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0 ˇ *HQQDLR ˝˝ˇ– …

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

’ 0 ˇ *hqqdlr ˝˝ˇ– 1ruphwhfqlfkhshuohfrvwux]lrqllq]rqhvlvplfkh kwws˛ zzz lqjhjqhuldvriw frp ,qsduwlfroduh shulvhuedwrl lfrqwhqlwrul h ohfrvwux]lrqlrhohphqwlglfrvwux]lrqhdghvvldvvlplodelol lo

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  1ruphwhfqlfkhshuohfrvwux, Lrqllq

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Transcription of 0 ˇ *HQQDLR ˝˝ˇ– …

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

2 LRQDOH GHOOH ULFHUFKH 6 HQWLWR LO &RQVLJOLR VXSHULRUH GHL O DYRUL SXEEOLFL FKH VL q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j GD UHDOL]]DUVL LQ ])))))

3 RQH GLFKLDUDWH VLVPLFKH D L VHQVL GHO VHFRQGR FRPPD GHOO DUW GHOODOHJJH IHEEUDLR Q IHUPD UHVWDQGR O DSSOLFD]LRQH GHOOH QRUPH GL FXL DOO DUW GHOOD OHJJH VWHVVD ,O JUDGR G L VLVPLFLWj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jGL TXDQWR VWDELOLWR GDOOH GLVSRVL]LRQL YLJHQWL H LQ S DUWLFRODUH GDO GHFUHWR PLQLVWHULDOH PDU]R HGHYHQWXDOL VXH VXFFHVVLYH PRGLILFKH HG LQWHJUD]LRQL 3HU OH F RVWUX]

4 LRQL VX SHQGLL OH LQGDJLQL GHYRQR HVVHUH F RQYHQLHQWHPHQWH HVWHVH D O GL IXRUL GHOO DUHDHGLILFDWRULD SHU ULOHYDUH WXWWL L IDWWRUL RFFRUUHQWL DOOD YDOXWD]LRQH GHOOH F RQGL]LRQL GL VWDELOLWj GHO FRPSOHVVRRSHUD SHQGLR LQ SUHVHQ]D GHOOH D]LRQL VLVPLFKH 'HYRQR LQROWUH H VVHUH H VHJXLWH LQGDJLQL VSHFLILFKH SHU WHQHU FRQWR LQ PRGR DGHJXDWR GHOOD H YHQWXDOLWj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

5 LRQH % 3 RVVRQR LQ DOWHUQDWLYD HVHJXLUVL DQDOLVL SL DSSURIRQGLWH IRQGDWH VX XQ RSSRUWXQD H PRWLYDWD VFHOWD GLXQ WHUUHPRWR GL SURJHWWR H VX SURFHGLPHQWL GL FDOFROR E DVDWL VX LSRWHVL H VX ULVXOWDWL VSHULPHQWDOLFKLDUDPHQWH FRPSURYDWL /H F RVWUX]LRQL QHOOH TXDOL VLD SUHYLVWD O LQWURGX]LRQH GL LVRODWRUL VLVPLFL GL TXDOXQTXH WLSR SRVVRQR HVVHUHUHD L]]DWH SUHYLD GLFKLDUD]LRQH GL L GRQHLWj GHO 3 UHVLGHQWH GHO &RQVLJOLR VXSHULRUH GHL ODYRUL SXEEOLFL VXFRQIRUPH SDUHUH GHOOR VWHVVR &RQVLJOLR $QDORJD GLFKLDUD]LRQH GHYH HVVHUH ULFKLHVWD SHU L VLVWHPL FRVWUXWWLYL FRQWHQHQWL GLVSRVLWLYL GL GLVVLSD]LRQHGHOO HQHUJLD WUDVPHVVD GDO VLVPD % 'LUH]LRQH GHOOH F RPSRQHQWL RUL]]RQWDOL GHOOH DFFHOHUD]LRQL GHO WHUUHQR GXUDQWH LO VLVPD 6L DVVXPH F KH LO PRWR G HO WHUUHQR S RVVD D YYHQLUH QRQ FRQWHPSRUDQHDPHQWH LQ GX H GLUH]LRQL RUL]]

6 RQWDOLRUWRJRQDOL SUHILVVDWH GDO SURJHWWLVWD % 0 DVVH VWUXWWXUDOL /H PDVVH GHOOH VWUXWWXUH VRWWRSRVWH DO PRWR LPSUHVVR G DO VLVPD VRQR TXHOOH GHO SHVR SURSULR H GHLVRYUDFFDULFKL SHUPDQHQWL QRQFKp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z HVVHUH H IIHWWXDWD SHU FRVWUX]LRQL FRQ VWUXWWXUD UHJRODUH H FRQHOHPHQWL GL O XFH F RUUHQWH *OL HIIHWWL VLVPLFL SRVVRQR HVVHUH YDOXWDWL FRQYHQ]LRQDOPHQWH PHGLDQWH D QDOLVL VWDWLFD GHOOH VWUXWWXUHVRJJHWWH D D XQ VLVWHPD GL IRU]H RUL]]RQWDOL SDUDOOHOH D OOH GLUH]LRQL L SRWL]]

7 DWH SHU LO VLVPD O D ULVXOWDQWH GL W DOL IRU]HYLHQH YDOXWDWD F RQ O HVSUHVVLRQH )K & 5 , :HVVHQGR & 6 LO FRHIILFLHQWH GL L QWHQVLWj VLVPLFD 6 LO JUDGR GL VLVPLFLWj 6 t 5 LO FRHIILFLHQWH GL ULVSRVWD UHODWLYR DOOD GLUH]LRQH FRQVLGHUDWD , LO FRHIILFLHQWH GL SURWH]LRQH VLVPLFD : LO SHVR FRPSOHVVLYR GHOOH PDVVH /D IRU]D )KGHYH F RQVLGHUDUVL GLVWULEXLWD VLD SODQLPHWULFDPHQWH FKH DOWLPHWULFDPHQWH LQ PRGR G D VLPXODUHFRQ EXR QD D SSURVVLPD]LRQH JOL HIIHWWL GLQDPLFL GHO VLVPD 7 DOH GLVWULEX]LRQH SXz HVVHUH H IIHWWXDWD VHJXHQGR RYH D SSOLFDELOL L FULWHUL HVSUHVVL QHOOH VH]LRQL & H ' E XQ VLVWHPD GL IRU]H YHUWLFDOL GLVWULEXLWH VXOOD VWUXWWXUD SURSRU]LRQDOPHQWH DOOH PDVVH SUHVHQWL OD F XLULVXOWDQWH VDUj )Y P &.

8 QHOOD TXDOH q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

9 VHFRQGL5 7 3HU 7 d VHFRQGL5 6H LO SHULRGR 7 QRQ YLHQH GHWHUPLQDWR VL DVVXPHUj 5 % &2()),&,(17( ', 3527(=,21( 6,60,&$ 3HU OH RSHUH OD F XL UHVLVWHQ]D DO VLVPD q GL L PSRUWDQ]D SULPDULD SHU OH QHFHVVLWj GHOOD SURWH]LRQH FLYLOH SHULO FRHIILFLHQWH GL SURWH]LRQH VLVPLFD VL DVVXPH , ' 0 *HQQDLR 1 RUPH WHFQLFKH SHU OH F RVWUX]LRQL L Q ]RQH VLVPLFKH KWWS ZZZ LQJHJQHULDVRIW FRP 3HU OH RSHUH F KH SUHVHQWDQR XQ SDUWLFRODUH ULVFKLR SHU OH ORUR FDUDWWHULVWLFKH G XVR VL DVVXPH , 3HU OH RSHUH F KH QRQ ULHQWUDQR Q HOOH F DWHJRULH SUHFHGHQWL VL DVVXPH , % $QDOLVL GLQDPLFD *OL HIIHWWL VLVPLFL SRVVRQR HVVHUH YDOXWDWL FRQYHQ])))

10 LRQDOPHQWH PHGLDQWH XQ DQDOLVL GLQDPLFD GHOOD VWUXWWXUDFRQVLGHUDWD LQ FDPSR HODVWLFR OLQHDUH 4 XHVWD SXz HVVHUH H VHJXLWD F RQ LO PHWRGR G HOOD D QDOLVL PRGDOHDGRWWDQGR SHU OR VSHWWUR GL ULVSRVWD LQ WHUPLQL GL DFFHOHUD]LRQH O HVSUHVVLRQHD J & , 5 GRYH Dq O DFFHOHUD]LRQH VSHWWUDOH Jq O DFFHOHUD]LRQH GL JUDYLWj,q LO FRHIILFLHQWH GL SURWH]LRQH VLVPLFD q IXQ]LRQH GHO SHULRGR GL YLEUD]LRQH GHO PRGR G L YLEUDUH F RQVLGHUDWR


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