Microsoft word - allegato b_d op sanitari

 /,1(( ', &203257$0(172 3(5 , 0(',&, 263('$/,(5,  /,1(( ', &203257$0(172 3(5 , 0(',&, 7(55,725,$/,  6(*1$/$=,21( ( '(181&,$ ,6758=,21, 3(5 /¶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¶DUFR GHO D ORUR HYROX]LRQH GDO D QDVFLWD VLQRDO ¶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q TXHO R GL IRUQLUH DO H YDULH ILJXUH SURIHVVLRQDOL FKH RSHUDQR LQ FDPSR SHGLDWULFR XQD VHULH GL LQIRUPD]LRQL H SURFHGXUH RSHUDWLYH GD DSSOLFDUH QHO H YDULHVLWXD]LRQL GL GLVDJLR SVLFRILVLFR GHL EDPELQL DO R VFRSR GL SURWHJJHUH QHO PLJOLRU PRGR SRVVLELOHO¶LQWHJULWj GHO EDPELQR H LO VXR VYLOXSSR SRWHQGR FRQWDUH VX XQD VHULH GL ILJXUH SURIHVVLRQDOL FKHSRVVRQR FRDGLXYDUH LO PHGLFR QHO D VFHOWD GHO D VWUDWHJLD SLX¶ DGHJXDWD DO H YDULH VLWXD]LRQL FXL LOSLFFROR SXz WURYDUVL HVSRVWR  /,1(( ', &203257$0(172 3(5 , 0(',&, 263('$/,(5, 6L SUHVHQWD TXL LO SHUFRUVR VXOO¶DEXVR FKH VL ULIj DO H OLQHH JXLGD QD]LRQDOL H DO H UDFFRPDQGD]LRQL GHO H 6RFLHWj VFLHQWLILFKH 3UHVVR O¶$]LHQGD 2VSHGDOLHUD 6 $QQD GL &RPR HVLVWH XQ SURWRFRO R FRQFRUGDWR H YDOLGDWR GDO 7ULEXQDOH GL &RPR FKH q XQLIRUPDWR D TXHVWH UDFFRPDQGD]LRQL /D SURSRVWD q FKH WDOL SURFHGXUH SRVVDQR HVVHUH DSSOLFDWH QHO H DOWUH $]LHQGH 2VSHGDOLHUH GHO D 3URYLQFLD DO R VFRSR GL RPRJHQHL]]DUH OH SURFHGXUH H IDFLOLWDUH FRVu OH PRGDOLWj GLDJQRVWLFKH H JOL LQWHUYHQWL QHFHVVDUL DQFKH GDO SXQWR GL YLVWD JLXULGLFR LQ TXHVWD GHOLFDWD PDWHULD /R VFRSR GHO D SUHVHQWH SURFHGXUD q DVVLFXUDUH FKH OH DW LYLWj PHGLFKH LQ VHJXLWR D GLFKLDUD]LRQL R GHQXQFH GL YLROHQ]D VHVVXDOH YHQJDQR VYROWH QHO ULVSHW R GHJOL DUW   ELV H VV GHO FRGLFH SHQDOH $OWUR VFRSR q ULIHULWR DO ¶XQLIRUPD]LRQH GHO H SURFHGXUH RSHUDWLYH GL DFFRJOLHQ]D H SUHVD LQ FDULFR GHJOL XWHQWL H GHJOL DW L PHGLFL GD FRPSLHUH JDUDQWHQGR OD ULQWUDFFLDELOLWj GHO SHUFRUVR% /D SUHVHQWH SURFHGXUD VL DSSOLFD LQ WXWWL TXHL FDVL LQ FXL L SD]LHQWL FKH DFFHGRQR DO SURQWR VRFFRUVR JHQHUDOH SHGLDWULFR JLQHFRORJLFR GLFKLDULQR GL DYHU VXELWR XQD YLROHQ]D VHVVXDOH& $* $XWRULWj *LXGL]LDULD30 3XEEOLFR 0LQLVWHUR3* 3ROL]LD *LXGL]LDULD&78 &RQVXOHQWH 7HFQLFR G¶8IILFLR36J 3URQWR 6RFFRUVR JHQHUDOH36JLQ 3URQWR 6RFFRUVR JLQHFRORJLFR36SHG 3URQWR 6RFFRUVR SHGLDWULFR'VS 'LUH]LRQH VDQLWDULD GL SUHVLGLR' 0HGLFL GL JXDUGLD DO SURQWR VRFFRUVR JHQHUDOH SHGLDWULFR JLQHFRORJLFR , PHGLFL GL JXDUGLD DO SURQWR VRFFRUVR JHQHUDOH SHGLDWULFR JLQHFRORJLFR KDQQR OD UHVSRQVDELOLWj OHJDOH GHO D JHVWLRQH GHO SD]LHQWH O¶REEOLJR GL UHIHUWD]LRQH GHO ¶DSSRVLWR YHUEDOH PHGLFR H O¶REEOLJR GL GHQXQFLD QHL FDVL SUHYLVWL GDO D OHJJH3HUVRQDOH PHGLFR H WHFQLFR GHL VHUYL]L GL GLDJQRVL,O SHUVRQDOH PHGLFR H WHFQLFR GHL VHUYL]L GL GLDJQRVL KDQQR O¶REEOLJR GL RW HPSHUDUH DO H ULFKLHVWH GL HVDPL LQROWUDWH GDL PHGLFL GL JXDUGLD H GDL FRQVXOHQWL VSHFLDOLVWL'LUH]LRQH VDQLWDULD GHO ¶RVSHGDOH/D GLUH]LRQH VDQLWDULD GHO ¶RVSHGDOH KD O¶REEOLJR GL FRQVHUYD]LRQH H FXVWRGLD SHU LO SHULRGR SUHVWDELOLWR GL HYHQWXDOL FDPSLRQL SUHOHYDWL /D GLUH]LRQH KD LQROWUH OD UHVSRQVDELOLWj GHO D WHQXWD GL DSSRVLWR UHJLVWUR QHO TXDOH YHQJRQR HYLGHQ]LDWL L FDPSLRQL FXVWRGLWL H OD UHVSRQVDELOLWj GHO ¶HYHQWXDOH VPDOWLPHQWR GHJOL VWHVVL D VFDGHQ]D GHO WHUPLQH GL FRQVHUYD]LRQH( $FFHVVR LQ 36 JHQHUDOH R SHGLDWULFR'RSR O¶DFFHW D]LRQH WULDJH GHO D SD]LHQWH LQ SURQWR VRFFRUVR JHQHUDOH R SHGLDWULFR LO PHGLFR GL JXDUGLD ³DSUH´ LO YHUEDOH H FRPSLH L QHFHVVDUL DW L PHGLFL VXO GRFXPHQWR SUHFLWDWR VL GHYH GHVFULYHUH LQ GHW DJOLR H FRQ DFFXUDWH]]D ROWUH DL GDWL DQDJUDILFL OD SURYHQLHQ]D GHO D SD]LHQWH HV WUDVSRUWR WUDPLWH VHUYL]LR VDQLWDULR GL XUJHQ]D H HPHUJHQ]D ±   O¶DQDPQHVL O¶RELHW LYLWj QRPLQDWLYR GHO PHGLFR DFFHW DQWH HYHQWXDOPHQWH L SDUDPHWUL YLWDOL OH SUHVWD]LRQL OD GLDJQRVL OD SURJQRVL LO WLSR GL SURYYHGLPHQWR DGRWWDWR ULQYLR D GRPLFLOLR ULFRYHUR HWF  OD GDWD GHO YHUEDOH QRPLQDWLYR H ILUPD GHO PHGLFR GL JXDUGLD ,O PHGLFR GL JXDUGLD SHU TXDQWR GL FRPSHWHQ]D UDFFRJOLHUj LQ GHW DJOLR OD GHVFUL]LRQH GHO H OHVLRQL HYLGHQ]LDWH DQFKH FRQ GRFXPHQWD]LRQH IRWRJUDILFD  OH GLFKLDUD]LRQL GHO D SD]LHQWH H LQ FDVR GL VRJJHW L FRQ DOWHUD]LRQH GHO D FRVFLHQ]D SRWUj ULFKLHGHUH D VXD GLVFUH]LRQH HVDPL DOFROHPLFL HR /H SURFHGXUH YHQJRQR GLVWLQWH SHU IDVFLD GL HWj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p VWDWD VSRJOLDWD LQWHJUDOPHQWH R SDU]LDOPHQWH VH F p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j HPR]LRQDOH VHQVD]LRQH GL VWRUGLPHQWR DPQHVLD GLVVRFLDWLYD FRQ LQFDSDFLWj GL ULFRUGDUH TXDOFKH DVSHW R LPSRUWDQWH GHO HYHQWR DW UDYHUVR LPPDJLQL SHQVLHUL VRJQL IODVKEDFN DQVLD H GL DXPHQWDWR VWDWR GL DO HUWD FRPH LSHUYLJLODQ]D LQVRQQLD LQFDSDFLWj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q ODYDWD ,QXPLGLUH XQ WDPSRQH PRQRXVR VWHULOH FRQ VROX]LRQH ILVLRORJLFD H VWULVFLDUOR VXO D FXWH GHO D UHJLRQH GL FRQWDW R LQGLFDWD GDO D YLW LPD ODVFLDU DVFLXJDUH ,QVHULUH WDPSRQH SHU OD FRQVHUYD]LRQH LQ SURYHW D 38%,& +$,5 ³&20%,1*´ FRQ SHW LQH SXOLWR SHW LQDUH SL YROWH FRVu GD IDU FDGHUH L SHOL VX FDUWD SXOLWD HV FDUWD GD JXDQWL RSSXUH UHSHUWDUH L SHOL LQ SURYHW D 6H QHFHVVDULR WDJOLDUH 7$0321( *(1,7$/, (67(51, VH QRQ VL q ODYDWD  WDPSRQH $5&$7$ 683 VSD]L LQWHUGHQWDOL  WDPSRQH $5&$7$ ,1) VSD]L LQWHUGHQWDOL 81*+,( UHSHUWDWH VH LQGLFD]LRQH DQDPQHVWLFD , YHWULQL ILVVDWL YHUUDQQR LQYLDWL LQ FLWRORJLD SHU OD OHW XUD DO ILQH GL LQGLYLGXDUH O¶HYHQWXDOH SUHVHQ]D GL VSHUPDWR]RL 7XWWR O¶DOWUR PDWHULDOH UDFFROWR QRQ GRYUj HVVHUH (6$0,1$72 PD VDUj LQYLDWR LQ 'LUH]LRQH 6DQLWDULD GL 3UHVLGLR LQ EXVWD FKLXVD D GLVSRVL]LRQH SHU HYHQWXDOL ULFKLHVWH GHO 0DJLVWUDWR /D EXVWD GRYUj HVVHUH FRUUHODWD GL IRJOLR GL DFFRPSDJQDPHQWR LQ GXSOLFH FRSLD LQGLFDQWH LQ GHWWDJOLR LO QXPHUR H OD VHGH GL SUHOLHYR GHL UHSHUWL 7XWWR LO PDWHULDOH FRQVHJQDWR VDUj VHJQDODWR VX DSSRVLWR ³5HJLVWUR 3(5 /$ 7(187$ '(, &$03,21, ,1 &$62 ', 9,2/(1=( 6(668$/,´ 0* ± 1HLVVHULD JRQRUUKRHDH ± WDPSRQH FROWXUDOH FHUYLFDOH0* ± (VDPH PLFURVFRSLFR VHFUHWR FHUYLFDOH  YHWULQL0* ± 7ULFKRPRQDV YDJLQDOLV H PLFHWL ± WDPSRQH YDJLQDOH0* ± &KODP\GLD WUDFKRPDWLV ± 3&5 ± WDPSRQH FHUYLFDOH *OL HVDPL YHQJRQR SUDWLFDWL LQ XUJHQ]D H ULSHWXWL D     PHVL (YHQWXDOH ULFKLHVWD GL HVDPL DOFRROHPLFL HR WRVVLFRORJLFL  LQ FDVR GL DOWHUD]LRQH GHO D FRVFLHQ]D VH RSSRUWXQRHYHQWXDOH HVDPH WRVVLFRORJLFR VXO FDSHO R (¶ RSSRUWXQR SUHYHGHUH XQ VHW D GLVSRVL]LRQH FRQ WXWWR LO QHFHVVDULR SUHYLVWR SHU HVHFX]LRQH GHJOL HVDPL ELRORJLFL ,Q UDSSRUWR DO D YLROHQ]D VXELWD LO 0HGLFR SURYYHGHUj DO ¶HVHFX]LRQH GHJOL 9(75,1, VPHULJOLDWL 3(5 /$ 5,&(5&$ ', 63(50$72=2, SHU L SUHOLHYL YDJLQDOL IRUQLFL HG HQGRFHUYLFH H JOL DOWUL SHU HYHQWXDOL SUHOLHYL GD DOWUH VHGL UHJLRQH DQDOH RURIDULQJHD FXWH  )LVVDUH RJQL YHWULQR FRQ FLWRIL[ H VFULYHUYL VRSUD OD VHGH SHU &+/$0<',$ SUHOLHYR HQGRFHUYLFDOH SHU *212&2&&2 SUHOLHYR HQGRFHUYLFDOH WHUUHQR GL FROWXUD VSHFLILFR SHU 75,&+2021$6 SUHOLHYR YDJLQDOH LQ SURYHW D VWHULOH FRQ  PO GL VROX]LRQH HWLFKHW D FRQ LO FRGLFH QRVRJUDILFR SHU O 2JQL VHGH DGDW HUj LO PDWHULDOH DO H HVLJHQ]H GHO SURSULR ODERUDWRULR 7$0321, 6(1=$ 7(55(12 ', &2/785$ &21 3529(77( &21 7$332 2 3HU UDFFRJOLHUH LO PDWHULDOH ELRORJLFR FKH SRVVD QHFHVVLWDUH GHO VDOLYD VDQJXH RG DOWUR 6L LPSLHJKL WDPSRQH VWHULOH DVFLXWWR 6X FXWH q SUHIHULELOHWDPSRQH DULD SULPD GL FKLXGHUH LQ EXVWD VLJLO DWD GD ULSRUUH D ±  6X RJQL SURYHW D GHYH HVVHUH LQGLFDWD OD VHGH GHO SUHOLHYR %XVWH FRQ GRSSLD WDVFD R FRPXQTXH VLJLO DWH SHU FRQWHQHUH LO PDWHULDOH SHU '1$ FKH YLHQH LQYLDWR DO &HQWUR GRYH q FRQVHUYDWR D ƒ 63$==2/,12 ( %867( ', &$57$ 3(5 , 35(/,(9, ', 0$7(5,$/( 9$5,2 6&+('$ &/,1,&$ 6&+('( 3(5 ,/ 5,/(9$0(172 '(//( ,1)250$=,21, ( 127$ TXHVWR .,7 YLHQH VXJJHULWR FRPH HVHPSLR GHO PDWHULDOH FKH q QHFHVVDULR DYHUH D GLVSRVL]LRQH DO PRPHQWR LQ FXL VL HVHJXH O HVDPH FOLQLFR GHO D SD]LHQWH Ê RSSRUWXQR WHQHUOR SUHGLVSRVWR LQ DSSRVLWL FRQWHQLWRUL LQ PRGR GD QRQ LQFRUUHUH LQ GLPHQWLFDQ]H RG HUURUL LQ FRQGL]LRQL GL HPHUJHQ]D H GD SDUWH GL RSHUDWRUL PHQR HVSHUWL 1% (¶ LPSRUWDQWH FKH GRSR O¶XVR LO 6HW VLD ULSULVWLQDWR FRPSOHWDPHQWH  $=,7520,&,1$  JU SHU RV XQLFD GRVH =,7520$;  &RPSUHVVH  &()75,$=21(  PJ LP  IODFRQH 52&(),1 XQLFD GRVH  0(7521,'$=2/2  JU [ RV XQLFD GRVH )/$*</  &RPSUHVVH /HYRQRUJHVWUHOH  PFJ  FS XQD GRVH RSSXUH FS   FS GRSR  RUH (YHQWXDOH 352),/$66, HR 9$&&,1$=,21( 6X LQGLFD]LRQH GHO GDWR DQDPQHVWLFR H GHO ¶HYHQWXDOH FRQVXOWR FRQ LQIHW LYRORJR (¶ LPSRUWDQWH FKH RJQL FHQWUR VL GRWL GL 6&+('$ &/,1,&$ DQFKH JXLGDWD SHU LO ULOHYDPHQWR 02'(//2 23(5$7,92 3(5 62**(772 ', 6(662 )(00,1,/( ', (7¬ ,1)(5,25( $  $11, &21 6263(772 $%862 6(668$/( HSLVRGLR VL KD OD PDVVLPD SUREDELOLWj GL WURYDUH VHJQL RELHW LYL R UHSHUWL IRUHQVL VLJQLILFDWLYL GL XQ VRVSHW R DEXVR ,Q TXHVWR FDVR H FRPXQTXH HQWUR L  JLRUQL q QHFHVVDULD XQD HPHUJHQ]D SDUHFFKL JLRUQL GRSR XQ HSLVRGLR OD YLVLWD SXz HVVHUH SURJUDPPDWD VH SXU LQ WHPSL EUHYL  DW HJJLDPHQWR RSHUDWRUL UDVVLFXUDQWHGLVSRQLELOH DO  OLPLWDUH RSHUDWRUL SURFHGXUH H VSRVWDPHQWL D TXHO L VWUHW DPHQWH QHFHVVDUL  FRQVHQWLUH OD SUHVHQ]D GL XQ DGXOWR GL ILGXFLD GXUDQWH OD YLVLWD DFFRPSDJQDWRUH DYYHQJD LQ SUHVHQ]D GHO PLQRUH 5DFFROWD GDWL SUHIHULELOPHQWH VX VFKHGD FOLQLFD JXLGDWD9DQQR UHJLVWUDWL GDWL DQDJUDILFL  ULIHULPHQWL GHO SHGLDWUD H GHO D VFXROD IUHTXHQWDWD  FDUDW HULVWLFKH GHO QXFOHR IDPLOLDUH'HYH HVVHUH VLQWHWL]]DWR  HYHQWXDOH UDFFRQWR VSRQWDQHR GHO PLQRUH UHJLVWUDWR FRQ OH VXH SDUROH 'DUH VSD]LR DO D GHVFUL]LRQH GHO H YDULD]LRQL GHO FRPSRUWDPHQWR GHO PLQRUH VSHFLILFDQGR L FRQWHVWL  VH VL VRVSHW D XQ PDOWUDW DPHQWR LQWUDIDPLOLDUH  VH VL WUDW D GL XQ HSLVRGLR LVRODWR R GL HSLVRGL ULSHWXWL GL DEXVR  VH SRVVLELOH OH VHGL LQWHUHVVDWH H OD VHGH GHO HYLGHQ]LDUH DQFKH IDWWRUL GL ULVFKLR VRFLDOH SDWRORJLFD UHPRWD FRQ SDUWLFRODUH DW HQ]LRQH D SUHFHGHQWL RVVHUYD]LRQL SUHVVR 'LSDUWLPHQWL SDWRORJLFD SURVVLPD FRQ SDUWLFRODUH DW HQ]LRQH D WUDXPL H FKLUXUJLD GHO D UHJLRQH JHQLWR DQDOH YRPLWR VWLSVL HQXUHVL HQFRSUHVL  DQDPQHVL JLQHFRORJLFD SUHJUHVVH IORJRVL JHQLWDOL VDQJXLQDPHQWL LQ FDVR GL DGROHVFHQWL XOWLPD PHVWUXD]LRQH XVR GL WDPSRQL HG HYHQWXDOH DW LYLWj VHVVXDOH JLj LQ FRUVR  3ULPD GL SDVVDUH DO D YLVLWD VSLHJDUH DO PLQRUH FRVD DYYHUUj UDVVLFXUDQGROR VXO IDWWR FKH QRQ VHQWLUj PDOH H FKH LO WHPSR ULFKLHVWR SRWUj HVVHUH OXQJR(VDPH RELHWWLYR JHQHUDOH  HYLGHQ]LD]LRQH GL HYHQWXDOL OHVLRQL VX WXWWR LO FRUSR FRQ VHGH H GHVFUL]LRQH DFFXUDWD  SHVR DOWH]]D VWDGL GL 7DQQHU(VDPH JLQHFRORJLFR DGLWXV YDJLQDOH VHSDUD]LRQH R WUD]LRQH GHO H JUDQGL ODEEUD  XVR GL FROSRVFRSLR R OHQWH GL LQJUDQGLPHQWR FDWHWHUH GL )ROH\  GLVSRQLELOLWj GL GRFXPHQWD]LRQH IRWRJUDILFD9LVXDOL]]D]LRQH H GHVFUL]LRQH VLVWHPDWLFD GL D UHJLRQH YXOYDUH HVWURJHQL]]D]LRQH VDQJXLQDPHQWR DUURVVDPHQWR LSHUYDVFRODUL]]D]LRQL HVFRULD]LRQL HFFKLPRVL VROX]LRQL GL FRQWLQXR SHUGLWH GL VRVWDQ]D GLVFURPLH VLQHFKLHFLFDWULFL VHFUH]LRQL H VWDWR LJLHQLFR FRPSOHVVLYRE PHDWR XUHWUDOH GLODWD]LRQH EDQGH SHULXUHWUDOLF LPHQH FRQIRUPD]LRQH GL EDVH FDUDW HULVWLFKH H VSHVVRUH GHO ERUGR GLDPHWUR RUH  VDQJXLQDPHQWRDUURVVDPHQWR LSHUYDVFRODUL]]]LRQL HFFKLPRVL VLQHFKLH FLFDWULFL DSSHQGLFL FRQYHVVLWj GHO ERUGR LQ FRQWLQXLWj R PHQR FRQ SOLFKH GHO D PXFRVD YDJLQDOH LQFLVXUH SDU]LDOL LQFLVXUH ILQR DO D EDVH GL LPSLDQWR DW HQXD]LRQH GHO PDUJLQH SRVWHULRUH FRQ R VHQ]D DUURWRQGDPHQWR H LVSHVVLPHQWR GHO ERUGR YLVLELOLWj GHO H SDUHWL YDJLQDOLG IRUFKHW D H SHULQHR VDQJXLQDPHQWR DUURVVDPHQWR LSHUYDVFRODUL]]D]LRQH HVFRULD]LRQL SHUGLWH GL VRVWDQ]D VROX]LRQL GL FRQWLQXR HFFKLPRVL VLQHFKLH GLVFURPLH DSSHQGLFL FXWDQHH YLVLELOLWj GHO UDIH PHGLDQR FLFDWULFL IULDELOLWj GHO D IRUFKHW D H UHJLRQH DQDOH VDQJXLQDPHQWR DUURVVDPHQWR HGHPD FRQJHVWLRQH YHQRVD HVFRULD]LRQL SHUGLWD GL VRVWDQ]D VROX]LRQL GL FRQWLQXR UDJDGL DSSHQGLFL FXWDQHH HFFKLPRVL FLFDWULFL VHJQL GL JUDW DPHQWR SOLFKH FXWDQHH DSSLDQDWH SHUGLWD GL WRQR GHO R VILQWHUH ULIOHVVR GL GLODWD]LRQH DSHUWXUD ODWHUDOH GHL JOXWHL H VXRL WHPSL SUHVHQ]D R PHQR GL IHFL QHO FRQWUD]LRQLULODVFLDPHQWL VSRQWDQHL DVSHW R LPEXWLIRUPH FRQ YLVXDOL]]D]LRQH GHO FDQDOH DQDOH LPEUDW DPHQWR IHFDOHI FDYLWj RUDOH6HJQDODUH DQFKH O DW HJJLDPHQWR GHO PLQRUH GXUDQWH OD YLVLWD H OH GLIILFROWj LQFRQWUDWH GDO RSHUDWRUH(VDPL VWUXPHQWDOL FRPSOHPHQWDUL,Q SUHVHQ]D GL OHVLRQL QRQ FRPSOHWDPHQWH HVSORUDELOL R GL VRVSHW R GL FRUSL HVWUDQHL SURJUDPPDUH YDJLQRVFRSLD R UHW RVFRSLD LQ QDUFRVL(VDPL GL ODERUDWRULR DGLWXV YDJLQDOH H R D OLYHO R UHW DOH HR D OLYHO R GHO FDYR RUDOH QHL VHJXHQWL FDVLLQ SUHVHQ]D GL VHJQL IORJLVWLFLLQ FDVR GL DQPQHVL GL FRQWDW R JHQLWDOH VH LO VRVSHW DWR KD XQD PDODW LD D WUDVPLVVLRQH VHVVXDOH R q XQ VRJJHW R D ULVFKLR VH VL VRVSHW DQR DEXVL GD SDUWH GL SL SHUVRQH GL IURQWH DG XQD ULFKLHVWD VSHFLILFD LQ WDO VHQVR  SUHOLHYL SHU OD WLSL]]D]LRQH GHO '1$ WDPSRQH VWHULOH DVFLXWWR VX FXWH HY WDPSRQH EDJQDWR LQ DULD H FKLXGHUH LQ EXVWD VLJLO DWD SULPD GL ULSRUUH D  LQ SUHVHQ]D GLSUREDELOH HLDFXODWR DOWUH SRVVLELOLWj GL SHUPDQHQ]D GL PDWHULDOH ELRORJLFR GHO  ULFHUFD GL VSHUPDWR]RL VX YHWULQR ILVVDWR VH O DQDPQHVL q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¬ ,1)(5,25( $  $11, &21 6263(772 $%862 6(668$/( HSLVRGLR VL KD OD PDVVLPD SUREDELOLWj GL WURYDUH VHJQL RELHW LYL R UHSHUWL IRUHQVL VLJQLILFDWLYL GL XQ VRVSHW R DEXVR ,Q TXHVWR FDVR H FRPXQTXH HQWUR L  JLRUQL q QHFHVVDULD XQD GHVFUL]LRQH H GRFXPHQWD]LRQH G  SDUHFFKL JLRUQL GRSR XQ HSLVRGLR OD YLVLWD SXz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j UDVVLFXUDQGROR VXO IDWWR FKH QRQ VHQWLUj PDOH H FKH LO WHPSR ULFKLHVWR SRWUj HVVHUH OXQJR(VDPH RELHWWLYR JHQHUDOH  HYLGHQ]LD]LRQH GL HYHQWXDOL OHVLRQL VX WXWWR LO FRUSR FRQ VHGH H GHVFUL]LRQH DFFXUDWD  VH SRVVLELOH GRFXPHQWD]LRQH IRWRJUDILFD  SHVR DOWH]]D VWDGL GL 7DQQHU(VDPH JHQLWDOH  XVR GL FROSRVFRSLR OHQWH GL LQJUDQGLPHQWR  GLVSRQLELOLWj GL GRFXPHQWD]LRQH IRWRJUDILFD  HYHQWXDOH HVSORUD]LRQH UHW DOH9LVXDOL]]D]LRQH H GHVFUL]LRQH VLVWHPDWLFD GLD FXWH VFURWDOH VDQJXLQDPHQWR DUURVVDPHQWR HGHPD HVFRULD]LRQL HFFKLPRVL VROX]LRQL GL FRQWLQXR SHUGLWH GL VRVWDQ]D GLVFURPLH HFFKLPRVL LGURFHOH FLFDWULFL H VWDWR LJLHQLFR FRPSOHVVLYRE WHVWLFROL YROXPH SUHVHQ]D LQ VHGH GRORUDELOLWjF SHQH JODQGH VFRSULELOH DGHUHQ]H EDODQRSUHSX]LDOL FLUFRQFLVLRQH ILPRVL VDQJXLQDPHQWR DUURVVDPHQWR GHO JODQGH HVFRULD]LRQL SHUGLWH GL VRVWDQ]D HFFKLPRVL VHFUH]LRQL FLFDWULFLG UHJLRQH DQDOH VDQJXLQDPHQWR DUURVVDPHQWR HGHPD FRQJHVWLRQH YHQRVD HVFRULD]LRQL SHUGLWD GL VRVWDQ]D VROX]LRQL GL FRQWLQXR UDJDGL DSSHQGLFL FXWDQHH HFFKLPRVL FLFDWULFL VHJQL GL JUDW DPHQWR SOLFKH FXWDQHH DSSLDQDWH SHUGLWD GL WRQR GHO R VILQWHUH ULIOHVVR GL GLODWD]LRQH DSHUWXUD ODWHUDOH GHL JOXWHL H VXRL WHPSL SUHVHQ]D R PHQR GL IHFL QHO FRQWUD]LRQLULODVFLDPHQWL VSRQWDQHL DVSHW R LPEXWLIRUPH FRQ YLVXDOL]]D]LRQH GHO FDQDOH DQDOH LPEUDW DPHQWR IHFDOHH FDYLWj RUDOH6HJQDODUH DQFKH O DW HJJLDPHQWR GHO PLQRUH GXUDQWH OD YLVLWD H OH GLIILFROWj LQFRQWUDWH GDO RSHUDWRUH(VDPL VWUXPHQWDOL FRPSOHPHQWDUL ,Q SUHVHQ]D GL OHVLRQL QRQ FRPSOHWDPHQWH HVSORUDELOL R GL VRVSHW R GL FRUSL HVWUDQHL SURJUDPPDUH UHW RVFRSLD LQ QDUFRVL(VDPL GL ODERUDWRULR  XQ SUHOLHYR SHU FROWXUD D OLYHO R UHW DOH HR D OLYHO R GHO FDYR RUDOH QHL VHJXHQWL FDVLLQ SUHVHQ]D GL VHJQL IORJLVWLFL VH LO VRVSHW DWR KD XQD PDODW LD D WUDVPLVVLRQH VHVVXDOH R q XQ VRJJHW R D ULVFKLR VH VL VRVSHW DQR DEXVL GD SDUWH GL SL SHUVRQH GL IURQWH DG XQD ULFKLHVWD VSHFLILFD LQ WDO VHQVR  SUHOLHYL SHU OD WLSL]]D]LRQH GHO '1$ WDPSRQH VWHULOH DVFLXW R VX FXWH HYWDPSRQH EDJQDWR LQ DULD H FKLXGHUH LQ EXVWD VLJLO DWD SULPD GL ULSRUUH D  LQ SUHVHQ]D GLSUREDELOH HLDFXODWR DOWUH SRVVLELOLWj GL SHUPDQHQ]D GL PDWHULDOH ELRORJLFR GHO  ULFHUFD GL VSHUPDWR]RL VX YHWULQR ILVVDWR VH O  WHVW VLHURORJLFL SHU +,9 +&9 $E &ODPLGLD 9'5/ H +E6$J VH QRQ YDFFLQDWR QHL WHPSL DGHJXDWL H LQ VLWXD]LRQL VHOH]LRQDWH LQ UHOD]LRQH DO  6H QHFHVVDULD WHUDSLD ORFDOH R VLVWHPLFD LPPHGLDWD R GRSR ULVSRVWD GHO D FROWXUD  LQ UHOD]LRQH DO UDFFRQWR GHL IDW L DL WHPSL LQWHUFRUVL DO RSSRUWXQLWj GLWHUDSLD DQWLELRWLFD SHU 076 SHU &KODP\GLD $]LWURPLFLQD VRVS SHGLDWULFD  PJ .J PRQRGRVH SHU  JLRUQL R (ULWURPLFLQD JUDQ SHG   PJNJ LQ  VRPPLQLVWUD]LRQL SHU  JJ SHU *RQRFRFFR SURILODVVL SRVWHVSRVL]LRQH DG +,9 H VH QRQ YDFFLQDWR LPPXQL]]D]LRQH DQWL HSDWLWH % 5LFKLDPDQGR LO SDUDJUDIR  LO JLQHFRORJR GRSR DYHUH UDFFROWR LO PDWHULDOH ELRORJLFR SHU OD ULFHUFD GHJOL VSHUPDWR]RL GRYUj LPEXVWDUH L UHODWLYL FDPSLRQL LQ VSHFLILFR EXVWD VLJLO DWD VXO TXDOH GRYUj DSSRUUH O¶HWLFKHW D LQGLFDQWH LO QXPHUR GL SUDWLFD FRPH GD YHUEDOH GL SURQWR VRFFRUVR H OD GDWD GL DFFHVVR DO D VWUXWWXUD RVSHGDOLHUD 7DOH EXVWD VDUj FRUUHGDWD GL IRJOLR GL DFFRPSDJQDPHQWR LQ GXSOLFH FRSLD LQGLFDQWH LQ GHW DJOLR LO QXPHUR H OD VHGH GL SUHOLHYR GHL UHSHUWL $OO¶LQWHUQR GHO FRQWHQLWRUH VLJLO DWR VDUj DSSRVWD LQYHFH O¶HWLFKHW D LGHQWLILFDWLYD GHO D SHUVRQD FKH VL q ULYROWD DO SURQWR VRFFRUVR QRPH H FRJQRPH GDWD GL QDVFLWD GDWD H VHGH SUHOLHYR  , FDPSLRQL SUHOHYDWL VL ULEDGLVFH QRQ GRYUDQQR HVVHUH HVDPLQDWL PD VDUDQQR LQYLDWL DO D GLUH]LRQH VDQLWDULD GL SUHVLGLR LQ EXVWD FKLXVD GRYH VDUDQQR FRQVHUYDWL LQ DSSRVLWR IULJRULIHUR FKLXVR D FKLDYH H D GLVSRVL]LRQH GHO H HYHQWXDOL ULFKLHVWH GHO ¶$* R GHO &78 GDO D VWHVVD QRPLQDWR /D GLUH]LRQH VDQLWDULD DJJLRUQHUj O¶DSSRVLWR UHJLVWUR GL WHQXWD GHL FDPSLRQL LQ JLDFHQ]D H FXUHUj OR VPDOWLPHQWR GHL FDPSLRQL DUFKLYLDWL WUDVFRUVR LO WHUPLQH GL GRGLFL PHVL GDO D GDWD GHO SUHOLHYR /R VPDOWLPHQWR VDUj HIIHW XDWR FRQ OH PRGDOLWj ULVHUYDWH SHU L ULILXWL VDQLWDUL SHULFRORVL D ULVFKLR LQIHW LYR H L FDPSLRQL VDUDQQR UDFFROWL QHJOL DSSRVLWL KDOLSDFN 1HO FDVR OD 3URFXUD GHO D 5HSXEEOLFD WUDPLWH OD 3ROL]LD *LXGL]LDULD R LO &RQVXOHQWH 7HFQLFR G¶8IILFLR DYHVVH QHFHVVLWj GL DFTXLVLUH DJOL DW L R VHTXHVWUDUH L FDPSLRQL FRQVHUYDWL OD GLUH]LRQH VDQLWDULD PHW HUj D GLVSRVL]LRQH TXDQWR FXVWRGLWR H DUFKLYLDWR SUHVVR L SURSUL XIILFL 3HU TXDQWR FRQVHJQDWR YHUUj VWLODWR DSSRVLWR YHUEDOH OD GLUH]LRQH VDQLWDULD DQQRWHUj LQROWUH O¶DFTXLVL]LRQH R LO VHTXHVWUR GHL FDPSLRQL VXOO¶DSSRVLWR UHJLVWUR )DW R VDOYR TXDQWR VRSUD HVSOLFLWDWR LQ VSHFLILFR OD GLUH]LRQH VDQLWDULD IXQJHUj LQ JHQHUDOH GD SXQWR GL ULIHULPHQWR SHU WXW H OH ULFKLHVWH DYDQ]DWH GD $* 3* &78 $UURVVDPHQWR LSHUHPLD ORFDOH SL R PHQR DVVRFLDWD DG HGHPD,SHUYDVFRODUL]]D]LRQH FKLDUD HYLGHQ]D GHO D WUDPD YDVFRODUH SHU DXPHQWR GHO QXPHUR GHL YDVL HRGLODWD]LRQH GHL YDVL(VFRULD]LRQH SHUGLWD GL VRVWDQ]D VXSHUILFLDOH GHO ¶HSLWHOLR LQ XQ¶DUHD SL R PHQR HVWHVD HVOHVLRQH VXSHUILFLDOH GD JUDIILR 3HUGLWD GL VRVWDQ]D VL LQWHQGH XQD SHUGLWD GL VRVWDQ]D VLPLOH DO D SUHFHGHQWH PD FKH VL DSSURIRQGuILQR DO R VWURPD JXDULJLRQH FKH DYYLHQH SHU VHFRQGD LQWHQ]LRQH FRQ SRVVLELOH WHVVXWR GLJUDQXOD]LRQH HG HVLWL FLFDWUL]LDOL 6ROX]LRQL GL FRQWLQXR OHVLRQH GLVFRQWLQXDWLYD LQ JHQHUH OLQHDUH FRQ PDUJLQL DFFRVWDELOL FKH QRQFRPSRUWD SHUGLWD GL WHVVXWR HV WDJOLR (FFKLPRVL 6RIIXVLRQH HPRUUDJLFD VRWWHSLWHOLDOH GL FXL q WDVVDWLYR GHVFULYHUH IRUPD GLPHQVLRQH HFRORUH'LVFURPLD YDULD]LRQH FLUFRVFULW D GL SLJPHQWD]LRQH6LQHFKLH DGHVLRQH WUD VXSHUILFL PXFRVH H HSLWHOLDOL QRQ VHSDUDELOL VHQ]D FUXHQWD]LRQH&LFDWULFL q WDVVDWLYR GHVFULYHUH GLPHQVLRQL FDUDW HULVWLFKH H FRORUH5DJDGH XOFHUD GHUPRHSLGHUPLFD ORFDOL]]DWD DO IRQGR GL XQD SOLFD UDGLDWD FDUDW HUL]]DWD GDVFROODPHQWR GHL ERUGL WDORUD FRQ IRUPD]LRQH GL WDVFKH DL GXH HVWUHPL HR DL GXH SROL D IRUPD GLORVDQJD R GL UDFFKHW D ,O IRQGR SXz HVVHUH URVVDVWUR H VDQJXLQDQWH VH UHFHQWH GL DVSHW R WRUSLGR VHFURQLFD 3HU DOWUH OHVLRQL WHJXPHQWDULH FKH QRQ SUHVHQWLQR TXHVWL FDUDW HUL VL VHJQDOHUDQQR VROX]LRQLGL FRQWLQXR RSSXUH SHUGLWH GL VRVWDQ]D D VHFRQGD GHO H FLUFRVWDQ]H  /,1(( ', &203257$0(172 3(5 , 0(',&, 7(55,725,$/, 7XWWL L PHGLFL FKH RSHUDQR VXO WHUULWRULR LQ DPELWR SHGLDWULFR 3HGLDWUL GL OLEHUD VFHOWD 0HGLFL GLIDPLJOLD /LEHUL SURIHVVLRQLVWL 0HGLFL &RQVXOWRULDOL SRVVRQR LPEDW HUVL QHO R VYROJHUVL GHO DSURSULD DW LYLWj LQ FDVL GL VRVSHW R DEXVR WUDVFXUDWH]]D R PDOWUDW DPHQWR  9HQJRQR TXL IRUQLWH OLQHH GL FRPSRUWDPHQWR LQ PHULWR DO GRYHUH GL HVHJXLUH GHQXQFLD RVHJQDOD]LRQH D VHFRQGR GHL YDUL GLYHUVL FDVL IRUQHQGR PRGXOLVWLFD SHU OD GHQXQFLD ±VHJQDOD]LRQHFRQ O¶LQGLYLGXD]LRQH GHO H VSHFLILFKH ILJXUH D FXL IDUH ULIHULPHQWR  6(*1$/$=,21( ( '(181&,$ ,6758=,21, 3(5 /¶862 1HO H VLWXD]LRQL LQ FXL LO FRPSRUWDPHQWR GL XQ DGXOWR FRQILJXUD XQ UHDWR SURFHGLELOH G¶XIILFLR JUDYH PDOWUDW DPHQWR DEXVR VHVVXDOH FIU JORVVDULR L 3XEEOLFL 8IILFLDOL H JOL LQFDULFDWL GLSXEEOLFR VHUYL]LR VRQR WHQXWL DO D GHQXQFLD DO D 3URFXUD GHO D 5HSXEEOLFD SUHVVR LO 7ULEXQDOH2UGLQDULR QRQFKp D VHJQDODUH OD VLWXD]LRQH DO D 3URFXUD GHO D 5HSXEEOLFD SUHVVR LO 7ULEXQDOH SHU LPLQRUHQQL SHU L QHFHVVDUL SURYYHGLPHQWL GL WXWHOD/¶HIIHW R GHO D GHQXQFLD q LQQDQ]LWXWWR TXHO R GL DYYLDUH LO SURFHGLPHQWR SHQDOH GL DFFHUWDPHQWRGHO D UHVSRQVDELOLWj GHO ¶DXWRUH GHO UHDWR4XDORUD VL YHQJD D FRQRVFHQ]D GL XQ IDW R FKH VH YHUR FRVWLWXLVFH UHDWR DQFKH ³GH UHODWR´DW UDYHUVR FLRq QRWL]LH ULSRUWDWH GD WHU]L q REEOLJDWRULR VSRUJHUH GHQXQFLD1RQ q WHQXWR DO D GHQXQFLD FKL q D FRQRVFHQ]D GL HOHPHQWL HR VHJQDOL DG HVHPSLR FRPSRUWDPHQWLHURWL]]DWL GHO EDPELQR QRQ DVVRFLDWL DG DFFHQQL HVSOLFLWL D YLROHQ]H HR DG D]LRQL PDOWUDW DQWLDEXVDQWL H WUDVFXUDQWL HWF FKH SRVVRQR LQGLFDUH XQD VLWXD]LRQH GL SUHJLXGL]LR PD GL SHU VH VWHVVLQRQ FRVWLWXLVFRQR UHDWL ,Q TXHVWR FDVR VRQR UDFFRPDQGDWL XOWHULRUL DSSURIRQGLPHQWL DQFKHULFRUUHQGR D SURIHVVLRQLVWL HVSHUWL '*5  GLFHPEUH  DUW  7UDVFXUDWH]]D H QHJOLJHQ]D YDQQR VHJQDODWL DO ¶8IILFLR 7XWHOD 0LQRUL3HU DYHUH XWLOL VXJJHULPHQWL VLD SHU OD YDOXWD]LRQH GHL FDVL VLD SHU O¶LWHU GD VHJXLUH VL FRQVLJOLD SHUTXHL FDVL LQ FXL QRQ VXVVLVWD O¶REEOLJR GL GHQXQFLD GL IDUH ULIHULPHQWR DO ¶HTXLSH PXOWLGLVFLSOLQDUH GLLQWHUYHQWR GHO R 6SRUWHO R &ULVDOLGH  35,0$ &2168/(1=$ (48,3( 08/7,',6&,3/,1$5( ', ,17(59(17263(&,$/,67,&2 3HU DYHUH XQD SULPD FRQVXOHQ]D VLD SHU OD YDOXWD]LRQH GHL FDVL VLD SHU O¶LWHU GD VHJXLUH VLFRQVLJOLD GL IDUH ULIHULPHQWR DO ¶HTXLSH PXOWLGLVFLSOLQDUH GL LQWHUYHQWR DW XDOPHQWH LQ IDVH GLVSHULPHQWD]LRQH FRPH 6SRUWHOOR &5,6$/,'( D GLVSRVL]LRQH GHL &RPXQL GHO GLVWUHWWR GL &RPR/¶HTXLSH QDWD SHU IDFLOLWDUH LO ODYRUR FOLQLFR GL UHWH QHO H VLWXD]LRQL GL VRVSHW R DEXVR HRPDOWUDW DPHQWR q FRPSRVWD GDO H VHJXHQWL ILJXUH SURIHVVLRQDOL  SVLFRORJD GHO 6HUYL]LR WXWHOD 0LQRUL GHO &RPXQH GL &RPR FRRUGLQDWULFH  QHXURSVLFKLDWUD LQIDQWLOH GHO ¶82 GL 1HXURSVLFKLDWULD GHO ¶,QIDQ]LD H GHO ¶$GROHVFHQ]D GHO ¶$]LHQGD 2VSHGDOLHUD 6DQW¶$QQD GL &RPR  DVVLVWHQWH VRFLDOH GHO 6HUYL]LR 7XWHOD 0LQRUL GHO &RPXQH GL &RPR GXH SVLFRORJL LQFDULFDWL HVSHUWL LQ PDWHULD SVLFRORJR GHO ¶82 GL 1HXURSVLFKLDWULD GHO ¶,QIDQ]LD H GHO ¶$GROHVFHQ]D GHO ¶$]LHQGD 2VSHGDOLHUD 6DQW¶$QQD GL &RPR  SHGLDWUD GHO ¶$]LHQGD 2VSHGDOLHUD 6DQW¶$QQD GL &RPR JLQHFRORJR GHO ¶$]LHQGD 2VSHGDOLHUD 6DQW¶$QQD GL &RPR (¶ SRVVLELOH ULFKLHGHUH XQ SULPR FRO RTXLR FKH DYYHUUj FRQ XQ¶DVVLVWHQWH VRFLDOH H XQD SVLFRORJDFRQWDW DQGR L QXPHUL  H *OL RSHUDWRUL FKH LQ XQD SULPD IDVH IXQJHUDQQR GD ILOWUR RULHQWHUDQQR JOL XWHQWL GRSR XQ¶DW HQWDOHW XUD GHO D GRPDQGD ULVHUYDQGRVL OD SRVVLELOLWj GL YDOXWDUH OD VLWXD]LRQH LQ HTXLSH FRQ ODVXSHUYLVLRQH GL XQ HVSHUWR HVWHUQR /¶HTXLSH VL UHQGHUj GLVSRQLELOH SHU IRUQLUH LQIRUPD]LRQL H FKLDULPHQWL UHODWLYL DJOL LQYLL GHO H VHJQDOD]LRQL FRQHOHPHQWL GXEEL DO H DXWRULWj FRPSHWHQWL IRUQLUH FRQVXOHQ]H VX SUREOHPL VSHFLILFL LQHUHQWL VLWXD]LRQL GL LSRWHWLFR DEXVRH PDOWUDW DPHQWR IRUQLUH VRVWHJQR SVLFRORJLFR PLUDWR D JHQLWRUL GL PLQRUL YLW LPH GL DEXVL IRUQLUH VRVWHJQR H DFFRPSDJQDPHQWR GHO PLQRUH YLW LPD GL DEXVL QHO H YDULHIDVL GHO SHUFRUVR JLXGL]LDULR HV DXGL]LRQL SURWHW H HFF IRUQLUH LQGLFD]LRQL SHU HYHQWXDOH LQYLR DG DOWUR VHUYL]LR IRUQLUH VRVWHJQR SHU SHUFRUVL PLUDWL D PLQRUL H FRSSLH JHQLWRULDOL ODGGRYH VHQH YHULILFKL OD QHFHVVLWj IDFLOLWDUH OD SUHVD LQ FDULFR SVLFRWHUDSHXWLFD GHO PLQRUH YLW LPD GL DEXVL GD SDUWH GHO 6HUYL]LR 6SHFLDOLVWLFR GL 1HXURSVLFKLDWULD LQIDQWLOH  02'(//, ', 6(*1$/$=,21( ( '(181&,$ 6&+(0$ ', '(181&,$ 3(5 5($7, 352&(',%,/, '¶8)),&,2 /D GHQXQFLD GHY¶HVVHUH SUHVHQWDWD DO D 3URFXUD GHO D 5HSXEEOLFD SUHVVR LO 7ULEXQDOH 2UGLQDULR /DUJR 6SDO LQR   &RPR R LQ DOWHUQDWLYD DO ¶8IILFLR GL 3ROL]LD *LXGL]LDULD 6WD]LRQH GHL '(181&,$ &21 5,&+,(67$ ', 6(&5(7$=,21( GDWL VHQVLELOL VRJJHW L DO D WXWHOD GHO '/YR  2JJHWWRVHJQDOD]LRQH UHODWLYD DODO D PLQRUH «««««««««««««««««««««« 1DWRD D «««««««««««««««LO««««««««««««««««« )LJOLRD GL««««««««««««««H GL «««««««««««««««« 5HVLGHQWH D««««««««««««««LQ 9LD ««««««««««««««« %UHYH GHVFUL]LRQH GHL IDW L FKH LQGXFRQR OD VHJQDOD]LRQH 5HOD]LRQH FRQ DOWUL FRPSDJQL  HGXFDWRUL  JHQLWRUL  &HGLPHQWL R UHJUHVVLRQL GHO D VIHUD FRJQLWLYD 'LVWXUEL GHO ¶DW HQ]LRQH  FRQFHQWUD]LRQH $OWUL IDW L R FLUFRVWDQ]H FKH VL ULWHQJRQR ULOHYDQWL ,QIRUPD]LRQL GHULYDWH GDO FRQIURQWR FRQ L JHQLWRUL  HGXFDWRUL *UDGR H PRGDOLWj GL FRO DERUD]LRQH PRVWUDWR GDL JHQLWRUL  HGXFDWRUL SHU FRPSUHQGHUH OD VLWXD]LRQH 5XROR H UHOD]LRQH FRQ LO PLQRUH GL FKL HIIHWWXD OD VHJQDOD]LRQH 3HUVRQH FKH SRVVRQR FRQIHUPDUH SDUWH R WXWWH OH RVVHUYD]LRQL VRSUD ULSRUWDWH 6&+(0$ ', 6(*1$/$=,21( ,1 &$62 ', (/(0(17,6(*1$/, ', 67$72 ', 35(*,8',=,2 1(*/,*(1=$ 2 75$6&85$7(==$ 1RQ q WHQXWR DO D GHQXQFLD PD q LPSRUWDQWH FKH IDFFLD XQD 6(*1$/$=,21( FKL q D FRQRVFHQ]D GLHOHPHQWL HR VHJQDOL DG HVHPSLR FRPSRUWDPHQWL HURWL]]DWL GHO EDPELQR QRQ DVVRFLDWL DG DFFHQQLHVSOLFLWL D YLROHQ]H HR DG D]LRQL PDOWUDW DQWL DEXVDQWL H WUDVFXUDQWL HWF FKH SRVVRQR LQGLFDUH XQDVLWXD]LRQH GL SUHJLXGL]LR QHJOLJHQ]D H WUDVFXUDWH]]D PD GL SHU VH VWHVVL QRQ FRVWLWXLVFRQR UHDWL,Q TXHVWR FDVR VRQR UDFFRPDQGDWL XOWHULRUL DSSURIRQGLPHQWL DQFKH ULFRUUHQGR D SURIHVVLRQLVWLHVSHUWL '*5  GLFHPEUH  DUW  /D VHJQDOD]LRQH GHY¶HVVHUH HIIHW XDWD DO ¶8IILFLR 0LQRUL GHO &RPXQH SHU L &RPXQL GHO GLVWUHW R GL&RPR SXz HVVHUH LQYLDWD DQFKH DO R 6SRUWHO R &ULVDOLGH H SHU FRQRVFHQ]D DO D 3URFXUD SUHVVR LO7ULEXQDOH SHU L PLQRUHQQL $JOL 2SHUDWRUL GHO R 6SRUWHO R &ULVDOLGH 'DWL DQDJUDILFL GHO PLQRUH RJJHWWR GL VHJQDOD]LRQH %UHYH GHVFUL]LRQH GHL IDW L FKH LQGXFRQR OD VHJQDOD]LRQH 5HOD]LRQH FRQ DOWUL FRPSDJQL  HGXFDWRUL  JHQLWRUL  &HGLPHQWL R UHJUHVVLRQL GHO D VIHUD FRJQLWLYD 'LVWXUEL GHO ¶DW HQ]LRQH  FRQFHQWUD]LRQH $OWUL IDW L R FLUFRVWDQ]H FKH VL ULWHQJRQR ULOHYDQWL ,QIRUPD]LRQL GHULYDWH GDO FRQIURQWR FRQ L JHQLWRUL  HGXFDWRUL *UDGR H PRGDOLWj GL FRO DERUD]LRQH PRVWUDWR GDL JHQLWRUL  HGXFDWRUL SHU FRPSUHQGHUH OD VLWXD]LRQH 5XROR H UHOD]LRQH FRQ LO PLQRUH GL FKL HIIHWWXD OD VHJQDOD]LRQH )LUPD GL FKL KD FRPSLODWR OD VHJQDOD]LRQH 3HUVRQH FKH SRVVRQR FRQIHUPDUH SDUWH R WXWWH OH RVVHUYD]LRQL VRSUD ULSRUWDWH  ,1',&$725, ', 3266,%,/( 0$/75$77$0(172 75$6&85$7(==$ ( $%862 0DOWUDW DPHQWL WUDVFXUDWH]]D H DEXVL VXL PLQRUL SRVVRQR HVVHUH ULOHYDWL PHGLDQWH XQ¶DW HQWD SUROXQJDWD HG DFFXUDWD RVVHUYD]LRQH GL DOFXQL VHJQL ILVLFL H FRPSRUWDPHQWDOL 6L ULSRUWD GL VHJXLWR XQ HOHQFR LQGLFDWLYR GL LQGLFDWRUL GL SRVVLELOH PDOWUDW DPHQWR HR DEXVR 6RQR GRYHURVH GXH SUHFLVD]LRQL D JOL LQGLFDWRUL SL JHQHULFL VRQR ULVFRQWUDELOL DQFKH LQ DOWUH VLQGURPL FKH QRQ KDQQR QXOOD D FKH YHGHUH FRQ O¶DEXVR E SHU XQD FRQVXOHQ]D VSHFLILFD VL IDFFLD ULIHULPHQWR DO ¶HTXLSH PXOWLGLVFLSOLQDUH GHO R 6SRUWHO R &ULVDOLGH  OLYLGL HFFKLPRVL HPDWRPL VXOOH EUDFFLD VXOOH JDPEH VXO YLVR LQWRUQR DO D ERFFD FRQ R VHQ]D ODFHUD]LRQH GHO IUHQXOR ODELDOH VXSHULRUH R DJOL RFFKL  WDOYROWD ³ILJXUDWL´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¶HWj TXDQGR OD PRELOLWj GHO EDPELQR q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¶DXWRULWj R HVWUHPDPHQWH UHDW LYL %DPELQL HFFHVVLYDPHQWH DJJUHVVLYL GLVWUXW LYL LSHUDW LYL %DPELQL YLROHQWL FRQ L FRPSDJQL FRQ GLIILFROWj D JLRFDUH FRQ JOL DOWUL %DPELQL HVWUHPDPHQWH SDVVLYL ³ULWLUDWL´ VRW RPHVVL VFDUVDPHQWH SUHVHQWL FKH QRQ SLDQJRQR PDL R %DPELQL VRFLDOPHQWH LVRODWL LQ FODVVH HR GXUDQWH L PRPHQWL ULFUHDWLYL %DPELQL FKH VHPEUDQR VRJQDUH DG RFFKL DSHUWL ³DVVHQWL´ PRVWUDQR HOHYDWD GLIILFROWj GL FRQFHQWUD]LRQH H ULFKLHGRQR OD FRVWDQWH DW HQ]LRQH GHO ¶DGXOWR %DPELQL FKH PRVWUDQR LPSURYYLVL H UHSHQWLQL FDPELDPHQWL GHO ¶XPRUH HR QHO UHQGLPHQWR VFRODVWLFR %DPELQL FKH PRVWUDQR VGRSSLDPHQWR GL SHUVRQDOLWj %DPELQL FKH PRVWUDQR XQ DW DFFDPHQWR LQGLVFULPLQDWR H ³DGHVLYR´ YHUVR JOL HVWUDQHL VRQR ULOXW DQWL D WRUQDUH D FDVD PD VL VRWWRPHW RQR LPPHGLDWDPHQWH SHU WLPRUH GHO D UHD]LRQH GHJOL DGXOWL %DPELQL FKH VHPEUDQR GHL SLFFROL DGXOWL H DVVXPRQR XQ UXROR ³JHQLWRULDOH´ R GL SDUL QHL FRQIURQWL %DPELQL PDVVLFFLDPHQWH SUHRFFXSDWL SHU O¶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j ILVLFD SHUFKp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± VLQGURPH GL 0XQFKDXVHQ SHU 'LIILFROWj QHO FRQGXUUH XQD QRUPDOH YLWD VFRODVWLFD  EDPELQL VSHVVR VWDQFKL R FKH VL DGGRUPHQWDQR LQ FODVVH SHUFKp YDQQR D OHW R PROWR WDUGL R QRQ GRUPRQR GL QRWWH VWDQFKH]]D SHUPDQHQWH R GLVDW HQ]LRQH  GLVDW HQ]LRQH VYRJOLDWH]]D LQFDSDFLWj R GLIILFROWj QHO IDUH R WHUPLQDUH L FRPSLWL  EDPELQL FKH GLVWUXJJRQR PDWHULDOH VFRODVWLFR H UXEDQR DL FRPSDJQL  EDPELQL FKH PRVWUDQR GL DYHUH VHPSUH IDPH FKH HOHPRVLQDQR FLER R UXEDQR OH PHUHQGLQH  EDPELQL FKH ULPDQJRQR D FDVD SHU DFFXGLUH L IUDWHO L H IDQQR IUHTXHQWL DVVHQ]H VFRODVWLFKH  EDPELQL PROWR SLFFROL DIILGDWL DO H FXUH GL IUDWHO L R VRUHO H PDJJLRUL GL SRFR SL JUDQGL  EDPELQL FKH JLURQ]RODQR D OXQJR QHL GLQWRUQL GHO D VFXROD DQFKH GRSR O¶RUDULR GL FKLXVXUD  EDPELQL DELWXDOPHQWH LQ ULWDUGR R FKH YDQQR D FDVD SULPD ODPHQWDQGR VLQWRPL R GLVWXUEL $WWL GL YDQGDOLVPR H GL SLFFROD GHOLQTXHQ]D 5LFHUFD GL DIIHW R H DW HQ]LRQH GD HVWUDQHL HVLEL]LRQLVPR ,SHUDXWRQRPLD FKLXVXUD ULILXWR GL DLXWR SHU WDOH DVSHWWR OD OHWWXUD GHL VHJQL ILVLFL ULVXOWD RYYLDPHQWH SL GL SHUWLQHQ]D GHJOL RSHUDWRUL )HULWH FRQWXVLRQL JUDIIL DQFKH OLHYL QRQ DFFLGHQWDOL DL JHQLWDOL DO VHQR VXOOH FRVFH VXO VHGHUH )HULWH DQDOL GLODWD]LRQH GHO ¶DQR LQVXIILFLHQWH WRQR VILQWHULFR 3UHVHQ]D GL OLTXLGR VHPLQDOH VXO FRUSR R VXJOL LQGXPHQWL ,QGXPHQWL LQWLPL ODFHUDWL R PDFFKLDWL GL VDQJXH )HULWH DO D ERFFD R LQ JROD LQILDPPD]LRQL R LQIH]LRQL 3HUGLWH YDJLQDOL GRORUL H LQILDPPD]LRQL GHO D ]RQD JHQLWDOH 3UHVHQ]D GL PDODW LH VHVVXDOPHQWH WUDVPLVVLELOL *UDYLGDQ]H PROWR SUHFRFL GL FXL YLHQH WHQXWD QDVFRVWD OD SDWHUQLWj 'LIILFROWj QHO FDPPLQDUH QHO IDUH DW LYLWj ILVLFD R QHO VHGHUVL 3UHYDOHQWH H LQ FRPXQH FRQ DOWUH IRUPH GL GLVDJLR 3UHYDOHQWH H LQ FRPXQH FRQ DOWUH IRUPH SDWRORJLH ,Q FRPXQH FRQ OD GLVXULD FRQ O¶LSHUFXUD H FRQ DOWUH &RVWDQWH ULILXWR D VSRJOLDUVL SHU YLVLWH ,Q FRPXQH FRQ LO PDOWUDW DPHQWR ILVLFR H FRQ DOWUH ,Q FRPXQH FRQ WXWWH OH IRUPH GL DEXVR FRQ DOWUH IRUPH GL GLVDJLR H FRQ OD SDWRORJLD RUJDQLFD ,Q FRPXQH FRQ WXWWH OH IRUPH GL DEXVR H GL GLVDJLR $JJUHVVLYLWj YHUVR DGXOWL H FRHWDQHL R YHUVR ,Q FRPXQH FRQ WXWWH OH IRUPH GL DEXVR H GL GLVDJLR ,Q FRPXQH FRQ WXWWH OH IRUPH GL DEXVR H GL GLVDJLR ,Q FRPXQH FRQ O¶LQFXULD OD GLVFXULD H FRQ DOWUH IRUPH ,Q FRPXQH FRQ WXWWH OH IRUPH GL DEXVR H GL GLVDJLR )UHTXHQWL HR SUROXQJDWH DVVHQ]H GD VFXROD ,Q FRPXQH FRQ OD GLVFXULD O¶LSHUFXUD H FRQ DOWUH  6HJQDOL HPRWLYL GL SRVVLELOH DEXVR VHVVXDOH ,Q FRPXQH FRQ WXWWH OH IRUPH GL DEXVR H FRQ DOWUH ,Q FRPXQH FRQ WXWWH OH IRUPH GL DEXVR H FRQ DOWUH 3HUGLWD GL SDUDPHWUL DIILGDELOL GL JLXGL]LR ,Q FRPXQH FRQ WXWWH OH IRUPH GL DEXVR H FRQ DOWUH ,Q FRPXQH FRQ WXWWH OH IRUPH GL DEXVR H FRQ DOWUH 6LQWRPL IRELFRRVVHVVLYL VRSUDW XWWR FRQQHVVL ,Q FRPXQH FRQ WXWWH OH IRUPH GL DEXVR H FRQ DOWUH 'HSUHVVLRQH FRQ WULVWH]]D SHUGLWD GL DXWRVWLPD ,Q FRPXQH FRQ WXWWH OH IRUPH GL DEXVR H FRQ DOWUH )UDQFHVFR 0RQWHFFKL $EXVR VXL EDPELQL O¶LQWHUYHQWR D VFXROD /LQHH JXLGD HG LQGLFD]LRQL RSHUDWLYH DG XVR GL LQVHJQDQWL GLULJHQWL VFRODVWLFL H SURIHVVLRQLVWL GHO ¶LQIDQ]LD )UDQFR $QJHOL  */266$5,2  1250( ( ),*85( *,85,',&+( ', 5,)(5,0(172 1RWD LO SUHVHQWH JORVVDULR q GLUHW R D IRUQLUH DJOL RSHUDWRUL VRFLDOL SHUVRQDOH VDQLWDULR HGXFDWRUL DVVLVWHQWL VRFLDOL HWF OH QR]LRQL IRQGDPHQWDOL SHU RULHQWDUVL QHO H ORUR PDQVLRQL GL IURQWH D FDVL LQ FXL VRUJD LO VRVSHW R GL VLWXD]LRQL SHQDOPHQWH ULOHYDQWL /H LQIRUPD]LRQL ULJXDUGDQWL OH ILJXUH GL UHDWR VRQR SHUFLz OLPLWDWH D TXHO H FKH KDQQR R SRVVRQR DYHUH SL IUHTXHQWH DWWLQHQ]D FRQ OD WXWHOD GHL PLQRUL GD SRVVLELOL IRUPH GL DEXVR FS FRGLFH SHQDOH FSS FRGLFH GL SURFHGXUD SHQDOH '(181&,$ ± (¶ O¶DW R FRQ FXL XQ IDW R FRVWLWXHQWH UHDWR SHUVHJXLELOH G¶XIILFLR YLHQH SRUWDWR D FRQRVFHQ]D GHO ¶$XWRULWj JLXGL]LDULD R GL DOWUD FKH D TXHVWD DEELD O¶REEOLJR GL ULIHULUH GD XQ SXEEOLFR XIILFLDOH R GD XQ LQFDULFDWR GL SXEEOLFR VHUYL]LR R DQFKH GD XQ SULYDWR (¶ SHUVHJXLELOH G¶XIILFLR LO UHDWR OD FXL SXQLELOLWj QRQ q VXERUGLQDWD D XQD VROOHFLWD]LRQH LQ WDO ¾ SHU L SULYDWL VROR LQ UHOD]LRQH DL SDUWLFRODUL UHDWL ³GHOLW L FRQWUR OD SHUVRQDOLWj GHO R 6WDWR´ SXQLWL ¾ SHU L SXEEOLFL XIILFLDOL H JOL LQFDULFDWL GL SXEEOLFR VHUYL]LR LQ UHOD]LRQH D TXDOVLDVL UHDWR SHUVHJXLELOH G¶XIILFLR GHO TXDOH DEELDQR DYXWR QRWL]LD QHO ¶DPELWR GHO H IXQ]LRQL R GHO VHUYL]LR 3XEEOLFR 8IILFLDOH ± (¶ LO VRJJHW R DSSDUWHQHQWH DO D SXEEOLFD DPPLQLVWUD]LRQH HV LQVHJQDQWH PHGLFR $6/ PHPEUR GHO H IRU]H GL SROL]LD HWF R DQFKH HVWUDQHR DG HVVD HV PHGLFR GL EDVH QRWDLR HWF DO TXDOH OD OHJJH ULFRQRVFH SRWHUL DXWRULWDWLYL R FHUWLILFDWLYL GLVFLSOLQDWL GD QRUPH GL ,QFDULFDWR GL SXEEOLFR VHUYL]LR ± (¶ LO VRJJHW R DSSDUWHQHQWH DO D SXEEOLFD DPPLQLVWUD]LRQH HV GLSHQGHQWH GL XQ¶D]LHQGD GL WUDVSRUWL SXEEOLFD R DQFKH HVWUDQHR DG HVVD HV GLSHQGHQWH GL XQ¶D]LHQGD GL WUDVSRUWL SULYDWD FKH SUHVWL XQ¶DW LYLWj GL LQWHUHVVH SXEEOLFR FRPH WDOH ULFRQRVFLXWD GDO D OHJJH PD SULYD GL SRWHUL DXWRULWDWLYL R FHUWLILFDWLYL 6RQR HVFOXVH GDO D QR]LRQH OH SUHVWD]LRQL G¶RSHUD PHUDPHQWH PDWHULDOH HV XVFLHUH FXRFR G¶RVSHGDOH HWF DUW  FS /D SUHVHQWD]LRQH GHOOD GHQXQFLD YD IDW D GDL SXEEOLFL XIILFLDOL H GDJOL LQFDULFDWL GL SXEEOLFR VHUYL]LR LQ IRUPD QHFHVVDULDPHQWH VFULW D GDL SULYDWL DQFKH VROR LQ IRUPD RUDOH DO 3XEEOLFR 0LQLVWHUR RSSXUH D XQ XIILFLDOH GL 3ROL]LD JLXGL]LDULD DUWW  ±  FSS  ¾ ,O 3XEEOLFR 0LQLVWHUR q O¶DXWRULWj JLXGL]LDULD FRPSHWHQWH D VYROJHUH OH LQGDJLQL VXL IDW L GL UHDWR H DO WHUPLQH GHO H LQGDJLQL D YDOXWDUH VH GHEED HVVHUH FKLHVWD O¶DUFKLYLD]LRQH GHO SURFHGLPHQWR R DO FRQWUDULR GHEED HVVHUH HVHUFLWDWD O¶D]LRQH SHQDOH 3HU L UHDWL FRPPHVVL GD PDJJLRUHQQL 30 FRPSHWHQWH q OD 3URFXUD GHO D 5HSXEEOLFD SUHVVR LO 7ULEXQDOH RUGLQDULR 3HU TXHO L FRPPHVVL GD VRJJHW L GL HWj IUD L  H L  DQQL VRWWR L  DQQL QRQ VL q SHUVHJXLELOL SHQDOPHQWH  q OD 3URFXUD GHO D 5HSXEEOLFD SUHVVR LO 7ULEXQDOH SHU ¾ /D 3ROL]LD JLXGL]LDULD q FRPSRVWD GDOO¶LQVLHPH GHJOL RUJDQL DSSDUWHQHQWL DL YDUL FRUSL GL SROL]LD &DUDELQLHUL 3ROL]LD GL 6WDWR *XDUGLD GL )LQDQ]D 3ROL]LD /RFDOH HWF FRPSHWHQWL D UDFFRJOLHUH OH QRWL]LH GL UHDWR H D FRO DERUDUH VRW R OD GLUH]LRQH GHO 30 DOOR VYROJLPHQWR GHO H LQGDJLQL 5()(572  DUWW  FS  FSS (¶ OR VSHFLILFR WLSR GL GHQXQFLD FKH VRQR FKLDPDWL DG HIIHW XDUH HQWUR  RUH JOL HVHUFHQWL SURIHVVLRQL VDQLWDULH PHGLFL SVLFRORJL LQIHUPLHUL FKH DEELDQR SUHVWDWR OD SURSULD DVVLVWHQ]D LQ FDVL FKH SRVVRQR SUHVHQWDUH L FDUDW HUL GL XQ GHOLW R SHUVHJXLELOH G¶XIILFLR/¶REEOLJR GL UHIHUWR GXQTXH− GHYH HVVHUH DVVROWR LPPHGLDWDPHQWH QHO VHQVR FKH QRQ FRPSHWH DO SURIHVVLRQLVWD QHVVXQ DSSURIRQGLPHQWR VXOOD IRQGDWH]]D GHO VRVSHW R ULJXDUGD L VROL FDVL LQ FXL LO SURIHVVLRQLVWD DQFKH QRQ SXEEOLFR XI LFLDOH VLD LQWHUYHQXWR QHO D VLWXD]LRQH VRVSHW D GL UHDWR QRQ VXVVLVWH LQYHFH TXDQGR LO SURIHVVLRQLVWD DEELD DYXWR QRWL]LD GHO UHDWR QRQ SHU DYHUH SUHVWDWR DVVLVWHQ]D PD LQ DOWUR PRGR SHV SHUFKp LQIRUPDWR GD XQ FROOHJD  PD LQ WDO FDVR SXz UHVLGXDUH LO JHQHUDOH REEOLJR GL GHQXQFLD VH LO SURIHVVLRQLVWD q DQFKH SXEEOLFR XIILFLDOH SHV UHVSRQVDELOH GHO D VWUXWWXUD LQ FXL q DYYHQXWD OD YLVLWD  ,Q RJQL FDVR LO UHIHUWR QRQ q REEOLJDWRULR TXDQGR SUHVHQWDUOR HVSRUUHEEH OD SHUVRQD DVVLVWLWD D SURFHGLPHQWR SHQDOH HV PHGLFR FKH KD YLVLWDWR O¶DXWRUH GL PDOWUDWWDPHQWL FKH D VXD YROWD DEELD ULSRUWDWR OHVLRQL LQ XQD GHO H OLWL FRO PDOWUDWWDWR  48(5(/$ ± (¶ OD PDQLIHVWD]LRQH GL YRORQWj GL SXQL]LRQH GHO FROSHYROH ULPHVVD DO D SHUVRQD RIIHVD R D VRJJHW L FKH QH DEELDQR OD UDSSUHVHQWDQ]D  DO D TXDOH LQ FHUWL FDVL ² GL PLQRUH JUDYLWj VRFLDOH R SLXWWRVWR GL SHFXOLDUH GHOLFDWH]]D GHL YDORUL LQWHUHVVDWL ² OD OHJJH VXERUGLQD OD SHUVHJXLELOLWj GHO UHDWR/D WLWRODULWj GHO GLULW R GL TXHUHOD VSHW D DUWW  ±  FS  ¾ SHU JOL LQIUDTXDW RUGLFHQQL H JOL LQWHUGHW L DL JHQLWRUL R D XQR VROR GL HVVL R DO WXWRUH ¾ SHU L PLQRUL XOWUDTXDW RUGLFHQQL H JOL LQDELOLWDWL D VH VWHVVL R ² DQFKH FRQWUR LO ORUR SDUHUH ² DO 6H WDOL UDSSUHVHQWDQWL PDQFKLQR R YHUVLQR LQ FRQIOLW R GL LQWHUHVVL FRO UDSSUHVHQWDWR LQ SDUWLFRODUH VH VRQR HVVL VWHVVL LQGDJDWL GHO GHOLW R FRPPHVVR LQ GDQQR GL TXHVW¶XOWLPR  q SUHYLVWD OD QRPLQD GL XQ FXUDWRUH VSHFLDOH FKH SXz DQFKH FRVWLWXLUVL SDUWH FLYLOH QHO VXFFHVVLYR SURFHVVR $O D QRPLQD SURYYHGH LO *LXGLFH SHU OH LQGDJLQL SUHOLPLQDUL VX ULFKLHVWD GHO SXEEOLFR PLQLVWHUR RYYHUR GHJOL FSS /¶HVHUFL]LR GHO GLULW R GL TXHUHOD• GHYH DYYHQLUH HQWUR LO WHUPLQH GL WUH PHVL GD TXDQGR OD SHUVRQD RIIHVD KD DYXWR VLFXUD QRWL]LD GHO UHDWR DUW  FS PD SHU L GHOLW L GL YLROHQ]D VHVVXDOH LO WHUPLQH q GL VHL PHVL DUW  VHSWLHV QRQ q SL SRVVLELOH VH LO WLWRODUH YL KD IDW R ULQXQFLD LQ PRGR HVSOLFLWR FRQ GLFKLDUD]LRQH ULODVFLDWD DO ¶LQWHUHVVDWR D XQ XIILFLDOH GL SROL]LD JLXGL]LDULD R D XQ QRWDLR R LPSOLFLWR RVVLD FRQ FRPSRUWDPHQWL LQFRPSDWLELOL FRQ OD YRORQWj GL TXHUHODUVL DUWW  FS  FSS  /H IRUPDOLWj GHO D TXHUHOD VRQR OH VWHVVH GHO D GHQXQFLD Y VRSUD  VDOYR LO IDW R FKH QRQ q QHFHVVDULD OD IRUPD VFULW D SRWHQGR OD TXHUHOD HVVHUH IRUPXODWD RUDOPHQWH DO 38 ULFHYHQWH/D UHPLVVLRQH GHO D TXHUHOD ² SRVVLELOH VLQR DO D VHQWHQ]D LUUHYRFDELOH WUDQQH FKH QHL FDVL GL YLROHQ]D VHVVXDOH ² HVWLQJXH LO UHDWR (¶ XQ QHJR]LR JLXULGLFR ELODWHUDOH QRQ KD HIIHW R VH LO TXHUHODWR QRQ GLFKLDUD GL DFFHW DUOD  SXz HVVHUH IDW D VLD QHO SURFHVVR FKH LQ VHGH H[WUDSURFHVVXDOH H VL HVWHQGH D WXWWL L FRQFRUUHQWL DQFKH VH IDW D D IDYRUH GL XQR VROR DUWW  ±  FS  FSS  ,/ 75,%81$/( 3(5 , 0,125(11, ROWUH FKH FRPSHWHQWH D JLXGLFDUH GHL UHDWL FRPPHVVL GD LQIUDGLFLRWWHQQL q FRPSHWHQWH DQFKH DG DGRW DUH L SURYYHGLPHQWL SL RSSRUWXQL SHU LO PLQRUH FKH VLD YLW LPD GL FRQGRWWH SUHJLXGL]LHYROL GL XQR R GL HQWUDPEL L JHQLWRUL DQFKH QRQ LQWHJUDQWL IDW LVSHFLH GL UHDWR HV LQFXULD WUDVFXUDWH]]D HWF R LQWHJUDQWL UHDWR QHL FRQIURQWL GL SHUVRQH GLYHUVH HV PDOWUDW DPHQWL GL XQ FRQLXJH YHUVR O¶DOWUR DO D SUHVHQ]D GHO ILJOLR  7DOL SURYYHGLPHQWL SRVVRQR DYHUH JUDYLWj FUHVFHQWH GDOOD SUHVD LQ FDULFR GHO QXFOHR IDPLOLDUH GD SDUWH GHL VHUYL]L VRFLDOL DOO¶DO RQWDQDPHQWR GHO PLQRUH GDOOD FDVD IDPLOLDUH VLQR GDOOD GHFDGHQ]D GHO JHQLWRUH UHVSRQVDELOH GHO D FRQGRW D SUHJLXGL]LHYROH GDO D SRWHVWj VXO ILJOLR 0,1$&&,$ ± (¶ OD IRUPD PHQR JUDYH GL DW HQWDWR DO ¶DOWUXL LQFROXPLWj LQ TXDQWR FRQVLVWH QHO D VHPSOLFH SURVSHW D]LRQH GL XQ PDOH LQJLXVWR GL TXDOXQTXH QDWXUD ILVLFR SVLFKLFR HFRQRPLFR HWF (¶ SHUVHJXLELOH D TXHUHOD VDOYR FKH O¶LQWLPLGD]LRQH VLD FRPPHVVD FRQ DUPL R GD SHUVRQD WUDYLVDWD R GD SL SHUVRQH ULXQLWH R FRQ VFULW R DQRQLPR R LQ PRGR VLPEROLFR R YDOHQGRVL GHO D IRU]D LQWLPLGDWULFH GHULYDQWH GD VHJUHWH DVVRFLD]LRQL HVLVWHQWL R VXSSRVWH R VLD FRPXQTXH GD FRQVLGHUDUH FRQ YDOXWD]LRQH ULPHVVD DOOD GLVFUH]LRQDOLWj GHO JLXGLFH ³JUDYH´ ,O GHOLW R GL FXL DOO¶DUW  FS UHVWD DVVRUELWR ² FLRq QRQ q SXQLWR LQ Vp ² RJQL TXDO YROWD OD ³PLQDFFLD´ FRVWLWXLVFH OD PRGDOLWj GL FRPPLVVLRQH GL XQ GHOLW R SL JUDYH HV YLROHQ]D SULYDWD YLROHQ]D VHVVXDOH PDOWUDWWDPHQWL HWF  3(5&266( ± &RQVLVWRQR QHO D YLROHQ]D ILVLFD FKH QRQ FRPSRUWD OHVLRQL DSSUH]]DELOL WDOL GD GHWHUPLQDUH XQR VWDWR GL PDODW LD DUW  FS  $ GLI HUHQ]D GHO GHOLW R GL OHVLRQL H DO SDUL GL TXHO R GL PLQDFFLD TXHO R GL SHUFRVVH UHVWD DVVRUELWR RJQL TXDO YROWD OD ³YLROHQ]D´ q LQGLFDWD DQFKH VROR LPSOLFLWDPHQWH FRPH PRGDOLWj GL FRPPLVVLRQH GL XQ GHOLW R SL JUDYH HV YLROHQ]D SULYDWD YLROHQ]D VHVVXDOH PDOWUDWWDPHQWL HWF  3HU ³DUPL´ DJOL HI HW L SHQDOL VL LQWHQGRQR QRQ VROR JOL RJJHW L OD FXL GHVWLQD]LRQH QDWXUDOH q O¶RIIHVD DOOD SHUVRQD DUPL GD VSDUR VSDGH VFLDEROH PDQJDQHO L HWF  PD WXWWL JOL VWUXPHQWL DW L D RIIHQGHUH HV SLHWUH ERWWLJOLH FROWHO L EDVWRQL HWF  /(6,21( 3(5621$/( ± &RQGRW H GL YLROHQ]D ILVLFD FKH GDQQR OXRJR D OHVLRQL H VL GLVWLQJXRQR D OLHYLVVLPH VH OD PDODW LD FKH GHWHUPLQDQR QRQ VXSHUD L  JLRUQL E OLHYL VH VXSHUD L  PD QRQ L  JLRUQL F JUDYL VH VXSHUD L  JLRUQL R FRPSRUWD O¶LQGHELOLPHQWR SHUPDQHQWH GL XQ VHQVR R GL XQ RUJDQR G JUDYLVVLPH VH SURGXFRQR OD SHUGLWD GL XQ VHQVR GL XQ RUJDQR R GHO D FDSDFLWj GL SURFUHDUH RSSXUH XQD JUDYH H SHUPDQHQWH GLIILFROWj GHO D IDYHO D RSSXUH XQD GHIRUPD]LRQH R OR VIUHJLR SHUPDQHQWH GHO YLVR R FRPXQTXH XQD PDODW LD LQVDQDELOH /H OHVLRQL GD ³OLHYL´ LQ SRL VRQR SHUVHJXLELOL G¶XI LFLR 4XHO H ³OLHYLVVLPH´ VRQR SHUVHJXLELOL D TXHUHOD VDOYR FKH VLDQR FRPPHVVH FRQ DUPL R FRQ VRVWDQ]H FRUURVLYH R FKH ULFRUUDQR WDOXQH DJJUDYDQWL WUD FXL SDUWLFRODUPHQWH ULOHYDQWL LQ TXHVWD VHGH • O¶HVVHUH LO IDWWR FRPPHVVR DO ILQH GL HVHJXLUH XQ DOWUR GHOLW R HV PDOWUDWWDPHQWL LQ IDPLJOLD O¶HVVHUH FRPPHVVR FRQWUR O¶DVFHQGHQWH R LO GLVFHQGHQWH VH SHU PRWLYL IXWLOL R DGRSHUDQGR VHYL]LH 3HU OD QR]LRQH GL ³DUPL´ Y DOOD YRFH 0LQDFFLD 9,2/(1=$ 35,9$7$ ± &RQVLVWH QHO FRVWULQJHUH WDOXQR PHGLDQWH YLROHQ]D R PLQDFFLD D ³IDUH WROOHUDUH RG RPHW HUH TXDOFKH FRVD´ DUW  FS  $FFDQWR D TXHVWD ILJXUD JHQHUDOH HVLVWRQR YDULH LSRWHVL VSHFLDOL GL YLROHQ]D SULYDWD SXQLWH SL JUDYHPHQWH FRPH TXDQGR OR VSHFLILFR RJJHW R GHO D FRVWUL]LRQH LPSRVWD FRQVLVWH• QHO D FRPPLVVLRQH GL XQ UHDWR DUW  FS HV YLROHQ]H VX XQ PLQRUH SHUFKp VSDFFL QHO H SUHVWD]LRQL VHVVXDOL YLROHQ]D VHVVXDOH DUW  ELV FS  QHO VLOHQ]LR GDYDQWL DO ¶$XWRULWj JLXGL]LDULD DUW  ELV FS  )LJXUD VSHFLDOH GL YLROHQ]D SULYDWD q DQFKH OD FRQFXVVLRQH DUW  FS  FKH FRQVLVWH QHO ¶DEXVR GHO D TXDOLWj GL SXEEOLFR XIILFLDOH DO ILQH GL LQGXUUH OD YLW LPD D GDUH R SURPHW HUH TXDOVLYRJOLD XWLOLWj YL ULHQWUD DG HV LO FDVR GHO GRFHQWH FKH RW HQJD IDYRUL VHVVXDOL GDO ¶DO LHYR FRQ OD PLQDFFLD 6(48(6752 ', 3(5621$ ± &RQVLVWH QHO SULYDUH WDOXQR GHO D OLEHUWj SHUVRQDOH DUW  FS  /D QRUPD LQFULPLQDWULFH ² FKH ULFKLHGH XQD SULYD]LRQH GHO D OLEHUWj GL ORFRPR]LRQH SHU XQ WHPSR DSSUH]]DELOH ULFDGHQGRVL DOWULPHQWL QHO D VHPSOLFH YLROHQ]D SULYDWD ² WXWHOD LO GLULW R GL DXWRGHWHUPLQD]LRQH LQGLYLGXDOH H SHUFLz VL GLVWLQJXH FRQFRUUHQGR FRQ HVVR TXDQGR ULJXDUGL PLQRUL GDO GHOLW R GL VRWWUD]LRQH GL SHUVRQH LQFDSDFL FKH LQYHFH WXWHOD O¶HVHUFL]LR GHO H SUHURJDWLYH GHO JHQLWRUH R GL FKL DEELD OD WXWHOD R OD YLJLODQ]D VXO PLQRUH HG q SHUFLz SXQLWR VROR D TXHUHOD GL FRVWRUR H VLD TXDQGR O¶LQFDSDFH q FRQVHQ]LHQWH DOOD VRWWUD]LRQH DUW  FS  VLD TXDQGR QRQ OR q ,1)$17,&,',2 ± (¶ O¶RPLFLGLR GHO QHRQDWR GXUDQWH R LPPHGLDWDPHQWH GRSR LO SDUWR SHU LO TXDOH VL SUHYHGH DUW  FS FKH VH H VROR VH q FRPPHVVR GDO D PDGUH HG q GHWHUPLQDWR GD ³FRQGL]LRQL GL DEEDQGRQR PDWHULDOH H PRUDOH FRQQHVVH DO SDUWR´ ¾ OD PDGUH VRJJLDFH D XQD SHQD REEOLJDWRULDPHQWH ULGRWWD ULVSHW R D TXHO D RUGLQDULD GHO ¶RPLFLGLR ¾ JOL HYHQWXDOL FRUUHL ULVSRQGRQR QRUPDOPHQWH GL RPLFLGLR PD SRVVRQR DYHUH OD SHQD ULGRWWD GD  D  VH KDQQR DJLWR DO VROR VFRSR GL IDYRULUH OD PDGUH 9,2/$=,21( '(*/, 2%%/,*+, ', $66,67(1=$ )$0,/,$5( ± &RQVLVWH QHO ¶DEEDQGRQR GHO GRPLFLOLR GRPHVWLFR R LQ TXDOXQTXH DOWUD FRQGRWWD FRQWUDULD DO ¶RUGLQH R DO D PRUDOH GHO H IDPLJOLH FKH LPSOLFKL VRWWUD]LRQH DL GRYHUL GL DVVLVWHQ]D LQHUHQWL DO D TXDOLWj GL JHQLWRUH R D TXHO D GL FRQLXJH /D SHQD q DJJUDYDWD VH LO IDW R FRQVLVWH  QHO GLODSLGDUH L EHQL GHO ILJOLR PLQRUH R GHO FRQLXJH  QHO SULYDUH GHL PH]]L GL VXVVLVWHQ]D L ILJOL PLQRUL R LQDELOL DO ODYRUR RSSXUH JOL DVFHQGHQWL R LO FRQLXJH DUW  FS  6RQR SHUVHJXLELOL G¶XIILFLR L FDVL GL FXL DO Qƒ  H TXHO L GL FXL DO Qƒ  FKH ULJXDUGLQR PLQRUL ¾ O¶DEEDQGRQR GHO GRPLFLOLR GRPHVWLFR QRQ LQWHJUD LO UHDWR TXDQGR q XQD VLWXD]LRQH VROR WUDQVLWRULD LQ YLVWD GHO D VHSDUD]LRQH FRQLXJDOH H FRPXQTXH TXDQGR VLD JLXVWLILFDWR GDOOD QHFHVVLWj GL VRWWUDUVL DG DOWUXL FRQGRW H OHVLYH LQ SULPLV PDOWUDWWDPHQWL  ¾ QHO ¶DPSLD QR]LRQH GL ³FRQWUDULHWj DOO¶RUGLQH R DOOD PRUDOH IDPLOLDUH´ ULHQWUDQR QXPHURVH FRQGRWWH OD SL IUHTXHQWH GHO H TXDOL q OD PDQFDWD FRQWULEX]LRQH DL ELVRJQL HFRQRPLFL GHL FRQJLXQWL DQFKH LQ FDVR GL VHSDUD]LRQH R GLYRU]LR VH LQ HVVL q VWDWR VWDELOLWR LO YHUVDPHQWR GL XQ DVVHJQR SHULRGLFR SHU LO PDQWHQLPHQWR GHO FRQLXJH R GHL ILJOL  ¾ OD QR]LRQH GL ³PH]]L GL VXVVLVWHQ]D´ QRQ FRLQFLGH FRQ O¶DVVROXWD LQGLJHQ]D PD QHSSXUH FRQ OD PHUD WUDVFXUDWH]]D ILQDQ]LDULD H YD LQGLYLGXDWD QHO ¶LQVLHPH GHL EHQL QHFHVVDUL SHU LO VRGGLVIDFLPHQWR GHO H HVLJHQ]H GL YLWD SULPDULH YLW R DELWD]LRQH PHGLFLQDOL HWF  0$/75$77$0(17, ± (¶ LO GHOLW R GL FKL PDOWUDW D XQD SHUVRQD GHO D IDPLJOLD R XQ PLQRUH GHJOL DQQL  R XQD SHUVRQD VRW RSRVWD DO D VXD DXWRULWj R D OXL DIILGDWD SHU UDJLRQH GL HGXFD]LRQH LVWUX]LRQH FXUD YLJLODQ]D R FXVWRGLD R SHU O 6H GDO IDWWR GHULYD XQD OHVLRQH JUDYH R JUDYLVVLPD R OD PRUWH IDWWL FRPXQTXH SXQLWL LQ Vp  DQFKH OD SHQD SHU L PDOWUDWWDPHQWL q YLD YLD DXPHQWDWD /D QR]LRQH GL PDOWUDW DPHQWL LQFOXGH TXDOVLDVL YHVVD]LRQH GL WLSR ILVLFR SHUFRVVH OHVLRQL R SVLFRORJLFR PLQDFFH LQJLXULH FRPSRUWDPHQWL XPLOLDQWL R GHJUDGDQWL GHO WLSR SL YDULR DG HV OD VHJUHJD]LRQH R O¶LPSRVL]LRQH GHO D SURSULD XEULDFKH]]D PROHVWD HWF  PD ULFKLHGH FKH WDOL FRQGRWWH ULYHVWDQR XQ FDUDWWHUH DELWXDOH HG HVSULPDQR XQD YRORQWDULD RIIHVD DOOD GLJQLWj GHO D YLW LPD FRPH SHUVRQD $G HV QRQ FRVWLWXLVFH PDOWUDWWDPHQWR SHQDOPHQWH ULOHYDQWH PD GDUj OXRJR GROR D UHVSRQVDELOLWj GL WLSR FLYLOH VRWWR LO SURILOR GHO ¶DGGHELWR GHO D VHSDUD]LRQH R GHO D SHUGLWD WHPSRUDQHD R GHILQLWLYD GHO D SRWHVWj JHQLWRULDOH OD PHUD WUDVFXUDWH]]D YHUVR LO FRQLXJH R YHUVR OD $%862 '(, 0(==, ', &255(=,21( 2 ', ',6&,3/,1$ ± (¶ XQD IRUPD GL PDOWUDW DPHQWR PLQRUH FRQVLVWHQWH QHO ¶HFFHGHUH YRORQWDULDPHQWH GDO WLSR H GDO JUDGR GL FRHUFL]LRQH FRQVHQWLWL D ILQL SHGDJRJLFL YHUVR XQD SHUVRQD VRW RSRVWD DO ¶DXWRULWj GHO VRJJHW R R D OXL DIILGDWD SHU UDJLRQH GL HGXFD]LRQH LVWUX]LRQH FXUD YLJLODQ]D R FXVWRGLD RYYHUR SHU O DUWH ,O UHDWR VXVVLVWH VH LO IDW R FRPSRUWD SHU OD YLW LPD LO SHULFROR GL XQD PDODW LD QHO FRUSR R QHO D PHQWH PHQWUH q DJJUDYDWR VH SURGXFH HIIHW LYDPHQWH XQD OHVLRQH R OD PRUWH DUW  FS  QRQ q ULFKLHVWD O¶DELWXDOLWj GHO H FRQGRWWH EDVWDQGR DQFKH XQ VROR HSLVRGLR D LQWHJUDUH LO UHDWR GHYH WUDWWDUVL GHO ¶DEXVR GL PH]]L SHGDJRJLFL FRQVHQWLWL HV ³VFDSSHO RWWR´ VWUDW RQDPHQWR GLYLHWR GL ULFUHD]LRQH H QRQ TXLQGL GL XVR GL PH]]L DEXVLYL HV IUXVWDWH ODYRUL IRU]DWL HWF  QHO TXDO FDVR VL DYUj YLROHQ]D SULYDWD R PDOWUDWWDPHQWL D VHFRQGD FKH VL WUDWWL GL IDWWL HSLVRGLFL R OR VWHVVR GLFDVL VH FRPXQTXH DQ]LFKp GD ILQL SHGDJRJLFL O¶D]LRQH q GHW DWD GD ILQDOLWj YHVVDWRULH SHU WDOH UDJLRQH VH OH OHVLRQL R OD PRUWH FRQVHJXHQWL DO D FRQGRWWD VRQR YRORQWDULH ULFRUUH QRQ O¶LSRWHVL DJJUDYDWD GL FXL DOO¶DUW  FR ƒ FS PD JOL RUGLQDUL GHOLW L GL OHVLRQL R 'HOLWWL FRQWUR OD OLEHUWj VHVVXDOH H D VIRQGR VHVVXDOH LQ JHQHUH 9,2/(1=$ 6(668$/( ± (¶ LQ UHDOWj XQD QR]LRQH DUWLFRODWD FKH FRPSUHQGH YDULH LSRWHVL YLROHQ]D VHVVXDOH LQ VHQVR VWUHWWR DUW  ELV FS q TXHO D FKH FRQVLVWH D QHO FRVWULQJHUH WDOXQR D FRPSLHUH R D VXELUH DW L VHVVXDOL PHGLDQWH YLROHQ]D R PLQDFFLD R E QHO ¶LQGXUUH WDOXQR D FRPSLHUH R D VXELUH DW L VHVVXDOL DEXVDQGR GHO H VXH FRQGL]LRQL GL LQIHULRULWj ILVLFD R SVLFKLFD R WUDHQGROR LQ LQJDQQR FRO VRVWLWXLUVL DG DOWUD SHUVRQD &RVWLWXLVFRQR DJJUDYDQWL GHO D YLROHQ]D VHVVXDOH LQ VHQVR VWUHW R DUW  WHU FS  x O¶DYHUH OD YLW LPD PHQR GL  DQQL R GL  VH LO FROSHYROH QH q O DGRWWLYR LO WXWRUH RYYHUR DOWUD SHUVRQD FXL SHU UDJLRQL GL FXUD GL HGXFD]LRQH GL LVWUX]LRQH GL YLJLODQ]D R GL FXVWRGLD LO PLQRUH q DIILGDWR R FKH DEELD FRQ TXHVW FRQYLYHQ]D VH OD YLW LPD KD PHQR GL  DQQL OD SHQD q XOWHULRUPHQWH DXPHQWDWD  XVR GL DUPL R GL VRVWDQ]H DOFROLFKH QDUFRWLFKH R VWXSHIDFHQWL R GL DOWUL VWUXPHQWL R VRVWDQ]H JUDYHPHQWH OHVLYL GHO D VDOXWH GHO D SHUVRQD RIIHVD x O¶DYHUH LO FROSHYROH DJLWR WUDYLVDWR R VLPXODQGR OD TXDOLWj GL SXEEOLFR XIILFLDOH R GL LQFDULFDWR x O¶HVVHUH OD YLROHQ]D FRPPHVVD VX SHUVRQD FRPXQTXH VRWWRSRVWD D OLPLWD]LRQL GHO D OLEHUWj /D SURFHGLELOLWj DUW  VHSWLHV FS GHO D YLROHQ]D VHVVXDOH LQ VHQVR VWUHW R q LQ YLD GL SULQFLSLR D TXHUHOD OD TXDOH SHUDOWUR ² LQ GHURJD DOOD UHJROD JHQHUDOH ² q SURSRQLELOH VLQR D  VH LO IDWWR q FRPPHVVR GDO JHQLWRUH DQFKH DGRWWLYR R GDO GL OXL FRQYLYHQWH GDO WXWRUH RYYHUR GD DOWUD SHUVRQD FXL LO PLQRUH q DIILGDWR SHU UDJLRQL GL FXUD GL HGXFD]LRQH GL LVWUX]LRQH GL YLJLODQ]D R GL FXVWRGLD R FKH KD FRPXQTXH FRQ OXL XQD UHOD]LRQH GL FRQYLYHQ]D  VH LO IDWWR q FRPPHVVR GD XQ SXEEOLFR XIILFLDOH R GD XQ LQFDULFDWR GL SXEEOLFR VHUYL]LR  VH LO IDWWR q FRQQHVVR FRQ XQ DOWUR GHOLW R SHU LO TXDOH VL GHYH SURFHGHUH G RVFHQL LQ OXRJR SXEEOLFR PDOWUDWWDPHQWL XQ IDPLJOLD FRQFXVVLRQH HWF   YLROHQ]D VHVVXDOH SUHVXQWD DUW  TXDWHU FS q TXHO D FKH FRQVLVWH QHO FRPSLHUH DW L VHVVXDOL FRQ XQD SHUVRQD FRQVHQ]LHQWH PD GL HWj LQIHULRUH D  DQQL R D  DQQL VH O¶DXWRUH ULYHVWH XQD GHO H TXDOLWj VRSUD LQGLFDWH PD LO IDW R QRQ q SXQLELOH VH WUD FROSHYROH H YLW LPD YL VLD XQD GLIIHUHQ]D GL HWj QRQ VXSHULRUH D  DQQL  $JJUDYDQWH GHO D YLROHQ]D VHVVXDOH SUHVXQWD q O¶DYHUH OD YLW LPD PHQR GL  DQQL$QFKH OD YLROHQ]D VHVVXDOH SUHVXQWD q LQ YLD GL SULQFLSLR SHUVHJXLELOH DUW  VHSWLHV FS D TXHUHOD OD TXDOH ² DQFKH LQ TXHVWR FDVR ² q SURSRQLELOH VLQR D VHL PHVL GDO IDW R H QRQ q  QHJOL DOWUL FDVL VRSUD LQGLFDWL DL QQ    H    YLROHQ]D VHVVXDOH GL JUXSSR DUW  RFWLHV FS FRQVLVWH QHO D SDUWHFLSD]LRQH GL SL SHUVRQH ULXQLWH DG DW L GL YLROHQ]D VHVVXDOH LQ VHQVR VWUHW R R SUHVXQWD  QRQ ULFKLHGHQGRVL FKH FLDVFXQR GHL SDUWHFLSDQWL FRPSLD DW L SURSULDPHQWH VHVVXDOL PD VROR FKH HJOL DVVLVWD FRQVDSHYROPHQWH DO ORUR FRPSLPHQWR UDIIRU]DQGR FRQ OD VXD SUHVHQ]D LO SURSRVLWR GHJOL DXWRUL PDWHULDOL 6L DSSOLFDQR OH DJJUDYDQWL GHO ¶DUW  WHU FS/D YLROHQ]D GL JUXSSR q VHPSUH SHUVHJXLELOH G¶XI LFLR /D QR]LRQH GL DWWL VHVVXDOL ² ODVFLDWD YROXWDPHQWH LQGHWHUPLQDWD GDO /HJLVODWRUH GHO  SHU RYYLDUH DJOL LQFRQYHQLHQWL GHO D SUHFHGHQWH GLVWLQ]LRQH WUD ³YLROHQ]D FDUQDOH´ H ³DWWL GL OLELGLQH YLROHQWL´ ² FRPSUHQGH TXDOVLDVL DW R LQHUHQWH DOOD OLELGR H FKH VLD GHW DWR GD XQ LQWHQWR HURWLFR GRYHQGR DOWULPHQWL FRQILJXUDUVL LO PHQR JUDYH GHOLW R GL LQJLXULD DUW  FS  H LQFOXGH TXLQGL DQFKH LO VHPSOLFH WRFFDPHQWR GHO H ]RQH HURJHQH (¶ ULPHVVD DOO¶DSSUH]]DPHQWR GHO JLXGLFH OD SRVVLELOLWj GL ULGXUUH OD SHQD GD  D  QHL FDVL GL ³PLQRUH JUDYLWj´ YDOXWDWL LQ UDSSRUWR QRQ VROR DO WLSR GL DSSURFFLR VHVVXDOH HV DVWHQVLRQH GDOOD SHQHWUD]LRQH LQ TXDOVLDVL VXD IRUPD PD DQFKH H VRSUDWWXWWR DOOH VXH PRGDOLWj HV DVWHQVLRQH GD IRUPH GL SUHYDULFD]LRQH EUXWDOH  ,1&(672 ± (¶ LO IDW R GL FKL FRPSLH DW L VHVVXDOL FRQ XQ GLVFHQGHQWH ILJOLR QLSRWH R XQ DVFHQGHQWH JHQLWRUH QRQQR R FRQ XQ DIILQH LQ OLQHD UHW D VXRFHURD JHQHUR  QXRUD  RYYHUR FRQ XQD VRUHO D R XQ IUDWHO R LQ PRGR FKH QH GHULYL SXEEOLFR VFDQGDOR /D SHQD q SL JUDYH LQ FDVR GL UHOD]LRQH LQFHVWXRVD GXUDWXUD H QHL FRQIURQWL GHO PDJJLRUHQQH FKH FRPPHW D LQFHVWR FRQ SHUVRQD 6L GLVWLQJXH GDOOD YLROHQ]D VHVVXDOH SHUFKp ULJXDUGD L FDVL GL DWWL VHVVXDOL WUD SHUVRQH FRQVHQ]LHQWL H DO GL IXRUL GHL OLPLWL GL HWj GHO D YLROHQ]D VHVVXDOH ³SUHVXQWD´ GL FXL DO ¶DUW  WHU FS &2558=,21( ', 0,125(11( ± &RQVLVWH QHO FRPSLHUH DW L VHVVXDOL LQ SUHVHQ]D GL SHUVRQD PLQRUH GL DQQL  DO ILQH GL IDUOD DVVLVWHUH DUW TXLQTXLHV FS  3HU OD QR]LRQH GL ³DWWL VHVVXDOL´ Y DOOD YRFH 9LROHQ]D VHVVXDOH $OWUL UHDWL FRQWUR OD OLEHUWj LQGLYLGXDOH 5,'8=,21( 2 0$17(1,0(172 ,1 6&+,$9,7Ô 2 ,1 6(59,7Ô ± &RQVLVWH QHO ¶HVHUFLWDUH VX XQD SHUVRQD SRWHUL FRUULVSRQGHQWL D TXHO L GHO GLULW R GL SURSULHWj R QHO PDQWHQHUOD LQ XQR VWDWR GL VRJJH]LRQH FRQWLQXDWLYD FRVWULQJHQGROD D SUHVWD]LRQL ODYRUDWLYH R VHVVXDOL RYYHUR DFFDW RQDJJLR R FRPXQTXH D SUHVWD]LRQL FKH QH FRPSRUWLQR OR VIUXWWDPHQWR DUW  FS  ,O GHOLW R SHUVHJXLELOH G¶XIILFLR q DJJUDYDWR VH FRPPHVVR LQ GDQQR GL PLQRUH GHJOL DQQL GLFLRWWR R VH q GLUHW R DOOR VIUXWWDPHQWR GHO D SURVWLWX]LRQH R DO ILQH GL VRWWRSRUUH OD SHUVRQD RI HVD DO SUHOLHYR /D QRUPD SUHFLVD FKH OD ULGX]LRQH R LO PDQWHQLPHQWR QHO R VWDWR GL VRJJH]LRQH KD OXRJR TXDQGR OD FRQGRWWD q DWWXDWD PHGLDQWH YLROHQ]D PLQDFFLD LQJDQQR DEXVR GL DXWRULWj R DSSURILW DPHQWR GL XQD VLWXD]LRQH GL LQIHULRULWj ILVLFD R SVLFKLFD R GL XQD VLWXD]LRQH GL QHFHVVLWj R PHGLDQWH OD SURPHVVD R OD GD]LRQH GL VRPPH GL GHQDUR R GL DOWUL YDQWDJJL D FKL KD DXWRULWj VXO D SHUVRQD RIIHVD ,Q GLIHW R GL WDOL FRQQRWDWL O¶LPSLHJR GL PLQRUL QHO ¶DFFDWWRQDJJLR LQWHJUD FRPXQTXH XQ UHDWR DUW 35267,78=,21( 0,125,/( ± 6RQR FRQWHPSODWH GXH ILJXUH DUW ELV FS  D TXHO D GL FKL LQGXFH DO D SURVWLWX]LRQH XQD SHUVRQD GL HWj LQIHULRUH DJOL DQQL  RYYHUR QH E TXHO D GL FKL FRPSLH DW L VHVVXDOL FRQVHQ]LHQWL TXLQGL LQ DVVHQ]D GL YLROHQ]D VHVVXDOH LQ VHQVR VWUHW R FRQ XQ PLQRUH GL HWj FRPSUHVD IUD L TXDW RUGLFL HG L VHGLFL DQQL TXLQGL DO GL IXRUL GHL OLPLWL GHO D YLROHQ]D VHVVXDOH SUHVXQWD  LQ FDPELR GL GHQDUR R GL DOWUD XWLOLWj HFRQRPLFD 6ROR QHO ¶LSRWHVL VXE E  OD SHQD q ULGRWWD GL XQ WHU]R VH O¶DXWRUH GHO IDW R q PLQRUH GHJOL DQQL  ,1,=,$7,9( 785,67,&+( 92/7( $//2 6)5877$0(172 '(//$ 35267,78=,21( 0,125,/( ± &RQVLVWH QHO ¶RUJDQL]]DUH R SURSDJDQGDUH YLDJJL ILQDOL]]DWL DO D IUXL]LRQH GL DW LYLWj GL SURVWLWX]LRQH D GDQQR GL PLQRUL R FRPXQTXH FRPSUHQGHQWL WDOH DW LYLWj DUW TXLQTXLHVFS  32512*5$),$ 0,125,/( ± 6RQR FRQWHPSODWH YDULH FRQGRWWH YLD YLD PHQR JUDYL DUW   TXHO D GL FKL XWLOL]]D PLQRUL GHJOL DQQL GLFLRW R DO ILQH GL UHDOL]]DUH HVLEL]LRQL SRUQRJUDILFKH R GL SURGXUUH PDWHULDOH SRUQRJUDILFR R ID FRPPHUFLR GHO PDWHULDOH SRUQRJUDILFR FRVu UHDOL]]DWR  TXHO D GL FKL VHQ]D FRQFRUUHUH QHO D SURGX]LRQH R FRPPHUFLDOL]]D]LRQH GHO PDWHULDOH SRUQRJUDILFR VXGGHW R OR GLVWULEXLVFH GLYXOJD R SXEEOLFL]]D FRQ TXDOVLDVL PH]]R RSSXUH GLVWULEXLVFH R GLYXOJD QRWL]LH R LQIRUPD]LRQL ILQDOL]]DWH DO  TXHO D GL FKL IXRUL GDL FDVL SUHFHGHQWL FRQVDSHYROPHQWH FHGH DG DOWUL DQFKH D WLWROR JUDWXLWR PDWHULDOH SRUQRJUDILFR SURGRWWR PHGLDQWH OR VIUXWWDPHQWR VHVVXDOH GHL PLQRUL GHJOL DQQL  7XWWH OH LSRWHVL VRQR SHUVHJXLELOL G¶XI LFLR '(7(1=,21( ', 0$7(5,$/( 32512*5$),&2 ± (¶ LO IDW R GL FKL ² IXRUL GHO H LSRWHVL GL SURGX]LRQH FRPPHUFLDOL]]D]LRQH GLYXOJD]LRQH R FHVVLRQH D WHU]L ² FRQVDSHYROPHQWH VL SURFXUD R GLVSRQH GL PDWHULDOH SRUQRJUDILFR SURGRWWR PHGLDQWH OR VIUXWWDPHQWR VHVVXDOH GHL PLQRUL GHJOL DQQL

Source: http://www.progettosociale.it/sites/default/files/protocollo/allegato/Microsoft%20Word%20-%20allegato%20B_D%20OP%20SANITARI.pdf

fasfhic.eu

Plano de Formação 2007/08 Com Francisco de Assis, movidos pela Palavra, encetar caminhos de conversão Tema nº 2 Conversão Interior Tema nº 2 Conversão Interior Motivação Com frequência ouvimos falar de conversão. Mas a conversão não é unicamente fruto do nosso esforço. A Palavra de Deus, os Sacramentos, as circunstâncias da vida… são o “adubo” d

cne.gob.ve

CANDIDATO A CONCEJAL DEL MUNICIPIO SUCRE Nombres y Apellidos: Yasmin Yarlene Blanco Fecha y Lugar de Nacimiento: , 23 de diciembre de 1968. Caracas Edo. Civil: Soltera Residencia: Urb. Terrazas de Guaicoco, Conjunto Los Jabillos, Torre E, Apto. 72 Profesión: Analista de RRHH Experiencia Laboral: 18 años en el área ee RRHH Experiencia Política : Dirigente Vecinal

Copyright © 2010-2014 Online pdf catalog