Page 15 - C:\Users\MK\AppData\Local\Temp\mso3F7A.tmp
P. 15

³                  H 7VXED VRQR VWDWH HVSRVWH  $O SULPR VFDIIDOH YL VRQR                   _
        L
                                                                                     &217$77, ',5(77,
                        TXHOOH  FKH  DSSDUWHQJRQR  DOOH  6FXROH  DWWLYH  LQ  HSRFD
                                                                                           VHJUHWHULD#DUWHPDU]LDOH RUJ
                        SRVWHULRUH  DO  ;9,,,  VHFROR   /¶HVSRVLWRUH  KD  GLYLVR
                        TXHVWH LQ EDVH DOOD SURYLQFLD GL DWWLYLWjª
                                                                                       $57(0$5=,$/( 25*

      .RJDWDQD q LO QRPH GHO WLSR GL ODPD  GXQTXH O DUPD LQ Vp VWHVVD q  I
      QHOO LPSRVVLELOLWj  GL  XWLOL]]DUH  OH  DUPL  SULPDULH   4XHVW XOWLPR  KD
                                                                         0DHVWUL  GHOOH  6FXROH  .DWFKXVKL  H  .DPDNXUD
                                                                        DWWUDYHUVR L ORUR PDQXIDWWL H FRQ LO ORUR ODYRUR KDQQR
      GXH  QRPL  SHUFKp  .R]XND  q  LO  QRPH  GHO  WLSR  GL  LPSXJQDWXUD  H
                                                                        GHILQLWR  OH  OLQHH  JXLGD  FKH  QHO  WHPSR  VRQR  ULPDVWH
      FKLDPDWD  FRQ  XQR  TXDOXQTXH  GHL  GXH  QRPL   /D  ILUPD   FRVWDQWL  /D JHQWH DFFRPXQD WXWWL TXHVWL DUWLVWL H QRQ ID DOFXQD
       PHL   GHOO¶DUWLJLDQR  FUHDWRUH  GHOOD  7VXED  q  SRVWD  QHOOD  SDUWH   GLIIHUHQ]D GL SURYHQLHQ]D JHRJUDILFD  0DHVWUL DXWRUL DSSDUWHQXWL
      SRVWHULRUH LQWRUQR DO 1DJDNR $QD  'XH VRQR L NDQML FKH LQGLFDQR   DOOH  VFXROH   .DWFKXVKL   .DPDNXUD   .DQHLH   1REXLH   *RWR

      OD  7VXED   鍔 H  鐔  TXHVWH  UHDOL]]D]LRQL  VRQR  HVHJXLWH  GD  GLYHUVH   8PHWDGD    +LJR    0\RFKLQ    6KRDPL   H   DOWUH   VFXROH
      6FXROH   2JQL  6FXROD  KD  SURSULH  SHFXOLDULWj  H  0DHVWUL  GL   UHDOL]]DURQR 7VXED LQ IHUUR FRQ GHFRUL WUDIRUDWL  /H 7VXED VRQR
      ULIHULPHQWR   /H  FDWDORJR  LQ  7VXED  DQWLFKH  H  PRGHUQH   /H  SULPH   VWDWH  HVSRVWH   $O  SULPR  VFDIIDOH  YL  VRQR  TXHOOH  FKH
      VRQR  SURGRWWH  SULPD  GHO  ;9,,,  VHFROR   /H  VHFRQGH   DSSDUWHQJRQR  DOOH  6FXROH  DWWLYH  LQ  HSRFD  SRVWHULRUH  DO  ;9,,,
      VXFFHVVLYDPHQWH D TXHVWD GDWD                             VHFROR  /¶HVSRVLWRUH KD GLYLVR TXHVWH LQ EDVH DOOD SURYLQFLD GL
                                                                DWWLYLWj   0L  GLFH  FKH  GDO  ;,;  VHFROR  JOL  DUWLVWL  WHQGRQR  DG
      .RGRJX  q  O¶LQVLHPH  GL  WXWWL  L  IRUQLPHQWL  GL  XQD  VSDGD  JLDSSRQHVH   1HO   DOORQWDQDUVL  GDOOR  VWLOH  WUDGL]LRQDOH  LPSRVWR  GDOOD  6FXROD  GL
      FDVR GL XQ WDFKL TXHVWR DVVLHPH VL FKLDPD NDQDJX          DSSDUWHQHQ]D R GDO OXRJR GL UHVLGHQ]D  4XHVWL DGRWWDURQR QXRYH
                                                                WHFQLFKH H QXRYL PDWHULDOL  6ROR FRQ LO ILQLUH GHOOH ODPH .RWR  LO
      7RNXJDZD  ,H\DVX        –        IX  LO  IDXWRUH  GHO  GRPLQLR  GHOOD   SHULRGR DQWLFR  LQ FXL YHQQHUR FUHDWH ODPH D WXWW RJJL LQVXSHUDWH
      IDPLJOLD  7RNXJDZD VXO  *LDSSRQH   4XHVWR DYYHQQH FRQ OH YLWWRULH  QHOOD
                                                                H  WUD  OH  SL  ULFHUFDWH  LQ  TXHVWH  HVSRVL]LRQL   OH  7VXED  YHQQHUR
      EDWWDJOLD GL 6HNLJDKDUD GHO      H GL 6KLPDEDUD QHO       ,O FRQWUROOR
                                                                FUHDWH  GDOOH  SULPH  6FXROH  H  LO  YHQGLWRUH  PL  VSLHJD  FKH  VL
      DYYHQQH ILQR DO
                                                                FRQRVFRQR L SULPL QRPL GHL SURGXWWRUL  ³4XHVW¶XOWLPL VRQR WUH

                                                                QHOOD  SURYLQFLD  GL  2ZDUL D  .L\XVX  WURYLDPR  1REXLH   QHOOD

                                                                SURYLQFLD  GL  <DPDVKLUR D  .\RWR  RSHUDYDQR  .DQHLH  H  *RWR
                                                                <XMR´

                                                                .DWFKXVKL   9HQJR D FRQRVFHQ]D FKH FRQ TXHVWR QRPH HUDQR
                                                                FKLDPDWL JOL DUWLJLDQL FKH IDEEULFDYDQR OH FRUD]]H  3HU DIILQLWj
                                                                IXURQR  L  SULPL  DUWLJLDQL  D  GHGLFDUVL  DQFKH  DOOD  UHDOL]]D]LRQH
                                                                GHJOL  HOHPHQWL  QHFHVVDUL  DOOD  PRQWDWXUD  GHOOD  ODPD   5LPDVHUR
                                                                DWWLYL LQ XQ ODVVR GL WHPSR FKH DOO¶LQFLUFD LQL]LD FRQ O¶DQQR
                                                                H VL FRQFOXGH QHO       6RQR DXWRUL GL 7VXED FRVWUXLWH VROR LQ
                                                                IHUUR  EHQ  IRUJLDWR  H  FRQ  VSHVVRUH  ULGRWWR   'L  IRUPD  FLUFRODUH
                                                                'HFRUDWH FRQ SLFFROL WUDIRUL FKH UDIILJXUDQR OD OLQHD GL FRQWRUQR
                                                                GHOO¶LPPDJLQH UDIILJXUDWD  , VRJJHWWL VRQR VHPSOLFL  SHU OR SL
                                                                WUDWWL  GDO  TXRWLGLDQR  H  GDOOD  QDWXUD  RSSXUH  VL  FRPSRQJRQR  GL
                                                                EUHYL VFULWWH  ,O ERUGR GHOOD 7VXED q VHPSUH ULDO]DWR FLRq q SRVWR
                                                                DO  GL  VRSUD  GHO  SLDQR  RYH  q  FROORFDWR  LO  GHFRUR   1RQ  q
                                                                LQIUHTXHQWH OD SUHVHQ]D GL XQ ©'RWH 0LPLª  XQ ERUGR D VH]LRQH
                                                                FLUFRODUH
                                                                .DPDNXUD     ³4XHVWD  6FXROD´   P¶LQFDO]D  LO  PHUFDQWH   ³HEEH
                                                                EUHYH  YLWD   1DFTXH  DWWRUQR  DO  ;9,  VHFROR   3RFKH  VRQR
                                                                OH  7VXED  DUULYDWH  VLQR  DO  SUHVHQWH  H  SRFKH  OH  QRWL]LH  VXJOL
                                                                DXWRUL   Ê  FRPXQH  SHQVDUH  FKH  SRVVD  HVVHUH  XQD  GHULYD]LRQH




                                       768%$   -  251$0(172 ( 3527(=,21(                               *(11$,2
   10   11   12   13   14   15   16   17   18   19   20