&,77$·',&$25/( 3URYLQFLDGL9HQH]LD &$25/(9(²9LD5RPD²7HOUD²)D[²&RG)LVFH3, 5(*2/$0(172&2081$/( 3(5/$',6&,3/,1$'(//·,03267$ 81,&$&2081$/(,8&² &20321(17(7$5, )RJOLRQRWL]LH $33529$72 FRQGHOLEHUD]LRQHGL&RQVLJOLR&RPXQDOHQGHO 02',),&$72 38%%/,&$72 $OO·$OER3UHWRULRSHUJLRUQL DOO·DGR]LRQHGHOODGHOLEHUDGLDSSURYD]LRQHGDO (175$72,19,*25( LQGDWD $UW²2**(772 ,O SUHVHQWH UHJRODPHQWR GLVFLSOLQD O·DSSOLFD]LRQH GHOOD ,8& SUHYLVWD GDOO·DUW FRPPL H VHJXHQWLGHOODOHJJHUHODWLYDPHQWHDOODFRPSRQHQWH7$5,LQSDUWLFRODUHVWDELOHQGR FRQGL]LRQLPRGDOLWjHGREEOLJKLVWUXPHQWDOLSHUODVXDDSSOLFD]LRQHQRQFKpOHFRQQHVVHPLVXUH LQFDVRGLLQDGHPSLHQ]D 3HUWXWWRTXDQWRQRQUHJRODPHQWDWRVLDSSOLFDQROHYLJHQWLGLVSRVL]LRQLGLOHJJHLQPDWHULD $UW²/2&$/,('$5((6&23(57(62**(77($/75,%872 6RQRVRJJHWWLDOWULEXWRWXWWLLORFDOLFRPXQTXHGHQRPLQDWLDSUHVFLQGHUHGDOODORURUHJRODULWjLQ UHOD]LRQH DOOH GLVSRVL]LRQL GL FDUDWWHUH XUEDQLVWLFR HGLOL]LR HVLVWHQWL LQ TXDOVLDVL VSHFLH GL FRVWUX]LRQHVWDELOPHQWHLQILVVDDOVXRORRQHOVXRORFKLXVLRFKLXGLELOLGDRJQLODWRYHUVRO·HVWHUQR TXDOXQTXH VLD OD ORUR GHVWLQD]LRQH R LO ORUR XVR VXVFHWWLELOL GL SURGXUUH ULILXWL XUEDQL LQVLVWHQWL LQWHUDPHQWHRSUHYDOHQWHPHQWHQHOWHUULWRULRGHO&RPXQH 6LFRQVLGHUDQRVRJJHWWLWXWWLLORFDOL SUHGLVSRVWL DOO·XVR DQFKH VH GL IDWWR QRQ XWLOL]]DWL FRQVLGHUDQGR WDOL TXHOOL GRWDWL GL DOPHQR XQ·XWHQ]DDWWLYDDLVHUYL]LGLUHWHDFTXDHQHUJLDHOHWWULFDJDVRGLDUUHGDPHQWR 6RQR DOWUHVu VRJJHWWH DO WULEXWR WXWWH OH DUHH VFRSHUWH SXEEOLFKH R SULYDWH RFFXSDWH R GHWHQXWH D TXDOVLDVL XVR DGLELWH OD FXL VXSHUILFLH LQVLVWH LQWHUDPHQWH R SUHYDOHQWHPHQWH QHO WHUULWRULR FRPXQDOH VXVFHWWLELOL GL SURGXUUH ULILXWL XUEDQL ULIHULELOL DOOH XWHQ]HQRQ GRPHVWLFKH SXU DYHQWLGHVWLQD]LRQHDFFHVVRULDRSHUWLQHQ]LDOHGLORFDOLDORURYROWDDVVRJJHWWDWLDOSUHOLHYRDG HVHPSLR GHSRVLWL HVWHUQL SDUFKHJJL D SDJDPHQWR DXWRODYDJJL DUHH GL ULIRUQLPHQWR SRUWL LQ FRQFHVVLRQHDLSULYDWL /D VXSHUILFLH GHL ORFDOL q PLVXUDWD VXO ILOR LQWHUQR GHL PXUL SHULPHWUDOL GHOO·XQLWj LPPRELOLDUH DO QHWWR GHJOL LQJRPEUL GHL PXUL GLYLVRUL LQWHUQL VXSHUILFLH FDOSHVWDELOH PHQWUH TXHOOH GHOOH DUHH VFRSHUWH q PLVXUDWD VXO SHULPHWUR LQWHUQR GHOOH DUHH VWHVVH DO QHWWR GL HYHQWXDOL FRUSL GL IDEEULFD 3HU O·DSSOLFD]LRQH GHOOD 7DUL VL FRQVLGHUDQR OH VXSHUILFL GLFKLDUDWH R DFFHUWDWH DL ILQL GHL SUHFHGHQWLSUHOLHYLVXLULILXWL 1HOODIDVHGLDWWLYLWjGLDFFHUWDPHQWRO·HQWHJHVWRUHSHUOH XQLWjLPPRELOLDULLVFULWWHRLVFULYLELOL QHO FDWDVWR HGLOL]LR XUEDQR SXz FRQVLGHUDUH FRPH VXSHUILFLH DVVRJJHWWDELOH DO WULEXWR TXHOOD SDUL DOO· GHOOD VXSHUILFLH FDWDVWDOH GHWHUPLQDWL VHFRQGR L FULWHUL VWDELOLWL VHFRQGR LO '35 $UW/2&$/,('$5((6&23(57(12162**(77,$/75,%872 1RQVRQRVRJJHWWLDOO·DSSOLFD]LRQHGHOWULEXWRLVHJXHQWLORFDOLHOHVHJXHQWLDUHHVFRSHUWH D ORFDOLHGDUHHVFRSHUWHQRQVXVFHWWLELOLGLSURGXUUHULILXWLXUEDQLTXDOLDGHVHPSLR 8WHQ]HGRPHVWLFKH , VRODL H VRWWRWHWWL QRQ FROOHJDWL GD VFDOH ILVVH R UHWUDWWLOL GD DVFHQVRUL R PRQWDFDULFKL ,, ORFDOLGLIDWWRQRQXWLOL]]DWLSHUFKpVRQRVWDWHULODVFLDWHOLFHQ]HFRQFHVVLRQLR DXWRUL]]D]LRQL SHU UHVWDXUR ULVDQDPHQWR FRQVHUYDWLYR R ULVWUXWWXUD]LRQH HGLOL]LD WDOL GD UHQGHUH LQDELWDELOH O·XQLWj LPPRELOLDUH OLPLWDWDPHQWH DO SHULRGRGLYDOLGLWjGHOSURYYHGLPHQWRHFRPXQTXHOLPLWDWRDOVRORSHULRGR GLLQL]LRHILQHODYRULLQGLFDWRQHOUHODWLYRFHUWLILFDWR ,,, ORFDOL ULVHUYDWL DG LPSLDQWL WHFQRORJLFL RYH QRQ q FRPSDWLELOH OD SUHVHQ]D XPDQD ,9 VXSHUILFLFRSHUWHGLDOWH]]DPHGLDSDULRLQIHULRUHDPHWUL 8WHQ]HQRQGRPHVWLFKH 9 FHQWUDOL WHUPLFKH H ORFDOL ULVHUYDWL DG LPSLDQWL WHFQRORJLFL TXDOL FDELQH HOHWWULFKH VLORV H VLPLOL GRYH QRQ q FRPSDWLELOH R QRQ VL DEELD GL UHJROD OD SUHVHQ]DXPDQD 9, DUHHDGLELWHLQYLDHVFOXVLYDDOWUDQVLWRRDOODVRVWDJUDWXLWDGHLYHLFROL 9,, DUHHLPSUDWLFDELOLRLQWHUFOXVHGDUHFLQ]LRQH 9,,, DUHH LQ DEEDQGRQR R GL FXL VL SRVVD GLPRVWUDUH LO SHUPDQHQWH VWDWR GL LQXWLOL]]R ,; DUHHQRQSUHVLGLDWHRDGLELWHDPHURGHSRVLWRGLPDWHULDOLLQGLVXVR ; DUHHDGLELWHLQYLDHVFOXVLYDDOO·DFFHVVRGHLYHLFROLDOOHVWD]LRQLGLVHUYL]LRGHL FDUEXUDQWL ;, ODSDUWHGHJOLLPSLDQWLVSRUWLYLULVHUYDWDGLQRUPDDOVRORHVHUFL]LRGLDWWLYLWj VSRUWLYD VLD FKH GHWWL LPSLDQWL VLDQR XELFDWL LQ DUHH VFRSHUWH FKH LQ ORFDOL FRSHUWLHVFOXVLVSRJOLDWRLVHUYL]LXIILFLELJOLHWWHULHSXQWLGLULVWRURHFF ;,, OH VXSHUILFL GHOOH VWUXWWXUH VDQLWDULH SXEEOLFKH H SULYDWH RYH VL SURGXFRQR HVFOXVLYDPHQWHULILXWLVDQLWDULRUDGLRDWWLYLTXDOLVDOHRSHUDWRULHODERUDWRULGL DQDOLVLGLULFHUFDGLUDGLRORJLDGLUDGLRWHUDSLDGLULDELOLWD]LRQHHVLPLOL6RQR LQYHFH DVVRJJHWWDWL D WDULIID JOL XIILFL L PDJD]]LQL OH FXFLQH L ORFDOL GL ULVWRUD]LRQH L YDQL DFFHVVRUL DL SUHGHWWL ORFDOL GLYHUVL GD TXHOOL DL TXDOL VL DSSOLFDO·HVFOXVLRQHGDOODWDULIIDHOHVDOHGLGHJHQ]DRYHQRQVLSURGXFDQR HVFOXVLYDPHQWHULILXWLVDQLWDUL ;,,, LORFDOLHGDUHHXWLOL]]DWLSHUORVYROJLPHQWRGHOOHDWWLYLWjDJULFROHHGHVWLQDWLDO PHURGHSRVLWRGLDWWUH]]LDJULFROLILHQLOLVLORV VHUUHQRQFKpLORFDOLROHDUHH VFRSHUWH GHVWLQDWL DOO·DOOHYDPHQWR $OO·DWWLYLWj DJULFROD VRQR HTXLSDUDWH OH DWWLYLWj IORURYLYDLVWLFKH QRQFKp WXWWH OH XWHQ]H QRQ GRPHVWLFKH RSHUDQWL QHO VHWWRUH HQRORJLFR YLWLFROR H VLPLOL 6RQR LQYHFH DVVRJJHWWDWH D WDULIID OH VXSHUILFL ULIHULWH DOOH SUHGHWWH DWWLYLWj GHVWLQDWH DOOD YHQGLWD DO PLQXWR HR DOO·LQJURVVR L PDJD]]LQL HG L GHSRVLWL GL GHUUDWH R GL EHQL LQHUHQWL O·DWWLYLWj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·DUW GHO FRGLFH FLYLOH QRQ GHWHQXWH R RFFXSDWHLQYLDHVFOXVLYD /H FLUFRVWDQ]H GL FXL DO SUHFHGHQWH FRPPD FRPSRUWDQR OD QRQ DVVRJJHWWDELOLWj DO WULEXWR D FRQGL]LRQH FKH VLDQR LQGLFDWH QHOOD FRPXQLFD]LRQH RULJLQDULD R GL YDULD]LRQH ,QROWUH SHU OH IDWWLVSHFLH GL FXL DO SXQWR ,, H ;,,, GHO FRPPD OHWWHUD D WDOL FLUFRVWDQ]H GHYRQR HVVHUH ULVFRQWUDELOLLQEDVHDGHOHPHQWLRELHWWLYLGLUHWWDPHQWHULOHYDELOLRGDLGRQHDGRFXPHQWD]LRQH $UW²5,),87,63(&,$/,121$66,0,/$7, 1RQVRQRVRJJHWWLDOWULEXWRLORFDOLHOHDUHHVFRSHUWHGRYHVLSURGXFRQRLQYLDFRQWLQXDWLYDH SUHYDOHQWH ULILXWL VSHFLDOL QRQ DVVLPLODWL DJOL XUEDQL VHFRQGR OH GLVSRVL]LRQL YLJHQWL D FRQGL]LRQH FKHLOSURGXWWRUHQHGLPRVWULO·DYYHQXWRWUDWWDPHQWRLQFRQIRUPLWjDOOHQRUPDWLYHYLJHQWL 1HO FDVR LQ FXL ULVXOWL GLIILFLOH GHWHUPLQDUH OH SRU]LRQL GL VXSHUILFLH VXOOH TXDOL VL IRUPDQR HVFOXVLYDPHQWHULILXWLVSHFLDOLQRQDVVLPLODWLDJOLXUEDQLVLDSSOLFDODGHWDVVD]LRQHULGXFHQGROD VXSHUILFLH GHL ORFDOL DGLELWL DG DWWLYLWj SURGXWWLYD R GL ODYRUD]LRQH GHOOH SHUFHQWXDOL VRWWR LQGLFDWH 7LSRORJLDGLDWWLYLWj $EEDWWLPHQWR /DYDQGHULH /DYRUD]LRQHYHWUR (OHWWUDXWR LPSLDQWL HOHWWULFL LGUDXOLFL WHUPRLGUDXOLFL IULJRULVWLFRQGL]LRQDPHQWRPXUDWRULLPELDQFKLQL 7LSRJUDILH 6WDELOLPHQWL WHVVLOL IDOHJQDPHULH JRPPLVWL SHOOHWWHULH H FDO]DWXULILFLORFDOLRYHVLSURGXFRQRVFDUWLDQLPDOL $XWRFDUUR]]HULH RIILFLQH SHU ULSDUD]LRQH YHLFROL RIILFLQH PHFFDQLFKHFDUSHQWHULHPHWDOOLFKHVWDELOLPHQWLFKLPLFL SHUODSURGX]LRQHGLEHQLHSURGRWWL )RQGHULH 9HUQLFLDWXUHJDOYDQRWHFQLFL 4XDOVLDVLDOWUDDWWLYLWjQRQSUHYLVWDGHOO·HOHQFRVRSUDRYH QRQVLDDJHYROPHQWHDSSOLFDELOHLOFULWHULRGLDQDORJLD /DULGX]LRQHGLFXLDLFRPPLSUHFHGHQWLYLHQHULFRQRVFLXWDVRORDLFRQWULEXHQWLFKHSURYYHGDQR DG LQGLFDUH OH VXSHUILFL SURGXWWLYH GL ULILXWL VSHFLDOL QRQ DVVLPLODWL QHOOD GLFKLDUD]LRQH GL FXL DO VXFFHVVLYRDUWHDIRUQLUHLGRQHDGRFXPHQWD]LRQHFRPSURYDQWHO·RUGLQDULDSURGX]LRQHGHL SUHGHWWL ULILXWL HG LO ORUR WUDWWDPHQWR LQ FRQIRUPLWj DOOH GLVSRVL]LRQL YLJHQWL D WLWROR GL HVHPSLR FRQWUDWWL GL VPDOWLPHQWR FRSLH IRUPXODUL GL WUDVSRUWR GHL ULILXWL UHJRODUPHQWH ILUPDWL D GHVWLQD]LRQH HFF ,Q FDVR GL PDQFDWD LQGLFD]LRQH LQ GHQXQFLD GHOOH VXSHUILFL SURGXWWLYH GL ULILXWL VSHFLDOL OD ULGX]LRQH QRQ SRWUj DYHUH HIIHWWR ILQR D TXDQGR QRQ YHUUj SUHVHQWDWD OD UHODWLYDLQGLFD]LRQHQHOODGLFKLDUD]LRQH $UW²'(7(50,1$=,21('(//$7$5,))$'(/75,%872²3,$12),1$1=,$5,2 &RQLOSURYYHGLPHQWRGLGHWHUPLQD]LRQHGHOOHWDULIIHGHOWULEXWRLO&RPXQHVWDELOLVFH D OD ULSDUWL]LRQH GHL FRVWL GHO VHUYL]LR WUD OH XWHQ]H GRPHVWLFKH H TXHOOH QRQ GRPHVWLFKH E LFRHIILFLHQWL.D.E.FH.GSUHYLVWLGDOO·DOOHJDWRDO'35 /DGHWHUPLQD]LRQHGHOODWDULIIDGHOWULEXWRDYYLHQHVXOODEDVHGHOSLDQRILQDQ]LDULRGHOVHUYL]LRGL JHVWLRQHGHLULILXWLXUEDQL $UW²&/$66,),&$=,21('(//(87(1=(121'20(67,&+( 3HU OH XWHQ]H QRQ GRPHVWLFKH VLQR D FKH QRQ VLDQR PHVVL D SXQWR H UHVL RSHUDWLYL VLVWHPL GL PLVXUD]LRQHGHOOHTXDQWLWjGLULILXWLHIIHWWLYDPHQWHSURGRWWLGDOOHVLQJROHXWHQ]HLORFDOLHOHDUHH FRQ GLYHUVD GHVWLQD]LRQH G·XVR YHQJRQR DFFRUSDWL LQ FODVVL GL DWWLYLWj RPRJHQHH FRQ ULIHULPHQWR DOOD SUHVXQWLYD TXDQWLWj GL ULILXWL SURGRWWL SHU O·DWWULEX]LRQH ULVSHWWLYDPHQWH GHOOD TXRWD ILVVD H GHOOD TXRWD YDULDELOH GHOOD WDULIID FRPH ULSRUWDWR QHOO·DOOHJDWR DO SUHVHQWH UHJRODPHQWR 3HUO·LQGLYLGXD]LRQHGHOODFDWHJRULDGLDWWLYLWjLQFXLLQFOXGHUHOHXWHQ]HQRQGRPHVWLFKHDLILQL GHOOD GHWHUPLQD]LRQH GHOO·LPSRUWR GHO WULEXWR GRYXWR VL ID ULIHULPHQWR DO FRGLFH $7(&2 GHOO·DWWLYLWj D TXDQWR ULVXOWDQWH GDOO·LVFUL]LRQH DOOD &DPHUD GL FRPPHUFLR R QHOO·DWWR GL DXWRUL]]D]LRQHDOO·HVHUFL]LRGLDWWLYLWjRGDSXEEOLFLUHJLVWULRGDTXDQWRGHQXQFLDWRDLILQL,9$,Q PDQFDQ]D R LQ FDVR GL GLYHUJHQ]D VL FRQVLGHUD O·DWWLYLWj HIIHWWLYDPHQWH VYROWD GHELWDPHQWH FRPSURYDWDGDOVRJJHWWRSDVVLYR 1HO FDVR GL DWWLYLWj GLVWLQWDPHQWH FODVVLILFDWH VYROWH QHOO·DPELWR GHJOL VWHVVL ORFDOL R DUHH VFRSHUWH SHU OH TXDOL QRQ VLD SRVVLELOH GLVWLQJXHUH TXDOH SDUWH VLD RFFXSDWD GDOO·XQD R GDOO·DOWUDVLDSSOLFKHUDQQRLSDUDPHWULUHODWLYLDOO·DWWLYLWjSUHYDOHQWHTXDOHULVXOWDGDOOHLVFUL]LRQL REEOLJDWRULH SUHYLD YHULILFD GL RJJHWWLYL SDUDPHWUL TXDQWLWDWLYL /H DWWLYLWj HFRQRPLFKH QRQ LQFOXVH HVSOLFLWDPHQWH QHOO·HOHQFR VDUDQQR LQVHULWH QHOOD FDWHJRULD WDULIIDULD FRQ SL VLPLODUH SURGXWWLYLWjSRWHQ]LDOHGLULILXWL /·DSSDUWHQHQ]D DG XQD VSHFLILFD FDWHJRULD GHL ORFDOL R DUHH VFRSHUWH LPSRQLELOL q GL UHJROD XQLFD SHU WXWWD OD VXSHUILFLH DWWULEXLELOH DOOD PHGHVLPD XQLWj LPPRELOLDUH VXSHUILFLH YHQGLWD HVSRVL]LRQHGHSRVLWRGLVSHQVDFXFLQDVHUYL]LDGHFFH]LRQHGHOOHDWWLYLWjGLFXLDOVXFFHVVLYR FRPPD /D VHSDUD]LRQH ILVLFD H VSD]LDOH GHL ORFDOL R DUHH VFRSHUWH UHODWLYH D GLYHUVH XQLWj LPPRELOLDUL RYYHUR LO GLYHUVR DFFDWDVWDPHQWR GHL PHGHVLPL FRPSRUWD OD FRPPLVXUD]LRQH H TXLQGL OD WDULIID]LRQHVHSDUDWDGLTXHVWLFRQFRQVHJXHQWHDSSOLFD]LRQHGHOODWDULIIDFRUULVSRQGHQWHDOOD FODVVLILFD]LRQH EDVDWD VXOO·XVR VSHFLILFR FXL L ORFDOL H OH DUHH VRQR DGLELWL DQFKH VH RFFXSDWH GDOORVWHVVRVRJJHWWRSHUO·HVHUFL]LRGHOO·DWWLYLWjGDTXHVWLHVHUFLWDWD ,Q FDVR GL DUHH D YDVWD HVWHQVLRQH GL VXSHUILFLH FDPSHJJL YLOODJJL WXULVWLFL HFF VXOOD TXDOH YHQJRQR VYROWH DWWLYLWj GLYHUVH GLVWLQWDPHQWH LQGLYLGXDELOL OD WDULIID DSSOLFDELOH q TXHOOD SUHYLVWD SHU O·DWWLYLWj HIIHWWLYDPHQWH HVHUFLWDWD VXOOD VXSHUILFLH FRSHUWD HR VFRSHUWD RYH OD VWHVVDVLVYROJH 1HOFDVRGLLQVHGLDPHQWRGLDWWLYLWjGLYHUVHJHVWLWHGDVRJJHWWLSDVVLYLGLVWLQWLLQXQFRPSOHVVR XQLWDULR OH WDULIIH VRQR DSSOLFDWH VHFRQGR OH VSHFLILFKH DWWLYLWj DG HVFOXVLRQH GL HYHQWXDOL FRQWUDWWLGLDIILWWRGLUHSDUWRRVLPLODUL /D SDUWH YDULDELOH GHOOD WDULIID q ULGRWWD GHO QHL FRQIURQWL GHOOH DWWLYLWj GL DJULWXULVPR FRQ ULVWRUDQWHLQFRQVLGHUD]LRQHGHOOHOLPLWD]LRQLDOOHJLRUQDWHGLDSHUWXUDDOSXEEOLFRHGDOQXPHUR GHLSRVWLDVHGHUHLPSRVWLGDOODQRUPDWLYDYLJHQWHQHOVHWWRUH 1HOOH XQLWj LPPRELOLDUL DGLELWH D FLYLOH DELWD]LRQH LQ FXL VLD VYROWD LQ YLD SHUPDQHQWH DQFKH XQ·DWWLYLWj HFRQRPLFD R SURIHVVLRQDOH LO WULEXWR q GRYXWR SHU DPEHGXH OH FDWHJRULH LQ SURSRU]LRQHDOODVXSHUILFLHRFFXSDWD 1HVVXQDULGX]LRQHWDULIIDULDFRPSHWHSHUO·HYHQWXDOHVRVSHQVLRQHWHPSRUDQHDGHOODOLFHQ]DR DXWRUL]]D]LRQH GHOOH DWWLYLWj FRPPHUFLDOL D FDUDWWHUH DQQXDOH SHU SURSULD YRORQWj H QRQ LPSRVWDGDOODSXEEOLFDDPPLQLVWUD]LRQHVHGHWWDVRVSHQVLRQHqLQIHULRUHDPHVLRWWRQHOFRUVR GHOO·DQQRVRODUH 1HVVXQDULGX]LRQHWDULIIDULDFRPSHWHSHUO·HYHQWXDOHVRVSHQVLRQHWHPSRUDQHDGHOODOLFHQ]DR DXWRUL]]D]LRQH GHOOH DWWLYLWj FRPPHUFLDOL D FDUDWWHUH VWDJLRQDOH SHU SURSULD YRORQWj H QRQ LPSRVWD GDOOD SXEEOLFD DPPLQLVWUD]LRQH VH GHWWD VRVSHQVLRQH q LQIHULRUH D PHVL TXDWWUR QHO FRUVRGHOSHULRGRGLYDOLGLWjGHOODOLFHQ]DRGHOO·DXWRUL]]D]LRQHVWHVVD $UW²'(7(50,1$=,21('(/180(52'(*/,2&&83$17,'(//(87(1=('20(67,&+( /DWDULIIDGHOWULEXWRSHUOHXWHQ]HGRPHVWLFKHqFRPPLVXUDWDROWUHFKHDOODVXSHUILFLHDQFKH DOQXPHURGHLFRPSRQHQWLVHFRQGRTXDQWRSUHYLVWRGDO'35 3HUOHXWHQ]HGRPHVWLFKHRFFXSDWHGDQXFOHLIDPLOLDULFKHYLKDQQRVWDELOLWRODORURUHVLGHQ]DVL IDULIHULPHQWRDOODFRPSRVL]LRQHGHOQXFOHRIDPLOLDUHULVXOWDQWHGDLUHJLVWULDQDJUDILFLFRPXQDOL DWDOILQHVRQRFRQVLGHUDWLUHVLGHQWLDLILQLGHOO·DSSOLFD]LRQHGHOWULEXWRDQFKHJOLLVFULWWL$,5(GHO &RPXQH GL &DRUOH 1HO QXPHUR GHL FRPSRQHQWL GHYRQR HVVHUH DOWUHVu FRQVLGHUDWL L VRJJHWWL FKH SXU QRQ DYHQGR OD UHVLGHQ]D QHOO·XQLWj DELWDWLYD ULVXOWDQR LYL GLPRUDQWL /H YDULD]LRQL GHO QXPHUR GHL FRPSRQHQWL GHYRQR HVVHUH GHQXQFLDWH FRQ OH PRGDOLWj H QHL WHUPLQL SUHYLVWL GDO VXFFHVVLYR DUW IDWWD HFFH]LRQH SHU OH YDULD]LRQL GHO QXPHUR GHL FRPSRQHQWL UHVLGHQWL OH TXDOLVRQRFRPXQLFDWHGDOO·XIILFLRDQDJUDIHFRPXQDOH 3HU OH XQLWj LPPRELOLDUL DG XVR DELWDWLYR RFFXSDWH GD GXH R SL QXFOHL IDPLOLDUL OD WDULIID q FDOFRODWDFRQULIHULPHQWRDOQXPHURFRPSOHVVLYRGHJOLRFFXSDQWLO·DOORJJLRFKHVRQRWHQXWLDO SDJDPHQWRVROLGDOPHQWH 1HO FDVR GL LPPRELOL SRVVHGXWL GD XQLFR RFFXSDQWH SXUFKq QRQ ORFDWL LQ VWDWR GL ULFRYHUR SHUPDQHQWHSUHVVRFDVDGLFXUDULSRVRRDOWULLVWLWXWLGLFXUDHFLzVLDFRPSURYDWRGDDSSRVLWD GRFXPHQWD]LRQHULODVFLDWDGDOO·LVWLWXWRRVSLWDQWHVLDSSOLFDXQLFDPHQWHODTXRWDILVVD1HOFDVR GL SL FRPSRQHQWL LO QXFOHR IDPLOLDUH OD SUHVHQ]D GL IDPLOLDUL LQ VWDWR GL ULFRYHUR SHUPDQHQWH SUHVVRDOWULLVWLWXWLFRPSRUWDODULGX]LRQHGHOQXPHURGHLFRPSRQHQWLSDULDOQXPHURGHLVRJJHWWL ULFRYHUDWL ,O EHQHILFLR GHFRUUH OD SULPR JLRUQR GHO PHVH VXFFHVVLYR DOOD SUHVHQWD]LRQH GHOOD ULFKLHVWDHGRFXPHQWD]LRQH 3HUOHXWHQ]HGRPHVWLFKHRFFXSDWHRDGLVSRVL]LRQHGLSHUVRQHILVLFKHRJLXULGLFKHFKHKDQQR VWDELOLWR OD UHVLGHQ]D IXRUL GHO WHUULWRULR FRPXQDOH H SHU OH DELWD]LRQL WHQXWH D GLVSRVL]LRQH GD SDUWH GL VRJJHWWL UHVLGHQWL LO QXPHUR GHJOL RFFXSDQWL VL ULFDYD WUDPLWH O·DSSOLFD]LRQH GHOOD VHJXHQWHWDEHOOD GDPT DPT &RPSRQHQWL $UW²2%%/,*$=,21(75,%87$5,$ /D WDUL q FRUULVSRVWD LQ EDVH D WDULIID FRPPLVXUDWD DG DQQR VRODUH FRLQFLGHQWH FRQ XQ·DXWRQRPDREEOLJD]LRQHWULEXWDULD /·REEOLJD]LRQH WULEXWDULD GHFRUUH GDO SULPR JLRUQR GHO PHVH VXFFHVVLYR D TXHOOR LQ FXL LQL]LD O·RFFXSD]LRQHRODGHWHQ]LRQH /·REEOLJD]LRQH WULEXWDULD FHVVD O·XOWLPR JLRUQR GHO PHVH LQ FXL WHUPLQD O·RFFXSD]LRQH OD GHWHQ]LRQHRLOSRVVHVVRDFRQGL]LRQHFKHLOFRQWULEXHQWHSUHVHQWLODGLFKLDUD]LRQHGLFHVVDWD RFFXSD]LRQHQHOWHUPLQHLQGLFDWRGDOVXFFHVVLYRDUW /DFHVVD]LRQHGjGLULWWRDOODFRPSHQVD]LRQHRDOULPERUVRGHOWULEXWRHYHQWXDOPHQWHYHUVDWRLQ HFFHGHQ]D ,O ULPERUVR R FRPSHQVD]LRQH GHYH HVVHUH HVSUHVVDPHQWH ULFKLHVWR FRQ OD FRPXQLFD]LRQH GL FHVVD]LRQH R FRQ ULFKLHVWD D SDUWH GD SUHVHQWDUVL FRPXQTXH HQWUR O·DQQR GHOODFHVVD]LRQHLQPDQFDQ]DGLHVSUHVVDULFKLHVWDVLLQWHQGHFKHLOFHGHQWHSDJKHUjLOWULEXWR ILQR DO GLFHPEUH GHOO·DQQR GL FHVVD]LRQH PHQWUH LO VXEHQWUDQWH LQL]LHUj D SDJDUH GDO JHQQDLRVXFFHVVLYR,QFDVRGLPDQFDWDSUHVHQWD]LRQHGHOODFRPXQLFD]LRQHGLFHVVD]LRQHQHO FRUVRGHOO·DQQRLOWULEXWRQRQqGRYXWRSHUOHDQQXDOLWjVXFFHVVLYHVHLOFRQWULEXHQWHGLPRVWUDGL QRQ DYHUH FRQWLQXDWR O·RFFXSD]LRQH R OD GHWHQ]LRQH GHL ORFDOL R DUHH RYYHUR VH LO WULEXWR q VWDWR DVVROWR GDOO·XWHQWH VXEHQWUDQWH D VHJXLWR GL FRPXQLFD]LRQH R LQ VHGH GL UHFXSHUR G·XIILFLR $UW²=21(1216(59,7( ,O WULEXWR q GRYXWR SHU LQWHUR QHOOH ]RQH LQ FXL q HIIHWWXDWD OD UDFFROWD GHL ULILXWL XUEDQL HG DVVLPLODWL6LLQWHQGRQRVHUYLWHWXWWHOH]RQHGHOWHUULWRULRFRPXQDOHLQFOXVHQHOO·DPELWRGHLOLPLWL GHOOD ]RQD VHUYLWD FRPH GHILQLWD GDO YLJHQWH UHJRODPHQWR FRPXQDOH SHU OD JHVWLRQH GHO VHUYL]LR GHL ULILXWL XUEDQL HG DVVLPLODWL 6L FRQVLGHUDQR FRPXQTXH XELFDWL LQ ]RQH VHUYLWH WXWWL JOL LQVHGLDPHQWLODFXLGLVWDQ]DWUDGLHVVLHLOSLYLFLQRSXQWRGLUDFFROWDQRQqVXSHULRUHD PHWULOLQHDUL 3HUOHXWHQ]HXELFDWHIXRULGDOOD]RQDVHUYLWDSXUFKpGLIDWWRQRQVHUYLWHGDOODUDFFROWDLOWULEXWR GDDSSOLFDUHqULGRWWRLQPLVXUDGHOVHODGLVWDQ]DGDOSLYLFLQRSXQWRGLUDFFROWDXELFDWR QHOOD ]RQD SHULPHWUDWD R GL IDWWR VHUYLWD q VXSHULRUH D PHWUL OLQHDUL FDOFRODWL VX VWUDGD FDUUR]]DELOH /D ULGX]LRQH GL FXL DO SUHVHQWH DUWLFROR GHYH HVVHUH DSSRVLWDPHQWH ULFKLHVWD GDO VRJJHWWR SDVVLYR FRQ OD SUHVHQWD]LRQH GHOOD GLFKLDUD]LRQH GL FXL DO VXFFHVVLYR DUW H YLHQH PHQR D GHFRUUHUHGDOO·DQQRVXFFHVVLYRDTXHOORGLDWWLYD]LRQHGHOVHUYL]LRGLUDFFROWD $UW²0$1&$72692/*,0(172'(/6(59,=,2 ,QFDVRGLPDQFDWRVYROJLPHQWRGHOVHUYL]LRGLJHVWLRQHGHLULILXWLRGLHIIHWWXD]LRQHGHOORVWHVVR LQJUDYHYLROD]LRQHGHOODGLVFLSOLQDGLULIHULPHQWRGDFXLVLDGHULYDWDXQDVLWXD]LRQHULFRQRVFLXWD GDOO·DXWRULWj VDQLWDULD GL GDQQR R SHULFROR GL GDQQR DOOH SHUVRQH R DOO·DPELHQWH LO WULEXWR q GRYXWRGDLFRQWULEXHQWLFRLQYROWLQHOODPLVXUDPDVVLPDGHOFRQFDOFRORSURGLH $UW²5,'8=,21(3(5/$5$&&2/7$',))(5(1=,$7$'$3$57('(//(87(1=('20(67,&+( 3HUOHXWHQ]HGRPHVWLFKHFKHSURYYHGRQRDVPDOWLUHLQSURSULRJOLVFDUWLFRPSRVWDELOLPHGLDQWH FRPSRVWDJJLRGRPHVWLFRqSUHYLVWDXQDULGX]LRQHGHOGHOODTXRWDYDULDELOHGHOODWDULIIDGHO WULEXWR GD ULFKLHGHUVL FRQ SUHVHQWD]LRQH GL DSSRVLWD LVWDQ]D UHVD DL VHQVL GHO '35 QHOOD TXDOH VL DWWHVWD FKH YHUUj SUDWLFDWR LO FRPSRVWDJJLR GRPHVWLFR LQ PRGR FRQWLQXDWLYR 6XGGHWWD LVWDQ]D VDUj YDOLGD DQFKH SHU JOL DQQL VXFFHVVLYL SXUFKp QRQ VLDQR PXWDWH OH FRQGL]LRQLFRQREEOLJRSHULOVRJJHWWRSDVVLYRGLFRPXQLFDUHDOVRJJHWWRJHVWRUHODFHVVD]LRQH GHOORVYROJLPHQWRGHOO·DWWLYLWjGLFRPSRVWDJJLR&RQODSUHVHQWD]LRQHGHOODVRSUDFLWDWDLVWDQ]D LOPHGHVLPRDXWRUL]]DDOWUHVuLOVRJJHWWRJHVWRUHDSURYYHGHUHDYHULILFKHDQFKHSHULRGLFKHDO ILQHGLDFFHUWDUHODUHDOHSUDWLFDGLFRPSRVWDJJLR /D ULGX]LRQH WDULIIDULD VRSUD LQGLFDWD FRPSHWH D ULFKLHVWD GHOO·LQWHUHVVDWR H GHFRUUH GDOO·DQQR VXFFHVVLYRDTXHOORGHOODULFKLHVWDVDOYRFKHQRQDYYHQJDFRQWHVWXDOPHQWHDOODGLFKLDUD]LRQH GLLQL]LRRFFXSD]LRQHRGHWHQ]LRQHRSRVVHVVRSUHVHQWDWDQHLWHUPLQLQHOFXLFDVRKDODVWHVVD GHFRUUHQ]D GHOOD GLFKLDUD]LRQH ,O FRQWULEXHQWH q WHQXWR D GLFKLDUDUH LO YHQLU PHQR GHOOH FRQGL]LRQLFKHGDQQRGLULWWRDOODORURDSSOLFD]LRQHHQWURLOWHUPLQHSUHYLVWRSHUODSUHVHQWD]LRQH GHOODGLFKLDUD]LRQHGLYDULD]LRQH 3HU LO SULPR DQQR GL HQWUDWD LQ YLJRUH GHO WULEXWR OD VXGGHWWD FRPXQLFD]LRQH GHYH HVVHUH SUHVHQWDWDHQWURLOWHUPLQHGHO $UW²5,'8=,21(3(5/(87(1=(121'20(67,&+( 3HUOH XWHQ]HQRQGRPHVWLFKHVXOODSDUWHYDULDELOHGHOODWDULIIDqDSSOLFDWRXQFRHIILFLHQWHGL ULGX]LRQHSURSRU]LRQDOHDOOHTXDQWLWjGLULILXWLDVVLPLODWLFKHLOSURGXWWRUHGLPRVWULGLDYHUDYYLDWR DOUHFXSHURPHGLDQWHDWWHVWD]LRQHULODVFLDWDGDOVRJJHWWRFKHHIIHWWXDO·DWWLYLWjGLUHFXSHURGHL ULILXWLVWHVVLRSSXUHPHGLDQWHHVLEL]LRQHGHLSUHVFULWWLIRUPXODULGLLGHQWLILFD]LRQH7DOHULGX]LRQHq GHWHUPLQDWD GDO UDSSRUWR IUD OD TXDQWLWj GL ULILXWL VSHFLDOL QRQ SHULFRORVL DVVLPLODWL DJOL XUEDQL HIIHWWLYDPHQWHUHFXSHUDWLHODTXDQWLWjGLULILXWLSURGXFLELOLGDOO·XWHQWHGHWHUPLQDWDDSSOLFDQGR L FRHIILFLHQWL SUHYLVWL GDO &RPXQH SHU OD VSHFLILFD DWWLYLWj LQGLFDWL DQQXDOPHQWH QHOOD GHOLEHUD]LRQHGLDSSURYD]LRQHGHOODWDULIID/DULGX]LRQHGLWDULIIDQRQSXzFRPXQTXHVXSHUDUH LOGHOO·LPSRUWRGRYXWR /HXWHQ]HQRQGRPHVWLFKHDSSDUWHQHQWLDOODFDWHJRULDQFKHHVHUFLWDQRO·DWWLYLWjDOGLIXRUL GHLFHQWULDELWDWLFRPHGHILQLWLGDO&RGLFHGHOODVWUDGDFKHDWWXLQRLOWUDWWDPHQWRGHOODIUD]LRQH XPLGD GHL ULILXWL FRQ O·XWLOL]]R QHOOD PHGHVLPD DUHD LQ FXL VL VYROJH O·DWWLYLWj R LQ DUHD LPPHGLDWDPHQWH FRQILQDQWH GL FRPSRVWHU FRQFLPDLH R VLPLOL EHQHILFLDQR GL XQD ULGX]LRQH GHOGHOODSDUWHYDULDELOHGHOODWDULIID /D ULGX]LRQH VL DSSOLFD D GHFRUUHUH GDO JHQQDLR SUHYLD SUHVHQWD]LRQH GL DSSRVLWD GRFXPHQWD]LRQHHQWURLOJHQQDLRGLRJQLDQQR 1HO FDVR GL QXRYH DWWLYLWj DSHUWH LQ FRUVR G·DQQR OD GRFXPHQWD]LRQH SHU OD ULFKLHVWD GL ULGX]LRQHGHYHHVVHUHSUHVHQWDWDHQWURLOJHQQDLRVXFFHVVLYRHGjGLULWWRDOODFRPSHQVD]LRQH RDOULPERUVRGLTXDQWRYHUVDWRLQHFFHGHQ]D /H LVWLWX]LRQL VFRODVWLFKH ULFRQRVFLXWH SDULWDULH DL VHQVL GL OHJJH VRQR DVVRJJHWWDWH DO WULEXWR LQ EDVH DO QXPHUR GHJOL DOXQQL GHOO·DQQR VFRODVWLFR FRQFOXVRVL QHOO·DQQR VRODUH GL ULIHULPHQWR DQDORJDPHQWHDTXDQWRSUHYLVWRSHUOHLVWLWX]LRQLVFRODVWLFKHVWDWDOL,OPLQRUJHWWLWRGHULYDQWH GDOO·DSSOLFD]LRQHGHOSUHVHQWHFRPPDqFRSHUWRWUDPLWHULVRUVHJHQHUDOLGLELODQFLRGHOO·HQWH $UW²75,%872*,251$/,(52 3HU LO VHUYL]LR GL JHVWLRQH GHL ULILXWL DVVLPLODWL SURGRWWL GDL VRJJHWWL FKH RFFXSDQR R GHWHQJRQR WHPSRUDQHDPHQWH FRQ R VHQ]D DXWRUL]]D]LRQH ORFDOL SXEEOLFL R GL XVR SXEEOLFR RYYHUR DUHH SXEEOLFKHRGLXVRSXEEOLFRqGRYXWRLOWULEXWRJLRUQDOLHUR /·RFFXSD]LRQH R OD GHWHQ]LRQH q WHPSRUDQHD TXDQGR VL SURWUDH SHU SHULRGL LQIHULRUL D JLRUQLQHOFRUVRGHOORVWHVVRDQQRVRODUH /D WDULIID GHO WULEXWR JLRUQDOLHUR q FRPPLVXUDWD SHU FLDVFXQ PHWUR TXDGUDWR GL VXSHUILFLH RFFXSDWDSHUJLRUQRRIUD]LRQHGLJLRUQRGLRFFXSD]LRQH /DWDULIIDJLRUQDOLHUDqILVVDWDSHURJQLFDWHJRULDQHOODPLVXUDGLGHOODWDULIIDDQQXDOHGHO WULEXWR TXRWD ILVVD H TXRWD YDULDELOH PDJJLRUDWD GHO (· IDFROWj GHO VRJJHWWR SDVVLYR FKLHGHUHLOSDJDPHQWRGHOODWDULIIDDQQXDOHGHOWULEXWR 1HOFDVRGLVYROJLPHQWRGHOO·DWWLYLWjRGLGXUDWDGHOO·RFFXSD]LRQHVXSHULRUHRSDULDJLRUQL GHOO·DQQRVRODUHqGRYXWDFRPXQTXHODWDULIIDDQQXDOHGHOWULEXWR /·REEOLJR GHOOD GLFKLDUD]LRQH GHOO·XVR WHPSRUDQHR q DVVROWR FRQ LO SDJDPHQWR GHO WULEXWR GD HIIHWWXDUVL FRQ OH PRGDOLWj HG L WHUPLQL SUHYLVWL SHU OD WDVVD SHU O·RFFXSD]LRQH WHPSRUDQHD GL VSD]LHGDUHHSXEEOLFKHRGHOUHODWLYRFDQRQHHDSDUWLUHGDOO·HQWUDWDLQYLJRUHGHOO·LPSRVWD PXQLFLSDOH VHFRQGDULD GL FXL DOO·DUW GHO '/JV VHFRQGR L WHUPLQL H OH PRGDOLWj GL SDJDPHQWRGHOODVWHVVD $OWULEXWRJLRUQDOLHURVLDSSOLFDQRLQTXDQWRFRPSDWLELOLWXWWHOHGLVSRVL]LRQLGHOWULEXWRDQQXDOH /·XIILFLRFRPXQDOHDGGHWWRDOULODVFLRGHOOHFRQFHVVLRQLSHUO·RFFXSD]LRQHGHOVXRORSXEEOLFRH TXHOORDGGHWWRDOODYLJLODQ]DVRQRWHQXWLDFRPXQLFDUHDOVRJJHWWRJHVWRUHWXWWHOHFRQFHVVLRQL ULODVFLDWHQRQFKpHYHQWXDOLRFFXSD]LRQLDEXVLYHULVFRQWUDWH $UW²',&+,$5$=,21(',,1,=,29$5,$=,21((&(66$=,21( ,OYHULILFDUVLGHOSUHVXSSRVWRSHUO·DVVRJJHWWDPHQWRDOWULEXWRGHWHUPLQDO·REEOLJRSHULOVRJJHWWR SDVVLYRGLSUHVHQWDUHDSSRVLWDGLFKLDUD]LRQHGLLQL]LRRFFXSD]LRQHRGHWHQ]LRQHRSRVVHVVRGHL ORFDOLRGHOOHDUHHVRJJHWWH 1HOO·LSRWHVLGLSLVRJJHWWLREEOLJDWLLQVROLGRODGLFKLDUD]LRQHSXzHVVHUHSUHVHQWDWDDQFKHGD XQRVRORGHJOLRFFXSDQWLRGHWHQWRULRSRVVHVVRUL ,VRJJHWWLREEOLJDWLSURYYHGRQRDFRQVHJQDUHDOVRJJHWWRJHVWRUHODGLFKLDUD]LRQHUHGDWWDVXL PRGXOLDSSRVLWDPHQWHSUHGLVSRVWLGDOORVWHVVRHQWURLOWHUPLQHGLJLRUQLGDOODGDWDGHOO·LQL]LR GHOO·RFFXSD]LRQH GHOOD GHWHQ]LRQH R GHO SRVVHVVR /D GLFKLDUD]LRQH SXz HVVHUH FRQVHJQDWD GLUHWWDPHQWHRDPH]]RSRVWDFRQUDFFRPDQGDWDDUDPH]]RID[SRVWDHOHWWURQLFDR3(& DOOHJDQGRIRWRFRSLDGHOGRFXPHQWRG·LGHQWLWj/DGHQXQFLDVLLQWHQGHFRQVHJQDWDDOO·DWWRGHO ULFHYLPHQWR GD SDUWH GHO VRJJHWWR JHVWRUH QHO FDVR GL FRQVHJQD GLUHWWD DOOD GDWD GL VSHGL]LRQH ULVXOWDQWH GDO WLPEUR SRVWDOH QHO FDVR GL LQYLR SRVWDOH R DOOD GDWD GHO UDSSRUWR GL ULFHYLPHQWRQHOFDVRGLLQYLRDPH]]RID[PDLOR3(& $L ILQL GHOO·DSSOLFD]LRQH GHO WULEXWR OD GLFKLDUD]LRQH KD HIIHWWR DQFKH SHU JOL DQQL VXFFHVVLYL VHPSUHFKp QRQ VL YHULILFKLQR PRGLILFD]LRQL GHL GDWL GLFKLDUDWL GD FXL FRQVHJXD XQ GLYHUVR DPPRQWDUHGHOWULEXWR,QTXHVW·XOWLPRFDVRLOFRQWULEXHQWHq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• • *HQHUDOLWjGHOO·RFFXSDQWHGHWHQWRUHSRVVHVVRUHFRGLFHILVFDOHUHVLGHQ]D • (VWUHPL FDWDVWDOL LQGLUL]]R GL XELFD]LRQH VXSHUILFLH FDOSHVWDELOH H GHVWLQD]LRQH G·XVR GHL VLQJROLORFDOL • • • 1XPHURGHJOLRFFXSDQWLLORFDOL *HQHUDOLWj GHO VRJJHWWR GHQXQFLDQWH VH GLYHUVR GDO FRQWULEXHQWH FRQ LQGLFD]LRQH GHOOD TXDOLILFD *HQHUDOLWjHFRGLFHILVFDOHGLHYHQWXDOLVRJJHWWLQRQUHVLGHQWLQHLPHGHVLPL 'DWDLQFXLKDDYXWRLQL]LRO·RFFXSD]LRQHRODGHWHQ]LRQHRLOSRVVHVVRGHLORFDOLRLQFXLq LQWHUYHQXWDODYDULD]LRQH 8WHQ]HQRQGRPHVWLFKH • 'HQRPLQD]LRQH GHOOD GLWWD R UDJLRQH VRFLDOH GHOOD VRFLHWj UHODWLYR VFRSR VRFLDOH R LVWLWX]LRQDOHGHOODSHUVRQDJLXULGLFDVHGHSULQFLSDOHROHJDOHFRGLFHILVFDOHHSDUWLWD,9$ FRGLFH$7(&2GHOO·DWWLYLWj • • • *HQHUDOLWjGHOVRJJHWWRGHQXQFLDQWHFRQLQGLFD]LRQHGHOODTXDOLILFD • 'DWD GL LQL]LR GHOO·RFFXSD]LRQH R GHOOD FRQGX]LRQH R GL YDULD]LRQH GHJOL HOHPHQWL GHQXQFLDWL 3HUVRQHILVLFKHFKHKDQQRODUDSSUHVHQWDQ]DHO·DPPLQLVWUD]LRQHGHOODVRFLHWj (VWUHPLFDWDVWDOLLQGLUL]]RGLXELFD]LRQHVXSHUILFLHWDVVDELOHHGHVWLQD]LRQHG·XVRGHLVLQJROL ORFDOL HG DUHH GHQXQFLDWL H ORUR SDUWL]LRQL LQWHUQH VXSHUILFLH QRQ WDVVDELOH LQ TXDQWR SURGXWWLYDGLULILXWLVSHFLDOLQRQDVVLPLODWLDJOLXUEDQL /DGHQXQFLDGHYHHVVHUHUHJRODUPHQWHVRWWRVFULWWD1HOO·LSRWHVLGLLQYLRSHUSRVWDHOHWWURQLFDR 3(&ODGLFKLDUD]LRQHGHYHHVVHUHFRPXQTXHVRWWRVFULWWDDQFKHFRQILUPDGLJLWDOH /DGLFKLDUD]LRQHGLFHVVDWDRFFXSD]LRQHRGHWHQ]LRQHRSRVVHVVRGHLORFDOLRGHOOHDUHHGHYH HVVHUH SUHVHQWDWD GDO GLFKLDUDQWH RULJLQDULR R GDL VRJJHWWL FRQYLYHQWL HQWUR JLRUQL GDOOD FHVVD]LRQHHFRPXQTXHHQWURO·DQQRGLFHVVD]LRQHFRQO·LQGLFD]LRQHGLWXWWLJOLHOHPHQWLDWWLD FRPSURYDUHODVWHVVD,QWDOHLSRWHVLLOFRQWULEXHQWHKDGLULWWRDOODFRPSHQVD]LRQHRDOULPERUVR GHO WULEXWR UHODWLYR DOOD UHVWDQWH SDUWH GHOO·DQQR GDO PHVH VXFFHVVLYR D TXHOOR LQ FXL VL q YHULILFDWDODFHVVD]LRQH ,Q FDVR GL ULWDUGDWD GHQXQFLD GL FHVVD]LRQH SHU LO ULPERUVR R FRPSHQVD]LRQH DQFKH SDU]LDOH GHOWULEXWRVLSUHQGHDULIHULPHQWRODGDWDGHOODVXDSUHVHQWD]LRQH/·REEOLJD]LRQHWULEXWDULDQRQ VL SURWUDH ROWUH OD GDWD LQGLFDWD TXDQGR O·XWHQWH FKH KD SURGRWWR OD ULWDUGDWD GHQXQFLD GL FHVVD]LRQHGLPRVWULFRQLGRQHDGRFXPHQWD]LRQHGLQRQDYHUHFRQWLQXDWRO·RFFXSD]LRQHROD GHWHQ]LRQH GHOOH DUHH H GHL ORFDOL ROWUH OD GDWD LQGLFDWD ,Q FDUHQ]D GL WDOH GLPRVWUD]LRQH GRFXPHQWDOH O·REEOLJD]LRQH WULEXWDULD FHVVD GDOOD GDWD LQ FXL VLD VRUWD DOWUD REEOLJD]LRQH WULEXWDULDSHUFRPXQLFD]LRQHGHOO·XWHQWHVXEHQWUDWRRSHUD]LRQHGLUHFXSHURG·XIILFLR 1HO FDVR GL GHFHVVR GHO FRQWULEXHQWH JOL HUHGL GHOOR VWHVVR GRYUDQQR SURYYHGHUH DOOD SUHVHQWD]LRQH GHOOD GLFKLDUD]LRQH GL FHVVD]LRQH HQWUR OD ILQH GHOO·DQQR LQ FXL VL q YHULILFDWR LO GHFHVVRRHQWURLOWHUPLQHGLFXLDOSUHFHGHQWHFRPPDVHSLIDYRUHYROH $UW²02'$/,7$·',9(56$0(172(',5,6&266,21( ,OWULEXWRqYHUVDWRGLUHWWDPHQWHDO&RPXQHLQGHURJDDOO DUWLFRORGHOGHFUHWROHJLVODWLYRQ GHOVHFRQGROHGLVSRVL]LRQLGLFXLDOO DUWLFRORGHOGHFUHWROHJLVODWLYROXJOLRQ RYYHURWUDPLWHOHDOWUHPRGDOLWjGLSDJDPHQWRRIIHUWHGDLVHUYL]LHOHWWURQLFLGLLQFDVVRHGL SDJDPHQWRLQWHUEDQFDULHSRVWDOL ,O VRJJHWWR JHVWRUH SURYYHGH DOO·LQYLR DL FRQWULEXHQWL GL XQ DSSRVLWR LQYLWR GL SDJDPHQWR FRQ LQGLFD]LRQHGHOO·LPSRUWRGRYXWR ,O SDJDPHQWR GHJOL LPSRUWL GRYXWL GHYH HVVHUH HIIHWWXDWR LQ WUH UDWH GL QRUPD FRQ VFDGHQ]D ULVSHWWLYDPHQWH LO DSULOH LO OXJOLR H LO RWWREUH GL FLDVFXQ SHULRGR G·LPSRVWD (· FRPXQTXHFRQVHQWLWRLOSDJDPHQWRLQXQLFDVROX]LRQHHQWURLOJLXJQRGLFLDVFXQDQQR 3HULOSULPRDQQRGLDSSOLFD]LRQHGHOSUHVHQWHUHJRODPHQWRLWHUPLQLVRQRULVSHWWLYDPHQWHLO PDJJLR LO DJRVWR H LO QRYHPEUH IDWWD VDOYD OD SRVVLELOLWj GL HIIHWWXDUH LO SDJDPHQWR LQ XQLFDVROX]LRQHHQWURLOJLXJQR 3RVVRQR HVVHUH FRQFHVVH GLOD]LRQL GL SDJDPHQWR ILQR D XQ PDVVLPR GL VHL UDWH ELPHVWUDOL R GRGLFL PHQVLOL FRQ DSSOLFD]LRQH GHO WDVVR G·LQWHUHVVH OHJDOH FRQ PDWXUD]LRQH JLRUQDOLHUD ILQWDQWRFKqQRQVLDVWDWRQRWLILFDWRDYYLVRGLDFFHUWDPHQWR ,O PDQFDWR SDJDPHQWR DQFKH GL XQD VROD UDWD HQWUR OD VFDGHQ]D SUHILVVDWD FRPSRUWD OD GHFDGHQ]D GDO EHQHILFLR GHOOD GLOD]LRQH H LO FRQVHJXHQWH DYYLR GHOOD QRUPDOH SURFHGXUD GL ULVFRVVLRQH 3HU LPSRUWL VXSHULRUL D ½ OD GLOD]LRQH YD DVVLVWLWD GD LGRQHD SROL]]D ILGHLXVVRULD R ILGHLXVVLRQHEDQFDULD ,YHUVDPHQWLQRQGHYRQRHVVHUHHVHJXLWLTXDQGRO LPSRVWDDQQXDOHULVXOWLLQIHULRUHD½ $UW²&21*8$*/,(02526,7$· 3HUOHXWHQ]HFKHKDQQRLQL]LDWRO·RFFXSD]LRQHLQFRUVRG·DQQRRSHUOHTXDOLVRQRLQWHUYHQXWH YDULD]LRQLFKHFRPSRUWDQRXQPDJJLRUWULEXWRGRYXWRLOVRJJHWWRJHVWRUHSXzSURYYHGHUHDG LQYLDUH DSSRVLWR DYYLVR GL SDJDPHQWR GL QRUPD HQWUR LO PHVH GL GLFHPEUH GL RJQL DQQR ,Q TXHVWRFDVRO·LPSRUWRGRYXWRSRWUjHVVHUHSDJDWRLQXQLFDVROX]LRQHRLQGXHUDWHELPHVWUDOL /HPRGLILFKHLQHUHQWLDOOHFDUDWWHULVWLFKHGHOO·XWHQ]DFKHFRPSRUWLQRYDULD]LRQLLQFRUVRG·DQQR GHO WULEXWR SRWUDQQR HVVHUH FRQWHJJLDWH H ULVFRVVH DQFKH PHGLDQWH FRQJXDJOLR FRPSHQVDWLYR $O FRQWULEXHQWH FKH QRQ YHUVL DOOH SUHVFULWWH VFDGHQ]H OH VRPPH LQGLFDWH QHOO·LQYLWR GL SDJDPHQWRqQRWLILFDWRDQFKHDPH]]RUDFFRPDQGDWD$5HDSHQDGLGHFDGHQ]DHQWURLO GLFHPEUH GHO TXLQWR DQQR VXFFHVVLYR DO SHULRGR G·LPSRVWD SHU LO TXDOH LO WULEXWR q GRYXWR DYYLVRGLOLTXLGD]LRQHSHURPHVVRRLQVXIILFLHQWHSDJDPHQWR /·DYYLVRLQGLFDOHVRPPHGDYHUVDUHLQXQ XQLFDUDWDHQWURVHVVDQWDJLRUQLGDOODULFH]LRQHFRQ DGGHELWR GHOOH VSHVH GL QRWLILFD H FRQWLHQH O·DYYHUWHQ]D FKH LQ FDVR GL LQDGHPSLPHQWR VL DSSOLFKHUj OD VDQ]LRQH SHU RPHVVR SDJDPHQWR GL FXL DOO·DUW GHO '/JV ROWUH DJOL LQWHUHVVLGLPRUDQHOODPLVXUDVWDELOLWDGDOO·DUWFRPPDGHO5HJRODPHQWRJHQHUDOHLQWHPD GLHQWUDWHHVLSURFHGHUjDOODULVFRVVLRQHFRDWWLYDFRQDJJUDYLRGHOOHVSHVHGLULVFRVVLRQH $UW²',/$=,21,',3$*$0(172(8/7(5,25,5$7(,==$=,21, 6XOOHVRPPHGRYXWHDVHJXLWRGLDYYLVRGLDFFHUWDPHQWRILQWDQWRFKqQRQVLDLQWHUYHQXWRDYYLR GHOODSURFHGXUDGLULVFRVVLRQHFRDWWLYDSRVVRQRHVVHUHFRQFHVVHGLOD]LRQLGLSDJDPHQWRFRQL VHJXHQWL OLPLWL WHPSRUDOL IHUPD ULPDQHQGR O·DSSOLFD]LRQH GHO WDVVR G·LQWHUHVVH OHJDOH FRQ PDWXUD]LRQHJLRUQDOLHUD • SHUVRPPHGRYXWHVLQRD½UDWHL]]D]LRQHILQRDPHVL • SHUVRPPHGRYXWHVLQRD½UDWHL]]D]LRQHILQRDPHVL • SHUVRPPHGRYXWHVLQRD½UDWHL]]D]LRQHILQRDPHVL • SHUVRPPHGRYXWHVLQRD½UDWHL]]D]LRQHILQRDPHVL • SHUVRPPHGRYXWHVXSHULRULD½UDWHL]]D]LRQHILQRDPHVL 3HULPSRUWLVXSHULRULDG½ODUDWHL]]D]LRQHYDDVVLVWLWDGDLGRQHDSROL]]DILGHLXVVRULDR ILGHLXVVLRQHEDQFDULD ,O PDQFDWR SDJDPHQWR GL SL UDWH DQFKH QRQ FRQVHFXWLYH HQWUR OD VFDGHQ]D SUHILVVDWD FRPSRUWD OD GHFDGHQ]D GDO EHQHILFLR GHOOD GLOD]LRQH VWHVVD H LO FRQVHJXHQWH DYYLR GHOOD QRUPDOHSURFHGXUDGLULVFRVVLRQHSHUOHVRPPHDQFRUDGRYXWHFRQLVHJXHQWLOLPLWL • SHUVRPPHUDWHL]]DWHVLQRD½ILQRDWUHUDWH • SHUVRPPHUDWHL]]DWHVLQRD½ILQRDVHLUDWH • SHUVRPPHUDWHL]]DWHROWUHD½ILQRDRWWRUDWH $575,0%256,(&203(16$=,21, ,O FRQWULEXHQWH SXz ULFKLHGHUH DO &RPXQH DO TXDOH q VWDWD YHUVDWR LO WULEXWR LO ULPERUVR GHOOH VRPPHYHUVDWHHQRQGRYXWHHQWURLOWHUPLQHGLFLQTXHDQQLGDOJLRUQRGHOSDJDPHQWRRYYHUR GD TXHOOR LQ FXL q VWDWR GHILQLWLYDPHQWH DFFHUWDWR LO GLULWWR DOOD UHVWLWX]LRQH ,O ULPERUVR YLHQH HIIHWWXDWRHQWURJLRUQLGDOODGDWDGLSUHVHQWD]LRQHGHOO·LVWDQ]D 6XOOH VRPPH ULPERUVDWH VSHWWDQR JOL LQWHUHVVL QHOOD PLVXUD VWDELOLWD GDOO·DUW FRPPD GHO 5HJRODPHQWRJHQHUDOHLQWHPDGLHQWUDWH 1HO FDVR LQ FXL LO ULPERUVR VLD RULJLQDWR GD HUURUL GD SDUWH GHO VRJJHWWR SDVVLYR JOL LQWHUHVVL GHFRUURQRGDOODGDWDGHOODGRPDQGDDLVHQVLGHOO·DUWGHOFRGLFHFLYLOH /HVRPPHOLTXLGDWHGDO&RPXQHDLVHQVLGHOFRPPDSRVVRQRVXULFKLHVWDGHOFRQWULEXHQWH GDFRPXQLFDUHDO&RPXQHPHGHVLPRHQWURJLRUQLGDOODFRPXQLFD]LRQHGHOSURYYHGLPHQWR GLULPERUVRHVVHUHSRUWDWHLQFRPSHQVD]LRQHFRQDOWULLPSRUWLGRYXWLDWLWRORGL7$5, 1RQVLGjOXRJRDOULPERUVRGLLPSRUWLXJXDOLRLQIHULRULD½SHUDQQRVRODUH $UW²9(5,),&+(('$&&(57$0(17, ,OVRJJHWWRJHVWRUHVYROJHOHDWWLYLWjQHFHVVDULHDOFRQWUROORGHLGDWLFRQWHQXWLQHOODGHQXQFLD GLFXLDOSUHFHGHQWHDUWHOHDWWLYLWjGLFRQWUROORSHUODFRUUHWWDDSSOLFD]LRQHGHOWULEXWR$ WDOILQHSXz D LQYLDUHDOFRQWULEXHQWHTXHVWLRQDULGDUHVWLWXLUHGHELWDPHQWHFRPSLODWLHQWURLOWHUPLQHGL JLRUQLGDOODQRWLILFD E XWLOL]]DUH QHO ULVSHWWR GHOOH YLJHQWL GLVSRVL]LRQL GL WXWHOD GHO WUDWWDPHQWR GHL GDWL SHUVRQDOL GDWL SUHVHQWDWL SHU DOWUL ILQL RYYHUR ULFKLHGHUH DG XIILFL SXEEOLFL R DG HQWL GL JHVWLRQH GL VHUYL]L SXEEOLFL GDWL H QRWL]LH ULOHYDQWL QHL FRQIURQWL GHL VLQJROL FRQWULEXHQWL LQ HVHQ]LRQH GL VSHVHHGLULWWL F DFFHGHUHDLORFDOLHGDOOHDUHHDVVRJJHWWDELOLDOWULEXWRPHGLDQWHSHUVRQDOHGHELWDPHQWH DXWRUL]]DWR GDQGR SUHDYYLVR DO FRQWULEXHQWH GL DOPHQR JLRUQL ,Q FDVR GL PDQFDWD FROODERUD]LRQH GHO FRQWULEXHQWH RG DOWUR LPSHGLPHQWR DOOD GLUHWWD ULOHYD]LRQH O·HQWH SURFHGHDOO·DFFHUWDPHQWRVXOODEDVHGLSUHVXQ]LRQLVHPSOLFLGLFXLDOO·DUWGHOFRGLFH FLYLOH3HUOHRSHUD]LRQLGLFXLVRSUDLOVRJJHWWRJHVWRUHKDIDFROWjGLDYYDOHUVL , GHJOLDFFHUWDWRULGLFXLDLFRPPLDUWGHOOD/RYHQRPLQDWL ,, GHOSURSULRSHUVRQDOHGLSHQGHQWH ,,, GL VRJJHWWL SULYDWL R SXEEOLFL GL SURYDWD DIILGDELOLWj H FRPSHWHQ]D FRQ LO TXDOH PHGHVLPRSXzVWLSXODUHDSSRVLWHFRQYHQ]LRQL 3HU DFFHGHUH DJOL LPPRELOL LO SHUVRQDOH GL FXL VRSUD GRYUj HVVHUH DSSRVLWDPHQWH DXWRUL]]DWRHGHVLELUHDSSRVLWRGRFXPHQWRGLULFRQRVFLPHQWR G XWLOL]]DUHWXWWHOHEDQFKHGDWLPHVVHDGLVSRVL]LRQHGDOO·$JHQ]LDGHOOH(QWUDWHHGDOO·$JHQ]LD GHO7HUULWRULR 3HUOHILQDOLWjGHOSUHVHQWHDUWLFRORWXWWLJOLXIILFLFRPXQDOLVRQRREEOLJDWLDWUDVPHWWHUHDOO·XIILFLR DGGHWWR GHO 6RJJHWWR *HVWRUH QHO ULVSHWWR GHOOH YLJHQWL QRUPDWLYH LQ PDWHULD GL WUDWWDPHQWR GHLGDWLSHUVRQDOLSHULRGLFDPHQWHFRSLDRHOHQFKL D GHOOHFRQFHVVLRQLSHUO·RFFXSD]LRQHGLVSD]LHGDUHHSXEEOLFKHHGHPDQLDOL E GHLSURYYHGLPHQWLGLDELWDELOLWjDJLELOLWjULODVFLDWLSHUO·XVRGHLORFDOLHGDUHH F GHL SURYYHGLPHQWL UHODWLYL DOO·HVHUFL]LR GL DWWLYLWj DUWLJLDQDOL FRPPHUFLDOL ILVVH R LWLQHUDQWL G GLRJQLYDULD]LRQHDQDJUDILFDUHODWLYDDOODQDVFLWDGHFHVVRYDULD]LRQHGLUHVLGHQ]D HGRPLFLOLRGHOODSRSROD]LRQHUHVLGHQWH )HUPRTXDQWRSUHYLVWRGDOO·DUWFRPPLHVHJXHQWLGHOODOHJJHQHLFDVLGLLQFXL GDOOHYHULILFKHFRQGRWWHVXLYHUVDPHQWLHVHJXLWLGDLFRQWULEXHQWLHGDLULVFRQWULRSHUDWLLQEDVHDL SUHFHGHQWL FRPPL YHQJD ULOHYDWD OD PDQFDQ]D O·LQVXIILFLHQ]D R OD WDUGLYLWj GHO YHUVDPHQWR RYYHURO·LQIHGHOWjO·LQFRPSOHWH]]DRO·RPLVVLRQHGHOODGLFKLDUD]LRQHRULJLQDULDRGLYDULD]LRQHLO VRJJHWWR JHVWRUH SURYYHGHUj DOOD QRWLILFD GL DSSRVLWR DYYLVR GL DFFHUWDPHQWR PRWLYDWR LQ UHWWLILFDRG·XIILFLRDQRUPDGHLFRPPLHGHOO·DUWGHOOD/FRPSUHQVLYRGHO WULEXWRRGHOPDJJLRUHWULEXWRGRYXWRROWUHFKHGHJOLLQWHUHVVLHGHOOHVDQ]LRQLHGHOOHVSHVH 1RQ VL SURFHGH DOOD QRWLILFD GL DYYLVL GL DFFHUWDPHQWR TXDORUD O·LPSRUWR FRPSOHVVLYDPHQWH GRYXWRLQFOXVLYRGLWDULIIDLQWHUHVVLHVDQ]LRQLqLQIHULRUHDG½HVFOXVDO·LSRWHVLGLULSHWXWD YLROD]LRQHGHJOLREEOLJKLGLYHUVDPHQWRGHOWULEXWR $UW²$&&(57$0(172&21$'(6,21( $L VHQVL GHOO·DUW GHOOD OHJJH VL DSSOLFD DOOD 7$5, O·LVWLWXWR GHOO·DFFHUWDPHQWR FRQ DGHVLRQHFRVuFRPHGLVFLSOLQDWRGDOYLJHQWHUHJRODPHQWRFRPXQDOHLQPDWHULDHPDQDWRVXOOD EDVHGHLSULQFLSLGHWWDWLGDO'/JV $57²1250(),1$/, , ULFKLDPL H OH FLWD]LRQL GL QRUPH FRQWHQXWH QHO SUHVHQWH UHJRODPHQWR VL GHYRQR LQWHQGHUH HIIHWWXDWHLQPDQLHUDGLQDPLFDHQRQUHFHWWL]LD /HGLVSRVL]LRQLGHOSUHVHQWHUHJRODPHQWRKDQQRHIIHWWRDGHFRUUHUHGDO $LILQLGHOODGLFKLDUD]LRQHUHVWDQRIHUPHOHVXSHUILFLGLFKLDUDWHRDFFHUWDWHDLILQLGHOODWDVVDSHU OR VPDOWLPHQWR GHL ULILXWL VROLGL XUEDQL GL FXL DO GHFUHWR OHJLVODWLYR QRYHPEUH Q 7$568 R GHOOD WDULIID GL LJLHQH DPELHQWDOH SUHYLVWD GDOO DUWLFROR GHO GHFUHWR OHJLVODWLYR IHEEUDLRQ7,$RGDOO·DUWLFRORGHOGHFUHWROHJLVODWLYRDSULOHQ7,$ RGHOWULEXWRFRPXQDOHVXLULILXWLHVXLVHUYL]L7$5(6 /HDWWLYLWjHFRQRPLFKHYHQJRQRULFODVVLILFDWHG·XIILFLRQHOOHFDWHJRULHGLFXLDOO·DOOHJDWRQDO SUHVHQWHUHJRODPHQWR ALLEGATO n. 1 CLASSIFICAZIONE DELLE ATTIVITA’ ECONOMICHE $77,9,7$ &DW 0XVHLELEOLRWHFKHVFXROHDVVRFLD]LRQLOXRJKLGLFXOWRHQWLSXEEOLFLFLUFROLQDXWLFL &LQHPDWRJUDILHWHDWULVDOHJLRFKLQROHJJLRFLFOL $XWRULPHVVH H PDJD]]LQL VHQ]D DOFXQD YHQGLWD GLUHWWD DWWLYLWj GL YHQGLWD DOO¶LQJURVVR D]LHQGH DJULFROHIDWWRULHGLGDWWLFKHFDQWLQHHVLPLOLSDUFKHJJLSRVWLEDUFDDYLRULPHVVH &DPSHJJLGLVWULEXWRULFDUEXUDQWLLPSLDQWLVSRUWLYLHSDOHVWUH 6WDELOLPHQWLEDOQHDUL (VSRVL]LRQHDXWRVDORQL $OEHUJKL FRQ ULVWRUDQWH DWWLYLWj ULFHWWLYH LQ UHVLGHQ]H UXUDOL FRQ ULVWRUDQWH DJULWXULVPR FRQ SHUQRWWDPHQWRFRORQLHFRQULVWRUDQWH $OEHUJKLVHQ]DULVWRUDQWHRFRQULVWRUDQWHDSHUWRDOSXEEOLFREHGEUHDNIDVWDIILWWDFDPHUHDWWLYLWj ULFHWWLYHLQUHVLGHQ]HUXUDOLVHQ]DULVWRUDQWHFDVHSHUIHULHRVWHOOLSHUODJLRYHQWFDVHUHOLJLRVHGL RVSLWDOLWj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¶DUWHQHJR]LGL SURGRWWLSHUDQLPDOL %DQFKLGLPHUFDWREHQLGXUHYROL $WWLYLWjDUWLJLDQDOLWLSRERWWHJKHSDUUXFFKLHUHEDUELHUHHVWHWLVWDFHQWURWDWXDJJLVRODULXPODYDQGHULH $WWLYLWj DUWLJLDQDOL WLSR ERWWHJKH IDOHJQDPH LGUDXOLFR IDEEUR HOHWWULFLVWD SRVDWRUH LQVWDOODWRUL H ULSDUDWRULGLHOHWWURGRPHVWLFLHVLPLOL &DUUR]]HULDDXWRIILFLQDHOHWWUDXWRJRPPLVWD $WWLYLWjLQGXVWULDOLFRQRVHQ]DFDSDQQRQLGLSURGX]LRQH $WWLYLWjDUWLJLDQDOLGLSURGX]LRQHEHQLVSHFLILFLSDVWLFFHULDJHODWHULDSDQHWWHULDHVLPLOLFRQODERUDWRUL GLSURGX]LRQHVHULJUDILDFRSLVWHULDWLSRJUDILDVDUWRULHFDO]RODLFDUSHQWLHULDXWRGHPROL]LRQLWRUQLWRUL WDSH]]LHULFRQODERUDWRULRGLSURGX]LRQHOHJDWRULHPDJOLILFLODERUDWRULRGRQWRWHFQLFLWLPEULILFLYHWUHULH 5LVWRUDQWLWUDWWRULHRVWHULHSL]]HULHSXEDJULWXULVPRVHQ]DSHUQRWWDPHQWR 0HQVHELUUHULHDPEXUJKHULHURVWLFFHULHJDVWURQRPLH %DUFDIIqSDVWLFFHULDJHODWHULDHQRWHFD 6XSHUPHUFDWRSDQHHSDVWDPDFHOOHULDVDOXPLHIRUPDJJLJHQHULDOLPHQWDULPLQLPDUNHWULYHQGLWD YLQLROLTXRUL 3OXULOLFHQ]HDOLPHQWDULHRPLVWH 2UWRIUXWWDSHVFKHULHILRULHSLDQWHSL]]DDOWDJOLR ,SHUPHUFDWLGLJHQHULPLVWL %DQFKLGLPHUFDWRJHQHUHDOLPHQWDUL 'LVFRWHFKHQLJKWFOXE
© Copyright 2024 ExpyDoc