• Non ci sono risultati.

3$57(35,0$'(6&5,=,21('(//(/$925$=,21,

N/A
N/A
Protected

Academic year: 2021

Condividi "3$57(35,0$'(6&5,=,21('(//(/$925$=,21,"

Copied!
55
0
0

Testo completo

(1)

(2) &2081(',75,(67( &$3,72/$7263(&,$/('·$33$/72. . 3$57(35,0$ '(6&5,=,21('(//(/$925$=,21,.  . &$32,²'(),1,=,21((&2120,&$'(//·$33$/72ȱ. Ś. $57. 'HILQL]LRQHGHOO·RJJHWWRGHOO·DSSDOWR. . $57. 'HILQL]LRQHHFRQRPLFDGHOO·DSSDOWR. . $57. 1RUPHJHQHUDOLVXPDWHULDOLFRPSRQHQWLVLVWHPLHGHVHFX]LRQH. . &$32,,²',6326,=,21,3$57,&2/$5,,10$7(5,$',6,&85(==$ȱ. ś. $57. 3LDQLGLVLFXUH]]D. . $57. 3LDQRRSHUDWLYRGLVLFXUH]]D. . $57. 2VVHUYDQ]DHDWWXD]LRQHGHLSLDQLGLVLFXUH]]D. . $57. 1RUPHJHQHUDOLVXPDWHULDOLFRPSRQHQWLVLVWHPLHGHVHFX]LRQH. . $57. 1RUPHGLVLFXUH]]DJHQHUDOL. . $57. 1RUPHGLVLFXUH]]DSDUWLFRODUL. . $57 &DUWHOORGLFDQWLHUH. . &$32,,,²',6326,=,21,',1$785$*(1(5$/(('25*$1,==$7,9$ȱ $57 2QHULHGREEOLJKLDFDULFRGHOO·DSSDOWDWRUH. Ş . $57 'LVFLSOLQDHEXRQRUGLQHGHOFDQWLHUH2QHULHGREEOLJKLDFDULFR GHOO·DSSDOWDWRUH. . 3$57(6(&21'$ 63(&,),&$=,21('(//(35(6&5,=,21,7(&1,&+(.  . &$32,9',6326,=,21,,10$7(5,$',&217$%,/,==$=,21((0,685$ '(,/$925,ȱ ŗř $57 /DYDOXWD]LRQHHPLVXUDGHLODYRUL. . $57 9DOXWD]LRQHGHLODYRULLQHFRQRPLDHYHQWXDOPHQWHGHGRWWLLQFRQWUDWWR. . $57 9DOXWD]LRQHGHLODYRULLQFRUVRG·RSHUD. . $57 0DWHULDOLHGRJJHWWLGLYDORUH. . 3$57(7(5=$ ',6326,=,21,7(&1,&+(.  . &$32902',',0,685$=,21((9$/87$=,21('(,/$925,ȱ. ŗś. $57 1RUPHJHQHUDOLSHUODPLVXUD]LRQHHYDOXWD]LRQHGHLODYRUL. . &$329,48$/,7­(3529(1,(1=$'(,0$7(5,$/,02'2', (6(&8=,21(',2*1,&$7(*25,$',/$9252266(59$1=$',/(**, 5(*2/$0(17,(1250(ȱ ŗŝ $57 3UHVFUL]LRQLJHQHUDOLGLHVHFX]LRQHGHOOHSULQFLSDOLFDWHJRULHGLODYRUL. . $57 0DWHULDOLLQJHQHUH.  Pagina 1 di 54.

(3) &2081(',75,(67( &$3,72/$7263(&,$/('·$33$/72. $57 4XDOLWjHSURYHQLHQ]DGHLPDWHULDOLFDUDWWHULVWLFKHGHLYDULPDWHULDOL SUHVHQWD]LRQHGHOFDPSLRQDULR. . &$329,,02'2',(6(&8=,21(',2*1,&$7(*25,$',/$9252ȱ. ŗŞ. 3$57(,23(5((',/,('$)),1,ȱ. ŗŞ. $57 'HPROL]LRQLHULPR]LRQL. . $57 &RQWURVRIILWWL. . $57 2SHUHGDSLWWRUHYHUQLFLDWRUH. . $57 1RUPHJHQHUDOLVXOFROORFDPHQWRLQRSHUD. . 3$57(,,23(5(,03,$17,67,&+(ȱ. Řŗ. $57 7XED]LRQL. . $57 2SHUHLQIHUUR. . $57 3UHVFUL]LRQLJHQHUDOLSHUJOLLPSLDQWLLGURWHUPRVDQLWDULJDV ULVFDOGDPHQWRFOLPDWL]]D]LRQHHLGULFRDQWLQFHQGLR. .   ȱ ȬȬ  Ȭ ȱ. ŘŚȱ. $57 &RPSRQHQWLGHOO LPSLDQWRGLDGGX]LRQHGHOO DFTXD. . $57 (VHFX]LRQHGHOO LPSLDQWRGLDGGX]LRQHGHOO DFTXD. . $57 ,PSLDQWRGLVFDULFRDFTXHXVDWH. . $57 5HWLLGULFKHDQWLQFHQGLR. . $57 ,PSLDQWLDGGX]LRQHJDV. .   ȱ ȱ ȱ. řŚȱ. $57 ,PSLDQWRGLULVFDOGDPHQWR. . $57 *HQHUDOLWj. . $57 6LVWHPLGLULVFDOGDPHQWR. . $57 &RPSRQHQWLGHJOLLPSLDQWLGLULVFDOGDPHQWR. . $57 7XED]LRQL. . $57 &RLEHQWD]LRQHWXED]LRQL. . $57 $SSDUHFFKLDWXUH. . $57 2VVHUYDQ]DGLOHJJLQRUPDWLYHUHJRODPHQWLHGHFUHWLUHODWLYLDJOLLPSLDQWL LGURWHUPRVDQLWDULJDVULVFDOGDPHQWRFRQGL]LRQDPHQWRDQWLQFHQGLR  $57 2QHULGLSHQGHQWLGDOODFRVWUX]LRQHGHJOLLPSLDQWLLGURWHUPRVDQLWDULJDV YHQWLOD]LRQHULVFDOGDPHQWRFRQGL]LRQDPHQWRDQWLQFHQGLR. .   ȱ  ȱ. řŞ. $57 3UHVFUL]LRQLWHFQLFKHJHQHUDOLSHUJOLLPSLDQWLHOHWWULFL. . $57 2VVHUYDQ]DGLOHJJLQRUPDWLYHUHJRODPHQWLHGHFUHWLUHODWLYLDJOLLPSLDQWL HOHWWULFL  $57 2QHULGLSHQGHQWLGDOODFRVWUX]LRQHGHJOLLPSLDQWLHOHWWULFL. . Pagina 2 di 54.

(4) &2081(',75,(67( &$3,72/$7263(&,$/('·$33$/72. 3$57(48$57$ &5,7(5,$0%,(17$/,0,1,0,.  . &$329,,,&5,7(5,$0%,(17$/,0,1,0, &$0

(5) '(&5(72',&(0%5( (60,ȱ ŚŚ $57 3UHPHVVH. . $57 6SHFLILFKHWHFQLFKHSHUJUXSSLGLHGLILFL. . $57 6SHFLILFKHWHFQLFKHHGLILFLR. . $57 6SHFLILFKHWHFQLFKHGHLFRPSRQHQWLHGLOL]L. . $57 6SHFLILFKHWHFQLFKHGHOFDQWLHUH. .   . . Pagina 3 di 54.

(6) &2081(',75,(67( &$3,72/$7263(&,$/('·$33$/72. 3$57(35,0$ '(6&5,=,21('(//(/$925$=,21, '(),1,=,21(7(&1,&$('(&2120,&$'(//·2**(772'(//·$33$/72

(7)  &DSR,²'HILQL]LRQHHFRQRPLFDGHOO·DSSDOWR  $57 'HILQL]LRQHGHOO·RJJHWWRGHOO·DSSDOWR /·DSSDOWR KD DG RJJHWWR L ODYRUL OH IRUQLWXUH OH SURYYLVWH H TXDQW·DOWUR QHFHVVDULR SHU GDUH FRPSOHWDPHQWHFRPSLXWLHGHVHJXLWLLODYRULGL´&RGLFHRSHUD3LVFLQD%%LDQFKL²,QWHUYHQWLGL ULTXDOLILFD]LRQH H PDQXWHQ]LRQH VWUDRUGLQDULD ² 5LIDFLPHQWR GHO SDFFKHWWR GL FRSHUWXUD HG RSHUH DFFHVVRULH ² ƒ ORWWR ² ƒ VWUDOFLRµ VXOOD EDVH GHO SURJHWWR HVHFXWLYR HODERUDWR GDL SURJHWWLVWL GHO 6HUYL]LR(GLOL]LD6FRODVWLFDHGHOUHODWLYRVFKHPDGLFRQWUDWWRHODERUDWRLQVHGHGLSURJHWWRHVHFXWLYR DLTXDOLOHSDUWLIDQQRLQWHJUDOHULQYLR  1HO UDSSRUWR QHJR]LDOH VRQR YLQFRODQWL WUD OH SDUWL OH GLVSRVL]LRQL FRQWHQXWH QHOOR VFKHPD GL FRQWUDWWRHOHQRUPDWLYHYLJHQWLLQPDWHULDGL/DYRUL3XEEOLFL  . $57 'HILQL]LRQHHFRQRPLFDGHOO·DSSDOWR  /·LPSRUWRGHLODYRULSRVWLDEDVHGLJDUDHGHOOHUHODWLYHFDWHJRULHGHLODYRULULVXOWDQHOODVHJXHQWH 7$%(//$´µ . 1 RUG. . &DWHJRULD.   'HVFUL]LRQHFDWHJRULHGLODYRUR. 2*. 23(5(0$187675,03,$17,. &DWHJRULD 3R6

(8) . 7$%(//$!! ,QFLGHQ]D ,PSRUWR 727$/( ODYRUL$ PDQRGRSHUD ,032572 0,685$ /$925, (XUR

(9)  (XUR

(10) . 3. LPSRUWRFRPSOHVVLYRODYRULDEDVHG DVWD (XUR

(11) .  . RQHULSHUODVLFXUH]]DQRQVRJJHWWLDULEDVVR (XUR

(12)  727$/(,032572 (XUR

(13) . . . .  . .  . .  $57 1RUPHJHQHUDOLVXPDWHULDOLFRPSRQHQWLVLVWHPLHGHVHFX]LRQH  1HOO HVHFX]LRQHGLWXWWHOHODYRUD]LRQLOHRSHUHOHIRUQLWXUHLFRPSRQHQWLDQFKHUHODWLYDPHQWHD VLVWHPLHVXEVLVWHPLGLLPSLDQWLWHFQRORJLFLRJJHWWRGHOO DSSDOWRGHYRQRHVVHUHULVSHWWDWHWXWWHOH SUHVFUL]LRQL GL OHJJH UHJRODPHQWR H QRUPDWLYH LQ JHQHUH LQ PDWHULD GL TXDOLWj SURYHQLHQ]D H DFFHWWD]LRQHGHLPDWHULDOLHFRPSRQHQWLQRQFKpSHUTXDQWRFRQFHUQHODGHVFUL]LRQHLUHTXLVLWLGL SUHVWD]LRQHHOHPRGDOLWjGLHVHFX]LRQHGLRJQLFDWHJRULDGLODYRURWXWWHOHLQGLFD]LRQLFRQWHQXWH RULFKLDPDWHFRQWUDWWXDOPHQWHQHOSUHVHQWH&DSLWRODWR6SHFLDOHGLDSSDOWRQHJOLHODERUDWLJUDILFL GHOSURJHWWRHVHFXWLYRHQHOODGHVFUL]LRQHGHOOHVLQJROHYRFLFRQWHQXWDQHOPHGHVLPR&DSLWRODWR  3HUTXDQWRULJXDUGDO·DFFHWWD]LRQHODTXDOLWjHO·LPSLHJRGHLPDWHULDOLODORURSURYYLVWDLOOXRJR GHOODORURSURYHQLHQ]DHO·HYHQWXDOHVRVWLWX]LRQHGLTXHVW·XOWLPRVLDSSOLFDODQRUPDWLYDYLJHQWH. Pagina 4 di 54.

(14) &2081(',75,(67( &$3,72/$7263(&,$/('·$33$/72. &DSR,,²'LVSRVL]LRQLSDUWLFRODULLQPDWHULDGLVLFXUH]]D  $57 3LDQLGLVLFXUH]]D  /·DSSDOWDWRUH q REEOLJDWR DG RVVHUYDUH VFUXSRORVDPHQWH H VHQ]D ULVHUYH R HFFH]LRQL LO SLDQR GL VLFXUH]]D H GL FRRUGLQDPHQWR SUHGLVSRVWR GDO FRRUGLQDWRUH SHU OD SURJHWWD]LRQH H PHVVR D GLVSRVL]LRQHGDOODVWD]LRQHDSSDOWDQWHDLVHQVLGHO'/JVQ  Ë D FDULFR GHOO·DSSDOWDWRUH OD WUDVPLVVLRQH GL GHWWR SLDQR DOOH LPSUHVH HVHFXWULFL R DL ODYRUDWRUL DXWRQRPLLQVXEDSSDOWRSULPDGHOO·LQL]LRGHLULVSHWWLYLODYRUL  (·SDULPHQWLRQHUHGHOO·DIILGDWDULR DSSDOWDWRUH

(15) ODYHULILFDGHOO·LGRQHLWjWHFQLFRSURIHVVLRQDOHGHOOH LPSUHVHHVHFXWULFLRGHLODYRUDWRULDXWRQRPLLQVXEDSSDOWRFRQOHPRGDOLWjLQGLFDWHGDOO·$OOHJDWR ;9,, DO ' /JV  Q GHWWD GRFXPHQWD]LRQH GHYH HVVHUH PHVVD D GLVSRVL]LRQH GHO UHVSRQVDELOHGHLODYRULHFRQVHUYDWDLQFDQWLHUH  /·DSSDOWDWRUHSXzSUHVHQWDUHGLUHWWDPHQWHDOFRRUGLQDWRUHSHUODVLFXUH]]DLQIDVHGLHVHFX]LRQH XQD R SL SURSRVWH PRWLYDWH GL PRGLILFD]LRQH R GL LQWHJUD]LRQH DO SLDQR GL VLFXUH]]D H GL FRRUGLQDPHQWRSHUDGHJXDUQHLFRQWHQXWLDOOHSURSULHWHFQRORJLHRYYHURTXDQGRULWHQJDGLSRWHU PHJOLRJDUDQWLUHODVLFXUH]]DQHOFDQWLHUHVXOODEDVHGHOODSURSULDHVSHULHQ]DDQFKHLQVHJXLWRDOOD FRQVXOWD]LRQH REEOLJDWRULD H SUHYHQWLYD GHL UDSSUHVHQWDQWL SHU OD VLFXUH]]D GHL ODYRUDWRUL R D ULOLHYLGDSDUWHGHJOLRUJDQLGLYLJLODQ]D  / DSSDOWDWRUH KD GLULWWR FKH LO FRRUGLQDWRUH SHU OD VLFXUH]]D LQ IDVH GL HVHFX]LRQH VL SURQXQFL WHPSHVWLYDPHQWH FRQ DWWR PRWLYDWR GD DQQRWDUH VXOOD GRFXPHQWD]LRQH GL FDQWLHUH VXOO·DFFRJOLPHQWR R LO ULJHWWR GHOOH SURSRVWH SUHVHQWDWH /H GHFLVLRQL GHO FRRUGLQDWRUH VRQR YLQFRODQWLSHUO DSSDOWDWRUH  /·HYHQWXDOH DFFRJOLPHQWR GHOOH PRGLILFD]LRQL H LQWHJUD]LRQL QRQ SXz LQ DOFXQ PRGR JLXVWLILFDUH YDULD]LRQLRDGHJXDPHQWLGHLSUH]]LSDWWXLWLQpPDJJLRUD]LRQLGLDOFXQJHQHUHGHOFRUULVSHWWLYR  $57 3LDQRRSHUDWLYRGLVLFXUH]]D 1. /·DIILGDWDULR O·DSSDOWDWRUH

(16)  HQWUR  JLRUQL GDOO DJJLXGLFD]LRQH H FRPXQTXH DOPHQR GLHFL JLRUQL SULPDGHOO LQL]LRGHLODYRULGHYHSUHGLVSRUUHHFRQVHJQDUHDO'LUHWWRUHGHL/DYRULRVHQRPLQDWR DO &RRUGLQDWRUH SHU OD VLFXUH]]D QHOOD IDVH GL HVHFX]LRQH LO SURSULR SLDQR RSHUDWLYR GL VLFXUH]]DSHU TXDQWR DWWLHQH DOOH SURSULH VFHOWH DXWRQRPH H UHODWLYH UHVSRQVDELOLWj QHOO RUJDQL]]D]LRQH GHO FDQWLHUH H QHOO HVHFX]LRQH GHL ODYRUL XQLWDPHQWH DL SLDQL RSHUDWLYL GL VLFXUH]]D GHOOH VLQJROH LPSUHVH HVHFXWULFL LQ VXEDSSDOWR SUHYLD YHULILFD GHOOD FRQJUXLWj GHL PHGHVLPLULVSHWWRDOSURSULR 2. ,O SLDQR RSHUDWLYR GL VLFXUH]]D q UHGDWWR DL VHQVL GHOO·DUW  FRPPD  OHWWHUD D

(17)  GHO ' /JV QHVPLFRQULIHULPHQWRDOORVSHFLILFR FDQWLHUHKDLFRQWHQXWLPLQLPLSUHYLVWLGDO SWRGHOO·$OOHJDWR;9GHOORVWHVVR'/JVQHVPLHGHYHHVVHUHDJJLRUQDWRDG RJQLPXWDPHQWRGHOOHODYRUD]LRQLULVSHWWRDOOHSUHYLVLRQL  ,OSLDQRRSHUDWLYRGLVLFXUH]]DFRVWLWXLVFHSLDQRFRPSOHPHQWDUHGLGHWWDJOLRGHOSLDQRGLVLFXUH]]D HGLFRRUGLQDPHQWRGLFXLDOO DUWGHO'/JVQHVPL.  2VVHUYDQ]DHDWWXD]LRQHGHLSLDQLGLVLFXUH]]D. $57  /·DSSDOWDWRUH q REEOLJDWR DG RVVHUYDUH OH PLVXUH JHQHUDOL GL WXWHOD GL FXL DOO DUW  GHO ' /JV QHVPLFRQSDUWLFRODUHULJXDUGRDOOHFLUFRVWDQ]HHDJOLDGHPSLPHQWLGHVFULWWLDJOL DUWLFROLHHDOO DOOHJDWR;,,,VWHVVR'/JV  ,SLDQLGLVLFXUH]]DGHYRQRHVVHUHUHGDWWLLQFRQIRUPLWjDTXDQWRSUHYLVWRGDO'35Q HDOO·$OOHJDWR;9DO'/JVQHGDOODPLJOLRUHGLVFLSOLQDWHFQLFDLQPDWHULD  / LPSUHVD HVHFXWULFH q REEOLJDWD D FRPXQLFDUH WHPSHVWLYDPHQWH SULPD GHOO LQL]LR GHL ODYRUL H TXLQGLSHULRGLFDPHQWHDULFKLHVWDGHOFRPPLWWHQWHRGHOFRRUGLQDWRUHO LVFUL]LRQHDOODFDPHUDGL FRPPHUFLR LQGXVWULD DUWLJLDQDWR H DJULFROWXUD O LQGLFD]LRQH GHL FRQWUDWWL FROOHWWLYL DSSOLFDWL DL ODYRUDWRUL GLSHQGHQWL HG LO '85& /·DSSDOWDWRUH YLJLOD VXOOD VLFXUH]]D GHL ODYRUL DIILGDWL H VXOO·DSSOLFD]LRQHGHOOHGLVSRVL]LRQLHGHOOHSUHVFUL]LRQLGHOSLDQRGLVLFXUH]]DHFRRUGLQDPHQWRHG q WHQXWR D FXUDUH LO FRRUGLQDPHQWR GL WXWWH OH LPSUHVH H ODYRUDWRUL DXWRQRPL RSHUDQWL QHO FDQWLHUHLQ SDUWLFRODUH SHU TXDQWR ULJXDUGD JOL LQWHUYHQWL GL FXL DL FLWDWL DUWW  H  GHO ' /JV Pagina 5 di 54.

(18) &2081(',75,(67( &$3,72/$7263(&,$/('·$33$/72.  Q   ,Q FDVR GL DVVRFLD]LRQH WHPSRUDQHD R GL FRQVRU]LR GL LPSUHVH GHWWR REEOLJR LQFRPEH DOO·LPSUHVD PDQGDWDULD FDSRJUXSSR ,O GLUHWWRUH WHFQLFR GL FDQWLHUH q UHVSRQVDELOH GHO ULVSHWWRGHOSLDQRGDSDUWHGLWXWWHOHLPSUHVHLPSHJQDWHQHOO·HVHFX]LRQHGHLODYRUL  ,SLDQLGLVLFXUH]]DIRUPDQRSDUWHLQWHJUDQWHGHOFRQWUDWWRGLDSSDOWR  $57 1RUPHJHQHUDOLVXPDWHULDOLFRPSRQHQWLVLVWHPLHGHVHFX]LRQH  1HOO HVHFX]LRQHGLWXWWHOHODYRUD]LRQLOHRSHUHOHIRUQLWXUHLFRPSRQHQWLDQFKHUHODWLYDPHQWH DVLVWHPLHVXEVLVWHPLGLLPSLDQWLWHFQRORJLFLRJJHWWRGHOO DSSDOWRGHYRQRHVVHUHULVSHWWDWHWXWWH OHSUHVFUL]LRQLGLOHJJHUHJRODPHQWRHQRUPDWLYHLQJHQHUHLQPDWHULDGLTXDOLWjSURYHQLHQ]DH DFFHWWD]LRQHGHLPDWHULDOLHFRPSRQHQWLQRQFKpSHUTXDQWRFRQFHUQHODGHVFUL]LRQHLUHTXLVLWL GL SUHVWD]LRQH H OH PRGDOLWj GL HVHFX]LRQH GL RJQL FDWHJRULD GL ODYRUR WXWWH OH LQGLFD]LRQL FRQWHQXWH R ULFKLDPDWH FRQWUDWWXDOPHQWH QHO SUHVHQWH &DSLWRODWR 6SHFLDOH GL DSSDOWR QHJOL HODERUDWL JUDILFL GHO SURJHWWR HVHFXWLYR H QHOOD GHVFUL]LRQH GHOOH VLQJROH YRFL FRQWHQXWD QHO PHGHVLPR&DSLWRODWR  $57 1RUPHGLVLFXUH]]DJHQHUDOL  ,ODYRULDSSDOWDWLGHYRQRVYROJHUVLQHOSLHQRULVSHWWRGLWXWWHOHQRUPHYLJHQWLDQFKHGLFDUDWWHUH ORFDOHLQPDWHULDGLSUHYHQ]LRQHGHJOLLQIRUWXQLHLJLHQHGHOODYRURHLQRJQLFDVRLQFRQGL]LRQH GLSHUPDQHQWHVLFXUH]]DHLJLHQH  /·DSSDOWDWRUH SUHGLVSRQH SHU WHPSR H VHFRQGR TXDQWR SUHYLVWR GDOOH YLJHQWL GLVSRVL]LRQL JOL DSSRVLWLSLDQLSHUODULGX]LRQHGHOUXPRUHLQUHOD]LRQHDOSHUVRQDOHHDOOHDWWUH]]DWXUHXWLOL]]DWH  /·DSSDOWDWRUH QRQ SXz LQL]LDUH R FRQWLQXDUH L ODYRUL TXDORUD VLD LQ GLIHWWR QHOO·DSSOLFD]LRQH GL TXDQWRVWDELOLWRQHOSUHVHQWHDUWLFROR . $57 1RUPHGLVLFXUH]]DSDUWLFRODUL  / DSSDOWDWRUH q REEOLJDWR DOOD SL VWUHWWD RVVHUYDQ]D GHOOH GLVSRVL]LRQL YLJHQWL LQ PDWHULD GL SUHYHQ]LRQH H GL WXWHOD GHL ODYRUDWRUL DO ULVSHWWR GHL FRQWUDWWL FROOHWWLYL DSSOLFDWL DL ODYRUDWRUL GLSHQGHQWLHDJOLREEOLJKLDVVLFXUDWLYLHSUHYLGHQ]LDOLSUHYLVWLGDOOHOHJJLHGDLFRQWUDWWLLQYLJRUH  /·DIILGDWDULR O·DSSDOWDWRUH

(19) qDOWUHVuREEOLJDWRDGRVVHUYDUHOHPLVXUHJHQHUDOLGLWXWHODGLFXLDJOL DUWW H GHO ' /JV  Q  QRQFKp DWXWWH OH DOWUH GLVSRVL]LRQL GHOOR VWHVVR GHFUHWR DSSOLFDELOLDOOHODYRUD]LRQLSUHYLVWHQHOFDQWLHUH  /H JUDYL R ULSHWXWH YLROD]LRQL GHOOH QRUPH VXOOD VLFXUH]]D GD SDUWH GHOO·DSSDOWDWRUH R GHO FRQFHVVLRQDULR SUHYLD IRUPDOH FRVWLWX]LRQH LQ PRUD GHOO·LQWHUHVVDWR FRVWLWXLVFRQR FDXVD GL ULVROX]LRQHGHOFRQWUDWWRDLVHQVLHSHUJOLHIIHWWLGHOO·DUWGHO'/JV  $57 &DUWHOORGLFDQWLHUH /·DSSDOWDWRUH GHYH SUHGLVSRUUH HG HVSRUUH LQ VLWR LO FDUWHOOR LQGLFDWRUH LQ QXPHUR GL  XQR

(20)  HVHPSODULFRQOHGLPHQVLRQLGLDOPHQRFPGLEDVHHGLDOWH]]DUHFDQWLOHGHVFUL]LRQLGLFXL DOOD &LUFRODUH GHO 0LQLVWHUR GHL //33 GHO ƒ Q 8/ H FRPXQTXH VXOOD EDVH GL TXDQWR ULSRUWDWRQHOODVHJXHQWH7$%(//$FXUDQGRQHLQHFHVVDULDJJLRUQDPHQWLSHULRGLFL. Pagina 6 di 54.

(21) &2081(',75,(67( &$3,72/$7263(&,$/('·$33$/72. 7$%(//$²&$57(//2',&$17,(5(      &2081(',75,(67(.  $UHD/DYRUL3XEEOLFL &RGLFHRSHUD3LVFLQD%%LDQFKL ,QWHUYHQWLGLULTXDOLILFD]LRQHHPDQXWHQ]LRQHVWUDRUGLQDULD²5LIDFLPHQWRGHO SDFFKHWWRGLFRSHUWXUDHGRSHUHDFFHVVRULH²ƒORWWR²ƒ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

(22)   ,QWHUYHQWRILQDQ]LDWRFRQ LQL]LRGHLODYRULBBBBBBBBBBBBBBBBBBBFRQILQHODYRULSUHYLVWDSHULOBBBBBBBBBBBBBBBBBBBB SURURJDWRLOBBBBBBBBBBBBBBBBBBBBBBFRQILQHODYRULSUHYLVWDSHULOBBBBBBBBBBBBBBBBBBBB   8OWHULRULLQIRUPD]LRQLVXOO·RSHUDSRVVRQRHVVHUHDVVXQWHSUHVVRO·XIILFLRWHFQLFRFRPXQDOHWHOBBBBBBBBID[ BBBBKWWSZZZFRPXQHWULHVWHLW. . Pagina 7 di 54. . .      .               .  .

(23) &2081(',75,(67( &$3,72/$7263(&,$/('·$33$/72. &DSR,,,²'LVSRVL]LRQLGLQDWXUDJHQHUDOHHGRUJDQL]]DWLYD  $57 2QHULHGREEOLJKLDFDULFRGHOO·DSSDOWDWRUH 2OWUH D TXDQWR SUHYLVWR QHO SUHVHQWH FRQWUDWWR LQ WXWWL L SLDQL SHU OH PLVXUH GL VLFXUH]]D ILVLFD GHL ODYRUDWRUL H QHO &DSLWRODWR 6SHFLDOH G·$SSDOWR VRQRD FDULFR GHOO·DSSDOWDWRUH JOL RQHUL H JOL REEOLJKL FKHVHJXRQR 2QHULHREEOLJKLJHQHUDOL D

(24) ODIHGHOHHVHFX]LRQHGHOSURJHWWRHGHJOLRUGLQLLPSDUWLWLSHUTXDQWRGLFRPSHWHQ]DGDO'LUHWWRUH GHL /DYRUL LQ FRQIRUPLWj DOOH SDWWXL]LRQL FRQWUDWWXDOL LQ PRGR FKH OH RSHUH HVHJXLWH ULVXOWLQR D WXWWL JOL HIIHWWL FROODXGDELOL HVDWWDPHQWH FRQIRUPL DO SURJHWWR H D SHUIHWWD UHJROD G·DUWH ULFKLHGHQGRDOPHGHVLPR'LUHWWRUHGHL/DYRULWHPSHVWLYHGLVSRVL]LRQLVFULWWHSHULSDUWLFRODULFKH HYHQWXDOPHQWHQRQULVXOWDVVHURGDGLVHJQLGDOFDSLWRODWRRGDOODGHVFUL]LRQHGHOOHRSHUH E

(25)  OD FXVWRGLD OD FRQVHUYD]LRQH H RJQL UHVSRQVDELOLWj VXOOH RSHUH UHDOL]]DWH VXL PDWHULDOL H VXOOH DWWUH]]DWXUH GHSRVLWDWH LQ FDQWLHUH DQFKH VH QRQ GL VXD SURSULHWj GDO PRPHQWR GHOOD FRQVHJQD GHL ODYRUL DOOD SUHVD LQ FRQVHJQD GD SDUWH GHOOD $PPLQLVWUD]LRQH FKH GHYH WUDGXUVL LQ XQ LGRQHR YHUEDOHGDUHGLJHUVLLQFRQWUDGGLWWRULRWUDOHSDUWL F

(26) O·DFFDWDVWDPHQWRHO·DJJLRUQDPHQWRGHOODPDSSDFDWDVWDOHGHOO·LPPRELOHUHDOL]]DWRHRULVWUXWWXUDWR QHOFDVRVLDGDSUHYHGHUHWDOHRQHUHLOUHODWLYRLPSRUWRGDGHWHUPLQDUVLDFRUSRYDLQVHULWRQHO TXDGURHFRQRPLFRGHOO·RSHUDHULPERUVDWRDOO·DSSDOWDWRUH

(27)  G

(28)  / LQFDULFRHO RQHUHGHOODSURJHWWD]LRQHHVHFXWLYDGHOOHRSHUHHGHLODYRULGDHVHJXLUH FRQ OH PRGDOLWj H JOL DSSURIRQGLPHQWL SUHYLVWL GDOOH QRUPH YLJHQWL ,Q SDUWLFRODUH LO SURJHWWRHVHFXWLYRGHOOHRSHUHRJJHWWRGHOO DSSDOWRVDUjUHGDWWRDFXUDGHOO LPSUHVD D ILUPD GL SURIHVVLRQLVWD DELOLWDWR FRQ LGRQHH FDUDWWHULVWLFKH SURIHVVLRQDOL H GRYUj ULSRUWDUH LO YLVWR GL UHDOL]]DELOLWj GD SDUWH GHO 'LUHWWRUH GHL /DYRUL SULPD GHOO·DSSURYD]LRQH GD SDUWH GHOO·8IILFLR GHO 583 H FRQVHJXHQWHPHQWH GHOO HVHFX]LRQH GHL ODYRUL VWHVVL ,O SURJHWWR GRYUj HVVHUH UHGDWWR LQ EDVH DOOH LQGLFD]LRQL GHO 5HJRODPHQWR (GLOL]LR H GHOOD QRUPDWLYD GL VHWWRUH YLJHQWH HQWUR OH WHPSLVWLFKH LPSRVWH GDOOD 6WD]LRQH DSSDOWDQWH H SURGRWWR DOOD 6WD]LRQH DSSDOWDQWH FRPSOHWRGLWXWWLLSDUHULLQ TXDWWUR

(29) FRSLHFDUWDFHHH XQD

(30) FRSLDFRPSOHWDVX VXSSRUWRLQIRUPDWLFRQHOIRUPDWRFKHVDUjLQGLFDWRGDOOD6WD]LRQH$SSDOWDQWH 2QHULHREEOLJKLRUJDQL]]DWLYL D

(31)  LO PDQWHQLPHQWR GL XQD VHGH RSHUDWLYD QHOO·DPELWR GHO WHUULWRULR FRPXQDOH PXQLWD GL UHFDSLWR WHOHIRQLFR DGHJXDWDPHQWH SUHVLGLDWR FRQ HVFOXVLRQH GL VHJUHWHULD WHOHIRQLFD R GL DOWUL VLVWHPL DXWRPDWL]]DWL

(32)  GXUDQWH LO FRUVR GL WXWWD OD JLRUQDWD ODYRUDWLYD H SHU OD GXUDWD GHL ODYRUL VLQR DOO·HPLVVLRQHGHOFHUWLILFDWRGLFROODXGR RGLUHJRODUHHVHFX]LRQH

(33)  E

(34)  OD FRVWUX]LRQH H OD PDQXWHQ]LRQH HQWUR LO UHFLQWR GHO FDQWLHUH GHL ORFDOL DG XVR XIILFLR GHO SHUVRQDOH GL 'LUH]LRQH /DYRUL DVVLVWHQ]D H FRRUGLQDPHQWR DOOD VLFXUH]]D DUUHGDWL LOOXPLQDWL H SURYYLVWLGLDUPDGLRFKLXVRDFKLDYHWDYRORVHGLHHGDWWUH]]DWXUDLGRQHD FRPSXWHUFRQVLVWHPD RSHUDWLYR:LQGRZVHLGRQHLDSSOLFDWLYL 2IILFH

(35) HPDWHULDOHGLFDQFHOOHULD

(36)  F

(37)  OD UHDOL]]D]LRQH GHL WUDFFLDPHQWL ULOLHYL PLVXUD]LRQL SURYH YHULILFKH HVSORUD]LRQL FDSLVDOGL FRQWUROOLHVLPLOL FKHSRVVDQRRFFRUUHUHGDOJLRUQRLQFXLLQL]LDODFRQVHJQDILQRDOFRPSLPHQWR GHOFROODXGRSURYYLVRULR

(38) WHQHQGRDGLVSRVL]LRQHGHO'LUHWWRUHGHLODYRULLGLVHJQLHOHWDYROHSHU JOLRSSRUWXQLUDIIURQWLHFRQWUROOLFRQGLYLHWRGLGDUQHYLVLRQHDWHU]LHFRQIRUPDOHLPSHJQRGL DVWHQHUVLGDOULSURGXUUHRFRQWUDIIDUHLGLVHJQLHLPRGHOOLDYXWLLQFRQVHJQD 2QHULHREEOLJKLSHUO·DWWLYD]LRQHODJHVWLRQHHGLOPDQWHQLPHQWRGHOFDQWLHUH D

(39)  O·HIIHWWXD]LRQH GHL PRYLPHQWL GL WHUUD H GL RJQL DOWUR RQHUH UHODWLYR DOOD IRUPD]LRQH GHO FDQWLHUH DWWUH]]DWRLYLFRPSUHVHOHYLHGLDFFHVVRLQUHOD]LRQHDOODHQWLWjGHOO·RSHUDFRQWXWWLLSLPRGHUQL H SHUIH]LRQDWL LPSLDQWL SHU DVVLFXUDUH XQD SHUIHWWD H UDSLGD HVHFX]LRQH GL WXWWH OH RSHUH. Pagina 8 di 54.

(40) &2081(',75,(67( &$3,72/$7263(&,$/('·$33$/72. SUHVWDELOLWH SRQWHJJL H SDOL]]DWH DGHJXDWDPHQWH SURWHWWL LQ DGLDFHQ]D GL SURSULHWj SXEEOLFKH R SULYDWHODUHFLQWD]LRQHQHLWHUPLQLSUHYLVWLGDOOHYLJHQWLGLVSRVL]LRQL E

(41)  OD PDQXWHQ]LRQH TXRWLGLDQD HG LO PDQWHQLPHQWR LQ SHUIHWWR VWDWR GL FRQVHUYD]LRQH GL WXWWH OH RSHUHUHDOL]]DWHHGLWXWWRLOFRPSOHVVRGHOFDQWLHUHVLQRDOO·HPLVVLRQHGHOFHUWLILFDWRGLFROODXGR HGLOPDQWHQLPHQWRGHOOHFRQGL]LRQLGLVLFXUH]]DGHOWUDIILFRSHGRQDOHHYHLFRODUHLQWXWWHOHDUHH SXEEOLFKH H SULYDWH OLPLWURIH HG DQWLVWDQWL LO FDQWLHUH ,Q SDUWLFRODUH OD VLVWHPD]LRQH GHOOH VXH VWUDGHLULIDFLPHQWLHOHULSDUD]LRQLDOSLDQRVWUDGDOHGDQQHJJLDWRDJOLDFFHVVLHGDLFDQWLHULLQFOXVD O·LOOXPLQD]LRQH GHOOH YLH G·DFFHVVR H GHO FDQWLHUH VWHVVR OD FRQWLQXLWj GHJOL VFROL GHOOH DFTXH H TXDQW·DOWUR QHFHVVDULR D UHQGHUH VLFXUL LO WUDQVLWR H OD FLUFROD]LRQH GHL YHLFROL H GHOOH SHUVRQH DGGHWWH DL ODYRUL WXWWL LYL FRPSUHVH OH HYHQWXDOL RSHUH VFRUSRUDWH R DIILGDWH D WHU]L GDOOR VWHVVR HQWHDSSDOWDQWH F

(42) LOPDQWHQLPHQWRLQEXRQRVWDWRGLVHUYL]LRWXWWLJOLDWWUH]]LHGHLPH]]LG·RSHUDGHOOHVWUDGHHGHL SRQWLGLVHUYL]LRHVLVWHQWLFKHRFFRUUDQRSHULODYRUL G

(43) ODSXOL]LDTXRWLGLDQDGHOFDQWLHUHHGHOOHYLHGLWUDQVLWRHGLDFFHVVRDOORVWHVVRROWUHFKHGLTXHOOH LQWHUHVVDWH GDO SDVVDJJLR GL DXWRPH]]L FRPSUHVR OR VJRPEHUR GHL PDWHULDOL GL ULILXWR DQFKH VH DEEDQGRQDWLGDDOWUHGLWWHVLQRDOOHGLVFDULFKHDXWRUL]]DWH H

(44)  LO GLYLHWR GL GHSRVLWR GL PDWHULDOL IXRUL GDO UHFLQWR GL FDQWLHUH DQFKH SHU EUHYLVVLPR WHPSR LQ GLIHWWR VDUj FRPPLQDWD XQD DSSRVLWD SHQDOH LQ PLVXUD GD HXUR  DG HXUR  SHU RJQL LQIUD]LRQHDFFHUWDWD

(45)  I

(46) ODSUHGLVSRVL]LRQHGHJOLDWWUH]]LGHLSRQWLGHOOHDUPDWXUHGHOOHSXQWHOOD]LRQLHTXDQW·DOWURRFFRUUH DOOD HVHFX]LRQH SLHQD H SHUIHWWD GHL ODYRUL QHL WHUPLQL SUHYLVWL GDOOH YLJHQWL QRUPH LQ PDWHULD GL VLFXUH]]DQHLFDQWLHULLYLFRPSUHVDODUHDOL]]D]LRQHHPDQWHQLPHQWRGLWXWWHOHRSHUHSURYYLVLRQDOL QHFHVVDULH QHO FRUVR GHL ODYRUL DQFKH VX GLVSRVL]LRQH GHO 'LUHWWRUH GHL ODYRUL HR GHO &RRUGLQDWRUH SHU O·HVHFX]LRQH GHL ODYRUL SHU O·HVHFX]LRQH GHOOH RSHUH H SHU OD SURWH]LRQH H VLFXUH]]DGHLODYRUDWRUL J

(47)  O·LGRQHD SURWH]LRQH GHL PDWHULDOL LPSLHJDWL H PHVVL LQ RSHUD D SUHYHQ]LRQH GL GDQQL GL TXDOVLDVL QDWXUDHFDXVDQRQFKpODULPR]LRQHGLGHWWHSURWH]LRQLDULFKLHVWDGHOODGLUH]LRQHODYRUL1HOFDVR GL VRVSHQVLRQH GHL ODYRUL GRYUj HVVHUH DGRWWDWR RJQL SURYYHGLPHQWR QHFHVVDULR DG HYLWDUH GHWHULRUDPHQWL GL TXDOVLDVL JHQHUH H SHU TXDOVLDVL FDXVD DOOH RSHUH HVHJXLWH UHVWDQGR D FDULFR GHOO·DSSDOWDWRUH O·REEOLJR GL ULVDUFLPHQWR GHJOL HYHQWXDOL GDQQL FRQVHJXHQWL DO PDQFDWR R LQVXIILFLHQWHULVSHWWRGHOODSUHVHQWHQRUPD 2QHULHREEOLJKLFRUUHODWLDOOHIRUQLWXUHHWUDVSRUWL D

(48) ODIRUQLWXUDHLOWUDVSRUWRDSLqG·RSHUDGLWXWWLLPDWHULDOLHPH]]LRFFRUUHQWLSHUO·HVHFX]LRQHGHL ODYRULIUDQFKLGLRJQLVSHVDGLLPEDOORWUDVSRUWRWULEXWLHGDOWUDHYHQWXDOPHQWHQHFHVVDULD E

(49) O·DVVXQ]LRQHDSURSULRHGHVFOXVLYRFDULFRGHLULVFKLGHULYDQWLGDLWUDVSRUWL F

(50) ODIRUQLWXUDGLWXWWLLPH]]LG·RSHUD DWWUH]]LSRQWHJJLFDYDOOHWWLVROOHYDWRULHVLPLODUL

(51) QHFHVVDULDL ODYRUL H O·DSSURQWDPHQWR GL WXWWH OH RSHUH DQFKH D FDUDWWHUH SURYYLVRULR RFFRUUHQWL SHU DVVLFXUDUH OD QRQ LQWHUIHUHQ]D GHL ODYRUL FRQ TXHOOL GL DOWUH LPSUHVH R HVHJXLWL LQ HFRQRPLD GDOOD VWD]LRQHDSSDOWDQWHLOWXWWRULVSRQGHQWHDOOHQRUPHDQWLQIRUWXQLVWLFKHYLJHQWLLQPRGRGDJDUDQWLUH ODLQFROXPLWjGHOSHUVRQDOHHGHLWHU]L G

(52)  LO ULFHYLPHQWR OR VFDULFR H LOWUDVSRUWRQHL OXRJKL GL GHSRVLWR R QHL SXQWL GL LPSLHJR VHFRQGR OH GLVSRVL]LRQLGHOOD'LUH]LRQH/DYRULFRPXQTXHDOO·LQWHUQRGHOFDQWLHUHGHLPDWHULDOLHGHLPDQXIDWWL HVFOXVL GDO SUHVHQWH DSSDOWR H DSSURYYLJLRQDWL R HVHJXLWL GD DOWUH GLWWH SHU FRQWR GHOO·HQWH DSSDOWDQWH H SHU L TXDOL FRPSHWH D WHUPLQL GL FRQWUDWWR DOO·DSSDOWDWRUH O·DVVLVWHQ]D DOOD SRVD LQ RSHUD,GDQQLFKHSHUFDXVHGLSHQGHQWLGDOO·DSSDOWDWRUHIRVVHURDSSRUWDWLDLPDWHULDOLHPDQXIDWWL VXGGHWWLGRYUDQQRHVVHUHULSULVWLQDWLDFDULFRGHOORVWHVVRDSSDOWDWRUH H

(53)  OD FRQFHVVLRQH VX ULFKLHVWD GHOOD 'LUH]LRQH /DYRUL D TXDOXQTXH DOWUD LPSUHVD DOOD TXDOH VLDQR DIILGDWLODYRULQRQFRPSUHVLQHOSUHVHQWHDSSDOWRGHOO·XVRSDU]LDOHRWRWDOHGHLSRQWHJJLGLVHUYL]LR GHOOH LPSDOFDWXUH GHOOH FRVWUX]LRQL SURYYLVRULH H GHJOL DSSDUHFFKL GL VROOHYDPHQWR SHU WXWWR LO Pagina 9 di 54.

(54) &2081(',75,(67( &$3,72/$7263(&,$/('·$33$/72. WHPSRQHFHVVDULRDOO·HVHFX]LRQHGHLODYRULFKHO·HQWHDSSDOWDQWHLQWHQGHVVHHVHJXLUHGLUHWWDPHQWH RYYHUR D PH]]R GL DOWUH GLWWH GDOOH TXDOL FRPH GDOO·HQWH DSSDOWDQWH O·LPSUHVD QRQ SRWUj SUHWHQGHUH FRPSHQVL GL VRUWD WUDQQH FKH SHU O·LPSLHJR GL SHUVRQDOH DGGHWWR DG LPSLDQWL GL VROOHYDPHQWR I

(55)  OD IRUQLWXUD H PDQXWHQ]LRQH GHL FDUWHOOL GL DYYLVR GL IDQDOL GL VHJQDOD]LRQH QRWWXUQD QHL SXQWL SUHVFULWWL H GL TXDQWR DOWUR LQGLFDWR GDOOH GLVSRVL]LRQL YLJHQWL D VFRSR GL VLFXUH]]D QRQFKp O·LOOXPLQD]LRQHQRWWXUQDGHOFDQWLHUHHGHOOHYLHG·DFFHVVRDOFDQWLHUHPHGHVLPR 2QHULHREEOLJKLDFRQFOXVLRQHGHLODYRUL D

(56)  OD SXOL]LD ILQDOH DFFXUDWD FRPSUHQVLYD GL FHUDWXUDH OXFLGDWXUD GHL SDYLPHQWL GHOOD SHUIHWWD SXOL]LD GHOOHVXSHUILFLYHWUDWHHGRJQLDOWUDDWWLYLWjYROWDDOO·LPPHGLDWRXWLOL]]RGHOO·RSHUDQRQFKpODSXOL]LD SHUIHWWDGHLORFDOLLQVXGLFLDWLQHOO·HVHFX]LRQHGHLODYRULO·(QWHQRQSUHQGHUjLQFRQVHJQDO·LPPRELOH LQ FDUHQ]D GL WDOH DFFXUDWD SXOL]LD ,O UHODWLYR RQHUH D FDULFR GHOO·(QWH q FRPSHQVDWR ¶D FRUSR· QHOO·DPELWRGHOOHVSHVHJHQHUDOLGHOO·DSSDOWR E

(57) LOULSULVWLQRGLWXWWLLFRQILQLHSLFFKHWWLGLVHJQDOD]LRQHQHOOHSRVL]LRQLLQL]LDOPHQWHFRQVHJQDWHGDOOD VWHVVD 'LUH]LRQH /DYRUL SULPD GHOO·XOWLPD]LRQH GHL ODYRUL H FRPXQTXH D VHPSOLFH ULFKLHVWD GHOOD 'LUH]LRQH/DYRUL F

(58) ODFRQVHJQDSULPDGHOODVPRELOLWD]LRQHGHOFDQWLHUHGLXQFHUWRTXDQWLWDWLYRGLPDWHULDOHXVDWRSHU OHILQDOLWjGLHYHQWXDOLVXFFHVVLYLULFDPELRPRJHQHLSUHYLVWRGDO&DSLWRODWRVSHFLDOHRSUHFLVDWRGD SDUWHGHOOD'LUH]LRQH/DYRULFRQRUGLQHGLVHUYL]LRHFKHVDUjOLTXLGDWRLQEDVHDOVRORFRVWRGHO PDWHULDOH G

(59)  OD FRQVHJQD FRQWHVWXDOPHQWH DOOD ILQH GHL ODYRUL H FRPXQTXH QRQ ROWUH LO WHUPLQH GL  JLRUQL QDWXUDOLHFRQVHFXWLYLGDOODXOWLPD]LRQHGHJOLVWHVVLGLWXWWLLFHUWLILFDWLQHFHVVDULDUHQGHUHO·RSHUD FRPSOHWDPHQWH XWLOL]]DELOH DOOD GDWD GHOOD ILQH GHL ODYRUL LQGLSHQGHQWHPHQWH GD HYHQWXDOL FRQWHVWD]LRQL FRQ VXEDIILGDWDUL R DOWUL IRUQLWRUL 1HO FDVR LQ FXL GHEED HVVHUH DFTXLVLWD O·DJLELOLWj GHOOD VWUXWWXUD DOO·DSSDOWDWRUH q IDWWR REEOLJR GL SURYYHGHUH DOOD FRQVHJQD DO 5HVSRQVDELOH GHO SURFHGLPHQWR HQWUR LO WHUPLQH GL JLRUQL  GDOOD GDWD GL XOWLPD]LRQH GHL ODYRUL GL WXWWD OD GRFXPHQWD]LRQHQHFHVVDULDDOODULFKLHVWDGHOO·DJLELOLWjVWHVVDFRPHGDQRUPDWLYH H

(60)  OD PDQFDWD R WDUGLYD SUHVHQWD]LRQH GHOOD VXGGHWWD GRFXPHQWD]LRQH R OD VXD LQFRPSOHWH]]D LPSXWDELOLDOO·DSSDOWDWRUHFRPSRUWHUjODFRPPLQD]LRQHGHOODSHQDOHLQPLVXUDSDULDOORSHUPLOOH GHOO·LPSRUWRGHOO·DSSDOWR 2QHULHREEOLJKLUHODWLYLDUDSSRUWLFRQVRJJHWWLWHU]L D

(61)  O·DVVXQ]LRQH GHOOH VSHVH GHL FRQWULEXWL GHL GLULWWL GHL ODYRUL GHOOH IRUQLWXUH H GHOOH SUHVWD]LRQL RFFRUUHQWLSHUJOLDOODFFLDPHQWLSURYYLVRULGLDFTXDHQHUJLDHOHWWULFDJDVHIRJQDWXUDQHFHVVDULSHU LOIXQ]LRQDPHQWRGHOFDQWLHUHHSHUO·HVHFX]LRQHGHLODYRULQRQFKpGHOOHVSHVHSHUOHXWHQ]HHSHU LFRQVXPLGLSHQGHQWLGDLSUHGHWWLVHUYL]L E

(62) ODFRQFHVVLRQHSUHYLRLOVRORULPERUVRGHOOHVSHVHYLYHGHOO·XVRGHLSUHGHWWLVHUYL]LDOOHDOWUHGLWWH FKH HVHJXRQR IRUQLWXUH R ODYRUL SHU FRQWR GHOOD $PPLQLVWUD]LRQH VHPSUH QHO ULVSHWWR GHOOH HVLJHQ]HHGHOOHPLVXUHGLVLFXUH]]D F

(63)  LO SDJDPHQWR GL WULEXWL FDQRQL H VRPPH FRPXQTXH GLSHQGHQWL GDOOD FRQFHVVLRQH GL SHUPHVVL FRPXQDOL RFFXSD]LRQL WHPSRUDQHH GL VXROR SXEEOLFR OLFHQ]H WHPSRUDQHH GL SDVVL FDUUDELOL RWWHQLPHQWR GHOO·DJLELOLWj D ILQH ODYRUL GHOOD 6&,$ FHUWLILFD]LRQL UHODWLYH DOOD VLFXUH]]D GHOO·LPPRELOH H GHJOL LPSLDQWL FRQIHULPHQWR D GLVFDULFD ULVSRQGHQ]D LJLHQLFRVDQLWDULD GHOO·RSHUD QRQFKp LO SDJDPHQWR GL RJQL WULEXWR SUHVHQWH R IXWXUR FRPXQTXH FRUUHODWR D SURYYHGLPHQWL FRPXQTXHQHFHVVDULDOODIRUPD]LRQHHPDQWHQLPHQWRGHOFDQWLHUHHGDOO·HVHFX]LRQHGHOOHRSHUHHG DOODPHVVDLQIXQ]LRQHGHJOLLPSLDQWL G

(64)  OD ULFKLHVWD SULPD GHOOD UHDOL]]D]LRQH GHL ODYRUL SUHVVR WXWWL L VRJJHWWL GLYHUVL GDOOD VWD]LRQH DSSDOWDQWH HQWL SXEEOLFL SULYDWL D]LHQGH GL VHUYL]L HG DOWUH HYHQWXDOL

(65)  LQWHUHVVDWL GLUHWWDPHQWH R LQGLUHWWDPHQWHDLODYRULGLWXWWLLSHUPHVVLQHFHVVDULROWUHDVHJXLUHWXWWHOHGLVSRVL]LRQLHPDQDWH GDLVXGGHWWLSHUTXDQWRGLFRPSHWHQ]DLQUHOD]LRQHDOO·HVHFX]LRQHGHOOHRSHUHHDOODFRQGX]LRQH Pagina 10 di 54.

(66) &2081(',75,(67( &$3,72/$7263(&,$/('·$33$/72. GHO FDQWLHUH FRQ HVFOXVLRQH GHL SHUPHVVL H GHJOL DOWUL DWWL GL DVVHQVR DYHQWL QDWXUD GHILQLWLYD H DIIHUHQWLLOODYRURSXEEOLFRLQTXDQWRWDOHFRQLOSDJDPHQWRGHLUHODWLYLWULEXWLFDQRQLHTXDQW·DOWUR QHFHVVDULR H

(67) LOSDVVDJJLROHRFFXSD]LRQLWHPSRUDQHHHGLOULVDUFLPHQWRGLGDQQLSHUO·DEEDWWLPHQWRGLSLDQWHSHU GHSRVLWLRGHVWUD]LRQLGLPDWHULDOL 2QHULHGREEOLJKLLQRUGLQHDGRFXPHQWD]LRQHIRWRJUDILFDHFDPSLRQDPHQWL D

(68)  OD SURGX]LRQH DOOD 'LUH]LRQH /DYRUL HG HYHQWXDOPHQWH DOO·RUJDQR GL FROODXGR GL XQ·DGHJXDWD GRFXPHQWD]LRQH IRWRJUDILFD UHODWLYD DOOH ODYRUD]LRQL GL SDUWLFRODUH FRPSOHVVLWj R QRQ SL LVSH]LRQDELOL R YHULILFDELOL GRSR OD ORUR HVHFX]LRQH /D SUHGHWWD GRFXPHQWD]LRQH D FRORUL HG LQ IRUPDWL LGRQHL HG DJHYROPHQWH ULSURGXFLELOL GHYH HVVHUH UHVD LQ PRGR GD QRQ UHQGHUH PRGLILFDELOHODGDWDHO·RUDGHOOHULSUHVH LQUHOD]LRQHDOODWLSRORJLDHGDOO·LPSRUWDQ]DGHOO·RSHUDSXz HVVHUHSUHYLVWDODUHVWLWX]LRQHJUDILFDHVX´ILOHµ 'ZJR'JQ

(69) GHOO·RSHUDVWHVVDFRPHUHDOL]]DWD DV EXLOW

(70)  RVVLD FRQ OH HYHQWXDOL PRGLILFKH DSSRUWDWH LQ FRUVR GL FRVWUX]LRQH FRQ L SL VLJQLILFDWLYL GHWWDJOLHVHFXWLYL,QWDOHLSRWHVLLOUHODWLYRRQHUHGDGHWHUPLQDUHDFRUSRGRYUjHVVHUHFRPSXWDWR QHOOHVSHVHJHQHUDOLGHOO·LQWHUYHQWR

(71)  E

(72) O·HVHFX]LRQHSUHVVRJOL,VWLWXWLDXWRUL]]DWLGLWXWWHOHSURYHFKHYHUUDQQRRUGLQDWHGDOOD'LUH]LRQH /DYRUL VXL PDWHULDOL H PDQXIDWWL LPSLHJDWL R GD LPSLHJDUVL QHOOD FRVWUX]LRQH FRPSUHVD OD FRQIH]LRQH GHL FDPSLRQL PRGHOOL VDJRPH H O·HVHFX]LRQH GL SURYH GL FDULFR H FDOFROL FKH VLDQR RUGLQDWH GDOOD VWHVVD 'LUH]LRQH /DYRUL VX WXWWH OH RSHUH LQ FDOFHVWUX]]R VHPSOLFH R DUPDWR H TXDOVLDVL DOWUD VWUXWWXUD SRUWDQWH QRQFKp SURYH GL WHQXWD SHU OH WXED]LRQL LQ SDUWLFRODUH q IDWWR REEOLJR GL HIIHWWXDUH DOPHQR XQ SUHOLHYR GL FDOFHVWUX]]R SHU RJQL JLRUQR GL JHWWR GDWDWR H FRQVHUYDWR6SHWWDDOO·LQVLQGDFDELOHJLXGL]LRGHOOD'LUH]LRQH/DYRULODYDOXWD]LRQHGHOODULVSRQGHQ]D GHOOH SURYH FDPSLRQL SUHOLHYL H TXDQW·DOWUR QHFHVVDULR DOOH GRYXWH SUHVFUL]LRQL FRQ OD IDFROWj GL IDUOL ULSHWHUH ILQFKp WDOH ULVSRQGHQ]D QRQ VLD UDJJLXQWD 'HL FDPSLRQL SRWUj HVVHUH RUGLQDWD OD FRQVHUYD]LRQHPXQHQGROLGLVLJLOOLHGHOODVRWWRVFUL]LRQHGHO'LUHWWRUHGHLODYRULHGHOO·DSSDOWDWRUH RFRPXQTXHFRQPRGDOLWjWDOLGDJDUDQWLUQHO·DXWHQWLFLWj F

(73)  O·HVHFX]LRQH GL XQ·RSHUD FDPSLRQH GHOOH VLQJROH FDWHJRULH GL ODYRUR RJQL YROWD FKH TXHVWR VLD SUHYLVWR VSHFLILFDWDPHQWH GDO &DSLWRODWR 6SHFLDOH R VLD ULFKLHVWR GDOOD 'LUH]LRQH GHL /DYRUL SHU RWWHQHUHLOUHODWLYRQXOODRVWDDOODUHDOL]]D]LRQHGHOOHRSHUHVLPLOL G

(74)  OD SUHYLD VRWWRSRVL]LRQH DOOD '/ HG DO 583 GHOOH FDPSLRQDWXUH H GHOOH VSHFLILFKH WHFQLFKH GHL PDWHULDOLHGHOOHIRUQLWXUHGDLPSLHJDUHQHOO·DSSDOWRSULPDGHOORURHIIHWWLYRXWLOL]]RVHFRQGRFULWHUL HSURFHGXUHYDOXWDWLGDO'/G·LQWHVDFRQLO583. $57 'LVFLSOLQD H EXRQ RUGLQH GHO FDQWLHUH 2QHUL HG REEOLJKL D FDULFR GHOO·DSSDOWDWRUH  /·DSSDOWDWRUHqUHVSRQVDELOHGHOODGLVFLSOLQDHGHOEXRQRUGLQHGHOFDQWLHUHHKDREEOLJRGLRVVHUYDUHH IDU RVVHUYDUH DO SURSULR SHUVRQDOH OH QRUPH GL OHJJH H GL UHJRODPHQWR H OH SUHVFUL]LRQL ULFHYXWH DVVXPHUHVRODPHQWHSHUVRQHFDSDFLHGLGRQHDPHQWHIRUPDWHLQJUDGRGLVRVWLWXLUORQHOODFRQGRWWDH PLVXUD]LRQHGHLODYRUL /DVWD]LRQHDSSDOWDQWHSRWUjSUHWHQGHUHFKHO·DSSDOWDWRUHDOORQWDQLGDOFDQWLHUHTXHLGLSHQGHQWLFKH ULVXOWLQR SDOHVHPHQWH LQVXERUGLQDWL LQFDSDFL H GLVRQHVWL R FRPXQTXH QRQ JUDGLWL DOOD VWD]LRQH DSSDOWDQWHSHUIDWWLDWWLQHQWLDOODFRQGX]LRQHGHLODYRUL /·DSSDOWDWRUHDVVLFXUDO·RUJDQL]]D]LRQHODJHVWLRQHWHFQLFDHODFRQGX]LRQHGHOFDQWLHUHDWWUDYHUVROD GLUH]LRQHGHOFDQWLHUHODTXDOHYLHQHDVVXQWDGDXQWHFQLFRTXDOLILFDWRHGLVFULWWRDOO·$OERGHOODUHODWLYD FDWHJRULD GLSHQGHQWH GHOO·LPSUHVD R DYHQWH DSSRVLWR LQFDULFR SURIHVVLRQDOH R DOWUR UDSSRUWR FRQ O·LPSUHVDDELOLWDWRVHFRQGROHSUHYLVLRQLGHOFDSLWRODWRVSHFLDOHLQUDSSRUWRDOOHFDUDWWHULVWLFKHGHOOH RSHUHGDHVHJXLUH ,O 583 DWWUDYHUVR LO 'LUHWWRUH GHL /DYRUL KD LO GLULWWR GL HVLJHUH LO FDPELDPHQWR GHO GLUHWWRUH GL FDQWLHUHHGHOSHUVRQDOHGHOO·DSSDOWDWRUHSHUGLVFLSOLQDLQFDSDFLWjRJUDYHQHJOLJHQ]D/·DSSDOWDWRUHq LQ WXWWL L FDVL UHVSRQVDELOH GHL GDQQL GLVFHQGHQWL GDOOD VFHOWD GHO GHWWR GLUHWWRUH LYL FRPSUHVL TXHOOL Pagina 11 di 54.

(75) &2081(',75,(67( &$3,72/$7263(&,$/('·$33$/72. FDXVDWLGDOO·LPSHUL]LDRGDOODQHJOLJHQ]DQRQFKpGHOODPDODIHGHRGHOODIURGHQHOODVRPPLQLVWUD]LRQHR QHOO·LPSLHJRGHLPDWHULDOL ,O583HGLVXRLGHOHJDWLDYUDQQROLEHURDFFHVVRDOFDQWLHUHLQTXDOVLDVLJLRUQRHGRUDDGRJQLSDUWH GHJOL LQWHUYHQWL RJJHWWR GHOO·DSSDOWR VDOYR LO ULVSHWWR GHOOH HYHQWXDOL SUHVFUL]LRQL GD SDUWH GHO &RRUGLQDWRUHSHUODVLFXUH]]DLQIDVHGLHVHFX]LRQH. Pagina 12 di 54.

(76) &2081(',75,(67( &$3,72/$7263(&,$/('·$33$/72. 3$57(6(&21'$ 63(&,),&$=,21('(//(35(6&5,=,21,7(&1,&+( PRGDOLWjGLHVHFX]LRQHHQRUPHGLPLVXUD]LRQHGLRJQLODYRUD]LRQHUHTXLVLWLGLDFFHWWD]LRQHGLPDWHULDOLH FRPSRQHQWLVSHFLILFKHGLSUHVWD]LRQHHPRGDOLWjGLSURYHRUGLQHGDWHQHUVLQHOORVYROJLPHQWRGLVSHFLILFKH ODYRUD]LRQL

(77) .  &DSR,9'LVSRVL]LRQLLQPDWHULDGLFRQWDELOL]]D]LRQHHPLVXUDGHLODYRUL  $57 /DYDOXWD]LRQHHPLVXUDGHLODYRUL  /DFRQWDELOL]]D]LRQHGHLODYRULqHIIHWWXDWDLQFRQIRUPLWjDOGHFUHWRPLQLVWHULDOHGLFXLDOO DUW FRPPD  GHO ' /JV Q  ILQR DOO HPDQD]LRQH GL GHWWR GHFUHWR OD FRQWDELOL]]D]LRQH GHL ODYRULqHIIHWWXDWDLQFRQIRUPLWjDOOHGLVSRVL]LRQLGLFXLDO7LWROR,;FDSRGHO'35Q   /DPLVXUD]LRQHHODYDOXWD]LRQHGHLODYRULDPLVXUDVRQRHIIHWWXDWHVHFRQGROHVSHFLILFD]LRQLGDWH QHOOHQRUPHGHOSUHVHQWH&DSLWRODWR6SHFLDOHHQHOOHHQXQFLD]LRQLGHOOHVLQJROHYRFLGLHOHQFRLQ RJQL DOWUR FDVR VRQR XWLOL]]DWH SHU OD YDOXWD]LRQH GHL ODYRUL OH GLPHQVLRQL QHWWH GHOOH RSHUH HVHJXLWH ULOHYDWH VXO OXRJR GHO ODYRUR VHQ]D FKH O·DSSDOWDWRUH SRVVD IDU YDOHUH FULWHUL GL PLVXUD]LRQHRFRHIILFLHQWLFKHPRGLILFKLQROHTXDQWLWjHIIHWWLYDPHQWHLQRSHUH  1RQ VRQR ULFRQRVFLXWL QHOOD YDOXWD]LRQH GHOOH RSHUH DXPHQWL GLPHQVLRQDOL R LQJURVVDPHQWL QRQ ULVSRQGHQWLDLGDWLSURJHWWXDOLVHQRQSUHYHQWLYDPHQWHDXWRUL]]DWLGDO'LUHWWRUHGHL/DYRUL  1HO FRUULVSHWWLYR SHU O·HVHFX]LRQH GHL ODYRUL D PLVXUD V·LQWHQGH VHPSUH FRPSUHVD RJQL VSHVD RFFRUUHQWH SHU GDUH O·RSHUD FRPSLXWD VRWWR OH FRQGL]LRQL VWDELOLWH GDO SUHVHQWH &DSLWRODWR 6SHFLDOHG·DSSDOWRHVHFRQGRLWLSLLQGLFDWLHSUHYLVWLQHJOLDWWLSURJHWWXDOL  /DFRQWDELOL]]D]LRQHGHOOHRSHUHHGHOOHIRUQLWXUHYHUUjHIIHWWXDWDDSSOLFDQGRDOOHTXDQWLWjHVHJXLWH LSUH]]LXQLWDULQHWWLGHVXQWLGDOO·HOHQFRGHLSUH]]LXQLWDUL  *OLRQHULSHUODVLFXUH]]D &IU7$%(//$

(78) SHUODSDUWHSUHYLVWDDPLVXUDVRQRYDOXWDWLVXOODEDVH GHL SUH]]L GL FXL DOO·HOHQFR DOOHJDWR DO SUHVHQWH  &DSLWRODWR 6SHFLDOH FRQ OH TXDQWLWj ULOHYDELOL DL VHQVLGHOSUHVHQWHDUWLFROR  $57 9DOXWD]LRQHGHLODYRULLQHFRQRPLDHYHQWXDOPHQWHGHGRWWLLQFRQWUDWWR /D YDOXWD]LRQH GHL ODYRUL LQ HFRQRPLD HYHQWXDOPHQWHGHGRWWL LQ FRQWUDWWR q GLVFLSOLQDWD GDO GHFUHWR PLQLVWHULDOHGLFXLDOO DUWFRPPDGHO'/JVQILQRDOO HPDQD]LRQHGLGHWWRGHFUHWRVL DSSOLFDQROHVHJXHQWLGLVSRVL]LRQL  )HUPH OH GLVSRVL]LRQL LQ PDWHULD GL FRQWDELOL]]D]LRQH H GL SDJDPHQWR GHO FRUULVSHWWLYR SHU GHWHUPLQDWLPDQXIDWWLLOFXLYDORUHqVXSHULRUHDOODVSHVDSHUODPHVVDLQRSHUD,O'LUHWWRUHGHL /DYRUL SXz VWDELOLUH DQFKH LO SUH]]R D SLq G RSHUD H SUHYHGHUH LO UHODWLYR DFFUHGLWDPHQWR LQ FRQWDELOLWjSULPDGHOODPHVVDLQRSHUDLQPLVXUDQRQVXSHULRUHDOODPHWjGHOSUH]]RVWHVVR  ,QWDOHLSRWHVLDLVHQVLGHOO·DUWGHO'35QDOO LPSRUWRGHLODYRULHVHJXLWLq DJJLXQWD OD PHWj GL TXHOOR GHL PDWHULDOL SURYYLVWL D SLq G RSHUD GHVWLQDWL DG HVVHUH LPSLHJDWL LQ RSHUH GHILQLWLYH IDFHQWL SDUWH GHOO DSSDOWR HG DFFHWWDWL GDO 'LUHWWRUH GHL /DYRUL GD YDOXWDUVL D SUH]]RGLFRQWUDWWRRLQGLIHWWRDLSUH]]LGLVWLPD  , PDWHULDOL H L PDQXIDWWL SRUWDWL LQ FRQWDELOLWj ULPDQJRQR D ULVFKLR H SHULFROR GHOO DSSDOWDWRUH H SRVVRQR VHPSUH HVVHUH ULILXWDWL GDO 'LUHWWRUH GHL /DYRUL DL VHQVL GHOO DUWLFROR  GHO '35 Q  $57 9DOXWD]LRQHGHLODYRULLQFRUVRG·RSHUD /D YDOXWD]LRQH GHL ODYRUL LQ FRUVR G RSHUD q GLVFLSOLQDWD GDO GHFUHWR PLQLVWHULDOH GL FXL DOO DUW  FRPPD  GHO ' /JV Q  ILQR DOO HPDQD]LRQH GL GHWWR GHFUHWR VL DSSOLFDQR OH VHJXHQWL GLVSRVL]LRQL  )HUPH OH GLVSRVL]LRQL LQ PDWHULD GL FRQWDELOL]]D]LRQH H GL SDJDPHQWR GHO FRUULVSHWWLYR SHU GHWHUPLQDWLPDQXIDWWLLOFXLYDORUHqVXSHULRUHDOODVSHVDSHUODPHVVDLQRSHUD,O'LUHWWRUHGHL /DYRUL SXz VWDELOLUH DQFKH LO SUH]]R D SLq G RSHUD H SUHYHGHUH LO UHODWLYR DFFUHGLWDPHQWR LQ FRQWDELOLWjSULPDGHOODPHVVDLQRSHUDLQPLVXUDQRQVXSHULRUHDOODPHWjGHOSUH]]RVWHVVR Pagina 13 di 54.

(79) &2081(',75,(67( &$3,72/$7263(&,$/('·$33$/72.  ,QWDOHLSRWHVLDLVHQVLGHOO·DUWGHO'35QDOO LPSRUWRGHLODYRULHVHJXLWLq DJJLXQWD OD PHWj GL TXHOOR GHL PDWHULDOL SURYYLVWL D SLq G RSHUD GHVWLQDWL DG HVVHUH LPSLHJDWL LQ RSHUH GHILQLWLYH IDFHQWL SDUWH GHOO DSSDOWR HG DFFHWWDWL GDO 'LUHWWRUH GHL /DYRUL GD YDOXWDUVL D SUH]]RGLFRQWUDWWRRLQGLIHWWRDLSUH]]LGLVWLPD  , PDWHULDOL H L PDQXIDWWL SRUWDWL LQ FRQWDELOLWj ULPDQJRQR D ULVFKLR H SHULFROR GHOO DSSDOWDWRUH H SRVVRQR VHPSUH HVVHUH ULILXWDWL GDO 'LUHWWRUH GHL /DYRUL DL VHQVL GHOO DUWLFROR  GHO '35 Q  $57 0DWHULDOLHGRJJHWWLGLYDORUH  ,PDWHULDOLGRYUDQQRFRUULVSRQGHUHDOOHSUHVFUL]LRQLWHFQLFKHHGDLFDPSLRQLH GRYUDQQRHVVHUH DFFHWWDWL GDO 'LUHWWRUH GHL /DYRUL HG HYHQWXDOPHQWH RYH SUHVFULWWR GDO 5HVSRQVDELOH 8QLFR GHO SURFHGLPHQWRSULPDGLYHQLUSRVWLLQRSHUD4XHOOLDFFHWWDWLQRQSRWUDQQRSLYHQLUDOORQWDQDWL GDO FDQWLHUH Qp HVVHUH WROWL DOOD ORUR GHVWLQD]LRQH VHQ]D LO FRQVHQVR GHOOR VWHVVR 'LUHWWRUH GHL /DYRUL H GHO 583 4XHOOL QRQ DFFHWWDWL GRYUDQQR HVVHUH DOORQWDQDWL GDO FDQWLHUH H OH RSHUH H L ODYRULHYHQWXDOPHQWHHVHJXLWLGRYUDQQRHVVHUHULIDWWL  ,QRJQLFDVRO·DFFHWWD]LRQHGHLPDWHULDOLQRQqPDLGHILQLWLYDSULPDGHOFROODXGRHSHUWDQWRHVVL SRWUDQQRYHQLUULILXWDWLDQFKHGRSRODORURDFFHWWD]LRQHHSRVDLQRSHUD  , PDWHULDOL SURYHQLHQWL GD HVFDYD]LRQL R GHPROL]LRQL L TXDOL VLDQR ULWHQXWL XWLOL]]DELOL GDL UHVSRQVDELOLGHLODYRULSHUFRQWRGHOODVWD]LRQHDSSDOWDQWHUHVWHUDQQRGLSURSULHWjGHOODPHGHVLPD $PPLQLVWUD]LRQH H O·DSSDOWDWRUH GRYUj ULSRUOL UHJRODUPHQWH DFFDWDVWDWL QHL OXRJKL ULFKLHVWL LQWHQGHQGRVL GL FLz FRPSHQVDWR FRQ L SUH]]L GHJOL VFDYL H GHOOH UHODWLYH GHPROL]LRQL 2YH WDOL PDWHULDOL VLDQR FHGXWL DOO·DSSDOWDWRUH LO SUH]]R DG HVVL DWWULEXLWR GRYUj HVVHUH GHGRWWR GDOO·LPSRUWRQHWWRGHLODYRUL  6DOYLLGLULWWLFKHVSHWWDQRDOOR6WDWRODVWD]LRQHDSSDOWDQWHFRPXQTXHVLULVHUYDODSURSULHWjGHJOL RJJHWWLGLYDORUHHGLTXHOOLFKHLQWHUHVVDQRODVFLHQ]DODVWRULDO·DUWHRO·DUFKHRORJLDFRPSUHVLL UHODWLYLIUDPPHQWLFKHVLGRYHVVHURUHSHULUHQHLIRQGLRFFXSDWLSHUO·HVHFX]LRQHGHLODYRULHQHOOD VHGH GHL ODYRUL VWHVVL FRQ O·REEOLJR GHOO·DSSDOWDWRUH GL FRQVHJQDUOL DOOD VWD]LRQH DSSDOWDQWH PHGHVLPD FKH JOL ULPERUVHUj OH VSHVH SHU OD ORUR FRQVHUYD]LRQH H SHU VSHFLDOL RSHUD]LRQL FKH IRVVHURVWDWHRUGLQDWHSHUDVVLFXUDUQHO·LQWHJULWjHGLOGLOLJHQWHUHFXSHUR  ,O UHSHULPHQWR GL FRVH GL LQWHUHVVH VWRULFR DUWLVWLFR R DUFKHRORJLFR YD LPPHGLDWDPHQWH FRPXQLFDWR DO 5HVSRQVDELOH XQLFR GHO SURFHGLPHQWR /·DSSDOWDWRUH QRQ SXz GHPROLUH R FRPXQTXHDOWHUDUHLUHSHUWLQpSXzULPXRYHUOLVHQ]DDXWRUL]]D]LRQHGHOODVWD]LRQHDSSDOWDQWH  /·DSSDOWDWRUHqUHVSRQVDELOHGLRJQLGDQQRRSHUGLWDGHJOLRJJHWWLVFRSHUWLFKHVLYHULILFDVVHSHU RSHUDRSHUQHJOLJHQ]DGHLVXRLDJHQWLHGRSHUDL. Pagina 14 di 54.

(80) &2081(',75,(67( &$3,72/$7263(&,$/('·$33$/72. 3$57(7(5=$ ',6326,=,21,7(&1,&+( &$32902',',0,685$=,21((9$/87$=,21('(,/$925,  $57 1RUPHJHQHUDOLSHUODPLVXUD]LRQHHYDOXWD]LRQHGHLODYRUL 3HUWXWWHOHRSHUHGHOO DSSDOWROHYDULHTXDQWLWjGLODYRURVDUDQQRGHWHUPLQDWHDPLVXUDHGDFRUSR 3HULODYRULGDFRPSHQVDUHDPLVXUDVLSUHVFULYHSDUWLFRODUPHQWHTXDQWRVHJXH D

(81) OH PLVXUH LQ FDQWLHUH YHUUDQQR ULOHYDWH GDOOD 'LUH]LRQH GHL ODYRUL LQ FRQWUDGGLWWRULR FRQ LO UDSSUHVHQWDQWHGHOO DSSDOWDWRUHVHFRQGRJOLRQHULGLFXLDOO·DUWGHOSUHVHQWH&DSLWRODWR E

(82)  YHUUDQQR FRQWDELOL]]DWH VRODPHQWH OH TXDQWLWj FRPH VL ULOHYDQR LQ RSHUD H UHDOL]]DWH VHFRQGR OH GLPHQVLRQLGLSURJHWWR6DUDQQRSHUWDQWRHVFOXVLJOLVIULGLGLODYRUD]LRQH F

(83) L PDWHULDOL R DSSDUHFFKLDWXUH SRVWL LQ RSHUD LQ TXDQWLWj VXSHULRUH DO QHFHVVDULR QRQFKp L ODYRUL HVHJXLWL LQ TXDQWLWj VXSHULRUL DOOH GLPHQVLRQL GL SURJHWWR H QRQ HVSUHVVDPHQWH ULFKLHVWL GDOOD 'LUH]LRQH GHL ODYRUL QRQ YHUUDQQR FRQWDELOL]]DWL *OL VWHVVL QRQ SRWUDQQR HVVHUH FRPXQTXH DVSRUWDWL D SRVWHULRUL GDOO DSSDOWDWRUH TXDORUD LO ORUR OLHYR FRPSURPHWWD LO IXQ]LRQDPHQWR GHOO LPSLDQWRHO HVHFX]LRQHDUHJRODG DUWHGHOORVWHVVR H

(84) ODYDOXWD]LRQHGHLODYRULVHFRQGRO·DOOHJDWD(OHQFR3UH]]L8QLWDULVLLQWHQGHFRPSUHQVLYDGLWXWWL JOL RQHUL GL FXL DO SUHVHQWH &DSLWRODWR SHU GDUH OH RSHUH FRPSLXWH D SHUIHWWD UHJROD G·DUWH H UHJRODUPHQWHIXQ]LRQDQWL /H PLVXUD]LRQL H YDOXWD]LRQL GHOOH VLQJROH WLSRORJLH GL ODYRUL YHUUDQQR HIIHWWXDWH VXOOD EDVH GHOOH LQGLFD]LRQLSDUWLFRODULULSRUWDWHQHOSUHVHQWH&DSLWRODWRVSHFLDOHHQHOOD(OHQFR3UH]]L8QLWDUL 

(85)  23(5( '$ 3,7725(  1HL SUH]]L GL WLQWHJJLDWXUH FRORULWXUH H YHUQLFLDWXUH LQ JHQHUH VLD LQ DPELHQWLLQWHUQLFKHDOO HVWHUQRVRQRLQFOXVLWXWWLJOLRQHULQHFHVVDULDGDUHO RSHUDILQLWDDUHJRODG  DUWHLQFOXVHOHDUPDWXUHHSRQWHJJLGLVHUYL]LRWXWWLLWUDVSRUWLVROOHYDPHQWLIRUQLWXUHHPDQRGRSHUD QHFHVVDULH (  LQFOXVD OD SHUIHWWD SURWH]LRQH GHOOH SDUWL QRQ LQWHUHVVDWH TXDOL SDYLPHQWL ULYHVWLPHQWL VHUUDPHQWL HFFULPDQHQGRLQWHVRFKHRJQLHYHQWXDOHGDQQHJJLDPHQWRVDUjDWRWDOHFDULFRGHOO LPSUHVDHVHFXWULFH H FKH HYHQWXDOL GDQQL YHUUDQQR LPPHGLDWDPHQWH FRQWHJJLDWL H GHWUDWWL GDOOD FRQWDELOLWj q DOWUHVu LQFOXVD OD VILODWXUD H UHLQILODWXUD GHL VHUUDPHQWL OR VPRQWDJJLR HG LO ULPRQWDJJLR GL FRUSL LOOXPLQDQWL PRVWULQH GHJOL LQWHUUXWWRUL SUHVH HFF GHOO LPSLDQWR HOHWWULFR H GL ULVFDOGDPHQWR OD SURWH]LRQH R OD ULPR]LRQHHULSRVDGLSRUWHOOHFRUQLFLDUFKLWUDYLDJJHWWLHULVDOWLGHFRUD]LRQLHFF 3HULVHUUDPHQWLSRUWHOOHFDQFHOOLHFFVLLQWHQGHLQFOXVRDQFKHORVPRQWDJJLRHGLOULPRQWDJJLRGHOOD IHUUDPHQWD GL FKLXVXUD H GL VRVWHJQR H OD ORUR FRORULWXUD IXRUL RSHUD FRQ SUHYHQWLYR WUDWWDPHQWR DQWLFRUURVLRQH QRQFKp OD SHUIHWWD SXOL]LD HG HOLPLQD]LRQH GL WXWWH OH WUDFFH GL SLWWXUD SUHHVLVWHQWH GDOODSDUWHLQOHJQRLQIHUURHVXJOLDFFHVVRULPHWDOOLFL 3HU OH RSHUH LQ IHUUR VL LQWHQGH LQFOXVR LO SUHYHQWLYR DGHJXDWR WUDWWDPHQWR DQWLUXJJLQH HG HYHQWXDOPHQWH OD ]LQFDWXUD D FDOGR GL DOFXQH SDUWL VHFRQGR OH SUHVFUL]LRQL GHOOD ' // QRQFKp OD SHUIHWWDSXOL]LDGLWUDFFHGLUXJJLQHHGLSLWWXUDSUHHVLVWHQWH /HWLQWHJJLDWXUHHSLWWXUD]LRQLLQWHUQHHGHVWHUQHVLDSSOLFKHUDQQRJHQHUDOPHQWHOHQRUPHYDOLGHSHU ODPLVXUD]LRQHGHJOLLQWRQDFKL 3HUODFRORULWXUDHYHUQLFLDWXUDGHLVHUUDPHQWLVLRVVHUYHUDQQROHVHJXHQWLQRUPHFRQLOFHQQRFKHVL LQWHQGHVHPSUHHVHJXLWDODSLWWXUD]LRQHVXDPEROHIDFFHHQHJOLVSHVVRULGHLVHUUDPHQWLQRQFKpWXWWH OHSDUWLDFFHVVRULH D

(86)  SRUWH H VSRUWHOOL SLHQL JUDWH H FDQFHOOL LQ OHJQR GXH YROWH OD OXFH QHWWD GHO VHUUDPHQWR SL O  HYHQWXDOHPRVWUDHORVJXDQFLR E

(87) SRUWHDYHWULYHWUDWHEXVVROHVLFRPSXWHUDQQRXQDYROWDHPH]]DODVXSHUILFLHFRPSUHQGHQGRLQ FLzDQFKHODYHUQLFLDWXUDGHLWHODLVXPXULSRUWDQWLHGHOORVFDWRODWRSHULWUDPH]]LGLYLVRUL Pagina 15 di 54.

(88) &2081(',75,(67( &$3,72/$7263(&,$/('·$33$/72. F

(89)  ILQHVWUH VHQ]D SHUVLDQH PD FRQ GRSSLD LQYHWULDWD VL FRPSXWHUDQQR WUH YROWH OD OXFH QHWWD GHO VHUUDPHQWRLQFOXGHQGRLQFLzODFRORULWXUDGHOODWDYROHWWDGLGDYDQ]DOHHGHOWHODLRRFDVVHWWRQH G

(90) ILQHVWUHVHQ]DSHUVLDQHPDFRQXQ XQLFDLQYHWULDWDVLFRPSXWHUDQQRXQDYROWDVRODODOXFHQHWWDGHO VHUUDPHQWRFRQWDOHPLVXUD]LRQHVLULWHUUjSDJDWDDQFKHODSLWWXUD]LRQHGHOWHODLRRFDVVHWWRQHHGHOOD WDYROHWWDGLGDYDQ]DOH H

(91)  SHUVLDQH FRPXQL D JULJOLH ILVVH R PRELOL VL FRPSXWHUDQQR WUH YROWH OD OXFH QHWWD GHO VHUUDPHQWR FRPSUHQGHQGRFRQFLzDQFKHODFRORULWXUDGHOWHODLRRFDVVHWWRQH I

(92)  VHUUDQGH DYYROJLELOL VL FRPSXWHUDQQR GXH YROWH H PH]]D OD OXFH QHWWD GHO VHUUDPHQWR FRPSUHQGHQGRLQFLzDQFKHODFRORULWXUDGHOOHJXLGHHGHOWHODLRDVSRUJHUH J

(93) RVFXULLQWHUQLRHVWHUQLFRPXQTXHODYRUDWLVLFRPSXWHUDQQRGXHYROWHODOXFHQHWWDGHOVHUUDPHQWR LQFOXVRLQFLzDQFKHODFRORULWXUDGHOWHODLR K

(94) RSHUHLQIHUURVHPSOLFLHVHQ]DRUQDWLTXDOLILQHVWUHJUDQGLDYHWUDWHOXFHUQDLVHUUDQGHDYYROJLELOLD PDJOLD HFF VDUDQQR FRPSXWDWH L WUH TXDUWL GHOOD ORUR VXSHUILFLH FRPSOHVVLYD PLVXUDWD LQ SURLH]LRQH ULWHQHQGRFRVuFRPSHQVDWDODFRORULWXUDGHLVRVWHJQLJUDSSHHGDFFHVVRULFKHQRQYHUUDQQRPLVXUDWL QHOSUH]]RVLLQWHQGHVHPSUHLQFOXVRLOSUHYHQWLYRDGHJXDWRWUDWWDPHQWRDQWLUXJJLQH L

(95) RSHUHLQIHUURDGLVHJQRTXDOLULQJKLHUHFDQFHOOLLQIHUULDWHHVLPLOLVDUDQQRFRPSXWDWHXQDYROWDOD VXSHUILFLHJHRPHWULFDFRPSOHVVLYDPLVXUDWDVHPSUHLQSURLH]LRQHQHOSUH]]RVDUjVHPSUHLQFOXVDOD FRORULWXUDGLVRVWHJQLJUDSSHDFFHVVRULFKLXVXUHFDUGLQLHFFODSHUIHWWDSURWH]LRQHGHOOHRSHUHGD QRQFRORULUHHGLOSUHYHQWLYRDGHJXDWRWUDWWDPHQWRDQWLUXJJLQHGLWXWWDODVWUXWWXUD O

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

(97) 23(5($&2532,OSUH]]RGLWXWWHOHRSHUHLQGLFDWHSURJHWWXDOPHQWHFRPHOLTXLGD]LRQLDFRUSR qGDULWHQHUVLDVVROXWDPHQWHRQQLFRPSUHQVLYRGLWXWWHOHIRUQLWXUHWUDVSRUWLVROOHYDPHQWLDUPDWXUH HSRQWHJJLGLVHUYL]LRHGLSURWH]LRQHDVSRUWLHODYRUD]LRQLQHFHVVDULHSHUGDUHO RSHUDSHUIHWWDPHQWH ILQLWDHULILQLWDDUHJRODG DUWHIXQ]LRQDQWHHFROODXGDELOHLQEDVHDOOHQRUPDWLYHYLJHQWLDOPRPHQWR GHOFROODXGRVWHVVRDQFKHQHOOHSDUWLQRQLQGLFDWHJUDILFDPHQWHRDOWULPHQWLVSHFLILFDWHQHJOLHODERUDWL SURJHWWXDOLQHOSUH]]RqDOWUHVuLQFOXVRRJQLDOWURRQHUHSHULOSDJDPHQWRGLWDVVHHGRQHULUHODWLYLDOO  RSHUDGDUHDOL]]DUHODSUHVHQWD]LRQHGLWXWWHOHGRFXPHQWD]LRQLHFHUWLILFD]LRQLULFKLHVWHVXLPDWHULDOL VXOOH VLQJROH FRPSRQHQWL H VXO FRPSOHVVR GHOO  RSHUD GD UHDOL]]DUH OD SURJHWWD]LRQH HVHFXWLYD H FRVWUXWWLYDGHOO RSHUDGDHIIHWWXDUVLVHFRQGROHUHJROHGHOSUHVHQWHFDSLWRODWRO HVHFX]LRQHGLWXWWLL FDOFROL QHFHVVDUL  LO UHSHULPHQWR DG RSHUD HVHJXLWD GL WXWWL L SDUHUL HYHQWXDOPHQWH QHFHVVDUL SHU LO FROODXGRGHOO RSHUDO DVVLVWHQ]DDOFROODXGRPHGHVLPR (  DOWUHVu FRPSUHVD OD UHDOL]]D]LRQH DQFKH LQ RSHUD SULPD GHOO HVHFX]LRQH GHL ODYRUL GL WXWWH OH FDPSLRQDWXUHULFKLHVWHGDOOD'/ /D UHDOL]]D]LRQH GHOOH RSHUH D FRUSR SUHYLVWH SRWUj DQFKH VXELUH GHOOH PRGLILFD]LRQL GHULYDQWL GDOOD GLIILFROWjRJJHWWLYDGLHVHFX]LRQHGDOO LQWHUYHQWRGLQXRYHHSLUHVWULWWLYHQRUPDWLYHGXUDQWHLOFRUVR GHL ODYRUL R GDOO  RSSRUWXQLWj GL XQD PLJOLRUH H SL UD]LRQDOH UHDOL]]D]LRQH VHQ]D FKH FLz FRVWLWXLVFD PRWLYR SHU O  DSSDOWDWRUH GL ULFKLHGHUH PDJJLRUL R VSHFLDOL FRPSHQVL ULVSHWWR DO SUH]]R D FRUSR LQL]LDOH. Pagina 16 di 54.

(98) &2081(',75,(67( &$3,72/$7263(&,$/('·$33$/72. &$329,4XDOLWjHSURYHQLHQ]DGHLPDWHULDOL0RGRGLHVHFX]LRQHGLRJQL FDWHJRULDGLODYRUR2VVHUYDQ]DGLOHJJLUHJRODPHQWLHQRUPH   $57 3UHVFUL]LRQLJHQHUDOLGLHVHFX]LRQHGHOOHSULQFLSDOLFDWHJRULHGLODYRUL 3HUUHJRODJHQHUDOHQHOO HVHFX]LRQHGHLODYRULO DSSDOWDWRUHGRYUjDWWHQHUVLDOOHPLJOLRULUHJROHG DUWH QRQFKpDOOHSUHVFUL]LRQLGDWHSHUOHSULQFLSDOLFDWHJRULHGLODYRUR 3HU WXWWH TXHOOH FDWHJRULH LQYHFH SHU OH TXDOL QRQ VL WURYLQR VWDELOLWH VSHFLDOL QRUPH QHO SUHVHQWH &DSLWRODWR HG DQQHVVR (OHQFR 3UH]]L 8QLWDUL O DSSDOWDWRUH GRYUj HVHJXLUH L PLJOLRUL SURFHGLPHQWL SUHVFULWWLGDOODWHFQLFDDWWHQHQGRVLDJOLRUGLQLFKHDOO XRSRLPSDUWLUjOD'LUH]LRQHGHL/DYRUL . $57 0DWHULDOLLQJHQHUH , PDWHULDOL LQ JHQHUH RFFRUUHQWL SHU O HVHFX]LRQH GHOOH RSHUH SURYHUUDQQR GD TXHOOH ORFDOLWj FKH O DSSDOWDWRUH ULWHUUj GL VXD FRQYHQLHQ]D SXUFKp DG LQVLQGDFDELOH JLXGL]LR GHOOD 'LUH]LRQH GHL /DYRUL VLDQRULFRQRVFLXWLGHOODPLJOLRUHTXDOLWjHULVSRQGDQRDLUHTXLVLWLULFKLHVWLGDOOHFDUDWWHULVWLFKHGLRJQL VLQJRODRSHUD . $57 4XDOLWjHSURYHQLHQ]DGHLPDWHULDOLFDUDWWHULVWLFKHGHLYDULPDWHULDOL SUHVHQWD]LRQHGHOFDPSLRQDULR 7XWWL L PDWHULDOL GHYRQR HVVHUH GHOOD PLJOLRUH TXDOLWj EHQ ODYRUDWL FRUULVSRQGHUH SHUIHWWDPHQWH DO VHUYL]LRDFXLVRQRGHVWLQDWL3HUTXDQWRULJXDUGDJOLLPSLDQWLWHFQRORJLFLLPDWHULDOLLPSLHJDWLHSRVWLLQ RSHUD GRYUDQQR REEOLJDWRULDPHQWH HVVHUH SURGRWWL H SRVVHGHUH OH FDUDWWHULVWLFKH GL FHUWLILFD]LRQH SUHVFULWWHULVSHWWLYDPHQWHGDOOHQRUPH,62,62,62HGRYUDQQRFRUULVSRQGHUHVLD QHOODFRVWUX]LRQHFKHQHOODSRVDLQRSHUDDOOHQRUPH81,81,&,*SHUJOLLPSLDQWLLGURWHUPR VDQLWDULJDVH,(&&(,81(/SHULPDWHULDOLHOHWWULFLFKHGRYUDQQRHVVHUHPDUFKLDWL,04R SRVVHGHUHDOWURFHUWLILFDWRGLTXDOLWjVLPLODUHDSSURYDWRGDOOHQRUPDWLYHYLJHQWL 'RYUDQQRFRPXQTXHYHQLULQVWDOODWHVRODPHQWHDSSDUHFFKLDWXUHDYHQWLFDUDWWHULVWLFKHWHFQLFKHXJXDOL RVXSHULRULDJOLVWDQGDUGLQXVRSUHVVRTXHVWD$PPLQLVWUD]LRQH 4XDORUD O DSSDOWDWRUH LQWHQGHVVH LPSLHJDUH DSSDUHFFKLDWXUH FRQ FDUDWWHULVWLFKH GLIIRUPL GD TXHOOH LQGLFDWH VDUDQQR D VXR FDULFR WXWWL JOL RQHUL GHULYDQWL GD HYHQWXDOL SURYH WHFQLFKH GL ODERUDWRULR DXWRUL]]DWRHULFRQRVFLXWRFKHOD'LUH]LRQHGHL/DYRULULWHUUjRSSRUWXQRIDUHVHJXLUH  &RPXQTXH O DSSDOWDWRUH SHU O RIIHUWD GL EDVH GRYUj WHQHU FRQWR HVFOXVLYDPHQWH GHL PDWHULDOLVWDQGDUGLQXVRSUHVVRTXHVWD$PPLQLVWUD]LRQH 6X ULFKLHVWD GD SDUWH GHOOD 'LUH]LRQH GHL /DYRUL O DSSDOWDWRUH GRYUj SUHVHQWDUH LO FDPSLRQDULR GHL PDWHULDOL FKH LQWHQGH LPSLHJDUH SHU O HVHFX]LRQH GHL ODYRUL GL FXL DO SUHVHQWH &DSLWRODWR OD VFHOWD GHILQLWLYDGHLPDWHULDOLGDXWLOL]]DUHDYYHUUjDGLQVLQGDFDELOHJLXGL]LRGHOOD'LUH]LRQHGHL /DYRUL 3HUWXWWLLPDWHULDOLSRWUDQQRHVVHUHFKLHVWLLFDPSLRQLVHPSUHFKHVLDQRGLQRUPDOHIDEEULFD]LRQH 2JQLFDPSLRQHGRYUjHVVHUHQXPHUDWRHGRYUjSRUWDUHXQFDUWHOOLQRFRQLOQRPHGHOO DSSDOWDWRUHHG HVVHUH HOHQFDWR LQ DSSRVLWD GLVWLQWD ,O FDPSLRQH SRWUj HVVHUH ULWLUDWR GDOO DSSDOWDWRUH VROR GRSR DYYHQXWHOHYHULILFKHHSURYHSUHOLPLQDUL 5HVWD HVSOLFLWDPHQWH LQWHVR FKH OD SUHVHQWD]LRQH GHL FDPSLRQL QRQ HVRQHUHUj O DSSDOWDWRUH GDOO REEOLJRGLVRVWLWXLUHDGRJQLULFKLHVWDTXHLPDWHULDOLFKHSXUHVVHQGRFRQIRUPLDLFDPSLRQLQRQ ULVXOWLQRFRUULVSRQGHQWLDOOHSUHVFUL]LRQLGHO&DSLWRODWR. Pagina 17 di 54.

(99) &2081(',75,(67( &$3,72/$7263(&,$/('·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j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j GHOO $PPLQLVWUD]LRQH DSSDOWDQWH OD TXDOH SRWUj RUGLQDUH DOO DSSDOWDWRUHGLLPSLHJDUOLLQWXWWRRGLQSDUWHQHLODYRULDSSDOWDWL . $57 &RQWURVRIILWWL 7XWWL L FRQWURVRIILWWL SUHYLVWL LQGLSHQGHQWHPHQWH GDO VLVWHPD FRVWUXWWLYR GRYUDQQR ULVXOWDUH FRQ VXSHUILFL RUL]]RQWDOL R FRPXQTXH ULVSRQGHQWL DOOH SUHVFUL]LRQL HVVHUH VHQ]D RQGXOD]LRQL FUHSH R GLIHWWLHSHUIHWWDPHQWHDOOLQHDWL /DSRVDLQRSHUDVDUjHVHJXLWDFRQVWUXPHQWLLGRQHLHGLQDFFRUGRFRQOHUDFFRPDQGD]LRQLGHOOHFDVH SURGXWWULFLFRPSUHQGHUjLQROWUHWXWWLLODYRULQHFHVVDULSHUO·LQVHULPHQWRGHLFRUSLLOOXPLQDQWLJULJOLH GHO FRQGL]LRQDPHQWR DQWLQFHQGLR H TXDQWR DOWUR ULFKLHVWR SHU OD SHUIHWWD IXQ]LRQDOLWj GL WXWWL JOL LPSLDQWLSUHVHQWLQHOO·RSHUDGDHVHJXLUH 1HO FDVR GL HVHFX]LRQH GL FRQWURVRIILWWL LQ ORFDOL GHVWLQDWL D GHSRVLWR GL PDWHULDOL LQILDPPDELOL R ODYRUD]LRQLVRJJHWWHDQRUPHGLSUHYHQ]LRQHLQFHQGLGRYUDQQRHVVHUHXVDWLDFDULFRGHOO·$SSDOWDWRUH PDWHULDOLHPRGDOLWjGLPRQWDJJLRFRQIRUPLDOODQRUPDWLYDYLJHQWH ILEUHQRQFRPEXVWLELOLPRQWDJJLR DVWUXWWXUDQDVFRVWDHWF

(100) VHFRQGRTXDQWRILVVDWRGDOOHVSHFLILFKHULFKLHVWHDWDOHSURSRVLWR 4XDORUD VL UHQGHVVH QHFHVVDULR O·XVR GHO FRQWURVRIILWWR SHU OD UHDOL]]D]LRQH GL FRUSL DSSHVL DSSDUHFFKLLOOXPLQDQWLVHJQDOHWLFDHWF

(101) YHUUDQQRHVHJXLWLDFDULFRGHOO·$SSDOWDWRUHDGHJXDWLULQIRU]L GHOODVWUXWWXUDSRUWDQWHGHOOHODVWUHGLFRQWURVRIILWWRPHGLDQWHO·XVRGLWLUDQWLDJJLXQWLYLTXHVWLWLUDQWL GRYUDQQR HVVHUH ILVVDWL LQ DFFRUGR FRQ OH ULFKLHVWH GHO 'LUHWWRUH GHL /DYRUL LQ SXQWL GL WHQXWD VWUXWWXUDOHHFRQVLVWHPLGLDQFRUDJJLRFKHJDUDQWLVFDQRODQHFHVVDULDVWDELOLWj ,VLVWHPLGLUHDOL]]D]LRQHGHLFRQWURVRIILWWLSRWUDQQRHVVHUH  &2175262)),77,$17,6)21'(//$0(172 )RUQLWXUD H SRVD LQ RSHUD GL FRQWURVRIILWWDWXUD DQWLVIRQGHOODPHQWR DWWD D JDUDQWLUH LO FRQWHQLPHQWR SHU VRODL LQ ODWHUR ² FHPHQWR VRJJHWWL D IHQRPHQR GL VIRQGHOODPHQWR H FHUWLILFDWR SHU IUXL]LRQH GD ODERUDWRULRDWWUH]]DWRSHUXQDSRUWDWDGLDOPHQR.JPT,OPDWHULDOHLPSLHJDWRGRYUjJDUDQWLUH XQD FODVVH GL UHD]LRQH DO IXRFR QRQ VXSHULRUH DG $ DL VHQVL GHOOD YLJHQWH QRUPDWLYD GL PDWHULD ,O SUH]]RFRPSUHQGHODVWXFFDWXUDHGFRPSHQVDWXWWRLOPDWHULDOHOHDWWUH]]DWXUHLQROLLWUDVSRUWLHOD PDQRG RSHUDRFFRUUHQWLGHOOHDVVLVWHQ]HHGLOLHVSHFLDOLVWLFKHGHLSRQWHJJLSHURSHUHILQRDP Pagina 18 di 54.

(102) &2081(',75,(67( &$3,72/$7263(&,$/('·$33$/72. GL DOWH]]D GHO SLDQR GL ODYRUR GHO FDULFR WUDVSRUWR H VFDULFR GHO PDWHULDOH GL ULVXOWD LQ GLVFDULFKH DXWRUL]]DWHRQHULGLGLVFDULFDFRPSUHVLHGLTXDQW DOWURQHFHVVDULRSHUGDUHLOODYRURILQLWRDUHJROD G DUWHSURQWRSHUODVXFFHVVLYDWLQWHJJLDWXUD / RSHUD FRPSUHQGH D FRQFOXVLRQH GHOOH RSHUH LO ULODVFLR GL FHUWLILFD]LRQH UHODWLYD DOOD FRUUHWWD SRVD VWDWLFLWjHGLUHD]LRQHDOIXRFRGHLPDWHULDOLLPSLHJDWL / RSHUD FRPSUHQGH DQFKH VPRQWDJJLR ODPSDGH OLQHH HOHWWULFKH VHQVRUL VHJQDODWRUL GL IXPR H ORUR GHSRVLWRDFFXUDWRHVXFFHVVLYRULFROORFDPHQWRLQRSHUDGHOOHFDQDOHWWHHVWHUQHFROOHJDPHQWLSURYH GLIXQ]LRQDOLWjSRVDODPSDGHSUHVHQWLQHLVRIILWLRJJHWWRGHOPDJLVWHUR . $57 2SHUHGDSLWWRUHYHUQLFLDWRUH 4XDOXQTXH WLQWHJJLDWXUD FRORULWXUD R YHUQLFLDWXUD GRYUj HVVHUH SUHFHGXWD GD XQD FRQYHQLHQWH HG DFFXUDWLVVLPD SUHSDUD]LRQH GHOOH VXSHUILFL H SUHFLVDPHQWH GD UDVFKLDWXUH VFURVWDWXUH VWXFFDWXUH HYHQWXDOLULSUHVHGLVSLJROLHWXWWRTXDQWRRFFRUUHSHUXJXDJOLDUHOHVXSHUILFLPHGHVLPH 4XDQGR WUDWWDVL GL FRORULWXUD R GL YHUQLFLDWXUD OH VXSHUILFL GRYUDQQR HVVHUH SHUIHWWDPHQWH OHYLJDWH FRQFDUWDYHWUDWDQXRYDPHQWHVWXFFDWHLQGLSRPLFLDWHHOLVFLDWHSUHYLDLPSULPLWXUDFRQOHPRGDOLWj HGLVLVWHPLPLJOLRULDWWLDGDVVLFXUDUHODSHUIHWWDULXVFLWDGHOODYRUR 6SHFLDOHULJXDUGRGRYUjDYHUVLSHUOHVXSHUILFLGDULYHVWLUHFRQYHUQLFL 3HUOHRSHUHLQOHJQRODVWXFFDWXUDHODLPSULPLWXUDGRYUDQQRHVVHUHHVHJXLWHFRQPDVWLFLDGDWWLOD OHYLJDWXUDHODUDVDWXUDGHOOHVXSHUILFLGRYUDQQRULVXOWDUHSHUIHWWH 3HU OH RSHUH PHWDOOLFKH OD SUHSDUD]LRQH GHOOH VXSHUILFL VDUj SUHFHGXWD GDOOD UDVFKLDWXUD GHOOH SDUWL RVVLGDWH /H WLQWHJJLDWXUH OH FRORULWXUH H OH YHUQLFLDWXUH GRYUDQQR VH ULFKLHVWH HVVHUH HVHJXLWH DQFKH FRQ FRORUL GLYHUVL VX XQD VWHVVD SDUWH FRPSOHWH GL ILOHWWDWXUH GL ]RFFROL H GL TXDQW DOWUR RFFRUUH DOOD SHUIHWWDHVHFX]LRQHGHLODYRUL /DVFHOWDGHLFRORULVSHWWHUjDOFULWHULRLQVLQGDFDELOHGHOOD'LUH]LRQH/DYRULHQRQVDUjDPPHVVDDOFXQD GLVWLQ]LRQHWUDFRORULRUGLQDULHFRORULILQLGRYHQGRVLLQRJQLFDVRIRUQLUHLPDWHULDOLSLILQLHGHOOH PLJOLRULTXDOLWj ,YDULVWUDWLGLFRORULWXUDDGROLRHGLYHUQLFLDWXUHGRYUDQQRHVVHUHGLWRQDOLWjGLYHUVDLQPRGRFKHVLD SRVVLELOHLQTXDOXQTXHPRPHQWRFRQWUROODUHLOQXPHURGHJOLVWUDWLFKHVRQRVWDWLDSSOLFDWL ,QFDVRGLFRQWHVWD]LRQHTXDORUDO DSSDOWDWRUHQRQVLDLQJUDGRGLGDUHODSUHFLVDGLPRVWUD]LRQHFLUFD LOQXPHURGHJOLVWUDWLDSSOLFDWLODGHFLVLRQHVDUjDVIDYRUHGHOO DSSDOWDWRUHVWHVVR / DSSDOWDWRUHDYUjLQROWUHO REEOLJRGLHVHJXLUHQHLOXRJKLHFRQOHPRGDOLWjFKHJOLVDUDQQRSUHVFULWWH LFDPSLRQLGHLYDULODYRULGLULILQLWXUDVLDSHUODVFHOWDGHOOHWLQWHFKHSHULOJHQHUHG HVHFX]LRQHHOL ULSDUHUj HYHQWXDOPHQWH FRQ OH YDULDQWL ULFKLHVWH VLQR DG RWWHQHUH O DSSURYD]LRQH GHOOD 'LUH]LRQH /DYRUL SULPD GL SRL PDQR DOO RSHUD VWHVVD 'RYUj LQILQH DGRWWDUH RJQL SUHFDX]LRQH H PH]]R QHFHVVDULR DG HYLWDUH VSUX]]L R PDFFKLH GL WLQWH R GL YHUQLFL VXOOH RSHUH HVHJXLWH SDYLPHQWL ULYHVWLPHQWL HFF

(103)  UHVWDQGR D VXR FDULFR RJQL ODYRUR QHFHVVDULR D ULSDUDUH L GDQQL HYHQWXDOPHQWH DUUHFDWL $GRSHUDILQLWDOHWLQWHJJLDWXUHHOHFRORULWXUHQRQGRYUDQQRSUHVHQWDUHDOFXQDPDFFKLDQqSHUGHUHLO FRORUH FRQ OR VWURILQDPHQWR 6DUj SHUWDQWR D FDULFR GHOO DSSDOWDWRUH DQFKH LO ILVVDJJLR ILQDOH FRQ PDWHULDOLDGDWWL 1HOFDVRVLWUDWWLGLPDQXWHQ]LRQHSULPDGLLQL]LDUHLODYRULQHLYDULORFDOLO DSSDOWDWRUHGRYUjDYYLVDUH WHPSHVWLYDPHQWH OD 'LUH]LRQH GHL /DYRUL DIILQFKp TXHVWD SURYYHGD D FXUD GHOO $PPLQLVWUD]LRQH DSSDOWDQWHDOORVJRPEHURSDU]LDOHRWRWDOHGHOOHVXSSHOOHWWLOL 4XDORUD D JLXGL]LR GHOOD 'LUH]LRQH /DYRUL DOFXQH GL TXHVWH GRYHVVHUR ULPDQHUH QHOO DPELHQWH O DSSDOWDWRUH DYUj O REEOLJR GL SURWHJJHUOR VHQ]D FKH SHU TXHVWR PDJJLRU RQHUH SRVVD DFFDPSDUH XOWHULRULFRPSHQVL,QROWUHO DSSDOWDWRUHRYHOD'LUH]LRQHGHL/DYRULQRQSUHVFULYDLQPRGRVSHFLILFRL SURYYHGLPHQWLGDDGRWWDUHGRYUjGLSURSULDLQL]LDWLYDDVHFRQGDGHLODYRULHDSURSULHVSHVHVHUYLUVL GLLGRQHHSURWH]LRQLDOOHVXSSHOOHWWLOLHDOOHDOWUHVWUXWWXUHHILQLPHQWL(YHQWXDOLGDQQLVDUDQQRDVXR FDULFR $GRSHUDILQLWDVDUjREEOLJRGHOO DSSDOWDWRUHGLHVHJXLUHDFFXUDWDPHQWHODSXOL]LDGHJOLDPELHQWLYHWUL VHUUDPHQWLHSDYLPHQWL . Pagina 19 di 54.

(104) &2081(',75,(67( &$3,72/$7263(&,$/('·$33$/72. $57 1RUPHJHQHUDOLVXOFROORFDPHQWRLQRSHUD ,O FROOHJDPHQWR GL TXDOVLDVL RJJHWWR PDWHULDOH RG DSSDUHFFKLR FRQVLVWHUj LQ JHQHUH QHO VXR SUHOHYDPHQWRGDOPH]]RGLWUDVSRUWRDUULYDWRLQFDQWLHUHQHOPDJD]]LQDJJLRHQHOWUDVSRUWRLQVLWR LQWHQGHQGRVLFRQFLzWDQWRLOWUDVSRUWRLQSLDQRRGLQSHQGHQ]DFKHLOVROOHYDPHQWRHGLOWLURDOWRRG LQEDVVRLOWXWWRHVHJXLWRFRQTXDOVLDVLVXVVLGLRRPH]]RPHFFDQLFRRSHUDSURYYLVLRQDOHHFFQRQFKq LO FROORFDPHQWR QHO OXRJR HVDWWR GL GHVWLQD]LRQH D TXDOXQTXH DOWH]]D R SURIRQGLWj HG LQ TXDOVLDVL SRVL]LRQHQRQFKpWXWWHOHRSHUHFRQVHJXHQWLGLWDJOLGLVWUXWWXUHILVVDJJLRDGDWWDPHQWRVWXFFDWXUHH ULGX]LRQLLQSULVWLQR ,OFROORFDPHQWRLQRSHUDGRYUjHVHJXLUVLFRQWXWWHOHFXUHHOHFDXWHOHGHOFDVRHO RSHUDVWHVVDGRYUj HVVHUHFRQYHQLHQWHPHQWHSURWHWWDVHQHFHVVDULRDQFKHGRSRFROORFDWDHVVHQGRO DSSDOWDWRUHXQLFR UHVSRQVDELOH GHL GDQQL VXELWL GL TXDOVLDVL JHQHUH FKH SRWHVVHUR HVVHUH HYHQWXDOPHQWH DUUHFDWL DOOH FRVHSRVWHLQRSHUDDQFKHGDOVRORWUDIILFRGHJOLRSHUDLGXUDQWHHGRSRO HVHFX]LRQHGHLODYRULVLQR DOORURWHUPLQHHDOODORURFRQVHJQDDQFKHVHLOSDUWLFRODUHFROORFDPHQWRLQRSHUDVLVYROJHVRWWROD VRUYHJOLDQ]DRO DVVLVWHQ]DGHOSHUVRQDOHGLDOWUH,PSUHVHIRUQLWULFLGHOPDWHULDOH 6H LO PDWHULDOH YHUUj IRUQLWR H FROORFDWR LQ RSHUD GD DOWUD ,PSUHVD O  DSSDOWDWRUH DYUj O  REEOLJR GL SUHOHYDUH GDO PH]]R GL WUDVSRUWR DUULYDWR LQ FDQWLHUH GL PDJD]]LQDJJLR LQ XQ OXRJR DGDWWR D WUDVSRUWDUOR LQ SLDQR RG LQ SHQGHQ]D LO VROOHYDPHQWR HG LO WLUR LQ DOWR RG LQ EDVVR FRQ TXDOVLDVL VXVVLGLRRPH]]RPHFFDQLFR . Pagina 20 di 54.

(105) &2081(',75,(67( &$3,72/$7263(&,$/('·$33$/72. 3$57(,,23(5(,03,$17,67,&+(  $57 7XED]LRQL D

(106)  78%$=,21, ,1 *(1(5(  /H WXED]LRQL LQ JHQHUH GHO WLSR H GLPHQVLRQL SUHVFULWWH GRYUDQQR DYHUHOHFDUDWWHULVWLFKHSUHFHGHQWHPHQWHVHJQDWHHVHJXLUHLOPLQLPRSHUFRUVRFRPSDWLELOHFROEXRQ IXQ]LRQDPHQWRGLHVVHHFRQOHQHFHVVLWjGHOO HVWHWLFDGRYUDQQRHYLWDUHSHUTXDQWRSRVVLELOHJRPLWL EUXVFKLULVYROWLJLXQWLHFDPELDPHQWLGLVH]LRQH6DUDQQRFROORFDWHLQPRGRGDQRQLQJRPEUDUHHGD HVVHUHIDFLOPHQWHLVSH]LRQDELOLVSHFLHLQFRUULVSRQGHQ]DDJLXQWLVLIRQLHFF,QROWUHTXHOOHGLVFDULFR GRYUDQQRSHUPHWWHUHLOUDSLGRHFRPSOHWRVPDOWLPHQWRGHOOHPDWHULHVHQ]DGDUOXRJRDGRVWUX]LRQL IRUPD]LRQHGLGHSRVLWLHGDOWULLQFRQYHQLHQWL /H FRQGXWWXUH LQWHUUDWH DOO HVWHUQR GHOO HGLILFLR GRYUDQQR WURYDUVL DG XQD SURIRQGLWj GL FLUFD P  VRWWR LO SLDQR VWUDGDOH TXHOOH RUL]]RQWDOL QHOO LQWHUQR GHOO HGLILFLR GRYUDQQR FRUUHUH SHU TXDQWR SRVVLELOH OXQJR OH SDUHWL DG XQD GLVWDQ]D GL DOPHQR FP  GD PXUL R GDO IRQGR GHOOH LQFDVVDWXUH HYLWDQGRGLVLWXDUHVRWWRLSDYLPHQWLHQHLVRIILWWL

(107) GLVSRQHQGROHHQWURDSSRVLWHLQFDVVDWXUHSUDWLFDWH QHOOHPXUDWXUHGLDPSLH]]DVXIILFLHQWHSHUHVHJXLUHOHJLXQ]LRQLHFFILVVDQGROHFRQDGDWWLVRVWHJQL/H WXED]LRQL YHUWLFDOL FRORQQH

(108)  FRUUHUDQQR SXUH OXQJR OH SDUHWL UHVWDQGRQH VHPSUH DOTXDQWR GLVFRVWH VDOYRDOWUDSUHVFUL]LRQHGHOOD'LUH]LRQHGHLODYRUL 4XDQGR OH WXED]LRQL SRVVRQR YHQLUH D IXQ]LRQDUH LQ SUHVVLRQH DQFKH SHU EUHYH WHPSR GRYUDQQR HVVHUHVRWWRSRVWHDGXQDSUHVVLRQHGLSURYDXJXDOHGDDYROWHTXHOODGHOO HVHUFL]LR 7DQWR OH WXED]LRQL D SUHVVLRQH FKH TXHOOH D SHOR OLEHUR GRYUDQQR HVVHUH SURYDWH SULPD GHOOD ORUR PHVVDLQIXQ]LRQHDFXUDHVSHVHGHOO DSSDOWDWRUH1HOFDVRVLPDQLIHVWDVVHURGHOOHSHUGLWHDQFKHGL OLHYHHQWLWjGRYUDQQRHVVHUHULSDUDWHHUHVHVWDJQHDWXWWHVSHVHGHOO DSSDOWDWRUH &RVu SXUH VDUj D FDULFR GHOO DSSDOWDWRUH OD ULSDUD]LRQH GL TXDOVLDVL SHUGLWD R GL DOWUR GLIHWWR FKH VL PDQLIHVWDVVHQHOOHYDULHWXED]LRQL SOXYLDOLJURQGDLH HFF

(109) DQFKHGRSRODORURHQWUDWDLQHVHUFL]LRH VLQRDOPRPHQWRGHOFROODXGRFRPSUHVDRJQLRSHUDGLULSULVWLQR  E

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jDYHUHIRUPDWDOHGDVHJXLUHSHUIHWWDPHQWHODFLUFRQIHUHQ]D HVWHUQDGHOWXERSHUDOPHQRƒLQRJQLFDVRGHWWLVRVWHJQLGRYUDQQRDYHUHGLVSRVL]LRQHVWDELOLWD 1HOFDVRLQFXLLWXELSRJJLQRVXVRVWHJQLLVRODWLLOULQWHUURGRYUjHVVHUHFXUDWRLQPRGRSDUWLFRODUH F

(111) 78%,,1*+,6$/HJLXQ]LRQLQHLWXELGLJKLVDVDUDQQRHVHJXLWHFRQFRUGDGLFDQDSDFDWUDPDWD FRQSLRPERFRODWRRFDODIDWDWR  G

(112) 78%,,13,20%2,WXELGLSLRPERGRYUDQQRHVVHUHGLSULPDIXVLRQH 6DUDQQR ODYRUDWL D PH]]R GL VIHUH GL OHJQR GXUR LQ PRGR FKH LO ORUR VSHVVRUH HG LO ORUR GLDPHWUR ULVXOWLQRFRVWDQWLDQFKHQHOOHFXUYHOHVDOGDWXUHDVWDJQRDFFXUDWDPHQWHODYRUDWHFROVHJRGLODUGRHG LOSHUFDOOHDYUDQQRIRUPDDGROLYD ODYRUD]LRQHDOO LQJOHVH

(113)   H

(114) 78%,,1/$0,(5$',)(5526DUDQQRHVHJXLWLFRQODPLHUDGLSHVRQRQLQIHULRUHD.JPT FRQ O XQLRQH DG DJJUDIIDWXUD OXQJR OD JHQHUDWULFH H PRQWDWL FRQ JLXQ]LRQL D OLEHUD GLODWD]LRQH VRYUDSSRVL]LRQHGLFP

(115)   I

(116)  78%, ,1 *5(6  /H JLXQ]LRQL VDUDQQR HVHJXLWH FRQ FRUGD GL FDQDSD LPEHYXWD GL OLWDUJLULR H FRPSUHVVDDPD]]XRORVWXFFDWHFRQPDVWLFHGLELWXPHRGLFDWUDPH . Pagina 21 di 54.

(117) &2081(',75,(67( &$3,72/$7263(&,$/('·$33$/72. K

(118)  78%, ,1 $5'(6,$ $57,),&,$/(  /H JLXQ]LRQL GRYUDQQR HVVHUH HVHJXLWH PHGLDQWH XQD JXDUQL]LRQHFDODIDWDGLFDQDSDFDWUDPDWDHGXQDVXFFHVVLYDFRODWXUDGLERLDFFDVHPLIOXLGDGLFHPHQWR FRPSOHWDWDGDXQDVWXFFDWXUDGLPDOWDSODVWLFDVLJLOODQGRLOWXWWRVLQRDOO RUORGHOPDQLFRWWR 1HOFDVRGLFRQGRWWLGLIXPRVLGRYUjLQYHFHFRODUHQHLJLXQWLPDOWDIOXLGDGLWHUUDUHIUDWWDULDHFDOFH LQOXRJRGHOOHERLDFFDGLFHPHQWR  L

(119) 78%,,1&(0(172/HJLXQ]LRQLVDUDQQRHVHJXLWHGLVWHQGHQGRVXOO·RUORGHOWXERLQRSHUDGHOOD SDVWDGLFHPHQWRSXURLQQHVWDQGRTXLQGLLOWXERVXFFHVVLYRHVLJLOODQGRSRLWXWWRLQWRUQRFRQPDOWD GLFHPHQWRLQPRGRGDIRUPDUHXQDQHOORGLJXDUQL]LRQH  O

Riferimenti

Documenti correlati

GL WDOL FRQFHWWL DOOD SUHVD LQ FDULFR GHOOH SHUVRQH FRQ GLVDELOLWj JUDYLVVLPH WUD FXL OH. SHUVRQH LQ 69 H 60& ,O FRQFHWWR GL FXUD LQWHVR

Per calcolare l'area possiamo considere come base il lato AC e come altezza la distanza tra il lato AC e il vertice B che si può

marginali sono indipendenti e/o identicamente distribuite, motivando le risposte.. marginali sono indipendenti e identicamente

L’ operazione d’ impilamento della pelle (ovvero la fase di scarico dalla macchina), ad esempio durante la fase di verniciatura, può essere svolta dal gripper senza che

(NB: per quanto riguarda le capacit` a, queste rimangono pari a quelle per il problema di flusso massimo per gli archi originali, mentre per l’arco aggiuntivo dal nodo destinazione

M. Diabetologia e Malattie Metaboliche Ospedale di Circolo, Varese; **Cattedra di Medicina Interna Università dell’Insubria, Varese Il danno cardiaco che si sviluppa in corso di

Assistance s.r.l., con sede in Muggia (TS), via Martinelli 2 per l© affidamento dell© appalto del servizio di recupero, custodia ed acquisto, nell© ambito territoriale della

,O'LUHWWRUHGHL/DYRULRO¶HVHFXWRUHFRPXQLFDQRDOUHVSRQVDELOHGHOSURFHGLPHQWROHFRQWHVWD]LRQL