Sei sulla pagina 1di 8

*52836,7(6

$'5&(17(5
2'5&(17(5
$'5$&$'(0<
'(9(/230(17



&HUFD

,OSRUWDOHGLULIHULPHQWRVXOODULVROX]LRQHDOWHUQDWLYDGHOOHFRQWURYHUVLH
1UGHO5HJLVWURGHJOL2UJDQLVPLGLPHGLD]LRQHWHQXWRSUHVVRLO0LQLVWHURGHOOD*LXVWL]LD

+RPH
$UWLFROL
$'51HZV
*LXULVSUXGHQ]D
1RUPDWLYD
&RPPHQWDULR'OJV

VHOH]LRQD
0RQGR$'5!*LXULVSUXGHQ]D

Anche la domanda riconvenzionale del convenuto soggetta al tentativo obbligatorio di


mediazione. La domanda di mediazione deve avere ad oggetto lintera controversia
7ULEGL5RPD6HQWHQ]DGHO*LXGLFH0DVVLPR0RULFRQL
0DWHULD5HVSRQVDELOLWjSURIHVVLRQDOH$UJRPHQWR'RPDQGDULFRQYHQ]LRQDOHHWHQWDWLYRGLPHGLD]LRQH


7ZHHW

/EKDWKWK>K/d>/EK
dZ/hE>ZKD^/KE^y///
ZWh>//d>/E
/'DD


$%&'( DYYWR[[[[ DWWRUL


(
$YYRFDWLH DYYWR\\\\ FRQYHQXWL

KDHPHVVRHSXEEOLFDWRDLVHQVLGHOODUWVH[LHVFSFDOODSXEEOLFDXGLHQ]DGHOGDQGROHWWXUDGHOGLVSRVLWLYRHGHOODSUHVHQWH
PRWLYD]LRQHIDFHQWHSDUWHLQWHJUDOHGHOYHUEDOHGLXGLHQ]DODVHJXHQWH

6(17(1=$

6,17(6,
$QFKHODGRPDQGDULFRQYHQ]LRQDOHGHOFRQYHQXWRLQTXDQWRLGRQHDDVXSSRUWDUHXQDXWRQRPDFRQWURYHUVLDqVRJJHWWDDFRQGL]LRQHGL
SURFHGLELOLWjVHDIIHUHQWHDOOHPDWHULHGLFXLDOFRPPDELVGHFUOJVORYYHURQHOODPHGLD]LRQHGHPDQGDWDGDOJLXGLFH
/DGRPDQGDGLPHGLD]LRQHGDFKLXQTXHSURSRVWDGHYHDYHUHDGRJJHWWROLQWHUDFRQWURYHUVLDFRPHHYLQFLELOHGDOODHGRPDQGDHGL
PHGLD]LRQHRGDOFRQWHQXWRGHOYHUEDOHGLPHGLD]LRQH
/LPSURFHGLELOLWjQHOODPHGLD]LRQHREEOLJDWRULDDWWLQJHVRORDTXHOOHGRPDQGHLQWURGXWWLYHGHOODWWRUHRGHOFRQYHQXWRLQ
ULFRQYHQ]LRQDOHFKHDIIHULVFDQRDOOHPDWHULHGLFXLDOFRPPDELVGHFUOJVO
/LPSURFHGLELOLWjQHOODPHGLD]LRQHGHPDQGDWDDWWLQJHDWXWWHOHGRPDQGHLQWURGXWWLYHGHOODWWRUHRGHOFRQYHQXWRLQULFRQYHQ]LRQDOH
ODGGRYHQRQULVSHWWDWDODUHJRODVXE

OHWWLJOLDWWLHOHLVWDQ]HGHOOHSDUWLRVVHUYD
*OLDWWRULHUHGLGL*3LQYHVWLWDGDXQDXWRPRELOHHSRLGHFHGXWDLOFRQIHULYDQRPDQGDWRDJOLDYYRFDWLHGLDVVLVWHUOLHUDSSUHVHQWDUOL
QHOODULFKLHVWDGLULVDUFLPHQWRGHLGDQQLGHULYDWLGDOODPRUWHGHOIDPLOLDUH
6HFRQGRTXDQWRDVVHULWRGDJOLDWWRULODYYRFDWRFRQYRFDYDSUHVVRLOVXRVWXGLR'HO FLRpODGDQWHFDXVDGL$%H& 'HG(LQIRUPDQGROLFKH
ODVVLFXUD]LRQH/DYHYDLQYLDWRWUHDVVHJQLGLSHUFLDVFXQRGHLWUHHUHGLHFKHRJQXQRGHJOLDVVHJQLHUDFRPSUHQVLYRGHJOLRQRUDULSHULWUH
DYYRFDWLSDULDGFLDVFXQR
*OLLJQDULFOLHQWLFRVuHVSRQJRQRJOLDWWRULDGHPSLYDQRQRQDYHQGRQHSSXUHYLVWRODOHWWHUDGHOODVVLFXUD]LRQHSHUDOWURVHQ]DULFHYHUHIDWWXUDDOFXQD
GHLSDJDPHQWL
6XFFHVVLYDPHQWHJOLVWHVVLDYYRFDWLHLQL]LDYDQRSUHVVRLOWULEXQDOHGL5RPDXQDFDXVDSHUODGLIIHUHQ]DULWHQXWDDQFRUDGRYXWDFRQWURYHUVLDFKH
YHQLYDWUDQVDWWDFRQODULFH]LRQHGHOOHXOWHULRULVRPPHLQGLFDWHLQFLWD]LRQH
$JOLDYYRFDWLHYHQLYDQRFRUULVSRVWLJOLRQRUDUL FLDVFXQR GLUHWWDPHQWHGDOOD/
*OLVWHVVLDYYRFDWLFRVuODPHQWDYDQRJOLDWWRULULFKLHGHYDQRLQILQHXOWHULRULFRPHGDSDUFHOODLQYLDWDORUR
6RVWHQHQGRTXLQGLGLHVVHUHVWDWLRJJHWWRGLXQDWUXIIDJOLDWWRULULFKLHGHYDQRQHLFRQIURQWLGHJOLDYYRFDWLFRQYHQXWLODUHVWLWX]LRQHGHOODVRPPDGL
;ROWUHDOULVDUFLPHQWRGHLGDQQL
%HQGLYHUVDHUDODULFRVWUX]LRQHGHLIDWWLDUWLFRODWDGDLFRQYHQXWLVHFRQGRLTXDOL

DODYYRFDWRHUDLOYHURGRPLQXVGHOODVLWXD]LRQH ODIILDQFDPHQWRDVpGHJOLDOWULDYYRFDWLHYRFDVWUDWHJLHFRQQHVVHDLUDSSRUWLFRQOH
DVVLFXUD]LRQLHGDOODSLFRQYHQLHQWHWUDWWD]LRQHHFRQRPLFDGHOOHSUDWLFKHHGHJOLRQRUDUL 
ELOVRORDYYRFDWRFRQVHJQDYDLWUHDVVHJQLGLFRQFRUGDQGROLEHUDPHQWHFRQLFOLHQWLLOSDJDPHQWRGLSHUFLDVFXQDGHOOHWUH
SUDWLFKHLOWXWWRQHOODPELWRGLSHUFHQWXDOLQRUPDOLSHUJOLLPSRUWLFDSLWDOLGLFXLWUDWWDVL
FODYYRFDWRDQFKHGRSROLQL]LRGHOODFDXVDGLFXLQRQHUDSDWURQRHVVHQGRORJOLDOWULGXHVXRLFROOHJKLFRQWLQXDYDDFROWLYDUHOHWUDWWDWLYH
VWUDJLXGL]LDOLFRQODFRPSDJQLDDVVLFXUDWULFHFKHLQHIIHWWLVLFRQFOXGHYDQRSRVLWLYDPHQWHFRQODEEDQGRQRGHOODFDXVD
GODSDUFHOODGLOXQJLGDUDSSUHVHQWDUHXQDXOWHULRUHULFKLHVWDGLRQRUDULHUDVRORODGLPRVWUD]LRQHSUDWLFDGHOOHQWLWjGHOODYRURVYROWR
HGLOYDORUHGHOODWWLYLWjGLIHQVLYD
HFRQODWUDQVD]LRQHILQDOHDFFHWWDWDGDLFOLHQWLDLWUHDYYRFDWLSHUYHQLYDQRGDSDUWHGHOODVVLFXUD]LRQHXOWHULRUL

/DYYRFDWRLQROWUHVSLHJDYDGRPDQGHULFRQYHQ]LRQDOLFRQOHTXDOL

FKLHGHYDQHLFRQIURQWLGLWXWWLJOLDWWRULODVRPPDGLSHUODWWLYLWjGLIHQVLYDVYROWDDIDYRUHGL'HO'HG(QHOODPELWRGHO
SURFHGLPHQWRSHQDOHDSHUWRDVHJXLWRGHOORPLFLGLRFROSRVRGL*3SUHVVROD3URFXUDGHOOD5HSXEEOLFDGL5RPDFRPHLQGDJLQLGLIHQVLYH
FROORTXLSDUWHFLSD]LRQHDOODFRQVXOHQ]DDIILGDWDDOPHGLFROHJDOHGDO30HWF
FKLHGHYDQHLFRQIURQWLGL'HOHSHUHVVDGHFHGXWDQHLFRQIURQWLGL$%H&TXDOLVXRLHUHGLLOSDJDPHQWRGHOORQRUDULRSHUODWWLYLWj
GLIHQVLYDFRQVLVWLWDQHOODFXUDGLXQULFRUVRSHUVHSDUD]LRQHSHUVRQDOHGHLFRQLXJL
FKLHGHYDQHLFRQIURQWLGL%LOSDJDPHQWRGHOORQRUDULRSHUODWWLYLWjGLIHQVLYDFRQVLVWLWDQHOODVVLVWHQ]DVWUDJLXGL]LDOHLQXQDTXHVWLRQHGL
ULVROX]LRQHGLXQFRQWUDWWRGLORFD]LRQH
FKLHGHYDQHLFRQIURQWLGL%LOSDJDPHQWRGHOORQRUDULRSHUODWWLYLWjGLIHQVLYDFRQVLVWLWDQHOODVVLVWHQ]DVWUDJLXGL]LDOHLQXQDTXHVWLRQH
FRPPHUFLDOHUHODWLYDDOODULVROX]LRQHGLXQFRQWUDWWRGLIRUQLWXUHGLEHQLPRELOL
FKLHGHYDQHLFRQIURQWLGL$LOSDJDPHQWRGHOORQRUDULRSHUODWWLYLWjGLIHQVLYDFRQVLVWLWDQHOODVVLVWHQ]DVWUDJLXGL]LDOHLQXQDTXHVWLRQH
UHODWLYDDOGLULWWRGLYLVLWDGHOODILJOLDQHLFRQIURQWLGHOODPDGUH

,QFDVRGLFRQGDQQDFKLHGHYDLQROWUHGLHVVHUHPDQOHYDWRGDOODYY

&RQRUGLQDQ]DGHOLOJLXGLFHIRUPXODYDROWUHDGXQDSURSRVWDH[DUWELVFSFODYYLRGLXQHVSHULPHQWRGLPHGLD]LRQHDLVHQVLGHO
QRYHOODWRDUWFR,,GHOGHFUOJVO
,OVHQVRGHOODSURSRVWDHUDFKHODSHUFH]LRQHGHOODVRPPDGLGDSDUWHGHOODYYGDOODVVLFXUD]LRQHDVHJXLWRGLWUDQVD]LRQHGLXQDFDXVDSHU
ODTXDOHDGLIIHUHQ]DGHJOLDOWULGXHDYYRFDWLFRQYHQXWLQRQDYHYDULFHYXWRSURFXUDHGDOODTXDOHQRQDYHYDSDUWHFLSDWRQRQDSSDULYDVXIIUDJDWDGD
DOFXQUDJLRQHYROHWLWRORDYHQGRSHUDOWURLOSUHGHWWRSURIHVVLRQLVWDULFHYXWRJLjSHUODIDVHVWUDJLXGL]LDOHGDSDUWHGHOODVVLFXUD]LRQH
(SHUWDQWRODSURSRVWDQRQDFFRJOLHQGR FRPHUHQGHYDHGRWWDODIUDVHDWLWRORQRQUHVWLWXWRULR ODSURVSHWWD]LRQHDWWRUHDFRQVLVWHQWHGHOODULFKLHVWDGL
UHVWLWX]LRQHGHOODVRPPDFLRq; FRPXQTXHGRYXWDDLWUHGLIHQVRULLQUDJLRQHGHOEHQHILFLRHFRQRPLFRDGHVVLSURFXUDWR LQYLWDYD
ODYYRFDWRDFRUULVSRQGHUHDJOLDWWRULODVRPPDSHUFHSLWDVHQ]DWLWROR  QRQFRQGLYLGHQGRVLODQRQSURYDWDFDXVDOHDGGRWWDSHUWDOH
SHUFH]LRQHGDOPHGHVLPR
4XDQWRDOODGRPDQGDULFRQYHQ]LRQDOHOXQLFDFKHVLULWLHQHDPPLVVLELOHQHLFRQIURQWLGHJOLDWWRULTXHOODVXEQFKHSUHFHGHVXOODEDVHGHJOLDWWLVL
ULWHQXWRFKHODVRPPDGLIRVVHGHOWXWWRVDWLVIDWWLYDGHOODSUHVWD]LRQHVWUDJLXGL]LDOHVYROWDGDOODTXDOHHVXODQROHSLULOHYDQWLDWWLYLWj
SHQDOLVWLFKHSURSULHGHOODYYRFDWRQRQHVVHQGRYLVWDWDQHSSXUHDVVLVWHQ]DDGLEDWWLPHQWLRXGLHQ]HGDYDQWLDO*,3HQRQSUHVHQWDQGRODIDWWLVSHFLH
DOFXQDFDUDWWHULVWLFDGLVSHFLDOLWj
3UHOLPLQDUHSHUzDGRJQLDOWUDLQGDJLQHHYDOXWD]LRQHGLPHULWRqODYHULILFDUHODWLYDDOODSURFHGLELOLWjGHOOHGRPDQGH GHJOLDWWRULHULFRQYHQ]LRQDOH
GHOODYY 

1HOSURYYHGLPHQWRROWUHDGXQSURSRVWDGHOJLXGLFHIRUPXODWDDLVHQVLGHOODUWELVLQFDVRGLQRQUDJJLXQJLPHQWRGHOODFFRUGRYHQLYDFRQFHVVR
XQWHUPLQHILQRDOSHUGHSRVLWDUHSUHVVRXQRUJDQLVPRGLPHGLD]LRQHODUHODWLYDGRPDQGD
$OOXGLHQ]DGHOYHQLYDHFFHSLWDGDLFRQYHQXWLOLPSURFHGLELOLWjGHOOHGRPDQGHGHJOLDWWRULSHULQRWWHPSHUDQ]DGHOOLQYLWRGHOJLXGLFHGL
LQWURGXUUHODGRPDQGDGLPHGLD]LRQH
,QYHURULVXOWDFKHVLDVWDWDDYDQ]DWDGRPDQGDGLPHGLD]LRQHGDSDUWHGHOODYYRFDWRPHQWUHQHVVXQDLVWDQ]DGLPHGLD]LRQHqVWDWDGHSRVLWDWDGDJOL
DWWRUL
,OYHUEDOHGLPHGLD]LRQHGHOqGHOVHJXHQWHWHQRUH

2UJDQLVPRGL0HGLD]LRQH)RUHQVHGL5RPDLVWDQ]DGHSRVLWDWDLOSDUWHLVWDQWHDYYSDUWLFKLDPDWH$%&'(QRQFKpDYYH
2JJHWWRGHOODFRQWURYHUVLDSDJDPHQWRFRPSHQVLSURIHVVLRQDOLHGRPDQGDGLPDQOHYD
,OPHGLDWRUHGDYDDWWRFKHHUDQRFRPSDUVLODYYRFDWR\\\\DQFKHTXDOHSURFXUDWRUHVSHFLDOHGHOODSDUWHLVWDQWHPXQLWRGLSURFXUDVSHFLDOHFKH
GHSRVLWDHWXWWHOHSDUWLFKLDPDWHQRQDYYRFDWLDVVLVWLWHGDOODYY[[[[
,OPHGLDWRUHLQIRUPDYDOHSDUWLLQRUGLQHDOOHPRGDOLWjDOOHUHJROHHGDOOHILQDOLWjGHOODSURFHGXUDGLPHGLD]LRQH/DYY\\\\SURGXFHYDDOWUHVu
GXHHPDLOWUDVPHVVHGDLFROOHJKLFKHDVVLVWRQRJOLDYYWLHQHOOHTXDOLULVXOWDFKHLOSULPRWUDPLWHODYYRFDWR%QRQqLQWHUHVVDWRDOOD
SURFHGXUDPHQWUHLOVHFRQGRWUDPLWHODYYRFDWR&SXUDYHQGRULFHYXWRODFRQYRFD]LRQHQRQqFRPSDUVR,OPHGLDWRUHSURFHGHDOODXGL]LRQH
FRQJLXQWDDOOHVLWRGHOODTXDOHDQFKHLQUDJLRQHGHOODVVHQ]DGHOOHDOWUHGXHSDUWLORVWHVVRPHGLDWRUHGLFKLDUDFKLXVDODSURFHGXUDGLPHGLD]LRQH
SHUPDQFDWRDFFRUGR

,SUREOHPLFKHYDQQRDIIURQWDWLHULVROWLVRQRLVHJXHQWL

DVHDOILQHGLUHQGHUODSURFHGLELOHYDGDSURSRVWDXQDGRPDQGDGLPHGLD]LRQHGDOVRJJHWWRFKHKDDYDQ]DWRGRPDQGDULFRQYHQ]LRQDOHLQXQD
PDWHULDULHQWUDQWHIUDTXHOOHGLFXLDOFRPPDELVGHOODUWGHOGHFUOJVOHTXLQGLSUHYLVWDTXDOHFRQGL]LRQHGLSURFHGLELOLWjDOORUFKp
QHVVXQDDOWUDGHOOHGRPDQGHDYDQ]DWHGDOOHDOWUHSDUWLULHQWULLQWDOLPDWHULHHTXDOLFRQVHJXHQ]HVFDWXULVFDQRGDOODGHOODPDQFDWDSURSRVL]LRQH
GHOODGRPDQGDGLPHGLD]LRQH
EVHRYHQRQULFKLHVWDFRQJLXQWDPHQWHQHOFDVRLQFXLVLDODGRPDQGDGHOODWWRUHFKHTXHOODULFRQYHQ]LRQDOHGHOFRQYHQXWRDIIHULVFDQRDOOH
PDWHULHGLFXLDOFRPPDELVGHOGHFUOJVOPHGLD]LRQHREEOLJDWRULDODULFKLHVWDGLPHGLD]LRQHYDGDSURSRVWDQRQVRORGDOODWWRUHPD
DQFKHGDOODSDUWHFKHKDSURSRVWRODGRPDQGDULFRQYHQ]LRQDOH2SHUFRQWURVHODLQWURGX]LRQHGDSDUWHGLXQDTXDOVLDVLGHOOHSDUWLDWWRUHR
FRQYHQXWRLQULFRQYHQ]LRQDOHGHOODSURFHGXUDGLPHGLD]LRQHVLDVXIILFLHQWHDULWHQHUHUHDOL]]DWDSRVLWLYDPHQWHSHUWXWWHOHSDUWLODFRQGL]LRQHGL
SURFHGLELOLWj ODIDWWLVSHFLHLQHVDPHULJXDUGDLOSULPRFDVRFRQULIHULPHQWRDPHGLD]LRQHGHPDQGDWDGDOJLXGLFH 
FTXDOLVLDQRJOLRQHULUHODWLYLDOODSURSRVL]LRQHGHOODULFKLHVWDGLPHGLD]LRQHLQFDSRDOODWWRUHHGLQFDSRDOFRQYHQXWRFKHDEELDSURSRVWR
GRPDQGDULFRQYHQ]LRQDOHLQFDVRGLPHGLD]LRQHGHPDQGDWDGDOJLXGLFHDLVHQVLGHOVHFRQGRFRPPDGHOODUWGHOGHFUOJVO

&KLVFULYHKDJLjSUHVRLQHVDPHSDU]LDOPHQWHWDOXQDGHOOHTXHVWLRQLFKHSUHFHGRQRFRQXQRUGLQDQ]DFKHLQWHUYHQLYDLQXQDFRQWURYHUVLDGL
ORFD]LRQH PDWHULDQHOODTXDOHLOSUHYLRHVSHULPHQWRGHOODPHGLD]LRQHHUDJLjQHOWHVWRGLOHJJHLQL]LDOHSUHYLVWRFRPHREEOLJDWRULR GLFKLDUDQGROD
QHFHVVLWjSHUODSURFHGLELOLWjGHOODGRPDQGDULFRQYHQ]LRQDOHGHOOLQWLPDWRQHOODIDVHRUGLQDULDVXFFHVVLYDDTXHOODVRPPDULDGHOOHVSHULPHQWRGHOOD
SURFHGXUDGLPHGLD]LRQHQRQDWWLYDWDGDOORFDWRUHDWWRUH
4XHOODFKHVHJXHqODPRWLYD]LRQHGHOORUGLQDQ]DGHO
/HGRPDQGHULJXDUGDQWLPDWHULHVRJJHWWHDPHGLD]LRQHREEOLJDWRULDVRQRVRWWRSRVWHDOODGLVFLSOLQDSHUWDOHSURFHGLPHQWRSUHYLVWDTXDOHFKHVLDOD
SDUWHSURSRQHQWHHODIDVHGHOJLXGL]LRQHOODTXDOHODGRPDQGDYLHQHLQWURGRWWD
3LVSHFLILFDPHQWHQXOOD VHQRQLPSHUIH]LRQLGLWHFQLFDOHJLVODWLYD DXWRUL]]DDULWHQHUHLOFRQWUDULR
/DOHJJHQRQGLVWLQJXHIUDGRPDQGDGHOODWWRUHHGRPDQGDULFRQYHQ]LRQDOHGHOFRQYHQXWR RGHOWHU]R 
/DUWGHOGHFUOJVOSUHYHGHLQIDWWLFKHFKLLQWHQGHHVHUFLWDUHLQJLXGL]LRXQD]LRQHUHODWLYDDGHWHQXWRSUHOLPLQDUPHQWHDHVSHULUHLO
SURFHGLPHQWRGLPHGLD]LRQHDLVHQVLGHOSUHVHQWHGHFUHWR
/DGRPDQGDJLXGL]LDOHTXHOODGHOODWWRUHFRPHSXUHTXHOODGHOFRQYHQXWR RGHOWHU]R LQYLDULFRQYHQ]LRQDOHVLTXDOLILFDFRPHWDOHHFLzq
VXIILFLHQWHRYHDYHQWHDGRJJHWWRXQDGHOOHPDWHULHGLFXLDOSULPRFRPPDGHOODUWGHOGHFUOJVODULWHQHUODVRJJHWWDDOODGLVFLSOLQDGHOOD
PHGLD]LRQHREEOLJDWRULD
1RQqVXIILFLHQWHSURYDLQFRQWUDULRLOULFKLDPRFKHVLOHJJHQHOODUWDOFRQYHQXWRTXDOHVRJJHWWRFKHSXzHFFHSLUHIHUPDUHVWDQGRODSDULSRWHVWj
GHOJLXGLFHLQOLPLQHOLWLVLOPDQFDWRHVSHULPHQWRGHOSURFHGLPHQWRGLPHGLD]LRQH
&LzLQTXDQWRQRQqODFROORFD]LRQHGHOODSDUWH VXOIURQWHGHOODWWRUHRLQTXHOORGHOFRQYHQXWR DGHFLGHUHVHODPHGLD]LRQHqREEOLJDWRULDPDLO
FRQWHQXWRGHOODGRPDQGDJLXGL]LDOHGRPDQGDFKHFRPHqQRWRSXzHVVHUHGLVSLHJDWDVLDGDOODWWRUHHVLDLQYLDULFRQYHQ]LRQDOHGDOOHDOWUHSDUWLGHO
JLXGL]LR FRQYHQXWRHWHU]RFKLDPDWR 
/DLPSUHFLVLRQHGHOOHVSUHVVLRQHFRQYHQXWRGHOUHVWRVLULFDYDDQFKHGDDOWULLQGL]LULOHYDWRULFRPHDGHVHPSLRODLQDGHJXDWH]]DGHOWHUPLQHD
UHJRODUHOHIDWWLVSHFLHGLRSSRVL]LRQHDGHFUHWRLQJLXQWLYR
(YLGHQWHHVLJHQ]DGLJDUDQ]LDGLSDULGLULWWLSHURJQLSDUWHSURFHVVXDOHLPSRQHXQDLQWHUSUHWD]LRQHFRVWLWX]LRQDOPHQWHRULHQWDWDGHOODQRUPDFKH
ULGXFDDPHUDLPSHUIH]LRQHWHFQLFDLOSUHGHWWRULIHULPHQWRLQPRGRWDOHGDDVVLFXUDUHFKHRJQLGRPDQGDJLXGL]LDOHLQVXELHFWDPDWHULDTXDOHFKHVLD
ODSDUWHFKHODSURSRQHGHEEDHVVHUHSUHFHGXWDGDWHQWDWLYRGLPHGLD]LRQH
/HYHQWXDOHLPSURFHGLELOLWjLQTXHVWRFDVRVDUjULIHULWDQRQDOOLQWHURJLXGL]LRPDVRORDTXHOODSDUWHGLHVVRUHODWLYDDOODGRPDQGDFDUHQWHSHU
RPHVVDPHGLD]LRQH

7DOHJLXULVSUXGHQ]DPHULWDGLHVVHUHDOODOXFHGHOOHVSHULHQ]DILQTXLPDWXUDWDSUHFLVDWDHGLQWHJUDWDQHOVHQVRGLFKLDULUHPHJOLRFRQDGHJXDWD
PRWLYD]LRQHOHVROX]LRQLFKHVLULWHQJRQRJLXVWHHGDSSURSULDWHDOFRQWHVWRQRUPDWLYR
9DTXLQGLDIIHUPDWRLQSULPROXRJRHSHULOPRPHQWRDFFDQWRQDQGRLOFRQWHVWRGHOODPHGLD]LRQHGHPDQGDWDGDOJLXGLFHHVHQ]DFKHSRVVDQR
UHVLGXDUHUDJLRQHYROLGXEELFKHODGGRYHODGRPDQGDGHOODWWRUHQRQVLDVRJJHWWDDPHGLD]LRQHREEOLJDWRULDH[DUWFRPPDELVPHQWUHORVLD
TXHOODULFRQYHQ]LRQDOHGHOFRQYHQXWRSHUDYHUHDGRJJHWWRXQDGHOOHPDWHULHIUDTXHOOHLQGLFDWHQHOODQRUPDVXGGHWWDFRVWLWXLVFHLQHOXGLELOHRQHUHGL
TXHVWXOWLPRSURSRUUHULWXDOHHWHPSHVWLYDLVWDQ]DGLPHGLD]LRQHDOILQHGLUHQGHUHSURFHGLELOHODVXDGRPDQGDULFRQYHQ]LRQDOH
,QPDQFDQ]DODGRPDQGDULFRQYHQ]LRQDOH HGHVVDVRODDWWLQJHQGRHVFOXVLYDPHQWHWDOHGRPDQGDDOOHPDWHULHGLFXLDOFRPPDELVGHOODUW YD
GLFKLDUDWDLPSURFHGLELOH
9DULFRUGDWRFKHODGRPDQGDULFRQYHQ]LRQDOHqFRVDEHQGLYHUVDGDOOHHFFH]LRQLYDULDPHQWHTXDOLILFDWHFKHSRVVRQRHVVHUHVROOHYDWHGDOFRQYHQXWR
4XHVWHXOWLPHQRQKDQQRYLWDSURSULDSRVVRQRDOFRQWUDULRYLYHUHVRORDOOLQWHUQRGHOODFDXVDHGLQUHOD]LRQHDOOHGRPDQGHDYYHUVDULHDOOHTXDOLVL
RSSRQJRQR
%HQDOWUDFRVDODGRPDQGDULFRQYHQ]LRQDOHODTXDOHFRPHGLPRVWUDLOSURVLHJXRTXHVWDFDXVDSXzHVVHUHGLVSLHJDWDDQFKHDXWRQRPDPHQWHDOWURYH
LQXQDOWURSURFHGLPHQWRDQFKHDVVXPHQGRVHGHOFDVRIRUPDHYHVWHGLGRPDQGDDWWRUHD
/DGRPDQGDULFRQYHQ]LRQDOHFRQWLHQHODULFKLHVWDGLXQDSURQXQFLDFKHKDSHURJJHWWRXQEHQHGHOODYLWD LQVHQVRODWR FKHODSDUWHULFKLHGHDO
JLXGLFH
(VVDqLGRQHDDVXSSRUWDUHXQDXWRQRPDFDXVDHFRQWURYHUVLDHFRPHWDOHRYHSUHYLVWRRRUGLQDWRGDOJLXGLFHqVRJJHWWDDOOHUHJROHGLSURFHGLELOLWj
SUHYLVWHGDOODUWGHFUOJVO
&RPHFRQIHUPDWHVWXDOPHQWHLOVHFRQGRSHULRGRGHOFRPPDELVGHOODUWOFLWDOORUFKpSUHYHGHQGRFKHOHVSHULPHQWRGHOSURFHGLPHQWRGL
PHGLD]LRQHqFRQGL]LRQHGLSURFHGLELOLWjGHOODGRPDQGDJLXGL]LDOHULIHULVFHWDOHVDQ]LRQHDOOD'20$1'$JLXGL]LDOH
'DTXDOVLDVLSDUWHSURYHQJDSXUFKpVLDXQYHUDHSURSULDGRPDQGD QRQHFFH]LRQHRDOWUR 
3LFRPSOHVVRqULVSRQGHUHDOTXHVLWRVXE%
,OSUREOHPDFKHLQTXHVWRFDVRVLSRQHSXzHVVHUHYDOXWDWRLQYDULPRGL
6LSRWUHEEHULWHQHUHFKHXQDYROWDFKHODWWRUHDEELDLQWURGRWWRODSURFHGXUDGLPHGLD]LRQHFLzYDOJDDULWHQHUHUHDOL]]DWDODFRQGL]LRQHGL
SURFHGLELOLWjSHUWXWWHOHGRPDQGHVLDHVVDTXHOODGHOODWWRUHVLDTXHOODULFRQYHQ]LRQDOHGHOFRQYHQXWR
(FKHHJXDOHHIIHWWRSURGXFDOLQWURGX]LRQHGHOODGRPDQGDGLPHGLD]LRQHGDSDUWHGHOVRORFRQYHQXWRLQULFRQYHQ]LRQDOH
,QWHUSUHWD]LRQHFKHKDOLQGXEELRYDQWDJJLRGLVHPSOLILFDUHLQXQFRQWHVWRQHOTXDOHLOOHJLVODWRUHqULPDVWRVLOHQWHORVYROJLPHQWRGHOODSURFHGXUD
GLPHGLD]LRQHFKHSRWUHEEHLQWDOHPRGRULWHQHUVLHVSOHWDWDHODFRQGL]LRQHGLSURFHGLELOLWjVRGGLVIDWWDSXUFKpWXWWHOHSDUWLYLDEELDQRQHLPRGLGL
OHJJHSDUWHFLSDWR
$OWUDHGLYHUVDLSRWHVLqTXHOODGLULWHQHUHFKHFLDVFXQDGHOOHSDUWLWLWRODULGLXQGLULWWRD]LRQDWRVRWWRIRUPDGLGRPDQGDYHUDHSURSULD QRQGL
HFFH]LRQHQRQGLHFFH]LRQHULFRQYHQ]LRQDOH FRPHORqODGRPDQGDULFRQYHQ]LRQDOHVLDRQHUDWDDOILQHGLUHDOL]]DUHODFRQGL]LRQHGLSURFHGLELOLWj
FKHVXVVLVWHUDWLRQHPDWHULDHQHLFDVLGLFXLDOODUWELVFLWRYYHURQHOFDVRGLPHGLD]LRQHGHPDQGDWDGDOJLXGLFHDSUHVFLQGHUHGDOODPDWHULDH
ULIHULELOHDWXWWHOHSDUWLHGRPDQGHVHQ]DGLVWLQ]LRQH GLSURSRUUHRYHQRQFRQJLXQWDLVWDQ]DGLPHGLD]LRQHVDOYDODRSSRUWXQDULXQLRQHGHOOH
SURFHGXUHGLPHGLD]LRQHDFXUDGHOORUJDQLVPRSUHYHQWLYDPHQWHFRPSXOVDWR
4XHVWDVHFRQGDWHVLULVXOWDDOOHYLGHQ]DSLIDUUDJLQRVDHQRQPHULWDGLHVVHUHDFFROWD
(GLQHIIHWWLVLSXzHYLWDUHGLULWHQHUODSHUFRUULELOHPDDGHWHUPLQDWHFRQGL]LRQL
,QVLQWHVLFKHQHOFDVRLQFXLVLDODGRPDQGDGHOODWWRUHFKHTXHOODGHOFRQYHQXWRLQULFRQYHQ]LRQDOHDEELDQRDGRJJHWWROHPDWHULHGLFXLDOODUW
FRPDELVGHOGHFUOJVOFRVuFRPHQHOFDVRGLLPSXOVRGHOJLXGLFHDLVHQVLGHOVHFRQGRFRPPDGLWDOHDUWLFROR PHGLD]LRQHGHPDQGDWD
DOPHQRXQDGHOOHSDUWLDEELDLQWURGRWWRXQDYDOLGDHFRPSOHWDGRPDQGDGLPHGLD]LRQH
3HUFRPSUHQGHUHPHJOLRLOVLJQLILFDWRGLFLzFKHVLqDIIHUPDWRRFFRUUHIDUHXQSDVVRLQGLHWURHSUHFLVDPHQWHULDQGDUHDOODUWGHOGHFUHWROJV
7DOHQRUPDSUHYHGHDOSULPRFRPPDFKH
ODGRPDQGDGLPHGLD]LRQHUHODWLYDDOOHFRQWURYHUVLHGLFXLDOODUWLFRORqSUHVHQWDWDPHGLDQWHGHSRVLWRGLXQLVWDQ]DSUHVVRXQRUJDQLVPRQHOOXRJR
GHOJLXGLFHWHUULWRULDOPHQWHFRPSHWHQWHSHUODFRQWURYHUVLD,QFDVRGLSLGRPDQGHUHODWLYHDOODVWHVVDFRQWURYHUVLDODPHGLD]LRQHVLVYROJHGDYDQWL
DOORUJDQLVPRWHUULWRULDOPHQWHFRPSHWHQWHSUHVVRLOTXDOHqVWDWDSUHVHQWDWDODSULPDGRPDQGD3HUGHWHUPLQDUHLOWHPSRGHOODGRPDQGDVLKD
ULJXDUGRDOODGDWDGHOGHSRVLWRGHOOLVWDQ]D
(GDOVHFRQGRFRPPDFKHVSHFLILFDPHQWHLQWHUHVVDFKH
OLVWDQ]DGHYHLQGLFDUHORUJDQLVPROHSDUWLORJJHWWRHOHUDJLRQLGHOODSUHWHVD
4XDOqODUDJLRQHSHUFXLODGRPDQGDFKHLQWURGXFHLOSURFHGLPHQWRGLPHGLD]LRQHGHYHLQGLFDUHFRPHGLFHODOHJJHORJJHWWRGHOODSUHWHVD"
/DULVSRVWDqDJHYROHHLQWXLWLYD
(ULJXDUGDODQHFHVVLWjGHOODLQGLYLGXD]LRQHGHOODFDXVDSHWHQGLHGHOSHWLWXP
1RQYLqLOSURSRVLWRFKHVDUHEEHHUUDWRHIXRULOXRJRYLVWDODLQIRUPDOLWjFKHLVSLUDODSURFHGXUDGLPHGLD]LRQHGLSURFHGLPHQWDUODDJXLVDGLXQD
VXUUHWWL]LDLPLWD]LRQHRWUDVSRVL]LRQHLQHVVDGLUHJROHFKHDWWHQJRQRDOFRQWHQ]LRVRJLXGL]LDULRHGDOODSURFHGXUDFLYLOH
'HYHSLXWWRVWRFRQWHQHUORSHUFKpVHYLHQHSURSRVWDDGHVHPSLRXQDGRPDQGDFRQODTXDOHVLULFKLHGHLOULVWRURGHLGDQQLDVHJXLWRGLXQDFDGXWD
FDXVDWDGDXQDVFRQQHVVLRQHGHOPDUFLDSLHGHQRQVLSXzULWHQHUHVRGGLVIDWWDODFRQGL]LRQHGLSURFHGLELOLWjSUHYLVWDSHUODGRPDQGDUHODWLYDDO
ULVDUFLPHQWRSHUXQLQYHVWLPHQWRDGRSHUDGLXQYHLFROR
,QDOWUHSDUROHVHqFRQGLYLVLELOHSUHGLFDUHFKH

DGHYHHVLVWHUHFRUULVSRQGHQ]DIUDLOFRQWHQXWRGHOODFRQWURYHUVLDFKHVLSRUWDLQPHGLD]LRQHHODGRPDQGDFRQODTXDOHVLLQWURGXFHOD
PHGLD]LRQHGLWDOHFRQWURYHUVLD
EHFKHWDOHFRUULVSRQGHQ]DGHEEDHVVHUHYDOXWDWDFRQXQDFHUWDDPSLDODWLWXGLQH QHOVHQVRFKHQRQqRSSRUWXQRSUHWHQGHUHXQDSHUIHWWD
JHRPHWULFDFRUULVSRQGHQ]DSURSULRSHUODULFRUGDWDLQIRUPDOLWjGHOODSURFHGXUDGLPHGLD]LRQH HLQILQH
FFKHODFRUULVSRQGHQ]DGHYHHVVHUHULIHULWDDLIDWWLSLFKHDOODORURGHILQL]LRQHJLXULGLFDQRQSXzHVVHUHUHYRFDWRLQGXEELRFKHODFRQGL]LRQH
GLSURFHGLELOLWjSRWUjULWHQHUVLULPRVVDVRORGRYHWDOHFRUULVSRQGHQ]DQHOODVRVWDQ]DVXVVLVWD

/DUDJLRQHGLWDOHQHFHVVDULDFRUULVSRQGHQ]DqLQWXLWLYD
/DOHJJHLPSRQHFKHODPHGLD]LRQHVLVYROJDIUDOHSDUWLVXFLzFKHqLOUHDOHFRQFUHWRRJJHWWRGHOORURFRQWHQGHUHDOWULPHQWLVDUHEEHXQDPHGLD]LRQH
VIDVDWDPRQFDGLVDVVDWDULVSHWWRDOODFRQWURYHUVLD(TXLQGLSUREDELOPHQWHLQHIILFDFHSHUFKpQRQDWWLQJHUHEEHDOORJJHWWRHGDOOHUDJLRQLHIIHWWLYH
GHOFRQIOLWWR
/DVWHVVDOHJJHLQGLYLGXDQGRPDWHULHSHUOHTXDOLODPHGLD]LRQHqREEOLJDWRULDRDXWRUL]]DQGRLOJLXGLFHDGLQFDQDODUHODFRQWURYHUVLDQHOOD
SURFHGXUDGLPHGLD]LRQHLPSXOVRDVVLVWLWRGDOODVWHVVDVDQ]LRQHGLLPSURFHGLELOLWjSHUOLQRVVHUYDQ]DSUHVXSSRQHQHFHVVDULDPHQWHODQHFHVVLWjGHOOD
SRVLWLYDYHULILFDGLWDOHFRUULVSRQGHQ]DDOILQHGLDIIHUPDUHODYYHQXWDUHDOL]]D]LRQHGHOODFRQGL]LRQH
,QILQHqVWHVVRHVLWRFKHQRQSXzFKHDXVSLFDUVLQHOORVSLULWRGHOODOHJJHSRVLWLYRFRQODFFRUGRGHOOHSDUWLFKHLQGXFHDULWHQHUHQHFHVVDULRR
TXDQWRPHQRXWLOHFKHLVRJJHWWLFRQYRFDWLGHEEDQRDYHUHSUHYHQWLYDPHQWHHFKLDUDPHQWHHVSOLFLWDWRORJJHWWRGHOODSURFHGXUDGLPHGLD]LRQHDOOD
TXDOHVRQRLQYLWDWLDSDUWHFLSDUH
&RVuVWDQGROHFRVHSRWUHEEHVRVWHQHUVLQHOFDVRLQHVDPHFKHODPHGLD]LRQHQRQVLVLDHIILFDFHPHQWH DQ]LHSHUOHVDWWH]]DFKHQRQVLVLD
DIIDWWR VYROWDVXOOHVROHGRPDQGHLQWURGRWWHGDJOLDWWRUL(FKHOLQHIILFDFLDGHOODPHGLD]LRQHVRORDGHVVDDWWLQJD
(FKHSHUFRQWURODGRPDQGDULFRQYHQ]LRQDOHGHOODYYRFDWRFRQWURWXWWLJOLDWWRULVLDSHUIHWWDPHQWHSURFHGLELOHDYHQGRLOPHGHVLPRLQWURGRWWRVXGL
HVVDXQDSURFHGXUDGLPHGLD]LRQHLOFXLRJJHWWRqVWDWRFRVuGHOLQHDWRGDOORVWHVVRPHGLDWRUHQHOYHUEDOHVXUULSRUWDWR2JJHWWRGHOODFRQWURYHUVLD
SDJDPHQWRFRPSHQVLSURIHVVLRQDOLHGRPDQGDGLPDQOHYD
2FFRUUHSHUzSHUXQDGLVDPLQDSLDSSURIRQGLWDSDUWLUHGDOORUGLQDQ]DGHOJLXGLFHGHOHILVVDUQHLOFRQWHQXWRLQSDUWHTXD
(EEHQHQRQYLSRVVRQRHVVHUHGXEELFKHORUGLQDQ]DFRHUHQWHPHQWHFRQODGL]LRQHGHOODUWFRPPDVHFRQGRGHOGHFU/JVORUGLQDYDOD
PHGLD]LRQHGHOOLQWHUDFRQWURYHUVLD
1HFRQVHJXHFKHDOILQHGLVRGGLVIDUHDOWHPSRVWHVVRORUGLQHGHOJLXGLFHHODSUHYLVLRQHGLSURFHGLELOLWjFRQGL]LRQDWDDOODGHPSLPHQWRDWDOH
RUGLQHHUDQHFHVVDULRFKHOHSDUWLFRQJLXQWDPHQWHRXQDTXDOVLDVLGHOOHSDUWLDWWLYDVVHURXQDSURFHGXUDGLPHGLD]LRQHVXWXWWDODFRQWURYHUVLDLQ
PRGRFKHWXWWHOHTXHVWLRQLGHGRWWHVLDFRQOHGRPDQGHSULQFLSDOLHVLDFRQTXHOODULFRQYHQ]LRQDOHSRWHVVHURWURYDUHLQJUHVVRFRQIURQWRH
GLVFXVVLRQHGDYDQWLDOPHGLDWRUH
&RQFLzHPHUJHQGRXQDUDGLFDOHVRVWDQ]LDOHGLIIHUHQ]DIUDPHGLD]LRQHREEOLJDWRULD FKHQHFHVVLWDOHVDPHGLTXDOLGRPDQGHVLDQRDIIHUHQWLDOOH
PDWHULHGLFXLDOODUWFRPPDELVGHOGHFUOJVOSRWHQGRHVVHUORVRORDOFXQHGLHVVHHPHGLD]LRQHGHPDQGDWDFKHLQYROJHWXWWDOD
FRQWURYHUVLDHWXWWHOHGRPDQGHDYDQ]DWHGDOOHSDUWL DWWRUHFRQYHQXWRWHU]L 
,QUHDOWjODYYRFDWRKDHTXLYRFDWRLQPRGRULGXWWLYRODSRUWDWDSHUVSLFXDGHOORUGLQDQ]DLQWURGXFHQGRXQDPHGLD]LRQHOLPLWDWDDOODVRODVXD
GRPDQGDULFRQYHQ]LRQDOHGLSDJDPHQWRGHLFRPSHQVLSURIHVVLRQDOL
*OLDWWRULQRQKDQQRSURPRVVRGDOORURFDQWRDOFXQDSURFHGXUDGLPHGLD]LRQHFKHDOODUJDVVHLOWHPDGHOOLQFRQWURDOFRQWHQXWRGHOOHORURGRPDQGH
QpULVXOWDGDOYHUEDOHGHOPHGLDWRUHFKHFLzVLDVWDWRIDWWRSXUVHQ]DXQDGRPDQGDDXWRQRPDHVHSDUDWDQHOFRUVRGHOOLQFRQWURGHO
2FFRUUHDYHUEHQFKLDURFKHTXDOHFKHVLDODWLSRORJLDGHOODPHGLD]LRQHVLDHVVDTXHOODGLFXLDOFRPPDELVGHOODUWVLDTXHOODGLFXLDO
VXFFHVVLYRVHFRQGRFRPPDHVVDGHYHVHPSUHLQYROJHUHOLQWHUDFRQWURYHUVLD VDUHEEHLQIDWWLXQQRQVHQVRSRVWXODUHXQDTXDOFKHSRVVLELOLWjGL
VXFFHVVRHGLDFFRUGRODGGRYHVLDPPHWWHVVHFKHODSURFHGXUDGLPHGLD]LRQHSRVVDWHQHUHIXRULXQDSDUWHDGHVHPSLROHGRPDQGHGHOODWWRUHGDOOD
WUDWWDWLYDLQWDOPRGRFRQILQDWDDOOHVROHGRPDQGHULFRQYHQ]LRQDOLGHOFRQYHQXWRHVHqFRVLHGqFRVuqGDHVFOXGHUHFKHODQRUPDSRVVDHVVHUH
LQWHUSUHWDWDLQTXHVWRPRGR 
$OODVWUHJXDGLWDOLFRQVLGHUD]LRQLHPHUJHODGLYHUVLILFD]LRQHGHOODPHGLD]LRQHREEOLJDWRULDULVSHWWRDTXHOODGHPDQGDWDGDOJLXGLFHDQFKHSHU
TXDQWRFRQFHUQHOHFRQVHJXHQ]HGHOOHUURUH
1HOODPHGLD]LRQHREEOLJDWRULDSHUWDOXQHVROWDQWRGHOOHGRPDQGH DGHVHPSLRSHUFKpODVRODGRPDQGDULFRQYHQ]LRQDOHDWWLQJHDPDWHULHGLFXL
DOODUWFRELV ODYHUSURSRVWRLQFRPSLXWDPHQWHODGRPDQGDGLPHGLD]LRQHFRQILQDQGRODDOODVRODWUDWWD]LRQHGLWDOHULFRQYHQ]LRQDOHFRQGDQQD
DOOLPSURFHGLELOLWjVRORWDOHGRPDQGDQRQSURSDJDQGRVLLOYL]LRDOOHGRPDQGHGHJOLDWWRULFKHVRJJHWWHQRQYLVLDQR
1HOFDVRGHOODPHGLD]LRQHGHPDQGDWDGDOJLXGLFHODVLWXD]LRQHqGLYHUVD
,QTXHVWRFDVRQHOTXDOHODFRQGL]LRQHGLSURFHGLELOLWjSUHVFLQGHGDOODPDWHULDWXWWHOHGRPDQGHLQGLIIHUHQWHPHQWHTXHOOHGHJOLDWWRULTXHOOHGHL
FRQYHQXWLHTXHOOHGHLWHU]LVRQRVRJJHWWHDPHGLD]LRQHHLQTXHVWRFDVRDYHUFRQILQDWRORJJHWWRGHOODPHGLD]LRQHDGXQDSDUWHVROWDQWRGHOOD
FRQWURYHUVLD LOFKHHTXLYDOHDGDYHUHLQWURGRWWRYLRODQGRLQGLIHWWRODGLVSRVL]LRQHLPSDUWLWDGDOJLXGLFHXQDPHGLD]LRQHPRQFD FRPSRUWDFKH
OLPSURFHGLELOLWjVLSURSDJDDWXWWHOHGRPDQGH
,QTXHVWRFRQWHVWRDUWVHFRQGRFRPPDSHUHYLWDUHWDOHFRQVHJXHQ]DqQHFHVVDULDODSURSRVL]LRQHGDDOPHQRXQDGHOOHSDUWLGLXQDGRPDQGDGL
PHGLD]LRQHFKHSRVVDULWHQHUVLLQTXDQWRULIHULWDDOOLQWHUDFRQWURYHUVLDHGDOFRQWHQXWRGLWXWWHOHGRPDQGHFKHODLQWHUVHFDQRULWXDOHHFRPSLXWD
1HOFDVRLQHVDPHSRLFKpODSURFHGXUDGLPHGLD]LRQHGHPDQGDWDLQWURGRWWDGDXQRGHLFRQYHQXWLDYHYDDGRJJHWWRVRORODVXDGRPDQGD
ULFRQYHQ]LRQDOHHGHUDTXLQGLLUULWXDOHSHUODUDJLRQHGLDQ]LVSLHJDWDHSRLFKpQHVVXQDGHOOHDOWUHSDUWLKDLQWURGRWWRXQDULWXDOHLVWDQ]DGL
PHGLD]LRQHFKHLQYROJHVVHOLQWHUDFRQWURYHUVLDHSRLFKpVLYHUWHLQWHPDGLPHGLD]LRQHGHPDQGDWDGDOJLXGLFHLQDPELWRGLYHUVRGDTXHOORGLFXL
DOODUWFRPPDELVGHYHFRHUHQWHPHQWHFRQFOXGHUVLFKHORUGLQHGHOJLXGLFHQRQqVWDWRULWXDOPHQWHRWWHPSHUDWRHFKHODPHGLD]LRQHqVWDWD
LQHIILFDFHPHQWHLQWURGRWWDHVYROWD
'DOODSUHYLVLRQHGHOODUWFR,,FRQVHJXHODLPSURFHGLELOLWjGLWXWWHOHGRPDQGH
6LDTXHOOHGHJOLDWWRULFKHTXHOODGHOFRQYHQXWR
9LVWDODVVROXWDQRYLWjGHOODGHFLVLRQHqJLXVWRFRPSHQVDUHSHULQWHURIUDOHSDUWLOHVSHVHGLFDXVD

340

GHILQLWLYDPHQWHSURQXQ]LDQGRRJQLFRQWUDULDGRPDQGDHFFH]LRQHHGHGX]LRQHUHVSLQWDFRVuSURYYHGH
',&+,$5$LQDPPLVVLELOLOHGRPDQGHULFRQYHQ]LRQDOLGHOODYYGLFXLDLQXPHULGHOSXQWRGLFXLLQPRWLYD]LRQH
'$$772GHOODPDQFDWDULWXDOHDWWLYD]LRQHGHOODSURFHGXUDGLPHGLD]LRQHGHPDQGDWDFKHGRYHYDULJXDUGDUHOLQWHUDFRQWURYHUVLDHWXWWHOH
GRPDQGHGHOOHSDUWL
',&+,$5$LPSURFHGLELOHVLDODGRPDQGDULFRQYHQ]LRQDOHGLFXLDOQXPHULGHOSXQWRGLFXLLQPRWLYD]LRQHGHOODYYHVLDTXHOOHGHJOLDWWRUL
&203(16$SHULQWHUROHVSHVHGLFDXVD

5RPD,O*LXGLFH
GRWWFRQV0DVVLPR0RULFRQL

FRPPHQWL

VHJXLFLVX

$YYLDXQD0HGLD]LRQH
0RWRUHGLULFHUFDSHUODJLXULVSUXGHQ]D
,VFULYLWLDOOD1HZVOHWWHUGL0RQGR$'5

(PDLO

1RPH

&RJQRPH

$]LHQGDRVWXGLR

3URIHVVLRQH

&LWWj

+ROHWWRHDFFHWWRO
LQIRUPDWLYDSULYDF\

,VFULYLWL

*OLDUWLFROLSLOHWWLGL0RQGR$'5

,O0LQLVWUR2UODQGR3HQVRDGXQDOODUJDPHQWRGHOOHPDWHULHREEOLJDWRULDPHQWHGHVWLQDWHDOODPHGLD]LRQH 
'LFKLDUDWDLPSURFHGLELOHODGRPDQGDSHULOPDQFDWRVYROJLPHQWRHIIHWWLYRGHOODPHGLD]LRQHGHPDQGDWDGDOJXLGLFH 
/DIRUPD]LRQHGHJOLDYYRFDWLPHGLDWRULGLGLULWWR4XDOLVRQRJOLVWDQGDUGPLQLPLHVLJLELOLVHFRQGROHLQGLFD]LRQLPLQLVWHULDOLOH
LQWHUSUHWD]LRQLJLXULVSUXGHQ]LDOLHOHLQGLFD]LRQLSURIHVVLRQDOL" 
/D5HOD]LRQHGHOOD&RPPLVVLRQH$OSDVXOODULIRUPDGHJOLVWUXPHQWLGL$'5 
,OFRQWULEXWRGL&RQILQGXVWULDDOOD&RPPLVVLRQHGLVWXGLRSHUODULIRUPDGHJOLVWUXPHQWL$'5 
,OSULPRLQFRQWURGLPHGLD]LRQHXQDIRUPDOLWjGLFDUDWWHUHPHUDPHQWHLQIRUPDWLYRRXQRVQRGRVRVWDQ]LDOHGHFLVLYRSHUODGHILQL]LRQHGHOOD
FRQWURYHUVLD" 
$'5&HQWHUDSUHQXRYL5HVROXWLRQ&HQWHUV)DHQ]D 5$ ,PROD %2 )RUOuH*XDVWDOOD 5(  
9HUEDOHGLPHGLD]LRQHLQFDVRGLULILXWRDSURVHJXLUHROWUHLOSULPRLQFRQWURQRQYHGRQRQVHQWRQRQSDUORRTXDOFRVDOWUR" 

0(',$=,21(($5%,75$72

)250$=,21(

0(',$=,21(21/,1(

&2168/(1=$,17(51$=,21$/(

&RS\ULJKW$'5&HQWHU6UO
$OO5LJKWV5HVHUYHG3,
LQIR#DGUFHQWHUFRP_3ULYDF\3ROLF\_&RRNLH
6('(1$=,21$/(
9LD0DUFDQWRQLR&RORQQD
5RPD,WDO\
W  I  
5(62/87,21&(17(5
5RPD0LODQR%RORJQD%RO]DQR&DWDQLD&LYLWDYHFFKLD
)DHQ]D)HUUDUD)LGHQ]D)RUOL*XDVWDOOD,PROD,VHUQLD
7ROHQWLQR0HVVLQD0RGHQD1DSROL3DOHUPR5LPLQL
6LUDFXVD7RULQR9HOOHWUL9HURQD9LWHUER

Potrebbero piacerti anche