
,7$/,$12
0LFLURPDWLFSHU6XSHUFKLOOHUFRGUHY
&RQQHWWRUHDVHLSROLSHUODFRQQHVVLRQHFRQLO
SDQQHOORHVWHUQR
&RPPXWDWRUHH/('
',63/$<&21+,52%865(752
',63/$<6(1=$+,52%865(752
&RQQHWWRUHDRWWRSROLSHUOD
FRQQHVVLRQHFRQ0LFURIDFHWUDPLWH
+LUREXVFDYRSLDWWRVFKHUPDWRD
RWWRFRQGXWWRUL
&RQQHWWRUHDTXDWWURSROLSHUOD
FRQQHVVLRQHFRQ0LFURIDFH
8WLOL]]DUHLOFDYRSLDWWRDTXDWWUR
FRQGXWWRULIRUQLWRDVVLHPHDOGLVSOD\
)LJXUD
5HWURGHOPRGXORGLLQWHUIDFFLD
3L0LFURIDFHDSSDUWHQHQWLDXQLWjGLIIHUHQWLSRVVRQRHVVHUHFROOHJDWHWUDGLORURPHGLDQWHLOEXVGLWUDVPLVVLRQHGDWL
FDYRSLDWWRVFKHUPDWRDRWWRRVHLFRQGXWWRULGHQRPLQDWR
+,52%86
/D)LJXUDLOOXVWUDLOFROOHJDPHQWRWUDOHYDULH
0LFURIDFH
0,&52)$&(
(3
5
2
0
0,&52)$&(
(3
5
2
0
$//$0,&52)$&(68&&(66,9$
+,52%86
&DYRSLDWWRVFKHUPDWRDVHLFRQGXWWRUL
+,52%86
&DYRSLDWWRVFKHUPDWRDVHLFRQGXWWRUL
0,&52)$&(
(3
5
2
0
$+,520$7,&
VHLQVWDOODWR
&DYRSLDWWRVFKHUPDWRDRWWRFRQGXWWRUL
$77(1=,21(
&2//(*$5(/26&+(502'(/&$923,$7726&+(50$72$//$7(55$
3,Ô9,&,1$'(/48$'52(/(775,&268(175$0%(/(81,7¬&2//(*$7(75$0,7(
+,52%86
)LJXUD
6FKHPDGLFRQQHVVLRQHWUDSL0LFURIDFHDSSDUWHQHQWLDGLYHUVHXQLWj
4XDQGR SL 0LFURIDFH VRQR FROOHJDWH WUD ORUR WUDPLWH
+,52%86
q QHFHVVDULR DWWULEXLUH XQ LQGLUL]]R GLIIHUHQWH D
FLDVFXQDXWLOL]]DQGRXQRVSHFLILFRJUXSSRGLSRQWLFHOOLSUHVHQWLVXOODVFKHGD/DSRVL]LRQHGHLSRQWLFHOOLVXOODVFKHGDq
GHVFULWWDLQ)LJXUD
¥
z
¥Ð
Õ
Ê
¥æ
¥}
Ð
É
¥¥
¥z
}
p
¥Õ
¥Ê
)LJXUD
,PSRVWD]LRQHGHLSRQWLFHOOLGLGHILQL]LRQHGHOOLQGLUL]]RGL0LFURIDFH