Delibera 26 Luglio 2022 N 640

28/07/2022 - BOLLETTINO UFFICIALE DELLA REGIONE LAZIO - N. 63 Ordinario Pag.
924 di 1757
Regione Lazio
Atti della Giunta Regionale e degli Assessori
Deliberazione 26 luglio 2022, n. 640

Approvazione dell'aggiornamento e revisione della Tariffa dei prezzi, Edizione Luglio 2022, per le opere
pubbliche edili ed impiantistiche del Lazio.
28/07/2022 - BOLLETTINO UFFICIALE DELLA REGIONE LAZIO - N. 63 Ordinario Pag. 925 di 1757
OGGETTO: Approvazione dell’aggiornamento e revisione della Tariffa dei prezzi, edizione Luglio
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 “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 06 settembre 2002 n. 1 “Regolamento di organizzazione degli uffici
e dei servizi della Giunta Regionale” e successive modifiche;
VISTA la legge regionale 12 agosto 2020, n. 11 “Legge di contabilità regionale”;
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 13 gennaio 2022, n. 3 pubblicata sul B.U.R.L. n. 7
del 18 gennaio 2022, con la quale è stata approvata la “Tariffa dei prezzi, edizione 2022, per le opere
pubbliche edili ed impiantistiche del Lazio”;
VISTO l’art.26 del Decreto Legge 17 maggio 2022 n. 50, convertito con modificazioni dalla legge
15 luglio 2022, n. 91, che, al fine di fronteggiare il rincaro eccezionale dei materiali da costruzione,
dei carburanti e dei prodotti energetici riferiti a contratti aggiudicati con offerte presentate entro il
termine finale del 31.12.2021, al comma 2 prevede, tra l’altro, “che le regioni entro il 31 luglio 2022,
in deroga alle previsioni dell’art.23, comma 16, terzo periodo, del codice dei contratti pubblici di cui
al decreto legislativo n.50 del 2016, e limitatamente all’anno 2022, procedano ad un aggiornamento
infrannuale dei prezzari in uso alla data di entrata in vigore del decreto medesimo, e che, in caso di
inadempienza, l'aggiornamento viene effettuato, entro i successivi quindici giorni, dalle competenti
articolazioni territoriali del ministero delle infrastrutture e della mobilità sostenibile, sentite le regioni
interessate”;
CONSIDERATO inoltre che occorre introdurre anche alcune modifiche ed integrazioni alla Tariffa
prezzi 2022 regionale approvata con DGR n. 3 del 13 gennaio 2022 al fine di:
 aggiornare i prezzi con specifico riferimento a quelle categorie di lavorazioni che hanno
risentito del sensibile aumento del costo dei materiali da costruzione;
 adeguare i prezzi alle innovazioni tecnologiche e normative che sono state introdotte nel
periodo temporale (2021 — 2022) che è stato preso in esame;
 sopperire ad una mancanza di alcuni prezzi di tariffa (di uso comune non riscontrabili nella
precedente edizione);
CONSIDERATO che con Decreto del Provveditore n. 42086/PRRM-SEGR del 13.11.2017, è

stata istituita presso il Provveditorato Interregionale, la Commissione per l'aggiornamento annuale
della Tariffa dei Prezzi che, come previsto dal D.L. Aiuti, ha riavviato l'attività invitando a
partecipare alle riunioni i rappresentanti degli Enti interessati;
PRESO ATTO che la suddetta Commissione, cui è stato affidato il compito di esaminare nel
dettaglio le dinamiche dei prezzi e proporre puntualmente gli eventuali aggiornamenti alla Tariffa
dei prezzi, a conclusione del lavoro svolto per l'aggiornamento della Tariffa dei Prezzi relativi alle
opere pubbliche edizione 2022, ha prodotto l'aggiornamento infrannuale della predetta Tariffa
Edizione Luglio 2022.
PRESO ATTO altresì che, il Comitato Tecnico Amministrativo del Provveditorato Interregionale
per le OO. PP. per il Lazio, Abruzzo e Sardegna, in data 5 luglio 2022, con voto n. 4027, ha espresso
parere favorevole sulla proposta di aggiornamento della Tariffa elaborata dalla predetta
Commissione;
CONSIDERATO che, a seguito del citato voto, il Provveditorato Interregionale alle OO. PP. per il
Lazio, Abruzzo e Sardegna, con proprio Decreto (prot. n. 000688 del 13 luglio 2022) ha approvato
“l’Aggiornamento, Edizione Luglio 2022, della Tariffa dei Prezzi per le opere pubbliche edili ed
impiantistiche del Lazio”;
CONSIDERATO che, la Tariffa in argomento, aggiornata e revisionata a cura del Ministero delle
Infrastrutture (Provveditorato Interregionale alle OO. PP. per il Lazio, Abruzzo e Sardegna), della
Regione Lazio (Assessorato ai Lavori Pubblici e Tutela del Territorio, Mobilità, Direzione Regionale
Lavori Pubblici, Stazione Unica Appalti, Risorse Idriche e Difesa del Suolo) e del Comune di Roma
(Dipartimento Sviluppo Infrastrutture e Manutenzione Urbana), è composta da un’introduzione e
dalle seguenti parti:
Parte A: Opere edili luglio 2022;
Parte B: Opere stradali e infrastrutture a rete luglio 2022;
Parte C: Sistemazione aree a verde luglio 2022;
Parte D: Impianti elettrici luglio 2022
Parte E: Impianti tecnologici luglio 2022;
Parte F: Opere idrauliche e opere marittime luglio 2022;
Parte G: Interventi di piccola manutenzione luglio 2022;
Parte H: Opere di conservazione e restauro luglio 2022
Parte S: Costi della sicurezza luglio 2022;
CONSIDERATO che l’uso di una Tariffa dei prezzi unica su scala regionale favorisce l’attuazione
del 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 l’aggiornamento della Tariffa dei prezzi, edizione Luglio 2022,
che allegata al presente provvedimento, ne forma parte integrante e sostanziale;
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 l’aggiornamento della Tariffa dei prezzi edizione Luglio 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 luglio 2022;
 Parte B: Opere stradali e infrastrutture a rete luglio 2022;
 Parte C: Sistemazione aree a verde luglio 2022;
 Parte D: Impianti elettrici luglio 2022
 Parte E: Impianti tecnologici luglio 2022;
 Parte F: Opere idrauliche e opere marittime luglio 2022;
 Parte G: Interventi di piccola manutenzione luglio 2022;
 Parte H: Opere di conservazione e restauro luglio 2022
 Parte S: Costi della sicurezza luglio 2022.
2. ai sensi dell’art.26, comma 2, del D.L.50/2022, la Tariffa Prezzi del Lazio edizione Luglio 2022,
di cui alla presente deliberazione, cessa di avere validità entro il 31 dicembre 2022 e può essere
transitoriamente utilizzata fino al 31 marzo 2023 per i progetti a base di gara la cui approvazione
sia intervenuta entro tale data;
3. la Tariffa Prezzi del Lazio edizione 2022, di cui alla DGR n. 3 del 13 gennaio 2022, cessa di
avere validità a seguito della pubblicazione dell’aggiornamento Tariffa Prezzi Edizione Luglio
2022.
La presente deliberazione verrà pubblicata sul Bollettino Ufficiale della Regione Lazio e sul sito
istituzionale della Regione Lazio.
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1) I prezzi riportati nella tariffa corrispondono alla situazione attuale del mercato locale. In questo caso il
progettista dovrà espressamente dichiarare, nella pagina iniziale dell’elenco prezzi di progetto che ”non
sussiste alcuna condizione che giustifichi l’applicazione di incrementi o decrementi percentuali sui prezzi
della tariffa e che il progetto è stato attentamente elaborato sotto l’aspetto tecnico-economico e si sono tenute
in particolare riguardo, tutte le condizioni al contorno per l’esecuzione di lavori in oggetto”.
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
espressamente dichiarare, nella pagina iniziale dell’elenco prezzi di progetto, che sussistono 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);
- lavori all’interno di edifici in presenza di 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 %.
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- 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. In questo caso il progettista avendo l’esigenza di prevedere nuovi
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) Uno o più prezzi riportati nella tariffa contengono descrizioni dell’articolo o importo relativo diversi dalla
situazione del mercato locale. In questo caso il progettista avendo l’esigenza di prevedere alcune correzioni
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.
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$ O
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$ F SHUWHQVLRQLGDDW ŵ ¼
$ G SHUWHQVLRQLGDDW ŵ ¼
$ H SHUWHQVLRQLGDDW ŵ ¼
7LUDQWL IRUPDWL GD EDUUH GL DFFLDLR DUPRQLFR GL LGRQHR GLDPHWUR IRUQLWL H

SRVWL LQ RSHUD QHL IRUL SUHGLVSRVWL QHO WHUUHQR FRPSUHVL SLDVWUD GDGR
EORFFDJJLR JXDLQH WXEL GL LQLH]LRQH H SURWH]LRQL DQWLFRUURVLYH &RPSUHVL DOWUHVu
OD SRVD LQ RSHUD GL JXDLQH IOHVVLELOL LQ 39& QHOOD SDUWH OLEHUD GHO WLUDQWH D
$
SURWH]LRQH VLD GHOOD EDUUD GL DFFLDLR FKH GHO WXER GL LQLH]LRQH OD SRVD LQ RSHUD
GHOOD WHVWDWD GL DQFRUDJJLR GHO WLUDQWH H WHVDWXUD D PH]]R GL RSSRUWXQL PDUWLQHWWL
ROHRGLQDPLFL L VXFFHVVLYL FRQWUROOL OD VLJLOODWXUD ILQDOH GHOOD WHVWD GHO WLUDQWH HG
RJQLDOWURRQHUHQHFHVVDULR
$ D SHUWHQVLRQLILQRDW P ¼
$ E SHUWHQVLRQLGDDW P ¼
$ F SHUWHQVLRQLGDDW P ¼
$ G SHUWHQVLRQLGDDW P ¼
$ H SHUWHQVLRQLGDDW P ¼
$ &$66()250(
&DVVHIRUPH UHWWH SHU JHWWL GL FRQJORPHUDWL FHPHQWL]L VHPSOLFL R DUPDWL

FRPSUHVL DUPR GLVDUPDQWH GLVDUPR RSHUH GL SXQWHOODWXUD H VRVWHJQR ILQR DG
$
XQ
DOWH]]D GL P GDO SLDQR GL DSSRJJLR HVHJXLWH D UHJROD G
DUWH H PLVXUDWH
VHFRQGRODVXSHUILFLHHIIHWWLYDGHOOHFDVVHIRUPHDFRQWDWWRFRQLOFDOFHVWUX]]R
SHU SOLQWL GL IRQGD]LRQH SHU IRQGD]LRQL UHWWLOLQHH FRQWLQXH WUDYL URYHVFH

$ D PT ¼
PXUDWXUHGLVRWWHUUDQHR
$ E WUDYLVRODLHVROHWWHSLHQHUDPSHGLVFDOHSLDQHURWWROLJURQGH PT ¼
$ F 3HUSLODVWULSDUHWLUHWWLOLQHHLQHOHYD]LRQH PT ¼
$ G 6RYUDSSUH]]RDOOHFDVVHIRUPHSHUVXSHUILFLFXUYH
6RYUDSSUH]]R SHU FDVVHIRUPH FRQ VXSHUILFLH SLDOODWD SHU IRUPD]LRQH GL JHWWL LQ

$ PT ¼
FRQJORPHUDWRFHPHQWL]LRDIDFFLDYLVWD
6RYUDSSUH]]R DOOH FDVVHIRUPH UHWWH R FHQWLQDWH SHU JHWWL GL FRQJORPHUDWR

$ FHPHQWL]LR VHPSOLFH R DUPDWR VXSHULRUH DL P GDO SLDQR GL DSSRJJLR GHOOH
DUPDWXUHGLVRVWHJQR
&DVVHIRUPH FHQWLQDWH FRPSUHVH FHQWLQH LQ OHJQDPH GL DEHWH SHU IRUPD]LRQH GL

DUFKL H YROWH VHPSOLFL LQ FHPHQWR DUPDWR R LQ PXUDWXUD IRUQLWH ODYRUDWH H SRVWH
$ LQ RSHUD FRPSUHVR RJQL RQHUH H PDJLVWHUR SHU IRUQLUH O
RSHUD D UHJROD G
DUWH
LQFOXVL LO QROHJJLR SHU WXWWD OD GXUDWD GHL ODYRUL OR VPRQWDJJLR HG LO ULWLUR GHO
PDWHULDOHDILQHODYRUL
$ D SHUOXFLQHWWHILQRDP PT ¼
$ E SHUOXFLQHWWHGDPDP PT ¼
$ F SHUOXFLQHWWHGDPDP PT ¼
&RPSHQVR DGGL]LRQDOH SHU IRUPD]LRQH GL FHQWLQH LQ OHJQDPH GL DEHWH SHU

$ DUFKL H YROWH D VXSHUILFLH FRPSOHVVD FRPH VHVWL ULDO]DWL R ULEDVVDWL FURFLHUH R
VLPLOL
$ D SHUOXFLQHWWHILQRDP PT ¼
$ E SHUOXFLQHWWHGDPDP PT ¼
$ F SHUOXFLQHWWHGDPDP PT ¼
&DVVHIRUPH VDJRPDWH LQ SROLVWHUROR HVSDQVR DG DOWD GHQVLWj ULFDYDWH GD EORFFR

$ FRPSUHVD OD SRVD LQ RSHUD VWXFFDWXUD GHL JLXQWL GLVDUPR H SXOL]LD VXSHUILFLH PF ¼
VPDOWLPHQWRULILXWRVSHFLDOHFRQFHUWLILFD]LRQH
62/$,±62772)21',±9(63$,0$66(77,
$ 62/$,
6RODLR PLVWR GL FHPHQWR DUPDWR H ODWHUL]LR JHWWDWR LQ RSHUD SHU VWUXWWXUH

SLDQH FRVWLWXLWR GD SLJQDWWH LQWHUSRVWH IUD QHUYDWXUH SDUDOOHOH GL FRQJORPHUDWR
FHPHQWL]LR DUPDWR GL FODVVH QRQ LQIHULRUH D & 5FN 1PPT LGRQHR D
VRSSRUWDUH ROWUH FKH L FDULFKL SHUPDQHQWL XQ VRYUDFFDULFR DFFLGHQWDOH GL
1PPT FLUFD NJIPT FRPSUHVD O
HYHQWXDOH IRUPD]LRQH GL QHUYDWXUH GL
$ ULSDUWL]LRQH QHL VRODL GL OXFH HFFHGHQWH L P GL WUDYHWWL SHU VRVWHJQR GL
VRYUDVWDQWL WUDPH]]L GL IDVFH SLHQH R VYDVDWH D FRGD GL URQGLQH DOOH HVWUHPLWj GHL
WUDYHWWL ROWUH O
RQHUH GHOOH FDVVHIRUPH GHOOH DUPDWXUH SURYYLVLRQDOL GL VRVWHJQR
SHU XQ
DOWH]]D PDVVLPD GL P GDO SLDQR GL DSSRJJLR DOO
LQWUDGRVVR GHO VRODLR
GHO GLVDUPR H TXDQWR DOWUR QHFHVVDULR SHU GDUH LO VRODLR ILQLWR D UHJROD G
DUWH
LGRQHRDOSDUWLFRODUHXVRULFKLHVWRHVFOXVRLOIHUURGHOOHDUPDWXUH
FRQ ODWHUL]LR FRPSRVWR GD XQ VROR HOHPHQWR PRQREORFFR FRQ VROHWWD VXSHULRUH

$ D
LQFDOFHVWUX]]RGDFP
$ D SHUDOWH]]DWRWDOHGLFP PT ¼
FRQ ODWHUL]LR FRPSRVWR GD GXH HOHPHQWL ELEORFFR FRQ VROHWWD VXSHULRUH LQ
$ E
FDOFHVWUX]]RGDFP
$ E SHUDOWH]]DWRWDOHGLFP PT ¼
FRQ ODWHUL]LR DYHQWH OD ]RQD VXSHULRUH ULQIRU]DWD FRVWLWXHQWH OD VROHWWD LQ
$ F
FDOFHVWUX]]R
$ F SHUDOWH]]DWRWDOHGLFP PT ¼
6RODLR PLVWR GL FHPHQWR DUPDWR H ODWHUL]LR SHU VWUXWWXUH SLDQH FRVWLWXLWR GD

SLJQDWWH LQWHUSRVWH D WUDYHWWL SUHIDEEULFDWL LQ ODWHUL]LR FRQ WUDOLFFLR LQ IHUUR
LGRQHR D VRSSRUWDUH ROWUH FKH L FDULFKL SHUPDQHQWL XQ VRYUDFFDULFR DFFLGHQWDOH
GL 1PPT FLUFD NJIPT LQWHUDVVH FP VROHWWD VXSHULRUH LQ
$ FDOFHVWUX]]R VSHVVRUH FP GL FODVVH QRQ LQIHULRUH D & 5FN 1PPT
FRPSUHVL O
RQHUH GHOOH DUPDWXUH GL VRVWHJQR SHU DOWH]]D PDVVLPD GL P GDO
SLDQR GL DSSRJJLR DOO
LQWUDGRVVR GHO VRODLR H TXDQW
DOWUR QHFHVVDULR SHU GDUH LO
VRODLR ILQLWR D UHJROD G
DUWH HVFOXVR LO IHUUR GHOOH DUPDWXUH VXSSOHPHQWDUL DJOL
HOHPHQWLSUHIDEEULFDWL
$ G SHUDOWH]]DWRWDOHGLFP PT ¼
$ H SHUDOWH]]DWRWDOHGLFP PT ¼
$ I SHUDOWH]]DWRWDOHGLFP PT ¼
6RODLR SLDQR LQ ODWHUL]LR H FHPHQWR DUPDWR LGRQHR D VRSSRUWDUH ROWUH FKH L

FDULFKL SHUPDQHQWL XQ VRYUDFFDULFR DFFLGHQWDOH GL 1PPT FLUFD
NJIPT SHU OXFL · P FRPSRVWR GD SLJQDWWH LQWHUSRVWH D WUDYHWWL SUHIDEEULFDWL
PRQRWUDYH [ FP LQ FHPHQWR DUPDWR SUHFRPSUHVVR LQWHUDVVH FP H
VROHWWD VXSHULRUH LQ FDOFHVWUX]]R VSHVVRUH FP GL FODVVH QRQ LQIHULRUH D &
$
5FN 1PPT FRPSUHVL O
RQHUH GHOOH DUPDWXUH GL VRVWHJQR SHU DOWH]]D
PDVVLPD GL P GDO SLDQR GL DSSRJJLR DOO
LQWUDGRVVR GHO VRODLR H TXDQW¶DOWUR
QHFHVVDULR SHU GDUH LO VRODLR ILQLWR D UHJROD G
DUWH LGRQHR DO SDUWLFRODUH XVR
ULFKLHVWR HVFOXVR LO IHUUR GHOOH DUPDWXUH VXSSOHPHQWDUL DJOL HOHPHQWL
SUHIDEEULFDWL
$ D SHUDOWH]]DWRWDOHFP PT ¼
$ E SHUDOWH]]DWRWDOHFP PT ¼
$ F SHUDOWH]]DWRWDOHFP PT ¼
$ G SHUDOWH]]DWRWDOHFP PT ¼
$ H SHUDOWH]]DWRWDOHFP PT ¼
$ I SHUDOWH]]DWRWDOHFP PT ¼
&RPSHQVR DL VRODL PLVWL GL FHPHQWR DUPDWR H ODWHUL]LR JHWWDWL LQ RSHUD SHU

$
VWUXWWXUHSLDQH
$ D FRQQHUYDWXUHLQFURFLDWH
$ E VHLQFOLQDWLHPLVXUDWLVHFRQGRUHDOHVYLOXSSR
SHU RJQL 1PPT FLUFD NJIPT LQ SL R LQ PHQR GL VRYUDFFDULFR
$ F PT ¼
DFFLGHQWDOH
6RODLR FRPSRVWR GD ODVWUH SUHIDEEULFDWH LQ FDOFHVWUX]]R GD FP DUPDWH FRQ

UHWH HOHWWURVDOGDWD HG DOOHJJHULWR FRQ EORFFKL GL SROLVWLUROR HVSDQVR FRPSUHVL LO
JHWWR FRQ FDOFHVWUX]]R GL FODVVH QRQ LQIHULRUH D & 5FN 1PPT SHU LO
FRPSOHWDPHQWR GHOOH QHUYDWXUH H GHOOD VROHWWD VXSHULRUH GD FP OD UHWH
$ HOHWWURVDOGDWD SHU DUPDWXUD GHOOD VROHWWD VXSHULRUH GHO SHVR GL · NJPT
O¶DUPDWXUD SURYYLVLRQDOH GL VRVWHJQR SHU DOWH]]D PDVVLPD GL P GDO SLDQR GL
DSSRJJLR DOO
LQWUDGRVVR GHO VRODLR H TXDQW¶DOWUR QHFHVVDULR SHU GDUH LO VRODLR
ILQLWR D UHJROD G
DUWH LGRQHR DO SDUWLFRODUH XVR ULFKLHVWR HVFOXVR WXWWR LO IHUUR
VXSSOHPHQWDUHGDFRQWDELOL]]DUHDSDUWH

$ G SHUDOWH]]DWRWDOHGLFP PT ¼
$ H SHUDOWH]]DWRWDOHGLFP PT ¼
6RODLR FRPSRVWR GD ODVWUH SUHIDEEULFDWH LQ FDOFHVWUX]]R GD FP DOOHJJHULWH

FRQ EORFFKL GL SROLVWLUROR HVSDQVR GHQVLWj NJPF FRQIH]LRQDWH FRQ
FDOFHVWUX]]R GL FODVVH QRQ LQIHULRUH D 5FN H JHWWR GL FRPSOHWDPHQWR LQ
RSHUD SHU OD IRUPD]LRQH GHL WUDYHWWL H GHOOD VROHWWD VXSHULRUH GD FP FRQ
FDOFHVWUX]]R GL FODVVH VXSHULRUH D & 5FN 1PPT /H ODVWUH VDUDQQR
DUPDWH FRQ WUDOLFFL HOHWWURVDOGDWL EDUUH ORQJLWXGLQDOL GL DUPDWXUD SULQFLSDOH HG
$ DUPDWXUD WUDVYHUVDOH VHFRQGDULD ILQR DG XQD LQFLGHQ]D GL TXHVW
XOWLPD GL
NJPT GL ODVWUD &RPSUHVL LO JHWWR GL FRPSOHWDPHQWR H OD VXD YLEUDWXUD
PHFFDQLFD OH FDVVHIRUPH OD UHWH HOHWWURVDOGDWD SHU DUPDWXUD GHOOD VROHWWD
VXSHULRUH GHO SHVR GL · NJPT OH DUPDWXUH SURYYLVLRQDOL GL VRVWHJQR SHU
LQWUDGRVVR GHO VRODLR LO
GLVDUPR OH SURYH H TXDQW
DOWUR QHFHVVDULR D GDUH LO VRODLR ILQLWR D UHJROD G
DUWH
FRQODVRODHVFOXVLRQHGHLIHUULGLDUPDWXUDVXSSOHPHQWDUH
$ D SHUDOWH]]DWRWDOHGLFPHGLQFLGHQ]DDUPDWXUDORQJLWXGLQDOHGLNJPT PT ¼
$ E SHUDOWH]]DWRWDOHGLFPHGLQFLGHQ]DDUPDWXUDORQJLWXGLQDOHGLNJPT PT ¼
$ F SHUDOWH]]DWRWDOHGLFPHGLQFLGHQ]DDUPDWXUDORQJLWXGLQDOHGLNJPT PT ¼
$ G SHUDOWH]]DWRWDOHGLFPHGLQFLGHQ]DDUPDWXUDORQJLWXGLQDOHGLNJPT PT ¼
$ H SHUDOWH]]DWRWDOHGLFPHGLQFLGHQ]DDUPDWXUDORQJLWXGLQDOHGLNJPT PT ¼
6RODLR SLDQR FRVWLWXLWR GD ODVWUH DOYHRODUL DXWRSRUWDQWL SUHIDEEULFDWH LQ

FDOFHVWUX]]R DUPDWR SUHFRPSUHVVR D ILOL DGHUHQWL UHDOL]]DWR LQ VWDELOLPHQWR FRQ
SURFHGLPHQWR GL HVWUXVLRQH DYHQWL XQ ODUJKH]]D PRGXODUH GL FP DG
$
LQWUDGRVVR ILQLWR FRPH GD JHWWR FRQWUR FDVVHUR PHWDOOLFR 6RQR FRPSUHVL OD
UDVDWXUD DOO
LQWUDGRVVR OH DUPDWXUH LQWHJUDWLYH L JHWWL GL FRPSOHWDPHQWR LQ
FDOFHVWUX]]RO
HVHFX]LRQHGLIRULDJOLHVWUHPLGHJOLDOYHROLGHOODODVWUD
$ D VSHVVFPVRYUDFFDULFRNJPT PT ¼

$ E VSHVVFPVRYUDFFDULFRNJPT PT ¼
$ E 6SHVVFP PT ¼
$ E 6SHVVFP PT ¼
$ E 6SHVVFP PT ¼
6RODLR GHOO
DOWH]]D WRWDOH GL FP FRPSRVWR GD ODVWUH SUHIDEEULFDWH LQ
FDOFHVWUX]]R GL FP DOOHJJHULWH FRQ EORFFKL GL SROLVWLUROR HVSDQVR GHQVLWj
NJPF FRQIH]LRQDWH FRQ FDOFHVWUX]]R 5FN ! & 1PPT H JHWWR GL
FRPSOHWDPHQWR LQ RSHUD SHU OD IRUPD]LRQH GHL WUDYHWWL H GHOOD VROHWWD VXSHULRUH
GD FP FRQ FDOFHVWUX]]R 5FN ! & 5FN 1PPT /H ODVWUH VDUDQQR
DUPDWH FRQ WUDOLFFL HOHWWURVDOGDWL EDUUH ORQJLWXGLQDOL GL DUPDWXUD SULQFLSDOH FRQ
$ PT ¼
LQFLGHQ]D GL NJPT HG DUPDWXUD WUDVYHUVDOH VHFRQGDULD ILQR DG XQD LQFLGHQ]D
GL TXHVW
XOWLPD GL NJPT GL ODVWUD &RPSUHVL LO JHWWR GL FRPSOHWDPHQWR H OD VXD
YLEUDWXUD PHFFDQLFD OH FDVVHIRUPH OH DUPDWXUH SURYYLVLRQDOL GL VRVWHJQR SHU
LQWUDGRVVR GHO VRODLR LO
GLVDUPR OH SURYH H TXDQW
DOWUR QHFHVVDULR D GDUH LO VRODLR ILQLWR D UHJROD G
DUWH
FRQODVRODHVFOXVLRQHGHLIHUULGLDUPDWXUDVXSSOHPHQWDUH
6RODLR LQ SURILODWL GL IHUUR H WDYHOORQL IRUDWL SHU IRUPD]LRQH GL FDPHUH G

DULD
$ FRPSUHVR O
RQHUH GL WUDFFH HG LQFDVVL VXOOH PXUDWXUH HVFOXVD OD IRUQLWXUD GHO
SURILODWRLQIHUURHGHJOLHYHQWXDOLFRQJORPHUDWLGLULHPSLPHQWR
$ D FRQVHPSOLFHWDYHOORQDWRGHOORVSHVVRUHGL·FP PT ¼
FRQ GRSSLR WDYHOORQDWR LO VXSHULRUH GHOOR VSHVVRUH GL · FP H O
LQIHULRUH GHOOR
$ E PT ¼
VSHVVRUHGLFPSHUODIRUPD]LRQHGLFDPHUHG
DULD
6RODLR LQ YROWLQH GL PDWWRQL UHDOL]]DWR PHGLDQWH PRQWDJJLR GHO ODWHUL]LR SHU

PXWXR FRQWUDVWR FRQ LQWHUDVVH GHOOD VWUXWWXUD SULPDULD GL · P LQFOXVH
$ XQD FHQWLQD GL JXLGD PRYLPHQWDWD D PDQR XQD VROHWWD LQ FDOFHVWUX]]R GHOOR
VSHVVRUH GL DOPHQR FP DUPDWD FRQ UHWH HOHWWURVDOGDWD HG HVFOXVD OD IRUQLWXUD
GHOOHRSHUHLQIHUUR
$ D LQPDWWRQLSLHQLSRVWLGLFRVWD PT ¼
$ E LQIRUDWL[[FPSRVWLGLFRVWD PT ¼
$ F LQPDWWRQLSLHQLSRVWLLQIRJOLR PT ¼
6RODL FROODERUDQWL LQ WUDYL GL IHUUR H ODPLHUH JUHFDWH LQ DFFLDLR ]LQFDWR

IRUQLWL H SRVWL LQ RSHUD VX SUHGLVSRVWD DUPDWXUD SRUWDQWH LQ IHUUR GD YDOXWDUVL D
$ SDUWH FRPSUHVL DJJDQFL VDOGDWXUH WDJOL D PLVXUD UHWH VDOGDWD D WRQGLQL
FRQJORPHUDWR FHPHQWL]LR & 5FN 1PPT H VSLDQDWD FRQ PDOWD
FHPHQWL]LD
$ D FRVWLWXLWLGDODPLHUDJUHFDWDLQDFFLDLR]LQFDWRGLVSHVVRUHPP PT ¼
$ E FRVWLWXLWLGDODPLHUDJUHFDWDLQDFFLDLR]LQFDWRGLVSHVVRUHPP PT ¼
6RODLR VHPSOLFH LQ OHJQR VRYUDFFDULFR DFFLGHQWDOH NJ FRVWLWXLWR GD

WUDYHWWL GLVSRVWL SDUDOOHODPHQWH DO ODWR PLQRUH GHOO¶DPELHQWH FRQ LQWHUDVVH GL
· FP LQFDVVDWL QHOOD PXUDWXUD HVLVWHQWH GL FLUFD · FP H GD XQ WDYRODWR
UHDOL]]DWR GD XQ DVVLWR GL WDYROH GHOOR VSHVVRUH GL · FP FKLRGDWH DL WUDYHWWL
$ DOWHUQDQGR OH XQLRQL LQFOXVD VROHWWD GL FP LQ FRQJORPHUDWR FHPHQWL]LR &
5FN 1PPT FRQ UHWH HOHWWURVDOGDWD IL PP D PDJOLD [ FP ROWUH
O¶RQHUH GHOO¶LPSDOFDWXUD RFFRUUHQWH GL VRVWHJQR DL SRQWHJJL SHU DOWH]]D PDVVLPD
GL P GDO SLDQR GL DSSRJJLR DOO
LQWUDGRVVR GHO VRODLR HVFOXVH OD IRUQLWXUD H OD
SRVDLQRSHUDGHOODSDYLPHQWD]LRQHSHUOXFLILQRDP
$ D LQOHJQRGLDEHWH PT ¼

$ E LQOHJQRGLFDVWDJQR PT ¼
6RODLR FRPSRVWR LQ OHJQR VRYUDFFDULFR DFFLGHQWDOH NJ FRVWLWXLWR GD

XQ¶RUGLWXUD SULPDULD UHDOL]]DWD FRQ WUDYL SDUDOOHOH DG XQ LQWHUDVVH GL P GD
XQ¶RUGLWXUD VHFRQGDULD SRJJLDWD H GLVSRVWD RUWRJRQDOPHQWH DOOH WUDYL PDHVWUH GD
WUDYHWWL GL ULSDUWL]LRQH SDUDOOHODPHQWH SRJJLDWL H GLVSRVWL RUWRJRQDOPHQWH
DOO¶RUGLWXUD VHFRQGDULD FRQ LQWHUDVVH GL · FP H GD XQ WDYRODWR FRVWLWXLWR GD
$ WDYROH DYHQWL XQR VSHVVRUH QRQ PLQRUH GL FP FRPSUHVD VROHWWD GL FP LQ
FRQJORPHUDWR FHPHQWL]LR & 5FN ! 1PPT FRQ UHWH HOHWWURVDOGDWD IL
D PDJOLD [ FP ROWUH O¶RQHUH GHOO¶LPSDOFDWXUD RFFRUUHQWH GL VRVWHJQR DL
SRQWHJJL SHU DOWH]]D PDVVLPD GL P GDO SLDQR GL DSSRJJLR DOO
LQWUDGRVVR GHO
VRODLR HVFOXVH OD VROD IRUQLWXUD H SRVD LQ RSHUD GHOOH RSHUH GL DQFRUDJJLR LQ IHUUR
HODIRUQLWXUDHSRVDLQRSHUDGHOODSDYLPHQWD]LRQHSHUOXFLILQRDP
$ D LQOHJQRGLDEHWH PT ¼

$ E LQOHJQRGLFDVWDJQR PT ¼
6RYUDSSUH]]R SHU JHWWL GL FRPSOHWDPHQWL GL VRODL HIIHWWXDWL FRQ FDOFHVWUX]]R

$ FRQIH]LRQDWR LQ FDQWLHUH SHU TXDQWLWDWLYL GL SLFFROD HQWLWj VWLPDWR DO FHQWLPHWUR FPPT ¼
GLVSHVVRUHSHUPHWURTXDGUDWRGLVRODLR
$ 62772)21',(9(63$,
9HVSDLR FRVWLWXLWR GD XQD VWUXWWXUD FRQ WDYHOORQDWR SRJJLDWR VX PXUHWWL GL

PDWWRQL SLHQL DG XQD WHVWD GHOO
DOWH]]D PHGLD GL FP SRVWL DG LQWHUDVVH GL
$ FPLPSHUPHDELOL]]DWLLQVRPPLWjFRQELWXPHRPDQWRLPSHUPHDELOHDOSROLHWHUH
H SRJJLDQWL LQ EDVVR VX XQD SLFFROD IRQGD]LRQH GHOOH GLPHQVLRQL GL · FP LQ
FDOFHVWUX]]RGRVDWRFRQNJGLFHPHQWRWLSRFRPSUHVR
$ D VRYUDVWDQWHPDVVHWWRGLFPGLJUHWRQLGLSR]]RODQD PT ¼

VRYUDVWDQWH PDVVHWWR GL FP GL FRQJORPHUDWR FHPHQWL]LR D NJ GL FHPHQWR

$ E PT ¼
WLSR
9HVSDLR FUHDWR FRQ VFKHJJLRQL GL FDYD GL QDWXUD VLOLFLD FDOFDUHD R WXIDFHD

$ FRPSUHVH OD FHUQLWD GHO PDWHULDOH H OD IRUPD]LRQH GL FXQLFROL GL YHQWLOD]LRQH
PLVXUDWRDFXEDWXUDHIIHWWLYDLQRSHUD
$ D VLVWHPDWLDPDQR PF ¼
$ E VLVWHPDWRFRQPH]]LPHFFDQLFL PF ¼
9HVSDLR DHUDWR GD HVHJXLUH FRQ FDVVHUL PRGXODUL LJORR LQ SODVWLFD ULJHQHUDWD

IRUQLWR H SRVWR LQ RSHUD 6RQR FRPSUHVL L WDJOL JOL VIULGL HG HYHQWXDOH
IRUPD]LRQH GL IRUL SHU LO SDVVDJJLR GL WXED]LRQL VLD GL LPSLDQWL FKH GL DHUD]LRQH
ODUHWDPHWDOOLFDHOHWWURVDOGDWDGDFP[GHOGLDPHWURGLPPSHUO
DUPDWXUD
GHOOD VROHWWD LO FDOFHVWUX]]R WLSR & SHU LO ULHPSLPHQWR ILQR DOOD VRPPLWj
$
GHL FDVVHUL PRGXODUL H SHU OD IRUPD]LRQH GHOOD VROHWWD FKH GHYH DYHUH VSHVVRUH
PLQLPR GL FP OD VWDJJLDWXUD GHO SLDQR /D SRVD LQ RSHUD GHJOL HOHPHQWL
PRGXODUL q HVHJXLWD VX VRWWRIRQGR SLDQR JLj SUHGLVSRVWR (
LQROWUH FRPSUHVR
TXDQWR DOWUR RFFRUUH SHU GDUH O
RSHUD ILQLWD (VFOXVD OD SUHGLVSRVL]LRQH GHO
VRWWRIRQGRSLDQRHGHOOHFDQDOL]]D]LRQLGLYHQWLOD]LRQH
$ D HOHPHQWLPRGXODULDOWH]]DFP PT ¼

$ E HOHPHQWLPRGXODULDOWH]]DFP PT ¼
$ F HOHPHQWLPRGXODULDOWH]]DFP PT ¼
$ G HOHPHQWLPRGXODULDOWH]]DFP PT ¼
$ H HOHPHQWLPRGXODULDOWH]]DFP PT ¼
$ I HOHPHQWLPRGXODULDOWH]]DFP PT ¼
$ J HOHPHQWLPRGXODULDOWH]]DFP PT ¼
$ K HOHPHQWLPRGXODULDOWH]]DFP PT ¼
$ L HOHPHQWLPRGXODULDOWH]]DFP PT ¼
$ M HOHPHQWLPRGXODULDOWH]]DFP PT ¼
'UHQDJJLR FRQ VFKHJJLRQL GL FDYD GL QDWXUD VLOLFHD FDOFDUHD R WXIDFHD SRVWR D

$ ULGRVVR GL PXUL GL VRVWHJQR H SDUHWL FRQWUR WHUUD FRPSUHVH OD FHUQLWD HG HYHQWXDOH
WLURGHOPDWHULDOH
$ D HVHJXLWRDPDQR PF ¼
$ E HVHJXLWRFRQPH]]LPHFFDQLFL PF ¼
'UHQDJJLR HVHJXLWR LQ HOHPHQWL GL ODWHUL]LR IRUDWL SRVWL D VHFFR GD DVVHVWDUH D

$ PF ¼
PDQRLQILOHVRYUDSSRVWHILQRDUDJJLXQJHUHODTXRWDVWDELOLWj
$ 0$66(77,
0DVVHWWL LVRODQWL LQ FRQJORPHUDWR FHPHQWL]LR FRQIH]LRQDWR FRQ NJ GL

FHPHQWR WLSR H PDWHULDOL QDWXUDOL R QDWXUDOL HVSDQVL GDWL LQ RSHUD SHU
$ ODVWULFL VRODL VROHWWH VRWWRIRQGL ULQILDQFKL HFF EDWWXWL R VSLDQDWL DQFKH FRQ
SHQGHQ]H D TXDOXQTXH DOWH]]D R SURIRQGLWj GHOOR VSHVVRUH PLQLPR PHGLR GL
PPPLVXUDWRSHUPHWURFXER
$ D FRQFDOFHVWUX]]RFHOOXODUHDOOHJJHULWR PF ¼
$ E FRQJUDQXODWRGLSRPLFH PF ¼
$ F FRQDUJLOODHVSDQVDLQJUDQXOLGD·PP PF ¼
$ G FRQYHUPLFXOLWH PF ¼
$ H FRQSHUOLWHJUDQXORPHWULD·PP PF ¼
0DVVHWWL GL JUHWRQL GL SR]]RODQD H FDOFH LGUDWD FRQIH]LRQDWD FRQ NJ GL

$ FDOFH SHU PHWUR FXER GL LPSDVWR GDWL LQ RSHUD VX YHVSDL VRWWRIRQGL GL SDYLPHQWL PF ¼
FRSHUWXUHWHUUD]]HEDOFRQLHFFEDWWXWLRVSLDQDWLDQFKHFRQSHQGHQ]H
0DVVHWWR GL VDEELD H FHPHQWR QHOOH SURSRU]LRQL GL NJ GL FHPHQWR SHU

$ PF GL VDEELD GDWR LQ RSHUD EHQ FRVWLSDWR H OLYHOODWR SHU XQR VSHVVRUH ILQLWR SDUL D PT ¼
FLUFDFP
0DVVHWWR GL VRWWRIRQGR GL PDOWD GL FHPHQWR WLSR GRVDWR D NJ SHU
PF GL VDEELD SHU SLDQR GL SRVD GL SDYLPHQWD]LRQL VRWWLOL OLQROHXP JRPPD
$ PT ¼
SLDVWUHOOH UHVLOLHQWL HFF GHOOR VSHVVRUH QRQ LQIHULRUH D FP GDWR LQ RSHUD EHQ
EDWWXWRHOLYHOODWR

&DPLFLD GL PDOWD IRUPDWD GD GXH SDUWL LQ YROXPH GL SR]]RODQD HG XQD LQ FDOFH
$
VSHQWDSHUVRWWRIRQGLSRVWLDTXDOVLDVLDOWH]]DRSURIRQGLWj
$ D GHOORVSHVVRUHGLPP PT ¼
FRQ UHWH PHWDOOLFD LQFRUSRUDWD D PDJOLD GD PP H DJJLXQWD GL .J GL
$ E PT ¼
FHPHQWRWLSR
$ F SHURJQLPPGLPDJJLRUVSHVVRUH PT ¼
0DVVHWWR SUHPLVFHODWR SURQWR DOO¶LPSLHJR SHU ODYRUL GL UHFXSHUR FRVWLWXLWR GD

PDOWD SUHPLVFHODWD SHU OD UHDOL]]D]LRQH GL VRWWRIRQGL HVWHUQL HG LQWHUQL DG
DVFLXJDPHQWR UDSLGR H ULWLUR IRUWHPHQWH FRPSHQVDWR LGRQHL DOOD SRVD GL
SDYLPHQWD]LRQL LQ PDWHULDOH FHUDPLFR FRWWR H SLHWUH QDWXUDOL GRSR RUH GL
SDYLPHQWL YLQLOLFL PRTXHWWH SDUTXHW GRSR RUH FRQ UHVLVWHQ]D FDUDWWHULVWLFD D
FRPSUHVVLRQH GRSR RUH GL 1PPT HG XQD XPLGLWj UHVLGXD QRQ LQIHULRUH DO
FRPSUHVD OD IRUQLWXUD H SRVD LQ RSHUD GL QDVWUR FRPSULPLELOH GL VSHVVRUH
$
SDUL D PP GD ILVVDUH OXQJR OH SDUHWL SHULPHWUDOL HG L SLODVWUL LQ
FRUULVSRQGHQ]D GHOO¶DOWH]]D GHO PDVVHWWR OD IRUQLWXUD H SRVD LQ RSHUD GL ERLDFFD
GL DQFRUDJJLR FRVWLWXLWD GD SULPHU DFTXD H FHPHQWR LQ GRVL RSSRUWXQH OD VWHVXUD
GHO PDWHULDOH LPSDVWDWR FKH GRYUj DYHUH XQD FRQVLVWHQ]D ³WHUUD XPLGD´ OD
FRPSDWWD]LRQH OD OLYHOOD]LRQH FRQ VWDJJLD H OD ULILQLWXUD FRQ IUDWWD]]R D
PDFFKLQD D GLVFR URWDQWH GHO PDVVHWWR H TXDQWR DOWUR RFFRUUH SHU GDUH LO ODYRUR
FRPSLXWRDUHJRODG¶DUWH
$ D SHUXQRVSHVVRUHILQRDPPFLUFD PT ¼

$ E PDJJLRUD]LRQHSHURJQLPPLQSLGLVSHVVRUH PT ¼
VRYUDSSUH]]R SHU OD IRUQLWXUD H SRVD LQ RSHUD DOO¶LQWHUQR GHO PDVVHWWR GL XQD UHWH
$ F HOHWWURVDOGDWD GLDPHWUR PP D PDJOLD [ PP FRPSUHVL JOL LGRQHL PT ¼
GLVWDQ]LDWRULLQPRGRFKHVLPDQWHQJDDPHWjGHOORVSHVVRUHGDUHDOL]]DUH
0DVVHWWR SUHPLVFHODWR JDOOHJJLDQWH SURQWR DOO¶LPSLHJR SHU ODYRUL GL UHFXSHUR

FRVWLWXLWR GD FHPHQWL LQHUWL VHOH]LRQDWL HG DGGLWLYL VSHFLILFL SUHPLVFHODWL SHU OD
UHDOL]]D]LRQH GL VRWWRIRQGL HVWHUQL HG LQWHUQL DG DVFLXJDPHQWR UDSLGR H ULWLUR
IRUWHPHQWH FRPSHQVDWLYR QRQ DGHUHQWH DO SLDQR GL SRVD SHGRQDELOL HG LGRQHL
DOOD SRVD GL SDYLPHQWD]LRQL LQ PDWHULDOH FHUDPLFR FRWWR H SLHWUH QDWXUDOL GRSR
RUH GL SDYLPHQWL YLQLOLFL PRTXHWWH SDUTXHW GRSR RUH FRQ UHVLVWHQ]D
$ FDUDWWHULVWLFD H FRPSUHVVLRQH GRSR RUH GL 1PPT HG XQD XPLGLWj UHVLGXD
QRQ LQIHULRUH DO FRPSUHVD OD IRUQLWXUD H SRVD LQ RSHUD GL QDVWUR
FRPSULPLELOH GL VSHVVRUH SDUL D PP GD ILVVDUH OXQJR OH SDUHWL SHULPHWUDOL
HG L SLODVWUL LQ FRUULVSRQGHQ]D GHOO¶DOWH]]D GHO PDVVHWWR OD IRUQLWXUD H OD SRVD LQ
RSHUD VXO SLDQR GL SRVD GL XQ IRJOLR LPSHUPHDELOH SROLHWLOHQH 39& FDUWRQH
FDWUDPDWR HFF GL LGRQHR SHVR D WHOL VRYUDSSRVWL SHU DOPHQR PP OD VWHVXUD
GHOPDWHULDOHLPSDVWDWRFKHGRYUjDYHUHXQDFRQVLVWHQ]D³WHUUDXPLGD´
/D IRUQLWXUD H SRVD LQ RSHUD DO GL VRSUD GL WXED]LRQL H FDQDOL]]D]LRQL GL XQD UHWH

ILQD D PDJOLH HVDJRQDOL OD FRPSDWWD]LRQH OD OLYHOOD]LRQH FRQ VWDJJLD H OD
ULILQLWXUD FRQ IUDWWD]]R D PDFFKLQD D GLVFR URWDQWH GHO PDVVHWWR H TXDQWR DOWUR
RFFRUUHSHUGDUHLOODYRURFRPSLXWRDUHJRODG¶DUWH
$ D SHUXQRVSHVVRUHILQRDPPFLUFD PT ¼

$ E PDJJLRUD]LRQHSHURJQLPPLQSLGLVSHVVRUH PT ¼
VRYUDSSUH]]R SHU OD IRUQLWXUD H OD SRVD LQ RSHUD DOO¶LQWHUQR GHO PDVVHWWR GL XQD

$ F UHWH HOHWWURVDOGDWD GLDPHWUR PP D PDJOLD [ PP FRPSUHVL JOL LGRQHL PT ¼
GLVWDQ]LDWRULLQPRGRFKHVLPDQWHQJDDPHWjGHOORVSHVVRUHGDUHDOL]]DUH
5DVDWXUD DXWROLYHOODQWH VX VRWWRIRQGL LQ FHPHQWR SHU ODYRUL GL UHFXSHUR LQ

ORFDOL HVWHUQL HG LQWHUQL D WUDIILFR PRGHUDWR TXDOL DELWD]LRQL SULYDWH H ORFDOL
VRWWRSRVWL D WUDIILFR OLPLWDWR GHOOR VSHVVRUH PDVVLPR GL PP FRVWLWXLWD GD
FHPHQWR UHVLQH ULGLVSHUGLELOL LQHUWL VHOH]LRQDWL DGGLWLYL VSHFLILFL ULWLUR GRSR
$ HVVLFFD]LRQHPPPDGHUHQ]DVXFDOFHVWUX]]RPLQLPR1PPTUHVLVWHQ]D PT ¼
D IOHVVLRQH PLQLPD 1PPT UHVLVWHQ]D D FRPSUHVVLRQH PLQLPD 1PPT
VWHVD VXO VRWWRIRQGR WUDWWDWR FRQ LGRQHR DJJUDSSDQWH SULPHU FRQ UDFOD GL
JRPPD D VSDWROD DPHULFDQD G¶DFFLDLR H TXDQWR DOWUR RFFRUUH SHU GDUH LO ODYRUR
FRPSLXWRDUHJRODG¶DUWH
5DVDWXUD DXWROLYHOODQWH D UDSLGD HVVLFFD]LRQH VX VRWWRIRQGL LQ FHPHQWR SHU

ODYRUL GL UHFXSHUR LQ ORFDOL LQWHUQL D WUDIILFR PRGHUDWR RG LQWHQVR TXDOL
DELWD]LRQL SULYDWH VFXROH XIILFL SDOHVWUH HFF GHOOR VSHVVRUH PDVVLPR GL
PP FRVWLWXLWD GD FHPHQWR UHVLQH ULGLVSHUGLELOL LQHUWL VHOH]LRQDWL HG DGGLWLYL
$ VSHFLILFL ULWLUR GRSR HVVLFFD]LRQH PPP DGHUHQ]D VX FDOFHVWUX]]R PLQLPR PT ¼
1PPT UHVLVWHQ]D D IOHVVLRQH PLQLPD 1PPT UHVLVWHQ]D D
FRPSUHVVLRQH PLQLPD 1PPT VWHVD VXO VRWWRIRQGR FRQ UDFOD GL JRPPD D
VSDWROD DPHULFDQD G¶DFFLDLR H TXDQWR DOWUR RFFRUUH SHU GDUH LO ODYRUR FRPSLXWR D
UHJRODG¶DUWH
/LVFLDWXUDDXWROLYHOODQWHDGLQGXULPHQWRUDSLGRVXPDVVHWWLFHPHQWL]LSXOLWLH
VROLGLSHUXQRVSHVVRUHPHGLRGLPPVWHVDFRQUDFODGLJRPPDDVSDWROD
$ PT ¼
DPHULFDQDG¶DFFLDLRHTXDQWRDOWURRFFRUUHSHUGDUHLOODYRURFRPSLXWRDUHJROD
G¶DUWH
7(77,(0$17,',&23(5785$
$ 7(77,(0$17,',&23(5785$
/HJQDPH LQ WUDYDWXUD GL DEHWH ODYRUDWR DOO

DVFLD R DOOD VHJD H SRVWR LQ RSHUD
$ FRQ OH QHFHVVDULH IHUUDPHQWD OD VSDOPDWXUD FRQ FDUEROLQHXP GHOOH SDUWL PXUDWH

JOLVIULGLHGRJQLDOWURRQHUHHPDJLVWHUR
$ D WUDYLXVR7ULHVWH PF ¼
$ E WUDYLFRQTXDWWURVSLJROLYLYL PF ¼
/HJQDPH LQ WUDYDWXUD GL FDVWDJQR ODYRUDWR DOO

DVFLD R DOOD VHJD H SRVWR LQ
$ RSHUD FRQ OH QHFHVVDULH IHUUDPHQWD OD VSDOPDWXUD FRQ FDUEROLQHXP GHOOH SDUWL

PXUDWHJOLVIULGLHGRJQLDOWURRQHUHHPDJLVWHUR
$ D WUDYLXVR7ULHVWHFRQOHJQDPHGLVWDJLRQH PF ¼
$ E WUDYLXVR7ULHVWHFRQOHJQDPHVWDJLRQDWR PF ¼
$ F WUDYLFRQTXDWWURVSLJROLYLYLFRQOHJQDPHGLVWDJLRQH PF ¼
$ G WUDYLFRQTXDWWURVSLJROLYLYLFRQOHJQDPHVWDJLRQDWR PF ¼
/HJQDPH LQ WUDYDWXUH GL DEHWH H GL FDVWDJQR FRQ PDWHULDOH GL UHFXSHUR

$ SURYHQLHQWH GDOOH ULPR]LRQH FRPSUHVL JOL RQHUL SHU OD ULODYRUD]LRQH GD HVHJXLUVL PF ¼
VXOSLDQRGLODYRUR
6RYUDSSUH]]R DOOD WUDYDWXUD GL DEHWH H GL FDVWDJQR SHU OD ODYRUD]LRQH GL

JURVVH DUPDWXUH GL WHWWL FRVWLWXLWH GD FDSULDWH FDWHQH SXQWRQL PRQDFL H
$
VDHWWRQL FRPSUHVH OH QHFHVVDULH IHUUDPHQWD OH FKLRGDWXUH H WXWWL JOL RQHUL GD
PLVXUDUVLDOPHWUROLQHDUHSHUODOXFHHIIHWWLYDGHOODFDSULDWD
$ D SHUOXFLILQRDP P ¼
$ E SHUOXFLGDDP P ¼
$ F SHUOXFLGDDP P ¼
$ &RPSHQVRDLOHJQDPLSHUODSLDOODWXUDGHOOHVXSHUILFL PT ¼
$ &RPSHQVRSHUODIRUPD]LRQHGLSDORPEHOORGLJURQGD
$ D GDHVHJXLUVLVXOWHUPLQDOHGHOPRUDOHROLVWHOOR FDG ¼
$ E GDHVHJXLUVLVXOWHUPLQDOHGHOOHWUDYL FDG ¼
3LFFROD RUGLWXUD GL PRUDOL R OLVWHOOL GL DEHWH D ILOR VHJD FKLRGDWL VX

$ HVLVWHQWH RUGLWXUD OH UHODWLYH PXUDWXUH OD VSDOPDWXUD FRQ FDUEROLQHXP GHOOH SDUWL
PXUDWHJOLVIULGLOHIRUQLWXUHDFFHVVRULHHGRJQLDOWURRQHUHHPDJLVWHUR
$ D GHOOHGLPHQVLRQL[PP P ¼
$ E GHOOHGLPHQVLRQL[PP P ¼
$ F GHOOHGLPHQVLRQL[PP P ¼
$ G GHOOHGLPHQVLRQL[PP P ¼
$ H GHOOHGLPHQVLRQL[PP P ¼
3LFFROD RUGLWXUD GL PRUDOL R OLVWHOOL GL FDVWDJQR D ILOR VHJD FKLRGDWL VX

$ HVLVWHQWH RUGLWXUD OD VSDOPDWXUD FRQ FDUEROLQHXP GHOOH SDUWL PXUDWH JOL VIULGL OH

IRUQLWXUHDFFHVVRULHHGRJQLDOWURRQHUHHPDJLVWHUR
$ D GHOOHGLPHQVLRQL[PP P ¼
$ E GHOOHGLPHQVLRQL[PP P ¼
$ F GHOOHGLPHQVLRQL[PP P ¼
$ G GHOOHGLPHQVLRQL[PP P ¼
$ H GHOOHGLPHQVLRQL[PP P ¼
7DYRODWR SLDOODWR H EDWWHQWDWR IRUQLWR GHOOR VSHVVRUH GL PP ODYRUDWR H

$ SRVWR LQ RSHUD SHU DSSRJJLR GHO PDQWR GL WHJROH FRPSUHVD OD QHFHVVDULD

FKLRGDWXUDIRUQLWXUHDFFHVVRULHHGRJQLRQHUHHPDJLVWHUR
$ D DEHWHHSLQR PT ¼
$ E FDVWDJQR PT ¼
6WUXWWXUD SUHIDEEULFDWD LQ WUDYL OLQHDUL FRQ OHJQR ODPHOODUH LQ FRQIRUPLWj

DOOD QRUPDWLYD XWLOL]]DQGR OHJQDPH DSSDUWHQHQWH DOOD , H ,, FODVVH GL TXDOLWj
$ SUHYLVWD GDOOD QRUPDWLYD LQFROODWR FRQ SURGRWWL D EDVH GL UHVLQH VLQWHWLFKH HG
LPSUHJQDWR FRPSUHVL L JLXQWL JOL DWWDFFKL PHWDOOLFL H OD IHUUDPHQWD QHFHVVDULD

SHUGDUHODVWUXWWXUDLQRSHUD
$ D GHOORVSHVVRUHILQRDPP PF ¼
$ E GHOORVSHVVRUHGDPPDPP PF ¼
$ F GHOORVSHVVRUHGDPPDPP PF ¼
$ G GHOORVSHVVRUHGDPPDPP PF ¼
$ $PPRUVDWXUDGLWUDYLQHOODVWUXWWXUDPXUDULDSUHHVLVWHQWH
$ D 3HUWUDYLGLVH]LRQHILQRDFP[ FDG ¼
$ E 3HUWUDYLGLVH]LRQHILQRDFP[ FDG ¼
3DORPEHOOL HVHJXLWL LQ FDOFHVWUX]]R FHPHQWL]LR YLEUDWR DUPDWR VDJRPDWL QHOOD

$
SDUWHWHUPLQDOHDYLVWD
$ D GHOOHGLPHQVLRQLGL[[PP FDG ¼
$ E GHOOHGLPHQVLRQLGL[[PP FDG ¼
5HYLVLRQH GHO VROR PDQWR GL FRSHUWXUD GL WHWWR FRPSUHVL OD ULPR]LRQH OD

SXOL]LD H LO ULFROORFDPHQWR GHOOH WHJROH OD VRVWLWX]LRQH GL WHJROH GL TXDOVLDVL
VSHFLH H GL FRSSL URWWL R PDQFDQWL LO ILVVDJJLR GHOOH WHJROH QHL FROPL QHL
$ PT ¼
FRPSOXYL H OXQJR OH OLQHH GL JURQGD FRQ PDOWD GL FDOFH H SR]]RODQD HVFOXVR VROR
LO FRVWR GHL PDWHULDOL QXRYL GL ULPSLD]]R FKH VDUDQQR FRQWDELOL]]DWL D SDUWH FRQ L
SUH]]LGHLPDWHULDOLLQSURYYLVWD
&RSHUWXUD D WHWWR VSLRYHQWH R D SDGLJOLRQH VX HVLVWHQWH SLDQHOODWR WDYHOOLQDWR

WDYRODWR R VRODLR FRPSUHVH OD PXUDWXUD GHL ILODUL GL JURQGD H GL FROPR OD
IRUPD]LRQH GHL FROPL GLDJRQDOL OD SUHGLVSRVL]LRQH GHOOH ERFFKHWWH H GHOOH
$
FRQYHUVH FRQ LPSLHJR GHOOD PDOWD ILQD GL FDOFH H SR]]RODQD R GL PDOWD EDVWDUGD
SHU OH SDUWL LQFDVWUDWH D PXUDWXUD RJQL DOWUD IRUQLWXUD DFFHVVRULD RQHUL H
PDJLVWHUL
$ D FRQWHJROHHFRSSLDOODURPDQD PT ¼
$ E FRQFRSSLHFRQWURFRSSL PT ¼
$ F FRQWHJROHPDUVLJOLHVL PT ¼
$ G FRQWHJROHSRUWRJKHVLRRODQGHVL PT ¼
$ H FRQWHJROHSRUWRJKHVLRODQGHVLHPDUVLJOLHVLLQFDOFHVWUX]]R PT ¼
$ I FRQWHJROHHFRSSLDOODURPDQDIDWWLDPDQRQXRYLRYHFFKL PT ¼
$ J FRQFRSSLHFRQWURFRSSLIDWWLDPDQRQXRYLRYHFFKL PT ¼
$ K FRQPDWHULDOHGLUHFXSHURSURYHQLHQWHGDOODULPR]LRQH PT ¼
$ L FRQHPEULFHQXRYRHFRSSLGLUHFXSHURGDOODULPR]LRQH PT ¼
$ M FRPSHQVRDGGL]LRQDOHSHUODPXUDWXUDGLWXWWHOHWHJROHFRQPDOWDILQH PT ¼
$ N VRYUDSSUH]]RSHUO¶HVHFX]LRQHDWUDWWLGLVFRQWLQXLLQIHULRULDPT
&RSHUWXUD FRQ WHJROD FDQDGHVH GHOOH GLPHQVLRQL GL [ FP FLUFD ULYHVWLWD

FRQ JUDQLJOLD GL URFFLD EDVDOWLFD FHUDPL]]DWD IRUQLWH H SRVWH LQ RSHUD 6RQR
FRPSUHVL OD IRUPD]LRQH H O¶HVHFX]LRQH GHL FROPL GHOOH FRQYHUVH H GHL UDFFRUGL
$ O¶LQFROODJJLR D ILDPPD VX PHPEUDQD ELWXPLQRVD RSSXUH ILVVDWD DO VXSSRUWR PT ¼
FKLRGDELOH FRQ FKLRGL ]LQFDWL D WHVWD ODUJD WXWWL L PDWHULDOL RFFRUUHQWL SHU LO
ILVVDJJLR GHOOD WHJROD H TXDQWR DOWUR QHFHVVDULR SHU GDUH O¶RSHUD ILQLWD (VFOXVD
O¶HYHQWXDOHIRUQLWXUDGHOODVRWWRVWDQWHJXDLQDELWXPLQRVD
5HYLVLRQH GHOOD OLQHD GL JURQGD FRPSUHQGHQWH OD ULPR]LRQH GHO PDQWR GL

FRSHUWXUD SLDQHOODWR H SDORPEHOOL LQ DJJHWWR H VPXUDWXUD VFDUSD VRVWLWX]LRQH GHL
SDORPEHOOL FRQ VDJRPDWXUD OLVWHOOR WHUPLQDOH D FXQHR ULSULVWLQR VFDUSD LQ
$
PXUDWXUD ULPRQWDJJLR GHJOL HOHPHQWL GL FRSHUWXUD LQ FRWWR FRQ LQWHJUD]LRQH GL
TXHOOL PDQFDQWL R URWWL FRPSUHVR RJQL RQHUH H PDJLVWHUR 0LVXUDWR VXO ILOR
LQWHUQRGHOPXURSHULPHWUDOH
$ D SDORPEHOOLGDOOHGLPHQVLRQL[PPLQSLQRRDEHWH PT ¼
$ E SDORPEHOOLGHOOHGLPHQVLRQL[PPLQSLQRRDEHWH PT ¼
$ F SDORPEHOOLGHOOHGLPHQVLRQL[PPLQFDVWDJQR PT ¼
$ G SDORPEHOOLGHOOHGLPHQVLRQL[PPLQFDVWDJQR PT ¼
$ HVRYUDSSUH]]RSHUO¶HVHFX]LRQHDWUDWWLGLVFRQWLQXLLQIHULRULDPT
7DYHOOLQDWR LQ ODWHUL]LR SRVWR LQ RSHUD VX HVLVWHQWH RUGLWXUD GL WHWWL FRPSUHVL

$ RJQL PXUDPHQWR FRQ PDOWD ILQD GL FDOFH H SR]]RODQD HG RJQL DOWUR RQHUH H

PDJLVWHUR
$ D GHOOHGLPHQVLRQLGL[[PP PT ¼
$ E VRYUDSSUH]]RSHUO¶HVHFX]LRQHDWUDWWLGLVFRQWLQXLLQIHULRULDPT
3LDQHOODWR LQ ODWHUL]LR IDWWR D PDQR VX HVLVWHQWH RUGLWXUD GL WHWWL FRPSUHVL RJQL

$
PXUDPHQWRFRQPDOWDILQDGLFDOFHHSR]]RODQDHGRJQLDOWURRQHUHHPDJLVWHUR
$ D GHOOHGLPHQVLRQLGL[[PP PT ¼
$ E VRYUDSSUH]]RSHUO¶HVHFX]LRQHDWUDWWLGLVFRQWLQXLLQIHULRULDPT
&RSHUWXUD D WHWWR FRQ ODVWUH GL FHPHQWR DUPDWR FRQ UHWH ILEULOODWD 01PPT
(025 VXSHULRUH D & UHVLVWHQ]D DO JHOR VHFRQGR QRUPD FODVVH GL
UHD]LRQH DO IXRFR VHFRQGR QRUPD 81, ,62 D VSLRYHQWH RG D SDGLJOLRQH
$ LQFOXVL L SH]]L VSHFLDOL LQ JHQHUH FRPH PH]]H WHJROH GLDJRQDOL FROPL HFF
GLVSRVWL VX RUGLWXUD SUHHVLVWHQWH FRQ O

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DFFHVVRUL GL RJQL VSHFLH FRPSUHVD OD IRUPD]LRQH GL FROPL FRPSOXYL H GLVSOXYL
LOWLURLQDOWRHGRJQLDOWURRQHUHHPDJLVWHURSHUGDUHO
RSHUDFRPSLXWD
$ D FRQODVWUHSLDQHGHOWLSRDOODURPDQDGHOORVSHVVRUHGDDPP PT ¼

$ E FRQODVWUHGHOWLSRRQGXODWRGHOORVSHVVRUHGDDPP PT ¼
&RSHUWXUD FRQ ODVWUH WUDVOXFLGH LQ UHVLQD SROLHVWHUH ULQIRU]DWD FRQ ILEUD GL

$ PT ¼
YHWURDYYLWDWDDOODVRWWRVWDQWHVWUXWWXUD
&RSHUWXUD FRQ ODVWUH DOYHRODUL LQ SROLFDUERQDWR VSHVVRUH PP FRPSUHVL JOL

$ DSSRVLWL SURILOL SHU LO ILVVDJJLR DOOD VRWWRVWDQWH VWUXWWXUD H TXDQWR DOWUR RFFRUUH PT ¼
SHUGDUHO¶RSHUDILQLWD
)RUQLWXUD H SRVD LQ RSHUD GL FRSHUWXUD GD UHDOL]]DUVL VX VWUXWWXUH GLVFRQWLQXH H

FRQWLQXH QRQ LQFOXVH LQ ODVWUH PHWDOOLFKH PXOWLVWUDWR D SURILOR JUHFDWR R
RQGXODWR PDUFKLDWH &( VHFRQGR 81, (1 $SSHQGLFH $ FRQIRUPL D 81,
(1 $SSHQGLFH % FRVWLWXLWH GD XQD ODPLHUD GL DFFLDLR ]LQFDWR VWUXWWXUDOH
$
(1 SURWHWWD QHOOD IDFFLD VXSHULRUH GD XQ ULYHVWLPHQWR WHUPRSODVWLFR
DQWLFRUURVLYR HG LQVRQRUL]]DQWH GHOOR VSHVVRUH GL PP H GD XQD ODPLQD
PHWDOOLFD LQ DOOXPLQLR FRQ ILQLWXUD QDWXUDOH H QHOOD IDFFLD LQIHULRUH GD XQ SULPHU
ELWXPLQRVRHGDXQDODPLQDGLDOOXPLQLRFRQILQLWXUDQDWXUDOH
$ D &RQODPLHUDGLDFFLDLR]LQFDWRGHOORVSHVVRUHGLPP PT ¼

$ E 6RYUDSSUH]]RFRQODPLHUDGLDFFLDLRGHOORVSHVVRUHGLPP PT ¼
$ F 6RYUDSSUH]]RFRQODPLHUDGLDFFLDLRGHOORVSHVVRUHGLPP PT ¼
6RYUDSSUH]]RSHUODPLQDPHWDOOLFDVXSHULRUHLQDOOXPLQLRFRQILQLWXUD
$ G PT ¼
SUHYHUQLFLDWD
$ H6RYUDSSUH]]RSHUODPLQDPHWDOOLFDVXSHULRUHLQUDPHHOHWWUROLWLFR PT ¼
$ I 6RYUDSSUH]]RSHUODPLQDPHWDOOLFDLQIHULRUHLQDFFLDLRLQR[ PT ¼
$ J 6RYUDSSUH]]RSHUODPLQDPHWDOOLFDLQIHULRUHLQDOOXPLQLRDFFRSSLDWRSROLHVWHUH PT ¼
6RYUDSSUH]]RSHUULYHVWLPHQWRLQWHUQRDQWLFRQGHQVDLQIHOWURGLSROLHVWHUHQRQ
$ K PT ¼
WHVVXWR
$ L6RYUDSSUH]]RSHUODVWUHFXUYDWHFRQUDJJLRVXPLVXUD PT ¼
$ M 6RYUDSSUH]]RSHUIRUQLWXUHLQIHULRULDLPT PT ¼
)RUQLWXUD H SRVD LQ RSHUD GL FRSHUWXUD GD UHDOL]]DUVL VX VWUXWWXUH FRQWLQXH QRQ

LQFOXVH LQ ODVWUH PHWDOOLFKH PXOWLVWUDWR D SURILOR RQGXODWR H VWDPSDWR
ILQWRFRSSR PDUFKLDWH &( VHFRQGR 81, (1 $SSHQGLFH $ FRQIRUPL D
81, (1 $SSHQGLFH % FRVWLWXLWH GD XQD ODPLHUD GL DFFLDLR ]LQFDWR
$ VWUXWWXUDOH (1 GL VSHVVRUH PP SURWHWWD QHOOD IDFFLD VXSHULRUH GD XQ
ULYHVWLPHQWR WHUPRSODVWLFR DQWLFRUURVLYR HG LQVRQRUL]]DQWH GHOOR VSHVVRUH GL PP

H GD XQD ODPLQD PHWDOOLFD LQ DOOXPLQLR FRQ ILQLWXUD SUHYHUQLFLDWD H QHOOD
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$ E FRQIRUQLWXUDGHOSLHWUDPHGLWXIRRLGRQHRSLHWUDPHWHQHURORFDOH PF ¼
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:P.
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$ E GHQVLWj NJPF UHVLVWHQ]D DO IXRFR FODVVH FRQIRUPH DOOD QRUPD 81,

$ F SROLXUHWDQRHVSDQVRGLGHQVLWjSDULDNJPF
$ G ODQDGLYHWURGLGHQVLWjSDULDNJPF
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PF GL VDEELD HVHJXLWD VX VXSHUILFL SLDQH R FXUYH YHUWLFDOL DOO¶LQWHUQR R
$ PT ¼
DOO¶HVWHUQR SUHYLD EDJQDWXUD H TXDQWR RFFRUUH SHU GDUH O¶RSHUD ILQLWD D UHJROD
G
DUWH(VFOXVLLSRQWHJJL
,QWRQDFR JUH]]R R UXVWLFR R IUDWWD]]DWR FRVWLWXLWR GD XQ SULPR VWUDWR GL

ULQ]DIIR R VEUXIIDWXUD H GD XQ VHFRQGR VWUDWR WLUDWR LQ SLDQR D IUDWWD]]R UXVWLFR
$
DSSOLFDWR FRQ SUHGLVSRVWH SRVWH H JXLGH VX SDUHWL YHUWLFDOL H TXDQWR RFFRUUH SHU
GDUHO¶RSHUDILQLWDDUHJRODG
FRQ PDOWD GL FDOFH LGUDWD H VDEELD FRPSRVWD GD NJ GL FDOFH SHU PF GL
$ D PT ¼
VDEELD
FRQ PDOWD EDVWDUGD FRPSRVWD GD NJ GL JUDVVHOOR GL FDOFH NJ GL FHPHQWR
$ E PT ¼
HPFGLVDEELD
FRQ PDOWD GL FHPHQWR WLSR H VDEELD FRPSRVWD GD NJ GL FHPHQWR SHU
$ F PT ¼
PFGLVDEELD
$ 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
$ JXLGHULILQLWRFRQVRYUDVWDQWHVWUDWRGLFROODGHOODVWHVVDPDOWDSDVVDWRDOFULYHOOR
ILQR OLVFLDWD FRQ IUDWWD]]R PHWDOOLFR DOOD SH]]D VX SDUHWL YHUWLFDOL H TXDQWR
RFFRUUHSHUGDUHO¶RSHUDILQLWDDUHJRODG
FRQ PDOWD GL FDOFH LGUDWD H VDEELD FRPSRVWD GD NJ GL FDOFH SHU PF GL
$ D PT ¼
VDEELD
FRQ PDOWD EDVWDUGD FRPSRVWD GD NJ GL JUDVVHOOR GL FDOFH NJ GL FHPHQWR
$ E PT ¼
HPFGLVDEELD
FRQ PDOWD GL FHPHQWR WLSR H VDEELD FRPSRVWD GD NJ GL FHPHQWR SHU
$ F PT ¼
PFGLVDEELD
$ G FRQPDOWDGLFDOFHLGUDWDHSR]]RODQD PT ¼
,QWRQDFR SURQWR SUHPLVFHODWR LQ OHJDQWL VSHFLDOL FRVWLWXLWR GD XQ SULPR VWUDWR

GL IRQGR H GD XQR VWUDWR GL ILQLWXUD WLUDWR LQ SLDQR H IUDWD]]DWR DSSOLFDWR FRQ OH
$ QHFHVVDULH SRVWH H JXLGH ULILQLWR FRQ XQR VWUDWR GL PDOWD ILQH OLVFLDWR FRQ
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TXDQWRRFFRUUHSHUGDUHO¶RSHUDILQLWDDUHJRODG
$ D FRQEDVHGLFHPHQWR PT ¼

$ E FRQEDVHGLJUDVVHOORGLFDOFH PT ¼
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YHUWLFDOL FRVWLWXLWR GD XQ SULPR VWUDWR GL VSHVVRUH PHGLR PP GL PDOWD
FHPHQWL]LD FRQ LQWHUSRVWD UHWH GL ILOR GL IHUUR ]LQFDWD GL SHVR QRQ PLQRUH GL
$ PT ¼
NJ SHU PT XQ VHFRQGR VWUDWR GL VSHVVRUH QRQ LQIHULRUH D PP GL PDOWD ILQD D
TO GL FHPHQWR SHU PF GL VDEELD H TXDQWR RFFRUUH SHU GDUH O¶RSHUD ILQLWD D
UHJRODG
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GD XQ VHFRQGR GL LQWRQDFR JUH]]R FRQ PDOWD GL FDOFH LGUDWD H SR]]RODQD WLUDWD D
IUDWWD]]R HG DSSOLFDWD FRQ SUHGLVSRVWH SRVWH H JXLGH ULILQLWR FRQ VRYUDVWDQWH
$
VWUDWR GL FLUFD PP GL PDOWD 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
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VHFRQGR GL LQWRQDFR JUH]]R FRQ PDOWD GL FDOFH LGUDWD H SR]]RODQD WLUDWD D
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$
GL FLUFD PP GL PDOWD SHU VWXFFKL SHUIHWWDPHQWH OHYLJDWR FRQ IUHWWD]]R
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DUWH (VFOXVL L
SRQWHJJL
$ D VXSDUHWLLQWHUQH PT ¼
5DVDWXUD GL VXSHUILFL UXVWLFKH JLj SUHGLVSRVWH FRQ LQWRQDFR SHU LQWHUQL

FRVWLWXLWR GD JHVVR VFDJOLROD H FDOFH QHOOH SURSRU]LRQL GL SDUWL GL FDOFH LQ
$ SROYHUH H SDUWL GL JHVVR SHUIHWWDPHQWH OHYLJDWR GHOOR VSHVVRUH QRQ LQIHULRUH D PT ¼
PP VX SDUHWL YHUWLFDOL H TXDQWR RFFRUUH SHU GDUH O¶RSHUD ILQLWD D UHJROD G
DUWH
(VFOXVLLSRQWHJJL
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QDWXUDOH 1+/ VXJKHUR SRPLFH ELDQFD H FDOFDUH GRORPLWLFR FRVWLWXLWR GD XQ
SULPR VUDWR GL ULQ]DIIR R VEUXIIDWXUD GD XQ VHFRQGR VWUDWR WLUDWR LQ SLDQR FRQ
$ PT ¼
UHJROR H IUDWD]]R H UDVDWXUD ILQDOH FRQ OD VWHVVD PDOWD XWLOL]]DWD SHU O
LQWRQDFR SHU
XQR VSHVVRUH WRWDOW GL PP LQ RSHUD VX SDUHWL YHUWLFDOL H TXDQWR RFFRUUH SHU
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LGURDPDOJDPDELOL H OHJDQWL FHPHQWL]L QRQ FRQWHQHQWL DPLDQWR Qq VLOLFH OLEHUD
$ FULVWDOOLQD FRQ GHQVLWj QRPLQDOH GL NJPF GDWR LQ RSHUD D VSUX]]R FRQ PT ¼
VXFFHVVLYD OLVFLDWXUD SHU XQR VSHVVRUH GL PP H TXDQWR RFFRUUH SHU GDUH
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LQRUJDQLFL UHVLQH HG DGGLWLYL VSHFLILFL QRQ FRQWHQHQWH DPLDQWRÃ DOWUH ILEUH FRQ
$ SHVR VSHFLILFR GL NJPF GDWR LQ RSHUD D VSUX]]R VX SDUHWL YHUWLFDOL FRQ PT ¼
VXFFHVVLYD OLVFLDWXUD SHU XQR VSHVVRUH GL PP H TXDQWR RFFRUUH SHU GDUH
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$ DGGLWLYL FKLPLFL FRQ UHVD GL NJPT GDWR LQ RSHUD D VSUX]]R LQ DPELHQWL LQWHUQL
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$ D PT ¼
FP
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FHPHQWR WLSR H VDEELD HG DJJLXQWD GL RVVLGL FRORUDQWL GHOOR VSHVVRUH GL
$
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TXDQWRRFFRUUHSHUGDUHO¶RSHUDILQLWDDUHJRODG
$ D FRQVXSHUILFLHUDVFKLDWD PT ¼
$ E FRQVXSHUILFLHPDUWHOOLQDWD PT ¼
$ F FRQVXSHUILFLHVSXQWDWD PT ¼
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$ VX DGDWWR SUHHVLVWHQWH VRWWRIRQGR VX SDUHWL YHUWLFDOL H TXDQWR RFFRUUH SHU GDUH
$ D FRQVXSHUILFLHODPDWDDJUDQDILQH PT ¼
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&RPSHQVR DJOL LQWRQDFL LQ PDOWD FHPHQWL]LD SHU DJJLXQWD GL LGURIXJR SHU RJQL
$ PT ¼
FHQWLPHWURGLVSHVVRUHGHOODPDOWD
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ULPR]LRQH GHOOD SDUWH OHVLRQDWD OD SXOL]LD H LO ODYDJJLR GHO IRQGR OD ULFDULFD H
$ PT ¼
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UHJRODG
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PHGLDQWH ULQ]DIIR FRQ PDOWD EDVWDUGD D SL VWUDWL H VFDJOLH GL ODWHUL]LR DQFKH SHU
$ PT ¼
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G
$ 6RYUDSSUH]]RSHUO¶HVHFX]LRQHGLLQWRQDFLVXVXSHUILFLRUL]]RQWDOL

3DUDVSLJROL LQ ODPLHUD ]LQFDWD GL VSHVVRUH PLQLPR GL PP DOD PP SRVWL

$ P ¼
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$ PT ¼
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$ PT ¼
URWROLGHOSHVRGLNJPT
&2175262)),77,
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]LQFDWLGHOORVSHVVRUHGLPPFRVWLWXLWDGD
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$
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FPHFP
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GDUHO
RSHUDILQLWD
$ D 6WUXWWXUDFRQRUGLWXUDSULPDULDSRVWDDGLQWHUDVVHGLFPR PT ¼
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$
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$ UHDOL]]D]LRQH GL FRQWURVRIILWWL FRQ DQGDPHQWR FXUYLOLQHR GD HVHJXLUH FRQ LGRQHL
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RSHUDILQLWD
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$
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HVFOXVD OD
UDVDWXUD H OD WLQWHJJLDWXUD (
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O
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/DVWUD SUHIDEEULFDWD LQ JHVVR FDUWRQDWR H EDUULHUD DO YDSRUH LQ ODPLQD GL
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XPLGLWj
$
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WHUPRLVRODQWH GL VSHVVRUH YDULDELOH FRPSOHWD GL FHUWLILFDWR GHOOH FDUDWWHULVWLFKH
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$
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HVFOXVD OD UDVDWXUD H OD WLQWHJJLDWXUD
(
RSHUDILQLWD
$ D /DVWUDIRQRLVRODQWHVSHVVRUHPP PT ¼

/DVWUD WHUPRLVRODQWH VSHVVRUH PP SUHDVVHPEODWD FRQ SDQQHOOR
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ODQDGLYHWURGHQVLWjDVVLPLODELOHDNJPF
$
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ILQLWD
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$ E /DVWUDGHOORVSHVVRUHGLPP PT ¼
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SHUGDUHO
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$ D 5DJJLRGLFXUYDWXUDFRPSUHVRWUDPHP PT ¼

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$
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$
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$ D SDQQHOOLGHOORVSHVVRUHPP PT ¼

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SURILOR SHULPHWUDOH D / SUHYHUQLFLDWR [ PP SHU FRQWURVRIILWWL FRQ SDQQHOOL GL
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LQFDVWUL PDVFKLR ± IHPPLQD VXL ERUGL SHULPHWUDOL GHOOH GLPHQVLRQL GL [
$
PP RPRORJDWL LQ (XURFODVVH $ VSHVVRUH PP ILVVDWL PHGLDQWH
LQFROODJJLR H YLWL DXWRSHUIRUDQWL DOOD VWUXWWXUD LQ DFFLDLR GL VSHVVRUH GL PP
VRVSHVDDOVRODLRVRSUDVWDQWHFRQSHQGLQDWXUDULJLGDHWDVVHOOLPHWDOOLFL
$ D FRQXQDODVWUDVSHVVRUHPPUHVLVWHQ]DDOIXRFR(, PT ¼

$ E FRQGRSSLDODVWUDVSHVVRUHPPUHVLVWHQ]DDOIXRFR(, PT ¼
&RQWURVRIILWWR IRQRDVVRUEHQWH UHDOL]]DWR FRQ SDQQHOOL GL ILEUH PLQHUDOL

LQFRPEXVWLELOL DJJORPHUDWH FRQ OHJDQWL VLQWHWLFL UHVLQRVL SUHYHUQLFLDWL FRQ
SLWWXUD ODYDELOH ELDQFD VX LPSULPLWXUD DG ROLR GL VSHVVRUH QRQ VXSHULRUH D
PP LJQLIXJKL GL FODVVH PRQWDWL VX VWUXWWXUD PHWDOOLFD LQ ODPLHUD GL DFFLDLR
$ PT ¼
]LQFDWR SUHYHUQLFLDWR D YLVWD DQFRUDWD DOOD VWUXWWXUD PXUDULD H DO VRSUDVWDQWH
VRODLR PHGLDQWH SHQGLQDWXUD UHJRODELOH D GLVWDQ]D QRQ PDJJLRUH GL FP
FRPSUHVD OD VWHVVD VWUXWWXUD PHWDOOLFD OH RSHUH SURYYLVLRQDOL L SRQWHJJL H TXDQWR
&RQWURVRIILWWR UHDOL]]DWR FRQ SDQQHOOL GL ILEUH PLQHUDOL FRPSRQLELOL GHFRUDWL

VSHVV PP LJQLILJKL GL FODVVH DSSRJJLDWL VX VWUXWWXUD LQ DFFLDLR ]LQFDWR
$ SUHYHUQLFLDWD FRPSRVWD GD SURILOL SRUWDQWL H SURILOL LQWHUPHGL D 7 ILVVDWL DOOD
VWUXWWXUD PXUDULD VRYUDVWDQWH DG XQD GLVWDQ]D QRQ PDJJLRUH GL FP WUDPLWH
SHQGLQDWXUDUHJRODELOH
$ D FRQVWUXWWXUDPHWDOOLFDDYLVWD[FP PT ¼
$ E FRQVWUXWWXUDPHWDOOLFDDYLVWD[FP PT ¼
$ F FRQVWUXWWXUDPHWDOOLFDVHPLQDVFRVWD[FP PT ¼
&RQWURVRIILWWR UHDOLO]]DWR FRQ SDQQHOOL GL ILEUH PLQHUDOL FRPSRQLELOL

GHFRUDWL VSHVV PP LJQLILJKL GL FODVVH PRQWDWL DG LQFDVWUR VX VWUXWWXUD
$ LQ DFFLDLR ]LQFDWR QDVFRVWD FRPSRVWD GD SURILOL SRUWDQWL D & SURILOL LQWHUPHGL D PT ¼
= H D 7 ILVVDWL DOOD VWUXWWXUD PXUDULD VRYUDVWDQWH DG XQD GLVWDQ]D QRQ PDJJLRUH
GLFPWUDPLWHUDFFRUGLHDJJDQFLPHWDOOLFLSDQQHOOL[FP
3URILOR SHULPHWUDOH SHU FRQWURVRIILWWL D SDQQHOOL GL ILEUD PLQHUDOH LQ DFFLDLR

$
SUHYHUQLFLDWRFRQERUGLLQWHUQLLQRSHUD
3URILORDG/
$ D ELDQFR P ¼
$ E VDWLQDWR P ¼
$ F PHWDOOL]]DWR P ¼
3URILORDGRSSLD/
$ G ELDQFR P ¼
$ H VDWLQDWR P ¼
$ I PHWDOOL]]DWR P ¼
3URILORD&
$ J ELDQFR P ¼
$ K VDWLQDWR P ¼
$ L PHWDOOL]]DWR P ¼
&RQWURVRIILWWR IRQRDVVRUEHQWH SLDQR UHDOL]]DWR FRQ SDQQHOOL LQ ILEUH GL OHJQR

PLQHUDOL]]DWH H FHPHQWR PRQWDWL VX VWUXWWXUD PHWDOOLFD LQ ODPLHUD GL DFFLDLR
]LQFDWR SUHYHUQLFLDWR D YLVWD DQFRUDWD DOOD VWUXWWXUD PXUDULD H DO VRSUDVWDQWH
$
VRODLR PHGLDQWH SHQGLQDWXUD UHJRODELOH D GLVWDQ]D QRQ PDJJLRUH GL FP
FRPSUHVD OD VWHVVD VWUXWWXUD PHWDOOLFD OH RSHUH SURYYLVLRQDOL L SRQWHJJL H TXDQWR

&RQWURVRIILWWR IRQRLVRODQWH H IRQRDVVRUEHQWH LQ SDQQHOOL GL ODQD GL OHJQR

PLQHUDOL]]DWD DG DOWD WHPSHUDWXUD FRQ PDJQHVLWH LJQLIXJKL GL FODVVH
SUHYHUQLFLDWL VSHVVRUH FP PRQWDWL VX VWUXWWXUD PHWDOOLFD LQ ODPLHUD GL
$ DFFLDLR ]LQFDWR SUHYHUQLFLDWR D YLVWD DQFRUDWD DOOD VWUXWWXUD PXUDULD H DO
VRSUDVWDQWH VRODLR PHGLDQWH SHQGLQDWXUD UHJRODELOH D GLVWDQ]D QRQ PDJJLRUH GL
FP FRPSUHVD OD VWHVVD VWUXWWXUD PHWDOOLFD OH RSHUH SURYYLVLRQDOL L SRQWHJJL H
FRQVXSHUILFLHDYLVWDILEUDVRWWLOHDJUDQDDFXVWLFD81,)
$ D GLPHQVLRQLFP[ PT ¼
$ E GLPHQVLRQLFP[ PT ¼
FRQVXSHUILFLHDYLVWDVHPLUDVDWDDFDYLWjDFXVWLFKH81,7
$ F GLPHQVLRQLFP[ PT ¼
$ G GLPHQVLRQLFP[ PT ¼
&RQWURVRIILWWR UHDOL]]DWR FRQ GRJKH R SDQQHOOL GL DOOXPLQLR PRGXODUL

VPRQWDELOL YHUQLFLDWL D VPDOWR FRQ FRORUH FKLDUR VWDQGDUG DSSOLFDWL PHGLDQWH
VLVWHPD D FOLSV R VFDWWR VX RUGLWXUD PHWDOOLFD SRUWDQWH QRQ LQ YLVWD FRVWLWXLWD GD
WXEL LQ DFFLDLR ]LQFDWR GD DJJDQFLDUH DOOH VRSUDVWDQWL VWUXWWXUH DG XQD GLVWDQ]D
$
QRQ PDJJLRUH GL FP D PH]]R GL WLUDQWL LQ ILOR GL IHUUR ]LQFDWR RSSXUH FRQ
WLUDQWL GL WRQGLQR ULJLGR UHJRODELOL D PH]]R GL PROOD LQWHUSRVWD RSSXUH FRQ VWDIIH
ULJLGH UHJRODELOL D YLWH FRPSUHVD OD VWHVVD VWUXWWXUD PHWDOOLFD OH RSHUH
SURYYLVLRQDOLLSRQWHJJLHTXDQWRDOWURRFFRUUHSHUGDUHO¶RSHUDILQLWD
$ D GRJD[PPERUGLVTXDGUDWLVHQ]DDOHWWHGLDJJDQFLRELDQFR PT ¼

$ E GRJD[PPFPERUGLVTXDGUDWLFRQDOHWWHGLDJJDQFLRELDQFR PT ¼
$ F GRJD[PPERUGLDUURWRQGDWLVHQ]DDOHWWDGLDJJDQFLRELDQFR PT ¼
$ G GRJD[PPERUGLDUURWRQGDWLFRQDOHWWDGLDJJDQFLRELDQFR PT ¼
$ H GRJD[PPERUGLVTXDGUDWLVHQ]DDOHWWDGLDJJDQFLRVDWLQDWR PT ¼
$ I GRJD[PPERUGLVTXDGUDWLFRQDOHWWDGLDJJDQFLRVDWLQDWR PT ¼
$ J GRJD[PPERUGLDUURWRQGDWLVHQ]DDOHWWDGLDJJDQFLRVDWLQDWR PT ¼
$ K GRJD[PPERUGLDUURWRQGDWLFRQDOHWWDGLDJJDQFLRVDWLQDWR PT ¼
$ L GRJD[PPERUGLVTXDGUDWLVHQ]DDOHWWDGLDJJDQFLRPHWDOOL]]DWR PT ¼
$ M GRJD[PPERUGLVTXDGUDWLFRQDOHWWDGLDJJDQFLRPHWDOOL]]DWR PT ¼
$ N GRJD[PPFRQERUGLDUURWRQGDWLVHQ]DDOHWWDGLDJJDQFLRPHWDOOL]]DWR PT ¼
$ O GRJD[PPFRQERUGLDUURWRQGDWLFRQDOHWWDGLDJJDQFLRPHWDOOL]]DWR PT ¼

$ P SDQQHOORFRQILQLWXUDVPDOWDWD[PP PT ¼
$ Q SDQQHOORFRQILQLWXUDOXFLGD[PP PT ¼
$ R SDQQHOORFRQILQLWXUDVPDOWDWD[PP PT ¼
$ S SDQQHOORFRQILQLWXUDOXFLGD[PP PT ¼
$ T SDQQHOORFRQILQLWXUDGHFRUDWD[PP PT ¼
$ U IRUDWXUDGLSDQQHOOLHGRJKHPHWDOOLFKHIRULGLDPHWURPPSDVVRPP PT ¼
3URILOR SHULPHWUDOH LQ DFFLDLR SUHYHUQLFLDWR SHU SDQQHOOL H GRJKH PHWDOOLFKH

$
FRQERUGLLQWHUQL
3URILORDG/
$ D ELDQFR P ¼
$ E VDWLQDWR P ¼
$ F PHWDOOL]]DWR P ¼
3URILORDGRSSLD/
$ G ELDQFR P ¼
$ H VDWLQDWR P ¼
$ I PHWDOOL]]DWR P ¼
&RQWURVRIILWWR UHDOL]]DWR FRQ OLVWHOOL GL DOOXQLPLR SUHYHUQLFLDWR D 8 GHOOH

GLPHQVLRQL GL FP [[ GLVSRVWL GLVWDQ]LDWL GL FP LQWHUDVVH GL PP
DSSOLFDWL D VFDWWR VX VWUXWWXUD FRVWLWXLWD GD WUDYHUVLQH LQ DFFLDLR SUHYHUQLFDWR QHUR
$ GRWDWH GL RSSRUWXQL HOHPHQWL GL ILVVDJJLR DQFRUDWH DOOD VRSUDVWDQWH VWUXWWXUD
PXUDULD DG XQD GLVWDQ]D QRQ PDJJLRUH GL FP PHGLDQWH SHQGLQDWXUD ULJLGD
FRVWLWXLWD GD WRQGLQR LQ DFFLDLR ]LQFDWR H PROOH WUDSH]RLGDOL GL UHJROD]LRQH H
EORFFDJJLRLQDOWH]]DGHOFRQWURVRIILWWR
$ D ELDQFR PT ¼
$ E VDWLQDWR PT ¼
$ F PHWDOOL]]DWR PT ¼
$ 3URILORLQDFFLDLRSHUFRQWURVRIILWWRFRQOLVWHOOL
$ D LQDFFLDLR]LQFDWR P ¼
$ E LQDFFLDLRSUHYHUQLFLDWR P ¼
&RQWURVRIILWWR UHDOL]]DWR FRQ GRJKH GL DFFLDLR FRQ ERUGL VTXDGUDWL R

DUURWRQGDWL H DOHWWH HVWHUQH GL DJJDQFLR DSSOLFDWH D VFDWWR VX SURILODWL GL DFFLDLR
DQFRUDWL DOOD VWUXWWXUD PXUDULD H DO VRSUDVWDQWH VRODLR DG XQD GLVWDQ]D QRQ
$
PDJJLRUH GL FP PHGLDQWH SHQGLQDWXUD ULJLGD FRPSUHVD OD VWHVVD VWUXWWXUD
PHWDOOLFD OH RSHUH SURYYLVLRQDOL L SRQWHJJL H TXDQWR DOWUR RFFRUUH SHU GDUH
O¶RSHUDILQLWD
$ &RQERUGLVTXDGUDWL
$ D LQDFFLDLRYHUQLFLDWR[PP PT ¼
$ E LQDFFLDLRSODVWLILFDWR[PP PT ¼
$ F LQDFFLDLRYHUQLFLDWR[PP PT ¼
$ G LQDFFLDLRSODVWLILFDWR[PP PT ¼
$ &RQERUGLDUURWRQGDWLVHQ]DDOHWWHHVWHUQHGLDJJDQFLR
$ H LQDFFLDLRYHUQLFLDWR[PP PT ¼
$ I LQDFFLDLRSODVWLILFDWR[PP PT ¼
$ &RQERUGLDUURWRQGDWLFRQDOHWWHHVWHUQHGLDJJDQFLR
$ J LQDFFLDLRYHUQLFLDWR[PP PT ¼
$ K LQDFFLDLRSODVWLILFDWR[PP PT ¼
&RQWURVRIILWWR UHDOL]]DWR FRQ ODPHOOH YHUWLFDOL VSRUJHQWL LQ IRUPDWR VWDQGDUG

FRVWLWXLWR GD SDQQHOOL GL ODPLHULQR LQ DFFLDLR FRQ OD VXSHUILFLH YHUQLFLDWD D IRUQR
LQ TXDOVLDVL FRORUH DQFKH PHWDOOL]]DWR R LQ DOOXPLQLR DQRGL]]DWR DSSOLFDWL D
PH]]R GL FOLSV R D VFDWWR VX VWUXWWXUD PHWDOOLFD GL VRVSHQVLRQH GRWDWH GL
$ PT ¼
RSSRUWXQL HOHPHQWL GL ILVVDJJLR DQFRUDWH DOOD VRSUDVWDQWH VWUXWWXUD PHGLDQWH
SHQGLQDWXUD UHJRODELOH DG XQD GLVWDQ]D QRQ PDJJLRUH GL FP FRPSUHVD OD
VWHVVD VWUXWWXUD PHWDOOLFD L SURILOL SHULPHWUDOL OH RSHUH SURYYLVLRQDOL L SRQWHJJL
HTXDQWRDOWURRFFRUUHSHUGDUHO¶RSHUDILQLWD
&RQWURVRIILWWR UHDOL]]DWR FRQ SDQQHOOL JULJOLDWL LQ DOOXPLQLR SUHYHUQLFLDWL

SUHDVVHPEODWL PRQWDWL DG LQFDVWUR GHO WLSR D PDJOLD TXDGUDWD D ODPHOOH
GLIIHUHQ]LDWH R FHOOXODUH FRQ HOHPHQWL JUHFDWL LQ TXDOVLDVL FRORUH DQFKH
$ PHWDOOL]]DWR DQFRUDWL DOOD VWUXWWXUD VRSUDVWDQWH PHGLDQWH SHQGLQDWXUD ULJLGD DG
XQD GLVWDQ]D QRQ PDJJLRUH GL FP FRPSUHVD OD VWHVVD VWUXWWXUD PHWDOOLFD L
SURILOL SHULPHWUDOL OH RSHUH SURYYLVLRQDOL L SRQWHJJL H TXDQWR DOWUR RFFRUUH SHU
GDUHO¶RSHUDILQLWD
$ D GHOOHGLPHQVLRQL[FP PT ¼
$ E GHOOHGLPHQVLRQL[FP PT ¼
$ F GHOOHGLPHQVLRQL[FP PT ¼
$ G GHOOHGLPHQVLRQL[FP PT ¼
$ H GHOOHGLPHQVLRQL[FP PT ¼
$ /LVWHOORSHULPHWUDOHLQDOOXPLQRSUHYHUQLFLDWRSHUJULJOLDWL
$ D ELDQFR P ¼
$ E VDWLQDWR P ¼
$ F 0HWDOOL]]DWR P ¼
3$9,0(17,(5,9(67,0(17,
$ 3$9,0(17,
3DYLPHQWR D JHWWR FRVWLWXLWR GD XQR VWUDWR GL PDOWD FHPHQWL]LD D NJ GL

FHPHQWR WLSR SHU PF GL VDEELD GHOOR VSHVVRUH GL FP EDWWXWR
VXGGLYLVR LQ ULTXDGUL OLVFLDWR VXSHULRUPHQWH FRQ PDOWD GL FHPHQWR WLSR
$
GHOOR VSHVVRUH GL PP H ULILQLWR D ERFFLDUGD JHWWDWR VX XQ PDVVHWWR GL
VRWWRIRQGR GL FRQJORPHUDWR FHPHQWL]LR GRVDWR D NJ GL FHPHQWR WLSR
GHOORVSHVVRUHGL
$ D GHOORVSHVVRUHGLFP PT ¼

$ E GHOORVSHVVRUHGLFP PT ¼
$ F GHOORVSHVVRUHGLFP PT ¼
3DYLPHQWD]LRQH FRQ SLDVWUHOOH LQ FHPHQWR SUHVVDWR EXJQDWH R VFDQDODWH

VSHVVRUH FP SRVWH LQ RSHUD FRQ PDOWD GL VDEELD H NJ GL FHPHQWR WLSR
$ SHU PF GL VDEELD H ERLDFFD VX VRWWRVWDQWH PDVVHWWR GL IRQGD]LRQH GD
SDJDUVL D SDUWH FRPSUHVR RJQL DOWUR RQHUH H PDJLVWHUR SHU GDUH LO ODYRUR ILQLWR D
UHJRODG
DUWH
$ D GHOOHGLPHQVLRQLGL[FP
$ D JULJLH PT ¼
$ D URVVH PT ¼
$ E GHOOHGLPHQVLRQLGL[FPFRQILQLWXUDGLDJRQDOH
$ E JULJLH PT ¼
$ E URVVH PT ¼
3DYLPHQWR LQ SLDVWUHOOH GL JUDQXODWR VIHURLGDOH GL TXDU]R H FHPHQWR FRQ

$ DJJLXQWD GL LQGXUHQWH SRVWR LQ RSHUD VX XQ OHWWR GL PDOWD GL FHPHQWR FRPSUHVR
VRWWRIRQGRWDJOLHVIULGL
$ D GLPHQVLRQL[FPVSHVVRUHFPVXSHUILFLHJUH]]D
$ D FRORUHJULJLR PT ¼
$ D FRORUHURVVR PT ¼
$ E GLPHQVLRQL[FPVSHVVRUHFPVXSHUILFLHOHYLJDWD
$ E FRORUHJULJLR PT ¼
$ E FRORUHURVVR PT ¼
3DYLPHQWR LQGXVWULDOH D SDVWLQD FRQ PDQWR GL XVXUD SRVDWR IUHVFR VX IUHVFR VX

SUHGLVSRVWR PDVVHWWR GD FRPSHQVDUVL D SDUWH IRUPDWR GD .JPT GL TXDU]R H
$
.JPT GL FHPHQWR FRPSDWWDWR H OLVFLDWR FRQ IRUPD]LRQH GL JLXQWL IUHVDWL D
ULTXDGULGD[P
$ D FRORUHJULJLR PT ¼
$ E VRYUDSSUH]]RSHUFRORUHURVVRRWDEDFFR PT ¼
$ F VJURVVDWXUDFRQXQDSDVVDWDGLPDFFKLQDOHYLJDWULFH PT ¼
$ G VRYUDSSUH]]RSHUVWDJLRQDQWH PT ¼
$ H VRYUDSSUH]]RSHUSRVDGLUHWHHVFOXVDIRUQLWXUD PT ¼
VRYUDSSUH]]R SHU ILEUH GL DFFLDLR GD [ PP SHU LO ULQIRU]R GHO
$ I FDOFHVWUX]]R SHU RJQL FKLORJUDPPR GL DFFLDLR HIIHWWLYDPHQWH LPSLHJDWR LQ RJQL NJ ¼
PHWURFXERGLLPSDVWR
3DYLPHQWR DG DOWD UHVLVWHQ]D PHFFDQLFD HVHJXLWR LQ PDOWD VLQWHWLFD HSRVVLGLFD

FRQ VSHFLDOL FDULFKH TXDU]LIHUH GHOOR VSHVVRUH PLQLPR GL PP FLUFD GDWR VX
VXSSRUWR FHPHQWL]LR HVLVWHQWH H PHFFDQLFDPHQWH VROLGR VSLDQDWR FRQ
$ PT ¼
IUDWD]]DWULFH PHFFDQLFD DYHQWH FDUDWWHULVWLFKH GL DQWLYLEUD]LRQH HODVWLFLWj
DQWLDEUDVLRQH UHVLVWHQ]D DJOL DFLGL DL VDOL DJOL ROL DL FDUEXUDQWL H UHVLVWHQ]D DOOD
FRPSUHVVLRQHNJFPT
3DYLPHQWR DXWROLYHOODQWH UHDOL]]DWR FRQ PLVFHOH GL UHVLQH DUPDWH FRQ ILEUD GL

YHWUR R GL DOWUR WLSR DWWH D IRUPDUH XQD SDYLPHQWD]LRQH OLVFLD H PRQROLWLFD GHOOR
$ VSHVVRUH ILQDOH GL PP DYHQWH FDUDWWHULVWLFKH GL GLHOHWWULFLWj PT ¼
GHFRQWDPLQDELOLWj RWWLPD UHVLVWHQ]D DJOL DFLGL DL GHWHUJHQWL DL JUDVVL H DO
FDOSHVWLR
3DYLPHQWR DXWROLYHOODQWH UHDOL]]DWR FRQ UHVLQH SROLXUHWDQLFKH VHQ]D VROYHQWL

VWHVR GLUHWWDPHQWH VX VXSSRUWR HVLVWHQWH FRQYHQLHQWHPHQWH SUHSDUDWR FRQ
$ PT ¼
VSHVVRUH GL PP FLUFD HVFOXVD SUHSDUD]LRQH DYHQWH FDUDWWHULVWLFKH GL
GHFRQWDPLQDELOLWjGLHOHWWULFLWjHLQDWWDFFDELOLWjDGDFLGLROLFDUEXUDQWLDOFDOL
3DYLPHQWR DQWLSROYHUH H DQWLXVXUD GD HVHJXLUH VX SDYLPHQWL R VXSSRUWL JLj

HVLVWHQWL R VX EDWWXWL GL FHPHQWR PHGLDQWH UHVLQH HSRVVLSROLXUHWDQLFKH FDULFDWH
$ PT ¼
FRQ DJJUHJDQWL VLOLFHL GDWL D UXOOR LQ WUH PDQL DYHQWL FDUDWWHULVWLFKH GL
DQWLSROYHUHDQWLVGUXFFLRORDQWLDEUDVLRQHHUHVLVWHQ]DDLGHWHUJHQWL
3DYLPHQWR GL PDUPHWWH GL FHPHQWR H JUDQLJOLD GL PDUPR DG XQR R SL FRORUL

FRUUHQWL GHOOH GLPHQVLRQL [ FP GHOOR VSHVVRUH GL · PP SRVWH LQ
$
RSHUD VX XQ OHWWR GL PDOWD EDVWDUGD SUHYLR VSROYHUR GL FHPHQWR WLSR JLXQWL
FRQQHVVLFRQFHPHQWRSXURWDJOLHVIULGL
$ D FRQJUDQLJOLDILQH·PP PT ¼
$ E FRQJUDQLJOLDPHGLD·PP PT ¼
$ F FRQJUDQLJOLDJURVVD·PP PT ¼
3DYLPHQWR GL PDUPHWWRQL GL FHPHQWR H VFDJOLH GL PDUPR ILQR D PP DG XQR

R SL FRORUL FRUUHQWL SRVWL LQ RSHUD VX XQ OHWWR GL PDOWD EDVWDUGD SUHYLR VSROYHUR
$
GL FHPHQWR WLSR JLXQWL FRQQHVVL FRQ FHPHQWR ELDQFR R FRORUDWR FRPSUHVL
WDJOLHVIULGL
$ D GHOOHGLPHQVLRQLGL[FP PT ¼
3DYLPHQWR GL PDUPHWWRQL IRUPDWL GD FHPHQWR H GD SH]]L GL PDUPR VHJDWL DG

XQR R SL FRORUL GHOOH GLPHQVLRQL GL [ FP GHOOR VSHVVRUH GL · PP
$ PT ¼
SRVWL LQ RSHUD VX XQ OHWWR GL PDOWD EDVWDUGD SUHYLR VSROYHUR GL FHPHQWR WLSR
JLXQWLFRQQHVVLFRQFHPHQWRELDQFRRFRORUDWRFRPSUHVLWDJOLHVIULGL
3DYLPHQWR LQ ODVWUH GL WUDYHUWLQR R SLHWUD GL SULPD VFHOWD DYHQWH SHULPHWUR

PLQLPR GL FP GL IRUPD TXDGUDWD R UHWWDQJRODUH GL VSHVVRUH GL FP SRVWH LQ
$
RSHUD VX XQ OHWWR GL PDOWD EDVWDUGD SUHYLR VSROYHUR GL FHPHQWR WLSR FRQ
JLXQWLFRQQHVVLDFHPHQWRELDQFRRFRORUDWRFRPSUHVLWDJOLHVIULGL
$ D WUDYHUWLQRFKLDURURPDQR PT ¼
$ E WUDYHUWLQRVFXURURPDQR PT ¼
$ F SLHWUDDUHQDULDIRQGRQRFFLRODUXJJLQHFDULFRGLURWWXUDPLQLPRNJFPT PT ¼
$ G SLHWUDDUHQDULDJULJLRSHUODFDULFRGLURWWXUDPLQLPRNJFPT PT ¼
$ H EDVDOWR PT ¼
$ I SHSHULQRJULJLRFDULFRGLURWWXUDPLQLPRNJFPT PT ¼
$ J SHSHULQRURVDWRFDULFRGLURWWXUDPLQLPRNJFPT PT ¼
$ K FRPSHQVRSHURJQLFPGLPDJJLRUVSHVVRUH
3DYLPHQWR LQ ODVWUH GL PDUPR GL SULPD VFHOWD DYHQWH SHULPHWUR PLQLPR GL

FP GL IRUPD TXDGUDWD R UHWWDQJRODUH GL VSHVVRUH GL FP SRVWH LQ RSHUD VX XQ
$
OHWWR GL PDOWD EDVWDUGD SUHYLR VSROYHUR GL FHPHQWR WLSR FRQ JLXQWL FRQQHVVL
DFHPHQWRELDQFRRFRORUDWRFRPSUHVLWDJOLHVIULGL
$ D ELDQFR&DUUDUD PT ¼
$ E ELDQFR/DVD PT ¼
$ F EDUGLJOLR&DUUDUD PT ¼
$ G QXYRODWRDSXDQR PT ¼
$ H ERWWLFLQRQXYRODWR PT ¼
$ I ERWWLFLQRFODVVLFR PT ¼
$ J WUDQLFKLDUR PT ¼
$ K WUDQLILOHWWRURVVR PT ¼
$ L SHUODWRUR\DO&RUHQR PT ¼
3DYLPHQWR LQ ODVWUH GL JUDQLWR VLHQLWH EHROD HFF GHOOH GLPHQVLRQL QRQ

VXSHULRUL D [ FP VSHVVRUH FP H FRQ ODUJKH]]D QRQ LQIHULRUH D FP
$ FRVWH IUHVDWH D JLXQWR SRVWH LQ RSHUD VX XQ OHWWR GL PDOWD EDVWDUGD FRPSUHVD QHO
SUH]]R SUHYLR VSROYHUR GL FHPHQWR WLSR FRQ JLXQWL FRQQHVVL D FHPHQWR
ELDQFRRFRORUDWRFRPSUHVLHYHQWXDOLWDJOLHVIULGL
$ D JUDQLWRVDUGRJULJLRHURVD PT ¼

$ E JUDQLWRQHUR%UDVLOH PT ¼
$ F JUDQLWRQHUR$IULFD PT ¼
$ G JUDQLWRURVVRLPSHULDOH PT ¼
$UURWDWXUD H OHYLJDWXUD D SRPLFH GL SDYLPHQWL FRQ PH]]R PHFFDQLFR

$
FRPSUHVRRJQLRQHUHHPDJLVWHURSHUGDUHLOODYRURHVHJXLWRDUHJRODG
DUWH
$ D SHUSDYLPHQWLLQSLHWUD PT ¼
$ E SHUSDYLPHQWLLQPDUPR PT ¼
$ F SHUSDYLPHQWLLQJUDQLWR PT ¼
/XFLGDWXUD D SLRPER GL SDYLPHQWL FRQ PH]]R PHFFDQLFR FRPSUHVR RJQL RQHUH

$
HPDJLVWHURSHUGDUHLOODYRURHVHJXLWRDUHJRODG
DUWH
$ D SHUSDYLPHQWLLQSLHWUD PT ¼
$ E SHUSDYLPHQWLLQPDUPR PT ¼
$ F SHUSDYLPHQWLLQJUDQLWR PT ¼
3DYLPHQWR GL SLDVWUHOOH GL JUpV GLPHQVLRQL [ FP [ R [ FP

FRQ VXSHUILFLH OLVFLD SRVWH LQ RSHUD VX XQ OHWWR GL PDOWD GL FHPHQWR WLSR LQ
$ TXDQWLWj GL NJ SHU PF GL VDEELD FRPSUHVL QHO SUH]]R SUHYLR VSROYHUR
GL FHPHQWR FRQ JLXQWL FRQQHVVL D FHPHQWR R FRQ LGRQHL VLJLOODQWL SH]]L VSHFLDOL
WDJOLVIULGLLOODYDJJLRFRQDFLGRHODSXOLWXUDILQDOH
$ D FRQVXSHUILFLHOLVFLD PT ¼

$ E FDUUDELOLFRQVXSHUILFLHEXJQDWDVSHVVRUHPP PT ¼
3DYLPHQWR LQ SLDVWUHOOH GL JUpV ILQH SRUFHOODQDWR SULPD VFHOWD SRVWH LQ RSHUD

VX OHWWR GL PDOWD EDVWDUGD SUHYLR VSROYHUR GL FHPHQWR WLSR FRQ JLXQWL
$
FRQQHVVL D FHPHQWR ELDQFR R LGRQHR VLJLOODQWH FRPSUHVL WDJOL VIULGL H SXOLWXUD
ILQDOH
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PDJLVWHUR
$ D GHOWLSRDUDPSDFRQWUDYLDJLQRFFKLR NJ ¼
$ E GHOWLSRDFKLRFFLRODPHGLDQWHXQWXERODUHFHQWUDOH NJ ¼
*ULJOLDWL WLSR HOHWWURIRUJLDWR SHU JUDGLQL SLDWWL SRUWDQWL H D PDJOLD GHOOH

GLPHQVLRQL GLSHQGHQWL GDL FDULFKL GL HVHUFL]LR H GDOO¶LQWHUDVVH GHOOH WUDYL
$
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FRPSUHVRRJQLRQHUHHPDJLVWHUR
$ D DFFLDLRYHUQLFLDWR NJ ¼
$ E DFFLDLR]LQFDWRDFDOGR NJ ¼
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SRUWDQWH FRQ GLVWDQ]LDOL LQ WRQGR R TXDGUR ULWRUWR ]LQFDWR D EDJQR FDOGR VHFRQGR
$ NJ ¼
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$ QHJOL VSHVVRUL GD · PP GDWH LQ RSHUD FRPSUHVL LO WLUR LQ DOWR HG RJQL DOWUR NJ ¼
RQHUH
7LUDIRQGL SHU DQFRUDJJLR GHL SLODVWUL DOOH IRQGD]LRQL UHDOL]]DWL PHGLDQWH EDUUH
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$ NJ ¼
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$
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$ H VRYUDSSUH]]RSHURJQLPGLDOWH]]DLQSL
$ 23(5('$)$%%52
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$ I FRPSHQVRSHUFHQWLQDWXUDGLRSHUHLQIHUURSLHQR
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$ R URPELFKH FRQ L UHODWLYL WHODLHWWL PRQWDQWL H WUDVYHUVL GL ILVVDJJLR LQ IHUUR NJ ¼
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$ D LQSURILODWLQRUPDOLILQRDPT NJ ¼
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$ PT ¼
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$ PT ¼
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$
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FHUQLHUH
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FHUQLHUH
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$ E PRGXOR[FP
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$ F PRGXOR[FP
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UDFFRUGR YHUWLFDOH GL DWWDFFR DOOD PXUDWXUD DWWR D FRPSHQVDUH HYHQWXDOL
$ D P ¼
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$ F UDFFRUGRDVRIILWWRVYLOXSSRPP P ¼
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$ P ¼
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$ 6RYUDSSUH]]RSHUODVWUDHVWHUQDWHPSHUD
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$ E ULIOHWWHQWHPDJQHWURQLFRVSHVVRUHPP P ¼
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+VXWHUUD
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% FDG ¼
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% IXQ]LRQDQWL LQ VRVWLWX]LRQH GL TXHOOH PDQFDQWL R IDWLVFHQWL FRPSUHVD OD FDG ¼
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dĂƌŝĨĨĂůƵŐůŝŽϮϬϮϮͲWĂƌƚĞ^ŝƐƚĞŵĂǌŝŽŶĞĂƌĞĞĂǀĞƌĚĞĞŝŵƉŝĂŶƚŝƐƉŽƌƚŝǀŝ
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H SHQGHQ]D H FRQ FRSHUWXUD WHUUHQR VXSHULRUH DO FRQ VDOYDJXDUGLD GHOOH
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& /$925$=,21,'(/7(55(12
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& PT ¼
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& PT ¼
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& FP FRQ PRWRFROWLYDWRUH LQ GXH SDVVDJJL LQFURFLDWL ILQR D SRUWDUH LO WHUUHQR PT ¼
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& FP FRQ DWWUH]]R SRUWDWR GD WUDWWULFH LQ GXH SDVVDJJL LQFURFLDWL ILQR D PT ¼
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& PT ¼
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& PT ¼
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& P ¼
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& FRPSUHQVLYR GL VDOYDPRWRUH LQWHUUXWWRUH PDJQHWRWHUPLFR FRPDQGR SRPSD FDG ¼
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&
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&
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&
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&
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&
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& H QHUYDWXUH GL ULQIRU]R EXOORQHULD LQ DFFLDLR HOOHWWUR]LQFDWR 7XWWH OH SDUWL
PHWDOOLFKH SUHYLD ]LQFDWXUD D FDOGR VHFRQGR OH QRUPH 81, VDUDQQR WUDWWDWH
PHGLDQWH DSSOLFD]LRQH HOHWWURVWDWLFD GL SROYHUL SROLHVWHUL WHUPRLQGXUHQWL LQ YDUL
FRORULFRPSUHVRRJQLRQHUHHPDJLVWHURSHUGDUHO
RSHUDFRPSOHWDPHQWHILQLWD
& D FRQXQFHVWHOOR FDG ¼

& E FRQGXHFHVWHOOL FDG ¼
)RUQLWXUD H PHVVD LQ RSHUD GL FRQWHQLWRUH SRUWD ULILXWL LQ DFFLDLR

HOHWWUR]LQFDWR YHUQLFLDWR FRQ YHUQLFH D SROYHUH SROLHVWHUH HG DFFLDLR LQR[ FRQ
VHUUDWXUD LQ DFFLDLR FRQ FKLDYH /H GRWD]LRQL GL VHULH FRPSUHQGRQR LO FDUUHOOR
LQWHUQR VFRUUHYROH SHU O
HVWUD]LRQH GHO VDFFR HODVWLFR SHU LO ILVVDJJLR GHO VDFFR LQ
WHVVXWR HODVWLFL]]DWR GD PP SUHGLVSRVL]LRQH SHU ILVVDJJLR D WHUUD VLPERORJLD
& FDG ¼
SHU WLSR GL ULILXWR VSD]LR SHU SXEEOLFLWj SRVDFHQHUH VXSHULRUH DG LQFDVVR FRQ
VLVWHPD DXWRHVWLQJXHQWH FKLXVXUH PRELOL GHOOH DSHUWXUH VWUXWWXUD LQWHUQD
DXWRSRUWDQWH LQ FHPHQWR QHO FDVR QRQ YHQJD ILVVDWR D WHUUD 'LPHQVLRQL FP
[[ FDSDFLWj OLWUL 3HVR .J FRPSUHVL PDWHULDOL GL FRQVXPR
FHPHQWRWRQGLQLHRILVKHUSHULOILVVDJJLRDWHUUDFDGDXQR
&HVWLQR SRUWDULILXWL )RUQLWXUD LQ RSHUD GL FHVWLQR SRUWDULILXWL FRQ FRUSR GL

JULJOLDWR GL DFFLDLR HOHWWURIXVR PDJOLD UHWWDQJRODUH RWWHQXWD PHGLDQWH RSSRUWXQD
FXUYDWXUD GHL WRQGLQL RUL]]RQWDOL FRQWHQLWRUH PHWDOOLFR LQWHUQR FRQ FDSDFLWj
PLQLPD OW VXSSRUWR PHWDOOLFR DVVHPEODWR FRQ EXOORQHULD LQ DFFLDLR
& FDG ¼
HOOHWWUR]LQFDWR SHU ILVVDJJLR D WHUUD 7XWWH OH SDUWL PHWDOOLFKH SUHYLD ]LQFDWXUD D
FDOGR VHFRQGR OH QRUPH 81, VDUDQQR WUDWWDWH PHGLDQWH DSSOLFD]LRQH
HOHWWURVWDWLFD GL SROYHUL SROLHVWHUL WHUPRLQGXUHQWL GL YDUL FRORUL FRPSUHVR RJQL
RQHUHHPDJLVWHURSHUGDUHO
&HVWLQR SRUWDULILXWL )RUQLWXUD LQ RSHUD GL FHVWLQR SRUWDULILXWL FRVWLWXLWR GD

FHVWHOOR LQ ODPLHUD GL DFFLDLR ]LQFDWR D FDOGR GL IRUPD FLOLQGULFD ULFRSHUWR FRQ
OLVWHOOL GL OHJQR LPSUHJQDWR D SUHVVLRQH GHOOD FDSDFLWj PLQLPD GL OW FRORQQD
& FDG ¼
SRUWDQWH LQ WXER GL DFFLDLR ]LQFDWR D FDOGR VHFRQGR OH QRUPH 81, EXOORQHULD LQ
DFFLDLR HOHWWUR]LQFDWR FRPSUHVR RJQL RQHUH H PDJLVWHUR SHU GDUH O
RSHUD
FRPSOHWDPHQWHILQLWD
&HVWLQR SRUWDULILXWL FLOLQGULFR ± /LWUL ! UHDOL]]DWR LQ FRQJORPHUDWR

& FHPHQWL]LR DUPDWR D ILEURULQIRU]DWR ILQLWXUD VDEELDWD FRQ FRSHUFKLR LQ DFFLDLR FDG ¼
LQR[VSHVVRUH!PPDULEDOWDGLPHQVLRQL!FP[KSHVR!.J
&HVWRQH LQ DOOXPLQLR R VLPLOL OW &HVWRQH GD OLWUL D IRUPD RJLYDOH
UHDOL]]DWR LQ IXVLRQH GL DOOXPLQLR YHUQLFLDWR D SROYHUL JDUDQWLWH SHU HVWHUQL
$QHOOR LQWHUQR UHJJLVDFFR LQ DOOXPLQLR JUH]]R DSHUWXUD IURQWDOH H VHUUDWXUD FRQ
& FKLDYH DQWLYDQGDOLVPR %DVDPHQWR FLUFRODUH LQ FRQJORPHUDWR FHPHQWL]LR FRQ FDG ¼
SDOR GL IRQGD]LRQH LQ DFFLDLR ]LQFDWR SHU DQFRUDJJLR DO VXROR )LQLWXUH
6WDQGDUG %RUGHDX[ 5$/ 9HUGH 5$/ *ULJLR 5$/
'LPHQVLRQLFP[[K3HVRNJ
&HVWRQH SRUWDULILXWL FLOLQGULFR ± /LWUL ! UHDOL]]DWR LQ DFFLDLR )( %

& EXOORQHULD LQ DFFLDLR LQR[ SHVR ! .J FRQ EDVH LQ &/6 VDEELDWR FDG ¼
GLPHQVLRQLGLDPHWURKP
&LRWROD FRQ ILRULHUD )RUQLWXUD LQ RSHUD GL FLRWROD FRQ ILRULHUD FLOLQGULFD LQ

& FDG ¼
SLHWUDRVSHFLHVLPLODUHKGLDPHWUR

& FDG ¼

& FDG ¼
&LRWROD FRQ ILRULHUD )RUQLWXUD LQ RSHUD GL FLRWROD FRQ ILRULHUD FXELFD TXDGUDWD
& FDG ¼
LQSLHWUDRVSHFLHVLPLODUHKODWR[
&LRWROD LQ SLHWUD )RUQLWXUD LQ RSHUD GL FLRWROD LQ SLHWUD R VSHFLH VLPLODUH GL

& FDG ¼
IRUPDFLUFRODUHKGLDPHWUR
'LVVXDVRUH ILVVR )RUQLWXUD LQ RSHUD GL GLVVXDVRUH ILVVR ERFFLDUGDWR GL IRUPD

& FLOLQGULFD FRQ FXSROHWWD WHUPLQDOH H ]RFFROR GD LQWHUUDUVL FP LQ SLHWUD FDG ¼
QDWXUDOH.J!
'LVVXDVRUH PRELOH )RUQLWXUD LQ RSHUD GL GLVVXDVRUH PRELOH LQ SLHWUD R VSHFLH

& FDG ¼
VLPLODUHGLIRUPDFLOLQGULFD!NJKGLDPHWUR
'LVVXDVRUH PRELOH )RUQLWXUD LQ RSHUD GL GLVVXDVRUH PRELOH LQ SLHWUH GL IRUPD

& FDG ¼
FRQLFDKGLDPHWUR
'LVVXDVRUH LQ SLHWUD )RUQLWXUD LQ RSHUD GL GLVVXDVRUL LQ SLHWUD R VSHFLH VLPLODUH

&
RVLPLODULGLIRUPDVIHULFDGHOOHGLPHQVLRQL
& D !.JGLDPHWUR FDG ¼
& E !.JGLDPHWUR FDG ¼
& F !.JGLDPHWUR FDG ¼
& G !.JGLDPHWUR FDG ¼
& H !.JGLDPHWUR FDG ¼
& I !.JGLDPHWUR FDG ¼
& J !.JGLDPHWUR FDG ¼
& K !.JGLDPHWUR FDG ¼

& L !.JGLDPHWUR FDG ¼
)LRULHUD LQ FRQJORPHUDWR FHPHQWL]LR )RUQLWXUD LQ RSHUD GL ILRULHUD D SLDQWD

FLUFRODUH FRQ VHGXWD SHULPHWUDOH LQ FRWWR IDWWR D PDQR VH]LRQH WURQFRVIHULFD
DXWROLYHOODQWH VX EDVH GL DSSRJJLR RSSRUWXQDPHQWH VDJRPDWD FRQ ULVHUYD
SHUHQQH G¶DFTXD FRQ SURIRQGLWj VHGXWD GL ! FP 5HDOL]]DWD LQ FRQJORPHUDWR
& FHPHQWL]LR DUPDWR H ILEURULQIRU]DWR DG DOWD UHVLVWHQ]D PHFFDQLFD 5FN ! FDG ¼
0SD HG HOHYDWD GXUDELOLWj FODVVH GL HVSRVL]LRQH D E D E D
VHFRQGR OD QRUPDWLYD 81, UHVLVWHQWH DL FLFOL GL JHOR H GLVJHOR
'LPHQVLRQL ,QJRPEUR PD[ 6HGXWD FP GLDPHWUR FP [K SHVR .J
$OWH]]DVHGXWDFP&DSGLFRQWHQLPHQWROLWUL
)LRULHUD LQ OHJQR )RUQLWXUD LQ RSHUD GL ILRULHUD LQ OHJQR GL SLQR WUDWWDWR FRQ

&
LPSUHJQDQWHDWRVVLFRFRORUDWRSHUHVWHUQLYDVFKHWWDLQWHUQDLQDFFLDLR]LQFDWR
& D FP[[ FDG ¼
& E FP[[ FDG ¼
& F HVDJRQDOHFP[[ FDG ¼
)LRULHUD LQ OLVWRQL GL SLQR )RUQLWXUD LQ RSHUD GL ILRULHUD LQ OLVWRQL GL SLQR

& DXWRFODYDWR RSSRUWXQDPHQWH DVVHPEODWL WUD ORUR DG LQFDVWUR H SDQQHOOL LQ OHJQR
ILVVDWLFRQYLWLHWLUDQWLLQDFFLDLR]LQFDWRFRQWHQLWRUHLQWRUQRLQODPLHUD]LQFDWD
& D FP[[ FDG ¼
& E FP[[ FDG ¼
)LRULHUD LQ SLHWUD )RUQLWXUD LQ RSHUD GL ILRULHUD LQ SLHWUD ODYRUDWD

& FDG ¼
VXSHUILFLDOPHQWHDOODERFFLDUGDNJKGLDPHWUR
)LRULHUD PHWDOOLFD )RUQLWXUD H FROORFD]LRQH LQ RSHUD GL ILRULHUD PHWDOOLFD LQ

SURILODWR WXERODUH GD PP [ [ VXOOH SDUHWL ODWHUDOL GXH VHPLFHUFKL FRQ
SLDWWR [ H FROOHJDWL QHOOD SDUWH FHQWUDOH FRQ ODPLHUD VDJRPDWD D IRUPD
RYDOH FRQ DOORJJLDWL VROR VX GXH ODWL OR VWHPPD LQ RWWRQH GHO &RPXQH GL 5RPD
& FDG ¼
SLHGLQL LQ IHUUR VWDPSDWR SHU OµDSSRJJLR D WHUUD H TXDWWUR VIHUH VWDPSDWH GHO
GLDPHWUR GL FP $OO¶LQWHUQR GHO PRGXOR q UHDOL]]DWR XQ FDVVRQH LQ ODPLHUD
]LQFDWD VDJRPDWD GHOOR VSHVVRUH GL FP RSSRUWXQDPHQWH IRUDWD SHU OR
VFDULFR
*ULJOLD LQ JKLVD VIHURLGDOH )RUQLWXUD H FROORFD]LRQH LQ RSHUD VX VXSHUILFL

SHGRQDOL R FDUUDELOL GL JULJOLD LQ JKLVD VIHURLGDOH IXVH LQ SL FRPSRQHQWL
&
FRPSUHVL JOL HOHPHQWL D WUDIRUR DWWL D JDUDQWLUH OD RVVLJHQD]LRQH GHOO¶DSSDUDWR
UDGLFDOHGHOOHSLDQWHGHOORVSHVVRUHPLQLPRPP
GHO WLSR D SLDVWUD SLDQD H GL VSHVVRUH XQLIRUPH FRQ VHPSOLFH IRUR FHQWUDOH
& D FLUFRODUH R HOOLWWLFR FRQ VDJRPD HVWHUQD FLUFRODUH R UHWWD H FRQ DVROH VHPSOLFL .J ¼
ORQJLWXGLQDOLFRVWLWXLWHGDGXHSH]]LDO.J
LGHP FRPH VRSUD PD FRQ DVROH GL YDULD IRUPD D FDUDWWHUH IRJOLDUH R IORUHDOH H
& E .J ¼
FRVWLWXLWHDGTXDWWURSH]]LXQLWLDO.J
LGHP FRPH VRSUD PD SHU DUUH FDUUDELOL FRQ SURILOR YHUWLFDOH ODWHUDOH HVWHUQR GL
& F IRUPD WURQFRSLUDPLGDOH R WURQFRFRQLFD FRQ OD EDVH VXSHULRUH VSRUJHQWH ILQR D .J ¼
FPULVSHWWRDOSLDQRGLDSSRJJLRDO.J
0RGXOR GL UHFLQ]LRQH D SDOL WRQGL )RUQLWXUD H FROORFD]LRQH LQ RSHUD GL PRGXOR

GL UHFLQ]LRQH D SDOL WRQGL GHO GLDPHWUR FRPSRVWR GD PRQWDQWH OXQJR P
FRQ SXQWD XQD WUDYHUVD VXSHULRUH GHOOD OXQJKH]]D GL P RSSRUWXQDPHQWH
& DQFRUDWD DL PRQWDQWL FRQ YLWL DXWRILOHWWDQWL GRWDWH GL LGRQHR WDSSR GL SURWH]LRQH FDG ¼
HG XQD WUDYHUVD LQIHULRUH GDOOD OXQJKH]]D GL P DQFRUDWD FRQ YLWL ,O OHJQR
GHYH HVVHUH ³SLQR QRUGLFR´ WUDWWDWR FRQ VDOL GL FURPR H UDPH SHU OD SURWH]LRQH GD
IXQJKLPXIIHHGDJHQWLDWPRVIHULFLDPRGXOR
3DQFKLQD LQ DFFLDLR H OHJQR )RUQLWXUD LQ RSHUD GL QXPHUR SDQFKLQD GHOOD

OXQJKH]]D GL P H GHOO
DOWH]]D FRPSOHVVLYD GL FP FRQ VWUXWWXUD
& SRUWDQWH LQ SURILODWR GL DFFLDLR ]LQFDWR D FDOGR H VWHFFKH LQ SLQR QRUGLFR FDG ¼
LPSUHJQDWR D SUHVVLRQH IHUUDPHQWD ]LQFRFURPDWH SHU ILVVDJJLR D WHUUD LQ RSHUD
FRPSUHVRRJQLRQHUHHPDJLVWHUR
3DQFKLQD LQ DOOXPLQLR R VLPLOL 6LVWHPD GL VHGXWD UHDOL]]DWR LQ HVWUXVR GL

DOOXPLQLR GHVLJQ HVFOXVLYR FDUDWWHUL]]DWR GDOOD VXD IOHVVLELOLWj VQHOOH]]D GL OLQHD
H FXUYDWXUD DUPRQLFDPHQWH VWXGLDWD SHU JDUDQWLUH LO PDVVLPR FRQIRUW FRVWLWXLWD
GD WUH JUDQGL SURILOL LQ HVWUXVR GL DOOXPLQLR OHJD LQFDVWUDWL WUD GL ORUR
& ILQLWXUD GHJOL HVWUXVL GL VHGXWD H VFKLHQDOH FRQ PLFUR ULJDWXUH DQWLJUDIILR PHQWUH
O
DQJROR p VWDWR UHDOL]]DWR FRQ XQD FDQDOLQD FKH FRQVHQWH LO GUHQDJJLR GHOO
DFTXD
SLRYDQD DSSRJJL D WHUUD EDVL VRQR UHDOL]]DWL LQ IXVLRQH GL DOOXPLQLR * $,6,
WUDWWDPHQWR FRQWUR OD FRUURVLRQH PHGLDQWH RVVLGD]LRQH DQRGLFD $5&
PLFURQVDQRUPD81,
& D GLPHQVLRQLFP[[+ FDG ¼

& E GLPHQVLRQLFP[[+ FDG ¼
3DQFKLQD LQ OHJQR H JKLVD )RUQLWXUD LQ RSHUD GL QXPHUR SDQFKLQD LQ OHJQR

GHOOD OXQJKH]]D GL P H GHOO
DOWH]]D FRPSOHVVLYD GL FP H FRQ LO
SLDQR GL VHGXWD D QRQ PHQR GL FP GD WHUUD FRVWLWXLWD GD Q HOHPHQWL
WHUPLQDOL SRUWDQWL LQ IXVLRQH GL JKLVD H WLUDQWL WUDVYHUVDOL LQ EDUUH GL DFFLDLR
& JDOYDQL]]DWR GHO GLDPHWUR QRQ LQIHULRUH D PP UHJROL GL OHJQR GXUR R FDG ¼
VHPLGXUR WUDWWDWR FRQ GXH PDQL GL YHUQLFH SURWHWWLYD WUDVSDUHQWH GHO WLSR IODWWLQJ
PDULQR ,O SHVR GHOOD SDQFKLQD HVFOXVL JOL HOHPHQWL GL DQFRUDJJLR QRQ GRYUj
HVVHUH LQIHULRUH D NJ FRPXQTXH FRPSUHVR RJQL RQHUH H PDJLVWHUR SHU GDUH
O
3DQFKLQD LQ PHWDOOR )RUQLWXUD LQ RSHUD GL QXPHUR SDQFKLQD PRQREORFFR D

IRUPD FRQFDYD GHOOD OXQJKH]]D GL P H GHOO
DOWH]]D FRPSOHVVLYD GL
FP FRQ SLDQR VHGXWD D QRQ PHQR GL FP GD WHUUD UHDOL]]DWD LQ JULJOLDWR
& GL DFFLDLR HOHWWURIXVR D PDJOLD UHWWDQJRODUH FRQ VDJRPD DQDWRPLFD RWWHQXWD FDG ¼
PHGLDQWH RSSRUWXQD FXUYDWXUD ILQLWXUD ODWHUDOH FRQ SURILOL VDJRPDWL GL LGRQHR
VSHVVRUH SLHGL LQ SURILODWR D IODQJH IRUDWH SHU ILVVDJJLR D SDYLPHQWR FRQ
EXOORQHULDLQDFFLDLRLQR[DQWLIXUWR
&DUDWWHULVWLFKH WHFQRORJLFKH ]LQFDWXUD D FDOGR D QRUPH 81, GL WXWWH OH SDUWL

PHWDOOLFKH YHUQLFLDWXUD FRQ SROYHUL SROLHVWHUL WHUPRLQGXUHQWL LQ YDUL FRORUL
GRSR VSHFLILFR WUDWWDPHQWR GL SUHSDUD]LRQH VXSHUILFLDOH SHVR PLQLPR HVFOXVL JOL
HOHPHQWL GL DQFRUDJJLR .J ,O PRGHOOR GHOOD SDQFKLQD GRYUj HVVHUH
SUHYHQWLYDPHQWH DSSURYDWR GDOOD '/ LO ILVVDJJLR D WHUUD GRYUj HVVHUH VHFRQGR
OH LQGLFD]LRQL GHOOD '/ FRPSUHVR RJQL RQHUH H PDJLVWHUR SHU GDUH O
RSHUD
FRPSOHWDPHQWHILQLWD
3DQFKLQD LQ SLHWUD )RUQLWXUD H SRVD LQ RSHUD GL SDQFKLQH LQ SLHWUD R VLPLODUH

ERFFLDUGDWR IRUPDWH GD XQ SLDQR H GXH HOHPHQWL GL VXSSRUWR GHOOH GLPHQVLRQL
& [[ GHO SHVR QRQ LQIHULRUH D .J FRPSUHVD OD UHDOL]]D]LRQH GHO SLDQR FDG ¼
GL SRVD H RJQL RQHUH H PDJLVWHUR SHU GDUH O¶RSHUD FRPSLXWD D SHUIHWWD UHJROD
G¶DUWH
3DQFKLQD LQ SLHWUD )RUQLWXUD LQ RSHUD GL SDQFKLQD LQ SLHWUD R VSHFLH VLPLODUH

& FDG ¼
IRUPDWDGDXQSLDQRGLGXHHOHPHQWLGLVXSSRUWRKODUJD!OXQJD!
3DQFKLQD PRQREORFFR FRQ VSDOOLHUD 5HDOL]]DWD LQ FRQJORPHUDWR FHPHQWL]LR

& DUPDWR H ILEURULQIRU]DWR ILQLWXUD VDEELDWD DOWH]]D VHGXWR ! FP K ! FP
OXQJKH]]DFPRFPODUJKH]]D!FPSHVR!NJ
& D OXQJKH]]DFP FDG ¼
& E OXQJKH]]DFP FDG ¼
3DYLPHQWD]LRQH DXWREORFFDQWH LQ OHJQR )RUQLWXUD LQ RSHUD GL SDYLPHQWD]LRQH

DXWREORFFDQWH LQ OHJQR D OLVWHOOL GLULWWL R LQ GLDJRQDOH FRPSRVWD GD HOHPHQWL !
& PT ¼
[ [ GL SLQR R DEHWH LPSUHJQDWL LQ DXWRFODYH FRQ VDOH GL UDPH H GL EDUR R
VLPLODULVHQ]DFURPR
3DYLPHQWD]LRQH LQ FLRWWROL )RUQLWXUD H PHVVD LQ RSHUD GL SDYLPHQWD]LRQH LQ

FLRWWROL GLDPHWUR FP SRVDWL VX VRWWRIRQGR JLj SUHGLVSRVWR FRPSHQVDWR D
& SDUWH FRPSUHVD OD VLJLOODWXUD FRQ ERLDFFD GL FHPHQWR GRVDWD D TO GL FHPHQWR PT ¼
SHU PF GL LPSDVWR 6L LQWHQGRQR FRPSHQVDWH OH HVHFX]LRQL GL GLVHJQL FRQ FLRWWROL
GLFRORUHGLYHUVRFRVuFRPHGLVSRVWHGDOOD'LUH]LRQH/DYRULDOPT
3HUJRODWR )RUQLWXUD LQ RSHUD GL PRGXOR GL SHUJRODWR GL GLPHQVLRQL XWLOL LQ

SLDQWD GL 0O [ FRVWLWXLWR GD QXPHUR SLDQWDQH GL FP [ [
QXPHUR VDHWWRQL GL FP [ [ QXPHUR WUDVYHUVDOL GL FP
[ [ QXPHUR FDYDOLHUL GL FP [ [ 2JQL HOHPHQWR
VWUXWWXUDOH GL FXL VRSUD VDUj UHDOL]]DWR LQ OHJQR GL SLQR WUDWWDWR VRWWR SUHVVLRQH
DOWDPHQWH UHVLVWHQWH DOO¶DFTXD HG DOOH LQWHPSHULH LO WLSR GL WUDWWDPHQWR
DVVHYHUDWR GD LGRQHD GRFXPHQWD]LRQH GRYUj FRPXQTXH HVVHUH VRWWRSRVWR SULPD
GHOOD IRUQLWXUD DOOD 'LUH]LRQH /DYRUL H GD TXHVWD DSSURYDWR ,O SUH]]R XQLWDULR
DSSUHVVR LQGLFDWR VL LQWHQGH FRPSUHQVLYR GHO WUDVSRUWR GHO FDULFR H GHOOR
& FDG ¼
VFDULFR GHO WLUR LQ HOHYD]LRQH GL WXWWH OH IHUUDPHQWD VWDIIH SLDVWUH EXOORQHULH
YLWL FKLRGL HFF H GL TXDQWR DOWUR QHFHVVDULR VFDYL WUDVSRUWR D GLVFDULFD GHOOH
WHUUH H GHL PDWHULDOL GL ULVXOWD SOLQWL LQ FOV WDJOL H IRUL VX SDYLPHQWD]LRQL HFF
SHU GDUH O¶RSHUD ILQLWD D SHUIHWWD UHJROD G¶DUWH H SURQWD DOO
XVR GD SDUWH
GHOO
XWHQ]D 1HO FDVR GL IRUQLWXUD LQ RSHUD GL SL PRGXOL WUD GL ORUR FRPXQTXH
FRQWLJXL DYHQWL TXLQGL HOHPHQWL LQ FRPXQH OD YDOXWD]LRQH DYYHUUj
FRQWDELOL]]DQGR XQ VLQJROR PRGXOR RJQL TXDO YROWD YHUUj UDJJLXQWD OD
FRQFRUUHQ]D SHU QXPHUR H SHU WLSR GHL VLQJROL FRPSRQHQWL FRPH VRSUD GHVFULWWL
QHFHVVDULSHUIRUPDUHXQPRGXORFRPSOHWRSUH]]RDPRGXOR
3LDVWUH HODVWLFKH GL SURWH]LRQH FDGXWH )RUQLWXUD H FROORFD]LRQH LQ RSHUD GL

SLDVWUH HODVWLFKH GL SURWH]LRQH &DGXWD GHOOH GLPHQVLRQL GL FP [
VSHVVRUH FP UHDOL]]DWH LQ JUDQXODWR GL JRPPD ULFLFODWD SRVWH LQ VXSHUILFLH
& PT ¼
GUHQDWH HG DYHQWL XQ DVVRUELPHQWR DOO¶LPSDWWR LQ FRQIRUPLWj DOOH QRUPH ',1 H
GHOLPLWDWH GD WDYROH LQ OHJQR SRVWH D FROWHOOR GHOOR VSHVVRUH PLQLPR GL PP H
GHOO¶DOWH]]DPLQLPDGLPPDOPT
3RUWDELFLFOHWWH 5HDOL]]DWR LQ DFFLDLR )( % EXOORQHULD LQ DFFLDLR LQR[ SHVR

& ! .J FRQ QRQ PHQR GL SRVWL SHU RJQL PRGXOR FRQ ODWHUDOL LQ &/6 FDG ¼
VDEELDWRGLPHQVLRQLK[P
)RUQLWXUD H SRVD LQ RSHUD GL SRUWDELFLFOHWWH D ODWR VLQJROR D SRVWL

FRVWLWXLWR GD ILDQFKL ODWHUDOL H IDVFLD IURQWDOH D WHUUD LQ DFFLDLR HOHWWUR]LQFDWR
YHUQLFLDWR FRQ SROYHUH SROLHVWHUH VWUXWWXUD GL VRVWHJQR ELFLFOHWWH LQ WXERODUH
GLDP PP VSHVV PP LQ DFFLDLR HOHWWUR]LQFDWR YHUQLFLDWR FRQ YHUQLFH D
& FDG ¼
SROYHUH SROLHVWHUH WXER GL ULQIRU]R LQ DFFLDLR HOHWWUR]LQFDWR YHUQLFLDWR FRQ
YHUQLFH D SROYHUH SROLHVWHUH GLDP PP VSHVV PP EDVH GD ILVVDUH D WHUUD
'LPHQVLRQL FP [[ 3HVR .JFRPSUHVL PDWHULDOL GL FRQVXPR
FHPHQWRWRQGLQLHRILVKHUSHULOILVVDJJLRDWHUUDFDGDXQR
6WUXWWXUD D SRUWDOH )RUQLWXUD LQ RSHUD GL PRGXOR GL VWUXWWXUD D SRUWDOH FRQ

DOWH]]D OLEHUD GL P D OXFH XWLOH GL 0O FRVWLWXLWR GD QXPHUR SLHGULWWL
& FDG ¼
GHOOH GLPHQVLRQL GL FP FRPSUHVD OD SDUWH LQWHUUDWD [ [ GD XQD
WUDYHGLFP[[GDQXPHURVDHWWRQLGLFP[[
2JQL HOHPHQWR VWUXWWXUDOH GL FXL VRSUD VDUj UHDOL]]DWR LQ OHJQR GL SLQR WUDWWDWR
VRWWR SUHVVLRQH DOWDPHQWH UHVLVWHQWH DOO¶DFTXD HG DOOH LQWHPSHULH LO WLSR GL
WUDWWDPHQWR DVVHYHUDWR GD LGRQHD GRFXPHQWD]LRQH GRYUj FRPXQTXH HVVHUH
VRWWRSRVWR SULPD GHOOD IRUQLWXUD DOOD 'LUH]LRQH /DYRUL H GD TXHVWD DSSURYDWR ,O
SUH]]R XQLWDULR DSSUHVVR LQGLFDWR VL LQWHQGH FRPSUHQVLYR GHO WUDVSRUWR GHO
FDULFRHGHOORVFDULFRGHOWLURLQHOHYD]LRQHGLWXWWHOHIHUUDPHQWDVWDIIHSLDVWUH
EXOORQHULH YLWL FKLRGL HFF H GL TXDQWR DOWUR QHFHVVDULR VFDYL WUDVSRUWR D
GLVFDULFD GHOOH WHUUH H GHL PDWHULDOL GL ULVXOWD SOLQWL LQ &/6 WDJOL H IRUL VX
SDYLPHQWD]LRQL HFF SHU GDUH O¶RSHUD ILQLWD D SHUIHWWD UHJROD G¶DUWH H SURQWD
DOO¶XVRGDSDUWHGHOO¶XWHQ]D
1HO FDVR GL IRUQLWXUD LQ RSHUD GL SL PRGXOL WUD GL ORUR FRPXQTXH FRQWLJXL
DYHQWL TXLQGL HOHPHQWL LQ FRPXQH OD YDOXWD]LRQH DYYHUUj FRQWDELOL]]DQGR XQ
VLQJROR PRGXOR RJQL TXDO YROWD YHUUj UDJJLXQWD OD FRQFRUUHQ]D SHU QXPHUR H SHU
WLSR GHL VLQJROL HOHPHQWL FRPH VRSUD GHVFULWWL QHFHVVDUL SHU IRUPDUH XQ PRGXOR
FRPSOHWRSUH]]RDPRGXOR
7DYROR GD SLFQLF ± )RUQLWXUD LQ RSHUD GL WDYROR GD SLFQLF LQ OHJQR GL SLQR R

DEHWH LPSUHJQDWL LQ DXWRFODYH FRQ VDOL GL UDPH H GL ERUR R VLPLODUL VHQ]D
& FURPR FRQ VSLJROL DUURWRQGDWL FRQ ULQIRU]L LQ SURILOL LQ IHUUR ]LQFDWR PLVXUH ! FDG ¼
[ [ K FRPSOHWR GL SDQFKH QHOOR VWHVVR PDWHULDOH H VWHVVL ULQIRU]L
GLPLVXUH![[K
& 23(5(9$5,(',23(5(&203,87(
3DFFLDPDWXUD LQ FRUWHFFLD GL SLQR PP VWHVD UHJRODUPHQWH VXO WHUUHQR SHU
& PF ¼
XQRVSHVVRUHGLFPFRPSUHVDIRUQLWXUDWUDVSRUWRHVFDULFR
,QGDJLQH ILWRVWDWLFD ,QGDJLQH ILWRVWDWLFD VX DOEHUL FRQ PHWRGR YLVLYR 9LVXDO

& 7UHH $VVHVVPHQW FRPSUHVD OD UHGD]LRQH GHOOD VFKHGD WHFQLFD VXOOH
FDUDWWHULVWLFKHULOHYDWH
& D ILQRDDOEHUL FDG ¼
& E ROWUHDOEHUL FDG ¼
,QGDJLQH ILWRVWDWLFD ,QGDJLQH ILWRVWDWLFD VX DOEHUL FRQ PHWRGR YLVLYR H

&
VWUXPHQWDOHSHUSLDQWHGLFODVVHGLDPHWULFDILQRDFPDGPGDOVXROR
& D GDWHUUDILQRDPW FDG ¼
& E FRQFHVWHOORHOHYDWRUH FDG ¼
,QGDJLQH ILWRVWDWLFD ,QGDJLQH ILWRVWDWLFD YLVLYD H VWUXPHQWDOH SHU SLDQWH GL

&
FODVVHGLDPHWULFDROWUHDFPDGPGDOVXROR
& D GDWHUUDILQRDPW FDG ¼
& E FRQFHVWHOORHOHYDWRUH FDG ¼
&RQWUDVVHJQR $SSOLFD]LRQH GHO FRQWUDVVHJQR QXPHULFR FRPSUHVD OD IRUQLWXUD

& FDG ¼
GHOPDWHULDOH
,QGDJLQH VSHGLWLYD VX DOEHUDWD VWUDGDOH FRQ PHWRGR YLVLYR 97$ H EUHYH

& FDG ¼
UHOD]LRQHWHFQLFDVLQWHWLFD3UH]]RSHUVLQJRODDOEHUDWDGLPLQLPRGLSLDQWH
)RUQLWXUD LQ RSHUD GL DOWDOHQD GRSSLD FRQ VHGLOL D JDEELD FRQ VWUXWWXUD GL

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

& FDG ¼
DSSRJJLRLQPDWHULDOLGLYHUVLGDOOHJQRRPRORJDWRDQRUPH(1
)RUQLWXUD LQ RSHUD GL DOWDOHQD GRSSLD FRQ VHGLOL D WDYROHWWD FRQ VWUXWWXUD GL

& FDG ¼
DSSRJJLRLQOHJQRRPRORJDWRDQRUPH(1
)RUQLWXUD LQ RSHUD GL DOWDOHQD GRSSLD FRQ VHGLOL D WDYROHWWD FRQ VWUXWWXUD GL

& FDG ¼
DSSRJJLRLQPDWHULDOHGLYHUVRGDOOHJQRRPRORJDWRDQRUPH(1
)RUQLWXUD LQ RSHUD GL VDOLVFHQGL FRQ VWUXWWXUH GL DSSRJJLR LQ OHJQR GL DOWH]]D

& FDG ¼
FPRPRORJDWRDQRUPH(1
)RUQLWXUD LQ RSHUD GL VDOLVFHQGL DOWH]]D FP LQ PDWHULDOH GLYHUVR GDO OHJQR

& FDG ¼
RPRORJDWRDQRUPH(1
)RUQLWXUD LQ RSHUD GL JLRFR FRPELQDWR IRUPDWR GD WRUUHWWD FRQ WHWWR H

& FDG ¼
VDOLVFHQGLFRQVWUXWWXUHGLDSSRJJLRLQOHJQRRPRORJDWRDQRUPH(1
)RUQLWXUD LQ RSHUD GL JLRFR FRPELQDWR IRUPDWR GD WRUUHWWD FRQ WHWWR H

& VDOLVFHQGL FRQ VWUXWWXUH GL DSSRJJLR LQ PDWHULDOH GLYHUVR GDO OHJQR RPRORJDWR FDG ¼
DQRUPH(1
)RUQLWXUD LQ RSHUD GL DWWUH]]DWXUD FRPSOHVVD IRUPDWD GD WRUUHWWH FRQ WHWWR H

& FDG ¼
VDOLVFHQGLFRQVWUXWWXUHGLDSSRJJLRLQOHJQRRPRORJDWRDQRUPH(1
)RUQLWXUD LQ RSHUD GL DWWUH]]DWXUD FRPSOHVVD IRUPDWD GD WRUUHWWH FRQ WHWWR H

& VDOLVFHQGL FRQ VWUXWWXUH GL DSSRJJLR LQ PDWHULDOH GLYHUVR GDO OHJQR RPRORJDWR D FDG ¼
QRUPH(1
)RUQLWXUD LQ RSHUD GL JLRFR D PROOD UHDOL]]DWR LQ OHJQR RPRORJDWR D QRUPH

& FDG ¼
(1
)RUQLWXUD LQ RSHUD GL JLRFR D PROOD UHDOL]]DWR LQ PDWHULDOH GLYHUVR GDO OHJQR

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

& FDG ¼
QRUPH(1
)RUQLWXUD LQ RSHUD GL SLDVWUH HODVWLFKH GL SURWH]LRQH FDGXWH GHOOH GLPHQVLRQL

GL FP VSHVVRUH FP UHDOL]]DWH LQ JUDQXODWR GL JRPPD ULFLFODWD
& FDG ¼
SRVWH LQ VXSHUILFH IUHQDWH HG DYHQWL XQ DVVRUELPHQWR DOO
LPSDWWR VHFRQGR OH
QRUPH(1HGHOLPLWDWHGDWDYROHLQOHJQRSRVWHDFROWHOOR
3DYLPHQWD]LRQH LQ JRPPD )RUQLWXUD GL SDYLPHQWD]LRQH JHWWDWD LQ RSHUD LQ

JRPPD DQWL&DGXWD RPRORJDWD D QRUPH ',1 R D QRUPH (1 GL
& VSHVVRUH FP &RPSOHWD GL ERUGR LQ PHWDOOR SHU LO EORFFDJJLR GHOOD PT ¼
SDYLPHQWD]LRQH GL PDVVHWWR LQ FHPHQWR K FP FRQ UHWH HOHWWURVDOGDWD
GLDPHWURDOPT
5HDOL]]D]LRQH GL XQD SDYLPHQWD]LRQH WLSR /(92&(// HR ',2*(1( HR

VLPLODUL FRQ LQHUWL QDWXUDOL WLSR VDEELD GL URFFLD HR GL WUDYHUWLQR
RSSRUWXQDPHQWH YDJOLDWD HG LPSDVWDWD FRQ LGRQHR SURGRWWR OHJDQWH FHPHQWL]LR
HR UHVLQRVR SHU PDQWHQHUH OH FRQGL]LRQL GL FRQVROLGDPHQWR H SHUPHDELOLWj QHO
WHPSR $ GLVFUH]LRQH GHOOD '/ VL SRWUj FDPELDUH OD FRORUD]LRQH ILQDOH GHOOD
& PT ¼
SDYLPHQWD]LRQH FRQ OD VRVWLWX]LRQH GHJOL LQHUWL QHOO
LPSDVWR &RPSUHVD OD
VWHVXUD VLD D PDFFKLQD FKH D PDQR OD EDJQDWXUD H OD UXOODWXUD PHFFDQLFD SHU
GDUH OD SDYLPHQWD]LRQH ILQLWD D SHUIHWWD UHJROD G
DUWH (VFOXVD OD PDVVLFFLDWD H OD
IRQGD]LRQH GD SDJDUVL D SDUWH VL FRQVLGHUD XQD VXSHUILFLH GL PT
VSHVVRUHILQLWRHUXOODWRFP
5HDOL]]D]LRQH GL XQD SDYLPHQWD]LRQH LQ PLVWR JUDQXORPHWULFR VWDELOL]]DWR

GL FDYD FRQ OHJDQWH QDWXUDOH LQHUWL QDWXUDOL WLSR VDEELD GL URFFLD HR GL
WUDYHUWLQR FRQ FRQWHQLPHQWR ODWHUDOH GD UHDOL]]DUVL FRQ WDYROD GL FDVWDJQR HR
DEHWH GHOOR VSHVVRUH GL FP ILVVDWD D WHUUD FRQ SLFFKHWWL LQ FDVWDJQR GHO
& GLDP GL FP H GHOOD OXQJKH]]D GL FP XQR RJQL FP &RPSUHVD PT ¼
OD VWHVXUD VLD D PDFFKLQD FKH D PDQR OD EDJQDWXUD H OD UXOODWXUD PHFFDQLFD SHU
IRQGD]LRQH GD SDJDUVL D SDUWH VL FRQVLGHUD XQD VXSHUILFLH GL PT
VSHVVRUHILQLWRHUXOODWRFP
5HDOL]]D]LRQH GL XQD SDYLPHQWD]LRQH LQ PLVWR JUDQXORPHWULFR VWDELOL]]DWR

GL FDYD FRQ OHJDQWH QDWXUDOH LQHUWL QDWXUDOL WLSR VDEELD GL URFFLD HR GL
WUDYHUWLQR FRQ FRQWHQLPHQWR ODWHUDOH GD UHDOL]]DUVL FRQ FLJOLDWXUD LQ WUDYHUWLQR
& GHOOD VH]LRQH FP [ &RPSUHVD OD VWHVXUD VLD D PDFFKLQD FKH D PDQR OD PT ¼
EDJQDWXUD H OD UXOODWXUD PHFFDQLFD SHU GDUH OD SDYLPHQWD]LRQH ILQLWD D SHUIHWWD
UHJROD G
DUWH (VFOXVD OD PDVVLFFLDWD H OD IRQGD]LRQH GD SDJDUVL D SDUWH VL
FRQVLGHUDXQDVXSHUILFLHGLPTVSHVVRUHILQLWRHUXOODWRFP
5HDOL]]D]LRQH GL XQD SDYLPHQWD]LRQH LQ SR]]RODQD VWDELOL]]DWD FRQ FDOFH

LGUDWD FRQ FRQWHQLPHQWR ODWHUDOH GD UHDOL]]DUVL FRQ WDYROD GL FDVWDJQR HR DEHWH
GHOOR VSHVVRUH GL FP ILVVDWD D WHUUD FRQ SLFFKHWWL LQ FDVWDJQR GHO GLDP
GL FP H GHOOD OXQJKH]]D GL FP XQR RJQL FP &RPSUHVD OD
& PT ¼
VWHVXUD VLD D PDFFKLQD FKH D PDQR OD EDJQDWXUD H OD UXOODWXUD PHFFDQLFD SHU
IRQGD]LRQH GD SDJDUVL D SDUWH VL FRQVLGHUD XQD VXSHUILFLH GL PT VSHVVRUH
ILQLWRHUXOODWRFP
5HDOL]]D]LRQH GL XQD SDYLPHQWD]LRQH LQ SR]]RODQD VWDELOL]]DWD FRQ FDOFH

LGUDWD FRQ FRQWHQLPHQWR ODWHUDOH GD UHDOL]]DUVL FRQ FLJOLDWXUD LQ WUDYHUWLQR GHOOD
VH]LRQH FP [ &RPSUHVD OD VWHVXUD VLD D PDFFKLQD FKH D PDQR OD
& PT ¼
EDJQDWXUD H OD UXOODWXUD PHFFDQLFD SHU GDUH OD SDYLPHQWD]LRQH ILQLWD D SHUIHWWD
UHJROD G
DUWH (VFOXVD OD PDVVLFFLDWD H OD IRQGD]LRQH GD SDJDUVL D SDUWH VL
FRQVLGHUDXQDVXSHUILFLHGLPTVSHVVRUHILQLWRHUXOODWRFP
5HDOL]]D]LRQH GL XQD SDYLPHQWD]LRQH LQ JUDQHOOR GL ILXPH FRQ FRQWHQLPHQWR

ODWHUDOH GD UHDOL]]DUVL FRQ FLJOLDWXUD LQ WUDYHUWLQR GHOOD VH]LRQH FP [
&RPSUHVD OD VWHVXUD VLD D PDFFKLQD FKH D PDQR OD EDJQDWXUD H OD UXOODWXUD
& PT ¼
PHFFDQLFD SHU GDUH OD SDYLPHQWD]LRQH ILQLWD D SHUIHWWD UHJROD G
DUWH (VFOXVD OD
PDVVLFFLDWD H OD IRQGD]LRQH GD SDJDUVL D SDUWH VL FRQVLGHUD XQD VXSHUILFLH GL
PTVSHVVRUHILQLWRHUXOODWRFP
)RUQLWXUD H PHVVD LQ RSHUD GL UHFLQ]LRQH GL SURGX]LRQH LQGXVWULDOH WLSR

$FXPLQD FRVWUXLWD FRQ SURILODWL WXERODUL FRPSOHWD GL FDQFHOOL FDUUDELOL R
SHGRQDOL H GL VHUYL]LR VHQ]D DOFXQ DXPHQWR GL SUH]]R)RUPDWD GD JULJOLDWR
HOHWWURIXVR H FRQ ERUGL HOHWWURIXVLFRPSOHWD GL SLDQWDQH LQ WXERODUH LQ DFFLDLRFRQ
& PT ¼
R VHQ]D SLDVWUD SHU DQFRUDJJLR H WLUDQWL EXOORQL LQ DFFLDLR LQR[ DQWLIXUWR
/¶DOWH]]D YDULD D VHFRQGR GHOOH ULFKLHVWH GHOOD 'LUH]LRQH GHL ODYRUL OD UHFLQ]LRQH
GRYUj HVVHUH ]LQFDWD D FDOGR D QRUPD 81, ( , FDQFHOOL GRYUDQQR
HVVHUHFRPSOHWLGLIHUUDPHQWDFHUQLHUHVHUUDWXUHHOXFFKHWWLPRQRFKLDYH
6WDFFLRQDWD UXVWLFD )RUQLWXUD LQ RSHUD GL VWDFFLRQDWD UXVWLFD GHOO

DOWH]]D
RUGLQDWD GDOOD '/ H FRPXQTXH QRQ VXSHULRUH D P LQ OHJQDPH GL FDVWDJQR
UXVWLFR FRQ SDVVRQL RSSRUWXQDPHQWH LPSUHJQDWL FRQ DVIDOWR FRODWR GDWR D
& P ¼
SHQQHOOR SHU OD SDUWH DOORJJLDWD QHO WHUUHQR SRVWL DOOD GLVWDQ]D PDVVLPD GL
P H GHO LQ WHVWD GL FP SDVVDPDQR GL P GHO LQ WHVWD GL
FPHFURFLDWHGLPGHOLQWHVWDGLFP
7UDQVHQQD PHWDOOLFD )RUQLWXUD LQ RSHUD GL PRGXOR GL WUDQVHQQD PHWDOOLFD

FRPSRVWD GD WHODLR SHULPHWUDOH H WUDYHUVRQL YHUWLFDOL LQ IHUUR SLHQR [
FURFLDWLQH LQWHUQH LQ IHUUR SLHQR [ ERUFKLH FHQWUDOL LQ IHUUR SLHQR GL PP
[ DYHQWH GLPHQVLRQL FRPSOHVVLYH [ DYHQWH GLPHQVLRQL FRPSOHVVLYH
& FDG ¼
FP SHU DOWH]]D GL FP H WUH FURFLDWLQH DOO¶LQWHUQR 3UHYLR VFDYR GHO
FRUGROR H FRUGROR LQ FOV RUQDWR FP [ H ILVVDJJLR FRQ ]DQFKH ,O PRGXOR
GRYUj HVVHUH WUDWWDWR FRQ ]LQFDWXUD D FDOGR H YHUQLFLDWR FRQ SROYHUL HSRVVLGLFKH
FRWWHDOIRUQRDJUDGL,OSHVRQRQGRYUjHVVHUHLQIHULRUHD.J
*ULJOLD TXDGUDWD )RUQLWXUD LQ RSHUD GL JULJOLD TXDGUDWD SHU DOEHUL LQ SLHWUD R

&
VLPLODULVSHVVRUH!FP
& D [ FDG ¼
& E [ FDG ¼
& F [ FDG ¼
& G [ FDG ¼
& H [ FDG ¼
*ULJOLD URWRQGD )RUQLWXUD LQ RSHUD GL JULJOLD URWRQGD SHU DOEHUL LQ SLHWUD R

&
VLPLODULVSHVVRUH!FP
& D GLDPHWUR FDG ¼
& E GLDPHWUR FDG ¼
& F GLDPHWUR FDG ¼
& G GLDPHWUR FDG ¼
*ULJOLD LQ JKLVD )RUQLWXUD D FROORFD]LRQH LQ RSHUD VX VXSHUILFL SHGRQDOL R

FDUUDELOL GL JULJOLD LQ JKLVD VIHURLGDOH IXVH LQ SL FRPSRQHQWL FRPSUHVL JOL
&
HOHPHQWL D WUDIRUR DWWL D JDUDQWLUH OD RVVLJHQD]LRQH GHOO¶DSSDUDWR UDGLFDOH GHOOH
SLDQWHGHOORVSHVVRUHPLQLPRPP
D GHO WLSR D SLDVWUD SLDQD H GL VSHVVRUH XQLIRUPH FRQ VHPSOLFH IRUR FHQWUDOH
& D FLUFRODUH RG HOOLWWLFR FRQ VDJRPD HVWHUQD FLUFRODUH R UHWWD H FRQ DVROH VHPSOLFL .J ¼
ORQJLWXGLQDOLFRVWLWXLWHGDSLSH]]L
E LGHP FRPH VRSUD PD FRQ DVROH GL YDULD IRUPD D FDUDWWHUH IROLDUH R IORUHDOH H
& E .J ¼
FRVWLWXLWHGDTXDWWURSH]]LXQLWL
F LGHP FRPH VRSUD PD SHU DUHH FDUUDELOL FRQ SURILOR YHUWLFDOH HVWHUQRGL IRUPD
& F WURQFR SLUDPLGDOH R WURQFR FRQLFD FRQ OD EDVH VXSHULRUH VSRUJHQWH ILQR D .J ¼
FP5LVSHWWRDOSLDQRGLDSSRJJLR
G LGHP FRPH VRSUD PD SHU DUHH FDUUDELOL LQ IXVLRQH GL JKLVD VIHURLGDOH H
& G WUDWWDPHQWR FRPSRVWD GD WULDQJROL GD DVVHPEODUH [[ VSHVVRUH FP .J ¼
HGHOHPHQWLGLFRQJLXQ]LRQH
&KLXVLQL LQ SLHWUD )RUQLWXUD LQ RSHUD GL FKLXVLQL LQ SLHWUD R VSHFLH VLPLODUH

&
TXDGUDWL
& D /$72&RSHUFKLRFRQFHUFKLRFHQWUDOH.J! FDG ¼
& E /$72³FRQDSHUWXUH.J! FDG ¼
& F /$72&RSHUFKLRFRQFHUFKLRFHQWUDOH.J! FDG ¼
& G /$72³FRQDSHUWXUH.J! FDG ¼
& H /$72&RSHUFKLRFRQFHUFKLRFHQWUDOH.J! FDG ¼
& I /$72³FRQDSHUWXUH.J! FDG ¼
& J /$72&RSHUFKLRFRQFHUFKLRFHQWUDOH.J! FDG ¼
& K /$72³FRQDSHUWXUH.J! FDG ¼
& 23(5(',0$187(1=,21(
6SD]]DPHQWR DQQXDOH GL VXSHUILFLH SDYLPHQWDWD R UHDOL]]DWD LQ EUHFFLROLQR

JKLDLRQH VDEELRQH JUDQLJOLD R WHUUD EDWWXWD HVHJXLWD PDQXDOPHQWH FRQ XVR GL
&
VFRSH UDVWUHOOR HFF FRPSUHVR O¶DVSRUWR GL HUEH LQIHVWDQWL WUDVSRUWR H
VPDOWLPHQWRGHLULILXWL
& D HVHJXLWRXQDYROWDDOODVHWWLPDQD PT ¼
& E HVHJXLWRGXHYROWDDOODVHWWLPDQD PT ¼
& F HVHJXLWRWUHYROWDDOODVHWWLPDQD PT ¼
6SD]]DPHQWR DQQXDOH GL VXSHUILFLH SDYLPHQWDWD HVHJXLWD FRQ LGRQHR PH]]R

& PHFFDQLFR FRPSUHVR O¶DVSRUWR GL HUEH LQIHVWDQWL WUDVSRUWR H VPDOWLPHQWR GHL
ULILXWL
6YXRWDPHQWR DQQXDOH GL FHVWLQR SRUWDULILXWL GL FDSDFLWj LQIHULRUH D OW

& HVHJXLWR FRQ LGRQHR PH]]R GL WUDVSRUWR GL DSSRJJLR FRPSUHVR LO ULFDPELR GHO
VDFFKHWWRLQSROLHWLOHQHHORVPDOWLPHQWRGHLULILXWL
SHUJLDUGLQLFRQSLGLYHQWLFHVWLQL
SHUJLDUGLQLFRQPHQRGLYHQWLFHVWLQL
& G HVHJXLWRXQDYROWDDOODVHWWLPDQD PT ¼
& H HVHJXLWRGXHYROWDDOODVHWWLPDQD PT ¼
& I HVHJXLWRWUHYROWDDOODVHWWLPDQD PT ¼
6YXRWDPHQWR GL FHVWRQH DQQXDOH SRUWDULILXWL GL FDSDFLWj VXSHULRUH D OW

& HVHJXLWR FRQ LGRQHR PH]]R GL WUDVSRUWR GL DSSRJJLR FRPSUHVR LO ULFDPELR GHO
VDFFKHWWRLQSROLHWLOHQHHORVPDOWLPHQWRGHLULILXWL
SHUJLDUGLQLFRQSLGLWUHFHVWRQL
& D HVHJXLWRXQDYROWDDOODVHWWLPDQD FDG ¼
& E HVHJXLWRGXHYROWDDOODVHWWLPDQD FDG ¼
& F HVHJXLWRWUHYROWDDOODVHWWLPDQD FDG ¼
SHUJLDUGLQLFRQPHQRGLWUHFHVWRQL
& G HVHJXLWRXQDYROWDDOODVHWWLPDQD FDG ¼
& H HVHJXLWRGXHYROWDDOODVHWWLPDQD FDG ¼
& I HVHJXLWRWUHYROWDDOODVHWWLPDQD FDG ¼
& 7$33(7,(5%26,
5LJHQHUD]LRQH GHL WDSSHWL HUERVL FRQ PH]]L PHFFDQLFL RSHUDQGR FRQ

IHVVXUD]LRQH HR EXFDWXUD GHO FRWLFR DVSRUWD]LRQH GHO IHOWUR DVSRUWD]LRQH FDURWH
& GL WHUUD HR SDVVDJJLR FRQ UHWH PHWDOOLFD 6HPLQD PHFFDQLFD FRQ PLVFXJOLR
DSSRVLWR SHU ULJHQHUD]LRQH SUDWL FRQ PLQLPR JUPT GL VHPH H VXFFHVVLYD
SULPDLUULJD]LRQH
& F VXSHUILFLFRQWLQXHGDDPT PT ¼

$ULHJJLDPHQWR GL WDSSHWL HUERVL FRQ VLVWHPD YHUWLFXW FRPSUHVD OD UDFFROWD GHO

&
IHOWURHWUVSRUWRDGLVFDULFDFRPSUHVRO¶RQHUHGHOORVPDOWLPHQWR
7DJOLR GL WDSSHWR HUERVR FRQ WRVDHUED D ODPD URWDQWH UDFFROWD GHO PDWHULDOH GL
&
ULVXOWDHWUDVSRUWRDGLVFDULFDFRPSUHVRO¶RQHUHSHUORVPDOWLPHQWR
7DJOLR GL WDSSHWR HUERVR FRQ WRVDHUED D ODPD URWDQWH VHQ]D UDFFROWD GHO
&
PDWHULDOHGLULVXOWD
7DJOLR GL WDSSHWR HUERVR FRQ DWWUH]]R SRUWDWR GD WUDWWRUH GL DGHJXDWD SRWHQ]D

& UDFFROWD GHO PDWHULDOH GL ULVXOWD H WUDVSRUWR D GLVFDULFD FRPSUHVR O¶RQHUH SHU OR
VPDOWLPHQWR
7DJOLR GL WDSSHWR HUERVR FRQ DWWUH]]R SRUWDWR GD WUDWWRUH GL DGHJXDWD SRWHQ]D

&
VHQ]DUDFFROWDGHOPDWHULDOHGLULVXOWD
7DJOLR GL VXSHUILFL HUERVH LQ ERUGL R VFDUSDWH VWUDGDOL R LQ DUHH FRPXQTXH

DFFOLYL FRQ WUDWWRUH PXQLWR GL EUDFFLR PHFFDQLFR FRQ DWWUH]]R WULQFLDWRUH
& PT ¼
VILEEUDWRUH H FRPSOHWDPHQWR PDQXDOH GHO WDJOLR RYH RFFRUUD VHQ]D OD UDFFROWD
GHOPDWHULDOHWULQFLDWR
7DJOLR GL VXSHUILFL 7DJOLR GL VXSHUILFL HUERVH LQ ERUGL R VFDUSDWH VWUDGDOL R LQ

DUHH FRPXQTXH DFFOLYL FRQ WUDWWRUH PXQLWR GL EUDFFLR PHFFDQLFR FRQ DWWUH]]R
& PT ¼
WULQFLDWRUHVILEEUDWRUH H VHQ]D ULILQLWXUD PDQXDOH GHO WDJOLR VHQ]D OD UDFFROWD GHO
PDWHULDOHWULQFLDWR
7DJOLR GL VXSHUILFL HUERVH FRPH VRSUD HVHJXLWR FRQ GHFHVSXJOLDWRUH D VSDOOD D

& PT ¼
VDOYDJXDUGLDGHOODYHJHWD]LRQHDUEXVWLYDHDUERUHDSUHVHQWH
5HJRODPHQWD]LRQH GHO WUDIILFR FRQ RSHUDWRUL GXUDQWH O¶HVHFX]LRQH GL

&
ODYRUD]LRQLLQDLXROHVSDUWLWUDIILFR
& D SHUVWUDGHDGDOWDLQWHQVLWjGLWUDIILFR P ¼
& E SHUVWUDGHDEDVVDLQWHQVLWjGLWUDIILFR P ¼
&RQFLPD]LRQH GL FRSHUWXUD FRQ FRQFLPH D]RWDWR QLWURDPPRQLDFDOH GLVWULEXLWR

& XQLIRUPHPHQWH D PDQR R FRQ PH]]R PHFFDQLFR DSSRUWDQGR PHGLDPHQWH JU DO PT ¼
PTGLD]RWR
& 6,(3,(&(638*/,
3RWDWXUD DQQXDOH GL FRQWHQLPHQWR R ULQQRYR SHU FHVSXJOL HG DUEXVWL GL DOWH]]D

QRQ VXSHULRUH D PW FRQVLVWHQWH QHO WDJOLR GHOOD YHJHWD]LRQH DQQXDOH
& ULPR]LRQH GL TXHOOD GL DQQL SULYD GL YLJRUH H GL TXHOOD HFFHVVLYDPHQWH
YLJRURVD SXOL]LD GHOO¶DUHD FRPSUHVR FDULFR WUDVSRUWR H RQHUH GL VPDOWLPHQWR
GHOOHULVXOWH
& D SHUJUXSSLILQRDSLDQWH FDG ¼

& E SHUJUXSSLROWUHSLDQWH FDG ¼
& F DUEXVWLVLQJROLGLDOWH]]DVLQRDPW FDG ¼
3RWDWXUD VWUDRUGLQDULD GL FHVSXJOL FRQVLVWHQWH QHO WDJOLR GHOOD YHJHWD]LRQH

& YHFFKLD H SULYD GL YLJRUH ULGX]LRQH GHOOD FKLRPD SXOL]LD GHOO¶DUHD FRPSUHVR
FDULFRWUDVSRUWRHRQHUHGLVPDOWLPHQWRGHOOHULVXOWH
& D SHUJUXSSLILQRDSLDQWH FDG ¼
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VHPL VDUj IRUQLWR LQ FRQIH]LRQL RULJLQDOL VLJLOODWH FRQ VX LQGLFDWL L FRPSRQHQWL H
& PT ¼
OH ULVSHWWLYH SHUFHQWXDOL /D VHPLQD YHUUj HVHJXLWD D SHUIRUD]LRQH DGRWWDQGR XQD
VSHFLDOHPDFFKLQDFKHHVHJXHQGRQHOWHUUHQRQ²IRULDOPTSHUPHWWDDO
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FHVVLRQHDYHQWHOHVHJXHQWLSHUFHQWXDOLGLSULQFLSLDWWLYL
D]RWR1SHUFHQWR
& IRVIRUR3SHUFHQWR PT ¼
SRWDVVLR.SHUFHQWR
GLVWULEXLWRVXLWHUUHQRLQUDJLRQHGL.JRJQLPT
Ê¶FRPSUHVRTXDQWRDOWURRFFRUUHSHUGDUHLOODYRURILQLWR
7UDWWDPHQWR HUELFLGD FRQ DEERQGDQWH LUURUD]LRQH GL VROX]LRQH FRQFHQWUDWD GL

& HUELFLGDWRWDOH PT ¼
(¶FRPSUHVRTXDQWRDOWURRFFRUUHSHUGDUHLOODYRURILQLWR
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DSSRUWR PDVVLPR QHJOL DYYDOODPHQWL GL FP GL EXRQ WHUUHQR DJUDULR OLYHOODWR
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WUDWWRUH DWWUH]]DWR FRQ JRPPH GD SUDWR FDSDFH GL SUDWLFDUH QHO WHUUHQR
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GLVHPHQWLSUHGHWHUUQLQDWH
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DXWRFDULFDQWH FDSDFH GL ODVFLDUH VXO WHUUHQR XQR VWUDWR FRVWDQWH GL VDEELD GHOOR
VSHVVRUHGLPP
& PT ¼
FRQFLPD]LRQHGDHVHJXLUVLLQJLXVWDGRVHDSSOLFDWDFRQFDUUHOORVSDQGLFRQFLPH
OLYHOODPHQWRVXSHUILFLDOHHVHJXLWRFRQUHWHVQRGDWDWUDLQDWDGDWUDWWRUHOHJJHUR
UXOODWXUDHVHJXLWDFRQUXOORGDTOL
6(0(17, PLVFXJOLR FRPSRVWR GD SHU FHQWR /ROLXP SHUHQQH /RUHWWD SHU

FHQWR /ROLXUQ SHUHQQH /LVXQD ,2 SHU FHQWR 3RD 3UDWHQVLV 6\VSRUW SHU FHQWR
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FRQIH]LRQLVLJLOODWHHDSSOLFDWRLQUDJLRQHGL.JRJQLPT
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SHU FHQWR 3 SHU FHQWR . JUDQXODUH DSSOLFDWR LQ UDJLRQH GL .J RJQL
PT
6$%%,$VDEELDGLILXPHDJUDQXORPHWULDLQIHULRUHDPP
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SRPLFHVFRULHGLDOWRIRUQRHWF)RUQLWRHSRVWRLQRSHUDGRSRO¶DSSURYD]LRQHGHO
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& PT ¼
& PT ¼

6RQR FRPSUHVL OR VSDQGLPHQWR OD SURILODWXUD OD UXOODWXUD Ê LQROWUH FRPSUHVR
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FRPSDWWD]LRQHFP
)RQGR FDPSR GD WHQQLV GL PDWHULDOH PLVWR VSHFLDOH WLSR ©WHQQLVROLWHª IRUQLWR H

SRVWRLQRSHUD
& 6RQR FRPSUHVL OR VSDQGLPHQWR OD SURILODWXUD OD UXOODWXUD Ê LQROWUH FRPSUHVR PT ¼
TXDQWR DOWUR RFFRUUH SHU GDUH LO ODYRUR ILQLWR 6SHVVRUH ILQLWR GRSR OD
FRPSDWWD]LRQHFP
0DQWRILQDOHSHUFDPSRGDWHQQLVLQWHUUDURVVDIRUQLWRHSRVWRLQRSHUD
& 6RQR FRPSUHVL OR VSDQGLPHQWR OD UXOODWXUD O¶LQQDIILDPHQWR SHU XQR VWUDWR GL PT ¼
VSHVVRUH GL FP Ê LQROWUH FRPSUHVR TXDQWR DOWUR RFFRUUH SHU GDUH LO ODYRUR
ILQLWR
7UDWWDPHQWR SUHOLPLQDUH GHO EDVDPHQWR GHL FDPSL GD WHQQLV EDVNHW

SDOODYROR HFF LQ FRQJORPHUDWR ELWXPLQRVR UHDOL]]DWR PHGLDQWH O¶LPSLHJR GL
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& PT ¼
VSDWROD SHU OD SUHSDUD]LRQH DOO¶DSSRJJLR GHOOD SDYLPHQWD]LRQH VSHFLDOH VLQWHWLFD
HJDUDQWLUQHO¶DQFRUDJJLR
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EDVNHW SDOODYROR HFF RPRORJDWD GDO ODERUDWRULR SDYLPHQWD]LRQL VSHFLDOL GHO
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& SDUWLFRODUL PDFFKLQH VSUX]]DWULFL R FRQ VSDWRORQL LQ WUH WHPSL SHU XQ WRWDOH GL .J PT ¼
DPT
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& PT ¼
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& UDJLRQH GL NJ DO PT FRQ ILQLWXUD VXSHUILFLDOH D PH]]R GL LPSLHJR H VHPLQD PT ¼
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0DQWR VXSHUILFLDOH SHU FDPSL GL ERFFH FRSHUWL H VFRSHUWL LQ WHUUD VSHFLDOH

VFHYUD GD LPSXULWj H VFKHOHWUR WLSR ³ODFXJQDQD´ VSHVVRUH GRSR DEERQGDQWH
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& 6RQR FRPSUHVL O¶HYHQWXDOH FRUUH]LRQH FRQ PDWHULDOL LGRQHL FHPHQWR FDOFH PT ¼
LGUDWD HWF OR VSDQGLPHQWR OD SURILODWXUD OD UXOODWXUD Ê FRPSUHVR TXDQWR DOWUR
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0DQWR VXSHUILFLDOH SHU FDPSL GL ERFFH FRSHUWL LQ SROYHUH FHUDPLFD WLSR

©*DYLUDWHªVSHVVRUHGRSRUXOODWXUDFPIRUQLWRHSRVWRLQRSHUD
& PT ¼
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& PT ¼
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PHWDOOR H JRPPD QHUD GHOOR VSHVVRUH GL FP FKH YHUUDQQR DSSRJJLDWL FRQ
& FDG ¼
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URWHOOH FRVWLWXLWR GD JHWWR LQ FDOFHVWUX]]R VSHVVRUH FP GRVDWR D TOL SHU
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& LPSDVWRGLUHVLQHVLQWHWLFKHILQDOHPP
RYYHUR
E PHGLDQWH LPSDVWR GL SROYHUH GL TXDU]R GHOOR VSHVVRUH PLQLPR ILQLWR GL PP
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E
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&
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& D LQIDJJLR PT ¼
E
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& F LQLURNR PT ¼
G
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3DYLPHQWR SUHILQLWR LQ OHJQR SHU OR VSRUW FRQ VLVWHPD GL SRVD VX

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&
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& D LQIDJJLR PT ¼
E
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& F LQLURNR PT ¼
G
& LQURYHUH PT ¼

3DYLPHQWR SUHILQLWR LQ OHJQR SHU OR VSRUW FRQ VLVWHPD GL SRVD D ©FOLSVª

RPRORJDWR GDO ODERUDWRULR SDYLPHQWD]LRQL VSHFLDOL GHO &21, IRUQLWR SRVWR LQ
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PHGLDQWH VWHVXUD GL WHOL SUHIDEEULFDWL GD FP GL ODUJKH]]H PP FLUFD GL
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VSHVVRUH PP TXDOLWj VWDQGDUG , OLVWRQL VDUDQQR LQWHVWDWL D PDVFKLR H
& IHPPLQD VLD VXOOH FRVWH OXQJKH FKH VXOOH WHVWH SURWHWWL GD XQ IRJOLR GL SROLHWLOHQH
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FDPSR
ILQLWRPP
& D LQIDJJLR PT ¼
E
& LQV\OYDNHW PT ¼

& F LQLURNR PT ¼
G
& LQURYHUH PT ¼

3DYLPHQWD]LRQH LJQLIXJD YLQLOLFD SHU LQWHUQL SDOHVWUH R VLPLOL FRVWLWXLWD GD WHOL

SUHIDEEULFDWL LQ 39& SULYR GL DPLDQWR GHOOR VSHVVRUH GL PP LQFROODWH FRQ
& UHVLQH SROLXUHWDQLFKH DO VRWWRIRQGR LQ FOV FRQ VXSHUILFLH D YLVWD LQ ULOLHYR D PT ¼
EXFFLD G¶DUDQFLD GHO FRORUH ULFKLHVWR GDOOD '/ Ê FRPSUHVR TXDQWR DOWUR RFFRUUH
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SUHIDEEULFDWL LQ JRPPD GHOOR VSHVVRUH GL PP LQFROODWL FRQ UHVLQH
SROLXUHWDQLFKH DO VRWWRIRQGR H VXL JLXQWL GL FRQWDWWR H VLJLOODWL FRQ DSSRVLWD
& PT ¼
PDFFKLQD YXOFDQL]]DWULFH DL ERUGL FRQ VXSHUILFLH RSDFD OLVFLD DQWLVGUXFFLROHYROH
GHOFRORUHULFKLHVWRGDOOD'/
3DYLPHQWD]LRQH LJQLIXJD SHU LQWHUQL GL SDOHVWUH R VLPLOL FRVWLWXLWD GD WHOL

SUHIDEEULFDWL LQ JRPPD GHOOR VSHVVRUH GL PP LQFROODWL FRQ UHVLQH
SROLXUHWDQLFKH DO VRWWRIRQGR LQ FOV H VXL JLXQWL GL FRQWDWWR FRQ VXSHUILFLH D
& PT ¼
ULOLHYR DQWLULIOHVVR HG DQWLVGUXFFLROHYROH FRQ IRUWH DVVRUELPHQWR DFXVWLFR &RORUH
DVFHOWDGHOOD'/
7DSSHWLQR LQ HODVWRPHUL SHU HVWHUQR VSHVVRUH PP FRORUH URVVR R YHUGH

UHDOL]]DWR FRQ FRODWD LQ HODVWRPHUL SROLXUHWDQLFL H JUDQXOL GL JRPPD FRQ VHPLQD
LQ VXSHUILFLH GL JUDQXOL GL WHUSROLPHUR FRORUDWR VSHFLDOH DG DOWD UHVLVWHQ]D DJOL
& DJHQWL DWPRVIHULFL H DOO¶XVXUD /D FRODWD VDUj HVHJXLWD VX VWUDWR OLYHOODWR H PT ¼
FRVWLSDWR GL WDSSHWR GL FRQJORPHUDWR GD FP H SUHYHQWLYDPHQWH WUDWWDWR FRQ
SROLXUHWDQRHSROYHUHGLJRPPD
3DYLPHQWR VSHFLDOH GL JRPPD QDWXUDOH H VLQWHWLFD LQ PHVFROD RPRJHQHD D

VFHOWD GHOOD '/ DQWLEDWWHULFD DQWLVGUXFFLROHYROH LQLQILDPPDELOH
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& 6RQR FRPSUHVL OD UDVDWXUD VXSHUILFLDOH GHO PDVVHWWR HIIHWWXDWD FRQ ERLDFFD GL PT ¼
FHPHQWR DGGLWWLYDWD FRQ PDWHULDOL LGRQHL OD SRVD LQ RSHUD FRQ FROODQWL VSHFLILFL
SHU JRPPH R SURGRWWL VLPLODUL OD YXOFDQL]]D]LRQH GHL ERUGL FRQ PDWHULDOL
VSHFLDOL(¶FRPSUHVRTXDQWRDOWURRFFRUUHSHUGDUHO¶RSHUDILQLWD
0DQWR VLQWHWLFR GUHQDQWH SHU SLVWH H SHGDQH GL DWOHWLFD OHJJHUD RPRORJDWR

&21,,),'$/ FRVWLWXLWR SHU LO SULPR VWUDWR GD JUDQXOL GL JRPPD QHUD GL
RSSRUWXQD JUDQXORPHWULD OHJDWL GD UHVLQH SROLXUHWDQLFKH PRQRFRPSRQHQWL
FRODWR LQ RSHUD FRQ VSHFLDOH PDFFKLQD HOHWWULFD ILQLWULFH OLYHOODWULFH H FRQ
UHVLGXR VHFFR GL ©7RSSLQJª GL XVXUD SDUL D NJ D PT UHDOL]]DWD D PH]]R GL
VSUX]]DWXUD FRQ SDUWLFRODUL PDFFKLQH GL XQD VSHFLDOH PHVFROD FRVWLWXLWD GD
& PT ¼
UHVLQH SROLXUHWDQLFKH SLJPHQWDWH H JUDQXOL GL JRPPD VLQWHWLFD GL DOWD TXDOLWj ,O
©VLVWHPDª GL FXL VRSUD GRYUj DYHUH XQR VSHVVRUH PHGLR ILQLWR GL PP SHU OD
SLVWD SRGLVWLFD H SHU OH SHGDQH ,O SLDQR GL DSSRJJLR GL FRQJORPHUDWR ELWXPLQRVR
VDUj SUHYHQWLYDPHQWH WUDWWDWR FRQ XQ ©SULPHUª SROLXUHWDQLFR ,GRQHR SHU SLFFROL
LPSLDQWLGLEDVHRVFRODVWLFLRSLD]]DOL
0DQWR VLQWHWLFR GUHQDQWH SHU SLVWH H SHGDQH GL DWOHWLFD OHJJHUD RPRORJDWR

&21,),'$/ FRVWLWXLWR SHU LO SULPR VWUDWR GD JUDQXOL GL JRPPD QHUD GL
RSSRUWXQD JUDQXORPHWULD OHJDWL GD UHVLQH SROLXUHWDQLFKH PRQRFRPSRQHQWL FRODWR
LQ RSHUD FRQ VSHFLDOH PDFFKLQD HOHWWULFD ILQLWULFH ± OLYHOODWULFH H FRQ
©7RSSLQJFª GL XVXUD UHDOL]]DWD D PH]]R GL VSUX]]DWXUD FRQ SDUWLFRODUL
PDFFKLQH GL XQD VSHFLDOH PHVFROD FRVWLWXLWD GD UHVLQH SROLXUHWDQLFKH SLJPHQWDWH
& PT ¼
H JUDQXOL GL JRPPD VLQWHWLFD GL DOWD TXDOLWj GL FRORUH URVVR LQ UDJLRQH GL .JPT
GL UHVLGXR VHFFR ,O ©VLVWHPDª GL FXL VRSUD GRYUj DYHUH XQR VSHVVRUH PHGLR ILQLWR
GL PP SHU OD SLVWD SRGLVWLFD H PP SHU OH SHGDQH ,O SLDQR GL DSSRJJLR GL
FRQJORPHUDWR ELWXPLQRVR VDUj SUHYHQWLYDPHQWH WUDWWDWR FRQ XQ ©SULPHUª
SROLXUHWDQLFR
0DQWR VLQWHWLFR GUHQDQWH RPRORJDWR &21,),'$/ FRVWLWXLWR FRPSOHWDPHQWH

GD JUDQXOL GL JRPPD VLQWHWLFD GL DOWD TXDOLWj GL FRORUH URVVR SHU WXWWR OR VSHVVRUH
GL PP R , JUDQXOL GL JRPPD VLQWHWLFD GRYUDQQR HVVHUH GL RSSRUWXQD H
VHOH]LRQDWD FXUYD JUDQXORPHWULFD H OHJDWL FRQ UHVLQD SROLXUHWDQLFD
& PRQRFRPSRQHQWH ,O PDQWR VDUj SRVWR LQ RSHUD FRQ SDUWLFRODUH PDFFKLQD PT ¼
ILQLWULFH OLYHOODWULFH /R VSHVVRUH GRYUj HVVHUH GL PP SHU OD SLVWD SRGLVWLFD H
PP SHU OH SHGDQH ,O SLDQR GL DSSRJJLR LQ FRQJORPHUDWR ELWXPLQRVR VDUj
SUHYHQWLYDPHQWH WUDWWDWR FRQ XQ ©SULPHUª ELFRPSRQHQWH SROLXUHWDQLFR Ê
FRPSUHVRTXDQWRDOWURRFFRUUHSHUGDUHO¶RSHUDILQLWD
0DQWRVLQWHWLFR©VHPLGUHQDQWHªSXUFKpJLjRPRORJDWR&21,),'$/FRVWLWXLWR
FRPSOHWDPHQWH GD JUDQXOL GL JRPPD VLQWHWLFD GL DOWD TXDOLWj FRQ VXSHULRUH
VSUX]]DWXUD GL SDUWLFRODUH PLVFHOD SROLXUHWDQLFD H JRPPD ILQR DG RWWHQHUH XQ
©VLVWHPDª GHOOR VSHVVRUH FRPSOHVVLYR GL PP SHU OD SLVWD SRGLVWLFD H PP
SHU OH SHGDQH GL FRORUH URVVR SHU WXWWR OR VSHVVRUH , JUDQXOL GL JRPPD VLQWHWLFD
SHU LO SULPR VWUDWR GL PP VDUDQQR OHJDWL FRQ UHVLQD SROLXUHWDQLFD
& PRQRFRPSRQHQWH H SRVWL LQ RSHUD FRQ SDUWLFRODUH PDFFKLQD ILQLWULFH PT ¼
OLYHOODWULFH ,O VXSHULRUH VWUDWR VHPLPSHUPHDELOH 'HOOR VSHVVRUH GL PP VDUj
UHDOL]]DWR D PH]]R GL VSUX]]DWXUD FRQ VSHFLDOL PDFFKLQH GL XQD ©PHVFRODª GL
UHVLQD SROLXUHWDQLFD SLJPHQWDWD H JUDQXOL GL JRPPD URVVL LQ UDJLRQH GL FLUFD .J
D PT GL UHVLGXR VHFFR ,O SLDQR GL DSSRJJLR LQ FRQJORPHUDWR ELWXPLQRVR
VDUj SUHYHQWLYDPHQWH WUDWWDWR FRQ XQ ©SULPHUª ELFRPSRQHQWH SROLXUHWDQLFR Ê
0DQWR VLQWHWLFR ©LPSHUPHDELOHª RPRORJDWR &21,),'$/ UHDOL]]DWR LQ WUH

VWUDWL 3ULPR VWUDWR FRVWLWXLWR GD JUDQXOL GL JRPPD QHUD GL RSSRUWXQD
JUDQXORPHWULD OHJDWL FRQ UHVLQD SROLXUHWDQLFD PRQRFRPSRQHQWH VWHVR H FRODWR
VXO SRVWR FRQ PDFFKLQD ILQLWULFH OLYHOODWULFH 6HFRQGR VWUDWR FRVWLWXLWR GD
DSSOLFD]LRQH GL UHVLQD SROLXUHWDQLFD SXUD LQ UDJLRQH GL FLUFD .J D PT SHU LO
WUDWWDPHQWR LPSHUPHDELOL]]DQWH GHO SLDQR GL DSSRJJLR GL FXL VRSUD /D UHVLQD
SRWUj DQFKH HVVHUH SLJPHQWDWD 7HU]R VWUDWR GL XVXUD H ILQLWXUD FRQ ©WRSSLQJª
VXSHUILFLDOH UHDOL]]DWR PHGLDQWH VSUX]]DWXUD FRQ VSHFLDOL PDFFKLQH GL XQD
& PT ¼
PLVFHOD FRVWLWXLWD GD UHVLQD SROLXUHWDQLFD URVVD H JUDQXOL GL JRPPD GL DOWD
TXDOLWj GL FRORUH URVVR GDWD LQ WUH DSSOLFD]LRQL VXFFHVVLYH SHU XQ LPSLHJR WRWDOH
GL FLUFD .J D PT GL UHVLGXR VHFFR /R VSHVVRUH FRPSOHVVLYR GHO ©VLVWHPDª
FRPH VRSUD GHVFULWWR DYUj XQR VSHVVRUH WRWDOH ILQLWR SDUL D PP SHU SLVWD
SRGLVWLFD H PP SHU OH SHGDQH ,O SLDQR GL DSSRJJLR LQ FRQJORPHUDWR
ELWXPLQRVR VDUj SUHYHQWLYDPHQWH WUDWWDWR FRQ ©SULPHUª SROLXUHWDQLFR
ELFRPSRQHQWHÊFRPSUHVRTXDQWRDOWURRFFRUUHSHUGDUHO¶RSHUDILQLWD
0DQWR VLQWHWLFR FRPSDWWR ©LPSHUPHDELOHª JLj RPRORJDWR &21,),'$/

FRVWLWXLWR H FRPSRVWR SHU WXWWR OR VSHVVRUH GD UHVLQD SROLXUHWDQLFD SXUD
SLJPHQWDWD LQ FRORUH URVVR FRQ VXSHULRUH ©VHPLQDª GL JUDQXOL GL JRPPD GL DOWD
TXDOLWj $ VFHOWD GHOOD GLUH]LRQH ODYRUL L JUDQXOL VXSHUILFLDOL GHOOD ©VHPLQDª
SRWUDQQR HVVHUH WUDWWDWL FRQ XQD VSUX]]DWXUD GL UHVLQD SROLXUHWDQLFD QRQ
& SLJPHQWDWD RQGH DXPHQWDUH O¶DQFRUDJJLR GHJOL VWHVVL JUDQXOL DO VRWWRVWDQWH PT ¼
EDVDPHQWR LQ FRPSDWWR /R VSHVVRUH GHOO¶LQWHUR ©VLVWHPDª XQD YROWD ILQLWR GRYUj
HVVHUH XJXDOH D PP SHU SLVWD SRGLVWLFD H PP SHU OH SHGDQH ,O SLDQR GL
DSSRJJLR LQ FRQJORPHUDWR ELWXPLQRVR VDUj SUHYHQWLYDPHQWH WUDWWDWR FRQ
©SULPHUªSROLXUHWDQLFRELFRPSRQHQWH
)RUPD]LRQH VRWWRIRQGR LQ FRQJORPHUDWR ELWXPLQRVR GL VWUXWWXUD ULFFD H DSHUWD

& ©E\QGHUª VWHVR D FDOGR H D PDQR VSHVVRUH ILQLWR GL FP SHU WHQQLV SDOODYROR PT ¼
SDOODFDQHVWURHWFFRPSUHVRTXDQWRDOWURRFFRUUHSHUGDUHO¶RSHUDILQLWD
)RUPD]LRQH VRWWRIRQGR LQ FRQJORPHUDWR ELWXPLQRVR GL VWUXWWXUD ULFFD H DSHUWD

©E\QGHUª VWHVR D FDOGR D PH]]R YLEURILQLWULFH H D PDQR GHELWDPHQWH UXOODWR
& PT ¼
VSHVVRUH ILQLWR FP SHU LPSLDQWL GL DWOHWLFD OHJJHUD Ê FRPSUHVR TXDQWR DOWUR
RFFRUUHSHUGDUHO¶RSHUDILQLWD
)RUPD]LRQH WDSSHWLQR LQ PDOWD ELWXPLQRVD ILQH PP VWHVD FRQ

YLEURILQLWULFH H D PDQR FRQIH]LRQDWR FRQ ELWXPH GHELWDPHQWH UXOODWR
& PT ¼
VSHVVRUHILQLWRFP
&DQDOHWWH LQ FDOFHVWUX]]R OXQJR L ODWL LQ FRPXQH GHL FDPSL GL ODUJKH]]D XWLOH

FP H SURIRQGLWj FP LQWHUDPHQWH FRSHUWD FRQ ODVWUH GL FHPHQWR GHOOR
& P ¼
VSHVVRUH GL FP PXQLWH GL RSSRUWXQH IHULWRLH SHU OR VPDOWLPHQWR GHOOH DFTXH Ê
&RUGROL GL FHPHQWR SUHIDEEULFDWL VH]LRQH FP [ FRQ WHVWDWD ULFRSHUWD LQ

39& SRVDWD VX DGHJXDWD IRQGD]LRQH FRQWLQXD H ULQILDQFR LQ FOV SHU
& FRQWHQLPHQWR IRVVD GL FDGXWD SHU DWOHWLFD OHJJHUD R VLPLOL IRUQLWL H SRVWL LQ P ¼
RSHUDÊFRPSUHVRTXDQWRDOWURRFFRUUHSHUGDUHO¶RSHUDILQLWD
0LVXUDWLDOXFHQHWWDRYYHURHVFOXVHOHVRYUDSSRVL]LRQLGHLSH]]L
&RUGROL LQ SURILODWR GL DFFLDLR ]LQFDWR H YHUQLFLDWL VH]LRQH PP [ FRQ

VSHFLDOL WDVVHOOL GD DSSOLFDUH VRSUD OH FDQDOHWWH VLD ILVVL FKH DPRYLELOL SHU DWOHWLFD
& P ¼
OHJJHUDIRUQLWLHSRVWLLQRSHUD
7UDFFLDPHQWR GHO FDPSR LQ QDVWUR GL SODVWLFD WLSR SHVDQWH RSSRUWXQDPHQWH

& FDG ¼
ILVVDWLÊFRPSUHVRTXDQWRDOWURRFFRUUHSHUGDUHLOODYRURILQLWR
7UDFFLDPHQWR FDPSR LQ YHUQLFH VSHFLDOH FRORUH ELDQFR SHU WHQQLV SDOODYROR H

& FDG ¼
SDOODPDQRÊFRPSUHVRTXDQWRDOWURRFFRUUHSHUGDUHLOODYRURILQLWR
7UDFFLDPHQWR SHU JLRFR FDPSR WHQQLV PHGLDQWH LQWDJOLR H VXFFHVVLYR

& LQFROODJJLR GHOOH OLQHH JLDOOH GL PDWHULDOH LGHQWLFR DO PDQWR SHU WHQQLV H FDOFHWWR FDG ¼
ÊFRPSUHVRTXDQWRDOWURRFFRUUHSHUGDUHLOODYRURILQLWR
7UDFFLDPHQWR FDPSR SHU JLRFR SDOODFDQHVWUR LQ YHUQLFH VSHFLDOH Ê FRPSUHVR

& FDG ¼
%RFFKH GD SUHVD UDSLGH SHU LGUDQWL GLDPHWUR ´ LQ EURQ]R RWWRQH IRUQLWH H

& SRVWH LQ RSHUD FRPSUHVD OD UDFFRUGHULD H SH]]L VSHFLDOL (¶ FRPSUHVR TXDQWR FDG ¼
,UULJDWRUH VHPRYHQWH FRPSOHWR GL P GL WXER GL SODVWLFD ULQIRU]DWR FRQ UHWH LQ

& SROLHWLOHQH SHU WHQXWD D SUHVVLRQH FRPSUHVD IRUQLWXUD H DWWDFFR UDSLGR HG FDG ¼
HYHQWXDOHJLXQWRÊFRPSUHVRTXDQWRDOWURRFFRUUHSHUGDUHLOODYRURILQLWR
,UULJDWRUL D VFRPSDUVD LQ PDWHULDOH SODVWLFR GHO WLSR D VFHOWD GHOOD '/

& FRPSUHVD IRUQLWXUD H SRVD LQ RSHUD Ê LQROWUH FRPSUHVR TXDQWR DOWUR RFFRUUH SHU
GDUHLOODYRURILQLWR
& D JLWWDWHGDDP FDG ¼
& E JLWWDWHGDP FDG ¼
& F JLWWDWHGDP FDG ¼
& G JLWWDWHGDP FDG ¼
& H JLWWDWHGDP FDG ¼
5HFLQ]LRQHLQWHUQDSHUFDPSRGDFDOFLRIRUQLWDHSRVWDLQRSHUDFRVWLWXLWDGD
DWXERODUL PHWDOOLFL FRQ VH]LRQH GLDPHWUR H VDHWWRQL WXERODUL D ULQIRU]R GHJOL

DQJROL GLDPHWUR YHUQLFLDWL FRQ DQWLUXJJLQH H GXH PDQL GL YHUQLFH FRQ FRORUH D
VFHOWD GHOOD '/ SRVWL DG LQWHUDVVH PHGLR GL UQ H GL DOWH]]D IXRUL WHUUD SDUL
DPFRQDOODEDVHSXLQWRLQFDOFHVWUX]]RRSSRUWXQDPHQWHGLPHQVLRQDWR
EUHWH PHWDOOLFD SODVWLILFDWD SHU UHFLQ]LRQL GL DOWH]]D P FRQ PDJOLD

& PT ¼
URPERLGDOH [ PP FRQ ILOR GLDPHWUR PP ILOL GL WHVDWXUD LQ ILOR
GLDPHWUR PP SODVWLILFDWR H IHUUL WRQGL GLDPHWUR PP SRVWL DOOD EDVH DO
FHQWURHGLQVRPPLWjGHOODUHWHWHVDWRHYHUQLFLDWR
6RQR FRPSUHVL OH RSSRUWXQH OHJDWXUH H FURFL GL $QGUHD FRQ ILOL GLDPHWUR PP

Ê LQROWUH FRPSUHVR TXDQWR DOWUR RFFRUUH SHU GDUH O¶RSHUD ILQLWD 'HYH HVVHUH
FRPXQTXH JDUDQWLWD OD ULVSRQGHQ]D GHOOD UHFLQ]LRQH DOOD VSLQWD RUL]]RQWDOH SHU
JOLLPSLDQWLVSRUWLYLQHLFDVLSUHYLVWLGDOODQRUPDWLYDYLJHQWH
5HFLQ]LRQHSHUFDPSRGDWHQQLVIRUQLWDHSRVWDLQRSHUDFRVWLWXLWDGD
D WXERODUL LQ IHUUR GLDPHWUR PP H VDHWWRQL D ULQIRU]R GHJOL DQJROL GHO

GLDPHWUR PP DQQHJDWL QHO FRUGROR LQ FD GL ERUGR YHUQLFLDWL FRQ
DQWLUXJJLQH H GXH PDQL GL YHUQLFH FRQ FRORUH D VFHOWD GHOOD '/ SRVWL DG
LQWHUDVVH PHGLR GL P H DOWH]]D IXRUL WHUUD SDUL D P LQ WHVWDWD H SHU
XQ ULVYROWR SDUL DOOD OXQJKH]]D GL WUH FDPSDWH VXL ODWL PDJJLRUL P QHOOD
SDUWH FHQWUDOH GHL ODWL OXQJKL Ê FRPSUHVR LO FRUULPDQR LQ WXERODUH GL IHUUR
& PT ¼
GLDPHWURPP
E UHWH PHWDOOLFD SODVWLILFDWD SHU UHFLQ]LRQH FRQ PDJOLD URPERLGDOH [ PP
FRQ ILOR GLDPHWUR PP ILOL GL WHVDWXUD LQ ILOR GLDPHWUR PP SODVWLILFDWR H IHUUL
WRQGL GLDPHWUR PP ,2 H SRVWL DOOD EDVH LQ VRPPLWj HG LQ PH]]HULD GHOOD SDUWH
DOWDWHVDWLHYHUQLFLDWL
6RQR FRPSUHVL OH RSSRUWXQH OHJDWXUH H FURFL GL $QGUHD FRQ ILOL GLDPHWUR PP

)RUQLWXUD H SRVD LQ RSHUD OXQJR L ODWL GHL FDPSL GD JLRFR GL XQD FDQDOHWWD LQ
39& ODUJKH]]D XWLOH FLUFD FP H SURIRQGLWj FLUFD FP LQWHUDPHQWH
& D FRSHUWD FRQ ODVWUD GHOOR VWHVVR PDWHULDOH GHOOR VSHVVRUH PLQLPR GL FP PXQLWD P ¼
GL RSSRUWXQH IHULWRLH SHU OR VPDOWLPHQWR GHOOH DFTXH (¶ FRPSUHVR TXDQWR DOWUR
RFFRUUHSHUGDUHLOODYRURILQLWR
)RUPD]LRQH GL SDYLPHQWD]LRQH SHU FDPSR GL FDOFLR GD HVHJXLUH WUDPLWH

PLVFXJOLR GL VDEELD FDOFDUHD GL IUDQWRLR SHU FHQWR H VDEELD DUJLOORVD ILQH
SHU FHQWR 6RQR FRPSUHVL OD VWHVXUD LO OLYHOODPHQWR OD FLOLQGUDWXUD
& PF ¼
O¶LQQDIILDPHQWR GHOOD SDYLPHQWD]LRQH GD HIIHWWXDUH FRQ LGRQHL PH]]L PHFFDQLFL
(¶ LQROWUH FRPSUHVR TXDQWR DOWUR RFFRUUH SHU GDUH O¶RSHUD ILQLWD FRPSOHWD HG
DJLELOHSHUO¶DWWLYLWjVSRUWLYD

& $775(==$785(63257,9(

7DUJKHWWDWXUD LQGLFDWULFH LQ DOOXPLQLR DQRGL]]DWR ILVVDWD VXL FRUGROL

SHULPHWUDOL H VHJQDOHWLFD ILVVD RUL]]RQWDOH FRPSOHWD Ê FRPSUHVR LO WUDFFLDPHQWR
& H OD GLSLQWXUD GL FRUVLH SDUWHQ]H FDPEL HWF FRQ YHUQLFH VSHFLDOH FRORUH ELDQFR H FDG ¼
FRORUL GLYHUVL SHU DWOHWLFD OHJJHUD Ê FRPSUHVR TXDQWR DOWUR RFFRUUH SHU GDUH LO
ODYRURILQLWR
$VVL GL EDWWXWD LQ OHJQR VH]LRQH FP [[ SHU VDOWR LQ OXQJR IRUQLWL H

SRVWL LQ RSHUD YHUQLFLDWL FRQ VPDOWR ELDQFR FRQ LQFDVWUL LQ IHUUR SHU DJJDQFL H
& ULYHVWLPHQWR GL XQD GHOOH IDFFH FRQ SDYLPHQWD]LRQH VLQWHWLFD Ê FRPSUHVR FDG ¼
O¶DOORJJLDPHQWR LQ DSSRVLWD FDVVHWWD LQ IHUUR FRQ LQFDVWUL G¶DSSRJJLR Ê LQROWUH
FRPSUHVRTXDQWRDOWURRFFRUUHSHUGDUHLOODYRURILQLWR
&HQWLQD LQ OHJQR SHU LO ODQFLR GHO JLDYHOORWWR VH] [ IRUQLWD H SRVWD LQ
& RSHUD RSSRUWXQDPHQWH ILVVDWD Ê FRPSUHVR TXDQWR DOWUR RFFRUUH SHU GDUH LO ODYRUR FDG ¼
ILQLWR
3HGDQDSHUODQFLRGHOSHVRGLVFRPDUWHOOR
6RQR FRPSUHVL OR VFDYR GL VEDQFDPHQWR DOOD SURIRQGLWj GL FP LO FDULFR

WUDVSRUWR H VFDULFR D ULILXWR GHO PDWHULDOH GL ULVXOWD OD VWHVXUD GL FP GL
JKLDLRQH LO JHWWR GL FOV GHELWDPHQWH DUPDWR GRVDWR GL TOL GL FHPHQWR SHU XQR
& VSHVVRUH GL FP GHELWDPHQWH IUDWD]]DWR OD IRUQLWXUD H SRVD LQ RSHUD GL FHUFKLR FDG ¼
GL IHUUR VH]LRQDWR PP [ GLDPHWUR P SHU LO SHVR PDUWHOOR H GLDPHWUR P
SHU LO GLVFR RSSRUWXQDPHQWH YHUQLFLDWR Ê LQROWUH FRPSUHVR TXDQWR DOWUR
RFFRUUH SHU GDUH O¶RSHUD FRPSOHWD SHU O¶DWWLYLWj VSRUWLYD ,O FHQWUR GHOOH SHGDQH
VDUjSURYYLVWRGLRSSRUWXQRVFDULFRSHUOHDFTXHSLRYDQH
)HUPDSLHGH LQ OHJQR VH] O[O[ YHUQLFLDWR IRUQLWR H SRVWR LQ RSHUD

& FRPSUHVH OH ]DQFKH GL DQFRUDJJLR SHU OD SHGDQD SHVR Ê LQROWUH FRPSUHVR FDG ¼
&RURQD FLUFRODUH LQ IHUUR YHUQLFLDWR IRUQLWR H SRVWR LQ RSHUD SHU ULGX]LRQH

& SHGDQD GD GLVFR D PDUWHOOR Ê LQROWUH FRPSUHVR TXDQWR DOWUR RFFRUUH SHU GDUH LO FDG ¼
ODYRURILQLWR
*DEELD UHJRODPHQWDUH GL SURWH]LRQH SHU ODQFL IRUQLWD H SRVWD LQ RSHUD

FRVWLWXLWD GD XQD UHWH LQ Q\ORQ DOWH]]D P OXQJKH]]D P FLUFD VRVWHQXWD
& GD Q SDOL LQ WXER G¶DFFLDLR [ H Q WLUDQWL LQ FRUGD PHWDOOLFD FRQ WHQGLWRUL FDG ¼
LO WXWWR VHFRQGR OH QRUPH ),'$/ Ê FRPSUHVR TXDQWR DOWUR RFFRUUH SHU GDUH
O¶RSHUDILQLWD
)RVVD SHU LO SHUFRUVR GHOOD JDUD © VLHSLª GHOOH GLPHQVLRQL LQ OXFH GL P
[ SURIRQGD FP 6RQR FRPSUHVL OR VFDYR GL WHUUHQR YHJHWDOH SHU OD
IRUPD]LRQH GHOOD IRVVD GL LQYDVR LO JHWWR GL PXUHWWL SHULPHWUDOL GL FRQWHQLPHQWR
H GHO SDYLPHQWR FRQ FDOFHVWUX]]R GRVDWR D TOL GL FHPHQWR JHWWDWR FRQWUR
WHUUD H GHQWUR FDVVHUDWXUH OD IRUQLWXUD H SRVD VXO IRQGR GL SLOHWWD GL VFDULFR
& FDG ¼
GHOO¶DFTXD FRQ WDSSR GL JRPPD H O¶DOODFFLDPHQWR DO SL YLFLQR SR]]HWWR GL
VFDULFR LO ULYHVWLPHQWR GL SDUWH GHO SDYLPHQWR FRQ OR VWHVVR PDWHULDOH GHOOD SLVWD
OD IRUQLWXUD H SRVD LQ RSHUD GL WUDYH LQ OHJQR FRVWLWXHQWH EDUULHUD GHOOH
GLPHQVLRQL UHJRODPHQWDUL )LGDO GL FP [[ VRVWHQXWD GD DSSRVLWL
VXSSRUWLÊFRPSUHVRTXDQWRDOWURRFFRUUHSHUGDUHO¶RSHUDILQLWD
3LD]]ROD LQ FOV P [ SHU EDVDPHQWR PDWHUDVVL GL FDGXWD SHU VDOWR FRQ
O¶DVWD 6RQR FRPSUHVL OR VFDYR GL FP OD VWHVXUD GL XQR VWUDWR GL FP GL
JKLDLD FRVWLSDWD OD IRUPD]LRQH GL EDWWXWR LQ FOV GRVDWR D TOL GL FHPHQWR
& FDG ¼
VSHVVRUH FP O¶DUPDWXUD FRQ IHUUR GLDPHWUR PP D PDJOLD TXDGUDWD FP
[ OD ILQLWXUD VXSHUILFLDOH FRQ PDOWD FHPHQWL]LD OLVFLDWD H IUDWD]]DWD ILQH Ê
LQROWUHFRPSUHVRTXDQWRDOWURRFFRUUHSHUGDUHO¶RSHUDILQLWD
3DOHWWL G¶DUULYR JHQHUDOH LQ WXERODUH GL IHUUR YHUQLFLDWL IRUQLWL H SRVWL LQ RSHUD

& Ê FRPSUHVD OD IRUPD]LRQH GL SOLQWL GL DQFRUDJJLR Ê LQROWUH FRPSUHVR TXDQWR FDG ¼
)RVVH GL FDGXWD LQ VDEELD SHU VDOWR LQ OXQJR H WULSOR 6RQR FRPSUHVL OR VFDYR
GL FP LO ULHPSLPHQWR LQ SLHWUDPH FP H VDEELD FP OD
& PT ¼
SHULPHWUDWXUD GHOOD IRVVD LO FDULFR WUDVSRUWR H VFDULFR D ULILXWR GHO PDWHULDOH GL
ULVXOWDÊFRPSUHVRTXDQWRDOWURRFFRUUHSHUGDUHLOODYRURILQLWR
dĂƌŝĨĨĂůƵŐůŝŽϮϬϮϮͲWĂƌƚĞŝŵƉŝĂŶƚŝĞůĞƚƚƌŝĐŝ
' ,03,$17,(/(775,&,
' ,03,$17,1(*/,(',),&,5(6,'(1=,$/,
$99(57(1=(
3HU TXDQWR ULJXDUGD LO FDSLWROR ©'LVWULEX]LRQH FLUFXLWL OXFHª RFFRUUH LQQDQ]LWXWWR
HIIHWWXDUHODVFHOWDIUDLOWLSRGLLPSLDQWR
$VRWWRWUDFFLD
%LQYLVWD
(IIHWWXDWD TXHVWD VFHOWD DO SUH]]R EDVH GHYRQR HVVHUH DJJLXQWL L QHFHVVDUL

LQFUHPHQWL VHFRQGR OH VROX]LRQL WHFQLFKH SUHYLVWH 3HU HVHPSLR VH VL YXRO
FRQWDELOL]]DUH O
LPSLDQWR HOHWWULFR GL XQ DPELHQWH LQ FXL YL VRQR SXQWL OXFH
FRPDQGDWL GD XQ LQWHUUXWWRUH UHDOL]]DWL VRWWRWUDFFLD FRQ FRQGXWWRUL GL WLSR
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$SSDUHFFKLR SHU LOOXPLQD]LRQH SHU ELQDULR LQ ODPLHUD G

DFFLDLR JUDGR GL
' SURWH]LRQH ,3 FODVVH , FRPSOHWR GL FDEODJJLR ULIDVDPHQWR FRVIL WXER
IOXRUHVFHQWH.GLVXSSRUWRSHUELQDULRHGLRJQLDOWURDFFHVVRULRLQRSHUD
'D 7LSRVHQ]DRWWLFD
5LIOHWWRUH LQ ODPLHUD GL DFFLDLR FRORUH ELDQFR WLSR PRQRODPSDGD FRQ WHVWDWH GL

'D FDG ¼
FKLXVXUD
5LIOHWWRUH LQ ODPLHUD GL DFFLDLR FRORUH ELDQFR WLSR ELODPSDGD FRQ WHVWDWH GL
'D FDG ¼
FKLXVXUD
7HJROLQR LQ ODPLHUD GL DFFLDLR FRORUH ELDQFR SHU PRQWDJJLR DSSDUHFFKLR D
'D FDG ¼
VRIILWWRLQFOXVLILVVDJJL
' $&&(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]]DWR D TXDWWUR FRQGXWWRUL FDULFR
PDVVLPRILQRD$SHUIDVHFRPSOHWRGLPHVVDDWHUUD
0RGXOR EDVH FRPSOHWR GL VWDIID GL PXUDWD XQD RJQL PHWUR OLQHDUH WDOH GD
P ¼
JDUDQWLUHLOVRVWHJQRHODVRVSHQVLRQHGHOOHDSSDUHFFKLDWXUHLQVWDOODWHLQRSHUD
' 7HVWDWDGLDOLPHQWD]LRQHSHUELQDULRHOHWWULILFDWRWULIDVHLQRSHUD FDG ¼
' 3LDVWULQDGLFKLXVXUDSHUELQDULRHOHWWULILFDWRWULIDVHLQRSHUD FDG ¼
$OLPHQWDWRUH LQWHUPHGLR R FROOHJDPHQWR DG DQJROR SHU ELQDULR HOHWWULILFDWR

' FDG ¼
WULIDVHLQRSHUD
' *LXQWRIOHVVLELOHRPQLGLUH]LRQDOHSHUELQDULRHOHWWULILFDWRWULIDVHLQRSHUD FDG ¼
' *LXQWRDVFRPSDUVDSHUELQDULRHOHWWULILFDWRWULIDVHLQRSHUD FDG ¼
' &DYRDVSLUDOH[PPðOXQJKH]]DGDDPPLQRSHUD FDG ¼
' &DYRDVSLUDOH[PPðPDGLOXQJKH]]DGDDPPLQRSHUD FDG ¼
' $GDWWDWRUHSHUVRVSHQVLRQHSURLHWWRULSHUELQDULRHOHWWULILFDWRWULIDVHLQRSHUD FDG ¼
' 3UHVDFRQDGDWWDWRUH$9SHUELQDULRHOHWWULILFDWRWULIDVHLQRSHUD FDG ¼
' $33$5(&&+,',,//80,1$=,21(67$*1,
3ODIRQLHUD VWDJQD LQ SROLFDUERQDWR DXWRHVWLQJXHQWH JUDGR GL SURWH]LRQH ,3

FODVVH GL LVRODPHQWR , FRQ GLIIXVRUH LQ SROLFDUERQDWR WUDVSDUHQWH SULVPDWL]]DWR
'
FRPSOHWD GL ODPSDGD IOXRUHVFHQWH . FDEODJJLR ULIDVDPHQWR H GL RJQL DOWUR
DFFHVVRULRLQRSHUD
'H SHUODPSDGDGD: FDG ¼
'J 6RYUDSSUH]]RSHUUHDWWRUHHOHWWURQLFR
3ODIRQLHUD FRQ FRUSR LQ SROLFDUERQDWR DXWRHVWLQJXHQWH GLIIXVRUH WUDVSDUHQWH

' LQ SROLFDUERQDWR JUDGR GL SURWH]LRQH ,3 FODVVH G
LVRODPHQWR ,, FRPSOHWD GL
ODPSDGDFRPSOHWDWLSR'HGLRJQLDOWURDFFHVVRULRSHULOPRQWDJJLRLQRSHUD
'D GDODPSDGDGD: FDG ¼
'E GDODPSDGDGD: FDG ¼
'F GDODPSDGDGD: FDG ¼
3ODIRQLHUD D WHQXWD VWDJQD GL IRUPD RYDOH FRQ DWWDFFR ( FRQ VFKHUPR LQ
' YHWUR R SROLFDUERQDWR FRPSOHWD GL ODPSDGD DG LQFDQGHVFHQ]D ILQR D : FDG ¼
JDEELDGLSURWH]LRQHHGLRJQLDOWURDFFHVVRULRSHULOILVVDJJLRLQRSHUD
' 6,67(0,02'8/$5,
6LVWHPD PRGXODUH GL IRUPD WXERODUH FRQ GLDPHWUR ILQR D PP SHU

LOOXPLQD]LRQH FRQ ODPSDGH IOXRUHVFHQWL FRQ FRUSR LQ DOOXPLQLR HVWUXVR
'
YHUQLFLDWR FRPSOHWR GL FDEODJJLR ULIDVDPHQWR HYHQWXDOH JLXQWR GL FRQQHVVLRQH
GHLPRGXOLHODPSDGD.LQRSHUD
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 ODPSDGD IOXRUHVFHQWH
GD.LQRSHUD
0RGXOR VWUXWWXUDOH GL FRPSHQVD]LRQH SHU VLVWHPD PRGXODUH GL IRUPD WXERODUH

'
FRQGLDPHWURILQRDPPLQRSHUD
'D ILQRDP FDG ¼
'E ILQRDP FDG ¼
'F ILQRDP FDG ¼
*ULJOLD IUDQJLOXFH LQ DOOXPLQLR SHU VLVWHPD PRGXODUH GL IRUPD WXERODUH FRQ

'
GLDPHWURILQRDPPLQRSHUD
*ULJOLD IUDQJLOXFH LQ SOH[LJODVV SHU VLVWHPD PRGXODUH GL IRUPD WXERODUH FRQ

'
5DFFRUGR D D 7 DG LQFURFLR LQ DOOXPLQLR SHU VLVWHPD PRGXODUH GL IRUPD

' FDG ¼
WXERODUHFRQGLDPHWURILQRDPPLQRSHUD
5DFFRUGR D D 7 DG LQFURFLR LQ Q\ORQ SHU VLVWHPD PRGXODUH GL IRUPD

' FDG ¼
WXERODUHFRQGLDPHWURILQRDPPLQRSHUD
5DFFRUGR IOHVVLELOH LQ JRPPD SHU VLVWHPD PRGXODUH GL IRUPD WXERODUH FRQ

' FDG ¼
7HUPLQDOH GL FKLXVXUD LQ DOOXPLQLR SHU VLVWHPD PRGXODUH GL IRUPD WXERODUH

' FDG ¼
FRQGLDPHWURILQRDPPLQRSHUD
7HUPLQDOH GL FKLXVXUD LQ Q\ORQ SHU VLVWHPD PRGXODUH GL IRUPD WXERODUH FRQ

' FDG ¼
6LVWHPD PRGXODUH GL VH]LRQH UHWWDQJRODUH RG RYDOH SHU LOOXPLQD]LRQH FRQ

ODPSDGH IOXRUHVFHQWL FRQ FRUSR LQ DOOXPLQLR HVWUXVR YHUQLFLDWR FRQ RWWLFD
'
SDUDEROLFD LQ DOOXPLQLR FRPSOHWR GL FDEODJJLR ULIDVDPHQWR H ODPSDGD .
LQRSHUD
*ULJOLD IUDQJLOXFH LQ DOOXPLQLR SHU VLVWHPD PRGXODUH GL VH]LRQH UHWWDQJRODUH RG

'
RYDOHLQRSHUD
'D SHURODPSDGHGD: FDG ¼
'E SHURODPSDGHGD: FDG ¼
'F SHURODPSDGHGD: FDG ¼
*ULJOLD IUDQJLOXFH LQ SROLFDUERQDWR SHU VLVWHPD PRGXODUH GL VH]LRQH

'
UHWWDQJRODUHRGRYDOHLQRSHUD
'D SHURODPSDGHGD: FDG ¼
'E SHURODPSDGHGD: FDG ¼
'F SHURODPSDGHGD: FDG ¼
5DFFRUGR LQ DOOXPLQLR SHU VLVWHPD PRGXODUH GL VH]LRQH UHWWDQJRODUH RG RYDOH

'
LQRSHUD
'D UDFFRUGRD FDG ¼
'E UDFFRUGRD7 FDG ¼
'F UDFFRUGRDGLQFURFLR FDG ¼
5DFFRUGR IOHVVLELOH LQ JRPPD SHU VLVWHPD PRGXODUH GL VH]LRQH UHWWDQJRODUH RG

' FDG ¼
RYDOHLQRSHUD
*LXQWR OLQHDUH R WHUPLQDOH LQ DOOXPLQLR SHU VLVWHPD PRGXODUH GL VH]LRQH

' FDG ¼
UHWWDQJRODUHRGRYDOHLQRSHUD
6LVWHPD PRGXODUH SHU LOOXPLQD]LRQH GLUHWWDLQGLUHWWD FRQ ODPSDGH

IOXRUHVFHQWL FRQ FRUSR LQ DOOXPLQLR HVWUXVR YHUQLFLDWR FRPSOHWR GL
'
FDQDOL]]D]LRQH SRUWDFDYL LQWHJUDWD QHOOD VWUXWWXUD FRQ RWWLFD SDUDEROLFD LQ
DOOXPLQLRFRPSOHWRGLFDEODJJLRULIDVDPHQWRHODPSDGD.LQRSHUD
*ULJOLD IUDQJLOXFH LQ DOOXPLQLR SHU VLVWHPD PRGXODUH SHU LOOXPLQD]LRQH

'
GLUHWWDLQGLUHWWDLQRSHUD
'D SHURJQLODPSDGDGD: FDG ¼

'E SHURJQLODPSDGDGD: FDG ¼
'F SHURJQLODPSDGDGD: FDG ¼
'LIIXVRUH LQ SOH[LJDV DQWLDEEDJOLDPHQWR SHU VLVWHPD PRGXODUH SHU

'
LOOXPLQD]LRQHGLUHWWDLQGLUHWWDLQRSHUD
'D SHURJQLODPSDGDGD: FDG ¼
'E SHURJQLODPSDGDGD: FDG ¼
'F SHURJQLODPSDGDGD: FDG ¼
5DFFRUGR LQ DOOXPLQLR SHU VLVWHPD PRGXODUH SHU LOOXPLQD]LRQH GLUHWWDLQGLUHWWD

'
LQRSHUD
'D UDFFRUGRD FDG ¼
'E UDFFRUGRD7 FDG ¼
'F UDFFRUGRDGLQFURFLR FDG ¼
5DFFRUGR IOHVVLELOH LQ JRPPD SHU VLVWHPD PRGXODUH SHU LOOXPLQD]LRQH

' FDG ¼
*LXQWR OLQHDUH R WHUPLQDOH GL FKLXVXUD LQ DOOXPLQLR SHU VLVWHPD PRGXODUH SHU

' FDG ¼
*LXQWR XQLYHUVDOH SUHGLVSRVWR SHU O

XQLRQH OD VRVSHQVLRQH O
DOLPHQWD]LRQH GHL
' PRGXOL LQ DOOXPLQLR SHU VLVWHPD PRGXODUH SHU LOOXPLQD]LRQH GLUHWWDLQGLUHWWD LQ FDG ¼
RSHUD
7HVWDWD GL JLXQ]LRQH LQ DOOXPLQLR SHU VLVWHPD PRGXODUH SHU LOOXPLQD]LRQH

' FDG ¼
$WWDFFR LQ ODPLHUD G
DFFLDLR SHU LO PRQWDJJLR D SDUHWH SHU VLVWHPD PRGXODUH SHU
' FDG ¼
$&&(6625,3(56,67(0,02'8/$5,
*UXSSR GL VRVSHQVLRQH FRPSOHWR GL URVRQH FDYR LQ DFFLDLR ILQR D PW VWRS GL

' FDG ¼
DQFRUDJJLRHGLDWWDFFRDLFRUSLLOOXPLQDQWLLQRSHUD
*UXSSR GL VRVSHQVLRQH FRQ FDYR GL DOLPHQWD]LRQH GD [ PPð HVWHQVLELOH

' ILQR D P FRPSOHWR GL URVRQH FDYR LQ DFFLDLR ILQR D P VWRS GL DQFRUDJJLR H FDG ¼
GLDWWDFFRDLFRUSLLOOXPLQDQWLLQRSHUD
' 352,(7725,
3URLHWWRUH SHU ODPSDGD DG DORJHQL JUDGR GL SURWH]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
'D FRQODPSDGDILQRD: FDG ¼
'E FRQODPSDGDILQRD: FDG ¼
3URLHWWRUH SHU ODPSDGD DJOL LRGXUL PHWDOOLFL JUDGR GL SURWH]LRQH ,3 FODVVH

, GL IRUPD UHWWDQJRODUH FRUSR LQ DOOXPLQLR SUHVVRIXVR YHUQLFLDWR DL SROLXUHWDQL
' FRQ JOL HOHPHQWL GL DFFHQVLRQH LQFRUSRUDWL FRQ YHWUR WHPSHUDWR JXDUQL]LRQH
VLOLFRQLFD VWDIID GL ILVVDJJLR SUHVVDFDYR FDEODJJLR ULIDVDPHQWR FRPSUHQVLYR GL
ODPSDGDHGRJQLDOWURDFFHVVRULRLQRSHUD
'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 DOOXPLQLR SUHVVRIXVR YHUQLFLDWR DL
' SROLXUHWDQL FRQ JOL HOHPHQWL GL DFFHQVLRQH LQFRUSRUDWL FRQ YHWUR WHPSHUDWR
JXDUQL]LRQH VLOLFRQLFD VWDIID GL ILVVDJJLR SUHVVDFDYR FDEODJJLR ULIDVDPHQWR
FRPSUHQVLYRGLODPSDGDHGRJQLDOWURDFFHVVRULRLQRSHUD
'D FRQODPSDGDILQRD:6$3 FDG ¼

'E FRQODPSDGDILQRD:6$3 FDG ¼
'F FRQODPSDGDILQRGD:6$3 FDG ¼
3URLHWWRUH DG LPPHUVLRQH SHU LOOXPLQD]LRQH IRQWDQH H SLVFLQH FRUSR LQ UDPH R

' EURQ]R JUDGR GL SURWH]LRQH ,3 FODVVH ,,, FRPSOHWR GL ODPSDGD FDYR GL
DOLPHQWD]LRQHPJXDUQL]LRQLEDVHRVWDIIDGLDSSRJJLRLQRSHUD
'D ILQRD:D9 FDG ¼
'E ILQRD:D9 FDG ¼
3URLHWWRUH SHU ELQDULR HOHWWULILFDWR FRUSR LQ IXVLRQH GL DOOXPLQLR JUDGR GL

' SURWH]LRQH ,3 FODVVH , SHU ODPSDGD D MRGXUL PHWDOOLFL GD : FRPSOHWR GL FDG ¼
UHDWWRUHODPSDGDDWWDFFRSHUELQDULRWULIDVHLQRSHUD
3URLHWWRUH SHU ELQDULR HOHWWULILFDWR FRUSR LQ IXVLRQH GL DOOXPLQLR JUDGR GL

' SURWH]LRQH ,3 FODVVH , SHU ODPSDGD D MRGXUL PHWDOOLFL GD : FRPSOHWR GL FDG ¼
UHDWWRUHODPSDGDDWWDFFRSHUELQDULRWULIDVHLQRSHUD
' 5,)/(7725,
5LIOHWWRUH LQGXVWULDOH FRQ FRUSR LQ DOOXPLQLR SUHVVRIXVR YHUQLFLDWR JUDGR GL

' SURWH]LRQH ,3 FODVVH , ULIOHWWRUH LQ DOOXPLQLR EULOODQWDWR JDQFLR GL
VRVSHQVLRQHSUHVVDFDYRFDEODJJLRHGRJQLDOWURDFFHVVRULRLQRSHUD
'D FRQODPSDGDDYDSRULGLPHUFXULRILQRD: FDG ¼
'E FRQODPSDGDDYDSRULGLPHUFXULRILQRD: FDG ¼
'F FRQODPSDGDDYDSRULGL6RGLR$3GD: FDG ¼
'G FRQODPSDGDDYDSRULGL6RGLR$3GD: FDG ¼
'H FRQODPSDGDDJOL-0GDR: FDG ¼
' $33$5(&&+,',,//80,1$=,21(3(5(67(51,
$UPDWXUD FDUHQDWD FKLXVD LQ DOOXPLQLR SUHVVRIXVR JUDGR GL SURWH]LRQH ,3

FODVVH GL LVRODPHQWR , SHU LOOXPLQD]LRQH VWUDGDOH FRQ SRVVLELOLWj GL ILVVDJJLR
' YHUWLFDOH R ODWHUDOH ILQR D GLDPHWUR PP FRQ OH FRPSRQHQWL GL DFFHQVLRQH
LQFRUSRUDWH RWWLFD LQ DOOXPLQLR VWDPSDWR FRPSOHWD GL FDEODJJLR ODPSDGD
JXDUQL]LRQLHGRJQLDOWURDFFHVVRULRLQRSHUD
'D FRQODPSDGD:0%) FDG ¼

'E FRQODPSDGD:0%) FDG ¼
'F FRQODPSDGD:6$3 FDG ¼
'G FRQODPSDGD:6$3 FDG ¼
'H FRQODPSDGD:6$3 FDG ¼
'I FRQODPSDGD:-0 FDG ¼
'J FRQODPSDGD:-0 FDG ¼
$UPDWXUD FDUHQDWD FKLXVD LQ DOOXPLQLR SUHVVRIXVR JUDGR GL SURWH]LRQH ,3

FODVVH GL LVRODPHQWR , SHU LOOXPLQD]LRQH VWUDGDOH FRQ ILVVDJJLR YHUWLFDOH R
' ODWHUDOH ILQR D GLDPHWUR PP FRQ OH FRPSRQHQWL GL DFFHQVLRQH LQFRUSRUDWH
RWWLFD LQ ODPLHUD G
DFFLDLR YHUQLFLDWR ELDQFR FRPSOHWD GL FDEODJJLR ODPSDGD
JXDUQL]LRQLHGRJQLDOWURDFFHVVRULRLQRSHUD
'D FRQODPSDGDILQRD:6RGLR%DVVD3UHVVLRQH FDG ¼

$UPDWXUD LQ SROLHVWHUH ULQIRU]DWR LQ ILEUD GL YHWUR JUDGR GL SURWH]LRQH ,3

FODVVH GL LVRODPHQWR , SHU LOOXPLQD]LRQH VWUDGDOH FRQ ILVVDJJLR YHUWLFDOH R
'
ODWHUDOH ILQR D GLDPHWUR PP FRQ OH FRPSRQHQWL GL DFFHQVLRQH LQFRUSRUDWH
FRPSOHWDGLFDEODJJLRODPSDGDJXDUQL]LRQLHGRJQLDOWURDFFHVVRULRLQRSHUD
'D FRQODPSDGDILQRD:6RGLR%DVVD3UHVVLRQH FDG ¼
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$UPDWXUD LOOXPLQDQWH SHU ODPSDGH D OHG DOLPHQWD]LRQH 9 FRUSR LQ OHJD

' GL DOOXPLQLR GLIIXVRUH LQ YHWUR WHPSHUDWR FRQIRUPH DOOH FHULILFD]LRQL &( 5R+6
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'D OP FDG ¼
'E OP FDG ¼
'F OP FDG ¼
'G OP FDG ¼
'H OP FDG ¼
'I OP FDG ¼
' $&&(6625,3(5$50$785(675$'$/,
0HQVROD LQ DFFLDLR ]LQFDWR D FDOGR R YHUQLFLDWR SHU ILVVDJJLR D SDUHWH GL

' FDG ¼
DUPDWXUHVWUDGDOLILQRDGLDPHWURPPLQRSHUD
' */2%,
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LVRODPHQWR ,, SHU LOOXPLQD]LRQH UHVLGHQ]LDOH FRQ ILVVDJJLR YHUWLFDOH GLDPHWUR
'
PP FRPSOHWD GL EDVH FRQ SRUWDODPSDGD DWWDFFR ( FDEODJJLR JXDUQL]LRQL HG
RJQLDOWURDFFHVVRULRHVFOXVDODPSDGDLQRSHUD
'E GLDPHWURILQRDPP FDG ¼
'F GLDPHWURILQRDPP FDG ¼
*ORER LQ SROLFDUERQDWR DXWRHVWLQJXHQWH JUDGR GL SURWH]LRQH ,3 FODVVH GL

LVRODPHQWR ,, SHU LOOXPLQD]LRQH UHVLGHQ]LDOH FRQ ILVVDJJLR YHUWLFDOH GLDPHWUR
' PP FRPSOHWR GL EDVH LQ DOOXPLQLR SHU DOLPHQWDUH ODPSDGD D VFDULFD
DOLPHQWDWRUH FDEODJJLR JXDUQL]LRQL HG RJQL DOWUR DFFHVVRULR ODPSDGD FRPSUHVD
LQRSHUD
'D GLDPHWURILQRDPP
'D SHUODPSDGDDLYDSRULGLPHUFXULRILQRD: FDG ¼
'D SHUODPSDGDDLYDSRULGL6RGLR$3ILQRD: FDG ¼
'E GLDPHWURGDDPP
'E SHUODPSDGDDLYDSRULGLPHUFXULRILQRD: FDG ¼
'E SHUODPSDGDDLYDSRULGL6RGLR$3ILQRD: FDG ¼
'E SHUODPSDGDDLYDSRULGL6RGLR$3ILQRD: FDG ¼
'F GLDPHWURGDDPP
'F SHUODPSDGDDLYDSRULGL6RGLR$3ILQRD: FDG ¼
'F SHUODPSDGDDJOLLRGXULPHWDOOLFLILQRD: FDG ¼
' $FFHVVRULSHU*ORERGLDPHWURILQRDPP
'D IUDQJLOXFHODPHOODUHLQDOOXPLQLRSUHVVRIXVRLQRSHUD FDG ¼
'E GLIIXVRUHLQYHWURSULVPDWLFRLQRSHUD FDG ¼
'F WHJROLQRWHUPLFRLQDOOXPLQLRSUHVVRIXVRLQRSHUD FDG ¼
%UDFFLR FXUYR R D LQ DFFLDLR R DOOXPLQLR FRPSOHWR GL VXSSRUWR H GL RJQL

'
DFFHVVRULRSHUILVVDJJLRDSDUHWHLQRSHUD
'D SHUJORELILQRDGLDPHWURPP FDG ¼
'E SHUJORELILQRDGLDPHWURPP FDG ¼
' 3$/,
3DOR GLULWWR FLOLQGULFR LQ DFFLDLR ]LQFDWR D FDOGR FRPSUHVR OR VFDYR SHU

O
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' WUDVSRUWR GHO PDWHULDOH HFFHGHQWH DOOR VFDULFR DXWRUL]]DWR FRPSOHWR GL HYHQWXDOH
PRUVHWWLHUD GL GHULYD]LRQH SHU FDYL WHWUDSRODUL ILQR D PPð IRUL SHU FDVVHWWD GD
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HRJQLDOWURDFFHVVRULRSHULOPRQWDJJLRLQRSHUD
'D DOWH]]DPDWWDFFRGLDPPP FDG ¼

'E DOWH]]DPDWWDFFRGLDPPP FDG ¼
'F DOWH]]DPDWWDFFRGLDPPP FDG ¼
'G DOWH]]DPDWWDFFRGLDPPP FDG ¼
'H DOWH]]DPDWWDFFRGLDPPP FDG ¼
'I DOWH]]DPDWWDFFRGLDPPP FDG ¼
'J DOWH]]DPDWWDFFRGLDPPP FDG ¼
3DOR UDVWUHPDWR LQ DFFLDLR ]LQFDWR D FDOGR FRPSUHVR OR VFDYR SHU O

LQILVVLRQH
VX TXDOVLDVL WLSR GL WHUUHQR H GL SDYLPHQWD]LRQH EORFFR GL IRQGD]LRQH
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' PDWHULDOH HFFHGHQWH DOOR VFDULFR DXWRUL]]DWR FRPSOHWR GL HYHQWXDOH PRUVHWWLHUD GL
GHULYD]LRQH SHU FDYL WHWUDSRODUL ILQR D PPð IRUL SHU FDVVHWWD GD HVWHUQR
EXOORQH R SLDVWULQD SHU HTXLSRWHQ]LDOLWj H FRQQHVVLRQH GL WHUUD FRPSUHVD H RJQL
DOWURDFFHVVRULRSHULOPRQWDJJLRLQRSHUD
'D DOWH]]DPDWWDFFRGLDPPP FDG ¼

'E DOWH]]DPDWWDFFRGLDPPP FDG ¼
'F DOWH]]DPDWWDFFRGLDPPP FDG ¼
'G DOWH]]DPDWWDFFRGLDPPP FDG ¼
'H DOWH]]DPDWWDFFRGLDPPP FDG ¼
'I DOWH]]DPDWWDFFRGLDPPP FDG ¼
'J DOWH]]DPDWWDFFRGLDPPP FDG ¼
'K DOWH]]DPDWWDFFRGLDPPP FDG ¼
' 6EUDFFLRVLQJRORSHUSDOLGLULWWLRUDVWUHPDWLLQDFFLDLR]LQFDWRDFDOGRLQRSHUD
'D FRQDOWH]]DPHVEUDFFLRGLP FDG ¼
'E FRQDOWH]]DPHVEUDFFLRGLP FDG ¼
'F FRQDOWH]]DPHVEUDFFLRGLP FDG ¼
6EUDFFLR GRSSLR SHU SDOL GLULWWL R UDVWUHPDWL LQ DFFLDLR ]LQFDWR D FDOGR LQ

'
RSHUD
'D FRQDOWH]]DPHVEUDFFLRGLP FDG ¼
'E FRQDOWH]]DPHVEUDFFLRGLP FDG ¼
3DOR LQ SROLHVWHUH LQDWWDFFDELOH DOOD FRUURVLRQH GL HOHYDWD UHVLVWHQ]D PHFFDQLFD

FRPSUHVR OR VFDYR SHU O
LQILVVLRQH VX TXDOVLDVL WLSR GL WHUUHQR H GL
SDYLPHQWD]LRQH EORFFR GL IRQGD]LRQH FRVWLSDPHQWR ULFKLXVXUD H ULSULVWLQR GHOOD
'
SDYLPHQWD]LRQH GHO WUDVSRUWR GHO PDWHULDOH HFFHGHQWH DOOR VFDULFR DXWRUL]]DWR
FRPSOHWR GL EDVH LQ DOOXPLQLR SHU LO ILVVDJJLR FRQ WDVVHOOL SHU O
LQWHUUDPHQWR H GL
'D SHUDOWH]]DPGLDPPP FDG ¼
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PRGXODUHSHUJXLGD',1FRPSOHWRGLFDEODJJLR
$PSHURPHWUR GD TXDGUR DG LQGLFD]LRQH GLJLWDOH DG LQVHU]LRQH GLUHWWD R DG

' LQVHU]LRQH WUDPLWH WUDVIRUPDWRUH DPSHURPHWULFR HVFOXVR GHO WLSR GD SDQQHOOR R FDG ¼
PRGXODUHSHUJXLGD',1FRPSOHWRGLFDEODJJLR
9ROWPHWUR GD TXDGUR DG LQGLFD]LRQH DQDORJLFD GHO WLSR GD SDQQHOOR R PRGXODUH

' FDG ¼
SHUJXLGD',1FRPSOHWRGLFDEODJJLR
9ROWPHWUR GD TXDGUR DG LQGLFD]LRQH GLJLWDOH GHO WLSR GD SDQQHOOR R PRGXODUH

' FDG ¼
SHUJXLGD',1FRPSOHWRGLFDEODJJLR
&RPPXWDWRUH YROPHWULFR D WUH YLH GD SDQQHOOR R PXGXODUH SHU JXLGD ',1

' FDG ¼
FRPSOHWRGLFDEODJJLR
/DPSDGD VSLD GD TXDGUR FRQ JHPPD FRORUDWD FRPSOHWD GL SRUWDODPSDGD HG RJQL

' DOWUR DFFHVVRULR SHU UHQGHUOD IXQ]LRQDQWH FRPSUHVR LO FDEODJJLR DQFKH GHO WLSR FDG ¼
PRGXODUHGDTXDGURSHUDWWDFFRVXJXLGD',1
3LDVWUD GL IRQGR GL TXDOVLDVL GLPHQVLRQH H IRUPD VDJRPDWD H IRUDWD FRPSOHWD GL

' EXOORQHULD H TXDQWR DOWUR RFFRUUH SHU OD SRVD LQ RSHUD LQ ODPLHUD HOHWWUR]LQFDWD R PT ¼
YHUQLFLDWDGHOORVSHVVRUHGLRPP
3LDVWUD GL IRQGR GL TXDOVLDVL GLPHQVLRQH H IRUPD VDJRPDWD H IRUDWD FRPSOHWD GL

' EXOORQHULD H TXDQWR DOWUR RFFRUUH SHU OD SRVD LQ RSHUD LQ EDFKHOLWH GHOOR VSHVVRUH PT ¼
GLPP
3RUWDIXVLELOH GHO WLSR PRGXODUH GD TXDGUR FRPSOHWR GL FDEODJJLR H IXVLELOL ILQR

'
D$
' XQLSRODUH FDG ¼
' ELSRODUH FDG ¼
' WULSRODUH FDG ¼
' WULSRODUH1 FDG ¼
3RUWDIXVLELOH GHO WLSR PRGXODUH GD TXDGUR FRPSOHWR GL FDEODJJLR H IXVLELOL ILQR

'
D$
' XQLSRODUH FDG ¼
' ELSRODUH FDG ¼

' WULSRODUH FDG ¼
' WULSRODUH1 FDG ¼
3UHVD LWDOLDQD R 6FKXFNR [ $7 GHO WLSR PRGXODUH GD TXDGUR SHU DWWDFFR
' FDG ¼
VXJXLGD',1FRPSOHWRGLFDEODJJLR
6XRQHULD D URQ]DWRUH GHO WLSR PRGXODUH GD TXDGUR SHU DWWDFFR VX JXLGD ',1
' FDG ¼
FRPSOHWDGLFDEODJJLRWHQVLRQH9LQRSHUD
7DSSHWR LVRODQWH DQWLVGUXFFLROR UHVLVWHQWH DJOL DFLGL VROYHQWL JUDVVL HG DJOL

' DJHQWL DWPRVIHULFL DG DOWR SRWHUH LVRODQWH SHU WHQVLRQL ILQR D .9 FRPSUHVR LO PT ¼
ILVVDJJLRDSDYLPHQWR
7UDVIRUPDWRUH GHO WLSR PRGXODUH GD TXDGUR SHU DWWDFFR VX JXLGD ',1

'
PRQRIDVHDOSULPDULR9DOVHFRQGDULR9FRPSOHWRGLFDEODJJLR
' ILQRD9$ FDG ¼
' GDD9$ FDG ¼
' 7UDVIRUPDWRUHDPSHURPHWULFRFRPSOHWRGLFDEODJJLRLQRSHUD
' ILQRD$ FDG ¼
' ROWUH$ FDG ¼
/DVWUD GL SOH[LJODV R SROLFDUERQDWR WUDVSDUHQWH R FRORUDWD VDJRPDWD H IRUDWD

'
FRPHRFFRUUHFRPSOHWDGLTXDQWRRFFRUUHSHULOILVVDJJLRDOPð
' GHOORVSHVVRUHGLPP PT ¼
' GHOORVSHVVRUHGLPP PT ¼
6FRPSDUWR WLSR 32:(5 &(17(5 )250$ GL WLSR SUHIDEEULFDWR

PRGXODUH FRQ VWUXWWXUD DXWRSRUWDQWH UHDOL]]DWD FRQ SURILODWL LQ ODPLHUD GL DFFLDLR
GHOOR VSHVVRUH PLQLPR GL PP 3DQQHOOL ODPLHUH GL VHSDUD]LRQH H SRUWH VRQR
'
UHDOL]]DWH FRQ ODPLHUD SUHVVRSLHJDWD GHOOR VSHVVRUH PLQLPR PP *UDGR GL
SURWH]LRQH LQWHUQR ,3 1HOO
DPELWR GHOOR VFRPSDUWR VRQR LQGLYLGXDWH OH
VHJXHQWLFHOOHWLSLFKH
]RQDVEDUUH]RQDFDYLGLSRWHQ]DFHOODLQWHUUXWWRULFHOODDXVLOLDUL
' VH]LRQHIURQWDOHILQRDPPHSURIILQRDPP FDG ¼
' VH]LRQHIURQWDOHILQRDPPHSURIGDDPP FDG ¼
$WWUH]]DJJLR FHOOD GL VHJUHJD]LRQH VX VFRPSDUWR WLSR 32:(5 &(17(5 SHU

DOODFFLRGHLFRQWDWWLGHJOLLQWHUUXWWRULFRPSOHWRGLRJQLDFFHVVRULRSHUODJXLGDGL
' VFRUULPHQWR SHU O
HVWUD]LRQH GHOO
LQWHUUXWWRUH SURWH]LRQH H VHUUDQGH ULQYLL SHU OH
VHJQDOD]LRQL HOHWWULFKH FDEODJJLR FLUFXLWL DXVLOLDUL HYHQWXDOL VWUXPHQWL GL PLVXUD
HFRQWUROORHVFOXVDEDUUDWXUD201,%86
' SHULQWHUUXWWRULILQRD$ FDG ¼

' SHULQWHUUXWWRULILQRD$ FDG ¼
' 0XOWLPHWURGLJLWDOHLQHVHFX]LRQHPRGXODUHFRPSOHWRGLFDEODJJLRLQRSHUD FDG ¼
' ,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
'
',1DXWRSURWHWWLGDFRUWRFLUFXLWRHVRYUDFFDULFRLQRSHUDLQRSHUD
'D SHUXQDFRSSLDGLFLWRIRQLDSRVWRHVWHUQR FDG ¼
'E SHULPSLDQWLPLVWL FDG ¼
3RVWR HVWHUQR ULFHWUDVPLWWHQWH FRPSRVWR GD FLWRIRQR HOHWWURQLFR GD SDUHWH

' SXOVDQWLHUD DG WDVWR YLVLHUD LOOXPLQD]LRQH FRQ WUDVIRUPDWRUH GD 9$ LQ FDG ¼
RSHUD
' &LWRIRQRXQLILFDWRSHUSRVWRHVWHUQRLQRSHUD FDG ¼
' &LWRIRQRLQWHUFRPXQLFDQWHLQRSHUD
'D ILQRDFLWRIRQLGDSDUHWH FDG ¼
'E ILQRDFLWRIRQLGDSDUHWH FDG ¼
'F ILQRDFLWRIRQLGDSDUHWH FDG ¼
'G ILQRDFLWRIRQLGDWDYROR FDG ¼
'H ILQRDFLWRIRQLGDWDYROR FDG ¼
'I ILQRDFLWRIRQLGDWDYROR FDG ¼
3XOVDQWLHUD GL DOOXPLQLR DQRGL]]DWR SHU SRVWR HVWHUQR DG XQR R D GXH ILOH GL

' SXOVDQWL FRPSOHWD GL VFDWROD GL IRQGR WDVWLHUD H SRUWD FDUWHOOLQL OXPLQRVL
SRUWDODPSDGDODPSDGDHGRJQLDOWURDFFHVVRULRLQRSHUD
'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
DGXQDILODFRPSOHWDGLFXVWRGLDFRQWHWWXFFLRGLDOOXPLQLRDQRGL]]DWRSHU
'F
HVWHUQRLQRSHUD
'F DGWDVWR FDG ¼
'F DWDVWL FDG ¼
'F DWDVWL FDG ¼
'F DWDVWL FDG ¼
'F DWDVWL FDG ¼
DGXHILOHFRPSOHWDGLFXVWRGLDFRQWHWWXFFLRGLDOOXPLQLRDQRGL]]DWRSHU
'G
HVWHUQRLQRSHUD
'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
'G DWDVWL FDG ¼
6HUUDWXUD HOHWWULFD FRPSOHWD GL RJQL DFFHVVRULR PHFFDQLFR HG HOHWWULFR GL Q

' FDG ¼
FKLDYLFRPSUHVHHYHQWXDOLRSHUHGLIDEEURRIDOHJQDPHLQRSHUD
3XOVDQWLHUD GD WDYROR 9 +] FRPSOHWD GL LQWHUUXWWRUL XQLSRODUL

SXOVDQWH XQLSRODUH URQ]DWRUH 9 +] 9$ WDVWL OXPLQRVL FRQ
' FDG ¼
ODPSDGD 9 SHU LOOXPLQDUH OH VFULWWH $YDQWL$WWHQGD2FFXSDWR FRPSOHWR GL
PRUVHWWLHUDSRUWDODPSDGHODPSDGHHGRJQLDOWURDFFHVVRULRLQRSHUD
' 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 ODPSDGH DFFHVH FRPSOHWR GL SXOVDQWH URQ]DWRUH ODPSDGD FDG ¼
VFDWROD HG RJQL DOWUR DFFHVVRULR H FRPSUHVR LO WDJOLR O
LQFDVVR H OD ULSUHVD GHOOD
PXUDWXUDLQRSHUD
4XDGUR OXPLQRVR LQGLFDWRUH GL FKLDPDWD GD LQFDVVR R GD HVWHUQR FRQ IURQWDOH

LQ DOOXPLQLR DQRGL]]DWR H VFDWROD LQ UHVLQD VLQWHWLFD D FDQFHOOD]LRQH HOHWWULFD
'
FRPSOHWR GL UHOq ODPSDGH H URQ]DWRUH FRPSUHVR O
HYHQWXDOH LQFDVVR R OD
FRUQLFHFRPSUHVRRJQLDFFHVVRULRLQRSHUD
'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 HVWHUQR FRQ IURQWDOH

LQ DOOXPLQLR DQRGL]]DWR H VFDWROD LQ UHVLQD VLQWHWLFD D FDQFHOOD]LRQH HOHWWULFD
'
FRPSOHWR GL UHOq ODPSDGH H URQ]DWRUH FRPSUHVR O
HYHQWXDOH LQFDVVR R OD
FRUQLFHFRPSUHVRRJQLDFFHVVRULRLQRSHUD
'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
6XRQHULD D EDGHQLD D 9 FRPSOHWD GL PHQVROD FRPSUHVL L WDVVHOOL YLWL HFF LQ

'
RSHUD
'D GLDPHWURGHOODFDPSDQDFP FDG ¼
'E GLDPHWURGHOODFDPSDQDFP FDG ¼
'F GLDPHWURGHOODFDPSDQDFP FDG ¼

6XRQHULD D URQ]LR LQVWDOODELOH VLD D SDUHWH FKH LQ VFDWROD GD IUXWWR 9 LQ
' FDG ¼
RSHUD

6XRQHULD D WLPSDQR URWRQGR SLDWWR R FRQLFR LQ DFFLDLR LQVWDOODELOH VLD D SDUHWH
' FDG ¼
FKHLQVFDWRODGDIUXWWR9LQRSHUD
7UDVIRUPDWRUH PRQRIDVH SHU WHQVLRQL 9DO SULPDULR H 9 DO

' VHFRQGDULR FRQ HYHQWXDOH SXQWR PHGLDQR GHO VHFRQGDULR D WHUUD FRPSUHVL L
WDVVHOOLEDVHWWDYLWLHFFLQRSHUD
'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
6FDPELDWRUH PRGXODUH SHU LPSLDQWL D SL LQJUHVVL FRPSOHWR GL DFFHVVRUL LQ

' FDG ¼
RSHUD
' 67$=,21,',(0(5*(1=$(*5833,',&217,18,7$
*UXSSR VWDWLFR GL FRQWLQXLWj WLSR &2% FRPSUHQGHQWH UDGGUL]]DWRUH FDULFD

EDWWHULH LQYHUWHU EDWWHULD GL DFFXPXODWRUL E\SDVV VWDWLFR FKH SHUPHWWD XQ
SDVVDJJLR DXWRPDWLFR GLUHWWDPHQWH DOOD UHWH LQ FDVR GL VRYUDFFDULFR R GL 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 UREXVWL DUPDGL PHWDOOLFL H IRUQLUj XQD WHQVLRQH VWDELOL]]DWD LQ XVFLWD
FRQ WROOHUDQ]D PD[ GHO LQ UHJLPH GLQDPLFR H GHO LQ UHJLPH VWDWLFR
'LVWRUVLRQH LQ XVFLWD FRQ GL FDULFR QRQ OLQHDUH PLQRUH R XJXDOH DO
5HQGLPHQWR WRWDOH PLQRUH R XJXDOH DO 7HPSR GL VRYUDFFDULFR
PLQRUH R XJXDOH D
PLQRUH R XJXDOH D &RQIRUPL DOOH QRUPH
&(,LQRSHUD
*UXSSRGLFRQWLQXLWDLQJUHVVRPRQRIDVH9XVFLWDPRQRIDVH9N9$
' FDG
$XWRQRPLD
¼
' FDG
$XWRQRPLD
¼
' FDG
$XWRQRPLD
¼
' FDG
$XWRQRPLD
¼
' FDG
$XWRQRPLD
¼
*UXSSRGLFRQWLQXLWDLQJUHVVRPRQRIDVH9XVFLWDPRQRIDVH9
' FDG
N9$$XWRQRPLD
¼
(VSDQVLRQHGLDXWRQRPLDSHUJUXSSLVWDWLFLGLFRQWLQXLWjFRPSOHWLGLDUPDGL
' GLFRQWHQLPHQWRRUJDQLGLSURWH]LRQHFROOHJDPHQWLLQWHUQLHGDOJUXSSRGL
FRQWLQXLWj
(VSDQVLRQLGHOSDFFREDWWHULHSHUDXWRQRPLDGD
ILQRD
ILQRD
SHUJUXSSL
' FDG ¼
,QJUHVVRPRQRIDVH9XVFLWDPRQRIDVH9N9$
ILQRD
SHUJUXSSL
' FDG ¼
ILQRD
SHUJUXSSL
' FDG ¼
ILQRD
SHUJUXSSL
' FDG ¼
ILQRD
SHUJUXSSL
' FDG ¼
ILQRD
SHUJUXSSL
' FDG ¼
ILQRD
ILQRD
SHUJUXSSL
' FDG ¼
ILQRD
SHUJUXSSL
' FDG ¼
ILQRD
SHUJUXSSL
' FDG ¼
ILQRD
SHUJUXSSL
' FDG ¼
ILQRD
SHUJUXSSL
' FDG ¼
*UXSSR VWDWLFR GL FRQWLQXLWj FRPSUHQGHQWH UDGGUL]]DWRUH FDULFD EDWWHULH

LQYHUWHU EDWWHULD GL DFFXPXODWRUL DO 3E HUPHWLFKH E\SDVV VWDWLFR FKH SHUPHWWD
XQ SDVVDJJLR DXWRPDWLFR GLUHWWDPHQWH DOOD UHWH LQ FDVR GL VRYUDFFDULFR R GL JXDVWR
LQWHUQR GL
PLQRUH R XJXDOH D
&(,LQRSHUD
*UXSSRGLFRQWLQXLWDLQJUHVVRWULIDVH9XVFLWDPRQRIDVH9N9$
' FDG ¼
$XWRQRPLD

' FDG ¼
$XWRQRPLD

' FDG ¼
$XWRQRPLD

FRQWLQXLWj
ILQRD
ILQRD
SHUJUXSSL
' FDG ¼
,QJUHVVRWULIDVH9XVFLWDPRQRIDVH9N9$
ILQRD
SHUJUXSSL
' FDG ¼
ILQRD
SHUJUXSSL
' FDG ¼
ILQRD
ILQRD
SHUJUXSSL
' FDG ¼
ILQRD
SHUJUXSSL
' FDG ¼
ILQRD
SHUJUXSSL
' FDG ¼
*UXSSR VWDWLFR GL FRQWLQXLWj FRPSUHQGHQWH UDGGUL]]DWRUH FDULFD EDWWHULH

LQYHUWHU EDWWHULD GL DFFXPXODWRUL DO 3E HUPHWLFKH E\SDVV VWDWLFR FKH SHUPHWWD
XQ SDVVDJJLR DXWRPDWLFR GLUHWWDPHQWH DOOD UHWH LQ FDVR GL VRYUDFFDULFR R GL JXDVWR
LQWHUQR GL
PLQRUH R XJXDOH D
&(,LQRSHUD
*UXSSRGLFRQWLQXLWDLQJUHVVRWULIDVH9XVFLWDWULIDVH9N9$
' FDG ¼
$XWRQRPLD

' FDG ¼
$XWRQRPLD

' FDG ¼
$XWRQRPLD

' FDG ¼
$XWRQRPLD

' FDG ¼
$XWRQRPLD

' FDG ¼
$XWRQRPLD

' FDG ¼
$XWRQRPLD

' FDG ¼
$XWRQRPLD

' FDG ¼
$XWRQRPLD

' FDG ¼
$XWRQRPLD

' FDG ¼
$XWRQRPLD
FRQWLQXLWj
ILQRD
ILQRD
SHUJUXSSL
' FDG ¼
,QJUHVVRWULIDVH9XVFLWDWULIDVH9N9$
ILQRD
SHUJUXSSL
' FDG ¼
ILQRD
SHUJUXSSL
' FDG ¼
ILQRD
SHUJUXSSL
' FDG ¼
ILQRD
SHUJUXSSL
' FDG ¼
ILQRD
SHUJUXSSL
' FDG ¼
ILQRD
SHUJUXSSL
' FDG ¼
ILQRD
SHUJUXSSL
' FDG ¼
ILQRD
SHUJUXSSL
' FDG ¼
ILQRD
SHUJUXSSL
' FDG ¼
ILQRD
SHUJUXSSL
' FDG ¼
ILQRD
ILQRD
SHUJUXSSL
' FDG ¼
ILQRD
SHUJUXSSL
' FDG ¼
ILQRD
SHUJUXSSL
' FDG ¼
ILQRD
SHUJUXSSL
' FDG ¼
ILQRD
SHUJUXSSL
' FDG ¼
ILQRD
SHUJUXSSL
' FDG ¼
ILQRD
SHUJUXSSL
' FDG ¼
ILQRD
SHUJUXSSL
' FDG ¼
(VSDQVLRQLGHOSDFFREDWWHULHSHUDXWRQRPLDGD ILQRD SHUJUXSSL
' FDG ¼
,QJUHVVR WULIDVH 9 XVFLWD WULIDVH 9 N9$
ILQRD
SHUJUXSSL
' FDG ¼
ILQRD
SHUJUXSSL
' FDG ¼
6FKHGHGLDFFRSSLDPHQWRSHUJUXSSLLQYHUWHUSHULOIXQ]LRQDPHQWRLQSDUDOOHOR
' FDG ¼
HGLULVHUYD
7DVWLHULQRDOIDQXPHULFRFRQGLVSOD\DOHWWHUHDOIDQXPHULFLFRPSOHWRGL
VFKHGDGLULSRUWRDGLVWDQ]DGHLGDWLVXOO
LQYHUWHFRQXVFLWDVHULDOHFRQSRVVLELOLWj
' FDG ¼
GLOHWWXUDGHLGDWLGLGHIDXOWGHOO
LQYHUWHUHFRQSRVVLELOLWDGLULFH]LRQHGHJOL
DOODUPL
' ,03,$17,',3527(=,21(
' &$37$725,$'$67$9(57,&$/(
$VWD GL FDSWD]LRQH LQ IHUUR ]LQFDWR GLDPHWUR PP FRPSOHWD GL HYHQWXOH

]RFFROR LQ FHPHQWR JLXQWL VWDIIH SLFFROH RSHUH PXUDULH GD LQVWDOODUH VX WHWWR R
'
WHUUD]]R FDPLQL HFF FRQ TXDOVLDVL GLIILFROWj GL DFFHVVR FRQ O
DXVLOLR GL VFDOH
ILQRDOO
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 VHUUDJJLR GHL FRQGXWWRUL GLVFHQGHQWL
' FDG ¼
FRPSUHVR RJQL PH]]R G
RSHUD HG DFFHVVRUL SHU O
DWWDFFR DOO
DQWHQQD HFF LQ
RSHUD
' 5(7(',5$&&2/7$(6&$5,&2
0DWHULDOL SHU OD UHDOL]]D]LRQH GHOOD UHWH GL UDFFROWD VLD VX WHUUD]]R FKH VX

WHWWR GL TXDOVLDVL WLSR FRQ TXDOVLDVL GLIILFROWj GL DFFHVVR D TXDOVLDVL DOWH]]D GHOOD
UHWH GL VFDULFR H L WUDWWL LQ IDFFLDWD HVFOXVL L VXSSRUWL EDVL GLVWDQ]LDWRUL H
O
HYHQWXDOHRQHUHSHULOSRQWHJJLRRDXWRJU
' %DQGHOODLQDFFLDLR]LQFDWRDFDOGRFRQIRUPHDOODQRUPDWLYDYLJHQWHLQRSHUD
' D GHOODVH]LRQHGL[PP P ¼
' E GHOODVH]LRQHGL[PP P ¼
' %DQGHOODLQUDPHFRQIRUPHDOODQRUPDWLYDYLJHQWHLQRSHUD

' D GHOODVH]LRQHGL[PP P ¼
' &RQGXWWRUHGLUDPHDFRUGHILORVLQJRORGLDPHWURPPLQRSHUD

' D GHOODVH]LRQHGLPPð P ¼
' E GHOODVH]LRQHGLPPð P ¼
' &RUGDLQDFFLDLR]LQFDWRDFDOGRPPðLQRSHUD P ¼
' 7RQGRLQDOOXPLQLRLQOHJDGHOODVH]LRQHGLPPðLQRSHUD P ¼
' 7RQGRLQDFFLDLR]LQFDWRDFDOGRGHOODVH]LRQHGLPPðLQRSHUD P ¼
' 7RQGRLQUDPHGHOODVH]LRQHGLPPðLQRSHUD P ¼
3HU WXWWL L FRQGXWWRUL IDFHQWL SDUWH GHOOD UHWH GL VFDULFR HG L WUDWWL LQ IDFFLDWD
' LQVWDOODWL FRQ O
DXVLOLR GL VFDOH ILQR DOO
DOWH]]D FRQVHQWLWD GDOOH QRUPH YLJHQWL
VXLSUH]]LLQGLFDWL
' $&&(6625,3(55(7(',5$&&2/7$
6XSSRUWR SHU WHWWL LQ FRUSR DGDWWR DOO

DWWDFFR GL EDQGHOOD GL ODUJKH]]D ILQR D
' PP R GL FRQGXWWRUH WRQGR R D FRUGH GHO GLDPHWUR ILQR D PP FRPSOHWR GL
YLWLHFFLQRSHUD
' D LQDFFLDLR]LQFDWRDFDOGR FDG ¼
' E LQUDPH FDG ¼
6XSSRUWR SHU WHWWL D WHJROD FRQ DQFRUDJJLR ILVVR R YDULDELOH SHU FRQGXWWRUL
' WRQGL R D FRUGH GHO GLDPHWUR ILQR D PP R SHU EDQGHOOD GL ODUJKH]]D ILQR D
PPLQRSHUD
' D LQDFFLDLR]LQFDWRDFDOGR FDG ¼
' E LQUDPH FDG ¼
=RFFROR SHU WHWWL SLDQL LQ FHPHQWR SHU FRQGXWWRUL WRQGL R D FRUGH ILQR D PPð
' FDG ¼
FRPSOHWRLQRSHUD
' =RFFRORSHUWHWWLSLDQLLQFHPHQWRSHUEDQGHOOHILQRDPPLQRSHUD FDG ¼
' $&&(6625,3(5&$/$7(
%DVH SHU ILVVDJJLR VXSSRUWL H GLVWDQ]LDWRUL FRPSOHWD GL YLWL WDVVHOOL RG HYHQWXDOH

' FDG ¼
FROODLQRSHUD
'LVWDQ]LDWRUH DGDWWR SHU VXSSRUWL FDODWH FRQ ILOHWWDWXUD WHUPLQDOH HG DOOD EDVH
' FDG ¼
LQRSHUD
*LXQWR GL GLODWD]LRQH LQ DOOXPLQLR SHU EDQGHOOD R FRQGXWWRUH WRQGR LQ DFFLDLR LQ

' FDG ¼
RSHUD
0RUVHWWR LQ PDWHULDOL QRQ UHDJHQWL D IHQRPHQL HOHWWUROLWLFL SHU LO VH]LRQDPHQWR

' GHOOH FDODWH DGDWWR DO FROOHJDPHQWR GL FRQGXWWRUL WRQGL HR D FRUGH GHO GLDPHWUR FDG ¼
ILQRDPPFRPSOHWRGLEXOORQLGDGLURQGHOOHHFFLQRSHUD
0RUVHWWR LQ PDWHULDOL QRQ UHDJHQWL D IHQRPHQL HOHWWUROLWLFL SHU LO VH]LRQDPHQWR

GHOOH FDODWH DGDWWR DO FROOHJDPHQWR IUD FRQGXWWRUL D FRUGH GHO GLDPHWUR ILQR D
' FDG ¼
PP FRQ EDQGHOOD ILQR D PP GL ODUJKH]]D R WUD EDQGHOOH ILQR D PP
FRPSOHWRGLEXOORQLGDGLURQGHOOHHFFLQRSHUD
' 6XSSRUWRLQEURQ]RFRQYLWHSHUOHJQRDGDWWDDOILVVDJJLRGHOOHFDODWHLQRSHUD FDG ¼
6XSSRUWR LQ EURQ]R SHU FDODWH GL FRQGXWWRUL WRQGL R D FRUGH ILQR D PPð LQ

' FDG ¼
RSHUD
6XSSRUWRLQDFFLDLR]LQFDWRDFDOGRSHUFDODWHGLFRQGXWWRULWRQGLRDFRUGHILQR
' FDG ¼
DPPðLQRSHUD
6XSSRUWR LQ DFFLDLR SHU FDODWH SHU EDQGHOOD GL ODUJKH]]D ILQR D PP FRPSOHWR

' FDG ¼
GLYLWLHFFLQRSHUD
6XSSRUWR LQ UDPH SHU FDODWH SHU EDQGHOOD GL ODUJKH]]D ILQR D PP FRPSOHWR

' FDG ¼
GLYLWLHFFLQRSHUD
' $1(//2',7(55$
0DWHULDOL SHU OD UHDOL]]D]LRQH GHOO

DQHOOR GL WHUUD H SHU OH GLVFHVH YHUWLFDOL LQ
IDFFLDWD ILQR D P HVFOXVR OR VFDYR WUDFFH ULSULVWLQR GLVWDQ]LDWRUL H SLFFROH
RSHUHPXUDULH
%DQGHOOD LQ DFFLDLR ]LQFDWR D FDOGR FRQIRUPH DOOD QRUPDWLYD YLJHQWH GHOOD

' P ¼
VH]LRQHPDJJLRUHRXJXDOHDPPðFRQVSHVVRUHPLQLPRPPLQRSHUD
' &RQGXWWRUHGLUDPHDFRUGHILORVLQJRORGLDPHWURPPLQRSHUD

' D GHOODVH]LRQHGLPPð P ¼
' E GHOODVH]LRQHGLPPð P ¼
' 7DUJDLQDOOXPLQLRFRQLQGLFD]LRQHSUHVDGLWHUUD FDG ¼

' 7RQGRLQDFFLDLR]LQFDWRDFDOGRGHOODVH]LRQHGLPPðLQRSHUD P ¼
' 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 FRQGXWWRUL WRQGL R D FRUGH LQ UDPH FRQ EDQGHOOD GL ODUJKH]]D
ILQR D PP RSSXUH DO FROOHJDPHQWR IUD EDQGHOOH GL ODUJKH]]D ILQR PP
FRPSOHWRGLEXOORQLGDGLURQGHOOHHFFLQRSHUD
' D LQDFFLDLR]LQFDWR FDG ¼

' E LQUDPH FDG ¼
7XER WHUPRSODVWLFR SHVDQWH SHU OD SURWH]LRQH GHL FRQGXWWRUL GLDPHWUR ILQR D

' P ¼
PPVSHVVRUH39&V PPFRPSUHVLJOLDFFHVVRULLQRSHUD
*LXQ]LRQH OLQHDUH GHULYD]LRQH RG LQFURFLR WUD FRQGXWWRUL VWHVVL R DOWUD SDUWH

PHWDOOLFD FRQ VRYUDSSRVL]LRQH GHL FRQGXWWRUL PHGLDQWH EUDVDWXUD IRUWH VDOGDWXUD
' RSSXUH PHGLDQWH EXOORQDWXUD FRPSUHVD SXQ]RQDWXUD EXOORQH URQGHOOD GDGR FDG ¼
GLDPHWUR 0 FKLRGDWXUD DYYLWDPHQWR FRPSUHVR RJQL PH]]R G
RSHUD HG
DFFHVVRULFRPHYLWLULYHWWLHFFLQRSHUD
6PDQWHOODPHQWR GL YHFFKL SR]]HWWL FRPSUHVH SLFFROH RSHUH PXUDULH OD

' ULHPSLWXUD H OD SLORQDWXUD GHOOR VFDYR OD ULSUHVD GHOOD SDYLPHQWD]LRQH LQWHUQD R FDG ¼
VWUDGDOH
6PRQWDJJLR GL YHFFKLH SXQWH D FXVSLGL GHWHULRUDWH VX WHWWR R VX WHUUD]]R D

' TXDOVLDVL DOWH]]D R GLIILFROWj GL DFFHVVR FRPSUHVR RJQL PH]]R G
RSHUD HG LO FDG ¼
ULSULVWLQRGHOODPXUDWXUD
6PRQWDJJLR GL YHFFKLH DQWHQQH SDOLQH FRPSUHVD OD ULSUHVD GHL IRUL D SHUIHWWD

' UHJROD G
DUWH HG RJQL PH]]R G
RSHUD HVFOXVR HYHQWXDOL RQHUL SHU SRQWHJJLR H FDG ¼
DXWRJU
6PRQWDJJLR GL SDUDIXOPLQH UDGLRDWWLYR GHFRQWDPLQD]LRQH FRQ YHUQLFH VSUD\

SUHLPEDOODJJLR LQ SODVWLFD SHVDQWH HG LPEDOODJJLR GHILQLWLYR LQ DSSRVLWR
' FRQWHQLWRUH PHWDOOLFR VLJLOODWXUD H FRPSLOD]LRQH GHL GRFXPHQWL GL FDG ¼
DFFRPSDJQDPHQWR SHU OD VSHGL]LRQH GHL PDWHULDOL UDGLRDWWLYL FRPSUHVR RJQL
PH]]RG
RSHUDHVFOXVLRQHULSHUSRQWHJJLRDXWRJUXHVPDOWLPHQWR
6PRQWDJJLR GL YHFFKL FRQGXWWRUL VLD GHOOD UHWH GL UDFFROWD VX WHWWR R WHUUD]]R GL

' TXDOVLDVL WLSR VLD GHOOD UHWH GL VFDULFR H L WUDWWL LQ IDFFLDWD FRPSUHVD OD ULSUHVD GHL P ¼
IRULDUHJRODG
DUWHPDHVFOXVRO
HYHQWXDOHRQHUHGHOSRQWHJJLRRDXWRJU
5HYLVLRQH GL YHFFKL FRQGXWWRUL VLD SHU OD UHWH GL UDFFROWD FKH GL VFDULFR

FRVWLWXLWD GD HYHQWXDOH VSD]]RODWXUD H YHUQLFLDWXUD GHL FRQGXWWRUL GDOOD HYHQWXDOH
' P ¼
VRVWLWX]LRQH GHOOH JUDSSH YLWL EXOORQL HWF GHWHULRUDWH FRPSUHVR RJQL PH]]R
G
RSHUDHVFOXVRHYHQWXDOLRQHULGLSRQWHJJLRRDXWRJULQRSHUD
' 6&$5,&$725,
6FDULFDWRUH XQLSRODUH SHU OD SURWH]LRQH GLUHWWD GHOOH FRUUHQWL GD IXOPLQH FRQ

' DWWDFFR SHU JXLGD ',1 ,PD[ N$ 9PD[ 9 +] DGDWWR DL VLVWHPL ,7 FDG ¼
77LQRSHUD
6FDULFDWRUH XQLSRODUH GL VRYUDWHQVLRQH SHU OLQHH HOHWWULFKH 9PD[ 9

' FDG ¼
+],PD[N$SHUPRQWDJJLRVXJXLGD',1DGDWWRDLVLVWHPL,777LQRSHUD
6FDULFDWRUH LQ FHUDPLFD SHU OD VHSDUD]LRQH GHOO

LPSLDQWR SDUDIXOPLQL GDL
' VXSSRUWL PHWDOOLFL GL OLQHH HOHWWULFKH FRPSOHWR GL PRUVHWWL SHU L FRQGXWWRUL PD FDG ¼
HVFOXVRO
HYHQWXDOHRQHUHSHULOSRQWHJJLRRDXWRJULQRSHUD
6FDULFDWRUH SHU OD SURWH]LRQH LQGLYLGXDOH GL DSSDUHFFKLDWXUH HOHWWURQLFKH GHO

' FDG ¼
VHWWRUHLQIRUPDWLFRLQRSHUD
' 6FDULFDWRUHSHUODSURWH]LRQHLQGLYLGXDOHGLDSSDUHFFKLDWXUHWHOHYLVLYHLQRSHUD FDG ¼
' (48,327(1=,$/,7$¶(',03,$17,',7(55$
0LVXUD]LRQH GHOOD UHVLVWHQ]D GL WHUUD GHOOH SXQWD]]H FRQ DSSRVLWR

DSSDUHFFKLR FRQ GLVWDFFR GHL GLVFHQGHQWL H GHOO
DQHOOR GL WHUUD H VXFFHVVLYR
' ULSULVWLQR GHL FROOHJDPHQWL FRPSUHVD PDQXWHQ]LRQH GHJOL DFFHVVRUL GL FDG ¼
FROOHJDPHQWR FRPH LQJUDVVDJJLR FRQQHVVLRQL HYHQWXDOL VRVWLWX]LRQL GL
EXOORQHULHGDGLURQGHOOHHFF
0LVXUD]LRQH GHOOD FRQWLQXLWj HOHWWULFD GHOO

DQHOOR GL WHUUD IUD SXQWD]]H
FRQWLJXH FRQ DSSRVLWR DSSDUHFFKLR SUHYL GLVWDFFR GHL GLVFHQGHQWL H VXFFHVVLYR
' ULSULVWLQR GHL FROOHJDPHQWL FRPSUHVD O
HYHQWXDOH PDQXWHQ]LRQH GHJOL DFFHVVRUL FDG ¼
GL FROOHJDPHQWR FRPH LQJUDVVDJJLR FRQQHVVLRQL HYHQWXDOL VRVWLWX]LRQL GL
EXOORQHULHGDGLURQGHOOHHFF
0RUVHWWR GL RWWRQH SHU GLVSHUVRUH LQ DFFLDLR UDPDWR DGDWWR DO FROOHJDPHQWR

' GHOOH SXQWD]]H VWHVVH FRQ FRQGXWWRUL WRQGL R D FRUGH GHO GLDPHWUR ILQR D PP FDG ¼
LQRSHUD
0RUVHWWR LQ DFFLDLR ,12; FRPSOHWR GL EXOORQL GDGL URQGHOOH HFF DGDWWR DO

' FDG ¼
FROOHJDPHQWRGLTXDOVLDVLFRQGXWWRUHFRQSXQWD]]HDFURFHRDWXERLQRSHUD
0RUVHWWHULD SHU FROOHJDPHQWL HTXLSRWHQ]LDOL FRQ EDUUD LQ RWWRQH QLFKHODWR SHU

' FROOHJDPHQWL GL FRQGXWWRUL ILQR D PPð FRQ FRSHUFKLR H EDVH LQ SODVWLFD SHU FDG ¼
LQVWDOOD]LRQHVXJXLGD',1LQRSHUD
'LVSHUVRUH GL SURIRQGLWj LQ DFFLDLR FRQ ULYHVWLPHQWR LQ UDPH GLDPHWUR

' PP OXQJKH]]D PP DG HOHPHQWL FRPSRQLELOL DG LQFDVWUR FRPSOHWD GL FDG ¼
SULVPDG¶XQLRQHURQGHOODGLSLRPERHSXQWDG¶LQILVVLRQHLQRSHUD
' (OHPHQWRSHUGLVSHUVRUHGLSURIRQGLWjFRPSOHWRLQRSHUD FDG ¼
'LVSHUVRUH GL SURIRQGLWj D FURFH LQ DFFLDLR GROFH ]LQFDWR D FDOGR VSHVVRUH

PLQLPR GHOO
DFFLDLR GL PP GLPHQVLRQH WUDVYHUVDOH PP GHOOD OXQJKH]]D
' FDG ¼
ILQR D PP FRQ OD EDQGLHUD SHU O
DOODFFLDPHQWR GL TXDOVLDVL FRQGXWWRUH LQ
RSHUD
'LVSHUVRUH GL SURIRQGLWj D WXER LQ DFFLDLR GROFH ]LQFDWR D FDOGR VSHVVRUH

' PLQLPR GHO WXER GL PP GHOOD OXQJKH]]D ILQR D PP FRQ OD EDQGLHUD SHU FDG ¼
O
DOODFFLDPHQWRGLTXDOVLDVLFRQGXWWRUHLQRSHUD
'LVSHUVRUH PRGXODUH LQ DFFLDLR ,12; SHU WRQGL FRUGH R EDQGHOOH FRPSUHVR

' FDG ¼
VFDYRHTXDOVLDVLRSHUDPXUDULDLQRSHUD
0RGXOR FRPSOHPHQWDUH SHU GLVSHUVRUH LQ DFFLDLR ,12; FRPSUHVR VFDYR H

' FDG ¼
TXDOVLDVLRSHUDPXUDULDLQRSHUD
&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
EXOORQL GL ILVVDJJLR HVFOXVD O¶HYHQWXDOH VDOGDWXUD R IRUDWXUD FRQ ILOHWWDWXUD GHOOH
SDUWLPHWDOOLFKHGDHTXLSRWHQ]LDOL]]DUHLQRSHUD
'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
' FDG ¼
PPð FRPSUHVL WHUPLQDOL YLWL HG RJQL DOWUR DFFHVVRULR HVFOXVD OD IRUDWXUD
GHOOHSDUWLPHWDOOLFKHGDHTXLSRWHQ]LDOL]]DUHLQRSHUD
&RUGD QXGD GL UDPH D WUHIROL IOHVVLELOH FRPSOHWD GHJOL DFFHVVRUL GL JLXQ]LRQH H

'
FRQQHVVLRQHLQRSHUD
' 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
)DVFHWWDVWULQJLWXERUHJRODELOHLQRWWRQHQLFKHODWRFRUUHGDWDGLYLWLGLVHUUDJJLR
' FDG ¼
HPRUVHWWRDYLWHSHUDOORJJLDPHQWRFRQGXWWRUHGLWHUUDLQRSHUD
)LVVDWXER LQ RWWRQH SHU FRQQHVVLRQH HTXLSRWHQ]LDOH IRUPDWR GD FRSSD H

'
FRQWURFRSSD DFFRSSLDELOL FRQ YLWL G¶DFFLDLR ]LQFDWR IRUQLWR GL PRUVHWWR
' SHUWXELGLDPHWURGDD FDG ¼
' SHUWXELGLDPHWURGDD FDG ¼
6WDIID GL FROOHJDPHQWR GL WXEL R JURQGDLH D FDOGR FRVWLWXLWD GD FUDYDWWD

'
EXOORQDWDFRPSUHVRRJQLRQHUHHGDFFHVVRULRLQRSHUD
' LQDFFLDLR]LQFDWR FDG ¼
' LQUDPH FDG ¼
/$925,()251,785(&203/(0(17$5,$//(23(5((/(7
' /$925$=,21,,15$0((&$53(17(5,$0(7$//,&$
%DUUD GL UDPH HOHWWUROLWLFR GL TXDOVLDVL VH]LRQH SLHJDWD H VDJRPDWD LQ TXDOVLDVL

' NJ ¼
IRUPDFRPSUHVLIRULSHUEXOORQHULDHSHULVRODWRULLQRSHUD
$OOXPLQLR DQRGL]]DWR GL TXDOVLDVL WLSR SHU LQILVVL SRUWH VSRUWHOOL HFF

'
FRPSUHVRYLWLIHUPDJOLHTXDQWRDOWURRFFRUUHLQRSHUD
' D YXRWRSHUSLHQR PT ¼
)HUUR ODYRUDWR SHU PHQVROH VWDIIH VXSSRUWL HFF FRPSUHVH OH HYHQWXDOL RSHUH
'
PXUDULHRPHFFDQLFKHLQRSHUD
' D SHURSHUHILQRDNJ NJ ¼
' E SHURSHUHROWUHNJ NJ ¼
' F ]LQFDWRDFDOGRSHURSHUHILQRDNJ NJ ¼
' G ]LQFDWRDFDOGRSHURSHUHROWUHDNJ NJ ¼
/DPLHUD GL IHUUR VWULDWD GL TXDOXQTXH VSHVVRUH FRPSUHVD RJQL HYHQWXDOH RSHUD

' NJ ¼
PXUDULDRPHFFDQLFDLQRSHUD
' /DPLHUDGLIHUURYHUQLFLDWDSHUSLFFROLPDQXIDWWLLQRSHUD NJ ¼

' /DPLHUDGLIHUURYHUQLFLDWDDIXRFRSHUSLFFROLPDQXIDWWLLQRSHUD NJ ¼
/DPLHUD GL DFFLDLR LQRVVLGDELOH FRPSOHWD GL SURILODWL GL ULQIRU]R FRPSUHVR IRUL

' PT ¼
HFFLQRSHUD
3DOLQD LQ IHUUR WXERODUH GL TXDOXQTXH OXQJKH]]D H GLDPHWUR YHUQLFLDWR FRQ XQD

' PDQR GL PLQLR H GXH GL YHUQLFH GL TXDOVLDVL FRORUH FRPSUHVL L IRUL JUDSSH H NJ ¼
TXDQWRDOWURRFFRUUDSHUGDUODVROLGDPHQWHILVVDWDLQRSHUD
3DOR LQ IHUUR WXERODUH GL TXDOXQTXH OXQJKH]]D H GLDPHWUR FRQ ]LQFDWXUD LQ

' NJ ¼
RSHUD
3RUWD LQ ODPLHUD G
DFFLDLR ]LQFDWD FRQ ILQHVWUD GL DUHD]LRQH FRPSOHWD GL WHODLR
' FDG ¼
ULQIRU]LPDQLJOLDVHUUDWXUDFRPSUHVHOHRSHUHPXUDULHLQRSHUD
/DVWUD LQ ODPLHUD GL IHUUR SHU TXDGUL HOHWWULFL R VSRUWHOOL SUHVVRSLHJDWD HG

HOHWWURVDOGDWD GHOOR VSHVVRUH GL PP ILQHPHQWH YHUQLFLDWD D IXRFR FRQ
' FDG ¼
SROYHUL HSRVVLGLFKH R PLFURPDUWHOODWD SUHYLR FLFOR FRPSOHWR GL VJUDVVDJJLR H
GHFDSDJJLRGHOOHVXSHUILFLFRPSUHVLIRULULQIRU]LWHODLRHFFLQRSHUD
' 23(5(085$5,(

%ORFFR GL IRQGD]LRQH GL FDOFHVWUX]]R FRPSUHVR OR VFDYR H OD ULSUHVD GHO WHUUHQR
SHU OD SRVD GHL SDOL GL TXDOVLDVL PDWHULDOH FRPSUHVL L PDWHULDOL LO WUDVSRUWR GL
'
TXHVWL O
DOORQWDQDPHQWR GHL PDWHULDOL GL ULVXOWD H WXWWR TXDQWR DOWUR RFFRUUD SHU
GDUHLOODYRURHVHJXLWRDSHUIHWWDUHJRODG
DUWHLQRSHUD
' D ILQRDPF FDG ¼
' E GDDPF FDG ¼
' F GDDPF FDG ¼
&DQDOHWWD LQ FHPHQWR SHU OD SURWH]LRQH GHL FDYL LQWHUUDWL JROD LQWHUQD GL

' P ¼
GLPHQVLRQLILQRD[FPLQWHUUDWDFRPSOHWDGLFRSHUFKLRDOPLQRSHUD
)RUR DL PXUL HVHJXLWR FRQ WDJOLR R WUDSDQDWXUD SHU LO SDVVDJJLR GL TXDOVLDVL WLSR
GL WXED]LRQH FRPSUHVR LO ULVDUFLPHQWR GHOOD PXUDWXUD H O
HYHQWXDOH ULSUHVD GHJOL
'
LQWRQDFL H TXDQWR DOWUR QHFHVVDULR SHU GDUH LO ODYRUR ILQLWR D SHUIHWWD UHJROD G
DUWH
SHUWXED]LRQLGLGLDPHWURLQWHUQRLQRSHUD
' D ILQRDPP P ¼
' E SHUWXEL!GLILQRDPP P ¼
)RUR SHU LO SDVVDJJLR GHL FRQGXWWRUL GL FDSWD]LRQH H UDFFROWD GL LPSLDQWL

SDUDIXOPLQL DWWUDYHUVR FRUQLFLRQL R VRODL FRPSUHVD OD ULSUHVD GHO IRUR FRQ
' FDG ¼
PDWHULDOH ELWXPLQRVR HG RJQL WLSR GL SDYLPHQWD]LRQH ULILQLWXUD D UHJROD G
DUWH
GHOODSDUWHVXSHULRUHHGLQIHULRUHGHOIRURFRPSUHVRRJQLPH]]RG
RSHUD
1LFFKLD WDJOLDWD LQ EUHFFLD LQ PXUDWXUD GL TXDOVLDVL QDWXUD SHU OD LQFDVVDWXUD GL

' TXDGUL H FDVVHWWH GD HVWHUQR FRPSUHVD OD ILQLWXUD FRQ LQWRQDFR GL PDOWD GL FDOFH R
JHVVRGHOODSDUWHHVWHUQDDYLVWD
' D ILQRDPF FDG ¼
' E ILQRDPF FDG ¼
' F ILQRDPF FDG ¼
' G ILQRDPF FDG ¼
' H ILQRDPF FDG ¼
' I FRPSHQVRSHUULILQLWXUDLQWHUQD±DXPHQWRSHUFHQWXDOH
' 32==(77,

3R]]HWWR LQ FHPHQWR SUHIDEEULFDWR SHU SUHVD GL WHUUD FRPSOHWR GL WHODLR H

FRSHUFKLR FKLXVLQR LQ FHPHQWR FRPSUHVR OR VFDYR GHO WHUUHQR GL TXDOVLDVL
' QDWXUD LO ULQWHUUR H OD VXD VLVWHPD]LRQH L PDQLFRWWL SHU OD SURWH]LRQH GHL
FRQGXWWRUL H GHOOD SXQWD]]D HG RJQL DOWUR DFFHVVRULR SHU OD VXD FRVWUX]LRQH LQ
RSHUD
' D GHOOHGLPHQVLRQLLQWHUQHGLFLUFD[[FP FDG ¼
GHOOH GLPHQVLRQL LQWHUQH GL FLUFD [ [ FP GL WLSR FDUUDELOH SHU FDULFKL
' E FDG ¼
SHVDQWLDOORJJLDWRLQPDQXIDWWRGLFDOFHVWUX]]R
3R]]HWWR LQ FHPHQWR SUHIDEEULFDWR GL JURVVR VSHVVRUH GHOOH GLPHQVLRQL LQWHUQH

GL FLUFD [ [ FP SHU UDFFRUGR R WUDQVLWR WXELHUH FRPSUHVR OR VFDYR LO
ULQWHUUR LO WUDVSRUWR GHL PDWHULDOL DOOR VFDULFR OD GHPROL]LRQH H LO ULSULVWLQR FDG ¼
GHOOD SDYLPHQWD]LRQH VWUDGDOH FRQ FRSHUFKLR LQ JKLVD DIILQDWD D VWUXWWXUD
SRUWDQWHLQRSHUD
3R]]HWWR LQ PDWHULDOH WHUPRSODVWLFR GL WLSR FDUUDELOH GL IRUPD UHWWDQJRODUH FRQ

FRSHUFKLR HG HYHQWXDOL VHWWL VHSDUDWRUL FRPSOHWR GL EXOORQL SHU LO ILVVDJJLR GHO
FRSHUFKLR VWHVVR JUDGR GL SURWH]LRQH ,3 FRPSUHVR OR VFDYR LO ULQWHUUR LO
WUDVSRUWR GHL PDWHULDOL LQ HFFHGHQ]D DOOR VFDULFR LO ULSULVWLQR GL TXDOVLDVL WLSR GL
SDYLPHQWD]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 FRSHUFKLR VWHVVR H GL SUROXQJD LQ FHPHQWR FRPSUHVR OR VFDYR OD

EDVH GL DSSRJJLR LQ FDOFHVWUX]]R LO UHLQWHUUR LO WUDVSRUWR GHL PDWHULDOL LQ
HFFHGHQ]D DOOR VFDULFR LO ULSULVWLQR GL TXDOVLDVL WLSR GL SDYLPHQWD]LRQH HFF LQ
RSHUD
D GHOOHGLPHQVLRQLLQWHUQHPLQLPHGLFLUFD[[FP FDG ¼
E GHOOHGLPHQVLRQLLQWHUQHPLQLPHGLFLUFD[[FP FDG ¼
9$5,(
0DQXIDWWR SHU O
DOORJJLDPHQWR GL DSSDUHFFKLDWXUH HOHWWULFKH UHDOL]]DWR LQ
PXUDWXUD GL PDWWRQL IRUDWL ULILQLWXUD FRQ LQWRQDFR LQWHUQR HG HVWHUQR FRQ
' FRSHUWXUD LPSHUPHDELOL]]DWD ULILQLWD FRQ WHJROH R WUDYHUWLQR FRPSUHVL L PDWHULDOL
PH]]L G
RSHUD WUDVSRUWR H TXDQWR RFFRUUD SHU GDUH LO PDQXIDWWR ILQLWR D UHJROD
G
DUWHLQRSHUD
' D ILQRDPF FDG ¼
' E ILQRDPF FDG ¼
' F ILQRDPF FDG ¼
$VSLUDWRUH 9HQWLODWRUH DVVLDOH HOLFRLGDOH SHU DSSOLFD]LRQH VLD GD SDUHWH FKH GD

ILQHVWUD FRQ SDOH LQWHUFDPELDELOL FRPSOHWR GL VHUUDQGD SHU FKLXVXUD HVWHUQD
'
WHQVLRQH 9 VLD WULIDVH FKH PRQRIDVH FRPSUHVH HYHQWXDOL RSHUH GL
YHWUDLRHIDOHJQDPHLQRSHUD
' D GLDPHWURGHOOHSDOHILQRDPP FDG ¼
' E GLDPHWURGHOOHSDOHILQRDPP FDG ¼
'
5HJRODWRUH GL YHORFLWj SHU DVSLUDWRULYHQWLODWRUL FRPSOHWR GL FRPPXWDWRUH SHU OD

' LQYHUVLRQH GHO VHQVR GL URWD]LRQH GD D : GD D $ VLD LQ HVHFX]LRQH FDG ¼
GDLQFDVVRFKHVSRUJHQWHFRPSUHVHOHRSHUHPXUDULHLQRSHUD
0LFURLQWHUUXWWRUH FRQ FRQWDWWR QRUPDOPHQWH FKLXVR R QRUPDOPHQWH DSHUWR

' FRPSOHWR GL FROOHJDPHQWR HOHWWULFR RSHUD SHU ILVVDJJLR PHFFDQLFR HG DFFHVVRUL FDG ¼
LQRSHUD
' *,817,
' *LXQWRLQUHVLQDFRODWDSHUJLXQ]LRQHLQRSHUD

' D 8QLSRODUH
' D VH]LRQHPPð FDG ¼

' E 7ULTXDGULSRODUH
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'D *UXSSRHOHWWURJHQRGLSRWHQ]DLQVHUYL]LRFRQWLQXDWLYRN9$ FDG ¼

'E *UXSSRHOHWWURJHQRGLSRWHQ]DLQVHUYL]LRFRQWLQXDWLYRN9$ FDG ¼
'F *UXSSRHOHWWURJHQRGLSRWHQ]DLQVHUYL]LRFRQWLQXDWLYRN9$ FDG ¼
'G *UXSSRHOHWWURJHQRGLSRWHQ]DLQVHUYL]LRFRQWLQXDWLYRN9$ FDG ¼
'H *UXSSRHOHWWURJHQRGLSRWHQ]DLQVHUYL]LRFRQWLQXDWLYRN9$ FDG ¼
'I *UXSSRHOHWWURJHQRGLSRWHQ]DLQVHUYL]LRFRQWLQXDWLYRN9$ FDG ¼
'J *UXSSRHOHWWURJHQRGLSRWHQ]DLQVHUYL]LRFRQWLQXDWLYRN9$ FDG ¼
'K *UXSSRHOHWWURJHQRGLSRWHQ]DLQVHUYL]LRFRQWLQXDWLYRN9$ FDG ¼
'L *UXSSRHOHWWURJHQRGLSRWHQ]DLQVHUYL]LRFRQWLQXDWLYRN9$ FDG ¼
6LVWHPD GL FDULFR GHO FDUEXUDQWH FRVWLWXLWR GD XQD SRPSD HOHWWULFD WXED]LRQL

' FDG ¼
LQUDPHGLDQGDWDHULWRUQRFRPSOHWDGLRUJDQLGLLQWHUFHWWD]LRQHDQRUPH
&HQWUDOLQD SHU FRPDQGR GL FRPPXWD]LRQH GL SRWHQ]D SHU FRPDQGR

' LQWHUUXWWRULFRQWDWWRUL GD LVWDOODUVL VXO 4%7 JHQHUDOH RSSXUH VX 4XDGUR GL FDG ¼
,QWHUYHQWRDXWRPDWLFRGHO*UXSSR
' $&&(6625,
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WLSR VDQGZLWFK 3RHUWH GL LVSH]LRQH VXL GXH ODWL &ODVVH GL UHLH]LRQH D IXRFR

'
OLYHOOR GL UXPRUH QRQ VXSHULRUH D G%D D P LQ FDPSR OLEHUR HTXLYDOHQWL DG
XQDSRWHQ]DVRQRUDGLG%D
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'F 3HUJUXSSRILQRDN9$ FDG ¼
'G 3HUJUXSSRILQRDN9$ FDG ¼
'H 3HUJUXSSRILQRDN9$ FDG ¼
' $33$5(&&+,$785(3(5,03,$17,$17,17586,21(
' 6,67(0,3(5,03,$17,$17,17586,21(
&HQWUDOH GL DOODUPH D ]RQH LQ FRQWHQLWRUH PHWDOOLFR HVSDQGLELOH D ]RQH

,QVHULELOH FRQ WDVWLHUD R FRPDQGR D FKLDYH GRSSLD UHVLVWHQ]D GL ELODQFLDPHQWR
OLQHD EXV VHULDOH PD[ P 0HPRULD HYHQWL &RPELQDWRUH WHOHIRQLFR
' FDG ¼
GLJLWDOH H PRGHP SHU JHVWLRQH LQWHJUDWD D GLVWDQ]D ,PSOHPHQWDELOH FRQ FRQ
PRGXOR FRPELQDWRUH H PHVVDJJL YRFDOL XVFLWD UHOq &RPSOHWD GL DOLPHQWDWRUH
FRQWDWWRDQWLVDERWDJJLRHWDVWLHUDGLFRPDQGRUHPRWD
6HQVRUH DQWLQWUXVLRQH D GRSSLD WHFQRORJLD PLFRRQGH 3,5 SRUWDWD H

' FDG ¼
VHQVLELOLWjUHJRODELOL$OLPHQWD]LRQH9FFFRSHUWXUDPD[[P
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' FDG ¼
FKLDYL
6LUHQD HOHWWURQLFD LQ FXVWRGLD SODVWLFD FRQ GLVSRVLWLYR DQWLVDERWDJJLR 9FF

' FDG ¼
:P$LQRSHUDDXWRDOLPHQWDWDFRPSOHWDGLEDWHULD
&RQWDWWR PDJQHWLFR GD LQFDVVR WLSR 1& GLP PP [ SRUWDWD PP

' FDG ¼
FRQGXWWRUL
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' FDG ¼
LQDOQLFRFXVWRGLDELDQFD
7DVWLHUD FRQ FRGLILFDWRUH QXPHULFR GL DWWLYD]LRQH H GLVDWWLYD]LRQH D ]RQH

' FDG ¼
GHOO
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FRQIRUPL DOOD QRUPD &(, (1 $SSDUHFFKLDWXUD VWDJQD SHU LQVWDOOD]LRQH
' GD VRIILWWRSDUHWH FRQ FRUSR H GLIIXVRUH LQ SROLFDUERQDWR LQIUDQJLOH HG FDG ¼
DXWRHVWLQJXHQWH 9 FDEODJJLR HOHWWURQLFR FRQ UHDWWRUH GL HIILFLHQ]D HQHUJHWLFD
$/('VLQJRORPRGXORILQRD:

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HPHUJHQ]D DXWRDOLPHQWDWD FRQIRUPH DOOD &(, (1 LQ FODVVH GL
' LVRODPHQWR ,, FRQ DXWRGLDJQRVL $ /(' SRWHQ]D HTXLYDOHQWH : YHUVLRQH 6( FDG ¼
,3 DXWRQRPLD K (
FRPSUHVR RJQL DFFHVVRULR DWWR D UHQGHUH O
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FRUSR LQ DFFLDLR ]LQFDWR YHUQLFLDWR H VFKHUPR LQ SROLFDUERQDWR DG LQFDVVR VX
' VRIILWWR R FDUWRQJHVVR FRPSUHVR LO FDEODJJLR DOO
LPSLDQWR LO ILVVDJJLR DOOD FDG ¼
VWUXWWXUD HG RJQL DFFHVVRULR DWWR D UHQGHUH O
LVWDOOD]LRQH IXQ]LRQDQWH H FRQIRUPH D
UHJRODG
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FRUSR LQ DFFLDLR ]LQFDWR YHUQLFLDWR H VFKHUPR LQ SROLFDUERQDWR D VRVSHQVLRQH GDO
' VRIILWWR FRPSUHVR LO FDEODJJLR DOO
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DWWR D UHQGHUH O
LVWDOOD]LRQH IXQ]LRQDQWH H FRQIRUPH D UHJROD G
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5HJRODWRUH'LPPHU
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$SSDUHFFKLDWXUD VWDJQD SHU LQVWDOOD]LRQH GD VRIILWWRSDUHWH FRQ FRUSR H GLIIXVRUH
' FDG ¼
LQ SROLFDUERQDWR LQIUDQJLOH HG DXWRHVWLQJXHQWH 9 FDEODJJLR HOHWWURQLFR FRQ
UHDWWRUHGLHIILFLHQ]DHQHUJHWLFD$/('VLQJRORPRGXORGD:D:

' FDG ¼
UHDWWRUHGLHIILFLHQ]DHQHUJHWLFD$/('VLQJRORPRGXORGD:D:

' FDG ¼
UHDWWRUHGLHIILFLHQ]DHQHUJHWLFD$/('GRSSLRPRGXORILQRD:

' FDG ¼
UHDWWRUHGLHIILFLHQ]DHQHUJHWLFD$/('GRSSLRPRGXORGD:D:

' FDG ¼
UHDWWRUHGLHIILFLHQ]DHQHUJHWLFD$/('GRSSLRPRGXORGD:D:
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' DOOD &(, (1 LQ FODVVH GL LVRODPHQWR ,, FRQ DXWRGLDJQRVL $UWLFROR FDG ¼
$/('SRWHQ]DHTXLYDOHQWH:YHUVLRQH6$,3[DXWRQRPLDK
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' &(, (1 LQ FODVVH GL LVRODPHQWR ,, FRQ DXWRGLDJQRVL $ /(' SRWHQ]D FDG ¼
HTXLYDOHQWH:YHUVLRQH6(,3DXWRQRPLDK
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FRQIRUPH DOOD QRUPD &(, (1 DOLPHQWDWR D 9 &/$66(
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' &5, PDJJLRUH GL H DQJROR GL DSHUWXUD GHL /(' WUD H JUDGR GL FDG ¼
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GLPHQVLRQL[FPIOXVVROXPLQRVRDSSDUHFFKLRPLQOP

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DVRVSHQVLRQH

3ODIRQLHUD GD LQFDVVR FRQ FRUSR LQ DFFLDLR ]LQFDWR YHUQLFLDWR FDEODJJLR FRQ
' FDG ¼
UHDWWRUH HOHWWURQLFR 2WWLFD GDUN OLWH LQ DOOXPLQLR VSHFXODUH DQWLULIOHVVR HG
DQWLULGHVFHQWHDEDVVLVVLPDOXPLQDQ]D±ILQR:,3[

' FDG ¼
UHDWWRUH HOHWWURQLFR 2WWLFD GDUN OLWH LQ DOOXPLQLR VSHFXODUH DQWLULIOHVVR HG
DQWLULGHVFHQWHDEDVVLVVLPDOXPLQDQ]DGD:D:,3[

' UHDWWRUH HOHWWURQLFR 2WWLFD GDUN OLWH LQ DOOXPLQLR VSHFXODUH DQWLULIOHVVR HG FDG ¼
DQWLULGHVFHQWH D EDVVLVVLPD OXPLQDQ]D ± ILQR : FRQ UHDWWRUH HOHWWURQLFR
GLPPHUDELOH$,3[

3ODIRQLHUD GD LQFDVVR FRQ FRUSR H FRUQLFH LQ SROLFDUERQDWR LQIUDQJLOH HG
' FDG ¼
DXWRHVWLQJXHQWH FDEODJJLR HOHWWURQLFR GLPPHUDELOH FRQ UHDWWRUH GL HIILFLHQ]D
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3ODIRQLHUD GD LQFDVVR FRQ FRUSR H FRUQLFH LQ SROLFDUERQDWR LQIUDQJLOH HG
' FDG ¼
DXWRHVWLQJXHQWH FDEODJJLR HOHWWURQLFRGLPPHUDELOH FRQ UHDWWRUH GL HIILFLHQ]D
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¼
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' FDG
FDEODJJLRHOHWWURQLFR
GLPPHUDELOHFRQUHDWWRUHGLHIILFLHQ]DHQHUJHWLFD$GLIIXVRUHRSDOH
ILQR:DIRUPDUHWWDQJRODUH,3[

± $SSDUHFFKLDWXUD GD SODIRQH FRQ FRUSR H FRUQLFH LQ SROLFDUERQDWR LQIUDQJLOH HG
' FDG ¼
DXWRHVWLQJXHQWH FDEODJJLR HOHWWURQLFR GLPPHUDELOH FRQ UHDWWRUH GL HIILFLHQ]D
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' UHDWWRUH HOHWWURQLFR 2WWLFD GDUN OLWH LQ DOOXPLQLR VSHFXODUH DQWLULIOHVVR HG FDG ¼
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' FDG ¼
GLIIXVRUH LQ SROLFDUERQDWR LQIUDQJLOH HG DXWRHVWLQJXHQWH /(' ILQR D :
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' FDG ¼
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GLIIXVRUH LQ SROLFDUERQDWR LQIUDQJLOH HG DXWRHVWLQJXHQWH /(' ILQR GD : D
:,3GLIIXVRUHFLUFRODUHWUDVSDUHQWH

' FDG ¼
,3GLIIXVRUHUHWWDQJRODUHDQWLDEEDJOLDPHQWR

' FDG ¼
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HTXLYDOHQWH:YHUVLRQH6(,3[DXWRQRPLDK


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¼
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' FDG ¼
JUDGRGL
YHUQLFLDWRHVFKHUPRLQ
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&5, PDJJLRUH GL H DQJROR GL DSHUWXUD GHL /(' WUD H JUDGR GL
' FDG ¼
R OXFH IUHGGD NHOYLQ GLPHQVLRQL [ FP FRPSOHWD GL DOLPHQWDWRUH
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YHUQLFLDWR H VFKHUPR LQ SROLFDUERQDWR WUDVSDUHQWH &RQWURFDVVD SHU LQFDVVR VX
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(1(5*(7,&$PLQLPD$YDORUH8*5FRPSUHVRWUDH
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FRQIRUPHDOODQRUPD
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YHUQLFLDWR H VFKHUPR LQ SROLFDUERQDWR WUDVSDUHQWH GLPPHU SHU SDQQHOOL OHG DG
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GLPPHUDELOHSRWHQ]D:
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GLPPHUDELOHSRWHQ]D:
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GLPPHUDELOHSRWHQ]D:
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GLPPHUDELOHSRWHQ]D:
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GLPPHUDELOHSRWHQ]D:
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GLPPHUDELOHSRWHQ]D:
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GLPPHUDELOHSRWHQ]D:
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GLPPHUDELOHSRWHQ]D:
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GLPPHUDELOHSRWHQ]D:
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SRWHQ]D:
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SRWHQ]D:
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SRWHQ]D:
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GLPPHUDELOHSRWHQ]D:
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' FDG ¼
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' FDG ¼

' FDG ¼

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' FDG ¼
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' FDG ¼
:
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GLPPHUDELOHSRWHQ]D:
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GLPPHUDELOHSRWHQ]D:
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¼
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' WHUPLFL H DJOL XUWL &RUQLFH LQ DFFLDLR LQR[ $,6, / &RPSOHWR GL JXDUQL]LRQH FDG ¼
GL WHQXWD LQ JRPPD VLOLFRQLFD H (3'0 $OLPHQWD]LRQH 9 'LDPHWUR
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DFFLDLR LQR[ $,6, 'LIIXVRUH LQ YHWUR GL SURWH]LRQH WHPSHUDWR VS PP
' UHVLVWHQWL DJOL VKRFN WHUPLFL DJOL XUWLHG DO FDULFR PD[ .J &RPSOHWR GL FDG ¼
VFDWROD SHU LQFDVVR H GL JXDUQL]LRQH GL WHQXWD LQ JRPPD VLOLFRQLFD 'LDPHWUR
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DFFLDLR LQR[ DLVL / &RQWURFDVVD LQ Q\ORQ QHUR FDULFDWR ILEUD YHWUR 5LIOHWWRUH
LQ SROLFDUERQDWR PHWDOOL]DWR 'LIIXVRUH LQ YHWUR WHPSUDWR GD PP UHVLVWHQWH
DJOL VKRFN WHUPLFL DJOL XUWL H DO FDULFR VWDWLFR 9HUQLFLDWXUD LQ GXH IDVL
' FDG ¼
SUHWUDWWDPHQWR VXSHUILFLDOH GHO PHWDOOR H VXFFHVVLYD PDQR VLQJROD FRQ SROYHUH
SROLHVWHUH UHVLVWHQWH DOOD FRUURVLRQH DOOH QHEELH VDOLQH H VWDELOL]]DWD DL UDJJL 89
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LQRVVLGDELOHDQWLJULSSDJJLR'LDPHWURHVWHUQRPP3RWHQ]D:
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DFFLDLR LQR[ DLVL / &RQWURFDVVD LQ Q\ORQ QHUR FDULFDWR ILEUD YHWUR 5LIOHWWRUH
RULHQWDELOH FRQ VWDIIH JUDGXDWH PD[ LQ SROLFDUERQDWR PHWDOOL]DWR
'LIIXVRUH LQ YHWUR WHPSUDWR GD PP UHVLVWHQWH DJOL VKRFN WHUPLFL DJOL XUWL H DO
' FDULFR VWDWLFR 9HUQLFLDWXUD LQ GXH IDVL SUHWUDWWDPHQWR VXSHUILFLDOH GHO PHWDOOR H FDG ¼
VXFFHVVLYD PDQR VLQJROD FRQ SROYHUH SROLHVWHUH UHVLVWHQWH DOOD FRUURVLRQH DOOH
QHEELH VDOLQH H VWDELOL]]DWD DL UDJJL 89 &RPSOHWR GL JXDUQL]LRQL GL WHQXWD LQ
JRPPD VLOLFRQLFD H YLWHULD LQ DFFLDLR LQRVVLGDELOH DQWLJULSSDJJLR 'LDPHWUR
HVWHUQRPPSRWHQ]D:RULHQWDELOH
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' FDG ¼
JXDUQL]LRQL LQ JRPPD VLOLFRQLFD $OLPHQWDWRUH D FRUUHQWH FRVWDQWH $ P$
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SROYHUH DUJHQWR7HODLRLQ DFFLDLR LQR[ $,6, &RQWURFDVVD LQ Q\ORQ FRQ
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UHVLVWHQWH DJOL VKRFN WHUPLFL 9HWUR HVWHUQR WHPSUDWR GD PP UHVLVWHQWH DJOL
VKRFN WHUPLFL H VWUHVV PHFFDQLFL ILQR D .J 9HUVLRQL FRQ YHWUR DQWLVFLYROR D
' FDG ¼
ULFKLHVWD $OLPHQWD]LRQH 9 +] FRQ WUDVIRUPDWRUH 9DQR DFFHVVRUL LQ
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LQ Q\ORQ GD SROOLFH H FDYHWWR LQ GRSSLR LVRODPHQWR VH]LRQH PPT &RPSOHWR
GL JXDUQL]LRQL LQ JRPPD VLOLFRQLFD 'LPHQVLRQL HVWHUQH [ PP SRWHQ]D
:
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¼
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5LIOHWWRUH,QDOOXPLQLR
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' FDG
VXSHUILFLDOHGHOPHWDOOR
H VXFFHVVLYD YHUQLFLDWXUD D PDQR VLQJROD FRQ SROYHUH SROLHVWHUH UHVLVWHQWH DOOD
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GL UDIIUHGGDPHQWR 'LIIXVRUH LQ YHWUR WHPSHUDWR VS PP UHVLVWHQWH DJOL VKRFN
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¼
SROYHUH FRQ XQD IDVH GL SUHWUDWWDPHQWR VXSHUILFLDOH GHO PHWDOOR H VXFFHVVLYD
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QHEELH
VDOLQH H VWDELOL]]DWD DL UDJJL 89 'LPHQVLRQL [[ PP 3RWHQ]D
:

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QHEELH VDOLQH H VWDELOL]]DWD DL UDJJL 89 'LPHQVLRQL [[ PP 3RWHQ]D
:

' SROYHUH FRQ XQD IDVH GL SUHWUDWWDPHQWR VXSHUILFLDOH GHO PHWDOOR H VXFFHVVLYD FDG ¼
QHEELH VDOLQH H VWDELOL]]DWD DL UDJJL 89 'LPHQVLRQL [[ PP 3RWHQ]D
:
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DFFLDLR
RWWLFD GDUN OLJKW DG DOYHROL D GRSSLD SDUDEROLFLWj LQ DOOXPLQLR VSHFXODUH
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9HUQLFLDWXUD D LPPHUVLRQH SHU DQDIRUHVL FRQ VPDOWR DFULOLFR ELDQFR VWDELOL]]DWR
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ODPLHUD G¶DFFLDLR H FRUQLFH LQ DOOXPLQLR /DVWUD LQWHUQD LQ 300$ 'LIIXVRUH LQ
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8*5 &RQ UHDWWRUH HOHWWURQLFR GLPPHUDELOH 'LPHQVLRQL [[ PP
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8*5 &RQ UHDWWRUH HOHWWURQLFR GLPPHUDELOH 'LPHQVLRQL [[ PP
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ODPLHUDG¶DFFLDLRHFRUQLFH
LQ DOOXPLQLR /DVWUD LQWHUQD LQ 300$ 'LIIXVRUH LQ WHFQRSROLPHUR SULVPDWL]]DWR
' DGDOWDWUDVPLWWDQ]D FDG ¼
)DWWRUH GL DEEDJOLDPHQWR 8*5 &RQ UHDWWRUH HOHWWURQLFR GLPPHUDELOH
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PP3RWHQ]D:OP

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ULIOHWWRUH LQ DOOXPLQLR SDUDEROLFR ELDQFR 'LIIXVRUH D VHPLVIHUD VSRUJHQWH LQ
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ODPLHUD PLFURIRUDWD &RQ UHDWWRUH HOHWWURQLFR 'LPHQVLRQL [ 3RWHQ]D
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)DUHWWR D /(' FLUFRODUH D LQFDVVR FRUSR ,Q DOOXPLQLR SUHVVRIXVR GLIIXVRUH LQ

PDWHULDOH WHUPRSODVWLFR UHVLVWHQWH DOOH DOWH WHPSHUDWXUH 9HUQLFLDWXUD D SROYHUH
' FDG ¼
FRQ YHUQLFH HSRVVLGLFD LQ SROLHVWHUH UHVLVWHQWH DL UDJJL 89 'LDPHWUR PP
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PDWHULDOH WHUPRSODVWLFR UHVLVWHQWH DOOH DOWH WHPSHUDWXUH 9HUQLFLDWXUD D SROYHUH
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FRQ YHUQLFH HSRVVLGLFD LQ SROLHVWHUH UHVLVWHQWH DL UDJJL 89 'LDPHWUR PP
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PDWHULDOH WHUPRSODVWLFRUHVLVWHQWH DOOH DOWH WHPSHUDWXUH9HUQLFLDWXUD D SROYHUH FRQ
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YHUQLFH HSRVVLGLFD LQ SROLHVWHUH UHVLVWHQWH DL UDJJL 89 'LDPHWUR
PP3RWHQ]D:OP
$SSDUHFFKLR LOOXPLQDQWH OLQHDUH SHU PRQWDJJLR D LQFDVVR FRUSR LQ ODPLHUD

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UHDWWRUHHOHWWURQLFR3RWHQ]D:OP
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WHPSHUDWR VSHVVRUH PP 2WWLFD GDUN OLJKW DG DOYHROL D GRSSLD SDUDEROLFLWj
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H VDWLQDWR LQIUDQJLELOH HG DXWRHVWLQJXHQWH 9 VWDELOL]]DWR DL UDJJL 89
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VWDELOL]]DWR DL UDJJL 89DQWLQJLDOOLPHQWR 7UDVSDUHQWH FRQ SDUWH VXSHULRUH
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VWDELOL]]DWR DL UDJJL 89DQWLQJLDOOLPHQWR 7UDVSDUHQWH FRQ SDUWH VXSHULRUH
' FDG ¼
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DFFLDLR
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DFFLDLR
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$SSDUHFFKLR LOOXPLQDQWH SHU PRQWDJJLR D VRIILWWR WLSR /(' 3DQHO FRUSR LQ

ODPLHUD G¶DFFLDLR H FRUQLFHLQ DOOXPLQLR /DVWUD LQWHUQD LQ 300$ 'LIIXVRUH LQ
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8*5 &RQ UHDWWRUH HOHWWURQLFR GLPPHUDELOH 'LPHQVLRQL [[
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ULVYROWDWLDQWLWDJOLRHFRQ
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300$ DG DOWR UHQGLPHQWR UHVLVWHQLWL DOOH DOWH WHPSHUDWXUH H DL UDJJL 89 FRQ
GLYHUVH GLVWULEX]LRQL IRWRPHWULFKH 'LP [[ PP 3RWHQ]D :
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300$ DG DOWR UHQGLPHQWR UHVLVWHQLWL DOOH DOWH WHPSHUDWXUH H DL UDJJL 89 FRQ
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DOOXPLQLR HVWUXVR FRQ WHVWDWH GL FKLXVXUD GLIIXVRUH LQ SROLFDUERQDWR LQIUDQJLELOH
' HG DXWRHVWLQJXHQWH 9 VWDELOL]]DWR DL UDJJL 89 (VWHUQDPHQWH OLVFLR H FDG ¼
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' HG DXWRHVWLQJXHQWH 9 VWDELOL]]DWR DL UDJJL 89 (VWHUQDPHQWH OLVFLR H FDG ¼
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HG DXWRHVWLQJXHQWH 9 VWDELOL]]DWR DL UDJJL 89 (VWHUQDPHQWH OLVFLR H
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LQIUDQJLELOH HG DXWRHVWLQJXHQWH GLIIXVRUH LQ SROLFDUERQDWR DQWLDEEDJOLDPHQWR
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PRGXORGD[PP


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6HUEDWRL LGULFL LQ FHPHQWR FRQ FRSHUFKLR IRUQLWL LQ RSHUD FRPSOHWL GL SLOHWWD GD

( FDULFR H VFDULFR GL WURSSR SLHQR GL WDSSR GL SXOL]LD UXELQHWWHULD GD LO WXWWR
LQEURQ]RHFRPSUHVRJDOOHJJLDQWHHVFOXVHHYHQWXDOLPHQVROHHGRSHUHPXUDULH
( D GHOODFDSDFLWjGLOLWUL FDG ¼
( E GHOODFDSDFLWjGLOLWUL FDG ¼
&RQWDWRUH GL DFTXD IUHGGD D JHWWR XQLFR GHO WLSR D WXUELQD D TXDGUDQWH

VRPPHUVR IRUQLWR H SRVWR LQ RSHUD FRPSOHWR GL GDGL H UDFFRUGL GL FDUFDVVD GL
(
RWWRQH LQWHUQDPHQWH SURWHWWD PHGLDQWH YHUQLFLDWXUD D IXRFR GL ILOWUR ODQFHWWD HG
RJQLRQHUHHPDJLVWHUR
( D GHOFDOLEUR FDG ¼
( E GHOFDOLEURGL FDG ¼
,GUDQWH LQ EURQ]R SHU LQQDIILDPHQWR FRQ XVFLWD D JUDGL LQVWDOODWR D FLUFD

( PHWUR GD WHUUD FRQ SHUQR GL DWWDFFR ILOHWWDWR JDV DWWDFFR SRUWDJRPPD H FDG ¼
YRODQWLQRLQJKLVD
9DOYROD LQWHUFHWWD]LRQH LQ EURQ]R 31 D VHGH LQFOLQDWD D EDVH FRORQQH

(
DWWDFFKLILOHWWDWLHUXELQHWWRGLVFDULFRIRUQLWHHSRVWHLQRSHUD
( D GD FDG ¼
( E GD FDG ¼
( F GD FDG ¼
( G GD FDG ¼
( H GD FDG ¼
( I GD FDG ¼
6DUDFLQHVFKH LQ EURQ]R SRVWH LQ RSHUD FRQ OH RFFRUUHQWL ODYRUD]LRQL H

(
JXDUQL]LRQL
( D GD FDG ¼
( E GD FDG ¼
( F GD FDG ¼
( G GD FDG ¼
( H GD FDG ¼
( I GD FDG ¼
5XELQHWWL GL DUUHVWR 31 LQ EURQ]R D FDSSXFFLR FURPDWR IRUQLWL H SRVWL LQ

(
RSHUD
( D GD FDG ¼
( E GD FDG ¼
( F GD FDG ¼
( G GD FDG ¼
5XELQHWWL SRUWDJRPPD QRUPDOL LQ RWWRQH FURPDWR GD IRUQLWL H SRVWL LQ

( FDG ¼
RSHUD
7HUPLQDOH FRORQQD PRQWDQWH FRPSRVWD GD WXER GL IHUUR ]LQFDWR GD OXQJR

( FDG ¼
PPFRPSOHWRGLSH]]LVSHFLDOLIRUQLWRHSRVWRLQRSHUD
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9DVR LJLHQLFR DOO

LQJOHVH WLSR D FDFFLDWD LQ SRUFHOODQD YHWULILFDWD ELDQFD GL
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DQHOOR GL JRPPD L
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( D GHOOHGLPHQVLRQLGL[[PPFLUFD FDG ¼

E
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9DVR LJLHQLFR D SDYLPHQWR DOOD WXUFD GL SULPD VFHOWD IRUQLWR H SRVWR LQ RSHUD
(
FRPSUHVDRJQLRSHUDPXUDULDHGLOVLIRQHDSDYLPHQWR
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E
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&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]LRQH H FRPDQGR D SXOVDQWH WLSR &DWLV FRQ SDUWL LQ YLVWD FURPDWH
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[[ PP FLUFD FRPSOHWD GL EDWWHULD LQWHUQD SHU VFDULFR FRPSRVWD GL
SLOHWWRQH GL OHYD GL PDQRYUD FRQ FRQWUDSSHVR GL UXELQHWWR D JDOOHJJLDQWH GL
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(
SRVWRLQRSHUD
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2ULQDWRLR D EHFFR LQ SRUFHOODQD YHWULILFDWD ELDQFD VRVSHVR D SDUHWH GHOOH

GLPHQVLRQL GL [ PP FLUFD IRUQLWR H SRVWR LQ RSHUD FRPSOHWR GL YHOD GL
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O
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SULPD VFHOWD IRUQLWR H SRVWR LQ RSHUD FRPSOHWR GL YHOD GL ODYDJJLR GL SHGDQH GL
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FRPSUHVD RJQL RSHUD PXUDULD O
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FLUFD FRQ ]DPSLOOR SDUDEROLFR GHO WLSR GD ILVVDUH D SDUHWH SRVWR LQ RSHUD
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O
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FRQ UXELQHWWL LO WXWWR LQ RWWRQH FURPDWR WLSR SHVDQWH FRPSUHVH RSHUH PXUDULH
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RJQLRSHUDPXUDULDHGRJQLDOWURRQHUHHPDJLVWHUR
( 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 VFDULFR H DOOH WXED]LRQL DIIHUHQWL FRPSOHWR GL SLOHWWD GL
( RWWRQH FURPDWR GD H GL VFDULFR DXWRPDWLFR D SLVWRQH VLIRQH D ERWWLJOLD WXER H
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( D FDG ¼

E GHOOH GLPHQVLRQL GL [ PP FLUFD FRQ JUXSSR PLVFHODWRUH H GXH UXELQHWWL GD
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GLPHQVLRQL GL FLUFD [ PP FRPSOHWR GL SLOHWWD LQ RWWRQH FURPDWR GD H
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[ PP FLUFD LQ RSHUD ILVVDWR FRQ YLWL H ERUFKLH FURPDWH VX DSSRVLWL WDVVHOOL
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RSHUD VX PHQVROH LQ IHUUR PXUDWH H YHUQLFLDWH R VX VXSSRUWL GL VRVWHJQR
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GXHYLH
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GXHYLH
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WDYROD IRUQLWR H SRVWR LQ RSHUD FRPSOHWR GL SLOHWWD GL VFDULFR GD FRQ WDSSR
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( D FDG ¼
FDWHQHOOD
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LQFDVVR
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FDWHQHOOD
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LQFDVVR
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[ P FRPSOHWD GL SLOHWWRQH FURPDWR D JULJOLD GL URVHWWD H WXER GHO
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PHWDOOLFL GL SHVR QRQ LQIHULRUH D NJ JXLGH GL VFRUULPHQWR GL FDELQD PP
[[ H GHO FRQWUDSSHVR PP [[ VWDIIDJJL RJQL P FDELQD ODUJKH]]D
PLQLPD P H SURIRQGLWj PLQLPD P PRWRUH DUJDQR GD +S JUXSSR
GL VROOHYDPHQWR DUJDQRPRWRUHIUL]LRQH FRQ FDULFR VWDWLFR VXOO¶DVVH PLQLPR GL NJ
H GL SHVR QRQ LQIHULRUH D NJ RSHUDWRUH SRUWH GL SHVR QRQ LQIHULRUH D NJ

( D LQYDQRSURSULR FDG ¼
SHU RJQL IHUPDWD LQ SL R LQ PHQR ILQR DG XQ PLQLPR GL HG XQ PDVVLPR GL
( E ¼
IHUPDWH
VRYUDSSUH]]R SHU YHORFLWj ILQR D PVHF PRWRUH +S H SDUDFDGXWH D SUHVD
( F FDG ¼
SURJUHVVLYD
VRYUDSSUH]]R SHU YHORFLWj ILQR D PVHF H PRWRUH +S SDUDFDGXWH D SUHVD
( G SURJUHVVLYDHGDPPRUWL]]DWRULLGUDXOLFLQHOODIRVVDGLH[WUDFRUVDDGLVVLSD]LRQHGL FDG ¼
HQHUJLDFRQFRQWDWWLGLLQWHUGL]LRQHGHOODPDQRYUD
VRYUDSSUH]]R SHU SRUWH GL SLDQR ULYHVWLWH LQ ODPLHUD GL DFFLDLR LQR[ VSHVVRUH

( H FDG ¼
GLPPSHURJQLSRUWDDQWH
( I FDG ¼
GLPP$QWLJUDIILRSHURJQLSRUWDDQWH
VRYUDSSUH]]R SHU FDELQD PRELOH ULYHVWLWD LQ ODPLHUD GL DFFLDLR LQR[ DQWLJUDIILR
( J FDG ¼
VSHVVRUHGLPP
VRYUDSSUH]]R SHU FDELQD PRELOH SDQRUDPLFD ULYHVWLWD LQ DFFLDLR LQR[ DQWLJUDIILR
( K FDG ¼
HYHWULDQWLVIRQGDPHQWRUHJRODPHQWDULFHUWLILFDWL
VRYUDSSUH]]R SHU FDELQD PRELOH LQ ODPLHUD GL IHUUR ULYHVWLWD LQWHUQDPHQWH LQ
( L OHJQR GL YDULH HVVHQ]H QRFH URYHUH FLOLHJLR PRJDQR GD LQVWDOODUVL LQ XIILFL H FDG ¼
VWDELOLGLSDUWLFRODUHSUHJLRDUFKLWHWWRQLFR
( M VRYUDSSUH]]RSHUPRWRUHFRQLQWHUPLWWHQ]DSHUFHQWLQVHU]LRQLK FDG ¼
( N VRYUDSSUH]]RSHUPRWRUHFRQLQWHUPLWWHQ]DSHUFHQWLQVHU]LRQLK FDG ¼
VRYUDSSUH]]R SHU TXDGUR GL PDQRYUD FRQ SUHQRWD]LRQL GL VDOLWD H GLVFHVD
( O FDG ¼
³6LPSOH[´DQ]LFKpDPDQRYUDXQLYHUVDOH
VRYUDSSUH]]R SHU TXDGUL GL PDQRYUD SHU SUHQRWD]LRQL GL VDOLWD H GLVFHVD
( P FDG ¼
³'XSOH[´DQ]LFKpDPDQRYUDXQLYHUVDOHSHURJQLLPSLDQWR
VRYUDSSUH]]R SHU TXDGUR GL PDQRYUD SHU SUHQRWD]LRQL GL VDOLWD H GLVFHVD
³6LPSOH[´ R ³'XSOH[´ DQ]LFKp D PDQRYUD XQLYHUVDOH PD FRQ UHJRODWRUH
( Q FDG ¼
HOHWWURQLFR GHOOD YHORFLWj H GLQDPR WDFKLPHWULFD R HQFRGHU YDULDWRUH GL
FRUUHQWH3HUPRWRUHGD+S±YHORFLWjPVHF
( Q SHUPRWRUHGD+S±YHORFLWjPVHF FDG ¼
( R VRYUDSSUH]]RSHUSRUWHGLSLDQRUHVLVWHQWLDOIXRFRRPRORJDWHHFHUWLILFDWH5(, FDG ¼
VRYUDSSUH]]R SHU SRUWH GL SLDQR UHVLVWHQWL DO IXRFR RPRORJDWH H FHUWLILFDWH 5(,
( S FDG ¼
3HURJQLSRUWDDQWH
( T VRYUDSSUH]]RFRQSDYLPHQWRLQPDUPRRJUDQLWRQHOODFDELQDPRELOH FDG ¼
VRYUDSSUH]]R SHU RJQL SRUWD GL SLDQR ULYHVWLWD DQFKH GDOOD SDUWH LQWHUQD LQ DFFLDLR
( U FDG ¼
LQR[PLVXUDSRUWDGDDP
( V VRYUDSSUH]]RSHULPSLDQWRFRQPDFFKLQDULRSRVWRLQEDVVRDQ]LFKpLQDOWR
( W VRYUDSSUH]]RDOO¶LPSLDQWRSHUFDELQDFRQGRSSLRVHUYL]LR
( W VXLODWLRSSRVWL
VXL ODWL FRQWLJXL PD FRQ FDELQD PRELOH FRQ PLVXUH PLQLPH GL P
( W
SRUWDWDNJFDSLHQ]DSHUVRQH
VRYUDSSUH]]R SHU GLVSRVLWLYR GL ULWRUQR DO SLDQR DQWLEODFNRXW FRQ DSHUWXUD SRUWH
( X FDG ¼
GLFDELQD

[[ H GHO FRQWUDSSHVR PP [[ VWDIIDJJL RJQL P FDELQD
ODUJKH]]D PLQLPD P H SURIRQGLWj PLQLPD P PRWRUH DUJDQR GD +S
(
JUXSSR GL VROOHYDPHQWR DUJDQRPRWRUHIUL]LRQH FRQ FDULFR VWDWLFR VXOO¶DVVH
PLQLPR GL NJ H GL SHVR QRQ LQIHULRUH D NJ DUPDWXUD GL FDELQD GL SHVR
QRQ LQIHULRUH D NJ RSHUDWRUH SRUWH GL SHVR QRQ LQIHULRUH D NJ DSHUWXUD
SRUWHP
( E
IHUPDWH
( F FDG ¼
SURJUHVVLYD
( H FDG ¼
( I FDG ¼
( J FDG ¼
VSHVVRUHGLPP
( K FDG ¼

( O FDG ¼
( P FDG ¼
( Q FDG ¼
FRUUHQWHSHUPRWRUHGD+S±YHORFLWjILQRPVHF
( Q SHUPRWRUHGD+S±YHORFLWjILQRPVHF FDG ¼
( R FDG ¼
SHURJQLSRUWDDQWH
( S FDG ¼
SHURJQLSRUWDDQWH
( T VRYUDSSUH]]RFRQSDYLPHQWRLQPDUPRRJUDQLWRQHOODFDELQDPRELOH FDG ¼
( U FDG ¼
LQR[PLVXUDSRUWDGDDP
( W VXLODWLRSSRVWL
( W VXLODWLFRQWLJXL
( X FDG ¼
GLFDELQD

ODUJKH]]D PLQLPD P H SURIRQGLWj PLQLPD P PRWRUH DUJDQR GD +S
(
JUXSSR GL VROOHYDPHQWR DUJDQRPRWRUHIUL]LRQH FRQ FDULFR VWDWLFR VXOO¶DVVH
PLQLPR GL NJ H GL SHVR QRQ LQIHULRUH D NJ DUPDWXUD GL FDELQD GL SHVR
QRQ LQIHULRUH D NJ RSHUDWRUH SRUWH GL SHVR QRQ LQIHULRUH D NJ DSHUWXUD
SRUWHP
( E
IHUPDWH
( F FDG ¼
SURJUHVVLYD
( H FDG ¼
( I FDG ¼
GLPPDQWLJUDIILRSHURJQLSRUWDDQWH
( J FDG ¼
VSHVVRUHGLPP
( K FDG ¼
( O FDG ¼
( P FDG ¼

( Q FDG ¼
FRUUHQWHSHUPRWRUHGD+S±YHORFLWjILQRPVHF
( R FDG ¼
SHURJQLSRUWDDQWH
( S FDG ¼
SHURJQLSRUWDDQWH
( T VRYUDSSUH]]RSHUFDELQDPRELOHFVGPDFRQSDYLPHQWRLQPDUPRRJUDQLWR FDG ¼
( U FDG ¼
LQR[0LVXUDSRUWDGDP
( W VXLODWLRSSRVWL
( W VXLODWLFRQWLJXL
( X FDG ¼
GLFDELQD

Q GD LQVWDOODUVL LQ HGLILFL GL QXRYD HGLILFD]LRQH UHVLGHQ]LDOH GL WLSR
(
PVHF UDSSRUWR GL LQWHUPLWWHQ]D SHUFHQW LQVHU]LRQL RUDULH FRQ
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FRUWR FLUFXLWR GL DGDWWD SRWHQ]D D GRSSLD SRODULWj · SROL SHU LO OLYHOODPHQWR
DL SLDQL JXLGH GL VFRUULPHQWR SHU OD FDELQD H FRQWUDSSHVR LQ SURILODWL GL DFFLDLR D
7 ODPLQDWR D IUHGGR UHWWLILFDWL VXOOH WUH IDFFH GL VFRUULPHQWR H PXQLWH GL LQFDVWUR D
FRGD GL URQGLQH QHL SXQWL GL JLXQ]LRQH FRQWUDSSHVL LQ EORFFKL GL JKLVD R DOWUR
PDWHULDOHVLPLODUH

SURYYLVWL GL PDUFKLDWXUD &( FDELQD PRELOH LQ SDQQHOOL GL ODPLHUD GL IHUUR
VSHVVRUH PLQLPR GL GL PP H FRQ DOPHQR SURILOL DG RPHJD GL SDUL
VSHVVRUH GL ULQIRU]R VX RJQL SDUHWH ULYHVWLWD LQ PDWHULDOH SODVWLFR FRQ SDYLPHQWR
LQ JRPPD R OLQROHXP FRQ SRUWD LQ ODPLHUD GL IHUUR D GXH SDUWLWH VFRUUHYROL
DXWRPDWLFKH FHQWUDOL R WHOHVFRSLFKH GL VSHVVRUH PLQLPR GL GL PP
D]LRQDWH GD RSHUDWRUH HOHWWULFR SRVWH VXO ODWR FRUWR GHOOD FDELQD H FRQ YDUFR GL
SDVVDJJLR GL OXFH QHWWD PLQLPD GL P OXFH OLEHUD VXO ULSLDQR GL IHUPDWD
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LQR[OXFHGLIIXVD

DUUHVWR H O
LQYHUVLRQH GHOOD
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VXSHULRULDVHFRQGL
%RWWRQLHUH LQWHUQH HG HVWHUQH FRQ LO ERWWRQH SL DOWR DO PDVVLPR D P GDO
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OH PHVVH D WHUUD GHOOH DSSDUHFFKLDWXUH FDYL IOHVVLELOL IXQL GL WUD]LRQH VWDIIDJJLR
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DFFHVVRULHFF

FDGDXQR


HU RJQL IHUPDWD LQ SL R LQ PHQR ILQR DG XQ PLQLPR GL HG XQ PDVVLPR GL
( E
IHUPDWH
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SURJUHVVLYD
VRYUDSSUH]]R SHU YHORFLWj ILQR D PVHF H PRWRUH KS SDUDFDGXWH D SUHVD
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GLPP
VRYUDSSUH]]R SHU SRUWH GL SLDQR ULYHVWLWH LQ ODPLHUD GL DFFLDLR LQR[ DQWLJUDIILR
( I FDG ¼
VSHVVRUHGLPPSHURJQLSRUWDDQWH
( J FDG ¼
VSHVVRUHGLPP
( K FDG ¼
( O FDG ¼
( P FDG ¼
( Q FDG ¼
FRUUHQWHSHUPRWRUHGD+S±YHORFLWjPVHF

( R FDG ¼
SHURJQLSRUWDDQWH
( S FDG ¼
SHURJQLSRUWDDQWH
( U FDG ¼
LQR[0LVXUDSRUWDGDDP
( W VXLODWLRSSRVWL
W VXL ODWL FRQWLJXL PD FRQ FDELQD PRELOH FRQ PLVXUH PLQLPH GL P [
(
SRUWDWD.JFDSLHQ]DSHUVRQH

( X FDG ¼
GL FDELQD

Q GD LQVWDOODUVL LQ HGLILFL SUHHVLVWHQWL VRJJHWWL D ULVWUXWWXUD]LRQH GL WLSR
(
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7 ODPLQDWR D IUHGGR UHWWLILFDWL VXOOH WUH IDFFH GL VFRUULPHQWR H PXQLWH GL LQFDVWUR D
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SURYYLVWL GL PDUFKLDWXUD &( FDELQD PRELOH LQ SDQQHOOL GL ODPLHUD GL IHUUR
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WHOHVFRSLFKH GL VSHVVRUH PLQLPR GL GL PP D]LRQDWH GD RSHUDWRUH HOHWWULFR
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FDGDXQR


( E
IHUPDWH
( F FDG ¼
SURJUHVVLYD
VRYUDSSUH]]R SHU YHORFLWj ILQR D PVHF DUJDQR FRQ FDULFR VWDWLFR VXOO¶DVVH GL
.J H PRWRUH +S SDUDFDGXWH D SUHVD SURJUHVVLYD HG DPPRUWL]]DWRUL
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LGUDXOLFL QHOOD IRVVD GL H[WUDFRUVD D GLVVLSD]LRQH GL HQHUJLD FRQ FRQWDWWL GL
LQWHUGL]LRQHGHOODPDQRYUD
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VRYUDSSUH]]R SHU SRUWH GL SLDQR ULYHVWLWH LQ ODPLHUD GL DFFLDLR LQR[ DQWLJUDIILR
( I FDG ¼
VSHVVRUHGLPPSHURJQLSRUWDDQWH
( J FDG ¼
VSHVVRUHGLPP
( K FDG ¼
( O FDG ¼
( P FDG ¼

( Q FDG ¼
FRUUHQWHSHUPRWRUHGD+S±YHORFLWjPVHF
( R FDG ¼
SHURJQLSRUWDDQWH
( S FDG ¼
SHURJQLSRUWDDQWH
( U FDG ¼
LQR[0LVXUDSRUWDGDDP
( W VXLODWLRSSRVWL
W VXL ODWL FRQWLJXL PD FRQ FDELQD PRELOH FRQ PLVXUH PLQLPH GL P [
(
( X FDG ¼
GLFDELQD
0RQWDFDULFKL LGRQHR DO WUDVSRUWR GL VROH FRVH QRQ DFFHVVLELOH DOOH SHUVRQH H GL

SRUWDWD QRQ LQIHULRUH D NJ SURYYLVWR GL PDUFKLDWXUD &( GL FRQIRUPLWj H
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D P GDO SLDQR GL FDOSHVWLR DOWH]]D GHOOD FDELQD QRQ VXSHULRUH D P
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( F VRYUDSSUH]]RDOO
LPSLDQWRVHHVSRVWRDOOHLQWHPSHULHFRQDSSDUHFFKLDWXUHVWDJQH FP ¼
( G GLIIHUHQ]DGLSUH]]RDOO
LPSLDQWRSHURJQLFPLQSLRLQPHQRGLGLVOLYHOOR FP ¼
( 0$187(1=,21(,03,$17,&2175$=,21($)81(
$OLPHQWDWRUH SHU OH VXRQHULH GL DOODUPH D QRUPD GL OHJJH FRPSUHVR DOODFFLR

(
DOODOLQHDHOHWWULFDYLWLGDGLVWRSWDVVHOOLHWFLQRSHUD
( D ILQRDDPSKYROW FDG ¼
( E ILQRDDPSKYROW FDG ¼
( F ILQRDDPSKYROW FDG ¼
( $OLPHQWDWRUHSHUVHJQDOD]LRQL/ FDG ¼
$OOXPLQLR DQRGL]]DWR GL TXDOVLDVL WLSR SHU ULYHVWLPHQWR FDELQD H SRUWH DQFKH

( PT ¼
SLHJDWRFRPSUHVRYLWLIHUPDJOLHTXDQW
DOWURRFFRUUHLQRSHUD
$OOXPLQLR DQRGL]]DWR LQ SURILODWL GL TXDOVLDVL IRUPD WLSR H VSHVVRUH LQ

( P ¼
RSHUD
$PPRUWL]]DWRUL LGUDXOLFL SHU IRVVD GL H[WUDFRUVD FRPSUHVR RSHUH PXUDULH H

(
PHFFDQLFKHSLDVWUHVWDIIHHWFLQRSHUD
( D SHULPSLDQWLILQRDOODSRUWDWDGLNJYHORFLWjPV FDG ¼
( E SHULPSLDQWLILQRDOODSRUWDWDGLNJYHORFLWjPV FDG ¼
$PPRUWL]]DWRUL LGUDXOLFL SHU SDUDFDGXWH FRPSUHVR RSHUH PXUDULH H

(
PHFFDQLFKHSLDVWUHVWDIIHHWFLQRSHUD
( D SHULPSLDQWLILQRDOODSRUWDWDGL.JYHORFLWjPV FDG ¼
( E SHULPSLDQWLILQRDOODSRUWDWDGL.JYHORFLWjPV FDG ¼
$PSOLILFDWRUH GHO VHJQDOH GHOOD IRWRFHOOXOD GL TXDOXQTXH WLSR H PDUFD FRPSOHWR

( FDG ¼
GLWXWWLJOLDFFHVVRULLQRSHUD
$QWLQH D EDWWHQWH OXFH YDQR SRUWD ILQR D P SHU TXDOVLDVL WLSR GL FDELQD FRQ R
( VHQ]D FULVWDOOR D QRUPD GL OHJJH FRPSOHWH GL FHUQLHUH PDQLJOLH PROOH DWWDFFKL FDG ¼
SHUPROOHGLULWRUQRVWDIIHPDJQHWLQLGLIHUPRSLQ]HHWFODFRSSLDLQRSHUD
$QWLQHVFRUUHYROL YHUQLFLDWH R ULYHVWLWH LQ ODPLQDWR SODVWLFR TXDOVLDVL WLSR GL

( FDELQD FRPSOHWH GL FDUWHOOLQH URWHOOH SDWWLQL GL VFRUULPHQWR HG DSSDUHFFKLDWXUH GL
DJJDQFLRVWDIIHSLQ]HGLIHUPRFRQWDWWRHWFODFRSSLDLQRSHUD
( D FRQOXFHYDQRSRUWDILQRDP FDG ¼

( E FRQOXFHYDQRSRUWDGDPILQRDP FDG ¼
$QWLYLEUDQWH SHU FDYDOOHWWR DUJDQRPRWRUH FRPSOHWR GL JRPPH SLDVWUD H

( FDG ¼
EXOORQHUHJLVWUDELOHLQRSHUD
$SHUWXUD GL YDQL QHOOH YHFFKLH PXUDWXUH PHGLDQWH OD IRUPD]LRQH GL

( SLDWWDEDQGH FRPSUHVD OD ULILQLWXUD DG LQWRQDFR GL TXDOVLDVL VSHVVRUH H QDWXUD FDG ¼
ILQRDPGLOXFH
$SSDUHFFKLDWXUD GL VLFXUH]]D FRQIRUPH DO '0 GD LQVWDOODUH QHOOD IRVVD

GL H[WUDFRUVD SHU IRVVH GL K LQIHULRUH D P DO ILQH GL RWWHQHUH O
DUUHVWR ILVVR
( FDG ¼
GHOOD FDELQD PRELOH H OR VSD]LR GL VLFXUH]]D GHO PDQXWHQWRUH FRPSOHWD GL SDUWL
PHFFDQLFKHHGHOHWWULFKHGLVSRVLWLYLGLVJDQFLRSHUPHVVDDULSRVRLQRSHUD
$UJDQR FRVWLWXLWR GD JUXSSR ULGXWWRUH YLWH VHQ]D ILQH UXRWD HOLFRLGDOH LQ

EDJQR G
ROLR FKLXVR LQ EDVDPHQWR GL JKLVD SXOHJJLD GL IUL]LRQH ILQR D
TXDWWUR JROH D FXQHR IUHQR FRPDQGDWR GD HOHWWURPDJQHWH D FRUUHQWH
( UDGGUL]]DWD YRODQR HG HYHQWXDOH JLXQWR SHU O
XQLRQH DO PRWRUH WXWWR
SHUIHWWDPHQWH OLYHOODWR OD EXOORQHULD L FROOHJDPHQWL HOHWWULFL LQVWDOOD]LRQH VX
EDVDPHQWR LQ FDOFHVWUX]]R R VX WUDYDWXUD GL DFFLDLR SURYH GL IXQ]LRQDPHQWR
HWFLQRSHUD
( D FRQFDULFRVWDWLFRVXOO¶DVVHILQRDNJ FDG ¼
( E FRQFDULFRVWDWLFRVXOO¶DVVHILQRDNJ FDG ¼
( F FRQFDULFRVWDWLFRVXOO¶DVVHILQRDNJ FDG ¼
( G FRQFDULFRVWDWLFRVXOO¶DVVHILQRDNJ FDG ¼
( H FRQFDULFRVWDWLFRVXOO¶DVVHILQRDNJ FDG ¼

( I FRQFDULFRVWDWLFRVXOO¶DVVHILQRDNJ FDG ¼
( J FRQFDULFRVWDWLFRVXOO¶DVVHILQRDNJ FDG ¼
( K FRQFDULFRVWDWLFRVXOO¶DVVHILQRDNJ FDG ¼
( L FRQFDULFRVWDWLFRVXOO¶DVVHILQRDNJ FDG ¼
( M FRQFDULFRVWDWLFRVXOO¶DVVHILQRDNJ FDG ¼
$UPDWXUD SHU FDELQD PRELOH LQ SURILODWL GL DFFLDLR FRPSOHWD GL SDWWLQL H

SRUWD SDWWLQL ELODWHUDOL EORFFR SDUDFDGXWH D SUHVD LVWDQWDQHD DG D]LRQH
(
ELODWHUDOH VX FLDVFXQD JXLGD DWWDFFKL SHU IXQL PROOH FRQWDWWR HOHWWULFR
DOOHQWDPHQWRIXQLDFFHVVRULYDULHTXDQWRDOWURRFFRUUDLQRSHUD
( D SHULPSLDQWLILQRDOODSRUWDWDGLNJ FDG ¼
( E SHULPSLDQWLILQRDOODSRUWDWDGLNJ FDG ¼
( F SHULPSLDQWLILQRDOODSRUWDWDGLNJ FDG ¼
( G SHULPSLDQWLILQRDOODSRUWDWDGLNJ FDG ¼
( H SHULPSLDQWLILQRDOODSRUWDWDGLNJ FDG ¼
( I SHULPSLDQWLILQRDOODSRUWDWDGLNJ FDG ¼
( J SHULPSLDQWLILQRDOODSRUWDWDGLNJ FDG ¼
( K SHULPSLDQWLILQRDOODSRUWDWDGLNJ FDG ¼
( L SHULPSLDQWLILQRDOODSRUWDWDGLNJ FDG ¼
( M VRYUDSSUH]]RSHUDUPDWXUDGLFDELQDFRQSDUDFDGXWHDSUHVDSURJUHVVLYD
$UPDWXUD SHU FRQWUDSSHVR LQ SURILODWL GL DFFLDLR FRPSOHWD GL SDWWLQL H

( SRUWDSDWWLQL VLD SHU JXLGH ULJLGH FKH SHU JXLGH D IXQH DFFHVVRUL YDUL H TXDQW
DOWUR
RFFRUUHLQRSHUD
) K SHULPSLDQWLILQRDOODSRUWDWDGLNJ FDG ¼
$UPDWXUD SHU FRQWUDSSHVR GRWDWD GHO GLVSRVLWLYR GL SDUDFDGXWH GL VLFXUH]]D

( D SUHVD LVWDQWDQHD LQ SURILODWL GL DFFLDLR FRPSOHWD GL SDWWLQL H SRUWDSDWWLQL SHU
JXLGHULJLGHDFFHVVRULYDULHTXDQW
DOWURRFFRUUHLQRSHUD
( K SHULPSLDQWLILQRDOODSRUWDWDGLNJ FDG ¼
( L VRYUDSSUH]]RSHUO¶XWLOL]]RGLSDUDFDGXWHDSUHVDSURJUHVVLYD
( $USLRQL H FDJQROL LQ DFFLDLR GL TXDOVLDVL WLSR R IRUPD D JDPER R D SLDVWULQD

FRQIRURFHQWUDOHLQRSHUD FDG ¼
( $UUHVWRILVVRLQDFFLDLRSHUFDELQDRFRQWURSHVRSLODVWULQR FDG ¼
( $UUHVWRILVVRLQPXUDWXUDSHUFDELQDRFRQWURSHVREDJJLROR FDG ¼
(
$VVHGLDFFLDLRFRQYLWHVHQ]DILQHSHUTXDOVLDVLWLSRGLDUJDQRVRORIRUQLWXUD
FDG ¼
(
$WWDFFR IXQL UHJRODELOL LQ DFFLDLR SHU VRVSHQVLRQL FRQWUDSSHVR H GL FDELQD

GLTXDOVLDVLWLSRFRPSUHVRLELFFKLHULQLPROOHGDGLHWFLQRSHUD
FDG ¼
%DUULHUD HOHWWURPHFFDQLFD FRPSOHWD GL DVWD LQ DOOXPLQLR UDVWUHOOLHUD IRWRFHOOXOD

FRORQQD FRQWHQHQWH JOL RUJDQL HOHWWURPHFFDQLFL PRWRULGXWWRUL PRQRIDVH
)
GLVSRVLWLYR DQWLVFKLDFFLDPHQWR HG LQYHUVLRQH GL PDUFLD SDOHWWR TXDGUR
HOHWWULFRLQRSHUD
( D ILQRDOODOXQJKH]]DGLP FDG ¼
( E ILQRDOODOXQJKH]]DGLP FDG ¼
( %RELQDGLVJDQFLRSHULQWHUUXWWRULPDJQHWRWHUPLFLPRGXODUL FDG ¼
%RELQDWXUD GL PRWRUL GL TXDOVLDVL WLSR FRPSUHVR LO WUDVSRUWR LQ RIILFLQD OD

(
QXRYDSRVDLQRSHUDGHOPRWRUHLFROOHJDPHQWLHOHSURYH
( D %RELQDWXUDGHOVRORVWDWRUHRVRORURWRUH
( D ILQRD+3 FDG ¼
( D ILQRD+3 FDG ¼
( D ILQRD+3 FDG ¼
( D ILQRD+3 FDG ¼
( D ILQRD+3 FDG ¼
( E %RELQDWXUDFRPSOHWDGLPRWRUL
( E ILQRD+3 FDG ¼
( E ILQRD+3 FDG ¼
( E ILQRD+3 FDG ¼
( E ILQRD+3 FDG ¼
( E ILQRD+3 FDG ¼
%RELQDWXUD HOHWWULFD FRQ ILOR GL UDPH GL TXDOVLDVL GLDPHWUR GL HOHWWURPDJQHWL

( SHU DSHUWXUD GHO IUHQR GL DUJDQL GL TXDOVLDVL WLSR R SHU SDWWLQR UHWUDWWLOH LQ FDG ¼
RSHUD
( %RFFKHWWRQHSHUVHUUDWXUD<DOHLQRSHUD FDG ¼
%RWWRQLHUD XQLYHUVDOH SHU FDELQH PRELOL FRQ SLDVWUD GL DOOXPLQLR DQRGL]]DWR

( FRPSOHWD GHL SXOVDQWL DQWLYDQGDOR SHU L SLDQL GL DOODUPH H GL DUUHVWR VFDWROD
GLFRQWHQLPHQWRYLWLGDGLVWRSLQRSHUD
( D ILQRDIHUPDWH FDG ¼
( E ILQRDIHUPDWHPDFRQVLVWHPDEUDLOOH FDG ¼
( F SHURJQLIHUPDWDRJHPPDOXPLQRVDLQSLDXPHQWRSHUFHQWXDOHGHO
( G ERWWRQLHUDFRQSLDVWUDLQDFFLDLRLQR[DXPHQWRSHUFHQWXDOHGHO
( H ERWWRQLHUDFRQSLDVWUDLQRWWRQHFURPDWRDXPHQWRSHUFHQWXDOHGHO
%RWWRQLHUD GL SLDQR FRQ SLDVWUD GL DOOXPLQLR DQRGL]]DWR FRQ R VHQ]D VFULWWD

( SUHVHQWHRFFXSDWR FRPSOHWD GL VFDWROD GL FRQWHQLPHQWR YLWL GDGL VWRS
LQVWDOODWDVXPXURRVXSDQQHOOLLQODPLHUDLQRSHUD
( D DGXHSXOVDQWLRJHPPH FDG ¼
( E DWUHSXOVDQWLRJHPPH FDG ¼
( F DGXHSXOVDQWLFRPSOHWDGLIUHFFHOXPLQRVHGLPRYLPHQWRFDELQD FDG ¼
( G FRQVLVWHPD%UDLOOH FDG ¼
( H VRYUDSSUH]]RSHURJQLSXOVDQWHRJHPPDLQSL
( I VRYUDSSUH]]RSHUSLDVWUDLQDFFLDLRLQR[SHUFHQWXDOHGHO FDG ¼
( J VRYUDSSUH]]RSHUSLDVWUDLQRWWRQHFURPDWRSHUFHQWXDOHGHO FDG ¼
%RWWRQLHUD VHOHWWLYD GL PDQXWHQ]LRQH FRPSOHWD GL VFDWROD LQWHUUXWWRUL

( FDG ¼
XQLSRODULSXOVDQWLSUHVHDFFHVVRULHWFLQRSHUD
( %URQ]RODYRUDWRSHUODIRUPD]LRQHGLEURQ]LQHHERFFROHVRORIRUQLWXUD NJ ¼
&DELQD PRELOH ILQR DOOD SRUWDWD GL Q SHUVRQH FRPSOHWD GL VSHFFKLR DQWLQH

GL TXDOVLDVL WLSR PDQLJOLH 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
IRWRFHOOXOHGLTXDOVLDVLWLSRWLUDQWLFHUQLHUHHWFLQRSHUD
( D VWUXWWXUDLQSDQQHOOLGLODPLHUDGLIHUUR
( D ULYHVWLWDLQWHUQDPHQWHLQODPLQDWRSODVWLFR FDG ¼
( D ULYHVWLWDLQWHUQDPHQWHLQDFFLDLRLQR[VDWLQDWRROXFLGR FDG ¼
( D ULYHVWLWDLQWHUQDPHQWHLQDFFLDLRLQR[DQWLJUDIILR FDG ¼
( E VWUXWWXUDLQSDQQHOOLGLODPLHUDGLIHUURHYHWULGLVLFXUH]]D
( E ULYHVWLWDLQWHUQDPHQWHLQDFFLDLRLQR[VDWLQDWRROXFLGR FDG ¼
( F VRYUDSSUH]]RSHUSRUWDWDVXSHULRUHDOOHSHUVRQHSHURJQLSHUVRQDLQSL
&DELQD PRELOH LQ ODPLHUD GL IHUUR ULYHVWLWD LQWHUQDPHQWH LQ OHJQR GL YDULH

HVVHQ]H QRFH QD]LRQDOH URYHUH FLOLHJLR PRJDQR GD LQVWDOODUVL LQ XIILFL HG LQ
VWDELOL GL SDUWLFRODUH SUHJLR DUFKLWHWWRQLFR FRPSOHWD GL DQWLQH GL TXDOVLDVL WLSR
(
SDYLPHQWR LQ PDUPR FRQ R VHQ]D LQWDUVL LQ RWWRQH R VLPLOL VRWWRVRJOLD
UHJRODPHQWDUH GLIIXVRUL DORJHQL R DOWUD IRQWH GL LOOXPLQD]LRQH VSHFFKLR
DOORJJLDPHQWRSHUODERWWRQLHUDGLFDELQDWLUDQWLFHUQLHUHHWFLQRSHUD
( D ILQRDOODSRUWDWDGLQSHUVRQH FDG ¼

( E SHUSRUWDWHVXSHULRULDOOHSHUVRQHRJQLSHUVRQDLQSL
&DELQD PRELOH SHU SLFFROL PRQWDFDULFKL LQ ODPLHUD GL IHUUR YHUQLFLDWD

(
DQWLUXJJLQHLQRSHUD
( 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 DQFRUDJJLR VX VWDIID FRQ
( FDG ¼
YLWLHGDGLUHJROD]LRQHDSHUWXUDDVHFRQGDGHJOLLQYHUWLWRULHWFLQRSHUD
&DPPHV GL DFFRSSLDPHQWR SRUWH DXWRPDWLFKH GL TXDOVLDVL WLSR H IRUPD

( FDG ¼
FRPSUHVRYLWLGDGLHWFLQRSHUD
&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 EXOORQHULD VWRS HWF LQ
RSHUD
( 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 FRPSOHWR GL FDWHQH R

( IXQL WLUDQWL DUUHVWL FXVFLQHWWL R URWHOOH PROOH SHU OD ULFKLXVXUD GHOOH SRUWH GL
SURWH]LRQHIURQWDOHGL]DQFKHREXOORQLGLILVVDJJLRVWRSHWFLQRSHUD
( D ILQRDGXHDQWLQHFRQWUDSSRVWHOXFHYLYDSRUWDP FDG ¼
( E ILQRDGXHDQWLQHWHOHVFRSLFKHOXFHYLYDSRUWDP FDG ¼
( F ILQRDGXHDQWLQHWHOHVFRSLFKHOXFHYLYDSRUWDP FDG ¼
( G ILQRDTXDWWURDQWLQHWHOHVFRSLFKHFHQWUDOLOXFHYLYDSRUWDP FDG ¼
( H ILQRDTXDWWURDQWLQHWHOHVFRSLFKHFHQWUDOLOXFHYLYDSRUWDP FDG ¼
ILQR D TXDWWUR DQWLQH WHOHVFRSLFKHFHQWUDOL OXFH YLYD SRUWD VXSHULRUH D P
( I
RJQLFP
&DUWHOOLQH GL VRVSHQVLRQH SHU TXDOVLDVL WLSR GL SRUWH GL SLDQR H GL FDELQD

( FDG ¼
FRPSOHWHGLEXOORQLGDGLURWHOOHFXVFLQHWWLIRULHWFLQRSHUD
&DUWHOOR LQGLFDWRUH LQ PHWDOOR GL IXRUL VHUYL]LR FRPSOHWR GL IXQLFHOOD VROR

( FDG ¼
IRUQLWXUD
&DUWHOOR LQGLFDWRUH SHU OH LVWUX]LRQL SHU OD PDQRYUD D PDQR GL HPHUJHQ]D

(
FRPSOHWRGLYLWLHVWRSHWFLQRSHUD
( D FRQPDWHULDOHDGHVLYR FDG ¼
( E LQPHWDOOR FDG ¼
&DVVHWWD SHU OD FXVWRGLD GHOOH FKLDYL GHO ORFDOH PDFFKLQDULR FRQ VSRUWHOOHWWR
( FDG ¼
DFKLDYHXQLYHUVDOHFRPSOHWRGLDFFHVVRULFRPHYLWLVWRSIRULHWFLQRSHUD
&DWHQD SHU DSHUWXUD H FKLXVXUD FDQFHOOL D JKLJOLRWWLQD FRPSUHVR WLUDQWL

( FDG ¼
PRUVHWWLHWFLQRSHUD
( &DWHQDSHUVHOHWWRUHFRPSUHVDGLHYHQWXDOHPRUVHWWRRWLUDQWHLQRSHUD P ¼
&DWHQDFFLR GL EORFFR HOHWWURPHFFDQLFR SHU FDQFHOOL D JKLJOLRWWLQD FRPSOHWR GL

( SLDVWUD GL VXSSRUWR OHYD GL D]LRQDPHQWR FRQWDWWL FRPSUHVH RSHUH PXUDULH H FDG ¼
PHFFDQLFKHYLWLGDGLHWFLQRSHUD
&DYR IOHVVLELOH LVRODWR FRQ PDWHULDOH WHUPRSODVWLFR JUDGR GL LVRODPHQWR
( FRQFRQGXWWRUL LQ UDPH DFFXUDWDPHQWH ILVVDWR FRPH RFFRUUH FRPSUHVR PRUVHWWL
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
&HQWUDOLQD HOHWWURQLFD SHVD SHUVRQH WLSR //(& 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 FRPSUHVR RJQL RQHUH
SHULOILVVDJJLRVXOWHWWRGHOODFDELQDPRELOHHFROOHJDPHQWLLQRSHUD
( 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 FRQQHVVLRQH DG
DSSDUHFFKLDWXUD SURWHO H FROOHJDPHQWR DL TXDGUL GL PDQRYUD GL TXDOVLDVL WLSR H
( FDG ¼
WHQVLRQH 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 JUDILFD GHOOH
PRGLILFKHVXJOLVFKHPLHOHWWULFLGLSULQFLSLRGHOTXDGURGLPDQRYUD
( &HUQLHUH SHU DQWLQH GL FDELQD LQ RWWRQH FURPDWR R EURQ]DWR R LQ DOOXPLQLR

FRPSUHVRYLWLWDVVHOOLHWFLQRSHUD FDG ¼
(
&LWRIRQRFRSSLDSHUFROOHJDPHQWRFDELQDPRELOHHORFDOHPDFFKLQDULR
FDG ¼
&RQWDWWL PDJQHWLFL QRUGVXG SHU FRPDQGR LQWHUUXWWRUL PDJQHWLFL ELVWDELOL R

SXQWDWRUL RWWLFL SHU VHOH]LRQH PDQRYUD VDOLWD GLVFHVD OLYHOODPHQWR LPSLDQWR
( IHUPDWD H FRQVHQVR DSHUWXUD SRUWH DXWRPDWLFKH FRPSUHVR RJQL RQHUH SHU LO FDG ¼
ILVVDJJLR VXOOH JXLGH GL VFRUULPHQWR GHOOD FDELQD PRELOH R VX SLDVWUD UHJLVWUDELOH
LQIHUURRDOOXPLQLRFRPSUHVHUHJLVWUD]LRQLLQRSHUD
&RQWDWWL PLFUR R QRUPDOL GL TXDOVLDVL WLSR D VIHUD D URWHOOD D SLVWRQH D OHYD

( SHU DUFDWH IRQGR PRELOH OLPLWDWRUL GL YHORFLWj H SXOHJJH WHQGLWULFL FDG ¼
FRPSUHVRYLWLGDGLIRULHWFLQRSHUD
&RQWDWWL DVSRUWDELOL SHU SRUWLQH GL TXDOVLDVL WLSR FRPSOHWL GL SDUWH ILVVD H

( FDG ¼
PRELOHFRPSUHVDODLQFDVVDWXUDIRULYLWLGDGLHWFLQRSHUD
&RQWDWWR DVSRUWDELOH SHU EORFFR VHUUDWXUH SRUWH GL SLDQR FRPSUHVR IRUL YLWL
( FDG ¼
LQRSHUD
&RQWURFRQWDWWL GL VLFXUH]]D SHU FDQFHOOL D JKLJOLRWWLQD FRPSOHWL GL VWDIIH YLWL

( FDG ¼
GDGLLQRSHUD
( &RUGLQRSHUPRYLPHQWRSRUWHDXWRPDWLFKHLQRSHUD FDG ¼
&RVWROD PRELOH SHU SRUWH DXWRPDWLFKH R EDUULHUH HOHWWURPHFFDQLFKH FRPSOHWD GL

( FDG ¼
WXWWLJOLDFFHVVRULVWDIIHYLWLGDGLLQRSHUD
( &UHPDJOLHUDFRQDQJRORHDVROHLQRSHUD FDG ¼
(
&XVFLQHWWRSHUVXSSRUWRRSHUUHJJLVSLQWDSHUDUJDQLRPRWRULLQRSHUD
FDG ¼
'LFWDWRU R SRPSHWWH SHU OD FKLXVXUD GHOOH SRUWH GL SLDQR FRPSUHVR YLWL GDGL
( FDG ¼
HGRJQLDOWUDRSHUDPHFFDQLFDHWFSHUSRUWHQXRYHLQRSHUD
'LFWDWRU R SRPSHWWH VX SRUWH JLj HVLVWHQWL SHU OD FKLXVXUD GHOOH SRUWH GL SLDQR
( FDG ¼
FRPSUHVRYLWLGDGLHGRJQLDOWUDRSHUDPHFFDQLFDHWFSHUSRUWHQXRYHLQRSHUD
'LQDPR WDFKLPHWULFD SHU UHJRODWRUH HOHWWURQLFR GHOOD YHORFLWj FRPSOHWR GL

( FDG ¼
DFFHVVRULLQRSHUD
'LVSHUVRUH GL WHUUD LQ WXER PDQQHVPDQQ LQ SURILODWL GL IHUUR ]LQFDWR LQ

WRQGLQR GL DFFLDLR UDPDWR HWF FRPXQTXH ULVSRQGHQWH DOOH OHJJL H QRUPH
YLJHQWL GHOOD OXQJKH]]D ILQR P FRPSOHWR GL SXQWD]]D H FROODUH SHU O
DWWDFFR GHO
( FDG ¼
FRQGXWWRUH GL WHUUD JLj
SUHGLVSRVWR SHU OD JLXQ]LRQH GL XQ XOWHULRUH HOHPHQWR
FRPSUHVR RJQL PH]]R GL RSHUD OD PLVXUD]LRQH GHOOD UHVLVWHQ]D GL WHUUD RSHUH GL
VWHUURHULSULVWLQRHWFLQRSHUD
'LVSRVLWLYR ODPSHJJLDQWH FRQWHQXWR LQ DSSRVLWR FRQWHQLWRUH D WHQXWD

( FDG ¼
VWDJQDLQRSHUD
'LVSRVLWLYR FRPELQDWRUH WHOHIRQLFR SHU FROOHJDPHQWR ELGLUH]LRQDOH FDELQD

( FDG ¼
PRELOHHPDQXWHQWRUHDLVHQVLGHOOD'LUHWWLYD&((
(OHWWURDVSLUDWRUL SHU UDIIUHGGDPHQWR PRWRUL GL TXDOVLDVL SRWHQ]D FRPSOHWR GL

( FDG ¼
FDUFDVVDIODQJLDJXDUQL]LRQLEXOORQLGDGLFRPSUHVRIRULHWFLQRSHUD
(OHWWURPDJQHWH D VROHQRLGH D FRUUHQWH UDGGUL]]DWD FRPSOHWR GL FDUFDVVD

( PHWDOOLFD GL TXDOVLDVL WLSR H PDUFD ILQR DOOD SRUWDWD GL NJ SHU IUHQL H FDG ¼
SHUFRPDQGRSDWWLQRUHWUDWWLOHFRPSUHVRIRULGDGLYLWLSHUQRHWFLQRSHUD
(OHWWURULGXWWRUH SHU FDQFHOOL VFRUUHYROL FRPSOHWR GL DFFHVVRUL PRWRUH

(
TXDGURHOHWWULFRHWFPRQRIDVHYHQWLODWRLQRSHUD
( D ILQRD+3PRQRIDVH FDG ¼
( E ILQRD+3PRQRIDVH FDG ¼
( F ILQRD+3WULIDVH FDG ¼
( G ILQRD+3WULIDVH FDG ¼
(PHUJHQ]DPDWLF SHU LPSLDQWL FRQ TXDOVLDVL YHORFLWj H WHQVLRQH FRPSOHWR GL

ULWRUQR DXWRPDWLFR DO SLDQR WHUUD GHOOD FDELQD PRELOH LQ PDQFDQ]D GL WHQVLRQH
( FDG ¼
GLVSRVLWLYR DSHUWXUD SRUWH EDWWHULD VHJQDOD]LRQH GL HPHUJHQ]D SHU FDELQD H WXWWR
TXDQWRDOWURRFFRUUHLQRSHUD
(QFRGHU SHU ULOHYDPHQWR GHO QXPHUR GL JLUL GHO PRWRUH GHOO

DUJDQR GL
VROOHYDPHQWR QHFHVVDULR SHU LQVWDOOD]LRQL SRVWXPH VXL TXDGUL GL PDQRYUD GL
( DSSDUHFFKLDWXUH HOHWWURQLFKH SHU LO FRQWUROOR GHOOD YHORFLWj
GHOO
LPSLDQWR FDG ¼
FRPSUHVR RJQL RQHUH SHU PRQWDJJLR VXOO
DVVH GHO PRWRUH H SURYH GL
IXQ]LRQDPHQWRLQRSHUD
)DUHWWR UHDOL]]DWR FRQ FRUSR LQ DOOXPLQLR SUHVVRIXVR H FRQ PROOH GL DJJDQFLR

SUHGLVSRVWR SHU XWLOL]]DUH ODPSDGH DORJHQH ILQR D :DWW FRQ ULIOHWWRUH GLFURLFR
( FDG ¼
D EDVVR YROWDJJLR FRPSOHWR GL ODPSDGD H UHDWWRUH PHFFDQLFR R HOHWWURQLFR LQ
RSHUD
)RJOLR GL OHJQR GL FRPSHQVDWR GHOOR VSHVVRUH ILQR D PP FRPSUHVR FROODQWH

( PT ¼
FKLRGLIRULHWFLQRSHUD
)RWRFHOOXOD FRPSOHWD GL VSHFFKLR GL ULQYLR H GL DSSDUHFFKLDWXUD GL FRQWUROOR H GL

( FDG ¼
DPSOLILFD]LRQHGHOVHJQDOHFRPSUHVRGLVWDIIHGDGLIRULHWFLQRSHUD
)RWRFHOOXOD D EDUULHUD HOHWWURQLFD WLSR 6/,0 D UDJJL LQIUDURVVL HG HPLVVLRQH

PXOWLUDJJLR LQVWDOODWD D WXWWD DOWH]]D VXOOH SRUWH GHOOD FDELQD PRELOH FRPSOHWD GL
( FDG ¼
FHQWUDOLQD HOHWWURQLFD GL FRQWUROOR FRPSUHVR RJQL RQHUH SHU LO PRQWDJJLR SURYH GL
UHJLVWUD]LRQHHIXQ]LRQDPHQWRLQRSHUD
)XQL LQ DFFLDLR OXFLGR D WUHIROL FRQ DQLPD WHVVLOH WLSR 6($/( D ILOL
(
LQRSHUD
( J DXPHQWRSHUFHQWXDOHSHUIXQLILQRDILOL
*RPPD SHU FRVWROH PRELOL SHU SRUWH DXWRPDWLFKH SHU FDQFHOOL D

( FDG ¼
JKLJOLRWWLQDHWFLQRSHUD
*RPPLQL GL EDWWXWD SRUWH GL SLDQR H GL FDELQD FRPSUHVR YLWL VWDIIH IRUR

( FDG ¼
VWRSHWFLQRSHUD
( *RQJSHUVHJQDOD]LRQHDFXVWLFDGLFDELQD FDG ¼
*UXSSR WHUPLFR SHU VDOYDPRWRUHWHOHUXWWRUH FRPSOHWR GL RJQL DFFHVVRULR

(
FRPSUHVRYLWLGDGLIRULHWFLQRSHUD
( D ILQRD$PS FDG ¼
( E ILQRD$PS FDG ¼
( F ILQRD$PS FDG ¼
*XLGH WUDILODWH LQ DFFLDLR GD PP D SHU FDELQD H FRQWUDSSHVR D 7 DG 8

( D / FRQ SURILOR QRUPDOH R VSHFLDOH FRPSOHWH GL SLDVWUH GL DFFRSSLDPHQWR H NJ ¼
EXOORQL IRUL HWF FRPSUHVR O¶HYHQWXDOH WDJOLR GL PXUDWXUD OD LQFDVVDWXUD H OD
,QWHUUXWWRUH PDJQHWLFR R ELVWDELOH SHU FRPDQGR LPSXOVL DL VHOHWWRUL R TXDGUL GL

( FDG ¼
PDQRYUDFRPSUHVRGLVWDIIHYLWLHWFLQRSHUD
( ,QWHUUXWWRUHG
HPHUJHQ]DSHUIRQGRIRVVDHORFDOHULQYLLLQRSHUD FDG ¼
,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
PRQWDJJLR SHU O
XWLOL]]D]LRQH LQ HPHUJHQ]D GHOOH VWHVVH ODPSDGH FRQ DXWRQRPLD
PLQLPDGLRUHFRQIRUPHDO'0LQRSHUD
,QYHUWLWRUH GL SLDQR H GL ILQH FRUVD SHU OD SRVD LQ RSHUD VX VWDIIH FRPSUHVR

( YLWL GDGL FROOHJDPHQWL H UHJLVWUD]LRQL SHU LO OLYHOODPHQWR GHOOD FDELQD FRQ LO
SLDQRGLIHUPDWDLQRSHUD
( 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 EXOORQHULD
VDOGDWXUHVWDIIHHWFLQRSHUD
( D FRQYHUQLFLDWXUDDQWLUXJJLQH PT ¼
( E FRQYHUQLFLDWXUDDIXRFR PT ¼
/DPLHUD GL IHUUR VWULDWD YHUQLFLDWD DQWLUXJJLQH GL TXDOXQTXH VSHVVRUH

( NJ ¼
FRPSUHVRIRULVDOGDWXUHLQRSHUD
/DPLHUD GL IHUUR YHUQLFLDWD DQWLUXJJLQH GL TXDOXQTXH VSHVVRUH SHU OD

( UHDOL]]D]LRQH GL PHQVROH JUDGLQL EDOODWRL FRSHUWXUD FDQDOL]]D]LRQL HOHWWULFKH NJ ¼
HWFFRPSUHVRIRULVDOGDWXUHLQRSHUD
/DPLHUD GL DFFLDLR LQR[ SLHJDWD LQ SDQQHOOL R ODYRUDWD FRPSOHWD GL SURILODWL GL

( PT ¼
ULQIRU]RIRULVDOGDWXUHLQRSHUD
/DPLQDWR SODVWLFR SHU ULYHVWLPHQWR FDELQH PRELOL R SRUWH GL SLDQR FRPSUHVD OD

(
UDVFKLDWXUDGHOODSDUWHLQRSHUD
( D WLSRQRUPDOH PT ¼
( E WLSRLJQLIXJR PT ¼
/DPSDGD SRUWDWLOH D QRUPD GL OHJJH FRPSOHWD GL RJQL DFFHVVRULR VROR

( FDG ¼
IRUQLWXUD
/DPSDGD GL HPHUJHQ]D PRGXODUH LQVWDOODWD QHOOD ERWWRQLHUD GHOOD FDELQD

( FDG ¼
PRELOHLQRSHUD
/HYD GL FRPDQGR EORFFR VHUUDWXUD GL SLDQR FRPSOHWD GL URWHOOH YLWL GDGL LQ

( FDG ¼
RSHUD
/LPLWDWRUH GL YHORFLWj FRQIRUPH DO '0 H FHUWLILFD]LRQH ,04 R

( &( GLVSRVLWLYR FHQWULIXJR GD LQVWDOODUH QHO ORFDOH DUJDQR FRPSOHWR GL VWDIIH FDG ¼
RSHUHPXUDULHHPHFFDQLFKHLQRSHUD
/LQROHXP R JRPPD D EROOH SHU WDSSHWL GL FDOSHVWLR FDELQH PRELOL R ORFDOL

( PDFFKLQDUL VSHVVRUH PLQLPR PP FRPSUHVR UDVFKLDWXUD H FROODQWH HWF LQ PT ¼
RSHUD
( /XFFKHWWR\DOHFRPSUHVRGLWLUDIRQGLHWFVRORIRUQLWXUD FDG ¼
0DJQHWLQL R SLQ]H SHU EORFFDJJLR DQWLQH GL FDELQD FRPSUHVR VWDIIH YLWL IRUL
( FDG ¼
HWFLQRSHUD
( 0DQLJOLDSHUDQWLQHGLFDELQDFRPSUHVRIRULYLWLHWFLQRSHUD FDG ¼
0ROOH LQ DFFLDLR FRQ IXQH R FDWHQH SHU FKLXVXUD VHPLDXWRPDWLFD SRUWH

( FDG ¼
HVWHUQHDQWLQHGLFDELQDFRPSUHVRYLWLVWDIIHWWHIRULHWFLQRSHUD
( 0ROOHLQDFFLDLRSHUDWWDFFKLWLUDQWLIXQLILORPPLQRSHUD FDG ¼
( 0ROOHLQDFFLDLRSHUSDWWLQLSHUDUFDWHLQRSHUD FDG ¼
0ROORQL SHU H[WUDFRUVD GL WUDILODWR LQ DFFLDLR GL TXDOVLDVL VSHVVRUH ILQR

( DOOD OXQJKH]]D GL P FRPSUHVR FDOFROR SLDVWUH VDOGDWXUH VWDIIH HWF LQ FDG ¼
RSHUD
( 0RUVHWWLHUDPHWjFRUVDFRPSOHWDGLFXVWRGLDFRPSUHVRIRULYLWLHWFLQRSHUD
( D ILQRDPRUVHWWL FDG ¼
( E ROWUHLPRUVHWWL FDG ¼
0RWRUH DVLQFURQR WULIDVH DG XQD VROD YHORFLWj WHQVLRQH 9 SHU

HYHQWXDOH DEELQDPHQWR D TXDGUL GL PDQRYUD HTXLSDJJLDWL FRQ UHJROD]LRQH
(
HOHWWURQLFD GHOOD YHORFLWj FRQ YDULDWRUH GL IUHTXHQ]D FRPSUHVR IRUL EXOORQL HG
DOWUHRSHUHPHFFDQLFKHLQRSHUD
( D GHOODSRWHQ]DILQRD+3 FDG ¼
( E GHOODSRWHQ]DILQRD+3 FDG ¼
( F GHOODSRWHQ]DILQRD+3 FDG ¼
( G GHOODSRWHQ]DILQRD+3 FDG ¼
( H GHOODSRWHQ]DILQRD+3 FDG ¼
( I GHOODSRWHQ]DILQRD+3 FDG ¼
( J GHOODSRWHQ]DILQRD+3 FDG ¼
( 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
( P GHOODSRWHQ]DILQRD+3 FDG ¼
0RWRUH DVLQFURQR WULIDVH D GXH YHORFLWj WHQVLRQH 9 FRPSUHVR IRUL

(
EXOORQLHGDOWUHRSHUHPHFFDQLFKHLQRSHUD
( D GHOODSRWHQ]DILQRD+3 FDG ¼
( E GHOODSRWHQ]DILQRD+3 FDG ¼
( F GHOODSRWHQ]DILQRD+3 FDG ¼
( G GHOODSRWHQ]DILQRD+3 FDG ¼
( H GHOODSRWHQ]DILQRD+3 FDG ¼
( I GHOODSRWHQ]DILQRD+3 FDG ¼
( J GHOODSRWHQ]DILQRD+3 FDG ¼
( 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
( P GHOODSRWHQ]DILQRD+3 FDG ¼
( Q SHUVHUYL]LRFRQWLQXRLQVHU]LRQLKDXPHQWR
2SHUDWRUH GL FDELQD SHU LPSLDQWL FRQ SRUWH DXWRPDWLFKH VFRUUHYROL FRPSOHWR GL

PRWRUH SDWWLQR GL DFFRSSLDPHQWR DOOH SRUWH GL SLDQR SXOHJJH GL D]LRQDPHQWR
(
LQJUDQDJJL FDWHQH FLQJKLH SLDVWUH GL SURWH]LRQH DVWH GL VFRUULPHQWR SRUWH
FRQWDWWLHOHWWULFLSLQ]HFRPSUHVRVWDIIHHGRSHUHPHFFDQLFKHHWFLQRSHUD
( D FHQWUDOLFRQWUDSSRVWH
( D OXFHYLYDILQRDP[ FDG ¼
( E WHOHVFRSLFKHILQRDDQWLQHGLFDELQD
( E OXFHYLYDILQRDP[ FDG ¼
( F WHOHVFRSLFKHILQRDDQWLQHGLFDELQD
( F OXFHYLYDILQRDP[ FDG ¼
( F OXFHYLYDVXSHULRUHDPRJQLFPDXPHQWRSHUFHQWXDOHGHO
( F &RQPRWRUHDFRUUHQWHFRQWLQXDDXPHQWRSHUFHQWXDOHGHO
( 3DOHWWRULJLGRSHUVXSSRUWRVEDUUDHOHWWURPHFFDQLFDRSHUIRWRFHOOXODLQRSHUD FDG ¼
( 3DQLLQJKLVDRLQSURILODWLGLIHUURSHUFRQWUDSSHVRLQRSHUD NJ ¼
3DWWLQR UHWUDWWLOH FRPSOHWR GL DVWD GL VFRUULPHQWR H GL UHJROD]LRQH

( FDG ¼
FRPSUHVREXOORQLIRULHWFLQRSHUD
( 3DWWLQRUHWUDWWLOHVRORVFDUSDFRPSUHVRYLWLGDGLHWFLQRSHUD FDG ¼
3LDVWUD LQ IHUUR UHJLVWUDELOH SHU FRPDQGR LQWHUUXWWRUH PDJQHWLFR FRPSUHVR

( FDG ¼
GLVWDIIHDUSLRQLHWFLQRSHUD
( 3OH[LJODVLQODVWUDFRPSUHVHHYHQWXDOLSLHJDWXUHHVDOGDWXUHLQRSHUD PT ¼
3RUWD GHO ORFDOH PDFFKLQD FRQ ILQHVWUD GL DUHD]LRQH LQ ODPLHUD GL IHUUR

( FRPSOHWD GL WHODLR ULQIRU]L PDQLJOLD VHUUDWXUD FRPSUHVH OH RSHUH PXUDULH H FDG ¼
PHFFDQLFKHLQRSHUD
3RUWD GL SLDQR VFRUUHYROH GL TXDOVLDVL WLSR LQ ODPLHUD GL IHUUR YHUQLFLDWH R

ULYHVWLVWH GL ODPLQDWR SODVWLFR SHU LPSLDQWL DXWRPDWLFL FRPSOHWH GL PROOD GL
(
FKLXVXUD FRPSUHVH VWDIIH ]DQFKH RSHUH PXUDULH H PHFFDQLFKH VWRS HWF LQ
RSHUD
( D DDQWH
( E DDQWH
( F DDQWH
( F LQDOOXPLQLRDQRGL]]DWRDXPHQWRSHUFHQWXDOH
( F LQDFFLDLRLQR[DXPHQWRSHUFHQWXDOH
3RUWD GL SLDQR VFRUUHYROH LQ ODPLHUD GL IHUUR YHUQLFLDWD DQWLUXJJLQH

(
UHVLVWHQWHDOIXRFRILQRD5(,LQRSHUD
3RUWD GL SLDQR D EDWWHQWH LQ ODPLHUD GL IHUUR YHUQLFLDWD DQWLUXJJLQH DG XQD VROD

( DQWD FRQ R VHQ]D FULVWDOOR GL VLFXUH]]D FRPSOHWD GL PDQLJOLD H GL WXWWH OH RSHUH
PHFFDQLFKHHPXUDULHVWDIIHVWRSHWFLQRSHUD
( F VRYUDSSUH]]RSHUYHUQLFLDWXUDDIXRFR
3RUWD GL SLDQR R SHU ORFDOH PDFFKLQD D EDWWHQWH YHUQLFLDWH DQWLUXJJLQH

(
UHVLVWHQWHDOIXRFRLQRSHUD
( D ILQRD5(,
( E ILQRD5(,
( 3RVWRHVWHUQRFLWRIRQLFRLQVWDOODWRQHOODERWWRQLHUDGHOSWLQRSHUD FDG ¼
3URILODWL LQ DFFLDLR GL TXDOVLDVL PLVXUD SHU FDVWHOOL SRUWDQWL SHU WUDYDWXUH GL

( NJ ¼
VRVWHJQRVROHWWHDUJDQLHWFFRPSUHVHOHRSHUHPXUDULHHPHFFDQLFKHLQRSHUD
3URJHWWR SHU OD FRVWUX]LRQH HG LQVWDOOD]LRQH GL XQ DVFHQVRUH VHFRQGR

GLUHWWLYD &( FRPSUHVD OD UHOD]LRQH WHFQLFD LO GLVHJQR HVHFXWLYR L FDOFROL
GHOOH WUDYDWXUH GL VRVWHJQR RYH QHFHVVDULH H GHOOH VROHWWH SRUWDQWL GHL PDFFKLQDUL
VH WUDWWDVL GL LPSLDQWR ROHRGLQDPLFR DQFKH LO FDOFROR GHO SLVWRQH GHOOD FHQWUDOLQD
ROHRGLQDPLFD H GHO JUXSSR PRWRUHSRPSD FRUUHGDWR GL GLFKLDUD]LRQL GL
( FDG ¼
FRQIRUPLWj &( UHODWLYDPHQWH DL GLVSRVLWLYL GL VLFXUH]]D HG DL FRPSRQHQWL
GHOO¶LPSLDQWR GLFKLDUD]LRQH GL FRQIRUPLWj GHOO¶LQVWDOODWRUH H WXWWR TXDQWR DOWUR
RFFRUUDSHUODSUHVHQWD]LRQHGLULWRDOO
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O¶RWWHQLPHQWR GHO FROODXGR GHOO¶LPSLDQWR HVFOXVL JOL RQHUL SHU OH FRPSHWHQ]H DO
VXGGHWWR2UJDQLVPR
3URLHWWRUH SHU IRWRFHOOXOH GL TXDOVLDVL WLSR H PDUFD FRPSOHWR GL WXWWL JOL

( FDG ¼
DFFHVVRULLQRSHUD
3XOHJJLD WHQGLWULFH GHO UHJRODWRUH GL YHORFLWj FRPSOHWD GL DVVL H VXSSRUWL

( FDG ¼
FRPSUHVDODEXOORQHULDVWRSRSHUHPHFFDQLFKHHPXUDULHHWFLQRSHUD
3XOHJJLD GL ULQYLR LQ JKLVD D JROH FRPSOHWD GL DVVL H VXSSRUWL FRPSUHVD

(
ODEXOORQHULDHRSHUHPHFFDQLFKHLQRSHUD
( D GHOGLDPHWURGLPP FDG ¼
( E GHOGLDPHWURGLPP FDG ¼
( F GLTXDOVLDVLDOWURGLDPHWUR FDG ¼
3XOHJJLD GL WUD]LRQH GL TXDOVLDVL GLDPHWUR GD LQVWDOODUH VXOOR DUJDQR D

( FDG ¼
JROH FRPSOHWD GL DVVL H VXSSRUWL FRPSUHVD OD EXOORQHULD H RSHUH PHFFDQLFKH
( 3XOVDQWH GL HPHUJHQ]D VRWWRYHWUR SHU FRPDQGR D GLVWDQ]D GD LQFDVVR

FRPSUHVHOHRSHUHPXUDULHLQRSHUD FDG ¼
( 3XOVDQWH SHU ERWWRQLHUD GL SLDQR R GL FDELQD FRPSUHVR OR VPRQWDJJLR

GHOOHERWWRQLHUHFROOHJDPHQWLHWFLQRSHUD FDG ¼
3XOVDQWLHUD LQVWDOODWD VXO TXDGUR GL PDQRYUD SHU VHJQDOD]LRQH DOODUPH ULFHYXWR H

(
SXOVDQWH UHVHW SHU FDQFHOOD]LRQH FRQGL]LRQH G
DOODUPH FRQIRUPH DO '0
LQRSHUD
FDG ¼
( 4XDGUR HOHWWULFR R FRORQQLQD SHU EDUULHUD HOHWWURPHFFDQLFD FRPSOHWR H

SUHGLVSRVWRSHUWXWWLLFLUFXLWLGLPDQRYUDHGLVLFXUH]]DLQRSHUD FDG ¼
4XDGUR HOHWWULFR SHU FDQFHOOL VFRUUHYROL FRPSOHWR H SUHGLVSRVWR SHU WXWWL L

(
FLUFXLWLGLPDQRYUDHGLVLFXUH]]DLQRSHUD
( D ILQRDKSPRQRIDVH FDG ¼
( E ILQRDKSWULIDVHLQRSHUD FDG ¼
( F ILQRDKSWULIDVHLQRSHUD FDG ¼
4XDGUR GL PDQRYUD D PLFURSURFHVVRUH SHU XQ LPSLDQWR QRUPDOH ILQR D

IHUPDWH ILQR D +3 FRPSOHWR GL WXWWH OH DSSDUHFFKLDWXUH TXDOL VHOHWWRUH
HOHWWURQLFR SUHGLVSRVL]LRQH SHU HPHUJHQ]DPDWLF WHQVLRQH GL PDQRYUD ILQR D
(
9 JRQJ GL FDELQD VDOYDPRWRUH DOLPHQWDWRUH GL DOODUPH FRQIRUPH DOOD /
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RSHUD
( D SHUPRWRUHDGXQDYHORFLWj FDG ¼
( E SHUPRWRUHDGRSSLDYHORFLWj FDG ¼
( F SHUPRWRUHDGRSSLDYHORFLWjHFRQSRUWHDXWRPDWLFKH FDG ¼
( G SHULPSLDQWLROHRGLQDPLFLDXPHQWRSHUFHQWXDOHGHO
4XDGUR GL PDQRYUD D PLFURSURFHVVRUH SHU XQ LPSLDQWR D GXH YHORFLWj SRUWH

DXWRPDWLFKH PDQRYUD UHJLVWUDWD SHU VDOLUH H VFHQGHUH SHU PRWRUL ILQR D +3
FRPSOHWR GL WXWWH OH DSSDUHFFKLDWXUH TXDOL VHOHWWRUH HOHWWURQLFR SUHGLVSRVL]LRQH
(
SHU HPHUJHQ]DPDWLF WHQVLRQH GL PDQRYUD ILQR D 9 JRQJ GL FDELQD
VDOYDPRWRUH DOLPHQWDWRUH GL DOODUPH FRQIRUPH DOOD / FRQIRUPH DOOH
QRUPH(1HG(1HDUPDGLRGLSURWH]LRQHFKLXVRLQRSHUD
( D ILQRDIHUPDWH
( D PDQRYUDFROOHWWLYRVHOHWWLYD6,03/(; FDG ¼
( D PDQRYUDFROOHWWLYRVHOHWWLYD'83/(; FDG ¼
( D ILQRDIHUPDWHVRYUDSSUH]]R FDG ¼
( D SHULPSLDQWLROHRGLQDPLFLDXPHQWRSHUFHQWXDOHGHO
4XDGUR GL PDQRYUD SHU PRQWDFDUWH H PRQWDYLYDQGH FRPSOHWR GL WXWWH OH

( DSSDUHFFKLDWXUH FRPSUHVR GL VWDIIH RSHUH PXUDULH H PHFFDQLFKH H DUPDGLR GL
SURWH]LRQHLQRSHUD
( D SHUPRWRUHDGXQDYHORFLWj FDG ¼
( E SHUPRWRUHDGRSSLDYHORFLWj FDG ¼
4XDGUR OXPLQRVR LQGLFDWRUH GL FKLDPDWD UHDOL]]DWR LQ SURILODWR GL DOOXPLQLR

DQRGL]]DWR FRPSOHWR GL UHODLV ODPSDGD H URQ]DWRUH GHO WLSR DG LQFDVVR R GD
(
HVWHUQR FRPSUHVD O
HYHQWXDOH LQFDVVDWXUD R OD FRUQLFH SHU LO PRQWDJJLR GD
HVWHUQRFRPSUHVRRJQLDOWURDFFHVVRULRLQRSHUD
( D ILQRDVHLQXPHUL FDG ¼
( E ILQRDRWWRQXPHUL FDG ¼
( F ILQRDGLHFLQXPHUL FDG ¼
( 5DVWUHOOLHUDSHQVLOHLQDOOXPLQLRSHUEDUULHUHHOHWWURPHFFDQLFKHLQRSHUD
( D ILQRDP FDG ¼
( E ILQRDP FDG ¼
5HJRODWRUH HOHWWURQLFR GHOOD YHORFLWj SHU PRWRUL D GRSSLD SRODULWj TXDOVLDVL

WHQVLRQH YHORFLWj ILQR D PVHF FRPSOHWR GL WXWWL JOL DFFHVVRUL QHFHFHVVDUL
(
SHU LO IXQ]LRQDPHQWR WLSR $&99 7$.('2 R 999) ³,19(57(5´ FRQ
FRQWUROORDPLFURSURFHVVRUHLQRSHUD
( D SHUPRWRULILQRD+3 FDG ¼
( E SHUPRWRULILQRD+3 FDG ¼
( F SHUPRWRULILQRD+3 FDG ¼
( G SHUPRWRULILQRD+3 FDG ¼
( H SHUPRWRULILQRD+3 FDG ¼
( I SHUPRWRULILQRD+3 FDG ¼
( J SHUPRWRULILQRD+3 FDG ¼
( K SHUPRWRULILQRD+3 FDG ¼
5LFHYHQWH UDGLR SHU EDUULHUD LQ FRQWHQLWRUH FRPSUHVR RJQL RQHUH SHU LO ILVVDJJLR
( FDG ¼
VXVWDIIHHFROOHJDPHQWRDOODFHQWUDOLQDHOHWWURQLFDGLFRPDQGRLQRSHUD
5LFHYLWRUH SHU IRWRFHOOXOH GL TXDOVLDVL WLSR H PDUFD FRPSOHWR GL WXWWL JOL

( FDG ¼
DFFHVVRULLQRSHUD
5LYHVWLPHQWR GHOOD FDELQD PRELOH LQ ODPLQDWR SODVWLFR SUHYLD DVSRUWD]LRQH GHO

(
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( D ILQRDOODVXSHUILFLHGLPð FDG ¼
( E SHURJQLPðLQSLDXPHQWRSHUFHQWXDOH
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( FDG ¼
SODVWLFRODFRSSLDLQRSHUD
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( FDG ¼
RSHUD
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( FDG ¼
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( FDG ¼
VDOLWDGLVFHVDPP[LQRSHUD
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( IHUPDWH FRPSUHVR FDWHQD GL D]LRQDPHQWR IXQH FRQGXWWRUL H WXER WHUPRSODVWLFR FDG ¼
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IHUPDWH FRPSUHVR FDWHQD GL D]LRQDPHQWR IXQH FRQGXWWRUL H WXER WHUPRSODVWLFR
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GLYHORFLWjLQRSHUD
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(
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( FDG ¼
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( FDG ¼
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*
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ULTXDGUDWXUH GL YDQL WDPSRQDPHQWL GL YDQL H VLPLOL &RPSUHVL L SLDQL GL ODYRUR
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* FRQVLVWHQ]D H SXOL]LD GHO SLDQR GL FDOSHVWLR &RPSUHVR O
DEEDVVDPHQWR H PT ¼
O
DOORQWDQDPHQWRGDOFDQWLHUHGHLPDWHULDOLGLULVXOWD
3XOL]LD GL FRUQLFL FRUQLFLRQL GDYDQ]DOL H GL HOHPHQWL GHFRUDWLYL LQ JHQHUH GD

* GHSRVLWL LQFURVWD]LRQL WHUULFFLR JXDQR FRQ DWWUH]]L PHFFDQLFL PDQXDOL H PT ¼
ODYDJJLRFRQDFTXDHVRVWDQ]HGHWHUJHQWL
5HYLVLRQH GHOOH FRSHUWXUH PHWDOOLFKH FRQ ULPR]LRQH GHOOH ODVWUH GLVDUWLFRODWH R

GDQQHJJLDWH PHVVD LQ TXRWD GHL FRUUHQWL GL DSSRJJLR HVHFX]LRQH GL QXRYL
* PT ¼
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SRQWHJJLODIRUQLWXUDHSRVDGLQXRYLHOHPHQWL0LVXUDGHOODLQWHUDVXSHUILFLH
,03,$17,
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*
GLODYDELHVLPLOL(
HVFOXVDRJQLHYHQWXDOHURWWXUDFKHVLUHQGHVVHQHFHVVDULD
* D SHUXQVLQJRORLQWHUYHQWR FDG ¼
* E SHURJQLXOWHULRUHLQWHUYHQWRQHOORVWHVVRHGLILFLR FDG ¼
'LVRVWUX]LRQH GL VFDULFKL GL JDELQHWWL UHODWLYDPHQWH DO VLIRQH HG DO FROOHWWRUH GL

IRJQDWXUD RUL]]RQWDOH (
HVFOXVD RJQL HYHQWXDOH URWWXUD FKH VL UHQGHVVH
*
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LQWHUD EDWWHULD GL VHUYL]L LQWHUHVVDWL
GDOO
RVWUX]LRQH
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5LFHUFD GL SHUGLWH LQ UHWH GL LPSLDQWL LGURVDQLWDUL LQFDVVDWL R D SDYLPHQWR FRQ

*
LPSLHJRGLLGRQHHVWUXPHQWD]LRQL
* D GLVFDULFRDSSDUHFFKL FDG ¼
* E GLDGGX]LRQHDFTXHIUHGGHFDOGH FDG ¼
* 5HYLVLRQHGLWXED]LRQHGLVFDULFRGLDSSDUHFFKLRVDQLWDULR FDG ¼

,O SUH]]R FRPSUHQGH H FRPSHQVD OD ULPR]LRQH GHOO
DSSDUHFFKLR VDQLWDULR H LO
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DLPSLDQWLGLVWRFFDJJLRGLUHFXSHURRDGLVFDULFD
6RQR LQROWUH FRPSUHVH OH DWWLYLWj FRQQHVVH D JDUDQWLUH OD FRQWLQXLWj GHO VHUYL]LR
DOO
LQWHUQRGHOORVWDELOH
(VFOXVLJOLRQHULGLVPDOWLPHQWR
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,O SUH]]R FRPSUHQGH H FRPSHQVD OD UHYLVLRQH LQWHJUDOH GL UXELQHWWHULD GL

* FRPDQGR H GL DUUHVWR VFDULFKL H IRUQLWXUD H SRVD LQ RSHUD GHOOH DSSDUHFFKLDWXUH
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FRQWLQXLWjGHOVHUYL]LRDOO
LQWHUQRGHOORVWDELOH(VFOXVLJOLRQHULGLVPDOWLPHQWR
* D FRQVRVWLWX]LRQHGLVRODPLQXWHULD FDG ¼

* E FRQVRVWLWX]LRQHGLJUXSSRDGXHUXELQHWWLSHUODYDQGLQRYDVFDRGRFFLD FDG ¼
FRQ VRVWLWX]LRQH GL JUXSSR FRQ PLVFHODWRUH PRQRFRPDQGR SHU ODYDQGLQR YDVFD R
* F FDG ¼
GRFFLD
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FRQ VRVWLWX]LRQH GL VROR UXELQHWWR GL DGGX]LRQH SHU RULQDWRL VFDOGDEDJQR
* H FDG ¼
IRQWDQHOOHUXELQHWWLGLDUUHVWRVRWWRODYDER
6JRPEHUR H SXOL]LD GL SR]]HWWL GL PHGLD JUDQGH]]D SHU OD UDFFROWD GL DFTXH

*
PHWHRULFKHHVLPLODULQRQVWUDGDOL
* E SHURJQLXOWHULRUHLQWHUYHQWRDGLDFHQWH FDG ¼
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FRQ VRVWLWX]LRQH GL JUHV R JKLVD FRQ WXED]LRQL LQ SYF &RPSUHVR LO EORFFR GHL
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SRVD HG LO ILVVDJJLR GHOOH QXRYH WXED]LRQL LQ SYF LO FROOHJDPHQWR FRQ SH]]L
* VSHFLDOL H OD LGRQHD VLJLOODWXUD D WHQXWD HYHQWXDOL SLDQL GL ODYRUR RYH QHFHVVDUL LO
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DOORQWDQDPHQWR DOOH GLVFDULFKH
GL WXWWL L PDWHULDOL GL ULVXOWD FRPSUHVR RJQL RQHUH DG HVFOXVLRQH VROR GL HYHQWXDOL
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GLDPHWUL
* D ILQRDOGLDPHWURGLPP P ¼
* E GDOGLDPHWURDPP P ¼
* 6RVWLWX]LRQHGLPLVFHODWRUHFRQUXELQHWWRDFRPDQGRDSHGDOH FDG ¼

,O SUH]]R FRPSUHQGH H FRPSHQVD OR VPRQWDJLR GHOOD UXELQHWWHULD GL FRPDQGR H GL
DUUHVWR FRQ UHFXSHUR GHOOD VWHVVD SHU OR VWRFFDJJLR SUHVVR GHSRVLWR QHOO
DPELWR
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JRPPDHUJRQRPLFR
* 6RVWLWX]LRQHGLPLVFHODWRUHFRQUXELQHWWRPLVFHODWRUHDFHOOXODIRWRHOHWWULFDDSLOD FDG ¼

DPELWR
GHO FDQWLHUH OD IRUQLWXUD H OD SRVD LQ RSHUD GHOOH VHJXHQWL DSSDUHFFKLDWXUH
PLVFHODWRUH HOHWWURQLFR D SLOD 9 D ULVSDUPLR G
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SURWH]LRQH,3
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* FDG ¼
DPELWR
GHO FDQWLHUH OD IRUQLWXUD H OD SRVD LQ RSHUD GHOOH VHJXHQWL DSSDUHFFKLDWXUH
PLVFHODWRUHPRQRFRPDQGRSHUODYDERFRQOHYDFOLQLFDHGRFFHWWDHVWUDLELOH
,03(50($%,/,==$=,21,
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* PT ¼
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FDULFR H WUDVSRUWR GHOOH PDFHULH DJOL LPSLDQWL GL VWRFFDJJLR GL UHFXSHUR R D
* P ¼
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VRWWRIRQGRGLSHQGHQ]DODGHPROL]LRQHGHOFROORqJLjFRPSUHVD
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* JXVFLH RYH PDQFDQWL QHOO
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* WLSR LPSHUPHDELOH FRPSUHVR ULPR]LRQH PDQWR GHWHULRUDWR PDQR GL SULPHU H FDG ¼
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* GL SULPHU ELWXPLQRVR VWHVD D VSDWROD GL FHPHQWR SODVWLFR ELWXPLQRVR D GXH PDQL PT ¼
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3$9,0(17,(5,9(67,0(17,
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GL PDUPR R TXDOVLDVL PDWHULDOH DQDORJR FRQ TXDOVLDVL WLSR GL SRVD &RPSUHVD
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* DGLDFHQWH DO UDSSH]]R OD SUHSDUD]LRQH H SXOL]LD GHO SLDQR GL SRVD OD SRVD GHO
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GHO PDWHULDOH H OD IRUQLWXUD GHOOH PDOWH R GL FROODQWL LGRQHL OD SXOL]LD
GHOO
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* D SDYLPHQWLLQSLDVWUHOOHGLVSHVVRUHILQRDPP PT ¼

* E SDYLPHQWLLQSLDVWUHOOHFRQVSHVVRUHGDDPP PT ¼
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R TXDOVLDVL PDWHULDOH DQDORJR FRQ TXDOVLDVL WLSR GL SRVD &RPSUHVD ULPR]LRQH GHO
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*
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ODYRUL LO WUDVSRUWR D GLVFDULFD GHL PDWHULDOL GL ULVXOWD O
XWLOL]]R GL HYHQWXDOL SLDQL
GLODYRURVHQHFHVVDUL
* D ULYHVWLPHQWLLQSLDVWUHOOHGLVSHVVRUHILQRDPP PT ¼

* E ULYHVWLPHQWLLQSLDVWUHOOHFRQVSHVVRUHGDDPP PT ¼
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5HYLVLRQH GL LQILVVL LQ OHJQR FRQ UHJROD]LRQH GHOOD FKLXVXUD ULWRFFR GHOOH EDWWXWH
*
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* PRQWDQWL H WUDYHUVL UHJROD]LRQH GHOOD FKLXVXUD DJJLXVWDJJLR GHOOH EDWWXWH
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* SDUWH LQ OHJQR VHFRQGDULD LQFROODJJLR GL SDUWL VWDFFDWH VRVWLWX]LRQH GL SDUWH GHOOD
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GHOOHEDWWXWHOXEULILFD]LRQHFHUQLHUH


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*
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VHUUDPHQWR OD PHGLD ULSDUD]LRQH GHOO
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* 39& FRQ VRVWLWX]LRQH GHOOD FLQJKLD R GHJOL DWWDFFKL OXEULILFD]LRQH GHL PT ¼
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* 39& FRQ VRVWLWX]LRQH GL JDQFL R VWHFFKH OXEULILFD]LRQH GHL PHFFDQLVPL GL PT ¼
PDQRYUD
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* D QRUPDOHLQIHUURGDLQILODUH FDG ¼
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* 6RVWLWX]LRQHGLFRSSLDGLPDQLJOLHQHLPDWHULDOL
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5HYLVLRQH GL LQILVVL LQ PHWDOOR FRQ UHJROD]LRQH GHOOD FKLXVXUD UHYLVLRQH H

*
ILVVDJJLRGHOODIHUUDPHQWDOXEULILFD]LRQHGHOOHFHUQLHUH
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3LFFROH ULSDUD]LRQL GL LQILVVL LQ PHWDOOR FRPSUHVD UDGGUL]]DWXUD GL ERUGL

* UHJROD]LRQH GHOOD FKLXVXUD DJJLXVWDJJLR GHOOH EDWWXWH UHYLVLRQH H ILVVDJJLR GHOOD
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PRQWDQWL WUDYHUVL UHJROD]LRQH GHOOD FKLXVXUD DJJLXVWDJJLR GHOOH EDWWXWH
*
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* PT ¼
VDOGDWXUDUHYLVLRQHHILVVDJJLRGHOODIHUUDPHQWDHGLSDUWLDSSOLFDWH
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* GROFH R LQ HOHPHQWL GL DOOXPLQLR FRQ VRVWLWX]LRQH GHOOD FLQJKLD R GHJOL DWWDFFKL PT ¼
OXEULILFD]LRQHGHLPHFFDQLVPLGLPDQRYUD
3LFFROH ULSDUD]LRQL GL SHUVLDQH DYYROJLELOL DG HOHPHQWL DJJDQFLDWL LQ DFFLDLR

* GROFH R LQ HOHPHQWL GL DOOXPLQLR FRQ VRVWLWX]LRQH GL JDQFL R VWHFFKH PT ¼
OXEULILFD]LRQHGHLPHFFDQLVPLGLPDQRYUD
5HYLVLRQH WHQGH DOOD YHQH]LDQD FRQ UHYLVLRQH H ULSDUD]LRQH GHL PHFFDQLVPL GL

* PDQRYUD H UDGGUL]]DWXUD ODPHOOH FRPSUHVR PRQWDJJLR H VPRQWDJJLR RYH
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* VHQ]DVRVWLWX]LRQHGHOOHFRUGH PT ¼
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* 5HYLVLRQHWHQGHSOLVVqFRPSUHVRPRQWDJJLRHVPRQWDJJLR
* D FRQODYDJJLRGHOWHVVXWR PT ¼
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* 5HYLVLRQHWHQGHYHUWLFDOLVFRUUHYROLFRPSUHVRPRQWDJJLRHVPRQWDJJLR
* E FRQVRVWLWX]LRQHGHOWHVVXWRQRUPDOH PT ¼
* F VRVWLWX]LRQHFRQWHVVXWR7UHYLUD,JQLIXJR PT ¼
* 5HYLVLRQHWHQGHGDVROHGLTXDOVLDVLWLSRFRPSUHVRPRQWDJJLRHVPRQWDJJLR
* E FRQVRVWLWX]LRQHGHOWHVVXWRQRUPDOH PT ¼
5HYLVLRQH ]DQ]DULHUH FRQ VRVWLWX]LRQH GHO WHOR FRPSUHVR PRQWDJJLR H

* PT ¼
VPRQWDJJLR
6RVWLWX]LRQH GL VHUUDWXUD HOHWWULFD D VFDWROD FRQ FKLDYH D GXH JLUL WLSR <DOH
*
FRPSUHVDIRUQLWXUDHSRVDLQRSHUDGHOWLSR
* D SHUSRUWRQFLQLLQOHJQR FDG ¼
* E SHUFDQFHOOLLQIHUURHVWHUQL FDG ¼
6RVWLWX]LRQH GL VHUUDWXUD GL VLFXUH]]D FRQ FKLDYH D GRSSLD PDSSD FRPSUHVD

*
IRUQLWXUDHSRVDLQRSHUDGHOWLSR
* D DTXDWWURJLULODWHUDOL FDG ¼
* E DTXDWWURJLULODWHUDOLFRQGXHDVWH FDG ¼
* F DTXDWWURJLULODWHUDOLFRQTXDWWURDVWH FDG ¼
* G IRUQLWXUDFKLDYHDGRSSLDPDSSD FDG ¼
9(75,
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R LQ IHUUR R GD VWUXWWXUH GL TXDOVLDVL JHQHUH FRQ FDULFR H WUDVSRUWR DG LPSLDQWL GL
* PT ¼
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YHQJRQRULPRVVLORVPRQWDJJLRGHLYHWULqFRPSUHVDQHOSUH]]R
6RVWLWX]LRQH GL YHWUL URWWL R GD VRVWLWXLUH JLj VPRQWDWL VX VHUUDPHQWL LQ OHJQR R LQ

IHUUR R GD VWUXWWXUH GL TXDOVLDVL JHQHUH 6L DSSOLFDQR SHU L YDUL WLSL GL YHWUL OH
*
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VLQJRODPLVXUDGLODVWUDqULSHWXWDVRORGDDYROWH
6RVWLWX]LRQH GL YHWUL URWWL R GD VRVWLWXLUH JLj VPRQWDWL VX VHUUDPHQWL LQ OHJQR R LQ

IHUUR R GD VWUXWWXUH GL TXDOVLDVL JHQHUH 6L DSSOLFDQR SHU L YDUL WLSL GL YHWUL OH
*
YDOXWD]LRQL GD & D & TXDQGR RJQL VLQJROD PLVXUD GL ODVWUD q
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*
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* D VWXFFRQRUPDOHSHUYHWULFRQROLLYHJHWDOL PT ¼
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* 5LPR]LRQHGLSHOOLFROHGLVLFXUH]]DRULIOHWWHQWLGDYHWULLQWHUQLHVWHUQL PT ¼
3,7725(
5DVFKLDWXUDGDVXSSRUWLPXUDULFKHYHQJRQRFRQVHUYDWLFRPSUHVLSLDQLGLODYRUR
*
HGDVVLVWHQ]HPXUDULH
VDOWXDULD GL YHFFKLH SLWWXUH FRQ OLPLWDWL GLVWDFFKL ULPR]LRQH GL FKLRGL JDQFL
* D PT ¼
VSROYHUDWXUD
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5DVDWXUD FRQ VWXFFR HPXOVLRQDWR GL VXSHUILFL LQWHUQH LQWRQDFDWH D FLYLOH R D

*
JHVVRFRQFDUWHJJLDWXUD&RPSUHVLSLDQLGLODYRURHGDVVLVWHQ]HPXUDULH
* D DGXQDPDQR PT ¼
* E DGXHPDQL PT ¼
6WDFFR GL YHFFKLH WDSSH]]HULH GL FDUWD R YLQLOLFKH &RPSUHVL SLDQL GL ODYRUR HG

* PT ¼
DVVLVWHQ]HPXUDULH
/DYDJJLR VJUDVVDQWH GL YHFFKLH YHUQLFLDWXUH VX VXSHUILFL LQ OHJQR SHU

* O
HOLPLQD]LRQH GL GHSRVLWL XQWXRVL &RPSUHVL SLDQL GL ODYRUR HG DVVLVWHQ]H PT ¼
PXUDULH
5DVFKLDWXUD GL YHFFKLH YHUQLFL LQ IDVH GL GLVWDFFR GD VXSHUILFL LQ OHJQR &RPSUHVL

* PT ¼
SLDQLGLODYRURHGDVVLVWHQ]HPXUDULH
&DUWHJJLDWXUD GL VXSHUILFL PHWDOOLFKH JLj YHUQLFLDWH SHU O

DJJUDSSDJJLR GL QXRYL
* PT ¼
SURGRWWLYHUQLFLDQWL&RPSUHVLSLDQLGLODYRURHGDVVLVWHQ]HPXUDULH
/DYDJJLR VJUDVVDQWH GL VXSHUILFL PHWDOOLFKH JLj YHUQLFLDWH SHU O

HOLPLQD]LRQH GL
*
WUDFFHGLXQWR&RPSUHVLSLDQLGLODYRURHGDVVLVWHQ]HPXUDULH
* D FRQGHWHUJHQWH PT ¼
* E FRQVROYHQWH PT ¼
5DVFKLDWXUD GL YHUQLFL VPDOWL LQ IDVH GL GLVWDFFR GD VXSHUILFL PHWDOOLFKH

* PT ¼
&RPSUHVLSLDQLGLODYRURHGDVVLVWHQ]HPXUDULH
5LPR]LRQH GL JUDIILWL GD VXSHUILFL GL TXDOXQTXH QDWXUD FRQ IRUPXODWR D EDVH GL

VROYHQWL H WHQVLRDWWLYL GLVJUHJDQWH JOL RVVLGL FRORUDQWL GHJOL VSUD\ H SHQQDUHOOL
*
DSSOLFDWR D SL ULSUHVH D VSUX]]R R D SHQQHOOR FRQ VSXJQDWXUD ILQDOH DG DFTXD
&RPSUHVLSLDQLGLODYRURHGDVVLVWHQ]HPXUDULH
* D VXVXSHUILFLIRUWHPHQWHLPEUDWWDWH PT ¼
* E VXVXSHUILFLPHGLDPHQWHLPEUDWWDWH PT ¼
5LPR]LRQH GL JUDIILWL GD VXSHUILFL JLj WUDWWDWH FRQ SURGRWWR DQWLVFULWWH PHGLDQWH

VROYHQWH D EDVH GL VRVWDQ]H RUJDQLFKH IORUXUDWH LGRQHR D PDQWHQHUH QHO WHPSR OH
* PT ¼
SURSULHWj GHOOD SUHFHGHQWH SURWH]LRQH DSSOLFDWR D VSUX]]R R D SHQQHOOR FRPSUHVH
SURWH]LRQLOLPLWURIH&RPSUHVLSLDQLGLODYRURHGDVVLVWHQ]HPXUDULH
6YHUQLFLDWXUD GL TXDOVLDVL WLSR GL VXSHUILFLH FRQ SURGRWWR VSHFLILFR FRQ DFFXUDWD

* PT ¼
SXOL]LDHODYDJJLRILQDOH&RPSUHVLSLDQLGLODYRURHGDVVLVWHQ]HPXUDULH
3XOL]LD GL SDYLPHQWL H ULYHVWLPHQWL ]RFFROLQL VFDOH VHUUDPHQWL GL DSSDUHFFKL

LJLHQLFR VDQLWDUL FRQ VSRVWDPHQWR GHJOL DUUHGL H ULPR]LRQH GL PDWHULDOL JLDFHQWL
QHOO
DPELHQWH FDUWD VHJDWXUD LPEDOODJJL FDVVHWWH HFF DVSRUWD]LRQH GL PDFFKLH
*
GL SLWWXUH YHUQLFL RG DOWUR ODYDJJLR FRQ DSSRVLWL GHWHUVLYL VJUDVVDQWL
O
DOORQWDQDPHQWR GHL PDWHULDOL GL ULILXWR DOOH GLVFDULFKH DXWRUL]]DWH &RPSUHQVLYR
GHOO
LQWHUYHQWRSULPDHGRSRO
HVHFX]LRQHGLSLWWXUD]LRQLLQDPELHQWLXWLOL]]DWL
* D SXOL]LDGLSDYLPHQWLHVXSHUILFLRUL]]RQWDOLLQJHQHUH PT ¼

* E SXOL]LDGLULYHVWLPHQWLVHUUDPHQWLYHWULHFF PT ¼
3URWH]LRQH GL SDYLPHQWL GXUDQWH L ODYRUL GL WLQWHJJLDWXUD FRQ WHOL GL SROLHWLOHQH

* PT ¼
FRPSUHVLWDJOLVIULGLILVVDJJLDVVLVWHQ]HPXUDULH
23(5(675$'$/,
'LVIDFLPHQWR GL PDQWR LQ DVIDOWR FRODWR VX PDUFLDSLHGH FRPSUHVR

PRYLPHQWD]LRQH FDULFR H WUDVSRUWR GHOOH PDFHULH D GLVFDULFD HR D VWRFFDJJLR 6L
* PT ¼
ULWLHQH FRPSHQVDWR DQFKH O
HYHQWXDOH PDJJLRU RQHUH SHU OD PDQFDQ]D GHOOR VWUDWR
GLVDEELDHVHJXLWRDPDQRILQRDPT
)UHVDWXUD GL SDYLPHQWD]LRQL LQ FRQJORPHUDWR ELWXPLQRVR FRQ IUHVD DSSOLFDWD VX

* PT[FP ¼
EREFDW(VFOXVRLOFDULFRVXPH]]RGLWUDVSRUWRGHOPDWHULDOHIUHVDWR
'HPROL]LRQH GL PDVVHWWL H VRWWRIRQGL LQ FRQJORPHUDWR FHPHQWL]LR SHU

SDYLPHQWD]LRQL HVWHUQH H PDUFLDSLHGL HVHJXLWR FRQ O
DXVLOLR GL PH]]L PHFFDQLFL
*
FRPSUHVD OD PRYLPHQWD]LRQH QHO FDQWLHUH LO FDULFR HG LO WUDVSRUWR DOOH GLVFDULFKH
DXWRUL]]DWH
* D ILQRDFPILQRDPT PT ¼
* E SHURJQLFPLQSLGDDFPILQRDPT PT[FP ¼
5LPR]LRQH LQ ]RQD SHULIHULFD GL SDYLPHQWL LQ PDVVHOOL GL SLHWUD QDWXUDOH

VSHVVRUH FP FLUFD FRQ JLXQWL VLJLOODWL RSSXUH QR &RPSUHVR FHUQLWD H
*
DFFDWDVWDPHQWR QHOO
DPELWR GHO FDQWLHUH FDULFR H WUDVSRUWR GL HYHQWXDOL PDFHULH
DGLPSLDQWRGLVWRFFDJJLRRSHUHGLSURWH]LRQHHVHJQDOHWLFD
* D LQRUDULRQRUPDOHILQRDPT PT ¼
* E LQVHGHWUDPLQRUDULRQRUPDOHILQRDPT PT ¼
5LPR]LRQH LQ ]RQD FHQWUDOH GL SDYLPHQWL LQ PDVVHOOL GL SLHWUD QDWXUDOH

VSHVVRUH FP FLUFD FRQ JLXQWL VLJLOODWL RSSXUH QR &RPSUHVR FHUQLWD H
*
DFFDWDVWDPHQWR QHOO
DPELWR GHO FDQWLHUH FDULFR H WUDVSRUWR GL HYHQWXDOL PDFHULH
DGLPSLDQWRGLVWRFFDJJLRRSHUHGLSURWH]LRQHHVHJQDOHWLFD
'LVIDFLPHQWR GL SDYLPHQWL LQ FLRWWROL H GHO UHODWLYR VRWWRIRQGR LQ VDEELD

* &RPSUHVD FHUQLWD H DFFDWDVWDPHQWR QHOO
DPELWR GHO FDQWLHUH RSHUH GL SURWH]LRQH H PT ¼
VHJQDOHWLFDLQRUDULRQRUPDOHILQRDPT
'LVIDFLPHQWR GL SDYLPHQWL LQ FLRWWROL FRSHUWL GD WDSSHWR ELWXPLQRVR H GHO

* UHODWLYR VRWWRIRQGR LQ VDEELD &RPSUHVD FHUQLWD H DFFDWDVWDPHQWR QHOO
DPELWR GHO PT ¼
FDQWLHUHRSHUHGLSURWH]LRQHHVHJQDOHWLFD
5LPR]LRQH LQ ]RQD SHULIHULFD GL SDYLPHQWD]LRQH LQ FXEHWWL FRQ JLXQWL VLJLOODWL

RSSXUH QR GL TXDOVLDVL GLPHQVLRQH&RPSUHVR FHUQLWD H DFFDWDVWDPHQWR
*
QHOO
DPELWR GHO FDQWLHUH FDULFR H WUDVSRUWR GL HYHQWXDOL PDFHULH DG LPSLDQWR GL
VWRFFDJJLRRSHUHGLSURWH]LRQHHVHJQDOHWLFD
5LPR]LRQH LQ ]RQD FHQWUDOH GL SDYLPHQWD]LRQH LQ FXEHWWL FRQ JLXQWL VLJLOODWL

RSSXUH QR GL TXDOVLDVL GLPHQVLRQH &RPSUHVR FHUQLWD H DFFDWDVWDPHQWR
*
QHOO
DPELWR GHO FDQWLHUH FDULFR H WUDVSRUWR GL HYHQWXDOL PDFHULH DG LPSLDQWR GL
VWRFFDJJLRRSHUHGLSURWH]LRQHHVHJQDOHWLFD
5LPR]LRQH GL EDUULHUD HODVWLFD GL TXDOXQTXH FODVVH FRPSUHVL VPRQWDJJLR

GHPROL]LRQH GHL EDVDPHQWL FDULFR WUDVSRUWR GHOOH PDFHULH DG LPSLDQWL GL
* P ¼
VWRFFDJJLR GL UHFXSHUR ULSULVWLQR GHOOH VHGL VEDUUDPHQWL H VHJQDOHWLFD )LQR D
P
5LSDUD]LRQH GL EDUULHUD HODVWLFD FRQ VRVWLWX]LRQH GHOOH IDVFH GDQQHJJLDWH PHVVD

LQ TXRWD GHL PRQWDQWL DOOLQHDPHQWL &RPSUHVL OD IRUQLWXUD GHOOH IDVFH GL WLSR
* XJXDOH D TXHOOH HVLVWHQWL JOL DFFHVVRUL GL ILVVDJJLR OH GHPROL]LRQL H ULIDFLPHQWL P ¼
GHOOH SDUWL PXUDULH LO FDULFR H WUDVSRUWR GHOOH PDFHULH DG LPSLDQWL GL VWRFFDJJLR
GLUHFXSHUR)LQRDP
5LPR]LRQH GL VHUSHQWRQH VWUDGDOH GL TXDOVLDVL QDWXUD FRPSUHVL FDULFR H WUDVSRUWR

GHL PDQXIDWWL ULXWLOL]]DELOL DL GHSRVLWL FRPXQDOL FDULFR H WUDVSRUWR GHOOH PDFHULH
* P ¼
DG LPSLDQWL GL VWRFFDJJLR GL UHFXSHUR ULSULVWLQL GHOOH SDYLPHQWD]LRQL )LQR D
P
5LPR]LRQH GL SDUDFDUUL &RPSUHVL OR VFDYR OD GHPROL]LRQH GHO ULQILDQFR OD

IRUQLWXUD H SRVD GL JKLDLD R GL PLVWD SHU LO ULHPSLPHQWR GHOOR VFDYR LO FDULFR
* WUDVSRUWR H VFDULFR DL GHSRVLWL FRPXQDOL GHL PDQXIDWWL ULXWLOL]]DELOL LO FDULFR FDG ¼
WUDVSRUWR H VFDULFR GHOOH PDFHULH DG LPSLDQWL GL VWRFFDJJLR R GL UHFXSHUR JOL
VEDUUDPHQWLHODVHJQDOHWLFD)LQRDQ
5LPR]LRQH GL VHJQDOLPLWL SDOHWWL GL TXDOVLDVL QDWXUD &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 FDG ¼
DL GHSRVLWL FRPXQDOL LO FDULFR WUDVSRUWR H VFDULFR GHOOH PDFHULH DG LPSLDQWL GL
VWRFFDJJLRRGLUHFXSHURJOLVEDUUDPHQWLHODVHJQDOHWLFD)LQRDQ
5LPR]LRQH GL DUFKHWWL PHWDOOLFL DG 8 URYHVFLD H GHL UHODWLYL EDVDPHQWL &RPSUHVL

* LO FDULFR WUDVSRUWR D GHSRVLWR FRPXQDOH GHL PDQXIDWWL ULXWLOL]]DELOL R DG LPSLDQWL FDG ¼
GLVWRFFDJJLRRGLUHFXSHURLOULSULVWLQRGHOODSDYLPHQWD]LRQH)LQRDQ
5LPR]LRQH GL WUDQVHQQH LQ SURILODWL GL IHUUR H GHL UHODWLYL EDVDPHQWL VLD UHWWLOLQHH

FKH LQ FXUYD &RPSUHVL LO FDULFR H WUDVSRUWR D GHSRVLWR FRPXQDOH GHL PDQXIDWWL
* P ¼
ULXWLOL]]DELOL R DG LPSLDQWL GL VWRFFDJJLR R GL UHFXSHUR LO ULSULVWLQR GHOOD
SDYLPHQWD]LRQH)LQRDP
5LPR]LRQH GL SR]]HWWL GL WDEHOORQL HOHWWRUDOL H GHL UHODWLYL ULQILDQFKL &RPSUHVR LO

FDULFR H WUDVSRUWR D GHSRVLWR FRPXQDOH GHL PDQXIDWWL ULXWLOL]]DELOL LO FDULFR H
* FDG ¼
WUDVSRUWR GHOOH PDFHULH DG LPSLDQWL GL VWRFFDJJLR GL UHFXSHUR LO ULSULVWLQR GHOOD
SDYLPHQWD]LRQH)LQRDQ
$UFKHWWL DG 8 URYHVFLD LQ WXEL GL DFFLDLR LQR[ UHDOL]]DWL FRPH GD GLVHJQL GHOO
$PPLQLVWUD]LRQH ,Q RSHUD FRPSUHVH GHPROL]LRQH VFDYHWWL EDVDPHQWR LQ

*
FDOFHVWUX]]R ULSULVWLQL GHOOH SDYLPHQWD]LRQL SXOL]LD GHOOD VHGH GHL ODYRUL
VEDUUDPHQWL
* D WLSRGDFPGLODUJKH]]DILQRDQ FDG ¼
* E WLSRGDFPGLODUJKH]]DILQRDQ FDG ¼
5LSULVWLQR GL VHJQDOLPLWL HR SDOHWWL GL TXDOVLDVL QDWXUD &RPSUHVL OR VFDYR OD

GHPROL]LRQH GHO ULQILDQFR LO UHFXSHUR H OD FXVWRGLD GHL PDQXIDWWL LO FDULFR
WUDVSRUWR H VFDULFR GHOOH PDFHULH DG LPSLDQWL GL VWRFFDJJLR R GL UHFXSHUR JOL
* FDG ¼
VEDUUDPHQWL H OD VHJQDOHWLFD 6XFFHVVLYD SRVD GHL VHJQDOLPLWL HR SDOHWWL GL
TXDOVLDVL QDWXUD UHFXSHUDWL FRPSUHVR VFDYHWWL GL DGDWWDPHQWR EDVDPHQWR LQ
FDOFHVWUX]]RULSULVWLQLGHOOHSDYLPHQWD]LRQLSXOL]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]LD GHOOD VHGH GHL ODYRUL
VEDUUDPHQWL
* D LQSURILODWLG
DFFLDLRFRUWHQFRQVFDYRDPDFFKLQDILQRDP P ¼
* E LQSURILODWLGLDFFLDLRFRUWHQFRQVFDYRDPDQRILQRDP P ¼
* F LQWXERODULG
DFFLDLRLQR[ P ¼
* G LQSDQQHOOLGLFRUWHQSHUSRVDLQVHGHWUDPILQRDP P ¼
)RUQLWXUD H SRVD QHOO

DPELWR GHOOD PDQXWHQ]LRQH GL SDOHWWL GLVVXDVRUL LQ DFFLDLR
LQR[ $,6, ILQLWXUD VSD]]RODWR GLDPHWUR PP VSHVVRUH PP SHVR
LQGLFDWLYR FLUFD NJ FRQ IODQJLD D ILOR WHUUHQR GLDPHWUR PP DOWH]]D FP
* FDG ¼
IXRUL WHUUD FP LQWHUUDWL LQ RSHUD FRPSUHVD SUHGLVSRVL]LRQH GHO IRUR GL
DOORJJLDPHQWR UDFFROWD PDFHULH H WUDVSRUWR DG LPSLDQWL GL VWRFFDJJLR R GLVFDULFD
DXWRUL]]DWDVLJLOODWXUDFRQLGRQHRLPSDVWRGLFDOFHVWUX]]RILQRDQ
'LVVXDVRUH VWUDGDOH 3DULJLQD DOWH]]D FP GLDPHWUR EDVH FP LQ OHJD GL

DOOXPLQLR IXVD LQ FRQFKLJOLD ILQLWXUD FRQ VDEELDWXUD JUDGR 6D YHUQLFLDWXUD
IHUURPLFDFHD D GXH PDQL FRQ FRUSR GL ILVVDJJLR D WHUUD FRPSUHQVLYR GL SHUQR GL
* FDG ¼
ILVVDJJLR H ]DQFD &RPSUHVD SUHGLVSRVL]LRQH GHO IRUR GL DOORJJLDPHQWR UDFFROWD
PDFHULH H WUDVSRUWR DG LPSLDQWL GL VWRFFDJJLR R GLVFDULFD DXWRUL]]DWD )LQR D Q

6ROD SRVD LQ RSHUD GL FRORQQRWWL GLVVXDVRUL GL VRVWD GL TXDOVLDVL WLSR FRPSUHVR LO

WUDVSRUWR DFFDWDVWDPHQWR LQ FDQWLHUH H FROORFD]LRQH LQ FDUUHJJLDWD VHFRQGR OH
* FDG ¼
GLVSRVL]LRQL GHOOD 'LUH]LRQH /DYRUL FRPSUHQVLYR GL RJQL RQHUH SHU OD SRVD H OR
VJRPEHURGHOFDQWLHUHILQRDQ
&ROPDWXUD SURYYLVRULD GL EXFD QHL PDQWL VWUDGDOL FRQ FRQJORPHUDWR ELWXPLQRVR

SODVWLFR D IUHGGR DG HOHYDWH SUHVWD]LRQL FRPSRVWR GD XQD FRPSRVL]LRQH GL
DJJUHJDWL ODSLGHL VHOH]LRQDWL GL EDVDOWR 'PD[ PP H SDVVVDQWH DO VHWDFFLR
* PP YDORUL GL VWDELOLWj 0DUVKDOO GRSR JJ ! N1 UHVLVWHQ]D D WUD]LRQH
LQGLUHWWD GRSR JJ ! N3D SHUGLWD LQ SHVR SURYD &DQWDEUR &RPSUHVL
WUDVSRUWL VEDUUDPHQWL VHJQDOHWLFD UHILODPHQWL VWHVD H FRVWLSD]LRQH UDFFROWD GHL
GHWULWLHSXOL]LD
* D ILQRDPðSHUSHUODSULPDEXFD FDG ¼
* E ILQRDPðSHUOHXOWHULRULEXFKHLQSLROWUHODSULPD FDG ¼
* F ILQRDPðSHUODSULPDEXFD FDG ¼
* G ILQRDPðSHUOHXOWHULRULEXFKHLQSLROWUHODSULPD FDG ¼
5DSSH]]DWXUD SURYYLVRULD GL PDQWL LQ VHGH VWUDGDOH H VX PDUFLDSLHGL FRQ

FRQJORPHUDWR ELWXPLQRVR SODVWLFR &RPSUHVD IRUQLWXUD GHO FRQJORPHUDWR
*
WUDVSRUWL VEDUUDPHQWL VHJQDOHWLFD ULILODPHQWL VWHVD H FRVWLSD]LRQH UDFFROWD GHL
GHWULWLHSXOL]LD&RQJORPHUDWRELWXPLQRVR
* D QRUPDOLSUHVWD]LRQL PT ¼
* E DGHOHYDWHSUHVWD]LRQL PT ¼
5LVDJRPDWXUD ULSUHVH FRQJXDJOL GL SDYLPHQWD]LRQL HVLVWHQWL FRQ FRQJORPHUDWR

* ELWXPLQRVR TXHVWR HVFOXVR &RPSUHVD OD SXOL]LD GHOOD VHGH O
DSSOLFD]LRQH GL
HPXOVLRQHELWXPLQRVDODVWHVDODFRPSDWWD]LRQH
* D FRQVWHVDDPDFFKLQD PT ¼
* E FRQVWHVDDPDFFKLQDLQVHGHWUDP PT ¼
* F FRQVWHVDDPDQR PT ¼
* G FRQVWHVDDPDQRLQVHGHWUDP PT ¼
)RUQLWXUD H SRVD LQ RSHUD GL QDVWUR SUHIRUPDWR R FRUGROLQR SUHIRUPDWR GL

GLODWD]LRQH GL VLJLOOR LQ ELWXPH PRGLILFDWR FRQ JRPPH DXWRDGHVLYR
IRUQLWR LQ URWROL SHU OD VLJLOODWXUD D IUHGGR GL OHVLRQL R IHVVXUH GHOOD VXSHUILFLH
GHOODSDYLPHQWD]LRQHVWUDGDOH&DUDWWHULVWLFKHGHOQDVWUR
SXQWRGLUDPPROLPHQWRVHFRQGRQRUPD(1!&
DGHVLYLWjVXOFOVVHFRQGRQRUPD',1!1FPð
ULWRUQR HOHDVWLFR SHUSHQGLFRODUH DOOD VXSHUILFLH GL DWWDFFR VHFRQGR QRUPD ',1
*
!
6RQRFRPSUHVHQHOSUH]]R
ODSXOLWXUDFRQVRIILDWXUDGHOODVXSHUILFLHGLDWWDFFR
O
DVFLXJDWXUDFRQODODQFLDWHUPLFD
O
HYHQWXDOH SRVD GHO SULPHU H TXDQW
DOWUR RFFRUUH SHU OD SRVD VHFRQGR OD FRUUHWWD
UHJRODG
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
6LJLOODWXUD GL RJQL WLSR GL JLXQWR GHOOD SDYLPHQWD]LRQH VWUDGDOH FRPSUHVR OH ODVWUH

GL FDOFHVWUX]]R HG LO FRQJORPHUDWR ELWXPLQRVR GD VLJLOODUH D FDOGR FRPSUHQGHQWH
* OD SXOL]LD GHL JLXQWL OD IRUQLWXUD H SRVD GL SLHWULVFKHWWR ELWXPDWR HG LO P ¼
FRPSOHWDPHQWR FRQ DVIDOWR FRODWR R FRQ PDVWLFH ELWXPLQRVR DUULFFKLWR FRQ
HODVWRPHUL
5DSSH]]L GHL PDVVHWWL GL VRWWRIRQGR GHL PDUFLDSLHGL FRQ FDOFHVWUX]]R D NJ

GL FHPHQWR VSHVVRUH ILQR D FP &RPSUHVL WUDVSRUWL VEDUUDPHQWL VHJQDOHWLFD
* PT ¼
SUHSDUD]LRQH GHO SLDQR GL SRVD JHWWR H VSLDQDPHQWR GHO FDOFHVWUX]]R )LQR D
Pð
5DSSH]]L GHL PDQWL LQ DVIDOWR FRODWR VX PDUFLDSLHGL VSHVVRUH PP &RPSUHVL

* WUDVSRUWL VEDUUDPHQWL VHJQDOHWLFD ULILODPHQWL VWHVD GHOO
DVIDOWR H GHOOD JUDQLJOLD
UDFFROWDGHLGHWULWLHSXOL]LD
* D ILQRDPð FDG ¼
* E ILQRDPð FDG ¼
* F ILQRDPð FDG ¼
3RVD LQ RSHUD GL SR]]HWWL SHU WDEHOORQL HOHWWRUDOL FRQ SUHOLHYR GDL PDJD]]LQL
FRPXQDOL H WUDVSRUWR D SLq G
RSHUD HVHFX]LRQH GHO IRUR GL DOORJJLDPHQWR VX
* TXDOVLDVL WLSR GL SDYLPHQWD]LRQH VLJLOODWXUD FRQ PDOWD FHPHQWL]LD UDFFROWD FDG ¼
PDFHULH H WUDVSRUWR DG LPSLDQWL GL VWRFFDJJLR R GLVFDULFD DXWRUL]]DWD ULSULVWLQR
GHOODSDYLPHQWD]LRQHVEDUUDPHQWLHVHJQDOHWLFD
5LSULVWLQR GL SDYLPHQWL LQ PDVVHOOL LQ SLHWUD QDWXUDOH VFRQQHVVL FRPSUHQGHQWH OD

ULPR]LRQH GHJOL HOHPHQWL OD UHWWLILFD GHO SLDQR GL SRVD FRQ DJJLXQWD GL VDEELD OD
*
ULFROORFD]LRQH LQ RSHUD OD EDJQDWXUD HG LQWDVDPHQWR GHL JLXQWL OD SXOL]LD FRQ
UDFFROWDHGDOORQWDQDPHQWRGHLGHWULWLWUDVSRUWLVEDUUDPHQWLVHJQDOHWLFD
* 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
5LDVVHWWR GL SDYLPHQWL LQ PDVVHOOL LQ SLHWUD QDWXUDOH VFRQQHVVL SHU OD UHWWLILFD GHL

* SLDQL FRQ DJJLXQWD GL VDEELD OD EDJQDWXUD HG LQWDVDPHQWR GHL JLXQWL OD SXOL]LD
FRQUDFFROWDHGDOORQWDQDPHQWRGHLGHWULWLWUDVSRUWLVEDUUDPHQWLVHJQDOHWLFD
* I ,Q]RQDFHQWUDOH

5LSULVWLQR GL SDYLPHQWL LQ FXEHWWL GL SRUILGR VFRQQHVVL GL TXDOVLDVL GLPHQVLRQH

SRVDWL VX VDEELD FRPSUHQGHQWH OD ULPR]LRQH GHL FXEHWWL OD UHWWLILFD GHO SLDQR GL
* SRVD FRQ DJJLXQWD GL VDEELD OD ULFROORFD]LRQH LQ RSHUD OD EDJQDWXUD HG
LQWDVDPHQWR GHL JLXQWL OD SXOL]LD FRQ UDFFROWD HG DOORQWDQDPHQWR GHL GHWULWL
WUDVSRUWLVEDUUDPHQWLVHJQDOHWLFD
* I ,Q]RQDFHQWUDOH
5LSULVWLQR GL SDYLPHQWL LQ FXEHWWL GL SRUILGR VFRQQHVVL GL TXDOVLDVL GLPHQVLRQH

SRVDWL VX VDEELD H FHPHQWR FRPSUHQGHQWH OD ULPR]LRQH GHL FXEHWWL OD UHWWLILFD GHO
* SLDQR GL 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
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+ D N1 6H]LRQHGLILEUDGLFDUERQLRPPT 6H]LRQHILEUDDUDPLGLFD P ¼
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+ E N1 6H]LRQHGLILEUDGLFDUERQLRPPT 6H]LRQHILEUDDUDPLGLFDPPT P ¼
)LODWRLQFDUERQLRWLSR+7
FDYRLQYHWUR+7 3HVRWRWDOHGHOFDYRJP &DULFRGLURWWXUD!N1

+ F P ¼
6H]LRQHGLILEUDGLYHWURPPT6H]LRQHILEUDDUDPLGLFDPPT
,QILVVL
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+ FRORUL D VPDOWR SHU TXDQWR ULJXDUGD O¶LQWHUQR ULPHVVD D VTXDGUR FRQ VWDIIH HR
VRVWLWX]LRQL GL HYHQWXDOL SHUQL VYHUQLFLDWXUD GHOOH SDUWL PHWDOOLFKH DQFKH GL
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FRQ LQWHJUD]LRQH GL SDUWL PDQFDQWL R FRQ VRVWLWX]LRQH GL SDUWL DPPDORUDWH ILQR DO

+ D FDG ¼


+ E FDG ¼

+ F FDG ¼

5HFXSHUR GHJOL LQILVVL HVWHUQL LQ OHJQR HVLVWHQWL FRPSUHQGHQWH OH VHJXHQWL

ODYRUD]LRQL 6PRQWDJJLR GHOOD IHUUDPHQWD H VHUUDPHQWD HVLVWHQWH FDUWHJJLDWXUD
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+
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+ D 3HULQILVVLVHQ]DVFXUHWWL PT ¼

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+
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+ SLDOODWH OHYLJDWH H SRVWH LQ RSHUD DQFKH SHU SUHGHOOH GL SRUWRQFLQL H DOWUR ILQR
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+
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+
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ODYDQGLQR D FDQDOH D GXH UXELQHWWL ER\OHU H ULVFDOGDPHQWR FROOHJDPHQWR D
6
IRJQDWXUD HVLVWHQWH DOOD UHWH DFTXD DOOD UHWH HOHWWULFD GL FDQWLHUH GLPHQVLRQL FP
[[KPDVVLPRODYRUDWRUL
(OHPHQWR SUHIDEEULFDWR FRQWHQHQWH GXH ZF D YDVR R DOOD WXUFD GXH SLDWWL GRFFLD
GXH ODYDQGLQL D FDQDOH D GXH UXELQHWWL FDGDXQR ER\OHU H ULVFDOGDPHQWR
6
FROOHJDPHQWR D IRJQDWXUD HVLVWHQWH DOOD UHWH DFTXD DOOD UHWH HOHWWULFD GL FDQWLHUH
GLPHQVLRQLFP[[KPDVVLPRODYRUDWRUL

(OHPHQWR SUHIDEEULFDWR FRQWHQHQWH WUH ZF D YDVR R DOOD WXUFD WUH SLDWWL GRFFLD
GXH ODYDQGLQL D FDQDOH D WUH UXELQHWWL FDGDXQR ER\OHU H ULVFDOGDPHQWR
6
FROOHJDPHQWR D IRJQDWXUD HVLVWHQWH DOOD UHWH DFTXD DOOD UHWH HOHWWULFD GL FDQWLHUH
GLPHQVLRQLFP[[KPDVVLPRODYRUDWRUL

0H]]L GHWHUJHQWL H SHU DVFLXJDUVL FRVWLWXLWL GD GLVSHQVHU LQ SODVWLFD SHU LO VDSRQH

6 PO H GLVSHQVHU SHU WRYDJOLROL GL FDUWD D URWROR Q &RQVXPR SUHVXQWR
GLHFLWRYDJOLROLHPODOJLRUQRSHUDGGHWWR
6 D 'LVSHQVHUSHUWRYDJOLROLPRQWDJJLRVPRQWDJJLRHQRORSULPRPHVHRIUD]LRQH FDG ¼

6 E 'LVSHQVHUSHUWRYDJOLROLQRORSHURJQLPHVHVXFFHVVLYRRIUD]LRQH FDG ¼
6 F 5LFDPELRWRYDJOLROLQ FDG ¼
6 G 'LVSHQVHUSHUVDSRQHPRQWDJJLRVPRQWDJJLRHQRORSULPRPHVHRIUD]LRQH FDG ¼
6 H 'LVSHQVHUSHUVDSRQHQRORSHURJQLPHVHVXFFHVVLYRRIUD]LRQH FDG ¼
6 I 5LFDPELRVDSRQHPO FDG ¼
(OHPHQWR SUHIDEEULFDWR DG XVR ORFDOH FDPHUD GL PHGLFD]LRQH FRQ SUHVLGL

VDQLWDUL RVVLJHQR LSRGHUPDFOLVL OHWWLQR EDUHOOH WDYROLQR PHGLFDOH ODPSDGD
6 HPHUJHQ]D FDPLFL DVFLXJDPDQL OHQ]XROD FHVWHOOR PHGLFDOH ODYDER ZF
ULVFDOGDPHQWR HOHWWULFR FROOHJDPHQWR LGULFR DOOD IRJQDWXUD H DOOD UHWH HOHWWULFD
GLPHQVLRQLFP[[K

(OHPHQWR SUHIDEEULFDWR DG XVR LQIHUPHULD FRQ GXH OHWWL H GRWD]LRQH GL OHQ]XROD

6 FXVFLQL FRSHUWH FRQ ODYDER ZF ULVFDOGDPHQWR HOHWWULFR FROOHJDPHQWR LGULFR
DOODIRJQDWXUDHDOODUHWHHOHWWULFDGLPHQVLRQLFP[[K
0RQWDJJLR VPRQWDJJLR H QROR SULPR PHVH R IUD]LRQH HVFOXVD FXVWRGLD DG

6 D FDG ¼
LQIHUPLHUHLQFDULFDWR
%R[ LQ ODPLHUD SHU GHSRVLWR DWWUH]]DWXUH H PDWHULDOL )RUQLWXUD H SRVD VX DUHD

6
DWWUH]]DWD
%DJQR FKLPLFR SRUWDWLOH FRQ ODYDER UHDOL]]DWR LQ PDWHULDOH SODVWLFR DQWLXUWR

GHOOH GLPHQVLRQL GL FP [ [ K SHVR NJ 0RQWDJJLR VPRQWDJJLR H
QROR SHU XQ PHVH R IUD]LRQH FRPSUHQVLYR GL PDQXWHQ]LRQH VHWWLPDQDOH
6 FDG ¼
FRPSUHQGHQWH LO ULVXFFKLR GHO OLTXDPH ODYDJJLR FRQ ODQFLD D SUHVVLRQH GHOOD
FDELQD LPPLVVLRQH DFTXD SXOLWD FRQ GLVJUHJDQWH FKLPLFR WUDVSRUWR H
VPDOWLPHQWRULILXWLVSHFLDOL
)RVVD ,PKRII )RVVD ,PKRII VHPSOLFH R DG DQHOOL D FDPSDQD LQ FDOFHVWUX]]R

SUHIDEEULFDWR FRPSOHWD GL EDFLQR FKLDULILFDWRUH YDVFD GL UDFFROWD H GLVSRVLWLYR
HVSXUJR IDQJKL IRUQLWD H SRVWD LQ RSHUD 6RQR FRPSUHVL LO FROOHJDPHQWR DOOH
6 WXED]LRQL OR VFDYR LO ULQWHUUR LO PDVVHWWR GL SRVD LQ FDOFHVWUX]]R GL FHPHQWR
GHOOR VSHVVRUH GL FP OD VLJLOODWXUD GHL JLXQWL L SR]]HWWL GL HQWUDWD H GL
XVFLWD H OH UHODWLYH WXED]LRQL GL FROOHJDPHQWR SHU O
HVHFX]LRQH GHL SUHOLHYL GL
FDPSLRQLOLTXLGL(
RSHUDILQLWD
6 D &RQFDSDFLWjGLFLUFDOILQRDXWHQWL FDG ¼

6 E &RQFDSDFLWjGLFLUFDOILQRDXWHQWL FDG ¼
6 F &RQFDSDFLWjGLFLUFDOILQRDXWHQWL FDG ¼
6 G &RQFDSDFLWjGLFLUFDOILQRDXWHQWL FDG ¼
&DUDYDQ SHU XWLOL]]R DG LQL]LR FDQWLHUH SHU PDVVLPR JLRUQL R QHL FDQWLHUL
6 FDGJLRUQR ¼
VWUDGDOLGLULOHYDQWHOXQJKH]]DPDVVLPRODYRUDWRUL1RORJLRUQDOLHUR
)RQGD]LRQH SHU LQVWDOOD]LRQL GL FDQWLHUH UHDOL]]DWD FRQ JHWWR GL XQD SODWHD GL FOV
6 FRPSUHVD DUPDWXUD LQ UHWH HOHWWHURVDOGDWD PDJOLD FP [ FDVVHUL VFDYR P ¼
VSLDQDPHQWR
9HVSDL H EDVDPHQWL GL DSSRJJLR H DQFRUDJJLR EDUDFFDPHQWL R VLPLOL UHDOL]]DWR

6 PHGLDQWH VWUDWR GL JKLDLD VWDELOL]]DWD FRVWLSDWD H VSLDQDWD FRQ PH]]L PHFFDQLFL P ¼
VSHVVRUHILQRDFP
3LDWWDIRUPD SHU EDUDFFDPHQWLGHSRVLWR FRVWLWXLWD GD WUDYHUVLQH LQ OHJQR

6 GLVWDQ]LDWH GL P GL VH] FP [ H VRYUDVWDQWH WDYRODWR VSHVVRUH FP P ¼
)RUQLWXUDHSRVDLQRSHUD
6WUDWR GUHQDQWH UHDOL]]DWR FRQ VWUDWR GL FLRWWROL GLDPHWUR GD FP D FP VWHVL VX

6 P ¼
WHUUHQRVSLDQDWRFRQVWHVXUDPHFFDQLFDHILQLWXUDHYHQWXDOHDPDQR
3R]]R LGULFR SHU IRUQLWXUD DFTXD DO FDQWLHUH FRPSUHVD SHUIRUD]LRQH ILQR D P

WXER GLDPHWUR PP SRPSD VRPPHUVD FROOHJDPHQWL HOHWWULFL ILQR D GLVWDQ]D
6 FDG ¼
GL P DOODFFLDPHQWR DOOD UHWH LGULFD GL GLVWULEX]LRQH TXDGUR GL PDQRYUD H
SH]]LVSHFLDOL
6 D 6XSSOHPHQWRDOPHWURSHUSHUIRUD]LRQHGLSR]]RGDPDPGLSURIRQGLWj P ¼

6 E &RVWRGLJHVWLRQHHQHUJLDHOHWWULFDPDQXWHQ]LRQH RUD ¼
&LVWHUQD GL FDSDFLWj SDUL D O SHU ULIRUQLPHQWR LGULFR GHO FDQWLHUH SHU PH]]R
6
GLDXWRERWWH
6 D 0RQWDJJLRHVPRQWDJJLR FDG ¼
6 E 1RORSHURJQLPHVHRIUD]LRQH FDG ¼
6 F &RVWRDOOLWURSHURJQLULIRUQLPHQWRGLOQHOUDJJLRGLNP OLWUR ¼
$WWUH]]DWXUD SHU OD GLVWULEX]LRQH GHOO

DFTXD LQ FDQWLHUH FRVWLWXLWD GD JUXSSR
HOHWWURSRPSD FHQWULIXJD SRWHQ]D KS 9 +] HOHWWURFRPSUHVVRUH
6
SRWHQ]D KS 9 +] VHUEDWRLR DXWRFODYH YHUWLFDOH D PHPEUDQD GD O
FRPSOHWRGLSUHVVRVWDWL
6 E 1RORSHURJQLPHVHVXFFHVVLYRRIUD]LRQH PHVH ¼
5HWH GL GLVWULEX]LRQH DFTXD SRWDELOH DL VHUYL]L SHU LO SHUVRQDOH UHDOL]]DWD FRQ

6
WXED]LRQHDYLVWDFRPSUHVRJOLDOODFFLOHJLXQ]LRQLLSH]]LVSHFLDOL
6 D ,QDFFLDLR]LQFDWRWLSR0DQQHVPDQGD P ¼
6 E ,QDFFLDLR]LQFDWRWLSR0DQQHVPDQGD P ¼
5HWH GL GLVWULEX]LRQH DFTXD SRWDELOH DL VHUYL]L SHU LO SHUVRQDOH UHDOL]]DWD FRQ
6 F WXED]LRQH LQWHUUDWD FRPSUHVR JOL DOODFFL OH JLXQ]LRQL L SH]]L VSHFLDOL &RPSUHVR P
VFDYRHULQWHUUR
6 G ,QDFFLDLR]LQFDWRWLSRPDQQHVPDQGD P ¼
6 H ,QDFFLDLR]LQFDWRWLSRPDQQHVPDQGD P ¼
6 I $OODFFLRLGULFRDGDFTXHGRWWRFRPXQDOH FDG ¼
6HUEDWRLR GL DFFXPXOR GL DFTXD SHU XVR LJLHQLFR VDQLWDULR LQ DFFLDLR LQR[

6
6 D &DSDFLWjO FDG ¼
6 E &DSDFLWjO FDG ¼
&RQWHQLWRUHGLVWULEXWRUH ULPRYLELOH GL FDUEXUDQWH GL FDSDFLWj O GRWDWR GL

6 EDFLQR GL FRQWHQLPHQWR GHOOD FDSDFLWj SDUL D O WHWWRLD GL SURWH]LRQH GDJOL
DJHQWLDWPRVIHULFLQRQFRPEXVWLELOHVSLDQDPHQWLFROOHJDPHQWRDOODUHWHGLWHUUD

&RQWDLQHU PHWDOOLFR SHU GHSRVLWR ROL PLQHUDOL FRQ VFDIIDOL SRUWDIXVWL H YDVFD GL
6
FRQWHQLPHQWRFRQWUROHGLVSHUVLRQLEDVDPHQWRHVFOXVR
6 &RQWDLQHUSHUGHSRVLWRERPEROHJDVFRPSUHVVL
6 &RQWDLQHUSHUGHSRVLWRGLSURGRWWLFKLPLFL
7HOR LPSHUPHDELOH RFFKLHOODWR LQ SODVWLFD SHVDQWH SHU OD SURWH]LRQH GHL GHSRVLWL

6 Pð ¼
FRQWUROHLQWHPSHULH
&DQDOH GL VFDULFR PDFHULH FRVWLWXLWR GD HOHPHQWL LQILODELOL GL OXQJKH]]D FPFDG

6 OHJDWL FRQ FDWHQH DO SRQWHJJLR R DOOD VWUXWWXUD FRPSUHVR PRQWDJJLR H P ¼
VPRQWDJJLR1RORSHURJQLPHVHRIUD]LRQH
7UDPRJJLD SHU FRQWHQLPHQWR PDFHULH FDSDFLWj Pñ SUHGLVSRVWD SHU O

DFFHVVR
6
GHOO
DXWRFDUUR
6 D 0RQWDJJLRHVPRQWDJJLRFRQXWLOL]]RGLDXWRFDUURFRQEUDFFLRLGUDXOLFR FDG ¼
6 E 1RORSHURJQLPHVHRIUD]LRQH FDG ¼
&DVVRQH PHWDOOLFR SHU FRQWHQLPHQWR GL PDWHULDOL GL VFDYRPDFHULH FDSDFLWj Pñ

6 FDG ¼
1RORSHURJQLPHVHRIUD]LRQH
9DVFD LQ PHWDOOR SHU FRQWHQLPHQWR GLVSHUVLRQL GL ELWXPH IXVR R VLPLODUL

6 GLPHQVLRQH LQ SLDQWD FP [ FDSDFLWj Pñ 1ROR SHU RJQL PHVH R FDG ¼
IUD]LRQH
&DVVRQH PHWDOOLFR ULYHVWLWR LQ OHJQRSODVWLFD ULQIRU]DWD FRQ FRSHUFKLR H OXFFKHWWR

6 SHU WUDVSRUWR H GHWHQ]LRQH HVSORVLYL &DSDFLWj Pñ 1ROR SHU RJQL PHVH R FDG ¼
IUD]LRQH
6 3RQWHJJL
3RQWHJJLR PHWDOOLFR D WXER H JLXQWR UHDOL]]DWR LQ WXERODUL PHWDOOLFL FRQ DGHJXDWD

SURWH]LRQH FRQWUR OD FRUURVLRQH FRPSUHVL L SH]]L VSHFLDOL LPSDOFDWR SLDQL GL
ODYRUR R GL SURWH]LRQH FRQ WDYROH PHWDOOLFKH GRSSLR SDUDSHWWR FRQ IHUPDSLHGH
PDQWRYDQD DQFRUDJJL HG RJQL DOWUR RQHUH H PDJLVWHUR RFFRUUHQWH SHU GDUH O
RSHUD
6
ILQLWD D SHUIHWWD UHJROD G
DUWH HVHJXLWD VHFRQGR OH QRUPH GL VLFXUH]]D YLJHQWL LQ
PDWHULD SHU SRQWHJJL FRQ DOWH]]D ILQR D P 9DOXWDWL DO JLXQWR
,QGLFDWLYDPHQWH FRQILJXUD]LRQL VWDQGDUG JLXQWLPð FRQILJXUD]LRQL PHGLD
FRPSOHVVLWjJLXQWLPðFRQILJXUD]LRQLHOHYDWDFRPSOHVVLWjJLXQWLPð
1ROHJJLR PRQWDJJLR H VPRQWDJJLR FRPSUHQVLYR GL WUDVSRUWR

6 D DSSURYYLJLRQDPHQWR VFDULFR H WLUR LQ DOWR GHL PDWHULDOL SHU LO SULPR PHVH R FDG ¼
IUD]LRQH
1ROHJJLR SHU RJQL PHVH VXFFHVVLYR R IUD]LRQH DOOD IXQ]LRQDOLWj RSHUDWLYD
6 E FRPSUHQGHQWH OD PDQXWHQ]LRQH RUGLQDULD H TXDQWR DOWUR RFFRUUHQWH SHU LO FDG ¼
PDQWHQLPHQWRGHOODVLFXUH]]DGHOOHRSHUHILQLWH
6RYUDSSUH]]R DOOD UHDOL]]D]LRQH GL SRQWHJJL PHWDOOLFL D WXER H JLXQWR SHU OD

TXRWD SDUWH LQ HVHFX]LRQH ROWUH L P GDO SLDQR GL FDPSDJQD R FRPXQTXH IXRUL
6 GDL SDUDPHWUL VWDELOLWL GDO OLEUHWWR GL $XWRUL]]D]LRQH 0LQLVWHULDOH SHU SRQWHJJL GL
VHUYL]LR R VLPLOL VLD VHPSOLFL FKH FRPSOHVVL LQFOXVR LO SURJHWWR HVHFXWLYR H OD
UHOD]LRQHWHFQLFDYDOXWDWRDOJLXQWR
6 D 'DPDP FDG ¼
6 E 'DPDP FDG ¼
6 F 'DPDP FDG ¼
3RQWHJJLR PHWDOOLFR D WHODLR SUHIDEEULFDWR UHDOL]]DWR LQ WXERODUL PHWDOOLFL LQ

DFFLDLR ]LQFDWR R YHUQLFLDWR FRPSUHVL L SH]]L VSHFLDOL LPSDOFDWR SLDQL GL ODYRUR R
GL SURWH]LRQH FRQ WDYROH PHWDOOLFKH GRSSLR SDUDSHWWR FRQ IHUPDSLHGH
6 PDQWRYDQD DQFRUDJJL HG RJQL DOWUR RQHUH H PDJLVWHUR RFFRUUHQWH SHU GDUH O
RSHUD
ILQLWD D SHUIHWWD UHJROD G
DUWH HVHJXLWD VHFRQGR OH QRUPH GL VLFXUH]]D YLJHQWL LQ
PDWHULD SHU DOWH]]H ILQR D P 9DOXWDWR D PHWUR TXDGUR GL SURVSHWWR GHO
SRQWHJJLR
6 D DSSURYYLJLRQDPHQWR VFDULFR H WLUR LQ DOWR GHL PDWHULDOL SHU LO SULPR PHVH R Pð ¼
IUD]LRQH
6 E FRPSUHQGHQWH OD PDQXWHQ]LRQH RUGLQDULD H TXDQWR DOWUR RFFRUUHQWH SHU LO Pð ¼
6RYUDSSUH]]R DOOD UHDOL]]D]LRQH GL SRQWHJJL PHWDOOLFL D WHODLR SHU OD TXRWD SDUWH

6
LQHVHFX]LRQHROWUHLPGDOSLDQRGLFDPSDJQD
6 D 'DPDP Pð ¼
6 E 'DPDP Pð ¼
6 F 'DPDP Pð ¼
3RQWHJJLR PHWDOOLFR D PRQWDQWL H WUDYHUVL SUHIDEEULFDWL PXOWLGLUH]LRQDOH

FRVWLWXLWR GD HOHPHQWL WXERODUL LQ DFFLDLR ]LQFDWL D FDOGR R YHUQLFLDWL GD FROOHJDUH
SHU PH]]R GL SLDVWUH RWWDJRQDOL VDOGDWH VXL PRQWDQWL H SURYYLVWH GL IRUDWXUH
VDJRPDWH SUHGLVSRVWH SHU O
LQQHVWR UDSLGR GHL WUDYHUVL LPSDOFDWR SLDQL GL ODYRUR R
6 GL SURWH]LRQH FRQ WDYROH PHWDOOLFKH FRPSUHVL SH]]L VSHFLDOL GRSSLR SDUDSHWWR
FRQ IHUPDSLHGH PDQWRYDQD DQFRUDJJL HG RJQL DOWUR RQHUH H PDJLVWHUR
RFFRUUHQWH SHU GDUH O
DUWH HVHJXLWD VHFRQGR OH
QRUPH GL VLFXUH]]D YLJHQWL LQ PDWHULD SHU DOWH]]H ILQR D P 9DOXWDWR D PHWUR
TXDGURGLSURVSHWWRGHOSRQWHJJLR

6 D DSSURYYLJLRQDPHQWR VFDULFR H WLUR LQ DOWR GHL PDWHULDOL SHU LO SULPR PHVH R Pð ¼
IUD]LRQH
6 E FRPSUHQGHQWH OD PDQXWHQ]LRQH RUGLQDULD H TXDQWR DOWUR RFFRUUHQWH SHU LO Pð ¼
6RYUDSSUH]]R DOOD UHDOL]]D]LRQH GL SRQWHJJL PHWDOOLFL D PRQWDQWL H WUDYHUVL

6 SUHIDEEULFDWL PXOWLGLUH]LRQDOH SHU OD TXRWD SDUWH LQ HVHFX]LRQH ROWUH L P GDO
SLDQRGLFDPSDJQD
6 D 'DPDP Pð ¼
6 E 'DPDP Pð ¼
6 F 'DPDP Pð ¼
7DYROH PHWDOOLFKH SUHIDEEULFDWH LQ DFFLDLR ]LQFDWR GLPHQVLRQL FP [ SHU

6 LPSDOFDWR SLDQR GL ODYRUR R GL SURWH]LRQH SHU SRQWHJJL FRPSUHVL DFFHVVRUL H
IHUPDSLHGHYDOXWDWRDPHWURTXDGURGLVXSHUILFLHGHOSLDQRGLODYRUR

7DYROH PHWDOOLFKH SUHIDEEULFDWH LQ DFFLDLR ]LQFDWR PXQLWH GL ERWROD GLPHQVLRQL

6 FP[SHULPSDOFDWRSLDQRGLODYRURRGLSURWH]LRQHSHUSRQWHJJLFRPSUHVL
DFFHVVRULHIHUPDSLHGHYDOXWDWRDPHWURTXDGURGLVXSHUILFLHGHOSLDQRGLODYRUR

7DYROH LQ OHJQR GL DEHWH FRQ HOHPHQWL PLQLPR FP [ R FP [ SHU

6 LPSDOFDWR SLDQR GL ODYRUR R GL SURWH]LRQH SHU SRQWHJJL FRPSUHVL DFFHVVRUL H
WDYRODIHUPDSLHGHYDOXWDWRDPHWURTXDGURGLVXSHUILFLHGHOSLDQRGLODYRUR

6FDOH D PDQR PRQWDWH VX SRQWHJJLR ILVVDWH VIDOVDWH VX ERWROH GL DFFHVVR DO SLDQR

6
ILQRDPGLDOWH]]D
3URWH]LRQH GHOOD VRPPLWj GL WXER GD SRQWHJJLR GD PP FRQ FRSULWHVWD LQ 39&

6 FDG
6 *XVFLRFRSULJLXQWRSHUSRQWHJJLRLQ39&)RUQLWXUDHSRVDLQRSHUD
6 D 6LQJROR FDG ¼
6 E 'RSSLR FDG ¼
0RQWDJJLR GL SRQWHJJL R VWUXWWXUH R RSHUD]LRQL HVHJXLELOL VROWDQWR LQ RUDUL

6 QRWWXUQL SHU HVLJHQ]H VSHFLILFKH SUHYLVWH GDO 36& 3HUFHQWXDOH GL PDJJLRUD]LRQH RUD ¼
VXOFRVWRRUDULRSHUODYRUDWRUH
5HWL R WHOL GDWL LQ RSHUD SHU FRQWHQLPHQWR PDWHULDOL PLQXWL SHU VHJUHJD]LRQH GL
6 SRQWHJJL GL IDFFLDWD R GL UHFLQ]LRQL FRQWLQXL DOPHQR XQD OHJDWXUD RJQL PHWUR Pð ¼
TXDGURGLUHWH)RUQLWXUDHSRVDLQRSHUD
5HWL R WHOL WUDVSLUDQWL GDWL LQ RSHUD SHU FRQWHQLPHQWR SROYHUL SHU VHJUHJD]LRQH GL
6 SRQWHJJL GL IDFFLDWD R GL UHFLQ]LRQL FRQWLQXL DOPHQR XQD OHJDWXUD RJQL PHWUR Pð ¼
TXDGURGLUHWH)RUQLWXUDHSRVDLQRSHUD
7HOL LPSHUPHDELOL SHU FRQWHQLPHQWR VSUX]]L SHU VHJUHJD]LRQH GL SRQWHJJL GL

6 IDFFLDWD R GL UHFLQ]LRQL FRQWLQXL DOPHQR XQD OHJDWXUD RJQL PHWUR TXDGUR GL WHOR Pð ¼
3RQWH D VEDO]R FRQ VWUXWWXUD D PHQVROD LQ WXERJLXQWR SLDQR GL ODYRUR LQ WDYROH LQ

6 OHJQR GL DEHWH VSHVVRUH FP FRPSUHVR LO SDUDSHWWR HVWHUQR FLHFR /DUJKH]]D P

6 D 1RORSHURJQLPHVHRIUD]LRQHGHOVRORPDWHULDOH P ¼
6 7UDEDWWHOOL
$WWUH]]DWXUD SHU ODYRUL D EDVVD TXRWD LQ LQWHUQL FRQ GXH UXRWH SUHIDEEULFDWD LQ
6 WXERODUH GL DOOXPLQLR EDVH FP [ FRPSOHWD GL SLDQR GL ODYRUR FRQ ERWROD
SURWH]LRQLEDVHVWDELOL]]DWULFHDOWH]]DPDVVLPDGLXWLOL]]RP
6 D 1RORSHURJQLPHVHRIUD]LRQHGHOVRORPDWHULDOH FDG ¼

6 E 3HURJQLPRQWDJJLRHVPRQWDJJLRLQRSHUD FDG ¼
3RQWH VX UXRWH D WRUUH WUDEDWWHOOR SUHIDEEULFDWR 81, (1 LQ WXERODUH GL

DOOXPLQLR EDVH FP [ FRPSOHWR GL SLDQL GL ODYRUR ERWROH H VFDOH GL
6
DFFHVVR DL SLDQL SURWH]LRQL VWDELOL]]DWRUL H TXDQWR DOWUR SUHYLVWR GDOOH QRUPH
YLJHQWLFDULFRPDVVLPRNJ
6 $OWH]]DPDVVLPDSLDQRGLODYRURP

6

6

6
7UDEDWWHOOR PRELOH LQ YHWURUHVLQD SHU ODYRUL LQ SURVVLPLWj GL OLQHH HOHWWULFKH EDVH

FP [ FRPSOHWR GL SLDQL GL ODYRUR ERWROH H VFDOH GL DFFHVVR DL SLDQL
6 FDG
SURWH]LRQL VWDELOL]]DWRUL H TXDQWR DOWUR SUHYLVWR GDOOH QRUPH YLJHQWL DOWH]]D
PDVVLPDSLDQRGLODYRURFPFDULFRPDVVLPRNJ

6 3RQWLVXFDYDOOHWWLLPSDOFDWLSDUDSHWWLDQGDWRLHHSDVVHUHOOH
3RQWH VX FDYDOOHWWL GL DOWH]]D ILQR D P FRVWLWXLWR GD WUH FDYDOOHWWL PHWDOOLFL H

6 SLDQR GL ODYRUR GHOOH GLPHQVLRQL GL FP [ FRQ WDYROH GL OHJQR GLPHQVLRQL
FP[[K
3HGDQD LQ WDYROH GL OHJQR SHU ODYRUL VXL PDQWL GL FRSHUWXUD IRUPDWD GD WDYROH FP
6 [ [ DFFRVWDWH SHU XQD ODUJKH]]D PLQLPD GL FP FRQ OLVWHOOL LQFKLRGDWL
WUDVYHUVDOPHQWHDGLVWDQ]DGLFLUFDFP
6 D 1RORSHURJQLPHVHRIUD]LRQHGHOVRORPDWHULDOH Pð ¼
6 E 0RQWDJJLRHVPRQWDJJLRLQRSHUDPDQXDOH Pð ¼
7DYRODWR LQ OHJQR D SURWH]LRQH GL DSHUWXUH QHL VRODL UHDOL]]DWR FRQ HOHPHQWL GL

6 GLPHQVLRQH PLQLPH FP [ [ ILVVDWH WUD GL ORUR HG D WHUUD DG LQWHUDVVH GL
PPDVVLPR
6 E 3HURJQLPRQWDJJLRHVPRQWDJJLRLQRSHUD Pð ¼
/DPLHUD GL DFFLDLR GD XWLOL]]DUH D FRSHUWXUD GL DSHUWXUH QHL VRODL R QHO VXROR

6
VSHVVRUHILQRDPP
6 E 3HURJQLPRQWDJJLRHVPRQWDJJLRLQRSHUDPDQXDOH Pð ¼
/DPLHUD GL DFFLDLR GD XWLOL]]DUH D FRSHUWXUD GL DSHUWXUH QHL VRODL R QHO VXROR

6
VSHVVRUHILQRPP
6 E 3HURJQLSRVDLQRSHUDHULPR]LRQHFRQPXOHWWRRDXWRJUX Pð ¼
/DPLHUD GL DFFLDLR FDUUDELOH GD XWLOL]]DUH D FRSHUWXUD GL DSHUWXUH QHL VRODL R QHO

6
VXRORVSHVVRUHILQRPP
6 E 3HURJQLSRVDLQRSHUDHULPR]LRQHFRQPXOHWWRRDXWRJUX Pð ¼
*ULJOLDWR LQ DFFLDLR D SHUGHUH GD XWLOL]]DUH D SURWH]LRQH GL DSHUWXUH QHL VRODL

6 )RUQLWXUD PHVVD LQ RSHUD ULPR]LRQH PDQXDOH FRQ O
DXVLOLR GL VFDOH R WUDEDWWHOOL Pð ¼
ILQRDP
*ULJOLDWR LQ DFFLDLR D SHUGHUH XWLOL]]DWR D SURWH]LRQH GL DSHUWXUH QHL VRODL

6 )RUQLWXUD PHVVD LQ RSHUD ULPR]LRQH FRQ O
DXVLOLR GL SLDWWDIRUPD GL ODYRUR Pð ¼
HOHYDELOHILQRDP
%DOFRQH GL VHUYL]LR SHU VLVWHPL GL HGLOL]LD LQGXVWULDOL]]DWD SLDQR GL ODYRUR LQ

6 JULJOLDWR PHWDOOLFR H SDUDSHWWR HVWHUQR PHWDOOLFR FRQ PHQVROH GL VRVWHJQR H
FROOHJDPHQWRDLFDVVHUL3HUSURLH]LRQHRUL]]RQWDOHGHOSLDQRGLODYRUR
6 D )RUQLWXUDPRQWDJJLRHVPRQWDJJLRDVVHPEODJJLRHQRORSULPRPHVHRIUD]LRQH P ¼

6 F 3HURJQLPRYLPHQWD]LRQHGLHOHPHQWRDVVHPEODWR Pð ¼
6RWWRSRQWH GL VLFXUH]]D SHU VLVWHPL GL HGLOL]LD LQGXVWULDOL]]DWD SLDQR GL ODYRUR LQ

JULJOLDWR PHWDOOLFR SHVDQWH SDUDSHWWR HVWHUQR LQ JULJOLDWR PHWDOOLFR OHJJHUR
6 Pð
PHQVROH GL VRVWHJQR FRQ DQFRUDJJLR D VRODLR 3HU SURLH]LRQH RUL]]RQWDOH GHO
SLDQRGLODYRUR
6 D )RUQLWXUDPRQWDJJLRHVPRQWDJJLRDVVHPEODJJLRHQRORSULPRPHVHRIUD]LRQH P ¼

6 F 3HURJQLPRYLPHQWD]LRQHGLHOHPHQWRDVVHPEODWR Pð ¼
7HWWRLD UHDOL]]DWD FRQ HOHPHQWL WXERODUL GL SRQWHJJLR FRQ FRSHUWXUD LQ WDYROH GL

6
OHJQRGLPHQVLRQLPLQLPRFP[
7HWWRLD UHDOL]]DWD FRQ HOHPHQWL WXERODUL GL SRQWHJJLR FRQ FRSHUWXUD LQ WDYROH GL

6 OHJQR GLPHQVLRQL PLQLPR FP [ H VRYUDVWDQWH ODPLHUD ]LQFDWD FRQ QHUYDWXUD
RQGXODWDRJUHFDWD
3DUDSHWWR PHWDOOLFR SHU VLVWHPL GL HGLOL]LD LQGXVWULDOL]]DWD FRVWLWXLWR GD HOHPHQWL

6 PHWDOOLFL LPEXOORQDWL DL FDVVHUL PHWDOOLFL FRPSOHWR GL FRUUHQWL VXSHULRUH
LQWHUPHGLRHWDYRODIHUPDSLHGH
6 D 1RORSHUXQPHVHRIUD]LRQHGHOVRORPDWHULDOH P ¼
3DUDSHWWR SHU VLVWHPL GL HGLOL]LD LQGXVWULDOL]]DWD FRVWLWXLWR GD HOHPHQWL PHWDOOLFL

6 FRQ VLVWHPD GL ILVVDJJLR D GHOWD R VX LQVHUWL SUHGLVSRVWL QHO VRODLR FRPSOHWR GL
FRUUHQWLVXSHULRUHLQWHUPHGLRHWDYRODIHUPDSLHGHLQWHUDVVHP
6 D 1RORSHUXQPHVHRIUD]LRQHGHOVRORPDWHULDOH P ¼

3DUDSHWWR SURYYLVRULR D PRQWDQWL SUHIDEEULFDWL JXDUGDFRUSR D VTXDGUD ILVVD 81,

(1 FODVVH $ GD DSSRUUH VX VRODL R VROHWWH LQ FD RUL]]RQWDOL R LQFOLQDWH
PDVVLPR GL VSHVVRUH PLQLPR FP FRVWLWXLWR GD DVWH PHWDOOLFKH YHUWLFDOL H
SLDVWUH GL VXSSRUWR LQ XQLFR FRPSRQHQWH ILVVDWH DO VXSSRUWR WUDPLWH GXH WDVVHOOL
6
FDULFR GL HVHUFL]LR GL DOPHQR N1 DOO¶HVWUD]LRQH GLFKLDUDWR GDO IDEEULFDQWH
LQWHUDVVH PDVVLPR FP WUDYHUVL RUL]]RQWDOL GL SURWH]LRQH H WDYROD IHUPDSLHGH
LQ OHJQR DOWH]]D PLQLPR FP H VSHVVRUH FP EORFFDWH VX WUH PHQVROH SHU RJQL
PRQWDQWH$OPHWUROLQHDUH
1ROR SULPR PHVH R IUD]LRQH &RPSUHVR LO PRQWDJJLR H OR VPRQWDJJLR FRQ

6 D P ¼
XWLOL]]RGLSLDWWDIRUPDGLODYRURHOHYDELOH
1ROR SULPR PHVH R IUD]LRQH &RPSUHVR LO PRQWDJJLR H OR VPRQWDJJLR VHQ]D
6 E P ¼
6 F 1RORSHURJQLPHVHVXFFHVVLYRRIUD]LRQH P ¼
3DUDSHWWR SURYYLVRULR D PRQWDQWL SUHIDEEULFDWL JXDUGDFRUSR 81, (1

FODVVH $ GD DSSRUUH VX VRODL R VROHWWH LQ FD RUL]]RQWDOL R LQFOLQDWH PDVVLPR
FRVWLWXLWR GD DVWH PHWDOOLFKH YHUWLFDOL DQFRUDWH DO VXSSRUWR FRQ EORFFR D PRUVD
6
FRQ LQWHUDVVH PDVVLPR FP WUDYHUVL RUL]]RQWDOL GL SURWH]LRQH H WDYROD
IHUPDSLHGH LQ OHJQR DOWH]]D PLQLPR FP H VSHVVRUH FP EORFFDWH VX WUH
PHQVROHSHURJQLPRQWDQWH$OPHWUROLQHDUH
6 D P ¼
6 E P ¼

FODVVH $ FRVWLWXLWR GD DVWH PHWDOOLFKH YHUWLFDOL DQFRUDWH VX VRODL R VROHWWH
RUL]]RQWDOL R LQFOLQDWH PDVVLPR R VX VFDOH LQ FD FRQ VSHVVRUH PLQLPR FP
6
FRQ WDVVHOOR GL ILVVDJJLR FRQ LQWHUDVVH PDVVLPR FP WUDYHUVL RUL]]RQWDOL
GL SURWH]LRQH H WDYROD IHUPDSLHGH LQ OHJQR DOWH]]D PLQLPR FP H VSHVVRUH FP
EORFFDWHVXWUHPHQVROHSHURJQLPRQWDQWH$OPHWUROLQHDUH

6 D P ¼

6 E P ¼

FODVVH % GD DSSRUUH VX VRODL R VROHWWH LQ FD LQFOLQDWH PDVVLPR FRVWLWXLWR GD
DVWH PHWDOOLFKH YHUWLFDOL DQFRUDWH DO VXSSRUWR FRQ EORFFR D PRUVD FRQ LQWHUDVVH
6
PDVVLPR FP WUDYHUVL RUL]]RQWDOL GL SURWH]LRQH H WDYROD IHUPDSLHGH LQ OHJQR
DOWH]]D PLQLPR FP H VSHVVRUH FP EORFFDWH VX WUH PHQVROH SHU RJQL
PRQWDQWH$OPHWUROLQHDUH
6 D P ¼
6 E P ¼
3DUDSHWWR SURYYLVRULR D PRQWDQWL SUHIDEEULFDWL JXDUGDFRUSR PXOWLIXQ]LRQH 81,

(1 FODVVH % GD DSSRUUH VX VRODL R VROHWWH LQ FD LQFOLQDWH PDVVLPR R
VX SURILOL YHUWLFDOL R FRUGROL LQ FD FRVWLWXLWR GD DVWH PHWDOOLFKH YHUWLFDOL DQFRUDWH
6
DO VXSSRUWR FRQ EORFFR D PRUVD FRQ LQWHUDVVH PDVVLPR FP WUDYHUVL
RUL]]RQWDOL GL SURWH]LRQH H WDYROD IHUPDSLHGH LQ OHJQR DOWH]]D PLQLPR FP H
VSHVVRUHFPEORFFDWHVXWUHPHQVROHSHURJQLPRQWDQWH$OPHWUROLQHDUH

6 D P ¼
6 E P ¼

FODVVH % GD DSSRUUH VX SURILOL YHUWLFDOL LQ FOV R PXUDWXUD LGRQHL DOO
DSSOLFD]LRQH
GL WDVVHOOL LQ SURVVLPLWj GL VRODL R VROHWWH LQFOLQDWH PDVVLPR H FRQ DJJHWWR
QRQ VXSHULRUH D FP DQFKH PXQLWH GL JURQGD FRVWLWXLWR GD PHQVROD GL
6 VXSSRUWR DQFRUDWD DOOD SDUHWH FRQ TXDWWUR WDVVHOOL FDULFR GL HVHUFL]LR GL DOPHQR
N1 DOO¶HVWUD]LRQH GLFKLDUDWR GDO IDEEULFDQWH H DVWD PHWDOOLFD YHUWLFDOH DQFRUDWD
DO VXSSRUWR LQWHUDVVH PDVVLPR FP WUDYHUVL RUL]]RQWDOL GL SURWH]LRQH H WDYROD
IHUPDSLHGH LQ OHJQR DOWH]]D PLQLPR FP H VSHVVRUH FP EORFFDWH VX WUH R
TXDWWURPHQVROHSHURJQLPRQWDQWH$OPHWUROLQHDUH

6 D P ¼
6 E P ¼

FODVVH % GD DSSRUUH VX SURILOL YHUWLFDOL LQ FOV R PXUDWXUD LGRQHL DOO
DSSOLFD]LRQH
GL WDVVHOOL LQ SURVVLPLWj GL VRODL R VROHWWH LQFOLQDWH PDVVLPR H FRQ DJJHWWR
QRQ VXSHULRUH D FP DQFKH PXQLWH GL JURQGD FRVWLWXLWR GD PHQVROD GL
6 VXSSRUWR DQFRUDWD DOOD SDUHWH FRQ TXDWWUR WDVVHOOL FDULFR GL HVHUFL]LR GL DOPHQR
N1 DOO¶HVWUD]LRQH GLFKLDUDWR GDO IDEEULFDQWH H DVWD PHWDOOLFD YHUWLFDOH DQFRUDWD
DO VXSSRUWR LQWHUDVVH PDVVLPR FP WUDYHUVL RUL]]RQWDOL GL SURWH]LRQH H WDYROD
IHUPDSLHGH LQ OHJQR DOWH]]D PLQLPR FP H VSHVVRUH FP EORFFDWH VX WUH R
TXDWWURPHQVROHSHURJQLPRQWDQWH$OPHWUROLQHDUH

6 D P ¼
6 E P ¼

FODVVH % GD DSSRUUH VX VWUXWWXUD LQFOLQDWD PDVVLPR LQ WUDYL LQ OHJQR FRQ
VEDO]R D PHQVROD FRVWLWXLWR GD PRUVD D SLDVWUD PRUGHQWH GD DSSOLFDUH VXOOH WUDYL
6 VWHVVH H DVWD PHWDOOLFD YHUWLFDOH DQFRUDWD DO VXSSRUWR FRQ GLVSRVLWLYR GL
UHJROD]LRQH GHOO¶DQJROR GL LQFOLQD]LRQH LQWHUDVVH PDVVLPR FP WUDYHUVL
RUL]]RQWDOL GL SURWH]LRQH H WDYROD IHUPDSLHGH LQ OHJQR DOWH]]D PLQLPD FP H
VSHVVRUHFPEORFFDWHVXWUHRTXDWWURPHQVROHSHURJQLPRQWDQWH

6 D P ¼
6 E P ¼
6 F 1RORSHURJQLPHVHRIUD]LRQHGLPHVHVXFFHVVLYRDOSULPR P ¼

FODVVH & GD DSSRUUH D SURWH]LRQH GL FRSHUWXUH LQFOLQDWH PDVVLPR FRVWLWXLWR
6 GD DVWH PHWDOOLFKH YHUWLFDOL DQFRUDWH DO VXSSRUWR FRQ WDVVHOOL GL ILVVDJJLR FRQ
LQWHUDVVH PLQLPR FP PDVVLPR FP WUDYHUVL RUL]]RQWDOL GL SURWH]LRQH
FPHWDYRODIHUPDSLHGHFPWHOHVFRSLFLLQDOOXPLQLR$OPHWUROLQHDUH

6 D P ¼
6 E P ¼
3DUDSHWWR QRUPDOH FRQ HOHPHQWL LQ OHJQR FRVWLWXLWR GD GXH FRUUHQWL H WDYROD

6 IHUPDSLHGH FRQ WDYROH GD FP R FP GL VSHVVRUH FRQWURYHQWL ILVVDJJLR DOOH
VWUXWWXUH
3URJHWWR GL FDOFROR QHFHVVDULR D GHILQLUH H JDUDQWLUH OD UHVLVWHQ]D GL SDUDSHWWL LQ
6 F RUD
OHJQR
3DUDSHWWR QRUPDOH FRQ HOHPHQWL D WXER H JLXQWR FRVWLWXLWR GD GXH FRUUHQWL

6
RUL]]RQWDOLHWDYRODIHUPDSLHGHILVVDJJLRDOOHVWUXWWXUH
3URWH]LRQH SHUFRUVR SHGRQDOH FRQ SDUDSHWWR FRVWLWXLWR GD GXH FRUUHQWL H WDYROD

6 IHUPDSLHGH LQ OHJQR FP [ [ H SDOL TXDGUDWL LQ OHJQR G
DEHWH FP LQILVVL
QHOWHUUHQRDGLQWHUDVVHFP
3URJHWWR GL FDOFROR QHFHVVDULR D GHILQLUH H JDUDQWLUH OD UHVLVWHQ]D GL SDUDSHWWL LQ

6 RUD ¼
OHJQR
$QGDWRLD GL FDQWLHUH LQ OHJQR SHU WUDQVLWR GL ODYRUDWRUL R PDWHULDOL UHDOL]]DWD FRQ

6 WDYROH LQ OHJQR FP [ [ FRQ OLVWHOOL WUDVYHUVDOL VXO SLDQR GL WUDQVLWR D
GLVWDQ]DGLFLUFDFP
3DVVHUHOOD SHGRQDOH PHWDOOLFD LQ ODPLHUD GL DFFLDLR GD XWLOL]]DUH D FRSHUWXUD GL

6 DSHUWXUH QHL VRODL R QHO VXROR VSHVVRUH ILQR PP IRUQLWD GL SDUDSHWWL VX DPER L
ODWL
6 D 1RORSHURJQLPHVHRIUD]LRQH Pð ¼
3RVD LQ RSHUD FRQ LQWHUYHQWR GL DXWRFDUUR PXQLWR GL EUDFFLR LGUDXOLFR 3HU RJQL
6 E Pð ¼
VSRVWDPHQWR
3DVVHUHOOD FDUUDELOH PHWDOOLFD LQ ODPLHUD GL DFFLDLR GD XWLOL]]DUH D FRSHUWXUD GL

6 DSHUWXUH QHL VRODL R QHO VXROR VSHVVRUH ILQR PP IRUQLWD GL SDUDSHWWL VX DPER L
ODWL
3RVD LQ RSHUD FRQ LQWHUYHQWR GL DXWRFDUUR PXQLWR GL EUDFFLR LGUDXOLFR 3HU RJQL
6 E Pð ¼
VSRVWDPHQWR
*UDGLQL QHO WHUUHQR DO]DWD FP SHGDWD FP UHDOL]]DWL FRQ VFDYR D PDQR
6 HG LQILVVLRQH GL SDOHWWL QHO WHUUHQR SHU VRVWHQHUH OH DO]DWH LQ OHJQR ODUJKH]]D FP DOJUDGLQR ¼
SDUDSHWWLODWHUDOLHVFOXVL
6 $OWULDSSUHVWDPHQWL
6FDOD LQ DSSRJJLR VHPSOLFH D SLROL PHWDOOLFD 81, (1 GHOOD OXQJKH]]D GL FP

6 FRQ SLHGL LQ JRPPD DQWLVGUXFFLROR GDWD LQ RSHUD FRQ ILVVDJJLR DOOD EDVH HG FDG ¼
DOSXQWRGLDUULYR1RORSHURJQLPHVHRIUD]LRQH
6FDOD LQ DSSRJJLR VHPSOLFH D JUDGLQL PHWDOOLFD 81, (1 GHOOD OXQJKH]]D GL

6 FP FRQ SLHGL LQ JRPPD DQWLVGUXFFLROR GDWD LQ RSHUD FRQ ILVVDJJLR DOOD EDVH FDG ¼
HGDOSXQWRGLDUULYR1RORSHURJQLPHVHRIUD]LRQH
6FDOD LQ DSSRJJLR VHPSOLFH LQQHVWDELOH R DOO

LWDOLDQD LQ DOOXPLQLR 81, (1
6 GHOOD OXQJKH]]D GL FP FRQ SLHGL LQ JRPPD DQWLVGUXFFLROR GDWD LQ RSHUD FRQ FDG ¼
ILVVDJJLRDOODEDVHHGDOSXQWRGLDUULYR1RORSHURJQLPHVHRIUD]LRQH
6FDOD GRSSLD DG XQ WURQFR GL VDOLWD PHWDOOLFD D JUDGLQL 81, (1 GL DOWH]]D

6 FP FRQ SLHGL LQ JRPPD DQWLVGUXFFLROR PXQLWD GL GLVSRVLWLYR DQWLSHUWXUD FDG ¼
6FDOD GRSSLD DG XQ WURQFR GL VDOLWD PHWDOOLFD D JUDGLQL 81, (1 GL DOWH]]D

6FDOD GRSSLD D GXH WURQFKL GL VDOLWD PHWDOOLFD D JUDGLQL 81, (1 GL DOWH]]D
6FDOD GRSSLD D GXH WURQFKL GL VDOLWD PHWDOOLFD D JUDGLQL 81, (1 GL DOWH]]D
6FDOD WUDVIRUPDELOH PXOWLSRVL]LRQH D FHUQLHUD GXH WURQFKL PHWDOOLFD 81, (1

FRPSRQLELOH GXH SH]]L FRQ SLHGL LQ JRPPD DQWLVGUXFFLROR OXQJKH]]D DOOD
6 FDG ¼
PDVVLPD DSHUWXUD FP LQ FRQILJXUD]LRQH GRSSLD H FP LQ FRQILJXUD]LRQH
DSSRJJLR1RORSHURJQLPHVHRIUD]LRQH
6FDOD WUDVIRUPDELOH D GXH WURQFKL PHWDOOLFD 81, (1 FRPSRQLELOH GXH SH]]L
FRQ SLHGL LQ JRPPD DQWLVGUXFFLROR OXQJKH]]D DOOD PDVVLPD DSHUWXUD FP LQ
6 FDG ¼
FRQILJXUD]LRQH GRSSLD H FP LQ FRQILJXUD]LRQH DSSRJJLR 1ROR SHU RJQL PHVH
RIUD]LRQH
6FDOD WUDVIRUPDELOH D WUH WURQFKL PHWDOOLFD 81, (1 FRPSRQLELOH WUH SH]]L
FRQ SLHGL LQ JRPPD DQWLVGUXFFLROR OXQJKH]]D DOOD PDVVLPD DSHUWXUD FP LQ
6 FDG ¼
FRQILJXUD]LRQH GRSSLD H FP LQ FRQILJXUD]LRQH DSSRJJLR 1ROR SHU RJQL PHVH
RIUD]LRQH
6FDOD LQ DSSRJJLR D VILOR LQ WUH WURQFKL 81, (1 PHWDOOLFD VYLOXSSDELOH SHU
6 PH]]R GL XQ PHFFDQLVPR D ILOR FRQ SLHGL LQ JRPPD DQWLVGUXFFLROR OXQJKH]]D GD FDG ¼
FPDFP1RORSHURJQLPHVHRIUD]LRQH
6FDOD PRYLELOH FRQ SLDWWDIRUPD 81, (1 PHWDOOLFD FRQ SLDQR GL ODYRUR
6 SURYYLVWR GL SDUDSHWWR VFDOD ILVVD GL DFFHVVR GXH UXRWH H PDQLJOLH SHU OR
VSRVWDPHQWR1RORSHURJQLPHVHRIUD]LRQH
6 D 3LDQRGLODYRURILQRDFP FDG ¼
6 E 3LDQRGLODYRURILQRDFP FDG ¼
6 F 3LDQRGLODYRURILQRDFP FDG ¼
6 G 3LDQRGLODYRURILQRDFP FDG ¼
&DVWHOOR PHWDOOLFR FRQ UDPSH VFDOH H SLDQHURWWROL FRVWLWXLWR GD HOHPHQWL PHWDOOLFL

SUHIDEEULFDWL 5DPSH VIDOVDWH FRVWLWXLWH GD SHGDWH GL ODUJKH]]D FP FLDVFXQD
6 SLDQHURWWROR FP [ GLPHQVLRQL WRWDOL LQ SLDQWD FP [ LQWHUSLDQR D
FP GL DOWH]]D &RPSOHVVR GL HOHPHQWL QHFHVVDUL DOO
DVVHPEODJJLR GL RJQL
PRGXORGLDOWH]]DFP
3HU RJQL DVVHPEODJJLR LQ RSHUD GL HOHPHQWL PRGXODUL ILQR D FP GL DOWH]]D
6 E FDG ¼
UDPSHHSLDQHURWWROL
6FDOD PHWDOOLFD SUHIDEEULFDWD SHU LO VXSHUDPHQWR GL GLVOLYHOOL GD FP D FP

ODUJKH]]D FP OXQJKH]]D GD FP D FP JUDGLQL LQ OHJD OHJJHUD FRQ
VXSHUILFLH DQWLVFLYROR SURIRQGLWj FP LQFOLQD]LRQH GL PRQWDJJLR GD D
6
0XQLWD GL SDUDSHWWR VPRQWDELOH FP GL DOWH]]D H GL SLDVWUH GL ILVVDJJLR LQ
DFFLDLR ]LQFDWR SRVWH VX HQWUDPEH OH HVWUHPLWj GHOOD VFDOD WDVVHOODELOL DO VXROR HR
DOODVXSHUILFLHVXSHULRUH
6 $JUDGLQLOXQJKH]]DFPSHUDOWH]]HGDFPDFP
6 E 3HURJQLPRQWDJJLRRPRQWDJJLR FDG ¼
6FDOD YHUWLFDOH FRQ JDEELD GL SURWH]LRQH HOHPHQWL GL OXQJKH]]D FP H

6 SLDQHURWWROR GL ULSRVR LQ JULJOLDWR PHWDOOLFR FRQ DFFHVVL VFDOH GLPHQVLRQL LQ
SLDQWDFP[SURYYLVWRGLSDUDSHWWLPHWDOOLFLVXWXWWLLODWL
3HU RJQL PRQWDJJLR H VPRQWDJJLR GL HOHPHQWR SLDQHURWWROR H VFDOD FRPSUHVL
6 E FDG ¼
DQFRUDJJL
6WUXWWXUD PHWDOOLFD D PHQVROD SHU VRVWHJQR GL UHWH DQWLFDGXWD FRQ GLPHQVLRQH LQ

6 SLDQWD GL FP [ FRVWLWXLWR GD WUH PHQVROH DVVHPEODWH UHWH DQWLFDGXWD H
VLVWHPLGLDJJDQFLRRILVVDJJLRDGHOHPHQWLVWUXWWXUDOLUHWLFRODUL
0RQWDJJLR H VPRQWDJJLR DVVHPEODJJLR D SLq G

RSHUD H QROR SULPR PHVH R
6 D FDG ¼
IUD]LRQH
6 F 3HURJQLURWD]LRQHLQRSHUDGHOODPHQVRODHUHWHDVVHPEODWD FDG ¼
5HWH GL VLFXUH]]D FRQIRUPH DOOD QRUPD 81, (1 LQ PXOWLEDYD GL

SROLSURSLOHQH PDJOLD FP [ FRQ ERUGDWXUD LQ IXQH GL SROLDPPLGH GL
6
GLDPHWUR SDUL D PP VRVWHQXWD GD FDYL PHWDOOLFL DQFRUDWL DL SLODVWUL FRQ
FUDYDWWHPHWDOOLFKH
3HU RJQL PRQWDJJLR H VPRQWDJJLR FRQ SRVL]LRQDPHQWR PDQXDOH FRQ LO VROR
6 E Pð ¼
DXVLOLRGLVFDOHDPDQRHWUDEDWWHOOLILQRDGDOWH]]DGLP
3HU RJQL PRQWDJJLR H VPRQWDJJLR FRQ SRVL]LRQDPHQWR PDQXDOH FRQ WUDEDWWHOOL
6 F Pð ¼
ILQRDP
3HU RJQL PRQWDJJLR H VPRQWDJJLR FRQ O
DXVLOLR GL VLVWHPL PHFFDQL]]DWL SHU
6 G Pð ¼
O
HOHYD]LRQHGHJOLRSHUDWRULLQTXRWDILQRDGDOWH]]DGLP
5HWH DQWLFDGXWD SHU SDUDSHWWR GL VRPPLWj GHO SRQWHJJLR FRQIRUPH DOOD QRUPD
81, (1 LQ SROLSURSLOHQH DOWD WHQDFLWj VWDELOL]]DWR FRQWUR UDJJL 89 PDJOLD
FP [ VHQ]D QRGR GLDPHWUR PP GRWDWD GL GXH DQHOOL FROORFDWL DJOL DQJROL
6
VXSHULRUL SHU O
DJJDQFLR DL PRQWDQWL ODWHUDOL )RUQLWD GL VHJQDODWRUL GL
FRUULVSRQGHQ]D FRQ SDVVR FP SHU O
DJJDQFLR DL PRQWDQWL LQWHUPHGL
'LPHQVLRQLFP[R[
6 D 0RQWDJJLRVPRQWDJJLRHQRORSULPRPHVH P ¼
6 E 1RORSHURJQLPHVHVXFFHVVLYRDOSULPR P ¼
2SHUH SURYYLVLRQDOL LQ WUDYL H WDYRODPH GL DEHWH SHU SXQWHOODWXUH GL VWUXWWXUH GD

GHPROLUH R GD UHVWDXUDUH R SHULFRODQWL FRVWLWXLWH GD ULWWL WDYROH IDVFH FURFL
6 P ¼
JDWWHOOL HFF FRPSUHVR WDJOLR D PLVXUD FKLRGDWXUD H VWDIIH DOO
LQWHUQR GL
IDEEULFDWL3HUWXWWDODGXUDWDGHLODYRULVHQ]DUHFXSHURGHOPDWHULDOH

6
LQWHUQR GL
IDEEULFDWL

6 P ¼
HVWHUQR GL
IDEEULFDWL3HUWXWWDODGXUDWDGHLODYRULVHQ]DUHFXSHURGHOPDWHULDOH

6
HVWHUQR GL
IDEEULFDWL&RQUHFXSHURGHLPDWHULDOL
$UPDWXUD SURYYLVRULD GL VRVWHJQR GL VRODL HVLVWHQWL PHGLDQWH SXQWHOOL PHWDOOLFL DG

DOWH]]D YDULDELOH H VRYUDVWDQWH RUGLWXUD FRVWLWXLWD GD PRUDOL GL DEHWH ULWWL WDYROH
6 IDVFH FURFL JDWWHOOL HFF QROHJJLR FRPSUHVR DSSURYYLJLRQDPHQWR PRQWDJJLR H
OR PRQWDJJLR DG RSHUD XOWLPDWD DOOHVWLPHQWR GHOOD VHJQDOHWLFD QHFHVVDULD D
JDUDQ]LDGHOODSXEEOLFDLQFROXPLWjGHJOLRSHUDLHGRJQLRQHUHHPDJLVWHUR
6 D 3HUWXWWDODGXUDWDGHLODYRULVHQ]DUHFXSHURGHOPDWHULDOHDOWH]]HILQRDP Pð ¼

6 E 0RQWDJJLRVPRQWDJJLRHQRORSULPRPHVHRIUD]LRQHDOWH]]HILQRDP Pð ¼
6 F 1RORSHURJQLPHVHVXFFHVVLYRRIUD]LRQHDOWH]]HILQRDP Pð ¼
6 G 3HUWXWWDODGXUDWDGHLODYRULVHQ]DUHFXSHURGHOPDWHULDOHDOWH]]HGDPDP Pð ¼
6 H 0RQWDJJLRVPRQWDJJLRHQRORSULPRPHVHRIUD]LRQHDOWH]]HGDPDP Pð ¼

6 I 1RORSHURJQLPHVHVXFFHVVLYRRIUD]LRQHDOWH]]HGDPDP Pð ¼
6LVWHPD GL SXQWHOODWXUD SHU VROHWWH SLHQH LQ FDOFHVWUX]]R DQFKH D JUDQGH DOWH]]D

FRVWLWXLWH GD WRUUL LQ DOOXPLQLR DFFRSSLDELOL LQ VHQVR YHUWLFDOH H FRQ SRVVLELOLWj GL
WUDVOD]LRQH VXO SLDQR GL DSSRJJLR FRVWLWXLWH GD WHODL FROOHJDWL GD FURFLHUH GL
LUULJLGLPHQWR H FRPSOHWH GL SUROXQJKH YLWRQL SH]]L VSHFLDOL H WUDYL GL SULPD
6 RUGLWXUD LQ DOOXPLQLR FRQ OLVWHOOR GL OHJQR LQFDVWRQDWR FRPSUHVL DUPR H GLVDUPR
HG RJQL PDWHULDOH RFFRUUHQWH D IRUQLUH O
RSHUD FRPSOHWD YDOXWDWD D PHWUR TXDGUDWR
GL VROHWWD VRUUHWWD SHU XQ DOWH]]D GHOOH WRUUL GL P FLUFD 1ROR SHU RJQL PHVH R
IUD]LRQH VHFRQGR OH VHJXHQWL GLPHQVLRQL GHOOD WRUUH H UHODWLYL VSHVVRUL GL VROHWWD
VRVWHQLELOL
'LPHQVLRQH GHOOD VROHWWD P [ SHU VSHVVRUL ILQR D FP SHU PHWUR
6 D Pð ¼
TXDGUDWRGLVRODLR
'LPHQVLRQH GHOOD VROHWWD P [ SHU VSHVVRUL GD FP D FP SHU PHWUR
6 E Pð ¼
TXDGUDWRGLVRODLR
'LPHQVLRQH GHOOD VROHWWD P [ SHU VSHVVRUL GD FP D FP SHU PHWUR
6 F Pð ¼
TXDGUDWRGLVRODLR
6LVWHPD GL SXQWHOODWXUD SHU VROHWWH SLHQH LQ FDOFHVWUX]]R DQFKH D JUDQGH DOWH]]D DOWH]]D
FRVWLWXLWHGDWRUULLQDFFLDLRDFFRSSLDELOLLQVHQVRYHUWLFDOH
FRVWLWXLWHGDWHODLFRQSRUWDWDGLNJSHUFLDVFXQPRQWDQWHFROOHJDWLGD
6 EDUUH GL FROOHJDPHQWR H FRPSOHWH GL SUROXQJKH YLWRQL SH]]L VSHFLDOL H WUDYL GL SULPD
RUGLWXUDLQDFFLDLRRPHJDYDOXWDWDDPHWURTXDGUDWRGLVROHWWDVRUUHWWDSHU
XQDOWH]]DGHOOHWRUULGLPFLUFDHSHUXQDGLPHQVLRQHGHOODWRUUHSDULD
P[
6 E 3HURJQLDUPRHGLVDUPRGHOODVWUXWWXUD Pð ¼
3XQWHOOR PHWDOOLFR UHJRODELOH DUWLFRODWR DOOH HVWUHPLWj SHU LO VRVWHJQR SURYYLVRULR

6
GLSDQQHOOLSUHIDEEULFDWLVWUXWWXUHPHWDOOLFKHGLOXQJKH]]DILQRDFP

6 E 3HURJQLPRQWDJJLRHVPRQWDJJLR FDG ¼
3DOR LQ OHJQR LQILVVR QHO WHUUHQR SHU VRVWHJQR WHVDWD DOWH]]D ILQR D FP
6 FDG ¼
7HVDWD GL IXQH LQ DFFLDLR ]LQFDWD PP IUD SDOL LQILVVL QHO WHUUHQR DG LQWHUDVVH
6 P ¼
ILQRDFP)RUQLWXUDHSRVDLQRSHUD
6XSSRUWR SHU VWRFFDJJLR WXED]LRQL UHDOL]]DWR FRQ WUDYHUVLQH LQ OHJQR GL VH] ILQR D
6 FP [ OXQJKH]]D FP LQWHUDVVH FP H FRUUHQWL WUDVYHUVDOL GL DUUHVWR P ¼
WUHUHLPSLHJKL
,OOXPLQD]LRQH ILVVD FRQ ODPSDGH HOHWWULFKH SRVDWH VX UHFLQ]LRQL R VLPLOL SRVWH D

GLVWDQ]D QRQ VXSHULRUH D P FRPSUHVD OD OLQHD GL FROOHJDPHQWR H DOODFFLDPHQWR
6 P ¼
ILQR D P $OLPHQWD]LRQH D 9 FRPSUHVR WUDVIRUPDWRUH )RUQLWXUD H SRVD LQ
RSHUDDOPHWURGLUHFLQ]LRQH
/DPSDGD SHU LOOXPLQD]LRQHVHJQDOD]LRQH GHO WLSR D WDUWDUXJD ,3 FROOHJDWD D

6 OLQHD HVLVWHQWH PRQWDWD D SDUHWH FRQ ODPSDGLQD ILQR D : )RUQLWXUD H SRVD LQ FDG ¼
RSHUD
3ODIRQLHUD FRSSD LQ UHVLQD SHU LOOXPLQD]LRQH DO QHRQ FRQ ODPSDGD : FRQ

6 FDG ¼
VFKHUPDWXUD,3FROOHJDWDDOLQHDHVLVWHQWHDSDUHWH)RUQLWXUDHSRVDLQRSHUD
)DUR SHU LOOXPLQD]LRQH GL HVWHUQL FRQ ODPSDGD ILQR D : GDWR LQ RSHUD VX
6 SDOR PHWDOOLFR GL DOWH]]D FP FRPSUHVR DOODFFLDPHQWR DOOD VFDWROD GL FDG ¼
GHULYD]LRQHDEDVHSDOR
$SSDUHFFKLR GL LOOXPLQD]LRQH WUDVSRUWDELOH VRVWHQXWR GD WUHSSLHGH DOLPHQWD]LRQH

6 9 FDYR GL DOLPHQWD]LRQH GHOOD OXQJKH]]D GL P WLSR +51) VH] PP FDG ¼
VSLQDPRELOHODPSDGD:1RORSHURJQLPHVHRIUD]LRQH
$SSDUHFFKLR GL LOOXPLQD]LRQH WUDVSRUWDELOH VRVWHQXWR GD WUHSSLHGH DOLPHQWD]LRQH

6 9 FDYR GL DOLPHQWD]LRQH GHOOD OXQJKH]]D GL P WLSR +51) VSLQD FDG ¼
PRELOHODPSDGD:1RORSHURJQLPHVHRIUD]LRQH
/DPSDGD SRUWDWLOH FRQIRUPH DOOH QRUPH &(, DOLPHQWD]LRQH 9 R 9
6 FDYR GL DOLPHQWD]LRQH GHOOD OXQJKH]]D GL P WLSR +51) VH] PPð VSLQD FDG ¼
PRELOHODPSDGD:1RORSHURJQLPHVHRIUD]LRQH
/DPSDGD GL LOOXPLQD]LRQH DOLPHQWDWD DG DULD FRPSUHVVD LQVWDOODWD LQ JDOOHULD D

6 SDUHWH VX VWDIIH WDVVHOODWH VX URFFLD R FOV FRPSUHVR LO FROOHJDPHQWR DOOD UHWH GL FDG ¼
DOLPHQWD]LRQH1RORSHURJQLPHVHRIUD]LRQH
/DPSDGD GL LOOXPLQD]LRQH ILVVD GL WLSR D WDUWDUXJD VWDJQD DG LPPHUVLRQH

6 WHPSRUDQHD FODVVH GL SURWH]LRQH SRWHQ]D ILQR D : )RUQLWXUD H SRVD LQ FDG ¼
RSHUD
/DPSDGD GL LOOXPLQD]LRQH ILVVD GL WLSR D IDUHWWR VWDJQD DG LPPHUVLRQH

6 WHPSRUDQHD FODVVH GL SURWH]LRQH SRWHQ]D ILQR D : )RUQLWXUD H SRVD LQ FDG ¼
RSHUD
6 /DPSDGDLQGLYLGXDOHVWDJQDDEDWWHULD)RUQLWXUDHSRVDLQRSHUD FDG ¼
/DPSDGH HOHWWULFKH SRUWDWLOL D 9 JUDGR GL SURWH]LRQH FRPSUHVR FDYR GL

6 FDG ¼
DOLPHQWD]LRQHGHOODOXQJKH]]DGLP)RUQLWXUDHSRVDLQRSHUD
6 3RVDDSDUHWHGHLFRQGXWWRULHOHWWULFLPHGLDQWHVWDIIHDVHOODWDVVHOODWH P ¼
6 'HULYD]LRQHRJLXQ]LRQHGLFDYLDGDWWDDOOHLPPHUVLRQL FDG ¼
6HJQDOD]LRQH D WHUUD GL OLQHD HOHWWULFD DHUHD HVWHUQD FRQ SDOHWWL PHWDOOLFL SLDQWDWL
QHO WHUUHQR H EDQGHOOH FRORUDWH LQ SODVWLFD H FDUWHOOL LQGLFDQWL O
DOWH]]D H OH
6 P ¼
FDUDWWHULVWLFKH DOOH HVWUHPLWj H DG LQWHUYDOOL QRQ VXSHULRUL D P )RUQLWXUD H SRVD
LQRSHUD
5LSDUL LQ PDWHULDOH LVRODQWH D SURWH]LRQH GL FDYL HOHWWULFL SRVDWL D SDUHWH R

IDVFHWWDWL VX WHVDWR UHDOL]]DWL FRQ JXDLQH R FRSSHOOH LQ YHWURUHVLQD FRQ FRSHUFKLR
6 P ¼
GLPHQVLRQL ILQR D FP &RQ PRQWDJJLR VX FDYL QRQ LQ WHQVLRQH HVFOXVH RSHUH
SURYYLVLRQDOL
3URWH]LRQH GL LVRODWRUL UHDOL]]DWL FRQ FRSSHOOH LVRODQWL SRWHUH LVRODQWH ILQR D 9

6 FDG ¼
&RQPRQWDJJLRVXHOHPHQWLQRQLQWHQVLRQHHVFOXVHRSHUHSURYYLVLRQDOL
&RVWUX]LRQH GL GHYLD]LRQH DHUHD UHDOL]]DWD PHGLDQWH SRVD GL FDYR LQ DFFLDLR GL

6 VRVWHJQR FDQDOHWWD LVRODQWH VRVSHVD H SDOL YHUWLFDOL LQILVVL QHO WHUUHQR D GLVWDQ]D P ¼
GLPFRQHVHFX]LRQHVXFDYLQRQLQWHQVLRQHHVFOXVHRSHUHSURYYLVLRQDOL
5LOLHYR H VHJQDOD]LRQH GL OLQHH HOHWWULFKH R WXED]LRQL VRWWRWUDFFLD PHGLDQWH

GLVHJQR VXO PXUR FRQ PH]]L LQGHOHELOL H LQGLFD]LRQH GHOOD WLSRORJLD GHOOD
6 P ¼
FDQDOL]]D]LRQH H LQVWDOOD]LRQH GL FDUWHOOL GL VHJQDOD]LRQH DWWL DOOD LQGLYLGXD]LRQH
GHLVHUYL]L
6HJQDOD]LRQH GL OLQHH LQWHUUDWH SHUFRUVR H SURIRQGLWj FRQ SLFFKHWWL GL OHJQR H

6 EDQGHOOD FRORUDWD H FDUWHOOL DOOH HVWUHPLWj H FRQ LQWHUYDOOL QRQ VXSHULRUL D P P ¼
)LRUHWWRDVWD FRQ PDQLFR LVRODWR SHU OD PRYLPHQWD]LRQH D GLVWDQ]D GL HOHPHQWL LQ

6 FDG ¼
WHQVLRQH7HQVLRQHILQRDN9/XQJKH]]DFP)RUQLWXUD
3HGDQD LVRODQWH FRVWUXLWD LQ SROLSURSLOHQH FRQ SLDQR GL FDOSHVWLR DQWLVGUXFFLROR

6 FDG ¼
'LPHQVLRQLFP[FRQLVRODPHQWRILQRDN9)RUQLWXUD
5DVWUHOOLHUH SHU VWRFFDJJLR YHUWLFDOH GL HOHPHQWL WLSR SDQQHOOL R DOWUR GL WLSR

6 OHJJHUR UHDOL]]DWD LQ SURILODWL PHWDOOLFL SHVR LQGLFDWLYR NJPð FLUFD 1ROR SHU Pð ¼
RJQLPHVHRIUD]LRQH
&DYDOOHWWL SHU VWRFFDJJLR YHUWLFDOH GL HOHPHQWL WLSR SDQQHOOL R DOWUR GL WLSR

6 SHVDQWH TXDOL SUHIDEEULFDWL UHDOL]]DWL LQ SURILODWL PHWDOOLFL SHVR LQGLFDWLYR NJPð Pð ¼
&DQDOL GL UDFFROWD DFTXH GL ODYRUD]LRQH UHDOL]]DWL LQ WHUUD PHGLDQWH VFDYR QHO

6 P ¼
WHUUHQRDVH]LRQHREEOLJDWDILQRDPñHVHJXLWRDPDQR
&DQDOL GL UDFFROWD DFTXH GL ODYRUD]LRQH UHDOL]]DWL LQ WHUUD PHGLDQWH VFDYR QHO

6 WHUUHQR D VH]LRQH REEOLJDWD HVHJXLWR FRQ PH]]R PHFFDQLFR FRQ ILQLWXUD PDQXDOH P ¼
VHQ]DFDULFRVXPH]]RGLWUDVSRUWR
5LYHVWLPHQWR GL FDQDOL GL UDFFROWD DFTXH GL ODYRUD]LRQH VH] Pð FRQ HOHPHQWL

6 LQ ODPLHUD RQGXODWD ]LQFDWD GL VSHVVRUH DGHJXDWR DOOD VH]LRQH )RUQLWXUD H SRVD LQ P ¼
RSHUD
5LYHVWLPHQWR GL FDQDOL GL UDFFROWD DFTXH GL ODYRUD]LRQH VH] Pð FRQ WHOR LQ

6 P ¼
39&)RUQLWXUDHSRVDLQRSHUD
7XER LQ DFFLDLR FP FRQ UDFFRUGL VQRGDWL SHU WUDVSRUWR DFTXD (OHPHQWL GD
6 FDG ¼
P)RUQLWXUD
0DQLFKHWWD 39& UHWLQDWR FP DUURWRODELOH FRQ UDFFRUGR D YLWH HOHPHQWL GD

6 FDG ¼
P)RUQLWXUD
5HDOL]]D]LRQH GL XQD YDVFD GL FRQWHQLPHQWR IDQJKL SHU OD ORUR GHFDQWD]LRQH

DOPðGL
6 UHDOL]]DWD LQ WHUUD PHGLDQWH VFDYR R FRVWUX]LRQH GL DUJLQH DOWH]]D QRQ VXSHULRUH ¼
LQYDVR
DFPHGLPHQVLRQLLGRQHHDOFRQWHQLPHQWRGHOOLTXLGR
(YHQWXDOH LPSHUPHDELOL]]D]LRQH GHOOD YDVFD GL FXL VRSUD FRQ WHOL LQ 39& R DOWUR
6 Pð ¼
PDWHULDOHLGRQHR)RUQLWXUDHSRVDLQRSHUD
)RVVD GL UDFFROWD H GHFDQWD]LRQH DFTXH GL ODYRUD]LRQH D WHQXWD FRPSUHVR VFDYR

6 FDG ¼
YROXPHLQGLFDWLYRPñ
)RVVD GL UDFFROWD H GHFDQWD]LRQH DFTXH GL ODYRUD]LRQH D WHQXWD FRPSUHVR VFDYR

6 FDG ¼
YROXPHLQGLFDWLYRPñ
3LVWD SHU PH]]L PHFFDQLFL UHDOL]]DWD FRQ VFDYR GL VEDQFDPHQWR D PDFFKLQD LQ

6 WHUUHQR YHJHWDOH SHU XQ
DOWH]]D GL FP ULILQLWXUD PDQXDOH H GHSRVLWR GL Pð ¼
PDWHULDOLLQFDQWLHUH
3URYYLVWD H VWHVD PHFFDQLFD GL PLVWR JUDQXODUH DQLGUR FRPSRVWR GL JURVVD VDEELD

6 Pð ¼
HFLRWWROLVSHVVRUHFPFRPSUHVDUHJRODUL]]D]LRQHHFRPSDWWD]LRQH
6 )RUQLWXUDHVWHVDGLWHVVXWRQRQWHVVXWR Pð ¼
*HRJULJOLD LQ ILEUD GL SROLHVWHUH IRUQLWD H SRVWD LQ RSHUD FRQ IXQ]LRQH GL ULQIRU]R

GHO WHUUHQR SHU DXPHQWDUQH OD FDSDFLWj SRUWDQWH 6WUXWWXUD D PDJOLD TXDGUDWD FP
FRVWLWXLWD GD ILODPHQWL LQ ILEUD GL SROLHVWHUH FRQ WHQDFLWj FLUFD P1GWH[ H
6 YDORUH ($6/ GHIRUPD]LRQH D FDULFR VSHFLILFR D 1 FLUFD FRQ
DOOXQJDPHQWR PDVVLPR D URWWXUD QHOOH GXH GLUH]LRQL FLUFD &RPSUHVD
FRSHUWXUD FRQ VWUDWR GL 39& D SURWH]LRQH DL UDJJL 89 FDVVHIRUPH SURYYLVRULH GL
VRVWHJQRVIULGLHVRUPRQWL
5HVLVWHQ]D FDUDWWHULVWLFD D DQQL GL FLUFD N1P H UHVLVWHQ]D XOWLPD D

6 D Pð ¼
WUD]LRQHORQJLWXGLQDOHGLFLUFDN1P
6 E Pð ¼
6 F Pð ¼
6 G Pð ¼
3HUFRUVR SHGRQDOH UHDOL]]DWR FRQ VFDYR H VSLDQDPHQWR FRQ PLQLHVFDYDWRUH

6 P ¼
ODUJKH]]DFPULILQLWXUDDPDQRHULFRSHUWRGLJKLDLHWWD
5HFLSLHQWH LQ SROLHWLOHQH SHU DOLPHQWL GD O FRQ UXELQHWWR SHU SURYYLVWD GL

6 FDG ¼
DFTXDSRWDELOHQHLODYRULLQJDOOHULD)RUQLWXUD
3RPSD GL UDFFROWD DFTXH IDQJRVH FRPSUHVR DOODFFLDPHQWR HOHWWULFR ILQR D P

6 FRPSUHQVLYR GL WXWWL JOL HOHPHQWL SHU LO VXR IXQ]LRQDPHQWR &RPSUHVL WXEL GL
VFDULFRILQRDP3RWHQ]DHOHWWULFDILQRDN:
D 1RORSHURJQLPHVHRIUD]LRQH FDG ¼
6 E &RVWRGLHVHUFL]LRRUDULR RUD ¼
6 &LQWXUDSRUWDDWWUH]]LLQFXRLRSROLHVWHUHFRQIRQGLQD)RUQLWXUD FDG ¼
&DQDOLQD GL SURWH]LRQH IHUUL GL DUPDWXUD LQ 39& GL VH]LRQH TXDGUDWD R FLUFRODUH

6 SHU XQR VYLOXSSR FRPSOHVVLYR GL FP WUH UHLPSLHJKL )RUQLWXUD H SRVD LQ P ¼
RSHUD
3URWH]LRQH IHUUL GL DUPDWXUD FRQ WDYROH GL OHJQR GHOOR VSHVVRUH PLQLPR FP

6 OHJDWH DOOD VRPPLWj GHL IHUUL GL DUPDWXUD WUH UHLPSLHJKL )RUQLWXUD H SRVD LQ P ¼
RSHUD
3URWH]LRQH VRPPLWj GL IHUUL G

DUPDWXUD FRQ FDSSHOORWWL LQ 39& )RUQLWXUD H SRVD
6 FDG ¼
LQRSHUD
&DQDOHWWD LQ ODPLHUD PHWDOOLFD VSHVVRUH PP SHU SURWH]LRQH DWWUDYHUVDPHQWL

6 P ¼
WXED]LRQLFDYLHFF)RUQLWXUDHSRVDLQRSHUD
5LOHYDWRUH SRUWDWLOH SHU OD VHJQDOD]LRQH GL SUHVHQ]D GL JDV 1ROR SHU PHVH R

6 FDG ¼
IUD]LRQH
1DVWURSUHVVD SHU DEEDWWLPHQWR IDQJKL GDOOH DFTXH GL ODYRUD]LRQH SHUIRUD]LRQH GL

6 URFFH ODYDJJLR LQHUWL HFF GDWR LQ RSHUD IRUPDWD GD FKLDULILFDWRUH QDVWURSUHVVD
SRUWDWDPðRUDFHQWUDOLQDSHUVROX]LRQHIORFFXODQWHVHUEDWRLHFDUSHQWHULH

6 F &RVWRGLHVHUFL]LRRUDULR RUD ¼
,PSLDQWR GL GHSXUD]LRQH H FRQWUROOR GHOOH FDUDWWHULVWLFKH GHOOH DFTXH GL
6 ODYRUD]LRQH FRVWLWXLWR GD XQLWj GL FKLDULILFD]LRQH H FHQWUDOLQD GL SUHSDUD]LRQH
IORFFXODQWH

6 & &RVWRGLHVHUFL]LRRUDULR RUD ¼
,PSLDQWR GL DVSLUD]LRQH PRELOH FRQ ILOWUR SHU JDV GL VDOGDWXUD H VLPLOL WXER GL
6 FDG ¼
DVSLUD]LRQHRULHQWDELOHSRUWDWDPðRUD1RORSHURJQLPHVHRIUD]LRQH
*RUJRJOLDWRUL LQ DFTXD SHU OD GHSXUD]LRQH GHL JDV GL VFDULFR GL PRWRUL GLHVHO

6 FDG ¼
LPSLHJDWLLQDPELHQWLFRQILQDWL)RUQLWXUDHSRVDLQRSHUD
(TXLSDJJLDPHQWR GL DXWREHWRQLHUD FRQ PRWRUH HOHWWULFR SHU OD URWD]LRQH GHOOD

6 WD]]D FRQ VLVWHPD GL FRQYHUVLRQH PRWRUH HOHWWULFRPRWRUH GLHVHO )RUQLWXUD H FDG ¼
LQVWDOOD]LRQHSHURJQLPDFFKLQD
,PSLDQWR GL GHSROYHUL]]D]LRQH SHU VLORV FHPHQWL H PDWHULDOH SROYHUXOHQWR LQ

6 JHQHUH FRVWLWXLWR GD FRQWHQLWRUH LQ ODPLHUD PHWDOOLFD ILOWUL LQ XVFLWD DULD H VDFFR FDG ¼
GLGHWHQ]LRQHSROYHUL1RORSHURJQLPHVHRIUD]LRQH
6 $UPDWXUHGLSURWH]LRQHGHJOLVFDYL
,Q PHULWR D FLz FKH q GHILQLWR ³DUPDWXUD GL SURWH]LRQH GHOOR VFDYR´ FHUWDPHQWH

VRQR ULFRPSUHVH LQ TXHVWD FDWHJRULD WXWWH OH DUPDWXUH SURYYLVLRQDOL GHJOL VFDYL
RYYHUR VEDGDFFKLDWXUH FRQ TXDOVLDVL PDWHULDOH DUPDWXUH PHWDOOLFKH D FDVVD
DSHUWD R FKLXVD SDODQFRODWL QRQFKp FRQVROLGDPHQWL GHL IURQWL R GHOOH SDUHWL GL
VFDYR $QDORJDPHQWH YD DVVLPLODWD DOO¶DUPDWXUD GHOOR VFDYR OD VDJRPDWXUD
VHFRQGR O¶DQJROR GL GHFOLYLR QDWXUDOH GHO WHUUHQR H TXLQGL LO YROXPH GL WHUUHQR
QHFHVVDULRYDFRQVLGHUDWRTXDOHRQHUHGHOODVLFXUH]]D
1RQ VRQR LQYHFH GD FRQVLGHUDUVL FRVWL GHOOD VLFXUH]]D OH SDOLILFDWH R VLPLODUL

TXDQGR SUHYLVWH HVSUHVVDPHQWH LQ IDVH SURJHWWXDOH VLD SHUFKp 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 FROODERUDQGR DOOD VXD VWDWLFLWj SHU PH]]R GHOOD ORUR IXQ]LRQH GL
VRVWHJQRGHOOHVSLQWHGHOWHUUHQR
7DOL RSHUH DQGUHEEHUR LQYHFH FRPSXWDWH VH OD SDOLILFDWD QRQ KD IXQ]LRQL
VWUXWWXUDOL PD VROR GL VRVWHJQR WHPSRUDQHR GL PDVVH GL WHUUHQR H
VXFFHVVLYDPHQWHVLSURYYHGHDOODORURGHPROL]LRQHHVOH³EHUOLQHVL´
6EDGDFFKLDWXUD FRPSOHWD D FDVVD FKLXVD LQ OHJQDPH GHOOH SDUHWL GL VFDYR D WULQFHD

SHU SURIRQGLWj ILQR D P FRPSUHVR DSSURYYLJLRQDPHQWR ODYRUD]LRQH
6
PRQWDJJLR VPRQWDJJLR H ULWLUR GHO PDWHULDOH GDO FDQWLHUH D ILQH ODYRUL
9DOXWD]LRQHULIHULWDDOPHWURTXDGUDWRGLVXSHUILFLHGHOODVEDGDFFKLDWXUD

3URJHWWR GL FDOFROR QHFHVVDULR D GHILQLUH H JDUDQWLUH OD UHVLVWHQ]D GHOOD
6 F RUD ¼
VEDGDFFKLDWXUDLQOHJQDPH
$UPDWXUD GL SURWH]LRQH H FRQWHQLPHQWR GHOOH SDUHWL GL VFDYR LQ WULQFHD PHGLDQWH

VLVWHPL GL EOLQGDJJLR D SDQQHOOL PHWDOOLFL OXQJKH]]D FP DOWH]]D FP
VSHVVRUH FP H SXQWRQL UHJRODELOL GD FP D FP FRPSOHWR GL RJQL
6
DFFHVVRULR SHU VRVWHQHUH SDUHWL GL VFDYR FRQ VSLQWD GHO WHUUHQR ILQR D N1Pð
FRQ OXFH OLEHUD VRWWRSDVVR WXEL ILQR D FP 9DOXWD]LRQH ULIHULWD DO PHWUR
TXDGUDWRGLVXSHUILFLHGHLSDQQHOOLSUHYLVWL
6 D 7UDVSRUWRDVVHPEODJJLRHVPRQWDJJLRGHOO
DWWUH]]DWXUD Pð ¼
6 E 1RORSHURJQLPHVHRIUD]LRQH Pð ¼
6LVWHPD]LRQH GHOO
DWWUH]]DWXUD QHOOD WULQFHD GD YDOXWDUVL DG RJQL SRVL]LRQDPHQWR
6 F Pð ¼
URWD]LRQHGHOODVWHVVDDOO
LQWHUQRGHOORVFDYR

VLVWHPL GL EOLQGDJJLR D SDQQHOOL PHWDOOLFL OXQJKH]]D FP DOWH]]D FP H
VSHVVRUH FP H SXQWRQL UHJRODELOL GD FP D FP FRPSOHWR GL RJQL
6
DFFHVVRULR SHU VRVWHQHUH SDUHWL GL VFDYR FRQ VSLQWD GHO WHUUHQR ILQR D N1Pð
FRQ OXFH OLEHUD VRWWRSDVVR WXEL ILQR D FP 9DOXWD]LRQH ULIHULWD DO PHWUR
TXDGUDWRGLVXSHUILFLHGHLSDQQHOOLSUHYLVWL
DWWUH]]DWXUD Pð ¼
6LVWHPD]LRQH GHOO
6 F Pð ¼
LQWHUQRGHOORVFDYR

VLVWHPL GL EOLQGDJJLR D SDQQHOOL PHWDOOLFL OXQJKH]]D PRGXODUH GD FP D FP
DOWH]]D FP R FP HYHQWXDOH HOHPHQWR DJJLXQWLYR FP VSHVVRUH
6 FP H SXQWRQL UHJRODELOL GD FP D FP FRPSOHWR GL RJQL DFFHVVRULR
SHU VRVWHQHUH SDUHWL GL VFDYR FRQ VSLQWD GHO WHUUHQR ILQR D N1Pð FRQ OXFH
OLEHUD VRWWRSDVVR WXEL ILQR D FP 9DOXWD]LRQH ULIHULWD DO PHWUR TXDGUDWR GL
VXSHUILFLHGHLSDQQHOOLSUHYLVWL
DWWUH]]DWXUD Pð ¼
6LVWHPD]LRQH GHOO
6 F Pð ¼
LQWHUQRGHOORVFDYR

VLVWHPL GL EOLQGDJJLR D SDQQHOOL PHWDOOLFL OXQJKH]]D PRGXODUH GD FP D FP
H DOWH]]D GL FP H FP VSHVVRUH GD FP D FP LQVHULWL LQ SURILODWL
6 D GRSSLR ELQDULR SHU SURIRQGLWj GL VFDYR ILQR D P H SXQWRQL UHJRODELOL GD FP
D FP FRPSOHWR GL RJQL DFFHVVRULR SHU VRVWHQHUH SDUHWL GL VFDYR FRQ VSLQWD
GHO WHUUHQR ILQR D N1P FRQ OXFH OLEHUD VRWWRSDVVR WXEL ILQR D FP
9DOXWD]LRQHULIHULWDDOPHWURTXDGUDWRGLVXSHUILFLHGHLSDQQHOOLSUHYLVWL
DWWUH]]DWXUD Pð ¼
3DODQFROH FRQ SURILOR D = D 8 R VLPLOL GL DFFLDLR ODPLQDWR FRQ FDUDWWHULVWLFKH

ULVSRQGHQWL DOOD QRUPDWLYD WHFQLFD YLJHQWH GL OXQJKH]]D ILQR D P FRPSUHVL
DQFKH L SH]]L VSHFLDOL H OH UHODWLYH VDOGDWXUH FRPSUHVR O
DYYLFLQDPHQWR LO
VROOHYDPHQWR H O
LQILVVLRQH ,QFOXVR LO WUDWWDPHQWR SURWHWWLYR GL WLSR ELWXPLQRVR OD
6 IRUPD]LRQH GHL IRUL SHU LO SDVVDJJLR GHL WLUDQWL L WDJOL FRQ ILDPPD RVVLDFHWLOHQLFD
OD IRUQLWXUD H OD SRVD LQ RSHUD GL IRQGLQH D SHUGHUH LQ ODPLHUD GL DFFLDLR GHOOR
VSHVVRUH GL PP GL IRUPD WUDSH]RLGDOH SHU LO FRQWHQLPHQWR GHO JHWWR QHOOD ]RQD
LQIHULRUH GHOOD WUDYH GL FRURQDPHQWR FRPSUHVR RJQL DOWUR RQHUH H PDJLVWHUR SHU
GDUHLOODYRURFRPSLXWRDUHJRODG
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
3DODQFROH FRQ SURILOR WLSR += R 3DOR= R VLPLOL GL DFFLDLR ODPLQDWR FRQ

FDUDWWHULVWLFKH ULVSRQGHQWL DOOD QRUPDWLYD WHFQLFD YLJHQWH GL OXQJKH]]D ILQR D P
FRPSUHVL DQFKH L SH]]L VSHFLDOL H OH UHODWLYH VDOGDWXUH FRPSUHVR
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6 D DLQDFFLDLRODPLQDWRFODVVH6*3(1 NJ ¼

6 E ELQDFFLDLRODPLQDWRFODVVH6*3(1 NJ ¼
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6 FHSSDLH SLHWUH H WURYDQWL GL URFFLD H PXUDWXUD GL YROXPH ILQR D Pñ VLD LQ P ¼
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GXSOLFH WRUVLRQH FP [ ILVVDJJLR FRQ SDOHWWL PHWDOOLFL LQILVVL D PDQR LQ WHUUHQR
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6 [ PP ILVVDJJLR FRQ WDVVHOOL PHWDOOLFL PP LQILVVL QHOOD URFFLD Pð ¼
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6 GHOOD SDUHWH FRQ PH]]R PHFFDQLFR 6SHVVRUH PHGLR VSULW] EHWRQ FP FRPSUHVR Pð ¼
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(OPHWWR GL SURWH]LRQH FRQIRUPH DOOD QRUPD 81, (1 LQ SROLHWLOHQH DOWD

6 GHQVLWj FRQ UHJROD]LRQH DXWRPDWLFD SRVWHULRUH H DSSRVLWR VLVWHPD GL EORFFDJJLR
DXWRPDWLFRDOODQXFD
6 D &RQERUGDWXUDUHJRODELOHHIDVFLDDQWLVXGRUH)RUQLWXUD FDG ¼
&RQ ERUGDWXUD UHJRODELOH H IDVFLD DQWLVXGRUH GRWDWR GL FXIILH DQWLUXPRUH
6 E FDG ¼
)RUQLWXUD
&RQ ERUGDWXUD UHJRODELOH H IDVFLD DQWLVXGRUH GRWDWR GL FXIILH DQWLUXPRUH H YLVLHUD
6 F FDG ¼
)RUQLWXUD
6 &RSULFDSRDQWLXUWRFRQIRUPHDOODQRUPD81,(1)RUQLWXUD FDG ¼
6 (OPHWWRDGHOHYDWHSUHVWD]LRQLFRQIRUPHDOODQRUPD81,(1)RUQLWXUD FDG ¼
6FDUSD FRQIRUPH DOOD QRUPD 81, (1 ,62 DQWLVWDWLFD ODPLQD DQWLIRUR
6 IOHVVLELOH SXQWDOH FRQ PHPEUDQD WUDVSLUDQWH DPDJQHWLFR DQDOOHUJLFR H
DQWLFRUURVLYRFDWHJRULDGLSURWH]LRQH63SULYDGLSDUWLPHWDOOLFKH)RUQLWXUD
6 D %DVVD SDLR ¼

6 E $OWD SDLR ¼
6FDUSD FRQIRUPH DOOD QRUPD 81, (1 ,62 DQWLVWDWLFD VXROD GL XVXUD LQ
QLWULOH FRQ UHVLVWHQ]D DO FDORUH GD FRQWDWWR ILQR D & SHU XQ PLQXWR ODPLQD
6 DQWLIRUR IOHVVLELOH LQ PDWHULDOH FRPSRVLWR SXQWDOH FRQ PHPEUDQD WUDVSLUDQWH SDLR
DPDJQHWLFR DQDOOHUJLFR H DQWLFRUURVLYR FDWHJRULD GL SURWH]LRQH 6+52 SULYD GL
SDUWLPHWDOOLFKH)RUQLWXUD
6 D %DVVD SDLR ¼
6 E $OWD SDLR ¼
6FDUSD LVRODQWH FRQIRUPH DOOD QRUPD 81, (1 LQ JRPPD QDWXUDOH WHVWDWH D
6 SDLR ¼
9)RUQLWXUD
6WLYDOH FRQIRUPH DOOD QRUPD 81, (1 FRQ LQWHUVXROD DQWLSHUIRUD]LRQH H

6 SDLR ¼
SXQWDOHLQDFFLDLR)RUQLWXUD
6 *DPEDOHDOWRDOODFRVFLDSHULQWHUYHQWLGLHPHUJHQ]D)RUQLWXUD SDLR ¼
2FFKLDOH FRQIRUPH DOOD QRUPD 81, (1 PRQROHQWH LQ SROLFDUERQDWR FRQ

6 FDG ¼
WUDWWDPHQWRDQWLJUDIILR$VWLQHUHJRODELOL3URWH]LRQHUDJJL89)RUQLWXUD
2FFKLDOH FRQIRUPH DOOH QRUPH 81, (1 HG 81, (1 ELOHQWH FRQ OHQWL
6 LQFRORUH LQ SROLFDUERQDWR DQWLJUDIILR FRQ WUDWWDPHQWR DQWLDSSDQQDQWH 0RQWDWXUD FDG ¼
LQSODVWLFDDGDOWDUHVLVWHQ]D6WDQJKHWWHUHJRODELOL)RUQLWXUD
2FFKLDOH D PDVFKHULQD FRQIRUPH DOOH QRUPH 81, (1 HG 81, (1 FRQ
6 YHQWLOD]LRQH LQGLUHWWD FUHDWR SHU UHVLVWHUH DOOH DJJUHVVLRQL GL VRVWDQ]H FKLPLFKH FDG ¼
%DUGDWXUDHODVWLFDDUHJROD]LRQHUDSLGD)RUQLWXUD
2FFKLDOH GL SURWH]LRQH SHU VDOGDWXUD FRQIRUPH DOOH QRUPH 81, (1 81, (1
6 HG 81, (1 D FRSSH LQ DOOXPLQLR FRQ ERUGR LQ PDWHULDOH SODVWLFR FDG ¼
LPERWWLWR/HQWLSLDQH',1)RUQLWXUD
9LVLHUD GL SURWH]LRQH FRQIRUPH DOOH QRUPH 81, (1 HG 81, (1 LQ

6 FDG ¼
DFHWDWRYHUGHSHUVDOGDWXUDLUXYPP)RUQLWXUD
9LVLHUD GL SURWH]LRQH FRQIRUPH DOOD QRUPD (1 LQ SROLFDUERQDWR LQFRORUH

6 FDG ¼
WUDVSDUHQWHDQWLULIOHVVRPP)RUQLWXUD
0DVFKHUD SDVVLYD SHU VDOGDWXUD FRQIRUPH DOOD QRUPD 81, (1 FRPSOHWD LQ
6 PDWHULDOH WHUPRSODVWLFR ULQIRU]DWR 9HWULQL LQWHUFDPELDELOL LQ IXQ]LRQH GHOOD FDG ¼
SURWH]LRQHGHVLGHUDWD)RUQLWXUD
0DVFKHUD SHU VDOGDWXUD DXWRPDWLFD D OHG FRQ FDVFR SURWHWWLYR H VFKHUPR

6 FDG ¼
DXWRVFXUDQWHFRQIRUPHDOODQRUPD81,(1)RUQLWXUD
&DORWWD SHU DSSOLFD]LRQH GL YLVLHUD GL SURWH]LRQH FRQIRUPH DOOD QRUPD 81, (1

6 FDG ¼
FRPSOHWDGLIDVFLDLPERWWLWDVRVWLWXLELOHHEDUGDWXUDUHJRODELOH)RUQLWXUD
6HPLPDVFKHUD ILOWUDQWH DQWLSROYHUH FRQIRUPH DOOD QRUPD 81, (1

6
3URWH]LRQH))30RQRXVR
6 D 6HQ]DYDOYROD FDG ¼
6 E &RQYDOYROD FDG ¼
6HPLPDVFKHUD ILOWUDQWH DQWLSROYHUH FRQIRUPH DOOD QRUPD 81, (1

6
3URWH]LRQH))30RQRXVR
6 D 6HQ]DYDOYROD FDG ¼
6 E &RQYDOYROD FDG ¼
6HPLPDVFKHUD ILOWUDQWH DQWLSROYHUH FRQIRUPH DOOD QRUPD 81, (1 &RQ

6
YDOYROD3URWH]LRQH))30RQRXVR
D 6HQ]DYDOYROD FDG ¼
E &RQYDOYROD FDG ¼
6HPLPDVFKHUD LQ JRPPD VLQWHWLFD FRQIRUPH DOOD QRUPD 81, (1 6WUXWWXUD D

6 FDG ¼
GXHILOWUL%DUGDWXUDDGXHWLUDQWL)RUQLWXUD
6HPLPDVFKHUD LQ JRPPD VLOLFRQLFD FRQIRUPH DOOD QRUPD 81, (1 6WUXWWXUD

6 FDG ¼
DGXHILOWUL%DUGDWXUDDGXHWLUDQWL)RUQLWXUD
0DVFKHUD D SLHQR IDFFLDOH FRQ VFKHUPR LQ SROLFDUERQDWR FRQIRUPH DOOD QRUPD

81, (1 FODVVH , )DFFLDOH LQ PDWHULDOH HODVWRPHULFR LSRDOOHUJHQLFR
UHVLVWHQWH D JUDIIL H XUWL VWUXWWXUD PRQRILOWUR EDUGDWXUD D HODVWLFL 'D XWLOL]]DUH
6 FDG ¼
LQ SUHVHQ]D GL DOWH FRQFHQWUD]LRQL GL FRQWDPLQDQWH R TXDQGR LO FRQWDPLQDQWH
ULVXOWD SHULFRORVR SHU JOL RFFKL R SHU OD SHOOH FRQ GLVSRVLWLYR IRQLFR H XQ
UDFFRUGRILOHWWDWRSHUILOWUR)RUQLWXUD
0DVFKHUD D SLHQR IDFFLDOH LQ JRPPD VLOLFRQLFD UHVLVWHQWH FRQIRUPH DOOD QRUPD

81, (1 FODVVH ,, 'RSSLR ERUGR GL WHQXWD VXO YLVR VWUXWWXUD D GXH ILOWUL
FDUGDWXUD D HODVWLFL 6FKHUPR LQ SROLFDUERQDWR UHVLVWHQWH D JUDIIL H XUWL 'D
6 FDG ¼
XWLOL]]DUH LQ SUHVHQ]D GL DOWH FRQFHQWUD]LRQL GL FRQWDPLQDQWH R TXDQGR LO
FRQWDPLQDQWH ULVXOWD SHULFRORVR SHU JOL RFFKL R SHU OD SHOOH FRQ GLVSRVLWLYR IRQLFR
HGXHUDFFRUGLILOHWWDWLSHUILOWUL)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
)LOWUR SHU PDVFKHUD R VHPLPDVFKHUD LQ UHVLQD VLQWHWLFD GRWDWR GL DWWDFFR ILOHWWDWR

6
)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))3SHUPDVFKHUDFRQUHVSLUD]LRQHDVVLVWLWD)RUQLWXUDVHWWLPDQDOH FDG ¼
$XWRUHVSLUDWRUHDGDULDFRPSUHVVDDFLUFXLWRDSHUWRFRQIRUPHDOODQRUPD81,(1
FRPSRVWR GD ]DLQR FRQ SLDVWUD DQDWRPLFD LQ UHVLQD DXWRHVWLQJXHQWH H
EDUGDWXUD FRPSRVLWD LQ ILODWR DXWRHVWLQJXHQWH H ILEUD GL FDUERQLR ULGXWWRUH GL
SUHVVLRQH GL WLSR FRPSHQVDWR FRQ YDOYROD GL VLFXUH]]D PDQRPHWUR VHJQDODWRUH
DFXVWLFR GL VLFXUH]]D HURJDWRUH DXWRSRVLWLYR PDVFKHUD SDQRUDPLFD SHU
6 VRYUDSSUHVVLRQH FRQIRUPD DOOD QRUPD 81, (1 EDUGDWXUD HODVWLFD LQ JRPPD FDG ¼
D FLQTXH WLUDQWL FRQ ILEELH VFKHUPR LQ SROLFDUERQDWR UHVLVWHQWH DJOL XUWL H DJOL
DFLGL FDPSR YLVLYR ROWUH LO UDFFRUGR GL LQVSLUD]LRQH ILOHWWDWR 81, (1
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RJQLPHVHRIUD]LRQH
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FRPSRVWR GD EDUGDWXUD GL VRVWHJQR LQ ILODWR DXWRHVWLQJXHQWH ERUVD LQ WHVVXWR
LJQLIXJR ULGXWWRUH GL SUHVVLRQH GL WLSR FRPSHQVDWR FRQ YDOYROD GL VLFXUH]]D
PDQRPHWUR FRQ TXDGUDQWH IRVIRUHVFHQWH VHJQDODWRUH DFXVWLFR GL VLFXUH]]D
HURJDWRUH DXWRSRVLWLYR PDVFKHUD SDQRUDPLFD SHU VRYUDSSUHVVLRQH FRQIRUPH
6
DOOD QRUPD 81, (1 EDUGDWXUD HODVWLFD LQ JRPPD D FLQTXH WLUDQWL FRQ ILEELH
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ERPEROD1RORSHURJQLPHVHRIUD]LRQH
6 D &RQLQQHVWRUDSLGR FDG ¼

6 E 6HQ]DLQQHVWRUDSLGR FDG ¼
%RPEROH GL ULFDPELR SHU DXWRUHVSLUDWRUL DG DULD FRPSUHVVD EDU 1ROR SHU
6
RJQLPHVHRIUD]LRQH
6 F &DSDFLWjO FDG ¼
6 G &DSDFLWjO FDG ¼
$WWUH]]DWXUD GL DXWRUHVSLUD]LRQH FDUUHOODWD FRPSRVWD GD FDUUHOOR PHWDOOLFR FRQ

GXH UXRWH JRPPDWH FRPSOHWD GL GHULYD]LRQH FRQ SUHVD 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
FRPSOHVVLYR FRQ UHVLVWHQ]D DJOL XUWL VHFRQGR QRUPD %6 JUDGR JUXSSR
YDOYRODUH GL HVSLUD]LRQH GRWDWR GL SUHFDPHUD FRPSHQVDWULFH GLVSRVLWLYR IRQLFR
6 FDG ¼
EDUGDWXUD HODVWLFD D FLQTXH WLUDQWL FRQ FLQJKLH WUDFROOD DYYROJLWRUH FRPSOHWR GL
P GL WXER UHVLVWHQWH 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 FRPSOHWH GL YDOYROH
IRQGHOOL GL VXSSRUWR H FDULFD FDSDFLWj O D EDU H DXWRQRPLD GL PLQXWL
5HVSLUDWRUL D IOXVVR FRQWLQXR FRVWLWXLWL GD FDVFR FRQ JXDLQD GL JRPPD YLVLHUD

SDQRUDPLFD JLXEERWWR SHWWRUDOH LQ WHVVXWR JRPPDWR UHJRODWRUH GL IOXVVR LQQHVWL
6 FDG ¼
UDSLGL SHU FROOHJDPHQWR DG DULD FRPSUHVVD P GL WXER FRPSOHWR GL UDFFRUGL H
IDVFHWWH$GDWWRSHUODYRULGLVDEELDWXUD1RORSHURJQLPHVHRIUD]LRQH
6 'LVSHQVDWRUHGLLQVHUWLDXULFRODUL)RUQLWXUD FDG ¼
,QVHUWL DXULFRODUL PRQRXVR LQ SROLPHUR VSXJQRVR FRQIRUPL DOOD QRUPD 81, (1

6 RJQL ¼
)RUQLWXUD
,QVHUWL DXULFRODUL PRQRXVR LQ SROLPHUR PDOOHDELOH FRQIRUPL DOOD QRUPD 81, (1

6 RJQL ¼
)RUQLWXUD
,QVHUWL DXULFRODUL ULXWLOL]]DELOL FRQ FRUGLQR FRQIRUPL DOOD QRUPD 81, (1
RJQL ¼
)RUQLWXUD
6 $UFKHWWRDXULFRODUHFRQIRUPHDOODQRUPD81,(1)RUQLWXUD FDG ¼
6 7DSSLGLULFDPELRSHUDUFKHWWRDXULFRODUH)RUQLWXUD FDG ¼
&XIILH DQWLUXPRUH FRQIRUPL DOOD QRUPD 81, (1 FROOHJDWH YLD UDGLR
6 SDLR ¼
)RUQLWXUD
6 &XIILHDQWLUXPRUHSDVVLYHFRQIRUPLDOODQRUPD81,(1)RUQLWXUD FDG ¼
&XIILD DQWLUXPRUH DWWLYD FRQIRUPH DOOH QRUPH 81, (1 81, (1 H
6 FDG ¼
81,(1&RVWRG
XVRSHURJQLPHVHRIUD]LRQHPD[PHVL
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6 SDLR ¼
)RUQLWXUD
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6 SDLR ¼
)RUQLWXUD
*XDQWL FRQWUR OH DJJUHVVLRQL FKLPLFKH FRQIRUPL DOOD QRUPD 81, (1

6 SDLR ¼
)RUQLWXUD
*XDQWL GLHOHWWULFL D FLQTXH GLWD FRQIRUPL DOOD QRUPD 81, (1 WHVWDWL D 9
6 SDLR ¼
)RUQLWXUD
6 *XDQWLSHUODSURWH]LRQHGDOFDORUHFRQIRUPLDOODQRUPD81,(1)RUQLWXUD SDLR ¼
6 *XDQWLSHUODSURWH]LRQHGDOIUHGGRFRQIRUPLDOODQRUPD81,(1)RUQLWXUD SDLR ¼
6 7XWDGDODYRURSHUODSURWH]LRQHGHOO
HSLGHUPLGH)RUQLWXUD FDG ¼
6 7XWDGDODYRURULQIRU]DWDDQWLWDJOLRRDQWLFDORUH)RUQLWXUD FDG ¼
7XWD FRPSOHWD DQWLILDPPD H DQWLFDORUH R WHUPLFD SHU VRFFRUULWRUL FRPSOHWD GL

6 FDG ¼
FDSSXFFLRFRQYLVLHUDFDO]DULJXDQWL)RUQLWXUD
7XWDGDODYRURPRQRXVRSHUODSURWH]LRQHGHOO
HSLGHUPLGH)RUQLWXUD FDG ¼
6 *UHPELXOHSHUVDOGDWRUHFRQIRUPHDOODQRUPD81,(1,62)RUQLWXUD FDG ¼
*KHWWH DQWLFDORUH FRQIRUPL DOOD QRUPD 81, (1 ,62 SHU OD SURWH]LRQH
6 SDLR ¼
GHOOHJDPEHHGHOSLHGH)RUQLWXUD
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DFTXD
6 FDG ¼
)RUQLWXUD
6 *LDFFRQHLPSHUPHDELOHLPERWWLWRSHUODSURWH]LRQHGDOOHLQWHPSHULH)RUQLWXUD FDG ¼
*LDFFRQH WUDVSLUDQWH LPERWWLWR FRQ LQWHUQR VWDFFDELOH SHU OD SURWH]LRQH GDOOH

6 FDG ¼
LQWHPSHULH)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
*LOHW DOWD YLVLELOWj FODVVH FRQIRUPH DOOD QRUPD (1 ,62 WHVVXWR LQ FRWRQH
6 SROLHVWHUH DG DOWD WUDVSLUD]LRQH ULIOHWWHQWH FRQ EDQGH ULIUDQJHQWL LJQLIXJR FDG ¼
)RUQLWXUD
*LXEELQR DOWD YLVLELOLWj FODVVH FRQIRUPH DOOD QRUPD (1 ,62 FRQ
6 FDSSXFFLR WHVVXWR LQ FRWRQH SROLHVWHUH DG DOWD WUDVSLUD]LRQH ULIOHWWHQWH FDG ¼
LPSHUPHDELOHHGLJQLIXJRFRQEDQGHULIUDQJHQWL)RUQLWXUD
3DQWDORQH DOWD YLVLELOLWj FODVVH FRQIRUPH DOOD QRUPD (1 ,62 WHVVXWR LQ
6 FDG ¼
FRWRQH SROLHVWHUH DG DOWD WUDVSLUD]LRQH ULIOHWWHQWH LPSHUPHDELOH HG LJQLIXJR
6DORSHWWH DOWD YLVLELOLWj FODVVH FRQIRUPH DOOD QRUPD (1 ,62 FRQ
6 EUHWHOOH LQ WHVVXWR WHVVXWR LQ FRWRQH SROLHVWHUH DG DOWD WUDVSLUD]LRQH ULIOHWWHQWH FDG ¼
LPSHUPHDELOHHGLJQLIXJRFRQEDQGHULIUDQJHQWL)RUQLWXUD
7XWD DOWD YLVLELOLWj FODVVH FRQIRUPH DOOD QRUPD (1 ,62 LQ WHVVXWR
6 WHVVXWR LQ FRWRQH SROLHVWHUH DG DOWD WUDVSLUD]LRQH ULIOHWWHQWH LPSHUPHDELOH HG FDG ¼
LJQLIXJRFRQEDQGHULIUDQJHQWL)RUQLWXUD
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QRUPD81,WLSR$R81,(1WLSR$)RUQLWXUD
6 &RQSLDVWUDGLEDVHIRUDWDHDVWDGLUDFFRUGRGLDOWH]]DSDULDPP FDG ¼
6 &RQSLDVWUDDOSLHGHIRUDWDHDVWDGLUDFFRUGRGLDOWH]]DSDULDPP FDG ¼
0RQWDJJLR H VPRQWDJJLR GHO GLVSRVLWLYR FRPSUHVR SHUIRUD]LRQH GHO VXSSRUWR HG

6 RJQL DOWUR RQHUH R PDJLVWHUR FRQ O
HVFOXVLRQH GHOOH DWWUH]]DWXUH HR LPSLDQWL FDG ¼
HYHQWXDOPHQWHQHFHVVDULSHUUDJJLXQJHUHODTXRWDGLLPSRVWDGHOODEDUULHUD
$QFRUDJJLR SHU VLVWHPD DQWLFDGXWD UHDOL]]DWR PHGLDQWH LQVHULPHQWR D SHUGHUH GL

WDVVHOOL FKLPLFL HG DJJDQFL PHWDOOLFL &RPSUHVD GHO VXSSRUWR SRVD HG RJQL DOWUR
6 RQHUH R PDJLVWHUR FRQ O
HVFOXVLRQH GHOOH DWWUH]]DWXUH HRIRUQLWXUD GHL PDWHULDOL FDG ¼
SHUIRUD]LRQH LPSLDQWL HYHQWXDOPHQWH QHFHVVDUL SHU UDJJLXQJHUH OD TXRWD GL
LPSRVWDGHOODEDUULHUD)RUQLWXUD
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6 IURQWDOH GRWDWD GL JLXEELQR H FLQJKLH DG DOWD YLVLELOLWj UHJROD]LRQH GLIIHUHQWH SHU FDG ¼
JDPEHHVSDOOH&RVWRG
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6 SROLHVWHUH DOWD WHQDFLWj 5 ! GD1 ILEELH GL UHJROD]LRQH HG DQHOOR GRUVDOH FDG ¼
LQ DFFLDLR ]LQFDWR FLQJKLD SRVWHULRUH SHU DJHYRODUH O
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6 FDG ¼
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6 120(;.(9/$5 ILEELH GL UHJROD]LRQH HG DQHOOR GRUVDOH LQ DFFLDLR ]LQFDWR FDG ¼
3HU ODYRUL LQ SUHVHQ]D GL ILDPPH VFLQWLOOH HG DOWH WHPSHUDWXUH 1ROR SHU RJQL
PHVHRIUD]LRQH
,PEUDFDWXUD FRQIRUPH DOOD QRUPD 81, (1 FRQ DJJDQFLR GRUVDOH VWHUQDOH H
FLQWXUD GL SRVL]LRQDPHQWR FRQIRUPH DOOD QRUPD 81, (1 UHJROD]LRQH SRVWD
VLD VXL QDVWUL FRVFLDOL VLD VXOOH EUHWHOOH QDVWUR LQ SROLHVWHUH DOWD WHQDFLWj 5 !
6 FDG ¼
GD1 ILEELH GL UHJROD]LRQH H DQHOOL LQ DFFLDLR ]LQFDWR GRUVDOLQR
HUJRQRPLFR LQ SROLXUHWDQR WHUPRIRUPDWR 7UH SRUWDXWHQVLOL VFRUUHYROL 1ROR SHU
RJQLPHVHRIUD]LRQH
&LQWXUD FRQ FRVFLDOL FRQIRUPH DOOD QRUPD 81, (1 GD XWLOL]]DUVL SHU L
6 VLVWHPL GL WUDWWHQXWD GL SRVL]LRQDPHQWR VXO ODYRUR H GL DFFHVVR FRQ IXQH 1ROR FDG ¼
SHURJQLPHVHRIUD]LRQH
&RUGLQR DQWLFDGXWD FRQIRUPH DOOD QRUPD 81, (1 LQ SROLDPPLGH PP

OXQJKH]]D PDVVLPD P FRQ DVVRUELWRUH GL HQHUJLD FRQIRUPH DOOD QRUPD
6 FDG ¼
81, (1 H GXH FRQQHWWRUL LQFOXVL XQR D YLWH XQR D GRSSLD OHYD 1ROR SHU
RJQLPHVHRIUD]LRQH
'RSSLR FRUGLQR DQWLFDGXWD FRQIRUPH DOOD QRUPD 81, (1 LQ SROLDPPLGH

PP OXQJKH]]D PDVVLPD P FRQ DVVRUELWRUH GL HQHUJLD FRQIRUPH DOOD
6 FDG ¼
QRUPD 81, (1 H WUH FRQQHWWRUL LQFOXVL XQR D YLWH GXH D GRSSLD OHYD 1ROR
&RUGLQR UHJRODELOH DQWLFDGXWD FRQIRUPH DOOD QRUPD 81, (1 LQ SROLDPPLGH

PP OXQJKH]]D PDVVLPD P FRQ DVVRUELWRUH GL HQHUJLD FRQIRUPH DOOD
6 FDG ¼
QRUPD 81, (1 H GXH FRQQHWWRUL D YLWH LQFOXVL 1ROR SHU RJQL PHVH R
IUD]LRQH
&RUGLQR DQWLFDGXWD FRQIRUPH DOOD QRUPD 81, (1 LQ SROLDPPLGH PP

6 OXQJKH]]D PDVVLPD P FRQ DVVRUELWRUH GL HQHUJLD FRQIRUPH DOOD QRUPD FDG ¼
81,(1HGXHFRQQHWWRULDYLWHLQFOXVL1RORSHURJQLPHVHRIUD]LRQH
'RSSLR FRUGLQR DQWLFDGXWD FRQIRUPH DOOD QRUPD 81, (1 LQ SROLDPPLGH

6 PP OXQJKH]]D PDVVLPD P FRQ DVVRUELWRUH GL HQHUJLD FRQIRUPH DOOD FDG ¼
QRUPD81,(1HWUHFRQQHWWRULDYLWHLQFOXVL1RORSHURJQLPHVHRIUD]LRQH
&RUGLQR GL SRVL]LRQDPHQWR FRQIRUPH DOOD QRUPD 81, (1 LQ SROLDPPLGH

6 PP OXQJKH]]D PDVVLPD P H GXH FRQQHWWRUL D YLWH LQFOXVL 1ROR SHU RJQL FDG ¼
PHVHRIUD]LRQH
&RUGLQR GL SRVL]LRQDPHQWR UHJRODELOH FRQIRUPH DOOD QRUPD 81, (1 LQ

6 SROLDPPLGH OXQJKH]]D PDVVLPD P H GXH PRVFKHWWRQL D YLWH LQFOXVL FDG ¼
1RORSHUPHVHRIUD]LRQH
'RSSLR FRUGLQR GL SRVL]LRQDPHQWR UHJRODELOH FRQIRUPH DOOD QRUPD 81, (1

6 LQ SROLDPPLGH PP OXQJKH]]D PDVVLPD P H WUH FRQQHWWRUL D YLWH FDG ¼
LQFOXVLXQRDYLWHGXHDGRSSLDOHYD1RORSHURJQLPHVHRIUD]LRQH
'LVSRVLWLYR DQWLFDGXWD GL WLSR UHWUDWWLOH FRQIRUPH DOOD QRUPD 81, (1

GLDPHWUR FDYR PP FDYR LQ DFFLDLR JDOYDQL]]DWR FDUWHU LQ FRPSRVLWR SHVR
6
NJ FRQ GXH FRQQHWWRUL LQFOXVL XQR D YLWH XQR JLUHYROH D GRSSLD OHYD 1ROR
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
'LVSRVLWLYR DQWLFDGXWD GL WLSR UHWUDWWLOH FRQIRUPH DOOD QRUPD 81, (1 FRQ
FDUWHU LQ SROLXUHWDQR WHUPRIRUPDWR FLQJKLD LQ SROLDPPLGH GL OXQJKH]]D P H
6 FDG ¼
GLVVLSDWRUH GL HQHUJLD FRQ GXH FRQQHWWRUL LQFOXVL XQR D YLWH XQR JLUHYROH D
GRSSLDOHYD1RORSHURJQLPHVHRIUD]LRQH
'LVSRVLWLYR DQWLFDGXWD GL WLSR UHWUDWWLOH FRQ VLVWHPD GL UHFXSHUR PDQXDOH

LQWHJUDWR VFDWROD LQ OHJD GL DOOXPLQLR SDUWL SHU VROOHYDPHQWR GL VRFFRUVR H GL
6 IUHQR PRELOL LQ DFFLDLR ,QR[ FRQ VXSHUILFLH LQ DOOXPLQLR DQRGL]]DWR IXQH LQ
DFFLDLR DQWLDWWRUFLJOLDPHQWR H DXWRULHQWUDQWH FRQ FRQQHWWRUH GL VLFXUH]]D D
GRSSLDSUHVVLRQH1RORSHURJQLPHVHRIUD]LRQH
6 D /XQJKH]]DP FDG ¼
6 E /XQJKH]]DP FDG ¼
6 F /XQJKH]]DP FDG ¼
&RQQHWWRUH DG DQHOOR LQ DFFLDLR ]LQFDWR SHVR JU GLPHQVLRQL PP [

6 FDG ¼
DSHUWXUDPP5HVLVWHQ]DN1FKLXVXUDDYLWH)RUQLWXUD
&RQQHWWRUH LQ OHJD OHJJHUD FRQ GRSSLR VLVWHPD GL EORFFDJJLR SHVR JU

6 GLPHQVLRQL PP [ 'LDPHWUR DSHUWXUD PP UHVLVWHQ]D N1 DSHUWXUD FDG ¼
FRQGRSSLRPRYLPHQWRYRORQWDULR)RUQLWXUD
3LQ]D G¶DQFRUDJJLR FKLXVXUD DXWRPDWLFD DXWREORFFDQWH DGDWWD DOO¶XVR VXL SURILOL

6 FDG ¼
WXERODULGLYDULRJHQHUHGLDPHWURDSHUWXUDPP)RUQLWXUD
/LQHD YLWD WHPSRUDQHD RUL]]RQWDOH FRQIRUPH DOOD QRUPD 81, WLSR %
FRVWLWXLWD GD XQ QDVWUR LQ SROLHVWHUH FRQ FDULFR GL URWWXUD VXSHULRUH D GD1 H
OXQJKH]]D SDUL D P WHVDWR WUD GXH VXSSRUWL WHUPLQDOL WUDPLWH XQ WHQGLWRUH D
6 FDG ¼
FULFFKHWWR FKH SXz UHJRODUQH OD OXQJKH]]D GD XQ PLQLPR GL P DG XQ PDVVLPR GL
P LQ ERUVD GL QDLORQ IRUQLWD FRQ GXH FRQQHWWRUL RPRORJDWD ILQR D WUH
RSHUDWRUL1RORSHURJQLPHVHRIUD]LRQH
/LQHD YLWD WHPSRUDQHD RUL]]RQWDOH FRQIRUPH DOOD QRUPD 81, WLSR %
LQ FRUGD LQ SROLHVWHUH PP DG DOOXQJDPHQWR ULGRWWR GRWDWD GL LQGLFDWRUH GL
XVXUD FRQ EUDFFLR D VJDQFLR UDSLGR H FKLDYH ILVVD GD PP SHUPHWWH XQD
6 FDG ¼
WHQVLRQH DGGL]LRQDOH SHU ULGXUUH OD IUHFFLD 5HVLVWHQ]D N1 LQ ERUVD GL QDLORQ
IRUQLWD FRQ GXH FRQQHWWRUL RPRORJDWD ILQR D TXDWWUR RSHUDWRUL 1ROR SHU RJQL
PHVHRIUD]LRQH
$QHOOR GL DQFRUDJJLR GHO VLVWHPD GL DUUHVWR GL FDGXWD FRQIRUPH DOOD QRUPD 81,
FDG ¼
WLSR%/XQJKH]]DIHWWXFFLDP1RORSHURJQLPHVHRIUD]LRQH
/LQHD YHUWLFDOH WHPSRUDQHD FRQ FRUGLQR LQ SROLDPPLGH PP FRQ DQLPD LQ

DFFLDLR LQR[ FRQIRUPH DOOD QRUPD 81, (1 GRWDWD GL VLVWHPD GL
6
EORFFDJJLR DXWRPDWLFR IRUQLWD FRQ GXH FRQQHWWRUL 1ROR SHU RJQL PHVH R
IUD]LRQH
6 D /XQJKH]]DP FDG ¼
6 E /XQJKH]]DP FDG ¼
6 F /XQJKH]]DP FDG ¼
6 G /XQJKH]]DP FDG ¼
7UHSSLHGH GL VLFXUH]]D DG DOWH]]D UHJRODELOH FRQIRUPH DOOD QRUPD 81, (1

WLSR % IRUQLWR VLD FRQ FLQJKLD FKH FRQ FDWHQD WHVWD LQ OHJD GL DOOXPLQLR FRQ
6
TXDWWUR SXQWL GL DQFRUDJJLR FDULFR GL ODYRUR PDVVLPR NJ FDULFR GL URWWXUD
N11RORSHURJQLPHVHRIUD]LRQH
$OWH]]D PLQLPD FP DOWH]]D PDVVLPD FP PLQLPR DSHUWXUD FP
6 D FDG ¼
PDVVLPRDSHUWXUDFP3HVRNJ
$OWH]]D PLQLPD FP DOWH]]D PDVVLPD FP PLQLPR DSHUWXUD FP
6 E FDG ¼
PDVVLPRDSHUWXUDFP3HVR.J
6 &DYRLQDFFLDLRJDOYDQL]]DWROXQJKH]]DPSHVRNJ)RUQLWXUD FDG ¼
*LXEERWWR GL VDOYDWDJJLR JDOOHJJLDQWH DWWR D PDQWHQHUH D JDOOD SHUVRQD FDGXWD LQ

6 FDG ¼
DFTXDLQSRVL]LRQHFRUUHWWDDQFKHLQFDVRGLSHUGLWDGLVHQVL)RUQLWXUD
&LDPEHOOD JDOOHJJLDQWH GL VDOYDWDJJLR FRQ IXQH GL UHFXSHUR OXQJD P

6 FDG ¼
)RUQLWXUD
6 ,PSLDQWLGLWHUUDHLPSLDQWLGLSURWH]LRQHFRQWUROHVFDULFKHDWPRVIHULFKH
/¶LPSLDQWR GL WHUUD GHYH VHPSUH HVVHUH UHDOL]]DWR QHO FDQWLHUH HGLOH H TXLQGL
HVSUHVVDPHQWH SUHYLVWR QHO 36& PHQWUH TXHOOR GL SURWH]LRQH GDOOH VFDULFKH
DWPRVIHULFKH DQGUj FRPSXWDWR VROR VH QHFHVVDULR LQ EDVH DOOH ULVXOWDQ]H GHO
FDOFROR GHO ULVFKLR GL IXOPLQD]LRQH ULIHULWR DOOH VWUXWWXUH PHWDOOLFKH SUHVHQWL LQ
FDQWLHUHHTXLQGLULFRPSUHVRQHO36&
,PSLDQWR GL WHUUD SHU FDQWLHUH GD N: FRVWLWXLWR GD FRQGXWWRUH GL WHUUD LQ UDPH

6 LVRODWR LQWHUUDWR VH] PPð OXQJKH]]D P XQ GLVSHUVRUH GL DFFLDLR ]LQFDWR FDG ¼
PPOXQJKH]]DPHVHLFDSLFRUGD)RUQLWXUDHSRVDLQRSHUD

6 LVRODWR LQWHUUDWR VH] PPð OXQJKH]]D P H GXH GLVSHUVRUL GL DFFLDLR ]LQFDWR FDG ¼
PPOXQJKH]]DPHRWWRFDSLFRUGD)RUQLWXUDHSRVDLQRSHUD

6 LVRODWR LQWHUUDWR VH] PPð OXQJKH]]D P H GXH GLVSHUVRUL LQ DFFLDLR ]LQFDWR FDG ¼
PPOXQJKH]]DPHGLHFLFDSLFRUGD)RUQLWXUDHSRVDLQRSHUD
4XDORUD OD FRPSOHVVLWj GHOO

LPSLDQWR LPSRQJD XOWHULRUL FRPSRQHQWLVWLFKH L
UHODWLYLVLQJROLFRVWLSRVVRQRHVVHUHGHGRWWLGDOOHYRFLVHJXHQWL
7UHFFLD SHU LPSLDQWR GL WHUUD VH] PPð LQWHUUDWD DOOD SURIRQGLWj GL P
6 P ¼
FRPSUHVRVFDYRHUHLQWHUUR
'LVSHUVRUH LQ DFFLDLR ]LQFDWR PP GHOOD OXQJKH]]D GL P SHU LPSLDQWR GL

6 FDG ¼
WHUUD'DWRLQRSHUDFROOHJDWRDOODUHWHGLWHUUDPHGLDQWHFDSRFRUGD
3R]]HWWR SUHIDEEULFDWR LQ SODVWLFD SHVDQWH FRQ FRSHUFKLR SHU LVSH]LRQL GLVSHUVRUL

6 FDG ¼
RUDFFRUGLLPSLDQWRGLWHUUDFRPSUHVRVFDYRHUHLQWHUUR
6 &ROOHJDPHQWRDOO
LPSLDQWRGLWHUUDFRQFDYRGLUDPHLVRODWRVH]PPð P ¼
6 &ROOHJDPHQWLDOO
LPSLDQWRGLWHUUDFRQWUHFFLDGLUDPHVH]PPð P ¼
9HULILFD GHO ULVFKLR VFDULFKH DWPRVIHULFKH SHU HGLILFLR R JUDQGH PDVVD PHWDOOLFD
6 RUD ¼
YHULILFDGHOODSUREDELOLWjHUHOD]LRQH
&ROOHJDPHQWL HOHWWULFL D WHUUD FRQ FDYL LQ UDPH VH] PPð OXQJKH]]D ILQR D P
6 FDG ¼
FRPSUHVLFDSLFRUGDHILVVDJJLR
6 FDG ¼
6 FDG ¼
6 &RQWUROORHIILFLHQ]DHVLFXUH]]DLPSLDQWLGLWHUUD3HULPSLDQWRRJQLGXHDQQL FDG ¼
&RQWUROOR HIILFLHQ]D H VLFXUH]]D LPSLDQWL GL WHUUD 6XSSOHPHQWR SHU RJQL

6 FDG ¼
GLVSHUVRUHRJQLGXHDQQL
&RQWUROOR HIILFLHQ]D H VLFXUH]]D LQVWDOOD]LRQH H GLVSRVLWLYL FRQWUR OH VFDULFKH

6 FDG ¼
DWPRVIHULFKH3HUHOHPHQWRFROOHJDWRRJQLGXHDQQL
6 ,PSLDQWLDQWLQFHQGLR
*OL LPSLDQWL DQWLQFHQGLR VL ULIHULVFRQR QRQ DJOL HVWLQWRUL LQGLFDWL

VXFFHVVLYDPHQWH QHO SXQWR 6 PD D HYHQWXDOL YHUL H SURSUL LPSLDQWL QHFHVVDUL
SHU SDUWLFRODUL ODYRUD]LRQL TXDOL JDOOHULH SR]]L HFF SUHYLVWL GDO &RRUGLQDWRUH SHU
ODSURJHWWD]LRQHQHO36&
,GUDQWH 81, GD SROOLFH WLSR SUHVD D PXUR R D VTXDGUD )RUQLWXUD

PRQWDJJLR VPRQWDJJLR H DOORQWDQDPHQWR D ILQH ODYRUR SHU O
LQWHUD GXUDWD GHOOD
6
IDVH GL ODYRUR FKH OR ULFKLHGH FRPSUHVD OD PDQXWHQ]LRQH H OH SURYH SHULRGLFKH DO
ILQHGLYHULILFDUHLOIXQ]LRQDPHQWR
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VPRQWDJJLR H DOORQWDQDPHQWR D ILQH ODYRUR SHU O
LQWHUD GXUDWD GHOOD IDVH GL ODYRUR
6
FKH OR ULFKLHGH FRPSUHVD OD PDQXWHQ]LRQH H OH SURYH SHULRGLFKH DO ILQH GL
YHULILFDUHLOIXQ]LRQDPHQWR
$WWDFFR PRWRSRPSD 81, FRPSRVWR GD VDUDFLQHVFD GL LQWHUFHWWD]LRQH YDOYROD

GL ULWHJQR &/$3(7 YDOYROD GL VLFXUH]]D LGUDQWH 81, IRUQLWR H SRVWR LQ
6 RSHUD )RUQLWXUD PRQWDJJLR VPRQWDJJLR H DOORQWDQDPHQWR D ILQH ODYRUR SHU
O
LQWHUD GXUDWD GHOOD IDVH GL ODYRUR FKH OR ULFKLHGH FRPSUHVD OD PDQXWHQ]LRQH H OH
SURYHSHULRGLFKHDOILQHGLYHULILFDUHLOIXQ]LRQDPHQWR
*UXSSR YHUWLFDOH R RUL]]RQWDOH GD ´ VLQJROR 0RQWDJJLR VPRQWDJJLR H QROR

6 D FDG ¼
SULPRPHVHRIUD]LRQH
*UXSSR YHUWLFDOH R RUL]]RQWDOH GD ´ VLQJROR 1ROR SHU RJQL PHVH VXFFHVVLYR R
6 E FDG ¼
IUD]LRQH
*UXSSR YHUWLFDOH R RUL]]RQWDOH GD ´ VLQJROR 0RQWDJJLR VPRQWDJJLR H QROR
6 F FDG ¼
SULPRPHVHRIUD]LRQH
*UXSSR YHUWLFDOH R RUL]]RQWDOH GD ´ VLQJROR 1ROR SHU RJQL PHVH VXFFHVVLYR
6 G FDG ¼
RIUD]LRQH
*UXSSR YHUWLFDOH R RUL]]RQWDOH GD ´ GRSSLR 0RQWDJJLR VPRQWDJJLR H QROR
6 H FDG ¼
SULPRPHVHRIUD]LRQH
*UXSSR YHUWLFDOH R RUL]]RQWDOH GD ´ GRSSLR 1ROR SHU RJQL PHVH VXFFHVVLYR R
6 I FDG ¼
IUD]LRQH
*UXSSR YHUWLFDOH R RUL]]RQWDOH GD ´ GRSSLR 0RQWDJJLR VPRQWDJJLR H QROR
6 J FDG ¼
SULPRPHVHRIUD]LRQH
*UXSSR YHUWLFDOH R RUL]]RQWDOH GD ´ GRSSLR1ROR SHU RJQL PHVH VXFFHVVLYR R
6 K FDG ¼
IUD]LRQH
&DVVHWWD GD HVWHUQR SHU LGUDQWL LQ ODPLHUD YHUQLFLDWD GL FRORUH URVVR 5$/
FRQ WHWWR LQFOLQDWR H IHULWRLH G
DULD ODWHUDOH FRQ SRUWHOOR LQ ODPLHUD YHUQLFLDWD
VFKHUPR VDIH FUDVK H VHUUDWXUD GL GLPHQVLRQL QRQ LQIHULRUL D PP [ [
6 SHU 81, H PP [ [ SHU 81, FRPSOHWD GL D PDQLFKHWWD Q\ORQ
JRPPDWR UDFFRUGL LQ RWWRQH H OHJDWXUH D ILOR SODVWLILFDWR E UXELQHWWR LGUDQWH LQ
RWWRQH F ODQFLD LQ RWWRQH H UDPH FRQ XJHOOR ILVVR 0RQWDJJLR VPRQWDJJLR H QROR
6 D 81,HPDQLFKHWWDGDP FDG ¼
6 E 81,HPDQLFKHWWDGDP FDG ¼
6 F 81,HPDQLFKHWWDGDP FDG ¼
6 G 81,HPDQLFKHWWDGDP FDG ¼
6 H 81,HPDQLFKHWWDGDP FDG ¼
6 I 81,HPDQLFKHWWDGDP FDG ¼
6 J 81,HPDQLFKHWWDGDP FDG ¼
6 K 81,HPDQLFKHWWDGDP FDG ¼
&RQWHQLWRUL SHU OLTXLGL LQILDPPDELOL &RPSHQVR SHU XVR GL FRQWHQLWRUL SHU OR

VWRFFDJJLR H LO WUDVSRUWR GL OLTXLGL LQILDPPDELOL LQ DFFLDLR SLRPEDWR FRQ
6
PDQLJOLD RVFLOODQWH XQLFR ERFFKHWWR H FKLXVXUD D PROOD 1ROR SHU RJQL PHVH R
IUD]LRQH
3RPSD SHU WUDYDVR OLTXLGL LQILDPPDELOL )RUQLWXUD H SRVD LQ RSHUD GL SRPSD

PDQXDOH LQ DFFLDLR SHU WUDYDVR GL OLTXLGL LQILDPPDELOL GD IXVWL LQ SRVL]LRQH
6
YHUWLFDOH FRPSOHWD GL WXER IOHVVLELOH GL OXQJKH]]D P 7XER GL DVSLUD]LRQH
WHOHVFRSLFRHDGDWWDWRUHSHUDSSOLFD]LRQHDOIXVWR
$FFHVVRUL SHU LO WUDYDVR GL OLTXLGL LQILDPPDELOL GD IXVWL RUL]]RQWDOL )RUQLWXUD H

SRVD LQ RSHUD GL DFFHVVRUL SHU LO WUDYDVR GL OLTXLGL LQILDPPDELOL GD IXVWL SRVWL LQ
6
SRVL]LRQH RUL]]RQWDOH FRVWLWXLWL LQ RWWRQH FRQ WHQXWH LQ WHIORQ 1ROR SHU RJQL
PHVHRIUD]LRQH
6 D 5XELQHWWRQRQRULHQWDELOH ¼
6 E 3UROXQJDIOHVVLELOHGDPP FDG ¼
6 F 9DOYRODGLVLFXUH]]D FDG ¼
7XED]LRQH PHWDOOLFD ]LQFDWD FRQ JLXQ]LRQL ILOHWWDWH R D SUHVVLRQH SHU LPSLDQWR

6
DQWLGHIODJUDQWH

6
DQWLGHIODJUDQWH

6
DQWLGHIODJUDQWH
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6
FLUFD
6FDWROH GL GHULYD]LRQH SHU LPSLDQWL DQWLGHIODJUDQWL LQ PHWDOOR GLPHQVLRQL FP [

6
FLUFD
6 /DPSDGDGLLOOXPLQD]LRQHILVVDDQWLGHIODJUDQWHILQRD:
6 3XQWRGLFRPDQGRSHULPSLDQWRDQWLGHIODJUDQWHWLSRVH]LRQDWRUH
/DPSDGD GL WLSR DQWLGHIODJUDQWH SRUWDWLOH D EDWWHULD ULFDULFDELOH QRQ DFFHVVLELOH

6 FDG ¼
6 0DJJLRUFRVWRGLPRWRUHDQWLGHIODJUDQWHRSURWHWWRLQPRGRDQDORJR
6 ,PSLDQWLHYDFXD]LRQHIXPL
0LVXUDWRUH PXOWLSOR GL JDV RPRORJDWR $7(; ,, * (([ LDG ,,& 7 1ROR SHU
6 FDG ¼
RJQLPHVHRIUD]LRQH
0LVXUDWRUH GL VLQJROR JDV RPRORJDWR $7(; ,, * (([ LD ,,& 7 $7(; ,, *

6 FDG ¼
(([LDG,,&7(([LDG,,&771RORSHURJQLPHVHRIUD]LRQH
,PSLDQWR GL YHQWLOD]LRQH GHOOD FDSDFLWj GL PFRUD FRPSUHVD WXED]LRQH

6
IOHVVLELOHLQSYFGHOODOXQJKH]]DGLPILOWURSHUOHSROYHUL
9HQWLODWRUH HOHWWULFR GD PFRUD FRPSUHVD SRVD LQ RSHUD H FROOHJDPHQWR

6 RUD ¼
HOHWWULFRILQRDP&RVWRRUDULR
(OHWWURYHQWLODWRUH DVVLDOH ELVWDGLR FRQ SRUWDWD G

DULD PFV SRWHQ]D DVVRUELWD
6
N:ULIHULPHQWRWXED]LRQHPP
$HURWXER GL YHQWLOD]LRQH LQWHVVXWR GL SROLHWLOHQH JUPF FRQ FUHVWD GL

6 VRVSHQVLRQH RFFKLHOODWD RJQL FP FP VSH]]RQL GD P PP 7UDWWD
GLPFRPSUHQVLYDGLJLXQWLHUPHWLFLLQSYFNLWGLULSDUD]LRQH
6 D 0RQWDJJLRHVPRQWDJJLRFRPSUHVLDFFHVVRULGLVRVSHQVLRQHJDQFLHWDVVHOOL FDG ¼

6 E 1RORSHURJQLPHVHRIUD]LRQH PHVH ¼
6 0(==,(6(59,=,',3527(=,21(&2//(77,9$
2YYHUR WXWWL L PH]]L HG L VHUYL]L GL SURWH]LRQH FROOHWWLYD JLj GHILQLWL QHO SXQWR
6 DQFKH VH SUHYLVWL QHO 36& SHU HOLPLQDUH R ULGXUUH ULVFKL ODYRUDWLYL QRQ
LQWHUIHUHQWL
6 6HJQDOHWLFDSHUFDQWLHUH
&DUWHOOL GL SHULFROR FRORUH JLDOOR FRQIRUPL DO ' /JV LQ ODPLHUD GL

6
DOOXPLQLRFRQSHOOLFRODDGHVLYDULIUDQJHQWH1RORSHURJQLPHVHRIUD]LRQH
6 D 'LPHQVLRQLPP[ FDG ¼

6 E 'LPHQVLRQLPP[ FDG ¼
6 F 'LPHQVLRQLPP[ FDG ¼
6 G 7ULDQJRODUHODWRPP FDG ¼
&DUWHOOL GL GLYLHWR FRORUH URVVR FRQIRUPL DO ' /JV LQ ODPLHUD GL

6

6 G 'LPHQVLRQLPP[ FDG ¼
6 H 'LPHQVLRQLPP[ FDG ¼
6 I 'LPHQVLRQLPP[ FDG ¼
6 J 'LPHQVLRQLPP[ FDG ¼
6 K 'LPHQVLRQLPP[ FDG ¼
&DUWHOOL GL REEOLJR FRORUH EOX FRQIRUPL DO ' /JV LQ ODPLHUD GL

6


&DUWHOOL SHU OH DWWUH]]DWXUH DQWLQFHQGLR FRORUH URVVR FRQIRUPL DO ' /JV
6 LQ ODPLHUD GL DOOXPLQLR PRQRIDFFLDOH FRQ SHOOLFROD DGHVLYD ULIUDQJHQWH
6 LQ ODPLHUD GL DOOXPLQLR ELIDFFLDOH FRQ SHOOLFROD DGHVLYD ULIUDQJHQWH PP FDG ¼
[1RORSHURJQLPHVHRIUD]LRQH
6 LQ ODPLHUD GL DOOXPLQLR PRQRIDFFLDOH IRWROXPLQHVFHQWH 1ROR SHU RJQL PHVH
RIUD]LRQH
&DUWHOOL GL VDOYDWDJJLR FRORUH YHUGH FRQIRUPL DO ' /JV LQ ODPLHUD GL

6 DOOXPLQLR PRQRIDFFLDOH FRQ SHOOLFROD DGHVLYD ULIUDQJHQWH 1ROR SHU RJQL
PHVHRIUD]LRQH
6 H 0RQRIDFFLDOHIRWROXPLQHVFHQWH
&DUWHOOL ULSRUWDQWL LQGLFD]LRQL DVVRFLDWH GL DYYHUWLPHQWR GLYLHWR H SUHVFUL]LRQH

6 FRQIRUPL DO ' /JV LQ ODPLHUD GL DOOXPLQLR FRQ SHOOLFROD DGHVLYD
ULIUDQJHQWH1RORSHURJQLPHVHRIUD]LRQH
6 I 'LPHQVLRQLPP[ FDG ¼
3RVL]LRQDPHQWR VX VXSSRUWL YHUWLFDOL GL FDUWHOOL GL VLFXUH]]D FRQ DGHJXDWL VLVWHPL

6 FDG ¼
GLILVVDJJLR
3DOHWWR ]LQFDWR FRQ VLVWHPD DQWLURWD]LRQH SHU LO VRVWHJQR GHOOD VHJQDOHWLFD GL

6 VLFXUH]]D GLDPHWUR GHO SDOR SDUL D PP 1ROR GHO SDOR SHU RJQL PHVH R
IUD]LRQH
6 D $OWH]]DP FDG ¼
6 E $OWH]]DP FDG ¼
6 %DVHPRELOHFLUFRODUHSHUSDOLGLPPQRQLQFOXVLQHOSUH]]R
6 E 3RVL]LRQDPHQWRLQRSHUDHVXFFHVVLYDULPR]LRQH FDG ¼
6 6HJQDOHWLFDSHUFDQWLHUHVWUDGDOH
&DUWHOOR GL IRUPD WULDQJRODUH IRQGR JLDOOR LQ RVVHUYDQ]D GHO 5HJRODPHQWR GL

6 DWWXD]LRQH GHO &RGLFH GHOOD VWUDGD ILJ,, LQ ODPLHUD GL DFFLDLR
VSHVVRUHPP1RORSHURJQLPHVHRIUD]LRQH
6 D /DWRFPULIUDQJHQ]DFODVVH, FDG ¼
6 E /DWRFPULIUDQJHQ]DFODVVH,, FDG ¼
&DUWHOOR GL IRUPD FLUFRODUH VHJQDODQWH GLYLHWL R REEOLJKL LQ RVVHUYDQ]D GHO

6 5HJRODPHQWR GL DWWXD]LRQH GHO &RGLFH GHOOD VWUDGD ILJ,, LQ ODPLHUD GL
DFFLDLRVSHVVRUHPP1RORSHURJQLPHVHRIUD]LRQH
6 D 'LDPHWURFPULIUDQJHQ]DFODVVH, FDG ¼
6 E 'LDPHWURFPULIUDQJHQ]DFODVVH,, FDG ¼
&DUWHOOR GL IRUPD UHWWDQJRODUH IRQGR JLDOOR LQ RVVHUYDQ]D GHO 5HJRODPHQWR GL

DWWXD]LRQH GHO &RGLFH GHOOD VWUDGD ILJ ,, DEFG DEF DEF
6 FDG ¼
LQ ODPLHUD GL DFFLDLR VSHVVRUH PP FRQ ULIUDQJHQ]D FODVVH , 'LPHQVLRQL FP
[1RORSHURJQLPHVHRIUD]LRQH
3UHVHJQDOH GL FDQWLHUH PRELOH IRQGR JLDOOR LQ RVVHUYDQ]D GHO 5HJRODPHQWR GL

DWWXD]LRQH GHO &RGLFH GHOOD VWUDGD ILJ ,, DE IRUPDWR GDOOD FRPSRVL]LRQH GL
WUH FDUWHOOL LQ ODPLHUD GL DFFLDLR VSHVVRUH PP FRQ ULIUDQJHQ]D FODVVH ,
6
VHJQDOH ODYRUL VHJQDOH FRUVLH GLVSRQLELOL H XQ SDQQHOOR LQWHJUDWLYR LQGLFDQWH OD
GLVWDQ]D GHO FDQWLHUH WUD FXL XQR FRQ OXFL JLDOOH ODPSHJJLDQWL GL GLDPHWUR PP
6 D 'LPHQVLRQLFP[ FDG ¼

6 E 'LPHQVLRQLFP[ FDG ¼
6 F 'LPHQVLRQLFP[ FDG ¼
6 G 'LPHQVLRQLFP[ FDG ¼
7DEHOOD ODYRUL IRQGR JLDOOR LQ RVVHUYDQ]D GHO 5HJRODPHQWR GL DWWXD]LRQH GHO

&RGLFH GHOOD VWUDGD ILJ ,, GD DSSRUUH LQ FDQWLHUL GL GXUDWD VXSHULRUH DL VHWWH
6 FDG ¼
JLRUQL GL GLPHQVLRQL FP [ LQ ODPLHUD GL DFFLDLR VSHVVRUH PP D
ULIUDQJHQ]DFODVVH,1RORSHURJQLPHVHRIUD]LRQH
%DUULHUD QRUPDOH GL GHOLPLWD]LRQH SHU FDQWLHUL VWUDGDOL LQ RVVHUYDQ]D GHO

5HJRODPHQWR GL DWWXD]LRQH GHO &RGLFH GHOOD VWUDGD ILJ ,, FRVWLWXLWD GD GXH
6
FDYDOOHWWL PHWDOOLFL FRUUHGDWL GD XQD IDVFLD PHWDOOLFD DOWH]]D PP FRQ VWULVFH
DOWHUQDWHREOLTXHULIUDQJHQWLLQFODVVH,1RORSHURJQLPHVHRIUD]LRQH
6 D /XQJKH]]DSDULDFP FDG ¼

6 E /XQJKH]]DSDULDFP FDG ¼
6 F /XQJKH]]DSDULDFP FDG ¼
%DUULHUD GLUH]LRQDOH GL GHOLPLWD]LRQH LQ RVVHUYDQ]D GHO 5HJRODPHQWR GL

DWWXD]LRQH GHO &RGLFH GHOOD VWUDGD ILJ ,, D FRVWLWXLWD GD GXH VRVWHJQL
6 PHWDOOLFL FRUUHGDWL GD XQD IDVFLD PHWDOOLFD FRQ VWULVFH D SXQWD GL IUHFFLD SHU
VHJQDODUH GHYLD]LRQL WHPSRUDQHH FRPSRUWDQWL FXUYH VWUHWWH FDPEL GL GLUH]LRQH
EUXVFKLHFRQWRUQDPHQWRGLFDQWLHUL1RORSHURJQLPHVHRIUD]LRQH
6 D 'LPHQVLRQLFP[FRQVWULVFHULIUDQJHQWLLQFODVVH, FDG ¼

6 E 'LPHQVLRQLFP[FRQVWULVFHULIUDQJHQWLLQFODVVH,, FDG ¼
6 F 'LPHQVLRQLFP[FRQVWULVFHULIUDQJHQWLLQFODVVH, FDG ¼
6 G 'LPHQVLRQLFP[FRQVWULVFHULIUDQJHQWLLQFODVVH,, FDG ¼
3DQQHOOR GL GHOLPLWD]LRQH LQ RVVHUYDQ]D GHO 5HJRODPHQWR GL DWWXD]LRQH GHO

6 &RGLFH GHOOD VWUDGD ILJ ,, SHU HYLGHQ]LDUH L ERUGL ORQJLWXGLQDOL GHOOH ]RQH GL
ODYRUR1RORSHURJQLPHVHRIUD]LRQH
6 D 'LPHQVLRQLFP[ULIUDQJHQ]DGLFODVVH, FDG ¼
6 E 'LPHQVLRQLFP[ULIUDQJHQ]DGLFODVVH,, FDG ¼
'HOLPLWDWRUH PRGXODUH GL FXUYD SURYYLVRULD LQ RVVHUYDQ]D GHO 5HJRODPHQWR GL

DWWXD]LRQH GHO &RGLFH GHOOD VWUDGD ILJ ,, FRQ VWULVFH D SXQWD GL IUHFFLD SHU
6 HYLGHQ]LDUH LO ODWR HVWHUQR GHOOH GHYLD]LRQL FRQ FXUYH SURYYLVRULH GL UDJJLR
LQIHULRUH R XJXDOH D P ,Q ODPLHUD GL DFFLDLR VSHVVRUH PP 1ROR SHU
RJQLPHVHRIUD]LRQH
6 D 'LPHQVLRQLFP[ULIUDQJHQ]DLQFODVVH, FDG ¼
6 E 'LPHQVLRQLFP[ULIUDQJHQ]DLQFODVVH,, FDG ¼
6 F 'LPHQVLRQLFP[ULIUDQJHQ]DLQFODVVH, FDG ¼
6 G 'LPHQVLRQLFP[ULIUDQJHQ]DLQFODVVH,, FDG ¼
6 %DVHPRELOHFLUFRODUHSHUSDOLGLGLDPHWURPP
6 E 3RVL]LRQDPHQWRHVXFFHVVLYDULPR]LRQH FDG ¼
&DYDOOHWWL LQ SURILODWR GL DFFLDLR ]LQFDWR SHU VRVWHJQL PRELOL GHOOD VHJQDOHWLFD

6 VWUDGDOH FDUWHOOL VLQJROL R FRPSRVWL WDEHOOH SDQQHOOL 1ROR SHU RJQL PHVH R
IUD]LRQH
&RQ DVWD ULFKLXGLELOH SHU FDUWHOOL GLVFKL GLDPHWUR FP WULDQJROR ODWR FP
6 D FDG ¼
3HVDQWH YHUQLFLDWR D IXRFR FRQ DVWD ULFKLXGLELOH SHU FDUWHOOL GLVFKL GLDPHWUR FP
6 E WULDQJROR ODWR FP SL SDQQHOOR LQWHJUDWLYR 1ROR SHU RJQL PHVH R FDG ¼
IUD]LRQH
&DYDOOHWWL FRQ FKLXVXUD D OLEUR LQ SURILODWR GL DFFLDLR ]LQFDWR SHU VRVWHJQL PRELOL
6 GHOOD VHJQDOHWLFD VWUDGDOH FDUWHOOL VLQJROL R FRPSRVWL WDEHOOH SDQQHOOL 1ROR SHU
RJQLPHVHRIUD]LRQH
6 D 3HUFDUWHOOLFP[ FDG ¼
6 E 3HUFDUWHOOLFP[ FDG ¼
6 F 3HUFDUWHOOLFP[ FDG ¼
6 G 3HUFDUWHOOLFP[ FDG ¼
&RSSLD GL VHPDIRUL D WUH OXFL H FHQWUDOLQD GL UHJROD]LRQH WUDIILFR GRWDWL GL FDUUHOOL

6 SHU OR VSRVWDPHQWR DXWRDOLPHQWDWL FRQ DXWRQRPLD QRQ LQIHULRUH D RUH
FRUUHGDWLGLPGLFDYR
6 F &RVWRGLHVHUFL]LRFRPSUHVDVRVWLWX]LRQHHULFDULFDEDWWHULH JLRUQR ¼
,PSLDQWR GL SUHDYYLVR GL VHPDIRUR LQ SUHVHQ]D GL FDQWLHUH LQ RVVHUYDQ]D GHO

5HJRODPHQWR GL DWWXD]LRQH GHO &RGLFH GHOOD VWUDGD ILJ ,, FRVWLWXLWR GD
FDUWHOOR WULDQJRODUH DYHQWH OXFH ODPSHJJLDQWH JLDOOD QHO GLVFR GL FHQWUR FROORFDWR
6
VX SDOR VDJRPDWR GL DOWH]]D SDUL D P EDVH GL DSSHVDQWLPHQWR LQ JRPPD H
FDVVHWWD VWDJQD SHU O
DOORJJLDPHQWR GHOOH EDWWHULH FRPSUHVH QHOOD YDOXWD]LRQH
9DOXWD]LRQHULIHULWDDOO
LPSLDQWRFRPSOHWR

'LVSRVLWLYR OXPLQRVR DG LQWHJUD]LRQH GHOOH VHJQDOD]LRQL RUGLQDULH GHL FDQWLHUL

VWUDGDOL QHOOH RUH QRWWXUQH R LQ FDVR GL VFDUVD YLVLELOLWj GL FRORUH JLDOOR
ODPSHJJLDQWH R URVVR D OXFH ILVVD FRQ OHQWH LQ PDWHULDOH SODVWLFR DQWLXUWR
6
GLDPHWUR PP UXRWDELOH D ULVSHWWR DOOD EDVH IXQ]LRQDPHQWR D EDWWHULD
FRPSUHVH QHOOD YDOXWD]LRQH IRWRVHQVRUH GLVDWWLYDELOH SHU LO VROR
IXQ]LRQDPHQWRQRWWXUQR
6 D 'LVSRVLWLYRFRQODPSDGDD/('1RORSHURJQLPHVHVXFFHVVLYRRIUD]LRQH FDG ¼
6 E 'LVSRVLWLYRFRQODPSDGDDORJHQD1RORSHURJQLPHVHVXFFHVVLYRRIUD]LRQH FDG ¼
6 F 'LVSRVLWLYRFRQODPSDGDDOOR[HQR1RORSHURJQLPHVHVXFFHVVLYRRIUD]LRQH FDG ¼

6 G 0RQWDJJLRLQRSHUDVXSDOLEDUULHUHHVXFFHVVLYDULPR]LRQH FDG ¼
/DPSHJJLDWRUL VLQFURQL]]DELOL GD SRVL]LRQDUH LQ VHULH SHU HIIHWWR VHTXHQ]LDOH

FRVWLWXLWR GD IDUR LQ PDWHULDOH SODVWLFR DQWLXUWR GLDPHWUR PP ODPSDGD DOOR
6
[HQR IXQ]LRQDPHQWR D EDWWHULD FRPSUHVH QHOOD YDOXWD]LRQH GLVSRVLWLYR GL
VLQFURQL]]D]LRQHDIRWRFHOOXOD
/DPSHJJLDWRUL VLQFURQL]]DELOL GD SRVL]LRQDUH LQ VHULH SHU HIIHWWR VHTXHQ]LDOH

FRVWLWXLWR GD IDUR LQ PDWHULDOH SODVWLFR DQWLXUWR GLDPHWUR PP ODPSDGD D
6
/(' IXQ]LRQDPHQWR D EDWWHULD FRPSUHVH QHOOD YDOXWD]LRQH GLVSRVLWLYR GL
VLQFURQL]]D]LRQHDIRWRFHOOXOD
,PSLDQWR GL VHJQDOD]LRQH OXPLQRVD DXWRDOLPHQWDWR GL WLSR VHTXHQ]LDOH R D

VHPSOLFH ODPSHJJLR FRVWLWXLWR GD FHQWUDOLQD IXQ]LRQDQWH D 9 FDYL IDUL GL
6 GLDPHWUR PP SRVWL VX SDQQHOOL GL GHOLPLWD]LRQH ULIUDQJHQWL LQ FODVVH ,
FRPSOHWL GL EDVL GL VRVWHJQR IRWRVHQVRUH GLVDWWLYDELOH SHU LO VROR
IXQ]LRQDPHQWRQRWWXUQR1RORSHURJQLPHVHRIUD]LRQH
6 D ,PSLDQWRFRQIDULFRQODPSDGDDORJHQD FDG ¼
6 E ,PSLDQWRFRQIDULFRQODPSDGDDORJHQD FDG ¼
6 F ,PSLDQWRFRQIDULFRQODPSDGDDORJHQD FDG ¼
6 G ,PSLDQWRFRQIDULFRQODPSDGDDORJHQD FDG ¼
6 H ,PSLDQWRFRQIDULFRQODPSDGDDOOR[HQR FDG ¼
6 I ,PSLDQWRFRQIDULFRQODPSDGDDOOR[HQR FDG ¼
6 J ,PSLDQWRFRQIDULFRQODPSDGDDOOR[HQR FDG ¼
6 K ,PSLDQWRFRQIDULFRQODPSDGDDOOR[HQR FDG ¼
6 L ,PSLDQWRFRQIDULFRQODPSDGDD/(' FDG ¼
6 M ,PSLDQWRFRQIDULFRQODPSDGDD/(' FDG ¼
6 N ,PSLDQWRFRQIDULFRQODPSDGDD/(' FDG ¼
6 O ,PSLDQWRFRQIDULFRQODPSDGDD/(' FDG ¼
$OOHVWLPHQWR H ULPR]LRQH SHU LPSLDQWR GL VHJQDOD]LRQH OXPLQRVD FRPSUHVR

6 SRVL]LRQDPHQWR DOODFFL HG RJQL DOWUR RQHUH YDOXWD]LRQH ULIHULWD DG RJQL VLQJROR FDG ¼
IDUR
&RQL LQ JRPPD FRQ ULIUDQJHQ]D GL FODVVH ,, LQ RVVHUYDQ]D GHO 5HJRODPHQWR GL

6 DWWXD]LRQH GHO &RGLFH GHOOD VWUDGD ILJ,, 1ROR SHU RJQL PHVH R IUD]LRQH
FRPSUHVHHYHQWXDOLSHUGLWHHRGDQQHJJLDPHQWL
6 D $OWH]]DGHOFRQRSDULDFPFRQIDVFHULIUDQJHQWL FDG ¼
6 E $OWH]]DGHOFRQRSDULDFPFRQIDVFHULIUDQJHQWL FDG ¼
6 F $OWH]]DGHOFRQRSDULDFPFRQIDVFHULIUDQJHQWL FDG ¼
3RVL]LRQDPHQWR H VXFFHVVLYD ULPR]LRQH GL RJQL FRQR FRPSUHVL HYHQWXDOL

6 FDG ¼
ULSRVL]LRQDPHQWLDVHJXLWRGLVSRVWDPHQWLSURYRFDWLGDPH]]LLQPDUFLD
'HOLQHDWRUH IOHVVLELOH LQ JRPPD ELIDFFLDOH FRQ LQVHUWL ULIUDQJHQWL GL FODVVH ,,

6 LQ RVVHUYDQ]D GHO 5HJRODPHQWR GL DWWXD]LRQH GHO &RGLFH GHOOD VWUDGD ILJ ,, FDG ¼
1RORSHURJQLPHVHRIUD]LRQHFRPSUHVHHYHQWXDOLSHUGLWHHRGDQQHJJLDPHQWL
$OOHVWLPHQWR LQ RSHUD H VXFFHVVLYD ULPR]LRQH GL RJQL GHOLQHDWRUH FRQ XWLOL]]R GL

6 LGRQHR FROODQWH FRPSUHVL HYHQWXDOL ULSRVL]LRQDPHQWL D VHJXLWR GL VSRVWDPHQWL FDG ¼
SURYRFDWLGDPH]]LLQPDUFLD
0DUNHU VWUDGDOL D OHG FRQ FDULFD VRODUH LQ YHWUR WHPSUDWR FRQ LQVHULPHQWR JDPER
6 FDG ¼
GLILVVDJJLRQHOVRWWRVXRORFDUUDELOH1RORSHURJQLPHVHRIUD]LRQH
$OOHVWLPHQWR LQ RSHUD H VXFFHVVLYD ULPR]LRQH GL RJQL PDUNHU FRPSUHVL HYHQWXDOL

6 FDG ¼
6HJQDOHWLFD RUL]]RQWDOH WHPSRUDQHD GL FRORUH JLDOOR SHU OD GHOLPLWD]LRQH GL

FDQWLHUL H ]RQH GL ODYRUR VWUDGDOL D QRUPD GHOO
DUW GHO 5HJRODPHQWR GL
DWWXD]LRQH GHO &RGLFH GHOOD VWUDGD 5HDOL]]DWD LQ WHUPR VSUX]]DWR SODVWLFR
6
FRVWLWXLWR GD PLVFHOD GL UHVLQH LGURFDUEXULFKH VLQWHWLFKH SODVWLILFDWH FRQ ROLR
PLQHUDOH GD SLJPHQWL HG DJJUHJDWL GD PLFURVIHUH GL YHWUR SUHPLVFHODWH H
SRVWVSUX]]DWH3RVDLQRSHUD
6 D 6WULVFHORQJLWXGLQDOLUHWWHRFXUYHGDFP$OPHWUROLQHDUH P ¼
6 E 6WULVFHORQJLWXGLQDOLUHWWHRFXUYHGDFP$OPHWUROLQHDUH P ¼
6 F 6WULVFHORQJLWXGLQDOLUHWWHRFXUYHGDFP$OPHWUROLQHDUH P ¼
6 G 6WULVFHORQJLWXGLQDOLUHWWHRFXUYHGDFP$OPHWUROLQHDUH P ¼
$WWUDYHUVDPHQWL SHGRQDOL ]HEUDWXUH VHJQDOL VFULWWH IUHFFH H VLPEROL GL
6 H TXDOVLDVL IRUPD VXSHUILFLH HG HQWLWj $O PHWUR TXDGUR GL VXSHUILFLH YHUQLFLDWD Pð ¼
PLVXUDWDYXRWRSHUSLHQR
5LPR]LRQH PHFFDQLFD GL VHJQDOHWLFD RUL]]RQWDOH WHPSRUDQHD PHGLDQWH

6 DWWUH]]DWXUD DEUDVLYD VX TXDOVLDVL WLSR GL SDYLPHQWD]LRQH FRPSLXWD D UHJROD
G
DUWHDOWHUPLQHGHLODYRULVHQ]DODVFLDUHUHVLGXLSHUPDQHQWL
6 G 6WULVFHORQJLWXGLQDOLUHWWHRFXUYHGDFP$OPHWUROLQHDUH P ¼
$WWUDYHUVDPHQWL SHGRQDOL ]HEUDWXUHVHJQDOL VFULWWH IUHFFH H VLPEROL GL TXDOVLDVL
6 H IRUPD VXSHUILFLH HG HQWLWj $O PHWUR TXDGUR GL VXSHUILFLH YHUQLFLDWD PLVXUDWD Pð ¼
YXRWRSHUSLHQR
/DPLQDWR HODVWRSODVWLFR DXWRDGHVLYR ULPRYLELOH LQ UHVLQD SROLXUHWDQLFD FRQ

6 PLFURVIHUH LQ YHWUR HOHPHQWL RWWLFL DG HOHYDWD ULIUDQJHQ]D H SDUWLFHOOH
DQWLVGUXFFLRORYLVLELOHVLDVXVXSHUILFLHDVFLXWWDFKHEDJQDWD
$OOHVWLPHQWR LQ RSHUD H VXFFHVVLYD ULPR]LRQH GL RJQL ODPLQD FRPSUHVL HYHQWXDOL

6


6 7RUFHDPDQRDQWLYHQWRLQMXWDSDUDIILQDWDOXQJKH]]DFPFP)RUQLWXUD FDG ¼
6DFFKHWWR GL ]DYRUUD SHU FDUWHOOL VWUDGDOL ULHPSLWR D VDEELD 6RQR FRPSUHVL

IRUQLWXUD H SRVD LQ RSHUD O¶DFFDWDVWDPHQWR H O¶DOORQWDQDPHQWR D ILQH IDVH GL
6 FDGJLRUQR ¼
ODYRUR RJQL RQHUH H PDJLVWHUR DWWR D JDUDQWLUH O
HIILFLHQ]D GHO VDFFKHWWR SHU WXWWD
ODGXUDWDGHLODYRUL'LPHQVLRQLVWDQGDUGFP[FDSLHQ]DNJ
0RYLHUH LQFDULFDWR GL UHJRODUH D YLVWD LO VHQVR XQLFR DOWHUQDWR GHO WUDIILFR VWUDGDOH
R GL HQWUDWD XVFLWD GL PH]]L LQ FDQWLHUH R FRPXQTXH GL PDQWHQHUH VJRPEUR LO FDGRUD ¼
UDJJLRG¶D]LRQHGHLPH]]LRSHUDWLYL
6 $YYLVDWRULDFXVWLFL
,PSLDQWR DQHPRPHWULFR FRVWLWXLWR GD VHQVRUH GL YHORFLWj GHO YHQWR GRWDWR GL P

6 GL FDYR SHU FROOHJDPHQWR FHQWUDOLQD GL DOODUPH FRQ VRJOLD UHJRODELOH
LQGLFDWRUHGLYHORFLWjGHOYHQWR
3RVD LQ RSHUD FRPSUHVR SDOR GL VRVWHJQR DOWH]]D P H FROOHJDPHQWR HOHWWULFR
6 E FDG ¼
ILQRDP
6 'LVSRVLWLYRDQHPRPHWULFRSRUWDWLOH1RORSHURJQLPHVH FDG ¼
,PSLDQWR VHJQDOD]LRQH WHPSRUDOL FRVWLWXLWR GD VHQVRUH FRPSOHWR GL P GL FDYR

6
SHUFROOHJDPHQWRFHQWUDOLQDGLVHJQDOD]LRQHGLDOODUPH
3RVD LQ RSHUD FRPSUHVR SDOR GL VRVWHJQR DOWH]]D P VHQVRUH FROOHJDPHQWR
6 E FDG ¼
HOHWWULFRILQRDPGHOODFHQWUDOLQDSURQWRDOO
XVR
6LUHQD GL DOODUPH GD HVWHUQR DXWRSURWHWWD DOLPHQWDWD D 9 FRPSUHVR

FROOHJDPHQWR DOOD UHWH HOHWWULFD HG DO GLVSRVLWLYR GL VHJQDOD]LRQH ILQR D P LQ
6
FXVWRGLD PHWDOOLFD YHUQLFLDWD FRPSOHWD GL ODPSHJJLDWRUH SURYYLVWD GL EDWWHULD LQ
WDPSRQHSHUDOLPHQWDUHODVWHVVDSHUXQSHULRGRGLDOPHQRXQRUD

6 E 1RORSHURJQLPHVHRIUD]LRQHGLPHVHVXFFHVVLYRDOSULPR FDG ¼
6LUHQD GL DOODUPH GD LQWHUQR DXWRSURWHWWD DOLPHQWDWD D 9 FRPSUHVR

FROOHJDPHQWR DOOD UHWH HOHWWULFD HG DO GLVSRVLWLYR GL VHJQDOD]LRQH ILQR D P LQ
6
FXVWRGLD PHWDOOLFD YHUQLFLDWD FRPSOHWD GL ODPSHJJLDWRUH SURYYLVWD GL EDWWHULD LQ
WDPSRQHSHUDOLPHQWDUHODVWHVVDSHUXQSHULRGRGLDOPHQRXQRUD
6 D 0RQWDJJLRVPRQWDJJLRHQRORSHULOSULPRPHVH FDG ¼

$OODUPH DQWLQFHQGLR FRQ FKLDPDWD ZLUHOHVV GDO SXQWR GHO IXRFR PXQLWR GL WDVWR
DWWLYD]LRQH DOODUPH H VLUHQD 2JQL HOHPHQWR FRPXQLFD O¶DOODUPH D WXWWL JOL DOWUL
6 FDG ¼
HOHPHQWL FROOHJDWL YLD ZLUHOHVV )XQ]LRQDPHQWR FRQ EDWWHULD WDPSRQH LQ
GRWD]LRQH1RORSHURJQLPHVHRIUD]LRQH
6 $WWUH]]DWXUHSHULOSULPRVRFFRUVR
/H DWWUH]]DWXUH SHU LO SULPR VRFFRUVR FRPSUHQGRQR WXWWR FLz FKH q SUHYLVWR QHO
36& SHU JDUDQWLUH LO UHFXSHUR HYHQWXDOL LQWHUYHQWL LPPHGLDWL R LO WUDVSRUWR GL
ODYRUDWRUL LQIRUWXQDWL HV EDUHOOH DWWUH]]DWXUH SHU LO UHFXSHUR GD OXRJKL ULVWUHWWL R
FRQILQDWL ERPEROH GL RVVLJHQR HFF 6RQR HVFOXVH OH DWWUH]]DWXUH LQGLYLGXDELOL
LQ IXQ]LRQH GHOOD WLSRORJLD GHOO
LPSUHVD TXDOL LO SDFFKHWWR R OD FDVVHWWD GL
PHGLFD]LRQH
.LW OHYD VFKHJJH LQ YDOLJHWWD FRQWHQHQWH XQ PDWLWD OHYDVFKHJJH 3URIHVVLRQDO XQR

VSHFFKLHWWR XQD OHQWH GLQJUDQGLPHQWR XQ IODFRQH GL VROX]LRQH VWHULOH VDOLQD PO
6 FDG ¼
FRQ WDSSR RFXODUH XQ ELFFKLHULQR RFXODUH XQD SLQ]D OHYDVFKHJJH LQR[ FP
GXHEXVWHJDU]DVWHULOHFP[)RUQLWXUD
.LW ODYD RFFKL LQ YDOLJHWWD FRQWHQHQWH XQD VROX]LRQH QHXWUD VWHULOH SHU ODYDJJLR
RFXODUH PO XQD VROX]LRQH VDOLQD PO XQ WDSSR RFXODUH GXH FRPSUHVVH
6 FDG ¼
RFXODUL GXH EXVWH JDU]D LGURILOD VWHULOH XQ SDLR GL IRUELFL OLVWHU XQ URWROR FHURWWR
717P[FPXQSDFFRGLID]]ROHWWLGLFDUWDXQRVSHFFKLHWWR)RUQLWXUD
%DUHOOD SLHJKHYROH LQ GXH UHDOL]]DWD LQ DOOXPLQLR DQWLFRURGDO DQRGL]]DWR GRWDWD

GL SLHGLQL GL VRVWHJQR FRQ WHOR LQ SROLHVWHUH DOWD WHQDFLWj VSDOPDWR LQ 39&
6 FDG ¼
DQWLSXWUHVFHQWH DXWRHVWLQJXHQWH ODYDELOH 'LPHQVLRQL DSHUWD FP [ [
KFKLXVDFP[[K3HVRNJ1RORSHURJQLPHVHRIUD]LRQH
%DUHOOD SLHJKHYROH LQ GXH UHDOL]]DWD LQ DOOXPLQLR DQWLFRURGDO DQRGL]]DWR GRWDWD

GL SLHGLQL GL VRVWHJQR H UXRWH FRQ WHOR LQ SROLHVWHUH DOWD WHQDFLWj VSDOPDWR LQ
6 FDG ¼
39& DQWLSXWUHVFHQWH DXWRHVWLQJXHQWH ODYDELOH 'LPHQVLRQL DSHUWD FP [ [
KFKLXVDFP[[K3HVRNJ1RORSHUXQPHVHRIUD]LRQH
%DUHOOD WLSR EDVNHW LQ WXER GL DFFLDLR DO FDUERQLR VDOGDWR H WUDWWDWR

JDOYDQLFDPHQWH FRQ VSRQGH ODWHUDOL SURWHWWH GD VFKHOHWUR LQ DFFLDLR PXQLWD GL
SXQWL GL DQFRUDJJLR SHU PRVFKHWWRQL VLD SHU LO VROOHYDPHQWR YHUWLFDOH FKH SHU LO
6 FDG ¼
WUDLQR 3LDQR LQ PXOWLVWUDWR PDULQR YHUQLFLDWR R PDWHULDOH SODVWLFR IRUQLWD FRQ
GXH FLQWXUH LQ SROLSURSLOHQH GD PP FRQ ILEELD D VJDQFLR UDSLGR 'LPHQVLRQL
FP;;K3HVRNJ1RORSHURJQLPHVHRIUD]LRQH
%DUHOOD UHDOL]]DWD LQ PDWHULDOH SODVWLFR H VWLYDELOH LQ VDFFD GRWDWD GL FLQWXUH GL

WUDLQR H VROOHYDPHQWR PDQLJOLH DGGL]LRQDOL SHU LO WUDVSRUWR PRVFKHWWRQH LQ
6 FDG ¼
DOOXPLQLR H LPEUDFDWXUD SHU LO VROOHYDPHQWR 'LPHQVLRQL FP ; ; K
3HVRNJ1RORSHURJQLPHVHRIUD]LRQH
%DUHOOD 157 ³1HLO 5REHUWVRQ 7\SH´ SHU LO UHFXSHUR GL LQIRUWXQDWL LQ FRQGL]LRQL

GLIILFROWRVH H LQ VSD]L DQJXVWL UHDOL]]WD FRQ VWHFFKH VHPLULJLGH H FRWRQH PXQLWD
6 FDG ¼
GL SXQWL GL DQFRUDJJLR SHU PRVFKHWWRQL VWLYDELOH LQ VDFFD 'LPHQVLRQL FP ;
;K3HVRNJ1RORSHURJQLPHVHRIUD]LRQH
&HVWHOOR SHU VROOHYDPHQWR GL HPHUJHQ]D SHUVRQH GL GLPHQVLRQL FP [ [

KFDSDFLWjNJFRQIRUPHQRUPD81,(1
D 1RORSHURJQLPHVHRIUD]LRQH FDG ¼
E 1RORDXWRJU RUD ¼
6 $PEXODQ]DFRQSHUVRQDOHPHGLFRHSDUDPHGLFR RUD ¼
6 $PEXODQ]DFRQSHUVRQDOHSDUDPHGLFR RUD ¼
'LVSRQLELOLWj GL DSSDUHFFKL ULFHWUDVPHWWLWRUL GHOOD SRWHQ]D GL FLUFD : PDQWHQXWL

6 FRSSLD ¼
LQFRQGL]LRQHGLXWLOL]]R1RORSHURJQLPHVHRIUD]LRQH
6HGLD VRVSHVD SHU O

DFFHVVR DL SR]]L PHGLDQWH DSSDUHFFKLR GL VROOHYDPHQWR 1ROR
6 FDG ¼
SHUXQRJQLPHVHRIUD]LRQH
.LWGLVRFFRUVRSHULOUHFXSHURYHUWLFDOHFRPSRVWRGD
GLVFHQVRUHDQWLSDQLFRFRQIRUPHDOODQRUPD81,(1FODVVH$
FRUGD VHPLVWDWLFD FRQIRUPH DOOD QRUPD 81, (1 OXQJKH]]D P FRQQHVVD D
VLVWHPD GL EORFFDJJLR SHU LO VROOHYDPHQWR EUHYH GHOO
LQIRUWXQDWR WUH FRQQHWWRUL
6
FRQIRUPL DOOD QRUPD 81, (1 IHWWXFFLD GD XWLOL]]DUVL TXDOH SXQWR GL
DQFRUDJJLR FRQIRUPH DOOD QRUPD 81, (1 WLSR % VDFFD GL WUDVSRUWR IXQH GL
ODYRUR PP
6 D /XQJKH]]DIXQHP FDG ¼
6 E /XQJKH]]DIXQHP FDG ¼
.LWGLVRFFRUVRSHULOUHFXSHURYHWLFDOHFRPSRVWRGD
GLVFHQVRUH DXWRPDWLFR FRQIRUPH DOOD QRUPD 81, (1 FODVVH $ HG 81, (1

FODVVH $ XWLOL]]DELOH SHU VDOYDWDJJLR LQ GLVFHVD GL XQD R GXH SHUVRQH FRQ
VWUR]]DIXQH H YRODQWLQR GL FRPDQGR SHU XQ DJHYROH VROOHYDPHQWR EUHYH
6
GHOO¶LQIRUWXQDWR WUH FRQQHWWRUL FRQIRUPL DOOD QRUPD 81, (1 IHWWXFFLD GD
XWLOL]]DUVL TXDOH SXQWR GL DQFRUDJJLR FRQIRUPH DOOD QRUPD 81, (1 WLSR %
VDFFD GL WUDVSRUWR IXQH GL ODYRUR PP

'LVSRVLWLYR GL UHFXSHUR SHU WUHSSLHGH FRQIRUPH DOOD QRUPD 81, (1 FODVVH
% IUHQR GL EORFFDJJLR DXWRPDWLFR FDULFR GL ODYRUR PDVVLPR NJ GLDPHWUR
6 FDG ¼
FDYR PP &DYR LQ DFFLDLR JDOYDQL]]DWR OXQJKH]]D P SHVR NJ 1ROR
$UJDQR SRUWDWLOH D FRUVD LOOLPLWDWD SHU RSHUD]LRQL GL VRFFRUVR LQ VSD]L FRQILQDWL H

6 SHU JUDQGL GLVWDQ]H GL UHFXSHUR SRUWDWD .J &RPSUHVD VDFFD GL WUDVSRUWR
6 F /XQJKH]]DIXQHP FDG ¼
$VFHQVRUH GL FDQWLHUH PRQRFDELQD D XVR HVFOXVLYR HYDFXD]LRQH G

HPHUJHQ]D
6 SRQWHJJL $OWH]]D XWLOH P SRUWDWD PD[ .J YHORFLWj PPLQ FRQ
VLVWHPDGLWUDVFLQDPHQWRDSLJQRQHHFUHPDJOLHUD
6 D 0RQWDJJLRHVPRQWDJJLRFRPSUHQVLYRGLPDQXWHQ]LRQLHUHYLVLRQL FDG ¼
$XWRPH]]R D WUD]LRQH LQWHJUDOH FRQ FRPRGR DFFHVVR DOOD SDUWH SRVWHULRUH SHU LO
WUDVSRUWR GL LQIRUWXQDWL FRPSUHVL YHULILFD GHO IXQ]LRQDPHQWR XQD YROWD DOOD
6 FDG ¼
VHWWLPDQD RQHUL SHU LO IXQ]LRQDPHQWR FDUEXUDQWH H PDWHULDOL GL FRQVXPR 1ROR
6LULQJD DXWRLQLHWWDQWH FRQ GRVH VWDQGDUG GL DGUHQDOLQD GD XWLOL]]DUVL LQ FDVR GL

PDQLIHVWD]LRQH GHL VLQWRPL GL VKRFN DQDILODWWLFR SURYRFDWR GD SXQWXUD GL LQVHWWR
6 FDG ¼
LPHQRWWHUR DSL YHVSH FDODEURQL R GD HVSRVL]LRQH D SROOLQL FRQWDWWR LQJHVWLRQH
RLQDOD]LRQH)RUQLWXUD
6HW FRPSOHWR SHU O

DVSRUWD]LRQH GL ]HFFKH H DOWUL LQVHWWL GDOOD FXWH FRQVLVWHQWH LQ
SLQ]HWWD SLFFROD OHQWH GL LQJUDQGLPHQWR FRQIH]LRQH GL JXDQWL PRQRXVR LQ ODWWLFH
6 FDG ¼
VDSRQH GLVLQIHWWDQWH HG DJR VWHULOH TXHVW
XOWLPR GD XWLOL]]DUVL SHU ULPXRYHUH LO
URVWURDSSDUDWRERFFDOHQHOFDVRULPDQJDDOO
LQWHUQRGHOODFXWH)RUQLWXUD
&RQIH]LRQH GL UHSHOOHQWH SHU LQVHWWL H DUDFQLGL GD DSSOLFDUVL VXOOD SHOOH HR VXO
6 YHVWLDULR LQ FDVR GL ODYRUDWRUL RSHUDQWL LQ DUHH IRUWHPHQWH LQIHVWDWH GD O FDG ¼
)RUQLWXUD
'HILEULOODWRUH VHPLDXWRPDWLFR IRUQLWR FRQ HOHWWURGL VWDQGDUG XQD ERUVD GL

6 FDG ¼
WUDVSRUWRXQSDFFREDWWHULDDOOLWLR1RORSHURJQLPHVHRIUD]LRQH
$UPDGLHWWR SHU GHILEULOODWRUH LQ ODPLHUD G¶DFFLDLR DO FDUERQLR ]LQFDWR FRQ

6 ILQLWXUD D SROYHUH HG DSULELOH DQWD LQ SROLFDUERQDWR SHU FRQVHUYDUH LO GHILEULOODWRUH FDG ¼
LQDPELHQWLLQWHUQL1RORSHURJQLPHVHRIUD]LRQH
6 ,OOXPLQD]LRQHGLHPHUJHQ]D
,PSLDQWR GL LOOXPLQD]LRQH GL HPHUJHQ]D FRVWLWXLWR GD SODIRQLHUD GL HPHUJHQ]D

6 FRVWUXLWD LQ PDWHULDOH SODVWLFR DXWRHVWLQJXHQWH FRPSOHWD GL WXER IOXRUHVFHQWH
GHOODEDWWHULDWDPSRQHGHOSLWWRJUDPPDHGHJOLDFFHVVRULGLILVVDJJLR

/LQHD DOLPHQWD]LRQH FRQ FDYR WLSR +251) R HTXLYDOHQWH WULSRODUH DSSOLFDWD

6 LQ LQWHUQR R HVWHUQR D SDUHWH R IDVFHWWDWR VX WHVDWD R SRVDWD HQWUR WXED]LRQH
)RUQLWXUD
6 D &RQGXWWRULGLVH]PP P ¼
6 E &RQGXWWRULGLVH]PP P ¼
6 F &RQGXWWRULGLVH]PP P ¼
6 G &RQGXWWRULGLVH]PP P ¼
6 H &RQGXWWRULGLVH]PP P ¼
6 I &RQGXWWRULGLVH]PP P ¼
/LQHD GL DOLPHQWD]LRQH FRQ FDYR WLSR +251) R )*. TXDGULSRODUH DSSOLFDWD

6
DOO
HVWHUQRDSDUHWHRIDVFHWWDWRVXWHVWDWDRSRVDWDHQWURWXED]LRQH)RUQLWXUD

/LQHD GL DOLPHQWD]LRQH FRQ FDYR WLSR +251) R HTXLYDOHQWH SHQWDSRODUH

6 DSSOLFDWD DOO
HVWHUQR D SDUHWH R IDVFHWWDWR VX WHVDWD R SRVDWD HQWUR WXED]LRQH
)RUQLWXUD
0RWRJHQHUDWRUH HOHWWULFR GL HPHUJHQ]D WUDVSRUWDELOH SRWHQ]D ILQR D N:

FRPSUHVD YHULILFD GHO IXQ]LRQDPHQWR XQD YROWD DOOD VHWWLPDQD HVFOXVL RQHUL SHU LO
6 FDG ¼
IXQ]LRQDPHQWR FDUEXUDQWH H PDWHULDOH GL FRQVXPR 1ROR SHU RJQL PHVH R
IUD]LRQH
0RWRJHQHUDWRUH HOHWWULFR GL HPHUJHQ]D WUDVSRUWDELOH SRWHQ]D ILQR D N: RQHUL

6 RUD ¼
SHULOIXQ]LRQDPHQWRFDUEXUDQWHHPDWHULDOHGLFRQVXPR
0RWRJHQHUDWRUH HOHWWULFR GL HPHUJHQ]D WUDVSRUWDELOH SRWHQ]D ILQR D N:

FRPSUHVD YHULILFD GHO IXQ]LRQDPHQWR XQD YROWD DOOD VHWWLPDQD HVFOXVL RQHUL SHU LO
6 FDG ¼
IXQ]LRQDPHQWR FDUEXUDQWH H PDWHULDOH GL FRQVXPR 1ROR SHU RJQL PHVH R
IUD]LRQH
0RWRJHQHUDWRUH HOHWWULFR GL HPHUJHQ]D WUDVSRUWDELOH RQHUL SHU LO IXQ]LRQDPHQWR

6 RUD ¼
FDUEXUDQWHHPDWHULDOHGLFRQVXPR3RWHQ]DILQRDN:&RVWRGLHVHUFL]LR
6 0H]]LHVWLQJXHQWL
(VWLQWRUH D SROYHUH RPRORJDWR FRQ YDOYROD D SXOVDQWH YDOYROD GL VLFXUH]]D D

PROOD PDQRPHWUR GL LQGLFD]LRQH GL FDULFD H VLVWHPD GL FRQWUROOR GHOOD SUHVVLRQH
6
WUDPLWH YDOYROD GL QRQ ULWRUQR FRPSUHVH YHULILFKH SHULRGLFKH SRVDWR VX VXSSRUWR
DWHUUD1RORSHURJQLPHVHRIUD]LRQH
6 D 'DNJFODVVH$%& FDG ¼

6 E 'DNJFODVVH$%& FDG ¼
6 F 'DNJFODVVH$%& FDG ¼
6 G 'DNJFODVVH$%& FDG ¼
6 H 'DNJFODVVH$%& FDG ¼
6 I 'DNJFODVVH$%& FDG ¼
(VWLQWRUH DG DQLGULGH FDUERQLFD SHU FODVVL GL IXRFR % H & FRPEXVWLELOL OLTXLGL H

JDVVRVL SDUWLFRODUPHQWH DGDWWR SHU XWLOL]R VX DSSDUHFFKLDWXUH HOHWWULFKH
RPRORJDWR FRQ YDOYROD D SXOVDQWH YDOYROD GL VLFXUH]]D D PROOD PDQRPHWUR GL
6
LQGLFD]LRQH GL FDULFD H VLVWHPD GL FRQWUROOR GHOOD SUHVVLRQH WUDPLWH YDOYROD GL
QRQ ULWRUQR FRPSUHVH YHULILFKH SHULRGLFKH SRVDWR VX VXSSRUWR D WHUUD 1ROR SHU
RJQLPHVHRIUD]LRQH
6 D 'DNJFODVVH%& FDG ¼
6 E 'DNJFODVVH%& FDG ¼
(VWLQWRUH FDUUHOODWR D SROYHUH RPRORJDWR FRQ YDOYROD D SXOVDQWH YDOYROD GL

VLFXUH]]D D PROOD PDQRPHWUR GL LQGLFD]LRQH GL FDULFD H VLVWHPD GL FRQWUROOR
6
GHOOD SUHVVLRQH WUDPLWH YDOYROD GL QRQ ULWRUQR FRPSUHVH YHULILFKH SHULRGLFKH
6 D 'DNJFODVVH$%& FDG ¼
6 E 'DNJFODVVH$%& FDG ¼
(VWLQWRUH FDUUHOODWR DG DQLGULGH FDUERQLFD SHU FODVVL GL IXRFR % H & FRPEXVWLELOL

OLTXLGL H JDVVRVL SDUWLFRODUPHQWH DGDWWR SHU XWLOL]R VX DSSDUHFFKLDWXUH HOHWWULFKH
ULFDULFDELOH FRQ PDQLFKHWWD RPRORJDWR FRQ YDOYROD D SXOVDQWH YDOYROD GL
6
VLFXUH]]D D PROOD PDQRPHWUR GL LQGLFD]LRQH GL FDULFD H VLVWHPD GL FRQWUROOR
GHOOD SUHVVLRQH WUDPLWH YDOYROD GL QRQ ULWRUQR FRPSUHVH YHULILFKH SHULRGLFKH
6 D 'DNJFODVVH%& ¼
6 E 'DNJFODVVH%& ¼
6 F 'DNJFODVVH%& ¼
6 (VWLQWRUHLGULFRVFKLXPDSHUFODVVLGLIXRFR$H%&DSDFLWjO FDG ¼
&RSHUWD DQWLILDPPD LQ ILEUD GL YHWUR FRQ FXVWRGLD WHVVLOH H VLVWHPD GL VILODPHQWR

UDSLGR SHU LO SURQWR LQWHUYHQWR IRUQLWR H PDQWHQXWR QHO OXRJR LQGLFDWR GDO 3LDQR
GL 6LFXUH]]D H &RRUGLQDPHQWR &RPSUHVD OD PDQXWHQ]LRQH H OH UHYLVLRQL
6 FDG ¼
SHULRGLFKH O¶LPPHGLDWD VRVWLWX]LRQH LQ FDVR G¶XVR O¶DOORQWDQDPHQWR D ILQH IDVH
ODYRUR 'HOOH GLPHQVLRQL GL FP [ FRQIRUPH DOOD QRUPD 81, (1
&DUUHOOR PRELOH LQ SROLHWLOHQH DG DOWD GHQVLWj SHU WUDVSRUWR H SRVL]LRQDPHQWR VXO

6 OXRJR GL ODYRUR ILQR D HVWLQWRUL PD[ .J FDGDXQR 'LPHQVLRQL FP ; FDG ¼
K1RORSHURJQLPHVHRIUD]LRQH
6 6HUYL]LGLJHVWLRQHGHOOHHPHUJHQ]H
, VHUYL]L GL JHVWLRQH GHOOH HPHUJHQ]H FRPSUHQGRQR OH VSHFLILFKH SURFHGXUH GL
HPHUJHQ]D HG LO SHUVRQDOH H OH DWWUH]]DWXUH SUHYLVWL QHO 36& DO ILQH GL JDUDQWLUH LO
QHFHVVDULR VRFFRUVR LQ VSHFLILFKH ODYRUD]LRQL R QHL FDQWLHUL D JUDQGH GLVWDQ]D
GDOOHVWUXWWXUHVDQLWDULHVLWHQHOWHUULWRULR
5HSHULELOLWj GL PHGLFR SHU ODYRUL LQ VRWWHUUDQHR SHU WXWWD OD GXUDWD GHO ODYRUR
6 ,QWHUYHQWR HQWUR PLQXWL HVFOXVR RQRUDULR SHU RJQL VLQJROR DFFHVVR &RVWR K ¼
RUDULRSHUWXUQR
'LVSRQLELOLWj GL PHGLFR UHVLGHQWH LQ ORFR SHU ODYRUL LQ VRWWHUUDQHR SHU WXWWD OD

6 K ¼
GXUDWDGHLODYRUL&RVWRRUDULRSHUWXUQR
'LVSRQLELOLWj GL LQIHUPLHUH UHVLGHQWH LQ FDQWLHUH SHU ODYRUL LQ VRWWHUUDQHR SHU

6 K ¼
WXWWDODGXUDWDGHLODYRUL&RVWRRUDULRSHUWXUQR
6HUYL]LR FRVWLWXLWR GD SHUVRQDOH DGGHVWUDWR D JHVWLUH OH HPHUJHQ]H H GDOOH

6 DWWUH]]DWXUH QHFHVVDULH 9HULILFD GHOOH DWWUH]]DWXUH H DGGHVWUDPHQWR SHULRGLFR SHU SURFDSLWH ¼
O
XVRGHOOHVWHVVH&RVWRSURFDSLWHDOPHVHRUHPHVH
9HULILFD GHOOH FRQGL]LRQL GL FDQWLHUH SULPD GHOOD ULSUHVD GHL ODYRUL PHGLDQWH LO
6 FRQWUROOR GHO IXQ]LRQDPHQWR GL WXWWH OH DSSDUHFFKLDWXUH GL VLFXUH]]D H GL FDG ¼
HPHUJHQ]DLQWHUUXWWRULHOHWWULFLPH]]LDQWLQFHQGLRHWF
(VHUFLWD]LRQH HYDFXD]LRQH DOORJJLDPHQWL FRPSUHQVLYD GL LOOXVWUD]LRQH GHOOH

SURFHGXUH GD SDUWH GHO SUHSRVWR 3HU RJQL ODYRUDWRUH FRLQYROWR GD ULSHWHUVL XQD ODYRUDWRUH
6 ¼
YROWD DOO
DQQR RUH GL RSHUDLR VSHFLDOL]]DWR SHU LO QXPHUR GL ODYRUDWRUL RFFXSDWL DQQR
FRPSUHQVLYLGHOODTXRWDSUHSRVWR
352&('85( &217(187( 1(/ 36& ( 35(9,67( 3(5 63(&,),&,

6
027,9,',6,&85(==$
,O FRVWR GL XQD SURFHGXUD VL WUDGXFH QHO FRVWR RUDULR GHOOD PDQR G¶RSHUD
QHFHVVDULD SHU O¶DWWXD]LRQH R OD YHULILFD GL SDUWLFRODUL PRGDOLWj R VHTXHQ]H
VWDELOLWH QHO 36& SHU HVHJXLUH XQ GHWHUPLQDWR ODYRUR R RSHUD]LRQH LQ VLFXUH]]D
SDUWHFLSD]LRQH DOOH ULXQLRQL GL FRRUGLQDPHQWR VXSHUYLVLRQH GHL SUHSRVWL SHU
SDUWLFRODUL ODYRUD]LRQL DXVLOLR GL DGGHWWL SHU PDQRYUH GL DXWRPH]]L LQ VSD]L
OLPLWDWLYHULILFKHGLFRQWUROORILQDOL]]DWHDOODVLFXUH]]DSHUSRQWHJJLVFDYLHFF
'HFHVSXJOLDPHQWR GL YHJHWD]LRQH DUEXVWLYR HUEDFHD GL WLSR LQIHVWDQWH HVHJXLWR

6 D UHJROD G¶DUWH FRQ LGRQHL PH]]L PHFFDQLFL VHQ]D O¶DVSRUWD]LRQH GHJOL DSSDUDWL
UDGLFDOL
D 6HQ]DULPR]LRQHGHLPDWHULDOLGLULVXOWD Pð ¼
&RPSUHVD O¶DVSRUWD]LRQH GHO PDWHULDOH GL ULVXOWD H WUDVSRUWR LQ GLVFDULFD R DOWUR
6 E Pð ¼
OXRJRLQGLFDWR
'HFHVSXJOLDPHQWR GL YHJHWD]LRQH DUEXVWLYR HUEDFHD GL WLSR LQIHVWDQWH HVHJXLWR

6 D UHJROD G¶DUWH FRQ LGRQHL PH]]L PHFFDQLFL FRQ O¶DVSRUWD]LRQH GHJOL DSSDUDWL
UDGLFDOL
6 E Pð ¼
OXRJRLQGLFDWR
'HFHVSXJOLDPHQWR VHOHWWLYR GL DUHD ERVFDWD H QRQ LQYDVD GD YHJHWD]LRQH

DUEXVWLYRHUEDFHD LQIHVWDQWH URYL FDQQH RUWLFD HWF LQ DUHH GL TXDOVLDVL QDWXUD
6
H SHQGHQ]D H FRQ FRSHUWXUD WHUUHQR VXSHULRUH DO FRQ VDOYDJXDUGLD GHOOH
SUHVHQ]HQDWXUDOLHGHOODHYHQWXDOHULQQRYD]LRQHDUERUHDHGDUEXVWLYDQDWXUDOH

6 E Pð ¼
OXRJRLQGLFDWR
(OLPLQD]LRQH VHOHWWLYD GL YHJHWD]LRQH LQIHVWDQWH DUERUHD FRQ GLDPHWUL LQIHULRUL D

FP DUEXVWLYD HG HUEDFHD PHGLDQWH O¶LPSLHJR GL DWWUH]]DWXUH PHFFDQLFKH
6
PLQRUL H GL PH]]L SHVDQWL FRPSUHVD O¶DVSRUWD]LRQH GHO PDWHULDOH GL ULVXOWD H
WUDVSRUWRLQGLVFDULFD
D 6HQ]DHOLPLQD]LRQHGHOO
DSSDUDWRUDGLFDOH Pð ¼
6 E &RQHOLPLQD]LRQHGHOO
DSSDUDWRUDGLFDOH Pð ¼
,QQDIILDPHQWR DQWLSROYHUH HVHJXLWR FRQ DXWRERWWH FRQ RSHUDWRUH FRPSUHQVLYR GL

6 RUD ¼
FRQVXPLHGRJQLDOWURRQHUHGLIXQ]LRQDPHQWR&RVWRRUDULR
/RFDOL]]D]LRQH H ERQLILFD GHOOH DUHH PHGLDQWH ULFHUFD VXSHUILFLDOH GL HYHQWXDOL

RUGLJQL HVSORVLYL HVHJXLWD GD WHFQLFL VSHFLDOL]]DWL FRQ LGRQHD DSSDUHFFKLDWXUD
FHUFDPHWDOOL PXQLWD GL DYYLVDWRUH DFXVWLFR H FRQ WUDVPLVVLRQH GHL VHJQDOL 'D
HVHJXLUVL PHGLDQWH O
HVSORUD]LRQH VX IDVFH GL WHUUHQR GHOOD ODUJKH]]D GL P H
6
SHU WXWWD OD OXQJKH]]D GHOO
DUHD &RPSUHVR O
RQHUH SHU LO WUDVSRUWR HG LPSLDQWR
GHOOH DWWUH]]DWXUH OD VHJQDOD]LRQH GL HYHQWXDOL ULWURYDPHQWL DOOH DXWRULWj
FRPSHWHQWL OD VRUYHJOLDQ]D O
DVVLVWHQ]D H TXDQWR DOWUR RFFRUUH SHU HVHJXLUH
O
LQWHUYHQWRLQVLFXUH]]DHQHOULVSHWWRGHOOHYLJHQWLQRUPDWLYH
6 D 3HULOSULPRVWUDWRVLQRDOODSURIRQGLWjGLPGDOSLDQRFDPSDJQD Pð ¼

6 E 3HUVWUDWLVXFFHVVLYLDOSULPRGHOODSURIRQGLWjGLPSHURJQLVWUDWRERQLILFDWR Pð ¼
/RFDOL]]D]LRQH H ERQLILFD GHOOH DUHH PHGLDQWH ULFHUFD VXSHUILFLDOH GL HYHQWXDOL

RUGLJQL HVSORVLYL HVHJXLWD GD WHFQLFL VSHFLDOL]]DWL ILQR D SURIRQGLWj SUHVFULWWD GDO
5HSDUWR ,QIUDVWUXWWXUH GHOO
(VHUFLWR ,WDOLDQR GL FRPSHWHQ]D PHGLDQWH SHUIRUD]LRQH
6 D WUDWWH VXFFHVVLYH &RPSUHVR O
RQHUH SHU LO WUDVSRUWR H LPSLDQWR GHOOH
DWWUH]]DWXUH OD VHJQDOD]LRQH GL HYHQWXDOL ULWURYDPHQWL DOOH DXWRULWj FRPSHWHQWL OD
VRUYHJOLDQ]D O
DVVLVWHQ]D H TXDQWR DOWUR RFFRUUH SHU HVHJXLUH O
LQWHUYHQWR LQ
VLFXUH]]DHQHOULVSHWWRGHOOHYLJHQWLQRUPDWLYH
6LQR D SURIRQGLWj PDVVLPD GL P GDO SLDQR FDPSDJQD SHU RJQL PHWUR TXDGUDWR
6 D Pð ¼
ERQLILFDWR
6 E Pð ¼
ERQLILFDWR
F Pð ¼
ERQLILFDWR
5LXQLRQH GL FRRUGLQDPHQWR IUD L UHVSRQVDELOL GHOOH LPSUHVH RSHUDQWL LQ FDQWLHUH

HG LO FRRUGLQDWRUH SHU O
HVHFX]LRQH GHL ODYRUL SUHYLVWD DOO
LQL]LR GHL ODYRUL H GL
6 RJQL QXRYD IDVH ODYRUDWLYD R LQWURGX]LRQH GL QXRYD LPSUHVD HVHFXWULFH R SHU SURFDSLWH ¼
VSHFLILFKH HVLJHQ]H LQGLYLGXDWH GDO FRRUGLQDWRUH &RVWR PHGLR SUR FDSLWH SHU
RJQLULXQLRQH
6 &RQIHUHQ]HGLFDQWLHUH&RVWRDQQXRSHURJQLODYRUDWRUH SURFDSLWH ¼
9HULILFKH VRUYHJOLDQ]D R VHJQDOD]LRQH GL ODYRUL FRQ RSHUDWRUH SHU RUD GL HIIHWWLYR

6 RUD ¼
VHUYL]LR
,17(59(17, ),1$/,==$7, $//$ 6,&85(==$ ( 5,&+,(67, 3(5

6 /2 6)$6$0(172 63$=,$/( 2 7(0325$/( '(//(
/$925$=,21,
9DQQR FRQVLGHUDWL LO IHUPR SHUVRQDOH R LO IHUPR DWWUH]]DWXUD QHFHVVDULR SHU

HVHJXLUH GXH R SL ODYRUD]LRQL WHFQLFDPHQWH QRQ VHSDUDELOL LQ WHPSL GLYHUVL R
QHOOR VWHVVR DPELWR ODYRUDWLYR 1RQ YDQQR FRPSXWDWL FRPH FRVWL JOL VIDVDPHQWL
WHPSRUDOL JLj SUHYLVWL GDO FURQRSURJUDPPD PD VROR TXHOOL FKH FRPSRUWDQR
PRGLILFKH DOOH QRUPDOL SURFHGXUH GL ODYRUR FRPH DG HVHPSLR LO IHUPR
WHPSRUDQHRGHOO¶DWWLYLWjGHOO¶LPSUHVDLQXQDVLQJRODIDVHGLODYRUR
&RVWR RUDULR GL IHUPR WHPSRUDQHR GL PDFFKLQD R ODYRUDWRUH RYH QHO 36& VLD
SUHYLVWR FKH ODYRUD]LRQL FRQFRPLWDQWL R LQWHUIHUHQWL QRQ SRVVDQR HVVHUH HVHJXLWH
FRQWHPSRUDQHDPHQWH QHOOR VWHVVR OXRJR ,O FRVWR RUDULR VL ULIHULVFH DO WHPSR
6 JLRUQDOLHUR LQ FXL O
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HVVHUH ULIHULWR DO WHPSR QHFHVVDULR SHU VSRVWDUH GXUDQWH WDOH LQWHUIHUHQ]D LO
SHUVRQDOHROHPDFFKLQHLQDOWUDDUHDGLODYRUR
6 D 2SHUDLRFRPXQHOLY RUD ¼

6 E 2SHUDLRTXDOLILFDWROLY RUD ¼
6 F 2SHUDLRVSHFLDOL]]DWROLY RUD ¼
6 G 2SHUDLRDOWDPHQWHVSHFLDOL]]DWROLY RUD ¼
6 H 0DFFKLQHULIHULPHQWRFRVWRRUDULRGHLQROLVXSUH]]DULRGHOOHRSHUHHGLOL RUD
0,685( ', &225',1$0(172 5(/$7,9( $//

862 ,1 &2081(
6 ', ,03,$17, $775(==$785( ,1)5$6758785( 0(==, (
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,O FRVWR GL WDOL PLVXUH VL WUDGXFH QHO FRVWR RUDULR GHOOD PDQR G¶RSHUD QHFHVVDULD
SHU O¶DWWXD]LRQH R OD YHULILFD GHOOH SURFHGXUH H GHOOH PRGDOLWj GL ODYRUR SUHYLVWH
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PH]]LHVHUYL]LGLSURWH]LRQHFROOHWWLYDLQVLFXUH]]D
&RVWR RUDULR GL PDQRGRSHUD QHFHVVDULR SHU OD JHVWLRQH SXQWXDOH H OD FRUUHWWD

6 DWWXD]LRQH GHOOH SUHVFUL]LRQL FRQWHQXWH D WDO ILQH QHO 36& GD SDUWH GHL VRJJHWWL
LQGLYLGXDWLGDOFRUGLQDWRUHSHODSURJHWWD]LRQH
6 D 2SHUDLRFRPXQHOLY RUD ¼
6 E 2SHUDLRTXDOLILFDWROLY RUD ¼
6 F 2SHUDLRVSHFLDOL]]DWROLY RUD ¼
6 F 2SHUDLRDOWDPHQWHVSHFLDOL]]DWROLY RUD ¼
6 0,685(',6,&85(==$(0(5*(1=$&29,'
/D SUHVHQWH 7DULIID YLHQH LQWHJUDWD FRQ OH YRFL FKH SRVVRQR HVVHUH FRQVLGHUDWH
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O
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DOO
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QHOO
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Q SURYYHGH DO ULJXDUGR DG LQWHJUDUH LO 3LDQR GL VLFXUH]]D H GL
FRRUGLQDPHQWR H OD UHODWLYD VWLPD GHL FRVWL FRQ WXWWL L GLVSRVLWLYL ULWHQXWL
QHFHVVDUL
9(5,),&$ '(//$ 7(03(5$785$ FRUSRUHD PHGLDQWH WHUPRPHWUR GLJLWDOH R

6 GLJLWDOH DG LQIUDURVVL QR FRQWDFW FRQ UHJLVWUD]LRQH GHOO
RSHUD]LRQH GL FRQWUROOR FDG ¼
3HUFLDVFXQDRSHUD]LRQHGLYHULILFD
6 7(5020(752',*,7$/( FDG ¼
7(5020(752',*,7$/($',1)5$5266,12&217$&7FRQIRUPHDOOH
'LUHWWLYH&((H&(VXLGLVSRVLWLYLPHGLFLFRQWHPSHUDWXUD
6 FDG ¼
LPSRVWDELOHLQ&HOVLXVR)DKUHQKHLWDFFXUDWH]]DPLQLPDGL&)H
UHVSRQVLYLWjSDULDGVHF
7(/(&$0(5$ 7(502*5$),&$ 3257$7,/( FRQ FDOLEUDWRUH SHU OD

PLVXUD]LRQH GHOOD WHPSHUDWXUD FRUSRUHD LQ WHPSR UHDOH ULVROX]LRQH WHUPLFD
6 FDG ¼
[ SUHFLVLRQH & VHQVLELOLWj WHUPLFD P. ULOHYDPHQWR YROWL ILQR D
PGLGLVWDQ]D
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$&&(66,%,20(75,&2DGDOWDYHORFLWjFRQULOHYDPHQWRGHOYROWRGHOSDOPR
6 FDG ¼
DQFKHFRQPDVFKHUDHULOHYD]LRQHGHOODWHPSHUDWXUDFRUSRUHDFRPSUHQVLYRGL
QROHJJLRHPHVVDLQRSHUDHGHYHQWXDOHPDQXWHQ]LRQH
0$6&+(5$ )$&&,$/( $' 862 0(',&2 0DVFKHULQD FKLUXUJLFD DG DOWR

6 FDG ¼
SRWHUHILOWUDQWH81,(10DVFKHULQDPRQRXVRWLSR,,
6(0,0$6&+(5$ ),/75$17( $17,32/9(5( &21 9$/92/$ GL

HVDOD]LRQH 81, (1 FRQ HODVWLFL LQ SROLSURSLOHQH JUDIIHWWH LQ DFFLDLR
6
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SROLSURSLOHQHHGLDIUDPPDYDOYRODLQSROLVRSUHQH
6 D ))3 FDG ¼
6 E ))3 FDG ¼
6(0,0$6&+(5$ ),/75$17( $17,32/9(5( 6(1=$ 9$/92/$ GL

6 HVDOD]LRQH 81, (1 FRQ HODVWLFL LQ SROLSURSLOHQH JUDIIHWWH LQ DFFLDLR
VFKLXPDGLWHQXWDLQSROLXUHWDQRVWULQJLQDVRLQDOOXPLQLR
6 D ))3 FDG ¼

6 E ))3 FDG ¼
2&&+,$/, $ 0$6&+(5,1$ 3(5 /$ 3527(=,21( ', 9,62 (' 2&&+,

FRPSUHQVLYR GL OHQWH GL DFHWDWR LQFRORUH DQWLJUDIILR FODVVH RWWLFD 81, (1
6 FDG ¼
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2&&+, FRPSOHWR GL FDORWWD LQ SROLFDUERQDWR LQFRORUH WUDVSDUHQWH DQWLULIOHVVR
6 PP DQWLJUDIILR FODVVH RWWLFD 81, (1 ± ) ) UHVLVWHQ]D FDG ¼
DOO¶LPSDWWR PV SURWH]LRQH GD VSUX]]L SURWH]LRQH GD SROYHUL JURVVRODQH FRQ
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6 FDG ¼
(181,(1FRQIH]LRQHGD
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6 FRQIRUPH D 81, (1 81, (1 81, (1 /XQJKH]]D FP LQ FDG ¼
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*8$172 ', 3527(=,21( PRQRXVR LQ QLWULOH FRQIRUPH D 81, (1 81,

6 FDG ¼
(1
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6 FDG ¼
FRQIRUPHD81,(1,62
787$ ', 3527(=,21( 0212862 &21 &$338&&,2 LQ WHVVXWR

PLFURSRURVR FRQIRUPH DOOH QRUPH 81, (1 81, (1 ,62
81, (1 FDWHJRULD ,,, 'LUHWWLYD &(( SHU OD
6 3DLR ¼
SURWH]LRQH FRQWUR DJHQWL FKLPLFL OLTXLGL 7LSR % H SURWH]LRQH GD SDUWLFHOOH
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LQIHWWLYL
787$ ', 3527(=,21( 0212862 &21 &$338&&,2 LQ ILEUH GL

SROLHWLOHQH DG DOWD GHQVLWj WLSR W\YHN FRQIRUPH DOOH QRUPH 81, (1
81, (1 ,62 FDWHJRULD ,,, 'LUHWWLYD &(( SHU
6 FDG ¼
OD SURWH]LRQH FRQWUR DJHQWL FKLPLFL OLTXLGL 7LSR % H SURWH]LRQH GD SDUWLFHOOH
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LQIHWWLYL
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6
DOFRROHWLOLFRGHQDWXUDWRDLQGLVSHQVHU
6 D GDPOFRQGRVDWRUH ¼
6 E GDPOFRQGRVDWRUH FDG ¼
6 F GDPOFRQGRVDWRUH FDG ¼
',63(16(5 $8720$7,&2 12 &217$&7 GL VROX]LRQL LGURDOFROLFKH R DOWUR

6
SURGRWWRLGRQHR&RPSUHVRPRQWDJJLR
6 D GDPO FDG ¼
6 E GDPO FDG ¼
6 ',63(16(5$3,$17$1$$3('$/(SHUIODFRQLPO FDG ¼
62/8=,21( ,'52$/&2/,&$ ,1 *(/ D EDVH GL DOFRRO HWLOLFR GHQDWXUDWR DO

6 FDG ¼
SHUULFDULFDGRVDWRULHGLVSHQVHU&RQIH]LRQHGDO
',6,1)(77$17( 3(5 $0%,(17, ( 2**(77, $ %$6( ', $/&22/

6 FDG ¼
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6 FDG ¼
',62',2DOORERWWLJOLDGDOLWUR
6$1,),&$=,21( $8720$7,&$ PHGLDQWH QHEXOL]]D]LRQH GL OLTXLGL

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6 LSRFORULWR DOO¶ QHO ULVSHWWR GL TXDQWR GLVFLSOLQDWR GDO 0LQLVWHUR GHOOD 6DOXWH
H QRUPDWLYH GL ULIHULPHQWR HPDQDWH LQ PDWHULD &RPSUHQVLYR GL QROHJJLR PHVVD
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6 D FDSDFLWj H FDULFDWL G¶DULD D EDU IXQ]LRQDPHQWR DXWRQRPR VHQ]D ELVRJQR GHO FDG ¼
FROOHJDPHQWRFRQWLQXRDOO¶DULDFRPSUHVVDSHUYROXPHILQRDPñ
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1HEXOL]]DWRUH LQ SODVWLFD GD OLWUL SHU OD QHEXOL]]D]LRQH GL OLTXLGL GLVLQIHWWDQWL
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6 GHSRVLWL H TXDOVLDVL DOWUR ORFDOHDPELHQWH D VHUYL]LR GHO FDQWLHUH 3HU FLDVFXQ FDG ¼
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6 GHSRVLWL H TXDOVLDVL DOWUR ORFDOHDPELHQWH D VHUYL]LR GHO FDQWLHUH HVHJXLWD GD GLWWD FDG ¼
HVWHUQDVSHFLDOL]]DWD3HUVXSHUILFLILQRDPð
6 D 6RYUDSSUH]]RSHUVXSHUILFLVXSHULRULDPð PT ¼
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6 O
LQVWDOOD]LRQHGLYHQWROHDVSLUDQWL&RPSUHQVLYRGLLQVWDOOD]LRQHHGHYHQWXDOH FDG ¼
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PH]]LG¶RSHUDFRQ'3,JLjLQGRWD]LRQH
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6 VROX]LRQH DOFROLFD DO GRSR SXOL]LD HV SLFFROH PDFFKLQH XWHQVLOL HG *LRUQR ¼
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6 FDG ¼
UHDOL]]DWDLQ39&GLP[&RPSUHVDGLIRUQLWXUDHPHVVDLQRSHUD
%DJQRFKLPLFRSRUWDWLOHFRQODYDERUHDOL]]DWRLQPDWHULDOHSODVWLFRDQWLXUWR
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6
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6 FDG ¼
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6
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6,67(0$',9(17,/$=,21()25=$7$HFRQWLQXDSHUPH]]RGLYHQWROH
6 DVSLUDQWLFRPSUHQVLYRGLQROHJJLRPHVVDLQRSHUDHGHYHQWXDOHPDQXWHQ]LRQH FDG ¼
3HURJQLPHVHRIUD]LRQH
%$55,(5$ 2 3$11(//2 3527(77,92 LQ SOH[LJODVV R DOWUR PDWHULDOH DWWR D

6 SURWHJJHUH L ODYRUDWRUL GD HVSRVL]LRQH DG DJHQWL ELRORJLFL FRPSUHQVLYR GL PHVVD FDG ¼
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6 FDG ¼
GLUHWWRUHGLFDQWLHUHVXOOHVSHFLILFKHSURFHGXUHGDDGRWWDUHLQFDQWLHUH
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6
VXOOHVSHFLILFKHSURFHGXUHGDDGRWWDUHLQFDQWLHUH
6 D )LQRDODYRUDWRUL FDG ¼
6 E 3HURJQLODYRUDWRUHROWUHLOTXLQWR FDG ¼
6 F 1RORSHURJQLPHVHVXFFHVVLYRRIUD]LRQH
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GL SURGRWWL LJLHQL]]DQWL D EDVH GL LSRFORULWR GL VRGLR LQ VROX]LRQH DFTXRVD R DOWUR
6
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6 D SHUVXSHUILFLILQRDPT FRUSR ¼

6 E SHUVXSHUILFLGDDPT FRUSR ¼
SHUVXSHUILFLROWUHPTHILQRDPT6RYUDSSUH]]RDOODYRFH
6 F PT ¼
SUHFHGHQWHSHULVROLPTHFFHGHQWLL
SHUROWUHPT6RYUDSSUH]]RDOOHYRFLSUHFHGHQWLSHULVROLPTHFFHGHQWLL
6 G PT ¼

'LVLQIH]LRQH GL ORFDOLDPELHQWLFDELQH DO ILQH GL ULGXUUH OD SUHVHQ]D GL DJHQWL

SDWRJHQL FRPH EDWWHUL VSRUH IXQJLQH H YLUXV HYHQWXDOPHQWH SUHVHQWL H UHQGHUH
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6
R]RQL]]D]LRQH FRQ JHQHUDWRUH GL R]RQR QHEXOL]]D]LRQH GL SHURVVLGR GL LGURJHQR
R DOWUR SURGRWWR LGRQHR QHO ULVSHWWR GL TXDQWR GLVFLSOLQDWR GDO 0LQLVWHUR GHOOD
6DOXWHHQRUPDWLYHGLULIHULPHQWRHPDQDWHLQPDWHULD
6 D SHUVXSHUILFLILQRDPT FRUSR ¼

6 E SHUVXSHUILFLGDDPT FRUSR ¼
SHUVXSHUILFLROWUHPTHILQRDPT6RYUDSSUH]]RDOODYRFH
6 F PT ¼
SUHFHGHQWHSHULVROLPTHFFHGHQWLL
SHU ROWUH PT 6RYUDSSUH]]R DOOH YRFL SUHFHGHQWL SHU L VROL PT HFFHGHQWL L
6 G PT ¼

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28/07/2022 - BOLLETTINO UFFICIALE DELLA REGIONE LAZIO - N. 63 Ordinario Pag.

Deliberazione 26 luglio 2022, n. 640

SU PROPOSTA dell'Assessore ai Lavori Pubblici e Tutela del Territorio, Mobilità;

VISTO lo Statuto della Regione Lazio;

VISTA la legge regionale 12 agosto 2020, n. 11 “Legge di contabilità regionale”;

CONSIDERATO che con Decreto del Provveditore n. 42086/PRRM-SEGR del 13.11.2017, è

per le motivazioni di cui in premessa, che si intendono integralmente richiamate

Avvertenze Generali ,

Avvertenze Generali ,,

- lavori di modesta entità comunque richiedenti una consistente organizzazione di cantiere;

- lavori caratterizzati da tecnologie particolarmente complesse.

Avvertenze Generali ,,,

- lavori caratterizzati da prevalente ripetitività di opere di semplice esecuzione;

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