I sommersi e i salvati

Citation preview

COPIA NON VENDIBILE

TESTO PER STUDIO UNITO



IO D U E T S BIL I R D E P EN V N O



TESTO PER STUDIO UNITO

67&2/(5,'*(7KH5LPHRIWKH$QFLHQW0DULQHUYY 67&2 67&2/

6LQFHWKHQDWDQXQFHUWDLQKRXU 7KDWDJRQ\UHWXUQV $QGWLOOP\JKDVWO\WDOHLVWROG GWLOOP GWLOOP\ 7KLVKHDUWZLWKLQPHEXUQV 7KLVKHDUWZL VKHDUWZ

,VRPPHUVLHLVDOYDWL

COPIA NON VENDIBILE

TESTO PER STUDIO UNITO



IO D U E T S BIL I R D E P EN O V T N S TE NO



COPIA NON VENDIBILE

3UHID]LRQH

/H SULPH QRWL]LH VXL FDPSL GߞDQQLHQWDPHQWR QD]LVWL KDQQR FRPLQFLDWR D GLIIRQGHUVL QHOOߞDQQRFUXFLDOH(UDQRQRWL]LHYDJKHWXWWDYLDIUDORURFRQFRUGLGHOLQHDYDQRXQD VWUDJHGLSURSRU]LRQLFRV­YDVWHGLXQDFUXGHOW FRV­VSLQWDGLPRWLYD]LRQLFRV­LQWULFDWH FKH LO SXEEOLFR WHQGHYD D ULILXWDUOH SHU OD ORUR VWHVVD HQRUPLW  ˆ VLJQLILFDWLYR FRPH TXHVWR ULILXWR IRVVH VWDWR SUHYLVWR FRQ DPSLR DQWLFLSR GDJOL VWHVVL FROSHYROL PROWL VRSUDYYLVVXWL WUD JOL DOWUL 6LPRQ :LHVHQWKDO QHOOH XOWLPH SDJLQH GL *OL DVVDVVLQL VRQR IUD QRL *DU]DQWL 0LODQR   ULFRUGDQR FKH L PLOLWL GHOOH 66 VL GLYHUWLYDQR DG DPPRQLUHFLQLFDPHQWHLSULJLRQLHULl,QTXDOXQTXHPRGRTXHVWDJXHUUDILQLVFDODJXHUUD FRQWURGLYRLOߞDEELDPRYLQWDQRLQHVVXQRGLYRLULPDUU SHUSRUWDUHWHVWLPRQLDQ]DPD VH DQFKH TXDOFXQR VFDPSDVVH LO PRQGR QRQ JOL FUHGHU  )RUVH FL VDUDQQR VRVSHWWL GLVFXVVLRQLULFHUFKHGLVWRULFLPDQRQFLVDUDQQRFHUWH]]HSHUFK©QRLGLVWUXJJHUHPROH SURYHLQVLHPHFRQYRL(TXDQGRDQFKHTXDOFKHSURYDGRYHVVHULPDQHUHHTXDOFXQRGL YRLVRSUDYYLYHUHODJHQWHGLU FKHLIDWWLFKHYRLUDFFRQWDWHVRQRWURSSRPRVWUXRVLSHU SHU HVVHUHFUHGXWLGLU FKHVRQRHVDJHUD]LRQLGHOODSURSDJDQGDDOOHDWDHFUHGHU DQRLFKH LFKH QHJKHUHPRWXWWRHQRQDYRL/DVWRULDGHL/DJHUVDUHPRQRLDGHWWDUOD{ &XULRVDPHQWH TXHVWR VWHVVR SHQVLHUR lVH DQFKH UDFFRQWDVVLPR QRQ Q VDUHPPR VDUHPPR VDU PP FUHGXWL{ DIILRUDYDLQIRUPDGLVRJQRQRWWXUQRGDOODGLVSHUD]LRQHGHLSULJLRQLHUL4XDVL JLRQLHUL4 WXWWL L UHGXFL D YRFH R QHOOH ORUR PHPRULH VFULWWH ULFRUGDQR XQ VRJQR JQR QR FKH ULFRUUHYD ULF HYD VSHVVR QHOOH QRWWL GL SULJLRQLD YDULR QHL SDUWLFRODUL PD XQLFR QHOOD D VRVWDQ]D VRVWDQ]D GL HVVHUH WRUQDWL D FDVD GL UDFFRQWDUH FRQ SDVVLRQH H VROOLHYR OH ORUR RUR VRIIHUHQ]H VRIIHUH H SDVVDWH VRIIHU ULYROJHQGRVLDGXQDSHUVRQDFDUDHGLQRQHVVHUHFUHGXWLDQ]LQHSSXUHDVFROWDWL1HOOD ]LQHSSXUH ROWDWL1HOOD IRUPDSLºWLSLFD HSLºFUXGHOH OߞLQWHUORFXWRUHVLYROWDYDHVHQHDQGDYDLQVLOHQ]LRˆ HVHQHDQG DLQVLOHQ]LR TXHVWR XQ WHPD VX FXL ULWRUQHUHPR PD ILQ GD DGHVVR ¨ LPSRUWDQWH VRWWROLQHDUH SRUWDQ UWD ROLQHDUH FRPH HQWUDPEH OH SDUWL OH YLWWLPH H JOL RSSUHVVRUL DYHVVHUR YLYD OD FRQVDSHYROH]]D VD VDS GHOOߞHQRUPLW HTXLQGLGHOODQRQFUHGLELOLW GLTXDQWRDYYHQLYDQHL/DJHUHSRVVLDPR DJJLXQJHUH TXL QRQ VROR QHL /DJHU PD QHL JKHWWL QHOOH UHWURYLH GHO IURQWH RULHQWDOH QHOOHVWD]LRQLGLSROL]LDQHJOLDVLOLSHULPLQRUDWLPHQWDOL )RUWXQDWDPHQWH OH FRVH QRQ VRQR DQGDWH FRPH OH YLWWLPH WHPHYDQR H FRPH L QD]LVWL VSHUDYDQR$QFKHODSLºSHUIHWWDGHOOHRUJDQL]]D]LRQLSUHVHQWDODFXQHHOD*HUPDQLDGL +LWOHU VRSUDWWXWWR QHJOL XOWLPL PHVL SULPD GHO FUROOR HUD ORQWDQD GDOOߞHVVHUH XQD PDFFKLQDSHUIHWWD0ROWHGHOOHSURYHPDWHULDOLGHJOLVWHUPLQLGLPDVVDIXURQRVRSSUHVVH RVLFHUF²SLºRPHQRDELOPHQWHGLVRSSULPHUOHQHOOߞDXWXQQRGHOLQD]LVWLIHFHUR VDOWDUH OH FDPHUH D JDV H L FUHPDWRUL GL $XVFKZLW] PD OH URYLQH FL VRQR DQFRUD H D GLVSHWWRGHOOHFRQWRUVLRQLGHJOLHSLJRQL¨GLIILFLOHJLXVWLILFDUQHODIXQ]LRQHULFRUUHQGRDG LSRWHVLIDQWDVLRVH,OJKHWWRGL9DUVDYLDGRSRODIDPRVDLQVXUUH]LRQHGHOODSULPDYHUDGHO

COPIA NON VENDIBILE

IXUDVRDOVXRORPDODFXUDVRYUXPDQDGLDOFXQLFRPEDWWHQWLVWRULFL VWRULFLGLVH VWHVVL IHFHV­FKHWUDOHPDFHULHVSHVVHPROWLPHWULRFRQWUDEEDQGDWDDOGLO GHOPXUR DOWUL VWRULFL ULWURYDVVHUR OD WHVWLPRQLDQ]D GL FRPH JLRUQR SHU JLRUQR TXHO JKHWWR VLD YLVVXWRHVLDPRUWR7XWWLJOLDUFKLYLGHL/DJHUVRQRVWDWLEUXFLDWLQHJOLXOWLPLJLRUQLGL JXHUUD H TXHVWD ¨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¨ SDGURQH DQFKH GHOOD YHULW  OD SX² DUH PDQLSRODUHFRPHJOLSDUHLQTXDOFKHPRGROHIRVVHFRPXQLVDUHEEHURVWDWHJLXVWLILFDWH PDQLSRODU PDQLSRODUH PHJOLSD RIDWWHVSDULUHRDWWULEXLWHDLVRYLHWLFL FKHGHOUHVWRGLPRVWUDURQRD.DW\QGLQRQHVVHUH RIDWW RIDWWHV LUHRDWWULE UHRDWWULE PROWR GD PROWR D PHQR  0D 0 GRSR OD VYROWD GL 6WDOLQJUDGR FL IX XQ ULSHQVDPHQWR PHJOLR FDQFHOODUH FD HOODUH OODUH VXELWR VXELWR WXWWR *OL VWHVVL SULJLRQLHUL IXURQR FRVWUHWWL D GLVVHSSHOOLUH TXHL UHVWL PLVHUDQGL LVHUDQGL VHUDQGL HG HG D EUXFLDUOL VX URJKL DOOߞDSHUWR FRPH VH XQߞRSHUD]LRQH GL TXHVWH SURSRU]LRQLHFRV­LQFRQVXHWDSRWHVVHSDVVDUHWRWDOPHQWHLQRVVHUYDWD SURSRU]LR SURSRU]LRQ , FRPDQGL 66 HG L VHUYL]L GL VLFXUH]]D SRVHUR SRL OD PDVVLPD FXUD DIILQFK© QHVVXQ FRP FR WHVWLPRQH VRSUDYYLYHVVH ˆ TXHVWR LO VHQVR GLIILFLOPHQWH VH QH SRWUHEEH HVFRJLWDUH XQ WHVWLP DDOWUR GHLWUDVIHULPHQWLPLFLGLDOLHGDSSDUHQWHPHQWHIROOLFRQFXLVL¨FKLXVDODVWRULDGHL DO FDPSLQD]LVWLQHLSULPLPHVLGHOLVXSHUVWLWLGL0DMGDQHNDG$XVFKZLW]TXHOOLGL $XVFKZLW] D %XFKHQZDOG HG D 0DXWKDXVHQ TXHOOL GL %XFKHQZDOG D %HUJHQ%HOVHQ OH GRQQH GL 5DYHQVEU¼FN YHUVR 6FKZHULQ 7XWWL LQVRPPD GRYHYDQR HVVHUH VRWWUDWWL DOOD OLEHUD]LRQHULGHSRUWDWLYHUVRLOFXRUHGHOOD*HUPDQLDLQYDVDGDHVWHGDRYHVWQRQDYHYD LPSRUWDQ]D FKH PRULVVHUR SHU YLD LPSRUWDYD FKH QRQ UDFFRQWDVVHUR ,QIDWWL GRSR DYHU IXQ]LRQDWR FRPH FHQWUL GL WHUURUH SROLWLFR SRL FRPH IDEEULFKH GHOOD PRUWH H VXFFHVVLYDPHQWH R FRQWHPSRUDQHDPHQWH  FRPH VWHUPLQDWR VHUEDWRLR GL PDQR GߞRSHUD VFKLDYDVHPSUHULQQRYDWDL/DJHUHUDQRGLYHQWDWLSHULFRORVLSHUOD*HUPDQLDPRULERQGD SHUFK© FRQWHQHYDQR LO VHJUHWR GHL /DJHU VWHVVL LO PDVVLPR FULPLQH QHOOD VWRULD GHOOߞXPDQLW  /ߞHVHUFLWR GL ODUYH FKH DQFRUD YL YHJHWDYD HUD FRVWLWXLWR GD *HKHLPQLVWU¤JHU SRUWDWRUL GL VHJUHWL GL FXL HUD QHFHVVDULR OLEHUDUVL GLVWUXWWL RUPDL JOL LPSLDQWLGLVWHUPLQLRDORURYROWDHORTXHQWLVLVFHOVHODYLDGLWUDVIHULUOLYHUVROߞLQWHUQR QHOODVSHUDQ]DDVVXUGDGLSRWHUOLDQFRUDULQFKLXGHUHLQ/DJHUPHQRPLQDFFLDWLGDLIURQWL DYDQ]DQWLHGLVIUXWWDUQHOHXOWLPHFDSDFLW ODYRUDWLYHHQHOOߞDOWUDVSHUDQ]DPHQRDVVXUGD FKHLOWRUPHQWRGLTXHOOHELEOLFKHPDUFHQHULGXFHVVHLOQXPHUR(GLQIDWWLLOQXPHURIX VSDYHQWRVDPHQWH ULGRWWR PD TXDOFXQR KD SXUH DYXWR OD IRUWXQD H OD IRU]D GL VRSUDYYLYHUHHG¨ULPDVWRSHUWHVWLPRQLDUH ˆPHQRQRWRHPHQRVWXGLDWRLOIDWWRFKHPROWLSRUWDWRULGLVHJUHWLVLWURYDYDQRDQFKH GDOOߞDOWUD SDUWH GDOOD SDUWH GHJOL RSSUHVVRUL EHQFK© PROWL VDSHVVHUR SRFR H SRFKL

TESTO PER STUDIO UNITO

TESTO PER STUDIO UNITO



COPIA NON VENDIBILE



IO D U E T S BIL I R D E P EN O V T N S TE NO

GHOOߞLQGLJQD]LRQHFKHVXVFLWDQRHVVHYDQQROHWWHFRQRFFKLRFULWLFR3HUXQDFRQRVFHQ]D GHL /DJHU L /DJHU VWHVVL QRQ HUDQR VHPSUH XQ EXRQ RVVHUYDWRULR QHOOH FRQGL]LRQL GLVXPDQH D FXL HUDQR DVVRJJHWWDWL HUD UDUR FKH L SULJLRQLHUL SRWHVVHUR DFTXLVLUH XQD YLVLRQH GߞLQVLHPH GHO ORUR XQLYHUVR 3RWHYD DFFDGHUH VRSUDWWXWWR SHU FRORUR FKH QRQ FDSLYDQRLOWHGHVFRFKHLSULJLRQLHULQRQVDSHVVHURQHSSXUHLQTXDOHSXQWRGߞ(XURSDVL WURYDVVHLO/DJHULQFXLVWDYDQRHGLQFXLHUDQRDUULYDWLGRSRXQYLDJJLRPDVVDFUDQWHH WRUWXRVRLQYDJRQLVLJLOODWL1RQFRQRVFHYDQROߞHVLVWHQ]DGLDOWUL/DJHUPDJDULDSRFKL FKLORPHWUL GL GLVWDQ]D 1RQ VDSHYDQR SHU FKL ODYRUDYDQR 1RQ FRPSUHQGHYDQR LO VLJQLILFDWR GL FHUWL LPSURYYLVL PXWDPHQWL GL FRQGL]LRQH H GHL WUDVIHULPHQWL LQ PDVVD &LUFRQGDWRGDOODPRUWHVSHVVRLOGHSRUWDWRQRQHUDLQJUDGRGLYDOXWDUHODPLVXUDGHOOD VWUDJH FKH VL VYROJHYD VYROJH VRWWR L VXRL RFFKL ,O FRPSDJQR FKH RJJL DYHYD ODYRUDWR DO VXR VYROJHY PDQL QRQ FߞHUD F ILDQFR GRPDQL SLº SRWHYD HVVHUH QHOOD EDUDFFD DFFDQWR R FDQFHOODWR GDO PRQGRQRQFߞHUDPRGRGLVDSHUOR6LVHQWLYDLQVRPPDGRPLQDWRGDXQHQRUPHHGLILFLR QRQFߞHUDP GLYLROHQ]DHGLPLQDFFLDPDQRQSRWHYDFRVWUXLUVHQHXQDUDSSUHVHQWD]LRQHSHUFK©LVXRL ROHQ]DHGLP OHQ]DHGLP FKLHUDQROH LDO LD RFFKLHUDQROHJDWLDOVXRORGDOELVRJQRGLWXWWLLPLQXWL 'D TXHVWD TXHV FDUHQ]D VRQR VWDWH FRQGL]LRQDWH OH WHVWLPRQLDQ]H YHUEDOL R VFULWWH GHL TXH SULJLRQLHUL lQRUPDOL{ GHL QRQ SULYLOHJLDWL GL TXHOOL FLR¨ FKH FRVWLWXLYDQR LO QHUER GHL SULJLR SULJLRQL FDPSLHFKHVRQRVFDPSDWLDOODPRUWHVRORSHUXQDFRPELQD]LRQHGLHYHQWLLPSUREDELOL FDPS HFKHVRQRV FKHVRQRV (UDQR PDJJLRUDQ]D LQ /DJHU PD HVLJXD PLQRUDQ]D WUD L VRSUDYYLVVXWL IUD TXHVWL VRQR (U R PDJJLRUDQ PROWR FRORUR FKH LQ SULJLRQLD KDQQR IUXLWR GL XQ TXDOFKH SULYLOHJLR $ ROWR SLº QXPHURVL QX GLVWDQ]DGLDQQLVLSX²RJJLEHQHDIIHUPDUHFKHODVWRULDGHL/DJHU¨VWDWDVFULWWDTXDVL GLVWDQ]DG GLVWDQ]DGL HVFOXVLYDPHQWHGDFKLFRPHLRVWHVVRQRQQHKDVFDQGDJOLDWRLOIRQGR&KLORKDIDWWR HVFOXVLY QRQ¨WRUQDWRRSSXUHODVXDFDSDFLW GLRVVHUYD]LRQHHUDSDUDOL]]DWDGDOODVRIIHUHQ]DH QRQ QRQ GDOOߞLQFRPSUHQVLRQH G GD 'ߞDOWUD SDUWH L WHVWLPRQL lSULYLOHJLDWL{ GLVSRQHYDQR GL XQ RVVHUYDWRULR FHUWDPHQWH PLJOLRUHVHQRQDOWURSHUFK©HUDVLWXDWRSLºLQDOWRHTXLQGLGRPLQDYDXQRUL]]RQWHSLº HVWHVR SHU² HUD DQFKH IDOVDWR LQ PDJJLRUH R PLQRU PLVXUD GDO SULYLOHJLR PHGHVLPR ,O GLVFRUVRVXOSULYLOHJLR QRQVRORLQ/DJHU ¨GHOLFDWRHFHUFKHU²GLVYROJHUORSLºROWUH FRQ OD PDVVLPD RELHWWLYLW  FRQVHQWLWD DFFHQQHU² TXL VROR DO IDWWR FKH L SULYLOHJLDWL SHU HFFHOOHQ]D FRORUR FLR¨ FKH VL VRQR DFTXLVWDWR LO SULYLOHJLR DVVHUYHQGRVL DOOߞDXWRULW  GHO FDPSR QRQ KDQQR WHVWLPRQLDWR DIIDWWR SHU RYYL PRWLYL RSSXUH KDQQR ODVFLDWR WHVWLPRQLDQ]H ODFXQRVH R GLVWRUWH R WRWDOPHQWH IDOVH , PLJOLRUL VWRULFL GHL /DJHU VRQR GXQTXHHPHUVLIUDLSRFKLVVLPLFKHKDQQRDYXWROߞDELOLW HODIRUWXQDGLUDJJLXQJHUHXQ RVVHUYDWRULR SULYLOHJLDWR VHQ]D SLHJDUVL D FRPSURPHVVL H OD FDSDFLW  GL UDFFRQWDUH TXDQWRKDQQRYLVWRVRIIHUWRHIDWWRFRQOߞXPLOW GHOEXRQFURQLVWDRVVLDWHQHQGRFRQWR GHOOD FRPSOHVVLW  GHO IHQRPHQR /DJHU H GHOOD YDULHW  GHL GHVWLQL XPDQL FKH YL VL VYROJHYDQR (UD QHOOD ORJLFD GHOOH FRVH FKH TXHVWL VWRULFL IRVVHUR TXDVL WXWWL SULJLRQLHUL SROLWLFL H FL² SHUFK© L /DJHU HUDQR XQ IHQRPHQR SROLWLFR SHUFK© L SROLWLFL PROWR SLº GHJOL HEUHL H GHL FULPLQDOL HUDQR TXHVWH FRPH ¨ QRWR OH WUH FDWHJRULH SULQFLSDOL GL SULJLRQLHUL SRWHYDQRGLVSRUUHGLXQRVIRQGRFXOWXUDOHFKHFRQVHQWLYDORURGLLQWHUSUHWDUH LIDWWLDFXLDVVLVWHYDQRSHUFK©SURSULRLQTXDQWRH[FRPEDWWHQWLRWXWWRUDFRPEDWWHQWL DQWLIDVFLVWL VL UHQGHYDQR FRQWR FKH XQD WHVWLPRQLDQ]D HUD XQ DWWR GL JXHUUD FRQWUR LO IDVFLVPR SHUFK© DYHYDQR SLº IDFLOH DFFHVVR DL GDWL VWDWLVWLFL HG LQILQH SHUFK© VSHVVR

COPIA NON VENDIBILE

VDSHVVHUR WXWWR 1HVVXQR ULXVFLU  PDL D VWDELOLUH FRQ SUHFLVLRQH TXDQWL QHOOߞDSSDUDWR QD]LVWD QRQ SRWHVVHUR QRQ VDSHUH GHOOH VSDYHQWRVH DWURFLW  FKH YHQLYDQR FRPPHVVH TXDQWL VDSHVVHUR TXDOFRVD PD IRVVHUR LQ JUDGR GL ILQJHUH GߞLJQRUDUH TXDQWL DQFRUD DYHVVHUR DYXWR OD SRVVLELOLW  GL VDSHUH WXWWR PD DEELDQR VFHOWR OD YLD SLº SUXGHQWH GL WHQHUHRFFKLHGRUHFFKL HVRSUDWWXWWRODERFFD EHQFKLXVL&RPXQTXHVLDSRLFK©QRQVL SX²VXSSRUUHFKHODPDJJLRUDQ]DGHLWHGHVFKLDFFHWWDVVHDFXRUOHJJHURODVWUDJH¨FHUWR FKH OD PDQFDWD GLIIXVLRQH GHOOD YHULW  VXL /DJHU FRVWLWXLVFH XQD GHOOH PDJJLRUL FROSH FROOHWWLYH GHO SRSROR WHGHVFR H OD SLº DSHUWD GLPRVWUD]LRQH GHOOD YLOW  D FXL LO WHUURUH KLWOHULDQRORDYHYDULGRWWRXQDYLOW HQWUDWDQHOFRVWXPHHFRV­SURIRQGDGDWUDWWHQHUHL PDULWLGDOUDFFRQWDUHDOOHPRJOLLJHQLWRULDLILJOLVHQ]DODTXDOHDLPDJJLRULHFFHVVLQRQ VLVDUHEEHJLXQWLHOߞ(XURSDHGLOPRQGRRJJLVDUHEEHURGLYHUVL 6HQ]D GXEELR FRORUR FKH FRQRVFHYDQR OߞRUULELOH YHULW  SHU HVVHUQH R HVVHUQH VWDWL UHVSRQVDELOLDYHYDQRIRUWLUDJLRQLSHUWDFHUHPDLQTXDQWRGHSRVLWDULGHOVHJUHWRDQFKH WDFHQGR QRQ DYHYDQR VHPSUH OD YLWD VLFXUD /R GLPRVWUD LO FDVR GL 6WDQJO H GHJOL DOWUL PDFHOODLGL7UHEOLQNDFKHGRSROߞLQVXUUH]LRQHHORVPDQWHOODPHQWRGLTXHO/DJHUIXURQR WUDVIHULWLLQXQDGHOOH]RQHSDUWLJLDQHSLºSHULFRORVH /ߞLJQRUDQ]D YROXWD H OD SDXUD KDQQR IDWWR WDFHUH DQFKH PROWL SRWHQ]LDOL WHVWLPRQL lFLYLOL{ GHOOH LQIDPLH GHL /DJHU 6SHFLDOPHQWH QHJOL XOWLPL DQQL GL JXHUUD L /DJHU FRVWLWXLYDQR XQ VLVWHPD HVWHVR FRPSOHVVR H SURIRQGDPHQWH FRPSHQHWUDWR FRQ OD YLWD TXRWLGLDQD GHO SDHVH VL ¨ SDUODWR FRQ UDJLRQH GL lXQLYHUV FRQFHQWUDWLRQQDLUH{ PD QRQ HUDXQXQLYHUVRFKLXVR6RFLHW LQGXVWULDOLJUDQGLHSLFFROHD]LHQGHDJULFROHIDEEULFKH FKH KH GLDUPDPHQWLWUDHYDQRSURILWWRGDOODPDQRGߞRSHUDSUHVVRFK©JUDWXLWDIRUQLWDGDLFDPSL DPSL $OFXQHVIUXWWDYDQRLSULJLRQLHULVHQ]DSLHW DFFHWWDQGRLOSULQFLSLRGLVXPDQR HGDQFKH DQFK DQFKH VWXSLGR  GHOOH 66 VHFRQGR FXL XQ SULJLRQLHUR QH YDOHYD XQ DOWUR H VH PRULYD YD GL IDWLFD WLF WLFD SRWHYD HVVHUH LPPHGLDWDPHQWH VRVWLWXLWR DOWUH SRFKH FHUFDYDQR FDXWDPHQWH FDXWDPHQWH GL FDXWDPHQW DOOHYLDUQHOHSHQH$OWUHLQGXVWULHRPDJDULOHVWHVVHULFDYDYDQRSURILWWLGDOOHIRUQLWXUH LWWLGDOOHIRU WWLGDOOHIRU XUH DL/DJHUPHGHVLPLOHJQDPHPDWHULDOLSHUFRVWUX]LRQHLOWHVVXWRSHUOߞXQLIRUPHDULJKH HUOߞXQLIRUP UOߞXQLIRUP DULJKH ULJKH GHL SULJLRQLHUL L YHJHWDOL HVVLFFDWL SHU OD ]XSSD HFFHWHUD *OL L VWHVVL IRUQL IRUQ FUHPDWRUL IR PXOWLSOLHUDQRVWDWLSURJHWWDWLFRVWUXLWLPRQWDWLHFROODXGDWLGDXQDGLWWDWHGHVFDOD7RSI DXQDGLWWDW HVFDOD7RSI VFDOD7RS GL:LHVEDGHQ HUDWXWWRUDDWWLYDILQYHUVRLOFRVWUXLYDFUHPDWRULSHUXVRFLYLOHH DFUHPDWRU HUXVRFLYLO QRQDYHYDULWHQXWRRSSRUWXQRDSSRUWDUHPXWDPHQWLDOODVXDUDJLRQHVRFLDOH ˆGLIILFLOH UDJLRQH JLRQ DOH ˆG DOH ˆGL SHQVDUHFKHLOSHUVRQDOHGLTXHVWHLPSUHVHQRQVLUHQGHVVHFRQWRGHOVLJQLILFDWRHVSUHVVR DWR GDOODTXDOLW RGDOODTXDQWLW GHOOHPHUFLHGHJOLLPSLDQWLFKHYHQLYDQRFRPPLVVLRQDWLGDL FRPDQGL 66 /R VWHVVR GLVFRUVR VL SX² IDUH HG ¨ VWDWR IDWWR SHU TXDQWR ULJXDUGD OD IRUQLWXUD GHO YHOHQR FKH IX LPSLHJDWR QHOOH FDPHUH D JDV GL $XVFKZLW] LO SURGRWWR VRVWDQ]LDOPHQWHDFLGRFLDQLGULFRHUDXVDWRJL GDPROWLDQQLSHUODGLVLQIHVWD]LRQHGHOOH VWLYH PD LO EUXVFR DXPHQWR GHOOH RUGLQD]LRQL D SDUWLUH GDO  QRQ SRWHYD SDVVDUH LQRVVHUYDWR 'RYHYD IDU QDVFHUH GXEEL H FHUWDPHQWH OL IHFH QDVFHUH PD HVVL IXURQR VRIIRFDWLGDOODSDXUDGDOGHVLGHULRGLJXDGDJQRGDOODFHFLW HVWXSLGLW YRORQWDULDDFXL DEELDPR DFFHQQDWR HG LQ DOFXQL FDVL SUREDELOPHQWH SRFKL  GDOOD IDQDWLFD REEHGLHQ]D QD]LVWD ˆ QDWXUDOH HG RYYLR FKH LO PDWHULDOH SLº FRQVLVWHQWH SHU OD ULFRVWUX]LRQH GHOOD YHULW  VXL FDPSL VLD FRVWLWXLWR GDOOH PHPRULH GHL VXSHUVWLWL $O GL O  GHOOD SLHW  H

TESTO PER STUDIO UNITO

COPIA NON VENDIBILE



COPIA NON VENDIBILE



TESTO PER STUDIO UNITO

4XHVWR OLEUR LQWHQGH FRQWULEXLUH D FKLDULUH DOFXQL DVSHWWL GHO IHQRPHQR /DJHU FKH DQFRUD DSSDLRQR RVFXUL 6L SURSRQH DQFKH XQ ILQH SLº DPEL]LRVR YRUUHEEH ULVSRQGHUH DOOD GRPDQGD SLº XUJHQWH DOOD GRPDQGD FKH DQJRVFLD WXWWL FRORUR FKH KDQQR DYXWR RFFDVLRQHGLOHJJHUHLQRVWULUDFFRQWLTXDQWRGHOPRQGRFRQFHQWUD]LRQDULR¨PRUWRHQRQ ULWRUQHU SLºFRPHODVFKLDYLWºHGLOFRGLFHGHLGXHOOL"TXDQWR¨WRUQDWRRVWDWRUQDQGR" FKH FRVD SX² IDUH RJQXQR GL QRL SHUFK© LQ TXHVWR PRQGR JUDYLGR GL PLQDFFH DOPHQR TXHVWDPLQDFFLDYHQJDYDQLILFDWD" 1RQ KR DYXWR LQWHQ]LRQH Q© VDUHL VWDWR FDSDFH GL IDUH RSHUD GL VWRULFR FLR¨ GL HVDPLQDUH HVDXVWLYDPHQWH OH IRQWL 0L VRQR OLPLWDWR TXDVL HVFOXVLYDPHQWH DL /DJHU QD]LRQDOVRFLDOLVWL SHUFK© VROR GL TXHVWL KR DYXWR HVSHULHQ]D GLUHWWD QH KR DYXWR DQFKH XQDFRSLRVDHVSHULHQ]DLQGLUHWWDDWWUDYHUVRLOLEULOHWWLLUDFFRQWLDVFROWDWLHJOLLQFRQWUL VSHULHQ SHULHQ FRQLOHWWRULGHLPLHLSULPLGXHOLEUL,QROWUHILQRDOPRPHQWRLQFXLVFULYRHQRQRVWDQWH LGHLPLHLS GHLPLHL OߞRUURUH GL +LURVKL +LURVKLPD H 1DJDVDNL OD YHUJRJQD GHL *XODJ OߞLQXWLOH H VDQJXLQRVD FDPSDJQD 9LHWQDP OߞDXWRJHQRFLGLR FDPERJLDQR JOL VFRPSDUVL LQ $UJHQWLQD H OH DJQD GHO 9 PROWH JXHUUH DWURFL H VWXSLGH D FXL DEELDPR LQ VHJXLWR DVVLVWLWR LO VLVWHPD ROWH JXHUUH WUR FRQFHQWUD]LRQDULRQD]LVWDULPDQHWXWWDYLDXQXQLFXPVLDFRPHPROHVLDFRPHTXDOLW ,Q FRQFHQWUD] DULRQD]L ULRQD QHVVX DOWUR QHVVXQ UR R OXRJR H WHPSR VL ¨ DVVLVWLWR DG XQ IHQRPHQR FRV­ LPSUHYLVWR H FRV­ FRPSOHVVRPDLWDQWHYLWHXPDQHVRQRVWDWHVSHQWHLQFRV­EUHYHWHPSRHFRQXQDFRV­ FRPS VRPDLWDQ OXFLGDFRPELQD]LRQHGLLQJHJQRWHFQRORJLFRGLIDQDWLVPRHGLFUXGHOW 1HVVXQRDVVROYH OX DFRPELQD] FRPELQD] L FRQTXLVWDGR FRQTXLVWDGRUHV VSDJQROL GHL PDVVDFUL GD ORUR SHUSHWUDWL LQ $PHULFD SHU WXWWR LO FRQTXLVWDG VHGLFHVLPRVHFROR3DUHFKHDEELDQRSURYRFDWRODPRUWHGLDOPHQRPLOLRQLGLLQGLRV VHGLFHVLP VHGLFHVLPR DJLYDQR LQ SURSULR VHQ]D R FRQWUR OH GLUHWWLYH GHO ORUR JRYHUQR H GLOXLURQR L ORUR PD DJL DJLY PLVIDWWL LQ YHULW  DVVDL SRFR lSLDQLILFDWL{ VX XQ DUFR GL SLº GL FHQWR DQQL H IXURQR PLVI DDLXWDWLGDOOHHSLGHPLHFKHLQYRORQWDULDPHQWHVLSRUWDURQRGLHWUR(GLQILQHQRQDYHYDPR DL FHUFDWRGLOLEHUDUFHQHVHQWHQ]LDQGRFKHHUDQRlFRVHGLDOWULWHPSL{"

IO D U E T S BIL I R D E P EN O V T N S TE NO

3HUWXWWLLPRWLYLDFFHQQDWLTXLODYHULW VXL/DJHU¨YHQXWDDOODOXFHDWWUDYHUVRXQD VWUDGD OXQJD HG XQD SRUWD VWUHWWD H PROWL DVSHWWL GHOOߞXQLYHUVR FRQFHQWUD]LRQDULR QRQ VRQRDQFRUDVWDWLDSSURIRQGLWL6RQRWUDVFRUVLRUPDLSLºGLTXDUDQWߞDQQLGDOODOLEHUD]LRQH GHL/DJHUQD]LVWLTXHVWRULVSHWWDELOHLQWHUYDOORKDSRUWDWRDLILQLGHOODFKLDULILFD]LRQHDG HIIHWWLFRQWUDVWDQWLFKHFHUFKHU²GLHOHQFDUH &ߞ¨VWDWDLQSULPROXRJRODGHFDQWD]LRQHSURFHVVRGHVLGHUDELOHHQRUPDOHJUD]LHDO TXDOH L IDWWL VWRULFL DFTXLVWDQR LO ORUR FKLDURVFXUR H OD ORUR SURVSHWWLYD VROR D TXDOFKH GHFHQQLR GDOOD ORUR FRQFOXVLRQH $OOD ILQH GHOOD VHFRQGD JXHUUD PRQGLDOH L GDWL TXDQWLWDWLYL VXOOH GHSRUWD]LRQL H VXL PDVVDFUL QD]LVWL LQ /DJHU HG DOWURYH QRQ HUDQR DFTXLVLWL Q© HUD IDFLOH LQWHQGHUQH OD SRUWDWD H OD VSHFLILFLW  6ROR GD SRFKL DQQL VL VWD FRPSUHQGHQGRFKHODVWUDJHQD]LVWD¨VWDWDWUHPHQGDPHQWHlHVHPSODUH{HFKHVHDOWUR GLSHJJLRQRQDYYHUU QHLSURVVLPLDQQLHVVDVDU ULFRUGDWDFRPHLOIDWWRFHQWUDOHFRPH ODPDFFKLDGLTXHVWRVHFROR 3HUFRQWURLOWUDVFRUUHUHGHOWHPSRVWDSURYRFDQGRDOWULHIIHWWLVWRULFDPHQWHQHJDWLYL /DPDJJLRUSDUWHGHLWHVWLPRQLGLGLIHVDHGLDFFXVDVRQRRUPDLVFRPSDUVLHTXHOOLFKH ULPDQJRQR H FKH DQFRUD VXSHUDQGR L ORUR ULPRUVL R ULVSHWWLYDPHQWH OH ORUR IHULWH WH DFFRQVHQWRQR D WHVWLPRQLDUH GLVSRQJRQR GL ULFRUGL VHPSUH SLº VIXRFDWL H VWLOL]]DWL L]]DWL VSHVVRDORURLQVDSXWDLQIOXHQ]DWLGDQRWL]LHFKHHVVLKDQQRDSSUHVRSLºWDUGLGDOHWWXUH OHWWXU OHWWXUH RGDUDFFRQWLDOWUXL,QDOFXQLFDVLQDWXUDOPHQWHODVPHPRUDWH]]D¨VLPXODWDPDLPROWL PDL PROWL PDL PRO DQQLWUDVFRUVLODUHQGRQRFUHGLELOHDQFKHLQJLXGL]LRLlQRQVR{RlQRQVDSHYR{GHWWL VDSHYR{ VDSHYR{G RJJL GD PROWL WHGHVFKL QRQ VFDQGDOL]]DQR SLº PHQWUH VFDQGDOL]]DYDQR DQR R DYUHEEHUR DYUH HUR GRYXWRVFDQGDOL]]DUHTXDQGRLIDWWLHUDQRUHFHQWL 'LXQߞDOWUDVWLOL]]D]LRQHVLDPRUHVSRQVDELOLQRLVWHVVLQRLUHGXFLRSLºSUHFLVDPHQWH GXFLRSLºS XFLRSLº FLVDPHQWH TXHOOL IUD QRL FKH KDQQR DFFHWWDWR GL YLYHUH OD ORUR FRQGL]LRQH QH GL UHGXFL UHGXFL QHO UHGXF HO PRGR SLº VHPSOLFHHPHQRFULWLFR1RQ¨GHWWRFKHOHFHULPRQLHHOHFHOHEUD]LRQLLPRQXPHQWLHOH HOHEUD]LRQL PRQXPHQWL EDQGLHUH VLDQR VHPSUH H GDSSHUWXWWR GD GHSORUDUH 8QD FHUWD UWD GRVH GR GRV GL UHWRULFD HWRULFD ¨ ¨ IRUVH LQGLVSHQVDELOHDIILQFK©LOULFRUGRGXUL&KHLVHSROFULlOߞXUQHGHߞIRUWL{DFFHQGDQRJOL FH DQLPLDHJUHJLHFRVHRDOPHQRFRQVHUYLQRPHPRULDGHOOHLPSUHVHFRPSLXWHHUDYHURDL WHPSLGHO)RVFRORHG¨YHURDQFRURJJLPDELVRJQDVWDUHLQJXDUGLDGDOOHVHPSOLILFD]LRQL HFFHVVLYH 2JQL YLWWLPD ¨ GD SLDQJHUH HG RJQL UHGXFH ¨ GD DLXWDUH H FRPPLVHUDUH PD QRQWXWWLLORURFRPSRUWDPHQWLVRQRGDSURSRUUHDGHVHPSLR/ߞLQWHUQRGHL/DJHUHUDXQ PLFURFRVPR LQWULFDWR H VWUDWLILFDWR OD l]RQD JULJLD{ GL FXL SDUOHU² SLº ROWUH TXHOOD GHL SULJLRQLHULFKHLQTXDOFKHPLVXUDPDJDULDILQGLEHQHKDQQRFROODERUDWRFRQOߞDXWRULW  QRQHUDVRWWLOHDQ]LFRVWLWXLYDXQIHQRPHQRGLIRQGDPHQWDOHLPSRUWDQ]DSHUORVWRULFR ORSVLFRORJRHGLOVRFLRORJR1RQFߞ¨SULJLRQLHURFKHQRQORULFRUGLHFKHQRQULFRUGLLO VXRVWXSRUHGLDOORUDOHSULPHPLQDFFHLSULPLLQVXOWLLSULPLFROSLQRQYHQLYDQRGDOOH 66 PD GD DOWUL SULJLRQLHUL GD lFROOHJKL{ GD TXHL PLVWHULRVL SHUVRQDJJL FKH SXUH YHVWLYDQRODVWHVVDWXQLFDD]HEUDFKHORURLQXRYLDUULYDWLDYHYDQRDSSHQDLQGRVVDWD

ROWUHDULYHVWLUHLQ/DJHUFDULFKHLPSRUWDQWLHUDQRPHPEULGHOOHRUJDQL]]D]LRQLVHJUHWH GLGLIHVD$OPHQRQHJOLXOWLPLDQQLOHORURFRQGL]LRQLGLYLWDHUDQRWROOHUDELOLWDQWRGD SHUPHWWHUHORURDGHVHPSLRGLVFULYHUHHFRQVHUYDUHDSSXQWLFRVDFKHSHUJOLHEUHLQRQ HUDSHQVDELOHHFKHLFULPLQDOLQRQDYHYDQRLQWHUHVVHDIDUH

TESTO PER STUDIO UNITO

TESTO PER STUDIO UNITO





COPIA NON VENDIBILE

IO D U E T S BIL I R D E P EN O V T N S TE NO

/DWRUWXUD¨VWDWDSHUOXLXQDLQWHUPLQDELOHPRUWH$P©U\GLFXLULSDUOHU²DOFDSLWROR ¨VWDWD ¨VWDWD VHVWRVL¨XFFLVRQHO FFLVRQHO FFLVRQHO 1RQ YRJOLDPR FRQIXVLRQL IUHXGLVPL VSLFFLROL PRUERVLW  LQGXOJHQ]H /ߞRSSUHVVRUH F UHVWDWDOHHFRV­ODYLWWLPDQRQVRQRLQWHUFDPELDELOLLOSULPR¨GDSXQLUHHGDHVHFUDUH WDOHHFRV­ PD SRVVLELOH G GD FDSLUH  OD VHFRQGD ¨ GD FRPSLDQJHUH H GD DLXWDUH PD HQWUDPEL PD D VH SRVVLE GDYDQWLDOOߞLQGHFHQ]DGHOIDWWRFKH¨VWDWRLUUHYRFDELOPHQWHFRPPHVVRKDQQRELVRJQRGL GDYDQWLDOO GDYDQWLDOOߞ GHFHQ]DG HFHQ]DG ULIXJLRHGLGLIHVDHQHYDQQRLVWLQWLYDPHQWHLQFHUFD1RQWXWWLPDLSLºHVSHVVRSHU ULIXJL ULIXJLRH GLIHVDHQ GLIHVDHQ WXWWDODORURYLWD WXWWD RURYLWD RYLWD 'LVSRQLDPR RUPDL GL QXPHURVH FRQIHVVLRQL GHSRVL]LRQL DPPLVVLRQL GD SDUWH GHJOL LVSRQLDPR VSRQLDPR R RSSUHVVRUL QRQ SDUOR VROR GHL QD]LRQDOVRFLDOLVWL WHGHVFKL PD GL WXWWL FRORUR FKH SUHVVRUL Q FRPPHWWRQRGHOLWWLRUUHQGLHPXOWLSOLSHUREEHGLHQ]DDGXQDGLVFLSOLQD DOFXQHULODVFLDWH FRPPHWWR FRPPHWWRQ JLXGL]LR DOWUH QHO FRUVR GL LQWHUYLVWH DOWUH DQFRUD FRQWHQXWH LQ OLEUL R PHPRULDOL $ LQ JLXG JLXGL PLR SDUHUH VRQR GRFXPHQWL GL HVWUHPD LPSRUWDQ]D ,Q JHQHUDOH LQWHUHVVDQR SRFR OH PLR GGHVFUL]LRQLGHOOHFRVHYLVWHHGHJOLDWWLFRPSLXWLHVVHFRLQFLGRQRDPSLDPHQWHFRQTXDQWR GH ¨ VWDWR UDFFRQWDWR GDOOH YLWWLPH DVVDL UDUDPHQWH YHQJRQR FRQWHVWDWH VRQR SDVVDWH LQ JLXGLFDWRHIDQQRRUPDLSDUWHGHOOD6WRULD6SHVVRYHQJRQRGDWHSHUQRWH6RQRPROWRSLº LPSRUWDQWL OH PRWLYD]LRQL H OH JLXVWLILFD]LRQL SHUFK© OR KDL IDWWR" 7L UHQGHYL FRQWR GL FRPPHWWHUHXQGHOLWWR" /H ULVSRVWH D TXHVWH GXH GRPDQGH R DG DOWUH DQDORJKH VRQR PROWR VLPLOL IUD ORUR LQGLSHQGHQWHPHQWHGDOODSHUVRQDOLW GHOOߞLQWHUURJDWRVLDHJOLXQSURIHVVLRQLVWDDPEL]LRVR HG LQWHOOLJHQWH FRPH 6SHHU R XQ JHOLGR IDQDWLFR FRPH (LFKPDQQ R XQ IXQ]LRQDULR GL YLVWDFRUWDFRPH6WDQJOGL7UHEOLQNDH+¶VVGL$XVFKZLW]RXQEUXWRRWWXVRFRPH%RJHU H.DGXNLQYHQWRULGLWRUWXUH(VSUHVVHFRQIRUPXOD]LRQLGLYHUVHHFRQPDJJLRUHRPLQRU SURWHUYLDDVHFRQGDGHOOLYHOORPHQWDOHHFXOWXUDOHGLFKLSDUODHVVHYHQJRQRDGLUHWXWWH VRVWDQ]LDOPHQWH OH VWHVVH FRVH OߞKR IDWWR SHUFK© PL ¨ VWDWR FRPDQGDWR DOWUL L PLHL VXSHULRUL KDQQRFRPPHVVRD]LRQLSHJJLRULGHOOHPLHGDWDOߞHGXFD]LRQHFKHKRULFHYXWD HOߞDPELHQWHLQFXLVRQRYLVVXWRQRQSRWHYRIDUHDOWURVHQRQOߞDYHVVLIDWWROߞDYUHEEH IDWWRFRQPDJJLRUHGXUH]]DXQDOWURDOPLRSRVWR3HUFKLOHJJHTXHVWHJLXVWLILFD]LRQLLO SULPRPRWR¨GLULEUH]]RFRVWRURPHQWRQRQRQSRVVRQRFUHGHUHGLHVVHUHFUHGXWLQRQ SRVVRQRQRQYHGHUHORVTXLOLEULRIUDOHORURVFXVHHODPROHGLGRORUHHGLPRUWHFKHHVVL KDQQRSURYRFDWD0HQWRQRVDSHQGRGLPHQWLUHVRQRLQPDODIHGH 2UD FKLXQTXH DEELD VXIILFLHQWH HVSHULHQ]D GHOOH FRVH XPDQH VD FKH OD GLVWLQ]LRQH OߞRSSRVL]LRQH GLUHEEH XQ OLQJXLVWD  EXRQD IHGH  PDOD IHGH ¨ RWWLPLVWLFD HG

&KL ¨ VWDWR WRUWXUDWR ULPDQH WRUWXUDWR ߨ  &KL KD VXELWR LO WRUPHQWR QRQ SRWU  SLº DPELHQWDUVL QHO PRQGR OߞDERPLQLR GHOOߞDQQXOODPHQWR QRQ VL HVWLQJXH PDL /D ILGXFLD QHOOߞXPDQLW  JL  LQFULQDWD GDO SULPR VFKLDIIR VXO YLVR GHPROLWD SRL GDOOD WRUWXUD QRQ VL ULDFTXLVWDSLº

VROR LO WRUPHQWDWRUH VH SXUH OR WUDYDJOLDQR DLXWDWH R QR GDOOD SXQL]LRQH XPDQD  PD SHUSHWXDQR OߞRSHUD GL TXHVWR QHJDQGR OD SDFH DO WRUPHQWDWR 1RQ VL OHJJRQR VHQ]D VSDYHQWR OH SDUROH ODVFLDWH VFULWWH GD -HDQ $P©U\ LO ILORVRIR DXVWULDFR WRUWXUDWR GDOOD *HVWDSRSHUFK©DWWLYRQHOODUHVLVWHQ]DEHOJDHSRLGHSRUWDWRDG$XVFKZLW]SHUFK©HEUHR

COPIA NON VENDIBILE

/D PHPRULD XPDQD ¨ XQR VWUXPHQWR PHUDYLJOLRVR PD IDOODFH ˆ TXHVWD XQD YHULW  ORJRUD QRWD QRQ VROR DJOL SVLFRORJL PD DQFKH D FKLXQTXH DEELD SRVWR DWWHQ]LRQH DO FRPSRUWDPHQWR GL FKL OR FLUFRQGD R DO VXR VWHVVR FRPSRUWDPHQWR , ULFRUGL FKH JLDFFLRQRLQQRLQRQVRQRLQFLVLVXOODSLHWUDQRQVRORWHQGRQRDFDQFHOODUVLFRQJOLDQQL PDVSHVVRVLPRGLILFDQRRDGGLULWWXUDVLDFFUHVFRQRLQFRUSRUDQGROLQHDPHQWLHVWUDQHL /RVDQQREHQHLPDJLVWUDWLQRQDYYLHQHTXDVLPDLFKHGXHWHVWLPRQLRFXODULGHOORVWHVVR IDWWRORGHVFULYDQRDOORVWHVVRPRGRHFRQOHVWHVVHSDUROHDQFKHVHLOIDWWR¨UHFHQWHHVH QHVVXQR GHL GXH KD XQ LQWHUHVVH SHUVRQDOH D GHIRUPDUOR 4XHVWD VFDUVD DIILGDELOLW  GHL QRVWUL ULFRUGL VDU  VSLHJDWD LQ PRGR VRGGLVIDFHQWH VROR TXDQGR VDSUHPR LQ TXDOH OLQJXDJJLR LQ TXDOH DOIDEHWR HVVL VRQR VFULWWL VX TXDOH PDWHULDOH FRQ TXDOH SHQQD D WXWWߞRJJL¨TXHVWDXQDPHWDGDFXLVLDPRORQWDQL6LFRQRVFRQRDOFXQLPHFFDQLVPLFKH IDOVLILFDQR OD PHPRULD LQ FRQGL]LRQL SDUWLFRODUL L WUDXPL QRQ VROR TXHOOL FHUHEUDOL OߞLQWHUIHUHQ]D GD SDUWH GL DOWUL ULFRUGL lFRQFRUUHQ]LDOL{ VWDWL DEQRUPL GHOOD FRVFLHQ]D ]D UHSUHVVLRQL ULPR]LRQL 7XWWDYLD DQFKH LQ FRQGL]LRQL QRUPDOL ¨ DOOߞRSHUD XQD OHQWD GHJUDGD]LRQH XQ RIIXVFDPHQWR GHL FRQWRUQL XQ REOLR SHU FRV­ GLUH ILVLRORJLFR D FXL FX SRFKLULFRUGLUHVLVWRQRˆSUREDELOHFKHVLSRVVDULFRQRVFHUHTXLXQDGHOOHJUDQGLIRU]H JUDQGL RU]H JUDQGL RU] GHOODQDWXUDTXHOODVWHVVDFKHGHJUDGDOߞRUGLQHLQGLVRUGLQHODJLRYLQH]]DLQYHFFKLDLDH LQYHFFKL LQYHFFKLDL VSHJQH OD YLWD QHOOD PRUWH ˆ FHUWR FKH OߞHVHUFL]LR LQ TXHVWR FDVR IUHTXHQWH DVR VR OD IUHT QWH ULHYRFD]LRQH  PDQWLHQH LO ULFRUGR IUHVFR H YLYR DOOR VWHVVR PRGR R FRPH VL VL PDQWLHQH QWLHQH HIILFLHQWHXQPXVFRORFKHYLHQHVSHVVRHVHUFLWDWRPD¨DQFKHYHURFKHXQULFRUGRWURSSR URFKHXQU URFKHXQULF GRWURSSR VSHVVR HYRFDWR HG HVSUHVVR LQ IRUPD GL UDFFRQWR WHQGH D ILVVDUVL XQR VWHUHRWLSR VVDUVL LQ XQ XQR WHUHRWLSR LQ XQDIRUPDFROODXGDWDGDOOߞHVSHULHQ]DFULVWDOOL]]DWDSHUIH]LRQDWDDGRUQDFKHVLLQVWDOOD RQDWDDGRU FKHVLLQVW DOSRVWRGHOULFRUGRJUHJJLRHFUHVFHDVXHVSHVH ,QWHQGR HVDPLQDUH TXL L ULFRUGL GL HVSHULHQ]H HVWUHPH GL RIIHVH VXELWH R ,Q R LQIOLWWH L TXHVWR FDVR VRQR DOOߞRSHUD WXWWL R TXDVL L IDWWRUL FKH SRVVRQR REOLWHUDUH R GHIRUPDUH OD UHJLVWUD]LRQH PQHPRQLFD LO ULFRUGR GL XQ WUDXPD SDWLWR R LQIOLWWR ¨ HVVR VWHVVR WUDXPDWLFR SHUFK© ULFKLDPDUOR GXROH R DOPHQR GLVWXUED FKL ¨ VWDWR IHULWR WHQGH D ULPXRYHUH LO ULFRUGR SHU QRQ ULQQRYDUH LO GRORUH FKL KD IHULWR ULFDFFLD LO ULFRUGR QHO SURIRQGRSHUOLEHUDUVHQHSHUDOOHJJHULUHLOVXRVHQVRGLFROSD 4XL FRPH LQ DOWUL IHQRPHQL FL WURYLDPR GDYDQWL DG XQD SDUDGRVVDOH DQDORJLD WUD YLWWLPD HG RSSUHVVRUH H FL SUHPH HVVHUH FKLDUL L GXH VRQR QHOOD VWHVVD WUDSSROD PD ¨ OߞRSSUHVVRUH H VROR OXL FKH OߞKD DSSURQWDWD H FKH OߞKD IDWWD VFDWWDUH H VH QH VRIIUH ¨ JLXVWRFKHQHVRIIUDHG¨LQLTXRFKHQHVRIIUDODYLWWLPDFRPHLQYHFHQHVRIIUHDQFKHD GLVWDQ]D GL GHFHQQL $QFRUD XQD YROWD VL GHYH FRQVWDWDUH FRQ OXWWR FKH OߞRIIHVD ¨ LQVDQDELOHVLSURWUDHQHOWHPSRHOH(ULQQLDFXLELVRJQDSXUFUHGHUHQRQWUDYDJOLDQR

/DPHPRULDGHOOߞRIIHVD

,

TESTO PER STUDIO UNITO

TESTO PER STUDIO UNITO



COPIA NON VENDIBILE



N

IO D U E T S BIL I R D E P EN V N O

FKHJLRYDYDDOQRVWURSRSRORHODVRODYHULW HUDQROHSDUROHGHO&DSR&KHFRVDYROHWH GD QRL" &RPH SRWHWH SHQVDUH GL SUHWHQGHUH GD QRL D FRVH IDWWH XQ FRPSRUWDPHQWR GLYHUVRGDTXHOORFKH¨VWDWRLOQRVWURHGLWXWWLTXHOOLFKHHUDQRFRPHQRL"6LDPRVWDWL GLOLJHQWL HVHFXWRUL H SHU OD QRVWUD GLOLJHQ]D VLDPR VWDWL ORGDWL H SURPRVVL /H GHFLVLRQL QRQVRQRVWDWHQRVWUHSHUFK©LOUHJLPHLQFXLVLDPRFUHVFLXWLQRQFLFRQFHGHYDGHFLVLRQL DXWRQRPHDOWULKDQQRGHFLVRSHUQRLHQRQSRWHYDDYYHQLUHDOWULPHQWLSHUFK©HUDYDPR VWDWL DPSXWDWL GHOOD FDSDFLW  GL GHFLGHUH 1RQ VROR GHFLGHUH FL HUD VWDWR YLHWDWR PD QH HUDYDPRGLYHQWDWLLQFDSDFL3HUFL²QRQVLDPRUHVSRQVDELOLHQRQSRVVLDPRHVVHUHSXQLWL $QFKHVHSURLHWWDWDVXOORVIRQGRGHLFDPLQLGL%LUNHQDXTXHVWDDUJRPHQWD]LRQHQRQ SX² HVVHUH SUHVD FRPH IUXWWR GL SXUD LPSXGHQ]D /D SUHVVLRQH FKH XQ PRGHUQR 6WDWR WRWDOLWDULRSX²HVHUFLWDUHVXOOߞLQGLYLGXR¨SDXURVD/HVXHDUPLVRQRVRVWDQ]LDOPHQWHWUH HVHUFL HVHUFLW ODSURSDJDQGDGLUHWWDRFDPXIIDWDGDHGXFD]LRQHGDLVWUX]LRQHGDFXOWXUDSRSRODUHOR QGDGLUHWWD GDGLUHWWD VEDUUDPHQWR HQWR RSSRVWR RSSRVW DO SOXUDOLVPR GHOOH LQIRUPD]LRQL LO WHUURUH 7XWWDYLD QRQ ¨ OHFLWR DPPHWWHUHFKHTXHVWDSUHVVLRQHVLDLUUHVLVWLELOHWDQWRPHQRQHOEUHYHWHUPLQHGHLGRGLFL HWWHUHFKHTX DQQL 7HU]R 5HL 5HLFK QHOOH DIIHUPD]LRQL H QHOOH GLVFROSH GL XRPLQL GDOOH JUDYLVVLPH QL GHO 7HU] 5H UHVSRQVDELOLW  TXDOL HUDQR +¶VV H (LFKPDQQ ¨ SDOHVH OߞHVDJHUD]LRQH HG DQFRU SLº OD UHVSRQVDE UHVSRQVDELO HU PDQRPLVVLRQHGHOULFRUGR(QWUDPELHUDQRQDWLHGHUDQRVWDWLHGXFDWLPROWRSULPDFKHLO PDQR PDQRPL RQHGHOULFR 5HLFKGLYHQWDVVHYHUDPHQWHlWRWDOLWDULR{HODORURDGHVLRQHHUDVWDWDXQDVFHOWDGHWWDWD 5HLFK YHQWDVVHY YHQWDVVHYH SLºGDRSSRUWXQLVPRFKHGDHQWXVLDVPR/DULHODERUD]LRQHGHOORURSDVVDWR¨VWDWDRSHUD SL DRSSRUWXQL SRVWHULRUHOHQWDH SUREDELOPHQWH QRQPHWRGLFD'RPDQGDUVLVHVLDVWDWDIDWWDLQEXRQD VWHULRUHOH VWHULRUHOHQ R LQ PDOD PDOD IHGH ¨ LQJHQXR $QFKH ORUR FRV­ IRUWL GL IURQWH DO GRORUH DOWUXL TXDQGR LO GHVWLQR OL KD PHVVL GDYDQWL DL JLXGLFL GDYDQWL DOOD PRUWH FKH KDQQR PHULWDWR VL VRQR GHVWLQR FRVWUXLWLXQSDVVDWRGLFRPRGRHGKDQQRILQLWRSHUFUHGHUYLLQVSHFLDOPRGR+¶VVFKH FRVWU QRQHUDXQXRPRVRWWLOH4XDOHDSSDUHGDOVXRVFULWWRHUDDQ]LXQSHUVRQDJJLRWDOPHQWH Q QR SRFRSURSHQVRDOOߞDXWRFRQWUROORHGDOOߞLQWURVSH]LRQHFKHQRQVLDFFRUJHGLFRQIHUPDUHLO VXR JURVVRODQR DQWLVHPLWLVPR QHOOߞDWWR VWHVVR LQ FXL OR ULQQHJD H OR QHJD H GD QRQ UHQGHUVLFRQWRGLTXDQWRDSSDLDYLVFLGRLOVXRDXWRULWUDWWRGLEXRQIXQ]LRQDULRSDGUHH PDULWR $ FRPPHQWR GL TXHVWH ULFRVWUX]LRQL GHO SDVVDWR PD QRQ VROR GL TXHVWH ¨ XQߞRVVHUYD]LRQHFKHYDOHSHUWXWWHOHPHPRULH VLGHYHQRWDUHFKHODGLVWRUVLRQHGHLIDWWL ¨VSHVVROLPLWDWDGDOOߞRELHWWLYLW GHLIDWWLVWHVVLLQWRUQRDLTXDOLHVLVWRQRWHVWLPRQLDQ]HGL WHU]L GRFXPHQWL lFRUSL GHO UHDWR{ FRQWHVWL VWRULFDPHQWH DFTXLVLWL ˆ JHQHUDOPHQWH GLIILFLOH QHJDUH GL DYHU FRPPHVVR XQD GDWD D]LRQH R FKH TXHVWD D]LRQH VLD VWDWD FRPPHVVD ¨ LQYHFH IDFLOLVVLPR DOWHUDUH OH PRWLYD]LRQL FKH FL KDQQR FRQGRWWR DG XQߞD]LRQHHOHSDVVLRQLFKHLQQRLKDQQRDFFRPSDJQDWROߞD]LRQHVWHVVD4XHVWD¨PDWHULD HVWUHPDPHQWHIOXLGDVRJJHWWDDGHIRUPDUVLVRWWRIRU]HDQFKHPROWRGHEROLDOOHGRPDQGH lSHUFK© OR KDL IDWWR"{ R lFRVD SHQVDYL IDFHQGROR"{ QRQ HVLVWRQR ULVSRVWH DWWHQGLELOL SHUFK©JOLVWDWLGߞDQLPRVRQRODELOLSHUQDWXUDHDQFRUDSLºODELOH¨ODORURPHPRULD &RPHFDVROLPLWHGHOODGHIRUPD]LRQHGHOULFRUGRGLXQDFROSDFRPPHVVDFߞ¨ODVXD VRSSUHVVLRQH$QFKHTXLLOFRQILQHWUDEXRQDHPDODIHGHSX²HVVHUHYDJRGLHWURLlQRQ VR{ H L lQRQ ULFRUGR{ FKH VL VHQWRQR QHL WULEXQDOL Fߞ¨ WDOYROWD LO SUHFLVR SURSRVLWR GL PHQWLUHPDDOWUHYROWHVLWUDWWDGLXQDPHQ]RJQDIRVVLOL]]DWDLUULJLGLWDLQXQDIRUPXOD,O PHPRUHKDYROXWRGLYHQWDUHLPPHPRUHHFL¨ULXVFLWRDIXULDGLQHJDUQHOߞHVLVWHQ]DKD

COPIA NON VENDIBILE

LOOXPLQLVWLFDHOR¨WDQWRSLºHGDPROWRPDJJLRUUDJLRQHVHDSSOLFDWDDXRPLQLFRPH TXHOOLDSSHQDQRPLQDWL3UHVXSSRQHXQDFKLDUH]]DPHQWDOHFKH¨GLSRFKLHFKHDQFKH TXHVWLSRFKLSHUGRQRLPPHGLDWDPHQWHTXDQGRSHUTXDOVLDVLPRWLYRODUHDOW SDVVDWDR SUHVHQWH SURYRFD LQ ORUR DQVLD R GLVDJLR ,Q TXHVWH FRQGL]LRQL Fߞ¨ EHQV­ FKL PHQWH FRQVDSHYROPHQWHIDOVLILFDQGRDIUHGGRODUHDOW VWHVVDPDVRQRSLºQXPHURVLFRORURFKH VDOSDQROHDQFRUHVLDOORQWDQDQRPRPHQWDQHDPHQWHRSHUVHPSUHGDLULFRUGLJHQXLQLH VLIDEEULFDQRXQDUHDOW GLFRPRGR,OSDVVDWR¨ORURGLSHVRSURYDQRULSXJQDQ]DSHUOH FRVHIDWWHRVXELWHHWHQGRQRDVRVWLWXLUOHFRQDOWUH/DVRVWLWX]LRQHSX²LQFRPLQFLDUHLQ SLHQDFRQVDSHYROH]]DFRQXQRVFHQDULRLQYHQWDWRPHQGDFHUHVWDXUDWRPDPHQRSHQRVR GLTXHOORUHDOHULSHWHQGRQHODGHVFUL]LRQHDGDOWULPDDQFKHDVHVWHVVLODGLVWLQ]LRQHIUD YHUR H IDOVR SHUGH SURJUHVVLYDPHQWH L VXRL FRQWRUQL H OߞXRPR ILQLVFH FRO FUHGHUH SLHQDPHQWHDOUDFFRQWRFKHKDIDWWRFRV­VSHVVRHFKHDQFRUDFRQWLQXDDIDUHOLPDQGRQH HULWRFFDQGRQHTXDHO LGHWWDJOLPHQRFUHGLELOLRIUDORURLQFRQJUXHQWLRLQFRPSDWLELOL FRQ LO TXDGUR GHJOL HYHQWL DFTXLVLWL OD PDOD IHGH LQL]LDOH ¨ GLYHQWDWD EXRQD IHGH ,O VLOHQ]LRVR WUDSDVVR GDOOD PHQ]RJQD DOOߞDXWRLQJDQQR ¨ XWLOH FKL PHQWH LQ EXRQD IHGH PHQWHPHJOLRUHFLWDPHJOLRODVXDSDUWHYLHQHFUHGXWRSLºIDFLOPHQWHGDOJLXGLFHGDOOR VWRULFRGDOOHWWRUHGDOODPRJOLHGDLILJOL 3LºVLDOORQWDQDQRJOLHYHQWLSLºVLDFFUHVFHHVLSHUIH]LRQDODFRVWUX]LRQHGHOODYHULW  GL FRPRGR &UHGR FKH VROR DWWUDYHUVR TXHVWR PHFFDQLVPR PHQWDOH VL SRVVDQR LQWHUSUHWDUHDGHVHPSLROHGLFKLDUD]LRQLIDWWHDOOߞl([SUHVV{QHOGD/RXLV'DUTXLHU GH3HOOHSRL[JL FRPPLVVDULRDGGHWWRDOOHTXHVWLRQLHEUDLFKHSUHVVRLOJRYHUQRGL9LFK\ K\ LQWRUQRDOHFRPHWDOHUHVSRQVDELOHLQSURSULRGHOODGHSRUWD]LRQHGLHEUHL HEUHL 'DUTXLHU QHJD WXWWR OH IRWR GHL FXPXOL GL FDGDYHUL VRQR PRQWDJJL OH VWDWLVWLFKH KH GHL GH PLOLRQL GL PRUWL VRQR VWDWH IDEEULFDWH GDJOL HEUHL VHPSUH DYLGL GL SXEEOLFLW  GL XEEOLFLW EEOLFL G FRPPLVHUD]LRQH H GL LQGHQQL]]L OH GHSRUWD]LRQL FL VDUDQQR PDJDUL DQFKH QFKH VWDWH VWDWH JOL VDUHEEH VWDWR GLIILFLOH FRQWHVWDUOH OD VXD ILUPD FRPSDUH LQ FDOFH D WURSSH URSSH OHWWHUH OHWWHU FKH G QQR GLVSRVL]LRQL SHU OH GHSRUWD]LRQL VWHVVH DQFKH GL EDPELQL  PD OXL QRQ QR VDSHYD Q DSHYD YHUVRGRYHHFRQTXDOHHVLWRDG$XVFKZLW]OHFDPHUHDJDVFߞHUDQRV­PDVHUYLYDQRVROR QRV­PDV QRV­PDVHU YDQRVROR SHUXFFLGHUHLSLGRFFKLHGHOUHVWR VLQRWLODFRHUHQ]D VRQRVWDWHFRVWUXLWHDVFRSRGL RVWDWHFRVWU HDVFRSRG SURSDJDQGD GRSR OD ILQH GHOOD JXHUUD 1RQ LQWHQGR JLXVWLILFDUH YLOH H VWLILFDUH TTXHVWߞXRPR VWߞXRPR WߞXRPR YLO VFLRFFRHPLRIIHQGHVDSHUHFKHKDYLVVXWRDOXQJRLQGLVWXUEDWRLQ6SDJQDPDPLSDUH EDWRLQ RL QDPDP GLSRWHUUDYYLVDUHLQOXLLOFDVRWLSLFRGLFKLDYYH]]RDPHQWLUHSXEEOLFDPHQWHILQLVFH HQ HQW FROPHQWLUHDQFKHLQSULYDWRDQFKHDVHVWHVVRHFROOߞHGLILFDUVLXQDYHULW FRQIRUWHYROH FKH JOL FRQVHQWH GL YLYHUH LQ SDFH 7HQHUH GLVWLQWH OD EXRQD H OD PDOD IHGH ¨ FRVWRVR ULFKLHGHXQDSURIRQGDVLQFHULW FRQVHVWHVVRHVLJHXQRVIRU]RFRQWLQXRLQWHOOHWWXDOHH PRUDOH&RPHVLSX²SUHWHQGHUHTXHVWRVIRU]RGDXRPLQLFRPH'DUTXLHU" 6HVLOHJJRQROHGLFKLDUD]LRQLIDWWHGD(LFKPDQQGXUDQWHLOSURFHVVRGL*HUXVDOHPPH H GL 5XGROI +¶VV LO SHQXOWLPR FRPDQGDQWH GL $XVFKZLW] OߞLQYHQWRUH GHOOH FDPHUH DG DFLGRFLDQLGULFR QHOODVXDDXWRELRJUDILDYLVLULFRQRVFHXQSURFHVVRGLHODERUD]LRQHGHO SDVVDWR SLº VRWWLOH GL TXHOOR RUD DFFHQQDWR ,Q VRVWDQ]D TXHVWL GXH VL VRQR GLIHVL QHO PRGR FODVVLFR GHL JUHJDUL QD]LVWL R PHJOLR GL WXWWL L JUHJDUL VLDPR VWDWL HGXFDWL DOOߞREEHGLHQ]DDVVROXWDDOODJHUDUFKLDDOQD]LRQDOLVPRVLDPRVWDWLLPEHYXWLGLVORJDQ XEULDFDWLGLFHULPRQLHHPDQLIHVWD]LRQLFLKDQQRLQVHJQDWRFKHODVRODJLXVWL]LDHUDFL²

TESTO PER STUDIO UNITO

TESTO PER STUDIO UNITO



COPIA NON VENDIBILE

$QFKHQHOFDPSREHQSLºYDVWRGHOOHYLWWLPHVLRVVHUYDXQDGHULYDGHOODPHPRULDPD TXLHYLGHQWHPHQWHPDQFDLOGROR&KLULFHYHXQߞLQJLXVWL]LDRXQߞRIIHVDQRQKDELVRJQR GLHODERUDUHEXJLHSHUGLVFROSDUVLGLXQDFROSDFKHQRQKD DQFKHVHSHUXQSDUDGRVVDOH



IO D U E T S BIL I R D E P EN O V T N S TE NO

PHFFDQLVPRGLFXLGLUHPRSX²DYYHQLUHFKHQHSURYLYHUJRJQD PDTXHVWRQRQHVFOXGH FKH DQFKH L VXRL ULFRUGL SRVVDQR HVVHUH DOWHUDWL ˆ VWDWR QRWDWR DG HVHPSLR FKH PROWL UHGXFL GD JXHUUH R GD DOWUH HVSHULHQ]H FRPSOHVVH H WUDXPDWLFKH WHQGRQR D ILOWUDUH LQFRQVDSHYROPHQWH L ORUR ULFRUGL ULHYRFDQGROL IUD ORUR R UDFFRQWDQGROL D WHU]L SUHIHULVFRQRVRIIHUPDUVLVXOOHWUHJXHVXLPRPHQWLGLUHVSLURVXJOLLQWHUPH]]LJURWWHVFKL R VWUDQL R GLVWHVL H VRUYRODUH VXJOL HSLVRGL SLº GRORURVL 4XHVWL XOWLPL QRQ YHQJRQR ULFKLDPDWL YROHQWLHUL GDO VHUEDWRLR GHOOD PHPRULD H SHUFL² WHQGRQR DG DQQHEELDUVL FRO WHPSR D SHUGHUH L ORUR FRQWRUQL ˆ SVLFRORJLFDPHQWH FUHGLELOH LO FRPSRUWDPHQWR GHO &RQWH 8JROLQR FKH SURYD ULWHJQR QHO UDFFRQWDUH D 'DQWH OD VXD PRUWH WUHPHQGD H VL LQGXFH D IDUOR QRQ SHU DFFRQGLVFHQGHQ]D PD VROR SHU YHQGHWWD SRVWXPD FRQWUR LO VXR HWHUQRQHPLFR4XDQGRGLFLDPRlQRQORGLPHQWLFKHU²PDL{ULIHUHQGRFLDTXDOFKHHYHQWR 4XDQ 4XDQ HULWLSURIRQG ULWLSURIR FKHFLKDIHULWLSURIRQGDPHQWHPDFKHQRQKDODVFLDWRLQQRLRLQWRUQRDQRLXQDWUDFFLD PDWHULDOH SHUPDQHQWH VLDPR DYYHQWDWL DQFKH QHOOD YLWD lFLYLOH{ H R XQߞDVVHQ]D XQߞDVV GLPHQWLFKLDPR L SDUWLFRODUL GL XQD PDODWWLD JUDYH GD FXL VLDPR JXDULWL R GL QWLFKLDPR YROHQWLHUL Y ߞRSHUD]LRQH LUX XQߞRSHUD]LRQHFKLUXUJLFDULXVFLWDEHQH $ VFRSR VFRSR GL VFRS L GLIHVD OD UHDOW  SX² HVVHUH GLVWRUWD QRQ VROR QHO ULFRUGR PD QHOOߞDWWR LQ FXL VWHVVR LQ VWHVVR XL VL YHULILFD YHULILF 3HU WXWWR OߞDQQR GHOOD PLD SULJLRQLD DG $XVFKZLW] KR DYXWR FRPH DPLFR FRPH PLFR IUDWHUQR IUDWHUQ $OEHUWR ' HUD XQ JLRYDQH UREXVWR H FRUDJJLRVR FKLDURYHJJHQWH SLº GHOOD SL SLº HOOD PHGLD PHGLD H SHUFL² DVVDL FULWLFR QHL FRQIURQWL GHL PROWL FKH VL IDEEULFDYDQR H VL VRPPLQLVWUDYDQRDYLFHQGDLOOXVLRQLFRQVRODWRULH lODJXHUUDILQLU IUDGXHVHWWLPDQH{ PPLQLVWUDY VDUDQQR SLº VHOH]LRQL{ lJOL LQJOHVL VRQR VEDUFDWL LQ *UHFLD{ lL SDUWLJLDQL lQRQ FL VVD SRODFFKLVWDQQRSHUOLEHUDUHLOFDPSR{HFRV­YLDHUDQRYRFLFKHFRUUHYDQRTXDVLRJQL SRODFFK JLRUQRSXQWXDOPHQWHVPHQWLWHGDOODUHDOW  $OEHUWRHUDVWDWRGHSRUWDWRLQVLHPHFROSDGUH JLRU JLRUQ TXDUDQWDFLQTXHQQH1HOOߞLPPLQHQ]DGHOODJUDQGHVHOH]LRQHGHOOߞRWWREUH$OEHUWRHG T TX LR DYHYDPR FRPPHQWDWR LO IDWWR FRQ VSDYHQWR FROOHUD LPSRWHQWH ULEHOOLRQH UDVVHJQD]LRQH PD VHQ]D FHUFDUH ULIXJLR QHOOH YHULW  GL FRQIRUWR 9HQQH OD VHOH]LRQH LO lYHFFKLR{SDGUHGL$OEHUWRIXVFHOWRSHULOJDVHG$OEHUWRFDPEL²QHOJLURGLSRFKHRUH $YHYDVHQWLWRYRFLFKHJOLVHPEUDYDQRGHJQHGLIHGHLUXVVLHUDQRYLFLQLLWHGHVFKLQRQ DYUHEEHUR SLº RVDWR SHUVLVWHUH QHOOD VWUDJH TXHOOD QRQ HUD XQD VHOH]LRQH FRPH OH DOWUH QRQ HUD SHU OH FDPHUH D JDV HUD VWDWD IDWWD SHU VFHJOLHUH L SULJLRQLHUL LQGHEROLWL PD UHFXSHUDELOLFRPHVXRSDGUHDSSXQWRFKHHUDPROWRVWDQFRPDQRQDPPDODWRDQ]LOXL VDSHYD SHUILQR GRYH OL DYUHEEHUR PDQGDWL D -DZRU]QR QRQ ORQWDQR LQ XQ FDPSR VSHFLDOHSHUFRQYDOHVFHQWLDGDWWLVROWDQWRSHUODYRULOHJJHUL 1DWXUDOPHQWHLOSDGUHQRQIXSLºYLVWRHG$OEHUWRVWHVVRVFRPSDUYHGXUDQWHODPDUFLD GL HYDFXD]LRQH GHO FDPSR QHO JHQQDLR  6WUDQDPHQWH VHQ]D VDSHUH GHO FRPSRUWDPHQWR GL $OEHUWR DQFKH L VXRL SDUHQWL FKH HUDQR ULPDVWL QDVFRVWL LQ ,WDOLD VIXJJHQGRDOODFDWWXUDVLVRQRFRQGRWWLFRPHOXLULILXWDQGRXQDYHULW LQVRSSRUWDELOHH FRVWUXHQGRVHQHXQߞDOWUD$SSHQDULPSDWULDWRULWHQQLGRYHURVRDQGDUHVXELWRDOODFLWW GL $OEHUWR SHU ULIHULUH DOOD PDGUH HG DO IUDWHOOR TXDQWR VDSHYR )XL DFFROWR FRQ FRUWHVLD DIIHWWXRVDPDDSSHQDHEELFRPLQFLDWRLOPLRUDFFRQWRODPDGUHPLSUHJ²GLVPHWWHUHOHL VDSHYDJL WXWWRDOPHQRSHUTXDQWRULJXDUGDYD$OEHUWRHGHUDLQXWLOHFKHLROHULSHWHVVL OH VROLWH VWRULH GL RUURUH /HL VDSHYD FKH LO ILJOLR OXL VROR HUD ULXVFLWR DG DOORQWDQDUVL GDOODFRORQQDVHQ]DFKHOH66JOLVSDUDVVHURVLHUDQDVFRVWRQHOODIRUHVWDHGHUDLQVDOYR

COPIA NON VENDIBILE

HVSXOVRGDV©LOULFRUGRQRFLYRFRPHVLHVSHOOHXQߞHVFUH]LRQHRXQSDUDVVLWD*OLDYYRFDWL GLIHQVRULVDQQREHQHFKHLOYXRWRGLPHPRULDRODYHULW SXWDWLYDFKHHVVLVXJJHULVFRQR DLORURGLIHVLWHQGRQRDGLYHQWDUHGLPHQWLFDQ]HHYHULW HIIHWWLYH1RQRFFRUUHVFRQILQDUH QHOOD SDWRORJLD PHQWDOH SHU WURYDUH HVHPSODUL XPDQL OH FXL DIIHUPD]LRQL FL ODVFLDQR SHUSOHVVLVRQRFHUWDPHQWHIDOVHPDQRQULXVFLDPRDGLVWLQJXHUHVHLOVRJJHWWRVDRQRQ VDGLPHQWLUH6XSSRQHQGRSHUDVVXUGRFKHLOPHQWLWRUHGLYHQWLSHUXQLVWDQWHYHULGLFR OXL VWHVVR QRQ VDSUHEEH ULVSRQGHUH DO GLOHPPD QHOOߞDWWR LQ FXL PHQWH ¨ XQ DWWRUH WRWDOPHQWH IXVR FRO VXR SHUVRQDJJLR QRQ ¨ SLº GLVFHUQLELOH GD OXL 1H ¨ XQ HVHPSLR YLVWRVR QHL JLRUQL LQ FXL VFULYR LO FRPSRUWDPHQWR LQ WULEXQDOH GHO WXUFR $O­ $JFD OߞDWWHQWDWRUHGL*LRYDQQL3DROR,, ,O PRGR PLJOLRUH SHU GLIHQGHUVL GDOOߞLQYDVLRQH GL PHPRULH SHVDQWL ¨ LPSHGLUQH OߞLQJUHVVRVWHQGHUHXQDEDUULHUDVDQLWDULDOXQJRLOFRQILQHˆSLºIDFLOHYLHWDUHOߞLQJUHVVR DXQULFRUGRFKHOLEHUDUVHQHGRSRFKH¨VWDWRUHJLVWUDWR$TXHVWRLQVRVWDQ]DVHUYLYDQR PROWL GHJOL DUWLIL]L HVFRJLWDWL GDL FRPDQGL QD]LVWL SHU SURWHJJHUH OH FRVFLHQ]H GHJOL DGGHWWLDLODYRULVSRUFKLHSHUDVVLFXUDUVLLORURVHUYL]LVJUDGHYROLDQFKHSHUJOLVFKHUDQL SLºLQGXULWL$JOL(LQVDW]NRPPDQGRVFKHQHOOHUHWURYLHGHOIURQWHUXVVRPLWUDJOLDYDQRL FLYLOLVXOOߞRUORGHOOHIRVVHFRPXQLFKHOHYLWWLPHVWHVVHHUDQRFRVWUHWWHDVFDYDUHYHQLYD GLVWULEXLWRDOFRRODYRORQW LQPRGRFKHLOPDVVDFURYHQLVVHYHODWRGDOOߞXEULDFKH]]D, EHQ QRWL HXIHPLVPL lVROX]LRQH ILQDOH{ lWUDWWDPHQWR VSHFLDOH{ OR VWHVVR WHUPLQH l(LQVDW]NRPPDQGR{ DSSHQD FLWDWR FKH VLJQLILFD OHWWHUDOPHQWH l8QLW  GL SURQWR LPSLHJR{ PD PDVFKHUDYD XQD UHDOW  VSDYHQWRVD  QRQ VHUYLYDQR VROR DG LOOXGHUH OH YLWWLPHHGDSUHYHQLUQHOHUHD]LRQLGLGLIHVDYDOHYDQRDQFKHQHLOLPLWLGHOSRVVLELOHDG OHDG LPSHGLUHFKHOߞRSLQLRQHSXEEOLFDHJOLVWHVVLUHSDUWLGHOOHIRU]HDUPDWHQRQGLUHWWDPHQWH DPHQW DPHQWH LPSOLFDWLYHQLVVHURDFRQRVFHQ]DGLTXDQWRVWDYDDFFDGHQGRLQWXWWLLWHUULWRULRFFXSDWL RULRF SDWL RULRFF SD GDO7HU]R5HLFK 'HOUHVWROߞLQWHUDVWRULDGHOEUHYHl5HLFK0LOOHQDULR{SX²HVVHUHULOHWWDFRPHJXHUUD OHWWDFRPH HWWDFRPH HUUD FRQWUR OD PHPRULD IDOVLILFD]LRQH RUZHOOLDQD GHOOD PHPRULD IDOVLILFD]LRQH FD]LRQH GHOOD GHO UHDOW  GH QHJD]LRQHGHOODUHDOW ILQRDOODIXJDGHILQLWLYDGDOODUHDOW PHGHVLPD7XWWHOHELRJUDILH VLPD7XWW VLPD7XWWH ELRJUDILH GL +LWOHU GLVFRUGL VXOOߞLQWHUSUHWD]LRQH GD GDUVL DOOD YLWD GL TXHVWߞXRPR GLIILFLOH GD XHVWߞXRPR FRV­ F FODVVLILFDUH FRQFRUGDQR VXOOD IXJD GDOOD UHDOW  FKH KD VHJQDWR L VXRL RL XOWLPL DQQL DDQ VRSUDWWXWWR D SDUWLUH GDO SULPR LQYHUQR UXVVR $YHYD SURLELWR DL VXRL VXGGLWL WR H H QHJDWR Q OߞDFFHVVRDOODYHULW LQTXLQDQGRODORURPRUDOHHODORURPHPRULDPDLQPLVXUDYLDYLD VX FUHVFHQWH ILQR DOOD SDUDQRLD GHO %XQNHU DYHYD VEDUUDWR OD YLD GHOOD YHULW  DQFKH D VH VWHVVR&RPHWXWWLLJLRFDWRULGߞD]]DUGRVLHUDFRVWUXLWRLQWRUQRXQRVFHQDULRLQWHVVXWRGL PHQ]RJQH VXSHUVWL]LRVH LQ FXL DYHYD ILQLWR FRO FUHGHUH FRQ OD VWHVVD IHGH IDQDWLFD FKH SUHWHQGHYDGDRJQLWHGHVFR,OVXRFUROORQRQ¨VWDWRVROWDQWRXQDVDOYD]LRQHSHULOJHQHUH XPDQR PD DQFKH XQD GLPRVWUD]LRQH GHO SUH]]R FKH VL SDJD TXDQGR VL PDQRPHWWH OD YHULW 

TESTO PER STUDIO UNITO

COPIA NON VENDIBILE



8QߞDSRORJLD¨GߞREEOLJR4XHVWRVWHVVROLEUR¨LQWULVRGLPHPRULDSHUGLSLºGLXQD PHPRULDORQWDQD$WWLQJHGXQTXHDGXQDIRQWHVRVSHWWDHGHYHHVVHUHGLIHVRFRQWURVH VWHVVR (FFR FRQWLHQH SLº FRQVLGHUD]LRQL FKH ULFRUGL VL VRIIHUPD SLº YROHQWLHUL VXOOR VWDWRGHOOHFRVHTXDO¨RJJLFKHQRQVXOODFURQDFDUHWURDWWLYD,QROWUHLGDWLFKHFRQWLHQH VRQRIRUWHPHQWHVRVWDQ]LDWLGDOOߞLPSRQHQWHOHWWHUDWXUDFKHVXOWHPDGHOOߞXRPRVRPPHUVR R lVDOYDWR{  VL ¨ DQGDWD IRUPDQGR DQFKH FRQ OD FROODERUD]LRQH YRORQWDULD R QR GHL FROSHYROLGLDOORUDHGLQTXHVWRFRUSXVOHFRQFRUGDQ]HVRQRDEERQGDQWLOHGLVFRUGDQ]H WUDVFXUDELOL4XDQWRDLPLHLULFRUGLSHUVRQDOLHGDLSRFKLDQHGGRWLLQHGLWLFKHKRFLWDWLH FLWHU²OLKRYDJOLDWLWXWWLFRQGLOLJHQ]DLOWHPSROLKDXQSRߞVFRORULWLPDVRQRLQEXRQD RQD QD FRQVRQDQ]DFRQORVIRQGRHPLVHPEUDQRLQGHQQLGDOOHGHULYHFKHKRGHVFULWWH

COPIA NON VENDIBILE



TESTO PER STUDIO UNITO

6LDPR VWDWL FDSDFL QRL UHGXFL GL FRPSUHQGHUH H GL IDU FRPSUHQGHUH OD QRVWUD HVSHULHQ]D" &L² FKH FRPXQHPHQWH LQWHQGLDPR SHU lFRPSUHQGHUH{ FRLQFLGH FRQ lVHPSOLILFDUH{VHQ]DXQDSURIRQGDVHPSOLILFD]LRQHLOPRQGRLQWRUQRDQRLVDUHEEHXQ {VHQ] VHQ] JURYLJOLRLQILQLWRHLQGHILQLWRFKHVILGHUHEEHODQRVWUDFDSDFLW GLRULHQWDUFLHGLGHFLGHUH QILQLWRHLQG ILQLWRHLQ OH QRVWUH 6LDPR LQVRPPD FRVWUHWWL D ULGXUUH LO FRQRVFLELOH D VFKHPD D TXHVWR H D]LRQL 6LD VFRSRWHQGRQRLPLUDELOLVWUXPHQWLFKHFLVLDPRFRVWUXLWLQHOFRUVRGHOOߞHYROX]LRQHHFKH RWHQGRQRLP WHQGRQRLP VRQRVSHFLILFLGHOJHQHUHXPDQRLOOLQJXDJJLRHGLOSHQVLHURFRQFHWWXDOH QRVSHFLILFL OJH QRVSHFLILFL OJ 7HQGLDPR D VHPSOL VHPSOLILFDUH DQFKH OD VWRULD PD QRQ VHPSUH OR VFKHPD HQWUR FXL VL 7HQGLDP RUGLQDQR L IDWWL ¨ LQGL LQGLYLGXDELOH LQ PRGR XQLYRFR H SX² GXQTXH DFFDGHUH FKH VWRULFL RUGLQ RUGLQDQR GLYHUVL FRPSUHQGDQ FRPSUHQGDQR H FRVWUXLVFDQR OD VWRULD LQ PRGL IUD ORUR LQFRPSDWLELOL WXWWDYLD ¨ GLYHU WDOPHQWHIRUWHLQQRLIRUVHSHUUDJLRQLFKHULVDOJRQRDOOHQRVWUHRULJLQLGLDQLPDOLVRFLDOL WD WDO HQWHIRUWHLQ QWHIRUWHLQ OߞHVLJHQ]D HVLJHQ]D VLJHQ]D GL GLYLGHUH LO FDPSR IUD lQRL{ H lORUR{ FKH TXHVWR VFKHPD OD ELSDUWL]LRQH DPLFRQHPLFRSUHYDOHVXWXWWLJOLDOWUL/DVWRULDSRSRODUHHGDQFKHODVWRULDTXDOHYLHQH DPLFRQHP WUDGL]LRQDOPHQWHLQVHJQDWDQHOOHVFXROHULVHQWHGLTXHVWDWHQGHQ]DPDQLFKHDFKHULIXJJH WUDGL]LR GDOOHPH]]HWLQWHHGDOOHFRPSOHVVLW ¨LQFOLQHDULGXUUHLOILXPHGHJOLDFFDGLPHQWLXPDQL GDOOH DDL FRQIOLWWL H L FRQIOLWWL D GXHOOL QRL H ORUR JOL DWHQLHVL H JOL VSDUWDQL L URPDQL H L DL FDUWDJLQHVL &HUWR ¨ TXHVWR LO PRWLYR GHOOߞHQRUPH SRSRODULW  GHJOL VSRUW VSHWWDFRODUL FRPH LO FDOFLR LO EDVHEDOO H LO SXJLODWR LQ FXL L FRQWHQGHQWL VRQR GXH VTXDGUH R GXH LQGLYLGXLEHQGLVWLQWLHLGHQWLILFDELOLHDOODILQHGHOODSDUWLWDFLVDUDQQRJOLVFRQILWWLHL YLQFLWRUL6HLOULVXOWDWR¨GLSDULW ORVSHWWDWRUHVLVHQWHGHIUDXGDWRHGHOXVRDOLYHOORSLº RPHQRLQFRQVFLRYROHYDLYLQFLWRULHGLSHUGHQWLHOLLGHQWLILFDYDULVSHWWLYDPHQWHFRQL EXRQLHLFDWWLYLSRLFK©VRQRLEXRQLFKHGHYRQRDYHUHODPHJOLRVHQRLOPRQGRVDUHEEH VRYYHUWLWR 4XHVWRGHVLGHULRGLVHPSOLILFD]LRQH¨JLXVWLILFDWRODVHPSOLILFD]LRQHQRQVHPSUHOR ¨ˆXQߞLSRWHVLGLODYRURXWLOHLQTXDQWRVLDULFRQRVFLXWDFRPHWDOHHQRQVFDPELDWDSHUOD UHDOW ODPDJJLRUSDUWHGHLIHQRPHQLVWRULFLHQDWXUDOLQRQVRQRVHPSOLFLRQRQVHPSOLFL GHOODVHPSOLFLW FKHSLDFHUHEEHDQRL2UDQRQHUDVHPSOLFHODUHWHGHLUDSSRUWLXPDQL DOOߞLQWHUQRGHL/DJHUQRQHUDULGXFLELOHDLGXHEORFFKLGHOOHYLWWLPHHGHLSHUVHFXWRUL,Q FKL OHJJH R VFULYH  RJJL OD VWRULD GHL /DJHU ¨ HYLGHQWH OD WHQGHQ]D DQ]L LO ELVRJQR GL GLYLGHUHLOPDOHGDOEHQHGLSRWHUSDUWHJJLDUHGLULSHWHUHLOJHVWRGL&ULVWRQHO*LXGL]LR 8QLYHUVDOH TXL L JLXVWL O  L UHSUREL 6RSUDWWXWWR L JLRYDQL FKLHGRQR FKLDUH]]D LO WDJOLR QHWWRHVVHQGRVFDUVDODORURHVSHULHQ]DGHOPRQGRHVVLQRQDPDQROߞDPELJXLW /DORUR DVSHWWD]LRQHGHOUHVWRULSURGXFHFRQHVDWWH]]DTXHOODGHLQXRYLDUULYDWLLQ/DJHUJLRYDQL R QR WXWWL DG HFFH]LRQH GL FKL DYHVVH JL  DWWUDYHUVDWR XQߞHVSHULHQ]D DQDORJD VL DVSHWWDYDQR GL WURYDUH XQ PRQGR WHUULELOH PD GHFLIUDELOH FRQIRUPH D TXHO PRGHOOR

/D]RQDJULJLD

,, 

IO D U E T S BIL I R D E P EN O V T N S TE NO

QHOOH PDQL GHL UXVVL QRQ DYHYD DQFRUD SRWXWR PDQGDUH QRWL]LH PD SUHVWR OR DYUHEEH IDWWROHLQHHUDVLFXUDHGRUDFKHSHUIDYRUHLRFDPELDVVLDUJRPHQWRHOHUDFFRQWDVVL FRPHLRVWHVVRHURVRSUDYYLVVXWR8QDQQRGRSRPLWURYDLSHUFDVRDSDVVDUHSHUTXHOOD FLWW HYLVLWDLGLQXRYRODIDPLJOLD/DYHULW HUDOHJJHUPHQWHFDPELDWD$OEHUWRHUDLQ XQD FOLQLFD VRYLHWLFD VWDYD EHQH PD DYHYD SHUVR OD PHPRULD QRQ ULFRUGDYD SLº QHPPHQRLOVXRQRPHSHU²HUDLQYLDGLPLJOLRUDPHQWRHVDUHEEHULWRUQDWRSUHVWROHLOR VDSHYDGDIRQWHVLFXUD $OEHUWR QRQ ¨ PDL ULWRUQDWR 6RQR SDVVDWL SLº GL TXDUDQWߞDQQL QRQ KR SLº DYXWR LO FRUDJJLR GL ULSUHVHQWDUPL H GL FRQWUDSSRUUH OD PLD YHULW  GRORURVD DOOD lYHULW { FRQVRODWRULDFKHDLXWDQGRVLOߞXQRFRQOߞDOWURLSDUHQWLGL$OEHUWRVLHUDQRFRVWUXLWD

TESTO PER STUDIO UNITO

TESTO PER STUDIO UNITO



COPIA NON VENDIBILE



IO D U E T S BIL I R D E P EN O V T N S TE NO

VSHVHGHJOLlDOWUL{GLFUHDUHLQVRPPDTXHOODVROLGDULHW IUDRSSUHVVLODFXLPDQFDQ]DHUD IRQWH GL XQD VRIIHUHQ]D DGGL]LRQDOH DQFKH VH QRQ SHUFHSLWD DSHUWDPHQWH (QWUDYD LQ JLRFR DQFKH OD ULFHUFD GHO SUHVWLJLR FKH QHOOD QRVWUD FLYLOW  VHPEUD VLD XQ ELVRJQR LQVRSSULPLELOHODIROODGLVSUH]]DWDGHJOLDQ]LDQLWHQGHYDDUDYYLVDUHQHOQXRYRDUULYDWR XQ EHUVDJOLR VX FXL VIRJDUH OD VXD XPLOLD]LRQH D WURYDUH D VXH VSHVH XQ FRPSHQVR D FRVWUXLUVLDVXHVSHVHXQLQGLYLGXRGLUDQJRSLºEDVVRVXFXLULYHUVDUHLOSHVRGHOOHRIIHVH ULFHYXWHGDOOߞDOWR 3HUTXDQWRULJXDUGDLSULJLRQLHULSULYLOHJLDWLLOGLVFRUVR¨SLºFRPSOHVVRHGDQFKHSLº LPSRUWDQWHDPLRSDUHUH¨DQ]LIRQGDPHQWDOHˆLQJHQXRDVVXUGRHVWRULFDPHQWHIDOVR ULWHQHUHFKHXQVLVWHPDLQIHURTXDOHUDLOQD]LRQDOVRFLDOLVPRVDQWLILFKLOHVXHYLWWLPHDO FRQWUDULR HVVR OH DVVLPLOD D V© H FL² WDQWR SLº TXDQWR SLº HVVH VRQR R OH GHJUDGD G GLVSRQLELOLELDQFKHSULYHGLXQߞRVVDWXUDSROLWLFDRPRUDOH'DPROWLVHJQLSDUHFKHVLD ELDQFKH ELDQFKHS JLXQWRLOWHPSRGLHVSORUDUHORVSD]LRFKHVHSDUD QRQVRORQHL/DJHUQD]LVWL OHYLWWLPH WHPSRGLH GDLSHUVHFXWRULHGLIDUORFRQPDQRSLºOHJJHUDHFRQVSLULWRPHQRWRUELGRGLTXDQWR HUVHFXWRULH QRQVLVLDIDWWRDGHVHPSLRLQDOFXQLILOP6RORXQDUHWRULFDVFKHPDWLFDSX²VRVWHQHUHFKH QVLVLDIDWWR GHV GH VSD]LR VLD YXRWR TXHOOR VSD VSD] YXRWR QRQ OR ¨ PDL ¨ FRVWHOODWR GL ILJXUH WXUSL R SDWHWLFKH D YROWH SRVVHJJRQR TXDOLW  DG XQ WHPSR  FKH ¨ LQGLVSHQVDELOH FRQRVFHUH VH YRJOLDPR SRVVH SRVVHJJ R OH GXH TX FRQRVFHUH FRQR FRQRV UH OD VSHFLH VSHFLH XPDQD VH YRJOLDPR VDSHU GLIHQGHUH OH QRVWUH DQLPH TXDQGR XQD VSHFL VLPLOHSURYDVLGRYHVVHQXRYDPHQWHSURVSHWWDUHRVHDQFKHVROWDQWRYRJOLDPRUHQGHUFL VLP HSURYDVLG SURYDVLG FRQWRGLTXHOORFKHDYYLHQHLQXQJUDQGHVWDELOLPHQWRLQGXVWULDOH QWRGLTXHO QWRGLTXHOO , SULJLRQLHUL SULYLOHJLDWL HUDQR LQ PLQRUDQ]D HQWUR OD SRSROD]LRQH GHL /DJHU PD SULJL SULJLR UDSSUHVHQWDQRLQYHFHXQDIRUWHPDJJLRUDQ]DIUDLVRSUDYYLVVXWLLQIDWWLDQFKHVHQRQVL UDSSUHV UDSSUHVH WHQJD FRQWR GHOOD IDWLFD GHOOH SHUFRVVH GHO IUHGGR GHOOH PDODWWLH YD ULFRUGDWR FKH OD WHQJD UUD]LRQH DOLPHQWDUH HUD GHFLVDPHQWH LQVXIILFLHQWH DQFKH SHU LO SULJLRQLHUR SLº VREULR UD FRQVXPDWHLQGXHRWUHPHVLOHULVHUYHILVLRORJLFKHGHOOߞRUJDQLVPRODPRUWHSHUIDPHR SHU PDODWWLH LQGRWWH GDOOD IDPH HUD LO GHVWLQR QRUPDOH GHO SULJLRQLHUR 3RWHYD HVVHUH HYLWDWRVRORFRQXQVRYUDSSLºDOLPHQWDUHHSHURWWHQHUHTXHVWRRFFRUUHYDXQSULYLOHJLR JUDQGH R SLFFROR LQ DOWUH SDUROH XQ PRGR RFWUR\© R FRQTXLVWDWR DVWXWR R YLROHQWR OHFLWRRLOOHFLWRGLVROOHYDUVLDOGLVRSUDGHOODQRUPD 2UDQRQVLSX²GLPHQWLFDUHFKHODPDJJLRUSDUWHGHLULFRUGLGHLUHGXFLUDFFRQWDWLR VFULWWL LQFRPLQFLD FRV­ OߞXUWR FRQWUR OD UHDOW  FRQFHQWUD]LRQDULD FRLQFLGH FRQ OߞDJJUHVVLRQH QRQ SUHYLVWD H QRQ FRPSUHVD GD SDUWH GL XQ QHPLFR QXRYR H VWUDQR LO SULJLRQLHURIXQ]LRQDULRFKHLQYHFHGLSUHQGHUWLSHUPDQRWUDQTXLOOL]]DUWLLQVHJQDUWLOD VWUDGDWLVLDYYHQWDDGGRVVRXUODQGRLQXQDOLQJXDFKHWXQRQFRQRVFLHWLSHUFXRWHVXO YLVR 7L YXROH GRPDUH YXROH VSHJQHUH LQ WH OD VFLQWLOOD GL GLJQLW  FKH WX IRUVH DQFRUD FRQVHUYL H FKH OXL KD SHUGXWD 0D JXDL D WH VH TXHVWD WXD GLJQLW  WL VSLQJH D UHDJLUH TXHVWD ¨ XQD OHJJH QRQ VFULWWD PD IHUUHD LO ]XU¼FNVFKODJHQ LO ULVSRQGHUH FRL FROSL DL FROSL ¨ XQD WUDVJUHVVLRQH LQWROOHUDELOH FKH SX² YHQLUH LQ PHQWH DSSXQWR VROR D XQ lQXRYR{&KLODFRPPHWWHGHYHGLYHQWDUHXQHVHPSLRDOWULIXQ]LRQDULDFFRUURQRDGLIHVD GHOOߞRUGLQH PLQDFFLDWR H LO FROSHYROH YLHQH SHUFRVVR FRQ UDEELD H PHWRGR ILQFK© ¨ GRPDWRRPRUWR,OSULYLOHJLRSHUGHILQL]LRQHGLIHQGHHSURWHJJHLOSULYLOHJLR0LWRUQDD PHQWHFKHLOWHUPLQHORFDOHMLGGLVFKHSRODFFRSHULQGLFDUHLOSULYLOHJLRHUDlSURWHNFMD{ FKH VL SURQXQFLD lSURWHN]LD{ HG ¨ GL HYLGHQWH RULJLQH LWDOLDQD H ODWLQD H PL ¨ VWDWD

COPIA NON VENDIBILE

VHPSOLFHFKHDWDYLFDPHQWHSRUWLDPRLQQRLlQRL{GHQWURHLOQHPLFRIXRULVHSDUDWLGDXQ FRQILQHQHWWRJHRJUDILFR /ߞLQJUHVVRLQ/DJHUHUDLQYHFHXQXUWRSHUODVRUSUHVDFKHSRUWDYDFRQV©,OPRQGRLQ FXLFLVLVHQWLYDSUHFLSLWDWLHUDV­WHUULELOHPDDQFKHLQGHFLIUDELOHQRQHUDFRQIRUPHDG DOFXQPRGHOORLOQHPLFRHUDLQWRUQRPDDQFKHGHQWURLOlQRL{SHUGHYDLVXRLFRQILQLL FRQWHQGHQWL QRQ HUDQR GXH QRQ VL GLVWLQJXHYD XQD IURQWLHUD PD PROWH H FRQIXVH IRUVH LQQXPHUHYROLXQDIUDFLDVFXQRHFLDVFXQR6LHQWUDYDVSHUDQGRDOPHQRQHOODVROLGDULHW  GHLFRPSDJQLGLVYHQWXUDPDJOLDOOHDWLVSHUDWLVDOYRFDVLVSHFLDOLQRQFߞHUDQRFߞHUDQR LQYHFH PLOOH PRQDGL VLJLOODWH H IUD TXHVWH XQD ORWWD GLVSHUDWD QDVFRVWD H FRQWLQXD 4XHVWD ULYHOD]LRQH EUXVFD FKH VL PDQLIHVWDYD ILQ GDOOH SULPH RUH GL SULJLRQLD VSHVVR VRWWR OD IRUPD LPPHGLDWD GL XQߞDJJUHVVLRQH FRQFHQWULFD GD SDUWH GL FRORUR LQ FXL VL VSHUDYDGLUDYYLVDUHLIXWXULDOOHDWLHUDWDOPHQWHGXUDGDIDUFUROODUHVXELWRODFDSDFLW GL UHVLVWHUH 3HU PROWL ¨ VWDWD PRUWDOH LQGLUHWWDPHQWH R DQFKH GLUHWWDPHQWH ¨ GLIILFLOH GLIHQGHUVLGDXQFROSRDFXLQRQVL¨SUHSDUDWL ,QTXHVWDDJJUHVVLRQHVLSRVVRQRGLVWLQJXHUHGLYHUVLDVSHWWL2FFRUUHULFRUGDUHFKHLO VLVWHPDFRQFHQWUD]LRQDULRILQGDOOHVXHRULJLQL FKHFRLQFLGRQRFRQODVDOLWDDOSRWHUHGHO QD]LVPRLQ*HUPDQLD DYHYDORVFRSRSULPDULRGLVSH]]DUHODFDSDFLW GLUHVLVWHQ]DGHJOL DYYHUVDULSHUODGLUH]LRQHGHOFDPSRLOQXRYRJLXQWRHUDXQDYYHUVDULRSHUGHILQL]LRQH TXDOXQTXHIRVVHOߞHWLFKHWWDFKHJOLHUDVWDWDDIILEELDWDHGRYHYDHVVHUHGHPROLWRVXELWR DIILQFK© QRQ GLYHQWDVVH XQ HVHPSLR R XQ JHUPH GL UHVLVWHQ]D RUJDQL]]DWD 6X TXHVWR SXQWROH66DYHYDQROHLGHHFKLDUHHVRWWRTXHVWRDVSHWWR¨GDLQWHUSUHWDUHWXWWRLOVLQLVWUR WUR ULWXDOHGLYHUVRGD/DJHUD/DJHUPDXQLFRQHOODVRVWDQ]DFKHDFFRPSDJQDYDOߞLQJUHVVR UHVVR L FDOFL H L SXJQL VXELWR VSHVVR VXO YLVR OߞRUJLD GL RUGLQL XUODWL FRQ FROOHUD YHUD R VLPXODWD OD GHQXGD]LRQH WRWDOH OD UDVDWXUD GHL FDSHOOL OD YHVWL]LRQH FRQ Q VWUDFFL VWUDF L ˆ GLIILFLOH GLUH VH WXWWL TXHVWL SDUWLFRODUL VLDQR VWDWL PHVVL D SXQWR GD TXDOFKH OFKH HVSHUWR HVSHUW R HVSH SHUIH]LRQDWLPHWRGLFDPHQWHLQEDVHDOOߞHVSHULHQ]DPDFHUWRHUDQRYROXWLHQRQFDVXDOL OXWLHQRQFD XWLHQRQFD DOL XQDUHJLDFߞHUDHGHUDYLVWRVD 7XWWDYLD DO ULWXDOH GߞLQJUHVVR HG DO FUROOR PRUDOH FKH HVVR IDYRULYD FRQWULEXLYDQR FFR ULEXLYDQR SLºRPHQRFRQVDSHYROPHQWHDQFKHOHDOWUHFRPSRQHQWLGHOPRQGRFRQFHQWUD]LRQDULRL PRQGRFRQF UD]LRQDULR SULJLRQLHULVHPSOLFLHGLSULYLOHJLDWL$FFDGHYDGLUDGRFKHLOQXRYRYHQXWRIRVVHDFFROWR OQXRYRYHQ RIRVVHDFFR QRQ GLFR FRPH XQ DPLFR PD DOPHQR FRPH XQ FRPSDJQR GL VYHQWXUD QHOOD PDJJLRU VYH VY P SDUWH GHL FDVL JOL DQ]LDQL H VL GLYHQWDYD DQ]LDQL LQ WUH R TXDWWUR PHVL LO ULFDPELR HUD LF LFD UDSLGR  PDQLIHVWDYDQR IDVWLGLR R DGGLULWWXUD RVWLOLW  ,O lQXRYR{ =XJDQJ VL QRWL LQ WHGHVFR ¨ XQ WHUPLQH DVWUDWWR DPPLQLVWUDWLYR VLJQLILFD lLQJUHVVR{ lHQWUDWD{  YHQLYD LQYLGLDWR SHUFK© VHPEUDYD FKH DYHVVH DQFRUD LQGRVVR OߞRGRUH GL FDVD VXD HG HUD XQߞLQYLGLDDVVXUGDSHUFK©LQHIIHWWLVLVRIIULYDDVVDLGLSLºQHLSULPLJLRUQLGLSULJLRQLD FKHGRSRTXDQGROߞDVVXHID]LRQHGDXQDSDUWHHOߞHVSHULHQ]DGDOOߞDOWUDSHUPHWWHYDQRGL FRVWUXLUVLXQULSDUR9HQLYDGHULVRHVRWWRSRVWRDVFKHU]LFUXGHOLFRPHDYYLHQHLQWXWWHOH FRPXQLW  FRQ L lFRVFULWWL{ H OH lPDWULFROH{ H FRQ OH FHULPRQLH GL LQL]LD]LRQH SUHVVR L SRSROL SULPLWLYL H QRQ Fߞ¨ GXEELR FKH OD YLWD LQ /DJHU FRPSRUWDYD XQD UHJUHVVLRQH ULFRQGXFHYDDFRPSRUWDPHQWLDSSXQWRSULPLWLYL ˆ SUREDELOH FKH OߞRVWLOLW  YHUVR OR =XJDQJ IRVVH LQ VRVWDQ]D PRWLYDWD FRPH WXWWH OH DOWUH LQWROOHUDQ]H FLR¨ FRQVLVWHVVH LQ XQ WHQWDWLYR LQFRQVFLR GL FRQVROLGDUH LO lQRL{ D

TESTO PER STUDIO UNITO

TESTO PER STUDIO UNITO



COPIA NON VENDIBILE



N

IO D U E T S BIL I R D E P EN V N O

3ULPD GL GLVFXWHUH SDUWLWDPHQWH L PRWLYL FKH KDQQR VSLQWR DOFXQL SULJLRQLHUL D FROODERUDUHLQYDULDPLVXUDFRQOߞDXWRULW GHL/DJHURFFRUUHSHU²DIIHUPDUHFRQIRU]DFKH GDYDQWL D FDVL XPDQL FRPH TXHVWL ¨ LPSUXGHQWH SUHFLSLWDUVL DG HPHWWHUH XQ JLXGL]LR PRUDOH'HYHHVVHUHFKLDURFKHODPDVVLPDFROSDSHVDVXOVLVWHPDVXOODVWUXWWXUDVWHVVD GHOOR 6WDWR WRWDOLWDULR LO FRQFRUVR DOOD FROSD GD SDUWH GHL VLQJROL FROODERUDWRUL JUDQGL H SLFFROL PDLVLPSDWLFLPDLWUDVSDUHQWL ¨VHPSUHGLIILFLOHGDYDOXWDUHˆXQJLXGL]LRFKH YRUUHPPRDIILGDUHVROWDQWRDFKLVL¨WURYDWRLQFLUFRVWDQ]HVLPLOLHGKDDYXWRPRGRGL YHULILFDUHVXVHVWHVVRFKHFRVDVLJQLILFDDJLUHLQVWDWRGLFRVWUL]LRQH/RVDSHYDEHQHLO 0DQ]RQL l, SURYRFDWRUL L VRYHUFKLDWRUL WXWWL FRORUR FKH LQ TXDOXQTXH PRGR IDQQR WRUWRDOWUXLVRQRUHLQRQVRORGHOPDOHFKHFRPPHWWRQRPDGHOSHUYHUWLPHQWRDQFRUDD FXLSRUWDQROߞDQLPRGHJOLRIIHVL{/DFRQGL]LRQHGLRIIHVRQRQHVFOXGHODFROSDHVSHVVR DQLPRG QLPR ELHWWLYDPH ELHWWLYDPHQ TXHVWD ¨ RELHWWLYDPHQWH JUDYH PD QRQ FRQRVFR WULEXQDOH XPDQR D FXL GHOHJDUQH OD PLVXUD 6H GLSHQGHVVH GLSHQGHVVH GD PH VH IRVVL FRVWUHWWR D JLXGLFDUH DVVROYHUHL D FXRU OHJJHUR WXWWL FRORUR FXL LO FR ORUR SHU FX FFRQFRUVR QHOOD FROSD ¨ VWDWR PLQLPR H VX FXL OD FRVWUL]LRQH ¨ VWDWD PDVVLPD,QWRUQRDQRLSULJLRQLHULVHQ]DJUDGLEUXOLFDYDQRLIXQ]LRQDULGLEDVVRUDQJR PDVVLPD PDVVLPD, UQRDQRL QRDQRL &RVWLWXLYDQRXQDIDXQDSLWWRUHVFDVFRSLQLODYDPDUPLWWHJXDUGLHQRWWXUQHVWLUDWRULGHL &RVWL &RVWLWXLY QRXQDIDXQD RXQDIDXQD OHWWL FKHVIUXWWDYDQRDORURPLQXVFRORYDQWDJJLRODILVLPDWHGHVFDGHOOHFXFFHWWHULIDWWH OHWWL OHWWL HVIUXWWDYDQ SLDQH H VTXDGUDW VTXDGUDWH  FRQWUROORUL GL SLGRFFKL H GL VFDEELD SRUWDRUGLQL LQWHUSUHWL DLXWDQWL SL GHJOLDLXWDQWL,QJHQHUDOHHUDQRSRYHULGLDYROLFRPHQRLFKHODYRUDYDQRDSLHQRRUDULR JOLDLXWDQWL JOLDLXWDQWL FRPHWXWWLJOLDOWULPDFKHSHUPH]]ROLWURGL]XSSDLQSLºVLDGDWWDYDQRDVYROJHUHTXHVWH FRPHWXWWL FRPHWXWWL HGDOWUHIXQ]LRQLlWHU]LDULH{LQQRFXHWDOYROWDXWLOLVSHVVRLQYHQWDWHGDOQXOOD5DUDPHQWH HGDOWUH HGDOWUH HUDQR YLROHQWL PD WHQGHYDQR D VYLOXSSDUH XQD PHQWDOLW  WLSLFDPHQWH FRUSRUDWLYD HG D HUDQ HUDQR GGLIHQGHUHFRQHQHUJLDLOORURlSRVWRGLODYRUR{FRQWURFKLGDOEDVVRRGDOOߞDOWRJOLHOR GL LQVLGLDYD ,O ORUR SULYLOHJLR FKH GHO UHVWR FRPSRUWDYD GLVDJL H IDWLFKH VXSSOHPHQWDUL IUXWWDYDORURSRFRHQRQOLVRWWUDHYDDOODGLVFLSOLQDHGDOOHVRIIHUHQ]HGHJOLDOWULODORUR VSHUDQ]DGLYLWDHUDVRVWDQ]LDOPHQWHXJXDOHDTXHOODGHLQRQSULYLOHJLDWL(UDQRUR]]LH SURWHUYLPDQRQYHQLYDQRVHQWLWLFRPHQHPLFL ,O JLXGL]LR VL ID SLº GHOLFDWR H SLº YDULR SHU FRORUR FKH RFFXSDYDQR SRVL]LRQL GL FRPDQGR L FDSL .DSRV LO WHUPLQH WHGHVFR GHULYD GLUHWWDPHQWH GD TXHOOR LWDOLDQR H OD SURQXQFLD WURQFD LQWURGRWWD GDL SULJLRQLHUL IUDQFHVL VL GLIIXVH VROR PROWL DQQL GRSR GLYXOJDWDGDOOߞRPRQLPRILOPGL3RQWHFRUYRHIDYRULWDLQ,WDOLDSURSULRSHULOVXRYDORUH GLIIHUHQ]LDOH GHOOHVTXDGUHGLODYRURLFDSLEDUDFFDJOLVFULWWXUDOLILQRDOPRQGR DTXHO WHPSRGDPHQHSSXUHVRVSHWWDWR GHLSULJLRQLHULFKHVYROJHYDQRDWWLYLW GLYHUVHWDOYROWD GHOLFDWLVVLPH SUHVVR JOL XIILFL DPPLQLVWUDWLYL GHO FDPSR OD 6H]LRQH 3ROLWLFD GL IDWWR XQD VH]LRQH GHOOD *HVWDSR  LO 6HUYL]LR GHO /DYRUR OH FHOOH GL SXQL]LRQH $OFXQL IUD TXHVWLJUD]LHDOODORURDELOLW RDOODIRUWXQDKDQQRDYXWRDFFHVVRDOOHQRWL]LHSLºVHJUHWH GHL ULVSHWWLYL /DJHU H FRPH +HUPDQQ /DQJEHLQ DG $XVFKZLW] (XJHQ .RJRQ D %XFKHQZDOGH+DQV0DUVDOHND0DXWKDXVHQQHVRQRSRLGLYHQWDWLJOLVWRULFL1RQVLVD VHDPPLUDUHGLSLºLOORURFRUDJJLRSHUVRQDOHRODORURDVWX]LDFKHKDFRQFHVVRORURGL DLXWDUH FRQFUHWDPHQWH L ORUR FRPSDJQL LQ PROWL PRGL VWXGLDQGR DWWHQWDPHQWH L VLQJROL XIILFLDOLGHOOH66FRQFXLHUDQRDFRQWDWWRHGLQWXHQGRTXDOLIUDTXHVWLSRWHVVHURHVVHUH FRUURWWL TXDOL GLVVXDVL GDOOH GHFLVLRQL SLº FUXGHOL TXDOL ULFDWWDWL TXDOL LQJDQQDWL TXDOL

COPIA NON VENDIBILE

UDFFRQWDWD OD VWRULD GL XQ lQXRYR{ LWDOLDQR XQ SDUWLJLDQR VFDUDYHQWDWR LQ XQ /DJHU GL ODYRURFRQOߞHWLFKHWWDGLSULJLRQLHURSROLWLFRTXDQGRHUDDQFRUDQHOSLHQRGHOOHVXHIRU]H (UD VWDWR PDOPHQDWR GXUDQWH OD GLVWULEX]LRQH GHOOD ]XSSD HG DYHYD RVDWR GDUH XQR VSLQWRQH DO IXQ]LRQDULRGLVWULEXWRUH DFFRUVHUR L FROOHJKL GL TXHVWR H LO UHR YHQQH DIIRJDWRHVHPSODUPHQWHLPPHUJHQGRJOLODWHVWDQHOPDVWHOORGHOOD]XSSDVWHVVD /ߞDVFHVD GHL SULYLOHJLDWL QRQ VROR LQ /DJHU PD LQ WXWWH OH FRQYLYHQ]H XPDQH ¨ XQ IHQRPHQR DQJRVFLDQWH PD LPPDQFDELOH HVVL VRQR DVVHQWL VROR QHOOH XWRSLH ˆ FRPSLWR GHOOߞXRPRJLXVWRIDUHJXHUUDDGRJQLSULYLOHJLRQRQPHULWDWRPDQRQVLGHYHGLPHQWLFDUH FKHTXHVWD¨XQDJXHUUDVHQ]DILQH'RYHHVLVWHXQSRWHUHHVHUFLWDWRGDSRFKLRGDXQR VROR FRQWUR L PROWL LO SULYLOHJLR QDVFH H SUROLIHUD DQFKH FRQWUR LO YROHUH GHO SRWHUH VWHVVRPD¨QRUPDOHFKHLOSRWHUHLQYHFHORWROOHULRORLQFRUDJJL/LPLWLDPRFLDO/DJHU FKHSHU² DQFKHQHOODVXDYHUVLRQHVRYLHWLFD SX²EHQVHUYLUHGDlODERUDWRULR{ODFODVVH LEULGD GHL SULJLRQLHULIXQ]LRQDUL QH FRVWLWXLVFH OߞRVVDWXUD HG LQVLHPH LO OLQHDPHQWR SLº LQTXLHWDQWHˆXQD]RQDJULJLDGDLFRQWRUQLPDOGHILQLWLFKHLQVLHPHVHSDUDHFRQJLXQJH L GXH FDPSL GHL SDGURQL H GHL VHUYL 3RVVLHGH XQD VWUXWWXUD LQWHUQD LQFUHGLELOPHQWH FRPSOLFDWDHGDOEHUJDLQV©TXDQWREDVWDSHUFRQIRQGHUHLOQRVWURELVRJQRGLJLXGLFDUH /D]RQDJULJLDGHOODlSURWHNFMD{HGHOODFROODERUD]LRQHQDVFHGDUDGLFLPROWHSOLFL,Q SULPR OXRJR OߞDUHD GHO SRWHUH TXDQWR SLº ¨ ULVWUHWWD WDQWR SLº KD ELVRJQR GL DXVLOLDUL HVWHUQL LO QD]LVPR GHJOL XOWLPL DQQL QRQ QH SRWHYD IDUH D PHQR ULVROXWR FRPߞHUD D PDQWHQHUH LO VXR RUGLQH DOOߞLQWHUQR GHOOߞ(XURSD VRWWRPHVVD H DG DOLPHQWDUH L IURQWL GL JXHUUDGLVVDQJXDWLGDOODFUHVFHQWHUHVLVWHQ]DPLOLWDUHGHJOLDYYHUVDUL(UDLQGLVSHQVDELOH LOH DWWLQJHUHGDLSDHVLRFFXSDWLQRQVRORPDQRGߞRSHUDPDDQFKHIRU]HGߞRUGLQHGHOHJDWLHG JDWLHG DPPLQLVWUDWRUL GHO SRWHUH WHGHVFR RUPDL LPSHJQDWR DOWURYH ILQR DOOߞHVDXULPHQWR (QWUR (QWU TXHVWߞDUHD YDQQR FDWDORJDWL FRQ VIXPDWXUH GLYHUVH SHU TXDOLW  H SHVR 4XLVOLQJ 4XLVOL J GL 4XLVOLQ G 1RUYHJLDLOJRYHUQRGL9LFK\LQ)UDQFLDLO-XGHQUDWGL9DUVDYLDOD5HSXEEOLFDGL6DO² XEEOLFDGL6 EEOLFDGL ILQR DL PHUFHQDUL XFUDLQL H EDOWLFL LPSLHJDWL GDSSHUWXWWR SHU L FRPSLWL SLº VSRUFKL VSRUFK PDL PD SHU LO FRPEDWWLPHQWR  HG DL 6RQGHUNRPPDQGRV GL FXL GRYUHPR HPR PR SDUODUH SDUOD SDUODU 0D L FROODERUDWRUL FKH SURYHQJRQR GDO FDPSR DYYHUVDULR JOL H[ QHPLFL VRQR VRQR LQILGL VR QILGL SHU HVVHQ]DKDQQRWUDGLWRXQDYROWDHSRVVRQRWUDGLUHDQFRUD1RQEDVWDUHOHJDUOLLQFRPSLWL QEDVWDUHOH OLLQFRPSLWL QEDVWDUHOHJ OLLQFRPSLW PDUJLQDOLLOPRGRPLJOLRUHGLOHJDUOL¨FDULFDUOLGLFROSHLQVDQJXLQDUOLFRPSURPHWWHUOL QVDQJXLQDU FRPSURPHWW TXDQWR SLº ¨ SRVVLELOH FRV­ DYUDQQR FRQWUDWWR FRL PDQGDQWL LO YLQFROR GHOOD H YLQ HOOD FRUUHLW  FRUU FRU QRQ SRWUDQQR SLº WRUQDUH LQGLHWUR 4XHVWR PRGR GL DJLUH ¨ QRWR DOOH DVV DVVRFLD]LRQL DV FULPLQDOLGLWXWWLLWHPSLHOXRJKL¨SUDWLFDWRGDVHPSUHGDOODPDILDHWUDOߞDOWUR¨LOVROR FKHVSLHJKLJOLHFFHVVLDOWULPHQWLLQGHFLIUDELOLGHOWHUURULVPRLWDOLDQRGHJOLDQQLߞ ,Q VHFRQGR OXRJR HG D FRQWUDVWR FRQ XQD FHUWD VWLOL]]D]LRQH DJLRJUDILFD H UHWRULFD TXDQWR SLº ¨ GXUD OߞRSSUHVVLRQH WDQWR SLº ¨ GLIIXVD WUD JOL RSSUHVVL OD GLVSRQLELOLW  D FROODERUDUH FRO SRWHUH $QFKH TXHVWD GLVSRQLELOLW  ¨ YDULHJDWD GD LQILQLWH VIXPDWXUH H PRWLYD]LRQL WHUURUH DGHVFDPHQWR LGHRORJLFR LPLWD]LRQH SHGLVVHTXD GHO YLQFLWRUH YRJOLD PLRSH GL XQ TXDOVLDVL SRWHUH DQFKH ULGLFROPHQWH FLUFRVFULWWR QHOOR VSD]LR H QHO WHPSR YLOW  ILQR D OXFLGR FDOFROR LQWHVR D HOXGHUH JOL RUGLQL H OߞRUGLQH LPSRVWR 7XWWL TXHVWLPRWLYLVLQJRODUPHQWHRIUDORURFRPELQDWLVRQRVWDWLRSHUDQWLQHOGDUHRULJLQHD TXHVWD IDVFLD JULJLD L FXL FRPSRQHQWL QHL FRQIURQWL GHL QRQ SULYLOHJLDWL HUDQR DFFRPXQDWLGDOODYRORQW GLFRQVHUYDUHHFRQVROLGDUHLOORURSULYLOHJLR

TESTO PER STUDIO UNITO

TESTO PER STUDIO UNITO



COPIA NON VENDIBILE



IO D U E T S BIL I R D E P EN O V T N S TE NO

XQߞHFFHOOHQWH DOWHUQDWLYD DOOD GHWHQ]LRQH SULJLRQLHUL SROLWLFL ILDFFDWL GD FLQTXH R GLHFL DQQL GL VRIIHUHQ]H R FRPXQTXH PRUDOPHQWH GHELOLWDWL SLº WDUGL DQFKH HEUHL FKH YHGHYDQRQHOODSDUWLFRODGLDXWRULW FKHYHQLYDORURRIIHUWDOߞXQLFRPRGRGLVIXJJLUHDOOD lVROX]LRQHILQDOH{0DPROWLFRPHDFFHQQDWRDVSLUDYDQRDOSRWHUHVSRQWDQHDPHQWHOR FHUFDYDQRLVDGLFLFHUWRQRQQXPHURVLPDPROWRWHPXWLSRLFK©SHUORURODSRVL]LRQHGL SULYLOHJLR FRLQFLGHYD FRQ OD SRVVLELOLW  GL LQIOLJJHUH DL VRWWRSRVWL VRIIHUHQ]D HG XPLOLD]LRQH/RFHUFDYDQRLIUXVWUDWLHGDQFKHTXHVWR¨XQOLQHDPHQWRFKHULSURGXFHQHO PLFURFRVPR GHO /DJHU LO PDFURFRVPR GHOOD VRFLHW  WRWDOLWDULD LQ HQWUDPEL DO GL IXRUL GHOODFDSDFLW HGHOPHULWRYLHQHFRQFHVVRJHQHURVDPHQWHLOSRWHUHDFKLVLDGLVSRVWRD WULEXWDUHRVVHTXLRDOOߞDXWRULW JHUDUFKLFDFRQVHJXHQGRLQTXHVWRPRGRXQDSURPR]LRQH VRFLDOH DOWULPHQWL /R FHUFDYDQR LQILQH L PROWL IUD JOL RSSUHVVL FKH HQWL LUUDJJLXQJLELOH LUU LU FRQWDJLR GHJOL G VXELYDQR LO FRQWDJLR RSSUHVVRUL H WHQGHYDQR LQFRQVFLDPHQWH DG LGHQWLILFDUVL FRQ ORUR 6X TXHVWD PLPHVL VX TXHVWD LGHQWLILFD]LRQH R LPLWD]LRQH R VFDPELR GL UXROL IUD LO PLP VRYHUFKLDWRUH YHUFKLDWRUH H OD D YLWWLPD VL ¨ PROWR GLVFXVVR 6L VRQR GHWWH FRVH YHUH H LQYHQWDWH FRQWXUEDQWLHEDQDOLDFXWHHVWXSLGHQRQ¨XQWHUUHQRYHUJLQHDQ]L¨XQFDPSRDUDWR FRQWXUEDQ FRQWXUEDQWL EDQDOLD DQDOLD PDOGHVWUDPHQWH H VFRQYROWR /D UHJLVWD /LOLDQD &DYDQL D FXL HUD VWDWR PDOGH PDOGHVWU PHQWH HQWH VFDOSLFFLDWR VFDOS FKLHVWRGLHVSULPHUHLQEUHYHLOVHQVRGLXQVXRILOPEHOORHIDOVRKDGLFKLDUDWRl6LDPR FKLHV GLHVSULPHU GLHVSULPHUH WXWWL YLWWLPH R DVVDVVLQL H DFFHWWLDPR TXHVWL UXROL YRORQWDULDPHQWH 6ROR 6DGH H WX 'RVWRHYVNLMOߞKDQQRFRPSUHVREHQH{KDGHWWRDQFKHGLFUHGHUHlFKHLQRJQLDPELHQWH RVWRHYVNLMO LQRJQLUDSSRUWRFLVLDXQDGLQDPLFDYLWWLPDFDUQHILFHSLºRPHQRFKLDUDPHQWHHVSUHVVD LQRJQLUD LQRJQLUDS HJHQHUDOPHQWHYLVVXWDDOLYHOORQRQFRVFLHQWH{ HJHQHU HJHQHUD 1RQPLLQWHQGRGLLQFRQVFLRHGLSURIRQGRPDVRFKHSRFKLVHQHLQWHQGRQRHFKH 1 TXHVWLSRFKLVRQRSLºFDXWLQRQVRHPLLQWHUHVVDSRFRVDSHUHVHQHOPLRSURIRQGRVL T TX DQQLGLXQDVVDVVLQRPDVRFKHYLWWLPDLQFROSHYROHVRQRVWDWRHGDVVDVVLQRQRVRFKHJOL DVVDVVLQLVRQRHVLVWLWLQRQVRORLQ*HUPDQLDHDQFRUDHVLVWRQRDULSRVRRLQVHUYL]LRH FKH FRQIRQGHUOL FRQ OH ORUR YLWWLPH ¨ XQD PDODWWLD PRUDOH R XQ YH]]R HVWHWLVWLFR R XQ VLQLVWURVHJQDOHGLFRPSOLFLW VRSUDWWXWWR¨XQSUH]LRVRVHUYLJLRUHVR YROXWDPHQWHRQR DLQHJDWRULGHOODYHULW 6RFKHLQ/DJHUHSLºLQJHQHUDOHVXOSDOFRVFHQLFRXPDQRFDSLWD WXWWR H FKH SHUFL² OߞHVHPSLR VLQJROR GLPRVWUD SRFR 'HWWR FKLDUDPHQWH WXWWR TXHVWR H ULDIIHUPDWR FKH FRQIRQGHUH L GXH UXROL VLJQLILFD YROHU PLVWLILFDUH GDOOH EDVL LO QRVWUR ELVRJQRGLJLXVWL]LDUHVWDQRGDIDUHDOFXQHFRQVLGHUD]LRQL 5LPDQH YHUR FKH LQ /DJHU H IXRUL HVLVWRQR SHUVRQH JULJH DPELJXH SURQWH DO FRPSURPHVVR /D WHQVLRQH HVWUHPD GHO /DJHU WHQGH DG DFFUHVFHUQH OD VFKLHUD HVVH SRVVHJJRQRLQSURSULRXQDTXRWD WDQWRSLºULOHYDQWHTXDQWRPDJJLRUHHUDODORUROLEHUW  GLVFHOWD GLFROSDHGROWUHDTXHVWDVRQRLYHWWRULHJOLVWUXPHQWLGHOODFROSDGHOVLVWHPD 5LPDQHYHURFKHODPDJJLRUSDUWHGHJOLRSSUHVVRULGXUDQWHR SLºVSHVVR GRSROHORUR D]LRQLVLVRQRUHVLFRQWRFKHTXDQWRIDFHYDQRRDYHYDQRIDWWRHUDLQLTXRKDQQRPDJDUL SURYDWR GXEEL R GLVDJLR RG DQFKH VRQR VWDWL SXQLWL PD TXHVWH ORUR VRIIHUHQ]H QRQ EDVWDQRDGDUUXRODUOLIUDOHYLWWLPH$OORVWHVVRPRGRQRQEDVWDQRJOLHUURULHLFHGLPHQWL GHL SULJLRQLHUL SHU DOOLQHDUOL FRQ L ORUR FXVWRGL L SULJLRQLHUL GHL /DJHU FHQWLQDLD GL PLJOLDLD GL SHUVRQH GL WXWWH OH FODVVL VRFLDOL GL TXDVL WXWWL L SDHVL Gߞ(XURSD UDSSUHVHQWDYDQR XQ FDPSLRQH PHGLR QRQ VHOH]LRQDWR GL XPDQLW  DQFKH VH QRQ VL

COPIA NON VENDIBILE

VSDYHQWDWL GDOOD SURVSHWWLYD GL XQ UHGGH UDWLRQHP D JXHUUD ILQLWD $OFXQL IUD ORUR DG HVHPSLRLWUHQRPLQDWLHUDQRDQFKHPHPEULGLRUJDQL]]D]LRQLVHJUHWHGLGLIHVDHSHUFL² LO SRWHUH GL FXL GLVSRQHYDQR JUD]LH DOOD ORUR FDULFD HUD FRQWURELODQFLDWR GDO SHULFROR HVWUHPRFKHFRUUHYDQRLQTXDQWRlUHVLVWHQWL{HLQTXDQWRGHWHQWRULGLVHJUHWL , IXQ]LRQDUL RUD GHVFULWWL QRQ HUDQR DIIDWWR R HUDQR VROR DSSDUHQWHPHQWH GHL FROODERUDWRUL EHQV­ SLXWWRVWR GHJOL RSSRVLWRUL PLPHWL]]DWL 1RQ FRV­ OD PDJJLRU SDUWH GHJOL DOWUL GHWHQWRUL GL SRVL]LRQL GL FRPDQGR FKH VL VRQR ULYHODWL HVHPSODUL XPDQL GD PHGLRFUL D SHVVLPL 3LXWWRVWR FKH ORJRUDUH LO SRWHUH FRUURPSH WDQWR SLº LQWHQVDPHQWH FRUURPSHYDLOORURSRWHUHFKHHUDGLQDWXUDSHFXOLDUH ,O SRWHUH HVLVWH LQ WXWWH OH YDULHW  GHOOߞRUJDQL]]D]LRQH VRFLDOH XPDQD SLº R PHQR FRQWUROODWRXVXUSDWRLQYHVWLWRGDOOߞDOWRRULFRQRVFLXWRGDOEDVVRDVVHJQDWRSHUPHULWRR SHUVROLGDULHW FRUSRUDWLYDRSHUVDQJXHRSHUFHQVR¨YHURVLPLOHFKHXQDFHUWDPLVXUDGL GRPLQLR GHOOߞXRPR VXOOߞXRPR VLD LQVFULWWD QHO QRVWUR SDWULPRQLR JHQHWLFR GL DQLPDOL JUHJDUL1RQ¨GLPRVWUDWRFKHLOSRWHUHVLDLQWULQVHFDPHQWHQRFLYRDOODFROOHWWLYLW 0DLO SRWHUH GL FXL GLVSRQHYDQR L IXQ]LRQDUL GL FXL VL SDUOD DQFKH GL EDVVR JUDGR FRPH L .DSRVGHOOHVTXDGUHGLODYRURHUDVRVWDQ]LDOPHQWHLOOLPLWDWRRSHUPHJOLRGLUHDOODORUR YLROHQ]DHUDLPSRVWRXQOLPLWHLQIHULRUHQHOVHQVRFKHHVVLYHQLYDQRSXQLWLRGHVWLWXLWLVH QRQ VL PRVWUDYDQR DEEDVWDQ]D GXUL PD QHVVXQ OLPLWH VXSHULRUH ,Q DOWUL WHUPLQL HUDQR OLEHUL GL FRPPHWWHUH VXL ORUR VRWWRSRVWL OH SHJJLRUL DWURFLW  D WLWROR GL SXQL]LRQH SHU TXDOVLDVLORURWUDVJUHVVLRQHRDQFKHVHQ]DPRWLYRDOFXQRILQRDWXWWRLOQRQHUD UDUR FKH XQ SULJLRQLHUR IRVVH XFFLVR D ERWWH GD XQ .DSR VHQ]D FKH TXHVWR DYHVVH GD WHPHUH DOFXQD VDQ]LRQH 6ROR SLº WDUGL TXDQGR LO ELVRJQR GL PDQR GߞRSHUD VL HUD IDWWR SLºDFXWRYHQQHURLQWURGRWWHDOFXQHOLPLWD]LRQLLPDOWUDWWDPHQWLFKHL.DSRVSRWHYDQR S WHYDQR WHYDQ LQIOLJJHUH DL SULJLRQLHUL QRQ GRYHYDQR ULGXUQH SHUPDQHQWHPHQWH OD FDSDFLW    ODYRUDWLYD ODYRU LYD LYD PDRUPDLLOPDOXVRHUDLQYDOVRHQRQVHPSUHODQRUPDYHQQHULVSHWWDWD 6LULSURGXFHYDFRV­DOOߞLQWHUQRGHL/DJHULQVFDODSLºSLFFRODPDFRQFDUDWWHULVWLFKH FRQFDUDWWHUL RQFDUDWWHUL FKH DPSOLILFDWH OD VWUXWWXUD JHUDUFKLFD GHOOR 6WDWR WRWDOLWDULR LQ FXL WXWWR YLHQH XWWR LO SRWHUH SRWH SR LQYHVWLWR GDOOߞDOWR HG LQ FXL XQ FRQWUROOR GDO EDVVR ¨ TXDVL LPSRVVLELOH PSRVVLELOH 0D TXHVWR PSRVVLELOH lTXDVL{¨LPSRUWDQWHQRQ¨PDLHVLVWLWRXQR6WDWRFKHIRVVHUHDOPHQWHlWRWDOLWDULR{VRWWR HDOPHQWHlW LWDULR{VRWWR HDOPHQWHlWR TXHVWRDVSHWWR8QDTXDOFKHIRUPDGLUHWURD]LRQHXQFRUUHWWLYRDOOߞDUELWULRWRWDOHQRQ¨ WWLYRDOOߞDUE LRWRWDOHQR PDL PDQFDWR QHSSXUH QHO 7HU]R 5HLFK Q© QHOOߞ8QLRQH 6RYLHWLFD H YLHWLFD LFD GL 6WDOLQ OLQ QHOOߞXQR QHOO QHOOߞDOWUD KDQQR IDWWR GD IUHQR LQ PDJJLRUH R PLQRU PLVXUD OߞRSLQLRQH SXE SXEEOLFD OD SX PDJLVWUDWXUDODVWDPSDHVWHUDOHFKLHVHLOVHQWLPHQWRGLXPDQLW HJLXVWL]LDFKHGLHFLR YHQWߞDQQLGLWLUDQQLGHQRQEDVWDQRDVUDGLFDUH6RORHQWURLO/DJHULOFRQWUROORGDOEDVVR HUDQXOORHGLOSRWHUHGHLSLFFROLVDWUDSLHUDDVVROXWRˆFRPSUHQVLELOHFRPHXQSRWHUHGL WDOHDPSLH]]DDWWLUDVVHFRQSUHSRWHQ]DTXHOWLSRXPDQRFKHGLSRWHUH¨DYLGRFRPHYL DVSLUDVVHUR DQFKH LQGLYLGXL GDJOL LVWLQWL PRGHUDWL DWWUDWWL GDL PROWL YDQWDJJL PDWHULDOL GHOOD FDULFD H FRPH TXHVWL XOWLPL YHQLVVHUR IDWDOPHQWH LQWRVVLFDWL GDO SRWHUH GL FXL GLVSRQHYDQR &KLGLYHQWDYD.DSR"2FFRUUHDQFRUDXQDYROWDGLVWLQJXHUH,QSULPROXRJRFRORURD FXLODSRVVLELOLW YHQLYDRIIHUWDHFLR¨JOLLQGLYLGXLLQFXLLOFRPDQGDQWHGHO/DJHURL VXRL GHOHJDWL FKH VSHVVR HUDQR EXRQL SVLFRORJL  LQWUDYHGHYDQR OD SRWHQ]LDOLW  GHO FROODERUDWRUH UHL FRPXQL WUDWWL GDOOH FDUFHUL D FXL OD FDUULHUD GL DJX]]LQL RIIULYD

TESTO PER STUDIO UNITO

TESTO PER STUDIO UNITO



COPIA NON VENDIBILE



IO D U E T S BIL I R D E P EN O V T N S TE NO

8QFDVROLPLWHGLFROODERUD]LRQH¨UDSSUHVHQWDWRGDL6RQGHUNRPPDQGRVGL$XVFKZLW] HGHJOLDOWUL/DJHUGLVWHUPLQLR4XLVLHVLWDDSDUODUHGLSULYLOHJLRFKLQHIDFHYDSDUWHHUD SULYLOHJLDWRVRORLQTXDQWR PDDTXDOHFRVWR SHUTXDOFKHPHVHPDQJLDYDDVXIILFLHQ]D QRQFHUWRSHUFK©SRWHVVHHVVHUHLQYLGLDWR&RQTXHVWDGHQRPLQD]LRQHGHELWDPHQWHYDJD l6TXDGUD6SHFLDOH{YHQLYDLQGLFDWRGDOOH66LOJUXSSRGLSULJLRQLHULDFXLHUDDIILGDWDOD JHVWLRQHGHLFUHPDWRUL$ORURVSHWWDYDPDQWHQHUHOߞRUGLQHIUDLQXRYLDUULYDWL VSHVVRGHO WXWWR LQFRQVDSHYROL GHO GHVWLQR FKH OL DWWHQGHYD  FKH GRYHYDQR HVVHUH LQWURGRWWL QHOOH FDPHUH D JDV HVWUDUUH GDOOH FDPHUH L FDGDYHUL FDYDUH L GHQWL GߞRUR GDOOH PDVFHOOH OH WDJOLDUH L FDSHOOL IHPPLQLOL VPLVWDUH H FODVVLILFDUH JOL DELWL OH VFDUSH LO FRQWHQXWR WR GHL EDJDJOL WUDVSRUWDUH L FRUSL DL FUHPDWRUL H VRYUDLQWHQGHUH DO IXQ]LRQDPHQWR GHL IRUQL IRUQL HVWUDUUHHGHOLPLQDUHOHFHQHUL/D6TXDGUD6SHFLDOHGL$XVFKZLW]FRQWDYDDVHFRQGDGHL VHFRQ GHL VHFRQG GH SHULRGLGDDHIIHWWLYL 4XHVWH 6TXDGUH 6SHFLDOL QRQ VIXJJLYDQR DO GHVWLQR GL WXWWL DQ]L GD SDUWH GHOOH GH 66 YHQLYD PHVVD LQ DWWR RJQL GLOLJHQ]D DIILQFK© QHVVXQ XRPR FKH QH IDWWR SDUWH H DYHVVH IID SRWHVVHVRSUDYYLYHUHHUDFFRQWDUH$G$XVFKZLW]VLVXFFHGHWWHURGRGLFLVTXDGUHRJQXQD GRGLFLVTX HRJQXQD GRGLFLVTXD ULPDQHYD LQ IXQ]LRQH TXDOFKH PHVH SRL YHQLYD VRSSUHVVD RJQL YROWD FFRQ XQ DUWLILFLR GLYHUVR SHU SUHYHQLUH HYHQWXDOL UHVLVWHQ]H H OD VTXDGUD VXFFHVVLYD LQL]LD]LRQH XFFHVVLYD FRPH PH LQL]LD]LR EUXFLDYDLFDGDYHULGHLSUHGHFHVVRUL/ߞXOWLPDVTXDGUDQHOOߞRWWREUHVLULEHOO²DOOH RWWREUH REU VLULEH VLULEHO 66IHFHVDOWDUHXQRGHLFUHPDWRULHIXVWHUPLQDWDLQXQGLVHJXDOHFRPEDWWLPHQWRDFXL P PH DFFHQQHU² SLº ROWUH , VXSHUVWLWL GHOOH 6TXDGUH 6SHFLDOL VRQR GXQTXH VWDWL SRFKLVVLPL VIXJJLWLDOODPRUWHSHUTXDOFKHLPSUHYHGLELOHJLRFRGHOGHVWLQR1HVVXQRGLORURGRSROD OLEHUD]LRQH KD SDUODWR YROHQWLHUL H QHVVXQR SDUOD YROHQWLHUL GHOOD ORUR VSDYHQWRVD FRQGL]LRQH /H QRWL]LH FKH SRVVHGLDPR VX TXHVWH 6TXDGUH SURYHQJRQR GDOOH VFDUQH GHSRVL]LRQL GL TXHVWL VXSHUVWLWL GDOOH DPPLVVLRQL GHL ORUR lFRPPLWWHQWL{ SURFHVVDWL GDYDQWLDYDULWULEXQDOLGDFHQQLFRQWHQXWLLQGHSRVL]LRQLGLlFLYLOL{WHGHVFKLRSRODFFKL FKHHEEHURFDVXDOPHQWHRFFDVLRQHGLYHQLUHDFRQWDWWRFRQOHVTXDGUHHILQDOPHQWHGD IRJOLGLGLDULRFKHYHQQHURVFULWWLIHEEULOPHQWHDIXWXUDPHPRULDHVHSROWLFRQHVWUHPD FXUDQHLGLQWRUQLGHLFUHPDWRULGL$XVFKZLW]GDDOFXQLGHLORURFRPSRQHQWL7XWWHTXHVWH IRQWL FRQFRUGDQR WUD ORUR HSSXUH FL ULHVFH GLIILFLOH TXDVL LPSRVVLELOH FRVWUXLUFL XQD UDSSUHVHQWD]LRQHGLFRPHTXHVWLXRPLQLYLYHVVHURJLRUQRSHUJLRUQRYHGHVVHURVHVWHVVL

COPIA NON VENDIBILE

DFFHWWDVVHURODORURFRQGL]LRQH ,QXQSULPRWHPSRHVVLYHQLYDQRVFHOWLGDOOH66IUDLSULJLRQLHULJL LPPDWULFRODWLQHL /DJHUHG¨VWDWRWHVWLPRQLDWRFKHODVFHOWDDYYHQLYDQRQVROWDQWRLQEDVHDOODUREXVWH]]D ILVLFD PD DQFKH VWXGLDQGR D IRQGR OH ILVLRQRPLH ,Q TXDOFKH UDUR FDVR OߞDUUXRODPHQWR DYYHQQH SHU SXQL]LRQH 3Lº WDUGL VL SUHIHU­ SUHOHYDUH L FDQGLGDWL GLUHWWDPHQWH VXOOD EDQFKLQD IHUURYLDULD DOOߞDUULYR GHL VLQJROL FRQYRJOL JOL lSVLFRORJL{ GHOOH 66 VL HUDQR DFFRUWL FKH LO UHFOXWDPHQWR HUD SLº IDFLOH VH VL DWWLQJHYD GD TXHOOD JHQWH GLVSHUDWD H GLVRULHQWDWDVQHUYDWDGDOYLDJJLRSULYDGLUHVLVWHQ]HQHOPRPHQWRFUXFLDOHGHOORVEDUFR GDO WUHQR TXDQGR YHUDPHQWH RJQL QXRYR JLXQWR VL VHQWLYD DOOD VRJOLD GHO EXLR H GHO WHUURUHGLXQRVSD]LRQRQWHUUHVWUH /H6TXDGUH6SHFLDOLHUDQRFRVWLWXLWHLQPDVVLPDSDUWHGDHEUHL3HUXQYHUVRTXHVWR 6SHFL 6SHF QRQSX²VWXSLUHGDOPRPHQWRFKHORVFRSRSULQFLSDOHGHL/DJHUHUDTXHOORGLGLVWUXJJHUH XSLUHGDOP SLUHGDOP JOLHEUHLHFKHODSRSROD]LRQHGL$XVFKZLW]DSDUWLUHGDOHUDFRVWLWXLWDGDHEUHLSHU HFKHODSR HFKHODSR LO   VRWWR VRWWR XQ DOWUR DVSHWWR VL ULPDQH DWWRQLWL GDYDQWL D TXHVWR SDURVVLVPR GL SHUILGLD UILGLD H GL RGLR R GRYHYDQR HVVHUH JOL HEUHL D PHWWHUH QHL IRUQL JOL HEUHL VL GRYHYD R VRWWRUD]]D VRWWRXRPLQL VL SLHJDQR DG RJQL XPLOLD]LRQH GLPRVWUDUH FKH GLPRVWUDUH H JOL HEUHL HE SHUILQRDGLVWUXJJHUHVHVWHVVL'ߞDOWUDSDUWH¨DWWHVWDWRFKHQRQWXWWHOH66DFFHWWDYDQR SHUILQ SHUILQR LVWUXJJHUHV VWUXJJHUHV YROHQWLHUL YROHQ UL LO PDVVDFUR PDVVDF FRPH FRPSLWR TXRWLGLDQR GHOHJDUH DOOH YLWWLPH VWHVVH XQD SDUWH GHOODYRURHSURSULRODSLºVSRUFDGRYHYDVHUYLUH HSUREDELOPHQWHVHUY­ DGDOOHJJHULUH GH DYRURHSUR YRURHSUR TXDOFKHFRVFLHQ]D XDOFKHFRVFL DOFKHFRVFL %HQLQWHVR VDUHEEH LQLTXR DWWULEXLUH TXHVWD DFTXLHVFHQ]D D TXDOFKH SDUWLFRODULW  %HQLQW %HQLQWH VSHFLILFDPHQWHHEUDLFDGHOOH6TXDGUH6SHFLDOLIHFHURSDUWHDQFKHSULJLRQLHULQRQHEUHL VSHFLILF WHGHVFKLHSRODFFKLSHU²FRQOHPDQVLRQLlSLºGLJQLWRVH{GL.DSRVHGDQFKHSULJLRQLHUL WHGH WHGHV GL JXHUUD UXVVL FKH L QD]LVWL FRQVLGHUDYDQR VROR GL XQR VFDOLQR VXSHULRUL DJOL HEUHL G GL )XURQR SRFKL SHUFK© DG $XVFKZLW] L UXVVL HUDQR SRFKL YHQQHUR LQ PDVVLPD SDUWH VWHUPLQDWL SULPD VXELWR GRSR OD FDWWXUD PLWUDJOLDWL VXOOߞRUOR GL HQRUPL IRVVH FRPXQL  PDQRQVLFRPSRUWDURQRLQPRGRGLYHUVRGDJOLHEUHL /H 6TXDGUH 6SHFLDOL LQ TXDQWR SRUWDWULFL GL XQ RUUHQGR VHJUHWR YHQLYDQR WHQXWH ULJRURVDPHQWHVHSDUDWHGDJOLDOWULSULJLRQLHULHGDOPRQGRHVWHUQR7XWWDYLDFRPH¨QRWR D FKLXQTXH DEELD DWWUDYHUVDWR HVSHULHQ]H DQDORJKH QHVVXQD EDUULHUD ¨ PDL SULYD GL LQFULQDWXUH OH QRWL]LH PDJDUL LQFRPSOHWH H GLVWRUWH KDQQR XQ SRWHUH GL SHQHWUD]LRQH HQRUPHHTXDOFRVDWUDSHODVHPSUH6XTXHVWH6TXDGUHYRFLYDJKHHPRQFKHFLUFRODYDQR JL IUDQRLGXUDQWHODSULJLRQLDHYHQQHURFRQIHUPDWHSLºWDUGLGDOOHDOWUHIRQWLDFFHQQDWH SULPD PD OߞRUURUH LQWULQVHFR GL TXHVWD FRQGL]LRQH XPDQD KD LPSRVWR D WXWWH OH WHVWLPRQLDQ]HXQDVRUWDGLULWHJQRSHUFL²RJJLDQFRUD¨GLIILFLOHFRVWUXLUVLXQߞLPPDJLQH GL lFRVD YROHVVH GLUH{ HVVHUH FRVWUHWWL DG HVHUFLWDUH SHU PHVL TXHVWR PHVWLHUH $OFXQL KDQQR WHVWLPRQLDWR FKH D TXHJOL VFLDJXUDWL YHQLYD PHVVD D GLVSRVL]LRQH XQD JUDQGH TXDQWLW  GL DOFROLFL H FKH HVVL VL WURYDYDQR SHUPDQHQWHPHQWH LQ XQR VWDWR GL DEEUXWLPHQWRHGLSURVWUD]LRQHWRWDOL8QRGLORURKDGLFKLDUDWRl$IDUHTXHVWRODYRURR VLLPSD]]LVFHLOSULPRJLRUQRRSSXUHFLVLDELWXD{8QDOWURLQYHFHl&HUWRDYUHLSRWXWR XFFLGHUPLRODVFLDUPLXFFLGHUHPDLRYROHYRVRSUDYYLYHUHSHUYHQGLFDUPLHSHUSRUWDUH WHVWLPRQLDQ]D1RQGRYHWHFUHGHUHFKHQRLVLDPRGHLPRVWULVLDPRFRPHYRLVRORPROWR SLºLQIHOLFL{

YROHVVHWHQHUFRQWRGHOOߞDPELHQWHLQIHUQDOHLQFXLHUDQRVWDWLEUXVFDPHQWHSUHFLSLWDWL¨ LOORJLFR SUHWHQGHUH GD ORUR HG ¨ UHWRULFR H IDOVR VRVWHQHUH FKH DEELDQR VHPSUH H WXWWL VHJXLWRLOFRPSRUWDPHQWRFKHFLVLDVSHWWDGDLVDQWLHGDLILORVRILVWRLFL,QUHDOW QHOOD HQRUPHPDJJLRUDQ]DGHLFDVLLOORURFRPSRUWDPHQWR¨VWDWRIHUUHDPHQWHREEOLJDWRQHO JLURGLSRFKHVHWWLPDQHRPHVLOHSULYD]LRQLDFXLHUDQRVRWWRSRVWLOLKDQQRFRQGRWWLDG XQD FRQGL]LRQH GL SXUD VRSUDYYLYHQ]D GL ORWWD TXRWLGLDQD FRQWUR OD IDPH LO IUHGGR OD VWDQFKH]]DOHSHUFRVVHLQFXLORVSD]LRSHUOHVFHOWH LQVSHFLHSHUOHVFHOWHPRUDOL HUD ULGRWWRDQXOODIUDTXHVWLSRFKLVVLPLKDQQRVRSUDYYLVVXWRDOODSURYDJUD]LHDOODVRPPD GL PROWL HYHQWL LPSUREDELOL VRQR LQVRPPD VWDWL VDOYDWL GDOOD IRUWXQD H QRQ KD PROWR VHQVRFHUFDUHIUDLORURGHVWLQLTXDOFRVDGLFRPXQHDOGLIXRULIRUVHGHOODEXRQDVDOXWH LQL]LDOH

TESTO PER STUDIO UNITO

TESTO PER STUDIO UNITO



COPIA NON VENDIBILE



IO D U E T S BIL I R D E P EN O V T N S TE NO

FRPHVHLQYHFHFKHGDYDQWLDOOHSRUWHGHOOߞLQIHUQRODSDUWLWDVLVYROJHVVHVXOFDPSRGL XQYLOODJJLR 1LHQWHGLVLPLOH¨PDLDYYHQXWRQ©VDUHEEHVWDWRFRQFHSLELOHFRQDOWUHFDWHJRULHGL SULJLRQLHUL PD FRQ ORUR FRQ L lFRUYL GHO FUHPDWRULR{ OH 66 SRWHYDQR VFHQGHUH LQ FDPSRDOODSDULRTXDVL'LHWURTXHVWRDUPLVWL]LRVLOHJJHXQULVRVDWDQLFR¨FRQVXPDWR FL VLDPR ULXVFLWL QRQ VLHWH SLº OߞDOWUD UD]]D OߞDQWLUD]]D LO QHPLFR SULPR GHO 5HLFK 0LOOHQDULRQRQVLHWHSLº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ߞHYHQWR¨ RUWDUOLDOFUH HFFH]LRQDOHXQLFRIRUVHLFRUSLXPDQLOHKDQQRIDWWREDUULHUDLQWRUQRKDQQRVHTXHVWUDWR FH]LRQDOHX R R XQDVDFFDGߞDULDFKH¨ULPDVWDUHVSLUDELOH*OLXRPLQLVRQRSHUSOHVVLODPRUWH¨LOORUR XQDVDFFD XQDVDFFDG ULDFKH¨ DFKH¨ PHVWLHUH GL RJQL RUD OD PRUWH ¨ XQD FRQVXHWXGLQH SRLFK© DSSXQWR lVL LPSD]]LVFH LO PHVWL PHVWLHUH SULPRJLRUQRRSSXUHFLVLDELWXD{PDTXHOODGRQQD¨YLYD/DQDVFRQGRQRODULVFDOGDQR SULP SULPR LRUQRRSSXU RUQRRSSXU OHSRUWDQREURGRGLFDUQHODLQWHUURJDQRODUDJD]]DKDVHGLFLDQQLQRQVLRULHQWDQHOOR OH OH UWDQREURGR WDQREURGR VSD]LRQ©QHOWHPSRQRQVDGRYߞ¨KDSHUFRUVRVHQ]DFDSLUHODWUDILODGHOWUHQRVLJLOODWR D]LRQ©QHO D]LRQ©QHO GHOODEUXWDOHVHOH]LRQHSUHOLPLQDUHGHOODVSRJOLD]LRQHGHOOߞLQJUHVVRQHOODFDPHUDGDFXL GHOODEUXW GHOODEUXWD QHVVXQR¨PDLXVFLWRYLYR1RQKDFDSLWRPDKDYLVWRSHUFL²GHYHPRULUHHJOLXRPLQL QHVVXQR GHOOD 6TXDGUD OR VDQQR FRV­ FRPH VDQQR GL GRYHU PRULUH HVVL VWHVVL H SHU OD VWHVVD GHOO GHOOD UUDJLRQH 0D TXHVWL VFKLDYL DEEUXWLWL GDOOߞDOFRRO H GDOOD VWUDJH TXRWLGLDQD VRQR UD WUDVIRUPDWLGDYDQWLDORURQRQFߞ¨SLºODPDVVDDQRQLPDLOILXPHGLJHQWHVSDYHQWDWD DWWRQLWDFKHVFHQGHGDLYDJRQLFߞ¨XQDSHUVRQD &RPHQRQULFRUGDUHOߞlLQVROLWRULVSHWWR{HOߞHVLWD]LRQHGHOlWXUSHPRQDWWR{GDYDQWLDO FDVR VLQJROR GDYDQWL DOOD EDPELQD &HFLOLD PRUWD GL SHVWH FKH QHL 3URPHVVL 6SRVL OD PDGUH ULILXWD GL ODVFLDU EXWWDUH VXO FDUUR FRQIXVD IUD JOL DOWUL PRUWL" )DWWL FRPH TXHVWL VWXSLVFRQR SHUFK© FRQWUDVWDQR FRQ OߞLPPDJLQH FKH DOEHUJKLDPR LQ QRL GHOOߞXRPR FRQFRUGH FRQ VH VWHVVR FRHUHQWH PRQROLWLFR H QRQ GRYUHEEHUR VWXSLUH SHUFK© WDOH OߞXRPRQRQ¨3LHW HEUXWDOLW SRVVRQRFRHVLVWHUHQHOORVWHVVRLQGLYLGXRHQHOORVWHVVR PRPHQWR FRQWUR RJQL ORJLFD H GHO UHVWR OD SLHW  VWHVVD VIXJJH DOOD ORJLFD 1RQ HVLVWH SURSRU]LRQDOLW  WUD OD SLHW  FKH SURYLDPR H OߞHVWHQVLRQH GHO GRORUH GD FXL OD SLHW  ¨ VXVFLWDWD XQD VLQJROD $QQD )UDQN GHVWD SLº FRPPR]LRQH GHOOH PLULDGL FKH VRIIULURQR FRPH OHL PD OD FXL LPPDJLQH ¨ ULPDVWD LQ RPEUD )RUVH ¨ QHFHVVDULR FKH VLD FRV­ VH GRYHVVLPRHSRWHVVLPRVRIIULUHOHVRIIHUHQ]HGLWXWWLQRQSRWUHPPRYLYHUH)RUVHVRORDL VDQWL ¨ FRQFHVVR LO WHUULELOH GRQR GHOOD SLHW  YHUVR L PROWL DL PRQDWWL D TXHOOL GHOOD 6TXDGUD 6SHFLDOH HG D QRL WXWWL QRQ UHVWD QHO PLJOLRUH GHL FDVL FKH OD SLHW  VDOWXDULD LQGLUL]]DWDDOVLQJRORDO0LWPHQVFKDOFRXRPRDOOߞHVVHUHXPDQRGLFDUQHHVDQJXHFKH VWDGDYDQWLDQRLDOODSRUWDWDGHLQRVWULVHQVLSURYYLGHQ]LDOPHQWHPLRSL 9LHQHFKLDPDWRXQPHGLFRFKHULDQLPDODUDJD]]DFRQXQDLQLH]LRQHV­LOJDVQRQKD FRPSLXWR LO VXR HIIHWWR SRWU  VRSUDYYLYHUH PD GRYH H FRPH" ,Q TXHO PRPHQWR

COPIA NON VENDIBILE

ˆ HYLGHQWH FKH TXHVWH FRVH GHWWH H OH DOWUH LQQXPHUHYROL FKH GD ORUR H IUD GL ORUR VDUDQQRVWDWHGHWWHPDQRQFLVRQRSHUYHQXWHQRQSRVVRQRHVVHUHSUHVHDOODOHWWHUD'D XRPLQL FKH KDQQR FRQRVFLXWR TXHVWD GHVWLWX]LRQH HVWUHPD QRQ FL VL SX² DVSHWWDUH XQD GHSRVL]LRQH QHO VHQVR JLXULGLFR GHO WHUPLQH EHQV­ TXDOFRVD FKH VWD IUD LO ODPHQWR OD EHVWHPPLD OߞHVSLD]LRQH H LO FRQDWR GL JLXVWLILFDUVL GL UHFXSHUDUH VH VWHVVL &L VL GHYH DVSHWWDUHSLXWWRVWRXQRVIRJROLEHUDWRULRFKHXQDYHULW GDOYROWRGL0HGXVD $YHU FRQFHSLWR HG RUJDQL]]DWR OH 6TXDGUH ¨ VWDWR LO GHOLWWR SLº GHPRQLDFR GHO QD]LRQDOVRFLDOLVPR 'LHWUR DOOߞDVSHWWR SUDJPDWLFR IDUH HFRQRPLD GL XRPLQL YDOLGL LPSRUUH DG DOWUL L FRPSLWL SLº DWURFL  VH QH VFRUJRQR DOWUL SLº VRWWLOL $WWUDYHUVR TXHVWD LVWLWX]LRQHVLWHQWDYDGLVSRVWDUHVXDOWULHSUHFLVDPHQWHVXOOHYLWWLPHLOSHVRGHOODFROSD WDOFK© D ORUR VROOLHYR QRQ ULPDQHVVH QHSSXUH OD FRQVDSHYROH]]D GL HVVHUH LQQRFHQWL 1RQ¨IDFLOHQ©JUDGHYROHVFDQGDJOLDUHTXHVWRDELVVRGLPDOYDJLW HSSXUHLRSHQVRFKH ORVLGHEEDIDUHSHUFK©FL²FKH¨VWDWRSRVVLELOHSHUSHWUDUHLHULSRWU HVVHUHQXRYDPHQWH WHQWDWR GRPDQL SRWU  FRLQYROJHUH QRL VWHVVL R L QRVWUL ILJOL 6L SURYD OD WHQWD]LRQH GL WRUFHUHLOYLVRHGLVWRJOLHUHODPHQWH¨XQDWHQWD]LRQHDFXLFLVLGHYHRSSRUUH,QIDWWL OߞHVLVWHQ]DGHOOH6TXDGUHDYHYDXQVLJQLILFDWRFRQWHQHYDXQPHVVDJJLRl1RLLOSRSROR GHL6LJQRULVLDPRLYRVWULGLVWUXWWRULPDYRLQRQVLHWHPLJOLRULGLQRLVHORYRJOLDPRH ORYRJOLDPRQRLVLDPRFDSDFLGLGLVWUXJJHUHQRQVRORLYRVWULFRUSLPDDQFKHOHYRVWUH DQLPHFRV­FRPHDEELDPRGLVWUXWWROHQRVWUH{ 0LNORV 1\LV]OL PHGLFR XQJKHUHVH ¨ VWDWR IUD L SRFKLVVLPL VXSHUVWLWL GHOOߞXOWLPD 6TXDGUD 6SHFLDOH GL $XVFKZLW] (UD XQ QRWR DQDWRPRSDWRORJR HVSHUWR QHOOH DXWRSVLH LH HG LO PHGLFR FDSR GHOOH 66 GL %LUNHQDX TXHO 0HQJHOH FKH ¨ PRUWR SRFKL DQQL QQL ID VIXJJHQGRDOODJLXVWL]LDVLHUDDVVLFXUDWRLVXRLVHUYL]LJOLDYHYDULVHUYDWRXQWUDWWDPHQWR DPHQW DPHQWR GLIDYRUHHORFRQVLGHUDYDTXDVLFRPHXQFROOHJD1\LV]OLGRYHYDGHGLFDUVLLQVSHFLHDOOR QVSHF DOOR QVSHFL DOO VWXGLR GHL JHPHOOL LQIDWWL %LUNHQDX HUD OߞXQLFR OXRJR DO PRQGR LQ FXL XL HVLVWHVVH HVLVWHVV OD HVLVWHV SRVVLELOLW  GL HVDPLQDUH FDGDYHUL GL JHPHOOL XFFLVL QHOOR VWHVVR PRPHQWR PHQWR $FFDQWR $FFD R D TXHVWR VXR LQFDULFR SDUWLFRODUH D FXL VLD GHWWR SHU LQFLVR QRQ ULVXOWD LVXOWD VXOWD FKH HJOL H VL VLD RSSRVWRFRQPROWDGHWHUPLQD]LRQH1\LV]OLHUDLOPHGLFRFXUDQWHGHOOD6TXDGUDFRQFXL HGHOOD6TX DFRQFXL HGHOOD6TXD YLYHYDDVWUHWWRFRQWDWWR(EEHQHHJOLUDFFRQWDXQIDWWRFKHPLSDUHVLJQLILFDWLYR SDUHVLJQLI WLYR SDUHVLJQLIL /H66FRPHKRGHWWRVFHJOLHYDQRDFFXUDWDPHQWHGDL/DJHURGDLFRQYRJOLLQDUULYR DJHURGDLF YRJOLLQDUUL LFDQGLGDWLDOOH6TXDGUHHQRQHVLWDYDQRDVRSSULPHUHVXOSRVWRFRORURFKHVLULILXWDYDQR VWRFRO FR HVLULILX R VL PRVWUDYDQR LQDGDWWL DOOH ORUR PDQVLRQL 1HL FRQIURQWL GHL PHPEUL DSSHQD HQ DVVXQWL HVVHPRVWUDYDQRORVWHVVRFRPSRUWDPHQWRVSUH]]DQWHHGLVWDFFDWRFKHXVDYDQRPRVWUDUH YHUVRWXWWLLSULJLRQLHULHYHUVRJOLHEUHLLQVSHFLHHUDVWDWRORURLQFXOFDWRFKHVLWUDWWDYD GL HVVHUL VSUHJHYROL QHPLFL GHOOD *HUPDQLD H SHUFL² LQGHJQL GL YLYHUH QHO FDVR SLº IDYRUHYROH SRWHYDQR HVVHUH REEOLJDWL D ODYRUDUH ILQR DOOD PRUWH SHU HVDXULPHQWR 1RQ FRV­VLFRPSRUWDYDQRLQYHFHQHLFRQIURQWLGHLYHWHUDQLGHOOD6TXDGUDLQTXHVWLVHQWLYDQR LQ TXDOFKH PLVXUD GHL FROOHJKL RUPDL GLVXPDQL TXDQWR ORUR OHJDWL DOOR VWHVVR FDUUR YLQFRODWLGDOYLQFRORLPPRQGRGHOODFRPSOLFLW LPSRVWD1\LV]OLUDFFRQWDGXQTXHGLDYHU DVVLVWLWR GXUDQWH XQD SDXVD GHO lODYRUR{ DG XQ LQFRQWUR GL FDOFLR IUD 66 H 6. 6RQGHUNRPPDQGR YDOHDGLUHIUDXQDUDSSUHVHQWDQ]DGHOOH66GLJXDUGLDDOFUHPDWRULR HXQDUDSSUHVHQWDQ]DGHOOD6TXDGUD6SHFLDOHDOOߞLQFRQWURDVVLVWRQRDOWULPLOLWLGHOOH66H LOUHVWRGHOOD6TXDGUDSDUWHJJLDQRVFRPPHWWRQRDSSODXGRQRLQFRUDJJLDQRLJLRFDWRUL

TESTO PER STUDIO UNITO

TESTO PER STUDIO UNITO





COPIA NON VENDIBILE

/DVWHVVDlLPSRWHQWLDMXGLFDQGL{FLSDUDOL]]DGDYDQWLDOFDVR5XPNRZVNL/DVWRULDGL &KDLP 5XPNRZVNL QRQ ¨ SURSULDPHQWH XQD VWRULD GL /DJHU EHQFK© QHO /DJHU VL FRQFOXGD¨XQDVWRULDGLJKHWWRPDFRV­HORTXHQWHVXOWHPDIRQGDPHQWDOHGHOOߞDPELJXLW  XPDQD SURYRFDWD IDWDOPHQWH GDOOߞRSSUHVVLRQH FKH PL SDUH VL DWWDJOL ILQ WURSSR EHQH DO QRVWURGLVFRUVR/DULSHWRTXLDQFKHVHJL OߞKRQDUUDWDDOWURYH $O PLR ULWRUQR GD $XVFKZLW] PL VRQR WURYDWR LQ WDVFD XQD FXULRVD PRQHWD LQ OHJD

IO D U E T S BIL I R D E P EN O V T N S TE NO

66GLTXHVWHWUHIXURQRXFFLVHHGRGLFLIHULWH 4XHOOLGLFXLVDSSLDPRLPLVHUDELOLPDQRYDOLGHOODVWUDJHVRQRGXQTXHJOLDOWULTXHOOL FKHGLYROWDLQYROWDSUHIHULURQRTXDOFKHVHWWLPDQDLQSLºGLYLWD TXDOHYLWD DOODPRUWH LPPHGLDWDPDFKHLQQHVVXQFDVRVLLQGXVVHURRIXURQRLQGRWWLDGXFFLGHUHGLSURSULD PDQR 5LSHWR FUHGR FKH QHVVXQR VLD DXWRUL]]DWR D JLXGLFDUOL QRQ FKL KD FRQRVFLXWR OߞHVSHULHQ]DGHO/DJHUWDQWRPHQRFKLQRQOߞKDFRQRVFLXWD9RUUHLLQYLWDUHFKLXQTXHRVL WHQWDUH XQ JLXGL]LR D FRPSLHUH VX VH VWHVVR FRQ VLQFHULW  XQ HVSHULPHQWR FRQFHWWXDOH LPPDJLQL VH SX² GL DYHU WUDVFRUVR PHVL R DQQL LQ XQ JKHWWR WRUPHQWDWR GDOOD IDPH FURQLFDGDOODIDWLFDGDOODSURPLVFXLW HGDOOߞXPLOLD]LRQHGLDYHUYLVWRPRULUHLQWRUQRD V©DGXQRDGXQRLSURSULFDULGLHVVHUHWDJOLDWRIXRULGDOPRQGRVHQ]DSRWHUULFHYHUH Q©WUDVPHWWHUHQRWL]LHGLHVVHUHLQILQHFDULFDWRVXXQWUHQRRWWDQWDRFHQWRSHUYDJRQH QRWL] QRWL]L LDJJLDUH YHUVR Y YH PHUFL GL YLDJJLDUH OߞLJQRWR DOOD FLHFD SHU JLRUQL H QRWWL LQVRQQL H GL WURYDUVL LQILQH VFDJOLDWR FDJOLDWR IUD IUD OH PXUD GL XQ LQIHUQR LQGHFLIUDELOH 4XL JOL YLHQH RIIHUWD OD VRSUDYYLYHQ]DHJOLYLHQHSURSRVWRDQ]LLPSRVWRXQFRPSLWRWUXFHPDLPSUHFLVDWRˆ YYLYHQ]DH YYLYHQ]DH HVWR PL SDUH SD S L YHUR %HIHKOQRWVWDQG OR lVWDWR GL FRVWUL]LRQH FRQVHJXHQWH D XQ LO TXHVWR LO RUGLQH{QRQTXHOORVLVWHPDWLFDPHQWHHGLPSXGHQWHPHQWHLQYRFDWRGDLQD]LVWLWUDVFLQDWLD RUGLQH{Q RUGLQH{QR TXHOORVLVW XHOORVLVW JLXGL]LRHSLºWDUGL PDVXOOHORURRUPH GDLFULPLQDOLGLJXHUUDGLPROWLDOWULSDHVL,O JLXGL]LR LXGL SLºWDUGL P SULPR ¨ XQ DXWDXW SULPR DXWDXW ULJLGR OߞREEHGLHQ]D LPPHGLDWD R OD PRUWH LO VHFRQGR ¨ XQ IDWWR DXWDX LQWHUQRDOFHQWURGLSRWHUHHGDYUHEEHSRWXWRHVVHUHULVROWR LQHIIHWWLVSHVVRIXULVROWR LQ LQW QRDOFHQWUR RDOFHQWUR FRQTXDOFKHPDQRYUDFRQTXDOFKHULWDUGRQHOODFDUULHUDFRQXQDPRGHUDWDSXQL]LRQHR QTXDOFKHP QHOSHJJLRUHGHLFDVLFROWUDVIHULPHQWRGHOUHQLWHQWHDOIURQWHGLJXHUUD QHOSHJJLR /ߞHVSHULPHQWRFKHKRSURSRVWRQRQ¨JUDGHYROHKDWHQWDWRGLUDSSUHVHQWDUOR9HUFRUV /ߞHV QHO VVXR UDFFRQWR /HV DUPHV GH OD QXLW $OELQ 0LFKHO 3DULV   LQ FXL VL SDUOD GHOOD QHO lPRUWHGHOOߞDQLPD{HFKHULOHWWRRJJLPLDSSDUHLQWROOHUDELOPHQWHLQIHWWRGLHVWHWLVPRH l lP GLOLELGLQHOHWWHUDULD0D¨LQGXEELRFKHGLPRUWHGHOOߞDQLPDVLWUDWWDRUDQHVVXQRSX² VDSHUHTXDQWRDOXQJRHGDTXDOLSURYHODVXDDQLPDVDSSLDUHVLVWHUHSULPDGLSLHJDUVLR GL LQIUDQJHUVL 2JQL HVVHUH XPDQR SRVVLHGH XQD ULVHUYD GL IRU]D OD FXL PLVXUD JOL ¨ VFRQRVFLXWD SX² HVVHUH JUDQGH SLFFROD R QXOOD H VROR OߞDYYHUVLW  HVWUHPD G  PRGR GL YDOXWDUOD $QFKH VHQ]D ULFRUUHUH DO FDVROLPLWH GHOOH 6TXDGUH 6SHFLDOL DFFDGH VSHVVR D QRL UHGXFL TXDQGR UDFFRQWLDPR OH QRVWUH YLFHQGH FKH OߞLQWHUORFXWRUH GLFD l,R DO WXR SRVWRQRQDYUHLUHVLVWLWRXQJLRUQR{/ߞDIIHUPD]LRQHQRQKDXQVHQVRSUHFLVRQRQVL¨ PDL DO SRVWR GL XQ DOWUR 2JQL LQGLYLGXR ¨ XQ RJJHWWR WDOPHQWH FRPSOHVVR FKH ¨ YDQR SUHWHQGHUHGLSUHYHGHUQHLOFRPSRUWDPHQWRWDQWRSLºVHLQVLWXD]LRQLHVWUHPHQHSSXUH¨ SRVVLELOHDQWLYHGHUHLOFRPSRUWDPHQWRSURSULR3HUFL²FKLHGRFKHODVWRULDGHLlFRUYLGHO FUHPDWRULR{YHQJDPHGLWDWDFRQSLHW HULJRUHPDFKHLOJLXGL]LRVXGLORURUHVWLVRVSHVR

COPIA NON VENDIBILE

VRSUDJJLXQJH 0XKVIHOG XQR GHL PLOLWL 66 DGGHWWL DJOL LPSLDQWL GL PRUWH LO PHGLFR OR FKLDPD GD SDUWH H JOL HVSRQH LO FDVR 0XKVIHOG HVLWD SRL GHFLGH QR OD UDJD]]D GHYH PRULUH VH IRVVH SLº DQ]LDQD LO FDVR VDUHEEH GLYHUVR DYUHEEH SLº VHQQR IRUVH OD VL SRWUHEEHFRQYLQFHUHDWDFHUHVXTXDQWROH¨DFFDGXWRPDKDVRORVHGLFLDQQLGLOHLQRQFL VL SX² ILGDUH 7XWWDYLD QRQ OD XFFLGH GL PDQR VXD FKLDPD XQ VXR VRWWRSRVWR FKH OD VRSSULPDFRQXQFROSRDOODQXFD2UDTXHVWR0XKVIHOGQRQHUDXQPLVHULFRUGHODVXD UD]LRQHTXRWLGLDQDGLVWUDJHHUDWUDSXQWDGLHSLVRGLDUELWUDULHFDSULFFLRVLVHJQDWDGDVXH LQYHQ]LRQLGLUDIILQDWDFUXGHOW )XSURFHVVDWRQHOFRQGDQQDWRDPRUWHHLPSLFFDWR D&UDFRYLDHTXHVWRIXJLXVWRPDQHSSXUHOXLHUDXQPRQROLWR6HIRVVHYLVVXWRLQXQ DPELHQWHHGLQXQߞHSRFDGLYHUVL¨SUREDELOHFKHVLVDUHEEHFRPSRUWDWRFRPHTXDOVLDVL DOWURXRPRFRPXQH 1HL )UDWHOOL .DUDPD]RY *UXġHQtND UDFFRQWD OD IDYROD GHOOD FLSROOLQD 8QD YHFFKLD PDOYDJLD PXRUH H YD DOOߞLQIHUQR PD LO VXR DQJHOR FXVWRGH VIRU]DQGR OD PHPRULD ULFRUGDFKHHVVDXQDYROWDXQDVRODKDGRQDWRDGXQPHQGLFDQWHXQDFLSROOLQDFKHKD FDYDWDGDOVXRRUWROHSRUJHODFLSROOLQDHODYHFFKLDYLVLDJJUDSSDHYLHQHWUDWWDGDO IXRFRLQIHUQDOH4XHVWDIDYRODPL¨VHPSUHVHPEUDWDULYROWDQWHTXDOHPRVWURXPDQRQRQ KDPDLGRQDWRLQYLWDVXDXQDFLSROOLQDVHQRQDGDOWULDLVXRLILJOLDOODPRJOLHDOFDQH" 4XHO VLQJROR DWWLPR GL SLHW  VXELWR FDQFHOODWD QRQ EDVWD FHUWR DG DVVROYHUH 0XKVIHOG EDVWDSHU²DFROORFDUHDQFKHOXLVHSSXUHDOPDUJLQHHVWUHPRQHOODIDVFLDJULJLDLQTXHOOD ]RQDGLDPELJXLW FKHLUUDGLDGDLUHJLPLIRQGDWLVXOWHUURUHHVXOOߞRVVHTXLR 1RQ¨GLIILFLOHJLXGLFDUH0XKVIHOGHQRQFUHGRFKHLOWULEXQDOHFKHORKDFRQGDQQDWR DWR DEELD DYXWR GXEEL SHU FRQWUR LO QRVWUR ELVRJQR H OD QRVWUD FDSDFLW  GL JLXGLFDUH DUH VL LQFHSSDQR GDYDQWL DOOD 6TXDGUD 6SHFLDOH 6XELWR VRUJRQR OH GRPDQGH GRPDQGH PDQG PDQGH FRQYXOVH D FXL ¨ GXUD LPSUHVD GDUH XQD ULVSRVWD FKH FL WUDQTXLOOL]]L VXOOD QDWXUD Q WXUD WXU GHOOߞXRPR 3HUFK© KDQQR DFFHWWDWR TXHO ORUR FRPSLWR" 3HUFK© QRQ VL VRQR ULEHOODWL ULEHO ULE SHUFK©QRQKDQQRSUHIHULWRODPRUWH" ,QFHUWDPLVXUDLIDWWLGLFXLGLVSRQLDPRFLSHUPHWWRQRGLWHQWDUHXQDULVSRVWD1RQ UHXQDULVSR HXQDULVS D1RQ WXWWL KDQQR DFFHWWDWR DOFXQL VL VRQR ULEHOODWL VDSHQGR GL PRULUH UH 'L DOPHQR DOPH XQ FDVR DOP DEELDPRQRWL]LDSUHFLVDXQJUXSSRGLTXDWWURFHQWRHEUHLGL&RUIºFKHQHOOXJOLR &RUIºFKH &RUIºFKHQ OXJOLR HUD VWDWR LQVHULWR QHOOD 6TXDGUD ULILXW² FRPSDWWDPHQWH HQWH LO ODYRUR O RUR H YHQQH YH LPPHGLDWDPHQWHXFFLVRFROJDVˆULPDVWDPHPRULDGLYDULDOWULDPPXWLQDPHQWLVLQJROL DOWULDP L DP DPHQWLV DPHQWLVL WXWWLVXELWRSXQLWLFRQXQDPRUWHDWURFH )LOLS0¼OOHUXQRIUDLSRFKLVVLPLVXSHUVWLWLGHOOH SH SHU 6TXDGUHUDFFRQWDGLXQVXRFRPSDJQRFKHOH66LQWURGXVVHURYLYRQHOODIRUQDFH HGL PROWLFDVLGLVXLFLGLRDOOߞDWWRGHOOߞDUUXRODPHQWRRVXELWRGRSR,QILQH¨GDULFRUGDUHFKH SURSULR GDOOD 6TXDGUD 6SHFLDOH IX RUJDQL]]DWR QHOOߞRWWREUH  OߞXQLFR GLVSHUDWR WHQWDWLYRGLULYROWDQHOODVWRULDGHL/DJHUGL$XVFKZLW]DFXLJL VL¨DFFHQQDWR /HQRWL]LHFKHGLTXHVWDLPSUHVDVRQRSHUYHQXWHILQRDQRLQRQVRQRQ©FRPSOHWHQ© FRQFRUGL VL VD FKH L ULYROWRVL JOL DGGHWWL D GXH GHL FLQTXH FUHPDWRUL GL $XVFKZLW] %LUNHQDX PDOHDUPDWLHSULYLGLFRQWDWWLFRQLSDUWLJLDQLSRODFFKLIXRULGHO/DJHUHFRQ OߞRUJDQL]]D]LRQHFODQGHVWLQDGLGLIHVDHQWURLO/DJHUIHFHURHVSORGHUHLOFUHPDWRULRQH GLHGHUR EDWWDJOLD DOOH 66 ,O FRPEDWWLPHQWR ILQ­ PROWR SUHVWR DOFXQL GHJOL LQVRUWL ULXVFLURQR D WDJOLDUH LO ILOR VSLQDWR HG D IXJJLUH DOOߞHVWHUQR PD IXURQR FDWWXUDWL SRFR GRSR 1HVVXQR GL ORUR ¨ VRSUDYYLVVXWR FLUFD  IXURQR LPPHGLDWDPHQWH XFFLVL GDOOH

TESTO PER STUDIO UNITO

TESTO PER STUDIO UNITO



COPIA NON VENDIBILE



IO D U E T S BIL I R D E P EN O V T N S TE NO

'DTXHVWLVXRLVXGGLWLDIIDPDWL5XPNRZVNLDPELYDULVFXRWHUHQRQVRORREEHGLHQ]DH ULVSHWWR PD DQFKH DPRUH LQ TXHVWR OH GLWWDWXUH PRGHUQH GLIIHULVFRQR GDOOH DQWLFKH 3RLFK©GLVSRQHYDGLXQHVHUFLWRGLHFFHOOHQWLDUWLVWLHGDUWLJLDQLSURQWLDGRJQLVXRFHQQR FRQWURXQTXDUWRGLSDQHIHFHGLVHJQDUHHVWDPSDUHIUDQFREROOLFKHUHFDQRODVXDHIILJLH FRQLFDSHOOLHODEDUEDFDQGLGLQHOODOXFHGHOOD6SHUDQ]DHGHOOD)HGH(EEHXQDFDUUR]]D WUDLQDWD GD XQ URQ]LQR VFKHOHWULFR H VX TXHVWD SHUFRUUHYD OH VWUDGH GHO VXR PLQXVFROR UHJQRDIIROODWHGLPHQGLFDQWLHGLSRVWXODQWL(EEHXQPDQWRUHJDOHHVLDWWRUQL²GLXQD FRUWH GL DGXODWRUL H GL VLFDUL GDL VXRL SRHWLFRUWLJLDQL IHFH FRPSRUUH LQQL LQ FXL VL FHOHEUDYD OD VXD lPDQR IHUPD H SRWHQWH{ H OD SDFH H OߞRUGLQH FKH SHU YLUWº VXD UHJQDYDQRQHOJKHWWRRUGLQ²FKHDLEDPELQLGHOOHQHIDQGHVFXROHRJQLJLRUQRGHYDVWDWH GDOOHHSLGHPLHGDOODGHQXWUL]LRQHHGDOOHUD]]LHWHGHVFKHIRVVHURDVVHJQDWLWHPLLQORGH HGDOOD GDOOD R DPDWR H SURYYLGR 3UHVLGHQWH{ &RPH WXWWL JOL DXWRFUDWL VL DIIUHWW² DG lGHO QRVWUR RUJDQL]]DUH SROL]LD HIILFLHQWH QRPLQDOPHQWH SHU PDQWHQHUH OߞRUGLQH GL IDWWR SHU DUH XQD SR SURWHJJHUH VXD SHUVRQD H SHU LPSRUUH OD VXD GLVFLSOLQD HUD FRVWLWXLWD GD VHLFHQWR JJHUH OD VX DUGLHDUPDW LED LE JXDUGLHDUPDWHGLEDVWRQHHGDXQQXPHURLPSUHFLVDWRGLVSLH3URQXQFL²PROWLGLVFRUVL DOFXQL FL GL FXL DOFX L VRQR VVWDWL FRQVHUYDWL HG LO FXL VWLOH ¨ LQFRQIRQGLELOH DYHYD DGRWWDWR OD WHFQLFDRUDWRULDGL0XVVROLQLHGL+LWOHUTXHOODGHOODUHFLWD]LRQHLVSLUDWDGHOORSVHXGR WHFQLF WHFQLFD WRULDGL0X RULDGL0X FROORTXLR IROOD GHOOD FUHD]LRQH GHO FRQVHQVR DWWUDYHUVR LO SODJLR HG LO SODXVR FROOR R FRQ OD IR )RUVHTXHVWDVXDLPLWD]LRQHHUDGHOLEHUDWDIRUVHHUDLQYHFHXQDLGHQWLILFD]LRQHLQFRQVFLD )R HTXHVWDVXD TXHVWDVXD FROPRGHOORGHOOߞlHURHQHFHVVDULR{FKHDOORUDGRPLQDYDOߞ(XURSDHGHUDVWDWRFDQWDWRGD OPRGHOORG 'ߞ$QQXQ]LRPD¨SLºSUREDELOHFKHLOVXRDWWHJJLDPHQWRVFDWXULVVHGDOODVXDFRQGL]LRQH 'ߞ$QQXQ] GLSLFFRORWLUDQQRLPSRWHQWHYHUVROߞDOWRHGRQQLSRWHQWHYHUVRLOEDVVR&KLKDWURQRH GLSLFF GLSLFFR VFHWWURFKLQRQWHPHGLHVVHUHFRQWUDGGHWWRQ©LUULVRSDUODFRV­ VFHW VFHWW (SSXUH OD VXD ILJXUD IX SLº FRPSOHVVD GL TXDQWR DSSDLD ILQ TXL 5XPNRZVNL QRQ IX VROWDQWR XQ ULQQHJDWR HG XQ FRPSOLFH LQ TXDOFKH PLVXUD ROWUH D IDUOR FUHGHUH GHYH HVVHUVLSURJUHVVLYDPHQWHFRQYLQWRHJOLVWHVVRGLHVVHUHXQPHVVLDXQVDOYDWRUHGHOVXR SRSROR LO FXL EHQH DOPHQR DG LQWHUYDOOL HJOL GHYH DYHUH SXUH GHVLGHUDWR 2FFRUUH EHQHILFDUH SHU VHQWLUVL EHQHILFL H VHQWLUVL EHQHILFL ¨ JUDWLILFDQWH DQFKH SHU XQ VDWUDSR FRUURWWR 3DUDGRVVDOPHQWH DOOD VXD LGHQWLILFD]LRQH FRQ JOL RSSUHVVRUL VL DOWHUQD R VL DIILDQFD XQߞLGHQWLILFD]LRQH FRQ JOL RSSUHVVL SRLFK© OߞXRPR GLFH 7KRPDV 0DQQ ¨ XQD FUHDWXUD FRQIXVD H WDQWR SLº FRQIXVD GLYHQWD SRVVLDPR DJJLXQJHUH TXDQWR SLº ¨ VRWWRSRVWDDWHQVLRQLDOORUDVIXJJHDOQRVWURJLXGL]LRFRV­FRPHLPSD]]LVFHXQDEXVVROD DOSRORPDJQHWLFR %HQFK© VLD VWDWR FRVWDQWHPHQWH GLVSUH]]DWR H GHULVR GDL WHGHVFKL ¨ SUREDELOH FKH 5XPNRZVNLSHQVDVVHDVHVWHVVRQRQFRPHDXQVHUYRPDFRPHDXQ6LJQRUH'HYHDYHU SUHVRVXOVHULRODSURSULDDXWRULW TXDQGROD*HVWDSRVLLPSDGURQ­VHQ]DSUHDYYLVRGHL lVXRL{FRQVLJOLHULDFFRUVHFRQFRUDJJLRLQORURDLXWRHVSRQHQGRVLDEHIIHHVFKLDIILFKH VHSSH VRSSRUWDUH FRQ GLJQLW  $QFKH LQ DOWUH RFFDVLRQL FHUF² GL PHUFDQWHJJLDUH FRQ L WHGHVFKLFKHHVLJHYDQRVHPSUHSLºWHODGDā³GĺHGDOXLFRQWLQJHQWLVHPSUHSLºDOWLGL ERFFKHLQXWLOL YHFFKLEDPELQLDPPDODWL GDPDQGDUHDOOHFDPHUHDJDVGL7UHEOLQNDH SRL GL $XVFKZLW] /D VWHVVD GXUH]]D FRQ FXL VL SUHFLSLW² D UHSULPHUH L PRWL GߞLQVXERUGLQD]LRQH GHL VXRL VXGGLWL HVLVWHYDQR D ā³Gĺ FRPH LQ DOWUL JKHWWL QXFOHL GL WHPHUDULD UHVLVWHQ]D SROLWLFD GL UDGLFH VLRQLVWD EXQGLVWD R FRPXQLVWD  QRQ SURYHQLYD

COPIA NON VENDIBILE

OHJJHUDFKHFRQVHUYRWXWWRUDˆJUDIILDWDHFRUURVDUHFDVXXQDIDFFLDODVWHOODHEUDLFD OR l6FXGR GL 'DYLGH{  OD GDWD  H OD SDUROD JHWWR FKH DOOD WHGHVFD VL OHJJH JKHWWR VXOOߞDOWUD IDFFLD OH VFULWWH 48,7781* œ%(5  0$5. H '(5 „/7(67( '(5 -8'(1 ,1 /,7=0$1167$'7 HFLR¨ULVSHWWLYDPHQWH4XLHWDQ]DVXPDUFKLH,OGHFDQRGHJOLHEUHL LQ/LW]PDQQVWDGW HUD LQVRPPD XQD PRQHWD LQWHUQD GL XQ JKHWWR 3HU PROWL DQQL QH KR GLPHQWLFDWR OߞHVLVWHQ]D SRL YHUVR LO  KR SRWXWR ULFRVWUXLUQH OD VWRULD FKH ¨ DIIDVFLQDQWHHVLQLVWUD &RO QRPH GL /LW]PDQQVWDGW LQ RQRUH GL XQ JHQHUDOH /LW]PDQQ YLWWRULRVR VXL UXVVL QHOOD SULPD JXHUUD PRQGLDOH L QD]LVWL DYHYDQR ULEDWWH]]DWR OD FLWW  SRODFFD GL ā³Gĺ 1HJOLXOWLPLPHVLGHOJOLXOWLPLVXSHUVWLWLGHOJKHWWRGLā³GĺHUDQRVWDWLGHSRUWDWLDG $XVFKZLW]LRGHYRDYHUWURYDWRVXOVXRORGHO/DJHUTXHOODPRQHWDRUPDLLQXWLOH 1HOā³GĺDYHYDDELWDQWLHGHUDODSLºLQGXVWULDOHGHOOHFLWW SRODFFKHOD SLºlPRGHUQD{HODSLºEUXWWDYLYHYDVXOOߞLQGXVWULDWHVVLOHFRPH0DQFKHVWHUH%LHOODHG HUDFRQGL]LRQDWDGDOODSUHVHQ]DGLXQDPLULDGHGLVWDELOLPHQWLJUDQGLHSLFFROLSHUORSLº DQWLTXDWLJL DOORUD&RPHLQWXWWHOHFLWW GLXQDFHUWDLPSRUWDQ]DGHOOߞ(XURSDRULHQWDOH RFFXSDWDLQD]LVWLVLDIIUHWWDURQRDFRVWLWXLUYLXQJKHWWRULSULVWLQDQGRYLDJJUDYDWRGDOOD ORURPRGHUQDIHURFLDLOUHJLPHGHLJKHWWLGHOPHGLRHYRHGHOODFRQWURULIRUPD,OJKHWWRGL ā³GĺDSHUWRJL QHOIHEEUDLRIXLOSULPRLQRUGLQHGLWHPSRHGLOVHFRQGRGRSR TXHOORGL9DUVDYLDFRPHFRQVLVWHQ]DQXPHULFDJLXQVHDFRQWHQHUHSLºGLHEUHL HIXVFLROWRVRORQHOOߞDXWXQQRGHO)XGXQTXHLOSLºORQJHYRGHLJKHWWLQD]LVWLHFL² YDDWWULEXLWRDGXHUDJLRQLODVXDLPSRUWDQ]DHFRQRPLFDHODFRQWXUEDQWHSHUVRQDOLW GHO GHO VXRSUHVLGHQWH 6L FKLDPDYD &KDLP 5XPNRZVNL JL  SLFFROR LQGXVWULDOH IDOOLWR GRSR YDUL YLDJJL YL JJL HG H DOWHUQHYLFHQGHVLHUDVWDELOLWRDā³GĺQHO1HODYHYDTXDVLVHVVDQWߞDQQLHGHUD WߞDQQLH ߞDQQLH HU YHGRYR VHQ]D ILJOL JRGHYD GL XQD FHUWD VWLPD HG HUD QRWR FRPH GLUHWWRUH RSHUH SLH UH GL RSHU RSHUH HEUDLFKH H FRPH XRPR HQHUJLFR LQFROWR HG DXWRULWDULR /D FDULFD GL 3UHVLGH 3UHVLGHQWH R 'HFDQR  GL XQ JKHWWR HUD LQWULQVHFDPHQWH VSDYHQWRVD PD HUD XQD FDULFD FRV FRVWLWXLYD LYD XQ ULFRQRVFLPHQWR VRFLDOH VROOHYDYD GL XQR VFDOLQR H FRQIHULYD GLULWWL H SULYLOHJL SU OHJL FLR¨ S DXWRULW  RUD 5XPNRZVNL DPDYD DSSDVVLRQDWDPHQWH OߞDXWRULW  &RPH VLD ULW  &RP &RPH D SHUYHQXWR SHUYHQXW DOOߞLQYHVWLWXUDQRQ¨QRWRIRUVHVLWUDWW²GLXQDEHIIDQHOWULVWRVWLOHQD]LVWD 5XPNRZVNL VWRVWLOHQD WD 5XPNRZ HUD R VHPEUDYD XQR VFLRFFR GDOOߞDULD SHU EHQH LQVRPPD XQR ]L LGHDOH  IRUVH ]]LPEHOOR LGHDOH LQWULJ²HJOLVWHVVRSHUHVVHUHVFHOWRWDQWRGRYHYDHVVHUHIRUWHLQOXLODYRJOLDGHOSRWHUHˆ O SURYDWRFKHLTXDWWURDQQLGHOODVXDSUHVLGHQ]DRPHJOLRGHOODVXDGLWWDWXUDIXURQRXQ VRUSUHQGHQWH JURYLJOLR GL VRJQR PHJDORPDQH GL YLWDOLW  EDUEDULFD H GL UHDOH FDSDFLW  GLSORPDWLFDHGRUJDQL]]DWLYD(JOLJLXQVHSUHVWRDYHGHUHVHVWHVVRLQYHVWHGLPRQDUFD DVVROXWRPDLOOXPLQDWRHFHUWRIXVRVSLQWRVXTXHVWDYLDGDLVXRLSDGURQLWHGHVFKLFKH JLRFDYDQR EHQV­ FRQ OXL PD DSSUH]]DYDQR L VXRL WDOHQWL GL EXRQ DPPLQLVWUDWRUH H GߞXRPRGߞRUGLQH'DORURRWWHQQHOߞDXWRUL]]D]LRQHDEDWWHUHPRQHWDVLDPHWDOOLFD TXHOOD PLDPRQHWD VLDFDUWDFHDVXFDUWDDILOLJUDQDFKHJOLIXIRUQLWDXIILFLDOPHQWH,QTXHVWD PRQHWDHUDQRSDJDWLJOLRSHUDLHVWHQXDWLGHOJKHWWRSRWHYDQRVSHQGHUODQHJOLVSDFFLSHU DFTXLVWDUYL OH ORUR UD]LRQL DOLPHQWDUL FKH DPPRQWDYDQR LQ PHGLD D  FDORULH JLRUQDOLHUH ULFRUGRGLSDVVDWDFKHQHRFFRUURQRDOPHQRSHUVRSUDYYLYHUHLQVWDWR GLDVVROXWRULSRVR 

TESTO PER STUDIO UNITO

TESTO PER STUDIO UNITO



COPIA NON VENDIBILE

8QDVWRULDFRPHTXHVWDQRQ¨FKLXVDLQV©ˆSUHJQDSRQHSLºGRPDQGHGLTXDQWHQH VRGGLVIDFFLDULDVVXPHLQV©OߞLQWHUDWHPDWLFDGHOOD]RQDJULJLDHODVFLDVRVSHVL*ULGDH



IO D U E T S BIL I R D E P EN O V T N S TE NO

FKLDPDSHUHVVHUHFDSLWDSHUFK©YLVLLQWUDYHGHXQVLPERORFRPHQHLVRJQLHQHLVHJQL GHOFLHOR &KL ¨ 5XPNRZVNL" 1RQ ¨ XQ PRVWUR H QHSSXUH XQ XRPR FRPXQH WXWWDYLD PROWL LQWRUQRDQRLVRQRVLPLOLDOXL,IDOOLPHQWLFKHKDQQRSUHFHGXWRODVXDlFDUULHUD{VRQR VLJQLILFDWLYLJOLXRPLQLFKHGDXQIDOOLPHQWRULFDYDQRIRU]DPRUDOHVRQRSRFKL0LSDUH FKHQHOODVXDVWRULDVLSRVVDULFRQRVFHUHLQIRUPDHVHPSODUHODQHFHVVLW TXDVLILVLFDFKH GDOODFRVWUL]LRQHSROLWLFDIDQDVFHUHOߞDUHDLQGHILQLWDGHOOߞDPELJXLW HGHOFRPSURPHVVR $LSLHGLGLRJQLWURQRDVVROXWRJOLXRPLQLFRPHLOQRVWURVLDIIROODQRSHUJKHUPLUHODORUR SRU]LRQFLQD GL SRWHUH ¨ XQR VSHWWDFROR ULFRUUHQWH ULWRUQDQR DOOD PHPRULD OH ORWWH D FROWHOOR GHJOL XOWLPL PHVL GHOOD VHFRQGD JXHUUD PRQGLDOH DOOD FRUWH GL +LWOHU H IUD L PLQLVWULGL6DO²XRPLQLJULJLDQFKHTXHVWLFLHFKLSULPDFKHFULPLQDOLDFFDQLWLDVSDUWLUVL ²XRP DXWR DXW L EUDQGHOOL GߞXQD DXWRULW  VFHOOHUDWD H PRULERQGD ,O SRWHUH ¨ FRPH OD GURJD LO ELVRJQR GHOOߞXQRHGHOOߞDOWUD¨LJQRWRDFKLQRQOLKDSURYDWLPDGRSROߞLQL]LD]LRQHFKH FRPH HGHOOߞDOWUD SHU5XPNRZVNL SX²HVVHUHIRUWXLWDQDVFHODGLSHQGHQ]DHODQHFHVVLW GLGRVLVHPSUH 5XPNRZVNL XPNRZVNL ºDOWHQDVFH FKH FK SLºDOWHQDVFHDQFKHLOULILXWRGHOODUHDOW HLOULWRUQRDLVRJQLLQIDQWLOLGLRQQLSRWHQ]D6H OߞLQWHUSUHWD]LRQH ¨ YDOLGD OOߞL USUHWD]LR SUHWD]LR GL XQ 5XPNRZVNL LQWRVVLFDWR GDO SRWHUH ELVRJQD DPPHWWHUH OߞLQWRVVLFD]LRQH FKH KH OߞLQW O VLFD]LRQH LFD]LRQH ¨ VRSUDJJLXQWD QRQ D FDXVD PD QRQRVWDQWH OߞDPELHQWH GHO JKHWWR FKHFLR¨HVVD¨FRV­SRWHQWHGDSUHYDOHUHSHUILQRLQFRQGL]LRQLFKHVHPEUHUHEEHURWDOLGD FKHF HVVD¨FRV­ VSHJQHUHRJQLYRORQW LQGLYLGXDOH'LIDWWRHUDEHQYLVLELOHLQOXLFRPHQHLVXRLPRGHOOL VS QHUHRJQLYR HUHRJQLYR SLº º IDPRVL OD O VLQGURPH GHO SRWHUH SURWUDWWR H LQFRQWUDVWDWR OD YLVLRQH GLVWRUWD GHO PRQGROߞDUURJDQ]DGRJPDWLFDLOELVRJQRGLDGXOD]LRQHOߞDJJUDSSDUVLFRQYXOVRDOOHOHYH PRQGROߞ PRQGROߞD GLFRPDQGRLOGLVSUH]]RGHOOHOHJJL GLFRPD 7XWWRTXHVWRQRQHVRQHUD5XPNRZVNLGDOODVXDUHVSRQVDELOLW &KHGDOOߞDIIOL]LRQHGL 7 ā³GĺXQ5XPNRZVNLVLDHPHUVRGXROHHEUXFLDVHIRVVHVRSUDYYLVVXWRDOODVXDWUDJHGLD ā HG DOOD WUDJHGLD GHO JKHWWR FKH OXL KD LQTXLQDWD VRYUDSSRQHQGRYL OD VXD LPPDJLQH GL LVWULRQHQHVVXQWULEXQDOHORDYUHEEHDVVROWRQ©FHUWRORSRVVLDPRDVVROYHUHQRLVXOSLDQR PRUDOH +D SHU² GHOOH DWWHQXDQWL XQ RUGLQH LQIHUR TXDO HUD LO QD]LRQDOVRFLDOLVPR HVHUFLWDXQRVSDYHQWRVRSRWHUHGLFRUUX]LRQHGDFXL¨GLIILFLOHJXDUGDUVL'HJUDGDOHVXH YLWWLPH H OH ID VLPLOL D V© SHUFK© JOL RFFRUURQR FRPSOLFLW  JUDQGL H SLFFROH 3HU UHVLVWHUJOL FL YXROH XQD EHQ VROLGD RVVDWXUD PRUDOH H TXHOOD GL FXL GLVSRQHYD &KDLP 5XPNRZVNLLOPHUFDQWHGLā³GĺLQVLHPHFRQWXWWDODVXDJHQHUD]LRQHHUDIUDJLOHPD TXDQWRIRUWH¨ODQRVWUDGLQRLHXURSHLGLRJJL"&RPHVLFRPSRUWHUHEEHRJQXQRGLQRLVH YHQLVVHVSLQWRGDOODQHFHVVLW HLQSDULWHPSRDOOHWWDWRGDOODVHGX]LRQH" /D VWRULD GL 5XPNRZVNL ¨ OD VWRULD LQFUHVFLRVD H LQTXLHWDQWH GHL .DSRV H GHL IXQ]LRQDUL GHL /DJHU GHL JHUDUFKHWWL FKH VHUYRQR XQ UHJLPH DOOH FXL FROSH VRQR YROXWDPHQWH FLHFKL GHL VXERUGLQDWL FKH ILUPDQR WXWWR SHUFK© XQD ILUPD FRVWD SRFR GL FKLVFXRWHLOFDSRPDDFFRQVHQWHGLFKLGLFHlVHQRQORIDFHVVLLRORIDUHEEHXQDOWUR SHJJLRUHGLPH{ ,Q TXHVWD IDVFLD GL PH]]H FRVFLHQ]H YD FROORFDWR 5XPNRZVNL ILJXUD VLPEROLFD H FRPSHQGLDULD 6H LQ DOWR R LQ EDVVR ¨ GLIILFLOH GLUH OXL VROR OR SRWUHEEH FKLDULUH VH SRWHVVHSDUODUHGDYDQWLDQRLPDJDULPHQWHQGRFRPHIRUVHVHPSUHPHQWLYDDQFKHDVH VWHVVRFLDLXWHUHEEHFRPXQTXHDFRPSUHQGHUORFRPHRJQLLPSXWDWRDLXWDLOVXRJLXGLFH DQFKHVHQRQYXROHDQFKHVHPHQWHSHUFK©ODFDSDFLW GHOOߞXRPRGLUHFLWDUHXQDSDUWH

COPIA NON VENDIBILE

WDQWR GD VHUYLOLVPR YHUVR L WHGHVFKL TXDQWR GD lOHVD PDHVW { GD LQGLJQD]LRQH SHU OߞROWUDJJLRLQIHUWRDOODVXDUHJDOHSHUVRQD 1HO VHWWHPEUH  SRLFK© LO IURQWH UXVVR VL VWDYD DYYLFLQDQGR L QD]LVWL GLHGHUR LQL]LRDOODOLTXLGD]LRQHGHOJKHWWRGLā³Gĺ'HFLQHGLPLJOLDLDGLXRPLQLHGRQQHIXURQR GHSRUWDWLDG$XVFKZLW]lDQXVPXQGL{OXRJRGLGUHQDJJLRXOWLPRGHOOߞXQLYHUVRWHGHVFR HVDXVWLFRPߞHUDQRIXURQRTXDVLWXWWLVRSSUHVVLLPPHGLDWDPHQWH5LPDVHURQHOJKHWWRXQ PLJOLDLRGLXRPLQLDVPRELOLWDUHLOPDFFKLQDULRGHOOHIDEEULFKHHGDFDQFHOODUHOHWUDFFH GHOODVWUDJHHVVLIXURQROLEHUDWLGDOOߞ$UPDWD5RVVDSRFRGRSRHGDORURVLGHEERQROH QRWL]LHTXLULSRUWDWH 6XO GHVWLQR ILQDOH GL &KDLP 5XPNRZVNL HVLVWRQR GXH YHUVLRQL FRPH VH OߞDPELJXLW  VRWWR LO FXL VHJQR DYHYD YLVVXWR VL IRVVH SURWUDWWD DG DYYROJHUQH OD PRUWH 6HFRQGR OD SULPD YHUVLRQH QHO FRUVR GHOOD OLTXLGD]LRQH GHO JKHWWR HJOL DYUHEEH FHUFDWR GL RSSRUVL DOOD GHSRUWD]LRQH GL VXR IUDWHOOR GD FXL QRQ YROHYD VHSDUDUVL XQ XIILFLDOH WHGHVFR JOL DYUHEEH DOORUD SURSRVWR GL SDUWLUH YRORQWDULDPHQWH LQVLHPH FRQ OXL HG HJOL DYUHEEH DFFHWWDWR 8QߞDOWUD YHUVLRQH DIIHUPD LQYHFH FKH LO VDOYDWDJJLR GL 5XPNRZVNL VDUHEEH VWDWRWHQWDWRGD+DQV%LHERZDOWURSHUVRQDJJLRDPPDQWDWRGLGRSSLH]]D4XHVWRORVFR LQGXVWULDOHWHGHVFRHUDLOIXQ]LRQDULRUHVSRQVDELOHGHOOߞDPPLQLVWUD]LRQHGHOJKHWWRHLQ SDUL WHPSR QH HUD OߞDSSDOWDWRUH LO VXR HUD GXQTXH XQ LQFDULFR GHOLFDWR SHUFK© OH IDEEULFKHWHVVLOLGLā³GĺODYRUDYDQRSHUOHIRU]HDUPDWH%LHERZQRQHUDXQDEHOYDQRQ JOL LQWHUHVVDYD FUHDUH VRIIHUHQ]H LQXWLOL Q© SXQLUH JOL HEUHL SHU OD ORUR FROSD GL HVVHUH HEUHLEHQV­JXDGDJQDUHVXOOHIRUQLWXUHQHLPRGLOHFLWLHQHJOLDOWUL,OWRUPHQWRGHOJKHWWR WWR OR WRFFDYD PD VROR SHU YLD LQGLUHWWD GHVLGHUDYD FKH JOL RSHUDL VFKLDYL ODYRUDVVHUR HUR H SHUFL² GHVLGHUDYD FKH QRQ PRULVVHUR GL IDPH LO VXR VHQVR PRUDOH VL IHUPDYD TXL 'L ' IDWWR HUD LO YHUR SDGURQH GHO JKHWWR HG HUD OHJDWR D 5XPNRZVNL GD TXHO XHO HO UDSSRUWR UDS RUWR RUW FRPPLWWHQWHIRUQLWRUH FKH VSHVVR VIRFLD LQ XQD UXYLGD DPLFL]LD %LHERZ HERZ SLFFROR SLFF SL VFLDFDOORWURSSRFLQLFRSHUSUHQGHUHVXOVHULRODGHPRQRORJLDGHOODUD]]DDYUHEEHYROXWR ]DDYUHEEH DDYUHEEH XWR ULPDQGDUH D ROWUDQ]D OR VFLRJOLPHQWR GHO JKHWWR FKH SHU OXL HUD XQ RWWLPR RWWLPR DIIDUH IDUH DUH H SUHVHUYDUH GDOOD GHSRUWD]LRQH 5XPNRZVNL GHOOD FXL FRPSOLFLW  VL ILGDYD GRYH G H VL YHGH FRPHVSHVVRXQUHDOLVWDVLDRELHWWLYDPHQWHPLJOLRUHGLXQWHRULFR0DLWHRULFLGHOOH66 ULFR0DL ULFLGHOOH66 ULFR0DLW HUDQRGLSDUHUHFRQWUDULRHGHUDQRLSLºIRUWL(UDQRJU¼QGOLFKUDGLFDOLYLDLOJKHWWRH GOLFKUDGLF GOLFK UDGLF YLDLOJKHWW YLD5XPNRZVNL 1RQSRWHQGRSURYYHGHUHGLYHUVDPHQWH%LHERZFKHDYHYDEXRQHDGHUHQ]HFRQVHJQ² H D 5XPNRZVNL XQD OHWWHUD LQGLUL]]DWD DO FRPDQGDQWH GHO /DJHU GL GHVWLQD]LRQH H JOL JDUDQW­ FKH HVVD OR DYUHEEH SURWHWWR H JOL DYUHEEH DVVLFXUDWR XQ WUDWWDPHQWR GL IDYRUH 5XPNRZVNLDYUHEEHFKLHVWRD%LHERZHGRWWHQXWRGLYLDJJLDUHILQRDG$XVFKZLW]OXLH ODVXDIDPLJOLDFROGHFRURFKHVLDGGLFHYDDOVXRUDQJRHFLR¨LQXQYDJRQHVSHFLDOH DJJDQFLDWRLQFRGDDOODWUDGRWWDGLYDJRQLPHUFLVWLSDWLGLGHSRUWDWLVHQ]DSULYLOHJLPDLO GHVWLQRGHJOLHEUHLLQPDQRWHGHVFDHUDXQRVRORIRVVHURYLOLRGHURLXPLOLRVXSHUEL1© ODOHWWHUDQ©LOYDJRQHYDOVHURDVDOYDUHGDOJDV&KDLP5XPNRZVNLUHGHL*LXGHL

TESTO PER STUDIO UNITO

COPIA NON VENDIBILE



COPIA NON VENDIBILE



TESTO PER STUDIO UNITO

(VLVWHXQTXDGURVWHUHRWLSRSURSRVWRLQILQLWHYROWHFRQVDFUDWRGDOODOHWWHUDWXUDHGDOOD SRHVLD UDFFROWR GDO FLQHPDWRJUDIR DO WHUPLQH GHOOD EXIHUD TXDQGR VRSUDYYLHQH lOD TXLHWHGRSRODWHPSHVWD{RJQLFXRUHVLUDOOHJUDl8VFLUGLSHQD_¨GLOHWWRIUDQRL{'RSR WHPSH OD PDODWWLD ULWRUQD OD O VDOXWH D URPSHUH OD SULJLRQLD DUULYDQR L QRVWUL L OLEHUDWRUL D EDQGLHUHVSLHJDWHLOVROGDWRULWRUQDHULWURYDODIDPLJOLDHODSDFH VSLHJDWHLO $ JLXGLFDUH GDL G UDFFRQWL IDWWL GD PROWL UHGXFL H GDL PLHL VWHVVL ULFRUGL LO SHVVLPLVWD /HRSDUGL RSDUGL LQ TXHVWD T VWD VWD VXD UDSSUHVHQWD]LRQH ¨ VWDWR DO GL O  GHO YHUR VXR PDOJUDGR VL ¨ GLPRVWUDWRRWWLPLVWD1HOODPDJJLRUSDUWHGHLFDVLOߞRUDGHOODOLEHUD]LRQHQRQ¨VWDWDOLHWD GLPRVWUDWR LPLVWD1 GLPRVWUDWR PLVWD1 Q© VSHQVLHUDWD VSHQ UDWD VS DWD VFRFFDYD VFRFFD SHU OR SLº VX XQR VIRQGR WUDJLFR GL GLVWUX]LRQH VWUDJH H VRIIHUHQ]D VRIIH ]D ,Q TXHO TXHO PRPHQWR LQ FXL FL VL VHQWLYD ULGLYHQWDUH XRPLQL FLR¨ UHVSRQVDELOL ULWRUQDYDQR ULW QDYDQR DYDQR OH SHQH SH GHJOL XRPLQL OD SHQD GHOOD IDPLJOLD GLVSHUVD R SHUGXWD GHO GRORUH XQLYHUVDOH LQWRUQR D V© GHOOD SURSULD HVWHQXD]LRQH FKH DSSDULYD QRQ SLº PHGLFDELOH QLYHUVDOH LYHUVDOH LQ LQW GHILQLWLYDGHOODYLWDGDULFRPLQFLDUHLQPH]]RDOOHPDFHULHVSHVVRGDVROL1RQlSLDFHU GHILQLWLYD GHILQLWLYD ILJOLR GߞDIIDQQR{ DIIDQQR ILJOLR GߞDIIDQQR /ߞXVFLU GL SHQD ¨ VWDWR XQ GLOHWWR VROR SHU G SRFKL SRFK IRUWXQDWL R VROR SHU SRFKL LVWDQWL R SHU DQLPL PROWR VHPSOLFL TXDVL VHPSUH KD FRLQFLVRFRQXQDIDVHGߞDQJRVFLD F FR /ߞDQJRVFLD ¨ QRWD D WXWWL ILQ GDOOߞLQIDQ]LD HG D WXWWL ¨ QRWR FKH VSHVVR ¨ ELDQFD LQGLIIHUHQ]LDWD ˆ UDUR FKH UHFKL XQߞHWLFKHWWD VFULWWD LQ FKLDUR H FRQWHQHQWH OD VXD PRWLYD]LRQH TXDQGR OD UHFD VSHVVR HVVD ¨ PHQGDFH 6L SX² FUHGHUVL R GLFKLDUDUVL DQJRVFLDWLSHUXQPRWLYRHGHVVHUORSHUWXWWߞDOWURFUHGHUHGLVRIIULUHGDYDQWLDOIXWXURH VRIIULUHLQYHFHSHULOSURSULRSDVVDWRFUHGHUHGLVRIIULUHSHUJOLDOWULSHUSLHW SHUFRP SDVVLRQH H VRIIULUH LQYHFH SHU PRWLYL QRVWUL SLº R PHQR SURIRQGL SLº R PHQR FRQIHVVDELOL H FRQIHVVDWL WDOYROWD FRV­ SURIRQGL FKH VROR OR VSHFLDOLVWD OߞDQDOLVWD GHOOH DQLPHOLVDGLVVHSSHOOLUH 1DWXUDOPHQWHQRQRVRDIIHUPDUHFKHLOFRSLRQHDFXLKRDFFHQQDWRVLDIDOVRLQRJQL FDVR0ROWHOLEHUD]LRQLVRQRVWDWHYLVVXWHFRQJLRLDSLHQDDXWHQWLFDVRSUDWWXWWRGDSDUWH GHL FRPEDWWHQWL PLOLWDUL R SROLWLFL FKH YHGHYDQR UHDOL]]DUVL LQ TXHO PRPHQWR OH DVSLUD]LRQLGHOODORURPLOLWDQ]DHGHOODORURYLWDLQROWUHGDSDUWHGLFKLDYHYDVRIIHUWRGL PHQRRSHUPHQRWHPSRRVROWDQWRLQSURSULRHQRQSHUIDPLJOLDULRDPLFLRSHUVRQH DPDWH(SRLSHUIRUWXQDJOLHVVHULXPDQLQRQVRQRWXWWLXJXDOLFߞ¨IUDQRLDQFKHFKLKD OD YLUWº HG LO SULYLOHJLR GL HQXFOHDUH LVRODUH TXHJOL LVWDQWL GL DOOHJUH]]D GL JRGHUOL DSSLHQRFRPHFKLHVWUDHVVHOߞRURQDWLYRGDOODJDQJD(ILQDOPHQWHWUDOHWHVWLPRQLDQ]H OHWWHRGDVFROWDWHFLVRQRDQFKHTXHOOHLQFRQVFLDPHQWHVWLOL]]DWHLQFXLODFRQYHQ]LRQH SUHYDOHVXOODPHPRULDJHQXLQDlFKL¨OLEHUDWRGDOODVFKLDYLWºQHJRGHLRQHVRQRVWDWR OLEHUDWRTXLQGLQHKRJRGXWRDQFKߞLR,QWXWWLLILOPLQWXWWLLURPDQ]LFRPHQHO)LGHOLR

/DYHUJRJQD

,,, 

IO D U E T S BIL I R D E P EN O V T N S TE NO

&RPH 5XPNRZVNL DQFKH QRL VLDPR FRV­ DEEDJOLDWL GDO SRWHUH H GDO SUHVWLJLR GD GLPHQWLFDUH OD QRVWUD IUDJLOLW  HVVHQ]LDOH FRO SRWHUH YHQLDPR D SDWWL YROHQWLHUL R QR GLPHQWLFDQGR FKH QHO JKHWWR VLDPR WXWWL FKH LO JKHWWR ¨ FLQWDWR FKH IXRUL GHO UHFLQWR VWDQQRLVLJQRULGHOODPRUWHHFKHSRFRORQWDQRDVSHWWDLOWUHQR

ߨDPPDQWDWRGߞDXWRULW SUHFDULD GLFL²LJQDURGLFXLVLFUHGHFHUWR ߙGHOODVXDHVVHQ]DFKߞ¨GLYHWURߙTXDOH XQDVFLPPLDDUUDEELDWDJLRFDWDOL LQVXOVHEXIIRQDWHVRWWRLOFLHOR GDIDUSLDQJHUHJOLDQJHOL

QRQ¨LOOLPLWDWD 0DWXWWRTXHVWRQRQEDVWDDVSLHJDUHLOVHQVRGLXUJHQ]DHGLPLQDFFLDFKHHPDQDGD TXHVWDVWRULD)RUVHLOVXRVLJQLILFDWR¨SLºYDVWRLQ5XPNRZVNLFLULVSHFFKLDPRWXWWLOD VXD DPELJXLW  ¨ OD QRVWUD FRQQDWXUDWD GL LEULGL LPSDVWDWL GL DUJLOOD H GL VSLULWR OD VXD IHEEUH ¨ OD QRVWUD TXHOOD GHOOD QRVWUD FLYLOW  RFFLGHQWDOH FKH lVFHQGH DOOߞLQIHUQR FRQ WURPEH H WDPEXUL{ HG L VXRL RUSHOOL PLVHUDELOL VRQR OߞLPPDJLQH GLVWRUWD GHL QRVWUL VLPEROL GL SUHVWLJLR VRFLDOH /D VXD IROOLD ¨ TXHOOD GHOOߞ8RPR SUHVXQWXRVR H PRUWDOH TXDOHORGHVFULYH,VDEHOODLQ0LVXUDSHUPLVXUDOߞ8RPRFKH

TESTO PER STUDIO UNITO

TESTO PER STUDIO UNITO





COPIA NON VENDIBILE

1RQVDOXWDYDQRQRQVRUULGHYDQRDSSDULYDQRRSSUHVVLROWUHFKHGDSLHW GDXQFRQIXVR ULWHJQRFKHVLJLOODYDOHORURERFFKHHDYYLQFHYDLORURRFFKLDOORVFHQDULRIXQHUHR(UDOD VWHVVDYHUJRJQDDQRLEHQQRWDTXHOODFKHFLVRPPHUJHYDGRSROHVHOH]LRQLHGRJQLYROWD FKH FL WRFFDYD DVVLVWHUH R VRWWRVWDUH D XQ ROWUDJJLR OD YHUJRJQD FKH L WHGHVFKL QRQ Q FRQREEHURTXHOODFKHLOJLXVWRSURYDGDYDQWLDOODFROSDFRPPHVVDGDDOWUXLHJOLULPRUGH LPRUGH FKH HVLVWD FKH VLD VWDWD LQWURGRWWD LUUHYRFDELOPHQWH QHO PRQGR GHOOH FRVH FKH HVLVWRQR H FKHODVXDYRORQW VLDVWDWDQXOODRVFDUVDHQRQDEELDYDOVRDGLIHVD

5LOHJJRRUDXQSDVVRGL/DWUHJXD,OOLEUR¨VWDWRSXEEOLFDWRVRORQHO (LQDXGL 7RULQR PDTXHVWHSDUROHOHDYHYRVFULWWHILQGDOVLSDUODGHLSULPLVROGDWLUXVVLDO FRVSHWWRGHOQRVWUR/DJHUJUHPLWRGLFDGDYHULHGLPRULERQGL

IO D U E T S BIL I R D E P EN O V T N S TE NO

3HU TXDQWR SRVVD VHPEUDUH LQFUHGLELOH SURYDL XQ FRPSOHWR DEEDWWLPHQWR 4XHO PRPHQWR VX FXL GD WUH DQQL VL HUDQR FRQFHQWUDWL WXWWL L PLHL SHQVLHUL HG L PLHL GHVLGHUL VHJUHWLQRQVXVFLW²LQPHQ©IHOLFLW Q©DOFXQDOWURVHQWLPHQWR0LODVFLDLFDGHUHGDOPLR JLDFLJOLR H DQGDL FDUSRQL ILQR DOOD SRUWD 8QD YROWD FKH IXL IXRUL PL VIRU]DL LQYDQR GL SURVHJXLUHSRLPLVGUDLDLVHPSOLFHPHQWHDWHUUDQHOERVFRHFDGGLQHOVRQQR

1RQFUHGRGLDYHUHQXOODGDFDQFHOODUHRGDFRUUHJJHUHEHQV­TXDOFRVDGDDJJLXQJHUH TXDOFRVDG TXDOFRVDGD JLXQJHUH &KHPROWL HGLRVWHVVR DEELDQRSURYDWRlYHUJRJQD{HFLR¨VHQVRGLFROSDGXUDQWHOD VHQVRGLFR DGXUDQWHOD SULJLRQLD H GRSR ¨ XQ IDWWR DFFHUWDWR H FRQIHUPDWR GD QXPHURVH WHVWLPRQLDQ]H 3X² XPHURVH WH PRQLDQ]H 3 VHPEUDUH DVVXUGR PD HVLVWH &HUFKHU² GL LQWHUSUHWDUOR LQ SURSULR FRPPHQWDUH OH URSULR ULR H GL FRPPHQ LQWHUSUHWD]LRQLDOWUXL &RPHKRDFFHQQDWRDOOߞLQL]LRLOGLVDJLRLQGHILQLWRFKHDFFRPSDJQDYDODOLEHUD]LRQH IRUVH QRQ HUD SURSULDPHQWH YHUJRJQD PD FRPH WDOH YHQLYD SHUFHSLWR 3HUFK©" 6L SRVVRQRWHQWDUHYDULHVSLHJD]LRQL (VFOXGHU² GD TXHVWR HVDPH DOFXQL FDVL HFFH]LRQDOL L SULJLRQLHUL TXDVL WXWWL SROLWLFL FKHHEEHURODIRU]DHODSRVVLELOLW GLDJLUHDOOߞLQWHUQRGHO/DJHUDGLIHVDHYDQWDJJLRGHL ORURFRPSDJQL1RLODTXDVLWRWDOLW GHLSULJLRQLHULFRPXQLOLLJQRUDYDPRQHSSXUHQH VRVSHWWDYDPROߞHVLVWHQ]DFRVDORJLFDSRLFK©SHURYYLDQHFHVVLW SROLWLFDHSROL]LHVFD OD 6H]LRQH3ROLWLFDGL$XVFKZLW]QRQHUDDOWURFKHXQUDPRGHOOD*HVWDSR HVVLGRYHYDQR RSHUDUH LQ VHJUHWR QRQ VROR YHUVR L WHGHVFKL PD YHUVR WXWWL ,Q $XVFKZLW] LPSHUR FRQFHQWUD]LRQDULR FKH DO PLR WHPSR HUD FRVWLWXLWR SHU LO  GD HEUHL TXHVWR UHWLFROR SROLWLFR HUD HPEULRQDOH LR KR DVVLVWLWR DG XQ VROR HSLVRGLR FKH DYUHEEH GRYXWR IDUPL

COPIA NON VENDIBILE

LQWXLUHTXDOFRVDVHQRQIRVVLVWDWRVFKLDFFLDWRGDOWUDYDJOLRGLWXWWLLJLRUQL 9HUVRLOPDJJLRLOQRVWURTXDVLLQQRFXR.DSRIXVRVWLWXLWRHLOQXRYRDUULYDWRVL GLPRVWU² XQ LQGLYLGXR WHPLELOH 7XWWL L .DSRV SLFFKLDYDQR TXHVWR IDFHYD SDUWH RYYLD GHOOH ORUR PDQVLRQL HUD LO ORUR OLQJXDJJLR SLº R PHQR DFFHWWDWR HUD GHO UHVWR OߞXQLFR OLQJXDJJLRFKHLQTXHOODSHUSHWXD%DEHOHSRWHVVHYHUDPHQWHHVVHUHLQWHVRGDWXWWL1HOOH VXH YDULH VIXPDWXUH YHQLYD LQWHVR FRPH LQFLWDPHQWR DO ODYRUR FRPH DPPRQL]LRQH R SXQL]LRQHHQHOODJHUDUFKLDGHOOHVRIIHUHQ]HVWDYDDJOLXOWLPLSRVWL2UDLOQXRYR.DSR SLFFKLDYDLQPRGRGLYHUVRLQPRGRFRQYXOVRPDOLJQRSHUYHUVRVXOQDVRVXJOLVWLQFKL VXL JHQLWDOL 3LFFKLDYD SHU IDU PDOH SHU SURGXUUH VRIIHUHQ]D H XPLOLD]LRQH 1HSSXUH FRPHPROWLDOWULSHUFLHFRRGLRUD]]LDOHPDFRQODYRORQW DSHUWDGLLQIOLJJHUHGRORUH LQGLVFULPLQDWDPHQWHHVHQ]DXQSUHWHVWRDWXWWLLVXRLVRJJHWWLˆSUREDELOHFKHIRVVHXQ PHQWH PHQWH QWDOH PD ¨¨ FKLDUR FKH LQ TXHOOH FRQGL]LRQL OߞLQGXOJHQ]D FKH YHUVR TXHVWL PDODWR PHQWDOH PDODWLVHQWLDPRRJJLFRPHGRYHURVDODJJLºVDUHEEHVWDWDIXRULOXRJR1HSDUODLFRQXQ HQWLDPRRJJ FROOHJD HEUHR FURDWR FKH IDUH" FRPH GLIHQGHUVL" DJLUH FROOHWWLYDPHQWH" JD XQ FRPXQLVWD FRPX XL L IHFH XQR VWUDQR DQR VRUULVR H PL GLVVH VROR l9HGUDL FKH QRQ GXUD D OXQJR{ ,QIDWWL LO /XL SLFFKLDWRUHVSDU­HQWURXQDVHWWLPDQD0DDQQLSLºWDUGLLQXQFRQYHJQRGLUHGXFLVHSSL SLFFKLDWRU SLFFKLDWRUH DU­HQWUR U­HQWUR DOFXQL SULJLRQLHUL FKH DDOFX SULJLRQLHUL SROLWLFL DGGHWWL DOOߞ8IILFLR GHO /DYRUR DOOߞLQWHUQR GHO FDPSR DYHYDQR LO WHUULILFDQWH SRWHUH GL VRVWLWXLUH L QXPHUL GL PDWULFROD VXJOL HOHQFKL GHL DYHYD WHUULILFD WHUULILF SULJLRQLHULGHVWLQDWLDOJDV&KLDYHYDLOPRGRHODYRORQW GLDJLUHFRV­GLFRQWUDVWDUH SU RQLHULGHVWLQ QLHULGHVWLQ FRV­RLQDOWULPRGLODPDFFKLQDGHO/DJHUHUDDOULSDURGDOODlYHUJRJQD{RDOPHQRGD V­RLQDOWUL TXHOODGLFXLVWRSDUODQGRSRLFK©IRUVHQHSURYHU XQߞDOWUD$OWUHWWDQWRDOULSDURGRYHYD TXHOODGL TXHOODGLF HVVHUH6LYDGMDQXRPRVLOHQ]LRVRHWUDQTXLOORFKHKRQRPLQDWRFDVXDOPHQWHLQ6HTXHVWR HVVHUH6 ¨¨XQXRPR (LQDXGL7RULQR QHOFDSLWROR,O&DQWRGL8OLVVHHGLFXLKRVDSXWRQHOOD ¨XQ XQ VWHVVD RFFDVLRQH FKH LQWURGXFHYD HVSORVLYR LQ FDPSR LQ YLVWD GL XQD SRVVLELOH V VW LQVXUUH]LRQH $ PLR DYYLVR LO VHQVR GL YHUJRJQD R GL FROSD FKH FRLQFLGHYD FRQ OD ULDFTXLVWDWD OLEHUW  HUD IRUWHPHQWH FRPSRVLWR FRQWHQHYD LQ V© HOHPHQWL GLYHUVL HG LQ SURSRU]LRQL GLYHUVHSHURJQLVLQJRORLQGLYLGXR9DULFRUGDWRFKHRJQXQRGLQRLVLDRJJHWWLYDPHQWH VLDVRJJHWWLYDPHQWHKDYLVVXWRLO/DJHUDVXRPRGR $OOߞXVFLWD GDO EXLR VL VRIIULYD SHU OD ULDFTXLVWDWD FRQVDSHYROH]]D GL HVVHUH VWDWL PHQRPDWL 1RQ SHU YRORQW  Q© SHU LJQDYLD Q© SHU FROSD DYHYDPR WXWWDYLD YLVVXWR SHU PHVLRDQQLDGXQOLYHOORDQLPDOHVFROHQRVWUHJLRUQDWHHUDQRVWDWHLQJRPEUDWHGDOOߞDOED DOOD QRWWH GDOOD IDPH GDOOD IDWLFD GDO IUHGGR GDOOD SDXUD H OR VSD]LR GL ULIOHWWHUH SHU UDJLRQDUH SHU SURYDUH DIIHWWL HUD DQQXOODWR $YHYDPR VRSSRUWDWR OD VSRUFL]LD OD SURPLVFXLW  H OD GHVWLWX]LRQH VRIIUHQGRQH DVVDL PHQR GL TXDQWR QH DYUHPPR VRIIHUWR QHOOD YLWD QRUPDOH SHUFK© LO QRVWUR PHWUR PRUDOH HUD PXWDWR ,QROWUH WXWWL DYHYDPR UXEDWR DOOH FXFLQH DOOD IDEEULFD DO FDPSR LQVRPPD lDJOL DOWUL{ DOOD FRQWURSDUWH PD VHPSUHIXUWRHUDDOFXQL SRFKL HUDQRGLVFHVLILQRDUXEDUHLOSDQHDOSURSULRFRPSDJQR $YHYDPR GLPHQWLFDWR QRQ VROR LO QRVWUR SDHVH H OD QRVWUD FXOWXUD PD OD IDPLJOLD LO SDVVDWR LO IXWXUR FKH FL HUDYDPR UDSSUHVHQWDWR SHUFK© FRPH JOL DQLPDOL HUDYDPR ULVWUHWWLDOPRPHQWRSUHVHQWH'DTXHVWDFRQGL]LRQHGLDSSLDWWLPHQWRHUDYDPRXVFLWLVROR DUDULLQWHUYDOOLQHOOHSRFKLVVLPHGRPHQLFKHGLULSRVRQHLPLQXWLIXJDFLSULPDGLFDGHUH QHOVRQQRGXUDQWHODIXULDGHLERPEDUGDPHQWLDHUHLPDHUDQRXVFLWHGRORURVHSURSULR

ODURWWXUDGHOOHFDWHQH¨XQPRPHQWRGLOHWL]LDVROHQQHRIHUYLGDTXLQGLDQFKHODPLDOR¨ VWDWD{ˆTXHVWRXQFDVRSDUWLFRODUHGLTXHOODGHULYDGHLULFRUGLDFXLDFFHQQDYRQHOSULPR FDSLWROR H FKH VL DFFHQWXD FRO SDVVDUH GHJOL DQQL H FRQ OߞDFFXPXODUVL GHOOH HVSHULHQ]H DOWUXL YHUH R SUHVXQWH VXOOR VWUDWR GHOOH SURSULH 0D FKL SHU SURSRVLWR R SHU WHPSHUDPHQWR VL WLHQH ORQWDQR GDOOD UHWRULFD SDUOD GL VROLWR FRQ YRFH GLYHUVD &RV­ DG HVHPSLR GHVFULYH OD VXD OLEHUD]LRQH LO JL  QRPLQDWR )LOLS 0¼OOHU FKH SXUH KD DYXWR XQߞHVSHULHQ]D DVVDL SLº WHUULELOH GHOOD PLD QHOOߞXOWLPD SDJLQD GHO VXR PHPRULDOH (\HZLWQHVV$XVFKZLW]7KUHHVLWUDWWDGLSHUVRQDJJLGL6HTXHVWR¨ XQ[email protected]HGDLORURHUHGL 6RQR VLFXUR FKH /HL QRQ PL KD IUDLQWHVR 1RQ KR PDL QXWULWR RGLR QHL ULJXDUGL GHO

IO D U E T S BIL I R D E P EN O V T N S TE NO

WHGHVFRLOHWWRULGߞRJJLQRQORFDSLUHEEHUR{LRRELHWWDYRFKHlODJJLºVLGLFHYDSURSULR FRV­{ VL DUULYDYD LQILQH DOOD VLQWHVL FLR¨ DO FRPSURPHVVR /ߞHVSHULHQ]D PL KD SRL LQVHJQDWRFKHWUDGX]LRQHHFRPSURPHVVRVRQRVLQRQLPLPDDTXHOWHPSRLRHURSUHPXWR GDXQRVFUXSRORGLVXSHUUHDOLVPRYROHYRFKHLQTXHOOLEURHGLQVSHFLHSURSULRQHOODVXD YHVWH WHGHVFD QLHQWH DQGDVVH SHUGXWR GL TXHOOH DVSUH]]H GL TXHOOH YLROHQ]H IDWWH DO OLQJXDJJLR FKH GHO UHVWR PL HUR VIRU]DWR GHO PLR PHJOLR GL ULSURGXUUH QHOOߞRULJLQDOH LWDOLDQR,QFHUWRPRGRQRQVLWUDWWDYDGLXQDWUDGX]LRQHPDSLXWWRVWRGLXQUHVWDXUROD VXDHUDRLRYROHYRFKHIRVVHXQDUHVWLWXWLRLQSULVWLQXPXQDUHWURYHUVLRQHDOODOLQJXDLQ FXLOHFRVHHUDQRDYYHQXWHHGDFXLHVVHFRPSHWHYDQR'RYHYDHVVHUHSLºFKHXQOLEUR XQQDVWURGLPDJQHWRIRQR ,O WUDGXWWRUH H FDS­ FDS­ SUHVWR H EHQH H QH ULVXOW² XQD WUDGX]LRQH HFFHOOHQWH VRWWR RJQL DVSHWWRGHOODVXDIHGHOW SRWHYRJLXGLFDUHLRVWHVVRLOVXROLYHOORVWLOLVWLFRIXORGDWRLQ OODVXDIHGH ODVXDIHG VHJXLWR GD WXWWL L UHFHQVRUL 6RUVH OD TXHVWLRQH GHOOD SUHID]LRQH OߞHGLWRUH )LVFKHU PL UH FKLHVHGLVFULYHUQHXQDLRVWHVVRLRHVLWDLSRLULILXWDL3URYDYRXQULWHJQRFRQIXVRXQD HGLVFULYHUQ ULSXJQDQ]DXQEORFFRHPRWLYRFKHVWUR]]DYDLOIOXVVRGHOOHLGHHHGHOORVFULYHUH0LVL SXJQDQ]DXQ XJQDQ]DX ORF OR FKLHGHYDLQVRPPDGLIDUVHJXLUHDOOLEURFLR¨DOODWHVWLPRQLDQ]DXQDSSHOORGLUHWWRDO FKLHGHYD FKLHGHYDL PPDGL SRSRORWHGHVFRFLR¨XQDSHURUD]LRQHXQVHUPRQH$YUHLGRYXWRDO]DUHLOWRQRVDOLUHVXO SRSRO SRSRORW HVFRFLR¨X VFRFLR¨X SRGLRGDWHVWHIDUPLJLXGLFHSUHGLFDWRUHHVSRUUHWHRULHHGLQWHUSUHWD]LRQLGHOODVWRULD SRGLR GDWHVWHIDUP DWHVWHIDUP GLYLGHUH GL HUH GLY UH L SLL GDJOL GD HPSL GDOOD WHU]D SHUVRQD SDVVDUH DOOD VHFRQGD 7XWWL TXHVWL HUDQR FRPSLWL PSLWL FKH PL P VRUSDVVDYDQR FRPSLWL FKH YROHQWLHUL DYUHL GHYROXWR DG DOWUL IRUVH DJOL VWHVVLOHWWRULWHGHVFKLHQRQ VWHVVLOHWWR 6FULVVL 6FUL DOOߞHGLWRUH FKH QRQ PL VHQWLYR LQ JUDGR GL VWHQGHUH XQD SUHID]LRQH FKH QRQ 6FULV VQDWXUDVVHLOOLEURHJOLSURSRVLXQDVROX]LRQHLQGLUHWWDGLSUHPHWWHUHDOWHVWRLQVHGHGL VQDW VQDWX LQWURGX]LRQHXQEUDQRGHOODOHWWHUDFKHQHOPDJJLRDOODILQHGHOODQRVWUDODERULRVD L LQ FROODERUD]LRQHDYHYRVFULWWDDOWUDGXWWRUHSHUULQJUD]LDUORGHOODVXDRSHUD/RULSURGXFR TXL

COPIA NON VENDIBILE

DYHYDQR RFFXSDWR PLOLWDUPHQWH Oߞ,WDOLD GHO QRUG ,O PLR WUDGXWWRUH VL HUD DJJUHJDWR lQDWXUDOPHQWH{ DL SDUWLJLDQL SDGRYDQL GHOOH IRUPD]LRQL *LXVWL]LD H /LEHUW  FKH FRPEDWWHYDQRQHL&ROOL(XJDQHLFRQWURLIDVFLVWLGL6DO²HFRQWURLVXRLFRPSDWULRWL1RQ DYHYDDYXWRGXEELVLVHQWLYDSLºLWDOLDQRFKHWHGHVFRSDUWLJLDQRHQRQQD]LVWDWXWWDYLD VDSHYDFKHFRVDULVFKLDYDIDWLFKHSHULFROLVRVSHWWLHGLVDJLVHFDWWXUDWRGDLWHGHVFKL HG LQIDWWLHUDVWDWRLQIRUPDWRFKHOH66HUDQRVXOOHVXHWUDFFH XQDPRUWHDWURFHLQROWUHQHO VXRSDHVHODTXDOLILFDGLGLVHUWRUHHIRUVHDQFKHGLWUDGLWRUH $JXHUUDILQLWDVLVWDELO­D%HUOLQRFKHDTXHOWHPSRQRQHUDWDJOLDWDLQGXHGDOPXUR PD VRWWRVWDYD DG XQ FRPSOLFDWLVVLPR UHJLPH GL FRQGRPLQLR GHL l4XDWWUR *UDQGL{ GL DOORUD 6WDWL 8QLWL 8QLRQH 6RYLHWLFD *UDQ %UHWDJQD )UDQFLD  'RSR OD VXD DYYHQWXUD SDUWLJLDQD LQ ,WDOLD HUD XQ SHUIHWWR ELOLQJXH SDUODYD OߞLWDOLDQR VHQ]D WUDFFLD GL DFFHQWR VWUDQLHUR $FFHWW² WUDGX]LRQL *ROGRQL LQ SULPR OXRJR SHUFK© OR DPDYD H SHUFK© FRQRVFHYDEHQHLGLDOHWWLYHQHWLSHUORVWHVVRPRWLYRLO5X]DQWHGL$JQROR%HROFRILQR DOORUD VFRQRVFLXWR LQ *HUPDQLD PD DQFKH DXWRUL LWDOLDQL PRGHUQL &ROORGL *DGGD 'ߞ$UULJR 3LUDQGHOOR 1RQ HUD XQ ODYRUR EHQ SDJDWR R SHU PHJOLR GLUH OXL HUD WURSSR VFUXSRORVRHTXLQGLWURSSROHQWRSHUFK©ODVXDJLRUQDWDGLODYRURULVXOWDVVHJLXVWDPHQWH UHWULEXLWD WXWWDYLD QRQ VL ULVROVH PDL DG LPSLHJDUVL SUHVVR XQD FDVD HGLWULFH 3HU GXH PRWLYL DPDYD OߞLQGLSHQGHQ]D HG LQROWUH VRWWLOPHQWH SHU YLH WUDYHUVH L VXRL WUDVFRUVL SROLWLFL SHVDYDQR VX GL OXL 1HVVXQR JOLHOR GLVVH PDL LQ SDUROH DSHUWH PD XQ GLVHUWRUH DQFKHQHOOD*HUPDQLDVXSHUGHPRFUDWLFDGL%RQQDQFKHQHOOD%HUOLQRTXDGULSDUWLWDHUD lSHUVRQDQRQJUDWD{ 7UDGXUUH6HTXHVWR¨XQXRPRORHQWXVLDVPDYDLOOLEURJOLHUDFRQVRQRFRQIHUPDYD PDYD VRVWDQ]LDYDSHUFRQWUDVWRLOVXRDPRUHSHUODOLEHUW HODJLXVWL]LDWUDGXUORHUDXQPRGR PRG PRGR SHUFRQWLQXDUHODVXDORWWDWHPHUDULDHVROLWDULDFRQWURLOVXRSDHVHWUDYLDWR$TXHOWHPSR TXHO PSR TXHOW PS HUDYDPRWXWWLHGXHWURSSRRFFXSDWLSHUYLDJJLDUHHQDFTXHIUDQRLXQRVFDPELRGLOHWWHUH DPELRGLO DPELRGLOHW IUHQHWLFR (UDYDPR HQWUDPEL SHUIH]LRQLVWL OXL SHU DELWR SURIHVVLRQDOH RQDOH QDOH LR SSHUFK© K© TXDQWXQTXH DYHVVL WURYDWR XQ DOOHDWR HG XQ DOOHDWR YDOHQWH WHPHYR HYR YR FKH LO PLR P R WHVWR VELDGLVVHSHUGHVVHSUHJQDQ]D(UDODSULPDYROWDFKHLQFDSSDYRQHOOߞDYYHQWXUDVHPSUH RQHOOߞDYYH RQHOOߞDYYHQ DVHPSUH VFRWWDQWH PDL JUDWXLWD GHOOߞHVVHUH WUDGRWWL GHO YHGHUH LO SURSULR SULR SHQVLHUR SHQVLHU PDQRPHVVR SHQVLH PDQRPHVVR ULIUDWWRODSURSULDSDURODSDVVDWDDOYDJOLRWUDVIRUPDWDRPDOLQWHVDRPDJDULSRWHQ]LDWD DOLQWHVDR DJDULSRWHQ] DOLQWHVDR GDTXDOFKHLQVSHUDWDULVRUVDGHOODOLQJXDGߞDUULYR )LQGDOOHSULPHSXQWDWHSRWHLFRQVWDWDUHFKHLQUHDOW LPLHLVRVSHWWLlSROLWLFL{HUDQR LW LWL LQIRQGDWL LO PLR SDUWQHU HUD QHPLFR GHL QD]L TXDQWR PH OD VXD LQGLJQD]LRQH QRQ HUD PLQRUH GHOOD PLD 5LPDQHYDQR SHU² L VRVSHWWL OLQJXLVWLFL &RPH KR DFFHQQDWR QHO FDSLWROR GHGLFDWR DOOD FRPXQLFD]LRQH LO WHGHVFR GL FXL LO PLR WHVWR DYHYD ELVRJQR VRSUDWWXWWRQHLGLDORJKLHQHOOHFLWD]LRQLHUDPROWRSLºUR]]RGHOVXR/XLXRPRGLOHWWHUH H GL UDIILQDWD HGXFD]LRQH FRQRVFHYD EHQV­ LO WHGHVFR GHOOH FDVHUPH TXDOFKH PHVH GL VHUYL]LRPLOLWDUHORDYHYDSXUIDWWR PDLJQRUDYDIRU]DWDPHQWHLOJHUJRGHJUDGDWRVSHVVR VDWDQLFDPHQWHLURQLFRGHLFDPSLGLFRQFHQWUDPHQWR2JQLQRVWUDOHWWHUDFRQWHQHYDXQD OLVWDGLSURSRVWHHGLFRQWURSURSRVWHHGDYROWHVXXQVLQJRORWHUPLQHVLDFFHQGHYDXQD GLVFXVVLRQHDFFDQLWDTXDOHDGHVHPSLRTXHOODFKHKRGHVFULWWRTXLDOOHSDJLQH/R VFKHPD HUD JHQHUDOH LR JOL LQGLFDYR XQD WHVL TXHOOD FKH PL VXJJHULYD OD PHPRULD DFXVWLFDDFXLKRDFFHQQDWRDVXROXRJROXLPLRSSRQHYDOߞDQWLWHVLlTXHVWRQRQ¨EXRQ

TESTO PER STUDIO UNITO

COPIA NON VENDIBILE



(JUHJLR'RWW/HYL LO6XROLEUR¨LOSULPRIUDLUDFFRQWLGLVXSHUVWLWLGL$XVFKZLW]FKHVLDYHQXWRDQRVWUD FRQRVFHQ]D+DFRPPRVVRSURIRQGDPHQWHPLDPRJOLHHPH2UDSRLFK©(OODGRSRWXWWL JOLRUURULFKHKDYLVVXWRVLULYROJHDQFRUDXQDYROWDDOSRSRORWHGHVFRlSHUFDSLUH{lSHU GHVWDUHXQDHFR{LRRVRWHQWDUHXQDULVSRVWD0DQRQVDU FKHXQDHFRlFDSLUH{VLPLOLFRVH QRQSX²QHVVXQR ߨ ߨGDXQXRPRFKHQRQ¨FRQ'LRWXWWR¨GDWHPHUHHJOLQRQKDIUHQRQRQKDULWHJQL( JOL VL DGGLFH DOORUD OߞDOWUD SDUROD GL *HQHVL  l3RLFK© LO VHQQR GHO FXRUH XPDQR ¨ PDOYDJLR ILQ GDOOD JLRYLQH]]D{ PRGHUQDPHQWH VSLHJDWD H GLPRVWUDWD GDOOH WUHPHQGH

(VVD VL PDWHULDOL]]D LQ XQD TXDUDQWLQD GL OHWWHUH FKH PL VRQR VWDWH VFULWWH GD OHWWRUL WHGHVFKLQHJOLDQQLDFDYDOORFLR¨GHOODFULVLFKHFRQGXVVHDOODFRVWUX]LRQHGL TXHO0XURFKHWXWWRUDVSDFFDLQGXH%HUOLQRHFKHFRVWLWXLVFHXQRGHLSXQWLGLSLºIRUWH DWWULWRQHOPRQGRGߞRJJLOߞXQLFRLQVLHPHFRQOR6WUHWWRGL%HKULQJLQFXLDPHULFDQLH UXVVLVLIURQWHJJLQRGLUHWWDPHQWH7XWWHTXHVWHOHWWHUHULVSHFFKLDQRXQDOHWWXUDDWWHQWDGHO OLEURPDWXWWHULVSRQGRQRRWHQWDQRGLULVSRQGHUHRQHJDQRFKHHVLVWDXQDULVSRVWDDOOD OOD GRPDQGD LPSOLFLWD QHOOߞXOWLPR SHULRGR GHOOD PLD OHWWHUD VH FLR¨ VLD SRVVLELOH FDSLUH SLUH L WHGHVFKL $OWUH OHWWHUH PL VRQR SHUYHQXWH DOOD VSLFFLRODWD QHJOL DQQL VHJXHQWL QWL LQ L FRLQFLGHQ]DFRQOHULVWDPSHGHOOLEURPDVRQRWDQWRSLºVFLDOEHTXDQWRSLºVRQRUHFHQWL RQRUH HQWL HQW FKLVFULYHVRQRRUPDLLILJOLHGLQLSRWLLOWUDXPDQRQ¨SLºLOORURQRQ¨YLVVXWRLQSULPD LVVXWRLQS LVVXWRLQSU SHUVRQD (VSULPRQR YDJD VROLGDULHW  LJQRUDQ]D H GLVWDFFR 3HU ORUR SDVVDWR R TXHO SDV R ¨ YHUDPHQWHXQSDVVDWRXQVHQWLWRGLUH1RQVRQRWHGHVFRVSHFLILFLVDOYRHFFH]LRQLLORUR DOYRHFFH] DOYRHFFH]LR LORUR LORUR VFULWWL VL SRWUHEEHUR FRQIRQGHUH FRQ TXHOOL FKH FRQWLQXR D ULFHYHUH HYHUH GDL ORUR OR FRHWDQHL LWDOLDQLSHUFL²QRQQHWHUU²FRQWRLQTXHVWDUDVVHJQD /H SULPH OHWWHUH TXHOOH FKH FRQWDQR VRQR TXDVL WXWWH GL JLRYDQL FKH H VL GLFKLDUDQR GLFKLDU WDOLRFKHWDOLULVXOWDQRGDOWHVWR DGHFFH]LRQHGLXQDFKHPL¨VWDWDPDQGDWDQHO PL¨VWD ¨ VW QGDWDQH GDO'RWWRU7+GL$PEXUJRHFKHULSRUWRSHUSULPDSHUFK©KRIUHWWDGLOLEHUDUPHQH1H I DU WUDGXFRLSDVVLVDOLHQWLULVSHWWDQGRQHODJRIIDJJLQH

COPIA NON VENDIBILE

VFRSHUWH GHOOD SVLFRDQDOLVL GL )UHXG QHO FDPSR GHOOߞLQFRQVFLR D /HL FHUWDPHQWH QRWH ,Q RJQL WHPSR ¨ DYYHQXWR lFKH LO 'LDYROR VL VFDWHQDVVH{ VHQ]D ULWHJQR VHQ]D VHQVR SHUVHFX]LRQLGLHEUHLHGLFULVWLDQLVWHUPLQLRGLSRSROLLQWHULLQ6XG$PHULFDGHJOLLQGLDQL QHO 1RUG $PHULFD GHL *RWL LQ ,WDOLD VRWWR 1DUVHWH RUUHQGH SHUVHFX]LRQL H PDVVDFUL QHO FRUVRGHOOHULYROX]LRQLIUDQFHVHHUXVVD&KLSRWU lFDSLUH{WXWWRTXHVWR" (OOD SHU² DVSHWWD FHUWR XQD ULVSRVWD VSHFLILFD DOOD GRPDQGD SHUFK© +LWOHU JLXQVH DO SRWHUHHSHUFK©QRLLQVHJXLWRQRQDEELDPRVFRVVRLOVXRJLRJR2UDQHO ߨ WXWWLL SDUWLWLPRGHUDWLVSDULURQRHQRQULPDVHFKHODVFHOWDIUD+LWOHUH6WDOLQ1D]LRQDOVRFLDOLVWLH &RPXQLVWL GL IRU]H FLUFD XJXDOL , FRPXQLVWL OL FRQRVFHYDPR SHU OH YDULH JUDQGL ULYROWH DYYHQXWHGRSROD3ULPD*XHUUD+LWOHUFLDSSDULYDVRVSHWWR¨YHURPDGHFLVDPHQWHFRPHLO PLQRUPDOH&KHWXWWHOHVXHEHOOHSDUROHIRVVHURPHQ]RJQDHWUDGLPHQWRDOOߞLQL]LRQRQFH H&KH H&KH QH DFFRUJHPPR RUJHPPR ,Q , SROLWLFD HVWHUD DYHYD XQ VXFFHVVR GRSR OߞDOWUR WXWWL JOL VWDWL PDQWHQHYDQR QWHQHYDQR FRQ FRQ OXL UHOD]LRQL GLSORPDWLFKH LO 3DSD SHU SULPR FRQFKLXVH XQ FRQFRUGDWR &KL SRWHYD VVRVSHWWDUH FKH QRL VWDYDPR FDYDOFDQGR VLF  XQ FULPLQDOH H XQ WUDGLWRUH" ( FRPXQTXHQHVVXQDFROSDVLSX²FHUWRDWWULEXLUHDLWUDGLWLVRORLOWUDGLWRUH¨FROSHYROH FRPXQTXH RPXQTXH VVX VV TXHVWLRQH SLº GLIILFLOH LO VXR LQVHQVDWR RGLR FRQWUR JOL HEUHL HEEHQH (G RUD OD TXHVW (G TXHVWߞRGLRQRQ¨PDLVWDWRSRSRODUH/D*HUPDQLDFRQWDYDDEXRQGLULWWRFRPHLOSDHVHSLº TX RGLRQRQ¨PD GLRQRQ¨PD DPLFKHYROHYHUVRJOLHEUHLQHOPRQGRLQWHUR0DLDTXDQWRLRVRHGKROHWWRGXUDQWHWXWWR LFKHYROHYHUV KHYROHYHUV LO SHULRGR KKLWOHULDQR ILQR DOOD VXD ILQH PDL VL ¨ VDSXWR GL XQ VROR FDVR GL VSRQWDQHR ROWUDJJLRRGDJJUHVVLRQHDLGDQQLGLXQHEUHR6HPSUHVROWDQWR SHULFRORVLVVLPL WHQWDWLYLGL ROWUDJJLR ROWUDJJLR DLXWR DLXWR 9HQJRRUDDOODVHFRQGDTXHVWLRQH5LEHOODUVLLQXQRVWDWRWRWDOLWDULRQRQ¨SRVVLELOH,O PRQGR LQWHUR D VXR WHPSR QRQ KD SRWXWR SRUWDUH DLXWR DJOL XQJKHUHVL ߨ  7DQWR PHQR SRWHPPR >[email protected] QRL GD VROL 1RQ YD GLPHQWLFDWR FKH ROWUH D WXWWH OH ORWWH SHU OD UHVLVWHQ]DVRORQHOJLRUQROXJOLRPLJOLDLDHPLJOLDLDGLXIILFLDOLIXURQRJLXVWL]LDWL 1RQVLWUDWWDYDJL GLlXQDSLFFRODFULFFD{FRPHGLVVHSRL+LWOHU &DUR'RWWRU/HYL FRV­PLSHUPHWWRGLFKLDPDU/DSHUFK©FKLKDOHWWRLO6XROLEURQRQ SX²FKHDYHU/DFDUR QRQKRVFXVHQRQKRVSLHJD]LRQL/DFROSDJUDYDSHVDQWHPHQWHVXO PLRSRYHURSRSRORWUDGLWRHVYLDWR6LUDOOHJULGHOODYLWDFKH/H¨VWDWDULGRQDWDGHOODSDFH H GHOOD 6XD EHOOD 3DWULD FKH DQFKߞLR FRQRVFR $QFKH QHO PLR VFDIIDOH VWDQQR 'DQWH H %RFFDFFLR 6XRGHYPR7+



TESTO PER STUDIO UNITO

 9LHQHVROOHFLWDWRTXDQWRGLPDOH¨QHJOLXRPLQL1HVRQRLOULVXOWDWRL3DQQZLW]HL .DSRVFKHVLQHWWDQRODPDQRVXOODVSDOODGHJOLLQHUPL  1HULVXOWDSHUFRQWURDQFKHODUHVLVWHQ]DDWWLYDFRQWUROߞLQJLXVWL]LDFKHVDFULILF²VH VWHVVDHODVXDIDPLJOLD VLF DOPDUWLULRPDVHQ]DVXFFHVVRYLVLELOH

4XDQGRXQSRSRORULFRQRVFHWURSSRWDUGLGLHVVHUHGLYHQWDWRXQSULJLRQLHURGHOGLDYROR QHVHJXRQRDOFXQHDOWHUD]LRQLSVLFKLFKH

$ TXHVWD OHWWHUD SUREDELOPHQWH DOOߞLQVDSXWD GHO PDULWR )UDX + DYHYD DJJLXQWR OH VHJXHQWLODFRQLFKHULJKHFKHSXUHWUDGXFROHWWHUDOPHQWH

IO D U E T S BIL I R D E P EN O V T N S TE NO

/ߞHGLWRUH DFFHWW² OD PLD SURSRVWD D FXL LO WUDGXWWRUH DYHYD DGHULWR FRQ HQWXVLDVPR SHUFL²TXHVWDSDJLQDFRVWLWXLVFHOߞLQWURGX]LRQHGLWXWWHOHHGL]LRQLWHGHVFKHGL6HTXHVWR¨ XQXRPRDQ]LYLHQHOHWWDFRPHSDUWHLQWHJUDQWHGHOWHVWR0HQHVRQRDFFRUWRDSSXQWR GDOODlQDWXUD{GHOODHFRDFXLVLDFFHQQDQHOOHXOWLPHULJKH

SRSRORWHGHVFRHVHORDYHVVLQXWULWRQHVDUHLJXDULWRRUDGRSRDYHUFRQRVFLXWR/HL1RQ FRPSUHQGRQRQVRSSRUWRFKHVLJLXGLFKLXQXRPRQRQSHUTXHOORFKH¨PDSHULOJUXSSRD FXLJOLDFFDGHGLDSSDUWHQHUH ߨ 0DQRQSRVVRGLUHGLFDSLUHLWHGHVFKLRUDTXDOFRVDFKHQRQVLSX²FDSLUHFRVWLWXLVFHXQ YXRWR GRORURVR XQD SXQWXUD XQR VWLPROR SHUPDQHQWH FKH FKLHGH GL HVVHUH VRGGLVIDWWR 6SHURFKHTXHVWROLEURDYU TXDOFKHHFRLQ*HUPDQLDQRQVRORSHUDPEL]LRQHPDDQFKH SHUFK©ODQDWXUDGLTXHVWDHFRPLSHUPHWWHU IRUVHGLFDSLUHPHJOLRLWHGHVFKLGLSODFDUH TXHVWRVWLPROR

TESTO PER STUDIO UNITO

COPIA NON VENDIBILE



/D6XDDIIHUPD]LRQHSLºDXGDFH¨TXHOODFKHULJXDUGDOߞLPSRSRODULW GHOOߞDQWLVHPLWLVPR SRODULW G DULW  LVHPLWLVP LVHPLWLVPR LQ*HUPDQLD(UDLOIRQGDPHQWRGHOYHUERQD]LVWDILQGDLVXRLLQL]LHUDGLQDWXUDPLVWLFD L H PL PLVW JOL HEUHL QRQ SRWHYDQR HVVHUH lLO SRSROR HOHWWR GD 'LR{ GDO PRPHQWR FKH WDOL HUDQR L WHGHVFKL 1RQ Fߞ¨ SDJLQD Q© GLVFRUVR GL +LWOHU LQ FXL OߞRGLR FRQWUR JOL HEUHL QRQ YHQJD ULEDGLWRILQRDOOߞRVVHVVLRQH1RQHUDPDUJLQDOHDOQD]LVPRQHHUDLOFHQWURLGHRORJLFR( DOORUD FRPH SRWHYD LO SRSROR lSLº DPLFKHYROH YHUVR JOL HEUHL{ YRWDUH LO SDUWLWR HG RVDQQDUHOߞXRPRFKHGHILQLYDQRJOLHEUHLLSULPLQHPLFLGHOOD*HUPDQLDHRELHWWLYRSULPR GHOODORURSROLWLFDlVWUR]]DUHOߞLGUDJLXGDLFD{" 4XDQWR DJOL ROWUDJJL HG DOOH DJJUHVVLRQL VSRQWDQHH OD 6XD VWHVVD IUDVH ¨ ROWUDJJLRVD 'DYDQWL DL PLOLRQL GL PRUWL PL SDUH R]LRVR H RGLRVR GLVFXWHUH VH VL VLD R QR WUDWWDWR GL SHUVHFX]LRQLVSRQWDQHHGHOUHVWRLWHGHVFKLKDQQRSRFDLQFOLQD]LRQHSHUODVSRQWDQHLW 0D /H SRVVR ULFRUGDUH FKH QHVVXQR REEOLJDYD JOL LQGXVWULDOL WHGHVFKL DG DVVXPHUH VFKLDYL DIIDPDWL VH QRQ LO ORUR SURILWWR FKH QHVVXQR FRVWULQVH OD GLWWD 7RSI RJJL ILRUHQWH LQ

COPIA NON VENDIBILE

:LHVEDGHQ DFRVWUXLUHJOLHQRUPLFUHPDWRULPXOWLSOL GHL/DJHUFKH IRUVHDOOH66 YHQLYD RUGLQDWRGLXFFLGHUHJOLHEUHLPDOߞ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­SXUHHVVHQGR YLVVXWR LQ ,WDOLD VR lFKH ULEHOODUVL LQ XQR VWDWR WRWDOLWDULR ¨ LPSRVVLELOH{ PD VR FKH HVLVWRQR PLOOH PRGL PROWR PHQR SHULFRORVL GL PDQLIHVWDUH OD SURSULD VROLGDULHW  FRQ OߞRSSUHVVRFKHTXHVWLIXURQRIUHTXHQWLLQ,WDOLDDQFKHGRSROߞRFFXSD]LRQHWHGHVFDHFKH FKHT QHOOD*HUPDQLDGL+LWOHUHVVLYHQQHURPHVVLLQDWWRWURSSRGLUDGR HUPDQLDGL HUPDQLDGL+



TESTO PER STUDIO UNITO

1HOOD SUHID]LRQH /HL HVSULPH LO GHVLGHULR GL FDSLUH QRL WHGHVFKL /HL GHYH FUHGHUH TXDQGR /H GLFLDPR FKH QRL VWHVVL QRQ VDSSLDPR FRQFHSLUH QRL VWHVVL Q© TXDQWR DEELDPR IDWWR6LDPRFROSHYROL,RVRQRQDWDQHOVRQRFUHVFLXWDLQ$OWD6OHVLDQRQORQWDQRGD

/ , ¨ ELEOLRWHFDULD LQ 9HVWIDOLD FRQIHVVD GL DYHU DYXWR OD WHQWD]LRQH YLROHQWD GL FKLXGHUHLOOLEURDPHW OHWWXUDlSHUVRWWUDUVLDOOHLPPDJLQLFKHYLVRQRHYRFDWH{PDGL HVVHUVLVXELWRYHUJRJQDWDSHUTXHVWRLPSXOVRHJRLVWLFRHYLOH6FULYH

/H DOWUH OHWWH OHWWHUH VRQR PROWR GLYHUVH GHOLQHDQR XQ PRQGR PLJOLRUH 'HYR SHU² ULFRUGDUHFKHDQFKHFRQODPLJOLRUYRORQW GLDVVROYHUHQRQVLSRVVRQRFRQVLGHUDUHXQ RUGDUHFKH FKH RUGDUHFKH FK lFDPSLRQHUDSSUHVHQWDWLYR{GHOSRSRORWHGHVFRGLDOORUD,QSULPROXRJRTXHOPLROLEUR lFDPSLRQH SSUHVHQWD SUHVHQWD ¨VWDWRSXEEOLFDWRLQTXDOFKHGHFLQDGLPLJOLDLDGLFRSLHHOHWWRTXLQGLIRUVHGDOOߞXQRSHU ¨VWDW ¨VWDWRS EOLFDWRLQTX PLOOH GHL PLOOH L FLWWDGLQL GGHOOD 5HSXEEOLFD )HGHUDOH SRFKL OR DYUDQQR FRPSUDWR SHU FDVR JOL DOWUL SHUFK© HUDQ HUDQR LQ TXDOFKH PRGR SUHGLVSRVWL DOOD FROOLVLRQH FRL IDWWL VHQVLELOL]]DWL DO DOW SHUPHDELOL 'L TXHVWL OHWWRUL VROR XQD TXDUDQWLQD FRPH KR DFFHQQDWR VL VRQR GHFLVL D UPHDELOL ' VFULYHUPL VFULYHUPL TXDUDQWߞDQQL GL HVHUFL]LR PL VRQR RUPDL IDPLOLDUL]]DWR FRQ TXHVWR SHUVRQDJJLR ,Q T TX VLQJRODUHLOOHWWRUHFKHVFULYHDOOߞDXWRUH3X²DSSDUWHQHUHDGXHFRVWHOOD]LRQLEHQGLVWLQWH VLQJ VLQJR XXQD JUDGLWD OߞDOWUD LQFUHVFLRVD L FDVL LQWHUPHGL VRQR UDUL , SULPL G QQR JLRLD H XQ LQVHJQDQR+DQQROHWWRLOOLEURFRQDWWHQ]LRQHVSHVVRSLºGLXQDYROWDOߞKDQQRDPDWRH FDSLWR D YROWH PHJOLR GHOOߞDXWRUH VWHVVR VH QH GLFKLDUDQR DUULFFKLWL HVSRQJRQR FRQ QLWLGH]]DLOORURJLXGL]LRDYROWHOHORURFULWLFKHULQJUD]LDQRORVFULWWRUHSHUODVXDRSHUD VSHVVRORHVRQHUDQRHVSOLFLWDPHQWHGDXQDULVSRVWD,VHFRQGLG QQRQRLDHIDQQRSHUGHUH WHPSR6LHVLELVFRQRRVWHQWDQRPHULWLVSHVVRKDQQRPDQRVFULWWLQHOFDVVHWWRHODVFLDQR WUDSHODUHOߞLQWHQWRGLDUUDPSLFDUVLVXOOLEURHVXOOߞDXWRUHFRPHIDOߞHGHUDVXLWURQFKLRG DQFKH VRQR EDPELQL R DGROHVFHQWL FKH VFULYRQR SHU EUDYDWD SHU VFRPPHVVD SHU FRQTXLVWDUH XQ DXWRJUDIR , PLHL TXDUDQWD FRUULVSRQGHQWL WHGHVFKL D FXL GHGLFR FRQ ULFRQRVFHQ]DTXHVWHSDJLQHDSSDUWHQJRQRWXWWL VDOYRLOVLJQRU7+JL FLWDWRFKH¨XQ FDVRDV© DOODSULPDFRVWHOOD]LRQH

IO D U E T S BIL I R D E P EN O V T N S TE NO

+RVSHVVRULSHQVDWRDTXHVWLVWUDQLFRQLXJL/XLPLVHPEUDXQHVHPSODUHWLSLFRGHOOD JUDQ PDVVD GHOOD ERUJKHVLD WHGHVFD XQ QD]LVWD QRQ IDQDWLFR PD RSSRUWXQLVWD SHQWLWRVL TXDQGRHUDRSSRUWXQRSHQWLUVLVWXSLGRTXDQWREDVWDSHUFUHGHUHGLIDUPLFUHGHUHDOODVXD YHUVLRQH VHPSOLILFDWD GHOOD VWRULD UHFHQWH H SHU RVDUH LO ULFRUVR DOOD UDSSUHVDJOLD UHWURDWWLYDGL1DUVHWHHGHL*RWL/HLXQSRߞPHQRLSRFULWDGHOPDULWRPDSLºELJRWWD +RULVSRVWRFRQXQDOXQJDOHWWHUDIRUVHODVRODLUDFRQGDFKHLRDEELDPDLVFULWWR&KH QHVVXQD &KLHVD KD LQGXOJHQ]D SHU FKL VHJXH LO 'LDYROR Q© DPPHWWH D JLXVWLILFD]LRQH OߞDWWULEXLUH DO 'LDYROR OH SURSULH FROSH &KH GL FROSH HG HUURUL VL GHYH ULVSRQGHUH LQ SURSULRDOWULPHQWLRJQLWUDFFLDGLFLYLOW VSDULUHEEHGDOODIDFFLDGHOODWHUUDFRPHLQIDWWL HUDVSDULWDQHO7HU]R5HLFK&KHLVXRLGDWLHOHWWRUDOLHUDQREXRQLSHUXQEDPELQRQHOOH HOH]LRQL SROLWLFKH GHO QRYHPEUH  OH XOWLPH WHQXWHVL OLEHUDPHQWH L QD]LVWL DYHYDQR EHQV­ RWWHQXWR  VHJJL DO 5HLFKVWDJ PD DFFDQWR DL FRPXQLVWL FRQ  VHJJL L VRFLDOGHPRFUDWLFLFKHQRQHUDQRFHUWRGHJOLHVWUHPLVWLHGDQ]LGD6WDOLQHUDQRGHWHVWDWL QHDYHYDQRDYXWL&KHVRSUDWWXWWRQHOPLRVFDIIDOHDFFDQWRD'DQWHH%RFFDFFLR WHQJR LO 0HLQ .DPSI OD l0LD EDWWDJOLD{ VFULWWD GD $GROI +LWOHU PROWL DQQL SULPD GL DUULYDUH DO SRWHUH 4XHOOߞXRPR IXQHVWR QRQ HUD XQ WUDGLWRUH (UD XQ IDQDWLFR FRHUHQWH H GDOOHLGHHHVWUHPDPHQWHFKLDUHQRQOHFDPEL²Q©OHQDVFRVHPDL&KLDYHYDYRWDWRSHU RSHU OXL DYHYD FHUWDPHQWH YRWDWR SHU OH VXH LGHH 1XOOD PDQFD LQ TXHO OLEUR LO VDQJXH XH H LO L VXRORORVSD]LRYLWDOHOߞHEUHRFRPHHWHUQRQHPLFRLWHGHVFKLFKHLPSHUVRQDQRlODSLº DQR DSLº DQRl DSL DOWD XPDQLW  VXOOD WHUUD{ JOL DOWUL SDHVL FRQVLGHUDWL DSHUWDPHQWH FRPH VWUXPHQWL UXPHQWL SHU SH LO GRPLQLRWHGHVFR1RQVRQRlEHOOHSDUROH{IRUVH+LWOHUQHGLVVHDQFKHDOWUHPDTXHVWH DOWUHPDT H QRQOHVPHQW­PDL 4XDQWR DL UHVLVWHQWL WHGHVFKL RQRUH D ORUR PD YHUDPHQWH L FRQJLXUDWL RQJLXUDWL GHO GH   OXJOLR VLHUDQRPHVVLLQD]LRQHXQSRߞWURSSRWDUGL6FULVVLLQILQH

4XHVWRQRLULFRQRVFLDPRFRPHFROSDQRVWUDGDYDQWLD'LRHGDJOLXRPLQL

 5LPDQHODJUDQPDVVDGLFRORURFKHSHUVDOYDUHODSURSULDYLWDWDFFLRQRHG DEEDQGRQDQRLOIUDWHOORLQSHULFROR

TESTO PER STUDIO UNITO

6RQR GߞDFFRUGR FRQ /HL ¨ SHULFRORVR ¨ LOOHFLWR SDUODUH GHL lWHGHVFKL{ R GL TXDOVLDVL DOWURSRSRORFRPHGLXQߞHQWLW XQLWDULDQRQGLIIHUHQ]LDWDHDFFRPXQDUHWXWWLLVLQJROLLQXQ JLXGL]LR(SSXUHQRQPLVHQWRGLQHJDUHFKHXQRVSLULWRGLRJQLSRSRORHVLVWH DOWULPHQWL QRQ VDUHEEH XQ SRSROR  XQD 'HXWVFKWXP XQD LWDOLDQLW  XQD KLVSDQLGDG VRQR VRPPH GL WUDGL]LRQL DELWXGLQL VWRULD OLQJXD FXOWXUD &KL QRQ VHQWH LQ V© TXHVWR VSLULWR FKH ¨ QD]LRQDOHQHOPLJOLRUVHQVRGHOODSDURODQRQVRORQRQDSSDUWLHQHSHULQWHURDOVXRSRSROR QHOPL QHOPLJ PD QHSSXUH LQVHULWR QHOOD FLYLOW  XPDQD 3HUFL² PHQWUH ULWHQJR LQVHQVDWR LO VLOORJLVPR SSXUH ¨ LQV LQVHU lWXWWLJOLLWDOLDQLVRQRSDVVLRQDOLWXVHLLWDOLDQRSHUFL²WXORVHL{FUHGRLQYHFHOHFLWRHQWUR WWLJOLLWDOLDQL WLJOLLWDOLDQL FHUWLOLPLWLDWWHQGHUVLGDJOLLWDOLDQLQHOORURFRPSOHVVRRGDLWHGHVFKLHFFXQGHWHUPLQDWR FHUWLOLPLWLDW FRPSRUWDPHQWR FRPSRUWDP RPSRUWD WR FROOHWWLYR D SUHIHUHQ]D GL XQ DOWUR 9L VDUDQQR FHUWDPHQWH HFFH]LRQL LQGLYLGXDOLPDXQDSUHYLVLRQHSUXGHQWHSUREDELOLVWLFDDPLRSDUHUH¨SRVVLELOH ߨ LQGLY LQGLYLG LPDXQD PDXQD ߨ 6DU² VLQFHUR FRQ /HL QHOOD JHQHUD]LRQH FKH KD VXSHUDWR L  DQQL TXDQWL VRQR L WHGHVFKLYHUDPHQWHFRQVDSHYROLGLTXDQWR¨DYYHQXWRLQ(XURSDQHOQRPHGHOOD*HUPDQLD" HVFKLYHUDPH FKLYHUDPH $JLXGLFDUHGDOOߞHVLWRVFRQFHUWDQWHGLDOFXQLSURFHVVLWHPRVLDQRSRFKLLQVLHPHFRQYRFL $JLXGLFDUH DFFRUDWH H SLHWRVH QH RGR DOWUH GLVFRUGL VWULGXOH WURSSR ILHUH GHOOD SRWHQ]D H ULFFKH]]D GHOOD*HUPDQLDGߞRJJL GHOOD GHOOD

TESTO PER STUDIO UNITO





COPIA NON VENDIBILE

$06KRULVSRVWRFRQSHUSOHVVLW FRQODVWHVVDSHUSOHVVLW GHOUHVWRFKHKRSURYDWR QHO ULVSRQGHUH D WXWWL TXHVWL FRUWHVL H FLYLOL LQWHUORFXWRUL PHPEUL GHO SRSROR FKH KD

/HKRULVSRVWR

&KH/HLDEELDSRWXWRIDUV­FKHGDL6XRLVFULWWLQRQWUDSHOLXQRGLRLUUHPLVVLELOHFRQWUR QRLWHGHVFKL¨YHUDPHQWHXQPLUDFRORHFLGHYHLQGXUUHDYHUJRJQD'LTXHVWR/DYRUUHL ULQJUD]LDUH&LVRQRSXUWURSSRIUDQRLDQFRUDPROWLFKHULILXWDQRGLFUHGHUHFKHQRLWHGHVFKL DEELDPR UHDOPHQWH FRPPHVVR WDOL GLVXPDQL RUURUL FRQWUR LO SRSROR HEUHR 1DWXUDOPHQWH TXHVWRULILXWRVFDWXULVFHGDPROWLPRWLYLGLYHUVLPDJDULDQFKHVRORGDOIDWWRFKHOߞLQWHOOHWWR GHOFLWWDGLQRPHGLRQRQDFFHWWDGLULWHQHUHSRVVLELOHXQDPDOYDJLW FRV­SURIRQGDWUDQRL lFULVWLDQLRFFLGHQWDOL{ ˆEHQHFKHLO6XROLEURVLDVWDWRSXEEOLFDWRTXLHSRVVDFRV­SRUWDUHOXFHDPROWLJLRYDQL 3RWU  DQFKH HVVHUH PHVVR QHOOH PDQL GL DOFXQL DQ]LDQL IRUVH PD SHU IDUH TXHVWR QHOOD QRVWUDl*HUPDQLDGRUPLHQWH{RFFRUUHXQFHUWRFRUDJJLRFLYLOH

,,-GL6WRFFDUGD¨XQDDVVLVWHQWHVRFLDOH0LGLFH

ߨ FKH LR QRQ SURYL RGLR YHUVR L WHGHVFKL VWXSLVFH PROWL H QRQ GRYUHEEH ,Q UHDOW  LR FRPSUHQGR OߞRGLR PD XQLFDPHQWH lDG SHUVRQDP{ 6H IRVVL XQ JLXGLFH SXU UHSULPHQGR OߞRGLR FKH GRYHVVL VHQWLUH LQ PH QRQ HVLWHUHL DG LQIOLJJHUH OH SHQH SLº JUDYL R DQFKH OD PRUWH DL PROWL FROSHYROL FKH DQFRUD RJJL YLYRQR LQGLVWXUEDWL LQ WHUUD WHGHVFD R LQ DOWUL SDHVLGLVRVSHWWDRVSLWDOLW PDDYUHLRUURUHVHXQVRORLQQRFHQWHGRYHVVHHVVHUHSXQLWRSHU XQDFROSDQRQFRPPHVVD

ߨ (OOD VFULYH GL QRQ FDSLUH L WHGHVFKL ߨ  &RPH WHGHVFR VHQVLELOH DOOߞRUURUH HG DOOD YHUJRJQDHFKHVDU FRQVDSHYROHILQRDOODILQHGHLVXRLJLRUQLFKHOߞRUURUHVWHVVRKDDYXWR R OXRJR SHU PDQR GL XRPLQL GHO VXR SDHVH PL VHQWR FKLDPDWR LQ FDXVD GDOOH 6XH SDUROH DUROH H GHVLGHURULVSRQGHUH 1HSSXUHLRFDSLVFRXRPLQLFRPHTXHO.DSRFKHVLSXO­ODPDQRVXOOD6XDVSDOODFRPH DVSDOODFRPH VSDOODFRPH 3DQQZLW] FRPH (LFKPDQQ H FRPH WXWWL JOL DOWUL FKH HVHJXLURQR RUGLQL L GLVXPDQL VHQ]D VH UHQGHUVLFRQWRFKHQRQVLSX²HOXGHUHODSURSULDUHVSRQVDELOLW QDVFRQGHQGRVLGLHWURTXHOOD GHQGRVLGLHW GHQGRVLGLHWUR HOOD GHJOLDOWUL&KHLQ*HUPDQLDFLVLDQRVWDWLWDQWLHVHFXWRULPDWHULDOLGLXQVLVWHPDFULPLQRVR GLXQVLVWHPD PLQRVR GLXQVLVWHPD QR HFKHWXWWRTXHVWRDEELDSRWXWRDYYHQLUHSURSULRJUD]LHDOJUDQGHQXPHURGHOOHSHUVRQHD QGHQXPHURG GHQXPHURG SHUVRQHD FL²GLVSRVWHGLWXWWRTXHVWRFKLLQTXDQWRWHGHVFRSRWUHEEHQRQSURYDUHDIIOL]LRQH" SURYDUH YDUH QH" 0DVRQRFRVWRURlLWHGHVFKL{"HG¨OHFLWRFRPXQTXHSDUODUHFRPHGLXQDHQWLW XQLWDULD XQ XQL lGHL WHGHVFKL{ R lGHJOL LQJOHVL{ R lGHJOL LWDOLDQL{ R lGHJOL HEUHL{" (OOD KD FLWDWR GHOOH HFFH]LRQLDLWHGHVFKLFKH/HLQRQFDSLVFH ߨ /DULQJUD]LRSHUTXHVWH6XHSDUROHPD/D SUHJRGLULFRUGDUHFKHLQQXPHUHYROLWHGHVFKLKDQQRVRIIHUWRHVRQRPRUWLQHOODORWWDFRQWUR OߞLQLTXLW  ߨ 9RUUHL FRQ WXWWR LO FXRUH FKH PROWL GHL PLHL FRQQD]LRQDOL OHJJHVVHUR LO 6XR OLEUR DIILQFK©QRLWHGHVFKLQRQGLYHQWLDPRSLJULHGLQGLIIHUHQWLPDDQ]LULPDQJDGHVWDLQQRLOD FRQVDSHYROH]]D GL TXDQWR LQ EDVVR SRVVD FDGHUH OߞXRPR FKH VL ID WRUPHQWDWRUH GHO VXR VLPLOH6HFRV­DYYHUU LO6XROLEURSRWU FRQWULEXLUHDFKHWXWWRTXHVWRQRQVLULSHWD

COPIA NON VENDIBILE

VWHUPLQDWR LO PLR H PROWL DOWUL  6L WUDWWD LQ VRVWDQ]D GHOOR VWHVVR LPEDUD]]R GHL FDQL VWXGLDWL GDL QHXURORJL FRQGL]LRQDWL D UHDJLUH LQ XQ PRGR DO FHUFKLR HG LQ XQ DOWUR DO TXDGUDWRTXDQGRLOTXDGUDWRVLDUURWRQGDYDHFRPLQFLDYDDGDVVRPLJOLDUHDXQFHUFKLRL FDQLVLEORFFDYDQRRGDYDQRVHJQLGLQHYURVL*OLKRVFULWWRIUDOߞDOWUR

IO D U E T S BIL I R D E P EN O V T N S TE NO

'LFH LQROWUH GL IDU SDUWH GL l$NWLRQ 6¼KQH]HLFKHQ{ l$]LRQH HVSLDWRULD{  XQD DVVRFLD]LRQHHYDQJHOLFDGLJLRYDQLFKHWUDVFRUURQROHYDFDQ]HDOOߞHVWHURDULFRVWUXLUHOH FLWW SLºJUDYHPHQWHGDQQHJJLDWHGDOODJXHUUDWHGHVFD OHL¨VWDWDD&RYHQWU\ 1RQGLFH QXOOD GHL VXRL JHQLWRUL HG ¨ XQ VLQWRPR R VDSHYDQR H QRQ SDUODURQR FRQ OHL R QRQ VDSHYDQR HG DOORUD QRQ DYHYDQR SDUODWR FRQ ORUR TXHOOL FKH FHUWDPHQWH lODJJLº{ VDSHYDQR L IHUURYLHUL GHOOH WUDGRWWH L PDJD]]LQLHUL OH PLJOLDLD GL ODYRUDWRUL WHGHVFKL GHOOH IDEEULFKH H GHOOH PLQLHUH LQ FXL IDWLFDYDQR D PRUWH JOL RSHUDLVFKLDYL FKLXQTXH LQVRPPD QRQ VL FRSULVVH JOL RFFKL FRQ OD PDQR /R ULSHWR OD FROSD YHUD FROOHWWLYD JHQHUDOHGLTXDVLWXWWLLWHGHVFKLGLDOORUD¨VWDWDTXHOODGLQRQDYHUDYXWRLOFRUDJJLRGL SDUODUH 0 6 GL )UDQFRIRUWH QRQ GLFH QXOOD GL V© H FHUFD FDXWDPHQWH GLVWLQ]LRQL H JLXVWLILFD]LRQLDQFKHTXHVWR¨XQVLQWRPR

$XVFKZLW]PDDTXHOWHPSRLQYHULW QRQKRVDSXWRQXOOD /DSUHJRQRQFRQVLGHULTXHVWD DIIHUPD]LRQHFRPHXQDFRPRGDVFXVDPDFRPHXQGDWRGLIDWWR GHOOHFRVHDWURFLFKHVL VWDYDQR FRPPHWWHQGR DGGLULWWXUD D SRFKL FKLORPHWUL GD QRL (SSXUH DOPHQR ILQR DOOR VFRSSLDUHGHOODJXHUUDPL¨DFFDGXWRGLLQFRQWUDUHTXDHO SHUVRQHFRQODVWHOODHEUDLFDHG LR QRQ OH KR DFFROWH LQ FDVD QRQ OH KR RVSLWDWH FRPH DYUHL IDWWR FRQ DOWUL QRQ VRQR LQWHUYHQXWD LQ ORUR IDYRUH /D PLD FROSD ¨ TXHVWD 3RVVR DGDWWDUPL D TXHVWD PLD WHUULELOH OHJJHUH]]DYLOW HGHJRLVPRVRORFRQWDQGRVXOODUHPLVVLRQHFULVWLDQD

TESTO PER STUDIO UNITO





COPIA NON VENDIBILE

TESTO PER STUDIO UNITO

$OWURYHSDUODQGRGHOODVXDVWHVVDHVSHULHQ]D+/VFULYH DVVDLSODXVLELOPHQWH 

ߨ SURSULR GDOOD UHVLVWHQ]D GHL UDJD]]L FRQWUR LO lPHD FXOSD{ VL SX² ULFRQRVFHUH FKH SHU ORUR LO SUREOHPD GHO 7HU]R 5HLFK ¨ WXWWRUD DOWUHWWDQWR LUULVROWR LUULWDQWH H WLSLFDPHQWH WHGHVFR TXDQWR SHU WXWWL FRORUR FKH OR KDQQR YLVVXWR SULPD GL ORUR 6ROR TXDQGR TXHVWD HPRWLYLW VDU FHVVDWDVDU SRVVLELOHUDJLRQDUHLQPRGRRELHWWLYR

+/FRPPHQWD

*OLDOOLHYLVLLQWHUHVVDQRPROWRDTXHVWRSHULRGRPDSDVVDQRVXELWRDOOߞRSSRVL]LRQHVHVL SDUOD ORUR GL XQD FROSD FROOHWWLYD GHOOD *HUPDQLD 0ROWL DQ]L DIIHUPDQR GL DYHUQH DEEDVWDQ]DGHLlPHDFXOSD{GHOODVWDPSDHGHLORURLQVHJQDQWL

,SURIHVVRULQRQHYLWDYDQRLSUREOHPLDOFRQWUDULRGLPRVWUDYDQRGRFXPHQWDQGROLFRQ JLRUQDOL GHOOߞHSRFD L PHWRGL GL SURSDJDQGD GHL QD]LVWL 5DFFRQWDYDQR FRPH GD JLRYDQL

$G XQ XQD PLD GRPDQGD VXOOD VFXROD ULVSRQGH FRQ GRFXPHQWL  FKH OߞLQWHUR FRUSR XQD LQVHJQDQWHHUDVWDWRDVXRWHPSRSDVVDWRDOVHWDFFLRGHOODlGHQD]LILFD]LRQH{YROXWDGDJOL LQVHJQD DOOHDWL PD FRQGRWWD LQ PRGR GLOHWWDQWHVFR HG DPSLDPHQWH VDERWDWD Q© DYUHEEH SRWXWR DOOH DOOHD HHVVHUHDOWULPHQWLVLVDUHEEHGRYXWRPHWWHUHDOEDQGRXQߞLQWHUDJHQHUD]LRQH1HOOHVFXROH HV ODVWRULDUHFHQWHYLHQHLQVHJQDWDPDVLSDUODSRFRGLSROLWLFDLOSDVVDWRQD]LVWDDIILRUD TXDHO LQWRQLYDULSRFKLGRFHQWLVHQHJORULDQRSRFKLORQDVFRQGRQRSRFKLVVLPLVHQH GLFKLDUDQRLPPXQL8QJLRYDQHLQVHJQDQWHOHKDGLFKLDUDWR

ߨDPRLOSDHVHGRYHVRQRFUHVFLXWDDGRURPLDPDGUHPDQRQULHVFRDSURYDUHVLPSDWLD ߨDP SDHVHGRY SHU LO WHGHVFR LQ TTXDQWR SDUWLFRODUH WLSR XPDQR IRUVH SHUFK© PL DSSDUH DQFRUD WURSSR SHU VHJQDWRGDTXHOOHTXDOLW FKHQHOUHFHQWHSDVVDWRVLVRQRPDQLIHVWDWHFRQWDQWRYLJRUHPD QDWRGDTXHOO DWRGDTXHO IRUVHDQFKHSHUFK©GHWHVWRLQHVVRPHVWHVVDULFRQRVFHQGRPLDOXLVLPLOHFRPHHVVHQ]D IRUVHDQFKHS

&RQ+/EDYDUHVHVWXGHQWHVVDOHFRVHVLVRQRFRPSOLFDWH0LKDVFULWWRXQDSULPD VFULWWRXQD PD YROWDQHOODVXDOHWWHUDHUDVLQJRODUPHQWHYLYDVFLROWDGDOODWHWUDJJLQHSOXPEHDFKH UDJJLQHSOXP DJJLQHSOX HDFKH FDUDWWHUL]]D TXDVL WXWWH OH DOWUH DQFKH OH PHJOLR LQWHQ]LRQDWH H 5LWHQHYD 5LWHQHYD FKH 5LWHQHY KH LR PL DVSHWWDVVLlXQDHFR{VRSUDWWXWWRGDOOHSHUVRQHLPSRUWDQWLXIILFLDOLQRQGDXQDUDJD]]D LFLDOLQRQG XQDUDJD]]D PDlVLVHQWHFKLDPDWDLQFDXVDFRPHHUHGHHFRPSOLFH{ˆVRGGLVIDWWDGHOOߞHGXFD]LRQH ˆVRGGLVIDWW GHOOߞHGXFD]LR GHOOߞHGXFD]L FKHULFHYHDVFXRODHGLTXDQWROH¨VWDWRLQVHJQDWRVXOODVWRULDUHFHQWHGHOVXRSDHVHPD DUHFHQ HFH VXRSDH QRQ ¨ VLFXUD lFKH XQ JLRUQR OD PDQFDQ]D GL PLVXUD FKH ¨ SURSULD DL WHGHVFKL QRQ G GH SURURPSD QXRYDPHQWH VRWWR DOWUD YHVWH H GLUHWWD DG DOWUL VFRSL{ 'HSORUD FKH L VXRL FRHWDQHLULILXWLQRODSROLWLFDlFRPHTXDOFRVDGLVSRUFR{ˆLQVRUWDLQPRGRlYLROHQWRHG LQFRPSRVWR{FRQWURXQSUHWHFKHVSDUODYDGHJOLHEUHLHFRQWURODVXDLQVHJQDQWHGLUXVVR XQDUXVVDFKHDWWULEXLYDDJOLHEUHLODFROSDGHOODULYROX]LRQHGLRWWREUHHFRQVLGHUDYDOD VWUDJHKLWOHULDQDFRPHXQDJLXVWDSXQL]LRQH,QTXHLPRPHQWLKDSURYDWRlXQDLQGLFLELOH YHUJRJQDGLDSSDUWHQHUHDOSLºEDUEDULFRGHLSRSROL{l3XUHDOGLIXRULGLRJQLPLVWLFLVPR RVXSHUVWL]LRQH{¨FRQYLQWDlFKHQRLWHGHVFKLQRQVIXJJLUHPRDOODJLXVWDSXQL]LRQHSHU TXDQWR DEELDPR FRPPHVVR{ 6L VHQWH LQ TXDOFKH PRGR DXWRUL]]DWD DQ]L WHQXWD DG DIIHUPDUH lFKH QRL ILJOL GL XQD JHQHUD]LRQH FDULFD GL FROSD QH VLDPR SLHQDPHQWH FRQVDSHYROL H FHUFKHUHPR GL DOOHYLDUH JOL RUURUL H L GRORUL GL LHUL SHU HYLWDUH FKH VL ULSHWDQRGRPDQL{

ߨDOODILQHGHOODJXHUUDHURDQFRUDXQEDPELQRQRQPLSRVVRDGGRVVDUHDOFXQDSDUWHGL FROSD SHU L GHOLWWL VSDYHQWRVL FRPPHVVL GDL WHGHVFKL HSSXUH QH SURYR YHUJRJQD 2GLR L FULPLQDOLFKHIHFHURVRIIULUH/HLHGL6XRLFRPSDJQLHRGLRLORURFRPSOLFLPROWLGHLTXDOL VRQRDQFRUDLQYLWD/HLVFULYHGLQRQVDSHUFRPSUHQGHUHLWHGHVFKL6HLQWHQGHDOOXGHUHDL FDUQHILFLHGDLORURDLXWDQWLDOORUDDQFKߞLRQRQULHVFRDFRPSUHQGHUOLPDVSHURFKHDYU²OD IRU]D GL FRPEDWWHUOL VH VL SUHVHQWDVVHUR GL QXRYR DOOD ULEDOWD GHOOD VWRULD +R SDUODWR GL lYHUJRJQD{ LQWHQGHYR HVSULPHUH TXHVWR VHQWLPHQWR FKH TXDQWR D TXHO WHPSR ¨ VWDWR SHUSHWUDWR SHU PDQR WHGHVFD QRQ DYUHEEH PDL GRYXWR DYYHQLUH Q© PDL DYUHEEH GRYXWR R HVVHUHDSSURYDWRGDDOWULWHGHVFKL

COPIA NON VENDIBILE

3RLFK© PL ¨ VHPEUDWD XQD LQWHUORFXWULFH LQWHOOLJHQWH VSUHJLXGLFDWD H lQXRYD{ OH KR VFULWWR FKLHGHQGROH QRWL]LH SLº SUHFLVH VXOOD VLWXD]LRQH GHOOD *HUPDQLD GL DOORUD HUD OߞHSRFD GL $GHQDXHU  TXDQWR DO VXR WLPRUH GL XQD lJLXVWD SXQL]LRQH{ FROOHWWLYD KR FHUFDWR GL FRQYLQFHUOD FKH XQD SXQL]LRQH VH ¨ FROOHWWLYD QRQ SX² HVVHUH JLXVWD H YLFHYHUVD 0L KD VSHGLWR D YROWD GL FRUULHUH XQD FDUWROLQD LQ FXL PL GLFHYD FKH OH PLH GRPDQGHULFKLHGHYDQRXQFHUWRODYRURGLULFHUFDDYHVVLSD]LHQ]DPLDYUHEEHULVSRVWRLQ PRGRHVDXULHQWHDSSHQDSRVVLELOH 9HQWL JLRUQL GRSR KR ULFHYXWR XQD VXD OHWWHUD GL  IDFFLDWH XQD WHVL GL ODXUHD LQVRPPD FRPSLODWD JUD]LH DG XQ IUHQHWLFR ODYRUR GL LQWHUYLVWH IDWWH GL SHUVRQD SHU WHOHIRQR H SHU OHWWHUD $QFKH TXHVWD EUDYD UDJD]]D VHSSXUH D ILQ GL EHQH HUD GXQTXH SURSHQVD DOOD 0DVVO 0DVVORVLJNHLW DOOD PDQFDQ]D GL PLVXUD GD OHL VWHVVD GHQXQFLDWD PD VL 0DVV VFXVDYD FRQ Q FRPLFD FRPLFD VVLQFHULW  lDYHYR SRFR WHPSR SHUFL² PROWH FRVH FKH DYUHL SRWXWR GLUH SLº LQ EUHYH VRQR ULPDVWH FRPߞHUDQR{ 1RQ HVVHQGR LR PDVVORV PL OLPLWR D ULDVVXPHUHHGDFLWDUHLSDVVLFKHPLVHPEUDQRSLºVLJQLILFDWLYL XPHUHHGDF PHUHHGD

IO D U E T S BIL I R D E P EN O V T N S TE NO

: * ¨ QDWR QHO  D %UHPD ¨ VWRULFR H VRFLRORJR PLOLWDQWH QHO SDUWLWR VRFLDOGHPRFUDWLFR

3HUQRLWHGHVFKLFKHSRUWLDPRLOJUDYHSHVRGHOQRVWURSDVVDWRH 'LRORVD GHOQRVWUR DYYHQLUHLO6XROLEUR¨SLºGLXQUDFFRQWRFRPPRYHQWH¨XQDLXWRˆXQRULHQWDPHQWRSHU LO TXDOH /D ULQJUD]LR 1XOOD SRVVR GLUH D QRVWUD GLVFROSD Q© FUHGR FKH OD FROSD TXHVWD FROSD VLDIDFLOHDGHVWLQJXHUVL ߨ 3HUTXDQWRLRFHUFKLGLVWDFFDUPLGDOPDORVSLULWRGHO SDVVDWRULPDQJRSXUVHPSUHXQPHPEURGLTXHVWRSRSRORFKHLRDPRHFKHQHOFRUVRGHL VHFROL KD SDUWRULWR LQ XJXDO PLVXUD RSHUH GL QRELOH SDFH HG DOWUH SLHQH GL SHULFROR GHPRQLDFR ,Q TXHVWR FRQYHUJHUH GL WXWWL L WHPSL GHOOD QRVWUD VWRULD LR VRQR FRVFLHQWH GL WURYDUPLLPSOLFDWRQHOODJUDQGH]]DHQHOODFROSDGHOPLRSRSROR6WRSHUFL²GDYDQWLD/HL FRPHXQFRPSOLFHGLFKLIHFHYLROHQ]DDO6XRGHVWLQRHGDOGHVWLQRGHO6XRSRSROR

:$PHGLFRVFULYHGDO:¼UWWHPEHUJ

TESTO PER STUDIO UNITO

TESTO PER STUDIO UNITO





COPIA NON VENDIBILE

+RODVFLDWRSHUXOWLPRORVFDPELRGLOHWWHUHFRQODVLJQRUD+HW\6GL:LHVEDGHQPLD FRHWDQHDSHUFK©FRVWLWXLVFHXQHSLVRGLRDV©VWDQWHVLDFRPHTXDOLW VLDFRPHTXDQWLW  'D VROD OD PLD FDUWHOOD l+6{ ¨ SLº YROXPLQRVD GL TXHOOD LQ FXL FRQVHUYR WXWWH OH DOWUH lOHWWHUH GL WHGHVFKL{ /D QRVWUD FRUULVSRQGHQ]D VL SURWUDH SHU VHGLFL DQQL GDOOߞRWWREUH  DO QRYHPEUH  &RQWLHQH ROWUH DG XQD FLQTXDQWLQD GL VXH OHWWHUH VSHVVR GL TXDWWURRSLºIDFFLDWH FRQOHPLHULVSRVWHDQFKHOHYHOLQHGLDOPHQRDOWUHWWDQWHOHWWHUHGD OHL VFULWWH DL VXRL ILJOL DG DPLFL DG DOWUL VFULWWRUL D HGLWRUL DG HQWL ORFDOL D JLRUQDOL R ULYLVWH H GL FXL KD ULWHQXWR LPSRUWDQWH PDQGDUPL FRSLD LQROWUH ULWDJOL GL JLRUQDOL H UHFHQVLRQLGLOLEUL$OFXQHGHOOHVXHOHWWHUHVRQRlFLUFRODUL{PH]]DSDJLQD¨LQIRWRFRSLD

$FDSLUHlLWHGHVFKL{GLVLFXUR/HLQRQFLULXVFLU PDLQRQFLULXVFLDPRQHSSXUHQRL $FDSL LW LWH SRLFK© SRLFK D TXHO SRLFK© XHO WHPSR WHPS VRQR VXFFHVVH FRVH FKH PDL D QHVVXQ SUH]]R DYUHEEHUR GRYXWR VXFFHGHUH FKH SHU PROWL IUD QRL SDUROH FRPH l*HUPDQLD{ H l3DWULD{ KDQQR VXF HUH 1H ¨ VHJXLWR VHJ SHUGXWRSHUVHPSUHLOVLJQLILFDWRFKHXQWHPSRDYHYDQRLOFRQFHWWRGLlSDWULD{SHUQRLVL¨ GXWRSHUVHP XWRSHUVHP HVWLQWR ߨ  &L² FKH DVVROXWDPHQWH QRQ FL ¨ OHFLWR ¨ GLPHQWLFDUH 3HU TXHVWR VRQR LPSRUWDQWL LPSRUWDQ SHU OD QXRYD JHQHUD]LRQH L OLEUL FRPH LO 6XR FKH GHVFULYRQR LQ PRGR FRV­ LPSRUWDQW XPDQROߞLQXPDQR ߨ )RUVH/HLQRQVLUHQGHFRQWRDSSLHQRGLTXDQWHFRVHXQRVFULWWRUH XPDQ SX² SX LPSOLFLWDPHQWH HVSULPHUH VX VH VWHVVR ߙ H SHUWDQWR VXOOߞ8RPR LQ JHQHUDOH 3URSULR TXHVWR FRQIHULVFH SHVR H YDORUH DG RJQL FDSLWROR GHO 6XR OLEUR 3Lº FKH WXWWR PL KDQQR VFRQYROWROH6XHSDJLQHVXOODERUDWRULRGHOOD%XQDHUDGXQTXHTXHVWRLOPRGRLQFXLYRL SULJLRQLHULYHGHYDWHQRLOLEHUL

3RFR ROWUH UDFFRQWD GL XQ SULJLRQLHUR UXVVR FKH LQ DXWXQQR OH SRUWDYD LO FDUERQH LQ FDQWLQD 3DUODUJOL HUD SURLELWR OHL JOL LQILODYD LQ WDVFD FLER H VLJDUHWWH H OXL SHU ULQJUD]LDUHJULGDYDl+HLO+LWOHU{1RQOHHUDSURLELWRLQYHFH FKHODELULQWRGLJHUDUFKLH H GL GLYLHWL GLIIHUHQ]LDOL GRYHYD HVVHUH OD *HUPDQLD GL DOORUD DQFKH OH lOHWWHUH GL WHGHVFKL{ H OH VXH LQ VSHFLH GLFRQR SLº GL TXDQWR QRQ SDLD  SDUODUH FRQ XQD JLRYDQH RSHUDLD lYRORQWDULD{ IUDQFHVH OHL OD SUHOHYDYD GDO VXR FDPSR VH OD SRUWDYD D FDVD OD FRQGXFHYDSHUILQRDTXDOFKHFRQFHUWR/DUDJD]]DLQFDPSRQRQSRWHYDODYDUVLEHQHH DYHYD L SLGRFFKL +HW\ QRQ RVDYD GLUJOLHOR SURYDYD GLVDJLR H VL YHUJRJQDYD GHO VXR GLVDJLR $TXHVWDVXDSULPDOHWWHUDKRULVSRVWRFKHLOPLROLEURDYHYDEHQV­GHVWDWRULVRQDQ]D LQ *HUPDQLD PD SURSULR IUD L WHGHVFKL FKH DYHYDQR PHQR ELVRJQR GL OHJJHUOR PL DYHYDQR VFULWWR OHWWHUH GL SHQWLPHQWR JOL LQQRFHQWL QRQ L FROSHYROL 4XHVWL FRPH ¨ FRPSUHQVLELOHWDFHYDQR 1HOOHVXHOHWWHUHVXFFHVVLYHDSRFRDSRFRQHOVXRPRGRLQGLUHWWR+HW\ ODFKLDPHU² FRV­SHUVHPSOLFLW VHEEHQHDOlWX{QRQVLDPRPDLDUULYDWL PLKDIRUQLWRXQULWUDWWRGLVH VWHVVD6XRSDGUHSHGDJRJLVWDGLSURIHVVLRQHHUDXQDWWLYLVWDVRFLDOGHPRFUDWLFRILQGDO QHOߞOߞDQQRLQFXL+LWOHUVDO­DOSRWHUHSHUVHVXELWROߞLPSLHJRVLVXVVHJXLURQR

1RQ PL UDYYLVDYR LQ TXHVWD LPPDJLQH PD QRQ JOLHOߞKR VFULWWR /H KR ULVSRVWR WR FKH FK TXHVWLDELWLQRQVLSRVVRQRUHJDODUHRJQXQRGHYHWHVVHUOLHFXFLUOLSHUVHVWHVVR+/PL VR+  P VR+ PL KD VSHGLWR L GXH URPDQ]L GL +HLQULFK 0DQQ GHO FLFOR (QULFR,9 FKH SXUWURSSR UWURSSR QRQ QRQ KR QR PDLWURYDWRWHPSRGLOHJJHUHLROHKRIDWWRDYHUHODWUDGX]LRQHWHGHVFDGL/DWUHJXDFKH GL/DWUHJX GL /DWUHJX FK HUDFRPSDUVDQHOIUDWWHPSR1HOGLFHPEUHGD%HUOLQRGRYHVLHUDWUDVIHULWDPLKD LHUDWUDVIHUL HUDWUDVIH PLKD PDQGDWR XQ SDLR GL JHPHOOL GD SROVLQR GߞRUR FKH DYHYD IDWWL IDUH GD XQD XQD VXD XQ XD DPLFD RUHILFH 1RQ KR DYXWR FXRUH GL UHVWLWXLUJOLHOL OߞKR ULQJUD]LDWD D PD OߞKR SUHJDWD HJDWD GL QRQ PDQGDUPL DOWUR 6SHUR VLQFHUDPHQWH GL QRQ DYHUH RIIHVD TXHVWD SHUVRQD SHU QD LQWLPDPHQWH LQWLPDPH JHQWLOHVSHURFKHDEELDFRPSUHVRLOPRWLYRGHOODPLDGLIHVD'DDOORUDQRQKRSLºDYXWR 'DDOO DD QKRSLº VXHQRWL]LH

ߨ$QFKHGL/HLPLVRQRFRVWUXLWDXQDLPPDJLQHEHQGHILQLWD¨/HLVIXJJLWRDGXQGHVWLQR WHUULELOH SHUGRQLLOPLRDUGLUH FKHVLDJJLUDSHULOQRVWURSDHVHDQFRUDVWUDQLHURFRPHLQ XQEUXWWRVRJQR(SHQVRFKHGRYUHLFXFLU/HXQYHVWLWRFRPHTXHOORFKHLQGRVVDQRJOLHURL QHOOHOHJJHQGHFKH/DSURWHJJDFRQWURWXWWLLSHULFROLGHOPRQGR

COPIA NON VENDIBILE

XJXDOH SHU YDUL FRUULVSRQGHQWL LO UHVWR ELDQFR ¨ ULHPSLWR D PDQR FRQ OH QRWL]LH R OH GRPDQGH SLº SHUVRQDOL /D VLJQRUD +HW\ PL VFULYHYD LQ WHGHVFR H QRQ FRQRVFHYD OߞLWDOLDQROHKRULVSRVWRLQL]LDOPHQWHLQIUDQFHVHSRLPLVRQRUHVRFRQWRFKHFDSLYDFRQ GLIILFROW HSHUPROWRWHPSROHKRVFULWWRLQLQJOHVH3LºWDUGLFROVXRGLYHUWLWRFRQVHQVR OHKRVFULWWRQHOPLRWHGHVFRLQFHUWRLQGXSOLFHFRSLDOHLPHQHUHVWLWXLYDXQDFRQOHVXH FRUUH]LRQL lUDJLRQDWH{ &L VLDPR LQFRQWUDWL VROR GXH YROWH D FDVD VXD GXUDQWH XQ PLR IUHWWRORVRYLDJJLRGߞDIIDULLQ*HUPDQLDHGD7RULQRGXUDQWHXQDVXDYDFDQ]DDOWUHWWDQWR IUHWWRORVD1RQVRQRVWDWLLQFRQWULLPSRUWDQWLOHOHWWHUHFRQWDQRPROWRGLSLº $QFKH OD VXD SULPD OHWWHUD WUDHYD VSXQWR GDOOD TXHVWLRQH GHO lFDSLUH{ PD DYHYD XQ SLJOLR HQHUJLFR H ULVHQWLWR FKH OD GLVWLQJXHYD GD WXWWH OH DOWUH ,O PLR OLEUR OH HUD VWDWR GRQDWR GD XQ DPLFR DPLFR FRPXQH OR VWRULFR +HUPDQQ /DQJEHLQ PROWR WDUGL TXDQGR JL  OD SULPDHGL]LRQHHUDHVDXULWD&RPHDVVHVVRUHDOOD&XOWXUDSUHVVRXQ*RYHUQRUHJLRQDOH RQHHUDH RQHHUDHVD OHLVWDYDFHUFDQGRGLIDUORULVWDPSDUHVXELWRHPLVFULYHYD FHUFDQGRGL

IO D U E T S BIL I R D E P EN O V T N S TE NO

6LQRWLODJLXVWLILFD]LRQH¨ODVWHVVDDGGRWWDGDOGRWWRU7+GL$PEXUJRHGHOUHVWR QHVVXQ WHVWLPRQH GHO WHPSR KD QHJDWR D +LWOHU XQD YHUDPHQWH GHPRQLDFD YLUWº GL SHUVXDVRUH OD VWHVVD FKH OR IDYRULYD QHL VXRL FRQWDWWL SROLWLFL /D VL SX² DFFHWWDUH GDL JLRYDQLFKHFRPSUHQVLELOPHQWHFHUFDQRGLGLVFROSDUHOߞLQWHUDJHQHUD]LRQHGHLORURSDGUL QRQ GDJOL DQ]LDQL FRPSURPHVVL H IDOVDPHQWH SHQLWHQWL FKH FHUFDQR GL FLUFRVFULYHUH OD FROSDDGXQXRPRVROR + / PL KD PDQGDWR PROWH DOWUH OHWWHUH VXVFLWDQGR LQ PH UHD]LRQL ELILGH 0L KD GHVFULWWR VXR SDGUH XQ PXVLFLVWD LUUHTXLHWR WLPLGR H VHQVLELOH PRUWR TXDQGR OHL HUD EDPELQD LQ PH FHUFDYD XQ SDGUH" 2VFLOODYD IUD OD VHULHW  GRFXPHQWDULD H OD IDQWDVLD LQIDQWLOH0LKDPDQGDWRXQFDOHLGRVFRSLRHGLQVLHPHPLKDVFULWWR

DYHYDQR VHJXLWR LO QXRYR PRYLPHQWR VHQ]D FULWLFKH H FRQ HQWXVLDVPR GHOOH DGXQDWH JLRYDQLOL GHOOH RUJDQL]]D]LRQL VSRUWLYH HFF 1RL VWXGHQWL OL DWWDFFDYDPR YLYDFHPHQWH D WRUWR FRPH RJJL SHQVR FRPH VL SX² DFFXVDUOL GL DYHU FDSLWR OD VLWXD]LRQH H SUHYLVWR OߞDYYHQLUHSHJJLRGHJOLDGXOWL"(QRLDOORURSRVWRDYUHPPRVPDVFKHUDWRPHJOLRGLORURL PHWRGLVDWDQLFLFRQFXL+LWOHUFRQTXLVW²ODJLRYHQWºSHUODVXDJXHUUD"

TESTO PER STUDIO UNITO

COPIA NON VENDIBILE



0LD PDGUH DYHYD XQD FDULVVLPD DPLFD HEUHD (UD YHGRYD H YLYHYD VROD L ILJOL HUDQR HPLJUDWL PD OHL QRQ VL ULVROYHYD D ODVFLDUH OD *HUPDQLD $QFKH QRL HUDYDPR GHL SHUVHJXLWDWL PD lSROLWLFL{ SHU QRL HUD GLYHUVR HG DEELDPR DYXWR IRUWXQD QRQRVWDQWH L PROWLSHULFROL1RQGLPHQWLFKHU²ODVHUDLQFXLTXHOODGRQQDYHQQHGDQRLDOEXLRSHUGLUFL

,Q XQߞDOWUD VXD OXQJD OHWWHUD PL DYHYD GHVFULWWR OD ORUR YLWD QHOOD lHPLJUD]LRQH LQWHUQD{

$VFROWDPPRWXWWLFRQWXUEDPHQWRHWDFHPPRDOXQJR3DS DQGDYDVXHJLºWDFLWXUQR DQGDYDVXH DQGDYDVXH WDFLWXUQR LPEURQFLDWRILQFK©LRJOLFKLHVLl0DWLSDUHSRVVLELOHFKHVLDYYHOHQLODJHQWHFROJDVOD YHOHQLO HQL FROJDVO VLEUXFLFKHVLXWLOL]]LQRLORURFDSHOOLODSHOOHLGHQWL"{(OXLFKHSXUHYHQLYDGD'DFKDX 'DF ULVSRVHl1RQRQ¨SHQVDELOH8Q7KRPDV0DQQQRQGRYUHEEHGDUIHGHDTXHVWLRUURUL{ (SSXUH HUD WXWWR YHUR SRFKH VHWWLPDQH GRSR QH DEELDPR DYXWR OH SURYH H FH QH VLDPR FRQYLQWL

,O SDGUH HUD DSSHQD ULWRUQDWR TXDQGR 7KRPDV 0DQQ DOOD UDGLR SDUO² GL $ $X $XVFKZLW] KZLW] GHOJDVHGHLFUHPDWRUL

1RQ DYHUWHQH D PDOH VH LR QRQ VRSSRUWR GL OHJJHUH R GL DVFROWDUH TXHVWH WXH FRVH 4XDQGRDEELDPRGRYXWRVFDSSDUH¨VWDWRWUHPHQGRHODFRVDSHJJLRUH¨VWDWDFKHDEELDPR GRYXWRSUHQGHUHODVWUDGDSHUFXLHUDQRVWDWLHYDFXDWLSULPDLSULJLRQLHULGL$XVFKZLW]/DD YLDHUDIUDGXHVLHSLGLPRUWL9RUUHLGLPHQWLFDUHTXHOOHLPPDJLQLHQRQSRVVRFRQWLQXRD WLQXRD VRJQDUOH

,QYHFHDJXHUUDILQLWDLOSDGUHWRUQ²PDHUDULGRWWRDGXQRVSHWWUR PRU­SRFKLDQQL GRSR  +HW\ DVVDL OHJDWD D OXL VL VHQW­ LQ GRYHUH GL SURVHJXLUH OߞDWWLYLW  QHO ULQQRYDWR SDUWLWR VRFLDOGHPRFUDWLFR LO PDULWR QRQ HUD GߞDFFRUGR YL IX XQD OLWH H OXL FKLHVH HG RWWHQQHLOGLYRU]LR/DVXDVHFRQGDPRJOLHHUDXQDSURIXJDGDOOD3UXVVLD2ULHQWDOHFKH SHUYLDGHLGXHILJOLPDQWHQQHGLVFUHWLUDSSRUWLFRQ+HW\/HGLVVHXQDYROWDDSURSRVLWR GHOSDGUHGL'DFKDXHGHL/DJHU

COPIA NON VENDIBILE

0L KD UDFFRQWDWR GL DYHU DVVLVWLWR QHO  DO SURFHVVR SHU Oߞ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

l9L SUHJR QRQ YHQLWH SLº D FHUFDUPL H VFXVDWHPL VH LR QRQ YHQJR GD YRL &DSLWH YL PHWWHUHL LQ SHULFRORߨ{ 1DWXUDOPHQWH DEELDPR FRQWLQXDWR D YLVLWDUOD ILQFK© QRQ IX GHSRUWDWDD7KHUHVLHQVWDGW1RQOߞDEELDPRSLºULYLVWDHSHUOHLQRQDEELDPRlIDWWR{QLHQWH FKHFRVDDYUHPPRSRWXWRIDUH"(SSXUHLOSHQVLHURFKHQRQVLSRWHVVHIDUHQXOODFLWRUPHQWD DQFRUD/DSUHJRFHUFKLGLFRPSUHQGHUH



TESTO PER STUDIO UNITO

+HW\ KD ODYRUDWR SHU PROWL DQQL SUHVVR LO 0LQLVWHUR GHOOD &XOWXUD GHO /DQG +HVVHQ $VVLD  HUD XQD IXQ]LRQDULD GLOLJHQWH PD LUUXHQWH DXWULFH GL UHFHQVLRQL SROHPLFKH RUJDQL]]DWULFH lDSSDVVLRQDWD{ GL FRQYHJQL HG LQFRQWUL FRQ L JLRYDQL DOWUHWWDQWR DSSDVVLRQDWD DOOH YLWWRULH H VFRQILWWH GHO VXR SDUWLWR 'RSR LO SHQVLRQDPHQWR DYYHQXWR QHOODVXDYLWDFXOWXUDOHVL¨DQFRUDDUULFFKLWDPLKDVFULWWRGLYLDJJLGLOHWWXUHGL VWDJHVOLQJXLVWLFL 6RSUDWWXWWR H SHU WXWWD OD VXD YLWD ¨ VWDWD DYLGD DGGLULWWXUD IDPHOLFD GL LQFRQWUL XPDQLTXHOORGXUDWXURHIHFRQGRFRQPH¨VWDWRVRORXQRGHLWDQWLl,OPLRGHVWLQRPL VSLQJHYHUVRJOLXRPLQLFRQXQGHVWLQR{PLKDVFULWWRXQDYROWDPDQRQHUDLOGHVWLQRD VSLQJHUOD HUD XQD YRFD]LRQH /L FHUFDYD OL WURYDYD OL PHWWHYD LQ FRQWDWWR IUD ORUR FXULRVLVVLPDGHLORURLQFRQWULRVFRQWULˆVWDWDOHLDGDUHDPHOߞLQGLUL]]RGL-HDQ$P©U\ HLOPLRDOXLPDDGXQDFRQGL]LRQHFKHHQWUDPELOHPDQGDVVLPROHYHOLQHGHOOHOHWWHUH FKHFLVDUHPPRVFDPELDWH ORDEELDPRIDWWR +DDYXWRXQDSDUWHLPSRUWDQWHDQFKHQHO ULPHWWHUPLVXOOHWUDFFHGLTXHOGRWWRU0¼OOHUFKLPLFRDG$XVFKZLW]HSRLPLRIRUQLWRUH GL SURGRWWL FKLPLFL H SHQLWHQWH GL FXL KR SDUODWR QHO FDSLWROR 9DQDGLR GHO 6LVWHPD SHULRGLFRHUDVWDWRFROOHJDGHOVXRH[PDULWR$QFKHGHOlGRVVLHU0¼OOHU{KDFKLHVWRD EXRQGLULWWROHYHOLQHKDSRLVFULWWROHWWHUHLQWHOOLJHQWLDOXLVXGLPHHGDPHVXGLOXL LQFURFLDQGRGRYHURVDPHQWHOHlFRSLHSHUFRQRVFHQ]D{ ,QXQDVRODRFFDVLRQHDEELDPR RDOPHQRLRKR SHUFHSLWRXQDGLYHUJHQ]D1HO HUD VWDWR ULODVFLDWR $OEHUW 6SHHU GDO FDUFHUH LQWHUDOOHDWR GL 6SDQGDX &RPH ¨ QRWR HUD

ߨODGRQQ DS ߨODGRQQDKDSRVDWRODIRUFKHWWDHG¨LQWHUYHQXWDDJJUHVVLYDPHQWHl$FRVDVHUYRQRWXWWL ߨODGRQ TXHVWLSURFHVVLFKHIDQQRDGHVVR"&RVDSRWHYDQRIDUFLLQRVWULSRYHULVROGDWLVHJOLGDYDQR TXHVW TXHVWL FHVVLFKHI HVVLFKHI TXHJOL RUGLQL" 4XDQGR TX 4XDQ PLR PDULWR ¨ YHQXWR LQ OLFHQ]D GDOOD 3RORQLD PL KD UDFFRQWDWR ߡ1RQDEELDPRIDWWRTXDVLQLHQWHDOWURFKHIXFLODUHHEUHLVHPSUHIXFLODUHHEUHL$IXULDGL RQDEELDPRI DEELDPRI VSDUDUHLOEUDFFLRPLIDFHYDPDOHߢ0DFKHFRVDSRWHYDIDUHVHJOLDYHYDQRGDWRTXHJOL VSDUDUHLOEU RUGLQL"{ ߨ /ߞKROLFHQ]LDWDUHSULPHQGRODWHQWD]LRQHGLFRQJUDWXODUPLFRQOHLSHULOVXR RUGLQL"{ SRYHUR PDULWR FDGXWR LQ JXHUUDߨ (FFR YHGH TXL LQ *HUPDQLD YLYLDPR DQFRU RJJL LQ SRYH SRYHU PH]]RDSHUVRQHGLTXHVWRJHQHUH P

IO D U E T S BIL I R D E P EN O V T N S TE NO

ߨDOXLVHPEUDYDFKHLQRVWULVIRU]LIRVVHURDVVROXWDPHQWHLQVHQVDWL7HQHPPRXQDYROWD XQFRQVLJOLRGLIDPLJOLDSHUYHGHUHVHFLIRVVHURSRVVLELOLW GLGDUHXQDLXWRDPLRSDGUHH VHV­TXDOLPDOXLGLVVHVROWDQWRl0HWWHWHYLLOFXRUHLQSDFHQRQORYHGUHWHSLº{

SHUTXLVL]LRQLHGLIILFROW HFRQRPLFKHODIDPLJOLDVLGRYHWWHWUDVIHULUHLQXQDOORJJLRSLº SLFFROR 1HO ߞ +HW\ IX HVSXOVD GDO OLFHR SHUFK© DYHYD ULILXWDWR GL HQWUDUH QHOOߞRUJDQL]]D]LRQHJLRYDQLOHKLWOHULDQD6SRV²QHOߞXQLQJHJQHUHGHOOD,*)DUEHQ GL TXL LO VXR LQWHUHVVH SHU lLO ODERUDWRULR GL %XQD{  GD FXL HEEH VXELWR GXH ILJOL 'RSR OߞDWWHQWDWRD+LWOHUGHOOXJOLRVXRSDGUHIXGHSRUWDWRD'DFKDXHGLOPDWULPRQLR HQWU²LQFULVLSHUFK©LOPDULWRSXUQRQHVVHQGRLVFULWWRDOSDUWLWRQRQWROOHUDYDFKH+HW\ PHWWHVVH LQ SHULFROR VH VWHVVD OXL H L ILJOL SHU lIDUH TXHOOR FKH DQGDYD IDWWR{ FLR¨ SHU SRUWDUHRJQLVHWWLPDQDXQSRߞGLFLERDLFDQFHOOLGHOFDPSRLQFXLLOSDGUHHUDSULJLRQLHUR

TESTO PER STUDIO UNITO

COPIA NON VENDIBILE



4XHVWH UHD]LRQL FRQ PLR VROOLHYR QRQ VRQR PDL YHQXWH VH DYHVVL GRYXWR XWR FRPH ¨ XVDQ]DIUDSHUVRQHFLYLOL ULVSRQGHUHDGXQDOHWWHUDGL$OEHUW6SHHUDYUHLDYXWRTXDOFKH SUREOHPD1HOVFXVDQGRVLFRQPHSHUODGLVDSSURYD]LRQHFKHDYHYDILXWDWRQHOOH PLHOHWWHUH+HW\KDYLVLWDWR6SHHUXQDVHFRQGDYROWDHQH¨WRUQDWDGHOXVD/RKDWURYDWR VHQLOHHJRFHQWULFRWURQILRHVWXSLGDPHQWHILHURGHOVXRSDVVDWRGLDUFKLWHWWRIDUDRQLFR 'RSR GL DOORUD OD VRVWDQ]D GHOOH QRVWUH OHWWHUH VL ¨ DQGDWD VSRVWDQGR YHUVR WHPL SLº DOODUPDQWLSHUFK©SLºDWWXDOLOߞDIIDUH0RURODIXJDGL.DSSOHUODPRUWHVLPXOWDQHDGHL WHUURULVWL GHOOD EDQGD %DDGHU0HLQKRI QHO VXSHUFDUFHUH GL 6WDPPKHLP /HL WHQGHYD D FUHGHUH DOOD WHVL XIILFLDOH GHO VXLFLGLR LR GXELWDYR 6SHHU ¨ PRUWR QHO  H +HW\ LPSURYYLVDPHQWHQHO

6SHURFKH/HLDEELDSUHVRLOGRQRGLTXHOOLEURQHOVXRVHQVRJLXVWR*LXVWD¨DQFKHOD 6XD GRPDQGD 9ROHYR YHGHUOR LQ IDFFLD YHGHUH FRPߞ¨ IDWWR XQ XRPR FKH VL ¨ ODVFLDWR SODJLDUHGD+LWOHUHFKH¨GLYHQWDWRXQDVXDFUHDWXUD'LFHHGLRJOLFUHGRFKHSHUOXLODD VWUDJHGL$XVFKZLW]¨XQWUDXPDˆRVVHVVLRQDWRGDOODGRPDQGDGLFRPHOXLDEELDSRWXWR SRWXWR lQRQ YROHU YHGHUH Q© VDSHUH{ LQVRPPD ULPXRYHUH WXWWR 1RQ PL SDUH FKH KH FHUFKL JLXVWLILFD]LRQLDQFKHOXLYRUUHEEHFDSLUHTXDQWRDQFKHSHUOXLFDSLUH¨LPSRVVLELOH0L¨ RVVLELOH0L¨ SDUVRXQXRPRFKHQRQIDOVLILFDFKHORWWDOHDOPHQWHHVLWRUPHQWDVXOVXRSDVVDWR3HUPH RSDVVDWR3HU SDVVDWR3H ¨GLYHQWDWRlXQDFKLDYH{¨XQSHUVRQDJJLRVLPEROLFRLOVLPERORGHOWUDYLDPHQWRWHGHVFR WUDYLDPHQWR WUDYLDPHQWRW VFR +DOHWWRFRQHVWUHPDSHQDLOOLEURGL/DQJEHLQHPLKDSURPHVVRGLOHJJHUHDQFKHLO6XR GLOHJJHUHDQ LO6XR 6 /DWHUU²LQIRUPDWRVXOOHVXHUHD]LRQL

COPIA NON VENDIBILE



TESTO PER STUDIO UNITO

/DQRVWUDDPLFL]LDTXDVLHVFOXVLYDPHQWHHSLVWRODUH¨VWDWDOXQJDHIUXWWXRVDVSHVVR DOOHJUD VWUDQD VH SHQVR DOOߞHQRUPH GLIIHUHQ]D IUD L QRVWUL LWLQHUDUL XPDQL HG DOOD ORQWDQDQ]D JHRJUDILFD H OLQJXLVWLFD PHQR VWUDQD VH ULFRQRVFR FKH ¨ VWDWD OHL IUD WXWWL L PLHLOHWWRULWHGHVFKLODVRODlFRQOHFDUWHLQUHJROD{HTXLQGLQRQLQYLVFKLDWDLQVHQVLGL FROSDHFKHODVXDFXULRVLW ¨VWDWDHG¨ODPLDHVL¨DUURYHOODWDVXJOLVWHVVLWHPLFKHKR GLVFXVVLLQTXHVWROLEUR

IO D U E T S BIL I R D E P EN O V T N S TE NO

VWDWR OߞlDUFKLWHWWR GL FRUWH{ GL +LWOHU PD QHO  HUD VWDWR QRPLQDWR PLQLVWUR GHOOߞLQGXVWULD GL JXHUUD LQ TXDQWR WDOH HUD LQ EXRQD SDUWH UHVSRQVDELOH GHOOߞRUJDQL]]D]LRQH GHOOH IDEEULFKH LQ FXL QRL PRULYDPR GL IDWLFD H GL IDPH $ 1RULPEHUJDHUDVWDWRLOVRORIUDJOLLPSXWDWLDGLFKLDUDUVLFROSHYROHDQFKHSHUOHFRVHFKH QRQDYHYDVDSXWRDQ]LDSSXQWRSHUQRQDYHUYROXWRVDSHUOH)XFRQGDQQDWRDYHQWߞDQQL GLUHFOXVLRQHFKHLPSLHJ²DVFULYHUHOHVXHPHPRULHFDUFHUDULHSXEEOLFDWHLQ*HUPDQLD QHO  +HW\ GDSSULPD HVLW² SRL OH OHVVH H QH IX SURIRQGDPHQWH WXUEDWD &KLHVH D 6SHHUXQFROORTXLRFKHGXU²GXHRUHJOLODVFL²LOOLEURGL/DQJEHLQVX$XVFKZLW]HGXQD FRSLDGL6HTXHVWR¨XQXRPRGLFHQGRJOLFKHHUDWHQXWRDOHJJHUOL/XLOHGLHGHXQDFRSLD GHLVXRL'LDULGL6SDQGDX 0RQGDGRUL0LODQR SHUFK©+HW\PHODVSHGLVVH +RULFHYXWRHOHWWRTXHVWLGLDULFKHSRUWDQRLOVHJQRGLXQDPHQWHFROWLYDWDHOXFLGDH GLXQUDYYHGLPHQWRFKHVHPEUDVLQFHUR PDXQXRPRLQWHOOLJHQWHVDVLPXODUH 6SHHUQH WUDVSDUH FRPH XQ SHUVRQDJJLR VKDNHVSHDULDQR GDOOH DPEL]LRQL VFRQILQDWH WDOL GD DFFHFDUOR H GD LQIHWWDUOR PD QRQ XQ EDUEDUR Q© XQ YLOH Q© XQ VHUYR 'L TXHVWD OHWWXUD DYUHLIDWWRYROHQWLHULDPHQRSHUFK©SHUPHJLXGLFDUH¨GRORURVRLQVSHFLHXQR6SHHU XQXRPRQRQVHPSOLFHHXQFROSHYROHFKHDYHYDSDJDWR6FULVVLD+HW\FRQXQDWUDFFLD GLLUULWD]LRQHl&KHFRVDOߞKDVSLQWDGD6SHHU"/DFXULRVLW "8QVHQVRGHOGRYHUH"8QD ߡPLVVLRQHߢ"{ 0LULVSRVH

TESTO PER STUDIO UNITO

COPIA NON VENDIBILE



COPIA NON VENDIBILE



TESTO PER STUDIO UNITO

/ߞHVHPSLR KLWOHULDQR KD GLPRVWUDWR LQ TXDOH PLVXUD VLD GHYDVWDQWH XQD JXHUUD

LQIHWWL LO PRQGR 3RFKL SDHVL SRVVRQR HVVHUH JDUDQWLWL LPPXQL GD XQD IXWXUD PDUHD GL YLROHQ]D JHQHUDWD GD LQWROOHUDQ]D GD OLELGLQH GL SRWHUH GD UDJLRQL HFRQRPLFKH GD IDQDWLVPR UHOLJLRVR R SROLWLFR GD DWWULWL UD]]LDOL 2FFRUUH TXLQGL DIILQDUH L QRVWUL VHQVL GLIILGDUHGDLSURIHWLGDJOLLQFDQWDWRULGDTXHOOLFKHGLFRQRHVFULYRQRlEHOOHSDUROH{QRQ VRVWHQXWHGDEXRQHUDJLRQL ˆVWDWRRVFHQDPHQWHGHWWRFKHGLXQFRQIOLWWRFߞ¨ELVRJQRFKHLOJHQHUHXPDQRQRQQH SX² IDUH D PHQR ˆ DQFKH VWDWR GHWWR FKH L FRQIOLWWL ORFDOL OH YLROHQ]H LQ VWUDGD LQ IDEEULFD QHJOL VWDGL VRQR XQ HTXLYDOHQWH GHOOD JXHUUD JHQHUDOL]]DWD H FKH FH QH SUHVHUYDQRFRPHLOlSLFFRORPDOH{OߞHTXLYDOHQWHHSLOHWWLFRSUHVHUYDGDOJUDQGHPDOHˆ VWDWR RVVHUYDWR FKH PDL LQ (XURSD HUDQR WUDVFRUVL TXDUDQWߞDQQL VHQ]D JXHUUH XQD SDFH HXURSHDFRV­OXQJDVDUHEEHXQߞDQRPDOLDVWRULFD XQJDV XQJDVD 6RQRDUJRPHQWLFDS]LRVLHVRVSHWWL6DWDQDQRQ¨QHFHVVDULRGLJXHUUHHYLROHQ]HQRQ JRPHQWLF JRPHQWLFDS Fߞ¨ ELVRJQR FDVR 1RQ HVLVWRQR SUREOHPL FKH QRQ SRVVDQR HVVHUH ULVROWL JQR LQ QHVVXQ QHV LQWRUQR WDYROR SXUFK© FL VLD YRORQW  EXRQD H ILGXFLD UHFLSURFD R DQFKH SDXUD QR D XQ WDY UHFLSURFDFRPHVHPEUDGLPRVWUDUHOߞDWWXDOHLQWHUPLQDELOHVLWXD]LRQHGLVWDOORLQFXLOH FLSURFDFRP LSURFDFRP VHP VH SRWHQ]H FRQ YLVR FRUGLDOH R WUXFH PD QRQ KDQQR ULWHJQR D PDVVLPH S Q]H ]H VL IURQWHJJLDQR IU VFDWHQDUH RDODVFLDUHFKHVLVFDWHQLQR JXHUUHVDQJXLQRVHIUDLORURlSURWHWWL{LQYLDQGR VFDWHQ VFDWHQDU RDODVFLDUH DUPLVRILVWLFDWHVSLHPHUFHQDULHFRQVLJOLHULPLOLWDULLQYHFHFKHDUELWULGLSDFH DUPL LVWLFDWHVSL 1HSSXUH¨DFFHWWDELOHODWHRULDGHOODYLROHQ]DSUHYHQWLYDGDOODYLROHQ]DQRQQDVFHFKH HSSXUH¨DFF SSXUH¨DFF YLROHQ]DLQXQDSHQGRODULW FKHVLHVDOWDQHOWHPSRLQYHFHGLVPRU]DUVL,QHIIHWWLPROWL ROHQ]DLQX VHJQLIDQQRSHQVDUHDGXQDJHQHDORJLDGHOODYLROHQ]DRGLHUQDFKHVLGLUDPDSURSULRGD VHJQLIDQQ TXHOOD GRPLQDQWH QHOOD *HUPDQLD GL +LWOHU &HUWR QRQ PDQFDYD SULPD QHO SDVVDWR UHPRWR H UHFHQWH WXWWDYLD DQFKH LQ PH]]R DOOߞLQVHQVDWR PDVVDFUR GHOOD SULPD JXHUUD UHP UHPR PRQGLDOHVRSUDYYLYHYDQRLWUDWWLGLXQUHFLSURFRULVSHWWRIUDLFRQWHQGHQWLXQDWUDFFLDGL P XPDQLW  YHUVR L SULJLRQLHUL HG L FLWWDGLQL LQHUPL XQ WHQGHQ]LDOH ULVSHWWR GHL SDWWL XQ FUHGHQWH GLUHEEH lXQ FHUWR WLPRU GL 'LR{ /ߞDYYHUVDULR QRQ HUD Q© XQ GHPRQLR Q© XQ YHUPH'RSRLO*RWWPLWXQVQD]LVWDWXWWR¨FDPELDWR$LERPEDUGDPHQWLDHUHLWHUURULVWLFL GL *¶ULQJ KDQQR ULVSRVWR L ERPEDUGDPHQWL lD WDSSHWR{ DOOHDWL /D GLVWUX]LRQH GL XQ SRSROR H GL XQD FLYLOW  VL ¨ GLPRVWUDWD SRVVLELOH H GHVLGHUDELOH VLD LQ V© VLD FRPH VWUXPHQWR GL UHJQR /R VIUXWWDPHQWR PDVVLFFLR GHOOD PDQR GߞRSHUD VFKLDYD HUD VWDWR LPSDUDWRGD+LWOHUDOODVFXRODGL6WDOLQPDLQ8QLRQH6RYLHWLFD¨ULWRUQDWRPROWLSOLFDWR DOOD ILQH GHOOD JXHUUD /ߞHVRGR GL FHUYHOOL GDOOD *HUPDQLD H GDOOߞ,WDOLD LQVLHPH FRQ OD SDXUD GL XQ VRUSDVVR GD SDUWH GHJOL VFLHQ]LDWL QD]LVWL KD SDUWRULWR OH ERPEH QXFOHDUL , VXSHUVWLWL HEUHL GLVSHUDWL LQ IXJD GDOOߞ(XURSD GRSR LO JUDQ QDXIUDJLR KDQQR FUHDWR LQ VHQR DO PRQGR DUDER XQߞLVROD GL FLYLOW  RFFLGHQWDOH XQD SRUWHQWRVD SDOLQJHQHVL GHOOߞHEUDLVPR HG LO SUHWHVWR SHU XQ RGLR ULQQRYDWR 'RSR OD GLVIDWWD OD VLOHQ]LRVD GLDVSRUD QD]LVWD KD LQVHJQDWR OH DUWL GHOOD SHUVHFX]LRQH H GHOOD WRUWXUD DL PLOLWDUL HG DL SROLWLFLGLXQDGR]]LQDGLSDHVLDIIDFFLDWLDO0HGLWHUUDQHRDOOߞ$WODQWLFRHGDO3DFLILFR 0ROWL QXRYL WLUDQQL WHQJRQR QHO FDVVHWWR OD l%DWWDJOLD{ GL $GROI +LWOHU PDJDUL FRQ TXDOFKHUHWWLILFDRFRQTXDOFKHVRVWLWX]LRQHGLQRPLSX²DQFRUDYHQLUHDWDJOLR

IO D U E T S BIL I R D E P EN O V T N S TE NO

/ߞHVSHULHQ]D GL FXL VLDPR SRUWDWRUL QRL VXSHUVWLWL GHL /DJHU QD]LVWL ¨ HVWUDQHD DOOH QXRYHJHQHUD]LRQLGHOOߞ2FFLGHQWHHVHPSUHSLºHVWUDQHDVLYDIDFHQGRDPDQRDPDQR FKHSDVVDQRJOLDQQL3HULJLRYDQLGHJOLDQQLߞHߞHUDQRFRVHGHLORURSDGULVHQH SDUODYD LQ IDPLJOLD L ULFRUGL FRQVHUYDYDQR DQFRUD OD IUHVFKH]]D GHOOH FRVH YLVWH 3HU L JLRYDQLGLTXHVWLDQQLߞVRQRFRVHGHLORURQRQQLORQWDQHVIXPDWHlVWRULFKH{(VVL VRQR DVVLOODWL GDL SUREOHPL GߞRJJL GLYHUVL XUJHQWL OD PLQDFFLD QXFOHDUH OD GLVRFFXSD]LRQHOߞHVDXULPHQWRGHOOHULVRUVHOߞHVSORVLRQHGHPRJUDILFDOHWHFQRORJLHFKH VL ULQQRYDQR IUHQHWLFDPHQWH HG D FXL RFFRUUH DGDWWDUVL /D FRQILJXUD]LRQH GHO PRQGR ¨ SURIRQGDPHQWH PXWDWD Oߞ(XURSD QRQ ¨ SLº LO FHQWUR GHO SLDQHWD *OL LPSHUL FRORQLDOL KDQQR FHGXWR DOOD SUHVVLRQH GHL SRSROL Gߞ$VLD H Gߞ$IULFD DVVHWDWL GߞLQGLSHQGHQ]D H VL VRQRGLVVROWLQRQVHQ]DWUDJHGLHHORWWHIUDOHQXRYHQD]LRQL/D*HUPDQLDVSDFFDWDLQ GXH SHU XQ IXWXUR LQGHILQLWR ¨ GLYHQWDWD lULVSHWWDELOH{ H GL IDWWR GHWLHQH L GHVWLQL GHOOߞ(XURSD 3HUPDQH OD GLDUFKLD 6WDWL 8QLWL  8QLRQH 6RYLHWLFD QDWD GDOOD VHFRQGD QGD GD JXHUUD PRQGLDOH PD OH LGHRORJLH VX FXL VL UHJJRQR L JRYHUQL GHL GXH VROL YLQFLWRUL QFLWRUL GHOOߞXOWLPR FRQIOLWWR KDQQR SHUVR PROWR GHOOD ORUR FUHGLELOLW  H GHO ORUR VSOHQGRUH RUH 6L 6 DIIDFFLDDOOߞHW DGXOWDXQDJHQHUD]LRQHVFHWWLFDSULYDQRQGLLGHDOLPDGLFHUWH]]HDQ]L UWH]]H Q]L UWH]]H Q] GLIILGHQWH GHOOH JUDQGL YHULW  ULYHODWH GLVSRVWD LQYHFH DG DFFHWWDUH OH YHULW  SLFFROH SLFF SLF PXWHYROLGLPHVHLQPHVHVXOOߞRQGDFRQYXOVDGHOOHPRGHFXOWXUDOLSLORWDWHRVHOYDJJH DWHRVHOYDJ 3HUQRLSDUODUHFRQLJLRYDQL¨VHPSUHSLºGLIILFLOH/RSHUFHSLDPRFRPHXQGRYHUH PRFRPHX RYHUH PRFRPHXQ HGLQVLHPHFRPHXQULVFKLRLOULVFKLRGLDSSDULUHDQDFURQLVWLFLGLQRQHVVHUHDVFROWDWL GLQRQHV GLQRQHVVH DVFROWDWL 'REELDPR HVVHUH DVFROWDWL DO GL VRSUD GHOOH QRVWUH HVSHULHQ]H VLDPR VWDWL ]H LQGLYLGXDOL LQGLYLGX VWDW FROOHWWLYDPHQWH WHVWLPRQL GL XQ HYHQWR IRQGDPHQWDOH HG IRQGDPHQWDOH G LQDVSHWWDWR LQDVSHWWD IRQGDPHQ DSSXQWRSHUFK©LQDVSHWWDWRQRQSUHYLVWRGDQHVVXQRˆDYYHQXWRFRQWURRJQLSUHYLVLRQH QXWRFR RF JQLSUHY JQLSUHYL ¨DYYHQXWRLQ(XURSDLQFUHGLELOPHQWH¨DYYHQXWRFKHXQLQWHURSRSRORFLYLOHDSSHQD YLO XVFLWRGDOODIHUYLGDILRULWXUDFXOWXUDOHGL:HLPDUVHJXLVVHXQLVWULRQHODFXLILJXUDRJJL PXRYH DO ULVR HSSXUH $GROI +LWOHU ¨ VWDWR REEHGLWR HG RVDQQDWR ILQR DOOD FDWDVWURIH ˆ DYYHQXWRTXLQGLSX²DFFDGHUHGLQXRYRTXHVWR¨LOQRFFLRORGLTXDQWRDEELDPRGDGLUH 3X² DFFDGHUH H GDSSHUWXWWR 1RQ LQWHQGR Q© SRVVR GLUH FKH DYYHUU  FRPH KR DFFHQQDWRSLºVRSUD¨SRFRSUREDELOHFKHVLYHULILFKLQRGLQXRYRVLPXOWDQHDPHQWHWXWWL LIDWWRULFKHKDQQRVFDWHQDWRODIROOLDQD]LVWDPDVLSURILODQRDOFXQLVHJQLSUHFXUVRUL/D YLROHQ]DlXWLOH{RlLQXWLOH{¨VRWWRLQRVWULRFFKLVHUSHJJLDLQHSLVRGLVDOWXDULHSULYDWL R FRPH LOOHJDOLW  GL VWDWR LQ HQWUDPEL TXHOOL FKH VL VRJOLRQR FKLDPDUH LO SULPR HG LO VHFRQGR PRQGR YDOH D GLUH QHOOH GHPRFUD]LH SDUODPHQWDUL H QHL SDHVL GHOOߞDUHD FRPXQLVWD 1HO WHU]R PRQGR ¨ HQGHPLFD RG HSLGHPLFD $WWHQGH VROR LO QXRYR LVWULRQH QRQPDQFDQRLFDQGLGDWL FKHODRUJDQL]]LODOHJDOL]]LODGLFKLDULQHFHVVDULDHGRYXWDH

&RQFOXVLRQH

TESTO PER STUDIO UNITO

IO D U E T S BIL I R D E P EN O V T N S TE NO

COPIA NON VENDIBILE



FRPEDWWXWD QHOOߞHUD LQGXVWULDOH DQFKH VHQ]D FKH VL IDFFLD ULFRUVR DOOH DUPL QXFOHDUL QHOOߞXOWLPR YHQWHQQLR OD VFLDJXUDWD LPSUHVD YLHWQDPLWD LO FRQIOLWWR GHOOH )DONODQG OD JXHUUD,UDQ,UDTHGLIDWWLGL&DPERJLDHGߞ$IJKDQLVWDQQHVRQRXQDFRQIHUPD7XWWDYLD KD DQFKH GLPRVWUDWR QRQ QHO VHQVR ULJRURVR GHL PDWHPDWLFL SXUWURSSR  FKH DOPHQR TXDOFKH YROWD DOPHQR LQ SDUWH OH FROSH VWRULFKH YHQJRQR SXQLWH L SRWHQWL GHO 7HU]R 5HLFKVRQRILQLWLVXOODIRUFDRQHOVXLFLGLRLOSDHVHWHGHVFRKDVXELWRXQDELEOLFDlVWUDJH GLSULPRJHQLWL{FKHKDGHFLPDWRXQDJHQHUD]LRQHHGXQDELSDUWL]LRQHFKHKDSRVWRILQH DOVHFRODUHRUJRJOLRJHUPDQLFR1RQ¨DVVXUGRDVVXPHUHFKHVHLOQD]LVPRQRQVLIRVVH PRVWUDWR ILQ GDOOߞLQL]LR FRV­ VSLHWDWR OߞDOOHDQ]D IUD L VXRL DYYHUVDUL QRQ VL VDUHEEH FRVWLWXLWDRVLVDUHEEHVSH]]DWDSULPDGHOODILQHGHOFRQIOLWWR/DJXHUUDPRQGLDOHYROXWD GDLQD]LVWLHGDLJLDSSRQHVL¨VWDWDXQDJXHUUDVXLFLGDWXWWHOHJXHUUHGRYUHEEHURHVVHUH WHPXWHFRPHWDOL $JOL VWHUHRWLSL FKH KR SDVVDWL LQ UDVVHJQD QHO VHWWLPR FDSLWROR YRUUHL LQILQH DJJLXQJHUQH XQR &L YLHQH FKLHVWR GDL JLRYDQL WDQWR SLº VSHVVR H WDQWR SLº LQVLVWHQWHPHQWHTXDQWRSLºTXHOWHPSRVLDOORQWDQDFKLHUDQRGLFKHVWRIIDHUDQRIDWWLL QRVWUL lDJX]]LQL{ ,O WHUPLQH DOOXGH DL QRVWUL H[ FXVWRGL DOOH 66 H D PLR SDUHUH ¨ LPSURSULRIDSHQVDUHDLQGLYLGXLGLVWRUWLQDWLPDOHVDGLFLDIIHWWLGDXQYL]LRGߞ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  IDPLJOLDUL $OFXQL SRFKLVVLPL SHU YHULW  HEEHUR HUR UR ULSHQVDPHQWL ULSHQVD QWL FKLHVHURLOWUDVIHULPHQWRDOIURQWHGLHGHURFDXWLDLXWLDLSULJLRQLHULRVFHOVHURLOVXLFLGLR RVFHOVHURLO VFHOVHURL LFLGLR 6LDEHQFKLDURFKHUHVSRQVDELOLLQJUDGRPDJJLRUHRPLQRUHHUDQRWXWWLPDGHYߞHVVHUH DQRWXWWLP HYߞHVVHUH DOWUHWWDQWR FKLDUR FKH GLHWUR OD ORUR UHVSRQVDELOLW  VWD TXHOOD GHOOD JUDQGH JUDQG PDJJLRUDQ]D GHLWHGHVFKLFKHKDQQRDFFHWWDWRDOOߞLQL]LRSHUSLJUL]LDPHQWDOHSHUFDOFRORPLRSHSHU QWDOHSHUF FRORPLRSH RORPLRSH VWXSLGLW SHURUJRJOLRQD]LRQDOHOHlEHOOHSDUROH{GHOFDSRUDOH+LWOHUORKDQQRVHJXLWR DOH+LW + KDQQR KDQQRV ILQFK©ODIRUWXQDHODPDQFDQ]DGLVFUXSROLORKDQQRIDYRULWRVRQRVWDWLWUDYROWLGDOODVXD OWL URYLQD IXQHVWDWL GD OXWWL PLVHULD H ULPRUVL H ULDELOLWDWL SRFKL DQQL GRSR SHU XQR VSUHJLXGLFDWRJLRFRSROLWLFR

TESTO PER STUDIO UNITO



3RVWID]LRQH

GL:DOWHU%DUEHULV

TESTO PER STUDIO UNITO

COPIA NON VENDIBILE

COPIA NON VENDIBILE



/D JXHUUD LQ HIIHWWL OD FDWDVWURIH FKH VHPSUH KD LQJKLRWWLWR XRPLQL H FLYLOW  FKH VHPSUHKDWUDYROWROHUHJROHGHOODYLWDDVVRFLDWDHPDLOHKDVDOYDWH¨VWDWDDOOHRULJLQL

COPIA NON VENDIBILE

GHOODGRPDQGDGLVWRULD8QDGRPDQGDODLFDXQDULFHUFDGLVSLHJD]LRQLFKHKDFKLDPDWR LQFDXVDJOLXRPLQLOHORURUHVSRQVDELOLW HQRQJL LOFDSULFFLRGLXQDGLYLQLW LOGHWWDWR GLXQDTXDOFKHSURYYLGHQ]D 1RQ¨LPSURSULRFRQGXUUH/HYLLQTXHVWRDPELWRHJOLKDULYHQGLFDWRSHUQRLODIRU]D GHOODUDJLRQHDIIRQGDQGRODULFHUFDGLYHULW FRPHXQELVWXULLPSLHWRVRQHOOHFDUQLGHOOH QRVWUH VRFLHW  FRV­ FRPH (URGRWR FHUF² IUD L VXRL FRQWHPSRUDQHL OH VSLHJD]LRQL GHL JUDQGL FRQIOLWWL GHOOD VXD HSRFD $QFKH DOORUD QHO 9  VHFROR SULPD GL &ULVWR VL UDFFRQWDYDQRVWRULHHQRQDFDVRVWRULHGLJXHUUD$TXHOOHVWRULH2PHURDYHYDJL OHJDWR LOVXRQRPHSHUVHPSUH0D(URGRWRGLYHUVDPHQWHGDTXHLFDQWRULFKHFRQVHJQDYDQR DOODIDPDLPPRUWDOHHURLVDFULILFDWLDOGHWWDWRGHJOLGHLFKLHVHSHUSULPRVSLHJD]LRQLFKH SRVWHW SRVWHWH WURYDVVHURULVSRVWHWHUUHQH)XOXLDRVVHUYDUHLGXHJUDQGLPRPHQWLGLFDPELDPHQWRGHO VXRPRQGROHJXHUUHSHUVLDQHFKHHJOLQRQYLGHPDFKHFRPSUHVHEHQHFRPHIUDWWXUHGL OHJXHUUHS OHJXHUUH FLYLOW  H OD JXHUUD GHO 3HORSRQQHVR GHFLVLYD SHU OH VRUWL GHOOD *UHFLD H GHOOߞLGHD GL GHPRFUD]LD FUD]L   ) FUD]LD )X (URGRWR HVXOH GDOOD VXD WHUUD VWUDQLHUR D UDJLRQDUH SHU SULPR VXL FRVWXPL VXO UHJLPH GLVSRWLFR GHL ORUR UH VXOOD ILJXUD GHO WLUDQQR H VWXPL GHL llEDUEDUL{ UE UED lSROLWLFD{ FRPH IRUPD GHOOH UHOD]LRQL IUD L *UHFL FRPH VRVWDQ]D GHOOD YLFHYHUVD VVXOOD D lSROLWLF ORUROLEHUW $OSDULGHLSRHWLFKHORDYHYDQRSUHFHGXWRDQFKߞHJOLHEEHDFKHIDUHFRQOD ORUROLEH URO $OSDULGH $OSDULGH PHPRULDOߞREOLRODPRUWHPDFRQOXLHGRSRGLOXLORVWRULFRVLSURSRVHGLLQGDJDUHWR PH PHP DOߞREOLROD KLVWRUHLQ GLFKLDU² FRPH lFROXL FKH VD SHU DYHU YLVWR R DSSUHVR{ FRPH KLVWRU LO KL UHLQ HLQ VL GL GLF WHVWLPRQHHDQFRUDFRPHFROXLFKHVDU FDSDFHGLIDUYHGHUHFL²FKH¨DFFDGXWRHVDSU  VWLPRQHH VWLPRQHHD LQWHUSUHWDUHOHUDJLRQLSURIRQGHGHJOLDYYHQLPHQWL  LQWHUSUHWD LQWHUSUHWDU 0HPRULDREOLRHPRUWHVRQRJOLDQJROLYLVXDOLGDFXLKDJXDUGDWR3ULPR/HYLVRQR 0HP JOLHOHPHQWLFRQFXLFLVFRQWULDPRQRLTXDQGRFHUFKLDPRXQDVSLHJD]LRQHGHOORVWHUPLQLR JOL JOLH H QQD]LVWDGHJOLHEUHLUDSSUHVHQWDQRODGLIILFROW GLFKLKDYLVVXWRTXHJOLDQQLDULFRUGDUHH DGDUVLFRQWRGHOOߞDFFDGXWRGLFRQRGHOODQHFHVVLW GLXQDVWRULDORQWDQDGDOPLWRGDOOH UHOLJLRQLGDOOHLGHRORJLH $QFKHQHOFXRUHGHO1RYHFHQWRLQIDWWLXQDLGHDGLEDUEDULHKDDWWUDYHUVDWRODFLYLOW  RFFLGHQWDOHURYHVFLDQGRDOWHUQDWLYDPHQWHLOVXRVLJQLILFDWRVLQLVWURSULPDVXOOHYLWWLPH SRL VXL ORUR SHUVHFXWRUL 'L TXHVWD VWRULD FKH VL ¨ WUDVFLQDWD ILQR D QRL FRQ GLIILFROW  LPSXJQDWDFRQLQWHQ]LRQLSROLWLFKHGLYHUVHGHQVDGLUDQFRULHGHVLGHURVDGLXOWHULRULUHVH GHLFRQWL3ULPR/HYLKDGLVSRVWRLSH]]LHVVHQ]LDOLLQXQRUGLQHHVHPSODUHOߞRUGLQHGHOOR VFLHQ]LDWR FKH DOOLQHD VXO VXR WDYROR GL ODYRUR JOL VWUXPHQWL JLXVWL FRQ SUHFLVLRQH H SXOL]LD HVWUHPH &RV­ , VRPPHUVL H L VDOYDWL LO UDJLRQDPHQWR GHO WHVWLPRQH VL ¨ WUDVIRUPDWRQHOSLºLPSRUWDQWHOLEURGLVWRULDGHOODQRVWUDHSRFD



TESTO PER STUDIO UNITO

/HYL VDSHYD GD VXELWR ILQ GDL PHVL VXFFHVVLYL DOOD ILQH GHOOD JXHUUD FKH ULFRUGDUH VDUHEEH VWDWR GLIILFLOH ( QH DYUHEEH DYXWD OD SURYD VFULYHQGR 6H TXHVWR ¨ XQ XRPROD WUDVILJXUD]LRQHOHWWHUDULDGHOODVXDHVSHULHQ]DGLSULJLRQLHURGHOODJHUFKHDIDWLFDHQHO JLUR GL QRQ SRFKL DQQL DYUHEEH ULJXDGDJQDWR OߞDWWHQ]LRQH H L ULFRQRVFLPHQWL GL XQ SXEEOLFRYDVWR 'DSSULPDDYUHEEHGRYXWRIDUHLFRQWLFRQLOGHVLGHULRGLGLPHQWLFDUH GLWXWWLFRORURFKHHUDQRVWDWLWRFFDWLGDOODJXHUUD(UDXQVHQWLPHQWRQDWXUDOHORDYHYD GHWWR1LHW]VFKHFRQODSLGDULDFKLDUH]]Dl¨DVVROXWDPHQWHLPSRVVLELOHYLYHUHLQJHQHUDOH VHQ]D REOLR{   ( DYHYD FRQVLGHUDWR FKH Fߞ¨ XQ WHPSR SHU GLPHQWLFDUH H XQR SHU

IO D U E T S BIL I R D E P EN O V T N S TE NO

3ULPR/HYL¨VWDWRXQWHVWLPRQHHFFH]LRQDOH(XQJUDQGHVFULWWRUHGLVWRULDˆDVVDL UDURFKHOHGXHFRQGL]LRQLFRLQFLGDQR(G¨VRUSUHQGHQWHFKHTXHVWDFRLQFLGHQ]DVLVLD UHDOL]]DWD QHOOD SHUVRQD GL XQ XRPR FKH KD GLYLVR OD VXD HVLVWHQ]D IUD LO ODYRUR GL FKLPLFR FLUFRQGDWR GD HIIOXYL GL VROYHQWL H YHUQLFL H XQD DWWLYLW  GL VFULWWXUD LQWULVD GL PHPRULDHGLSRHVLD 6HPSOLFH ILQR DOOD HVVHQ]LDOLW  3ULPR /HYL ¨ VWDWR WXWWDYLD LO SRUWDWRUH GL XQD ULIOHVVLRQH DOWUHWWDQWR GHQVD FKH TXHOOD GHL JUDQGL VWRULFL GHOOߞDQWLFKLW  HJOL FL KDD VXJJHULWRLQWHUURJDWLYLFUXFLDOLSHUODFRPSUHQVLRQHGHOQRVWURPRQGRFRPHVHOߞLQWHUD QWHUD WHUD WUDGL]LRQH GHL FODVVLFL H OD SLº WDJOLHQWH OHWWXUD GHO 1RYHFHQWR VL IRVVHUR QDWXUDOPHQWH OPHQW OPHQWH LQFRQWUDWHQHOOHVXHSDJLQH&RQHFFH]LRQDOHQLWLGH]]D $XVFKZLW]FKHQHOOߞRSLQLRQHGLPROWLKDUDSSUHVHQWDWRODFKLDYHGLYROWDGHOODVWRULD DGHOODVW GHOOD WUDJLFD GHO VHFROR ;;  FKH DOWUL KDQQR JLXGLFDWR LQGLFLELOH LUUDFFRQWDELOH LUUDFFRQW LUUDFFRQWD OLFD FRQ FRQ OH OH SDUROH DUROH ROH LQFRPSUHQVLELOH R DQFRUD OߞHSLVRGLR HVWUHPR GL XQD WUDLHWWRULD ELEOLFD VFDUQHGL3ULPR/HYLKDULWURYDWRODVXDGLPHQVLRQHXPDQDWUHPHQGDPHQWHXPDQD&RQ QGDPHQWH QGDPHQWHX QD&RQ D&RQ D GHL QRVWUL RFFKL FKL KL WURSSR OR VJXDUGR GL /HYL $XVFKZLW] KD DYXWR VSLHJD]LRQL DOOߞDOWH]]D L JHVWL H DWWHJJLDPHQWL DW JLDPHQWL LDPHQWL FRV­ FFR VSHVVR UHWLFHQWL D YHGHUH LO IRQGR GL TXHOOߞDELVVR SLHQR GL YLFLQLDQRLFRV­LQVLGLRVDPHQWHSUHVHQWLQHOODQRVWUDTXRWLGLDQLW &RQOHRVVHUYD]LRQLGL LDQLW &R RVVHUYD] RVVHUYD]LR GHOO RPX RPXQ /HYLSHUVHFXWRULHYLWWLPHKDQQRULSUHVROHVHPELDQ]HEDQDOLGHOODJHQWHFRPXQHHXQD HVSHULHQ]D HVWUHPD KD SHUGXWR LO VXR FDUDWWHUH DSSDUHQWHPHQWH HFFH]LRQDOH SHU GLUFL FRPHVLDSRVVLELOHVFLYRODUHLQTXHOEDUDWURFROWLYDQGRDWWHJJLDPHQWLFRQIRUPLVWL]HODQWL GHIHUHQWLQHLFRQIURQWLGLTXDOFKHSUHVXQWDDXWRULW ODVFLDQGRVLDFFHFDUHGDOOߞHJRLVPRGL JUXSSRFHUFDQGRULIXJLRQHOYLFRORFLHFRGHOOߞRUJRJOLRLGHQWLWDULR &RPH L JUDQGL VWRULFL GHO PRQGR DQWLFR OD VXD WHVWLPRQLDQ]D VL ¨ FRV­ WUDVIRUPDWD GDOOߞHVHUFL]LRGLPHPRULDVXXQIUDPPHQWRGLYLWDLQGLYLGXDOHLQXQDSDJLQDGLVWRULDGL YDORUH XQLYHUVDOH VRVWDQ]LDWD GD XQD LQDUUHVWDELOH YRORQW  GL FDSLUH VHQ]D UHPRUH Q© SXGRULVHQ]DG¨LHGRJPLDFXLVRWWRVWDUH&RQXQDUDUDIRU]DHVHPSODUH

:6+$.(63($5(*LXOLR&HVDUHDWWR,VFHQD,, 

/D FROSD FDUR %UXWR QRQ ¨ QHOOH QRVWUH VWHOOH PD LQ QRL VWHVVL VH QRL VLDPR GHJOL VFKLDYL

/DVWRULDHLOVXRWHVWLPRQH

TESTO PER STUDIO UNITO





COPIA NON VENDIBILE

1RQ D FDVR /HYL KD LQL]LDWR LO VXR VFDYR SDUODQGR GL PHPRULD &RUDJJLRVDPHQWH ,QFXUDQWH GHOOߞDXUD GL DXWHQWLFLW  FKH RJQL PHPRULD KD VHPSUH SUHWHVR SHU V© FRQVDSHYROH FKH LO WHVWLPRQH OߞRVVHUYDWRUH GLUHWWR KD VHPSUH ULYHQGLFDWR LQ RJQL VHGH SHU OD VXD GLFKLDUD]LRQH LO YDORUH GL SURYD /HYL KD ODFRQLFDPHQWH GDWR LQL]LR DOOD VXD LQFKLHVWD SUHPHWWHQGR FKH lOD PHPRULD XPDQD ¨ XQR VWUXPHQWR PHUDYLJOLRVR PD TESTO PER STUDIO UNITO

(GHUDQRSDUROHDQFKHSLºJHQHURVHGLTXHOOHGHOORVWHVVR'H*DXOOHFKHQHOLQ RVVHTXLRDXQQD]LRQDOLVPRSRPSRVRHLPSHWWLWRDYHYDULQQHJDWRLOELVRJQRGLVWRULDLQ WHUPLQLLQHTXLYRFDELOLl,OQRVWURSDHVHQRQKDELVRJQRGLYHULW &L²FKHJOLRFFRUUH¨OD VSHUDQ]DXQSRߞGLFRHVLRQHXQRVFRSR{  (UD GLIILFLOH IDU VHQWLUH OD SURSULD YRFH IUD TXHOOH RUD GLVWUDWWH RUD GHWHUPLQDWH D FKLXGHUH FRQ LO SDVVDWR &RPXQTXH DOWLVRQDQWL 0D 3ULPR /HYL HUD XQ XRPR PLWH QRQ IUDJLOH Q© UHPLVVLYR ( OD VXD YRFH VREULD QHO WRQR H IDWWD GL SRFKH FKLDUH SDUROH VL VDUHEEH OHYDWD LQILQH PROWR LQ DOWR /D VXD ULIOHVVLRQH QRQ VL VDUHEEH IHUPDWD Q© FRQWHQWDWDGLXQDSXUQRWHYROHFLIUDOHWWHUDULD,VRPPHUVLHLVDOYDWLDROWUHTXDUDQWߞDQQL GLGLVWDQ]DGDTXHJOLDYYHQLPHQWLVDUHEEHULPDVWRDGLUHGHOVXRHVWUHPRHLUULGXFLELOH WHQWDWLYRGLFDSLUHHGLVSLHJDUH

9RUUHL DQFKH GLUH VHQ]D QXOOD WRJOLHUH DOOD FRQVLGHUD]LRQH FKH GREELDPR D WXWWH OH YLWWLPH GHOOD JXHUUD H LQ SDUWLFRODUH DOOH YLWWLPH LQQRFHQWL GRQQH EDPELQL YHFFKL FKH ULVSHWWRDQFRUDGLSLºTXDQWLVRQRPRUWLFRPEDWWHQGRFRQOHDUPLLQSXJQRSRLFK©¨DORUR FKHGREELDPRODQRVWUDOLEHUD]LRQH 

IO D U E T S BIL I R D E P EN O V T N S TE NO

$QFKH IUD FRORUR FKH VL HUDQR RSSRVWL DL IDVFLVWL H DL QD]LVWL H WDOYROWD FRUDJJLRVDPHQWH VL UHVSLUDYD XQߞDULD GL LQVRIIHUHQ]D ULJXDUGR DOOD WUDJHGLD GHO SRSROR HEUDLFR 4XHOOߞLPPHQVR PDFHOOR HUD FRPH XQD VWRQDWXUD QHOOD JUDQGLRVD SDUWLWXUD GHO ߞLPPH VHFRQGRFRQIOLWWRPRQGLDOHXQDGLVVRQDQ]DFKHGLVWXUEDYDODOLQHDULW GLXQDOH]LRQHFKH QIOLWWRPR QIOLWWRPRQ YROHYD GHPRFUD]LH GHPRFUD]LH GD XQD SDUWH H UHJLPL WRWDOLWDUL GDOOߞDOWUD VHQ]D XOWHULRUL FRPSOLFD]LRQL'ߞDOWURQGHLOPRGRVWHVVRFRQFXLHUDQRVFLYRODWLQHOSUHFLSL]LRQD]LVWD OLFD]LRQL' PLOLRQL HEUHL DY DYHYD TXDOFRVD GL LQFRPSUHQVLELOH H SHU PROWL GL LQDFFHWWDELOH 2 OLRQL GL HE PHJOLRGLLUULGXFLELOHDXQRVFKHPDVHPSOLFH1RQYLHUDQXOODGLHURLFRQHOODPRUWHGL PHJOLRGL PHJOLRGL GXFLELOH XFLELOH TXHOOD WXWWD TX D JHQWH ( YL HUD FKL OR GLFHYD H OR DYUHEEH ULSHWXWR DSHUWDPHQWH 3LHUUH 0HVVPHU 0HVV U HURH GHOOD GHOO 5HVLVWHQ]D H[ SULPR PLQLVWUR GL 'H *DXOOH DQFRUD QHO  LQ GHO RFFDVLRQH RF VLRQH LRQH GHO SSURFHVVR D 0DXULFH 3DSRQ XQ IDWLFRVR VTXDUFLR GL OXFH VXOOD )UDQFLD FROODERUD]LRQLVWDGLFHYDSDUROHGLTXHVWRWHQRUH OODERUD]LRQ

&KH QH VDSHYDPR D /RQGUD" , JLRUQDOL LQJOHVL OR KDQQR IRUVH HYRFDWR" ( VH OR KDQQR IDWWRVLWUDWWDYDGLLSRWHVLRGLDIIHUPD]LRQL"ߨOHFDPHUHDJDVOߞDVVDVVLQLRLQGXVWULDOHGL HVVHUL XPDQL QR OR FRQIHVVR QRQ OL KR LPPDJLQDWL H VLFFRPH QRQ SRWHYR LPPDJLQDUOL QRQOLKRVDSXWL 

GLFKLDUDWR OD VXD LQFRQVDSHYROH]]D GHOOR VWHUPLQLR XQ XRPR GHOOD VWDWXUD GL 5D\PRQG $URQHEUHRD/RQGUDGXUDQWHODJXHUUDVWUHWWRFROODERUDWRUHGHOJHQHUDOH'H*DXOOH

COPIA NON VENDIBILE

ULFRUGDUHRYYHURXQPRPHQWRSHUOHQLUHODYLROHQ]DGHOULFRUGRHXQRSHUUDPPHQWDUHOH FDXVHVWRULFKHGLXQDWUDJHGLD$YHYDGHWWR1LHW]VFKHFKHlFL²FKHQRQ¨VWRULFRHFL² FKH¨VWRULFRVRQRXJXDOPHQWHQHFHVVDULSHUODVDOXWHGLXQLQGLYLGXRGLXQSRSRORGL XQDFLYLOW { 2UDILQLWDODJXHUUDD/HYLWRFFDYDLOFRPSLWRGLIILFLOHGLVXSHUDUHOߞDQVLD GLULQQRYDPHQWRGHOPRQGRLQWHURODYRJOLDGLIIXVDHVSHVVRLQWHUHVVDWDHFROSHYROHGL ODVFLDUVL DOOH VSDOOH L ULFRUGL SLº LQJUDWL SHU GDUH WHVWLPRQLDQ]D SHU GLUH GL QRQ GLPHQWLFDUHDFRORURFKHDYHYDQRYLVWRHSHUDPPRQLUHDQRQULFDGHUHQHOOߞHUURUHFRORUR FKHHUDQRYHQXWLGRSR 0DLOYHQWRHUDVIDYRUHYROHDOXLHDTXHOOLFRPHOXL/DPHPRULDFROOHWWLYDVWHQWDYDD PHWWHUHDIXRFRODJUDQGH]]DGHOODWUDJHGLDDSSHQDFRQVXPDWDHQXRYLLQWHUHVVLSROLWLFL GHOLEHUDWDPHQWH VFULYHYDQR VWRULH GLYHUVH $ FRORUR FKH VL HUDQR PDFFKLDWL GHL FULPLQL SLºRUUHQGLDOORUDVLXQLYDQRDOWULDVVDVVLQLlDVVDVVLQLGHOODPHPRULDߨFRVSLUDWRULGHO VLOHQ]LR{ ILJXUH VSDUVH QHO PRQGR DOOHDWH QHO FRPXQH LQWHQWR GL QRQ IDYRULUH DOFXQ ULFRUGRFKHSUHOXGHVVHDGXQDTXDOFKHIRUPDGLJLXVWL]LDULSDUDWULFH  ,FROSHYROLOHSHUVRQHFKHDYHYDQRDJLWRFRQYLROHQ]DFKHDYHYDQRFROODERUDWRFRQL QD]LVWL FKH DYHYDQR JXDUGDWR FRQ LQGLIIHUHQ]D FKH DYHYDQR LQWHUHVVH FRPXQTXH D WDFHUHHUDQRPROWLPROWLVVLPL(QRQVRORLQ*HUPDQLDQDWXUDOPHQWH%UXFLDWLLJLRUQL GHOODJLXVWL]LDVRPPDULDGHOOHYHQGHWWHSHUVRQDOLGHOODYLROHQ]DLQFRQWUROODWDLWULEXQDOL GHLSDHVLGLUHWWDPHQWHFRLQYROWLTXHOOLFKHDYHYDQRYLVWRODUD]]LDGHJOLHEUHLHODORUR GHSRUWD]LRQH QHL FDPSL R DQFRUD GHL SDHVL FKH DYHYDQR SDWLWR OߞRFFXSD]LRQH QD]LVWD H YLVWD PDUWRULDWD OD SURSULD SRSROD]LRQH DYHYDQR VHQWHQ]LDWR FRQ PROWD SDUVLPRQLD QLD LD WHQGHQGRVRSUDWWXWWRDXQDDQHVWHVLDJHQHUDOHDOOߞDPQLVWLDDOVXSHUDPHQWRGLXQߞHSRFD HSRFD 'RSR 1RULPEHUJD L PLOLRQL GL LQGLYLGXL HQWUDWL QHO FRQR GߞRPEUD GHOOH LQFKLHVWH VWH VX VXL FULPLQL QD]LVWL VL ULGXVVHUR D SRFKH FHQWLQDLD GL FRQGDQQDWL SHU OR SLº D SHQH OOL OLHYL YL H SUHVWRFRQGRQDWH 5LVDOLUHODSDUHWHDOWLVVLPDGHOOHIDOVHWHVWLPRQLDQ]HGHOOHRPLVVLRQL GHOOHRPLVVL HOOHRPLV GHOOHYHULW GLFRPRGRHUDXQDLPSUHVDGDYYHURGLIILFLOH ( FHUWR QRQ HUD IDFLOH RSSRUUH XQR VJXDUGR LPSLHWRVR LQFOLQH D WURYDUH XQD X YHULW  SLHQDGLGRORUHPDDQFKHGLVSLHJD]LRQLGLUDJLRQLGLULVSRVWHDOOHVWRULHXIILFLDOLFKH DOOHVWRULH DOOHVWRULH LFLDOLFKH RJQL6WDWRDQGDYDRUPDLGHWWDQGRDYDQWDJJLRGHOODSURSULDVWUDWHJLDSROLWLFD/DYHULW  VWUDWHJLDSRO WUDWHJLDSR FD/DYHULW  QRQLPSRUWDYDDLUXVVLFKHSURSDJDQGDYDQRODYLWWRULDGHOVRFLDOLVPRVXOQD]LVPRHFKH VRFLDOLVPR QD]LVPRH FRSULYDQRGLQXRYHUHWRULFKHXQDQWLVHPLWLVPRFKHHUDVWDWRSDUWHGHOODORURVWRULDHFKH SDUWHG WH URVWRULD DQFRUD ULVXRQDYD GL XQD SDUROD UXVVD SRJURP ( QRQ LPSRUWDYD DJOL DPHULFDQL FKH HU HUL VWDYDQR VSRVWDQGR SURSULR VXL UXVVL OD ILVLRQRPLD GHO QHPLFR FKH VWDYDQR FRVWUXHQGR FRQODJXHUUDIUHGGDLOORURUXRORGLVHQWLQHOODGHOODGHPRFUD]LDQHOPRQGR/DVWRULDOH VXH VFRPRGH YHULW  H L VXRL DPPRQLPHQWL QRQ HUDQR QHO ORUR RUL]]RQWH Q© DOORUD Q© GRSR (QHSSXUHDOODSHULIHULDGLTXHOQXRYRHSLFRVFRQWURQHLOXRJKLSLºWUDGL]LRQDOL GHOOD FLYLOW  HXURSHD OD VLWXD]LRQH HUD SLº IDYRUHYROH $ 3DULJL JOL LQWHOOHWWXDOL DQWLIDVFLVWL VWHQWDYDQR D ULFRQRVFHUH LO JHQRFLGLR GHJOL HEUHL (UD SLº IDFLOH FKH VL ULIDFHVVHURDOOߞDIIDLUH'UH\IXVSHUGLUHGHOOߞLQJLXVWL]LDDLGDQQLGLXQHEUHRSLXWWRVWRFKH VFDYDVVHUREHQSLºYLFLQRDORURLQXQSDVVDWRHIUDSHUVRQHDVVDLSURVVLPLJXDUGDQGR GHQWURDTXHOIRUPLFROLRGLFROODERUDWRULFKHDYHYDFRQGRWWRPLJOLDLDHPLJOLDLDGLHEUHL IUDQFHVLQHOOHFDPHUHDJDV4XDVLPDUJLQDOPHQWHQHIDFHYDULIHULPHQWR6DUWUHQHOOHVXH 5©IOH[LRQV VXU OD TXHVWLRQ MXLYH   ( FRQ SDUROH DQFKH SLº VRUSUHQGHQWL DYUHEEH

TESTO PER STUDIO UNITO

TESTO PER STUDIO UNITO



COPIA NON VENDIBILE

LOSXQWRG LOSXQWRGL SURGRGHO ,VRPPHUVLHLVDOYDWLQRQ¨XQDQRYLW XQPRGRSHUGHILQLUHLOSXQWRGLDSSURGRGHO UDJLRQDPHQWR GL /HYL VXOOߞHVSHULHQ]D GHL ODJHU HUD JL  LO WLWROR LWROR GL XQ FDSLWROR SLWROR GL 6H TXHVWR¨XQXRPR3HUFK©HUDFKLDURILQGDOOߞLQL]LRD/HYLFKHXQRGHLQRGLSLºGLIILFLOL FKHXQRGH RGLSLºGLIIL GDVFLRJOLHUHSHUFDSLUHILQRLQIRQGRORVWHUPLQLRGHJOLHEUHLSHUFDSLUHLOODJHUVWDYD HLSHU SH LOODJHU QHOFRJOLHUQHODVXDYLVFKLRVDDPELJXLW 1HOODYLWDGLWXWWLLJLRUQLVLYHGRQRlLEXRQLHL lL FDWWLYLLVDYLHJOLVWROWLLYLOLHLFRUDJJLRVLLGLVJUD]LDWLHLIRUWXQDWL{PDQHOODJHUWXWWL TXHVWL WLSL HUDQR FRVWUHWWL OߞXQR FRQ OߞDOWUR XJXDOPHQWH GHJUDGDWL ODVFLDWL DOOD SULPRUGLDOLW  GHJOL LVWLQWL GL IURQWH D XQD lOHJJH LQLTXD ߨ DSHUWDPHQWH LQ YLJRUH ߨ ULFRQRVFLXWD GD WXWWL{ 0LOLRQL GL SHUVRQH DIIRQGDYDQR QHO ODJHU PD FKL YDFLOODYD QRQ WURYDYD TXDOFXQR FKH JOL SRUJHVVH OD PDQR SHUFK© O  lOD ORWWD SHU VRSUDYYLYHUH >[email protected] VHQ]D UHPLVVLRQH SHUFK© RJQXQR >[email protected] GLVSHUDWDPHQWH IHURFHPHQWH VROR{   8QD HQRUPHLQJLXVWL]LDGHFOLQDYDQHOODJHUWXWWLLVXRLPLFLGLDOLVWUXPHQWLFRPSUHVRTXHOORGL WUDVIRUPDUH OD YLWWLPD LQ XQ HVVHUH EHVWLDOH XPLOLDWR DL SLHGL GHO VXR DJJUHVVRUH VYLQFRODWRGDRJQLOHJDPHGLVROLGDULHW FRQLVXRLVLPLOLDQQLHQWDWRGDLELVRJQLSULPDUL SULYDWR GL SDVVDWR H GL IXWXUR ODVFLDWR VROR QHO VXR PRPHQWDQHR EUHYH SHUFRUVR YHUVR XQD PRUWH FHUWD ,Q TXHVWD WHPSHVWD LQHVRUDELOH ULEROOLYD LQ VXSHUILFLH XQD VFKLXPD



IO D U E T S BIL I R D E P EN O V T N S TE NO

JULJLDVWUD IDWWD GL LQGLYLGXL FKH SHU TXDOFKH ORUR DWWLWXGLQH R DVWX]LD R HQHUJLD ULXVFLYDQR D VWUDSSDUH TXDOFKH YDQWDJJLR PDWHULDOH R TXDOFKH GLVWUDWWD LPSUREDELOH IRQGDPHQWDOH LQGXOJHQ]D lGD SDUWH GHL SRWHQWL GHO FDPSR{ 0HGLFL VDUWL FLDEDWWLQL PXVLFLVWL FXRFKL RSSXUH lL JLRYDQL DWWUDHQWL RPRVHVVXDOL JOL DPLFL H L FRPSDHVDQL GL TXDOFKHDXWRULW GHOFDPSRLQROWUHLQGLYLGXLSDUWLFRODUPHQWHVSLHWDWLYLJRURVLLQXPDQL{ GLVSRVWLDHQWUDUHQHOOߞRUELWDGHOSHUVHFXWRUHQHOOߞDPELWRRVFXURGHOODFROODERUD]LRQHFRO QHPLFR8QDHVLJXDVFKLHUDGLSULYLOHJLDWLVHQ]ߞDOWUDSURVSHWWLYDRFLUFRVWDQ]DLQFRPXQH FKH TXHOOD GL XQD LSRWHWLFD VRSUDYYLYHQ]D VRYUDVWDYD XQD PDVVD LQILQLWD GL JHQWH GHVWLQDWD DG DIIRQGDUH UDSLGDPHQWH 'LFHYD /HYL LQ TXHOOH VXH SULPH SDJLQH VXO ODJHU FKH TXHOOR HUD XQ PRQGR FKH VL GLYLGHYD QHWWDPHQWH IUD L lVRPPHUVL{ H L lVDOYDWL{ l8QD WHU]D YLD LD HVLVWH HVLV QHOOD YLWD GRYH ¨ DQ]L OD QRUPD QRQ HVLVWH LQ FDPSR GL HVL HQWR  HQWR{ FRQFHQWUDPHQWR{ /HYLKDGHILQLWRTXHVWDSLHJDDPELJXDGHOORVWHUPLQLRTXHOODVFKLHUDGLSHUVRQHFKH KDGHILQLWR KDVXE­WROߞXOWHULRUHROWUDJJLRGLHVVHUHVSRUFDWDGDOSURSULRDJX]]LQRlOD]RQDJULJLD{( E­WROߞXOWHULR QH KD IDWWR LO SHUQR UQR GHOOD SURSULD ULIOHVVLRQH VXOOD LQILQLWD RGLRVLW  GHO ODJHU SHUFK© GL TXHVWD LQFUHVS LQFUHVSDWXUD QHOOD OLQHDULW  GHL UDSSRUWL IUD FULPLQDOL H YLWWLPH KD QXRYR TX TXH FRQJLXUDWR FRQWUR OD YYHULW  &RQ WXWWD HYLGHQ]D LO FRQILQH WUD JOL XQL H JOL DOWUL WUD OD FRQJL FRQJLXUD UHVSRQVDELOLW GHLQD]LVWLHODLPSRWHQWHVXGGLWDQ]DGHOOHORURYLWWLPHQRQSX²GDUHDGLWR UHVSR DELOLW GHLQ DDGXEELQ©DWHQWHQQDPHQWLGHOJLXGL]LR1©ODlVWRULD{SRWU PDLGLUHDOWURFKHODFROSD DG EELQ©DWHQ ELQ©DWHQ GHL &RQ RJQL SRVVLELOH DJJUDYDQWH 7XWWDYLD OD l]RQD JULJLD{ ¨ O­ D UDFFRQWDUH L SULPL &R GHOOD LPSRVVLELOLW  GL ULGXUUH D VFKHPL WURSSR VHPSOLFL ILQR DOOD GHIRUPD]LRQH DQFKH GHO GHOO YHULW  XQD UHDOW  FRPSOHVVD FKH SURSULR SHUFK© KD FRLQYROWR PLOLRQL GL SHUVRQH GHOOD Y YH SURSULR SHU OD VXD SUHVXQWD HFFH]LRQDOLW  QRQ SX² FRQWHQWDUVL GL ULVSRVWH VFKHPDWLFKH SURS 3RLFK© JOL LQWHUURJDWLYL lFRPH ¨ SRWXWR DFFDGHUH"{ lSHUFK© JOL HEUHL"{ QRQ SRVVRQR 3 LQGXUFLDULVSRQGHUHFRQXQDVHPSOLFHSDUWL]LRQHIUDQRLlLEXRQL{HORURlLFDWWLYL{  'ߞDOWUDSDUWH/HYLFRPHDOWULVRSUDYYLVVXWLKDWHVWLPRQLDWRFKHLOODJHUQRQIXQ]LRQDYD FRV­6HQ]DODDUWLFROD]LRQHGHLGLYHUVLFRPSLWLDVVHJQDWLDLSULJLRQLHULLOODJHUIRUVHQRQ DYUHEEH VYROWR OH VXH IXQ]LRQL DOWUHWWDQWR HIILFDFHPHQWH ˆ XQD YHULW  VFRPRGD DUULVFKLDWDVHSX²LQGXUUHTXDOFXQRDFRQIRQGHUHYLWWLPHHSHUVHFXWRULRDQFKHVRORDG DWWHQXDUH OD UHVSRQVDELOLW  PRUDOH H PDWHULDOH GL TXHVWL XOWLPL 0D OD FRPSOHVVLW  GHOOD PDFFKLQD FKH KD SRUWDWR D PRUWH PLOLRQL GL SHUVRQH HVLJH GLDJQRVL SUHFLVH H GXQTXH DQDPQHVL OLEHUH GD RJQL FRQGL]LRQDPHQWR 6H OR VFRSR GHL QD]LVWL HUD VSH]]DUH OD VROLGDULHW IUDOHYLWWLPH¨EHQHVDSHUHFKHOߞRELHWWLYR¨VWDWRUDJJLXQWR(FKHTXHOOD¨ XQDFKLDYHFRQDOWUHSHUVSLHJDUHOߞDFFDGXWR3HUFK©¨HVDWWDPHQWHO­LQTXHOPRPHQWR FKHVLIRUPDORVSD]LRIUDYLWWLPHHSHUVHFXWRULlFRVWHOODWRGLILJXUHWXUSLRSDWHWLFKH{ XQRVSD]LRGLSULYLOHJLRFKHWHQGHDGLIHQGHUHVHVWHVVR3HUFK©TXHOORQRQ¨XQGHWWDJOLR VFRQYHQLHQWHSHULOQRVWURELVRJQRGLVHQWHQ]HQLWLGHYLUWXRVDPHQWHPDQLFKHHPD¨XQ GDWRGLDVVROXWDEDQDOLW GLFRUULYDXPDQLW FRQFXLIDUHLFRQWLSHU²GDOPRPHQWRFKH LOQRVWURPRQGR¨YDULDPHQWHVHJQDWRGDDUHHGLSULYLOHJLRFKHFRQWLQXDPHQWHVLIRUPDQR H FKH DFFDQLWDPHQWH GLIHQGRQR L SURSUL FRQILQL lˆ XQD ]RQD JULJLD GDL FRQWRUQL PDO GHILQLWLFKHLQVLHPHVHSDUDHFRQJLXQJHLGXHFDPSLGHLSDGURQLHGHLVHUYL{ (G¨OD QRUPDOLW ODEDQDOLW FLR¨LOPRQGRGHJOLXRPLQLFKHVL¨ULEDOWDWRQHOODJHULQRJQLVXD SDUWH &ߞ¨ OD PHVFKLQLW  GHOOߞXRPR QHOOD SURJHWWD]LRQH GL TXHOOD PRVWUXRVLW  QHOOD

COPIA NON VENDIBILE

IDOODFH{   +D ULFKLDPDWR DOOD FDXWHOD VRSUDWWXWWR TXDQGR OD PHPRULD VLD TXHOOD GL XQ HYHQWR GRORURVR VRJJHWWD QRQ VROR DOOߞXVXUD GHO WHPSR PD DL PHFFDQLVPL GL VROOLHYR SVLFRORJLFR GHOOD ULPR]LRQH l&KL ¨ VWDWR IHULWR WHQGH D ULPXRYHUH LO ULFRUGR SHU QRQ ULQQRYDUHLOGRORUH{ +DDYYHUWLWRFRQFUXGRUHDOLVPRFKHVLDXQRVJXDUGRUDYYLFLQDWR OD SXSLOOD DQFRUD GLODWDWD GD XQ HFFHVVR GL HVSRVL]LRQH VLD XQD YLVXDOH SLº ORQWDQD DSSDUHQWHPHQWH SLº PLVXUDWD SRVVRQR HJXDOPHQWH ULVXOWDUH VIRFDWH GLIHWWRVH 3HUVLQR XQD JHQXLQD GLVSRVL]LRQH D QRQ GLPHQWLFDUH QHOOD SURVSHWWLYD GL /HYL SX² HVVHUH IXRUYLDQWHLOlULFRUGRWURSSRVSHVVRHYRFDWRߨWHQGHDILVVDUVLLQXQRVWHUHRWLSR{ VL DUULFFKLVFH GL SDUWLFRODUL FKH IRUVH QRQ DOWHUDQR LO VHQVR H OߞLPSRUWDQ]D GHOOD WHVWLPRQLDQ]D PD GL IDWWR VL VFRVWDQR GD XQD VHPSOLFH UHJLVWUD]LRQH GHOOߞHVSHULHQ]D YLVVXWD(LOUDFFRQWRGHOWHVWLPRQHVLULVROYHLQXQDPH]]DYHULW 'ߞDOWUDSDUWHFKLKD YLVWR$XVFKZLW]FRQOߞRFFKLRGHOODYLWWLPDRFRQTXHOORGHOFDUQHILFHKDFRVWUXLWRPROWH YHULW  GL FRPRGR VL ¨ GRWDWR GL YHUVLRQL VRSSRUWDELOL SHU V© H SHU JOL DOWUL DOOR VFRSR HYLGHQWH GL GHUXEULFDUH GD XQ ODWR LO SHVR GHOOH VRIIHUHQ]H H GDOOߞDOWUR OD JUDYLW  GHOOH UHVSRQVDELOLW  8Q EUXOLFKLR GL VXSSRVL]LRQL GL LQYHQ]LRQL GL IDOVH WHVWLPRQLDQ]H KD FRQWDPLQDWRODYHULGLFLW GHOOHPHPRULH(UDFKLDURJL DOPRPHQWRLQFXLODWUDJHGLDHUD LQFRUVRFKHVDUHEEHVWDWRGLIILFLOHUDFFRQWDUODVYHODUQHLULVYROWLLQGLYLGXDOLULFXFLUQHLO VHQVRJHQHUDOH/RVDSHYDQROHYLWWLPHDFXLVLDIIDFFLDYDOߞXOWHULRUHGLVSHUD]LRQHGLQRQ HVVHUH FUHGXWH XQ JLRUQR ( OR VDSHYDQR L QD]LVWL FKH OߞHQRUPLW  GHO FULPLQH H L VXRL WUHPHQGL FRUROODUL GL YLROHQ]D DYUHEEHUR DYXWR GHOOߞLQFUHGLELOH /R VDSHYD /HYL FKH OD PDOD IHGH ¨ PRQHWD FRUUHQWH H FKH WHVWLPRQLDUH FRQ RQHVW  lULFKLHGH XQD SURIRQGD QGD GD VLQFHULW FRQVHVWHVVRHVLJHXQRVIRU]RFRQWLQXRLQWHOOHWWXDOHHPRUDOH{ $OSXQWRGD QWRGD VSLQJHUHOXLDGLFKLDUDUHFKHDQFKHODVXDWHVWLPRQLDQ]DHUDLQWULVDGLPHPRULDlSHUGL lSHUG lSHUGL SLº GL XQD PHPRULD ORQWDQD{ ( GXQTXH DQFKH , VRPPHUVL H L VDOYDWL VHFRQGR RQGR TXHVWD T HVWD HVW SURVSHWWLYD GL ULJRUH HVWUHPR ¨ XQ OLEUR FKH lDWWLQJH ߨ DG XQD IRQWH VRVSHWWD RVSHWWD H GHYH G HVVHUHGLIHVRFRQWURVHVWHVVR{ 

TESTO PER STUDIO UNITO

TESTO PER STUDIO UNITO



COPIA NON VENDIBILE



IO D U E T S BIL I R D E P EN O V T N S TE NO

+DQQDK$UHQGWDYHYDSDUODWRGLlEDQDOLW GHOPDOH{ DOWHUPLQHGHOSURFHVVRFKH YLGH D *HUXVDOHPPH OD FRQGDQQD GL $GROI (LFKPDQQ $YHYD VHJXLWR OH YDULH IDVL GHO GLEDWWLPHQWRSHUPHVLHPHVLFRPHFRUULVSRQGHQWHGHOl1HZ