Tariffa Dei Prezzi Edizione 2022 Per Le Opere Pubbliche Edili Ed Impiantistiche Del Lazio

18/01/2022 - BOLLETTINO UFFICIALE DELLA REGIONE LAZIO - N. 7 Ordinario Pag.
59 di 1664
Regione Lazio
Atti della Giunta Regionale e degli Assessori
Deliberazione 13 gennaio 2022, n. 3

Approvazione della Tariffa dei prezzi, edizione 2022, per le opere pubbliche edili ed impiantistiche del Lazio.
18/01/2022 - BOLLETTINO UFFICIALE DELLA REGIONE LAZIO - N. 7 Ordinario Pag. 60 di 1664
OGGETTO: Approvazione della Tariffa dei prezzi, edizione 2022, per le opere pubbliche edili ed
impiantistiche del Lazio.
LA GIUNTA REGIONALE
SU PROPOSTA dell'Assessore ai Lavori Pubblici e Tutela del Territorio, Mobilità;
VISTO lo Statuto della Regione Lazio;
VISTA la legge regionale 18 febbraio 2002, n. 6 recante “Disciplina del sistema organizzativo della
Giunta e del Consiglio e disposizioni relative alla dirigenza ed al personale regionale” e successive
modifiche ed integrazioni;
VISTO il regolamento regionale 6 settembre 2002, n. 1 concernente “Regolamento di organizzazione

degli uffici e dei servizi della Giunta Regionale” e successive modifiche ed integrazioni;
VISTA la legge regionale 12 agosto 2020, n. 11 recante “Legge di contabilità regionale”;
VISTO il regolamento regionale 9 novembre 2017, n. 26, recante “Regolamento regionale di

contabilità”;
VISTA la legge regionale 30 dicembre 2021, n. 20 recante “Legge di stabilità regionale 2022”;
VISTA la legge regionale 30 dicembre 2021, n. 21 recante “Bilancio di previsione finanziario della
Regione Lazio 2022-2024”;
VISTA la deliberazione di Giunta regionale 30 dicembre 2021, n. 992, recante “Bilancio di previsione
finanziario della Regione Lazio 2022-2024. Approvazione del "Documento tecnico di
accompagnamento", ripartito in titoli, tipologie e categorie per le entrate ed in missioni, programmi,
titoli e macroaggregati per le spese”;
VISTA la deliberazione di Giunta regionale 30 dicembre 2021, n. 993, recante “Bilancio di previsione
finanziario della Regione Lazio 2022-2024. Approvazione del "Bilancio finanziario gestionale",
ripartito in capitoli di entrata e di spesa ed assegnazione delle risorse finanziarie ai dirigenti titolari
dei centri di responsabilità amministrativa”;
VISTA la deliberazione di Giunta regionale del 16 marzo 2021, n. 138 con la quale è stato conferito
l’incarico di Direttore ad interim della direzione regionale Lavori Pubblici, Stazione Unica Appalti,
Risorse Idriche e Difesa del Suolo all’Ing. Wanda D’Ercole, Direttore della Direzione Generale;
VISTO il decreto legislativo 18 aprile 2016, n. 50 e s.m.i., recante “Codice dei contratti pubblici” e,
in particolare, l’art. 23, comma 16, che stabilisce, tra l’altro, che per i contratti relativi a lavori, il
costo dei prodotti, delle attrezzature e delle lavorazioni è determinato sulla base dei prezzari regionali
aggiornati annualmente;
VISTA la deliberazione di Giunta regionale del 4 dicembre 2020, n. 955, pubblicata sul B.U.R.L. n.
150 del 10 dicembre 2020, con la quale è stata approvata la “Tariffa dei prezzi, edizione 2020, per le
opere pubbliche edili ed impiantistiche del Lazio”;
CONSIDERATO che, al fine di procedere all’aggiornamento e alla revisione della suddetta Tariffa
dei prezzi sono state attivate iniziative congiunte tra la Regione Lazio, il Ministero delle Infrastrutture
e della Mobilità Sostenibili (Provveditorato Interregionale per le OO. PP. per il Lazio, Abruzzo e
Sardegna), Roma Capitale e le Associazioni di categorie, anche attraverso il gruppo di lavoro
costituito con Decreto del Provveditore n. 42086/PRRM-SEGR. del 13.11.2017, giungendo alla
formazione della “Tariffa dei prezzi Edizione 2022”, quale proposta di aggiornamento della tariffa
dei prezzi 2020;
PRESO ATTO che, il Comitato Tecnico Amministrativo del Provveditorato Interregionale per le
OO. PP. per il Lazio, Abruzzo e Sardegna, in data 2 dicembre 2021, con voto n. 3958, ha espresso
parere favorevole sulla proposta di aggiornamento della Tariffa elaborata dal gruppo di lavoro;
CONSIDERATO che, a seguito del citato voto, il Provveditorato Interregionale alle OO. PP. per il
Lazio, Abruzzo e Sardegna, con proprio Decreto (prot. n.0001644 del 30.12.2021) ha approvato
“l’Aggiornamento, edizione 2022, della Tariffa dei Prezzi per le opere pubbliche edili ed
impiantistiche del Lazio”;
CONSIDERATO che, la Tariffa dei prezzi Edizione 2022, aggiornata e revisionata a cura del
Ministero delle Infrastrutture e della Mobilità Sostenibile (Provveditorato Interregionale alle OO. PP.
per il Lazio, Abruzzo e Sardegna), della Regione Lazio (Direzione Regionale Lavori Pubblici,
Stazione Unica Appalti, Risorse Idriche e Difesa del Suolo) e di Roma Capitale (Dipartimento Sviluppo
Infrastrutture e Manutenzione Urbana), è composta da un’introduzione e dalle seguenti Parti:
Parte A: Opere edili;
Parte B: Opere stradali e infrastrutture a rete;
Parte C: Sistemazione aree a verde e impianti sportivi;
Parte D: Impianti elettrici;
Parte E: Impianti tecnologici;
Parte F: Opere idrauliche e marittime;
Parte G: Interventi di piccola manutenzione;
Parte H: Opere di conservazione e restauro;
Parte S: Costi della sicurezza.
CONSIDERATO che l’uso di una Tariffa dei prezzi unica su scala regionale favorisce l’attuazione
di quanto disposto dal citato d.lgs. 50/2016, anche ai fini dell’attività di rilevazione dei dati relativi
agli appalti, da parte della sezione regionale dell’Osservatorio dei Contratti Pubblici nell’ambito
dell’attività dell’Autorità Nazionale Anticorruzione;
RITENUTO pertanto di approvare la “Tariffa dei prezzi, Edizione 2022”, allegata al presente
provvedimento, di cui forma parte integrante e sostanziale, che entrerà in vigore a far data dalla
pubblicazione sul Bollettino Ufficiale della Regione Lazio;
CONSIDERATO altresì che, con l'entrata in vigore della nuova Tariffa, cessa di avere validità la
Tariffa prezzi 2020 che resta in vigore solo per i progetti già approvati, gli appalti in corso o già
aggiudicati al momento della pubblicazione della presente deliberazione;
ATTESO CHE il presente provvedimento non comporta oneri a carico del bilancio regionale;
DELIBERA
per le motivazioni di cui in premessa, che si intendono integralmente richiamate,
1. di approvare la “Tariffa dei prezzi, Edizione 2022”, per le opere pubbliche edili ed
impiantistiche del Lazio, allegata alla presente deliberazione quale parte integrante e
sostanziale, composta da un’introduzione e dalle seguenti parti:
Parte A: Opere edili;
Parte B: Opere stradali e infrastrutture a rete;
Parte C: Sistemazione aree a verde e impianti sportivi;
Parte D: Impianti elettrici;
Parte E: Impianti tecnologici;
Parte F: Opere idrauliche e marittime;
Parte G: Interventi di piccola manutenzione;
Parte H: Opere di conservazione e restauro
Parte S: Costi della sicurezza;
2. di stabilire che, con l'entrata in vigore della nuova Tariffa, cessa di avere validità la Tariffa
prezzi 2020 che resta in vigore solo per i progetti già approvati, gli appalti in corso o già
aggiudicati al momento della pubblicazione della presente deliberazione.
Il presente provvedimento non comporta oneri a carico del bilancio regionale.
La presente deliberazione, con l’allegata Tariffa Prezzi, verrà pubblicata sul Bollettino Ufficiale della
Regione Lazio e sul sito istituzionale della Regione Lazio.
Tariffa dei Prezzi
Edizione 2022
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Tariffa 2022
PREMESSE
/¶DJJLRUQDPHQWRGHOOD7DULIIDSUH]]LVLSRQHLQOLQHDFRQLFULWHULVRWWHVLDOO¶HGL]LRQHGHO, di cui si confermano
la struttura, nonché i criteri generali ed i metodi di calcolo utilizzati.
Con il presente aggiornamento della Tariffa sono state inserite voci mancanti e adeguate alle nuove normative alcune
di quelle già presenti. Inoltre, alla luce dei consistenti aumenti dei costi di alcuni dei principali materiali da
costruzione, sono stati aggiornati i prezzi delle lavorazioni ove presenti detti materiali.
I capitoli interessati dagli aggiornamenti di cui sopra sono:

A.3.03 Trasporti (conferimento in discarica)
A.5 pali e diaframmi
A.6 conglomerati e acciai
A.8 tetti e manti di copertura
A.9 opere murarie
A.11 protezione termica e acustica
A.13 controsoffitti
A.16.02 infissi in PVC
A.17 opere in ferro
A.21 consolidamenti
B.1 lavori stradali e infrastrutture
B.2 acquedotti e fognature
D.2 cavi isolanti
E.4 opere prevenzione incendi
F.1.03.2 opere marittime (trasporti)
G.1.14 interventi di piccola manutenzione (conglomerati cementizi)
S costi della sicurezza
Il limite temporale dei lavori che la Commissione si è imposto per licenziare questa fase di aggiornamento ha
determinato il mancato emendamento di alcune altre categorie di prezzi
Tuttavia poiché i lavori della Commissione non si esauriranno con la conclusione di questa fase, ma proseguiranno
in sintonia a quanto prescritto, peraltro, dal codice degli appalti, gli argomenti non trattati e/o non sufficientemente
approfonditi potranno essere affrontati e meglio definiti in futuro.
La necessità di differenziare le voci ed i prezzi esaminati e valutati, rispetto agli altri prezzi, ha spinto la
Commissione di adottare differenti caratteri grafici nel senso che:
* le voci ed i prezzi di nuova istituzione vengono contrassegnate con il carattere corsivo,
* gli altri prezzi vengono scritti in tariffa con carattere normale.
Avvertenze Generali I
Tariffa 2022
AVVERTENZE GENERALI
CONDIZIONI GENERALI E METODO DI CALCOLO
I prezzi inclusi nella presente Tariffa rappresentano, come definito dalla normativa, la somma delle componenti
relative ai materiali, alla manodopera, ai noli e ai trasporti necessari per la realizzazione delle quantità unitarie
di ogni voce, nonché delle relative incidenze percentuali per spese generali e utili dell'Impresa, secondo i valori
di seguito riportati, comprensivi di tutto quanto necessario per l'esecuzione della singola lavorazione in
sicurezza (costi cosiddetti "ex lege", rappresentativi cioè dei soli "rischi propri' dell'appaltatore, in quanto insiti
in ciascuna lavorazione attuata, ai sensi della normativa vigente D.Lgs. 81/08).
Come già detto, tutti i prezzi sono comprensivi di spese generali ed utili, valutati nella misura complessiva del 26,50
% (spese generali 15 %, comprensivi di oneri generali della sicurezza, incrementati dagli utili GHOO¶,PSUHVD del
10%).
Tutti i prezzi si intendono I.V.A. esclusa.
/¶,.V.A. è in ogni caso a carico del committente.
I prezzi riportati nelle singole voci comprendono gli onerLGHOODVLFXUH]]DDIIHUHQWLDOO¶HVHUFL]LRGHOO¶DWWLYLWà svolta

da FLDVFXQLPSUHVDRQHULVSHFLILFLSURSULGHOO¶DSSDOWDWRUH'3,VRUYHJOLDQ]Dsanitaria, formazione dei lavoratori,
etc..
I FRVWL GHOOD VLFXUH]]D QRQ VXVFHWWLELOL GLULEDVVRG¶DVWD DIIHUHQWLOD VLQJROD RSHUD elencati nel capitolo S della
presente Tariffa, saranno computati nel Piano di Sicurezza e Coordinamento redatto ai sensi del D.L.vo 81/2008 e
s.m.i. articoli 91 e 100, Allegati XV, XV.1 e XV.2.
I lavori che la Tariffa compensa, si intendono finiti, completati in ogni loro parte, ed eseguiti secondo le modalità e
le prescrizioni contrattuali ed in rispondenza allo scopo a cui sono destinati.
Il criterio generale XWLOL]]DWRSHUO¶DJJLRUQDPHQWRGHLSUH]]LGHOODSUHVHQWH7DULIIDOLPLWDWRDTXHOOHFDWHJRULHGL

lavorazioni che avevano risentito di un sensibile aumento del costo dei materiali da costruzione nel periodo
temporale di riferimento, intercorso dal 2020 ad oggi SUHYHGHGLFDOFRODUHO¶DXPHQWRRODGLPLQX]LRQHPHGLDGLRJQL
singolo materiale da costruzione, riscontrato nel suddetto periodo di riferimento, e di applicare tale percentuale di
YDULD]LRQHDOO¶LQFLGenza del materiale su tutta la lavorazione. Per ricavare la percentuale di incidenza del materiale
su tutta la lavorazione, sono state utilizzate come riferimento le analisi prezzi presenti nella Tariffa della Regione
Toscana limitatamente alle voci aggiornate.
2%,(77,9,('$0%,72'¶$33/,&$=,21(
Le tariffe dei prezzi si riferiscono a condizioni definibili come "medie", per quanto attiene sia alla dimensione e alla
composizione del costruendo, sia alla sua complessità intrinseca, sia alle soggezioni derivanti dalle condizioni locali.
Avvertenze Generali II
Tariffa 2022
I prezzi si riferiscono a lavori pubblici.
Gli articoli che riguardano specifiche lavorazioni di consolidamento e di ristrutturazione sono riferiti a lavori
eseguiti di media o grande entità in condizioni normali di esecuzione.
I prezzi riportati, QRQSRWHQGRFRPSUHQGHUHHSUHYHGHUHO¶DPSLDFDVLVWLFDGLWXWWHOHODYRUD]LRQLHGLSURGRWWLSUHVHQWL
sul mercato, fanno riferimento a quelle lavorazioni e a quei prodotti più utilizzati e più rappresentativi nelle
costruzionL ³PHGLH´ FRPH VRSUD GHILQLWH VHOH]LRQDQGROL GDOO¶DPSLD JDPPD HVLVWHQWH H SRQHQGR O¶RELHWWLYR GL
evitare la pubblicizzazione dei materiali e dei marchi esclusivi delle aziende.
Tali prezzi hanno quindi carattere di riferimento e sono suscettibili di variazioni ed integrazioni purché
adeguatamente motivate secondo le modalità di applicazione sotto riportate.
Nella scelta dei materiali o componenti industriali ad alto contenuto tecnologico l'Appaltatore, ove previsto da
specifica norma armonizzata, dovrà utilizzare prodotti muniti di certificato di conformità CE, in assenza, dovrà
dimostrare di aver scelto materiali o componenti prodotti da società che dispongono di una certificazione dei sistemi
di qualità rilasciata, sulla base delle norme europee della serie UNI EN ISO 9000, da organismi accreditati ai sensi
della serie UNI EN 45.000 e successive modificazioni.
COSTI DELLA SICUREZZA

A maggior chiarezza si ricorda che alla luce della normativa vigente, i costi relativi alla sicurezza, nell'ambito
di un contratto pubblico, si distinguono in:
- costi della sicurezza connessi alla specificità di ogni singolo cantiere, che derivano dalla stima dei costi e
delle misure preventive e protettive finalizzate alla sicurezza e salute dei lavoratori effettuata nel Piano di
Sicurezza e Coordinamento (PSC) ai sensi dell'art. 100 del D.Lgs. 81/08 e secondo le indicazioni dell'allegato
XV specifico, in partLFRODUHDOSXQWR7DOLFRVWLVRQRHOHQFDWLQHOFDSLWROR³6´GHOODSUHVHQWH7DULIID
- oneri della sicurezza afferenti all'esercizio dell'attività svolta da ciascuna impresa (rischi specifici propri
dell'appaltatore), strumentali all'esecuzione in sicurezza delle singole lavorazioni e non riconducibili ai costi
stimati previsti al punto 4 dell'allegato XV del D.Lgs. 81/08 (quali D.P.I., sorveglianza sanitaria, formazione
dei lavoratori ecc.) contenuti nella quota parte delle spese generali.
Solo per i primi la stazione appaltante è tenuta ad effettuare una stima e ad indicarli nei bandi di gara, procedendo
ad una loro quantificazione sulla base delle misure individuate nei documenti di progetto (PSC o analisi della
Stazione appaltante quando il PSC non sia previsto). Tale stima dovrà essere congrua, analitica, per singole
voci, ULIHULWD DOO¶DSSRVLWR FDSLWROR GHOOD 7DULIID R nel caso di specifiche voci non presenti nella Tariffa o non
perfettamente rispondenti in termini prestazionali alle specifiche necessità, si farà riferimento ad elenchi prezzi
standard o specializzati o ad analisi desunte da ricerche di mercato (come previsto nell'Allegato XV del D.Lgs.
81/08).
Questi costi devono essere tenuti distinti dall'importo soggetto a ribasso d'asta in quanto rappresentano la quota da
Avvertenze Generali III

Tariffa 2022
non assoggettare a ribasso. Non sono inoltre soggetti ad alcuna verifica di congruità essendo stati quantificati e
valutati a monte dalla stazione appaltante e, pertanto, congrui per definizione.
3HUO¶DSSURIRQGLPHQWRGHJOLDVSHWWLUHODWLYLDOO¶LQGLYLGXD]LRQHGHLFRVWLGHOODVLFXUH]]DVLULPDQda alle Premesse

dello specifica Parte S.
02'$/,7$¶',$PPLICAZIONE
Per gli appalti aventi carattere di manutenzione ordinaria, attinenti al mantenimento del bene, attraverso
opere di riparazione dell'esistente, i prezzi riportati in tariffa sono soggetti ad un aumento del 30%;
Per i lavori eseguiti in orari notturni, i prezzi riportati in tariffa sono soggetti ad un aumento del 30%;
Il progettista nella definizione dei costi per la realizzazione dei lavori e il Coordinatore per la progettazione
della sicurezza di cui DOO¶DUWGHO'OJV si potranno trovare nelle seguenti condizioni:
1) I prezzi riportati nella tariffa corrispondono alla situazione attuale del mercato locale. In questo caso il
progettista dovrà espressamente dichiarare, nella pagina iniziale delO¶HOHQFRSUH]]LGLSURJHWWRFKH ´QRQ
VXVVLVWHDOFXQDFRQGL]LRQHFKHJLXVWLILFKLO¶DSSOLFD]LRQHGLLQFUHPHQWLRGHFUHPHQWLSHUFHQWXDOLVXLSUH]]L
GHOODWDULIIDHFKHLOSURJHWWRqVWDWRDWWHQWDPHQWHHODERUDWRVRWWRO¶DVSHWWRWHFQLFR-economico e si sono tenute
LQSDUWLFRODUHULJXDUGRWXWWHOHFRQGL]LRQLDOFRQWRUQRSHUO¶HVHFX]LRQHGLODYRULLQRJJHWWR´
2) i prezzi riportati nella tariffa risultano sottostimati rispetto alla situazione del mercato locale. In questo
caso il progettista può incrementare percentualmente i prezzi fino ad un massimo del 20%, ma dovrà
HVSUHVVDPHQWHGLFKLDUDUHQHOODSDJLQDLQL]LDOHGHOO¶HOHQFRSUH]]LGLSURJHWWRFKHVXVVLVWRQR una o più delle
seguenti motivazioni:
- lavori di modesta entità comunque richiedenti una consistente organizzazione di cantiere;
- lavori da eseguire con condizioni locali comportanti particolari soggezioni (in relazione alla
localizzazione e/o a specifiche esigenze dell'Utenza o di altre Amministrazioni preordinate e circostanze
similari);
- ODYRUL DOO¶LQWHUQR GL HGLILFL LQ SUHVHQ]D GL attività lavorativa che non può essere interrotta e per
interventi stradali effettuati in presenza di traffico pedonale e veicolare;
- lavori caratterizzati da tecnologie particolarmente complesse.
Le motivazioni dovranno essere supportate da adeguata documentazione giustificativa, nella quale saranno
espressamente indicati i prezzi per i quali ricorrano le suddette condizioni e la percentuale di variazione applicata,
sempre nei limiti del 20 %.
Avvertenze Generali IV
Tariffa 2022
3) i prezzi riportati nella tariffa risultano sovrastimati rispetto alla situazione del mercato locale. In questo
caso, il progettista può ridurre percentualmente i prezzi fino al 10%, ma dovrà espressamente dichiarare,
nella SDJLQDLQL]LDOHGHOO¶HOHQFRSUH]]LGLSURJHWWRFKHVXVVLVWRQR una o più delle seguenti motivazioni:
- lavori caratterizzati da prevalente ripetitività di opere di semplice esecuzione;
- lavori di nuovo impianto di semplice esecuzione e/o caratterizzati da condizioni locali particolarmente
favorevoli.
Le motivazioni dovranno essere supportate da adeguata documentazione giustificativa, nella quale saranno
espressamente indicati i prezzi per i quali ricorrano le suddette condizioni e la percentuale di variazione applicata,
sempre nei limiti del 10 %.
4) i prezzi riportati nella tariffa risultano rispetto alla situazione del mercato locale sovrastimati o sottostimati
in misura superiore alle soglie fissate, ovvero per motivazioni diverse da quanto specificato nei precedenti
punti 2 e 3. In questo caso il progettista dovrà espressamente dichiarare nella pagina iniziale dell'elenco
prezzi di progetto che esistono condizioni e/o motivazioni particolari che impongono variazioni
percentualmente superiori, giustificando tali affermazioni con le analisi dei prezzi interessati dalla
variazione, secondo lo schema di analisi tipo allegato;
5) i prezzi riportati nella tariffa non prevedono articoli di elenco che descrivono particolari lavorazioni
previste invece nello specifico progetto,QTXHVWRFDVRLOSURJHWWLVWDDYHQGRO¶HVLJHQ]DGLSUHYHGHUHQXRYL
prezzi rispetto alla tariffa, dovrà espressamente dichiarare nella pagina iniziale dell'elenco prezzi di progetto
le motivazioni della scelta dei nuovi prezzi giustificandoli con specifiche analisi redatte secondo lo schema
di analisi tipo allegato.
6) 8QRRSLSUH]]LULSRUWDWLQHOODWDULIIDFRQWHQJRQRGHVFUL]LRQLGHOO¶DUWLFRORRLPSRUWRUHODWLYRGLYHUVLGDOOD
situazione del mercato locale. In questo caso il progettiVWDDYHQGRO¶HVLJHQ]DGLSUHYHGHUHDOFXQHFRUUH]LRQL
dei prezzi rispetto alla tariffa, dovrà espressamente dichiarare nella pagina iniziale dell'elenco prezzi di
progetto le motivazioni della scelta da correggere, giustificandoli con specifiche analisi redatte secondo lo
schema di analisi tipo allegato.
PROCEDURE PER NUOVI PREZZI E MODIFICHE
Il progettista nel caso in cui si trovi nelle condizioni indicate nei punti 4-5-6 delle modalità di applicazione, è tenuto
a trasmettere una copia, preferibilmente in formato elettronico, delle analisi dei prezzi, redatte secondo lo schema
di analisi tipo allegato, a:
Provveditorato Interregionale per le Opere Pubbliche per il Lazio, Abruzzo e Sardegna: Ufficio 3 Tecnico
1, Via Monzambano, 10 (00185) Roma. ± 06.49235.2823
e.mail: segreteria.ut1roma@mit.gov.it
pec: oopp.lazio-uff3@pec.mit.gov.it.=
Avvertenze Generali V
Tariffa 2022
PROCEDURA DI AGGIORNAMENTO
Il Provveditorato Interregionale per il Lazio, Abruzzo e Sardegna, la Regione Lazio e Roma Capitale, acquisite le
osservazioni pervenute procederanno congiuntamente:
1) ad una revisione generale della tariffa sulla base sia delle indicazioni pervenute dai singoli Enti sia
GHOO¶DQGDPHQWRGHOPHUFDWRGHJOLDSSDOWL
2) ad una revisione puntuale dei singoli articoli di elenco sia sulla base delle indicazioni pervenute sia dalle
verifiche di aggiornamento effettuate dagli uffici preposti dai singoli Enti.
Avvertenze Generali VI
Tariffa 2022
ANALISI PREZZO TIPO

Art. di elenco Data
Descrizione della voce:
A) MATERIALI
DESCRIZIONE u.m. costo quantità costo Totale inc. %
unitario parziale
¼ %
¼ %
TOTALE ¼ %
MATERIALI
B) MANO D'OPERA
Operaio Specializzato ora ¼ %

Operaio qualificato ora ¼ %
Operaio comune ora ¼ %
TOTALE ¼ %
MANO
D'OPERA
C) NOLI E TRASPORTI
¼ %
¼ %
¼ %
TOTALE ¼ %
NOLI E
TRASPORTI
TOTALE ¼
GENERALE
(A+B+C)
D) SPESE GENERALI (15,00%) ¼
TOTALE
PARZIALE
(A+B+C +D)
¼
E) UTILE '(//¶,035(6$(10%)
TOTALE COMPLESSIVO ¼
(A+B+C+D+E)
PREZZO APPLICATO
Analisi prezzo tipo VII

Tariffa 2022
TARIFFA PREZZI LAVORI PUBBLICI
INDICE GENERALE
AVVERTENZE E NORME PER LA MISURAZIONE
Parte A OPERE EDILI
1 Capitolo INDAGINI GEOGNOSTICHE E ANALISI DIAGNOSTICHE

DELLE STRUTTURE
1.01 Sondaggi geognostici a rotazione
1.02 Misure inclinometriche e piezometriche
1.03 Prove penetrometriche
1.04 Analisi granulometriche
1.05 Prove di compressione triassiali e taglio
1.06 Controlli non distruttivi o semi distruttivi
1.07 Prove di carico non distruttive
1.08 Prove dinamiche
1.09 Prove geofisiche
2 Capitolo SCAVI E REINTERRI
2.01 Scavi per opere
2.02 Scavo archeologico
2.03 Rinterri
2.04 Rinterri o riempimenti cave
3 Capitolo DEMOLIZIONI-RIMOZIONI-TRASPORTI-BONIFICHE
3.01 Demolizioni
3.02 Rimozioni
3.03 Trasporti
3.04 Risanamenti
4 Capitolo NOLI
4.01 Noli a freddo
5 Capitolo PALI E DIAFRAMMI
5.01 Pali
5.02 Tiranti
5.03 Diaframmi
6 Capitolo CONGLOMERATI-ACCIAI-CASSEFORMI
6.01 Conglomerati cementizi
6.02 Acciai
6.03 Casseformi
7 Capitolo SOLAI-SOTTOFONDI-VESPAI-MASSETTI
7.01 Solai
7.02 Sottofondi e vespai
7.03 Massetti
8 Capitolo TETTI E MANTI DI COPERTURA
8.01 Tetti e manti di copertura
9 Capitolo OPERE MURARIE
9.01 Muratura di pietrame e mista
VIII
Indice generale
Tariffa 2022
9.02 Muratura in laterizio

9.03 Muratura di blocchi di cemento
9.04 Pareti in cartongesso
9.05 Tamponature e tramezzature industriali
10 Capitolo IMPERMEABILIZZAZIONI
10.01 Impermeabilizzazioni
11 Capitolo OPERE DI PROTEZIONE TERMICA E ACUSTICA
11.01 Solai piani e inclinati
11.02 Cappotto parete esterna e/o interna
11.03 Muratura a cassetta
11.04 Isolamento sotto pavimento
12 Capitolo INTONACI
12.01 Intonaci
13 Capitolo CONTROSOFFITTI
13.01 Controsoffitti
14 Capitolo PAVIMENTI E RIVESTIMENTI
14.01 Pavimenti
14.02 Rivestimenti
15 Capitolo OPERE IN PIETRA DA TAGLIO
15.01 Opere in pietra da taglio
16 Capitolo OPERE DA FALEGNAME E INFISSI IN PVC
16.01 Opere da falegname
16.02 Infissi in PVC
17 Capitolo OPERE IN FERRO E ALLUMINIO
17.01 Opere in ferro
17.02 Opere da fabbro
17.03 Opere in alluminio
18 Capitolo FACCIATE CONTINUE E FACCIATE VENTILATE
18.01 Facciate continue e facciate ventilate
19 Capitolo OPERE IN VETRO E VETROCEMENTO
19.01 Opere in vetro
19.02 Strutture in vetrocemento
20 Capitolo OPERE DA PITTORE
20.01 Pitture su pareti
20.02 Pitture su legno
20.03 Pitture su metalli
20.04 Opere da tappezziere
21 Capitolo CONSOLIDAMENTI
21.01 Murature, strutture in c. a.,volte, solai
21.02 Strutture in legno
21.03 Pareti in roccia
Parte B OPERE STRADALI E INFRASTRUTTURE A RETE
1 Capitolo LAVORI STRADALI E INFRASTRUTTURE

1.01 Trattamenti su opere esistenti
1.02 Piani di posa e rilevati stradali
IX
Indice generale
Tariffa 2022
1.03 Fondazioni stradali

1.04 Opere di protezione stradale
1.05 Pavimentazioni stradali
1.06 Delimitazioni, bordure e cigli e opere varie
1.07 Travi prefabbricate
1.08 Apparecchi di appoggio
1.09 Giunti di dilatazione
1.10 Segnaletica stradale
2 Capitolo ACQUEDOTTI E FOGNATURE
2.01 Tubi per acquedotti
2.02 Pezzi speciali e apparecchi per acquedotti
2.03 Collettori per fognature
2.04 Microtunnelling
2.05 Pozzetti
2.06 Chiusini e griglie
Parte C SISTEMAZIONE AREE A VERDE E IMPIANTI SPORTIVI
1 Capitolo SISTEMAZIONE AREE A VERDE

1.01
Opere di bonifica vegetazionale
1.02
Lavorazione del terreno
1.03
Opere di irrigazione
1.04
Opere di ingegneria naturalistica
1.05
Elementi di arredo
1.06
Opere varie di opere compiute
1.07
Opere di manutenzione
1.08
Tappeti erbosi
1.09
Siepi e cespugli
1.10
Manutenzione alberature
1.11
Concimazioni e trattamenti vari
1.12
Impianti irrigazione
1.13
Opere varie di manutenzione
2 Capitolo ESSENZE ARBOREE
2.01 Fornitura in opera di specie arboree
3 Capitolo IMPIANTI SPORTIVI
3.01 Impianti sportivi
3.02 Attrezzature sportive
Parte D IMPIANTI ELETTRICI
1 Capitolo IMPIANTI NEGLI EDIFICI RESIDENZIALI

1.01 Distribuzione circuiti luce
1.02 Distribuzione circuiti forza motrice
1.03 Distribuzione impianti di terra
1.04 Incrementi per placche
1.05 Distribuzione impianti speciali
2 Capitolo CAVI E CONDUTTORI
2.01 Cavi isolanti in materiale termoplastico
X
Indice generale
Tariffa 2022
2.02 Cavi isolanti in gomma

2.03 Cavi telefonici
2.04 Cavi antenna TV
2.05 Cavi trasmissione dati
2.06 Cavi in fibra ottica
APPARECCHIATURE DI PROTEZIONE, COMANDO
3 Capitolo E SEZIONAMENTO
3.01 Protezioni, comandi e sezionamenti
4 Capitolo
4.01 Apparecchi di comando
4.02 Apparecchi di comando a distanza
4.03 Prese di corrente
4.04 Prese di segnale
4.05 Segnalazioni acustiche e ottiche
4.06 Regolazione
4.07 Accessori
4.08 Scatole, supporti, placche
4.09 Prese con interruttore di blocco
4.10 Spine e prese mobili industriali
4.11 Relè
4.12 Interruttore orario
4.13 Relè termico per contattori
4.14 Accessori per contattori
5 Capitolo DISTRIBUZIONE
5.01 Distribuzione
6 Capitolo CORPI ILLUMINANTI
6.01 Apparecchi di illuminazione per interni
6.02 Accessori per apparecchi di illuminazione
6.03 Apparecchi di illuminazione stagni
6.04 Sistemi modulari
6.05 Proiettori
6.06 Riflettori
6.07 Apparecchi di illuminazione per esterni
6.08 Accessori per armature stradali
6.09 Globi
6.10 Pali
6.11 Emergenza
6.12 Lampade
6.13 Accessori
7 Capitolo QUADRI ELETTRICI E SOTTOQUADRI DI SMISTAMENTO
7.01 Quadri elettrici e sottoquadri di smistamento
8 Capitolo IMPIANTI CITOFONICI E SEGNALAZIONE
8.01 Impianti citofonici e segnalazione
9 Capitolo GRUPPI STATICI E BATTERIE
9.01 Gruppi statici e batterie
10 Capitolo IMPIANTI DI PROTEZIONE
10.01 Captatori ad asta verticale
10.02 Rete di raccolta e scarico
XI
Indice generale
Tariffa 2022
10.03 Accessori per rete di raccolta

10.04 Accessori per calate
10.05 Anello di terra
10.06 9DULHDFFHVVRULHPDQRG¶RSHUD
10.07 Scaricatori
11 Capitolo (48,327(1=,$/,7$¶(',03,$17,',7(55$
11.01 Equipotenzialità ed impianti di terra
12 Capitolo
12.01 Lavorazioni in rame e carpenteria metallica
12.02 Opere murarie
12.03 Pozzetti
12.04 Varie
12.05 Giunti
12.06 Morsetti e capicorda
12.07 Pressacavi e collari
13 Capitolo SISTEMI PER AUTOMAZIONE DI EDIFICI
13.01 Sistemi per automazione di edifici
14 Capitolo CABINE DI TRASFORMAZIONE
14.01 Quadri Media Tensione
14.02 Accessori Quadri Media Tensione
14.03 Trasformatori MT/BT
14.04 Quadri di rifasamento
14.05 Accessori
15 Capitolo GRUPPI ELETTROGENI
15.01 Gruppi Elettrogeni Diesel
15.02 Accessori
16 Capitolo APPARECCHIATURE PER IMPIANTI ANTINTRUSIONE
16.01 Sistemi per impianti antintrusione
17 Capitolo ILLUMINAZIONE LED
Parte E IMPIANTI TECNOLOGICI
1 Capitolo IMPIANTI DI RISCALDAMENTO E CONDIZIONAMENTO

1.01 Impianti termici a corpo
1.02 Tubazioni
1.03 Generatori di calore
1.04 Bruciatori di combustibile
1.05 Canne fumarie
1.06 Condizionamento
1.07 Terminali riscaldanti
1.08 Elettropompe
1.09 Regolazioni
1.10 Coibentazioni
1.11 Serbatoi combustibile, boiOHUDFTXDFDOGDYDVLG¶HVSDQVLRQH
1.12 Valvolame e rubinetteria
1.13 Elettrovalvole
1.14 Misuratori e contatori
1.15 Termostati, pressostati e flussostati
XII
Indice generale
Tariffa 2022
1.16 Accessori e parti varie impianti inferiori a 35 kw

1.17 Impianti ad energia solare
1.18 Smontaggio e rimontaggio, demolizioni
2 Capitolo OPERE IDRICO SANITARIE
2.01 Fognatura
2.02 Impianti idraulici
3 Capitolo IMPIANTI ELEVATORI
3.01 Impianti con trazione e fune
3.02 Impianti oleodinamici
3.03 Impianti servoscala e piattaforme elevatrici
3.04 Impianti scale mobili
3.05 Manutenzione impianti con trazione a fune
3.06 Manutenzione impianti oleodinamici
4 Capitolo OPERE DI PREVENZIONE INCENDI
4.01 Porte tagliafuoco
4.02 Rilevazione gas
4.03 Impianti e mezzi antincendio
4.04 Rilevazione incendi
4.05 Segnalazioni di sicurezza
4.06 Opere varie
Parte F OPERE IDRAULICHE E OPERE MARITTIME
1 Capitolo OPERE IDRAULICHE

1.01 Taglio di vegetazione, piante e rimozione tronchi
1.02 Scavi, demolizioni e rimozioni
1.03 Trasporti
1.04 Rilevati arginali
1.05 Scogliere, riempimenti, drenaggi in pietrame
1.06 Gabbionate
1.08 Opere provvisionali
1.09 Pulizia e lavaggio banchine e rivestimenti
1.10 Stuoie antierosione
2 Capitolo OPERE MARITTIME
2.01 Dragaggi
2.02 Scogliere, nuclei e scanni
Parte G INTERVENTI DI PICCOLA MANUTENZIONE
1.01 Demolizioni
1.02 Rimozioni
1.03 Murature
1.04 Intonaci
1.05 Sottofondi
1.06 Coperture
1.07 Impianti
1.08 Impermeabilizzazioni
XIII
Indice generale
Tariffa 2022
1.09 Pavimenti e rivestimenti

1.10 Infissi
1.11 Vetri
1.12 Opera da pittore
1.13 Opere stradali
Parte H OPERE DI CONSERVAZIONE E RESTAURO
1.01 Solai ± Volte ± Architravi e Piattabande

1.02 Murature
1.03 Opere in pietra
1.04 Opere di consolidamento
1.05 Infissi
1.06 Intonaci
1.07 Opere da pittore
1.08 Pavimenti
1.09 Stucchi
Parte S COSTI DELLA SICUREZZA
1.01 Apprestamenti previsti nel piano di sicurezza e coordinamento

1.02 Misure preventive e protettive e D.P.I. eventualmente previsti per
lavorazioni interferenti
1.03 Impianti
1.04 Mezzi e servizi di protezione collettiva
1.05 Procedure contenute nel P.S.C. e previste per specifici motivi di
sicurezza
1.06 Interventi finalizzati alla sicurezza e richiesti per lo sfasamento
spaziale o temporale delle lavorazioni
1.07 Misure di coordinamento relative all'uso in comune di impianti,
attrezzature, infrastrutture, mezzi e servizi di protezione collettiva
1.08 Misure sicurezza emergenza COVID 19
XIV
Indice generale
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$ GHJOLHOHPHQWLFROOHJDWLDOPDQWRGLFRSHUWXUDFHUQLWDGHOPDWHULDOH
ULXWLOL]]DELOH SXOLWXUD HG DYYLFLQDPHQWR DO OXRJR GL GHSRVLWR
SURYYLVRULRHVFOXVRLOVRORFDORLQEDVVR
$ D FRSSRHFRQWURFRSSRRHPEULFHHFRSSR PT ¼
$ E WHJROHSRUWRJKHVL PT ¼
$ F WHJROHPDUVLJOLHVLODWHUL]LRRFHPHQWR PT ¼
$ G ODVWUHRQGXODWHGLILEURFHPHQWRHVLPLODUL PT ¼

5LPR]LRQHWRWDOHGLPDQWRGLFRSHUWXUDDWHWWRFRPSUHQGHQWH
WHJROH H SLFFROD RUGLWXUD LQ OHJQR FRPSUHVL VPRQWDJJLR GL
$ FRQYHUVHHGLFDQDOLGLJURQGDFHUQLWDGHOPDWHULDOHULXWLOL]]DELOH PT ¼
SXOLWXUD HG DYYLFLQDPHQWR DO OXRJR GL GHSRVLWR SURYYLVRULR
HVFOXVRLOVRORFDORLQEDVVR

'LVIDFLPHQWR GL SLFFROD RUGLWXUD GL WHWWR LQ OHJQR FRPSUHVD

$ FHUQLWD GHO PDWHULDOH ULXWLOL]]DELOH SXOLWXUD HG DYYLFLQDPHQWR DO
OXRJRGLGHSRVLWRSURYYLVRULRHVFOXVRLOVRORFDORLQEDVVR
$ D WDYRODPHLQOHJQRGLVSHVVRUHPP PT ¼
$ E WDYHOOLQDWRHVSLDQDWDGLPDOWD PT ¼
$ F SLDQHOOHHVSLDQDWDGLPDOWD PT ¼
$ G PRUDOLROLVWHOOL PT ¼

6PRQWDJJLR GHOOD JURVVD DUPDWXUD LQ OHJQR FRPSUHVL

IHUUDPHQWDVPXUDWXUDGHOOHVWUXWWXUHVWHVVHFHUQLWDGHOPDWHULDOH
$
ULXWLOL]]DELOH H DYYLFLQDPHQWR DO OXRJR GL GHSRVLWR SURYYLVRULR
$ D SHUVWUXWWXUHVHPSOLFLTXDOLDUFDUHFFLWUDYLHFF PF ¼
$ E SHUVWUXWWXUHFRPSRVWHTXDOLFDSULDWH PF ¼

ϱϮ

5LPR]LRQHGLVWUXWWXUHUHDOL]]DWHFRQTXDOVLDVLWLSRGLSURILODWR
PHWDOOLFR FRPSUHVL OD VPXUDWXUD GHJOL HOHPHQWL OD FHUQLWD GHO
$ NJ ¼
PDWHULDOH ULXWLOL]]DELOH H O
DYYLFLQDPHQWR DO OXRJR GL GHSRVLWR
SURYYLVRULRHVFOXVRLOVRORFDORLQEDVVR

5LPR]LRQH GL LPSDOFDWL LQ OHJQR GL FRQWURVRIILWWL FRPSRVWL GD

OLVWHOOLWUDYHWWLHWDYRODWLFRPSUHVLODVFKLRGDWXUDODVPXUDWXUDH
$ PT ¼
ODFHUQLWDGHOO¶HYHQWXDOHPDWHULDOHGLUHFXSHURHO
DYYLFLQDPHQWRDO
OXRJRGLGHSRVLWRSURYYLVRULRHVFOXVRLOVRORFDORLQEDVVR

5LPR]LRQH GL FRQWURVRIILWWL LQ PHWDOOR FRPSUHVL OD ULPR]LRQH

GHOOHOLVWHOODWXUHGLVXSSRUWRHGHLILOHWWLGLFRSULJLXQWRRFRUQLFH
$ PT ¼
FRPSUHVR O
DYYLFLQDPHQWR DO OXRJR GL GHSRVLWR SURYYLVRULR

5LPR]LRQH GL LVRODPHQWR WHUPRDFXVWLFR FRPSUHVL
$ O
DYYLFLQDPHQWR DOOXRJRGL GHSRVLWRSURYYLVRULR HVFOXVRLOVROR
FDORLQEDVVR
$ D SROLVWLURORHGHULYDWL PT ¼
$ E ODQDGLYHWURRODQDGLURFFLD PT ¼
$ F VXJKHURLQFROODWR PT ¼

6PRQWDJJLRGLRSHUHLQSLHWUDDPDVVHOORVSHVVRUHVXSHULRUHD
FPGLSDUWLVWUXWWXUDOLRDUFKLWHWWRQLFKHVHPSOLFLFRPSUHQGHQWH
RSHUH H PH]]L QHFHVVDUL DOOR VPRQWDJJLR DG HVFOXVLRQH GHOOH
SXQWHOODWXUH H GHL SRQWL GL VHUYL]LR GD FRPSXWDUVL D SDUWH
OLEHUD]LRQH GDOOD PXUDWXUD GL WHQXWD FRQ DOORQWDQDPHQWR GHL
$ GPF ¼
PDWHULDOLGLULVXOWDIDVFLDWXUDGHOO¶HOHPHQWRFRQDVVLWRGLOHJQRH
FRQIXQLGLDFFLDLRRIDVFHGLQ\ORQFDORVXOSLDQRGLFDOSHVWLRH
WUDVSRUWRLQSURVVLPLWjGHOFDVWHOORGLWLURSHULOFDORLQEDVVRVH
QHFHVVDULR GD FRQWHJJLDUVL D SDUWH OD FXVWRGLD LQ GHSRVLWR GL
FDQWLHUH

5LPR]LRQH GL SDYLPHQWD]LRQH HVHJXLWD FRQ O¶DXVLOLR GL LGRQHL

PH]]LFRPSUHVDODPDOWDGLDOOHWWDPHQWRHO¶RQHUHHYHQWXDOHGHOOD
ULSXOLWXUD O
DYYLFLQDPHQWR DO OXRJR GL GHSRVLWR SURYYLVRULR H
$
VWLUDPHQWR GHO PDWHULDOH FKH UHVWD D GLVSRVL]LRQH
GHOO¶$PPLQLVWUD]LRQH HVFOXVR LO FDOR LQ EDVVR ,O PDVVHWWR GL
VRWWRIRQGRLQVDEELDJKLDLDRFHPHQWRGDFRQWDELOL]]DUHDSDUWH
$ D PDVVHOORDXWREORFFDQWHLQFDOFHVWUX]]R PT ¼
$ E TXDGURWWLGLFHPHQWRRGLJKLDLHWWRVSHVVRUHFP PT ¼
$ F SLHWUDSRVDWDVXOHWWRGLVDEELD PT ¼
$ G SLHWUDSRVDWDVXOHWWRGLPDOWD PT ¼
$ H SLDVWUHOOHLQJUqVRFRWWR PT ¼
$ I FXEHWWLGLSRUILGRRVHOFLRVXOHWWRGLVDEELD PT ¼
$ J FXEHWWLGLSRUILGRRVHOFLRVXOHWWRGLPDOWD PT ¼
$ K ODVWUHGLPDUPRRGLJUDQLWRVSHVVRUHILQRDFP PT ¼

ϱϯ

5LPR]LRQHGLSDYLPHQWRLQODVWURQLLQSLHWUDGLDOWH]]DGDFP
ILQRDFPFRPSUHVLODFDWDORJD]LRQHGHOOHODVWUHLOVRWWRIRQGR
$ PT ¼
GHOORVSHVVRUHILQRDFPHO
DYYLFLQDPHQWRDOXRJRGLGHSRVLWR
SURYYLVRULR

5LPR]LRQH GL ULYHVWLPHQWR HVHJXLWD DQFKH FRQ O
DXVLOLR GL
LGRQHLPH]]LHYLWDQGRGLDUUHFDUHGDQQRDPXUDWXUHHLPSLDQWL
VRWWRVWDQWL FRPSUHVL O¶RQHUH HYHQWXDOH GHOOD ULSXOLWXUD
$
O
DYYLFLQDPHQWRDOOXRJRGLGHSRVLWRSURYYLVRULRHVWLSDPHQWRGHO
PDWHULDOHFKHUHVWDDGLVSRVL]LRQHGHOO¶$PPLQLVWUD]LRQHHVFOXVRLO
VRORFDORLQEDVVR
$ D ODVWUHGLPDUPRRSLHWUDVSHVVRUHILQRDFP PT ¼
$ E ODVWUHGLPDUPRRSLHWUDGLVSHVVRUHROWUHLHILQRDFP PT ¼
$ F WHVVHUHRPDWWRQFLQLGLNOLQNHU PT ¼
$ G SLDVWUHOOHGLFHUDPLFD PT ¼
$ H SHUOLQDWXUDFRPSUHVROLVWHOODWXUDGLVXSSRUWR PT ¼
$ I EDWWLVFRSDLQSLDVWUHOOHRPDUPR P ¼
$ J EDWWLVFRSDLQOHJQR P ¼

5LPR]LRQHGLJUDGLQLVRJOLHHVLPLOLLQPDUPRRSLHWUDQDWXUDOH
SHU XQR VSHVVRUHGL FP FRPSUHVLLO VRWWRIRQGRGHOOR VSHVVRUH
ILQR D FP H O
DYYLFLQDPHQWR D OXRJR GL GHSRVLWR SURYYLVRULR
$
HVHJXLWD FRQ SDUWLFRODUH FXUD FRPSUHVD FHUQLWD HG HYHQWXDOH
QXPHUD]LRQH GHOOH ODVWUH GD ULXWLOL]]DUH HVFOXVR LO VROR FDOR LQ
EDVVR
$ D ODVWUHGLVSHVVRUHILQRDFP PT ¼
$ E ODVWUHGLVSHVVRUHROWUHLHILQRDFP PT ¼
$ F ODVWURQLGLVSHVVRUHROWUHLFP PT ¼

5LPR]LRQHGLSDYLPHQWRLQOHJQRFRPSUHVRO
DYYLFLQDPHQWRDO
$
OXRJRGLGHSRVLWRSURYYLVRULRHVFOXVRLOFDORLQEDVVR
FKLRGDWRVXWUDYHWWLSRUWDQWLFRPSUHVDVFKLRGDWXUDHVILODWXUDGHL
$ D PT ¼
FKLRGL
$ E LQFROODWRVXOIRQGRGLFHPHQWRRDOWURPDWHULDOH PT ¼

5LPR]LRQHGLEDWWLVFRSDFRUQLFLRPDQWRYDQHLQOHJQRFRPSUHVL
$ HYHQWXDOH FDOR LQ EDVVR DYYLFLQDPHQWR DO OXRJR GL GHSRVLWR P ¼
SURYYLVRULR

5LPR]LRQHUHWLGLGLVWULEX]LRQHHWHUPLQDOLDSSDUHFFKLVDQLWDUL
GHOO¶LPSLDQWRLGULFRVDQLWDULRFRPSUHVRVPRQWDJJLRUXELQHWWHULH
$
FKLXVXUD GHULYD]LRQL FRQ WDSSLILOHWWDWLHYHQWXDOHFDOR LQEDVVR
DYYLFLQDPHQWRDOOXRJRGLGHSRVLWRSURYYLVRULR
UHWH GL DOLPHQWD]LRQH H VFDULFR LQFLGHQ]D SHU RJQL VLQJROR
$ D FDG ¼
DSSDUHFFKLRVDQLWDULRULPRVVR
$ E YDVRLJLHQLFRHFDVVHWWDGLVFDULFR FDG ¼
$ F ODYDERELGHWEHYHULQR FDG ¼
$ G ODYHOORFXFLQD FDG ¼
$ H YDVFDGDEDJQR FDG ¼
$ I SLDWWRGRFFLD FDG ¼
ϱϰ

$ J VFDOGDEDJQR FDG ¼

$ K DVSLUDWRUHHOHWWULFR FDG ¼

5LPR]LRQH GL UXELQHWWHULH VDUDFLQHVFKH DSSDUHFFKL GL
$
LQWHUFHWWD]LRQHYDULFRPSUHVHRSHUHPXUDULH
$ D SHUUXELQHWWRVLQJRORVLQRDOGLDPHWUR
FDG ¼
$ E SHUJUXSSRGLUXELQHWWLVLQRDOGLDPHWUR
FDG ¼

5LPR]LRQHUHWHHDFFHVVRULSHULPSLDQWRGLVPDOWLPHQWR
DFTXHQHUHFRVWLWXLWDGDWXED]LRQLGLIRJQDWXUDGLDPHWUR
$
PP SR]]HWWL GL LVSH]LRQH HWF HVFOXVR GHPROL]LRQL GL
PXUDWXUDRVFDYLQHOFDVRGLWXED]LRQLLQWHUUDWHRFDVVRQHWWDWH
$ D WXERGLSODVWLFDSHVDQWH39&3($' P ¼
$ E WXERGLFHPHQWRRJUqV P ¼
$ F WXERGLJKLVDDJLXQWLVDOGDWL P ¼
SR]]HWWRLQFOVILQRD[[PPFRPSOHWRGLFKLXVLQRR
$ G FDG ¼
FDGLWRLD

5LPR]LRQHGLFDOGDLDPXUDOHFRPSUHVRRJQLRQHUHSHULOWDJOLR
$ ODFKLXVXUDGHOOHWXED]LRQLGLDGGX]LRQHGLVFDULFRHTXDQWRDOWUR FDG ¼
RFFRUUHGHOODSRWHQ]LDOLWjILQR:

5LPR]LRQHGLFDOGDLDSUHVVXUL]]DWDFRPSUHVRRJQLRQHUHSHULO
$ WDJOLRHOD FKLXVXUD GHOOH WXED]LRQL GLDGGX]LRQH HVFDULFR GHOOD
SRWHQ]LDOLWjGL
$ D ·: FDG ¼
$ E ·: FDG ¼

5LPR]LRQHGLFDOGDLDLQJKLVDFRPSUHVRRJQLRQHUHSHULOWDJOLR
$ H OD FKLXVXUD GHOOH WXED]LRQL GL DGGX]LRQH H VFDULFR GHOOD
SRWHQ]LDOLWjGL
$ D ·: FDG ¼
$ E ·: FDG ¼
$ F ·: FDG ¼

5LPR]LRQHGLFDOGDLDSUHVVXUL]]DWDFRPSUHVRRJQLRQHUHSHULO
$ WDJOLRHOD FKLXVXUD GHOOH WXED]LRQL GLDGGX]LRQH HVFDULFR GHOOD
SRWHQ]LDOLWjGL
$ D ·: FDG ¼
$ E ·: FDG ¼
$ F ·: FDG ¼
$ G ·: FDG ¼

5LPR]LRQHGLFDOGDLDLQJKLVDFRPSUHVRRJQLRQHUHSHULOWDJOLR
$ H OD FKLXVXUD GHOOH WXED]LRQL GL DGGX]LRQH H VFDULFR GHOOD
SRWHQ]LDOLWjGL
$ D ·: FDG ¼
$ E ·: FDG ¼
$ F ·: FDG ¼
ϱϱ


5LPR]LRQHUHWHGLGLVWULEX]LRQHHWHUPLQDOLUDGLDWRULIDQFRLO
HFF GL LPSLDQWR GL ULVFDOGDPHQWR FRPSUHVR RJQL RQHUH H
PDJLVWHUR SHU FKLXVXUD GHOOH WXED]LRQL GL DGGX]LRQH H VFDULFR
$
VYXRWDPHQWR GHOO
LPSLDQWR ULPR]LRQH GL PHQVROH WUDVSRUWR D
ULILXWRGHOPDWHULDOHLQXWLOL]]DELOHQHOO¶DPELWRGHOFDQWLHUHHTXDQWR
DOWURRFFRUUH
VYXRWDPHQWR LPSLDQWR H ULHPSLPHQWR SHU XQLWj LPPRELOLDUH R
$ D FDG ¼
VHWWRUHGLGLVWULEX]LRQH
$ E UDGLDWRULLQJKLVDHRLQDOOXPLQLR
$ E ILQRDHOHPHQWLSHUUDGLDWRUH FDG ¼
$ E GDDHOHPHQWLSHUUDGLDWRUH FDG ¼
$ E GDDHOHPHQWLSHUUDGLDWRUH FDG ¼
$ F SLDVWUHUDGLDQWLLQDFFLDLR
$ F ILQRDPPSHUSLDVWUDUDGLDQWH FDG ¼
$ F GDDPPSHUSLDVWUDUDGLDQWH FDG ¼
$ F ROWUHPPSHUSLDVWUDUDGLDQWH FDG ¼
$ G IDQFRLO FDG ¼
$ G UHWHGLDOLPHQWD]LRQH P ¼

5LPR]LRQH LPSLDQWR HOHWWULFR WHOHIRQLFR WHOHYLVLYR H
FLWRIRQLFR FRPSUHVR OD GLVDWWLYD]LRQH GHL FDYL OD FHUQLWD
$
GHOO¶HYHQWXDOHPDWHULDOHGLUHFXSHURHO
DYYLFLQDPHQWRDOOXRJRGL
GHSRVLWR
$ D TXDGURHOHWWULFRDSSDUWDPHQWR FDG ¼
$ E IUXWWRLQWHUUXWWRUHSUHVDHFW FDG ¼

6PRQWDJJLRGLSRUWHFDQFHOOLULQJKLHUHFDQFHOODWHHFFLQIHUUR
SLHQR LQFOXVD O¶HYHQWXDOH SDUWH YHWUDWD FRPSUHVL WHODLR
$ NJ ¼
FRQWURWHODLR VPXUDWXUD GHOOH JUDSSH R GHL WDVVHOOL GL WHQXWD HG
HYHQWXDOHWDJOLRDVH]LRQHGHJOLHOHPHQWL

6PRQWDJJLRGLLQILVVLHVWHUQLLQOHJQRFRPHILQHVWUHVSRUWHOOLD
YHWULSHUVLDQHHFFFDOFRODWRVXOODVXSHUILFLHLQFOXVDO¶HYHQWXDOH
$ PT ¼
SDUWHYHWUDWDFRPSUHVLWHODLRFRQWURWHODLRVPXUDWXUDGHOOHJUDSSH
RGHLWDVVHOOLGLWHQXWDHGHYHQWXDOHWDJOLRDVH]LRQHGHJOLHOHPHQWL

6PRQWDJJLRGLLQILVVLLQIHUURFDOFRODWRVXOODVXSHUILFLHLQFOXVD
O¶HYHQWXDOHSDUWHYHWUDWDFRPSUHVLWHODLRFRQWURWHODLRVPXUDWXUD
$ PT ¼
GHOOHJUDSSHRGHLWDVVHOOLGLWHQXWDHGHYHQWXDOHWDJOLRDVH]LRQH
GHJOLHOHPHQWL

6PRQWDJJLR GL LQILVVL LQ SURILODWR GL IHUUR R GL DOOXPLQLR

FDOFRODWR VXOOD VXSHUILFLH LQFOXVD O¶HYHQWXDOH SDUWH YHWUDWD
$ PT ¼
FRPSUHVLWHODLRFRQWURWHODLRVPXUDWXUDGHOOHJUDSSHRGHLWDVVHOOL
GLWHQXWDHGHYHQWXDOHWDJOLRDVH]LRQHGHJOLHOHPHQWL

5LPR]LRQH GL VROD VXSHUILFLH YHWUDWD FRPSUHVL OR VWXFFR
$ PT ¼
IHUPDYHWURRLUHJROHWWLLQOHJQRHPHWDOOR
ϱϲ


5LPR]LRQHGL FRUULPDQRHWHODL LQ OHJQRLPERWWL LQOHJQR FRQ
PRVWUHPXUDWHFRQJUDSSHHRSHUHVLPLODULLQDSHUWXUDVSURYYLVWH
$ GL LQILVVL FRPSUHVR QHO SUH]]R O¶LQFDWHQDPHQWR GHOO¶LQILVVR P ¼
VPRQWDWR FRPSUHVL HYHQWXDOH FDOR LQ EDVVR DYYLFLQDPHQWR DO
OXRJRGLGHSRVLWRSURYYLVRULR

5LPR]LRQH GL JUDSSH FRGHWWH WDVVHOOL LVRODWL FRPSUHVD OD
$ FDG ¼
FKLXVXUDGHOIRURHLOSDUHJJLDPHQWRGHOO¶LQWRQDFR

5LPR]LRQH GL FDSSH LQ ODPLHUD YHWUR DFFLDLR VPDOWDWR

$ ILEURFHPHQWRFHPHQWRUHWLQDWRFRPSUHVLHYHQWXDOHFDORLQEDVVR FDG ¼
DYYLFLQDPHQWRDOOXRJRGLGHSRVLWRSURYYLVRULR

$ 75$63257,

7LUR LQ DOWR R FDOR LQ EDVVR GL PDWHULDOL D PH]]R GL HOHYDWRUH
$ PHFFDQLFR VH SUHYHQWLYDPHQWH DXWRUL]]DWR GDOOD '/ FRPSUHVR
O¶RQHUHGLFDULFRHVFDULFRGHLPDWHULDOL
$ D YDOXWD]LRQHDYROXPH PF ¼
$ E YDOXWD]LRQHDSHVR NJ ¼

7UDVSRUWR D VSDOOD G¶XRPR R LQVDFFKHWWDWXUD GL PDWHULDOL GL
TXDOVLDVL QDWXUD H FRQVLVWHQ]D SXUFKp LO SHVR GL RJQL VLQJROR
WUDVSRUWRQRQVLDVXSHULRUHDNJVHSUHYHQWLYDPHQWHDXWRUL]]DWR
$
GDOOD'/VXSHUFRUVLQRQFDUULRODELOLILQRDOOXRJRGLGHSRVLWR
LQDWWHVDGHOWUDVSRUWRDOORVFDULFRFRPSUHVLRQHULGLVXSHUDPHQWR
GLVOLYHOOL
$ D YDOXWD]LRQHDYROXPH PF ¼
$ E YDOXWD]LRQHDSHVR NJ ¼

7UDVSRUWR FRQ FDUULROD VH SUHYHQWLYDPHQWH DXWRUL]]DWR GDOOD

$ '/GLPDWHULDOLGLTXDOVLDVLQDWXUDHFRQVLVWHQ]DHQWURO¶DPELWR
GHOO¶DUHDGLFDQWLHUHFRPSUHVRFDULFRVXOPH]]RGLWUDVSRUWR
$ D SHUSHUFRUVLILQRDP PF ¼
$ E SHURJQLPORIUD]LRQHGLVXFFHVVLYLDLSULPL PF ¼

&HUQLWDHSUHVHOH]LRQHGHLULILXWLSURGRWWLLQFDQWLHUHGDDYYLDUHD
$
GLVFDULFDRLPSLDQWRGLUHFXSHUR
$ D OHJQR NJ ¼
$ E YHWUR NJ ¼
$ F SODVWLFD NJ ¼

ϱϳ

&DULFR H WUDVSRUWR D GLVFDULFKH HR LPSLDQWL DXWRUL]]DWL FKH

GRYUDQQR YLGLPDUH FRSLD GHO IRUPXODULR G
LGHQWLILFD]LRQH GHO
ULILXWRWUDVSRUWDWRVHFRQGROHQRUPHYLJHQWLFRQTXDOXQTXHPH]]R
$
GLPDWHULDOHSURYHQLHQWHGDGHPROL]LRQLHVFDYLDQFKHVHEDJQDWR
FRPSUHVRLOFDULFRHVHJXLWRFRQPH]]L PHFFDQLFLRDPDQRHLO
VXFFHVVLYRVFDULFR(VFOXVLJOLRQHULGLGLVFDULFD
$ D FRPSUHVRLOFDULFRDPDQR WRQ ¼
$ E FRPSUHVRLOFDULFRHIIHWWXDWRGDSDOHPHFFDQLFKH WRQ ¼
HVFOXVR LO FDULFR VXO PH]]R GL WUDVSRUWR FRPSHQVDWR FRQ DOWUL
$ F WRQ ¼
DUWLFROL
$ G WUDVSRUWRQHOO¶DPELWRGHOFDQWLHUH WRQ ¼
SHURJQLNPXOWHULRUHDLNPGDOFDQWLHUHWDOHFRPSHQVRYLHQH
$ H FRUULVSRVWR TXDORUD OD SL YLFLQD GLVFDULFD DXWRUL]]DWD ULVXOWL D WRQ ¼
GLVWDQ]DVXSHULRUHDNPGDOFDQWLHUH

&DULFR H WUDVSRUWR D GLVFDULFKH HR LPSLDQWL DXWRUL]]DWL FKH

GRYUDQQR YLGLPDUH FRSLD GHO IRUPXODULR G
LGHQWLILFD]LRQH GHO
ULILXWRWUDVSRUWDWRVHFRQGROHQRUPHYLJHQWLGLPDWHULDOLGLULVXOWD
$ SURYHQLHQWLGDGHPROL]LRQLFRQDXWRFDUURGLSRUWDWDILQRDWRQ WRQ ¼
R PH]]R GL XJXDOL FDUDWWHULVWLFKHVHSUHYHQWLYDPHQWHDXWRUL]]DWR
GDOOD'/FRPSUHVLFDULFRYLDJJLRGLDQGDWDHULWRUQRHVFDULFR
FRQHVFOXVLRQHGHJOLRQHULGLGLVFDULFD

&RVWR SHU LO FRQIHULPHQWR GHL ULILXWL D LPSLDQWR GL UHFXSHUR R

GLVFDULFDDXWRUL]]DWDDLILQLGHOORURUHFXSHURVPDOWLPHQWRFRGLFL
DWWULEXLWL VHFRQGR O¶(OHQFR HXURSHR GHL ULILXWL ((5 HVFOXVR LO
FRVWRGHOWUDVSRUW/
DYYHQXWRVPDOWLPHQWRUHFXSHURGRYUjHVVHUH
$
DWWHVWDWR GDOO
LPSLDQWR GL UHFXSHUR R GLVFDULFD DXWRUL]]DWD FRQ
GLFKLDUD]LRQHVXOOHTXDQWLWjULFHYXWHGDOOHVLQJROHXQLWjORFDOLHGL
TXDQW¶DOWURRFFRUUHQWHSHUGRFXPHQWDUHLOUHJRODUHFRQIHULPHQWR
GHLULILXWLDVRJJHWWLDXWRUL]]DWL
FHPHQWR((5

$ D DUHFXSHUR WRQ ¼
PDWWRQL((5

$ E DUHFXSHUR WRQ ¼
PDWWRQHOOHHFHUDPLFKH((5

$ G DUHFXSHUR WRQ ¼
PLVFXJOL R VFRULH GL FHPHQWR PDWWRQL PDWWRQHOOH H FHUDPLFKH
GLYHUVHGDTXHOOHGLFXLDOODYRFHFRGLFH((5((5

$ H DUHFXSHUR WRQ ¼
QRQUHFXSHUDELOHDGLVFDULFDGLLQHUWLHQWURLOLPLWLGHOO
DOOHJDWR WRQ
$ I GHO'OJVWDEH ¼
DGLVFDULFDGLQRQSHULFRORVLHQWURLOLPLWLGHOO
DOOHJDWRGHO'OJV WRQ
$ J WDE ¼

OHJQR((5

$ K DUHFXSHUR NJ ¼
ϱϴ


YHWUR((5

$ M DUHFXSHUR NJ ¼
DGLVFDULFDGLULILXWLLQHUWLHQWURLOLPLWLGHOO
DOOHJDWRGHO'OJV NJ
$ O WDEH ¼

SODVWLFD((5
$ P DUHFXSHUR NJ ¼

PLVFHOHELWXPLQRVHGLYHUVHGDTXHOOHGLFXLDOODYRFHFRGLFH((5
((5
DUHFXSHURSURYHQLHQWHGDRSHUD]LRQLGLIUHVDWXUDGHJOLVWUDWL WRQ
$ Q GLSDYLPHQWD]LRQH ¼
DUHFXSHURODVWUHHRWRSSHSURYHQLHQWHGDOODGHPROL]LRQHGL WRQ
$ R SDYLPHQWD]LRQL ¼

WHUUDHURFFHGLYHUVHGDTXHOOHGLFXLDOODYRFHFRGLFH&((5((5
((5

D UHFXSHUR DPELHQWDOH 5 PDWHULDOH LQHUWH YDULR FRVWLWXLWR
HVFOXVLYDPHQWH GD WHUUD SURYHQLHQWH GD VFDYL HVFOXVL VFDYL

VWUDGDOLFRQFRQFHQWUD]LRQHGLFRQWDPLQDQWLLQIHULRULDLOLPLWL
GHOODFRORQQD$WDEHOODGHOO¶DOOHJDWRGHO'/JV
$ S DUHFXSHUR5 WRQ ¼

D GLVFDULFD GL ULILXWL LQHUWL QRQ UHFXSHUDELOL HQWUR L OLPLWL WRQ
$ T GHOO
DOOHJDWRGHO'OJVWDEH ¼
DGLVFDULFDGLULILXWLQRQSHULFRORVLQRQUHFXSHUDELOLHQWURLOLPLWL WRQ
$ U GHOO
DOOHJDWRGHO'OJVWDE ¼

PDWHULDOHGLGUDJDJJLRGLYHUVRGDTXHOORGLFXLDOODYRFHFRGLFH
&((5((5((5
$ V DUHFXSHUR5 WRQ ¼
DOOHJDWRGHO'OJV WRQ
$ W WDEH ¼
DGLVFDULFDGLULILXWLQRQSHULFRORVLHQWURLOLPLWLGHOO
DOOHJDWRGHO WRQ
$ X 'OJVWDE ¼

SLHWULVFRSHUPDVVLFFLDWHIHUURYLDULHGLYHUVRGDTXHOORGLFXLDOOD
YRFHFRGLFH&((5((5((5
$ Y DUHFXSHUR5 WRQ ¼
DOOHJDWRGHO'OJV WRQ
$ Z WDEH ¼
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$ D
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VXSHULRUHLQFDOFHVWUX]]RGDFP
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$ F
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6RODLR PLVWR GL FHPHQWR DUPDWR H ODWHUL]LR SHU VWUXWWXUH SLDQH

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$ G SHUDOWH]]DWRWDOHGLFP PT ¼
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6RODLRSLDQRLQODWHUL]LRHFHPHQWRDUPDWRLGRQHRDVRSSRUWDUH
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$ D SHUDOWH]]DWRWDOHFP PT ¼
$ E SHUDOWH]]DWRWDOHFP PT ¼
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$ G SHUDOWH]]DWRWDOHFP PT ¼
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&RPSHQVRDLVRODLPLVWLGLFHPHQWRDUPDWRHODWHUL]LRJHWWDWLLQ
$
RSHUDSHUVWUXWWXUHSLDQH
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SHU RJQL 1PPT FLUFD NJIPT LQ SL R LQ PHQR GL
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VRYUDFFDULFRDFFLGHQWDOH

6RODLR FRPSRVWR GDODVWUH SUHIDEEULFDWHLQFDOFHVWUX]]RGD

FP DUPDWH FRQ UHWH HOHWWURVDOGDWD HG DOOHJJHULWR FRQ EORFFKL GL
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FRQWDELOL]]DUHDSDUWH
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ϴϬ

6RODLR FRPSRVWR GDODVWUH SUHIDEEULFDWHLQFDOFHVWUX]]RGD

FP DOOHJJHULWH FRQ EORFFKL GL SROLVWLUROR HVSDQVR GHQVLWj
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NJPT
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NJPT
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NJPT
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NJPT
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NJPT

6RODLR SLDQR FRVWLWXLWR GD ODVWUH DOYHRODUL DXWRSRUWDQWL
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ϴϭ

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6RODLFROODERUDQWLLQWUDYLGLIHUURHODPLHUHJUHFDWHLQDFFLDLR
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PP
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PP

ϴϮ

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VRODLR

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9HVSDLRFRVWLWXLWRGDXQDVWUXWWXUDFRQWDYHOORQDWRSRJJLDWRVX
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GLFHPHQWRWLSR

ϴϯ

9HVSDLRFUHDWRFRQVFKHJJLRQLGLFDYDGLQDWXUDVLOLFLDFDOFDUHD
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'UHQDJJLRFRQVFKHJJLRQLGLFDYDGLQDWXUDVLOLFHDFDOFDUHDR
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'UHQDJJLRHVHJXLWRLQHOHPHQWLGLODWHUL]LRIRUDWLSRVWLDVHFFR
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VWDELOLWj

$ 0$66(77,

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ϴϰ

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0DVVHWWLGLJUHWRQLGLSR]]RODQDHFDOFHLGUDWDFRQIH]LRQDWDFRQ
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0DVVHWWRGLVRWWRIRQGRGLPDOWDGLFHPHQWRWLSRGRVDWRD
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$ J 6RYUDSSUH]]RSHUIRUQLWXUHLQIHULRULDLPT PT

¼

GLVFRQWLQXH H FRQWLQXH QRQ LQFOXVH H VWUXWWXUH FRQWLQXH LQ
SDQQHOOLGHFNLVRODWLHYHQWLODWLDSURWH]LRQHPXOWLVWUDWRFRVWLWXLWL
GD
$ GDXQULYHVWLPHQWRLQSROLHVWHUH
IXRFR(XURFODVVH((36
5LYHVWLPHQWR LQWHUQR FRQ ODPLQD FHQWHVLPDOH LQ $FFRSSLDWR
$OOXPLQLR3ROLHVWHUH
$ N 6RYUDSSUH]]RFRQODPLHUDGLDFFLDLRGHOORVSHVVRUHGLPP PT ¼
$ O PT ¼
6RYUDSSUH]]RSHUULYHVWLPHQWRLQIHULRUHLQODPLQDGLDOOXPLQLR
$ P PT ¼
JRIIUDWRFHQWHVLPDOH
6RYUDSSUH]]RSHUULYHVWLPHQWRLQIHULRUHLQWHVVXWRQRQWHVVXWRLQ
$ Q PT
SROLSURSLOHQHJULJLR ¼
$ R 6RYUDSSUH]]RSHUJLXQWRORQJLWXGLQDOHLQ39& PT
¼
ϵϱ

6RYUDSSUH]]RSHUULYHVWLPHQWRLQIHULRUHLQODPLQDWRGL
$ S PT
3ROLHWLOHQH3ROLSURSLOHQH3(33HJLXQWRORQJLWXGLQDOHLQ39& ¼
6RYUDSSUH]]RSHUULYHVWLPHQWRLQIHULRUHLQODPLQDWRGL
$ T PT
YHWURUHVLQDVSHVVPP ¼
$ U 6RYUDSSUH]]RSHUIRUQLWXUHLQIHULRULDLPT PT ¼
$
GLVFRQWLQXHHFRQWLQXHFXUYHQRQLQFOXVHLQSDQQHOOLGHFNLVRODWL
HYHQWLODWLDSURWH]LRQHPXOWLVWUDWRFXUYDELOLFRVWLWXLWLGD
$ DFHOOHFKLXVHDODPEGDPLJOLRUDWRFRQWHQHQWHJUDILWHUHD]LRQHDO
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HVSHVVRUH(1P
3URILORGLJLXQ]LRQHORQJLWXGLQDOHD7FRVWLWXLWRGD39&FRQ
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PP
$ N 6RYUDSSUH]]RFRQODPLHUDGLDFFLDLRGHOORVSHVVRUHGLPP PT

¼
ϵϲ

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$ P 6RYUDSSUH]]RSHUIRUQLWXUHLQIHULRULDLPT PT
¼
$
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GDXQULYHVWLPHQWRLQODPLQDWR
$
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PP
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DOPHQRFPDOILQHGLSURWHJJHUHODWHVWDWDGHOSDQQHOORLVRODQWH
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$ N FRQ(36VSHVVRUHPPWUDVPLWWDQ]DWHUPLFD:PT. PT ¼
$ O 6RYUDSSUH]]RFRQODPLHUDGLDFFLDLRGHOORVSHVVRUHGLPP PT ¼
$ P PT ¼
ϵϳ

$ Q 6RYUDSSUH]]RSHUIRUQLWXUHLQIHULRULDLPT PT

¼

)RUQLWXUD H SRVD LQ RSHUD GL VLVWHPD GL FRSHUWXUD LVRODWR VWUDWL
FRLEHQWL HVFOXVL H YHQWLODWR D IDOGH GD UHDOL]]DUVL VX VWUXWWXUH
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$SSHQGLFH$FRQIRUPLD81,(1$SSHQGLFH%FRVWLWXLWH
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QHOOD IDFFLD VXSHULRUH GD XQ ULYHVWLPHQWR WHUPRSODVWLFR
DQWLFRUURVLYRHGLQVRQRUL]]DQWHGHOORVSHVVRUHGLPPHGDXQD
ODPLQDPHWDOOLFDLQDOOXPLQLRFRQILQLWXUDQDWXUDOHHQHOODIDFFLD
LQIHULRUHGDXQSULPHUELWXPLQRVRHGDXQDODPLQDGLDOOXPLQLRFRQ
ILQLWXUD QDWXUDOH PRQWDWH VX VRWWRVWUXWWXUD PHWDOOLFD SHU
$ IRUPD]LRQH GHOOH SHQGHQ]H QRQ LQIHULRUL DO FRVWLWXLWD GD
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SDUL D FLUFD P [ P VRUPRQWDWL GD DUFDUHFFLDWXUD LQ DFFLDLR
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PP GRWDWL GL PDUFKLR &( VHFRQGR (1 H DOWH]]D
PLQLPDFPGLVSRVWLSDUDOOHODPHQWHDOODOLQHDGLJURQGD
/HODVWUHPHWDOOLFKHPXOWLVWUDWRDVVLFXUHUDQQRLVHJXHQWLUHTXLVLWL
SUHVWD]LRQDOL5HD]LRQHDOIXRFR&ODVVH%VG81,(1
(1(1,62&RPSRUWDPHQWRDOIXRFRHVWHUQR
&ODVVH%5RRI781,(181,&(176
$ D FRQODPLHUDGLDFFLDLR]LQFDWRGHOORVSHVVRUHGLPP PT ¼
$ E FRQODPLHUDGLDFFLDLR]LQFDWRGHOORVSHVVRUHGLPP PT ¼
6RYUDSSUH]]RSHUODPLQDPHWDOOLFDVXSHULRUHLQDOOXPLQLRFRQ ¼
$ F PT
$ G 6RYUDSSUH]]RSHUODPLQDPHWDOOLFDVXSHULRUHLQUDPHHOHWWUROLWLFR PT
¼
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$ I 6RYUDSSUH]]RSHUIRUQLWXUHLQIHULRULDLPT PT ¼

ϵϴ

)RUQLWXUD H SRVD LQ RSHUD GL VLVWHPD GL FRSHUWXUD LVRODWR VWUDWL
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OHJD + GHOOR VSHVVRUH GL PP PDUFKLDWH &(
VHFRQGR 81, (1 D GRSSLR JLXQWR GUHQDQWH SURILODWH D
PLVXUD GL IDOGD H SULYH GL SHUIRUD]LRQL JXDUQL]LRQL H VRUPRQWL
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$
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H GRWDWL GL FHUWLILFD]LRQH GL UHVLVWHQ]D DL VRYUDFFDULFKL
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HDOWH]]DPLQLPDFPGLVSRVWLSDUDOOHODPHQWHDOODOLQHDGL
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$ D PT
VSHVVRUHGLPP
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$ E PT
VSHVVRUHGLPP
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6RYUDSSUH]]RSURILODWXUDGLUHWWDLQFDQWLHUHSHUODVWUHFRQ
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OXQJKH]]DPDJJLRUHPW
$ H 6RYUDSSUH]]RSHUIRUQLWXUHLQIHULRULDLPT PT
¼
$
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FRVWLWXLWDGDSDQQHOORLQ(36SUHVWDPSDWRDPLVXUDVHFRQGRSURILOR
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.JPFSLDVWUDSUHIRUDWDSHUDQFRUDJJLRDUFDUHFFLRDUFDUHFFLR
GLFRSHUWXUDFRVWLWXLWRGDSURILODWRLQDFFLDLR]LQFDWRFRQVH]LRQH
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$
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81, (1 $SSHQGLFH $ FRQIRUPL D 81, (1
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ILQLWXUDQDWXUDOHHQHOODIDFFLDLQIHULRUHGDXQSULPHUELWXPLQRVR
HGDXQDODPLQDGLDOOXPLQLRFRQILQLWXUDQDWXUDOH
$ D FRQODPLHUDGLDFFLDLR]LQFDWRGHOORVSHVVRUHGLPP PT ¼
$ E 6RYUDSSUH]]RFRQODPLHUDGLDFFLDLRGHOORVSHVVRUHGLPP PT ¼
ϵϵ

$ F PT ¼
$ G 6RYUDSSUH]]RSHUODPLQDPHWDOOLFDVXSHULRUHLQUDPHHOHWWUROLWLFR PT
¼
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SROLHVWHUHQRQWHVVXWR ¼
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&DQDOHGLJURQGDLQUDPHRODPLHUDGLIHUUR]LQFDWRFRPXQTXH
VDJRPDWR GL VSHVVRUH PP D ERUGR D FRUGRQH LQ RSHUD
$ FRPSUHVH ODYRUD]LRQL HVDOGDWXUH FLFRJQH GHOORVWHVVR PDWHULDOH
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OHJDWXUHFRQILORGLIHUUR]LQFDWRRUDPH

$ D LQODPLHUD]LQFDWDGHOORVYLOXSSRGHOODVH]LRQHGLPP P ¼
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7XELGLODPLHUDLQUDPHRLQIHUUR]LQFDWRGHOORVSHVVRUHGL
PP SHU SOXYLDOL FDQQH GL YHQWLOD]LRQH H VLPLOL LQ RSHUD FRQ OH
$
QHFHVVDULH ODYRUD]LRQL H VDOGDWXUH FUDYDWWH PXUDWH FRPSUHVL L
JRPLWL
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$ G LQUDPHGHOGLDPHWURGLPP P ¼

6FRVVDOLQDLQUDPHRLQODPLHUDGLIHUUR]LQFDWRGLVSHVVRUHGL
PP FRPXQTXHVDJRPDWD LQ RSHUD FRPSUHVH ODYRUD]LRQLH
$
VDOGDWXUH VWDIIHGHOOR VSHVVRUH GL PP GHOOR VWHVVR PDWHULDOH
ILVVDWHVXFDOGDQDRWDVVHOOLGLOHJQR

$ D LQODPLHUD]LQFDWDGHOORVYLOXSSRGHOODVH]LRQHGLPP P ¼
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ϭϬϬ

&RQYHUVHHFRPSOXYLGLODPLHUDGLIHUUR]LQFDWRGHOORVSHVVRUH
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$ PT
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*URQGD LQ 39& D GRSSLD SDUHWH D ULQIRU]L UHWLFRODUL

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DOO
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D&GLODWD]LRQHPPSHUJUDGR&SHUPDSSOLFDELOH
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FDOGDQDRWDVVHOOLGLOHJQRRJQLP

6FRVVDOLQDLQ39&DGRSSLDSDUHWHPXQLWDGLDQHOORFRSULWHJROD
SDUHWH VLQJROD GL ODUJKH]]D PP H GL VRWWRWHJROD SDUHWH
$ VLQJRODODUJDPPDOWH]]DEDUUDVFRVVDOLQDGRSSLDSDUHWHPP P ¼
VWDIIDLQDFFLDLR)H$]LQFDWDHSODVWLILFDWDGLVSHVVRUHPP
GDSRVL]LRQDUHXQDRJQLPVXFDOGDQDRWDVVHOOLGLOHJQR

3OXYLDOHLQ39&DSDUHWHVLQJRODPXQLWRGLLPERFFRSHULQFDVWUR
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$ P
)H$GHOGLDPHWURGLPPGHOORVSHVVRUHGLPP]LQFDWRH
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7HUPLQDOHGLSOXYLDOHLQWXERGLJKLVDFRPSOHWRGLYHUQLFLDWXUD
$ VWDIIH GL IHUUR PXUDWH RSHUH PXUDULH HG RJQL DOWUR RQHUH H NJ ¼
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/DVWUH GL SLRPER ODYRUDWR GL TXDOVLDVL VSHVVRUH FRPSUHVH
$
VDOGDWXUHVDJRPDWXUHWDJOLVIULGLHGRJQLDOWURRQHUHHPDJLVWHUR
$ D SHUERFFKHWWRQLUDFFRUGLSOXYLDOLHEUDFKH NJ ¼
$ E SHUFRQYHUVHFRPSOXYLHULYHVWLPHQWL NJ ¼

ϭϬϭ


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$
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ϭϬϮ

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SLHWUDPHFDOFDUHR
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0XUDWXUDGLEORFFKHWWLGLSLHWUDPHVFHOWLHVTXDGUDWLHVHJXLWD
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ϭϬϯ

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$ 085$785$,1/$7(5,=,2

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DOWRGHOPDWHULDOHUHDOL]]DWRFRQSDQQHOOLLQ
ODQD GL YHWUR UHVLQDWL GL GHQVLWj SDUL D NJPF ULYHVWLWL FRQ
$ D
VWUDWRGLELWXPHDUPDWRFRQYHORYHWURHFRQILOPGLSROLSURSLOHQH
$ D SHURJQLFPLQSL PT ¼

SDQQHOOLLVRODQWLLQODQDGLURFFLDGHQVLWjNJPFFRQGXFLELOLWj
$ E
WHUPLFDȜ:P.
$ E SHURJQLFPLQSL PT ¼

$ F ODQDGLOHJQRPLQHUDOL]]DWDFRQPDJQHVLWHDGDOWDWHPSHUDWXUD
$ F SHURJQLFPLQSL PT ¼
ODQDPLQHUDOHVXSSRUWDWDVXDPERLODWLGDXQRVWUDWRGLFPLQ
$ G ODQD GL OHJQR PLQHUDOL]]DWD FRQ LQWHUSRVWR XQR VWUDWR GL ODQD
PLQHUDOHDGDOWDGHQVLWjDILEUDRULHQWDWDȜ:P.

$ H VXJKHURGLGHQVLWjSDULDNJPF
ϭϮϴ

$ H SHURJQLFPLQSL PT ¼

SROLVWLUHQH HVSDQVR HVWUXVR ;36 GHQVLWj NJPF
$ I
FRQGXFLELOLWjWHUPLFDȜ :P.
$ I SHURJQLFPLQSL PT ¼

SROLVWLUHQHHVSDQVRGLGHQVLWjNJPFUHVLVWHQ]DDOIXFRFODVVH
$ J
FRQIRUPHQRUPD81,
$ J VSHVVRUHFP PT ¼
$ J SHURJQLFPLQSL PT ¼
SDQQHOOLLQVFKLXPDSRO\LVRHVSDQVDULYHVWLWRVXHQWUDPEHOHIDFFH
$ K FRQYHORYHWURVDWXUDWRGHQVLWj.JPFFRQGXFLELOLWjWHUPLFDȜ
:P.
$ K VSHVVRUHFP PT ¼
$ K SHURJQLFPLQSL PT ¼

,VRODPHQWRWHUPLFRSRUWDQWHSUHILQLWRGLWHWWLLQOHJQRRDFFLDLR
FRQSDQQHOOLLQODQDGLOHJQRPLQHUDOL]]DWDDGDOWDWHPSHUDWXUD
$ FRQ PDJQHVLWH FRQ VXSHUILFLH D YLVWD UDVDWD FRQ LPSDVWR
OHJQRPDJQHVLDFR 81, 0$/ SUHYHUQLFLDWR DSSOLFDWR
PHGLDQWHYLWLDOO
RUGLWXUDHVLVWHQWH

&RLEHQWD]LRQHWHUPLFDGLWHWWLLQOHJQRFRQWDYRODWRLQSDQQHOOL
ULJLGL LQ ILEUH GL OHJQR PLQHUDOL]]DWH H FHPHQWR DFFRSSLDWL FRQ
$
SROLVWLUHQH HVSDQVR ULQIRU]DWL FRQ OLVWHOOL LQ OHJQR GHOOH
GLPHQVLRQLGL[R[FP

,VRODPHQWR WHUPLFR LQ URWROL GL SROLXUHWDQR HVSDQVR
DXWRHVWLQJXHQWH GHQVLWj NJPF FRQGXWWLYLWj WHUPLFD GL
NFDOPK&UHVLVWHQ]DDOIXRFRFODVVHWDJOLDWRDOLVWHOOLODUJKL
PP HG DVVHPEODWR LQ FRQWLQXR DG XQD PHPEUDQD
$
LPSHUPHDELOL]]DQWH ELWXPH SROLPHUR HODVWRSODVWRPHULFD DUPDWD
FRQWHVVXWRQRQWHVVXWRGLSROLHVWHUHGDILORFRQWLQXRFRPSUHVDOD
IRUQLWXUDHSRVDLQRSHUDHTXDQWRDOWURRFFRUUHSHUGDUHO¶RSHUD
ILQLWD
$ D VSHVVRUHSDQQHOORFPHPDQWRLPSHUPHDELOHPP PT ¼
$ E VSHVVRUHSDQQHOORFPHPDQWRLPSHUPHDELOHPP PT ¼
$ F VSHVVRUHSDQQHOORFPHPDQWRLPSHUPHDELOHPP PT ¼

ϭϮϵ

,VRODPHQWR WHUPLFR LQ URWROL GL SROLVWHUHQH HVSDQVR HVWUXVR

DXWRHVWLQJXHQWHGHQVLWjNJPFFRQGXWWLYLWjWHUPLFDGL
NFDOPK&UHVLVWHQ]DDOIXRFRFODVVHWDJOLDWRDOLVWHOOLODUJKL
PP HG DVVHPEODWR LQ FRQWLQXR DG XQD PHPEUDQD
$
LPSHUPHDELOL]]DQWH ELWXPH SROLPHUR HODVWRSODVWRPHULFD DUPDWD
FRQWHVVXWRQRQWHVVXWRGLSROLHVWHUHGDILORFRQWLQXRFRPSUHVDOD
IRUQLWXUDHSRVDLQRSHUDHTXDQWRDOWURRFFRUUHSHUGDUHO¶RSHUD
ILQLWD

,VRODPHQWR WHUPLFR LQ URWROL GL ILEUD GL YHWUR LGURUHSHOOHQWH
DXWRHVWLQJXHQWHGHQVLWjNJPFFRQGXWWLYLWjWHUPLFDGL
NFDOPK&WDJOLDWRDOLVWHOOLODUJKLPP/DILEUDYLHQHRULHQWDWD
YHUWLFDOPHQWH SHU DXPHQWDUH OD UHVLVWHQ]D D FRPSUHVVLRQH HG
$
DVVHPEODWR LQ FRQWLQXR DG XQD PHPEUDQD LPSHUPHDELOL]]DQWH
ELWXPHSROLPHURHODVWRSODVWRPHULFDDUPDWDFRQWHVVXWRQRQWHVVXWR
GLSROLHVWHUHGDILORFRQWLQXRFRPSUHVDODIRUQLWXUDHSRVDLQRSHUD
HTXDQWRDOWURRFFRUUHSHUGDUHO¶RSHUDILQLWD

,VRODPHQWRWHUPLFRLQHVWUDGRVVRGLFRSHUWXUHSLDQHLQ
SDQQHOOLLQYHWURFHOOXODUHFRPSOHWDPHQWHLQRUJDQLFLFRQ
GHQVLWjPLQLPDGL.JPFUHD]LRQHDOIXRFR(XURFODVVH$
$
VWDJQHDOYDSRUHFRQFRQGXWWLYLWjWHUPLFD҆'QRQVXSHULRUHD
:P .FRPSUHVRGLSRVDLQRSHUDPHGLDQWHELWXPHD
FDOGRHTXDQWRRFFRUUHSHUGDUHO¶RSHUDILQLWD
$ D VSHVVRUHSDQQHOORFP PT ¼

,VRODPHQWR WHUPLFR LQ HVWUDGRVVR GL FRSHUWXUH LQFOLQDWH LQ

SDQQHOOLLQYHWURFHOOXODUHFRPSOHWDPHQWHLQRUJDQLFLFRQGHQVLWj
PLQLPDGL.JPFUHD]LRQHDOIXRFR(XURFODVVH$VWDJQLDO
$
YDSRUH FRQ FRQGXWWLYLWj WHUPLFD ҆' QRQ VXSHULRUH D
:P .FRPSUHVRGLSRVDLQRSHUDPHGLDQWHPDVWLFHELWXPLQRVR
DIUHGGRSHUO¶DQFRUDJJLRHTXDQWRRFFRUUHSHUGDUHO¶RSHUDILQLWD
$ D VSHVVRUHSDQQHOORFP PT ¼

,VRODPHQWR WHUPLFR LQ HVWUDGRVVR GL VRODL SLDQL HVHJXLWR

$ PHGLDQWHSRVDDVHFFRFRQSDQQHOOLULJLGLGLPDWHULDOHLVRODQWHVX
SLDQRGLSRVDJLjSUHSDUDWRUHDOL]]DWRFRQSDQQHOOLLQ
$ D WDSSHWLLVRODQWLSHUDQWLFDOSHVWLRLQJRPPDULFLFODWD PT ¼
$ E ILEUDGLOHJQRVSHVVFP PT ¼

ϭϯϬ

,VRODPHQWR WHUPLFR LQ LQWUDGRVVR GL VRODLR HVHJXLWR PHGLDQWH

SDQQHOOLULJLGLLQPDWHULDOHLVRODQWHDQFRUDWLDOODVWUXWWXUDSRUWDQWH
$ FRQPDOWDDGHVLYDVSHFLDOHHWHVVHOODWXUHFRQFKLRGLDOPRSOHQD
WHVWDWRQGDODUJDFRPSUHVRLQWRQDFRVRWWLOHDUPDWRFRQVSHFLDOH
WHVVXWRLQILEUDGLYHWURUHDOL]]DWRLQ
SDQQHOOLLQODQDGLPLQHUDOHVXSSRUWDWDVXDPERLODWLFRQXQRVWUDWR
GL FP LQ ODQD GL OHJQR PLQHUDOL]]DWD FRQ PDJQHVLWH DG DOWD
$ D
WHPSHUDWXUD81,0$,FRQLQWHUSRVWRXQRVWUDWRGLLVRODQWH
WHUPLFRDGHOHYDWHSUHVWD]LRQLȜ:P.
SDQQHOOL WHUPRIRQRLVRODQWH H IRQRDVVRUEHQWH LQ ODQD GL OHJQR
$ E
PLQHUDOL]]DWDȜ:P.
$ F PDJJLRUD]LRQHSHUDSSOLFD]LRQLLQLQWUDGRVVRVXVRODLJLjHVLVLWHQWL
$ G SDQQHOOLLQODQDGLYHWURUHVLQDWLGLGHQVLWjSDULDNJPF
$ G SHURJQLFPLQSL PT ¼

SDQQHOOL LQ ODQD GL URFFLD D ILEUH RULHQWDWH GL GHQVLWj SDUL D
$ H
NJPF
$ H SHURJQLFPLQSL PT ¼

$ I SDQQHOOLLQODQDGLURFFLDUHVLQDWLGLGHQVLWjSDULDNJPF
$ I SHURJQLFPLQSL PT ¼

$ J SDQQHOOLLQSROLXUHWDQRHVSDQVRGLGHQVLWjSDULDNJPF
$ J VSHVVRUHFP PT ¼
$ J SHURJQLFPLQSL PT ¼

SDQQHOOL LQ SROLVWLUHQH HVSDQVR GL GHQVLWj SDUL D NJPF
$ K
UHVLVWHQ]DDOIXRFRFODVVHFRQIRUPHQRUPD81,
$ K VSHVVRUHFP PT ¼
$ K SHURJQLFPLQSL PT ¼

SDQQHOOL LQ SROLVWLUHQH HVSDQVR HVWUXVR GL GHQVLWj SDUL D
$ L
NJPFUHVLVWHQ]DDOIXRFRFODVVHFRQIRUPHQRUPD81,
$ L VSHVVRUHFP PT ¼
$ L SHURJQLFPLQSL PT ¼

ϭϯϭ

SDQQHOOLULJLGLGLYHWURFHOOXODUHFRPSOHWDPHQWHLQRUJDQLFLFRQ
$ M
GHQVLWjPLQLPDGL.JPFUHVLVWHQ]DDOIXRFR(XURFODVVH$
$ M VSHVVRUHFP PT ¼
$ M SHURJQLFPLQSL PT ¼

$ &$3327723$5(7((67(51$(2,17(51$

,VRODPHQWRWHUPLFRDFDSSRWWRGLSDUHWLHVWHUQHHGLQWHUQHJLj
SUHSDUDWHHVHJXLWRPHGLDQWHSDQQHOOLULJLGLGLPDWHULDOHLVRODQWH
ILVVDWL FRQ PDOWD DGHVLYD VSHFLILFD H WDVVHOODWXUH FRQ DOPHQR
TXDWWUR DO PT FKLRGL LQ PRSOHQ D WHVWD WRQGD ODUJD FRPSOHWR GL
$
LQWRQDFRVRWWLOHGHOORVSHVVRUHGLPPDSSOLFDWRLQSLULSUHVH
SHUGDUHLOVXSSRUWRSURQWRSHUODWLQWHJJLDWXUDDUPDWRFRQVSHFLDOH
WHVVXWRLQILEUDGLYHWURDPDJOLDTXDGUDWD[PPFRQUHVLVWHQ]D
DWUD]LRQHNJHVFOXVHWLQWHJJLDWXUH
,PSLHJDQGRHOHPHQWLLVRODQWLLQ
$ D ODQDGLYHWURGLGHQVLWjSDULDNJPF

$ E SDQQHOOLLQODQDGLURFFLDFRQGXFLELOLWjWHUPLFDȜ :P.
SDQQHOOLLQVFKLXPDSRO\LVRHVSDQVDULYHVWLWLVXHQWUDPEHOHIDFFH
$ F FRQYHORYHWURVDWXUDWRGHQVLWj.JPFFRQGXFLELOLWjWHUPLFDȜ
:P.

SROLVWLUHQH HVSDQVR HVWUXVR ;36 GL GHQVLWj SDUL D NJPF
$ G
FRQGXFLELOLWjWHUPLFDȜ:P.

,VRODPHQWR WHUPLFR D FDSSRWWR GL SDUHWL HVWHUQH HG LQWHUQH LQ

SDQQHOOL DQFRUDWL DOOD PXUDWXUD FRQ PDOWD DGHVLYD VSHFLILFD H
$ WDVVHOODWXUH FRQ FKLRGL LQ PRSOHQ D WHVWD WRQGD ODUJD FRPSUHVL
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LQILEUDGLYHWURVXFFHVVLYDVHFRQGDUDVDWXUDHVFOXVHWLQWHJJLDWXUH
$ D SDQQHOOLLQODQDGLOHJQRPLQHUDOL]]DWDOHJDWDFRQFHPHQWR
ϭϯϮ

SDQQHOOLLQODQDGLPLQHUDOHVXSSRUWDWDVXDPERLODWLFRQXQR
$ E VWUDWRGLFPLQODQDGLOHJQRPLQHUDOL]]DWDFRQLQWHUSRVWRXQR
VWUDWRGLLVRODQWHWHUPLFRDGHOHYDWHSUHVWD]LRQLȜ:P.

,VRODPHQWR WHUPLFR D FDSSRWWR GL SDUHWL HVWHUQH YHQWLODWD
FRPSUHVD VWUXWWXUD SRUWDQWH LQ SURILODWL GL DOOXPLQLR ILVVDWL DOOD
$ PXUDWXUD VXL TXDOL VL LQFDVWUDQR SDQQHOOL ULJLGL GL PDWHULDOH
LVRODQWHIRUQLWLGLLQFDVWULFRPSOHWRGLLQWRQDFRVRWWLOHDUPDWRFRQ
WHVVXWRLQILEUDGLYHWUR
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$ D ODQDGLURFFLDGLGHQVLWjSDULDNJPF
SROLVWLUHQHHVSDQVRSUHIRUPDWRDGLODWD]LRQHDXWRFRPSHQVDWDFRQ
$ E VXSHUILFLHDGDJJUDSSRPLJOLRUDWRGLGHQVLWjSDULDNJPF
UHVLVWHQ]DDOIXRFRFODVVHFRQIRUPHQRUPD81,

,VRODPHQWRWHUPLFRDFDSSRWWRGLSDUHWLJLjSUHSDUDWHHVHJXLWR
PHGLDQWHSDQQHOOLGLPDWHULDOHLVRODQWHHODVWUHGLILQLWXUDLQJHVVR
$ ULYHVWLWRGHOORVSHVVRUHGLPPGRWDWHGLIRJOLRGLDOOXPLQLRFRQ
IXQ]LRQH GL EDUULHUD DO YDSRUH ILVVDWL DOOD PXUDWXUD PHGLDQWH
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$ D ODQDGLYHWURGLGHQVLWjSDULDNJPF

SROLVWLUHQHHVSDQVRGLGHQVLWjSDULDNJPFUHVLVWHQ]DDOIXRFR
$ E
FODVVHFRQIRUPHQRUPD81,
SROLVWLUHQH HVSDQVR HVWUXVR D FHOOH FKLXVH FRQ SHOOH VXSHUILFLDOH

$ F LPSHUPHDELOHGHQVLWjNJPFUHVLVWHQ]DDOIXRFRFODVVH
FRQIRUPHDOODQRUPD81,
ϭϯϯ

$ G SROLXUHWDQRHVSDQVRGLGHQVLWjSDULDNJPF

,VRODPHQWRWHUPLFRDFDSSRWWRGLSDUHWLLQWHUQHJLjSUHSDUDWH
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$ ODVWUHGLILQLWXUDLQJHVVRULYHVWLWRGHOORVSHVVRUHGLPPGRWDWH
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DOODPXUDWXUD
$ D ODQDGLYHWURGLGHQVLWjSDULDNJPFVSHVVRUHFP PT ¼
SROLVWLUHQHHVSDQVRHVWUXVRGLGHQVLWjSDULDNJPFVSHVVRUH
$ E PT ¼
FP

,VRODPHQWRWHUPLFRDFDSSRWWRGLSDUHWLLQWHUQHJLjSUHSDUDWH
HVHJXLWRPHGLDQWHSDQQHOOLLVRODQWLULJLGLLQFROODWLFRQDGHVLYRD
IUHGGR DOOD SDUHWH H SUHILQLWRFRQ XQLQWRQDFRGLIRQGRFROODQWH
$
ELDQFR VSHVVRUH PP DUPDWR FRQ UHWH VLQWHWLFD 3RVVLELOLWj GL
ILQLWXUDFRQWLQWHJJLDWXUDOLVFLDWXUDFRQLQWRQDFRSLDVWUHOODWXUD
GLUHWWDRTXDOXQTXHDOWURULYHVWLPHQWR
$ D LQYHWURFHOOXODUHGLGHQVLWjPLQLPDNJPFVSHVVRUHFP PT ¼

5LYHVWLPHQWR IRQRLVRODQWH H IRQRDVVRUEHQWH GL SDUHWL LQ
SDQQHOOLLQODQDGLOHJQRPLQHUDOL]]DWDDGDOWDWHPSHUDWXUDFRQ
PDJQHVLWHFRQVXSHUILFLHDYLVWDVHPLUDVDWDDFDYLWjDFXVWLFKH81,
$ 0$7 RPRORJDWL LQ FODVVH GL UHD]LRQH DO IXRFR PT ¼
SUHYHUQLFLDWLHGDERUGRVPXVVDWRVSHVVRUHFPILVVDWLFRQYLWL
DXWRIRUDQWL DG XQD VWUXWWXUD GL VXSSRUWR LQ SURILODWL GL DFFLDLR
]LQFDWRGDGLPP

5LYHVWLPHQWRGLSDUHWLDGHOHYDWRIRQRLVRODPHQWRFRQSDQQHOOL
LQODQDGLOHJQRPLQHUDOL]]DWDDGDOWDWHPSHUDWXUDFRQPDJQHVLWH
FRQXQDVXSHUILFLHUDVDWDFRQLPSDVWROHJQRPDJQHVLDFR81,
$ PT ¼
0$/ FRPSOHWR GL ODVWUH LQ FDUWRQJHVVR VSHVVRUH FP GL
ILQLWXUD VXSHUILFLDOH DSSOLFDWD FRQ YLWL DXWRIRUDQWL DG XQD
PHGHVLPDVWUXWWXUDGLVXSSRUWR

$ 085$785$$&$66(77$

,VRODPHQWRWHUPLFRLQLQWHUFDSHGLQHGLSDUHWLHVWHUQHHGLQWHUQH
$ HVHJXLWRPHGLDQWHLQVXIIODJJLRGLPDWHULDOHLVRODQWHVIXVRHVFOXVD
ODIRUPD]LRQHGHLIRULHODORURFKLXVXUDUHDOL]]DWRFRQ
$ D DUJLOODHVSDQVDFRQJUDQLGD·PP
$ D VSHVVRUHLQWHUFDSHGLQHFP PT ¼

$ E YHUPLFXOLWHHVSDQVDFRQJUDQLGD·PP
ϭϯϰ

$ E VSHVVRUHLQWHUFDSHGLQHFP PT ¼

$ F SHUOLWHHVSDQVDFRQJUDQLGD·PP
$ F VSHVVRUHLQWHUFDSHGLQHFP PT ¼

$ G JUDQXODWRGLVXJKHURHVSDQVRSHVRNJPF
$ G VSHVVRUHLQWHUFDSHGLQHFP PT ¼

,VRODPHQWRWHUPLFRLQLQWHUFDSHGLQHHVHJXLWRFRQSDQQHOOLULJLGL
$
GLPDWHULDOHLVRODQWHILVVDWLDOODSDUHWH
SROLVWLUHQH HVSDQVR GL GHQVLWj SDUL D NJPF UHVLVWHQ]D DO
$ D
IXRFRFODVVHFRQIRUPHQRUPD81,
SROLVWLUHQH HVSDQVR HVWUXVR D FHOOH FKLXVH FRQ SHOOH VXSHUILFLDOH

$ E LPSHUPHDELOHGHQVLWjNJPFUHVLVWHQ]DDOIXRFRFODVVH
FRQIRUPHDOODQRUPD81,

$ F SROLXUHWDQRHVSDQVRGLGHQVLWjSDULDNJPF

$ G ODQDGLYHWURGLGHQVLWjSDULDNJPF

$ ,62/$0(172627723$9,0(172

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$ VWDJQLDOYDSRUHFRQFRQGXWWLYLWjWHUPLFD҆'QRQVXSHULRUHD
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6EUXIIDWXUDRULQ]DIIRFRQPDOWDGLFHPHQWRWLSRLQTXDQWLWj
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$ PT ¼
YHUWLFDOL DOO¶LQWHUQR R DOO¶HVWHUQR SUHYLD EDJQDWXUD H TXDQWR
RFFRUUHSHUGDUHO¶RSHUDILQLWDDUHJRODG
DUWH(VFOXVLLSRQWHJJL

,QWRQDFRJUH]]RRUXVWLFRRIUDWWD]]DWRFRVWLWXLWRGDXQSULPR
VWUDWRGLULQ]DIIRRVEUXIIDWXUDHGDXQVHFRQGRVWUDWRWLUDWRLQSLDQR
$ D IUDWWD]]R UXVWLFR DSSOLFDWR FRQ SUHGLVSRVWH SRVWH H JXLGH VX
SDUHWL YHUWLFDOL H TXDQWR RFFRUUH SHU GDUH O¶RSHUD ILQLWD D UHJROD
G
FRQPDOWDGLFDOFHLGUDWDHVDEELDFRPSRVWDGDNJGLFDOFHSHU
$ D PT ¼
PFGLVDEELD
FRQPDOWDEDVWDUGDFRPSRVWDGDNJGLJUDVVHOORGLFDOFH
$ E PT ¼
NJGLFHPHQWRHPFGLVDEELD
FRQPDOWDGLFHPHQWRWLSRHVDEELDFRPSRVWDGDNJGL
$ F PT ¼
FHPHQWRSHUPFGLVDEELD
$ G FRQPDOWDGLFDOFHLGUDWDHSR]]RODQD PT ¼

,QWRQDFR FLYLOH IRUPDWR GD XQ SULPR VWUDWR GL ULQ]DIIR R

VEUXIIDWXUD GD XQ VHFRQGR VWUDWR WLUDWR LQ SLDQR FRQ UHJROR H
IUDWWD]]R FRQ SUHGLVSRVWH SRVWH H JXLGH ULILQLWR FRQ VRYUDVWDQWH
$
VWUDWR GLFROODGHOODVWHVVDPDOWD SDVVDWR DO FULYHOORILQR OLVFLDWD
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FRQPDOWDGLFDOFHLGUDWDHVDEELDFRPSRVWDGDNJGLFDOFHSHU
$ D PT ¼
PFGLVDEELD
FRQPDOWDEDVWDUGDFRPSRVWDGDNJGLJUDVVHOORGLFDOFH
$ E PT ¼
NJGLFHPHQWRHPFGLVDEELD
FRQPDOWDGLFHPHQWRWLSRHVDEELDFRPSRVWDGDNJGL
$ F PT ¼
FHPHQWRSHUPFGLVDEELD
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,QWRQDFRSURQWRSUHPLVFHODWRLQOHJDQWLVSHFLDOLFRVWLWXLWRGDXQ
SULPRVWUDWRGLIRQGRHGDXQRVWUDWRGLILQLWXUDWLUDWRLQSLDQRH
IUDWD]]DWRDSSOLFDWRFRQOHQHFHVVDULHSRVWHHJXLGHULILQLWRFRQ
$
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SH]]D HVHJXLWR VX VXSHUILFL SLDQR R FXUYH YHUWLFDOLH H TXDQWR
$ D FRQEDVHGLFHPHQWR PT ¼
$ E FRQEDVHGLJUDVVHOORGLFDOFH PT ¼

ϭϯϳ

,QWRQDFRGLFHPHQWRUHWLQDWRDGXHVWUDWLHVHJXLWRVXVXSHUILFL
SLDQHRFXUYHYHUWLFDOLFRVWLWXLWRGDXQSULPRVWUDWRGLVSHVVRUH
PHGLR PP GL PDOWD FHPHQWL]LD FRQLQWHUSRVWDUHWH GL ILOR GL
$ IHUUR]LQFDWDGLSHVRQRQPLQRUHGLNJSHUPTXQVHFRQGR PT ¼
VWUDWRGLVSHVVRUHQRQLQIHULRUHDPPGLPDOWDILQDDTOGL
FHPHQWRSHUPFGLVDEELDHTXDQWRRFFRUUHSHUGDUHO¶RSHUDILQLWD
DUHJRODG

,QWRQDFRDPH]]RVWXFFRIRUPDWRGDXQSULPRVWUDWRGLULQ]DIIRR
VEUXIIDWXUDGDXQVHFRQGRGLLQWRQDFRJUH]]RFRQPDOWDGLFDOFH
LGUDWDHSR]]RODQDWLUDWDDIUDWWD]]RHGDSSOLFDWDFRQSUHGLVSRVWH
$ SRVWHHJXLGHULILQLWRFRQVRYUDVWDQWHVWUDWRGLFLUFDPPGLPDOWD
SHU VWXFFKL SHUIHWWDPHQWH OHYLJDWR FRQ IUDWWD]]R PHWDOOLFR H
TXDQWR RFFRUUH SHU GDUH O¶RSHUD ILQLWD D UHJROD G
DUWH (VFOXVL L
SRQWHJJL
$ D VXSDUHWLLQWHUQH PT ¼

,QWRQDFR D VWXFFR IRUPDWR GD XQ SULPR VWUDWR GL ULQ]DIIR R

VEUXIIDWXUDGDXQVHFRQGRGLLQWRQDFRJUH]]RFRQPDOWDGLFDOFH
LGUDWDHSR]]RODQDWLUDWDDIUDWD]]RDSSOLFDWDFRQSUHGLVSRVWHSRVWH
$
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VWXFFKL SHUIHWWDPHQWH OHYLJDWR FRQ IUHWWD]]R PHWDOOLFR H TXDQWR
$ D VXSDUHWLLQWHUQH PT ¼

5DVDWXUDGLVXSHUILFLUXVWLFKHJLjSUHGLVSRVWHFRQLQWRQDFRSHU
LQWHUQLFRVWLWXLWRGDJHVVRVFDJOLRODHFDOFHQHOOHSURSRU]LRQLGL
$ SDUWLGLFDOFHLQSROYHUHHSDUWLGLJHVVRSHUIHWWDPHQWHOHYLJDWR PT ¼
GHOORVSHVVRUHQRQLQIHULRUHDPPVXSDUHWLYHUWLFDOLHTXDQWR

,QWRQDFRWHUPRLVRODQWHDSSOLFDWRDPDFFKLQDFRQPDOWDGLSXUD
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$ PT ¼
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$
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$
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$ T SDQQHOORFRQILQLWXUDGHFRUDWD[PP PT ¼

IRUDWXUDGLSDQQHOOLHGRJKHPHWDOOLFKHIRULGLDPHWURPPSDVVR ¼
$ U PT
PP

ϭϰϲ

3URILORSHULPHWUDOHLQDFFLDLRSUHYHUQLFLDWRSHUSDQQHOOLHGRJKH
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$ D ELDQFR P ¼
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3URILORDGRSSLD/

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$ I PHWDOOL]]DWR P ¼

&RQWURVRIILWWRUHDOL]]DWRFRQOLVWHOOLGLDOOXQLPLRSUHYHUQLFLDWR
D 8 GHOOH GLPHQVLRQL GL FP [[ GLVSRVWL GLVWDQ]LDWL GL FP
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$
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$ D ELDQFR PT ¼
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$ 3URILORLQDFFLDLRSHUFRQWURVRIILWWRFRQOLVWHOOL

$ D LQDFFLDLR]LQFDWR P ¼
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&RQWURVRIILWWR UHDOL]]DWR FRQ GRJKH GL DFFLDLR FRQ ERUGL
VTXDGUDWL R DUURWRQGDWL H DOHWWH HVWHUQH GL DJJDQFLR DSSOLFDWH D
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$ &RQERUGLDUURWRQGDWLVHQ]DDOHWWHHVWHUQHGLDJJDQFLR

$ H LQDFFLDLRYHUQLFLDWR[PP PT ¼
ϭϰϳ

$ I LQDFFLDLRSODVWLILFDWR[PP PT ¼
$ &RQERUGLDUURWRQGDWLFRQDOHWWHHVWHUQHGLDJJDQFLR

$ J LQDFFLDLRYHUQLFLDWR[PP PT ¼
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&RQWURVRIILWWR UHDOL]]DWR FRQ ODPHOOH YHUWLFDOL VSRUJHQWL LQ
IRUPDWRVWDQGDUGFRVWLWXLWRGDSDQQHOOLGLODPLHULQRLQDFFLDLRFRQ
OD VXSHUILFLH YHUQLFLDWD D IRUQR LQ TXDOVLDVL FRORUH DQFKH
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$ PT
HOHPHQWLGLILVVDJJLRDQFRUDWHDOODVRSUDVWDQWHVWUXWWXUDPHGLDQWH
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ILQLWD

&RQWURVRIILWWR UHDOL]]DWR FRQ SDQQHOOL JULJOLDWL LQ DOOXPLQLR
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LQ TXDOVLDVL FRORUH DQFKH PHWDOOL]]DWR DQFRUDWL DOOD VWUXWWXUD
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$ D GHOOHGLPHQVLRQL[FP PT ¼
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$ G GHOOHGLPHQVLRQL[FP PT ¼
$ H GHOOHGLPHQVLRQL[FP PT ¼

$ /LVWHOORSHULPHWUDOHLQDOOXPLQRSUHYHUQLFLDWRSHUJULJOLDWL

$ D ELDQFR P ¼
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ϭϰϴ


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$ 3$9,0(17,

3DYLPHQWRDJHWWRFRVWLWXLWRGDXQRVWUDWRGLPDOWDFHPHQWL]LDD
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$
PDOWD GL FHPHQWR WLSR GHOOR VSHVVRUH GL PP H ULILQLWR D
ERFFLDUGD JHWWDWR VX XQ PDVVHWWR GL VRWWRIRQGR GL FRQJORPHUDWR
FHPHQWL]LRGRVDWRDNJGLFHPHQWRWLSRGHOORVSHVVRUHGL
$ D GHOORVSHVVRUHGLFP PT ¼
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3DYLPHQWD]LRQHFRQSLDVWUHOOHLQFHPHQWRSUHVVDWREXJQDWHR
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$ D GHOOHGLPHQVLRQLGL[FP
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$ E GHOOHGLPHQVLRQLGL[FPFRQILQLWXUDGLDJRQDOH
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3DYLPHQWR LQ SLDVWUHOOH GL JUDQXODWR VIHURLGDOH GL TXDU]R H

$ FHPHQWR FRQ DJJLXQWD GLLQGXUHQWH SRVWRLQRSHUD VX XQ OHWWRGL
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$ D FRORUHJULJLR PT ¼
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ϭϰϵ

3DYLPHQWRLQGXVWULDOHDSDVWLQDFRQPDQWRGLXVXUDSRVDWRIUHVFR
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$ D FRORUHJULJLR PT ¼
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$ PHFFDQLFDPHQWH VROLGR VSLDQDWR FRQ IUDWD]]DWULFH PHFFDQLFD PT ¼
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$ HSRVVLSROLXUHWDQLFKHFDULFDWHFRQDJJUHJDQWLVLOLFHLGDWLDUXOORLQ PT ¼
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WDJOLHVIULGL
$ D FRQJUDQLJOLDILQH·PP PT ¼
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ϭϱϬ

3DYLPHQWRGLPDUPHWWRQLGLFHPHQWRHVFDJOLHGLPDUPRILQRD
PPDGXQRRSLFRORULFRUUHQWLSRVWLLQRSHUDVXXQOHWWRGL
$
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$ D GHOOHGLPHQVLRQLGL[FP PT ¼

3DYLPHQWR GL PDUPHWWRQL IRUPDWL GD FHPHQWR H GD SH]]L GL

PDUPRVHJDWLDGXQRRSLFRORULGHOOHGLPHQVLRQLGL[FP
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EDVWDUGDSUHYLRVSROYHURGLFHPHQWRWLSRJLXQWLFRQQHVVLFRQ
FHPHQWRELDQFRRFRORUDWRFRPSUHVLWDJOLHVIULGL

3DYLPHQWRLQODVWUHGLWUDYHUWLQRRSLHWUDGLSULPDVFHOWDDYHQWH
SHULPHWURPLQLPRGLFPGLIRUPDTXDGUDWDRUHWWDQJRODUHGL
$ VSHVVRUH GL FP SRVWH LQ RSHUD VX XQ OHWWR GL PDOWD EDVWDUGD
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$ D WUDYHUWLQRFKLDURURPDQR PT ¼
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NJFPT
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$ K FRPSHQVRSHURJQLFPGLPDJJLRUVSHVVRUH

3DYLPHQWRLQODVWUHGLPDUPRGLSULPDVFHOWDDYHQWHSHULPHWUR
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$ D ELDQFR&DUUDUD PT ¼
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ϭϱϭ

3DYLPHQWR LQ ODVWUH GL JUDQLWR VLHQLWH EHROD HFF GHOOH

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ϭϱϮ

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$ PT ¼
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ϭϱϯ

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ϭϱϰ

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$ D GLODUJKH]]DILQRDFP P ¼
$ E GLODUJKH]]DILQRDFP P ¼
$ F GLODUJKH]]DILQRDFP P ¼
$ G GLODUJKH]]DILQRDFP P ¼
$ H GLODUJKH]]DILQRDFP P ¼

3RUWRQH HVWHUQR GL LQJUHVVR LQ OHJQR D GXH R SL SDUWLWH GL
TXDOVLDVLOXFHFRVWLWXLWRGDWHODLRPDHVWURPLQLPR[PP
ILVVDWR VXOOD PXUDWXUD FRQ UREXVWL DUSLRQL H GD DQWH LQWHODLDWH
PLQLPR [ PP H FROOHJDWH GD IDVFH LQWHUPHGLH GL XJXDOH
VH]LRQHLOWXWWRFRQFRUQLFLULFDYDWHHFRQULTXDGULEXJQDWLGHOOR
VSHVVRUHILQLWRGLPPFRPSUHVLHFRPSHQVDWLQHOSUH]]RPRVWUH
$
LQWHUQHHGHVWHUQHVFRUQLFLDWHFRUQLFLSHVDQWLFHUQLHUHLQRWWRQH
GXHUREXVWLSDOHWWLXQDVHUUDWXUDGLVLFXUH]]DDRSLPDQGDWHQ
FKLDYL XQ FDWHQDFFLR XQ SRPR HG XQD PDQLJOLD LQ RWWRQH R
PHWDOORFURPDWRFRSULEDWWXWHHTXDQWRDOWURQHFHVVDULRSHUGDUHLO
ODYRUR ILQLWR D UHJROD G
DUWH LQ RSHUD FRPSUHVD OD YHUQLFLDWXUD
WUDVSDUHQWHDGDFTXD
$ D GLSLQRGHOQRUG PT ¼
$ E GLODULFHRSLWFKSLQH PT ¼
$ F GLGRXJODV PT ¼
$ G GLFDVWDJQRPRJDQRQRFH7DQJDQLND PT ¼

3RUWRQH DOOD PHUFDQWLOH DG XQD R GXH SDUWLWH DQFKH GL GLYHUVD
ODUJKH]]DLQOHJQRFRVWLWXLWRGDWHODLRPDHVWURGLVH]LRQHPLQLPD
GLPP[SDUWHPRELOHFRQLQWHODLDWXUDGLVH]LRQHPP[
FLUFD D WUH R SL ULTXDGULFRQ SDQQHOOL OLVFL GL VSHVVRUH PP
LQFDVWUDWR SDU]LDOPHQWH R WRWDOPHQWH QHOOD VWHVVD LQWHODLDWXUD H
ULYHVWLPHQWRHVWHUQRFRQGRJKHGHOORVSHVVRUHQRQLQIHULRUHDPP
$
HGLODUJKH]]DVXSHULRUHDPPILVVDWHFRQYLWLHFROODDOOD
VRWWRVWDQWH VWUXWWXUD XQLWH D EDWWHQWH H SHUOLQDWH R VDJRPDWH H
JRFFLRODWRLRLQFDVWUDWRGHOODVH]LRQHGLPP[VHULFKLHVWRLO
WXWWR LQ RSHUD FRQ HYHQWXDOL OLVWHOOL FRSULILOR H FRPSOHWR GL WUH
FHUQLHUH ULQIRU]DWH GHOOD OXQJKH]]D QRQ LQIHULRUH D PP XQ
SRPRRPDQLJOLDGLRWWRQHHGXQDVHUUDWXUDWLSR<DOHFRQWUHFKLDYL
$ D GLSLQRGHOQRUG PT ¼
$ E GLODULFHRSLWFKSLQH PT ¼
$ F GLGRXJODV PT ¼
$ G GLFDVWDJQRPRJDQRQRFH7DQJDQLND PT ¼

ϭϳϲ

3RUWRQFLQR LQWHUQR GL LQJUHVVR DJOL DSSDUWDPHQWL GHO WLSR

WDPEXUDWR DG XQD SDUWLWD FRVWLWXLWR GD WHODLR PDHVWUR PLQLPR
[ PPH GD SDUWH PRELOH LQWHODLDWDPLQLPR [ PP D
VWUXWWXUDFHOOXODUHFRQIDVFHLQWHUPHGLHULYHVWLWRVXOOHGXHIDFFHGD
FRPSHQVDWL GHOOR VSHVVRUH PLQLPR GL PP FRPSUHVL H
$
FRPSHQVDWLQHOSUH]]RPRVWUHFRUQLFLFHUQLHUHSHVDQWLLQRWWRQH
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XQFDWHQDFFLRXQSRPRHGXQDPDQLJOLDLQRWWRQHFRSULEDWWXWHH
TXDQWRDOWURQHFHVVDULRSHUGDUHLOODYRURILQLWRDUHJRODG
DUWHLQ
RSHUDFRPSUHVDODYHUQLFLDWXUDWUDVSDUHQWHVDWLQDWD
FRQWHODLRPDHVWURDVSHVVRUHGLOHJQRGLDEHWHHFRQSDUWHPRELOH
$ D PT ¼
ULYHVWLWDGLFRPSHQVDWRGLSLRSSR
FRQWHODLRPDHVWURDVSHVVRUHGLPRJDQRHFRQSDUWHPRELOHDYHQWH
$ E IDVFLDSHULPHWUDOHHULYHVWLPHQWRVXDPEROHIDFFHGLFRPSHQVDWR PT ¼
GHOORVWHVVRPRJDQRGHOWHODLRPDHVWUR

3RUWRQH EOLQGDWR UHDOL]]DWR LQ ODPLHUD VSHVVRUH GL PP

LQWHUDPHQWH VDOGDWD LQ XQ
XQLFD VFRFFD FRQ WHODLR VDJRPDWR D
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$ FRQ IXQ]LRQH GL SDOHWWR QRWWXUQR PRVWUH LQWHUQH D FRSHUWXUD H
ULYHVWLPHQWR GHL EDWWHQWL TXDUWL GL WRQGR HVWHUQL SHU ULILQLWXUD
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VSD]]ROLQR D SDYLPHQWR DQWLDULD ]RFFROLQR LQWHUQR EDWWLVFRSD
FRPSUHVRPRQWDJJLR
$ D DGXQ
DQWD FDG ¼
$ E DGXHDQWH FDG ¼

3RUWRQFLQRGLLQJUHVVRDJOLDSSDUWDPHQWLGHOWLSRWDPEXUDWRD
GXH SDUWLWH DQFKH GL GLYHUVD ODUJKH]]D FRQ FDUDWWHULVWLFKH
FRVWUXWWLYHLQWXWWRXJXDOLDTXHOOHGHLSRUWRQFLQLGLFXLDOO
DUWLFROR
$
SUHFHGHQWH FRPSUHVR O
DGHJXDPHQWR GHOOH IHUUDPHQWD H GHJOL
DFFHVVRUL SHU OH GXH SDUHWL H FRQ GXH SDOHWWL GL ULWHQXWD D GLWDOH
LQFRUSRUDWLQHOOHVWUXWWXUHGLOHJQRFRPSUHVDYHUQLFLDWXUD
FRQWHODLRPDHVWURDVSHVVRUHGLOHJQRGLDEHWHHFRQSDUWHPRELOH
$ D PT ¼
ULYHVWLWDGLFRPSHQVDWRGLSLRSSR
FRQWHODLRPDHVWURDVSHVVRUHGLOHJQRGLPRJDQRRGRXJODVHFRQ
$ E SDUWHPRELOHDYHQWHIDVFLDSHULPHWUDOHHULYHVWLPHQWRVXDPEROH PT ¼
IDFFHGLFRPSHQVDWRGHOORVWHVVROHJQRGHOWHODLRPDHVWUR

6RYUDSSUH]]RSHUJXDUQL]LRQHGHOODIRGHUDHVWHUQDFRQGRJKH
$ GLFRPSHQVDWRGLODUJKH]]DPPHVSHVVRUHGLPPLQFDVWUDWH
DEDWWHQWHIRUPDQWHVFDQDODWXUDDYYLWDWHDOWHODLR
$ D GLODULFH PT ¼
$ E GLGRXJODV PT ¼

ϭϳϳ

%XVVROD LQ OHJQR DG XQD R SL SDUWLWH FRQ R VHQ]D VRSUDOOXFH
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PP ILVVDWR DO FRQWURWHODLR LQ DEHWH H GD SDUWL PRELOL LQWHODLDWH
PLQLPR [ PP DQFKH FRQ IDVFH LQWHUPHGLH WDPEXUDWH
ULYHVWLWRVXOOHGXHIDFFHFRQSDQQHOOLRFRPSHQVDWLOLVFLFRPSUHVL
$ HFRPSHQVDWLQHOSUH]]RPRVWUHFRUQLFLFHUQLHUHSHVDQWLLQRWWRQH
DQFKH FURPDWR XQD VHUUDWXUD D VFURFFR FRQ FKLDYL D GRSSLD
PDQGDWD PDQLJOLH H UHODWLYH SLDVWUH H ERFFKHWWH LQ RWWRQH DQFKH
FURPDWHDVWDGLPDQRYUDFRQPDQLJOLDFRPSDVVLLQRWWRQHDQFKH
FURPDWRSHUYDVLVWDVHTXDQWRDOWURQHFHVVDULRSHUGDUHLOODYRUR
ILQLWRDUHJRODG
DUWHLQRSHUDFRPSUHVDYHUQLFLDWXUD
FRQ WHODLR LQ OHJQR GL DEHWH ULYHVWLWR FRQ SDQQHOOL GL OHJQR GL
$ D
SLRSSR
$ D DGXQ
DQWD PT ¼
$ D DGXHDQWH PT ¼

GLOHJQRQRFHHVWHURHYDSRUDWRFRPSUHVDYHUQLFLDWXUDFRQUHVLQH
$ E
SROLXUHWDQLFKH
$ E DGXQ
DQWD PT ¼
$ E DGXHDQWH PT ¼

%XVVRODLQOHJQRFRQVSHFFKLDWXUHSHUYHWURDGXQDRSLSDUWLWH
FRQ R VHQ]D VRSUDOOXFH ILVVR RG DSULELOH D YDVLVWDV FRVWLWXLWR GD
WHODLRPDHVWURFLUFD[PPILVVDWRDOFRQWURWHODLRLQDEHWHH
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FRPSHQVDWL OLVFL FRPSUHVL H FRPSHQVDWL QHO SUH]]R PRVWUH
$
FRUQLFL JXLGH D FDQDOHWWRR UHJROHWWL VDJRPDWL DQFKH VFRUQLFLDWL
SHU LO ILVVDJJLR GHO YHWUR GD SDJDUVL D SDUWH ]RFFROHWWL DGHJXDWL
IHUUDPHQWDLQRWWRQHDQFKHFURPDWRFHUQLHUHVHUUDWXUDPDQLJOLD
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DUWHLQ
RSHUDFRPSUHVDYHUQLFLDWXUD
$ D FRQXQDVSHFFKLDWXUDSHUDQWDGLOHJQRGLSLRSSR
$ D DGXQ
DQWD PT ¼
$ D DGXHDQWH PT ¼

FRQ XQD VSHFFKLDWXUD SHU DQWD GL OHJQR QRFH HVWHUR HYDSRUDWR
$ E
FRPSUHVDYHUQLFLDWXUDFRQUHVLQHSROLXUHWDQLFKH
$ E DGXQ
DQWD PT ¼
$ E DGXHDQWH PT ¼

$ F FRQGXHRSLVSHFFKLDWXUHSHUDQWDGLOHJQRGLSLRSSR
$ F DGXQ
DQWD PT ¼
$ F DGXHDQWH PT ¼
ϭϳϴ

FRQGXHRSLVSHFFKLDWXUHSHUDQWDGLOHJQRQRFHHVWHURHYDSRUDWR
$ G
FRPSUHVDYHUQLFLDWXUDFRQUHVLQHSROLXUHWDQLFKH
$ G DGXQ
DQWD PT ¼
$ G DGXHDQWH PT ¼

)LQHVWUHSRUWHILQHVWUHRILQHVWUHDEDQGLHUDLQOHJQRDGXQD
GXHWUHRTXDWWURDQWHLQOHJQRDSULELOHDEDWWHQWHRDYDVLVWDVR
FRQ FRPSDUWL ILVVL JXLGD D FDQDOHWWR QHL ULTXDGUL LQWHUQL SHU LO
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$
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GL LPSUHJQDQWH DO QDWXUDOH R FRORUDWR SUHYLR WUDWWDPHQWR FRQWUR
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FRQWDELOL]]DUHPT
$ D FRQWHODLRPDHVWURHGDQWHGHOORVSHVVRUHFRPSUHVDWUDHPP
$ D LQSLQRGHO1RUG PT ¼
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$ D FRPSHQVRSHUO¶XVRGLOHJQROLVWHOODUHRODPHOODUH

6SRUWHOORQHLQOHJQRDGXQDGXHWUHRTXDWWURDQWHFRPSRVWRGD
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DOWHODLRSHULOILVVDJJLRSDOHWWLDGXQJKLDSHUVSRUWHOORQHDWUHR
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FRVWLWXLWR GD WHODLR PDHVWUR GHOOR VSHVVRUH ILQR D PP

$ D LQWHODLDWXUDSHULPHWUDOHHWUDVYHUVDOHGHOORVSHVVRUHILQRDPP
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ϭϳϵ

$ D LQGRXJODV PT ¼
FRVWLWXLWR GD WHODLR PDHVWUR GHOOR VSHVVRUH WUD PP

$ E LQWHODLDWXUDSHULPHWUDOHHWUDVYHUVDOHGHOORVSHVVRUHWUDPP
GRJKHYHUWLFDOLGHOORVSHVVRUHWUDPP
$ E LQSLQRGHO1RUG PT ¼
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$ E FRPSHQVRSHUODIRUPD]LRQHGHOODFHQWLQDWXUD
$ E FRPSHQVRSHUODILQLWXUDHOHWWURVWDWLFD

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$ ULFDYDWR QRQ PLQRUH GL PP FRPSOHWR LQ RSHUD GL FHUQLHUH H
QRWWROLQR/HJQRWUDWWDWRFRQGXHPDQLGLLPSUHJQDQWHDOQDWXUDOH
R FRORUDWR SUHYLR WUDWWDPHQWR FRQWUR IXQJKL R WDUOL 0LQLPR GD
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$ I FRPSHQVRSHUODILQLWXUDHOHWWURVWDWLFD

ϭϴϬ

3HUVLDQH DG DQWH LQ OHJQR DG XQR GXH WUH R TXDWWUR EDWWHQWL
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$
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$ D
GHOORVSHVVRUHILQRDPP
$ D LQGRXJODV PT ¼

FRVWLWXLWH GD WHODLR LQWHODLDWXUD SHULPHWUDOH H WUDVYHUVDOH GHOOR
$ E
VSHVVRUHFRPSUHVRWUDHPP
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VRYUDSSUH]]R SHU VSRUWHOOR D VSRUJHUH ULFDYDWR QHOO¶DQWD GHOOD
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ϭϴϭ

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$ UHVLVWHQWHHFRQSODFFDGLRWWRQHFURPDWRRGLDOOXPLQLRDQRGL]]DWR
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HGDFFHVVRULRPLVXUDWRSHUODVXSHUILFLHLQYLVWDHVFOXVDSHUWDQWR
ODSDUWHDYYROWDHGLQFDVVDWDPDFRQPLVXUDPLQLPDGLPT
DQFKHQHOFDVRGLPLQRUHVXSHUILFLH

$ E LQGRXJODV PT ¼
LQPDWHULDSODVWLFDSHVDQWHULVSRQGHQWHDOOHQRUPH81,DFRORUL
YDULHFRQVSHVVRUHGHOOHVWHFFKHGLFLUFDPPGHOSHVRGLFLUFD
$ F PT ¼
NJPT ULQIRU]DWD FRQ UHJJHWWD LQ IHUUR ]LQFDWR LQVHULWD LQ
DOPHQRRJQLVWHFFKHQHOFDVRGLODUJKH]]DVXSHULRUHDP
LQPDWHULDSODVWLFDSHVDQWHULVSRQGHQWHDOOHQRUPH81,DFRORUL
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GL DFFLDLR ]LQFDWR LQVHULWL LQ DOPHQR RJQL VWHFFKH QHO FDVR GL
$ G PT ¼
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$SSDUHFFKLRDVSRUJHUHLQDOOXPLQLRSHUSHUVLDQHDYYROJLELOL
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ϭϴϮ

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$ HVWUXVR FRQWHQXWR GD GXH SURILOL LQ DOOXPLQLR &DVVRQHWWR SHU
O
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3HUODUJKH]]DFDVVRQHWWRILQRDFP
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$ LQIHULRUH D [ PP WDJOLDWHD PLVXUDH SRVWHLQRSHUDFRQOH
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$ D LQDEHWH P ¼
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6RJOLD LQWHUQD LQ OHJQR GHOOD ODUJKH]]D GL FLUFD PP H
$ GHOO¶DOWH]]D GL PP SRVWD LQ RSHUD FRPSUHVR RJQL RQHUH HG
DFFHVVRULR
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$ F YHWURUHWLQDWRVSHVVRUH·PP
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$ F FRORUDWR PT ¼
$ G FULVWDOORIORDWLQFRORUH
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$ G WLSRQRUPDOHVSHVVRUHPP PT ¼
$ G WLSRIRUWHVSHVVRUHPP PT ¼
$ G WLSRVSHVVRVSHVVRUHPP PT ¼
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$ H FULVWDOORIORDWFRORUDWR
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$ K YHWURVWDPSDWRWHPSHUDWRLQFRORUH
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&ULVWDOORGLVLFXUH]]DVWUDWLILFDWRWLSR³9LVDUP´FRPSRVWLGDGXH
FULVWDOOL XQLWL WUD ORUR FRQ XQ IRJOLR GL SODVWLFR SHUIHWWDPHQWH
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&ULVWDOOR GL VLFXUH]]D VWUDWLILFDWR EOLQGDWR WLSR ³%OLQGRYLV´

FRPSRVWR GD FULVWDOOL XQLWL WUD ORUR GD GXH IRJOL GL SODVWLFR
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6PHULJOLDWXUD GL ODVWUH GL YHWUR H FULVWDOOL GL TXDOVLDVL WLSR ,O
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$ SHUIHWWDPHQWHVWDELOHQHOWHPSRSRVWLLQRSHUDVXLQILVVLRWHODLLQ
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&RPSHQVR DOOH ODVWUH GL YHWUR R GL FULVWDOOR WDJOLDWH D PLVXUD
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SRVWHLQRSHUDVXLQILVVLRWHODLLQOHJQRRPHWDOOLFLFRQ
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$ (VHFX]LRQHGLILOROXFLGRVXOORVSHVVRUHGLYHWUDWHGLTXDOVLDVLWLSR
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$ E VXYHWUDWHVHPSOLFLGLVSHVVRUHROWUHLPPHILQRD P ¼
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$ G VXYHWUDWHGLVLFXUH]]DGLVSHVVRUHILQRDPP P ¼
$ H VXYHWUDWHGLVLFXUH]]DGLVSHVVRUHROWUHLPPHILQRD P ¼
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$ (VHFX]LRQHGLEHFFRGLFLYHWWDVXJOLVSHVVRULGHLFULVWDOOL
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$ (VHFX]LRQHGLIRUL
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$ E VXYHWUDWHVHPSOLFLGHOORVSHVVRUHROWUHJOLPPHILQRD
$ E GHOGLDPHWURILQRDFP FDG ¼
$ E GHOGLDPHWURROWUHLFPHILQRD FDG ¼
$ E GHOGLDPHWURROWUHLFPHILQRD FDG ¼

$ F VXYHWUDWHGLVLFXUH]]DGHOORVSHVVRUHILQRDPP
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ϮϬϮ

$ F GHOGLDPHWURROWUHLFPHILQRD FDG ¼

$ G VXYHWUDWHGLVLFXUH]]DGHOORVSHVVRUHROWUHLPPHILQRD
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$ H VXYHWUDWHGLVLFXUH]]DGHOORVSHVVRUHROWUHLPPHILQRD
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$ I VXYHWUDWHGLVLFXUH]]DGHOORVSHVVRUHROWUHLPPHILQRD
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$ J VXYHWUDWHGLVLFXUH]]DGLVSHVVRUHROWUHLPP
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& D GLPHQVLRQLFP[[+ FDG ¼
& E GLPHQVLRQLFP[[+ FDG ¼

& 3DQFKLQDLQOHJQRHJKLVD)RUQLWXUDLQRSHUDGLQXPHURSDQFKLQD FDG ¼
LQOHJQRGHOODOXQJKH]]DGLPHGHOO
DOWH]]DFRPSOHVVLYDGL

FP H FRQ LO SLDQR GL VHGXWD D QRQ PHQR GL FP GD WHUUD
FRVWLWXLWD GD Q HOHPHQWL WHUPLQDOL SRUWDQWL LQIXVLRQH GL JKLVD H
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LQIHULRUHDNJFRPXQTXHFRPSUHVRRJQLRQHUHHPDJLVWHURSHU
GDUHO

& 3DQFKLQD LQ PHWDOOR )RUQLWXUD LQ RSHUD GL QXPHUR SDQFKLQD FDG ¼
PRQREORFFR D IRUPD FRQFDYD GHOOD OXQJKH]]D GL P H
GHOO
DOWH]]DFRPSOHVVLYDGLFPFRQSLDQRVHGXWDDQRQPHQR
GL FP GD WHUUD UHDOL]]DWD LQ JULJOLDWR GL DFFLDLR HOHWWURIXVR D
PDJOLD UHWWDQJRODUH FRQ VDJRPD DQDWRPLFD RWWHQXWD PHGLDQWH
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FRQEXOORQHULDLQDFFLDLRLQR[DQWLIXUWR
&DUDWWHULVWLFKHWHFQRORJLFKH]LQFDWXUDDFDOGRDQRUPH81,GLWXWWH
OH SDUWL PHWDOOLFKH YHUQLFLDWXUD FRQ SROYHUL SROLHVWHUL
WHUPRLQGXUHQWL LQ YDUL FRORUL GRSR VSHFLILFR WUDWWDPHQWR GL
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HVVHUH VHFRQGR OH LQGLFD]LRQL GHOOD '/ FRPSUHVR RJQL RQHUH H
PDJLVWHURSHUGDUHO

& 3DQFKLQDLQSLHWUD)RUQLWXUDHSRVDLQRSHUDGLSDQFKLQHLQSLHWUD FDG ¼
R VLPLODUH ERFFLDUGDWR IRUPDWH GD XQ SLDQR H GXH HOHPHQWL GL
VXSSRUWRGHOOHGLPHQVLRQL[[GHOSHVRQRQLQIHULRUHD
.J FRPSUHVD OD UHDOL]]D]LRQH GHO SLDQR GL SRVD H RJQL RQHUH H
PDJLVWHURSHUGDUHO¶RSHUDFRPSLXWDDSHUIHWWDUHJRODG¶DUWH

& 3DQFKLQDLQSLHWUD)RUQLWXUDLQRSHUDGLSDQFKLQDLQSLHWUDRVSHFLH FDG ¼
VLPLODUHIRUPDWDGDXQSLDQRGLGXHHOHPHQWLGLVXSSRUWRKODUJD
!OXQJD!

& 3DQFKLQD PRQREORFFR FRQ VSDOOLHUD 5HDOL]]DWD LQ FRQJORPHUDWR
FHPHQWL]LRDUPDWRHILEURULQIRU]DWRILQLWXUDVDEELDWDDOWH]]DVHGXWR
!FPK!FPOXQJKH]]DFPRFPODUJKH]]D!FP
SHVR!NJ
& D OXQJKH]]DFP FDG ¼
& E OXQJKH]]DFP FDG ¼

& 3DYLPHQWD]LRQH DXWREORFFDQWH LQ OHJQR )RUQLWXUD LQ RSHUD GL PT ¼
SDYLPHQWD]LRQHDXWREORFFDQWHLQOHJQRDOLVWHOOLGLULWWLRLQGLDJRQDOH
FRPSRVWDGDHOHPHQWL![[GLSLQRRDEHWHLPSUHJQDWLLQ
DXWRFODYHFRQVDOHGLUDPHHGLEDURRVLPLODULVHQ]DFURPR

& 3DYLPHQWD]LRQH LQ FLRWWROL )RUQLWXUD H PHVVD LQ RSHUD GL PT ¼
SDYLPHQWD]LRQHLQFLRWWROLGLDPHWURFPSRVDWLVXVRWWRIRQGR
JLj SUHGLVSRVWR FRPSHQVDWR D SDUWH FRPSUHVD OD VLJLOODWXUD FRQ
ERLDFFDGLFHPHQWRGRVDWDDTOGLFHPHQWRSHUPFGLLPSDVWR6L

LQWHQGRQRFRPSHQVDWHOHHVHFX]LRQLGLGLVHJQLFRQFLRWWROLGLFRORUH
GLYHUVRFRVuFRPHGLVSRVWHGDOOD'LUH]LRQH/DYRULDOPT

& 3HUJRODWR)RUQLWXUDLQRSHUDGLPRGXORGLSHUJRODWRGLGLPHQVLRQL FDG ¼
XWLOLLQSLDQWDGL0O[FRVWLWXLWRGDQXPHURSLDQWDQHGL
FP[[QXPHURVDHWWRQLGLFP[[
QXPHURWUDVYHUVDOLGLFP[[QXPHURFDYDOLHULGL
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GHOOH WHUUH H GHL PDWHULDOL GL ULVXOWD SOLQWL LQ FOV WDJOL H IRUL VX
SDYLPHQWD]LRQLHFFSHUGDUHO¶RSHUDILQLWDDSHUIHWWDUHJRODG¶DUWH
HSURQWDDOO
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RJQLTXDOYROWDYHUUjUDJJLXQWDODFRQFRUUHQ]DSHUQXPHURHSHUWLSR
GHLVLQJROLFRPSRQHQWLFRPHVRSUDGHVFULWWLQHFHVVDULSHUIRUPDUH
XQPRGXORFRPSOHWRSUH]]RDPRGXOR

& 3LDVWUHHODVWLFKHGLSURWH]LRQHFDGXWH)RUQLWXUDHFROORFD]LRQHLQ PT ¼
RSHUDGLSLDVWUHHODVWLFKHGLSURWH]LRQH&DGXWDGHOOHGLPHQVLRQLGL
FP[VSHVVRUHFPUHDOL]]DWHLQJUDQXODWRGLJRPPD
ULFLFODWD SRVWH LQ VXSHUILFLH GUHQDWH HG DYHQWL XQ DVVRUELPHQWR
DOO¶LPSDWWRLQFRQIRUPLWjDOOHQRUPH',1HGHOLPLWDWHGDWDYROHLQ
OHJQR SRVWH D FROWHOOR GHOOR VSHVVRUH PLQLPR GL PP H
GHOO¶DOWH]]DPLQLPDGLPPDOPT

& 3RUWDELFLFOHWWH 5HDOL]]DWR LQ DFFLDLR )( % EXOORQHULD LQ FDG ¼
DFFLDLR LQR[ SHVR ! .J FRQ QRQ PHQR GL SRVWL SHU RJQL
PRGXORFRQODWHUDOLLQ&/6VDEELDWRGLPHQVLRQLK[P

& )RUQLWXUD H SRVD LQ RSHUD GL SRUWDELFLFOHWWH D ODWR VLQJROR D FDG ¼
SRVWLFRVWLWXLWRGDILDQFKLODWHUDOLHIDVFLDIURQWDOHDWHUUDLQDFFLDLR
HOHWWUR]LQFDWRYHUQLFLDWRFRQSROYHUHSROLHVWHUHVWUXWWXUDGLVRVWHJQR
ELFLFOHWWH LQ WXERODUH GLDP PP VSHVV PP LQ DFFLDLR
HOHWWUR]LQFDWR YHUQLFLDWR FRQ YHUQLFH D SROYHUH SROLHVWHUH WXER GL
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SROLHVWHUH GLDP PP VSHVV PP EDVH GD ILVVDUH D WHUUD
'LPHQVLRQL FP [[ 3HVR .JFRPSUHVL PDWHULDOL GL
FRQVXPR FHPHQWR WRQGLQL HR ILVKHU SHU LO ILVVDJJLR D WHUUD
FDGDXQR

& 6WUXWWXUD D SRUWDOH )RUQLWXUD LQ RSHUD GL PRGXOR GL VWUXWWXUD D FDG ¼
SRUWDOHFRQDOWH]]DOLEHUDGLPDOXFHXWLOHGL0OFRVWLWXLWR
GDQXPHURSLHGULWWLGHOOHGLPHQVLRQLGLFPFRPSUHVDODSDUWH
LQWHUUDWD[[GDXQDWUDYHGLFP[[GD
QXPHURVDHWWRQLGLFP[[

2JQL HOHPHQWR VWUXWWXUDOH GL FXL VRSUD VDUj UHDOL]]DWR LQ OHJQR GL
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GHOO¶XWHQ]D
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OD FRQFRUUHQ]D SHU QXPHUR H SHU WLSR GHL VLQJROL HOHPHQWL FRPH
VRSUDGHVFULWWLQHFHVVDULSHUIRUPDUHXQPRGXORFRPSOHWRSUH]]RD
PRGXOR

& 7DYRORGDSLFQLF±)RUQLWXUDLQRSHUDGLWDYRORGDSLFQLFLQOHJQR FDG ¼
GLSLQRRDEHWHLPSUHJQDWLLQDXWRFODYHFRQVDOLGLUDPHHGLERURR
VLPLODULVHQ]DFURPRFRQVSLJROLDUURWRQGDWLFRQULQIRU]LLQSURILOL
LQIHUUR]LQFDWRPLVXUH![[KFRPSOHWRGLSDQFKH
QHOORVWHVVRPDWHULDOHHVWHVVLULQIRU]LGLPLVXUH![[
K

& 23(5(9$5,(',23(5(&203,87(

& 3DFFLDPDWXUDLQFRUWHFFLDGLSLQRPPVWHVDUHJRODUPHQWHVXO PF ¼
WHUUHQRSHUXQRVSHVVRUHGLFPFRPSUHVDIRUQLWXUDWUDVSRUWRH
VFDULFR

& ,QGDJLQH ILWRVWDWLFD ,QGDJLQH ILWRVWDWLFD VX DOEHUL FRQ PHWRGR
YLVLYR9LVXDO7UHH$VVHVVPHQWFRPSUHVDODUHGD]LRQHGHOODVFKHGD
WHFQLFDVXOOHFDUDWWHULVWLFKHULOHYDWH
& D ILQRDDOEHUL FDG ¼
& E ROWUHDOEHUL FDG ¼

& ,QGDJLQH ILWRVWDWLFD ,QGDJLQH ILWRVWDWLFD VX DOEHUL FRQ PHWRGR
YLVLYRHVWUXPHQWDOHSHUSLDQWHGLFODVVHGLDPHWULFDILQRDFPDG
PGDOVXROR
& D GDWHUUDILQRDPW FDG ¼
& E FRQFHVWHOORHOHYDWRUH FDG ¼

& ,QGDJLQHILWRVWDWLFD,QGDJLQHILWRVWDWLFDYLVLYDHVWUXPHQWDOHSHU
SLDQWHGLFODVVHGLDPHWULFDROWUHDFPDGPGDOVXROR
& D GDWHUUDILQRDPW FDG ¼
& E FRQFHVWHOORHOHYDWRUH FDG ¼

& &RQWUDVVHJQR$SSOLFD]LRQHGHOFRQWUDVVHJQRQXPHULFRFRPSUHVD FDG ¼

ODIRUQLWXUDGHOPDWHULDOH

& ,QGDJLQHVSHGLWLYDVXDOEHUDWDVWUDGDOHFRQPHWRGRYLVLYR97$ FDG ¼
H EUHYH UHOD]LRQH WHFQLFD VLQWHWLFD 3UH]]R SHU VLQJROD DOEHUDWD GL
PLQLPRGLSLDQWH

& )RUQLWXUD LQ RSHUD GL DOWDOHQD GRSSLD FRQ VHGLOL D JDEELD FRQ FDG ¼
VWUXWWXUDGLDSSRJJLRLQOHJQRRPRORJDWRDQRUPH(1

& )RUQLWXUD LQ RSHUD GL DOWDOHQD GRSSLD FRQ VHGLOL D JDEELD FRQ FDG ¼
VWUXWWXUD GL DSSRJJLR LQ PDWHULDOL GLYHUVL GDO OHJQR RPRORJDWR D
QRUPH(1

& )RUQLWXUDLQRSHUDGLDOWDOHQDGRSSLDFRQVHGLOLDWDYROHWWDFRQ FDG ¼
VWUXWWXUDGLDSSRJJLRLQOHJQRRPRORJDWRDQRUPH(1

& )RUQLWXUDLQRSHUDGLDOWDOHQDGRSSLDFRQVHGLOLDWDYROHWWDFRQ FDG ¼
VWUXWWXUD GL DSSRJJLR LQ PDWHULDOH GLYHUVR GDO OHJQR RPRORJDWR D
QRUPH(1

& )RUQLWXUDLQRSHUDGLVDOLVFHQGLFRQVWUXWWXUHGLDSSRJJLRLQOHJQR FDG ¼
GLDOWH]]DFPRPRORJDWRDQRUPH(1

& )RUQLWXUD LQ RSHUD GL VDOLVFHQGL DOWH]]D FP LQ PDWHULDOH FDG ¼
GLYHUVRGDOOHJQRRPRORJDWRDQRUPH(1

& )RUQLWXUD LQ RSHUD GL JLRFR FRPELQDWR IRUPDWR GD WRUUHWWD FRQ FDG ¼
WHWWRHVDOLVFHQGLFRQVWUXWWXUHGLDSSRJJLRLQOHJQRRPRORJDWRD
QRUPH(1

& )RUQLWXUD LQ RSHUD GL JLRFR FRPELQDWR IRUPDWR GD WRUUHWWD FRQ FDG ¼
WHWWRHVDOLVFHQGLFRQVWUXWWXUHGLDSSRJJLRLQPDWHULDOHGLYHUVRGDO
OHJQRRPRORJDWRDQRUPH(1

& )RUQLWXUD LQ RSHUD GL DWWUH]]DWXUD FRPSOHVVD IRUPDWD GD FDG ¼
WRUUHWWHFRQ WHWWRHVDOLVFHQGLFRQVWUXWWXUHGL DSSRJJLRLQ OHJQR
RPRORJDWRDQRUPH(1

& )RUQLWXUD LQ RSHUD GL DWWUH]]DWXUD FRPSOHVVD IRUPDWD GD FDG ¼
WRUUHWWHFRQWHWWRHVDOLVFHQGLFRQVWUXWWXUHGLDSSRJJLRLQPDWHULDOH
GLYHUVRGDOOHJQRRPRORJDWRDQRUPH(1

& )RUQLWXUDLQRSHUDGLJLRFRDPROODUHDOL]]DWRLQOHJQRRPRORJDWR FDG ¼
DQRUPH(1

& )RUQLWXUDLQRSHUDGLJLRFRDPROODUHDOL]]DWRLQPDWHULDOHGLYHUVR FDG ¼
GDOOHJQRRPRORJDWRDQRUPH(1

& )RUQLWXUDLQRSHUDGLELOLFRLQOHJQRRPRORJDWRDQRUPH(1 FDG ¼


& )RUQLWXUD LQ RSHUD GL ELOLFR LQ PDWHULDOH GLYHUVR GDO OHJQR FDG ¼
RPRORJDWRDQRUPH(1

& )RUQLWXUDLQRSHUDGLSLDVWUHHODVWLFKHGLSURWH]LRQHFDGXWHGHOOH FDG ¼
GLPHQVLRQL GL FP VSHVVRUH FP UHDOL]]DWH LQ
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DVVRUELPHQWRDOO
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WDYROHLQOHJQRSRVWHDFROWHOOR

& 3DYLPHQWD]LRQHLQJRPPD)RUQLWXUDGLSDYLPHQWD]LRQHJHWWDWDLQ PT ¼
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(1 GL VSHVVRUH FP &RPSOHWD GL ERUGR LQPHWDOOR SHU LO
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& 5HDOL]]D]LRQH GL XQD SDYLPHQWD]LRQH WLSR /(92&(// HR PT ¼
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GL WUDYHUWLQR RSSRUWXQDPHQWH YDJOLDWD HG LPSDVWDWD FRQ LGRQHR
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& 5HDOL]]D]LRQH GL XQD SDYLPHQWD]LRQH LQ PLVWR JUDQXORPHWULFR PT ¼
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GLURFFLDHRGLWUDYHUWLQRFRQFRQWHQLPHQWRODWHUDOHGDUHDOL]]DUVL
FRQ WDYROD GL FDVWDJQR HR DEHWH GHOOR VSHVVRUH GL FP
ILVVDWDDWHUUDFRQSLFFKHWWLLQFDVWDJQRGHOGLDPGLFPHGHOOD
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VXSHUILFLHGLPTVSHVVRUHILQLWRHUXOODWRFP

& 5HDOL]]D]LRQH GL XQD SDYLPHQWD]LRQH LQ PLVWR JUDQXORPHWULFR PT ¼
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& 5HDOL]]D]LRQH GL XQD SDYLPHQWD]LRQH LQ SR]]RODQD VWDELOL]]DWD PT ¼
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GLFDVWDJQRHRDEHWHGHOORVSHVVRUHGLFPILVVDWDDWHUUD
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& 5HDOL]]D]LRQH GL XQD SDYLPHQWD]LRQH LQ SR]]RODQD VWDELOL]]DWD PT ¼
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& 5HDOL]]D]LRQH GL XQD SDYLPHQWD]LRQHLQ JUDQHOOR GLILXPH FRQ PT ¼
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& )RUQLWXUD H PHVVD LQ RSHUD GL UHFLQ]LRQH GL SURGX]LRQH PT ¼
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& 6WDFFLRQDWD UXVWLFD )RUQLWXUD LQ RSHUD GL VWDFFLRQDWD UXVWLFD P ¼
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FPSDVVDPDQRGLPGHOLQWHVWDGLFPHFURFLDWHGL
PGHOLQWHVWDGLFP

& 7UDQVHQQD PHWDOOLFD )RUQLWXUD LQ RSHUD GL PRGXOR GL WUDQVHQQD FDG ¼
PHWDOOLFD FRPSRVWD GD WHODLR SHULPHWUDOH H WUDYHUVRQL YHUWLFDOL LQ
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& $775(==$785(63257,9(

& 7DUJKHWWDWXUD LQGLFDWULFH LQ DOOXPLQLR DQRGL]]DWR ILVVDWD VXL FDG ¼
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& $VVLGLEDWWXWDLQOHJQRVH]LRQHFP[[SHUVDOWRLQOXQJR FDG ¼
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& &HQWLQDLQOHJQRSHULOODQFLRGHOJLDYHOORWWRVH][IRUQLWDH FDG ¼
SRVWD LQ RSHUD RSSRUWXQDPHQWH ILVVDWD Ê FRPSUHVR TXDQWR DOWUR

& 3HGDQDSHUODQFLRGHOSHVRGLVFRPDUWHOOR FDG ¼
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& )HUPDSLHGHLQOHJQRVH]O[O[YHUQLFLDWRIRUQLWRHSRVWR FDG ¼
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& &RURQDFLUFRODUHLQIHUURYHUQLFLDWRIRUQLWRHSRVWRLQRSHUDSHU FDG ¼
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FP [[ VRVWHQXWD GD DSSRVLWL VXSSRUWL Ê FRPSUHVR

& 3LD]]ROD LQ FOVP[SHUEDVDPHQWRPDWHUDVVL GL FDGXWD SHU FDG ¼
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H VDEELD FP OD SHULPHWUDWXUD GHOOD IRVVD LO FDULFR
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ϰϲϯ

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SHU6HFSDULDN$HSRWHUHGLFKLXVXUDQRPLQDOHYDORUHGL
FUHVWD,FPGLN$LQRSHUD

,QWHUUXWWRUH DXWRPDWLFR PDJQHWRWHUPLFR D VWUXWWXUD DSHUWD
WHQVLRQH QRPLQDOH GL LPSLHJR 9Q 9 FRQ VJDQFLDWRUL
HOHWWURQLFL D PLFURSURFHVVRUH FKH FRQVHQWRQR OD UHJROD]LRQH
' GHOO
LQWHUYHQWR WHUPLFR H PDJQHWLFR GD GHOOD FRUUHQWH
QRPLQDOHFRQFXUYH/6,*SRWHUHGLLQWHUUX]LRQHVHFRQGROH
QRUPH&(,(1,(&FRQ,FQGDLN$D9
FRPSOHWRGLWHUPLQDOLLQRSHUDFRPHGLVHJXLWRLQGLFDWR

'D WULSRODUHILQRD$DWWDFFKLSRVWHULRUL FDG ¼
'E WULSRODUHILQRD$HVWUDLELOHVXJXLGD FDG ¼
'F WULSRODUHILQRD$DWWDFFKLSRVWHULRUL FDG ¼
ϰϵϵ


'J WULSRODUHILQRD$DWWDFFKLSRVWHULRUL FDG ¼
'R TXDGULSRODUHILQRD$DWWDFFKLSRVWHULRUL FDG ¼
'V TXDGULSRODUHILQRD$DWWDFFKLSRVWHULRUL FDG ¼

'D WULSRODUHILQRD$DWWDFFKLSRVWHULRUL FDG ¼
'E WULSRODUHILQRD$HVWUDLELOHVXJXLGD FDG ¼
'F WULSRODUHILQRD$DWWDFFKLSRVWHULRUL FDG ¼
'J WULSRODUHILQRD$DWWDFFKLSRVWHULRUL FDG ¼
'R TXDGULSRODUHILQRD$DWWDFFKLSRVWHULRUL FDG ¼
'V TXDGULSRODUHILQRD$DWWDFFKLSRVWHULRUL FDG ¼

(/(0(17, $86,/,$5, GL VHJQDOD]LRQH H FRPDQGR SHU
LQWHUUXWWRUL DXWRPDWLFL VFDWRODWL DSHUWL PDJQHWRWHUPLFL H
'
GLIIHUHQ]LDOL HFF FRPSOHWL GL FDYL FDQDOL]]D]LRQL PRUVHWWL
VLJODWXUDFDSLFRUGDHRJQLDFFHVVRULRLQRSHUD

6JDQFLDWRUH GL DSHUWXUD SHU LQWHUUXWWRUL PDJQHWRWHUPLFL
' VFDWRODWL FRPSOHWR GL WXWWL JOL DFFHVVRUL H SDUWL
HOHWWURPHFFDQLFKHLQRSHUD
'D SHULQWHUUXWWRULILQRD$VFDWRODWL FDG ¼
'E SHULQWHUUXWWRULILQRD$VFDWRODWL FDG ¼
'F SHULQWHUUXWWRULILQRD$VFDUWRODWL FDG ¼
'G SHULQWHUUXWWRULILQRD$DSHUWL FDG ¼

ϱϬϬ

&RQWDWWR DXVLOLDULR DSHUWRFKLXVR R VFDWWDWR SHU LQWHUUXWWRUH

' FDG ¼
VFDWRODWR

&RPDQGR D PRWRUH DG D]LRQH GLUHWWD ILQR D 9 FD FRQ
'D EORFFR D OXFFKHWWL SHU LQWHUUXWWRUL ILQR D $ FRPSOHWR GL FDG ¼
DFFHVVRULLQRSHUD
&RPDQGR D PRWRUH DG HQHUJLD DFFXPXODWD FRQ EORFFR D
'E OXFFKHWWLSHULQWHUUXWWRULILQRD$FRPSOHWRGLDFFHVVRULLQ FDG ¼
RSHUD
&RPDQGR D PRWRUH SHU OD FDULFD GHOOH PROOH GL FKLXVXUD GL
'F LQWHUUXWWRULDSHUWLILQRD$FRPSOHWRGLFROOHJDPHQWLGL FDG ¼
DFFHVVRULILQHFRUVDHVHJQDOD]LRQHGLPROOHGLFKLXVXUDFDULFKH

&RPDQGR D PDQLJOLD URWDQWH VX LQWHUUXWWRUH R VX SRUWD GHOOH
'

FHOOHFRPSOHWRGLDFFHVVRULLQRSHUD
'D SHULQWHUUXWWRULILQRD$VFDWRODWL FDG ¼
'E SHULQWHUUXWWRULGD$ILQRD$VFDWRODWL FDG ¼

,QWHUEORFFRIUDGXHLQWHUUXWWRULUHDOL]]DWRWUDPLWHSLDVWUDRFRQ
ILOL GL LQWHUFRQHVVLRQH LQ JUDGR GL LPSHGLUH OD FKLXVXUD
'
DXWRPDWLFDGHLGXHDSSDUHFFKLLQFRQWHPSRUDQHDFRPSOHWRGL
DFFHVVRULLQRSHUD
'D ,QWHUEORFFRIUDLQWHUUXWWRULI,QRD$VFDWRODWL FDG ¼
'E ,QWHUEORFFRIUDLQWHUUXWWRULI,QRD$VFDWRODWL FDG ¼
'F ,QWHUEORFFRIUDLQWHUUXWWRULDSHUWL FDG ¼

%ORFFRDFKLDYHSHULQWHUUXWWRULVH]LRQDWRULFRPSOHWRGLGXH
'

FKLDYLLDFFHVVRULLQRSHUD
'D %ORFFRDFKLDYHSHUDSSDUHFFKLDWXUHILQRD$VFDWRODWL FDG ¼
'E %ORFFRDFKLDYHSHUDSSDUHFFKLDWXUHILQRD$VFDWRODWL FDG ¼
'F %ORFFRDFKLDYHSHUDSSDUHFFKLDWXUHGLWLSRDSHUWR FDG ¼

$33$5(&&+,3(56(5,(&,9,/(
'
&20321,%,/(

$33$5(&&+,',&20$1'202'8/$5,'$
'
,167$//$5(68&(67(//,3257$)58772

&RSULIRUR PRGXOR VWDQGDUG R VSHFLDOH SHU VHULH FLYLOH
' FDG ¼

FRPSRQLELOHLQRSHUD

$GDWWDWRUH PRGXOR VX VXSSRUWL H FRQWHQLWRUL SHU PRGXOR
' FDG ¼

VSHFLDOHVHULHFLYLOHFRPSRQLELOHLQRSHUD

' 3UHVVDFDYRFRQVHUUDFDYRSHUVHULHFLYLOHFRPSRQLELOHLQRSHUD FDG ¼

,QWHUUXWWRUHXQLSRODUHSHUVHULHFLYLOHFRPSRQLELOH9LQ
'
RSHUD
ϱϬϭ

'D ,QWHUUXWWRUHFLYLOH[$ FDG ¼

'E ,QWHUUXWWRUHFLYLOH[$ FDG ¼
'F ,QWHUUXWWRUHFLYLOH[$FRQWDVWROXPLQHVFHQWH FDG ¼
,QWHUUXWWRUH FLYLOH [ $ FRQ WDVWR OXPLQRVR SHU XQLWj GL
'G FDG ¼
VHJQDOD]LRQH

,QWHUUXWWRUHELSRODUH$9VHULHFLYLOHFRPSRQLELOHSHU
' FDG ¼

XQLWD
GLVHJQDOD]LRQHLQRSHUD

,QWHUUXWWRUH33$9LQGLSHQGHQWLFRQXQLFRWDVWR
' FDG ¼

SHUVHULHFLYLOHFRPSRQLELOHLQRSHUD

,LQWHUUXWWRUH XQLSRODUH R %LSRODUH 33 FRQ FKLDYH $
' FDG ¼

9VHULHFLYLOHFRPSRQLELOHLQRSHUD

'HYLDWRUHXQLSRODUHSHUVHULHFLYLOHFRPSRQLELOHGD$
' FDG ¼

9DQFKHOXPLQRVRLQRSHUD

'HYLDWRUHXQLSRODUHSHUVHULHFLYLOHFRPSRQLELOHGD$
' FDG ¼

9OXPLQRVRSHUXQLWjGLVHJQDOD]LRQHLQRSHUD

,QYHUWLWRUHXQLSRODUHGD$9DQFKHOXPLQRVRSHU
' FDG ¼

VHULHFLYLOHFRPSRQLELOHLQRSHUD

3XOVDQWHXQLSRODUHLQFKLXVXUD9VHULHFLYLOHFRPSRQLELOH
'
LQRSHUD
'D 3XOVDQWH$DQFKHOXPLQRVR FDG ¼
'E 3XOVDQWH$JHQHULFROXPLQRVRSHUXQLWjGLVHJQDOD]LRQH FDG ¼
'F 3XOVDQWH$DWLUDQWHFRQFRUGRQHPW FDG ¼
3XOVDQWH$FRQWDUJKHWWDOXPLQRVDSHUODPSDGDDVLOXUR
'G FDG ¼
9:

3XOVDQWHXQLSRODUHGLPDQRYUD9VHULHFLYLOHFRPSRQLELOH
'
LQRSHUD
'D 3XOVDQWH$PDUFLDRDUUHVWR FDG ¼
'E 3XOVDQWH$PDUFLDRDUUHVWRFRQFRQWDWWRDXVLOLDULR FDG ¼
'F 3XOVDQWH$GRSSLR33GXHSXOVDQWLLQGLSHQGHQWL FDG ¼
'G 3XOVDQWH$FRQVSLDGLVHJQDOD]LRQH FDG ¼

&RPPXWDWRUH R SXOVDQWH FRPPXWDWRUH $9 SHU VHULH
' FLYLOH FRPSRQLELOH FRQ IUHFFH GLUH]LRQDOL H SRVL]LRQH 2))
FHQWUDOHLQRSHUD
'D 3PRUVHWWL FDG ¼
'E 3PRUVHWWL FDG ¼

ϱϬϮ

$33$5(&&+, ', &20$1'2 $ ',67$1=$

' 02'8/$5, '$ ,167$//$5( 68 &(67(//,
3257$)58772

,QWHUUXWWRUHUHOqSDVVRSDVVRFLFOLFL$9
'

'D 33FRQERELQD9+] FDG ¼
'E 33$9FRQERELQD9 FDG ¼
'F 3RFRPPXWDWRUHVHTXHQ]HFRQERELQD9 FDG ¼

7HPSRUL]]DWRUH OXFH VFDOH DOLPHQWD]LRQH DF FRQWDWWR
' XQLSRODUH$9UHJRODELOHGDDPLQXWLILQRD.: FDG ¼
SHUVFDWROHUHWWDQJRODULLQRSHUD

3XOVDQWHGLHPHUJHQ]DFRPSOHWRGLFDVVHWWDVFDWRODGDLQFDVVR
' FDG ¼

HPDUWHOOHWWRIUDQJLYHWURLQRSHUD

35(6(',&255(17(02'8/$5,'$,167$//$5(
'
68&(67(//,3257$)58772

3UHVD SHU VHULH FLYLOH FRPSRQLELOH 37 9 JUDGR GL
'SURWH]LRQHQRUPH&(,,(&LQ
RSHUD
'D 3UHVD[$7 FDG ¼
'E 3UHVD[$7 FDG ¼
'F 3UHVDELSDVVR[$7 FDG ¼
3UHVD[$781(/VFKXNRFRQFRQWDWWLGLWHUUDODWHUDOLH
'G FDG ¼
FHQWUDOL
'H 3UHVD[$GLVLFXUH]]DLUUHYHUVLELOH FDG ¼
'I 3UHVD[$GLVLFXUH]]DLUUHYHUVLELOH FDG ¼

3UHVD LQWHUEORFFDWD FRQ LQWHUUXWWRUH DXWRPDWLFR
PDJQHWRWHUPLFR31&$9SL$GDLQFDVVR
'
VX VFDWROD WLSR FRQIRUPH QRUPH &(, FRPSOHWD GL
DFFHVVRULLQRSHUD
'D 3UHVDLQWHUEORFFDWDFRQLQWHUUXWWRUH37$ FDG ¼
'E 3UHVDLQWHUEORFFDWDFRQLQWHUUXWWRUH37$ FDG ¼
'F 3UHVDLQWHUEORFFDWDFRQLQWHUUXWWRUH37$WLSR6FKXNR FDG ¼

3UHVD LQWHUEORFFDWD FRQ LQWHUUXWWRUH DXWRPDWLFR
PDJQHWRWHUPLFRGLIIHUHQ]LDOH31&$9SL$
'
GD LQFDVVR VX VFDWROD WLSR FRQIRUPH QRUPH &(,
FRPSOHWDGLDFFHVVRULLQRSHUD
'D 3UHVDLQWHUEORFFDWDFRQLQWHUUXWWRUHGLIIHUHQ]LDOH37$ FDG ¼
'E 3UHVDLQWHUEORFFDWDFRQLQWHUUXWWRUHGLIIHUHQ]LDOH37$ FDG ¼
3UHVD LQWHUEORFFDWD FRQ LQWHUUXWWRUH GLIIHUHQ]LDOH 37 $
'F FDG ¼
WLSR6FKXNR

ϱϬϯ

6SLQHHSUHVHPRELOL&RUSRLQWHFQRSROLPHURFRQVHUUDFDYR
H YDQL GL SURWH]LRQH SHU L VLQJROL FRQGXWWRUL FRQ VSLQRWWL
'
LPSHUPHDELOLHSURWHWWLGDJXDLQDLVRODQWH&RQIRUPLWj1RUPH
&(,&(,,(&379LQRSHUD

6SLQD$WLSRVVVDQFKHSLDWWHDVTXDGUDRFRQ
'D FDG ¼

SURILORXVFLWDFDYRDVVLDOHR
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6SLQH H SUHVH PRELOL &RUSR LQ SROLFDUERQDWR SURWH]LRQH
' FRQWUR L FRQWDWWL DFFLGHQWDOL FRQIRUPL DOOH 1RUPH &(,
&(,,(&379LQRSHUD

6SLQD$WLSRVVVVSD
'D FDG ¼
'E 6SLQD$WLSRVVSD FDG ¼
'F 3UHVDPRELOH$XVFLWDFDYRDVVLDOH FDG ¼

35(6(',6(*1$/(02'8/$5,'$,167$//$5(68
'
&(67(//,3257$)58772

' 3UHVDVSHFLDOHSRODUL]]DWD3$96(/9LQRSHUD FDG ¼

' 3UHVDSHUFLUFXLWLDXVLOLDULSHUILORGLIIXVLRQHLQRSHUD FDG ¼

' &RQQHWWRUHSHQWDSRODUHSHUFLUFXLWLIRQLFLHVLPLODULLQRSHUD FDG ¼

3UHVDWHOHIRQLFDGLFRQQHWWRUH5-FRQWDWWLDWWDFFR
' FDG ¼

SOXJFRPSOHWDGLPRUVHWWLDYLWHLQRSHUD

' 3UHVDWHOHIRQLFDSHUXVRFLYLOHFRPSRQLELOHLQRSHUD FDG ¼

3UHVDWHOHIRQLFDGDLQFDVVRFRPSOHWDGLVXSSRUWRHSODFFDLQ
' FDG ¼

UHVLQDLQRSHUD

3UHVD 79 FRDVVLDOH VHPSOLFH SHU VHULH FLYLOH FRPSRQLELOH
' FDG ¼

VFKHUPDWDILQRD0+]LQRSHUD

' 3UHVD79FVGSDVVDQWHLQGXWWLYDGLUH]LRQDOHLQRSHUD FDG ¼

6(*1$/$=,21, $&867,&+( (' 277,&+(
' 02'8/$5, '$ ,167$//$5( 68 &(67(//,
3257$)58772

6XRQHULDHOHWWURPHFFDQLFDSHUVHULHFLYLOHFRPSRQLELOH+]
'

9$LQRSHUD
'D 96(/9 FDG ¼
'E 96(/9 FDG ¼
'F 9 FDG ¼

ϱϬϰ

5RQ]DWRULSHUVHULHFLYLOHFRPSRQLELOH+]9$LQ
'
RSHUD
'D 96(/9 FDG ¼
'E 96(/9 FDG ¼
'F 9 FDG ¼

' 5RQ]DWRULSHUVHULHFLYLOHFRPSRQLELOH9GF: FDG ¼

6SLDOXPLQRVDSRUWDODPSDGDSHUODPSDGDDVLOXUR9
'

:LQRSHUD
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'E SHUGXHXQLWjGLVHJQDOD]LRQH FDG ¼

6HJQDODWRUH OXPLQRVR ODPSDGD VHJQDSDVVR SHU ODPSDGH D
' VLOXUR9:VHULHFLYLOHFRPSRQLELOHFRPSOHWRGL
VXSSRUWRHSODFFDSHUVFDWROHUHWWDQJRODULLQRSHUD

'D DSRUWDODPSDGHPRGXOL FDG ¼
'E DSRUWDODPSDGHFDPSLOXFHPRGXOL FDG ¼

6HJQDODWRUH OXPLQRVR ODPSDGD VHJQDSDVVR FVG SHU
' ODPSDGH DWWDFFR PLJQRQ ( FRQ GLIIXVRUH VSRUJHQWH
FRPSOHWRGLVXSSRUWRHSODFFDLQRSHUD

'D DSRUWDODPSDGHFDPSLGLOXFH FDG ¼
'E DSRUWDODPSDGHFDPSLGLOXFH FDG ¼
'F DSRUWDODPSDGHFDPSLGLOXFH FDG ¼

,OOXPLQDWRUHVHJQDODWRUHSHUVHULHFLYLOHFRPSRQLELOHDWWDFFR
' PLJQRQ(SHUODPSDGDGD9:0D[FRQGLIIXVRUH
SLDQRFRPSOHWRGLVXSSRUWRHSODFFDLQRSHUD

'D DSRUWDODPSDGD FDG ¼
'E DSRUWDODPSDGD FDG ¼

' 5(*2/$=,21(

5HJRODWRWRUHGLFDULFKLUHVLVWLYL:',00(5SHUVHULH
' FDG ¼

FLYLOHFRPSRQLELOHLQRSHUD

2URORJLRSURJUDPPDWRUHHOHWWURQLFRFDQDOH$9
' FDG ¼

SHUVHULHFLYLOHFRPSRQLELOHLQRSHUD

' $&&(6625,

5HVLVWHQ]D WHUPLQDOH WHUPLQDOH 2KP SHU FKLXVXUD OLQHD
' FDG ¼
SUHVD79

/DPSDGD VLOXUR DG LQFDQGHVFHQ]D IOXRUHVFHQ]D R QHRQ
'

ELDQFDRFRORUHLQRSHUD
ϱϬϱ

'D 9:ELDQFD FDG ¼

'E 9:FRORUH FDG ¼
'F 9:ELDQFD FDG ¼
'G 9:FRORUH FDG ¼

8QLWjGLVHJQDOD]LRQHDGLQFDQGHVFHQ]DIOXRUHVFHQ]DRQHRQ
'

ELDQFDRFRORUHLQRSHUD
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'E 9: FDG ¼

' 6&$72/(6833257,3/$&&+(

$GDWWDWRUHSHUFRPSRQLELOLDGPRGXOLSHULQVWDOOD]LRQHVX
' FDG ¼

EDUUD'LQLQRSHUD

3UHVD 6FKXNR 37 $9 FRPSOHWD GL VXSSRUWR SHU
' FDG ¼

LQVWDOOD]LRQHVXEDUUD'LQLQRSHUD

3UHVDXQLYHUVDOH37$9FRPSOHWDGLVXSSRUWRSHU
' FDG ¼

LQVWDOOD]LRQHVXEDUUD'LQLQRSHUD

/DPSDGD SRUWDWLOH FRVWLWXLWD GD WRUFLD HVWUDLELOH H SUHVD SHU
' ULFDULFDDOLPHQWD]LRQH9+]FRPSOHWDGLVXSSRUWR FDG ¼
SHULQVWDOOD]LRQHVXEDUUD'LQLQRSHUD

' 35(6(&21,17(5587725(',%/2&&2

3UHVDFRQLQWHUUXWWRUHGLEORFFRSHUXVRLQGXVWULDOHFRQIRUPH
QRUPH &(, FRPSOHWD GL DFFHVVRUL TXDOL PRUVHWWL SUHVVDFDYR
'
HFFSHUHVWHUQRSULYHGLEDVHSRUWDIXVLELOLLQFXVWRGLDLVRODQWH
JUDGRGLSURWH]LRQH,3GD9D9LQRSHUD

37ILQRD$
'D FDG ¼
'E 37ILQRD$ FDG ¼
'F 37ILQRD$ FDG ¼
'G 37ILQRD$ FDG ¼
'H 371ILQRD$ FDG ¼
'I 371ILQRD$ FDG ¼

'
HFF SHU HVWHUQR FRQ EDVH SRUWDIXVLELOL LQ FXVWRGLD LVRODQWH

37ILQRD$
'D FDG ¼
37ILQRD$
'E FDG ¼
'F 37ILQRD$ FDG ¼
'G 37ILQRD$ FDG ¼
'H 371ILQRD$ FDG ¼
ϱϬϲ

'I 371ILQRD$ FDG ¼

'
HFFGDLQFDVVRSULYHGLEDVHSRUWDIXVLELOLLQFXVWRGLDLVRODQWH

37ILQRD$
'D FDG ¼
37ILQRD$
'E FDG ¼
'F 37ILQRD$ FDG ¼
'G 37ILQRD$ FDG ¼
'H 371ILQRD$ FDG ¼
'I 371ILQRD$ FDG ¼

'
HFF GD LQFDVVR FRQ EDVH SRUWDIXVLELOL LQ FXVWRGLD LVRODQWH

37ILQRD$
'D FDG ¼
37ILQRD$
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'F 37ILQRD$ FDG ¼
'G 37ILQRD$ FDG ¼
'H 371ILQRD$ FDG ¼
'I 371ILQRD$ FDG ¼

'
HFFSHUHVWHUQRSULYHGLEDVHSRUWDIXVLELOLLQFXVWRGLDLVRODQWH

37ILQRD$
'D FDG ¼
37ILQRD$
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'F 37ILQRD$ FDG ¼
'G 37ILQRD$ FDG ¼
'H 371ILQRD$ FDG ¼
'I 371ILQRD$ FDG ¼

'
HFF SHU HVWHUQR FRQ EDVH SRUWDIXVLELOL LQ FXVWRGLD LVRODQWH

37ILQRD$
'D FDG ¼
37ILQRD$
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'F 37ILQRD$ FDG ¼
'G 37ILQRD$ FDG ¼
'H 37ILQRD$ FDG ¼
'I 37ILQRD$ FDG ¼
'J 371ILQRD$ FDG ¼
'K 371ILQRD$ FDG ¼
ϱϬϳ

'L 371ILQRD$ FDG ¼

'
HFFGDLQFDVVRSULYHGLEDVHSRUWDIXVLELOLLQFXVWRGLDLVRODQWH

37ILQRD$
'D FDG ¼
37ILQRD$
'E FDG ¼
'F 37ILQRD$ FDG ¼
'G 37ILQRD$ FDG ¼
'H 37ILQRD$ FDG ¼
'I 37ILQRD$ FDG ¼
'J 371ILQRD$ FDG ¼
'K 371ILQRD$ FDG ¼
'L 371ILQRD$ FDG ¼

'
HFF GD LQFDVVR FRQ EDVH SRUWDIXVLELOL LQ FXVWRGLD LVRODQWH

37ILQRD$
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37ILQRD$
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'F 37ILQRD$ FDG ¼
'G 37ILQRD$ FDG ¼
'H 371ILQRD$ FDG ¼
'I 371ILQRD$ FDG ¼

3UHVDFRQLQWHUUXWWRUHGLEORFFRSHUXVRLQGXVWULDOHSURWHWWH
FRQWUDVIRUPDWRUHGLVLFXUH]]D99FRQIRUPHQRUPH
'
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SRUWDIXVLELOLHYHQWXDOLRSHUHPXUDULHLQRSHUD

3$GDSDUHWH
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' 63,1((35(6(02%,/,,1'8675,$/,,(&

' 6SLQHSURWHWWHSHUWHQVLRQLGD9D9,3

'D 37ILQRD$ FDG ¼
'E 37ILQRD$ FDG ¼
'F 371ILQRD$ FDG ¼
'G 37ILQRD$ FDG ¼
'H 37ILQRD$ FDG ¼
'I 371ILQRD$ FDG ¼

' 6SLQHSURWHWWHSHUWHQVLRQLGD9D9,3

'D 37ILQRD$ FDG ¼
'E 37ILQRD$ FDG ¼
ϱϬϴ

'F 371ILQRD$ FDG ¼

'G 37ILQRD$ FDG ¼
'H 37ILQRD$ FDG ¼
'I 371ILQRD$ FDG ¼

6SLQHHSUHVHPRELOLSURWHWWHDEDVVLVVLPDWHQVLRQH9
' FDG ¼

$JUDGRGLSURWH]LRQH,3

' 3UHVHPRELOLSURWHWWHSHUWHQVLRQLGD9D9,3

'D 37ILQRD$ FDG ¼
'E 37ILQRD$ FDG ¼
'F 371ILQRD$ FDG ¼
'G 37ILQRD$ FDG ¼
'H 37ILQRD$ FDG ¼
'I 371ILQRD$ FDG ¼

' 3UHVHPRELOLSURWHWWHSHUWHQVLRQLGD9D9,3

'D 37ILQRD$ FDG ¼
'E 37ILQRD$ FDG ¼
'F 371ILQRD$ FDG ¼
'G 37ILQRD$ FDG ¼
'H 37ILQRD$ FDG ¼
'I 371ILQRD$ FDG ¼

,QWHUUXWWRUH FUHSXVFRODUH FRQ VRJOLD GL LQWHUYHQWR /X[
' ULWDUGR VHF GLVLQVHULELOH FRPSOHWR GL DFFHVVRUL SHU LO FDG ¼
PRQWDJJLRLQRSHUD

7HPSRUL]]DWRUH OXFH VFDOH DOLPHQWD]LRQH 9 FRQWDWWR
' XQLSRODUH$9HUJRODELOHGDDPLQXWLILQRDGXQ
PD[GL.:GDTXDGURLQRSHUD

'D VHPSOLFH FDG ¼
'E FRQSUHDYYLVRGLVSHJQLPHQWR FDG ¼

' 5(/(

5HOq GL FRPDQGR R SDVVRSDVVR GD TXDGUR 9
'

FRQWDWWLQDQFQDJUDGRGLSURWH]LRQH,3LQRSHUD
'D )LQRD$ FDG ¼
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5HOq D WHPSR HOHWWURQLFL XQLYHUVDOL GD TXDGUR 9
' 9$FRQWDWWLQDQFJUDGRGLSURWH]LRQH,3
LQRSHUD
'D )XQ]LRQL5HJ6HFRUH FDG ¼
'E )XQ]LRQL5HJ6HFRUH FDG ¼

' ,17(5587725(25$5,2

ϱϬϵ


,QWHUUXWWRUHRUDULRDQDORJLFR9$+]LQ
'
RSHUD
'D JLRUQDOLHURILQRDPLQXWL FDG ¼
'E JLRUQDOLHURILQRDPLQXWL FDG ¼
'F VHWWLPDQDOHILQRDRUH FDG ¼
'G JLRUQDOLHURVHWWLPDQDOHPLQXWLRUH FDG ¼

,QWHUUXWWRUH RUDULR GLJLWDOH 9 $ +] LQ
'
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'D *LRUQDOLHURFRPPXWD]LRQLPD[1$& FDG ¼
'E *LRUQDOLHUR6HWWLPDQDOHFRPPXWD]LRQLPD[1$& FDG ¼
*LRUQDOLHUR 6HWWLPDQDOHULVHUYD RUH FRPP 0D[
'F FDG ¼
1$&
*LRUQDOLHUR 6HWWLPDQDOHULVHUYD RUH FRPP 0D[
'G FDG ¼
1$&

' &217$7725,

&RQWDWWRUH GL SRWHQ]D DFFHVVRULDELOH WHQVLRQL GL
DOLPHQWD]LRQHILQRD9FRQERELQD9FRQDWWDFFKL
'
SHUILVVDJJLRFRPELQDWRDYLWHRDVFDWWRUDSLGRVXJXLGD',1
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'D ELSRODUH

'D ILQRD$ FDG ¼
'D ILQRD$ FDG ¼
'E WULSRODUH

'E ILQRD$ FDG ¼
'E ILQRD$ FDG ¼
'F WHWUDSRODUH

'F ILQRD$ FDG ¼
'F ILQRD$ FDG ¼
'F ILQRD$ FDG ¼

&RQWDWWRUH GL SRWHQ]D DFFHVVRULDELOH WHQVLRQL GL
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'
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'D ELSRODUH

'D ILQRD$ FDG ¼
'E WHWUDSRODUH

'E ILQRD$ FDG ¼
'E ILQRD$ FDG ¼
'E ILQRD$ FDG ¼

ϱϭϬ

&RQWDWWR DXVLOLDULR LVWDQWDQHR QRUPDOPHQWH DSHUWR R

' QRUPDOPHQWH FKLXVR SHU PRQWDJJLR VX FRQWDWWRUL ILQR D $ FDG ¼
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,QWHUUXWWRUH VDOYDPRWRUH WULSRODUH LQ DULD FRQ SURWH]LRQH
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' IDVH 3, VHFRQGR QRUPH &(, (1 FRPSOHWR GL
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RSHUD
'D ILQRD$ FDG ¼
'E ILQRD$ FDG ¼

' QRUPDOPHQWHFKLXVRSHUPRQWDJJLRVXFRQWDWWRULPRGXODULILQR FDG ¼
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' %RELQHGLVJDQFLRGLPLQLPDWHQVLRQH FDG ¼

' 6FDWRODSHUPRQWDJJLRDSDUHWH

'D *5$'2GLSURWH]LRQH,3 FDG ¼
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'
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JUDGR GL SURWH]LRQH PRUVHWWL PLQLPR ,3 H TXDQWR DOWUR
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'D WULSRODUH

'D &RQWDWWRUHWULSRODUHILQRDN:LQ$&9 FDG ¼
'E WHWUDSRODUH

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ϱϭϭ

5HOq WHUPLFR SHU FRQWDWWRUL GL SRWHQ]D LQ FODVVH $&

' DFFHVVRULDELOHWHQVLRQLGLDOLPHQWD]LRQHILQRD9FODVVHGL
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5HOqWHUPLFRSHUFRQWDWWRUHTXDGULSRODUHFRQUHJROD]LRQHILQRD
'D FDG ¼
$
5HOq WHUPLFR SHU FRQWDWWRUH TXDGULSRODUH FRQ UHJROD]LRQH GD
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$D$
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$
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$
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$
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$

' $&&(6625,3(5&217$7725,

' ,QWHUEORFFRPHFFDQLFRIUDGXHFRQWDWWRULILQRD$ FDG ¼

' ,QWHUEORFFRPHFFDQLFRIUDGXHFRQWDWWRULILQRD$ FDG ¼

' QRUPDOPHQWHFKLXVRSHUPRQWDJJLRVXFRQWDWWRULGLSRWHQ]D FDG ¼
LQRSHUD

5HOq WHPSRUL]]DWR DOO
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' FDG ¼
$

' ',675,%8=,21('(//(9,(&$9,

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' FRSHUFKLR HG DFFHVVRUL TXDOL IHUPDJOL WUDYHUVLQH VHSDUDWRUL
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' PP[ P ¼
' PP[ P ¼
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' PP[ P ¼

' PP[ P ¼

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' FDG ¼
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'
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7HUPLQDOLLQ39&SHUFDQDOHWWDLQ39&GDLQVWDOOD]LRQHD
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' PP[ FDG ¼
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' PP[ FDG ¼
' PP[ FDG ¼
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&XUYH H GHULYD]LRQL LQ 39& SHU FDQDOHWWD LQ 39& GD
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' PP[ FDG ¼
' PP[ FDG ¼
' PP[ FDG ¼
' PP[ FDG ¼
' PP[ FDG ¼
' PP[ FDG ¼
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' PP[ FDG ¼
ϱϭϯ


0HQVRODSHUFDQDOHWWDLQ39&GDLQVWDOODUHDSDUHWHFRPSOHWD
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&RSHUFKLRLQ39&SHUFDQDOHWWDLQ39&GDLQVWDOODUHDSDUHWH
'

FRPSOHWRGLTXDQWRRFFRUUDSHULOILVVDJJLRLQRSHUD
' PP FDG ¼
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&DQDOHWWD LQ 39& SHULQVWDOOD]LRQH D EDWWLVFRSD D FRUQLFH R
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$FFHVVRUL SHU OD FDQDOHWWD LQ 39& SHU LQVWDOOD]LRQH D
' FDG ¼

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' FLUFDPP[ FDG ¼
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' FLUFDPP[ FDG ¼

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' PP FDG ¼
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' 7RUUHWWHSRUWDXWHQ]H

7RUUHWWDSRUWDXWHQ]HLQ39&DXWRHVWLQJXHQWHILQRDIUXWWL
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' FDG ¼
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' FRPSRQLELOH TXHVWH HVFOXVH FRPSOHWD GL FRSHUFKLR FDG ¼
LQFHUQLHUDWRHTXDQWRDOWURRFFRUUDSHULOILVVDJJLRLQRSHUDVX
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O
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' TXHVWH HVFOXVH FRPSOHWD GL SDQQHOOL SHU O
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0LQLFDQDOL LQ 39& SHU LQVWDOOD]LRQL D SDUHWH FRPSOHWL GL
' FRSHUFKLRDFFHVVRULTXDOLIHUPDJOLWHUPLQDOLTXDQWRDOWUR
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' ILQRDPP[ P ¼
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$QJROLJLXQWLLQFURFLWHUPLQDOLSHUPLQLFDQDOLLQ39&GD
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LQRSHUD
' ILQRDPP[ FDG ¼
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ϱϭϱ

' ILQRDPP[ FDG ¼

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&DQDOLQD LQ 39& DXWRHVWLQJXHQWH SHU FDEODJJLR LQ
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&DQDOD SRUWDFDYL LQ ODPLHUD GL DFFLDLR ]LQFDWR ]LQFDWXUD
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ϱϭϲ


'HULYD]LRQL HG LQFURFL SLDQL LPERFFKL ULGRWWL H ULGX]LRQL
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7HVWDWDGLFKLXVXUDSHUFDQDODLQDFFLDLR]LQFDWRILQRDPP
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DSSOLFDUHDWXWWHOHYRFLGLFDQDODIODQJLDFXUYHWHVWDWHHFF
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'D GLDPHWURILQRDPP FDG ¼
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6XSSRUWRLQPDWHULDOHLVRODQWHDWWRDOILVVDJJLRVXVFDWRODGD
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SLDVWUH GL VXSSRUWR SHU VFDWROH GL GHULYD]LRQH HOHPHQWL SHU
'
VRVSHQVLRQHDSDUHWHLQVWDOODWLFRQLQWHUGLVWDQ]DQRQVXSHULRUH
DG XQ PHWUR HG RJQL DOWUR DFFHVVRULR FRPSUHVR LO PDJJLRUH
RQHUHSHUOHODYRUD]LRQLQHFHVVDULHDOODUHDOL]]D]LRQHLQRSHUD
GLFXUYHYDULD]LRQLGLSLDQRLQFURFLHGHULYD]LRQL
' [PP P ¼
' [PP P ¼
' [PP P ¼
' [PP P ¼
' [PP P ¼
' [PP P ¼
PDJJLRUD]LRQHSHURJQLVWDIIDDVRIILWWRSLDVWUDORQJKHURQH
' FDG ¼
ILQRDP

ϱϮϭ


' &253,,//80,1$17,

$YYHUWHQ]H L FRUSL LOOXPLQDQWL SHU HVWHUQL GHEERQR HVVHUH
FRQIRUPL DOOH GLVSRVL]LRQL SUHYLVWH GDOOH /5 Q GHO
DUWHVXFFHVVLYHPRGLILFD]LRQLHGLQWHJUD]LRQL

$33$5(&&+,',,//80,1$=,21(3(5,17(51,

$&&(6625,3(5$33$5(&+,',,//80,1$=,21(

$33$5(&&+,',,//80,1$=,21(67$*1,

6,67(0,02'8/$5,

352,(7725,

5,)/(7725,

$33$5(&&+,',,//80,1$=,21(3(5(67(51,

$&&(6625,3(5$50$785(675$'$/,

*/2%,

3$/,

(0(5*(1=$

/$03$'(

$&&(6625,

1%JOLDUWLFROLGHOSUHVHQWHFDSLWRORGRYUDQQRSRVVHGHUHLO

PDUFKLRGLTXDOLWj,04RHTXLSROOHQWHHODPDUFDWXUD&(

' $33$5(&&+,',,//80,1$=,21(3(5,17(51,

3ODIRQLHUD GD VRIILWWR SULVPDWL]]DWD SHU ODPSDGH
IOXRUHVFHQWLWLSRFKLXVRDQWLSROYHUHJUDGRGLSURWH]LRQH,3
FODVVH , FRQ DUPDWXUD GL IHUUR YHUQLFLDWR VPDOWDWR GL FRORUH
ELDQFR LQWHUQDPHQWH FRQ VFKHUPR LQ PDWHULDOH DFULOLFR
'
SULVPDWL]]DWRDGHOHYDWRUHQGLPHQWROXPLQRVRFRQGLVSRVLWLYR
DQWLFDGXWD FRPSOHWD GL FDEODJJLR ULIDVDPHQWR D FRVIL
WXER IOXRUHVFHQWH . VWRS D IDUIDOOD HG RJQL DOWUR
DFFHVVRULRLQRSHUD
'D SHUODPSDGDGD: FDG ¼
'E SHUODPSDGDGD: FDG ¼
'F SHUODPSDGDGD: FDG ¼
'G SHUODPSDGDGD: FDG ¼
'H SHUODPSDGHGD: FDG ¼
'I SHUODPSDGDGD: FDG ¼
'J SHUODPSDGHGD: FDG ¼

3ODIRQLHUD GD VRIILWWR FRQ RWWLFD ODPHOODUH LQ ODPLHUD
' G
DFFLDLRJUDGRGLSURWH]LRQH,3FODVVH,FRQDUPDWXUDLQ
DFFLDLRYHUQLFLDWRLQWHUQDPHQWHGLFRORUHELDQFRFRPSOHWDGL

ϱϮϮ

FDEODJJLRULIDVDPHQWRFRVILWXERIOXRUHVFHQWH.GL
VWRSHGLRJQLDOWURDFFHVVRULRLQRSHUD
'D FRQRWWLFDODPHOODUHLQDFFLDLRYHUQLFLDWRELDQFR
'D SHUODPSDGHGD: FDG ¼
'E FRQRWWLFDODPHOODUHLQDOOXPLQLRVDWLQDWR
'E SHUODPSDGHGD: FDG ¼

3ODIRQLHUDGDVRIILWWRFRQRWWLFDLQDOOXPLQLRVSHFXODUHLQ
ODPLHUD G
DFFLDLR JUDGR GL SURWH]LRQH ,3 FODVVH , FRQ
DUPDWXUD LQ DFFLDLR YHUQLFLDWR LQWHUQDPHQWH GL FRORUH ELDQFR
' FRQRWWLFDLQDOOXPLQLRVSHFXODUHDEDVVLVVLPDOXPLQDQ]DFRQ
DQJRORGLHPLVVLRQHDFRPSOHWDGLFDEODJJLRULIDVDPHQWR
FRVIL WXER IOXRUHVFHQWH . GL VWRS H GL RJQL DOWUR
DFFHVVRULRLQRSHUD
'F SHUODPSDGHGD: FDG ¼

3ODIRQLHUD GD FRQWURVRIILWWR SULVPDWL]]DWD SHU ODPSDGH
IOXRUHVFHQWLWLSRPRGXODUHJUDGRGLSURWH]LRQH,3FODVVH,
FRQ DUPDWXUD LQ DFFLDLR YHUQLFLDWR LQWHUQDPHQWH GL FRORUH
' ELDQFR FRQ VFKHUPR LQ PDWHULDOH DFULOLFR SULVPDWL]]DWR DG
HOHYDWR UHQGLPHQWR OXPLQRVR FRPSOHWD GL FDEODJJLR
ULIDVDPHQWRFRVILWXERIOXRUHVFHQWH.GLVWDIIHSHU
LOILVVDJJLRHGLRJQLDOWURDFFHVVRULRLQRSHUD
'G SHUODPSDGHGD: FDG ¼

ϱϮϯ

3ODIRQLHUDGDFRQWURVRIILWWRFRQRWWLFDODPHOODUHYHUQLFLDWD
SHUODPSDGHIOXRUHVFHQWLWLSRPRGXODUHJUDGRGLSURWH]LRQH,3
FODVVH,FRQDUPDWXUDLQDFFLDLRYHUQLFLDWRLQWHUQDPHQWHGL
' FRORUHELDQFRFRQRWWLFDODPHOODUHLQDFFLDLRYHUQLFLDWRELDQFR
FRPSOHWDGLFDEODJJLRULIDVDPHQWRFRVILWXERIOXRUHVFHQWH
.GLVWDIIHSHULOILVVDJJLRHGLRJQLDOWURDFFHVVRULRLQ
RSHUD

3ODIRQLHUD GD FRQWURVRIILWWR FRQ RWWLFD ODPHOODUH LQ
DOOXPLQLR SHU ODPSDGH IOXRUHVFHQWL WLSR PRGXODUH SHU
FRQWURVRIILWWDWXUH JUDGR GL SURWH]LRQH ,3 FODVVH , FRQ
' DUPDWXUD LQ DFFLDLR YHUQLFLDWR LQWHUQDPHQWH GL FRORUH ELDQFR
FRPSOHWDGLFDEODJJLRULIDVDPHQWRFRVILWXERIOXRUHVFHQWH
.GLVWDIIHSHULOILVVDJJLRHGLRJQLDOWURDFFHVVRULRLQ
RSHUD
'D FRQRWWLFDODPHOODUHLQDOOXPLQLRVDWLQDWR
FRQRWWLFDLQDOOXPLQLRVSHFXODUHDEDVVLVVLPDOXPLQDQ]DFRQ
'E
DQJRORGLHPLVVLRQHD
'F VRYUDSSUH]]RSUHUHDWWRUHHOHWWURQLFR
'G VRYUDSSUH]]RSUHUHDWWRUHHOHWWURQLFRGLPPHUDELOH

3ODIRQLHUDDOXFHLQGLUHWWDULIOHVVDDQWLDEEDJOLDPHQWRSHU
ODPSDGH IOXRUHVFHQWL WLSR PRGXODUH D SODIRQH R SHU
FRQWURVRIILWWDWXUHFODVVH,FRQDUPDWXUDLQDFFLDLRYHUQLFLDWR
LQWHUQDPHQWH GL FRORUH ELDQFR FRQ ULIOHWWRUH LQ DOOXPLQLR R
'
DFFLDLRYHUQLFLDWRELDQFRFRQULIUDWWRUHDVHPLVIHUDVSRUJHQWH
LQODPLHUDGLDFFLDLRPLFURIRUDWDSHUO
DOORJJLDPHQWRGHOO
XQLWj
G
LOOXPLQD]LRQHFRPSOHWDGLFDEODJJLRULIDVDPHQWRODPSDGD
IOXRUHVFHQWH.HGLRJQLDOWURDFFHVVRULRLQRSHUD
ϱϮϰ


'H SHUODPSDGDGD: FDG ¼
'I SHUODPSDGHGD: FDG ¼

3ODIRQLHUD ZDOOZDVKHU D OXFH ULIOHVVD DQWLDEEDJOLDPHQWR
SHU ODPSDGH IOXRUHVFHQWL WLSR PRGXODUH D SODIRQH R SHU
FRQWURVRIILWWDWXUHFODVVH,FRQDUPDWXUDLQDFFLDLRYHUQLFLDWR
LQWHUQDPHQWH GL FRORUH ELDQFR FRQ ULIOHWWRUH DVLPPHWULFR LQ
'
DOOXPLQLRVDWLQDWRRWWLFDZDOOZDVKHUFRQULIUDWWRUHDVHPLVIHUD
LQODPLHUDGLDFFLDLRPLFURIRUDWDSHUO
DOORJJLDPHQWRGHOO
XQLWj
G
LOOXPLQD]LRQHFRPSOHWDGLFDEODJJLRULIDVDPHQWRODPSDGD
IOXRUHVFHQWH.HGLRJQLDOWURDFFHVVRULRLQRSHUD


)DUHWWRGDLQFDVVRDFRQWURVRIILWWRULIOHWWRUHVLPPHWULFRSHU
ODPSDGHIOXRUHVFHQWLFRPSDWWHDRSLQFODVVH,FRQVWUXWWXUD
SRUWDQWHLQODPLHUD]LQFDWDRDOOXPLQLRULIOHWWRUHVLPPHWULFRLQ
'
SROLFDUERQDWRPHWDOOL]]DWRFRQDOOXPLQLRVSHFXODUHFRPSOHWR
GLFDEODJJLRHOHWWURQLFRODPSDGDIOXRUHVFHQWH.H
GLRJQLDOWURDFFHVVRULRLQRSHUD

'D SHUODPSDGDFRPSDWWDGD: FDG ¼
'E SHUODPSDGDFRPSDWWDGD: FDG ¼
'F SHUODPSDGHFRPSDWWHGD: FDG ¼
'G SHUODPSDGHFRPSDWWHGD: FDG ¼

)DUHWWR GD LQFDVVR D FRQWURVRIILWWR ULIOHWWRUHDVLPPHWULFR
SHU ODPSDGH IOXRUHVFHQWL FRPSDWWH D R SLQ FODVVH , FRQ
VWUXWWXUD SRUWDQWH LQ ODPLHUD ]LQFDWD R DOOXPLQLR ULIOHWWRUH
' DVLPPHWULFR LQ SROLFDUERQDWR PHWDOOL]]DWR FRQ DOOXPLQLR
VSHFXODUH RWWLFD ZDOOZDVKHU FRPSOHWR GL FDEODJJLR
ULIDVDPHQWR ODPSDGD IOXRUHVFHQWH . H GL RJQL DOWUR
DFFHVVRULRLQRSHUD
'D SHUODPSDGDFRPSDWWDGD: FDG ¼
'E SHUODPSDGDFRPSDWWDGD: FDG ¼

)DUHWWR GD LQFDVVR D FRQWURVRIILWWR SHU ODPSDGH DORJHQH
GLFURLFKH FODVVH , FRQ VWUXWWXUD SRUWDQWH LQ DOOXPLQLR
'
FRPSOHWRGLWUDVIRUPDWRUH9ODPSDGDELVSLQDFRQULIOHWWRUH
LQFRUSRUDWR.HGLRJQLDOWURDFFHVVRULRLQRSHUD

'D SHUODPSDGDIDVFLRGD: FDG ¼
'E SHUODPSDGDIDVFLRGD: FDG ¼

ϱϮϱ

$SSDUHFFKLR SHU LOOXPLQD]LRQH SHU ELQDULR LQ ODPLHUD

G
DFFLDLR JUDGR GL SURWH]LRQH ,3 FODVVH , FRPSOHWR GL
'
FDEODJJLRULIDVDPHQWRFRVILWXERIOXRUHVFHQWH.GL
VXSSRUWRSHUELQDULRHGLRJQLDOWURDFFHVVRULRLQRSHUD

'D 7LSRVHQ]DRWWLFD

5LIOHWWRUH LQ ODPLHUD GL DFFLDLR FRORUH ELDQFR WLSR
'D FDG ¼

PRQRODPSDGDFRQWHVWDWHGLFKLXVXUD
5LIOHWWRUHLQODPLHUDGLDFFLDLRFRORUHELDQFRWLSRELODPSDGD
'D FDG ¼
FRQWHVWDWHGLFKLXVXUD
7HJROLQR LQ ODPLHUD GL DFFLDLR FRORUH ELDQFR SHU PRQWDJJLR
'D FDG ¼
DSSDUHFFKLRDVRIILWWRLQFOXVLILVVDJJL

' $&&(6625,3(5$33$5(&&+,,//80,1$=,21(

6LVWHPD GL ELQDULR HOHWWULILFDWR GL VH]LRQH UHWWDQJRODUH LQ
SURILODWR GL DOOXPLQLR VSHFLDOH YHUQLFLDWR D SROYHUH ELDQFD R
'
DQRGL]]DWRDTXDWWURFRQGXWWRULFDULFRPDVVLPRILQRD$
SHUIDVHFRPSOHWRGLPHVVDDWHUUD

0RGXOR EDVH FRPSOHWR GL VWDIID GL PXUDWD XQD RJQL PHWUR
OLQHDUH WDOH GD JDUDQWLUH LO VRVWHJQR H OD VRVSHQVLRQH GHOOH P ¼
DSSDUHFFKLDWXUHLQVWDOODWHLQRSHUD

7HVWDWD GL DOLPHQWD]LRQH SHU ELQDULR HOHWWULILFDWR WULIDVH LQ
' FDG ¼
RSHUD

' 3LDVWULQDGLFKLXVXUDSHUELQDULRHOHWWULILFDWRWULIDVHLQRSHUD FDG ¼

$OLPHQWDWRUHLQWHUPHGLRRFROOHJDPHQWRDGDQJRORSHUELQDULR
' FDG ¼
HOHWWULILFDWRWULIDVHLQRSHUD

*LXQWR IOHVVLELOH RPQLGLUH]LRQDOH SHU ELQDULR HOHWWULILFDWR
' FDG ¼
WULIDVHLQRSHUD

' *LXQWRDVFRPSDUVDSHUELQDULRHOHWWULILFDWRWULIDVHLQRSHUD FDG ¼

&DYRDVSLUDOH[PPðOXQJKH]]DGDDPP
' FDG ¼
LQRSHUD

&DYRDVSLUDOH[PPðPDGLOXQJKH]]DGDD
' FDG ¼
PPLQRSHUD
ϱϮϲ


$GDWWDWRUHSHUVRVSHQVLRQHSURLHWWRULSHUELQDULRHOHWWULILFDWR
' FDG ¼
WULIDVHLQRSHUD

3UHVD FRQ DGDWWDWRUH $ 9 SHU ELQDULR HOHWWULILFDWR
' FDG ¼
WULIDVHLQRSHUD

' $33$5(&&+,',,//80,1$=,21(67$*1,

3ODIRQLHUDVWDJQDLQSROLFDUERQDWRDXWRHVWLQJXHQWHJUDGRGL
SURWH]LRQH ,3 FODVVH GL LVRODPHQWR , FRQ GLIIXVRUH LQ
' SROLFDUERQDWRWUDVSDUHQWHSULVPDWL]]DWRFRPSOHWDGLODPSDGD
IOXRUHVFHQWH . FDEODJJLR ULIDVDPHQWR H GL RJQL DOWUR
DFFHVVRULRLQRSHUD
'H SHUODPSDGDGD: FDG ¼

'J 6RYUDSSUH]]RSHUUHDWWRUHHOHWWURQLFR

3ODIRQLHUD FRQ FRUSR LQ SROLFDUERQDWR DXWRHVWLQJXHQWH
GLIIXVRUHWUDVSDUHQWHLQSROLFDUERQDWRJUDGRGLSURWH]LRQH,3
'
FODVVHG
LVRODPHQWR,,FRPSOHWDGLODPSDGDFRPSOHWDWLSR
'HGLRJQLDOWURDFFHVVRULRSHULOPRQWDJJLRLQRSHUD

'D GDODPSDGDGD: FDG ¼
'E GDODPSDGDGD: FDG ¼
'F GDODPSDGDGD: FDG ¼

3ODIRQLHUDDWHQXWDVWDJQDGLIRUPDRYDOHFRQDWWDFFR(
FRQVFKHUPRLQYHWURRSROLFDUERQDWRFRPSOHWDGLODPSDGDDG
' FDG ¼
LQFDQGHVFHQ]DILQRD:JDEELDGLSURWH]LRQHHGLRJQLDOWUR
DFFHVVRULRSHULOILVVDJJLRLQRSHUD

' 6,67(0,02'8/$5,

6LVWHPDPRGXODUHGLIRUPDWXERODUHFRQGLDPHWURILQRD
PPSHULOOXPLQD]LRQHFRQODPSDGHIOXRUHVFHQWLFRQFRUSRLQ
' DOOXPLQLR HVWUXVR YHUQLFLDWR FRPSOHWR GL FDEODJJLR
ULIDVDPHQWR HYHQWXDOH JLXQWR GL FRQQHVVLRQH GHL PRGXOL H
ODPSDGD.LQRSHUD

ϱϮϳ

6LVWHPD PRGXODUH GL IRUPD WXERODUH FRQ GLDPHWUR ILQR D

PP SHU LOOXPLQD]LRQH LQ HPHUJHQ]D SUHGLVSRVWD SHU LO
IXQ]LRQDPHQWR SHUPDQHQWH FRQ DXWRQRPLD RUD FRUSR LQ
'
DOOXPLQLR HVWUXVR YHUQLFLDWR FRPSOHWR GL FDEODJJLR
ULIDVDPHQWR HYHQWXDOH JLXQWR GL FRQQHVVLRQH GHL PRGXOL H
ODPSDGDIOXRUHVFHQWHGD.LQRSHUD

0RGXORVWUXWWXUDOHGLFRPSHQVD]LRQHSHUVLVWHPDPRGXODUH
'
GLIRUPDWXERODUHFRQGLDPHWURILQRDPPLQRSHUD
'D ILQRDP FDG ¼
'E ILQRDP FDG ¼
'F ILQRDP FDG ¼

*ULJOLDIUDQJLOXFHLQDOOXPLQLRSHUVLVWHPDPRGXODUHGLIRUPD
'

WXERODUHFRQGLDPHWURILQRDPPLQRSHUD

*ULJOLDIUDQJLOXFHLQSOH[LJODVVSHUVLVWHPDPRGXODUHGLIRUPD
'

5DFFRUGR D D 7 DG LQFURFLR LQ DOOXPLQLR SHU VLVWHPD
' FDG ¼

PRGXODUHGLIRUPDWXERODUHFRQGLDPHWURILQRDPPLQRSHUD

5DFFRUGRDD7DGLQFURFLRLQQ\ORQSHUVLVWHPDPRGXODUH
' FDG ¼
GLIRUPDWXERODUHFRQGLDPHWURILQRDPPLQRSHUD

5DFFRUGRIOHVVLELOHLQJRPPDSHUVLVWHPDPRGXODUHGLIRUPD
' FDG ¼


7HUPLQDOHGLFKLXVXUDLQDOOXPLQLRSHUVLVWHPDPRGXODUHGL
' FDG ¼
IRUPDWXERODUHFRQGLDPHWURILQRDPPLQRSHUD

7HUPLQDOH GL FKLXVXUD LQ Q\ORQ SHU VLVWHPD PRGXODUH GL
' FDG ¼
IRUPDWXERODUHFRQGLDPHWURILQRDPPLQRSHUD

6LVWHPD PRGXODUH GL VH]LRQH UHWWDQJRODUH RG RYDOH SHU
LOOXPLQD]LRQHFRQODPSDGHIOXRUHVFHQWLFRQFRUSRLQDOOXPLQLR
'
HVWUXVRYHUQLFLDWRFRQRWWLFDSDUDEROLFDLQDOOXPLQLRFRPSOHWR
GLFDEODJJLRULIDVDPHQWRHODPSDGD.LQRSHUD

ϱϮϴ



*ULJOLD IUDQJLOXFH LQ DOOXPLQLR SHU VLVWHPD PRGXODUH GL
'

VH]LRQHUHWWDQJRODUHRGRYDOHLQRSHUD
'D SHURODPSDGHGD: FDG ¼
'E SHURODPSDGHGD: FDG ¼
'F SHURODPSDGHGD: FDG ¼

*ULJOLDIUDQJLOXFHLQSROLFDUERQDWRSHUVLVWHPDPRGXODUHGL
'
VH]LRQHUHWWDQJRODUHRGRYDOHLQRSHUD
'D SHURODPSDGHGD: FDG ¼
'E SHURODPSDGHGD: FDG ¼
'F SHURODPSDGHGD: FDG ¼

5DFFRUGR LQ DOOXPLQLR SHU VLVWHPD PRGXODUH GL VH]LRQH
'
UHWWDQJRODUHRGRYDOHLQRSHUD
'D UDFFRUGRD FDG ¼
'E UDFFRUGRD7 FDG ¼
'F UDFFRUGRDGLQFURFLR FDG ¼

5DFFRUGRIOHVVLELOHLQJRPPDSHUVLVWHPDPRGXODUHGLVH]LRQH
' FDG ¼
UHWWDQJRODUHRGRYDOHLQRSHUD

*LXQWROLQHDUHRWHUPLQDOHLQDOOXPLQLRSHUVLVWHPDPRGXODUH
' FDG ¼
GLVH]LRQHUHWWDQJRODUHRGRYDOHLQRSHUD

6LVWHPDPRGXODUHSHULOOXPLQD]LRQHGLUHWWDLQGLUHWWDFRQ
ODPSDGH IOXRUHVFHQWL FRQ FRUSR LQ DOOXPLQLR HVWUXVR
' YHUQLFLDWRFRPSOHWRGLFDQDOL]]D]LRQHSRUWDFDYLLQWHJUDWDQHOOD
VWUXWWXUD FRQ RWWLFD SDUDEROLFD LQ DOOXPLQLR FRPSOHWR GL
FDEODJJLRULIDVDPHQWRHODPSDGD.LQRSHUD

*ULJOLD IUDQJLOXFH LQ DOOXPLQLR SHU VLVWHPD PRGXODUH SHU
'
LOOXPLQD]LRQHGLUHWWDLQGLUHWWDLQRSHUD
'D SHURJQLODPSDGDGD: FDG ¼
'E SHURJQLODPSDGDGD: FDG ¼
'F SHURJQLODPSDGDGD: FDG ¼

ϱϮϵ

'LIIXVRUHLQSOH[LJDVDQWLDEEDJOLDPHQWRSHUVLVWHPDPRGXODUH
'
SHULOOXPLQD]LRQHGLUHWWDLQGLUHWWDLQRSHUD
'D SHURJQLODPSDGDGD: FDG ¼
'E SHURJQLODPSDGDGD: FDG ¼
'F SHURJQLODPSDGDGD: FDG ¼

5DFFRUGR LQ DOOXPLQLR SHU VLVWHPD PRGXODUH SHU
'

'D UDFFRUGRD FDG ¼
'E UDFFRUGRD7 FDG ¼
'F UDFFRUGRDGLQFURFLR FDG ¼

5DFFRUGR IOHVVLELOH LQ JRPPD SHU VLVWHPD PRGXODUH SHU
' FDG ¼

*LXQWROLQHDUHRWHUPLQDOHGLFKLXVXUDLQDOOXPLQLRSHUVLVWHPD
' FDG ¼
PRGXODUHSHULOOXPLQD]LRQHGLUHWWDLQGLUHWWDLQRSHUD

*LXQWR XQLYHUVDOH SUHGLVSRVWR SHU O
XQLRQH OD VRVSHQVLRQH
' O
DOLPHQWD]LRQHGHLPRGXOLLQDOOXPLQLRSHUVLVWHPDPRGXODUH FDG ¼
SHULOOXPLQD]LRQHGLUHWWDLQGLUHWWDLQRSHUD

7HVWDWD GL JLXQ]LRQH LQ DOOXPLQLR SHU VLVWHPD PRGXODUH SHU
' FDG ¼


$WWDFFR LQ ODPLHUD G
DFFLDLR SHU LO PRQWDJJLR D SDUHWH SHU
' FDG ¼
VLVWHPDPRGXODUHSHULOOXPLQD]LRQHGLUHWWDLQGLUHWWDLQRSHUD

$&&(6625,3(56,67(0,02'8/$5,

*UXSSRGLVRVSHQVLRQHFRPSOHWRGLURVRQHFDYRLQDFFLDLR
' ILQRDPWVWRSGLDQFRUDJJLRHGLDWWDFFRDLFRUSLLOOXPLQDQWL FDG ¼
LQRSHUD

*UXSSRGLVRVSHQVLRQHFRQFDYRGLDOLPHQWD]LRQHGD[
PPðHVWHQVLELOHILQRDPFRPSOHWRGLURVRQHFDYRLQDFFLDLR
' FDG ¼
ILQRDPVWRSGLDQFRUDJJLRHGLDWWDFFRDLFRUSLLOOXPLQDQWL
LQRSHUD

' 352,(7725,

3URLHWWRUHSHUODPSDGDDGDORJHQLJUDGRGLSURWH]LRQH,3
FODVVH , D IRUPD UHWWDQJRODUH FRUSR LQ DOOXPLQLR SUHVVRIXVR
' YHUQLFLDWR DL SROLXUHWDQL FRQ YHWUR WHPSHUDWR JXDUQL]LRQH
VLOLFRQLFD VWDIID GL ILVVDJJLR SUHVVDFDYR FDEODJJLR HG RJQL
DOWURDFFHVVRULRLQRSHUD
'D FRQODPSDGDILQRD: FDG ¼
'E FRQODPSDGDILQRD: FDG ¼

ϱϯϬ

3URLHWWRUH SHU ODPSDGD DJOL LRGXUL PHWDOOLFL JUDGR GL

SURWH]LRQH ,3 FODVVH , GL IRUPD UHWWDQJRODUH FRUSR LQ
DOOXPLQLRSUHVVRIXVRYHUQLFLDWRDLSROLXUHWDQLFRQJOLHOHPHQWL
' GL DFFHQVLRQH LQFRUSRUDWL FRQ YHWUR WHPSHUDWR JXDUQL]LRQH
VLOLFRQLFD VWDIID GL ILVVDJJLR SUHVVDFDYR FDEODJJLR
ULIDVDPHQWRFRPSUHQVLYRGLODPSDGDHGRJQLDOWURDFFHVVRULR
LQRSHUD
'D FRQODPSDGDGD:-0 FDG ¼
'E FRQODPSDGDGD:-0 FDG ¼
'F FRQODPSDGDILQRD:-0 FDG ¼

3URLHWWRUH SHU ODPSDGD DL YDSRUL GL 6RGLR $3 JUDGR GL
SURWH]LRQH ,3 FODVVH , GL IRUPD UHWWDQJRODUH FRUSR LQ
DOOXPLQLRSUHVVRIXVRYHUQLFLDWRDLSROLXUHWDQLFRQJOLHOHPHQWL
' GL DFFHQVLRQH LQFRUSRUDWL FRQ YHWUR WHPSHUDWR JXDUQL]LRQH
VLOLFRQLFD VWDIID GL ILVVDJJLR SUHVVDFDYR FDEODJJLR
ULIDVDPHQWRFRPSUHQVLYRGLODPSDGDHGRJQLDOWURDFFHVVRULR
LQRSHUD
'D FRQODPSDGDILQRD:6$3 FDG ¼
'E FRQODPSDGDILQRD:6$3 FDG ¼
'F FRQODPSDGDILQRGD:6$3 FDG ¼

3URLHWWRUHDGLPPHUVLRQHSHULOOXPLQD]LRQHIRQWDQHHSLVFLQH
FRUSRLQUDPHREURQ]RJUDGRGLSURWH]LRQH,3FODVVH,,,
'
FRPSOHWRGLODPSDGDFDYRGLDOLPHQWD]LRQHPJXDUQL]LRQL
EDVHRVWDIIDGLDSSRJJLRLQRSHUD

'D ILQRD:D9 FDG ¼
'E ILQRD:D9 FDG ¼

3URLHWWRUH SHU ELQDULR HOHWWULILFDWR FRUSR LQ IXVLRQH GL
DOOXPLQLR JUDGRGL SURWH]LRQH ,3 FODVVH , SHUODPSDGD D
' FDG ¼
MRGXULPHWDOOLFLGD:FRPSOHWRGLUHDWWRUHODPSDGDDWWDFFR
SHUELQDULRWULIDVHLQRSHUD

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' FDG ¼
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' 5,)/(7725,

5LIOHWWRUH LQGXVWULDOH FRQ FRUSR LQ DOOXPLQLR SUHVVRIXVR
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'
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'D FRQODPSDGDDYDSRULGLPHUFXULRILQRD: FDG ¼
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'F FRQODPSDGDDYDSRULGL6RGLR$3GD: FDG ¼
'G FRQODPSDGDDYDSRULGL6RGLR$3GD: FDG ¼
'H FRQODPSDGDDJOL-0GDR: FDG ¼
ϱϯϭ


' $33$5(&&+,',,//80,1$=,21(3(5(67(51,

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'
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JXDUQL]LRQLHGRJQLDOWURDFFHVVRULRLQRSHUD

'D FRQODPSDGD:0%) FDG ¼
'E FRQODPSDGD:0%) FDG ¼
'F FRQODPSDGD:6$3 FDG ¼
'G FRQODPSDGD:6$3 FDG ¼
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$UPDWXUDFDUHQDWDFKLXVDLQDOOXPLQLRSUHVVRIXVRJUDGRGL
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'
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$UPDWXUDLQSROLHVWHUHULQIRU]DWRLQILEUDGLYHWURJUDGRGL
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'
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' $&&(6625,3(5$50$785(675$'$/,

0HQVRODLQDFFLDLR]LQFDWRDFDOGRRYHUQLFLDWRSHUILVVDJJLR
' FDG ¼
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' */2%,

*ORERLQSROLFDUERQDWRDXWRHVWLQJXHQWHJUDGRGLSURWH]LRQH
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' FRQILVVDJJLRYHUWLFDOHGLDPHWURPPFRPSOHWDGLEDVHFRQ
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DFFHVVRULRHVFOXVDODPSDGDLQRSHUD

ϱϯϮ

'E GLDPHWURILQRDPP FDG ¼

'F GLDPHWURILQRDPP FDG ¼

*ORERLQSROLFDUERQDWRDXWRHVWLQJXHQWHJUDGRGLSURWH]LRQH
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'
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'D GLDPHWURILQRDPP
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'E GLDPHWURGDDPP
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'E SHUODPSDGDDLYDSRULGL6RGLR$3ILQRD: FDG ¼
'F GLDPHWURGDDPP
'F SHUODPSDGDDLYDSRULGL6RGLR$3ILQRD: FDG ¼
'F SHUODPSDGDDJOLLRGXULPHWDOOLFLILQRD: FDG ¼

' $FFHVVRULSHU*ORERGLDPHWURILQRDPP
'D IUDQJLOXFHODPHOODUHLQDOOXPLQLRSUHVVRIXVRLQRSHUD FDG ¼
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%UDFFLR FXUYR R D LQ DFFLDLR R DOOXPLQLR FRPSOHWR GL
'
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'E SHUJORELILQRDGLDPHWURPP FDG ¼

' 3$/,

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VFDYR SHU O
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' PDWHULDOH HFFHGHQWH DOOR VFDULFR DXWRUL]]DWR FRPSOHWR GL
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'D DOWH]]DPDWWDFFRGLDPPP FDG ¼
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'G DOWH]]DPDWWDFFRGLDPPP FDG ¼
'H DOWH]]DPDWWDFFRGLDPPP FDG ¼
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ϱϯϯ

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VFDYR SHU O
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' PDWHULDOH HFFHGHQWH DOOR VFDULFR DXWRUL]]DWR FRPSOHWR GL
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'D DOWH]]DPDWWDFFRGLDPPP FDG ¼
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'G DOWH]]DPDWWDFFRGLDPPP FDG ¼
'H DOWH]]DPDWWDFFRGLDPPP FDG ¼
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6EUDFFLRVLQJRORSHUSDOLGLULWWLRUDVWUHPDWLLQDFFLDLR]LQFDWR
'

DFDOGRLQRSHUD
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6EUDFFLRGRSSLRSHUSDOLGLULWWLRUDVWUHPDWLLQDFFLDLR]LQFDWR
'
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'
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'F SHUDOWH]]DPGLDPPP FDG ¼
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' (0(5*(1=$

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'D FRQDXWRQRPLDRUDLQHVHFX]LRQH6(
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'
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HPHUJHQ]D FRQ O
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' FDG ¼
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'
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'D FDG ¼
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' /$03$'(

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'D ILQRD: FDG ¼
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/DPSDGDDGLQFDQGHVFHQ]DFRQULIOHWWRUHLQFRUSRUDWRDWWDFFR
'
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ϱϯϴ


' /DPSDGDDGDORJHQLDWWDFFR5VLQRSHUD

'D ILQRD: FDG ¼
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/DPSDGD DORJHQD D GRSSLR LQYROXFUR DWWDFFR (GLVRQ ( R
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FURPDWLFDLQRSHUD
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/DPSDGD IOXRUHVFHQWH FLUFRODUH . UHVD FURPDWLFD
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/DPSDGD IOXRUHVFHQWH FRPSDWWD FRQ VWDUWHU LQFRUSRUDWR
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'
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'E GD: FDG ¼

'
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'
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ϱϯϵ

/DPSDGD IOXRUHVFHQWH FRPSDWWD VHQ]D VWDUWHU LQFRUSRUDWR

'
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'
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'
DWWDFFR*TLQRSHUD
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'

DWWDFFR*;GLQRSHUD
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'
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'
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/DPSDGD IOXRUHVFHQWHFRPSDWWDDWWDFFR*5R*5'
'
LQRSHUD
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'G GD: FDG ¼
'H GD: FDG ¼

/DPSDGD IOXRUHVFHQWH FRPSDWWD FRQ ULIOHWWRUH LQFRUSRUDWR
'
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'D GD: FDG ¼

' /DPSDGDDVFDULFDDYDSRULGL+JWLSRVWDQGDUGLQRSHUD
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'E GD: FDG ¼
'F GD: FDG ¼
'G GD: FDG ¼
'H GD: FDG ¼

ϱϰϬ

/DPSDGDDVFDULFDDYDSRULGL+JWLSRVWDQGDUGFRQULIOHWWRUH
'
LQRSHUD
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'E GD: FDG ¼
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' /DPSDGDDVFDULFDPLVFHODWHLQRSHUD

'D GD: FDG ¼
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/DPSDGDDVFDULFDGLJDVDYDSRULGLVRGLREDVVDSUHVVLRQHLQ
'
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'D GD: FDG ¼
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'H GD: FDG ¼
'I GD: FDG ¼

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'

WXERODULLQRSHUD
'D GD: FDG ¼
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'F GD: FDG ¼
'G GD: FDG ¼
'H GD: FDG ¼

/DPSDGD D VFDULFD GL JDV D LRGXUL PHWDOOLFL WLSR WXERODUH R
'
HOOLVVRLGDOHLQRSHUD
'D ILQRD: FDG ¼
'E GD: FDG ¼
'F GD: FDG ¼

/DPSDGDDVFDULFDGLJDVDLRGXULPHWDOOLFLFRQGRSSLRDWWDFFR
'

5;VLQRSHUD
'D ILQRD: FDG ¼

/DPSDGDDVFDULFDGLJDVDLRGXULPHWDOOLFLFRQDFFHQGLWRUH
'
LQFRUSRUDWRLQRSHUD
'D ILQRD: FDG ¼
'E GD: FDG ¼

' $&&(6625,

&RQGHQVDWRUHGLULIDVDPHQWRWHQVLRQHGLODYRURILQRD9
'
LQRSHUD
'D ILQRDPLFUR) FDG ¼
ϱϰϭ

'E ILQRDPLFUR) FDG ¼

3RUWDODPSDGD FRQ YLWL SURWHWWH GD FRQWDWWR DFFLGHQWDOH D
'
QRUPHDQWLQIRUWXQLVWLFKHGHQWHG
DUUHVWRLQRSHUD
'D (GLVRQ( FDG ¼
'E (GLVRQ( FDG ¼
'F (GLVRQ( FDG ¼
'G (GLVRQ( FDG ¼

3RUWDODPSDGD SHU ODPSDGH IOXRUHVFHQWL FRSSLD FRPSOHWD
' FRPSUHVL HYHQWXDOH SRUWDVWDUWHU H ]RFFROLQR FRQ VLFXUH]]D FDG ¼
FRPSOHWRGLYLWLHFFLQRSHUD

$OLPHQWDWRUH SHU ODPSDGH IOXRUHVFHQWL SHU DFFHQVLRQH FRQ
'
VWDUWHUPRQRODPSDGDLQRSHUD
'D ILQRD: FDG ¼
'E ILQRD: FDG ¼

$OLPHQWDWRUHWDFKLVWDUWSHUODPSDGHIOXRUHVFHQWLWUDGL]LRQDOL
'

DFFHQVLRQHLVWDQWDQHDVHQ]DVWDUWHULQRSHUD
'D ILQRD: FDG ¼
'E ILQRD: FDG ¼

$OLPHQWDWRUHSHUODPSDGHDYDSRULGLPHUFXULR9SHU
'
PRQWDJJLRLQDUPDWXUHQRQDHUDWHLQRSHUD
'D ILQRD: FDG ¼
'E ILQRD: FDG ¼
'F ILQRD: FDG ¼
'G ILQRD: FDG ¼

$OLPHQWDWRUHSHUODPSDGHDYDSRULGLVRGLRDEDVVDSUHVVLRQH
'
9SHUPRQWDJJLRLQDUPDWXUHQRQDUHDWHLQRSHUD
'D ILQRD: FDG ¼
'E ILQRD: FDG ¼
'F ILQRD: FDG ¼

$OLPHQWDWRUHSHUODPSDGHDYDSRULGLVRGLRDOWDSUHVVLRQH
'
9LQRSHUD
'D ILQRD: FDG ¼
'E ILQRD: FDG ¼
'F ILQRD: FDG ¼
'G ILQRD: FDG ¼

$OLPHQWDWRUH SHU ODPSDGH DJOL LRGXUL PHWDOOLFL 9 LQ
'
RSHUD
'D ILQRD: FDG ¼
'E ILQRD: FDG ¼
ϱϰϮ

'F ILQRD: FDG ¼

'G ILQRD: FDG ¼
'H ILQRD: FDG ¼

$FFHQGLWRUL SHU ODPSDGH DJOL LRGXUL PHWDOOLFL H ODPSDGH D
'
YDSRULGLVRGLRDOWDSUHVVLRQHLQRSHUD
'D ILQRD: FDG ¼
'E ILQRD: FDG ¼
'F ILQRD: FDG ¼

6WDUWHU SHU ODPSDGH IOXRUHVFHQWH ILQR D : FRPSOHWR GL
' FDG ¼

FRQGHQVDWRUHDQWLGLVWXUERLQRSHUD

6WDUWHUSHUDFFHQGLWRULSHUODPSDGHDVFDULFDILQRD:LQ
' FDG ¼
RSHUD

7LJH LQ DFFLDLR GLDPHWUR PP ILOHWWDWD FRPSOHWD GL
'
VRVSHQVLRQHRJQLDFFHVVRULRLQRSHUD
'D GLGLPHQVLRQLILQRDP FDG ¼
'E GLGLPHQVLRQLILQRDP FDG ¼
'F GLGLPHQVLRQLILQRDP FDG ¼

7LJHGRSSLDLQDFFLDLRGLDPHWURPPILOHWWDWDFRPSOHWDGL
'
VRVSHQVLRQHRJQLDFFHVVRULRLQRSHUD
'D GLGLPHQVLRQLILQRDP FDG ¼
'E GLGLPHQVLRQLILQRDP FDG ¼
'F GLGLPHQVLRQLILQRDP FDG ¼

*ULJOLDGLSURWH]LRQHPHFFDQLFDSHUTXDOVLDVLSODIRQLHUDLQILOR
' G
DFFLDLR LQR[ FRPSOHWD GL DFFHVVRUL H VWDIIH SHU ILVVDJJLR FDG ¼
GLUHWWRDVRIILWWRRDSDUHWHLQRSHUD

48$'5, (/(775,&, ( 6277248$'5, ',
'
60,67$0(172

4XDGURHOHWWULFRGDHVWHUQRLQUREXVWDVWUXWWXUDPHWDOOLFDFRQ
ODPLHUD GHOOR VSHVVRUH PLQLPR HOHWWURVDOGDWD H
SUHVVRSLHJDWDYHUQLFLDWRDIXRFRPRQREORFFRRPRGXODUH,3
'
FRQ SDQQHOOR H VSRUWHOOR D FKLDYH WDUJKHWWH HG RJQL
DFFHVVRULR DWWR D FRQWHQHUH OH DSSDUHFFKLDWXUH VWUXWWXUD
PRGXODUHDPSOLDELOHDOPðGLVXSHUILFLHIURQWDOH
' FRQSURIRQGLWjILQRDPP PT ¼
' VRYUDSSUH]]RSHUHVHFX]LRQH,3

ϱϰϯ

4XDGURHOHWWULFRGDLQFDVVRDVWUXWWXUDPHWDOOLFDFRQODPLHUD
GHOOR VSHVVRUH PLQLPR HOHWWURVDOGDWD H SUHVVRSLHJDWD
YHUQLFLDWRDIXRFRPRGXODUH,3FRQSDQQHOORHVSRUWHOOR
' PT ¼
D FKLDYH WDUJKHWWH HG RJQL DFFHVVRULR DWWR D FRQWHQHUH OH
DSSDUHFFKLDWXUH VWUXWWXUD PRGXODUH DPSOLDELOH DO Pð GL
VXSHUILFLHIURQWDOH
' &DEODJJLRSHULQWHUUXWWRULPRGXODULFRQPRUVHWWLHUDDOSROR

'D ILQRD$ FDG ¼
'E GDD$ FDG ¼
' &DEODJJLRSHULQWHUUXWWRULVFDWRODWLFRQPRUVHWWLHUDDOSROR

'D ILQRD$ FDG ¼
'E GDD$ FDG ¼

&DEODJJLR SHU LQWHUUXWWRUL VFDWRODWL FRPSUHQGHQWL
' FROOHJDPHQWR DOOH VEDUUH RPLEXV LVRODWRULGL VRVWHJQRXVFLWD
FRQEDUUHGLUDPHDOSROR
' ILQRD$FRQFRQGXWWRULLQUDPH FDG ¼
' ILQRD$FRQVLVWHPDGLVEDUUHIOHVVLELOLRULJLGH FDG ¼
' GDD$FRQVLVWHPDGLVEDUUHIOHVVLELOLRULJLGH FDG ¼

$UPDGLRLQPDWHULDOHSROLHVWHUH,3FRPSOHWRGLVHUUDWXUD
DFKLDYHXQLYHUVDOHRWLSR<DOHHGLWXWWLJOLDFFHVVRULFRPSUHVL
'
VXSSRUWLGHOODHYHQWXDOHSLDVWUDGLIRQGRHVFOXVD$OPðGL
VXSHUILFLHIURQWDOH
' FRQSURIRQGLWjROWUHPP PT ¼
' FRQVSRUWHOORWUDVSDUHQWHHSURIRQGLWjILQRDPP PT ¼

$WWUH]]DJJLR GL TXDGUR HOHWWULFR LQ DUPDGLR VWDJQR LQ
PDWHULDOHSROLHVWHUH,3FRVWLWXLWRGDFDUSHQWHULDPHWDOOLFD
JXLGD ',1 SDQQHOOR IURQWDOH ,O FDEODJJLR GHOOH
DSSDUHFFKLDWXUH H GHL FLUFXLWL DXVLOLDUL q UHDOL]]DWR FRQ
FRQGXWWRUH +9. LQWHVWDWR FRQ WHUPLQDOL D FRPSUHVVLRQH
SUHLVRODWL SRVDWR HQWUR FDQDOLQD LVRODQWH LQ 39&
DXWRHVWLQJXHQWHHIDFHQWHFDSRDGXQDPRUVHWWLHUDDGHOHPHQWL
' PT ¼
FRPSRQLELOL GL SULPDULD TXDOLWj VWHDWLWH ,O TXDGUR q
FRPSOHWDWR FRQ WDUJKHWWH SDQWRJUDIDWH VRWWR RJQL DVROD
SRUWDLQWHUUXWWRUH VFKHPD GL GRWD]LRQH XQLILODUH EDUUD
FROOHWWULFHGLWHUUDPLQXWHULHHTXDQWRDOWURRFFRUUHQHOULVSHWWR
GHOOD QRUPDWLYD &(, HG (13, HVFOXVD OD LQVWDOOD]LRQH GHOOH
DSSDUHFFKLDWXUHHGHOO
DUPDGLRLQPDWHULDOHSROLHVWHUHDOPðGL
VXSHUILFLHIURQWDOH

&HQWUDOLQR LQ PDWHULDOH WHUPRSODVWLFR FRQ VSRUWHOOR
LQFHUQLHUDWR ,3 SUHGLVSRVWR DO PRQWDJJLR GL
' DSSDUHFFKLDWXUH PRGXODUL D PH]]R JXLGD ',1 FRPSOHWR GL
HYHQWXDOHPRUVHWWLHUDDFFHVVRULFDEODJJLRHFFLQHVHFX]LRQH
GDLQFDVVRRGDHVWHUQR
ϱϰϰ

' GDDPRGXOL FDG ¼

' GDDPRGXOL FDG ¼
' GDDPRGXOL FDG ¼

&HQWUDOLQR LQ PDWHULDOH WHUPRSODVWLFR FRQ VSRUWHOOR
LQFHUQLHUDWR ,3 SUHGLVSRVWR DO PRQWDJJLR GL
' DSSDUHFFKLDWXUH PRGXODUL D PH]]R JXLGD ',1 FRPSOHWR GL
HYHQWXDOHPRUVHWWLHUDDFFHVVRULFDEODJJLRHFFLQHVHFX]LRQH
GDLQFDVVRRGDHVWHUQRILQRDPRGXOL
' GDDPRGXOL FDG ¼
' GDDPRGXOL FDG ¼
' GDDPRGXOL FDG ¼
' GDDPRGXOL FDG ¼
' GDDPRGXOL FDG ¼

&DVVHWWDGLVLFXUH]]DSHULQWHUUXWWRUHRSXOVDQWHGLHPHUJHQ]D
' LQ PDWHULDOH WHUPRSODVWLFR FRPSOHWR GL VSRUWHOOR FRQ YHWUR H FDG ¼
VHUUDWXUDGDHVWHUQRRGDLQFDVVR

$PSHURPHWUR GD TXDGUR DG LQGLFD]LRQH DQDORJLFD DG
LQVHU]LRQH GLUHWWD R DG LQVHU]LRQH WUDPLWH WUDVIRUPDWRUH
' FDG ¼
DPSHURPHWULFRHVFOXVRGHOWLSRGDSDQQHOORRPRGXODUHSHU
JXLGD',1FRPSOHWRGLFDEODJJLR

$PSHURPHWURGDTXDGURDGLQGLFD]LRQHGLJLWDOHDGLQVHU]LRQH
GLUHWWD R DG LQVHU]LRQH WUDPLWH WUDVIRUPDWRUH DPSHURPHWULFR
' FDG ¼
HVFOXVR GHO WLSR GD SDQQHOOR R PRGXODUH SHU JXLGD ',1
FRPSOHWRGLFDEODJJLR

9ROWPHWUR GD TXDGUR DG LQGLFD]LRQH DQDORJLFD GHO WLSR GD
' FDG ¼

SDQQHOORRPRGXODUHSHUJXLGD',1FRPSOHWRGLFDEODJJLR

9ROWPHWUR GD TXDGUR DG LQGLFD]LRQH GLJLWDOH GHO WLSR GD
' FDG ¼

SDQQHOORRPRGXODUHSHUJXLGD',1FRPSOHWRGLFDEODJJLR

&RPPXWDWRUHYROPHWULFRDWUHYLHGDSDQQHOORRPXGXODUHSHU
' FDG ¼

JXLGD',1FRPSOHWRGLFDEODJJLR

/DPSDGD VSLD GD TXDGUR FRQ JHPPD FRORUDWD FRPSOHWD GL
SRUWDODPSDGDHGRJQLDOWURDFFHVVRULRSHUUHQGHUODIXQ]LRQDQWH
' FDG ¼
FRPSUHVRLOFDEODJJLRDQFKHGHOWLSRPRGXODUHGDTXDGURSHU
DWWDFFRVXJXLGD',1

3LDVWUDGLIRQGRGLTXDOVLDVLGLPHQVLRQHHIRUPDVDJRPDWDH
IRUDWDFRPSOHWDGLEXOORQHULDHTXDQWRDOWURRFFRUUHSHUODSRVD
' PT ¼
LQRSHUDLQODPLHUDHOHWWUR]LQFDWDRYHUQLFLDWDGHOORVSHVVRUHGL
RPP

ϱϰϱ

3LDVWUDGLIRQGRGLTXDOVLDVLGLPHQVLRQHHIRUPDVDJRPDWDH
' IRUDWDFRPSOHWDGLEXOORQHULDHTXDQWRDOWURRFFRUUHSHUODSRVD PT ¼
LQRSHUDLQEDFKHOLWHGHOORVSHVVRUHGLPP

3RUWDIXVLELOH GHO WLSR PRGXODUH GD TXDGUR FRPSOHWR GL
'

FDEODJJLRHIXVLELOLILQRD$
' XQLSRODUH FDG ¼
' ELSRODUH FDG ¼
' WULSRODUH FDG ¼
' WULSRODUH1 FDG ¼

3RUWDIXVLELOH GHO WLSR PRGXODUH GD TXDGUR FRPSOHWR GL
'

FDEODJJLRHIXVLELOLILQRD$
' XQLSRODUH FDG ¼
' ELSRODUH FDG ¼
' WULSRODUH FDG ¼
' WULSRODUH1 FDG ¼

3UHVDLWDOLDQDR6FKXFNR[$7GHOWLSRPRGXODUHGD
' FDG ¼

TXDGURSHUDWWDFFRVXJXLGD',1FRPSOHWRGLFDEODJJLR

6XRQHULDDURQ]DWRUHGHOWLSRPRGXODUHGDTXDGURSHUDWWDFFR
' VX JXLGD ',1 FRPSOHWD GL FDEODJJLR WHQVLRQH 9 LQ FDG ¼
RSHUD

7DSSHWRLVRODQWHDQWLVGUXFFLRORUHVLVWHQWHDJOLDFLGLVROYHQWL
' JUDVVL HG DJOL DJHQWL DWPRVIHULFL DG DOWR SRWHUH LVRODQWH SHU PT ¼
WHQVLRQLILQRD.9FRPSUHVRLOILVVDJJLRDSDYLPHQWR

7UDVIRUPDWRUH GHO WLSR PRGXODUH GD TXDGUR SHU DWWDFFR VX
' JXLGD',1PRQRIDVHDOSULPDULR9DOVHFRQGDULR
9FRPSOHWRGLFDEODJJLR

' ILQRD9$ FDG ¼
' GDD9$ FDG ¼

7UDVIRUPDWRUH DPSHURPHWULFR FRPSOHWR GL FDEODJJLR LQ
'
RSHUD
' ILQRD$ FDG ¼
' ROWUH$ FDG ¼

/DVWUD GL SOH[LJODV R SROLFDUERQDWR WUDVSDUHQWH R FRORUDWD
' VDJRPDWDHIRUDWDFRPHRFFRUUHFRPSOHWDGLTXDQWRRFFRUUHSHU
LOILVVDJJLRDOPð
' GHOORVSHVVRUHGLPP PT ¼
' GHOORVSHVVRUHGLPP PT ¼

ϱϰϲ

6FRPSDUWR WLSR 32:(5 &(17(5 )250$ GL WLSR

SUHIDEEULFDWR PRGXODUH FRQ VWUXWWXUD DXWRSRUWDQWH UHDOL]]DWD
FRQSURILODWLLQODPLHUDGLDFFLDLRGHOORVSHVVRUHPLQLPRGL
' PP 3DQQHOOL ODPLHUH GL VHSDUD]LRQH H SRUWH VRQR UHDOL]]DWH
FRQ ODPLHUD SUHVVRSLHJDWD GHOOR VSHVVRUH PLQLPR PP
*UDGRGLSURWH]LRQHLQWHUQR,31HOO
DPELWRGHOORVFRPSDUWR
VRQRLQGLYLGXDWHOHVHJXHQWLFHOOHWLSLFKH
]RQD VEDUUH ]RQD FDYL GL SRWHQ]D FHOOD LQWHUUXWWRUL FHOOD
DXVLOLDUL
' VH]LRQHIURQWDOHILQRDPPHSURIILQRDPP FDG ¼
' VH]LRQHIURQWDOHILQRDPPHSURIGDDPP FDG ¼

$WWUH]]DJJLRFHOODGLVHJUHJD]LRQHVXVFRPSDUWRWLSR32:(5
&(17(5SHUDOODFFLRGHLFRQWDWWLGHJOLLQWHUUXWWRULFRPSOHWR
GLRJQLDFFHVVRULRSHUODJXLGDGLVFRUULPHQWRSHUO
HVWUD]LRQH
'
GHOO
LQWHUUXWWRUH SURWH]LRQH H VHUUDQGH ULQYLL SHU OH
VHJQDOD]LRQL HOHWWULFKH FDEODJJLR FLUFXLWL DXVLOLDUL HYHQWXDOL
VWUXPHQWLGLPLVXUDHFRQWUROORHVFOXVDEDUUDWXUD201,%86

' SHULQWHUUXWWRULILQRD$ FDG ¼
' SHULQWHUUXWWRULILQRD$ FDG ¼

0XOWLPHWUR GLJLWDOH LQ HVHFX]LRQH PRGXODUHFRPSOHWR GL
' FDG ¼

FDEODJJLRLQRSHUD

' ,03,$17,&,72)21,&,(6(*1$/$=,21(

' ,03,$17,&,72)21,&,(6(*1$/$=,21(

$OLPHQWDWRUH SHU LPSLDQWL FLWRIRQLFL SHU PRQWDJJLR D SDUHWH
' FRQ YLWL R VX JXLGD ',1 DXWRSURWHWWL GD FRUWR FLUFXLWR H
VRYUDFFDULFRLQRSHUDLQRSHUD

'D SHUXQDFRSSLDGLFLWRIRQLDSRVWRHVWHUQR FDG ¼
'E SHULPSLDQWLPLVWL FDG ¼

3RVWR HVWHUQR ULFHWUDVPLWWHQWH FRPSRVWR GD FLWRIRQR
' HOHWWURQLFR GD SDUHWH SXOVDQWLHUD DG WDVWR YLVLHUD FDG ¼
LOOXPLQD]LRQHFRQWUDVIRUPDWRUHGD9$LQRSHUD

' &LWRIRQRXQLILFDWRSHUSRVWRHVWHUQRLQRSHUD FDG ¼

' &LWRIRQRLQWHUFRPXQLFDQWHLQRSHUD

'D ILQRDFLWRIRQLGDSDUHWH FDG ¼
'E ILQRDFLWRIRQLGDSDUHWH FDG ¼
'F ILQRDFLWRIRQLGDSDUHWH FDG ¼
'G ILQRDFLWRIRQLGDWDYROR FDG ¼
'H ILQRDFLWRIRQLGDWDYROR FDG ¼
ϱϰϳ

'I ILQRDFLWRIRQLGDWDYROR FDG ¼

3XOVDQWLHUDGLDOOXPLQLRDQRGL]]DWRSHUSRVWRHVWHUQRDGXQRR
D GXH ILOH GL SXOVDQWL FRPSOHWD GL VFDWROD GL IRQGR WDVWLHUD H
'
SRUWDFDUWHOOLQLOXPLQRVLSRUWDODPSDGDODPSDGDHGRJQLDOWUR
DFFHVVRULRLQRSHUD
'D DGXQDILOD

'D DGWDVWR FDG ¼
'D DWDVWL FDG ¼
'D DWDVWL FDG ¼
'D DWDVWL FDG ¼
'D DWDVWL FDG ¼
'E DGXHILOH

'E DWDVWL FDG ¼
'E DWDVWL FDG ¼
'E DWDVWL FDG ¼
'E DWDVWL FDG ¼
'E DWDVWL FDG ¼
'E DWDVWL FDG ¼
'E DWDVWL FDG ¼
'E DWDVWL FDG ¼
'E DWDVWL FDG ¼
'E DWDVWL FDG ¼
'E DWDVWL FDG ¼
'E DWDVWL FDG ¼
'E DWDVWL FDG ¼
DGXQDILODFRPSOHWDGLFXVWRGLDFRQWHWWXFFLRGLDOOXPLQLR
'F
DQRGL]]DWRSHUHVWHUQRLQRSHUD
'F DGWDVWR FDG ¼
'F DWDVWL FDG ¼
'F DWDVWL FDG ¼
'F DWDVWL FDG ¼
'F DWDVWL FDG ¼
DGXHILOHFRPSOHWDGLFXVWRGLDFRQWHWWXFFLRGLDOOXPLQLR
'G
DQRGL]]DWRSHUHVWHUQRLQRSHUD
'G DWDVWL FDG ¼
'G DWDVWL FDG ¼
'G DWDVWL FDG ¼
'G DWDVWL FDG ¼
'G DWDVWL FDG ¼
'G DWDVWL FDG ¼
'G DWDVWL FDG ¼
'G DWDVWL FDG ¼
'G DWDVWL FDG ¼
'G DWDVWL FDG ¼
'G DWDVWL FDG ¼
'G DWDVWL FDG ¼
ϱϰϴ

'G DWDVWL FDG ¼

6HUUDWXUDHOHWWULFDFRPSOHWDGLRJQLDFFHVVRULRPHFFDQLFRHG
' HOHWWULFRGLQFKLDYLFRPSUHVHHYHQWXDOLRSHUHGLIDEEURR FDG ¼
IDOHJQDPHLQRSHUD

3XOVDQWLHUDGDWDYROR9+]FRPSOHWDGLLQWHUUXWWRUL
XQLSRODULSXOVDQWHXQLSRODUHURQ]DWRUH9+]
' 9$WDVWLOXPLQRVLFRQODPSDGD9SHULOOXPLQDUHOHVFULWWH FDG ¼
$YDQWL$WWHQGD2FFXSDWR FRPSOHWR GL PRUVHWWLHUD
SRUWDODPSDGHODPSDGHHGRJQLDOWURDFFHVVRULRLQRSHUD

' 6FDWRODLQFOLQDWDGDWDYRORFRPSOHWDGLVHUUDFDYRLQRSHUD

'D PRGXOL FDG ¼
'E PRGXOL FDG ¼

4XDGUHWWR LQGLFDWRUH OXPLQRVR GD LQFDVVR FRQ SODFFD LQ
DOOXPLQLR DQRGL]]DWR YHWUR SLDQR FRQ OD VFULWWD $9$17,
$77(1'(5( 2&&83$72 YLVLELOL VRODPHQWH D
' FDG ¼
ODPSDGH DFFHVH FRPSOHWR GL SXOVDQWH URQ]DWRUH ODPSDGD
VFDWRODHGRJQLDOWURDFFHVVRULRHFRPSUHVRLOWDJOLRO
LQFDVVR
HODULSUHVDGHOODPXUDWXUDLQRSHUD

4XDGUR OXPLQRVR LQGLFDWRUH GL FKLDPDWD GD LQFDVVR R GD
HVWHUQRFRQIURQWDOHLQDOOXPLQLRDQRGL]]DWRHVFDWRODLQUHVLQD
' VLQWHWLFDDFDQFHOOD]LRQHHOHWWULFDFRPSOHWRGLUHOqODPSDGHH
URQ]DWRUHFRPSUHVRO
HYHQWXDOHLQFDVVRRODFRUQLFHFRPSUHVR
RJQLDFFHVVRULRLQRSHUD
'D DQXPHUL FDG ¼
'E DQXPHUL FDG ¼
'F DQXPHUL FDG ¼
'G DQXPHUL FDG ¼
'H DQXPHUL FDG ¼
'I DQXPHUL FDG ¼
'J DQXPHUL FDG ¼

4XDGUR OXPLQRVR ULSHWLWRUH GL FKLDPDWD GD LQFDVVR R GD
HVWHUQRFRQIURQWDOHLQDOOXPLQLRDQRGL]]DWRHVFDWRODLQUHVLQD
' VLQWHWLFDDFDQFHOOD]LRQHHOHWWULFDFRPSOHWRGLUHOqODPSDGHH
URQ]DWRUHFRPSUHVRO
HYHQWXDOHLQFDVVRRODFRUQLFHFRPSUHVR
RJQLDFFHVVRULRLQRSHUD
'D DQXPHUL FDG ¼
'E DQXPHUL FDG ¼
'F DQXPHUL FDG ¼
'G DQXPHUL FDG ¼
'H DQXPHUL FDG ¼
'I DQXPHUL FDG ¼
'J DQXPHUL FDG ¼

ϱϰϵ

6XRQHULDDEDGHQLDD9FRPSOHWDGLPHQVRODFRPSUHVLL
'

WDVVHOOLYLWLHFFLQRSHUD
'D GLDPHWURGHOODFDPSDQDFP FDG ¼
'E GLDPHWURGHOODFDPSDQDFP FDG ¼
'F GLDPHWURGHOODFDPSDQDFP FDG ¼

6XRQHULD D URQ]LR LQVWDOODELOH VLD D SDUHWH FKH LQ VFDWROD GD
' FDG ¼

IUXWWR9LQRSHUD

6XRQHULD D WLPSDQR URWRQGR SLDWWR R FRQLFR LQ DFFLDLR
' LQVWDOODELOHVLDDSDUHWHFKHLQVFDWRODGDIUXWWR9LQRSHUD FDG ¼

7UDVIRUPDWRUHPRQRIDVHSHUWHQVLRQL9DOSULPDULRH
9 DO VHFRQGDULR FRQ HYHQWXDOH SXQWR PHGLDQR GHO
'
VHFRQGDULR D WHUUD FRPSUHVL L WDVVHOOL EDVHWWD YLWL HFF LQ
RSHUD
'D ILQRD9$ FDG ¼
'E ILQRD9$ FDG ¼
'F ILQRD9$ FDG ¼
'G ILQRD9$ FDG ¼
'H ILQRD9$ FDG ¼
'I ILQRD9$ FDG ¼
'J ILQRD9$ FDG ¼
'K ILQRD9$ FDG ¼

6FDPELDWRUHPRGXODUHSHULPSLDQWLDSLLQJUHVVLFRPSOHWRGL
' FDG ¼

DFFHVVRULLQRSHUD

67$=,21,',(0(5*(1=$(*5833,',
'
&217,18,7$

*UXSSR VWDWLFR GL FRQWLQXLWj WLSR &2% FRPSUHQGHQWH
UDGGUL]]DWRUHFDULFDEDWWHULHLQYHUWHUEDWWHULDGLDFFXPXODWRUL
E\SDVV VWDWLFR FKH SHUPHWWD XQ SDVVDJJLR DXWRPDWLFR
GLUHWWDPHQWH DOOD UHWHLQ FDVR GLVRYUDFFDULFR R GL JXDVWR GHO
JUXSSR XQ E\SDVV PDQXDOH FKH SHUPHWWD XQ SDVVDJJLR
PDQXDOHGLUHWWDPHQWHVXOODUHWHLQIDVHGLPDQXWHQ]LRQH,OWXWWR
VDUjPRQWDWRDOO
LQWHUQRGLXQRRSLUREXVWLDUPDGLPHWDOOLFLH
'
IRUQLUj XQD WHQVLRQH VWDELOL]]DWD LQ XVFLWD FRQWROOHUDQ]D PD[
GHO LQ UHJLPH GLQDPLFR H GHO LQ UHJLPH VWDWLFR
'LVWRUVLRQHLQXVFLWDFRQGLFDULFRQRQOLQHDUHPLQRUHR
XJXDOH DO 5HQGLPHQWR WRWDOH PLQRUH R XJXDOH DO
7HPSR GL VRYUDFFDULFR PLQRUH R XJXDOH D

PLQRUH R XJXDOH D &RQIRUPL DOOH QRUPH &(,
LQRSHUD
*UXSSRGLFRQWLQXLWDLQJUHVVRPRQRIDVH9XVFLWD
' FDG
PRQRIDVH9N9$$XWRQRPLD
¼
ϱϱϬ

' FDG

¼
' FDG

¼
' FDG

¼
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¼
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¼

(VSDQVLRQHGLDXWRQRPLDSHUJUXSSLVWDWLFLGLFRQWLQXLWj
' FRPSOHWLGLDUPDGLGLFRQWHQLPHQWRRUJDQLGLSURWH]LRQH
FROOHJDPHQWLLQWHUQLHGDOJUXSSRGLFRQWLQXLWj

(VSDQVLRQLGHOSDFFREDWWHULHSHUDXWRQRPLDGD
ILQRD

ILQRD
'
SHUJUXSSL,QJUHVVRPRQRIDVH9XVFLWDPRQRIDVH FDG ¼
9N9$
ILQRD
'
9N9$
ILQRD
'
9N9$
ILQRD
'
9N9$
ILQRD
'
9N9$
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'
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ILQRD
'
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'
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'
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ϱϱϭ

*UXSSR VWDWLFR GL FRQWLQXLWj FRPSUHQGHQWH UDGGUL]]DWRUH

FDULFD EDWWHULH LQYHUWHU EDWWHULD GL DFFXPXODWRUL DO 3E
HUPHWLFKH E\SDVV VWDWLFR FKH SHUPHWWD XQ SDVVDJJLR
DXWRPDWLFRGLUHWWDPHQWHDOODUHWHLQFDVRGLVRYUDFFDULFRRGL
JXDVWR GHO JUXSSR XQ E\SDVV PDQXDOH FKH SHUPHWWD XQ
SDVVDJJLR PDQXDOH GLUHWWDPHQWH VXOOD UHWH LQ IDVH GL
PDQXWHQ]LRQH ,O WXWWR VDUj PRQWDWR DOO
LQWHUQR GL XQR R SL
'
UREXVWLDUPDGLPHWDOOLFLHIRUQLUjXQDWHQVLRQHVWDELOL]]DWDLQ
XVFLWDFRQWROOHUDQ]DPD[GHOLQUHJLPHGLQDPLFRHGHO
LQUHJLPHVWDWLFR'LVWRUVLRQHLQXVFLWDFRQGLFDULFRQRQ
OLQHDUH PLQRUH R XJXDOH DO 5HQGLPHQWR WRWDOH PLQRUH R
XJXDOHDO7HPSRGLVRYUDFFDULFRPLQRUHRXJXDOH
D
PLQRUHRXJXDOHD&RQIRUPLDOOHQRUPH
&(,LQRSHUD
*UXSSRGLFRQWLQXLWDLQJUHVVRWULIDVH9XVFLWDPRQRIDVH
' FDG ¼

9N9$$XWRQRPLD

' FDG ¼
9N9$$XWRQRPLD

' FDG ¼
9N9$$XWRQRPLD


ILQRD

ILQRD
'
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'
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'
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ILQRD
'
9N9$
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'
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ϱϱϮ

*UXSSR VWDWLFR GL FRQWLQXLWj FRPSUHQGHQWH UDGGUL]]DWRUH

FDULFD EDWWHULH LQYHUWHU EDWWHULD GL DFFXPXODWRUL DO 3E
HUPHWLFKH E\SDVV VWDWLFR FKH SHUPHWWD XQ SDVVDJJLR
DXWRPDWLFRGLUHWWDPHQWHDOODUHWHLQFDVRGLVRYUDFFDULFRRGL
JXDVWR GHO JUXSSR XQ E\SDVV PDQXDOH FKH SHUPHWWD XQ
SDVVDJJLR PDQXDOH GLUHWWDPHQWH VXOOD UHWH LQ IDVH GL
PDQXWHQ]LRQH ,O WXWWR VDUj PRQWDWR DOO
LQWHUQR GL XQR R SL
'
UREXVWLDUPDGLPHWDOOLFLHIRUQLUjXQDWHQVLRQHVWDELOL]]DWDLQ
XVFLWDFRQWROOHUDQ]DPD[GHOLQUHJLPHGLQDPLFRHGHO
LQUHJLPHVWDWLFR'LVWRUVLRQHLQXVFLWDFRQGLFDULFRQRQ
OLQHDUH PLQRUH R XJXDOH DO 5HQGLPHQWR WRWDOH PLQRUH R
XJXDOHDO7HPSRGLVRYUDFFDULFRPLQRUHRXJXDOH
D
PLQRUHRXJXDOHD&RQIRUPLDOOHQRUPH
&(,LQRSHUD
*UXSSRGLFRQWLQXLWDLQJUHVVRWULIDVH9XVFLWDWULIDVH
' FDG ¼

9N9$$XWRQRPLD

' FDG ¼
9N9$$XWRQRPLD

' FDG ¼
9N9$$XWRQRPLD

' FDG ¼
9N9$$XWRQRPLD

' FDG ¼
9N9$$XWRQRPLD

' FDG ¼
9N9$$XWRQRPLD

' FDG ¼
9N9$$XWRQRPLD

' FDG ¼
9N9$$XWRQRPLD

' FDG ¼
9N9$$XWRQRPLD

' FDG ¼
9N9$$XWRQRPLD

' FDG ¼
9N9$$XWRQRPLD


ILQRD

ILQRD
'
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ILQRD
'
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ILQRD
'
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ILQRD
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6FKHGHGLDFFRSSLDPHQWRSHUJUXSSLLQYHUWHUSHULO
' FDG ¼

IXQ]LRQDPHQWRLQSDUDOOHORHGLULVHUYD

7DVWLHULQRDOIDQXPHULFRFRQGLVSOD\DOHWWHUH
DOIDQXPHULFLFRPSOHWRGLVFKHGDGLULSRUWRDGLVWDQ]DGHLGDWL
' VXOO
LQYHUWHFRQXVFLWDVHULDOHFRQSRVVLELOLWjGLOHWWXUDGHLGDWL FDG ¼
GLGHIDXOWGHOO
LQYHUWHUHFRQSRVVLELOLWDGLULFH]LRQHGHJOL
DOODUPL

' ,03,$17,',3527(=,21(

' &$37$725,$'$67$9(57,&$/(

$VWD GL FDSWD]LRQH LQ IHUUR ]LQFDWR GLDPHWUR PP

FRPSOHWDGLHYHQWXOH]RFFRORLQFHPHQWRJLXQWLVWDIIHSLFFROH
' RSHUHPXUDULHGDLQVWDOODUHVXWHWWRRWHUUD]]RFDPLQLHFFFRQ
TXDOVLDVL GLIILFROWj GL DFFHVVR FRQ O
DXVLOLR GL VFDOH ILQR
DOO
DOWH]]DFRQVHQWLWDGDOODOHJJHHQRUPHYLJHQWLLQRSHUD
' D GHOODOXQJKH]]DGLP FDG ¼
' E SUROXQJDGLP FDG ¼

3XQWD )UDQNOLDQD LQ EURQ]R FRPSOHWD GL PDQLFRWWL GL

UDFFRUGR QRQFKp GL PRUVHWWL D SUHVVLRQH LQFRUSRUDWL SHU LO
' FDG ¼
VHUUDJJLR GHL FRQGXWWRUL GLVFHQGHQWL FRPSUHVR RJQL PH]]R
G
RSHUDHGDFFHVVRULSHUO
DWWDFFRDOO
DQWHQQDHFFLQRSHUD

' 5(7(',5$&&2/7$(6&$5,&2

0DWHULDOLSHUODUHDOL]]D]LRQHGHOODUHWHGLUDFFROWDVLDVX
WHUUD]]RFKHVXWHWWRGLTXDOVLDVLWLSRFRQTXDOVLDVLGLIILFROWjGL
DFFHVVR D TXDOVLDVL DOWH]]D GHOOD UHWH GL VFDULFR H L WUDWWL LQ
IDFFLDWD HVFOXVL L VXSSRUWL EDVL GLVWDQ]LDWRUL H O
HYHQWXDOH
RQHUHSHULOSRQWHJJLRRDXWRJU
%DQGHOODLQDFFLDLR]LQFDWRDFDOGRFRQIRUPHDOODQRUPDWLYD
'
YLJHQWHLQRSHUD
' D GHOODVH]LRQHGL[PP P ¼
' E GHOODVH]LRQHGL[PP P ¼

' %DQGHOODLQUDPHFRQIRUPHDOODQRUPDWLYDYLJHQWHLQRSHUD
' D GHOODVH]LRQHGL[PP P ¼
ϱϱϱ


&RQGXWWRUHGLUDPHDFRUGHILORVLQJRORGLDPHWURPP
'
LQRSHUD
' D GHOODVH]LRQHGLPPð P ¼
' E GHOODVH]LRQHGLPPð P ¼

' &RUGDLQDFFLDLR]LQFDWRDFDOGRPPðLQRSHUD P ¼

' 7RQGRLQDOOXPLQLRLQOHJDGHOODVH]LRQHGLPPðLQRSHUD P ¼

7RQGRLQDFFLDLR]LQFDWRDFDOGRGHOODVH]LRQHGLPPðLQ
' P ¼
RSHUD

' 7RQGRLQUDPHGHOODVH]LRQHGLPPðLQRSHUD P ¼

3HUWXWWLLFRQGXWWRULIDFHQWLSDUWHGHOODUHWHGLVFDULFRHGL
' WUDWWLLQIDFFLDWDLQVWDOODWLFRQO
DXVLOLRGLVFDOHILQRDOO
DOWH]]D
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' $&&(6625,3(55(7(',5$&&2/7$

6XSSRUWRSHUWHWWLLQFRUSRDGDWWRDOO
DWWDFFRGLEDQGHOODGL
' ODUJKH]]DILQRDPPRGLFRQGXWWRUHWRQGRRDFRUGHGHO
GLDPHWURILQRDPPFRPSOHWRGLYLWLHFFLQRSHUD
' D LQDFFLDLR]LQFDWRDFDOGR FDG ¼
' E LQUDPH FDG ¼

6XSSRUWRSHUWHWWLDWHJRODFRQDQFRUDJJLRILVVRRYDULDELOH
' SHUFRQGXWWRULWRQGLRDFRUGHGHOGLDPHWURILQRDPPRSHU
EDQGHOODGLODUJKH]]DILQRDPPLQRSHUD
' D LQDFFLDLR]LQFDWRDFDOGR FDG ¼
' E LQUDPH FDG ¼

=RFFRORSHUWHWWLSLDQLLQFHPHQWRSHUFRQGXWWRULWRQGLRDFRUGH
' FDG ¼
ILQRDPPðFRPSOHWRLQRSHUD

=RFFRORSHUWHWWLSLDQLLQFHPHQWRSHUEDQGHOOHILQRDPP
' FDG ¼
LQRSHUD

' $&&(6625,3(5&$/$7(

%DVH SHU ILVVDJJLR VXSSRUWL H GLVWDQ]LDWRUL FRPSOHWD GL YLWL
' FDG ¼
WDVVHOOLRGHYHQWXDOHFROODLQRSHUD

'LVWDQ]LDWRUH DGDWWR SHU VXSSRUWL FDODWH FRQ ILOHWWDWXUD
' FDG ¼
WHUPLQDOHHGDOODEDVHLQRSHUD

ϱϱϲ

*LXQWR GL GLODWD]LRQH LQ DOOXPLQLR SHU EDQGHOOD R FRQGXWWRUH

' FDG ¼
WRQGRLQDFFLDLRLQRSHUD

0RUVHWWRLQPDWHULDOLQRQUHDJHQWLDIHQRPHQLHOHWWUROLWLFLSHU
LO VH]LRQDPHQWR GHOOH FDODWH DGDWWR DO FROOHJDPHQWR GL
' FDG ¼
FRQGXWWRULWRQGLHRDFRUGHGHOGLDPHWURILQRDPPFRPSOHWR
GLEXOORQLGDGLURQGHOOHHFFLQRSHUD

0RUVHWWRLQPDWHULDOLQRQUHDJHQWLDIHQRPHQLHOHWWUROLWLFLSHU
LO VH]LRQDPHQWR GHOOH FDODWH DGDWWR DO FROOHJDPHQWR IUD
' FRQGXWWRULDFRUGHGHOGLDPHWURILQRDPPFRQEDQGHOODILQR FDG ¼
DPPGLODUJKH]]DRWUDEDQGHOOHILQRDPPFRPSOHWRGL
EXOORQLGDGLURQGHOOHHFFLQRSHUD

6XSSRUWRLQEURQ]RFRQYLWHSHUOHJQRDGDWWDDOILVVDJJLRGHOOH
' FDG ¼
FDODWHLQRSHUD

6XSSRUWRLQEURQ]RSHUFDODWHGLFRQGXWWRULWRQGLRDFRUGH
' FDG ¼
ILQRDPPðLQRSHUD

6XSSRUWRLQDFFLDLR]LQFDWRDFDOGRSHUFDODWHGLFRQGXWWRUL
' FDG ¼
WRQGLRDFRUGHILQRDPPðLQRSHUD

6XSSRUWRLQDFFLDLRSHUFDODWHSHUEDQGHOODGLODUJKH]]DILQRD
' FDG ¼
PPFRPSOHWRGLYLWLHFFLQRSHUD

6XSSRUWRLQUDPHSHUFDODWHSHUEDQGHOODGLODUJKH]]DILQRD
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PPFRPSOHWRGLYLWLHFFLQRSHUD

' $1(//2',7(55$

0DWHULDOL SHU OD UHDOL]]D]LRQH GHOO

DQHOOR GL WHUUD H SHU OH
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%DQGHOOD LQ DFFLDLR ]LQFDWR D FDOGR FRQIRUPH DOOD QRUPDWLYD

' YLJHQWH GHOOD VH]LRQH PDJJLRUH R XJXDOH D PPð FRQ P ¼
VSHVVRUHPLQLPRPPLQRSHUD

&RQGXWWRUHGLUDPHDFRUGHILORVLQJRORGLDPHWURPPLQ
'
RSHUD
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' 7DUJDLQDOOXPLQLRFRQLQGLFD]LRQHSUHVDGLWHUUD FDG ¼

7RQGRLQDFFLDLR]LQFDWRDFDOGRGHOODVH]LRQHGLPPðLQ
' P ¼
RSHUD
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' 7RQGRLQUDPHGHOODVH]LRQHGLPPðLQRSHUD P ¼

' 9$5,($&&(6625,(0$12'¶23(5$

0RUVHWWR GL GHULYD]LRQH XQLYHUVDOH D FDOGR FRQ SLDVWUD

LQWHUPHGLD DGDWWR DO FROOHJDPHQWR IUD FRQGXWWRUL WRQGL HR D
FRUGH GHO GLDPHWUR ILQR D PP RSSXUH DO FROOHJDPHQWR IUD
'
FRQGXWWRULWRQGL RD FRUGHLQ UDPH FRQ EDQGHOOD GL ODUJKH]]D
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ILQRPPFRPSOHWRGLEXOORQLGDGLURQGHOOHHFFLQRSHUD
' D LQDFFLDLR]LQFDWR FDG ¼
' E LQUDPH FDG ¼

7XER WHUPRSODVWLFR SHVDQWH SHU OD SURWH]LRQH GHL FRQGXWWRUL
' GLDPHWURILQRDPPVSHVVRUH39&V PPFRPSUHVLJOL P ¼
DFFHVVRULLQRSHUD

*LXQ]LRQH OLQHDUH GHULYD]LRQH RG LQFURFLR WUD FRQGXWWRUL

VWHVVLRDOWUDSDUWHPHWDOOLFDFRQVRYUDSSRVL]LRQHGHLFRQGXWWRUL
PHGLDQWH EUDVDWXUD IRUWH VDOGDWXUD RSSXUH PHGLDQWH
' FDG ¼
EXOORQDWXUD FRPSUHVD SXQ]RQDWXUD EXOORQH URQGHOOD GDGR
GLDPHWUR0FKLRGDWXUDDYYLWDPHQWRFRPSUHVRRJQLPH]]R
G
RSHUDHGDFFHVVRULFRPHYLWLULYHWWLHFFLQRSHUD

6PDQWHOODPHQWR GL YHFFKL SR]]HWWL FRPSUHVHSLFFROHRSHUH

' PXUDULH OD ULHPSLWXUD H OD SLORQDWXUD GHOOR VFDYR OD ULSUHVD FDG ¼
GHOODSDYLPHQWD]LRQHLQWHUQDRVWUDGDOH

6PRQWDJJLRGLYHFFKLHSXQWHDFXVSLGLGHWHULRUDWHVXWHWWRR
' VXWHUUD]]RDTXDOVLDVLDOWH]]DRGLIILFROWjGLDFFHVVRFRPSUHVR FDG ¼
RJQLPH]]RG
RSHUDHGLOULSULVWLQRGHOODPXUDWXUD

6PRQWDJJLRGLYHFFKLHDQWHQQHSDOLQHFRPSUHVDODULSUHVD

' GHLIRULDSHUIHWWDUHJRODG
DUWHHGRJQLPH]]RG
RSHUDHVFOXVR FDG ¼
HYHQWXDOLRQHULSHUSRQWHJJLRHDXWRJU

6PRQWDJJLR GL SDUDIXOPLQH UDGLRDWWLYR GHFRQWDPLQD]LRQH
FRQ YHUQLFH VSUD\ SUHLPEDOODJJLR LQ SODVWLFD SHVDQWH HG
LPEDOODJJLR GHILQLWLYR LQ DSSRVLWR FRQWHQLWRUH PHWDOOLFR
' VLJLOODWXUDHFRPSLOD]LRQHGHLGRFXPHQWLGLDFFRPSDJQDPHQWR ¼
SHU OD VSHGL]LRQH GHL PDWHULDOL UDGLRDWWLYL FRPSUHVR RJQL
PH]]R G
RSHUD HVFOXVL RQHUL SHU SRQWHJJLR DXWRJUX H
VPDOWLPHQWR

ϱϱϴ

6PRQWDJJLRGLYHFFKLFRQGXWWRULVLDGHOODUHWHGLUDFFROWDVX
WHWWRRWHUUD]]RGLTXDOVLDVLWLSRVLDGHOODUHWHGLVFDULFRHLWUDWWL
' P ¼
LQ IDFFLDWD FRPSUHVD OD ULSUHVD GHL IRUL D UHJROD G
DUWH PD
HVFOXVRO
HYHQWXDOHRQHUHGHOSRQWHJJLRRDXWRJU

5HYLVLRQHGLYHFFKLFRQGXWWRULVLDSHUODUHWHGLUDFFROWDFKH
GLVFDULFRFRVWLWXLWDGDHYHQWXDOHVSD]]RODWXUDHYHUQLFLDWXUDGHL
' FRQGXWWRUL GDOOD HYHQWXDOH VRVWLWX]LRQH GHOOH JUDSSH YLWL P ¼
EXOORQLHWFGHWHULRUDWHFRPSUHVRRJQLPH]]RG
RSHUDHVFOXVR
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' 6&$5,&$725,

6FDULFDWRUHXQLSRODUHSHUODSURWH]LRQHGLUHWWDGHOOHFRUUHQWL
' GDIXOPLQHFRQDWWDFFRSHUJXLGD',1,PD[N$9PD[ FDG ¼
9+]DGDWWRDLVLVWHPL,777LQRSHUD

6FDULFDWRUHXQLSRODUHGLVRYUDWHQVLRQHSHUOLQHHHOHWWULFKH
' 9PD[9+],PD[N$SHUPRQWDJJLRVXJXLGD',1 FDG ¼
DGDWWRDLVLVWHPL,777LQRSHUD

6FDULFDWRUH LQ FHUDPLFD SHU OD VHSDUD]LRQH GHOO
LPSLDQWR
SDUDIXOPLQLGDLVXSSRUWLPHWDOOLFLGLOLQHHHOHWWULFKHFRPSOHWR
' FDG ¼
GLPRUVHWWLSHULFRQGXWWRULPDHVFOXVRO
HYHQWXDOHRQHUHSHULO
SRQWHJJLRRDXWRJULQRSHUD

6FDULFDWRUH SHU OD SURWH]LRQH LQGLYLGXDOH GL DSSDUHFFKLDWXUH
' FDG ¼
HOHWWURQLFKHGHOVHWWRUHLQIRUPDWLFRLQRSHUD

6FDULFDWRUH SHU OD SURWH]LRQH LQGLYLGXDOH GL DSSDUHFFKLDWXUH
' FDG ¼
WHOHYLVLYHLQRSHUD

' (48,327(1=,$/,7$¶(',03,$17,',7(55$

0LVXUD]LRQH GHOOD UHVLVWHQ]D GL WHUUD GHOOH SXQWD]]H FRQ
DSSRVLWRDSSDUHFFKLRFRQGLVWDFFRGHLGLVFHQGHQWLHGHOO
DQHOOR
GL WHUUD H VXFFHVVLYR ULSULVWLQR GHL FROOHJDPHQWL FRPSUHVD
' FDG ¼
PDQXWHQ]LRQH GHJOL DFFHVVRUL GL FROOHJDPHQWR FRPH
LQJUDVVDJJLRFRQQHVVLRQLHYHQWXDOLVRVWLWX]LRQLGLEXOORQHULH
GDGLURQGHOOHHFF

ϱϱϵ

0LVXUD]LRQHGHOODFRQWLQXLWjHOHWWULFDGHOO
DQHOORGLWHUUDIUD
SXQWD]]HFRQWLJXHFRQDSSRVLWRDSSDUHFFKLRSUHYLGLVWDFFRGHL
GLVFHQGHQWLHVXFFHVVLYRULSULVWLQRGHLFROOHJDPHQWLFRPSUHVD
' FDG ¼
O
HYHQWXDOHPDQXWHQ]LRQHGHJOLDFFHVVRULGLFROOHJDPHQWRFRPH
LQJUDVVDJJLRFRQQHVVLRQLHYHQWXDOLVRVWLWX]LRQLGLEXOORQHULH
GDGLURQGHOOHHFF

0RUVHWWRGLRWWRQHSHUGLVSHUVRUHLQDFFLDLRUDPDWRDGDWWRDO
' FROOHJDPHQWRGHOOHSXQWD]]HVWHVVHFRQFRQGXWWRULWRQGLRD FDG ¼
FRUGHGHOGLDPHWURILQRDPPLQRSHUD

0RUVHWWRLQDFFLDLR,12;FRPSOHWRGLEXOORQLGDGLURQGHOOH
' HFF DGDWWR DO FROOHJDPHQWR GL TXDOVLDVL FRQGXWWRUH FRQ FDG ¼
SXQWD]]HDFURFHRDWXERLQRSHUD

0RUVHWWHULD SHU FROOHJDPHQWL HTXLSRWHQ]LDOL FRQ EDUUD LQ
RWWRQHQLFKHODWRSHUFROOHJDPHQWLGLFRQGXWWRULILQRDPPð
' FDG ¼
FRQFRSHUFKLRHEDVHLQSODVWLFDSHULQVWDOOD]LRQHVXJXLGD',1
LQRSHUD

'LVSHUVRUHGLSURIRQGLWjLQDFFLDLRFRQULYHVWLPHQWRLQUDPH
GLDPHWURPPOXQJKH]]DPPDGHOHPHQWLFRPSRQLELOL
' FDG ¼
DGLQFDVWURFRPSOHWDGLSULVPDG¶XQLRQHURQGHOODGLSLRPERH
SXQWDG¶LQILVVLRQHLQRSHUD

' (OHPHQWRSHUGLVSHUVRUHGLSURIRQGLWjFRPSOHWRLQRSHUD FDG ¼

'LVSHUVRUHGLSURIRQGLWjDFURFHLQDFFLDLRGROFH]LQFDWRD
FDOGR VSHVVRUH PLQLPR GHOO
DFFLDLR GL PP GLPHQVLRQH
' FDG ¼
WUDVYHUVDOH PP GHOOD OXQJKH]]D ILQR D PP FRQ OD
EDQGLHUDSHUO
DOODFFLDPHQWRGLTXDOVLDVLFRQGXWWRUHLQRSHUD

'LVSHUVRUHGLSURIRQGLWjDWXERLQDFFLDLRGROFH]LQFDWRD
FDOGRVSHVVRUHPLQLPRGHOWXERGLPPGHOODOXQJKH]]DILQR
' FDG ¼
D PP FRQ OD EDQGLHUD SHU O
DOODFFLDPHQWR GL TXDOVLDVL
FRQGXWWRUHLQRSHUD

'LVSHUVRUH PRGXODUHLQ DFFLDLR ,12;SHUWRQGL FRUGH R
' FDG ¼

EDQGHOOHFRPSUHVRVFDYRHTXDOVLDVLRSHUDPXUDULDLQRSHUD

0RGXOR FRPSOHPHQWDUH SHU GLVSHUVRUH LQ DFFLDLR ,12;
' FDG ¼

FRPSUHVRVFDYRHTXDOVLDVLRSHUDPXUDULDLQRSHUD

ϱϲϬ

&RUGD SHU SRQWLFHOODPHQWR HTXLSRWHQ]LDOH SHU SDUWL ILVVH

FRPSRVWR GD FRQGXWWRUH 19. JLDOORYHUGH HTXLSDJJLDWR
DJOL HVWUHPL GD GXH WHUPLQDOL D SLQ]DUH SUHLVRODWL DG
' RFFKLHOOR GL UDPH HOHWWUROLWLFR VWDJQDWR FRPSOHWR GL YLWL R
EXOORQLGLILVVDJJLRHVFOXVDO¶HYHQWXDOHVDOGDWXUDRIRUDWXUDFRQ
ILOHWWDWXUD GHOOH SDUWL PHWDOOLFKH GD HTXLSRWHQ]LDOL]]DUH LQ
RSHUD
'D VH]LRQHPPðFRQSURWH]LRQHPHFFDQLFD FDG ¼
'E VH]LRQHPPðFRQSURWH]LRQHPHFFDQLFD FDG ¼
'F VH]LRQHPPð FDG ¼

&RUGD SHU SRQWLFHOODPHQWR HTXLSRWHQ]LDOH SHU SDUWL PRELOL
FRPSRVWR GD WUHFFLD GL UDPH QXGR WXERODUH DSSLDWWLWD
' IOHVVLELOLVVLPD GHOOD VH]LRQH GL DOPHQR PPð FRPSUHVL FDG ¼
WHUPLQDOLYLWLHGRJQLDOWURDFFHVVRULRHVFOXVDODIRUDWXUDGHOOH
SDUWLPHWDOOLFKHGDHTXLSRWHQ]LDOL]]DUHLQRSHUD

&RUGD QXGD GL UDPH D WUHIROL IOHVVLELOH FRPSOHWD GHJOL
'

DFFHVVRULGLJLXQ]LRQHHFRQQHVVLRQHLQRSHUD
' VH]LRQHPPð P ¼
' VH]LRQHPPð P ¼
' VH]LRQHPPð P ¼
' VH]LRQHPPð P ¼
' VH]LRQHPPð P ¼
' VH]LRQHPPð P ¼
' VH]LRQHPPð P ¼

)DVFHWWDVWULQJLWXERUHJRODELOHLQRWWRQHQLFKHODWRFRUUHGDWD
' GL YLWL GL VHUUDJJLR H PRUVHWWR D YLWH SHU DOORJJLDPHQWR FDG ¼
FRQGXWWRUHGLWHUUDLQRSHUD

)LVVDWXERLQRWWRQHSHUFRQQHVVLRQHHTXLSRWHQ]LDOHIRUPDWR
GDFRSSDHFRQWURFRSSDDFFRSSLDELOLFRQYLWLG¶DFFLDLR]LQFDWR
'
IRUQLWR GL PRUVHWWR G¶DOORJJLDPHQWR GHO FRQGXWWRUH GL WHUUD
FRPSUHVRRJQLDFFHVVRULRLQRSHUD

' SHUWXELGLDPHWURGDD FDG ¼
' SHUWXELGLDPHWURGDD FDG ¼

6WDIIDGLFROOHJDPHQWRGLWXELRJURQGDLHDFDOGRFRVWLWXLWDGD
' FUDYDWWDEXOORQDWDFRPSUHVRRJQLRQHUHHGDFFHVVRULRLQRSHUD

' LQDFFLDLR]LQFDWR FDG ¼
' LQUDPH FDG ¼

ϱϲϭ

/$925,()251,785(&203/(0(17$5,
'
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/$925$=,21,,15$0((&$53(17(5,$

0(7$//,&$

%DUUD GL UDPH HOHWWUROLWLFR GL TXDOVLDVL VH]LRQH SLHJDWD H
VDJRPDWDLQTXDOVLDVLIRUPDFRPSUHVLIRULSHUEXOORQHULDHSHU NJ ¼
LVRODWRULLQRSHUD

$OOXPLQLR DQRGL]]DWR GL TXDOVLDVL WLSR SHU LQILVVL SRUWH
VSRUWHOOLHFFFRPSUHVRYLWLIHUPDJOLHTXDQWRDOWURRFFRUUH
LQRSHUD
D YXRWRSHUSLHQR PT ¼

)HUURODYRUDWRSHUPHQVROHVWDIIHVXSSRUWLHFFFRPSUHVHOH

HYHQWXDOLRSHUHPXUDULHRPHFFDQLFKHLQRSHUD
D SHURSHUHILQRDNJ NJ ¼
E SHURSHUHROWUHNJ NJ ¼
F ]LQFDWRDFDOGRSHURSHUHILQRDNJ NJ ¼
G ]LQFDWRDFDOGRSHURSHUHROWUHDNJ NJ ¼

/DPLHUDGLIHUURVWULDWDGLTXDOXQTXHVSHVVRUHFRPSUHVDRJQL
NJ ¼

HYHQWXDOHRSHUDPXUDULDRPHFFDQLFDLQRSHUD

/DPLHUDGLIHUURYHUQLFLDWDSHUSLFFROLPDQXIDWWLLQRSHUD NJ ¼

/DPLHUDGLIHUURYHUQLFLDWDDIXRFRSHUSLFFROLPDQXIDWWLLQ
NJ ¼
RSHUD

/DPLHUD GL DFFLDLR LQRVVLGDELOH FRPSOHWD GL SURILODWL GL
PT ¼

ULQIRU]RFRPSUHVRIRULHFFLQRSHUD

3DOLQD LQ IHUUR WXERODUH GL TXDOXQTXH OXQJKH]]D H GLDPHWUR
YHUQLFLDWRFRQXQDPDQRGLPLQLRHGXHGLYHUQLFHGLTXDOVLDVL
NJ ¼
FRORUHFRPSUHVLLIRULJUDSSHHTXDQWRDOWURRFFRUUDSHUGDUOD
VROLGDPHQWHILVVDWDLQRSHUD

3DORLQIHUURWXERODUHGLTXDOXQTXHOXQJKH]]DHGLDPHWURFRQ
NJ ¼

]LQFDWXUDLQRSHUD

3RUWD LQ ODPLHUD G
DFFLDLR ]LQFDWD FRQ ILQHVWUD GL DUHD]LRQH
FRPSOHWD GL WHODLR ULQIRU]L PDQLJOLD VHUUDWXUD FRPSUHVH OH FDG ¼
RSHUHPXUDULHLQRSHUD

ϱϲϮ

/DVWUD LQ ODPLHUD GL IHUUR SHU TXDGUL HOHWWULFL R VSRUWHOOL

SUHVVRSLHJDWD HG HOHWWURVDOGDWD GHOOR VSHVVRUH GL PP
ILQHPHQWH YHUQLFLDWD D IXRFR FRQ SROYHUL HSRVVLGLFKH R
FDG ¼
PLFURPDUWHOODWD SUHYLR FLFOR FRPSOHWR GL VJUDVVDJJLR H
GHFDSDJJLRGHOOHVXSHUILFLFRPSUHVLIRULULQIRU]LWHODLRHFF
LQRSHUD

23(5(085$5,(

%ORFFR GL IRQGD]LRQH GL FDOFHVWUX]]R FRPSUHVR ORVFDYR H OD
ULSUHVDGHOWHUUHQR SHUODSRVD GHL SDOLGL TXDOVLDVL PDWHULDOH
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DOORQWDQDPHQWRGHL
PDWHULDOLGLULVXOWDHWXWWRTXDQWRDOWURRFFRUUDSHUGDUHLOODYRUR
HVHJXLWRDSHUIHWWDUHJRODG
DUWHLQRSHUD
D ILQRDPF FDG ¼
E GDDPF FDG ¼
F GDDPF FDG ¼

&DQDOHWWDLQFHPHQWRSHUODSURWH]LRQHGHLFDYLLQWHUUDWLJROD
LQWHUQDGLGLPHQVLRQLILQRD[FPLQWHUUDWDFRPSOHWDGL P ¼
FRSHUFKLRDOPLQRSHUD

)RURDLPXULHVHJXLWRFRQWDJOLRRWUDSDQDWXUDSHULOSDVVDJJLR
GL TXDOVLDVL WLSR GL WXED]LRQH FRPSUHVR LO ULVDUFLPHQWR GHOOD
PXUDWXUD H O
HYHQWXDOH ULSUHVD GHJOL LQWRQDFL H TXDQWR DOWUR
QHFHVVDULRSHUGDUHLOODYRURILQLWRDSHUIHWWDUHJRODG
DUWHSHU
WXED]LRQLGLGLDPHWURLQWHUQRLQRSHUD

D ILQRDPP P ¼
E SHUWXEL!GLILQRDPP P ¼

)RURSHULOSDVVDJJLRGHLFRQGXWWRULGLFDSWD]LRQHHUDFFROWDGL
LPSLDQWLSDUDIXOPLQLDWWUDYHUVRFRUQLFLRQLRVRODLFRPSUHVDOD
ULSUHVD GHO IRUR FRQ PDWHULDOH ELWXPLQRVR HG RJQL WLSR GL FDG ¼
SDYLPHQWD]LRQHULILQLWXUDDUHJRODG
DUWHGHOODSDUWHVXSHULRUH
HGLQIHULRUHGHOIRURFRPSUHVRRJQLPH]]RG
RSHUD

1LFFKLDWDJOLDWDLQEUHFFLDLQPXUDWXUDGLTXDOVLDVLQDWXUDSHU
OD LQFDVVDWXUD GL TXDGUL H FDVVHWWH GD HVWHUQR FRPSUHVD OD

ILQLWXUD FRQ LQWRQDFR GL PDOWD GL FDOFH R JHVVR GHOOD SDUWH
HVWHUQDDYLVWD
D ILQRDPF FDG ¼
E ILQRDPF FDG ¼
F ILQRDPF FDG ¼
G ILQRDPF FDG ¼
H ILQRDPF FDG ¼
I FRPSHQVRSHUULILQLWXUDLQWHUQD±DXPHQWRSHUFHQWXDOH

ϱϲϯ

32==(77,

3R]]HWWRLQFHPHQWRSUHIDEEULFDWRSHUSUHVDGLWHUUDFRPSOHWR
GLWHODLRHFRSHUFKLRFKLXVLQRLQFHPHQWRFRPSUHVRORVFDYR
GHOWHUUHQRGLTXDOVLDVLQDWXUDLOULQWHUURHODVXDVLVWHPD]LRQH
LPDQLFRWWLSHUODSURWH]LRQHGHLFRQGXWWRULHGHOODSXQWD]]DHG
RJQLDOWURDFFHVVRULRSHUODVXDFRVWUX]LRQHLQRSHUD

D GHOOHGLPHQVLRQLLQWHUQHGLFLUFD[[FP FDG ¼
GHOOH GLPHQVLRQL LQWHUQH GL FLUFD [ [ FP GL WLSR
E FDUUDELOH SHU FDULFKL SHVDQWL DOORJJLDWR LQ PDQXIDWWR GL FDG ¼
FDOFHVWUX]]R

3R]]HWWR LQ FHPHQWR SUHIDEEULFDWR GL JURVVR VSHVVRUH GHOOH
GLPHQVLRQLLQWHUQHGLFLUFD[[FPSHUUDFFRUGRR
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FDG ¼
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3R]]HWWRLQPDWHULDOHWHUPRSODVWLFRGLWLSRFDUUDELOHGLIRUPD
UHWWDQJRODUH FRQ FRSHUFKLR HG HYHQWXDOL VHWWL VHSDUDWRUL
FRPSOHWRGLEXOORQLSHULOILVVDJJLRGHOFRSHUFKLRVWHVVRJUDGR

GLSURWH]LRQH,3FRPSUHVRORVFDYRLOULQWHUURLOWUDVSRUWR
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WLSRGLSDYLPHQWD]LRQHHFFLQRSHUD
D GHOOHGLPHQVLRQLLQWHUQHPLQLPHGLFLUFD[[FP FDG ¼
E GHOOHGLPHQVLRQLLQWHUQHPLQLPHGLFLUFD[[FP FDG ¼

3R]]HWWR LQ UHVLQH ULQIRU]DWH ,3 DXWRHVWLQJXHQWL QRQ
SURSDJDQWL OD ILDPPD FRQ FKLXVLQR GL WLSR FDUUDELOH SXUH LQ
UHVLQH ULQIRU]DWH FRPSOHWR GL EXOORQL SHU LO ILVVDJJLR GHO
FRSHUFKLRVWHVVRHGLSUROXQJDLQFHPHQWRFRPSUHVRORVFDYR
ODEDVHGLDSSRJJLRLQFDOFHVWUX]]RLOUHLQWHUURLOWUDVSRUWRGHL
PDWHULDOLLQHFFHGHQ]DDOORVFDULFRLOULSULVWLQRGLTXDOVLDVLWLSR
GLSDYLPHQWD]LRQHHFFLQRSHUD
D GHOOHGLPHQVLRQLLQWHUQHPLQLPHGLFLUFD[[FP FDG ¼
E GHOOHGLPHQVLRQLLQWHUQHPLQLPHGLFLUFD[[FP FDG ¼

9$5,(

0DQXIDWWR SHU O
DOORJJLDPHQWR GL DSSDUHFFKLDWXUH
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FRQ LQWRQDFR LQWHUQR HG HVWHUQR FRQ FRSHUWXUD

LPSHUPHDELOL]]DWD ULILQLWD FRQ WHJROH R WUDYHUWLQR FRPSUHVL L
PDWHULDOLPH]]LG
RSHUDWUDVSRUWRHTXDQWRRFFRUUDSHUGDUHLO
PDQXIDWWRILQLWRDUHJRODG
DUWHLQRSHUD
D ILQRDPF FDG ¼
E ILQRDPF FDG ¼
F ILQRDPF FDG ¼

ϱϲϰ

$VSLUDWRUH9HQWLODWRUHDVVLDOHHOLFRLGDOHSHUDSSOLFD]LRQHVLD
GDSDUHWHFKHGDILQHVWUDFRQSDOHLQWHUFDPELDELOLFRPSOHWRGL
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WULIDVHFKHPRQRIDVHFRPSUHVHHYHQWXDOLRSHUHGLYHWUDLRH
IDOHJQDPHLQRSHUD
D GLDPHWURGHOOHSDOHILQRDPP FDG ¼
E GLDPHWURGHOOHSDOHILQRDPP FDG ¼

5HJRODWRUH GL YHORFLWj SHU DVSLUDWRULYHQWLODWRUL FRPSOHWR GL
FRPPXWDWRUHSHUODLQYHUVLRQHGHOVHQVRGLURWD]LRQHGDD
FDG ¼
:GDD$VLDLQHVHFX]LRQHGDLQFDVVRFKHVSRUJHQWH
FRPSUHVHOHRSHUHPXUDULHLQRSHUD

0LFURLQWHUUXWWRUH FRQ FRQWDWWR QRUPDOPHQWH FKLXVR R
QRUPDOPHQWHDSHUWRFRPSOHWRGLFROOHJDPHQWRHOHWWULFRRSHUD FDG ¼
SHUILVVDJJLRPHFFDQLFRHGDFFHVVRULLQRSHUD

*,817,

*LXQWRLQUHVLQDFRODWDSHUJLXQ]LRQHLQRSHUD

D 8QLSRODUH

D VH]LRQHPPð FDG ¼
E 7ULTXDGULSRODUH

E VH]LRQHPPð FDG ¼

*LXQWR LQ UHVLQD FRODWD SHU GHULYD]LRQL SHU FDYL ILQR DO

TXDGULSRODUHLQRSHUD
D 3DVVDQWHGHULYDWD

D VH]LRQHPPðVH]LRQHPPð FDG ¼

0LVFHODSHUJLXQWLHFDVVHWWHSHURJQLGHFLPHWURFXERGLYROXPH
FDG ¼

GHOFRQWHQLWRUHLQRSHUD

0256(77,(&$3,&25'$

0RUVHWWRYRODQWHDGXQDYLDDVHUUDJJLRLQGLUHWWRPHGLDQWH
SLDVWULQDGLUDPHLVRODWRLQSROLFDUERQDWRJUDGRGLHVWLQJXHQ]D

92 8/ ,3 WHQVLRQH QRPLQDOH 9 7HPSHUDWXUD
PD[1RUPH&(,H,,(GLQRSHUD

D ILQRD[PPð FDG ¼
ϱϲϱ

E ILQRD[PPð FDG ¼

F ILQRD[PPð FDG ¼
G ILQRD[PPð FDG ¼
H ILQRD[PPð FDG ¼
I ILQRD[PPð FDG ¼

0RUVHWWLHUH D SL YLH SHU FROOHJDPHQWL HTXLSRWHQ]LDOL H
GHULYD]LRQL D VHUUDJJLR LQGLUHWWR PHGLDQWH SLDVWULQD LQ UDPH

VWDJQDWRLVRODWHLQSROLFDUERQDWR JUDGRGLHVWLQJXHQ]D92
8/,3WHQVLRQHQRPLQDOH9LQRSHUD

D DGXHYLHILQRDPPð FDG ¼
E DGXHYLHILQRDPPð FDG ¼
F DWUHYLHILQRDPPð FDG ¼
G DWUHYLHILQRDPPðFRQDWWDFFRJXLGH',1 FDG ¼
H DWUHYLHILQRDPPð FDG ¼
I DWUHYLHILQRDPPðFRQDWWDFFRJXLGH',1 FDG ¼
J DFLQTXHYLHILQRDPPð FDG ¼
K DFLQTXHYLHILQRDPPðFRQDWWDFFRJXLGH',1 FDG ¼
L DVHLYLHILQRDPPð FDG ¼
M DVHLYLHILQRDPPðFRQDWWDFFRJXLGH',1 FDG ¼

0RUVHWWR D PDQWHOOR SHU FRQQHVVLRQL YRODQWL SHU GXH R SL
FRQGXWWRULLQSROLFDUERQDWRWUDVSDUHQWHYLWLLPSHUGLELOLDFFLDLR
]LQFDWRRWWRQHQLFKHODWRPRUVHWWRIHPPLQDLQRSHUD

D ILQRDPPð FDG ¼
E ILQRDPPð FDG ¼
F ILQRDPPð FDG ¼

0RUVHWWR XQLYHUVDOH SUHVVRIXVR LQ RWWRQH QLFKHODWR D SHWWLQH

FRQGXHEXOORQLLQRSHUD
F VH]LRQHPPð FDG ¼
G VH]LRQHPPð FDG ¼
H VH]LRQHPPð FDG ¼
I VH]LRQHPPð FDG ¼

7HUPLQDOHDSLQ]DUHSUHLVRODWRLQ39&DRFFKLHOORRDIRUFHOOD

GLUDPHHOHWWUROLWLFRVWDJQDWRLQRSHUD
D SHUFRQGXWWRULGDDPPð FDG ¼
E SHUFRQGXWWRULGDDPPð FDG ¼
F SHUFRQGXWWRULGDDPPð FDG ¼
G SHUFRQGXWWRULGDDPPð FDG ¼
H SHUFRQGXWWRULGDDPPð FDG ¼
I SHUFRQGXWWRULGDDPPð FDG ¼
J SHUFRQGXWWRULGDDPPð FDG ¼

ϱϲϲ

&DSLFRUGDDPRUVHWWRLQRWWRQHQLFKHODWRDGXHEXOORQL

LQRSHUD
D GLDPHWURGHOIRURPPPPð FDG ¼
E GLDPHWURGHOIRURPPPPð FDG ¼
F GLDPHWURGHOIRURPPPPð FDG ¼
G GLDPHWURGHOIRURPPPPð FDG ¼

&DSLFRUGDDPRUVHWWRLQRWWRQHQLFKHODWRDTXDWWUREXOORQL

LQRSHUD
D GLDPHWURGHOIRURPPPPð FDG ¼
E GLDPHWURGHOIRURPPPPð FDG ¼
F GLDPHWURGHOIRURPPPPð FDG ¼
G GLDPHWURGHOIRURPPPPð FDG ¼
H GLDPHWURGHOIRURPPPPð FDG ¼
I GLDPHWURGHOIRURPPPPð FDG ¼
J GLDPHWURGHOIRURPPPPð FDG ¼
K GLDPHWURGHOIRURPPPPð FDG ¼

35(66$&$9,(&2//$5,

3UHVVDWXERWHUPRSODVWLFRFRQGDGRSDVVRPHWULFR0,62
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DXWRHVWLQJXHQWH JUDGR GL SURWH]LRQH ,3 QRQ SURSDJDQWL
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D SHUWXELGLGLDPHWURILQRDPP FDG ¼
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F SHUWXELGLGLDPHWURILQRDPP FDG ¼
G SHUWXELGLGLDPHWURILQRDPP FDG ¼
H SHUWXELGLGLDPHWURILQRDPP FDG ¼
I SHUWXELGLGLDPHWURILQRDPP FDG ¼

&ROODUH VXSSRUWR ILVVDWXER FRORUH JULJLR FKLDUR 39&
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&ROODUHILVVDWXERLQQ\ORQHODVWRPHUL]]DWRFRORUHJULJLRFKLDUR
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FRPSOHWDGLYLWLHWDVVHOOLLQRSHUD


ϱϲϳ

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6XSSRUWR ILVVDWXER FRQ IRUR SDVVDQWH LQ 39& FRORUH JULJLR

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D SHUXQFDYRGLGLDPHWURGDDPP FDG ¼
E SHUXQFDYRGLGLDPHWURGDDPP FDG ¼
F SHUXQFDYRGLGLDPHWURGDDPP FDG ¼
G SHUXQFDYRGLGLDPHWURGDDPP FDG ¼
H SHUXQFDYRGLGLDPHWURGDDPP FDG ¼
I SHUXQFDYRGLGLDPHWURGDDPP FDG ¼
J SHUXQFDYRGLGLDPHWURGDDPP FDG ¼

K SHUGXHFDYLGLGLDPHWURGDDPP FDG ¼
L SHUGXHFDYLGLGLDPHWURGDDPP FDG ¼
M SHUGXHFDYLGLGLDPHWURGDDPP FDG ¼
N SHUGXHFDYLGLGLDPHWURGDDPP FDG ¼
O SHUGXHFDYLGLGLDPHWURGDDPP FDG ¼

P SHUWUHFDYLGLGLDPHWURGDDPP FDG ¼
Q SHUWUHFDYLGLGLDPHWURGDDPP FDG ¼
R SHUWUHFDYLGLGLDPHWURGDDPP FDG ¼
S SHUWUHFDYLGLGLDPHWURGDDPP FDG ¼

ϱϲϴ


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6,67(0,3(5$8720$=,21(',(',),&,

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+] VHFRQGDULR 9FF 9 6(/9
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&DYRGLFRQQHVVLRQHVHULDOH56WUDSHUVRQDOFRPSXWHUH
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VDOLWDGLVFHVD FRQWHJJLR HQUJHWLFR LPSXOVL SXz HVVHUH
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FRUSRHGLIIXVRUHLQSROLFDUERQDWRLQIUDQJLOHHGDXWRHVWLQJXHQWH
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GHL/('WUDHJUDGRGL
ϱϵϵ

SURWH]LRQHIURQWDOH,3HSRVWHULRUH,3RVXSHULRULWHODLRLQ
DFFLDLR]LQFDWRYHUQLFLDWRHVFKHUPRLQ
SROLFDUERQDWRWUDVSDUHQWHOXFHIUHGGDNHOYLQGLPHQVLRQL
[FPIOXVVROXPLQRVRDSSDUHFFKLRPLQOP

WUDVSDUHQWHOXFHIUHGGDNHOYLQGLPHQVLRQL[FP

' JUDGRGLSURWH]LRQHIURQWDOH,3HSRVWHULRUH,3RVXSHULRUL FDG ¼
WUDVSDUHQWHOXFHFDOGDNHOYLQROXFHIUHGGD
NHOYLQ GLPHQVLRQL [ FP FRPSOHWD GL DOLPHQWDWRUH
HOHWWURQLFRUHDWWRUHGLPPHUDELOHIOXVVROXPLQRVRDSSDUHFFKLR
PLQOP

WUDVSDUHQWH &RQWURFDVVD SHU LQFDVVR VX FDUWRQJHVVR SHU
SDQQHOOL[FP

WUDVSDUHQWH&RQWURFDVVDSHULQVWDOOD]LRQHGDSDUHWHVRIILWWRSHU
SDQQHOOL[FP

ϲϬϬ

SDQQHOOL[FP

YDORUH8*5FRPSUHVRWUDH
' GHL/('WUDHJUDGRGL FDG ¼

SROLFDUERQDWR WUDVSDUHQWH &RQWURFDVVD SHU LQVWDOOD]LRQH GD
SDUHWHVRIILWWRSHUSDQQHOOL[FP

SDQQHOOL[FP

WUDVSDUHQWH&RQWURFDVVDSHULQVWDOOD]LRQHGDSDUHWHVRIILWWRSHU
SDQQHOOL[FP

WUDVSDUHQWH OXFH FDOGD NHOYLQ GLPHQVLRQL [
FPIOXVVROXPLQRVRPLQOP

ϲϬϭ

WUDVSDUHQWH OXFH FDOGD NHOYLQ GLPHQVLRQL
[FPIOXVVROXPLQRVRDSSDUHFFKLRPLQOP

SDQQHOOL[FP


VRVSHQVLRQHFRQIRUPHDOODQRUPD
&(, (1 DOLPHQWDWR D 9 &/$66(
(1(5*(7,&$PLQLPD$YDORUH8*5FRPSUHVRWUDH
' FDG ¼
GHL/('WUDHJUDGRGL
SROLFDUERQDWR WUDVSDUHQWH &RQWURFDVVD SHU LQVWDOOD]LRQH GD
SDUHWHVRIILWWRSHUSDQQHOOL[FP

VRVSHQVLRQH FRQIRUPH DOOD QRUPD&(, (1
' FDG ¼
WUDVSDUHQWHNLWFRPSOHWRSHUDSSOLFD]LRQHDVRVSHQVLRQH

WUDVSDUHQWHGLPPHUSHUSDQQHOOLOHGDGFDQDOHDOLPHQWDWRD
Y

ϲϬϮ

/DPSDGD D /(' FRQ ULIOHWWRUH FRORUH

' FDG ¼

DWWDFFR*8GLPPHUDELOHSRWHQ]D:

' FDG ¼


' FDG ¼


' FDG ¼


' FDG ¼


' FDG ¼


' FDG ¼


' FDG ¼

DWWDFFR*8QRQGLPPHUDELOHSRWHQ]D:

' FDG ¼


' FDG ¼


/DPSDGDD/('FRQULIOHWWRUHFRORUHDWWDFFR
' FDG ¼

(GLPPHUDELOHSRWHQ]D:

' FDG ¼


' FDG ¼


' FDG ¼

DWWDFFR(QRQGLPPHUDELOHSRWHQ]D:

/DPSDGDD/('VIHUDFKLDUDRVPHULJOLDWDDILODPHQWR
' FDG ¼

DWWDFFR(GLPPHUDELOHSRWHQ]D:

' FDG ¼

ϲϬϯ


' FDG ¼


' FDG ¼


' FDG ¼


' FDG ¼


' FDG ¼


' FDG ¼


' FDG ¼


/DPSDGDD/('DFDQGHODRWRUWLJOLRQHFKLDUDRVPHULJOLDWDD
' FDG ¼

ILODPHQWRDWWDFFR((GLPPHUDELOHSRWHQ]D:

' FDG ¼


' FDG ¼


' FDG ¼

ILODPHQWRDWWDFFR((QRQGLPPHUDELOHSRWHQ]D:

' FDG ¼


' FDG ¼


/DPSDGD D /(' D JORER VPHULJOLDWD DWWDFFR (
' FDG ¼

GLPPHUDELOHSRWHQ]D:

/DPSDGD D /(' D JORER VPHULJOLDWD DWWDFFR (
' FDG ¼

GLPPHUDELOHSRWHQ]D:

ϲϬϰ

/DPSDGD D /(' D JORER VPHULJOLDWD DWWDFFR ( QRQ

' FDG ¼

GLPPHUDELOHSRWHQ]D:

/DPSDGD D /(' D JORER VPHULJOLDWD DWWDFFR ( QRQ
' FDG ¼

GLPPHUDELOHSRWHQ]D:

/DPSDGDD/('VIHUDFKLDUDRVPHULJOLDWDDWWDFFR(
' FDG ¼

FRQGLVVLSDWRUHGLPPHUDELOHSRWHQ]D:

' FDG ¼


' FDG ¼


' FDG ¼


' FDG ¼

FRQGLVVLSDWRUHQRQGLPPHUDELOHSRWHQ]D:

' FDG ¼


' FDG ¼


/DPSDGDD/('VIHUDFKLDUDRVPHULJOLDWDDFDQGHODDWWDFFR
' FDG ¼

(FRQGLVVLSDWRUHGLPPHUDELOHSRWHQ]D:

' FDG ¼

(FRQGLVVLSDWRUHQRQGLPPHUDELOHSRWHQ]D:

' FDG ¼

(FRQGLVVLSDWRUHQRQGLPPHUDELOHSRWHQ]D:

/DPSDGDD/('WXERODUHDWWDFFR*GFRORUH
' FDG ¼

SHUDOLPHQWD]LRQHFRQYHQ]LRQDOHSRWHQ]D:

' FDG ¼


' FDG ¼


/DPSDGDD/('WXERODUHDWWDFFR*FRORUH
' FDG ¼

ϲϬϱ


7XER/('7DWWDFFR*DOLPHQWD]LRQH9FRORUH
' FDG ¼

OXQJKH]]DPPFRPSOHWRGLVWDUWHUSRWHQ]D:

' FDG ¼


' FDG ¼


' FDG ¼


' FDG ¼


' FDG ¼


7XER/('7FLUFRODUHDWWDFFR*4DOLPHQWD]LRQH9
' FDG ¼

FRORUHFRPSOHWRGLVWDUWHUSRWHQ]D:

7XER/('7FLUFRODUHDWWDFFR*4DOLPHQWD]LRQH9
' FDG ¼

FRORUHFRPSOHWRGLVWDUWHUSRWHQ]D:

6WULS /(' DOLPHQWD]LRQH 9GF JUDGR GL SURWH]LRQH ,3
' FDG ¼

GLPPHUDELOHOXQJKH]]DPSRWHQ]D:POP

' FDG ¼


' FDG ¼


' FDG ¼

GLPPHUDELOHOXQJKH]]DPSRWHQ]D:P

' FDG ¼


' FDG ¼


' FDG ¼


ϲϬϲ


' FDG ¼


)DUHWWR LQFDVVR D /(' FRUSR LQ DOOXPLQLR SURWH]LRQH ,3
' 'LDPHWUR HVWHUQR PP DOLPHQWD]LRQH 9 8*5 FDG ¼
3RWHQ]D:OP

'
'LDPHWURHVWHUQRPPDOLPHQWD]LRQH
FDG ¼
9 SUHGLVSRVL]LRQH SHU VLVWHPD '$/, GLPPHUDELOH
3RWHQ]D:OP

3RWHQ]D:OP

'LDPHWUR HVWHUQR PP DOLPHQWD]LRQH 9
' FDG ¼
SUHGLVSRVL]LRQHSHUVLVWHPD'$/,GLPPHUDELOH3RWHQ]D:
OP

3RWHQ]D:OP

'LDPHWUR HVWHUQR PP DOLPHQWD]LRQH 9
' FDG ¼
SUHGLVSRVL]LRQHSHUVLVWHPD'$/,GLPPHUDELOH3RWHQ]D:
OP

&RORQQLQDLQDOOXPLQLRHVWUXVRDVH]LRQHFLOLQGULFDGLDP
PP FRQ FDORWWD LQ SUHVVRIXVLRQH 'LIIXVRUH LQ SOH[LJODV
WUDVSDUHQWH ULJDWR LQWHUQDPHQWH H OLVFLR HVWHUQDPHQWH
DQWLSROYHUH 9HUQLFLDWXUD D LPPHUVLRQH LQ GXH IDVL
' FDG ¼
SUHWUDWWDPHQWR VXSHUILFLDOH GHO PHWDOOR YHUQLFLDWXUD LQ
FDWDIRUHVL HSRVVLGLFD UHVLVWHQWH DOOD FRUURVLRQH H DOOH QHEELH
VDOLQHPDQRILQDOHDOLTXLGRELFRPSRQHQWHDFULOLFRWDELOL]]DWR
DLUDJJL89$OWH]]DFP3RWHQ]D:

' FDG ¼

ϲϬϳ

' FDG ¼

' FDG ¼

' FDG ¼

)DUHWWRD/('DSDYLPHQWR&RUSRLQQ\ORQGLIIXVRUHLQYHWUR
WHPSHUDWRUHVLVWHQWHDJOLVKRFNWHUPLFLHDJOLXUWL&RUQLFHLQ
' DFFLDLR LQR[ $,6, &RPSOHWR GL JXDUQL]LRQH GL WHQXWD GL FDG ¼
WHQXWD LQ JRPPD VLOLFRQLFD H (3'0 $OLPHQWD]LRQH 9
'LDPHWURHVWHUQRPPSRWHQ]D:

)DUHWWRD/('DSDYLPHQWR&RUSRLQQ\ORQGLIIXVRUHLQYHWUR

WHPSHUDWRUHVLVWHQWHDJOLVKRFNWHUPLFLH
DJOL XUWL &RUQLFH LQ DFFLDLR LQR[ $,6, &RPSOHWR GL
' FDG ¼
JXDUQL]LRQHGLWHQXWDGLWHQXWDLQJRPPD
VLOLFRQLFDH(3'0$OLPHQWD]LRQH9'LDPHWURHVWHUQR
PPSRWHQ]D:

)DUHWWRD/('DSDYLPHQWR&RUSRLQDOOXPLQLRSUHVVRIXVRFRQ
FRQWURFDVVDLQQ\ORQ&DULFRPD[.J'LIIXVRUHLQYHWUR
WHPSHUDWRUHVLVWHQWHDJOLVKRFNWHUPLFLHDJOLXUWL&RUQLFHLQ
' FDG ¼
DFFLDLRLQR[$,6,/&RPSOHWRGLJXDUQL]LRQHGLWHQXWDLQ
JRPPDVLOLFRQLFDH(3'0$OLPHQWD]LRQH9'LDPHWUR
HVWHUQRPPSRWHQ]D:

ϲϬϴ

)DUHWWRD/('DSDYLPHQWR&RUSRLQDOOXPLQLRSUHVVRIXVRFRQ
FRUQLFH LQ DFFLDLR LQR[ $,6, 'LIIXVRUH LQ YHWUR GL
SURWH]LRQHWHPSHUDWRVSPPUHVLVWHQWLDJOLVKRFNWHUPLFLDJOL
' FDG ¼
XUWLHGDOFDULFRPD[.J&RPSOHWRGLVFDWRODSHULQFDVVR
H GL JXDUQL]LRQH GL WHQXWD LQ JRPPD VLOLFRQLFD 'LDPHWUR
HVWHUQRPPSRWHQ]D:RULHQWDELOH

)DUHWWR D /(' D SDYLPHQWR &RUSR H WHODLR LQ DOOXPLQLR
SUHVVRIXVR&RUQLFHLQDFFLDLRLQR[DLVL/&RQWURFDVVDLQ
Q\ORQ QHUR FDULFDWR ILEUD YHWUR 5LIOHWWRUH LQ SROLFDUERQDWR
PHWDOOL]DWR 'LIIXVRUH LQ YHWUR WHPSUDWR GD PP UHVLVWHQWH
DJOLVKRFNWHUPLFLDJOLXUWLHDOFDULFRVWDWLFR9HUQLFLDWXUDLQ
' GXH IDVL SUHWUDWWDPHQWR VXSHUILFLDOH GHO PHWDOOR H VXFFHVVLYD FDG ¼
PDQRVLQJRODFRQSROYHUHSROLHVWHUHUHVLVWHQWHDOODFRUURVLRQH
DOOH QHEELH VDOLQH H VWDELOL]]DWD DL UDJJL 89 &RPSOHWR GL
JXDUQL]LRQLGLWHQXWDLQJRPPDVLOLFRQLFDHYLWHULDLQDFFLDLR
LQRVVLGDELOHDQWLJULSSDJJLR'LDPHWURHVWHUQRPP3RWHQ]D
:

)DUHWWR D /(' D SDYLPHQWR &RUSR H WHODLR LQ DOOXPLQLR
SUHVVRIXVR&RUQLFHLQDFFLDLRLQR[DLVL/&RQWURFDVVDLQ
Q\ORQQHURFDULFDWRILEUDYHWUR5LIOHWWRUHRULHQWDELOHFRQVWDIIH
JUDGXDWHPD[LQSROLFDUERQDWRPHWDOOL]DWR'LIIXVRUH
LQYHWURWHPSUDWRGDPPUHVLVWHQWHDJOLVKRFNWHUPLFLDJOL
XUWLHDOFDULFRVWDWLFR9HUQLFLDWXUDLQGXHIDVLSUHWUDWWDPHQWR
' FDG ¼
VXSHUILFLDOHGHOPHWDOORHVXFFHVVLYDPDQRVLQJRODFRQSROYHUH
SROLHVWHUH UHVLVWHQWH DOOD FRUURVLRQH DOOH QHEELH VDOLQH H
VWDELOL]]DWDDLUDJJL89&RPSOHWRGLJXDUQL]LRQLGLWHQXWDLQ
JRPPD VLOLFRQLFD H YLWHULD LQ DFFLDLR LQRVVLGDELOH
DQWLJULSSDJJLR 'LDPHWUR HVWHUQR PP SRWHQ]D :
RULHQWDELOH

)DUHWWR D /(' D SDYLPHQWR &RUSR LQ Q\ORQ QHUR 7HODLR LQ
DFFLDLRLQR[$,6,&RQWURFDVVDLQQ\ORQFRQPRUVHWWLHUD
' FDEODJJLR VHSDUDWR &RPSOHWR GL JXDUQL]LRQL LQ JRPPD FDG ¼
VLOLFRQLFD $OLPHQWDWRUH D FRUUHQWH FRVWDQWH $ P$
'LPHQVLRQLHVWHUQH[PPSRWHQ]D:

&RUSR LOOXPLQDQWH D /(' TXDGUDWR &RUSR LQ DOOXPLQLR
SUHVVRIXVR YHUQLFLDWR D SROYHUH DUJHQWR7HODLRLQ DFFLDLR LQR[
$,6, &RQWURFDVVD LQ Q\ORQ FRQ PRUVHWWLHUD FDEODJJLR
VHSDUDWR 'LIIXVRUH FRQ YHWUR LQWHUQR WHPSUDWR GD PP
UHVLVWHQWHDJOLVKRFNWHUPLFL9HWURHVWHUQRWHPSUDWRGDPP
UHVLVWHQWHDJOLVKRFNWHUPLFLHVWUHVVPHFFDQLFLILQRD.J
' FDG ¼
9HUVLRQLFRQYHWURDQWLVFLYRORDULFKLHVWD$OLPHQWD]LRQH
9 +] FRQ WUDVIRUPDWRUH 9DQR DFFHVVRUL LQ Q\ORQ FRQ
PRUVHWWLHUD 3 PPT 3UHGLVSRVL]LRQH FRQ OLQHD HQWUD HVFL
SUHVVDFDYL LQ Q\ORQ GD SROOLFH H FDYHWWR LQ GRSSLR
LVRODPHQWRVH]LRQHPPT&RPSOHWRGLJXDUQL]LRQLLQJRPPD
VLOLFRQLFD'LPHQVLRQLHVWHUQH[PPSRWHQ]D:

3URLHWWRUH D /(' DVLPPHWULFR FRQ FRUSR LQ DOOXPLQLR
' FDG ¼

SUHVVRIXVRHFRQDOHWWDWXUHGLUDIIUHGGDPHQWR
ϲϬϵ

'LIIXVRUH LQ YHWUR WHPSHUDWR VS PP UHVLVWHQWH DJOL VKRFN

WHUPLFLHDJOLXUWL5LIOHWWRUH,QDOOXPLQLR
SUHDQRGL]]DWRYHUQLFLDWXUDVWDQGDUGDSROYHUHFRQXQDIDVHGL
SUHWUDWWDPHQWRVXSHUILFLDOHGHOPHWDOOR
HVXFFHVVLYDYHUQLFLDWXUDDPDQRVLQJRODFRQSROYHUHSROLHVWHUH
UHVLVWHQWHDOODFRUURVLRQHDOOHQHEELH
VDOLQHHVWDELOL]]DWDDLUDJJL89'LPHQVLRQL[[PP
3RWHQ]D:

3URLHWWRUHD/('VLPPHWULFRFRQFRUSRLQDOOXPLQLRSUHVVRIXVR
HFRQDOHWWDWXUHGLUDIIUHGGDPHQWR'LIIXVRUHLQYHWURWHPSHUDWR
VSPPUHVLVWHQWHDJOLVKRFNWHUPLFLHDJOLXUWL5LIOHWWRUH,Q
DOOXPLQLR SUHDQRGL]]DWR YHUQLFLDWXUD VWDQGDUG D SROYHUH FRQ
' XQDIDVHGLSUHWUDWWDPHQWRVXSHUILFLDOHGHOPHWDOORHVXFFHVVLYD FDG ¼
YHUQLFLDWXUDDPDQRVLQJRODFRQSROYHUHSROLHVWHUHUHVLVWHQWH
DOODFRUURVLRQHDOOHQHEELH
VDOLQHHVWDELOL]]DWDDLUDJJL89'LPHQVLRQL[[PP
3RWHQ]D:

' FDG ¼
XQDIDVHGLSUHWUDWWDPHQWRVXSHUILFLDOHGHOPHWDOORHVXFFHVVLYD
DOOD FRUURVLRQH DOOH QHEELH VDOLQH H VWDELOL]]DWD DL UDJJL 89
'LPHQVLRQL[[PP3RWHQ]D:

' FDG ¼
XQDIDVHGLSUHWUDWWDPHQWRVXSHUILFLDOHGHOPHWDOORHVXFFHVVLYD
DOOD FRUURVLRQH DOOH QHEELH VDOLQH H VWDELOL]]DWD DL UDJJL 89
'LPHQVLRQL[[PP3RWHQ]D:

' 3URLHWWRUHDOHGDWWDFFRSHUSDORPP FDG ¼

' 3URLHWWRUHDOHGJDEELDGLSURWH]LRQHGLP[[PP FDG ¼

$SSDUHFFKLR LOOXPLQDQWH SHU PRQWDJJLR D LQFDVVR FRUSR LQ
ODPLHUD Gu
DFFLDLR RWWLFD GDUN OLJKW DG DOYHROL D GRSSLD
SDUDEROLFLWj LQ DOOXPLQLR VSHFXODUH DQWLULIOHVVR HG
' DQWLULGHVFHQWHDEDVVLVVLPDOXPLQDQ]DFRQWUDWWDPHQWRGL39' FDG ¼
9HUQLFLDWXUD D LPPHUVLRQH SHU DQDIRUHVL FRQ VPDOWR DFULOLFR
ELDQFRVWDELOL]]DWRDLUDJJL893HUODPSDGHD/('3RWHQ]D
:OP

ϲϭϬ

$SSDUHFFKLR LOOXPLQDQWH SHU PRQWDJJLR D LQFDVVR WLSR /('

3DQHOFRUSRLQODPLHUDG¶DFFLDLRHFRUQLFHLQDOOXPLQLR/DVWUD
LQWHUQDLQ300$'LIIXVRUHLQWHFQRSROLPHURSULVPDWL]]DWRDG
' FDG ¼
DOWD WUDVPLWWDQ]D )DWWRUH GL DEEDJOLDPHQWR 8*5 &RQ
UHDWWRUH HOHWWURQLFR GLPPHUDELOH 'LPHQVLRQL [[
PP3RWHQ]D:OP

LQWHUQD LQ 300$ 'LIIXVRUHLQWHFQRSROLPHUR SULVPDWL]]DWR
' FDG ¼
DGDOWDWUDVPLWWDQ]D)DWWRUH GL DEEDJOLDPHQWR 8*5 &RQ
UHDWWRUHHOHWWURQLFRGLPPHUDELOH'LPHQVLRQL[[PP
3RWHQ]D:OP


3DQHOFRUSRLQODPLHUDG¶DFFLDLRHFRUQLFH
LQ DOOXPLQLR /DVWUD LQWHUQD LQ 300$ 'LIIXVRUH LQ
' WHFQRSROLPHURSULVPDWL]]DWRDGDOWDWUDVPLWWDQ]D FDG ¼
)DWWRUH GL DEEDJOLDPHQWR 8*5 &RQ UHDWWRUH HOHWWURQLFR
GLPPHUDELOH'LPHQVLRQL[[
PP3RWHQ]D:OP

LQWHUQD LQ 300$ 'LIIXVRUH LQ WHFQRSROLPHUR RSDOH DG DOWD
' FDG ¼
WUDVPLWWDQ]D)DWWRUHGLDEEDJOLDPHQWR8*5&RQUHDWWRUH
HOHWWURQLFR ,3 'LPHQVLRQL [ PP 3RWHQ]D :
OP

$SSDUHFFKLR LOOXPLQDQWH SHU PRQWDJJLR D LQFDVVR FRUSR LQ
ODPLHUD G¶DFFLDLR H ULIOHWWRUH LQ DOOXPLQLR SDUDEROLFR ELDQFR
' 'LIIXVRUHDVHPLVIHUD VSRUJHQWHLQODPLHUD PLFURIRUDWD &RQ FDG ¼
UHDWWRUH HOHWWURQLFR 'LPHQVLRQL [ 3RWHQ]D :
OP

)DUHWWR D /(' FLUFRODUH D LQFDVVR FRUSR ,Q DOOXPLQLR
SUHVVRIXVRGLIIXVRUHLQPDWHULDOHWHUPRSODVWLFRUHVLVWHQWHDOOH
' DOWHWHPSHUDWXUH9HUQLFLDWXUDDSROYHUHFRQYHUQLFHHSRVVLGLFD FDG ¼
LQSROLHVWHUHUHVLVWHQWHDLUDJJL89'LDPHWURPP3RWHQ]D
:OP

SUHVVRIXVRGLIIXVRUHLQPDWHULDOHWHUPRSODVWLFRUHVLVWHQWHDOOH
:OP

SUHVVRIXVR GLIIXVRUH LQ PDWHULDOH WHUPRSODVWLFRUHVLVWHQWH DOOH
:OP

ϲϭϭ

$SSDUHFFKLR LOOXPLQDQWH OLQHDUH SHU PRQWDJJLR D LQFDVVR

FRUSR LQ ODPLHUD G¶DFFLDLR VFKHUPR LQSROLFDUERQDWR
' FDG ¼
LQIUDQJLELOH H DXWRHVWLQJXHQWH 9 &RQ UHDWWRUH HOHWWURQLFR
3RWHQ]D:OP

$SSDUHFFKLR LOOXPLQDQWH OLQHDUH SHU PRQWDJJLR D LQFDVVR
FRUSR LQ ODPLHUD G¶DFFLDLR VFKHUPR LQSROLFDUERQDWR
' FDG ¼
LQIUDQJLELOH H DXWRHVWLQJXHQWH 9 &RQ UHDWWRUH HOHWWURQLFR
3RWHQ]D:OP

&RUSRLOOXPLQDQWHD/('SHUPRQWDJJLRDLQFDVVRSHUDPELHQWL
DVHWWLFL &RUSR LQ DFFLDLR VWDPSDWR FRQFRUQLFH LQ DOOXPLQLR
HVWUXVR DQRGL]]DWR 9HWUR GL SURWH]LRQH WHPSHUDWR VSHVVRUH
PP 2WWLFD GDUN OLJKW DG DOYHROL D GRSSLD SDUDEROLFLWj
' FDG ¼
ORQJLWXGLQDOH H WUDVYHUVDOH LQ DOOXPLQLR VDWLQDWR DQRGL]]DWR
VSHVVRUH ȝ D EDVVD OXPLQDQ]D 9HUQLFLDWXUD FRQ SROYHUH
SROLHVWHUHFRORUHELDQFRVWDELOL]]DWRDLUDJJL89SHUDPELHQWL
DVHWWLFL'LPHQVLRQL[[3RWHQ]D:OP

&RUSRLOOXPLQDQWHD/('SHUPRQWDJJLRDLQFDVVRSHUDPELHQWL
DVHWWLFL &RUSR LQ DFFLDLR VWDPSDWR FRQ FRUQLFH LQ DOOXPLQLR
HVWUXVR DQRGL]]DWR 9HWUR GL SURWH]LRQH WHPSHUDWR VSHVVRUH
PP 2WWLFD GDUN OLJKW DG DOYHROL D GRSSLD SDUDEROLFLWj
' FDG ¼
ORQJLWXGLQDOH H WUDVYHUVDOH LQ DOOXPLQLR VDWLQDWR DQRGL]]DWR
VSHVVRUH ȝ D EDVVD OXPLQDQ]D 9HUQLFLDWXUD FRQ SROYHUH
SROLHVWHUHFRORUHELDQFRVWDELOL]]DWRDLUDJJL89SHUDPELHQWL
DVHWWLFL'LPHQVLRQL[[3RWHQ]D:OP

&RQWUROOR GLPPHU SHU DSSDUHFFKLDWXUH D OHG GD DSSOLFDUH VX
' FDG ¼

VFDWRODDLQFDVVRDOLPHQWD]LRQH9GF

'LPPHUSLORWDELOHLQ9GD·JUDGXDOHOLYHOOL

GLJULJLRDFFHQVLRQHHVSHJQLPHQWR
' JUDGXDOH VHQ]D IODVK $ TXDWWUR FDQDOL GL /(' ELDQFKL XQD FDG ¼
DSSDUHFFKLDWXUD/('5*%RXQD
DSSDUHFFKLDWXUD/('5*%:

$OLPHQWDWRUH HOHWWURQLFR WLSR $&'& FRQ XVFLWD LQ WHQVLRQH
FRVWDQWH JUDGR GL SURWH]LRQH ,3 GLPPHUDELOH GLUHWWDPHQWH
' FRQSXOVDQWH1$0RUVHWWLHUHSXVKSHUFDYLFRQVH]LRQLGD FDG ¼
PPT $:* $:* )LVVDJJLR GHOO¶DOLPHQWDWRUH
WUDPLWHDVROHSHUYLWL2XWSXW9GF:

&RUSR LOOXPLQDQWH D /(' LQ DOOXPLQLR SUHVVRIXVR GLIIXVRUH
SROLFDUERQDWRULJDWRHVDWLQDWRLQIUDQJLELOHHGDXWRHVWLQJXHQWH
9VWDELOL]]DWRDLUDJJL89DQWLQJLDOOLPHQWR9HUQLFLDWXUDD
LPPHUVLRQHLQGXHIDVLSUHWUDWWDPHQWRVXSHUILFLDOHGHOPHWDOOR
' FDG ¼
YHUQLFLDWXUDLQFDWDIRUHVLHSRVVLGLFDUHVLVWHQWHDOODFRUURVLRQHH
DOOHQHEELHVDOLQHPDQRILQDOHDOLTXLGRELFRPSRQHQWHDFULOLFR
VWDELOL]]DWR DL UDJJL 89 0RQWDJJLR VX SDOR GLDP PP
$OWH]]DFP3RWHQ]D:
ϲϭϮ


&RUSR LOOXPLQDQWH D JORER LQ SROLFDUERQDWR LQIUDQJLELOH HG
DXWRHVWLQJXHQWH9VWDELOL]]DWRDLUDJJL89DQWLQJLDOOLPHQWR
' 7UDVSDUHQWH FRQ SDUWH VXSHULRUH YHUQLFLDWD EDVH LQ DOOXPLQLR FDG ¼
SUHVVRIXVR H FRQR FHQWUDOHLQ DOOXPLQLR YHUQLFLDWR QHUR 3HU
PRQWDJJLRVXSDOR+ FPSRWHQ]D:

&RUSR LOOXPLQDQWH D JORER LQ SROLFDUERQDWR LQIUDQJLELOH HG
DXWRHVWLQJXHQWH9VWDELOL]]DWRDLUDJJL89DQWLQJLDOOLPHQWR
' 7UDVSDUHQWH FRQ SDUWH VXSHULRUH YHUQLFLDWD EDVH LQ DOOXPLQLR FDG ¼
SUHVVRIXVR H FRQRFHQWUDOHLQ DOOXPLQLR YHUQLFLDWR QHUR 3HU
PRQWDJJLRVXSDOR+ FPSRWHQ]D:

$SSDUHFFKLR LOOXPLQDQWH SHU PRQWDJJLR D VRIILWWR FRUSR LQ
ODPLHUD Gu
DFFLDLR RWWLFD GDUN OLJKW DG DOYHROLD GRSSLD
:OP

ODPLHUD Gu
DFFLDLR RWWLFD GDUN OLJKW DG DOYHROLD GRSSLD
:OP

$SSDUHFFKLR LOOXPLQDQWH SHU PRQWDJJLR D VRIILWWR WLSR /('
' FDG ¼
3RWHQ]D:OP

$SSDUHFFKLR LOOXPLQDQWH SHU PRQWDJJLR D VRIILWWR WLSR /('
' FDG ¼
3RWHQ]D:OP

&RUSR LOOXPLQDQWH D /(' OLQHDUH SHU LQVWDOOD]LRQH D VRIILWWR

FRUSRLQDFFLDLRODPLQDWR]LQFDWR
SUHYHUQLFLDWRDIRUQRFRQUHVLQDSROLHVWHUHVWDELOL]]DWDDLUDJJL
' 89FRQERUGLULVYROWDWLDQWLWDJOLRHFRQ
FDG ¼
WHVWDWHLQ$%62WWLFKHOHQWLFRODULLQ300$DGDOWRUHQGLPHQWR
UHVLVWHQLWLDOOHDOWHWHPSHUDWXUHHDL
UDJJL 89 FRQ GLYHUVH GLVWULEX]LRQL IRWRPHWULFKH 'LP
[[PP3RWHQ]D:OP
ϲϭϯ


FRUSR LQ DFFLDLR ODPLQDWR ]LQFDWR SUHYHUQLFLDWR D IRUQR FRQ
UHVLQDSROLHVWHUHVWDELOL]]DWDDLUDJJL89FRQERUGLULVYROWDWL
' DQWLWDJOLRHFRQWHVWDWHLQ$%62WWLFKHOHQWLFRODULLQ300$DG FDG ¼
DOWRUHQGLPHQWRUHVLVWHQLWLDOOHDOWHWHPSHUDWXUHHDLUDJJL89
FRQGLYHUVHGLVWULEX]LRQLIRWRPHWULFKH'LP[[PP
3RWHQ]D:OP

FRUSR LQ DFFLDLR ODPLQDWR ]LQFDWR SUHYHUQLFLDWR D IRUQR FRQ
UHVLQDSROLHVWHUHVWDELOL]]DWDDLUDJJL89FRQERUGLULVYROWDWL
' DQWLWDJOLRHFRQWHVWDWHLQ$%62WWLFKHOHQWLFRODULLQ300$DG FDG ¼
DOWRUHQGLPHQWRUHVLVWHQLWLDOOHDOWHWHPSHUDWXUHHDLUDJJL89
FRQGLYHUVHGLVWULEX]LRQLIRWRPHWULFKH'LP[[PP
3RWHQ]D:OP

ODPLHUD G¶DFFLDLR H ULIOHWWRUH LQ DOOXPLQLR SDUDEROLFR ELDQFR
' 'LIIXVRUHDVHPLVIHUD VSRUJHQWHLQODPLHUD PLFURIRUDWD &RQ FDG ¼
UHDWWRUH HOHWWURQLFR 'LPHQVLRQL [ 3RWHQ]D :
OP

$SSDUHFFKLR LOOXPLQDQWH OLQHDUH D /(' SHU PRQWDJJLR D
VRIILWWR FRUSR LQ DOOXPLQLR HVWUXVR FRQ WHVWDWH GL FKLXVXUD
GLIIXVRUHLQSROLFDUERQDWRLQIUDQJLELOHHGDXWRHVWLQJXHQWH9
' FDG ¼
VWDELOL]]DWR DL UDJJL 89 (VWHUQDPHQWH OLVFLR H DQWLSROYHUH
LQWHUQDPHQWH PXOWL ULJKH SHU DXPHQWDUH OD GLIIXVLRQH OXFH
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$SSDUHFFKLR LOOXPLQDQWH OLQHDUH D /(' SHU PRQWDJJLR D
' VWDELOL]]DWR DL UDJJL 89 (VWHUQDPHQWH OLVFLR H DQWLSROYHUH FDG ¼
LQWHUQDPHQWH PXOWL ULJKH SHU DXPHQWDUH OD GLIIXVLRQH
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OP

$SDSUHFFKLR LOOXPLQDQWH OLQHDUH D /(' SHU PRQWDJJLR D
' VWDELOL]]DWR DL UDJJL 89 (VWHUQDPHQWH OLVFLR H DQWLSROYHUH FDG ¼
LQWHUQDPHQWH PXOWL ULJKH SHU DXPHQWDUH OD GLIIXVLRQH OXFH
9HUQLFLDWXUDDSROYHUHELDQFROLVFLR&RQUHDWWRUHHOHWWURQLFR
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&RUSRLOOXPLQDQWHWRQGRD/('SHUPRQWDJJLRDVRIILWWRFRUSR
LQ SROLFDUERQDWR LQIUDQJLELOH HG DXWRHVWLQJXHQWH GLIIXVRUH LQ
' SROLFDUERQDWR DQWLDEEDJOLDPHQWR LQIUDQJLELOH HG FDG ¼
DXWRHVWLQJXHQWH 'LDPHWUR HVWHUQR PP 3RWHQ]D :
OP

ϲϭϰ

&RUSRLOOXPLQDQWHWRQGRD/('SHUPRQWDJJLRDVRIILWWRFRUSR
LQ SROLFDUERQDWR LQIUDQJLELOH HG DXWRHVWLQJXHQWH GLIIXVRUH LQ
' SROLFDUERQDWR DQWLDEEDJOLDPHQWR LQIUDQJLELOH HG FDG ¼
DXWRHVWLQJXHQWH 'LDPHWUR HVWHUQR PP 3RWHQ]D :
OP

3ODIRQLHUD VWDJQD D /(' SHU PRQWDJJLR D VRIILWWR R

VRVSHQVLRQHFRUSRVWDPSDWRDGLQLH]LRQHLQ
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89ILQLWXUDHVWHUQDOLVFLDSHUIDFLOLWDUHOD
' SXOL]LD QHFHVVDULD SHU DYHUH OD PDVVLPD HIILFLHQ]D OXPLQRVD FDG ¼
&KLXVXUDDLQFDVWURHFRQYLWLGL
VLFXUH]]DLQDFFLDLRLQR[
5LIOHWWRUHLQDFFLDLR]LQFDWRSUHYHUQLFLDWRELDQFRDIRUQRFRQ
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:OP

3ODIRQLHUD VWDJQD D /(' SHU PRQWDJJLR D VRIILWWR R
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' FDG ¼
DYHUHODPDVVLPDHIILFLHQ]DOXPLQRVD&KLXVXUDDLQFDVWURHFRQ
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GLVSRVLWLYR ULFDYDWR GLUHWWDPHQWH VXO FRUSR 'LPHQVLRQL
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:OP

' )DUHWWRD/('DSDYLPHQWRFRQWURFDVVD FDG ¼

)DUHWWR D /(' D SDYLPHQWR FDVVHWWD VWDJQD LQ Q\ORQ FRQ
' FDG ¼

WUDVIRUPDWRUHHOHWWURPHFFDQLFRHPRUVHWWLHUD

)DUHWWR D /(' D SDYLPHQWR FRQQHWWRUH DOO
LPSLDQWR GL
' FDG ¼

DOLPHQWD]LRQHJHQHUDOH

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' )DUHWWRD/('DSDYLPHQWRODVWUDWUDVSDUHQWHPP FDG ¼
ϲϭϱ


&RUSR LOOXPLQDQWH D /(' FRVWLWXLWR GD FRUSR H EUDFFL LQ
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DG DOWLVVLPD SXUH]]D FRQ SURFHGLPHQWR VRWWR YXRWR
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' PPGLIIXVRUHYHWURWUDVSDUHQWHVSPPWHPSHUDWRUHVLVWHQWH FDG ¼
DJOLVKRFNWHUPLFLHDJOLXUWLYHUQLFLDWXUDDLPPHUVLRQHLQGXH
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FRVWLWXLWRGDFRUSRHFRUQLFHLQDOOXPLQLR
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VHPLVIHULFRLQSROLFDUERQDWRLQIUDQJLELOHHG
DXWRHVWLQJXHQWH 9 VWDELOL]]DWR DL UDJJL 89 YHUQLFLDWXUD D
' FDG ¼
LPPHUVLRQHLQGXHIDVLSUHWUDWWDPHQWR
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SROLFDUERQDWRLQIUDQJLELOHHGDXWRHVWLQJXHQWH9VWDELOL]]DWR
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ϲϭϲ

/DQWHUQD LQ VWLOH D /(' SHU PRQWDJJLR VX SDOR EUDFFLR R

VRVSHQVLRQH&RUSRHVXSSRUWRDUD]]HLQDOOXPLQLRSUHVVRIXVR
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VSHVVRUH PP UHVLVWHQWH DJOL VKRFN WHUPLFL H DJOL XUWL
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UHVLVWHQWH DOOD FRUURVLRQH H DOOH QHEELH VDOLQH PDQR ILQDOH D
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3RWHQ]D:



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3RWHQ]D:

LQ DOOXPLQLR SUHVVRIXVR GLIIXVRUH WURQFRFRQLFR LQ
SROLFDUERQDWRLQIUDQJLELOHHGDXWRHVWLQJXHQWH9VWDELOL]]DWR
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ϲϭϳ

/DQWHUQD LQ VWLOH D /(' SHU PRQWDJJLR VX SDOR EUDFFLR R

VRVSHQVLRQH&RUSRHVXSSRUWRDUD]]HLQDOOXPLQLRSUHVVRIXVR
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VSHVVRUH PP UHVLVWHQWH DJOL VKRFN WHUPLFL H DJOL XUWL
3RWHQ]D:

%UDFFLRLQVWLOHLQDOOXPLQLRSUHVVRIXVRDOWH]]DODUJKH]]D
' FDG ¼
PP

' $FFHVVRULRSHUVRVSHQVLRQHLQDOOXPLQLRSUHVVRIXVR FDG ¼

' $WWDFFRFRQFDWHQHOODDOWH]]DPP FDG ¼

3DORLQVWLOHFRPSOHWRGLXQRRGXHEUDFFL6WUXWWXUDLQWHUQDLQ
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$SSDUHFFKLRG
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SRWHQ]DWRWDOH:

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' FDG ¼
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RULHQWDELOH FRUSR LQ DOOXPLQLR SUHVVRIXVR YHUQLFLDWXUD D
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PPUHVLVWHQWHDJOLVKRFNWHUPLFLHDJOLXUWLYHUQLFLDWXUDFRQ
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SRWHQ]DZ

SRWHQ]DZ

ϲϮϬ

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' FDG ¼
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3URLHWWRUH DG DOWH SUHVWD]LRQL SHU LOOXPLQD]LRQH GL JUDQGL
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LQ DOOXPLQLR VWDPSDWR SULVPDWL]]DWR DG HOHYDWR UHQGLPHQWR
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DOHG.OPSRWHQ]DZ

)RUQLWXUD H SRVD GL SURLHWWRUH SHU HVWHUQR FRUSR LQ DOOXPLQLR
SUHVVRIXVRVWDIIDGLVRVWHJQRLQDFFLDLRYHULFLDWRDSROYHUHLQ
GRSSLR VWUDWR UHVLVWHQWH DOOD FRUURVLRQH HG DJOL DJHQWL
DWPRVIHULFLULIOHWWRUHLQSROLFDUELQDWRPHWDOOL]]DWRGLIIXVRUHLQ
YHWUR WHPSHUDWR UHVVLWHQWH DJOL VKRFN WHUPLFL FDEODJJLR VX
' SLDVWUD LQ DFFLDLR ]LQFDWR JRQLR JUDGXDWR SHU SXQWDPHQWR FDG ¼
SUHVVDFDYR HTXLSDJJLDWR FRQ OHG DOWD HIILFLHQ]D
OXPHQZDWWNGXUDWDK&RVWUXLWRLQFRQIRUPLWjDOOH
QRUPH (1 H (1 3UHGLVSRVWR SHU VLVWHPD
'$/,YHUVLRQHFRQIDVFLRVLPPHWULFRGLIIRQGHQWHSRWHQ]D
:

' FDG ¼
SLDVWUD LQ DFFLDLR ]LQFDWR JRQLR JUDGXDWR SHU SXQWDPHQWR
'$/,YHUVLRQHFRQIDVFLRDVLPPHWULFRSRWHQ]DZ

' FDG ¼
SLDVWUD LQ DFFLDLR ]LQFDWR JRQLR JUDGXDWR SHU SXQWDPHQWR
'$/,YHUVLRQHFRQIDVFLRHOOLWWLFRSRWHQ]D:

ϲϮϯ

)DUHWWR GD LQFDVVR SHU LQWHUQL 3URGRWWR LQ FRQIRUPLWj DOOH

QRUPH(1&(,FODVVHGLLVRODPHQWR,HJUDGR
GLSURWH]LRQH,3,.LQFRQIRUPLWjDOOHQRUPH(1
H (1 &RUSR LQ SROLFDUERQDWR LQIUDQJLELOH HG
DXWRHVWLQJXHQWH9VWDELOL]]DWRDLUDJJL89DQWLJLDOOLPHQWR
' FDG ¼
ULIOHWWRUHLQSROLFDUERQDWRLQIUDQJLELOHDXWRHVWLQJXHQWHVLVWHPD
DQWLULIOHVVR HG DQWL DEEDJOLDPHQWR DOLPHQWDWRUH LQFRUSRUDWR
FRPSOHWRGLVWDIIDUHJRODELOHLQDFFLDLRFKHDVVLFXUDO
DGHUHQ]D
DOFRQWURVRIILWWRDOLPHQWD]LRQH9+]HTXLSDJJLDWRFRQ
ODPSDGDOHG.R.OPGDZ

' FDG ¼
ULIOHWWRUHLQSROLFDUERQDWRLQIUDQJLELOHDXWRHVWLQJXHQWHVLVWHPD
DGHUHQ]D
ODPSDGDOHG.R.OPGDZ

' ULIOHWWRUHLQSROLFDUERQDWRLQIUDQJLELOHDXWRHVWLQJXHQWHVLVWHPD FDG ¼
DGHUHQ]D
ODPSDGDOHG.R.OPGDZFRQVLVWHPD
GLPPHU

' ULIOHWWRUHLQSROLFDUERQDWRLQIUDQJLELOHDXWRHVWLQJXHQWHVLVWHPD FDG ¼
DGHUHQ]D
ODPSDGDOHG.R.OPGDZFRQVLVWHPD
GLPPHU

)RUQLWXUDHSRVDIDUHWWRGDLQFDVVRSHULQWHUQLFRUSRLQPDWHULDOH
WHUPRSODVWLFR ULIOHWWRUH LQ ODPLHUD YHUQLFLDWD VFKHUPR LQ
' SPPD VDWLQDWR HTXLSDJJLDWR FRQ ODPSDGD OHG N GXUDWD FDG ¼
KFRQIRUPHDOOHQRUPDWLYH(1H(Q
YHUVLRQHSRWHQ]D:)OXVVROXPLQRVROP

ϲϮϰ

)RUQLWXUDHSRVDIDUHWWRGDLQFDVVRSHULQWHUQLFRUSRLQPDWHULDOH
WHUPRSODVWLFR ULIOHWWRUH LQ ODPLHUD YHUQLFLDWD VFKHUPR LQ
' SPPD VDWLQDWR HTXLSDJJLDWR FRQ ODPSDGD OHG N GXUDWD FDG ¼
KFRQIRUPHDOOHQRUPDWLYH(1H(Q
YHUVLRQHSRWHQ]D:)OXVVROXPLQRVROP

3ODIRQLHUDDGLQFDVVRSHUFRQWURVRIILWWDWXUHDGRJKHRSDQQHOOL
3URGRWWRLQFRQIRUPLWjDOOHQRUPH(1&(,FODVVH
GLLVRODPHQWR,HJUDGRGLSURWH]LRQH,3,.LQFRQIRUPLWj
DOOH QRUPH (1 H (1 &RUSR LQ DFFLDLR ]LQFDWR
' FDG ¼
SUHYHUQLFLDWR FRQUHVLQDSROLHVWHUH RWWLFDDGDOYHROLD GRSSLD
SDUDEROLFLWj DQWLULIOHVVR LQ DOOXPLQLR VSHFXODUH D EDVVLVVLPD
OXPLQDQ]D HTXLSDJJLDWD FRQ PRGXOR GD ODPSDGH OHG [
.OPSRWHQ]DZPRGXORGD[PP

' SUHYHUQLFLDWR FRQUHVLQDSROLHVWHUH RWWLFDDGDOYHROLD GRSSLD FDG ¼
.OPSRWHQ]DZFRQVLVWHPDGLPPHUPRGXORGD
[PP

' FDG ¼

[PP

' FDG ¼
ϲϮϱ


[PP

FODVVH GL LVRODPHQWR , H JUDGR GL SURWH]LRQH ,3 ,. LQ
FRQIRUPLWjDOOHQRUPH(1H(1&RUSRHFRUQLFH
' VWDPSDWR LQ SROLFDUERQDWR ELDQFR LQIUDQJLELOH HG FDG ¼
DXWRHVWLQJXHQWH GLIIXVRUH HVWUXVR LQ WHFQRSROLPHUR RSDOH DG
DOWD WUDVPLWWDQ]D FRPSOHWH GL VLVWHPD GLPPHU HTXLSDJJLDWD
FRQODPSDGD OHG .OP SRWHQ]D Z PRGXOR GD
[PP

FODVVH GL LVRODPHQWR , H JUDGR GL SURWH]LRQH ,3 ,. LQ
FRQIRUPLWjDOOHQRUPH(1H(1&RUSRHFRUQLFH
' VWDPSDWR LQ SROLFDUERQDWR ELDQFR LQIUDQJLELOH HG FDG ¼
DXWRHVWLQJXHQWH GLIIXVRUH HVWUXVR LQ WHFQRSROLPHUR RSDOH DG
DOWD WUDVPLWWDQ]D FRPSOHWH GL VLVWHPD GLPPHU HTXLSDJJLDWD
FRQODPSDGD OHG .OP SRWHQ]D Z PRGXOR GD
[PP

3ODIRQLHUDOHGSULVPDWDSHULQVWDOOD]LRQHDVRIILWWRSURGRWWRLQ
FRQIRUPLWj DOOH QRUPH (1 &(, FRQ LO JUDGR
,3,. VHFRQGR OH QRUPH (1 /D SODIRQLHUD q
FRVWLWXLWDGDFRUSRFRQWHQLWRUHGHOOHSDUWLHOHWWULFKHLQODPLHUD
GL DFFLDLR VWDPSDWR LQ XQ SH]]R XQLFR ULIOHWWRUH LQ DFFLDLR
' FDG ¼
ELDQFRYHUQLFLDWRVFKHUPRGLIIXVRUHLQPDWHULDOHSROLFDUERQDWR
ULJDWR LQWHUQDPHQWH OLVFLR HVWHUQDPHQWH LQIUDQJLELOH HG
DXWRHVWLQJXHQWHILVVDWRDOFRUSRFRQWHQLWRUHPHGLDQWHVLVWHPD
D OHYHWWD R D PROOD QHL WLSL ODPSDGD OHG . OP
SRWHQ]DZ

3ODIRQLHUDOHGSULVPDWDSHULQVWDOOD]LRQHDVRIILWWRSURGRWWRLQ
FRQIRUPLWj DOOH QRUPH (1 &(, FRQ LO JUDGR
,3,. VHFRQGR OH QRUPH (1 /D SODIRQLHUD q
FRVWLWXLWDGDFRUSRFRQWHQLWRUHGHOOHSDUWLHOHWWULFKHLQODPLHUD
GL DFFLDLR VWDPSDWR LQ XQ SH]]R XQLFR ULIOHWWRUH LQ DFFLDLR
' FDG ¼
ELDQFRYHUQLFLDWRVFKHUPRGLIIXVRUHLQPDWHULDOHSROLFDUERQDWR
ULJDWR LQWHUQDPHQWH OLVFLR HVWHUQDPHQWH LQIUDQJLELOH HG
DXWRHVWLQJXHQWHILVVDWRDOFRUSRFRQWHQLWRUHPHGLDQWHVLVWHPD
D OHYHWWD R D PROOD QHL WLSL ODPSDGD OHG . OP
SRWHQ]DZ

ϲϮϲ

3ODIRQLHUDSHULQVWDOOD]LRQHDVRIILWWRRDVRVSHQVLRQH3URGRWWR
LQ FRQIRUPLWj DOOH QRUPH (1 &(, FODVVH GL
LVRODPHQWR,HJUDGRGLSURWH]LRQH,3,.LQFRQIRUPLWj
' FDG ¼
SUHYHUQLFLDWR FRQ UHVLQD SROLHVWHUH RWWLFD DG DOYHROL D GRSSLD
OXPLQDQ]D HTXLSDJJLDWD FRQ PRGXOR GD ODPSDGD OHG [
.OPSRWHQ]DZPRGXOR[PP

' SUHYHUQLFLDWR FRQ UHVLQD SROLHVWHUH RWWLFD DG DOYHROL D GRSSLD FDG ¼
.OP SRWHQ]D Z FRQ VLVWHPD GLPPHU PRGXOR
[PP

' FDG ¼
SUHYHUQLFLDWR FRQ UHVLQD SROLHVWHUH RWWLFD DG DOYHROL D GRSSLD
.OPSRWHQ]DZPRGXOR[PP

' SUHYHUQLFLDWR FRQ UHVLQD SROLHVWHUH RWWLFD DG DOYHROL D GRSSLD FDG ¼
.OP SRWHQ]D Z FRQ VLVWHPD GLPPHU PRGXOR
[PP

$SSDUHFFKLR LOOXPLQDQWH SHU LQVWDOOD]LRQH D VRVSHQVLRQH D
EDVVD OXPLQDQ]D FRUSR LQ DOOXPLQLR YHUQLFLDWXUD D SROYHUH
SROLHVWHUH DQWLQJLDOOLPHQWR ULIOHWWRUH ODPHOODUH LQ
WHFQRSROLPHUR PHWDOOL]]DWR VFKHUPR LQ SROLFDUERQDWR
' FDG ¼
UHVLVWHQWHDOFDORUH LOOXPLQD]LRQH OHG FRQ DOWDHIILFLHQ]D
OXPHQZDWW N YLWD XWLOH K H DOWD FRQVLVWHQ]D GHL
FRORUL &RVWUXLWRLQFRQIRUPLWj DOOH QRUPH (1 H (1
3UHGLVSRVWRSHUVLVWHPD'$/,SRWHQ]D:

ϲϮϳ


' FDG ¼
3UHGLVSRVWRSHUVLVWHPD'$/,SRWHQ]D:

' FDG ¼
3UHGLVSRVWR SHU VLVWHPD '$/, SRWHQ]D
VRVSHQVLRQHFRQFDYHWWRDUHJROD]LRQHPLOOLPHWULFDLQFLGHQ]D
QFDYLSHUDSSDUHFFKLLOOXPLQDQWL

' UHVLVWHQWHDOFDORUH LOOXPLQD]LRQH OHG FRQ DOWDHIILFLHQ]D FDG ¼
3UHGLVSRVWR SHU VLVWHPD '$/, SRWHQ]D JLXQWR
OLQHDUHLQDOOXPLQLRSUHVVRIXVR

3UHGLVSRVWR SHU VLVWHPD '$/, SRWHQ]D WHVWDWD
ILQDOHLQDOOXPLQLR

3UHGLVSRVWRSHUVLVWHPD'$/,SRWHQ]DJLXQWRD
YLHLQDFFLDLRYHUQLFLDWRDSROYHUH

ϲϮϴ


3UHGLVSRVWRSHUVLVWHPD'$/,SRWHQ]DJLXQWRD
YLHLQDFFLDLRYHUQLFLDWRDSROYHUH

DOOHQRUPH(1H(1&RUSRHFRUQLFHVWDPSDWRLQ
' FDG ¼
SROLFDUERQDWRELDQFRLQIUDQJLELOHHGDXWRHVWLQJXHQWHGLIIXVRUH
HVWUXVRLQWHFQRSROLPHURRSDOHDGDOWDWUDVPLWWDQ]DFRPSOHWD
GLVLVWHPDGLPPHUHTXLSDJJLDWDFRQODPSDGDOHG.
OPSRWHQ]DZPRGXORGD[PP

' FDG ¼
OPSRWHQ]DZPRGXORGD[PP

' FDG ¼
OPSRWHQ]DZPRGXORGDVRYUDSSUH]]RSHUDSSOLFD]LRQH
VRVSHVD FRQ FDYHWWRLQDFFLDLR FRQGLVSRVLWLYR GLUHJROD]LRQH
PLOOLPHWULFDHFDYRGLDOLPHQWD]LRQH

)RUQLWXUDHSRVDSURLHWWRUHDFDPSDQDSHULOOXPLQD]LRQHGLDPSL
VSD]LHVSRVLWLYLLQWHUQLJDQFLRSHULQVWDOOD]LRQHDVRVSHQVLRQH
FRUSR H FRUQLFH LQ DOOXPLQLR YHUQLFLDWXUD D SROYHUH
DQWLQJLDOOLPHQWRVWDELOL]]DWDULIOHWWRUHLQDOOXPLQLRRVVLGDWRH
VDWLQDWR GLIIXVRUH LQ YHWUR VDEELDWR UHVLVWHQWH DJOL VKRFN
' FDG ¼
WHUPLFLFRPSUHVLDFFHVVRULSHUVRVSHQVLRQHFDYRLQDFFLDLR
PSUHVVDFDYRLQRWWRQHQLFKHODWRYLWHULDLOOXPLQD]LRQHOHGFRQ
DOWDHIILFLHQ]DOXPHQZDWWNYLWDXWLOHKHDOWD
FRQVLVWHQ]DGHLFRORUL&RVWUXLWRLQFRQIRUPLWjDOOHQRUPH(1
H(1YHUVLRQHDVRVSHQVLRQHSRWHQ]D:

ϲϮϵ

' WHUPLFLFRPSUHVLDFFHVVRULSHUVRVSHQVLRQHFDYRLQDFFLDLR FDG ¼
H(1YHUVLRQHELQDULRHOHWWULILFDWRSRWHQ]D
:

WHUPLFLFRPSUHVLDFFHVVRULSHUVRVSHQVLRQHFDYRLQDFFLDLR
' FDG ¼
H (1 YHUVLRQH VRYUDSSUH]]R SHU
DSSOLFD]LRQHVRVSHVDFRQFDYHWWRLQDFFLDLRFRQGLVSRVLWLYRGL
UHJROD]LRQHPLOOLPHWULFDHFDYRGLDOLPHQWD]LRQH

3ODIRQLHUDWRQGDSHULQWHUQLHGHVWHUQL3URGRWWRLQFRQIRUPLWj
DOOHQRUPH(1&(,FODVVHGLLVRODPHQWR,,H
' DXWRHVWLQJXHQWH GLIIXVRUH LQ SROLFDUERQDWR WUDVSDUHQWH FDG ¼
LQWHUQDPHQWH VDWLQDWR DQWLDEEDJOLDPHQWR LQIUDQJLELOH HG
DXWRHVWLQJXHQWHVWDELOL]]DWR DL UDJJL 89 HVWHUQDPHQWHOLVFLR
DQWLSROYHUH HTXLSDJJLDWD FRQ ODPSDGD OHG . GD
GLDPHWUROPSRWHQ]DZPP

3ODIRQLHUDWRQGDSHULQWHUQLHGHVWHUQL3URGRWWRLQFRQIRUPLWj
DOOHQRUPH(1&(,FODVVHGLLVRODPHQWR,,H
' DXWRHVWLQJXHQWH GLIIXVRUH LQ SROLFDUERQDWR WUDVSDUHQWH FDG ¼
LQWHUQDPHQWH VDWLQDWR DQWLDEEDJOLDPHQWR LQIUDQJLELOH HG
DXWRHVWLQJXHQWHVWDELOL]]DWR DL UDJJL 89 HVWHUQDPHQWHOLVFLR
DQWLSROYHUH HTXLSDJJLDWD FRQ ODPSDGD OHG . GD
GLDPHWUROPSRWHQ]DZPP

ϲϯϬ

3ODIRQLHUDDWHQXWDVWDJQDSHULQVWDOOD]LRQHGLUHWWDDSDUHWHRD
VRIILWWRRDVRVSHQVLRQH3URGRWWRLQFRQIRUPLWjDOOHQRUPH(1
FRQIRUPLWjDOOHQRUPH(1H(1&RUSRVWDPSDWR
DGLQLH]LRQHLQSROLFDUERQDWRLQIUDQJLELOHHGDXWRHVWLQJXHQWHGL
' HOHYDWDUHVLVWHQ]DPHFFDQLFDGLIIXVRUHVWDPSDWRDGLQLH]LRQH FDG ¼
LQ SROLFDUERQDWR WUDVSDUHQWH SULVPDWL]]DWR LQWHUQDPHQWH
DXWRHVWLQJXHQWH VWDELOL]]DWR DL UDJJL 89 ULIOHWWRUH LQ
DOOXPLQLRVSHFXODUHFRPSOHWDGLFRQQHWWRUHSHULQVWDOOD]LRQH
UDSLGD HTXLSDJJLDWD FRQ OXQJKH]]D PRQRODPSDGD OHG
.OPSRWHQ]DZOXQJKH]]DPP



UDSLGDHTXLSDJJLDWDFRQOXQJKH]]DELODPSDGDOHG.
OPSRWHQ]DZOXQJKH]]DPP

ϲϯϭ



/DPSDGHDOHGFRUSRFHUDPLFRWHPSHUDWXUDGLFRORUH.
DOLPHQWD]LRQH9FD+]GXUDWDQRPLQDOHRUHSHU
' DWWDFFKL(HG(GLIRUPHYDULHROLYDVIHULFDJRFFLDGHOOH FDG ¼
VHJXHQWL WLSRORJLH SRWHQ]D : HTXLYDOHQWL D : DG
LQFDQGHVFHQ]D

/DPSDGHDOHGFRUSRFHUDPLFRWHPSHUDWXUDGLFRORUH.
DOLPHQWD]LRQH9FD+]GXUDWDQRPLQDOHRUHSHU
' DWWDFFKL(HG(GLIRUPHYDULHROLYDVIHULFDJRFFLDGHOOH FDG ¼
VHJXHQWL WLSRORJLH SRWHQ]D : HTXLYDOHQWL D : DG
LQFDQGHVFHQ]D

/DPSDGHDOHGGLYDULDWLSRORJLDWHPSHUDWXUDGLFRORUH
.DOLPHQWD]LRQH9FD+]GXUDWDQRPLQDOHRUH
' FDG ¼
GHOOHVHJXHQWLWLSRORJLHDWWDFFR(SRWHQ]DZHTXLYDOHQWH
DZLQFDQGHVFHQ]D

' FDG ¼
DZLQFDQGHVFHQ]D

' FDG ¼
DZLQFDQGHVFHQ]D

ϲϯϮ


' FDG ¼
GHOOH VHJXHQWLWLSRORJLH DWWDFFR ( HG ( SRWHQ]D Z
HTXLYDOHQWHDZLQFDQGHVFHQ]D

/DPSDGHDOHGFRQULIOHWWRUHWHPSHUDWXUDGLFRORUHGDD
.DOLPHQWD]LRQH9FD+]DWWDFFR*8GLDP
' FDG ¼
PPGXUDWDQRPLQDOHRUHGHOOHVHJXHQWLWLSRORJLH
SRWHQ]D:HTXLYDOHQWLD:DGLQFDQGHVFHQ]D

/DPSDGHDOHGFRQULIOHWWRUHWHPSHUDWXUDGLFRORUHGDD
.DOLPHQWD]LRQH9FD+]DWWDFFR*8GLDP
' FDG ¼
PPGXUDWDQRPLQDOHRUHGHOOHVHJXHQWLWLSRORJLH
SRWHQ]D:HTXLYDOHQWLD:DGLQFDQGHVFHQ]D

/DPSDGH D OHG D WXER SHU DSSOLFD]LRQH LQ ODPSDGH D WXEL
IOXRUHVFHQWLWUDGL]LRQDOLFRPSDWLELOLDOLPHQWD]LRQH9FD
' FDG ¼
+]'XUDWDQRPLQDOHRUHGHOOHVHJXHQWLWLSRORJLH
/XQJKH]]DPPIOXVVROXPLQRVROPSRWHQ]DZ

' FDG ¼

' FDG ¼

' FDG ¼

$SSDUHFFKLRLOOXPLQDQWHOHGDXWRQRPRDEDQGLHUD3URGRWWRLQ
FRQIRUPLWj DOOH QRUPH (1 &(, H JUDGR GL
SURWH]LRQH ,3 ,. LQ FRQIRUPLWj DOOH QRUPH (1
' &RUSRLQWHFQRSROLPHURULIOHWWRUHLQSOH[LJODVVWUDVSDUHQWHFRQ FDG ¼
PLFURILQLWXUDSHUPDVVLPRUHQGLPHQWRSRWHQ]DZFRPSOHWR
GLDFFHVVRULSHUILVVDJJLRDSDUHWHDSODIRQHRDVRVSHQVLRQH
QHOOHYHUVLRQLDXWRQRPLDKULFDULFDK

ϲϯϯ

$SSDUHFFKLRLOOXPLQDQWHOHGDXWRQRPRDEDQGLHUD3URGRWWRLQ
SURWH]LRQH ,3 ,. LQ FRQIRUPLWj DOOH QRUPH (1
' &RUSRLQWHFQRSROLPHURULIOHWWRUHLQSOH[LJODVVWUDVSDUHQWHFRQ FDG ¼
PLFURILQLWXUDSHUPDVVLPRUHQGLPHQWRSRWHQ]DZFRPSOHWR
GLDFFHVVRULSHUILVVDJJLRDSDUHWHDSODIRQHRDVRVSHQVLRQH
QHOOHYHUVLRQLDXWRQRPLDKULFDULFDK

$SSDUHFFKLROHGSHUVHJQDOHWLFDGLVLFXUH]]DSHUPDQHQWH6$
DGDWWD SHU ORFDOL GL SXEEOLFR VSHWWDFROR FRQ OXPLQRVLWj
VHOH]LRQDELOH DOWR GHVLJQ 3URGRWWR LQ FRQIRUPLWj DOOH QRUPH
(1 81, (1 81, 6FKHUPR LQ
SROLFDUERQDWRVHULJUDIDWRFRQVLVWHPDGLLOOXPLQD]LRQHFKHFKH
' JDUDQWLVFHPDVVLPDXQLIRUPLWjGLXQLOOXPLQDPHQWRDOVHJQDOH FDG ¼
HG HOHYDWLVVLPD OXPLQRVLWj ROWUH FGPT YLVLELOLWj P
&RPSOHWR GL VWDIID XQLYHUVDOHSHULQVWDOOD]LRQLD VRIILWWR HG D
SDUHWH3RWHQ]D:&RUSRWHODLRLQDOOXPLQLR$XWRQRPLD
K K K VHOH]LRQDELOH FRQ GLVSRVLWLYR LQWHUQR1HL WLSL
PRQRIDFFLDOH,3

$SSDUHFFKLROHGSHUVHJQDOHWLFDGLVLFXUH]]DSHUPDQHQWH6$
DGDWWD SHU ORFDOL GL SXEEOLFR VSHWWDFROR FRQ OXPLQRVLWj
VHOH]LRQDELOH DOWR GHVLJQ 3URGRWWR LQ FRQIRUPLWj DOOH QRUPH
(1 81, (1 81, 6FKHUPR LQ
SROLFDUERQDWRVHULJUDIDWRFRQVLVWHPDGLLOOXPLQD]LRQHFKHFKH
' JDUDQWLVFHPDVVLPDXQLIRUPLWjGLXQLOOXPLQDPHQWRDOVHJQDOH FDG ¼
HG HOHYDWLVVLPD OXPLQRVLWj ROWUH FGPT YLVLELOLWj P
&RPSOHWR GL VWDIID XQLYHUVDOHSHULQVWDOOD]LRQLD VRIILWWR HG D
SDUHWH3RWHQ]D:&RUSRWHODLRLQDOOXPLQLR$XWRQRPLD
K K K VHOH]LRQDELOH FRQ GLVSRVLWLYR LQWHUQR1HL WLSL
ELIDFFLDOH,3

$SSDUHFFKLR LOOXPLQDQWH OHG DXWRQRPR GD LQFDVVR SHU
LOOXPLQD]LRQH SHUPDQHQWH R QRQ SHUPDQHQWH 3URGRWWR LQ
' SURWH]LRQH ,3 ,. LQ FRQIRUPLWj DOOH QRUPH (1 FDG ¼
&RUSR LQ PDWHULDOH SODVWLFR DXWRHVWLQJXHQWH SRWHQ]D Z
VLVWHPDDXWRWHVWFRQLQGLFDWRUHDOHGELFRORUHQHOOHYHUVLRQL
DXWRQRPLDKWHPSRGLULFDULFDK

$SSDUHFFKLR LOOXPLQDQWH OHG DXWRQRPR GD LQFDVVR SHU
LOOXPLQD]LRQH SHUPDQHQWH R QRQ SHUPDQHQWH 3URGRWWR LQ
' SURWH]LRQH ,3 ,. LQ FRQIRUPLWj DOOH QRUPH (1 FDG ¼
&RUSR LQ PDWHULDOH SODVWLFR DXWRHVWLQJXHQWH SRWHQ]D Z
VLVWHPDDXWRWHVWFRQLQGLFDWRUHDOHGELFRORUHQHOOHYHUVLRQL
DXWRQRPLDKWHPSRGLULFDULFDK

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$SSDUHFFKLR OHG SHU LOOXPLQD]LRQH GL HPHUJHQ]D DXWRQRPLD

K RWWLFD DVLPPHWULFD DWWLYDELOH DQFKH FRPH LOOXPLQD]LRQH
SHUPDQHQWH FRPSOHWR GL VFDWROD GD LQFDVVR FRUSR LQ
SROLFDUERQDWR H SODFFD GL FRSHUWXUD FRQ UHWH GL SURWH]LRQH LQ
' FDG ¼
DOOXPLQLRSUHVVRIXVRSUHYHUQLFLDWRJUDGRGLSURWH]LRQH,3
8WLOL]]DELOH FRPH VHJQDSDVVR OXFH QRWWXUQD R GL HPHUJHQ]D
3URGRWWR LQ FRQIRUPLWj DOOH QRUPH (1 3RWHQ]D
[:

$SSDUHFFKLR OHG SHU LOOXPLQD]LRQH GL HPHUJHQ]D FRQ
SRVVLELOLWj GL VHWWDJJLR GHOO
DXWRQRPLD K K K WHPSR GL
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DXWRQRPLDOPKGLDXWRQRPLD6$OP&RUSRLQ
' SROLFDUERQDWR RWWLFD VLPPHWULFD VFKHUPR LQ SROLFDUERQDWR FDG ¼
WUDVSDUHQWH*UDGRGLSURWH]LRQH,33RWHQ]D:3URGRWWR
LQFRQIRUPLWjDOOHQRUPH(181,(1&RPSOHWR
GL DFFHVVRUL SHU ILVVDJJLR D SDUHWH D SODIRQH D EDQGLHUD R D
LQFDVVR

$SSDUHFFKLRSHULOOXPLQD]LRQHGLHPHUJHQ]DD/('FRQIRUPH
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O
DXWRQRPLDVWDQGDUGGLKRKGRWDWRGLVLVLWHPDDXWRPDWLFR
GL WHVW GL DXWRQRPLD FKH FRPSUHQGH LO FRQWUROOR GL WXWWH OH
IXQ]LRQLGHOODODPSDGDLQXQDUFRGLWHPSRSDULDOO
DXWRQRPLD
ULFKLHVWDGDOOHVLQJROHQRUPDWLYHULVXOWDWRGHLWHVWYLVXDOL]]DWR
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DSSDUHFFKLRLQVWDOODELOH
' DSDUHWHDSODIRQHDEDQGLHUDHDLQFDVVREDWWHULHLQFOXVHWLSR FDG ¼
7LWDQLXP D ULFDULFD UDSLWD LQ K SUHGLVSRVWR SHU
LQVHULPHQWRPRGXORDJJLXQWLYRDFFHVVRULRQRQLQFOXVRSHU
FHQWUDOL]]DUHLOFRQWUROORGHOO
DSSDUHFFKLRFRQVLVWHPD%XVH
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7HUPLQDOHFRORQQDPRQWDQWHFRPSRVWDGDWXERGLIHUUR
( ]LQFDWRGDOXQJRPPFRPSOHWRGLSH]]LVSHFLDOL FDG ¼
IRUQLWRHSRVWRLQRSHUD

%DULORWWLDPPRUWL]]DWRULDSUHFDULFDGLD]RWRIRUQLWL
( FDG ¼
HSRVWLLQRSHUD

9DVRLJLHQLFRDOO
LQJOHVHWLSRDFDFFLDWDLQSRUFHOODQD
YHWULILFDWDELDQFDGLSULPDVFHOWDLQRSHUDDOOHWWDWRFRQ
FHPHQWRHILVVDWRFRQYLWLHERUFKLHFURPDWHVXDSSRVLWL
( WDVVHOOL LQ OHJQR FRPSUHVH OH JXDUQL]LRQL O
DQHOOR GL
JRPPDLFROODULQLPHWDOOLFLSHULOUDFFRUGRDOO
HVDODWRUH
HG DO WXER GHOO
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TXDQWRDOWURRFFRUUDSHUFKpVLDIXQ]LRQDQWH
( D GHOOHGLPHQVLRQLGL[[PPFLUFD FDG ¼
GHOWLSRDERUGRODUJRGHOOHGLPHQVLRQLGL[[
( E FDG ¼
PPFLUFDSHUEDPELQL

9DVRLJLHQLFRDSDYLPHQWRDOODWXUFDGLSULPDVFHOWD
( IRUQLWRHSRVWRLQRSHUDFRPSUHVDRJQLRSHUDPXUDULDHG
LOVLIRQHDSDYLPHQWR
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LQJUHVSRUFHOODQDWRELDQFRILUHFOD\GHOOHGLPHQVLRQL
( E FDG ¼
GL[PPFLUFD

&DVVHWWD GL VFDULFR LQ SRUFHOODQD YHWULILFDWD ELDQFD
GHOOD FDSDFLWj GL OLWUL FLUFD FRPSOHWD GL WXER GL
FDFFLDWD LQ DFFLDLR ]LQFDWR GL DSSDUHFFKLDWXUD GL
( FDG ¼
UHJROD]LRQHHFRPDQGRDSXOVDQWHWLSR&DWLVFRQSDUWLLQ
YLVWDFURPDWHFRPSUHVRRSHUHPXUDULHHGRJQLRQHUHH
PDJLVWHUR

&DVVHWWDD]DLQRLQSRUFHOODQDYHWULILFDWDELDQFDGHOOH
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EDWWHULDLQWHUQDSHUVFDULFRFRPSRVWDGLSLOHWWRQHGLOHYD
GLPDQRYUDFRQFRQWUDSSHVRGLUXELQHWWRDJDOOHJJLDQWH
( FDG ¼
GL UDFFRUGR SHU DWWDFFR DO YDVR FRQ JXDUQL]LRQH GL
JRPPD GL WXER GL VFDULFR DG ³/´ LQ RWWRQH FURPDWR
FRPSUHVH OH RSHUH PXUDULH HG RJQL DOWUR RQHUH H
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6HGLOH LQ SODVWLFD SHU YDVR LJLHQLFR FRPSOHWR GL
(
FRSHUFKLRPRUVHWWLHSDUDFROSLSRVWRLQRSHUD
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( E GLFRORUHQHURGHOWLSRFRUUHQWH FDG ¼

ϳϬϲ

2ULQDWRLR D EHFFR LQ SRUFHOODQD YHWULILFDWD ELDQFD

VRVSHVRDSDUHWHGHOOHGLPHQVLRQLGL[PPFLUFD
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( FDG ¼
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PXUDULDHO
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2ULQDWRLR D FRORQQD LQ JUHV SRUFHOODQDWR ELDQFR GD
[ PP FLUFDGL SULPD VFHOWD IRUQLWR H SRVWR LQ
RSHUD FRPSOHWR GL YHOD GL ODYDJJLR GL SHGDQH GL
( FRSULJLXQWR JULJOLD GL RWWRQH FURPDWR GL SLOHWWRQH GL FDG ¼
VFDULFR H GL VLIRQH FRPSUHVD RJQL RSHUD PXUDULD
O
DSSOLFD]LRQHGLWDVVHOOLPXUDWLSHULOILVVDJJLRFRQYLWL
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%HYHULQR LQ SRUFHOODQD YHWULILFDWD ELDQFD GHOOH
GLPHQVLRQL GL [ PP FLUFD FRQ ]DPSLOOR
SDUDEROLFR GHO WLSR GD ILVVDUH D SDUHWH SRVWR LQ RSHUD
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UDFFRUGLSHUO
DOLPHQWD]LRQHHORVFDULFRHUXELQHWWHULDLO
WXWWRLQRWWRQHFURPDWRGHOWLSRSHVDQWHFRPSUHVHRSHUH
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/DYDSLHGL LQ ILUHFOD\ GHOOH GLPHQVLRQL GL FLUFD
[[ PP FRQ SRJJLDSLHGL H VDSRQLHUD FRQ
WURSSR SLHQR SHU LQVWDOOD]LRQL VX LGRQHL VXSSRUWL
( FRPSOHWR GL SLOHWWRQH WDSSR GL JRPPD FRQ FDWHQHOOD FDG ¼
VLIRQH H JUXSSR PLVFHODWRUH FRQ UXELQHWWL LO WXWWR LQ
RWWRQHFURPDWRWLSRSHVDQWHFRPSUHVHRSHUHPXUDULHHG
RJQLRQHUHHPDJLVWHUR

/DYDER D FDQDOH LQ ILUHFOD\ LQ RSHUD FRPSOHWR GL
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( D GHOOHGLPHQVLRQLGL[PPFLUFD FDG ¼
( E GHOOHGLPHQVLRQLGL[PPFLUFD FDG ¼

/DYDER GL SRUFHOODQD YHWULILFDWD ELDQFD GL SULPD
VFHOWD LQ RSHUD VX PHQVROH GL VRVWHJQR LQQHVWDWR DOOR
VFDULFRHDOOHWXED]LRQLDIIHUHQWLFRPSOHWRGLSLOHWWDGL
RWWRQHFURPDWRGDHGLVFDULFRDXWRPDWLFRDSLVWRQH
(
VLIRQH D ERWWLJOLD WXER H URVRQH D PXUR H JUXSSR
PLVFHODWRUH FRQ UXELQHWWL GL PDQRYUD LO WXWWR LQ RWWRQH
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RQHUHHPDJLVWHUR
GHOOH GLPHQVLRQL GL [ PP FLUFD FRQ FRSSLD GL
( D FDG ¼
UXELQHWWLDFROORGLFLJQRGD
GHOOH GLPHQVLRQL GL [ PP FLUFD FRQ JUXSSR
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ERFFDGLHURJD]LRQHDOFHQWUR
ϳϬϳ

GHOOH GLPHQVLRQL GL [ PP FLUFD FRQ JUXSSR

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/DYDERFRQFRORQQDLQSRUFHOODQDYHWULILFDWDELDQFD
GLSULPDVFHOWDGHOOHGLPHQVLRQLGLFLUFD[PP
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DXWRPDWLFR D SLVWRQH VLIRQH D ERWWLJOLD GD WXER H
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PDJLVWHUR

%LGHWLQSRUFHOODQDYHWULILFDWDELDQFDGLSULPDVFHOWD
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/DYHOORGDFXFLQDLQILUHFOD\FRQWDYRODVFRODSLDWWLGHO
WLSRPRQROLWLFRLQRSHUDVXPHQVROHLQIHUURPXUDWHH
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(
GDJUXSSRGLPLVFHODSHUHURJD]LRQHFHQWUDOHSHU
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( D FDG ¼
XQDYDVFKHWWD
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GXHYDVFKHWWHHVLIRQHDGXHYLH
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GXHYDVFKHWWHHVLIRQHDGXHYLH

/DYDWRLR LQ JUHV SRUFHOODQDWR ILUHFOD\ FRQ
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ϳϬϴ

9DVFDGDEDJQRGHOWLSRGDULYHVWLUHGHOOHGLPHQVLRQL
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( ERFFDG
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LQ JKLVD SRUFHOODQDWD ELDQFD FRQ FKLXVXUD FRVWLWXLWD GD
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WDSSRGLJRPPDHFDWHQHOOD
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SLVWRQHHUXELQHWWHULDDGLQFDVVR
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WDSSRGLJRPPDHFDWHQHOOD
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( G
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3LDWWR SHU GRFFLD IRUQLWR H SRVWR LQ RSHUD FRPSUHVR
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( URVRQHJUXSSRPLVFHODWRUHDGLQFDVVRFRQGXHUXELQHWWL
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(
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ϳϬϵ

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FXVWRGLDLQJKLVDWLSR³5RPD´FRQWHODLRHSRUWHOODFRQ
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FRPSOHWDGLUXELQHWWRGLHFRQFDSSXFFLRPDQLJOLD
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DQWH
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UHJRODPHQWDULFHUWLILFDWL
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SHUFHQWLQVHU]LRQLK
VRYUDSSUH]]RSHUTXDGURGLPDQRYUDFRQSUHQRWD]LRQLGL
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VDOLWDHGLVFHVD³6LPSOH[´DQ]LFKpDPDQRYUDXQLYHUVDOH
VRYUDSSUH]]RSHUTXDGULGLPDQRYUDSHUSUHQRWD]LRQLGL
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SHURJQLLPSLDQWR
VRYUDSSUH]]RSHUTXDGURGLPDQRYUDSHUSUHQRWD]LRQLGL
VDOLWD H GLVFHVD ³6LPSOH[´ R ³'XSOH[´ DQ]LFKp D
( Q PDQRYUDXQLYHUVDOHPDFRQUHJRODWRUHHOHWWURQLFRGHOOD FDG ¼
YHORFLWjHGLQDPRWDFKLPHWULFDRHQFRGHUYDULDWRUHGL
FRUUHQWH3HUPRWRUHGD+S±YHORFLWjPVHF
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VRYUDSSUH]]R SHU SRUWH GL SLDQR UHVLVWHQWL DO IXRFR
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RPRORJDWHHFHUWLILFDWH5(,
( S FDG ¼
RPRORJDWHHFHUWLILFDWH5(,3HURJQLSRUWDDQWH
ϳϭϯ

VRYUDSSUH]]R FRQ SDYLPHQWR LQ PDUPR R JUDQLWR QHOOD

( T FDG ¼
FDELQDPRELOH
VRYUDSSUH]]RSHURJQLSRUWDGLSLDQRULYHVWLWDDQFKHGDOOD
( U SDUWHLQWHUQDLQDFFLDLRLQR[PLVXUDSRUWDGDD FDG ¼
P
VRYUDSSUH]]R SHU LPSLDQWR FRQ PDFFKLQDULR SRVWR LQ
( V
EDVVRDQ]LFKpLQDOWR
VRYUDSSUH]]R DOO¶LPSLDQWR SHU FDELQD FRQ GRSSLR
( W
VHUYL]LR
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SHUVRQH
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DQWLEODFNRXWFRQDSHUWXUDSRUWHGLFDELQD

(
PRWRUHDUJDQRGD+SJUXSSRGLVROOHYDPHQWRDUJDQR
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QRQLQIHULRUHDNJDSHUWXUDSRUWHP
( E
( F FDG ¼
( G FDG ¼
( H FDG ¼
DFFLDLRLQR[VSHVVRUHGLPPSHURJQLSRUWDDQWH
( I DFFLDLRLQR[VSHVVRUHGLPP$QWLJUDIILRSHURJQL FDG ¼
SRUWDDQWH
( J FDG ¼
( L FDG ¼
( M FDG ¼
LQVHU]LRQLK
( N FDG ¼
SHUFHQWLQVHU]LRQLK
ϳϭϰ

( O FDG ¼
SHURJQLLPSLDQWR
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FRUUHQWH SHU PRWRUH GD +S ± YHORFLWj ILQR
PVHF
( Q SHUPRWRUHGD+S±YHORFLWjILQRPVHF FDG ¼
( R FDG ¼
RPRORJDWHHFHUWLILFDWH5(,SHURJQLSRUWDDQWH
( S FDG ¼
VRYUDSSUH]]R FRQ SDYLPHQWR LQ PDUPR R JUDQLWR QHOOD
( T FDG ¼
FDELQDPRELOH
P
( V
EDVVRDQ]LFKpLQDOWR
( W
VHUYL]LR
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( W VXLODWLFRQWLJXL
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3RUWDWDGLNJQSHUVRQHDUPDWXUDGLFDELQD
(
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QRQLQIHULRUHDNJDSHUWXUDSRUWHP
( E
( F FDG ¼
( G FDG ¼
ϳϭϱ


DQWH
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SRUWDDQWH
( J FDG ¼
( L FDG ¼
( M FDG ¼
LQVHU]LRQLK
( N FDG ¼
SHUFHQWLQVHU]LRQLK
( O FDG ¼
SHURJQLLPSLDQWR
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FRUUHQWH SHU PRWRUH GD +S ± YHORFLWj ILQR
PVHF
( R FDG ¼
( S FDG ¼
VRYUDSSUH]]R SHU FDELQD PRELOH F V G PD FRQ
( T FDG ¼
SDYLPHQWRLQPDUPRRJUDQLWR
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SDUWHLQWHUQDLQDFFLDLRLQR[0LVXUDSRUWDGDP
( V
EDVVRDQ]LFKpLQDOWR
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VHUYL]LR
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ϳϭϲ


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( E
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ϳϭϴ


( H FDG ¼
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SRUWDDQWH
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( L FDG ¼
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LQVHU]LRQLK
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SHUFHQWLQVHU]LRQLK
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SHURJQLLPSLDQWR
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( S FDG ¼
( T FDG ¼
( U SDUWHLQWHUQDLQDFFLDLRLQR[0LVXUDSRUWDGDD FDG ¼
P
( V
EDVVRDQ]LFKpLQDOWR
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VHUYL]LR
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SHUVRQH
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ϳϭϵ


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DQWH
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SRUWDDQWH
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LQVHU]LRQLK
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SHUFHQWLQVHU]LRQLK
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SHURJQLLPSLDQWR
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( U SDUWHLQWHUQDLQDFFLDLRLQR[0LVXUDSRUWDGDD FDG ¼
P
( V
EDVVRDQ]LFKpLQDOWR
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VHUYL]LR
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ϳϮϮ


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( D ILQRDIHUPDWH FDG ¼
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SHU RJQL IHUPDWD R JHPPD OXPLQRVD LQ SL DXPHQWR
( F
SHUFHQWXDOHGHO
ERWWRQLHUD FRQ SLDVWUD LQ DFFLDLR LQR[ DXPHQWR
( G
SHUFHQWXDOHGHO
ERWWRQLHUD FRQ SLDVWUD LQ RWWRQH FURPDWR DXPHQWR
( H
SHUFHQWXDOHGHO

%RWWRQLHUDGLSLDQRFRQSLDVWUDGLDOOXPLQLRDQRGL]]DWR
FRQ R VHQ]D VFULWWD SUHVHQWHRFFXSDWR FRPSOHWD GL
(
VFDWRODGLFRQWHQLPHQWRYLWLGDGLVWRSLQVWDOODWDVX
PXURRVXSDQQHOOLLQODPLHUDLQRSHUD
( D DGXHSXOVDQWLRJHPPH FDG ¼
( E DWUHSXOVDQWLRJHPPH FDG ¼
D GXH SXOVDQWL FRPSOHWD GL IUHFFH OXPLQRVH GL
( F FDG ¼
PRYLPHQWRFDELQD
( G FRQVLVWHPD%UDLOOH FDG ¼
( H VRYUDSSUH]]RSHURJQLSXOVDQWHRJHPPDLQSL
( I VRYUDSSUH]]RSHUSLDVWUDLQDFFLDLRLQR[SHUFHQWXDOHGHO FDG ¼
VRYUDSSUH]]RSHUSLDVWUDLQRWWRQHFURPDWRSHUFHQWXDOH
( J FDG ¼
GHO

%RWWRQLHUDVHOHWWLYDGLPDQXWHQ]LRQHFRPSOHWDGL
( VFDWROD LQWHUUXWWRUL XQLSRODUL SXOVDQWL SUHVH FDG ¼
DFFHVVRULHWFLQRSHUD

%URQ]RODYRUDWRSHUODIRUPD]LRQHGLEURQ]LQHHERFFROH
( NJ ¼
VRORIRUQLWXUD

ϳϱϬ

&DELQD PRELOH ILQR DOOD SRUWDWD GL Q SHUVRQH

FRPSOHWDGLVSHFFKLRDQWLQHGLTXDOVLDVLWLSRPDQLJOLH
FRQWDWWL DVSRUWDELOL SLQ]H R PDJQHWLQL GL EORFFDJJLR
GHOOH SRUWH VWHVVH SDYLPHQWR LQ OLQROHXP VRWWRVRJOLD
(
UHJRODPHQWDUH GLIIXVRUH D OXFH LQGLUHWWD R GLIIXVD
SUHGLVSRVL]LRQH SHU OD ERWWRQLHUD GL FDELQD H SHU
IRWRFHOOXOH GL TXDOVLDVL WLSR WLUDQWL FHUQLHUH HWF LQ
RSHUD
( D VWUXWWXUDLQSDQQHOOLGLODPLHUDGLIHUUR
( D ULYHVWLWDLQWHUQDPHQWHLQODPLQDWRSODVWLFR FDG ¼
( D ULYHVWLWDLQWHUQDPHQWHLQDFFLDLRLQR[VDWLQDWRROXFLGR FDG ¼
( D ULYHVWLWDLQWHUQDPHQWHLQDFFLDLRLQR[DQWLJUDIILR FDG ¼
VWUXWWXUD LQ SDQQHOOL GL ODPLHUD GL IHUUR H YHWUL GL
( E
VLFXUH]]D
( E ULYHVWLWDLQWHUQDPHQWHLQDFFLDLRLQR[VDWLQDWRROXFLGR FDG ¼
VRYUDSSUH]]R SHU SRUWDWD VXSHULRUH DOOH SHUVRQH SHU

( F
RJQLSHUVRQDLQSL

&DELQDPRELOHLQODPLHUDGLIHUURULYHVWLWDLQWHUQDPHQWH
LQ OHJQR GL YDULH HVVHQ]H QRFH QD]LRQDOH URYHUH
FLOLHJLRPRJDQRGDLQVWDOODUVLLQXIILFLHGLQVWDELOLGL
SDUWLFRODUH SUHJLR DUFKLWHWWRQLFR FRPSOHWD GL DQWLQH GL
( TXDOVLDVLWLSRSDYLPHQWRLQPDUPRFRQRVHQ]DLQWDUVLLQ
RWWRQH R VLPLOL VRWWRVRJOLD UHJRODPHQWDUH GLIIXVRUL
DORJHQL R DOWUD IRQWH GL LOOXPLQD]LRQH VSHFFKLR
DOORJJLDPHQWR SHU OD ERWWRQLHUD GL FDELQD WLUDQWL
FHUQLHUHHWFLQRSHUD
( D ILQRDOODSRUWDWDGLQSHUVRQH FDG ¼
( E SHUSRUWDWHVXSHULRULDOOHSHUVRQHRJQLSHUVRQDLQSL

&DELQD PRELOH SHU SLFFROL PRQWDFDULFKLLQ ODPLHUDGL

(
IHUURYHUQLFLDWDDQWLUXJJLQHLQRSHUD
( D ILQRDOODVXSHUILFLHGLPð FDG ¼
( E ILQRDOODVXSHUILFLHGLPð FDG ¼
( F ILQRDOODVXSHUILFLHGLPð FDG ¼
( G VRYUDSSUH]]RSHUYHUQLFLDWXUDDIXRFR
( H VRYUDSSUH]]RSHUODPLHUDGLDFFLDLRLQRVVLGDELOH

&DPPHV SHU LQYHUWLWRUL SHU VDOLWD H GLVFHVD FRPSUHVR

( DQFRUDJJLRVXVWDIIDFRQYLWLHGDGLUHJROD]LRQHDSHUWXUD FDG ¼
DVHFRQGDGHJOLLQYHUWLWRULHWFLQRSHUD

&DPPHV GL DFFRSSLDPHQWR SRUWH DXWRPDWLFKH GL

( FDG ¼
TXDOVLDVLWLSRHIRUPDFRPSUHVRYLWLGDGLHWFLQRSHUD

&DQFHOOL D JKLJOLRWWLQD LQ ODPLHUD GL IHUUR YHUQLFLDWD
DQWLUXJJLQH RSSRUWXQDPHQWH SLHJDWD H ULQIRU]DWD
( FRUUHGDWL GL JXLGH SDWWLQL FDUUXFROH WLUDQWL FDWHQH
JRPPH SDUDPDQR DQJRODUH GL VRJOLD ]DQFKH
EXOORQHULDVWRSHWFLQRSHUD
ϳϱϭ

( D OXFHQHWWDILQRDP[ FDG ¼

( E OXFHQHWWDILQRDP[ FDG ¼
( F OXFHQHWWDILQRDP[ FDG ¼
( G OXFHQHWWDILQRDP[ FDG ¼
( H OXFHQHWWDILQRDP[ FDG ¼
( I OXFHQHWWDILQRDP[ FDG ¼
( J VRYUDSSUH]]RSHUYHUQLFLDWXUDDIXRFR
( K VRYUDSSUH]]RSHUODPLHUDGLDFFLDLRLQRVVLGDELOH

&DUUHOOR SHU DQWLQH VFRUUHYROL FHQWUDOL R WHOHVFRSLFKH
FRPSOHWRGLFDWHQHRIXQLWLUDQWLDUUHVWLFXVFLQHWWLR
( URWHOOH PROOH SHU OD ULFKLXVXUD GHOOH SRUWH GL
SURWH]LRQHIURQWDOHGL]DQFKHREXOORQLGLILVVDJJLRVWRS
HWFLQRSHUD
( D ILQRDGXHDQWLQHFRQWUDSSRVWHOXFHYLYDSRUWDP FDG ¼
( E ILQRDGXHDQWLQHWHOHVFRSLFKHOXFHYLYDSRUWDP FDG ¼
( F ILQRDGXHDQWLQHWHOHVFRSLFKHOXFHYLYDSRUWDP FDG ¼
ILQRDTXDWWURDQWLQHWHOHVFRSLFKHFHQWUDOLOXFHYLYDSRUWD
( G FDG ¼
P
( H FDG ¼
P
( I
VXSHULRUHDPRJQLFP

&DUWHOOLQHGLVRVSHQVLRQHSHUTXDOVLDVLWLSRGLSRUWHGL
( SLDQRH GL FDELQD FRPSOHWH GL EXOORQL GDGL URWHOOH FDG ¼
FXVFLQHWWLIRULHWFLQRSHUD

&DUWHOOR LQGLFDWRUH LQ PHWDOOR GL IXRUL VHUYL]LR

( FDG ¼
FRPSOHWRGLIXQLFHOODVRORIRUQLWXUD

&DUWHOORLQGLFDWRUHSHUOHLVWUX]LRQLSHUODPDQRYUD
( DPDQRGLHPHUJHQ]DFRPSOHWRGLYLWLHVWRSHWFLQ
RSHUD
( D FRQPDWHULDOHDGHVLYR FDG ¼
( E LQPHWDOOR FDG ¼

&DVVHWWD SHU OD FXVWRGLD GHOOH FKLDYL GHO ORFDOH

( PDFFKLQDULR FRQ VSRUWHOOHWWR D FKLDYH XQLYHUVDOH FDG ¼
FRPSOHWRGLDFFHVVRULFRPHYLWLVWRSIRULHWFLQRSHUD

&DWHQDSHUDSHUWXUDHFKLXVXUDFDQFHOOLDJKLJOLRWWLQD
( FDG ¼
FRPSUHVRWLUDQWLPRUVHWWLHWFLQRSHUD

&DWHQDSHUVHOHWWRUHFRPSUHVDGLHYHQWXDOHPRUVHWWRR
( P ¼
WLUDQWHLQRSHUD

ϳϱϮ

&DWHQDFFLR GL EORFFR HOHWWURPHFFDQLFR SHU FDQFHOOL D

JKLJOLRWWLQDFRPSOHWRGLSLDVWUDGLVXSSRUWROHYDGL
( FDG ¼
D]LRQDPHQWR FRQWDWWL FRPSUHVH RSHUH PXUDULH H
PHFFDQLFKHYLWLGDGLHWFLQRSHUD
&DYR IOHVVLELOH LVRODWR FRQ PDWHULDOH WHUPRSODVWLFR
JUDGR GL LVRODPHQWR FRQFRQGXWWRUL LQ UDPH
(
DFFXUDWDPHQWHILVVDWRFRPHRFFRUUHFRPSUHVRPRUVHWWL
HFDSLFRUGDLQRSHUD
( D DFRQGXWWRUL P ¼
( E DFRQGXWWRUL P ¼
( F DFRQGXWWRUL P ¼
( G DFRQGXWWRUL P ¼
( H DFRQGXWWRUL P ¼
( I DFRQGXWWRUL P ¼

&HQWUDOLQDHOHWWURQLFDSHVDSHUVRQHWLSR//(&SHU
FRQWUROOR SRUWDWD LPSLDQWR FRQ GXH R SL VRJOLH
G
LQWHUYHQWR SLHQR FDULFR FDULFR HFFHVVLYR HWF
(
FRPSOHWD GL VHQVRUL GL SHVR H GLVSOD\ GL VRYUDFFDULFR
FRPSUHVRRJQLRQHUHSHULOILVVDJJLRVXOWHWWRGHOODFDELQD
PRELOHHFROOHJDPHQWLLQRSHUD
( D FRQVHQVRULGLSHVRILQRDNJ FDG ¼
( E FRQVHQVRULGLSHVRILQRDNJ FDG ¼

&HQWUDOLQR SUHGLVSRVWR SHU WHOHFRQWUROOR LPSLDQWL
DVFHQVRUL GD LQVWDOODUVL QHO ORFDOH PDFFKLQD ILQR D
PRGXOL FRPSOHWR GL EDUUD GLQ UHOq
FDEODJJL H
PRUVHWWLHUD GL FROOHJDPHQWR ILQR D PRUVHWWL SHU
FRQQHVVLRQHDGDSSDUHFFKLDWXUDSURWHOHFROOHJDPHQWR
DL TXDGUL GL PDQRYUD GL TXDOVLDVL WLSR H WHQVLRQH
( FDG ¼
FRPSUHVD OD SUHGLVSRVL]LRQH GL TXHVWL XOWLPL D WDOH
FROOHJDPHQWR OH OLQHH HOHWWULFKH H FDQDOL]]D]LRQL YDULH
SHU GDUH O
DSSDUHFFKLDWXUD SHUIHWWDPHQWH IXQ]LRQDQWH H
FRPSUHVR RJQL DOWUR RQHUH SHU OD UDSSUHVHQWD]LRQH
JUDILFDGHOOHPRGLILFKHVXJOLVFKHPLHOHWWULFLGLSULQFLSLR
GHOTXDGURGLPDQRYUD

( &HUQLHUHSHUDQWLQHGLFDELQDLQRWWRQHFURPDWRR
EURQ]DWR R LQ DOOXPLQLR FRPSUHVR YLWL WDVVHOOL HWF LQ
RSHUD FDG ¼

( &LWRIRQR FRSSLD SHU FROOHJDPHQWR FDELQD PRELOH H

ORFDOHPDFFKLQDULR FDG ¼

&RQWDWWLPDJQHWLFLQRUGVXGSHUFRPDQGRLQWHUUXWWRUL
PDJQHWLFL ELVWDELOL R SXQWDWRUL RWWLFL SHU VHOH]LRQH
PDQRYUDVDOLWDGLVFHVDOLYHOODPHQWRLPSLDQWRIHUPDWD
( H FRQVHQVR DSHUWXUD SRUWH DXWRPDWLFKH FRPSUHVR RJQL FDG ¼
RQHUH SHU LO ILVVDJJLR VXOOH JXLGH GL VFRUULPHQWR GHOOD
FDELQD PRELOH R VX SLDVWUD UHJLVWUDELOH LQ IHUUR R
DOOXPLQLRFRPSUHVHUHJLVWUD]LRQLLQRSHUD

ϳϱϯ

&RQWDWWLPLFURRQRUPDOLGLTXDOVLDVLWLSRDVIHUDD
URWHOODDSLVWRQHDOHYDSHUDUFDWHIRQGRPRELOH
( FDG ¼
OLPLWDWRULGLYHORFLWjHSXOHJJHWHQGLWULFLFRPSUHVRYLWL
GDGLIRULHWFLQRSHUD

&RQWDWWL DVSRUWDELOL SHU SRUWLQH GL TXDOVLDVL WLSR
( FRPSOHWL GL SDUWH ILVVD H PRELOH FRPSUHVD OD FDG ¼
LQFDVVDWXUDIRULYLWLGDGLHWFLQRSHUD

&RQWDWWR DVSRUWDELOH SHU EORFFR VHUUDWXUH SRUWH GL

( FDG ¼
SLDQRFRPSUHVRIRULYLWLLQRSHUD

&RQWURFRQWDWWLGLVLFXUH]]DSHUFDQFHOOLDJKLJOLRWWLQD
( FDG ¼
FRPSOHWLGLVWDIIHYLWLGDGLLQRSHUD

( &RUGLQRSHUPRYLPHQWRSRUWHDXWRPDWLFKHLQRSHUD FDG ¼

&RVWROD PRELOH SHU SRUWH DXWRPDWLFKH R EDUULHUH
( HOHWWURPHFFDQLFKHFRPSOHWDGLWXWWLJOLDFFHVVRULVWDIIH FDG ¼
YLWLGDGLLQRSHUD

( &UHPDJOLHUDFRQDQJRORHDVROHLQRSHUD FDG ¼

( &XVFLQHWWRSHUVXSSRUWRRSHUUHJJLVSLQWDSHUDUJDQLR

PRWRULLQRSHUD FDG ¼

'LFWDWRU R SRPSHWWH SHU OD FKLXVXUD GHOOH SRUWH GL
( SLDQR FRPSUHVR YLWL GDGL HG RJQL DOWUD RSHUD FDG ¼
PHFFDQLFDHWFSHUSRUWHQXRYHLQRSHUD

'LFWDWRU R SRPSHWWH VX SRUWH JLj HVLVWHQWL SHU OD

( FKLXVXUD GHOOH SRUWH GL SLDQR FRPSUHVR YLWL GDGL HG FDG ¼
RJQLDOWUDRSHUDPHFFDQLFDHWFSHUSRUWHQXRYHLQRSHUD

'LQDPR WDFKLPHWULFD SHU UHJRODWRUH HOHWWURQLFR GHOOD

( FDG ¼
YHORFLWjFRPSOHWRGLDFFHVVRULLQRSHUD

'LVSHUVRUHGLWHUUDLQWXERPDQQHVPDQQLQSURILODWLGL
IHUUR ]LQFDWR LQ WRQGLQR GL DFFLDLR UDPDWR HWF
FRPXQTXH ULVSRQGHQWH DOOH OHJJL HQRUPH YLJHQWL GHOOD
OXQJKH]]DILQRPFRPSOHWRGLSXQWD]]DHFROODUHSHU
( FDG ¼
O
DWWDFFR GHO FRQGXWWRUH GL WHUUD JLj
SUHGLVSRVWR SHU OD
JLXQ]LRQHGLXQXOWHULRUHHOHPHQWRFRPSUHVRRJQLPH]]R
GLRSHUDODPLVXUD]LRQHGHOODUHVLVWHQ]DGLWHUUDRSHUH
GLVWHUURHULSULVWLQRHWFLQRSHUD

'LVSRVLWLYR ODPSHJJLDQWH FRQWHQXWR LQ DSSRVLWR

( FDG ¼
FRQWHQLWRUHDWHQXWDVWDJQDLQRSHUD

ϳϱϰ

'LVSRVLWLYR FRPELQDWRUH WHOHIRQLFR SHU FROOHJDPHQWR

( ELGLUH]LRQDOHFDELQDPRELOHHPDQXWHQWRUHDLVHQVLGHOOD FDG ¼
'LUHWWLYD&((

(OHWWURDVSLUDWRULSHUUDIIUHGGDPHQWRPRWRULGLTXDOVLDVL
( SRWHQ]D FRPSOHWR GL FDUFDVVD IODQJLD JXDUQL]LRQL FDG ¼
EXOORQLGDGLFRPSUHVRIRULHWFLQRSHUD

(OHWWURPDJQHWH D VROHQRLGH D FRUUHQWH UDGGUL]]DWD
FRPSOHWR GL FDUFDVVD PHWDOOLFD GL TXDOVLDVL WLSR H
( PDUFD ILQR DOOD SRUWDWD GL NJ SHU IUHQL H SHU FDG ¼
FRPDQGR SDWWLQR UHWUDWWLOH FRPSUHVR IRUL GDGL YLWL
SHUQRHWFLQRSHUD

(OHWWURULGXWWRUHSHUFDQFHOOLVFRUUHYROLFRPSOHWRGL
( DFFHVVRUL PRWRUH TXDGUR HOHWWULFR HWF PRQRIDVH
YHQWLODWRLQRSHUD
( D ILQRD+3PRQRIDVH FDG ¼
( E ILQRD+3PRQRIDVH FDG ¼
( F ILQRD+3WULIDVH FDG ¼
( G ILQRD+3WULIDVH FDG ¼

(PHUJHQ]DPDWLFSHULPSLDQWLFRQTXDOVLDVLYHORFLWjH
WHQVLRQHFRPSOHWRGLULWRUQRDXWRPDWLFRDOSLDQRWHUUD
( GHOODFDELQDPRELOHLQPDQFDQ]DGLWHQVLRQHGLVSRVLWLYR FDG ¼
DSHUWXUD SRUWH EDWWHULD VHJQDOD]LRQH GL HPHUJHQ]D SHU
FDELQDHWXWWRTXDQWRDOWURRFFRUUHLQRSHUD

(QFRGHUSHUULOHYDPHQWRGHOQXPHURGLJLULGHOPRWRUH
GHOO
DUJDQRGLVROOHYDPHQWRQHFHVVDULRSHULQVWDOOD]LRQL
SRVWXPH VXL TXDGUL GL PDQRYUD GL DSSDUHFFKLDWXUH
( FDG ¼
HOHWWURQLFKHSHULOFRQWUROORGHOODYHORFLWj
GHOO
LPSLDQWR
FRPSUHVRRJQLRQHUHSHUPRQWDJJLRVXOO
DVVHGHOPRWRUH
HSURYHGLIXQ]LRQDPHQWRLQRSHUD

)DUHWWRUHDOL]]DWRFRQFRUSRLQDOOXPLQLRSUHVVRIXVRH
FRQ PROOH GL DJJDQFLR SUHGLVSRVWR SHU XWLOL]]DUH
( ODPSDGHDORJHQHILQRD:DWWFRQULIOHWWRUHGLFURLFRD FDG ¼
EDVVR YROWDJJLR FRPSOHWR GL ODPSDGD H UHDWWRUH
PHFFDQLFRRHOHWWURQLFRLQRSHUD

)RJOLRGLOHJQRGLFRPSHQVDWRGHOORVSHVVRUHILQRDPP
( PT ¼
FRPSUHVRFROODQWHFKLRGLIRULHWFLQRSHUD

)RWRFHOOXOD FRPSOHWD GL VSHFFKLR GL ULQYLR H GL

( DSSDUHFFKLDWXUD GL FRQWUROOR H GL DPSOLILFD]LRQH GHO FDG ¼
VHJQDOHFRPSUHVRGLVWDIIHGDGLIRULHWFLQRSHUD

ϳϱϱ

)RWRFHOOXODDEDUULHUDHOHWWURQLFDWLSR6/,0DUDJJL
LQIUDURVVL HG HPLVVLRQH PXOWLUDJJLR LQVWDOODWD D WXWWD
DOWH]]D VXOOH SRUWH GHOOD FDELQD PRELOH FRPSOHWD GL
( FDG ¼
FHQWUDOLQDHOHWWURQLFDGLFRQWUROORFRPSUHVRRJQLRQHUH
SHU LO PRQWDJJLR SURYH GL UHJLVWUD]LRQH H
IXQ]LRQDPHQWRLQRSHUD

)XQLLQDFFLDLROXFLGRDWUHIROLFRQDQLPDWHVVLOH
(
WLSR6($/(DILOLLQRSHUD
( J DXPHQWRSHUFHQWXDOHSHUIXQLILQRDILOL

*RPPDSHUFRVWROHPRELOLSHUSRUWHDXWRPDWLFKH
( FDG ¼
SHUFDQFHOOLDJKLJOLRWWLQDHWFLQRSHUD

*RPPLQL GL EDWWXWD SRUWH GL SLDQR H GL FDELQD

( FDG ¼
FRPSUHVRYLWLVWDIIHIRURVWRSHWFLQRSHUD

( *RQJSHUVHJQDOD]LRQHDFXVWLFDGLFDELQD FDG ¼

*UXSSR WHUPLFR SHU VDOYDPRWRUHWHOHUXWWRUH
( FRPSOHWR GL RJQL DFFHVVRULR FRPSUHVR YLWL GDGL IRUL
HWFLQRSHUD
( D ILQRD$PS FDG ¼
( E ILQRD$PS FDG ¼
( F ILQRD$PS FDG ¼

*XLGHWUDILODWHLQDFFLDLRGDPPDSHUFDELQDH
FRQWUDSSHVR D 7 DG 8 D / FRQ SURILOR QRUPDOH R
( VSHFLDOHFRPSOHWHGLSLDVWUHGLDFFRSSLDPHQWRHEXOORQL NJ ¼
IRUL HWF FRPSUHVR O¶HYHQWXDOH WDJOLR GL PXUDWXUD OD
LQFDVVDWXUDHODULSUHVDGHOODPXUDWXUDLQRSHUD

,QWHUUXWWRUH PDJQHWLFR R ELVWDELOH SHU FRPDQGR
( LPSXOVL DL VHOHWWRUL R TXDGUL GL PDQRYUD FRPSUHVR GL FDG ¼
VWDIIHYLWLHWFLQRSHUD

,QWHUUXWWRUH G
HPHUJHQ]D SHU IRQGR IRVVD H ORFDOH
( FDG ¼
ULQYLLLQRSHUD

ϳϱϲ

,QYHUWHU D UHDWWRUH SHU DFFHQVLRQH ODPSDGD

IOXRUHVFHQWH R LQFDQGHVFHQ]D GD LQVWDOODUH VXOOH FDELQH
PRELOL R QHL ORFDOL PDFFKLQD SUHGLVSRVWR LQ NLW GL
( FDG ¼
PRQWDJJLRSHUO
XWLOL]]D]LRQHLQHPHUJHQ]DGHOOHVWHVVH
ODPSDGH FRQ DXWRQRPLD PLQLPD GL RUH FRQIRUPH DO
'0LQRSHUD

,QYHUWLWRUHGLSLDQRHGLILQHFRUVDSHUODSRVDLQRSHUD
VX VWDIIH FRPSUHVR YLWL GDGL FROOHJDPHQWL H
(
UHJLVWUD]LRQLSHULOOLYHOODPHQWRGHOODFDELQDFRQLOSLDQR
GLIHUPDWDLQRSHUD
( D LQHVHFX]LRQHQRUPDOH FDG ¼
( E LQHVHFX]LRQHVWDJQD FDG ¼

/DPLHUD GL IHUUR VSHVVRUH ILQR D SHU
WDPSRQDWXUD GHL YDQL FRUVD SLHJDWD LQ SDQQHOOL
(
UHJRODPHQWDUL FRPSUHVR WHODL GL ULQIRU]R IRUL
EXOORQHULDVDOGDWXUHVWDIIHHWFLQRSHUD
( D FRQYHUQLFLDWXUDDQWLUXJJLQH PT ¼
( E FRQYHUQLFLDWXUDDIXRFR PT ¼

/DPLHUD GL IHUUR VWULDWD YHUQLFLDWD DQWLUXJJLQH GL

( NJ ¼
TXDOXQTXHVSHVVRUHFRPSUHVRIRULVDOGDWXUHLQRSHUD

/DPLHUDGLIHUURYHUQLFLDWDDQWLUXJJLQHGLTXDOXQTXH
VSHVVRUH SHU OD UHDOL]]D]LRQH GL PHQVROH JUDGLQL
( NJ ¼
EDOODWRL FRSHUWXUD FDQDOL]]D]LRQL HOHWWULFKH HWF
FRPSUHVRIRULVDOGDWXUHLQRSHUD

/DPLHUDGLDFFLDLRLQR[SLHJDWDLQSDQQHOOLRODYRUDWD
( PT ¼
FRPSOHWDGLSURILODWLGLULQIRU]RIRULVDOGDWXUHLQRSHUD

/DPLQDWR SODVWLFR SHU ULYHVWLPHQWR FDELQH PRELOL R
( SRUWH GL SLDQR FRPSUHVD OD UDVFKLDWXUD GHOOD SDUWH LQ
RSHUD
( D WLSRQRUPDOH PT ¼
( E WLSRLJQLIXJR PT ¼

/DPSDGDSRUWDWLOHDQRUPDGLOHJJHFRPSOHWDGL
( FDG ¼
RJQLDFFHVVRULRVRORIRUQLWXUD

/DPSDGD GL HPHUJHQ]D PRGXODUH LQVWDOODWD QHOOD

( FDG ¼
ERWWRQLHUDGHOODFDELQDPRELOHLQRSHUD

/HYDGLFRPDQGREORFFRVHUUDWXUDGLSLDQRFRPSOHWD
( FDG ¼
GLURWHOOHYLWLGDGLLQRSHUD

ϳϱϳ

/LPLWDWRUHGLYHORFLWjFRQIRUPHDO'0H
FHUWLILFD]LRQH,04R&(GLVSRVLWLYRFHQWULIXJRGD
( FDG ¼
LQVWDOODUHQHOORFDOHDUJDQRFRPSOHWRGLVWDIIHRSHUH
PXUDULHHPHFFDQLFKHLQRSHUD

/LQROHXP R JRPPD D EROOH SHU WDSSHWL GL FDOSHVWLR

( FDELQH PRELOL R ORFDOL PDFFKLQDUL VSHVVRUH PLQLPR PT ¼
PPFRPSUHVRUDVFKLDWXUDHFROODQWHHWFLQRSHUD

( /XFFKHWWR\DOHFRPSUHVRGLWLUDIRQGLHWFVRORIRUQLWXUD FDG ¼

0DJQHWLQL R SLQ]H SHU EORFFDJJLR DQWLQH GL FDELQD

( FDG ¼
FRPSUHVRVWDIIHYLWLIRULHWFLQRSHUD

0DQLJOLDSHUDQWLQHGLFDELQDFRPSUHVRIRULYLWLHWF
( FDG ¼
LQRSHUD

0ROOH LQ DFFLDLR FRQ IXQH R FDWHQH SHU FKLXVXUD

( VHPLDXWRPDWLFD SRUWH HVWHUQH DQWLQH GL FDELQD FDG ¼
FRPSUHVRYLWLVWDIIHWWHIRULHWFLQRSHUD

0ROOHLQDFFLDLRSHUDWWDFFKLWLUDQWLIXQLILORPP
( FDG ¼
LQRSHUD

( 0ROOHLQDFFLDLRSHUSDWWLQLSHUDUFDWHLQRSHUD FDG ¼

0ROORQL SHU H[WUDFRUVD GL WUDILODWR LQ DFFLDLR GL

( TXDOVLDVL VSHVVRUH ILQR DOOD OXQJKH]]D GL P FDG ¼
FRPSUHVRFDOFRORSLDVWUHVDOGDWXUHVWDIIHHWFLQRSHUD

0RUVHWWLHUDPHWjFRUVDFRPSOHWDGLFXVWRGLDFRPSUHVR
(
IRULYLWLHWFLQRSHUD
( D ILQRDPRUVHWWL FDG ¼
( E ROWUHLPRUVHWWL FDG ¼

0RWRUH DVLQFURQR WULIDVH DG XQD VROD YHORFLWj
WHQVLRQH9SHUHYHQWXDOHDEELQDPHQWRDTXDGUL
( GL PDQRYUD HTXLSDJJLDWL FRQ UHJROD]LRQH HOHWWURQLFD
GHOODYHORFLWjFRQYDULDWRUHGLIUHTXHQ]DFRPSUHVRIRUL
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( D GHOODSRWHQ]DILQRD+3 FDG ¼
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( J GHOODSRWHQ]DILQRD+3 FDG ¼
( K GHOODSRWHQ]DILQRD+3 FDG ¼
ϳϱϴ

( L GHOODSRWHQ]DILQRD+3 FDG ¼

( M GHOODSRWHQ]DILQRD+3 FDG ¼
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0RWRUHDVLQFURQRWULIDVHDGXHYHORFLWjWHQVLRQH
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LQRSHUD
( D GHOODSRWHQ]DILQRD+3 FDG ¼
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( H GHOODSRWHQ]DILQRD+3 FDG ¼
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( K GHOODSRWHQ]DILQRD+3 FDG ¼
( L GHOODSRWHQ]DILQRD+3 FDG ¼
( M GHOODSRWHQ]DILQRD+3 FDG ¼
( N GHOODSRWHQ]DILQRD+3 FDG ¼
( O GHOODSRWHQ]DILQRD+3 FDG ¼
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( Q SHUVHUYL]LRFRQWLQXRLQVHU]LRQLKDXPHQWR

2SHUDWRUHGLFDELQDSHULPSLDQWLFRQSRUWHDXWRPDWLFKH
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( F WHOHVFRSLFKHILQRDDQWLQHGLFDELQD
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OXFH YLYD VXSHULRUH D P RJQL FP DXPHQWR

( F
SHUFHQWXDOHGHO
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3DOHWWRULJLGRSHUVXSSRUWRVEDUUDHOHWWURPHFFDQLFDRSHU
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ϳϲϭ

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( 3XOVDQWHGLHPHUJHQ]DVRWWRYHWURSHUFRPDQGRD
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( 3XOVDQWH SHU ERWWRQLHUD GL SLDQR R GL FDELQD
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4XDGUR GL PDQRYUD D PLFURSURFHVVRUH SHU XQ
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* G VSHVVRUHILQLWRGDDFP PT ¼

$SHUWXUDGLYDQLSRUWDHVLPLODULGLPHQVLRQHLQGLFDWLYDGDFP
[DFP[VXWDYRODWLLQPDWWRQLSLHQLRIRUDWL
FRPSUHVD IRUQLWXUD H SRVD IDOVR WHODLR UDSSH]]L D UDFFRUGR
*
GHOO
HVLVWHQWH VXO SHULPHWUR VXL GXH ODWL SHU VLQJROL R SL
LQWHUYHQWL PD OLPLWDWL H FLUFRVFULWWL FRPSUHVH LPPRUVDWXUH H
SLDQLGLODYRURLQ
* D IRUDWRFP PT ¼
* E IRUDWRFP PT ¼
* F PDWWRQHSLHQRFP PT ¼
* G PDWWRQHSLHQRFP PT ¼

$SHUWXUD GL YDQL ILQHVWUD SRUWD ILQHVWUD SRUWD H VLPLODUL
GLPHQVLRQH LQGLFDWLYD GD FP [ D FP [ VX
PXUDWXUH SRUWDQWL SHULPHWUDOL R LQWHUQH FRPSUHVD SRVD IDOVR
WHODLRULTXDGUDWXUDFRQPXUDWXUDLQEORFFKLVYL]]HULRIRUDWRQL
*
VHPLSRUWDQWL HVHFX]LRQH LQWRQDFR GL ILQLWXUD H UDSSH]]L D
UDFFRUGRGHOO
HVLVWHQWHVXOSHULPHWURVXLGXHODWLSHUVLQJROLR
SLLQWHUYHQWLPDOLPLWDWLHFLUFRVFULWWLFRPSUHVHLPPRUVDWXUH
HSLDQLGLODYRURLQ
* D VSHVVRUHILQLWRGDDFP PT ¼
* E VSHVVRUHILQLWRGDDFP PT ¼
* F VSHVVRUHILQLWRGDDFP PT ¼
* G VSHVVRUHILQLWRGDDFP PT ¼

3DUHWL LQ EORFFKL GL JHVVR SLHQL R IRUDWL SHU VLQJROL R SL
* LQWHUYHQWLPDOLPLWDWLHFLUFRVFULWWLSHUGLYLVRULFKLXVXUDYDQL
FRPSUHVDVWXFFDWXUDGHLJLXQWL
* D VSHVVRUHFP PT ¼
* E VSHVVRUHFP PT ¼
* F VSHVVRUHFP PT ¼

&RQWURSDUHWH LQ ODVWUH JHVVR ULYHVWLWR D ERUGL DVVRWWLJOLDWL

* VSHVVRUH PP SHU VLQJROL R SL LQWHUYHQWL PD OLPLWDWL H PT ¼
FLUFRVFULWWLSHUSDUHWLLVRODWHFKLXVXUHYDQL

ϴϯϴ

,1721$&,

9HULILFDGLVWDELOLWjGHJOLLQWRQDFLFRQEDWWLWXUDHGHOLPLWD]LRQH
* FRQVHJQRFRORUDWRGHOOD]RQDGDULPXRYHUHFRPSUHVLLSLDQLGL
ODYRUR
VX SDUHWL HVWHUQH GL IDFFLDWD FRQ GLVSRQLELOLWj GL SRQWHJJLR
* D PT ¼
FRPSUHVLHYHQWXDOLSLDQLGLODYRURLQWHJUDWLYL
VXVRIILWWLLQORFDOLFRQDOWH]]DILQRDPFRPSUHVRPRQWDJJLR
* E H VPRQWDJJLR WUDEDWHOOR VSRVWDPHQWR H FRSHUWXUD GL SLFFROOH PT ¼
VXSSHOOHWWLOLSUHVHQWL
VX SDUHWL LQWHUQH GL ORFDOL FRQ DOWH]]D ILQR D P FRPSUHVR
* F PRQWDJJLR H VPRQWDJJLR SLDQL GL ODYRUR VSRVWDPHQWR H PT ¼
FRSHUWXUDGLSLFFROOHVXSSHOOHWWLOLSUHVHQWL
*
&RQVROLGDPHQWR GL VXSSRUWL GHEROL LQFRQVLVWHQWL VIDULQDQWL

* DVVRUEHQWL FRQ SULPHU D EDVH GL UHVLQD SROLXUHWDQLFD LQ PT ¼
VROX]LRQHDSSOLFDWRDSHQQHOORRUXOOR

5LSUHVD VDOWXDULD GHOO
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SDUHWL H VRIILWWL LQWHUQL &RPSUHVL O
LVSH]LRQH GHOO
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VXSHUILFLHORVFURVWDPHQWRGHOO
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GHOOD PXUDWXUD FRPSUHVD OD VFDUQLWXUD GHL JLXQWL
*
O
DEEDVVDPHQWRLOFDULFRHWUDVSRUWRGHOOHPDFHULHDJOLLPSLDQWL
GLVWRFFDJJLRGLUHFXSHURRDGLVFDULFDODSXOL]LDHGLOODYDJJLR
GHOOH VXSHUILFL GD ULSULVWLQDUH O
LQWRQDFR GL VRWWRIRQGR H GL
ILQLWXUDDOFLYLOHLSLDQLGLODYRURLO
PDJJLRURQHUHGLPDQRG
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DOOHSUHSDUD]LRQLDJOLVSRVWDPHQWL
0LVXUD]LRQHLQWHUDVXSHUILFLHLQWRQDFDWDGDULVDQDUHYDOXWDWDD
PHWURTXDGUDWRYXRWRSHUSLHQRFRQGHGX]LRQHGHLVLQJROLYDQL
FRQVXSHUILFLHSDULRVXSHULRUHDPðHFRQFRPSHQVD]LRQH
GHOOHULTXDGUDWXUH
3HUUDSSH]]L
* D ILQRDOGHOODVXSHUILFLH PT ¼
* E ILQRDOGHOODVXSHUILFLH PT ¼
* F ILQRDOGHOODVXSHUILFLH PT ¼
* G ILQRDOGHOODVXSHUILFLH PT ¼

5LSUHVDORFDOL]]DWDGLLQWRQDFRDPPDORUDWRVXSDUHWLHVRIILWWL
LQWHUQL 6RQR FRPSUHVL OR VFURVWDPHQWR GHOO
LQWRQDFR
GHWHULRUDWRFRQDEEDVVDPHQWRFDULFRHWUDVSRUWRGHOOHPDFHULH
DGLPSLDQWLGLVWRFFDJJLRGLUHFXSHURRDGLVFDULFDODSXOL]LD
* HGLOODYDJJLRGHOODVXSHUILFLHLOULQ]DIIRFRQPDOWDFHPHQWL]LD
LSLDQLGLODYRURLOPDJJLRURQHUHGLPDQRG
RSHUDFRQVHJXHQWH
DJOL DSSUHVWDPHQWL H DOOH SUHSDUD]LRQL (VFOXVL JOL RQHUL GL
VPDOWLPHQWR 0LVXUD]LRQH VXSHUILFLH HIIHWWLYDPHQWH
ULSULVWLQDWD
ϴϯϵ

, SUH]]L VRQR ULIHULWL D TXDQWLWDWLYL GD D Pð /D

GHWHUPLQD]LRQH GHL TXDQWLWDWLYL q ULIHULWD DG DWWLYLWj VYROWH LQ
XQRVWHVVRHGLILFLRDQFKHLQORFDOLGLYHUVLQHOFRUVRGHOORVWHVVR
LQWHUYHQWR4XLQGLWUHUDSSH]]LGDPTLQORFDOLDQFKHGLYHUVL
QHOORVWHVVRHGLILFLRHGLQWHUYHQWRVDUDQQRFRQWDELOL]]DWLFRPH
XQ WRWDOH GL PT DSSOLFDQGR OH PDJJLRUD]LRQL SURJUHVVLYH
FRQVHJXHQWL3HUILQLWXUDFRQ
* D LQWRQDFRUXVWLFR PT ¼
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VRYUDSSUH]]RSHUFHQWXDOHSHUHVHFX]LRQHGLVXSHUILFLHILQRDG
* G PðLQXQVLQJRORDSSRVLWRLQWHUYHQWRPLQLPRGDFRQWDELOL]]DUH
Pð
VRYUDSSUH]]RVXOODXOWHULRUHVXSHUILFLHGDDPðQHO
* H
VLQJRORDSSRVLWRLQWHUYHQWR
VRYUDSSUH]]R SHUFHQWXDOH VXOOD XOWHULRUH VXSHUILFLH GD D
* I
PðQHOVLQJRORDSSRVLWRLQWHUYHQWR

,QWRQDFRUXVWLFRVXVXSHUILFLOLPLWDWHHFLUFRVFULWWHTXDOLWUDFFH
VXWDYRODWLHPXULULTXDGUDWXUHGLYDQLWDPSRQDPHQWLHVLPLOL
* PT ¼
&RPSUHVLLSLDQLGLODYRURLOPDJJLRURQHUHGLPDQRG
RSHUD
SHUDSSUHVWDPHQWLSUHSDUD]LRQLUDFFRUGL

,QWRQDFRDFLYLOHVXVXSHUILFLOLPLWDWHHFLUFRVFULWWHTXDOLWUDFFH
VXWDYRODWLHPXULULTXDGUDWXUHGLYDQLWDPSRQDPHQWLGLYDQLH
* PT ¼
VLPLOL&RPSUHVLLSLDQLGLODYRURLOPDJJLRURQHUHGLPDQR
G
RSHUDSHUDSSUHVWDPHQWLSUHSDUD]LRQLUDFFRUGLDOO
HVLVWHQWH

5DVDWXUDDFLYLOHILQHRUDVDWXUDOLVFLDSHUUHJRODUL]]D]LRQHGL
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* EDVH GL OHJDQWL LGUDXOLFL VDEELD VLOLFHD OHJDQWL VLQWHWLFL PT ¼
DGGLWLYL DSSOLFDWD VX VXSHUILFL LQ FDOFHVWUX]]R LQWRQDFL
ULYHVWLPHQWLSODVWLFLFRPSUHVLLSLDQLGLODYRUR

5LSUHVD VDOWXDULD GHOO

LQWRQDFR GLIIXVDPHQWH DPPDORUDWR VX
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*
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RQHUHGLPDQRG
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FRPSHQVDQROHULTXDGUDWXUHGLVSDOOHHYROWLQL
ϴϰϬ

* D FRQUDSSH]]LDUXVWLFRILQRDOGHOODVXSHUILFLH PT ¼

* E FRQUDSSH]]LDUXVWLFRILQRDOGHOODVXSHUILFLH PT ¼
* F FRQUDSSH]]LDUXVWLFRILQRDOGHOODVXSHUILFLH PT ¼
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* H FRQUDSSH]]LDFLYLOHILQRDOGHOODVXSHUILFLH PT ¼
* I FRQUDSSH]]LDFLYLOHILQRDOGHOODVXSHUILFLH PT ¼

5LSUHVD VDOWXDULD GL LQWRQDFR GHFRUDWLYR D ULTXDGUL IDVFH
*
EXJQH
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GHOO
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O
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GHOOHVXSHUILFLGDULSULVWLQDUHODULFRVWUX]LRQHFRQLGRQHDPDOWD
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GL PDQR G
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* D FRQUDSSH]]LILQRDOGHOODVXSHUILFLH PT ¼
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ϴϰϭ


62772)21',

5LSUHVD VDOWXDULD GL VRWWRIRQGL SHU SDYLPHQWL H ODVWULFL FRQ
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*
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LQWHUDVXSHUILFLH
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&RQVROLGDPHQWRGLVRWWRIRQGLSUHHVLVWHQWLDVVRUEHQWLGHEROLR
* VIDULQDWL PHGLDQWH LQGXULWRUH D EDVH GL UHVLQH DSSOLFDWR D PT ¼
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O
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5LFHUFDHGHOLPLQD]LRQHGLLQILOWUD]LRQLG
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PDWHULDOHGLTXDOVLDVLQDWXUDHFRQVLVWHQ]DSXOL]LDDIRQGRGHO
* PT ¼
SLDQR H GHL FDQDOL GL VFDULFR &RPSUHVR O
DEEDVVDPHQWR H
O
DOORQWDQDPHQWRGDOFDQWLHUHGHLPDWHULDOLGLULVXOWD

ϴϰϮ

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* PT ¼
&RPSUHVR O
DEEDVVDPHQWR H O
DOORQWDQDPHQWR GDO FDQWLHUH GHL
PDWHULDOLGLULVXOWD

3XOL]LDGLFRUQLFLFRUQLFLRQLGDYDQ]DOLHGLHOHPHQWLGHFRUDWLYL
LQ JHQHUH GD GHSRVLWL LQFURVWD]LRQL WHUULFFLR JXDQR FRQ
* PT ¼
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GHWHUJHQWL

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'LVRVWUX]LRQHGLVFDULFKLGLJDELQHWWLUHODWLYDPHQWHDOVLIRQHHG
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HVFOXVDRJQLHYHQWXDOH
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5LFHUFDGLSHUGLWHLQUHWHGLLPSLDQWLLGURVDQLWDULLQFDVVDWLRD
*
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ODYDQGLQRYDVFDRGRFFLD
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*
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* 6RVWLWX]LRQHGLPLVFHODWRUHFRQUXELQHWWRDFRPDQGRDSHGDOH FDG ¼
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6RVWLWX]LRQHGLPLVFHODWRUHFRQUXELQHWWRPLVFHODWRUHDFHOOXOD
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ϴϰϰ

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* UXELQHWWHULDGLFRPDQGRHGLDUUHVWRFRQUHFXSHURGHOODVWHVVD FDG ¼
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,03(50($%,/,==$=,21,

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* 6RVWLWX]LRQHGLVHUUDWXUDSHUSRUWDFRPSOHWDGLFKLDYLGHOWLSR
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* 6RVWLWX]LRQHGLFRSSLDGLPDQLJOLHQHLPDWHULDOL
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5HYLVLRQH WHQGH YHUWLFDOL VFRUUHYROL FRPSUHVR PRQWDJJLR H
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ϴϰϵ

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9(75,

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3,7725(

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5DVFKLDWXUDGLYHUQLFLVPDOWLLQIDVHGLGLVWDFFRGDVXSHUILFL
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23(5(675$'$/,

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LPSLDQWLGLVWRFFDJJLRGLUHFXSHUR)LQRDP

5LPR]LRQHGLVHUSHQWRQHVWUDGDOHGLTXDOVLDVLQDWXUDFRPSUHVL
FDULFR H WUDVSRUWR GHL PDQXIDWWL ULXWLOL]]DELOL DL GHSRVLWL
* FRPXQDOL FDULFR H WUDVSRUWR GHOOH PDFHULH DG LPSLDQWL GL P ¼
VWRFFDJJLRGLUHFXSHURULSULVWLQLGHOOHSDYLPHQWD]LRQL)LQRD
P

5LPR]LRQHGLSDUDFDUUL&RPSUHVLORVFDYRODGHPROL]LRQHGHO
ULQILDQFR OD IRUQLWXUD H SRVD GL JKLDLD R GL PLVWD SHU LO
ULHPSLPHQWR GHOOR VFDYR LO FDULFR WUDVSRUWR H VFDULFR DL
* FDG ¼
GHSRVLWL FRPXQDOL GHL PDQXIDWWL ULXWLOL]]DELOL LO FDULFR
WUDVSRUWRHVFDULFRGHOOHPDFHULHDGLPSLDQWLGLVWRFFDJJLRRGL
UHFXSHURJOLVEDUUDPHQWLHODVHJQDOHWLFD)LQRDQ

5LPR]LRQHGLVHJQDOLPLWLSDOHWWLGLTXDOVLDVLQDWXUD&RPSUHVL
OR VFDYR OD GHPROL]LRQH GHO ULQILDQFR OD IRUQLWXUD H SRVD GL
JKLDLD R GL PLVWD SHU LO ULHPSLPHQWR GHOOR VFDYR LO FDULFR H
* WUDVSRUWR H VFDULFR GHL PDQXIDWWL ULXWLOL]]DELOL DL GHSRVLWL FDG ¼
FRPXQDOLLOFDULFRWUDVSRUWRHVFDULFRGHOOHPDFHULHDGLPSLDQWL
GL VWRFFDJJLR R GL UHFXSHUR JOL VEDUUDPHQWL H OD VHJQDOHWLFD
)LQRDQ

ϴϱϯ

5LPR]LRQH GL DUFKHWWL PHWDOOLFL DG 8 URYHVFLD H GHL UHODWLYL

EDVDPHQWL&RPSUHVLLOFDULFRWUDVSRUWRDGHSRVLWRFRPXQDOH
* FDG ¼
GHL PDQXIDWWL ULXWLOL]]DELOL R DG LPSLDQWL GL VWRFFDJJLR R GL
UHFXSHURLOULSULVWLQRGHOODSDYLPHQWD]LRQH)LQRDQ

5LPR]LRQH GL WUDQVHQQH LQ SURILODWL GL IHUUR H GHL UHODWLYL
EDVDPHQWL VLD UHWWLOLQHH FKH LQ FXUYD &RPSUHVL LO FDULFR H
* WUDVSRUWRDGHSRVLWRFRPXQDOHGHLPDQXIDWWLULXWLOL]]DELOLRDG P ¼
LPSLDQWL GL VWRFFDJJLR R GL UHFXSHUR LO ULSULVWLQR GHOOD
SDYLPHQWD]LRQH)LQRDP

5LPR]LRQH GL SR]]HWWL GL WDEHOORQL HOHWWRUDOL H GHL UHODWLYL
ULQILDQFKL&RPSUHVRLOFDULFRHWUDVSRUWRDGHSRVLWRFRPXQDOH
* GHLPDQXIDWWLULXWLOL]]DELOLLOFDULFRHWUDVSRUWRGHOOHPDFHULHDG FDG ¼
LPSLDQWL GL VWRFFDJJLR GL UHFXSHUR LO ULSULVWLQR GHOOD
SDYLPHQWD]LRQH)LQRDQ

$UFKHWWLDG8URYHVFLDLQWXELGLDFFLDLRLQR[UHDOL]]DWLFRPHGD
GLVHJQLGHOO
$PPLQLVWUD]LRQH,QRSHUDFRPSUHVHGHPROL]LRQH
*
VFDYHWWL EDVDPHQWR LQ FDOFHVWUX]]R ULSULVWLQL GHOOH
SDYLPHQWD]LRQLSXOL]LDGHOODVHGHGHLODYRULVEDUUDPHQWL
* D WLSRGDFPGLODUJKH]]DILQRDQ FDG ¼
* E WLSRGDFPGLODUJKH]]DILQRDQ FDG ¼

5LSULVWLQR GL VHJQDOLPLWL HR SDOHWWL GL TXDOVLDVL QDWXUD
&RPSUHVLORVFDYRODGHPROL]LRQHGHOULQILDQFRLOUHFXSHURH
OD FXVWRGLD GHL PDQXIDWWL LO FDULFR WUDVSRUWR H VFDULFR GHOOH
PDFHULHDGLPSLDQWLGLVWRFFDJJLRRGLUHFXSHURJOLVEDUUDPHQWL
* FDG ¼
HODVHJQDOHWLFD6XFFHVVLYDSRVDGHLVHJQDOLPLWLHRSDOHWWLGL
TXDOVLDVLQDWXUDUHFXSHUDWLFRPSUHVRVFDYHWWLGLDGDWWDPHQWR
EDVDPHQWR LQ FDOFHVWUX]]R ULSULVWLQL GHOOH SDYLPHQWD]LRQL
SXOL]LDGHOODVHGHGHLODYRUL

7UDQVHQQH IRUPDWH GD SDQQHOOL UHWWL FXUYL FRPH GD GLVHJQL
GHOO
$PPLQLVWUD]LRQH ,Q RSHUD FRPSUHVH GHPROL]LRQL VFDYL
*
EDVDPHQWL LQ FDOFHVWUX]]R ULSULVWLQL GHOOH SDYLPHQWD]LRQL
SXOL]LDGHOODVHGHGHLODYRULVEDUUDPHQWL
LQSURILODWLG
DFFLDLRFRUWHQFRQVFDYRDPDFFKLQDILQRD
* D P ¼
P
* E LQSURILODWLGLDFFLDLRFRUWHQFRQVFDYRDPDQRILQRDP P ¼
* F LQWXERODULG
DFFLDLRLQR[ P ¼
* G LQSDQQHOOLGLFRUWHQSHUSRVDLQVHGHWUDPILQRDP P ¼

ϴϱϰ

)RUQLWXUD H SRVD QHOO

DPELWR GHOOD PDQXWHQ]LRQH GL SDOHWWL
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GLDPHWURPPVSHVVRUHPPSHVRLQGLFDWLYRFLUFDNJ
FRQIODQJLDDILORWHUUHQRGLDPHWURPPDOWH]]DFPIXRUL
* FDG ¼
WHUUDFPLQWHUUDWLLQRSHUDFRPSUHVDSUHGLVSRVL]LRQHGHO
IRURGLDOORJJLDPHQWRUDFFROWDPDFHULHHWUDVSRUWRDGLPSLDQWL
GL VWRFFDJJLR R GLVFDULFD DXWRUL]]DWD VLJLOODWXUD FRQ LGRQHR
LPSDVWRGLFDOFHVWUX]]RILQRDQ

'LVVXDVRUHVWUDGDOH3DULJLQDDOWH]]DFPGLDPHWUREDVHFP
LQ OHJD GL DOOXPLQLR IXVD LQ FRQFKLJOLD ILQLWXUD FRQ
VDEELDWXUD JUDGR 6D YHUQLFLDWXUD IHUURPLFDFHD D GXH PDQL
* FRQFRUSRGLILVVDJJLRDWHUUDFRPSUHQVLYRGLSHUQRGLILVVDJJLR FDG ¼
H]DQFD&RPSUHVDSUHGLVSRVL]LRQHGHOIRURGLDOORJJLDPHQWR
UDFFROWD PDFHULH H WUDVSRUWR DG LPSLDQWL GL VWRFFDJJLR R
GLVFDULFDDXWRUL]]DWD)LQRDQ

6RODSRVDLQRSHUDGLFRORQQRWWLGLVVXDVRULGLVRVWDGLTXDOVLDVL
WLSR FRPSUHVR LO WUDVSRUWR DFFDWDVWDPHQWR LQ FDQWLHUH H
* FROORFD]LRQH LQ FDUUHJJLDWD VHFRQGR OH GLVSRVL]LRQL GHOOD FDG ¼
'LUH]LRQH/DYRULFRPSUHQVLYRGLRJQLRQHUHSHUODSRVDHOR
VJRPEHURGHOFDQWLHUHILQRDQ

&ROPDWXUD SURYYLVRULD GL EXFD QHL PDQWL VWUDGDOL FRQ
FRQJORPHUDWR ELWXPLQRVR SODVWLFR D IUHGGR DG HOHYDWH
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VHOH]LRQDWLGLEDVDOWR'PD[PPHSDVVDQWHDOVHWDFFLR
* PP YDORUL GL VWDELOLWj 0DUVKDOO GRSR JJ ! N1
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SHVRSURYD&DQWDEUR&RPSUHVLWUDVSRUWLVEDUUDPHQWL
VHJQDOHWLFDULILODPHQWLVWHVDHFRVWLSD]LRQHUDFFROWDGHLGHWULWL
HSXOL]LD
* D ILQRDPðSHUSHUODSULPDEXFD FDG ¼
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* F ILQRDPðSHUODSULPDEXFD FDG ¼
* G ILQRDPðSHUOHXOWHULRULEXFKHLQSLROWUHODSULPD FDG ¼

5DSSH]]DWXUD SURYYLVRULD GL PDQWL LQ VHGH VWUDGDOH H VX
PDUFLDSLHGLFRQFRQJORPHUDWRELWXPLQRVRSODVWLFR&RPSUHVD
* IRUQLWXUDGHOFRQJORPHUDWRWUDVSRUWLVEDUUDPHQWLVHJQDOHWLFD
ULILODPHQWLVWHVD HFRVWLSD]LRQHUDFFROWDGHL GHWULWL H SXOL]LD
&RQJORPHUDWRELWXPLQRVR
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5LVDJRPDWXUD ULSUHVH FRQJXDJOL GL SDYLPHQWD]LRQL HVLVWHQWL
FRQ FRQJORPHUDWR ELWXPLQRVR TXHVWR HVFOXVR &RPSUHVD OD
*
SXOL]LD GHOOD VHGH O
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VWHVDODFRPSDWWD]LRQH
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ϴϱϱ

* G FRQVWHVDDPDQRLQVHGHWUDP PT ¼

)RUQLWXUD H SRVD LQ RSHUD GL QDVWUR SUHIRUPDWR R FRUGROLQR
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DGHVLYLWjVXOFOVVHFRQGRQRUPD',1!1FPð
* ULWRUQR HOHDVWLFR SHUSHQGLFRODUH DOOD VXSHUILFLH GL DWWDFFR
VHFRQGRQRUPD',1!
6RQRFRPSUHVHQHOSUH]]R
ODSXOLWXUDFRQVRIILDWXUDGHOODVXSHUILFLHGLDWWDFFR
O
DVFLXJDWXUDFRQODODQFLDWHUPLFD
O
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DUWH
3HULQWHUYHQWLGLVFRQWLQXLFRQTXDGURIHVVXUDWLYRYDULDELOH
* D SHUVH]LRQLPP[ P ¼
* E SHUVH]LRQLPP[ P ¼
* F SHUVH]LRQLPP[ P ¼
* G 3HULQWHUYHQWLGLVFRQWLQXLFRQIHVVXUHOLQHDUL!P
* H SHUVH]LRQLPP[ P ¼
* I SHUVH]LRQLPP[ P ¼
* J SHUVH]LRQLPP[ P ¼
* K 3HULQWHUYHQWLGLVFRQWLQXLFRQIHVVXUHOLQHDUL!P
* L SHUVH]LRQLPP[ P ¼
* M SHUVH]LRQLPP[ P ¼
* N SHUVH]LRQLPP[ P ¼

6LJLOODWXUDGLRJQLWLSRGLJLXQWRGHOODSDYLPHQWD]LRQHVWUDGDOH
FRPSUHVR OH ODVWUH GL FDOFHVWUX]]R HG LO FRQJORPHUDWR
ELWXPLQRVR GD VLJLOODUH D FDOGR FRPSUHQGHQWH OD SXOL]LD GHL
* P ¼
JLXQWL OD IRUQLWXUD H SRVD GL SLHWULVFKHWWR ELWXPDWR HG LO
FRPSOHWDPHQWR FRQ DVIDOWR FRODWR R FRQ PDVWLFH ELWXPLQRVR
DUULFFKLWRFRQHODVWRPHUL

5DSSH]]L GHL PDVVHWWL GL VRWWRIRQGR GHL PDUFLDSLHGL FRQ
FDOFHVWUX]]R D NJ GL FHPHQWR VSHVVRUH ILQR D FP
* &RPSUHVLWUDVSRUWLVEDUUDPHQWLVHJQDOHWLFDSUHSDUD]LRQHGHO PT ¼
SLDQRGLSRVDJHWWRHVSLDQDPHQWRGHOFDOFHVWUX]]R)LQRD
Pð

5DSSH]]LGHLPDQWLLQDVIDOWRFRODWRVXPDUFLDSLHGLVSHVVRUH
PP &RPSUHVL WUDVSRUWL VEDUUDPHQWL VHJQDOHWLFD
*
ULILODPHQWL VWHVD GHOO
DVIDOWR H GHOOD JUDQLJOLD UDFFROWD GHL
GHWULWLHSXOL]LD
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* E ILQRDPð FDG ¼
* F ILQRDPð FDG ¼
ϴϱϲ


3RVDLQRSHUDGLSR]]HWWLSHUWDEHOORQLHOHWWRUDOLFRQSUHOLHYR
GDL PDJD]]LQL FRPXQDOL HWUDVSRUWRD SLqG
RSHUDHVHFX]LRQH
GHOIRURGLDOORJJLDPHQWRVXTXDOVLDVLWLSRGLSDYLPHQWD]LRQH
* FDG ¼
VLJLOODWXUDFRQPDOWDFHPHQWL]LDUDFFROWDPDFHULHHWUDVSRUWRDG
LPSLDQWLGLVWRFFDJJLRRGLVFDULFDDXWRUL]]DWDULSULVWLQRGHOOD
SDYLPHQWD]LRQHVEDUUDPHQWLHVHJQDOHWLFD

5LSULVWLQRGLSDYLPHQWLLQPDVVHOOLLQSLHWUDQDWXUDOHVFRQQHVVL
FRPSUHQGHQWHODULPR]LRQHGHJOLHOHPHQWLODUHWWLILFDGHOSLDQR
* GL SRVD FRQ DJJLXQWD GL VDEELD OD ULFROORFD]LRQH LQ RSHUDOD
EDJQDWXUDHGLQWDVDPHQWRGHLJLXQWLODSXOL]LDFRQUDFFROWDHG
DOORQWDQDPHQWRGHLGHWULWLWUDVSRUWLVEDUUDPHQWLVHJQDOHWLFD
* D ,Q]RQDSHULIHULFD
* E LQRUDULRQRUPDOHILQRDPð PT ¼
* F LQRUDULRQRWWXUQRHRIHVWLYRILQRDPð PT ¼
* G LQVHGHWUDPLQRUDULRQRUPDOHILQRDPð PT ¼
* H LQVHGHWUDPLQRUDULRQRWWXUQRHRIHVWLYRILQRDPð PT ¼
* I ,Q]RQDFHQWUDOH
* J LQRUDULRQRUPDOHILQRDPð PT ¼
* K LQRUDULRQRWWXUQRHRIHVWLYRILQRDPð PT ¼
* L LQVHGHWUDPLQRUDULRQRUPDOHILQRDPð PT ¼
* M LQVHGHWUDPLQRUDULRQRWWXUQRHRIHVWLYRILQRDPð PT ¼

5LDVVHWWRGLSDYLPHQWLLQPDVVHOOLLQSLHWUDQDWXUDOHVFRQQHVVL
SHUODUHWWLILFDGHLSLDQLFRQDJJLXQWDGLVDEELDODEDJQDWXUDHG
*
LQWDVDPHQWR GHL JLXQWL OD SXOL]LD FRQ UDFFROWD HG
* I ,Q]RQDFHQWUDOH

5LSULVWLQR GL SDYLPHQWL LQ FXEHWWL GL SRUILGR VFRQQHVVL GL
TXDOVLDVL GLPHQVLRQH SRVDWL VX VDEELD FRPSUHQGHQWH OD
ULPR]LRQHGHLFXEHWWLODUHWWLILFDGHOSLDQRGLSRVDFRQDJJLXQWD
*
GL VDEELD OD ULFROORFD]LRQH LQ RSHUD OD EDJQDWXUD HG
ϴϱϳ


* I ,Q]RQDFHQWUDOH

5LSULVWLQR GL SDYLPHQWL LQ FXEHWWL GL SRUILGR VFRQQHVVL GL
TXDOVLDVL GLPHQVLRQH SRVDWL VX VDEELD H FHPHQWR
FRPSUHQGHQWHODULPR]LRQHGHLFXEHWWLODUHWWLILFDGHOSLDQRGL
* SRVD FRQ DJJLXQWD GL VDEELD H FHPHQWR OD ULFROORFD]LRQH LQ
RSHUD OD EDJQDWXUD HG LQWDVDPHQWR GHL JLXQWL OD SXOL]LD FRQ
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VHJQDOHWLFD
* I ,Q]RQDFHQWUDOH

5LSULVWLQR GL SDYLPHQWL LQ FLRWWROL GL ILXPH VFRQQHVVL GL
ULPR]LRQHGHLFLRWWROLODUHWWLILFDGHOSLDQRGLSRVDFRQDJJLXQWD
*
GL VDEELD OD ULFROORFD]LRQH LQ RSHUD OD EDJQDWXUD HG
,Q]RQDSHULIHULFD
* D LQRUDULRQRUPDOHILQRDPð PT ¼
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* F LQVHGHWUDPLQRUDULRQRUPDOHILQRDPð PT ¼
* G LQVHGHWUDPLQRUDULRQRWWXUQRHRIHVWLYRILQRDPð PT ¼
,Q]RQDFHQWUDOH
* H LQRUDULRQRUPDOHILQRDPð PT ¼
* I LQRUDULRQRWWXUQRHRIHVWLYRILQRDPð PT ¼
* J LQVHGHWUDPLQRUDULRQRUPDOHILQRDPð PT ¼
* K LQVHGHWUDPLQRUDULRQRWWXUQRHRIHVWLYRILQRDPð PT ¼

5LSULVWLQR GL SDYLPHQWL LQ FLRWWROL GL ILXPH VFRQQHVVL GL
TXDOVLDVL GLPHQVLRQH SRVDWL VX VDEELD H FHPHQWR
FRPSUHQGHQWHODULPR]LRQHGHLFLRWWROLODUHWWLILFDGHOSLDQRGL
* SRVD FRQ DJJLXQWD GL VDEELD H FHPHQWR OD ULFROORFD]LRQH LQ
RSHUD OD EDJQDWXUD HG LQWDVDPHQWR GHL JLXQWL OD SXOL]LD FRQ
UDFFROWD HG DOORQWDQDPHQWR GHL GHWULWL WUDVSRUWL VEDUUDPHQWL
VHJQDOHWLFD
ϴϱϴ

,Q]RQDSHULIHULFD
* D LQRUDULRQRUPDOHILQRDPð PT ¼
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* F LQVHGHWUDPLQRUDULRQRUPDOHILQRDPð PT ¼
* G LQVHGHWUDPLQRUDULRQRWWXUQRHRIHVWLYRILQRDPð PT ¼
,Q]RQDFHQWUDOH
* H LQRUDULRQRUPDOHILQRDPð PT ¼
* I LQRUDULRQRWWXUQRHRIHVWLYRILQRDPð PT ¼
* J LQVHGHWUDPLQRUDULRQRUPDOHILQRDPð PT ¼
* K LQVHGHWUDPLQRUDULRQRWWXUQRHRIHVWLYRILQRDPð PT ¼

5LSULVWLQR GL SDYLPHQWL LQ PDVVHOOL DXWREORFFDQWL LQ
FRQJORPHUDWR FHPHQWL]LR YLEURFRPSUHVVR VFRQQHVVL GL
* ULPR]LRQH GHL PDVVHOOL OD UHWWLILFD GHO SLDQR GL SRVD FRQ
DJJLXQWDGLVDEELDODULFROORFD]LRQHLQRSHUDODEDJQDWXUDHG
* D VSHVVRUHPPILQRDPð PT ¼
* E VSHVVRUHPPILQRDPð PT ¼

5LSULVWLQR GL FRUGRQDWXUH LQ SLHWUD QDWXUDOH VFRQQHVVH
FRPSUHQGHQWHODULPR]LRQHGHLFRUGRQLODUHWWLILFDGHOSLDQRGL
* SRVDFRQIRUQLWXUDGLPDOWDODULFROORFD]LRQHLQRSHUDODSXOL]LD
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VEDUUDPHQWLVHJQDOHWLFD
WLSL$VH]FP[%VH]FP[H&VH]FP
[
* D LQRUDULRQRUPDOHILQRDP PT ¼
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WLSL'VH]FP[H(VH]FP[
* F LQRUDULRQRUPDOHILQRDP PT ¼
* G LQRUDULRQRWWXUQRHRIHVWLYRILQRDP PT ¼
WLSL)VH]FP[H*VH]FP[
* H LQRUDULRQRUPDOHILQRDP PT ¼
* I LQRUDULRQRWWXUQRHRIHVWLYRILQRDP PT ¼

5LSULVWLQR GL ODVWUH HR ULVYROWH LQ SLHWUD QDWXUDOH VLD
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0HVVD LQ TXRWD GL FKLXVLQL JULJOLH &RPSUHVL ULPR]LRQH GHO
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* PT ¼
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FDULFR H WUDVSRUWR PDFHULH DG LPSLDQWL GL VWRFFDJJLR GL
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ϴϱϵ


5LSULVWLQR LQ OXRJR GL GLVVXDVRUL GL VRVWD GL TXDOVLDVL WLSR
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ILQRDQ

&21*/20(5$7,&(0(17,=,

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+ 2SHUHGL&RQVHUYD]LRQHH5HVWDXUR
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+ I
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+ M
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+ N
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6 H 'LVSHQVHUSHUVDSRQHQRORSHURJQLPHVHVXFFHVVLYRRIUD]LRQH FDG ¼
6 I 5LFDPELRVDSRQHPO FDG ¼

6 (OHPHQWR SUHIDEEULFDWR DGXVRORFDOHFDPHUD GL PHGLFD]LRQHFRQ
SUHVLGL VDQLWDUL RVVLJHQR LSRGHUPDFOLVL OHWWLQR EDUHOOH WDYROLQR
PHGLFDOHODPSDGDHPHUJHQ]DFDPLFLDVFLXJDPDQLOHQ]XROD
FHVWHOORPHGLFDOHODYDERZFULVFDOGDPHQWRHOHWWULFRFROOHJDPHQWR
LGULFRDOODIRJQDWXUDHDOODUHWHHOHWWULFDGLPHQVLRQLFP[[
K

6 (OHPHQWRSUHIDEEULFDWRDGXVRLQIHUPHULDFRQGXHOHWWLHGRWD]LRQH
GLOHQ]XRODFXVFLQLFRSHUWHFRQODYDERZFULVFDOGDPHQWRHOHWWULFR
FROOHJDPHQWRLGULFR DOOD IRJQDWXUD HDOOD UHWHHOHWWULFDGLPHQVLRQL
FP[[K
6 D 0RQWDJJLR VPRQWDJJLR H QROR SULPR PHVH R IUD]LRQH HVFOXVD FDG ¼
FXVWRGLDDGLQIHUPLHUHLQFDULFDWR

6 %R[LQODPLHUDSHUGHSRVLWRDWWUH]]DWXUHHPDWHULDOL)RUQLWXUDHSRVD ¼
VXDUHDDWWUH]]DWD

6 %DJQRFKLPLFRSRUWDWLOHFRQODYDERUHDOL]]DWRLQPDWHULDOHSODVWLFR FDG ¼
DQWLXUWR GHOOH GLPHQVLRQL GL FP [ [ K SHVR NJ
0RQWDJJLRVPRQWDJJLRHQRORSHUXQPHVHRIUD]LRQHFRPSUHQVLYR
GLPDQXWHQ]LRQHVHWWLPDQDOHFRPSUHQGHQWHLOULVXFFKLRGHOOLTXDPH
ODYDJJLRFRQODQFLDDSUHVVLRQHGHOODFDELQDLPPLVVLRQHDFTXDSXOLWD
FRQGLVJUHJDQWHFKLPLFRWUDVSRUWRHVPDOWLPHQWRULILXWLVSHFLDOL

6 )RVVD ,PKRII )RVVD ,PKRII VHPSOLFH R DG DQHOOL D FDPSDQD LQ
FDOFHVWUX]]RSUHIDEEULFDWRFRPSOHWDGLEDFLQRFKLDULILFDWRUHYDVFD
GLUDFFROWDHGLVSRVLWLYRHVSXUJRIDQJKLIRUQLWDHSRVWDLQRSHUD6RQR
FRPSUHVL LO FROOHJDPHQWR DOOH WXED]LRQL OR VFDYR LO ULQWHUUR LO

PDVVHWWRGLSRVDLQFDOFHVWUX]]RGLFHPHQWRGHOORVSHVVRUHGLFP
ODVLJLOODWXUDGHLJLXQWLLSR]]HWWLGLHQWUDWDHGLXVFLWDHOHUHODWLYH
WXED]LRQLGLFROOHJDPHQWRSHUO
HVHFX]LRQHGHLSUHOLHYLGLFDPSLRQL
OLTXLGL (
RSHUD
ILQLWD
6 D &RQFDSDFLWjGLFLUFDOILQRDXWHQWL FDG ¼
6 E &RQFDSDFLWjGLFLUFDOILQRDXWHQWL FDG ¼
6 F &RQFDSDFLWjGLFLUFDOILQRDXWHQWL FDG ¼
6 G &RQFDSDFLWjGLFLUFDOILQRDXWHQWL FDG ¼

6 &DUDYDQ SHU XWLOL]]R DG LQL]LR FDQWLHUH SHU PDVVLPR JLRUQL R QHL FDGJLRUQR ¼
FDQWLHULVWUDGDOLGLULOHYDQWHOXQJKH]]DPDVVLPRODYRUDWRUL1ROR
JLRUQDOLHUR

6 )RQGD]LRQHSHULQVWDOOD]LRQLGLFDQWLHUHUHDOL]]DWDFRQ JHWWR GLXQD P ¼
SODWHDGLFOVFRPSUHVDDUPDWXUDLQUHWHHOHWWHURVDOGDWDPDJOLDFP
[FDVVHULVFDYRVSLDQDPHQWR

6 9HVSDLHEDVDPHQWLGLDSSRJJLRHDQFRUDJJLREDUDFFDPHQWLRVLPLOL P ¼
UHDOL]]DWRPHGLDQWHVWUDWRGLJKLDLDVWDELOL]]DWDFRVWLSDWDHVSLDQDWD
FRQPH]]LPHFFDQLFLVSHVVRUHILQRDFP

6 3LDWWDIRUPD SHU EDUDFFDPHQWLGHSRVLWR FRVWLWXLWD GD WUDYHUVLQH LQ P ¼
OHJQRGLVWDQ]LDWHGLPGLVH]FP[HVRYUDVWDQWHWDYRODWR
VSHVVRUHFP)RUQLWXUDHSRVDLQRSHUD

6 6WUDWRGUHQDQWHUHDOL]]DWRFRQVWUDWRGLFLRWWROLGLDPHWURGDFPDFP P ¼
VWHVLVXWHUUHQRVSLDQDWRFRQVWHVXUDPHFFDQLFDHILQLWXUDHYHQWXDOH
DPDQR

6 3R]]RLGULFR SHUIRUQLWXUDDFTXDDOFDQWLHUH FRPSUHVDSHUIRUD]LRQH FDG ¼
ILQRDPWXERGLDPHWURPPSRPSDVRPPHUVDFROOHJDPHQWL
HOHWWULFL ILQR D GLVWDQ]D GL P DOODFFLDPHQWR DOOD UHWH LGULFD GL
GLVWULEX]LRQHTXDGURGLPDQRYUDHSH]]LVSHFLDOL
6 D 6XSSOHPHQWRDOPHWURSHUSHUIRUD]LRQHGLSR]]RGDPDPGL P ¼
SURIRQGLWj
6 E &RVWRGLJHVWLRQHHQHUJLDHOHWWULFDPDQXWHQ]LRQH RUD ¼

6 &LVWHUQDGLFDSDFLWjSDULDOSHUULIRUQLPHQWRLGULFRGHOFDQWLHUH
SHUPH]]RGLDXWRERWWH
6 D 0RQWDJJLRHVPRQWDJJLR FDG ¼
6 E 1RORSHURJQLPHVHRIUD]LRQH FDG ¼
6 F &RVWRDOOLWURSHURJQLULIRUQLPHQWRGLOQHOUDJJLRGLNP OLWUR ¼

6 $WWUH]]DWXUDSHUODGLVWULEX]LRQHGHOO
DFTXDLQFDQWLHUHFRVWLWXLWDGD
JUXSSR HOHWWURSRPSD FHQWULIXJD SRWHQ]D KS 9 +]
HOHWWURFRPSUHVVRUHSRWHQ]DKS9+]VHUEDWRLRDXWRFODYH
YHUWLFDOHDPHPEUDQDGDOFRPSOHWRGLSUHVVRVWDWL
6 E 1RORSHURJQLPHVHVXFFHVVLYRRIUD]LRQH PHVH ¼


6 5HWH GL GLVWULEX]LRQH DFTXD SRWDELOH DL VHUYL]L SHU LO SHUVRQDOH
UHDOL]]DWDFRQWXED]LRQHDYLVWDFRPSUHVRJOLDOODFFLOHJLXQ]LRQLL
SH]]LVSHFLDOL
6 D ,QDFFLDLR]LQFDWRWLSR0DQQHVPDQGD P ¼
6 E ,QDFFLDLR]LQFDWRWLSR0DQQHVPDQGD P ¼
6 F 5HWH GL GLVWULEX]LRQH DFTXD SRWDELOH DL VHUYL]L SHU LO SHUVRQDOH P
UHDOL]]DWDFRQWXED]LRQHLQWHUUDWDFRPSUHVRJOLDOODFFLOHJLXQ]LRQL
LSH]]LVSHFLDOL&RPSUHVRVFDYRHULQWHUUR
6 G ,QDFFLDLR]LQFDWRWLSRPDQQHVPDQGD P ¼
6 H ,QDFFLDLR]LQFDWRWLSRPDQQHVPDQGD P ¼
6 I $OODFFLRLGULFRDGDFTXHGRWWRFRPXQDOH FDG ¼

6 6HUEDWRLRGLDFFXPXORGLDFTXDSHUXVRLJLHQLFRVDQLWDULRLQDFFLDLR ¼
LQR[)RUQLWXUDHSRVDLQRSHUD
6 D &DSDFLWjO FDG ¼
6 E &DSDFLWjO FDG ¼

6 &RQWHQLWRUHGLVWULEXWRUHULPRYLELOHGLFDUEXUDQWHGLFDSDFLWjO ¼
GRWDWRGLEDFLQRGLFRQWHQLPHQWRGHOODFDSDFLWjSDULDOWHWWRLD
GLSURWH]LRQHGDJOLDJHQWLDWPRVIHULFLQRQFRPEXVWLELOHVSLDQDPHQWL
FROOHJDPHQWRDOODUHWHGLWHUUD

6 &RQWDLQHUPHWDOOLFRSHUGHSRVLWRROLPLQHUDOLFRQVFDIIDOLSRUWDIXVWLH
YDVFDGLFRQWHQLPHQWRFRQWUROHGLVSHUVLRQLEDVDPHQWRHVFOXVR

6 &RQWDLQHUSHUGHSRVLWRERPEROHJDVFRPSUHVVL

6 &RQWDLQHUSHUGHSRVLWRGLSURGRWWLFKLPLFL

6 7HORLPSHUPHDELOHRFFKLHOODWRLQSODVWLFDSHVDQWHSHUODSURWH]LRQH Pð ¼
GHLGHSRVLWLFRQWUROHLQWHPSHULH

6 &DQDOH GL VFDULFR PDFHULH FRVWLWXLWR GD HOHPHQWL LQILODELOL GL P ¼
OXQJKH]]DFPFDGOHJDWLFRQFDWHQHDOSRQWHJJLRRDOODVWUXWWXUD
FRPSUHVRPRQWDJJLRHVPRQWDJJLR1RORSHURJQLPHVHRIUD]LRQH

6 7UDPRJJLDSHUFRQWHQLPHQWRPDFHULHFDSDFLWjPñSUHGLVSRVWDSHU
O
DFFHVVRGHOO
DXWRFDUUR

6 D 0RQWDJJLR H VPRQWDJJLR FRQ XWLOL]]R GL DXWRFDUUR FRQ EUDFFLR FDG ¼
LGUDXOLFR
6 E 1RORSHURJQLPHVHRIUD]LRQH FDG ¼

6 &DVVRQH PHWDOOLFR SHU FRQWHQLPHQWR GL PDWHULDOL GL VFDYRPDFHULH FDG ¼
FDSDFLWjPñ1RORSHURJQLPHVHRIUD]LRQH

6 9DVFD LQ PHWDOOR SHU FRQWHQLPHQWR GLVSHUVLRQL GL ELWXPH IXVR R FDG ¼
VLPLODULGLPHQVLRQHLQSLDQWDFP[FDSDFLWjPñ1RORSHU
RJQLPHVHRIUD]LRQH

6 &DVVRQHPHWDOOLFRULYHVWLWRLQOHJQRSODVWLFDULQIRU]DWDFRQFRSHUFKLR FDG ¼
H OXFFKHWWR SHU WUDVSRUWR H GHWHQ]LRQH HVSORVLYL &DSDFLWj Pñ
1RORSHURJQLPHVHRIUD]LRQH

6 3RQWHJJL

6 3RQWHJJLR PHWDOOLFRDWXERH JLXQWRUHDOL]]DWRLQWXERODUL PHWDOOLFL
FRQ DGHJXDWD SURWH]LRQH FRQWUR OD FRUURVLRQH FRPSUHVL L SH]]L
VSHFLDOL LPSDOFDWR SLDQL GL ODYRUR R GL SURWH]LRQH FRQ WDYROH
PHWDOOLFKHGRSSLRSDUDSHWWRFRQIHUPDSLHGHPDQWRYDQDDQFRUDJJL
HGRJQLDOWURRQHUHH PDJLVWHUR RFFRUUHQWH SHUGDUHO
RSHUDILQLWDD
SHUIHWWDUHJRODG
DUWHHVHJXLWDVHFRQGROHQRUPHGLVLFXUH]]DYLJHQWL
LQPDWHULDSHUSRQWHJJLFRQDOWH]]DILQRDP9DOXWDWLDOJLXQWR
,QGLFDWLYDPHQWH FRQILJXUD]LRQL VWDQGDUG JLXQWLPð
FRQILJXUD]LRQL PHGLD FRPSOHVVLWj JLXQWLPð FRQILJXUD]LRQL
HOHYDWDFRPSOHVVLWjJLXQWLPð
6 D 1ROHJJLR PRQWDJJLR H VPRQWDJJLR FRPSUHQVLYR GL WUDVSRUWR FDG ¼
DSSURYYLJLRQDPHQWRVFDULFRHWLURLQDOWRGHLPDWHULDOLSHULOSULPR
PHVHRIUD]LRQH
6 E 1ROHJJLR SHU RJQL PHVH VXFFHVVLYR R IUD]LRQH DOOD IXQ]LRQDOLWj FDG ¼
RSHUDWLYD FRPSUHQGHQWH OD PDQXWHQ]LRQH RUGLQDULD H TXDQWR DOWUR
RFFRUUHQWHSHULOPDQWHQLPHQWRGHOODVLFXUH]]DGHOOHRSHUHILQLWH

6 6RYUDSSUH]]RDOODUHDOL]]D]LRQHGLSRQWHJJLPHWDOOLFLDWXERHJLXQWR
SHUODTXRWDSDUWHLQHVHFX]LRQHROWUHLPGDOSLDQRGLFDPSDJQDR
FRPXQTXHIXRULGDLSDUDPHWULVWDELOLWLGDOOLEUHWWRGL$XWRUL]]D]LRQH
0LQLVWHULDOH SHU SRQWHJJL GL VHUYL]LR R VLPLOL VLD VHPSOLFL FKH
FRPSOHVVL LQFOXVR LO SURJHWWR HVHFXWLYR H OD UHOD]LRQH WHFQLFD
YDOXWDWRDOJLXQWR
6 D 'DPDP FDG ¼
6 E 'DPDP FDG ¼
6 F 'DPDP FDG ¼

6 3RQWHJJLR PHWDOOLFR D WHODLR SUHIDEEULFDWR UHDOL]]DWR LQ WXERODUL
PHWDOOLFLLQDFFLDLR]LQFDWRRYHUQLFLDWRFRPSUHVLLSH]]LVSHFLDOL
LPSDOFDWR SLDQL GL ODYRUR R GL SURWH]LRQH FRQ WDYROH PHWDOOLFKH
GRSSLRSDUDSHWWRFRQIHUPDSLHGHPDQWRYDQDDQFRUDJJLHGRJQLDOWUR
RQHUHHPDJLVWHURRFFRUUHQWHSHUGDUHO
RSHUDILQLWDDSHUIHWWDUHJROD
G
DUWHHVHJXLWDVHFRQGROHQRUPHGLVLFXUH]]DYLJHQWLLQPDWHULDSHU
DOWH]]H ILQR D P 9DOXWDWR D PHWUR TXDGUR GL SURVSHWWR GHO
SRQWHJJLR

6 D 1ROHJJLR PRQWDJJLR H VPRQWDJJLR FRPSUHQVLYR GL WUDVSRUWR Pð ¼
PHVHRIUD]LRQH
6 E 1ROHJJLR SHU RJQL PHVH VXFFHVVLYR R IUD]LRQH DOOD IXQ]LRQDOLWj Pð ¼

6 6RYUDSSUH]]RDOODUHDOL]]D]LRQHGLSRQWHJJLPHWDOOLFLDWHODLRSHUOD
TXRWDSDUWHLQHVHFX]LRQHROWUHLPGDOSLDQRGLFDPSDJQD
6 D 'DPDP Pð ¼
6 E 'DPDP Pð ¼
6 F 'DPDP Pð ¼

6 3RQWHJJLR PHWDOOLFR D PRQWDQWL H WUDYHUVL SUHIDEEULFDWL
PXOWLGLUH]LRQDOHFRVWLWXLWRGDHOHPHQWLWXERODULLQDFFLDLR]LQFDWLD
FDOGRRYHUQLFLDWLGDFROOHJDUHSHUPH]]RGLSLDVWUHRWWDJRQDOLVDOGDWH
VXL PRQWDQWL H SURYYLVWH GL IRUDWXUH VDJRPDWH SUHGLVSRVWH SHU
O
LQQHVWRUDSLGRGHLWUDYHUVLLPSDOFDWRSLDQLGLODYRURRGLSURWH]LRQH
FRQWDYROHPHWDOOLFKHFRPSUHVLSH]]LVSHFLDOLGRSSLRSDUDSHWWRFRQ
IHUPDSLHGH PDQWRYDQD DQFRUDJJL HG RJQL DOWUR RQHUH H PDJLVWHUR
RFFRUUHQWH SHU GDUH O
DUWH HVHJXLWD
VHFRQGROHQRUPHGLVLFXUH]]DYLJHQWLLQPDWHULDSHUDOWH]]HILQRDP
9DOXWDWRDPHWURTXDGURGLSURVSHWWRGHOSRQWHJJLR
6 D 1ROHJJLR PRQWDJJLR H VPRQWDJJLR FRPSUHQVLYR GL WUDVSRUWR Pð ¼
PHVHRIUD]LRQH
6 E 1ROHJJLR SHU RJQL PHVH VXFFHVVLYR R IUD]LRQH DOOD IXQ]LRQDOLWj Pð ¼

6 6RYUDSSUH]]R DOOD UHDOL]]D]LRQH GL SRQWHJJL PHWDOOLFL D PRQWDQWL H
WUDYHUVL SUHIDEEULFDWL PXOWLGLUH]LRQDOH SHU OD TXRWD SDUWH LQ
HVHFX]LRQHROWUHLPGDOSLDQRGLFDPSDJQD
6 D 'DPDP Pð ¼
6 E 'DPDP Pð ¼
6 F 'DPDP Pð ¼

6 7DYROH PHWDOOLFKH SUHIDEEULFDWH LQ DFFLDLR ]LQFDWR GLPHQVLRQL FP
[SHULPSDOFDWRSLDQRGLODYRURRGLSURWH]LRQHSHUSRQWHJJL
FRPSUHVL DFFHVVRUL H IHUPDSLHGH YDOXWDWR D PHWUR TXDGUR GL
VXSHUILFLHGHOSLDQRGLODYRUR

6 7DYROHPHWDOOLFKHSUHIDEEULFDWHLQDFFLDLR]LQFDWRPXQLWHGLERWROD
GLPHQVLRQLFP[SHULPSDOFDWRSLDQRGLODYRURRGLSURWH]LRQH
SHU SRQWHJJL FRPSUHVL DFFHVVRUL H IHUPDSLHGH YDOXWDWR D PHWUR
TXDGURGLVXSHUILFLHGHOSLDQRGLODYRUR

6 7DYROHLQOHJQRGLDEHWHFRQHOHPHQWLPLQLPRFP[RFP[
SHU LPSDOFDWR SLDQR GL ODYRUR R GL SURWH]LRQH SHU SRQWHJJL
FRPSUHVL DFFHVVRUL HWDYRODIHUPDSLHGH YDOXWDWRD PHWUR TXDGURGL
VXSHUILFLHGHOSLDQRGLODYRUR

6 6FDOH D PDQR PRQWDWH VX SRQWHJJLR ILVVDWH VIDOVDWH VX ERWROH GL
DFFHVVRDOSLDQRILQRDPGLDOWH]]D

6 3URWH]LRQH GHOOD VRPPLWj GL WXER GD SRQWHJJLR GD PP FRQ FDG
FRSULWHVWDLQ39&)RUQLWXUDHSRVDLQRSHUD

6 *XVFLRFRSULJLXQWRSHUSRQWHJJLRLQ39&)RUQLWXUDHSRVDLQRSHUD
6 D 6LQJROR FDG ¼
6 E 'RSSLR FDG ¼

6 0RQWDJJLRGLSRQWHJJLRVWUXWWXUHRRSHUD]LRQLHVHJXLELOLVROWDQWRLQ RUD ¼
RUDULQRWWXUQLSHUHVLJHQ]HVSHFLILFKHSUHYLVWHGDO36&3HUFHQWXDOH
GLPDJJLRUD]LRQHVXOFRVWRRUDULRSHUODYRUDWRUH

6 5HWL R WHOL GDWL LQ RSHUD SHU FRQWHQLPHQWR PDWHULDOL PLQXWL SHU Pð ¼
VHJUHJD]LRQHGLSRQWHJJLGLIDFFLDWDRGLUHFLQ]LRQLFRQWLQXLDOPHQR
XQDOHJDWXUDRJQLPHWURTXDGURGLUHWH)RUQLWXUDHSRVDLQRSHUD

6 5HWL R WHOL WUDVSLUDQWL GDWL LQ RSHUD SHU FRQWHQLPHQWR SROYHUL SHU Pð ¼
VHJUHJD]LRQHGLSRQWHJJLGLIDFFLDWDRGLUHFLQ]LRQLFRQWLQXLDOPHQR
XQDOHJDWXUDRJQLPHWURTXDGURGLUHWH)RUQLWXUDHSRVDLQRSHUD

6 7HOL LPSHUPHDELOL SHU FRQWHQLPHQWR VSUX]]L SHU VHJUHJD]LRQH GL Pð ¼
SRQWHJJL GL IDFFLDWD R GL UHFLQ]LRQL FRQWLQXL DOPHQR XQD OHJDWXUD
RJQLPHWURTXDGURGLWHOR)RUQLWXUDHSRVDLQRSHUD

6 3RQWHDVEDO]RFRQVWUXWWXUDDPHQVRODLQWXERJLXQWRSLDQRGLODYRUR
LQ WDYROH LQ OHJQR GL DEHWH VSHVVRUH FP FRPSUHVR LO SDUDSHWWR
HVWHUQRFLHFR/DUJKH]]DP
6 D 1RORSHURJQLPHVHRIUD]LRQHGHOVRORPDWHULDOH P ¼

6 7UDEDWWHOOL

6 $WWUH]]DWXUD SHU ODYRUL D EDVVD TXRWD LQ LQWHUQL FRQ GXH UXRWH
SUHIDEEULFDWDLQWXERODUHGLDOOXPLQLREDVHFP[FRPSOHWD
GLSLDQRGLODYRURFRQERWRODSURWH]LRQLEDVHVWDELOL]]DWULFHDOWH]]D
PDVVLPDGLXWLOL]]RP
6 D 1RORSHURJQLPHVHRIUD]LRQHGHOVRORPDWHULDOH FDG ¼
6 E 3HURJQLPRQWDJJLRHVPRQWDJJLRLQRSHUD FDG ¼


6 3RQWH VX UXRWH D WRUUH WUDEDWWHOOR SUHIDEEULFDWR 81, (1 LQ
WXERODUHGLDOOXPLQLREDVHFP[FRPSOHWRGLSLDQLGLODYRUR
ERWROHHVFDOHGLDFFHVVRDLSLDQLSURWH]LRQLVWDELOL]]DWRULHTXDQWR
DOWURSUHYLVWRGDOOHQRUPHYLJHQWLFDULFRPDVVLPRNJ
6 $OWH]]DPDVVLPDSLDQRGLODYRURP





6 7UDEDWWHOOR PRELOH LQ YHWURUHVLQD SHU ODYRUL LQ SURVVLPLWj GL OLQHH FDG
HOHWWULFKHEDVHFP[FRPSOHWRGLSLDQLGLODYRURERWROHH
VFDOH GL DFFHVVR DL SLDQL SURWH]LRQL VWDELOL]]DWRUL H TXDQWR DOWUR
SUHYLVWRGDOOHQRUPHYLJHQWLDOWH]]DPDVVLPDSLDQRGLODYRURFP
FDULFRPDVVLPRNJ

6 3RQWLVXFDYDOOHWWLLPSDOFDWLSDUDSHWWLDQGDWRLHHSDVVHUHOOH

6 3RQWH VX FDYDOOHWWL GL DOWH]]D ILQRD P FRVWLWXLWR GD WUH FDYDOOHWWL
PHWDOOLFLHSLDQRGLODYRURGHOOHGLPHQVLRQLGLFP[FRQWDYROH
GLOHJQRGLPHQVLRQLFP[[K

6 3HGDQDLQWDYROHGLOHJQRSHUODYRULVXLPDQWLGLFRSHUWXUDIRUPDWDGD
WDYROHFP[[DFFRVWDWHSHUXQDODUJKH]]DPLQLPDGLFP
FRQOLVWHOOLLQFKLRGDWLWUDVYHUVDOPHQWHDGLVWDQ]DGLFLUFDFP
6 D 1RORSHURJQLPHVHRIUD]LRQHGHOVRORPDWHULDOH Pð ¼
6 E 0RQWDJJLRHVPRQWDJJLRLQRSHUDPDQXDOH Pð ¼

6 7DYRODWR LQ OHJQR D SURWH]LRQH GL DSHUWXUH QHL VRODL UHDOL]]DWR FRQ
HOHPHQWLGLGLPHQVLRQHPLQLPHFP[[ILVVDWHWUDGLORURHG
DWHUUDDGLQWHUDVVHGLPPDVVLPR
6 E 3HURJQLPRQWDJJLRHVPRQWDJJLRLQRSHUD Pð ¼

6 /DPLHUDGLDFFLDLRGDXWLOL]]DUHDFRSHUWXUDGLDSHUWXUHQHLVRODLRQHO
VXRORVSHVVRUHILQRDPP
6 E 3HURJQLPRQWDJJLRHVPRQWDJJLRLQRSHUDPDQXDOH Pð ¼

6 /DPLHUDGLDFFLDLRGDXWLOL]]DUHDFRSHUWXUDGLDSHUWXUHQHLVRODLRQHO
VXRORVSHVVRUHILQRPP
6 E 3HURJQLSRVDLQRSHUDHULPR]LRQHFRQPXOHWWRRDXWRJUX Pð ¼

6 /DPLHUDGLDFFLDLRFDUUDELOHGDXWLOL]]DUHDFRSHUWXUDGLDSHUWXUHQHL
VRODLRQHOVXRORVSHVVRUHILQRPP
6 E 3HURJQLSRVDLQRSHUDHULPR]LRQHFRQPXOHWWRRDXWRJUX Pð ¼

6 *ULJOLDWRLQDFFLDLRDSHUGHUHGDXWLOL]]DUHDSURWH]LRQHGLDSHUWXUH Pð ¼
QHLVRODL)RUQLWXUDPHVVDLQRSHUDULPR]LRQHPDQXDOHFRQO
DXVLOLR
GLVFDOHRWUDEDWWHOOLILQRDP

6 *ULJOLDWRLQDFFLDLRDSHUGHUHXWLOL]]DWRDSURWH]LRQHGLDSHUWXUHQHL Pð ¼
VRODL)RUQLWXUDPHVVDLQRSHUDULPR]LRQHFRQO
DXVLOLRGLSLDWWDIRUPD
GLODYRURHOHYDELOHILQRDP

6 %DOFRQHGLVHUYL]LRSHUVLVWHPLGLHGLOL]LDLQGXVWULDOL]]DWDSLDQRGL
ODYRUR LQ JULJOLDWR PHWDOOLFR H SDUDSHWWR HVWHUQR PHWDOOLFR FRQ
PHQVROH GL VRVWHJQR H FROOHJDPHQWR DL FDVVHUL 3HU SURLH]LRQH
RUL]]RQWDOHGHOSLDQRGLODYRUR
6 D )RUQLWXUDPRQWDJJLRHVPRQWDJJLRDVVHPEODJJLRHQRORSULPRPHVH P ¼
RIUD]LRQH

6 F 3HURJQLPRYLPHQWD]LRQHGLHOHPHQWRDVVHPEODWR Pð ¼

6 6RWWRSRQWHGLVLFXUH]]DSHUVLVWHPLGLHGLOL]LDLQGXVWULDOL]]DWDSLDQR Pð
GLODYRURLQJULJOLDWRPHWDOOLFRSHVDQWHSDUDSHWWRHVWHUQRLQJULJOLDWR
PHWDOOLFROHJJHURPHQVROHGLVRVWHJQRFRQDQFRUDJJLRDVRODLR3HU
SURLH]LRQHRUL]]RQWDOHGHOSLDQRGLODYRUR
6 D )RUQLWXUDPRQWDJJLRHVPRQWDJJLRDVVHPEODJJLRHQRORSULPRPHVH P ¼
RIUD]LRQH
6 F 3HURJQLPRYLPHQWD]LRQHGLHOHPHQWRDVVHPEODWR Pð ¼

6 7HWWRLDUHDOL]]DWDFRQHOHPHQWLWXERODULGLSRQWHJJLRFRQFRSHUWXUD
LQWDYROHGLOHJQRGLPHQVLRQLPLQLPRFP[

6 7HWWRLDUHDOL]]DWDFRQHOHPHQWLWXERODULGLSRQWHJJLRFRQFRSHUWXUDLQ
WDYROHGLOHJQRGLPHQVLRQLPLQLPRFP[HVRYUDVWDQWHODPLHUD
]LQFDWDFRQQHUYDWXUDRQGXODWDRJUHFDWD

6 3DUDSHWWRPHWDOOLFRSHUVLVWHPLGLHGLOL]LDLQGXVWULDOL]]DWDFRVWLWXLWR
GD HOHPHQWL PHWDOOLFL LPEXOORQDWL DL FDVVHUL PHWDOOLFL FRPSOHWR GL
FRUUHQWLVXSHULRUHLQWHUPHGLRHWDYRODIHUPDSLHGH
6 D 1RORSHUXQPHVHRIUD]LRQHGHOVRORPDWHULDOH P ¼

6 3DUDSHWWRSHUVLVWHPLGLHGLOL]LDLQGXVWULDOL]]DWDFRVWLWXLWRGDHOHPHQWL
PHWDOOLFLFRQVLVWHPDGLILVVDJJLRDGHOWDRVXLQVHUWLSUHGLVSRVWLQHO
VRODLR FRPSOHWR GL FRUUHQWL VXSHULRUH LQWHUPHGLR H WDYROD
IHUPDSLHGHLQWHUDVVHP
6 D 1RORSHUXQPHVHRIUD]LRQHGHOVRORPDWHULDOH P ¼

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6 F 1RORSHURJQLPHVHVXFFHVVLYRRIUD]LRQH P ¼


6 3DUDSHWWR SURYYLVRULR D PRQWDQWL SUHIDEEULFDWL JXDUGDFRUSR 81,
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6 $OWULDSSUHVWDPHQWL

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6 &DVWHOOR PHWDOOLFR FRQ UDPSH VFDOH H SLDQHURWWROL FRVWLWXLWR GD
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DOODVFDWRODGLGHULYD]LRQHDEDVHSDOR

6 $SSDUHFFKLR GL LOOXPLQD]LRQH WUDVSRUWDELOH VRVWHQXWR GD WUHSSLHGH FDG ¼
DOLPHQWD]LRQH9FDYRGLDOLPHQWD]LRQHGHOODOXQJKH]]DGLP
WLSR+51)VH]PPVSLQDPRELOHODPSDGD:1RORSHU
RJQLPHVHRIUD]LRQH

6 $SSDUHFFKLR GL LOOXPLQD]LRQH WUDVSRUWDELOH VRVWHQXWR GD WUHSSLHGH FDG ¼
DOLPHQWD]LRQH9FDYRGLDOLPHQWD]LRQHGHOODOXQJKH]]DGLP
WLSR+51)VSLQDPRELOHODPSDGD:1RORSHURJQLPHVHR
IUD]LRQH

6 /DPSDGDSRUWDWLOHFRQIRUPHDOOHQRUPH&(,DOLPHQWD]LRQH9 FDG ¼
R 9 FDYR GL DOLPHQWD]LRQH GHOOD OXQJKH]]D GL P WLSR
+51)VH]PPðVSLQDPRELOHODPSDGD:1RORSHURJQL
PHVHRIUD]LRQH

6 /DPSDGDGLLOOXPLQD]LRQHDOLPHQWDWDDGDULDFRPSUHVVDLQVWDOODWDLQ FDG ¼
JDOOHULD D SDUHWH VX VWDIIH WDVVHOODWH VX URFFLD R FOV FRPSUHVR LO
FROOHJDPHQWR DOOD UHWH GL DOLPHQWD]LRQH 1ROR SHU RJQL PHVH R
IUD]LRQH

6 /DPSDGD GL LOOXPLQD]LRQH ILVVD GL WLSR D WDUWDUXJD VWDJQD DG FDG ¼
LPPHUVLRQHWHPSRUDQHDFODVVHGLSURWH]LRQHSRWHQ]DILQRD:

6 /DPSDGDGLLOOXPLQD]LRQHILVVDGLWLSRDIDUHWWRVWDJQDDGLPPHUVLRQH FDG ¼
WHPSRUDQHDFODVVHGLSURWH]LRQHSRWHQ]DILQRD:)RUQLWXUDH
SRVDLQRSHUD

6 /DPSDGDLQGLYLGXDOHVWDJQDDEDWWHULD)RUQLWXUDHSRVDLQRSHUD FDG ¼

6 /DPSDGHHOHWWULFKHSRUWDWLOLD9JUDGRGLSURWH]LRQHFRPSUHVR FDG ¼
FDYRGLDOLPHQWD]LRQHGHOODOXQJKH]]DGLP)RUQLWXUDHSRVDLQ
RSHUD

6 3RVDDSDUHWHGHLFRQGXWWRULHOHWWULFLPHGLDQWHVWDIIHDVHOODWDVVHOODWH P ¼

6 'HULYD]LRQHRJLXQ]LRQHGLFDYLDGDWWDDOOHLPPHUVLRQL FDG ¼

6 6HJQDOD]LRQH D WHUUD GL OLQHD HOHWWULFD DHUHD HVWHUQD FRQ SDOHWWL P ¼
PHWDOOLFLSLDQWDWLQHOWHUUHQRHEDQGHOOHFRORUDWHLQSODVWLFDHFDUWHOOL
LQGLFDQWLO
DOWH]]DHOHFDUDWWHULVWLFKHDOOHHVWUHPLWjHDGLQWHUYDOOLQRQ
VXSHULRULDP)RUQLWXUDHSRVDLQRSHUD

6 5LSDUL LQ PDWHULDOH LVRODQWH D SURWH]LRQH GL FDYL HOHWWULFL SRVDWL D P ¼
SDUHWH R IDVFHWWDWL VX WHVDWR UHDOL]]DWL FRQ JXDLQH R FRSSHOOH LQ
YHWURUHVLQDFRQFRSHUFKLRGLPHQVLRQLILQRDFP&RQPRQWDJJLRVX
FDYLQRQLQWHQVLRQHHVFOXVHRSHUHSURYYLVLRQDOL

6 3URWH]LRQHGLLVRODWRULUHDOL]]DWLFRQFRSSHOOHLVRODQWLSRWHUHLVRODQWH FDG ¼
ILQRD9&RQPRQWDJJLRVXHOHPHQWLQRQLQWHQVLRQHHVFOXVH
RSHUHSURYYLVLRQDOL

6 &RVWUX]LRQHGLGHYLD]LRQHDHUHDUHDOL]]DWDPHGLDQWHSRVDGLFDYRLQ P ¼
DFFLDLRGLVRVWHJQRFDQDOHWWDLVRODQWHVRVSHVDHSDOLYHUWLFDOLLQILVVL
QHOWHUUHQRDGLVWDQ]DGLPFRQHVHFX]LRQHVXFDYLQRQLQWHQVLRQH
HVFOXVHRSHUHSURYYLVLRQDOL

6 5LOLHYR H VHJQDOD]LRQH GL OLQHH HOHWWULFKH R WXED]LRQL VRWWRWUDFFLD P ¼
PHGLDQWHGLVHJQRVXOPXURFRQPH]]LLQGHOHELOLHLQGLFD]LRQHGHOOD
WLSRORJLD GHOOD FDQDOL]]D]LRQH H LQVWDOOD]LRQH GL FDUWHOOL GL
VHJQDOD]LRQHDWWLDOODLQGLYLGXD]LRQHGHLVHUYL]L

6 6HJQDOD]LRQHGLOLQHHLQWHUUDWHSHUFRUVRHSURIRQGLWjFRQSLFFKHWWL P ¼
GLOHJQRHEDQGHOODFRORUDWDHFDUWHOOLDOOHHVWUHPLWjHFRQLQWHUYDOOL
QRQVXSHULRULDP)RUQLWXUDHSRVDLQRSHUD

6 )LRUHWWRDVWDFRQPDQLFRLVRODWRSHUODPRYLPHQWD]LRQHDGLVWDQ]DGL FDG ¼
HOHPHQWL LQ WHQVLRQH 7HQVLRQH ILQR D N9 /XQJKH]]D FP
)RUQLWXUD

6 3HGDQD LVRODQWH FRVWUXLWD LQ SROLSURSLOHQH FRQ SLDQR GL FDOSHVWLR FDG ¼
DQWLVGUXFFLROR'LPHQVLRQLFP[FRQLVRODPHQWRILQRDN9
)RUQLWXUD

6 5DVWUHOOLHUHSHUVWRFFDJJLRYHUWLFDOHGLHOHPHQWLWLSRSDQQHOOLRDOWUR Pð ¼
GLWLSROHJJHURUHDOL]]DWDLQSURILODWLPHWDOOLFLSHVRLQGLFDWLYRNJPð
FLUFD1RORSHURJQLPHVHRIUD]LRQH

6 &DYDOOHWWLSHUVWRFFDJJLRYHUWLFDOHGLHOHPHQWLWLSRSDQQHOOLRDOWURGL Pð ¼
WLSRSHVDQWHTXDOLSUHIDEEULFDWLUHDOL]]DWLLQSURILODWLPHWDOOLFLSHVR
LQGLFDWLYRNJPð1RORSHURJQLPHVHRIUD]LRQH

6 &DQDOLGLUDFFROWDDFTXHGL ODYRUD]LRQHUHDOL]]DWLLQWHUUD PHGLDQWH P ¼
VFDYRQHOWHUUHQRDVH]LRQHREEOLJDWDILQRDPñHVHJXLWRDPDQR

6 &DQDOLGLUDFFROWDDFTXHGL ODYRUD]LRQHUHDOL]]DWLLQWHUUD PHGLDQWH P ¼
VFDYRQHOWHUUHQRDVH]LRQHREEOLJDWDHVHJXLWRFRQPH]]RPHFFDQLFR
FRQILQLWXUDPDQXDOHVHQ]DFDULFRVXPH]]RGLWUDVSRUWR

6 5LYHVWLPHQWRGLFDQDOLGLUDFFROWDDFTXHGLODYRUD]LRQHVH]Pð P ¼
FRQ HOHPHQWLLQ ODPLHUD RQGXODWD ]LQFDWD GL VSHVVRUH DGHJXDWRDOOD
VH]LRQH)RUQLWXUDHSRVDLQRSHUD

6 5LYHVWLPHQWRGLFDQDOLGLUDFFROWDDFTXHGLODYRUD]LRQHVH]Pð P ¼
FRQWHORLQ39&)RUQLWXUDHSRVDLQRSHUD

6 7XERLQDFFLDLRFPFRQUDFFRUGLVQRGDWLSHUWUDVSRUWRDFTXD FDG ¼
(OHPHQWLGDP)RUQLWXUD

6 0DQLFKHWWD39&UHWLQDWRFPDUURWRODELOHFRQUDFFRUGRDYLWH FDG ¼
HOHPHQWLGDP)RUQLWXUD

6 5HDOL]]D]LRQH GL XQD YDVFD GL FRQWHQLPHQWR IDQJKL SHU OD ORUR DOPðGL ¼
GHFDQWD]LRQH UHDOL]]DWD LQ WHUUD PHGLDQWH VFDYR R FRVWUX]LRQH GL LQYDVR
DUJLQH DOWH]]D QRQ VXSHULRUH D FP H GLPHQVLRQL LGRQHH DO
FRQWHQLPHQWRGHOOLTXLGR

6 (YHQWXDOHLPSHUPHDELOL]]D]LRQHGHOODYDVFDGLFXLVRSUDFRQWHOLLQ Pð ¼
39&RDOWURPDWHULDOHLGRQHR)RUQLWXUDHSRVDLQRSHUD

6 )RVVD GL UDFFROWD H GHFDQWD]LRQH DFTXH GL ODYRUD]LRQH D WHQXWD FDG ¼
FRPSUHVRVFDYRYROXPHLQGLFDWLYRPñ

6 )RVVD GL UDFFROWD H GHFDQWD]LRQH DFTXH GL ODYRUD]LRQH D WHQXWD FDG ¼
FRPSUHVRVFDYRYROXPHLQGLFDWLYRPñ

6 3LVWD SHU PH]]L PHFFDQLFL UHDOL]]DWD FRQ VFDYR GL VEDQFDPHQWR D Pð ¼
PDFFKLQD LQ WHUUHQR YHJHWDOH SHU XQ
DOWH]]D GL FP ULILQLWXUD
PDQXDOHHGHSRVLWRGLPDWHULDOLLQFDQWLHUH

6 3URYYLVWDHVWHVDPHFFDQLFDGLPLVWRJUDQXODUHDQLGURFRPSRVWRGL Pð ¼
JURVVDVDEELDHFLRWWROLVSHVVRUHFPFRPSUHVDUHJRODUL]]D]LRQHH
FRPSDWWD]LRQH

6 )RUQLWXUDHVWHVDGLWHVVXWRQRQWHVVXWR Pð ¼

6 *HRJULJOLDLQILEUDGLSROLHVWHUHIRUQLWDHSRVWDLQRSHUDFRQIXQ]LRQH
GLULQIRU]RGHOWHUUHQRSHUDXPHQWDUQHODFDSDFLWjSRUWDQWH6WUXWWXUD
DPDJOLDTXDGUDWDFPFRVWLWXLWDGDILODPHQWLLQILEUDGLSROLHVWHUH
FRQWHQDFLWjFLUFDP1GWH[HYDORUH($6/GHIRUPD]LRQHDFDULFR
VSHFLILFRD1FLUFDFRQDOOXQJDPHQWRPDVVLPRDURWWXUDQHOOH
GXH GLUH]LRQL FLUFD &RPSUHVD FRSHUWXUD FRQ VWUDWR GL 39& D
SURWH]LRQHDLUDJJL89FDVVHIRUPHSURYYLVRULHGLVRVWHJQRVIULGLH
VRUPRQWL
6 D 5HVLVWHQ]D FDUDWWHULVWLFD D DQQL GL FLUFD N1P H UHVLVWHQ]D Pð ¼
XOWLPDDWUD]LRQHORQJLWXGLQDOHGLFLUFDN1P
6 E 5HVLVWHQ]D FDUDWWHULVWLFD D DQQL GL FLUFD N1P H UHVLVWHQ]D Pð ¼
6 F 5HVLVWHQ]D FDUDWWHULVWLFD D DQQL GL FLUFD N1P H UHVLVWHQ]D Pð ¼
6 G 5HVLVWHQ]D FDUDWWHULVWLFD D DQQL GL FLUFD N1P H UHVLVWHQ]D Pð ¼

6 3HUFRUVR SHGRQDOH UHDOL]]DWR FRQ VFDYR H VSLDQDPHQWR FRQ P ¼
PLQLHVFDYDWRUH ODUJKH]]D FP ULILQLWXUDD PDQR H ULFRSHUWR GL
JKLDLHWWD

6 5HFLSLHQWH LQ SROLHWLOHQH SHU DOLPHQWL GD O FRQ UXELQHWWR SHU FDG ¼
SURYYLVWDGLDFTXDSRWDELOHQHLODYRULLQJDOOHULD)RUQLWXUD

6 3RPSD GL UDFFROWD DFTXH IDQJRVH FRPSUHVR DOODFFLDPHQWR HOHWWULFR
ILQR D P FRPSUHQVLYR GL WXWWL JOL HOHPHQWL SHU LO VXR
IXQ]LRQDPHQWR &RPSUHVL WXEL GL VFDULFR ILQR D P 3RWHQ]D
HOHWWULFDILQRDN:
D 1RORSHURJQLPHVHRIUD]LRQH FDG ¼
6 E &RVWRGLHVHUFL]LRRUDULR RUD ¼
6 &LQWXUDSRUWDDWWUH]]LLQFXRLRSROLHVWHUHFRQIRQGLQD)RUQLWXUD FDG ¼

6 &DQDOLQDGLSURWH]LRQHIHUULGLDUPDWXUDLQ39&GLVH]LRQHTXDGUDWD P ¼
RFLUFRODUHSHUXQRVYLOXSSRFRPSOHVVLYRGLFPWUHUHLPSLHJKL

6 3URWH]LRQH IHUUL GL DUPDWXUD FRQ WDYROH GL OHJQR GHOOR VSHVVRUH P ¼
PLQLPR FP OHJDWH DOOD VRPPLWj GHL IHUUL GL DUPDWXUD WUH
UHLPSLHJKL)RUQLWXUDHSRVDLQRSHUD

6 3URWH]LRQH VRPPLWj GL IHUUL G
DUPDWXUD FRQ FDSSHOORWWL LQ 39& FDG ¼


6 &DQDOHWWD LQ ODPLHUD PHWDOOLFD VSHVVRUH PP SHU SURWH]LRQH P ¼
DWWUDYHUVDPHQWLWXED]LRQLFDYLHFF)RUQLWXUDHSRVDLQRSHUD

6 5LOHYDWRUHSRUWDWLOHSHUODVHJQDOD]LRQHGLSUHVHQ]DGLJDV1RORSHU FDG ¼
PHVHRIUD]LRQH

6 1DVWURSUHVVD SHU DEEDWWLPHQWR IDQJKL GDOOH DFTXH GL ODYRUD]LRQH
SHUIRUD]LRQHGLURFFHODYDJJLRLQHUWLHFFGDWRLQRSHUDIRUPDWDGD
FKLDULILFDWRUHQDVWURSUHVVDSRUWDWDPðRUDFHQWUDOLQDSHUVROX]LRQH
IORFFXODQWHVHUEDWRLHFDUSHQWHULH
6 F &RVWRGLHVHUFL]LRRUDULR RUD ¼
6 ,PSLDQWRGLGHSXUD]LRQHHFRQWUROORGHOOHFDUDWWHULVWLFKHGHOOHDFTXH
GL ODYRUD]LRQH FRVWLWXLWR GD XQLWj GL FKLDULILFD]LRQH H FHQWUDOLQDGL
SUHSDUD]LRQHIORFFXODQWH

6 & &RVWRGLHVHUFL]LRRUDULR RUD ¼

6 ,PSLDQWRGLDVSLUD]LRQHPRELOHFRQILOWURSHUJDVGLVDOGDWXUDHVLPLOL FDG ¼
WXER GL DVSLUD]LRQH RULHQWDELOH SRUWDWD PðRUD 1ROR SHU RJQL
PHVHRIUD]LRQH

6 *RUJRJOLDWRULLQDFTXDSHUODGHSXUD]LRQHGHLJDVGLVFDULFRGLPRWRUL FDG ¼
GLHVHOLPSLHJDWLLQDPELHQWLFRQILQDWL)RUQLWXUDHSRVDLQRSHUD

6 (TXLSDJJLDPHQWR GL DXWREHWRQLHUD FRQ PRWRUH HOHWWULFR SHU OD FDG ¼
URWD]LRQH GHOOD WD]]D FRQ VLVWHPD GL FRQYHUVLRQH PRWRUH
HOHWWULFRPRWRUHGLHVHO)RUQLWXUDHLQVWDOOD]LRQHSHURJQLPDFFKLQD

6 ,PSLDQWR GL GHSROYHUL]]D]LRQH SHU VLORV FHPHQWL H PDWHULDOH FDG ¼
SROYHUXOHQWRLQJHQHUHFRVWLWXLWRGDFRQWHQLWRUHLQODPLHUDPHWDOOLFD
ILOWULLQXVFLWDDULDHVDFFRGLGHWHQ]LRQHSROYHUL1RORSHURJQLPHVH
RIUD]LRQH

6 $UPDWXUHGLSURWH]LRQHGHJOLVFDYL
,QPHULWRDFLzFKHqGHILQLWR³DUPDWXUDGLSURWH]LRQHGHOORVFDYR´
FHUWDPHQWH VRQR ULFRPSUHVH LQ TXHVWD FDWHJRULD WXWWH OH DUPDWXUH
SURYYLVLRQDOL GHJOL VFDYL RYYHUR VEDGDFFKLDWXUH FRQ TXDOVLDVL
PDWHULDOHDUPDWXUH PHWDOOLFKHD FDVVDDSHUWDR FKLXVD SDODQFRODWL
QRQFKp FRQVROLGDPHQWL GHL IURQWL R GHOOH SDUHWL GL VFDYR
$QDORJDPHQWHYDDVVLPLODWDDOO¶DUPDWXUDGHOORVFDYRODVDJRPDWXUD
VHFRQGRO¶DQJRORGLGHFOLYLRQDWXUDOHGHOWHUUHQRHTXLQGLLOYROXPH
GLWHUUHQRQHFHVVDULRYDFRQVLGHUDWRTXDOHRQHUHGHOODVLFXUH]]D
1RQVRQRLQYHFHGDFRQVLGHUDUVLFRVWLGHOODVLFXUH]]DOHSDOLILFDWHR
VLPLODULTXDQGRSUHYLVWHHVSUHVVDPHQWHLQIDVHSURJHWWXDOHVLDSHUFKp
QRQ ULHQWUDQR QHOOD FDWHJRULD GHOOH RSHUH SURYYLVLRQDOL RYYHUR
SURYYLVRULH SRLFKp QRQ VL SURFHGH VXFFHVVLYDPHQWH DOOD ORUR

GHPROL]LRQH VLD SHUFKp HVVH VRQR SDUWH LQWHJUDQWH GHOO¶RSHUD
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WHUUHQRHVXFFHVVLYDPHQWHVLSURYYHGHDOODORURGHPROL]LRQHHVOH
³EHUOLQHVL´

6 6EDGDFFKLDWXUD FRPSOHWD D FDVVD FKLXVD LQ OHJQDPH GHOOH SDUHWL GL ð
VFDYR D WULQFHD SHU SURIRQGLWj ILQR D P FRPSUHVR
DSSURYYLJLRQDPHQWRODYRUD]LRQHPRQWDJJLRVPRQWDJJLRHULWLURGHO
PDWHULDOH GDO FDQWLHUH D ILQH ODYRUL 9DOXWD]LRQH ULIHULWD DO PHWUR
TXDGUDWRGLVXSHUILFLHGHOODVEDGDFFKLDWXUD
D 0RQWDJJLRVPRQWDJJLRHQRORSULPRPHVHRIUD]LRQH Pð ¼
E 1RORSHURJQLPHVHVXFFHVVLYRRIUD]LRQH Pð ¼
6 F 3URJHWWRGLFDOFRORQHFHVVDULRDGHILQLUHHJDUDQWLUHODUHVLVWHQ]DGHOOD RUD ¼
VEDGDFFKLDWXUDLQOHJQDPH

6 $UPDWXUDGLSURWH]LRQHHFRQWHQLPHQWRGHOOHSDUHWLGLVFDYRLQWULQFHD
PHGLDQWH VLVWHPL GL EOLQGDJJLR D SDQQHOOL PHWDOOLFL OXQJKH]]D FP
DOWH]]DFPVSHVVRUHFPHSXQWRQLUHJRODELOLGDFP
DFPFRPSOHWRGLRJQLDFFHVVRULRSHUVRVWHQHUHSDUHWLGLVFDYR
FRQVSLQWDGHOWHUUHQRILQRDN1PðFRQOXFHOLEHUDVRWWRSDVVRWXEL
ILQRDFP9DOXWD]LRQHULIHULWDDOPHWURTXDGUDWRGLVXSHUILFLHGHL
SDQQHOOLSUHYLVWL
6 D 7UDVSRUWRDVVHPEODJJLRHVPRQWDJJLRGHOO
DWWUH]]DWXUD Pð ¼
6 E 1RORSHURJQLPHVHRIUD]LRQH Pð ¼
6 F 6LVWHPD]LRQH GHOO
DWWUH]]DWXUD QHOOD WULQFHD GD YDOXWDUVL DG RJQL Pð ¼
SRVL]LRQDPHQWRURWD]LRQHGHOODVWHVVDDOO
LQWHUQRGHOORVFDYR

PHGLDQWH VLVWHPL GL EOLQGDJJLR D SDQQHOOL PHWDOOLFL OXQJKH]]D FP
DOWH]]DFPHVSHVVRUHFPHSXQWRQLUHJRODELOLGDFP
DFPFRPSOHWRGLRJQLDFFHVVRULRSHUVRVWHQHUHSDUHWLGLVFDYR
FRQVSLQWDGHOWHUUHQRILQRDN1PðFRQOXFHOLEHUDVRWWRSDVVRWXEL
ILQRDFP9DOXWD]LRQHULIHULWDDOPHWURTXDGUDWRGLVXSHUILFLHGHL
SDQQHOOLSUHYLVWL
DWWUH]]DWXUD Pð ¼
LQWHUQRGHOORVFDYR

PHGLDQWH VLVWHPL GL EOLQGDJJLR D SDQQHOOL PHWDOOLFL OXQJKH]]D
PRGXODUHGDFPDFPDOWH]]DFPRFPHYHQWXDOH
HOHPHQWRDJJLXQWLYRFPVSHVVRUHFPHSXQWRQLUHJRODELOLGD
FPDFPFRPSOHWRGLRJQLDFFHVVRULRSHUVRVWHQHUHSDUHWL
GL VFDYR FRQ VSLQWD GHO WHUUHQR ILQR D N1Pð FRQ OXFH OLEHUD
VRWWRSDVVRWXELILQRDFP9DOXWD]LRQHULIHULWDDOPHWURTXDGUDWR
GLVXSHUILFLHGHLSDQQHOOLSUHYLVWL
DWWUH]]DWXUD Pð ¼

LQWHUQRGHOORVFDYR

PHGLDQWH VLVWHPL GL EOLQGDJJLR D SDQQHOOL PHWDOOLFL OXQJKH]]D
PRGXODUHGDFPDFPHDOWH]]DGLFPHFPVSHVVRUH
GDFPDFPLQVHULWLLQSURILODWLDGRSSLRELQDULRSHUSURIRQGLWj
GL VFDYR ILQR D P H SXQWRQL UHJRODELOL GD FP D FP
FRPSOHWRGLRJQLDFFHVVRULRSHUVRVWHQHUHSDUHWLGLVFDYRFRQVSLQWD
GHOWHUUHQRILQRDN1PFRQOXFHOLEHUDVRWWRSDVVRWXELILQRD
FP 9DOXWD]LRQH ULIHULWD DO PHWUR TXDGUDWR GL VXSHUILFLH GHL
SDQQHOOLSUHYLVWL
DWWUH]]DWXUD Pð ¼

6 3DODQFROH FRQ SURILOR D = D 8 R VLPLOL GL DFFLDLR ODPLQDWR FRQ
FDUDWWHULVWLFKH ULVSRQGHQWL DOOD QRUPDWLYD WHFQLFD YLJHQWH GL
OXQJKH]]DILQRDPFRPSUHVLDQFKHLSH]]LVSHFLDOLHOHUHODWLYH
VDOGDWXUH FRPSUHVR O
DYYLFLQDPHQWR LO VROOHYDPHQWR H O
LQILVVLRQH
,QFOXVRLOWUDWWDPHQWRSURWHWWLYRGLWLSRELWXPLQRVRODIRUPD]LRQHGHL
IRULSHULOSDVVDJJLRGHLWLUDQWLLWDJOLFRQILDPPDRVVLDFHWLOHQLFDOD
IRUQLWXUDHODSRVDLQRSHUDGLIRQGLQHDSHUGHUHLQODPLHUDGLDFFLDLR
GHOORVSHVVRUHGLPPGLIRUPDWUDSH]RLGDOHSHULOFRQWHQLPHQWRGHO
JHWWRQHOOD]RQDLQIHULRUHGHOODWUDYHGLFRURQDPHQWRFRPSUHVRRJQL
DOWURRQHUHHPDJLVWHURSHUGDUHLOODYRURFRPSLXWRDUHJRODG
DUWH
6 D ,QDFFLDLRODPLQDWRFODVVH6*3(1 NJ ¼
6 E ,QDFFLDLRODPLQDWRFODVVH6*3(1 NJ ¼
6 F ,QDFFLDLRODPLQDWRFODVVH6*3(1 NJ ¼
6 G ,QDFFLDLRODPLQDWRFODVVH6*3(1 NJ ¼
6 H ,QDFFLDLRODPLQDWRFODVVH6*3(1 NJ ¼

6 3DODQFROHFRQSURILORWLSR+=R3DOR=RVLPLOLGLDFFLDLRODPLQDWR
FRQ FDUDWWHULVWLFKH ULVSRQGHQWL DOOD QRUPDWLYD WHFQLFD YLJHQWH GL
OXQJKH]]DILQRDPFRPSUHVLDQFKHLSH]]LVSHFLDOLHOHUHODWLYH
VDOGDWXUH FRPSUHVR O
DYYLFLQDPHQWR LO VROOHYDPHQWR H O
LQILVVLRQH
,QFOXVRLOWUDWWDPHQWRSURWHWWLYRGLWLSRELWXPLQRVRODIRUPD]LRQHGHL
IRULSHULOSDVVDJJLRGHLWLUDQWLLWDJOLFRQILDPPDRVVLDFHWLOHQLFDOD
IRUQLWXUDHODSRVDLQRSHUDGLIRQGLQHDSHUGHUHLQODPLHUDGLDFFLDLR
GHOORVSHVVRUHGLPPGLIRUPDWUDSH]RLGDOHSHULOFRQWHQLPHQWRGHO
JHWWRQHOOD]RQDLQIHULRUHGHOODWUDYHGLFRURQDPHQWRFRPSUHVRRJQL
DOWURRQHUHHPDJLVWHURSHUGDUHLOODYRURFRPSLXWRDUHJRODG
DUWH
6 D DLQDFFLDLRODPLQDWRFODVVH6*3(1 NJ ¼
6 E ELQDFFLDLRODPLQDWRFODVVH6*3(1 NJ ¼
6 F FLQDFFLDLRODPLQDWRFODVVH6*3(1 NJ ¼
6 G GLQDFFLDLRODPLQDWRFODVVH6*3(1 NJ ¼
6 H HLQDFFLDLRODPLQDWRFODVVH6*3(1 NJ ¼

6 ,PSHUPHDELOL]]D]LRQH GHL JLXQWL WUD OH SDODQFROH PHGLDQWH P ¼
O¶DSSOLFD]LRQHDOO¶LQWHUQRGHLJDUJDPLGLSURGRWWRSROLXUHWDQLFRFKHVL
ULJRQILDDFRQWDWWRFRQO¶DFTXDSHUPHWURGLJDUJDPHWUDWWDWR


6 6FDUSDGLVLFXUH]]DHVHJXLWRFRQPH]]LPHFFDQLFLVHQ]DLOFDULFRVXL P ¼
PH]]LGLWUDVSRUWRVHFRQGRO
DQJRORGLGHFOLYLRQDWXUDOHVWDELOLWRGDOOD
UHOD]LRQH JHRORJLFD SHU UHDOL]]D]LRQH GL VFDYL LQ URFFH GL TXDOVLDVL
QDWXUD H FRQVLVWHQ]D FRQ UHVLVWHQ]D LQIHULRUH D 1PPð DUJLOOH
VFLROWH H FRPSDWWH VDEELH JKLDLH SR]]RODQH ODSLOOL WXIL HFF
FRPSUHVRLOWDJOLRHODULPR]LRQHGLUDGLFLFHSSDLHSLHWUHHWURYDQWL
GLURFFLDHPXUDWXUDGLYROXPHILQRDPñVLDLQDVFLXWWRFKHLQ
EDJQDWR DQFKH LQ SUHVHQ]D GL DFTXD VWDELOL]]DQWHVL QHO FDYR ILQR
DOO
DOWH]]DGLFPHVFOXVDO¶DFTXDSURYHQLHQWHGDIDOGDFRPSUHVRH
FRPSHQVDWR O
RQHUH SHU LO ULVSHWWR GL FRVWUX]LRQL VRWWHUUDQHH
SUHHVLVWHQWLGDPDQWHQHUHTXDOLIRJQHFRQGXWWXUHLQJHQHUHFDYLHFF

6 6FDUSDGLVLFXUH]]DHVHJXLWRFRQPH]]LPHFFDQLFLVHQ]DLOFDULFRVXL P ¼
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6 7UDWWDPHQWRGLSDUHWHGLVFDYRFRQVSULW]EHWRQFRPSUHVRSUHYHQWLYR Pð ¼
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6 ,VSH]LRQHGLSDUHWHURFFLRVDDVWUDSLRPERDFFHVVLELOHVRORGDOO
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FRQYHQWLOD]LRQHLQGLUHWWDFUHDWRSHUUHVLVWHUHDOOHDJJUHVVLRQLGL
VRVWDQ]HFKLPLFKH%DUGDWXUDHODVWLFDDUHJROD]LRQHUDSLGD)RUQLWXUD

6 2FFKLDOHGLSURWH]LRQHSHUVDOGDWXUDFRQIRUPHDOOHQRUPH81,(1 FDG ¼
81,(1HG81,(1DFRSSHLQDOOXPLQLRFRQERUGRLQ
PDWHULDOHSODVWLFRLPERWWLWR/HQWLSLDQH',1)RUQLWXUD

6 9LVLHUDGLSURWH]LRQHFRQIRUPHDOOHQRUPH81,(1HG81,(1 FDG ¼
LQDFHWDWRYHUGHSHUVDOGDWXUDLUXYPP)RUQLWXUD

6 9LVLHUDGLSURWH]LRQHFRQIRUPHDOODQRUPD(1LQSROLFDUERQDWR FDG ¼
LQFRORUHWUDVSDUHQWHDQWLULIOHVVRPP)RUQLWXUD

6 0DVFKHUDSDVVLYDSHUVDOGDWXUDFRQIRUPHDOODQRUPD81,(1 FDG ¼
FRPSOHWD LQ PDWHULDOH WHUPRSODVWLFR ULQIRU]DWR 9HWULQL
LQWHUFDPELDELOLLQIXQ]LRQHGHOODSURWH]LRQHGHVLGHUDWD)RUQLWXUD

6 0DVFKHUD SHU VDOGDWXUD DXWRPDWLFD D OHG FRQ FDVFR SURWHWWLYR H FDG ¼
VFKHUPRDXWRVFXUDQWHFRQIRUPHDOODQRUPD81,(1)RUQLWXUD

6 &DORWWDSHUDSSOLFD]LRQHGLYLVLHUDGLSURWH]LRQHFRQIRUPHDOODQRUPD FDG ¼
81, (1 FRPSOHWD GL IDVFLD LPERWWLWD VRVWLWXLELOH H EDUGDWXUD
UHJRODELOH)RUQLWXUD

6 6HPLPDVFKHUD ILOWUDQWH DQWLSROYHUH FRQIRUPH DOOD QRUPD 81, (1
3URWH]LRQH))30RQRXVR
6 D 6HQ]DYDOYROD FDG ¼
6 E &RQYDOYROD FDG ¼

3URWH]LRQH))30RQRXVR
6 D 6HQ]DYDOYROD FDG ¼
6 E &RQYDOYROD FDG ¼

&RQYDOYROD3URWH]LRQH))30RQRXVR
D 6HQ]DYDOYROD FDG ¼
E &RQYDOYROD FDG ¼

6 6HPLPDVFKHUDLQJRPPDVLQWHWLFDFRQIRUPHDOODQRUPD81,(1 FDG ¼
6WUXWWXUDDGXHILOWUL%DUGDWXUDDGXHWLUDQWL)RUQLWXUD

6 6HPLPDVFKHUD LQ JRPPD VLOLFRQLFD FRQIRUPH DOOD QRUPD 81, (1 FDG ¼
6WUXWWXUDDGXHILOWUL%DUGDWXUDDGXHWLUDQWL)RUQLWXUD

6 0DVFKHUD D SLHQR IDFFLDOHFRQ VFKHUPR LQ SROLFDUERQDWR FRQIRUPH FDG ¼
DOODQRUPD81,(1FODVVH,)DFFLDOHLQPDWHULDOHHODVWRPHULFR
LSRDOOHUJHQLFR UHVLVWHQWH D JUDIIL H XUWL VWUXWWXUD PRQRILOWUR
EDUGDWXUDDHODVWLFL'DXWLOL]]DUHLQSUHVHQ]DGLDOWHFRQFHQWUD]LRQL
GLFRQWDPLQDQWHRTXDQGRLOFRQWDPLQDQWHULVXOWDSHULFRORVRSHUJOL
RFFKLRSHUODSHOOHFRQGLVSRVLWLYRIRQLFRHXQUDFFRUGRILOHWWDWRSHU
ILOWUR)RUQLWXUD

6 0DVFKHUDDSLHQRIDFFLDOHLQJRPPDVLOLFRQLFDUHVLVWHQWHFRQIRUPH FDG ¼
DOODQRUPD81,(1FODVVH,,'RSSLRERUGRGLWHQXWDVXOYLVR
VWUXWWXUDDGXHILOWULFDUGDWXUDDHODVWLFL6FKHUPRLQSROLFDUERQDWR
UHVLVWHQWH D JUDIIL H XUWL 'D XWLOL]]DUH LQ SUHVHQ]D GL DOWH
FRQFHQWUD]LRQL GL FRQWDPLQDQWH R TXDQGR LO FRQWDPLQDQWH ULVXOWD
SHULFRORVRSHUJOLRFFKLRSHUODSHOOHFRQGLVSRVLWLYRIRQLFRHGXH
UDFFRUGLILOHWWDWLSHUILOWUL)RUQLWXUD

6 )LOWURSHUPDVFKHUDRVHPLPDVFKHUDLQ$%6GRWDWRGLDWWDFFRILOHWWDWR
)RUQLWXUD
6 D &ODVVH$SHUJDVHYDSRULRUJDQLFL FDG ¼
6 E &ODVVH$%SHUJDVHYDSRULRUJDQLFLHLQRUJDQLFL FDG ¼
6 F &ODVVH$%3SHUJDVRUJDQLFLLQRUJDQLFLHSROYHUL FDG ¼
6 G &ODVVH$%(.3SROLYDOHQWH FDG ¼
6 H &ODVVH$%(.3SROLYDOHQWH FDG ¼
6 I &ODVVH$3SHUJDVHYDSRULRUJDQLFLHSROYHUL FDG ¼
6 J &ODVVH$3SHUJDVRUJDQLFLHSROYHUL FDG ¼
6 K &ODVVH%SHUJDVLQRUJDQLFL FDG ¼
6 L &ODVVH%3SHUJDVLQRUJDQLFLHSROYHUL FDG ¼
6 M &ODVVH(SHUDQLGULGHVROIRURVD FDG ¼
6 N &ODVVH(3SHUDQLGULGHVROIRURVDHSROYHUL FDG ¼
6 O &ODVVH.SHUDPPRQLDFD FDG ¼
6 P &ODVVH.3SHUDPPRQLDFDHSROYHUL FDG ¼
6 Q &ODVVH.3SHUDPPRQLDFDHSROYHUL FDG ¼
6 R &ODVVH3SHUSROYHULHIXPL FDG ¼

6 )LOWUR SHU PDVFKHUD R VHPLPDVFKHUD LQ UHVLQD VLQWHWLFD GRWDWR GL
DWWDFFRILOHWWDWR)RUQLWXUD
6 D &ODVVH$SHUJDVHYDSRULRUJDQLFL FDG ¼

6 E &ODVVH$3SHUJDVRUJDQLFLHSROYHUL FDG ¼
6 F &ODVVH$3SHUYDSRULRUJDQLFLHSROYHUL FDG ¼
6 G &ODVVH$SHUJDVHYDSRULRUJDQLFL FDG ¼
6 H &ODVVH$3SHUJDVRUJDQLFLHSROYHUL FDG ¼
6 I &ODVVH$3SHUJDVRUJDQLFLHSROYHUL FDG ¼
6 J &ODVVH$%(.3SROLYDOHQWH FDG ¼
6 K &ODVVH%SHUJDVHYDSRULLQRUJDQLFL FDG ¼
6 L &ODVVH%3SHUYDSRULLQRUJDQLFLHSROYHUL FDG ¼
6 M &ODVVH%SHUJDVHYDSRULLQRUJDQLFL FDG ¼
6 N &ODVVH%3SHUJDVLQRUJDQLFLHSROYHUL FDG ¼
6 O &ODVVH(SHUDQLGULGHVROIRURVD FDG ¼
6 P &ODVVH(3SHUDQLGULGHVROIRURVDHSROYHUL FDG ¼
6 P &ODVVH(SHUDQLGULGHVROIRURVD FDG ¼
6 R &ODVVH(3SHUDQLGULGHVROIRURVDHSROYHUL FDG ¼
6 S &ODVVH.SHUDPPRQLDFD FDG ¼
6 T &ODVVH.3SHUDPPRQLDFDHSROYHUL FDG ¼
6 U &ODVVH.SHUDPPRQLDFD FDG ¼
6 V &ODVVH.3SHUDPPRQLDFDHSROYHUL FDG ¼
6 W &ODVVH3SHUSROYHUHIXPLHQHEELH FDG ¼
6 X &ODVVH3DQWLSROYHUH FDG ¼
6 Y &ODVVH$%SHUYDSRULRUJDQLFLHLQRUJDQLFL FDG ¼

6 )LOWUR ))3 SHU PDVFKHUD FRQ UHVSLUD]LRQH DVVLVWLWD )RUQLWXUD FDG ¼
VHWWLPDQDOH

6 $XWRUHVSLUDWRUH DG DULD FRPSUHVVD D FLUFXLWR DSHUWR FRQIRUPH DOOD FDG ¼
QRUPD 81, (1 FRPSRVWR GD ]DLQR FRQ SLDVWUD DQDWRPLFD LQ
UHVLQDDXWRHVWLQJXHQWHHEDUGDWXUDFRPSRVLWDLQILODWRDXWRHVWLQJXHQWH
H ILEUD GL FDUERQLR ULGXWWRUH GL SUHVVLRQH GL WLSR FRPSHQVDWR FRQ
YDOYRODGLVLFXUH]]DPDQRPHWURVHJQDODWRUHDFXVWLFRGLVLFXUH]]D
HURJDWRUHDXWRSRVLWLYRPDVFKHUDSDQRUDPLFDSHUVRYUDSSUHVVLRQH
FRQIRUPD DOOD QRUPD 81, (1 EDUGDWXUD HODVWLFD LQ JRPPD D
FLQTXHWLUDQWLFRQILEELHVFKHUPRLQSROLFDUERQDWRUHVLVWHQWHDJOLXUWL
H DJOL DFLGL FDPSR YLVLYR ROWUH LO UDFFRUGR GL LQVSLUD]LRQH
ILOHWWDWR81,(1'LVSRVLWLYRIRQLFRHFRQGXHJUXSSLYDOYRODUL
GL HVSLUD]LRQH GRWDWL GL SUHFDPHUH FRPSHQVDWULFL FKLDYH GL
PDQXWHQ]LRQHHVFOXVDODERPEROD1RORSHURJQLPHVHRIUD]LRQH

6 $XWRUHVSLUDWRUH DG DULD FRPSUHVVD D FLUFXLWR DSHUWR FRQIRUPH DOOD
QRUPD 81, (1 FRPSRVWR GD EDUGDWXUD GL VRVWHJQR LQ ILODWR
DXWRHVWLQJXHQWH ERUVDLQWHVVXWRLJQLIXJR ULGXWWRUHGL SUHVVLRQHGL
WLSRFRPSHQVDWRFRQYDOYRODGLVLFXUH]]DPDQRPHWURFRQTXDGUDQWH
IRVIRUHVFHQWH VHJQDODWRUH DFXVWLFR GL VLFXUH]]D HURJDWRUH
DXWRSRVLWLYRPDVFKHUDSDQRUDPLFDSHUVRYUDSSUHVVLRQHFRQIRUPH
DOODQRUPD81,(1EDUGDWXUDHODVWLFDLQJRPPDDFLQTXHWLUDQWL
FRQILEELHVFKHUPRLQSROLFDUERQDWRUHVLVWHQWHDJOLXUWLHDJOLDFLGL
FDPSR YLVLYR ROWUH LO UDFFRUGR GL LQVSLUD]LRQH ILOHWWDWR (1
'LVSRVLWLYRIRQLFRHFRQGXHJUXSSLYDOYRODULGLHVSLUD]LRQH

GRWDWLGLSUHFDPHUHFRPSHQVDWULFLHVFOXVDODERPEROD1RORSHURJQL
PHVHRIUD]LRQH
6 D &RQLQQHVWRUDSLGR FDG ¼
6 E 6HQ]DLQQHVWRUDSLGR FDG ¼

6 %RPEROHGLULFDPELRSHUDXWRUHVSLUDWRULDGDULDFRPSUHVVDEDU
6 D &DSDFLWjO FDG ¼
6 E &DSDFLWjO FDG ¼
6 F &DSDFLWjO FDG ¼
6 G &DSDFLWjO FDG ¼

6 $WWUH]]DWXUD GL DXWRUHVSLUD]LRQH FDUUHOODWD FRPSRVWD GD FDUUHOOR FDG ¼
PHWDOOLFRFRQGXHUXRWHJRPPDWHFRPSOHWDGLGHULYD]LRQHFRQSUHVD
VXSSOHPHQWDUH PDQLJOLH GL PDQRYUD H FDVVHWWD GL FXVWRGLD SHU
PDVFKHUD HURJDWRUH DXWRSRVLWLYR PDVFKHUD FRQIRUPH DOOD QRUPD
81, (1 FRQ UDFFRUGR FRQIRUPH DOOD QRUPD 81, (1
VFKHUPR LQ SROLFDUERQDWR GHO FDPSR QDWXUDOH YLVLYR
FRPSOHVVLYRFRQUHVLVWHQ]DDJOLXUWLVHFRQGRQRUPD%6JUDGR
JUXSSR YDOYRODUH GL HVSLUD]LRQH GRWDWR GL SUHFDPHUD
FRPSHQVDWULFHGLVSRVLWLYRIRQLFREDUGDWXUDHODVWLFDDFLQTXHWLUDQWL
FRQFLQJKLHWUDFROODDYYROJLWRUHFRPSOHWRGLPGLWXERUHVLVWHQWH
DG ROLL H VROYHQWL FRQ FRQQHWWRUH SQHXPDWLFR URWDQWH H DWWDFFKL DG
LQQHVWR UDSLGR ULGXWWRUH GL SUHVVLRQH FRPSOHWR GL PDQRPHWUR
VHJQDODWRUH DFXVWLFR GHOOD ULVHUYD UDFFRUGL DOOH ERPEROH H LQQHVWR
UDSLGR GL FROOHJDPHQWR DOO
DYYROJLWRUH GXH ERPEROH LQ DFFLDLR
FRPSOHWHGLYDOYROHIRQGHOOLGLVXSSRUWRHFDULFDFDSDFLWjOD
EDUHDXWRQRPLDGLPLQXWL1RORSHURJQLPHVHRIUD]LRQH

6 5HVSLUDWRULDIOXVVRFRQWLQXRFRVWLWXLWLGDFDVFRFRQJXDLQDGLJRPPD FDG ¼
YLVLHUD SDQRUDPLFD JLXEERWWR SHWWRUDOH LQ WHVVXWR JRPPDWR
UHJRODWRUH GL IOXVVR LQQHVWL UDSLGL SHU FROOHJDPHQWR DG DULD
FRPSUHVVDPGLWXERFRPSOHWRGLUDFFRUGLHIDVFHWWH$GDWWRSHU
ODYRULGLVDEELDWXUD1RORSHURJQLPHVHRIUD]LRQH

6 'LVSHQVDWRUHGLLQVHUWLDXULFRODUL)RUQLWXUD FDG ¼

6 ,QVHUWLDXULFRODULPRQRXVRLQSROLPHURVSXJQRVRFRQIRUPLDOODQRUPD RJQL ¼
81,(1)RUQLWXUD

6 ,QVHUWL DXULFRODUL PRQRXVR LQ SROLPHUR PDOOHDELOH FRQIRUPL DOOD RJQL ¼
QRUPD81,(1)RUQLWXUD

,QVHUWLDXULFRODULULXWLOL]]DELOLFRQFRUGLQRFRQIRUPLDOODQRUPD81, RJQL ¼
(1)RUQLWXUD

6 $UFKHWWRDXULFRODUHFRQIRUPHDOODQRUPD81,(1)RUQLWXUD FDG ¼

6 7DSSLGLULFDPELRSHUDUFKHWWRDXULFRODUH)RUQLWXUD FDG ¼

6 &XIILHDQWLUXPRUHFRQIRUPLDOODQRUPD81,(1FROOHJDWHYLD SDLR ¼
UDGLR)RUQLWXUD

6 &XIILH DQWLUXPRUH SDVVLYH FRQIRUPL DOOD QRUPD 81, (1 FDG ¼
)RUQLWXUD

6 &XIILDDQWLUXPRUHDWWLYDFRQIRUPHDOOHQRUPH81,(181, FDG ¼
(1H81,(1&RVWRG
XVRSHURJQLPHVHRIUD]LRQH
PD[PHVL

6 *XDQWLFRQWUROHDJJUHVVLRQLPHFFDQLFKHFRQIRUPLDOODQRUPD81, SDLR ¼
(1)RUQLWXUD

6 *XDQWL LPERWWLWL DGDWWL D ULGXUUH OH YLEUD]LRQL FRQIRUPL DOOD QRUPD SDLR ¼
81,(1)RUQLWXUD

6 *XDQWLFRQWUROHDJJUHVVLRQLFKLPLFKHFRQIRUPLDOODQRUPD81,(1 SDLR ¼
)RUQLWXUD

6 *XDQWLGLHOHWWULFLDFLQTXHGLWDFRQIRUPLDOODQRUPD81,(1 SDLR ¼
WHVWDWLD9)RUQLWXUD

6 *XDQWLSHUODSURWH]LRQHGDOFDORUHFRQIRUPLDOODQRUPD81,(1 SDLR ¼
)RUQLWXUD

6 *XDQWLSHUODSURWH]LRQHGDOIUHGGRFRQIRUPLDOODQRUPD81,(1 SDLR ¼
)RUQLWXUD

6 7XWDGDODYRURSHUODSURWH]LRQHGHOO
HSLGHUPLGH)RUQLWXUD FDG ¼

6 7XWDGDODYRURULQIRU]DWDDQWLWDJOLRRDQWLFDORUH)RUQLWXUD FDG ¼

6 7XWD FRPSOHWD DQWLILDPPD H DQWLFDORUH R WHUPLFD SHU VRFFRUULWRUL FDG ¼
FRPSOHWDGLFDSSXFFLRFRQYLVLHUDFDO]DULJXDQWL)RUQLWXUD

7XWDGDODYRURPRQRXVRSHUODSURWH]LRQHGHOO
HSLGHUPLGH)RUQLWXUD FDG ¼

6 *UHPELXOHSHUVDOGDWRUHFRQIRUPHDOODQRUPD81,(1,62 FDG ¼
)RUQLWXUD

6 *KHWWH DQWLFDORUH FRQIRUPL DOOD QRUPD 81, (1 ,62 SHU OD SDLR ¼
SURWH]LRQHGHOOHJDPEHHGHOSLHGH)RUQLWXUD

6 *LDFFRQHLPSHUPHDELOHOHJJHURSHUODYRULLQSUHVHQ]DGLVWLOOLFLGLR FDG ¼
G
DFTXD)RUQLWXUD

6 *LDFFRQHLPSHUPHDELOHLPERWWLWRSHUODSURWH]LRQHGDOOHLQWHPSHULH FDG ¼
)RUQLWXUD

6 *LDFFRQH WUDVSLUDQWH LPERWWLWR FRQ LQWHUQR VWDFFDELOH SHU OD FDG ¼
SURWH]LRQHGDOOHLQWHPSHULH)RUQLWXUD

6 &RUSHWWRWHUPLFR)RUQLWXUD FDG ¼

6 &DO]HURWWLWHUPLFLLQVHWDRSLOH)RUQLWXUD SDLR ¼

6 3DQWDORQLLPSHUPHDELOLSHUODSURWH]LRQHGDOOHLQWHPSHULH)RUQLWXUD SDLR ¼

6 &RSULFDSRSHUODSURWH]LRQHGDLUDJJLVRODUL)RUQLWXUD FDG ¼

6 6RWWRFDVFRWHUPLFRLQVHWDRSLOH)RUQLWXUD FDG ¼

6 *LOHW DOWD YLVLELOWj FODVVH FRQIRUPH DOOD QRUPD (1 ,62 FDG ¼
WHVVXWR LQ FRWRQH SROLHVWHUH DG DOWD WUDVSLUD]LRQH ULIOHWWHQWH FRQ
EDQGHULIUDQJHQWLLJQLIXJR)RUQLWXUD

6 *LXEELQRDOWDYLVLELOLWjFODVVHFRQIRUPHDOODQRUPD(1,62 FDG ¼
FRQ FDSSXFFLR WHVVXWR LQ FRWRQH SROLHVWHUH DG DOWD WUDVSLUD]LRQH
ULIOHWWHQWH LPSHUPHDELOH HG LJQLIXJR FRQ EDQGH ULIUDQJHQWL
)RUQLWXUD

6 3DQWDORQHDOWDYLVLELOLWjFODVVHFRQIRUPHDOODQRUPD(1,62 FDG ¼
WHVVXWR LQ FRWRQH SROLHVWHUH DG DOWD WUDVSLUD]LRQH ULIOHWWHQWH
LPSHUPHDELOHHGLJQLIXJRFRQEDQGHULIUDQJHQWL)RUQLWXUD

6 6DORSHWWHDOWDYLVLELOLWjFODVVHFRQIRUPHDOODQRUPD(1,62 FDG ¼
FRQ EUHWHOOH LQ WHVVXWR WHVVXWR LQ FRWRQH SROLHVWHUH DG DOWD
WUDVSLUD]LRQH ULIOHWWHQWH LPSHUPHDELOH HG LJQLIXJR FRQ EDQGH
ULIUDQJHQWL)RUQLWXUD

6 7XWDDOWDYLVLELOLWjFODVVHFRQIRUPHDOODQRUPD(1,62LQ FDG ¼
WHVVXWRWHVVXWRLQFRWRQHSROLHVWHUHDGDOWDWUDVSLUD]LRQHULIOHWWHQWH
LPSHUPHDELOHHGLJQLIXJRFRQEDQGHULIUDQJHQWL)RUQLWXUD

'LVSRVLWLYL GL DQFRUDJJLR GHVWLQDWL DOO¶LQVWDOOD]LRQH SHUPDQHQWH
FRQIRUPL DOODQRUPD81, WLSR $R 81, (1
WLSR$)RUQLWXUD

6 &RQSLDVWUDGLEDVHIRUDWDHDVWDGLUDFFRUGRGLDOWH]]DSDULDPP FDG ¼

6 &RQSLDVWUDDO SLHGHIRUDWDH DVWDGLUDFFRUGRGLDOWH]]DSDULDPP FDG ¼

6 0RQWDJJLRHVPRQWDJJLRGHOGLVSRVLWLYRFRPSUHVRSHUIRUD]LRQHGHO FDG ¼
VXSSRUWR HG RJQL DOWUR RQHUH R PDJLVWHUR FRQ O
HVFOXVLRQH GHOOH
DWWUH]]DWXUHHRLPSLDQWLHYHQWXDOPHQWHQHFHVVDULSHUUDJJLXQJHUHOD
TXRWDGLLPSRVWDGHOODEDUULHUD

6 $QFRUDJJLRSHUVLVWHPDDQWLFDGXWDUHDOL]]DWRPHGLDQWHLQVHULPHQWR FDG ¼
D SHUGHUH GL WDVVHOOL FKLPLFL HG DJJDQFL PHWDOOLFL &RPSUHVD GHO
VXSSRUWRSRVDHGRJQLDOWURRQHUHRPDJLVWHURFRQO
HVFOXVLRQHGHOOH
DWWUH]]DWXUH HRIRUQLWXUD GHL PDWHULDOL SHUIRUD]LRQH LPSLDQWL
HYHQWXDOPHQWH QHFHVVDUL SHU UDJJLXQJHUH OD TXRWD GL LPSRVWD GHOOD
EDUULHUD)RUQLWXUD

6 ,PEUDFDWXUD FRQIRUPH DOOD QRUPD 81, (1 FRQ SXQWR FDG ¼
G¶DQFRUDJJLRGRUVDOHHIURQWDOHGRWDWDGLJLXEELQRHFLQJKLHDGDOWD
YLVLELOLWjUHJROD]LRQHGLIIHUHQWHSHUJDPEHHVSDOOH&RVWRG
XVRSHU
RJQLPHVHRIUD]LRQH

6 ,PEUDFDWXUDFRQIRUPHDOODQRUPD81,(1FRQDJJDQFLRGRUVDOH FDG ¼
HGDJJDQFLRVWHUQDOHUHJROD]LRQHSRVWDVLDVXLQDVWULFRVFLDOLVLDVXOOH
EUHWHOOH1DVWURLQSROLHVWHUHDOWDWHQDFLWj5!GD1ILEELHGL
UHJROD]LRQHHGDQHOORGRUVDOHLQDFFLDLR]LQFDWRFLQJKLDSRVWHULRUH
SHUDJHYRODUHO
XWLOL]]RGHOO
DQFRUDJJLRGRUVDOH1RORSHURJQLPHVHR
IUD]LRQH

6 *LOHW GRWDWR GL EDQGH DOWD YLVLELOLWj FODVVH H WDVFKH HVWHUQH FDG ¼
GLVSRQLELOLDLQWHJUDUHO
LPEUDFDWXUDGLFXLVRSUD1RORSHURJQLPHVH
RIUD]LRQH

HGDJJDQFLRVWHUQDOHUHJROD]LRQHSRVWDVLDVXLQDVWULFRVFLDOLVLDVXOOH
EUHWHOOH &LQJKLH LQ 120(;.(9/$5 ILEELH GL UHJROD]LRQH HG
DQHOORGRUVDOHLQDFFLDLR]LQFDWR3HUODYRULLQSUHVHQ]DGLILDPPH
VFLQWLOOHHGDOWHWHPSHUDWXUH1RORSHURJQLPHVHRIUD]LRQH

VWHUQDOHHFLQWXUDGLSRVL]LRQDPHQWRFRQIRUPHDOODQRUPD81,(1
UHJROD]LRQHSRVWDVLDVXLQDVWULFRVFLDOLVLDVXOOHEUHWHOOHQDVWUR
LQ SROLHVWHUH DOWDWHQDFLWj5 ! GD1 ILEELHGL UHJROD]LRQHH
DQHOOL LQ DFFLDLR ]LQFDWR GRUVDOLQR HUJRQRPLFR LQ SROLXUHWDQR
WHUPRIRUPDWR 7UH SRUWDXWHQVLOL VFRUUHYROL 1ROR SHU RJQL PHVH R
IUD]LRQH

6 &LQWXUDFRQFRVFLDOLFRQIRUPHDOODQRUPD81,(1GDXWLOL]]DUVL FDG ¼
SHULVLVWHPLGLWUDWWHQXWDGLSRVL]LRQDPHQWRVXOODYRURHGLDFFHVVR
FRQIXQH1RORSHURJQLPHVHRIUD]LRQH

6 &RUGLQRDQWLFDGXWDFRQIRUPHDOODQRUPD81,(1LQSROLDPPLGH FDG ¼
PP OXQJKH]]D PDVVLPD P FRQ DVVRUELWRUH GL HQHUJLD
FRQIRUPHDOODQRUPD81,(1HGXHFRQQHWWRULLQFOXVLXQRDYLWH
XQRDGRSSLDOHYD1RORSHURJQLPHVHRIUD]LRQH

6 'RSSLR FRUGLQR DQWLFDGXWD FRQIRUPH DOOD QRUPD 81, (1 LQ FDG ¼
SROLDPPLGHPPOXQJKH]]DPDVVLPDPFRQDVVRUELWRUHGL
HQHUJLDFRQIRUPHDOODQRUPD81,(1HWUHFRQQHWWRULLQFOXVLXQR
DYLWHGXHDGRSSLDOHYD1RORSHURJQLPHVHRIUD]LRQH

6 &RUGLQRUHJRODELOHDQWLFDGXWDFRQIRUPHDOODQRUPD81,(1LQ FDG ¼

HQHUJLD FRQIRUPH DOOD QRUPD 81, (1 H GXH FRQQHWWRUL D YLWH
LQFOXVL1RORSHURJQLPHVHRIUD]LRQH

6 &RUGLQRDQWLFDGXWDFRQIRUPHDOODQRUPD81,(1LQSROLDPPLGH FDG ¼
PP OXQJKH]]D PDVVLPD P FRQ DVVRUELWRUH GL HQHUJLD
FRQIRUPHDOODQRUPD81,(1HGXHFRQQHWWRULDYLWHLQFOXVL1ROR

6 'RSSLR FRUGLQR DQWLFDGXWD FRQIRUPH DOOD QRUPD 81, (1 LQ FDG ¼
HQHUJLD FRQIRUPH DOOD QRUPD 81, (1 H WUH FRQQHWWRUL D YLWH
LQFOXVL1RORSHURJQLPHVHRIUD]LRQH

6 &RUGLQR GL SRVL]LRQDPHQWR FRQIRUPH DOOD QRUPD 81, (1 LQ FDG ¼
SROLDPPLGHPPOXQJKH]]DPDVVLPDPHGXHFRQQHWWRULD
YLWHLQFOXVL1RORSHURJQLPHVHRIUD]LRQH

6 &RUGLQRGLSRVL]LRQDPHQWRUHJRODELOHFRQIRUPHDOODQRUPD81,(1 FDG ¼
LQSROLDPPLGHOXQJKH]]DPDVVLPDPHGXHPRVFKHWWRQL
DYLWHLQFOXVL1RORSHUPHVHRIUD]LRQH

6 'RSSLRFRUGLQRGL SRVL]LRQDPHQWR UHJRODELOH FRQIRUPH DOOD QRUPD FDG ¼
81,(1LQSROLDPPLGHPPOXQJKH]]DPDVVLPDPH
WUHFRQQHWWRULDYLWHLQFOXVLXQRDYLWHGXHDGRSSLDOHYD1RORSHU
RJQLPHVHRIUD]LRQH

6 'LVSRVLWLYRDQWLFDGXWDGLWLSRUHWUDWWLOHFRQIRUPHDOODQRUPD81,(1
GLDPHWURFDYRPPFDYRLQDFFLDLRJDOYDQL]]DWRFDUWHULQ
FRPSRVLWRSHVRNJFRQGXHFRQQHWWRULLQFOXVLXQRDYLWHXQR
JLUHYROHDGRSSLDOHYD1RORSHURJQLPHVHRIUD]LRQH
6 D &DYROXQJKH]]DP FDG ¼
6 D &DYROXQJKH]]DP FDG ¼
6 E &DYROXQJKH]]DP FDG ¼
6 F &DYROXQJKH]]DP FDG ¼
6 G &DYROXQJKH]]DP FDG ¼
6 H &DYROXQJKH]]DP FDG ¼
6 I &DYROXQJKH]]DP FDG ¼

6 'LVSRVLWLYRDQWLFDGXWDGLWLSRUHWUDWWLOHFRQIRUPHDOODQRUPD81,(1 FDG ¼
FRQFDUWHULQSROLXUHWDQRWHUPRIRUPDWRFLQJKLDLQSROLDPPLGHGL
OXQJKH]]DPHGLVVLSDWRUHGLHQHUJLDFRQGXHFRQQHWWRULLQFOXVL
XQR D YLWH XQR JLUHYROH D GRSSLD OHYD 1ROR SHU RJQL PHVH R
IUD]LRQH

6 'LVSRVLWLYR DQWLFDGXWD GL WLSR UHWUDWWLOH FRQ VLVWHPD GL UHFXSHUR
PDQXDOHLQWHJUDWRVFDWRODLQOHJDGLDOOXPLQLRSDUWLSHUVROOHYDPHQWR
GL VRFFRUVR H GL IUHQR PRELOL LQ DFFLDLR ,QR[ FRQ VXSHUILFLH LQ
DOOXPLQLR DQRGL]]DWR IXQH LQ DFFLDLR DQWLDWWRUFLJOLDPHQWR H
DXWRULHQWUDQWHFRQFRQQHWWRUHGLVLFXUH]]DDGRSSLDSUHVVLRQH1ROR
6 D /XQJKH]]DP FDG ¼

6 E /XQJKH]]DP FDG ¼
6 F /XQJKH]]DP FDG ¼

6 &RQQHWWRUHDGDQHOORLQDFFLDLR]LQFDWRSHVRJUGLPHQVLRQLPP FDG ¼
[ DSHUWXUD PP 5HVLVWHQ]D N1 FKLXVXUD D YLWH
)RUQLWXUD

6 &RQQHWWRUHLQOHJDOHJJHUDFRQGRSSLRVLVWHPDGLEORFFDJJLRSHVRJU FDG ¼
GLPHQVLRQLPP['LDPHWURDSHUWXUDPPUHVLVWHQ]D
N1DSHUWXUDFRQGRSSLRPRYLPHQWRYRORQWDULR)RUQLWXUD

6 3LQ]DG¶DQFRUDJJLRFKLXVXUDDXWRPDWLFDDXWREORFFDQWHDGDWWDDOO¶XVR FDG ¼
VXL SURILOL WXERODUL GL YDULR JHQHUH GLDPHWUR DSHUWXUD PP
)RUQLWXUD

6 /LQHD YLWD WHPSRUDQHD RUL]]RQWDOH FRQIRUPH DOOD QRUPD 81, FDG ¼
WLSR%FRVWLWXLWDGDXQQDVWURLQSROLHVWHUHFRQFDULFRGL
URWWXUDVXSHULRUHDGD1HOXQJKH]]DSDULDPWHVDWRWUDGXH
VXSSRUWLWHUPLQDOLWUDPLWHXQWHQGLWRUHDFULFFKHWWRFKHSXzUHJRODUQH
ODOXQJKH]]DGDXQPLQLPRGLPDGXQPDVVLPRGLPLQERUVD
GLQDLORQIRUQLWDFRQGXHFRQQHWWRULRPRORJDWDILQRDWUHRSHUDWRUL

6 /LQHD YLWD WHPSRUDQHD RUL]]RQWDOH FRQIRUPH DOOD QRUPD 81, FDG ¼
WLSR % LQ FRUGD LQ SROLHVWHUH PP DG DOOXQJDPHQWR
ULGRWWRGRWDWDGLLQGLFDWRUHGLXVXUDFRQEUDFFLRDVJDQFLRUDSLGRH
FKLDYHILVVDGDPPSHUPHWWHXQDWHQVLRQHDGGL]LRQDOHSHUULGXUUH
OD IUHFFLD 5HVLVWHQ]D N1 LQ ERUVD GL QDLORQ IRUQLWD FRQ GXH
FRQQHWWRULRPRORJDWDILQRDTXDWWURRSHUDWRUL1RORSHURJQLPHVHR
IUD]LRQH

$QHOORGLDQFRUDJJLRGHOVLVWHPDGLDUUHVWRGLFDGXWDFRQIRUPHDOOD FDG ¼
QRUPD81,WLSR%/XQJKH]]DIHWWXFFLDP1RORSHU
RJQLPHVHRIUD]LRQH

6 /LQHDYHUWLFDOHWHPSRUDQHDFRQFRUGLQRLQSROLDPPLGHPPFRQ
DQLPDLQDFFLDLRLQR[FRQIRUPHDOODQRUPD81,(1GRWDWDGL
VLVWHPDGLEORFFDJJLRDXWRPDWLFRIRUQLWDFRQGXHFRQQHWWRUL1ROR
6 D /XQJKH]]DP FDG ¼
6 E /XQJKH]]DP FDG ¼
6 F /XQJKH]]DP FDG ¼
6 G /XQJKH]]DP FDG ¼

6 7UHSSLHGH GL VLFXUH]]D DG DOWH]]D UHJRODELOH FRQIRUPH DOOD QRUPD
81,(1WLSR%IRUQLWRVLDFRQFLQJKLDFKHFRQFDWHQDWHVWDLQ
OHJD GL DOOXPLQLR FRQ TXDWWUR SXQWL GL DQFRUDJJLR FDULFR GL ODYRUR
PDVVLPR NJ FDULFR GL URWWXUD N1 1ROR SHU RJQL PHVH R
IUD]LRQH
6 D $OWH]]DPLQLPDFPDOWH]]DPDVVLPDFPPLQLPRDSHUWXUD FDG ¼
FPPDVVLPRDSHUWXUDFP3HVRNJ

6 E $OWH]]DPLQLPDFPDOWH]]DPDVVLPDFPPLQLPRDSHUWXUD FDG ¼
FPPDVVLPRDSHUWXUDFP3HVR.J

6 &DYRLQDFFLDLRJDOYDQL]]DWROXQJKH]]DPSHVRNJ)RUQLWXUD FDG ¼

6 *LXEERWWR GL VDOYDWDJJLR JDOOHJJLDQWH DWWR D PDQWHQHUH D JDOOD FDG ¼
SHUVRQDFDGXWDLQDFTXDLQSRVL]LRQHFRUUHWWDDQFKHLQFDVRGLSHUGLWD
GLVHQVL)RUQLWXUD

6 &LDPEHOODJDOOHJJLDQWHGLVDOYDWDJJLRFRQIXQHGLUHFXSHUROXQJDP FDG ¼
)RUQLWXUD

6 ,PSLDQWL GL WHUUD H LPSLDQWL GL SURWH]LRQH FRQWUR OH VFDULFKH
DWPRVIHULFKH
/¶LPSLDQWRGLWHUUDGHYHVHPSUHHVVHUHUHDOL]]DWRQHOFDQWLHUHHGLOHH
TXLQGLHVSUHVVDPHQWHSUHYLVWRQHO36&PHQWUHTXHOORGLSURWH]LRQH
GDOOH VFDULFKH DWPRVIHULFKH DQGUj FRPSXWDWR VROR VH QHFHVVDULR LQ
EDVHDOOHULVXOWDQ]HGHOFDOFRORGHOULVFKLRGLIXOPLQD]LRQHULIHULWRDOOH
VWUXWWXUHPHWDOOLFKHSUHVHQWLLQFDQWLHUHHTXLQGLULFRPSUHVRQHO36&

6 ,PSLDQWRGL WHUUD SHU FDQWLHUH GD N: FRVWLWXLWR GD FRQGXWWRUHGL FDG ¼
WHUUD LQ UDPH LVRODWR LQWHUUDWR VH] PPð OXQJKH]]D P XQ
GLVSHUVRUH GL DFFLDLR ]LQFDWR PP OXQJKH]]D P H VHL
FDSLFRUGD)RUQLWXUDHSRVDLQRSHUD

6 ,PSLDQWRGLWHUUDSHUFDQWLHUHGDN:FRVWLWXLWRGDFRQGXWWRUHGL FDG ¼
WHUUD LQ UDPH LVRODWR LQWHUUDWR VH] PPð OXQJKH]]D P H GXH
GLVSHUVRUL GL DFFLDLR ]LQFDWR PP OXQJKH]]D P H RWWR

6 ,PSLDQWRGLWHUUDSHUFDQWLHUHGDN:FRVWLWXLWRGDFRQGXWWRUHGL FDG ¼
WHUUDLQ UDPH LVRODWRLQWHUUDWR VH] PPð OXQJKH]]D P H GXH
GLVSHUVRUL LQ DFFLDLR ]LQFDWR PP OXQJKH]]D P H GLHFL
4XDORUD OD FRPSOHVVLWj GHOO
LPSLDQWR LPSRQJD XOWHULRUL
FRPSRQHQWLVWLFKHLUHODWLYLVLQJROLFRVWLSRVVRQRHVVHUHGHGRWWLGDOOH
YRFLVHJXHQWL

6 7UHFFLDSHULPSLDQWRGLWHUUDVH]PPðLQWHUUDWDDOODSURIRQGLWjGL P ¼
PFRPSUH

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18/01/2022 - BOLLETTINO UFFICIALE DELLA REGIONE LAZIO - N. 7 Ordinario Pag.

Deliberazione 13 gennaio 2022, n. 3

SU PROPOSTA dell'Assessore ai Lavori Pubblici e Tutela del Territorio, Mobilità;

VISTO lo Statuto della Regione Lazio;

VISTO il regolamento regionale 6 settembre 2002, n. 1 concernente “Regolamento di organizzazione

VISTA la legge regionale 12 agosto 2020, n. 11 recante “Legge di contabilità regionale”;

VISTO il regolamento regionale 9 novembre 2017, n. 26, recante “Regolamento regionale di

per le motivazioni di cui in premessa, che si intendono integralmente richiamate,

Il presente provvedimento non comporta oneri a carico del bilancio regionale.

Tariffa dei Prezzi

I capitoli interessati dagli aggiornamenti di cui sopra sono:

CONDIZIONI GENERALI E METODO DI CALCOLO

Tutti i prezzi si intendono I.V.A. esclusa.

/¶,.V.A. è in ogni caso a carico del committente.

I prezzi riportati nelle singole voci comprendono gli onerLGHOODVLFXUH]]DDIIHUHQWLDOO¶HVHUFL]LRGHOO¶DWWLYLWà svolta

Il criterio generale XWLOL]]DWRSHUO¶DJJLRUQDPHQWRGHLSUH]]LGHOODSUHVHQWH7DULIIDOLPLWDWRDTXHOOHFDWHJRULHGL

COSTI DELLA SICUREZZA

Avvertenze Generali III

3HUO¶DSSURIRQGLPHQWRGHJOLDVSHWWLUHODWLYLDOO¶LQGLYLGXD]LRQHGHLFRVWLGHOODVLFXUH]]DVLULPDQda alle Premesse

- lavori di modesta entità comunque richiedenti una consistente organizzazione di cantiere;

- lavori caratterizzati da tecnologie particolarmente complesse.

- lavori caratterizzati da prevalente ripetitività di opere di semplice esecuzione;

PROCEDURE PER NUOVI PREZZI E MODIFICHE

ANALISI PREZZO TIPO

Descrizione della voce:

Operaio Specializzato ora ¼ %

D) SPESE GENERALI (15,00%) ¼

Analisi prezzo tipo VII

TARIFFA PREZZI LAVORI PUBBLICI

AVVERTENZE E NORME PER LA MISURAZIONE

Parte A OPERE EDILI

1 Capitolo INDAGINI GEOGNOSTICHE E ANALISI DIAGNOSTICHE

9.02 Muratura in laterizio

Parte B OPERE STRADALI E INFRASTRUTTURE A RETE

1 Capitolo LAVORI STRADALI E INFRASTRUTTURE

1.03 Fondazioni stradali

Parte C SISTEMAZIONE AREE A VERDE E IMPIANTI SPORTIVI

1 Capitolo SISTEMAZIONE AREE A VERDE

Parte D IMPIANTI ELETTRICI

1 Capitolo IMPIANTI NEGLI EDIFICI RESIDENZIALI

2.02 Cavi isolanti in gomma

10.03 Accessori per rete di raccolta

Parte E IMPIANTI TECNOLOGICI

1 Capitolo IMPIANTI DI RISCALDAMENTO E CONDIZIONAMENTO

1.16 Accessori e parti varie impianti inferiori a 35 kw

Parte F OPERE IDRAULICHE E OPERE MARITTIME

1 Capitolo OPERE IDRAULICHE

Parte G INTERVENTI DI PICCOLA MANUTENZIONE

1.09 Pavimenti e rivestimenti

Parte H OPERE DI CONSERVAZIONE E RESTAURO

1.01 Solai ± Volte ± Architravi e Piattabande

1.01 Apprestamenti previsti nel piano di sicurezza e coordinamento

3HUIRUD]LRQH DG DQGDPHQWR RUL]]RQWDOH R FRPXQTXH LQFOLQDWD

7UDVSRUWR LQ DQGDWD H ULWRUQR GHOOH DWWUH]]DWXUH GL PLVXUD

3URYH VFLVVRPHWULFKH HIIHWWXDWH LQ IRUR QHO FRUVR GHOOD

,QVWDOOD]LRQH GHOOH DWWUH]]DWXUH SHU SURYD SHQHWURPHWULFD

3URYD SHQHWURPHWULFD GLQDPLFD FRQWLQXD FRQ SHQHWURPHWUR

3URYD HGRPHWULFD D LQFUHPHQWL GL FDULFR FRQWUROODWL ,/ VX

&RPSHQVR SHU OD GHWHUPLQD]LRQH GHL FRHIILFLHQWL GL

3URYH GL GHWHUPLQD]LRQH GHOO¶DVVRUELPHQWR GL DFTXD H GHOOD

3URYH GL FRPSUHVVLRQHPRQRDVVLDOH VXFDPSLRQL GLURFFLD FRQ

$ D GLDPHWURIRURGDDPP/P P ¼

$ E GLDPHWURIRURGDDPP/P P ¼

$ F GLDPHWURIRURGDDPP/P P ¼

Il criterio generale XWLOL]]DWRSHUO¶DJJLRUQDPHQWRGHLSUH]]LGHOODSUHVHQWH7DULIIDOLPLWDWRDTXHOOHFDWHJRULHGL

7UDVSRUWR LQ DQGDWD H ULWRUQR GHOOH DWWUH]]DWXUH GL PLVXUD

3URYD SHQHWURPHWULFD GLQDPLFD FRQWLQXD FRQ SHQHWURPHWUR

$ D GLDPHWURIRURGDDPP/P P ¼

$ E GLDPHWURIRURGDDPP/P P ¼

$ F GLDPHWURIRURGDDPP/P P ¼

0LVXUH GHOOD GXUH]]D VXSHUILFLDOH GHOOH VWUXWWXUH LQ FD

3URYD GL HVWUD]LRQH FRQ HVSDQVLRQH SXOORXW 9DOXWD]LRQH

0LFURFDURWDJJL 9DOXWD]LRQH GHOOD UHVLVWHQ]D FDUDWWHULVWLFD D

&DURWDJJL 9DOXWD]LRQH GHOOD UHVLVWHQ]D FDUDWWHULVWLFD D

,QGDJLQL WHUPRJUDILFKH (VHFX]LRQL GL LQGDJLQL WHUPRJUDILFKH

=DYRUUD WUDGL]LRQDOH SHU SURYH GL FDULFR VX SDOL =DYRUUD

$ K FDULFRGDDWRQQHOODWH FDG ¼

3URYD GL FDULFR VWDWLFR FRQGRWWD GD SHUVRQDOH WHFQLFR FRQ

3URYD GL FDULFR VWDWLFR FRQGRWWD GD SHUVRQDOH WHFQLFR FRQ

$QDOLVL GHOOH FDUDWWHULVWLFKH ILVLFRJHRPHWULFKH H

$SSURQWDPHQWR DWWUH]]DWXUH H 7UDVSRUWR LQ DU GHL WHFQLFL GHOOH

$SSURQWDPHQWR DWWUH]]DWXUH H 7UDVSRUWR LQ DU GHL WHFQLFL GHOOH

$ E ,QVWDOOD]LRQHSHUSURILORVLVPLFRDULIUD]LRQH FDG ¼

HVHFX]LRQH SURILOR FRQ GLVWDQ]D LQWHUJHRIRQLFD GL P SHU

$SSURQWDPHQWR DWWUH]]DWXUH H 7UDVSRUWR LQ DU GHL WHFQLFL GHOOH

'LVLQIHVWD]LRQHPHGLDQWHDSSOLFD]LRQHGLELRFLGDHUELFLGDH

5LHPSLPHQWR GL FDYL FRPSOHWR R SDU]LDOH FRQ PLVFHOD GL

FRQJORPHUDWR GL SR]]RODQD FRQ NJ GL FHPHQWR FRQ

$ D PXUDWXUDLQPDWWRQLSLHQL PF ¼

'HPROL]LRQH GL VWUXWWXUD LQ FDOFHVWUX]]R 6RQR FRPSUHVL OH

'HPROL]LRQH GL PXUDWXUD GL WDPSRQDPHQWR H GL WUDPH]]L

$ D ODWHUL]LSLHQLVSHVVRUHWRWDOHILQRDPP PT ¼

'HPROL]LRQH GL FRQWURVRIILWWL LQ JHQHUH VLD RUL]]RQWDOL FKH

$ E LQPDUPLWWRQLHVLPLOL PT ¼

$ J VFDOGDEDJQR FDG ¼

5LPR]LRQH GL FDSSH LQ ODPLHUD YHWUR DFFLDLR VPDOWDWR

7UDVSRUWR FRQ FDUULROD VH SUHYHQWLYDPHQWH DXWRUL]]DWR GDOOD

&DULFR H WUDVSRUWR D GLVFDULFKH HR LPSLDQWL DXWRUL]]DWL FKH

&DULFR H WUDVSRUWR D GLVFDULFKH HR LPSLDQWL DXWRUL]]DWL FKH

$ S DUHFXSHUR5 WRQ ¼

$ D DUHFXSHUR NJ ¼

5LPR]LRQH GL FRSHUWXUD LQ DPLDQWR FHPHQWR LQ ODVWUH FRQ

$ 6SUX]]DWULFHGLOHJDQWLELWXPLQRVL RUD ¼

$ K SHUGLDPHWURSDULDPP P ¼

LQ WHUUHQL LQFRHUHQWL R VFLROWL UHVLVWHQ]D DOOD FRPSUHVVLRQH

$UPDWXUD WXERODUH YDOYRODWD LQ DFFLDLR )H LQ VSH]]RQL

,QLH]LRQH GL PLVFHOH FHPHQWL]LH FRPSRVWH GD OHJDQWL LGUDXOLFL

&DOFHVWUX]]R SHU VWUXWWXUH GL IRQGD]LRQH HG LQWHUUDWH HR

&DOFHVWUX]]R SHU VWUXWWXUH LQ DPELHQWH PDULQR LQ RSHUD D

&DOFHVWUX]]R VSHFLDOH DXWRFRPSDWWDQWH 6&& LQ RSHUD D