$ + 5 3 $
ZZZ IHUULPRELOL FRP WHO
PDGH LQ ,WDO\
ID[ LQIR#IHUULPRELOL FRP
7$92/2 52721'2 5 2 8 1 ' 7$ % / (
UMBERTO ASNAGO
7$92/2 &5,67$//2 (;75$&+,$52 1& 52 FP ยก [ K 5281' (;75$ /,*+7 &5<67$/ 7$%/( 1& 52 LQFK ยก [ K รฐ 7$92/2 &5,67$//2 6$%%,$72 1& 52 FP ยก [ K 5281' 6$1'(' &5<67$/ 7$%/( 1& 52 LQFK ยก [ K รฐ $ 7$92/2 723 ,1 /(*12 1& 52 FP ยก [ K 5281' 7$%/( :22' 723 1& 52 LQFK ยก [ K รฐ % 7$92/2 723 ,1 /(*12 1& 52 FP ยก [ K 5281' 7$%/( :22' 723 1& 52 LQFK ยก [ K รฐ 3,$12 *,5(92/( 1& 52 FP ยก /$=< 686$1 1& 52 LQFK ยก รฐ รฎ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
6(',$ /(*12 :22' &+$,5
UMBERTO ASNAGO
6(',$ 0,1, FP ; ; K 60$// :22' &+$,5 LQFK [ ; K 6(',$ 0$;, FP ; ; K %,* :22' &+$,5 LQFK รฐ [ ; K 6HGLD UHDOL]]DWD LQ PDVVHOOR GL QRFH FDQDOHWWR R URYHUH OXFLGDWL 5LYHVWLPHQWR VHGLOH LQ QXEXN &KDLU LQ VROLG ZRRG RI FDQDOHWWR ZDOQXW RU QDWXUDO RDN QDWXUDO SROLVKLQJ 6HDW LQ QXEXN FRYHUHG
32/7521&,1$ $ 5 0 & + $ , 5
UMBERTO ASNAGO
32/7521&,1$ FP ; ; K $50&+$,5 LQFK ð [ î [ K î 3ROWURQFLQD LQ PXOWLVWUDWL GL EHWXOOD FRQ ERUGR ODFFDWR ULYHVWLWD LQ FXRLR %DVH LQ PDVVHOOR GL QRFH FDQDOHWWR R URYHUH QDWXUDOH 6PDOO DUPFKDLU LQ PXOWL OD\HUHG ELUFK ZRRG ZLWK ODFTXHUHG HGJH OHD WKHU OLQHG %DVH LQ VROLG ZRRG RI &DQDOHWWR ZDOQXW RU RDN QDWXUDO SROLVKLQJ
/(772 0$75,021,$/( '28%/( %('
UMBERTO ASNAGO
/(772 0$75,021,$/( FRQ WHVWDWD LQ OHJQR FP ; ; K FP ; ; K '28%/( %(' ZLWK ZRRG KHDGERDUG LQFK [ î [ K LQFK [ î [ K /(772 0$75,021,$/( FRQ WHVWDWD LQ FDSLWRQQq FP ; ; K FP ; ; K '28%/( %(' ZLWK FDSLWRQQq KHDGERDUG LQFK [ î [ K LQFK [ î [ K /HWWR LQ PDVVHOOR GL QRFH FDQDOHWWR R URYHUH QDWXUDOH OXFLGDWR &RPSUHVR GL UHWH GL OHJQR 0DWHUDVVR GLVSRQLELOH VX ULFKLHVWD 'LPHQVLRQH UHWH FP ; FP ; %HG LQ VROLG ZRRG LQ FDQDOHWWR ZDOQXW RU RDN QDWXUDO SROLVKLQJ :RRGHQ IUDPH LQFOXGHG DQG PDWHUDVV DYDLODEOH RQ GHPDQG :RRGHQ IUDPH GLPHQVLRQ LQFK [ LQFK [
& 2 0 2 ' , 1 2 % ( ' 6 , ' ( 7$ % / (
UMBERTO ASNAGO
&202',12 FP [ [ K %('6,'( 7$%/( LQFK รฐ [ รฐ [ K รฐ &RPRGLQR LQ PDVVHOOR GL QRFH FDQDOHWWR R URYHUH QDWXUDOH OXFLGDWL UHD OL]]DWR FRQ YDQR D JLRUQR H FDVVHWWLQR ULYHVWLWR LQ DOLFULWH R FXRLR FRQ PD QLJOLHWWD UHDOL]]DWD VX GLVHJQR LQ PHWDOOR EUXQLWR FRQ EDJQR JDOYDQLFR %HGVLGH WDEOH LQ VROLG ZRRG RI FDQDOHWWR ZDOQXW RU RDN LQ QDWXUDO SR OLVKLQJ ZLWK RSHQ FRPSDUWPHQW DQG FKHVW LQ DFULZRRG RU OHDWKHU RQ GHPDQG +DQGOH HVSHFLDOO\ PDGH IRU WKLV FROOHFWLRQ LQ PHWDO EXUQLVKHG LQ JDOYD QL]LQJ EDWK
7$92/,12 FP [ [ K %('6,'( 7$%/( LQFK รฐ [ รฐ [ K รฐ 7DYROLQR FRQ VWUXWWXUD LQ PDVVHOOR GL QRFH FDQDOHWWR R URYHUH QDWXUDOH OXFLGDWL VXO WRS q SUHYLVWR XQ LQVHUWR LQ FULVWDOOR UHWUR ODFFDWR R FXRLR %HGVLGH WDEOH RU VPDOO WDEOH LQ VROLG ZRRG RI FDQDOHWWR ZDOQXW RU RDN LQ QDWXUDO SROLVKLQJ 2Q WRS LQVHUW LQ WHPSHUHG FU\VWDO RU OHDWKHU
&$66(77,(5$ &+(67 2) '5$:(56
UMBERTO ASNAGO
&$66(77,(5$ &$66(77, FP [ [ K &+(67 2) '5$:(56 &+(67 LQFK î [ [ K î &DVVHWWLHUD DOWD LQ PDVVHOOR H PXOWLVWUDWR LPSLDOODFFLDWR LQ QRFH FDQDOHW WR R URYHUH QDWXUDOH OXFLGDWL &DVVHWWL PRQWDWL FRQ VLVWHPD GL JXLGD D VFRPSDUVD FRQ PHFFDQLVPR GL FKLXVXUD DXWRPDWLFR %DVDPHQWR LQ PHWDOOR EUXQLWR FRQ EDJQR JDOYDQLFR &XUYHG PXOWL OD\HUHG DQG VROLG ZRRGV FKHVW RI GUDZHV ZLWK GUDZHUV LQ VROLG ZRRG PRXQWHG ZLWK IROGDZD\ JXLGH V\VWHP ZLWK DXWRPDWLF ORFNLQJ PHFKDQLVP &DQDOHWWR ZDOQXW RU QDWXUDO RDN QDWXUDO SROLVKLQJ %DVH LQ PHWDO EXUQLVKHG LQ JDOYDQL]LQJ EDWK
/ , % 5 ( 5 , $ % 2 2 . & $ 6 (
UMBERTO ASNAGO
/,%5(5,$ FP [ [ K %22.&$6( LQFK รฎ [ [ K รฐ /LEUHULD LQ PDVVHOOR H PXOWLVWUDWL LPSLDOODFFLDWD LQ QRFH FDQDOHWWR R URYH UH QDWXUDOH SRVVLELOLWj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
& 5 ( ' ( 1 = $ 6,'( %2$5'
UMBERTO ASNAGO
&5('(1=$ FP [ [ K 6,'( %2$5' LQFK [ รฐ [ K &UHGHQ]D LQ PXOWLVWUDWL FXUYDWL FDVVHWWL LQ PDVVHOOR PRQWDWR FRQ VLVWH PD GL JXLGD D VFRPSDUVD FRQ PHFFDQLVPR GL FKLXVXUD DXWRPDWLFR 1HL YDQL D JLRUQR VRQR SUHYLVWL ULSLDQL LQ FULVWDOOR UHWUR ODFFDWR DOOยทLQWHUQR LQ FULVWDOOR WHPSUDWR IXPq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
6 & 5 , 7 7 2 , 2 :5,7,1* '(6.
UMBERTO ASNAGO
65,772,2 FP [ [ K :5,7,1* '(6. LQFK [ î [ K î 6FULWWRLR FRQ EDVH LQ PDVVHOOR H SDUWH VXSHULRUH LQ PXOWLVWUDWR LPSLDOODF FLDWR LQ QRFH FDQDOHWWR H URYHUH OXFLGDWR RSDFR )URQWDOH FDVVHWWR FHQ WUDOH H YDVVRL SHU DO]DWLQD FRQ ULYHVWLPHQWR LQ FXRLR :ULWLQJ GHVN ZLWK EDVH LQ VROLG ZRRG DQG XSSHU SDUW LQ PXOWL OD\HUHG ZRRG &DQDOHWWR ZDOQXW DQG RDN YHQHHULQJ PDW SROLVKLQJ /HDWKHU OL QHG IURQW FHQWUDO GUDZHU DQG FRPSDUWPHQWV LQ WKH KLJK EDVH
IHUUL PRELOL V U O 1HZV&ROOHFWLRQ $KUSD )HUUL PRELOL V U O YLD %HUJDPR 7UHYLJOLR %HUJDPR ,WDO\ WHO ID[ LQIR#IHUULPRELOL FRP
DUW GLUHFWRU 8PEHUWR $VQDJR
ZZZ IHUULPRELOL FRP
IRWROLWR .H\ 3UHVV /RPD]]R
3URJHWWR JUDÃ&#x20AC;FR VWXGLR * 3 PLODQR SKRWR VWXGLR * 3 PLODQR
VWDPSD 7HFQRJUDÃ&#x20AC;FD /RPD]]R FUHGLWV 6WHIDQR /DQ]DQL /RFDWLRQ 3HQWD /LJKWV VWDPSDWR 'LFHPEUH