Istruzioni per l'uso XEROX WORKCENTRE PRO 412 GUIDA PER L'UTENTE

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 WORKCENTRE PRO 412 Speriamo che questo XEROX WORKCENTRE PRO 412 manuale sarà utile a voi.

Lastmanuals aiuta a scaricare la guida per l'uso XEROX WORKCENTRE PRO 412.


Mode d'emploi XEROX WORKCENTRE PRO 412
Download

Puoi anche scaricare i seguenti manuali collegati a questo prodotto:

   XEROX WORKCENTRE PRO 412 GUIDA RAPIDA (479 ko)
   XEROX WORKCENTRE PRO 412 QUICK START GUIDE (341 ko)
   XEROX WORKCENTRE PRO 412 (2321 ko)
   XEROX WORKCENTRE PRO 412 ALOITUSOPAS (444 ko)
   XEROX WORKCENTRE PRO 412 QUICK START (341 ko)
   XEROX WORKCENTRE PRO 412 INFORMATION SHEET (372 ko)
   XEROX WORKCENTRE PRO 412 QUICK START GUIDE (341 ko)

Estratto del manuale: manuale d'uso XEROX WORKCENTRE PRO 412GUIDA PER L'UTENTE

Istruzioni dettagliate per l'uso sono nel manuale

[. . . ] [. . . ] 3URSULHWj R VHOH]LRQDUH OLFRQD GHOOD VWDPSDQWH QHOOD FDUWHOOD 6WDPSDQWL H IDUH FOLF VXO SXOVDQWH GHVWUR GHO PRXVH YrXx8rrQ# !Bvqhryrr Qhtvh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htvh## YrXx8rrQ# !Bvqhryrr &RQ OH SURSULHWj GHOOD VWDPSDQWH YLVXDOL]]DWH q SRVVLELOH ULYHGHUH H PRGLILFDUH OH LPSRVWD]LRQL UHODWLYH DO ODYRUR GL VWDPSD /D ILQHVWUD 3URSULHWj GHOOD VWDPSDQWH q FRVWLWXLWD GD VFKHGH &DUWD 4XDOLWj LPPDJLQH /D\RXW SDJLQD )LOLJUDQH , QIR VX 6H VL DFFHGH DOOH SURSULHWj GHOOD VWDPSDQWH GDOOD FDUWHOOD 6WDPSDQWL ROWUH D TXHVWH VFKHGH q SRVVLELOH YLVXDOL]]DUH DOWUH VFKHGH DSSDUWHQHQWL D :LQGRZV 3HU LQIRUPD]LRQL VXOOH VFKHGH GL :LQGRZV FRQVXOWDUH OD *XLGD SHU OXWHQWH GL :LQGRZV 3HU LQIRUPD]LRQL VXOOH LPSRVWD]LRQL GL VWDPSD GLVSRQLELOL DOOLQWHUQR GL FLDVFXQD VFKHGD FRQVXOWDUH OD JXLGD LQ OLQHD GHO GULYHU GL VWDPSD YrXx8rrQ# !Bvqhryrr Qhtvh#$ 6WDPSD 6FKHGH GL SURSULHWj GHOOD VWDPSDQWH 127$ VH VL DFFHGH DOOD ILQHVWUD 3URSULHWj GHOOD VWDPSDQWH GDOOD FDUWHOOD 6WDPSDQWL OH LPSRVWD]LRQL VHOH]LRQDWH GLYHQWHUDQQR OH LPSRVWD]LRQL SUHGHILQLWH GHOOD VWDPSDQWH 6H LQYHFH SHU DFFHGHUH DOOH VFKHGH GL SURSULHWj GHOOD VWDPSDQWH VL VHOH]LRQD )LOH 6WDPSD R , PSRVWD SDJLQD QHOODSSOLFD]LRQH XWLOL]]DWD SHU OD VWDPSD OH LPSRVWD]LRQL VHOH]LRQDWH ULPDUUDQQR DWWLYH ILQR D TXDQGR ODSSOLFD]LRQH QRQ YLHQH FKLXVD , FRQH H SXOVDQWL GHOOH VFKHGH GL SURSULHWj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htvh#% YrXx8rrQ# !Bvqhryrr )D[ 4XHVWR FDSLWROR FRQWLHQH LQIRUPD]LRQL VXOOD IXQ]LRQH )D[ , Q SDUWLFRODUH IRUQLVFH LVWUX]LRQL GHWWDJOLDWH UHODWLYH D LQYLR H ULFH]LRQH GL ID[ H D WXWWH OH IXQ]LRQL FRUUHODWH GLVSRQLELOL , O FDSLWROR FRPSUHQGH OH VHJXHQWL VH]LRQL 3URFHGXUD GL LQYLR ID[ 0HWRGL GL FRPSRVL]LRQH 5LFH]LRQH GL XQ ID[ )XQ]LRQL ID[ VWDQGDUG )XQ]LRQL ID[ DYDQ]DWH 5DSSRUWL ID[ YrXx8rrQ# !Bvqhryrr Qhtvh$ )D[ 3URFHGXUD GL LQYLR ID[ 3HUFRUVR UDSLGR &DULFDUH JOL RULJLQDOL 6HOH]LRQDUH LO WDVWR &RSLD 6HOH]LRQDUH OH IXQ]LRQL ID[ , QVHULUH LO QXPHUR GL ID[ 3UHPHUH >$YYLR@ ULFKLHVWH )D[6FDQVLRQH 3ULPD GL LQYLDUH XQ ID[ SUHSDUDUH LO GRFXPHQWR GD LQYLDUH LO QXPHUR GL ID[ HG HYHQWXDOL UHTXLVLWL GL SURJUDPPD]LRQH SDUWLFRODUL 3HU LQYLDUH XQ ID[ SURFHGHUH FRPH VHJXH &DULFDPHQWR GHJOL RULJLQDOL /D VFDQVLRQH GHJOL RULJLQDOL SXz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htvh$! YrXx8rrQ# !Bvqhryrr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rXx8rrQ# !Bvqhryrr Qhtvh$" )D[ /DVWUD GL HVSRVL]LRQH /D ODVWUD GL HVSRVL]LRQH GHYH HVVHUH XWLOL]]DWD SHU IRJOL VLQJROL R SHU RULJLQDOL ULOHJDWL GL GLPHQVLRQL QRQ VXSHULRUL DO IRUPDWR FDUWD [ PP 6ROOHYDUH OD FRSHUWXUD GHOOD ODVWUD GL HVSRVL]LRQH Qhtvh$# YrXx8rrQ# !Bvqhryrr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rXx8rrQ# !Bvqhryrr Qhtvh$$ )D[ 6HOH]LRQH GHO WDVWR &RSLD)D[6FDQVLRQH 9HULILFDUH FKH VXO GLVSOD\ /&' VLDQR YLVXDOL]]DWH GDWD H RUD 0RGR )D[ , Q FDVR FRQWUDULR SUHPHUH ULSHWXWDPHQWH LO WDVWR >&RSLD )D[6FDQVLRQH@ GHO SDQQHOOR FRPDQGL ILQR D TXDQGR VXOOXOWLPD ULJD GHO GLVSOD\ /&' QRQ YLHQH YLVXDOL]]DWR 02'2 )$; TXLQGL SUHPHUH >6HOH]LRQD@ 7DVWR &RSLD)D[6FDQVLRQH 7DVWR 6HOH]LRQD Qhtvh$% YrXx8rrQ# !Bvqhryrr 6RQR GLVSRQLELOL TXDWWUR IXQ]LRQL ID[ VWDQGDUG , ULVSHWWLYL WDVWL VL WURYDQR VXO SDQQHOOR FRPDQGL 3HU XOWHULRUL LQIRUPD]LRQL VXOOH IXQ]LRQL ID[ VWDQGDUG GLVSRQLELOL FRQVXOWDUH OH SDJLQH VHJXHQWL 5LVROX]LRQH SDJLQD 0RGDOLWj GL VFDQVLRQH SDJLQD 7LSR RULJLQDOH SDJLQD &KLDUR6FXUR SDJLQD , QVHULPHQWR GHO QXPHUR GL ID[ , QVHULUH LO QXPHUR GHOODSSDUHFFKLR ID[ UHPRWR WUDPLWH OD WDVWLHULQD QXPHULFD 6HUYLUVL GHOOD WDVWLHULQD QXPHULFD SHU LQVHULUH LO QXPHUR WHOHIRQLFR GHOODSSDUHFFKLR ID[ UHPRWR 6H LO QXPHUR LQVHULWR QRQ q FRUUHWWR XWLOL]]DUH L WDVWL GL VFRUULPHQWR SHU VHOH]LRQDUH LO FDUDWWHUH HUUDWR TXLQGL GLJLWDUH TXHOOR FRUUHWWR 6H VL SUHPH >&DQFHOOD &DQFHOOD WXWWR@ OLQWHUR QXPHUR GL ID[ YLHQH FDQFHOODWR 6RQR GLVSRQLELOL YDUL PHWRGL GL LQVHULPHQWR GHO QXPHUR GL ID[ UHPRWR TXDOL OD VHOH]LRQH UDSLGD H OD VHOH]LRQH GL JUXSSR 68**(5, 0(172 SHU XOWHULRUL LQIRUPD]LRQL VXL YDUL PHWRGL GL FRPSRVL]LRQH GLVSRQLELOL FRQVXOWDUH OD VH]LRQH 0HWRGL GL FRPSRVL]LRQH D SDJLQD 7DVWLHULQD QXPHULFD 7DVWR &DQFHOOD &DQFHOOD WXWWR YrXx8rrQ# !Bvqhryrr Qhtvh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q VWDWR LQYLDWR FRUUHWWDPHQWH OD PDFFKLQD HPHWWH XQ VHJQDOH DFXVWLFR H ULWRUQD LQ PRGDOLWj 6WDQGE\ 6H LQYHFH VL YHULILFD XQ HUURUH GXUDQWH OD WUDVPLVVLRQH VXO GLVSOD\ YLHQH YLVXDOL]]DWR XQ PHVVDJJLR Qhtvh$' YrXx8rrQ# !Bvqhryrr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q LQ JUDGR GL HVHJXLUH SL GL XQD IXQ]LRQH FRQWHPSRUDQHDPHQWH $G HVHPSLR q SRVVLELOH ULFHYHUH XQ ID[ LQ PHPRULD PHQWUH VL HVHJXH XQD FRSLD PHPRUL]]DUH XQ GRFXPHQWR ID[ SHU OD VXFFHVVLYD WUDVPLVVLRQH PHQWUH VL VWDPSD XQ ID[ LQ DUULYR 6H OD PDFFKLQD HVHJXH GXH RSHUD]LRQL FRQWHPSRUDQHDPHQWH SUHPHUH >6WDWR ODYRUR@ SHU YLVXDOL]]DUH VXO GLVSOD\ OR VWDWR FRUUHQWH GHOODOWUD RSHUD]LRQH LQ FRUVR $ RJQL SUHVVLRQH GHO WDVWR >6WDWR ODYRUR@ VXO GLVSOD\ VL DOWHUQD OR VWDWR FRUUHQWH GHOOH GXH RSHUD]LRQL YrXx8rrQ# !Bvqhryrr Qhtvh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htvh$ YrXx8rrQ# !Bvqhryrr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q JLj PHPRUL]]DWR YLHQH YLVXDOL]]DWR VXO GLVSOD\ , QVHULUH LO QXPHUR GL ID[ GD PHPRUL]]DUH H SUHPHUH >6HOH]LRQD@ 3HU DVVHJQDUH XQ QRPH DO QXPHUR LQVHULUH LO QRPH GHVLGHUDWR 3HU XOWHULRUL LQIRUPD]LRQL VXOOLQVHULPHQWR GHL QRPL FRQVXOWDUH LO &DSLWROR 'HVFUL]LRQH GHO SURGRWWR D SDJLQD 6H QRQ VL GHVLGHUD DVVHJQDUH XQ QRPH LJQRUDUH TXHVWR SXQWR 6H LO QRPH q FRUUHWWR R VH QRQ VL GHVLGHUD LQVHULUH XQ QRPH SUHPHUH >6HOH]LRQD@ 3HU PHPRUL]]DUH SL QXPHUL WHOHIRQLFL ULSHWHUH OD SURFHGXUD 3HU ULWRUQDUH LQ PRGDOLWj 6WDQGE\ SUHPHUH >0HQX(VFL@ R >$UUHVWR@ YrXx8rrQ# !Bvqhryrr Qhtvh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htvh$ ! YrXx8rrQ# !Bvqhryrr SRVVLELOH LPSRVWDUH XQ JUXSSR H DVVHJQDUYL XQ QXPHUR GL VHOH]LRQH UDSLGD , O QXPHUR GL JUXSSR FRQVHQWH GL LQYLDUH XQ GRFXPHQWR D SL GHVWLQDWDUL LQ XQXQLFD RSHUD]LRQH , QXPHUL UHPRWL YHQJRQR FRPSRVWL QHOOD VHTXHQ]D PHPRUL]]DWD 6H XQ QXPHUR q RFFXSDWR OD PDFFKLQD SDVVD DO QXPHUR VXFFHVVLYR TXLQGL GRSR DYHUH VHOH]LRQDWR WXWWL L QXPHUL GHOOD VHTXHQ]D LO QXPHUR RFFXSDWR YLHQH ULVHOH]LRQDWR DXWRPDWLFDPHQWH 3HU SRWHU XWLOL]]DUH TXHVWD IXQ]LRQH q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j VXO GLVSOD\ /&' YLHQH YLVXDOL]]DWR XQ PHVVDJJLR FKH LQGLFD FKH LO QXPHUR GL JUXSSR q JLj UHJLVWUDWR QHFHVVDULR LQVHULUH XQ QXPHUR GL VHOH]LRQH UDSLGD D GXH FLIUH , QVHULUH LO QXPHUR GL VHOH]LRQH UDSLGD GD LQFOXGHUH QHO JUXSSR H SUHPHUH >6HOH]LRQD@ 9HQJRQR YLVXDOL]]DWL LO QXPHUR GL VHOH]LRQH UDSLGD LO QXPHUR GL ID[ H LO QRPH YrXx8rrQ# !Bvqhryrr Qhtvh$ " )D[ 6HOH]LRQH GL JUXSSR SHU WUDVPLVVLRQL D SL GHVWLQDWDUL 3UHPHUH >6HOH]LRQD@ 5LSHWHUH OD SURFHGXUD SHU LQVHULUH QHO JUXSSR VHOH]LRQDWR DOWUL QXPHUL GL VHOH]LRQH UDSLGD $O WHUPLQH SUHPHUH >0HQX(VFL@ 6XO GLVSOD\ YLHQH ULFKLHVWR GL LQVHULUH XQ , ' QRPH 3HU DVVHJQDUH XQ QRPH DO JUXSSR LQVHULUH LO QRPH GHVLGHUDWR 6H QRQ VL GHVLGHUD DVVHJQDUH XQ QRPH LJQRUDUH TXHVWR SXQWR 'RSR DYHUH LQVHULWR LO QRPH SUHPHUH >6HOH]LRQD@ 3HU FRQILJXUDUH XQ DOWUR JUXSSR ULSHWHUH OLQWHUD SURFHGXUD 3HU XVFLUH H ULWRUQDUH DO OLYHOOR GL PHQX SUHFHGHQWH SUHPHUH >0HQX(VFL@ 3HU ULWRUQDUH LQ PRGDOLWj 6WDQGE\ SUHPHUH >$UUHVWR@ 127$ QRQ q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htvh$ # YrXx8rrQ# !Bvqhryrr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q VWDWR DVVHJQDWR XQ QRPH YLHQH YLVXDOL]]DWR 6H QHFHVVDULR PRGLILFDUH LO QRPH TXLQGL SUHPHUH >6HOH]LRQD@ 3HU PRGLILFDUH DOWUL JUXSSL ULSHWHUH OLQWHUD SURFHGXUD 3HU XVFLUH H ULWRUQDUH DO OLYHOOR GL PHQX SUHFHGHQWH SUHPHUH >0HQX(VFL@ 3HU ULWRUQDUH LQ PRGDOLWj 6WDQGE\ SUHPHUH >$UUHVWR@ 8WLOL]]R GHOOD VHOH]LRQH GL JUXSSR 7UDVPLVVLRQH D SL GHVWLQDWDUL /D VHOH]LRQH GL JUXSSR SXz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rXx8rrQ# !Bvqhryrr Qhtvh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q DQFKH SRVVLELOH SUHPHUH 6HOH]LRQH UDSLGD GLJLWDUH LO QXPHUR GL VHOH]LRQH UDSLGD H TXLQGL SUHPHUH >6HOH]LRQD@ 3UHPHUH >6HOH]LRQD@ SHU FRQIHUPDUH LO QXPHUR 6XO GLVSOD\ YLHQH YLVXDOL]]DWR XQ PHVVDJJLR FKH ULFKLHGH GL LQVHULUH LO QXPHUR GL ID[ VXFFHVVLYR DO TXDOH LQYLDUH LO GRFXPHQWR 127$ VH LQ PHPRULD q VWDWD PHPRUL]]DWD XQRSHUD]LRQH FKH ULFKLHGH OLQYLR D SL QXPHUL R OD ULFH]LRQH GD SL QXPHUL QRQ q SRVVLELOH DJJLXQJHUH DOWUL QXPHUL GL ID[ 3UHPHUH >6HOH]LRQD@ H GLJLWDUH LO VHFRQGR QXPHUR GL ID[ WUDPLWH OD WDVWLHULQD QXPHULFD 3HU LQVHULUH LO QXPHUR q DQFKH SRVVLELOH SUHPHUH 6HOH]LRQH UDSLGD GLJLWDUH LO QXPHUR GL VHOH]LRQH UDSLGD H SUHPHUH >6HOH]LRQD@ 1RWDUH FKH QRQ q SRVVLELOH XWLOL]]DUH QXPHUL GL VHOH]LRQH GL JUXSSR SHU XQ DOWUR QXPHUR GL ID[ Qhtvh$ % YrXx8rrQ# !Bvqhryrr 3UHPHUH >6HOH]LRQD@ SHU FRQIHUPDUH LO QXPHUR 3HU DYYLDUH OD WUDVPLVVLRQH D XQR GHL GHVWLQDWDUL R DO WHUPLQH GHOOLQVHULPHQWR GHOOXOWLPR QXPHUR GL ID[ SUHPHUH >0HQX(VFL@ 3ULPD GHOOD WUDVPLVVLRQH LO GRFXPHQWR YLHQH VFDQVLWR LQ PHPRULD 6XO GLVSOD\ YHQJRQR YLVXDOL]]DWL OD FDSDFLWj GL PHPRULD H LO QXPHUR GL SDJLQH PHPRUL]]DWH TXLQGL OD PDFFKLQD LQL]LD D LQYLDUH LO GRFXPHQWR DL YDUL QXPHUL QHOORUGLQH LQ FXL VRQR VWDWL LQVHULWL 127$ VH JOL RULJLQDOL YHQJRQR VFDQVLWL VXOOD ODVWUD GL HVSRVL]LRQH VXO GLVSOD\ YLHQH ULFKLHVWR VH VL GHVLGHUD LQYLDUH XQDOWUD SDJLQD 8WLOL]]DUH L WDVWL GL VFRUULPHQWR SHU VHOH]LRQDUH >6, @ RSSXUH >12@ TXLQGL SUHPHUH >6HOH]LRQD@ $O WHUPLQH GHOOD SURFHGXUD GL VFDQVLRQH VHOH]LRQDUH >12@ H SUHPHUH >6HOH]LRQD@ SHU LQYLDUH LO ID[ YrXx8rrQ# !Bvqhryrr Qhtvh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q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htvh$ ' YrXx8rrQ# !Bvqhryrr /D PHPRULD GL ULVHOH]LRQH GHOOD PDFFKLQD q LQ JUDGR GL VDOYDUH JOL XOWLPL QXPHUL VHOH]LRQDWL 6H OR VWHVVR QXPHUR q VWDWR FRPSRVWR SL YROWH QRQ YLHQH WHQXWR FRQWR GHOOH ULSHWL]LRQL 3UHPHUH R SHU IDUH VFRUUHUH L QXPHUL PHPRUL]]DWL ILQR D WURYDUH TXHOOR ULFKLHVWR 4XDQGR LO QXPHUR YLHQH YLVXDOL]]DWR VXO GLVSOD\ SUHPHUH >$YYLR@ SHU FRPSRUOR , QYLR GL XQ ID[ GRSR XQD FRQYHUVD]LRQH WHOHIRQLFD 6H DOOD SUHVD (;7 q FROOHJDWR XQ WHOHIRQR q SRVVLELOH LQYLDUH XQ ID[ GRSR XQD FRQYHUVD]LRQH WHOHIRQLFD $O WHUPLQH GHOOD FRQYHUVD]LRQH GRPDQGDUH DOOLQWHUORFXWRUH GL DYYLDUH LO SURSULR DSSDUHFFKLR ID[ H GL ULDJJDQFLDUH /DSSDUHFFKLR ID[ UHPRWR FRPLQFLD D LQYLDUH L SULPL VHJQDOL ID[ $WWHQGHUH LO VHJQDOH ID[ GHOODSSDUHFFKLR UHPRWR 3RVL]LRQDUH L GRFXPHQWL QHOODOLPHQWDWRUH DXWRPDWLFR 3UHPHUH >$YYLR@ H ULDJJDQFLDUH LO ULFHYLWRUH YrXx8rrQ# !Bvqhryrr Qhtvh$ ( )D[ 5LFH]LRQH GL XQ ID[ , O :RUN&HQWUH 3UR q LQ JUDGR GL ULFHYHUH H VWDPSDUH DXWRPDWLFDPHQWH WXWWL L ID[ LQ DUULYR 'XUDQWH OD VWDPSD GL XQ ILOH GD 3& q SRVVLELOH ULFHYHUH H VDOYDUH LQ PHPRULD XQ ID[ LQ DUULYR 6RQR GLVSRQLELOL GLYHUVH PRGDOLWj GL ULFH]LRQH 0RGDOLWj GL ULFH]LRQH /D PDFFKLQD SXz HVVHUH FRQILJXUDWD LQ PRGDOLWj 7(/ )$; 7(/)$; R 6*5)$; 3UHPHUH >0HQX(VFL@ VXO SDQQHOOR FRPDQGL 3UHPHUH R ILQR D YLVXDOL]]DUH , 03267 6, 67(0$ TXLQGL SUHPHUH >6HOH]LRQD@ 3UHPHUH ULFKLHVWD R SHU VHOH]LRQDUH OD PRGDOLWj GL ULFH]LRQH 3UHPHUH >6HOH]LRQD@ SHU VDOYDUH OLPSRVWD]LRQH 3HU XVFLUH H ULWRUQDUH DO OLYHOOR GHO PHQX SUHFHGHQWH SUHPHUH >0HQX(VFL@ 3HU ULWRUQDUH LQ PRGDOLWj 6WDQGE\ SUHPHUH >$UUHVWR@ 2S]LRQL GHOOD PRGDOLWj GL ULFH]LRQH 7(/ , Q PRGR 7(/ OD ULFH]LRQH DXWRPDWLFD GHL ID[ q GLVDWWLYDWD 3HU ULFHYHUH XQ ID[ RFFRUUH SURFHGHUH PDQXDOPHQWH VROOHYDUH LO ULFHYLWRUH WHOHIRQLFR RSSXUH SUHPHUH &RPSRVL]LRQH PDQXDOH SHU DFFHWWDUH OD FKLDPDWD /D PDFFKLQD UHPRWD SXz WUDVPHWWHUH XQ VHJQDOH GL ID[ RSSXUH OD YRFH GHOOLQWHUORFXWRUH 3UHPHUH >$YYLR@ H ULDJJDQFLDUH LO ULFHYLWRUH 127$ VH OD PDFFKLQD VL WURYD LQ PRGR 6FDQVLRQH R &RSLD LO WDVWR &RPSRVL]LRQH PDQXDOH q GLVDWWLYDWR 9HULILFDUH FKH VXO GLVSOD\ /&' VLDQR YLVXDOL]]DWH GDWD H RUD 0RGR )D[ Qhtvh$! YrXx8rrQ# !Bvqhryrr 7(/)$; 6H LQ PRGR 7(/)$; OD PDFFKLQD ULVSRQGH DXWRPDWLFDPHQWH DOOH FKLDPDWH LQ DUULYR 6H QRQ YLHQH ULOHYDWR DOFXQ VHJQDOH ID[ OD PDFFKLQD HPHWWH XQR VTXLOOR SHU VHJQDODUH FKH VL WUDWWD GL XQD FKLDPDWD YRFDOH 3HU ULVSRQGHUH DOOD FKLDPDWD SUHPHUH >$YYLR@ TXLQGL VROOHYDUH LO ULFHYLWRUH 6H LO ULFHYLWRUH GHO WHOHIRQR FROOHJDWR DOOD OLQHD HVWHUQD QRQ YLHQH VROOHYDWR TXDQGR ODSSDUHFFKLR VTXLOOD OD PDFFKLQD SDVVD LQ PRGDOLWj GL ULFH]LRQH ID[ DXWRPDWLFD 4XHVWD PRGDOLWj GHYH HVVHUH XWLOL]]DWD VH VL FROOHJD XQD VHJUHWHULD WHOHIRQLFD DO :RUN&HQWUH 3UR ;HUR[ 6H OD VHJUHWHULD ULOHYD XQ VHJQDOH ID[ OD PDFFKLQD SDVVD DXWRPDWLFDPHQWH LQ PRGDOLWj )$; 6*5)$; 5LFH]LRQH PDQXDOH LQ PRGR 7(/ 6H VL GLVSRQH GL XQ WHOHIRQR HVWHUQR FROOHJDWR DOOD SUHVD (;7 q SRVVLELOH ULVSRQGHUH D FKLDPDWH YRFDOL H ULFHYHUH ID[ PDQXDOPHQWH 5LVSRQGHUH DOOD FKLDPDWD LQ DUULYR VROOHYDQGR LO ULFHYLWRUH GHOODSSDUHFFKLR WHOHIRQLFR HVWHUQR 6H ODSSDUHFFKLR UHPRWR HPHWWH XQ VHJQDOH ID[ R VH OD SHUVRQD FKH KD FKLDPDWR FKLHGH GL SRWHU LQYLDUH XQ ID[ SUHPHUH >$YYLR@ 3HU DYYLDUH OD ULFH]LRQH q DQFKH SRVVLELOH SUHPHUH L WDVWL GHO WHOHIRQR 5LDJJDQFLDUH LO ULFHYLWRUH /D ULFH]LRQH YLHQH DYYLDWD DO WHUPLQH OD PDFFKLQD ULWRUQD LQ PRGDOLWj 6WDQGE\ 127$ L FDUDWWHUL DVWHULVFRQRYHDVWHULVFR FRUULVSRQGRQR DO FRGLFH GL DYYLR ULFH]LRQH UHPRWD SUHGHILQLWR GHOOH PDFFKLQH FROOHJDWH D XQ DSSDUHFFKLR WHOHIRQLFR HVWHUQR *OL DVWHULVFKL VRQR FDUDWWHUL ILVVL PHQWUH LO QXPHUR SXz HVVHUH PRGLILFDWR 3HU XOWHULRUL LQIRUPD]LRQL FRQVXOWDUH LO &DSLWROR , PSRVWD]LRQH GHO VLVWHPD D SDJLQD YrXx8rrQ# !Bvqhryrr Qhtvh$! )D[ )$; 6H q VWDWR VHOH]LRQDWR LO PRGR )$; OD PDFFKLQD ULVSRQGH DXWRPDWLFDPHQWH DOOH FKLDPDWH LQ DUULYR HG HQWUD LPPHGLDWDPHQWH LQ PRGDOLWj GL ULFH]LRQH ID[ )XQ]LRQL ID[ VWDQGDUG /RS]LRQH )D[ FRQVHQWH GL VHOH]LRQDUH OH VHJXHQWL IXQ]LRQL VWDQGDUG 3ULPD GL SUHPHUH LO WDVWR $YYLR H LQL]LDUH OD VFDQVLRQH GHO GRFXPHQWR XWLOL]]DUH L WDVWL IXQ]LRQH GHO SDQQHOOR FRPDQGL SHU PRGLILFDUH OH UHODWLYH LPSRVWD]LRQL 5LVROX]LRQH 8WLOL]]DUH ORS]LRQH 5LVROX]LRQH SHU DXPHQWDUH OD GHILQL]LRQH GHO GRFXPHQWR GD WUDVPHWWHUH 6H GRSR DYHU FDULFDWR XQ RULJLQDOH VL SUHPH ULSHWXWDPHQWH LO WDVWR >5LVROX]LRQH@ q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q GLVSRQLELOH VH q VWDWD DWWLYDWD ORS]LRQH , QYLD GD PHPRULD 6H ORS]LRQH , QYLD GD PHPRULD q DWWLYDWD WXWWL L GRFXPHQWL YHQJRQR VDOYDWL LQ PHPRULD LQ PRGDOLWj 6WDQGDUG 6H q VWDWD LPSRVWDWD XQD ULVROX]LRQH 6XSHUILQH H ODSSDUHFFKLR ID[ UHPRWR QRQ q LQ JUDGR GL VXSSRUWDUH WDOH ULVROX]LRQH LO ID[ YHUUj WUDVPHVVR FRQ OD ULVROX]LRQH PDVVLPD VXSSRUWDWD GDOODSSDUHFFKLR ID[ UHPRWR 6XSHUILQH Qhtvh$!! YrXx8rrQ# !Bvqhryrr 6H ODSSDUHFFKLR ID[ UHPRWR q LQ JUDGR GL ULFHYHUH GRFXPHQWL D FRORUL q SRVVLELOH LQYLDUH ID[ D FRORUL 6HOH]LRQDUH %, $1&2 ( 1(52 SHU GRFXPHQWL QRQ D FRORUL H &2/25( SHU GRFXPHQWL D FRORUL 3UHPHUH >0RGDOLWj GL VFDQVLRQH@ VXO SDQQHOOR FRPDQGL SHU YLVXDOL]]DUH OLPSRVWD]LRQH FRUUHQWH 3UHPHUH ULSHWXWDPHQWH >0RGDOLWj GL VFDQVLRQH@ SHU IDUH VFRUUHUH OH YDULH RS]LRQL 3UHPHUH >6HOH]LRQD@ SHU VDOYDUH OD VHOH]LRQH 7LSR RULJLQDOH 3HU LQYLDUH GRFXPHQWL GL YDULR WLSR XWLOL]]DUH TXHVWD RS]LRQH SHU PRGLILFDUH LO WLSR GL RULJLQDOH H JDUDQWLUH XQD TXDOLWj RWWLPDOH GHOOD WUDVPLVVLRQH ID[ 3UHPHUH >7LSR RULJLQDOH@ VXO SDQQHOOR FRPDQGL SHU YLVXDOL]]DUH OLPSRVWD]LRQH FRUUHQWH 3UHPHUH ULSHWXWDPHQWH >7LSR RULJLQDOH@ SHU PRGLILFDUH OLPSRVWD]LRQH 3UHPHUH >6HOH]LRQD@ SHU VDOYDUH OD VHOH]LRQH 2S]LRQL GL 7LSR RULJLQDOH 7HVWR 0LVWR )RWR 8WLOL]]DUH TXHVWD RS]LRQH SHU VFDQVLUH GRFXPHQWL FRQWHQHQWL SUHYDOHQWHPHQWH WHVWR 8WLOL]]DUH TXHVWD RS]LRQH SHU VFDQVLUH GRFXPHQWL FRQWHQHQWL WHVWR H JUDILFD 8WLOL]]DUH TXHVWD RS]LRQH SHU VFDQVLUH IRWRJUDILH YrXx8rrQ# !Bvqhryrr Qhtvh$!" )D[ 2S]LRQL GL VFDQVLRQH &KLDUR6FXUR 8WLOL]]DUH ORS]LRQH &KLDUR6FXUR SHU FRPSHQVDUH OD OXPLQRVLWj R OD GHQVLWj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htvh$!# YrXx8rrQ# !Bvqhryrr 3HU ODYRUL ID[ SDUWLFRODUPHQWH FRPSOHVVL q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j GL VFDQVLRQH@ VXO SDQQHOOR FRPDQGL SHU YLVXDOL]]DUH OLPSRVWD]LRQH FRUUHQWH 3UHPHUH ULSHWXWDPHQWH >0RGDOLWj GL VFDQVLRQH@ ILQR D YLVXDOL]]DUH &2/25( 3UHPHUH >6HOH]LRQD@ SHU VDOYDUH OLPSRVWD]LRQH 3UHPHUH >&RPSRVL]LRQH PDQXDOH@ VXO SDQQHOOR FRPDQGL H LQVHULUH LO QXPHUR GHOODSSDUHFFKLR UHPRWR PHGLDQWH OD WDVWLHULQD QXPHULFD 3UHPHUH >$YYLR@ SHU SURFHGHUH DOOD VFDQVLRQH H TXLQGL DOOLQYLR GHO GRFXPHQWR 127$ VH ODSSDUHFFKLR UHPRWR QRQ VXSSRUWD OD VWDPSD D FRORUL LO ID[ ULFHYXWR VDUj VWDPSDWR LQ ELDQFR H QHUR YrXx8rrQ# !Bvqhryrr Qhtvh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q DQFKH SRVVLELOH SUHPHUH 6HOH]LRQH UDSLGD GLJLWDUH LO QXPHUR GL VHOH]LRQH UDSLGD H TXLQGL SUHPHUH >6HOH]LRQD@ 3UHPHUH >6HOH]LRQD@ SHU FRQIHUPDUH LO QXPHUR 6XO GLVSOD\ YLHQH YLVXDOL]]DWR XQ PHVVDJJLR FKH ULFKLHGH GL LQVHULUH LO VXFFHVVLYR QXPHUR GL ID[ DO TXDOH LQYLDUH LO GRFXPHQWR 127$ VH LQ PHPRULD q VWDWD PHPRUL]]DWD XQRSHUD]LRQH FKH ULFKLHGH OLQYLR D R OD ULFH]LRQH GD SL QXPHUL QRQ q SRVVLELOH DJJLXQJHUH DOWUL QXPHUL GL ID[ D TXHVWR SXQWR 3HU LQYLDUH LO ID[ D SL GHVWLQDWDUL SUHPHUH >6HOH]LRQD@ H GLJLWDUH XQ DOWUR QXPHUR GL ID[ WUDPLWH OD WDVWLHULQD QXPHULFD 3HU LQVHULUH LO QXPHUR q DQFKH SRVVLELOH SUHPHUH 6HOH]LRQH UDSLGD GLJLWDUH LO QXPHUR GL VHOH]LRQH UDSLGD H SUHPHUH >6HOH]LRQD@ , O QXPHUR YLHQH YLVXDOL]]DWR VXO GLVSOD\ 3UHPHUH >6HOH]LRQD@ SHU FRQIHUPDUH LO QXPHUR Qhtvh$!% YrXx8rrQ# !Bvqhryrr 9LHQH ULFKLHVWR GL LQVHULUH XQ , ' 3HU DVVHJQDUH XQ QRPH DOOD WUDVPLVVLRQH LQVHULUH LO QRPH GHVLGHUDWR , Q FDVR FRQWUDULR LJQRUDUH TXHVWR SXQWR 3HU XOWHULRUL LQIRUPD]LRQL VXOOLQVHULPHQWR GL QRPL WUDPLWH OD WDVWLHULQD QXPHULFD FRQVXOWDUH LO &DSLWROR 'HVFUL]LRQH GHO SURGRWWR D SDJLQD 3UHPHUH >6HOH]LRQD@ 6XO GLVSOD\ YLHQH YLVXDOL]]DWD ORUD FRUUHQWH H YLHQH ULFKLHVWR GL LQVHULUH ORUD GL LQL]LR WUDVPLVVLRQH GHO ID[ , QVHULUH ORUD WUDPLWH OD WDVWLHULQD QXPHULFD 3HU VHOH]LRQDUH $0 R 30 SHU LO PRGR RUH SUHPHUH 6H ORUD LPSRVWDWD q SUHFHGHQWH DOORUD FRUUHQWH LO GRFXPHQWR YLHQH LQYLDWR DOORUD VSHFLILFDWD GHO JLRUQR VXFFHVVLYR R 6H ORUD GL DYYLR WUDVPLVVLRQH q YLVXDOL]]DWD FRUUHWWDPHQWH SUHPHUH >6HOH]LRQD@ 3ULPD GHOOD WUDVPLVVLRQH LO GRFXPHQWR YLHQH VFDQVLWR LQ PHPRULD 6XO GLVSOD\ YHQJRQR YLVXDOL]]DWL OD FDSDFLWj GHOOD PHPRULD H LO QXPHUR GL SDJLQH PHPRUL]]DWH 127$ VH JOL RULJLQDOL YHQJRQR SRVWL VXOOD ODVWUD GL HVSRVL]LRQH VXO GLVSOD\ YLHQH ULFKLHVWR VH VL GHVLGHUD LQYLDUH XQDOWUD SDJLQD 8WLOL]]DUH L WDVWL GL VFRUULPHQWR SHU VHOH]LRQDUH >6, @ RSSXUH >12@ TXLQGL SUHPHUH >6HOH]LRQD@ $O WHUPLQH GHOOD SURFHGXUD GL VFDQVLRQH VHOH]LRQDUH >12@ H SUHPHUH >6HOH]LRQD@ /D PDFFKLQD ULWRUQD LQ PRGDOLWj 6WDQGE\ VXO GLVSOD\ /&' YLHQH YLVXDOL]]DWR XQ PHVVDJJLR FKH LQGLFD FKH OD PDFFKLQD VL WURYD LQ PRGR 6WDQGE\ H FKH q VWDWD LPSRVWDWD ORS]LRQH GL LQYLR GLIIHULWR 127$ SHU LQIRUPD]LRQL VXOODQQXOODPHQWR GL XQ LQYLR GLIIHULWR FRQVXOWDUH OD VH]LRQH $QQXOODPHQWR GL XQD WUDVPLVVLRQH SURJUDPPDWD D SDJLQD YrXx8rrQ# !Bvqhryrr Qhtvh$!& )D[ 3HU DYYLDUH OD WUDVPLVVLRQH D XQR GHL GHVWLQDWDUL R DO WHUPLQH GHOOLQVHULPHQWR GHOOXOWLPR QXPHUR GL ID[ SUHPHUH >0HQX(VFL@ $JJLXQWD GL GRFXPHQWL D XQD WUDVPLVVLRQH GLIIHULWD SRVVLELOH DJJLXQJHUH GRFXPHQWL D XQD WUDVPLVVLRQH GLIIHULWD JLj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j GL PHPRULD H LO QXPHUR GL SDJLQH $O WHUPLQH GHOOD PHPRUL]]D]LRQH OD PDFFKLQD YLVXDOL]]D LO QXPHUR WRWDOH GL SDJLQH H ULWRUQD LQ PRGDOLWj 6WDQGE\ Qhtvh$!' YrXx8rrQ# !Bvqhryrr 6H YLHQH DELOLWDWD OD IXQ]LRQH GL WUDVPLVVLRQH SULRULWDULD q SRVVLELOH IDUH LQ PRGR FKH XQ GRFXPHQWR XUJHQWH DEELD OD SUHFHGHQ]D VX RSHUD]LRQL JLj SURJUDPPDWH , O GRFXPHQWR YLHQH VFDQVLWR LQ PHPRULD H WUDVPHVVR DO WHUPLQH GHOORSHUD]LRQH LQ FRUVR , QROWUH OD WUDVPLVVLRQH SULRULWDULD SXz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q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j GHOOD PHPRULD H LO QXPHUR GL SDJLQH PHPRUL]]DWH YrXx8rrQ# !Bvqhryrr Qhtvh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q SDUWLFRODUPHQWH XWLOH QHO FDVR OD SHUVRQD FKH SRVVLHGH ORULJLQDOH GD WUDVPHWWHUH VLD DVVHQWH /D SHUVRQD FKH GHVLGHUD ULFHYHUH LO GRFXPHQWR FKLDPD ODSSDUHFFKLR ID[ FRQWHQHQWH ORULJLQDOH H ULFKLHGH OLQYLR GL WDOH GRFXPHQWR , Q DOWUH SDUROH YLHQH HVHJXLWD XQD ULFKLHVWD R SROOLQJ DOODSSDUHFFKLR ID[ UHPRWR 3ROOLQJ WUDVPLVVLRQH SRVVLELOH SURJUDPPDUH OD PDFFKLQD SHU LQYLDUH GRFXPHQWL LQ DVVHQ]D GHOORSHUDWRUH QHO FDVR XQ DSSDUHFFKLR ID[ UHPRWR HVHJXD XQRSHUD]LRQH GL SROOLQJ 3HU HYLWDUH LO SROOLQJ QRQ DXWRUL]]DWR GHO SURSULR DSSDUHFFKLR ID[ q SRVVLELOH LPSRVWDUH XQ DSSRVLWR FRGLFH , Q WDO PRGR VROR FKL FRQRVFH LO FRGLFH GL SROOLQJ SXz LQYLDUH ULFKLHVWH GL SROOLQJ DO SURSULR DSSDUHFFKLR ID[ 3RVL]LRQDUH L GRFXPHQWL FRQ LO ODWR VWDPSDWR ULYROWR YHUVR ODOWR QHOO$') R YHUVR LO EDVVR VXOOD ODVWUD GL HVSRVL]LRQH QHO FDVR GL GRFXPHQWL VLQJROL 9HULILFDUH FKH VXO GLVSOD\ /&' VLDQR YLVXDOL]]DWH GDWD H RUD 0RGR )D[ , Q FDVR FRQWUDULR SUHPHUH LO WDVWR >&RSLD)D[ 6FDQVLRQH@ ILQR D YLVXDOL]]DUH )$; TXLQGL SUHPHUH >6HOH]LRQD@ Qhtvh$" YrXx8rrQ# !Bvqhryrr 3UHPHUH >0HQX(VFL@ VXO SDQQHOOR FRPDQGL 3UHPHUH R ILQR D YLVXDOL]]DUH 32//, 1* TXLQGL SUHPHUH >6HOH]LRQD@ 3UHPHUH >6HOH]LRQD@ SHU DFFHGHUH D 32// 7; 9LHQH ULFKLHVWR GL LQVHULUH XQ FRGLFH GL SROOLQJ D FLIUH /LPSRVWD]LRQH SUHGHILQLWD FRUULVSRQGH D H LQGLFD ODVVHQ]D GL XQ FRGLFH GL SROOLQJ 3HU SURWHJJHUH OH WUDVPLVVLRQL ID[ FRQ XQ FRGLFH GL SROOLQJ GLJLWDUH XQ FRGLFH D FLIUH HVFOXVR H SUHPHUH >6HOH]LRQD@ , Q FDVR FRQWUDULR TXDQGR VXO GLVSOD\ YLHQH YLVXDOL]]DWR SUHPHUH >6HOH]LRQD@ RSSXUH GLJLWDUH 9LHQH ULFKLHVWR GL VDOYDUH LO GRFXPHQWR QHOOD PHPRULD GHOOD PDFFKLQD 6H LO GRFXPHQWR YLHQH PHPRUL]]DWR SL VWD]LRQL UHPRWH SRVVRQR ULFKLHGHUOR WUDPLWH SROOLQJ DO SURSULR DSSDUHFFKLR ID[ $OWULPHQWL HVVR YLHQH DXWRPDWLFDPHQWH FDQFHOODWR GRSR HVVHUH VWDWR WUDVPHVVR WUDPLWH SROOLQJ DO SULPR DSSDUHFFKLR ID[ UHPRWR FKH OR ULFKLHGH 7UDPLWH L WDVWL H VHOH]LRQDUH 6, SHU PHPRUL]]DUH LO GRFXPHQWR RSSXUH 12 SHU QRQ PHPRUL]]DUOR $O WHUPLQH SUHPHUH >6HOH]LRQD@ , O GRFXPHQWR YLHQH VDOYDWR LQ PHPRULD 6XO GLVSOD\ YHQJRQR YLVXDOL]]DWL LO QXPHUR GL SDJLQH PHPRUL]]DWH H OD FDSDFLWj GL PHPRULD ULPDQHQWH 68**(5, 0(172 q SRVVLELOH VWDPSDUH XQ UDSSRUWR /DYRUL SURJUDPPDWL SHU YHULILFDUH FKH XQRSHUD]LRQH GL WUDVPLVVLRQH LQ SROOLQJ VLD VWDWD LPSRVWDWD 3HU XOWHULRUL LQIRUPD]LRQL YHGHUH 5DSSRUWL ID[ D SDJLQD /D PDFFKLQD ULWRUQD LQ PRGDOLWj 6WDQGE\ YrXx8rrQ# !Bvqhryrr Qhtvh$" )D[ 3URJUDPPDUH OH IXQ]LRQL ULFKLHVWH 127$ VH JOL RULJLQDOL YHQJRQR SRVL]LRQDWL VXOOD ODVWUD GL HVSRVL]LRQH VXO GLVSOD\ YLHQH ULFKLHVWR VH VL GHVLGHUD LQYLDUH XQDOWUD SDJLQD 8WLOL]]DUH L WDVWL GL VFRUULPHQWR SHU VHOH]LRQDUH >6, @ RSSXUH >12@ TXLQGL SUHPHUH >6HOH]LRQD@ $O WHUPLQH GHOOD SURFHGXUD GL VFDQVLRQH VHOH]LRQDUH >12@ H SUHPHUH >6HOH]LRQD@ 127$ VH VL LPSRVWD ORS]LRQH 3ROO 7; OD PDFFKLQD SDVVD DXWRPDWLFDPHQWH GDOOD PRGDOLWj FRUUHQWH DOOD PRGDOLWj )$; ULFH]LRQH DXWRPDWLFD Qhtvh$"! YrXx8rrQ# !Bvqhryrr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q DQFKH SRVVLELOH SUHPHUH 6HOH]LRQH UDSLGD GLJLWDUH LO QXPHUR GL VHOH]LRQH UDSLGD H SUHPHUH >6HOH]LRQD@ 3UHPHUH >6HOH]LRQD@ SHU FRQIHUPDUH LO QXPHUR SRVVLELOH LQVHULUH DOWUL QXPHUL WHOHIRQLFL SHU ULFHYHUH GRFXPHQWL GD DOWUL DSSDUHFFKL ID[ 127$ VH LQ PHPRULD q VWDWD PHPRUL]]DWD XQRSHUD]LRQH FKH ULFKLHGH OLQYLR D R OD ULFH]LRQH GD SL QXPHUL D TXHVWR SXQWR QRQ q SRVVLELOH DJJLXQJHUH DOWUL QXPHUL GL ID[ 3HU HIIHWWXDUH LO SROOLQJ GL GRFXPHQWL GD SL DSSDUHFFKL ID[ SUHPHUH >6HOH]LRQD@ H ULSHWHUH OD SURFHGXUD YrXx8rrQ# !Bvqhryrr Qhtvh$"" )D[ 3ROOLQJ ULFH]LRQH H SROOLQJ ULFH]LRQH GLIIHULWD 'RSR DYHU LQVHULWR L QXPHUL FRUULVSRQGHQWL D WXWWL JOL DSSDUHFFKL ID[ SUHPHUH >0HQX(VFL@ 9LHQH ULFKLHVWR GL LQVHULUH ORUD LQ FXL VL GHVLGHUD FKH LO SURSULR DSSDUHFFKLR ID[ FKLDPL ODSSDUHFFKLR ID[ UHPRWR , QVHULUH ORUD WUDPLWH OD WDVWLHULQD QXPHULFD 8WLOL]]DUH L WDVWL R SHU VHOH]LRQDUH $0 R 30 6H ORUD LPSRVWDWD q SUHFHGHQWH DOORUD FRUUHQWH LO QXPHUR R L QXPHUL VSHFLILFDWL YHUUDQQR FKLDPDWL DOORUD VHOH]LRQDWD GHO JLRUQR VXFFHVVLYR 6H VL GHVLGHUD FKLDPDUH LPPHGLDWDPHQWH ODSSDUHFFKLR ID[ UHPRWR LJQRUDUH TXHVWR SXQWR 3UHPHUH >6HOH]LRQD@ TXDQGR VXO GLVSOD\ YLHQH YLVXDOL]]DWR ORUD FRUUHWWD RSSXUH VHQ]D LQVHULUH DOFXQ RUDULR 9LHQH ULFKLHVWR GL LQVHULUH XQ FRGLFH GL SROOLQJ D FLIUH , O FRGLFH SUHGHILQLWR LQGLFD ODVVHQ]D GL XQ FRGLFH GL SROOLQJ 6H ODSSDUHFFKLR ID[ UHPRWR q SURWHWWR GD XQ FRGLFH GL SROOLQJ LQVHULUH LO FRGLFH FRUUHWWR H SUHPHUH >6HOH]LRQD@ 6H ODSSDUHFFKLR ID[ UHPRWR QRQ q SURWHWWR GD XQ FRGLFH GL SROOLQJ SUHPHUH >6HOH]LRQD@ SHU DFFHWWDUH LO FRGLFH >@ QHVVXQ FRGLFH RSSXUH GLJLWDUH 6H q VWDWR VSHFLILFDWR XQ RUDULR GL DYYLR OD PDFFKLQD FKLDPHUj ODSSDUHFFKLR ID[ UHPRWR H ULFHYHUj LO GRFXPHQWR ULFKLHVWR DOORUDULR SUHVWDELOLWR $OWULPHQWL LO QXPHUR GHOODSSDUHFFKLR ID[ UHPRWR YLHQH FRPSRVWR LPPHGLDWDPHQWH Qhtvh$"# YrXx8rrQ# !Bvqhryrr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rXx8rrQ# !Bvqhryrr Qhtvh$"$ )D[ $QQXOODPHQWR GL XQRSHUD]LRQH SURJUDPPDWD 5DSSRUWL ID[ /D PDFFKLQD FRQVHQWH GL VWDPSDUH UDSSRUWL HG HOHQFKL GL YDULR WLSR , UDSSRUWL ID[ FRQVHQWRQR GL FRQIHUPDUH H PRQLWRUDUH ODWWLYLWj ID[ GHOOD PDFFKLQD SRVVLELOH LPSRVWDUH L UDSSRUWL LQ PRGR FKH LQFOXGDQR LQIRUPD]LRQL VSHFLILFKH R FKH YHQJDQR VWDPSDWL DXWRPDWLFDPHQWH SRVVLELOH VWDPSDUH UDSSRUWL FRQWHQHQWL LQIRUPD]LRQL SDUWLFRODUPHQWH XWLOL TXDOL /DYRUL SURJUDPPDWL 5XEULFD HFF 127$ SHU XOWHULRUL LQIRUPD]LRQL UHODWLYH DL UDSSRUWL FRQVXOWDUH LO &' 'RFXPHQWD]LRQH SHU LO FOLHQWH 6RQR GLVSRQLELOL L VHJXHQWL UDSSRUWL ID[ &RQIHUPD PHVVDJJL , Q TXHVWR UDSSRUWR q LQGLFDWR LO QXPHUR GL ID[ LO QXPHUR GL SDJLQH WUDVPHVVH LO WHPSR WUDVFRUVR GDOODYYLR GHOORSHUD]LRQH OD PRGDOLWj H L ULVXOWDWL GHOOD FRPXQLFD]LRQH , O UDSSRUWR GL FRQIHUPD PHVVDJJL SXz HVVHUH VWDPSDWR DXWRPDWLFDPHQWH GRSR RJQL WUDVPLVVLRQH 6, DXWRPDWLFDPHQWH VROR VH GXUDQWH OD WUDVPLVVLRQH VL YHULILFD XQ HUURUH (55 QRQ HVVHUH VWDPSDWR 12 , O UDSSRUWR SXz HVVHUH VWDPSDWR PDQXDOPHQWH LQ TXDOVLDVL PRPHQWR /DYRUL SURJUDPPDWL , Q TXHVWR HOHQFR VRQR ULSRUWDWL WXWWL L GRFXPHQWL PHPRUL]]DWL SHU OLQYLR GLIIHULWR LQYLR SULRULWDULR LQYLR GL JUXSSR H SROOLQJ WUDVPLVVLRQH 1HOOHOHQFR q LQGLFDWR ORUDULR GL DYYLR LO WLSR GL RSHUD]LRQH HFF , Q TXHVWR HOHQFR VRQR ULSRUWDWL WXWWL L QXPHUL PHPRUL]]DWL FRPH QXPHUL GL VHOH]LRQH UDSLGD H QXPHUL GL JUXSSR 4XHVWR UDSSRUWR FRQWLHQH LQIRUPD]LRQL UHODWLYH DOOH DWWLYLWj GL WUDVPLVVLRQH SL UHFHQWL 4XHVWR UDSSRUWR FRQWLHQH LQIRUPD]LRQL UHODWLYH DOOH DWWLYLWj GL ULFH]LRQH SL UHFHQWL 5XEULFD 7UDVPLVVLRQH 5LFH]LRQH Qhtvh$"% YrXx8rrQ# !Bvqhryrr 5DSSRUWR FRPXQLFD]LRQL PXOWLSOH 4XHVWR UDSSRUWR YLHQH VWDPSDWR DXWRPDWLFDPHQWH GRSR OLQYLR R OD ULFH]LRQH GL GRFXPHQWL GD SL SRVWD]LRQL 127$ L UDSSRUWL LPSRVWDWL SHU OD VWDPSD DXWRPDWLFD QRQ YHQJRQR VWDPSDWL VH OD FDUWD q HVDXULWD R LQFHSSDWD 68**(5, 0(172 SHU XQ HOHQFR FRPSOHWR GHL UDSSRUWL GLVSRQLELOL FRQVXOWDUH LO &DSLWROR , PSRVWD]LRQH GHO VLVWHPD D SDJLQD 6WDPSD GHL UDSSRUWL 3UHPHUH >5DSSRUWL@ VXO SDQQHOOR FRPDQGL 6XO GLVSOD\ YLHQH YLVXDOL]]DWR LO SULPR PHQX &21)(50$ 0(66 3UHPHUH ULSHWXWDPHQWH >5DSSRUWL@ ILQR D YLVXDOL]]DUH OHOHQFR GD VWDPSDUH TXLQGL SUHPHUH >6HOH]LRQD@ /HOHQFR VHOH]LRQDWR YLHQH VWDPSDWR YrXx8rrQ# !Bvqhryrr Qhtvh$"& )D[ Qhtvh$"' YrXx8rrQ# !Bvqhryrr , O :RUN&HQWUH 3UR q SURYYLVWR GL XQR VFDQQHU GL TXDOLWj 7UXH &RORU LQ JUDGR GL ULSURGXUUH JUDILFD IRWRJUDILH H WHVWR D FRORUL , O FDSLWROR FRPSUHQGH OH VHJXHQWL VH]LRQL 6FDQQHU 7:$, 1 ;HUR[ :RUN&HQWUH 3URFHGXUD GL VFDQVLRQH &RQILJXUD]LRQH GHOODSSOLFD]LRQH GL VFDQVLRQH SUHGHILQLWD )XQ]LRQL GL VFDQVLRQH VWDQGDUG 6FDQVLRQH DYDQ]DWD YrXx8rrQ# !Bvqhryrr Qhtvh% 6FDQVLRQH 6FDQVLRQH 6FDQQHU 7:$, 1 ;HUR[ :RUN&HQWUH , O SURJUDPPD GHOOR VFDQQHU 7:$, 1 ;HUR[ :RUN&HQWUH FRQVHQWH GL VRWWRSRUUH D VFDQVLRQH GRFXPHQWL H IRWRJUDILH SRVVLELOH VWDELOLUH TXDOH SRU]LRQH GHO GRFXPHQWR VFDQVLUH H UHJRODUH OXPLQRVLWj FRQWUDVWR ELODQFLDPHQWR FRORUH ULVROX]LRQH H QXPHURVH DOWUH LPSRVWD]LRQL GL VFDQVLRQH /H LPSRVWD]LRQL VRQR GHVFULWWH GHWWDJOLDWDPHQWH QHOOD JXLGD LQ OLQHD GHOOR VFDQQHU Qhtvh%! YrXx8rrQ# !Bvqhryrr 3HUFRUVR UDSLGR &DULFDUH JOL RULJLQDOL (VHJXLUH LO SURJUDPPD 3UHPHUH &RSLD)D[ 6HOH]LRQDUH OD IXQ]LRQH 3UHPHUH >$YYLR@ ULFKLHVWD 6FDQVLRQH 6FDQVLRQH VX 3& 3ULPD GL XWLOL]]DUH OD IXQ]LRQH GL VFDQVLRQH SUHSDUDUH LO PDWHULDOH GD VFDQVLUH H LGHQWLILFDUH HYHQWXDOL UHTXLVLWL GL SURJUDPPD]LRQH SDUWLFRODUL 3HU HVHJXLUH OD VFDQVLRQH GL XQ GRFXPHQWR SURFHGHUH FRPH VHJXH &DULFDPHQWR GHJOL RULJLQDOL /D VFDQVLRQH GHJOL RULJLQDOL SXz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rXx8rrQ# !Bvqhryrr Qhtvh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htvh%# YrXx8rrQ# !Bvqhryrr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rXx8rrQ# !Bvqhryrr Qhtvh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htvh%% YrXx8rrQ# !Bvqhryrr 6RQR GLVSRQLELOL FLQTXH IXQ]LRQL GL VFDQVLRQH VWDQGDUG , ULVSHWWLYL WDVWL VL WURYDQR VXO SDQQHOOR FRPDQGL 3HU PDJJLRUL LQIRUPD]LRQL VXOOH IXQ]LRQL GL VFDQVLRQH VWDQGDUG GLVSRQLELOL FRQVXOWDUH OH SDJLQH VHJXHQWL 5LVROX]LRQH SDJLQD 0RGDOLWj GL VFDQVLRQH SDJLQD 7LSR RULJLQDOH SDJLQD &KLDUR6FXUR SDJLQD 5LGXFL, QJUDQGLVFL SDJLQD $YYLR 3UHPHUH >$YYLR@ SHU DYYLDUH ORSHUD]LRQH GL VFDQVLRQH , O GRFXPHQWR FDULFDWR YLHQH VRWWRSRVWR D VFDQVLRQH 6XO GLVSOD\ YLHQH YLVXDOL]]DWR 6&$16, 21( '$ 3& H OLPPDJLQH VRWWRSRVWD D VFDQVLRQH YLHQH DSHUWD LQ 0LFURVRIW 3DLQW 7DVWR $YYLR YrXx8rrQ# !Bvqhryrr Qhtvh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htvh%' YrXx8rrQ# !Bvqhryrr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j GL VFDQVLRQH 8WLOL]]DUH TXHVWR WDVWR SHU LPSRVWDUH OD VFDQVLRQH VX %LDQFR H QHUR *ULJLR R &RORUH 3UHPHUH >0RGDOLWj GL VFDQVLRQH@ VXO SDQQHOOR FRPDQGL SHU YLVXDOL]]DUH OLPSRVWD]LRQH FRUUHQWH 3UHPHUH ULSHWXWDPHQWH >0RGDOLWj GL VFDQVLRQH@ SHU IDUH VFRUUHUH OH YDULH RS]LRQL 3UHPHUH >6HOH]LRQD@ SHU VDOYDUH OD VHOH]LRQH YrXx8rrQ# !Bvqhryrr Qhtvh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htvh% YrXx8rrQ# !Bvqhryrr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rXx8rrQ# !Bvqhryrr Qhtvh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htvh% ! YrXx8rrQ# !Bvqhryrr , Q TXHVWD VH]LRQH q LOOXVWUDWD XQD SURFHGXUD GL VFDQVLRQH DYDQ]DWD HVHJXLELOH WUDPLWH 3DSHU3RUW 127$ VH VL XWLOL]]D XQDSSOLFD]LRQH GLYHUVD FRQVXOWDUH OD UHODWLYD GRFXPHQWD]LRQH 3RVL]LRQDUH XQ GRFXPHQWR VLQJROR R XQD IRWRJUDILD VXOOD ODVWUD GL HVSRVL]LRQH FRQ OLPPDJLQH ULYROWD YHUVR LO EDVVR H L ERUGL DOOLQHDWL DOOH JXLGH YHUGL GHOOD ODVWUD 127$ LO GRFXPHQWR SXz DQFKH HVVHUH VFDQVLWR WUDPLWH ODOLPHQWDWRUH DXWRPDWLFR $YYLDUH 6FDQ 'LUHFW VXO 3& )DUH FOLF VXO SXOVDQWH $YYLR 6WDUW GL :LQGRZV TXLQGL VHOH]LRQDUH 3URJUDPPL!3DSHU3RUW!6FDQ 'LUHFW 68**(5, 0(172 q DQFKH SRVVLELOH IDUH GRSSLR FOLF VXOOLFRQD GL 6FDQ 'LUHFW GHO GHVNWRS VH GLVSRQLELOH 'DOOD ILQHVWUD , QER[ , Q DUULYR GL 3DSHU3RUW IDUH FOLF VXO SXOVDQWH >6FDQ@ LFRQD 6FDQ $ 'RFXPHQW 6FDQVLRQD GRFXPHQWR SRVWD QHOOD SDUWH VXSHULRUH GHOOD VFKHUPDWD , QER[ 9LHQH YLVXDOL]]DWR 3DSHU3RUW 6FDQ 7RRO H YLHQH DSHUWD OD VFKHGD 6FDQQHU 6H YLHQH DYYLDWD OD SURFHGXUD GL FRQILJXUD]LRQH JXLGDWD GHOOR VFDQQHU VHJXLUH OH LVWUX]LRQL YLVXDOL]]DWH VXOOR VFKHUPR SHU VHOH]LRQDUH ;HUR[ :RUN&HQWUH 3UR FRPH RULJLQH GHOOD VFDQVLRQH $O WHUPLQH IDUH FOLF VX >)LQLVKHG@ )LQH SHU YLVXDOL]]DUH GL QXRYR 3DSHU3RUW 6FDQ 7RRO )DUH FOLF VXOORS]LRQH >3UHYLHZ@ $QWHSULPD 9LHQH HVHJXLWD XQD VFDQVLRQH SUHOLPLQDUH GHO GRFXPHQWR H YLHQH DSHUWR LO SURJUDPPD GHOOR VFDQQHU 7:$, 1 :RUN&HQWUH 3HU XOWHULRUL LQIRUPD]LRQL FRQVXOWDUH OD GRFXPHQWD]LRQH GL 3DSHU3RUW YrXx8rrQ# !Bvqhryrr Qhtvh% " 6FDQVLRQH 6FDQVLRQH DYDQ]DWD Qhtvh% # YrXx8rrQ# !Bvqhryrr 3HU HVHJXLUH LQWHUYHQWL GL PDQXWHQ]LRQH VXOOD PDFFKLQD TXHVWR FDSLWROR ULSRUWD LVWUX]LRQL GHWWDJOLDWH UHODWLYH DOOD PDQXWHQ]LRQH RUGLQDULD H DOOD VRVWLWX]LRQH GHL PDWHULDOL GL FRQVXPR , O FDSLWROR FRPSUHQGH OH VHJXHQWL VH]LRQL 3XOL]LD 2UGLQD]LRQH GHOOH XQLWj VRVWLWXLELOL 8QLWj VRVWLWXLELOL GDOOXWHQWH &DULFDPHQWR GHL VXSSRUWL YrXx8rrQ# !Bvqhryrr Qhtvh& 0DQXWHQ]LRQH 0DQXWHQ]LRQH 3XOL]LD 3XOL]LD GHO :RUN&HQWUH 3UR 8QD PDQXWHQ]LRQH DFFXUDWD q IRQGDPHQWDOH SHU JDUDQWLUH LO IXQ]LRQDPHQWR FRUUHWWR GL TXDOVLDVL DSSDUHFFKLDWXUD $77(1=, 21( GXUDQWH OD SXOL]LD GHO :RUN&HQWUH 3UR QRQ XWLOL]]DUH VROYHQWL RUJDQLFL R FKLPLFL H GHWHUJHQWL VSUD\ 1RQ YHUVDUH VRVWDQ]H OLTXLGH GLUHWWDPHQWH VXOOD PDFFKLQD 1RQ XWLOL]]DUH PDWHULDOL GL FRQVXPR FKH QRQ ULHQWUDQR QHOOHOHQFR GHL PDWHULDOL DSSURYDWL ULSRUWDWR QHOOD SUHVHQWH GRFXPHQWD]LRQH 7DOL PDWHULDOL SRVVRQR FRPSURPHWWHUH OH SUHVWD]LRQL GHOOD PDFFKLQD HG HVVHUH FDXVD GL FRQGL]LRQL GL SHULFROR 8WLOL]]DUH XQLFDPHQWH L PDWHULDOL GL FRQVXPR H L SURGRWWL SHU OD SXOL]LD LQGLFDWL QHO SUHVHQWH GRFXPHQWR 0DQWHQHUH L SURGRWWL SHU OD SXOL]LD ORQWDQR GDOOD SRUWDWD GHL EDPELQL $99(57(1=$ QRQ ULPXRYHUH FRSHUWXUH H SURWH]LRQL ILVVDWL FRQ YLWL 1RQ q LQIDWWL SRVVLELOH LQWHUYHQLUH VXL FRPSRQHQWL FKH VL WURYDQR GLHWUR WDOL FRSHUWXUH H SURWH]LRQL 1RQ WHQWDUH GL HVHJXLUH SURFHGXUH GL PDQXWHQ]LRQH QRQ VSHFLILFDPHQWH ULSRUWDWH QHOOD GRFXPHQWD]LRQH IRUQLWD FRQ LO :RUN&HQWUH 3UR Qhtvh&! YrXx8rrQ# !Bvqhryrr 8QD SXOL]LD UHJRODUH GHOOD ODVWUD GL HVSRVL]LRQH FRQWULEXLVFH DG DVVLFXUDUH XQD EXRQD TXDOLWj GHOOH FRSLH 6L FRQVLJOLD GL SXOLUH OD ODVWUD GL HVSRVL]LRQH RJQL PDWWLQD H QHO FRUVR GHOOD JLRUQDWD VHFRQGR QHFHVVLWj /D ODVWUD GL WUDVSRUWR D YHORFLWj FRVWDQWH &97 q OD VWULVFLD VXO ODWR VLQLVWUR GHOOD ODVWUD GL HVSRVL]LRQH XWLOL]]DWD SHU OD VFDQVLRQH GHJOL RULJLQDOL LQVHULWL QHOODOLPHQWDWRUH DXWRPDWLFR $QFKH OD ODVWUD &97 GHYH HVVHUH UHJRODUPHQWH SXOLWD , QXPLGLUH OHJJHUPHQWH FRQ DFTXD XQ SDQQR VRIILFH H QRQ VILODFFLDELOH R GL FDUWD $SULUH OD FRSHUWXUD GHOOD ODVWUD GL HVSRVL]LRQH 3XOLUH OD VXSHUILFLH GHOOD ODVWUD GL HVSRVL]LRQH H GHOOD ODVWUD &97 ILQR D TXDQGR QRQ VRQR SXOLWH H DVFLXWWH 3XOLUH LO ODWR LQIHULRUH GHOOD FRSHUWXUD ILQR D TXDQGR QRQ q SXOLWR H DVFLXWWR &KLXGHUH OD FRSHUWXUD GHOOD ODVWUD GL HVSRVL]LRQH &RSHUWXUD ODVWUD GL HVSRVL]LRQH /DVWUD &97 /DVWUD GL HVSRVL]LRQH 3DQQHOOR FRPDQGL H GLVSOD\ /&' 3XOLUH UHJRODUPHQWH SDQQHOOR FRPDQGL H LO GLVSOD\ /&' SHU HYLWDUH FKH VL IRUPLQR GHSRVLWL GL SROYHUH H VSRUFR 3HU ULPXRYHUH LPSURQWH GLJLWDOL H PDFFKLH SXOLUH LO SDQQHOOR FRPDQGL H LO GLVSOD\ /&' FRQ XQ SDQQR VRIILFH H QRQ VILODFFLDELOH LQXPLGLWR FRQ DFTXD YrXx8rrQ# !Bvqhryrr Qhtvh&" 0DQXWHQ]LRQH 3XOL]LD GHOOD ODVWUD GL HVSRVL]LRQH H GHOOD FRSHUWXUD $OLPHQWDWRUH DXWRPDWLFR H YDVVRLR GL XVFLWD 3HU SXOLUH ODOLPHQWDWRUH DXWRPDWLFR LO YDVVRLR GL XVFLWD LO YDVVRLR FDUWD H WXWWH OH DUHH HVWHUQH GHO :RUN&HQWUH 3UR VHUYLUVL GL XQ SDQQR LQXPLGLWR FRQ DFTXD 2UGLQD]LRQH GHOOH XQLWj VRVWLWXLELOL /H FDUWXFFH WRQHU H WDPEXUR VRQR GLVSRQLELOL FRPH XQLWj VRVWLWXLELOL GDOOXWHQWH , FRGLFL SURGRWWR GL WDOL FRPSRQHQWL VRQR ULSRUWDWL QHOOD WDEHOOD VHJXHQWH 8QLWj VRVWLWXLELOH GDOOXWHQWH &RGLFH SURGRWWR (XURSD &DUWXFFLD WRQHU &DUWXFFLD WDPEXUR 5 5 86$ H &DQDGD 5 5 3HU ULFKLHGHUH L PDWHULDOL GL FRQVXPR FRQWDWWDUH LO ULYHQGLWRUH ;HUR[ GL ]RQD H LQGLFDUH LO SURSULR QRPH R LO QRPH GHOOD GLWWD LO FRGLFH H LO QXPHUR GL VHULH GHO SURGRWWR 8WLOL]]DUH ODSSRVLWR VSD]LR SHU DQQRWDUH LO QXPHUR WHOHIRQLFR 1XPHUR WHOHIRQLFR SHU OD ULFKLHVWD GHL PDWHULDOL GL FRQVXPR 1BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB Qhtvh&# YrXx8rrQ# !Bvqhryrr &DUWXFFLD GHO WRQHU 'XUDWD GHOOD FDUWXFFLD GHO WRQHU /D GXUDWD PHGLD GHOOD FDUWXFFLD GHO WRQHU GLSHQGH GDOOD TXDQWLWj GL WRQHU XWLOL]]DWD SHU FLDVFXQ ODYRUR GL VWDPSD $G HVHPSLR VH VL VWDPSDQR WLSLFKH OHWWHUH FRPPHUFLDOL FRQ FLUFD LO GL FRSHUWXUD GL WRQHU q SRVVLELOH SUHYHGHUH XQD UHVD GHOOD FDUWXFFLD SDUL D FLUFD SDJLQH SDJLQH SHU OD FDUWXFFLD WRQHU LQL]LDOH , O QXPHUR GL SDJLQH YDULD LQ EDVH DOOD GHQVLWj GL VWDPSD 6H VL VWDPSDQR PROWH LPPDJLQL q SRVVLELOH FKH VLD QHFHVVDULR VRVWLWXLUH OD FDUWXFFLD GHO WRQHU SL IUHTXHQWHPHQWH 5LVSDUPLR WRQHU 3HU XQD GXUDWD PDJJLRUH GHOOD FDUWXFFLD GHO WRQHU q SRVVLELOH XWLOL]]DUH OD PRGDOLWj GL ULVSDUPLR WRQHU , Q PRGDOLWj GL ULVSDUPLR WRQHU OD PDFFKLQD LPSLHJD XQD TXDQWLWj GL WRQHU PLQRUH ULVSHWWR DOOD VWDPSD QRUPDOH 3RLFKp OLPPDJLQH VWDPSDWD ULVXOWD SL FKLDUD TXHVWD PRGDOLWj GL VWDPSD q LGRQHD SHU ER]]H R ODYRUL GL SURYD 3HU DWWLYDUH OD PRGDOLWj GL ULVSDUPLR WRQHU SURFHGHUH FRPH VHJXH 3UHPHUH >0HQX(VFL@ VXO SDQQHOOR FRPDQGL SHU YLVXDOL]]DUH '$7, 6, 67(0$ 3UHPHUH R ILQR D YLVXDOL]]DUH , 03267 6, 67(0$ TXLQGL SUHPHUH >6HOH]LRQD@ 7UDPLWH L WDVWL 8WLOL]]DUH LO WDVWR H R VHOH]LRQDUH 5, 63$50, 2 721(5 SHU VHOH]LRQDUH 6, 3UHPHUH >6HOH]LRQD@ SHU VDOYDUH OLPSRVWD]LRQH YrXx8rrQ# !Bvqhryrr Qhtvh&$ 0DQXWHQ]LRQH 8QLWj VRVWLWXLELOL GDOOXWHQWH 6RVWLWX]LRQH GHOOD FDUWXFFLD GHO WRQHU 6H OH VWDPSH SUHVHQWDQR VWULDWXUH ELDQFKH R XQDOWHUD]LRQH GHOOD WRQDOLWj VLJQLILFD FKH OD FDUWXFFLD GHO WRQHU q TXDVL HVDXULWD 6XO GLVSOD\ /&' YLHQH YLVXDOL]]DWR LO PHVVDJJLR 721(5 6&$562 6H YLHQH YLVXDOL]]DWR LO PHVVDJJLR 721(5 6&$562 q SRVVLELOH HVWUDUUH OD FDUWXFFLD H DJLWDUOD OHJJHUPHQWH SHU ULVWDELOLUH WHPSRUDQHDPHQWH OD TXDOLWj GL VWDPSD , Q WDO PRGR LO WRQHU ULPDQHQWH YLHQH ULGLVWULEXLWR DOOLQWHUQR GHOOD FDUWXFFLD 7DOH SURFHGXUD SXz HVVHUH HVHJXLWD XQD VROD YROWD SULPD GL VRVWLWXLUH OD FDUWXFFLD GHO WRQHU $77(1=, 21( TXDQGR VL RUGLQD XQD QXRYD FDUWXFFLD DVVLFXUDUVL GL ULFKLHGHUH LO SURGRWWR FRUUHWWR SHU LO :RUN&HQWUH 3UR 1RWDUH FKH LO FRGLFH SURGRWWR q VWDPSDWR VXOOD FRQIH]LRQH $77(1=, 21( QRQ DJLWDUH XQD FDUWXFFLD YXRWD HG HYLWDUH GL WHQHUOD WURSSR YLFLQR D Vp 5HVLGXL GL WRQHU SRVVRQR LQIDWWL IXRULXVFLUH DFFLGHQWDOPHQWH 1RQ DJLWDUH OD FDUWXFFLD GHO WRQHU YXRWD SHU UHLQVWDOODUOD VXOOD PDFFKLQD 7LUDUH OD OHYD GL ULODVFLR SHU DSULUH OR VSRUWHOOR ODWHUDOH Qhtvh&% YrXx8rrQ# !Bvqhryrr $SULUH OR VSRUWHOOR DQWHULRUH 6ROOHYDUH OD OHYD GL EORFFDJJLR GHOOD FDUWXFFLD GHO WRQHU SHU VEORFFDUH OD FDUWXFFLD (VWUDUUH OD FDUWXFFLD GHO WRQHU GDOOD PDFFKLQD YrXx8rrQ# !Bvqhryrr Qhtvh&& 0DQXWHQ]LRQH 5LGLVWULEX]LRQH GHO WRQHU $JLWDUH OHJJHUPHQWH OD FDUWXFFLD SHU GLVWULEXLUH XQLIRUPHPHQWH LO WRQHU DO VXR LQWHUQR 5HLQVWDOODUH OD FDUWXFFLD H EORFFDUH OD OHYD &KLXGHUH OR VSRUWHOOR DQWHULRUH H ODWHUDOH /D PDFFKLQD ULWRUQD LQ PRGDOLWj 6WDQGE\ 127$ VH WUDFFH GL WRQHU VL GHSRVLWDQR VXJOL LQGXPHQWL SXOLUOH FRQ XQ SDQQR DVFLXWWR H TXLQGL ODYDUH OLQGXPHQWR LQ DFTXD IUHGGD 1RQ XWLOL]]DUH DFTXD FDOGD LQ TXDQWR ILVVD LO WRQHU DL WHVVXWL 6RVWLWX]LRQH GHOOD FDUWXFFLD GHO WRQHU 6H YHQJRQR JHQHUDWH SDJLQH ELDQFKH VLJQLILFD FKH LO WRQHU q FRPSOHWDPHQWH HVDXULWR $ TXHVWR SXQWR q QHFHVVDULR VRVWLWXLUH OD FDUWXFFLD 6XO GLVSOD\ /&' YLHQH YLVXDOL]]DWR LO PHVVDJJLR 721(5 (6$85, 72 $SULUH JOL VSRUWHOOL ODWHUDOH H DQWHULRUH 3HU DSULUH OR VSRUWHOOR DQWHULRUH q QHFHVVDULR DSULUH SULPD TXHOOR ODWHUDOH 6ROOHYDUH OD OHYD GL EORFFDJJLR GHOOD FDUWXFFLD GHO WRQHU SHU VEORFFDUH OD FDUWXFFLD Qhtvh&' YrXx8rrQ# !Bvqhryrr (VWUDUUH OD FDUWXFFLD XVDWD $JLWDUH RUL]]RQWDOPHQWH OD QXRYD FDUWXFFLD GHO WRQHU TXDWWUR R FLQTXH YROWH &RQVHUYDUH OD FRQIH]LRQH SHU OD UHVWLWX]LRQH GHO SURGRWWR XVDWR , QVHULUH OD QXRYD FDUWXFFLD ILQR D EORFFDUOD LQ SRVL]LRQH $EEDVVDUH OD OHYD ILQR D EORFFDUOD LQ SRVL]LRQH &KLXGHUH OR VSRUWHOOR DQWHULRUH H ODWHUDOH /D PDFFKLQD ULWRUQD LQ PRGDOLWj 6WDQGE\ YrXx8rrQ# !Bvqhryrr Qhtvh&( 0DQXWHQ]LRQH , PSRVWD]LRQH GHOORS]LRQH GL RUGLQD]LRQH GHOOD FDUWXFFLD GHO WRQHU 6H VL DWWLYD ORS]LRQH GL PHQX $99, 62 721(5 TXDQGR OD FDUWXFFLD GHO WRQHU VWD SHU ILQLUH :RUN&HQWUH 3UR LQYLD DXWRPDWLFDPHQWH DO ULYHQGLWRUH ;HUR[ XQ ID[ GL ULFKLHVWD SHU XQD QXRYD FDUWXFFLD GHO WRQHU 4XHVWD IXQ]LRQH SXz HVVHUH DWWLYDWD XQLFDPHQWH VH LO QXPHUR WHOHIRQLFR GHO ULYHQGLWRUH q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htvh& YrXx8rrQ# !Bvqhryrr /D FDUWXFFLD GHO WDPEXUR GHYH HVVHUH VRVWLWXLWD TXDQGR YLHQH YLVXDOL]]DWR LO UHODWLYR PHVVDJJLR YDOH D GLUH GRSR FLUFD FRSLH 6H OH VWDPSH SUHVHQWDQR VWULDWXUH R PDFFKLH q SRVVLELOH FKH VLD QHFHVVDULR SXOLUH LO WDPEXUR $77(1=, 21( QRQ HVSRUUH LO WDPEXUR YHUGH DOOD OXFH D OXQJR 1RQ HVSRUUH LO WDPEXUR DOOD OXFH GLUHWWD GHO VROH H QRQ WRFFDUQH OD VXSHUILFLH SHU HYLWDUH GL GDQQHJJLDUOR H GL FRPSURPHWWHUH OD TXDOLWj GL VWDPSD 3XOL]LD GHO WDPEXUR 23& 6H OH VWDPSH SUHVHQWDQR VWULDWXUH R PDFFKLH q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rXx8rrQ# !Bvqhryrr Qhtvh& 0DQXWHQ]LRQH &DUWXFFLD GHO WDPEXUR 6RVWLWX]LRQH GHOOD FDUWXFFLD GHO WDPEXUR /D GXUDWD PHGLD GL XQD FDUWXFFLD GHO WDPEXUR q SDUL D FLUFD FRSLH 4XDQGR LO WDPEXUR q GD VRVWLWXLUH VXO GLVSOD\ /&' YLHQH YLVXDOL]]DWR LO PHVVDJJLR $99, 62 7$0%852 SRVVLELOH HVHJXLUH DQFRUD XQ PLJOLDLR GL FRSLH FLUFD PD q QHFHVVDULR GLVSRUUH JLj GL XQD FDUWXFFLD GL VFRUWD 6H YLHQH YLVXDOL]]DWR 6267 7$0%852 OD PDFFKLQD VPHWWH GL IXQ]LRQDUH ILQR D TXDQGR OD FDUWXFFLD QRQ YLHQH VRVWLWXLWD $SULUH JOL VSRUWHOOL ODWHUDOH H DQWHULRUH 3HU DSULUH OR VSRUWHOOR DQWHULRUH q QHFHVVDULR DSULUH SULPD TXHOOR ODWHUDOH 6ROOHYDUH OD OHYD GL EORFFDJJLR GHOOD FDUWXFFLD GHO WRQHU SHU VEORFFDUH OD FDUWXFFLD TXLQGL HVWUDUOD Qhtvh& ! YrXx8rrQ# !Bvqhryrr 127$ SHU VRVWLWXLUH OD FDUWXFFLD GHO WDPEXUR q QHFHVVDULR ULPXRYHUH OD FDUWXFFLD GHO WRQHU (VWUDUUH OD FDUWXFFLD GHO WDPEXUR 7RJOLHUH GDOOD FRQIH]LRQH OD QXRYD FDUWXFFLD H LQVWDOODUOD IDFHQGR DWWHQ]LRQH D QRQ WRFFDUH OD VXSHUILFLH GHO WDPEXUR 5HLQVWDOODUH OD FDUWXFFLD GHO WRQHU H EORFFDUH OD OHYD &KLXGHUH OR VSRUWHOOR DQWHULRUH H TXHOOR ODWHUDOH /D PDFFKLQD ULWRUQD LQ PRGDOLWj 6WDQGE\ YrXx8rrQ# !Bvqhryrr Qhtvh& " 0DQXWHQ]LRQH &DULFDPHQWR GHL VXSSRUWL 8WLOL]]DUH VHPSUH VXSSRUWL GL VWDPSD LGRQHL SHU TXHVWR SURGRWWR /LPSLHJR GL VXSSRUWL QRQ UDFFRPDQGDWL SXz HVVHUH FDXVD GL LQFHSSDPHQWL R GL SUREOHPL GL TXDOLWj GL VWDPSD , VXSSRUWL SRVVRQR HVVHUH FDULFDWL QHO YDVVRLR FDUWD R QHO YDVVRLR E\SDVV 1HOOD WDEHOOD FKH VHJXH VRQR LQGLFDWL L IRUPDWL GHL VXSSRUWL FKH q SRVVLELOH XWLOL]]DUH QHO YDVVRLR FDUWD H QHO YDVVRLR E\SDVV H OD FDSDFLWj GHL YDVVRL )RUPDWR VXSSRUWR &DUWD VWDQGDUG /HWWHU [ PP /HJDO [ PP ([HFXWLYH [ PP $ [ PP % [ PP $ [ PP %XVWH 1 [ PP 1 [ PP & [ PP '/ [ PP (WLFKHWWHE /HWWHU [ PP $ [ PP 7UDVSDUHQWLE /HWWHU [ PP $ [ PP &DUWRQFLQRE $ [ PP &DUWROLQD [ PP +DJDNL [ PP &DSDFLWj GHL YDVVRL FDUWDD 9DVVRLR FDUWD 6 6 12 6 12 12 12 12 12 12 12 12 12 12 12 12 12 9DVVRLR E\SDVV 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 Qhtvh& # YrXx8rrQ# !Bvqhryrr E , Q FDVR GL LQFHSSDPHQWL IUHTXHQWL DOLPHQWDUH XQ IRJOLR SHU YROWD GDO YDVVRLR E\SDVV 8WLOL]]R GHO YDVVRLR FDUWD , O YDVVRLR FDUWD SXz FRQWHQHUH ILQR D IRJOL GL FDUWD VWDQGDUG GD JP SRVVLELOH XWLOL]]DUH FDUWD VWDQGDUG GL IRUPDWR FRPSUHVR WUD $ [ PP H /HJDO [ PP H GL JUDPPDWXUD FRPSUHVD WUD JP H JP 127$ VH VL XWLOL]]D LO YDVVRLR FDUWD O RS]LRQH GHO IRUPDWR FDUWD LQ 'DWL VLVWHPD GHYH HVVHUH LPSRVWDWD VXO IRUPDWR XWLOL]]DWR 3HU XOWHULRUL LQIRUPD]LRQL FRQVXOWDUH LO &DSLWROR , PSRVWD]LRQH GHO VLVWHPD D SDJLQD &DULFDPHQWR GHO YDVVRLR FDUWD $SULUH FRPSOHWDPHQWH LO YDVVRLR FDUWD YrXx8rrQ# !Bvqhryrr Qhtvh& $ 0DQXWHQ]LRQH D $ VHFRQGD GHOOR VSHVVRUH GHOOD FDUWD OD FDSDFLWj PDVVLPD SRWUHEEH HVVHUH LQIHULRUH 3UHPHUH OD SLDVWUD ILQR D EORFFDUOD LQ SRVL]LRQH 5HJRODUH OD JXLGD GHOOD FDUWD SRVWHULRUH LQ EDVH DOOD OXQJKH]]D GHOOD FDUWD /LPSRVWD]LRQH SUHGHILQLWD LG L FRUULVSRQGH DO IRUPDWR $ FO LIO RSSXUH DO IRUPDWR [ *XLGD SRVWHULRUH PP A4 LT R 3HU FDULFDUH XQ IRUPDWR FDUWD GLYHUVR HVWUDUUH OD JXLGD SRVWHULRUH H LQVHULUOD QHOOD SRVL]LRQH ULFKLHVWD Qhtvh& % YrXx8rrQ# !Bvqhryrr 6PD]]DUH OD FDUWD H LQVHULUOD QHO YDVVRLR 6H VL FDULFD FDUWD LQWHVWDWD LO ODWR VWDPSDWR GHYH HVVHUH ULYROWR YHUVR ODOWR H LO ERUGR VXSHULRUH FRQ LO ORJR GHYH HVVHUH VXO ODWR GHVWUR YrXx8rrQ# !Bvqhryrr Qhtvh& & 0DQXWHQ]LRQH 9HULILFDUH FKH L IRJOL VLDQR SRVL]LRQDWL VRWWR JOL DSSRVLWL IHUPL )HUPR 1RQ ROWUHSDVVDUH OD OLQHD GL ULHPSLPHQWR PDVVLPR /LQHD GL ULHPSLPHQWR PDVVLPR Qhtvh& ' YrXx8rrQ# !Bvqhryrr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q SRVVLELOH FKLXGHUOR H UHQGHUH OD PDFFKLQD SL FRPSDWWD 8WLOL]]DUH LO YDVVRLR E\SDVV SHU VWDPSDUH WUDVSDUHQWL HWLFKHWWH EXVWH R FDUWROLQH ROWUH FKH SHU FDULFDUH UDSLGDPHQWH WLSL R IRUPDWL GL VXSSRUWR FKH QRQ SRVVRQR HVVHUH FDULFDWL QHO YDVVRLR FDUWD SRVVLELOH XWLOL]]DUH FDUWD VWDQGDUG GL IRUPDWR FRPSUHVR WUD [ PP H [ PP H GL JUDPPDWXUD FRPSUHVD WUD JP H JP YrXx8rrQ# !Bvqhryrr Qhtvh& ( 0DQXWHQ]LRQH 127$ VH VL XWLOL]]D LO YDVVRLR E\SDVV SHU VXSSRUWL SDUWLFRODUL ORS]LRQH GHO IRUPDWR LQ 'DWL VLVWHPD GHYH HVVHUH LPSRVWDWD VXO IRUPDWR FRUUHWWR 6H VL XWLOL]]D XQ VXSSRUWR GL GLPHQVLRQL LQIHULRUH D $/HWWHU OLPSRVWD]LRQH GHO IRUPDWR SXz HVVHUH ODVFLDWD VX $ /HWWHU R /HJDO 3HU XOWHULRUL LQIRUPD]LRQL FRQVXOWDUH LO &DSLWROR , PSRVWD]LRQH GHO VLVWHPD D SDJLQD 1HOOD WDEHOOD VHJXHQWH VRQR ULSRUWDWL L WLSL GL VXSSRUWR FRQVHQWLWL H OD TXDQWLWj PDVVLPD FDULFDELOH 7LSR GL FDUWD &DUWD VWDQGDUG %XVWH 7UDVSDUHQWL (WLFKHWWH &DUWRQFLQR D 4XDQWLWjDOWH]]D PDVVLPD 0DVVLPR IRJOL R PPD 0DVVLPR EXVWH R PPD 0DVVLPR IRJOL R PPD 0DVVLPR IRJOL R PPD 0DVVLPR IRJOL R PPD /DOWH]]D LQGLFDWD q PLVXUDWD FRQ OD SLOD GL IRJOL SRVWD VX XQD VXSHUILFLH SLDQD 127$ SHU HYLWDUH LQFHSSDPHQWL GHOOD FDUWD H SUREOHPL GL TXDOLWj GL VWDPSD FDULFDUH XQLFDPHQWH L VXSSRUWL LQGLFDWL QHOO$SSHQGLFH % 6SHFLILFKH 127$ QRQ XUWDUH LO YDVVRLR E\SDVV HG HYLWDUH GL DSSRJJLDUYL OH PDQL LQ TXDQWR SRWUHEEH GDQQHJJLDUVL R VWDFFDUVL GDOOD PDFFKLQD 127$ HOLPLQDUH HYHQWXDOH DUULFFLDWXUD GD VXSSRUWL TXDOL FDUWROLQH EXVWH HG HWLFKHWWH SULPD GL FDULFDUOL QHO YDVVRLR E\SDVV Qhtvh&! YrXx8rrQ# !Bvqhryrr $EEDVVDUH LO YDVVRLR E\SDVV SRVWR VXO ODWR GHVWUR GHOOD PDFFKLQD (VWUDUUH OHVWHQVLRQH GL VXSSRUWR FDUWD FRPH LOOXVWUDWR 6XSSRUWR FDUWD 9DVVRLR E\SDVV )OHWWHUH R VPD]]DUH SL YROWH XQD ULVPD GL FDUWD R OH EXVWH $OOLQHDUQH L ERUGL VX XQD VXSHUILFLH SLDQD 68**(5, 0(172 WHQHUH L WUDVSDUHQWL VXL ERUGL HG HYLWDUH GL WRFFDUH LO ODWR GD VWDPSDUH (YHQWXDOL LPSURQWH VXL WUDVSDUHQWL SRVVRQR LQIDWWL FRPSURPHWWHUH OD TXDOLWj GHOOD VWDPSD &DULFDUH L VXSSRUWL FRQ LO ODWR GD VWDPSDUH ULYROWR YHUVR LO EDVVR H FRQWUR LO ERUGR GHVWUR GHO YDVVRLR YrXx8rrQ# !Bvqhryrr Qhtvh&! 0DQXWHQ]LRQH &DULFDPHQWR GHO YDVVRLR E\SDVV 5HJRODUH OH JXLGH GHOOD FDUWD LQ EDVH DOOD ODUJKH]]D GHO VXSSRUWR 9HULILFDUH GL QRQ DYHU FDULFDWR XQD TXDQWLWj HFFHVVLYD GL FDUWD /D ULVPD GHYH ULPDQHUH DO GL VRWWR GHO VHJQDOH GL OLPLWH PDVVLPR 6H VL FDULFD XQD TXDQWLWj HFFHVVLYD GL FDUWD R VH VL VSLQJH WURSSR OD FDUWD WHQGH D FXUYDUVL 3HU HVHJXLUH OH FRSLH SUHPHUH >9DVVRL FDUWD@ VXO SDQQHOOR FRPDQGL H VHOH]LRQDUH %<3$66 3HU HVHJXLUH XQD VWDPSD VHOH]LRQDUH LO YDVVRLR FDUWD FRUUHWWR GDOODSSOLFD]LRQH VRIWZDUH XWLOL]]DWD Qhtvh&!! YrXx8rrQ# !Bvqhryrr 4XDQGR VL VHOH]LRQDQR R FDULFDQR FDUWD EXVWH R DOWUL VXSSRUWL VSHFLDOL WHQHUH SUHVHQWH TXDQWR VHJXH 6H VL XWLOL]]D FDUWD XPLGD DUULFFLDWD VSLHJD]]DWD R VWUDSSDWD SRVVRQR YHULILFDUVL LQFHSSDPHQWL R SUREOHPL GL TXDOLWj GL VWDPSD 8WLOL]]DUH XQLFDPHQWH FDUWD SHU FRSLDWULFL GL TXDOLWj HOHYDWD (YLWDUH GL XWLOL]]DUH FDUWD FKH SUHVHQWL FDUDWWHUL LQ ULOLHYR SHUIRUD]LRQL R XQD WUDPD HFFHVVLYDPHQWH OLVFLD R UXYLGD &RQVHUYDUH OD FDUWD QHOOD FRQIH]LRQH ILQR DO PRPHQWR GL XWLOL]]DUOD 3RVL]LRQDUH JOL VFDWRORQL FRQWHQHQWL OD FDUWD VX SDOOHW R VFDIIDOL QRQ GLUHWWDPHQWH VXO SDYLPHQWR 1RQ DSSRJJLDUH RJJHWWL SHVDQWL VRSUD OD FDUWD VLD FKH VLD LPEDOODWD R GLVLPEDOODWD &RQVHUYDUH OD FDUWD DO ULSDUR GDOOXPLGLWj R GD DOWUH FRQGL]LRQL FKH SRVVRQR FDXVDUQH ODUULFFLDWXUD 3URWHJJHUH OD FDUWD GD SROYHUH H XPLGLWj WUDPLWH FRQWHQLWRUL R VDFFKHWWL GL SODVWLFD 8WLOL]]DUH VHPSUH FDUWD H VXSSRUWL FRQIRUPL DOOH VSHFLILFKH &RQVXOWDUH O$SSHQGLFH % 6SHFLILFKH 8WLOL]]DUH XQLFDPHQWH EXVWH GL EXRQD TXDOLWj FRQ OLQJXHWWH EHQ GHILQLWH 121 XWLOL]]DUH EXVWH FRQ FKLXVXUH PHWDOOLFKH R D VFDWWR 121 XWLOL]]DUH EXVWH FRQ ILQHVWUH ULYHVWLPHQWL FKLXVXUH DXWRDGHVLYH R FRQWHQHQWL DOWUL PDWHULDOL VLQWHWLFL 121 XWLOL]]DUH EXVWH GDQQHJJLDWH R GL FDWWLYD TXDOLWj YrXx8rrQ# !Bvqhryrr Qhtvh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j UHODWLYD GRYUHEEH HVVHUH WUD LO H LO 1RQ FDULFDUH SL GL IRJOL SHU YROWD GL XQ VXSSRUWR VSHFLDOH QHO YDVVRLR E\SDVV 9HULILFDUH FKH LO PDWHULDOH DGHVLYR GHOOH HWLFKHWWH SRVVD WROOHUDUH XQD WHPSHUDWXUD GL IXVLRQH SDUL D & SHU VHFRQGL Qhtvh&!# YrXx8rrQ# !Bvqhryrr 1RQ LQVHULUH QHOOD PDFFKLQD OR VWHVVR IRJOLR GL HWLFKHWWH SL GL XQD YROWD , O ULYHVWLPHQWR DGHVLYR SXz LQIDWWL VRVWHQHUH XQ VROR SDVVDJJLR DWWUDYHUVR OD PDFFKLQD 1RQ XWLOL]]DUH HWLFKHWWH FKH WHQGRQR D VWDFFDUVL GDO IRJOLR GL VXSSRUWR RSSXUH FKH VLDQR DUULFFLDWH R GDQQHJJLDWH YrXx8rrQ# !Bvqhryrr Qhtvh&!$ 0DQXWHQ]LRQH 9HULILFDUH FKH QRQ YL VLD PDWHULDOH DGHVLYR WUD OH HWLFKHWWH /D SUHVHQ]D GL DUHH DGHVLYH HVSRVWH SXz SURYRFDUH LO GLVWDFFR GHOOH HWLFKHWWH GXUDQWH OD VWDPSD H FDXVDUH LQFHSSDPHQWL GHOOD FDUWD /D SUHVHQ]D GL PDWHULDOH DGHVLYR HVSRVWR SXz LQROWUH GDQQHJJLDUH L FRPSRQHQWL GHOOD PDFFKLQD Qhtvh&!% YrXx8rrQ# !Bvqhryrr , Q TXHVWR FDSLWROR YHQJRQR IRUQLWH LVWUX]LRQL SHU OD VROX]LRQH GL SUREOHPL FKH SRVVRQR YHULILFDUVL GXUDQWH OXVR GHO :RUN&HQWUH 3UR , Q XQD VHULH GL WDEHOOH VRQR ULSRUWDWL L PHVVDJJL H L FRGLFL GL HUURUH L SUREOHPL FKH OL FDXVDQR H OH SRVVLELOL VROX]LRQL , O FDSLWROR FRPSUHQGH OH VHJXHQWL VH]LRQL , QFHSSDPHQWL GL GRFXPHQWL , QFHSSDPHQWL GHOOD FDUWD 5LFKLHVWD GL DVVLVWHQ]D WHFQLFD 0HVVDJJL GL HUURUH 6ROX]LRQH GHL SUREOHPL YrXx8rrQ# !Bvqhryrr Qhtvh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htvh'! YrXx8rrQ# !Bvqhryrr $SULUH OD FRSHUWXUD GHOOD ODVWUD GL HVSRVL]LRQH H UXRWDUH OD URWHOOD GHO UXOOR GL DOLPHQWD]LRQH SHU HVWUDUUH LO GRFXPHQWR LQFHSSDWR GDOODUHD GL XVFLWD 6H OHVWUD]LRQH GHO GRFXPHQWR ULVXOWD GLIILFROWRVD SDVVDUH DOOD VH]LRQH , QFHSSDPHQWR QHO UXOOR GL DOLPHQWD]LRQH &KLXGHUH OD FRSHUWXUD GHOOD ODVWUD GL HVSRVL]LRQH , QVHULUH GL QXRYR L GRFXPHQWL QHOO$') , QFHSSDPHQWR GHO UXOOR GL DOLPHQWD]LRQH $SULUH OD FRSHUWXUD GHOOD ODVWUD GL HVSRVL]LRQH H UXRWDUH OD URWHOOD GHO UXOOR GL DOLPHQWD]LRQH SHU HVWUDUUH LO GRFXPHQWR LQFHSSDWR GDOO$') R GDOODUHD GL XVFLWD 6H OHVWUD]LRQH ULVXOWD GLIILFROWRVD ULPXRYHUH FRQ FXUD LO GRFXPHQWR GDOOD SDUWH LQIHULRUH GHO UXOOR GL DOLPHQWD]LRQH &KLXGHUH OD FRSHUWXUD GHOOD ODVWUD GL HVSRVL]LRQH , QVHULUH GL QXRYR L GRFXPHQWL QHOO$') YrXx8rrQ# !Bvqhryrr Qhtvh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htvh'# YrXx8rrQ# !Bvqhryrr 127$ VH VL ULPXRYH LO IRJOLR LQFHSSDWR DSULUH OR VSRUWHOOR ODWHUDOH H ULFKLXGHUOR SHU DQQXOODUH LO PHVVDJJLR , 1&(33 &$57$ YLVXDOL]]DWR VXO GLVSOD\ /&' 6H OD FDUWD QRQ VL PXRYH VROOHYDUH OD OHYD GL ULODVFLR H DSULUH OR VSRUWHOOR ODWHUDOH YrXx8rrQ# !Bvqhryrr Qhtvh'$ 3UREOHPL H VROX]LRQL $77(1=, 21( QRQ WRFFDUH OD VXSHUILFLH OXFLGD GHO WDPEXUR (YHQWXDOL PDFFKLH R JUDIIL SRWUHEEHUR FRPSURPHWWHUH OD TXDOLWj GHOOH FRSLH (VWUDUUH OHQWDPHQWH LO IRJOLR LQFHSSDWR QHOOD GLUH]LRQH LQGLFDWD , QVHULUH LO YDVVRLR FDUWD $EEDVVDUH OD SDUWH SRVWHULRUH GHO YDVVRLR SHU DOOLQHDUOD DOODSSRVLWR DOORJJLDPHQWR GHOOD PDFFKLQD TXLQGL IDUH ULHQWUDUH FRPSOHWDPHQWH LO YDVVRLR Qhtvh'% YrXx8rrQ# !Bvqhryrr 6H OLQFHSSDPHQWR VL YHULILFD QHOODUHD GHO IXVRUH VXO GLVSOD\ YLHQH YLVXDOL]]DWR LO PHVVDJJLR , 1&(33 &$57$ $99(57(1=$ ODUHD GHO IXVRUH q PROWR FDOGD 3UHVWDUH PROWD DWWHQ]LRQH GXUDQWH OD ULPR]LRQH GHOOD FDUWD 3UHPHUH OD OHYD GL ULODVFLR SHU DSULUH OR VSRUWHOOR ODWHUDOH 7LUDUH YHUVR LO EDVVR OD OHYD GHO IXVRUH FRPH LQGLFDWR SHU ULODVFLDUH OD FDUWD 6H QHOODUHD QRQ VRQR SUHVHQWL IRJOL LQFHSSDWL SDVVDUH DOODUHD GL XVFLWD $77(1=, 21( QRQ WLUDUH L IRJOL GL FDUWD DWWUDYHUVR OXQLWj GL IXVLRQH 3DUWLFHOOH GL WRQHU SRWUHEEHUR DGHULUH QHOODUHD H FDXVDUH PDFFKLH VXOOH FRSLH (VWUDUUH LO IRJOLR LQFHSSDWR QHOOD GLUH]LRQH LQGLFDWD YrXx8rrQ# !Bvqhryrr Qhtvh'& 3UREOHPL H VROX]LRQL $UHD GHO IXVRUH 6SLQJHUH YHUVR ODOWR OD OHYD GHO IXVRUH H FKLXGHUH OR VSRUWHOOR ODWHUDOH Qhtvh'' YrXx8rrQ# !Bvqhryrr 6H OLQFHSSDPHQWR VL YHULILFD QHOODUHD GL XVFLWD GHOOD FDUWD VXO GLVSOD\ YLHQH YLVXDOL]]DWR LO PHVVDJJLR , 1&(33 &$57$ 3UHPHUH OD OHYD GL ULODVFLR SHU DSULUH OR VSRUWHOOR ODWHUDOH $SULUH OR VSRUWHOOR DQWHULRUH $EEDVVDUH OD OHYD GHO IXVRUH SHU ULODVFLDUH OD FDUWD YrXx8rrQ# !Bvqhryrr Qhtvh'( 3UREOHPL H VROX]LRQL $UHD GL XVFLWD GHOOD FDUWD *LUDUH OD OHYD GL ULPR]LRQH LQFHSSDPHQWR QHOOD GLUH]LRQH LQGLFDWD GDOOD IUHFFLD H IDUH VFRUUHUH OD FDUWD YHUVR ODUHD GL XVFLWD TXLQGL WLUDUH OHQWDPHQWH LO IRJOLR SHU HVWUDUOR 6SLQJHUH YHUVR ODOWR OD OHYD GHO IXVRUH Qhtvh' YrXx8rrQ# !Bvqhryrr 5LSRUWDUH OD OHYD GL ULPR]LRQH LQFHSSDPHQWR QHOOD SRVL]LRQH RULJLQDULD &KLXGHUH OR VSRUWHOOR DQWHULRUH H OR VSRUWHOOR ODWHUDOH 2 1 YrXx8rrQ# !Bvqhryrr Qhtvh' 3UREOHPL H VROX]LRQL , QFHSSDPHQWR QHO PRGXOR IURQWHUHWUR 6H OLQFHSSDPHQWR VL YHULILFD QHO PRGXOR IURQWHUHWUR VXO GLVSOD\ YLHQH YLVXDOL]]DWR LO PHVVDJJLR , 1&(33 )5 3UHPHUH OD OHYD GL ULODVFLR SHU DSULUH OR VSRUWHOOR ODWHUDOH (VWUDUUH OD FDUWD LQFHSSDWD &KLXGHUH OR VSRUWHOOR ODWHUDOH , QFHSSDPHQWR E\SDVV 6H YLHQH VHOH]LRQDWR LO YDVVRLR E\SDVV H OD PDFFKLQD QRQ ULOHYD FDUWD QHO YDVVRLR D FDXVD GL DVVHQ]D GL FDUWD R GL XQ HUUDWR LQVHULPHQWR GHL IRJOL VXO GLVSOD\ YLHQH YLVXDOL]]DWR LO PHVVDJJLR , 1&(33 %<3$66 4XHVWR WLSR GL LQFHSSDPHQWR VL SXz YHULILFDUH DQFKH VH OD FDUWD QRQ YLHQH DOLPHQWDWD FRUUHWWDPHQWH DOOLQWHUQR GHOOD PDFFKLQD WUDPLWH LO YDVVRLR E\SDVV 6H YLHQH YLVXDOL]]DWR LO PHVVDJJLR , 1&(33 %<3$66 H QHO YDVVRLR E\SDVV q SUHVHQWH GHOOD FDUWD HVWUDUOD H FDULFDUOD GL QXRYR Qhtvh' ! YrXx8rrQ# !Bvqhryrr 6H LO SUREOHPD VL ULSUHVHQWD ULYROJHUVL DO FHQWUR GL DVVLVWHQ]D ;HUR[ R DO UDSSUHVHQWDQWH ;HUR[ GL ]RQD 3ULPD GL FKLDPDUH DQQRWDUH LO QXPHUR GL VHULH GHOOD PDFFKLQD HG HYHQWXDOL FRGLFL GL HUURUH YLVXDOL]]DWL 3HU LO QXPHUR GL VHULH FRQVXOWDUH OD VH]LRQH $VVLVWHQ]D FOLHQWL D SDJLQD 1XPHUR WHOHIRQLFR GHO FHQWUR DVVLVWHQ]D FOLHQWL , O QXPHUR WHOHIRQLFR GHO FHQWUR GL DVVLVWHQ]D ;HUR[ R GHO UDSSUHVHQWDQWH ;HUR[ ORFDOH YLHQH IRUQLWR DO PRPHQWR GHOOLQVWDOOD]LRQH GHO SURGRWWR 3HU FRPRGLWj VL FRQVLJOLD GL UHJLVWUDUH LO QXPHUR QHOODSSRVLWR VSD]LR VRWWRVWDQWH 1XPHUR WHOHIRQLFR GHO FHQWUR GL DVVLVWHQ]D R GHO UDSSUHVHQWDQWH ;HUR[ 1BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB YrXx8rrQ# !Bvqhryrr Qhtvh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q LQFHSSDWR DOOLQWHUQR GHOO$') /R VSRUWHOOR ODWHUDOH QRQ q FRPSOHWDPHQWH FKLXVR /D FDUWXFFLD GHO WDPEXUR q TXDVL HVDXULWD (OLPLQDUH OLQFHSSDPHQWR 9HGHUH D SDJLQD &KLXGHUH OR VSRUWHOOR ODWHUDOH ILQR D EORFFDUOR LQ SRVL]LRQH $VVLFXUDUVL GL DYHUH XQD FDUWXFFLD GL VFRUWD (OLPLQDUH OLQFHSSDPHQWR 9HGHUH /D FDUWD VL q LQFHSSDWD GXUDQWH OHVHFX]LRQH GL XQD VWDPSD IURQWH D SDJLQD UHWUR VWDWR ULOHYDWR XQ SUREOHPD QHOOXQLWj GHO IXVRUH 'LVLQVHULUH H SRL UHLQVHULUH LO FDYR GL DOLPHQWD]LRQH QHOOD SUHVD GL FRUUHQWH 6H LO SUREOHPD VL ULSUHVHQWD ULYROJHUVL DOODVVLVWHQ]D WHFQLFD 'LVLQVHULUH H SRL UHLQVHULUH LO FDYR GL DOLPHQWD]LRQH QHOOD SUHVD GL FRUUHQWH 6H LO SUREOHPD VL ULSUHVHQWD ULYROJHUVL DOODVVLVWHQ]D WHFQLFD , QVWDOODUH OD FDUWXFFLD GHO WRQHU 9HGHUH D SDJLQD &DULFDUH OD FDUWD (OLPLQDUH OLQFHSSDPHQWR 9HGHUH D SDJLQD (UURUH IRQGLWRUH (UURUH /68 6L q YHULILFDWR XQ SUREOHPD DOOLQWHUQR GHOOXQLWj GL VFDQVLRQH ODVHU /68 0DQFD FDUWXFFLD GHYHORSHU &DUWD HVDXULWD , QFHSS FDUWD /D FDUWXFFLD GHO WRQHU QRQ q VWDWD LQVWDOODWD 0DQFD FDUWD QHO YDVVRLR 6L q YHULILFDWR XQ LQFHSSDPHQWR QHOODUHD GL DOLPHQWD]LRQH Qhtvh' # YrXx8rrQ# !Bvqhryrr 0HVVDJJLR , QFHSS FDUWD , QFHSS FDUWD 6RVW WDPEXUR 7RQHU HVDXULWR 7RQHU VFDUVR 6LJQLILFDWR 6L q YHULILFDWR XQ LQFHSSDPHQWR QHOODUHD GHO IXVRUH 6L q YHULILFDWR XQ LQFHSSDPHQWR QHOODUHD GL XVFLWD /D FDUWXFFLD GHO WDPEXUR q HVDXULWD 6ROX]LRQH (OLPLQDUH OLQFHSSDPHQWR 9HGHUH D SDJLQD (OLPLQDUH OLQFHSSDPHQWR 9HGHUH D SDJLQD 6RVWLWXLUH OD FDUWXFFLD GHO WDPEXUR 9HGHUH D SDJLQD /D FDUWXFFLD GHO WRQHU q HVDXULWD 6RVWLWXLUH OD FDUWXFFLD GHO WRQHU /D PDFFKLQD VPHWWH GL IXQ]LRQDUH 9HGHUH D SDJLQD , O WRQHU VWD SHU ILQLUH (VWUDUUH OD FDUWXFFLD GHO WRQHU H DJLWDUOD OHJJHUPHQWH , Q WDO PRGR q SRVVLELOH ULVWDELOLUH WHPSRUDQHDPHQWH OH RSHUD]LRQL GL VWDPSD 3UHPHUH >$YYLR@ SHU HVHJXLUH LPPHGLDWDPHQWH OD ULVHOH]LRQH RSSXUH >$UUHVWR@ SHU DQQXOODUH ORSHUD]LRQH 7HQWDUH GL LQYLDUH GL QXRYR LO ID[ 5LWHQWD VHO" /D PDFFKLQD UHVWD LQ DWWHVD SHU OLQWHUYDOOR GL WHPSR SURJUDPPDWR SULPD GL ULWHQWDUH DXWRPDWLFDPHQWH OD VHOH]LRQH VWDWR ULOHYDWR XQ SUREOHPD GL FRPXQLFD]LRQH ID[ (UU FRPXQLF *UXSSR QRQ GLVSRQLELOH 5LWHQWDUH YHULILFDUH FKH LO QXPHUR 6L q WHQWDWR GL VHOH]LRQDUH XQ VHOH]LRQDWR FRUULVSRQGD D XQ QXPHUR GL JUXSSR TXDQGR q SRVVLELOH XWLOL]]DUH VROR XQ QXPHUR JUXSSR VLQJROR DG HVHPSLR GXUDQWH OLQVHULPHQWR GL QXPHUL LQ XQRSHUD]LRQH GL VHOH]LRQH PXOWLSOD /D PDFFKLQD QRQ q LQ JUDGR GL FRQQHWWHUVL DOOD PDFFKLQD UHPRWD RSSXUH OD FRPXQLFD]LRQH VL q LQWHUURWWD D FDXVD GL XQ SUREOHPD GHOOD OLQHD WHOHIRQLFD 7HQWDUH GL LQYLDUH GL QXRYR LO ID[ 6H LO SUREOHPD VL ULSUHVHQWD DWWHQGHUH DOPHQR XQRUD SHU YHULILFDUH VH OD OLQHD q ULVWDELOLWD TXLQGL ULSURYDUH (UU OLQHD YrXx8rrQ# !Bvqhryrr Qhtvh' $ 3UREOHPL H VROX]LRQL 0HVVDJJLR 1RQ GLVSRQLELOH 6LJQLILFDWR /D PHPRULD q HVDXULWD 6ROX]LRQH &DQFHOODUH L GRFXPHQWL QRQ QHFHVVDUL RSSXUH HVHJXLUH GL QXRYR OD WUDVPLVVLRQH QRQ DSSHQD VL OLEHUD XQD SDUWH GL PHPRULD 6H VL WUDWWD GL XQ ODYRUR FRPSOHVVR q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q FRUUHWWR /DSSDUHFFKLR ID[ UHPRWR QRQ q LQ /RSHUDWRUH UHPRWR GHYH VDSHUH LQ JUDGR GL ULVSRQGHUH DOOD ULFKLHVWD GL DQWLFLSR FKH YLHQH HVHJXLWD XQRSHUD]LRQH GL SROOLQJ LQ PRGR SROOLQJ FKH SRVVD FDULFDUH QHO ID[ LO GRFXPHQWR GD LQYLDUH (UU SROOLQJ /LQHD RFFXSDWD /DSSDUHFFKLR ID[ UHPRWR QRQ ULVSRQGH 7HQWDUH GL LQYLDUH GL QXRYR LO ID[ Qhtvh' % YrXx8rrQ# !Bvqhryrr 1HOOD WDEHOOD VHJXHQWH VRQR ULSRUWDWH DOFXQH FRQGL]LRQL GL HUURUH FKH SRVVRQR YHULILFDUVL H OH VROX]LRQL FRQVLJOLDWH 6HJXLUH OH LQGLFD]LRQL VXJJHULWH SHU FHUFDUH GL ULVROYHUH LO SUREOHPD 6H LO SUREOHPD SHUVLVWH FRQWDWWDUH ODVVLVWHQ]D WHFQLFD 7DEHOOD SHU OD FRSLDWULFH &RQGL]LRQH , O GLVSOD\ /&' QRQ VL DWWLYD /H FRSLH VRQR WURSSR FKLDUH R WURSSR VFXUH 6ROX]LRQH FRQVLJOLDWD 9HULILFDUH FKH OD PDFFKLQD VLD FROOHJDWD D XQD SUHVD GL FRUUHQWH IXQ]LRQDQWH 6H ORULJLQDOH q FKLDUR XWLOL]]DUH LO WDVWR &KLDUR 6FXUR SHU VFXULUH OR VIRQGR GHOOH FRSLH 6H ORULJLQDOH q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q SDUWLFRODUPHQWH XPLGR QRQ ODVFLDUH OD FDUWD DOOLQWHUQR GHOOD PDFFKLQD SHU OXQJKL SHULRGL GL WHPSR /H FRSLH SUHVHQWDQR VEDYDWXUH ULJKH R PDFFKLH /LPPDJLQH VWDPSDWD VXOOH FRSLH q REOLTXD &RSLH ELDQFKH /LPPDJLQH VL FDQFHOOD IDFLOPHQWH GDOOH FRSLH YrXx8rrQ# !Bvqhryrr Qhtvh' & 3UREOHPL H VROX]LRQL 6ROX]LRQH GHL SUREOHPL &RQGL]LRQH 6ROX]LRQH FRQVLJOLDWD , QFHSSDPHQWL IUHTXHQWL GHOOD (VWUDUUH OD SLOD GL FDUWD GDO YDVVRLR VPD]]DUOD H FDUWD FDSRYROJHUOD SULPD GL LQVHULUOD GL QXRYR 6RVWLWXLUH OD FDUWD FRQWHQXWD QHO YDVVRLR FRQ FDUWD QXRYD 9HULILFDUHUHJRODUH OH JXLGH FDUWD 9HULILFDUH FKH VLD VWDWD FDULFDWD FDUWD VWDQGDUG GD JP FRPH FRQVLJOLDWR 8QD YROWD ULPRVVR OLQFHSSDPHQWR YHULILFDUH FKH DOOLQWHUQR GHOOD PDFFKLQD QRQ VLDQR ULPDVWL UHVLGXL GL FDUWD /D TXDQWLWj GL WRQHU ULODVFLDWD q LQIHULRUH DOOH DVSHWWDWLYH H VXO GLVSOD\ /&' YLHQH YLVXDOL]]DWR LO PHVVDJJLR 721(5 6&$562 SRVVLELOH FKH LO WRQHU QRQ VLD GLVWULEXLWR XQLIRUPHPHQWH DOOLQWHUQR GHOOD FDUWXFFLD (VWUDUUH OD FDUWXFFLD GHO WRQHU $JLWDUH OD FDUWXFFLD H SLFFKLHWWDUH OD SDUWH VXSHULRUH VRSUD XQ FRQWHQLWRUH SHU ULILXWL )DUH DWWHQ]LRQH D QRQ WRFFDUH LO WRQHU HVSRVWR VXO ODWR VLQLVWUR GHOOD FDUWXFFLD /D UHVD GHOOD FDUWXFFLD WRQHU *OL RULJLQDOL FRQWHQJRQR LPPDJLQL DUHH SLHQH R q LQIHULRUH DO SUHYLVWR ULJKH VSHVVH *OL RULJLQDOL VRQR FRVWLWXLWL GD PRGXOL QRWL]LDUL OLEUL HFF /D PDFFKLQD YLHQH DFFHVD H VSHQWD IUHTXHQWHPHQWH /D FRSHUWXUD GHOOD ODVWUD GL HVSRVL]LRQH ULPDQH DSHUWD GXUDQWH OH RSHUD]LRQL GL FRSLDWXUD Qhtvh' ' YrXx8rrQ# !Bvqhryrr 3UREOHPD /D PDFFKLQD QRQ VWDPSD 3RVVLELOH FDXVD 6ROX]LRQH FRQVLJOLDWD , O FDYR SDUDOOHOR , ((( 9HULILFDUH OD FRQQHVVLRQH GHO FDYR R LO FDYR 86% QRQ q VWDWR FROOHJDWR FRUUHWWDPHQWH , O FDYR SDUDOOHOR , ((( 9HULILFDUH OD IXQ]LRQDOLWj GHO FDYR FRQ R LO FDYR 86% q XQ FRPSXWHU H XQD VWDPSDQWH GLIHWWRVR IXQ]LRQDQWL 6H LO SUREOHPD VL ULSUHVHQWD VRVWLWXLUH LO FDYR /LPSRVWD]LRQH GHOOD SRUWD QRQ q FRUUHWWD 9HULILFDUH OH LPSRVWD]LRQL GL VWDPSD VXO 3DQQHOOR GL FRQWUROOR GL :LQGRZV H DVVLFXUDUVL FKH LO ODYRUR GL VWDPSD YHQJD LQYLDWR DOOD SRUWD FRUUHWWD $G HVHPSLR /37 /H FDUWXFFH GHO WRQHU H 9HULILFDUH FKH OH FDUWXFFH VLDQR GHO WDPEXUR QRQ VRQR LQVWDOODWH FRUUHWWDPHQWH VWDWH LQVWDOODWH FRUUHWWDPHQWH , O GULYHU GL VWDPSD QRQ q VWDWR LQVWDOODWR FRUUHWWDPHQWH , QVWDOODUH GL QXRYR LO VRIWZDUH /H VSHFLILFKH GHO FDYR 8WLOL]]DUH LO FDYR GHOOD SRUWD SDUDOOHOD GHOOD SRUWD SDUDOOHOD , ((( IRUQLWR R VRVWLWXLUOR FRQ XQ QRQ VRQR FRUUHWWH FDYR , ((( FRPSDWLELOH 0HWj GHOOD SDJLQD VWDPSDWD q YXRWD /LPSDJLQD]LRQH q HFFHVVLYDPHQWH FRPSOHVVD /RULHQWDPHQWR SDJLQD QRQ q FRUUHWWR 5LGXUUH OLPSRVWD]LRQH GHOOD ULVROX]LRQH GD GSL D GSL $XPHQWDUH OD 5$0 GHO FRPSXWHU 0RGLILFDUH ORULHQWDPHQWR SDJLQD QHOOD ILQHVWUD GL GLDORJR GL LPSRVWD]LRQH GHOOD VWDPSDQWH YrXx8rrQ# !Bvqhryrr Qhtvh' ( 3UREOHPL H VROX]LRQL 7DEHOOD SHU OD VWDPSDQWH 3UREOHPD /D VWDPSD q WURSSR OHQWD 3RVVLELOH FDXVD /D SRUWD SDUDOOHOD GHO FRPSXWHU QRQ q LPSRVWDWD SHU FRPXQLFD]LRQL DG DOWD YHORFLWj 6H VL XVD :LQGRZV OLPSRVWD]LRQH GHOOR VSRROHU SRWUHEEH HVVHUH HUUDWD 6ROX]LRQH FRQVLJOLDWD 6H LO FRPSXWHU q SURYYLVWR GL XQD SRUWD SDUDOOHOD (&3 DELOLWDUH WDOH PRGDOLWj GL IXQ]LRQDPHQWR &RQVXOWDUH OD VH]LRQH UHODWLYD DOOH FRPXQLFD]LRQL GL VWDPSD DG DOWD YHORFLWj GHOOD JXLGD SHU OXWHQWH GHO 3& 6HOH]LRQDUH LO SXOVDQWH $YYLR TXLQGL , PSRVWD]LRQL H LQILQH 6WDPSDQWL )DUH FOLF VXOOLFRQD GHO SURGRWWR FRQ LO SXOVDQWH GHVWUR GHO PRXVH )DUH FOLF VX 3URSULHWj SRL QHOOD VFKHGD 'HWWDJOL VHOH]LRQDUH OLPSRVWD]LRQH GL VSRROLQJ ULFKLHVWD /D PHPRULD 5$0 GHO $XPHQWDUH OD 5$0 GHO FRPSXWHU FRPSXWHU q LQVXIILFLHQWH , O ODYRUR GL VWDPSD q WURSSR JUDQGH 3DUWL GHOOD VWDPSD VELDGLWH H LUUHJRODUL 5LGXUUH OD ULVROX]LRQH GD GSL D GSL 6L WUDWWD GL XQ SUREOHPD 8WLOL]]DUH XQLFDPHQWH FDUWD FRQIRUPH GL TXDOLWj GHOOD FDUWD DOOH VSHFLILFKH LQGLFDWH SHU LO SURGRWWR , O WRQHU QRQ q GLVWULEXLWR (VWUDUUH OD FDUWXFFLD H DJLWDUOD LQ PRGR XQLIRUPH OHJJHUPHQWH SHU GLVWULEXLUH LO WRQHU 5HLQVWDOODUH OD FDUWXFFLD 0DFFKLH QHUH 0DQFDQR SDUWL GHL FDUDWWHUL 6L WUDWWD GL XQ SUREOHPD 8WLOL]]DUH XQLFDPHQWH FDUWD FRQIRUPH GL TXDOLWj GHOOD FDUWD DOOH VSHFLILFKH LQGLFDWH SHU LO SURGRWWR /D FDUWD q WURSSR VHFFD &DULFDUH XQD QXRYD ULVPD GL FDUWD Qhtvh'! YrXx8rrQ# !Bvqhryrr 3UREOHPD 6IRQGR FRQ SXQWLQL 3RVVLELOH FDXVD /D FDUWD q WURSSR XPLGD 6ROX]LRQH FRQVLJOLDWD &DULFDUH FDUWD SURYHQLHQWH GD XQD QXRYD ULVPD (VWUDUUH OD FDUWD GDOOD FRQIH]LRQH LPPHGLDWDPHQWH SULPD GL XWLOL]]DUOD SHU HYLWDUH FKH DVVRUED HFFHVVLYD XPLGLWj GDOODPELHQWH HVWHUQR /D VXSHUILFLH GL VWDPSD 6H VL VWDPSD VX EXVWH PRGLILFDUH QRQ q XQLIRUPH OLPSDJLQD]LRQH LQ PRGR GD HYLWDUH GL VWDPSDUH VX JLXQWXUH GHOOD EXVWD VXO ODWR RSSRVWR &DUDWWHUL PDQFDQWL /D FDUWD q WURSSR XPLGD &DULFDUH FDUWD SURYHQLHQWH GD XQD QXRYD ULVPD (VWUDUUH OD FDUWD GDOOD FRQIH]LRQH LPPHGLDWDPHQWH SULPD GL XWLOL]]DUOD SHU HYLWDUH FKH DVVRUED HFFHVVLYD XPLGLWj GDOODPELHQWH HVWHUQR 5HWUR GHO IRJOLR VWDPSDWR VSRUFR , O UXOOR GL WUDVIHULPHQWR 6WDPSDUH DOFXQH SDJLQH YXRWH SHU q VSRUFR SXOLUH LO UXOOR $FFHGHUH DOOD ILQHVWUD GL GLDORJR GHL FDUDWWHUL GHO 3DQQHOOR GL FRQWUROOR SHU DELOLWDUH L FDUDWWHUL 7UXH7\SH (VWUDUUH OD FDUWXFFLD H DJLWDUOD OHJJHUPHQWH SHU GLVWULEXLUH LO WRQHU 5HLQVWDOODUH OD FDUWXFFLD 9HULILFDUH GL GLVSRUUH GL XQD FDUWXFFLD WRQHU GL ULVHUYD &DUDWWHUL QRQ FRUUHWWL , FDUDWWHUL 7UXH7\SH VRQR GLVDELOLWDWL , PPDJLQL VELDGLWH 0DQFD WRQHU YrXx8rrQ# !Bvqhryrr Qhtvh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q SRVVLELOH ULFHYHUH GRFXPHQWL GRSR DYHU SUHPXWR >$YYLR@ 9HULILFDUH FKH ODSSDUHFFKLR ID[ UHPRWR VLD FRPSDWLELOH FRQ OD PDFFKLQD XWLOL]]DWD /D PDFFKLQD q LQ JUDGR GL VXSSRUWDUH FRPXQLFD]LRQL * PD QRQ * $WWHQGHUH OR VTXLOOR GHOODSSDUHFFKLR SULPD GL VROOHYDUH LO ULFHYLWRUH 5LDJJDQFLDUH LO ULFHYLWRUH VROR GRSR DYHU SUHPXWR >$YYLR@ 6H VL ULVSRQGH D XQD FKLDPDWD SHU SRL SDVVDUH DOOD ULFH]LRQH ID[ SULPD GL ULDJJDQFLDUH LO ULFHYLWRUH SUHPHUH >$YYLR@ H DWWHQGHUH FKH OD OLQHD WHOHIRQLFD SDVVL LQ PRGDOLWj GL WUDVPLVVLRQH ID[ 9HULILFDUH FKH LO FDYR WHOHIRQLFR VLD FROOHJDWR FRUUHWWDPHQWH 9HULILFDUH FKH LO FDYR GHOODOLPHQWD]LRQH VLD FROOHJDWR D XQD SUHVD GL FRUUHQWH 9HULILFDUH FKH ODSSDUHFFKLR ID[ UHPRWR QRQ SUHVHQWL SUREOHPL 9HULILFDUH FKH OD FDUWD VLD VWDWD FDULFDWD 9HULILFDUH FKH QRQ VL VLD YHULILFDWR XQ LQFHSSDPHQWR /D FDUWD QRQ HVFH Qhtvh'!! YrXx8rrQ# !Bvqhryrr 3UREOHPD , O GRFXPHQWR ULFHYXWR q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rXx8rrQ# !Bvqhryrr Qhtvh'!" 3UREOHPL H VROX]LRQL 5LSULVWLQR GHOOD PDFFKLQD 6H VL YHULILFDQR SUREOHPL R VH OD PDFFKLQD VL EORFFD SXz HVVHUH QHFHVVDULR HVHJXLUH XQRSHUD]LRQH GL ULSULVWLQR 3HU ULSULVWLQDUH H ULDYYLDUH OD PDFFKLQD SURFHGHUH FRPH VHJXH 127$ OD VHTXHQ]D GL SURJUDPPD]LRQH GHYH HVVHUH HVHJXLWD QHOODUFR GL VHFRQGL 3UHPHUH >&DQFHOOD&DQFHOOD WXWWR@ 3UHPHUH LO WDVWR GL VFRUULPHQWR 3UHPHUH LO WDVWR GL VFRUULPHQWR 3UHPHUH GL QXRYR >&DQFHOOD&DQFHOOD WXWWR@ Qhtvh'!# YrXx8rrQ# !Bvqhryrr 3ULPD GL XWLOL]]DUH LO :RUN&HQWUH 3UR q QHFHVVDULR FRQILJXUDUH DOFXQH LPSRVWD]LRQL GL VLVWHPD 3HU FRQILJXUDUH OD PDFFKLQD GDO 3& R GDOOD ZRUNVWDWLRQ q SRVVLELOH XWLOL]]DUH &RQWURO&HQWUH , O FDSLWROR FRPSUHQGH OH VHJXHQWL VH]LRQL , PSRVWD]LRQH GHO VLVWHPD 5HJROD]LRQH GHO YROXPH GHOODOWRSDUODQWH , PSRVWD]LRQL GHL GDWL GL VLVWHPD 5DSSRUWL &DQFHOOD]LRQH GDOOD PHPRULD &RQWURO&HQWUH YrXx8rrQ# !Bvqhryrr Qhtvh( , PSRVWD]LRQH GHO VLVWHPD , PSRVWD]LRQH GHO VLVWHPD , PSRVWD]LRQH GHO VLVWHPD , O PHQX G LPSRVWD]LRQH VLVWHPD FRQVHQWH GL PRGLILFDUH YDULH LPSRVWD]LRQL GHOOD PDFFKLQD 2S]LRQL GL LPSRVWD]LRQH GHO VLVWHPD 2S]LRQH 0RGR ULFH]LRQH 'HVFUL]LRQH /D PDFFKLQD q LPSRVWDWD SHU OD ULFH]LRQH DXWRPDWLFD GL ID[ 6RQR GLVSRQLELOL GLYHUVL DOWUL PRGL GL ULFH]LRQH 7(/ , Q PRGR 7(/ OD ULFH]LRQH DXWRPDWLFD GHL ID[ q GLVDWWLYDWD 3HU ULFHYHUH XQ ID[ PDQXDOPHQWH VROOHYDUH LO ULFHYLWRUH RSSXUH SUHPHUH &RPSRVL]LRQH PDQXDOH SHU DFFHWWDUH OD FKLDPDWD /D PDFFKLQD UHPRWD WUDVPHWWH XQ VHJQDOH GL ID[ RSSXUH VL FRPXQLFD GLUHWWDPHQWH FRQ OLQWHUORFXWRUH $ TXHVWR SXQWR SUHPHUH >$YYLR@ H ULDJJDQFLDUH LO ULFHYLWRUH )$; 6H q VWDWR VHOH]LRQDWR LO PRGR )$; OD PDFFKLQD ULVSRQGH DXWRPDWLFDPHQWH DOOH FKLDPDWH LQ DUULYR HG HQWUD LPPHGLDWDPHQWH LQ PRGDOLWj GL ULFH]LRQH ID[ 7(/)$; 6H LQ PRGR 7(/)$; OD PDFFKLQD ULVSRQGH DXWRPDWLFDPHQWH DOOH FKLDPDWH LQ DUULYR 6H QRQ YLHQH ULOHYDWR LO VHJQDOH ID[ OD PDFFKLQD HPHWWH XQR VTXLOOR SHU LQGLFDUH XQD FKLDPDWD YRFDOH 3HU ULVSRQGHUH DOOD FKLDPDWD SUHPHUH >$YYLR@ TXLQGL VROOHYDUH LO ULFHYLWRUH 6H LO ULFHYLWRUH GHO WHOHIRQR FROOHJDWR DOOD OLQHD HVWHUQD QRQ YLHQH VROOHYDWR TXDQGR ODSSDUHFFKLR VTXLOOD OD PDFFKLQD SDVVD LQ PRGDOLWj GL ULFH]LRQH ID[ DXWRPDWLFD 6*5)$; 4XHVWD PRGDOLWj GHYH HVVHUH XWLOL]]DWD VH VL FROOHJD XQD VHJUHWHULD WHOHIRQLFD DOOR ;HUR[ :RUN&HQWUH 3UR 6H OD VHJUHWHULD ULOHYD XQ VHJQDOH ID[ OD PDFFKLQD SDVVD DXWRPDWLFDPHQWH LQ PRGDOLWj )$; SRVVLELOH LPSRVWDUH XQ QXPHUR GL VHOH]LRQH SUHILVVR FRPSRVWR GD FLIUH 7DOH QXPHUR YHUUj VHOH]LRQDWR SULPD GL TXDOVLDVL QXPHUR GL FRPSRVL]LRQH DXWRPDWLFD 4XHVWD RS]LRQH q XWLOH SHU DFFHGHUH D VFDPEL 3$%; 1 VHO SUHILVVR Qhtvh(! YrXx8rrQ# !Bvqhryrr 2S]LRQH 9RO VXRQHULD 'HVFUL]LRQH SRVVLELOH LPSRVWDUH LO YROXPH VXRQHULD ULFKLHVWR 6RQR GLVSRQLELOL OLYHOOL GL YROXPH 9LHQH HPHVVR XQR VTXLOOR DO OLYHOOR GL YROXPH VHOH]LRQDWR H VXO GLVSOD\ YLHQH YLVXDOL]]DWR LO QXPHUR FRUULVSRQGHQWH 3HU GLVDWWLYDUH OD VXRQHULD LPSRVWDUH LO OLYHOOR GHO YROXPH DOOHVWUHPLWj VLQLVWUD /D PDFFKLQD IXQ]LRQD QRUPDOPHQWH DQFKH VH OD VXRQHULD q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q SRVVLELOH HFRQRPL]]DUH OLPSLHJR GHO WRQHU /H RS]LRQL GLVSRQLELOL SHU 02'2 86% VRQR 9(/2&( H /(172 9(/2&( FRUULVSRQGH DOOLPSRVWD]LRQH SUHGHILQLWD 3HU DOFXQL XWHQWL GL 3& OLPSRVWD]LRQH SUHGHILQLWD SRWUHEEH QRQ HVVHUH RWWLPDOH , Q WDO FDVR VHOH]LRQDUH ORS]LRQH /(172 6H TXHVWD RS]LRQH YLHQH DELOLWDWD q SRVVLELOH VWDPSDUH SDJLQH ID[ IURQWHUHWUR SRVVLELOH VHOH]LRQDUH /$72 /81*2 R /$72 &2572 LQ EDVH DOORULHQWDPHQWR GL ULOHJDWXUD GHVLGHUDWR 6H VL VHOH]LRQD 12 ORS]LRQH YLHQH GLVDWWLYDWD 6XRQR DOODUPH 6XRQR WDVWL &RQWUROOR DOWRS 6HOH] OLQJXD 6HOH]LRQD SDHVH 5LVSDUPLR WRQHU 0RGR 86% )D[ )5 YrXx8rrQ# !Bvqhryrr Qhtvh(" , PSRVWD]LRQH GHO VLVWHPD 2S]LRQH 4XDOLWj LPPDJLQH 'HVFUL]LRQH 8WLOL]]DUH TXHVWD RS]LRQH SHU LPSRVWDUH OD TXDOLWj LPPDJLQH JHQHUDOH LQ EDVH DO WLSR GL RULJLQDOH GD FRSLDUH 8WLOL]]DUH 1250$/( VH OD PDFFKLQD YLHQH LPSLHJDWD SHU RULJLQDOL GL WXWWL L WLSL VHOH]LRQDUH 7(672 VH VL FRSLDQR SUHYDOHQWHPHQWH GRFXPHQWL FRQWHQHQWL WHVWR H OLQHH RSSXUH LPSRVWDUH *5$), &$ VH L GRFXPHQWL FRSLDWL FRQWHQJRQR FRORUL H VIXPDWXUH Qhtvh(# YrXx8rrQ# !Bvqhryrr 3HU YLVXDOL]]DUH R PRGLILFDUH OH RS]LRQL GL LPSRVWD]LRQH GHO VLVWHPD SUHGHILQLWH SURFHGHUH FRPH VHJXH 3UHPHUH >0HQX(VFL@ VXO SDQQHOOR FRPDQGL 3UHPHUH R ILQR D TXDQGR QRQ YLHQH YLVXDOL]]DWR , 03267 6, 67(0$ TXLQGL SUHPHUH >6HOH]LRQD@ 3UHPHUH R SHU VFRUUHUH OH RS]LRQL 3HU YLVXDOL]]DUH R PRGLILFDUH OLPSRVWD]LRQH FRUUHQWH GL XQRS]LRQH GL LPSRVWD]LRQH GHO VLVWHPD VHOH]LRQDUH ORS]LRQH H SUHPHUH >6HOH]LRQD@ 6XOOXOWLPD ULJD GHO GLVSOD\ YLHQH YLVXDOL]]DWD OLPSRVWD]LRQH SUHGHILQLWD GHOORS]LRQH VHOH]LRQDWD 3UHPHUH R SHU YLVXDOL]]DUH OH RS]LRQL GL LPSRVWD]LRQH GHOORS]LRQH VHOH]LRQDWD 3UHPHUH >6HOH]LRQD@ SHU VDOYDUH OD VHOH]LRQH 9LHQH YLVXDOL]]DWD ORS]LRQH GL LPSRVWD]LRQH GHO VLVWHPD VXFFHVVLYD 3HU PRGLILFDUH DOWUL SDUDPHWUL ULSHWHUH OD SURFHGXUD 3UHPHUH >0HQX(VFL@ SHU XVFLUH H ULWRUQDUH DO OLYHOOR GL PHQX SUHFHGHQWH 3HU ULWRUQDUH LQ PRGDOLWj 6WDQGE\ SUHPHUH >$UUHVWR@ YrXx8rrQ# !Bvqhryrr Qhtvh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j 6WDQGE\ Qhtvh(% YrXx8rrQ# !Bvqhryrr /D PDFFKLQD RIIUH XQD VHULH GL RS]LRQL GHL GDWL GL VLVWHPD VHOH]LRQDELOL GDOOXWHQWH 7DOL RS]LRQL VRQR SUHLPSRVWDWH PD q SRVVLELOH PRGLILFDUOH 3HU YLVXDOL]]DUH OLPSRVWD]LRQH FRUUHQWH q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z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rXx8rrQ# !Bvqhryrr Qhtvh(& , PSRVWD]LRQH GHO VLVWHPD , PSRVWD]LRQL GHL GDWL GL VLVWHPD 2S]LRQH &RG ULFH]LRQH 'HVFUL]LRQH &RQVHQWH GL DYYLDUH OD ULFH]LRQH GL XQ ID[ GD XQ WHOHIRQR FROOHJDWR DOOD SUHVD (;7 GHO :RUN&HQWUH 3UR 6ROOHYDUH LO ULFHYLWRUH GHO WHOHIRQR DWWHQGHUH LO VHJQDOH ID[ LQVHULUH LO FRGLFH GL ULFH]LRQH H SUHPHUH $YYLR , O FRGLFH GL ULFH]LRQH SUHGHILQLWR q /H LPSRVWD]LRQL GLVSRQLELOL YDQQR GD D &RQVHQWH GL OLPLWDUH LO FRQVXPR HQHUJHWLFR TXDQGR OD PDFFKLQD QRQ q LQ DWWLYLWj 3HU DWWLYDUH OD IXQ]LRQH VHOH]LRQDUH 6, 6XO GLVSOD\ /&' YLHQH ULFKLHVWR GL LQVHULUH OLQWHUYDOOR GL WHPSR GXUDQWH LO TXDOH OD PDFFKLQD GHYH ULPDQHUH LQDWWLYD SULPD GL HQWUDUH LQ PRGDOLWj GL ULVSDUPLR HQHUJHWLFR 3HU GLVDWWLYDUH OD IXQ]LRQH VHOH]LRQDUH 12 /D PDFFKLQD q LQ JUDGR GL VWDPSDUH GRSR XQ WHPSR PLQLPR GL SUHULVFDOGDPHQWR /RS]LRQH GL FRUUH]LRQH GHJOL HUURUL FRQVHQWH GL FRPSHQVDUH JOL LQFRQYHQLHQWL GL XQD OLQHD WHOHIRQLFD QRQ RWWLPDOH /H RS]LRQL GLVSRQLELOL VRQR 6, H 12 &RQ LO PRGR FRUUH]LRQH HUURUL (&0 DELOLWDWR q SRVVLELOH PLJOLRUDUH OD WUDVPLVVLRQH 6H VL ULFHYH XQ GRFXPHQWR GL OXQJKH]]D XJXDOH R VXSHULRUH DOOD FDUWD FDULFDWD OD PDFFKLQD q LQ JUDGR GL ULGXUUH OH GLPHQVLRQL GHO GRFXPHQWR LQ DUULYR SHU DGDWWDUOR DO IRUPDWR FDUWD GHO :RUN&HQWUH 3UR 8WLOL]]DUH TXHVWD IXQ]LRQH SHU ULGXUUH DXWRPDWLFDPHQWH LO GRFXPHQWR LQ DUULYR 6H QRQ q SRVVLELOH ULGXUUH LO GRFXPHQWR SHU IDUOR ULHQWUDUH LQ XQD VROD SDJLQD HVVR YLHQH VWDPSDWR LQ GLPHQVLRQL UHDOL VX GXH R SL SDJLQH 6H VL DELOLWD ORS]LRQH 5LGX]LRQH RUL]]RQWDOH LO GRFXPHQWR LQ DUULYR YLHQH ULGRWWR VROR OXQJR ODVVH YHUWLFDOH 6H VL ULFHYH XQ GRFXPHQWR GL OXQJKH]]D XJXDOH R VXSHULRUH DOOD FDUWD FDULFDWD q SRVVLELOH HOLPLQDUH ILQR SDUWH GHO PDUJLQH LQIHULRUH GHOOD SDJLQD 6H LO GRFXPHQWR LQ DUULYR QRQ ULHQWUD QHO PDUJLQH LPSRVWDWR HVVR YLHQH VWDPSDWR LQ GLPHQVLRQL UHDOL VX GXH SDJLQH 6H LO GRFXPHQWR ULHQWUD QHO PDUJLQH LPSRVWDWR H OD IXQ]LRQH GL ULGX]LRQH DXWRPDWLFD q DWWLYD HVVR YLHQH ULGRWWR H DGDWWDWR DO IRUPDWR FDUWD ULFKLHVWR LO PDUJLQH LQIHULRUH HOLPLQDWR 6H OD IXQ]LRQH GL ULGX]LRQH DXWRPDWLFD q GLVDWWLYDWD R IDOOLVFH L GDWL FRQWHQXWL VXO PDUJLQH GHOOD SDJLQD YHQJRQR HOLPLQDWL /H LPSRVWD]LRQL GLVSRQLELOL YDQQR GD D PP 5LVS HQHUJ 0RGR FRUUH] HUU 5LGX]LRQH 5; (OLPLQ PDUJLQL Qhtvh(' YrXx8rrQ# !Bvqhryrr 2S]LRQH , QWHUY VHOH] 'HVFUL]LRQH 6H ODSSDUHFFKLR ID[ UHPRWR q RFFXSDWR LO :RUN&HQWUH 3UR q LQ JUDGR GL ULFRPSRUUH DXWRPDWLFDPHQWH LO QXPHUR SL YROWH SRVVLELOH LPSRVWDUH LQWHUYDOOL GD D PLQXWL &RQVHQWH GL VSHFLILFDUH LO QXPHUR GL WHQWDWLYL GL ULVHOH]LRQH GD D FKH LO :RUN&HQWUH 3UR GHYH HVHJXLUH &RQVHQWH GL VSHFLILFDUH LO QXPHUR GL VTXLOOL GD D GRSR L TXDOL LO :RUN&HQWUH 3UR ULVSRQGH D XQD FKLDPDWD LQ DUULYR 6H TXHVWD RS]LRQH YLHQH DELOLWDWD WXWWL GL GRFXPHQWL GD WUDVPHWWHUH YLD ID[ YHQJRQR DXWRPDWLFDPHQWH VFDQVLWL LQ PHPRULD , Q WDO PRGR QRQ q QHFHVVDULR DWWHQGHUH FKH L GRFXPHQWL FDULFDWL QHOO$') YHQJDQR LQYLDWL SHU LQYLDUH R PHPRUL]]DUH DOWUL ODYRUL ID[ 6H TXHVWD RS]LRQH YLHQH DELOLWDWD LO :RUN&HQWUH 3UR VWDPSD DXWRPDWLFDPHQWH LQ IRQGR D WXWWH OH SDJLQH ULFHYXWH LO QXPHUR GL SDJLQD H OD GDWD H ORUD GL ULFH]LRQH SRVVLELOH FRQILJXUDUH ORURORJLR GHOOD PDFFKLQD LQ PRGR FKH ORUD YHQJD YLVXDOL]]DWD QHO IRUPDWR RUH R RUH 7HQWDWLYL 1XPHUR VTXLOOL , QYLD GD PHPRULD , ' ORFDOH 0RGR RURORJLR YrXx8rrQ# !Bvqhryrr Qhtvh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j 6WDQGE\ Qhtvh( YrXx8rrQ# !Bvqhryrr /D PDFFKLQD FRQVHQWH GL VWDPSDUH UDSSRUWL HG HOHQFKL GL YDULR WLSR , UDSSRUWL FRQVHQWRQR GL PRQLWRUDUH O DWWLYLWj GHOOD PDFFKLQD H GHO ID[ SRVVLELOH LPSRVWDUH L UDSSRUWL LQ PRGR FKH LQFOXGDQR LQIRUPD]LRQL VSHFLILFKH R FKH YHQJDQR VWDPSDWL DXWRPDWLFDPHQWH SRVVLELOH VWDPSDUH UDSSRUWL FRQWHQHQWL LQIRUPD]LRQL SDUWLFRODUPHQWH XWLOL TXDOL ODYRUL SURJUDPPDWL GDWL GHO VLVWHPD HFF 127$ SHU XOWHULRUL LQIRUPD]LRQL UHODWLYH DL UDSSRUWL FRQVXOWDUH LO &' 'RFXPHQWD]LRQH SHU LO FOLHQWH 6RQR GLVSRQLELOL L VHJXHQWL UDSSRUWL &RQIHUPD PHVVDJJL , Q TXHVWR UDSSRUWR q LQGLFDWR LO QXPHUR GL ID[ LO QXPHUR GL SDJLQH WUDVPHVVH LO WHPSR WUDVFRUVR GDOODYYLR GHOORSHUD]LRQH OD PRGDOLWj H L ULVXOWDWL GHOOD FRPXQLFD]LRQH , O UDSSRUWR GL FRQIHUPD PHVVDJJL SXz HVVHUH VWDPSDWR DXWRPDWLFDPHQWH GRSR RJQL WUDVPLVVLRQH 6, DXWRPDWLFDPHQWH VROR VH GXUDQWH OD WUDVPLVVLRQH VL YHULILFD XQ HUURUH (55 QRQ HVVHUH VWDPSDWR 12 , O UDSSRUWR SXz HVVHUH VWDPSDWR PDQXDOPHQWH LQ TXDOVLDVL PRPHQWR /DYRUL SURJUDPPDWL , Q TXHVWR HOHQFR VRQR ULSRUWDWL WXWWL L GRFXPHQWL PHPRUL]]DWL SHU LQYLR GLIIHULWR LQYLR SULRULWDULR LQYLR GL JUXSSR H SROOLQJ 1HOOHOHQFR q LQGLFDWR ORUD GL DYYLR LO WLSR GL RSHUD]LRQH HFF , Q TXHVWR HOHQFR VRQR ULSRUWDWL WXWWL L QXPHUL PHPRUL]]DWL FRPH QXPHUL GL VHOH]LRQH UDSLGD H QXPHUL GL JUXSSR , Q TXHVWR HOHQFR q ULSRUWDWR OR VWDWR GHOOH RS]LRQL VHOH]LRQDELOL GDOOXWHQWH 'RSR DYHU PRGLILFDWR XQLPSRVWD]LRQH VWDPSDUH TXHVWR HOHQFR SHU DYHUH XQD FRQIHUPD GHOOD PRGLILFD HIIHWWXDWD 4XHVWR UDSSRUWR FRQWLHQH LQIRUPD]LRQL UHODWLYH DOOH DWWLYLWj GL WUDVPLVVLRQH SL UHFHQWL 5XEULFD 'DWL VLVWHPD 7UDVPLVVLRQH YrXx8rrQ# !Bvqhryrr Qhtvh( , PSRVWD]LRQH GHO VLVWHPD 5DSSRUWL 5LFH]LRQH 0DSSD GHL PHQX 5DSSRUWR FRPXQLFD]LRQL PXOWLSOH 5DSSRUWR LQWHUUX]LRQH DOLPHQWD]LRQH 4XHVWR UDSSRUWR FRQWLHQH LQIRUPD]LRQL UHODWLYH DOOH DWWLYLWj GL ULFH]LRQH SL UHFHQWL , Q TXHVWR HOHQFR VRQR ULSRUWDWL VRWWR IRUPD GL JXLGD UDSLGD OH IXQ]LRQL H L FRPDQGL SULQFLSDOL GHOOD PDFFKLQD 4XHVWR UDSSRUWR YLHQH VWDPSDWR DXWRPDWLFDPHQWH GRSR OLQYLR R OD ULFH]LRQH GL GRFXPHQWL GD SL SRVWD]LRQL 4XHVWR UDSSRUWR YLHQH VWDPSDWR DXWRPDWLFDPHQWH RJQL YROWD FKH OD FRUUHQWH YLHQH ULSULVWLQDWD GRSR XQLQWHUUX]LRQH H VL YHULILFD XQD SHUGLWD GL GDWL 127$ L UDSSRUWL LPSRVWDWL SHU OD VWDPSD DXWRPDWLFD QRQ YHQJRQR VWDPSDWL VH OD FDUWD q HVDXULWD R LQFHSSDWD 6WDPSD GHL UDSSRUWL 3UHPHUH >5DSSRUWL@ VXO SDQQHOOR FRPDQGL 6XO GLVSOD\ YLHQH YLVXDOL]]DWR LO SULPR PHQX &21)(50$ 0(66 3UHPHUH ULSHWXWDPHQWH >5DSSRUWL@ ILQR D YLVXDOL]]DUH OHOHQFR GD VWDPSDUH TXLQGL SUHPHUH >6HOH]LRQD@ /HOHQFR VHOH]LRQDWR YLHQH VWDPSDWR Qhtvh( ! YrXx8rrQ# !Bvqhryrr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q SRVVLELOH FDQFHOODUH 3UHPHUH R ILQR D VHOH]LRQDUH OD YRFH GD HOLPLQDUH TXLQGL SUHPHUH >6HOH]LRQD@ SHU HOLPLQDUOD 3HU XVFLUH VHQ]D HOLPLQDUH OD YRFH SUHPHUH >0HQX(VFL@ 3HU FDQFHOODUH DOWUL GDWL ULSHWHUH OD SURFHGXUD RSSXUH VHOH]LRQDUH >0HQX(VFL@ R >$UUHVWR@ SHU XVFLUH H ULWRUQDUH LQ PRGDOLWj 6WDQGE\ YrXx8rrQ# !Bvqhryrr Qhtvh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j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htvh( # YrXx8rrQ# !Bvqhryrr /D VFKHUPDWD GL &RQWURO&HQWUH q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rXx8rrQ# !Bvqhryrr Qhtvh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htvh( % YrXx8rrQ# !Bvqhryrr )DUH FOLF VXOOD VFKHGD >, PSRVWD]LRQL DYDQ]DWH@ SHU PRGLILFDUH OH RS]LRQL SUHGHILQLWH GHO VLVWHPD ID[ 68**(5, 0(172 SHU XOWHULRUL LQIRUPD]LRQL VXOOH RS]LRQL GL LPSRVWD]LRQH GL VLVWHPD FRQVXOWDUH OD VH]LRQH , PSRVWD]LRQH GHO VLVWHPD D SDJLQD YrXx8rrQ# !Bvqhryrr Qhtvh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htvh( ' YrXx8rrQ# !Bvqhryrr )DUH FOLF VXOOD VFKHGD >, QIRUPD]LRQL@ SHU YLVXDOL]]DUH LQIRUPD]LRQL VXOOD YHUVLRQH GHO VRIWZDUH H VX YDUL FRQWDWRUL , FRQWDWRUL FRQVHQWRQR GL YHULILFDUH LO QXPHUR GL VFDQVLRQL H GL VWDPSH HVHJXLWH ROWUH DO QXPHUR GL LQFHSSDPHQWL FKH VL VRQR YHULILFDWL 1XPHUR GL VFDQVLRQL GDOOD ODVWUD 1XPHUR GL VWDPSH HIIHWWXDWR GDOOD PDFFKLQD 1XPHUR GL LQFHSSDPHQWL QHOO$') 1XPHUR GL VFDQVLRQL GDOO$') 1XPHUR GL VWDPSH XVDQGR LO WDPEXUR 1XPHUR GL LQFHSSDPHQWL GXUDQWH OD VWDPSD YrXx8rrQ# !Bvqhryrr Qhtvh( ( , PSRVWD]LRQH GHO VLVWHPD 6FKHGD , QIRUPD]LRQL 6FKHGD $JJLRUQDPHQWR ILUPZDUH )DUH FOLF VXOOD VFKHGD >$JJLRUQDPHQWR ILUPZDUH@ SHU DJJLRUQDUH LO ILUPZDUH GHOOD PDFFKLQD 127$ TXHVWD IXQ]LRQH GRYUHEEH HVVHUH XWLOL]]DWD XQLFDPHQWH GDL WHFQLFL GHO VHUYL]LR GL DVVLVWHQ]D FOLHQWL ;HUR[ 3HU XOWHULRUL LQIRUPD]LRQL FRQWDWWDUH LO UDSSUHVHQWDQWH ;HUR[ ORFDOH R XQ ULYHQGLWRUH DXWRUL]]DWR Qhtvh(! YrXx8rrQ# !Bvqhryrr :RUN&HQWUH 3UR H L PDWHULDOL GL FRQVXPR ;HUR[ VRQR VWDWL SURJHWWDWL H FROODXGDWL SHU VRGGLVIDUH ULJRURVL UHTXLVLWL GL VLFXUH]]D 4XHVWL FRPSUHQGRQR HVDPL HG DSSURYD]LRQL GL HQWL UHVSRQVDELOL GHOOD VLFXUH]]D H GHOOD FRQIRUPLWj DJOL VWDQGDUG YLJHQWL SHU OD WXWHOD DPELHQWDOH 3ULPD GL XWLOL]]DUH :RUN&HQWUH 3UR OHJJHUH DWWHQWDPHQWH OH LVWUX]LRQL ULSRUWDWH TXL GL VHJXLWR H FRQVXOWDUOH LQ FDVR GL QHFHVVLWj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z HVVHUH LQVHULWD VROR LQ XQD SUHVD FRQ PHVVD D WHUUD 3HU HYLWDUH ULVFKL GL VFRVVH HOHWWULFKH LQ FDVR GL GLIILFROWj GL LQVHULPHQWR ULYROJHUVL D XQ HOHWWULFLVWD SHU IDU VRVWLWXLUH OD SUHVD 1RQ XWLOL]]DUH DGDWWDWRUL SHU FROOHJDUH OD PDFFKLQD D XQD SUHVD GL FRUUHQWH VSURYYLVWD GL PHVVD D WHUUD 4XHVWR SURGRWWR GHYH HVVHUH IDWWR IXQ]LRQDUH FRQ LO WLSR GL HQHUJLD LQGLFDWR , Q FDVR GL GXEELR VXO WLSR GL DOLPHQWD]LRQH GLVSRQLELOH ULYROJHUVL DOOHQWH ORFDOH FKH IRUQLVFH OHQHUJLD HOHWWULFD 1RQ PHWWHUH RJJHWWL VXO FDYR GL DOLPHQWD]LRQH HG HYLWDUH FKH LO FDYR SRVVD HVVHUH FDOSHVWDWR YrXx8rrQ# !Bvqhryrr Qhtvh6 $SSHQGLFH $ 1RWH VXOOD VLFXUH]]D $SSHQGLFH $ 1RWH VXOOD VLFXUH]]D 1RQ XWLOL]]DUH SUROXQJKH 6H QHFHVVDULR XWLOL]]DUH XQD SUROXQJD GRWDWD GL DGHJXDWD PHVVD D WHUUD H FRQWUROODUH OH VSHFLILFKH GL IDEEULFD]LRQH QRQFKp L UHTXLVLWL DVVLFXUDWLYL 9HULILFDUH FKH ODPSHUDJJLR WRWDOH GHL GLVSRVLWLYL DOLPHQWDWL WUDPLWH SUROXQJD QRQ VXSHUL ODPSHUDJJLR SUHYLVWR GDO FDYR GHOOD SUROXQJD 9HULILFDUH LQROWUH FKH ODPSHUDJJLR WRWDOH GHL GLVSRVLWLYL DOLPHQWDWL GDOOH SUHVH D PXUR QRQ VXSHUL ODPSHUDJJLR GHOOH SUHVH , O FDYR GL DOLPHQWD]LRQH FRVWLWXLVFH LO GLVSRVLWLYR GL GLVLQVHULPHQWR GDOOD SUHVD GL FRUUHQWH 3HU LQWHUURPSHUH FRPSOHWDPHQWH ODOLPHQWD]LRQH GHOOD PDFFKLQD VFROOHJDUH LO FDYR GL DOLPHQWD]LRQH GDOOD SUHVD 4XHVWR SURGRWWR q GRWDWR GL XQ GLVSRVLWLYR SHU LO ULVSDUPLR HQHUJHWLFR FKH FRQVHQWH GL ULVSDUPLDUH HQHUJLD GXUDQWH L WHPSL GL LQDWWLYLWj GHO VLVWHPD /D PDFFKLQD SXz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j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htvh6! YrXx8rrQ# !Bvqhryrr 1RQ YHUVDUH PDL VXOOD PDFFKLQD OLTXLGL GL DOFXQ WLSR 1RQ ULPXRYHUH OH FRSHUWXUH R OH SURWH]LRQL FKH ULFKLHGRQR OXWLOL]]R GL XQR VWUXPHQWR GL ULPR]LRQH D PHQR FKH FLz QRQ VLD HVSUHVVDPHQWH LQGLFDWR LQ XQ NLW GL PDQXWHQ]LRQH DSSURYDWR GD ;HUR[ 1RQ GLVDWWLYDUH JOL LQWHUUXWWRUL GL VLFXUH]]D /D PDFFKLQD q VWDWD SURJHWWDWD LQ PRGR GD LPSHGLUH DOORSHUDWRUH GL DFFHGHUH DG DUHH QRQ VLFXUH /D IXQ]LRQH GHOOH FRSHUWXUH GHOOH SURWH]LRQL H GHJOL LQWHUUXWWRUL GL VLFXUH]]D q DSSXQWR GL LPSHGLUH FKH OD PDFFKLQD SRVVD IXQ]LRQDUH TXDQGR TXHVWH SURWH]LRQL VRQR DSHUWH 1RQ LQVHULUH OH PDQL QHOOD ]RQD GHO IRQGLWRUH FKH VL WURYD LQ SURVVLPLWj GHOODUHD GHO YDVVRLR GL XVFLWD SHU HYLWDUH SRVVLELOL XVWLRQL 6WDQGDUG GL TXDOLWj TXHVWD PDFFKLQD q VWDWD SURGRWWD LQ FRQIRUPLWj FRQ OH QRUPH GL TXDOLWj , 62 3HU XOWHULRUL LQIRUPD]LRQL UHODWLYH DOOD VLFXUH]]D GHO SURGRWWR R GHL PDWHULDOL GL FRQVXPR ;HUR[ FRQWDWWDUH LO VHJXHQWH QXPHUR (8523$ 86$&$1$'$ 6WDQGDUG GL VLFXUH]]D (8523$ 4XHVWR SURGRWWR ;HUR[ q FHUWLILFDWR GDOOHQWH VHJXHQWH LQ EDVH DJOL VWDQGDUG GL VLFXUH]]D HOHQFDWL GL VHJXLWR (QWH 789 5KHLQODQG 6WDQGDUG , (& D HGL]LRQH (PHQGDPHQWL $ $ $ $ H $ 86$&$1$'$ 4XHVWR SURGRWWR ;HUR[ q FHUWLILFDWR GDOOHQWH VHJXHQWH LQ EDVH DJOL VWDQGDUG GL VLFXUH]]D HOHQFDWL (QWH 81'(5:5, 7(56 /$%25$725, (6 6WDQGDUG 8/ D HGL]LRQH /D FHUWLILFD]LRQH q EDVDWD VX DFFRUGL UHFLSURFL FKH LQFOXGRQR L UHTXLVLWL SHU LO &DQDGD YrXx8rrQ# !Bvqhryrr Qhtvh6" $SSHQGLFH $ 1RWH VXOOD VLFXUH]]D 1RQ LQVHULUH RJJHWWL GL TXDOVLDVL WLSR QHOOH IHVVXUH R DSHUWXUH OD PDFFKLQD LQ TXDQWR SRWUHEEHUR HQWUDUH LQ FRQWDWWR FRQ SXQWL DG DOWD WHQVLRQH R FDXVDUH XQ FRUWR FLUFXLWR FRQ FRQVHJXHQWH ULVFKLR GL LQFHQGLR R GL VFRVVH HOHWWULFKH , QIRUPD]LRQL VXOOH QRUPH YLJHQWL , O PDUFKLR &( DSSOLFDWR D TXHVWR SURGRWWR LQGLFD OD GLFKLDUD]LRQH GL FRQIRUPLWj ;HUR[ ;HUR[ /LPLWHG 'HFODUDWLRQ RI &RQIRUPLW\ ULVSHWWR DOOH VHJXHQWL GLUHWWLYH DSSOLFDELOL GHOO 8QLRQH (XURSHD DOOH GDWH LQGLFDWH JHQQDLR 'LUHWWLYD GHO &RQVLJOLR &(( HPHQGDWD GDOOD 'LUHWWLYD GHO &RQVLJOLR &(( ULDYYLFLQDPHQWR GHOOH QRUPDWLYH GHJOL 6WDWL 0HPEUL UHODWLYH DG DSSDUHFFKLDWXUH D EDVVD WHQVLRQH 'LUHWWLYD GHO &RQVLJOLR &(( ULDYYLFLQDPHQWR GHOOH QRUPDWLYH GHJOL 6WDWL 0HPEUL UHODWLYH DOOD FRPSDWLELOLWj HOHWWURPDJQHWLFD 'LUHWWLYD GHO &RQVLJOLR &(( UHODWLYD DG DSSDUHFFKLDWXUH UDGLR H SHU OH WHOHFRPXQLFD]LRQL H LO UHFLSURFR ULFRQRVFLPHQWR GHOOD ORUR FRQIRUPLWj 8QD GLFKLDUD]LRQH FRPSOHWD FKH GHILQLVFH OH GLUHWWLYH ULOHYDQWL H JOL VWDQGDUG GL FRQIRUPLWj SXz HVVHUH RWWHQXWD GD TXDOVLDVL ULYHQGLWRUH ;HUR[ RSSXUH ULYROJHQGRVL D (QYLURQPHQW +HDOWK DQG 6DIHW\ ;HUR[ /LPLWHG 32 %R[ %HVVHPHU 5RDG :HOZ\Q *DUGHQ &LW\ +HUWV $/ +( , QJKLOWHUUD 7HO $99(57(1=$ TXHVWR q XQ SURGRWWR GL FODVVH $ , Q XQ DPELHQWH GRPHVWLFR LO SURGRWWR SXz FDXVDUH LQWHUIHUHQ]H UDGLR QHO TXDO FDVR OXWHQWH GRYUj SUHQGHUH OH RSSRUWXQH PLVXUH JHQQDLR PDU]R Qhtvh6# YrXx8rrQ# !Bvqhryrr $99(57(1=$ TXHVWD PDFFKLQD q VWDWD SURGRWWD H FROODXGDWD LQ FRQIRUPLWj D ULJRURVH QRUPH GL VLFXUH]]D VXOOH LQWHUIHUHQ]H GL IUHTXHQ]H UDGLR (YHQWXDOL PRGLILFKH QRQ DXWRUL]]DWH WUD FXL O DJJLXQWD GL QXRYH IXQ]LRQL R LO FROOHJDPHQWR D GLVSRVLWLYL HVWHUQL SRVVRQR UHQGHUH QXOOD TXHVWD FHUWLILFD]LRQH 3HU RWWHQHUH XQ HOHQFR GHJOL DFFHVVRUL DSSURYDWL ULYROJHUVL D XQ ULYHQGLWRUH DXWRUL]]DWR ;HUR[ $99(57(1=$ SHU XVDUH LO SURGRWWR LQ SURVVLPLWj GL VWUXPHQWD]LRQH LQGXVWULDOH VFLHQWLILFD H PHGLFD , 60 SXz UHQGHUVL QHFHVVDULR OLPLWDUH OH UDGLD]LRQL HVWHUQH JHQHUDWH GDOOD VWUXPHQWD]LRQH , 60 R SUHQGHUH VSHFLDOL SUHFDX]LRQL $99(57(1=$ FRQ TXHVWR SURGRWWR q QHFHVVDULR XWLOL]]DUH FDYL VFKHUPDWL LQ FRQIRUPLWj DOOD 'LUHWWLYD GHO &RQVLJOLR &(( 6LFXUH]]D ODVHU $99(57(1=$ OXWLOL]]R GL FRPDQGL UHJLVWUD]LRQL H SURFHGXUH GLYHUVL GD TXHOOL GHVFULWWL LQ TXHVWD JXLGD SXz FRPSRUWDUH O HVSRVL]LRQH D UDGLD]LRQL QRFLYH 3HU TXDQWR ULJXDUGD L ODVHU OD PDFFKLQD q FRQIRUPH DJOL VWDQGDUG GL SUHVWD]LRQH GHL SURGRWWL ODVHU VWDELOLWL GD HQWL JRYHUQDWLYL QD]LRQDOL H LQWHUQD]LRQDOL FRPH SURGRWWR GL &ODVVH 4XHVWD PDFFKLQD QRQ HPHWWH UDGLD]LRQL SHULFRORVH SRLFKp LO IDVFLR GL OXFH ODVHU q FRPSOHWDPHQWH SURWHWWR GXUDQWH WXWWH OH IDVL GL IXQ]LRQDPHQWR H PDQXWHQ]LRQH YrXx8rrQ# !Bvqhryrr Qhtvh6$ $SSHQGLFH $ 1RWH VXOOD VLFXUH]]D 'LFKLDUD]LRQH GL FRQIRUPLWj DOOD 'LUHWWLYD GHO &RQVLJOLR &( 'LUHWWLYD VXOOH DSSDUHFFKLDWXUH UDGLR H VXL WHUPLQDOL GL WHOHFRPXQLFD]LRQH 4XHVWR SURGRWWR ;HUR[ q VWDWR DXWRFHUWLILFDWR GD ;HUR[ SHU OD FRQQHVVLRQH SDQHXURSHD FRPH VLQJROR WHUPLQDOH DOOD UHWH WHOHIRQLFD DQDORJLFD FRPPXWDWD SXEEOLFD 3XEOLF 6ZLWFKHG 7HOHSKRQH 1HWZRUN 3671 LQ FRQIRUPLWj FRQ OD 'LUHWWLYD &(( , O SURGRWWR q VWDWR SURJHWWDWR SHU RSHUDUH FRQ OH UHWL 3671 QD]LRQDOL H OH UHWL 3%; FRPSDWLELOL GHL VHJXHQWL SDHVL $XVWULD %HOJLR )UDQFLD )LQODQGLD *HUPDQLD /XVVHPEXUJR 6SDJQD *UHFLD , VODQGD , WDOLD 1RUYHJLD 3DHVL %DVVL 3RUWRJDOOR 5HJQR 8QLWR 6YH]LD 6YL]]HUD 'DQLPDUFD , UODQGD 4XDORUD GL SUHVHQWLQR GHL SUREOHPL ULYROJHUVL LPPHGLDWDPHQWH DO UDSSUHVHQWDQWH ;HUR[ GL ]RQD 4XHVWR SURGRWWR q VWDWR YHULILFDWR HG q ULWHQXWR FRQIRUPH DOOH VSHFLILFKH WHFQLFKH 7%5 SHU OH DSSDUHFFKLDWXUH GD XWLOL]]DUH FRQ OH UHWL WHOHIRQLFKH DQDORJLFKH FRPPXWDWH QHOO$UHD (FRQRPLFD (XURSHD SRVVLELOH FRQILJXUDUH LO SURGRWWR LQ PRGR GD UHQGHUOR FRPSDWLELOH FRQ OH UHWL GL DOWUL 3DHVL 6H q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j Qhtvh6% YrXx8rrQ# !Bvqhryrr (QHUJ\ 6WDU /D ;(52; &RUSRUDWLRQ KD VYLOXSSDWR TXHVWR SURGRWWR LQ FRQIRUPLWj DOOH GLUHWWLYH GHO SURJUDPPD (1(5*< 67$5 GHOO(QWH SHU LO ULVSDUPLR HQHUJHWLFR /D ;HUR[ &RUSRUDWLRQ LQ TXDOLWj GL SDUWQHU (1(5*< 67$5 KD VWDELOLWR FKH TXHVWR SURGRWWR q FRQIRUPH DOOH GLUHWWLYH (1(5*< 67$5 VXO ULVSDUPLR HQHUJHWLFR YrXx8rrQ# !Bvqhryrr Qhtvh6& $SSHQGLFH $ 1RWH VXOOD VLFXUH]]D &RQIRUPLWj FRQ JOL VWDQGDUG DPELHQWDOL Qhtvh6' YrXx8rrQ# !Bvqhryrr , O :RUN&HQWUH 3UR q VWDWR SURJHWWDWR LQ EDVH D ULJLGH VSHFLILFKH DSSURYD]LRQL H FHUWLILFD]LRQL 7DOL VSHFLILFKH KDQQR OR VFRSR GL JDUDQWLUH OD VLFXUH]]D GHJOL XWHQWL H LO IXQ]LRQDPHQWR RWWLPDOH GHOOD PDFFKLQD 8WLOL]]DUH OH VSHFLILFKH LQGLFDWH LQ TXHVWR FDSLWROR SHU LGHQWLILFDUH UDSLGDPHQWH OH IXQ]LRQDOLWj GHOOD PDFFKLQD , O FDSLWROR FRPSUHQGH OH VHJXHQWL VH]LRQL 6SHFLILFKH GHOOD VWDPSDQWH 6SHFLILFKH GHO ID[ 6SHFLILFKH GHOOR VFDQQHU H GHOOD FRSLDWULFH 6SHFLILFKH JHQHUDOL 6SHFLILFKH GHOOD FDUWD 4XDORUD VLDQR QHFHVVDULH XOWHULRUL LQIRUPD]LRQL ULYROJHUVL DO UDSSUHVHQWDQWH ORFDOH R D XQ ULYHQGLWRUH DXWRUL]]DWR ;HUR[ YrXx8rrQ# !Bvqhryrr Qhtvh7 $SSHQGLFH % 6SHFLILFKH $SSHQGLFH % 6SHFLILFKH 6SHFLILFKH GHOOD VWDPSDQWH 9RFH (PXOD]LRQH 5LVROX]LRQH 9HORFLWj GL VWDPSD 3&/ [ GSL GSL SDJLQH DO PLQXWR IRUPDWR $ /HWWHU 'HVFUL]LRQH /DUJKH]]D HIIHWWLYD GL VWDPSD PP SHU /HWWHU /HJDO [ PP PP SHU $ 9HORFLWj SULPD VWDPSD VHFRQGL ULVFDOGDPHQWR Qhtvh7! YrXx8rrQ# !Bvqhryrr 9RFH /LQHD WHOHIRQLFD &RPSDWLELOLWj 5LVROX]LRQH 'HVFUL]LRQH * 3671 UHWH WHOHIRQLFD SXEEOLFD FRPPXWDWD , 78 *UXSSR 6WDQGDUG )LQH 6XSHU ILQH [ GSL [ GSL [ GSL &RGLILFD GDWL 9HORFLWj PDVVLPD PRGHP 9HORFLWj GL WUDVPLVVLRQH 0HPRULD 9HORFLWj GL VWDPSD /DUJKH]]D HIIHWWLYD GL VFDQVLRQH 0+05005-3(* . %VHF VHFRQGL ULVROX]LRQH VWDQGDUG 005 . %VHF 0% SDJLQH DO PLQXWR IRUPDWR $ /HWWHU PP /DUJKH]]D HIIHWWLYD GL VWDPSD PP SHU /HWWHU /HJDO [ PP PP SHU $ *UDPPDWXUD H ODUJKH]]D GRFXPHQWR &DSDFLWj YDVVRLR GL HQWUDWD FDUWD $OLPHQWDWRUH DXWRPDWLFR $') a PP a JP /DVWUD GL HVSRVL]LRQHPD[ /HJDO [ PP 9DVVRLR $') /DVWUD IRJOL GD JP ILQR D IRJOL GD JP IRJOLR YrXx8rrQ# !Bvqhryrr Qhtvh7" $SSHQGLFH % 6SHFLILFKH 6SHFLILFKH GHO ID[ 6SHFLILFKH GHOOR VFDQQHU H GHOOD FRSLDWULFH 9RFH 0HWRGR GL VFDQVLRQH 9HORFLWj GL VFDQVLRQH 'HVFUL]LRQH &&' VX VXSHUILFLH SLDQD /DVWUD 6'03D $') 6'03 $') 0'63 [ GSL GSL 7UXH FRORU WRQL GL JULJLR ELDQFR H QHUR %LDQFR H QHUR PP PP a a a D LQFUHPHQWL GHOO D LQFUHPHQWL GHOO GD ODVWUD GL HVSRVL]LRQH GD $') FRSLH DO PLQXWR FRSLH DO PLQXWR FRSLH DO PLQXWR SHU 7HVWR0LVWR FRSLH DO PLQXWR SHU )RWR 5LVROX]LRQH GL VFDQVLRQH 0RGDOLWj GL VFDQVLRQH 0RGDOLWj GL FRSLDWXUD /DUJKH]]D HIIHWWLYD GL VFDQVLRQH /DUJKH]]D PDVVLPD GRFXPHQWR 1XPHUR GL FRSLH 5LGX]LRQH , QJUDQGLPHQWR 0DUJLQH GL VWDPSD PDVVLPR 6XSHULRUH LQIHULRUH RJQL ODWR PP D 6'03 6LQJOH 'RFXPHQW 0XOWLSOH 3ULQWRXW FRSLH PXOWLSOH GL XQR VWHVVR GRFXPHQWR Qhtvh7# YrXx8rrQ# !Bvqhryrr 9RFH &DSDFLWj YDVVRLR GL HQWUDWD FDUWD &DSDFLWj YDVVRLR GL XVFLWD 'XUDWD FDUWXFFLD WRQHU 'XUDWD WDPEXUR $PELHQWH RSHUDWLYR 'HVFUL]LRQH 9DVVRLR IRJOL GD JP 9DVVRLR E\SDVV IRJOL GD JP IRJOL GD JP SDJLQH FDUWXFFLD LQL]LDOH SDJLQH FRQ FRSHUWXUD GHO SDJLQH FRSHUWXUD 7HPSHUDWXUD & XPLGLWj UHODWLYD a $ /HWWHU )ROLR /HJDO [ PP a JP 9DVVRLR E\SDVV$ a /HJDO [ PP a JP )URQWHUHWUR $ /HWWHU )ROLR /HJDO [ PP a JP a PP a JP PD[ [ PP *UDPPDWXUD H IRUPDWR FDUWD 9DVVRLR *UDPPDWXUD H ODUJKH]]D RULJLQDOH &DSDFLWj $') &RUUHQWH GL DOLPHQWD]LRQH &RQVXPR GL FRUUHQWH $') /DVWUD IRJOL GD JP &$ a 9 (XURSD +] &$ a 9 86$ &DQDGD +] : LQ PRGDOLWj GL ULVSDUPLR HQHUJHWLFR : LQ PRGDOLWj 6WDQGE\ : LQ IXQ]LRQDPHQWR NJ FDUWXFFH WDPEXUR H WRQHU LQFOXVH [ [ PP 3HVR 'LPHQVLRQL /[3[$ YrXx8rrQ# !Bvqhryrr Qhtvh7$ $SSHQGLFH % 6SHFLILFKH 6SHFLILFKH JHQHUDOL 6SHFLILFKH GHOOD FDUWD 9RFH 7LSL GL FDUWD 'HVFUL]LRQH &DUWD VWDQGDUG OXFLGL HWLFKHWWH EXVWH FDUWRQFLQR FDUWROLQD 7LSR GL FDUWD /HWWHU /HJDO -, 6 % $ ([HFXWLYH $ )RUPDWL FDUWD $ FDUWRQFLQR &DUWROLQD +DJD. L %XVWD %XVWD &20 %XVWD '/ %XVWD & 3HUVRQDOL]]DWR ODUJK [ OXQJK PP [ [ [ [ [ [ [ [ [ [ [ [ [ [ a [ ODUJK [ OXQJK SROOLFL [ ; [ [ [ [ [ [ [ [ [ [ [ [ a [ Qhtvh7% YrXx8rrQ# !Bvqhryrr 9RFH 2ULJLQH 9DVVRLR FDUWD 9DVVRLR E\SDVV 2ULJLQH VXSSRUWR 7LSL GL VXSSRUWR 'HVFUL]LRQH )RUPDWL 6SHVVRUH a JP a JP &DUWD VWDQGDUG $ /HWWHU /HJDO )ROLR &DUWD VWDQGDUG EXVWH WUDVSDUHQWL HWLFKHWWH FDUWRQFLQR $ /HWWHU /HJDO )ROLR ([HFXWLYH $ % $ 0RQDUFK &20 & '/ 3HUVRQDOL]]DWR )URQWHUHWUR &DUWD VWDQGDUG $ /HWWHU /HJDO )ROLR a JP % FRUULVSRQGH D -, 6 H , 62 6SHVVRUH WUDVSDUHQWL P YHGHUH HOHQFR VXSSRUWL 6SHVVRUH HWLFKHWWH P YHGHUH HOHQFR VXSSRUWL YrXx8rrQ# !Bvqhryrr Qhtvh7& $SSHQGLFH % 6SHFLILFKH Qhtvh7' YrXx8rrQ# !Bvqhryrr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rXx8rrQ# !Bvqhryrr Dqvprhhyvvpv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qvprhhyvvpvv YrXx8rrQ# !Bvqhryrr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rXx8rrQ# !Bvqhryrr Dqvprhhyvvpvvv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j GL ULFH]LRQH 5-20 )$; 5-21 5LFH]LRQH PDQXDOH LQ PRGR 7(/ 5-21 6*5)$; 5-21 7(/ 5-20 7(/)$; 5-21 0RGDOLWj GL VFDQVLRQH 6-9 0RGLILFD GHOOH LPSRVWD]LRQL GHO VLVWHPD 9-1 0RGLILFD GHOOH RS]LRQL GL LPSRVWD]LRQH GHO VLVWHPD 9-5 0RGLILFD GL QXPHUL GL VHOH]LRQH GL JUXSSR 5-14 0RGLILFD GL QXPHUL R QRPL 2-10 0RQLWRUDJJLR GL SL ODYRUL 5-9 / 0 9-10 9-6 9-10 5-10 2-14 Dqvprhhyvvpv YrXx8rrQ# !Bvqhryrr 1RPH LPSRVWD]LRQH 2-23 1RWH VXL VXSSRUWL 7-23 1RWH VXL VXSSRUWL VSHFLDOL 7-24 1RWH VXOOD VLFXUH]]D $SSHQGLFH $ A-1 1RWH FRQYHQ]LRQL 1-8 1XPHUR GL ID[ 5-7 1XPHUR GL VHULH 1-4 1XPHUR WHOHIRQLFR FHQWUR DVVLVWHQ]D FOLHQWL 2 1XPHUR WRWDOH GL VWDPSH 9-19 2S]LRQL GHL GDWL GL VLVWHPD 9-7 2S]LRQL GHOOD PRGDOLWj GL ULFH]LRQH 5-20 2S]LRQL GL LPSRVWD]LRQH GHO VLVWHPD 9-2 0RGLILFD GHOOH RS]LRQL GL LPSRVWD]LRQH GHO VLVWHPD 9-5 2S]LRQL GL VFDQVLRQH 5-23 2UD H GDWD LPSRVWD]LRQH 2-25 2UGLQD]LRQH GHOOH XQLWj VRVWLWXLELOL 7-4 2ULHQWDPHQWR FRQYHQ]LRQL 1-5 3DQQHOOR FRPDQGL 2-6 SXOVDQWL 2-6 WDVWL 2-6 3DXVD DJJLXQWD 2-10 3HUFRUVR UDSLGR FRQYHQ]LRQL 1-7 3ROO 5; 5-33 3ROO 5; GLIIHULWD 5-33 3ROO 7; 5-30 3ROOLQJ 5-30 3ROO 5; 5-33 3ROO 5; GLIIHULWD 5-33 3ROO 7; 5-30 6LJQLILFDWR GL SROOLQJ 5-30 3UREOHPL H VROX]LRQL 8-1 8-17 0HVVDJJL GL HUURUH 8-14 5LSULVWLQR GHOOD PDFFKLQD 8-24 6ROX]LRQH GHL SUREOHPL 8-17 7DEHOOD SHU LO ID[ 8-22 7DEHOOD SHU OD FRSLDWULFH 8-17 7DEHOOD SHU OD VWDPSDQWH 8-19 8-13 4 5 4XDQWLWj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rXx8rrQ# !Bvqhryrr Dqvprhhyvvp , QGLFH DQDOLWLFR 1 3URFHGXUD GL FRSLDWXUD 3-2 3URFHGXUD GL LQYLR ID[ 5-2 3URFHGXUD GL VFDQVLRQH 6-3 3XOL]LD 7-2 $OLPHQWDWRUH DXWRPDWLFR H YDVVRLR GL XVFLWD 7-4 /DVWUD GL HVSRVL]LRQH H FRSHUWXUD 7-3 3DQQHOOR FRPDQGL H GLVSOD\ /&' 7-3 :RUN&HQWUH 3UR 7-2 3XOL]LD GHO WDPEXUR 23& 7-11 5LFH]LRQH 5-36 9-12 5LFH]LRQH GL XQ ID[ 5-20 0RGDOLWj GL ULFH]LRQH 5-20 2S]LRQL GHOOD PRGDOLWj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j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j 4-5 Dqvprhhyvvpv YrXx8rrQ# !Bvqhryrr , FRQH H SXOVDQWL GHOOH VFKHGH GL SURSULHWj GHOOD VWDPSDQWH 4-6 , PSRVWD]LRQL GHOOD VWDPSDQWH 4-3 6FKHGH GL SURSULHWj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j VRVWLWXLELOH GDOOXWHQWH &DUWXFFLD GHO WDPEXUR 7-11 &DUWXFFLD GHO WRQHU 7-6 8QLWj VRVWLWXLELOL GDOOXWHQWH 7-5 &DUWXFFLD GHO WRQHU 7-5 8VR GHO YDVVRLR E\SDVV 7-19 8WLOL]]R GHO YDVVRLR FDUWD 7-15 8WLOL]]R GHOOD VHOH]LRQH GL JUXSSR 5-15 8WLOL]]R GL &RQWURO&HQWUH 9-15 8WLOL]]R GL 6HOH]LRQH UDSLGD 5-12 9 9DVVRLR E\SDVV 7-19 7-21 9DVVRLR FDUWD 7-15 6HOH]LRQH 3-3 : :LQGRZV 4-4 :LQGRZV 0H 4-3 :LQGRZV 17 4-4 YrXx8rrQ# !Bvqhryrr Dqvprhhyvvpvv , QGLFH DQDOLWLFR 6WDPSD 4-1 $FFHVVR DOOH LPSRVWD]LRQL GHOOD VWDPSDQWH 7LSR RULJLQDOH 3-11 5-23 6-10 )RWR 3-11 5-23 6-10 0LVWR 3-11 5-23 6-10 7HVWR 3-11 5-23 6-10 7UDVPLVVLRQH 5-36 9-11 7UDVPLVVLRQH D SL GHVWLQDWDUL 5-13 7UDVPLVVLRQH D SL GHVWLQDWDUL XVR GHOOD VHOH]LRQH GL JUXSSR 5-15 Dqvprhhyvvpvvv YrXx8rrQ# !Bvqhryrr [. . . ] [. . . ]

DISCLAIMER PER SCARICARE LA GUIDA PER L'USO DI XEROX WORKCENTRE PRO 412

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 WORKCENTRE PRO 412 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