYDQRHUDQRUDWWLXEULDFKLHFRUSLVHQ]DYLWD,OQRPHGLTXHOODVTXDOOLGDFLWWjHUD)ORWVDP1GWL5HOLWWL*DOOHJJLDQWLWDOHQRPH HUD DSSURSULDWR GDOPRPHQWR FKH VRUJHYD VXOOD FRVWD GHO0DUH GL 6DQJXH GL ,VWDU H FKH VHPEUDYD XQUHOLWWRGLYDVFHOORGLVWUXWWRDEEDQGRQDWRVXJOLVFRJOL3RSRODWDGDOODIHFFLDGHOODPDJJLRUSDUWHGHOOHUD]]HGL.U\QQRUD)ORWVDPHUDDQFKHXQDFLWWjRFFXSDWDSHUFRUVDGDLGUDJKLJREOLQHPHUFHQDULGLWXWWHOHUD]]HFKHDWWUDWWLGDOODSDJDDOWDHGDLERWWLQLGLJXHUUDYHQLYDQRDGDUUXRODUVLFRQL3DGURQL

  • 7$56,6/$%(//$ ,OSDVVDWR>@OHJJHQGDULRSRUWRGLPDUHRUDFLUFRQGDWRGDOODWHUUDIHUPD4XDQGRODPRQWDJQDGLIXRFRFDGGHGDOFLHORWUHFHQWRDQQLIDFUHzDOFXQLPDULFRPHDG;DN7VDURWKPDQHGLVWUXVVHDOWUL7UHFHQWRDQQLSULPD7DUVLVOD%HOODHUDODFDSLWDOHGHOOHWHUUHGL$EDQDVLQLD'DOuVSLHJDYDQROHYHOHOHQDYLGDOOHELDQFKHDOLGLUHWWHDWXWWHOHWHUUHFRQRVFLXWHGL.U\QQ/uIDFHYDQRULWRUQRSRUWDQGRRJQLWLSRGLRJJHWWRSUH]LRVRHVWUDQRPRVWUXRVRRGHOLFDWR,OPHUFDWRGL7DUVLVHUDXQRVSHWWDFRORILDEHVFR,PDULQDLFDPPLQDYDQRFRQDULDVSDYDOGDHEDOGDQ]RVDSHUOHVWUDGHGL7DUVLVFRQJOLRUHFFKLQLGRURFKHEULOODYDQRDOSDULGHOOHORURDUPLVIDYLOODQWL6XOOHQDYLYLDJJLDYDQRPHUFDQWLHVRWLFLFKHYHQLYDQRGDWHUUHORQWDQHDYHQGHUHOHORURPHUFLVXLPHUFDWLGL7DUVLV$OFXQLLQGRVVDYDQRDELWLGDLFRORULEULOODQWLHYLYDFLVHWHIOXHQWLDGRUQDWHGLJLRLHOOL 9HQGHYDQR VSH]LH H Wq SURIXPDWL DUDQFH H SHUOH JDEELH FRQ XFFHOOL GDOOH SLXPH YDULRSLQWH $OWULYHVWLWLGLUR]]HSHOOLYHQGHYDQROHPRUELGHSHOOLFFHGLVWUDQLDQLPDOLJURWWHVFKLFRPHFRORURFKHOLFDFFLDYDQR$QFKHLFRPSUDWRULDOPHUFDWRGL7DUVLVHUDQRDOWUHWWDQWRVWUDQLHGHVRWLFLPDSHULFRORVLTXDQWRLPHUFDQWL*OLVWUHJRQL FRQ OH ORUR SDODQGUDQH ELDQFKH URVVH R QHUH SHUFRUUHYDQR L ED]DU DOOD ULFHUFD GL VWUDQL H UDULFRPSRQHQWL SHU L ORUR LQWUXJOL PLVWHULRVL R SHU L ORUR LQFDQWHVLPL *XDUGDWL FRQ VRVSHWWR DQFKH DOORUDFDPPLQDYDQRWUDODIROODLVRODWLHVROL(UDQRLQSRFKLDULYROJHUHODSDURODSHUILQRDTXHOOLYHVWLWLGLELDQFRHQHVVXQRRVDYDLPEURJOLDUOL$QFKH L FKLHULFL DQGDYDQR DOOD ULFHUFD GHJOL LQJUHGLHQWL SHU OH ORUR SR]LRQL ULVDQDWULFL 6X .U\QQ LQIDWWLHVLVWHYDQRJLjLVDFHUGRWLSULPDGHO&DWDFOLVPD$OFXQLHUDQRGHYRWLDJOLGHLEXRQLDOWULDJOLGHLQHXWUDOLHDOWULLQILQHDOOHGLYLQLWjGHOPDOH7XWWLORURHUDQRPROWRSRWHQWL/HORURSUHJKLHUHQHOEHQHRQHOPDOHYHQLYDQRVHPSUHHVDXGLWH( SRL WUD L SHUVRQDJJL VWUDQL HG HVRWLFL FKH VL FRQFHQWUDYDQR QHL ED]DU GL 7DUVLV OD %HOOD FDPPLQDYDQR L&DYDOLHUL GL 6RODPQLD PDQWHQHYDQR ORUGLQH HUDQR L FXVWRGL GHOOH WHUUH GL 7DUVLV H FRQGXFHYDQR OH ORURGLVFLSOLQDWHHVLVWHQ]HQHOODVWUHWWDRVVHUYDQ]DGHO&RGLFHHGHOOD0LVXUD,&DYDOLHULHUDQRGHYRWLD3DODGLQHHGHUDQRFRQRVFLXWLSHUODORURSLDXEELGLHQ]DDJOLGHL/D FLWWj IRUWLILFDWD GL7DUVLV DYHYD XQ VXR HVHUFLWR VL UDFFRQWDYD FKH QRQ HUDPDL VWDWR VFRQILWWR GDOOH IRU]HGHJOL LQYDVRUL/D FLWWj HUD JRYHUQDWD VRWWR ORFFKLR DWWHQWRGHL&DYDOLHUL GD XQD )DPLJOLD1RELOH HG DYHYDDYXWR OD IRUWXQDGLFDSLWDUHVRWWR ODJXLGDGLXQD IDPLJOLDGRWDWDGLEXRQVHQVRVHQVLELOLWjHJLXVWL]LD7DUVLVGLYHQQHFRVuXQWHPSLRGLFXOWXUD L VDJJLGHOOH WHUUHYLFLQHYLVLUDGXQDURQRSHUGLVFXWHUHVFDPELDUVL LO ORURVDSHUH)XURQR LVWLWXLWHVFXROHXQDJUDQGLRVDELEOLRWHFDH IXURQR LQQDO]DWL WHPSOLDJOLGHL*LRYDQLXRPLQLHGRQQHDQVLRVLGLVDSHUHYHQLYDQRD7DUVLVVWXGLDUH/HSULPHJXHUUHGHLGUDJKLQRQDYHYDQRWRFFDWR7DUVLV/HQRUPHFLWWjIRUWLILFDWDLOVXRHVHUFLWRSRGHURVROHVXH IORWWH GL QDYL GDOOH ELDQFKH DOL H L VXRL YLJLOL &DYDOLHUL GL 6RODPQLD LQWLPRULYDQR SHUVLQR OD 5HJLQDGHOO2VFXULWj3ULPDFKHHOODSRWHVVHFRQVROLGDUHLOVXRSRWHUHHFROSLUHOD&LWWj1RELOH+XPDVFDFFLzLVXRLGUDJKLGDL FLHOL( IXFRVu FKH7DUVLVSURVSHUzHGLYHQQH GXUDQWH O(WjGHOOD3RWHQ]DXQDGHOOHSL ULFFKHHJORULRVHFLWWjGL.U\QQ0DSURSULRFRPHSHUPROWH DOWUH FLWWj VX.U\QQ FRQ ORUJRJOLRFUHEEHDQFKH OD VXDYDQLWj7DUVLV FKLHGHYDVHPSUHSLDJOLGHLULFFKH]]DSRWHUHJORULD,OSRSRORYHQHUDYDLO6RPPR6DFHUGRWHGL,VWDUFKHYHGHQGRODVRIIHUHQ]D QHOOD WHUUD SUHWHQGHYD QHOOD VXD DUURJDQ]D FLz FKH JOL GHL DYHYDQR FRQFHVVR DOOXPLOH +XPD3HUVLQR L &DYDOLHUL GL 6RODPQLD YLQFRODWL GDOOH ULJLGH OHJJL GHOOD0LVXUD ULQFKLXVL LQ XQD UHOLJLRQH FKH HUDGLYHQWDWDXQULWXDOHVHQ]DDOFXQDSURIRQGLWjHUDQRYLWWLPDGHOGRPLQLRGHOSRWHQWH6DFHUGRWH3RLYHQQHLO&DWDFOLVPDXQDQRWWHGLWHUURUHXQDQRWWHGLSLRJJLDGLIXRFR,OVXRORVLVROOHYzJRQILDQGRVLHVLVSDFFzHJOLGHLQHOODYRORJLXVWDLUDVFDJOLDURQRXQDPRQWDJQDGLSLHWUDVX.U\QQSXQHQGRLO*UDQ6DFHUGRWHGL,VWDUHLOVXRSRSRORSHUODORURVXSHUELD,O SRSROR IHFH DSSHOOR DL &DYDOLHUL GL 6RODPQLD 9RL FKH VLHWH UHWWL H YLUWXRVL DLXWDWHFL XUODYDQR WUD OHODFULPH3ODFDWHJOLGHL0DL&DYDOLHULIXURQRLPSRWHQWL,OIXRFRSLRYYHGDLFLHOLHODWHUUDVLVSDFFz/HDFTXHGHOPDUHVLULWLUDURQROHQDYLDIIRQGDURQRHVLFDSRYROVHUROHPXUDGHOODFLWWjVLVJUHWRODURQR$O WHUPLQH GL TXHOOD QRWWH GL RUURUH7DUVLV HUD FLUFRQGDWD GDOOD WHUUDIHUPD /H QDYL GDOOH ELDQFKH DOL HUDQRLPPRELOLVXOODVDEELDFRPHXFFHOOLIHULWL6DQJXLQDQWLHGLQSUHGDDOORVELJRWWLPHQWRLVRSUDYYLVVXWLFHUFDURQRGLULFRVWUXLUHODORURFLWWjQHOODVSHUDQ]DGLYHGHU VSXQWDUH DOORUL]]RQWH OHVHUFLWR GHL &DYDOLHUL GL 6RODPQLD VSHUDQGR GL YHGHUOL PDUFLDUH GDOOH ORURIDYRORVHIRUWH]]HGHO1RUGGLYHGHUOLDUULYDUHGD3DODQWKDV6RODQWKXV9LQJDDUG.HHS7KHOJDUGGLUHWWLD6XGYHUVR7DUVLVSHUDLXWDUOLHSURWHJJHUOLDQFRUDXQDYROWD0DL&DYDOLHULQRQJLXQVHUR$YHYDQRDQFKHVVLOHORURGLIILFROWjHQRQSRWHYDQRODVFLDUH6RODPQLD3HUGLSLVH DQFKH DYHVVHURSRWXWRPHWWHUVL LQPDUFLD FHUDQRQXRYH DFTXHRUD XQQXRYRPDUH D VHSDUDUH OH WHUUH GL$EDQDVLQLD,QDQLFKLXVHURODFFHVVRDOORURUHJQRGL7KRUEDUGLQWUDOHPRQWDJQHQRQODVFLDURQRSLHQWUDUHQHVVXQRHFRVuDQFKHLSDVVLWUDOHPRQWDJQHGLYHQQHURLQYDOLFDELOL*OLHOILVLULWLUDURQRD4XDOLQHVWLDVDQDUHOHORURIHULWHDGGHELWDQGRODFROSDSHUODFDWDVWURIHDJOLXPDQL%HQSUHVWR7DUVLVSHUVHRJQLFRQWDWWRFRQOHWHUUHGHO1RUG(FRVuGRSRLO&DWDFOLVPDTXDQGRIXFKLDURFKHL&DYDOLHULDYHYDQRDEEDQGRQDWRODFLWWjYHQQHLO

  • *LRUQRGHOOD&DFFLDWD ,OQRELOHGHOODFLWWjVL WURYz LQXQDSRVL]LRQHGHOLFDWD1RQ HUD IHUPDPHQWHFRQYLQWRGHOOD FRUUX]LRQH GHL &DYDOLHUL PD VDSHYD FKH LO SRSROR DYHYD ELVRJQR GL VFDULFDUH OD FROSD VX TXDOFRVD RTXDOFXQR6H HJOL VL IRVVH VFKLHUDWR FRQ L&DYDOLHUL QRQ VDUHEEHSL ULXVFLWR D JRYHUQDUH OD FLWWj H IX TXLQGLFRVWUHWWRDFKLXGHUHJOLRFFKLVXOOHIROOHLQIHURFLWHFKHDWWDFFDYDQRLSRFKL&DYDOLHULULPDVWLD7DUVLV,YDORURVLJXHUULHULGL6RODPQLDIXURQRDOORQWDQDWLGDOODFLWWjRDVVDVVLQDWL'RSRXQSRGLWHPSRORUGLQHULWRUQzD7DUVLV,O1RELOHHODVXDIDPLJOLDULFRVWLWXLURQRXQQXRYRHVHUFLWR0DPROWHFRVHHUDQRFDPELDWH,OSRSRORHUDFRQYLQWRFKHJOLDQWLFKL'HLFKHDYHYDQRDGRUDWRSHUWDQWRWHPSROLDYHVVHUR DEEDQGRQDWL$YHYDQR WURYDWRQXRYL'HL GD YHQHUDUHPDTXHVWL QXRYL GHL UDUDPHQWH ULVSRQGHYDQRDOOH ORURSUHJKLHUH7XWWHOHIRU]HVDFHUGRWDOLSUHVHQWLQHOOD WHUUDGL7DUVLVSULPDGHO&DWDFOLVPDHUDQRDQGDWHGLVSHUVHHGHUDQRVFRPSDUVH3UROLIHUDYDQRLQYHFHLFKLHULFLSRUWDWRULGLIDOVHSURPHVVHHGLIDOVHVSHUDQ]H,ILQWLJXDULWRULHGLFLDUODWDQLDWWUDYHUVDYDQRLOWHUULWRULRGHOODFLWWjPHWWHQGRLQYHQGLWDLORURWRFFDVDQDIDVXOOL3RFRDOODYROWDPROWDJHQWHVFRPSDUYHGD7DUVLV,PDULQDLFRQODORUREDOGDQ]DQRQSDVVHJJLDYDQRSLWUDOHYLX]]HGHOPHUFDWRJOLHOILLQDQLHOHDOWUHUD]]HQRQYLDFFRUUHYDQRSL$OODJHQWHULPDVWDD7DUVLVDQGDYDEHQH FRVu &RPLQFLDURQR DG DYHU SDXUD HG D QRQ ILGDUVL GHO PRQGR HVWHUQR /DUULYR GL IRUHVWLHUL YHQLYDVFRUDJJLDWR0D7DUVLVHUDVWDWDSHUWDQWRWHPSRXQFHQWURGLFRPPHUFLFKHOHJHQWLGHLFLUFRQGDULSLORQWDQLFKHSRWHYDQRDQFRUDUDJJLXQJHUH7DUVLVFRQWLQXDYDQRDUHFDUYLVL,OIXOFURSHULIHULFRGHOODFLWWjIXULFRVWUXLWRHOuVLVYLOXSSzXQQXRYRFHQWURGLFRPPHUFL/DSDUWHLQWHUQDLWHPSOLOHVFXROHODJUDQGHELEOLRWHFDIXODVFLDWDLQ URYLQD ,OED]DU IX ULDSHUWRPDRUDHUD VRORXQPHUFDWRSHU L FRQWDGLQL HGXQ IRURXQDSLD]]DSHU L IDOVLFKLHULFL FKHSUHGLFDYDQR OH QXRYH UHOLJLRQL /DSDFH VL VWHVH VXOOD FLWWj FRPH XQDSHVDQWH FROWUH*OL DQWLFKLJLRUQL GL JORULD HUDQR TXDVL XQ VRJQR H IRUVH QHVVXQR YL DYUHEEH SL FUHGXWR VH QRQ IRVVH VWDWR SHU ODWHVWLPRQLDQ]DYLYHQWHGHOFHQWURGHOODFLWWj2UDQDWXUDOPHQWHD7DUVLVHUDQRJLXQWHYRFLGLJXHUUDPDQRQDYHYDQRWURYDWRFUHGLWRDQFKHVHLO1RELOHVLHUDDIIUHWWDWRDPDQGDUHLQDYDQVFRSHUWDLOVXRHVHUFLWRSHUFKpVRUYHJOLDVVHOHSLDQXUHYHUVR6XG6HTXDOFXQRJOLFKLHGHYDSHUFKpULVSRQGHYDFKHHUDVRORXQHVHUFLWD]LRQHVXOFDPSRQLHQWHGLSL/HYRFLGDOWURFDQWRSURYHQLYDQRGDO1RUG H WXWWL VDSHYDQR FKH L&DYDOLHUL GL6RODPQLD WHQWDYDQRGLVSHUDWDPHQWH GL ULVWDELOLUH LOORURSRWHUH(UDLQFUHGLELOHILQRDFKHSXQWRSRWHYDQRVSLQJHUVLTXHLWUDGLWRULGHL&DYDOLHULHUDQRFDSDFLDQFKHGLIDUFLUFRODUHVWRULHVXOULWRUQRGHLGUDJKL/$&,77$',48$/,1267, FRPSDJQLVLWURYDYDQRVXXQDFROOLQDGDFXLVLGRPLQDYDODIDYRORVDFLWWjGL4XDOLQRVW$JOLDQJROLGHOODFLWWj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j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uGHQWUR1HVVXQ.HQGHU ODYHYDPDL YLVWD H JOL XQLFL QDQL DG HVVHUFL VWDWL HUDQR VWDWL TXHOOL FKH ODYHYDQR FRVWUXLWDFHQWLQDLD GL DQQL SULPD /D VDOD HUD URWRQGD H VHPEUDYD SL JUDQGH GHOOD VWHVVD WRUUH FKH ODFFRJOLHYD5HDOL]]DWD LQWHUDPHQWH LQ PDUPR ELDQFR QRQ HUD VRVWHQXWD GD WUDYL Qp GD FRORQQH $OWD GHFLQH GL PHWULFXOPLQDYDLQXQDFXSRODGRYHXQRVSOHQGLGRPRVDLFRUDIILJXUDYDLOFLHORD]]XUURLOVROHLQXQDPHWjODOXQDDUJHQWHD H URVVD QHOODOWUD PHWj XQLWH GD XQ DUFREDOHQR 1RQ FHUDQR ODPSDGH XQ VLVWHPD GL ILQHVWUH H GLVSHFFKL IDFHYD Vu FKH OD VDOD IRVVH LOOXPLQDWD VHPSUH TXDOH IRVVH OD SRVL]LRQH GHO VROH , IDVFL GL OXFHFRQYHUJHYDQRDOFHQWURGHOOD VWDQ]D LOOXPLQDQGRXQSRGLR1RQFHUDQRVHGLH LFDSRIDPLJOLDHUDQR LQSLHGLQHOODVDOD*OLHOILVLVSRVDYDQRXQDVRODYROWDHGDOODPRUWHGHOFRQLXJHHUDODPRJOLHDGHUHGLWDUHLOWLWRORGLFDSRIDPLJOLD,OYLRODqLOFRORUHGHOOXWWR/HYHVWLURVVHSHUJOLHOILVLDYYLFLQDYDQRSHULFRORVDPHQWHDOPDOH

  • 0217(121,03257$*OLJQRPLL&DYDOLHULHORULJLQHGHOQRPH*OLJQRPLYLYHYDQRVXO0RQWH1RQLPSRUWDGDWHPSRLPPHPRUDELOHHGDOPRPHQWRFKHHUDQRJOLXQLFLDFXLLPSRUWDYDGHO PRQWH HUDQR DQFKH JOL XQLFL FKH QH GHFLGHYDQR OH VRUWL &HUWDPHQWH HVVL HUDQR JLj Ou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zFKHHUDSUREDELOHFKH L&DYDOLHULDYHVVHURJLjQRWDWR ODPRQWDJQDFKHHUD ODSLDOWDGHOOLVROD/LPSURYYLVDVFRPSDUVDGHOPRQWHQRQDYUHEEHIRUVHVWX]]LFDWRXQSRODFXULRVLWjGHJOLXPDQL"4XHOODGRPDQGDFUHzLOFDRVWUDJOLJQRPL6FDWHQzGLVFXVVLRQLLQWHUPLQDELOLFKHGXUDURQRJLRUQLHJLRUQL,OGLOHPPDGLYLVHJOLJQRPLGHOOD&RUSRUD]LRQHGHL)LORVRILLQGXHID]LRQLTXHOOLFKHFUHGHYDQRFKHVHXQDOEHURFDGHYDLQPH]]RD XQD IRUHVWD H QHVVXQR OR VHQWLYD FLz QRQ GL PHQR ODOEHUR SURGXFHYD LO UXPRUH GL XQR VFKLDQWR H TXHOOL FKHVRVWHQHYDQRFKHQRQHUDFRVu4XDQWRTXHVWXOWLPRSUREOHPDIRVVHFROOHJDWRDOODGRPDQGDRULJLQDULDYHQQHDOODOXFHLOVHWWLPR JLRUQR JLRUQR LQ FXL IX SURQWDPHQWH IDWWD XQD UHOD]LRQH DO FRPLWDWR1HO IUDWWHPSR JOL LQJHJQHULPHFFDQLFLULVHQWLWL DYHYDQR FRPXQTXH GHFLVR GL PHWWHUH LQ DWWR OLQJHJQRVR VWUDWDJHPPD ( YHQQH LO JLRUQR IDWLGLFR DQFRUDFRPPHPRUDWRQHJOLDQQDOLGL6DQFULVWPHQWUHTXDVL WXWWRLO UHVWRDQGzSHUGXWRGXUDQWHLOFDWDFOLVPD LO*LRUQRGHOOH8RYD0DUFH4XHOJLRUQRXQDQWHQDWRGL/RUG*XQWKDUVL VYHJOLzDQFRUDDVVRQQDWRGRPDQGDQGRVLVHVXRILJOLR IRVVHQXRYDPHQWHFDGXWRGDOWHWWRGHOSROODLR/HSLVRGLRVLHUDYHULILFDWRVRORSRFKHVHWWLPHSULPD,OUDJD]]RVWDYDGDQGRODFDFFLDDGXQJDOOR 3RUWDORQHOOD YDVFD ERIRQFKLz WUD OH QHEELHGHO VRQQR ODQWHQDWRGL*XQWKDU DOODPRJOLH H VL JLUz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zFKHVHPEUDYDXQHVHUFLWRGLSLFFROHFUHDWXUHGDOOD SHOOH VFXUD H YHGHUOH FDGHUH TXDVL VHQ]D YLWD DL ORUR SLHGL ,O JHQHURVR SRSROR GL 6RODPQLD VRFFRUVHSUHPXURVDPHQWHLSRYHULJQRPLHIXFRVuFKHOHGXHUD]]HFKHDELWDYDQRD6DQFULVWVLLQFRQWUDURQR/LQFRQWUR GHJOL JQRPL H GHL &DYDOLHUL IX DPLFKHYROH /D JHQWH GL 6RODPQLD GLPRVWUDYD XQ LQYHWHUDWR ULVSHWWR SHUTXDWWUR FRVH ORQRUH SHUVRQDOH LO &RGLFH OD0LVXUD H OD 7HFQRORJLD ( IX FRVu FKH OD FDUUXFROD ODOEHUR OD YLWH HOLQJUDQDJJLR LGLVSRVLWLYLSHUHYLWDUH ORVSUHFRGL IDWLFDLQYHQWDWL LQTXHOSHULRGRGDJOLJQRPLVXVFLWDURQRHQRUPHLPSUHVVLRQHWUDL&DYDOLHUL)XVHPSUHGXUDQWHTXHOSULPRLQFRQWURFKHLOPRQWHQRQLPSRUWDIXFRVuEDWWH]]DWR, &DYDOLHUL VFRSULURQRVXELWRFKH OHVRPLJOLDQ]HVXSHUILFLDOLGHJOLJQRPLFRQ LQDQLVL OLPLWDYDQRDOOD VWDWXUDEDVVDHWR]]D*OL JQRPL HUDQR FUHDWXUH VFKHOHWULFKH FRQ SHOOL DEEURQ]DWH H FDSHOOL ELDQFKL QHUYRVLVVLPH HG LUDVFLELOL ( SRLSDUODYDQR FRVu UDSLGDPHQWH FKH L &DYDOLHUL SHQVDURQR LQ XQ SULPR PRPHQWR FKH SDUODVVHUR XQD OLQJXD VWUDQLHUD (LQYHFHYHQQH IXRUL FKHHUDXQ&RPXQHSDUODWRYHORFLVVLPDPHQWH/D UDJLRQHGL WXWWDTXHOOD IUHWWDQHOSDUODUHHPHUVHTXDQGR XQR GHJOL DQ]LDQL HEEH OD VYHQWXUDWD LGHD GL FKLHGHUH FRPH VL FKLDPDVVH LO PRQWH &RQ XQD WUDGX]LRQHDSSURVVLPDWLYDVXRQDYDSUHVVDSSRFRFRVu81*5$1'((1250($/7,66,02&808/2&267,78,72'$',9(56,675$7,',52&&,$&+(12,$%%,$02,'(17,),&$72&20(*5$1,72266,',$1$48$5=2&2175$&&(',81$/7520,1(5$/(68&8,67,$02$1&25$/$925$1'2&+(+$81 682 6,67(0$ ,17(512 ', 5,6&$/'$0(172 &+( 67,$02 $1&25$ 678',$1'2 3(5 &23,$5/2 35,0$ 2 32, &+(5,6&$/'$/$52&&,$$'81$7(03(5$785$3(5&8,6,75$6)250$ ,167$72/,48,'22*$66262&+(2*1,7$172

    (0(5*(,1683(5),&,((6&255(/81*2/(3$5(7,'(/*5$1'((1250($/7,66,02&808/21RQLPSRUWDVLDIIUHWWzDGLUHODQ]LDQR1RQLPSRUWD/HVSUHVVLRQHIHFHFROSRVXJOLJQRPL&KLDYUHEEHPDLGHWWRFKHTXHVWLXPDQLSRWHYDQRULGXUUHTXDOFRVDGL FRVuJLJDQWHVFRHPHUDYLJOLRVR LQTXDOFRVDGL FRVu VHPSOLFHHGDO WHPSRVWHVVR LQFUHGLELOPHQWH VWXSHQGR'DTXHOJLRUQRODPRQWDJQDVLFKLDPz0RQWH1RQLPSRUWDFRQODJUDQGHVROOLHYRGHOOD&RUSRUD]LRQHGHL7RSRJUDIL'DTXHOJLRUQRL&DYDOLHULHJOLJQRPLGL6DQFULVWFRQYLVVHURLQSHUIHWWDDUPRQLD,&DYDOLHULSUHVHQWDYDQRDJOLJQRPLWXWWLLTXHVLWLGLQDWXUDWHFQRORJLFDFKHGRYHYDQRULVROYHUHHJOLJQRPLVIRUQDYDQRFRVWDQWHPHQWHQXRYHLQYHQ]LRQL

  • /DSDUWHFHQWUDOHGHOODFLWWjGHJOLJQRPLDOOLQWHUQRGHO0RQWH1RQLPSRUWD>@GLHGHXQRVWUDWWRQHDXQDFRUGDFKHSHQGHYDGDOODOWR5LVXRQzXQILVFKLR6TXLOODURQRGXHFDPSDQHOOLHXQJRQJULPERPEz,QILQHFRQXQLQFUHGLELOH]DIIDWDGLYDSRUHFKHSHUSRFRQRQOLOHVVzWXWWLTXDQWLGXHPDVVLFFLSRUWDOLGDFFLDLRLQFDVWUDWLQHOODURFFLDVLDSULURQRVFLYRODQGROHQWDPHQWH,SRUWDOLVLEORFFDURQRHQHOJLURGLTXDOFKH LVWDQWH TXHOOD VWDQ]DSXOOXODYDGL JQRPL FKH JULGDYDQR JHVWLFRODYDQR H GLVFXWHYDQRGL FKL IRVVH ODFROSD6LWURYDYDQRQHOODSDUWHFHQWUDOHGHOODFLWWjGHJOLJQRPL&RVWUXLWDDOOLQWHUQRGLTXHOODFKHXQDYROWDHUDODFDYLWjGLXQYXOFDQRODFLWWjHUDODUJDFHQWLQDLDGLPHWULHGLJUDQOXQJDSLDOWD/DFLWWjHUDVWDWDFRVWUXLWDDVWUDWLDWWRUQRDOSR]]R 7UHQWDFLQTXHOLYHOOL,O SLDQR EDVVR GHOOD FDYLWj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zUDEELRVDPHQWHYHUVRGLORURLQGLFDQGRXQDOXQJDILODGLJQRPLFKHDWWHQGHYDQRLOSURSULRWXUQR7DV EDO]z VXO VHJJLROLQR GHOOHQRUPH FDWDSXOWD D ILRQGD ILVVDQGR FRQ LPSD]LHQ]D OD SDUWH DOWD GHOODFDYLWj GHO PRQWH 6RSUD GL Vp ULXVFLYD D VFRUJHUH JQRPL FKH OR VELUFLDYDQR GD YDULH EDOFRQDWH WXWWL TXDQWLFLUFRQGDWLGDJUDQGLPDFFKLQHILVFKLIXPLHGHQRUPLFRVHLQIRUPLFKHSHQGHYDQRGDOOHSDUHWLGHOPRQWHFRPHSLSLVWUHOOL,OFDSRWLUzXQDIXQH/DIXQHIDVXRQDUHXQFDPSDQHOORVXOOLYHOORHGDYYLVDFKHFqTXDOFXQRLQDUULYR6HLOFDPSDQHOORQRQVXRQDDOORUDVXRQDXQVHFRQGRFDPSDQHOORFKHGLFHORURFKHLOSULPRQRQKDVXRQDWR/DORQJLWXGLQHHODODWLWXGLQHYHQJRQRFDOFRODWHODFDWDSXOWDYLHQHVLVWHPDWDQHOODJLXVWDSRVL]LRQHSHUPDQGDUHLOSDVVHJJHUR$EELDPRIDWWRGHJOLVWXGLFKHDVVLFXUDQRFKHYRODUHqSLVLFXURFKHFDPPLQDUH,O SDVVHJJHUR YROD VXO OLYHOOR HTXDQGRqDOODOWH]]DGHOOD VXD WUDLHWWRULD FRPLQFLDD VFHQGHUHXQSRFR LOOLYHOORJHWWDXQDUHWHVRWWRGLOXLDFFKLDSSDQGRORFRPHIRVVHXQDPRVFDHORWLUDVX/D VLQFURQL]]D]LRQH q LQJHJQRVD SHUFKp WXWWR GLSHQGH GD XQ JDQFLR FKH DEELDPR VWXGLDWR DQFKH VH FqTXDOFRVDFKHVSRVWDXQSRODVLQFURQL]]D]LRQHPDXQFRPLWDWR/D UHWH VL q DSHUWD WURSSR SUHVWR LQYHFH FKH DSULUVL GRSR FKH LO SDVVHJJHUR HUD YRODWR ROWUH H GL DIIHUUDUORTXDQGRFRPLQFLDYDDFDGHUHVLHUDDSHUWDSULPDFKHLOSDVVHJJHURDUULYDVVHDOOLYHOOR>@)L]EDQVEDWWpFRQWURODUHWHFKHORDSSLDWWuFRPHXQDSDOHWWDSHUDPPD]]DUHJOLLQVHWWL3HUXQDWWLPRLOPDJRYLVLDJJUDSSzFRQOHEUDFFLDH OHJDPEHSLHJDWHSRLSUHFLSLWz,PPHGLDWDPHQWHVTXLOODURQRFDPSDQHOOLHJRQJ4XHOORq ODOODUPHFKHLQGLFDFKHODUHWHQRQVLqDSHUWDDOPRPHQWRJLXVWR/DOODUPHIDVFDWWDUHXQGLVSRVLWLYRSHUDSULUHODUHWHDOOLYHOORSURSULRLQWHPSRRRSVXQSRWDUGLPDQRQLPSRUWDFqDQFRUDLOOLYHOOR7DVYLGHVWXSHIDWWRFKHLIRQGLGLVHLHQRUPLEDULOLVLDSULYDQROXQJROHSDUHWLGHOOLYHOORHURYHVFLDYDQRVXOSDYLPHQWRDOFHQWURGHOODVWDQ]DPLJOLDLDGLVSXJQH&LzVXFFHGHYDQHOFDVRLQFXLWXWWHOHUHWLSHURJQLOLYHOORQRQIXQ]LRQDVVHUR3HUIRUWXQDODUHWHGHOOLYHOORVLDSUuVRWWRLOPDJRDSSHQDLQWHPSRSHUDFFKLDSSDUOR3RLVLFKLXVHLQWRUQRDOXLHFRQXQPRYLPHQWRDIUXVWDOREXWWzVXOODEDOFRQDWD6HLOVLVWHPDILQDOHGLHPHUJHQ]DFRQOHVSXJQHQRQVLD]LRQDYDSHUWHPSRVHOHVSXJQHDUULYDQRXQDWWLPLQRWURSSRWDUGLVFDWWDODOODUPHHURYHVFLDXQHQRUPHEDULOHGDFTXDDOFHQWURGHOODVWDQ]DHGDOPRPHQWRFKHDTXHOSXQWROHSXJQHVRQRJLjOuVLIDSULPDDSXOLUHYLDWXWWRLOPDFHOOR7DVVLDVSHWWDYDGLWURYDUHRJQLVRUWDGLPHUDYLJOLDQHO/DERUDWRULRPDIXVRUSUHVRGLFDSLWDUHLQYHFHLQXQDVWDQ]DTXDVLYXRWD/DPELHQWHHUDLOOXPLQDWRGDXQEXFRQHOODSDUHWHGHOODPRQWDJQDFKHODVFLDYD ILOWUDUHODOXFHGHOVROH4XHOVHPSOLFHPDLQJHJQRVRGLVSRVLWLYRHUDVWDWRVXJJHULWRDJOLJQRPLGDXQQDQRLQYLVLWD,OQDQRDYHYDFKLDPDWRILQHVWUDTXHOORVWUDRUGLQDULRPHWRGRGLOOXPLQD]LRQHJOLJQRPLHUDQRPROWRRUJRJOLRVLGLDYHUORDGRWWDWR1HOODVWDQ]DHUDQRVLVWHPDWLWUHWDYROLHSRFKLDOWULRJJHWWL ,O&RPSLWRGHOOD9LWD$G RJQL JQRPR DOOD QDVFLWD YLHQH DVVHJQDWR LO &RPSLWR GHOOD9LWD H GD TXHOPRPHQWR LQ SRL OXQLFD VXDDPEL]LRQH q TXHOOD GL DVVROYHUH TXHO &RPSLWR (VVR VL WUDPDQGD GL SDGUH LQ ILJOLR SHU WXWWH OH JHQHUD]LRQLILQFKpQRQYLHQHDVVROWRIDFHQGRPHULWDUHDTXHOORJQRPRHGDOODVXDIDPLJOLD LOJLXVWRSRVWRQHOODOWUDYLWDQRQSRVVRQRDFFHGHUHDOODOWUDYLWDILQFKpQRQKDQQRDVVROWRLO&RPSLWR

  • /(&,77$'(//(92/$17,6XOORUL]]RQWH HUD DSSDUVRXQR VSHWWDFROR LQFUHGLELOH(UD WDOPHQWH RUUHQGR FKH D WXWWD SULPDQHVVXQR YROOH FUHGHUFLRJQXQRSHQVDYDGHQWURGLVpGLHVVHUHLPSD]]LWR0DORJJHWWRVLDYYLFLQzGLSLHWXWWLIXURQRFRVWUHWWLDGDPPHWWHUHODVXDUHDOWjDQFKHVHTXHVWRQRQVHUYuDGLPLQXLUHORUURUH)XFRVuFKHODJHQWHGL.U\QQHEEHPRGRGLFRQWHPSODUHSHUODSULPDYROWDODSLLQJHJQRVDPDFFKLQDGDJXHUUDGL/RUG$ULDNDV OH FLWWDGHOOH YRODQWL/DYRUDQGRQHOOH SURIRQGLWj GHO WHPSLRGL6DQFWLRQ JOL XVXIUXLWRUL GLPDJLD GDOOH9HVWL1HUH HG L FKLHULFL VFXUL DYHYDQR VWUDSSDWR XQ FDVWHOOR GDOOH VXH IRQGDPHQWD H ODYHYDQR SRVWR QHL FLHOL $GHVVRJDOOHJJLDQGRLQPH]]RDWHPSHVWRVHQXELJULJLRVFXUHLOOXPLQDWDGDEDUEDJOLIUDVWDJOLDWLGLOXFHELDQFDFLUFRQGDWDGDFHQWR VWRUPL GL GUDJKL URVVL H QHUL OD FLWWDGHOOD VL SURILODYD VRSUD .DODPDQ RVFXUDQGR LO VROH GL PH]]RJLRUQR HSURLHWWDQGRODVXDVSDYHQWRVDRPEUDVXOODFLWWj/DJHQWHIXJJuGDOOHPXUDLQSUHGDDOWHUURUH/DSDXUDGHLGUDJKLRSHUDYDLOVXRWUHPHQGRLQFDQWHVLPRIDFHQGRVu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j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j9HFFKLDH OD&LWWj1XRYD OD SULPDHUDFLUFRQGDWDGDPXUDHGLVSRVWD VHFRQGRXQDFFXUDWDSLDQWDFLUFRODUH FRQRWWRUDJJL FKH SRUWDYDQR DO SXQWR FHQWUDOH LQ FXL HUD VLWXDWR LO SDOD]]R GHO VLJQRUH GHOOD FLWWj 'DO PRPHQWR FKH SHUz3DODQWKDVHUDGDWHPSRFUHVFLXWDGLSLGLTXDQWRSHUPHWWHVVHURJOLDQJXVWLFRQILQLGHOOD&LWWj9HFFKLDLVXRLDELWDQWLDYHYDQRFRVWUXLWROD&LWWj1XRYDFKHVLVWHQGHYDDOGLIXRULGHOOHPXUDHGHUDLOFHQWURGHOGLVWUHWWRFRPPHUFLDOHVHGHGHOOHSULQFLSDOLFRUSRUD]LRQLHGHOOHGLPRUHGHLPHUFDQWLSLDEELHQWL3DODQWKDVYDOHYDEHQHODSHQDGLHVVHUYLVWD/DFLWWjHUDVWDWDIDYROHJJLDWDSHUILQRGXUDQWHO(WjGHOOD3RWHQ]DSHUODVXDEHOOH]]DHODVXDJUD]LD1RQFHUDQHVVXQDOWUDFLWWjVX.U\QQFKHSRWHVVHYHQLUHSDUDJRQDWDDGHVVDSHU ORPHQRVHFRQGR LOSHQVLHURXPDQR&RVWUXLWDVHFRQGRXQRVFKHPD FLUFRODUH FRPH XQD UXRWD LO FHQWUR HUD DOOD OHWWHUD LO PR]]R GHOOD FLWWj 7XWWL L SULQFLSDOL HGLILFL SXEEOLFL VLWURYDYDQROuHOHJUDQGLHDPSLHVFDOLQDWHHOHVQHOOHFRORQQHODVFLDYDQRVHQ]DILDWRSHUODORURJUDQGLRVLWj'DTXHVWRFHUFKLRFHQWUDOHJOLDPSLYLDOLVLGLSDUWLYDQRQHOOHRWWRSULQFLSDOLGLUH]LRQLGHOODEXVVROD3DYLPHQWDWLFRQSLHWUHWDJOLDWHLQPRGRGDFRPEDFLDUHDOODSHUIH]LRQHRSHUDGHLQDQLQDWXUDOPHQWHHERUGDWLGDDOEHULOHFXLIRJOLHHUDQRVLPLOLDGXQPHUOHWWRGRUDWRSHUWXWWRODUFRGHOODQQRTXHVWLYLDOLFRQGXFHYDQRDOSRUWRVXOPDUHDQRUGHGDOOHVHWWHSRUWHG