Istruzioni per l'uso KONICA MINOLTA DI3510

[. . . ] Manuale d'uso Di2510/Di3010/Di3510 www. minoltaeurope. com The essentials of imaging 6RPPDULR , QWURGX]LRQH 9RJOLDPR IDUH GL YRL XQ FOLHQWH VRGGLVIDWWR 6SLHJD]LRQH GHOOH FRQYHQ]LRQL GHO PDQXDOH , O 0DQXDOH ± 6WDPSDWR H 'LJLWDOH 0DQXDOH YHUVLRQH VWDPSDWD 0DQXDOH HVWHVR YHUVLRQH GLJLWDOH VX &'5 6SLHJD]LRQH GHL FRQFHWWL H GHL VLPEROL GL EDVH $OLPHQWD]LRQH FDUWD ³/DUJKH]]D´ H ³/XQJKH]]D´ /RQJLWXGLQDOH 7UDVYHUVDOH 5LWUDWWR H 2UL]]RQWDOH , FRQH YLVXDOL]]DWH VXO GLVSOD\ , FRQH SHU LO ULIRUQLPHQWR FDUWD (QHUJ\ 6WDU &KH FRV q XQ SURGRWWR (1(5*< 67$5" 0DUFKL UHJLVWUDWL &RPSRQHQWL H ORUR IXQ]LRQL 1RPL H IXQ]LRQL GHL FRPSRQHQWL &RSLDWULFH 2S]LRQL , QIRUPD]LRQL VXOOD 6LFXUH]]D 6LPEROL GL DYYHUWHQ]D H GL SUHFDX]LRQH 6LJQLILFDWR GHL VLPEROL $99(57(1=$ $77(1=, 21( 3UHFDX]LRQL SHU O XVR QRUPDOH , VWUX]LRQL SHU O XWLOL]]DWRUH 0DUFDWXUD &( 'LFKLDUD]LRQH GL &RQIRUPLWj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j XWLOL]]DWRUH &' , QJUDQGLUH OH VFKHUPDWH GHO SDQQHOOR D VILRUDPHQWR &' $FFHQVLRQH H VSHJQLPHQWR GHOOD FRSLDWULFH $FFHQVLRQH GHOOD FRSLDWULFH 4XDQGR OD FRSLDWULFH q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j 2SHUD]LRQL *HVWLRQH $PPLQLVWUDWRUH &DUWD SHU FRSLH &DUDWWHULVWLFKH GHOOD FDUWD 7LSL GL FDUWD )RUPDWL FDUWD &DSDFLWj FDUWD &DUWD QRQ DGDWWD $UHD GL VWDPSD &RQVHUYD]LRQH GHOOD FDUWD 6HOH]LRQH DXWRPDWLFD GHOO DOLPHQWD]LRQH FDUWD &' &DULFDPHQWR GHOOD FDUWD &DULFDUH OD FDUWD QHO FDVVHWWR SHU OD FDUWD &DULFDUH OD FDUWD QHO FDVVHWWR DG DOWD FDSDFLWj &DULFDUH FDUWD QHO YDVVRLR E\SDVV PXOWLSOR 3HU FDULFDUH FDUWD FRPXQH 3HU FDULFDUH FDUWROLQH &' 3HU FDULFDUH EXVWH &' 3HU FDULFDUH OXFLGL &' 3HU FDULFDUH HWLFKHWWH &' 3HU O LPSRVWD]LRQH GL XQ IRUPDWR FDUWD QRQ VWDQGDUG SHUVRQDOL]]DWR &' 3HU PHPRUL]]DUH XQ IRUPDWR FDUWD QRQ VWDQGDUG SHUVRQDOL]]DWR &' 3HU VHOH]LRQDUH XQ IRUPDWR FDUWD QRQ VWDQGDUG SHUVRQDOL]]DWR PHPRUL]]DWR &' 6HOH]LRQH GHOO LPSRVWD]LRQH FDUWD &' 'L'L'L 'RFXPHQWL RULJLQDOL $OLPHQWD]LRQH GHOO RULJLQDOH 8WLOL]]R GHOO DOLPHQWDWRUH IURQWHUHWUR 7LSL GL RULJLQDOH 2ULJLQDOL GL IRUPDWL XQLIRUPL )XQ]LRQH ³5LOHY RULJLQ PLVWL´ &' )RUPDWL RULJLQDOH GL ODUJKH]]D PLVWD &' 3UHFDX]LRQL ULJXDUGDQWL JOL RULJLQDOL $OLPHQWD]LRQH GHOO RULJLQDOH DWWUDYHUVR O DOLPHQWDWRUH IURQWHUHWUR &DULFDUH O RULJLQDOH 3HU FDULFDUH XQ RULJLQDOH GL IRUPDWL PLVWL IXQ]LRQH ³5LOHY RULJLQ PLVWL´ &' 3RVL]LRQDUH RULJLQDOL VXOOD ODVWUD GL HVSRVL]LRQH 3HU SRVL]LRQDUH JOL RULJLQDOL 3HU SRVL]LRQDUH RULJLQDOL WUDVSDUHQWL R WUDVOXFLGL 3HU SRVL]LRQDUH OLEUL R ULYLVWH &DULFDUH GRFXPHQWL SHU DSSOLFD]LRQL VSHFLILFKH &' 2ULJLQDOL JUDQGL &' 6SHFLILFDUH LPSRVWD]LRQL GL FRSLDWXUD 6SHFLILFDUH LPSRVWD]LRQL GL ILQLWXUD , PSRVWD]LRQL GL ILQLWXUD GLVSRQLELOL 1RWH VXOO XVR GHOOH LPSRVWD]LRQL ³6RUW´ H ³*UXSSR´ 2UGLQDPHQWR WUDVODWR 2UGLQDPHQWR LQFURFLDWR 5DJJUXSSDPHQWR WUDVODWR 5DJJUXSSDPHQWR LQFURFLDWR 3HU HVHJXLUH FRSLH XVDQGR XQ LPSRVWD]LRQH GL SLQ]DWXUD 3HU HVHJXLUH FRSLH XVDQGR O LPSRVWD]LRQH ³%XFDWXUD´ 3HU HVHJXLUH FRSLH XVDQGR O LPSRVWD]LRQH ³3LHJDWXUD´ &' 1RWH VXOOD SRVL]LRQH GL SLQ]DWXUD &' 1RWH VXO QXPHUR GL VHW SLQ]DWL SRVVLELOL 1RWH VXOOD SRVL]LRQH GL EXFDWXUD &' 6SHFLILFDUH XQ LPSRVWD]LRQH ]RRP 3HU VHOH]LRQDUH XQ LPSRVWD]LRQH GL ]RRP 3HU VHOH]LRQDUH XQ UDSSRUWR GL ]RRP SHUVRQDOL]]DWR &' 3HU PHPRUL]]DUH UDSSRUWL GL ]RRP =RRP SHUVRQDOL]] H 0LQLPR &' 'L'L'L 3HU ULFKLDPDUH XQ UDSSRUWR GL ]RRP SHUVRQDOL]]DWR PHPRUL]]DWR &' 3HU VSHFLILFDUH SURSRU]LRQL GL VFDOD YHUWLFDOH HG RUL]]RQWDOH GLIIHUHQWL LPSRVWD]LRQH ³=RRP ;<´ &' 6HOH]LRQDUH OH LPSRVWD]LRQL 2ULJ ! [. . . ] &23, $@ 3HU GHWWDJOL IDUH ULIHULPHQWR D ³6HOH]LRQDUH OH LPSRVWD]LRQL 2ULJ !&RSLD´ D SDJLQD 3HU PRGLILFDUH OD GHQVLWj GHOOD FRSLD WRFFDUH >'(16, 7¬@ 3HU GHWWDJOL IDUH ULIHULPHQWR D ³6SHFLILFDUH XQD GHQVLWj GL FRSLD´ D SDJLQD 3HU FDQFHOODUH XQ PDUJLQH QHOOD FRSLD SHU LQVHULUH XQ LQWHUIRJOLR GXUDQWH OD FRSLDWXUD VX OXFLGL RSSXUH SHU HVHJXLUH TXDOVLDVL DOWUD RSHUD]LRQH VSHFLDOH WRFFDUH >$86, /, $5, @ 3HU GHWWDJOL IDUH ULIHULPHQWR DO FDSLWROR ³ )XQ]LRQL DXVLOLDUL´ H H 8VDUH OD WDVWLHUD SHU LQVHULUH LO QXPHUR GL FRSLH GHVLGHUDWH H H H 6XOOD 'L SRVVRQR HVVHUH VWDPSDWH ILQR D FRSLH 6XOOD 'L RSSXUH 'L SRVVRQR HVVHUH VWDPSDWH ILQR D FRSLH 3HU PRGLILFDUH O LPSRVWD]LRQH SUHPHUH LO WDVWR >&@ FDQFHOODUH H TXLQGL LQVHULUH O LPSRVWD]LRQH FRUUHWWD 8Q OLPLWH DO QXPHUR GL FRSLH SXz HVVHUH VSHFLILFDWR GDOOD VFKHUPDWD *HVWLRQH $PPLQLVWUDWRUH GHO PRGR 8WLOLWj 3HU GHWWDJOL IDUH ULIHULPHQWR DO FDSLWROR ³ 2SHUD]LRQL *HVWLRQH $PPLQLVWUDWRUH´ 3UHPHWH LO WDVWR >67$57@ /H FRSLH YHQJRQR VWDPSDWH 'L'L'L 2SHUD]LRQL GL FRSLDWXUD GL EDVH $UUHVWDUH OD FRSLDWXUD 3HU DQQXOODUH XQ ODYRUR GL FRSLDWXUD VHJXLUH OD SURFHGXUD VRWWR GHVFULWWD 3HU DUUHVWDUHULDYYLDUHHOLPLQDUH XQ ODYRUR GL FRSLDWXUD 3UHPHWH LO WDVWR >6723@ GXUDQWH LO SURFHVVR GL VWDPSD /D FRSLDWXUD VL DUUHVWD $SSDUH LO PHVVDJJLR ³, O FLFOR GL FRSLDWXUD q WHPSRUDQHDPHQWH VRVSHVR´ SUHPHUH LO WDVWR >67$57@ /D FRSLDWXUD FRQWLQXD 3HU FRQWLQXDUH OD FRSLDWXUD 3HU HOLPLQDUH XQ ODYRUR GL FRSLDWXUD DUUHVWDWR VHOH]LRQDUH LO SXOVDQWH SHU LO ODYRUR FKH VL YXROH HOLPLQDUH , O ODYRUR q HOLPLQDWR 7RFFDUH >(6&, @ 'L'L'L 2SHUD]LRQL GL FRSLDWXUD GL EDVH , QWHUURPSHUH XQ ODYRUR GL FRSLDWXUD , O ODYRUR LQ FRUVR SXz HVVHUH PHVVR LQ SDXVD FRVu GD SRWHUH HVHJXLUH OD FRSLD GL XQ GRFXPHQWR GLIIHUHQWH &Lz q XWLOH VH VL YRJOLRQR DYHUH YHORFHPHQWH FRSLH GL XQ GRFXPHQWR FRUWR PHQWUH q LQ VWDPSD XQ GRFXPHQWR OXQJR 3HU XOWHULRUL LQIRUPD]LRQL YHGHUH FDSLWROR QHO PDQXDOH HVWHVR VXO &'5 (VHJXLUH FRSLH XVDQGR DFFRXQW , O QXPHUR GL FRSLH FRQVHQWLWH SHU FLDVFXQR GHJOL DFFRXQW UHJLVWUDWL SXz HVVHUH OLPLWDWR 3HU XOWHULRUL LQIRUPD]LRQL YHGHUH FDSLWROR QHO PDQXDOH HVWHVR VXO &'5 'L'L'L )XQ]LRQL DXVLOLDUL )XQ]LRQL DXVLOLDUL 4XHVWR FDSLWROR FRQWLHQH GHVFUL]LRQL VXOO HVHFX]LRQH GL FRSLH XVDQGR OH IXQ]LRQL $XVLOLDUL 3HU XOWHULRUL LQIRUPD]LRQL YHGHUH FDSLWROR QHO PDQXDOH HVWHVR VXO &'5 'L'L'L )XQ]LRQL DXVLOLDUL 'L'L'L 2SHUD]LRQL PRGR 8WLOLWj 2SHUD]LRQL PRGR 8WLOLWj 3HU XOWHULRUL LQIRUPD]LRQL YHGHUH FDSLWROR QHO PDQXDOH HVWHVR VXO &'5 'L'L'L 2SHUD]LRQL PRGR 8WLOLWj 'L'L'L 2SHUD]LRQL *HVWLRQH $PPLQLVWUDWRUH 2SHUD]LRQL *HVWLRQH $PPLQLVWUDWRUH 3HU XOWHULRUL LQIRUPD]LRQL YHGHUH FDSLWROR QHO PDQXDOH HVWHVR VXO &'5 'L'L'L 2SHUD]LRQL *HVWLRQH $PPLQLVWUDWRUH 'L'L'L &DUWD SHU FRSLH &DUWD SHU FRSLH &DUDWWHULVWLFKH GHOOD FDUWD 8VDWH VROWDQWR FDUWD DYHQWH OH FDUDWWHULVWLFKH VRWWR LQGLFDWH 7LSL GL FDUWD 6XSSRUWL VSHFLDOL D JP 2 ² ² ² ² ² ² &DUWD FRPXQH $OLPHQWD]LRQH HFF 9DVVRLR E\SDVV PDQXDOH FDVVHWWR SHU OD FDUWD FDVVHWWR SHU OD FDUWD FDVVHWWR SHU OD FDUWD /&&  FDVVHWWR SHU OD FDUWD FDVVHWWR SHU OD FDUWD &RSLH IURQWHUHWUR D JP 2 2 2 2 2 2 2 &DUWD ULFLFODWD D JP 2 2 2 2 2 2 2 &DUWROLQH $OLPHQWD]LRQH HFF 9DVVRLR E\SDVV PDQXDOH FDVVHWWR SHU OD FDUWD FDVVHWWR SHU OD FDUWD FDVVHWWR SHU OD FDUWD /&&  FDVVHWWR SHU OD FDUWD FDVVHWWR SHU OD FDUWD &RSLH IURQWHUHWUR 2 ² ² ² ² ² ² /XFLGL 2 ² ² ² ² ² ² (WLFKHWWH 2 ² ² ² ² ² ² %XVWH 2 ² ² ² ² ² ² /&& &DVVHWWR DG DOWD FDSDFLWj 2 'LVSRQLELOH ² 1RQ GLVSRQLELOH 'L'L'L )RUPDWL FDUWD &DUWD GL IRUPDWR QRQ VWDQGDUG $OLPHQWD]LRQH 9DVVRLR E\SDVV PDQXDOH FDVVHWWR SHU OD FDUWD FDVVHWWR SHU OD FDUWD FDVVHWWR SHU OD FDUWD /&&  FDVVHWWR SHU OD FDUWD FDVVHWWR SHU OD FDUWD /DUJKH]]D IRJOLR GD PP D PP ² ² ² ² ² &DUWD SHU FRSLH /XQJKH]]D IRJOLR GD PP D PP ² ² ² ² ² /&& &DVVHWWR DG DOWD FDSDFLWj ² 1RQ GLVSRQLELOH &DUWD GL IRUPDWR VWDQGDUG $OLPHQWD]LRQH HFF 9DVVRLR E\SDVV PDQXDOH $ / 2 % / 2 2 2 ² 2 2 2 $ / 2 2 2 ² 2 2 2 % / 2 ² ² ² ² ² 2 $ & 2 2 2 2 2 2 2 % / % & $ / 2 2 2 ² 2 2 2 2 2 2 ² 2 2 2 %XVWH 2 ² ² ² ² ² ² 2 2 2 ² 2 2 2 $ & 2 ² ² ² ² ² ² FDVVHWWR SHU OD FDUWD 2 FDVVHWWR SHU OD FDUWD 2 FDVVHWWR SHU OD FDUWD /&&  ² FDVVHWWR SHU OD FDUWD 2 FDVVHWWR SHU OD FDUWD 2 &RSLH IURQWHUHWUR $OLPHQWD]LRQH HFF 9DVVRLR E\SDVV PDQXDOH FDVVHWWR SHU OD FDUWD FDVVHWWR SHU OD FDUWD FDVVHWWR SHU OD FDUWD /&&  FDVVHWWR SHU OD FDUWD FDVVHWWR SHU OD FDUWD &RSLH IURQWHUHWUR 2 /&& &DVVHWWR DG DOWD FDSDFLWj 2 'LVSRQLELOH ² 1RQ GLVSRQLELOH 'L'L'L &DUWD SHU FRSLH &DSDFLWj FDUWD 7LSR GL FDUWD &DUWD FRPXQH D JP IRJOL IRJOL IRJOL IRJOL IRJOL 6XSSRUWL VSHFLDOL 6XSSRUWL VSHFLDOL IRJOL ² ² ² ² ² &DUWROLQH IRJOL ² ² ² ² ² (WLFKHWWH IRJOL ² ² ² ² ² %XVWH IRJOL ² ² ² ² ² 6XSSRUWL VSHFLDOL D JP IRJOL ² ² ² ² ² &DUWD ULFLFODWD $OLPHQWD]LRQH HFF 9DVVRLR E\SDVV PDQXDOH FDVVHWWR SHU OD FDUWD FDVVHWWR SHU OD FDUWD FDVVHWWR SHU OD FDUWD FDVVHWWR SHU OD FDUWD 7LSR GL FDUWD $OLPHQWD]LRQH HFF 9DVVRLR E\SDVV PDQXDOH FDVVHWWR SHU OD FDUWD FDVVHWWR SHU OD FDUWD FDVVHWWR SHU OD FDUWD /&&  FDVVHWWR SHU OD FDUWD FDVVHWWR SHU OD FDUWD D JP IRJOL IRJOL IRJOL IRJOL IRJOL IRJOL FDVVHWWR SHU OD FDUWD /&&  IRJOL /&& &DVVHWWR DG DOWD FDSDFLWj ² 1RQ GLVSRQLELOH 1RWD , O FDVVHWWR SHU OD FDUWD FDVVHWWR DG DOWD FDSDFLWj LO FDVVHWWR SHU OD FDUWD HG LO FDVVHWWR SHU OD FDUWD VRQR RS]LRQDOL 6H VL XWLOL]]D O XQLWj GXSOH[ SHU HVHJXLUH FRSLH IURQWHUHWUR q SRVVLELOH XVDUH FDUWD FRPXQH H FDUWD ULFLFODWD 6H YLHQH XVDWD O XQLWj GL ILQLWXUD RS]LRQDOH SHU RUGLQDUHUDJJUXSSDUH IRUDUH EXFKL H SLQ]DUH SXz HVVHUH XVDWD VROWDQWR FDUWD FRPXQH / LPSRVWD]LRQH GHO IRUPDWR FDUWD SHU LO FDVVHWWR SHU OD FDUWD FDVVHWWR DG DOWD FDSDFLWj SXz HVVHUH PRGLILFDWD DO ILQH GL FDULFDUH FDUWD GL IRUPDWR /HWWHUD &RQWDWWDUH OD 9RVWUD DVVLVWHQ]D SHU PRGLILFDUH O LPSRVWD]LRQH GHO IRUPDWR GHOOD FDUWD 'L'L'L &DUWD QRQ DGDWWD &DUWD SHU FRSLH , VHJXHQWL WLSL GL FDUWD QRQ GHYRQR HVVHUH XVDWL DOWULPHQWL SRVVRQR PDQLIHVWDUVL ULGX]LRQH GHOOD TXDOLWj GHOOD VWDPSD FDUWD LQFHSSDWD R GDQQL DOOD PDFFKLQD G G G G G G G G G G G G G G G G G /XFLGL FKH KDQQR JLj DWWUDYHUVDWR OD PDFFKLQD $QFKH VH LO OXFLGR q DQFRUD YXRWR QRQ ULXWLOL]]DUOR &DUWD JLj VWDPSDWD GD XQD VWDPSDQWH WHUPLFD R D JHWWR G LQFKLRVWUR &DUWD PROWR VSHVVD R PROWR VRWWLOH &DUWD SLHJDWD DUULFFLDWD UDJJULQ]LWD R VWUDSSDWD &DUWD FKH q VWDWD ODVFLDWD FRQIH]LRQDWD SHU PROWR WHPSR &DUWD XPLGD &DUWD SHUIRUDWD R FDUWD VX FXL VLDQR VWDWL SUDWLFDWL GHL IRUL &DUWD PROWR OLVFLD R PROWR JUH]]D RSSXUH FRQ VXSHUILFLH LUUHJRODUH &DUWD WUDWWDWD FRPH FDUWD FDUERQH RSSXUH FDUWD VHQVLELOH DO FDORUH R DOOD SUHVVLRQH &DUWD PHWDOOL]]DWD R JRIIUDWD &DUWD GL YDUL IRUPDWL &DUWD GL IRUPD QRQ VWDQGDUG QRQ UHWWDQJRODUH &DUWD LQFROODWD SLQ]DWD R IHUPDWD FRQ FOLS &DUWD FRQ HWLFKHWWH &DUWD QRQ QDVWUL JDQFL ERWWRQL HFF DWWDFFDWL &DUWD DUULFFLDWD R LQFUHVSDWD &DUWD DUWLVWLFD ULYHVWLWD R FDUWD SHU VWDPSDQWL D JHWWR GL LQFKLRVWUR 'L'L'L &DUWD SHU FRSLH $UHD GL VWDPSD 4XDOVLDVL SDUWH GHOO LPPDJLQH HQWUR O DUHD VRWWR LQGLFDWD QRQ YLHQH FRSLDWD G G G 8Q PDUJLQH GL PP D IRUPDWR SLHQR GDO ERUGR GL LQJUHVVR GHOOD FDUWD $ 8Q PDUJLQH GL PP D IRUPDWR SLHQR GDO ERUGR GL XVFLWD GHOOD FDUWD % 8Q PDUJLQH GL PP D IRUPDWR SLHQR VX HQWUDPEL L ODWL GHOOD FDUWD & 'HWWDJOL SHU XWLOL]]DUH OD FRSLDWULFH SHU VWDPSDUH GD XQ FRPSXWHU TXDQGR q LQVWDOODWR LO SULQWHU FRQWUROOHU VRQR GLVSRQLELOL QHO PDQXDOH GHO FRQWUROOHU VWDPSDQWH 'LUH]LRQH GL XVFLWD FDUWD $ PP D IRUPDWR SLHQR % PP D IRUPDWR SLHQR & PP D IRUPDWR SLHQR &RQVHUYD]LRQH GHOOD FDUWD 3HU OD FRQVHUYD]LRQH GHOOD FDUWD RVVHUYDWH OH VHJXHQWL SUHFDX]LRQL G H H H H G G &RQVHUYDUH OD FDUWD LQ XQ OXRJR ULVSRQGHQWH DL VHJXHQWL UHTXLVLWL 1RQ HVSRVWR DOOD OXFH VRODUH GLUHWWD 1RQ HVSRVWR D FDORUH 1RQ HVSRVWR DG HOHYDWD XPLGLWj 1RQ PROWR SROYHURVR /D FDUWD WROWD GDOOD FRQIH]LRQH GHYH HVVHUH FRQVHUYDWD LQ XQ VDFFKHWWR GL SODVWLFD H LQ XQ OXRJR IUHVFR H VFXUR 7HQHWH OD FDUWD IXRUL GDOOD SRUWDWD GHL EDPELQL 6HOH]LRQH DXWRPDWLFD GHOO DOLPHQWD]LRQH FDUWD 3HU XOWHULRUL LQIRUPD]LRQL YHGHUH FDSLWROR QHO PDQXDOH HVWHVR VXO &'5 'L'L'L &DULFDPHQWR GHOOD FDUWD &DUWD SHU FRSLH 0HQWUH VL FDULFD OD FDUWD DVVLFXUDUVL GL RVVHUYDUH OH VHJXHQWL SUHFDX]LRQL G 6H OD FDUWD q DUULFFLDWD VWHQGHUOD SULPD GL FDULFDUOD G 1RQ FDULFDUH XQD TXDQWLWj GL FDUWD WDOH FKH OD FLPD GHOOD ULVPD VLD SL DOWD GHO FRQWUDVVHJQR Ä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j GL DOLPHQWD]LRQH FDUWD RS]LRQDOH R QHO FDVVHWWR GL DOLPHQWD]LRQH FDUWD FRPH GHVFULWWR VRWWR (VWUDUUH LO FDVVHWWR SHU OD FDUWD FKH GHYH HVVHUH FDULFDWR FRQ OD FDUWD )DUH VFRUUHUH OH JXLGH FDUWD SHU DGDWWDUVL DO IRUPDWR GHOOD FDUWD FKH GHYH HVVHUH FDULFDWD $VVLFXUDUVL FKH OH JXLGH FDUWD VL DGDWWLQR VDOGDPHQWH QHOOH ORUR IHVVXUH &DULFDUH OD FDUWD QHO FDVVHWWR LQ PRGR FKH LO ODWR IURQWDOH GHOOD FDUWD LO ODWR ULYROWR YHUVR O DOWR TXDQGR OD FRQIH]LRQH YLHQH DSHUWD VLD ULYROWR YHUVR O DOWR 3UHVWDUH DWWHQ]LRQH D QRQ WRFFDUH LO P\ODU 0\ODU 5HJRODUH QXRYDPHQWH OH JXLGH FDUWD SHU DGDWWDUVL DO IRUPDWR GHOOD FDUWD &KLXGHUH LO FDVVHWWR SHU OD FDUWD 'L'L'L &DULFDUH OD FDUWD QHO FDVVHWWR DG DOWD FDSDFLWj &DUWD SHU FRSLH &DULFDUH OD FDUWD QHO FDVVHWWR DG DOWD FDSDFLWj FRPH GHVFULWWR VRWWR 3UHPHUH LO SXOVDQWH ULODVFLR FDVVHWWR &DULFDUH OD FDUWD SULPD QHO ODWR GHVWUR GHO FDVVHWWR &DULFDWH OD ULVPD GL FDUWD QHO ODWR GHVWUR GHO FDVVHWWR FRQ LO ODWR IURQWDOH ULYROWR YHUVR O DOWR LO ODWR ULYROWR YHUVR O DOWR DO PRPHQWR GHOO DSHUWXUD GHO SDFFR 0\ODU 3UHVWDUH DWWHQ]LRQH D QRQ WRFFDUH LO P\ODU &DULFDWH OD ULVPD GL FDUWD QHO ODWR VLQLVWUR GHO FDVVHWWR FRQ LO ODWR IURQWDOH ULYROWR YHUVR O DOWR LO ODWR ULYROWR YHUVR O DOWR DO PRPHQWR GHOO DSHUWXUD GHO SDFFR 0\ODU 'L'L'L &DUWD SHU FRSLH &DULFDUH FDUWD QHO YDVVRLR E\SDVV PXOWLSOR 8VDUH LO YDVVRLR E\SDVV PXOWLSOR TXDQGR VL VWDPSD VX FDUWD FRPXQH FDUWROLQH EXVWH OXFLGL H HWLFKHWWH /D FRSLD YHUUj HVHJXLWD VXO ODWR D IDFFLD LQ JL 3HU FDULFDUH FDUWD FRPXQH $SULUH LO YDVVRLR E\SDVV PXOWLSOR 4XDQGR VL FDULFD FDUWD GL JUDQGH IRUPDWR DSULUH O HVWHQVLRQH FDVVHWWR (VWHQVLRQH FDVVHWWR 5HJRODUH OH JXLGH FDUWD SHU DGDWWDUVL DO IRUPDWR GHOOD FDUWD TXLQGL LQVHULUH OD FDUWD TXDQWR SL SRVVLELOH QHOOD IHVVXUD GL DOLPHQWD]LRQH *XLGH FDUWD 1RWD 1RQ FDULFDWH WURSSD FDUWD OD VRPPLWj GHOOD ULVPD QRQ GHYH ULVXOWDUH SL DOWD GHO VHJQR Ä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 3HU XOWHULRUL LQIRUPD]LRQL YHGHUH FDSLWROR QHO PDQXDOH HVWHVR VXO &'5 3HU PHPRUL]]DUH XQ IRUPDWR FDUWD QRQ VWDQGDUG SHUVRQDOL]]DWR 3HU XOWHULRUL LQIRUPD]LRQL YHGHUH FDSLWROR QHO PDQXDOH HVWHVR VXO &'5 3HU VHOH]LRQDUH XQ IRUPDWR FDUWD QRQ VWDQGDUG SHUVRQDOL]]DWR PHPRUL]]DWR 3HU XOWHULRUL LQIRUPD]LRQL YHGHUH FDSLWROR QHO PDQXDOH HVWHVR VXO &'5 6HOH]LRQH GHOO LPSRVWD]LRQH FDUWD /D FDUWD FDULFDWD QHO FDVVHWWR SHU OD FDUWD R QHO YDVVRLR E\SDVV PXOWLSOR SXz HVVHUH VHOH]LRQDWD SHU HVHJXLUH FRSLH 3HU XOWHULRUL LQIRUPD]LRQL YHGHUH FDSLWROR QHO PDQXDOH HVWHVR VXO &'5 'L'L'L 'RFXPHQWL RULJLQDOL 'RFXPHQWL RULJLQDOL $OLPHQWD]LRQH GHOO RULJLQDOH 8WLOL]]R GHOO DOLPHQWDWRUH IURQWHUHWUR / DOLPHQWDWRUH IURQWHUHWUR DXWRPDWLFDPHQWH DOLPHQWD VFDQVLRQD H ID XVFLUH FLDVFXQD SDJLQD GL XQ GRFXPHQWR GL PROWH SDJLQH XQD SDJLQD DOOD YROWD 3HUFKp O DOLPHQWDWRUH IURQWHUHWUR SRVVD IXQ]LRQDUH FRUUHWWDPHQWH q QHFHVVDULR FDULFDUH L WLSL GL RULJLQDOL DSSURSULDWL 6H YLHQH FDULFDWR LO WLSR GL RULJLQDOH QRQ FRUUHWWR VL SRVVRQR PDQLIHVWDUH XQ LQFHSSDPHQWR GL FDUWD R GDQQL DOO RULJLQDOH 7LSL GL RULJLQDOH 2ULJLQDOL GDL IRUPDWL GLYHUVL 2ULJLQDOL XQ ODWR 2ULJLQDOL IURQWHUHWUR 2ULJLQDOL GL IRUPDWL XQLIRUPL 2ULJLQDOL XQ ODWR 7LSR FDUWD )RUPDWR RULJLQDOH &DUWD FRPXQH D JP 2ULJLQDOL IURQWHUHWUR &DUWD FRPXQH D JP $ / % / $ /& % /& $ /& % / )XQ]LRQH ³5LOHY RULJLQ PLVWL´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j R DSHUWL 2ULJLQDOL DOWDPHQWH WUDVOXFLGL R WUDVSDUHQWL FRPH FDUWD IRWRVHQVLELOH 2ULJLQDOL FRQ EXFKL GL ULOHJDWXUD 2ULJLQDOL FRQ PROWL IRUL SHU OD ULOHJDWXUD FRPH FDUWD D IRJOL VFLROWL 2ULJLQDOL SDWLQDWL FRPH FDUWD VHQVLELOH DO FDORUH H FDUWD FDUERQH &DUWD SHU VWDPSDQWH D JHWWR G LQFKLRVWUR 2ULJLQDOL FKH VRQR JLj VWDWL VWDPSDWL FRQ TXHVWD FRSLDWULFH 2ULJLQDOL DUULFFLDWL 2ULJLQDOL SLHJDWL R VWUDSSDWL /XFLGL 2ULJLQDOL VX FDUWD FKH QRQ SRVVRQR HVVHUH DOLPHQWDWL G G G 6H VL GHWHUPLQD FKH GHOOD FDUWD GL IRUPDWR QRQ VWDQGDUG q VLPLOH DG XQ IRUPDWR VWDQGDUG q SRVVLELOH OD FRSLDWXUD FRQ OH LPSRVWD]LRQL ³&DUWD $XWR´ RSSXUH ³)RUPDWR $XWR´ 'L'L'L 'RFXPHQWL RULJLQDOL $OLPHQWD]LRQH GHOO RULJLQDOH DWWUDYHUVR O DOLPHQWDWRUH IURQWHUHWUR &DULFDUH O RULJLQDOH 5HJRODWH OD JXLGD GRFXPHQWR UHJRODELOH LQ EDVH DO IRUPDWR GHJOL RULJLQDOL &DULFDUH OH SDJLQH GHOO RULJLQDOH ULYROWH YHUVR O DOWR QHOO DOLPHQWDWRUH IURQWHUHWUR 3Xz HVVHUH FDULFDWR XQ RULJLQDOH FRQVWLWXLWR GD XQ QXPHUR GL SDJLQH ILQR D 1RQ FDULFDUH XQD TXDQWLWj GL FDUWD WDOH FKH OD VRPPLWj GHOOD ULVPD VLD SL DOWD GHO FRQWUDVVHJQR Ä 5HJRODUH OH JXLGH GRFXPHQWR VXO IRUPDWR GHOO RULJLQDOH $VVLFXUDUVL GL FDULFDUH O RULJLQDOH FRUUHWWDPHQWH DOWULPHQWL OH SDJLQH SRVVRQR QRQ HVVHUH DOLPHQWDWH GLULWWH 'L'L'L 7RFFDUH >5, /(9$0 25, *, 1$/(@ TXLQGL VHOH]LRQDUH O LPSRVWD]LRQH DSSURSULDWD SHU LO 9RVWUR GRFXPHQWR 'RFXPHQWL RULJLQDOL 6H O RULHQWDPHQWR GHOO RULJLQDOH q GLYHUVR GD TXHOOR GHOO LPSRVWD]LRQH 5LOHYDPHQWR RULJLQDOH VHOH]LRQDWD DOFXQH RSHUD]LRQL GL FRSLDWXUD FRPH OD FRSLDWXUD LQ R LQ QRQ YHUUDQQR VWDPSDWH FRUUHWWDPHQWH 3UHPHWH LO WDVWR >67$57@ /H SDJLQH GHOO RULJLQDOH YHQJRQR DOLPHQWDWH LQL]LDQGR GDOOD SDJLQD LQ FLPD 3HU FDULFDUH XQ RULJLQDOH GL IRUPDWL PLVWL IXQ]LRQH ³5LOHY RULJLQ PLVWL´ &RQ OD ULOHYD]LRQH GL RULJLQDOL GL ODUJKH]]D PLVWD RULJLQDOL GL SDJLQH GL YDUL IRUPDWL VWDQGDUG SRVVRQR HVVHUH VFDQVLRQDWL H FRSLDWL FRPH XQD VHULH XVDQGR O DOLPHQWDWRUH IURQWHUHWUR 3HU XOWHULRUL LQIRUPD]LRQL YHGHUH FDSLWROR QHO PDQXDOH HVWHVR VXO &'5 'L'L'L 'RFXPHQWL RULJLQDOL 3RVL]LRQDUH RULJLQDOL VXOOD ODVWUD GL HVSRVL]LRQH /D SURFHGXUD SHU SRVL]LRQDUH O RULJLQDOH q GLYHUVD D VHFRQGD GHO WLSR GL RULJLQDOH FKH GHYH HVVHUH FRSLDWR TXLQGL DVVLFXUDUVL FKH LO GRFXPHQWR VLD SRVL]LRQDWR FRUUHWWDPHQWH 3HU LQIRUPD]LRQL VXOO XVR GHOO DOLPHQWDWRUH IURQWHUHWUR IDUH ULIHULPHQWR D ³$OLPHQWDUH O 2ULJLQDOH $WWUDYHUVR O $OLPHQWDWRUH )URQWH5HWUR´ SDJLQD 4XDQGR VL SRVL]LRQD O RULJLQDOH GLUHWWDPHQWH VXOOD ODVWUD GL HVSRVL]LRQH SRVL]LRQDUOR FRQ O RULHQWDPHQWR PRVWUDWR VRWWR $SULUH VROOHYDQGR LO FRSUL RULJLQDOL RSSXUH O DOLPHQWDWRUH IURQWHUHWUR VH q LQVWDOODWR GL DOPHQR 4XDQGR FDULFDWR RUL]]RQWDOPHQWH 4XDQGR FDULFDWR YHUWLFDOPHQWH 15 15 'L'L'L 3HU SRVL]LRQDUH JOL RULJLQDOL 'RFXPHQWL RULJLQDOL 6HJXLUH OD SURFHGXUD GHVFULWWD VRWWR TXDQGR VL FRSLD FDUWD FRPXQH RSSXUH RULJLQDOL FKH QRQ SRVVRQR HVVHUH DOLPHQWDWL DWWUDYHUVR O DOLPHQWDWRUH IURQWHUHWUR $SULUH VROOHYDQGR LO FRSULRULJLQDOL RSSXUH O DOLPHQWDWRUH IURQWHUHWUR VH q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q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j GHO OLEUR YHUVR LO UHWUR GHOOD FRSLDWULFH H FRQ LO FHQWUR GHO OLEUR DOOLQHDWR FRQ LO FRQWUDVVHJQR GL OLEUR QHOOD VFDOD JUDGXDWD SHU GRFXPHQWL 3RVL]LRQDUH O RULJLQDOH ULYROWR YHUVR &KLXGHUH LO FRSULRULJLQDOL R O DOLPHQWDWRUH IURQWHUHWUR VH LQVWDOODWR 1RWD 3HU RULJLQDOL VSHVVL HVHJXLUH OD FRSLD VHQ]D FKLXGHUH LO FRSULRULJLQDOL R O DOLPHQWDWRUH IURQWHUHWUR 4XDQGR O RULJLQDOH YLHQH VFDQVLRQDWR FRQ LO FRSULRULJLQDOL R O DOLPHQWDWRUH IURQWHUHWUR DSHUWR QRQ JXDUGDUH GLUHWWDPHQWH OD OXFH EULOODQWH FKH SXz YHQLUH HPHVVD DWWUDYHUVR OD ODVWUD GL HVSRVL]LRQH 6H O RULJLQDOH QRQ q SRVL]LRQDWR FRUUHWWDPHQWH OH FRSLH QRQ YHUUDQQR VWDPSDWH QHOOD VHTXHQ]D FRUUHWWD $SULUH VROOHYDQGR LO FRSULRULJLQDOL RSSXUH O DOLPHQWDWRUH IURQWHUHWUR VH q LQVWDOODWR GL DOPHQR DOWULPHQWL LO IRUPDWR GHOO RULJLQDOH QRQ YHUUj ULOHYDWR HG LO FRUUHWWR IRUPDWR GHOOD FDUWD R UDSSRUWR GL ]RRP QRQ SRWUj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u FRPH YHQJRQR VWDPSDWH G 6RUW /H FRSLH YHQJRQR DXWRPDWLFDPHQWH GLYLVH LQ XQ QXPHUR VSHFLILFDWR GL VHW RJQXQR GHL TXDOL FRQWLHQH XQD FRSLD GL RJQL SDJLQD 'L'L'L G 6SHFLILFDUH LPSRVWD]LRQL GL FRSLDWXUD *UXSSR /H FRSLH YHQJRQR DXWRPDWLFDPHQWH GLYLVH LQ ULVPH FKH FRQWHQJRQR FRSLH GHOOD VWHVVD SDJLQD 6ROWDQWR TXDQGR q LQVWDOODWD O XQLWj GL ILQLWXUD G 3LQ]DWXUD DQJRODUH /H &RSLH VWDPSDWH FRQ O LPSRVWD]LRQH ³6RUW´ R ³*UXSSR´ YHQJRQR DXWRPDWLFDPHQWH SLQ]DWH LQVLHPH QHOO DQJROR VXSHULRUH VLQLVWUR 1RWD &DUWRQFLQR EXVWH H OXFLGL QRQ SRVVRQR HVVHUH SLQ]DWL 6ROWDQWR TXDQGR q LQVWDOODWD O XQLWj GL ILQLWXUD G 3LQ]DWXUD D SXQWL /H FRSLH VWDPSDWH FRQ O LPSRVWD]LRQH ³6RUW´ R ³*UXSSR´ YHQJRQR DXWRPDWLFDPHQWH SLQ]DWH LQVLHPH LQ GXH SXQWL GHO ERUGR VLQLVWUR 1RWD &DUWRQFLQR EXVWH H OXFLGL QRQ SRVVRQR HVVHUH SLQ]DWL 'L'L'L 6SHFLILFDUH LPSRVWD]LRQL GL FRSLDWXUD 6ROWDQWR TXDQGR VRQR LQVWDOODWL O XQLWj GL ILQLWXUD H LO NLW GL IRUDWXUD G %XFDWXUD , EXFKL YHQJRQR IRUDWL QHOOH FRSLH FRVu FKH HVVH SRVVRQR HVVHUH DUFKLYLDWH 4XHVWD LPSRVWD]LRQH SXz HVVHUH FRPELQDWD FRQ ³1RQ6RUW´ ³6RUW´ ³*UXSSR´ R XQ LPSRVWD]LRQH GL SLQ]DWXUD 1RWD , EXFKL QRQ SRVVRQR HVVHUH IRUDWL LQ EXVWH H OXFLGL &RQVLJOLR &RPH SUHGHILQLWR VRQR DXWRPDWLFDPHQWH VHOH]LRQDWL ³1RQ6RUW´ RSSXUH ³6RUW´ D VHFRQGD GHO QXPHUR GL SDJLQH QHOO RULJLQDOH / LPSRVWD]LRQH SUHGHILQLWD q ³1RQ6RUW´ / LPSRVWD]LRQH SUHGHILQLWD SXz HVVHUH PRGLILFDWD XVDQGR XQD IXQ]LRQH GHOOD VFKHUPDWD 6FHOWD RSHUDWRUH 6ROWDQWR TXDQGR VRQR LQVWDOODWL O XQLWj GL ILQLWXUD H LO NLW SXQWL PHWDOOLFL G 3LHJDWXUD 3LQ]DWXUD LQ SXQWL /H FRSLH VWDPSDWH FRQ LO PRGR &UHD]LRQH RSXVFROR SRVVRQR HVVHUH SLHJDWH H SLQ]DWH LQVLHPH LQ GXH SXQWL 1RWD /D IXQ]LRQH 3LHJDWXUD 3LQ]DWXUD LQ SXQWL QRQ SXz HVVHUH XVDWD SHU LO FDUWRQFLQR OH EXVWH H L OXFLGL 'L'L'L 1RWDUH L VHJXHQWL SXQWL G 6SHFLILFDUH LPSRVWD]LRQL GL FRSLDWXUD 1RWH VXOO XVR GHOOH LPSRVWD]LRQL ³6RUW´ H ³*UXSSR´ 6H XQ GRFXPHQWR SRVL]LRQDWR VXOOD ODVWUD GL HVSRVL]LRQH YLHQH FRSLDWR XVDQGR O LPSRVWD]LRQH ³6RUW´ OD FRSLDWXUD YLHQH DXWRPDWLFDPHQWH HVHJXLWD XVDQGR OD IXQ]LRQH ³6FDQVLRQH VHSDUDWD´ 3HU GHWWDJOL IDUH ULIHULPHQWR DO FDSLWROR ³ )XQ]LRQL DXVLOLDUL´ 6H VRQR LQVWDOODWL O XQLWj GL ILQLWXUD RSSXUH LO ILQLVKHU YDVVRLR GLVWULEX]LRQH FLDVFXQD VHULH GL FRSLH HVFH WUDVODWD SHU DOWHUQDUH L ODWL 6H q LQVWDOODWR LO FDVVHWWR ODYRUR PD QRQ OR VRQR O XQLWj GL ILQLWXUD R LO ILQLVKHU YDVVRLR GLVWULEX]LRQH FLDVFXQD VHULH GL FRSLH HVFH LQ XQD FRQILJXUD]LRQH DOWHUQDWD LQFURFLDWD /D FDUWD GL IRUPDWR $ R % GHYH HVVHUH FDULFDWD RUL]]RQWDOPHQWH LQ XQ FDVVHWWR FDUWD H YHUWLFDOPHQWH LQ XQ DOWUR FDVVHWWR FDUWD &DUWD GHOOR VWHVVR WLSR GHYH HVVHUH FDULFDWD RUL]]RQWDOPHQWH LQ XQ FDVVHWWR SHU OD FDUWD H YHUWLFDOPHQWH LQ XQ DOWUR FDVVHWWR SHU OD FDUWD /D IXQ]LRQH ³5LOHY RULJLQ PLVWL´ QRQ GHYH HVVHUH VHOH]LRQDWD 1HVVXQD GHOOH IXQ]LRQL VHJXHQWL SXz HVVHUH VHOH]LRQDWD , QVHULP SDJLQD H &RSHUWLQD 1RQ SXz HVVHUH VHOH]LRQDWR XQ FDVVHWWR SHU OD FDUWD G G &RQGL]LRQL SHU O RUGLQDPHQWR LQFURFLDWR G G G G G 2UGLQDPHQWR WUDVODWR &LDVFXQD VHULH GL FRSLH HVFH WUDVODWD SHU DOWHUQDUH L ODWL 2UGLQDPHQWR LQFURFLDWR &LDVFXQD VHULH GL FRSLH HVFH LQ XQD FRQILJXUD]LRQH DOWHUQDWD LQFURFLDWD 'L'L'L 6SHFLILFDUH LPSRVWD]LRQL GL FRSLDWXUD 5DJJUXSSDPHQWR WUDVODWR &LDVFXQD VHULH GL SDJLQH HVFH WUDVODWD SHU DOWHUQDUH L ODWL 5DJJUXSSDPHQWR LQFURFLDWR &LDVFXQD VHULH GL SDJLQH HVFH LQ XQD FRQILJXUD]LRQH DOWHUQDWD LQFURFLDWD 'L'L'L 3RVL]LRQDWH O RULJLQDOH R JOL RULJLQDOL GD FRSLDUH 6SHFLILFDUH LPSRVWD]LRQL GL FRSLDWXUD 3HU HVHJXLUH FRSLH XVDQGR XQ LPSRVWD]LRQH GL SLQ]DWXUD 6HOH]LRQDUH ³1RQ6RUW´ ³6RUW´ RSSXUH ³*UXSSR´ TXLQGL VHOH]LRQDUH XQ LPSRVWD]LRQH GL SLQ]DWXUD H H 6H HUD VWDWR VHOH]LRQDWR ³3LQ]DWXUD DQJRODUH´ VDOWDUH DO SDVVR 6H HUD VWDWR VHOH]LRQDWR ³3LQ]DWXUD D SXQWL´ FRQWLQXDUH FRQ LO SDVVR 7RFFDUH >6(/(= 326, =@ 7RFFDUH LO SXOVDQWH SHU OD SRVL]LRQH GL SLQ]DWXUD GHVLGHUDWD 6HOH]LRQDWH >, 19, 2@ 3UHPHWH LO WDVWR >67$57@ /H FRSLH YHQJRQR VWDPSDWH 1RWD 8Q LPSRVWD]LRQH GL SLQ]DWXUD QRQ SXz HVVHUH VHOH]LRQDWD VH q VWDWR LQWHUURWWR XQ DOWUR ODYRUR 4XDQGR VL HVHJXRQR FRSLH XVDQGR XQ LPSRVWD]LRQH GL SLQ]DWXUD SUHVWDUH DWWHQ]LRQH DOOD SRVL]LRQH GL SLQ]DWXUD VHOH]LRQDWD 3HU GHWWDJOL IDUH ULIHULPHQWR D SDJLQD 'L'L'L 6SHFLILFDUH LPSRVWD]LRQL GL FRSLDWXUD 6H OD ³3LQ]DWXUD DQJRODUH´ HUD VHOH]LRQDWD OD SRVL]LRQH GL SLQ]DWXUD QRQ SXz HVVHUH VSHFLILFDWD 7XWWDYLD VH O LPSRVWD]LRQH ³3LQ]DWXUD DQJRODUH´ q XVDWD LQVLHPH DOO LPSRVWD]LRQH ³%XFDWXUD´ OD SRVL]LRQH GL SLQ]DWXUD SXz HVVHUH VSHFLILFDWD 6H XQ RULJLQDOH SRVL]LRQDWR VXOOD ODVWUD GL HVSRVL]LRQH YLHQH FRSLDWR XVDQGR XQ LPSRVWD]LRQH GL SLQ]DWXUD OD FRSLDWXUD YLHQH DXWRPDWLFDPHQWH HVHJXLWD XVDQGR OD IXQ]LRQH ³6FDQVLRQH VHSDUDWD´ 3HU GHWWDJOL IDUH ULIHULPHQWR DO FDSLWROR ³ )XQ]LRQL DXVLOLDUL´ 4XDQGR VL FRSLD XVDQGR XQ LPSRVWD]LRQH GL SLQ]DWXUD DVVLFXUDUVL FKH QRQ YHQJD VXSHUDWR LO PDVVLPR QXPHUR GL SDJLQH FKH SRVVRQR HVVHUH SLQ]DWH LQVLHPH 'L'L'L 3RVL]LRQDWH O RULJLQDOH R JOL RULJLQDOL GD FRSLDUH 6SHFLILFDUH LPSRVWD]LRQL GL FRSLDWXUD 3HU HVHJXLUH FRSLH XVDQGR O LPSRVWD]LRQH ³%XFDWXUD´ 6HOH]LRQDUH ³1RQ6RUW´ ³6RUW´ RSSXUH ³*UXSSR´ TXLQGL WRFFDUH >%8&$785$@ 7RFFDUH >6(/(= 326, =@ 7RFFDUH LO SXOVDQWH SHU OH SRVL]LRQL GL EXFDWXUD GHVLGHUDWH 3HU FRQVHQWLUH GL VSHFLILFDUH DXWRPDWLFDPHQWH OD SRVL]LRQH GL EXFDWXUD WRFFDUH >2))@ 6HOH]LRQDWH >, 19, 2@ 3UHPHWH LO WDVWR >67$57@ /H FRSLH YHQJRQR VWDPSDWH &RQVLJOLR 6H OD FRSLDWXUD YLHQH DYYLDWD VHQ]D FKH OD SRVL]LRQH GL EXFDWXUD VLD VSHFLILFDWD RSSXUH VH HUD VWDWR VHOH]LRQDWR 2)) OD SRVL]LRQH GL EXFDWXUD YLHQH DXWRPDWLFDPHQWH VSHFLILFDWD D VHFRQGD GHOO RULHQWDPHQWR GHOO RULJLQDOH FRPH PRVWUDWR VRWWR 3HU UHJRODUH OD SRVL]LRQH GHL EXFKL IRUDWL FRQWDWWDUH OD 9RVWUD DVVLVWHQ]D 'L'L'L 6SHFLILFDUH LPSRVWD]LRQL GL FRSLDWXUD 3HU HVHJXLUH FRSLH XVDQGR O LPSRVWD]LRQH ³3LHJDWXUD´ 6H VRQR LQVWDOODWL O XQLWj GL ILQLWXUD R O XQLWj GL ILQLWXUD SXQWL PHWDOOLFL RS]LRQDOL OH FRSLH SRVVRQR HVVHUH SLHJDWH D PHWj TXDQGR q VHOH]LRQDWD O LPSRVWD]LRQH ³&UHD]LRQH RSXVFROR´ 3HU XOWHULRUL LQIRUPD]LRQL YHGHUH FDSLWROR QHO PDQXDOH HVWHVR VXO &'5 1RWH VXOOD SRVL]LRQH GL SLQ]DWXUD /D SRVL]LRQH FKH SXz HVVHUH SLQ]DWD GLIIHULVFH D VHFRQGD GHO IRUPDWR H GHOO RULHQWDPHQWR GHOOD FDUWD 3HU XOWHULRUL LQIRUPD]LRQL YHGHUH FDSLWROR QHO PDQXDOH HVWHVR VXO &'5 1RWH VXO QXPHUR GL VHW SLQ]DWL SRVVLELOL 4XDQGR VL FRSLD FRQ XQ LPSRVWD]LRQH GL SLQ]DWXUD OH SDJLQH SRVVRQR ULVXOWDUH GLVDOOLQHDWH R DEEDVVDWH 6L UDFFRPDQGD GL QRQ SLQ]DUH XQ QXPHUR GL VHW VXSHULRUH D TXHOOH TXL VRWWR HOHQFDWH 8QLWj GL ILQLWXUD $ / D % &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 , O UDSSRUWR GL ]RRP SL DSSURSULDWR LQ EDVH DO IRUPDWR GHOO RULJLQDOH FDULFDWR HG DO IRUPDWR GL FDUWD VSHFLILFDWR YLHQH DXWRPDWLFDPHQWH VHOH]LRQDWR )XOO6L]H IRUPDWR FRPSOHWR 9LHQH VHOH]LRQDWD XQD FRSLD GHOOR VWHVVR IRUPDWR GHOO RULJLQDOH  , QJU LQJUDQGLPHQWR 6RQR GLVSRQLELOL YDULH LPSRVWD]LRQL GL ]RRP SHU HVHJXLUH FRSLH LQJUDQGLWH GD IRUPDWL RULJLQDOH VWDQGDUG FRPXQH D IRUPDWL FDUWD VWDQGDUG 3HU HVHPSLR 8Q GRFXPHQWR $ SXz HVVHUH FRSLDWR VX XQ IRJOLR GL FDUWD SL JUDQGH $ 8Q GRFXPHQWR % SXz HVVHUH FRSLDWR VX XQ IRJOLR GL FDUWD SL JUDQGH $ 5LGX]LRQH 6RQR GLVSRQLELOL YDULH LPSRVWD]LRQL GL ]RRP SHU HVHJXLUH FRSLH ULGRWWH GD IRUPDWL RULJLQDOH VWDQGDUG FRPXQH D IRUPDWL FDUWD VWDQGDUG 3HU HVHPSLR 8Q GRFXPHQWR $ SXz HVVHUH FRSLDWR VX XQ IRJOLR GL FDUWD SL SLFFROR $ 8Q GRFXPHQWR % SXz HVVHUH FRSLDWR VX XQ IRJOLR GL FDUWD SL SLFFROR $ 0LQLPR /D FRSLD q OHJJHUPHQWH ULGRWWD  6HOH]LRQDQGR O LPSRVWD]LRQH ³0LQLPR´ VL ULGXFH OHJJHUPHQWH OD FRSLD JDUDQWHQGR FKH O LPPDJLQH RULJLQDOH SRVL]LRQDWD VXO ERUGR GHOOD SDJLQD QRQ ULVXOWL WDJOLDWD VXOOD FRSLD , O UDSSRUWR GL ]RRP GHOO LPSRVWD]LRQH ³0LQLPR´ SXz HVVHUH PRGLILFDWR LQ TXDOVLDVL UDSSRUWR WUD H 'L'L'L G G H H G H H G H H 6SHFLILFDUH LPSRVWD]LRQL GL FRSLDWXUD G H =RRP 3Xz HVVHUH VSHFLILFDWR TXDOVLDVL UDSSRUWR GL ]RRP WUD H  7RFFDUH L WDVWL IUHFFLD SHU VHOH]LRQDUH LO UDSSRUWR GL ]RRP GHVLGHUDWR 2JQL YROWD FKH XQ WDVWR IUHFFLD YLHQH WRFFDWR LO UDSSRUWR GL ]RRP YLHQH DXPHQWDWR R GLPLQXLWR FRQ XQ LQFUHPHQWR GL =RRP SHUVRQDOL]] ]RRP SHUVRQDOL]]DWR 3Xz HVVHUH VSHFLILFDWR TXDOVLDVL UDSSRUWR GL ]RRP WUD H  8WLOL]]DUH OD WDVWLHUD SHU LQVHULUH LO UDSSRUWR GL ]RRP GHVLGHUDWR 3RVVRQR HVVHUH PHPRUL]]DWL ILQR D GXH UDSSRUWL GL ]RRP LQVHULWL XVDQGR OD WDVWLHUD =RRP ;< /H GLPHQVLRQL GHOOD FRSLD SRVVRQR HVVHUH PRGLILFDWH VSHFLILFDQGR SURSRU]LRQL LQ VFDOH GLYHUVH IUD H  SHU OH GLPHQVLRQL YHUWLFDOH H RUL]]RQWDOH G H H G 3HU VHOH]LRQDUH XQ LPSRVWD]LRQH GL ]RRP 3UHPHWH >=220@ &RPSDUH XQD VFKHUPDWD FKH LQGLFD OH LPSRVWD]LRQL =RRP GLVSRQLELOL 6HOH]LRQDWH O LPSRVWD]LRQH =RRP GHVLGHUDWD 3HU VHOH]LRQDUH XQ UDSSRUWR GL ]RRP SHUVRQDOL]]DWR 3HU XOWHULRUL LQIRUPD]LRQL YHGHUH FDSLWROR QHO PDQXDOH HVWHVR VXO &'5 3HU PHPRUL]]DUH UDSSRUWL GL ]RRP =RRP SHUVRQDOL]] H 0LQLPR 3HU XOWHULRUL LQIRUPD]LRQL YHGHUH FDSLWROR QHO PDQXDOH HVWHVR VXO &'5 3HU ULFKLDPDUH XQ UDSSRUWR GL ]RRP SHUVRQDOL]]DWR PHPRUL]]DWR 3HU XOWHULRUL LQIRUPD]LRQL YHGHUH FDSLWROR QHO PDQXDOH HVWHVR VXO &'5 3HU VSHFLILFDUH SURSRU]LRQL GL VFDOD YHUWLFDOH HG RUL]]RQWDOH GLIIHUHQWL LPSRVWD]LRQH ³=RRP ;<´ 3HU XOWHULRUL LQIRUPD]LRQL YHGHUH FDSLWROR QHO PDQXDOH HVWHVR VXO &'5 'L'L'L 6SHFLILFDUH LPSRVWD]LRQL GL FRSLDWXUD 6HOH]LRQDUH OH LPSRVWD]LRQL 2ULJ !&RSLD 1HO SDQQHOOR D VILRUDPHQWR WRFFDUH >25, * !&23, $@ $SSDUH XQD VFKHUPDWD FKH PRVWUD OH LPSRVWD]LRQL GLVSRQLELOL SHU RULJLQDOH H FRSLD , PSRVWD]LRQL 2ULJ !&RSLD , PSRVWD]LRQL G 8Q /DWR Ö 8Q /DWR 8QD FRSLD VX XQ ODWR YLHQH HVHJXLWD GD XQ RULJLQDOH VX XQ ODWR G 8Q /DWR Ö 'XH /DWL 8QD FRSLD VX GXH ODWL YLHQH HVHJXLWD GD GXH RULJLQDOL VX XQ ODWR G 8Q /DWR Ö 8Q /DWRLQ 8QD FRSLD VX XQ ODWR YLHQH HVHJXLWD GD GXH RULJLQDOL VX XQ ODWR G 8Q /DWR Ö 'XH /DWLLQ 8QD FRSLD VX GXH ODWL YLHQH HVHJXLWD GD TXDWWUR RULJLQDOL VX XQ ODWR G 'XH /DWL Ö 8Q /DWR 6ROWDQWR VH q LQVWDOODWR XQ DOLPHQWDWRUH IURQWHUHWUR 'XH FRSLH VX XQ ODWR YHQJRQR SURGRWWH GD XQ RULJLQDOH VX GXH ODWL 'XH /DWL Ö 'XH /DWL 6ROWDQWR VH q LQVWDOODWR XQ DOLPHQWDWRUH IURQWHUHWUR 8QD FRSLD VX GXH ODWL YLHQH HVHJXLWD GD XQ RULJLQDOH VX GXH ODWL G 'L'L'L 6SHFLILFDUH LPSRVWD]LRQL GL FRSLDWXUD G 'XH /DWL Ö LQ 6ROWDQWR VH q LQVWDOODWR XQ DOLPHQWDWRUH IURQWHUHWUR 8QD FRSLD VX XQ ODWR YLHQH HVHJXLWD GD XQ RULJLQDOH VX GXH ODWL 'XH /DWL Ö LQ 6ROWDQWR VH q LQVWDOODWR XQ DOLPHQWDWRUH IURQWHUHWUR 8QD FRSLD VX GXH ODWL YLHQH HVHJXLWD GD GXH RULJLQDOL VX GXH ODWL 8Q /DWR Ö LQ 8QD FRSLD VX XQ ODWR YLHQH HVHJXLWD GD TXDWWUR RULJLQDOL VX XQ ODWR G G G 8Q /DWR Ö LQ 8QD FRSLD VX GXH ODWL YLHQH HVHJXLWD GD RWWR RULJLQDOL VX XQ ODWR G 8Q /DWR Ö &UHD]LRQH RSXVFROR 8QD FRSLD VX GXH ODWL YLHQH HVHJXLWD GD TXDWWUR RULJLQDOL VX XQ ODWR G 'XH /DWL Ö LQ 6ROWDQWR VH q LQVWDOODWR XQ DOLPHQWDWRUH IURQWHUHWUR 8QD FRSLD VX XQ ODWR YLHQH HVHJXLWD GD GXH RULJLQDOL VX GXH ODWL 'L'L'L G 6SHFLILFDUH LPSRVWD]LRQL GL FRSLDWXUD 'XH /DWL Ö LQ 6ROWDQWR VH q LQVWDOODWR XQ DOLPHQWDWRUH IURQWHUHWUR 8QD FRSLD VX GXH ODWL YLHQH HVHJXLWD GD TXDWWUR RULJLQDOL VX GXH ODWL G /LEUR 6HSDUD]LRQH Ö 8Q /DWR 'XH FRSLH VX XQ ODWR YHQJRQR HVHJXLWH GD XQ RULJLQDOH ULOHJDWR G /LEUR )RJOLR HOHWWURQLFR Ö 8Q /DWR 8QD FRSLD VX XQ ODWR YLHQH HVHJXLWD GD XQ RULJLQDOH ULOHJDWR G /LEUR 6HSDUD]LRQH Ö 'XH /DWL 8QD FRSLD VX GXH ODWL YLHQH HVHJXLWD GD XQ RULJLQDOH ULOHJDWR G /LEUR )RJOLR HOHWWURQLFR Ö 'XH /DWL 8QD FRSLD VX GXH ODWL YLHQH HVHJXLWD GD XQ RULJLQDOH ULOHJDWR 'L'L'L 6SHFLILFDUH LPSRVWD]LRQL GL FRSLDWXUD 3HU VSHFLILFDUH LPSRVWD]LRQL 2ULJ !&RSLD 3RVL]LRQDWH O RULJLQDOH R JOL RULJLQDOL GD FRSLDUH 3HU GHWWDJOL IDUH ULIHULPHQWR DO FDSLWROR ³ 'RFXPHQWL RULJLQDOL´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j 7DVWR $FFHVVR 'L'L'L $SSHQGLFH 7DVWR &DQFHOOD 7DVWR &RQWUROOR )DVH 7DVWR &RSLD 7DVWR ([WUD 6FDQ 7DVWR , QJUDQGLPHQWR 7DVWR , QWHUUX]LRQH 7DVWR 5HVHW 3DQQHOOR 7DVWR 6FDQ 7DVWR 6WDUW 7DVWR 6WRS 7DVWR 8WLOLWj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j IURQWHUHWUR 6YXRWDUH OD VFDWROD GL IRUDWXUD 7 7DEHOOD FRPELQD]LRQH IXQ]LRQL 8 8Q /DWR 8QLWj GL DOLPHQWD]LRQH FDUWD 8QLWj GL ILQLWXUD 8QLWj GL ILQLWXUD LQFRUSRUDWD 8QLWj GL ILQLWXUD LQFRUSRUDWD )1 8QLWj GL LQYHUVLRQH 8QLWj IURQWHUHWUR 8QLWj IURQWHUHWUR $' 9 9DVVRLR E\SDVV PXOWLSOR 9DVVRLR GL DOLPHQWD]LRQH RULJLQDOL 9DVVRLR GL XVFLWD FDUWD 9DVVRLR GL XVFLWD RULJLQDOL 9DVVRLR GLVWULEX]LRQH 'L'L'L $SSHQGLFH 'L'L'L [. . . ]