Guida all'uso di Straus 7 in italiano

*XLGDDOOªXVRGL6WUDXV ,QWURGX]LRQHD6WUDXVVLVWHPDSHUOªDQDOLVLDGHOHPHQWLILQLWL

&RQFH]LRQHVYLOXSSRHLPSOHPHQWD]LRQH *'&RPSXWLQJ 6XLWH/HYHO.HQW6W 6\GQH\16:$XVWUDOLD (PDLOVWUDQG#JGFRPDX 'LVWULEX]LRQHFRQVXOHQ]DIRUPD]LRQHHVXSSRUWRWHFQLFR +6+VUO 9LD17RPPDVHR 3DGRYD,WDO\ 7HO )D[ (PDLOKVK#LSHUYLW

DHGL]LRQHLQOLQJXDLQJOHVHPDJJLR DHGL]LRQHLQOLQJXDLWDOLDQDQRYHPEUH

‹*'&RPSXWLQJ$OOULJKWVUHVHUYHG

LL

*XLGDDOO·XVRGL6WUDXV

7LWRORRULJLQDOHGHOWHVWR 8VLQJ6WUDQG 7UDGX]LRQHLQOLQJXDLWDOLDQDDFXUDGHOOD+6+VUOGL3DGRYD

&RS\ULJKW ‹&RS\ULJKWE\*'&RPSXWLQJ3W\/WG'LULWWLULVHUYDWLLQWXWWRLOPRQGR4XHVWRPDQXDOHq SURWHWWRGDOODOHJJH1HVVXQDSDUWHGLTXHVWRPDQXDOHSXzHVVHUHFRSLDWDGLVWULEXLWDWUDVPHVVDPHPR UL]]DWDFRQVLVWHPLSHULOUHFXSHURGHOOHLQIRUPD]LRQLWUDGRWWDLQOLQJXDJJLRXPDQRRHOHWWURQLFRLQ RJQLIRUPDRFRQRJQLPH]]RHOHWWURQLFRPHFFDQLFRPDJQHWLFRPDQXDOHHFFRFHGXWDDWHU]HSDUWL

'LFKLDUD]LRQHGLQRQUHVSRQVDELOLWj /D*'&RPSXWLQJVLULVHUYDLOGLULWWRGLDSSRUWDUHPRGLILFKHDTXHVWDSXEEOLFD]LRQHVHQ]DREEOLJR GLGDUQHLQIRUPD]LRQHDSHUVRQHRGRUJDQL]]D]LRQLDOFXQH

0DUFKLUHJLVWUDWL 0LFURVRIWqXQPDUFKLRUHJLVWUDWRGHOOD0LFURVRIW&RUSRUDWLRQ 6WUDXVqXQPDUFKLRUHJLVWUDWRGHOOD*'&RPSXWLQJ3W\/WG

*'&RPSXWLQJ3W\/WG 6XLWH/HYHO.HQW6WUHHW 6\GQH\16:$XVWUDOLD VWUDQG#JGFRPDX ZZZVWUDQGDXVWFRP

,6%1

LLL

3UHID]LRQH 6WUDXVqXQVLVWHPDJHQHUDOHSHUO·DQDOLVLDGHOHPHQWLILQLWLVYLOXSSDWRGD *'&RPSXWLQJ6LWUDWWDGLXQDQXRYDLPSOHPHQWD]LRQHVFULWWD VSHFLILFDPHQWHSHUJOLDPELHQWL:LQGRZV17H:LQGRZV ,OVLVWHPDKDFRQFH]LRQHXQLWDULDFRPSUHQGHQGRROWUHDLVROXWRULSURSUL RULJLQDOLSUHSURFHVVRULHSRVWSURFHVVRUL6LWUDWWDGLXQDPELHQWH XQLWDULRLQVqFRQVLVWHQWHSHUODFRVWUX]LRQHGLPRGHOOLDGHOHPHQWLILQLWL ODORURDQDOLVLHO·HVWUD]LRQHGHLULVXOWDWL/DFRQFH]LRQHHORVYLOXSSRGL WXWWRLOVLVWHPDVRQRDYYHQXWLLQWHUDPHQWHDOO·LQWHUQRGLXQXQLFRJUXSSR GLFRPSHWHQ]HSHUFXLHVVRULVXOWDUHDOPHQWHLQWHJUDWRLQRJQLVXDSDUWHH SDUWLFRODUPHQWHFRPSDWWR 6WUDXVqDGDWWRDWXWWLJOLDPELHQWLHGLPHQVLRQLLQGXVWULDOLQHLVHWWRUL GHOO·LQJHJQHULDDHUHRQDXWLFDFLYLOHPHFFDQLFDQDYDOHVWUXWWXULVWLFDH JHRWHFQLFDROWUHFKHDOO·LQGXVWULDSHVDQWHHGHLPDWHULDOL(VVRqLQROWUH DOODSRUWDWDDQFKHGHOOLEHURSURIHVVLRQLVWDDYHQGRSUH]]LHVWUHPDPHQWH UDJLRQHYROLXQUDSSRUWRSUH]]RSUHVWD]LRQLLQHJXDJOLDELOH 6WUDXVq GLVWULEXLWRHVRVWHQXWRLQ(XURSDHQHOUHVWRGHOPRQGRGDVRFLHWj DOWDPHQWHTXDOLILFDWH 7UDLWLSLGLDQDOLVLFKHSRVVRQRHVVHUHDIIURQWDWLHULVROWLVLULFRUGDQR ¾ /·DQDOLVLVWDWLFDOLQHDUHHQRQOLQHDUHFRQDXWRPDWLVPLSHUOD GHILQL]LRQHGHLSDVVLGLFDULFRHSHULOUHVWDUW ¾ /·DQDOLVLGLQDPLFDQHOWUDQVLWRULROLQHDUHHQRQOLQHDUH ¾ /DVWDELOLWjGHOO·HTXLOLEULR ¾ ,OFDOFRORGHOOHIUHTXHQ]HQDWXUDOL ¾ /·DQDOLVLGHOODULVSRVWDDUPRQLFD ¾ /·DQDOLVLGHOODULVSRVWDVSHWWUDOH ¾ /·DQDOLVLGHOWUDVSRUWRGLFDORUHLQUHJLPHVWD]LRQDULROLQHDUHHQRQ OLQHDUH ¾ /·DQDOLVLGHOWUDVSRUWRGHOFDORUHLQUHJLPHWUDQVLWRULROLQHDUHHQRQ OLQHDUH ,PHWRGLGLVROX]LRQHLQDPELWRQRQOLQHDUHFRPSUHQGRQRQRQOLQHDULWj JHRPHWULFKHSHUPDWHULDOHLYLLQFOXVHODSODVWLFLWjHOHJUDQGLGHIRUPD ]LRQL HSHUFRQGL]LRQLDOFRQWRUQRDGHVHPSLRSUREOHPLGLFRQWDWWR  7DOLQRQOLQHDULWjSRVVRQRHVVHUHLQFOXVHFRPHFRQGL]LRQLLQL]LDOLSHULO FDOFRORGHOOHIUHTXHQ]HQDWXUDOLRGHLPROWLSOLFDWRULFULWLFLSHUODVWDELOLWj GHOO·HTXLOLEULR

LY

*XLGDDOO·XVRGL6WUDXV

/·DPELHQWHGLSUHSURFHVVDPHQWRFRQWLHQHXQDVHULHGLVWUXPHQWLPROWR SRWHQWLSHUODPDQLSROD]LRQHVLDGHOODJHRPHWULDFKHGLUHWWDPHQWHGHJOL HOHPHQWLUHQGHQGRVHPSOLFHODUHDOL]]D]LRQHGHOPRGHOORDQFKHSHU VWUXWWXUHFRPSOHVVH3HUWXWWLLWLSLGLHOHPHQWLqSUHYLVWDXQD UDSSUHVHQWD]LRQHJUDILFDVSHFLILFDFKHDLXWDQHOODYLVXDOL]]D]LRQHGHO PRGHOORDGHVHPSLRXQDWUDYHFRQXQDVH]LRQHGLIRUPDTXDOVLDVLSXz HVVHUHUHVDJUDILFDPHQWHLQPRGRWULGLPHQVLRQDOH /·DPELHQWHGLSRVWSURFHVVDPHQWRqVWDWRSURJHWWDWRSHUFRQVHQWLUHOD JHVWLRQHGHLULVXOWDWLLQPRGRIDFLOLWDWRVLDLQIRUPDJUDILFDFKHLQIRUPD GLIRJOLRHOHWWURQLFRFKHDQFRUDLQIRUPDGLUHOD]LRQH/HIXQ]LRQDOLWj SUHYLVWHGDOFRGLFHFRPSUHQGRQRVRILVWLFDWLVLVWHPLSHUODYLVXDOL]]D]LRQH HODVWDPSDGHLULVXOWDWLJUDILFLHGHLWHVWL/HUHOD]LRQLGLFDOFRORSURGRWWH SRVVRQRHVVHUHSHUVRQDOL]]DWHGDOO·XWHQWHFRQO·LQWURGX]LRQHGLSURSULH LQWHVWD]LRQLORJRHWLSRORJLDGLFDUDWWHUH6LWUDWWDGLIXQ]LRQDOLWjVLPLOLD TXHOOHGHLYDUL:RUGSURFHVVRUFKHSHUzTXLVRQRSDUWHLQWHJUDQWHGHO FRGLFHGLFDOFROR ,OSUHVHQWHPDQXDOHqVWDWRFRQFHSLWRSULQFLSDOPHQWHSHUULVSRQGHUHDOOH GRPDQGHFKHQRUPDOPHQWHVRQRSRVWHGDJOLXWHQWLGL6WUDXVDOOHSULPH HVSHULHQ]HG·XVRGHOFRGLFHPDSXzVHUYLUHGDULIHULPHQWRSHUXWHQWLGL TXDOVLDVLJUDGRGLHVSHULHQ]D/DVH]LRQH´WXWRULDOµGHOPDQXDOHFRQWLHQH XQDVHULHGLSLFFROLSUREOHPLGRFXPHQWDWLQHOGHWWDJOLR(VVLLOOXVWUDQR DOFXQHGHOOHIXQ]LRQDOLWjGLSUHHSRVWSURFHVVDPHQWRSUHVHQWLQHO SURJUDPPDFRQODILQDOLWjGLWUDVPHWWHUHDOO·XWHQWHORVSLULWRFRQFXLq RUJDQL]]DWRLQVHQVRSUDWLFRRSHUDWLYRLOFRGLFHVWHVVR3HUGHWWDJOL PDJJLRULRSHURWWHQHUHLQIRUPD]LRQLVXWHPDWLFKHDYDQ]DWHRFFRUUH FRQVXOWDUHLOPDQXDOHRQOLQH,OPDQXDOHRQOLQHqRUJDQL]]DWRLQIRUPD GLQDPLFDqFRPSOHWRGLQXPHURVLHVHPSLHSXzHVVHUHFRQVXOWDWR DWWUDYHUVROLQNLSHUWHVWXDOLSHQVDWLSHUXQDIDFLOHQDYLJD]LRQHQHOOD GRFXPHQWD]LRQHGLVSRQLELOH

Y

,QGLFH 3UHID]LRQH ,QWURGX]LRQH ,QWURGX]LRQHDLWXWRULDO 1RWDEHQH

L   

&$3,72/2

6WUDXVLQEUHYH 'HILQL]LRQL

0RGHOOR (QWLWj $WWULEXWL &RQGL]LRQLGLFDULFRHGLYLQFROR

/D\RXWGL6WUDXV

/DEDUUDSULQFLSDOHGHJOLVWUXPHQWL0DLQ7RRO%DU /D0RGHO:LQGRZ /DEDUUDGLVWDWR6WDWXV%DU &OLFNGHVWUR

6WUXPHQWR%URZVH ,ILOHLQ6WUDXV ,QIRUPD]LRQLVXOPRGHOOR (QWLW\,QVSHFWRU /D:KLWHERDUG

7URYDHQWLWj ,QVHULPHQWRGLYDORULQXPHULFL ,QWHUDJLUHFRQOHILQHVWUHGLGLDORJR &WUO&OLFN

+RW3RLQWHU

8QLWjGLPLVXUD

&DPELDPHQWRGHOOHXQLWjGLPLVXUD

2SHUD]LRQLGLVWDPSD

                      

  7DJOLDFRSLDHLQFROODGDHSHUDOWUHDSSOLFD]LRQL 7DJOLDFRSLDHLQFROODDOO LQWHUQRGL6WUDXV

 

8QGRDQG5HGR $FFHGHUHDOO +HOS

  

7DVWR)

YL

*XLGDDOO·XVRGL6WUDXV

&$3,72/2

&RQILJXUD]LRQHGHOORVFKHUPR 6HWWDJJLGHOORVFKHUPR

9LVXDOL]]D]LRQHGHLQXPHUL

'LVHJQR

6HWWDJJLRGHOOHHQWLWj 6HWWDJJLRGHJOLDWWULEXWL

0RGLILFKHGHOODYLVWDGHOPRGHOOR9LHZVHWWLQJV 5RWD]LRQHGLQDPLFD =RRPGLQDPLFR 3DQGLQDPLFR &RPHULVFDODUHODYLVXDOL]]D]LRQH

         

&$3,72/2

6HOH]LRQHGHOOHHQWLWj )XQ]LRQLGLVHOH]LRQH



,OSXQWDWRUHGLVHOH]LRQH6HOHFWLRQ3RLQWHU



6HOH]LRQHJOREDOH



6HOH]LRQHHQWURXQDUHJLRQHJHRPHWULFD



6HOH]LRQHSHUSURSULHWj



6HOH]LRQHSHUJUXSSR



$QQXOODPHQWRGLWXWWHOHVHOH]LRQL

 

7RJJOH6HOHFW



$OZD\V6HOHFW



$OZD\V&OHDU



0HWRGLGLVHOH]LRQH

(QWLW\7RJJOHV

&DUDWWHULVWLFKHVSHFLDOLGHLSXOVDQWL(QWLW\7RJJOH

/DEDUUDGLVWDWR 0HWRGLVSHFLDOLGLVHOH]LRQH

6HOH]LRQHGLYLVWHZLUHIUDPH 6HOH]LRQHGHOO HVWUHPLWjGLXQHOHPHQWREHDP%HDP(QGV 6HOH]LRQHGHJOLVSLJROLGLXQHOHPHQWRSODWH3ODWH(GJHV 6HOH]LRQHGHOOHIDFFHGLXQHOHPHQWREULFN%ULFN)DFHV

       

YLL

&$3,72/2

0RVWUDUHHQDVFRQGHUH /DEDUUDGHJOLVWUXPHQWL(QWLW\7RJJOH 0RVWUDRQDVFRQGLSHUSURSULHWj 0RVWUDRQDVFRQGLSHUJUXSSR 0RVWUDQDVFRQGLSDUWLVHOH]LRQDWHHPRVWUDQDVFRQGLSDUWLQRQVHOH]LRQDWH

   

0RVWUDQDVFRQGLSDUWLVHOH]LRQDWH



0RVWUDQDVFRQGLSDUWLQRQVHOH]LRQDWH



&$3,72/2

/DFRVWUX]LRQHGHLPRGHOOL &UHD]LRQHGLQRGL

&UHD]LRQHPDQXDOH

8VRGHOODJULJOLD6QDS*ULG 5HFXSHURHVSRVWDPHQWRGHLQRGL

&UHD]LRQHGLHOHPHQWL 0RGLILFDGHJOLHOHPHQWL 8VRGHJOLVWUXPHQWL7RROV 2S]LRQLGHJOLVWUXPHQWL7RRO2SWLRQV 3XOL]LDGHOODPHVK&OHDQ

        

&$3,72/2

/DYRUDUHFRQJUXSSLVLVWHPLGLFRRUGLQDWHHTXDQWLWjJOREDOL *UXSSL

3URFHGXUDWLSLFDGLDVVHJQD]LRQHGHLJUXSSL

6LVWHPLGLFRRUGLQDWH 'DWLJOREDOL

   

&$3,72/2

&RQWUROORGHOODTXDOLWjGHOPRGHOOR 6SLJROLOLEHULGHJOLHOHPHQWL(OHPHQW)UHH(GJHV (OHPHQWLSODWH (OHPHQWLEULFN

6SHVVRUHGHJOLHOHPHQWLSODWH 2ULHQWD]LRQH 0DSSHGLFRORUH&RQWRXU QHOSUHSURFHVVLQJ

)DWWRUHGLIRUPDGHOO HOHPHQWR 5DSSRUWRGLGLVWRUVLRQHGHJOLHOHPHQWLJXVFLR:DUSLQJ5DWLR 3UHVVLRQHDSSOLFDWD

5LDVVXQWRGHLGDWLGHOPRGHOOR ,QIRUPD]LRQL 6RPPDULRGHOOHSURSULHWj 6RPPDULRGHOPRGHOOR

            

YLLL

*XLGDDOO·XVRGL6WUDXV

&$3,72/2

&DWDORJLGLVH]LRQLHPDWHULDOL &UHD]LRQHGLXQQXRYRFDWDORJR

&UHD]LRQHGLXQFDWDORJRHVWHVR &UHD]LRQHGLXQFDWDORJRDJJLRUQDELOHDOO RFFRUUHQ]D

  

&$3,72/2

6ROX]LRQHGHOPRGHOOR 0LQLPL]]D]LRQHGHOODODUJKH]]DGHOODEDQGD 6ROX]LRQLGLSURYD /DFDUWHOOD7DE 'HIDXOW 'LWLSRJHQHUDOH 1RQOLQHDUH

/DILQHVWUDGHOVROXWRUH

     

&$3,72/2

(VWUD]LRQHGHLULVXOWDWL 3URFHGXUDWLSLFDGLSRVWSURFHVVLQJ



&RQILJXUD]LRQHGHIRUPDWD



(VHFX]LRQHGHOFRQWRXULQJGHLULVXOWDWL

   

3HHNLQJ



0HGLHQHOODUDSSUHVHQWD]LRQHPHGLDQWHFRQWRXU &RQWRXU-XPSV'LVFRQWLQXLWjQHLFRQWRXU 2S]LRQLVSHFLDOLSHULOFRQWRXU

'LDJUDPPL )LQHVWUDPXOWLSOD $QLPD]LRQH

  

/LVWDWL



&$3,72/2

7XWRULDO6WUXWWXUDUHWLFRODUHVDOGDWD ,QWURGX]LRQH

'HVFUL]LRQHGHOODJHRPHWULDHGHOFDULFR 5LVXOWDWLULFKLHVWL

&UHD]LRQHGHOPRGHOOR (OHPHQWL 8QLWjGLPLVXUD 3LDQRGLODYRUR

,OPRGHOORDGHOHPHQWLILQLWL &RQGL]LRQLGLYLQFROR

&RQGL]LRQLGLYLQFRORQRGDOH

$SSOLFD]LRQHGHLFDULFKL

          

L[

$VVHJQD]LRQHGHOOHSURSULHWj 5LVROX]LRQHGHOPRGHOOR 3RVWSURFHVVLQJ

$SHUWXUDGHLILOHFRQLULVXOWDWL &RQWUROORGHLILOH/RJ )XQ]LRQH'LVSODFHPHQW6FDOH &RPELQD]LRQHGHOOHFRQGL]LRQLGLFDULFR 'LDJUDPPLGHLPRPHQWLIOHWWHQWLHGHJOLVIRU]LGLWDJOLR /DIXQ]LRQHSHHN *UDILFLDPDSSHGLFRORUH&RQWRXU

7HODLRFRQHOHPHQWLWUDORURLQFHUQLHUDWLJOLHOHPHQWLWUXVV (OHPHQWLWUXVV

3RVWSURFHVVLQJGHOODVWUXWWXUDUHWLFRODUH

            

&$3,72/2

7XWRULDO'VWDWRSLDQRGLWHQVLRQH ,QWURGX]LRQH

'HVFUL]LRQHGHOODJHRPHWULDHGHOFDULFR 5LVXOWDWLULFKLHVWL

&UHD]LRQHGHOPRGHOOR

&RQVLGHUD]LRQLVXOODVLPPHWULD 3LDQLILFD]LRQHGHOODPHVK 8QLWjGLPLVXUD &UHD]LRQHGLXQDJULJOLD

(OHPHQWLSODWH

&UHD]LRQHGHJOLHOHPHQWLSODWH

&UHD]LRQHGHOIRURFLUFRODUH *UDGLQJ

6XGGLYLVLRQHGHJOLHOHPHQWL 'LYLVLRQVVXGGLYLVLRQL 7DUJHWV 6XGGLYLVLRQHGHOODVWULVFLD

$SSOLFD]LRQHGHLFDULFKL

6HOH]LRQHGHOODWRVLQLVWUR /RVWUXPHQWR6HOHFWE\5HJLRQ

*UDGLGLOLEHUWj

&RQGL]LRQLDOFRQWRUQRHRYLQFROR

$VVHJQD]LRQHGHOOHSURSULHWj 6ROX]LRQHGHOPRGHOOR 3RVWSURFHVVLQJ $IILQDPHQWRGHOODPHVK

*UDGLQJ 3RVWSURFHVVLQJGHOPRGHOORFRQPHVKDIILQDWD

                          

[

*XLGDDOO·XVRGL6WUDXV

&$3,72/2

7XWRULDO$QDOLVLDVVLDOVLPPHWULFD ,QWURGX]LRQH

'HVFUL]LRQHGHOODJHRPHWULDHGHOFDULFR 5LVXOWDWLULFKLHVWL

&UHD]LRQHGHOPRGHOOR

0RGHOOD]LRQHDVVLDOVLPPHWULFD

(OHPHQWLSODWH

(OHPHQWLSODWH

$SSOLFD]LRQHGHOODSUHVVLRQH *UDGLGLOLEHUWj *UDGLGLOLEHUWjJOREDOL 9LQFROLVXOO DVVHGLVLPPHWULD &RQGL]LRQLGLYLQFRROR

,QVHULPHQWRGHOOHSURSULHWj 6ROX]LRQHGHOPRGHOOR 3RVWSURFHVVLQJ

5LVXOWDWLLQDVVLDOVLPPHWULD 5LVXOWDWL8&6VLVWHPDGLFRRUGLQDWHGHILQLWRGDOO XWHQWH 9LVXDOL]]D]LRQHGHLULVXOWDWL

                 

&$3,72/2

7XWRULDO$QDOLVLGLQDPLFDGLXQDPHQVROD ,QWURGX]LRQH

'HVFUL]LRQHGHOODJHRPHWULDHGHOFDULFR 5LVXOWDWLULFKLHVWL

)UHTXHQ]HQDWXUDOLHVHVVLRQHGLSUHSURFHVVLQJ 0RGLHIUHTXHQ]HSURSULHGHOO RVFLOOD]LRQH

&UHD]LRQHGHOPRGHOOR

&UHD]LRQHGHOO (OHPHQWR%HDP

&RQGL]LRQLGLYLQFROR 9LQFROLJOREDOL 9LQFROLQRGDOL

,QVHULPHQWRGHOOHSURSULHWj 5LVROX]LRQHHGHWHUPLQD]LRQHGHOOHIUHTXHQ]HQDWXUDOL 6ROX]LRQHWHRULFD

3RVWSURFHVVLQJGHOOHIUHTXHQ]HQDWXUDOL

9LVXDOL]]D]LRQHGHLPRGLSURSULGLRVFLOOD]LRQH $QLPD]LRQH

'HVFUL]LRQHGHOSUREOHPDGHOODULVSRVWDDUPRQLFD &DULFRDUPRQLFR

$QDOLVLLQULVSRVWDDUPRQLFD

)UHTXHQ]D+] )UHTXHQF\ 3XOVDQWH/RDG&DVHV 6HJORGHOULVXOWDWR5HVXOWV6LJQ 6PRU]DPHQWRVWUXWWXUDOH6WUXFWXUDO'DPSLQJ

3RVWSURFHVVLQJGHOODULVSRVWDDUPRQLFD *UDILFRDEEDVVDPHQWRIUHTXHQ]D

                        

[L

&$3,72/2

7XWRULDO$QDOLVLGHOODULVSRVWDVSHWWUDOH ,QWURGX]LRQH

'HVFUL]LRQHGHOODJHRPHWULDHGHOFDULFR 5LVXOWDWLULFKLHVWL

&UHD]LRQHGHOPRGHOOR

'HILQL]LRQHGHJOLHOHPHQWL 9LQFROL $VVHJQD]LRQHGHOOHSURSULHWj $QDOLVLVWDWLFD &XUYDGHOORVSHWWURGLULVSRVWD

$QDOLVLGHOODULVSRVWDVSHWWUDOH $QDOLVLGHOOHIUHTXHQ]HSURSULH $QDOLVLGHOODULVSRVWDVSHWWUDOH

           

&$3,72/2

7XWRULDO&UHD]LRQHGHOODPHVKGHOO LQWHUVH]LRQHGLGXHWXEL ,QWURGX]LRQH &UHD]LRQHGHOODPHVKGLHOHPHQWLILQLWL

6LVWHPLGLFRRUGLQDWHGHILQLWLGDOO XWHQWH8&6 &UHD]LRQHGLXQWXERLQFOLQDWRGLJUDGL &UHD]LRQHGHOWXERSULQFLSDOH &UHD]LRQHGLXQUDFFRUGRDOO LQWHUVH]LRQHGHLWXEL &UHD]LRQHGHOPRGHOORFRPSOHWR'

      

&$3,72/2

7XWRULDO&UHD]LRQHGHOODVH]LRQHGLXQDWUDYHGHILQLWDGDOO XWHQWH ,QWURGX]LRQH 'HILQL]LRQHGHOODVH]LRQH $VVHJQD]LRQHFRPHSURSULHWjGLWUDYH

  

[LL

*XLGDDOO·XVRGL6WUDXV

$33(1',&(

&RQILJXUD]LRQHRWWLPDOHGL6WUDXVLQDPELHQWH:LQGRZV ,PSRVWD]LRQLGHOORVFKHUPR )LOHGDFDQFHOODUH 0HPRULDYLUWXDOHGL:LQGRZV

  

$33(1',&(

0RGHOOLHVHPSOLILFDWLYL $QDOLVLGLXQDVHGLDDVGUDLRLQWHVVXWR $QDOLVLGLXQHGLILFLRDVHLSLDQL 7HVWGLFDGXWD'URS7HVW GLXQWHODLR &RQWDWWRKHU]LDQRWUDXQDVIHUDHXQSLDQRULJLGR &DYRGLRUPHJJLRGLXQ LPEDUFD]LRQHDWWDFFDWRDGXQSDOR $QDOLVLGLXQVLOR 'HWHUPLQD]LRQHGHOOHIUHTXHQ]HGLYLEUD]LRQHSULSULDGLXQSRQWHVRVSHVR $QDOLVLGLXQSURFHVVRGLIRUPDWXUDGHOODODPLHUD $QDOLVLGHOODPDFFKLQDGLSURYDGHLGHQWLGLXQFDUUHOORHOHYDWRUHDIRUFDOH 7UDVSRUWRGLFDORUHLQXQFLOLQGURVRVSHVR $QDOLVLHODVWRSODVWLFDGLXQDVH]LRQHFLUFRODUHFDYDLQDOOXPLQLR

          

$33(1',&(

7HVWLFRQVLJOLDWL





,QWURGX]LRQH

4XHVWRWHVWRqFRQFHSLWRSHUWUDVPHWWHUHDOOHWWRUHODIDPLOLDULWjFRQ 6WUDXVVXIILFLHQWHDIDUJOLLQL]LDUHUDSLGDPHQWHDGXWLOL]]DUHLOFRGLFH(VVR TXLQGLPLUDSLXWWRVWRDGHVFULYHUHFRPHVLODYRUDFRQ6WUDXVFKHQRQD GRFXPHQWDUQHOHIXQ]LRQDOLWj4XHVWHVRQRSHUDOWURGHVFULWWH GHWWDJOLDWDPHQWHQHO0DQXDOHGLULIHULPHQWR´RQOLQHµ/DOHWWXUDGLTXHVWR WHVWRSUHVXSSRQH ¾ XQDEXRQDFRQRVFHQ]DGHLSULQFLSLGHOODVWDWLFDGHOODGLQDPLFDHGHOOD ´VWUHVVDQDO\VLVµ ¾ IDPLOLDULWjFRQODWHUPLQRORJLDHGLFRQFHWWLGHOPHWRGRGHJOLHOHPHQWL ILQLWL ¾ IDPLOLDULWjFRQLOVLVWHPDRSHUDWLYR:LQGRZV 7DOLFRQRVFHQ]HVRQRDQFKHSHUHTXLVLWLHVVHQ]LDOLSHUXQLPSLHJR HIILFLHQWHGL6WUDXV ,FDSLWROLGDDGHVFULYRQRFRPHFRQILJXUDUH6WUDXVHFRPHODYRUDUH FRQLOFRGLFH ,FDSLWROLGDDFRQWHQJRQRXQDVHULHGLEUHYL´WXWRULDOVµ FRPSOHWDPHQWHGRFXPHQWDWL6LWUDWWDGLHVHPSLUHODWLYLDOODFRVWUX]LRQH HGDOO·DQDOLVLGLDOFXQHVWUXWWXUHGLULIHULPHQWRGHVFULWWLVHTXHQ]LDOPHQWHH FRQORJLFDVWUXWWXUDWD 3HUFRPLQFLDUHDODYRUDUHFRQ6WUDXVVLFRQVLJOLDGL ¾ ¾ ¾ ¾

/HJJHUHLFDSLWROLH /DYRUDUHFRQLWXWRULDOGDOFDSLWRORDOFDSLWROR /HJJHUHLFDSLWROLGDD $QDOL]]DUHXQDVWUXWWXUDVFHOWDDXWRQRPDPHQWHVHJXHQGROH SURFHGXUHEDVHGHVFULWWHQHOWHVWR ¾ &RQVXOWDUHUHJRODUPHQWHLO0DQXDOHGL5LIHULPHQWRRQOLQHFKHVDUj FKLDPDWRG·RUDLQSRL´+HOSµ SHUWURYDUHLQIRUPD]LRQLSL GHWWDJOLDWHVXOOHIXQ]LRQLDYDQ]DWH 3HUFRQILJXUDUHDOPHJOLR6WUDXVVRWWR:LQGRZVVLYHGDO·$SSHQGLFH 3HUQR]LRQLULJXDUGDQWLLOFDOFRORFRQLOPHWRGRGHJOLHOHPHQWLILQLWLVL UDFFRPDQGDODFRQVXOWD]LRQHGHLWHVWLHOHQFDWLLQ$SSHQGLFH



*XLGDDOO·XVRGL6WUDXV

,QWURGX]LRQHDLWXWRULDO ,WXWRULDOGHVFULWWLQHLFDSLWROLGDDIRUQLVFRQRODVHTXHQ]DSDVVR SDVVRGHOOHLVWUX]LRQLSHUFUHDUHHULVROYHUHPRGHOOLHSHUDQDOL]]DUQHL ULVXOWDWL1HOSULPRWXWRULDOWDOHVHTXHQ]DqGHVFULWWDGHWWDJOLDWDPHQWH GDOO·LQL]LRDOODILQH1HLWXWRULDOVXFFHVVLYLFKHVRQRSURSRVWLFRQ FRPSOHVVLWjFUHVFHQWHVLOLPLWDQRYLDYLDLFRPPHQWLUHODWLYDPHQWHDWHPL JLjWUDWWDWLLQSUHFHGHQ]D6LWHQJDSUHVHQWHFKHLWXWRULDOQRQVRQRVWDWL FRQFHSLWLFRPHXQPDQXDOHGLULIHULPHQWRPDFRPHXQDJXLGD FRPSOHPHQWDUHDOO·+HOSGL6WUDXVODYRUDQGRVXLWXWRULDOFRQYHUUj TXLQGLIDUHULIHULPHQWRDJOLDOWULFDSLWROLGLTXHVWRWHVWRHGDOO·+HOS

1RWDEHQH 4XDQGRFLVLULIHULVFHDGXQDRSHUD]LRQHFKHULFKLHGDODVHOH]LRQHGL XQ·RS]LRQHLQXQPHQXDSLOLYHOOLO·RS]LRQHVWHVVDqLQGLFDWDLQFRUVLYR HLOOLYHOORVXSHULRUHGHOPHQXqLQGLFDWRLQOHWWHUHPDLXVFROHFRPH QHOO·HVHPSLRVHJXHQWH 1RWD]LRQHHVWHVD 6LVFHOJD&RS\E\,QFUHPHQWGDOPHQX722/6 1RWD]LRQHDEEUHYLDWD6LVFHOJD722/6&RS\E\,QFUHPHQW



&$3,72/2

6WUDXVLQEUHYH

'HILQL]LRQL ,QTXHVWROLEURHGLQ6WUDXVVLIDULIHULPHQWRIUHTXHQWHDLVHJXHQWL FRQFHWWL

0RGHOOR ,OPRGHOORqODUDSSUHVHQWD]LRQHLQ6WUDXVGHOODVWUXWWXUDRGHOSUREOHPD LQJHJQHULVWLFRFKHVLYXROHVLPXODUHFRQLOFRGLFH(VVRFRQVWDGLHQWLWj DWWULEXWLFRQGL]LRQLGLFDULFRHFRQGL]LRQLGLYLQFROR,OPRGHOORqLQROWUH DVVRFLDWRDGXQRRSLILOHFKHVRQRPHPRUL]]DWLVXOGLVFRILVVRGHO FRPSXWHU

(VHPSLGLPRGHOOLLQ6WUDXV



*XLGDDOO·XVRGL6WUDXV

(QWLWj /HHQWLWj´(QWLWLHVµ VRQROHXQLWjORJLFRFRVWUXWWLYHGLXQPRGHOOR 6WUDXV6RQRHQWLWjLQRGL´1RGHVµ JOLHOHPHQWL´(OHPHQWVµDGHV HOHPHQWL´SODWHµR´EHDPµ LFRVLGGHWWL´/LQNVµOHJDPLPXOWLQRGR TXDOLDGHVHPSLRLOOHJDPHPDVWHUVODYH LYHUWLFL´9HUWLFHVµSHUOD ORFDOL]]D]LRQHGHOODJHRPHWULD HODJHRPHWULD´*HRPHWU\µDGHVXQ SROLJRQR'RXQFLOLQGUR 

$WWULEXWL *OLDWWULEXWLVRQRFDUDWWHULVWLFKHDVVRFLDWHDOOHHQWLWj3HUHVHPSLRXQD 1RGH)RUFHqXQDWWULEXWRGLXQQRGR(VVDGHVFULYHLOYDORUHGHOODIRU]D DVVHJQDWDDGXQFHUWRQRGR$QDORJDPHQWHXQD3ODWH3UHVVXUHqXQ DWWULEXWRGLXQHOHPHQWRSODWH

&RQGL]LRQLGLFDULFRHGLYLQFROR ,QXQPRGHOOR6WUDXVqSRVVLELOHGHILQLUHXQQXPHURTXDOVLDVLGL FRQGL]LRQLGLYLQFRORRGLFDULFR8QDFRQGL]LRQHGLFDULFRUDJJUXSSD Î 1HOO·DQDOLVLOLQHDUHSRVVRQR O·LQVLHPHGHJOLDWWULEXWLGLFDULFRFRPHLOPRPHQWRDSSOLFDWRDGXQQRGR HVVHUHFRPELQDWHSHU RXQFDULFRGLVWULEXLWRVXGLXQDWUDYH GDFRQVLGHUDUHVLPXOWDQHDPHQWH VRYUDSSRVL]LRQHGHJOLHIIHWWL GLIIHUHQWLFRQGL]LRQLGLFDULFR DJHQWLVXOPRGHOORDGHV/RDG&DVHSXzLQGLFDUHLO´&DULFRGD9HQWRµH GDQGROXRJRDFRPELQD]LRQLR FRPSUHQGHUHSUHVVLRQLVXHOHPHQWLSODWHHFDULFKLGLVWULEXLWLVXHOHPHQWL FRQGL]LRQLGLFDULFR EHDP 1HOO·DQDOLVLOLQHDUHOHYDULHFRQGL]LRQLGLFDULFRDJLVFRQR VHFRQGDULH LQGLSHQGHQWHPHQWHHVRQRULVROWHRJQLYROWDFKHYLHQHODQFLDWRLOVROXWRUH 1HOO·DQDOLVLQRQOLQHDUHSLFRQGL]LRQLGLFDULFRSRVVRQRDJLUHLQVLHPHLQ FRUULVSRQGHQ]DGLTXDOVLDVLLQFUHPHQWRGLFDULFRRSDVVRWHPSRUDOH 8QDFRQGL]LRQHGLYLQFRORUDJJUXSSDO·LQVLHPHGHJOLDWWULEXWLGLYLQFROR FRPHO·LPSHGLPHQWRDOORVSRVWDPHQWRGLXQQRGR FKHLQWHUHVVDQR VLPXOWDQHDPHQWHLOPRGHOOR1HOO·DQDOLVLOLQHDUHLOPRGHOORSXzHVVHUH ULVROWRVHSDUDWDPHQWHSHUSLFRQGL]LRQLGLYLQFRORHGLULVXOWDWLVRQR PHPRUL]]DWLLQILOHGLYHUVL1HOO·DQDOLVLQRQOLQHDUHSLFRQGL]LRQLGL YLQFRORSRVVRQRDJLUHLQVLHPHLQFRUULVSRQGHQ]DGLTXDOVLDVLLQFUHPHQWR GLFDULFRRSDVVRWHPSRUDOH

/D\RXWGL6WUDXV /·DPELHQWHGLODYRURGL6WUDXVqIRUPDWRGDLVHJXHQWLFRPSRQHQWL Î ,OPHQXSULQFLSDOHGj DFFHVVRDOO·+HOSGL6WUDXV DWWUDYHUVRO·RS]LRQH+HOS

/DEDUUDSULQFLSDOHGHJOLVWUXPHQWL0DLQ7RROEDU /DEDUUDSULQFLSDOHGHJOLVWUXPHQWLqXQDVWULVFLDUHWWDQJRODUH QRUPDOPHQWHSRVL]LRQDWDDOERUGRVXSHULRUHGHOORVFKHUPRFRQWHQHQWHOD PHQXEDUHGLWRROEDUEXWWRQV/DEDUUDSULQFLSDOHGHJOLVWUXPHQWLq SHUWLQHQWHDWXWWHOHILQHVWUHGHLPRGHOOLFKHVRQRVWDWLDSHUWL

&$3,72/26WUDXVLQEUHYH Î &RQ6WUDXVqSRVVLELOH O·DSHUWXUDFRQWHPSRUDQHDGL SLPRGHOOL4XHVWRIDFLOLWDLO FRQIURQWRGHLULVXOWDWLROH RSHUD]LRQLGLFRSLDLQFROOD WUDPRGHOOL

/D0RGHO:LQGRZ

Î ,QXPHULWUDSDUHQWHVLTXDGUD DGLDFHQWLDOQXPHURWRWDOH GHOOHHQWLWjLQGLFDQRTXDQWH GLTXHVWHVRQRDWWXDOPHQWH VHOH]LRQDWH$GHV´>@ 1RGHVµVLJQLILFDFKHLO PRGHOORFRQWLHQHQRGLGL FXLDWWXDOPHQWH VHOH]LRQDWL

/DEDUUDGLVWDWR6WDWXV%DU

^

0DLQ7RRO%DU



/D0RGHO:LQGRZqORVSD]LRGLODYRURDVVRFLDWRDGRJQLPRGHOORR ILOH FKHVLDVWDWRDSHUWR(VVDFRQWLHQHOHSURSULHEDUUHGHJOLVWUXPHQWL FRPHOD(QWLW\7RJJOHVHOD*OREDOV,OWLWRORGHOPRGHOORqYLVXDOL]]DWRQHOOD EDUUD7LWOH

/DEDUUDGLVWDWRqSRVL]LRQDWDDOERUGRLQIHULRUHGLRJQL0RGHO:LQGRZ (VVDGjLQIRUPD]LRQLDJJLRUQDWHVXOQXPHURWRWDOHGHOOHHQWLWjDQJROLGL YLVXDOHHGDOWUHLQIRUPD]LRQLVSHFLILFKHLQULIHULPHQWRDOFRQWHVWR/D EDUUDGLVWDWRLQROWUHPXWDLQEDUUDLQGLFDWULFHGHOODSURJUHVVLRQHGHO FDOFRORTXDQGRYHQJRQRVYROWHRSHUD]LRQLSRWHQ]LDOPHQWHGLOXQJDGXUDWD

7LWOH%DU

0HQX%DU7RRO%DU%XWWRQV

0RGHO:LQGRZ



*XLGDDOO·XVRGL6WUDXV

&OLFNGHVWUR $OFXQHGHOOHIXQ]LRQLSLXVDWHVRQRDWWLYDELOLGDXQPHQXDVFRPSDUVD SRSXSPHQX FKHFRPSDUHSUHPHQGRLOSXOVDQWHGHVWURGHOPRXVHVXOOD YLGHDWDRVXXQDILQHVWUDGLGLDORJR3HUHVHPSLRXQFOLFNGHVWURVXOO·DUHD GHOGLVSOD\GHOOD0RGHO:LQGRZPRVWUDXQPHQXDVFRPSDUVDFRQ RS]LRQLSHULOFDPELDPHQWRGHOSXQWRGLYLVWDHGLOVHWWDJJLRGHOGLVSOD\ VWHVVR8QFOLFNGHVWURVXOODEDUUDGHJOLVWUXPHQWL(QWLW\7RJJOHVPRVWUD XQPHQXGLYHUVRFKHSHUPHWWHO·DJJDQFLDPHQWRGHOODEDUUDDLGLIIHUHQWL ODWLGHOOD0RGHO:LQGRZ

6WUXPHQWR%URZVH 6SHVVRqFRPSOLFDWRWURYDUHXQPRGHOORRSHUFKpVRQRGHFLQHLPRGHOOL FRQWHQXWLLQXQDGLUHFWRU\RVHPSOLFHPHQWHSHUFKpFLVLqGLPHQWLFDWRLO ORURQRPH/·XVRGL%URZVHGDOPHQX),/(SHUPHWWHGLHVHJXLUHOD VFDQVLRQHGLWXWWLLPRGHOOL6WUDXVSUHVHQWLDOO·LQWHUQRGLXQDVSHFLILFD GLUHFWRU\SHURJQXQRGLHVVLDSSDUHVXOORVFKHUPRXQDSLFFRODILJXUD 8QDYROWDLQGLYLGXDWRFRVuLOPRGHOORGLLQWHUHVVHORVLSXzFDULFDUH FOLFNDQGRVXOODILJXUDUHODWLYDËSRVVLELOHLQROWUHFDPELDUHQRPHDO PRGHOORVHOH]LRQDWRRFDQFHOODUORRYLVXDOL]]DUQHLGDWLGLVLQWHVL

/RVWUXPHQWR%URZVHGL6WUDXV

&$3,72/26WUDXVLQEUHYH



,ILOHLQ6WUDXV 6WUDXVUHJLVWUDWXWWHOHLQIRUPD]LRQLULJXDUGDQWLXQPRGHOORLQXQXQLFR ILOHFRQHVWHQVLRQH´67µ4XHVWRILOHUDSSUHVHQWDWXWWRTXDQWRRFFRUUHDU FKLYLDUHTXDQGRVLGHVLGHUDIDUHXQEDFNXSGHOSURSULRPRGHOOR,ULVXOWDWL VRQRLQYHFHVDOYDWLLQILOHGLIIHUHQWLLQGLSHQGHQ]DGDOWLSRGLVROX]LRQHDG HVXQILOH/6$FRQWLHQHLULVXOWDWLGLXQ·DQDOLVLVWDWLFDOLQHDUH 9ROHQGRDU FKLYLDUHLULVXOWDWLEDVWDIDUHLOEDFNXSGHLILOHUHODWLYLDQFKHVHHVVLSRVVRQR HVVHUHJHQHUDWLYROWDSHUYROWDODQFLDQGRQXRYDPHQWHLOVROXWRUH7XWWLLILOH VRSUDPHQ]LRQDWLVRQRILOHELQDULHTXLQGLQRQSRVVRQRHVVHUHYLVXDOL]]DWLR PRGLILFDWLFRQXQQRUPDOHHGLWRUGLWHVWR6HVLGHVLGHUDRWWHQHUHILOHGLWH VWRUHODWLYLDPRGHOOL6WUDXVRDLILOHFRQLULVXOWDWLVLSXzIDUHXVRGHOOD IXQ]LRQHHVSRUWDRGHOFRSLDLQFROODGDOO·HGLWRURQOLQHRGDOOHIXQ]LRQLGL FRQVXOWD]LRQHGHLULVXOWDWL5HVXOWV/LVWLQJV 

,QIRUPD]LRQLVXOPRGHOOR (QWLW\,QVSHFWRU /·(QWLW\,QVSHFWRUUDSSUHVHQWDLOPRGRSLFRPRGRSHURWWHQHUH LQIRUPD]LRQLVXOOHHQWLWjGHOPRGHOORqVXIILFLHQWHSRVL]LRQDUHLOPRXVH VRSUDO·HQWLWjSUHVFHOWDHSUHPHUHLOWDVWR6KLIW/·(QWLW\,QVSHFWRU YLVXDOL]]HUjXQDOLVWDGLLQIRUPD]LRQLFRPHLOQXPHURLOJUXSSRJOL DWWULEXWLHOHFRRUGLQDWHSHUXQQRGROHFRQQHVVLRQLOHOXQJKH]]HOHDUHH HGLYROXPLSHUJOLHOHPHQWL6LQRWLFKHO·(QWLW\,QVSHFWRUIDFRPSDULUH VRORTXHOOHHQWLWjFKHVRQRDWWLYHQHOO·HQWLW\WRJJOHVGHOODEDUUDSULQFLSDOH GHJOLVWUXPHQWLVLYHGDLO&DSLWROR 

Î /·(QWLW\,QVSHFWRUq DWWLYDWRSUHPHQGRLOWDVWR 6KLIW Î ËSRVVLELOHFDPELDUHLO WLSRGLIRQWXVDWR QHOO·(QWLW\,QVSHFWRU XWLOL]]DQGRO·RS]LRQH 3UHIHUHQFHVGHOPHQX)LOH



*XLGDDOO·XVRGL6WUDXV

/D:KLWHERDUG /D:KLWHERDUGqXQDILQHVWUDGLGLDORJRVFDODELOHFKHVLDWWLYDGDOPHQX 6800$5