Istruzioni per l'uso XEROX DOCUMENT CENTRE 230 ST CENTREWARE 5.2 SP1 DOCUMENTATION

Lastmanuals offre un servizio di condivisione, archiviazione e ricerca di manuali collegati all'uso di hardware e software: la guida per l'uso, il manuale, la guida rapida, le schede tecniche… NON DIMENTICATE: SEMPRE DI LEGGERE IL manualE PRIMA DI ACQUISTARE!

Se questo documento corrisponde alla guida per l'uso, alle istruzioni o al manuale, alle schede tecniche o agli schemi che stai cercando, scaricalo ora. Lastmanuals offre un facile e veloce accesso al manuale per l'uso XEROX DOCUMENT CENTRE 230 ST Speriamo che questo XEROX DOCUMENT CENTRE 230 ST manuale sarà utile a voi.

Lastmanuals aiuta a scaricare la guida per l'uso XEROX DOCUMENT CENTRE 230 ST.


Mode d'emploi XEROX DOCUMENT CENTRE 230 ST
Download

Puoi anche scaricare i seguenti manuali collegati a questo prodotto:

   XEROX DOCUMENT CENTRE 230 ST TCP/IP (58 ko)
   XEROX DOCUMENT CENTRE 230 ST PRINTERMAP (2497 ko)
   XEROX DOCUMENT CENTRE 230 ST SETUP GUIDE (638 ko)
   XEROX DOCUMENT CENTRE 230 ST WINDOWS NT 4.0 (57 ko)
   XEROX DOCUMENT CENTRE 230 ST QUICK INSTALL MAP (48 ko)
   XEROX DOCUMENT CENTRE 230 ST APPLETALK QUICK INSTALL (45 ko)
   XEROX DOCUMENT CENTRE 230 ST TOKEN RING QUICK INSTALL (44 ko)
   XEROX DOCUMENT CENTRE 230 ST BANYAN VINES QUICK INSTALL (60 ko)
   XEROX DOCUMENT CENTRE 230 ST NETWARE 4.X NDS QUICK INSTALL (61 ko)
   XEROX DOCUMENT CENTRE 230 ST NDS SCAN TO FILE QUICK INSTALL (63 ko)
   XEROX DOCUMENT CENTRE 230 ST CENTREWARE 5.2 SP1 DOCUMENTATION (3363 ko)
   XEROX DOCUMENT CENTRE 230 ST WINDOWS NT 4.0 TCP/IP QUICK INSTALL (62 ko)
   XEROX DOCUMENT CENTRE 230 ST GETTING STARTED WITH INTERNET SERVICES (200 ko)
   XEROX DOCUMENT CENTRE 230 ST WINDOWS NT 4.0 NETBIOS/IP QUICK INSTALL (60 ko)
   XEROX DOCUMENT CENTRE 230 ST NETWARE 3.1X/4.1X BINDERY QUICK INSTALL (64 ko)
   XEROX DOCUMENT CENTRE 230 ST CENTREWARE INTERNET SERVICES QUICK INSTALL (63 ko)
   XEROX DOCUMENT CENTRE 230 ST WINDOWS NT 4.0 NETBIOS/NETBEUI QUICK INSTALL (58 ko)
   XEROX DOCUMENT CENTRE 230 ST UNIX OTHER TCP/IP SCAN TO FILE QUICK INSTALL (61 ko)
   XEROX DOCUMENT CENTRE 230 ST COMPANION TO GETTING STARTED WITH SCANNING SERVICES (173 ko)
   XEROX DOCUMENT CENTRE 230 ST NETWARE 3.1X/4.1X BINDERY SCAN TO FILE QUICK INSTALL (62 ko)
   XEROX DOCUMENT CENTRE 230 ST SYSTEM ADMINISTRATION GUIDE FOR NETWORK INSTALLATION AND TROUBLESHOOTING (3726 ko)

Estratto del manuale: manuale d'uso XEROX DOCUMENT CENTRE 230 STCENTREWARE 5.2 SP1 DOCUMENTATION

Istruzioni dettagliate per l'uso sono nel manuale

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z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z ULSRUWDUH XQLQWHUURJD]LRQH GL ULFHUFD ( FRPH QRPH FRJQRPH TXDQGR FL VL DWWHQGH LO ULVXOWDWR FRJQRPH QRPH /D YLVXDOL]]D]LRQH FRJQRPH QRPH!YLHQH FRQWUROODWD GDO VHUYHU /'$3 H QRQ GDO 'RFXPHQW &HQWUH Qhtvh&% Yr9pr8rr###"!#!$Bvqhryrr 127$ OD FRQILJXUD]LRQH /'$3 SXz ULSRUWDUH DOWUL ULVXOWDWL GL ULFHUFD DG HVHPSLR QRPH LQL]LDOHGHOFRJQRPH SHU OD VWHVVD LQWHUURJD]LRQH GL ULFHUFD 6H VL ULHVFH D FROOHJDUVL D XQ GLVSRVLWLYR FRQ O$XWHQWLFD]LRQH DELOLWDWD H OD FRQILJXUD]LRQH /'$3 LO 'RFXPHQW &HQWUH DEELQD LO QRPH XWHQWH SHU LO ORJLQ H LO UHODWLYR LQGLUL]]R HPDLO /LQGLUL]]R HPDLO YLHQH XWLOL]]DWR SHU LQWHJUDUH LO FDPSR GHJOL LQGLUL]]L HPDLO LQ 'D 4XHVWR FRQVHQWH DL GHVWLQDWDUL GL ODYRUL HPDLO GL LGHQWLILFDUH LO PLWWHQWH 127$ QRQ q SRVVLELOH FDPELDUH OLQGLUL]]R GHOOXWHQWH LQ 'D VH ODFFHVVR q DYYHQXWR WUDPLWH $FFHVVR DXWHQWLFDWR GL UHWH , Q TXHVWR PRGR VL HYLWD GL LQYLDUH GL ODYRUL HPDLO QRQ ULQWUDFFLDELOL GDO 'RFXPHQW &HQWUH Yr9pr8rr###"!#!$Bvqhryrr Qhtvh&& (PDLO 5HJLVWUD]LRQH LPPDJLQH 3HUFRUVR UDSLGR 8WLOL]]DUH OH IXQ]LRQL 5HJLVWUD]LRQH LPPDJLQH SHU DSSOLFDUH OH PRGLILFKH DO GRFXPHQWR LQ FRUVR GL VFDQVLRQH 127$ VH OD VFKHUPDWD GL GHIDXOW q (PDLO TXHVWD VFKHGD YLHQH GHQRPLQDWD )XQ]LRQL VXSSOHPHQWDUL 6H YLHQH VHOH]LRQDWD YLHQH GHQRPLQDWD 5HJLVWUD]LRQH LPPDJLQH 3HU XOWHULRUL LQIRUPD]LRQL YHGHUH )RUPDWR RULJLQDOH SDJLQD 4XDOLWj LPPDJLQH GL EDVH SDJLQD /DWL GD FRSLDUH SDJLQD , PSRVWD]LRQL DUFKLYLD]LRQH SDJLQD &DQFHOOD SDJLQD 6HOH]LRQDUH >)XQ]LRQL@ 6HOH]LRQDUH >(PDLO@ 6HOH]LRQDUH >5HJLVWUD]LRQH LPPDJLQH@ VXO SDQQHOOR FRPDQGL Qhtvh&' Yr9pr8rr###"!#!$Bvqhryrr &RQVHQWH GL LQVHULUH LO IRUPDWR GHO GRFXPHQWR TXDQGR VL HVHJXH OD VFDQVLRQH GDOOD ODVWUD R GDOODOLPHQWDWRUH DXWRPDWLFR 6HOH]LRQDUH >)RUPDWR RULJLQDOH@ 6HOH]LRQDUH ORS]LRQH ULFKLHVWD 6HOH]LRQDUH >6DOYD@ 2S]LRQL GL )RUPDWR RULJLQDOH $XWR FRQVHQWH OD ULOHYD]LRQH DXWRPDWLFD GHO IRUPDWR GD SDUWH GHOOD PDFFKLQD 1RQ XWLOL]]DUH $XWR SHU IRUPDWL QRQ VWDQGDUG /D PDFFKLQD QRQ SXz ULOHYDUH LO IRUPDWR GL GRFXPHQWL QRQ VWDQGDUG 127$ $XWR q OLPSRVWD]LRQH GL GHIDXOW /D IXQ]LRQH 2ULJLQDOL PLVWL q VHPSUH DELOLWDWD VX $XWR 9DORUL FOLHQWH FRQVHQWH GL GHILQLUH LO IRUPDWR WUDPLWH OD SURJUDPPD]LRQH GHOOH LPSRVWD]LRQL ; H < SHU IRUPDWL QRQ VWDQGDUG 8WLOL]]DUH OH EDUUH GL VFRUULPHQWR SHU LQVHULUH LO YDORUH R VHOH]LRQDUH XQD FDVHOOD QXPHULFD SHU YLVXDOL]]DUH XQD VFKHUPDWD H LQVHULUH LO YDORUH XWLOL]]DQGR OD WDVWLHULQD YLVXDOL]]DWD 4XHVWD IXQ]LRQH SXz HVVHUH XWLOL]]DWD VROR TXDQGR LO GRFXPHQWR q SRVL]LRQDWR VXOOD ODVWUD UHQGH DXWRPDWLFDPHQWH GLVSRQLELOL IRUPDWL GL GRFXPHQWL SUHLPSRVWDWL QHOOHOHQFR )RUPDWR FDUWD 4XHVWD IXQ]LRQH SXz HVVHUH XWLOL]]DWD VROR TXDQGR LO GRFXPHQWR q SRVL]LRQDWR VXOOD ODVWUD 6WDQGDUG Yr9pr8rr###"!#!$Bvqhryrr Qhtvh&( (PDLO )RUPDWR RULJLQDOH 4XDOLWj LPPDJLQH GL EDVH &RQVHQWH GL UHJRODUH OH LPSRVWD]LRQL SHU L GRFXPHQWL LQ XVFLWD 6HOH]LRQDUH >4XDOLWj LPPDJLQH GL EDVH@ 6HOH]LRQDUH ORS]LRQH ULFKLHVWD 6HOH]LRQDUH >6DOYD@ 2S]LRQL GL 4XDOLWj LPPDJLQH GL EDVH 7HVWR FRQVHQWH OD VFDQVLRQH GL WHVWR LPPDJLQL XQLIRUPL GLVHJQL DO WUDWWR H PH]]HWLQWH $XWR FRQVHQWH OD VFDQVLRQH GL GRFXPHQWL FKH FRQWHQJRQR LPPDJLQL PLVWH H PH]]HWLQWH )RWR FRQVHQWH OD VFDQVLRQH GL IRWRJUDILH D WRQL FRQWLQXL H PH]]HWLQWH GL DOWD TXDOLWj (VSRVL]LRQH DXWR &RQWUDVWR 'HILQL]LRQH FRQVHQWH GL PLJOLRUDUH L GRFXPHQWL FRQ VIRQGL FRORUDWL FRQVHQWH GL UHJRODUH OD GHQVLWj GHOOH FRSLH H GHOOH LPPDJLQL VFDQVLWH LQ PRGDOLWj 7HVWR $XWR H )RWR FRQVHQWH GL DXPHQWDUH R GLPLQXLUH LO OLYHOOR GL GHILQL]LRQH GL ERUGL H OLQHH ILQL GXUDQWH OHODERUD]LRQH GHOOLPPDJLQH LQ PRGDOLWj )RWR Qhtvh& Yr9pr8rr###"!#!$Bvqhryrr 4XHVWD IXQ]LRQH FRQVHQWH OD VFDQVLRQH GL ODYRUL VROR IURQWH R IURQWHUHWUR 6HOH]LRQDUH >/DWL GD FRSLDUH@ 6HOH]LRQDUH ORS]LRQH ULFKLHVWD 6HOH]LRQDUH >6DOYD@ 2S]LRQL GL /DWL GD FRSLDUH )URQWH )URQWHUHWUR )URQWHUHWUR 5XRWD ODWR FRQVHQWH OD VFDQVLRQH GHO GRFXPHQWR FRPH ODYRUR VROR IURQWH 4XHVWD q OLPSRVWD]LRQH GL GHIDXOW SHU OD PDFFKLQD FRQVHQWH OD VFDQVLRQH GHO GRFXPHQWR FRPH ODYRUR IURQWHUHWUR WHVWDWHVWD FRQVHQWH OD VFDQVLRQH GHO GRFXPHQWR FRPH ODYRUR IURQWHUHWUR WHVWDSLHGH 127$ SHU OD VFDQVLRQH GHL GRFXPHQWL IURQWHUHWUR q QHFHVVDULR XWLOL]]DUH ODOLPHQWDWRUH DXWRPDWLFR 2ULHQWDPHQWR LPPDJLQH 6WDPSD FRSLD ORFDOH FRQVHQWH GL LGHQWLILFDUH ORULHQWDPHQWR GHOOLPPDJLQH SULPD GHOOD VFDQVLRQH FRQVHQWH GL VWDPSDUH XQD VROD FRSLD GHO ILOH LPPDJLQH VFDQVLWR GRSR LO FRPSOHWDPHQWR GHO ODYRUR 127$ OD SLQ]DWXUD GHOOH FRSLH QRQ q GLVSRQLELOH Yr9pr8rr###"!#!$Bvqhryrr Qhtvh& (PDLO /DWL GD FRSLDUH , PSRVWD]LRQL DUFKLYLD]LRQH &RQVHQWH GL GHILQLUH OD ULVROX]LRQH H LO IRUPDWR GHO ILOH LQ FXL LQYLDUH OH LPPDJLQL VFDQVLWH 6HOH]LRQDUH >, PSRVWD]LRQL DUFKLYLD]LRQH@ 6HOH]LRQDUH ORS]LRQH ULFKLHVWD 6HOH]LRQDUH >6DOYD@ 2S]LRQL GL , PSRVWD]LRQL DUFKLYLD]LRQH 5LVROX]LRQH FRQVHQWH GL GHILQLUH OH RS]LRQL GL ULVROX]LRQH GHOOD VFDQVLRQH 6HOH]LRQDUH GD [ GSL [ GSL [ GSL [ GSL R [ GSL FRQVHQWH GL LPSRVWDUH LO IRUPDWR SHU OH LPPDJLQL VFDQVLWH LQ ILOH 7, )) 7, )) R 3') PXOWLSDJLQD )RUPDWR LPPDJLQH 127$ ODPPLQLVWUDWRUH GL VLVWHPD LPSRVWD OH LPSRVWD]LRQL GL GHIDXOW SHU OH IXQ]LRQL 5LVROX]LRQH H )RUPDWR LPPDJLQH WUDPLWH OLQWHUIDFFLD XWHQWH :HE 68**(5, 0(172 L ILOH 7, )) PXOWLSDJLQD H D SDJLQD VLQJROD YHQJRQR IRUPDWWDWL FRQ OHVWHQVLRQH 7, ) , ILOH 3') YHQJRQR IRUPDWWDWL FRQ OHVWHQVLRQH 3') Qhtvh& ! Yr9pr8rr###"!#!$Bvqhryrr &RQVHQWH GL FDQFHOODUH VHJQL LQGHVLGHUDWL GDL PDUJLQL GHL GRFXPHQWL VFDQVLWL 6HOH]LRQDUH >&DQFHOOD@ 6HOH]LRQDUH ORS]LRQH ULFKLHVWD 6HOH]LRQDUH >6DOYD@ 2S]LRQL GL &DQFHOOD 1R &DQFHOOD ERUGR &DQFHOOD PDUJLQH FRQVHQWH OD VFDQVLRQH GD ERUGR D ERUGR FRQVHQWH GL FDQFHOODUH OD VWHVVD SRU]LRQH GL ERUGR PP GDOOD SDUWH VXSHULRUH LQIHULRUH H GDL ODWL GHO GRFXPHQWR FRQVHQWH GL FDQFHOODUH SRU]LRQL VSHFLILFKH GL PDUJLQH PP GDOOD SDUWH VXSHULRUH LQIHULRUH H GDL GXH ODWL LQGLSHQGHQWHPHQWH OXQR GDOODOWUR Yr9pr8rr###"!#!$Bvqhryrr Qhtvh& " (PDLO &DQFHOOD )RUPDWR FRSLD 3HUFRUVR UDSLGR 6HOH]LRQDQGR TXHVWD VFKHGD q SRVVLELOH LQVHULUH XQD SURJUDPPD]LRQH VXSSOHPHQWDUH SHU 6HOH]LRQDUH >)XQ]LRQL@ 6HOH]LRQDUH >(PDLO@ 6HOH]LRQDUH >)RUPDWR FRSLD@ VXO SDQQHOOR FRPDQGL 5LVSRQGHUH D &RQVHQWH GL SUHSDUDUH XQD ULVSRVWD D XQ LQGLUL]]R HPDLO R GL FHUFDUH XQD UXEULFD FRQILJXUDWD 127$ LQROWUH SRVVLELOH DFFHGHUH D TXHVWD IXQ]LRQH GDO SXOVDQWH 5LVSRQGHUH D QHOOD VFKHUPDWD GL 'D 6HOH]LRQDUH >5LVSRQGHUH D@ , QVHULUH OLQGLUL]]R HPDLO XWLOL]]DQGR OD WDVWLHULQD VXOOR VFKHUPR VHQVLELOH 6HOH]LRQDUH >, QYLR@ Qhtvh& # Yr9pr8rr###"!#!$Bvqhryrr /D PRGDOLWj $XWHQWLFD]LRQH YLHQH XWLOL]]DWD GDOODPPLQLVWUDWRUH GL VLVWHPD SHU OLPLWDUH ODFFHVVR DOOH IXQ]LRQL SUHVHQWL QHL VHUYL]L (PDLO 6FDQVLRQH LQ UHWH H )D[ VHUYHU 127$ VH OD PRGDOLWj $XWHQWLFD]LRQH q VWDWD DELOLWDWD ULPDQH DWWLYD SHU WXWWL H WUH L VHUYL]L /D SURFHGXUD VHJXHQWH SXz YDULDUH D VHFRQGD GHOOLPSRVWD]LRQH GHOOD PRGDOLWj GL DXWHQWLFD]LRQH HVHJXLWD GDOODPPLQLVWUDWRUH GL VLVWHPD 6H QHFHVVDULR FRQWDWWDUH /DPPLQLVWUDWRUH GL VLVWHPD /RJLQ $FFHVVR RVSLWH 9LHQH ULFKLHVWR XQ FRGLFH GL DFFHVVR SHU LO ORJLQ 8WLOL]]DQGR OD WDVWLHULQD GHO SDQQHOOR FRPDQGL LQVHULUH LO FRGLFH GL DFFHVVR 6HOH]LRQDUH >, QYLR@ Yr9pr8rr###"!#!$Bvqhryrr Qhtvh& $ (PDLO 0RGDOLWj DXWHQWLFD]LRQH (PDLO /RJLQ $FFHVVR DXWHQWLFDWR GL UHWH 6RQR ULFKLHVWL XQ QRPH H XQD SDVVZRUG SHU LO ORJLQ 6HOH]LRQDUH >, QYLR@ 8WLOL]]DQGR OD WDVWLHULQD LQVHULUH LO QRPH XWHQWH GL UHWH 127$ VH QHFHVVDULR VHOH]LRQDUH >$OWUL FDUDWWHUL@ 6HOH]LRQDUH >, QYLR@ , QVHULUH OD SDVVZRUG GL UHWH 6HOH]LRQDUH >, QYLR@ 127$ VH QHFHVVDULR VHOH]LRQDUH >$OWUL FDUDWWHUL@ 9LHQH YLVXDOL]]DWR XQ PHVVDJJLR /D PDFFKLQD HODERUD OD ULFKLHVWD GL ORJLQ Qhtvh& % Yr9pr8rr###"!#!$Bvqhryrr SRVVLELOH DELOLWDUH DOOR VWHVVR WHPSR $FFHVVR RVSLWH H $FFHVVR DXWHQWLFDWR GL UHWH 4XHVWR FRQVHQWH GL VHOH]LRQDUH LO WLSR GL ORJLQ GHVLGHUDWR 6HOH]LRQDUH >$FFHVVR DXWHQWLFDWR GL UHWH@ TXLQGL VHOH]LRQDUH >, QYLR@ , QVHULUH OH LQIRUPD]LRQL ULFKLHVWH SHU LO ORJLQ 6HOH]LRQDUH >$FFHVVR RVSLWH@ 8WLOL]]DQGR OD WDVWLHULQD GHO SDQQHOOR FRPDQGL LQVHULUH LO FRGLFH GL DFFHVVR 6HOH]LRQDUH >, QYLR@ 127$ OLQGLUL]]R QHO FDPSR 'D QRQ SXz HVVHUH FDPELDWR VH ODFFHVVR D (PDLO q DYYHQXWR WUDPLWH OD PRGDOLWj $XWHQWLFD]LRQH 23385( Yr9pr8rr###"!#!$Bvqhryrr Qhtvh& & (PDLO /RJLQ $FFHVVR RVSLWH H $FFHVVR DXWHQWLFDWR GL UHWH 0RGLILFD GHO VHUYL]LR DXWHQWLFD]LRQH 6H q VWDWD HVHJXLWD OD FRQILJXUD]LRQH GDOODPPLQLVWUDWRUH GL VLVWHPD q SRVVLELOH VHOH]LRQDUH DPELHQWL GL DXWHQWLFD]LRQH DOWHUQDWLYL 6H QHFHVVDULR VHOH]LRQDUH >$FFHVVR DXWHQWLFDWR GL UHWH@ 6HOH]LRQDUH >, QYLR@ , O QRPH GHOODPELHQWH YLVXDOL]]DWR VXO SXOVDQWH >&DPELD@ YDULD D VHFRQGD GHOOD UHWH /HVHPSLR ULSRUWDWR VL ULIHULVFH DO GRPLQLR '16 6HOH]LRQDUH >&DPELD GRPLQLR '16@ 6HOH]LRQDUH ODPELHQWH GL UHWH ULFKLHVWR 6HOH]LRQDUH >, QYLR@ SHU FRQWLQXDUH &RPSOHWDUH LO ORJLQ FRQ QRPH XWHQWH H SDVVZRUG 6H QHFHVVDULR FRQWDWWDUH ODPPLQLVWUDWRUH GL VLVWHPD Qhtvh& ' Yr9pr8rr###"!#!$Bvqhryrr 6HOH]LRQDUH >$FFHVVR@ 9LHQH YLVXDOL]]DWR XQ PHVVDJJLR GL DYYLVR 6HOH]LRQDUH >2. @ 127$ VH VL q FRQQHVVL D &RQWDELOLWj GL UHWH R DG $XGLWURQ H DOOR VWHVVR WHPSR VL q FRQQHVVL DG $XWHQWLFD]LRQH QHO PRPHQWR LQ FXL VL YLHQH GLVFRQQHVVL GDOODOWUR VHUYL]LR DYYLHQH DQFKH GD $XWHQWLFD]LRQH Yr9pr8rr###"!#!$Bvqhryrr Qhtvh& ( (PDLO 'LVFRQQHVVLRQH *HVWLRQH GHL ODYRUL GL VFDQVLRQH 3HUFRUVR UDSLGR 6HOH]LRQDUH 6HOH]LRQDUH >$OWUH FRGH@ VFDQVLRQL@ R >6FDQVLRQL FRPSOHWDWH@ >6LWXD]LRQH ODYRUL@ VXO SDQQHOOR FRPDQGL *HVWLUH OD FRGD GHOOH VFDQVLRQL YXRO GLUH PRQLWRUDUH RJQL VLQJROR ODYRUR SUHVHQWH QHOOD FRGD ULRUGLQDQGROL GDQGR SULRULWj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z WUDWWHQHUH ILQR D ODYRUL DOOD YROWD , ODYRUL DWWLYL YHQJRQR YLVXDOL]]DWL QHOOD SDUWH VXSHULRUH GHOOD FRGD JOL DOWUL D VHJXLUH LQ RUGLQH GLVFHQGHQWH D VHFRQGD GHO WHPSR GL FRPSOHWDPHQWR GHO ODYRUR Qhtvh&! Yr9pr8rr###"!#!$Bvqhryrr 4XDQGR OD FRGD UDJJLXQJH OD FDSDFLWj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p ULFKLHVWR GHOOXWHQWH 4XHVWD FRGD SXz WUDWWHQHUH ILQR D ODYRUL DOOD YROWD 4XDQGR OD FRGD UDJJLXQJH OD FDSDFLWj PDVVLPD L YHFFKL ODYRUL YHQJRQR FDQFHOODWL SHU ODVFLDUH LO SRVWR D TXHOOL QXRYL Yr9pr8rr###"!#!$Bvqhryrr Qhtvh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htvh&!! Yr9pr8rr###"!#!$Bvqhryrr 4XDQGR LO 'RFXPHQW &HQWUH q FROOHJDWR LQ UHWH L ODYRUL HOHWWURQLFL SRVVRQR HVVHUH LQYLDWL DO VLVWHPD GD TXDOVLDVL VWD]LRQH GL ODYRUR GLUHWWDPHQWH VXOOD PDFFKLQD Yr9pr8rr###"!#!$Bvqhryrr Qhtvh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q LQVWDOODWD ULVXOWHUDQQR GLVSRQLELOL VROR L WLSL GL ODYRUR UHODWLYL DOOD VWDPSD 7LSL GL ODYRUR GLVSRQLELOL 6WDPSD QRUPDOH FRQVHQWH GL YLVXDOL]]DUH OH IXQ]LRQL GHO GULYHU GL VWDPSD 6FKHGD &RQILJXUD]LRQH VLVWHPD 6FKHGD )RQW &DUWD2S]LRQL GL XVFLWD Qhtvh'! Yr9pr8rr###"!#!$Bvqhryrr )D[ QHOOD VFKHUPDWD , PSRVWD]LRQH ID[ YHQJRQR YLVXDOL]]DWH OH LPSRVWD]LRQL UHODWLYH DO GHVWLQDWDULR DOOD UXEULFD ID[ DOOD FRSHUWLQD H OH RS]LRQL GL VHOH]LRQH H LQYLR 127$ TXHVWR WLSR GL ODYRUR q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p XQ XWHQWH QRQ VSHFLILFD OD VWHVVD SDVVZRUG VXO 'RFXPHQW &HQWUH 3HU VWDPSDUH LO ODYRUR VHOH]LRQDUOR QHOOD FRGD GL VWDPSD H SUHPHUH LO SXOVDQWH 5LODVFLD 9LHQH YLVXDOL]]DWD OD VFKHUPDWD GL ORJLQ GHOOD 6WDPSD SURWHWWD QHOOD TXDOH q QHFHVVDULR VSHFLILFDUH XQD SDVVZRUG SHU ULODVFLDUH H VWDPSDUH LO ODYRUR 6H q VWDWR LPSRVWDWR XQ LQWHUYDOOR GL DWWHVD H DOOR VFDGHUH GL TXHVWR LQWHUYDOOR LO ODYRUR QRQ q VWDWR DQFRUD ULODVFLDWR OD PDFFKLQD OR FDQFHOOD DXWRPDWLFDPHQWH 6WDPSD GL SURYD FRQVHQWH GL HVHJXLUH XQD VWDPSD GL SURYD GL XQD VLQJROD FRSLD GL XQ GRFXPHQWR SULPD GL VWDPSDUH L IDVFLFROLOH FRSLH UHVWDQWL GHO GRFXPHQWR , IDVFLFROL UHVWDQWL YHQJRQR WUDWWHQXWL QHOOD FRGD GL VWDPSD GHO 'RFXPHQW &HQWUH ILQFKp LO ODYRUR YLHQH ULODVFLDWR WUDPLWH LO SDQQHOOR FRPDQGL GHO 'RFXPHQW &HQWUH Yr9pr8rr###"!#!$Bvqhryrr Qhtvh'" 6WDPSD 127$ TXDQGR YLHQH XWLOL]]DWD TXHVWD IXQ]LRQH q QHFHVVDULR DFFHUWDUVL VH OD ILQHVWUD GL 6WDPSD GHOODSSOLFD]LRQH FRQWLHQH ORS]LRQH )DVFLFROD]LRQH , Q WDO FDVR GLVDELOLWDUH ORS]LRQH )DVFLFROD]LRQH DIILQFKp OD IXQ]LRQH )DVFLFROL GL SURYD IXQ]LRQL FRUUHWWDPHQWH 6H ORS]LRQH )DVFLFROD]LRQH QRQ YLHQH GLVDELOLWDWD ODSSOLFD]LRQH SRWUHEEH LQROWUDUH OLQWHUR ODYRUR FRPH VLQJROR GRFXPHQWR 6FKHGD /D\RXWILOLJUDQD &RQVHQWH GL FDPELDUH LO OD\RXW GHL GRFXPHQWL H GL DJJLXQJHUH GHOOH ILOLJUDQH $G HVHPSLR q SRVVLELOH VWDPSDUH OD VFULWWD %2==$ R 5, 6(59$72 LQ VHQVR GLDJRQDOH VX RJQL SDJLQD 4XHVWD IXQ]LRQH FRQVHQWH DQFKH GL UHJRODUH OH GLPHQVLRQL H OD SRVL]LRQH GHOOH ILOLJUDQH H GL VWDPSDUH XQD SDJLQD GL ER]]D , QROWUH LQ TXHVWD VFKHGD VRQR GLVSRQLELOL OH RS]LRQL GL VWDPSD LQ LQ H FRVu YLD ILQR D LQ , QILQH TXHVWD VFKHGD FRQWLHQH DQFKH O RS]LRQH &UHD]LRQH OLEUHWWR 8WLOL]]DUH TXHVWD VFKHGD SHU VWDPSDUH IRJOL GL LQWHVWD]LRQH R VHSDUDWRUL SHU OXFLGL H SHU LPSRVWDUH L PDUJLQL 8WLOL]]DUH TXHVWD VFKHGD SHU VHOH]LRQDUH LPPDJLQL LQ QHJDWLYR VSHFXODUL RSSXUH ELWPDS SHU XQ GRFXPHQWR 4XHVWD IXQ]LRQH FRQVHQWH LQROWUH GL UHJRODUH OH LPSRVWD]LRQL GL OXPLQRVLWj FRQWUDVWR ULVROX]LRQH H ULGX]LRQHLQJUDQGLPHQWR /D VWDPSD LQ PRGDOLWj %R]]D FRQVHQWH GL VWDPSDUH XQ GRFXPHQWR FRQ XQD TXDOLWj GL VWDPSD SL EDVVD ULVSDUPLDQGR VXO FRQVXPR GL WRQHU &RQVHQWH GL VHOH]LRQDUH RS]LRQL VSHFLILFKH SHU OD JUDILFD DG HVHPSLR OD VWDPSD GL LPPDJLQL UDVWHUL]]DWH R YHWWRULDOL 8WLOL]]DUH TXHVWD VFKHUPDWD SHU VHOH]LRQDUH OH RS]LRQL 3RVW6FULSW H SHU FRPSULPHUH OH LPPDJLQL ELWPDS ULVSDUPLDQGR FRVu PHPRULD H RWWHQHQGR XQD VWDPSD SL YHORFH &RQVHQWH GL VWDPSDUH XQD SDJLQD GL SURYD 8WLOL]]DUH TXHVWD VFKHGD SHU LQYLDUH L ODYRUL GL VWDPSD D XQD SRUWD R XQ SHUFRUVR GL UHWH GLYHUVL SHU DJJLRUQDUH R FDPELDUH L GULYHU GL VWDPSD H VHOH]LRQDUH OH LPSRVWD]LRQL GL DWWHVD GHL ODYRUL 6FKHGD 2S]LRQL GRFXPHQWR 6FKHGD 2S]LRQL LPPDJLQH 0RGR JUDILFD 6FKHGD 3RVW6FULSW 6FKHGD *HQHUDOL 6FKHGD , QIRUPD]LRQL Qhtvh'# Yr9pr8rr###"!#!$Bvqhryrr Yr9pr8rr###"!#!$Bvqhryrr Qhtvh'$ 6WDPSD 6FKHGD , PSRVWD]LRQL GL FDWWXUD &RQVHQWH GL VHOH]LRQDUH OH RS]LRQL &DWWXUD SRUWD GL VWDPSD 0RGXOR H /DYRUR IRJOLR GL LQWHVWD]LRQH QXPHUR GL FRSLH HFF 8WLOL]]DUH TXHVWD VFKHGD SHU GLVDWWLYDUH OD PDSSDWXUD GD XQ XQLWj GL UHWH FDPELDUH OH GLPHQVLRQL GHOOD SDJLQD H VHOH]LRQDUH LO IRJOLR GL LQWHVWD]LRQH LO QXPHUR GL FRSLH HFF 0DLOER[ D WRUUH 6H OD PDLOER[ D WRUUH q GLVSRQLELOH q SRVVLELOH LQYLDUH L ODYRUL GL VWDPSD D XQR VFRPSDUWR PDLOER[ /H PDLOER[ YHQJRQR VROLWDPHQWH DVVHJQDWH GDOODPPLQLVWUDWRUH GL VLVWHPD RJQL PDLOER[ FRQWLHQH VFRPSDUWL 6XO 'RFXPHQW &HQWUH RJQL VFRPSDUWR SXz FRQWHQHUH FDUWD GL IRUPDWR $ $ FRQ DOLPHQWD]LRQH ODWR OXQJR R GL IRUPDWR $ FRQ DOLPHQWD]LRQH ODWR FRUWR H SXz FRQWHQHUH FLUFD IRJOL GD JP 2JQL VFRPSDUWR FRQWLHQH XQ VHQVRUH GL FDSDFLWj FKH LQGLFD TXDQGR VFRPSDUWR q SLHQR VXOOR VFKHUPR GHOOD VWD]LRQH GL ODYRUR DSSDULUj XQ PHVVDJJLR /H FRSLH VRQR FRQVHJQDWH D IDFFLD LQ JL QHJOL VFRPSDUWL 127$ LQYLDUH OH EXVWH VROR DO YDVVRLR FHQWUDOH Qhtvh'% Yr9pr8rr###"!#!$Bvqhryrr 3HUFRUVR UDSLGR 6HOH]LRQDUH 9HUUj YLVXDOL]]DWD OD 3HU YLVXDOL]]DUH OD &RGD GL VWDPSD FRGD GHOOH 6WDPSH FRPSOHWDWH VHOH]LRQDUH >$OWUH FRGH@ H >6WDPSH FRPSOHWDWH@ >6LWXD]LRQH ODYRUL@ VXO SDQQHOOR FRPDQGL /D JHVWLRQH ODYRUL SXz HVVHUH HIIHWWXDWD VX RJQL VLQJROR ODYRUR SUHVHQWH QHOOD &RGD GL VWDPSD 4XHVWXOWLPD FRQWLHQH WXWWL L ODYRUL DWWLYL H LQ DWWHVD FKH GHYRQR HVVHUH VWDPSDWL DQFKH L ODYRUL VRVSHVL YHQJRQR FRQVLGHUDWL DWWLYL WUD TXHVWL YL VRQR ODYRUL GL VWDPSD LQ UHWH ID[ UDSSRUWL H ODYRUL GL FRSLD &RGD GL VWDPSD /D &RGD GL VWDPSD SXz WUDWWHQHUH FLUFD ODYRUL SHU YROWD , ODYRUL VRQR RUGLQDWL QHOOD FRGD D VHFRQGD GHOOD SULRULWj H GHO WLSR 4XDQGR OD FRGD q SLHQD QRQ YHUUDQQR DFFHWWDWL SL ODYRUL 0DQ PDQR FKH VL OLEHUD VSD]LR DOOD FRGD YHUUDQQR DJJLXQWL QXRYL ODYRUL /DYRUR $ FLDVFXQ ODYRUR YLHQH DVVHJQDWR XQ QXPHUR GL LGHQWLILFD]LRQH Yr9pr8rr###"!#!$Bvqhryrr Qhtvh'& 6WDPSD *HVWLRQH GHL ODYRUL GL VWDPSD 1RPH 1RPH GHO ODYRUR 3HU L ODYRUL GL FRSLD YLHQH XVDWR XQ QRPH GL GHIDXOW ORFDOH 3HU OH VWDPSH LQ UHWH H SHU L UDSSRUWL YLHQH XVDWR LO QRPH GHO ILOH 3HU L ID[ ULFHYXWL VROLWDPHQWH VL XVD LO QXPHUR , ' GHO ID[ UHPRWR 127$ D VHFRQGD GHO VHUYHU GL WHU]L q SRVVLELOH FKH YHQJDQR YLVXDOL]]DWH YRFL GLYHUVH SHU L ODYRUL )D[ VHUYHU 7LSR , O WLSR GL ODYRUR $G HVHPSLR FRSLD ID[ VWDPSD VWDPSD ER]]D 127$ L ODYRUL GL VWDPSD )D[ VHUYHU YHQJRQR ULSRUWDWL FRPH 5LFH]LRQH ID[ 7LWRODUH 6H TXHVWD IXQ]LRQH q DELOLWDWD QHOOD FRORQQD VDUj LQGLFDWR LO QRPH GHOOD SHUVRQD FKH KD LQYLDWR LO ODYRUR 3HU L ODYRUL ORFDOL LO QRPH GL GHIDXOW YLVXDOL]]DWR q ORFDOH 3HU L ODYRUL )D[ LQFRUSRUDWR LO QRPH GHO WLWRODUH QRQ YLHQH YLVXDOL]]DWR 3HU L ODYRUL )D[ VHUYHU LO QRPH GHO WLWRODUH YLHQH YLVXDOL]]DWR 3HU L ODYRUL /$1 )D[ LO QRPH VDUj TXHOOR GHOOD SHUVRQD FKH KD LQYLDWR LO ODYRUR , QIRUPD]LRQL VXOOR VWDWR GL DYDQ]DPHQWR GL XQ ODYRUR LQ FRUVR GL VWDPSD VFDQVLRQH IRUPDWWD]LRQH , GHQWLILFD OD SULRULWj GL VWDPSD DVVHJQDWD DO WLSR GL ODYRUR 3HU JHVWLUH L ODYRUL XVDUH OD EDUUD GHJOL VWUXPHQWL FKH VL WURYD QHOOD SDUWH VXSHULRUH GHOOD &RGD GL VWDPSD 4XDQGR YLHQH VHOH]LRQDWR XQ SXOVDQWH GHOOD EDUUD GHJOL VWUXPHQWL YLHQH YLVXDOL]]DWD XQD VFKHUPDWD D FRPSDUVD 6HOH]LRQDUH &RQIHUPD R $QQXOOD SHU SRUWDUH D WHUPLQH OD]LRQH ULFKLHVWD 6WDWR 3ULRULWj 3ULRULWj 6SRVWD XQ ODYRUR GDYDQWL D WXWWL JOL DOWUL FRQ OR VWHVVR VWDWR H SULRULWj 6ROWDQWR L ODYRUL LQ DWWHVD R WUDWWHQXWL SRVVRQR HVVHUH SURPRVVL 6H VL SURPXRYH SL GL XQ ODYRUR FRQ OD VWHVVD SULRULWj L ODYRUL VDUDQQR GLVSRVWL VHFRQGR XQ RUGLQH GL SULRULWj GL DUULYR SRVVLELOH FDPELDUH OD SULRULWj GHL ODYRUL LQ TXDOXQTXH PRPHQWR 127$ VL FRQVLJOLD GL FDPELDUH OD SULRULWj GHL ODYRUL VROR LQ VLWXD]LRQL GL HPHUJHQ]D Qhtvh'' Yr9pr8rr###"!#!$Bvqhryrr , ODYRUL )D[ LQFRUSRUDWR SRVVRQR HVVHUH WUDWWHQXWL D FDXVD GL XQ IRUPDWR FDUWD VEDJOLDWR LO IRUPDWR ULFKLHVWR QRQ q GLVSRQLELOH 6H VL ULODVFLD LO ODYRUR LO GLVSRVLWLYR VDUj REEOLJDWR D VWDPSDUH LO ID[ VX TXDOVLDVL IRUPDWR FDUWD GLVSRQLELOH FLz SRWUHEEH ULFKLHGHUH XQD ULGX]LRQH GHO GRFXPHQWR RSSXUH DOWUH PRGLILFKH , O ODYRUR YLHQH TXLQGL WUDWWHQXWR LQ PHPRULD ILQFKp LO SUREOHPD QRQ YLHQH ULVROWR 3HU ULODVFLDUH XQ ODYRUR GL VWDPSD SURWHWWR q QHFHVVDULD XQD SDVVZRUG 2JQL XWHQWH FRQILJXUD OD SURSULD SDVVZRUG R OH SURSULH SDVVZRUG VXO GULYHU GHOODSSOLFD]LRQH GHOOXWHQWH GL UHWH SRVVLELOH LPSRVWDUH SL SDVVZRUG SHU RJQL ODYRUR RSSXUH VROWDQWR XQD *OL DOWUL ODYRUL QHOOD FRGD KDQQR OD SUHFHGHQ]D VX TXHVWR ODYRUR H YHQJRQR FRPSOHWDWL 'RSR OD ULVROX]LRQH GL XQ SUREOHPD R TXDQGR LO ODYRUR WUDWWHQXWR q SURQWR SHU HVVHUH VWDPSDWR VHOH]LRQDUH LO ODYRUR H SUHPHUH 5LODVFLD &DQFHOOD &RQVHQWH GL FDQFHOODUH LO ODYRUR VHOH]LRQDWR GDOOD &RGD GL VWDPSD 'RSR DYHU FDQFHOODWR LO ODYRUR YHUUDQQR ULODVFLDWH WXWWH OH ULVRUVH DG HVVR DVVHJQDWH , Q VLVWHPD DSHUWR FRQ DFFHVVR OLEHUR OXWHQWH SXz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r9pr8rr###"!#!$Bvqhryrr Qhtvh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j GL DUULYR H YHQJRQR RUJDQL]]DWL VHFRQGR ORUGLQH GL FRPSOHWDPHQWR 8VDUH L SXOVDQWL GL VFRUULPHQWR SHU VSRVWDUH L ODYRUL QHOOD FRGD /DYRUR 1RPH 7LSR 7LWRODUH 6WDWR 1XPHUR GHO ODYRUR LQ VHTXHQ]D 1RPH GHO GRFXPHQWR R GHO WHUPLQDOH UHPRWR 7LSR GL ODYRUR DG HVHPSLR &RSLD $XWRUH GHO ODYRUR 1HO FDVR GL ODYRUL GL VWDPSD VL WUDWWD GHOOD SHUVRQD FKH KD LQYLDWR LO ODYRUR , QIRUPD]LRQL VXOOR VWDWR GL DYDQ]DPHQWR GHO ODYRUR FRPSOHWDWR FLz LQFOXGH L ODYRUL FRPSOHWDWL L ODYRUL FRQ HUURUL H L ODYRUL DQQXOODWL GDO VLVWHPD R GDJOL XWHQWL 2UD H GDWD LQ FXL LO ODYRUR q VWDWR LPPHVVR QHOOD FRGD 3HU JHVWLUH L ODYRUL XVDUH OD EDUUD GHJOL VWUXPHQWL QHOOD SDUWH VXSHULRUH GHOOD FRGD 6WDPSH FRPSOHWDWH , QIRUPD]LRQL $OWUH FRGH , QIRUPD]LRQL VXL ODYRUL QHOOD FRGD &RQVHQWH GL YLVXDOL]]DUH OH DOWUH FRGH GLVSRQLELOL &RPSOHWDWR DOOH Qhtvh' Yr9pr8rr###"!#!$Bvqhryrr , VHUYL]L , QWHUQHW XWLOL]]DQR OLQWHUIDFFLD XWHQWH :HE LQFRUSRUDWD FKH SHUPHWWH OD FRPXQLFD]LRQH WUD LO VHUYHU +773 H LO 'RFXPHQW &HQWUH , VHUYL]L , QWHUQHW SRVVRQR HVVHUH XVDWL FRQ OH IXQ]LRQL GL VFDQVLRQH HPDLO VWDPSD H ID[ 127$ SULPD GL HVVHUH XVDWD TXHVWD IXQ]LRQH GHYH HVVHUH LQVWDOODWD H FRQILJXUDWD GDOODPPLQLVWUDWRUH GL VLVWHPD 'RSR OLQVWDOOD]LRQH ODFFHVVR DG DOFXQH IXQ]LRQL GHL VHUYL]L , QWHUQHW VDUj OLPLWDWR 3HU XOWHULRUL LQIRUPD]LRQL ULYROJHUVL DOODPPLQLVWUDWRUH GL VLVWHPD Yr9pr8rr###"!#!$Bvqhryrr Qhtvh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j 0DQXWHQ]LRQH $VVLVWHQ]D Qhtvh(! Yr9pr8rr###"!#!$Bvqhryrr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r9pr8rr###"!#!$Bvqhryrr Qhtvh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htvh(# Yr9pr8rr###"!#!$Bvqhryrr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j ULVSHWWR DOOH RS]LRQL LPSRVWDWH LQ , QYLR ODYRUR &RQWDELOLWj EDVDWD VXO ODYRUR RS]LRQDOH 6H QHO 'RFXPHQW &HQWUH q VWDWD LPSRVWDWD OD IXQ]LRQH &RQWDELOLWj EDVDWD VXO ODYRUR DJOL XWHQWL VDUj ULFKLHVWR GL GLJLWDUH XQ 1RPH XWHQWH H XQ , ' FRQWR SULPD GL LQYLDUH LO ODYRUR DOOD PDFFKLQD 3HU XOWHULRUL LQIRUPD]LRQL FRQVXOWDUH OD VH]LRQH &RQWDELOLWj EDVDWD VXO ODYRUR RS]LRQDOH D SDJLQD Yr9pr8rr###"!#!$Bvqhryrr Qhtvh($ 6HUYL]L , QWHUQHW 6FKHGD 6HUYL]L 0RGHOOL DUFKLYLDWL /D IXQ]LRQH 0RGHOOL DUFKLYLDWL FRQVHQWH DJOL XWHQWL GL FUHDUH PRGLILFDUH H ULPXRYHUH L PRGHOOL GL 6FDQVLRQH VX ILOH SUHVHQWL QHO 'RFXPHQW &HQWUH , O PRGHOOR VWHVVR GHWHUPLQD OH LPSRVWD]LRQL VSHFLILFKH SHU XQ SDUWLFRODUH ODYRUR GL VFDQVLRQH 4XHVWRS]LRQH VDUj GLVSRQLELOH VROR VH QHO 'RFXPHQW &HQWUH q VWDWD LQVWDOODWD OD IXQ]LRQH 6FDQVLRQH GL UHWH 6HOH]LRQDUH >6HUYL]L@ 6HOH]LRQDUH >0RGHOOL DUFKLYLDWL@ 6HOH]LRQDUH LO PRGHOOR DUFKLYLDWR SUHVFHOWR SHU LO ODYRUR 6H QHFHVVDULR XVDUH L SXOVDQWL 1XRYR &DQFHOOD R &RSLD VLWXDWL QHOOD SDUWH DOWD GHOOR VFKHUPR SHU FUHDUH ULPXRYHUH R FRSLDUH XQ PRGHOOR 127$ VH D &DPSL JHVWLRQH GRFXPHQWL q JLj VWDWD LPPHVVD XQD YRFH HG q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htvh(% Yr9pr8rr###"!#!$Bvqhryrr /D VFKHGD &RGD FRQVHQWH DJOL XWHQWL GL PRGLILFDUH OD SULRULWj FDQFHOODUH R ULODVFLDUH XQ ODYRUR QHOOD FRGD GL VWDPSD GHO 'RFXPHQW &HQWUH 127$ SHU DJJLRUQDUH OR VWDWR GHL ODYRUL FDQFHOODWL R OD FXL SULRULWj q VWDWD PRGLILFDWD q QHFHVVDULR DWWHQGHUH XQ FHUWR LQWHUYDOOR GL WHPSR 'RSR OD FDQFHOOD]LRQH R OD PRGLILFD GHOOH SULRULWj GHL ODYRUL VHOH]LRQDUH $JJLRUQD ODYRUL 6HOH]LRQDUH >&RGD@ YHUUDQQR YLVXDOL]]DWH OH LQIRUPD]LRQL UHODWLYH DOOD FRGD GHO 'RFXPHQW &HQWUH 6HOH]LRQDUH >$JJLRUQD ODYRUL@ SHU DJJLRUQDUH OHOHQFR ODYRUL 6HOH]LRQDUH LO ODYRUR ULFKLHVWR TXLQGL >3ULRULWj@ SHU HODERUDUH LO ODYRUR SULPD GHJOL DOWUL ODYRUL FRQWHQXWL QHOOD VWHVVD FRGD 127$ q SRVVLELOH PRGLILFDUH VROR OD SULRULWj GHL ODYRUL LQ DWWHVD >&DQFHOOD@ SHU ULPXRYHUH LO ODYRUR GDOOD FRGD GL VWDPSD >5LODVFLD@ SHU FRQVHQWLUH OHODERUD]LRQH GHO ODYRUR 127$ LQ JHQHUH JOL XWHQWL SRVVRQR DVVHJQDUH XQD SULRULWj DL ODYRUL GL VWDPSD H FDQFHOODUOL 3HU XOWHULRUL LQIRUPD]LRQL ULYROJHUVL DOODPPLQLVWUDWRUH GL VLVWHPD Yr9pr8rr###"!#!$Bvqhryrr Qhtvh(& 6HUYL]L , QWHUQHW 6FKHGD &RGD 6FKHGD 6WDWR /D VFKHGD 6WDWR FRQVHQWH DJOL XWHQWL GL ULYHGHUH OR VWDWR DWWXDOH GHL YDVVRL GL HQWUDWD H GL ULFH]LRQH GLVSRQLELOL VXO 'RFXPHQW &HQWUH 6HOH]LRQDUH >6WDWR@ 1HO ULTXDGUR GL VLQLVWUD VDUj YLVXDOL]]DWR OR VWDWR GHO 'RFXPHQW &HQWUH QHO ULTXDGUR GL GHVWUD VDUDQQR YLVXDOL]]DWL OR VWDWR GHO YDVVRLR WUD FXL LO IRUPDWR LO WLSR GL VXSSRUWR OD GLVSRQLELOLWj GHO YDVVRLR H LO YDVVRLR GL ULFH]LRQH 3HU YLVXDOL]]DUH XOWHULRUL LQIRUPD]LRQL XWLOL]]DUH OH EDUUH GL VFRUULPHQWR 6HOH]LRQDUH >$JJLRUQD VWDWR@ SHU DJJLRUQDUH OH LQIRUPD]LRQL 6HOH]LRQDUH >5LDYYLD VLVWHPD@ SHU ULDYYLDUH LO GLVSRVLWLYR LQ PRGDOLWj UHPRWD 127$ ODFFHVVR DO SXOVDQWH 5LDYYLD q ULVHUYDWR DOODPPLQLVWUDWRUH GL VLVWHPD Qhtvh(' Yr9pr8rr###"!#!$Bvqhryrr /H 3URSULHWj VRQR OH LPSRVWD]LRQL FKH FRQWUROODQR LO 'RFXPHQW &HQWUH H LO VXR IXQ]LRQDPHQWR /H LPSRVWD]LRQL FRQWHQXWH QHOOD VFKHGD 3URSULHWj SRVVRQR HVVHUH PRGLILFDWH VROR GDJOL DPPLQLVWUDWRUL GL VLVWHPD 6HOH]LRQDUH >3URSULHWj@ 6HOH]LRQDUH ORS]LRQH ULFKLHVWD 3HU XOWHULRUL LQIRUPD]LRQL VXOOH RS]LRQL GLVSRQLELOL YHGHUH OD WDEHOOD FKH VHJXH Yr9pr8rr###"!#!$Bvqhryrr Qhtvh(( 6HUYL]L , QWHUQHW 6FKHGD 3URSULHWj )XQ]LRQL GL 3URSULHWj 1RPH GHOOD IXQ]LRQH , PSRVWD]LRQH JHQHUDOH $]LRQH 6LVWHPD &RQWLHQH OH RS]LRQL GL GHIDXOW GHO ODYRUR H OD SRVL]LRQH FRUUHQWH GHO 'RFXPHQW &HQWUH *HVWLRQH ODYRUL &RQVHQWH DOODPPLQLVWUDWRUH GL VLVWHPD GL LPSRVWDUH OH DXWRUL]]D]LRQL SHU OD FDWHJRULD GL XWHQWL FKH SXz FDQFHOODUH L ODYRUL GDOOD FRGD &RQYHUVLRQH IRUPDWR VXSSRUWL &RQVHQWH OD FRQYHUVLRQH GHL IRUPDWL $$ H /HWWHU/HGJHU 6H DELOLWDWD LO 'RFXPHQW &HQWUH FRQVHQWH GL FRQWUROODUH OR VWDWR GHL YDVVRL FDUWD SHU LO IRUPDWR GHVLGHUDWR SHU OD VWDPSD 6H QRQ q VWDWR FRQILJXUDWR XQ YDVVRLR SHU LO IRUPDW GHVLGHUDWR LO VLVWHPD FRQVHQWH GL FRQYHUWLUH LO ODYRUR LQ XQ IRUPDWR GLVSRQLELOH *HVWLRQH FRQIOLWWL 4XHVWH LPSRVWD]LRQL FRQWUROODQR OH SULRULWj GHL ODYRUL GL VFDQVLRQH VWDPSD H ID[ /D SULRULWj GL FRSLD q VWDWD ILVVDWD D H QRQ SXz HVVHUH PRGLILFDWD /H SULRULWj GL VWDPSD H ID[ SRVVRQR HVVHUH UHJRODWH PD VH ORS]LRQH )D[ QRQ q DELOLWDWD OD SULRULWj )D[ QRQ YHUUj DSSOLFDWD 5LVSDUPLR HQHUJLD , PSRVWD JOL LQWHUYDOOL SHU OD IXQ]LRQH GL ULVSDUPLR HQHUJHWLFR QHO 'RFXPHQW &HQWUH &RQWLHQH OH RS]LRQL GL LPSRVWD]LRQH GL 3RVW6FULSW 3&/ R 7, )) SHU LO 'RFXPHQW &HQWUH 6DUDQQR GLVSRQLELOL OH GXH RS]LRQL VHJXHQWL , QWHUIDFFH &RQVHQWH GL PRGLILFDUH OH FRQILJXUD]LRQL GHOOD SRUWD 3URWRFROOL &RQVHQWH GL PRGLILFDUH L SURWRFROOL GL UHWH /LQJXH VWDPSDQWH &RQQHWWLYLWj Qhtvh( Yr9pr8rr###"!#!$Bvqhryrr 1RPH GHOOD IXQ]LRQH 6HUYL]L $]LRQH &RQVHQWH DJOL DPPLQLVWUDWRUL GL VLVWHPD GL YLVXDOL]]DUH R ILVVDUH L SDUDPHWUL SHU L PRGHOOL DUFKLYLDWL LPSRVWDUH JOL DUFKLYL H L PRGHOOL PRGLILFDUH LO PRGHOOR GL GHIDXOW H OH LPSRVWD]LRQL GHOOD VWDPSDQWH 6LVWHPD GL PHVVDJJLVWLFD , QWHUQHW /DPPLQLVWUDWRUH GL VLVWHPD XWLOL]]D TXHVWD IXQ]LRQH SHU LPSRVWDUH OH IXQ]LRQL H OD IXQ]LRQDOLWj HPDLO GL GHIDXOW 4XHVWD IXQ]LRQH q GLVSRQLELOH VROR GRSR FKH (PDLO q VWDWD LQVWDOODWD QHOOD PDFFKLQD *HQHUDOH YL YHQJRQR LPSRVWDWH OH LQIRUPD]LRQL UHODWLYH DOOD WUDVPLVVLRQH SHU L PHVVDJJL LQ XVFLWD , PSRVWD]LRQL HPDLO YLHQH XWLOL]]DWR SHU LQVHULUH OLQGLUL]]R , 3 GL (PDLO 4XHVWD IXQ]LRQH FRQVHQWH GL YLVXDOL]]DUH OH SURSULHWj UHODWLYH D 'HIDXOW H &RQWHQXWR GHO PHVVDJJLR 'LUHFWRU\ /'$3 /LJKWZHLJKW 'LUHFWRU\ $FFHVV 3URWRFRO FRQVHQWH GL YLVXDOL]]DUH OH SURSULHWj UHODWLYH DO VHUYHU /'$3 5XEULFD SXEEOLFD TXHVWD IXQ]LRQH q GLVSRQLELOH TXDQGR TXDOVLDVL VHUYL]LR GHO VLVWHPD GL PHVVDJJLVWLFD , QWHUQHW FKH FRQVHQWH GL XWLOL]]DUH LQGLUL]]L DUFKLYLDWL DXWRPDWLFDPHQWH q LQVWDOODWR QHOOD PDFFKLQD Yr9pr8rr###"!#!$Bvqhryrr Qhtvh( 6HUYL]L , QWHUQHW 1RPH GHOOD IXQ]LRQH 6HUYL]L FRQWLQXD $]LRQH 6HUYHU GL DXWHQWLFD]LRQH 4XHVWD IXQ]LRQH FRQVHQWH DOO$PPLQLVWUDWRU GL VLVWHPD GL LPSRVWDUH L GHIDXOW H OH LPSRVWD]LRQL GL UHWH SHU VXSSRUWDUH OD IXQ]LRQH GL HPDLO 4XHVWD IXQ]LRQH q GLVSRQLELOH VROR GRSR FKH OD IXQ]LRQH (PDLO q VWDWD LQVWDOODWD QHOOD PDFFKLQD *HQHUDOH FRQVHQWH GL YLVXDOL]]DUH LO 7LSR GL DXWHQWLFD]LRQH DSSOLFDWR H OH SURSULHWj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htvh( ! Yr9pr8rr###"!#!$Bvqhryrr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q GRWDWR GL XQD 0DLOER[ D WRUUH FRPH DFFHVVRULR &RQWLHQH LQIRUPD]LRQL GL VHUYL]LR VXO 'RFXPHQW &HQWUH H VX FRPH FRQWDWWDUH L UHVSRQVDELOL GHO VLVWHPD R OD ;HUR[ VRQR LQROWUH LQFOXVL LO SURILOR GHO 'RFXPHQW &HQWUH XQ HOHQFR HUURUL H L FRQWDWRUL GL IDWWXUD]LRQH $FFHVVRUL 3RUWIROLR Yr9pr8rr###"!#!$Bvqhryrr Qhtvh( " 6HUYL]L , QWHUQHW 6FKHGD 0DQXWHQ]LRQH /D VFKHGD 0DQXWHQ]LRQH FRQVHQWH GL YLVXDOL]]DUH H WHVWDUH OH IXQ]LRQL GHOOD VWDPSDQWH VXO 'RFXPHQW &HQWUH 6HOH]LRQDUH >0DQXWHQ]LRQH@ H ORS]LRQH ULFKLHVWD /RS]LRQH (OHQFR IRQW FRQVHQWH GL YLVXDOL]]DUH XQ HOHQFR GL IRQW 3&/ H 3RVW6FULSW /RS]LRQH 6WDPSD SDJLQD GL SURYD FRQVHQWH GL VWDPSDUH FRQ LO VLVWHPD XQD SDJLQD GL SURYD /RS]LRQH 5DSSRUWL FRQVHQWH GL YLVXDOL]]DUH XQ HOHQFR GHL UDSSRUWL GLVSRQLELOL SHU OD VWDPSD Qhtvh( # Yr9pr8rr###"!#!$Bvqhryrr 8VDUH OD VFKHGD $VVLVWHQ]D SHU DFFHGHUH DL FROOHJDPHQWL , QWHUQHW SHU RWWHQHUH VXSSRUWR GDOOD ;HUR[ SHU LO VRIWZDUH H LO EURZVHU 6HOH]LRQDUH >$VVLVWHQ]D@ 6HOH]LRQDUH ORS]LRQH ULFKLHVWD SHU DFFHGHUH DOOH LQIRUPD]LRQL ULFKLHVWH 127$ L QXPHUL GHO FHQWUR GL DVVLVWHQ]D FOLHQWL LQVHULWL YHQJRQR YLVXDOL]]DWL VXO 'RFXPHQW &HQWUH Yr9pr8rr###"!#!$Bvqhryrr Qhtvh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j 6HUYL]L 0RGHOOL DUFKLYLDWL , PSRVWD]LRQH DUFKLYLR /DSSOLFD]LRQH FRQWUROOD OHVLVWHQ]D GL XQ QRPH XWHQWH SHU OD VFDQVLRQH GL XQD SDVVZRUG H GL XQ SHUFRUVR SRVVLELOH GHILQLUH ILQR D DUFKLYL SXEEOLFL GL GHIDXOW H DOWUL DJJLXQWLYL 'RSR FKH JOL DUFKLYL VRQR VWDWL LPSRVWDWL SRVVRQR HVVHUH VFHOWL GDJOL XWHQWL GXUDQWH OD PRGLILFD GHL PRGHOOL *OL DUFKLYL SULYDWL QRQ VRQR FRQYDOLGDWL GD VHUYL]L , QWHUQHW TXLQGL TXDQGR YHQJRQR GHILQLWL OD GLUHFWRU\ VSHFLILFDWD GHYH HVLVWHUH VXO ILOH VHUYHU R VXOOXQLWj ORFDOH *OL DUFKLYL SULYDWL VRQR UHODWLYL D XQ PRGHOOR SDUWLFRODUH H SRVVRQR HVVHUH GHILQLWL GDJOL DPPLQLVWUDWRUL QHOOD SDJLQD 3URSULHWj 6HUYL]L 0RGHOOL DUFKLYLDWL 0RGHOOR GL GHIDXOW R GDJOL XWHQWL QHOOD SDJLQD 6HUYL]L 0RGHOOL DUFKLYLDWL 4XDQGR OXWHQWH VHOH]LRQD XQ PRGHOOR FKH FRQWLHQH XQ DUFKLYLR SULYDWR GHYH GLJLWDUH VXO 'RFXPHQW &HQWUH LO QRPH XWHQWH H OD SDVVZRUG FRUUHWWL SHU SRWHUYL DFFHGHUH Qhtvh( % Yr9pr8rr###"!#!$Bvqhryrr , JUXSSL GL PRGHOOL VRQR GLUHFWRU\ LQ FXL VL WURYDQR L PRGHOOL GL VFDQVLRQH &RQ VHUYL]L , QWHUQHW q SRVVLELOH GHVLJQDUH XQD GLUHFWRU\ HVLVWHQWH VX XQ ILOH VHUYHU FRPH JUXSSR SHU L PRGHOOL GHO 'RFXPHQW &HQWUH *HVWLRQH PRGHOOL , PRGHOOL VRQR XVDWL SHU HVHJXLUH ODYRUL GL VFDQVLRQH ID[ R GL VWDPSDGDOSDQQHOORFRPDQGLGHO'RFXPHQW&HQWUH *OL XWHQWL SRVVRQR VHOH]LRQDUH XQ PRGHOOR GD XVDUH FRVu FRPq RSSXUH XWLOL]]DUH VHUYL]L , QWHUQHW SHU FUHDUQH XQR QXRYR R PRGLILFDUQH XQR JLj HVLVWHQWH , WUH SXOVDQWL VHJXHQWL YHQJRQR XWLOL]]DWL SHU JHVWLUH L PRGHOOL LQ 6HUYL]L0RGHOOL DUFKLYLDWL 3XOVDQWH >1XRYR@ >&DQFHOOD@ >&RSLD@ 2SHUD]LRQH &UHD XQ QXRYR PRGHOOR FRQ JOL DWWULEXWL GHO PRGHOOR GL GHIDXOW &DQFHOOD LO PRGHOOR VHOH]LRQDWR &RSLD LO PRGHOOR VHOH]LRQDWR VX XQ QXRYR PRGHOOR ULQRPLQDWR 5LHSLORJR PRGHOOL SRVVLELOH DFFHGHUH DL ULHSLORJKL PRGHOOL LQGLYLGXDOL WUDPLWH 6HUYL]L 0RGHOOL DUFKLYLDWL R 3URSULHWj 6HUYL]L 0RGHOOR GL GHIDXOW 7DOL ULHSLORJKL FRQWHQJRQR LQIRUPD]LRQL VXOOH LPSRVWD]LRQL GL VFDQVLRQH VWDPSD H ID[ GHO PRGHOOR FRUUHQWH , O ULHSLORJR FRQWLHQH LO QRPH GHO PRGHOOR H L VHUYL]L VHOH]LRQDWL QRQFKp L SDUDPHWUL VSHFLILFDWL SHU RJQL VHUYL]LR GHILQLWR 127$ L PRGHOOL FRQ LO VLPEROR # DOOLQL]LR GHO QRPH VRQR VWDWL FUHDWL FRQ VHUYL]L , QWHUQHW H QRQ SRVVRQR EHQHILFLDUH GHOOH FDSDFLWj GL GLVWULEX]LRQH GHL VHUYL]L GL 6FDQVLRQH GL UHWH Yr9pr8rr###"!#!$Bvqhryrr Qhtvh( & 6HUYL]L , QWHUQHW *UXSSL GL PRGHOOL 6HUYL]L SHU PRGHOOL 6HUYL]L IRUQLVFH L SDUDPHWUL SHU ILOH ID[ VWDPSD H VFDQVLRQH SHU XWLOL]]DUH LO PRGHOOR 7DOL SDUDPHWUL YHQJRQR GHILQLWL GDOODPPLQLVWUDWRUH GL VLVWHPD VXO PRGHOOR GL GHIDXOW PD SRVVRQR DQFKH HVVHUH FDPELDWL GDJOL XWHQWL LQ 0RGHOOL DUFKLYLDWL FUHDQGR XQ QXRYR PRGHOOR R PRGLILFDQGR TXHOOR HVLVWHQWH $G HVHPSLR q SRVVLELOH GHILQLUH XQ DUFKLYLR SULYDWR LQ XQ VHUYL]LR ILOH SHU XQ GHWHUPLQDWR PRGHOOR GL VFDQVLRQH , O UHTXLVLWR PLQLPR q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htvh( ' Yr9pr8rr###"!#!$Bvqhryrr 6HUYL]L 3DUDPHWUL 1RPH ORJLQ 3HUFRUVR GHO GRFXPHQWR 1HW:DUH 3HUFRUVR 7&3, 3 'HVFUL]LRQH 1RPH ORJLQ XVDWR SHU DFFHGHUH DOOD SRVL]LRQH GL DUFKLYLD]LRQH 3RVL]LRQH GHO VHUYHU QHOOD TXDOH VDUDQQR WUDVIHULWL L ILOH 3HU 1HWZDUH TXHVWR SXz LQFOXGHUH XQ FRQWHVWR 1'6 DVVROXWR R UHODWLYR LQVLHPH D XQ QRPH YROXPH H D XQ SHUFRUVR GL GLUHFWRU\ VH LO SHUFRUVR QHO TXDOH L ILOH GHYRQR HVVHUH WUDVIHULWL q LQ XQ FRQWHVWR 1'6 GLYHUVR GD TXHOOR GHO FRQWHVWR 1'6 GHO ORJLQ 1HWZDUH 'HVFULYH FRPH DUFKLYLDUH L ILOH VFDQVLWL /H RS]LRQL YDOLGH VRQR 6RYUDVFULYHUH $JJLXQJHUH 1RPH HVDWWR *HQHUD]LRQH DXWR QXRYL QRPL1RPH DXWRPDWLFR 'HVFULYH LO QRPH GHOOD FDUWHOOD SHU LO ILOH LPPDJLQH 7, )) D SDJLQD VLQJROD R LO QRPH GHOOLPPDJLQH SHU 3') R 7LII D SL SDJLQH 2IIUH XQD VFHOWD WUD WUH IRUPDWL 3') 7, )) R 7, )) PXOWLSDJLQD , O UHJLVWUR ODYRUL QRQ VDUj WUDVIHULWR FRQ L GDWLILOH VFDQVLWL , QYLD XQ ID[ LPPHGLDWDPHQWH R D XQRUD VSHFLILFD 'HVWLQD]LRQH GHO ID[ 1XPHUR GL ID[ GHO GHVWLQDWDULR &RQVHQWH GL DJJLXQJHUH R FDQFHOODUH L QXPHUL GL ID[ GDOOD UXEULFD GHO 'RFXPHQW &HQWUH 0RGDOLWj GL DUFKLYLD]LRQH 1RPH GRFXPHQWR )RUPDWR LPPDJLQH 'LVDELOLWD UHJLVWUR ODYRUL )D[ , PPHGLDWR R GLIIHULWR 'HVWLQDWDUL ID[ 1XPHUR GL WHOHIRQR 5XEULFD Yr9pr8rr###"!#!$Bvqhryrr Qhtvh( ( 6HUYL]L , QWHUQHW 6HUYL]L 6WDPSD FRSLD ORFDOH 3DUDPHWUL 1XPHUR FRSLH 'HVFUL]LRQH 'HILQLVFH LO QXPHUR GL FRSLH GD VWDPSDUH 3LQ]DWXUD VH q GLVSRQLELOH 3LQ]D OH FRSLH VWDPSDWH ORS]LRQH 6WD]LRQH GL ILQLWXUD 6FDQVLRQH 'L EDVH 7LSR RULJLQDOH 6HOH]LRQD OH LPSRVWD]LRQL LQ HQWUDWD H LQ XVFLWD GHL GRFXPHQWL VFDQVLWL , O WLSR GL GRFXPHQWR VFDQVLWR /H VHOH]LRQL GLVSRQLELOL VRQR $XWR LO 'RFXPHQW &HQWUH GHWHUPLQD DXWRPDWLFDPHQWH LO WLSR GL GRFXPHQWR 7HVWR RULJLQDOL FRVWLWXLWL SUHYDOHQWHPHQWH GD WHVWR OLQH DUW R DUHH GL FRORUH XQLIRUPH )RWR RULJLQDOL FRVWLWXLWL SUHYDOHQWHPHQWH GD IRWRJUDILH &RPSHQVD OD EDVVD GHQVLWj GL XQ RULJLQDOH H SURGXFH XQLPPDJLQH FRQ XQR VIRQGR SUHYDOHQWHPHQWH ELDQFR 5HJROD OD OXPLQRVLWj GHOOH LPPDJLQL VFDQVLWH LQ UHOD]LRQH DO FRQWUDVWR GHOORULJLQDOH 6HOH]LRQD LO QXPHUR GL ODWL VROR IURQWHIURQWHUHWUR GD VFDQVLUH H OD PRGDOLWj GL VFDQVLRQH 7HVWD D WHVWD R 7HVWD D SLHGH 6HOH]LRQD LO QXPHUR GL SXQWL SHU SROOLFH (VSRVL]LRQH DXWR 3L FKLDUR3L VFXUR /DWL GD FRSLDUH 5LVROX]LRQH Qhtvh(! Yr9pr8rr###"!#!$Bvqhryrr 6HUYL]L 3DUDPHWUL 'HILQL]LRQH )RUPDWR LPPDJLQH )RUPDWR RULJLQDOH 'HVFUL]LRQH 6HOH]LRQD OD GHILQL]LRQH GHOOH LPPDJLQL VXO GRFXPHQWR VFDQVLWR , PSRVWD OH GLPHQVLRQL GHOOD SDJLQD SHU LO ILOH GHO GRFXPHQWR VFDQVLWR 6HOH]LRQD OH GLPHQVLRQL GHOORULJLQDOH , O IRUPDWR GHOORULJLQDOH SXz HVVHUH ULOHYDWR FRPH LQ PRGR DXWRPDWLFR SUHVHOH]LRQDWR R SHUVRQDOL]]DWR , PSRVWD OH GLPHQVLRQL GHO GRFXPHQWR LQ XVFLWD &RPH RULJLQDOH GHIDXOW FUHD DXWRPDWLFDPHQWH XQLPPDJLQH OH FXL GLPHQVLRQL FRUULVSRQGRQR D TXHOOH GHO GRFXPHQWR VFDQVLWR 3UHVHOH]LRQL VSHFLILFD XQ IRUPDWR VWDQGDUG VXSSRUWDWR SHU LO GRFXPHQWR LQ XVFLWD 9DORUH SHUVRQDOL]]DWR VSHFLILFD XQ IRUPDWR SHUVRQDOL]]DWR SHU LO GRFXPHQWR LQ XVFLWD )RUPDWR DUFKLYLDWR Yr9pr8rr###"!#!$Bvqhryrr Qhtvh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htvh(!! Yr9pr8rr###"!#!$Bvqhryrr 6HUYL]L 3DUDPHWUL &DQFHOOD ERUGR PDUJLQH 'HVFUL]LRQH 6FHJOLHUH TXHVWD LPSRVWD]LRQH SHU FDQFHOODUH OH PDFFKLH L VHJQL ODVFLDWL GDL IRUL GDOOH JUDIIHWWH R GDL SXQWL R DOWUH HYHQWXDOL ULJKH QHUH FKH DSSDLRQR VXO ERUGR GHOORULJLQDOH SRVVLELOH FDQFHOODUH L VHJQL FKH VL WURYDQR VXO ERUGR SL HVWHUQR GHOOD SDJLQD WUD H PP /H VHOH]LRQL GLVSRQLELOL VRQR 1R QHVVXQ VHJQR YHUUj FDQFHOODWR &DQFHOOD ERUGR FRQVHQWH GL FDQFHOODUH DUHH GHOOH VWHVVH GLPHQVLRQL VXL GXH ODWL GL XQD SDJLQD &DQFHOOD PDUJLQH FRQVHQWH GL FDQFHOODUH DUHH GL GLPHQVLRQL GLYHUVH VXL GXH ODWL GL XQD SDJLQD Yr9pr8rr###"!#!$Bvqhryrr Qhtvh(!" 6HUYL]L , QWHUQHW &DPSL JHVWLRQH GRFXPHQWL /D IXQ]LRQH &DPSL JHVWLRQH GRFXPHQWL FRQVHQWH DJOL XWHQWL GL LQFOXGHUH LQ XQ ODYRUR GDWL SURJUDPPDELOL YDULDELOL TXDQGR LO ODYRUR YLHQH VFDQVLWR LQ XQ DUFKLYLR , O ODYRUR VFDQVLWR YHUUj PHPRUL]]DWR QHO 5HJLVWUR ODYRUL DVVLHPH D TXHVWH LQIRUPD]LRQL 6DUj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z FRQWHQHUH ILQR D FDUDWWHUL H QRQ SXz HVVHUH ODVFLDWR YXRWR 'HILQLVFH LO PHVVDJJLR GL ULFKLHVWD FKH GHYH HVVHUH YLVXDOL]]DWR GDOOXWHQWH VXO 'RFXPHQW &HQWUH /D OXQJKH]]D PDVVLPD GHO PHVVDJJLR q GL FDUDWWHUL WXWWDYLD VXOOR VFKHUPR VHQVLELOH QH DSSDULUDQQR VROR 4XHVWD RS]LRQH YLHQH YLVXDOL]]DWD PD QRQ SXz HVVHUH PRGLILFDWD GDOOR VFKHUPR VHQVLELOH 'HILQLVFH L GDWL FKH GHYRQR HVVHUH DVVHJQDWL D XQ GHWHUPLQDWR 3URPSW SDQQHOOR FRPDQGL 1HO FDPSR q SRVVLELOH LQGLFDUH TXDOVLDVL YDORUH FRPSUHVL GHJOL VSD]L YXRWL WDOL YDORUL SRVVRQR HVVHUH PRGLILFDWL GDOOXWHQWH GHO VLVWHPD /D OXQJKH]]D PDVVLPD q GL FDUDWWHUL WXWWDYLD VXOOR VFKHUPR GHO VLVWHPD QH DSSDULUDQQR VROR /H RS]LRQL 1RPH FDPSR 3URPSW SDQQHOOR FRPDQGL H 9DORUH GL GHIDXOW FRVWLWXLVFRQR XQXQLFD YRFH GL &DPSL JHVWLRQH GRFXPHQWL 3HU FLDVFXQ PRGHOOR q SRVVLELOH SURJUDPPDUH ILQR D VHL YRFL 3URPSW SDQQHOOR FRPDQGL 9DORUH GL GHIDXOW Qhtvh(!# Yr9pr8rr###"!#!$Bvqhryrr 127$ SHU XOWHULRUL LQIRUPD]LRQL VXO VRIWZDUH GL WHU]H SDUWL FKH SXz HVVHUH XWLOL]]DWR SHU DFFHGHUH DL ILOH GL LPPDJLQL FKH KDQQR FRPH ULIHULPHQWR GDWL FRQWHQXWL LQ &DPSL JHVWLRQH GRFXPHQWL ULYROJHUVL DO UDSSUHVHQWDQWH ;HUR[ 2SHUD]LRQL FRQ L PRGHOOL 'RSR FKH ODPPLQLVWUDWRUH GL VLVWHPD KD GHILQLWR JOL DUFKLYL R L PRGHOOL GL GHIDXOW q SRVVLELOH XWLOL]]DUH L PRGHOOL *OL XWHQWL SRVVRQR DFFHGHUH DL PRGHOOL H PRGLILFDUOL GD 0RGHOOL DUFKLYLDWL 3HU LQIRUPD]LRQL VX FUHD]LRQH FRSLD H PRGLILFD GL XQ PRGHOOR YHGHUH TXDQWR VHJXH 127$ LO PRGHOOR GL GHIDXOW QRQ SXz HVVHUH FDQFHOODWR &UHD]LRQH GL XQ QXRYR PRGHOOR 6HOH]LRQDUH >0RGHOOL DUFKLYLDWL@ 6HOH]LRQDUH >1XRYR@ 3HU FUHDUH LO QXRYR PRGHOOR YHQJRQR XWLOL]]DWH OH LPSRVWD]LRQL GHO PRGHOOR GL GHIDXOW , PPHWWHUH L GHWWDJOL GHO PRGHOOR 6HOH]LRQDUH XQ VHUYL]LR SHU LO PRGHOOR 127$ SHU LO PRGHOOR q QHFHVVDULR GHILQLUH XQ VHUYL]LR ILOH R ID[ 6HOH]LRQDUH >$SSOLFD@ , O QXRYR PRGHOOR FUHDWR FRQ LO QRPH VSHFLILFDWR YHUUj YLVXDOL]]DWR QHO ULTXDGUR VLQLVWUR 6HOH]LRQDUH >6FDQVLRQH@ HR >)D[@ HR >)LOH@ LQ EDVH DO PRGHOOR SUHVFHOWR H DSSOLFDUH DO PRGHOOR HYHQWXDOL PRGLILFKH UHODWLYH DO VHUYL]LR VHOH]LRQDUH TXLQGL >$SSOLFD QXRYH LPSRVWD]LRQL@ 127$ SHU FUHDUH PRGLILFDUH R FDQFHOODUH XQD YRFH GL &DPSL JHVWLRQH GRFXPHQWL XWLOL]]DUH L SXOVDQWL $JJLXQJH 0RGLILFD R &DQFHOOD Yr9pr8rr###"!#!$Bvqhryrr Qhtvh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j DXWRPDWLFDPHQWH YLVXDOL]]DWD XQD FRSLD GHO PRGHOOR , PPHWWHUH XQ QXRYR QRPH SHU LO PRGHOOR XQD GHVFUL]LRQH RS]LRQDOH H VH ULFKLHVWR LO WLWRODUH GHO PRGHOOR 6HOH]LRQDUH >$SSOLFD@ 1HO ULTXDGUR VLQLVWUR YHUUj YLVXDOL]]DWD XQD FRSLD HVDWWD GHO PRGHOOR RULJLQDOH FRQ LO QXRYR QRPH 7XWWL L SDUDPHWUL GHO VHUYL]LR YHQJRQR FRQVHUYDWL 6HOH]LRQDUH TXHVWR PRGHOOR H DSSRUWDUH OH PRGLILFKH ULFKLHVWH 127$ SHU FUHDUH PRGLILFDUH R FDQFHOODUH XQD YRFH GL &DPSL JHVWLRQH GRFXPHQWL XWLOL]]DUH L SXOVDQWL $JJLXQJH 0RGLILFD R &DQFHOOD &DQFHOOD]LRQH GL XQ PRGHOOR 6HOH]LRQDUH >0RGHOOL DUFKLYLDWL@ 6HOH]LRQDUH LO PRGHOOR GD FDQFHOODUH Qhtvh(!% Yr9pr8rr###"!#!$Bvqhryrr 6FDQVLRQH VX ILOH 3ULPD GL HVHJXLUH OD VFDQVLRQH H GL FUHDUH XQ ILOH HOHWWURQLFR JOL XWHQWL GHYRQR LPSRVWDUH L SDUDPHWUL SHU LO ODYRUR LQ XQ PRGHOOR GL VHUYL]L , QWHUQHW 6DUj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j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htvh(!& Yr9pr8rr###"!#!$Bvqhryrr 6HUYL]L , QWHUQHW 6HOH]LRQDUH >&DQFHOOD@ , O PRGHOOR YHUUj DXWRPDWLFDPHQWH FDQFHOODWR GDO ULTXDGUR VLQLVWUR H YHUUj YLVXDOL]]DWD OD SDJLQD GL LQWHVWD]LRQH >0RGHOOR DUFKLYLDWR@ (VHJXLUH OD VFDQVLRQH GHO GRFXPHQWR FRQ LO 'RFXPHQW &HQWUH , O ILOH ULVXOWDQWH YHUUj PHPRUL]]DWR QHOODUFKLYLR SULYDWR 5HFXSHUR GL XQ GRFXPHQWR VFDQVLWR FRQ 3DSHU3RUW 127$ TXHVWD IXQ]LRQH SXz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j PHPRUL]]DWR QHOODUFKLYLR $FFHGHUH D >3DSHU3RUW@ H UHFXSHUDUH LO ILOH GHO GRFXPHQWR VFDQVLWR GDOOLQWHUQR GL 3DSHU3RUW 2SSXUH 68**(5, 0(172 SHU RWWHQHUH ULVXOWDWL PLJOLRUL SHU WLSR GL RULJLQDOH VHOH]LRQDUH >7HVWR@ Qhtvh(!' Yr9pr8rr###"!#!$Bvqhryrr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j LQYLDWR YLD ID[ 127$ QRQ q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j VWDPSDWR VHFRQGR OH LPSRVWD]LRQL GL &RSLD ORFDOH FRQWHQXWH QHO PRGHOOR 68**(5, 0(172 L PRGHOOL FKH XWLOL]]DQR L VHUYL]L )D[ H 6WDPSD FRSLD ORFDOH SRVVRQR HVVHUH VHOH]LRQDWL FRQ TXHVWD IXQ]LRQH Yr9pr8rr###"!#!$Bvqhryrr Qhtvh(!( 6HUYL]L , QWHUQHW 6FDQVLRQH VX ID[ 3UREOHPL H VROX]LRQL 6H GXUDQWH OXWLOL]]R GL VHUYL]L , QWHUQHW VL YHULILFD TXDOFKH SUREOHPD SURYDUH D ULVSRQGHUH DOOH GRPDQGH ULSRUWDWH GL VHJXLWR 3HU DVVLVWHQ]D ULYROJHUVL DOODPPLQLVWUDWRUH GL VLVWHPD /D YHUVLRQH GHO EURZVHU XWLOL]]DWD q FRUUHWWD" 1HO EURZVHU q VWDWR LPPHVVR OLQGLUL]]R , 3 FRUUHWWR GHO 'RFXPHQW &HQWUH" , O 'RFXPHQW &HQWUH q LPSRVWDWR FRQ ILOWUL R EORFFKL VXOOD UHWH" , O 'RFXPHQW &HQWUH VL WURYD DOOLQWHUQR GL XQ ILUHZDOO" , O 'RFXPHQW &HQWUH q FRQILJXUDWR SHU O+773" 127$ VH OD UHWH SUHVHQWD SUREOHPL GL SUHVWD]LRQL LQ UHOD]LRQH DOOH FRQQHVVLRQL QRQ XWLOL]]DUH LO VHUYHU SUR[\ Qhtvh(" Yr9pr8rr###"!#!$Bvqhryrr , O 'RFXPHQW &HQWUH VXSSRUWD GLYHUVL WLSL GL FDUWD H VXSSRUWL 4XHVWR FDSLWROR FRQWLHQH LQIRUPD]LRQL VXOOH RSHUD]LRQL GL FDULFDPHQWR GHOOD FDUWD H GL DOWUL WLSL GL VXSSRUWL QHO 'RFXPHQW &HQWUH H LQGLFD TXDOL VXSSRUWL VRQR DFFHWWDWL GDL GLYHUVL YDVVRL GHOOD PDFFKLQD Yr9pr8rr###"!#!$Bvqhryrr Qhtvh &DUWD H DOWUL VXSSRUWL &DUWD H DOWUL VXSSRUWL &DULFDPHQWR GHOOD FDUWD 4XDQGR XQ YDVVRLR YLHQH DSHUWR LO 'RFXPHQW &HQWUH ID DSSDULUH VXO GLVSOD\ XQD VFKHUPDWD FRQ RS]LRQL SHU FDPELDUH OD FDUWD H L UHODWLYL DWWULEXWL R SHU FDULFDUH SL FDUWD GHOOR VWHVVR WLSR 3HU XOWHULRUL LQIRUPD]LRQL VXOOD SURJUDPPD]LRQH GHJOL DWWULEXWL GHL YDVVRL YHGHUH 3UHSDUD]LRQH GHOOD FDUWD SHU LO FDULFDPHQWR 6PD]]DUH OD FDUWD SULPD GL FDULFDUOD QHL YDVVRL LQ PRGR GD VHSDUDUH L IRJOL DWWDFFDWL H ULGXUUH OH SUREDELOLWj GL LQFHSSDPHQWL 68**(5, 0(172 SHU HYLWDUH LQFHSSDPHQWL H SUREOHPL GL DOLPHQWD]LRQH QRQ ULPXRYHUH OD FDUWD GDOOD FRQIH]LRQH ILQR DO PRPHQWR GL FDULFDUOD QHL YDVVRL Qhtvh ! Yr9pr8rr###"!#!$Bvqhryrr $ VHFRQGD GHOOD FRQILJXUD]LRQH LO 'RFXPHQW &HQWUH GLVSRQH GL XQ PDVVLPR GL TXDWWUR YDVVRL FDUWD 127$ VH LO 'RFXPHQW &HQWUH VWD HODERUDQGR XQ ODYRUR QRQ DSULUH LO YDVVRLR DWWLYR (VWUDUUH LO YDVVRLR 6XOOR VFKHUPR VHQVLELOH YHUUj YLVXDOL]]DWD OD VFKHUPDWD $WWULEXWL YDVVRLR 68**(5, 0(172 SHU HYLWDUH LQFHSSDPHQWL H SUREOHPL GL DOLPHQWD]LRQH QRQ FDULFDUH FDUWD QXRYD VRSUD TXHOOD JLj SUHVHQWH QHO YDVVRLR EHQVu HVWUDUUH SULPD TXHVW XOWLPD H DJJLXQJHUOD VRSUD D TXHOOD QXRYD Yr9pr8rr###"!#!$Bvqhryrr Qhtvh " &DUWD H DOWUL VXSSRUWL &DULFDPHQWR GHL YDVVRL FDUWD 6H QHFHVVDULR UHJRODUH OH JXLGH GHO YDVVRLR LQ EDVH DO QXRYR IRUPDWR 3HU ULODVFLDUH OD JXLGD ODWHUDOH VROOHYDUOD H IDUOD VFRUUHUH QHOOD QXRYD SRVL]LRQH 6H QRQ q SRVL]LRQDWD LQ PRGR FRUUHWWR OD JXLGD QRQ VFDWWD LQ SRVL]LRQH 3HU ULODVFLDUH OD JXLGD SRVWHULRUH SUHPHUH OD OLQJXHWWD H IDUH VFRUUHUH OD JXLGD 8QD YROWD UDJJLXQWD OD SRVL]LRQH FRUUHWWD OD OLQJXHWWD WRUQHUj QHOOD SRVL]LRQH QRUPDOH *XLGD SRVWHULRUH *XLGD ODWHUDOH &RQWUROODUH FKH OH JXLGH VLDQR VDOGDPHQWH LQQHVWDWH LQ SRVL]LRQH 6H OD FDUWD QRQ q D FRQWDWWR FRQ L ODWL GHO YDVVRLR H FRQ OH JXLGH SXz LQFHSSDUH SL IDFLOPHQWH Qhtvh # Yr9pr8rr###"!#!$Bvqhryrr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r9pr8rr###"!#!$Bvqhryrr Qhtvh $ &DUWD H DOWUL VXSSRUWL /D FDUWD SXz HVVHUH DOLPHQWDWD FRQ DOLPHQWD]LRQH ODWR OXQJR /() R DOLPHQWD]LRQH ODWR FRUWR 6() /RULHQWDPHQWR GL GHIDXOW q FRPXQTXH /() $OLPHQWD]LRQH ODWR OXQJR /() $OLPHQWD]LRQH ODWR FRUWR 6() 127$ OLPSLHJR VWDQGDUG GLYHUVL SXz FDXVDUH XQD SHUGLWD SDU]LDOH GHOOLPPDJLQH 9DVVRLR E\SDVV , O YDVVRLR E\SDVV SXz HVVHUH XWLOL]]DWR SHU PROWL WLSL GL VXSSRUWR GLYHUVL 3HU XOWHULRUL LQIRUPD]LRQL FRQVXOWDUH OD WDEHOOD D , O YDVVRLR E\SDVV q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htvh % Yr9pr8rr###"!#!$Bvqhryrr 6HJXHQGR OH LVWUX]LRQL ULSRUWDWH VXOOH HWLFKHWWH GL JXLGD FDULFDUH FRUUHWWDPHQWH OD FDUWD QHO YDVVRLR E\SDVV SUHQGHQGR FRPH ULIHULPHQWR O DQJROR SUHPLFDUWD DQWHULRUH GHVWUR 1RQ ROWUHSDVVDUH OD OLQHD GL ULHPSLPHQWR PDVVLPR )DUH VFRUUHUH OD JXLGD SRVWHULRUH YHUVR OD FDUWD ILQFKp QRQ WRFFD DSSHQD LO ERUGR GHOOD SLOD 9DVVRLR E\SDVV FRQ DOLPHQWDWRUH DG DOWD FDSDFLWj H VWD]LRQH GL ILQLWXUD 6WDFFDUH O DOLPHQWDWRUH DG DOWD FDSDFLWj H OD VWD]LRQH GL ILQLWXUD GDOOD PDFFKLQD &DULFDUH LO YDVVRLR E\SDVV FRPH GHVFULWWR DOOD SDJLQD SUHFHGHQWH 5HLQVHULUH O XQLWj QHOOD PDFFKLQD Yr9pr8rr###"!#!$Bvqhryrr Qhtvh & &DUWD H DOWUL VXSSRUWL 9DVVRLR E\SDVV FRQ YDVVRLR VLQLVWUR 68**(5, 0(172 GRSR DYHU DSHUWR OD ULVPD PDQWHQHQGRQH OD FKLXVXUD YHUVR ODOWR URYHVFLDUH OD SLOD GL FDUWD SULPD GL FDULFDUOD QHO YDVVRLR E\SDVV LQ PRGR GD HYLWDUH DUULFFLDWXUH 9DVVRLR SHU EXVWH RS]LRQDOH , O YDVVRLR SHU EXVWH SXz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z HVVHUH LQVWDOODWR VROR DO SRVWR GHO YDVVRLR Qhtvh ' Yr9pr8rr###"!#!$Bvqhryrr (VWUDUUH LO YDVVRLR H WHQHQGROR SHU L ODWL VROOHYDUOR OHQWDPHQWH H VPRQWDUOR GDOOD PDFFKLQD , QVHULUH LO YDVVRLR SHU EXVWH 127$ TXDQGR LO YDVVRLR q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r9pr8rr###"!#!$Bvqhryrr Qhtvh ( &DUWD H DOWUL VXSSRUWL &DULFDPHQWR GHO YDVVRLR SHU EXVWH $OLPHQWDWRUH DG DOWD FDSDFLWj RS]LRQDOH /DOLPHQWDWRUH DOWD FDSDFLWj q XQ DFFHVVRULR RS]LRQDOH GHO 'RFXPHQW &HQWUH /H JUDPPDWXUH DFFHWWDWH YDQQR GD D JP H OD FDSDFLWj q GL IRJOL $ GD JP 127$ SHU JDUDQWLUH OH SUHVWD]LRQL PLJOLRUL TXDQGR YHQJRQR FDULFDWL VXSSRUWL GL JP!R GL JUDPPDWXUD VXSHULRUH VL UDFFRPDQGD VL VHOH]LRQDUH ORS]LRQH &DUWRQFLQR SHU 7LSR QHOOD VFKHUPDWD $WWULEXWL YDVVRLR &DULFDPHQWR GHOO DOLPHQWDWRUH DG DOWD FDSDFLWj 7LUDUH OD PDQLJOLD DQWHULRUH SHU DSULUH O DOLPHQWDWRUH , O FDUUHOOR HOHYDWRUH GHO YDVVRLR VL DEEDVVD 6XOOR VFKHUPR VHQVLELOH YHUUj YLVXDOL]]DWD OD VFKHUPDWD $WWULEXWL YDVVRLR &ROORFDUH OD FDUWD FRQWUR LO ODWR GHVWUR GHO YDVVRLR &KLXGHUH O DOLPHQWDWRUH , O FDUUHOOR HOHYDWRUH VL DO]D GL QXRYR H SRUWD OD FDUWD QHOOD SRVL]LRQH FRUUHWWD 6HOH]LRQDUH >&RQIHUPD@ QHOOD VFKHUPDWD $WWULEXWL YDVVRLR 127$ VH VL FDULFD XQ WLSR R XQ FRORUH GL FDUWD GLYHUVR ULSURJUDPPDUH OH IXQ]LRQL LQ >&DPELD DWWULEXWL@ Qhtvh Yr9pr8rr###"!#!$Bvqhryrr 4XHVWD IXQ]LRQH GHYH HVVHUH DELOLWDWD VXOOD PDFFKLQD GDOO RSHUDWRUH UHVSRQVDELOH 4XDQGR q DELOLWDWD VH SL YDVVRL YHQJRQR FDULFDWL FRQ FDUWD GHO PHGHVLPR WLSR H IRUPDWR LO 'RFXPHQW &HQWUH SDVVD DXWRPDWLFDPHQWH DO YDVVRLR VHJXHQWH TXDQGR TXHOOR DWWLYR HVDXULVFH OD FDUWD 4XHVWD IXQ]LRQH VL FKLDPD 6FDPELR DXWRPDWLFR YDVVRL /R VFDPELR DXWRPDWLFR QRQ IXQ]LRQD VH LO YDVVRLR FRQWLHQH FDUWD GL IRUPDWR WLSR R FRORUH GLYHUVR 68**(5, 0(172 TXHVWD IXQ]LRQH q GLVSRQLELOH DQFKH SHU LO YDVVRLR E\SDVV , YDVVRL FKH QRQ VRQR DWWLYL SRVVRQR HVVHUH DSHUWL DQFKH TXDQGR LO 'RFXPHQW &HQWUH q LQ IXQ]LRQH DO FRQWUDULR GHO YDVVRLR DWWLYR 6H VL DSUH LO YDVVRLR DWWLYR OD PDFFKLQD VL IHUPD Yr9pr8rr###"!#!$Bvqhryrr Qhtvh &DUWD H DOWUL VXSSRUWL 6FDPELR DXWRPDWLFR YDVVRL &RPH FRQVHUYDUH OD FDUWD 8VDUH VHPSUH FDUWD [HURJUDILFD GL DOWD TXDOLWj SHU LO 'RFXPHQW &HQWUH /D FDUWD DUULFFLDWD H XPLGD SURYRFD LQFHSSDPHQWL H SUREOHPL GL TXDOLWj LPPDJLQH &RQVHUYDUH OD FDUWD DWWHQHQGRVL D TXHVWH VHPSOLFL UHJROH &RQVHUYDUH OD FDUWD LQ XQ OXRJR DVFLXWWR H ORQWDQD GD IRQWL GL IUHGGR H FDORUH FRPH ILQHVWUH DSHUWH R WHUPRVLIRQL &RQVHUYDUH OD FDUWD VX XQD VXSHUILFLH SLDQD R XQ SDOOHW FRPXQTXH QRQ D GLUHWWR FRQWDWWR FRQ LO SDYLPHQWR (VWUDUUH OH ULVPH GDL FDUWRQL H DSULUOH VRODPHQWH QHO PRPHQWR LQ FXL OD FDUWD YLHQH XWLOL]]DWD 5LDYYROJHUH QHOOD FRQIH]LRQH L SDFFKL GL FDUWD XVDWL VROR SDU]LDOPHQWH 127$ QRQ FRQVHUYDUH OD FDUWD QHL YDVVRL FDUWD Qhtvh ! Yr9pr8rr###"!#!$Bvqhryrr /D WDEHOOD VHJXHQWH ULSRUWD L YDUL WLSL GL VXSSRUWL DFFHWWDWL GDO 'RFXPHQW &HQWUH H SHU FLDVFXQR IRUQLVFH DOFXQH UDFFRPDQGD]LRQL 127$ QRQRVWDQWH OH JUDPPDWXUH DFFHWWDWH SHU OD FDUWD GL TXDOLWj YDGDQR GD D JP VL FRQVLJOLD GL OLPLWDUH OXVR DOOH JUDPPDWXUH GD D JP SRLFKp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r9pr8rr###"!#!$Bvqhryrr Qhtvh " &DUWD H DOWUL VXSSRUWL $OWUL VXSSRUWL 6XSSRUWR &DUWD $ 8VR )DWWXUH HVWUDWWL FRQWR 5DFFRPDQGD]LRQL 9DVVRLR PDVVLPR IRJOL GD JP 9DVVRL IRUPDWR QRQ DFFHWWDWR 9DVVRLR E\SDVV PDVVLPR IRJOL GD JP 4XDQGR VL VWDPSD GD XQD VWD]LRQH GL ODYRUR FDULFDUH OD FDUWD FRQ RULHQWDPHQWR 6() SHU RSHUD]LRQL GL FRSLD XVDUH O RULHQWDPHQWR /() 9DVVRL 6() R /() PDVVLPR IRJOL GD JP 9DVVRLR E\SDVV 6() R /() PDVVLPR IRJOL GD JP 1RQ q SRVVLELOH DOLPHQWDUH FDUWD $ 6() GDO YDVVRLR E\SDVV TXDQGR VL VWDPSDQR ODYRUL GL UHWH +&) IRJOL JP /() 9DVVRL 6() R /() PDVVLPR IRJOL GD JP 9DVVRLR E\SDVV 6() R /() PDVVLPR IRJOL GD JP 1RQ q SRVVLELOH DOLPHQWDUH FDUWD $ 6() GDO YDVVRLR E\SDVV TXDQGR VL VWDPSDQR ODYRUL GL UHWH +&) IRJOL JP /() &DUWD $ 'RFXPHQWL VWDQGDUG OHWWHUH PRGXOL &DUWD ULFLFODWD ;HUR[ $ 'RFXPHQWL VWDQGDUG Qhtvh # Yr9pr8rr###"!#!$Bvqhryrr 6XSSRUWR &DUWD /HJDO 86$ [ PP 8VR 'RFXPHQWL OHJDOL 5DFFRPDQGD]LRQL 9DVVRL PDVVLPR IRJOL GD JP 6() 9DVVRLR E\SDVV PDVVLPR IRJOL GD JP 6() +&) IRUPDWR QRQ DFFHWWDWR 9DVVRL IRJOL JP 6() 9DVVRLR E\SDVV IRJOL JP 6() +&) IRUPDWR QRQ DFFHWWDWR $ LO 'RFXPHQW &HQWUH ULFKLHGH 0% GL PHPRULD SHU VWDPSDUH VX TXHVWR IRUPDWR 'RFXPHQWL JUDQGL R LQJUDQGLWL OLEUL PDVWUR Yr9pr8rr###"!#!$Bvqhryrr Qhtvh $ &DUWD H DOWUL VXSSRUWL 6XSSRUWR &DUWD $ SHUIRUDWD 8VR 3HU UDFFRJOLWRUL D R DQHOOL 5DFFRPDQGD]LRQL 9DVVRL /() FRQ L IRUL VXOOD VLQLVWUD SHU FRSLH IURQWHUHWUR FDULFDUH OD FDUWD FRQ L IRUL VXOOD GHVWUD PDVVLPR IRJOL JP 9DVVRLR E\SDVV /() FRQ L IRUL VXOOD GHVWUD SHU FRSLH IURQWHUHWUR FDULFDUH OD FDUWD FRQ L IRUL VXOOD VLQLVWUD 6() FRQ L IRUL ULYROWL YHUVR LO UHWUR GHOOD PDFFKLQD SHU FRSLH IURQWHUHWUR FDULFDUH OD FDUWD FRQ L IRUL ULYROWL YHUVR OD SDUWH DQWHULRUH GHOOD PDFFKLQD PDVVLPR IRJOL JP +&) /() FRQ L IRUL VXOOD GHVWUD SHU FRSLH IURQWH UHWUR FDULFDUH OD FDUWD FRQ L IRUL VXOOD VLQLVWUD PDVVLPR IRJOL JP Qhtvh % Yr9pr8rr###"!#!$Bvqhryrr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r9pr8rr###"!#!$Bvqhryrr Qhtvh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htvh ' Yr9pr8rr###"!#!$Bvqhryrr 6XSSRUWR (WLFKHWWH ;HUR[ LQ LQ LQ H LQ OH HWLFKHWWH VWDPSDWH LQ SRWUHEEHUR SURGXUUH ULVXOWDWL QRQ VRGGLVID FHQWL H QRQ VRQR FRQ VLJOLDWH 8VR (WLFKHWWH DXWRDGH VLYH SHU OHWWHUH H SDF FKHWWL 5DFFRPDQGD]LRQL 9DVVRL /() 6() ULYROWH YHUVR O DOWR 9DVVRLR E\SDVV /() R 6() ULYROWH YHUVR LO EDVVR +&) /() ULYROWR YHUVR LO EDVVR 68**(5, 0(172 SHU RWWLPL]]DUH OH SUHVWD]LRQL VL UDFFRPDQGD GL FDULFDUH OH HWLFKHWWH QHL YDVVRLR VRODPHQWH TXDQGR ULFKLHVWR $O WHUPLQH GHO ODYRUR OH HWLFKHWWH GHYRQR HVVHUH ULPRVVH H ULSRVWH QHOOD VFDWROD &DUWRQFLQR QRUPDOPHQWH JP &RSHUWLQH FDUWHOOL ELJOLHWWL GD YLVLWD 9DVVRL IRUPDWR QRQ DFFHWWDWR 9DVVRLR E\SDVV /() R 6() ULYROWR YHUVR O DOWR /XVR GL XQ FDUWRQFLQR GL JUDPPDWXUD FRPSUHVD WUD H JP H FRQ DOLPHQWD]LRQH 6() SRWUHEEH SURGXUUH ULVXOWDWL QRQ RWWLPDOL +&) /() ULYROWR YHUVR LO EDVVR 127$ SHU JDUDQWLUH OH SUHVWD]LRQL PLJOLRUL TXDQGR YHQJRQR FDULFDWL VXSSRUWL GD JPR GL JUDPPDWXUD VXSHULRUH VL UDFFRPDQGD GL VHOH]LRQDUH ORS]LRQH &DUWRQFLQR SHU 7LSR QHOOD VFKHUPDWD $WWULEXWL YDVVRLR Yr9pr8rr###"!#!$Bvqhryrr Qhtvh ( &DUWD H DOWUL VXSSRUWL 6XSSRUWR 6XSSRUWL SHU FRSHUWLQH /LEUHWWL 8VR 5DFFRPDQGD]LRQL 9DVVRL /() R 6() ULYROWR YHUVR O DOWR 9DVVRLR E\SDVV /() R 6() ULYROWR YHUVR LO EDVVR +&) /() ULYROWR YHUVR LO EDVVR 9DVVRL /() R 6() VWULVFLD ULPRYLELOH D VLQLVWUD H ULYROWD YHUVR LO EDVVR , OXFLGL FRQ UHWURIRJOLR QRQ GHYRQR HVVHUH DOLPHQWDWL GD TXHVWL YDVVRL 9DVVRLR E\SDVV /() R 6() UHWURIRJOLR R VWULVFLD YHUVR ODOWR , OXFLGL FRQ UHWURIRJOLR GHYRQR VHPSUH HVVHUH DOLPHQWDWL FRQ RULHQWDPHQWR /() FRQ LO ODWR LQFROODWR FRPH ERUGR GL LQJUHVVR 1HVVXQD LVWUX]LRQH VSHFLDOH SHU L OXFLGL FRPXQL +&) /() UHWURIRJOLR VWULVFLD YHUVR ODOWR ERUGR LQFROODWR FRPH ERUGR DQWHULRUH , OXFLGL FRQ UHWURIRJOLR GHYRQR VHPSUH HVVHUH DOLPHQWDWL FRQ RULHQWDPHQWR /() FRQ LO ODWR LQFROODWR FRPH ERUGR GL LQJUHVVR 1HVVXQD LVWUX]LRQH VSHFLDOH SHU L OXFLGL FRPXQL /XFLGL WUDVSDUHQWL D VWULVFLD ULPRYLELOH H FRQ UHWURIRJOLR , OXFLGL FRQ UHWURIRJOLR SRVVRQR HVVHUH XWL OL]]DWL PD SRWUHEEHUR SURGXUUH ULVXOWDWL QRQ VRGGLVIDFHQWL 3UHVHQWD]LRQL FRQ ODYDJQD OXPLQRVD Qhtvh ! Yr9pr8rr###"!#!$Bvqhryrr , O 'RFXPHQW &HQWUH q SURJHWWDWR LQ PRGR FKH OH LPSRVWD]LRQL GL GHIDXOW GHOOD PDFFKLQD H GHOOH IXQ]LRQL SRVVDQR HVVHUH SHUVRQDOL]]DWH LQ EDVH D UHTXLVLWL VSHFLILFL 4XHVWR FDSLWROR GHVFULYH FRPH SHUVRQDOL]]DUH OH YDULH LPSRVWD]LRQL GLVSRQLELOL H IRUQLVFH LQIRUPD]LRQL GL FDUDWWHUH JHQHUDOH VXOOH SURFHGXUH GL FRQILJXUD]LRQH , O FDSLWROR VL ULYROJH DO WLWRODUH DOORSHUDWRUH UHVSRQVDELOH H DOODPPLQLVWUDWRUH GL VLVWHPD GHOOD PDFFKLQD Yr9pr8rr###"!#!$Bvqhryrr Qhtvh , PSRVWD]LRQL , PSRVWD]LRQL 3URFHGXUH GL LPSRVWD]LRQH /H LPSRVWD]LRQL GL DOFXQH IXQ]LRQL GHO 'RFXPHQW &HQWUH YHQJRQR SURJUDPPDWH LQ IDEEULFD DO PRPHQWR GHOOD SURGX]LRQH 'RSR FKH OD PDFFKLQD q VWDWD LQVWDOODWD q SRVVLELOH XWLOL]]DUH JOL VWUXPHQWL GL FRQILJXUD]LRQH SHU PRGLILFDUH TXHVWH LPSRVWD]LRQL LQ EDVH DOO DPELHQWH RSHUDWLYR 3HU FDPELDUH OH LPSRVWD]LRQL O XWHQWH GHYH LQVHULUH XQ FRGLFH GL LGHQWLILFD]LRQH 3, 1 $ VHFRQGD GHL GLULWWL GL DFFHVVR DVVHJQDWL DO FRGLFH O XWHQWH SXz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z FRQILJXUDUH R PRGLILFDUH OH LPSRVWD]LRQL GHOOD PDFFKLQD H GHOOH IXQ]LRQL FKH D VHFRQGD GHOOD FRQILJXUD]LRQH SRVVRQR FRPSUHQGHUH WXWWH R DOFXQH GHOOH LPSRVWD]LRQL GHVFULWWH GL VHJXLWR , PSRVWD]LRQL PDFFKLQD &RQVHQWRQR GL PRGLILFDUH R FRQILJXUDUH LPSRVWD]LRQL GL GHIDXOW VSHFLILFKH GHOOD PDFFKLQD FRPH L YDVVRL GL GHIDXOW OD GDWD H O RUD OH RS]LRQL GL YLVXDOL]]D]LRQH GHOOR VFKHUPR VHQVLELOH L WHPSRUL]]DWRUL H L UDSSRUWL GHOOD PDFFKLQD 3HU XOWHULRUL LQIRUPD]LRQL FRQVXOWDUH OD VH]LRQH , PSRVWD]LRQL PDFFKLQD D SDJLQD Qhtvh ! Yr9pr8rr###"!#!$Bvqhryrr 3HU XOWHULRUL LQIRUPD]LRQL FRQVXOWDUH OD VH]LRQH , JQRUD JXDVWR D SDJLQD , PSRVWD]LRQL FRSLDWULFH &RQVHQWRQR GL PRGLILFDUH R FRQILJXUDUH OH LPSRVWD]LRQL GL GHIDXOW GHOOH VHJXHQWL IXQ]LRQL GL FRSLD 5LGX]LRQH , QJUDQGLPHQWR 4XDOLWj LPPDJLQH 8VFLWD FRSLH 4XDOLWj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z FRQILJXUDUH R PRGLILFDUH OH LPSRVWD]LRQL GHOOH IXQ]LRQL 6FDQVLRQH LQ UHWH (PDLO )D[ H 6WDPSD 3HU XOWHULRUL LQIRUPD]LRQL FRQVXOWDUH OD VH]LRQH 6WUXPHQWL GHOO DPPLQLVWUDWRUH $XGLWURQ D SDJLQD R OD *XLGD SHU O DPPLQLVWUDWRUH GL VLVWHPD GHO 'RFXPHQW &HQWUH Yr9pr8rr###"!#!$Bvqhryrr Qhtvh " , PSRVWD]LRQL , JQRUD JXDVWR 4XHVWD LPSRVWD]LRQH FRQVHQWH GL GLVDELOLWDUH XQ FRPSRQHQWH GLIHWWRVR LQ PRGR GD SRWHU FRQWLQXDUH D XWLOL]]DUH JOL DOWUL FRPSRQHQWL H IXQ]LRQL 6WUXPHQWL GHOO DPPLQLVWUDWRUH $XGLWURQ 6H YLHQH LQVHULWR XQ FRGLFH GL LGHQWLILFD]LRQH 3, 1 D FXL VRQR VWDWL DVVHJQDWL GLULWWL GL DFFHVVR GL DPPLQLVWUDWRUH $XGLWURQ VXO '& O XWHQWH SXz FRQILJXUDUH R PRGLILFDUH OH LPSRVWD]LRQL $XGLWURQ $XGLWURQ LQWHUQR XQD IXQ]LRQH FKH UHJLVWUD OH DWWLYLWj GHOOD PDFFKLQD LQ DSSRVLWL FRQWL XWHQWH H QH OLPLWD O XVR HR O DFFHVVR DOOH IXQ]LRQL 3HU XOWHULRUL LQIRUPD]LRQL FRQVXOWDUH OD VH]LRQH $XGLWURQ LQWHUQR D SDJLQD &RQWDELOLWj EDVDWD VXO ODYRUR 6L ULIHULVFH D XQ GLVSRVLWLYR HVWHUQR GLVSRQLELOH VROR SHU OH PDFFKLQH FRQILJXUDWH LQ UHWH 3HU DUFKLYLDUH L GDWL GHOOD FRQWDELOLWj YLHQH XWLOL]]DWR XQ GLVSRVLWLYR HVWHUQR 3HU XOWHULRUL LQIRUPD]LRQL FRQVXOWDUH OD VH]LRQH &RQWDELOLWj EDVDWD VXO ODYRUR RS]LRQDOH D SDJLQD 'LVSRVLWLYR GL FRQWUROOR HVWHUQR 4XHVWR PDQXDOH HVDPLQD DQFKH OXVR GL GLVSRVLWLYL GL FRQWUROOR HVWHUQL FRPH DG HVHPSLR XQ DSSDUHFFKLR IXQ]LRQDQWH D JHWWRQL R D EDQFRQRWH XQ OHWWRUH GL VFKHGH PDJQHWLFKH R XQ VLVWHPD GL JHVWLRQH FRQWUROODWR GDOOD UHWH LQVWDOODWR VXO VLVWHPD 3HU XOWHULRUL LQIRUPD]LRQL FRQVXOWDUH OD VH]LRQH &RQWDELOLWj EDVDWD VXO ODYRUR RS]LRQDOH D SDJLQD 6WUXPHQWL GHO WLWRODUH 6H YLHQH LQVHULWR XQ FRGLFH GL LGHQWLILFD]LRQH D FXL VRQR VWDWL DVVHJQDWL GLULWWL GL DFFHVVR GL 7LWRODUH O XWHQWH SXz FRQILJXUDUH R PRGLILFDUH OH VHJXHQWL LPSRVWD]LRQL 'LULWWL GL DFFHVVR &RQVHQWRQR GL DVVHJQDUH L GLULWWL GL DFFHVVR GHL VHJXHQWL WLSL 2SHUDWRUH UHVSRQVDELOH $PPLQLVWUDWRUH GL VLVWHPD $PPLQLVWUDWRUH $XGLWURQ H 7LWRODUH 3HU XOWHULRUL LQIRUPD]LRQL FRQVXOWDUH OD VH]LRQH 'LULWWL GL DFFHVVR D SDJLQD Qhtvh # Yr9pr8rr###"!#!$Bvqhryrr $FFHVVR DJOL VWUXPHQWL GL FRQILJXUD]LRQH 4XDQGR YLHQH FRQVHJQDWR DO FOLHQWH LO 'RFXPHQW &HQWUH FRQWLHQH XQD SDUROD GL DFFHVVR GL GHIDXOW FKH SXz HVVHUH XWLOL]]DWD SHU DFFHGHUH DJOL VWUXPHQWL GL FRQILJXUD]LRQH SULPD GL SURFHGHUH DOO DVVHJQD]LRQH GHL FRGLFL GL LGHQWLILFD]LRQH H GHL GLULWWL GL DFFHVVR 127$ q OD SDVVZRUG GL GHIDXOW GHOODPPLQLVWUDWRUH GL VLVWHPD LPSRVWDWD DOOLQVWDOOD]LRQH GHOOD PDFFKLQD FRQVLJOLDELOH FDPELDUH OD SDVVZRUG 6H QHFHVVDULR FRQWDWWDUH LO VHUYL]LR GL DVVLVWHQ]D FOLHQWL 3UHPHUH >$FFHVVR@ VXO SDQQHOOR FRPDQGL 6XOOR VFKHUPR VHQVLELOH YLHQH YLVXDOL]]DWD XQD VFKHUPDWD D FRPSDUVD 3UHPHUH > @ VXO SDQQHOOR FRPDQGL H LQVHULUH OD SDUROD GL DFFHVVR GL GHIDXOW VXOOD WDVWLHULQD 6HOH]LRQDUH >, QYLR@ QHOOD VFKHUPDWD D FRPSDUVD 9LHQH YLVXDOL]]DWD OD VFKHUPDWD VHJXHQWH FRQWHQHQWH L SXOVDQWL FRUULVSRQGHQWL DL WLSL GL LPSRVWD]LRQL GLVSRQLELOL Yr9pr8rr###"!#!$Bvqhryrr Qhtvh $ , PSRVWD]LRQL 0RGLILFD GHOOH LPSRVWD]LRQL 6HOH]LRQDUH LO SXOVDQWH FKH FRUULVSRQGH DOOH LPSRVWD]LRQL GD PRGLILFDUH 127$ VH QHFHVVDULR VHOH]LRQDUH , PSRVWD]LRQL VXSSOHPHQWDUL SHU DFFHGHUH DOOD IXQ]LRQH GL LPSRVWD]LRQH GHVLGHUDWD 6HOH]LRQDUH >6DOYD@ R >$QQXOOD@ 6HOH]LRQDUH >(VFH@ SHU WRUQDUH DOOD VFKHUPDWD LQL]LDOH 3HU XOWHULRUL LQIRUPD]LRQL VXOOH IXQ]LRQL 6FDQVLRQH LQ UHWH H , PSRVWD]LRQL VWDPSDQWH FRQVXOWDUH OD *XLGD SHU ODPPLQLVWUDWRUH GHO '& Qhtvh % Yr9pr8rr###"!#!$Bvqhryrr 3HUFRUVR UDSLGR 3UHPHUH >$FFHVVR@ 4XHVWR FDSLWROR GHVFULYH OH SURFHGXUH GD VHJXLUH SHU FDPELDUH OH LPSRVWD]LRQL GL GHIDXOW SHU LO 'RFXPHQW &HQWUH 3HU XOWHULRUL LQIRUPD]LRQL IDUH ULIHULPHQWR DOOH VHJXHQWL SDJLQH 9DVVRL FDUWD SDJLQD 'DWD2UD SDJLQD 6FKHUPDWD LQL]LDOH SDJLQD 7HPSRUL]]DWRUL SDJLQD &RQIOLWWL SDJLQD /LQJXH SHU L UDSSRUWL SDJLQD &RQWUDVWR VFKHUPR SDJLQD 1XPHUR DVVLVWHQ]D FOLHQWL SDJLQD )RUPDWL FDUWD SDJLQD 1XPHUR GL VHULH PDFFKLQD SDJLQD 1XPHUR IRUQLWRUH ;HUR[ SDJLQD , QIRUPD]LRQL VXOOD IXQ]LRQH , JQRUD JXDVWR VRQR FRQWHQXWH D SDJLQD 127$ OH PRGLILFKH SRVVRQR HVVHUH HIIHWWXDWH VROR GRSR DYHU GLJLWDWR XQ FRGLFH GL LGHQWLILFD]LRQH 3, 1 D FXL VRQR VWDWL DVVHJQDWL GLULWWL GL RSHUDWRUH UHVSRQVDELOH 'LJLWDUH LO FRGLFH GL VXO SDQQHOOR FRPDQGL 6HOH]LRQDUH LGHQWLILFD]LRQH GHOO RSHUDWRUH UHVSRQVDELOH OHJJHUH OD 127$ >, PSRVWD]LRQL PDFFKLQD@ Yr9pr8rr###"!#!$Bvqhryrr Qhtvh & , PSRVWD]LRQL , PSRVWD]LRQL PDFFKLQD $FFHVVR D , PSRVWD]LRQL PDFFKLQD 3UHPHUH >$FFHVVR@ VXO SDQQHOOR FRPDQGL 6XOOR VFKHUPR VHQVLELOH YLHQH YLVXDOL]]DWD XQD VFKHUPDWD D FRPSDUVD 3UHPHUH LO SXOVDQWH > @ VXO SDQQHOOR FRPDQGL H XVDUH OD WDVWLHULQD SHU LQVHULUH XQ FRGLFH GL LGHQWLILFD]LRQH GL RSHUDWRUH UHVSRQVDELOH OHJJHUH OD 127$ 6HOH]LRQDUH >, QYLR@ QHOOD VFKHUPDWD D FRPSDUVD 127$ OD SDUROD GL DFFHVVR GL GHIDXOW q H SXz HVVHUH XWLOL]]DWD TXDQGR QRQ q VWDWR DQFRUD DVVHJQDWR QHVVXQ FRGLFH GL LGHQWLILFD]LRQH 3HU XOWHULRUL LQIRUPD]LRQL FRQVXOWDUH OD VH]LRQH 'LULWWL GL DFFHVVR D SDJLQD 6HOH]LRQDUH LO SXOVDQWH >, PSRVWD]LRQL PDFFKLQD@ 9LHQH YLVXDOL]]DWD OD VFKHUPDWD , PSRVWD]LRQL PDFFKLQD 127$ LO SXOVDQWH , PSRVWD]LRQL VXSSOHPHQWDUL YLVXDOL]]D DOWUH LPSRVWD]LRQL TXDQGR OD IXQ]LRQH ULFKLHVWD QRQ FRPSDUH QHOOD VFKHUPDWD , PSRVWD]LRQL PDFFKLQD LQL]LDOH Qhtvh ' Yr9pr8rr###"!#!$Bvqhryrr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j YDVVRL 6HOH]LRQDUH O RUGLQH LQ FXL OD PDFFKLQD FHUFD L VXSSRUWL GLVSRQLELOL QHL YDUL YDVVRL 3HU FDPELDUH OH LPSRVWD]LRQL DVVHJQDUH XQD SULRULWj D RJQL YDVVRLR , O QXPHUR FRUULVSRQGH DOOD SULRULWj SL DOWD H D VHFRQGD GHO QXPHUR GL YDVVRL GLVSRQLELOL OD SULRULWj SL EDVVD VDUj R 2JQL QXPHUR SXz HVVHUH DVVHJQDWR XQD VROD YROWD 127$ TXHVWD RS]LRQH QRQ q GLVSRQLELOH FRQ OD FRQILJXUD]LRQH D YDVVRLR VLQJROR GHO 'RFXPHQW &HQWUH 6FDPELR YDVVRL DXWRPDWLFR 8WLOL]]DUH L SXOVDQWL GL VFRUULPHQWR SHU VHOH]LRQDUH R GHVHOH]LRQDUH TXHVWD IXQ]LRQH &RQ O LPSRVWD]LRQH 6u OD PDFFKLQD VHOH]LRQD DXWRPDWLFDPHQWH XQ DOWUR YDVVRLR TXDQGR TXHOOR FRUUHQWH HVDXULVFH OD FDUWD QHFHVVDULR FKH DOPHQR XQ DOWUR YDVVRLR FRQWHQJD FDUWD FRQ OH VWHVVH FDUDWWHULVWLFKH GL IRUPDWR WLSR H RULHQWDPHQWR 3HU GHVHOH]LRQDUH TXHVWD IXQ]LRQH VHOH]LRQDUH 1R Yr9pr8rr###"!#!$Bvqhryrr Qhtvh ( , PSRVWD]LRQL , PSRVWD]LRQL YDVVRL FDUWD , PSRVWD]LRQH 'DWD2UD 'DWD 6HOH]LRQDUH >'DWD2UD@ 6HOH]LRQDUH >, PSRVWD]LRQH GDWD@ 8WLOL]]DUH L SXOVDQWL GL VFRUULPHQWR SHU VHOH]LRQDUH LO IRUPDWR GL YLVXDOL]]D]LRQH GHVLGHUDWR SHU HVHPSLR LO IRUPDWR JJPPDD LQGLFKHUHEEH SHU OD GDWD JLXJQR 8WLOL]]DUH L SXOVDQWL GL VFRUULPHQWR SHU VHOH]LRQDUH LO PHVH PP LO JLRUQR JJ H O DQQR DD FRUUHQWL 6HOH]LRQDUH >6DOYD@ 127$ OD GDWD FRUUHQWH YLHQH VWDPSDWD VXL ID[ H VXL UDSSRUWL GL FRQIHUPD H DWWLYLWj QRQFKp VXOOH FRSLH TXDQGR q VHOH]LRQDWD O RS]LRQH $QQRWD]LRQH 'DWD Qhtvh Yr9pr8rr###"!#!$Bvqhryrr 6HOH]LRQDUH >, PSRVWD]LRQH RUD@ 6HOH]LRQDUH LO IRUPDWR GHVLGHUDWR SHU O RUD D R RUH SHU HVHPSLR OH GL VHUD SRVVRQR HVVHUH YLVXDOL]]DWH FRPH R 8WLOL]]DUH L SXOVDQWL GL VFRUULPHQWR SHU VHOH]LRQDUH O RUD FRUUHQWH RUH H PLQXWL 6HOH]LRQDUH >6DOYD@ H >&KLXGH@ 127$ O RUD FRUUHQWH YLHQH VWDPSDWD VXL ID[ H VXL UDSSRUWL GL FRQIHUPD H DWWLYLWj QRQFKp VXOOH FRSLH TXDQGR q VHOH]LRQDWD O RS]LRQH $QQRWD]LRQH 2UD Yr9pr8rr###"!#!$Bvqhryrr Qhtvh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htvh ! Yr9pr8rr###"!#!$Bvqhryrr 4XDQGR OD IXQ]LRQH $]]HUDPHQWR DXWRPDWLFR q DELOLWDWD OD PDFFKLQD ULSULVWLQD OH LPSRVWD]LRQL GL GHIDXOW GRSR XQ GHWHUPLQDWR WHPSR 6HOH]LRQDUH LO SXOVDQWH >$]]HUDPHQWR DXWR@ 6HOH]LRQDUH >6u@ R >1R@ 6H VL VHOH]LRQD >6u@ XWLOL]]DUH L SXOVDQWL GL VFRUULPHQWR SHU LPSRVWDUH O LQWHUYDOOR GL DWWHVD 3RWHQ]D ULGRWWD , O PRGR 3RWHQ]D ULGRWWD YLHQH DWWLYDWR DOOR VFDGHUH GL XQ SHULRGR GL LQDWWLYLWj GHOOD PDFFKLQD LPSRVWDWR GDOO XWHQWH 4XDQGR TXHVWD IXQ]LRQH YLHQH DWWLYDWD OR VFKHUPR VHQVLELOH YLHQH RVFXUDWR H OD VSLD GHO 0RGR (FRQRPL]]DWRUH VL DFFHQGH 4XDQGR YLHQH WRFFDWR LO SDQQHOOR FRPDQGL R OR VFKHUPR VHQVLELOH RSSXUH YLHQH VROOHYDWR OD FRSHUWXUD GHOOD ODVWUD GL HVSRVL]LRQH OD PDFFKLQD YLHQH ULDWWLYDWD HQWUR VHFRQGR 7XWWH OH IXQ]LRQL WRUQDQR GLVSRQLELOL QHO JLUR GL VHFRQGL 6HOH]LRQDUH >3RWHQ]D ULGRWWD@ 8WLOL]]DUH L SXOVDQWL GL VFRUULPHQWR SHU LPSRVWDUH O LQWHUYDOOR GL DWWHVD Yr9pr8rr###"!#!$Bvqhryrr Qhtvh " , PSRVWD]LRQL $]]HUDPHQWR DXWRPDWLFR 127$ VH O LQWHUYDOOR GL WLPHRXW LPSRVWDWR SHU OD IXQ]LRQH 3RWHQ]D ULGRWWD q SL OXQJR GL TXHOOR GHOOD IXQ]LRQH (FRQRPL]]DWRUH R 'LVDWWLYD]LRQH DXWRPDWLFD D VHFRQGD GHOOD FRQILJXUD]LRQH GHO VLVWHPD OD PDFFKLQD VHJQDOD PHGLDQWH XQ PHVVDJJLR FKH O LQWHUYDOOR GL WLPHRXW GL 3RWHQ]D ULGRWWD QRQ SXz HVVHUH VXSHULRUH D TXHOOR GL (FRQRPL]]DWRUH R 'LVDWWLYD]LRQH DXWRPDWLFD (FRQRPL]]DWRUH 'LVDWWLYD]LRQH DXWRPDWLFD /D GLVSRQLELOLWj GL TXHVWD IXQ]LRQH GLSHQGH GDOOD FRQILJXUD]LRQH GHOOD PDFFKLQD 0RGR (FRQRPL]]DWRUH 'LVDWWLYD]LRQH DXWRPDWLFD PLQXWL GRSR OXOWLPD RSHUD]LRQH GL FRSLDWXUD R VWDPSD OD PDFFKLQD DWWLYD DXWRPDWLFDPHQWH LO PRGR (FRQRPL]]DWRUH 'LVDWWLYD]LRQH DXWRPDWLFD 6HOH]LRQDUH >(FRQRPL]]DWRUH@ R >'LVDWWLYD]LRQH DXWRPDWLFD@ 8WLOL]]DUH L SXOVDQWL GL VFRUULPHQWR SHU LPSRVWDUH O LQWHUYDOOR GL WHPSR WLPHRXW GHVLGHUDWR 6HOH]LRQDUH >6DOYD@ 127$ VH O LQWHUYDOOR GL WLPHRXW LPSRVWDWR SHU OD IXQ]LRQH 3RWHQ]D ULGRWWD q SL OXQJR GL TXHOOR GHOOD IXQ]LRQH (FRQRPL]]DWRUH'LVDWWLYD]LRQH DXWRPDWLFD OD PDFFKLQD VHJQDOD PHGLDQWH XQ PHVVDJJLR FKH O LQWHUYDOOR GL WLPHRXW GL 3RWHQ]D ULGRWWD QRQ SXz HVVHUH VXSHULRUH D TXHOOR GL (FRQRPL]]DWRUH'LVDWWLYD]LRQH DXWRPDWLFD Qhtvh # Yr9pr8rr###"!#!$Bvqhryrr 6HOH]LRQDUH &RQIOLWWR SHU LPSRVWDUH ORS]LRQH , QWHUUX]LRQH HR 3ULRULWj FRGD 6HOH]LRQDUH >&RQIOLWWR@ 3HU FDPELDUH O LPSRVWD]LRQH VHOH]LRQDUH XQ SXOVDQWH TXDOVLDVL GL VHJXLWR YLHQH YLVXDOL]]DWD OD GHVFUL]LRQH GL WXWWH OH LPSRVWD]LRQL (IIHWWXDUH OH PRGLILFKH GHVLGHUDWH 6HOH]LRQDUH >6DOYD@ SHU FRQWLQXDUH 7DVWR , QWHUUX]LRQH /D IXQ]LRQH , QWHUUX]LRQH FRQVHQWH GL VRVSHQGHUH LO ODYRUR FRUUHQWH H WUDWWHQHUOR LQ PHPRULD PHQWUH YLHQH HVHJXLWR XQ DOWUR ODYRUR 4XDQGR YLHQH DELOLWDWR ORSHUDWRUH UHVSRQVDELOH SXz LPSRVWDUH , QWHUUX]LRQH LQ PRGR FKH IXQ]LRQL DO WHUPLQH GHO IDVFLFROR R GHOOD SDJLQD FRUUHQWH 'RSR FKH LO ODYRUR XUJHQWH q VWDWR FRPSOHWDWR OD SURJUDPPD]LRQH GHO ODYRUR LQWHUURWWR SXz HVVHUH ULFKLDPDWD VHPSOLFHPHQWH SUHPHQGR GL QXRYR LO SXOVDQWH , QWHUUX]LRQH $UUHVWD GRSR LO IDVFLFROR LQ VWDPSD $UUHVWD GRSR OD SDJLQD LQ VWDPSD /D PDFFKLQD WHUPLQD OD VWDPSD GHO IDVFLFROR FRUUHQWH /D PDFFKLQD WHUPLQD OD VWDPSD GHOOD SDJLQD FRUUHQWH Yr9pr8rr###"!#!$Bvqhryrr Qhtvh $ , PSRVWD]LRQL &RQIOLWWR 3ULRULWj R 3ULRULWj FRGD &RQVHQWH GL SURJUDPPDUH OD PDFFKLQD LQ PRGR FKH L ODYRUL GL VWDPSD R ID[ YHQJDQR HVHJXLWL LQ XQ RUGLQH VSHFLILFR , O QXPHUR FRUULVSRQGH DOOD SULRULWj SL DOWD LO QXPHUR D TXHOOD SL EDVVD , ODYRUL GL FRSLDWXUD H L UDSSRUWL KDQQR VHPSUH SULRULWj RYYHUR KDQQR OD SUHFHGHQ]D VX WXWWL JOL DOWUL ODYRUL 4XDQGR VL LPSRVWD OD SULRULWj SHU L ODYRUL GL VWDPSD OD PDFFKLQD LPSRVWD DXWRPDWLFDPHQWH OD SULRULWj SHU L ODYRUL ID[ H YLFHYHUVD /D SULRULWj SXz HVVHUH PRGLILFDWD VROR SHU L ODYRUL GL VWDPSD H ID[ 8QLWj GL PLVXUD 6HOH]LRQDUH >8QLWj GL PLVXUD@ 6HOH]LRQDUH O XQLWj GL PLVXUD ULFKLHVWD 3ROOLFL R 0LOOLPHWUL 6HOH]LRQDUH >6DOYD@ Qhtvh % Yr9pr8rr###"!#!$Bvqhryrr 6H QHFHVVDULR VHOH]LRQDUH >, PSRVWD]LRQL VXSSOHPHQWDUL@ 3HU FDPELDUH XQ LPSRVWD]LRQH VHOH]LRQDUH XQ SXOVDQWH TXDOVLDVL GL VHJXLWR YHQJRQR GHVFULWWH WXWWH OH LPSRVWD]LRQL (IIHWWXDUH OH PRGLILFKH GHVLGHUDWH 6HOH]LRQDUH >6DOYD@ /LQJXH SHU L UDSSRUWL 3HU L UDSSRUWL VWDPSDWL GDOOD PDFFKLQD VRQR GLVSRQLELOL YDULH RS]LRQL OLQJXLVWLFKH 3HU XOWHULRUL LQIRUPD]LRQL FRQWDWWDUH LO UDSSUHVHQWDWH ;HUR[ 127$ TXHVWD RS]LRQH QRQ q GLVSRQLELOH SHU OH FRQILJXUD]LRQL GHOOD FRSLDWULFH GLJLWDOH 6HOH]LRQDUH >/LQJXH SHU L UDSSRUWL@ 6HOH]LRQDUH OD OLQJXD ULFKLHVWD SHU L UDSSRUWL VWDPSDWL 6HOH]LRQDUH >&KLXGH@ Yr9pr8rr###"!#!$Bvqhryrr Qhtvh & , PSRVWD]LRQL , PSRVWD]LRQL VXSSOHPHQWDUL &RQWUDVWR VFKHUPR 6HOH]LRQDUH >&RQWUDVWR VFKHUPR@ 8WLOL]]DUH OH IUHFFH VXJL SHU VHOH]LRQDUH XQ OLYHOOR GL FRQWUDVWR FRPSUHVR WUD H RSSXUH XVDUH OD WDVWLHULQD D FRPSDUVD SHU FDPELDUH O LPSRVWD]LRQH GHOOD VFKHUPDWD YLVXDOL]]DWD VXOOR VFKHUPR VHQVLELOH , O YDORUH GL GHIDXOW q 6HOH]LRQDUH >6DOYD@ 1XPHUR DVVLVWHQ]D FOLHQWL 4XDQGR VL SUHPH LO SXOVDQWH &RQGL]LRQH PDFFKLQD YLHQH YLVXDOL]]DWR LO QXPHUR WHOHIRQLFR GHO FHQWUR GL DVVLVWHQ]D FOLHQWL ;HUR[ *HQHUDOPHQWH LO QXPHUR FRUUHWWR YLHQH LQVHULWR GDO SHUVRQDOH ;HUR[ TXDQGR OD PDFFKLQD YLHQH LQVWDOODWD SHU OD SULPD YROWD 6H LO QXPHUR QRQ DSSDUH VXOOR VFKHUPR RSSXUH QRQ q FRUUHWWR VHJXLUH OH LVWUX]LRQL ULSRUWDWH GL VHJXLWR SHU LPSRVWDUH LO QXPHUR FRUUHWWR 127$ LO QXPHUR LQVHULWR YLHQH YLVXDOL]]DWR VXOOLQWHUIDFFLD XWHQWH :HE 6HOH]LRQDUH >1XPHUR DVVLVWHQ]D FOLHQWH@ 8VDQGR OD WDVWLHULQD GLJLWDUH LO QXPHUR GL WHOHIRQR GHO FHQWUR GL DVVLVWHQ]D FOLHQWL ;HUR[ 6HOH]LRQDUH >6DOYD@ Qhtvh ' Yr9pr8rr###"!#!$Bvqhryrr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r9pr8rr###"!#!$Bvqhryrr Qhtvh ( , PSRVWD]LRQL )RUPDWL FDUWD 1XPHUR IRUQLWRUH ;HUR[ 4XDQGR VL SUHPH LO SXOVDQWH &RQGL]LRQH PDFFKLQD YLHQH YLVXDOL]]DWR LO QXPHUR WHOHIRQLFR GHO IRUQLWRUH ;HUR[ 127$ , O QXPHUR LQVHULWR YLHQH YLVXDOL]]DWR DQFKH VXOOLQWHUIDFFLD XWHQWH :HE 6HOH]LRQDUH >1XPHUR IRUQLWRUH ;HUR[@ 8VDQGR OD WDVWLHULQD GLJLWDUH LO QXPHUR GL WHOHIRQR GHO IRUQLWRUH ;HUR[ 6HOH]LRQDUH >6DOYD@ H >&KLXGH@ 6HOH]LRQDUH XQ DOWUD IXQ]LRQH GL LPSRVWD]LRQH RSSXUH >(VFH@ SHU XVFLUH GDOOH VFKHUPDWH GL LPSRVWD]LRQH Qhtvh ! Yr9pr8rr###"!#!$Bvqhryrr 4XDQGR VL YHULILFD XQ PDOIXQ]LRQDPHQWR VXO 'RFXPHQW &HQWUH OR VFKHUPR VHQVLELOH YLVXDOL]]D GHOOH LVWUX]LRQL GHWWDJOLDWH FKH FRQVHQWRQR DOO XWHQWH GL ULSULVWLQDUH LO QRUPDOH IXQ]LRQDPHQWR 8QD GL TXHVWH LVWUX]LRQL FRQVLJOLD GL FRQWDWWDUH O RSHUDWRUH UHVSRQVDELOH TXDQGR QRQ VL ULHVFH D ULVROYHUH LO SUREOHPD , Q TXHVWR FDVR ORSHUDWRUH UHVSRQVDELOH SXz GLJLWDUH LO SURSULR FRGLFH GL LGHQWLILFD]LRQH H DFFHGHUH TXLQGL DOOD VFKHUPDWD , JQRUD JXDVWR SHU GLVDELOLWDUH LO FRPSRQHQWH GLIHWWRVR 'RSR FKH q VWDWD HIIHWWXDWD TXHVWD RSHUD]LRQH VRQR GLVSRQLELOL WXWWH OH IXQ]LRQL GHOOD PDFFKLQD WUDQQH TXHOOH SHU OH TXDOL q QHFHVVDULR LO FRPSRQHQWH GLIHWWRVR , Q TXHVWR PRGR q SRVVLELOH FRQWLQXDUH D XWLOL]]DUH OD PDFFKLQD DQFKH VH XQR GHL VXRL FRPSRQHQWL q JXDVWR 8WLOL]]DUH OD IXQ]LRQH , JQRUD JXDVWR VROR GRSR FKH q IDOOLWR RJQL DOWUR WHQWDWLYR GL ULVROX]LRQH GHO SUREOHPD /D VHOH]LRQH GHO PRGR , JQRUD JXDVWR SXz ULFKLHGHUH D VHFRQGD GHO WLSR GL ODYRUR H GL PDOIXQ]LRQDPHQWR OD GLVDELOLWD]LRQH GHO FRPSRQHQWH GLIHWWRVR OD FDQFHOOD]LRQH GHO ODYRUR GXUDQWH LO TXDOH VL q YHULILFDWR LO SUREOHPD R HQWUDPEH OH RSHUD]LRQL 127$ IDUH DWWHQ]LRQH TXDQGR VL FDQFHOOD XQ ODYRUR UHPRWR SHUFKp LQ VHJXLWR SRWUHEEH QRQ HVVHUH SRVVLELOH FUHDUOR R LQYLDUOR GL QXRYR $FFHVVR DOOD IXQ]LRQH , JQRUD JXDVWR 3HU SRWHU DFFHGHUH DO PRGR , JQRUD JXDVWR VXOOR VFKHUPR VHQVLELOH GHYH HVVHUH YLVXDOL]]DWD XQD VFKHUPDWD GL HUURUH 3UHPHUH >$FFHVVR@ 6HOH]LRQDUH LO VLPEROR > @ H GLJLWDUH XQ FRGLFH GL LGHQWLILFD]LRQH 3, 1 FRQ GLULWWL GL RSHUDWRUH UHVSRQVDELOH OHJJHUH OD QRWD 6HOH]LRQDUH >&RQIHUPD@ SHU FDQFHOODUH LO ODYRUR FRUUHQWH R GLVDELOLWDUH LO FRPSRQHQWH GLIHWWRVR Yr9pr8rr###"!#!$Bvqhryrr Qhtvh ! , PSRVWD]LRQL , JQRUD JXDVWR 127$ OD SDUROD GL DFFHVVR GL GHIDXOW q H SXz HVVHUH XWLOL]]DWD TXDQGR QRQ q VWDWR DQFRUD DVVHJQDWR QHVVXQ FRGLFH GL LGHQWLILFD]LRQH 3HU XOWHULRUL LQIRUPD]LRQL FRQVXOWDUH OD VH]LRQH 'LULWWL GL DFFHVVR D SDJLQD )XQ]LRQL QRQ GLVSRQLELOL $OFXQL WLSL GL ODYRUL QRQ SRVVRQR HVVHUH VWDPSDWL VH SHU XQ LPSRVWD]LRQH GL GHIDXOW q QHFHVVDULR XQ FRPSRQHQWH FKH q VWDWR GLVDELOLWDWR , Q TXHVWR FDVR LO VLVWHPD FKLHGH GL FRQWUROODUH OH LPSRVWD]LRQL /D WDEHOOD VHJXHQWH FRQWLHQH LQIRUPD]LRQL GHWWDJOLDWH VXOOH IXQ]LRQL VSHFLILFKH FKH QRQ VRQR GLVSRQLELOL TXDQGR XQ SDUWLFRODUH FRPSRQHQWH q VWDWR GLVDELOLWDWR )XQ]LRQH GLVDWWLYDWD 5LVXOWDWR LQ &UHD]LRQH OLEUHWWR /DWL GD FRSLDUH R R 2ULJLQDOL PLVWL QHO '$') /DWL VFDQVLWL /DWL GD FRSLDUH &UHD]LRQH OLEUHWWR /DWL GD FRSLDUH R &RPSRQHQWH GLVDELOLWDWR $OLPHQWDWRUH DXWRPDWLFR 6HUYL]LR )XQ]LRQH &RSLD $OLPHQWDWRUH DXWRPDWLFR $OLPHQWDWRUH DXWRPDWLFR 0RGXOR IURQWHUHWUR )D[ 6FDQVLRQH LQ UHWH &RSLD Qhtvh !! Yr9pr8rr###"!#!$Bvqhryrr &RPSRQHQWH GLVDELOLWDWR 0RGXOR IURQWHUHWUR 6HUYL]LR )XQ]LRQH )XQ]LRQH GLVDWWLYDWD 5LVXOWDWR /D PDFFKLQD QRQ , PSRVWD]LRQL FRSLDWULFH /DWL VWDPSD L ODYRUL GL FRSLDWXUD VH OD GD FRSLDUH RSSXUH IXQ]LRQH )URQWH UHWUR q GLVDELOLWDWD H OH LPSRVWD]LRQL GL GHIDXOW VRQR /DWL GD FRSLDUH R , O SXOVDQWH /DWL GD FRSLDUH QRQ YLHQH YLVXDOL]]DWR , Q , PSRVWD]LRQL ID[ )D[ LQFRUSRUDWR VH HQWUDPEH OH IXQ]LRQL )D[ VRQR DELOLWDWH , PSRVWD]LRQL WHUPLQDOH ID[ 2S]LRQL GL VWDPSD ID[ 6WDPSD IURQWH UHWUR 7XWWH )5 H , Q , PSRVWD]LRQL GL VWDPSD , PSRVWD]LRQL VWDPSDQWH , PSRVWD]LRQL ODYRUR /DWL GD VWDPSDUH )URQWHUHWUR /D PDFFKLQD QRQ VWDPSD L ID[ VH LO PRGXOR IURQWHUHWUR q GLVDELOLWDWR H VH OH LPSRVWD]LRQL GL GHIDXOW VRQR 6WDPSD IURQWH UHWUR 7XWWH )5 H 0RGXOR IURQWHUHWUR 0RGXOR IURQWHUHWUR /D PDFFKLQD QRQ VWDPSD L ODYRUL VH LO PRGXOR IURQWHUHWUR q GLVDELOLWDWR H VH OLPSRVWD]LRQH GL GHIDXOW q /DWL GD VWDPSDUH )URQWH UHWUR Yr9pr8rr###"!#!$Bvqhryrr Qhtvh !" , PSRVWD]LRQL &RPSRQHQWH GLVDELOLWDWR 0RGXOR IURQWHUHWUR . LW GL HGLWLQJ 6WD]LRQH GL ILQLWXUD 6HUYL]LR )XQ]LRQH 5HWH &RSLD , Q , PSRVWD]LRQL ID[ )D[ LQFRUSRUDWR VH HQWUDPEH OH IXQ]LRQL )D[ VRQR DELOLWDWH , PSRVWD]LRQL WHUPLQDOH ID[ 2S]LRQL GL VWDPSD ID[ 6HOH]LRQH XVFLWD FRSLH 9DVVRLR VLQLVWUR 3LQ]DWH )XQ]LRQH GLVDWWLYDWD 5LVXOWDWR 6WDPSD IURQWHUHWUR (GLWLQJ /D PDFFKLQD QRQ VWDPSD L ODYRUL ID[ VH OD 6WD]LRQH GL ILQLWXUD q GLVDELOLWDWD H O LPSRVWD]LRQH GL GHIDXOW q 3LQ]DWH 6WD]LRQH GL ILQLWXUD , Q , PSRVWD]LRQL 6H YLHQH VHOH]LRQDWD ID[ OLPSRVWD]LRQH , PSRVWD]LRQL 3LQ]DWH H OD )D[ VHUYHU VWD]LRQH GL ILQLWXUD 2S]LRQL QRQ q VWDWD YDVVRLR GL LQVWDOODWD OH VWDPSH XVFLWD )D[ VHUYHU YHQJRQR LQYLDWH DO YDVVRLR VLQLVWUR Qhtvh !# Yr9pr8rr###"!#!$Bvqhryrr &RPSRQHQWH GLVDELOLWDWR 6WD]LRQH GL ILQLWXUD 6HUYL]LR )XQ]LRQH , Q , PSRVWD]LRQL ID[ )D[ LQFRUSRUDWR VH HQWUDPEH OH IXQ]LRQL )D[ VRQR DELOLWDWH , PSRVWD]LRQL WHUPLQDOH ID[ 2S]LRQL GL VWDPSD ID[ 6HOH]LRQH XVFLWD FRSLH 9DVVVLQLVWUR , Q , PSRVWD]LRQL VWDPSD , PSRVWD]LRQL VWDPSDQWH , PSRVWD]LRQL YDVVRLR 9DVVRLR GL GHVWLQD]LRQH 9DVVRLR VLQLVWUR )XQ]LRQH GLVDWWLYDWD 5LVXOWDWR /D PDFFKLQD QRQ VWDPSD L ODYRUL ID[ VH OD 6WD]LRQH GL ILQLWXUD q GLVDELOLWDWD H O LPSRVWD]LRQH GL GHIDXOW q 9DVVRLR VLQLVWUR 6WD]LRQH GL ILQLWXUD /D PDFFKLQD QRQ VWDPSD L ODYRUL GL VWDPSD VH OD 6WD]LRQH GL ILQLWXUD q GLVDELOLWDWD H OLPSRVWD]LRQH GL GHIDXOW q 9DVVRLR VLQLVWUR Yr9pr8rr###"!#!$Bvqhryrr Qhtvh !$ , PSRVWD]LRQL &RPSRQHQWH GLVDELOLWDWR 6WD]LRQH GL ILQLWXUD 6HUYL]LR )XQ]LRQH )XQ]LRQH GLVDWWLYDWD 5LVXOWDWR , Q , PSRVWD]LRQL /D PDFFKLQD QRQ FRSLD 8VFLWD VWDPSD L ODYRUL GL FRSLH 3LQ]DWH FRSLDWXUD VH OD 3LQ]DWULFH q GLVDELOLWDWD HG q DQFKH O LPSRVWD]LRQH GL GHIDXOW , O SXOVDQWH 8VFLWD FRSLH QRQ YLHQH YLVXDOL]]DWR QHOOD VFKHUPDWD &RSLD , Q , PSRVWD]LRQL ID[ , PSRVWD]LRQL WHUPLQDOH ID[ 2S]LRQL GL VWDPSD ID[ 6HOH]LRQH XVFLWD FRSLH 9DVVRLR VLQLVWUR , Q , PSRVWD]LRQL GL VWDPSD , PSRVWD]LRQL VWDPSDQWH , PSRVWD]LRQL YDVVRLR 9DVVRLR GL GHVWLQD]LRQH 9DVVRLR VLQLVWUR /D PDFFKLQD QRQ VWDPSD L ODYRUL ID[ VH OD 6WD]LRQH GL ILQLWXUD q GLVDELOLWDWD H VH O LPSRVWD]LRQH GL GHIDXOW q 9DVVRLR VLQLVWUR 6WD]LRQH GL ILQLWXUD 6WD]LRQH GL ILQLWXUD /D PDFFKLQD QRQ VWDPSD L ODYRUL GL VWDPSD VH OD 6WD]LRQH GL ILQLWXUD q GLVDELOLWDWD H VH O LPSRVWD]LRQH GL GHIDXOW q 9DVVRLR VLQLVWUR Qhtvh !% Yr9pr8rr###"!#!$Bvqhryrr &RPSRQHQWH GLVDELOLWDWR 6WD]LRQH GL ILQLWXUD 6HUYL]LR )XQ]LRQH , Q , PSRVWD]LRQL FRSLD 8VFLWD FRSLH )DVFLFRODWH 9DVVRLR VLQLVWUR H , PSRVWD]LRQL FRSLD 8VFLWD FRSLH 1RQ IDVFLFRODWH 9DVVRLR VLQLVWUR )XQ]LRQH GLVDWWLYDWD 5LVXOWDWR /D PDFFKLQD QRQ VWDPSD L ODYRUL GL FRSLDWXUD VH OD 6WD]LRQH GL ILQLWXUD q GLVDELOLWDWD H VH O LPSRVWD]LRQH GL GHIDXOW q 9DVVRLR VLQLVWUR , O SXOVDQWH 8VFLWD FRSLH QRQ YLHQH YLVXDOL]]DWR QHOOD VFKHUPDWD &RSLD 6WD]LRQH GL ILQLWXUD H , Q , PSRVWD]LRQL /D PDFFKLQD QRQ SLQ]DWULFH FRSLD 8VFLWD VWDPSD L ODYRUL GL FRSLH 3LQ]DWH FRSLDWXUD VH OD 3LQ]DWULFH q GLVDELOLWDWD HG q DQFKH O LPSRVWD]LRQH GL XVFLWD GL GHIDXOW , O SXOVDQWH 8VFLWD FRSLH QRQ YLHQH YLVXDOL]]DWR QHOOD VFKHUPDWD &RSLD 'LVSRVLWLYR GL FRQWUROOR HVWHUQR 1HOOD IXQ]LRQH /D IXQ]LRQH &RSLD q GLVDELOLWDWD GL &RSLD FRQ 'LVSRVLWLYR GL FRQWUROOR HVWHUQR Yr9pr8rr###"!#!$Bvqhryrr Qhtvh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q GLVDELOLWDWR TXDQGR LO FRQWUROOR HVWHUQR q VHOH]LRQDWR 3HU &RSLD FRQ 'LVSRVLWLYR GL FRQWUROOR HVWHUQR H $XGLWURQ LQWHUQR OD &RSLD q DELOLWDWD VROR SHU O$XGLWURQ LQWHUQR 'LVSRVLWLYR GL FRQWUROOR HVWHUQR 1HOOD IXQ]LRQH /D IXQ]LRQH &RSLD q GLVDELOLWDWD GL &RSLD FRQ 'LVSRVLWLYR GL FRQWUROOR HVWHUQR Qhtvh !' Yr9pr8rr###"!#!$Bvqhryrr &RPSRQHQWH GLVDELOLWDWR 9DVVRLR DOWD FDSDFLWj 9DVVRLR DOWD FDSDFLWj 6HUYL]LR )XQ]LRQH &RSLD 9DVVRLR DOWD FDSDFLWj )XQ]LRQH GLVDWWLYDWD 5LVXOWDWR 9DVVRLR DOWD FDSDFLWj /D PDFFKLQD QRQ VWDPSD L ODYRUL GL FRSLDWXUD R )D[ VH LO YDVVRLR GLVDELOLWDWR q LO YDVVRLR GL GHIDXOW , O SXOVDQWH 9DVVRL FDUWD QRQ YLHQH YLVXDOL]]DWR QHOOD VFKHUPDWD &RSLD 6WDPSD SULPD GL LQYLR SXz HVVHUH DELOLWDWD LQ DOFXQL PRGHOOL GL 6FDQVLRQH LQ UHWH , O ODYRUR 6WDPSD SULPD GL LQYLR ULPDQH LQ DWWHVD QHOOD &RGD GL VWDPSD ILQR DOO HOLPLQD]LRQH GHO JXDVWR DO PRWRUH GL VWDPSD 0RWRUH GL VWDPSD , Q , PSRVWD]LRQL GL VFDQVLRQH , PSRVWD]LRQL GL DUFKLYLD]LRQH 6WDPSD SULPD GL LQYLR Yr9pr8rr###"!#!$Bvqhryrr Qhtvh !( , PSRVWD]LRQL &RPSRQHQWH GLVDELOLWDWR &RGD GL VWDPSD 6HUYL]LR )XQ]LRQH 6WDPSD )XQ]LRQH GLVDWWLYDWD 5LVXOWDWR , ODYRUL GHO FRQWUROOHU GL UHWHVWDPSD YHQJRQR WHPSRUDQHDPHQWH ULPRVVL GDOOD FRGD GL VWDPSD $OOHOLPLQD]LRQH GHO JXDVWR OD PDFFKLQD WHQWD GL UHFXSHUDUH L ODYRUL /D PDFFKLQD QRQ VWDPSD L ODYRUL GL 6WDPSD VH OD 0DLOER[ D WRUUH q GLVDELOLWDWD H LO GHIDXOW q XQR GHJOL VFRPSDUWL 0DLOER[ D WRUUH , Q , PSRVWD]LRQL GL VWDPSD , PSRVWD]LRQL VWDPSDQWH , PSRVWD]LRQL YDVVRLR 9DVVRLR GL GHVWLQD]LRQH 0DLOER[ D WRUUH 6FRPSDUWL , Q , PSRVWD]LRQL PDFFKLQD 9DVVRL FDUWD 9DVVRLR GL GHIDXOW 9DVVRLR FDUWD /D PDFFKLQD QRQ VWDPSD L ODYRUL GL &RSLD R )D[ VH LO YDVVRLR GLVDELOLWDWR q LO YDVVRLR GL GHIDXOW , O SXOVDQWH 9DVVRL FDUWD QRQ YLHQH YLVXDOL]]DWR QHOOD VFKHUPDWD &RSLD Qhtvh " Yr9pr8rr###"!#!$Bvqhryrr &RPSRQHQWH GLVDELOLWDWR 9DVVRLR FDUWD 6HUYL]LR )XQ]LRQH , Q 9DVVRLR FDUWD 9DVVRLR )XQ]LRQH GLVDWWLYDWD 5LVXOWDWR /D PDFFKLQD QRQ VWDPSD L ODYRUL GL &RSLD R )D[ VH LO YDVVRLR GLVDELOLWDWR q LO YDVVRLR GL GHIDXOW , O SXOVDQWH 9DVVRL FDUWD QRQ YLHQH YLVXDOL]]DWR QHOOD VFKHUPDWD &RSLD /D PDFFKLQD QRQ VWDPSD L ODYRUL GL &RSLD R )D[ VH LO YDVVRLR GLVDELOLWDWR q LO YDVVRLR GL GHIDXOW , O SXOVDQWH 9DVVRL FDUWD QRQ YLHQH YLVXDOL]]DWR QHOOD VFKHUPDWD &RSLD /D PDFFKLQD QRQ VWDPSD L ODYRUL GL &RSLD R )D[ VH LO YDVVRLR GLVDELOLWDWR q LO YDVVRLR GL GHIDXOW , O SXOVDQWH 9DVVRL FDUWD QRQ YLHQH YLVXDOL]]DWR QHOOD VFKHUPDWD &RSLD 9DVVRLR FDUWD , Q , PSRVWD]LRQL PDFFKLQD 9DVVRL FDUWD 9DVVRLR GL GHIDXOW 9DVVRLR FDUWD , Q , PSRVWD]LRQL PDFFKLQD 9DVVRL FDUWD 9DVVRLR GL GHIDXOW Yr9pr8rr###"!#!$Bvqhryrr Qhtvh " , PSRVWD]LRQL , PSRVWD]LRQL FRSLDWULFH 3HUFRUVR UDSLGR 3UHPHUH >$FFHVVR@ 'LJLWDUH LO FRGLFH GL VXO SDQQHOOR FRPDQGL 3HU LQIRUPD]LRQL VXOOH SURFHGXUH GL FRQILJXUD]LRQH GHOOH LPSRVWD]LRQL GL GHIDXOW GHOOH VHJXHQWL IXQ]LRQL GL FRSLD FRQVXOWDUH OH VHJXHQWL SDJLQH 5LGX]LRQH, QJUDQGLPHQWR SDJLQD 4XDOLWj LPPDJLQH SDJLQD 8VFLWD FRSLH SDJLQD /DWL GD FRSLDUH SDJLQD 4XDOLWj LPPDJLQH DYDQ]DWD SDJLQD 6SRVWDPHQWR PDUJLQH SDJLQD &DQFHOOD SDJLQD 127$ OH PRGLILFKH SRVVRQR HVVHUH HIIHWWXDWH VROR VH GRSR DYHU GLJLWDWR XQ FRGLFH GL LGHQWLILFD]LRQH D FXL VRQR VWDWL DVVHJQDWL GLULWWL GL RSHUDWRUH UHVSRQVDELOH /D SDUROD GL DFFHVVR GL GHIDXOW q H SXz HVVHUH XWLOL]]DWD TXDQGR QRQ q VWDWR DQFRUD DVVHJQDWR QHVVXQ FRGLFH GL LGHQWLILFD]LRQH 6HOH]LRQDUH LGHQWLILFD]LRQH GHOO RSHUDWRUH UHVSRQVDELOH OHJJHUH OD 127$ >, PSRVWD]LRQL FRSLDWULFH@ Qhtvh "! Yr9pr8rr###"!#!$Bvqhryrr 3UHPHUH >$FFHVVR@ VXO SDQQHOOR FRPDQGL 6XOOR VFKHUPR VHQVLELOH YLHQH YLVXDOL]]DWD XQD VFKHUPDWD D FRPSDUVD 3UHPHUH LO SXOVDQWH > @ VXO SDQQHOOR FRPDQGL H XVDUH OD WDVWLHULQD SHU LQVHULUH XQ FRGLFH GL LGHQWLILFD]LRQH GL RSHUDWRUH UHVSRQVDELOH OHJJHUH OD 127$ 6HOH]LRQDUH >, QYLR@ QHOOD VFKHUPDWD D FRPSDUVD 6HOH]LRQDUH >, PSRVWD]LRQL FRSLDWULFH@ Yr9pr8rr###"!#!$Bvqhryrr Qhtvh "" , PSRVWD]LRQL $FFHVVR D , PSRVWD]LRQL FRSLDWULFH 5LGX]LRQH, QJUDQGLPHQWR 6HOH]LRQDUH >5LGX]LRQH , QJUDQGLPHQWR@ 'HIDXOW 6HOH]LRQDUH >9DORUL GL GHIDXOW@ 8WLOL]]DUH L SXOVDQWL IUHFFLD SHU VHOH]LRQDUH O LPSRVWD]LRQH GL ULGX]LRQH LQJUDQGLPHQWR GL GHIDXOW / LPSRVWD]LRQH GL GHIDXOW YLHQH VHOH]LRQDWD DXWRPDWLFDPHQWH TXDQGR VL DFFHQGH OD PDFFKLQD TXDQGR VL XQ YHULILFD XQ WLPHRXW LQWHUYDOOR VFDGXWR GL DWWHVD SURJUDPPD]LRQH R ODYRUR RSSXUH TXDQGR VL SUHPH LO SXOVDQWH &DQFHOOD WXWWR Qhtvh "# Yr9pr8rr###"!#!$Bvqhryrr 4XDQGR XQ XWHQWH VHOH]LRQD $OWUR QHOOD FRORQQD 5LGX]LRQH , QJUDQGLPHQWR GHOOR VFKHUPR VHQVLELOH YHQJRQR YLVXDOL]]DWH GHOOH LPSRVWD]LRQL SUHGHILQLWH LO FXL YDORUH GL GHIDXOW SXz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r9pr8rr###"!#!$Bvqhryrr Qhtvh "$ , PSRVWD]LRQL 1RUPDOH 4XDOLWj LPPDJLQH 6HOH]LRQDUH >4XDOLWj LPPDJLQH@ 8VDUH L SXOVDQWL GL VFRUULPHQWR SHU VHOH]LRQDUH >7LSR GL RULJLQDOH@ D VHFRQGD GHO WLSR GL GRFXPHQWR XWLOL]]DWR FRQ PDJJLRUH IUHTXHQ]D 'L VHJXLWR YHQJRQR GHVFULWWL L WLSL GLVSRQLELOL , PSRVWDUH LO OLYHOOR GL VFXUR R GL FKLDUR GL GHIDXOW ULFKLHVWR SHU RJQL WLSR GL RULJLQDOH 6HOH]LRQDUH >6DOYD@ 7HVWR 3HU GRFXPHQWL FKH FRQWHQJRQR GLVHJQL DO WUDWWR H PH]]HWLQWH GL EDVVD TXDOLWj *OL VIRQGL FRORUDWL YHQJRQR HOLPLQDWL DXWRPDWLFDPHQWH 4XHVWD q O LPSRVWD]LRQH SUHGHILQLWD 3HU GRFXPHQWL FKH FRQWHQJRQR WHVWR IRWRJUDILH HG HOHPHQWL JUDILFL *OL VIRQGL FRORUDWL YHQJRQR VRSSUHVVL DXWRPDWLFDPHQWH H L ERUGL OLQHDUL H LO WHVWR YHQJRQR UHVL SL QLWLGL 3HU GRFXPHQWL FKH FRQWHQJRQR IRWRJUDILH &RQ TXHVWD LPSRVWD]LRQH OD PDFFKLQD LQGLYLGXD O XVR GHO QHUR GHO ELDQFR H GHOOH PH]]HWLQWH LQ PRGR GD IRFDOL]]DUH O LPPDJLQH IRWRJUDILFD H SURGXUUH XQD FRSLD QLWLGD $XWR )RWR Qhtvh "% Yr9pr8rr###"!#!$Bvqhryrr 6HOH]LRQDUH >8VFLWD FRSLH@ 8VDUH L SXOVDQWL GL VFRUULPHQWR SHU VHOH]LRQDUH O RS]LRQH GL XVFLWD FRSLH GL GHIDXOW ULFKLHVWD 3LQ]DWH 1RQ IDVFLFRODWH 9DVVRLR VLQLVWUR )DVFLFRODWH 9DVVRLR VLQLVWUR 1RQ IDVFLFRODWH 9DVVRLR FHQWUDOH R )DVFLFRODWH 9DVVRLR FHQWUDOH 127$ VDUDQQR GLVSRQLELOL VROR OH LPSRVWD]LRQL FRUULVSRQGHQWL DOOD FRQILJXUD]LRQH GHOOD PDFFKLQD / LPSRVWD]LRQH GL GHIDXOW q )DVFLFRODWH 9DVVRLR FHQWUDOH 6HOH]LRQDUH >6DOYD@ 68**(5, 0(172 JHQHUDOPHQWH LO YDVVRLR FHQWUDOH YLHQH XWLOL]]DWR SHU O XVFLWD GHOOH FRSLH H TXHOOR VLQLVWUR SHU L ID[ Yr9pr8rr###"!#!$Bvqhryrr Qhtvh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q DOO LQL]LR GHOOD SDJLQD 4XHVWD q O LPSRVWD]LRQH SUHGHILQLWD / LPPDJLQH GHO VHFRQGR ODWR GL RJQL SDJLQD q UXRWDWD GL H GL FRQVHJXHQ]D OD SDUWH VXSHULRUH GHO VHFRQGR ODWR GHO GRFXPHQWR VL WURYD LQ IRQGR DOOD SDJLQD 6HOH]LRQDUH 9HUWLFDOH R 2UL]]RQWDOH VH TXHVWH RS]LRQL VRQR GLVSRQLELOL / LOOXVWUD]LRQH VHJXHQWH PRVWUD L ULVXOWDWL GHOOH RS]LRQL 7HVWD D WHVWD H 7HVWD D SLHGH SHU LPPDJLQL FRQ RULHQWDPHQWR 9HUWLFDOH H 2UL]]RQWDOH 9HUWLFDOH R 2UL]]RQWDOH Qhtvh "' Yr9pr8rr###"!#!$Bvqhryrr 7HVWD D WHVWD SHU ULOHJDWXUD VXO ERUGR OXQJR $ % 7HVWD D WHVWD SHU ULOHJDWXUD VXO ERUGR FRUWR $ % 7HVWD D SLHGH SHU ULOHJDWXUD VXO ERUGR FRUWR $ % 7HVWD D SLHGH SHU ULOHJDWXUD VXO ERUGR OXQJR $ % 4XDOLWj LPPDJLQH DYDQ]DWD 6HOH]LRQDUH >4XDOLWj LPPDJLQH DYDQ]DWD@ 6HOH]LRQDUH O LPSRVWD]LRQH GL GHIDXOW ULFKLHVWD YHGHUH OH GHVFUL]LRQL GL VHJXLWR 6HOH]LRQDUH >6DOYD@ 'HILQL]LRQH (VSRVL]LRQH DXWR &RQVHQWH GL UHJRODUH OD QLWLGH]]D GHOO LPPDJLQH VHOH]LRQDUH O LPSRVWD]LRQH ULFKLHVWD 6HOH]LRQDUH O LPSRVWD]LRQH GL GHIDXOW 6u SHU PLJOLRUDUH OD TXDOLWj GHL GRFXPHQWL FRQ VIRQGL FRORUDWL RSSXUH 1R SHU GLVDELOLWDUH TXHVWD IXQ]LRQH Yr9pr8rr###"!#!$Bvqhryrr Qhtvh "( , PSRVWD]LRQL , PPDJLQL YHUWLFDOL , PPDJLQL RUL]]RQWDOL 6SRVWDPHQWR PDUJLQH &RQVHQWH GL LPSRVWDUH LO YDORUH GL VSRVWDPHQWR GHO PDUJLQH GL GHIDXOW LQ EDVH DO TXDOH O LPPDJLQH GHYH HVVHUH VSRVWDWD YHUWLFDOPHQWH R RUL]]RQWDOPHQWH VX XQR R HQWUDPEL L ODWL GL XQD SDJLQD /D IXQ]LRQH 6SRVWDPHQWR PDUJLQH SXz HVVHUH DSSOLFDWD DO ODWR H DO ODWR GL XQD SDJLQD 6HOH]LRQDUH >6SRVWDPHQWR PDUJLQH@ 6HOH]LRQDUH LO SXOVDQWH >/DWR @ R >/DWR @ SHU FDPELDUH O LPSRVWD]LRQH RSSXUH >1R@ SHU GLVDELOLWDUH TXHVWD IXQ]LRQH 6H q VWDWR VHOH]LRQDWR OR VSRVWDPHQWR SHU LO ODWR VHOH]LRQDUH >, QGLSHQGHQWH@ H OH LPSRVWD]LRQL GHVLGHUDWH RSSXUH >6SHFXODUH@ SHU ULIOHWWHUH OH LPSRVWD]LRQL GHO ODWR 6HOH]LRQDUH >6DOYD@ Qhtvh # Yr9pr8rr###"!#!$Bvqhryrr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r9pr8rr###"!#!$Bvqhryrr Qhtvh # , PSRVWD]LRQL &DQFHOOD &DQFHOOD PDUJLQH 6HOH]LRQDUH >&DQFHOOD PDUJLQH@ 8WLOL]]DUH L SXOVDQWL GL VFRUULPHQWR SHU GHILQLUH OH LPSRVWD]LRQL GL GHIDXOW SHU OD IXQ]LRQH &DQFHOOD PDUJLQH 6HOH]LRQDUH >6DOYD@ 6HOH]LRQDUH >&KLXGH@ SHU XVFLUH GD , PSRVWD]LRQL FRSLD Qhtvh #! Yr9pr8rr###"!#!$Bvqhryrr 3HUFRUVR UDSLGR 3UHPHUH >$FFHVVR@ 'LJLWDUH LO FRGLFH GL VXO SDQQHOOR FRPDQGL )D[ VHUYHU H )D[ LQFRUSRUDWR SRVVRQR HVVHUH LQVWDOODWH QHO 'RFXPHQW &HQWUH PD q SRVVLELOH DELOLWDUH VROR XQ VHUYL]LR DOOD YROWD 6H HQWUDPEH VRQR LQVWDOODWH GHYRQR HVVHUH FRQILJXUDWH VHSDUDWDPHQWH 127$ TXDOVLDVL RS]LRQH VLD VWDWD DELOLWDWD OD VFKHGD )D[ PDQWLHQH LO SURSULR QRPH 3HU XOWHULRUL LQIRUPD]LRQL VXOOH LPSRVWD]LRQL )D[ LQFRUSRUDWR YHGHUH )D[ LQFRUSRUDWR SDJLQD 6HOH]LRQDUH GHVLGHUDWD LGHQWLILFD]LRQH GHOO RSHUDWRUH UHVSRQVDELOH OHJJHUH OD 127$ >, PSRVWD]LRQL ID[@ 6HOH]LRQDUH ORS]LRQH $FFHVVR D , PSRVWD]LRQL ID[ 3UHPHUH >$FFHVVR@ VXO SDQQHOOR FRPDQGL 6XOOR VFKHUPR VHQVLELOH YLHQH YLVXDOL]]DWD XQD VFKHUPDWD D FRPSDUVD 3UHPHUH > @ VXO SDQQHOOR FRPDQGL H XVDUH OD WDVWLHULQD SHU LQVHULUH XQ FRGLFH GL LGHQWLILFD]LRQH GHOORSHUDWRUH UHVSRQVDELOH OHJJHUH OD 127$ VRSUD 6HOH]LRQDUH >, QYLR@ QHOOD VFKHUPDWD D FRPSDUVD 127$ OH PRGLILFKH SRVVRQR HVVHUH HIIHWWXDWH VROR VH GRSR DYHU GLJLWDWR XQ FRGLFH GL LGHQWLILFD]LRQH D FXL VRQR VWDWL DVVHJQDWL GLULWWL GL RSHUDWRUH UHVSRQVDELOH /D SDUROD GL DFFHVVR GL GHIDXOW q H SXz HVVHUH XWLOL]]DWD TXDQGR QRQ q VWDWR DQFRUD DVVHJQDWR QHVVXQ FRGLFH GL LGHQWLILFD]LRQH Yr9pr8rr###"!#!$Bvqhryrr Qhtvh #" , PSRVWD]LRQL , PSRVWD]LRQL ID[ 6HOH]LRQDUH LO SXOVDQWH >, PSRVWD]LRQL ID[@ 127$ VH q LQVWDOODWD VROR OD IXQ]LRQH )D[ VHUYHU R )D[ LQFRUSRUDWR VHOH]LRQDQGR , PSRVWD]LRQL ID[ YLHQH DXWRPDWLFDPHQWH YLVXDOL]]DWD OD UHODWLYD VFKHUPDWD 6H QHFHVVDULR VHOH]LRQDUH ORS]LRQH WKH )D[ ULFKLHVWD 127$ TXHVWD VFKHUPDWD YLHQH YLVXDOL]]DWD VROR VH VRQR LQVWDOODWH HQWUDPEH OH IXQ]LRQL )D[ LQFRUSRUDWR H )D[ VHUYHU Qhtvh ## Yr9pr8rr###"!#!$Bvqhryrr 3HUFRUVR UDSLGR 6HOH]LRQDUH >$FFHVVR@ , QVHULUH LO 3, 1 6HOH]LRQDUH VXO SDQQHOOR FRPDQGL GHOORSHUDWRUH UHVSRQVDELOH >, PSRVWD]LRQL ID[@ 'RSR DYHUH LQVWDOODWR )D[ VHUYHU QHO 'RFXPHQW &HQWUH q QHFHVVDULR DELOLWDUOD H LPSRVWDUH JOL DUFKLYL QHOOD FRQILJXUD]LRQH GL UHWH GHVLGHUDWD 6H QHFHVVDULR YHGHUH OD JXLGD GHOODPPLQLVWUDWRUH GL VLVWHPD R FRQWDWWDUH ODPPLQLVWUDWRUH VWHVVR 6H VRQR LQVWDOODWL VLD )D[ LQFRUSRUDWR VLD )D[ VHUYHU VHOH]LRQDUH >)D[ VHUYHU@ 'LVDELOLWD 6HOH]LRQDUH $ELOLWD $ELOLWD'LVDELOLWD 5DSSRUWR GL FRQIHUPD 2S]LRQL YDVVRLR GL XVFLWD , PSRVWD]LRQL UHWH FRQVHQWH GL GLVDELOLWDUH R DELOLWDUH )D[ VHUYHU FRQIHUPD VH LO ID[ q VWDWR VFDQVLWR H DUFKLYLDWR FRUUHWWDPHQWH QHO VHUYHU ID[ GL WHU]L FRQVHQWH GL VHOH]LRQDUH LO YDVVRLR GL XVFLWD SHU L ID[ VWDPSDWL GDO VHUYHU ID[ FRQVHQWH GL XWLOL]]DUH OH RS]LRQL GL UHWH 1HWZDUH R 7&3, 3 Yr9pr8rr###"!#!$Bvqhryrr Qhtvh #$ , PSRVWD]LRQL , PSRVWD]LRQL )D[ VHUYHU )D[ LQFRUSRUDWR 9HGHUH OH SDJLQH VXFFHVVLYH SHU OH SURFHGXUH UHODWLYH DOOH PRGLILFKH GHOOH IXQ]LRQL )D[ LQFRUSRUDWR GL GHIDXOW , PSRVWD]LRQL )D[ LQFRUSRUDWR VL GLYLGH LQ GXH DUHH , PSRVWD]LRQL WHUPLQDOH ID[ SHU LPSRVWDUH H PRGLILFDUH OH LPSRVWD]LRQL GL GHIDXOW SHU OH RS]LRQL ID[ GLVSRQLELOL FRPH IRUPDWR H WLSR GL FDUWD ULVROX]LRQH H PDLOER[ , PSRVWD]LRQL FRPXQLFD]LRQH ID[ SHU LPSRVWDUH OH RS]LRQL FKH LQFLGRQR VXL GRFXPHQWL ID[ LQ XVFLWD H LQ HQWUDWD FRPH OD ULVHOH]LRQH H OD SUHYHQ]LRQH GL ID[ LQGHVLGHUDWL , PSRVWD]LRQL WHUPLQDOH ID[ 3HUFRUVR UDSLGR 4XHVWD VH]LRQH FRQWLHQH OH SURFHGXUH UHODWLYH DOOD VHJXHQWL , PSRVWD]LRQL WHUPLQDOH ID[ 2S]LRQL WHUPLQDOH ID[ SDJLQD 2S]LRQL VWDPSD ID[ SDJLQD 2S]LRQL 5DSSRUWL ID[ SDJLQD 9DORUL GL GHIDXOW VFKHUPDWD ID[ SDJLQD 0DLOER[ ID[ SDJLQD *HVWLRQH ILOH ID[ SDJLQD 3UHPHUH >$FFHVVR@ 'LJLWDUH LO FRGLFH GL VXO SDQQHOOR FRPDQGL 6HOH]LRQDUH 6HOH]LRQDUH LGHQWLILFD]LRQH GHOO RSHUDWRUH UHVSRQVDELOH OHJJHUH OD 127$ >, PSRVWD]LRQL ID[@ >, PSRVWD]LRQL WHUPLQDOH ID[@ Qhtvh #% Yr9pr8rr###"!#!$Bvqhryrr $FFHVVR D , PSRVWD]LRQL WHUPLQDOH ID[ 2S]LRQL WHUPLQDOH ID[ 6HOH]LRQDUH >2S]LRQL WHUPLQDOH ID[@ 3HU FDPELDUH XQ LPSRVWD]LRQH VHOH]LRQDUH XQ SXOVDQWH TXDOVLDVL GL VHJXLWR YHQJRQR GHVFULWWH WXWWH OH LPSRVWD]LRQL (IIHWWXDUH OH PRGLILFKH GHVLGHUDWH 6HOH]LRQDUH >6DOYD@ 127$ VDUDQQR GLVSRQLELOL VROR OH LPSRVWD]LRQL UHODWLYH DOOD FRQILJXUD]LRQH GHOOD PDFFKLQD Yr9pr8rr###"!#!$Bvqhryrr Qhtvh #& , PSRVWD]LRQL , ' ORFDOH , Q FRQIRUPLWj FRQ OD OHJJH GHOOD PDJJLRU SDUWH GHL SDHVL q QHFHVVDULR SURJUDPPDUH VXO 'RFXPHQW &HQWUH XQ FRGLFH GLLGHQWLILFD]LRQH4XHVWR FRGLFH GHILQLWRDQFKH , 'ORFDOH q LO QXPHUR GL WHOHIRQR GHOOD PDFFKLQD 6H O , ' ORFDOH QRQ q VWDWR SURJUDPPDWR LO 'RFXPHQW &HQWUH YLVXDOL]]D XQ PHVVDJJLR FKH FKLHGH DOO XWHQWH GL LQVHULUH LO FRGLFH SULPD GL FRPSOHWDUH XQ ODYRUR 3HU JDUDQWLUH LO ULVSHWWR GHOOD OHJJH LO 'RFXPHQW &HQWUH QRQ FRQVHQWH GL FRPSOHWDUH LO ODYRUR ILQFKp LO FRGLFH QRQ YLHQH LQVHULWR / , ' ORFDOH GHYH HVVHUH LPSRVWDWR VROR OD SULPD YROWD FKH VL XWLOL]]D OD PDFFKLQD 6HOH]LRQDUH >, ' ORFDOH@ 6H q FROOHJDWD SL GL XQD OLQHD VHOH]LRQDUH OD OLQHD SHU LPSRVWDUH O, ' ORFDOH , QVHULUH LO QXPHUR GL WHOHIRQR GHO 'RFXPHQW &HQWUH XWLOL]]DQGR OD WDVWLHULQD YLVXDOL]]DWD VXOOR VFKHUPR LO FRGLFH SXz FRPSUHQGHUH ILQR D FDUDWWHUL FRPSUHVL JOL VSD]L 6HOH]LRQDUH >6DOYD@ Qhtvh #' Yr9pr8rr###"!#!$Bvqhryrr , O 1RPH ORFDOH q LO QRPH DVVHJQDWR D XQD PDFFKLQD VSHFLILFD , O QRPH SXz LQGLFDUH DG HVHPSLR O XELFD]LRQH GHOOD PDFFKLQD FRPH LQ &RSLDWULFH UHSDUWR YHQGLWH RSSXUH SXz DQFKH HVVHUH LO QRPH GHOOD VRFLHWj 6HOH]LRQDUH >1RPH ORFDOH@ 6HOH]LRQDUH LO VHFRQGR SXOVDQWH >1RPH ORFDOH@ VXOOD GHVWUD GHOOR VFKHUPR , QVHULUH LO 1RPH ORFDOH GHO 'RFXPHQW &HQWUH XWLOL]]DQGR OD WDVWLHULQD YLVXDOL]]DWD VXOOR VFKHUPR LO FRGLFH SXz FRPSUHQGHUH ILQR D FDUDWWHUL FRPSUHVL JOL VSD]L 6HOH]LRQDUH >6DOYD@ Yr9pr8rr###"!#!$Bvqhryrr Qhtvh #( , PSRVWD]LRQL 1RPH ORFDOH /RJR VRFLHWj , O /RJR VRFLHWj YLHQH LQVHULWR QHOO LQWHVWD]LRQH GHO UDSSRUWR GL WUDVPLVVLRQH H GHO IRJOLR GL LQWHVWD]LRQH ID[ SHU LGHQWLILFDUH O RUJDQL]]D]LRQH GD FXL YHQJRQR LQYLDWL L ID[ 6HOH]LRQDUH >/RJR VRFLHWj@ 6HOH]LRQDUH LO VHFRQGR SXOVDQWH >/RJR VRFLHWj@ VXOOD GHVWUD GHOOR VFKHUPR , QVHULUH LO /RJR VRFLHWj XWLOL]]DQGR OD WDVWLHULQD YLVXDOL]]DWD VXOOR VFKHUPR LO FRGLFH SXz FRPSUHQGHUH ILQR D FDUDWWHUL FRPSUHVL JOL VSD]L 6HOH]LRQDUH >6DOYD@ 68**(5, 0(172 VHOH]LRQDUH $OWUL FDUDWWHUL SHU YLVXDOL]]DUH DOWUL FDUDWWHUL 2UD LQYLR GLIIHULWR SRVVLELOH HIIHWWXDUH OD VFDQVLRQH XQ GRFXPHQWR H SURJUDPPDUQH O LQYLR SHU XQ RUDULR VSHFLILFR 6H O RUDULR QRQ YLHQH VSHFLILFDWR OD PDFFKLQD XWLOL]]D O RUDULR GL LQYLR GLIIHULWR LPSRVWDWR LQ TXHVWD VFKHUPDWD Qhtvh $ Yr9pr8rr###"!#!$Bvqhryrr 6HOH]LRQDUH >2UD LQYLR GLIIHULWR@ 6HOH]LRQDUH LO VHFRQGR SXOVDQWH >2UD LQYLR GLIIHULWR@ VXOOD GHVWUD GHOOR VFKHUPR 8WLOL]]DUH L SXOVDQWL GL VFRUULPHQWR SHU VHOH]LRQDUH O RUD GL WUDVPLVVLRQH GL GHIDXOW 6HOH]LRQDUH >6DOYD@ SHU FRQWLQXDUH 2ULJLQDOH OXQJR 4XHVWD IXQ]LRQH FRQVHQWH DOORSHUDWRUH UHVSRQVDELOH GL LPSRVWDUH LO VLVWHPD SHU HVHJXLUH OD VFDQVLRQH H LQYLDUH GRFXPHQWL ID[ GL OXQJKH]]D VXSHULRUH D TXHOOD GHO IRUPDWR $ SHU ODOLPHQWD]LRQH ODWR FRUWR 6HOH]LRQDUH >2ULJLQDOH OXQJR@ Yr9pr8rr###"!#!$Bvqhryrr Qhtvh $ , PSRVWD]LRQL 6HOH]LRQDUH > PP@ R > PP@ SHU DELOLWDUH OD VFDQVLRQH GHL GRFXPHQWL OXQJKL FRQ TXHVWH OXQJKH]]H PDVVLPH 6HOH]LRQDUH >6DOYD@ &LIUH GL VHOH]LRQH VXL 5DSSRUWL ID[ 4XHVWD LPSRVWD]LRQH GL GHIDXOW GHWHUPLQD VH OH XOWLPH FLIUH GL XQ QXPHUR WHOHIRQLFR YHQJRQR VWDPSDWH VXL UDSSRUWL H VXOOH LQWHVWD]LRQL 6HOH]LRQDUH >5DSSRUWR FLIUH GL VHOH]LRQH@ 6HOH]LRQDUH O RS]LRQH ULFKLHVWD 6HOH]LRQDUH >6DOYD@ Qhtvh $! Yr9pr8rr###"!#!$Bvqhryrr $FFHGHUH DOOD VFKHUPDWD , PSRVWD]LRQL WHUPLQDOH ID[ QHO PRGR GHVFULWWR D SDJLQD 6HOH]LRQDUH >2S]LRQL VWDPSD ID[@ 5LGX]LRQH LQ ULFH]LRQH &RQ TXHVWD IXQ]LRQH DELOLWDWD LO 'RFXPHQW &HQWUH GHWHUPLQD DXWRPDWLFDPHQWH LO UDSSRUWR GL ULGX]LRQH LQJUDQGLPHQWR ULFKLHVWR SHU OD VWDPSD VXOOD FDUWD VHOH]LRQDWD 6HOH]LRQDUH >5LGX]LRQH LQ ULFH]LRQH@ 6HOH]LRQDUH >$XWR@ R >1R@ 0DUJLQH SDJLQD 4XHVWD IXQ]LRQH GHILQLVFH OD TXDQWLWj PDVVLPD GL VSD]LR WUD OD OXQJKH]]D GL XQ ID[ LQ DUULYR H OD OXQJKH]]D GHOOD FDUWD VXOOD TXDOH LO ID[ GHYH HVVHUH VWDPSDWR / LPSRVWD]LRQH 0DUJLQH GL SDJLQD FRQVHQWH GL HYLWDUH FKH OD SDUWH LQIHULRUH GHOO LPPDJLQH ID[ QRQ YHQJD VWDPSDWD SHUFKp LO IRUPDWR GHOOD FDUWD q WURSSR SLFFROR 6HOH]LRQDUH >0DUJLQH SDJLQD@ 8WLOL]]DUH L SXOVDQWL GL VFRUULPHQWR SHU LPSRVWDUH LO PDUJLQH ULFKLHVWR Yr9pr8rr###"!#!$Bvqhryrr Qhtvh $" , PSRVWD]LRQL 2S]LRQL VWDPSD ID[ )URQWHUHWUR 4XHVWD IXQ]LRQH GHILQLVFH FRPH LPSRVWD]LRQH GL GHIDXOW OD VWDPSD IURQWHUHWUR SHU L ID[ H L UHODWLYL UDSSRUWL 127$ OH RS]LRQL GL VWDPSD )URQWHUHWUR GLVSRQLELOL GLSHQGRQR GDOOD FRQILJXUD]LRQH GHOOD PDFFKLQD 6HOH]LRQDUH >)URQWHUHWUR@ (IIHWWXDUH OH VHOH]LRQL QHFHVVDULH YHGHUH GL VHJXLWR 7XWWH IURQWH q O LPSRVWD]LRQH GL GHIDXOW 3HU OH RS]LRQL IURQWHUHWUR GHO '& VHOH]LRQDUH DQFKH O RULHQWDPHQWR 9HUWLFDOH R 2UL]]RQWDOH H VSHFLILFDUH VH OD VWDPSD GHYH HVVHUH HIIHWWXDWD FRQ O LPSRVWD]LRQH 7HVWD D WHVWD R 7HVWD D SLHGH 7XWWH IURQWH 7XWWH )5 , ID[ H L UDSSRUWL YHQJRQR VWDPSDWL VX XQ VROR ODWR GHOOD FDUWD , ID[ H L UDSSRUWL YHQJRQR VWDPSDWL VX HQWUDPEL L ODWL GHOOD FDUWD /D SULPD SDJLQD GHO ID[ YLHQH VWDPSDWD VX XQ VROR ODWR OH ULPDQHQWL VX HQWUDPEL L ODWL , UDSSRUWL YHQJRQR VWDPSDWL VX HQWUDPEL L ODWL GHOOD FDUWD Qhtvh $# Yr9pr8rr###"!#!$Bvqhryrr &RQVHQWH GL SURJUDPPDUH L WLSL L FRORUL H L IRUPDWL GL GHIDXOW GHOOD FDUWD VX FXL YHQJRQR VWDPSDWL L ID[ H L UDSSRUWL 6HOH]LRQDUH >$WWULEXWL FDUWD@ 6HOH]LRQDUH L SXOVDQWL VXOOD GHVWUD GHOOR VFKHUPR SHU VSHFLILFDUH L WLSL L FRORUL H L IRUPDWL GHOOD FDUWD VX FXL SRVVRQR HVVHUH VWDPSDWL L ID[ LQ DUULYR H L UDSSRUWL q SRVVLELOH VHOH]LRQDUH SL GL XQ WLSR 6HOH]LRQDUH >6DOYD@ 6HOH]LRQH XVFLWD FRSLH &RQVHQWH GL VSHFLILFDUH LO YDVVRLR GL XVFLWD GHL ID[ 127$ OH RS]LRQL 6HOH]LRQH XVFLWD FRSLH GLVSRQLELOL GLSHQGRQR GDOOD FRQILJXUD]LRQH GHOOD PDFFKLQD 6HOH]LRQDUH >6HOH]LRQH XVFLWD FRSLH@ 6HOH]LRQDUH O RS]LRQH GL XVFLWD GL GHIDXOW OH RS]LRQL GLVSRQLELOL GLSHQGRQR GDOOD FRQILJXUD]LRQH GHOOD PDFFKLQD 68**(5, 0(172 JHQHUDOPHQWH LO YDVVRLR VLQLVWUD q TXHOOR GL GHIDXOW SHU L ID[ H LO YDVVRLR FHQWUDOH YLHQH XWLOL]]DWR SHU O XVFLWD GHOOH FRSLH 6H q LQVWDOODWD XQD VWD]LRQH GL ILQLWXUD q GLVSRQLELOH DQFKH O RS]LRQH 6WD]LRQH GL ILQLWXUD3LQ]DWULFH Yr9pr8rr###"!#!$Bvqhryrr Qhtvh $$ , PSRVWD]LRQL $WWULEXWL FDUWD 2S]LRQL UDSSRUWL ID[ $FFHGHUH DOOD VFKHUPDWD , PSRVWD]LRQL WHUPLQDOH ID[ QHO PRGR GHVFULWWR D 6HOH]LRQDUH >2S]LRQL 5DSSRUWL ID[@ 5DSSRUWR DWWLYLWj &RQVHQWH GL LPSRVWDUH OD PDFFKLQD LQ PRGR FKH VWDPSL XQ UDSSRUWR GHOOH DWWLYLWj VXOOD OLQHD WHOHIRQLFD 6HOH]LRQDUH >5DSSRUWR DWWLYLWj@ 6HOH]LRQDUH O RS]LRQH GL GHIDXOW ULFKLHVWD YHGHUH GL VHJXLWR >6WDPSD DXWRPDWLFD@ q O LPSRVWD]LRQH SUHGHILQLWD 6WDPSD DXWRPDWLFD &RQ TXHVWD LPSRVWD]LRQH YLHQH VWDPSDWR XQ 5DSSRUWR DWWLYLWj TXDQGR LO QXPHUR GL FKLDPDWH LQ XVFLWD H LQ HQWUDWD DUULYD D H FRPSUHQGH VROR FKLDPDWH QRQ LQFOXVH QHOO XOWLPR UDSSRUWR GL DWWLYLWj &RQ TXHVWD LPSRVWD]LRQH LO 5DSSRUWR DWWLYLWj YLHQH VWDPSDWR VROR TXDQGR YLHQH VHOH]LRQDWR PDQXDOPHQWH H FRPSUHQGH VROR FKLDPDWH QRQ LQFOXVH QHOO XOWLPR UDSSRUWR GL DWWLYLWj 6X ULFKLHVWD 5DSSRUWR , QYLR GL JUXSSR H 0XOWLSROOLQJ &RQVHQWH GL LPSRVWDUH OD PDFFKLQD LQ PRGR FKH VWDPSL XQ UDSSRUWR GL RJQL LQYLR GL JUXSSR H RSHUD]LRQH GL PXOWLSROOLQJ VX DSSDUHFFKL UHPRWL 4XDQGR XQ ID[ YLHQH LQYLDWR D XQ XQLFR QXPHUR OD PDFFKLQD VWDPSD XQ UDSSRUWR GL WUDVPLVVLRQH 4XDQGR XQ ID[ YLHQH LQYLDWR D R ULFKLDPDWR LQ SROOLQJ GD XQ JUXSSR GL QXPHUL OD PDFFKLQD VWDPSD XQ UDSSRUWR GL LQYLR GL JUXSSR H PXOWLSROOLQJ FKH ULSRUWD WXWWL L QXPHUL FRPSUHVL QHO JUXSSR Qhtvh $% Yr9pr8rr###"!#!$Bvqhryrr 6HOH]LRQDUH >5DSSRUWR , QYLR GL JUXSSR H 0XOWLSROOLQJ@ 6HOH]LRQDUH >6WDPSD DXWRPDWLFD@ SHU VWDPSDUH LO UDSSRUWR DXWRPDWLFDPHQWH RSSXUH >1R@ SHU GLVDELOLWDUH OD IXQ]LRQH >6WDPSD DXWRPDWLFD@ q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r9pr8rr###"!#!$Bvqhryrr Qhtvh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htvh $' Yr9pr8rr###"!#!$Bvqhryrr )LQH [ 8WLOL]]D XQD ULVROX]LRQH LQWHUPHGLD WUD 6WDQGDUG H 6XSHUILQH SXz HVVHUH XWLOL]]DWD SHU OD PDJJLRU SDUWH GHL GRFXPHQWL ID[ FRQWHQHQWL WHVWR H JUDILFD LQ ELDQFR H QHUR 0LJOLRUD OD TXDOLWj GHOO LPPDJLQH H OD ULSURGX]LRQH GL IRWRJUDILH PH]]HWLQWH H LPPDJLQL LQ VIXPDWXUH GL JULJLR 6XSHUILQH [ &RQWUDVWR 6HOH]LRQDUH >&RQWUDVWR@ 8WLOL]]DUH L SXOVDQWL GL VFRUULPHQWR SHU LPSRVWDUH O RS]LRQH GL GHIDXOW ULFKLHVWD 7LSR GL RULJLQDOH 6HOH]LRQDUH >7LSR GL RULJLQDOH@ 6HOH]LRQDUH O RS]LRQH GL GHIDXOW ULFKLHVWD YHGHUH OH GHVFUL]LRQL GL VHJXLWR $XWR 6HSDUD DXWRPDWLFDPHQWH OH LPPDJLQL LQ DUHH GL WHVWR H IRWRJUDILFKH HG HVHJXH XQ HODERUD]LRQH GHOO LPPDJLQH VHSDUDWD SHU OH GLYHUVH DUHH Yr9pr8rr###"!#!$Bvqhryrr Qhtvh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j PDVVLPH GHOO DSSDUHFFKLR ID[ UHPRWR 4XHVWD IXQ]LRQH ULGXFH DO PLQLPR JOL HUURUL GL WUDVPLVVLRQH GDWL XWLOL]]DQGR OD IXQ]LRQH (&0 0RGR &RUUH]LRQH (UURUL /D YHORFLWj GL FRPXQLFD]LRQH LQL]LDOH q GL ESV ELW DO VHFRQGR /D YHORFLWj SXz HVVHUH LPSRVWDWD DQFKH PDQXDOPHQWH 0LQRUH q OD YHORFLWj PLQRUH OD SUREDELOLWj FKH VL YHULILFKLQR HUURUL GXUDQWH OD WUDVPLVVLRQH /H YHORFLWj GLVSRQLELOL LQ . ESV VRQR OH VHJXHQWL H * $QDORJDPHQWH DOOD IXQ]LRQH 6XSHU * TXHVWD LPSRVWD]LRQH GHWHUPLQD DXWRPDWLFDPHQWH LO PRGR GL FRPXQLFD]LRQH GD XWLOL]]DUH LQ EDVH DOOH FDSDFLWj PDVVLPH GHOO DSSDUHFFKLR ID[ UHPRWR FRQ OD GLIIHUHQ]D FKH OD YHORFLWj GL FRPXQLFD]LRQH LQL]LDOH q GL ESV /D IXQ]LRQH (&0 YLHQH XWLOL]]DWD DQFKH FRQ TXHVWD RS]LRQH Qhtvh % Yr9pr8rr###"!#!$Bvqhryrr )RU]D D 9LHQH XWLOL]]DWD TXDQGR OD OLQHD WHOHIRQLFD q GLVWXUEDWD &RQ TXHVWD IXQ]LRQH OD FRPXQLFD]LRQH ULVXOWD SL OHQWD PD OH SUREDELOLWj GL HUURUH VL ULGXFRQR 127$ LQ DOFXQL SDHVL O XVR GHOOD IXQ]LRQH 0RGR FRPXQLFD]LRQH q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r9pr8rr###"!#!$Bvqhryrr Qhtvh % , PSRVWD]LRQL /D YHORFLWj SXz HVVHUH LPSRVWDWD DQFKH PDQXDOPHQWH 0LQRUH q OD YHORFLWj PLQRUH OD SUREDELOLWj FKH VL YHULILFKLQR HUURUL GXUDQWH OD WUDVPLVVLRQH /H YHORFLWj GLVSRQLELOL VRQR OH VHJXHQWL . ESV . ESV ESV H ESV $JJLXQWD R PRGLILFD GL XQD PDLOER[ 6HOH]LRQDUH XQD PDLOER[ QHOOHOHQFR 3HU DJJLXQJHUH XQD QXRYD PDLOER[ VHOH]LRQDUQH XQD YXRWD 6HOH]LRQDUH >0RGLILFD PDLOER[@ 6HOH]LRQDUH LO SXOVDQWH >3DVVZRUG 0DLOER[@ 'LJLWDUH VXOOD WDVWLHULQD GHO SDQQHOOR FRPDQGL XQD SDUROD GL DFFHVVR GL TXDWWUR FLIUH 6HOH]LRQDUH >6DOYD@ Qhtvh %! Yr9pr8rr###"!#!$Bvqhryrr 6HOH]LRQDUH >1RPH PDLOER[@ , QVHULUH XQ QRPH XWLOL]]DQGR OD WDVWLHULQD YLVXDOL]]DWD VXOOR VFKHUPR LO QRPH SXz FRPSUHQGHUH ILQR D FDUDWWHUL 6HOH]LRQDUH >6DOYD@ 6HOH]LRQDUH >0DLOER[ VHJXHQWH@ SHU SURJUDPPDUH XQ DOWUD PDLOER[ 6HOH]LRQDUH >0DLOER[ SUHFHGHQWH@ SHU ULWRUQDUH D XQD PDLOER[ SUHFHGHQWH 6HOH]LRQDUH >6DOYD@ H >&KLXGH@ 68**(5, 0(172 VHOH]LRQDUH $OWUL FDUDWWHUL SHU YLVXDOL]]DUH DOWUL FDUDWWHUL &DQFHOOD]LRQH GL XQD PDLOER[ 6HOH]LRQDUH >&DQFHOOD PDLOER[@ 6HOH]LRQDUH >&RQIHUPD@ SHU FDQFHOODUH OD PDLOER[ VHOH]LRQDWD FRQ WXWWR LO VXR FRQWHQXWR Yr9pr8rr###"!#!$Bvqhryrr Qhtvh %" , PSRVWD]LRQL *HVWLRQH ILOH ID[ 3HU FDPELDUH XQ LPSRVWD]LRQH VHOH]LRQDUH XQ SXOVDQWH TXDOVLDVL GL VHJXLWR YHQJRQR GHVFULWWH WXWWH OH LPSRVWD]LRQL (IIHWWXDUH OH PRGLILFKH GHVLGHUDWH 6HOH]LRQDUH >6DOYD@ $FFHGHUH DOOD VFKHUPDWD , PSRVWD]LRQL WHUPLQDOH ID[ QHO PRGR GHVFULWWR D 6HOH]LRQDUH >*HVWLRQH ILOH ID[@ )LOH PDLOER[ 9LVXDOL]]D XQ HOHQFR GL ODYRUL ID[ OD FXL WUDVPLVVLRQH QRQ q ULXVFLWD GRSR XQ GHWHUPLQDWR QXPHUR GL WHQWDWLYL FKH GLSHQGH GDOOH LPSRVWD]LRQL FRUUHQWL 6HOH]LRQDUH >)LOH PDLOER[@ 6HOH]LRQDUH O LPSRVWD]LRQH GL GHIDXOW ULFKLHVWD 3HU XOWHULRUL LQIRUPD]LRQL YHGHUH OH GHVFUL]LRQL FKH VHJXRQR &DQFHOOD]LRQH DXWRPDWLFD 7HQHUH &DQFHOOD DXWRPDWLFDPHQWH WXWWL L ID[ QRQ ULXVFLWL 7UDWWLHQH WXWWL L GRFXPHQWL ID[ QRQ ULXVFLWL ILQFKp QRQ YHQJRQR FDQFHOODWL DXWRPDWLFDPHQWH Qhtvh %# Yr9pr8rr###"!#!$Bvqhryrr &RQVHUYD L GDWL GHL GRFXPHQWL VFDQVLWL H DUFKLYLDWL LQ PHPRULD SHU LQYLDUOL D XQ WHUPLQDOH UHPRWR GXUDQWH XQD FKLDPDWD LQ SROOLQJ 6XO '& TXHVWD RS]LRQH q FKLDPDWD )LOH LQ PHPRULD SHU SROOLQJ 3HU XOWHULRUL LQIRUPD]LRQL YHGHUH OD GHVFUL]LRQH FKH VHJXH 6HOH]LRQDUH >)LOH SHU SROOLQJ@ 6HOH]LRQDUH O LPSRVWD]LRQH GL GHIDXOW ULFKLHVWD GL VHJXLWR YHQJRQR GHVFULWWH WXWWH OH LPSRVWD]LRQL 6HOH]LRQDUH >6DOYD@ 6HOH]LRQDUH >&KLXGH@ &DQFHOOD]LRQH DXWR 7HQHUH &DQFHOOD DXWRPDWLFDPHQWH L ILOH LQ PHPRULD GRSR FKH VRQR VWDWL WUDVPHVVL &RQVHUYD L ILOH ID[ LQ PHPRULD GRSR FKH VRQR VWDWL WUDVPHVVL ILQFKp QRQ YHQJRQR FDQFHOODWL PDQXDOPHQWH Yr9pr8rr###"!#!$Bvqhryrr Qhtvh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htvh %% Yr9pr8rr###"!#!$Bvqhryrr 6HOH]LRQDUH >2S]LRQL ID[ LQ SDUWHQ]D@ 3HU FDPELDUH XQ LPSRVWD]LRQH VHOH]LRQDUH XQ SXOVDQWH TXDOVLDVL GL VHJXLWR YHQJRQR GHVFULWWH WXWWH OH LPSRVWD]LRQL (IIHWWXDUH OH PRGLILFKH GHVLGHUDWH 6HOH]LRQDUH >6DOYD@ 7LSR GL VHOH]LRQH 4XHVWD RS]LRQH FRQVHQWH GL LPSRVWDUH OD VHOH]LRQH D WRQL R D LPSXOVL 127$ LQ DOFXQH DUHH JHRJUDILFKH O XVR GL TXHVWD RS]LRQH SXz HVVHUH VRJJHWWR D OLPLWD]LRQL 7RQL 336 LPSXOVL DO VHFRQGR SHU GLVFR GL VHOH]LRQH 336 LPSXOVL DO VHFRQGR SHU GLVFR GL VHOH]LRQH 6HOH]LRQDUH >7LSR GL VHOH]LRQH@ 6H QHFHVVDULR VHOH]LRQDUH LO SXOVDQWH >/LQHD @ R >/LQHD @ 6HOH]LRQDUH O RS]LRQH ULFKLHVWD 6HOH]LRQDUH >6DOYD@ Yr9pr8rr###"!#!$Bvqhryrr Qhtvh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z HVVHUH VRJJHWWR D OLPLWD]LRQL , QWHUYDOOL GL ULSHWL]LRQH 6HOH]LRQDUH >*HVWLRQH ULSHWL]LRQL@ Qhtvh %' Yr9pr8rr###"!#!$Bvqhryrr 6HOH]LRQDUH >7RWDOH ULSHWL]LRQL@ 8WLOL]]DUH L SXOVDQWL GL VFRUULPHQWR SHU VSHFLILFDUH LO QXPHUR GL WHQWDWLYL GL FKLDPDWD 6HOH]LRQDUH >6DOYD@ 6HOH]LRQDUH >, QWHUYDOOR GL ULFRPSRVL]LRQH@ 8WLOL]]DUH L SXOVDQWL GL VFRUULPHQWR SHU LPSRVWDUH OD GXUDWD GHOO LQWHUYDOOR WUD OH ULSHWL]LRQL HVSUHVVR LQ PLQXWL 6HOH]LRQDUH >6DOYD@ 0RQLWRU OLQHD 0RQLWRU OLQHD &RQWUROOD O DXGLR GL XQD WUDVPLVVLRQH DWWUDYHUVR O DOWRSDUODQWH LQWHUQR ILQFKp QRQ YLHQH VWDELOLWR LO FROOHJDPHQWR 'RSR LO FROOHJDPHQWR LO PRQLWRU GL OLQHD YLHQH GLVDWWLYDWR 6HOH]LRQDUH >0RQLWRU OLQHD@ 6HOH]LRQDUH >6u@ SHU DELOLWDUH TXHVWD IXQ]LRQH RSSXUH >1R@ SHU GLVDELOLWDUOD 6HOH]LRQDUH >6DOYD@ SHU FRQWLQXDUH Yr9pr8rr###"!#!$Bvqhryrr Qhtvh %( , PSRVWD]LRQL 9ROXPH PRQLWRU OLQHD &RQVHQWH GL LPSRVWDUH LO YROXPH GL GHIDXOW GHO PRQLWRU GL OLQHD VX $OWR 1RUPDOH R %DVVR 6H OD IXQ]LRQH 0RQLWRU OLQHD q LPSRVWDWD VX >6u@ VHOH]LRQDUH >9ROXPH PRQLWRU OLQHD@ 6HOH]LRQDUH LO YROXPH GHVLGHUDWR 6HOH]LRQDUH >6DOYD@ , QYLR EDWFK &RQVHQWH GL WUDVPHWWHUH SL GRFXPHQWL LQ DWWHVD D XQ XQLFR GHVWLQDWDULR GXUDQWH OD VWHVVD FKLDPDWD 6HOH]LRQDUH >, QYLR EDWFK@ 6HOH]LRQDUH >6u@ SHU DELOLWDUH TXHVWD IXQ]LRQH RSSXUH >1R@ SHU GLVDELOLWDUOD Qhtvh & Yr9pr8rr###"!#!$Bvqhryrr &RQVHQWH GL LPSRVWDUH LO QXPHUR GL WHQWDWLYL GL UHLQYLR DXWRPDWLFR GL XQD SDJLQD QRQ LQYLDWD D FDXVD GL XQ HUURUH GL WUDVPLVVLRQH 6HOH]LRQDUH >7RWDOH UHLQYLL@ 6HOH]LRQDUH LO QXPHUR GL WHQWDWLYL GL UHLQYLR FKH LO VLVWHPD GHYH HIIHWWXDUH 6HOH]LRQDUH >6DOYD@ Yr9pr8rr###"!#!$Bvqhryrr Qhtvh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z HVVHUH VRJJHWWR D OLPLWD]LRQL 6HOH]LRQDUH >5LWDUGR ULVSRVWD DXWRPDWLFD@ 8WLOL]]DUH L SXOVDQWL GL VFRUULPHQWR SHU LPSRVWDUH O LQWHUYDOOR SHU OD ULVSRVWD DXWRPDWLFD Qhtvh &! Yr9pr8rr###"!#!$Bvqhryrr 4XDQGR TXHVWD RS]LRQH q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u@ SHU DELOLWDUH TXHVWD IXQ]LRQH RSSXUH >1R@ SHU GLVDELOLWDUOD 6HOH]LRQDUH >6DOYD@ Yr9pr8rr###"!#!$Bvqhryrr Qhtvh &" , PSRVWD]LRQL 9ROXPH VTXLOOR 6WDPSD LQWHVWD]LRQH ULFH]LRQH 4XDQGR TXHVWD RS]LRQH q DELOLWDWD OD PDFFKLQD VWDPSD DXWRPDWLFDPHQWH VXOOD SDUWH VXSHULRUH GL RJQL SDJLQD LQIRUPD]LRQL UHODWLYH DO GLVSRVLWLYR FKH HIIHWWXD OD WUDVPLVVLRQH 6HOH]LRQDUH >6WDPSD LQWHVWD]LRQH ULFH]LRQH@ 6HOH]LRQDUH >6u@ R >1R@ 5LFH]LRQH ID[ SURWHWWD 4XHVWD RS]LRQH FRQVHQWH GL WUDWWDUH L ID[ LQ DUULYR FRPH ID[ SURWHWWL 6HOH]LRQDUH >5LFH]LRQH ID[ SURWHWWD@ 6HOH]LRQDUH >6u@ R >1R@ Qhtvh &# Yr9pr8rr###"!#!$Bvqhryrr 4XDQGR LO 'RFXPHQW &HQWUH q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r9pr8rr###"!#!$Bvqhryrr Qhtvh &$ , PSRVWD]LRQL /LPLWH XVR OLQHD , PSRVWD]LRQL $XGLWURQ 3HUFRUVR UDSLGR 3UHPHUH >$FFHVVR@ 3UHPHUH LO SXOVDQWH > 'LJLWDUH LO FRGLFH GL LGHQWLILFD]LRQH GHOO DPPLQLVWUDWRUH $XGLWURQ OHJJHUH OD 127$ QHOOD VFKHUPDWD D FRPSDUVD >, PSRVWD]LRQL $XGLWURQ@ VXO SDQQHOOR FRPDQGL @ VXO SDQQHOOR FRPDQGL /D IXQ]LRQH $XGLWURQ FRQVHQWH GL UHJLVWUDUH HR FRQWUROODUH OH DWWLYLWj GHOOD PDFFKLQD LQ PRGR GD LPSHGLUH O DFFHVVR QRQ DXWRUL]]DWR DO VLVWHPD H GL DGGHELWDUH L FRVWL GHOOH RSHUD]LRQL GL VWDPSD /H RS]LRQL GLVSRQLELOL VRQR GHVFULWWH GL VHJXLWR O RS]LRQH SUHVFHOWD GHYH HVVHUH LQL]LDOPHQWH DELOLWDWD GDOODVVLVWHQ]D WHFQLFD ;HUR[ 127$ OD SDUROD GL DFFHVVR GL GHIDXOW q H SXz HVVHUH XWLOL]]DWD TXDQGR QRQ q VWDWR DQFRUD DVVHJQDWR XQ FRGLFH GL LGHQWLILFD]LRQH / $XGLWURQ LQWHUQR q XQ VLVWHPD GL FRQWDELOLWj HOHWWURQLFR FKH FRQVHQWH GL UHJLVWUDUH OH DWWLYLWj GHOOD PDFFKLQD LQ DSSRVLWL FRQWL LPSRVWDWL QHOOD PHPRULD GHO VLVWHPD 4XDQGR q DELOLWDWR O XWHQWH GHYH GLJLWDUH LO SURSULR QXPHUR GL FRQWR SULPD GL XWLOL]]DUH OD PDFFKLQD , O QXPHUR GL VWDPSH HIIHWWXDWH XWLOL]]DQGR TXHO QXPHUR GL FRQWR YLHQH UHJLVWUDWR GDL FRQWDWRUL LQWHUQL LO FXL VWDWR SXz HVVHUH YLVXDOL]]DWR VXOOR VFKHUPR GHOO LQWHUIDFFLD XWHQWH GD XQ XWHQWH SURYYLVWR GL SULYLOHJL GL $PPLQLVWUDWRUH $XGLWURQ /D IXQ]LRQH GL &RQWDELOLWj EDVDWD VXO ODYRUR -%$ '& VL ULIHULVFH D XQ GLVSRVLWLYR HVWHUQR GLVSRQLELOH VROR SHU L VLVWHPL FRQILJXUDWL LQ UHWH FKH XWLOL]]D XQ VHUYHU HVWHUQR SHU DUFKLYLDUH L GDWL UHODWLYL DOOD FRQWDELOLWj /D IXQ]LRQH , QWHUIDFFLD HVWHUQD FRQVHQWH GL DELOLWDUH XQ GLVSRVLWLYR GL FRQWUROOR HVWHUQR FRPH DG HVHPSLR XQ DSSDUHFFKLR IXQ]LRQDQWH D JHWWRQH R D EDQFRQRWH XQ OHWWRUH GL VFKHGH R XQ VLVWHPD GL JHVWLRQH FRQWUROODWR GDOOD UHWH 127$ TXDQGR O$XGLWURQ LQWHUQR YLHQH XWLOL]]DWR FRQ XQ GLVSRVLWLYR GL FRQWUROOR HVWHUQR LO GLVSRVLWLYR GL FRQWUROOR HVWHUQR KD OD SUHFHGHQ]D VXOO$XGLWURQ LQWHUQR SHU WDOH VHUYL]LR 6HOH]LRQDUH >, QYLR@ 6HOH]LRQDUH Qhtvh &% Yr9pr8rr###"!#!$Bvqhryrr 3HU DFFHGHUH DOOH , PSRVWD]LRQL $XGLWURQ q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r9pr8rr###"!#!$Bvqhryrr Qhtvh && , PSRVWD]LRQL /H , PSRVWD]LRQL $XGLWURQ FRQVHQWRQR GL FRQILJXUDUH L FRQWL $XGLWURQ OH UHODWLYH FDUDWWHULVWLFKH L OLPLWL SHU L ODYRUL OH SURFHGXUH GL FRPSOHWDPHQWR GHL ODYRUL H GL FRQWUROODUH SHULRGLFDPHQWH OH LQIRUPD]LRQL VXOOH DWWLYLWj GHL FRQWL 6HOH]LRQDUH >, PSRVWD]LRQL $XGLWURQ@ 6HOH]LRQDUH ORS]LRQH ULFKLHVWD 3HU LQIRUPD]LRQL VXOO$XGLWURQ LQWHUQR FRQVXOWDUH $XGLWURQ LQWHUQR D SDJLQD 3HU LQIRUPD]LRQL VXO GLVSRVLWLYR GL FRQWUROOR HVWHUQR FRQVXOWDUH OD VH]LRQH 'LVSRVLWLYR GL FRQWUROOR HVWHUQR D SDJLQD 3HU LQIRUPD]LRQL VXOOD FRQWDELOLWj HVWHUQD FRQVXOWDUH OD VH]LRQH &RQWDELOLWj EDVDWD VXO ODYRURRS]LRQDOH DSDJLQD Qhtvh &' Yr9pr8rr###"!#!$Bvqhryrr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q H SXz HVVHUH XWLOL]]DWD TXDQGR QRQ q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z YDULDUH OHJJHUPHQWH D VHFRQGD GHOOD FRQILJXUD]LRQH GHOOD PDFFKLQD 6HOH]LRQDUH >$XGLWURQ LQWHUQR@ Yr9pr8rr###"!#!$Bvqhryrr Qhtvh &( , PSRVWD]LRQL $XGLWURQ LQWHUQR 6HOH]LRQDUH >$ELOLWD LPSRVWD]LRQL@ 6HOH]LRQDUH L VHUYL]L $XGLWURQ GD DELOLWDUH R GLVDELOLWDUH 6HOH]LRQDUH >6DOYD@ &RSLD )D[ $ELOLWDGLVDELOLWD $XGLWURQ SHU L ODYRUL GL FRSLDWXUD $ELOLWDGLVDELOLWD $XGLWURQ SHU L ODYRUL ID[ 127$ OH RS]LRQL GLVSRQLELOL GLSHQGRQR GDOOD FRQILJXUD]LRQH GHOOD PDFFKLQD SHU HVHPSLR VH LO VLVWHPD QRQ q GRWDWR GL IXQ]LRQL ID[ O RS]LRQH )D[ QRQ VDUj YLVXDOL]]DWD , PSRVWD]LRQL FRQWR 4XHVWD RS]LRQH FRQVHQWH GL FUHDUH FDQFHOODUH R PRGLILFDUH L FRQWL $ VHFRQGD GHL UHTXLVLWL LQWHUQL GHOOD VRFLHWj q SRVVLELOH DVVHJQDUH XQ QXPHUR GL FRQWR D RJQL UHSDUWR RSSXUH D RJQL XWHQWH , O QXPHUR PDVVLPR GL FRQWL SURJUDPPDELOL VXOOD PDFFKLQD q , QXPHUL GHL FRQWL SRVVRQR FRQWHQHUH GD D FLIUH 6HOH]LRQDUH >$XGLWURQ LQWHUQR@ 6HOH]LRQDUH >, PSRVWD]LRQL FRQWL@ 6HOH]LRQDUH OH RS]LRQL ULFKLHVWH YHGHUH OH GHVFUL]LRQL GL VHJXLWR 6HOH]LRQDUH >6DOYD@ Qhtvh ' Yr9pr8rr###"!#!$Bvqhryrr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r9pr8rr###"!#!$Bvqhryrr Qhtvh ' , PSRVWD]LRQL $JJLXQJH FRQWR 0RGLILFD FRQWR 1RQ FRQVHQWLWR 9LHQH YLVXDOL]]DWR LO YDORUH 3HU LO VHUYL]LR VHOH]LRQDWR QRQ q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htvh '! Yr9pr8rr###"!#!$Bvqhryrr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z LQWHUURPSHUH LPPHGLDWDPHQWH LO ODYRUR LQ FRUVR RSSXUH SRUWDUOR D WHUPLQH VXSHUDQGR LO OLPLWH 6HOH]LRQDUH >$XGLWURQ LQWHUQR@ Yr9pr8rr###"!#!$Bvqhryrr Qhtvh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q SRVVLELOH HODERUDUH DOWUH SDJLQH GRSR FKH q VWDWR UDJJLXQWR LO OLPLWH GHO FRQWR /D PDFFKLQD SRUWD D WHUPLQH LO ODYRUR FRUUHQWH GRSR GL FKH QRQ q SRVVLELOH HIIHWWXDUH DOWUL ODYRUL ILQFKp LO OLPLWH QRQ YLHQH LQFUHPHQWDWR R LO FRQWDWRUH D]]HUDWR , QWHUURPSH GRSR LO ODYRUR 5LHSLORJR FRQWR 4XHVWD IXQ]LRQH FRQVHQWH GL DFFHGHUH D WXWWL L FRQWL $XGLWURQ H DL UHODWLYL FRQWDWRUL QRQFKp GL D]]HUDUH XQR R WXWWL L FRQWDWRUL H GL VFDULFDUH LQIRUPD]LRQL LQ XQ 3& R XQD VWDPSDQWH 6HOH]LRQDUH >5LHSLORJR FRQWR@ (IIHWWXDUH OH VHOH]LRQL H OH PRGLILFKH GHVLGHUDWH SHU XOWHULRUL LQIRUPD]LRQL YHGHUH OH GHVFUL]LRQL GL VHJXLWR Qhtvh '# Yr9pr8rr###"!#!$Bvqhryrr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j YLVXDOL]]DWR XQ PHVVDJJLR GL FRQIHUPD $O WHUPLQH YHUUj YLVXDOL]]DWR XQ PHVVDJJLR GL FRQIHUPD 6HOH]LRQDUH >&KLXGH@ Yr9pr8rr###"!#!$Bvqhryrr Qhtvh '$ , PSRVWD]LRQL (OHQFR GL VFRUULPHQWR 8WLOL]]DUH L SXOVDQWL GL VFRUULPHQWR SHU DFFHGHUH D RJQL FRQWR LQ PRGR GD YLVXDOL]]DUH OR VWDWR GHL UHODWLYL FRQWDWRUL / HOHQFR GL VFRUULPHQWR YLVXDOL]]D WXWWL L FRQWL LQ RUGLQH QXPHULFR D SDUWLUH GD TXHOOR FRQ LO QXPHUR SL EDVVR &RQWDELOLWj EDVDWD VXO ODYRUR RS]LRQDOH 3HUFRUVR UDSLGR 3HU &RQWDELOLWj EDVDWD VXO ODYRUR VL LQWHQGH XQ VLVWHPD GL FRQWDELOLWj HVWHUQR RS]LRQDOH LQVWDOODWR WUDPLWH GLVFR IORSS\ H LPSRVWDWR GDOODPPLQLVWUDWRUH GL VLVWHPD , O VLVWHPD SXz HVVHUH XVDWR SHU L VHJXHQWL WLSL GL ODYRUR &RSLD )D[ LQFRUSRUDWR /$1 )D[ )D[ VHUYHU (PDLO 6WDPSD H 6FDQVLRQH 127$ /LQVLHPH GL GDWL UDFFROWL SHU OD FRQWDELOLWj YDULDQR SHU RJQL WLSR GL ODYRUR QHO VLVWHPD 3HU SRWHU XWLOL]]DUH TXHVWD IXQ]LRQH q QHFHVVDULR FKH LO 'RFXPHQW &HQWUH VLD FRQQHVVR LQ UHWH LQ TXDQWR q SURSULR DWWUDYHUVR OD UHWH FKH L GDWL GL UHJLVWUD]LRQH DL ODYRUL YHQJRQR WUDVPHVVL D XQ VLVWHPD GL &RQWDELOLWj HVWHUQD ($6 ([WHUQDO $FFRXQWLQJ 6\VWHP $O WHUPLQH GHOOLQVWDOOD]LRQH O($6 ULFHYH OLQGLUL]]R , 3 GHOODSSDUHFFKLR L GDWL YHQJRQR TXLQGL UDFFROWL GDO VHUYHU ($6 D LQWHUYDOOL UHJRODUL /($6 GHYH GLVSRUUH GL XQ DFFHVVR D , QWHUQHW /LQGLUL]]R , QWHUQHW DG HVHPSLR OLQGLUL]]R , 3 YLHQH XWLOL]]DWR SHU DFFHGHUH DO 'RFXPHQW &HQWUH 4XDQGR VL LQYLD XQ ODYRUR DO VLVWHPD JOL XWHQWL GHYRQR GLJLWDUH XQ , ' XWHQWH H XQ , ' FRQWR 3ULPD GL GDUH LQL]LR DO ODYRUR XQ VHUYHU UHPRWR IRUQLUj DO VLVWHPD XQ VHW GL QXPHUL XWHQWH H FRQWR YDOLGL H OD PDFFKLQD GRYUj FRQYDOLGDUH L GDWL , ODYRUL SRVVRQR HVVHUH LQYLDWL DO 'RFXPHQW &HQWUH DQFKH WUDPLWH LO GULYHU &HQWUH:DUH 3HU XOWHULRUL LQIRUPD]LRQL FRQVXOWDUH OD GRFXPHQWD]LRQH GL &HQWUH:DUH 127$ OD SDUROD GL DFFHVVR GL GHIDXOW q 4XHVWD SDUROD GL DFFHVVR YLHQH XWLOL]]DWD DOO LQL]LR SULPD GL DVVHJQDUH L FRGLFL GL LGHQWLILFD]LRQH 3HU DELOLWDUH OD IXQ]LRQH &RQWDELOLWj EDVDWD VXO ODYRUR q QHFHVVDULR DFTXLVWDUH GDOOD ;HUR[ LO GLVFR IORSS\ SHU OLQVWDOOD]LRQH GHO VRIWZDUH 127$ TXHVWD IXQ]LRQH QRQ SXz HVVHUH XWLOL]]DWD VH q LQ XVR O$XGLWURQ LQWHUQR R HVWHUQR 3UHPHUH >$FFHVVR@ 3UHPHUH LO SXOVDQWH > 'LJLWDUH LO FRGLFH GL LGHQWLILFD]LRQH GHOO DPPLQLVWUDWRUH $XGLWURQ OHJJHUH OD 127$ >, PSRVWD]LRQL $XGLWURQ@ >&RQWDELOLWj HVWHUQD@ VXO SDQQHOOR FRPDQGL @ VXO SDQQHOOR FRPDQGL 6HOH]LRQDUH 6HOH]LRQDUH Qhtvh '% Yr9pr8rr###"!#!$Bvqhryrr $ELOLWDUH LO VRIWZDUH XWLOL]]DQGR LO GLVFR IORSS\ &RQILJXUDUH LO VLVWHPD GL &RQWDELOLWj HVWHUQD FRQ 2IILFH7UDF 6\VWHP $ELOLWDUH &RQWDELOLWj EDVDWD VXO ODYRUR QHO VLVWHPD $FFHGHUH DOOD VFKHUPDWD , PSRVWD]LRQL $XGLWURQ 6HOH]LRQDUH >&RQWDELOLWj HVWHUQD@ 6HOH]LRQDUH O RS]LRQH ULFKLHVWD YHGHUH OH GHVFUL]LRQL GL VHJXLWR $ELOLWD 'LVDELOLWD , ' XWHQWH $ELOLWDGLVDELOLWD OD IXQ]LRQH &RQWDELOLWj EDVDWD VXO ODYRUR 9LVXDOL]]D O, ' XWHQWH /, ' XWHQWH SXz HVVHUH LPSRVWDWR FRPH $SHUWR R 3URWHWWR 6H q VHOH]LRQDWD OLPSRVWD]LRQH 3URWHWWR L FDUDWWHUL LPPHVVL VDUDQQR YLVXDOL]]DWL FRPH DVWHULVFKL 9LVXDOL]]D O, ' FRQWR /, ' FRQWR SXz HVVHUH LPSRVWDWR FRPH $SHUWR R 3URWHWWR 6H q VHOH]LRQDWD OLPSRVWD]LRQH 3URWHWWR L FDUDWWHUL LPPHVVL VDUDQQR YLVXDOL]]DWL FRPH DVWHULVFKL 8WLOL]]DWR GDOODPPLQLVWUDWRUH GL VLVWHPD SHU LPPHWWHUH XQ QXPHUR XWHQWH GL GHIDXOW FKH SXz HVVHUH XWLOL]]DWR GDJOL XWHQWL *OL XWHQWL SRVVRQR DQFRUD PRGLILFDUH O, ' PD GHYRQR HOLPLQDUH OD YRFH SULPD GL LPPHWWHUH XQ DOWUR QXPHUR 8WLOL]]DWR GDOODPPLQLVWUDWRUH GL VLVWHPD SHU LPPHWWHUH XQ QXPHUR FRQWR GL GHIDXOW FKH SXz HVVHUH XWLOL]]DWR GDJOL XWHQWL *OL XWHQWL SRVVRQR DQFRUD PRGLILFDUH O, ' PD GHYRQR HOLPLQDUH OD YRFH SULPD GL LPPHWWHUH XQ DOWUR QXPHUR , ' FRQWR , ' XWHQWH GL GHIDXOW , ' FRQWR GL GHIDXOW Yr9pr8rr###"!#!$Bvqhryrr Qhtvh '& , PSRVWD]LRQL $O WHUPLQH GHOOLQVWDOOD]LRQH GHO GLVFR IORSS\ &RQWDELOLWj EDVDWD VXO ODYRUR SXz HVVHUH DELOLWDWD VHJXHQGR L SDVVDJJL VRWWR ULSRUWDWL 0HPRULD VDWXUD , PSRVWD LO VLVWHPD VX 'LVDELOLWD FRQWDELOLWj R 'LFKLDUD HUURUH TXDQGR LO FRQWR q VDWXUR 4XHVWR LQ JHQHUH KD OXRJR TXDQGR LO VLVWHPD KD UHJLVWUDWR ODYRUL PD LO VHUYHU ($6 QRQ KD DQFRUD HIIHWWXDWR LO SROOLQJ SHU OLQYLR GHO 5HJLVWUR ODYRUL 127$ TXDQGR TXHVWD IXQ]LRQH q DELOLWDWD q GLVSRQLELOH OLQWHUUX]LRQH ODYRUL 'LVSRVLWLYR GL FRQWUROOR HVWHUQR 3HUFRUVR UDSLGR 8Q GLVSRVLWLYR GL FRQWUROOR HVWHUQR SXz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q 4XHVWD SDUROD GL DFFHVVR YLHQH XWLOL]]DWD DOO LQL]LR SULPD GL DVVHJQDUH L FRGLFL GL LGHQWLILFD]LRQH Qhtvh '' Yr9pr8rr###"!#!$Bvqhryrr 1R &RQWUROOR SDJLQD 3HU VSHFLILFDUH FKH QRQ q FROOHJDWR DOFXQ GLVSRVLWLYR GL FRQWUROOR HVWHUQR 3HU LPSRVWDUH LO GLVSRVLWLYR LQ PRGR FKH FRQWUROOL VHSDUDWDPHQWH RJQL VLQJROD SDJLQD GL RJQL ODYRUR 3HU HVHPSLR SHU XQ GLVSRVLWLYR D JHWWRQH LPSRVWDUH O $XGLWURQ HVWHUQR VX &RQWUROOR SDJLQD , Q FDVR FRQWUDULR YHUUDQQR VWDPSDWH DOWUH SDJLQH ROWUH D TXHOOD FRUUHQWH DQFKH VH VDUj VWDWR LQVHULWR XQ VROR JHWWRQH 3HU LPSRVWDUH LO GLVSRVLWLYR LQ PRGR FKH FRQWUROOL O XWLOL]]R FKH YLHQH IDWWR GHOOD PDFFKLQD VHQ]D WXWWDYLD OLPLWDUH LO QXPHUR GL FRSLH R VWDPSH FKH JOL XWHQWL SRVVRQR HVHJXLUH 3HU LPSRVWDUH LO GLVSRVLWLYR LQ PRGR FKH FRQWUROOL O XWLOL]]R FKH YLHQH IDWWR GHOOD PDFFKLQD OLPLWDQGR WXWWDYLD LO QXPHUR GL FRSLH R VWDPSH FKH JOL XWHQWL SRVVRQR HVHJXLUH &RQWUROOR VHQ]D OLPLWL &RQWUROOR FRQ OLPLWL Yr9pr8rr###"!#!$Bvqhryrr Qhtvh '( , PSRVWD]LRQL 'LULWWL GL DFFHVVR 3HUFRUVR UDSLGR , FRGLFL GL DFFHVVR SHUVRQDOL 3, 1 H L GLULWWL YHQJRQR DVVHJQDWL DJOL XWHQWL FKH QHFHVVLWDQR GL DFFHGHUH DJOL 6WUXPHQWL GL LPSRVWD]LRQH SRVVLELOH DVVHJQDUH ILQR D FRGLFL FLDVFXQR GL OXQJKH]]D FRPSUHVD WUD H FLIUH $ VHFRQGD GHOOD FRQILJXUD]LRQH GHOOD PDFFKLQD VRQR SUHYLVWL GLYHUVL OLYHOOL GL GLULWWL 2SHUDWRUH UHVSRQVDELOH $PPLQLVWUDWRUH GL VLVWHPD $PPLQLVWUDWRUH $XGLWURQ 7LWRODUH 127$ OD SDUROD GL DFFHVVR GL GHIDXOW q 4XHVWD SDUROD GL DFFHVVR YLHQH XWLOL]]DWD DOO LQL]LR SULPD GL DVVHJQDUH L FRGLFL GL LGHQWLILFD]LRQH 3HU LPSHGLUH O DFFHVVR QRQ DXWRUL]]DWR DOOD PDFFKLQD q QHFHVVDULR FDPELDUH OD SDUROD GL DFFHVVR 6H QHFHVVDULR FRQWDWWDUH LO VHUYL]LR GL DVVLVWHQ]D ;HUR[ 3UHPHUH >$FFHVVR@ 3UHPHUH LO SXOVDQWH > 'LJLWDUH LO FRGLFH GL LGHQWLILFD]LRQH GHO WLWRODUH OHJJHUH OD 127$ VHOH]LRQDUH >, PSRVWD]LRQL VXSSOHPHQWDUL@ VXO SDQQHOOR FRPDQGL @ VXO SDQQHOOR FRPDQGL 6H QHFHVVDULR 6HOH]LRQDUH >, PSRVWD GLULWWL GL DFFHVVR@ Qhtvh ( Yr9pr8rr###"!#!$Bvqhryrr 2SHUDWRUH $PPLQLVWUDWRUH UHVSRQVDELOH GL VLVWHPD , PSRVWD]LRQL PDFFKLQD , PSRVWD]LRQL &RSLD , PSRVWD]LRQL ID[ , PSRVWD]LRQL VWDPSDQWH , PSRVWD]LRQL 6FDQVLRQH LQ UHWH , PSRVWD]LRQL (PDLO 6u 6u 6u 1R 1R 1R 1R 1R 6u 6u $PPLQLVWUDWRUH $XGLWURQ 1R 1R 1R 1R 1R 7LWRODUH 1R 1R 1R 1R 1R 1R 6u 6u 1R 1R 1R 1R 6u 1R 1R 1R 1R 6u , PSRVWD]LRQL 1R $XWHQWLFD]LRQH , PSRVWD]LRQL $XGLWURQ 'LULWWL GL DFFHVVR 1R 1R SRVVLELOH DVVHJQDUH SL WLSL GL GLULWWL DOOR VWHVVR XWHQWH GLVFUH]LRQH GHO FOLHQWH GHFLGHUH VH DVVHJQDUH VLQJROL GLULWWL D YDUL XWHQWL R WXWWL L GLULWWL D XQ 81, &2 XWHQWH /D WDEHOOD VHJXHQWH LOOXVWUD XQD VLWXD]LRQH LQ FXL YDUL WLSL GL GLULWWL VRQR DVVHJQDWL D XWHQWL Yr9pr8rr###"!#!$Bvqhryrr Qhtvh ( , PSRVWD]LRQL 2JQL WLSR GL GLULWWL FRQVHQWH GL FRQILJXUDUH LPSRVWD]LRQL GLYHUVH SHU XQD VHULH VSHFLILFD GL IXQ]LRQL FRPH LOOXVWUDWR QHOOD WDEHOOD VHJXHQWH &RGLFH 2SHUDWRUH $PPLQLVWUDWRUH UHVSRQVDELOH GL VLVWHPD $PPLQLVWUDWRUH $XGLWURQ 7LWRODUH &RGLFH FRQVHQWH DOO XWHQWH GL DFFHGHUH DJOL 6WUXPHQWL GL LPSRVWD]LRQH H GL XWLOL]]DUH VROR OH IXQ]LRQL $XGLWURQ H , PSRVWD]LRQL GL DFFHVVR / XWHQWH QRQ SXz DFFHGHUH DG DOWUH LPSRVWD]LRQL &RGLFH FRQVHQWH DOO XWHQWH GL DFFHGHUH DJOL 6WUXPHQWL GL LPSRVWD]LRQH H GL XWLOL]]DUH OH IXQ]LRQL , PSRVWD]LRQL PDFFKLQD , PSRVWD]LRQL FRSLDWULFH H , PSRVWD]LRQL ID[ / XWHQWH QRQ SXz DFFHGHUH DG DOWUH LPSRVWD]LRQL &RGLFH FRQVHQWH DOO XWHQWH GL DFFHGHUH DJOL 6WUXPHQWL GL LPSRVWD]LRQH H GL XWLOL]]DUH OH IXQ]LRQL , PSRVWD]LRQL VWDPSDQWH , PSRVWD]LRQL (PDLO H , PSRVWD]LRQL 6FDQVLRQH LQ UHWH / XWHQWH QRQ SXz DFFHGHUH DG DOWUH LPSRVWD]LRQL &RGLFH FRQVHQWH DOO XWHQWH GL DFFHGHUH DOOH IXQ]LRQL , PSRVWD]LRQL PDFFKLQD , PSRVWD]LRQL FRSLDWULFH , PSRVWD]LRQL ID[ 'LULWWL GL DFFHVVR H , PSRVWD]LRQL $XGLWURQ VXO '& &RGLFH FRQVHQWH DOO XWHQWH GL DFFHGHUH DJOL 6WUXPHQWL GL LPSRVWD]LRQH H GL XWLOL]]DUH 7877( OH LPSRVWD]LRQL Qhtvh (! Yr9pr8rr###"!#!$Bvqhryrr 3UHPHUH >$FFHVVR@ VXO SDQQHOOR FRPDQGL 6XOOR VFKHUPR VHQVLELOH YLHQH YLVXDOL]]DWD XQD VFKHUPDWD D FRPSDUVD 3UHPHUH LO SXOVDQWH > @ VXO SDQQHOOR FRPDQGL H XVDUH OD WDVWLHULQD SHU LQVHULUH XQ FRGLFH GL LGHQWLILFD]LRQH FRQ GLULWWL GL WLWRODUH 6HOH]LRQDUH >, QYLR@ QHOOD VFKHUPDWD D FRPSDUVD 127$ OD SDUROD GL DFFHVVR GL GHIDXOW q 4XHVWD SDUROD GL DFFHVVR YLHQH XWLOL]]DWD DOO LQL]LR SULPD GL DVVHJQDUH L FRGLFL GL LGHQWLILFD]LRQH 3HU LPSHGLUH O DFFHVVR QRQ DXWRUL]]DWR DOOD PDFFKLQD q QHFHVVDULR FDPELDUH OD SDUROD GL DFFHVVR 6H QHFHVVDULR FRQWDWWDUH LO VHUYL]LR GL DVVLVWHQ]D ;HUR[ 6H QHFHVVDULR VHOH]LRQDUH >, PSRVWD]LRQL VXSSOHPHQWDUL@ 6HOH]LRQDUH >'LULWWL GL DFFHVVR@ Yr9pr8rr###"!#!$Bvqhryrr Qhtvh (" , PSRVWD]LRQL $VVHJQD]LRQH GHL GLULWWL $JJLXQWD GL XQ FRGLFH 6HOH]LRQDUH >$JJLXQJH FRGLFH@ , QVHULUH XQ QXPHUR GD D FLIUH XVDQGR OD WDVWLHULQD D YLGHR 6HOH]LRQDUH >6DOYD@ , PSRVWD]LRQH GHL GLULWWL GHJOL XWHQWL 8WLOL]]DUH OD IXQ]LRQH GL ULFHUFD R L SXOVDQWL GL VFRUULPHQWR SHU VHOH]LRQDUH LO QXPHUR GL FRQWR SHU LO TXDOH VL YRJOLRQR LPSRVWDUH R PRGLILFDUH L GLULWWL 6HOH]LRQDUH L SXOVDQWL GHVLGHUDWL SHU DJJLXQJHUH R HOLPLQDUH L GLULWWL YHGHUH D SDJLQD SHU OH VLQJROH GHVFUL]LRQL 6HOH]LRQDUH >&RQIHUPD@ Qhtvh (# Yr9pr8rr###"!#!$Bvqhryrr 8WLOL]]DUH OD IXQ]LRQH GL ULFHUFD R L SXOVDQWL GL VFRUULPHQWR SHU VHOH]LRQDUH LO FRGLFH XWHQWH GD FDQFHOODUH 6HOH]LRQDUH >&DQFHOOD FRGLFH@ 6HOH]LRQDUH >&RQIHUPD@ Yr9pr8rr###"!#!$Bvqhryrr Qhtvh ($ , PSRVWD]LRQL &DQFHOOD FRGLFH &RQWUROOR DFFHVVR VHUYL]LR PRGDOLWj $XWHQWLFD]LRQH 3HUFRUVR UDSLGR 6HOH]LRQDUH >$FFHVVR@ 6HOH]LRQDUH LO SXOVDQWH , QVHULUH LO 3, 1 6HOH]LRQDUH > @ VXO SDQQHOOR FRPDQGL VXO SDQQHOOR FRPDQGL $XWHQWLFD]LRQH q XQD IXQ]LRQH RS]LRQDOH GLVSRQLELOH VXO 'RFXPHQW &HQWUH FROOHJDWR DOOD UHWH 4XHVWD IXQ]LRQH FRQVHQWH GL OLPLWDUH ODFFHVVR D )D[ VHUYHU 6FDQVLRQH LQ UHWH H (PDLO 3HU DFFHGHUH D TXHVWH VFKHUPDWH 9LHQH ULFKLHVWR OLQVHULPHQWR GHO QRPH HR GHOOD SDVVZRUG 127$ VH VL q FRQQHVVL D &RQWDELOLWj GL UHWH R DG $XGLWURQ H DOOR VWHVVR WHPSR VL q FRQQHVVL DG $XWHQWLFD]LRQH DO PRPHQWR GHOOD GLVFRQHVVLRQH GDOODOWUR VHUYL]LR DYYLHQH FRQWHPSRUDQHDPHQWH OD GLVFRQQHVVLRQH GD $XWHQWLFD]LRQH GHOODPPLQLVWUDWRUH GL VLVWHPD >, PSRVWD]LRQL VXSSOHPHQWDUL@ 6HOH]LRQDUH >&RQWUROOR DFFHVVR VHUYL]LR@ 127$ SHU XOWHULRUL LQIRUPD]LRQL YHGHUH OD *XLGD GHOODPPLQLVWUD]LRQH GL VLVWHPD GL 'RFXPHQW &HQWUH $FFHVVR RVSLWH ODPPLQLVWUDWRUH GL VLVWHPD q LQ JUDGR GL FRQILJXUDUH XQ FRGLFH GL DFFHVVR SHU SURWHJJHUH DOFXQH IXQ]LRQL GDOODFFHVVR QRQ DXWRUL]]DWR 3HU DFFHGHUH q QHFHVVDULR LQVHULUH TXHVWR FRGLFH Qhtvh (% Yr9pr8rr###"!#!$Bvqhryrr Yr9pr8rr###"!#!$Bvqhryrr Qhtvh (& , PSRVWD]LRQL $FFHVVR DXWHQWLFDWR GL UHWH XQD YROWD DELOLWDWR q QHFHVVDULR LQVHULUH LO QRPH H OD SDVVZRUG SHU RWWHQHUH ODFFHVVR DOOH IXQ]LRQL SURWHWWH , O QRPH H OD SDVVZRUG GHOOXWHQWH YHQJRQR LQYLDWH D XQ VHUYHU SHU HVHJXLUH OD YHULILFD SRVVLELOH VHOH]LRQDUH XQ VHUYHU GL YHULILFD DOWHUQDWLYR , PSRVWD]LRQL GL 6FDQVLRQH LQ UHWH 3HUFRUVR UDSLGR 3UHPHUH >$FFHVVR@ 3UHPHUH LO SXOVDQWH > 'LJLWDUH LO FRGLFH GL LGHQWLILFD]LRQH GHOODPPLQLVWUDWRUH GHO VLVWHPD >6FDQVLRQH LQ UHWH@ VXO SDQQHOOR FRPDQGL @ VXO SDQQHOOR FRPDQGL /D IXQ]LRQH 6FDQVLRQH LQ UHWH q RS]LRQDOH HG q GLVSRQLELOH QHO '& 4XDQGR YLHQH DELOLWDWD TXHVWD IXQ]LRQH FRQVHQWH OD VFDQVLRQH GL GRFXPHQWL FDUWDFHL FRQ LO '& H OD PHPRUL]]D]LRQH GHOOH LPPDJLQL LQ XQ ILOH VHUYHU 1HW:DUH R 7&3, 3 127$ SHU XOWHULRUL LQIRUPD]LRQL FRQVXOWDUH OD *XLGD SHU ODPPLQLVWUDWRUH GHO '& 6HOH]LRQDUH *UXSSR PRGHOOL VFDQVLRQH 4XHVWD IXQ]LRQH RIIUH ORS]LRQH SURWRFROOR GL DUFKLYLD]LRQH SHU OD SRVL]LRQH GHO JUXSSR GL PRGHOOL /H LPSRVWD]LRQL GL GHIDXOW SHU 1HWZDUH R 7&3, 3 YHQJRQR VHOH]LRQDWH WUDPLWH TXHVWD IXQ]LRQH Qhtvh (' Yr9pr8rr###"!#!$Bvqhryrr 4XHVWD q OD SRVL]LRQH GL DUFKLYLD]LRQH XWLOL]]DWD GDO PRGHOOR GL GHIDXOW #GHIDXOW[VW 6H LO ILOH HVLVWH JLj &RQVHQWH DOODPPLQLVWUDWRUH GL VLVWHPD GL VHOH]LRQDUH LO PHWRGR GL DUFKLYLD]LRQH FRQWHQXWR QHO PRGHOOR GL GHIDXOW , O PHWRGR GL DUFKLYLD]LRQH FRQVHQWH GL GHWHUPLQDUH LO PRGR LQ FXL YHQJRQR DUFKLYLDWL L ILOH VFDQVLWL H ID ULIHULPHQWR D 6H LO ILOH HVLVWH JLj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r9pr8rr###"!#!$Bvqhryrr Qhtvh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htvh Yr9pr8rr###"!#!$Bvqhryrr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j LPPDJLQH $WWULEXWL YDVVRLR FRQVHQWH GL DVVHJQDUH OD SULRULWj GHO YDVVRLR GL GHIDXOW GL DELOLWDUH R GLVDELOLWDUH OR VFDPELR DXWRPDWLFR YDVVRL H VSHFLILFDUH LO YDVVRLR GL GHVWLQD]LRQH 127$ TXHVWD IXQ]LRQH QRQ q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q DELOLWDWD ODPPLQLVWUDWRUH GL VLVWHPD SXz VSHFLILFDUH XQ LQWHUYDOOR QHO TXDOH LO ODYRUR YLHQH WUDWWHQXWR FRPSUHVR WUD H RUH GRSR LO TXDOH LO ODYRUR R L ODYRUL VDUDQQR DXWRPDWLFDPHQWH HOLPLQDWL Yr9pr8rr###"!#!$Bvqhryrr Qhtvh , PSRVWD]LRQL , PSRVWD]LRQL SURWRFROOR , PSRVWD]LRQL 3RVW6FULSW /RS]LRQH , PSRVWD]LRQL 3RVW6FULSW FRQVHQWH DOODPPLQLVWUDWRUH GL VLVWHPD GL DELOLWDUH R GLVDELOLWDUH OD VWDPSD GL XQ IRJOLR GL HUURUH SHU JOL HUURUL GL VWDPSD SRVWVFULSW , PSRVWD]LRQL 3&/ &RQVHQWH DOODPPLQLVWUDWRUH GL VLVWHPD GL VHOH]LRQDUH H IRUPDWWDUH L IRQW UHVLGHQWL 3&/ , PSRVWD]LRQL PDLOER[ &RQVHQWH DJOL XWHQWL GL HVVHUH DVVHJQDWL D XQR VFRPSDUWR VSHFLILFDWR *OL VFRPSDUWL GLVSRQLELOL VRQR Qhtvh ! Yr9pr8rr###"!#!$Bvqhryrr 3HUFRUVR UDSLGR 6HOH]LRQDUH >$FFHVVR@ 6HOH]LRQDUH LO SXOVDQWH , QVHULUH LO 3, 1 6HOH]LRQDUH 6HOH]LRQDUH > @ VXO SDQQHOOR FRPDQGL VXO SDQQHOOR FRPDQGL (PDLO q XQD IXQ]LRQH RS]LRQDOH GLVSRQLELOH VXO '& FROOHJDWR DOOD UHWH 4XDQGR YLHQH DELOLWDWD TXHVWD IXQ]LRQH FRQVHQWH GL LQYLDUH SHU HPDLO HG HVHJXLUH OD VFDQVLRQH GL XQ GRFXPHQWR RULJLQDOH GL FRQYHUWLUH LO GRFXPHQWR VFDQVLWR LQ XQ IRUPDWR HOHWWURQLFR H LQYLDUH TXHVWH LQIRUPD]LRQL D SL LQGLUL]]L HPDLO 127$ SHU XOWHULRUL LQIRUPD]LRQL YHGHUH OD *XLGD GHOODPPLQLVWUD]LRQH GL VLVWHPD GHO '& GHOODPPLQLVWUDWRUH GL VLVWHPD >, PSRVWD]LRQL VXSSOHPHQWDUL@ >, PSRVWD]LRQL HPDLO@ Yr9pr8rr###"!#!$Bvqhryrr Qhtvh " , PSRVWD]LRQL , PSRVWD]LRQL HPDLO Qhtvh # Yr9pr8rr###"!#!$Bvqhryrr 8WLOL]]DUH OH LQIRUPD]LRQL FRQWHQXWH LQ TXHVWR FDSLWROR TXDQGR VL GHYRQR HVHJXLUH RSHUD]LRQL GL PDQXWHQ]LRQH VXOOD PDFFKLQD Yr9pr8rr###"!#!$Bvqhryrr Qhtvh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htvh !! Yr9pr8rr###"!#!$Bvqhryrr 8Q DGHJXDWD PDQXWHQ]LRQH q LQGLVSHQVDELOH SHU LO FRUUHWWR IXQ]LRQDPHQWR GL TXDOVLDVL DWWUH]]DWXUD $77(1=, 21( QRQ XVDUH VROYHQWL RUJDQLFL R DJHQWL VSUD\ SHU SXOLUH LO 'RFXPHQW &HQWUH 1RQ YHUVDUH PDL L OLTXLGL GLUHWWDPHQWH VXO VLVWHPD (YLWDUH GL XVDUH PDWHULDOL FKH QRQ VRQR ULSRUWDWL H DSSURYDWL DOOLQWHUQR GHOOD SUHVHQWH GRFXPHQWD]LRQH SRLFKp SRVVRQR ULYHODUVL GDQQRVL 7HQHUH JOL DJHQWL GL SXOL]LD DO GL IXRUL GHOOD SRUWDWD GHL EDPELQL $99(57(1=$ QRQ ULPXRYHUH OH FRSHUWXUH H OH SURWH]LRQL FKH VRQR DYYLWDWH /H SDUWL FKH VRQR SURWHWWH GD FRSHUWXUH SRVVRQR HVVHUH ULSDUDWH VROR GDL WHFQLFL GHOO DVVLVWHQ]D 1RQ WHQWDUH GL HVHJXLUH SURFHGXUH GL PDQXWHQ]LRQH QRQ GHVFULWWH QHOOD GRFXPHQWD]LRQH GHO 'RFXPHQW &HQWUH /DVWUD GL HVSRVL]LRQH H ODVWUD GL WUDVSRUWR D YHORFLWj FRVWDQWH &97 3HU DVVLFXUDUH XQD TXDOLWj GL VWDPSD RWWLPDOH LQ TXDOVLDVL PRPHQWR SXOLUH OD ODVWUD GL HVSRVL]LRQH H OD ODVWUD GL WUDVSRUWR D YHORFLWj FRVWDQWH XQD YROWD DO PHVH R SL VSHVVR VH QHFHVVDULR 6H OD ODVWUD q VSRUFD OH FRSLH ULVXOWDQR ULJDWH R PDFFKLDWH SHUFKp L VHJQL GHOOD ODVWUD YHQJRQR WUDVIHULWL GXUDQWH OD VFDQVLRQH Yr9pr8rr###"!#!$Bvqhryrr Qhtvh !" 0DQXWHQ]LRQH 3XOL]LD GHO 'RFXPHQW &HQWUH 3XOLUH OD ODVWUD FRQ XQ SDQQR PRUELGR FKH QRQ VILODFFL LQXPLGLWR G DFTXD RSSXUH XVDUH OLTXLGR GL SXOL]LD GHOOD ;HUR[ 3XOLUH OH WDFFKH ELDQFKH VLWXDWH VRWWR OD FRSHUWXUD GHOOD ODVWUD H QHOODOLPHQWDWRUH DXWRPDWLFR SHU ULPXRYHUH PDFFKLH GL WRQHU R DOWUH PDFFKLH 3DQQHOOR FRPDQGL H VFKHUPR VHQVLELOH /R VFKHUPR VHQVLELOH H LO SDQQHOOR FRPDQGL GHYRQR HVVHUH SXOLWL UHJRODUPHQWH SHU HOLPLQDUH SROYHUH H VSRUFR (OLPLQDUH L VHJQL H OH LPSURQWH SXOHQGR OR VFKHUPR VHQVLELOH H LO SDQQHOOR FRPDQGL FRQ XQ SDQQR PRUELGR QRQ VILODFFLDELOH LQXPLGLWR G DFTXD $OLPHQWDWRUH DXWRPDWLFR H YDVVRL GL ULFH]LRQH 3XOLUH ODOLPHQWDWRUH DXWRPDWLFR L YDVVRL GL ULFH]LRQH L YDVVRL FDUWD H OH DUHH HVWHUQH GHO 'RFXPHQW &HQWUH FRQ XQ SDQQR LQXPLGLWR FRQ DFTXD Qhtvh !# Yr9pr8rr###"!#!$Bvqhryrr /D FDUWXFFLD GL VWDPSD q XQ XQLWj VRVWLWXLELOH GDO FOLHQWH FKH FRQWLHQH LO WRQHU QHFHVVDULR DO 'RFXPHQW &HQWUH 4XDQGR OD FDUWXFFLD GL VWDPSD DUULYD D FRSLHVWDPSH VXOOR VFKHUPR VHQVLELOH YLHQH YLVXDOL]]DWR XQ PHVVDJJLR FKH QH ULFKLHGH O RUGLQD]LRQH , Q TXHVWR FDVR SURYYHGHUH D RUGLQDUH XQD QXRYD FDUWXFFLD 1RQ VRVWLWXLUH OD FDUWXFFLD ILQFKp QRQ DSSDUH XQ PHVVDJJLR FKH OR ULFKLHGH $99(57(1=$ TXDQGR VL RUGLQD XQD QXRYD FDUWXFFLD GL VWDPSD IDUH DWWHQ]LRQH D ULFKLHGHUH LO WLSR FRUUHWWR VSHFLILFDQGR LO PRGHOOR GL 'RFXPHQW &HQWUH XWLOL]]DWR , O FRGLFH GHO SURGRWWR q ULSRUWDWR VXOOD FRQIH]LRQH $77(1=, 21( QRQ VFXRWHUH OD FDUWXFFLD YXRWD H QRQ DYYLFLQDUOD WURSSR D Vp SRLFKp GHO WRQHU UHVLGXR SRWUHEEH IXRULXVFLUQH 1RQ DJLWDUH OD FDUWXFFLD YXRWD SHU SUROXQJDUQH OD GXUDWD 5LPR]LRQH GHOOD YHFFKLD FDUWXFFLD GL VWDPSD 127$ VH LO 'RFXPHQW &HQWUH QRQ q GRWDWR GL VWD]LRQH GL ILQLWXUD R DOLPHQWDWRUH DG DOWD FDSDFLWj LJQRUDUH LO SXQWR Yr9pr8rr###"!#!$Bvqhryrr Qhtvh !$ 0DQXWHQ]LRQH 6RVWLWX]LRQH GHOOD FDUWXFFLD GL VWDPSD 6WDFFDUH O DOLPHQWDWRUH DG DOWD FDSDFLWj HR OD VWD]LRQH GL ILQLWXUD GDOOD PDFFKLQD 3HU DSULUH LO PRGXOR IURQWH UHWUR ULODVFLDUH OD OHYD VLWXDWD QHOOD SDUWH DQWHULRUH GHO PRGXOR RS]LRQDOH VXO 'RFXPHQW &HQWUH 127$ LO PRGXOR IURQWHUHWUR QRQ q GLVSRQLELOH SHU OD FRQILJXUD]LRQH 'RFXPHQW &HQWUH FRQ DUHD GL GHSRVLWR Qhtvh !% Yr9pr8rr###"!#!$Bvqhryrr 5LODVFLDUH OD PDQLJOLD SHU DSULUH OR VSRUWHOOR VXSHULRUH VLQLVWUR $SULUH OR VSRUWHOOR DQWHULRUH VLQLVWUR WLUDQGROR YHUVR GL Vp Yr9pr8rr###"!#!$Bvqhryrr Qhtvh !& 0DQXWHQ]LRQH 7HQHUH OD OHYD FRORUDWD FRPH PRVWUDWR LQ ILJXUD HG HVWUDUUH OD FDUWXFFLD ILQR D HVSRUQH FRPSOHWDPHQWH OD PDQLJOLD VXSHULRUH 8WLOL]]DUH OD PDQLJOLD SHU VROOHYDUH OD FDUWXFFLD GDOOD PDFFKLQD $77(1=, 21( PDQWHQHUH OD FDUWXFFLD D XQD FHUWD GLVWDQ]D SHU HYLWDUH GL VSRUFDUVL FRQ LO WRQHU UHVLGXR Qhtvh !' Yr9pr8rr###"!#!$Bvqhryrr /D FDUWXFFLD GL FRSLDVWDPSD q SURJHWWDWD SHU HVVHUH ULFLFODWD PD QRQ SHU HVVHUH VHPSOLFHPHQWH ULHPSLWD SHUFKp q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r9pr8rr###"!#!$Bvqhryrr Qhtvh !( 0DQXWHQ]LRQH 5LFLFODJJLR GHOOD FDUWXFFLD GL FRSLDVWDPSD 7HQHUH OD FDUWXFFLD SHU OD PDQLJOLD HG LQVHULUOD QHOOD PDFFKLQD 4XDQGR OD FDUWXFFLD q SDU]LDOPHQWH LQVHULWD ODVFLDUH OD PDQLJOLD $FFHUWDUVL FKH OD FDUWXFFLD VFDWWL LQ VHGH $IIHUUDUH OD OLQJXHWWD FRORUDWD FKH VL WURYD QHOOD SDUWH DQWHULRUH GHOOD FDUWXFFLD SHU VWUDSSDUH LO QDVWUR DGHVLYR GL SURWH]LRQH $77(1=, 21( SHU HYLWDUH IXRULXVFLWH GL WRQHU ULPXRYHUH LO QDVWUR DGHVLYR VROR XQD YROWD FKH OD FDUWXFFLD q LQVWDOODWD &KLXGHUH OD FRSHUWXUD DQWHULRUH VLQLVWUD 127$ VH OD FDUWXFFLD QRQ q LQVHULWD FRPSOHWDPHQWH OD FRSHUWXUD DQWHULRUH VLQLVWUD QRQ VL FKLXGH &KLXGHUH OR VSRUWHOOR VXSHULRUH VLQLVWUR &KLXGHUH LO PRGXOR IURQWHUHWUR 5HLQVHULUH O DOLPHQWDWRUH DG DOWD FDSDFLWj HR OD VWD]LRQH GL ILQLWXUD QHOOD PDFFKLQD 6( 0217$72 Qhtvh ! Yr9pr8rr###"!#!$Bvqhryrr $77(1=, 21( HFFH]LRQDOPHQWH GRSR OD VRVWLWX]LRQH GHOOD FDUWXFFLD OD SULPD SDJLQD GHO ODYRUR SXz ULVXOWDUH ELDQFD SHUFKp LO UXOOR QRQ VL q DQFRUD LPSUHVVR GL WRQHU , Q TXHVWD HYHQLHQ]D VWDPSDUH QXRYDPHQWH LO ODYRUR Yr9pr8rr###"!#!$Bvqhryrr Qhtvh ! 0DQXWHQ]LRQH &DULFDPHQWR GHL SXQWL PHWDOOLFL 6WD]LRQH GL ILQLWXUD RS]LRQDOH /D VWD]LRQH GL ILQLWXUD FRQWLHQH XQD SLQ]DWULFH DXWRPDWLFD /H FDUWXFFH GHOOD SLQ]DWULFH FRQWHQJRQR SXQWL PHWDOOLFL 3HU VRVWLWXLUH OD FDUWXFFLD 7HQHUH SUHPXWR LO WDVWR VLWXDWR QHOOD SDUWH VXSHULRUH GHOOD VWD]LRQH GL ILQLWXUD SHU DEEDVVDUH LO YDVVRLR Qhtvh ! ! Yr9pr8rr###"!#!$Bvqhryrr /D FDUWXFFLD GHOOD SLQ]DWULFH VL WURYD QHO YDQR QDVFRVWR GDOOR VSRUWHOOLQR FRQWUDVVHJQDWR GD XQ SXQWR 7LUDUH YHUVR GL Vp OR VSRUWHOOLQR SHU DSULUOR 3UHQGHUH OD FDUWXFFLD WUD LO SROOLFH H O LQGLFH FRPH LOOXVWUDWR (VWUDUUH OHQWDPHQWH OD FDUWXFFLD H VPDOWLUOD Yr9pr8rr###"!#!$Bvqhryrr Qhtvh ! " 0DQXWHQ]LRQH 'LVLPEDOODUH OD QXRYD FDUWXFFLD GL SLQ]DWXUD , QVHULUH OD QXRYD FDUWXFFLD QHOODOORJJLDPHQWR &KLXGHUH OR VSRUWHOOLQR 6H LO YDVVRLR GHOOD VWD]LRQH GL ILQLWXUD QRQ VL DO]D DXWRPDWLFDPHQWH SUHPHUH H ULODVFLDUH LO WDVWR QHOOD SDUWH VXSHULRUH GHOOD VWD]LRQH GL ILQLWXUD SHU IDU WRUQDUH LO YDVVRLR LQ SRVL]LRQH GL XWLOL]]R Qhtvh ! # Yr9pr8rr###"!#!$Bvqhryrr 4XDQGR OD FDUWXFFLD GL SLQ]DWXUD GHYH HVVHUH VRVWLWXLWD RSSXUH VL LQFHSSDQR GHL SXQWL PHWDOOLFL OD VSLD VXOOD GHVWUD GHOOD SLQ]DWULFH GL VHUYL]LR VL DFFHQGH 8QD FDUWXFFLD FRQWLHQH SXQWL PHWDOOLFL 6SLD 7HQHQGR OR VSRUWHOOLQR GHOOD SLQ]DWULFH GL VHUYL]LR SHU L ODWL WLUDUOR OHQWDPHQWH YHUVR GL Vp Yr9pr8rr###"!#!$Bvqhryrr Qhtvh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htvh ! % Yr9pr8rr###"!#!$Bvqhryrr , O 'RFXPHQW &HQWUH q GRWDWR GL LQIRUPD]LRQL LQFRUSRUDWH FKH DLXWDQR OXWHQWH D LGHQWLILFDUH H D JHVWLUH L PHVVDJJL GL HUURUH H DL SUREOHPL H FRQWLHQH SURFHGXUH SHU ULVROYHUH YHORFHPHQWH L SUREOHPL 8WLOL]]DUH OH LQIRUPD]LRQL FRQWHQXWH LQ TXHVWR FDSLWROR SHU ULVROYHUH L SUREOHPL FKH VL SRVVRQR YHULILFDUH Yr9pr8rr###"!#!$Bvqhryrr Qhtvh " 3UREOHPL H VROX]LRQL 3UREOHPL H VROX]LRQL 3URFHGXUD GL ULVROX]LRQH GHL SUREOHPL 6H VL YHULILFD XQ JXDVWR R XQ SUREOHPD q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q DELOLWDWD H VL YHULILFD XQ LQWHUUX]LRQH GL FRUUHQWH LO 'RFXPHQW &HQWUH VWDPSD XQ UDSSRUWR GL GLVLQVHULPHQWR GHOO DOLPHQWD]LRQH TXDQGR OD PDFFKLQD YLHQH ULDFFHVD 4XHVWR UDSSRUWR HOHQFD L ODYRUL ID[ FKH VRQR VWDWL DQQXOODWL LQ FRQVHJXHQ]D GHOO LQWHUUX]LRQH GL FRUUHQWH Qhtvh "! Yr9pr8rr###"!#!$Bvqhryrr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r9pr8rr###"!#!$Bvqhryrr Qhtvh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q QRUPDOH FKH OD PDFFKLQD HPHWWD XQR VWULGLR SHUFKp DOFXQL FRPSRQHQWL VL VSHQJRQR OHQWDPHQWH &RQWUROODUH FKH O DOLPHQWDWRUH QRQ VLD WURSSR SLHQR / DOLPHQWDWRUH SXz FRQWHQHUH XQ PDVVLPR GL IRJOL &RQWUROODUH FKH LO GRFXPHQWR VLD FRPSOHWDPHQWH LQVHULWR QHOO DOLPHQWDWRUH 3XOLUH LO FXVFLQR GHOOD ODVWUD VLWXDWR VRWWR OD FRSHUWXUD XVDQGR XQ SDQQR FKH QRQ VILODFFL 6HOH]LRQDUH )RUPDWR RULJLQDOH VXOOR VFKHUPR VHQVLELOH H LPPHWWHUH LO IRUPDWR 'RSR HVVHUH VWDWD VSHQWD OD PDFFKLQD HPHWWH XQ UXPRUH VWULGXOR /DOLPHQWDWRUH DXWRPDWLFR QRQ DOLPHQWD LO GRFXPHQWR 8Q PHVVDJJLR GHO GLVSOD\ FRPXQLFD FKH LO VLVWHPD QRQ ULHVFH D ULOHYDUH LO IRUPDWR GHOO RULJLQDOH Qhtvh "# Yr9pr8rr###"!#!$Bvqhryrr 3UREOHPD 0HVVDJJLR &KLXGHUH OR VSRUWHOOR LQIHULRUH VLQLVWUR 6XJJHULPHQWL $OORQWDQDUH OD VWD]LRQH GL ILQLWXUD DOLPHQWDWRUH DG DOWD FDSDFLWj GDOOD VWDPSDQWH $SULUH OR VSRUWHOOR LQIHULRUH VLQLVWUR SRL ULFKLXGHUOR $FFHUWDUVL FKH OR VSRUWHOOR VLD FRUUHWWDPHQWH LQ VHGH SULPD GL ULPHWWHUH OD VWD]LRQH GL ILQLWXUD ODOLPHQWDWRUH DG DOWD FDSDFLWj LQ VHGH 9HULILFDUH FKH L YDVVRL VLDQR SHUIHWWDPHQWH FKLXVL 6H QRQ OR VRQR LO VLVWHPD QRQ QH ULOHYD OD SUHVHQ]D $SULUH H ULFKLXGHUH RJQL YDVVRLR H O DOLPHQWDWRUH DG DOWD FDSDFLWj 6SHJQHUH OD PDFFKLQD H ULDFFHQGHUOD $FFHUWDUVL FKH OD VWD]LRQH GL ILQLWXUD VLD FRUUHWWDPHQWH LQ VHGH LQ PRGR FKH LO 'RFXPHQW &HQWUH SRVVD FRQILJXUDUVL DXWRPDWLFDPHQWH &KLHGHUH DOO RSHUDWRUH UHVSRQVDELOH GL FRQWUROODUH OD TXDQWLWj GL PHPRULD GLVSRQLELOH 6H OD PHPRULD q TXDVL VDWXUD VWDPSDUH H TXLQGL FDQFHOODUH L ILOH QRQ SL QHFHVVDUL &KLHGHUH DOO RSHUDWRUH UHVSRQVDELOH GL FRQWUROODUH OD TXDQWLWj GL PHPRULD GLVSRQLELOH 6XGGLYLGHUH OH SDJLQH UHVWDQWL LQ GLYHUVL ODYRUL SL SLFFROL HG HVHJXLUH QXRYDPHQWH LO ODYRUR 7UD OH VHOH]LRQL GL 9DVVRL FDUWD QRQ FRP SDUH O DOLPHQWDWRUH DG DOWD FDSDFLWj R XQR GHL YDVVRL /R VFKHUPR VHQVLELOH QRQ ULSRUWD O RS]LRQH 6WD]LRQH GL ILQLWXUDSLQ]DWULFH , O VLVWHPD QRQ DFFHWWD GRFXPHQWL LQ PHPRULD , O VLVWHPD YLVXDOL]]D XQ PHVVDJJLR FKH LQGLFD FKH OD PHPRULD q VDWXUD Yr9pr8rr###"!#!$Bvqhryrr Qhtvh "$ 3UREOHPL H VROX]LRQL 3UREOHPD , O VLVWHPD QRQ KD LQJUDQGLWR XQ GRFXPHQWR GD $ D $ 6XJJHULPHQWL , O IRUPDWR $ SXz HVVHUH FDULFDWR VROR QHL YDVVRL 6() /D PDFFKLQD QRQ SXz UXRWDUH OH SDJLQH VX FDUWD $ EHQVu VROR OH LPPDJLQL VX FDUWD $ /() 6HOH]LRQDUH XQD SHUFHQWXDOH GL LQJUDQGLPHQWR $SULUH LO YDVVRLR FDUWD $OORQWDQDUH OH JXLGH GHO YDVVRLR GDOOD FDUWD 6SRVWDUH OH JXLGH GHO YDVVRLR FDUWD YHUVR OD FDUWD LQ PRGR FKH VL WRFFKLQR 6SHJQHUH OD PDFFKLQD H ULDFFHQGHUOD 9HULILFDUH FKH ORS]LRQH /XFLGL VLD VHOH]LRQDWD SHUFKp LO VLVWHPD UHJROD DXWRPDWLFDPHQWH OD WHPSHUDWXUD , OXFLGL VRSSRUWDQR WHPSHUDWXUH PHQR HOHYDWH ULVSHWWR DOOD FDUWD 8VDUH LO YDVVRLR GL XVFLWD VLQLVWUR DQ]LFKp LO YDVVRLR FHQWUDOH &RQWUROODUH OH IXQ]LRQL SURJUDPPDWH /D IXQ]LRQH $QQRWD]LRQH QRQ SXz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htvh "% Yr9pr8rr###"!#!$Bvqhryrr 3UREOHPD , IRUL GHOOD FDUWD VL WURYDQR GDOOD SDUWH VEDJOLDWD 6XJJHULPHQWL 4XDQGR VL HVHJXRQR FRSLH IURQWHUHWUR XWLOL]]DQGR FDUWD SHUIRUDWD FDULFDUH OD FDUWD LQ SRVL]LRQH RSSRVWD D TXHOOD LQGLFDWD VXOO HWLFKHWWD GL LVWUX]LRQL GHO YDVVRLR SHU OH FRSLH VROR IURQWH , Q TXHVWR FDVR LQIDWWL OD PDFFKLQD FRSLD SHU SULPR LO VHFRQGR ODWR GHOO RULJLQDOH 9HULILFDUH FKH ORULJLQDOH VLD FDULFDWR D IDFFLD LQ VX QHOODOLPHQWDWRUH DXWRPDWLFR 6H OD FDUWXFFLD q DSSHQD VWDWD VRVWLWXLWD q SRVVLELOH FKH LO WRQHU QRQ VLD DQFRUD VWDWR HURJDWR 5LSHWHUH ORSHUD]LRQH 9HULILFDUH FKH OD VWULVFLD SURWHWWLYD VLD VWDWD ULPRVVD GDOOD FDUWXFFLD GL VWDPSD , QVWDOODUH QXRYDPHQWH OD FDUWXFFLD GL VWDPSD 6RVWLWXLUH OD FDUWXFFLD GL VWDPSD &RSLH ELDQFKH Yr9pr8rr###"!#!$Bvqhryrr Qhtvh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p QRQ VL DYYHUWH XQ FOLF 9HULILFDUH FKH OH ULJKH GLVHJQDWH VXO GRFXPHQWR VLDQR EHQ FKLDUH LQ PRGR FKH OD PDFFKLQD OH ULOHYL IDFLOPHQWH 1RQ VHOH]LRQDUH , QWHUUX]LRQH R 3DXVD GXUDQWH OHGLWLQJ 'XUDQWH OD VFDQVLRQH PDQWHQHUH OD FRSHUWXUD GHOOD ODVWUD FKLXVD D PHQR FKH QRQ VL VFDQVLRQL XQ RULJLQDOH ULOHJDWR R VL XVL O RS]LRQH )RUPDWR RULJLQDOH /DVFLDUH XQR VSD]LR GL DOPHQR PP WUD OD ULJD GHO SHQQDUHOOR H LO ERUGR GHO IRJOLR / DUHD VHOH]LRQDWD GHYH HVVHUH UDFFKLXVD GD XQD ULJD FRQWLQXD 6L SXz GLVHJQDUH XQ RJJHWWR TXDOVLDVL DWWRUQR DOO DUHD GD VHOH]LRQDUH D SDWWR FKH OD ULJD QRQ VLD LQWHUURWWD /D IXQ]LRQH GL (GLWLQJ SURYRFD OD YLVXDOL]]D]LRQH GL XQ PHVVDJJLR GL HUURUH Qhtvh "' Yr9pr8rr###"!#!$Bvqhryrr 3UREOHPD 6WULVFH ULJKH PDFFKLH VHJQL QHUL SLHQL R WUDWWHJJLDWL 6XJJHULPHQWL 3XOLUH OD ODVWUD GL HVSRVL]LRQH OD ODVWUD &97 ODOLPHQWDWRUH DXWRPDWLFR OH DUHH VRWWR OD FRSHUWXUD GHOOD ODVWUD H OH JXLGH FDUWD 6H OD PDFFKLQD q ULPDVWD LQDWWLYD SHU XQ OXQJR SHULRGR R VH OD FDUWXFFLD q DSSHQD VWDWD VRVWLWXLWD ULSHWHUH LO ODYRUR (VHJXLUH LO ODYRUR GDOOD ODVWUD GL HVSRVL]LRQH , QVWDOODUH QXRYDPHQWH OD FDUWXFFLD GL VWDPSD 9HULILFDUH OD TXDOLWj GHOORULJLQDOH 6HOH]LRQDUH &DQFHOOD]LRQH ERUGR R &DQFHOOD]LRQH PDUJLQH SHU ULPXRYHUH ULJKH H VHJQL GDL ERUGL GHO GRFXPHQWR &DULFDUH FDUWD QXRYD &RQWUROODUH OXPLGLWj QHOOD VWDQ]D LQ FXL q LQVWDOODWR LO VLVWHPD , UHTXLVLWL DPELHQWDOL VRQR GHVFULWWL DOOD VH]LRQH 6SHFLILFKH D SDJLQD &DULFDUH FDUWD QXRYD 9HULILFDUH OD TXDOLWj GHOORULJLQDOH 6HOH]LRQDUH 3L FKLDUR R 3L VFXUR VXOOR VFKHUPR VHQVLELOH (VHJXLUH DOWUH VWDPSH GL SURYD ILQFKp OD TXDOLWj GL FRSLD QRQ PLJOLRUD 6RVWLWXLUH OD FDUWXFFLD GL VWDPSD /H FRSLH VRQR WURSSR FKLDUH R WURSSR VFXUH Yr9pr8rr###"!#!$Bvqhryrr Qhtvh "( 3UREOHPL H VROX]LRQL 3UREOHPD /H FRSLH VRQR WURSSR FKLDUH 6XJJHULPHQWL 6H OD FDUWXFFLD q DSSHQD VWDWD VRVWLWXLWD q SRVVLELOH FKH LO WRQHU QRQ VLD DQFRUD VWDWR HURJDWR (VHJXLUH DOWUH VWDPSH GL SURYD ILQFKp OD TXDOLWj GL FRSLD QRQ PLJOLRUD 6HOH]LRQDUH XQ LPSRVWD]LRQH SL VFXUD SHU OD IXQ]LRQH 4XDOLWj LPPDJLQH 6RVWLWXLUH OD FDUWXFFLD GL VWDPSD &DULFDUH FDUWD QXRYD &DULFDUH JOL RULJLQDOL VHOH]LRQDUH $XWR H )DVFLFRODWH SHU RJQL YDVVRLR GL ULFH]LRQH HG HVHJXLUH XQD FRSLD 6RVWLWXLUH OD FDUWXFFLD GL VWDPSD &DULFDUH FDUWD QXRYD , QVWDOODUH QXRYDPHQWH OD FDUWXFFLD GL VWDPSD 9HULILFDUH OD TXDOLWj GHOORULJLQDOH 6H O RULJLQDOH KD DUHH SLHQH HVWHVH PRGLILFDUH LO FRQWUDVWR &RSLDUH XVDQGR OD ODVWUD GL HVSRVL]LRQH 6WDPSD QRQ RPRJHQHD /LPPDJLQH q VIRFDWD 0DQFDQR DOFXQL FDUDWWHUL 9DULD]LRQL GHOOD SDWLQDWXUD *OL RULJLQDOL OXFLGL R SDWLQDWL FRSLDWL GDOODOLPHQWDWRUH GDQQR FRSLH FKLDUH Qhtvh " Yr9pr8rr###"!#!$Bvqhryrr 3UREOHPD 3UHVHQ]D GL LPPDJLQH UHVLGXD 6XJJHULPHQWL 9HULILFDUH OD TXDOLWj GHOO RULJLQDOH 6H VL XVDQR OXFLGL YHULILFDUH FKH ORS]LRQH FRUULVSRQGHQWH VLD VWDWD VHOH]LRQDWD VXOOR VFKHUPR VHQVLELOH , O VLVWHPD UHJROD DXWRPDWLFDPHQWH OD TXDOLWj GL VWDPSD SHU L OXFLGL $OLPHQWDUH O RULJLQDOH FRQ RULHQWDPHQWR 6() 6RVWLWXLUH OD FDUWXFFLD GL VWDPSD 9HULILFDUH OD TXDOLWj GHOO RULJLQDOH 6H OLPPDJLQH q SL FKLDUD LQ FRUULVSRQGHQ]D GHL ERUGL VHOH]LRQDUH XQ LPSRVWD]LRQH GL TXDOLWj FRSLD SL VFXUD 6RVWLWXLUH OD FDUWXFFLD GL VWDPSD 9HULILFDUH OD TXDOLWj GHOO RULJLQDOH 6HOH]LRQDUH 3L FKLDUR R 3L VFXUR VXOOR VFKHUPR VHQVLELOH 6RVWLWXLUH OD FDUWXFFLD GL VWDPSD 4XDQGR VL FRSLD XQ RULJLQDOH VX XQ IRUPDWR FDUWD SL SLFFROR ULGXUUH O LPPDJLQH DIILQFKp VL DGDWWL DO IRUPDWR SL SLFFROR 5LGXUUH OHJJHUPHQWH LO GRFXPHQWR DQ]LFKp 6HOH]LRQDUH &HQWUDWXUD DXWRPDWLFD VXOOR VFKHUPR VHQVLELOH 3UHPHUH 6DOYD GRSR RJQL VHOH]LRQH LQ WXWWH OH VFKHUPDWH FKH FRQWHQJRQR WDOH SXOVDQWH , PPDJLQH VELDGLWD 9DULD]LRQH GL GHQVLWj GHOOH DUHH SLHQH 3HUGLWD GHOOLPPDJLQH /H FRSLH VWDPSDWH QRQ FRUULVSRQGRQR DOOH VHOH]LRQL HIIHWWXDWH VXOOR VFKHUPR VHQVLELOH Yr9pr8rr###"!#!$Bvqhryrr Qhtvh " 3UREOHPL H VROX]LRQL 3UREOHPD /D VWD]LRQH GL ILQLWXUD QRQ LPSLOD OH FRSLH FRUUHWWDPHQWH 1RQ WXWWH OH SDJLQH GHO IDVFLFROR VRQR SLQ]DWH , QFHSSDPHQWL QHO YDVVRLR E\SDVV 6XJJHULPHQWL &RQWUROODUH FKH OH JXLGH GHO YDVVRLR VLDQR EORFFDWH FRQWUR OD SLOD GL FDUWD &RQWUROODUH FKH OH JXLGH GHO YDVVRLR FDUWD VLDQR EORFFDWH QHOOD SRVL]LRQH FRUUHWWD D FRQWDWWR FRQ OD FDUWD (VWUDUUH OD FDUWD H ULFDULFDUOD 1RQ DJJLXQJHUH QXRYD FDUWD VRSUD TXHOOD JLj FDULFDWD 3HU DJJLXQJHUH FDUWD HVWUDUUH TXHOOD SUHVHQWH DJJLXQJHUYHQH GHOOD QXRYD H ULFDULFDUH LO WXWWR 9HULILFDUH FKH OH JXLGH GHOOD FDUWD VLDQR EORFFDWH QHOOD SRVL]LRQH FRUUHWWD DL ODWL GHOOD FDUWD FDULFDWD QHO YDVVRLR 4XDQGR VL FDULFD OD FDUWD QHO YDVVRLR E\SDVV OD ILQHVWUD &DPELD DWWULEXWL YLHQH YLVXDOL]]DWD DXWRPDWLFDPHQWH 6H VL FDULFD WLSR GL VXSSRUWR 6(1=$ DJJLRUQDUH GL FRQVHJXHQ]D JOL DWWULEXWL OD PDFFKLQD LQFRQWUD GHL SUREOHPL SHUFKp WHQWD GL ULOHYDUH XQ WLSR R XQ IRUPDWR QRQ FDULFDWR &RQWUROODUH JOL DWWULEXWL H ULDYYLDUH LO ODYRUR Qhtvh " ! Yr9pr8rr###"!#!$Bvqhryrr 3UREOHPD , QFHSSDPHQWL QHOODOLPHQWDWRUH DXWRPDWLFR 6XJJHULPHQWL $SULUH ODOLPHQWDWRUH H FRQWUROODUH FKH DO VXR LQWHUQR QRQ YL VLDQR RJJHWWL HVWUDQHL R FDUWD 9HULILFDUH FKH OD FRSHUWXUD VXSHULRUH GHOO DOLPHQWDWRUH VLD EHQ FKLXVD &RQWUROODUH JOL RULJLQDOL 6H VL XVDQR L WDEXODWL FRQWUROODUH FKH L IRUL VLDQR VWDWL HOLPLQDWL VX HQWUDPEL L ODWL GHOOD FDUWD 8QD YROWD ULPRVVL L IRUL L PRGXOL SRVVRQR HVVHUH FDULFDWL VLD 6() FKH /() (VWUDUUH OD FDUWXFFLD GDOOD SLQ]DWULFH H FRQWUROODUH OD SRVL]LRQH GHO SULPR SXQWR PHWDOOLFR FKH GHYH WURYDUVL LQ SRVL]LRQH GLULWWD FRQWUR OD SLDVWUD PHWDOOLFD GL EDWWXWD 6H LO SXQWR DSSDUH SRVL]LRQDWR QRQ FRUUHWWDPHQWH R GDQQHJJLDWR ULPXRYHUOR PDQXDOPHQWH 5HLQVHULUH OD FDUWXFFLD GHOOD SLQ]DWULFH H ULSURYDUH VH LO SUREOHPD VL ULSUHVHQWD VRVWLWXLUH OD FDUWXFFLD &RQWUROODUH FKH OD FDUWD VLD FDULFDWD FRUUHWWDPHQWH &DSRYROJHUH OD FDUWD QHO YDVVRLR 9HULILFDUH FKH OH JXLGH GHOOD FDUWD VLDQR EORFFDWH QHOOD SRVL]LRQH FRUUHWWD 1RQ XVDUH VXSSRUWL VFLXSDWL VSLHJD]]DWL R VWUDSSDWL &DULFDUH FDUWD QXRYD , QFHSSDPHQWL QHOOD SLQ]DWULFH , QFHSSDPHQWL FDUWD Yr9pr8rr###"!#!$Bvqhryrr Qhtvh " " 3UREOHPL H VROX]LRQL 3UREOHPD $UULFFLDWXUH 6XJJHULPHQWL &RQWUROODUH FKH OD FDUWD VLD FDULFDWD FRUUHWWDPHQWH &DULFDUH OD FDUWD PDQWHQHQGR LO ODWR GL FKLXVXUD GHOOD ULVPD ULYROWR YHUVR ODOWR YDVVRL &DULFDUH OD FDUWD QHOODOLPHQWDWRUH DXWRPDWLFR H QHO YDVVRLR E\SDVV PDQWHQHQGR LO ODWR GL FKLXVXUD GHOOD ULVPD ULYROWR YHUVR LO EDVVR &DULFDUH L VXSSRUWL QRQ VWDQGDUG QHO YDVVRLR E\SDVV 3HU OD GHVFUL]LRQH GHOOH SURFHGXUH FRQVXOWDUH &DUWD H DOWUL VXSSRUWL D SDJLQD *LUDUH OH EXVWH DIILQFKp LO ERUGR DGHVLYR VLD TXHOOR SRVWHULRUH 9HULILFDUH FKH LO GLVSRVLWLYR VLD FROOHJDWR H DFFHVR , QFHSSDPHQWL EXVWH &RQ XQ GLVSRVLWLYR GL FRQWUROOR HVWHUQR FRPH XQ FRQWDWRUH D PRQHWH DSSDUH LO PHVVDJJLR 3URQWD SHU FRSLDUH PD JOL XWHQWL QRQ SRVVRQR FROOHJDUVL , O GRFXPHQWR QRQ SXz HVVHUH PHPRUL]]DWR SHU LO SROOLQJ SURWHWWR SHUFKp OD PHPRULD q VDWXUD /D FRPXQLFD]LRQH ID[ ILQLVFH FRQ XQ PHVVDJJLR GL HUURUH $QQXOODUH O RSHUD]LRQH H ULSURYDUH TXDQGR VL q OLEHUDWD PHPRULD &RQWUROODUH LO FRGLFH JXDVWR DOOLQWHUQR GHOOHOHQFR )D[ DQQXOODWL &RQGL]LRQH PDFFKLQD TXLQGL OHJJHUH OD GHVFUL]LRQH H OD]LRQH FRUUHWWLYD FRUULVSRQGHQWH DOOLQWHUQR GHOOD 7DEHOOD GHL FRGLFL JXDVWR GL TXHVWR FDSLWROR 9HULILFDUH FKH LO 0RGR 5LVSRVWD DXWRPDWLFD VLD DELOLWDWR , O VLVWHPD QRQ ULVSRQGH DOOH FKLDPDWH LQ DUULYR Qhtvh " # Yr9pr8rr###"!#!$Bvqhryrr 3UREOHPD /D PDFFKLQD ULVSRQGH DOOH FKLDPDWH PD QRQ DFFHWWD L GDWL LQ DUULYR 6XJJHULPHQWL 6H LO ODYRUR FRQWLHQH PROWD JUDILFD q SRVVLELOH FKH OD PHPRULD VLD LQVXIILFLHQWH , O VLVWHPD QRQ ULVSRQGH DOOH FKLDPDWH LQ DUULYR O HVSDQVLRQH GL PHPRULD q RS]LRQDOH &DQFHOODUH GHL ODYRUL LQ PHPRULD H DWWHQGHUH ILQFKp QRQ VRQR VWDWL FRPSOHWDWL WXWWL L ODYRUL FRUUHQWL , Q TXHVWR PRGR VL SXz DXPHQWDUH OD TXDQWLWj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q VWDWD GLVDELOLWDWD &RQWDWWDUH O RSHUDWRUH UHVSRQVDELOH H YHULILFDUH FKH OD IXQ]LRQH 3UHYHQ]LRQH ID[ LQGHVLGHUDWL QRQ VLD DELOLWDWD QHOOH , PSRVWD]LRQL ID[ 'XUDQWH OD WUDVPLVVLRQH O LPPDJLQH YLHQH ULGRWWD , ID[ LQ DUULYR H L UDSSRUWL QRQ YHQJRQR VWDPSDWL Yr9pr8rr###"!#!$Bvqhryrr Qhtvh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htvh " % Yr9pr8rr###"!#!$Bvqhryrr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p q VWDWR SUHPXWR LO SXO VDQWH >&DQFHOOD@ (UURUH GL FRPXQLFD]LRQH 9HULILFDUH LO FROOHJD PHQWR GHO FDYR WHOHIRQLFR H ULSHWHUH O RSHUD]L RQH , O WHUPLQDOH UHPRWR QRQ q GRWDWR GHOOD IXQ]LRQH GL SROOLQJ , O WHUPLQDOH UHPRWR QRQ ULFHYH LO GRFXPHQWR &RQWDWWDUH O RSHUDWRUH UHPRWR H ULSHWHUH O RSHU D]LRQH % $ Yr9pr8rr###"!#!$Bvqhryrr Qhtvh " & 3UREOHPL H VROX]LRQL &RGLFL JXDVWR H PHVVDJJL &RGLFH 'HVFUL]LRQH H D]LRQH FRUUHWWLYD (UURUH GL FRPXQLFD]LRQH 9HULILFDUH LO FROOHJD PHQWR GHO FDYR WHOHIRQLFR VHOH]LRQDUH >)RU]D D @ H ULSHWHUH O RSHUD]LRQH /D PHPRULD VL q VDWXUDWD GXUDQWH OD FRPXQLFD]LRQH &RQWUROODUH OD TXDQWLWj GL PHPRULD GLVSRQLELOH &DQFHOODUH LO ODYRUR VXGGLYLGHUOR LQ SDUWL SL SLFFROH H ULSHWHUH O RSHUD]LRQH (UURUH GL FRPXQLFD]LRQH 5LSHWHUH ORSHUD]LRQH &RQWUROODUH OD SDUROD G DFFHVVR GHO VLVWHPD UHPRWR H ULSHWHUH O RSHUD]LRQH (UURUH GL FRPXQLFD]LRQH &RQWUROODUH OD TXDQWLWj GL PHPRULD GLVSRQLELOH 9HULILFDUH FKH OD UXEULFD FRQWHQJD XQ FRGLFH '70) GRSR LO FRGLFH VHJUHWR H ULSHWHUH O RSHUD]LRQH (UURUH GL FRPXQLFD]LRQH &RQWDWWDUH O RSHUDWRUH UHPRWR FRQWUROODUH OD OLQHD WHOHIRQLFD H ULSHWHUH O RSHUD]LRQH (UURUH GHOO RSHUDWRUH /H GLPHQVLRQL GHOO LPPDJLQH VRQR VWDWH PRGLILFDWH LQ EDVH DOOH FDSDFLWj GHO ID[ UHPRWR (UURUH GHOO RSHUDWRUH /D ULVROX]LRQH q VWDWD PRGLILFDWD LQ EDVH DOOH FDSDFLWj GHO ID[ UHPRWR 6L q YHULILFDWR XQ HUURUH GXUDQWH OD GLDJQRVWLFD 5LSHWHUH O RSHUD]LRQH 6L q YHULILFDWR XQ HUURUH GXUDQWH OD GLDJQRVWLFD 5LSHWHUH O RSHUD]LRQH (UURUH GL FRPXQLFD]LRQH 5LSHWHUH O RSHUD]LRQH (UURUH GL WUDVPLVVLRQH 5LSHWHUH O RSHUD]LRQH &' ( $$ '' Qhtvh " ' Yr9pr8rr###"!#!$Bvqhryrr (UURUH GL FRPXQLFD]LRQH &RQWUROODUH OD OLQHD WHOHIRQLFD H OD VHTXHQ]D '70) GHOOD UXEULFD H ULSHWHUH O RSHUD]LRQH , O VHJQDOH GL OLQHD QRQ q VWDWR ULOHYDWR RSSXUH OD OLQHD q RFFXSDWD &RQWUROODUH OD OLQHD WHOHIRQLFD H ULSHWHUH O RSHUD]LRQH 1HVVXQD ULVSRVWD GDO WHUPLQDOH UHPRWR &RQWDW WDUH O RSHUDWRUH UHPRWR H ULSHWHUH O RSHUD]LRQH , O ULFHYLWRUH q VJDQFLDWR $JJDQFLDUOR H ULSHWHUH O RSHUD]LRQH (UURUH GL FRPXQLFD]LRQH &RQWUROODUH OD OLQHD WHOHIRQLFD H ULSHWHUH O RSHUD]LRQH &RQWUROODUH O , ' GHO WHUPLQDOH UHPRWR H ULSHWHUH O RSHUD]LRQH 5LSHWHUH LO ODYRUR , O VHJQDOH GL OLQHD QRQ q VWDWR ULOHYDWR R LO QXPHUR HUD RFFXSDWR &RQWUROODUH OD OLQHD WHOH IRQLFD H ULSHWHUH O RSHUD]LRQH (UURUH GL FRPXQLFD]LRQH 5LSHWHUH O RSHUD]LRQH , O VHJQDOH GL OLQHD QRQ q VWDWR ULOHYDWR R LO QXPHUR HUD RFFXSDWR &RQWUROODUH OD OLQHD WHOH IRQLFD H ULSHWHUH O RSHUD]LRQH (UURUH GL FRPXQLFD]LRQH 5LSHWHUH O RSHUD]LRQH & ' ( ) $ % ( ( Yr9pr8rr###"!#!$Bvqhryrr Qhtvh " ( 3UREOHPL H VROX]LRQL 4XDOLWj FRSLD /D TXDOLWj GHOOH FRSLH SXz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htvh "! Yr9pr8rr###"!#!$Bvqhryrr 6H LO SUREOHPD VL ULSUHVHQWD ULYROJHUVL DO FHQWUR GL DVVLVWHQ]D ;HUR[ 1XPHUR GL WHOHIRQR GHO FHQWUR GL DVVLVWHQ]D ;HUR[ , O QXPHUR GL WHOHIRQR GHO FHQWUR GL DVVLVWHQ]D ;HUR[ YLHQH IRUQLWR DO PRPHQWR GHOO LQVWDOOD]LRQH GHO SURGRWWR 5HJLVWUDUH LO QXPHUR QHOO DSSRVLWR VSD]LR TXL VRWWR LQ PRGR GD SRWHUOR WURYDUH IDFLOPHQWH LQ IXWXUR 1XPHUR GL WHOHIRQR GHO FHQWUR GL DVVLVWHQ]D Yr9pr8rr###"!#!$Bvqhryrr Qhtvh "! 3UREOHPL H VROX]LRQL 3URFHGXUD SHU FRQWDWWDUH LO VHUYL]LR GL DVVLVWHQ]D Qhtvh "!! Yr9pr8rr###"!#!$Bvqhryrr , O 'RFXPHQW &HQWUH q FRQIRUPH D XQD VHULH GL VSHFLILFKH DSSURYD]LRQL H VHYHUH QRUPH GL VLFXUH]]D FKH JDUDQWLVFRQR OD VLFXUH]]D GHJOL XWHQWL H LO FRUUHWWR IXQ]LRQDPHQWR GHO VLVWHPD &RQVXOWDUH OH VSHFLILFKH FRQWHQXWH LQ TXHVWR FDSLWROR SHU LQGLYLGXDUH YHORFHPHQWH OH FDUDWWHULVWLFKH GHO VLVWHPD 3HU XOWHULRUL LQIRUPD]LRQL VXOOH VSHFLILFKH ULYROJHUVL DO SURSULR UDSSUHVHQWDQWH ;HUR[ Yr9pr8rr###"!#!$Bvqhryrr Qhtvh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j PP SURI [ PP ODUJK 'RFXPHQW &HQWUH FRQ VWD]LRQH GL ILQLWXUD H UHODWLYR SLHGLVWDOOR R DOLPHQWDWRUH DG DOWD FDSDFLWj YDVVRLR GL ULFH]LRQH VWD]LRQH GL ILQLWXUD )URQWHUHWUR PP SURI [ PP ODUJK 'RFXPHQW &HQWUH FRQ ULSLDQR H YDVVRLR IURQWH UHWUR H GL ULFH]LRQH PP SURI [ PP ODUJK 'RFXPHQW &HQWUH FRQ VWD]LRQH GL ILQLWXUD H UHODWLYR SLHGLVWDOOR R DOLPHQWDWRUH DG DOWD FDSDFLWj ULSLDQR IURQWHUHWUR PP SURI [ PP ODUJK 'RFXPHQW &HQWUH FRQ PRGXOR IURQWHUHWUR VWD]LRQH GL ILQLWXUD H UHODWLYR SLHGLVWDOOR R DOLPHQWDWRUH DG DOWD FDSDFLWj YDVVRLR GL ULFH]LRQH VWD]LRQH GL ILQLWXUD PDLOER[ D WRUUH PP SURI [ PP ODUJK 3HVR PDFFKLQD &RQILJXUD]LRQH GL EDVH FD NJ Qhtvh #! Yr9pr8rr###"!#!$Bvqhryrr 'DOOD SDUWH DQWHULRUH H GDL ODWL 9HORFLWj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r9pr8rr###"!#!$Bvqhryrr Qhtvh #" 6SHFLILFKH $FFHVVLELOLWj $OLPHQWDWRUH DXWRPDWLFR &DSDFLWj IRJOL )RUPDWL FDUWD GD $ /() D $ 6() *UDPPDWXUH JP )RUPDWL PLVWL Vu VH OD UHODWLYD RS]LRQH YLHQH VHOH]LRQDWD QHOO LQWHUIDFFLD XWHQWH H L ERUGL GL HQWUDWD GHL GRFXPHQWL KDQQR GLPHQVLRQL XJXDOL 5LOHYDPHQWR GHO IRUPDWR Vu 9DVVRL FDUWD 9DVVRL H *UDPPDWXUH JP &DSDFLWj IRJOL GD JP SHU YDVVRLR )RUPDWL FDUWD $ /() VROR YDVVRLR $ 6() $ /() $ 6() 5LOHYDPHQWR DXWRPDWLFR GHO IRUPDWR IRUPDWL GDO YDVVRLR IRUPDWL GDL YDVVRL H $OLPHQWD]LRQH IURQWH H IURQWHUHWUR GD WXWWL H L YDVVRL 7LSL GL VXSSRUWL FDUWD FRPXQH FDUWRQFLQR HWLFKHWWH OXFLGL FDUWD SHUIRUDWD VWDQGDUG FDUWD SUHVWDPSDWD H FDUWD ULFLFODWD 9DVVRLR E\SDVV *UDPPDWXUH JP &DSDFLWj IRJOL GD JP )RUPDWL FDUWD GD $ 6() D $ 6() 5LOHYDPHQWR DXWRPDWLFR GHO IRUPDWR IRUPDWL SURJUDPPDELOL GDOO XWHQWH 3URJUDPPD]LRQH GL IRUPDWL SHUVRQDOL]]DWL Qhtvh ## Yr9pr8rr###"!#!$Bvqhryrr &DSDFLWj IRJOL GD JP )RUPDWL FDUWD $ /() *UDPPDWXUH JP! 9DVVRLR SHU EXVWH RS]LRQDOH &DSDFLWj EXVWH GD JP!)RUPDWL GHOOH EXVWH GD [ PP D [ PP *UDPPDWXUH JP! 9DVVRLR GL XVFLWD FHQWUDOH &DSDFLWj FD IRJOL )RUPDWL FDUWD GD $ 6() D $ 6() *UDPPDWXUH JP!127$ QRQ LQYLDUH OH EXVWH DOOD VWD]LRQH GL ILQLWXUD Yr9pr8rr###"!#!$Bvqhryrr Qhtvh #$ 6SHFLILFKH $OLPHQWDWRUH DG DOWD FDSDFLWj RS]LRQDOH 3LQ]DWULFH HVWHUQD RS]LRQDOH &DSDFLWj IRJOL GD JP 3XQWL PHWDOOLFL SHU FDUWXFFLD 3Xz SLQ]DUH GD D IRJOL GD JP! 0DLOER[ D WRUUH RS]LRQDOH VFRPSDUWL FRQ OH VHJXHQWL FDSDFLWj IRJOL GD JP!SHU VFRPSDUWR )RUPDWL FDUWD GD $ D $ *UDPPDWXUH JP!&RQVHJQD D IDFFLD LQ JL 127$ QRQ LQYLDUH OH EXVWH DOOD VWD]LRQH GL ILQLWXUD 6SHFLILFKH HOHWWULFKH )UHTXHQ]D += 7HQVLRQH 9&$ &RQVXPR HQHUJHWLFR 9DORUH PDVVLPR PHGLR . 9$ #9&$ Qhtvh #% Yr9pr8rr###"!#!$Bvqhryrr 9HORFLWj GL WUDVPLVVLRQH ID[ . ESV FRQ IDOOEDFN DXWRPDWLFR . ESV H ESV VHOH]LRQDELOL GDOORSHUDWRUH 7HPSR GL WUDVPLVVLRQH SHU SDJLQD 'RFXPHQWR , 78 Q . ESV VWDQGDUG PHQR GL VHFRQGL 5HTXLVLWL SHU OD OLQHD WHOHIRQLFD 5HWH SXEEOLFD DQDORJLFD FRPPXWDWD R HTXLYDOHQWH &RPSDWLELOLWj 6XSHU * (&0 * PRGR SURSULHWDULR ;HUR[ 16) 5LVROX]LRQH [ GSL [ GSL [ GSL [ GSL [ GSL &RQYHUVLRQH GHOOD ULVROX]LRQH 'LVSRQLELOH SHU O LQYLR H OD ULFH]LRQH GL ID[ LGHDOH LQ ULFH]LRQH &RPSUHVVLRQH GHOOH LPPDJLQL 0+ 05 005 , QYLRULFH]LRQH GRFXPHQWL OXQJKL , QYLR OXQJKH]]D PDVVLPD PP 5LFH]LRQH OLQHH $SSURYD]LRQL GL FRQQHVVLRQH 8($(( FHUWLILFD]LRQH ;HUR[ LQ EDVH DOOD GLUHWWLYD (& 86$ DSSURYD]LRQH LQ EDVH DOOH QRUPH )(( 3W &DQDGD DSSURYD]LRQH LQ EDVH D '2& &6 $OWUL VWDWL FHUWLILFD]LRQH LQ EDVH DJOL VWDQGDUG 377 QD]LRQDOL Yr9pr8rr###"!#!$Bvqhryrr Qhtvh #& 6SHFLILFKH 6SHFLILFKH SHU OD IXQ]LRQH )D[ LQFRUSRUDWR Qhtvh #' Yr9pr8rr###"!#!$Bvqhryrr 4XHVWR FDSLWROR FRQWLHQH XQ HOHQFR GHL WHUPLQL VSHFLDOLVWLFL XWLOL]]DWL QHOOD SUHVHQWH JXLGD FRQ UHODWLYD VSLHJD]LRQH Yr9pr8rr###"!#!$Bvqhryrr Qhtvh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q LQ JUDGR GL JHVWLUH OXVR FRPS OHVVLYR GHOOD PDFFKLQD O XVR GD SDUWH GHL VLQJROL FRQWL R O XVR GHOOH VLQJROH IXQ]LRQL 8QLWj GL PLVXUD SHU OD WUDVPLVVLRQH GHL GDWL 8QLWj GL PLVXUD SHU OD WUDVPLVVLRQH GHL GDWL %LW DO VHFRQGR &DUDWWHUL VSHFLDOL XWLOL]]DELOL VXL VLVWHPL ;HUR[ FKH VXS SRUWDQR OH PDLOER[ ID[ $36 $UFKLYLR $XGLWURQ %DXG %LW %36 &DUDWWHUL GL VHOH]LRQH Qhtvh $! Yr9pr8rr###"!#!$Bvqhryrr &DUWD QRQ VWDQGDUG &DUWXFFLD GL FRSLDVWDPSD &RGD &RPPHQWL )RUPDWL GLYHUVL GD $ $ [ PP H $ 8QLWj VRVWLWXLELOH GDO FOLHQWH FKH FRQWLHQH JOL HOHPHQWL [HUR JUDILFL GHOOD PDFFKLQD $UHD GL PHPRUL]]D]LRQH WHPSRUDQHD SHU L ODYRUL LQ DWWHVD GL HODERUD]LRQH 5LJKH $ H 'D GHO IRJOLR GL LQWHVWD]LRQH SHU XQ ID[ R LQIRU PD]LRQL LPPHVVH XVDQGR OD IXQ]LRQH $QQRWD]LRQH SHU XQ ODYRUR GL FRSLD 6LVWHPD GL FRQWDELOLWj HVWHUQR LQVWDOODWR WUDPLWH GLVFR IORSS\ / LQWHQVLWj GHOOLPPDJLQH RSSXUH LO JUDGR GL GLIIHUHQ]D WUD OH WRQDOLWj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j , PSRVWD]LRQH GL TXDOLWj LPPDJLQH FKH SHUPHWWH GL PLJOLR UDUH O DVSHWWR GHL GRFXPHQWL FRQ IRQGL FRORUDWL , O 'RFXPHQW &HQWUH q LQ JUDGR GL DGDWWDUVL D GLYHUVL WLSL GL LPPDJLQH &RQWDELOLWj EDVDWD VXO ODYRUR -%$ &RQWUDVWR &RSHUWLQH &RSLDWULFH GLJLWDOH 'D LPSXOVL D WRQL 'LVSRVLWLYR GL FRQWUROOR HVWHUQR (VSRVL]LRQH DXWR Yr9pr8rr###"!#!$Bvqhryrr Qhtvh $" *ORVVDULR (WKHUQHW )DVFLFRODWH 7LSR GL WHFQRORJLD GL UHWH XWLOL]]DWR SHU LQYLDUH GDWL GD XQ QRGR DOO DOWUR &RSLH GL XQ GRFXPHQWR FKH YHQJRQR FRQVHJQDWH QHO PHGHVLPR RUGLQH GHJOL RULJLQDOL DOLPHQWDWL GDOO DOLPHQWDWRUH DXWRPDWLFR *UXSSL GL FRSLH GL GRFXPHQWL PXOWLSDJLQH 6H ORULJLQDOH q XQ GRFXPHQWR GL TXDWWUR SDJLQH H VL GHVLGHUD IDUQH FRSLH VL RWWHUUDQQR IDVFLFROL 'RFXPHQWR FKH YLHQH WUDVPHVVR D XQ WHUPLQDOH UHPRWR PHGLDQWH OD OLQHD WHOHIRQLFD 8Q VHUYL]LR GL ID[ ORFDOH FKH FRQVHQWH GL XWLOL]]DUH XQ VHUYHU ID[ GL WHU]L &RPSXWHU GRWDWR GL GLVFR ILVVR DEEDVWDQ]D JUDQGH GD SHUPHWWHUH GL DUFKLYLDUH QXPHURVL ILOH &RQVHQWH DJOL XWHQWL DFFHGHUH VLPXOWDQHDPHQWH DOOR VWHVVR ILOH )XQ]LRQH FKH FRQVHQWH GL PLJOLRUDUH OD TXDOLWj GHOOH WUDVPLVVLRQL WHOHIRQLFKH VH OD OLQHD q GLVWXUEDWD )XQ]LRQH FKH SHUPHWWH GL PLJOLRUDUH O DVSHWWR GHOOH FRSLH TXDQGR O RULJLQDOH FRQWLHQH GHOOH IRWRJUDILH JUXSSR GL GDWL LQYLDWL VXOOD UHWH 'RFXPHQWR OH FXL SDJLQH VRQR VWDPSDWH VX HQWUDPEL L ODWL , YDORUL FKH OD PDFFKLQD XWLOL]]D TXDQGR O XWHQWH QRQ HIIHW WXD OH LPSRVWD]LRQL , PSRVWD]LRQL LQFRUSRUDWH QHOOD PDFFKLQD DO PRPHQWR GHOOD SURGX]LRQH FKH YHQJRQR XWLOL]]DWH TXDQGR O XWHQWH QRQ LPSRVWD GHL YDORUL SHU O RSHUD]LRQH )DVFLFROL GL FRSLH )D[ LQFRUSRUDWR )D[ VHUYHU )LOH VHUYHU )RU]D D )RWR )UDPH )URQWHUHWUR , PSRVWD]LRQL GL GHIDXOW , PSRVWD]LRQL GL GHIDXOW RULJLQDOL Qhtvh $# Yr9pr8rr###"!#!$Bvqhryrr , Q PHPRULD SHU SROOLQJ , QFHSSDPHQWR VWDPSDQWH , QVHUWL , QYLR GLIIHULWR , 3 /$1 ID[ /'$3 'RFXPHQWR DUFKLYLDWR VXO VLVWHPD FKH YHUUj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q SRVVLELOH PHPRUL]]DUH L ID[ )XQ]LRQH FKH FRQVHQWH GL YLVXDOL]]DUH FDUDWWHUL VSHFLDOL LQ OXRJR GHL FDUDWWHUL GL GDWL SULYDWL TXDQGR VL SUHPH LO FDUDWWHUH EDUUD URYHVFLDWD ? $UHD GL DUFKLYLD]LRQH GHL GRFXPHQWL $UHH GL JULJLR FKH QRQ VRQR Qp ELDQFKH Qp QHUH 0RGDOLWj GL DOLPHQWD]LRQH GHO VLVWHPD FKH ULGXFRQR VLJQLIL FDWLYDPHQWH LO FRQVXPR GL HQHUJLD QHL SHULRGL GL LQDWWLYLWj 0RGR GL ULVSDUPLR HQHUJHWLFR FKH ULGXFH LO FRQVXPR GL HQHUJLD TXDQGR OD PDFFKLQD QRQ q LQ XVR 6HOH]LRQD LO PRGR GL FRPXQLFD]LRQH XWLOL]]DWR SHU XQD WUDVPLVVLRQH ID[ 6XSHU * * R )RU]D D ESV 0DLOER[ 0DVFKHUD GDWL 0HPRULD 0H]]HWLQWH 0RGL GL ULVSDUPLR HQHUJLD 0RGR $OLPHQWD]LRQH ULGRWWD 0RGR FRPXQLFD]LRQH Yr9pr8rr###"!#!$Bvqhryrr Qhtvh $$ *ORVVDULR 0RGR 'LVDWWLYD]LRQH DXWRPDWLFD 0RGR (FRQRPL]]DWRUH 0RGR 5LVSRVWD DXWRPDWLFD 0RGR 5LVSRVWD PDQXDOH 0RGR 6WDQGE\ 0XOWLIUHTXHQ]D '70) 1RGR 1RQ IDVFLFRODWH 8QR GHL PRGL GL ULVSDUPLR HQHUJLD QHO TXDOH OD FRSLDWULFH GLJLWDOH VL VSHJQH GRSR PLQXWL GL 6WDQGE\ H 0RGR $OL PHQWD]LRQH ULGRWWD R GRSR XQ SHULRGR SUHGHWHUPLQDWR 0RGR RSHUDWLYR LQ FXL LO FRQVXPR GL HQHUJLD YLHQH ULGRWWR VH OD PDFFKLQD q LQDWWLYD 0RGR ID[ LQ FXL LO 'RFXPHQW &HQWUH q SUR JUDPPDWR SHU ULVSRQGHUH DXWRPDWLFDPHQWH DOOH FKLDPDWH )XQ]LRQH FKH LPSHGLVFH DO VLVWHPD GL ULVSRQGHUH DXWR PDWLFDPHQWH DOOH FKLDPDWH 0RGR RSHUDWLYR LQ FXL LO FRQVXPR GL HQHUJLD YLHQH ULGRWWR VH OD PDFFKLQD q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htvh $% Yr9pr8rr###"!#!$Bvqhryrr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j 3URWRFROOR 5DSSRUWR DWWLYLWj 5DSSRUWR GL FRQILJXUD]LRQH VWDPSDQWH Yr9pr8rr###"!#!$Bvqhryrr Qhtvh $& *ORVVDULR 5DSSRUWR GL WUDVPLVVLRQH 5DSSRUWR ODYRUL LQ DWWHVD 5DSSRUWR RS]LRQL 5LVROX]LRQH 5DSSRUWR FKH FRQIHUPD OR VWDWR GL XQ GRFXPHQWR ID[ 5DSSRUWR FKH FRQWLHQH L ODYRUL LQ PHPRULD H OD TXDQWLWj GL ODYRUR GLVSRQLELOH 5DSSRUWR FKH HOHQFD OH RS]LRQL LQVWDOODWH VXO VLVWHPD 4XDQWLWj GL VSD]LR GRSR RJQL OLQHD VFDQVLRQDWD GDO VLVWHPD /H RS]LRQL GLVSRQLELOL VRQR 6WDQGDUG SHU GRFX PHQWL QRUPDOL )LQH H 6XSHUILQH SHU GRFXPHQWL FKH FRQ WHQJRQR SL GHWWDJOL (OHQFR GL QXPHUL WHOHIRQLFL SURJUDPPDWL DOO LQWHUQR GHOOD PDFFKLQD SHU SRWHUYL DFFHGHUH UDSLGDPHQWH $FURQLPR GL 6HUYLFH $GYHUWLVLQJ 3URWRFRO )XQ]LRQH FKH PLJOLRUD OD TXDOLWj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htvh $' Yr9pr8rr###"!#!$Bvqhryrr 6HOH]LRQH YHORFH 7LSR GL VHOH]LRQH YHORFH FKH FRQVHQWH GL FRPSRUUH XQ QXPHUR WHOHIRQLFR FRQ OD VHPSOLFH LPPLVVLRQH GL XQ FRG LFH GL WUH FLIUH 6HUYHU GL UHWH XWLOL]]DWR SHU DFFHGHUH DOOH LQIRUPD]LRQL VXL FRQWL , O 'RFXPHQW &HQWUH TXDQGR QRQ q FROOHJDWR D XQ VLVWHPD GL FRQWUROOR )LQHVWUD D FRPSDUVD YLVXDOL]]DWD QHOOD VFKHUPDWD )D[ FKH FRQWLHQH LQIRUPD]LRQL VXO ODYRUR DWWLYR $FURQLPR GL 6LPSOH 0DLO 7UDQVIHU 3URWRFRO &RQVHQWH GL VWDPSDUH ILOH 3RVW6FULSW H 3&/ GD XQ GLV FKHWWR LQVHULWR QHOO DSSRVLWD XQLWj GHOOD PDFFKLQD , SXOVDQWL GHO SDQQHOOR FRPDQGL RSSXUH L SXOVDQWL LQ IRU PDWR HOHWWURQLFR YLVXDOL]]DWL VXOOR VFKHUPR VHQVLELOH $FURQLPR GL 7UDQVPLVVLRQ &RQWURO 3URWRFRO, QWHUQHW 3URWR FRO , O WHUPLQDOH DOO DOWUR FDSR GHOOD OLQHD WHOHIRQLFD 'RFXPHQWR IURQWHUHWUR GRYH QHO VHFRQGR ODWR OLPPDJLQH XQ RULHQWDPHQWR RSSRVWR ULVSHWWR DOO LPPDJLQH GHO SULPR ODWR 1RUPDOPHQWH OD SDJLQD YLHQH JLUDWD LQ VHQVR YHUWL FDOH FRPH LQ XQ FDOHQGDULR 'RFXPHQWR IURQWHUHWUR GRYH QHO VHFRQGR ODWR OLPPDJLQH KD RULHQWDPHQWR XJXDOH ULVSHWWR DOO LPPDJLQH GHO SULPR ODWR 1RUPDOPHQWH OD SDJLQD YLHQH JLUDWD LQ VHQVR RUL] ]RQWDOH FRPH LQ XQ OLEUR $FURQLPR GL 7DJJHG , PDJH )LOH )RUPDW 6HUYHU GL &RQWDELOLWj HVWHUQD ($6 6LVWHPD DSHUWR 6LWXD]LRQH ID[ 6073 6WDPSD GD IORSS\ 7DVWLHULQD 7&3, 3 7HUPLQDOH UHPRWR 7HVWD D SLHGH 7HVWD D WHVWD 7, )) Yr9pr8rr###"!#!$Bvqhryrr Qhtvh $( *ORVVDULR 7LWRODUH 7UDVPHWWHUH 9HUWLFDOH 8WHQWH FRQ GLULWWL VSHFLDOL FKH JOL SHUPHWWRQR GL LPSRVWDUH L GLULWWL GL DFFHVVR GHJOL DOWUL XWHQWL , QYLDUH 2ULHQWDPHQWR GHOO LPPDJLQH VX XQ IRJOLR GL FDUWD Qhtvh $ Yr9pr8rr###"!#!$Bvqhryrr DUFKLYLD]LRQH GL XQ ODYRUR DUFKLYLR GL GHIDXOW DELOLWD DXGLWURQ LPSRVWD]LRQH LPSRVWD]LRQH DVVHPEODJJLR ODYRUL DFFHQVLRQH FRSLD DFFHQVLRQH H VSHJQLPHQWR DWWHQ]LRQH DFFHVVR DOOH LPSRVWD]LRQL FRPXQLFD]LRQH ID[ FRQYHQ]LRQL LPSRVWD]LRQH DWWULEXWL FDUWD DJJLXQJHPRGLILFD FRQWL LPSRVWD]LRQH LPSRVWD]LRQH DXGLWURQ DJJLXQWD R PRGLILFD GL XQD PDLOER[ GLVSRVLWLYR GL FRQWUROOR HVWHUQR LPSRVWD]LRQH LPSRVWD]LRQH DOLPHQWDWRUH DG DOWD FDSDFLWj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r9pr8rr###"!#!$Bvqhryrr Qhtvh % , QGLFH DQDOLWLFR , QGLFH DQDOLWLFR FDUWXFFLD GL FRSLDVWDPSD FDQFHOOD FRQWHQXWR PDLOER[ VRVWLWX]LRQH ID[ FDQFHOOD FRQWR FHQWUR GL DVVLVWHQ]D LPSRVWD]LRQH FRGD GL VWDPSD FDQFHOOD GRFXPHQWL FRSLD ID[ FDQFHOOD PDLOER[ ID[ LPSRVWD]LRQH ID[ FRPSOHWDWL FDQFHOOD PDUJLQH VFDQVLRQL LPSRVWD]LRQH VFDQVLRQL FRPSOHWDWH FDQFHOOD WXWWL L FRQWL VFDQVLRQL FRPSOHWDWH HPDLO LPSRVWD]LRQH VFDQVLRQL HPDLO FDQFHOOD HPDLO VWDPSD FDQFHOOD RS]LRQL VWDPSH FRPSOHWDWH VFDQVLRQH FRGD GL VWDPSD FRSLD FDQFHOOD]LRQH ERUGL FRSLD FRGD GL VWDPSD ODYRUL GL VWDPSD RS]LRQL FRGD GL VWDPSD VWDPSH FRPSOHWDWH FRSLD FRGD ID[ FDQFHOOD]LRQH GL XQ ODYRUR DUFKLYLDWR FRGD VFDQVLRQL FDQFHOOD]LRQH GL XQD PDLOER[ FRGLFL JXDVWR LPSRVWD]LRQH WDEHOOH FDUDWWHUL GL VHOH]LRQH FRGLFL JXDVWR H PHVVDJJL ID[ FROORFD]LRQH GHL GRFXPHQWL ODVWUD GL HVSRVL]LRQH FDULFDPHQWR GHL GRFXPHQWL DOLPHQWDWRUH DXWRPDWLFR FRPH FRQVHUYDUH OD FDUWD FDULFDPHQWR GHL SXQWL PHWDOOLFL FRPSRQHQWL GHOOD PDFFKLQD SLQ]DWULFH HVWHUQD RS]LRQDOL VWD]LRQH GL ILQLWXUD FRPSRVL]LRQH ID[ FDULFDPHQWR GHL YDVVRL FDUWD FRPXQLFD]LRQH ID[ LPSRVWD]LRQH FDULFDPHQWR GHO YDVVRLR SHU EXVWH FDULFDPHQWR GHOODOLPHQWDWRUH DG DOWD FDSDFLWj FRQGL]LRQH PDFFKLQD FRQWDWRUL FDULFDPHQWR GHOOD FDUWD JXDVWL SUHSDUD]LRQH LQIRUPD]LRQL FDULFDPHQWR GHOOD FDUWD QHO YDVVRLR E\SDVV LQIRUPD]LRQL VXO FRQWR FDUWD UDSSRUWL H FRQWDWRUL FDULFDPHQWR VWDPSD UDSSRUWL FDUWD H DOWUL VXSSRUWL VWDWR GHL YDVVRL FDUWD ULFLFODWD Qhtvh %! Yr9pr8rr###"!#!$Bvqhryrr FRQIOLWWR LPSRVWD]LRQH FRQIRUPLWj FRQ JOL VWDQGDUG DPELHQWDOL FRQWDWRUL FRQGL]LRQH PDFFKLQD FRQWR LPSRVWD]LRQH FRQWUDVWR ID[ LPSRVWD]LRQH FRQWUDVWR VFKHUPR LPSRVWD]LRQH FRQWUDVWR ID[ VHUYHU FRQWUROOL GL VLVWHPD SXOVDQWH DFFHVVR SXOVDQWH DVWHULVFR SXOVDQWH DYYLR SXOVDQWH FDQFHOOD SXOVDQWH FDQFHOOD WXWWR SXOVDQWH FDQFHOOHWWR SXOVDQWH JXLGD " SXOVDQWH LQWHUUX]LRQH SXOVDQWH OLQJXD SXOVDQWH SDXVD VWRS SXOVDQWH SDXVD VHOH]LRQH VSLD HFRQRPL]]DWRUH FRQYHQ]LRQL DWWHQ]LRQH DYYHUWHQ]H FRUVLYR QRWH RULHQWDPHQWR SHUFRUVR UDSLGR VXJJHULPHQWL WHVWR IUD SDUHQWHVL TXDGUH H LQ JUDVVHWWR FRSHUWLQH FRSLD RS]LRQL FRSLD FRSLD DQQRWD]LRQH DQQRWD]LRQH RS]LRQL DVVHPEODJJLR ODYRUL FDQFHOOD]LRQH ERUGL RS]LRQL FRGD GL VWDPSD FRSHUWLQH RS]LRQL FUHD]LRQH OLEUHWWR HGLWLQJ HGLWLQJ DUHD RS]LRQL HGLWLQJ SDJLQD RS]LRQL IDVFLFRODWH IRUPDWR FRSLD IRUPDWR RULJLQDOH IXQ]LRQL VWDQGDUG IXQ]LRQL VXSSOHPHQWDUL LPPDJLQL PXOWLSOH LQVHUWL ODWL GD FRSLDUH RULHQWDPHQWR ODYRUL DUFKLYLDWL DUFKLYLD]LRQH GL XQ ODYRUR FDQFHOOD]LRQH GL XQ ODYRUR DUFKLYLDWR UHFXSHUR GL XQ ODYRUR DUFKLYLDWR ODYRUR FRPSRVWR OXFLGL RS]LRQL QRQ IDVFLFRODWH RULJLQDOL ULOHJDWL RS]LRQL SURJUDPPD]LRQH GL XQ QXRYR FRPPHQWR TXDOLWj LPPDJLQH RS]LRQL TXDOLWj LPPDJLQH DYDQ]DWD RS]LRQL Yr9pr8rr###"!#!$Bvqhryrr Qhtvh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j HGLWLQJ FRSLD HGLWLQJ DUHD FRSLD RS]LRQL FRSLD HGLWLQJ SDJLQD FRSLD RS]LRQL FRSLD HOHQFR H HOHQFR GHL PRGHOOL VFDQVLRQH LQ UHWH HOLPLQD]LRQH GHJOL LQFHSSDPHQWL HPDLO DXWHQWLFD]LRQH GLVFRQHVVLRQH FDQFHOOD RS]LRQL IRUPDWR FRSLD IRUPDWR RULJLQDOH RS]LRQL IXQ]LRQL VWDQGDUG LPSRVWD]LRQL DUFKLYLD]LRQH RS]LRQL LQVHULPHQWR PDQXDOH GHOOLQGLUL]]R HPDLO ODWL GD FRSLDUH RS]LRQL ORJLQ DFFHVVR RVSLWH H DFFHVVR DXWHQWLFDWR GL UHWH ORJLQ DFFHVVR DXWHQWLFDWR GL UHWH ORJLQ DFFHVVR RVSLWH PRGDOLWj DXWHQWLFD]LRQH PRGLILFD GHO VHUYL]LR GL DXWHQWLFD]LRQH TXDOLWj LPPDJLQH GL EDVH UHJLVWUD]LRQH LPPDJLQH UXEULFD LQWHUQD UXEULFD SXEEOLFD XWLOL]]R GHOOD UXEULFD HPDLO FRGD GL VFDQVLRQL HPDLO VFDQVLRQL FRPSOHWDWH HQHUJ\ HQHUJ\ VWDU HWLFKHWWH Qhtvh %# Yr9pr8rr###"!#!$Bvqhryrr SDVVZRUG SHU SROOLQJ SROOLQJ ID[ UHPRWR IDVFLFRODWH SULRULWj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j DXWHQWLFD]LRQH PRGR GL ULVSRVWD ULVROX]LRQH RULJLQDOL PLVWL Yr9pr8rr###"!#!$Bvqhryrr Qhtvh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j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htvh %% Yr9pr8rr###"!#!$Bvqhryrr DFFHVVR DOOH LPSRVWD]LRQL FRPXQLFD]LRQH ID[ DJJLRUQD WXWWL L PRGHOOL DJJLXQJHPRGLILFD FRQWL DJJLXQWD GL XQ FRGLFH DJJLXQWD R PRGLILFD GL XQD PDLOER[ DUFKLYL SXEEOLFL DUFKLYLR GL GHIDXOW DWWULEXWL FDUWD DXGLWURQ DXGLWURQ LQWHUQR D]]HUDPHQWR DXWRPDWLFR FDQFHOOD FDQFHOOD ERUGR FDQFHOOD FRQWR FDQFHOOD PDLOER[ FDQFHOOD PDUJLQH FDQFHOOD WXWWL L FRQWL FDQFHOOD]LRQH GL XQD PDLOER[ FRPXQLFD]LRQH ID[ FRQIOLWWR FRQWR FRQWUDVWR FRQWUDVWR VFKHUPR FRSLDWULFH GDWD GDWDRUD GLULWWL GHJOL XWHQWL GLULWWL GL DFFHVVR HFRQRPL]]DWRUH ID[ ID[ LQ DUULYR ID[ LQFRUSRUDWR ILOH PDLOER[ ILOH SHU SROOLQJ IRJOLR GL FRQIHUPD IRUPDWL FDUWD JHVWLRQH ILOH ID[ JHVWLRQH ULSHWL]LRQL JUXSSR PRGHOOL VFDQVLRQH , ' ORFDOH LJQRUD JXDVWR LQYLR EDWFK ODWL GD FRSLDUH OLPLWH XVR OLQHD OLPLWL GHL ODYRUL OLQJXH SHU L UDSSRUWL ORJR VRFLHWj PDFFKLQD PDLOER[ PDLOER[ ID[ PDUJLQH SDJLQD PRGLILFD PRGR FRPXQLFD]LRQH PRQLWRU OLQHD QRPH ORFDOH QXPHUR DVVLVWHQ]D FOLHQWL QXPHUR GL VHULH PDFFKLQD RS]LRQL WHUPLQDOH ID[ RUD RUD LQYLR GLIIHULWR RULJLQDOH OXQJR SDXVD SFO SRUWH SRVWVFULSW SRWHQ]D ULGRWWD SUHYHQ]LRQH ID[ LQGHVLGHUDWL SULRULWj R SULRULWj FRGD SURFHGXUH GL LPSRVWD]LRQH SURWRFROOR TXDOLWj LPPDJLQH TXDOLWj LPPDJLQH DYDQ]DWD UDSSRUWL ID[ RS]LRQL UDSSRUWR DWWLYLWj UDSSRUWR LQYLR GL JUXSSR H PXOWLSROOLQJ UDSSRUWR PDLOER[ UDSSRUWR WUDVPLVVLRQH ULFH]LRQH ID[ SURWHWWD ULGX]LRQH LQ ULFH]LRQH Yr9pr8rr###"!#!$Bvqhryrr Qhtvh %& , QGLFH DQDOLWLFR ULGX]LRQHLQJUDQGLPHQWR ULVROX]LRQH ULWDUGR ULVSRVWD DXWRPDWLFD VFKHUPDWD LQL]LDOH VH LO ILOH HVLVWH JLj VHOH]LRQH XVFLWD FRSLH VSRVWDPHQWR PDUJLQH VWDPSD ID[ RS]LRQL VWDPSD IURQWHUHWUR VWDPSD LQWHVWD]LRQH ULFH]LRQH VWDPSDQWH VWUXPHQWL GHO WLWRODUH VWUXPHQWL GHOODPPLQLVWUDWRUH DXGLWURQ VWUXPHQWL GHOODPPLQLVWUDWRUH GL VLVWHPD VWUXPHQWL GHOORSHUDWRUH UHVSRQVDELOH WDVWR LQWHUUX]LRQH WHPSRUL]]DWRUL WLSR GL VHOH]LRQH WLSR RULJLQDOH WRWDOH UHLQYLL XQLWj GL PLVXUD XVFLWD FRSLH YDORUL GL GHIDXOW VFKHUPDWD ID[ YDVVRL FDUWD YROXPH VTXLOOR LPSRVWD]LRQL DUFKLYLD]LRQH VFDQVLRQH LPSRVWD]LRQL DUFKLYLD]LRQH HPDLO LPSRVWD]LRQL DUFKLYL]LRQH LPSRVWD]LRQL GL VFDQVLRQH LQ UHWH LPSRVWD]LRQL HPDLO LPSRVWD]LRQL ID[ LQFRUSRUDWR LPSRVWD]LRQL PDFFKLQD LPSRVWD]LRQL VH LO ILOH HVLVWH JLj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htvh %' Yr9pr8rr###"!#!$Bvqhryrr OLPLWH XVR OLQHD LPSRVWD]LRQL OLPLWL GHL ODYRUL LPSRVWD]LRQH OLQJXH SHU L UDSSRUWL LPSRVWD]LRQH ORJLQ DFFHVVR DXWHQWLFDWR GL UHWH DFFHVVR RVSLWH H DFFHVVR DXWHQWLFDWR GL UHWH ORJR VRFLHWj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j QXPHUR GL VHULH PDFFKLQD LPSRVWD]LRQH SXOVDQWH FRQGL]LRQH PDFFKLQD SXOVDQWH IXQ]LRQL QXPHUR VLQJROR UXEULFD SXOVDQWH VLWXD]LRQH ODYRUL ID[ PRGDOLWj DXWHQWLFD]LRQH HPDLO PRGDOLWj DXWHQWLFD]LRQH ID[ VHUYHU PRGDOLWj DXWHQWLFD]LRQHVFDQVLRQH LQ UHWH 2 PRGDOLWj GL ULVSDUPLR HQHUJHWLFR RSHUD]LRQL FRQ L PRGHOOL VHUYL]L LQWHUQHW 0 1 Yr9pr8rr###"!#!$Bvqhryrr Qhtvh %( , QGLFH DQDOLWLFR RS]LRQL FDQFHOOD HPDLO RS]LRQL IRUPDWR RULJLQDOH HPDLO RS]LRQL IRUPDWR RULJLQDOH ID[ VHUYHU RS]LRQL LPSRVWD]LRQL DUFKLYLD]LRQH HPDLO RS]LRQL LQWHUIDFFLD VHUYL]L LQWHUQHW RS]LRQL ODWL GD FRSLDUH HPDLO RS]LRQL TXDOLWj LPPDJLQH GL EDVH VFDQVLRQH LQ UHWH RS]LRQL UDSSRUWL ID[ LPSRVWD]LRQH RS]LRQL VWDPSD ID[ LPSRVWD]LRQH RS]LRQL WHUPLQDOH ID[ LPSRVWD]LRQH RUD LPSRVWD]LRQH RUD LQYLR GLIIHULWR LPSRVWD]LRQH RUGLQD]LRQH GHL PDWHULDOL GL FRQVXPR RULHQWDPHQWR FRQYHQ]LRQL ODWL GD FRSLDUH FRSLD RULJLQDOH OXQJR LPSRVWD]LRQH RULJLQDOL PLVWL ID[ RULJLQDOL ULOHJDWL FRSLD RS]LRQL FRSLD 3 SDSHUSRUW VHUYL]L LQWHUQHW SDVVZRUG SHU SROOLQJ ID[ SDXVD LPSRVWD]LRQH LPSRVWD]LRQH SHUFRUVR UDSLGR FRQYHQ]LRQL SHUFRUVRYROXPH VFDQVLRQH SLQ]DWH FRSLD SLQ]DWULFH HVWHUQD FDULFDPHQWR GHL SXQWL PHWDOOLFL SLQ]DWXUD VSHFLILFKH SLQ]DWXUD SLQ]DWULFH HVWHUQD SLQ]DWXUD DXWRPDWLFD VWD]LRQH GL ILQLWXUD SLQ]DWXUD PDQXDOH VWD]LRQH GL ILQLWXUD SLQ]DWXUD DXWRPDWLFD VWD]LRQH GL ILQLWXUD SLQ]DWXUD PDQXDOH VWD]LRQH GL ILQLWXUD SROOLQJ ID[ UHPRWR ID[ SROOLQJ OLEHUR ID[ SROOLQJ SURWHWWR ID[ SRUWH LPSRVWD]LRQH SRVWVFULSW LPSRVWD]LRQH SRWHQ]D ULGRWWD LPSRVWD]LRQH PRGDOLWj SUHSDUD]LRQH GHOOD FDUWD SHU LO FDULFDPHQWR SUHYHQ]LRQH ID[ LQGHVLGHUDWL LPSRVWD]LRQH SULRULWj GL LQYLR ID[ SULRULWj R SULRULWj FRGD LPSRVWD]LRQH SUREOHPL H VROX]LRQL SFO Qhtvh % Yr9pr8rr###"!#!$Bvqhryrr WDEHOOH SURFHGXUD GL ULVROX]LRQH GHL SUREOHPL 3URFHGXUD ID[ LQFRUSRUDWR SURFHGXUD SHU FRQWDWWDUH LO VHUYL]LR GL DVVLVWHQ]D SURFHGXUD SHU OD FRSLD FDULFDUH L GRFXPHQWL SUHPHUH LO SXOVDQWH IXQ]LRQL VHOH]LRQDUH OH IXQ]LRQL VSHFLILFDUH OD TXDQWLWj SUHPHUH DYYLR LGHQWLILFDUH LO ODYRUR QHOOD FRGD GL VWDPSD SURFHGXUH GL LPSRVWD]LRQH LPSRVWD]LRQL SURJUDPPD]LRQH GL XQ QXRYR FRPPHQWR FRSLD SURWRFROOR LPSRVWD]LRQH SXOL]LD DOLPHQWDWRUH DXWRPDWLFR ODVWUD GL HVSRVL]LRQH ODVWUD GL HVSRVL]LRQH H ODVWUD GL WUDVSRUWR D YHORFLWj FRVWDQWH SDQQHOOR FRPDQGL H VFKHUPR VHQVLELOH YDVVRL GL ULFH]LRQH SXOVDQWH DFFHVVR SXOVDQWH DVWHULVFR SXOVDQWH DYYLR SXOVDQWH FDQFHOOD SXOVDQWH FDQFHOOD WXWWR SXOVDQWH FDQFHOOHWWR SXOVDQWH IXQ]LRQL SXOVDQWH JXLGD " SXOVDQWH LQWHUUX]LRQH SXOVDQWH OLQJXD SXOVDQWH SDXVD VWRS SXOVDQWH SDXVD VHOH]LRQH SXOVDQWH VLWXD]LRQH ODYRUL TXDOLWj FRSLD TXDOLWj LPPDJLQH FRSLD LPSRVWD]LRQH RS]LRQL FRSLD TXDOLWj LPPDJLQH DYDQ]DWD FRSLD LPSRVWD]LRQH RS]LRQL FRSLD TXDOLWj LPPDJLQH GL EDVH RS]LRQL VFDQVLRQH VFDQVLRQH TXDOLWj LPPDJLQH GL EDVH HPDLO 5 UDSSRUWL H FRQWDWRUL FRQGL]LRQH PDFFKLQD UDSSRUWL H LPSRVWD]LRQL ID[ LQFRUSRUDWR UDSSRUWL ID[ ID[ UDSSRUWR DWWLYLWj LPSRVWD]LRQH UDSSRUWR LQYLR GL JUXSSR H PXOWLSROOLQJ LPSRVWD]LRQH UDSSRUWR PDLOER[ LPSRVWD]LRQH UDSSRUWR WUDVPLVVLRQH ID[ LPSRVWD]LRQH UHFXSHUR GL XQ ODYRUR DUFKLYLDWR ULFH]LRQH ID[ SURWHWWD LPSRVWD]LRQH ULFLFODJJLR GHOOD FDUWXFFLD GL FRSLDVWDPSD Yr9pr8rr###"!#!$Bvqhryrr Qhtvh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j LPPDJLQH GL EDVH RS]LRQL ULGX]LRQHLQJUDQGLPHQWR RS]LRQL VH LO ILOH HVLVWH JLj VFDQVLRQH FRQ FRSLD ORFDOH VHUYL]L LQWHUQHW VFDQVLRQH FRQ VHUYL]L LQWHUQHW 6FDQVLRQH LQ UHWH ORJLQDFFHVVR RVSLWH VFDQVLRQH LQ UHWH GLVFRQQHVVLRQH ORJLQ DFFHVVR RVSLWH H DFFHVVR DXWHQWLFDWR GL UHWH ORJLQ DFFHVVR DXWHQWLFDWR GL UHWH PRGDOLWj DXWHQWLFD]LRQH PRGHOOL SXEEOLFL H SULYDWL TXDOLWj LPPDJLQH GL EDVH RS]LRQL VFDQVLRQH LQ UHWH PRGLILFD GHO VHUYL]LR DXWHQWLFD]LRQH VFDQVLRQH VX ID[ VHUYL]L LQWHUQHW VFDQVLRQH VX ILOH VHUYL]L LQWHUQHW VFDQVLRQL FRPSOHWDWH VFKHGD SURSULHWj VHUYL]L LQWHUQHW VFKHGD VHUYL]L VHUYL]L LQWHUQHW VFKHUPDWD GL DFFHVVR DG $XGLWURQ VFKHUPDWD LQL]LDOH LPSRVWD]LRQH VH LO ILOH HVLVWH JLj VFDQVLRQH VHOH]LRQH ID[ Qhtvh % ! Yr9pr8rr###"!#!$Bvqhryrr VHOH]LRQH XVFLWD FRSLH LPSRVWD]LRQH VHOH]LRQH YHORFH ID[ VHOH]LRQH ID[ VHUYL]L LQWHUQHW FDPSL JHVWLRQH GRFXPHQWL IXQ]LRQL SURSULHWj IXQ]LRQL VWDQGDUG JHVWLRQH PRGHOOL LQYLR ODYRUR RSHUD]LRQL FRQ L PRGHOOL RS]LRQL LQWHUIDFFLD SDSHUSRUW ULHSLORJR PRGHOOL VFDQVLRQH FRQ FRSLD ORFDOH VFDQVLRQH VX ID[ VFDQVLRQH VX ILOH VFKHGD SURSULHWj VFKHGD VHUYL]L VHUYL]L SHU PRGHOOL VHUYL]L SHU PRGHOOL VHUYL]L LQWHUQHW VLFXUH]]D ODVHU VRVWLWX]LRQH GHOOD FDUWXFFLD GL FRSLDVWDPSD VSHFLILFKH DFFHVVLELOLWj DOLPHQWDWRUH DG DOWD FDSDFLWj DOLPHQWDWRUH DXWRPDWLFR FRQILJXUD]LRQH KDUGZDUH PDLOER[ D WRUUH SHVR PDFFKLQD SLQ]DWULFH HVWHUQD VWD]LRQH GL ILQLWXUD WHPSR GL ULVFDOGDPHQWR YDVVRL FDUWD YDVVRLR E\SDVV YDVVRLR GL XVFLWD FHQWUDOH YDVVRLR GL XVFLWD VLQLVWUR YDVVRLR SHU EXVWH YHORFLWj GL FRSLD '& '& '& YHORFLWj GL FRSLD GHO YDVVRLR FDUWD YHORFLWj GL FRSLDWXUD WHPSR GL XVFLWD GHOOD SULPD FRSLD VSHFLILFKH HOHWWULFKH FRQVXPR HQHUJHWLFR IUHTXHQ]D WHQVLRQH VSHFLILFKH ID[ LQFRUSRUDWR VSHJQLPHQWR VSLD HFRQRPL]]DWRUH VSRVWDPHQWR LPPDJLQH FRSLD RS]LRQL FRSLD VSRVWDPHQWR PDUJLQH LPSRVWD]LRQH VWDPSD VWDPSD GD IORSS\ VWDPSD GD PDLOER[ ID[ VWDPSD GRFXPHQWL ID[ VWDPSD IURQWHUHWUR LPSRVWD]LRQH VWDPSD LQWHVWD]LRQH ID[ VWDPSD LQWHVWD]LRQH ULFH]LRQH LPSRVWD]LRQH VWDPSD UDSSRUWL FRQGL]LRQH PDFFKLQD VWDPSDQWH LPSRVWD]LRQH VWDPSH FRPSOHWDWH FRSLD Yr9pr8rr###"!#!$Bvqhryrr Qhtvh % " , QGLFH DQDOLWLFR VWDQGE\ PRGDOLWj VWDWR GHL YDVVRL FRQGL]LRQH PDFFKLQD VWDWR ID[ RS]LRQL VWD]LRQH GL ILQLWXUD FDULFDPHQWR GHL SXQWL PHWDOOLFL VSHFLILFKH VWD]LRQH GL ILQLWXUD SLQ]DWXUD DXWRPDWLFD VWD]LRQH GL ILQLWXUD SLQ]DWXUD PDQXDOH VWUXPHQWL DPPLQLVWUDWRUH DXGLWURQ DPPLQLVWUDWRUH GL VLVWHPD LPSRVWD]LRQL PRGLILFD GHOOH LPSRVWD]LRQL RSHUDWRUH UHVSRQVDELOH WLWRODUH VXJJHULPHQWL FRQYHQ]LRQL VXSSRUWL FRQVLGHUD]LRQL VSHFLDOL LPSRVWD]LRQH WLSR RULJLQDOH ID[ VHUYHU WRWDOH UHLQYLL LPSRVWD]LRQH 8 XQLWj GL PLVXUD LPSRVWD]LRQH XVFLWD FRSLH FRSLD LPSRVWD]LRQH XWLOL]]R GHO SXOVDQWH JXLGD " XWLOL]]R GHOOD IXQ]LRQH VWDPSD IORSS\ 9 YDORUL GL GHIDXOW VFKHUPDWD ID[ LPSRVWD]LRQH YDVVRL FDUWD FRSLD LPSRVWD]LRQL RS]LRQL FRSLD VSHFLILFKH YDVVRLR E\SDVV FDULFDPHQWR GHOOD FDUWD FRQ DOLPHQWDWRUH DG DOWD FDSDFLWj H VWD]LRQH GL ILQLWXUD FRQ YDVVRLR VLQLVWUR VSHFLILFKH YDVVRLR GL XVFLWD FHQWUDOH VSHFLILFKH YDVVRLR GL XVFLWD VLQLVWUR VSHFLILFKH YDVVRLR SHU EXVWH FDULFDPHQWR VSHFLILFKH YROXPH VTXLOOR LPSRVWD]LRQH 7 WDVWLHULQD ID[ WDVWLHULQD ID[ VHUYHU WDVWR LQWHUUX]LRQH LPSRVWD]LRQH WHOHIRQR ID[ WHPSRUL]]DWRUL LPSRVWD]LRQH WHVWR IUD SDUHQWHVL TXDGUH H LQ JUDVVHWWR FRQYHQ]LRQL WLSR GL VHOH]LRQH LPSRVWD]LRQH WLSR RULJLQDOH ID[ Qhtvh % # Yr9pr8rr###"!#!$Bvqhryrr [. . . ] 127$ QRQ LQYLDUH OH EXVWH DOOD VWD]LRQH GL ILQLWXUD Yr9pr8rr###"!#!$Bvqhryrr Qhtvh #$ 6SHFLILFKH $OLPHQWDWRUH DG DOWD FDSDFLWj RS]LRQDOH 3LQ]DWULFH HVWHUQD RS]LRQDOH &DSDFLWj IRJOL GD JP 3XQWL PHWDOOLFL SHU FDUWXFFLD 3Xz SLQ]DUH GD D IRJOL GD JP! 0DLOER[ D WRUUH RS]LRQDOH VFRPSDUWL FRQ OH VHJXHQWL FDSDFLWj IRJOL GD JP!SHU VFRPSDUWR )RUPDWL FDUWD GD $ D $ *UDPPDWXUH JP! [. . . ]

DISCLAIMER PER SCARICARE LA GUIDA PER L'USO DI XEROX DOCUMENT CENTRE 230 ST

Lastmanuals offre un servizio di condivisione, archiviazione e ricerca di manuali collegati all'uso di hardware e software: la guida per l'uso, il manuale, la guida rapida, le schede tecniche…
Lastmanuals non può in alcun modo essere ritenuta responsabile se il documento che state cercando non è disponibile, incompleto, in una lingua differente dalla vostra, o se il modello o la lingua non corrispondono alla descrizione. Lastmanuals, per esempio, non offre un servizio di traduzione.

Clicca su "Scarica il manuale d'uso" alla fine del Contratto se ne accetti i termini: il download del manuale XEROX DOCUMENT CENTRE 230 ST inizierà automaticamente.

Cerca un manuale d'uso

 

Copyright © 2015 - LastManuals - Tutti i diritti riservati.
Marchi di fabbrica e i marchi depositati sono di proprietà dei rispettivi detentori.

flag