/LEUHWWR 1R 'LQJR 8QLWj GL WUD]LRQH 0RGHOOL 7(³ H VXFFHVVLYL 0DQXDOH GHOO·RSHUDWRUH ,WDOLDQR ,
,QWURGX]LRQH *UD]LH SHU DYHU DFTXLVWDWR XQ SURGRWWR 7RUR 7XWWL QRL GHOOD 7RUR YRJOLDPR FKH VLDWH FRPSOHWDPHQWH VRGGLVIDWWL GHO YRVWUR QXRYR SURGRWWR SHUWDQWR SHU DVVLVWHQ]D SDUWL GL ULFDPELR RULJLQDOL R SHU TXDOVLDVL LQIRUPD]LRQH GL FXL DYHVWH QHFHVVLWj QRQ HVLWDWH DG LQWHUSHOODUH LO YRVWUR &HQWUR GL $VVLVWHQ]D $XWRUL]]DWR 2JQL YROWD FKH FRQWDWWDWH LO YRVWUR &HQWUR GL $VVLVWHQ]D $XWRUL]]DWR R OD IDEEULFD LQGLFDWH VHPSUH LO QXPHUR GHO PRGHOOR H LO QXPHUR GL VHULH GHO YRVWUR SURGRWWR 4XHVWL QXPHUL DLX
,QGLFH 3DJLQD 6LFXUH]]D 1RUPH GL VLFXUH]]D /LYHOOR GL SUHVVLRQH DFXVWLFD /LYHOOR GL SRWHQ]D DFXVWLFD /LYHOOR GL YLEUD]LRQL 7DEHOOD GHL SHQGLL 7DUJKHWWH GL VLFXUH]]D HG LVWUX]LRQL 0RQWDJJLR 3DUWL VFLROWH
6LFXUH]]D /·HUUDWR XWLOL]]R R PDQXWHQ]LRQH GD SDUWH GHOO·RSHUDWRUH R GHO SURSULHWDULR SRVVRQR SURYRFDUH LQFLGHQWL 3HU ULGXUUH LO ULVFKLR GL LQFLGHQWH ULVSHWWDWH OH VHJXHQWL QRUPH GL VLFXUH]]D H IDWH VHPSUH DWWHQ]LRQH DO VLPEROR GL DOODUPH FKH LQGLFD 3(5,&2/2 $99(57(1=$ H $77(1=,21(³´QRUPH GL VLFXUH]]Dµ ,O PDQFDWR ULVSHWWR GHOOH LVWUX]LRQL SXz SURYRFDUH JUDYL OHVLRQL SHUVRQDOL R OD PRUWH 1RUPH GL VLFXUH]]D 4XHVWR SURGRWWR q LQ JUDGR GL DPSXWDUH PDQL H SLHGL 5LVSHWWDWH VHPSUH WXWWH OH QRUPH GL VLFXUH
6LFXUH]]D 1RQ WRFFDWH OH SDUWL FKH VL VXUULVFDOGDQR GXUDQWH LO IXQ]LRQDPHQWR /DVFLDWHOH UDIIUHGGDUH SULPD GL HVHJXLUH OH RSHUD]LRQL GL PDQXWHQ]LRQH UHJROD]LRQH R DVVLVWHQ]D 3URFHGHWH D EDVVD YHORFLWj VXL SHQGLL 3ULPD GL DYYLDUH LO PRWRUH SRUWDWH OD OHYD VHOHWWULFH GHOOD SRPSD LQ SRVL]LRQH GL PLQLPR WDUWDUXJD LQ PRGR GD QRQ GRYHUVL IHUPDUH R FDPELDUH VXO SHQGLR 3HU O·XWLOL]]R GL FRQWUDSSHVL SHU PLJOLRUDUH OD VWDELOLWj VHJXLWH OH UDFFRPDQGD]LRQL QHL PDQXDOL GHJOL DFFHVVRUL 8WLOL]]DWH H
LFXUH]]D %DPELQL 3RVVRQR DYYHQLUH LQFLGHQWL OHWDOL VH O·RSHUDWRUH QRQ SUHVWD DWWHQ]LRQH DL EDPELQL SHUFKp L EDPELQL VRQR VSHVVR DIIDVFLQDWL GHOO·XQLWj GL WUD]LRQH H GDO VXR IXQ]LRQDPHQWR 1RQ SHQVDWH PDL FKH L EDPELQL VLDQR GRYH OL DYHYDWH YLVWL O·XOWLPD YROWD 1RQ PDQRPHWWHWH PDL L GLVSRVLWLYL GL VLFXUH]]D &RQWUROODWH FKH L GLVSRVLWLYL GL VLFXUH]]D IXQ]LRQLQR FRUUHWWDPHQWH SULPD GHOO·XVR 7HQHWH O·XQLWj GL WUD]LRQH SXOLWD GD HUED IRJOL HG DOWUL GHWULWL (OLPLQDWH HYHQWXDOL PDFFKLH GL ROLR H G
6LFXUH]]D /D EDWWHULD FRQWLHQH JDV HVSORVLYL 7HQHWH VLJDUHWWH VFLQWLOOH H ILDPPH ORQWDQH GDOOD EDWWHULD 7HQHWH FRUSR H PDQL ORQWDQL GDO IRUR GHO SHUQR H GDJOL XJHOOL GDL TXDOL IXRULHVFH ROLR LGUDXOLFR DG DOWD SUHVVLRQH 8WLOL]]DWH FDUWD R FDUWRQFLQR SHU ULOHYDUH HYHQWXDOL SHUGLWH LGUDXOLFKH /·ROLR LGUDXOLFR VRWWR SUHVVLRQH SXz SHQHWUDUH QHOOD SHOOH H FDXVDUH GDQQL FKH ULFKLHGRQR XQ·RSHUD]LRQH FKLUXUJLFD HQWUR SRFKH RUH SHU VFRQJLXUDUH LO ULVFKLR GL FDQFUHQD /LYHOOR GL SUHVVLRQH DFXVWLFD 4XHVWD
6LFXUH]]D 7DEHOOD GHL SHQGLL $//,1($7( 48(672 %25'2 &21 81$ 683(5),&,( 9(57,&$/( $/%(52 (',),&,2 67$&&,21$7$ 3$/2 (&& 3 ,( * $ 7 ( / 8 1 * 2 ( 6 ( 0 3 ,2 3 ,( & & * 2 2 $ 1 7 1 ) 2 , / 5 2 1 7 $ 5 ( % 2 5 ' 2 ,/ 3 ( 1 ' ,2 / $ / ,1 ( $ $ 3 3 5 2 3 5 ,$ 7 $ 0
6LFXUH]]D 7DUJKHWWH GL VLFXUH]]D HG LVWUX]LRQL /H WDUJKHWWH GL VLFXUH]]D HG LVWUX]LRQL VRQR IDFLOPHQWH OHJJLELOL SHU O·RSHUDWRUH H VL WURYDQR QHOOH YLFLQDQ]H GHOOH DUHH GL SRWHQ]LDOH SHULFROR 6RVWLWXLWH LPPHGLDWDPHQWH OH WDUJKHWWH GDQQHJJLDWH R PDQFDQWL ) 5 ' & )LJXUD 6LPEROR DYYHUWHQ]D
6LFXUH]]D )LJXUD 9HORFH 7UD]LRQH /HQWR 5LVFKLR GL VFKLDFFLDPHQWR R 9HORFLWj GHO PRWRUH 2II WDJOLR GL GLWD R PDQL 3XQWR GL VROOHYDPHQWR 6WDUWHU 7HQHWH ORQWDQH OH PDQL ILVVDJJLR 2Q
0RQWDJJLR 3DUWL VFLROWH 1RWD 8WLOL]]DWH OD VHJXHQWH WDEHOOD SHU YHULILFDUH FKH VLDQR SUHVHQWL WXWWH OH SDUWL '(6&5,=,21( 47 8QLWj GL WUD]LRQH /HYD GHOOD YDOYROD &KLDYH $YYLDPHQWR GHO PRWRUH )LOWUR GHOO·ROLR LGUDXOLFR &DPELR GHOO·ROLR GL URGDJJLR ,QVWDOOD]LRQH GHOOD OHYD GHOOD YDOYROD $YYLWDWH OD OHYD QHOOD YDOYROD VHOHWWULFH GHOOD SRPSD )LJ 1RWD 862 /D OHYD GHYH HVVHUH LQVWDOODWD FRQ OD SLHJD YHUVR O·RSHUDWRUH 6HUUDWH LO FRQWURGDGR VXOOD OHYD SHU EORFFDUOD LQ SRVL]L
0RQWDJJLR 6SRVWDWH GHOLFDWDPHQWH D ODWR L IOHVVLELOL LGUDXOLFL HG HVWUDHWH OD EDWWHULD GDO WHODLR 5,6&+,2 327(1=,$/( /·HOHWWUROLWR GHOOD EDWWHULD FRQWLHQH DFLGR VROIRULFR XQD VRVWDQ]D YHOHQRVD LQ JUDGR GL SURYRFDUH JUDYL XVWLRQL /DVFLDWH VPRQWDWL L FRSHUFKL H FROOHJDWH XQ FDULFDEDWWHULH GD $ DL PRUVHWWL GHOOD EDWWHULD )LJ &+( &26$ 38Ó 68&&('(5( /·HOHWWUROLWR SXz SURYRFDUH OD PRUWH LQ FDVR GL LQJHVWLRQH R JUDYL XVWLRQL LQ FDVR GL FRQWDWWR FRQ OD SHOOH &20( (9,7$5( ,/ 5,6&
0RQWDJJLR 9HUVDWH OHQWDPHQWH O·HOHWWUROLWR LQ RJQL FHOOD ILQFKp LO OLYHOOR QRQ UDJJLXQJH QXRYDPHQWH OD OLQHD VXSHULRUH VXOO·LQYROXFUR GHOOD EDWWHULD )LJ HG LQVWDOODWH L FRSHUFKL ,QVWDOODWH OD EDWWHULD QHO WHODLR )LJ )LVVDWH OD EDWWHULD QHO WHODLR FRQ OD EDUUD HG L GDGL DG DOHWWH ULPRVVL LQ SUHFHGHQ]D )LJ 8WLOL]]DQGR LO EXOORQH HG LO GDGR DG DOHWWH IRUQLWL LQVLHPH DOOD EDWWHULD FROOHJDWH LO FDYR SRVLWLYR URVVR DO PRUVHWWR SRVLWLYR GHOOD EDWWHULD )LJ ,QILODWH LO FDSSXF
&DUDWWHULVWLFKH WHFQLFKH 1RWD /H VSHFLILFKH HG LO GHVLJQ VRQR VRJJHWWL D PRGLILFKH VHQ]D SUHDYYLVR /DUJKH]]D FP µ /XQJKH]]D FP µ $OWH]]D FP µ 3HVR NJ OEV &DSDFLWj GL HVHUFL]LR FRQ RSHUDWRUH GD NJ OEV NJ OEV &DSDFLWj GL ULEDOWDPHQWR FRQ RSHUDWRUH GD NJ OEV NJ OEV ,QWHUDVVH FP µ $OWH]]D FDVVRQH FRQ EHQQD VWDQGDUG FP µ 3UHOLHYR ³ FRPSOHWDPHQWH VROOHYDWR FRQ EHQQD VWDQGDUG FP µ $OWH]]D DO SHUQR GL LQFHUQLHUDPHQW
&DUDWWHULVWLFKH WHFQLFKH 'DWL VXOOD VWDELOLWj /D VHJXHQWH WDEHOOD PRVWUD OH SHQGHQ]H PDVVLPH UDFFRPDQGDWH SHU O·XQLWj GL WUD]LRQH QHOOH YDULH SRVL]LRQL 3HQGHQ]H VXSHULRUL SRVVRQR UHQGHUH LQVWDELOH OD PDFFKLQD , GDWL LQGLFDWL LQ WDEHOOD VL ULIHULVFRQR DG XQ·XQLWj GL WUD]LRQH FRQ EUDFFL GL FDULFR FRPSOHWDPHQWH DEEDVVDWL H GRWDWD GL SQHXPDWLFL VWDQGDUG JRQILDWL DOOD SUHVVLRQH UDFFRPDQGDWD EUDFFL VROOHYDWL HG DOWUL WLSL GL SQHXPDWLFL SRVVRQR LQIOXHQ]DUH OD VWDELOLWj GHOOD PDFFKLQD 3HQGHQ]D PDVVLPD UDFFRPDQ
3ULPD GHOO·XVR 3ULPD GHO IXQ]LRQDPHQWR FRQWUROODWH L OLYHOOL GL FDUEXUDQWH HG ROLR SXOLWH O·XQLWj GL WUD]LRQH GDL GHWULWL H FRQWUROODWH OD SUHVVLRQH GHL SQHXPDWLFL $FFHUWDWHYL LQROWUH QRQ YL VLDQR SHUVRQH R GHWULWL QHOO·DUHD GL ODYRUR 9HULILFDUH DQFKH OD SUHVHQ]D GL WXWWH OH HYHQWXDOL FRQGXWWXUH QHOO·DUHD GL ODYRUR 5DEERFFR GHO FDUEXUDQWH 5,6&+,2 327(1=,$/( ,Q FHUWH FRQGL]LRQL OD EHQ]LQD q HVWUHPDPHQWH LQILDPPDELOH HG DOWDPHQWH HVSORVLYD &+( &26$ 38Ó 68&&('(5( 8Q HYHQWXDOH LQFHQGLR R HVSORVLRQH
3ULPD GHOO·XVR GDQQHJJLDUH O·LPSLDQWR GL DOLPHQWD]LRQH 1RQ PHVFRODWH ROLR H FDUEXUDQWH ,PSRUWDQWH 1RQ XWLOL]]DWH PDL DGGLWLYL SHU FDUEXUDQWH FRQWHQHQWL PHWDQROR R HWDQROR 1RWD , GXH VHUEDWRL GHO FDUEXUDQWH VL ULHPSLRQR LQ PRGR XQLIRUPH WXWWDYLD RFFRUUH UDEERFFDUOL VHSDUDWDPHQWH SRLFKp ULHPSLHQGR XQ VHUEDWRLR QRQ VL ULHPSLH O·DOWUR 5DEERFFR GHL VHUEDWRL GHO FDUEXUDQWH 3DUFKHJJLDWH O·XQLWj GL WUD]LRQH VX XQD VXSHUILFLH SLDQD DEEDVVDWH L EUDFFL GL FDULFR H VSHJQHWH LO PRWRUH 7RJOLHWH OD FKL
3ULPD GHOO·XVR 3DUFKHJJLDWH O·XQLWj GL WUD]LRQH VX XQD VXSHUILFLH SLDQD VROOHYDWH L EUDFFL GL FDULFR HG LQVWDOODWH L EORFFKL GHL FLOLQGUL IDWH ULIHULPHQWR D 8WLOL]]R GHL EORFFKL GHL FLOLQGUL SDJLQD 6SHJQHWH LO PRWRUH H WRJOLHWH OD FKLDYH GL DFFHQVLRQH GDO TXDGUR 5LPXRYHWH LO FRIDQR IDWH ULIHULPHQWR D 5LPR]LRQH GHO FRIDQR SDJLQD (OLPLQDWH L GHWULWL GDOOD JULJOLD SULPD GL RJQL XWLOL]]R H R GXUDQWH O·XWLOL]]R VH QHFHVVDULR (OLPLQDWH L GHWULWL GDO ILOWUR GHOO·DULD SULPD
3ULPD GHOO·XVR 6H LO OLYHOOR GHOO·ROLR q EDVVR UDEERFFDWH ILQR D UDJJLXQJHUH LO OLYHOOR FRUUHWWR ,QVWDOODWH LO WDSSR VXO FROOR GL ULIRUQLPHQWR ,QVWDOODWH LO FRIDQR IDWH ULIHULPHQWR D ,QVWDOOD]LRQH GHO FRIDQR SDJLQD 7RJOLHWH H FRQVHUYDWH L EORFFKL GHL FLOLQGUL IDWH ULIHULPHQWR D 8WLOL]]R GHL EORFFKL GHL FLOLQGUL SDJLQD HG DEEDVVDWH L EUDFFL GL FDULFR 3UHVVLRQH GHL SQHXPDWLFL 0DQWHQHWH OD SUHVVLRQH GHOO·DULD QHL SQHXPDWLFL VXL YDORUL LQGLFDWL 3HU RWWHQHUH YDORUL SL DWWHQ
)XQ]LRQDPHQWR 'HVFUL]LRQH GHOO·XQLWj GL WUD]LRQH /D )LJXUD FRQWLHQH XQD YLVWD DQWHULRUH H SRVWHULRUH GHOO·XQLWj GL WUD]LRQH )DPLOLDUL]]DWH FRQ L FRPSRQHQWL GHOO·XQLWj GL WUD]LRQH HOHQFDWL LQ )LJXUD 0 )LJXUD 3LDVWUD GL PRQWDJJLR 6HUEDWRLR GHO FDUEXUDQWH &LOLQGUR GL ULEDOWDPHQWR 5XRWD 3DQQHOOR GL FRPDQGR *LXQWL LGUDXOLFL DXVLOLDUL %UDFFL GL FDULFR 3LDWWDIRUPD GHOO·RSHUDWRUH 3XQWL GL VROOHY
)XQ]LRQDPHQWR &RPDQGL /HYD GHOOR VWDUWHU 3ULPD GL DYYLDUH LO PRWRUH D IUHGGR PXRYHWH D IRQGR OD OHYD GHOOR VWDUWHU LQ DYDQWL 4XDQGR LO PRWRUH VL q DYYLDWR UHJRODWH OR VWDUWHU DIILQFKp LO PRWRUH IXQ]LRQL LQ PRGR OLQHDUH 1RQ DSSHQD SRVVLELOH PXRYHWH D IRQGR OD OHYD GHOOR VWDUWHU DOO·LQGLHWUR 8Q PRWRUH FDOGR ULFKLHGH XQ XVR PROWR OLPLWDWR GHOOR VWDUWHU 3ULPD GL DYYLDUH HG XWLOL]]DUH O·XQLWj GL WUD]LRQH IDPLOLDUL]]DWH FRQ WXWWL L FRPDQGL )LJ /HYH GHO FRPDQGR GL WUD]LRQH P
)XQ]LRQDPHQWR /HYD GHL EUDFFL GL FDULFR 3HU DEEDVVDUH L EUDFFL GL FDULFR SUHPHWH OHQWDPHQWH OD OHYD GHL EUDFFL GL FDULFR LQ DYDQWL 3HU VROOHYDUH L EUDFFL GL FDULFR WLUDWH OHQWDPHQWH OD OHYD GHL EUDFFL GL FDULFR DOO·LQGLHWUR 1RWD /D OHYD GHL EUDFFL GL FDULFR SXz HVVHUH D]LRQDWD VRODPHQWH TXDQGR O·LQWHUUXWWRUH GL DYYLDPHQWR q LQ SRVL]LRQH 581 /HYD LGUDXOLFD GHOO·DXVLOLDULR 3HU D]LRQDUH XQ DFFHVVRULR LGUDXOLFR LQ PDUFLD DYDQWL SUHPHWH OD OHYD YHUVR VLQLVWUD IXRUL GDOOD SRVL]LRQH IROOH H WLUDWH OHQWD
)XQ]LRQDPHQWR &RPDQGR GHO ULSDUWLWRUH GL IOXVVR /·LGUDXOLFD GHOO·XQLWj GL WUD]LRQH FLRq FRPDQGR GL WUD]LRQH EUDFFL GL FDULFR H ULEDOWDPHQWR GHOO·DFFHVVRULR IXQ]LRQD VX XQ FLUFXLWR LGUDXOLFR VHSDUDWR ULVSHWWR DOO·LGUDXOLFD GHOO·DXVLOLDULR SHU O·DOLPHQWD]LRQH GHJOL DFFHVVRUL 7XWWDYLD L GXH VLVWHPL FRQGLYLGRQR OH VWHVVH SRPSH LGUDXOLFKH ,O ULSDUWLWRUH GL IOXVVR )LJ SHUPHWWH GL YDULDUH OD YHORFLWj GHOO·LGUDXOLFD GHOO·XQLWj GL WUD]LRQH ULSDUWHQGR LO IOXVVR LGUDXOLFR DO FLUFXLWR LGUDXOLFR GHOO·DXVLOLDULR
)XQ]LRQDPHQWR $YYLDPHQWR H VSHJQLPHQWR GHO PRWRUH $YYLDPHQWR GHO PRWRUH 6DOLWH VXOOD SLDWWDIRUPD 0XRYHWH OD OHYD GHOOD YDOYROD LGUDXOLFD DXVLOLDULD LQ SRVL]LRQH IROOH 0XRYHWH OD OHYD GHOO·DFFHOHUDWRUH D PHWj WUD OH SRVL]LRQL 6/2: WDUWDUXJD H )$67 OHSUH 0XRYHWH D IRQGR OD OHYD GHOOR VWDUWHU LQ DYDQWL SULPD GL DYYLDUH XQ PRWRUH IUHGGR 1RWD 0XRYHWH OD OHYD GHOO·DFFHOHUDWRUH LQ SRVL]LRQH 6/2: WDUWDUXJD $EEDVVDWH L EUDFFL GL FDULFR VXO WHUUHQR *LUDWH OD FKLDYH
)XQ]LRQDPHQWR 3HU VWHU]DUH PXRYHWH OD OHYD VXO ODWR LQ FXL LQWHQGHWH VWHU]DUH YHUVR OD SRVL]LRQH IROOH PDQWHQHQGR LQVHULWD O·DOWUD OHYD 6SRVWDPHQWR GL XQ·XQLWj GL WUD]LRQH QRQ IXQ]LRQDQWH 3HU UDOOHQWDUH R IHUPDUVL SRUWDWH OH OHYH GHO FRPDQGR GL WUD]LRQH LQ IROOH ,PSRUWDQWH 1RQ WUDLQDWH R WLUDWH PDL O·XQLWj GL WUD]LRQH /D URWD]LRQH PDQXDOH GHOOH UXRWH SXz GDQQHJJLDUH L PRWRUL LGUDXOLFL GHOOH UXRWH 1RWD 3UHPHQGR SL D IRQGR OH OHYH GHO FRPDQGR GL WUD]LRQH LQ XQD GLUH]LRQH OD PDFFKLQD SURF
)XQ]LRQDPHQWR ,QVWDOOD]LRQH GHL EORFFKL GHL FLOLQGUL $YYLDWH LO PRWRUH 6ROOHYDWH FRPSOHWDPHQWH L EUDFFL GL FDULFR 6SHJQHWH LO PRWRUH 3RVL]LRQDWH XQ EORFFR GHO FLOLQGUR GHO EUDFFLR VX RJQL VWHOR GHO FLOLQGUR GL VROOHYDPHQWR )LJ )LVVDWH RJQL EORFFR GHO FLOLQGUR GHO EUDFFLR FRQ XQD VSLQD HG XQD FRSSLJOLD )LJ ,QVWDOODWH L EORFFKL GHL FLOLQGUL VXL IOHVVLELOL LGUDXOLFL H ILVVDWHOL FRQ OH VSLQH H OH FRSSLJOLH )LJ P )LJXUD
)XQ]LRQDPHQWR 3RVL]LRQDWH OD SLDVWUD GL PRQWDJJLR QHO ODEEUR VXSHULRUH GHOOD SLDVWUD GL ULFH]LRQH GHOO·DFFHVVRULR )LJ &ROOHJDPHQWR GHL IOHVVLELOL LGUDXOLFL 6H O·DFFHVVRULR QHFHVVLWD GHOO·LGUDXOLFD SHU LO IXQ]LRQDPHQWR FROOHJDWH L IOHVVLELOL LGUDXOLFL FRPH VHJXH 6SHJQHWH LO PRWRUH 0XRYHUH OD OHYD LGUDXOLFD GHOO·DXVLOLDULR LQ DYDQWL DOO·LQGLHWUR HG LQ IROOH SHU VFDULFDUH OD SUHVVLRQH GDJOL LQQHVWL LGUDXOLFL P )LJXUD 3LDVWUD GL PRQWDJJLR 3LDVWUD GL ULFH]LR
)XQ]LRQDPHQWR 5LPR]LRQH GHOO·DFFHVVRULR $EEDVVDWH O·DFFHVVRULR VXO WHUUHQR 6SHJQHWH LO PRWRUH 6WDFFDWH L SHUQL DG DWWDFFR UDSLGR JLUDQGROL YHUVR O·HVWHUQR 6H O·DFFHVVRULR q LGUDXOLFR PXRYHWH OD OHYD LGUDXOLFD GHOO·DXVLOLDULR LQ DYDQWL DOO·LQGLHWUR HG LQ IROOH SHU VFDULFDUH OD SUHVVLRQH GDJOL LQQHVWL LGUDXOLFL )LVVDJJLR GHOO·XQLWj GL WUD]LRQH SHU LO WUDVSRUWR 3HU LO WUDVSRUWR GHOO·XQLWj GL WUD]LRQH VX XQ ULPRUFKLR SURFHGHWH FRPH VHJXH ,PSRUWDQWH 1RQ XWLOL]]DWH O·XQLWj GL WUD]LRQ
0DQXWHQ]LRQH 7DEHOOD GHJOL LQWHUYDOOL GL PDQXWHQ]LRQH ,QWHUYDOOR GL PDQXWHQ]LRQH 3URYD GHO IUHQR GL VWD]LRQDPHQWR 2JQL XVR RUH RUH RUH RUH RUH RUH 2JQL DQQR ; &RQWUROOR GHO OLYHOOR GHOO·ROLR LGUDXOLFR &DPELR GHOO·ROLR LGUDXOLFR ,QL]LDOH ; 6RVWLWX]LRQH GHO ILOWUR LGUDXOLFR &RQWUROOR GHO OLYHOOR GHOO·ROLR PRWRUH ; ,QL]LDOH ; ; &DPELR GHOO·ROLR PRWRUH ,QL]LDOH ; 6RVWLWX]LRQH GHO ILOWUR GHOO·ROLR RJQL RUH RSSXUH DG RJQL FDPELR GHOO·ROLR ; 6HUUDJJLR GHL GDGL GHOOH U
0DQXWHQ]LRQH 5,6&+,2 327(1=,$/( /DVFLDQGR OD FKLDYH QHOO·LQWHUUXWWRUH GL DYYLDPHQWR TXDOFXQR SRWUHEEH DYYLDUH LO PRWRUH &+( &26$ 38Ó 68&&('(5( /·DYYLDPHQWR DFFLGHQWDOH GHO PRWRUH SRWUHEEH FDXVDUH OHVLRQL JUDYL D YRL R D SHUVRQH FKH VL WURYLQR YLFLQR 5LPR]LRQH ,QVWDOOD]LRQH GHO FRIDQR 5LPR]LRQH GHO FRIDQR 3HU HIIHWWXDUH PROWH GHOOH SURFHGXUH GL PDQXWHQ]LRQH q QHFHVVDULR ULPXRYHUH LO FRIDQR &20( (9,7$5( ,/ 5,6&+,2 7RJOLHWH OD FKLDYH GDOO·LQWHUUXWWRUH GL DYYLDPHQWR H VWDFFDWH LO FDYR QHJDWLYR G
0DQXWHQ]LRQH 0DQXWHQ]LRQH GHO ILOWUR GHOO·DULD )LOWUR SULPDULR 3XOLWH R VRVWLWXLWH LO ILOWUR RJQL RUH GL HVHUFL]LR )LOWUR GL VLFXUH]]D 6RVWLWXLWH LO ILOWUR RJQL RUH GL HVHUFL]LR 1RWD 6RVWLWXLWH LO ILOWUR GHOO·DULD SL IUHTXHQWHPHQWH LQ FDVR GL DPELHQWL PROWR VSRUFKL R SROYHURVL 5LPR]LRQH GHO ILOWUR $EEDVVDWH L EUDFFL GL FDULFR H VSHJQHWH LO PRWRUH 7RJOLHWH OD FKLDYH 5LODVFLDWH L IHUPL VXO ILOWUR GHOO·DULD H WRJOLHWH LO FRSHUFKLR GDO FRUSR GHO ILOWUR GHOO·DULD )LJ
0DQXWHQ]LRQH 0DQXWHQ]LRQH GHOO·ROLR PRWRUH &DPELDWH O·ROLR GRSR OH SULPH RUH GL HVHUFL]LR TXLQGL RJQL RUH GL HVHUFL]LR 1RWD 5,6&+,2 327(1=,$/( 6H O·XQLWj GL WUD]LRQH q VWDWD XWLOL]]DWD L FRPSRQHQWL SRVVRQR HVVHUH PROWR FDOGL &DPELDWH O·ROLR SL IUHTXHQWHPHQWH LQ FDVR GL DPELHQWL GL ODYRUR SDUWLFRODUPHQWH SROYHURVL R VDEELRVL &+( &26$ 38Ó 68&&('(5( ,O FRQWDWWR FRQ FRPSRQHQWL FDOGL SXz SURYRFDUH XVWLRQL 7LSR ROLR 2OLR GHWHUJHQWH $3, VHUYLFH 6* R 6+ &20( (9,7$5( ,/ 5,6&+,2 /DVFLDWH U
0DQXWHQ]LRQH &RQWUROODWH LO OLYHOOR GHOO·ROLR IDWH ULIHULPHQWR D &RQWUROOR GHO OLYHOOR GHOO·ROLR SDJLQD $JJLXQJHWH OHQWDPHQWH DOWUR ROLR ILQR D UDJJLXQJHUH LO VHJQR ) IXOO VXOO·DVWD GL OLYHOOR 5HLQVWDOODWH LO WDSSR GL ULIRUQLPHQWR ,QVWDOODWH LO ILOWUR GHOO·ROLR VRVWLWXWLYR VXO UHODWLYR DGDWWDWRUH *LUDWH LO ILOWUR GHOO·ROLR LQ VHQVR RUDULR ILQFKp OD JXDUQL]LRQH GL JRPPD QRQ WRFFD O·DGDWWDWRUH GHO ILOWUR TXLQGL VHUUDWH LO ILOWUR GL XQ DOWUR JLUR )LJ 5DEERFFDWH LO F
0DQXWHQ]LRQH ,QVWDOOD]LRQH GHOOH FDQGHOH $YYLWDWH OH FDQGHOH QHL IRUL SHU OH FDQGHOH 6HUUDWH OH FDQGHOH D 1¼P IW OEV &ROOHJDWH L FDYL DOOH FDQGHOH )LJ 0 )LJXUD &DYR GHOOD FDQGHOD ,QJUDVVDWH WXWWL L JLXQWL SLYRWWDQWL RJQL RUH GL HVHUFL]LR HG LPPHGLDWDPHQWH GRSR RJQL ODYDJJLR &DQGHOD 7LSR GL JUDVVR *UDVVR XQLYHUVDOH &RQWUROOR GHOOH FDQGHOH *XDUGDWH LO FHQWUR GHOOH FDQGHOH )LJ 6H O·LVRODWRUH q PDUURQH FKLDUR R JULJLR LO PRWRUH IXQ]LRQD FR
0DQXWHQ]LRQH P 7RJOLHWH OD IDVFHWWD FKH EORFFD LO IOXVVR GHO FDUEXUDQWH HG DSULWH OH YDOYROH GHO FDUEXUDQWH )LJXUD 3RPSDWH LO JUDVVR QHJOL LQJUDVVDWRUL ILQFKp QRQ LQL]LD D IXRULXVFLUH GDL FXVFLQHWWL SRPSDWH FLUFD 3XOLWH LO JUDVVR LQ HFFHVVR 6RVWLWX]LRQH GHO ILOWUR GHO FDUEXUDQWH 0 )LJXUD )LOWUR )DVFHWWD VWULQJLWXER 6SXUJR GHL VHUEDWRL GHO FDUEXUDQWH 6RVWLWXLWH LO ILOWUR GHO FDUEXUDQWH RJQL RUH GL HVHUFL]LR RSSXUH RJQL DQQR D VHFRQGD GHOOD VFDGH
0DQXWHQ]LRQH $EEDVVDWH L EUDFFL GL FDULFR H VSHJQHWH LO PRWRUH 7RJOLHWH OD FKLDYH &KLXGHWH OD YDOYROD GHO FDUEXUDQWH VRWWR RJQL VHUEDWRLR GHO FDUEXUDQWH )LJ 0DQXWHQ]LRQH GHOO·LPSLDQWR LGUDXOLFR 6RVWLWX]LRQH GHO ILOWUR LGUDXOLFR &DPELDWH LO ILOWUR LGUDXOLFR P )LJXUD 9DOYROD GHO FDUEXUDQWH $OOHQWDWH OD IDVFHWWD VXO ILOWUR GHO FDUEXUDQWH H IDWHOD VFRUUHUH YHUVR O·DOWR VXO WXER GHO FDUEXUDQWH DOORQWDQDQGROD GDO ILOWUR 6WDFFDWH LO WXER GHO FDUEXUDQWH GDO ILOWUR D
0DQXWHQ]LRQH &RQWUROODWH LO OLYHOOR GHOO·ROLR QHO VHUEDWRLR LGUDXOLFR IDWH ULIHULPHQWR D &RQWUROOR GHOO·ROLR LGUDXOLFR SDJLQD HG DJJLXQJHWH ROLR LQ PRGR FKH LO OLYHOOR GHOO·ROLR UDJJLXQJD LO VHJQR VXOO·DVWD 1RQ ULHPSLWH HFFHVVLYDPHQWH LO VHUEDWRLR ,PSRUWDQWH 1RQ XWLOL]]DWH ROLR SHU DXWRPRELOL DOWULPHQWL VL SXz GDQQHJJLDUH JUDYHPHQWH O·LPSLDQWR LGUDXOLFR 3RVL]LRQDWH XQ JUDQGH FRQWHQLWRUH VRWWR O·XQLWj GL WUD]LRQH FRQ XQD FDSDFLWj PLQLPD GL O JD 7RJOLHWH LO WDSSR
0DQXWHQ]LRQH 5,6&+,2 327(1=,$/( /·ROLR LGUDXOLFR FKH IXRULHVFH VRWWR SUHVVLRQH SXz DYHUH IRU]D VXIILFLHQWH GD SHQHWUDUH QHOOD SHOOH H FDXVDUH JUDYL GDQQL &+( &26$ 38Ó 68&&('(5( 6H SHQHWUD IOXLGR QHOOD SHOOH TXHVWR GHYH HVVHUH ULPRVVR FKLUXUJLFDPHQWH HQWUR SRFKH RUH GD XQ GRWWRUH HVSHUWR LQ WDOH IRUPD GL IHULWD DOWULPHQWL SRWUHEEH LQVRUJHUH OD FDQFUHQD &20( (9,7$5( ,/ 5,6&+,2 7HQHWH LO FRUSR H OH PDQL EHQ ORQWDQL GD SLFFROH SHUGLWH R GD XJHOOL FKH HVSHOORQR ROLR LGUDXOLFR DG DOWD SUHVVLRQH 3
0DQXWHQ]LRQH 5LFDULFD GHOOD EDWWHULD ,PSRUWDQWH /D EDWWHULD GHYH VHPSUH HVVHUH FRPSOHWDPHQWH FDULFD GHQVLWj VSHFLILFD &Lz q SDUWLFRODUPHQWH LPSRUWDQWH SHU SUHYHQLUH GDQQL DOOD EDWWHULD TXDORUD OD WHPSHUDWXUD VLD LQIHULRUH D & ) &RQWUROODWH LO OLYHOOR GHOO·HOHWWUROLWR IDWH ULIHULPHQWR D &RQWUROOR GHO OLYHOOR GHOO·HOHWWUROLWR SDJLQD 7RJOLHWH L WDSSL GDOOD EDWWHULD H FROOHJDWH XQ FDULFDEDWWHULH GD $ DL PRUVHWWL GHOOD EDWWHULD 5LFDULFDWH OD EDWWHULD D SDVVL GL $ R LQIHULR
0DQXWHQ]LRQH &RQWUROODWH OD SUHVVLRQH GHL SQHXPDWLFL IDWH ULIHULPHQWR D 3UHVVLRQH GHL SQHXPDWLFL SDJLQD 5LFDULFDWH OD EDWWHULD IDWH ULIHULPHQWR D 0DQXWHQ]LRQH GHOOD EDWWHULD SDJLQD 3HU LO ULPHVVDJJLR SUROXQJDWR ROWUH JLRUQL DJJLXQJHWH OR VWDELOL]]DWRUH FRQGL]LRQDWRUH DO FDUEXUDQWH QHL VHUEDWRL PO O R] JD $ )DWH IXQ]LRQDUH LO PRWRUH SHU GLVWULEXLUH LO FDUEXUDQWH FRQGL]LRQDWR QHO VLVWHPD GL DOLPHQWD]LRQH PLQXWL % 6SHJQHWH LO PRWRUH H ODVFLDWHOR UDIIUHGGDUH TXLQG
,QGLYLGXD]LRQH GHL SUREOHPL 352%/(0$ /·DYYLDWRUH QRQ JLUD ,O PRWRUH QRQ VL DYYLD S SUHVHQWD S SUREOHPL GL DYYLDPHQWR R VL VSHJQH &$86( 352%$%,/, ,17(59(172 &255(77,92 /D OHYD LGUDXOLFD DXVLOLDULD QRQ q LQ SRVL]LRQH IROOH 3RUWDWH OD OHYD LQ SRVL]LRQH IROOH /D EDWWHULD q VFDULFD 5LFDULFDWH OD EDWWHULD , FROOHJDPHQWL HOHWWULFL VRQR FRUURVL R DOOHQWDWL &RQWUROODWH FKH L FRQWDWWL GHL FROOHJDPHQWL HOHWWULFL VLDQR LQ EXRQH FRQGL]LRQL ,O UHOq R O·LQWHUUXWWRUH VRQR GLIH
,QGLYLGXD]LRQH GHL SUREOHPL 352%/(0$ ,O PRWRUH S SHUGH S SRWHQ]D &$86( 352%$%,/, ,17(59(172 &255(77,92 ,O FDULFR VXO PRWRUH q HFFHVVLYR 5LGXFHWH OD YHORFLWj ,O ILOWUR GHOO·DULD q VSRUFR 3XOLWH O·HOHPHQWR GHO ILOWUR GHOO·DULD ,O OLYHOOR GHOO·ROLR QHO FDUWHU q EDVVR $JJLXQJHWH ROLR QHO FDUWHU /H DOHWWH GL UDIIUHGGDPHQWR HG L FRQGRWWL GHOO·DULD VRWWR OD YHQWROD VRQR LQWDVDWL (OLPLQDWH OH FDXVH GHOO·LQWDVDPHQWR GL DOHWWH GL UDIIUHGGDPHQWR H FRQGRWWL GHOO·DULD
,QGLYLGXD]LRQH GHL SUREOHPL 352%/(0$ &$86( 352%$%,/, ,17(59(172 &255(77,92 ,Q SRVL]LRQH GL ULSRVR L EUDFFL GL FDULFR GHYRQR DEEDVVDUVL GL ROWUH FP µ DOO·RUD PHQR GL FP DOO·RUD q QRUPDOH SHU TXHVWD XQLWj GL WUD]LRQH 3HUGLWH QHOOD ERELQD GHOOD YDOYROD 5LYROJHWHYL DG XQ &HQWUR GL $VVLVWHQ]D $XWRUL]]DWR ,Q SRVL]LRQH GL ULSRVR L EUDFFL GL FDULFR GHYRQR VFHQGHUH UDSLGDPHQWH GL FP µ TXLQGL IHUPDUVL 3HUGLWH QHOOH WHQXWH GHL FLOLQGUL 6RVWLWXLWH OH WHQXWH 3HUGLWH Q