User Manual for dreame models including: 91Ii9x9f2IL Hair Glory High Speed Hair Dryer, 91Ii9x9f2IL, Hair Glory High Speed Hair Dryer, High Speed Hair Dryer, Hair Dryer, Dryer
Dreame Hair Glory Asciugacapelli,Asciugatura rapida,Motore ad alta velocità da 110.000 giri/min,Velocità del flusso d'aria di 70 m/s,Tecnologia a ioni negativi,Leggero,Controllo della temperatura,rosa : Amazon.it: Bellezza
File Info : application/pdf, 32 Pages, 995.56KB
DocumentDocument!"#$%#&'$("&)*+",&'(-./01##2& '$("&!",#"&
!"#$%&'()'*
J> 0#'1%-2."%3'()'*%,'$#4)**5%6#4/$#%)"#7%'(1%$#-'.(%.-%4/$%4)-)$#%$#4#$#(,#8
+$#,')-./("
7KLVDSSOLDQFHFDQEHXVHGE\FKLOGUHQDJHG 4$/3%A%5#'$"%'(1%'6/B#%'(1%C#$"/("%D.-2% $#1),#1%C25".,'*7%"#("/$5%/$%3#(-'*%,'C'6.*.-.#"% RUODFNRIH[SHULHQFHDQGNQRZOHGJHLIWKH\ KDYHEHHQJLYHQVXSHUYLVLRQRULQVWUXFWLRQ FRQFHUQLQJXVHRIWKHDSSOLDQFHLQDVDIHZD\ '(1%)(1#$"-'(1%-2#%2'E'$1"%.(B/*B#18%92.*1$#(% "2'**%(/-%C*'5%D.-2%-2#%'CC*.'(,#8
&OHDQLQJDQGXVHUPDLQWHQDQFHVKDOOQRWEH 3'1#%65%,2.*1$#(%D.-2/)-%")C#$B."./(8
;2."%'CC*.'(,#%."%(/-%.(-#(1#1%4/$%)"#%65%C#$"/("% LQFOXGLQJFKLOGUHQ ZLWKUHGXFHGSK\VLFDO "#("/$5%/$%3#(-'*%,'C'6.*.-.#"7%/$%*',I%/4% H[SHULHQFHDQGNQRZOHGJHXQOHVVWKH\KDYH EHHQJLYHQVXSHUYLVLRQRULQVWUXFWLRQFRQFHUQLQJ )"#%/4%-2#%'CC*.'(,#%65%'%C#$"/(%$#"C/(".6*#%4/$% -2#.$%"'4#-58
9:!;<=> %%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%F<(%/$1#$%-/%'B/.1%'%2'E'$1%
GXHWRLQDGYHUWHQWUHVHLQJRIWKHWKHUPDOFXWRXW WKLVDSSOLDQFHPXVWQRWEHVXSSOLHGWKURXJKDQ H[WHUQDOVZLWFKLQJGHYLFHVXFKDVDWLPHURU FRQQHFWHGWRDFLUFXLWWKDWLVUHJXODUO\VZLWFKHGRQ DQGRlE\WKHXWLOLW\
?:0><>@ F%G/%(/-%)"#%-2."
'CC*.'(,#%(#'$%6'-2-)6"7%"2/D#$"7% EDVLQVRURWKHUYHVVHOVFRQWDLQLQJ D'-#$8 :KHQWKHKDLUGU\HULVXVHGLQDEDWKURRPXQSOXJ .-%'%#$%)"#%".(,#%-2#%C$/H.3.-5%/4%D'-#$%C$#"#(-"%'% KD]DUGHYHQZKHQWKHKDLUGU\HULVVZLWFKHGRl
KKL
M/$%'11.-./('*%C$/-#,-./(7%-2#%.("-'**'-./(%/4%'% J> UHVLGXDOFXUUHQWGHYLFH5&' KDYLQJDUDWHG UHVLGXDORSHUDWLQJFXUUHQWQRWH[FHHGLQJP$ LVDGYLVDEOHLQWKHHOHFWULFDOFLUFXLWVXSSO\LQJWKH 6'-2$//38%:"I%5/)$%.("-'**#$%4/$%'1B.,#8
?:0><>@
,IWKHVXSSO\FRUGLVGDPDJHGLWPXVWEHUHSODFHG E\WKHPDQXIDFWXUHULWVVHUYLFHDJHQWRUVLPLODUO\ TXDOLHGSHUVRQVLQRUGHUWRDYRLGDKD]DUG G/%(/-%6*/,I%-2#%'.$%.(-'I#%'(1%'.$%/)-*#-%-/%'B/.1% GDQJHU
'XULQJXVHSUHYHQW\RXUKDLUIURPJHLQJFDXJKW LQWKHDLULQWDNHWRDYRLGGDQJHU
3OHDVHXVHWKHKDLUGU\HUDFFRUGLQJWRWKHUDWHG C/D#$%.(4/$3'-./(%.(1.,'-#1%/(%-2#%1#B.,#7%'(1%1/% QRWXVHXQLYHUVDOSOXJVRURWKHUYROWDJHFRQYHUWHUV WRDYRLGGDQJHU
3+4#"&5+"2&6&3*7G/%(/-%)"#%-2#%2'.$%1$5#$%.4%-2#%C/D#$%,/$1%/$% SRZHUSOXJLVGDPDJHGRURYHUKHDWHGDVWKLV PD\FDXVHEXUQVHOHFWULFVKRFNVRUFDXVHUH 1)#%-/%'%"2/$-%,.$,).-8
'RQRWXVHWKHKDLUGU\HULIWKHSRZHUSOXJWKDW LVSOXJJHGLQWRWKHSRZHURXWOHWLVORRVHDVWKLV PD\FDXVHEXUQVHOHFWULFVKRFNVRUFDXVHUH 1)#%-/%'%"2/$-%,.$,).-8 'RQRWSOXJLQRUXQSOXJWKHSRZHUSOXJZLWK D#-%2'(1"7%'"%-2."%3'5%$#")*-%.(%#*#,-$.,%"2/,I"% '(1%.(N)$58
G/%(/-%)"#%-2#%2'.$%1$5#$%.4%-2#%C/D#$%,/$1%."%-.#1% WRJHWKHUDVWKLVPD\FDXVHHOHFWULFVKRFNVRU FDXVHUHGXHWRDVKRUWFLUFXLW
KKO
J> 'RQRWGDPDJHPRGLI\IRUFHIXOO\EHQGSXOO -D."-7%/$%"P)##E#%-2#%C/D#$%,/$17%(/$%C*',#%2#'B5% /6N#,-"%/(%-/C%/4%.-7%'"%-2."%3'5%,')"#%#*#,-$.,% VKRFNVRUFDXVHUHGXHWRDVKRUWFLUFXLW 'RQRWSXOOWKHSRZHUFRUGZKHQXQSOXJJLQJWKH SRZHUSOXJ0DNHVXUHWRKROGWKHSRZHUSOXJ ZKHQXQSOXJJLQJLW2WKHUZLVHWKHSRZHUFRUG PD\JHWGDPDJHGFDXVHEXUQVFDXVHHOHFWULF VKRFNVRUFDXVHUHGXHWRDVKRUWFLUFXLW
&RPSOHWHO\DQGGLUHFWO\SOXJWKHSRZHUSOXJLQWR '%OOKQORK%ST%#*#,-$.,'*%/)-*#-8%G/%(/-%)"#%'%C/D#$% "-$.C%/$%#H-#("./(%,/$1"7%'"%-2."%3'5%,')"#%#*#,-$.,% VKRFNVRUFDXVHDUHGXHWRDVKRUWFLUFXLW
0DNHVXUHWKHKDLUGU\HULVXQSOXJJHGZKHQQRWLQ XVHDVZHOODVSULRUWRSHUIRUPLQJDQ\ 3'.(-#('(,#%/$%$#C'.$"8
U##C%-2#%C/D#$%,/$1%'D'5%4$/3%2#'-%"/)$,#"%'(1% /-2#$%C*',#"%-2'-%3'5%,/3C$/3."#%.-"%C$/-#,-./(8
89$-#&6&0:+"$-# 'RQRWEORFNRULQVHUWIRUHLJQREMHFWVLQWRWKH '.$%/)-*#-%'(1%'.$%.(-'I#7%'"%-2."%3'5%,')"#%6)$("7% HOHFWULFVKRFNVRUFDXVHUHGXHWRDVKRUWFLUFXLW G/%(/-%.33#$"#%-2."%2'.$%1$5#$%.(%D'-#$8
G/%(/-%)"#%-2."%2'.$%1$5#$%.(%2)3.1%#(B.$/(3#(-"8
U##C%-2#%2'.$%1$5#$%1$57%/-2#$D."#%.-%3'5%,')"#% #*#,-$.,%"2/,I"8
G/%(/-%)"#%-2#%2'.$%1$5#$%.(%#(B.$/(3#(-"%D2#$#% DHURVROVSUD\ SURGXFWVDUHXVHGRUZKHUHWKHUH DUHLDPPDEOHVRXUFHV
G/%(/-%*#'B#%-2#%2'.$%1$5#$%)('--#(1#1%D2#(%.-%."% WXUQHGRQDVWKLVPD\UHVXOWLQDUHGXHWRD "2/$-%,.$,).-8
KKV
'RQRWVWRUHWKHKDLUGU\HULQDKLJKO\KXPLG
J>
#(B.$/(3#(-7%'"%-2."%3'5%,')"#%#*#,-$.,%"2/,I"7%
RUFDXVHUHGXHWRDVKRUWFLUFXLWZKHQXVLQJ
-2#%2'.$%1$5#$8
G/%(/-%"-/$#%-2#%2'.$%1$5#$%D.-2.(%-2#%$#',2%/4% ,2.*1$#(%'(1%.(4'(-"7%'"%-2."%3'5%$#")*-%.(%#*#,-$.,% "2/,I"%'(1%.(N)$58
G/%(/-%$#C'.$7%1."'""#36*#7%/$%3/1.45%-2."% SURGXFW\RXUVHOIDVWKLVPD\FDXVHLQMXU\RUUH GXHWRPDOIXQFWLRQLQJ3OHDVHFRQWDFWWKH ,)"-/3#$%"#$B.,#%B.'% KWWSVJOREDOGUHDPHWHFKFRPUX
G/%(/-%C*',#%-2#%2'.$%1$5#$%/(%.-"%'.$%.(-'I#%D2.*#% LWLVWXUQHGRQDVWKLVPD\FDXVHWKHKHDWLQJ FRLOWRRYHUKHDWZKLFKPD\UHVXOWLQDUH
G/%(/-%.33#$"#%-2#%6/15%/4%-2#%2'.$%1$5#$% FRQWDLQLQJHOHFWULFDOFRPSRQHQWVLQZDWHURU /-2#$%*.P).18%<4%-2#%2'.$%1$5#$%4'**"%.(-/%D'-#$7% XQSOXJLWLPPHGLDWHO\DQGGRQRWFRQWLQXHWR )"#%.-%#B#(%'4-#$%.-%."%1$58
7KLVKDLUGU\HULVHTXLSSHGZLWKDQRQVHOI UHVHWWLQJWKHUPDOVDIHW\FXWRlWRSUHYHQW RYHUKHDWLQJ,IWKHKDLUGU\HULVFXWRlGXHWR RYHUKHDWLQJXQSOXJLWIURPWKHSRZHURXWOHWDQG '**/D%.-%-/%,//*%1/D(8
G/%(/-%-/),2%2/-%")$4',#"%"),2%'"%-2#%'.$%/)-*#-% GXULQJXVHRULPPHGLDWHO\DHUWXUQLQJRlWKH 2'.$%1$5#$%-/%'B/.1%6)$("8
'RQRWWRXFKWKHSRZHUSOXJRUDQ\SDUWRIWKH C$/1),-%D.-2%D#-%2'(1"%-/%C$#B#(-%#*#,-$.,%"2/,I"8
G/%(/-%)"#%-2."%2'.$%1$5#$%4/$%'(5%C)$C/"#%/-2#$% WKDQGU\LQJKDLUDQGGRQRWXVHLWRQSHWVQRU )"#%.-%-/%1$5%"2/#"%/$%,*/-2#"7%#-,87%'"%-2."%3'5% FDXVHEXUQVRUFDXVHUHGXHWRDVKRUWFLUFXLW
KKR
J>
9:!;<=>
;<&=$9#&+>&$&%$*>7<=:(+<&+"&?"#$@2+4< <(%-2#%#B#(-%/4%'%3'*4)(,-./(%/$%6$#'I1/D(7 VXFKDVQRDLUEORZLQJIUHTXHQWVWRSVLQWHUQDO RYHUKHDWLQJRUVPRNLQJSOHDVHVWRSXVLQJWKH SURGXFWLPPHGLDWHO\XQSOXJWKHSRZHUFRUG '(1%,/(-',-%-2#%,)"-/3#$%"#$B.,#%B.'% KWWSVJOREDOGUHDPHWHFKFRPUX7KHXVHRI -2."%C$/1),-%.(%-2#"#%,.$,)3"-'(,#"%3'5%$#")*-%.(% HOHFWULFVKRFNVLQMXU\RUUHGXHWRDVKRUW ,.$,).-8
7KHDLURXWOHWDQGDLUQR]]OHPD\JHWKRWGXULQJ )"#7%"/%1/%(/-%-/),2%-2#3%D.-2%5/)$%2'(1"7%'"% -2."%3'5%,')"#%6)$("8
$YRLGGURSSLQJWKHKDLUGU\HURUVXEMHFWLQJLWWR VWURQJLPSDFWVDVWKLVPD\FDXVHHOHFWULF VKRFNVRUFDXVHUHGXHWRDVKRUWFLUFXLW
G/%(/-%)"#%-2#%2'.$%1$5#$%.4%-2#%'.$%.(-'I#%."% GDPDJHGDV\RXUKDLUPD\JHWFDXJKWLQLWDQG FDXVHGDPDJHWRWKHKDLU
'RQRWXVHWKHKDLUGU\HURQLQIDQWVRU\RXQJ ,2.*1$#(7%'"%.-%3'5%,')"#%6)$("8
KKW
+$/1),-%M#'-)$#"
J>
;2#%G$#'3#%X'.$%@*/$5%+LJKYC##1%X'.$% G$5#$%D.-2%.-"%,/("-'(--#3C#$'-)$#%GU\LQJ% "5"-#37%KLJK"C##1%6$)"2*#""%3/-/$%'(1% QHJD-.B#%./(%2'.$%,'$#%-HFKQRORJ5%2'"%6##(% ,'$#4)**5%1#"LJQHG%65%G$#'3#Z"% '#$/15('3.,"%*'6/$'-/$5%-/%3##-%5/)$% C#$"/('*%KDLUGU5LQJ%(##1"8
'(-./01##2&A"79.*#99&B+:+"
:LWKLWVUSPKLJKVSHHGEUXVKOHVVPRWRU WKHKDLUGU\HULQVWDQWO\JHQHUDWHVVWURQJDLULRZ WKDWGULHVKDLUTXLFNO\ZLWKRXWGDPDJLQJLW
D#-$:(E#&;+<&'$("&5$"#&F#=.<+*+-,
7KHEXLOWLQQHJDWLYHSODWLQXPLRQWUDQVPLWWHU JHQHUDWHVQHJDWLYHLRQVWRQHXWUDOL]HSRVLWLYHDQG QHJDWLYHFKDUJHVLQWKHKDLUUHGXFLQJVWDWLF EXLOGXSDQGDYRLGLQJIUL]]
C#":(=$*&B+:+"&3+9(:(+<(<-
;2#%3/-/$%."%C*',#1%B#$-.,'**5%.(%-2#%2'(1*#7% ORZHULQJWKHKDLUGU\HUVFHQWHURIJUDYLW\IRUD PRUHFRPIRUWDEOHDQGEDODQFHGJULS
D+(9#&G#27=:(+<&!#9(-<
0RWRURSWLPL]DWLRQPRGXODWHVVKDUSKLJK 4$#P)#(,5%(/."#%-/%'%4$#P)#(,5%-2'-%."% )(1#-#,-'6*#%-/%-2#%2)3'(%#'$7%-2#%(/."#%."% UHGXFHGIXUWKHUZLWKG\QDPLFEDODQFLQJDQG DGGHGDFRXVWLFIRDPJLYLQJ\RXDEHWWHUXVHU #HC#$.#(,#8
KK[
J> +$/1),-%=B#$B.#D
R
L
\
W
[
A
O
]
V
L :.$%=)-*#-% O X'(1*# V 5HPRYDEOH$LULRZ)LOWHU
G/%(/-%)"#%-2#%2'.$%1$5#$%D.-2/)-% WKHDLULRZOWHUWRDYRLGGDQJHU
R 9/*1
W W\_%9/("-'(-% [ X/-% \ X/-`9/*1%95,*#% A 2Q2l6ZLWFK
6SHHG6HWWLQJV ] ;#3C#$'-)$#%^)--/(
7KLVV\PEROPHDQV'RQRWXVHZKLOHEDWKLQJRUVKRZHULQJ <**)"-$'-./("%/4%-2#%2'.$%1$5#$7%',,#""/$.#"7%'(1%)"#$%.(-#$4',#%.(%-2#% )"#$%3'()'*%'$#%4/$%$#4#$#(,#%C)$C/"#"%/(*58%;2#%',-)'*%C$/1),-%3'5% B'$5%1)#%-/%C$/1),-%)C1'-#"%'(1%.3C$/B#3#(-"8
KK\
6HWWLQJV
J>
2Q2l6ZLWFK 6SHHG6HWWLQJV
Y*.1#%)C%'(1%1/D(%-/%P).,I*5%"D.-,2%6#-D##(%-2#%-D/% VSHHGVHWWLQJV
0DNHVXUHWKDWWKHVZLWFKLVWXUQHGRlEHIRUHSOXJJLQJ -2#%2'.$%1$5#$%.(8
2l
/RZ
+LJK
+HDW6HWWLQJV
3UHVVWRF\FOHWKURXJKWKHIRXUKHDWVHWWLQJV 9/*17%%W\_9%9/("-'(-%7%X/-%7%'(1%X/-`9/*1%95,*#8
9/*1
W\_9%9/("-'(-%
X/-%
X/-`9/*1%95,*#
^*/D"%,//*% $//3% -#3C#$'-)$#% '.$%").-'6*#%4/$% KDLUVW\OLQJ
+#$4#,-%
Y).-'6*#%4/$%
-#3C#$'-)$#%-/% TXLFNO\GU\LQJ
'B/.1%2#'-% D#-%2'.$8
GDPDJHZKHQ
EORZGU\LQJ
5/)$%2'.$8
\"%/4%2/-%'.$% 4/**/D#1%65%W"% /4%,//*%'.$%-/% $#1),#%2#'-% 6).*1)C8
KKA
J> &OHDQLQJDQG0DLQWHQDQFH
7KHOWHUQHHGVWREHFOHDQHGUHJXODUO\WR SUHYHQWGHEULVIURPEXLOGLQJXSDQGHQVXUH DVPRRWKDLULRZ %HIRUHFOHDQLQJWKHOWHUPDNHVXUHWKDWWKHKDLU GU\HULVWXUQHGRlDQGXQSOXJJHG
7KHDLULRZOWHULVPDJQHWLFDOO\DWWDFKHG+ROGWKH KDQGOHDQGSXOOWKHDLULRZOWHUVWUDLJKWGRZQWR $#3/B#%.-%4$/3%-2#%2'(1*#8
KK]
'RQRWULQVHWKHVWDLQOHVVVWHHOOWHUZLWK
J>
D'-#$%'"%-2."%3'5%,')"#%.-%-/%(/-%D/$I%
,/$$#,-*58
8VHDGU\OLQWIUHHFORWKVRIWEUXVKRUWRRWKEUXVKWR $#3/B#%'(5%1#6$."%"-),I%-/%-2#%")$4',#%/4%-2#% DLULRZOWHURUVWDLQOHVVVWHHOOWHU
$IWHUFOHDQLQJLQVHUWWKHDLULQOHWOWHULQWRWKH KDQGOHVORWDQGOLVWHQIRUDFOLFNLQGLFDWLQJWKDW WKHPDJQHWLVLQSODFHDQGWKHLQVWDOODWLRQLV ,/3C*#-#8 9*.,I
KLK
J> ^'".,%+'$'3#-#$"
+$/1),-%('3# &/1#*%()36#$
'UHDPH+DLU*ORU\+LJK6SHHG+DLU G$5#$
$+'$:+$+'$6/$+'$*1 $+'$5'$+'$%.$+'$56 $+'$:+$+'$6/$+'$*1 $+'$5'$+'$%.$+'$56
5DWHGYROWDJH
b9 T
0'-#1%4$#P)#(,5
WK%`%[K%XE
0'-#1%C/D#$
L[KK%?
+$/1),-%1.3#("./(" bbbbPP
G'-#%/4%3'()4',-)$# 6HHSURGXFWSDFNDJLQJ
KLL
7URXEOHVKRRWLQJ
J>
9/33/(%."")# +/"".6*#%,')"# Y/*)-./(
X'.$%1$5#$% D/(Z-%-)$(%/(
9.$,).-%6/'$1%."% GDPDJHG
0#-)$(%4/$%$#C'.$
>/-%,/((#,-#1% -/%-2#%C/D#$
&KHFNZKHWKHUWKHSOXJ LVSOXJJHGLQFRUUHFWO\RU (/-7%'(1%$#"-'$-%'4-#$% FRQUPLQJWKDWLWLV
a% <4%-2#%."")#%."%(/-% $#"/*B#17%$#-)$(%-2#%2'.$% 1$5#$%4/$%$#C'.$8
)ODVKLQJOLJKW '*#$-
<(-#$('*%,/.*%."% $#1
+/D#$%,/$1% ."")#
a% 92#,I%-2#%'.$%/)-*#-`.(*#-% B#(-"%4/$%1#6$."8%:4-#$% FRQUPLQJWKH\DUHFOHDU
D'.-%)(-.*%-2#%2'.$%1$5#$%
2'"%,//*#1%1/D(%6#4/$#%
UHVWDUWLQJ
:.$%/)-*#-%/$%.(*#-% B#(-%."")#
a% <4%-2#%."")#%."%(/-%$#"/*B#17% $#-)$(%-2#%2'.$%1$5#$%4/$% $#C'.$8
+HDWVHWWLQJ LQGLFDWRUOLJKW QRWZRUNLQJ
&/-2#$6/'$1%."% GDPDJHG
/LJKWLQJHUURU
^)--/(%(/-% ZRUNLQJ
^)--/(%."% GDPDJHG
+/D#$% FRUGSOXJLV RYHUKHDWLQJ
%XUQLQJVPHOO GXULQJXVH
+/D#$%,/$1%."% GDPDJHG
'DPDJHWRDQ .(-#$('*%
,/3C/(#(-
0#-)$(%4/$%$#C'.$
KLO
J> 'UHDPH+DLU*ORU\+LJK6SHHG X'.$%G$5#$%+#$4/$3'(,#%J$$/$%b."-
>'3#
+#$4/$3'(,#%#$$/$
G$#'3#X'.$%@*/$5% +LJK6SHHG+DLU G$5#$
2QRlVZLWFKQRWZRUNLQJ
O8%X/-%'.$%3/1#%6*/D"%,/*1%'.$
,QGLFDWRUOLJKWQRWZRUNLQJEXWKDLU 1$5#$%D/$I"
R8%;2#%2'.$%1$5#$%D/(Z-%6*/D%,/*17% D'$37%2/-7%/$%2/-`,/*1%,5,*#%'.$
W8%;2#%2'.$%1$5#$%."%$#1%.(".1#%'(1% VPRNHLVFRPLQJRXW
KLV
+$/1),-%?'$$'(-5%9'$1
J>
!"#$%('3#
+/"-'*%'11$#""
9/(-',-%()36#$
+$/1),-%('3#%'(1% 3/1#*%()36#$ +$/1),-%"#$.'*% ()36#$ G'-#%/4%C)$,2'"#
0#C'.$"%0#,/$1
G#",$.C-./(%/4% -2#%."")#%'(1% $#C*',#3#(-% C'$-"
G'-#%/4%$#C'.$
L O
0#C'.$%,#(-#$
KLR
J> J!%G#,*'$'-./(%/4%9/(4/$3.-5
:H'UHDPH7UDGLQJ7LDQMLQ &R/WG 2#$#%657%1#,*'$#%-2'-%-2."%#P).C3#(%-2."%.(% ,/3C%*.'(,#%D.-2%-2#%'CC*.,'6*#%G.$#,-.B#"% '(1%J)$/C#'(%>/$3"7%'(1%'3#(13#(-"8% ;2#%4)**%-#H-%/4%-2#%J!%1#,*'$'-./(%/4% FRQIRUPLW\LVDYDLODEOHDWWKHIROORZLQJ .(-#$(#-% DGGUHVVKWWSVJOREDOGUHDPHWHFKFRP
:((('LVSRVDODQG5HF\FOLQJ <(4/$3'-./(
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
KLW
/HJJLDWWHQWDPHQWHLOSUHVHQWHPDQXDOHSULPDGHOO
XVRHFRQVHUYDORSHU <; C/-#$*/%,/(")*-'$#%.(%4)-)$/8
+$#,')E./(.
a% d)#"-/%'CC'$#,,2./%C)e%#""#$#%)"'-/%1'%6'36.(.% DSDUWLUHGDJOLDQQLGLHW¢HGDSHUVRQHFRQ ULGRWWHFDSDFLW¢VLFKHPHQWDOLRVHQVRULDOLSULYH GLHVSHULHQ]DRFRQRVFHQ]HDGHJXDWHD ,/(1.E./(#%,2#%-'*.%C#$"/(#%'66.'(/%$.,#B)-/% '""."-#(E'%/%4/$3'E./(#%C#$%)-.*.EE'$#% *f'CC'$#,,2./%.(%3'(.#$'%".,)$'%#%,'C.",'(/%.% C/-#(E.'*.%C#$.,/*.%'""/,.'-.%'%-'*#%)"/8%<%6'36.(.% QRQGHYRQRJLRFDUHFRQO
DSSDUHFFKLR
a% b'%C)*.E.'%#%*'%3'()-#(E./(#%(/(%1#B/(/%#""#$#% HVHJXLWHGDEDPELQLVHQ]DVXSHUYLVLRQH
/
DSSDUHFFKLRQRQªGHVWLQDWRDSHUVRQHLQFOXVL EDPELQL FRQFDSDFLW¢PHQWDOLVLFKHRVHQVRULDOL $.1/--#7%4'--.%"'*B.%.%,'".%.(%,).%-'*.%C#$"/(#%'66.'(/% $.,#B)-/%'""."-#(E'%/%4/$3'E./(#%C#$%*f)"/% 1#**f'CC'$#,,2./%1'%)('%C#$"/('%$#"C/("'6.*#% 1#**'%*/$/%".,)$#EE'8
%:;;J>c<=>J %a%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%F%+#$%#B.-'$#%".-)'E./(.%
C#$.,/*/"#%1/B)-#%'*%$#"#-%.(B/*/(-'$./%1#**'% C$/-#E./(#%-#$3.,'7%P)#"-/%'CC'$#,,2./%(/(%1#B#% #""#$#%'*.3#(-'-/%-$'3.-#%)(%1."C/".-.B/%1.% ,/33)-'E./(#%#"-#$(/7%'1%#"#3C./%)(%-.3#$7%/% FROOHJDWRDXQFLUFXLWRFKHYLHQHDFFHVRHVSHQWR UHJRODUPHQWHGDOVHUYL]LR
:SSJ0;J>c:
a
F%>/(%)"'$#%*f'CC'$#,,2./%B.,.(/%'%
YDVFKHGDEDJQRGRFFHODYDQGLQLR
'*-$.%$#,.C.#(-.%,/(-#(#(-.%',P)'8
K0R1A6
<; 4XDQGRO
DVFLXJDFDSHOOLYLHQHXWLOL]]DWRLQ EDJQRVFROOHJDORGRSRO
XVRSRLFK«ODYLFLQDQ]D '**f',P)'%C)e%$'CC$#"#(-'$#%)(%C#$.,/*/%'(,2#% TXDQGRO
DVFLXJDFDSHOOLªVSHQWR
3HUXQDPDJJLRUHSURWH]LRQHVLFRQVLJOLDGL LQVWDOODUHXQLQWHUUXWWRUHGLIIHUHQ]LDOH5&' 'B#(-#%,/$$#(-#%1.44#$#(E.'*#%(/3.('*#%(/(% ")C#$./$#%'%VK%3:%(#*%,.$,).-/%#*#--$.,/%,2#% DOLPHQWDLOEDJQR&KLHGLFRQVLJOLRDOWXR .("-'**'-/$#8
:SSJ0;J>c:
6HLOFDYRGLDOLPHQWD]LRQHªGDQQHJJLDWRGHYH #""#$#%"/"-.-).-/%1'*%C$/1)--/$#7%1'%)(%-#,(.,/% GHOO
DVVLVWHQ]DRGDSHUVRQDOHTXDOLFDWRDOQHGL #B.-'$#%".-)'E./(.%C#$.,/*/"#8
1RQEORFFDUHO
LQJUHVVRHO
XVFLWDGHOO
DULDSHU #B.-'$#%C#$.,/*.8
a% G)$'(-#%*f)"/7%4'.%'--#(E./(#%'%,2#%.%,'C#**.%(/(% ULPDQJDQRLQFDVWUDWLQHOODSUHVDG
DULDSHUHYLWDUH ".-)'E./(.%C#$.,/*/"#8
8VDO
DVFLXJDFDSHOOLVHJXHQGROHLQIRUPD]LRQLVXOOD C/-#(E'%(/3.('*#%.(1.,'-#%")*%1."C/".-.B/%#%(/(% )-.*.EE'$#%"C.(#%)(.B#$"'*.%/%'*-$.%,/(B#$-.-/$.%1.% -#("./(#%C#$%#B.-'$#%C#$.,/*.8
5$E+&2(&$*(%#<:$H(+<#&#&91(<$
1RQXVDUHO
DVFLXJDFDSHOOLVHLOFDYRGL '*.3#(-'E./(#%/%*'%"C.('%1.%'*.3#(-'E./(#%"/(/% GDQQHJJLDWLRVXUULVFDOGDWLSRLFK«SRWUHEEHUR ,')"'$#%)"-./(.7%",/""#%#*#--$.,2#%/%.(,#(1.%1/B)-.%'% )(%,/$-/,.$,).-/8
1RQXVDUHO
DVFLXJDFDSHOOLVHODVSLQDGL DOLPHQWD]LRQHFROOHJDWDDOODSUHVDGLFRUUHQWHª DOOHQWDWDSRLFK«FL´SRWUHEEHFDXVDUHXVWLRQL ",/""#%#*#--$.,2#%/%.(,#(1.%1/B)-.%'%)(%,/$-/,.$,).-/8
K00R11]67
1RQFROOHJDUHRVFROOHJDUHODVSLQDGL
<;
DOLPHQWD]LRQHFRQOHPDQLEDJQDWHSRLFK«FL´
C/-$#66#%,')"'$#%",/""#%#*#--$.,2#%#%*#"./(.8
1RQXVDUHO
DVFLXJDFDSHOOLVHLOFDYRGL DOLPHQWD]LRQHªDQQRGDWRSRLFK«FL´SRWUHEEH ,')"'$#%",/""#%#*#--$.,2#%/%.(,#(1.%1/B)-.%'%)(% ,/$-/,.$,).-/8
1RQGDQQHJJLDUHPRGLFDUHSLHJDUH 4/$E'-'3#(-#7%-.$'$#7%-/$,#$#%/%",2.',,.'$#%.*%,'B/%1.% DOLPHQWD]LRQHHQRQDSSRJJLDUYLVRSUDRJJHWWL SHVDQWLSRLFK«FL´SRWUHEEHFDXVDUHVFRVVH #*#--$.,2#%/%.(,#(1.%1/B)-.%'%)(%,/$-/,.$,).-/8
a% >/(%-.$'$#%.*%,'B/%1.%'*.3#(-'E./(#%P)'(1/% VFROOHJKLODVSLQDGLDOLPHQWD]LRQH$VVLFXUDWLGL -#(#$#%*'%"C.('%1.%'*.3#(-'E./(#%-$'%*#%1.-'%P)'(1/% ODVFROOHJKL$OWULPHQWLLOFDYRGLDOLPHQWD]LRQH SRWUHEEHGDQQHJJLDUVLFDXVDUHXVWLRQLVFRVVH #*#--$.,2#%/%.(,#(1.%1/B)-.%'%)(%,/$-/,.$,).-/8
&ROOHJDFRPSOHWDPHQWHHGLUHWWDPHQWHODVSLQDGL DOLPHQWD]LRQHDXQDSUHVDHOHWWULFDGD9a 1RQXVDUHXQDSUHVDPXOWLSODRSUROXQJKHSRLFK« ,.e%C/-$#66#%,')"'$#%",/""#%#*#--$.,2#%/%.(,#(1.% 1/B)-.%'%)(%,/$-/,.$,).-/8
$VVLFXUDWLFKHO
DVFLXJDFDSHOOLVLDVFROOHJDWR 1'**f'*.3#(-'E./(#%P)'(1/%(/(%B.#(#%)-.*.EE'-/%#% SULPDGLHVHJXLUHLQWHUYHQWLGLPDQXWHQ]LRQHR $.C'$'E./(#8
a% ;.#(.%.*%,'B/%1.%'*.3#(-'E./(#%*/(-'(/%1'%4/(-.%1.% FDORUHHGDDOWULOXRJKLFKHSRWUHEEHUR ,/3C$/3#--#$(#%*'%C$/-#E./(#8
8:(*(HH+&#&=+<9#"E$H(+<#
1RQEORFFDUHRLQVHULUHRJJHWWLHVWUDQHLQHOOHSUHVH G
DULDSRLFK«SRWUHEEHURFDXVDUHXVWLRQLVFRVVH #*#--$.,2#%/%.(,#(1.%1/B)-.%'%)(%,/$-/,.$,).-/8
1RQLPPHUJHUHO
DVFLXJDFDSHOOLLQDFTXD
0K10W81K7
<; 1RQXVDUHO
DVFLXJDFDSHOOLLQDPELHQWLXPLGL
7LHQLO
DVFLXJDFDSHOOLDVFLXWWRSHUHYLWDUHVFRVVH #*#--$.,2#8
1RQXVDUHO
DVFLXJDFDSHOOLLQDPELHQWLLQFXLVL XWLOL]]DQRSURGRWWLDHURVROVSUD\ RLQFXLYLVLDQR IRQWLLQDPPDELOL
1RQODVFLDUHO
DVFLXJDFDSHOOLLQFXVWRGLWRTXDQGRª DFFHVRSRLFK«FL´SRWUHEEHFDXVDUHXQLQFHQGLR 1/B)-/%'%)(%,/$-/,.$,).-/8
1RQULSRUUHO
DVFLXJDFDSHOOLLQXQDPELHQWHPROWR XPLGRSRLFK«FL´SRWUHEEHFDXVDUHVFRVVH #*#--$.,2#%/%.(,#(1.%1/B)-.%'%)(%,/$-/,.$,).-/% GXUDQWHO
XVRGHOO
DVFLXJDFDSHOOL
1RQULSRUUHO
DVFLXJDFDSHOOLDOODSRUWDWDGLEDPELQL #%*'--'(-.7%C#$%#B.-'$#%",/""#%#*#--$.,2#%#%*#"./(.8
1RQULSDUDUHVPRQWDUHRPRGLFDUHLOSURGRWWRLQ DXWRQRPLDSRLFK«FL´SRWUHEEHFDXVDUHOHVLRQLR .(,#(1.%1/B)-.%'%3'*4)(E./('3#(-.8%9/(-'--'%.*% VHUYL]LRFOLHQWLDOO
LQGLUL]]RKWWSVJOREDOGUHDPH -#,28,/3`$)8
1RQSRVL]LRQDUHO
DVFLXJDFDSHOOLVXOODSURSULD SUHVDG
DULDPHQWUHªDFFHVRSRLFK«FL´SRWUHEEH ,')"'$#%.*%")$$.",'*1'3#(-/%1#**'%"#$C#(-.('%#% C/-$#66#%C$/B/,'$#%)(%.(,#(1./8
1RQLPPHUJHUHLOFRUSRGHOO
DVFLXJDFDSHOOL ,/(-#(#(-#%,/3C/(#(-.%#*#--$.,.%.(%',P)'%/%'*-$.% OLTXLGL6HO
DVFLXJDFDSHOOLFDGHQHOO
DFTXD VFROOHJDORLPPHGLDWDPHQWHHQRQFRQWLQXDUHD XWLOL]]DUORDQFKHVHªDVFLXWWR
4XHVWRDVFLXJDFDSHOOLªGRWDWRGLXQIXVLELOH -#$3.,/%1.%".,)$#EE'%(/(%')-/$.C$."-.('(-#%C#$% HYLWDUHLOVXUULVFDOGDPHQWR6HO
DVFLXJDFDSHOOLVL VSHJQHDFDXVDGHOVXUULVFDOGDPHQWRVFROOHJDOR GDOODSUHVDGLFRUUHQWHHODVFLDORUDlUHGGDUH
0K1W08L19
1RQWRFFDUHOHVXSHUFLFDOGHFRPHO
XVFLWD
<;
1#**f'$.'%1)$'(-#%*f)"/%/%")6.-/%1/C/%'B#$%"C#(-/%
O
DVFLXJDFDSHOOLSHUHYLWDUHXVWLRQL
a% +#$%#B.-'$#%",/""#%#*#--$.,2#7%(/(%-/,,'$#%*'%"C.('%1.% '*.3#(-'E./(#%/%P)'*".'".%C'$-#%1#*%C$/1/--/%,/(%*#% PDQLEDJQDWH
1RQXVDUHO
DVFLXJDFDSHOOLSHUVFRSLGLYHUVL GDOO
DVFLXJDWXUDGHLFDSHOOLHQRQXVDUORVXJOL DQLPDOLGRPHVWLFLQ«VXVFDUSHRYHVWLWLHFF SRLFK«SRWUHEEHFDXVDUHXVWLRQLRLQFHQGLGRYXWLD )(%,/$-/,.$,).-/8
:;;J>c<=>J
;<&=$9+&2(&%$*>7<H(+<$%#<:+&+&-7$9:+
,QFDVRGLPDOIXQ]LRQDPHQWRRJXDVWRDGHVHPSLR "#%*f'$.'%(/(%4)/$.#",#7%4$#P)#(-.%'$$#"-.7% ")$$.",'*1'3#(-/%.(-#$(/%/%4)3/7%"3#--.% LPPHGLDWDPHQWHGLXVDUHLOSURGRWWRVFROOHJDLO ,'B/%1.%'*.3#(-'E./(#%#%,/(-'--'%.*%"#$B.E./%,*.#(-.% DOO
LQGLUL]]RKWWSVJOREDOGUHDPHWHFKFRPUX bf)"/%1.%P)#"-/%C$/1/--/%.(%-'*.%,.$,/"-'(E#%C)e% ,')"'$#%",/""#%#*#--$.,2#7%*#"./(.%/%.(,#(1.%1/B)-.%'% )(%,/$-/,.$,).-/8
a% bf)",.-'%1#**f'$.'%#%*'%6/,,2#--'%1#**f'$.'%C/-$#66#$/% ")$$.",'*1'$".%1)$'(-#%*f)"/7%P).(1.%(/(%-/,,'$*.%,/(% OHPDQLSRLFK«FL´SRWUHEEHFDXVDUHXVWLRQL
(YLWDGLIDUFDGHUHO
DVFLXJDFDSHOOLRGLVRWWRSRUORD IRUWLLPSDWWLSRLFK«FL´SRWUHEEHFDXVDUHVFRVVH #*#--$.,2#%/%.(,#(1.%1/B)-.%'%)(%,/$-/,.$,).-/8
1RQXVDUHO
DVFLXJDFDSHOOLVHODSUHVDG
DULDª GDQQHJJLDWDSRLFK«LFDSHOOLSRWUHEEHURULPDQHUH LQFDVWUDWLHGDQQHJJLDUVL
1RQXVDUHO
DVFLXJDFDSHOOLVXQHRQDWLREDPELQL SLFFROLSRLFK«SRWUHEEHFDXVDUHXVWLRQL
KW00O1290
<; 9'$'--#$."-.,2#%1#*%C$/1/--/
'UHDPH+DLU*ORU\+LJK6SHHG+DLU'U\HUGRWDWRGL VLVWHPDGLDVFLXJDWXUDDWHPSHUDWXUDFRVWDQWH PRWRUHEUXVKOHVVDGDOWDYHORFLW¢HWHFQRORJLDSHUOD FXUDGHLFDSHOOLDJOLLRQLQHJDWLYLªVWDWRSURJHWWDWR ,/(%,)$'%1'*%*'6/$'-/$./%'#$/1.('3.,/%1.%G$#'3#%C#$% VRGGLVIDUHOHWXHSHUVRQDOLHVLJHQ]HGLDVFLXJDWXUD
B+:+"#&?"79.*#99&$2&$*:$&E#*+=(:I *UD]LHDOPRWRUHEUXVKOHVVDGDOWDYHORFLW¢GD JLULPLQO
DVFLXJDFDSHOOLJHQHUDDOO
LVWDQWH XQSRWHQWHLXVVRG
DULDFKHDVFLXJDUDSLGDPHQWHL FDSHOOLVHQ]DGDQQHJJLDUOL
F#=<+*+-($&D#-$:(E#&;+<&'$("&5$"# ,OWUDVPHWWLWRUHLQFRUSRUDWRGLLRQLQHJDWLYLGLSODWLQR JHQHUDLRQLQHJDWLYLSHUQHXWUDOL]]DUHOHFDULFKH SRVLWLYHHQHJDWLYHGHLFDSHOOLULGXFHQGRO
DFFXPXOR GLHOHWWULFLW¢VWDWLFDHGHYLWDQGRO
HlHWWRFUHVSR
3+9(H(+<$%#<:+&E#":(=$*#&2#*&%+:+"# ,OPRWRUHªSRVL]LRQDWRYHUWLFDOPHQWH QHOO
LPSXJQDWXUDDEEDVVDQGRLOEDULFHQWUR GHOO
DVFLXJDFDSHOOLSHUXQDSUHVDSL»FRPRGDH 6.*'(,.'-'8
!#9(-<&=.#&"(27=#&(*&"7%+"# bf/--.3.EE'E./(#%1#*%3/-/$#%3/1)*'%.*%$)3/$#%',)-/% '1%'*-'%4$#P)#(E'%.(%)('%4$#P)#(E'%(/(%$.*#B'6.*#% DOO
RUHFFKLRXPDQRLOUXPRUHYLHQHXOWHULRUPHQWH ULGRWWRJUD]LHDOELODQFLDPHQWRGLQDPLFRH DOO
DJJLXQWDGLVFKLXPDDFXVWLFDSHURlULUWL XQ
HVSHULHQ]DPLJOLRUH
0K2W01V20
+'(/$'3.,'%1#*%C$/1/--/
R
L
\
O
]
<;
W [ A
V
L !",.-'%1#**f'$.'%
O ,PSXJQDWXUD
V )LOWURGHOLXVVRG
DULD $.3/B.6.*#
1RQXVDUHO
DVFLXJDFDSHOOL VHQ]DLOOWURGHOLXVVRG
DULD C#$%#B.-'$#%C#$.,/*.8
R M$#11/
W 9/"-'(-#%'%W\_%
[ 9'*1/% \ 9.,*/%,'*1/`4$#11/% A ,QWHUUXWWRUH2Q2lH
<3C/"-'E./(.%1.% YHORFLW¢
] +)*"'(-#%-#3C#$'-)$'
4XHVWRVLPERORLQGLFD1RQXVDUHGXUDQWHLOEDJQRRODGRFFLD
/HLOOXVWUD]LRQLGHOO
DVFLXJDFDSHOOLGHJOLDFFHVVRULHGHOO
LQWHUIDFFLD )-#(-#%(#*%3'()'*#%1#**f)-#(-#%"/(/%4/$(.-#%'%"/*/%",/C/%1.% ULIHULPHQWR,OSURGRWWRHlHWWLYRSX´YDULDUHDFDXVDGLDJJLRUQDPHQWL HPLJOLRUDPHQWLGHOSURGRWWR
0K2W01R22
<; <3C/"-'E./(.
,QWHUUXWWRUH2Q2lH,PSRVWD]LRQLGL YHORFLW¢
M'.%",/$$#$#%B#$"/%*f'*-/%#%B#$"/%.*%6'""/%C#$%C'""'$#% UDSLGDPHQWHGDXQDYHORFLW¢DOO
DOWUD
:"".,)$'-.%,2#%*f.(-#$$)--/$#%".'%"C#(-/%C$.3'%1.% FROOHJDUHO
DVFLXJDFDSHOOLDOODSUHVDGLFRUUHQWH
2l
%DVVR
$OWR
<3C/"-'E./(.%1.%,'*/$#
+$#3.%%%%%%%%C#$%",/$$#$#%*#%P)'--$/%.3C/"-'E./(.%1.% ,'*/$#F%M$#11/7%9/"-'(-#%'%W\%_97%9'*1/%#%9.,*/% ,'*1/`4$#11/8
M$#11/ 9/"-'(-#%'%W\%_9%
9'*1/%
9.,*/%,'*1/` 4$#11/
6RDDULD ;#3C#$'-)$'%
4$#11'%'%
C#$4#--'%C#$%
-#3C#$'-)$'% #B.-'$#%1'((.%
'36.#(-#%
,')"'-.%1'*%
C#$4#--'%C#$%*'% ,'*/$#%P)'(1/%
SLHJD
DVFLXJKLL
,'C#**.8
:1'--/%C#$% \"%1.%'$.'%,'*1'%
DVFLXJDUH
#%W"%1.%'$.'%
$'C.1'3#(-#%.% 4$#11'%C#$%
,'C#**.%
$.1)$$#%
EDJQDWL
*f',,)3)*/%1.%
,'*/$#8
K0W02W232
+)*.E.'%#%3'()-#(E./(#
<;
,OOWURGHYHHVVHUHSXOLWRUHJRODUPHQWHSHU HYLWDUHO
DFFXPXORGLGHWULWLHJDUDQWLUHXQ LXVVRG
DULDUHJRODUH
3ULPDGLSXOLUHLOOWURDVVLFXUDWLFKH O
DVFLXJDFDSHOOLVLDVSHQWRHVFROOHJDWRGDOODSUHVD 1.%,/$$#(-#8
,OOWURGHOLXVVRG
DULDªVVDWRPDJQHWLFDPHQWH 7LHQLO
LPSXJQDWXUDHWLUDLOOWURGHOLXVVRG
DULD YHUVRLOEDVVRSHUULPXRYHUORGDOO
LPSXJQDWXUD
K00W22[43
<;
1RQULVFLDFTXDUHLOOWURLQDFFLDLRLQR[FRQ
',P)'7%1'-/%,2#%P)#"-/%C/-$#66#%,')"'$#%
3'*4)(E./('3#(-.8
a% !"'%)(%C'((/%'",.)--/%C$.B/%1.%C#*),,2.7%)('% "C'EE/*'%3/$6.1'%/%)(/%"C'EE/*.(/%C#$%$.3)/B#$#% HYHQWXDOLUHVLGXLEORFFDWLVXOODVXSHUFLHGHOOWUR GHOLXVVRGHOO
DULDRGHOOWURLQDFFLDLRLQR[
'RSRODSXOL]LDLQVHULVFLLOOWURGLLQJUHVVRGHOO
DULD QHOO
DOORJJLDPHQWRGHOO
LPSXJQDWXUDGRYUHVWL VHQWLUHXQFOLFFKHLQGLFDFKHLOPDJQHWHªLQ SRVL]LRQHHFKHO
LQVWDOOD]LRQHªFRPSOHWD 9*.,
K00W22\54
+'$'3#-$.%1.%6'"#
<;
>/3#%C$/1/--/
'UHDPH+DLU*ORU\+LJK6SHHG+DLU G$5#$
>)3#$/%1#*%3/1#**/
$+'$:+$+'$6/$+'$*1 $+'$5'$+'$%.$+'$56
$+'$:+$+'$6/$+'$*1 $+'$5'$+'$%.$+'$56
;#("./(#%(/3.('*# b9 T
M$#P)#(E'%(/3.('*# WK`[KXE
+/-#(E'%(/3.('*#
G.3#("./(.%1#* C$/1/--/
L[KK%? PP
G'-'%1.%C$/1)E./(# S#1#$#%*'%,/(4#E./(#%1#*%C$/1/--/
0K02W26A5
<; 0."/*)E./(#%1#.%C$/6*#3.
+$/6*#3' ,/3)(#
+/"".6.*#%,')"' Y/*)E./(#
/
DVFLXJDFDSHO *.%(/(%".% ',,#(1#
<*%,.$,).-/%"-'3C'-/% 0#"-.-).",.%C#$%*'% ªGDQQHJJLDWR $.C'$'E./(#
1RQFROOHJDWR '**f'*.3#(-'E./(
#
a% 9/(-$/**'%,2#%*'%"C.('% ".'%.("#$.-'% ,/$$#--'3#(-#%#% $.',,#(1.%P)'(1/%2'.%*'% ,#$-#EE'%,2#%*/%".'8
6HLOSUREOHPDQRQª $."/*-/7%$#"-.-).",.% O
DVFLXJDFDSHOOLSHUOD $.C'$'E./(#8
YC.'%1.%'BB."/% ODPSHJJLDQWH
b'%"#$C#(-.('% LQWHUQDª $/""'
9HULFDO
HYHQWXDOH
+$/6*#3'%,/(%.*% C$#"#(E'%1.%1#-$.-.%(#**#%
,'B/%1.%
6/,,2#--#%1.%
'*.3#(-'E./(#
LQJUHVVRXVFLWDGHOO
DULD
G/C/%'B#$%,/(4#$3'-/%
,2#%(/(%"/(/%/"-$).-#7%
'"C#--'%,2#%
+$/6*#3'%'**'%
O
DVFLXJDFDSHOOLVLVLD
6/,,2#--'%1.%)",.-'% UDlUHGGDWRSULPDGL
RLQJUHVVRGHOO
DULD $.',,#(1#$*/8
6HLOSUREOHPDQRQª
$."/*-/7%$#"-.-).",.%
O
DVFLXJDFDSHOOLSHUOD
$.C'$'E./(#8
b'%"C.'%
1#**f.3C/"-'E./(#%
1#*%,'*/$#%(/(% b'%",2#1'%3'1$#%
4)(E./('
ªGDQQHJJLDWD
J$$/$# .**)3.('E./(#
<*%C)*"'(-#%(/(% 4)(E./('
,OSXOVDQWHª GDQQHJJLDWR
0#"-.-).",.%C#$%*'% $.C'$'E./(#
<*%,'B/%1.% '*.3#(-'E./(#
`*'%"C.('%".% ")$$.",'*1'
<*%,'B/%1.% DOLPHQWD]LRQHª
GDQQHJJLDWR
=1/$#%1.%6$),.'-/% 1)$'(-#%*f)"/
G'((.%'%)(% ,/3C/(#(-#%
.(-#$(/
K00W22]75
J*#(,/%#$$/$.%C$#"-'E./(.%G$#'3#% <; +DLU*ORU\+LJK6SHHG+DLU'U\HU
>/3#
G$#'3#X'.$%@*/$5% +LJK6SHHG+DLU G$5#$
J$$/$#%1.%C$#"-'E./(#
/
,QWHUUXWWRUH2Q2lQRQIXQ]LRQD /DPRGDOLW¢DULDFDOGDVRDDULD
4$#11' V8%b'%"C.'%*)3.(/"'%(/(%4)(E./('7%3'%
O
DVFLXJDFDSHOOLIXQ]LRQD /
DVFLXJDFDSHOOLQRQVRDDULD
4$#11'7%,'*1'7%/%.*%,.,*/% ,'*1/`4$#11/ /
DVFLXJDFDSHOOLªURVVRDOO
LQWHUQR #%(#%4)/$.#",#%1#*%4)3/
K00[22K85
<; 6FKHGDGLJDUDQ]LDGHOSURGRWWR
>/3#%)-#(-#
<(1.$.EE/%C/"-'*#
>)3#$/%1.%,/(-'--/ >/3#%1#*%C$/1/--/%#% ()3#$/%1#*%3/1#**/ >)3#$/%1.%"#$.#% 1#*%C$/1/--/ G'-'%1.%',P)."-/
5HJLVWUHGHVU«SDUDWLRQV
G#",$.E./(#%1#*% C$/6*#3'%#%1#**#% C'$-.%1.%$.,'36./
L
G'-'%1#**'% $.C'$'E./(#
9#(-$/%1.% $.C'$'E./(#
O
0=$:+*$
B$<7$*# b3HOOLFROD D#:+
3J3&PQ 3J3&PR 3J3&PP
53N&S
30&T
5$":$
3*$9:(=$
GJ55KLFJ&!;MMNGNDO;JFJ
9HULFDOHGLVSRVL]LRQLGHOWXR&RPXQH 6HSDUDOHFRPSRQHQWLHFRQIHULVFLOHLQPRGRFRUUHWWR
K00[22L95
'LFKLDUD]LRQHGLFRQIRUPLW¢8(
<;
1RL'UHDPH7UDGLQJ7LDQMLQ &R/WGTXL GDGLFKLDULDPRFKHTXHVWRGLVSRVLWLYRª ,/(4/$3#%'**#%1.$#--.B#%'CC*.,'6.*.%#%'**#% QRUPHHXURSHHHVXFFHVVLYHPRGLFKH,O -#"-/%,/3C*#-/%1#**'%1.,2.'$'E./(#%1.% FRQIRUPLW¢8(ªGLVSRQLELOHDOVHJXHQWH .(1.$.EE/%<(-#$(#-F% KWWSVJOREDOGUHDPHWHFKFRP
<(4/$3'E./(.%")**/%"3'*-.3#(-/%#%.*% ULFLFODJJLR5$((
;)--.%.%C$/1/--.%,2#%$.C/$-'(/%P)#"-/%".36/*/% VRQRULXWLGLDSSDUHFFKLDWXUHHOHWWULFKHHG #*#--$/(.,2#%g0:JJ%,/3#%.(1.,'-/%(#**'% GLUHWWLYD8( FKHQRQGHYRQRHVVHUH PHVFRODWLFRQLULXWLGRPHVWLFLQRQ GLlHUHQ]LDWL'HYLLQYHFHSURWHJJHUHODVDOXWH )3'('%#%*f'36.#(-#%C/$-'(1/%*#%'CC'$#,,2. '-)$#%1.%",'$-/%'%)(%C)(-/%1.%$',,/*-'%C#$%.*% ULFLFODJJLRGHOOHDSSDUHFFKLDWXUHHOHWWULFKHHG HOHWWURQLFKHGHVLJQDWRGDOJRYHUQRRGDOOH DXWRULW¢ORFDOL/RVPDOWLPHQWRHLOULFLFODJJLR ,/$$#--.%,/(-$.6).",/(/%'%C$#B#(.$#%C/-#(E.'*.% HlHWWLQHJDWLYLVXOO
DPELHQWHHVXOODVDOXWH &RQWDWWDO
LQVWDOODWRUHROHDXWRULW¢ORFDOLSHU )*-#$./$.%.(4/$3'E./(.%")**'%C/".E./(#%#%")% -#$3.(.%#%,/(1.E./(.%1.%-'*.%C)(-.%1.%$',,/*-'8
K0[03O205
!"#$%3'()'*%B#$"./(%()36#$F%SL8K
6HUYLFHZHEVLWHKWWSVJOREDOGUHDPHWHFKFRP 0DQXIDFWXUHUE\'UHDPH7UDGLQJ7LDQMLQ &R/WG $GGUHVV5RRPbb6RXWKb'LVWULFWb)LQDQFHbDQGb 7UDGHb&HQWHUb1Rb<D]KRXb5RDGb'RQJMLDQJb %RQGHGb3RUWb$UHDb7LDQMLQb3LORWb)UHHb7UDGHb=RQHb 7LDQMLQb&KLQD &'1#%.(%92.('