Priručnik Philips HPS950 Uređaj za oblikovanje kose

Trebate priručnik za svoj Philips HPS950 Uređaj za oblikovanje kose? U nastavku možete pogledati i besplatno preuzeti PDF priručnik na hrvatskom jeziku. Ovaj proizvod trenutno ima 2 često postavljanih pitanja, 0 komentara i ima 0 glasova. Ako ovo nije priručnik koji želite, kontaktirajte nas.

Vaš je proizvod neispravan i priručnik ne nudi rješenja? Otvorite Repair Café za besplatne usluge popravka.

Priručnik

Loading…

6 ǤǿǻǮȈǼǽȌDZȉǯǻǸǻǾǮȈǸǻǸDzǰȄDzǼǻǹDzǾǿǵǿȉǯǷǭǹDzǽȀDZǸȌ
ǸǻǷǻǺǻǯǺǭȄǵǺǭǶǿDzǾǻǿǯDzǽǾǿǵȌǯǴǭDZǺDzǶȄǭǾǿǵǼǽǵǮǻǽǭǡǻǽǹǭ
ǻǿǯDzǽǾǿǵȌǼǻǹǻdzDzǿǺǭǼǽǭǯǵǿȉǼǽȌDZȉǯǻǸǻǾǯǷǭǹDzǽȀ
7 ǛǾǿǭǯȉǿDzǼǽȌDZȉǯǻǸǻǾǯǼǽǵǮǻǽDzǚǍǓǙǕǟǒǵǠǑǒǝǓǕǏǍǖǟǒ
ǷǺǻǼǷȀǴǭǯǵǯǷǵ
bǵǼǽȌDZȉǯǻǸǻǾǯǷǭǹDzǽDzǮȀDZDzǿ
ǴǭǯǵǯǭǿȉǾȌǭǯǿǻǹǭǿǵȄDzǾǷǵ
ǜǻǾǸDzǿǻǰǻǷǭǷǼǽȌDZȉǯǻǸǻǾǮȀDZDzǿǼǻǹDzȆDzǺǭǯǷǭǹDzǽȀ
ȄDzǽDzǴǽǭǯǺȈDzǼǽǻǹDzdzȀǿǷǵǯǽDzǹDzǺǵǮȀDZDzǿǽǭǴDZǭǯǭǿȉǾȌǻDZǵǺ
ǴǯȀǷǻǯǻǶǾǵǰǺǭǸǒǾǸǵǴǯȀǷǻǯȈDzǾǵǰǺǭǸȈǺDzǽǭǴDZǭȋǿǾȌǵ
ǯǻǸǻǾȈǺDzǴǭǯǵǯǭȋǿǾȌǯǷǭǹDzǽDzǵǴǯǸDzǷǵǿDzǼǽȌDZȉǯǻǸǻǾǵ
ǼǻǯǿǻǽǵǿDzDZDzǶǾǿǯǵȌ
 ǜǻǾǸDzǿǻǰǻǷǭǷǼǽǻǴǯȀȄǭǿDZǸǵǺǺȈȂǔǏǠǗǛǏǨǢǾǵǰǺǭǸǭǭ
ǴǭǿDzǹȆDzǸȄǻǷǷǺǻǼǷȀǴǭǯǵǯǷǵǹǻdzǺǻǻǿǼȀǾǷǭǿȉǙDzDZǸDzǺǺǻǵ
ǭǷǷȀǽǭǿǺǻǵǴǯǸDzǷǵǿDzǼǽȌDZȉǯǻǸǻǾǵǴǷǭǹDzǽȈ
 ǜǻǯǿǻǽǵǿDzȅǭǰǵ³ȄǿǻǮȈȀǸǻdzǵǿȉǻǾǿǭǯȅǵDzǾȌǼǽȌDZǵ
 ǞǻǯDzǿȈǵǽDzǷǻǹDzǺDZǭȃǵǵ
ǜǽǵǴǭȆDzǹǸDzǺǵǵǺDzǼǭǺǵǷȀǶǿDzǠǮDzDZǵǿDzǾȉȄǿǻǼǽǵǮǻǽ
ǻǿǷǸȋȄDzǺǵǻǾǿǻǽǻdzǺǻǵǴǯǸDzǷǵǿDzǯǻǸǻǾȈǯȈǿȌǰǵǯǭǶǿDzǿǻǺǷǵDz
ǼǽȌDZǵǼǻǻDZǺǻǶǼǻǷǭǯǾDzǯǻǸǻǾȈǺDzǮȀDZȀǿǵǴǯǸDzȄDzǺȈ
ǟȆǭǿDzǸȉǺǻǽǭǾȄDzȅǵǿDzǯǻǸǻǾȈȄǿǻǮȈǼDzǽDzDZȀǷǸǭDZǷǻǶǺDz
ǻǾǿǭǯǭǸǻǾȉǾǼȀǿǭǺǺȈȂǼǽȌDZDzǶ
ǝǭǴDZDzǸǵǿDzǯǻǸǻǾȈǺǭǼǽȌDZǵǑDzǽdzǵǿDzǼǽǵǮǻǽǿǭǷȄǿǻǮȈǷǭǹDzǽǭ
DZǸȌǸǻǷǻǺǻǯǺǭȂǻDZǵǸǭǾȉǺǭǽǭǾǾǿǻȌǺǵǵǻǿǼǽȌDZDzǶǷǻǿǻǽȈDzǯ
DZǭǺǺȈǶǹǻǹDzǺǿǺDzǵǾǼǻǸȉǴȀȋǿǾȌ
ǑǸȌǼǽDzDZǻǿǯǽǭȆDzǺǵȌǾǼȀǿȈǯǭǺǵȌǯǻǸǻǾǻǿDZDzǸȌǶǿDzǼǽȌDZǵǿǭǷǻǰǻ
ǽǭǴǹDzǽǭȄǿǻǮȈǻǺǵǸDzǰǷǻǼǻǹDzȆǭǸǵǾȉǯǻǿǯDzǽǾǿǵDzǭǷǾDzǾǾȀǭǽǭ
DZǸȌǻǿDZDzǸDzǺǵȌǼǽȌDZDzǶ
ǚǭȄǺǵǿDzȀǷǸǭDZǷȀǾǯǻǸǻǾǷǻǿǻǽȈDzǺǭȂǻDZȌǿǾȌǯǴǭǿȈǸǻȄǺǻǶȄǭǾǿǵ
ǝǵǾǠǮDzDZǵǿDzǾȉȄǿǻǽȌDZǻǹǾǻǿǯDzǽǾǿǵDzǹǷǭǹDzǽȈDZǸȌǸǻǷǻǺǻǯ
ǺDzǿǯȈǮǵǯȅǵȂǾȌǵǸǵǾǯǻǮǻDZǺȈȂǼǽȌDZDzǶ
ǞǷǽȀǿǵǿDzǼǽȌDZȉǯǻǸǻǾȄǿǻǮȈDzDzǮȈǸǻǸDzǰȄDzǼǻǹDzǾǿǵǿȉǯ
ǻǿǯDzǽǾǿǵDzǷǭǹDzǽȈDZǸȌǸǻǷǻǺǻǯ
ǡǻǽǹǭǻǿǯDzǽǾǿǵȌǼǻǹǻdzDzǿǺǭǼǽǭǯǵǿȉǼǽȌDZȉǯǻǸǻǾǯǷǭǹDzǽȀ
ǜǻDZǺDzǾǵǿDzǻǿǯDzǽǾǿǵDzǷǿǻǹȀȀȄǭǾǿǷȀǼǽȌDZǵǰDZDzǮȀDZDzǿ
ǺǭȄǵǺǭǿȉǾȌǸǻǷǻǺǚDzǼǻDZǺǻǾǵǿDzǼǽǵǮǻǽǾǸǵȅǷǻǹǮǸǵǴǷǻǷ
ǷǻdzDzǰǻǸǻǯȈ
ǚǭǿȌǺǵǿDzǼǽȌDZȉǯǻǸǻǾǼǽDzdzDZDzȄDzǹǼǻǹDzǾǿǵǿȉDzDzǯǻǿǯDzǽǾǿǵDz
ǷǭǹDzǽȈDZǸȌǸǻǷǻǺǻǯ
ǏǽDzǹȌǺǭǰǽDzǯǭǻǮǻǴǺǭȄǭDzǿǾȌǾǼǻǹǻȆȉȋǹǵǰǭȋȆDzǰǻǵǺDZǵǷǭǿǻǽǭ
ǼǵǿǭǺǵȌǜǽǵǮǻǽǰǻǿǻǯǷǵǾǼǻǸȉǴǻǯǭǺǵȋDzǾǸǵǵǺDZǵǷǭǿǻǽǰǻǽǵǿ
ǽǻǯǺȈǹǾǯDzǿǻǹ
ǒǾǸǵȀǯǭǾDZǸǵǺǺȈDzǯǻǸǻǾȈǵǵǸǵǯȈȂǻǿǵǿDzǾǻǴDZǭǿȉǮǻǸDzDz
ǯȈǽǭǴǵǿDzǸȉǺȈDzǸǻǷǻǺȈǻǿDZDzǸȌǶǿDzǮǻǸDzDzǿǻǺǷǵDzǼǽȌDZǵ
ǑǸȌǾǻǴDZǭǺǵȌǽǭǴǸǵȄǺȈȂǾǿǵǸDzǶǵȀǷǸǭDZǻǷǵǴǹDzǺȌǶǿDz
ǿDzǹǼDzǽǭǿȀǽǺȈDzǺǭǾǿǽǻǶǷǵǺǭǾǿǽǻǶǷǵǯǽDzǹDzǺǵǵǵǸǵ
ǺǭǼǽǭǯǸDzǺǵDzǯǽǭȆDzǺǵȌǝǵǾǵǽǵǾ
ǜǽǵǹDzȄǭǺǵȌ
ǚǍǓǙǕǟǒǵǠǑǒǝǓǕǏǍǖǟǒǷǺǻǼǷȀǴǭǯǵǯǷǵDZǻǿDzȂǼǻǽǼǻǷǭ
ǺDzǼǽǻǴǯȀȄǵǿǼǽǻDZǻǸdzǵǿDzǸȉǺȈǶǔǏǠǗǛǏǛǖǾǵǰǺǭǸǭǴǭǿDzǹ
³ǦǒǘǤǛǗǒǾǸǵǯȈǻǿǼȀǾǿǵǸǵǷǺǻǼǷȀǴǭǯǵǯǷǵǼǽDzdzDZDzȄDzǹ
ǼǽǻǴǯȀȄǭǸǴǯȀǷǻǯǻǶǾǵǰǺǭǸǚǒǺǭdzǵǹǭǶǿDzDzDzǾǺǻǯǭǕǴǯǸDzǷǵǿDz
ǼǽȌDZȉǯǻǸǻǾǵǺǭȄǺǵǿDzǾǺǭȄǭǸǭ
ǒǾǸǵǼǽȌDZȉǯǻǸǻǾǴǭǾǿǽȌǸǭǵǺǿDzǸǸDzǷǿȀǭǸȉǺǭȌȁȀǺǷȃǵȌǼǽǵǮǻǽǭ
ǻǼǻǯDzȆǭDzǿǻǮȊǿǻǹǵǴDZǭǯǭȌǼǽǻDZǻǸdzǵǿDzǸȉǺȈǶǔǏǠǗǛǏǛǖ
ǾǵǰǺǭǸǭǴǭǿDzǹ³ǦǒǘǤǛǗǏȃDzǸȌȂǴǭȆǵǿȈǯǻǸǻǾǻǿǼDzǽDzǰǽDzǯǭ
ǼǽǵǮǻǽǮȀDZDzǿǭǯǿǻǹǭǿǵȄDzǾǷǵǻǿǷǸȋȄDzǺ
 ǜǻǾǸDzǵǾǼǻǸȉǴǻǯǭǺǵȌ
 ǏȈǷǸȋȄǵǿDzǼǽǵǮǻǽǵǻǿǷǸȋȄǵǿDzDzǰǻǻǿȊǸDzǷǿǽǻǾDzǿǵ
 ǜǻǹDzǾǿǵǿDzDzǰǻǺǭǿDzǽǹǻǾǿǻǶǷȀȋǼǻǯDzǽȂǺǻǾǿȉǵǼǻDZǻdzDZǵǿDz
ǼǻǷǭǷǭǹDzǽǭDZǸȌǸǻǷǻǺǻǯǺDzǻǾǿȈǺDzǿ
 ǢǽǭǺǵǿDzǼǽǵǮǻǽǯǮDzǴǻǼǭǾǺǻǹǵǾȀȂǻǹǹDzǾǿDzǴǭȆǵȆDzǺǺǻǹ
ǻǿǼȈǸǵǙǻdzǺǻǿǭǷdzDzǼǻDZǯDzǾǵǿȉǼǽǵǮǻǽǴǭǾǼDzȃǵǭǸȉǺȀȋ
ǼDzǿDzǸȉǷȀ
h
ǛȄǵǾǿǷǭǵȀȂǻDZ
ǛȄǵǾǿǵǿDzǼǻǯDzǽȂǺǻǾǿȉǼǽǵǮǻǽǭǯǸǭdzǺǻǶǿǷǭǺȉȋ
ǝǵǾǜǻǹDzǾǿǵǿDzǭǷǾDzǾǾȀǭǽDZǸȌǻȄǵǾǿǷǵǷǻǽǼȀǾǭ

jǯǷǭǹDzǽȀDZǸȌǸǻǷǻǺǻǯǜǻǯǻǽǭȄǵǯǭǶǿDzDzǰǻDZǸȌ
ȀDZǭǸDzǺǵȌǴǭǰǽȌǴǺDzǺǵǶ
ǤǿǻǮȈǻȄǵǾǿǵǿȉǭǷǾDzǾǾȀǭǽDZǸȌǻȄǵǾǿǷǵǼǽǻǹǻǶǿDzDzǰǻǼǻDZ
ǾǿǽȀDzǶǯǻDZȈǵDZǭǶǿDzDzǹȀǼǻǸǺǻǾǿȉȋǯȈǾǻȂǺȀǿȉǼǽDzdzDZDzȄDzǹ
ǵǾǼǻǸȉǴǻǯǭǿȉǾǺǻǯǭ
 ǐǭǽǭǺǿǵȌǵǻǮǾǸȀdzǵǯǭǺǵDz
ǜǽǵǯǻǴǺǵǷǺǻǯDzǺǵǵǼǽǻǮǸDzǹȈǵǸǵǼǽǵǺDzǻǮȂǻDZǵǹǻǾǿǵ
ǼǻǸȀȄDzǺǵȌǵǺȁǻǽǹǭȃǵǵǺǭǼǽǵǹDzǽǻǴǭǹDzǺDzǺǭǾǭDZǷǵǼǻǾDzǿǵǿDz
ǯDzǮǾǭǶǿ3KLOLSVZZZSKLOLSVFRPVXSSRUWǵǸǵǻǮǽǭǿǵǿDzǾȉǯȃDzǺǿǽ
ǼǻDZDZDzǽdzǷǵǼǻǿǽDzǮǵǿDzǸDzǶ3KLOLSVǯǯǭȅDzǶǾǿǽǭǺDzǺǻǹDzǽǿDzǸDzȁǻǺǭ
ȃDzǺǿǽǭȀǷǭǴǭǺǺǭǰǭǽǭǺǿǵǶǺǻǹǿǭǸǻǺDzǒǾǸǵǯǯǭȅDzǶǾǿǽǭǺDzǺDzǿ
ȃDzǺǿǽǭǼǻDZDZDzǽdzǷǵǼǻǿǽDzǮǵǿDzǸDzǶ3KLOLSVǻǮǽǭǿǵǿDzǾȉǼǻǹDzǾǿȀ
ǼǽǵǻǮǽDzǿDzǺǵȌǵǴDZDzǸǵȌ
ǑǸȌǮȈǿǻǯȈȂǺȀdzDZ
ǕǴǰǻǿǻǯǵǿDzǸȉ´ǡǵǸǵǼǾǗǻǺǾȉȋǹDzǽǘǭǶȁǾǿǭǶǸǎǏµǟȀǾǾDzǺDZǵDzǼDzǺ
ǍǑǑǽǭȂǿDzǺǚǵDZDzǽǸǭǺDZȈ
ǕǹǼǻǽǿDzǽǺǭǿDzǽǽǵǿǻǽǵȋǝǻǾǾǵǵǵǟǭǹǻdzDzǺǺǻǰǻǞǻȋǴǭǛǛǛ
©ǡǕǘǕǜǞªǝǻǾǾǵȌǙǻǾǷǯǭȀǸǞDzǽǰDzȌǙǭǷDzDzǯǭ
ǿDzǸ
ǕǹǼǻǽǿDzǽǺǭǿDzǽǽǵǿǻǽǵȋǝǻǾǾǵǵǵǟǭǹǻdzDzǺǺǻǰǻǞǻȋǴǭ
ǼǽǵǺǵǹǭDzǿǼǽDzǿDzǺǴǵǵǼǻǿǽDzǮǵǿDzǸDzǶǯǾǸȀȄǭȌȂǼǽDzDZȀǾǹǻǿǽDzǺǺȈȂ
ǔǭǷǻǺǻǹǝǡ©ǛǴǭȆǵǿDzǼǽǭǯǼǻǿǽDzǮǵǿDzǸDzǶª1ª
ǯǻǿǺǻȅDzǺǵǵǿǻǯǭǽǭǼǽǵǻǮǽDzǿDzǺǺǻǰǻǺǭǿDzǽǽǵǿǻǽǵǵ
ǝǻǾǾǵǶǾǷǻǶǡDzDZDzǽǭȃǵǵ
0RGHO+36
,QSXWUDWLQJ9a+]W
&ODVV,,DSSOLDQFH
6ORYHQVN\
%ODKRçHOiPHYiPNXN~SHDYtWDPHYiVPHG]L]iND]QtNPLVSRORĈQRVWL
3KLOLSV$NFKFHWHQDSOQRY\XçtYDřSRGSRUXNWRU~VSRORĈQRVř3KLOLSV
SRQ~ND]DUHJLVWUXMWHVYRMYîURERNQDZHERYHMVWUiQNH
ZZZSKLOLSVFRPZHOFRPH
 '{OHçLWpLQIRUPiFLH
3UHGSRXçLWtP]DULDGHQLDVLSR]RUQHSUHĈtWDMWHWHQWRQiYRGQDSRXçLWLHD
SRQHFKDMWHVLKRSUHSUtSDGSRWUHE\YEXG~FQRVWL
9$529$1,(1HSRXçtYDMWH]DULDGHQLH
YEOt]NRVWLYRG\
$N]DULDGHQLHSRXçtYDWHYN~SHĸQL
KQHĊSRSRXçLWtKRRGSRMWH]R
VLHWHSUHWRçHYRGDYMHKREOt]NRVWL
SUHGVWDYXMHQHEH]SHĈHQVWYRDMNHĊMH
]DULDGHQLHY\SQXWp
9$529$1,(7RWR]DULDGHQLH
QHSRXçtYDMWHYEOt]NRVWLYDQt
VSŋFKXPîYDGLHODQLLQîFK
QiGREREVDKXM~FLFKYRGX
3RSRXçLWtYçG\RGSRMWH
]DULDGHQLH]RVLHWH
9SUtSDGHSRåNRGHQLDHOHNWULFNpKR
NiEODMHSRWUHEQpVLKRGDřY\PHQLř
YVSRORĈQRVWL3KLOLSVVHUYLVQRP
VWUHGLVNXVSRORĈQRVWL3KLOLSVDOHERX
SRGREQHNYDOLÀNRYDQîFKRV{EDE\VD
SUHGLåORPRçQîPUL]LNiP
7RWR]DULDGHQLHP{çXSRXçtYDřGHWL
VWDUåLHDNRURNRYDRVRE\NWRUp
PDM~REPHG]HQpWHOHVQp]P\VORYp
DOHERPHQWiOQHVFKRSQRVWLDOHER
QHPDM~GRVWDWRNVN~VHQRVWtD]QDORVWt
SRNLDĸV~SRGGR]RURPDOHERLP
ERORY\VYHWOHQpEH]SHĈQpSRXçtYDQLH
WRKWR]DULDGHQLDD]DSUHGSRNODGXçH
UR]XPHM~SUtVOXåQîPUL]LNiP'HWLVD
QHVP~KUDřVWîPWR]DULDGHQtP'HWL
EH]GR]RUXQHVP~ĈLVWLřDQLY\NRQiYDř
~GUçEXWRKWR]DULDGHQLD
$NFKFHWH]DEH]SHĈLř]YîåHQ~
RFKUDQXRGSRU~ĈDPHYiP
QDPRQWRYDřGRHOHNWULFNpKRREYRGX
NWRUîSULYiG]DHOHNWULFN~HQHUJLX
GRN~SHĸQH]DULDGHQLH]Y\åNRYpKR
SU~GX5&'7RWR]DULDGHQLH5&'
QHVPLHPDřQRPLQiOQ\]RVWDWNRYî
SUHYiG]NRYîSU~GY\ååtDNRP$
3RçLDGDMWHRUDGXLQåWDODWpUD
3UHGSULSRMHQtP]DULDGHQLDVD
SUHVYHGĈWHĈLQDSlWLHXGiYDQp
QD]DULDGHQt]RGSRYHGiQDSlWLXY
PLHVWQHMHOHNWULFNHMVLHWL
=DULDGHQLHQHSRXçtYDMWHQDLQp~ĈHO\
DNRWLHNWRUpV~RStVDQpYWRPWR
QiYRGHQDSRXçLWLH
.HĊMH]DULDGHQLDSULSRMHQpN
HOHNWULFNHMVLHWLQLNG\KRQHQHFKiYDMWH
EH]GR]RUX
1LNG\QHSRXçtYDMWHSUtVOXåHQVWYR
DQLV~ĈLDVWN\RGLQîFKYîUREFRYDQL
SUtVOXåHQVWYRNWRUpVSRORĈQRVř3KLOLSV
YîVORYQHQHRGSRUXĈLOD$NWDNpWR
SUtVOXåHQVWYRDOHERV~ĈLDVWN\SRXçLMHWH
]iUXNDVWUiFDSODWQRVř
6LHřRYîNiEHOQHQDYtMDMWHRNROR
]DULDGHQLD
3UHGWîPDNR]DULDGHQLHRGORçtWH
QHFKDMWHKRY\FKODGQ~ř
3ULSRXçtYDQt]DULDGHQLDEXĊWH
PLPRULDGQHRSDWUQtSUHWRçHP{çH
E\řKRU~FH=DULDGHQLHGUçWHOHQ]D
UXNRYlřSUHWRçHRVWDWQpĈDVWLP{çX
E\řKRU~FH=DEUiŀWHNRQWDNWXV
SRNRçNRX
=DULDGHQLHYçG\SRORçWHQD
WHSORY]GRUQîVWDELOQîDURYQîSRYUFK
+RU~FDNRPRUDQDQDWiĈDQLHVD
QHVPLHGRWîNDřSRYUFKXDQLLQpKR
KRUĸDYpKRPDWHULiOX
'iYDMWHSR]RUDE\VDVLHřRYîNiEHO
QHGRWîNDOKRU~FLFKĈDVWt]DULDGHQLD
=DSQXWp]DULDGHQLHVDQHVPLHGRVWDř
GREOt]NRVWLKRUĸDYîFKSUHGPHWRY
DPDWHULiOX
=DSQXWp]DULDGHQLHQLNG\QLĈtP
QHSULNUîYDMWHQDSUXWHUiNRP
DOHERREOHĈHQtP
=DULDGHQLHSRXçtYDMWHOHQQD
~SUDYXVXFKîFKYODVRY=DULDGHQLH
QHSRXçtYDMWHDNPiWHPRNUpUXN\
9DOHF]DULDGHQLDPiNHUDPLFN~
WLWiQRY~YUVWYX3RYUFKRY~YUVWYDVD
P{çHĈDVRPSRVWXSQHRSRWUHERYDř
7RWRYåDNQHPiYSO\YQDĈLQQRVřDQL
YîNRQ]DULDGHQLD
$NVD]DULDGHQLHSRXçtYDQD~SUDYX
IDUEHQîFKYODVRYYDOHFNXOP\VDP{çH
]QHĈLVWLř
=DULDGHQLHQHSRXçtYDMWHQD~SUDYX
XPHOîFKYODVRY
=DULDGHQLHYçG\YUiřWHGR
VHUYLVQpKRVWUHGLVNDDXWRUL]RYDQpKR
VSRORĈQRVřRX3KLOLSVNGHKR
VNRQWUROXM~SUtSDGQHRSUDYLD2SUDYD
QHNYDOLÀNRYDQRXRVRERXP{çH
SUHSRXçtYDWHĸDSUHGVWDYRYDřYHĸNp
QHEH]SHĈHQVWYR
'RçLDGQHKR]RWYRURYQH]DV~YDMWH
NRYRYpSUHGPHW\DE\QHGRåORN
]iVDKXHOHNWULFNîPSU~GRP
3RSRXçLWtQHřDKDMWH]DQDSiMDFtNiEHO
=DULDGHQLHYçG\RGSRMWHRGVLHWH
XFKRSHQtPDSRWLDKQXWtP]D]iVWUĈNX
1LNG\QHSRåNRG]XMWH]DULDGHQLHV
FLHĸRPSUHGtVř]iVDKXHOHNWULFNîP
SU~GRP
(OHNWURPDJQHWLFNpSROLD(0)
7HQWRVSRWUHELĈ]QDĈN\3KLOLSVY\KRYXMHYåHWNîPSUtVOXåQîPQRUPiPD
VPHUQLFLDPWîNDM~FLPVDY\VWDYHQLDHOHNWURPDJQHWLFNîPSROLDP
æLYRWQpSURVWUHGLH
7HQWRV\PERO]QDPHQiçHWHQWRYîURERNVDQHVPLHOLNYLGRYDř
VEHçQîPNRPXQiOQ\PRGSDGRPVPHUQLFD(Ô
3RVWXSXMWHSRGĸDSUHGSLVRYSODWQîFKYRYDåHMNUDMLQHSUH
VHSDURYDQî]EHUHOHNWULFNîFKDHOHNWURQLFNîFKYîURENRY6SUiYQD
OLNYLGiFLDSRPiKD]DEUiQLřQHJDWtYQ\PGRSDGRPQDçLYRWQpSURVWUHGLH
DĸXGVNp]GUDYLH
 3UHKĸDG
a .RPRUDQDQDWiĈDQLH
b 7ODĈLGORQDWiĈDQLD
c 3UHStQDĈVPHUXQDWiĈDQLD
d 1DVWDYHQLHĈDVXQDWiĈDQLD
e 1DVWDYHQLHWHSORW\QDWiĈDQLD
f ,QGLNiWRU]DSQXWLD
g 7ODĈLGORY\StQDĈD
h 2ĈNRQD]DYHVHQLH
i 3UtVOXåHQVWYRQDRGGHĸRYDQLHSUDPHŀRY
j 3UtVOXåHQVWYRQDĈLVWHQLHYDOFD
k 2WYRUQDYîVWXSLyQRY
 9\WYiUDQLHNXĈHUDYpKR~ĈHVX
3RXçLWLH
 3ULSRMWH]iVWUĈNXGRVLHřRYHM]iVXYN\
 6WODĈHQtPY\StQDFLHKRWODĈLGOD g]DSQLWHVSRWUHELĈ
» %OLNDM~FLLQGLNiWRU]DSQXWLDEXGHLQGLNRYDřĈDV]iKUHYX
f.HĊ
LQGLNiWRU]RVWDQHVYLHWLřVSRWUHELĈMHSULSUDYHQîQDSRXçtYDQLH
» .HĊMH]DULDGHQLH]DSQXWpQHSUHWUçLWHDXWRPDWLFN\XYRĸŀXMHLyQ\ĈtP
UHGXNXMHSRåNRGHQLHDGRGiYDYODVRPHåWHYLDFOHVNX0{çHWHFtWLř
]YOiåWQXY{ŀX6S{VREXM~MXY]QLNQXWpLyQ\DMHSULURG]HQRXV~ĈDVřRX
LFKWYRUE\
 9\EHUWHSRçDGRYDQ~GREXQDWiĈDQLDdDQDVWDYHQLHWHSORW\

eSRGĸDREU
ÔĈHV 9OQLWpNXĈHU\ 9RĸQpNXĈHU\ 0DOpNXĈHU\
1DVWDYHQLH
WHSORW\
&
& &
1DVWDYHQLH
ĈDVXQDWiĈDQLD
V V V
4 3RGĸDYODVWQpKRXYiçHQLDY\EHUWHVPHUQDWiĈDQLDcSRGĸDREU
ķDYp 6WULHGDYp 3UDYp
5 3UDPHŀYODVRYVNWRUîPFKFHWHSUDFRYDřRGGHĸWHSRPRFRX
SUtVOXåHQVWYDQDRGGHĸRYDQLHSUDPHŀRY=DĈQLWHVSUDPHŀRPYODVRY
VKU~ENRX²FP
3R]QiPNDQHYNODGDMWHGRNRPRU\QDQDWiĈDQLHYLDFYODVRYDNRMH
XYHGHQpYSUtVOXåHQVWYHQDRGGHĸRYDQLHSUDPHŀRY
6 3UDPLHQRNYODVRYGRNRPRU\QDQDWiĈDQLHYODVRYĸDKNR]DYHGLHWHWDN
çHQDMVN{U]DYHGLHWHĈDVřYODVRYGRRWYRUXY]DGQHMĈDVWLVSRWUHELĈD
3RPRFRXNRQW~URWYRUXQDVPHUXMWHSUDPHŀYODVRYGRNRPRU\
7 6SRWUHELĈQHFKDMWHSULGUçDřSUDPLHQRNYODVRYQDPLHVWH67/$ć7(
D32'5æ7(VWODĈHQpWODĈLGORQDWiĈDQLD
bDE\VDSUDPHŀ
YODVRYDXWRPDWLFN\QDWRĈLOVPHURPGRYQ~WUDNRPRU\
.HĊEXG~YODV\~VSHåQH]DYHGHQpYNRPRUHYSUDYLGHOQîFK
LQWHUYDORFKEXGH]QLHřStSDQLH$NQHSRĈXMHWHStSDQLHYODV\VWiOH
QLHV~QDWRĈHQHYNRPRUH3UDPHŀYODVRYY\WLDKQLWHYRQDVN~VWHKR
]QRYD]DYLHVřGQX
 .HĊ]D]QLH[XSR]RUQHQLHStSQXWtPQDVOHGRYDQpFYDNQXWtPP{çHWH
XYRĸQLřSUVW]WODĈLGODQDWiĈDQLD9ODV\SRPDO\D]ĸDKNDY\řDKXMWH
]NRPRU\
 =RSDNRYDQtPNURNRYDçGRNRQĈLWH~SUDYX]RVWiYDM~FLFK
SUDPHŀRYYODVRY
 7LS\DWULN\
$NG{MGHNXYLD]QXWLXYODVRYQHVWUiFDMWHGXFKDSUtWRPQRVř
6NRQWUROXMWHĈLMHVSRWUHELĈY\SQXWîDRSDWUQHY\EHUDMWHXYLD]QXWp
YODV\řDKDQtPWHQNîFKSUDPLHQNRYMHGHQ]DGUXKîPNîPVD
QHXYRĸQLDYåHWN\YODV\
3UHGQDWiĈDQtPVLYODV\G{NODGQHRĈHåWHDE\QHEROL]DFKOSHQp
9ODV\UR]GHĸWHQDSUDPHQH9ODV\VNWRUîPLQHSUDFXMHWHGUçWHY
EH]SHĈQHMY]GLDOHQRVWLRGNRPRU\QDQDWiĈDQLH
3UDFXMWHOHQVQDWRĸNRYHĸNîPSUDPHŀRPYODVRYDNîVD]PHVWtGR
RWYRUXQDSUtVOXåHQVWYHQDRGGHĸRYDQLHSUDPHŀRYDE\QHGRåORN
]DFKOSHQLXYODVRY
9ODV\]DĈtQDMWHQDWiĈDř]R]DGX
2EU8LVWLWHVDçHYEOt]NRVWLNRPRU\QDQDWiĈDQLHVD
QHQDFKiG]DM~çLDGQH]RVWiYDM~FHDQLXYRĸQHQpSUDPLHQN\
9ODV\UD]SUHWRĈWHDE\VDĸDKåLH]DYiG]DOLGRRWYRUXNRPRU\
QDQDWiĈDQLH
3RPRFRXNRQW~URWYRUX]DYHĊWHYODV\GRNRPRU\
2WYRUXPLHVWQLWHQDSURWLGĴçNHYODVRYRGNLDĸFKFHWHDE\YiP]DĈtQDOL
NXĈHU\1HSULEOLçXMWHVDQDGPHUQHNSRNRçNHKODY\
3UDPLHQN\YODVRYSULYNODGDQtGRRWYRUXNRPRU\QDQDWiĈDQLH
GUçWHQDSQXWp
%OLNDM~FLLQGLNiWRU]DSQXWLDVLJQDOL]XMHĈDV]iKUHYX.HĊLQGLNiWRU
]RVWDQHQHSUHUXåRYDQHVYLHWLřVSRWUHELĈMHSULSUDYHQîQDSRXçtYDQLH
3ULGOKåtFKYODVRFKDOHERWYRUEHYîUD]QHMåLHGHÀQRYDQîFKNXĈLHU
SUDFXMWHVPHQåtPREMHPRPYODVRY
=PHQDQDVWDYHQtWHSORW\ĈDVXDVPHUXRWiĈDQLDYiPXPRçŀXMH
Y\WYiUDřUR]PDQLWpWYDU\DIRUP\NXĈLHU2EUDREU
3R]QiPN\
67/$ć7(D32'5æ7(VWODĈHQpWODĈLGORQDWiĈDQLDNîPQH]D]QLH
NRQWLQXiOQHStSDQLHQDVOHGRYDQpFYDNQXWtP$NVDSUVWDPLY]GLDOLWH
RGWODĈLGODQDWiĈDQLDSUHGSRVOHGQRX]YXNRYRXVLJQDOL]iFLRX
1(67/Éć$-7(KR]QRYD9ODV\Y\WLDKQLWHYRQD]DĈQLWHRG]DĈLDWNX
6SRWUHELĈGRNiçHLQWHOLJHQWQHUR]SR]QDřNHĊG{MGHN]iYDçQpPX
]DVHNQXWLXYODVRYDXSR]RUQtYiVNRQWLQXiOQ\PStSDQtP
QDVOHGRYDQîPFYDNQXWtP6SRWUHELĈVDDXWRPDWLFN\Y\SQHDE\
QHGRåORNSRåNRGHQLXYODVRY~ĈLQNRPWHSOD
 3RSRXçLWt
 9\SQLWH]DULDGHQLHDRGSRMWHKR]RVLHWH
 8PLHVWQLWHKRQDWHSORY]GRUQîSRGNODGDSRĈNDMWHNîPNRPRUDQD
QDWiĈDQLHY\FKODGQH
 =DULDGHQLHVNODGXMWHQDEH]SHĈQRPVXFKRPDEH]SUDåQRPPLHVWH
0{çHWHKRWLHç]DYHVLř]DRĈNRQD]DYHVHQLH
h
ćLVWHQLHD~GUçED
9RQNDMåtSRYUFK]DULDGHQLDRĈLVWLWHQDYOKĈHQRXWNDQLQRX
2EU3UtVOXåHQVWYRQDĈLVWHQLHYDOFDj]DYHĊWHGRNRPRU\QD
QDWiĈDQLH6~YLVOîPRWiĈDQtPRGVWUiQLWH]Y\åN\
$NMHSRWUHEQpSUtVOXåHQVWYRY\ĈLVWLřXP\WHKRSRGWHĈ~FRXYRGRXD
SUHGRSDNRYDQîPSRXçLWtPKRQHFKDMWHG{NODGQHY\VXåLř
 =iUXNDDVHUYLV
$NSRWUHEXMHWHLQIRUPiFLHQDSURYîPHQHQiVWDYFDDOHERDNVD
Y\VN\WQHSUREOpPQDYåWtYWHZHERY~VWUiQNXVSRORĈQRVWL3KLOLSV
QDDGUHVHZZZSKLOLSVFRPVXSSRUWDOHERNRQWDNWXMWH6WUHGLVNR
VWDURVWOLYRVWLR]iND]QtNRYVSRORĈQRVWL3KLOLSVYRYDåHMNUDMLQHWHOHIyQQH
ĈtVORWRKWRVWUHGLVNDQiMGHWHYPHG]LQiURGQRP]iUXĈQRPOLVWH$NVD
YRYDåHMNUDMLQHWRWRVWUHGLVNRQHQDFKiG]DREUiřWHVDQDPLHVWQHKR
SUHGDMFXYîURENRY3KLOLSV
6ORYHQåĈLQD
ćHVWLWDPRYDP]DQDNXSLQGREURGRåOLSUL3KLOLSVX'DELL]NRULVWLOLYVH
SUHGQRVWL3KLOLSVRYHSRGSRUHL]GHOHNUHJLVWULUDMWHQD
ZZZSKLOLSVFRPZHOFRPH
 3RPHPEQR
3UHGXSRUDERDSDUDWDQDWDQĈQRSUHEHULWHWDXSRUDEQLåNLSULURĈQLNLQJD
VKUDQLWH]DSR]QHMåRXSRUDER
232=25,/2$SDUDWDQHXSRUDEOMDMWH
YEOLçLQLYRGH
.RDSDUDWXSRUDEOMDWHYNRSDOQLFL
JDSRXSRUDELYHGQRL]NOMXĈLWHL]
RPUHçMDNHUQHSRVUHGQDEOLçLQDYRGH
SUHGVWDYOMDQHYDUQRVWĈHWXGLMHDSDUDW
L]NORSOMHQ
232=25,/2$SDUDWDQH
XSRUDEOMDMWHYEOLçLQLNDGL
WXåHYXPLYDOQLNRYDOLGUXJLK
SRVRG]YRGR
3RXSRUDELDSDUDWYHGQRL]NORSLWHL]
RPUHçQHYWLĈQLFH
3RåNRGRYDQLRPUHçQLNDEHOVPH
]DPHQMDWLOHSRGMHWMH3KLOLSV3KLOLSVRY
SRREODåĈHQLVHUYLVDOLXVWUH]QR
XVSRVREOMHQRRVHEMH
7DDSDUDWODKNRXSRUDEOMDMRRWURFL
RGOHWDVWDURVWLQDSUHMLQRVHEH]
]PDQMåDQLPLÀ]LĈQLPLDOLSVLKLĈQLPL
VSRVREQRVWPLDOLVSRPDQMNOMLYLPL
L]NXåQMDPLLQ]QDQMHPĈHVRSUHMHOH
QDYRGLODJOHGHYDUQHXSRUDEH
DSDUDWDDOLMLKSULXSRUDELQDG]RUXMH
RGJRYRUQDRVHEDNLMLKRSR]RULQD
PRUHELWQHQHYDUQRVWL2WURFLQDMVHQH
LJUDMR]DSDUDWRP2WURFLDSDUDWDQH
VPHMRĈLVWLWLLQY]GUçHYDWLEUH]QDG]RUD
=DGRGDWQR]DåĈLWRYDPVYHWXMHPR
YJUDGQMRYDUQRVWQHJDWRNRYQHJD
VWLNDOD),'YHOHNWULĈQLWRNRNURJ
NRSDOQLFH,]NORSQLWRNYDUQRVWQHJD
WRNRNURJDQHVPHSUHVHJDWLP$
=DQDVYHWVHREUQLWHQDHOHNWULĈDUMD
3UHGHQDSDUDWSULNOMXĈLWHSUHYHULWH
DOLQDDSDUDWXR]QDĈHQDQDSHWRVW
XVWUH]DQDSHWRVWLORNDOQHJD
HOHNWULĈQHJDRPUHçMD
$SDUDWXSRUDEOMDMWHL]NOMXĈQRY
QDPHQHNLVRRSLVDQLYWHPSULURĈQLNX
.RMHDSDUDWSULNOMXĈHQQDQDSDMDQMHJD
QHSXåĈDMWHEUH]QDG]RUD
1HXSRUDEOMDMWHQDVWDYNRYDOLGHORY
GUXJLKSURL]YDMDOFHYNLMLK3KLOLSV
L]UHFQRQHSULSRURĈD8SRUDEDWDNåQLK
QDVWDYNRYUD]YHOMDYLJDUDQFLMR
2PUHçQHJDNDEODQHQDYLMDMWH
RNROLDSDUDWD
3UHGHQDSDUDWVKUDQLWHSRĈDNDMWHGD
VHRKODGL
3ULXSRUDELDSDUDWDERGLWH]HOR
SR]RUQLNHUMHODKNRYURĈ3ULPLWH
VDPRURĈDMNHUVRGUXJLGHOLODKNR
YURĈLLQVHL]RJLEDMWHVWLNXVNRçR
$SDUDWYHGQRSRVWDYLWHQDVWDELOQR
UDYQRSRYUåLQRRGSRUQRSURWLYURĈLQL
9URĈDNRPRUD]DNRGUDQMHVHQHVPH
QLNROLGRWDNQLWLSRYUåLQHDOLGUXJHJD
YQHWOMLYHJDPDWHULDOD
3UHSUHĈLWHVWLNRPUHçQHJDNDEOD]
YURĈLPLGHOLDSDUDWD
9NORSOMHQHJDDSDUDWDQHSULEOLçXMWH
YQHWOMLYLPSUHGPHWRPLQPDWHULDORP
9URĈHJDDSDUDWDQHSRNULYDMWHQSU]
EULVDĈRDOLREOHNR
$SDUDWXSRUDEOMDMWHVDPRQDVXKLK
ODVHK$SDUDWDQHXSRUDEOMDMWH]
PRNULPLURNDPL
&HYNDLPDSUHYOHNRL]NHUDPLNHLQ
WLWDQD3UHYOHNDVHVĈDVRPDODKNR
REUDEL9HQGDUWRQHYSOLYDQD
GHORYDQMHDSDUDWD
ćHDSDUDWXSRUDEOMDWHQDEDUYDQLK
ODVHKVHFHYNDODKNRXPDçH
$SDUDWDQHXSRUDEOMDMWHQDXPHWQLK
ODVHK
=DSUHJOHGDOLSRSUDYLORDSDUDWDVH
REUQLWHQD3KLOLSVRYSRREODåĈHQLVHUYLV
3RSUDYLORVVWUDQLQHXVSRVREOMHQLK
RVHEMHODKNR]DXSRUDEQLND
L]UHGQRQHYDUQR
9UHçHQHYVWDYOMDMWHNRYLQVNLK
SUHGPHWRYGDQHSRY]URĈLWH
HOHNWULĈQHJDåRND
3RXSRUDELQHYOHFLWH]DQDSDMDOQL
NDEHO$SDUDWL]HOHNWULĈQHJDRPUHçMD
YHGQRL]NOMXĈLWHWDNRGDSULPHWHYWLĈ
1HSRåNRGXMWHDSDUDWDGDVHL]RJQHWH
HOHNWULĈQHPXåRNX
(OHNWURPDJQHWQDSROMD(0)
7D3KLOLSVRYDSDUDWXVWUH]DYVHPYHOMDYQLPVWDQGDUGRPLQSUHGSLVRP
JOHGHL]SRVWDYOMHQRVWLHOHNWURPDJQHWQLPSROMHP
2NROMH
7DVLPEROSRPHQLGDL]GHONDQHVPHWHRGODJDWLVNXSDM]
RELĈDMQLPLJRVSRGLQMVNLPLRGSDGNL(88SRåWHYDMWH
GUçDYQHSUHGSLVH]DORĈHQR]ELUDQMHHOHNWULĈQLKLQHOHNWURQVNLK
L]GHONRY6SUDYLOQLPRGODJDQMHPSULSRPRUHWHNSUHSUHĈHYDQMX
QHJDWLYQLKYSOLYRYQDRNROMHLQ]GUDYMHOMXGL
 3UHJOHG
a .RPRUD]DNRGUDQMH
b *XPE]DNRGUDQMH
c 6WLNDOR]DVPHUNRGUDQMD
d 1DVWDYLWHYĈDVDNRGUDQMD
e 1DVWDYLWHYWHPSHUDWXUHNRGUDQMD
f ,QGLNDWRUYNORSD
g *XPE]DYNORSL]NORS
h 2EHåDOQD]DQND
i 3ULSRPRĈHN]DUD]GHOMHYDQMHODV
j 3ULSRPRĈHN]DĈLåĈHQMHFHYNH
k 2GYRGLRQRY
 .RGUDQMHODV
8SRUDED
 9WLNDĈSULNOMXĈLWHQDRPUHçQRYWLĈQLFR
 3ULWLVQLWHJXPE]DYNORSL]NORS g GDYNORSLWHDSDUDW
» ćDVRJUHYDQMDR]QDĈXMHXWULSDMRĈLLQGLNDWRUYNORSD
f.R
LQGLNDWRU]DĈQHVYHWLWLMHDSDUDWSULSUDYOMHQQDXSRUDER
» .RMHDSDUDWYNORSOMHQVHVDPRGHMQRQHSUHNLQMHQRVSURåĈDMRLRQL
]DGRGDWHQOHVNLQJODGNHODVH3RMDYLVHODKNRSRVHEHQYRQM7RMH
RELĈDMHQSRMDYGRNDWHUHJDSULGH]DUDGLQDVWDMDQMDLRQRY
 ,]EHULWHçHOHQLĈDVNRGUDQMDd LQQDVWDYLWHYWHPSHUDWXUHe 
YVNODGXVVOLNR
3ULĈHVND 9DORYLWLNRGUL 6SXåĈHQLNRGUL 'UREQLNRGUL
1DVWDYLWHY
WHPSHUDWXUH
&
& &
1DVWDYLWHY
ĈDVDNRGUDQMD
V V V
4 ,]EHULWHçHOHQRVPHUNRGUDQMDc YVNODGXVVOLNR
/HYR ,]PHQLĈQR 'HVQR
5 8SRUDELWHSULSRPRĈHN]DUD]GHOMHYDQMHODVLQGRORĈLWHNROLĈLQRODV
=DĈQLWH]GRFPåLURNLPSUDPHQRPODV
2SRPEDYNRPRUR]DNRGUDQMHQHYVWDYOMDMWHYHĈODVNRWMH
QDYHGHQRQDQDVWDYNX]DUD]GHOLWHYODV
6 3UDPHQODVYNRPRUR]DNRGUDQMHSRORçLWHWDNRGDSUYLGHOODV
YVWDYLWHYRGSUWLQRQDKUEWQLVWUDQLDSDUDWD3UDPHQODVREOLQLMDK
RGSUWLQHXVPHULWHYNRPRUR
7 $SDUDWPRUDSUDPHQODVGUçDWLQDPHVWX35,'5æ,7(JXPE]D
NRGUDQMH
b GDERDSDUDWSUDPHQODVVDPRGHMQRVNRGUDOY
NRPRUL
.RVRODVMHSUDYLOQRSRORçHQLYNRPRURVOLåLWHSLVNHYUHGQLK
LQWHUYDOLKćHQHVOLåLWHSLVNRYLQĈHODVMHYNRPRULåHYHGQRQLVR
VNRGUDQLSUDPHQODVRGVWUDQLWHLQSRQRYQRYVWDYLWH
 .R]DVOLåLWH]DSRUHGQHSLVNHLQQDWRªNOLN©ODKNRVSURVWLWHJXPE]D
NRGUDQMH/DVHSRĈDVLLQQHçQRRGVWUDQLWHL]NRPRUH
 =DREOLNRYDQMHSUHRVWDOLKODVSRQDYOMDMWHNRUDNH²
 1DVYHWLLQQDPLJL
%UH]VNUELĈHVHODVMH]DWDNQHMR3UHYHULWHDOLMHDSDUDWL]NORSOMHQ
LQ]DWDNQMHQHODVHQHçQRRGVWUDQLWHWDNRGDYOHĈHWHWDQNDSUDPHQD
ODVGRNOHUQLVRVSURåĈHQLYVLODVMH
/DVHSUHGNRGUDQMHPWHPHOMLWRUD]ĈHåLWHGDQHERGRSUHSOHWHQL
/DVHUD]GHOLWHQDSUDPHQD1HXSRUDEOMHQLKODVQHSULEOLçXMWHRGSUWLQL
NRPRUH]DNRGUDQMH
3UHSOHWDQMHODVSUHSUHĈLWHWDNRGDXSRUDELWHVDPRWROLNRODVNROLNRU
MLKODKNRYVWDYLWHYRGSUWLQRSULSRPRĈND]DUD]GHOMHYDQMHODV
6NRGUDQMHP]DĈQLWHQD]DGQMHPGHOXODV
VOLND%OL]XRGSUWLQHNRPRUH]DNRGUDQMHQHVPHELWLQREHQLK
SUDPHQRYDOLSRVDPH]QLKODV
/DVHHQNUDWREUQLWHGDMLKERVWHODçMHYVWDYLOLYRGSUWLQRNRPRUH]D
NRGUDQMH
/DVHREOLQLMDKRGSUWLQHXVPHULWHYNRPRUR
2GSUWLQRSRVWDYLWHQDGROçLQRODVNMHUçHOLWHGDVH]DĈQHMRNRGUL1H
SRVWDYOMDMWHMHSUHEOL]XODVLåĈX
3UDPHQODVQDSQLWHNRJDYVWDYOMDWHYRGSUWLQRNRPRUH]DNRGUDQMH
ćDVRJUHYDQMDR]QDĈXMHXWULSDMRĈLLQGLNDWRUYNORSD.RLQGLNDWRU
]DĈQHVYHWLWLMHDSDUDWSULSUDYOMHQQDXSRUDER
8SRUDEOMDMWHPDQMåRNROLĈLQRODVĈHVRGDOMåLLQDOLĈHçHOLWH
L]UD]LWHMåHNRGUH
5D]OLĈQHYUVWHNRGURYLQSULĈHVNODKNRXVWYDUMDWHWDNRGDVSUHPLQMDWH
QDVWDYLWYHWHPSHUDWXUHĈDVDLQDOLVPHUYUWHQMDVOLNDLQVOLND
2SRPEH
35,'5æ,7(JXPE]DNRGUDQMHGD]DVOLåLWH]DSRUHGQHSLVNHLQQDWR
ªNOLN©ćHJXPE]DNRGUDQMHVSURVWLWHSUHGHQVHRJODVL]DGQML]YRNL
JD1(SULWLVNDMWHSRQRYQR2GVWUDQLWHODVHLQ]DĈQLWH]QRYD
$SDUDWLQWHOLJHQWQR]D]QDĈHVHODVMHUHVQR]DWDNQHMRLQYDVQDWR
RSR]RUL]]DSRUHGQLPLSLVNLNLMLPVOHGLªNOLN©$SDUDWVHVDPRGHMQR
L]NORSLLQWDNRSUHSUHĈLSRåNRGRYDQMHODV]DUDGLYURĈLQH
 3RXSRUDEL
 $SDUDWL]NORSLWHLQL]NOMXĈLWH
 3RORçLWHJDQDSRYUåLQRNLMHRGSRUQDQDYURĈLQRGRNOHUVHNRPRUD
]DNRGUDQMHQHRKODGL
 $SDUDWKUDQLWHQDYDUQHPLQVXKHPPHVWXNMHUQLSUDKX/DKNRJD
WXGLREHVLWH]DREHåDOQR]DQNR
h
ćLåĈHQMHLQY]GUçHYDQMH
3RYUåLQRDSDUDWDRĈLVWLWH]YODçQRNUSR
VOLND3ULSRPRĈHN]DĈLåĈHQMHFHYNHjYVWDYLWHYNRPRUR]D
NRGUDQMH2EUDĈDMWHMRGDRGVWUDQLWHSUHRVWDOHGHOFH
3ULSRPRĈHN]DĈLåĈHQMHRĈLVWLWHWDNRGDRSHUHWHSRGWHNRĈRYRGRLQ
SRĈDNDWHGDVHSUHGSRQRYQRXSRUDERSRYVHPSRVXåL
 *DUDQFLMDLQVHUYLV
=DLQIRUPDFLMHQDSULPHUR]DPHQMDYLQDVWDYNDDOLYSULPHUXWHçDY
RELåĈLWH3KLOLSVRYRVSOHWQRVWUDQQDQDVORYXZZZSKLOLSVFRPVXSSRUW
R]LURPDVHREUQLWHQD3KLOLSVRYFHQWHU]DSRPRĈXSRUDEQLNRPYVYRML
GUçDYLWHOHIRQVNRåWHYLONRODKNRQDMGHWHQDPHGQDURGQHPJDUDQFLMVNHP
OLVWXćHYYDåLGUçDYLWDNåQHJDFHQWUDQLVHREUQLWHQDORNDOQHJD
3KLOLSVRYHJDSURGDMDOFD
6USVNL
ćHVWLWDPRQDNXSRYLQLLGREURGRåOLX3KLOLSV'DELVWHQDQDMEROMLQDĈLQ
LVNRULVWLOLSRGUåNXNRMXQXGLNRPSDQLMD3KLOLSVUHJLVWUXMWHSURL]YRGQD
ZZZSKLOLSVFRPZHOFRPH
 9DçQR
3UHXSRWUHEHDSDUDWDSDçOMLYRSURĈLWDMWHRYRXSXWVWYRLVDĈXYDMWHJD]D
EXGXĂXXSRWUHEX
832=25(1-(1HPRMWHGDNRULVWLWH
RYDMDSDUDWXEOL]LQLYRGH
$NRNRULVWLWHDSDUDWXNXSDWLOX
LVNOMXĈLWHJDL]VWUXMHQDNRQXSRWUHEH
MHUEOL]LQDYRGHSUHGVWDYOMDUL]LNĈDNL
NDGMHDSDUDWLVNOMXĈHQ
832=25(1-(1HPRMWHGD
NRULVWLWHRYDMDSDUDWXEOL]LQL
NDGHWXåNDELQHXPLYDRQLND
LOLGUXJLKSRVXGDVDYRGRP
$SDUDWSRVOHXSRWUHEHXYHNLVNOMXĈLWH
L]QDSDMDQMD
$NRMHJODYQLNDEORåWHĂHQRQXYHN
PRUDELWL]DPHQMHQRGVWUDQH
NRPSDQLMH3KLOLSVRYODåĂHQRJ3KLOLSV
VHUYLVDLOLQDVOLĈDQQDĈLQNYDOLÀNRYDQLK
RVREDNDNRELVHL]EHJDRUL]LN
2YDMDSDUDWPRJXGDNRULVWH
GHFDVWDULMDRGJRGLQDLRVREH
VDVPDQMHQLPÀ]LĈNLPVHQ]RUQLP
LOLPHQWDOQLPVSRVREQRVWLPDLOL
QHGRVWDWNRPLVNXVWYDL]QDQMDSRG
XVORYRPGDVXSRGQDG]RURPLOLGDVX
GRELOHXSXWVWYD]DEH]EHGQXXSRWUHEX
DSDUDWDLGDUD]XPHMXPRJXĂH
RSDVQRVWL'HFDQHELWUHEDORGDVH
LJUDMXDSDUDWRP'HFDQHELWUHEDOR
GDĈLVWHDSDUDWQLWLGDJDRGUçDYDMX
EH]QDG]RUD
8FLOMXGRGDWQH]DåWLWHSUHSRUXĈXMHPR
YDPXJUDGQMXDXWRPDWVNRJRVLJXUDĈD
QDVWUXMQRNRORNXSDWLOD2YDMRVLJXUDĈ
QHVPHGDLPDUDGQXVWUXMXYLåX
RGP$=DVDYHWVHREUDWLWH
VWUXĈQRPOLFX
3UHQHJRåWRSRYHçHWHDSDUDWXYHULWH
VHGDR]QDNDYROWDçHQDDSDUDWX
RGJRYDUDYROWDçLXORNDOQRMPUHçL
$SDUDWNRULVWLWHLVNOMXĈLYRXVYUKX
RSLVDQXXRYLPXSXWVWYLPD
.DGDMHDSDUDWSRYH]DQQDQDSDMDQMH
QLNDGDJDQHPRMWHRVWDYOMDWL
EH]QDG]RUD
1LNDGDQHPRMWHGDNRULVWLWHGRGDWNH
QLWLGHORYHGUXJLKSURL]YRČDĈD
NRMHNRPSDQLMD3KLOLSVQLMHL]ULĈLWR
SUHSRUXĈLOD8VOXĈDMXXSRWUHEH
WDNYLKGRGDWDNDLOLGHORYDJDUDQFLMD
SUHVWDMHGDYDçL
1HPRMWHGDQDPRWDYDWHNDEO]D
QDSDMDQMHRNRDSDUDWD
3UHRGODJDQMDVDĈHNDMWHGDVH
DSDUDWRKODGL
%XGLWHYHRPDSDçOMLYLSULOLNRP
XSRWUHEHDSDUDWDMHUPRçHGDEXGH
YUXĂ$SDUDWGUçLWHVDPR]DGUåNX
MHUVXGUXJLGHORYLYUXĂLLL]EHJDYDMWH
NRQWDNWVDNRçRP
$SDUDWXYHNSRVWDYLWHQDYDWURVWDOQX
VWDELOQXLUDYQXSRYUåLQX9UXĂD
NRPRUD]DNRYUGçDQMHQLNDGDQHEL
WUHEDORGDGRGLUXMHSRYUåLQHQLWLGUXJH
]DSDOMLYHPDWHULMDOH
,]EHJDYDMWHGRGLUNDEOD]DQDSDMDQMHVD
YUHOLPGHORYLPDDSDUDWD
'UçLWHDSDUDWGDOMHRG]DSDOMLYLK
SUHGPHWDLPDWHULMDODNDGDMHXNOMXĈHQ
1LNDGDQHPRMWHSRNULYDWLDSDUDWQSU
SHåNLURPLOLRGHĂRPNDGDMHYUXĂ
8SRWUHEOMDYDMWHDSDUDWVDPRNDGD
MHNRVDVXYD1HPRMWHGDUXNXMHWH
DSDUDWRPGRNVXYDPUXNHPRNUH
&HYMHREORçHQDNHUDPLĈNLP
WLWDQLMXPVNLPSUHPD]RP7DMSUHPD]
VHWRNRPYUHPHQDPRçHSRODNR
LVWURåLWL0HČXWLPWRQHXWLĈHQD
SHUIRUPDQVHDSDUDWD
$NRDSDUDWNRULVWLWHQDRIDUEDQRMNRVL
FHYPRçHGDVHRERML
1HPRMWHGDNRULVWLWHDSDUDWQD
XPHWQRMNRVL
8VOXĈDMXSURYHUHLOLSRSUDYNHDSDUDW
XYHNYUDWLWHXRYODåĂHQL3KLOLSV
VHUYLVQLFHQWDU3RSUDYNDRGVWUDQH
QHNYDOLÀNRYDQLKRVREDPRçHGD
L]D]RYHL]X]HWQRRSDVQHVLWXDFLMH
SRNRULVQLND
'DELVWHL]EHJOLVWUXMQLXGDUQHPRMWH
GDVWDYOMDWHPHWDOQHSUHGPHWH
XRWYRUH
1DNRQNRULåĂHQMDQHPRMWHYXĂLNDEO]D
QDSDMDQMH3ULOLNRPLVNOMXĈLYDQMDDSDUDWD
L]HOHNWULĈQHPUHçHXYHNYXFLWHXWLNDĈ
'DELVWHL]EHJOLVWUXMQLXGDUQLNDGD
QHPRMWHGDORPLWHDSDUDW
(OHNWURPDJQHWQDSROMD(0)
2YDM3KLOLSVDSDUDWXVNODČHQMHVDVYLPSULPHQMLYLPVWDQGDUGLPDL
SURSLVLPDXYH]LVDHOHNWURPDJQHWQLPSROMLPD
ćRYHNRYDRNROLQD
2YDMVLPEROXND]XMHQDWRGDRYDMSURL]YRGQHVPHGDVHRGODçH
VDRELĈQLPNXĂQLPRWSDGRP(83UDWLWHSURSLVHVYRMH
]HPOMH]D]DVHEQRSULNXSOMDQMHRWSDGQLKHOHNWULĈQLKLHOHNWURQVNLK
SURL]YRGD3UDYLOQRRGODJDQMHGRSULQRVLVSUHĈDYDQMXQHJDWLYQLK
SRVOHGLFDSRçLYRWQXVUHGLQXL]GUDYOMHOMXGL
 3UHJOHG
a .RPRUD]DNRYUGçDQMH
b 'XJPH]DNRYUGçDQMH
c 3UHNLGDĈ]DVPHUNRYUGçDQMD
d 3RVWDYNDYUHPHQDNRYUGçDQMD
e 3RVWDYNDWHPSHUDWXUHNRYUGçDQMD
f ,QGLNDWRUQDSDMDQMD
g 'XJPH]DXNOMXĈLYDQMHLVNOMXĈLYDQMH
h 3HWOMD]DNDĈHQMH
i 'RGDWDN]DGHOMHQMHNRVH
j 'RGDWDN]DĈLåĂHQMHFHYL
k ,]OD]]DMRQH
 .RYUGçDQMHNRVH
1DĈLQNRULåĂHQMD
 8WLNDĈDSDUDWDSULNOMXĈLWHXXWLĈQLFX
 3ULWLVQLWHGXJPH]DXNOMXĈLYDQMHLVNOMXĈLYDQMH gGDELVWHXNOMXĈLOL
DSDUDW
» 7UHSHUHĂLLQGLNDWRUQDSDMDQMD
fXND]XMHQDYUHPH]DJUHYDQMD
$SDUDWMHVSUHPDQ]DXSRWUHEXNDGDLQGLNDWRUSUHVWDQHGDWUHSHUL
» .DGDMHDSDUDWXNOMXĈHQMRQLVHDXWRPDWVNLLQHSUHVWDQRJHQHULåXUDGL
VSUHĈDYDQMDNRYUGçDQMDLVWYDUDQMDGRGDWQRJVMDMD0RçHGDGRČHGR
SRMDYHQHRELĈQRJPLULVD7RMHQRUPDOQRDX]URNSUHGVWDYOMDMXMRQL
NRMLVHJHQHULåX
 ,]DEHULWHSRVWDYNH]DçHOMHQRYUHPHNRYUGçDQMDdLWHPSHUDWXUX

eNDRQDVO
)UL]XUD 7DODVDVWH
NRYUGçH
2SXåWHQH
NRYUGçH
8VNHNRYUGçH
3RVWDYND
WHPSHUDWXUH
&
& &
3RVWDYND
YUHPHQD
NRYUGçDQMD
V V V
4 2GDEHULWHVPHUNRYUGçDQMDcNRMLçHOLWHNDRQDVO
/HYR 1DL]PHQLĈQR 'HVQR
5 2GUHGLWHNROLĈLQXNRVHWDNRåWRĂHWHXSRWUHELWLGRGDWDN]DGHOMHQMH
NRVH3RĈQLWHVDSUDPHQRPNRVHåLULQH²FP
1DSRPHQD8NRPRUX]DNRYUGçDQMHQHPRMWHGDVWDYOMDWHYLåHNRVH
QHJRåWRMHQD]QDĈHQRQDGRGDWNX]DGHOMHQMHNRVH
6 'DELVWHODNRVWDYLOLSUDPHQNRVHXNRPRUX]DNRYUGçDQMHSUYR
XPHWQLWHGHRSUDPHQDXRWYRUVD]DGQMHVWUDQHDSDUDWD3RPRĂX
NRQWXUDRWYRUDSRVWDYLWHSUDPHQNRVHXNRPRUX
7 3XVWLWHGDDSDUDWGUçLSUDPHQNRVHQDPHVWX35,7,61,7(L
=$'5æ,7(GXJPH]DNRYUGçDQMH
b DSUDPHQNRVHĂHVH
DXWRPDWVNLXYXĂLLXNRYUGçDWLXNRPRUL
.DGDSUDPHQEXGHXVSHåQRVPHåWHQXNRPRUXĈXĂHWHMHGDQ]YXĈQL
VLJQDOXMHGQDNLPLQWHUYDOLPD$NRQHĈXMHWH]YXĈQHVLJQDOHDNRVDL
GDOMHQLMHXYXĈHQDLXNRYUGçDQDXNRPRULXNORQLWHSUDPHQNRVHD
]DWLPSRNXåDMWHSRQRYRGDJDXPHWQHWH
 .DGDĈXMHWHXSR]RUHQMHRGQHSUHNLGQDĈHWLUL]YXĈQDVLJQDODSUDĂHQD
]YXNRPÅNOLN´PRçHWHGDVNORQLWHSUVWVDGXJPHWD]DNRYUGçDQMH
3RODNRLQHçQRRWSXVWLWHSUDPHQNRVHL]NRPRUH
 3RQDYOMDMWHNRUDNH²NDNRELVWHREOLNRYDOLRVWDWDNNRVH
 6DYHWLLWULNRYL
$NRVHNRVDXKYDWLXDSDUDWQHPRMWHGDSDQLĈLWH3URYHULWHGDOL
MHDSDUDWLVNOMXĈHQD]DWLPQHçQRXNORQLWHXKYDĂHQXNRVXWDNR
åWRĂHWHL]YODĈLWLWDQNHSUDPHQRYHGHRSRGHRGRNQHRVORERGLWH
VYXNRVX
3UHNRYUGçDQMDGHWDOMQRRĈHåOMDMWHNRVXLXYHULWHVHGDQHPD
]DPUåHQLKYODVL
5D]GYRMWHNRVXQDSUDPHQRYH.RVXNRMXXWRPWUHQXWNXQHNRULVWLWH
GUçLWHGDOMHRGRWYRUDNRPRUH]DNRYUGçDQMH
'DYDPVHNRVDQHEL]DPUVLODNRULVWLWHRQXNROLĈLQXNRVHNRMD
PRçHWHGDVWDQHXRWYRUGRGDWND]DGHOMHQMHNRVH
.RYUGçDQMHNRVHSRĈQLWHRGSRWLOMND
VO3REULQLWHVHGDXEOL]LQLRWYRUDNRPRUH]DNRYUGçDQMHQHPD
VORERGQLKSUDPHQRYDNRVH
8YUQLWHSUDPHQMHGDQSXWNDNRELVWHJDODNåHVWDYLOLXRWYRUNRPRUH
]DNRYUGçDQMH
.RULVWLWHNRQWXUHRWYRUD]DSRVWDYOMDQMHNRVHXNRPRUX
3RVWDYLWHRWYRUQDRQXYLVLQXNRVHQDNRMRMçHOLWHGDSRĈQXNRYUGçH
1HPRMWHGDJDSRVWDYOMDWHYHRPDEOL]XJODYH
'UçLWHSUDPHQNRVH]DWHJQXWLPGRNJDVWDYOMDWHXRWYRUNRPRUH]D
NRYUGçDQMH
7UHSHUHĂLLQGLNDWRUQDSDMDQMDXND]XMHQDYUHPH]DJUHYDQMD$SDUDWMH
VSUHPDQ]DXSRWUHEXNDGDLQGLNDWRUSUHVWDQHGDWUHSHUL
0DQMXNROLĈLQXNRVHNRULVWLWHDNRLPDWHGXçXNRVXLOLGDELVWHGRELOL
GHÀQLVDQLMHNRYUGçH
'DELVWHSRVWLJOLUD]OLĈLWHWLSRYHNRYUGçDLL]JOHGDSURPHQLWHSRVWDYNH
WHPSHUDWXUHSRVWDYNHYUHPHQDLLOLVPHUURWDFLMHVOLVO
1DSRPHQH
35,7,61,7(L=$'5æ,7(GXJPH]DNRYUGçDQMHGRNQHĈXMHWH
QHSUHNLGQL]YXĈQLVLJQDOSUDĂHQ]YXNRPÅ./,.´$NRSRPHULWHSUVWH
VDGXJPHWD]DNRYUGçDQMHSUHQHJRåWRVHRJODVLNRQDĈQL]YXĈQL
VLJQDO1(02-7(SRQRYRGDJDSULWLVNDWH,]YXFLWHNRVXD]DWLP
SRĈQLWHSRQRYR
$SDUDWLPDLQWHOLJHQWQXIXQNFLMXNRMDLGHQWLÀNXMHGDOLMHNRVD
R]ELOMQLMH]DJODYOMHQDLXSR]RUDYDYDVQHSUHNLGQLP]YXĈQLPVLJQDORP
SUDĂHQLP]YXNRPÅ./,.´'DEL]DåWLWLRNRVXRGRåWHĂHQMDYLVRNRP
WHPSHUDWXURPDSDUDWĂHVHDXWRPDWVNLLVNOMXĈLWL
 1DNRQXSRWUHEH
 ,VNOMXĈLWHDSDUDWLL]YXFLWHNDEOL]VWUXMH
 3RVWDYLWHJDQDSRYUåLQXRWSRUQXQDWRSORWXGRNVHNRPRUD]D
NRYUGçDQMHQHRKODGL
 2GORçLWHDSDUDWQDVXYRLEH]EHGQRPHVWREH]SUDåLQH=DRGODJDQMH
PRçHWHGDXSRWUHELWHLSHWOMX]DNDĈHQMH
h
ćLåĂHQMHLRGUçDYDQMH
3RYUåLQXDSDUDWDĈLVWLWHYODçQRPNUSRP
VO8PHWQLWHGRGDWDN]DĈLåĂHQMHFHYLjXNRPRUX]D
NRYUGçDQMH2NUHĂLWHJDVYHGRNQHXNORQLWHRVWDWNH
'DELVWHRĈLVWLOLGRGDWDN]DĈLåĂHQMHRSHULWHJDSRGPOD]RPYRGHD
]DWLPJDRVWDYLWHGDVHSRWSXQRRVXåLSUHVOHGHĂHXSRWUHEH
 *DUDQFLMDLVHUYLV
8NROLNRVXYDPSRWUHEQHLQIRUPDFLMHQSUR]DPHQLGRGDWNDLOLDNR
LPDWHSUREOHPSRVHWLWH:HEORNDFLMXNRPSDQLMH3KLOLSVQDDGUHVL
ZZZSKLOLSVFRPVXSSRUWLOLVHREUDWLWHFHQWUX]DNRULVQLĈNXSRGUåNX
NRPSDQLMH3KLOLSVXVYRMRM]HPOMLEURMWHOHIRQDĂHWHSURQDĂLQD
PHČXQDURGQRPJDUDQWQRPOLVWX$NRXYDåRM]HPOMLQHSRVWRMLFHQWDU]D
NRULVQLĈNXSRGUåNXREUDWLWHVHORNDOQRPGLVWULEXWHUX3KLOLSVSURL]YRGD
ǠǷǽǭȓǺǾȉǷǭ
ǏȒǿǭȐǹǻǯǭǾȒǴǼǻǷȀǼǷǻȋǿǭǸǭǾǷǭǯǻǼǽǻǾǵǹǻDZǻǷǸȀǮȀ3KLOLSVǦǻǮȀ
ǼǻǯǺȒǶǹȒǽȒǾǷǻǽǵǾǿǭǿǵǾȌǼȒDZǿǽǵǹǷǻȋȌǷȀǼǽǻǼǻǺȀȐǷǻǹǼǭǺȒȌ3KLOLSV
ǴǭǽDzȐǾǿǽȀǶǿDzǾǯȒǶǯǵǽȒǮǺǭǯDzǮǾǭǶǿȒZZZSKLOLSVFRPZHOFRPH
 ǏǭdzǸǵǯǻ
ǜDzǽDzDZǿǵǹȌǷǯǵǷǻǽǵǾǿǻǯȀǯǭǿǵǼǽǵǾǿǽȒǶȀǯǭdzǺǻǼǽǻȄǵǿǭǶǿDzȃDzǶ
ǼǻǾȒǮǺǵǷǷǻǽǵǾǿȀǯǭȄǭȒǴǮDzǽȒǰǭǶǿDzǶǻǰǻDZǸȌǹǭǶǮȀǿǺȉǻȓDZǻǯȒDZǷǵ
ǜǛǜǒǝǒǑǓǒǚǚǬǚDz
ǯǵǷǻǽǵǾǿǻǯȀǶǿDzȃDzǶǼǽǵǾǿǽȒǶ
ǮȒǸȌǯǻDZǵ
ǠǽǭǴȒǯǵǷǻǽǵǾǿǭǺǺȌǼǽǵǾǿǽǻȋ
ȀǯǭǺǺȒǶǷȒǹǺǭǿȒǯǵǿȌǰȀǶǿDzȅǺȀǽ
ȒǴǽǻǴDzǿǷǵǼȒǾǸȌǯǵǷǻǽǵǾǿǭǺǺȌ
ǻǾǷȒǸȉǷǵǼDzǽDzǮȀǯǭǺǺȌǼǽǵǾǿǽǻȋǮȒǸȌ
ǯǻDZǵǾǿǭǺǻǯǵǿȉǽǵǴǵǷǺǭǯȒǿȉȌǷȆǻ
ǼǽǵǾǿǽȒǶǯǵǹǷǺDzǺǻ
ǜǛǜǒǝǒǑǓǒǚǚǬǚDz
ǯǵǷǻǽǵǾǿǻǯȀǶǿDzȃDzǶǼǽǵǾǿǽȒǶǮȒǸȌ
ǯǭǺǺDZȀȅȒǯǮǭǾDzǶǺȒǯǭǮǻ
ȒǺȅǵȂȐǹǺǻǾǿDzǶȒǴǯǻDZǻȋ
ǜȒǾǸȌǯǵǷǻǽǵǾǿǭǺǺȌǴǭǯdzDZǵ
ǯȒDZ·ȐDZǺȀǶǿDzǼǽǵǾǿǽȒǶǯȒDZ
ǹDzǽDzdzȒ
ǬǷȆǻȅǺȀǽdzǵǯǸDzǺǺȌǼǻȅǷǻDZdzDzǺǻ
DZǸȌȀǺǵǷǺDzǺǺȌǺDzǮDzǴǼDzǷǵǶǻǰǻ
ǺDzǻǮȂȒDZǺǻǴǭǹȒǺǵǿǵǴǯDzǽǺȀǯȅǵǾȉDZǻ
ǾDzǽǯȒǾǺǻǰǻȃDzǺǿǽȀȀǼǻǯǺǻǯǭdzDzǺǻǰǻ
3KLOLSVǭǮǻȁǭȂȒǯȃȒǯȒǴǺǭǸDzdzǺǻȋ
ǷǯǭǸȒȁȒǷǭȃȒȐȋ
ǣǵǹǼǽǵǾǿǽǻȐǹǹǻdzȀǿȉ
ǷǻǽǵǾǿȀǯǭǿǵǾȌDZȒǿǵǯȒǷǻǹǯȒDZ
ǽǻǷȒǯǭǮǻǮȒǸȉȅDzȄǵǻǾǻǮǵ
ȒǴǼǻǾǸǭǮǸDzǺǵǹǵȁȒǴǵȄǺǵǹǵ
ǯȒDZȄȀǿǿȌǹǵǭǮǻǽǻǴȀǹǻǯǵǹǵ
ǴDZȒǮǺǻǾǿȌǹǵȄǵǮDzǴǺǭǸDzdzǺǻǰǻ
DZǻǾǯȒDZȀǿǭǴǺǭǺȉǴǭȀǹǻǯǵȆǻ
ǷǻǽǵǾǿȀǯǭǺǺȌǯȒDZǮȀǯǭȐǿȉǾȌǼȒDZ
ǺǭǰǸȌDZǻǹȓǹǮȀǸǻǼǽǻǯDzDZDzǺǻ
ȒǺǾǿǽȀǷǿǭdzȆǻDZǻǮDzǴǼDzȄǺǻǰǻ
ǷǻǽǵǾǿȀǯǭǺǺȌǼǽǵǾǿǽǻȐǹǿǭȓȂǮȀǸǻ
ǼǻǯȒDZǻǹǸDzǺǻǼǽǻǹǻdzǸǵǯȒǽǵǴǵǷǵ
ǚDzDZǻǴǯǻǸȌǶǿDzDZȒǿȌǹǮǭǯǵǿǵǾȌ
ǼǽǵǾǿǽǻȐǹǚDzDZǻǴǯǻǸȌǶǿDzDZȒǿȌǹ
ǯǵǷǻǺȀǯǭǿǵȄǵȆDzǺǺȌǿǭDZǻǰǸȌDZǮDzǴ
ǺǭǰǸȌDZȀDZǻǽǻǾǸǵȂ
ǑǸȌDZǻDZǭǿǷǻǯǻǰǻǴǭȂǵǾǿȀ
ǽDzǷǻǹDzǺDZȀȐǿȉǾȌǯǵǷǻǽǵǾǿǻǯȀǯǭǿǵ
ǼǽǵǾǿǽȒǶǴǭǸǵȅǷǻǯǻǰǻǾǿǽȀǹȀ5&'
ǯDzǸDzǷǿǽǻǹDzǽDzdzȒǯǭǺǺǻȓǷȒǹǺǭǿǵ
ǚǻǹȒǺǭǸȉǺǵǶǴǭǸǵȅǷǻǯǵǶǾǿǽȀǹ
ǼǽǵǾǿǽǻȋǴǭǸǵȅǷǻǯǻǰǻǾǿǽȀǹȀ
5&'ǺDzǼǻǯǵǺDzǺǼDzǽDzǯǵȆȀǯǭǿǵ
ǹǍǝDzǷǻǹDzǺDZǭȃȒȓȆǻDZǻ
ǯǵǷǻǽǵǾǿǭǺǺȌȃȉǻǰǻǯǵǽǻǮȀǹǻdzǺǭ
ǻDZDzǽdzǭǿǵǯǾǼDzȃȒǭǸȒǾǿǭ
ǜDzǽDzDZǿǵǹȌǷǼȒDZ·ȐDZǺȀǯǭǿǵǼǽǵǾǿǽȒǶ
DZǻDzǸDzǷǿǽǻǹDzǽDzdzȒǼDzǽDzǯȒǽǿDzȄǵ
ǴǮȒǰǭȐǿȉǾȌǺǭǼǽȀǰǭǯǷǭǴǭǺǭǺǭǺȉǻǹȀ
ȒǴǺǭǼǽȀǰǻȋȀǹDzǽDzdzȒ
ǚDzǯǵǷǻǽǵǾǿǻǯȀǶǿDzǼǽǵǾǿǽȒǶDZǸȌ
ȒǺȅǵȂȃȒǸDzǶǺDzǻǼǵǾǭǺǵȂȀȃȉǻǹȀ
ǼǻǾȒǮǺǵǷȀ
ǚȒǷǻǸǵǺDzǴǭǸǵȅǭǶǿDzǼȒDZ·ȐDZǺǭǺǵǶ
ǼǽǵǾǿǽȒǶǮDzǴǺǭǰǸȌDZȀ
ǚDzǯǵǷǻǽǵǾǿǻǯȀǶǿDzǼǽǵǸǭDZDZȌ
ȄǵDZDzǿǭǸȒȒǺȅǵȂǯǵǽǻǮǺǵǷȒǯǴǭ
ǯǵǺȌǿǷǻǹǿǵȂȌǷȒǽDzǷǻǹDzǺDZȀȐ
ǷǻǹǼǭǺȒȌ3KLOLSVǏǵǷǻǽǵǾǿǭǺǺȌ
ǿǭǷǻǰǻǼǽǵǸǭDZDZȌȄǵDZDzǿǭǸDzǶ
ǼǽǵǴǯDzDZDzDZǻǯǿǽǭǿǵǰǭǽǭǺǿȒȓ
ǚDzǺǭǷǽȀȄȀǶǿDzȅǺȀǽdzǵǯǸDzǺǺȌ
ǺǭǼǽǵǾǿǽȒǶ
ǜDzǽDzDZǿǵǹȌǷǯȒDZǷǸǭǾǿǵǼǽǵǾǿǽȒǶǺǭ
ǴǮDzǽȒǰǭǺǺȌDZǭǶǿDzǶǻǹȀǻȂǻǸǻǺȀǿǵ
ǎȀDZȉǿDzDZȀdzDzȀǯǭdzǺǵǹǵǼȒDZȄǭǾ
ǯǵǷǻǽǵǾǿǭǺǺȌǼǽǵǾǿǽǻȋǻǾǷȒǸȉǷǵǯȒǺ
ǹǻdzDzǺǭǰǽȒǿǵǾȌǟǽǵǹǭǶǿDzǼǽǵǾǿǽȒǶ
ǸǵȅDzǴǭǽȀȄǷȀǿǭȀǺǵǷǭǶǿDzǷǻǺǿǭǷǿȀ
ǴȒȅǷȒǽǻȋǻǾǷȒǸȉǷǵȒǺȅȒȄǭǾǿǵǺǵ
ǹǻdzȀǿȉǮȀǿǵǰǭǽȌȄǵǹǵ
ǔǭǯdzDZǵǷǸǭDZȒǿȉǼǽǵǾǿǽȒǶǺǭ
dzǭǽǻǾǿȒǶǷȀǽȒǯǺȀǿǭǾǿȒǶǷȀ
ǼǻǯDzǽȂǺȋǚDzǿǻǽǷǭǶǿDzǾȌǰǭǽȌȄǵǹ
ǯȒDZDZȒǸDzǺǺȌǹDZǸȌǴǭǯǵǯǷǵǼǻǯDzǽȂǺȒȄǵ
ȒǺȅǵȂǴǭǶǹǵǾǿǵȂǹǭǿDzǽȒǭǸȒǯ
ǔǭǼǻǮȒǰǭǶǿDzǷǻǺǿǭǷǿȀȅǺȀǽǭ
dzǵǯǸDzǺǺȌȒǴǰǭǽȌȄǵǹǵȄǭǾǿǵǺǭǹǵ
ǼǽǵǾǿǽǻȋ
ǟǽǵǹǭǶǿDzȀǯȒǹǷǺDzǺǵǶǼǽǵǾǿǽȒǶ
ǼǻDZǭǸȒǯȒDZǯǻǰǺDzǺDzǮDzǴǼDzȄǺǵȂ
ǻǮ·ȐǷǿȒǯǿǭǹǭǿDzǽȒǭǸȒǯ
ǚȒǷǻǸǵǺDzǺǭǷǽǵǯǭǶǿDzǰǭǽȌȄǵǶ
ǼǽǵǾǿǽȒǶǺǭǼǽǵǷǸǭDZǽȀȅǺǵǷǻǹ
ȄǵǻDZȌǰǻǹ
ǏǵǷǻǽǵǾǿǻǯȀǶǿDzǼǽǵǾǿǽȒǶǸǵȅDzǺǭ
ǾȀȂǻǹȀǯǻǸǻǾǾȒǚDzǷǻǽǵǾǿȀǶǿDzǾȌ
ǼǽǵǾǿǽǻȐǹȌǷȆǻȀǏǭǾǹǻǷǽȒǽȀǷǵ
ǣǵǸȒǺDZǽǹǭȐǷDzǽǭǹȒȄǺDzǿǵǿǭǺǻǯDz
ǼǻǷǽǵǿǿȌDŽǴȄǭǾǻǹȃDzǼǻǷǽǵǿǿȌ
ǹǻdzDzǴǺǻǾǵǿǵǾȌǛDZǺǭǷȃDzǺDz
ǯǼǸǵǯǭȐǺǭǽǻǮǻǿȀǼǽǵǾǿǽǻȋ
ǬǷȆǻǼǽǵǾǿǽȒǶǯǵǷǻǽǵǾǿǻǯȀȐǿȉǾȌ
DZǸȌǯǷǸǭDZǭǺǺȌȁǭǽǮǻǯǭǺǻǰǻǯǻǸǻǾǾȌ
ǺǭȃǵǸȒǺDZǽȒǹǻdzȀǿȉǴ·ȌǯǵǿǵǾȌǼǸȌǹǵ
ǚDzǯǵǷǻǽǵǾǿǻǯȀǶǿDzǼǽǵǾǿǽȒǶǺǭ
ȅǿȀȄǺǻǹȀǯǻǸǻǾǾȒ
ǜDzǽDzǯȒǽǷȀǿǭǽDzǹǻǺǿǼǽǵǾǿǽǻȋǾǸȒDZ
ǼǽǻǯǻDZǵǿǵǯǵǷǸȋȄǺǻȀǾDzǽǯȒǾǺǻǹȀ
ȃDzǺǿǽȒȀǼǻǯǺǻǯǭdzDzǺǻǹȀ3KLOLSV
ǝDzǹǻǺǿǯǵǷǻǺǭǺǵǶǻǾǻǮǭǹǵǮDzǴ
ǾǼDzȃȒǭǸȉǺǻȓǷǯǭǸȒȁȒǷǭȃȒȓǹǻdzDz
ǾǼǽǵȄǵǺǵǿǵDZȀdzDzǺDzǮDzǴǼDzȄǺȀ
ǾǵǿȀǭȃȒȋDZǸȌǷǻǽǵǾǿȀǯǭȄǭ
ǚDzǯǾǿǭǯǸȌǶǿDzǹDzǿǭǸDzǯȒǼǽDzDZǹDzǿǵ
ǯdzǻDZǺȒǻǿǯǻǽǵǻǾǷȒǸȉǷǵȃDz
ǹǻdzDzǼǽǵǴǯDzǾǿǵDZǻȀǽǭdzDzǺǺȌ
DzǸDzǷǿǽǵȄǺǵǹǾǿǽȀǹǻǹ
ǚDzǿȌǰǺȒǿȉǴǭǷǭǮDzǸȉdzǵǯǸDzǺǺȌǼȒǾǸȌ
ǯǵǷǻǽǵǾǿǭǺǺȌǔǭǯdzDZǵǯȒDZ·ȐDZǺȀǶǿDz
ǼǽǵǾǿǽȒǶǯȒDZǹDzǽDzdzȒǿǽǵǹǭȋȄǵ
ǴǭȅǿDzǷDzǽ
ǚȒǷǻǸǵǺDzǯǵǹǵǷǭǶǿDzǼǽǵǾǿǽȒǶ
ȆǻǮǴǭǼǻǮȒǰǿǵȀǽǭdzDzǺǺȋ
DzǸDzǷǿǽǵȄǺǵǹǾǿǽȀǹǻǹ
ǒǸDzǷǿǽǻǹǭǰǺȒǿǺȒǼǻǸȌǒǙǜ
ǣDzǶǼǽǵǾǿǽȒǶ3KLOLSVǯȒDZǼǻǯȒDZǭȐȀǾȒǹȄǵǺǺǵǹǾǿǭǺDZǭǽǿǭǹǿǭ
ǼǽǭǯǻǯǵǹǺǻǽǹǭǹȆǻǾǿǻǾȀȋǿȉǾȌǯǼǸǵǯȀDzǸDzǷǿǽǻǹǭǰǺȒǿǺǵȂǼǻǸȒǯ
ǚǭǯǷǻǸǵȅǺȐǾDzǽDzDZǻǯǵȆDz
ǣDzǶǾǵǹǯǻǸǻǴǺǭȄǭȐȆǻȃDzǶǯǵǽȒǮǺDzǼȒDZǸȌǰǭȐȀǿǵǸȒǴǭȃȒȓǴȒ
ǴǯǵȄǭǶǺǵǹǵǼǻǮȀǿǻǯǵǹǵǯȒDZȂǻDZǭǹǵ(8
ǑǻǿǽǵǹȀǶǿDzǾȉǼǽǭǯǵǸǽǻǴDZȒǸDzǺǻǰǻǴǮǻǽȀDzǸDzǷǿǽǵȄǺǵȂǿǭ
DzǸDzǷǿǽǻǺǺǵȂǼǽǵǾǿǽǻȓǯȀǏǭȅȒǶǷǽǭȓǺȒǚǭǸDzdzǺǭȀǿǵǸȒǴǭȃȒȌ
DZǻǼǻǹǻdzDzǴǭǼǻǮȒǰǿǵǺDzǰǭǿǵǯǺǻǹȀǯǼǸǵǯȀǺǭǺǭǯǷǻǸǵȅǺȐ
ǾDzǽDzDZǻǯǵȆDzǿǭǴDZǻǽǻǯ·ȌǸȋDZDzǶ
 ǔǭǰǭǸȉǺǵǶǻǰǸȌDZ
a ǏȒDZDZȒǸDzǺǺȌDZǸȌǴǭǯǵǯǷǵ
b ǗǺǻǼǷǭǴǭǯǵǯǷǵ
c ǜDzǽDzǹǵǷǭȄǺǭǼǽȌǹǷȀǴǭǯǵǯǷǵ
d ǚǭǸǭȅǿȀǯǭǺǺȌȄǭǾȀǴǭǯǵǯǷǵ
e ǚǭǸǭȅǿȀǯǭǺǺȌǿDzǹǼDzǽǭǿȀǽǵǴǭǯǵǯǷǵ
f DŽǺDZǵǷǭǿǻǽȀǯȒǹǷǺDzǺǺȌdzǵǯǸDzǺǺȌ
g ǗǺǻǼǷǭȀǯȒǹǷǺDzǺǺȌǯǵǹǷǺDzǺǺȌ
h ǜDzǿǸȌDZǸȌǼȒDZǯȒȅȀǯǭǺǺȌ
i ǜǽǵǸǭDZDZȌDZǸȌǽǻǴDZȒǸDzǺǺȌǯǻǸǻǾǾȌǺǭǼǭǾǹǭ
j ǜǽǵǸǭDZDZȌDZǸȌȄǵȆDzǺǺȌȃǵǸȒǺDZǽǭ
k ǛǿǯȒǽǼǻDZǭȄȒȒǻǺȒǯ
 ǞǿǯǻǽDzǺǺȌǴǭǯǵǿǷȒǯ
ǬǷǷǻǽǵǾǿȀǯǭǿǵǾȌ
 ǏǾǿǭǯǿDzǯǵǸǷȀȀǽǻǴDzǿǷȀ
 ǚǭǿǵǾǺȒǿȉǷǺǻǼǷȀȀǯȒǹǷǺDzǺǺȌǯǵǹǷǺDzǺǺȌ gȆǻǮȀǯȒǹǷǺȀǿǵ
ǼǽǵǾǿǽȒǶ
» ǬǷȆǻȒǺDZǵǷǭǿǻǽȀǯȒǹǷǺDzǺǺȌdzǵǯǸDzǺǺȌǮǸǵǹǭȐȃDzǻǴǺǭȄǭȐȆǻ
ǼǽǵǾǿǽȒǶǺǭǰǽȒǯǭȐǿȉǾȌ
fǜǽǵǾǿǽȒǶǰǻǿǻǯǵǶDZǻǯǵǷǻǽǵǾǿǭǺǺȌ
ǷǻǸǵȒǺDZǵǷǭǿǻǽǾǯȒǿǵǿȉǾȌǮDzǴǮǸǵǹǭǺǺȌ
» ǬǷȆǻǼǽǵǾǿǽȒǶȀǯȒǹǷǺDzǺǻȒǻǺǵǭǯǿǻǹǭǿǵȄǺǻǿǭǼǻǾǿȒǶǺǻ
ǽǻǴǼǻDZȒǸȌȋǿȉǾȌDZǸȌǴǹDzǺȅDzǺǺȌǾǷȀǶǻǯDZdzDzǺǺȌȒǺǭDZǭǺǺȌ
DZǻDZǭǿǷǻǯǻǰǻǮǸǵǾǷȀǙǻdzǺǭǼǻȄȀǿǵǻǾǻǮǸǵǯǵǶǴǭǼǭȂǣDz
ǺǻǽǹǭǸȉǺDzȌǯǵȆDzȌǷDzǯǵǺǵǷǭȐǯǺǭǾǸȒDZǻǷǰDzǺDzǽǭȃȒȓȒǻǺȒǯ
 ǏǵǮDzǽȒǿȉǼǻǿǽȒǮǺDzǺǭǸǭȅǿȀǯǭǺǺȌȄǭǾȀdǶǿDzǹǼDzǽǭǿȀǽǵ
ǴǭǯǵǯǷǵ
eǯȒDZǼǻǯȒDZǺǻDZǻǹǭǸ
ǔǭȄȒǾǷǭ ǢǯǵǸȌǾǿȒ
ǴǭǯǵǿǷǵ
ǏȒǸȉǺȒǴǭǯǵǿǷǵ ǟȀǰȒǴǭǯǵǿǷǵ
ǚǭǸǭȅǿȀǯǭǺǺȌ
ǿDzǹǼDzǽǭǿȀǽǵ
&
& &
ǚǭǸǭȅǿȀǯǭǺǺȌ
ȄǭǾȀǴǭǯǵǯǷǵ
ǾDzǷ ǾDzǷ ǾDzǷ
4 ǏǵǮDzǽȒǿȉǼǻǿǽȒǮǺǵǶǺǭǼǽȌǹǻǷǴǭǯǵǯǷǵcǯȒDZǼǻǯȒDZǺǻDZǻǹǭǸ
ǘȒǯǭǾǿǻǽǻǺǭ ǍǸȉǿDzǽǺǭǿǵǯǺǵǶ
ǯǭǽȒǭǺǿ
ǜǽǭǯǭǾǿǻǽǻǺǭ
5 ǏǵǴǺǭȄǿDzǷȒǸȉǷȒǾǿȉǯǻǸǻǾǾȌǴǭDZǻǼǻǹǻǰǻȋǼǽǵǸǭDZDZȌDZǸȌ
ǽǻǴDZȒǸDzǺǺȌǺǭǼǭǾǹǭǜǻȄǺȒǿȉȒǴǼǭǾǹǭǯǻǸǻǾǾȌȅǵǽǵǺǻȋ²Ǿǹ
ǜǽǵǹȒǿǷǭǚDzǷǸǭDZȒǿȉȀǯȒDZDZȒǸDzǺǺȌDZǸȌǴǭǯǵǯǷǵǮȒǸȉȅDzǯǻǸǻǾǾȌǺȒdz
ǯǵǴǺǭȄDzǺǻǼǽǵǸǭDZDZȌǹDZǸȌǽǻǴDZȒǸDzǺǺȌǺǭǼǭǾǹǭ
6 ǑǸȌǸDzǰǷǻǰǻǽǻǴǹȒȆDzǺǺȌǼǭǾǹǭǯǻǸǻǾǾȌȀǯȒDZDZȒǸDzǺǺȒDZǸȌǴǭǯǵǯǷǵ
ǾǼǻȄǭǿǷȀǯǾǿǭǯǿDzȄǭǾǿǵǺȀǯǻǸǻǾǾȌǯǻǿǯȒǽǼǻǴǭDZȀǼǽǵǾǿǽǻȋǦǻǮ
ǾǼǽȌǹȀǯǭǿǵǼǭǾǹǻǯǻǸǻǾǾȌȀǯȒDZDZȒǸDzǺǺȌǯǵǷǻǽǵǾǿǻǯȀǶǿDzǷǻǺǿȀǽǵ
ǻǿǯǻǽȀ
7 ǑǭǶǿDzǼǽǵǾǿǽǻȋǴǭȁȒǷǾȀǯǭǿǵǼǭǾǹǻǯǻǸǻǾǾȌǺǭǹȒǾȃȒ
ǚǍǟǕǞǚDŽǟǩǿǭǠǟǝǕǙǠǖǟǒǷǺǻǼǷȀǴǭǯǵǯǷǵ bȒǼǭǾǹǻ
ǯǻǸǻǾǾȌǭǯǿǻǹǭǿǵȄǺǻǴǭǷǽȀǿǵǿȉǾȌȀǯȒDZDZȒǸDzǺǺȒ
ǗǻǸǵǯǻǸǻǾǾȌǮȀDZDzǽǻǴǹȒȆDzǺǻȀǯȒDZDZȒǸDzǺǺȒǼǽǻǸȀǺǭȐǻDZǵǺ
ǴǯȀǷǻǯǵǶǾǵǰǺǭǸǴǽDzǰȀǸȌǽǺǵǹǵȒǺǿDzǽǯǭǸǭǹǵǬǷȆǻǴǯȀǷǻǯȒǾǵǰǺǭǸǵ
ǺDzǸȀǺǭȋǿȉȒǯǻǸǻǾǾȌǺDzǴǭǷǽȀǿǵǸǻǾȌȀǯȒDZDZȒǸDzǺǺȒǯǵǶǹȒǿȉǼǭǾǹǻ
ǯǻǸǻǾǾȌǿǭǯǾǿǭǯǿDzǶǻǰǻǴǺǻǯȀ
 ǗǻǸǵǸȀǺǭȋǿȉǮDzǴǼDzǽDzǽǯǺȒǔǏǠǗǛǏDŽǼǻǼDzǽDzDZdzDzǺǺȌǭǼǻǿȒǹ
ȄȀǿǵǷǸǭȃǭǺǺȌǹǻdzǺǭǴǭǮǽǭǿǵǼǭǸDzȃȉȒǴǷǺǻǼǷǵǴǭǯǵǯǷǵǜǻǯȒǸȉǺǻ
ǶǭǷȀǽǭǿǺǻǯǵǶǹȒǿȉǯǻǸǻǾǾȌȒǴǯȒDZDZȒǸDzǺǺȌ
 ǑǸȌǯǷǸǭDZǭǺǺȌǽDzȅǿǵǯǻǸǻǾǾȌǼǻǯǿǻǽȒǿȉDZȒȓ²
 ǜǻǽǭDZǵǿǭǼȒDZǷǭǴǷǵ
ǠǽǭǴȒǮǸǻǷȀǯǭǺǺȌǯǻǸǻǾǾȌǺDzǼǭǺȒǷȀǶǿDzǜDzǽDzǯȒǽǿDzȄǵǼǽǵǾǿǽȒǶ
ǯǵǹǷǺDzǺǻǿǭǻǮDzǽDzdzǺǻǯǵǶǹȒǿȉǯǻǸǻǾǾȌȆǻǴǭǾǿǽȌǰǸǻ
ǯǵǿȌǰȀȋȄǵǿǻǺǷȒǼǭǾǹǭǼǻȄDzǽǴȒǼǻǷǵǺDzǯǵǿȌǰǺDzǿDzǯǾDzǯǻǸǻǾǾȌ
ǜDzǽDzDZǴǭǯǵǯǷǻȋDZǻǮǽDzǽǻǴȄDzȅȒǿȉǯǻǸǻǾǾȌȒǼDzǽDzǯȒǽǿDzȄǵǯǻǺǻ
ǺDzǴǭǼǸȀǿǭǸǻǾȌ
ǝǻǴDZȒǸȒǿȉǯǻǸǻǾǾȌǺǭǼǭǾǹǭǟǽǵǹǭǶǿDzǯǻǸǻǾǾȌȆǻǺDz
ǯǵǷǻǽǵǾǿǻǯȀȐǿȉǾȌǼǻDZǭǸȒǯȒDZǻǿǯǻǽȀǯȒDZDZȒǸDzǺǺȌDZǸȌǴǭǯǵǯǷǵ
ǑǸȌǴǭǼǻǮȒǰǭǺǺȌǴǭǼǸȀǿȀǯǭǺǺȋǮDzǽȒǿȉǾǿȒǸȉǷǵǯǻǸǻǾǾȌǾǷȒǸȉǷǵ
ǼǻǹȒǾǿǵǿȉǾȌǯǻǿǯǻǽȒǼǽǵǸǭDZDZȌǽǻǴDZȒǸDzǺǺȌǺǭǼǭǾǹǭ
ǜǻȄǵǺǭǶǿDzǽǻǮǵǿǵǴǭǯǵǯǷȀȒǴǴǭDZǺȉǻȓǾǿǻǽǻǺǵǯǻǸǻǾǾȌ
ǙǭǸǞǸȒDZǷȀǶǿDzȆǻǮǮȒǸȌǻǿǯǻǽȀǯȒDZDZȒǸDzǺǺȌDZǸȌǴǭǯǵǯǷǵǺDz
ǮȀǸǻǼǭǾǻǹǯǻǸǻǾǾȌ
ǞǷǽȀǿȒǿȉǯǻǸǻǾǾȌǻDZǵǺǽǭǴȆǻǮǮȀǸǻǸDzǰȅDzǽǻǴǹȒǾǿǵǿǵǶǻǰǻǯ
ǻǿǯǻǽȒǯȒDZDZȒǸDzǺǺȌDZǸȌǴǭǯǵǯǷǵ
ǑǸȌǾǼǽȌǹȀǯǭǺǺȌǯǻǸǻǾǾȌȀǯȒDZDZȒǸDzǺǺȌǯǵǷǻǽǵǾǿǻǯȀǶǿDz
ǷǻǺǿȀǽǵǻǿǯǻǽȀ
ǝǻǴǹȒǾǿȒǿȉǻǿǯȒǽǮȒǸȌDZǻǯdzǵǺǵǯǻǸǻǾǾȌDZDzǼǻǿǽȒǮǺǻǼǻȄǭǿǵ
ǴǭǯǵǯǷȀǚDzǾǿǭǯǿDzǼǽǵǾǿǽȒǶDZȀdzDzǮǸǵǴȉǷǻDZǻȅǷȒǽǵǰǻǸǻǯǵ
ǟȀǰǻǺǭǿȌǰȀǶǿDzǼǭǾǹǭǯǻǸǻǾǾȌǷǻǸǵǷǸǭDZDzǿDzȓȂǹȒdzǻǿǯȒǽ
ǯȒDZDZȒǸDzǺǺȌDZǸȌǴǭǯǵǯǷǵ
ǬǷȆǻȒǺDZǵǷǭǿǻǽȀǯȒǹǷǺDzǺǺȌdzǵǯǸDzǺǺȌǮǸǵǹǭȐȃDzǻǴǺǭȄǭȐȆǻ
ǼǽǵǾǿǽȒǶǺǭǰǽȒǯǭȐǿȉǾȌǜǽǵǾǿǽȒǶǰǻǿǻǯǵǶDZǻǯǵǷǻǽǵǾǿǭǺǺȌǷǻǸǵ
ȒǺDZǵǷǭǿǻǽǾǯȒǿǵǿȉǾȌǮDzǴǮǸǵǹǭǺǺȌ
ǦǻǮǾǿǯǻǽǵǿǵȄȒǿǷȒȅȒǴǭǯǵǿǷǵǮDzǽȒǿȉǹDzǺȅȀǷȒǸȉǷȒǾǿȉǯǻǸǻǾǾȌDZǸȌ
DZǻǯȅǻǰǻǯǻǸǻǾǾȌ
ǑǸȌǾǿǯǻǽDzǺǺȌǽȒǴǺǵȂǿǵǼȒǯǴǭǯǵǿǷȒǯǿǭǴǭȄȒǾǻǷǴǹȒǺȋǶǿDz
ǺǭǸǭȅǿȀǯǭǺǺȌǿDzǹǼDzǽǭǿȀǽǵȄǭǾȀǿǭǭǮǻǺǭǼǽȌǹǻǷǻǮDzǽǿǭǺǺȌ
ǙǭǸǿǭǹǭǸ
ǜǽǵǹȒǿǷǵ
ǚǍǟǕǞǚDŽǟǩǿǭǠǟǝǕǙǠǖǟǒǷǺǻǼǷȀǴǭǯǵǯǷǵǼǻǷǵǺDzǼǻȄȀȐǿDz
ǮDzǴǼDzǽDzǽǯǺȒǔǏǠǗǛǏDŽǞǕǐǚǍǘǕǭǼǻǿȒǹǗǘǍǣǍǚǚǬǬǷȆǻǏǵ
ǴǭǮDzǽDzǿDzǼǭǸDzȃȉȒǴǷǺǻǼǷǵǴǭǯǵǯǷǵDZǻǿǻǰǻȌǷǼǽǻǸȀǺǭȐǻǾǿǭǺǺȒǶ
ǴǯȀǷǻǯǵǶǾǵǰǺǭǸǚǒǺǭǿǵǾǷǭǶǿDzǷǺǻǼǷȀǴǺǻǯȀǏǵǶǹȒǿȉǯǻǸǻǾǾȌǿǭ
ǼǻȄǺȒǿȉǴǼǻȄǭǿǷȀ
ǜǽǵǾǿǽȒǶǽǻǴȀǹǺǻǯǵǴǺǭȄǭȐǷǻǸǵǯǻǸǻǾǾȌǾǵǸȉǺǻǴǭǾǿǽȌǰǸǻȒ
ǼǻǯȒDZǻǹǸȌȐǼǽǻȃDzǮDzǴǼDzǽDzǽǯǺǵǹǵǔǏǠǗǛǏǕǙǕǞǕǐǚǍǘǍǙǕ
ǼȒǾǸȌȌǷǵȂȄȀǿǵǗǘǍǣǍǚǚǬǑǸȌǴǭȂǵǾǿȀǯǻǸǻǾǾȌǯȒDZ
ǼǻȅǷǻDZdzDzǺǺȌǯǵǾǻǷǵǹǵǿDzǹǼDzǽǭǿȀǽǭǹǵǼǽǵǾǿǽȒǶǭǯǿǻǹǭǿǵȄǺǻ
ǯǵǹǵǷǭǿǵǹDzǿȉǾȌ
 ǜȒǾǸȌǯǵǷǻǽǵǾǿǭǺǺȌ
 ǏǵǹǷǺȒǿȉǼǽǵǾǿǽȒǶȒǯȒDZ·ȐDZǺǭǶǿDzǶǻǰǻǯȒDZǹDzǽDzdzȒ
 ǜǻǾǿǭǯǿDzǼǽǵǾǿǽȒǶǺǭdzǭǽǻǾǿȒǶǷȀǼǻǯDzǽȂǺȋȒDZǭǶǿDzǻȂǻǸǻǺȀǿǵ
ǯȒDZDZȒǸDzǺǺȋDZǸȌǴǭǯǵǯǷǵ
 ǔǮDzǽȒǰǭǶǿDzǼǽǵǾǿǽȒǶȀǮDzǴǼDzȄǺǻǹȀǾȀȂǻǹȀǿǭǺDzǴǭǼǵǸDzǺǻǹȀǹȒǾȃȒ
ǜǽǵǾǿǽȒǶǹǻdzǺǭǿǭǷǻdzǴǮDzǽȒǰǭǿǵǼȒDZǯȒǾǵǯȅǵǶǻǰǻǺǭǰǭȄǻǷǴǭ
ǼDzǿǸȋ
h
ǤǵȆDzǺǺȌǿǭDZǻǰǸȌDZ
ǏǵǿǽȒǿȉǼǻǯDzǽȂǺȋǼǽǵǾǿǽǻȋǯǻǸǻǰǻȋǰǭǺȄȒǽǷǻȋ
ǙǭǸǏǾǿǭǯǿDzǼǽǵǸǭDZDZȌDZǸȌȄǵȆDzǺǺȌȃǵǸȒǺDZǽǭjȀ
ǯȒDZDZȒǸDzǺǺȌDZǸȌǴǭǯǵǯǷǵǜǻǯDzǽǿǭǶǿDzǶǻǰǻǮDzǴǼDzǽDzǽǯǺǻȆǻǮ
ǯǵDZǭǸǵǿǵǴǭǸǵȅǷǵ
ǦǻǮǼǻȄǵǾǿǵǿǵǼǽǵǸǭDZDZȌDZǸȌȄǵȆDzǺǺȌǼǻǹǵǶǿDzǶǻǰǻǼȒDZ
ǼǽǻǿǻȄǺǻȋǯǻDZǻȋǿǭǼDzǽDzDZǼǻǯǿǻǽǺǵǹǯǵǷǻǽǵǾǿǭǺǺȌǹDZǭǶǿDz
ǶǻǹȀǼǻǯǺȒǾǿȋǯǵǾǻȂǺȀǿǵ
 ǐǭǽǭǺǿȒȌǿǭǻǮǾǸȀǰǻǯȀǯǭǺǺȌ
ǬǷȆǻǏǭǹǺDzǻǮȂȒDZǺǭȒǺȁǻǽǹǭȃȒȌǺǭǼǽǵǷǸǭDZȌǷǴǭǹȒǺǵǿǵǺǭǾǭDZǷȀ
ǭǮǻȀǏǭǾǯǵǺǵǷǸǭǼǽǻǮǸDzǹǭǯȒDZǯȒDZǭǶǿDzǯDzǮǾǿǻǽȒǺǷȀǷǻǹǼǭǺȒȓ3KLOLSV
ZZZSKLOLSVFRPVXSSRUWǭǮǻǴǯDzǽǺȒǿȉǾȌDZǻǣDzǺǿǽȀǻǮǾǸȀǰǻǯȀǯǭǺǺȌ
ǷǸȒȐǺǿȒǯǷǻǹǼǭǺȒȓ3KLOLSVȀǏǭȅȒǶǷǽǭȓǺȒǿDzǸDzȁǻǺǹǻdzǺǭǴǺǭǶǿǵ
ǺǭǰǭǽǭǺǿȒǶǺǻǹȀǿǭǸǻǺȒǬǷȆǻȀǏǭȅȒǶǷǽǭȓǺȒǺDzǹǭȐǣDzǺǿǽȀ
ǻǮǾǸȀǰǻǯȀǯǭǺǺȌǷǸȒȐǺǿȒǯǴǯDzǽǺȒǿȉǾȌDZǻǹȒǾȃDzǯǻǰǻDZǵǸDzǽǭ3KLOLSV
ǗǻǹǼǭǺȒȌ3KLOLSVǯǾǿǭǺǻǯǸȋȐǾǿǽǻǷǾǸȀdzǮǵǺǭDZǭǺǵǶǯǵǽȒǮ²ǺDz
ǹDzǺȅDzǽǻǷȒǯ
ǞǸȀdzǮǭǼȒDZǿǽǵǹǷǵǾǼǻdzǵǯǭȄȒǯ
ǿDzǸ
DZǴǯȒǺǷǵǴȒǾǿǭȃȒǻǺǭǽǺǵȂȒǹǻǮȒǸȉǺǵȂǿDzǸDzȁǻǺȒǯȀǹDzdzǭȂǠǷǽǭȓǺǵ
ǮDzǴǷǻȅǿǻǯǺȒ
DZǸȌǮȒǸȉȅDZDzǿǭǸȉǺǻȓȒǺȁǻǽǹǭȃȒȒǴǭǯȒǿǭǶǿDzǺǭZZZSKLOLSVXD
Preuzmite priručnik na hrvatskom jeziku (PDF, 1.48 MB)
(Čuvajte okoliš i ovaj priručnik ispišite samo ako je nužno)

Loading…

Ocjena

Ostavite ocjenu proizvoda Philips HPS950 Uređaj za oblikovanje kose i recite nam što mislite o njemu. Želite podijeliti svoje iskustvo s proizvodom ili postaviti pitanje? Ostavite komentar na dnu stranice.
Jeste li zadovoljni s Philips HPS950 Uređaj za oblikovanje kose?
Da Ne
Prvi ocijenite ovaj proizvod
0 glasovi

Pridružite se razgovoru o ovom proizvodu

Ovdje možete podijeliti što mislite o Philips HPS950 Uređaj za oblikovanje kose. Ako imate pitanja, prvo pažljivo pročitajte priručnik. Zahtjev za priručnik možete izvršiti putem našeg obrasca za kontakt.

Više o ovom priručniku

Razumijemo da je lijepo imati papirnati priručnik za svoj Philips HPS950 Uređaj za oblikovanje kose. Uvijek možete preuzeti priručnik s naše web stranice i sami ga ispisati. Ako želite imati originalni priručnik, preporučujemo da kontaktirate Philips. Oni bi mogli osigurati originalni priručnik. Tražite li priručnik za svoj Philips HPS950 Uređaj za oblikovanje kose na drugom jeziku? Odaberite željeni jezik na našoj početnoj stranici i potražite broj modela da vidite imamo li ga na raspolaganju.

Tehnički podaci

Marka Philips
Model HPS950
Kategorija Uređaji za oblikovanje kose
Vrsta datoteke PDF
Veličina datoteke 1.48 MB

Svi priručnici za Philips Uređaji za oblikovanje kose
Više priručnika za Uređaji za oblikovanje kose

Često postavljana pitanja o Philips HPS950 Uređaj za oblikovanje kose

Naš tim za podršku pretražuje korisne informacije o proizvodu i odgovore na česta pitanja. Ako u častim pitanjima naiđete na netočne informacije, obratite nam se putem obrasca za kontakt.

Mogu li koristiti styler za kosu na mokroj kosi? Potvrđeno

Nije preporučljivo koristiti styler za kosu na mokroj kosi. Za najbolje rezultate kosa treba biti potpuno suha.

Ovo je bilo korisno (109) Čitaj više

Mogu li omotati kabel oko uređaja nakon upotrebe? Potvrđeno

Bolje je to ne raditi jer to može oštetiti kabel. Najbolje je umotati kabel onako kako je bilo kad se proizvod pakirao.

Ovo je bilo korisno (28) Čitaj više
Priručnik Philips HPS950 Uređaj za oblikovanje kose

Povezani proizvodi

Povezane kategorije

×
Download