Page 9 - C:\Users\MK\AppData\Local\Temp\mso3213.tmp
P. 9

³                       QHODWH  DOOD  FRPXQLRQH  FRQ  FKL  Y¶DVVRPLJOLD                   _
              A
                                                                                     &217$77, ',5(77,
                              VDSSLDWH  HVVHUH  PLVHULFRUGLRVL   FRPSUHQVLYL  H

                              FDULWDWHYROL   &RVu  IDFHQGR   SRWUHWH  DVVDSRUDUH  OD
              JUDPLJQD IDWWD JUDQR  OD IDQJKLJOLD GLYHQXWD DFTXD H LO YXRWR PXWDWRVL       VHJUHWHULD#DUWHPDU]LDOH RUJ
              LQ SLHQRª                                                                 $57(0$5=,$/( 25*



                        35(0(66$                               SD]]LD   3HUPHWWHWHPL  GL  VFULYHUH  FKH  LQ  TXHO  IUDQJHQWH  OD  VXD
                                                               FDSDFLWj GL VRSSRUWD]LRQH DO  GRORUH VL GHFXSOLFD H OD  VXD IRU]D VL

                                                               HVWUHPL]]D   (JOL  FHUFD  OR  VFRQWUR  FRQ  FKLFFKHVVLD   TXDVL  OR
                                                               GHVLGHUDVVH  $ EHQ SRFR VHUYRQR L VHGDWLYL  R JOL SVLFRIDUPDFL  HJOL
       S             ROOHFLWDWR  GD  DOFXQH  $OOLHYH  GHOOD  QRVWUD   QHFHVVLWD  GL  SHUFRUUHUH WXWWR LO  FDPPLQDPHQWR GL TXHVWD  UDEELRVD

                    6FXROD  0DU]LDOH  GHVLGHUR  HVSULPHUH  LO  PLR
                                                               IROOLD  SHU  SRL  FKHWDUVL   $YXWD  FRVFLHQ]D  GL  FLz  FKH  KD  RSHUDWR
                    SHQVLHUR VXOO¶DYYLFLQDPHQWR IHPPLQLOH YHUVR
       LO  FRPEDWWLPHQWR  PDU]LDOH   $QFRUD  XQD  YROWD  VRWWROLQHR  FKH   VROLWDPHQWH VFRSSLD LQ XQ SLDQWR GLURWWR PD FLz FKH KD FRPSLXWR
                                                               FLz FKH KD IDWWR H ODFHUDWR  QRQ SXz HVVHUH FDQFHOODWR  )RUVH VDQDWR
       QRQ LQWHQGR XQ FRPEDWWLPHQWR FKH DEELD ILQDOLWj VSRUWLYH PD   D OLYHOOR ILVLFR PD GLIILFLOPHQWH OHQLWR SVLFRORJLFDPHQWH  $EELDWH

       ILQDOL]]DWR  DOO¶DXWRGLIHVD  UHJRODPHQWDWD  GDJOL  DUWLFROL       H   FRVFLHQ]D  GL  TXHVWR   3UHSDUDWHYL  D  TXHVWR   ,O  .+6  0DUWLDO  $UW

            GHO  &RGLFH  3HQDOH   QHOOH  SDJLQH  VHJXHQWL  LO  WHVWR   DGGHVWUD  D  SUHVDJLUH  JOL  HYHQWL   D  ULGXUOL  H  PLQLPL]]DUOL  QHO
       LQWHJUDOH   1HO WHPSR  D FDXVD GHOOD PLD SURIHVVLRQH  FRQREEL   ULVXOWDWR  D GLIHQGHUVL FRQ GHFLVLRQH H GLIHQGHUH JOL DOWUL  $OOD ILQH
       OH PHWRGLFKH GL YLROHQ]D  VRWWRPLVVLRQH H ILQDQFKH G¶RPLFLGLR   QRQ FL YLHQH DWWULEXLWR XQ SXQWHJJLR PD FL VL ULJXDGDJQD LO GLULWWR
       GL  HVVHUL   VLQR  D  TXHO  PRPHQWR   FRQVLGHUDWL  ©QRUPDOLª  FKH   DOOD  VRSUDYYLYHQ]D   JLDFFKp  GLULWWR LQDOLHQDELOH  SUHYLVWR  H  VDQFLWR
       LPSURYYLVDPHQWH SHUGHWWHUR LO EHQ GHOO¶LQWHOOHWWR H G¶DOWUL FKH    GDOOD 0DJQD &DUWD GHO      H GDOOD 'LFKLDUD]LRQH 8QLYHUVDOH GHL
       G¶DQLPR YLROHQWR  FDXVDURQR JOL VWHVVL VWUD]L  GHOLWWL FUXGHOL H   'LULWWL 8PDQL GHO
       VSLHWDWL  'LIHQGHUVL GDL VHFRQGL ULVXOWD SL VHPSOLFH LQ TXDQWR
       VH VL GHFLGH FKH VLD RSSRUWXQD OD IUHTXHQWD]LRQH  SULPD R SRL
       FL  V¶DVSHWWD  LO  PDQLIHVWDUVL  GHO  PDOH   ,  SULPL  KDQQR  SLFFROH
       GLDIDQH HG LPSDOSDELOL JHVWXDOLWj FKH QH SUHDYYLVDQR O¶D]LRQH
       H FRQVHJXHQWHPHQWH OD YRVWUD VRUWH  SDUROH FKH VL FHODQR QHOOD
       VDOLYD]LRQH PD SRL LPSURYYLVH VL PDQLIHVWDQR TXDQGR FRVWRUR
       KDQQR  DWWLPL  GL  VFRQIRUWR   GL  UDEELD   GLVDSSXQWR  R  WLPRUH
       3DUROH  FRVu  IUDJRURVH  VHSSXU  DSSHQD  XGLELOL   (EEHQH   OD
       ©SUHGLVSRVL]LRQH   DOOD   VDJJH]]Dª   YL   GHYH   VHPSUH
       DFFRPSDJQDUH  VLD  FKH  VLDWH  GRQQH   VLD  FKH  VLDWH  XRPLQL
       5LFRUGDWH  VHPSUH  ©/H  SDUROH  VRQR  VROR  HVSUHVVLRQL  GHO
       PRPHQWR   L  JHVWL  PDQLIHVWD]LRQL  GHO  FXRUH   OH  D]LRQL
       ULYHOD]LRQL GHOO $QLPDª   3HQVDUH FKH QRQ YL VRWWRPHWWHUDQQR
       LQ TXDQWR YL VHQWLWH GDOOD SDUWH GHOOD UDJLRQH  RSSXUH SHUFKp
       SRVVHGHWH  XQ¶RWWLPD  RUDWRULD   SHUFKp  DYHWH  IDWWR      DQQL  GL
       SDOHVWUD  FRQ  ILQDOLWj  VSRUWLYH   SHUFKp  YL  VHQWLWH  GL  SRWHU
       VIHUUDUH  XQ  FROSR  FRVu  SRWHQWH  GD  PLWLJDUH  R  VRWWRPHWWHUH
       FKLXQTXH RSSXUH SHUFKp DYHWH DO YRVWUR ILDQFR XQ¶DPLFD VXOOD
       TXDOH FRQILGDWH  Ê XQD DVVROXWD DVVXUGLWj  XQ¶LQJHQXD LGLR]LD
       6DSSLDWH  FKH  XQ  FRQWR  q  XQ  OXRJR  HG  XQ  WHPSR  QHOOD  TXDOH
       YLJH FLz FKH q VWDWR OHJLIHUDWR H JRYHUQD OD SXEEOLFD PRUDOH
       DOWUR q XQ WHPSR LQ FXL QRQ KD LPSRUWDQ]D Qp LO OXRJR  Qp OH
       SHUVRQH H Qp L VHQWLPHQWL FRPXQL  ,O PRWR UDEELRVR  SHUORSL
       LQJLXVWLILFDELOH   GHIODJUD  DOO¶LPSURYYLVR   LOORJLFR   YLROHQWR  H   1HOOD VFRQILWWD  WDOH VDUj GD DOWUL JLXGLFDWD  DPPDQWLDPRFL GL
                                                               VHUHQLWj   SRLFKp  FRVu   VWUDQH]]D   DYUHPR  QHOOD  QRVWUD  YLWD
       SLDQJHUH   R  XUODUH  H  LPSUHFDUH  GLYHQJRQR  LQILDPPDELOH   JXDGDWR DOFXQH WUD OH SL SHULFRORVH DFTXH´

       FRPEXVWLELOH  SHU  TXHOOD  LQVDQD   D  YROWH   VHSSXU  WHPSRUDQHD


                                                        $7$/$17$ - /$ 6&(/7$                             0$5=2
   4   5   6   7   8   9   10   11   12   13   14