FN
ID
13
14
15
16
12
3DQRUDPL FD GHOOXQLWj %DPELQR
&
'
/(' DOLPHQWD]LRQH
7D VWR DFFHQVLRQH
VSHJQLPHQWR $
0LFURIRQR
7D VWR WURYD XQLWj
%
&RQQHWWRUH
DGDWWDWRUH GL
FRUUHQ WH
,VWUX]LRQL SHU OD VLFXUH]]D
$99(57(1=$
,O SUHQWH EDE\ PRQLWRU q FRQIRUP H D WXWWL L SU VWDQGDUG FKH
ULJXDUGDQR L FDPSL HO HWWURPD JQHWLFL H LO VXR XW LOL]]R q VLFXUR VH PDQHJJLD
VHJXHQGR OH LVWUX]LR QL ULS RUWD WH QH OOD JX LG SHU OXWHQWH 3HUWD QWR OHJH
VHPSUH DWWHQWDPHQWH WDOL LVWUX]LRQL SULPD GL XWLOL]]DUH LO GLVSRVLWLYR
Ê QHFHUL R ODV VHPEODJJLR GD SDUW H GL XQ DGXOWR 'XUDQWH
ODVVHPEODJJLR WHQHUH OH SDUW L SLFFROH ORQWDQR GD L EDPELQL
4XHVWR SURGRWWR QRQ q XQ JLRFDWWROR 1RQ SH UPHWWHUH FKH L EDPELQL FL
JLRFKLQR
,O SUHVHQWH ED PRQLW RU QRQ VRVWLWXLVFH OD VXSHUYLVLRQH GD SDUW H GL
XQ DG UH VSRQVD
&RQVHUY DUH TXHVWD JX LGD SHU OXW SH ULIHULPHQWL IX WXUL
1RQ SRVL]LRQDUH OXQLWj %DPELQR R L FDYL QHO OHWWLQR R D SR UWDWD GL
PDQR GH O EDPELQ R O XQLWj GRYUHEEH HV VHUH DG XQD GLVWD Q]D GL
DOPHQR PHWU
7H QHUH L FDYL IXRUL GD OOD SRUWDWD GHL EDPELQL
1RQ FRSULUH LO EDE\ PRQLWRU FR Q XQ DVFLXJDPDQR R XQD FRSHUWD
1RQ XVDUH PDL SUROXQJKH FRQ JOL DGDWWDWRUL GL FRUUHQWH 8VDUH
HVFOXVLYDPHQWH JOL DGDWWDWRUL IRUQLWL
3ULPD GHOVR HVHJXLUH XQD SURYD FRQ LO EDE \ PRQLWRU
)DPLOLDU L]]DUH FRQ OH VXH IX Q]LRQL
1RQ XVDUH LO EDE \ PRQLWRU YLFLQR DOODF TXD
1RQ SRVL]LRQDUH LO EDE\ PRQLWRU YLFLQR DG XQ D VRUJHQWH GL FDORUH
8VDUH HVFOXVLYDP HQWH L FDULF DWRUL H JOL DGDWWDWRUL IR UQLWL 1R Q XVDUH
FDULFDWRUL R DGDWWDWRUL GLYHUVL LQ TXDQWR VL SRWUHEEHUR FDXVDUH GDQQL DO
GLVSRVLWLYR H DOOH EDWWHULH
,QVHULUH VRODPHQWH EDWWHULH GHOOR VWHVVR WLSR 1R Q XVDUH PDL QHOOXQLWj
JHQLWRUH EDWWHULH FRPXQL H QRQ UL FDULFDELOL ,QVHULU H OH EDWWHULH FRQ OD
SRODULWj FRUUH WWD LQGLFDWH QHO YDQR SRUWDEDWWHULH
1RQ WRFFDUH LO FDULFDWRUH R L FRQWD WWL GHOOD VSLQD FRQ RJJHWWL WD JOLHQWL R
PHWDO OLFL
$77(1=,21(
(VLVWH LO ULVFKLR GL HVSORVL RQH TXDORUD OD ED VLD VRVWLWXLWD FRQ XQDOWUD
GHO WLSR VEDJOLDWR 6PDO WLUH OH EDWWHUL H XW LOL]]DWH VHJXHQGR OH LVWU
3HU LQL]LDUH
$OLPHQWD]LRQH GL FRUUHQW H GHOOXQLWj %DPELQR
&ROOHJDUH OD SLFFROD SUHVD GHOODGDWWD WRUH GL FRUUHQWH DO FR QQHWWRUH
FRUULVSRQGHQWH VXOOXQLWj EDPELQR H ODOWUD HVWU HPLWj GH OODGDWWDWRUH
DOOD SU HVD HOHWWULFD 9+]
127$
8VDUH HVFOXVLYDPH QWH ODGDWWDWRUH GL FRUUHQWH LQ GRWD]L RQH 9 '& P$
3UHPHUH $ ,O /(' GL DOLPHQWD ]LRQH VL LOOXPLQHUj
7HQHUH SUHPXWR $ SHU VSHJQHUH OXQLWj EDPELQR
,QVWDOOD]LRQ H GHOOH EDWWHULH GHOOXQL Wj *H QLWRUH
/XQLWj *HQLW RUH SXz HVVHUH XWLOL]]DWD VLD FRQ EDWWHULH UL FDULFDELOL WLSR 1L0+
$$$ LQ GRWD ]LRQH R FROOH JDQGR ODGDW WDWRUH GL FRUUHQWH IRUQLWR DOOD UHWH
HOHWWULFD
+
-
+
-
$99(57(1=$
1RQ XVDUH PDL EDWWHULH FRPXQL H QRQ UL FDULF DELOL /DG GL UH WH
HOHWWULFD GLVSR GL XQD IXQ]LRQH GL FDULFD SHUWDQWR OH EDWWHULH QRQ
ULFDULFDELOL SRVVRQR EU XFLD UH FDXVDQGR GHL GDQQL
127$
/H EDWWHULH UL FDULFDELOL 1L0+ GHYRQR HVVHUH FDULFDWH SH RU SULP D GL
XWLOL]]DUH OXQLWj *HQLWRU H VHQ]D FKH VLD FROOHJDWD DOOD UH WH GL DOLPHQWD]LRQH
6L UDFFRPDQGD FKH OH ED WWHULH ULFDULF DELO L VLDQR JLj LQVH ULWH LQ PRGR WDOH
FKH OXQ SRVVD FRQWLQX D IXQ]L RQDUH LQ FDVR GL LQWHUUX] LR GHOOD
UHWH HOHWWULFD
&RQ XQ FDFFLDYLWH JLUD UH OD YLWH GHO FRSHUFKLR GHOOH ED VXO UHWUR
GHOOXQLWj JHQLWRUH D JUDGL LQ VHQVR DQWLRUDULR 5LPXRYHUH LO
FRSHUFKLR GHOOH EDWWHULH
127$
5XRWDUH LO IHUPDJOLR GHOOD FLQ QHOOD SRVL]LRQ FKH QH SHUPHWW D
ODSSOLFD]LRQH LQ PRGR WDOH GD IDFLO LWDUH ODFFHVVR DO YDQR SRUWDEDWWHULH
1RQ WH QWDUH GL UXRWDUH OD YLWH IRU]DQG ROD ROWUH OD SRVL]LRQH GL
$3(572
FRQWUDVVHJQDWD VXO FRS HUFKLR
,QVWDOO DUH EDWWHULH ULFDULFDELOL 1L0+ $$$ VH JXHQGR OD SRODULWj
LOOXVWUDWD QHO GLDJUDPPD GL FXL VR SUD H L FRQWUDVVHJQL H QHO
YDQR SRUWDEDWWHULH
&KLXGHUH LO YDQR SRUWDEDWWHULH H ULJLUDUH OD YLWH LQ VHQVR RUDULR D JUDGL
3UHPHUH 3 ,O /(' GL DOLP HQWD]LRQH $&& (62 VL
LOOXPLQ HUj DVVXPHQGR LO FRO RUH YHUGH VROR VH GL VSRQH GL
DOLPHQWD]LRQH IRUQLWD GD OOH EDWWHULH
7HQHUH SUHPXWR 3 SHU VSHJQHUH OXQLWj JHQLWRUH
127$
4XDQGR LO OLYHOOR GHOOH EDWWHULH q EDVVR LO /(' GL DOLPHQWD ]LRQH YHUGH
ODPSHJJHUj H OXQLWj JHQLW RUH HPHWWHUj XQ ELS GL DY YLVR RJQL PLQXWR
4XDQGR QRQ YLHQH SL IRUQLWD ODOLPHQWD]LRQH R VL q IX RUL SRUWDWD LO
FROOHJDPHQWR YLHQH SHUVR H OXQLWj JHQLWRUH HPHWWHUj XQ ELS GL DYYLVR
RJQL VHFRQGL H LO /(' YHUGH GL FROOHJDPHQWR VXOOXQLW j JHQLWRUH
FRQWLQXHUj D ODPSHJJLDUH
$99(57(1=$
1RQ PHVFRODUH EDWWHULH YHFFKLH H QXR YH
7HQHUH OH ED OR GD EDPELQ L SLFFROL
1RQ SURYRFDUH XQ FRUWR FLUFX LWR QHOOH EDWWHULH R QRQ JHWWDUOH QHO IXRFR
6H LO GLVSRVLWLYR QRQ YHUU XVDW R SHU XQ OXQJ SHULRGR GL WHPSR
ULPXRYH UH OH EDWWHULH
6RPPDULR
,VWUX]LRQL SHU OD VLFXUH]]D
3HU LQL]LDUH
$OLPHQWD]LRQH GL FRUUHQWH GH OOXQLWj %DPELQR
,QVWDOOD]LRQ H GHOOH ED WWHULH GHOO XQLWj *HQLWRUH
$OLPHQWD]LRQH GL FRUUHQWH GH OOXQLWj *HQLWRUH
&ROOH JDPHQWR
5HJLVWUD]LRQH
7URYD XQLWj
8WLOL]]R GHOO 0%3
5HJROD]L RQ H GHO YROXPH VXOO XQLW j JHQLWR UH
6PDOWLPHQWR GHO GLVSRV DPELHQW H
3XOL]LD
$LXWR
,QIRUPD]LRQL JH QH UDOL
1
2
3
4
5
6
7
8
/(' LQGLFDWRUH GL
FROOHJDPHQWR
7D VWR GL PLQX]LRQH
YROXPH 0
7D VWR DF FHQVLRQH
VSHJQLPHQWR 3
'LIIXVRUH
7D VWR DX PHQWR
YROXPH 2
/(' $O LPHQWD ]LRQH
$&&(62
/(' LQGLFDWRUH GHO
YROX PH
&RQQHWWRUH
DGDWWDWRUH GL
FRUUHQWH
3DQRUDPLFD GHOOXQLWj *HQLWRUH
%
)HUPDJO LR SHU FLQW XUD
9LWH FRSHUFKLR EDWWHULD
&RSHUFKLR EDWWHULD
$
/D SUHVHQWH JXLG D SHU OXWHQ IRUQ LVFH WXWW OH LQIRUPD]LRQL
QHFHVV DULH SHU RWWHQHUH LO PDVVLPR GDO SURSULR SURGRWWR
3ULPD GL SR WHU XWLOL]]DUH LO EDE \ PRQLWRU q QHFHVVDULR LQVHULUH H
FDULF DUH FRPSOHWDPHQWH OH EDWWHULH VXOOXQLWj *HQLWRUH /HJJHUH OH
LVWUX]LRQL VXOOD VLFXUH]]D DO SDUDJUDIR ³,V WUX]LRQL SHU OD VLFXUH]]D´
SULPD GL LQVWDOODUH OH XQLWj
&RQWHQX WR GH OOD FR QIH]LRQH
[ XQLWj *HQLWRUH
[ XQLWj %DPELQR
[ EDWWHULH ULFDULFDELOL WLSR $$$ SHU OXQLWj *HQLWRUH
[ DGDWWDWRUH GL FRUUHQWH SHU OXQLWj *HQLWRUH
[ DGDWWDWRUH GL FRUU SHU OXQLWj %DPELQ
%HQYHQXWL
QHO PRQGR GHO %DE\ 0RQLWRU GLJLWDOH
0RWRUROD
*UD]LH SHU DYHU DFTXLVWDWR O0%3 ,O SU EDE\ PRQLWRU XWLOL]]D
XQD FRPXQLFD]LRQH GL WLSR GLJLWDOH FKH SHUPHWWH GL DVFROWDUH LO SURSULR
EDPELQR FKLDUD PHQWH H VHQ]D UXPRUL R LQWHUIHUHQ]H FKH LPS
OD ULFH]LRQH
&RQVHUYDUH OD ULFHYXWD GL DFTXLVWR RULJLQDOH LQ FXL q ULSRUW DWD OD GDWD
3HU XVXIUXLUH GHO VHUYL]LR GL JDU DQ]LD GHO SURGRWWR 0R WRUROD q
QHFHVV DULR HVLE XQD FRSLD GL WDOH U LFHYXWD FKH SH GL YHULILFDUH
OR VW GH JDUDQ]LD VWHVVD 3HU OD FRSHUWXUD SUHYLVWD GDOOD
JDUDQ]LD QRQ ELVRJQD UHJLVWUDUH LO SURGRWWR
3HU TXDOVLDVL GRPDQGD UH ODWLYD DO SU RGRWWR FKLDPDUH
LQ (XUR
(PDLO PRWR UROD#WH OHPDUFRPHX
9LD LQ ZZZPRWRURODFRP
*8,'$ 3(5 /87(17(
0%3
%$%< 021,725 ', *,7$/(
/H IXQ]LR GHVFULW QHOOD SUHVHQWH JXLGD SHU OXWHQWH VRQR
VRJJHWWH D PRGLILFKH VHQ]D SUHDYYLVR
NCQ21`JGV`JU/gn Qbhf 2 Npoe Tfqufncfs 25- 311 : 22 ;28 BN
