Usmiech Lwowa

DTP by SHADE

1,(=1$-20<-(67:,(/.,0'=,:$.,(0

0LDOHP F]WHUQDĞFLH ODW NLHG\ ]RVWDáHP VDP QD ĞZLHFLH 2MFLHF PyM XPDUá SU]HG

GZRPDODW\PDWNDSU]HGNLONXPLHVLąFDPL3U]\JDUQĊOLPQLHURG]LFHPHJRNROHJL7D-

GHXV]D%RURZLĔVNLHJR'UĊF]\áRPQLHWRJG\ĪĨOHLPVLĊZLRGáR7DG]LRRG]QDF]DáVLĊ

WDNLPDSHW\WHPĪHPyJáE\GRVWDüZLHONL]áRW\PHGDOQDZV]HFKĞZLDWRZHMZ\VWDZLH

DMDSRMHGQ\PW\ONRSRSLVLHPRJáHPGRVWDüPDá\UyZQLHĪ]áRW\LOLVWSRFKZDOQ\1LH

E\áHP ZLĊF WDNLP QDE\WNLHP R NWyU\ QDOHĪDáR ]E\W QDWDUF]\ZLH SURVLü 3DQD %RJD

=DF]ąáHPSU]HWRSLOQLHUR]P\ĞODüFRSRF]ąü]F]WHUQDVWROHWQLPGU\EODVHPNWyU\VLĊ

]RZLH 0LFKDá .RUHFNL L ZFDOH GREU]H VLĊ XF]\ PD MHGQDN WĊ F]DUQą ZDGĊ ĪH JR QLH

PRĪQDRG]Z\F]DLüRGMHG]HQLDLRG]G]LHUDQLDMHG\QHMSDU\EXWyZ"

-D MHVWHP W\P GU\EODVHP ER URVQĊ V]\ENR MDN G]LNLH ZLQR L QLHGáXJR Z\VNRF]Ċ

]ZáDVQHJRXEUDQNDNWyUH]GUDG]DMXĪRVWDWHNFLHUSOLZRĞFL1LHGáXJR]PRLPZHVRá\P

SU]\MDFLHOHP7DG]LHPWDNREMHP\GRPMDNWHUPLW\-HĞOLQLHXGDPLVLĊ]GRE\üMDNLHMĞ

NRUHSHW\FML OXE MHĞOL QLH Z\P\ĞOĊ LQQHJR VSRVREX DE\P VLĊ VDP PyJá Z\Ī\ZLü QLH

ZLHPFREĊG]LH"=W\PMHVWQDMJRUV]DVSUDZDĪH]DW\G]LHĔ]DF]\QDMąVLĊZDNDFMH

DSU]H]ODWRĪDGQHMSUDF\QLH]QDMGĊ5R]P\ĞODáHPJRU]NRSDWU]ąFSU]H]RNQRQDFKPXU\

MDNJG\E\ZQDG]LHLĪHQDMHGQHM]QLFKMDNQDZLHOEáąG]LHSU]\FZDáXMHZPRMąVWURQĊ

MDNLĞQLH]QDQ\ZXMDOERGDOHNDFLRWNDL]DZRáDPQLHSRLPLHQLX:XMRZLHMHGQDNDQL

FLRWNLQLHMHĪGĪąQDFKPXUDFK1LHZLHG]LDáHP]UHV]WąF]\PDPJG]LHQDĞZLHFLHMD-

NLFKNUHZQ\FK1LNWVLĊSRPQLHDQLGRPQLHQLH]JáRVLá-HVWHĞ0LFKDáNXVDPMDNSWDN

]DEáąNDQ\QDSXVW\QL

:V]HGá7DG]LRLV]\ENR]EOLĪ\áVLĊGRPQLH

±/LVWGRFLHELH±V]HSQąáQLH]PLHUQLHSU]HMĊW\3RGDáPLRJURPQ\OLVWQDNWyU\P

]MHGQHMVWURQ\Z\SLVDQHE\áRZLHONLPLOLWHUDPLQD]ZLVNRDQDGUXJLHMNUZDZLáRVLĊSLĊü

RJURPQ\FKSLHF]ĊFL]F]HUZRQHJRODNX7HQNWyU\JRSLVDáQLHPyJáSRZLHG]LHüMDN

yZZHVRá\SLVDU]FR]DNOHLZV]\OLVWRSáDWNLHPGRSLVDáÄ3U]HEDF]3RODNXOHF]QLHPDP

ODNX´

/LVWVSUDZLDáVZRLPZ\JOąGHPSRWĊĪQHZUDĪHQLH2EUDFDáHPJRZUĊNDFK]MDNLPĞ

]DERERQQ\PVWUDFKHP:V]\VWNLHJRPRJáHPVLĊVSRG]LHZDüQDW\PĞZLHFLHDOHQLH

OLVWX/XGRĪHUFDZDIU\NDĔVNLHMSXV]F]\PyJááDFQLHMOLVWRWU]\PDüQLĨOLMD$MHGQDNNWRĞ

GRPQLHQDSLVDá1LHPLDáHPRGZDJLRWZDUFLDWHJROLVWXLQDUXV]HQLDSLĊFLXSLHF]ĊFL

7DG]LRSDWU]\áWHĪ]HVWUDFKHPLV]HSWDáJRUąF]NRZR

±:FKRG]ĊZEUDPĊDZWHP]EOLĪDVLĊMDNLĞSDQ7DNLMDNLĞZ\VRNLLFKXG\Ä&]\

W\FKáRSF]HMHVWHĞ0LFKDá.RUHFNL"´±SRZLDGD-DPXQDWRĪHQLHDOHĪHW\XQDV

PLHV]NDV]:WHG\RQGDMHPLOLVWOPyZLÄ'DMJR0LFKDVLRZL7REDUG]RZDĪQ\OLVW´

:]LąáHPOLVWDWHQSDQJG]LHĞVLĊSRG]LDá7DNSUĊGNRRGV]HGáĪHQLHPLDáHPF]DVX

DE\PXVLĊGREU]HSU]\MU]Hü%RĪHGURJLFRWRZV]\VWNR]QDF]\"3U]HF]\WDMSUĊGNR

SU]HF]\WDM

1LHWU]HEDPQLHE\áR]DFKĊFDü2WZRU]\áHPOLVW]QHUZRZ\PSRĞSLHFKHPLZ\GRE\áHP

]QLHJRGXĪąNDUWNĊ]DSLVDQHJRSDSLHUXLGZDEDQNQRW\

±3LHQLąG]H±]DZRáDá7DG]LR

±&]\WDMP\±V]HSQąáHPQLHVZRLPJáRVHP3U]HSLVXMĊWXWDMWHQOLVWGRVáRZQLH

NDĪGHM]UHV]WąFKZLOLPRJĊJRZ\SRZLHG]LHü]SDPLĊFLF]\WDáHPJRERZLHP]HVWRUD]\

%\áRQáDWZ\GR]DSDPLĊWDQLDERE\áSLVDQ\ZLHUV]DPL

3RZLHG]LHOLPLOXG]LHNRFKDQHPHG]LHFLĊ

=HQLNRJRMXĪ]EOLVNLFKQLHPDV]QDW\PĞZLHFLH

/HF]LVWQLHMHSU]\MDFLHOPH]QDQ\QLNRPX

.WyU\FLHELHZHZáDVQ\PFKFHZ\FKRZDüGRPX

$GODF]HJRWRF]\QLEĊG]LHV]ZLHG]LDáRWHP

$OHMHV]F]HPHWHUD]W\ONRQLHFRSRWHP

'XP\WZRMHMQLH]UDQLĊ.OQĊVLĊQD=DZLV]Ċ

DTP by SHADE

ĩHPXF]FLZ\SU]\MDFLHOLVHUFHPOLVWSLV]Ċ

=QDMGĨPQLHPLá\0LFKDáNXE\]áRĪ\üGRZRG\

ĩHĞMHVWE\VWU\LG]LHOQ\FKRüWDNEDUG]RPLRG\

-HĪHOLPQLHRGQDMG]LHV]U]HF]SRVWDQRZLRQD

1LH]QDQ\&LĊSU]\MDFLHO]DJDUQLHZUDPLRQD

/HF]MHĞOLQLHSRWUDILV]WRGRZRGHPEĊG]LH

ĩHĞZFDOHPHMHVWRUáHPOHF]NXUąQDJU]ĊG]LH

5XV]DMZGURJĊLV]XNDM-DFLW\ONRPRJĊ

:\ERUQHGDüZVND]yZNLQD]DZLáąGURJĊ

=QDMGĨPLDVWRZSROVNLHM]LHPL

:WHJRPLDVWDEUDPLH

/HZVWRLZLĊFJRQLJG\ĪDGQDPRFPH]áDPLH

2GZLHNyZMHVWWRPLDVWR]DPNQLĊWHQD]DPHN

&R]DZV]HMHVWRWZDUW\EH]NOXF]DLNODPHN

1DGU]HNąRZHPLDVWRZZLHONLHMURĞQLHFKZDOH

/HF]FKRüMHVWZPPWDU]HNDPHPDU]HNLZFDOH

=HZ]JyU]VFKRG]ąGRU]HNLSDUNLLRJURG\

/HF]QLHPRJąVLĊQDSLüERPHZLGDüZRG\

6NRURGZRU]HFRSXĞFLV]GRSLHUZV]HMLGĨPHW\

7DPJG]LHVWRLZ\QLRVá\GRPĞZLĊWHM(OĪELHW\

3RWHPV]HZFDRGQDMG]LHV]FR]FKRUąJZLąZGáRQL

&KRüFLąJOHQLHUXFKRP\MHGQDNZURJDJRQL

3RNáRĔPXVLĊ]V]DFXQNLHPDRQFLZWHSĊG\

3RZLHFRPDV]XF]\QLüGRNąGLĞüNWyUĊG\"

±7RQDG]Z\F]DMQH±]DZRáDá7DG]LRNWyUHPXQDWZDU]\Z\ELHJá\UXPLHĔFH

-D PXVLDáHP E\ü EODG\ 3U]H] JáRZĊ PRMą SU]HELHJá\ QDMG]LZQLHMV]H P\ĞOL &]\

WRĪDUWF]\WRSUDZGD"

.LPMHVWWHQF]áRZLHNFRWDNLOLVWQDSLVDá"-DNLPVSRVREHPGRZLHG]LDáVLĊRPQLH"&]\

WRRQVDPRGGDáOLVW7DG]LRZL"&]HPXQLHSU]\V]HGáZSURVWGRPQLHDE\PLSRZLHG]LHü

]Z\F]DMQą]UR]XPLDáąPRZąRF]\PWDN]DJDGNRZRSLV]HZOLĞFLH"0yZLZSUDZG]LH

ĪHSRWRF]\QLWRZV]\VWNRDE\VLĊRPRMHMSU]HNRQDüE\VWURĞFL&]\GODWHJRPDPV]XNDü

MDNLHJRĞ]DF]DURZDQHJRPLDVWD]DPNQLĊWHJRRWZDUW\P]DPNLHPPLDVWDZNWyUHJR

EUDPLHVWRLOHZU]HNLNWyUDMHVWLNWyUHMQLHPDQLHUXFKRPHJRV]HZFD"&RMDPDP

SRF]ąü]W\POLVWHPMDNLHJRQLNWFK\EDGRWąGQLHRWU]\PDá":JáRZLHPLV]XPLZUĊNX

WU]\PDPGZDEDQNQRW\

±0RĪHWRIDáV]\ZH"±V]HSQąá]SU]HVWUDFKHP7DG]LR

±1LHZLHP±RGSRZLHG]LDáHP]WUZRJą±/LVWZNDĪG\PUD]LHMHVWSUDZG]LZ\

8GDOLĞP\VLĊSRSRPRFLUDGĊGRSDQD%RURZLĔVNLHJR3U]HF]\WDáG]LZQHSLVPRGZD

UD]\NUĊFLáJáRZąPDUV]F]\áF]RáRZUHV]FLHU]HNáSRGáXJLPQDP\ĞOH

±1LHZ\GDMHPLVLĊDE\WHQOLVWE\áĪDUWHP=E\WNRV]WRZQ\E\áE\WRĪDUW]HZ]JOĊGX

QD ]DáąF]RQH SLHQLąG]H L ]E\W RNUXWQ\ ]H Z]JOĊGX QD FLHELH 7HQ FR WR SLVDá MHVW

QLHZąWSOLZLHG]LZDNLHPOHF]MDNLPĞSRF]FLZ\PG]LZDNLHP0XVLWRE\üF]áRZLHNGREU\

NWyU\Z\P\ĞOLáRU\JLQDOQ\VSRVyEDE\GRĞZLDGF]\üWZRMHME\VWURĞFL,QLHW\ONRGREU\

OHF] QDZHW VXEWHOQ\ :LH R W\P ĪH VáXV]Qą SRZRGRZDQ\ GXPą PyJáE\Ğ QLH SU]\Mąü

SRPRF\ RG REFHJR F]áRZLHND ZLĊF FLĊ ]DSHZQLD R VZRLFK V]ODFKHWQ\FK LQWHQFMDFK

Sá\QąF\FK ]H V]F]HUHJR VHUFD 3RGRED PL VLĊ WHQ QLH]QDMRP\ F]áRZLHN NWyU\ FLHELH

ZRáDZWDNG]LZQ\VSRVyE=JyGĨVLĊQDWąSUyEĊPyMFKáRSF]H1LHP\ĞOQD%RJD

ĪH FKFHP\ VLĊ FLHELH SR]E\ü ] GRPX 0RĪH MHGQDN FDáD WZRMD SU]\V]áRĞü PLHĞFL VLĊ

Z W\P G]LZQ\P OLĞFLH 6SUyEXM 8GD FL VLĊ WR GREU]H QLH XGD VLĊ ZWHG\ SRZUyFLV]

GRQDV3RZLQQRFLVLĊMHGQDNXGDü-HVWHĞVNDXWHPÄSRV]XNLZDF]HPĞFLHĪHN´ZLĊFQLH

GDV]VLĊ]ELü]WURSX

DTP by SHADE

±-HPXZV]\VWNRVLĊXGD±]DZRáDá7DG]LR

±6]XNDMP\±U]HNáSDQ%RURZLĔVNL±$UDF]HMW\V]XNDMVDP:SUDZG]LHWHQSDQ

QLH]DVWU]HJáZVZRLPF\URJUDILHĪHE\FLQLHSRPDJDüZUR]ZLą]\ZDQLX]DJDGNLDOH

PRĪHGODWHJRW\ONRĪHPXEUDNáRU\PX/RMDOQLHMMHGQDNEĊG]LHMHĞOLUR]ZLąĪHV]MąVDP

±6áXV]QLH±SRĞZLDGF]\áHPVNZDSOLZLH

±3U]HWáXPDF]ZLĊFWHWDMHPQLF]HZLHUV]HQD]Z\F]DMQąSUR]Ċ

1DP\ĞOLáHPVLĊJáĊERNRL]DF]ąáHPZWHQVSRVyEREMDĞQLDüyZOLVW

±0LDVWRZNWyU\PPLHV]NDyZSDQOHĪ\Z3ROVFH7RMHVWSHZQHERVDPRW\P

SLV]H0RĪQDVLĊWDPGRVWDüNROHMąERWHĪVDPSLV]HRGZRUFXNROHMRZ\P-HVWWRMDNLHĞ

]QDF]QLHMV]HPLDVWRERÄZZLHONLHMURĞQLHFKZDOH´&]\GREU]HUR]XPXMĊ"

±%DUG]RGREU]H&RMHV]F]HZLHP\RW\PPLHĞFLH"

±7R ĪH OHĪ\ QD Z]JyU]DFK $OH F]\ OHĪ\ RQR EOLVNR F]\ GDOHNR RG :DUV]DZ\"

0\ĞOĊĪHGDOHNR

±'ODF]HJRWDNP\ĞOLV]"

±7HQ SDQ SU]\SXV]F]D ] FDáą SHZQRĞFLą ĪH SRMDGĊ WU]HFLą NODVą QDMWDĔV]HJR

SRFLąJXLGDMHPLQDSRGUyĪF]WHUG]LHĞFL]áRW\FK=QDF]QąSU]HVWU]HĔPRĪQDSU]HMHFKDü

]DWDNLHSLHQLąG]HZLĊFWRPLDVWROHĪ\GDOHNRRG:DUV]DZ\

±ĝZLHWQLH±]DZRáDá7DG]LR

±'REU]H±U]HNáRMFLHF±:LHP\MXĪFRĞQLHFRĞRW\PPLHĞFLHWHJRQLHZLHP\

MDNVLĊ]RZLH*G\E\ĞWRRGJDGááDWZLHME\áRE\FLZ\WáXPDF]\üQDMG]LZQLHMV]ąF]ĊĞü

]DJDGNLNWyUDPQLHWH]SU]HVWUDV]D

=HEUDáHPZV]\VWNLHP\ĞOLLSRZWDU]DáHPFLFKR

±Ä:WHJRPLDVWDEUDPLHVWRLOHZ´/HZVWRLOHZ&RWRPDR]QDF]Dü"7RFK\ED

PXVLE\üKHUEPLDVWD:DUV]DZDPDZKHUELHV\UHQĊWDPWRPLDVWRPDOZD=DUD]

]DUD]

±&RĞPLVLĊMXĪPDMDF]\±U]HNL]XĞPLHFKHPSDQ%RURZLĔVNL

±'URJLSDQLH3URV]ĊQLHPyZLüERMDRGJDGQĊVDP:LĊFZEUDPLHVWRLOHZLPL-

DVWRÄURĞQLHZFKZDOH´-DNLHĞOZLHPLDVWRMDNLHĞ2%RĪH7RSU]HFLHĪ/ZyZ

±1LHXOHJDZąWSOLZRĞFL-DP\ĞOĊWDNVDPR:OLĞFLHVąMHGQDNLQQHĞODG\-DNRQ

WDPSLV]HRW\P]DPNX"2GF]\W\ZDáHPUD]MHV]F]HXVWĊSRÄRWZDUW\P]DPNX´NWyU\

Ä]DP\ND´ PLDVWR 0\ĞOHOLĞP\ ZV]\VF\ L QLNW WHJR QLH RGJDGá =DVĊSLáHP VLĊ SR SLHU-

ZV]\P áDWZ\P WULXPILH ]DJDGND E\áD ]E\W WUXGQD 8VLáRZDOLĞP\ SU]HWR UR]ZLNáDü

GUXJąRWHMG]LZQHMU]HFHNWyUDMHVWZW\PPLHĞFLHLNWyUHMQLHPDZFDOH

±7RRNURSQH±PDUWZLáVLĊ7DG]LR

:WHG\ SU]\V]áR PL QD P\ĞO ĪH WU]HED ]DMU]Hü GR SRGUĊF]QLND :HUWRZDáHP

JRUąF]NRZRMHJRNDUWNL-HVWMHVW&]\WDáHPV]\ENR

Ä/ZyZPLDVWRZ0DáRSROVFH:VFKRGQLHMQDGU]HNą3HáWZLą´

±0DP\U]HNĊ±]DZRáDáHP]UDGRĞFLą

±&yĪ]WHJRĪHPDP\NLHG\WHUD]LG]LHRWRDE\MHMQLHE\áR±U]HNáRMFLHF7DG]LD

Z]DP\ĞOHQLX±1LNW]QDVQLHE\áZH/ZRZLHZLĊF

±0DPXVLDE\áD±]DZRáDá7DG]LR

±3UDZGD%\áDWDPSU]H]WU]\GQLMDGąFGR7UXVNDZFD0RĪHFRZLHRWHMSRP\ORQHM

U]HFHNWyUDUD]MHVWDUD]MHMQLHPD

=DS\WDOLĞP\SDQLą%RURZLĔVNąFKyUHPNXMHMZLHONLHPX]GXPLHQLX

&]\MHVWZH/ZRZLHU]HND"

1LHPDWDPĪDGQHMU]HNL±SRZLHG]LDáD

3URV]ĊSDQLQLHFKSDQLVRELHSU]\SRPQLERWRZDĪQDVSUDZD

'REUDNRELHWDZ]UXV]\áDUDPLRQDPL

±0RJĊSU]\VLąFĪHQLHPD6FKRG]LáDPFDá\/ZyZERMHVWĞOLF]Q\:LG]LDáDPNDĪG\

]DNąWHNMDNĪHZLĊFQLHPLDáDE\P]DXZDĪ\üU]HNL"3RZWDU]DPĪHWDPQLHPDĪDGQHM

3RND]DOLĞP\MHMSRGUĊF]QLNZNWyU\PSá\QLHU]HND3HáWHZ±7RG]LZQH7REDUG]RG]L-

ZQH$OERRQLVLĊSRP\OLOLDOERMD$OHQLH-DQDSUDZGĊPRJĊSU]\VLąF

±'RVNRQDOH±]DZRáDáSDQ%RURZLĔVNL±-HGQLZLHG]ąRWHMU]HFHLQQLQLHZLHG]ą

DTP by SHADE

,'ĉ6=8.$û%2+$7(56.,(*26=(:&$

-HFKDáHP SU]H] FDáą QRF 2EXG]LáHP VLĊ R ĞZLFLH L RG UD]X MDN UR]JDGDQD ZLHO-

NLPV]F]HELRWHPJURPDGDSWDFWZDRSDGá\PQLHURMHPQDMG]LZQLHMV]HP\ĞOL:SDGDáHP

Z ]ZąWSLHQLH DE\ SR FKZLOL ]QRZX ]DF]HUSQąü RGZDJL %DUG]R MHGQDN QLHVSRNRMQLH

WáXNáR VLĊ ZH PQLH VHUFH NLHG\ Z ĞOLF]Q\ VáRQHF]Q\ SRUDQHN Z\VLDGáHP QD GZRUFX

OZRZVNLP 2FK MDNLĪ ZVSDQLDá\ GZRU]HF 2JURPQ\ GZRPD V]NODQ\PL GDFKDPL QD-

NU\W\]HV]NáDFDá\LĪHOD]D3U]\MU]DáHPVLĊ]H]GXPLHQLHPMDNZLHONLHLFLĊĪNLHNXIU\

GRE\ZDMą VLĊ ] SRG]LHPL SRGQRV]RQH SU]H] GXĪ\ GĨZLJ 6DP ]DUD] SRWHP ]V]HGáHP

Z WH SRG]LHPLD Z WXQHOH NWyUH ZLRGą GR Z\MĞFLD %\áHP QLHFR RV]RáRPLRQ\ D SU]\

W\PJáRGQ\ZLĊF]DF]ąáHPVLĊEáąNDüSRREV]HUQ\FKKDODFKQLHZLHG]ąFGRNąGSyMĞü"

3U]\MU]DáPLVLĊWHQLyZLZWHG\SRUD]SLHUZV]\XVá\V]DáHPOZRZVNąPRZĊ-HVWRQD

SU]HG]LZQLHĞSLHZQDLMDNDĞVáRGND7DNLHRGQLRVáHPZUDĪHQLHMDNJG\E\E\áD]DZV]H

XĞPLHFKQLĊWD/XG]LHWHĪVąXĞPLHFKQLĊFL0XVLDáHPLFK]G]LZLüVZRMąVWUDSLRQąPLQą

ERRGUD]XGZyFKF]\WU]HFKOZRZLDNyZ]ZUyFLáRVLĊGRPQLH]DF]ĊOLPQLHZ\S\W\ZDü

WURVNOLZLHLVHUGHF]QLHF]\PLPRJąZF]\PSRPyF']LZQLNRFKDQLOXG]LH-DNJG\E\

MHGQHJRE\áR]DPDáRGRWHMVSUDZ\]HEUDáDVLĊLFKFDáDJURPDGDL]DF]ĊOLVLĊQDUDG]Dü

JG]LHPDPVSRĪ\üĞQLDGDQLHJG]LHXVLąĞüLFRPDP]MHĞü"=DSURZDG]LOLLPQLHGRNROHM-

RZHJREXIHWXXVDGRZLOLLNDĪG\PLQDSRĪHJQDQLHSR]RVWDZLáXĞPLHFK%\áHPZ]UXV]R-

Q\8ĞPLHFKQąáHPVLĊGRZV]\VWNLFKVHUGHF]QLHLWDNHĞP\VLĊSRĪHJQDOLMDNJG\E\ĞP\

VLĊ ]QDOL RG GDZQD 2WXFKD ZH PQLH ZVWąSLáD ZĞUyG WDNLFK OXG]L QLH PRĪQD ]JLQąü

1DJOHMHGHQ]RZHMJURPDGNLSRZUyFLáLSRZLDGD

±7D MDNE\ VLĊ SDQX WX QLH VSRGREDáR WR QLHFK SDQ SyMG]LH QD *UyGHFNą XOLFĊ

GRPOHF]DUQL1LHGDOHNRVWąGNRáRĝZLĊWHM(OĪELHW\

6NRF]\áHPQDUyZQHQRJL

±*G]LHJG]LH"±]DZRáDáHP±3DQSRZLHG]LDáNRáRĝZ(OĪELHW\".RáRGRPXĝZ

(OĪELHW\"

±7DNRáRMDNLHJRGRPX"&]\SDQKHF\UREL"7DWRNRĞFLyáQLHGRP

±2FKG]LĊNXMĊSDQX±NU]\NQąáHP]UDGRĞFLą

±1LHPD]DFR±RGU]HNá]G]LZLRQ\PRMąUDGRĞFLąOZRZLDQLQ

'REU]H SU]HWR RGJDGáHP 1LH]QDMRP\ PyM SU]\MDFLHO SUDJQLH PL SRND]Dü VZRMH

PLDVWRVZyM/ZyZ-HĞOLRQMHVWWDNLPLá\MDNFLOZRZLDQLHNWyU\FKGRWąGVSRWNDáHP

GREU\WRPXVLE\üF]áRZLHN

-DGáHP ĞQLDGDQLH V]\ENR ER PQLH JQDáD ZLHOND QLHFLHUSOLZRĞü :]LąáHP PRMą

PDOHĔNą ZDOL]HF]NĊ E\ F]\P SUĊG]HM Z\MĞü QD XOLFĊ 3RZLHG]LDQR PL WDP ]QRZX

]QDMPLOV]\PXĞPLHFKHPĪHPXV]ĊLĞüSURVWRSRWHPVNUĊFLüZOHZR7U]HFK]DFQ\FK

SU]HFKRGQLyZRILDURZDáRVLĊĪHPQLH]DSURZDG]ąDOHSRG]LĊNRZDáHPLPVHUGHF]QLH

JG\ĪGURJDE\áDSURVWDLáDWZD6]HGáHPZHVRáRERVLĊMDNRĞZV]\VWNRGRVNRQDOHNOHL

1DSU]yG QDSU]yG 0LFKDáNX :V]HGáHP Z MDNąĞ XERJą G]LHOQLFĊ V]DUą L ]DVQXWą G\-

PDPL ZORNąF\PL VLĊ RG NROHMRZ\FK ]DEXGRZDĔ *G]LHĞ WXWDM SRZLQLHQ VWDü ELHGQ\

]DSHZQH NRĞFLyáHN NWyUHJR V]XNDP 1DJOH NU]\NQąáHP QLHPDO ] SRG]LZX QD REV]-

HUQ\PSODFXS\V]QLáVLĊSRWĊĪQ\NRĞFLyáRWU]HFKZ\QLRVá\FKZLHĪDFK2EMDĞQLRQRPQLH

ĪHWRZáDĞQLHMHVWĝZ(OĪELHWD7U]HEDVLĊMHMSRNáRQLüERPLWDNSROHFRQR=FDáHJR

XF]\QLáHPWRVHUFD.LHG\SU]\VWDQąáHPSRWHPQDVFKRGDFKSU]HGNRĞFLRáHPDE\JR

GREU]HREHMU]Hü]EOLĪ\áVLĊGRPQLHVWDUXV]HNNVLąG]

±3RGREDFLVLĊQDV]NRĞFLyáGURJLFKáRSF]H"±]DS\WDá

±2EDUG]REDUG]R±]DZRáDáHP

±%RMHVWSLĊNQ\±PyZLáNVLąG]]PLáRĞFLą±=EXGRZDQ\MHVWZVW\OXURPDĔVNR

JRW\FNLPV]ODFKHWQ\ZOLQLDFKVSRNRMQ\LSRZDĪQ\&LHV]ĊVLĊĪHFLĊWDN]DFKZ\FLá

&]\MHVWHĞQLHWXWHMV]\"

±-HVWHP]:DUV]DZ\±U]HNáHPQLHĞPLDáR±3U]\MHFKDáHPG]LVLDMUDQR

±=:DUV]DZ\"3DWU]FLHSDWU]FLH'RNUHZQ\FKSU]\MHFKDáHĞ"

1DJáDP\ĞO]DĞZLWDáDZPHMJáRZLH

DTP by SHADE

±1LH SURV]Ċ NVLĊG]D 3U]\MHFKDáHP Z EDUG]R ZDĪQHM VSUDZLH 6]XNDP MHGQHJR

V]HZFD

±.RJRV]XNDV]"6]HZFD"±]GXPLDáVLĊNVLąG]

±$OHQLHWDNLHJR]Z\F]DMQHJRV]HZFD2QLH'áXJRE\WU]HEDRSRZLDGDüGODF]HJR

JRV]XNDP1LHFKVLĊNVLąG]GREURG]LHMQLHĞPLHMHDOHPXV]Ċ]QDOHĨüWDNLHJRV]HZFD

NWyU\ MHVW ZH /ZRZLH L NWyU\ Ä] FKRUąJZLą Z GáRQL FKRü FLąJOH QLHUXFKRP\ MHGQDN

ZURJDJRQL´

6WDUXV]HNNVLąG]VSRMU]DáQDPQLHSRGHMU]OLZLHLQLH]QDF]QLHVLĊRGHPQLHRGVXQąá

±&KáRSF]H±U]HNáWURVNOLZLH±&]\W\QLHPDV]JRUąF]NL"

±6NąGĪH1LHPDP

±:LĊFF]HPXJDGDV]ZLHUV]DPL"&]\ĪDUW\VRELHVWURLV]]HVWDUHJRF]áRZLHND"

±%URĔ%RĪH±NU]\NQąáHP±3URV]ĊNVLĊG]DMDQDSUDZGĊ

±1LHFKĪHFLĊ3DQ%yJPDZVZRMHMRSLHFH±V]HSQąáSRF]FLZ\NVLąG]LRGZUDFDMąF

VLĊFLąJOHSRGUHSWDáV]\ENRGRNRĞFLRáD

0XVLDáPQLHXZDĪDü]DZDULDWDERWHĪJDGDáHPMDNE\PE\áSRP\ORQ\=GDMHVLĊ

ĪHQLHUD]MHGHQMHV]F]HPQLHWRVSRWND1LHPDUWZVLĊG]LHOQ\VNDXFLH3RP\ĞOFRPDV]

WHUD]XF]\QLü"=DZH]ZLMWĊSąJáRZĊGRFLĊĪNLHMSUDF\ERFRĞVLĊMHMP\ĞOHüQLHFKFH

$FK .WyĪ PL R G]LZQ\P V]HZFX SUĊG]HM SRZLH QLĪ ]Z\F]DMQ\ V]HZF" 3R JRGOH

RGQDOD]áHPMDNLHJRĞ]DFQHJRV]HZFDSU]\SREOLVNLHMXOLF\/HRQD6DSLHK\Z\VáXFKDZV]\

PRMHMRV]DODáHMRSRZLHĞFLRGáRĪ\áNRS\WR]PDUV]F]\áVLĊLSRF]ąáSRWĊĪQLHUR]P\ĞODü

&]DVHPRF]\Z]QRVLáNXQLHEXJG]LHZV]\VWNRZLHG]ąF]DVHPVWXNDáSDOFHPZJáRZĊ

LQDGVáXFKLZDáHFKD:UHV]FLHU]HNá

±ĩHE\WDNSUDZGĊSRZLHG]LHüWRMDRWDNLPV]HZFXQLHVá\V]DáHPDOHWDNVRELH

P\ĞOĊĪHVLĊWDNLZQDV]\P/ZRZLH]QDMG]LH8QDVMDNWU]HEDZV]\VWNRVLĊ]QDMG]LH

W\ONRSRV]XNDü3RZLDGDNDZDOHUĪHWHQV]HZFMHVWZFLąĪQLHUXFKRP\"7DNLMHVW-HVW

WDNL1Dà\F]DNRZVNLHMMHVWV]HZFFRMXĪRGGZXG]LHVWXODWMHVWQLHUXFKRP\ERPX

QRJLRGMĊáRRGZLOJRFL7DPRĪHWRWHQ"

±$F]\JRQLNLHG\ZURJD"±]DS\WDáHPQLHĞPLDáR

±*RQLüWRRQJRQL&]DVHPĪRQĊNLHG\]DZLHOHJDGDDF]DVHPFKáRSFDNLHG\FRĞ

VNQRFLDOHWRQLHZURJL=JDG]DáRE\VLĊDOHW\ONRZSRáRZLH-HVWMHGHQEXWDOHSDU\

QLHPD7RQDQLF

±,FKRUąJZLSHZQLHWHĪQLHPD"

±&KRUąJZL"$QDFRPXFKRUąJLHZ"5]HPLHĔPDLW\OH

±:LĊFWRQLHRQ±SRZLHG]LDáHPVPXWQR±%DUG]RSDQXG]LĊNXMĊ

±1LHPD]DFRQLHPD]DFR6PXWQRPLĪHSDQDĪ]:DUV]DZ\SU]\MHFKDáDE\

VLĊW\OHW\ONRGRZLHG]LHü$MDE\PGR:DUV]DZ\SRWRW\ONRSRMHFKDáDE\]REDF]\ü

WR6WDUH0LDVWRJG]LHVLĊQDURG]LáQDMVáDZQLHMV]\SROVNLV]HZF

±.LOLĔVNL±SRZLHG]LDáHPPLPRZROL]DMĊW\P\ĞODPL

±2WDN1DMZLĊNV]\V]HZFSDQSXáNRZQLN.LOLĔVNL$F]\NDZDOHUZLHĪHP\ĞP\

PXWXZH/ZRZLHMXĪGDZQRSRPQLNSRVWDZLOL"6WRLRQVRELHQDQLP]NDPLHQLDZ\-

NXW\DZUĊFHWU]\PDFKRUąJLHZ

±-DNSDQSRZLHG]LDá"

±3RZLHG]LDáHPĪHPDFKRUąJLHZZSUDZHMGáRQL7DNMHVWZ\REUDĪRQ\MDNE\0RV-

NDODJRQLáLZRáDáÄ'REURQLEUDFLDGREURQL´&RVLĊ]SDQHPG]LHMH"=GXPLDáVLĊ

ERJRREMąáHP]DV]\MĊLXFDáRZDáHPZVLZHZąVLVND

±7RRQ±ZRáDáHP±7RPyMERKDWHUVNLV]HZF,QLHUXFKRP\MHVWLJRQLZURJD

1LHFKSDQX%yJ]DSáDFL*G]LHRQVWRLSDQLHGURJLJG]LHRQVWRL"

±:VZRLPZáDVQ\PSDUNX±RGU]HNáV]HZF]GXPą±:SDUNX.LOLĔVNLHJR7DN

WDN 7R ] SHZQRĞFLą RQ ER GUXJLHJR WDNLHJR QDZHW ZH /ZRZLH QLH PD 7D SRMĊFLD

SDQ QLH PD MDN MD VLĊ FLHV]Ċ -XĪ NDZDOHU FKFH LĞü" /HGZR SU]\V]HGá MXĪ RGFKRG]L"

2QLHEDUG]RSU]HSUDV]DP7DNQLHPRĪQD:LHSU]RZLQD]NPLQNLHPEĊG]LHQDRELDG

DZH/ZRZLHJáRGQHJRJRĞFLDQLHZ\SXV]F]DVLĊGRSDUNX&KDFKD0XVLDáHPSR]RVWDü

L]MHĞüRELDG1LNWPQLHWXQLH]QDáQLNWRPQLHQLHVá\V]DáDMXĪPQLHSU]\JDUQLĊWR

DTP by SHADE

LMXĪPQLHQDNDUPLRQR7RMDNLHĞF]DURG]LHMVNLHPLDVWR$QDSRĪHJQDQLHU]HNáPL]DFQ\

V]HZF

±$MDNE\ĞFKáRSF]\QRQLHPLDáJG]LHJáRZ\SU]\WXOLüWRSU]\MGĨQDQRF

0LDáHPá]\ZRF]DFKSU]\SRĪHJQDQLXLGRSLHURRVXV]\áRPLMHVáRĔFHQDXOLF\

3RZWyU]\áDVLĊĞFLĞOHSRUDQQDKLVWRULDJG\ĪZV]\VF\FKFLHOLPLZVND]\ZDüGURJĊ

GRSDUNX.LOLĔVNLHJR2EHMU]DáHPSRGURG]HZVSDQLDá\JPDFK3ROLWHFKQLNL-DNLĞVWXGHQW

ZLG]ąFPRMHV]HURNRUR]ZDUWHRF]\XĞPLHFKQąáVLĊLU]HNáZHVRáR

±àDGQ\EXG\QHF]HNFR"=DFKDULHZLF]EXGRZDá$JG\E\FLĊPLNUXVLHGRĞURGND

ZSXĞFLOLWRE\ĞWDPREUD]\VDPHJR0DWHMNL]REDF]\á

±3U]HSUDV]DPSDQD±U]HNáHP±&RWRMHVWÄPLNUXV´"

±&KDFKD±]DĞPLDáVLĊVWXGHQW±7RĞW\QLHWXWHMV]\"

0LNUXVWRSRQDV]HPXPDá\EU]GąF1LHJQLHZDMVLĊ0\ĞODáHPĪHĞVZyM$ZLHV]

NWRWRE\á0DWHMNR"

±:LHONLPDODU]ZVSDQLDá\PDODU]±]DZRáDáHP

±=GDáHĞ:FDOHQLHMHVWHĞPLNUXVW\ONRV]ODFKHWQDRVRED'RNąGLG]LHV]"

±'RSDUNX.LOLĔVNLHJR

±3yMG]LHP\UD]HPERMDWHĪZWDPWąVWURQĊQLRVĊPRMHFLDáR

5R]JDGDOLĞP\ VLĊ D RQ NDĪGH VáRZR VNUDSODMąF ĞPLHFKHP REMDĞQLDá PL ZV]\VWNR

SR GURG]H 6]OLĞP\ SU]H] SLĊNQą G]LHOQLFĊ SHáQą GU]HZ L ]LHOHQL 0LQĊOLĞP\ RJURPQ\

JPDFK6]NRá\.DGHWyZLVWDQĊOLĞP\ZUHV]FLHXMHGQHM]EUDPZVSDQLDáHJRSDUNX

±:DOEUDFLH±U]HNáVWXGHQW±WąGURJąZGyáW\ONRVLĊQLHUR]SĊG]DMERZSDG-

QLHV] GR VDG]DZNL L U\E\ FLĊ ]MHG]ą 'DZDM áDSĊ $OH DOH 1LHZ\JOąGDV] QD NVLĊFLD

ZLĊFSHZQLHMHVWHĞJRá\DGRWHJRZSRGUyĪ\:LHV]FRVWDU\SRG]LHOĊVLĊ]WREąW\P

FRPDP

±%DUG]RSDQXG]LĊNXMĊDOHMDPDPSLHQLąG]H:WHG\RQU\NQąáĞPLHFKHP

±7RFDáHV]F]ĊĞFLHERMDQLHPDPDQLJURV]DSU]\GXV]\ZLĊFQLHZLHOHE\ĞGRVWDá

ĝZLHWQ\NDZDáFR"6HUZXVNROHJD1LHFKFLQLFQLHGROHJD3VLDNRĞüWRGRU\PX%ąGĨ

]GUyZLQLHEyMVLĊNUyZ=QRZXGRU\PXMDN3DQD%RJDNRFKDP

7XĪ E\áHP GDOHNR D WHQ ZHVRá\ VWXGHQW MHV]F]H VLĊ ĞPLDá %DUG]R ZHVHOL OXG]LH

PLHV]NDMąZH/ZRZLH3UDZGĊPyZLąFPXV]ąE\üZHVHOLVNRURPDMąWDNLFXGQ\SDUN

5R]áRĪRQ\QDZ]JyU]DFKEXMQ\]LHORQ\LVUHEUQ\ERJDW\LQDSHáQLRQ\SWDVLPUR]JZDUHP

SU]HS\V]QLHXWU]\PDQ\EXG]LUDGRĞüZGXV]\,OHĪWXNZLDWyZLOHGU]HZZ\QLRVá\FKLOH

NU]HZyZ'UyĪNLNUĊWHMDNPDáHSRWRNLZLMąVLĊZĞUyGZąZR]yZLVSá\ZDMąGRU]HNLV]H-

URNLHMGURJL:V]HGáHPZMDNąĞSU]HĞOLF]QąDOHMĊZ\QLRVá\FKSU]\FLĊW\FKUyZQRJUDEyZ

LV]HGáHPZĞUyGQLHMMDNZĞUyG]LHORQ\FKPXUyZ-HGQDGUyĪNDSURZDG]LZGyá$FK

:ĞUyGNZLHFLVW\FKUDEDWyZZĞUyGUyĪQRNRORURZ\FKNZLHWQ\FKG\ZDQyZVWRLSRPQLN

WRRQ.LOLĔVNL%RKDWHUVNLV]HZF7DGUXJDVWDFMDPRMHM]DZLáHMZĊGUyZNLSU]HS\V]QH

PDPLHV]NDQLHZSU]HS\V]Q\PSDUNX

7áXPOXG]LVQXáVLĊSRGURJDFK-DVWDQąáHPWXĪNRáRSRPQLNDLVSRMU]DáHPQDWHJR

NWyU\QDQLPVWRLZV]DNWRRQPDPLSRZLHG]LHüFRPDPF]\QLüGDOHM":WHMFKZLOL

]EOLĪ\áVLĊGRPQLHMDNLĞFKáRSF]\QDL]DS\WDáQLHĞPLDáR

±&]\W\MHVWHĞ0LFKDĞ]:DUV]DZ\"

±7DN±U]HNáHPV]\ENR]GUĪHQLHPVHUFD

±/LVWGRFLHELH±U]HNáFKáRSLHFZUĊF]\áPLOLVWLXFLHNá

&]\WDáHPV]\ENR

']LHOQLHG]LHOQLH0LFKDVLX0DPFLĊZFLąĪQDRNX

,RNDĪG\PZLHPWZRLPGRWHMFKZLOLNURNX

=DQLPZLHF]yU]DSDGQLH]DQLP]QDMG]LHV]áyĪNR

,GĨ]DUD]GR5DFáDZLFJG]LHZDOF]\á.RĞFLXV]NR

=JyU\VSRMU]\MQDPLDVWRFRZGDOLZ\UDVWD

%RZĪ\FLXSLĊNQLHMV]HJRQLHZLG]LDáHĞPLDVWD

DTP by SHADE

.2ĝ&,86=.2:$/&=<$6à2ē&(=$&+2'=,321$'/:2:(0

-XĪ VLĊ QLH REDZLDáHP ]DZLá\FK ]DJDGHN 3UyF] ]DJDGNL R U]HFH L R WDMHPQLF]\P

]DPNXUR]ZLą]DáHPV]F]ĊĞOLZLHZV]\VWNLH-XĪQLH]JLQĊW\PSHZQLHMQLH]JLQĊĪHNWRĞ

Z\UDĨQLH QDGH PQą F]XZD L F]\MHĞ RNR QD PQLH VSRJOąGD 'RGDáR PL WR VLá\ %\áHP

ZSUDZG]LH]PĊF]RQ\DMHV]F]HZLĊFHMRV]RáRPLRQ\DOHPDPSU]HFLHF]WHUQDĞFLHODW

:\VSDáHPVLĊZSRFLąJXSRGMDGáHPVRELHX]DFQHJRV]HZFDZLĊFWHUD]W\ONRFKZLOĊ

RGSRF]QĊ L EĊGĊ JRWRZ\ GR QRZHM ZHVRáH DZDQWXU\ =QDOD]áHP .LOLĔVNLHJR EĊGĊ

V]XNDáWHUD].RĞFLXV]NLàDWZR]QDOD]áHPSXáNRZQLNDáDWZLHMSU]HWRRGQDMGĊMHQHUDáD

LWRZLHONLHJRMHQHUDáD

8VLDGáHPQDáDZFHZSDUNXLSDWU]\áHPQDSU]HFKRG]ąF\FK0RĪHZĞUyGQLFKNUąĪ\

L PyM QLH]QDQ\ RSLHNXQ" 2EVHUZRZDáHP ZV]\VWNLH WZDU]H QLNW MHGQDN QD PQLH QLH

VSRMU]Dá :V]\VF\ UDGRZDOL VLĊ VáRĔFHP NWyUH ZĊGURZDáR SRQDG SDUNLHP L FDáRZDáR

GU]HZD:SREOLVNLHMVDG]DZFHU]XFDá\VLĊU\E\0QyVWZRG]LHFLELHJDáRSRGURĪ\QDFK

ZĞUyGNZLDWyZ3U]HELHJDMąF\RERNPQLHFKáRSLHFZPRLP]DSHZQHZLHNXQDJOHVLĊ

]DWU]\PDáLVSRMU]DáQDPQLHFLHNDZLH0LDáPLáąWZDU]DOHPQyVWZRQDQLHMSLHJyZ

-DVQHMHJRZáRV\E\á\ZWDNLPQLHáDG]LHMDNJG\E\ZLHONDEXU]DVWDUPRVLáDáDQĪ\WD

3DWU]\áQDPQLHREFKRG]ąFPQLH]HZV]\VWNLFKVWURQSRWHPEH]GáXĪV]\FKZVWĊSyZ

RĞZLDGF]\á PL ĪH PQLH VWáXF]H QD NZDĞQH MDEáNR 1D PRMH ]GXPLRQH S\WDQLH F]\P

VRELH]DVáXĪ\áHPQDWDNLHRG]QDF]HQLHRGSRZLHG]LDáĪHMHVWUR]ĪDUW\MDNW\JU\V]RVWDá

ERZLHP SRELW\ SU]H] VZHJR NROHJĊ NWyU\ SRWHP XFLHNá 0XVL SU]HWR QD NLPĞ Z]Ląü

SRPVWĊ]DVZRMąNU]\ZGĊDE\E\áDMDNDĞVSUDZLHGOLZRĞüZLĊFPQLHZ]\ZDDE\PVLĊ

EURQLáJG\ĪQDGHV]áDPRMDRVWDWQLDJRG]LQD2GSRZLHG]LDáHPPX]HVPXWNLHPĪHMHVW

RQ SLHUZV]\P QLHXSU]HMP\P OZRZLDQLQHP MDNLHJR VSRWNDáHP ZLĊF SHZQLH GODWHJR

]RVWDáQD]QDF]RQ\SU]H]QDWXUĊSLHJDPL3RVWĊSRZDQLHMHJRVSUDZLáRPLEROHVQ\]DZyG

SU]\QRVLRQERZLHPZVW\GVZRMHPXJRĞFLQQHPXPLDVWX%\VWUHRNRPRJáRGRMU]HüĞODG

QDJáHJRUXPLHĔFDPLĊG]\SLHJDPL=DZVW\G]LáVLĊ

6SRMU]DáQDPRMąZDOL]HF]NĊ

±&RWRMHVW"±]DS\WDá]QDJáD]DFLHNDZLRQ\

±3U]HFLHZLG]LV]ĪHQLHVáRĔW\ONRZDOL]ND±RGEXUNQąáHP

±$F]HPX]QLąFKRG]LV]"

±%RSU]\MHFKDáHPG]LVLDMUDQRLQLHPDPPLHV]NDQLD

±7R]XSHáQLHLQQDSDUDEXWyZ±]DZRáDá±-HVWHĞJRĞüZLĊFVLĊQLHEĊG]LHP\ELOL

3U]HSUDV]DPFLĊĪHFKFLDáHP]FLHELH]URELüSRZLGáRERPLVLĊ]GDZDáRĪHVLĊĞPLHMHV]

]PRMHMSLHJRZDWHMJĊE\

±:FDOHVLĊQLHĞPLDáHP

±:WDNLPUD]LHMHVWHĞPRURZ\FKáRS=PĊF]RQ\MHVWHĞĪHWDNWXVLHG]LV]"

±7URFKĊGODWHJRĪHMHVWHP]PĊF]RQ\DWURFKĊGODWHJRĪHWXĞOLF]QLH

±3UDZGD"±]DNU]\NQąáLRF]\PX]DEá\Vá\

±$OHMDMXĪPXV]ĊLĞü0yMNRFKDQ\PRĪHPLZF]\PĞSRPRĪHV]"0RĪHPLSRZLHV]

F]\WXZSREOLĪXMHVWSRPQLN.RĞFLXV]NLDOERGRPMHJRLPLHQLDDOERXOLFD.RĞFLXV]NL"

±8OLFDMHVWDOHGDOHNRVWąGDSRPQLNDQLHPD&]HNDMQLHFKWURFKĊSRP\ĞOĊ

.RĞFLXV]NR.RĞFLXV]NR

±$F]\W\ZLHV]NWRWRE\á.RĞFLXV]NR"

±-HVWHĞJRĞü±]DZRáDáSLHJRZDW\FKáRSDN±DOHMHGQDNSRGELMĊFLRNR]DWDNLHS\-

WDQLD:LHPNWRE\á.RĞFLXV]NRLZLHPFRWR5DFáDZLFH2MPDP3U]HFLHQLHGDOHNR

VWąGMHVW5DFáDZLFND3DQRUDPDLWDPQDPDORZDQ\MHVW.RĞFLXV]NR&]\WHJRV]XNDV]"

±3HZQLHWHJR±]DZRáDáHPXUDGRZDQ\±3RNDĪPLPyMNRFKDQ\NWyUĊG\WU]HED

LĞü

±-DFLQLHSRNDĪĊDOHFLĊWDP]DSURZDG]Ċ:DOSRGJyUĊ$ZDOL]NĊWRMDSRQLRVĊ

±=PĊF]\V]VLĊ

±, FLHELH WHĪ E\P SRQLyVá DOH WR SRG JyUĊ QLH GDP UDG\ 7HQ WHĪ MHVW XSU]H-

MP\W\ONRSLHJRZDW\SU]\SDGHNXF]\QLá]QLHJRDZDQWXUQLND=DZLyGáPQLHGRGU]ZL

DTP by SHADE

RNUąJáHJREXG\QNXQDNWyU\PZLGQLDáQDSLV5DFáDZLFH.RĞFLXV]NRL5DFáDZLFHWRMHGQR

LWRVDPR]GDMHVLĊĪHGREU]HWUDILáHP3RĪHJQDáHPVLĊ]QLPMDN]GREU\PSU]\MD-

FLHOHPLZV]HGáHPGRG]LZQHJREXG\QNX

=GXPLDáHPVLĊĪHQLHXVá\V]DáHPJUXFKRWXZ\VWU]DáyZLVWUDV]Q\FKNU]\NyZOXG]-

NLFK =QDOD]áHP VLĊ QDJOH ± Z ĞURGNX ELWZ\ : VDP\P ĞURGNX 'RNRáD PQLH ZU]DáD

ELWZDUDFáDZLFNDWXĪSU]\PQLHWDNĪHPRJáHPVLĊJQąüUĊNąLGRWNQąüQLąF]áRZLHNDF]\

NRQLD3UąQDVLHELHZVWUDV]OLZ\P]DPLHV]DQLXGZDZRMVNDDQDJOH]DPDUOLZV]\VF\

Z ]DMDGá\P SRU\ZF]\P SĊG]LH ]QLHUXFKRPLHOL ZV]\VF\ MDN ]DF]DURZDQL '\P\ DU-

PDWQLH VQXMąFH VLĊ QDG UDFáDZLFNLP SROHP WHĪ VLĊ QLH SRUXV]DMą D ]GDZDáRE\ VLĊ

ĪHQDMOĪHMV]\ZLDWUXQLyVáE\MH]VREą%LWZDZUHZQDMZLĊNV]HMFLV]\ZMDNLHMĞPDUWZHM

LQLHSRNRMąFHMFLV]\:LGDüĪHOXG]LHPDMąXVWDWDNQDPDORZDQLMDNE\E\OLĪ\ZLLQLH

Vá\FKDüLFKNU]\NX3U]HG]LZQHZUDĪHQLH

-HVWMHVW.RĞFLXV]NR2QWHĪFRĞZRáDLZVND]XMHUĊNą-HJRQDND]DQRPL]REDF]\ü

ZLĊF SDWU]Ċ V]HURNR UR]ZDUW\PL RF]DPL 3RWHP REHMPXMĊ VSRMU]HQLHP UR]OHJáH SROH

SRU]QLĊWHMDUDPLNWyU\PLZ\FLHNDZ]EDáZDQLRQ\PSĊG]LHOXG]NDFLĪED3U]HGFKZLOą

]GDZDáRPLVLĊĪHSU]H]F]DU\]QDOD]áHPVLĊZQDMZLĊNV]\PZLU]HZDONLLMXĪVWąGQLH

Z\MGĊERZV]\VWNLHGURJL]DZDORQHVąZRMVNLHPL]DWáRF]RQHUDQQ\PL=DSRPQLDáHP

RW\PĪHVWRMĊQDZ\QLRVáHMJDOHULLDROEU]\PLREUD]RWRF]\áPQLH]HZV]\VWNLFKVWURQ

=HMGĊVFKRGDPLZGyáLZWHQVSRVyEZ\GRVWDQĊVLĊQDĞZLDWERĪ\]WHJR]DF]DURZDQH-

JRSRODFKZDá\:LHONLF]DVPLQąá]DQLPZ\GRVWDáHPVLĊWąGURJą.LHG\RV]RáRPLRQ\

Z\FKRG]LáHP PLDáHP RF]\ SHáQH SáRQąF\FK EDUZ MDN JG\E\P GáXJR VSRJOąGDá

ZUR]SáRPLHQLRQHRJQLVNR

1DĞZLHFLHMXĪVLĊPLDáRNX]DFKRGRZLZLĊFPXVLDáHPWDPSU]HE\ü]HGZLHQDMP-

QLHMJRG]LQ\&RPDPWHUD]SRF]ąü]VREą"0DPVSRMU]Hü]JyU\QDPLDVWR&KĊWQLH

RMDNFKĊWQLHWRXF]\QLĊDSRWHPVSRPLĊG]\W\FKUDGRVQ\FKRJURGyZSyMGĊZGyáXOL-

FDPLDE\]QDOHĨüMDNLĞQRFOHJ

=QDMGXMĊVLĊQDMDNLPĞWHUHQLH]DEXGRZDQ\PSDZLORQDPLZĞUyGNWyU\FKZ]QRVL

VLĊRND]DáDZLHĪD8SU]HMP\SU]HFKRG]LHĔREMDĞQLDPQLHĪHSU]HGNLONXG]LHVLĊFLRPD

ODW\XU]ąG]RQRQDW\FKUR]OHJá\FKSRODFKQDGSDUNLHPZLHONąZ\VWDZĊDWHUD]FRURF-

]QLHRGE\ZDMąVLĊWX7DUJL:VFKRGQLH

±-HĞOLFKFHV]PáRG\F]áRZLHNXXMU]HüSDQRUDPĊ/ZRZDLGĨWDPJG]LHZLGDüWHQ

UR]áRĪ\VW\EXG\QHN7R3DáDF6]WXNL]RZHMZ\VWDZ\3R]DQLPMHVWPDáDWHUDVDVNąG

QDMSLĊNQLHMV]\UR]WDF]DVLĊZLGRN

6WDáDWDPJURPDGNDOXG]L-DNLĞVDPRWQ\VWDUV]\SDQ]HVPXWQąWZDU]ąRSDUáVLĊ

R EDOXVWUDGĊ L SDWU]\á Z PLOF]HQLX -DNLĞ LQQ\ EDUG]R VWDU\ LSU]\JDUELRQ\ XMąá UĊNĊ

G]LHZF]\QNLPRĪHGZXQDVWROHWQLHMLPyZLáGRQLHMSyáJáRVHP3U]\VWDQąáHPRERNQLFK

LVSRMU]DáHPSU]HGVLHELH

2FK%RĪH7RQDSUDZGĊSLĊNQH:JáĊERNLHMNRWOLQLH]DVQXWHMZWHMFKZLOL]áRW\P

SU]HGZLHF]RUQ\PS\áHPMDNE\SU]HVLDQ\PSU]H]VLWRVáRĔFHPOHJáRNDPLHQQHPLDVWR

QDMHĪRQHG]LHVLąWNLHPZLHĪ-DNJG\E\PXE\áRFLDVQRRELHJáRVWRNLZ]JyU]LSLĊáRVLĊ

QDLFKV]F]\W\1DMHGQ\PMDNNDPLHQQDNRURQDJyU\ZVSDQLDá\MDNLĞELHOLáVLĊNRĞFLyá

QD LQQ\P VWRĪNRZDW\ NRSLHF MDN RVWUR ]DNRĔF]RQD F]DSND = GDOHNLHJR ZLGQRNUĊJX

]GDZDá\VLĊVFKRG]LüNXPLDVWXVLQHODV\RWRF]\á\MHZLHĔFHPLQLHSROLF]RQąFLĪEąGU]HZ

0LDVWR]DPNQĊáRLPGURJĊOHF]QLHNWyU\PMDNE\XGDáRVLĊZHMĞüGRMHJRZQĊWU]DERVLĊ

VNXSLá\ZZLHOXPLHMVFDFKWRSDUNLLRJURG\-DNĪHĪLFKZLHOH0RĪHGODWHJRWRPLDVWR

MHVW WDNLH ZHVRáH L UDGRVQH ĪH PLHV]ND ZĞUyG ]LHOHQL ZĞUyG Z]JyU] L ODVyZ /ZyZ

Z\JOąGD]RGGDOLMDNNDPLHQQHJQLD]GRZFLFKHMNRWOLQLHRFLHQLRQHM]LHORQRĞFLą

6áRĔFHPLJRFHQD]áRFRQ\FKNU]\ĪDFKZLHĪáXQąF]HUZLHQLRNQDLNUZLą]DOHZDPLHG-

]LDQ\GDFKZVSDQLDOHMMDNLHMĞEXGRZOL6WDUDPVLĊZ\UD]LüWRFRZLG]ĊMDNQDMSLĊNQLHM

DOHQLHXPLHP'RELHUDPWDNLFKVáyZNWyUHPLVLĊZ\GDMąNRORURZHL]áRWHZLHPMHG-

QDN ĪH ZV]\VWNLH Vą QLH]GDUQH 1LH 1LH XPLHP WHJR Z\SRZLHG]LHü 7R ]D SLĊNQH

WR]DSLĊNQH0\ĞOĊVRELHĪHPXVLDáE\PJáRĞQRNU]\NQąüDPRĪHZWHG\Z\UD]LáE\P

WRFRF]XMĊ1LHPRJĊMHGQDNNU]\F]Hü/XG]LHVWRMąWXĪSU]\PQLH7HQVWDU\VPXWQ\

DTP by SHADE

SDQZáDĞQLHQDPQLHSDWU]\:FLąĪSDWU]\2F]HPXMDQLHPRJĊNU]\NQąü"&RĞG]L-

ZQHJRMHGQDNG]LHMHVLĊ]HPQą-HVWHPV]F]ĊĞOLZF\ĪHZLG]ĊWHĞOLF]QRĞFLOHF]E\áE\P

MHV]F]H V]F]ĊĞOLZV]\ JG\E\P MH PyJá RJOąGDü ] NLPĞ NRJR EDUG]R NRFKDP &]HPX

WXQLHPD7DG]LD"7HQE\QLHZ\WU]\PDáOHF]NU]\F]DáE\]]DFKZ\WX

-HVW EDUG]R FLFKR W\ONR ] GDOHND GRELHJD SRPUXN ZLHONLHJR PLDVWD OHF] VLĊ QLH

PRĪHSU]HGU]HüSU]H]JĊVWZĊGU]HZLGRFKRG]LGRWHJRPLHMVFDMDNE\V]XPGDOHNLHM

ZRG\-HVWWDNFLFKRĪHVá\V]ĊFRWHQ]JU]\ELDá\SDQPyZLGRG]LHZF]\QNL

±&]\QLH]LPQRFLPDOHĔND"

±1LH G]LDGXQLX ± PyZLáD VáRGNLP JáRVHP G]LHZF]\QND ± &R FKFHV] MHV]F]H

]REDF]\ü"

±3RZLHG]PLMDNZ\JOąGDQLHER"

±6áRĔFHMHVWEDUG]RZLHONLHLF]HUZRQH$REáRNLVąUyĪRZH2MDNV]\ENROHFą

1DGODVDPLGDOHNRGDOHNRXND]DáDVLĊGáXJDVUHEUQDZVWąĪND

±&]\EDUG]RGáXJD"

±2EDUG]R1LHZLGDüMHMNRĔFDERNRSLHF]DVáDQLD

±$MDNZ\JOąGDPLDVWR"

±-DN EDMND : SDUNX WXĪ SU]\ QDV SRGQLRVá\ VLĊ PJá\ L F]HSLDMą VLĊ GU]HZ MDN

SDMĊF]\QDDZPLHĞFLHMHVWSRĪDU

±2%RĪH±XVá\V]DáHPSU]HOĊNá\JáRVVWDUXV]ND

±$OHQLHSUDZG]LZ\SRĪDUG]LDGXQLX2QLH±]DĞPLDáDVLĊG]LHZF]\QND±WRW\ONR

VáRĔFHF]\QLVRELHLJUDV]NL7HDWUVLĊSDOL

±&]\MHVWEDUG]RSLĊNQLH"

±%DUG]RSLĊNQLH-DN]DZV]H&KRGĨP\VWąGMHGQDNER]SDUNXFKáyGQDGFLąJD

&KRGĨP\G]LDGXQLX-XWURWX]QyZSU]\MG]LHP\L]QyZZV]\VWNRFLRSRZLHP7HUD]

1LHVá\V]DáHPMXĪRVWDWQLFKVáyZ']LZQDSDUDRGHV]áDEDUG]RSRZROQ\PRVWURĪQ\P

NURNLHP

1LH PRJáHP SRMąü FDáHM WHM UR]PRZ\ 3U]\SRPLQDMąF VRELH MHM VáRZD SDWU]\áHP

QDPLDVWRLV]XNDáHPW\FKUR]SáRPLHQLRQ\FKFXGyZRNWyU\FKPyZLOL1LH]DXZDĪ\áHP

ĪHVWDUV]\SDQNWyU\VWDáRSRGDORSDUW\REDULHUĊ]EOLĪ\áVLĊGRPQLHLU]HNáQDJOH

±%LHGQ\F]áRZLHN

=GMąáHPNDSHOXV]LXNáRQLáHPVLĊ

6WDUV]\SDQXĞPLHFKQąáVLĊĪ\F]OLZLHL]DF]ąáUR]PRZĊ

±2QL SU]\FKRG]ą WX NDĪGHJR GQLD L ZQXF]ND RSRZLDGD G]LDGNRZL R ZV]\VWNLP

SLĊNQ\PFRVLĊRGE\ZDQDQLHELHL]LHPL

±&]HPXRSRZLDGDSURV]ĊSDQD"±]DS\WDáHPQLHĞPLDáR

±%RRQMHVWĞOHS\3DWU]\MHMPáRG\PLRF]DPL

±%RĪHGURJL±]DZRáDáHPVHUGHF]QLHSU]HMĊW\

±7DN WDN 2ĞOHSá MXĪ GDZQR D WDN NRFKD VZRMH PLDVWR ĪH PXVL MH ZLG]LHü

%áDJDDE\PXRSRZLDGDüRQDMGURĪV]\PMHJRPLHĞFLHRNDĪG\PSWDNXFRSU]HODWXMH

LRNDĪGHMFKPXU]HFRJRQLSRQLHELH:V]\VWNRMHVWGODQLHJRZDĪQHLZV]\VWNRWRZLG]L

ZVZRMHMGXV]\&yĪWRFKáRSF]Há]\PDV]ZRF]DFK"

±3U]HSUDV]DPSDQD±PyZLáHP]DZVW\G]RQ\

±=DFRPQLHSU]HSUDV]DV]"8F]FLZ\MHVWHĞMHĞOLFLĊWDNFXG]DSU]HMPXMHQLHGROD

&RWXURELV]FKáRSF]H"

±3DWU]ĊQDPLDVWR

±3RGREDFLVLĊ"

±%DUG]REDUG]RQDG]Z\F]DMQLH±]DZRáDáHP

±&]\SRUD]SLHUZV]\MHZLG]LV]"

±=QDPGRVNRQDOHMHJRKLVWRULĊDOHZLG]ĊMHSRUD]SLHUZV]\

6SRMU]DáHPZWZDU]WHJRSDQDV]F]HUąLRWZDUWąW\ONRVPXWQą

±1LHZLHPF]\PRJĊSDQXSRZLHG]LHü

±2FKMHĞOLWRWDMHPQLFD

±:áDĞFLZLHWRQLHMHVWWDMHPQLFDDOHEDUG]RG]LZQDVSUDZD

DTP by SHADE

2QVSRMU]DáPLZSURVWZRF]\LZSDWU\ZDáVLĊZQLHSU]H]GáXJąFKZLOĊSRWHPVNLQąá

JáRZą

±1LH PyZ PL ± U]HNá ± ']LZQD F]\ QLH G]LZQD DOH WR WZRMD VSUDZD 2SRZLHV]

PLNLHG\ĞMHĞOLVLĊVSRWNDP\'RNąGVLĊZ\ELHUDV]]WąZDOL]HF]Ną"

±1LHZLHPSURV]ĊSDQD

0XVLDáHPWRSRZLHG]LHüEDUG]RĪDáRĞQLHERVWDUV]\SDQDĪVLĊXĞPLHFKQąá0QLH

VLĊMHGQDNFKFLDáRSáDNDü0yMWDMHPQLF]\RSLHNXQ]DSRPQLDáRPQLH1LHGDáPL]QDü

FRPDPF]\QLüGDOHM

±-DNWRQLHZLHV]"$JG]LHW\PLHV]NDV]"

±1LJG]LH±RGU]HNáHP]UR]SDF]ą±3U]\MHFKDáHP]:DUV]DZ\LQLJG]LHQLHPLHV]-

NDP

±7RFLHNDZH

±7RW\ONRPRJĊSDQXSRZLHG]LHüĪHSRZLQLHQHPWXWDMQDW\PPLHMVFXRWU]\PDü

ZLDGRPRĞüFRPDP]VREąSRF]ąüLQLHRWU]\PDáHPWHMZLDGRPRĞFL%ĊGĊWXWDMF]HNDá

FKRüE\SU]H]FDáąQRF

±&]\WHQNWyU\PLDáFLGDüZLDGRPRĞüWRSHZQ\MDNLĞF]áRZLHN"

±=WHJRFRPQLHGRWąGVSRWNDáRZLHPĪH]DFQ\LXF]FLZ\

6WDUV]\SDQ]DP\ĞOLáVLĊLSRZLHG]LDá

±:LHV]FRFLSRUDG]Ċ"=RVWDZWXWDMQDZLGRF]Q\PPLHMVFXMDNLĞ]QDNDVDPFKRGĨ

]HPQą3U]HFLHFLĊWXWDMQLH]RVWDZLĊZHPJOHLFKáRG]LH0DV]QDF]\PQDSLVDüOLVW"

±0DPSURV]ĊSDQD

:\UZDáHP]QRWHVXNDUWHF]NĊL]DF]ąáHPSLVDüFRPLWHQPLá\SDQG\NWRZDá

&]HNDáHPQDSUyĪQR=DEUDáPQLH]HVREąMHGHQSDQ3URV]ĊRZLDGRPRĞüSRGDG-

UHVHP

1DSLVDáHPQD]ZĊXOLF\LOLF]EĊGRPX

±-XĪ"&RWDPMHV]F]HSLV]HV]"

±3LV]ĊÄ]JáĊERNLPV]DFXQNLHP´

±%DUG]RáDGQLH-DNLSRGSLV"

±0LFKDĞ

±3LĊNQH LPLĊ 3RáyĪ WR QD NDPLHQQ\P VáXSNX L SU]\FLĞQLM NDPLHQLHP $ WHUD]

FKRGĨP\FKáRSF]H=HV]OLĞP\VWURPąXOLFąLZHV]OLĞP\GRGRPXSRáRĪRQHJRWXĪSU]\

SDUNXSU]\LQQ\PGRQLHJRZHMĞFLX=DWU]\PDáHPVLĊDE\SU]HF]\WDüQDSLVQDGEUDPą

,QLPLFHSUDHWHULLKDQFGRPXP

±&RWR]QDF]\SURV]ĊSDQD"

±7RVáRZDáDFLĔVNLH=QDF]ąÄ:URJXSU]HMGĨPLPRWHJRGRPX´7\MHVWHĞSU]\MD-

FLHOHPZLĊFZHMGĨPyMFKáRSF]H

DTP by SHADE

0Ï-35=(:2'1,.-(67*à2'1</(&=:(62à<

0LHV]NDP VDP MHGHQ Z REV]HUQ\P SRNRMX %\áHP WDNL ]QXĪRQ\ ĪH SR NUyWNLHM

UR]PRZLH ] PRLP QRZ\P ]QDMRP\P VSDáHP MDNE\P E\á ]DELW\ SU]H] SLHJRZDWHJR

FKáRSFD2EXG]LáHPVLĊMHGQDNEDUG]RZ\SRF]ĊW\LU]HĞNL0yMQRZ\SU]\MDFLHO]MDZLáVLĊ

ZPRLPSRNRMXSU]\MU]DáPLVLĊVHUGHF]QLHLU]HNá

±7DNVLĊG]LZQLH]GDU]\áRĪHPDPXVLHELHFKáRSLĊFHXEUDQLH1DWZRMąPLDUĊ

7ZRMHXEUDQNRMHVWMXĪPRFQR]QLV]F]RQH1LHREUDĨVLĊFKáRSF]HLZG]LHMWRSUDZLH

QRZH

=DUXPLHQLáHPVLĊ

±-DNĪHMDPRJĊSURV]ĊSDQD

±3URVLáHPFLĊDE\ĞVLĊQLHREUD]Lá-HVWHPVWDU\PF]áRZLHNLHPLQLHPDPQLNRJR

QDĞZLHFLH0RĪHV]PL]DXIDüLXZLHU]\üPLĪHFLĊQLHFKFĊGRWNQąü&]áRZLHNPXVL

SRPDJDüGUXJLHPXF]áRZLHNRZL:HĨPLMWRGURJLFKáRSF]H

0QLHWRQDQLFLW\ONRVLĊ]PDUQXMHDWRELH7RSLĊNQHXEUDQLH

=GXPLDáHPVLĊERJORVPX]DGUJDáGUĪDá\MHJRUĊFHDRF]\MHJRE\á\Z\UDĨQLH

ZLOJRWQH&]\ĪE\PXDĪWDNE\áRĪDOWHJRXEUDQLD"$OHQLH&RĞLQQHJRJRWDNZ]UXV]D

3U]\FLVQąáMHGRSLHUVLMDNJG\E\MHWXOLá DOHSDWU]\ QDPQLHWDNF]XOHLWDNVHUGHF-

]QLHĪHLMD]DF]\QDPGUĪHü&]XMĊĪHPLVLĊZVHUFXURELG]LZQLHFLHSáRĪHFRĞPQLH

SRS\FKDNXWHPXVPXWQHPXF]áRZLHNRZL1LHZLHG]ąFF]HPXWRF]\QLĊZ\FLąJQąáHP

NXQLHPXUĊFHDRQPQLHREMąáLGRVHUFDSU]\FLVQąá3yĨQLHMGRSLHURSRZHVHODáDNLHG\

MHGOLĞP\ĞQLDGDQLHUR]PDZLDá]HPQą]RĪ\ZLHQLHPLF]DVHPVLĊXĞPLHFKQąá:WHG\

QLHPRJąFVLĊSRZVWU]\PDüFDáąPRMąRGNU\áHPPXWDMHPQLFĊ

±$OHĪWRQDG]Z\F]DMQDKLVWRULD±]DZRáDá±,]DXIDáHĞWHPXG]LZDNRZL"

±=FDáHJRVHUFD±RGU]HNáHP±7RMDNLĞSU]H]DFQ\F]áRZLHN

±0RĪHE\üPRĪHE\ü±PyZLáSDQ.ROLĔVNLWDNVLĊQD]\ZDá±$FRWDPSDQL

-y]HIRZD"

±/LVWGRMDNLHJRĞ0LFKDVLD±ZLHONLPJU]PRWHPR]QDMPLáDJUXEDNXFKDUND

±'RPQLH7RRGQLHJR±NU]\NQąáHP&]\WDOLĞP\UD]HP

-HVWHĞPLá\0LFKDVLXSRGGREUąRSLHNą

$MDMHVWHPSU]\WRELHEDUG]RQLHGDOHNR

-HĞOLFLĊSDQ.ROLĔVNL]DWU]\PDSU]\VRELH

3U]\QLPEąGĨQLPRPRMHMGRZLHV]VLĊRVRELH

7HUD]PLDVWRREHMU]\MOHF]FLVLĊQLHXGD

%\ĞZGQLXMHGQ\PPyJáZV]\VWNLHMHJRXMU]HüFXGD

1LHFKSDWU]\WZRMHVHUFHDPHW\ONRJáRZD

$PRĪH]GRáDV]XMU]HüGXPQąGXV]Ċ/ZRZD

:WHG\FLHELHSRZLWDPQLHNU\MąFVLĊZFDOH

$WHUD]FLĊSR]GUDZLDPGURJLFKáRSF]H9DOH

±2GGDMHPLFLHELHSRGRSLHNĊ±]DZRáDáZHVRáRSDQ.ROLĔVNL±&yĪW\QDWR"

±&LHV]ĊVLĊ±U]HNáHPVHUGHF]QLH±$OHMDNMDPRJĊNRU]\VWDü]SDĔVNLHMGREURFL"

±0RĪHV]PRĪHV]1LHPyZP\RW\P$OHĪFLĊSUĊGNRRGQDOD]á%DUG]RMHVWHP

UDGĪHELRUĊXG]LDáZWHMZ\ERUQHMDZDQWXU]H']LZQ\WRMDNLĞF]áRZLHN

±$OHF]HPXSURV]ĊSDQDRQSLV]HZLHUV]DPL"

±&]HPX ZLHUV]DPL" ± ]DP\ĞOLá VLĊ SDQ .ROLĔVNL ± 0yM GURJL .DĪG\ PD MDNąĞ

VáDERĞü3U]HEDF]P\PXWHZLHUV]H

8PRFQLRQ\ QD GXFKX SU]H] ]DFQHJR SDQD .ROLĔVNLHJR QDSLVDáHP SU]HGH ZV]\VW-

NLPOLVWGRSDĔVWZD%RURZLĔVNLFK=GDMHVLĊĪH]DEUDNáRDWUDPHQWXZNDáDPDU]XZLĊF

ZODáHPGRQLHJRWURFKĊáH]3RWHPGRVNRQDOHRG]LDQ\SRV]HGáHP]ZLHG]Dü/ZyZ

6]HGáHP VSDGDMąFą Z Gyá XOLFą QDG NWyUą Z]QRVL VLĊ EU]\GND F]HUZRQD MDNE\

RGZLHF]QHMLU\WDFMLGDZQDDXVWULDFNDF\WDGHODEU]XFKDWDRNUąJáDSDWU]ąFDSRGHMU]OL-

DTP by SHADE

ZLHV]SDUDPLVWU]HOQLF]\FKRNLHQHN1DJOHNWRĞPQLHJZDáWRZQLHSRWUąFLá7RWHQZHVRá\

VWXGHQWFRPLSRND]\ZDá3ROLWHFKQLNĊ=DWU]\PDáVLĊ]G\V]DQ\LNU]\NQąáQDPyMZLGRN

±$FRĞW\VLĊWDNZ\VWURLá"ĩHQLV]VLĊ"=DĞPLDáHPVLĊVHUGHF]QLHLS\WDP

±&]HPXSDQWDNSĊG]L"

±$FKWRFDáDKLVWRULD:\REUDĨVRELHFKFLDáHPMHFKDüWUDPZDMHPDZWUDPZDMX

ĪąGDMą RGH PQLH SLHQLĊG]\ ĝPLHV]QH FR" %R MD ]QRZX QLH PDP DQL JURV]D :\ODOL

PQLH]WUDPZDMXDMDVRELHSRZLDGDPRZV]HPSyMGĊSLHFKRWąDOHWDNEĊGĊELHJL

ĪHSU]HĞFLJQĊWHJRF]HUZRQHJREĊFZDáDWHQWUDPZDM-DEĊGĊ]QLHJRVLĊĞPLDáDQLH

RQ]HPQLH,GODWHJRWDNELHJáHP&]HJRU\F]\V]"

±%RSDQWHĪU\F]\

±3UDZGD2GGZXG]LHVWXWU]HFKODWSURV]ąPQLHZV]\VF\DE\PVLĊSU]HVWDáĞPLDü

DMDQLHPRJĊ'RNąGSDQKUDELD]GąĪD"

±=REDF]\ü/ZyZ,VWUDV]QLHVLĊFLHV]ĊĪHSDQDVSRWNDáHP

±6SRG]LHZDPVLĊĪHVLĊFLHV]\V]0RĪHV]PQLHRJOąGDü]DGDUPRDPQLHSRZLQQL

SRND]\ZDü]DSLHQLąG]H&RFKFHV]QDMSLHUZ]REDF]\ü"

±:V]\VWNR±]DZRáDáHPZHVRáR

±7\ONRPDáSDSRWUDILRGUD]XZV]\VWNR]REDF]\ü-HVWHĞFRNROZLHNPDáSLV]RQDOH

WHJRQLHSRWUDILV]*DGDMFRFKFHV]]REDF]\üDMDFLSRNDĪĊ0ąGU]HMV]HMJáRZ\QLH

]QDMG]LHV]FKRüE\ĞGáXJRV]XNDá'REU]HĪHVLĊWHUD]QLHĞPLHMHV]=QDP/ZyZMDN

ZáDVQąG]LXUDZąNLHV]HĔ-DNFLQDLPLĊ"

±0LFKDĞ

2Q]DZ\áQDJOHWDNĪHSU]HFKRGQLH]DF]ĊOLRGZUDFDüJáRZ\

±7RQDG]Z\F]DMQH±NU]\NQąá±-DWHĪMHVWHP0LFKDá&KDFKDÄ6SRWNDá\VLĊGZD

0LFKDá\MHGHQGXĪ\GUXJLPDá\´&]HNDMMHV]F]HMHVWMHGQRSRZLHG]RQNRÄ+DáDGUDáD

GR0LFKDáD´3\WDMZLĊF0LFKDOH0LFKDáDD0LFKDáEĊG]LHFLUR]XPGRJáRZ\ZS\FKDá"

3RWUDILV]WDNGRU\PX"1LHSRWUDILV]FKRFLHĞ0LFKDá

±3URV]ĊSDQD±]DS\WDáHPSU]\SRPQLDZV]\VRELHQDJOHGUĊF]ąFąPQLH]DJDGNĊ±

&]\MHVWU]HNDZH/ZRZLH"

±$FyĪHĞW\P\ĞODá"3HZQLHĪHMHVWĝOLF]QDU]HNDZVSDQLDáDU]HND

±:LHP3HáWHZ

±-HĞOLZLHV]WRF]HPXS\WDV]LPĊF]\V]S\WDQLDPLGRVWRMQąRVREĊ"

±:LHPDOHF]HJRĞQLHZLHP3URV]ĊSDQD&]\PRĪQD]REDF]\üWĊU]HNĊ"

6WXGHQW]QRZXU\NQąáLSU]HVWUDV]\áĞPLHUWHOQLHGZDZUyEOH

±:LG]LDáHĞ ZáDVQH XFKR" ± ĞPLDá VLĊ VHUGHF]QLH ± &KRFLDĪ QLH 8FKR PRĪHV]

]REDF]\üERPDV]QLHSRPLHUQLHGáXJLHVáXFK\&]\ZLG]LDáHĞZáDVQ\ĪRáąGHN"

±1LHZLG]LDáHPFKRFLDĪPDPEDUG]RZLHONLĪRáąGHN

±1LHZLG]LDáHĞ"7RLQDV]HMU]HNLQLH]REDF]\V]±NU]\NQąáWULXPIDOQLH

±$OHF]HPX"

±%RMHVW]DPXURZDQD

-HVWHPZGRPXÄ-HVWU]HNDLWHMU]HNLQLHPD´=]DPNLHPFR]DP\NDLMHVWRW-

ZDUW\PXVLE\üSRGREQ\GRZFLS:HVRá\VWXGHQWREMDĞQLRQ\QDOHĪ\FLH]DVWDQRZLáVLĊ

±1LHPDPRFRXGHU]\üJáRZą±U]HNá±ER]DUD]E\P]JDGá=DPHN]DPHN

$FKGROLFKD

=DWRF]\áVLĊ]HĞPLHFKXLĞPLDáVLĊSU]H]SLĊüPLQXW.LONXSU]HFKRGQLyZSU]\VWDQĊáR

FRVLĊPRĪH]GDU]\üZNDĪG\PPLHĞFLHDOHQDJOHZV]\VF\]DF]ĊOLVLĊĞPLDüFRVLĊPRĪH

]GDU]\üW\ONRZH/ZRZLH3ROLFMDQWWHĪVLĊXĞPLHFKDááDVNDZLH

±/XG]LHWU]\PDMFLHPQLH±ZRáDáQDFDá\JáRV±7HQEHUEHüUREL]HPQLHZDULDWD

3U]HFLHĪWHQ]DPHNFR]DP\NDPLDVWRD]DZV]HMHVWRWZDUW\WR:\VRNL=DPHN

.LHG\ SU]HFKRGQLH UR]HV]OL VLĊ ZLG]ąF ĪH ]DEDZD VNRĔF]RQD D RQ WHĪ SU]HVWDá

SRGU\JLZDüZ\MDĞQLáPLĪHQDZ\QLRVá\PZ]JyU]XFRSDQXMHQDG/ZRZHPVWDORQJLĞ

]DPHN PXURZDQ\ NWyUHJR PL]HUQH MXĪ V]F]ąWNL GR G]LĞ VLĊ QLHZLHOHPD F]HUZLHQLą

FHJáDPL,QQ\QDW\PPLHMVFXVWDQąáSRPQLNFKZDá\:WU]HFKVHWQąURF]QLFĊ]DZDUFLD

ZLHNRSRPQHM8QLL/XEHOVNLHMXV\SDá/ZyZNRSLHFNWyU\PMDNF]DSNąRJURPQąQDNU\á

DTP by SHADE

VZRMąJyUĊ:LHONLPąĪ)UDQFLV]HN6PyáNDVNU]\NQąáZV]\VWNLFKDE\]ZR]LOL]LHPLĊ

LVDPMą]ZR]LáZSRFLHPąGUHJRF]RáD7DNSRZVWDáSRPQLNZLHF]\VW\PLáRĞFLGZyFK

QDURGyZ

6áXFKDáHPSLOQLHVWXGHQFNLHJRZ\NáDGXZSHZQHM]DĞFKZLOLRGNU\áHPJáRZĊ

±.RPXVLĊNáDQLDV]0LFKDOHSU]\MDFLHOX0LFKDáD"±]DS\WDáRQ

±-DNLĞ NRĞFLyá ± SRZLHG]LDáHP ZVND]XMąF SLĊNQ\ JPDFK Z RJURG]LH NRSXáą QD-

NU\W\

=QRZXFKFLDáU\NQąüDOHQLHVSRG]LDQLHVSRZDĪQLDá

±7R QLH NRĞFLyá DOH GREU]H XF]\QLáHĞ NáDQLDMąF VLĊ 7R 2VVROLQHXP 3UDZLH MDN

NRĞFLyá ER WX PLHV]ND GXFK ERĪ\ Z VHWNDFK W\VLĊF\ NVLąĪHN ]DPNQLĊW\ .LHG\Ğ E\á

WXNODV]WRUWHUD]ZNODV]WRUQHMFLV]\PRGOąVLĊWXNVLąĪNL*G\E\FDáHPLDVWRUXQĊáR

ZJUX]\±PyZLąFWRVSOXQąáWU]\UD]\SR]DVLHELH±DWHQJPDFKW\ONR]RVWDá]RVWDáRE\

MHJRVHUFHMHJRPy]JLGXFK1LHPąGUH$XVWULDNL]EXGRZDá\F\WDGHOĊWDPZ\ĪHMD3R-

ODF\PLHOLWXVZRMąF\WDGHOĊZNWyUHMXNU\OLGXFKDMDNQDEyMZDUPDFLH

±-DNSDQSLĊNQLHPyZL±]DZRáDáHP]]DFKZ\WHP

±%DUDQMHVWWHQFRPyZLąFR/ZRZLHQLHPyZLSLĊNQLHàDWZR]UHV]WąWDNPyZLü

NLHG\VLĊQDWUDILQDWDNLHFXGRZQLHSLĊNQHVáRZRMDN2VVROLQHXP&]HNDMEUDFLHMDWHĪ

]GHMPĊNDSHOXV]

3U]HV]OLĞP\ PLPR ] RGNU\W\PL JáRZDPL L SRV]OLĞP\ URMQ\PL XOLFDPL QD 0DULDFNL

SODF8MU]DáHPNROXPQĊ0LFNLHZLF]DZSHUVSHNW\ZLHSRPQLN6RELHVNLHJRDXZ\ORWX

V]HURNLHMDOHLZVSDQLDá\JPDFK

±7RWHDWU±U]HNáVWXGHQW±6áDZQ\WHDWU1DMZLĊNVLDNWRU]\ZQLPJUDOL-DWHJR

QLHSDPLĊWDPDOHRSRZLDGDMąĪHNLHG\MHJRG\UHNWRUHPE\á3DZOLNRZVNLWRWDNLHJR

FXGRZQHJRWHDWUXZ3ROVFHFK\EDQLHE\áR$ZLHV]SRF]\PP\WHUD]LG]LHP\ZMHJR

VWURQĊ"

±-DNWR"3R]LHPL

±&DáXMSVDZQRV0\LG]LHP\ZáDĞQLHSRU]HFHERSRGQDPLSá\QLH3HOWHZ=D-

PXURZDOLELHGDFWZRUD]HP]MHGQ\PĞOHG]LHPFRVLĊZQLHMSRGREQRSOXVNDá2MRM

F]HPXVLĊWHQWHDWUWDNMDNRĞNLZD"7HDWUVWDáZVSDQLDá\LVSRNRMQ\ZLĊFVSRMU]DáHP

]H]G]LZLHQLHPQDOZRZVNLHJRVWXGHQWD%RĪHGURJL&]HPXRQWDNLEODG\"&]HPXVLĊ

VáDQLD"

±&RSDQXMHVW"±NU]\NQąáHP

2QVZRLP]Z\F]DMHPFKFLDáU\NQąüĞPLHFKHPDOHMDNRĞQLHPyJáĝPLDáVLĊDOH

G]LZQLHLU]HNá

±&RĞPLVLĊ]GDMHĪHWR]SU]HMHG]HQLD7URFKĊPLVLĊF]DUQR]URELáRSU]HGRF-

zami.

±.LHG\SDQMDGáRVWDWQLUD]"±]DS\WDáHP]SU]HUDĪHQLHP

±2LOHVRELHSU]\SRPLQDPWRSU]HGSHáQLąNVLĊĪ\FD0RĪHWU]\PRĪHF]WHU\GQL

WHPX7RVWUDV]QLHĞPLHV]QH7DNVLĊZV]\VWNR]DWDF]D

&KZ\FLáHPJRSRGUDPLĊLPLPRMHJRSURWHVWyZLJUyĨEĪHPQLHZU]XFLGR3HáWZL

]DZLRGáHPJRGRMDNLHMĞPOHF]DUHQNL0LDáHPMHV]F]HSLHQLąG]HQDV]F]ĊĞFLH=QRZX

PL JUR]Lá ĞPLHUFLą ]QRZX NU]\F]Dá ĪH VLĊ QLH PRĪH SU]\]Z\F]DMDü GR MHG]HQLD DOH

SLOPOHNR]DFKáDQQLHDEXONLSRá\NDáQLHPDOFDáH=MDGáLFKSLĊüLSRNUyWNLPZDKDQLX

VLĊJQąáSRV]yVWą

±7U]HED]MHĞüGRSDU\±PUXNQąá±QLHSDU]\VWDOLF]EDPRJáDE\PL]DV]NRG]Lü

:VW\G]ĊVLĊWHJRDOHPLDáHPá]\ZRF]DFK

±-DNSDQPyJáWDNRJáRG]LH"

±-DNL]HPQLHE\áE\VWXGHQWJG\E\PQLHXPLDáJáXSLFKWU]HFKGQLZ\WU]\PDüEH]

MHG]HQLD"/ZRZLDQLQMHVWHP±NU]\NQąá]GXPąL]DĞPLDáVLĊVHUGHF]QLH

-XĪPXOHSLHM±SRP\ĞODáHP±ERU\F]\1LHZLHPGODF]HJRXĞFLVNDOLĞP\VLĊMDN

EUDFLD

±0\ĞOLV]EU]GąFX±]DZRáDáQDXOLF\UR]G]LHUDMąF\PJáRVHP±ĪHMDEĊGĊ]DGDUPR

MDGá WZyM FKOHE" 1LHGRF]HNDQLH WZRMH &KRGĨ 0LFKDOH ] :DUV]DZ\ REHMU]Hü OZRZVNL

DTP by SHADE

5\QHN

7HUD]MDSURWHVWRZDáHPDOHRQSRGQLyVáWDNLZU]DVNĪHVLĊREDZLDáHP]ELHJRZLVND

=DFLąJQąáPQLHQD5\QHNLMHGQDNVSRZRGRZDá]ELHJRZLVNR]WDNLPPyZLá]DSDáHP

±:LG]LV]WHJRGU\EODVD"7R:LHĪD5DWXV]RZD3DPLĊWDMDE\ĞQLHSáDNDáJG\E\VLĊ

]DZDOLáD7RDXVWULDFNLHJDGDQLHWRMHVWFKFLDáHPSRZLHG]LHüDXVWULDFNLHEXGRZDQLH

7RFR3RODF\]EXGRZDOLMHVWĞOLF]QHDFRRQLWRWDNLHĪHZáDVQąJáRZąE\PWáXNáDE\

WRUR]ZDOLüW\ONRĪHV]NRGDPąGUHMJáRZ\-DVLĊNV]WDáFĊQDDUFKLWHNWDZLĊFVLĊQDW\P

UR]XPLHP6SRMU]\MEUDFLH0LFKDOH0Dá\RQDWĊVWURQĊ5\QNXDOHZHRNRFL]ELHOHMH

SUDZH]DĞ]DMG]LHPJáą]DFKZ\WX3DWU]QDWHF]WHU\GRP\MHGHQFXGRZQLHMV]\RGGUX-

JLHJRDWDÄF]DUQDNDPLHQLFD´WRF]DUQ\GLDPHQWUHQHVDQVXZV]HVQDVW\PZLHNXRV]OL-

IRZDQ\ĝZLĊW\0DUFLQSRQDGGU]ZLDPLVWU]HĪHWHJRGRPXMDNE\FKFLDáSRZLHG]LHüND-

PLHQQ\PVáRZHPÄ-HĞOL]DFQRĞüZVHUFXQRVLV]ZHMGĨGRWHJRGRPXDGDPFLSRáRZĊ

SáDV]F]DDOHPLHF]PDPQDZURJDL-XGDV]D´$WHQGRPV]HĞFLRRNLHQQ\WRNUyOHZVNL

GRPĝOLH]LL\FR"3UDZHRNRWHĪFL]ELHODáRZĊGURZF]HKD".UyORZLHVWUDV]QLHNRFK-

DOLVLĊZW\PQDV]\P/ZRZLHDNUyO6RELHVNLQDMZLĊFHM$NUyO0LFKDá.RU\EXWQDZHW

WXXPDUáQLHERĪąWNR6]NRGDERNDĪGHJR0LFKDáDV]NRGD

:OHĨOLĞP\SRPLĊG]\VWUDJDQ\LSRPLĊG]\NRV]HZNWyU\FKVSU]HGDZDQRZLRVQĊ

]DUXPLHQLRQHU]RGNLHZNLVDáDWĊLV]SLQDN]LHORQ\]]DZLĞFLĪHVDáDWDPDXIU\]RZDQą

JáRZĊ*ZDUWXV]XPLDáMDNZRGDZW\FKF]WHUHFKVWXGQLDFK]GRELąF\FKQDGREQLH5\QHN

F]DVHP]DĞWU\VNDáD]QLHJRIRQWDQQDSRGQLHVLRQ\FKJáRVyZDOERĞPLHFK7DUJERZLHP

RGE\ZDáVLĊWXQDZHVRáR]NU]\NOLZ\PKXPRUHP0yMSU]\MDFLHONUąĪ\áXV]F]ĊĞOLZLRQ\

SRW\PRJURG]LHZNWyU\PVSU]HGDZDQRSDFKQąF\NRSHU]JRU]NQLDáHRJyUNLLĞZLHĪ\

ĞPLHFK8GDZDáĪHFKFHNXSLüZV]\VWNLHZDU]\ZD/ZRZDL]DF]\QDáZHVRáąDZDQWXUĊ

] NDĪGą SU]HNXSNą =MDGá QD SUyEĊ SDUĊ QLHZLQQ\FK U]RGNLHZHN D JDGDá SU]\ W\P

QLHVWZRU]RQHU]HF]\*UXEHPLHV]F]NLZ\GDZDá\]VLHELHFLHQNLHUR]UDGRZDQHJáRV\

6SRVWU]HJá\RGUD]XĪHZHVRá\VWXGHQWXU]ąG]DDPDWRUVNLHSU]HGVWDZLHQLHL]DF]Ċá\

JRRGSĊG]DüMDNXSU]\NU]RQHJRZUyEODFRFKFHSRUZDüF]HUHĞQLĊ:V]\VF\ĞPLDOLVLĊ

Ī\F]OLZLHNDĪG\FLVNDá]DQLPZHVRáHĞSLHZQHVáRZRNDĪG\SDWU]\áSU]\MDĨQLHQDMHJR

EODGąOHF]UR]HĞPLDQąJĊEĊ2Q]DĞV]F]HUHOZRZVNLHG]LHFNRJDGDáGRVZRLFKVZRLP

LLFKMĊ]\NLHPSU]H]DEDZQLHLNZLHFLĞFLH:NLHV]HQLPLDáSĊF]HNPáRGHMPDUFKHZNL

LGZDRJyUNLWDQLRNXSLRQH]DGZDQDĞFLHXĞPLHFKyZLW\OHĪUR]HĞPLDQ\FKVáyZ0yJá

E\áJG\E\FKFLDá]GRE\üQDZHWNDODILRU&KRG]LáHP]DQLPMDNPDá\FLHĔLĞPLDáHPVLĊ

UD]HP]HZV]\VWNLPL

±1DFRSDQXWHRJyUNL"±]DS\WDáHP]DFLHNDZLRQ\

±-HVWWRRZRFSRĪ\ZQ\LVPDNRZLW\±RGU]HNá]SRZDJą±0DPRELDGZNLHV]HQL

1LHPRĪQD]JLQąüZĞUyGGREU\FKOXG]L

±&]\ZW\PPLHĞFLHZV]\VF\VąWDF\GREU]\"

±(FKJG]LHWDP3DUV]\ZDRZFDZNDĪGHM]QDMG]LHVLĊJURPDG]LH-HVWLáDSVHUGDNyZ

PQyVWZR3U]HZDĪQLHMHGQDNGREU\WXPLHV]NDQDUyG6WUDV]QLHGREU\LXF]\QQ\&KFHV]

RJyUND"

±1LHG]LĊNXMĊ-DEĊGĊMDGáRELDG$SDQ"±]DS\WDáHPQLHĞPLDáR

±1LHPDPF]DVXQDWDNLHZ\P\Vá\2GSURZDG]ĊFLĊ$JG]LHSDQKUDELDPLHV]ND"

.RáRSDUNX"'RVNRQDOH6LąGĊWDPQDáDZHF]FHLEĊGĊUR]P\ĞODáSU]HJU\]DMąFRJyUNLHP

$ZNLHV]HQLPDPNVLąĪNĊ6áRGNDNVLąĪNDLJRU]NLRJyUHNGZLHZ\ĞPLHQLWHSRWUDZ\

=DĞPLDá VLĊ Z WHM FKZLOL WDN GRQLRVáH ĪH GZyFK ÄPLNUXVyZ´ JUDMąF\FK Z JX]LNL

SU]HUZDáRJUĊLF]\PSUĊG]HMSU]\ELHJáRDE\VSHQHWURZDüF]\MHVWFRÄGRĞPLHFKX´"

3RQLHZDĪVWXGHQWSRFLHV]QLHZ\NU]\ZLáWZDU]LPUXJQąáZLFKVWURQĊMDNVZyMGRVZHJR

]DĞPLDOLVLĊWDNĪHDE\NRQFHUWE\áSHáQLHMV]\7DNWRZ]UXV]\áRVWXGHQWDĪHZ\MąáGZD

RJyUNL

±àDSMHGHQ]GUXJLP±ZU]DVQąáZHVRáR

±$FRSDQEĊG]LHMDGá"±]DS\WDáHP]H]G]LZLHQLHP

±0DPMHV]F]HPDUFKHZNĊ±RGU]HNáUDGRVQ\PJáRVHP

DTP by SHADE

8ĝ0,(&+/:2:$

2SRZLHG]LDáHP SDQX .ROLĔVNLHPX R ZV]\VWNLP FR G]LVLDM ZLG]LDáHP L R PLá\P

VSRWNDQLX]HVWXGHQWHP1LH]DWDLáHPĪHE\áJáRGQ\

±1D%RJD±]DZRáDá±*G]LHĪRQE\üPRĪHZWHMFKZLOL"

3RQLHZDĪ ZLHG]LDáHP ĪH E\á Z SDUNX SDQ .ROLĔVNL Z\EUDá VLĊ WDP QDW\FKPLDVW

ZUD]]HPQąQDJOąFGRSRĞSLHFKX=QDOHĨOLĞP\PRMHJRSU]\MDFLHODQDMHGQHM]áDZHN

3DQ.ROLĔVNLSRG]LĊNRZDáPX]DRSLHNĊQDGHPQąLQLE\RQLF]\PQLHZLHG]ąF]DSURVLá

QD RELDG 6WXGHQW VWURSLá VLĊ L ]DF]ąá URELü SU]H]DEDZQH FHUHPRQLH WZLHUG]Lá ĪH JR

GR]RUFDQLHZSXĞFLQDVFKRG\ĪHVáXĪEDQDMHJRZLGRNGRVWDQLHNRQZXOVMLĪHSRMHJR

SRE\FLHWU]HEDEĊG]LHSRĞZLĊFDüPLHV]NDQLHLĪHSV\QDMHJRZLGRN]DF]QąZ\üZFDá\P

GRPX=DEUDOLĞP\JRSU]HPRFąLXVDGRZLOLSU]\VWROH7RMHVWQDMĞPLHV]QLHMV]HĪHMHGQR

]MHJRSURURFWZFDáNRZLFLHVLĊVSUDZG]LáR.LHG\JUXEDU\NLHPJU]PRWyZQDSHáQLRQD

-y]HIRZDZQLRVáDZD]Ċ]]XSąVWDáRVLĊQLHV]F]ĊĞFLH6SRMU]DáD]GXPLRQ\PZ]URNLHP

QDQRZHJRJRĞFLDLFKFLDáDNU]\NQąüDOHMHMFRĞRGHEUDáRJáRV:\SXĞFLáDWHG\]UąN

ZD]Ċ]]XSąDE\VRELHRGELüQDJáąQLHPRWĊ

±0DV]EDERSODFHN±PUXNQąáVWXGHQW±$PyZLáHPĪHEĊG]LHQLHV]F]ĊĞFLH

7\PF]DVHP-y]HIRZD]GRáDáDFKZ\FLüRGGHFKMDNĪDJLHOFKZ\WDZLDWULZU]DVQĊáD

±7DFRWHQEDWLDUWXWDMUREL"

±-y]HIRZD±NU]\NQąáSDQ.ROLĔVNL

1DOHĪ\ZLHG]LHüĪHÄEDWLDU´QLHMHVWZOZRZVNLHMPRZLHNRPSOHPHQWHPLSRGDMH

ZZąWSOLZRĞüKRQRUWDNRVREOLZLHQD]ZDQHJRPáRG]LHĔFD6WXGHQWSUDJQąFZ\MDĞQLü

EXU]OLZąV\WXDFMĊU]HNá]ZHVRá\PXĞPLHFKHP

±1LFQLHV]NRG]LSURV]ĊSDQDWRPRMDFLRFLD

±7DWRSUDZGDQDPRMHQLHV]F]ĊĞFLH±]DZRG]LáDSRWĊĪQDNRELHWD

=DQLP ROLZD XVSRNRLáD Z]EXU]RQH PRU]H L ]DQLP ]GXPLHQLH -y]HIRZHM VSá\QĊáR

ZVWUXG]HáH]ZLHOHPLQĊáRF]DVX3DQ.ROLĔVNLPLDáGáXĪV]ąNRQIHUHQFMĊZNXFKQLLJU]-

PRW\XFLFKá\

6WXGHQW RSRZLDGDá Z\ERUQLH R URG]LQQ\FK ]DWDUJDFK Z á\F]DNRZVNLHM G]LHOQLF\

Vá\QQHM]JRUąF\FKWHPSHUDPHQWyZLEXU]OLZ\FKVHUF0LDQRPXWDP]D]áHĪH]DPLDVW

MąüVLĊVSUDZLHGOLZHJRU]HPLRVáDVDPVND]DáVLĊQDJáyGE\OHXNRĔF]\ü3ROLWHFKQLNĊ

6áXFKDOLĞP\MHJREXMQHMRSRZLHĞFL]ZHVRá\P]DFLHNDZLHQLHP-HGQRE\áRG]LZQHVWX-

GHQWPyZLáDP\ĞP\VáXFKDOLUyZQRF]HĞQLHRQ]MDGáGZDUD]\W\OHFRP\ZHGZyFK

1LHFKPXSyMG]LHQD]GURZLH3DQ.ROLĔVNLSDWU]\áQDQLHJR]SU]\MHPQRĞFLąLUDGE\á

EDUG]R=DSURVLáJRRGUD]XQDG]LHĔQDVWĊSQ\

±$FLRFLDPQLHQLHRWUXMH"±]DS\WDáVWXGHQW

±2QDSDQDEDUG]RNRFKD±]DĞPLDáVLĊSDQ.ROLĔVNL

±6SRWNDQLHE\áR]E\WQLHRF]HNLZDQHLMDNWZLHUG]LĪyáüVLĊZQLHMSRUXV]\áD

3R RELHG]LH Z\EUDOLĞP\ VLĊ ZH WU]HFK QD ]ZLHG]DQLH PLDVWD 0yM QLH]QDQ\ SU]\-

MDFLHO QLH GDZDá ]QDNX Ī\FLD ZLHG]ąF ĪH GREUH RWDF]DMą PQLH VHUFD ,VWRWQLH QLH

PRJáHPPDU]\üRF]XOV]HMSU]\MDĨQL3DQ.ROLĔVNLSR]DW\PE\áF]áRZLHNLHPZVSDQLDOH

Z\NV]WDáFRQ\PLQLH]PLHUQLHGREU\P]HVáRG\F]ąZVáRZDFKQDXF]DáPQLHLREMDĞQLDá

PL ZV]\VWNR $V\VWHQWHP WHJR FXGRZQHJR SURIHVRUD VWDá VLĊ VWXGHQW ĪDUOLZ\ OZRZL-

DQLQ *G\E\P VWR NVLąĪHN R /ZRZLH SU]HF]\WDá QLH PyJáE\P GRZLHG]LHü VLĊ ZLĊFHM

QLĪRGQLFK2QLXPLHOL]NDPLHQQHJRQDWáRNXPLDVWDZ\EUDüZV]\VWNLHMHJRNOHMQRW\

LZSHáQ\PXND]DüMHEODVNX']LĞNLHG\REHMU]DáHPNDĪG\NDPLHĔ/ZRZDZLHPĪHWU-

]HEDWHNOHMQRW\Z\V]XNLZDüJG\Ī]DV\SDQHVąUXPRZLVNLHPV]DU\PLPDáRSLĊNQ\P

3DQRUDPDWHJRPLDVWDMHVWSU]HS\V]QDZQĊWU]HMHJRMHVWMHGQDN]DWáRF]RQHW\VLąFDPL

GRPyZSRVSROLW\FKZĞUyGNWyU\FKZ\UDVWDMDNSURPLHQLVWDQLHG]LHODZĞUyGV]DU\FK

SUDFRZLW\FK GQL W\JRGQLD MDNLHĞ FXGR 6SUyEXMĊ XF]\QLü WDNLH SRUyZQDQLH /ZyZ

Z\JOąGD MDN ĪHOD]Q\ EH] SRá\VNX SDV U\FHUVNL Z NWyU\ ZSUDZLRQR NLOND EH]FHQQ\FK

NDPLHQLGLDPHQWyZLUXELQyZ7DNLPNOHMQRWHPQLHSRUyZQDQHMSLĊNQRĞFLWHJRPLDVWD

MHVWNDWHGUD6Z-XUDNWyUąEXGRZDáZZLHNX-DQGH:LWWNRPHQGDQW.DPLHĔFD

DTP by SHADE

3RGROVNLHJR:LHĔF]\RQD]LHORQHZ]JyU]HMDNNRURQD1DSDWU]\üVLĊMHMQLHPRJáHP

WDNVDPRMDNNDSOLF\%RLPyZ]EXGRZDQHMZVDP\PSRF]ąWNXVLHGHPQDVWHJRZLHNX

MDN FHUNZL :RáRVNLHM FR ZLHĪĊ PD SU]HĞOLF]Qą MDN NRĞFLRáRZL 'RPLQLNDQyZ WHĪ EX-

GRZDQHJRSU]H]GH:LWWD$NDWHGUD2UPLDĔVNDMDNLĪWRVNDUEXNU\W\ZĞUyG]DXáNyZ

%RĪHMDNDSLĊNQD.DWHGUDU]\PVNRNDWROLFNDSRWĊĪQDVXURZDZJRW\FNLPEXGRZDQD

SRU]ąGNX SU]HĞOLF]QH PDMąFD NDSOLFH PLHĞFL VLĊ Z VDP\P VHUFX /ZRZD L SDPLĊWD

F]DV\.D]LPLHU]D:LHONLHJR:QLHMWRSU]HGJáyZQ\PRáWDU]HP-DQ.D]LPLHU]NUyO

ZLHONL L QLHV]F]ĊVQ\ F]ZDUWHJR NZLHWQLD U VNáDGDá VZRMH ĞOXE\ L 1DMĞZLĊWV]ą

3DQQĊ.UyORZą3ROVNLREZRáDá:LHONDVĊG]LZRĞüPLHV]NDZW\FKPXUDFK:LHONLHG]LHMH

ĞSLąZĞUyGQLFK:LHNLPDMąWXVZRMHQDJURENL-HVWZQLFKPDMHVWDWLGRVWRMHĔVWZR

3DWU]\OLĞP\ QD WH GRP\ ERĪH ]H F]FLą L ] SRG]LZHP MDN QD SRPQLNL GDZQHM FKZDá\

NLHG\/ZyZERJDW\]DSRELHJOLZ\L]áRW\EXGRZDáVZRMHSU]\E\WNL1LHPyJá]EXGRZDü

ZLĊFHM JG\Ī ] F]DVHP ]XERĪDá SU]HV]á\ SU]H] PLDVWR SRĪDU\ NUHZ ] QLHJR WRF]\á\

QDMD]G\LREOĊĪHQLD2VWDá\VLĊWHNOHMQRW\DZĞUyGQLFKMHGHQNWyU\QLHW\ONRĪHMHVW

GXPą/ZRZDOHF]LMHJRXNRFKDQLHP-HVWWDPMHGHQNRĞFLyáZNWyU\POXG]LHPRGOą

VLĊFK\EDJRUĊFHMQDNWyU\SDWU]ą]QLH]Z\Ná\PUR]U]HZQLHQLHPNRĞFLyá%HUQDUG\QyZ

:\MDĞQLáPLSDQ.ROLĔVNLĪHZĞUyGZLHOXNRĞFLRáyZOZRZVNLFKMHVWRQQDMSLĊNQLHMV]\

2WDN$PXVLE\üEDUG]RXNRFKDQ\W\OHZQLP]áRWDW\OHERJDWHMVWURMQRĞFLMDNE\JR

]áRWąFKFLDQRSU]\VWURLüSLHV]F]RWą2SRZLDGDMąĪH/ZyZQLHPyJáGRF]HNDüVLĊMHJR

XNRĔF]HQLDLVNU]\NQLĊWRVLĊSU]HGVHWNDPLODWDE\ZVSyOQ\PZ\VLáNLHPSU]\ĞSLHV]\ü

EXGRZĊ/ZRZLDQLHWRJRUąF\QDUyGLQLHFLHUSOLZ\6NRURLG]LHRWRE\PLDVWRR]GRELü

NDĪG\GRQDMFLĊĪV]HMJRWyZMHVWSUDF\/ZRZLDQLQERZLHPPRĪH]DSRPQLHüRVRELHQLH

]DSRPQLMHGQDNQLJG\RVZRLPPLHĞFLH5R]F]XODVLĊQLPLZ]UXV]D3DQ.ROLĔVNLLVWX-

GHQWPyZLąRQLPWDNĪHLFKVáRZRMHVWGUĪąFH=QDMąNDĪGąVWDUąFHJáĊNDĪGąR]GREĊ

VWDUHJRPXUXKLVWRULĊLOHJHQGĊ:]UXV]HQLHWRLPQLHRJDUQĊáR&]XáHPĪHVLĊZPRLP

VHUFXURG]LPLáRĞüGRWHJRPLDVWDNWyUHJRKLVWRULDMHVWSHáQDSRU\ZyZZ]ORWyZLNOĊVN

SRZLHONLPERJDFWZLHSRĪDUW\PSU]H]F]DVLSU]H]ZRMQ\SU]\FKRG]LáRXEyVWZR]QR-

V]RQHPĊĪQLHL]RWXFKą/ZyZW\PVLĊRG]QDF]DĪHQLJG\QLHXSDGáQDGXFKX=D-

ZV]HPLDáZRF]DFKSRJRGĊDĪDUOLZąQDG]LHMĊZVHUFX0LHV]F]DQLQOZRZVNLQLHMHVW

SRZV]HGQLP SRVSROLW\P PLHV]F]DQLQHP E\á RQ ĞZLHWQ\P NXSFHP NLHG\ KDQGORZDá

]FDá\P:VFKRGHPE\áRQ]QDPLHQLW\PĪRáQLHU]HPNLHG\JRZRáDQRQDZDá\PLHMVNLH

D]DZV]HE\áZVZRLPPLHĞFLHEH]SDPLĊFLUR]PLáRZDQ\7XE\áRMHJRV]F]ĊĞFLHWXE\áR

MHJRVHUFHWXE\áRZV]\VWNRMHJR

àDWZRMHVWREHMU]HüZNDĪG\PPLHĞFLHWRFRMHVWMHJRNDPLHQQ\PFLDáHPáDWZR

MHVWSR]QDüMHJR]DE\WNLLRGF]\WDü]H]PXUV]Dá\FKĞODGyZMHJRKLVWRULĊPRĪQD]QDü

PLDVWRREFHQDZHW]ZL]HUXQNyZ]NVLąĪHNLRSRZLDGDĔ7UXGQRMHVWXMU]HüGXV]ĊPLD-

VWD

8ND]XMHVLĊRQDW\PW\ONRNWyU]\MHPLáXMą1LHZLHG]LDáHPRW\PZWHG\MHV]F]H

VP\NLPLNUXVMDNSRZLDGDáVWXGHQWG]LVLDMMHGQDNNLHG\WRSLV]ĊUR]XPLHPGREU]H

SDQD.ROLĔVNLHJRNWyU\PLáRZDá/ZyZJRUąFąPLáRĞFLąLFKFLDáPLXND]DüMHJRGXV]Ċ

:\ZLyGáQDVQD:\VRNL=DPHNVNąGVLĊUR]WDF]DáZLGRNWDNV]HURNLĪHZLDWUNWyU\

WXVLĊURG]LLOHFLNXOHVLVW\PZLGQRNUĊJRPGáXJRPXVLOHFLHü]DQLPGRSDGQLHVLQ\FK

ODVyZ0LDVWRPRGOLáRVLĊZGROHQLHSU]HUZDQ\PV]PHUHPLSRGQLRVáRNXVáRĔFXVZRMH

ZLHĪHMDNZ]QLHVLRQHEáDJDOQLHUDPLRQD

3DQ.ROLĔVNLPyZLáQDPRMHJRGXV]\3RQLHZDĪVáXFKDáHP]DFKáDQQLHZLĊFGREU]H

SUDZLHNDĪGHSDPLĊWDPVáRZR

±/ZyZPLDá]DZV]HGXV]ĊUDGRVQąLUR]ĞSLHZDQą3U]HZDODá\VLĊSRQDGQLPEXU]H

UXGHSU]HZDODá\VLĊSRĪRJLĪHOD]Q\P]ĊEHPZRMQDJU\]áDMHJRPXU\JURP\ELá\ZMHJR

ZLHĪHDMHJRGXV]DMDNąĞĪDUOLZąZLDUąSU]HSRMRQD]DZV]HĞSLHZDáD/HGZLHSU]\JDVáD

OXQDSRĪDUyZFRJRRJQLVW\PRWDF]DáDZLHĔFHPOHGZLHXFLFKQąáWXPXOWLV]F]HNDMąF\

NU]\NZRMQ\]QLHJRMXĪELáDáXQDUDGRVQHMGXP\ĪHRWRUD]MHV]F]HQLHZLDGRPRNWyU\

VSHáQLá VZyM U\FHUVNL RERZLą]HN ĪH SRVWDZLRQ\ QD VWUDĪ\ X NUHVyZ 5]HF]\SRVSROLWHM

QLJG\QLH]DVQąáMDNJG\E\SRZLHNQLHPLDáXRF]yZOHF]F]XZDáĪXUDZF]XMQ\SLHVZL-

DTP by SHADE

HUQ\]DJRĔF]\NQLHSRUyZQDQ\6WURLá\VLĊLQQHPLDVWDZPDUPXU\LPDORZDQLDZSDáDFH

LNROXPQ\MHPX]DĞMDNRU\FHU]RZLVXURZHPXVWDUF]\áR]ĊEDW\FKVURJLFKPXUyZOHJR-

ZLVNDV]DU\FKGRPyZ%RJXMHG\QLHZ]QRVLáFXGRZQLHSLĊNQHSU]\E\WNL3RZROLVWDáVLĊ

NDPLHQQąMDVNLQLąZNWyUHM]DPLHV]NDáOHZ]MHJRKHUEX1LJG\QLHJQXĞQLDáLQLH]D]QDá

RGSRF]QLHQLD:LHF]\ĞFLHSU]HFLZNREXU]\Z\VXQLĊW\SDWU]\á]HVZRLFKZ]JyU]ZVLQH

GDOHZQLH]PLHUQHSRáDFLHVNąGSHá]DáQLV]F]ąF\RJLHĔDOER]EDáZDQLRQ\ZDOLáSRWRS

3U]HWUZDá ZV]\VWNR L GODWHJR MHVW L E\á UDGRVQ\ 1LJG\ QLH F]\QLá NRQV]DFKWyZ QLJG\

ZKDĔELąFHQLHZFKRG]LáXNáDG\1DNU\V]WDáRZ\PVZRLPVXPLHQLX±VáXFKDMFLHFKáRSF\

±QLHPDDQLFXG]HMNU]\ZG\DQLXFLVNXDQLZ\]\VNX&]\QLáGREURVáDE\FKRVáDQLDá

EURQLáQLHPRFQ\FKLGODWHJRMHVWUDGRVQ\:FKZLODFKZ\WFKQLHQLDUDGRZDáVLĊEXMQ\P

F]\QHPNLHG\E\áERJDW\EXGRZDáNRĞFLRá\FHUNZLHLPHF]HW\EUDWHUVWZRĞZLDGF]ąF

NDĪGHPXFRVLĊZVSUDZLHGOLZHM]JRG]LHVFKURQLá]DWDUF]ąMHJRPXUyZ-HVWWRMDVQ\

U\FHU]FRQDNOHMQRWU\FHUVNLVRELHSU]\VLąJáĪHQLNRJRQLHVNU]\ZG]LWRWHĪ]ZLHĪWHJR

PLDVWDSDGDáEODVNQDZV]\VWNLHRNROLF]QH]LHPLH:LHONDQDSHáQLDáDMHUDGRĞüNLHG\

VLĊZQLPVNXSLá\QDFMHUR]PDLWHQDMUyĪQRURGQLHMV]HDRQJUyGOZLNDĪGHMGDáGDFK

QDGJáRZąLQRFMHMGDáVSRNRMQą7DNWDNPRLGURG]\&]\VWHVXPLHQLHQLHVND]LWHOQRĞü

VHUFDLZ]QLRVáRĞüGXFKDQDSHáQLá\WRPLDVWRMDVQRĞFLą'ODWHJRFKRüWDNLHV]DUHWDNLH

MHVWĞOLF]QH1LHPDZ5]HF]\SRVSROLWHMPLDVWDEDUG]LHMSURPLHQLVWHJRFKRüZLHOHMHVW

ZQLHMPLDVWERKDWHUVNLFK]:DUV]DZąQDF]HOHNWyUDXPLDáDZQDMFXGRZQLHMV]\PSR-

U\ZLHNDĪG\Z\ORW]DXáNDQD6WDU\P0LHĞFLHZ\GáXĪ\üZV]\MĊDUPDW\1LHPDPLDVWD

EDUG]LHMJRWRZHJRGRĞPLHUWHOQHMRILDU\GR]DSDUFLDVLĊDĪGRRVWDWQLHJRWFKX&]\VLĊ

WHUD]G]LZLFLHĪHMHGXPDUR]SLHUD"ĩHZRF]DFKPDUDGRĞüLĪHĞSLHZD"-HVWWRPLDVWR

3ROVNąREáąNDQH'XV]\VZRMHMQLHXNU\ZDZLĊFMąNDĪG\XMU]HüPRĪHMDNUR]NZLWáą

F]HUZRQąUyĪĊ&]DUXMHQLąL]QLHZDOD5R]NRFKDüSRWUDILNDĪGHJRVZRLPXĞPLHFKHP

MDVQ\PV]F]HU\PLU]HZQ\P

±2WDNWDN±ZWUąFLáFLFKXWNRVWXGHQW

3DQ .ROLĔVNL SDWU]\á UR]PLáRZDQ\P VSRMU]HQLHP L ZRG]Lá QLP Z NUąJ ER PLDVWR

REVLDGáRJyUĊLRWRF]\áRMą]HZV]HFKVWURQ3RWHPPyZLá

±/XG]LH SU]\VLĊJDMą PX QDMZLHUQLHMV]ą PLáRĞü -HJR LPLHQLHP ZLąĪą VLĊ MDN

áDĔFXFKHP:LHUQLVZRMHPXPLDVWXWZRU]ąMDNE\EUDFWZRWDMHPQHDGODWHJRWDMHPQH

ĪHVDPLRW\PQLHZLHG]ąMDNEDUG]RVSU]ĊJOLVLĊVHUFDPLMDNVLĊSRáąF]\OLXĞFLVNLHP

QDZLHNLZLHNyZ3R]QDMąVLĊQDQDMGDOV]\FKNUDĔFDFK]LHPLDWRF]DURG]LHMVNLHVáRZR

Ä/ZyZ´±WU\VNDá]ąUR]F]XOHQLDFRVLĊ]DUD]ZMDVQRĞüXĞPLHFKX]DPLHQL7RGáXJLH

ZLHNL SU]HRUDá\ WDN VHUFD ĪH QDW\FKPLDVW NZLWQą SRNURSLRQH MHGQą NURSHONą á]DZHM

URV\ 7R PLOLRQ\ OXG]L FR SU]HZĊGURZDá\ SU]H] WR PLDVWR RG EUDP\ QDURG]LQ DĪ

GR EUDP\ ĞPLHUFL V\FLá\ WĊ PLáRĞü MDN PLRG\ /ZRZVF\ OXG]LH ]DSUDZLHQL Z VURJLFK

SU]HFLZQRĞFLDFKSHáQLPRF\LSĊGXNUZLUR]V]XPLDOHML]DSDáXSR]QDMąVLĊZV]ĊG]LH

SRSRZDG]HZVSRMU]HQLXLSRXĞPLHFKXQDXVWDFK:LG]LDáHĞMXĪ0LFKDVLXOZRZVNLFK

OXG]L3UDZGDĪHF]áRZLHN]H/ZRZD]DZV]HVLĊXĞPLHFKD"7HQXĞPLHFKWRMHJR]GRE\F]

ZVSDQLDáD]GRE\ZDQDSU]H]FDáHZLHNL7RURG]LQQH]QDPLĊ*G\E\QLHWHQUDGRVQ\

XĞPLHFKPRJáRE\VLĊ]GDU]\üPyMFKáRSF]HĪHSU]H]V]F]HOLQĊNWyUąVPĊWHNĪáREL

ZHV]áRE\ZOZRZVNLHVHUFH]ZąWSLHQLHDOERNURSHONDJRU\F]\:LHOHERZLHPE\áRWDNLFK

F]DUQ\FKFKZLONLHG\JRU\F]ODáDVLĊVWUXPLHQLHPDWHQXĞPLHFK/ZRZDSU]HFLHUR]HJQDá

FLĊĪNąPĊWQąPJáĊMDNVáRĔFHWRF]\QLRZVFKRG]LHNLHG\VLĊQRFMHV]F]HZáyF]\XĪ

SU]\]LHPL]JQLOL]QąRSDUyZ/ZyZXĞPLHFKDáVLĊUDPLĊZ\GáXĪDáZPLHF]ZV]SDGĊ

]DPLHQLDáVSRMU]HQLHDVHUFHSU]HWDSLDáQDNXOĊ8ĞPLHFKDáVLĊZDOF]ąFERE\áZVZRLP

Ī\ZLROHXĞPLHFKDáVLĊQLHPDONRQDMąF\ÄERVáRGNRMHVWXPLHUDü]D2MF]\]QĊ´.LHG\PX

]DĞXĞPLHFKXE\áR]DPDáRZWHG\VáRGNDLSURVWDGXV]DWHJRPLDVWD]DF]\QDáDĞSLHZDü

1LHPDWDNLHMQDĞZLHFLHELHG\NWyUHME\ZH/ZRZLHQLHXPLDQR]DPLHQLüZSLRVHQNĊ

&]\SLRVHQNąQLHPRĪQDRV]XNDüJáRGX"

±0RĪQD±V]HSQąáVWXGHQW]JáĊERNLPSU]HNRQDQLHP

±&]\ QLH PRĪQD QLą ]GXPLHü VDPHM ĞPLHUFL" , WHUD] PL SRZLHG]FLH MDNĪHĪ QLH

PLáRZDü WHJR PLDVWD NWyUH PD VHUFH MDN SRĪDU D RF]\ MDN VáRĔFH" -DN QLH WĊVNQLü

DTP by SHADE

GRQLHJRMDNJRQLHZLHOELü"Ä/HZPLHV]NDZVHUFXWHJRJLDXUD´DZMHJRGXV]\PLHV]-

NDPLáRĞü2PLDVWRPRMHRQDMGURĪV]HPRMHPLDVWR

2VWDWQLHMHJRVáRZDE\á\SHáQHWDNZLHONLHMPLáRĞFLĪHGUĪDá\]HZ]UXV]HQLD1LH

ĞPLHOLĞP\SU]HPyZLü6WXGHQWFRĞV]HSWDáEH]JáRĞQLHDMDSDWU]\áHPQDWRPLDVWRQD-

MG]LZQLHMV]HDOHMDNJG\E\SU]H]PJáĊ,FKPLáRĞüQDXF]\áDPQLHPLáRĞFL:W\PPLHĞFLH

RND]DQRPLW\ONRGREURü:W\PPLHĞFLHQLHSR]ZRORQRPLVLĊVPXFLü%\áHPVLHURWą

DZĞUyGW\FKNLONXOXG]LNWyU\FKGRWąGVSRWNDáHPF]XáHPVLĊMDNZĞUyGQDMEOLĪV]\FK

2EXG]LáPQLH]]DP\ĞOHQLDFLFK\JáRV

±&yĪWRFKáRSF]HGURJLMHVWHĞZ]UXV]RQ\"

±1LHZLHP±RGSRZLHG]LDáHPUyZQLHĪFLFKR,VWRWQLHQLHZLHG]LDáHPWHJRERNLHG\

RWDUáHPRF]\UĊNąXĞPLHFKQąáHPVLĊ

±$FK±]DĞPLDáVLĊSDQ.ROLĔVNL

±7DLMHJRMXĪ/ZyZRSĊWDá±]DZRáDáQDJOHVWXGHQWÄ7D´PDPZUDĪHQLHĪHWRÄWDNRM´

SUDZGD±MDNPyZLąZH/ZRZLHNWyUHJRGXV]ĊXND]DQRPLZVáRĔFX

-DNLPVSRVREHPGRZLHG]LDáVLĊRW\PPyMQLH]QDQ\SU]\MDFLHOWHJRGRMĞüQLHPRJĊ

:NUyWFHSRSRZURFLHGRGRPXZUĊF]RQRPLNDUWNĊ]W\PLVáRZDPL

:LG]LDáHPWZRMHZ]UXV]HQLH-HVWHĞGREU\LPDV]F]\VWHVHUFH&]DVE\PFLVLĊ

XND]Dá%ąGĨMXWURZĞZLĊW\PPLHMVFX/ZRZD

=GXPLDáHPVLĊ/LVWE\áSLVDQ\]Z\F]DMQąSUR]ą

DTP by SHADE

25/ĉ7$

-HVWHP SRUXV]RQ\ PDP Z VHUFX QLHSRNyM 2G GQL NLONX Ī\MĊ Z QRZ\P ĞZLHFLH

LZĞUyGQRZ\FKOXG]LZSURZDG]RQ\PLĊG]\QLFKQLHZLG]LDOQąUĊNą:UHV]FLHPDPXMU]Hü

WHJRNWyU\PQąWDNWDMHPQLF]RNLHUXMH3U]HSHáQLDPQLHJáĊERNDXIQRĞüĪHVSRWNDP

GREUHJRF]áRZLHND:FLąĪRW\PP\ĞOĊ

3DQ.ROLĔVNLZ\V]HGá]RVWDáHPVDP$E\XNRLüPRMHQLHSRNRMHZ]LąáHP]ELEOLRWHNL

MDNąĞNVLąĪNĊQDFK\ELWUDIL-DNLFXGRZQ\SU]\SDGHN3LHUZV]DMHMVWURQLFDRJáDV]D

ĪHNVLąĪNĊWĊQDSLVDá±6WDQLVáDZ.ROLĔVNL±PyM]DFQ\SDQ.ROLĔVNLERMHPXQDLPLĊ

6WDQLVáDZ7\WXáNVLąĪNL'XV]DPRMHJRPLDVWD=DF]ąáHPMąF]\WDüZáDĞFLZLHMPyZLąF

SRFKáDQLDü=GDZDáRPLVLĊĪHVá\V]ĊMHJRJáĊERNLJáRVLWHVá\V]ĊVáRZDNWyUHQDP

PyZLáQD:\VRNLP=DPNX0XVLRQPLHüSHáQąGXV]ĊWHJR/ZRZDMHĞOLLPyZLRQLP

L SLV]H -HGHQ UR]G]LDá WHM NVLąĪNL VPXFLá VLĊ ĪH /ZyZ PLDVWR ĞZLHWQH QDSHáQLRQH

GXFKHPWZyUF]\PSRH]MąPX]\NąLWĊF]DPLPDODUVWZD]FKZLOąNLHG\SU]HVWDáE\ü

VWROLFąSU]\FLFKáLSU]\JDVáF]ĊĞüOZLąVZRMHMWZyUF]HMSRWĊJLRGGDZV]\±MDNQDOHĪ\±

:DUV]DZLH

1LFWRMHGQDN±SLVDáWHQV]ODFKHWQ\DXWRU±=DVLHMHP\UROĊQDQRZRĩ\]QDJOHED

GXV]\OZRZVNLHMQRZ\]VLHELHGREĊG]LHODVQRZHNZLDW\LQRZHVWUXJLSRH]ML]QLHM

Z\Sá\Qą&LFRSR]RVWDOLZXNRFKDQ\PVZRLPPLHĞFLHRU]ąMąVHUFDPLDFLFRSyĨQLHM

SU]\MGąQRZąGODQLHJRZ\SU]HGDFKZDOĊLNUZLąEXMQąQDSHáQLąMHJRVHUFH

ĝQLáPLVLĊ/ZyZWHMQRF\UyZQLHSLĊNQ\ZHĞQLHMDNQDMDZLH5DQNLHPVNRURĞZLW

E\áHPRG]LDQ\7RPyMG]LHĔXURF]\VW\0DPG]LVLDMSyMĞüQDÄĞZLĊWHPLHMVFH/ZRZD´

*G]LHMHVWWRPLHMVFH"&]\WRJyUDF]\NXUKDQF]\WRNRĞFLyá"

=DS\WDQ\RQLHSDQ.ROLĔVNLU]HNá]QDG]Z\F]DMQąVáRG\F]ą

±:LHPJG]LHMHVWWRÄĞZLĊWHPLHMVFH´,MDFLĊWDP]DSURZDG]Ċ

3RMHFKDOLĞP\WUDPZDMHPQDGUXJLNRQLHFPLDVWDGRVáDZQHMG]LHOQLF\à\F]DNRZVNLHM

VLHG]LE\URERF]HJROXGXQDMZHVHOV]HMZH/ZRZLHQDMEXMQLHMV]HMLĞSLHZDMąFHM5RG]ą

VLĊZQLHMSLRVHQNLRNDĪG\PZDĪQLHMV]\P]GDU]HQLXZPLHĞFLHLZĊGUXMąSRWHPSU]H]

ZV]\VWNLHXOLFHLZ]JyU]D

'RMHFKDOLĞP\ GR EUDP FPHQWDU]D 3U]HG]LZQ\ MHVW WHQ FPHQWDU] Z\JOąGD MDN

RJURPQ\ RJUyG QD Z]GĊW\P QLVNLP Z]JyU]X 1DG JUREDPL V]XPLą SRWĊĪQH GU]HZD

-HVWWRSRGREQRMHGHQ]QDMSLĊNQLHMV]\FKFPHQWDU]yZZ3ROVFHWHQUyZQRF]HĞQLH3DQ-

WHRQ /ZRZD ER Vá\QQL OXG]LH ĞSLą QD QLP ZLHF]Q\P VQHP 1LHZLHOH WDNLFK JUREyZ

SRND]DáPLSDQ.ROLĔVNLOHF]QDNDĪG\PZĞUyGQLFKSURPLHQLVW\XQRVLVLĊEODVN3U]HFLH

WXVSRF]\ZDL*RV]F]\ĔVNLLSXáNRZQLN2UGRQKLVWRU\NSU]HVáDZQ\.DURO6]DMQRFKD

ZLHONDSRHWND0DULD.RQRSQLFNDLZLHOXOXG]LZVSDQLDá\FK-HVWZĞUyGQLFKLWHQNWyUHJR

QD]ZLVNR QLHĞPLHUWHOQRĞü R]QDF]D ± WR $UWXU *URWWJHU 0\ĞODáHP ĪH WX MHVW ÄĞZLĊWH

PLHMVFH´/ZRZDOHF]SDQ.ROLĔVNLZLHG]LHPQLHGDOHMGUyĪNąSRGJyUĊQDZ]QLHVLHQLH

GRNWyUHJRVWySSRGFKRG]ąVDG\LNXNWyUHPXELDáHSRGPLHMVNLH]EOLĪ\á\VLĊGRPRVWZD

&R WR" 7R LQQ\ MDNLĞ FPHQWDU] MDNLĞ QRZV]\ ER QLH URVQą WX SRWĊĪQH GU]HZD W\ONR

PáRGHMHV]F]HNU]HZLQ\1DW\PZLHONLPVWDU\PFPHQWDU]XWXĪRERNNDĪG\JUyEMHVW

LQQ\NDĪG\QDJUREHNPDNV]WDáWRGPLHQQ\DWXNU]\ĪHMHGQDNLHVNURPQLXWNLHELHG-

QLXWNLHVWDQĊá\ZQLHSROLF]RQ\FKU]ĊGDFKĩDGQ\FKWXQLHZLG]ĊPDUPXUyZW\ONRNZL-

DW\NZLDW\LNZLDW\.U]\ĪHLNZLDW\RWRZV]\VWNR

:LG]ĊĪHSDQ.ROLĔVNLSU]\VWDQąáRJDUQąáVSRMU]HQLHPWRRJURPQHZRMVNRNU]\ĪyZ

LXĞPLHFKQąáVLĊWDNF]XOHMDNRMFLHFQDZLGRNVZRLFKGUREQ\FKG]LHFL:\FLąJQąáSU]HG

VLHELHUĊFHPLáRVQ\PUXFKHPMDNJG\E\FKFLDáMHZV]\VWNLH]DJDUQąüWHPDáHPRJLáNL

LSU]\FLVQąüGRSLHUVL3RWHPU]HNáFLFKR

±0LFKDVLX7XMHVWĞZLĊWHPLHMVFH/ZRZD7XOHĪąMHJRG]LHFL7RMHVWFPHQWDU]

RUOąW1DV]\FKG]LHFL7XMHVW

1LHPyJáPyZLüGDOHM$ZHPQLH]DF]ĊáRVLĊQDJOHWáXFVHUFH:LĊFWXWDM"7XWDMOHĪą

G]LHFLERKDWHUVNLHQDMGXPQLHMV]HG]LHFLĞZLDWDĞPLHUFLąSRELWHZREURQLHQDMGURĪV]HJR

VZRMHJRPLDVWD5yZLHĞQLF\PRLLPáRGVLRGHPQLH8F]QLDNL&KáRSF\LG]LHZF]ĊWD2

DTP by SHADE

-H]XV0DULDĝPLHUüFK\EDPXVLDáDSáDNDüNLHG\WXOLáDGRVLHELHG]LHFLSáRPLHQQRRNLH

FR]PDUWZ\FKUąF]ąWQLHFKFLDá\Z\SXĞFLüNDUDELQyZ

6]OLĞP\ GURĪ\QDPL ZĞUyG W\FK QDMG]LZQLHMV]\FK JUREyZ QD ĞZLHFLH 8VLHGOLĞP\

SRWHP QD VWRSQLX NDPLHQQHJR SRPQLND FKZDá\ NWyU\ MHVW ZVSyOQ\P SRPQLNLHP WHM

DUPLLG]LHFLĊFHMLVWU]HĪHLFKJUREyZMDNNDPLHQQDZLHĪD3DQ.ROLĔVNLU]HNáSRFKZLOL

JáRVHPMXĪVSRNRMQ\P

±'ZD W\VLąFH JUREyZ Z\URVáR WXWDM D ZĞUyG QLFK VWR WU]\G]LHĞFL F]WHU\ MHVW

EH]LPLHQQ\FK1LHPRĪQDE\áRRGV]XNDüQD]ZLVNW\FKĪRáQLHU]yZQLH]QDQ\FK3DQ%yJ

MHPD]DSLVDQH2GOLVWRSDGDUGRF]HUZFDUĞPLHUüV]XNDáDLFKSRZV]\VW-

NLFKSRERMRZLVNDFK/ZRZD&]WHUHFK)UDQFX]yZWXOHĪ\LWU]HFK$PHU\NDQyZV]OD-

FKHWQ\FKWRZDU]\V]yZQDV]\FKG]LHFL7\ONRĞPLHUüLPDWNLW\FKG]LHFLZLHG]ąMDNVLĊ

]ZDá\LZMDNLPE\á\ZLHNX,WDNLMHGHQWXOHĪ\FKáRSF]\QDFRPLDá]DOHGZLHSRQDGODW

G]LHVLĊüĝSLąWXG]LHFLVNDMHG\QH]WRZDU]\V]DPLZLHUQ\PLZĞUyGV]HZFyZNUDZ-

FyZĞOXVDU]yZLELHGDNyZNWyU\PFKFLDQR]DEUDüMHG\Q\LFKVNDUEPLDVWR

3RáRĪ\áUĊNĊQDPRMHMUĊFHLPLOF]HOLĞP\GáXJR3RWHPSRZLHG]LDáPLJáĊERNLHVáRZD

R W\FK ĞSLąF\FK SRG NZLDWDPL R WDMHPQLF\ LFK ERKDWHUVWZD ĞPLHUFL L QLHĞPLHUWHOQHM

LFK FKZDá\ &]\WDP WH VáRZD EH] EáĊGX ER PDP MH QD ]DZV]H ZSLVDQH Z VHUFX MDN

ZNVLąĪFH

±:WHG\GURJLPyMQLHW\ONROXG]LHZDOF]\OLPĊĪF]\ĨQLLNRELHW\ZDOF]\á\ERZ-

LHPLPXU\,WHG]LHFLZDOF]\á\ERMXĪ]QLNąGQLHE\áRQDG]LHL'DZQRWRMXĪE\áR-XĪ

QDJUREDFKNZLDW\Z\URVá\2UĊĪRGSRF]\ZDD3ROVNDVWDU\P]Z\F]DMHPZHGOHVZHM

RGZLHF]QHMUDFMLVWDQXVHUFHPZDOF]\SUDJQLH]QLHZDODüPLáRĞFLąLQDXF]DüSRZV]HFK-

QHM]JRG\&]\PQLHUR]XPLHV]"

±7DN±V]HSQąáHP

±%\á MHGQDN F]DV NLHG\ FL FR OHĪą Z QLHSROLF]RQ\FK OZRZVNLFK JUREDFK PXV-

LHOL XF]\QLü U]HF] ZLHONą L VSUDZLHGOLZą =UR]SDF]HQL ZLG]ąF ĪH QLF]HJR QLH GRNDĪą

VHUFHP PXVLHOL ZDOF]\ü ÄMDVQ\P PLHF]HP SDĔVWZD´ 3RGSLVDOL VZRMą NUZLą PDQL-

IHVW R QLHQDUXV]DOQRĞFL JUDQLF D JUDQLFH Z\W\F]\OL NRSFDPL VZRLFK JUREyZ :DOF]\OL

QDĞPLHUüZEUHZQDG]LHLDE\]DĞZLDGF]\üĪHLGHDMHVWQLHĞPLHUWHOQDLĪHZREHFQLHM

QLF]\PMHVWRILDUDĪ\FLD$WąLGHąFKáRSF]HE\áDFDáRĞüLZLHONRĞü2MF]\]Q\8NRFKDQLH

NDĪGHMJUXGNLMHM]LHPLERMHVWRQDXĪ\ĨQLRQDQDV]\PWUXGHPLNUZLąZ]UXV]RQDMDN

OHPLHV]HP QLH XPĊF]RQD SUDFą ZLHNyZ 1DZHW WH G]LHFL ZLHG]LDá\ R W\P QDXF]RQH

SU]H]ZáDVQHPDWNL,RQHWHG]LHFLFRV]á\QDĞPLHUüDE\VWDU\PSRPyFĪRáQLHU]RP

G]LDGNRPVZRLPLRMFRPQDXF]\á\QDVZLDU\ZQDGSU]\URG]RQąPRFGXFKD

'ODWHJRWDNF]FLP\W\FKU\FHU]\NyZPDOXWNLFKW\FKPĊF]HQQLNyZ]DFDáRĞü2MF]\]-

Q\ĪHQLHXWUDFLOLQDG]LHLĪHSRNRQDOLUR]SDF]ĪH]DPLDVWSáDNDü±ZDOF]\OLĪHZDOF]ąF±

JLQĊOLLĪHQDZLHNLZLHNyZXWUZDOLOLZW\FKFRSR]RVWDOLĪ\ZLZLDUĊZZROĊ]Z\FLĊVWZD

=DWRF]\áUĊNąLZVND]XMąFPLV]HUHJJUREyZPyZLá]QDJá\PRĪ\ZLHQLHP

±6SyMU]V\QXLSRZLHG]F]\WRMHVWFPHQWDU]QDGNWyU\PXQRVLVLĊVPXWHN"1LH

RQLH,OHUD]\WXSU]\FKRG]ĊXĞPLHFKDPVLĊERPLVLĊ]GDMHĪHVSRGRNZLHFRQ\FK

JUREyZELMHMDNLĞEODVN=GDMHPLVLĊĪHSU]\V]HGáHPQDEXMQąáąNĊQDNWyUHMĪ\FLH

Z\UDVWD]PRJLá:FLąĪPLVLĊ]GDMHĪHWHFKáRSDNLSDWU]ąMDU]ąF\PLVLĊRF]\PDF]\

ZĞUyGQDVVWDU\FKĪ\MHWRFRRQL]EXG]LOLVZRMąĞPLHUFLą":LHV]G]LHFNRPRMHĪHWHQ

FPHQWDU]MDNLHJRGUXJLHJRQLHPDQDFDá\PĞZLHFLHMHVWMDNJG\E\V]NRáą3RGRSLHNą

VZRLFKZRG]yZNWyU\FKJURE\RWWDPZNDPLHQQ\PWáRF]ąVLĊV]HUHJXOHĪąWXWDMXF-

]QLRZLHZPXQGXUNDFKZLĊFWRV]NRáDZNWyUHMG]LHFLQDXF]DMąVLZ\FKOXG]LWDNLFKMDN

MDĪH]WDNLHMERKDWHUVNLHMĞPLHUFLQDMEXMQLHMZ\UDVWDĪ\FLH6SRMU]DáQDPQLHDZLG]ąF

ĪHZRF]DFKPDPGXĪHá]\]JURPLáPQLHGREURWOLZLH

±2WU]\MWHá]\RWU]\MMHF]\PSUĊG]HM,PQLHZROQRSRND]\ZDüáH]7RERKDWHU-

VNLH G]LHFL NWyUH QLH SáDNDá\ 1DZHW LFK PDWNL ĞZLĊWH RILDUQH PDWNL XNU\ZDMą á]\

DE\LFKQLHVPXFLü3U]HFLHĪRQLJLQĊOLSRWRDE\UDGRĞüLPLáRĞüZ\URVá\ZLFKPLHĞFLH

7RGXPQHFKáRSDNLWRGXPQHG]LHZF]ĊWD7RJQLD]GRRUOąW8ĞPLHFKQLMVLĊGRQLFK

MDNEUDWRILDUXMLPVHUFHXNRFKDMLFKSR]GUyZRNU]\NLHPMDVQ\PLV]F]ĊĞOLZ\PDOH

DTP by SHADE

QLHSáDF]

1LHPRJáHPMHGQDNSRZVWU]\PDüáH]:RG]LáHPZLOJRWQ\PLRF]DPLSRGUHZQLDQ\FK

NU]\ĪDFKLNDĪG\JUyESUDJQąáHPXFDáRZDüVSRMU]HQLHP3RP\ĞODáHPVRELHZWHG\MDNLH

SUDFRZLWHMDNLHF]\VWHMDNLHQLHVND]LWHOQHPXVLE\üWHUD]FDáHPRMHĪ\FLHDE\E\áRW\OH

ZDUWHFRLFKSXUSXURZDVNUZDZLRQDĞPLHUü-XĪQLHWU]HEDEĊG]LHSDGDüQDSROXZDONL

WU]HEDMHGQDNĪ\üERKDWHUVNR%ĊGĊWDNĪ\á

: WHM FKZLOL SUDJQąáHP QD ]DZV]H SR]RVWDü Z W\P PLHĞFLH ZĞUyG W\FK JUREyZ

] NWyU\FK NZLDW\ Z\URVá\ ZĞUyG W\FK PXUyZ NWyUH ZDOF]\á\ -HĞOL WHQ QLH]QDMRP\

PyMRSLHNXQ]DWU]\PDPQLHSU]\VRELHSR]RVWDQĊ]UDGRĞFLą1LHPDJRMHGQDN1LH

SU]\V]HGáPLPRRELHWQLF\-HVWHĞP\WXVDPL5R]HMU]DáHPVLĊGRNRáDLZSDWU]\áHPVLĊ

ZEUDPĊ

±6]XNDV]NRJR"±]DS\WDáSDQ.ROLĔVNL

±7DNÄ2Q´PLDáSU]\MĞü7XWDMPLQD]QDF]\áVSRWNDQLH

3DQ.ROLĔVNLPLOF]DáSU]H]GáXĪV]ąFKZLOĊSRWHPU]HNá]G]LZQ\PZ]UXV]HQLHP

±Ä2Q´QLHSU]\MG]LH

±&]HPX"±NU]\NQąáHP]GXV]RQ\PJáRVHP

±%RMXĪWXMHVWSU]\WRELH7RMD0LFKDVLXMHVWHPW\PQLH]QDMRP\PFRFLHELH

ZH]ZDáGR/ZRZD-DGRFLHELHSLVDáHPWHQLH]JUDEQHOLVW\:LG]ĊQDWZRMHMWZDU]\

]GXPLHQLHOHF]JG\ZV]\VWNR]UR]XPLHV]

:LDGRPRĞü E\áD WDN QLHVSRG]LHZDQD ĪH ĞZLDW FDá\ ]H PQą ]DWRF]\á QDJá\ NUąJ

L GáXJD XSá\QĊáD FKZLOD ]DQLP PRJáHP SU]HUZDü WĊ SRGUyĪ Z ]GXPLHQLH 8F]\QLáHP

WR SURVW\P VSRVREHP XFKZ\FLZV]\ VLĊ RELHPD UĊNDPL SDQD .ROLĔVNLHJR :V]\VWNR

VWDQĊáRW\ONRPRMHVHUFHJQDáRMHV]F]HFZDáHP2QPQLHREMąáUDPLHQLHPLPyZLáVHU-

GHF]QLH

±'áXJR WU]HED E\ RSRZLDGDü VNąG ]QDOHP WZRMHJR RMFD .LHG\Ğ RSRZLHP FL

GRNáDGQLHMDNWHQF]áRZLHNZVSDQLDOHV]ODFKHWQ\FKRüPáRGV]\RGHPQLHSUDZLHRODW

NLONDQDĞFLH]DZDĪ\áZPRLPĪ\FLX2ND]DáPLGDZQRGDZQRWHPXW\OHVHUFDFRXNR-

FKDQ\EUDW3RWHPQDV]HGURJLVLĊUR]HV]á\=GDZDáRPLVLĊ]DZV]HĪHRMFLHFWZyMPQLH

XQLNDMDNJG\E\VLĊEDáPRMHMZG]LĊF]QRĞFL']LHOQ\WRE\áF]áRZLHN,GRSLHURSU]\-

SDGHN SU]\SDGHN QDMEDUG]LHM SURVW\ SU]\SRPQLDá PL JR SU]HG QLHGDZQ\P F]DVHP

'RZLHG]LDáHPVLĊ]H]JUR]ąL]QDMJáĊEV]\PVPXWNLHPRMHJRĞPLHUFLRĞPLHUFLWZRMHM

PDWNLLRWRELH:WHG\SRVWDQRZLáHPQDW\FKPLDVWQDMąüGREUHJRF]áRZLHNDLRGV]XNDáHP

FLĊ]ZLHONLPWUXGHP

&KFLDáHPJRUąF]NRZR]DS\WDüRFRĞSDQ.ROLĔVNLMHGQDNSU]HUZDáPLV]\ENR

±:V]\VWNR FL Z\WáXPDF]Ċ ZV]\VWNR 2F]\ZLĞFLH PRJáHP SU]\MĞü GR FLHELH

]DJDUQąüFLĊZUDPLRQDL]DEUDü]HVREą7XVLĊMHGQDNKLVWRULDZLNáD3UDJQLHQLHPPRLP

QDMJRUĊWV]\PE\áRDE\Ğ]DMąáF]\MHĞPLHMVFH$E\Ğ]DVWąSLáNRJRĞNWRPLE\áQDMGURĪV]ą

LVWRWą QD ĞZLHFLH 8P\ĞOLáHP VRELH ĪH WHQ NWyU\ ]DMPLH PRMH VHUFH L Z\SHáQL MHJR

VPXWQąSXVWNĊPXVLE\üSRGREQ\GRWHJRNWyU\=DFKZLOĊVLĊGRZLHV]6áRZHP

FKFLDáHP FLĊ SR]QDü 'RNáDGQLH SR]QDü &KFLDáHP XMU]Hü WZRMH VHUFH 2WyĪ SRZL-

DGDPFLV]F]HU]HLXF]FLZLHJG\E\ĞE\áLQQ\QLĪMHVWHĞ]DSHZQLáE\PFLE\WRG]LDáE\P

FLĊQDNDUPLáE\PFLĊLND]DáE\PFLĊXF]\üDOHQLHGDáE\PFLMHGQHJRPLáRĞFL=QLHSR-

NRMHPZLHONLPV]XNDáHPVSRVREyZDE\FLĊZ\SUyERZDü3U]HEDF]PLGURJLFKáRSF]H

3U]HEDF] PL WH WDMHPQLF]H ZLHUV]H 7HQ NWyUHJR PLDáHĞ ]DVWąSLü NRFKDá SU]\JRGĊ

QDG]Z\F]DMQRĞü L PLDá ]DPLáRZDQLH GR WDNLFK FKáRSLĊF\FK UDGRĞFL GR UR]ZLą]\ZDQLD

]DJDGHNDMDSLVDU]E\OHMDNLLE\OHMDNLSRHWDUDGRZDáHPVLĊUD]HP]QLP7RE\á\

QDV]H LJUDV]NL :]LąáHĞ Z QLFK XG]LDá EH] ZDKDQLD L WHĪ SRV]HGáHĞ V]XNDü SU]\JRG\

1LH XOąNáHĞ VLĊ DQL SRGUyĪ\ DQL QLH]QDQ\FK ]GDU]HĔ V]HGáHĞ ĞPLDáR L SDWU]\áHĞ E\V-

WU]H,GRVNRQDOH]DV]HGáHĞDSU]\]QDMĪHFLĊRGUD]XMXĪSLHUZV]HJRGQLD]DEUDáHP

GRGRPXNWyU\EĊG]LHWZRLPGRPHP

=DUXPLHQLáHPVLĊLVLOQLHMMHV]F]HSU]\WXOLáHPVLĊGRWHJRVWDUHJRF]áRZLHNDNWyU\

PQLH³PLNUXVD´SURVLáRSU]HEDF]HQLH

±$OHWRQLHZV]\VWNR0LFKDVLX:LHV]MXĪF]\PGODPQLHMHVWWRPLDVWRDGRZL-

DTP by SHADE

HV]VLĊF]\PE\áRGODWHJRRNWyU\PFLVLĊVSRZLDGDP.RFKDPMHDRQ3yĨQLHM

SyĨQLHM'RĞüĪHSUDJQąáHP]FDáHMGXV]\DE\ĞLW\MHSRNRFKDá

3DWU]\áHP Z WZRMH RF]\ ZLG]LDáHP NDĪGH WZRMH VáRZR .LHG\ FL RSRZLDGDáHP

RGXV]\WHJRPLDVWDE\áHĞZ]UXV]RQ\LMDVLĊZ]UXV]\áHP=QDPFLHELHMXĪGRNáDGQLH

MHVWHĞ XF]FLZ\P FKáRSFHP UR]XPQ\P L GREU\P PDV] VHUFH F]XáH L MDVQH VSRMU]H-

QLH3RZLHG]LDáHPVRELHZF]RUDMĪHMHVWHĞJRGQ\WHJRE\Ğ]DMąáPLHMVFHRSUyĪQLRQH

RSUyĪQLRQHPLHMVFHZPRLPVHUFX

±&]\MH"±]DS\WDáHPFLFKXWNR

6WDU\F]áRZLHNSRGQLyVáVLĊFLĊĪNRLXMąZV]\PQLH]DUĊNĊSRZROLSRZLyGáSRPLĊG]\

JURE\6]OLĞP\ZZLHONLHMFLV]\MDNJG\E\REDZLDMąFVLĊĪHRGJáRVHPNURNyZ]EXG]LP\

ĞSLąF\FK3DQ.ROLĔVNL]DWU]\PDáVLĊSU]\JURELHLSRZLHG]LDáMDVQ\PJáRVHP

±-HJRPLHMVFH

6SRMU]DáHPQDWDEOLF]NĊQDNU]\ĪX

-DĞ.ROLĔVNL]JLQąáĞPLHUFLąERKDWHUVNąZREURQLHXNRFKDQHJRPLDVWDZZLHNXODW

F]WHUQDVWX

2%RĪH

0LDáHPWDNLHG]LZQHXF]XFLHĪH]JĊVWZ\NZLDWyZSDWU]ąQDPQLHEáĊNLWQHVHU-

GHF]QHFKáRSLĊFHRF]\LXĞPLHFKDMąVLĊGRPQLH:LĊFLMDXĞPLHFKQąáHPVLĊWDNWNOLZLH

LWDNF]XOHĪHDĪRF]\PRMHQDELHJá\á]DPL

±7R PyM V\Q ± PyZLá ] UDGRVQą GXPą SDQ .ROLĔVNL ± 0LDá F]WHUQDĞFLH ODW W\OH

FR W\ Z WHM FKZLOL 3RV]HGá EURQLü /ZRZD ']LHOQLH JR EURQLá 3U]HQRVLá V]WDIHW\ SRG

NXODPLDĪZUHV]FLHGZLH]QLFK]QDOD]á\MHJRVHUFH:LG]LV]WHUD]NRJRPDV]]DVWąSLü"

:VSDQLDáHJRFKáRSFD'XPQHJRFKáRSFD7DNLHJRFRVLĊQLH]DZDKDá1DSLVDáGRPQLH

OLVWLSRV]HGáGRZDONL=RVWDáHPVDP]FLHUSLHQLHPZVHUFXDOHL]GXPąZVHUFX

3HZQLHWURVNDáVLĊPyMFKáRSDNĪHWDNLVDPMHVWHPQDĞZLHFLHLPRĪHWRRQPLSRPyJá

RGQDOHĨüFLHELH=DVWąSLV]JR0LFKDVLX

±=DVWąSLĊ±RGSRZLHG]LDáHPVHUGHF]QLH

±%ĊG]LHV]PRLPV\QHP-DMHVWHPVDPDW\MHVWHĞVLHURWą'REU]HQDPEĊG]LH

UD]HP-XĪQLHEĊGĊSLVDáGRFLHELHZLHUV]\DOH]DWRSU]\MG]LHP\WXUD]HPRGF]DVX

GR F]DVX L RSRZLHP\ MD V\QRZL VZRMHPX D W\ VWDUV]HPX VZRMHPXEUDWX R ZV]\VW-

NLPFRVLĊG]LHMHZH/ZRZLH2QPXE\áZLHUQ\DĪGRĞPLHUFL-DPXEĊGĊZLHUQ\DĪ

GRĞPLHUFL

±,MDPXSU]\VLĊJDPPLáRĞüLZLHUQRĞüDĪGRĞPLHUFL±U]HNáHPJáRĞQR

3DQ.ROLĔVNLRJDUQąáPQLHWNOLZLHLXFDáRZDá%\áMDNLĞUDGRVQ\LV]F]ĊĞOLZ\=DĞPLDá

VLĊLQDFK\OLZV]\VLĊQDGXNZLHFRQąPRJLáNąPyZLáFLFKXWNR

±6á\V]\V]V\QNX"=GRE\OLĞP\MHV]F]HMHGQąGXV]Ċ

DTP by SHADE