/DOXFHGHOODFDSSDIXQ]LRQD
LQGLSHQGHQWHPHQWHGDOOHDOWUH
IXQ]LRQLGHOODFDSSD3HU
LOOXPLQDUHODVXSHUILFLHGLFRWWXUD
SUHPHUHLOWDVWROXFH
/D
FKLXVXUDGHOFDVVHWWRQRQKD
DOFXQHIIHWWRVXOODOXFHGHOOD
FDSSD
3HUVSHJQHUHODYHQWRODSUHPHUH
R
FKLXGHUHLOFDVVHWWRGHOODFDSSD
/DFDSSDULFRUGDOXOWLPD
LPSRVWD]LRQHGHOODYHORFLW¢GHOOD
YHQWRODDOODFKLXVXUDGHO
FDVVHWWR/DFDSSDIXQ]LRQHU¢D
TXHVWROLYHOORGLYHORFLW¢GHOOD
YHQWRODTXDQGRLOFDVVHWWRYLHQH
HVWUDWWRQXRYDPHQWH
38/,=,$(&85$
1RWHVXOODSXOL]LD
$JHQWLGLSXOL]LD
1RQXWLOL]]DUHGHWHUJHQWLHVSD]]ROHDEUDVLYH
3XOLUHODVXSHUILFLHGHOOಬDSSDUHFFKLDWXUDFRQXQSDQQRPRUELGRLPEHYXWRGLDFTXDWLHSLGD
HGHWHUJHQWHGHOLFDWR
'RSRODFRWWXUDDOFXQHSDUWLGHOODSSDUHFFKLRSRVVRQRVXUULVFDOGDUVL3HUHYLWDUHPDFFKLH
ODSSDUHFFKLRGHYHHVVHUHUDIIUHGGDWRHDVFLXJDWRFRQXQSDQQRSXOLWRRXQWRYDJOLRORGL
FDUWD
3XOLUHOHPDFFKLHFRQXQGHWHUJHQWHGHOLFDWR
7HQHWHEHQSXOLWDOD
FDSSD
3XOLUHODSSDUHFFKLRHLILOWULGHOJUDVVRRJQLPHVH3XOLUHDFFXUDWDPHQWHOLQWHUQRHLILOWUL
DQWLJUDVVR/DFFXPXORGLJUDVVRRGLDOWULUHVLGXLSRWUHEEHFDXVDUHXQLQFHQGLR
,ILOWULDQWLJUDVVRSRVVRQRHVVHUHODYDWLDQFKHQHOODODYDVWRYLJOLH
/DODYDVWRYLJOLHGHYHHVVHUHLPSRVWDWDVXXQDWHPSHUDWXUDEDVVDHXQFLFOREUHYH,OILOWUR
DQWLJUDVVRSRWUHEEHVFRORULUHQRQLQIOXLVFHLQDOFXQPRGRVXOOHSUHVWD]LRQLGHOOಬDSSDUHFಣ
FKLDWXUD
)LOWURDOFDUERQH
,OWHPSRGLVDWXUD]LRQHGHOILOWURDOFDUERQHDWWLYRYDULDDVHFRQGDGHOWLSRGLFRWWXUDHGHOಣ
ODUHJRODULW¢GLSXOL]LDGHOILOWURDQWLJUDVVR,OILOWURDOFDUERQHDWWLYRQRQªODYDELOHQRQSX´
HVVHUHULJHQHUDWRHGHYHHVVHUHVRVWLWXLWRDSSURVVLPDWLYDPHQWHRJQLPHVLGLIXQ]LRಣ
QDPHQWRRSL»IUHTXHQWHPHQWHSHUXQXVRSDUWLFRODUPHQWHLQWHQVR
3XOL]LDGHOILOWURDQWLJUDVVR
,ILOWULVRQRPRQWDWLFRQOಬXVRGLFOLSHSHUQLVXO
ODWRRSSRVWR
3HUSXOLUHLOILOWUR
3UHPHUHOಬLPSXJQDWXUDGHOFOLSGL
PRQWDJJLRVXOSDQQHOORGHOILOWURVRWWRDOOD
FDSSD
,7$/,$12