Fatalne jaja

DTP by SHADE

:67ĉ3

0LFKDá%XáKDNRZUDG]LHFNLSUR]DLNLGUDPDWXUJ]]DZRGXOHNDU]

GHELXWRZDáZURNX:F]HĞQLHXMDZQLáVLĊMDNRZQLNOLZ\REVHUZDWRURWDF]DMąFHM

U]HF]\ZLVWRĞFLZOLF]Q\FKIHOLHWRQDFKLRSRZLDGDQLDFKVDW\U\F]Q\FKQLHU]DGNR]DEDU

ZLRQ\FK IDQWDVW\Ną 1LHNWyUH XND]Dá\ VLĊ Z ]ELRU]H ³'¶MDYROMDGD´ W\WXáRZD

³'LDEROLDGD´E\áDWáXPDF]RQDQDSROVNLGZXNURWQLHSRZRMQLHZHV]áDZVNáDG]ELRUX

³1RWDWNLQDPDQNLHWDFK´5R]JáRVSU]\QLRVá\PXSRZLHĞFL³%LDáDJZDUGLD´

LZ\GDQHSRĞPLHUWQLH³3RZLHĞüWHDWUDOQD´³3VLHVHUFH´3DU\ĪRUD]DU

F\G]LHáR³PLVWU]L0DáJRU]DWD´SLHUZRGUXN=DĪ\FLDRVWURNU\W\NRZDQ\

ZODWDFKWU]\G]LHVW\FKSLVDáSU]HZDĪQLHGRV]XIODG\V]HUV]HX]QDQLHZHZáDVQHM

RMF]\ĨQLH]\VNXMHPR]ROQLH%XáKDNRZGRSLHURZRVWDWQLFKODWDFK

1LQLHMV]\]ELyU]DZLHUDWU]\XWZRU\%XáKDNRZD³)DWDOQHMDMD´WR]MDGOLZDVDW\UD

6)QDUDG]LHFNąELXURNUDFMĊZWU]HFLP]NROHLWáXPDF]HQLXSRSU]HGQLHSLyUD$OLFML

6WHUQRZHM L (GPXQGD -H]LHUVNLHJR XND]Dá\ VLĊ Z URNX 2SRZLDGDQLH SDUR

G\VW\F]QH³6]NDUáDWQD:\VSD´SU]HURELáDXWRUQDV]WXNĊZURNXZ\GSROVNLH

7U]HFLXWZyU³3U]\JRG\&]LF]LNRZD´MHVWJURWHVNąZNRQZHQFMLVQX

DTP by SHADE

52='=,$à,352)(6253(56,.2:

'QLDV]HVQDVWHJRNZLHWQLDURNXW\VLąFG]LHZLĊüVHWGZXG]LHVWHJRyVPHJRZLH

F]RUHPSURIHVRU]RRORJLL&]ZDUWHJR8QLZHUV\WHWX3DĔVWZRZHJRLG\UHNWRU0RVNLHZ

VNLHJR ,QVW\WXWX =RRORJLL 3HUVLNRZ ZV]HGá GR VZHJR JDELQHWX NWyU\ PLHĞFLá VLĊ Z

U]HF]RQ\P,QVW\WXFLHQDXOLF\+HUFHQD3URIHVRU]DSDOLáPDWRZąDPSOĊSRGVXILWHP

LUR]HMU]DáVLĊ

=DSRF]ąWHNWHMXSLRUQHMNDWDVWURI\X]QDüZ\SDGDyZZáDĞQLH]áRZLHV]F]\ZLH

F]yUSRGREQLHMDN]DJáyZQHJRWHMNDWDVWURI\VSUDZFĊQDOHĪ\XZDĪDüZáDĞQLHSURIH

VRUD:áRG]LPLHU]D+LSSDWLHZLF]D3HUVLNRZD

0LDáRQGRNáDGQLHSLĊüG]LHVLąWRVLHPODWZVSDQLDáąá\VąMDNWáXF]HNJáRZĊ]H

VWHUF]ąF\PLSRERNDFKNĊSNDPLĪyáWDZ\FKZáRVyZLJáDGNRZ\JRORQąWZDU]RGROQHM

ZDUG]HZ\VXQLĊWHMNXSU]RGRZL3RZ\ĪV]HFHFK\VSUDZLDá\ĪHWZDU]SURIHVRUDPLDáD

ZVRELHFRĞFRNROZLHNNDSU\ĞQHJR1DF]HUZRQ\PQRVLHVWDURĞZLHFNLHPDOXWNLHEL

QRNOHZVUHEUQHMRSUDZLHRF]NDEá\V]F]ąFHQLHGXĪHZ\VRNDSU]\JDUELRQDV\OZHW

ND 0yZLá JáRVHP VNU]\SOLZ\P FLHQNLP NZDF]ąF\P D ZĞUyG LQQ\FK RVREOLZRĞFL

RG]QDF]DáVLĊLWDNąRWRNLHG\PyZLáFRĞGRELWQLHL]SHZQRĞFLąVLHELHKDF]\NRZDWR

]DJLQDáZVND]XMąF\SDOHFSUDZHMUĊNLLPUXĪ\áRF]\$ĪH]SHZQRĞFLąVLHELHPyZLá

]DZV]HE\áERZLHP]DLVWHIHQRPHQDOQ\PHUXG\WąZVZRMHMG]LHG]LQLHKDF]\NyZ

QDGHUF]ĊVWR]MDZLDáVLĊSU]HGRF]\PDUR]PyZFyZSURIHVRUD3HUVLNRZD1DWHPDW\

]DĞVSR]DVZRMHMG]LHG]LQ\WRMHVWVSR]D]RRORJLLHPEULRORJLLERWDQLNLDQDWRPLLL

JHRJUDILLSURIHVRU3HUVLNRZSUDZLHZRJyOHVLĊQLHZ\SRZLDGDá

*D]HWSURIHVRU3HUVLNRZQLHF]\W\ZDáGRWHDWUXQLHFKDG]DáDĪRQDSURIHVRUD

XFLHNáDRGQLHJRZURNXG]LHZLĊüVHWWU]\QDVW\P]WHQRUHPRSHU\=LPLQD]RVWDZLDMąF

PDáĪRQNRZLOLVWWDNLHMWUHĞFL

³7ZRMHĪDE\SU]\SUDZLDMąPQLHRQLH]QRĞQ\GUHV]F]REU]\G]HQLD%ĊGĊSU]H]QLH

FDáHĪ\FLHQLHV]F]ĊĞOLZD´

3URIHVRUQLHRĪHQLáVLĊZLĊFHMG]LHFLQLHPLDá%\áEDUG]R]DSDOF]\Z\DOHV]\ENR

VLĊXVSRNDMDáOXELáKHUEDWĊ]MHĪ\QDPLPLHV]NDáQD3UHF]\VWLHQFHZSLĊFLRSRNRMR

Z\PPLHV]NDQLXZNWyU\PMHGHQSRNyM]DMPRZDáD]DVXV]RQDVWDUXV]NDJRVSRVLD

0DULD6WLHSDQRZQDRSLHNXMąFDVLĊSURIHVRUHPMDNQLDĔND

:G]LHZLĊüVHWG]LHZLĊWQDVW\PRGHEUDQRSURIHVRURZLWU]\]MHJRSLĊFLXSRNRMyZ

2ĞZLDGF]\áZyZF]DV0DULL6WLHSDQRZQHM

-HĪHOLRQLVLĊQLHXVSRNRMą0DULR6WLHSDQRZQDWRMDZ\MHĪGĪDP]NUDMX

1LHZąWSOLZLH JG\E\ SURIHVRU ]UHDOL]RZDá WHQ SODQ PyJáE\ EH] QDMPQLHMV]HJR

WUXGXRWU]\PDüNDWHGUĊ]RRORJLLQDGRZROQ\PXQLZHUV\WHFLHĞZLDWDE\áWRERZLHP

GRSUDZG\ Z\ELWQ\ XF]RQ\ D ZH ZV]\VWNLFK G]LHG]LQDFK NWyUH SR]RVWDMą Z WDNLP

EąGĨLQQ\P]ZLą]NX]]LHPQRZRGQ\PLF]\WHĪSáD]DPLZRJyOHQLNWVLĊ]QLPQLH

PyJáUyZQDüRSUyF]SURIHVRUD:LOOLDPD:HFNHO\]&DPEULGJHLSURIHVRUD*LDFRPR

%HFFDULHJR]5]\PX&]\WDáSURIHVRUZF]WHUHFKMĊ]\NDFKQLHOLF]ąFRMF]\VWHJRSR

IUDQFXVNX]DĞLSRQLHPLHFNXPyZLáUyZQLHGREU]HMDNSRURV\MVNX=DPLDUyZVZRLFK

RGQRĞQLH]DJUDQLF\3HUVLNRZQLH]UHDOL]RZDá]DĞURNGZXG]LHVW\RND]DáVLĊMHV]F]H

JRUV]\ QLĪ G]LHZLĊWQDVW\ =DV]á\ ZDĪQH Z\GDU]HQLD L WR Z ]QDF]QHM LORĞFL :LHOND

1LNLWVND ]RVWDáD SU]HPLDQRZDQD QD XOLFĊ +HUFHQD 1DVWĊSQLH ]HJDU ZSUDZLRQ\ Z

ĞFLDQĊGRPXQDURJX+HUFHQDL0RFKRZHM]DWU]\PDáZVND]yZNLQDSLĊWQDĞFLHSRMH

GHQDVWHMLZUHV]FLHZWHUUDULDFK,QVW\WXWX=RRORJLLQLHZ\WU]\PXMąFZV]\VWNLFKSHU

WXUEDFMLRZHJRQLH]DSRPQLDQHJRURNX]GHFKáRQDMSLHUZRVLHPZVSDQLDá\FKHJ]HP

SODU]\U]HNRWHNSRWHPSLĊWQDĞFLH]Z\Ná\FKURSXFKDZUHV]FLHXQLNDOQ\HJ]HPSODU]

URSXFK\]6XULQDPX

1LHEDZHPZĞODG]DURSXFKDPL]NWyU\FKĞPLHUFLąRGV]HGáZQLHE\WSLHUZV]\

U]ąGSáD]yZMDNQDMVáXV]QLHMQD]ZDQ\FKEH]RJRQRZ\PLSU]HQLyVáVLĊGRZLHF]QRĞFL

DTP by SHADE

QLHVWUXG]RQ\VWUyĪ,QVW\WXWXVWDUXV]HN:áDVGRSáD]yZE\QDMPQLHMVLĊQLH]DOLF]D

MąF\3U]\F]\QDMHJRĞPLHUFLE\áD]UHV]WąLGHQW\F]QDFRZZ\SDGNXELHGQ\FKU]HNR

WHNWRWHĪ3HUVLNRZRNUHĞOLáMąQDW\FKPLDVW

%UDNNDUP\

8F]RQ\PLDáQDM]XSHáQLHMV]ąUDFMĊ:áDVDQDOHĪDáRRGĪ\ZLDüPąNąĪDE\]DĞĪ\

MąF\PLZPąFHUREDNDPLDOHSRQLHZDĪ]QLNQĊáDWDSLHUZV]DQLHE\áRUyZQLHĪW\FK

RVWDWQLFK3HUVLNRZXVLáRZDáSU]HVWDZLüSR]RVWDáHGZDG]LHĞFLDHJ]HPSODU]\U]HNRWHN

QDNDUDOXFKRZąGLHWĊDOHLNDUDOXFK\JG]LHĞSU]HSDGá\PDQLIHVWXMąFZWHQVSRVyE

VZyMZURJLVWRVXQHNGRNRPXQL]PXZRMHQQHJR1LHE\áRUDG\RVWDWQLHHJ]HPSODU]H

UyZQLHĪWU]HEDE\áRZ\U]XFLüGRĞPLHWQLNDQDSRGZyU]X,QVW\WXWX

1LHVSRVyERSLV\ZDüZUDĪHQLDMDNLHZ\ZDUá\QD3HUVLNRZLHWH]JRQ\D]ZáDV]

F]DĞPLHUüURSXFK\]6XULQDPX&DáNRZLWąRGSRZLHG]LDOQRĞFLą]DWH]HMĞFLDĞPLHUWHO

QH3HUVLNRZREDUF]\áyZF]HVQHJR/XGRZHJR.RPLVDU]D2ĞZLDW\

6WRMąF Z F]DSFH L Z NDORV]DFK QD NRU\WDU]X ]DPDU]DMąFHJR ,QVW\WXWX 3HUVL

NRZPyZLáGRVZHJRDV\VWHQWD,ZDQRZDQREOLZHJRGĪHQWHOPHQD]SáRZąV]SLF]DVWą

EUyGNą

7RĪ]DWR3LRWU]H6WHSDQRZLF]X]DELüJRPDáR&RRQLZ\SUDZLDMą"3U]HFLHĪ

]UXMQXMą,QVW\WXW&R"7DNLZVSDQLDá\VDPLHFXQLNDOQ\HJ]HPSODU]3LSD$PHULFDQD

WU]\QDĞFLHFHQW\PHWUyZGáXJRĞFL

'DOHME\áRMHV]F]HJRU]HM3RĞPLHUFL:áDVDRNQDZ,QVW\WXFLHSU]HPDU]á\QD

Z\ORWWDNĪHNZLHFLVW\]DPUy]RVLDGáQDZHZQĊWU]Q\FKSRZLHU]FKQLDFKV]\E:\

]G\FKDá\NUyOLNLOLV\ZLONLU\E\LZV]\VWNLHZĊĪHFRGRMHGQHJR3HUVLNRZFDá\PL

GQLDPL GR QLNRJR VLĊ QLH RG]\ZDá ZUHV]FLH ]DFKRURZDá QD ]DSDOHQLH SáXF DOH QLH

XPDUá.LHG\Z\GREU]DáSU]\FKRG]LáGZDUD]\ZW\JRGQLXGR,QVW\WXWXLZRNUąJáHM

VDOL Z NWyUHM QLH ZLDGRPR GODF]HJR ]DZV]H QLHRGPLHQQLH E\áR SLĊü VWRSQL PUR]X

QLH]DOHĪQLHRGWHPSHUDWXU\QDGZRU]HZNDORV]DFKZF]DSFH]QDXV]QLNDPLLZV]D

OLNXZ\G\FKDMąFNáĊE\ELDáHMSDU\Z\JáDV]DáZREHFRĞPLXVáXFKDF]\NROHMQ\Z\NáDG]

F\NOX³3áD]\WURSLNyZ´3U]H]UHV]WĊF]DVX3HUVLNRZOHĪDáXVLHELHQD3UHF]\VWLHQFHQD

NDQDSLHZSRNRMXZ\SHáQLRQ\PSRGVXILWNVLąĪNDPLSRGSOHGHPNDV]ODáLZSDWU\ZDá

VLĊZRJQLVWąSDV]F]ĊSLHF\NDZNWyU\PSDOLáD]áRFRQ\PLNU]HVáDPL0DULD6WLHSD

QRZQDLZVSRPLQDáURSXFKĊ]6XULQDPX

$OHZV]\VWNRQDW\PĞZLHFLHPDVZyMNUHV6NRĔF]\áVLĊURNGZXG]LHVW\GRELHJá

NRĔFDGZXG]LHVW\SLHUZV]\DZGZXG]LHVW\PGUXJLPFRĞMDNE\UXV]\áRZSU]HFLZQą

VWURQĊ 3R SLHUZV]H QD PLHMVFX ĞZLĊWHM SDPLĊFL :áDVD SRMDZLá VLĊ 3DQNUDW PáRG\

MHV]F]HDOHURNXMąF\ZVSDQLDáHQDG]LHMHVWUyĪ]RRORJLF]Q\DZ,QVW\WXFLHSRZROXWNX

]DF]ĊWRSDOLü/DWHP]DĞ3HUVLNRZSU]\SRPRF\3DQNUDWD]áDSDáQDG.ODĨPąF]WHU

QDĞFLH EDQDOQ\FK ĪDE : WHUUDULXP ]QRZX ]DZU]DáR Ī\FLH : URNX GZXG]LHVW\P

WU]HFLP3HUVLNRZPLDáMXĪRVLHPZ\NáDGyZW\JRGQLRZRWU]\Z,QVW\WXFLHLSLĊüQD

8QLZHUV\WHFLHZGZXG]LHVW\PF]ZDUW\PPLDáLFKW\JRGQLRZRWU]\QDĞFLHQLHOLF]ąF

NXUVyZ SU]\JRWRZDZF]\FK ]DĞ ZLRVQą GZXG]LHVWHJR SLąWHJR ZVáDZLá VLĊ W\P ĪH

ĞFLąáQDHJ]DPLQLHVLHGHPG]LHVLĊFLXV]HĞFLXVWXGHQWyZDZV]\VWNLFKQDSáD]DFK

-DNWRQLHZLHSDQF]\PUyĪQLąVLĊSáD]\RGJDGyZ"S\WDá3HUVLNRZ7R

GRSUDZG\ ĞPLHV]QH PáRG\ F]áRZLHNX 3áD]\ QLH PDMą PLHGQLF]HN QHUNRZ\FK $QL

ĞODGX7DDDN:VW\G-HVWSDQ]DSHZQHPDUNVLVWą"

-HVWHPPDUNVLVWąZLĊGQąFRGSRZLDGDáĞFLĊW\

3URV]Ċ]DWHP]JáRVLüVLĊQDMHVLHQLPyZLáXSU]HMPLH3HUVLNRZLUDĨQRZRáDáGR

3DQNUDWD'DZDüQDVWĊSQHJR

7DN MDN DPILELH RĪ\ZDMą SR GáXJRWUZDáHM VXV]\ VNRUR W\ONR VSDGQLH SLHUZV]\

REILW\GHV]F]RĪ\áSURIHVRU3HUVLNRZ ZURNXW\VLąFG]LHZLĊüVHW GZXG]LHVW\PV]y

VW\PJG\=MHGQRF]RQH7RZDU]\VWZR$PHU\NDĔVNR5RV\MVNLHUR]SRF]\QDMąFRGURJX

]DXáNX*D]HWQHJRL7ZHUVNLHMZ]QLRVáRZĞUyGPLHĞFLX0RVNZ\SLĊWQDĞFLHSLĊWQDVWR

SLĊWURZ\FKZLHĪRZFyZQDSU]HGPLHĞFLDFK]DĞWU]\VWDURERWQLF]\FKGRPNyZRĞPLR

DTP by SHADE

URG]LQQ\FKLZWHQVSRVyEUD]QD]DZV]HXSRUDáRVLĊ]RZ\PVWUDV]Q\PLĞPLHV]Q\P

]DUD]HPNU\]\VHPPLHV]NDQLRZ\PNWyU\WDNGDZDáVLĊZH]QDNLPLHV]NDĔFRP0R

VNZ\ZODWDFK

7RE\áRZRJyOHSLĊNQHODWRZĪ\FLX3HUVLNRZDLSURIHVRUF]DVDPL]DFLHUDáUĊFH

]FLFK\PD]DGRZRORQ\PFKLFKRWHPNLHG\SU]\SRPLQDáVRELHMDNWRVLĊJQLHĨG]Lá]

0DULą6WLHSDQRZQąZGZXSRNRMDFK3URIHVRURG]\VNDáREHFQLHZV]\VWNLHSLĊüSRNR

MyZUR]WDVRZDáVLĊUR]PLHĞFLáSyáW\VLąFDNVLąĪHNZ\SFKDQHJDG\Z\NUHV\SUHSD

UDW\QDELXUNXZJDELQHFLH]DSDOLá]LHORQąODPSĊ

,QVW\WXWUyZQLHĪWUXGQRE\áRSR]QDüSU]HPDORZDQRJRQDNUHPRZRGRSRNR

MyZJDGyZGRSURZDG]RQRVSHFMDOQHZRGRFLąJLZV]\VWNLHV]\E\]DVWąSLRQRV]NáHP

OXVWU]DQ\PSU]\VáDQRSLĊüQRZ\FKPLNURVNRSyZV]NODQHVWRá\SUHSDUDF\MQHEH]

FLHQLRZHODPS\SRGZDW\VLąFHĞZLHFUHIOHNWRU\JDEORW\HNVSR]\F\MQH

3HUVLNRZRĪ\áLQLHVSRG]LHZDQLHGRZLHG]LDáVLĊRW\PFDá\ĞZLDWJG\ZJUXGQLX

URNXGZXG]LHVWHJRV]yVWHJRXND]DáDVLĊEURV]XUD³-HV]F]HR]DJDGQLHQLXUR]PQD

ĪDQLDVLĊEODV]NRVNU]\Gá\FKYHOFKLWRQyZ´VWURQ³%LXOHW\Q&]ZDUWHJR8QLZHU

V\WHWX´DQDMHVLHQLURNXW\VLąFG]LHZLĊüVHWGZXG]LHVWHJRVLyGPHJRIXQGDPHQWDO

QHWU]\VWXSLĊüG]LHVLĊFLRVWURQLFRZHG]LHáRSU]HáRĪRQHQDVWĊSQLHQDV]HĞüMĊ]\NyZZ

W\PQDMDSRĔVNL³(PEULRORJLDSLSF]RVQNyZHNLĪDE´FHQDUXE*RVL]GDW

=DĞODWHPW\VLąFG]LHZLĊüVHWGZXG]LHVWHJRyVPHJR]GDU]\áRVLĊFRĞQLHZLDU\

JRGQHJRLNRV]PDUQHJR

52='=,$à,,.2/252:<=$.5ĉ7$6

7DN ZLĊF SURIHVRU ]DSDOLá DPSOĊ L UR]HMU]Dá VLĊ SR SRNRMX =DSDOLá UHIOHNWRU QD

GáXJLPVWROHODERUDWRU\MQ\PZáRĪ\áELDá\IDUWXFK]DG]ZRQLáMDNLPLĞLQVWUXPHQWDPL

QDVWROH

6SRUDF]ĊĞüWU]\VWXW\VLĊF\SRMD]GyZPHFKDQLF]Q\FKNWyUHZURNXW\VLąFG]LH

ZLĊüVHWGZXG]LHVW\PyVP\PSRUXV]Dá\VLĊSR0RVNZLHSĊG]LáDXOLFą+HUFHQDGXG

QLąFSRJáDGNLHMNRVWFHLFRPLQXWĊ]H]JU]\WHPL]Z\FLHP]+HUFHQDZ0RFKRZąZ\

WDF]DáVLĊWUDPZDMOLQLL³´³´³´DOER³´5]XFDáQDOXVWU]DQHV]\E\JDELQHWX

RGEODVN UyĪQREDUZQ\FK RJQL L GDOHNR Z\VRNR ZLGQLDá RERN FLHPQHM SU]\VDG]LVWHM

NRSXá\FHUNZL=EDZLFLHODPJOLVW\LEODG\VLHUSPLHVLąFD

$OHDQLRQDQLUR]JZDUZLRVHQQHM0RVNZ\ZQDMPQLHMV]\PVWRSQLXQLHLQWHUH

VRZDá\SURIHVRUD3HUVLNRZD3URIHVRUVLHG]LDáQDREURWRZ\PWUyMQRĪQ\PWDERUHFLH

L EUXQDWQ\PL RG W\WRQLX SDOFDPL REUDFDá SRNUĊWáD GRVNRQDáHJR ]HLVVRZVNLHJR PL

NURVNRSXSRGNWyUHJRRNXODUHPXPLHĞFLá]Z\Ná\QLH]DEDUZLRQ\SUHSDUDWĞZLHĪ\FK

DPHE:FKZLOLJG\3HUVLNRZ]PLHQLDáSRZLĊNV]HQLH]SLĊFLXQDG]LHVLĊüW\VLĊF\UD]\

XFK\OLá\VLĊGU]ZLXND]DáDVLĊZQLFKV]SLF]DVWDEUyGNDLVNyU]DQ\IDUWXFKLDV\VWHQW

]DS\WDá

3DQLHSURIHVRU]HXFKZ\FLáHPNUH]NĊF]\QLHFKFLDáE\SDQU]XFLüRNLHP"

3HUVLNRZĪZDZR]VXQąáVLĊ]WDERUHWX]RVWDZLDMąFNUHPDOLHUĊZSyáREURWXLSR

ZROLREUDFDMąFZSDOFDFKSDSLHURVDSU]HV]HGáGRJDELQHWXDV\VWHQWD7DPQDV]NOD

Q\PVWROHQDZSyáXGXV]RQDLRWĊSLDáD]EyOXLVWUDFKXOHĪDáDĪDEDXNU]\ĪRZDQDQD

NRUNRZ\PVWDW\ZLHDMHMSU]H]URF]\VWHJDODUHWRZDWHZQĊWU]QRĞFLZ\FLąJQLĊWHE\á\

]]DNUZDZLRQHJREU]XFKDSRGPLNURVNRS

%DUG]RáDGQDSRZLHG]LDá3HUVLNRZLSU]\áRĪ\áRNRGRRNXODUXPLNURVNRSX

=DSHZQHFRĞQDGHULQWHUHVXMąFHJRPRĪQDE\áR]REDF]\üZNUH]FHĪDE\JG]LH

VWUXP\NDPL QDF]\Ĕ NUZLRQRĞQ\FK ZLGRF]QH MDN QD GáRQL G]LDUVNR SRP\NDá\ Ī\

ZLXWNLHHU\WURF\W\3HUVLNRZERZLHP]DSRPQLDáRVZRLFKDPHEDFKLSU]H]SyáWRUHM

JRG]LQ\QDSU]HPLDQWRRQWR,ZDQRZSU]\SDGDOLGRV]NáDPLNURVNRSX2EDMXF]HQL

SU]HU]XFDOLVLĊSU]\W\PSRGQLHFRQ\PLDOHQLH]UR]XPLDá\PLGOD]Z\Ná\FKĞPLHUWHO

QLNyZVáRZDPL

DTP by SHADE

:UHV]FLH3HUVLNRZRGHUZDáVLĊRGPLNURVNRSXRĞZLDGF]\á

&yĪURELüNU]HSQLH

ĩDEDFLĊĪNRSRUXV]\áDáEHPDZMHMJDVQąF\FKRF]DFKEH]WUXGXPRĪQDE\áR

Z\F]\WDü³GUDQLHMHVWHĞFLHLW\OH³

3HUVLNRZZVWDáUR]SURVWRZDá]GUĊWZLDáHQRJLZUyFLáGRVZRMHJRJDELQHWX]LHZ

QąáSRWDUáSDOFDPLZLHF]QLH]DF]HUZLHQLRQHSRZLHNLSU]\VLDGáQDWDERUHFLH]HUNQąá

ZPLNURVNRSSDOFDPLXMąáMXĪNUHPDOLHUĊL]DPLHU]DáSU]HNUĊFLü]ĊEDWNĊDOHMHMQLH

SU]HNUĊFLá3UDZHRNR3HUVLNRZDZLG]LDáRPĊWQDZHELDáHNRáRDZQLPEODGHQLHRVWUH

DPHE\SRĞURGNXNRáDWNZLá]DĞNRORURZ\]DNUĊWDVEDUG]RSU]\SRPLQDMąF\GDPVNL

ORF]HN3HUVLNRZSRGREQLHMDNVHWNLMHJRXF]QLyZZLG\ZDáWHQ]DNUĊWDVZLHOHUD]\

DOHQLNWVLĊQLPQLHLQWHUHVRZDáERLSRFR".RORURZDVPXĪNDĞZLDWáDSU]HV]NDG]DáD

W\ONRREVHUZRZDüLZVND]\ZDáDĪHRVWURĞüMHVWĨOHXVWDZLRQDĝFLHUDQRMąZLĊFEH]

OLWRĞQLHMHGQ\PREURWHPSRNUĊWáDSROHUR]ĞZLHWODáRVLĊUyZQRPLHUQ\PELDá\PĞZLD

WáHP6PXNáHSDOFH]RRORJDMXĪQDGREUHVSRF]Ċá\QDNDUERZDQLDFKSRNUĊWáDNLHG\

UDSWHP GUJQĊá\ L RGVNRF]\á\ :LQQH WHPX E\áR SUDZH RNR 3HUVLNRZD NWyUH QDJOH

VWDáRVLĊF]XMQH]GXPLDáRVLĊDQDZHW]DWUZRĪ\áR7RQLHMDNLHĞWX]LQNRZHEH]WDOHQ

FLHVLHG]LDáRSU]\PLNURVNRSLHRQLH6LHG]LDáSU]\QLPSURIHVRU3HUVLNRZ&DáHMHJR

Ī\FLHZV]\VWNLHMHJRP\ĞOLVNRQFHQWURZDá\VLĊZSUDZ\PRNX3U]H]SLĊüPLQXWZ

NDPLHQQHMFLV]\Z\ĪV]DLVWRWDREVHUZRZDáDQLĪV]ąPĊF]ąFLZ\WĊĪDMąFRNRQDG]QDM

GXMąF\PVLĊSR]DRJQLVNRZąSUHSDUDWHP:V]\VWNRZRNyáPLOF]DáR3DQNUDW]DVQąá

MXĪZVZRLPSRNRLNXZZHVW\EXOXLUD]W\ONRJG]LHĞGDOHNRPHORG\MQLHLGHOLNDWQLH

]DG]ZRQLá\V]\E\V]DIWR,ZDQRZZ\FKRG]ąF]DP\NDáVZyMJDELQHW-ĊNQĊá\]DQLP

GU]ZLZHMĞFLRZH'RSLHURSRWHPGDáVLĊVá\V]HüJáRVSURIHVRUD'RNRJRSURIHVRUVLĊ

]ZUDFDáQLHZLDGRPR

&RWDNLHJR"1LFQLHUR]XPLHP

=DSyĨQLRQDFLĊĪDUyZNDSU]HMHFKDáDXOLFą+HUFHQD]DGUĪDá\VWDUHPXU\,QVW\WX

WX=DG]ZRQLáQDVWROHSáDVNLV]NODQ\WDOHU]\N]ODQFHWDPL3URIHVRUSREODGáLRVáRQLá

PLNURVNRS UDPLRQDPL WDN PDWND RVáDQLD G]LHFLąWNR NWyUHPX]DJUDĪD QLHEH]SLH

F]HĔVWZR7HUD]ZRJyOHQLHPRJáRE\üPRZ\RW\PE\3HUVLNRZSRUXV]\áSRNUĊ

WáHPRQLHSURIHVRUEDáVLĊREHFQLHĪHMDNDĞSRVWURQQDVLáDPRĪHXVXQąü]SROD

ZLG]HQLDWRFR]REDF]\á

%LDá\UDQHNE\áZFDáHMNUDVLHL]áRWDVPXJDSU]HFLQDáDNUHPRZ\IURQWRQ,QVW\

WXWXNLHG\SURIHVRUSRGV]HGáGRRNQD'UĪąF\PLSDOFDPLQDFLVQąáJX]LNLQLHSU]H

QLNOLZHF]DUQH]DVáRQ\VNU\á\SRUDQHNDZJDELQHFLHRĪ\áDSU]HPąGUDXF]RQDQRF

3RĪyáNá\LQDWFKQLRQ\3HUVLNRZUR]NUDF]\áQRJLLZSDWUXMąFVLĊ]Dá]DZLRQ\PLRF]\PD

ZSRVDG]NĊSU]HPyZLá

$OHMDNĪHWRWDN"3U]HFLHĪWRSRWZRUQH"7RSRWZRUQHSDQRZLHSRZWyU]\á

]ZUDFDMąFVLĊGRURSXFKZWHUUDULXPURSXFK\ZV]HODNRVSDá\LQLHXG]LHOLá\PXĪDG

QHMRGSRZLHG]L

0LOF]Dá SU]H] FKZLOĊ SRWHP SRGV]HGá GR Z\áąF]QLND SRGQLyVá ]DVáRQĊ ]JDVLá

ZV]\VWNLHĞZLDWáDLVSRMU]DáZRNXODUPLNURVNRSX7ZDU]MHJRZ\UDĪDáDQDSLĊFLH]D

VĊSLáNU]DF]DVWHĪyáWHEUZL

8KXXKXEXUNQąá]QLNQąá5R]XPLHP5RR]XPLHPSU]HFLąJQąáSDWU]ąF

REáąNDĔF]RLZQDWFKQLHQLXQD]JDV]RQąDPSOĊQDGJáRZąWRSURVWH

3RQRZQLHRSXĞFLáV]HOHV]F]ąFH]DVáRQ\SRQRZQLH]DSDOLáDPSOĊ=DMU]DáGRDPSOL

Z\V]F]HU]\áUDGRĞQLH]ĊE\LMDNE\GUDSLHĪQLH

=áDSLĊJRSRZLHG]LDáXURF]\ĞFLHLGRELWQLHZ]QRV]ąFGRJyU\SDOHF]áDSLĊ

0RĪHLRGVáRĔFD

=DVáRQ\]QyZVLĊ]URORZDá\6áRĔFHZ\MU]DáRMXĪQDGREUH=DODáRRWRPXU\,Q

VW\WXWXOHJáRáDZLFąQDEUXNRZDQHMMH]GQL+HUFHQD3URIHVRUSDWU]\áZRNQRPH

G\WRZDáJG]LHWHĪEĊG]LHVáRĔFHZG]LHĔ7RRGFKRG]LáRGRNQDWRVLĊGRĔ]EOLĪDá

SRGWDĔFRZXMąFQLHFRZUHV]FLHOHJáEU]XFKHPQDSDUDSHFLH

DTP by SHADE

=DEUDá VLĊ GR SUDF\ ZDĪQHM D ]DJDGNRZHM 3U]\NU\á PLNURVNRS V]NODQ\P NOR

V]HP:EáĊNLWQDZ\PSáRPLHQLXSDOQLNDEXQVHQRZVNLHJRQDGWRSLáODNLSU]\SLHF]Ċ

WRZDáNUDZĊGĨNORV]DGRVWRáXQDPLĊNNLPODNXRGFLVQąáZáDVQ\NFLXN=JDVLáJD]

Z\V]HGáL]DPNQąáGU]ZLJDELQHWXQD]DWU]DVN

1DNRU\WDU]X,QVW\WXWXSDQRZDáSyáPURN3URIHVRUGRWDUáGRSRNRLNX3DQNUDWD

LGáXJREH]VNXWHF]QLHGRELMDáVLĊGRQLHJR:UHV]FLHGRELHJáR]]DGU]ZLFRĞMDNE\

ZDUF]HQLHSVDáDĔFXFKRZHJRNDV]HOLEHF]HQLHLVWDQąáZSODPLHĞZLDWáD3DQNUDWZ

SDVLDVW\FKJDWNDFK]WURF]NDPL]DZLą]DQ\PLXNRVWHN-HJRRJáXSLDáHRF]\SDWU]\á\

QDXF]RQHJR]LHZDáSU]HUDĨOLZLHQDSRá\W\ONRUR]EXG]RQ\

3DQNUDWSRZLHG]LDáSURIHVRUSDWU]ąFQDĔVSRQDGRNXODUyZZ\EDF]ĪHFLĊ

REXG]LáHP&KRG]LRWRSU]\MDFLHOXĪHE\ĞUDQRQLHZFKRG]LáGRPRMHJRJDELQHWX

=RVWDZLáHPWDPSUDFĊNWyUHMQLHZROQRSRUXV]\ü-DVQH"

8XXMDMDMDVQHRGSDUá3DQNUDWFKRüQLFGODQLHJRQLHE\áRMDVQH&KZLDá

VLĊLJáRĞQR]LHZDá

2QLHVáXFKDMREXGĨVLĊ3DQNUDWPyZLá]RRORJLGDá3DQNUDWRZLZĪHEUDSDUĊ

GHOLNDWQ\FKNXNVDĔFyZNWyUHVSUDZLá\ĪHZRF]DFKVWUyĪDSRMDZLáVLĊFLHĔ]UR]XPLH

QLD=DPNQąáHPJDELQHWFLąJQąá3HUVLNRZLQLHWU]HEDZQLPSRGPRMąQLHREHF

QRĞüVSU]ąWDü=UR]XPLDáHĞ"

7DNMHVWZ\FKU\SLDá3DQNUDW

7RSLĊNQLHNáDGĨVLĊVSDü

3DQNUDW RGZUyFLá VLĊ ]QLNQąá Z GU]ZLDFK L QDW\FKPLDVW ]ZDOLá VLĊ QD SRVáDQLH

SURIHVRU]DĞ]DF]ąáVLĊXELHUDüZZHVW\EXOX:áRĪ\áV]DUHOHWQLHSDOWRLPLĊNNLNDSH

OXV]SRWHPSU]\SRPQLDZV]\VRELHWRFRZLG]LDáSRGPLNURVNRSHPZSDWU]\áVLĊZH

ZáDVQHNDORV]HLSU]H]NLONDFKZLOSU]\JOąGDáVLĊLPSRUD]SLHUZV]\ZĪ\FLX1DVWĊS

QLHZáRĪ\áOHZ\NDORV]LXVLáRZDáQDĔZFLVQąüSUDZ\DOHWRPXVLĊQLHXGDáR

&yĪ WR ]D SRWZRUQ\ SU]\SDGHN ĪH RQ PQLH RGZRáDá SRZLHG]LDá XF]RQ\

*G\E\QLHWRQLFE\PQLH]DXZDĪ\á$OHFR]WHJRZ\QLNQLH"3U]HFLHĪ]WHJRZ\

QLNQLHGLDEOLZLHG]ąFR"

3URIHVRUXĞPLHFKQąáVLĊSU]\MU]DáNDORV]RPL]GMąáOHZ\ZáRĪ\á]DWRSUDZ\

0yM%RĪH3U]HFLHĪQLHPRĪQDVRELHQDZHWZ\REUD]LüZV]\VWNLFKNRQVHNZHQFML

3URIHVRUSRJDUGOLZLHRGWUąFLáOHZ\NDORV]NWyU\GHQHUZRZDáJRSRQLHZDĪDQLUXV]

QLHFKFLDáZHMĞüQDSUDZ\LUXV]\áGRZ\MĞFLDZMHGQ\P7DP]JXELáFKXVWHF]NĊGR

QRVDLZ\V]HGáWU]DVQąZV]\FLĊĪNLPLGU]ZLDPL1DGZRU]HNOHSLąFVLĊSRERNDFK

GáXJRV]XNDáSRNLHV]HQLDFK]DSDáHNZUHV]FLH]QDOD]áMHLUXV]\áXOLFą]QLH]DSDOR

Q\PSDSLHURVHPZXVWDFK

$ĪGRVDPHMFHUNZLSURIHVRUQLHVSRWNDáĪ\ZHJRGXFKD3U]HGĞZLąW\QLąXF]RQ\

]DGDUáJáRZĊLGáXJRQLHPyJáRGHUZDüZ]URNXRG]áRWHJRKHáPX6áRĔFH]UR]NRV]ą

OL]DáRJR]MHGQHJRERNX

'ODF]HJRQLHZLG]LDáHPJRQLJG\SU]HGWHPFR]D]ELHJRNROLF]QRĞFL"7IX

LGLRWD3URIHVRUSRFK\OLáVLĊL]DP\ĞOLáSDWU]ąFQDVZHQRJL]NWyU\FKW\ONRMHGQD

PRJáDVLĊV]F]\FLüSRVLDGDQLHPNDORV]D+PFRURELü:UyFLüGR3DQNUDWD"1LH

QLHGREXG]ĊVLĊJR:\U]XFLüWRĞZLĔVWZRV]NRGD1LHPDUDG\WU]HEDQLHĞüZUĊNX

=GMąáNDORV]LSRGQLyVáJR]REU]\G]HQLHP

= 3UHF]\VWLHQNL ]GH]HORZDQ\P DXWRPRELOHP Z\MHFKDáD WUyMND GZyFK SLMDQLX

WHĔNLFKDQDLFKNRODQDFKMDVNUDZRXPDORZDQDNRELHWDZMHGZDEQ\FKV]DUDZDUDFK

ZHGáXJPRG\]GZXG]LHVWHJRyVPHJR

(FKRMF]XONX]DZRáDáDQLVNLPRFKU\Sá\PJáRVHP*G]LHĪHĞSU]HSLáGUXJL

NDORV]"

:³$OFD]DU]H´ZLGRF]QLHVWDU\VLĊ]DSUDZLá]DZ\áOHZ\SLMDNSUDZ\Z\FK\OLá

VLĊ]DXWRPRELOXLNU]\NQąá

']LDGNXRWZDUWDQRFQDQD:RáFKRQFH"0\WDPMHG]LHP\

3URIHVRUVXURZRVSRMU]DáQDQLFKVSRQDGRNXODUyZZ\SXĞFLáSDSLHURVD]XVWL

DTP by SHADE

QDW\FKPLDVW ]DSRPQLDá R LFK LVWQLHQLX 1D %XOZDU]H 3UHF]\VWLHQVNLP UR]ZDUáD VLĊ

VáRQHF]QDV]F]HOLQD]DSáRQąáKHáP=EDZLFLHOD:\MU]DáRVáRĔFH

52='=,$à,,,3(56,.2:6&+:<7$à

2WR QD F]\P SROHJDá SUREOHP .LHG\ SURIHVRU SU]\EOLĪ\á VZH JHQLDOQH RNR GR

RNXODUXSRUD]SLHUZV]\ZĪ\FLXXGHU]\áRJRWRĪHZUyĪQREDUZQ\P]DZLMDVLHV]F]H

JyOQLHZ\UD]LVW\LJUXE\MHVWMHGHQSURPLHĔ3URPLHĔWHQE\áMDVNUDZRF]HUZRQ\LZ\

VXZDáVLĊVSRĞUyGLQQ\FKMDNPDOHĔNLHRVWU]HQRSRZLHG]P\ZLHONRĞFLLJá\

7U]HEDĪ E\áR QLHV]F]ĊĞFLD ĪHE\ ZáDĞQLH WHQ SURPLHĔ SU]\NXá QD SDUĊ VHNXQG

ZSUDZQHRNRZLUWXR]D

:QLPWRMHVWZSURPLHQLXSURIHVRUGRVWU]HJáFRĞFRE\áRW\VLąFNURüZDĪQLHM

V]HLGRQLRĞOHMV]HQLĪSURPLHĔRZRQLHWUZDáHG]LHFLĊ]URG]RQHSU]\SDGNLHP]UXFKX

OXVWHUNDLRELHNW\ZXPLNURVNRSX']LĊNLWHPXĪHDV\VWHQWRGZRáDáSURIHVRUDDPHE\

SU]HOHĪDá\SyáWRUHMJRG]LQ\Z]DVLĊJXRGG]LDá\ZDQLDSURPLHQLDLRWRFRVLĊVWDáR

SRGF]DVJG\ZFDá\PSROXZLG]HQLD]LDUQLVWHDPHE\VSRF]\ZDá\RVSDOHLQLHUXFKDZR

ZPLHMVFXSU]H]NWyUHSU]HFKRG]LáRVWU\F]HUZRQ\PLHF]G]LDá\VLĊU]HF]\G]LZQH

:F]HUZRQ\PSDVHPNXZU]DáRĪ\FLH1LHSRNDĨQHDPHE\Z\FLąJDMąFQLE\QyĪNLSR

GąĪDá\FRVLáGRF]HUZRQHJRSDVPDDZQLPMDNE\]DGRWNQLĊFLHPF]DURG]LHMVNLHM

UyĪGĪNLEDUG]RVLĊRĪ\ZLDá\-DNDĞVLáDWFKQĊáDZQLHĪ\FLH3Há]á\áDZąLZDOF]\á\

]HVREąRPLHMVFHZSURPLHQLX$ZSURPLHQLXWUZDáRZĞFLHNáHERWUXGQRWXRLQQH

VáRZR UR]PQDĪDQLH VLĊ 3U]HNUDF]DMąF L REDODMąF ZV]\VWNLH SUDZD NWyUH 3HUVLNRZ

]QDá MDN ZáDVQH SLĊü SDOFyZ DPHE\ G]LHOLá\ VLĊ QD MHJR RF]DFK Z Eá\VNDZLF]Q\P

WHPSLH5R]SDGDá\VLĊZSURPLHQLXQDGZLHF]ĊĞFLDNDĪGDZSU]HFLąJXGZXVHNXQG

VWDZDáD VLĊ QRZ\P U]HĞNLP RVREQLNLHP 2VREQLNL WH Z FLąJX SDUX FKZLO RVLąJDá\

ZLHONRĞüLGRMU]DáRĞüGRURVáHMDPHE\SRWRMHG\QLHE\]NROHLQDW\FKPLDVWZ\GDü

QDĞZLDWQRZHSRNROHQLH:F]HUZRQ\PSDĞPLHDSRWHPLZFDá\PSROXZLG]HQLD

]URELáR VLĊ FLDVQR ]DF]ĊáD VLĊ QLHXQLNQLRQD ZDOND 1RZR QDURG]RQH HJ]HPSODU]H

ZĞFLHNOHQDSDGDá\QDVLHELHUR]G]LHUDá\VLĊQDVWU]ĊS\LSRĪHUDá\3RPLĊG]\QRZR

URGNDPLOHĪDá\WUXS\SROHJá\FKZZDOFHRE\W=Z\FLĊĪDá\RVREQLNLOHSV]HLVLOQLHMV]H

,SUDZGĊPyZLąFWHOHSV]HE\á\SU]HUDĪDMąFH3RSLHUZV]HUR]PLDUDPLPQLHMZLĊFHM

GZXNURWQLHSU]HZ\ĪV]Dá\]Z\NáąDPHEĊDSRGUXJLHRG]QDF]Dá\VLĊMDNąĞV]F]HJyOQą

DJUHV\ZQRĞFLąLĪZDZRĞFLą,FKUXFK\E\á\Eá\VNDZLF]QHQLE\QyĪNL]QDF]QLHGáXĪV]H

QLĪQRUPDOQHDSUDFRZDá\W\PLQLE\QyĪNDPLEH]ĪDGQHMSU]HVDG\QLF]\PRĞPLRU

QLFHVZ\PLPDFNDPL

1DVWĊSQHJRZLHF]RUDSURIHVRUZ\PL]HURZDQ\LSREODGá\JáRGQ\SRGWU]\PXMąF

VLá\W\ONRJUXE\PLVNUĊWDPLREVHUZRZDáQRZHSRNROHQLHDPHE]DĞQDWU]HFLG]LHĔ

]DMąáVLĊVDP\PĨUyGáHPIHQRPHQXWR]QDF]\F]HUZRQ\PSURPLHQLHP

*D]V\F]DáFLFKXWNRZSDOQLNX]DRNQHP]QRZXV]XPLDáUXFKXOLF]Q\L]DWUXW\

VHWQ\PSDSLHURVHPSURIHVRU]QDZSyá]DPNQLĊW\PLRF]\PDRGFK\OLáVLĊQDRSDUFLH

REURWRZHJRIRWHOD

7DNWHUD]ZV]\VWNRMHVWMDVQH2Ī\ZLáMHSURPLHĔ-HVWWRQRZ\SU]H]QLNRJR

QLHEDGDQ\SU]H]QLNRJRMHV]F]HQLHRGNU\W\URG]DMSURPLHQL1DOHĪ\SU]HGHZV]\VW

NLP Z\MDĞQLü F]\ PRĪQD JR RWU]\PDü W\ONR ]H ĞZLDWáD HOHNWU\F]QHJR F]\ WDNĪH L

VáRQHF]QHJRPDPURWDáGRVDPHJRVLHELH3HUVLNRZ

5]HF]Z\MDĞQLáDVLĊQDVWĊSQHMQRF\3HUVLNRZ]áDSDáZWU]HFKPLNURVNRSDFKWU]\

SURPLHQLHSU]\ĞZLHWOHVáRQHF]Q\PQLFQLH]áDSDáLZ\UD]LáVLĊWDN

1DOHĪ\X]QDüĪHZZLGPLHVáRQHF]Q\PJRQLHPDKPQRVáRZHPQDOHĪ\

SU]\MąüĪHPRĪQDJRZ\GRE\üW\ONR]HĞZLDWáDHOHNWU\F]QHJR

6SRMU]Dá]]DLQWHUHVRZDQLHPQDPDWRZąDPSOĊSRGVXILWHP]DSDGáZQDWFKQLRQą

]DGXPĊSRF]\PSRSURVLáGRVZHJRJDELQHWX,ZDQRZD2SRZLHG]LDáPXRZV]\VW

NLPLSRND]DáDPHE\

DTP by SHADE

3ULYDWGRFHQW,ZDQRZE\áZVWU]ąĞQLĊW\E\áDEVROXWQLH]DáDPDQ\MDNLPFXGHP

U]HF] WDN SURVWD MDN WHQ Zą]LXWNL SURPLHĔ QLH ]RVWDáD X GLDEáD ]DXZDĪRQD QLJG\

GRWąG 3U]H] NRJRNROZLHN FKRüE\ SU]H] QLHJR ,ZDQRZD D WR SU]HFLHĪ GRSUDZG\

SRWZRUQH3URV]ĊW\ONRSRSDWU]Hü

1LHFKSDQSRSDWU]\SURIHVRU]HPyZLá,ZDQRZ]SU]HUDĪHQLHPSU]\ZLHUDMąF

RNLHPGRRNXODUX&RWXVLĊG]LHMH"2QHURVQąQDPRLFKRF]DFK1LHFKSDQVSRM

U]\QLHFKSDQVSRMU]\

2EVHUZXMĊMHMXĪWU]HFLG]LHĔRGSDUáQDWFKQLRQ\3HUVLNRZ

=NROHLREDMXF]HQLSU]HSURZDG]LOLUR]PRZĊNWyUHMVHQVGDVLĊVWUHĞFLüQDVWĊ

SXMąFRSULYDWGRFHQW,ZDQRZ]DELHU]HVLĊGRVNRQVWUXRZDQLDXU]ąG]HQLD]]DVWR

VRZDQLHPVRF]HZHNLOXVWHUNWyUHSR]ZROLQDSRZLĊNV]HQLHRZHJRSURPLHQLDLZ\

SURZDG]HQLDJRSR]DPLNURVNRS,ZDQRZPDQDG]LHMĊDQDZHWMHVWSHZLHQĪHWR

G]LHFLQQLHSURVWH]DGDQLH:\SURZDG]LSURPLHĔSURIHVRUPRĪHE\üRWRVSRNRMQ\7X

Z\QLNQąáSHZLHQV]NRSXá

-D V]DQRZQ\ NROHJR SXEOLNXMąF Z\QLNL QDSLV]Ċ ĪH NRPRU\ VNRQVWUXRZDQH

]RVWDá\SU]H]SDQDZWUąFLá3HUVLNRZF]XMąFĪHWXQLHPRĪQDVRELHSR]ZROLüQDQLH

GRPyZLHQLD

2WRQLHLVWRWQH=UHV]WąRF]\ZLĞFLH

,WDNWRV]NRSXá]RVWDáXVXQLĊW\2GWHMFKZLOLSURPLHĔSRFKáRQąáUyZQLHĪ,ZDQR

ZD3RGF]DVJG\3HUVLNRZFKXGQąFLPL]HUQLHMąFSU]HVLDG\ZDáFDá\PLGQLDPLLSU]H]

SRáRZĊQRF\SU]\PLNURVNRSLH,ZDQRZNU]ąWDáVLĊSRU]ĊVLĞFLHRĞZLHWORQ\PJDELQH

FLHIL]\F]Q\PXVWDZLDáVRF]HZNLLOXVWUD3RPDJDáPXPHFKDQLN

1DZ\VWRVRZDQHSU]H].RPLVDULDW2ĞZLDW\]DPyZLHQLHQDGHV]á\]1LHPLHFGOD

3HUVLNRZDWU]\SDNLSHáQHOXVWHUGZXZ\SXNá\FKGZXZNOĊVá\FKLMHV]F]HMDNLFKĞZNOĊ

VáRZ\SXNá\FKV]NLHáV]OLIRZDQ\FK6NRĔF]\áRVLĊWRZV]\VWNRW\PĪH,ZDQRZ]EX

GRZDáNRPRUĊLU]HF]\ZLĞFLHZ\SURZDG]LáGRQLHMF]HUZRQ\SURPLHĔ,WU]HEDSU]\

]QDü XGDáR PX VLĊ WR ]URELü SR PLVWU]RZVNX RWU]\PDá SURPLHĔ JUXE\ ]H F]WHU\

FHQW\PHWU\ĞUHGQLF\RVWU\LVLOQ\

3LHUZV]HJR F]HUZFD ]DLQVWDORZDQR NRPRUĊ Z JDELQHFLH 3HUVLNRZD L SURIHVRU

FKFLZLH]DEUDáVLĊGRGRĞZLDGF]HĔ]QDĞZLHWODQ\PVNU]HNLHPĪDELP'RĞZLDGF]HQLD

WHGDá\ZVWU]ąVDMąFHZ\QLNL3RGZyFKGREDFKZ\OĊJá\VLĊ]HVNU]HNXW\VLąFHNLMD

QHN$OHQLHGRĞüQDW\PSU]HGXSá\ZHPQDVWĊSQHMGRE\]NLMDQHNZ\NV]WDáFLá\VLĊ

GRURVáHĪDE\WDNZGRGDWNX]áHLĪDUáRF]QHĪHMHGQDSRáRZD]RVWDáDQDW\FKPLDVW

SRĪDUWDSU]H]GUXJąSRáRZĊ7H]DĞNWyUHSR]RVWDá\SU]\Ī\FLXQLHSU]HVWU]HJDMąF

SU]HSLVDQ\FKWHUPLQyZQLH]ZáRF]QLH]DF]Ċá\VNáDGDüLNUĊLSRGZyFKGQLDFKMXĪEH]

ĪDGQHJRSURPLHQLDGRFKRZDá\VLĊSRWRPVWZDZGRGDWNXQLHZLDU\JRGQLHOLF]QHJR:

JDELQHFLHXF]RQHJRG]LDüVLĊ]DF]ĊáRGLDEOLZLHG]ąFRĪDE\UR]SHá]á\VLĊ]JDELQHWX

SRFDá\P,QVW\WXFLHZWHUUDULDFK]Z\F]DMQLHQDSRGáRG]HLZRJyOHZHZV]\VWNLFK

]DNDPDUNDFKNXPNDá\QLF]\P]JUDQHQDEDJQDFKFKyU\3DQNUDWNWyU\LWDNEDáVLĊ

3HUVLNRZDMDNRJQLDWHUD]GRĞZLDGF]DáZREHFQLHJRMHGQHJRW\ONRXF]XFLDĞPLHU

WHOQHJRSU]HUDĪHQLD3RW\JRGQLXUyZQLHĪVDPXF]RQ\SRF]XáĪHMHVWEOLVNLXWUDW\

]P\VáyZ,QVW\WXWZ\SHáQLDáDZRĔHWHUXLF\MDQNXSRWDVXNWyU\PRPDáRFRQLHRWUXá

VLĊ3DQNUDWNLHG\ZQLHRGSRZLHGQLHMFKZLOL]GMąáPDVNĊJD]RZą5R]PQRĪRQHJHQH

UDFMHEDJLHQQHXGDáRVLĊZNRĔFXZ\WĊSLüWUXFL]QDPLJDELQHW\Z\ZLHWU]RQR

'R,ZDQRZD3HUVLNRZSRZLHG]LDáWDN

:LHSDQNROHJRZSá\ZSURPLHQLRZDQLDQDGHXWHURSOD]PĊLZRJyOHQDNRPyU

NLMDMRZHMHVW]GXPLHZDMąF\

,ZDQRZ GĪHQWHOPHQ RVFKá\ L SRZĞFLąJOLZ\ SU]HUZDá SURIHVRURZL QLHE\ZDá\P

WRQHP

3DQLHSURIHVRU]HFRWXUR]SUDZLDüRQLHLVWRWQ\FKV]F]HJyáDFKRGHXWHURSOD

]PLH"3RZLHG]P\VRELHZSURVWSDQRGNU\áFRĞQLHVá\FKDQHJR,ZDQRZQDMZ\UDĨ

QLHM]ZLHONLPLRSRUDPLZ\GXVLá]VLHELH3URIHVRU]H3HUVLNRZRGNU\áSDQSURPLH

DTP by SHADE

QLHĪ\FLD

:ąWá\UXPLHQLHFXND]DáVLĊQDEODG\FKQLHRJRORQ\FKSROLF]NDFK3HUVLNRZD

1RQRQRZ\PDPURWDá

3DĔVNLHQD]ZLVNRFLąJQąá,ZDQRZSDĔVNLHQD]ZLVNRVWDQLHVLĊWDNVáDZQH

.UĊFLPLVLĊZJáRZLH&]\]GDMHSDQVRELH]WHJRVSUDZĊFLąJQąá]HPID]ąĪHER

KDWHURZLH:HOOVDZSRUyZQDQLX]SDQHPWRSRSURVWXG]LHFL$MDP\ĞODáHPĪHWR

EDMNL3DPLĊWDSDQMHJR³XF]WĊ%RJyZ´"

$WRSRZLHĞüRGSDUá3HUVLNRZ

2WDNEDUG]R]QDQDQD%RJD

:\OHFLDáD PL ] SDPLĊFL RGSDUá 3HUVLNRZ 3DPLĊWDPĪH F]\WDáHP DOH MXĪ

]DSRPQLDáHP

-DNWRQLHSDPLĊWDSDQ"3URV]ĊW\ONRVSRMU]Hü,ZDQRZSRGQLyVá]DáDSĊ]H

V]NODQHJRVWRáXQLHZLDU\JRGQ\FKUR]PLDUyZPDUWZHĪDEVNRRZ]GĊW\PEU]XFKX

1DZHWSRĞPLHUFLMHMPRUGD]DFKRZDáDZ\UD]IXULLWRSU]HFLHĪSRWZRUQH

52='=,$à,9323$',$'52='2:$

%yJUDF]\ZLHG]LHüGODF]HJRF]\WR]ZLQ\,ZDQRZDF]\WHĪGODWHJRĪHVHQ

VDF\MQHZLDGRPRĞFLUR]SU]HVWU]HQLDMąVLĊVDPHMDNPRURZHSRZLHWU]HGRĞüĪHZ

NLSLąFHMJLJDQW\F]QHM0RVNZLH]DF]ĊWRQDJOHPyZLüRSURPLHQLXLSURIHVRU]H3HUVL

NRZLH&RSUDZGDMDNE\DOX]\MQLHLQDGHUPJOLĞFLH:LHĞüRFXGRWZyUF]\PRGNU\FLX

VNDNDáDSRUR]MDU]RQHMVWROLF\QLF]\PQLHGRVWU]HORQ\SWDNWR]QLNDMąFWR]QyZZ]EL

MDMąFVLĊZJyUĊDĪGRSRáRZ\OLSFDNLHG\QDVWURQLHGZXG]LHVWHMG]LHQQLND³,]ZLH

VWLD´ZUXEU\FH³1RZRĞFLQDXNLLWHFKQLNL´XND]DáDVLĊNUyWNDQRWDWNDZNWyUHME\áD

PRZDRSURPLHQLX:QRWDWFHSRZLHG]LDQRRJyOQLNRZRĪH]QDQ\XF]RQ\]&]ZDU

WHJR8QLZHUV\WHWXZ\QDOD]áSURPLHĔNWyU\QLHE\ZDOH]ZLĊNV]DDNW\ZQRĞüĪ\FLRZą

QLĪV]\FKRUJDQL]PyZLĪHSURPLHĔWHQZ\PDJDMHV]F]HZHU\ILNDFML1D]ZLVNRU]HF]

MDVQDE\áRSU]HNUĊFRQHZ\GUXNRZDQR³3HSVLNRZ´

,ZDQRZSU]\QLyVáJD]HWĊLSRND]Dá3HUVLNRZRZLZ]PLDQNĊ

³3HSVLNRZ´NU]ąWDMąFVLĊZJDELQHFLHZRNyáNRPRU\Z\PDPURWDá3HUVLNRZ

VNąGWHĞZLV]F]\SDá\RZV]\VWNLPZLHG]ą"

1LHVWHW\SU]HNUĊFRQHQD]ZLVNRQLHXFKURQLáRSURIHVRUDSU]HGGDOV]\PLZ\GDU]H

QLDPLLZ\GDU]HQLDWH]DF]Ċá\VLĊ]DUD]QDVWĊSQHJRGQLD]PLHMVFDSU]HZUDFDMąFGR

JyU\QRJDPLFDáHĪ\FLH3HUVLNRZD

=DSXNDZV]\XSU]HGQLRZNURF]\áGRJDELQHWX3DQNUDWLZUĊF]\á3HUVLNRZRZLDU

F\Z\WZRUQąDWáDVRZąZL]\WyZNĊ

&]HNDWDPyMGRGDá3DQNUDWQLHĞPLDáR

1DZL]\WyZFHZ\GUXNRZDQRZ\NZLQWQ\PLOLWHUDPL

$OIUHG$UNDGLHZLF]%URQVNL:VSyáSUDFRZQLNPRVNLHZVNLFKPLHVLĊF]QLNyZ³&]HU

ZRQ\ 3áRPLHĔ´ ³&]HUZRQD 3DSU\ND´ ³&]HUZRQ\ 3U]HJOąG´ ³&]HUZRQ\ 5HIOHNWRU´

RUD]G]LHQQLND³&]HUZRQD:LHF]RUQD0RVNZD´

3U]HSĊGĨJRGRVWXGLDEáyZPRQRWRQQLHSRZLHG]LDá3HUVLNRZLVWUąFLáZL]\

WyZNĊSRGVWyá

3DQNUDWRGZUyFLáVLĊZ\V]HGáDSRSLĊFLXPLQXWDFKSRZUyFLá]FLHUSLHQLHPQD

REOLF]XL]GXSOLNDWHPWHMĪHZL]\WyZNL

&yĪWRĪDUW\VRELH]HPQLHVWURLV]"Z\VNU]\SLDá3HUVLNRZL]URELáVLĊVWUDV]Q\

2QPyZLĪH]JLHSHáXEOHGQąFRGSRZLHG]LDá3DQNUDW

3HUVLNRZMHGQąUĊNą]áDSDáVLĊ]DZL]\WyZNĊWDNĪHRPDáRMHMQLHUR]HUZDá

GUXJąFLVQąáSLQFHWĊQDVWyá1DZL]\WyZFHE\áGRSLVHNNĊG]LHU]DZ\PFKDUDNWHUHP

SLVPD³%DUG]RSURV]ĊLSU]HSUDV]DPRXG]LHOHQLHPLWU]HFKPLQXWV]DQRZQ\SUR

IHVRU]HZGRQLRVáHMVSUDZLHSUDV\´RUD]³ZVSyáSUDFRZQLNSLVPDVDW\U\F]QHJR³&]HU

ZRQD6XND´Z\GDZQLFWZD*38´

DTP by SHADE

=DZRáDMQRJRWXSRZLHG]LDá3HUVLNRZLGRVWDá]DG\V]NL

=]DSOHFyZ3DQNUDWDQDW\FKPLDVWZ\FK\QąáPáRG\F]áRZLHNRJáDGNRZ\JRORQHM

ROHLVWR Eá\V]F]ąFHM WZDU]\ =GXPLHZDá\ EUZL ZLHF]QLH XQLHVLRQH MDN X &KLĔF]\ND L

DJDWRZHRF]NDSRGQLPLDQLSU]H]VHNXQGĊQLHSDWU]ąFHUR]PyZF\ZRF]\0áRG\

F]áRZLHNXEUDQ\E\áQDGZ\UD]QLHQDJDQQLHLPRGQLH0LDáQDVRELHREFLVáąGáXJąGR

NRODQPDU\QDUNĊQLH]PLHUQLHV]HURNLHUR]NORV]RZDQHVSRGQLHDQDQRJDFKQLHVD

PRZLWHSRGZ]JOĊGHPV]HURNRĞFLODNLHURZDQHSyáEXW\RQRVNDFKSU]\SRPLQDMąF\FK

NRS\WD:GáRQLDFKG]LHUĪ\áODVHF]NĊNDSHOXV]LQRWDWQLN

&]HJRSDQVRELHĪ\F]\"]DS\WDá3HUVLNRZWDNLPWRQHPĪH3DQNUDWEá\VND

ZLF]QLH]QLNQąá]DGU]ZLDPL3RZLHG]LDQRSDQXSU]HFLHĪĪHMHVWHP]DMĊW\"

0áRG\F]áRZLHN]DPLDVWRGSRZLHG]LVNáRQLáVLĊSURIHVRURZLGZDNURüQDOHZRL

QDSUDZRSRWHPMHJRRF]NDRELHJá\JDELQHWGRNRáDLPáRG\F]áRZLHNQDW\FKPLDVW

SRVWDZLáZQRWDWQLNX]QDF]HN

-HVWHP]DMĊW\SRZLHG]LDáSURIHVRUSDWU]ąF]HZVWUĊWHPZRF]NDJRĞFLDQLH

RVLąJQąáMHGQDNĪDGQHJRHIHNWXRF]NDWHE\á\ERZLHPQLHXFKZ\WQH

3R W\VLąFNURü ZLHOFH V]DQRZQ\ SDQLH SURIHVRU]H SURV]Ċ R Z\EDF]HQLH Mąá

PyZLüZ\WZRUQ\PJáRVHPJRĞüWHJRĪHZG]LHUDPVLĊGRSDQDL]DMPXMĊMHJRGUR

JRFHQQ\F]DVDOHZLHĞüRSDĔVNLPZV]HFKĞZLDWRZ\PRGNU\FLXNWyUDRELHJáDFDá\

ĞZLDWNDĪHQDV]HMUHGDNFMLSURVLüSDQDREOLĪV]HZ\MDĞQLHQLD

&R]QRZX]DEOLĪV]HZ\MDĞQLHQLDQDFDá\ĞZLDW"SLVNOLZLHMĊNQąá3HUVLNRZL

]ĪyáNá1LHPDPRERZLą]NXXG]LHODQLDSDQXZ\MDĞQLHĔDQLQLF]HJRWDNLHJR-H

VWHP]DMĊW\VWUDV]QLH]DMĊW\

$QDGF]\PSDQSUDFXMH"SU]\PLOQLH]DS\WDáPáRG\F]áRZLHNL]URELáZQRWHVLH

GUXJL]QDF]HN

$OHĪMDFRWHĪSDQ"&KFHSDQWRGUXNRZDü"

7DNRGSDUáPáRG\F]áRZLHNLQDJOH]DF]ąáFRĞSRVSLHV]QLH]DSLV\ZDüZQRWDW

QLNX

3RSLHUZV]HQLHPDP]DPLDUXQLF]HJRSXEOLNRZDüGRSyNLQLHVNRĔF]ĊSUDF\

]ZáDV]F]DZW\FKSDĔVNLFKJD]HWDFK3RGUXJLHVNąGSDQWRZV]\VWNRZLH",

3HUVLNRZSRF]XáQDJOHĪHWUDFLNRQWHQDQV

&]\SUDZG]LZDMHVWZLDGRPRĞüĪHZ\QDOD]áSDQSURPLHĔQRZHJRĪ\FLD"

-DNLHJR]QRZXQRZHJRĪ\FLD"ZĞFLHNáVLĊSURIHVRU&R]DE]GXU\SDQZ\JD

GXMH3URPLHĔQDGNWyU\PSUDFXMĊE\QDMPQLHMQLH]RVWDáMHV]F]H]EDGDQ\LZRJyOH

QLFMHV]F]HQLHZLDGRPR0RĪOLZHĪH]ZLĊNV]DDNW\ZQRĞüĪ\FLRZąSURWRSOD]P\

,OHUD]\"SRVSLHV]QLH]DS\WDáPáRG\F]áRZLHN

3HUVLNRZVWURSLáVLĊRVWDWHF]QLH&R]DW\SHN7\ONRGLDEOLZLHG]ąFRWRWDNLHJR"

&RWR]DILOLVWHUVNLHS\WDQLD"3RZLHG]P\GDMP\QDWRQRW\VLąFUD]\

:RF]DFKPáRGHJRF]áRZLHNDEá\VQĊáDGUDSLHĪQDUDGRĞü

3RZVWDMąJLJDQW\F]QHRUJDQL]P\"

$OHĪQLFSRGREQHJR1RFRSUDZGDRUJDQL]P\NWyUHRWU]\PDáHPVąZLĊNV]H

RGQRUPDOQ\FK1RPDMąSHZQHQRZHFHFK\$OHSU]HFLHĪQDMZDĪQLHMV]DWXMHVW

QLHZLHONRĞüW\ONRQLHZLDU\JRGQHWHPSRUR]URGXSRZLHG]LDáQDVZRMHQLHV]F]ĊĞFLH

3HUVLNRZLQDW\FKPLDVWZSDGáZSRSáRFK0áRG\F]áRZLHN]DSLVDáFDáąVWURQLF]NĊRG

ZUyFLáMąLV]\EFLXWNRQRWRZDáGDOHM

1LHFKĪHSDQQLH]DSLVXMHNDSLWXOXMąFMXĪLF]XMąFĪHMHVWZUĊNDFKPáRGHJR

F]áRZLHNDZ\FKU\SLDá3HUVLNRZZUR]SDF]\&RSDQWDPSLV]H"

&]\WRSUDZGDĪHZFLąJXGZyFKGyEPRĪQDRWU]\PDü]HVNU]HNXGZDPLOLRQ\

NLMDQHN"

=MDNLHMLORĞFLVNU]HNX"ZU]DVQąá3HUVLNRZ]QRZXZSDGDMąFZIXULĊ&]\ZL

G]LDáSDQNLHG\NROZLHN]LDUQRLNU\QRSRZLHG]P\U]HNRWNL"

=SyáIXQWD"]DS\WDáQLH]PLHV]DQ\PáRG\F]áRZLHN

3HUVLNRZVSXUSXURZLDá

DTP by SHADE

.WyĪWDNPLHU]\"7IX&RSDQZ\JDGXMH"1RSHZQLHJG\E\Z]LąüSyáIXQWD

ĪDELHMLNU\ZWHG\]DSHZQHGRGLDEáDQRFRĞNRáRWHJRDPRĪHQDZHW]QDF]QLH

ZLĊFHM

:RF]DFKPáRGHJRF]áRZLHND]DSáRQĊá\EU\ODQW\L]DMHGQ\P]DPDFKHPZ\SHáQLá

NROHMQąVWURQLFĊ

&]\MHVWSUDZGąĪHVWRLP\ZREOLF]XRJyOQRĞZLDWRZHJRSU]HZURWXZKRGRZOL"

&yĪWR]DJD]HFLDUVNLHS\WDQLHREUXV]\áVLĊ3HUVLNRZ$ZRJyOHQLHXG]LH

ODPSDQX]H]ZROHQLDQDSLVDQLHE]GXU:LG]ĊSRSDĔVNLHMWZDU]\ĪHZ\SLVXMHSDQ

MDNLHĞSDVNXG]WZD

3DĔVNąIRWRJUDILĊSURIHVRU]HEáDJDPQDMSRNRUQLHMSRZLHG]LDáPáRG\F]áR

ZLHNL]DWU]DVQąáQRWDWQLN

&R"0RMąIRWRJUDILĊ"'RSDĔVNLFKSLĞPLGHá"5D]HP]W\PLE]GXUDPLNWyUHSDQ

WDNQDZ\SLV\ZDá"1LHQLHQLH=UHV]WąMHVWHP]DMĊW\3DQZ\EDF]\

&KRüE\VWDUą=ZUyFLP\MąSDQXPRPHQWDOQLH

3DQNUDWZU]DVQąáUR]ZĞFLHF]RQ\SURIHVRU

0DP]DV]F]\WSRĪHJQDüSRZLHG]LDáPáRG\F]áRZLHNL]QLNQąá

=]DGU]ZLGDáRVLĊVá\V]Hü]DPLDVW3DQNUDWDG]LZQHPLDURZHVNU]\SLHQLHPDV]\

QHULLSRVWXNLZDQLHRSRGáRJĊLZJDELQHFLH]MDZLáVLĊPĊĪF]\]QDQLH]Z\NáHMWXV]\Z

EOX]LHLVSRGQLDFKXV]\W\FK]VXNQDQDNRFH-HJROHZDPHFKDQLF]QDQRJDV]F]ĊND

áDLSR]JU]\W\ZDáDZGáRQLDFKWU]\PDáWHF]NĊ1DMHJRZ\JRORQHMNUąJáHMWZDU]\R

NRQV\VWHQFMLĪyáWDZHMJDODUHW\UR]ODáVLĊĪ\F]OLZ\XĞPLHFK=áRĪ\áSURIHVRURZLZRM

VNRZ\XNáRQSRF]\PZ\SURVWRZDáVLĊDZWHG\QRJDV]F]ĊNQĊáDVSUĊĪ\ĞFLH3HUVL

NRZRQLHPLDá

3DQLH SURIHVRU]H PLá\P VFKU\SQLĊW\P JáRVHP ]DF]ąá QLH]QDMRP\ SURV]Ċ

Z\EDF]\ü]Z\NáHPXĞPLHUWHOQLNRZLĪH]DNáyFDSDĔVNąVDPRWQRĞü

3DQMHVWUHSRUWHUHP"]DS\WDá3HUVLNRZ3DQNUDW

:ĪDGQ\PUD]LHSDQLHSURIHVRU]HRGSDUáJUXEDV3R]ZROLSDQĪHVLĊSU]HG

VWDZLĊNDSLWDQĪHJOXJLZLHONLHMLZVSyáSUDFRZQLNJD]HW\³*RQLHF3U]HP\VáX´SU]\

5DG]LH.RPLVDU]\/XGRZ\FK

3DQNUDWKLVWHU\F]QLHU\NQąá3HUVLNRZLZWHMĪHFKZLOL]DEá\VáRZNąFLHF]HU

ZRQHĞZLDWHáNRáDJRGQLH]DG]ZRQLáWHOHIRQ3DQNUDWSRZWyU]\áSURIHVRUVáX

FKDP

³9HU]HLKHQ6LHELWWH+HUU3URIHVVRU]DFKU\SLDáWHOHIRQSRQLHPLHFNXGDVV

LFKVWRUH,FKELQ0LWDUEHLWHUGHV³%HUOLQHU7DJHEODWWV´Ä

3DQNUDWZU]DVQąáZVáXFKDZNĊSURIHVRU³ELQPRPHQWDQVHKUEHVFKDIWLJW

XQGNDQQ6LHGHVKDOEMHW]WQLFKWHPSIDQJHQ3DQNUDW

$W\PF]DVHPSU]\JáyZQ\PZHMĞFLXGR,QVW\WXWX]DF]ąáVLĊXU\ZDüG]ZRQHN

.RV]PDUQHPRUGHUVWZRQDXOLF\%URQQHM]DZRG]Lá\QLHVDPRZLWHFKUDSOLZH

JáRV\VNDF]ąFZJĊVWZLHĞZLDWHáZĞUyGNyáLUR]Eá\VNyZODWDUĔQDUR]JU]DQHMF]HUZ

FRZHMMH]GQL.RV]PDUQDHSLGHPLDG]LHVLąWNXMHNXU\ZGRZ\3RSDGLL'UR]GRZHM]

MHMSRGREL]Qą.RV]PDUQHRGNU\FLHSURPLHQLDĪ\FLDSURIHVRUD3HUVLNRZD

3HUVLNRZHPWDN]DWU]ĊVáRĪHRPDáRFRQLHZSDGáSRGVDPRFKyGQD0RFKRZHM

L]DFLHNOHSRUZDáJD]HWĊ

7U]\NRSLHMNLRE\ZDWHOXZU]DVQąáFKáRSDF]HNLZFLVNDMąFVLĊZWáXPQDWUR

WXDU]H]QRZX]DZ\á³&]HUZRQD*D]HWD:LHF]RUQD´RGNU\FLHSURPLHQLLNV

2V]RáRPLRQ\3HUVLNRZUR]áRĪ\áJD]HWĊLSU]\WXOLáVLĊGRODWDUQL=OHZHJRURJX

GUXJLHM NROXPQ\ VSRMU]Dá QD QLHJR ] ]DPD]DQHM UDPNL á\V\ PĊĪF]\]QD R ĞOHS\FK

RF]DFKV]DOHĔFDL]REZLVáąGROQąV]F]ĊNąSáyGPDODUVNLHMZ\REUDĨQL$OIUHGD%URQ

VNLHJR³:3HUVLNRZRGNU\ZFDWDMHPQLF]HJRF]HUZRQHJRSURPLHQLD´JáRVLáSRGSLV

SRGU\VXQNLHP

1LĪHMSRGQDJáyZNLHP³:V]HFKĞZLDWRZD]DJDGND´DUW\NXá]DF]\QDáVLĊRGVáyZ

³1LHFKSDQVSRF]QLH´XSU]HMPLHSRZLHG]LDáGRPQLHZ\ELWQ\XF]RQ\3HUVLNRZ

DTP by SHADE

3RGDUW\NXáHPZLGQLDáSRGSLV³$OIUHG%URPVNL$ORQVR´

1DGGDFKHPXQLZHUV\WHWXZ]ELáRVLĊ]LHORQNDZHĞZLDWáRXND]Dá\VLĊQDQLHELH

RJQLVWHVáRZD³PyZLRQDJD]HWD´LWáXPQDW\FKPLDVWQDSá\QąáZ0RFKRZą

³1LHFK SDQVSRF]QLH´]DZ\áQDJOHZJáRĞQLNXQDGDFKXDUF\QLHPLá\FLHQNL

JáRV EDUG]R SRGREQ\ GR SRZLĊNV]RQHJR W\VLąFNURWQLH JáRVX $OIUHGD %URQVNLHJR

³XSU]HMPLHSRZLHG]LDáGRPQLHZ\ELWQ\XF]RQ\3HUVLNRZ2GGDZQDSUDJQąáHP]D

SR]QDüPRVNLHZVNLSUROHWDULDW]Z\QLNDPLPHJRRGNU\FLDÄ

=DSOHFDPL3HUVLNRZDUR]OHJáRVLĊFLFKHPHFKDQLF]QHVNU]\SLHQLHNWRĞSRFLąJQąá

SURIHVRUD]DUĊNDZ2GZUyFLZV]\VLĊSURIHVRU]REDF]\áNUąJáHĪyáWHREOLF]HZáDĞFLFLH

ODPHFKDQLF]QHMQRJL2F]\PLDáZLOJRWQHRGáH]ZDUJLPXGUĪDá\

0QLHSDQLHSURIHVRU]HQLHFKFLDáSDQ]DSR]QDü]Z\QLNDPLSDĔVNLHJR]GXPLH

ZDMąFHJRRGNU\FLDSRZLHG]LDá]HVPXWNLHPLZHVWFKQąáJáĊERNR3U]HSDGáRPRMH

SyáWRUHMG\FK\

3DWU]\áĪDáRĞQLHQDGDFKXQLZHUV\WHWXJG]LHV]DODáZF]DUQHMF]HOXĞFLQLHZLG]LDO

Q\$OIUHG1LHZLHG]LHüF]HPX3HUVLNRZRZLĪDOVLĊ]URELáRJUXEDVD

-DZ\PDPURWDá]QLHQDZLĞFLąVáXFKDMąFVáyZ]QLHEDĪDGQHJR³1LHFKSDQ

VSRF]QLH´PXQLHPyZLáHP7RSRSURVWXáREX]QLHE\ZDá\FKUR]PLDUyZ3DQZ\ED

F]\DOHGRSUDZG\NLHG\F]áRZLHNSUDFXMHDWXNWRĞZáD]LUDSWHP1LHPDPRF]\

ZLĞFLHSDQDQDP\ĞOL

0RĪHPLSDQSURIHVRU]HGDFKRüRSLVSDĔVNLHMNRPRU\"XQLĪHQLHLEROHĞFLZLH

PyZLáPHFKDQLF]Q\F]áRZLHNSU]HFLHĪWHUD]MHVWMXĪSDQXZV]\VWNRMHGQR

=SyáIXQWDVNU]HNXZFLąJXWU]HFKGQLZ\NOXZDVLĊWDNLHPQyVWZRNLMDQHNĪH

DEVROXWQLHQLHVSRVyELFKSROLF]\üJU]PLDáZJáRĞQLNXQLHZLG]LDOQ\

7XWXJáXFKRNU]\F]Dá\DXWRPRELOHQD0RFKRZHM

+RKRKR3DWU]FLHQRKRKRKR]DG]LHUDMąFJáRZ\V]XPLDáWáXP

&R ]D áDMGDN &R" G\JRFąF ] REXU]HQLD NLSLDá 3HUVLNRZ GR PHFKDQLF]QHJR

F]áRZLHND-DNVLĊSDQXWRSRGRED"-D]áRĪĊQDQLHJRVNDUJĊ

7RREXU]DMąFHSU]\WDNQąáWáXĞFLRFK

2ĞOHSLDMąF\ ILROHWRZ\ SURPLHĔ FLąá SURIHVRUD SR RF]DFK L ZV]\VWNR GRNRáD ]D

SáRQĊáRVáXSODWDUQLIUDJPHQWEUXNRZDQHMNRVWNąMH]GQLĪyáW\PXU]DFLHNDZLRQH

WZDU]H

7RSDQDSDQLHSURIHVRU]HV]HSQąá]]DFKZ\WHPWáXĞFLRFKL]DZLVáXUĊNDZD

SURIHVRUDQLF]\PNORF:SRZLHWU]XFRĞ]DWHUNRWDáR

$QLHFKLFKZV]\VF\GLDEOLĪDáRĞQLHZU]DVQąá3HUVLNRZZ\U\ZDMąFVLĊ]NOR

FHP]WáXPX(MWDNVRPHWU1D3UHF]\VWLHQNĊ

2GUDSDQ\VWDUHĔNLVDPRFKyGPRGHO]DNOHNRWDáSU]\FKRGQLNXLSURIHVRU

ZVLDGáGRNDELQ\XVLáXMąFVLĊRGF]HSLüRGJUXEDVD

3U]HV]NDG]DPLSDQV\F]DáLRVáDQLDáVLĊSLĊĞFLDPLSU]HGILROHWRZ\PĞZLDWáHP

&]\WDáSDQ"&]HPXRQLVLĊWDNZ\G]LHUDMą"1D0DáHM%URQQHM]DUĪQĊOLSURIH

VRUD3HUVLNRZD]G]LHüPLZRáDQRZWáXPLH

1LH PDP ĪDGQ\FK G]LHFL VXNLQV\Q\ UR]GDUá VLĊ 3HUVLNRZ L QDJOH WUDILá Z

RELHNW\ZF]DUQHJRDSDUDWXNWyU\XZLHF]QLáJR]SURILOX]V]HURNRRWZDUW\PLXVWDPL

LIXULąZRF]DFK

.UFKWXNUFKUXZU]DVQąáWDNVRPHWULZELáVLĊZJĊVWZĊ

*UXEDVVLHG]LDáMXĪZNDELQLHLJU]DáSURIHVRURZLERN

52='=,$à9.85=$+,6725,$

:]DELW\PGHVNDPLSRZLDWRZ\PPLDVWHF]NXE\á\P7URLFNXREHFQLH]DĞ6WLH

NáRZVNX Z JXEHUQL NRVWURPVNLHM SRZLDW VWLHNáRZVNL QD JDQHN GRPNX SU]\ E\áHM

6RERURZHMREHFQLH]DĞ3HUVRQDOQHMZ\V]áDSU]HZLą]DQDFKXVWNąNRELHFLQDZV]DUHM

VXNQL]SHUNDORZ\PLEXNLHFLNDPLZ\V]áDLUR]V]ORFKDáDVLĊ.RELHWDWDZGRZDSR

DTP by SHADE

'UR]GRZLH E\á\P VRERURZ\P SURWRMHUHMX E\áHJR VRERUX V]ORFKDáD WDN JáRĞQR ĪH

QLHEDZHPZGRPNXSRSU]HFLZQHMVWURQLHXOLF\XND]DáDVLĊZRNLHQNXEDEVNDJáRZD

ZSXFKDWHMFKXVWFHL]DZRáDáD

&RW\6WLHSDQRZQD]QRZX"

6LHGHPQDVWD]DQRV]ąFVLĊSáDF]HPRGSRZLHG]LDáDHNV'UR]GRZD

$FKĪHĪĪHĪ]DVNRPOLáDNLZDMąFJáRZąEDEDZFKXVWFHZLG]LDQHWRU]HF]\"

3RJQLHZDáVLĊSDQ%yJQLHLQDF]HM"=GHFKáD"1LHPRĪHE\ü

1RSDWU]VDPDSRSDWU]0DWULRQDPDPURWDáDSRSDGLDVDSLąFFLĊĪNRLJáRĞQR

SRSDWU]W\ONRFRVLĊ]QLąG]LHMH

6WXNQĊáDV]DUDSU]HNU]\ZLRQDIXUWNDERVHEDEVNLHQRJL]DF]áDSDá\SRJDUEDFK

SHáQHMNXU]XXOLF\LPRNUDRGáH]SRSDGLDSRSURZDG]LáD0DWULRQĊSRGNXUQLN

7U]HEDWXSRZLHG]LHüĪHZGRZDSRRMFXSURWRMHUHMX6DEDWLXV]X'UR]GRZLHNWyU\

]PDUá Z GZXG]LHVW\P V]yVW\P URNX ] SRZRGX DQW\UHOLJLMQ\FK ]PDUWZLHĔ ]DPLDVW

SRJUąĪ\üVLĊZUR]SDF]\]DáRĪ\áDLPSRQXMąFąKRGRZOĊNXU6NRURW\ONRZGRZLLQWHUHV

]DF]ąáUR]NZLWDüZ\PLHU]RQRSRSDGLLWDNLSRGDWHNĪHKRGRZODQLHZąWSOLZLHZ]LĊ

áDE\ZáHEJG\E\QLHGREU]\OXG]LH'REU]\OXG]LHSRXF]\OLZGRZĊĪHZLQQD]áRĪ\ü

ORNDOQ\P ZáDG]RP RĞZLDGF]HQLH LĪ ]DNáDGD RQD ZGRZD VSyáG]LHOQLĊ KRGRZODQą

&]áRQNDPLVSyáG]LHOQL]RVWDá\VDPD'UR]GRZDMHMZLHUQDVáXĪąFD0DWULRV]NDLJáXFKD

VLRVWU]HQLFD SURWRMHUHMRZHM 3RGDWHN FRIQLĊWR L KRGRZOD NXU UR]ZLQĊáD VLĊ GR WHJR

VWRSQLDĪHZURNXGZXG]LHVW\PyVP\PFKRG]LáRSRREVWDZLRQ\PNXUQLNDPLSLDV]

F]\VW\PZGRZLPSRGZyUHF]NXGRGZXVWXSLĊüG]LHVLĊFLXNXUZĞUyGNWyU\FKWUDILDá\

VLĊQDZHWOHJKRUQ\:GRZLHMDMNDSRMDZLDá\VLĊFRQLHG]LHODQDVWLHNáRZVNLPED]DU]H

KDQGORZDQR ZGRZLPL MDMNDPL Z 7DPERZLH D E\ZDáR ĪH PRĪQD MH E\áR ]REDF]\ü

QDZHWQDOXVWU]DQ\FKZ\VWDZDFKE\áHJRVNOHSX³6HULPDVáR&]LF]NLQD´Z0RVNZLH

,RWRVLHGHPQDVWDRGUDQDEUDPDSXWUDXNRFKDQDF]XEDWNDFKRG]LáDSRSRGZyU

NXLZ\PLRWRZDáD³(UUUXUáKRKRKR´Z\GRE\ZDáD]VLHELHF]XEDWNDLZ]QRVL

áDNXVáRĔFXVPXWQHRF]\MDNE\VSRJOąGDáDQDQLHSRUD]RVWDWQL3U]HGQRVHPNXU\

WDĔF]\áZSU\VLXGDFKF]áRQHNVSyáG]LHOQLSUDF\0DWULRV]ND]ILOLĪDQNąZRG\

=áRFLVWDPRMDFLSFLSFLSQDSLMVLĊZRG\EáDJDáD0DWULRV]NDLĞFLJDáDILOL

ĪDQNąG]LyEF]XEDWNLDOHF]XEDWNDSLüQLHFKFLDáD6]HURNRRWZLHUDáDG]LyE]DG]LH

UDáDGRJyU\JáRZĊ3RWHP]DF]ĊáDZ\PLRWRZDüNUZLą

-H]XSU]HQDMĞZLĊWV]\ZU]DVQĊáD]DSURV]RQDSODVQąZV]\VLĊSRELRGUDFK&R

WRVLĊZ\UDELD6DPDQDMF]\VWV]DNUHZ-HV]F]HPQLJG\QLHZLG]LDáD%yJPLĞZLDG

NLHPĪHE\NXUDWDNFLHUSLDáDQDĪRáąGHNMDNF]áRZLHN

,WRE\á\RVWDWQLHVáRZDWRZDU]\V]ąFHELHGQHMF]XEDWFHQDWDPWHQĞZLDW)DMWQĊ

áDQDJOHQDERNEH]UDGQLHVWXNQĊáDNLONDNURWQLHG]LREHPZSLDVHN]DPNQĊáDRF]\

3RWHPSU]HZUyFLáDVLĊQDJU]ELHW]DGDUáDGRJyU\RELHáDS\L]QLHUXFKRPLDáD³:\ODáD

ZRGĊ]ILOLĪDQNL´]DSáDNDáDEDVHP0DWULRV]ND]DSáDNDáDLVDPDSRSDGLDSU]HZRG

QLF]ąF\VSyáG]LHOQLVąVLDGND]DĞSRFK\OLáDVLĊGRMHMXFKDL]DV]HSWDáD

6WLHSDQRZQDQLHFKMDWUXSHPSDGQĊMHĞOLQDWZRMHNXU\QLHU]XFLOLXURNX.WR

WRZLG]LDá7RüWDNLFKNXU]\FKFKRUyEZRJyOHQLHPD.WRĞF]DU\U]XFLáQDWZRMHNXU\

:URJRZLH'RJUREXPQLHZSĊG]ą]DZRáDáDZQLHELRVDSRSDGLD&RMDLP

]DZLQLáDP"

6áRZRPMHMRGSRZLHG]LDáJURPNLNRJXFLNU]\NSRF]\P]NXUQLNDMDNRĞWDNER

NLHPQLF]\PQLHVSRNRMQ\SLMDN]NQDMS\Z\SDGáSRGVNXEDQ\FKXG\NRJXW:ĞFLHNOH

Z\WU]HV]F]\áRNRQDNRELHW\]DGUHSWDáZPLHMVFXVNU]\GáDUR]SRVWDUáMDNRU]HáDOH

QLJG]LH QLHSROHFLDá W\ONRSRJDORSRZDáZRNyá SRGZyUND MDNSU]HSĊG]DQ\QDORQĪ\

NRĔ:SRáRZLHWU]HFLHJRRNUąĪHQLD]DWU]\PDáVLĊ]Z\PLRWRZDáSRWHP]DF]ąáFKDU

F]HüLFKU\SLHü]LHPLĊGRNRáDVLHELHRSOXáNUZLąXSDGááDS\Z\SUĊĪ\áGRVáRĔFDMDN

PDV]W\%DELHZ\FLH]DODáRSRGZyU]HD]NXUQLNyZRGSRZLHG]LDá\QLHVSRNRMQHSR

JGDNLZDQLDWU]HSRW\]DPĊW

1RQLHXURN"WULXPIDOQLH]DS\WDáDVąVLDGND:RáDMRMFD6HUJLXV]DQLHFK

DTP by SHADE

RGSUDZLPRGá\

2V]yVWHMSRSRáXGQLXNLHG\RJQLVW\S\VNVáRĔFDXVDGRZLáVLĊQLVNRSRPLĊG]\

S\VNDPLPáRG\FKVáRQHF]QLNyZQDZ\ELHJXGODNXURMFLHF6HUJLXV]GXV]SDVWHU]]

VRERURZHMSDUDILLRGSUDZLZV]\HJ]RUF\]P\Z\áD]Lá]HSLWUDFKHOLRQX=DFLHNDZLRQH

JáRZ\OXG]LVWHUF]Dá\QDGVĊG]LZ\PSDUNDQHPLPLĊG]\GHVNDPL%ROHĞFLZDSRSDGLD

XFDáRZDáDNU]\ĪV]F]RGU]H]PRF]\áDá]DPLZ\VWU]ĊSLRQąNDQDUNRZąUXEOyZNĊLZUĊ

F]\áDRMFX6HUJLXV]RZLQDFRWHQZ]G\FKDMąF]DXZDĪ\áFRĞZVW\OX³2WR6WZyUFD

]DJQLHZDáVLĊQDQDV´

1DVWĊSQLHWáXP]XOLF\VLĊUR]V]HGáDSRQLHZDĪNXU\ZF]HĞQLHFKRG]ąVSDüZLĊF

QLNWQDZHWQLHZLHG]LDáĪHZNXUQLNXVąVLDGDSRSDGLL'UR]GRZHM]GHFKá\WU]\QDUD]

NXU\DWDNĪHNRJXW:\PLRWRZDá\WDNVDPRMDNNXU\GUR]GRZVNLHDOH]JRQ\QDVWą

SLá\Z]DPNQLĊW\PNXUQLNXLSRFLFKX.RJXW]ZDOLáVLĊ]JU]ĊG\áEHPQDGyáLZWDNLHM

SR]\FMLVNRQDá&R]DĞGRNXUZGRZ\WRSU]HGQRFąZNXUQLNDFKPDUWZRE\áRLFLFKR

]HV]W\ZQLDáHSWDFWZROHĪDáRVWHUWDPL

5DQNLHPPLDVWRZVWDáRMDNJURPHPUDĪRQHKLVWRULDERZLHPSU]\EUDáDUR]PLDU\

G]LZQHLSRWZRUQH1DXOLF\3HUVRQDOQHMZRVWDWQLPGRPNXZNWyU\PZ\QDMPRZDá

PLHV]NDQLHSRZLDWRZ\LQVSHNWRUSRGDWNRZ\ZSRáXGQLH]RVWDá\SU]\Ī\FLXW\ONRWU]\

NXU\DOHLRQH]GHFKá\SU]HGSLHUZV]ą$SRGZLHF]yUPLDVWHF]NR6WLHNáRZVNKXF]DáR

LZU]DáRQLF]\PXOLSU]HODW\ZDáRSRQLPJURĨQHVáRZR³PyU´1D]ZLVNR'UR]GRZHM

WUDILáRQDáDP\PLHMVFRZHMJD]HW\³&]HUZRQ\%RMRZQLN´]QDOD]áRVLĊZDUW\NXOH]D

W\WXáRZDQ\P³&]\ĪE\NXU]DGĪXPD"´DVWDPWąG]DZĊGURZDáRGR0RVNZ\

ĩ\ZRWSURIHVRUD3HUVLNRZDQDEUDáEDUZG]LZDF]Q\FKQLHVSRNRMQ\FKDSRGQLH

FDMąF\FK.UyWNRPyZLąFSUDFDZW\FKZDUXQNDFKE\áDSRSURVWXQLHPRĪOLZD1D

]DMXWU]SRW\PMDNSURIHVRUUR]VWDáVLĊ]$OIUHGHP%URQVNLP]PXV]RQ\]RVWDáGR

Z\áąF]HQLD WHOHIRQX Z VZRLP JDELQHFLH ]D SRPRFą ]GMĊFLD VáXFKDZNL ZLHF]RUHP

]DĞSU]HMHĪGĪDMąFWUDPZDMHPSU]H]2FKRWQ\M5LDG]REDF]\áVDPHJRVLHELHQDGDFKX

RJURPQHM NDPLHQLF\ ] F]DUQ\P QDSLVHP ³*D]HWD 5RERWQLF]D´ 2Q SURIHVRU ]LHOH

QLHMąF PLJRFąF L G\JRFąF ZVLDGá GR WDNVyZNL D ]D QLP XF]HSLRQD MHJR UĊNDZD

SFKDáDVLĊPHFKDQLF]QDNXODZNRFX3URIHVRUQDGDFKXQDELDá\PHNUDQLHRVáDQLDá

VLĊSLĊĞFLDPLSU]HGVQRSHPILROHWRZHJRĞZLDWáD1DVWĊSQLHZ\VNRF]\áRJQLVW\QDSLV

³3URIHVRU3HUVLNRZMDGąFDXWHPXG]LHODZ\MDĞQLHĔQDV]HPX]QDNRPLWHPXUHSRUWH

URZLNDSLWDQRZL6WLHSDQRZRZL´,U]HF]\ZLĞFLH:RáFKRQNąRERNFHUNZL&KU\VWXVD

=EDZLFLHODSU]HPNQąáUR]G\JRWDQ\DXWRPRELOZHZQąWU]V]DPRWDáVLĊSURIHVRU0LDá

WZDU]]DV]F]XWHJRZLOND

'LDEá\QLHOXG]LHZ\PDPURWDáSU]H]]ĊE\]RRORJLSRMHFKDáGDOHM

7HJRĪGQLDZLHF]RUHPZUyFLZV]\GRVLHELHQD3UHF]\VWLHQNĊ]RRORJRWU]\PDáRG

JRVSRVL 0DULL 6WLHSDQRZQ\ VLHGHPQDĞFLH NDUWHF]HN ] QXPHUDPL WHOHIRQyZ OXG]L

NWyU]\G]ZRQLOLGRĔSRGMHJRQLHREHFQRĞüLZ\VáXFKDáVáRZQHJRRĞZLDGF]HQLD0DULL

6WLHSDQRZQ\ĪHRQDPDMXĪGRĞü3URIHVRUFKFLDáSRGU]HüNDUWHF]NLSRKDPRZDáVLĊ

MHGQDNSU]\MHGQ\P]QXPHUyZ]REDF]\áERZLHPGRSLVHN³OXGRZ\.RPLVDU]=GUR

ZLD´

&RWDNLHJR"V]F]HU]H]GXPLDáVLĊXF]RQ\G]LZDN&RLPVLĊVWDáR"

.ZDGUDQV SR G]LHVLąWHM WHJR ZLHF]RUD UR]OHJá VLĊ G]ZRQHN L SURIHVRU ]PXV]R

Q\]RVWDáGRRGE\FLDUR]PRZ\]SHZQ\PROĞQLHZDMąFRZ\SRVDĪRQ\PRE\ZDWHOHP

3U]\Mąá JR SURIHVRU G]LĊNL ZL]\WyZFH QD NWyUHM Z\GUXNRZDQH E\áR EH] LPLHQLD L

QD]ZLVND³3HáQRPRFQ\6]HI:\G]LDáX+DQGOX3U]HGVWDZLFLHOVWZ=DJUDQLF]Q\FK5H

SXEOLNL5$'´

1LHFKJRGLDEOLZH]PąZDUNQąá3HUVLNRZFLVQąáQD]LHORQHVXNQROXSĊLMDNLHĞ

Z\NUHV\LSRZLHG]LDáGR0DULL6WLHSDQRZQ\

3URV]ĊSRSURVLüWXWDMGRJDELQHWXWHJRFDáHJRSHáQRPRFQLND

&]\PPRJĊVáXĪ\ü"]DS\WDá3HUVLNRZWDNLPWRQHPĪHV]HIDQLHFRVNUĊFLáR

3HUVLNRZSU]HQLyVáRNXODU\]QRVDQDF]RáRSRWHP]SRZURWHPLREHMU]DáVRELHJR

DTP by SHADE

ĞFLD7HQ]DĞFDá\OĞQLáRGODNLHUXLGURJLFKNDPLHQL]DĞZSUDZ\PMHJRRNXWNZLá

PRQRNO&R]DZVWUĊWQDPRUGDQLHZLDGRPRGODF]HJRSRP\ĞODá3HUVLNRZ

3U]\E\V] ]DF]ąá RNUĊĪQLH SRSURVLá PLDQRZLFLH R SR]ZROHQLH ]DSDOHQLD F\JDUD

Z ]ZLą]NX ] F]\P 3HUVLNRZ QDGHU QLHFKĊWQLH SRSURVLá JR ĪHE\ XVLDGá 'DOHM JRĞü

Z\JáRVLáREV]HUQHSU]HSURVLQ\]SRZRGXZL]\W\RWDNVSyĨQLRQHMSRU]H³DOHSDQD

SURIHVRUDZG]LHĔZĪDGHQVSRVyEQLHPRĪQD]áDSKLKLSDUGRQ]DVWDü´JRĞü

NLHG\VLĊĞPLDáSRFKOLS\ZDáMDNKLHQD

2ZV]HPMHVWHP]DMĊW\SRZLHG]LDá3HUVLNRZWDNRVWURĪHJRĞFLDVNUĊFLáRSR

UD]GUXJL

7\PQLHPQLHMSR]ZROLáHPVRELHQLHSRNRLü]QDNRPLWHJRXF]RQHJRF]DVWRSLH

QLąG]MDNPyZLąF]\F\JDURQLHSU]HV]NDG]DSURIHVRURZL"

0XUPXUPXURGSDUá3HUVLNRZ3U]\]ZROLá

3URIHVRUZV]DNĪHRGNU\áSURPLHĔĪ\FLD"

/LWRĞFLMDNLHJR]QRZXĪ\FLD"7RZ\P\Vá\SLVPDNyZRĪ\ZLáVLĊ3HUVLNRZ

$FKQLHKLKLFKHRQGRVNRQDOHUR]XPLHWĊVNURPQRĞüNWyUDVWDQRZLQDM

SLĊNQLHMV]ąR]GREĊNDĪGHJRSUDZG]LZHJRXF]RQHJRRF]\PWXPyZLü']LĞQDGH

V]á\GHSHV]H:VWROLFDFKĞZLDWDMDNWRZ:DUV]DZLHL5\G]HMXĪZLHG]ąZV]\VWNR

RSURPLHQLX1D]ZLVNRSURIHVRUD3HUVLNRZDSRZWDU]DFDá\ĞZLDW&Dá\ĞZLDWĞOHG]L

SUDFHSURIHVRUD3HUVLNRZD]]DSDUW\PWFKHP$OHZV]\VF\GRVNRQDOHZLHG]ąRW\P

MDNFLĊĪNLMHVWORVXF]RQHJRZVRZLHFNLHM5RVML(QWUHQRXVVRLWGLWIUPLĊG]\QDPL

PyZLąF&]\QDSHZQRUR]PDZLDP\ZF]WHU\RF]\"1LHVWHW\QLHXPLHMąWXWDM

GRFHQLü SUDF\ XF]RQHJR RQ ]DWHP SUDJQąáE\ RPyZLü ] SURIHVRUHP 3HZQH ]D

JUDQLF]QHPRFDUVWZRSURSRQXMHSURIHVRURZL3HUVLNRZRZLDEVROXWQLHEH]LQWHUHVRZQą

SRPRF Z MHJR EDGDQLDFK ODERUDWRU\MQ\FK 3R FyĪ U]XFDü SHUá\ SU]HG ZLHSU]H MDN

PyZL3LVPRĝZLĊWH"0RFDUVWZRRZRZLHMDNFLĊĪNRE\áRSURIHVRURZLZURNXG]LH

ZLĊWQDVW\PLGZXG]LHVW\PSRGF]DVWHMKLKLUHZROXFML1RRF]\ZLĞFLHDEVROXWQD

G\VNUHFMDSURIHVRU]DSR]QDPRFDUVWZR]Z\QLNDPLEDGDĔPRFDUVWZR]DĞZ]D

PLDQ]DWRVILQDQVXMHSURIHVRUD3URIHVRU]EXGRZDáZV]DNNRPRUĊRWyĪLQWHUHVXMąFH

E\áRE\]DSR]QDüVLĊ]SODQDPLWHMNRPRU\

7XJRĞüZ\GRE\á]ZHZQĊWU]QHMNLHV]HQLPDU\QDUNLSDF]NĊĞQLHĪQRELDá\FKEDQN

QRWyZ

=XSHáQ\ GURELD]J SLĊü W\VLĊF\ UXEOL SRZLHG]P\ ]DGDWNX SURIHVRU PRĪH MH

RWU]\PDüZNDĪGHMFKZLOLSRNZLWRZDQLHQLHMHVWSRWU]HEQHSURIHVRUQDZHWREUD

]LáE\SHáQRPRFQHJRKDQGORZHJRV]HIDJG\E\ZVSRPQLDáRSRNZLWRZDQLX

:RQU\NQąáQDJOH3HUVLNRZWDNVWUDV]OLZLHĪHZVDORQRZ\PSLDQLQLHRGH

]ZDá\VLĊQDMZ\ĪV]HVWUXQ\

*RĞü]QLNQąáWDNGRV]F]ĊWQLHĪHGUĪąF\]ZĞFLHNáRĞFL3HUVLNRZZPLQXWĊSyĨQLHM

VDPMXĪSRZąWSLHZDáF]\JRĞüE\áWXZRJyOHF]\WHĪW\ONRRQPLDáKDOXF\QDFMH

7RMHJRNDORV]H"Z\áSRFKZLOL3HUVLNRZZSU]HGSRNRMX

7HQSDQ]DSRPQLDáRGSRZLHG]LDáDG\JRFąF0DULD6WLHSDQRZQD

:\U]XüMH

*G]LHĪMDMHZ\U]XFĊ:UyFLSRQLH

2GGDüMHGRNRPLWHWXGRPRZHJR=DSRNZLWRZDQLHPĩHE\PLWXĞODGXSRQLFK

QLHE\áR'RNRPLWHWX1LHFK]DELHUDMąV]SLHJRZVNLHNDORV]H

0DULD 6WLHSDQRZQD ĪHJQDMąF VLĊ ]QDNLHP NU]\ĪD ]DEUDáD ZVSDQLDáH VNyU]DQH

NDORV]HLZ\QLRVáDMHQDNXFKHQQHVFKRG\7DPFKZLOĊSRVWDáD]DGU]ZLDPLSRF]\P

VFKRZDáDNDORV]HZNRPyUFH

2GGDáDĞ"V]DODá3HUVLNRZ

2GGDáDP

3RNZLWRZDQLH

7DNMHVWSDQLHSURIHVRU]H7\ONRĪHSU]HZRGQLF]ąF\QLHSLĞPLHQQ\

:WHM&KZLOL0D0L7X%\ü3RNZLWRZDQLH1LHFK]DQLHJRSRGSLV]HNWyU\Ğ

DTP by SHADE

SLĞPLHQQ\VXNLQV\Q

0DULD6WLHSDQRZQDW\ONRSRNUĊFLáDJáRZąZ\V]áDLSRNZDGUDQVLHZUyFLáD]NDU

WHF]Ną

³3U]\MĊWRQDVNáDGRZDQLHRGSURI3HUVLNRZDVáRZQLHMHGQDSDNDOR.ROHVRZ´

$WRFRWDNLHJR"

ĩHWRQ

ĩHWRQ3HUVLNRZEUXWDOQLHSRGHSWDáSRNZLWRZDQLH]DĞVFKRZDáSRGVXV]NĊ1D

VWĊSQLHP\ĞOMDNRZDĞRPURF]\áDVWURPHF]RáR'RSDGáWHOHIRQXSRáąF]\áVLĊ]3DQ

NUDWHPZ,QVW\WXFLHL]DS\WDáJR³&]\ZV]\VWNRDE\ZSRU]ąGNX"´3DQNUDWU\F]Dá

ZVáXFKDZNĊFRĞ]F]HJRPRĪQDE\áRZ\ZQLRVNRZDüĪHMHJR]GDQLHPZV]\VWNRZ

SRU]ąGNX$OH3HUVLNRZW\ONRQDFKZLOĊVLĊXVSRNRLá0URF]QLHMąF]áDSDá]DWHOHIRQL

QDJDGDáGRVáXFKDZNLFRĞWDNLHJR

'DMFLHPLWĊMDNĪHMHMWDPàXELDQNĊ0HUFL.RJRWDPRGZDVSRZLQLHQHP

]DZLDGRPLü3U]\áDĪąWXGRPQLHMDNLHĞSRGHMU]DQHLQG\ZLGXDZNDORV]DFKWDN

3URIHVRU&]ZDUWHJR8QLZHUV\WHWX3HUVLNRZ

6áXFKDZND QDJOH JZDáWRZQLH SU]HUZDáD UR]PRZĊ 3HUVLNRZ RFKáRQąá PUXF]ąF

SU]H]]ĊE\MDNLHĞU\QV]WRNRZHZ\UD]\

%ĊG]LHSDQSLáKHUEDWĊ"]DJOąGDMąFGRJDELQHWXQLHĞPLDáR]DVLĊJQĊáDLQIRU

PDFML0DULD6WLHSDQRZQD

1LHEĊGĊSLáĪDGQHMKHUEDW\PXUPXUPXULQLHFKLFKGLDEOLSRUZą:ĞFLHNOL

VLĊZV]\VF\F]\FR"

'RNáDGQLHZG]LHVLĊüPLQXWSyĨQLHMSURIHVRUSRGHMPRZDáZJDELQHFLHQRZ\FK

JRĞFL-HGHQ]QLFKV\PSDW\F]Q\NUąJOXWNLLQLH]PLHUQLHXJU]HF]QLRQ\E\áZVNURP

Q\PZRMVNRZ\PWUHQF]XLZEU\F]HVDFK1DQRVLHQLF]\PNU\V]WDáRZ\PRW\OVLHG]LD

á\PXELQRNOH:RJyOHURELáZUDĪHQLHDQLRáDZODNLHURZDQ\FKEXWDFK]FKROHZDPL

'UXJLQLVNLVWUDV]QLHSRQXU\E\áSRF\ZLOQHPXDOHJDUQLWXUQDMZ\UDĨQLHMJRNUĊ

SRZDá7U]HFLJRĞü]DFKRZDáVLĊGRĞüV]F]HJyOQLHQLHZV]HGáERZLHPGRJDELQHWX

SURIHVRUDW\ONR]RVWDáZFLHPQ\PSU]HGSRNRMX-HGQRF]HĞQLHRĞZLHWORQ\LSU]HV]\W\

VPXJDPL W\WRQLRZHJR G\PX JDELQHW E\á GODĔ GRVNRQDOH ZLGRF]Q\ 1D QRVLH WHJR

WU]HFLHJRNWyU\UyZQLHĪE\áZF\ZLOXWNZLá\SU]\G\PLRQHELQRNOH

'ZDMZJDELQHFLHGRV]F]ĊWQLH]DPĊF]\OL3HUVLNRZDRJOąGDQLHPZL]\WyZNLZ\

S\W\ZDQLHPRSLĊüW\VLĊF\L]PXV]DQLHPJRGRRSLV\ZDQLDSRZLHU]FKRZQRĞFLJRĞFLD

$GLDEOLJRZLHG]ąGXGQLá3HUVLNRZQRRK\GQDIL]MRJQRPLD'HJHQHUDW

1LHPLDáDE\V]NODQHJRRND"RFKU\SOH]DS\WDáPDOXWNL

$GLDEOLJRZLHG]ą=UHV]WąQLHV]NODQHJRQLHPLDáELHJDá\PXRF]\

5XELQV]WDMQ"S\WDMąFRLFLFKR]ZUyFLáVLĊDQLRáGRPDOXWNLHJRF\ZLOD7HQMHG

QDNSRQXURSU]HF]ąFRSRNUĊFLáJáRZą

5XELQV]WDMQQLHGDEH]SRNZLWRZDQLDPRZ\QLHPDEXUNQąáWRQLH5XELQV]

WDMQDURERWD7RMDNDĞJUXEV]DU\ED

+LVWRULD]NDORV]DPLVSRZRGRZDáDZ\EXFKQDMZ\ĪV]HJR]DLQWHUHVRZDQLDSU]\

E\á\FK $QLRá SRáąF]\ZV]\ VLĊ ] DGPLQLVWUDFMą GRPX XURQLá GR VáXFKDZNL ]DOHGZLH

NLONDVáyZ³*38Z]\ZDQLH]ZáRF]QLHVHNUHWDU]DNRPLWHWXGRPRZHJR.ROHVRZDGR

PLHV]NDQLDSURIHVRUD3HUVLNRZD]NDORV]DPL´LSREODGá\.ROHVRZQDW\FKPLDVW]MDZLá

VLĊZJDELQHFLH]NDORV]DPLZGáRQL

:DVLHĔNDFLFKXWNR]DZRáDáDQLRáWHJRNWyU\VLHG]LDáZSU]HGSRNRMX7DPWHQ

ZVWDáRVSDOHLSRZOyNáVLĊGRJDELQHWXQLF]\PUR]NUĊFRQ\PHFKDQL]P3U]\G\PLRQH

V]NáDFDáNRZLFLHSRFKáRQĊá\PXRF]\

1R"]DS\WDáODNRQLF]QLHLVHQQLH

.DORV]H

'\PQHRF]\SU]HĞOL]JQĊá\VLĊSRNDORV]DFKL3HUVLNRZRZLZ\GDáRVLĊĪHERNLHP

]]DV]NLHáEá\VQĊá\SU]H]VHNXQGĊQLHVHQQHE\QDMPQLHMDOHSU]HFLZQLH]GXPLHZD

MąFRSU]HQLNOLZHĨUHQLFH0RPHQWDOQLHMHGQDN]JDVá\

DTP by SHADE

1R:DVLHĔND"

7HQNWyUHJRQD]ZDQR:DVLHĔNąRGSDUáSU]\ZLĊGá\PJáRVHP

1RSRFRWHQR".DORV]H3HOHQĪNRZVNLHJR

.RPLWHW]PLHMVFD]RVWDáSR]EDZLRQ\GDUXSURIHVRUD3HUVLNRZD.DORV]H]QLNQĊá\

ZSDSLHU]HJD]HWRZ\P1LH]PLHUQLHXUDGRZDQ\DQLRáZWUHQF]XZVWDáLMąáĞFLVNDü

SURIHVRURZLGáRĔZ\JáRVLáQDZHWQLHZLHONLHSU]HPyZLHQLHNWyUHGDáRE\VLĊVWUHĞFLü

QDVWĊSXMąFRSU]\QRVLWRSURIHVRURZL]DV]F]\W3URIHVRUPRĪHE\üVSRNRMQ\1LNW

JRMXĪZLĊFHMQLHEĊG]LHQLHSRNRLáDQLZ,QVW\WXFLHDQLZGRPX]RVWDQąSU]HGVLĊ

Z]LĊWHVWRVRZQHĞURGNLNRPRURPSURIHVRUDQLFDEVROXWQLHQLH]DJUDĪD

$QLHPRJOLE\ĞFLHWDNUR]VWU]HODüUHSRUWHUyZ"SDWU]ąFVSRQDGRNXODUyZ]D

S\WDá3HUVLNRZ

7R S\WDQLH QLHE\ZDOH UR]ZHVHOLáR JRĞFL 1LH W\ONR SRVĊSQ\ PDOXWNL DOH QDZHW

SU]\G\PLRQ\ZSU]HGSRNRMXVLĊXĞPLHFKQąá$QLRáLVNU]ąFVLĊLSURPLHQLHMąFZ\MD

ĞQLáĪHWRVLĊQLHGD]URELü

$FRWR]DNDQDOLDE\áDXPQLH"

7XZV]\VF\SU]HVWDOLVLĊXĞPLHFKDüLDQLRáRGSRZLHG]LDáZ\PLMDMąFRĪHWDNLVRELH

GUREQ\DIHU]\VWDQLHZDUWRVLĊQLPSU]HMPRZDüQLHPQLHMRQMDNQDMEDUG]LHMVWD

QRZF]RSURVLRE\ZDWHODSURIHVRUDR]DFKRZDQLHZ\GDU]HĔG]LVLHMV]HJRZLHF]RUDZ

DEVROXWQHMWDMHPQLF\SRF]\PJRĞFLHZ\V]OL

3HUVLNRZZUyFLáGRJDELQHWXGRVZ\FKZ\NUHVyZDOHLWDNQLHXGDáRPXVLĊSR

SUDFRZDü7HOHIRQZ\U]XFLá]VLHELHSáRPLHQLVW\NUąĪHNLNRELHF\JáRV]DSURSRQRZDá

SURIHVRURZLVLHGPLRSRNRMRZHPLHV]NDQLHZUD]LHJG\E\FKFLDáVLĊRĪHQLü]SRFLąJD

MąFąLQDPLĊWQąZGRZą3HUVLNRZ]DZ\áZVáXFKDZNĊ

5DG]LáE\PSDQLOHF]\üVLĊXSURIHVRUD5RVVROLPR

,UR]OHJáVLĊQDVWĊSQ\G]ZRQHN

7HUD]3HUVLNRZRNODSáQLHFRSRQLHZDĪG]ZRQLáD].UHPODGRĞü]QDQDRVRELVWRĞü

RVRELVWRĞüZ\S\W\ZDáD3HUVLNRZDRMHJRSUDFĊLZ\UD]LáDFKĊüRGZLHG]HQLDODERUDWR

ULXP6NRĔF]\ZV]\UR]PRZĊ3HUVLNRZRWDUáF]RáRL]GMąáVáXFKDZNĊ]ZLGHáHN:yZ

F]DVSLĊWURZ\ĪHM]DJU]PLDá\SU]HUDĨOLZHWUąE\LUR]OHJá\VLĊV]ORFK\ZDONLULLUDGLRRG

ELRUQLNG\UHNWRUD=MHGQRF]HQLD6XNLHQQLFWZDRGELHUDáNRQFHUWZDJQHURZVNL]7HDWUX

:LHONLHJR 3HUVLNRZ SU]\ DNRPSDQLDPHQFLH VSDGDMąFHJR ] VXILWX Z\FLD L áRVNRWX

RĞZLDGF]\á0DULL6WLHSDQRZQHMĪHZ\WRF]\G\UHNWRURZLSURFHVĪHUR]ZDOLPXUDGLR

ĪHZ\MHG]LH]0RVNZ\GRZV]\VWNLFKGLDEáyZVNRURQDMRF]\ZLĞFLHMSRVWDQRZLRQRVLĊ

JRVWąGSR]E\ü6WáXNáOXSĊLSRáRĪ\áVLĊZJDELQHFLHQDNR]HWFHJG]LHWHĪ]DVQąáSU]\

QDGODWXMąF\FK]7HDWUX:LHONLHJRWNOLZ\FKSDVDĪDFK]QDNRPLWHJRSLDQLVW\

1LHVSRG]LDQNL WUZDá\ WDNĪH QD]DMXWU] 3U]\MHFKDZV]\ WUDPZDMHP GR ,QVW\WXWX

3HUVLNRZ]DVWDáSU]HGZHMĞFLHPQLH]QDQHJRVRELHRE\ZDWHODZPRGQ\P]LHORQ\P

PHORQLNX2E\ZDWHOyZEDF]QLHSU]\MU]DáVLĊ3HUVLNRZRZLDOHQLH]DGDZDáPXĪDG

Q\FKS\WDĔZLĊFSURIHVRUMDNRĞWR]QLyVá$OLĞFLZKDOOX,QVW\WXWXRSUyF]]GHWRQRZD

QHJR3DQNUDWDSRGQLyVáVLĊQDZLGRN3HUVLNRZDQDVWĊSQ\PHORQLNNWyU\SR]GURZLá

JRXSU]HMPLH

']LHĔGREU\RE\ZDWHOXSURIHVRU]H

2FRFKRG]L"VWUDV]OLZ\PJáRVHP]DS\WDá3HUVLNRZ]G]LHUDMąF]VLHELHSDOWR

SU]\SRPRF\3DQNUDWD$OHPHORQLNV]\ENR3HUVLNRZDXGREUXFKDáQLH]PLHUQLHF]XOH

QDV]HSWDZV]\LĪSURIHVRUGRSUDZG\QLHSRWU]HEQLHVLĊGHQHUZXMH2QPHORQLNSR

WRWXMHVWĪHE\XFKURQLüSURIHVRUDRGZV]HONLFKEH]FHUHPRQLDOQ\FKZL]\W3URIHVRU

PRĪHE\üVSRNRMQ\QLHW\ONRRGU]ZLJDELQHWXDOHQDZHWLRRNQD3RF]\PQLH]QD

MRP\RGFK\OLáQDPRPHQWNODSĊPDU\QDUNLLSRND]DáSURIHVRURZLMDNLĞ]QDF]HN

+PZLG]ĊĪHQLHMHFLHFKOHED]DGDUPRZ\PUXF]Dá3HUVLNRZLGRGDáQDLZ

QLH$FRSDQEĊG]LHWXMDGá"

0HORQLNXĞPLHFKQąáVLĊZRGSRZLHG]LLZ\MDĞQLáĪHEĊG]LH]PLHQLDQ\

1DVWĊSQHWU]\GQLSU]HV]á\ZVSDQLDOH'ZXNURWQLHVNáDGDQRSURIHVRURZLZL]\W\

DTP by SHADE

].UHPODUD]SU]\V]OLVWXGHQFLNWyU]\]GDZDOLX3HUVLNRZDHJ]DPLQ2EODOL]UHV]Wą

ZV]\VF\LZLGDüE\áRSRLFKWZDU]DFKĪHWHUD]MXĪ3HUVLNRZEXG]LZQLFKOĊNGRSUDZ

G\]DERERQQ\

1LHFKSDQ]RVWDQLHNRQGXNWRUHP3DQVLĊQLHPRĪH]DMPRZDü]RRORJLąJU]PLD

áR]JDELQHWX

6URJL"S\WDá3DQNUDWDPHORQLN

8QLHGDM%RĪHRGSRZLHG]LDá3DQNUDW-DNQDZHWNWyU\]GDWRZ\FKRG]L]

JDELQHWXELHGDF]\QDQDPLĊNNLFKQRJDFK6LyGPHSRW\QDQLHJRELMą,]PLHMVFD

GRNQDMS\

:ĞUyG W\FK ZV]\VWNLFK ]DMĊü SURIHVRU QLH ]DXZDĪ\á MDN PLQĊá\ WU]\ GRE\ QD

F]ZDUW\G]LHĔMHGQDNVSURZDG]RQRJRQD]LHPLĊDVSUDZLáWRFLHQNLSLVNOLZ\JáRV]

XOLF\

3DQLHSURIHVRU]H]DZRáDáyZJáRV]]DRWZDUWHJRRNQDJDELQHWXRGXOLF\+HU

FHQD*áRVPLDáV]F]ĊĞFLH3HUVLNRZDRVWDWQLHGQLEDUG]R]PĊF]\á\:RZHMFKZLOL

RGSRF]\ZDáDNXUDWZIRWHOXLSDWU]\áRVSDOHZSU]HVWU]HĔ]DF]HUZLHQLRQ\PLRF]\PD

-XĪQLHPyJáGáXĪHM3U]HWRQDZHW]QLHMDNLP]DFLHNDZLHQLHPZ\MU]DáSU]H]RNQRL

QD WURWXDU]H ]REDF]\á $OIUHGD %URQVNLHJR 3URIHVRU RG UD]X SR]QDá XW\WXáRZDQHJR

SRVLDGDF]DZL]\WyZNLSRG]LZDF]Q\PNDSHOXV]XLSRQRWHVLH%URQVNLXNáRQLáPXVLĊ

F]XOHL]XV]DQRZDQLHP

$FKWRSDQ"]DS\WDáSURIHVRU1LHPLDáGRĞüVLáQDWRE\VLĊUR]JQLHZDüD

QDZHW]DFLHNDZLáRJRFREĊG]LHGDOHM=DRVáRQąRNQDF]XáVLĊ]DEH]SLHF]RQ\SU]HG

$OIUHGHP1LHVWUXG]RQ\PHORQLNQDXOLF\QLH]ZáRF]QLH]ZUyFLáXFKRNX%URQVNLHPX

1DWZDU]\WHJRRVWDWQLHJRZ\NZLWáUR]F]XODMąF\XĞPLHFK

'ZLHPLQXWNLGURJLSURIHVRU]HZ\WĊĪDMąF]FKRGQLNDJáRVSU]HPyZLá%URQVNL

7\ONRMHGQRS\WDQNRLWRĞFLĞOH]RRORJLF]QH&]\ZROQRPLMH]DGDü"

1LHFKSDQ]DGDMHODNRQLF]QLHLLURQLF]QLHRGSDUá3HUVLNRZLSRP\ĞODá$MHGQDN

WHQV]XEUDZLHFPDZVRELHFRĞDPHU\NDĔVNLHJR

&R SDQ SRZLH D SURSRV NXU GURJL SURIHVRU]H" ]ZLQąZV]\ GáRQLH Z WUąENĊ

NU]\NQąá%URQVNL

3HUVLNRZ]GXPLDáVLĊ3U]\VLDGáQDSDUDSHFLHSRWHPZVWDáQDFLVQąáJX]LNL]D

ZRáDáZVND]XMąFSDOFHPRNQR

3DQNUDWZSXĞüWHJR]WURWXDUX

.LHG\%URQVNLSRMDZLáVLĊZJDELQHFLH3HUVLNRZSRVXQąáVLĊZVZRMHMXSU]HMPR

ĞFLWDNGDOHNRĪHV]F]HNQąá

1LHFKSDQVLDGD

,%URQVNL]]DFKZ\FRQ\PXĞPLHFKHPXVLDGáQDREURWRZ\PWDERUHFLH

-HĞOLZROQRZLHG]LHüRGH]ZDáVLĊ3HUVLNRZSDQSLV]HWDPZW\FKSDĔVNLFK

JD]HWDFK"

7DNMHVW]XV]DQRZDQLHPRGSRZLHG]LDá$OIUHG

1LHUR]XPLHP]DWHPMDNSDQPRĪHSLVDüVNRURSDQQDZHWPyZLüSRURV\MVNX

QLHXPLH&RWR]D³GZLHPLQXWNL´LFRWR]D³DSURSRVNXU´"3DQ]SHZQRĞFLąFKFLDá

SRZLHG]LHü³1DWHPDWNXU´"

%URQVNLUR]HĞPLDáVLĊZRGQLĞFLHL]XV]DQRZDQLHP

:DOHQW\3LHWURZLF]SRSUDZLD

.WyĪWRWDNLWHQ:DOHQW\3LHWURZLF]"

5HGDNWRUVW\OLVW\F]Q\

1RGREU]H=UHV]WąQLHMHVWHPILORORJLHP=RVWDZP\ZVSRNRMXSDĔVNLHJR3LH

WURZLF]D&]HJRPLDQRZLFLHFKFLDáE\VLĊSDQGRZLHG]LHüQDWHPDWNXU"

:RJyOHZV]\VWNLHJRFRSDQZLHSURIHVRU]H

7X%URQVNLX]EURLáVLĊZRáyZHN,VNU\WULXPIXEá\VQĊá\ZRF]DFK3HUVLNRZD

1LHSRWU]HEQLHVLĊSDQGRPQLHIDW\JRZDáQLHMHVWHPRUQLWRORJLHP1DMVáXV]QLHM

E\SDQSRVWąSLá]ZUDFDMąFVLĊGR-HPLHOLDQD,ZDQRZLF]D3RUWXJDáRZD]3LHUZV]HJR

DTP by SHADE

8QLZHUV\WHWX0RMDZLHG]DMHVWEDUG]RRJUDQLF]RQD

%URQVNLXĞPLHFKDMąFVLĊ]]DFKZ\WHPGDZDáGR]UR]XPLHQLDĪHGRFHQLáĪDUWGUR

JLHJRSURIHVRUD³ĪDUWRJUDQLF]RQD´VNUREQąáZQRWDWQLNX

=UHV]WąVNRURWRSDQDLQWHUHVXMHSURV]ĊEDUG]R.XU\DOERJU]HELHQLDVWH

SWDNL]U]ĊGXNXUDNyZF]\OLJU]HELąF\FK1DOHĪąGRNXURZDW\FKURG]LQDEDĪDQWyZ

JáRĞQR]DF]ąáPyZLü3HUVLNRZSDWU]ąFQLHQD%URQVNLHJRMXĪDOHJG]LHĞZSU]H

VWU]HĔJG]LHGRP\ĞODüVLĊQDOHĪDáRW\VLąFDVáXFKDF]\*DOOLIRUPHV3KDVLDQLGDH

6ą WR SWDNL RG]QDF]DMąFH VLĊ PLĊVQRVNyUQ\P JU]HELHQLHP L GZLHPD áRSDWNRZ\PL

QDURĞODPLSRGGROQąV]F]ĊNąKPFKRFLDĪ]UHV]WąPRĪHE\üLMHGQDQDĞURGNX

SRGEUyGND1RFyĪE\WXMHV]F]H6NU]\GáDNUyWNLHLZ\RNUąJORQH2JRQĞUHGQLHM

GáXJRĞFLFRNROZLHNVFKRGNRZDW\DQDZHWU]HNáE\PGDV]NRZDW\ĞURGNRZHSLyUD

Z\JLĊWHVLHUSRZDWR3DQNUDW3U]\QLHĞ]JDELQHWXPRGHOLPRGHOQXPHUVLHGHPVHW

SLĊüSU]HNUyMSRSU]HF]Q\NRJXWDWR]UHV]WąSDQDQLH]DLQWHUHVXMH3DQNUDWQLH

SU]\QRĞWHJRPRGHOX3RZWDU]DPQLHMHVWHPVSHFMDOLVWąSURV]ĊVLĊ]ZUyFLüGR3RU

WXJDáRZD1RFyĪRVRELĞFLH]QDPV]HĞüJDWXQNyZNXUĪ\MąF\FKZVWDQLHG]LNLP

KP3RUWXJDáRZ]QDZLĊFHMZ,QGLDFKLQDDUFKLSHODJXPDODMVNLP1DSU]\NáDG

NXUEDQNLZDLQDF]HMND]LQWX*DOOXVJDOOXVĪ\MHXSRGQyĪD+LPDODMyZZFDá\FK,Q

GLDFKZ$VVDPLH%LUPLH.RJXWZLGáRRJRQLDVW\F]\OL*DOOXVYDULXVQD/RPERN

QD6XPEDZLHLQDZ\VSLH)ORUHV1D-DZLHQDWRPLDVWWUDILDVLĊFXGRZQ\NXU*DOOXV

(QHXVZ,QGLDFKSRáXGQLRZRZVFKRGQLFKSROHFDPSDQX]F]\VW\PVXPLHQLHPQLH

]PLHUQLHSLĊNQHJRNXUD6RQQHUDWKD3RNDĪĊJRSDQXSRWHPQDU\VXQNX-HĪHOLFKR

G]LR&HMORQWRVSRW\NDP\WDPNXUD6WDQOH\DNWyU\QLH]DFKRZDáVLĊQLJG]LHLQG]LHM

%URQVNLVLHG]LDá]Z\WU]HV]F]RQ\PLRF]\PDLQRWRZDá

&]HJRMHV]F]HFKFLDáE\VLĊSDQGRZLHG]LHü"

&KFLDáE\PVLĊGRZLHG]LHüF]HJRĞRFKRUREDFKNXUFLFKXWHĔNRV]HSQąá$OIUHG

+P QLH PRMD WR VSHFMDOQRĞü SURV]Ċ ]DS\WDü 3RUWXJDáRZD 1R SáD]LĔFH

SU]\ZU\ ĞZLHĪERZLHF SWDV]\QLHF NXU]\ SFKá\ ZHV] NXU]D F]\OL SLHU]RMDG WDVLH

PLHFNXU]DFKROHUDEáRQQLF]H]DSDOHQLHĞOX]yZNLSQHXPRQRPLNR]DJUXĨOLFDVWUX

SLHĔF]\OLSDUFK\PDáRWRMHVWFKRUyE"LVNU\WDĔF]\á\ZĨUHQLFDFK3HUVLNRZD

EOHNRWHPQRZRWZRU\DQJLHOVNDFKRUREDĪyáWDF]NDUHXPDW\]PJU]\EHN$FKRULRQ

6FKRQOHLQLEDUG]RLQWHUHVXMąFDFKRURED1DJU]HELHQLDFKRVREQLNyZNWyUHQDQLą

]DSDGá\Z\VWĊSXMąPDOXWNLHSODPNLSRGREQHGRSOHĞQL

%URQVNLRWDUáSRW]F]RáDNRORURZąFKXVWNąGRQRVD

$MDNDMHVW]GDQLHPSDQDSURIHVRUDSU]\F]\QDREHFQHMNDWDVWURI\"

-DNLHMNDWDVWURI\"

-DNWRF]\ĪE\SDQQLHF]\WDáSURIHVRU]H"]GXPLDáVLĊ%URQVNLLZ\Mąá]WHF]NL

Z\PLĊW\G]LHQQLN³,]ZLHVWLD´

1LHF]\WXMĊJD]HWRGSDUá3HUVLNRZLQDEXUPXV]\áVLĊ

$OHGODF]HJRSURIHVRU]H"VHUGHF]QLH]DS\WDá$OIUHG

$GODWHJRĪHJD]HW\SLV]ąMDNLHĞE]GXU\Z\SDOLáEH]]DVWDQRZLHQLD3HUVLNRZ

$OHĪSURIHVRU]HáDJRGQLHZ\V]HSWDá%URQVNLLUR]SURVWRZDáG]LHQQLN

&RWDNLHJR"]DS\WDá3HUVLNRZLQDZHWZVWDá7HUD]LVNU\]DF]Ċá\WDĔF]\üZĨUH

QLFDFK%URQVNLHJR2VWU\PZ\ODNLHURZDQ\PSD]QRNFLHPSRGNUHĞOLáQLHZLDU\JRGQLH

ZLHONLW\WXáSU]H]ZV]\VWNLHV]SDOW\JD]HW\³3RPyUNXUZ5HSXEOLFH´

&R"SU]HVXZDMąFQDF]RáRRNXODU\]DS\WDá3HUVLNRZ

5R]G]LDá9,0RVNZDZF]HUZFXURNX

-DU]\áDVLĊĞZLDWáDWDĔF]\á\JDVá\E\]DSáRQąüQDQRZR1D3ODFX7HDWUDOQ\P

ZLURZDá\ELDáHODWDUQLHDXWREXVyZL]LHORQHĞZLDWáDWUDPZDMyZQDGE\á\PVNOHSHP

] NRQIHNFMą 0XU L 0DU\OLV QDG G]LHZLąW\P QDGEXGRZDQ\P SLĊWUHP SRGVNDNLZDáD

UyĪQRNRORURZDHOHNWU\F]QDNRELHWDOLWHUDSROLWHU]HZ\U]XFDMąFUyĪQRNRORURZHVáRZD

DTP by SHADE

.UHG\W5RERWQLF]\1DVNZHU]HQDSU]HFLZNR7HDWUX:LHONLHJRJG]LHSR]PLHU]FKX

VWU]HOD Z QLHER UyĪQRNRORURZD IRQWDQQD WáRF]\áD VLĊ L KXF]DáDFLĪED =QDG 7HDWUX

:LHONLHJR]DĞGXGQLáJLJDQWRIRQ

$QW\NXU]HV]F]HSLHQLDZ,QVW\WXFLH:HWHU\QDULLZ/HIRUWRZLHGDá\GRVNRQDáH

UH]XOWDW\,ORĞüNXU]\FK]HMĞüĞPLHUWHOQ\FKZGQLXG]LVLHMV]\P]PQLHMV]\áDVLĊGZX

NURWQLH

1DVWĊSQLHJLJDQWRIRQ]PLHQLáWHPEUFRĞZQLPU\F]DáRZ\EXFKDáRLJDVáDQDG

WHDWUHP]LHORQDáXQDDJLJDQWRIRQVNDUĪ\áVLĊEDVHP

3RZRáDQD ]RVWDáD QDG]Z\F]DMQD NRPLVMD GR ZDONL ] NXU]ą ]DUD]ą Z NWyUHM

VNáDGZHV]OL/XGRZ\.RPLVDU]=GURZLD/XGRZ\.RPLVDU]5ROQLFWZDNLHURZQLN:\

G]LDáX+RGRZOLWRZDU]\V]3WDFKDSRURVLXNSURIHVRU]\3HUVLNRZL3RUWXJDáRZRUD]

WRZDU]\V]5DELQRZLF]1RZHSUyE\LQWHUZHQFMLFKLFKRWDáLáNDáQLF]\PV]DNDO

JLJDQWRIRQZ]ZLą]NX]NXU]ą]DUD]ą

7HDWUDOQ\3U]HMD]G1LHJOLQQ\MLàXELDQNDMDĞQLDá\ELDá\PLLILROHWRZ\PLSDVPDPL

UR]EU\]JLZDá\SURPLHQLHZ\á\NODNVRQDPLGXVLá\JĊVW\PNXU]HP&LĪEDWáRF]\áDVLĊ

SRGPXUDPLSU]HGZLHONLPLSáDFKWDPLREZLHV]F]HĔRĞZLHWORQ\FKMDVNUDZRF]HUZR

Q\PLUHIOHNWRUDPL

³3RG QDMVXURZV]ą RGSRZLHG]LDOQRĞFLą NDUQą ]DEUDQLD VLĊ OXGQRĞFL VSRĪ\ZDQLD

PLĊVDNXU]HJRRUD]MDM6SU]HGDZFRPSU\ZDWQ\P]DSUyEĊKDQGOXZ\ĪZ\PQD

ED]DUDFKJUR]LVąGRUD]NRQILVNDWDFDáHJRPLHQLD:V]\VF\RE\ZDWHOHEĊGąF\ZSR

VLDGDQLXMDMZLQQLQLH]ZáRF]QLHSU]HND]DüMHG]LHOQLFRZ\PNRPHQGRPPLOLFML´

1DGDFKX*D]HW\5RERWQLF]HMQDHNUDQLHZLGQLDáDQLHERW\F]QDVWHUWDNXUD]LH

ORQNDZLPLJRF]ąF\VWUDĪDF\SRVSLHV]QLHSROHZDOLMHQDIWą]ZĊĪ\VWUDĪDFNLFK3RWHP

SU]HELHJDá\SRHNUDQLHF]HUZRQHIDOHSXFKáLVWU]ĊSLáVLĊPDUWZ\G\PSHá]áMDNODZL

QDZ\VNDNLZDá\RJQLVWHZ\UD]\³3DOHQLHNXU]\FK]ZáRNQD&KRG\QFH´

:ĞUyGZĞFLHNOHJRUHMąF\FKZLWU\QVNOHSyZRWZDUW\FKGRWU]HFLHMQDGUDQHP]

GZLHPD SU]HUZDPL RELDGRZą L NRODF\MQą ]LDá\ ĞOHS\PL RF]RGRáDPL ]DPNQLĊWH QD

JáXFKRZ\VWDZ\SRGV]\OGDPL³+DQGHOMDMDPL´³*ZDUDQWRZDQDMDNRĞü´1LH]PLHUQLH

F]ĊVWRZ\SU]HG]DMąF]WUZRĪQ\PZ\FLHPRFLĊĪDáHDXWREXV\SU]HP\NDá\RERNPLOL

FMDQWyZV\F]ąFHVDPRFKRG\]QDSLVHP³PRVNLHZVNL:\G]LDá=GURZLD´³3RJRWRZLH

5DWXQNRZH´

=QRZXVLĊNWRĞQDĪDUáĞPLHUG]ąF\FKMDMV]HSWDQRZWáXPLH

1D3LHWURZVNLFK/LQLDFKMDĞQLDáD]LHORQ\PLLSRPDUDĔF]RZ\PLODPSDPLVá\QQD

QDFDá\ĞZLDWUHVWDXUDFMD³(PSLUH´DZQLHMQDVWROLNDFKRERNSU]HQRĞQ\FKWHOH

IRQyZOHĪDá\]DSODPLRQHOLNLHUDPLNDUWRQLNL³=JRGQLH]HVSHFMDOQ\P]DU]ąG]HQLHP

RPOHWyZQLHSRGDMHP\2WU]\PDOLĞP\ĞZLHĪ\WUDQVSRUWRVWU\J´

:³(UPLWDJH¶X´JG]LHVPĊWQLHMDĞQLDá\SDFLRUNLFKLĔVNLFKODPSLRQyZZĞUyGPDU

WZHM]GXV]RQHM]LHOHQLQDRĞOHSLDMąFRUR]MDU]RQHMHVWUDG]LHNXSOHFLĞFL6]UDPVL.D

UDPDQF]LNRZĞSLHZDOLNXSOHW\WZyUVSyáNLSRHW\FNLHM$UGRWL$UJXMHZ

³$FKPDPRFyĪMDSRF]QĊEH]MDMEH]MDMEH]MDM"³LVWHSRZDOLRJáXV]DMąFR

7HDWULPLHQLDQLHRGĪDáRZDQHMSDPLĊFL:VLHZRáRGD0H\HUKROGDNWyU\MDNZLD

GRPR ]JLQąá SRGF]DV SUyE QRZHM LQVFHQL]DFML 3XV]NLQRZVNLHJR ³%RU\VD *RGXQR

ZD´NLHG\WRXUZDá\VLĊWUDSH]\]JRá\PLERMDUDPLZ\U]XFLáZFLHPQRĞüNRORURZ\

REURWRZ\V]\OG]DSRZLDGDMąF\V]WXNĊSLVDU]D(UHQGRUJD³.XUPyU´ZLQVFHQL]DFMLL

UHĪ\VHULLXF]QLD0H\HUKROGD]DVáXĪRQHJRUHĪ\VHUD5HSXEOLNL.XFKWHUPDQD2ERNZ

³$NZDULXP´WĊF]XMąFĞZLDWáDPLUHNODPLá\VNDMąFGDPVNąSyáJROL]QąZ]LHOHQLHV

WUDG\ZĞUyGEXU]OLZ\FKEDUZV]HGáIDNWRPRQWDĪSLVDU]D/HQLZLHZD³.XU]DWZDU]´

7ZHUVNą]DĞXOLFą]ODWDUHQNDPLSRREXVWURQDFKS\VNyZV]á\V]HUHJLHPF\UNRZH

RVLRáNLGĨZLJDMąFQDSOHFDFKROĞQLHZDMąFHSODNDW\³:WHDWU]H.RUV]ZUDFDQDDILV]

³.RJXW´5RVWDQGD´

0DáROHWQLJD]HFLDU]HGDUOLVLĊLZ\OLZĞUyG]JLHáNXNyáLVLOQLNyZ

.RV]PDUQH RGNU\FLH Z SRG]LHPLX 3ROVND SU]\JRWRZXMH VLĊ GR NRV]PDUQHM

DTP by SHADE

ZRMQ\.RV]PDUQHGRĞZLDGF]HQLDSURIHVRUD3HUVLNRZD

: F\UNX E\áHJR 1LNLWLQD QD PLOH SDFKQąFHM QDZR]HP WáXVWHM EUXQDWQHM DUHQLH

WUXSLREODG\NORZQ%RPPyZLáGRZ\GĊWHJRNUDFLDVWąSXFKOLQą%LPD

-DZLHPGODF]HJRW\MHVWHĞWDNLVPXWQ\

'ODF]HJR"SLVNOLZLH]DS\W\ZDá%LP

=DNRSDáHĞMDMDZ]LHPLDPLOLFMDQFL]SLĊWQDVWNLMH]QDOHĨOL

+DKDKDKDĞPLDáVLĊF\UNWDNĪHDĪZĪ\áDFKUDGRĞQLHLWĊVNQLH]DVW\JDáD

NUHZDSRGOHFLZąNRSXáąNRá\VDá\VLĊWUDSH]\LSDMĊF]\Q\

+RS SU]HUDĨOLZLH NU]\F]HOL NORZQL L ZELHJDá VSDVLRQ\ ELDá\ NRĔ QLRVąF QD

JU]ELHFLHNRELHWĊFXGQHMXURG\GáXJRQRJąZPDOLQRZ\PWU\NRFLH

1LH SDWU]ąF QD QLNRJR L QLNRJR QLH ZLG]ąF QLH ]ZDĪDMąF QD SRV]WXUFKLZDQLD L

FLFKH D F]XáH SURSR]\FMH SURVW\WXWHN NURF]\á SU]H] 0RVNZĊ QDWFKQLRQ\ L VDPRW

Q\ XZLHĔF]RQ\ QLHRF]HNLZDQą VáDZą 3HUVLNRZ NURF]\á NX ĞZLHWOLVWHPX ]HJDURZL

NRáRPDQHĪX7XQLHSDWU]ąFSU]HGVLHELHSRJUąĪRQ\ZP\ĞODFK]GHU]\áVLĊ]G]L

ZDF]Q\PVWDURĞZLHFNLPMHJRPRĞFLHPDUF\EROHĞQLHXGHU]\ZV]\SU]\W\PSDOFDPL

RGUHZQLDQąNDEXUĊSLVWROHWXNWyU\]ZLVDáWDPWHPXXSDVD

$FKGRGLDEáDSLVQąá3HUVLNRZSU]HSUDV]DP

7RMDSU]HSUDV]DPQLHSU]\MHPQ\PJáRVHPRGSRZLHG]LDáPĊĪF]\]QDLMDNRĞ

VLĊZUHV]FLHUR]F]HSLOLZOXG]NLHMNDV]\3URIHVRUNLHUXMąFVLĊZVWURQĊ3UHF]\VWLHQNL

QDW\FKPLDVWR]GDU]HQLX]DSRPQLDá

52='=,$à9,,52..

1LHZLDGRPRF]\U]HF]\ZLĞFLHWDNGREUHE\á\V]F]HSLRQNL]/HIRUWRZDWDNQLH

]DZRGQH VDPDUVNLH RGG]LDá\ RFKURQ\ WDN VNXWHF]QH GUDNRĔVNLH ĞURGNL NWyUH ]D

VWRVRZDQRZREHFGRVWDZFyZMDMZ.DáXG]HLZ:RURQHĪXF]\WHĪWDNHIHNW\ZQLH

SUDFRZDáD0RVNLHZVND.RPLVMD1DG]Z\F]DMQDGRĞüĪHGRVNRQDOHZLDGRPRLĪZ

GZDW\JRGQLHSRRVWDWQLPVSRWNDQLX3HUVLNRZD]$OIUHGHPNXU]DV\WXDFMDZ=ZLą]NX

5HSXEOLN]RVWDáDRSDQRZDQD7XLyZG]LHQDSRGZyUNDFKSRZLDWRZ\FKPLHĞFLQSR

QLHZLHUDáRVLĊRVLHURFRQHNXU]HSLHU]HSRZRGXMąFá]DZLHQLHDZV]SLWDODFKRVWDWQL

VSRĞUyGĪDUáRNyZSRZUDFDOLGR]GURZLDSRNUZDZHMELHJXQFHSRáąF]RQHM]Z\PLRWD

PL1DV]F]ĊĞFLHZFDáHMUHSXEOLFH]PDUáRQLHZLĊFHMQLĪW\VLąFRVyE'RZLĊNV]\FK

QLHSRNRMyZUyZQLHĪQLHGRV]áR2EMDZLáVLĊFRSUDZGDZ:RáRNRáDPVNXSURURNNWyU\

ZLHĞFLáĪHVSUDZFąNXU]HM]DUD]\MHVWQLHNWRLQQ\W\ONRNRPLVDU]HDOHQLHRGQLyVá

V]F]HJyOQLHMV]HJRVXNFHVX1DZRáRNRáDPVNLPED]DU]HSRELWRSDUXPLOLFMDQWyZNRQ

ILVNXMąF\FKNXU\EDERPDWDNĪHZ\WáXF]RQRV]\E\ZORNDOQ\PXU]ĊG]LHSRF]WLWHOH

JUDIX1DV]F]ĊĞFLHUR]WURSQHZáDG]HZRáRNRáDPVNLH]DVWRVRZDá\RGSRZLHGQLHĞURG

NLVNXWNLHPNWyU\FKSRSLHUZV]HXVWDáDG]LDáDOQRĞüSURURNDDSRGUXJLHRV]NORQR

RNQDQDSRF]FLH

0yUGRWDUáQDSyáQRF\GR$UFKDQJLHOVNDLGR6WLXPNLQRZHJR3U]\VLyáNDDWDP

]DWU]\PDáVLĊVDP]VLHELH]WHMSURVWHMSU]\F]\Q\ĪHGDOHMSRVXZDüVLĊMXĪQLHPyJá

SR0RU]X%LDá\PNXU\MDNZLDGRPRQLHSá\ZDMą=DWU]\PDáVLĊUyZQLHĪLZH:áD

G\ZRVWRNXGDOHMERZLHPE\áRFHDQ1DGDOHNLPSRáXGQLX]DJLQąáLZ\JDVáJG]LHĞZ

Z\SDORQ\FKSXVWNRZLDFK2UGXEDGX'ĪXOI\L.DUDEXáDNXQD=DFKRG]LH]DĞZ]GX

PLHZDMąF\VSRVyE]DWU]\PDáVLĊDNXUDWQDJUDQLF\SROVNLHMLUXPXĔVNLHM.OLPDWE\á

WDPLQQ\F]\FRDPRĪH]URELáVZRMHNRUGRQVDQLWDUQ\XVWDZLRQ\SU]H]VąVLHG]NLH

U]ąG\WDNF]\RZDNMHVWIDNWHPĪH]DUD]DGDOHMVLĊQLHSRVXQĊáD3UDVD]DJUDQLF]QD

FKFLZLHLKDáDĞOLZLHRPDZLDáDQLHE\ZDá\ZKLVWRULLSRPyUDU]ąGUHSXEOLNUDG]LHFNLFK

EH]]E\WHF]QHJRV]XPXSUDFRZDáEH]QDMPQLHMV]HMSU]HUZ\1DG]Z\F]DMQD.RPLVMD

GR:DONL].XU]ą=DUD]ąSU]HPLDQRZDQD]RVWDáDQD1DG]Z\F]DMQą.RPLVMĊGR6SUDZ

5HQHVDQVXL'DOV]HJR5R]ZRMX+RGRZOL.XUZ5HSXEOLFHLX]XSHáQLRQRMąRMHV]F]H

MHGQąWUyMNĊVSHFMDOQąZVNáDG]LHV]HVQDVWXWRZDU]\V]\3RZRáDQRGRĪ\FLD³'REUR

DTP by SHADE

NXU´NWyUHJRKRQRURZ\PLZLFHSU]HZRGQLF]ąF\PL]RVWDOL3HUVLNRZL3RUWXJDáRZ:

G]LHQQLNDFKSRGLFK]GMĊFLDPLXND]Dá\VLĊW\WXá\³PDVRZH]DNXS\MDM]DJUDQLFą´

L³3DQ+XJKHVXVLáXMHVDERWRZDüNDPSDQLĊMDMHF]Qą´&DáD0RVNZD]DF]\W\ZDáDVLĊ

]MDGOLZ\P IHOLHWRQHP UHGDNWRUD .ROHF]NLQD NRĔF]ąF\P VLĊ VáRZDPL ³1LHFK SDQ

SDQLH+XJKHVQLHVLĊJDSRQDV]HMDMDPDSDQZáDVQH´

3URIHVRU3HUVLNRZZFLąJXRVWDWQLFKWU]HFKW\JRGQL]DKDURZDáVLĊFDáNLHPLRSDGá

]VLá.XU]HZ\GDU]HQLDZ\WUąFLá\JR]QRUPDOQHJRWU\EXSUDF\LREDUF]\á\SRGZyM

QLH&DáHSRSRáXGQLDLZLHF]RU\VSĊG]DáWHUD]QDSRVLHG]HQLDFKNXU]\FKNRPLVMLD

RGF]DVXGRF]DVXPXVLDáWHĪ]QRVLüGáXJRWUZDáHUR]PRZ\WR]$OIUHGHP%URQVNLP

WR]PHFKDQLF]Q\PJUXEDVHP0XVLDáZUD]]SURIHVRUHP3RUWXJDáRZHPSULYDWGR

FHQWHP,ZDQRZHPRUD]%RUQKDUGWHPURELüVHNFMHLSUHSDURZDüZ\FLQNLSRV]XNXMąF

ĞPLHUFLRQRĞQ\FKEDNWHULLDQDZHWZWU]\ZLHF]RU\QDSLVDüQDFK\EFLNDEURV]XUĊ³2

]PLDQDFK Z ZąWURELH GRWNQLĊW\FK ]DUD]ą NXU´ 3UDFH Z NXU]HM G]LHG]LQLH 3HUVLNRZ

SURZDG]LáEH]V]F]HJyOQHJR]DSDáXFR]UHV]WąQLHWUXGQR]UR]XPLHüP\ĞODáRF]\PĞ

]XSHáQLHLQQ\PZDĪQ\PLIXQGDPHQWDOQ\PRW\PPLDQRZLFLHRGF]HJRRGHUZDáD

JRNXU]DNDWDVWURIDWR]QDF]\RF]HUZRQ\FKSURPLHQLDFK5XMQXMąFVZHLWDNMXĪ

QDGZąWORQH]GURZLHQLHV\SLDáQLHGRMDGDáE\OHQLHVWUDFLüF]DVXQLHNLHG\ZRJyOH

QLHZUDFDáQD3UHF]\VWLHQNĊW\ONRSU]HV\SLDáVLĊQDFHUDWRZHMNDQDSFHZNąFLHJDEL

QHWXZ,QVW\WXFLHLQRFZQRFGRELDáHJRUDQDNU]ąWDáVLĊZRNyáNRPRU\LPLNURVNRSX

3RG NRQLHF OLSFD WURFKĊ]HOĪDáR =DMĊFLD SU]HPLDQRZDQHM NRPLVML SRWRF]\á\ VLĊ

QRUPDOQąNROHMąL3HUVLNRZZUyFLáGR]DQLHGE\ZDQHMSUDF\0LNURVNRS\]RVWDá\]DáD

GRZDQHQRZ\PLSUHSDUDWDPLZNRPRU]HZEDMHF]Q\PWHPSLHGRMU]HZDáDQDĞZLH

WODQDLNUDU\ELDLĪDELVNU]HN=.UyOHZFDSU]\ZLH]LRQRDHURSODQHPVSHFMDOQLH]DPy

ZLRQHV]NáDLZRVWDWQLFKGQLDFKOLSFDGRJOąGDQLSU]H],ZDQRZDPHFKDQLF\]EXGRZDOL

GZLH GXĪH NRPRU\ Z NWyU\FK SURPLHĔ RVLąJDá X Z\ORWX V]HURNRĞüSXGHáND SDSLH

URVyZDQDSU]HFLZOHJáHMĞFLDQFHDĪPHWUD3HUVLNRZZHVRáR]DWDUáUĊFHL]DF]ąá

SU]\JRWRZDQLDGRMDNLFKĞWDMHPQLF]\FKD]DZLá\FKGRĞZLDGF]HĔ3U]HGHZV]\VWNLP

SRáąF]\áVLĊ]/XGRZ\P.RPLVDU]HP2ĞZLDW\LVáXFKDZNDZ\NZDNDáDPXPQyVWZR

XSU]HMPRĞFLRUD]ZV]HFKVWURQQąSRPRFDQDVWĊSQLH3HUVLNRZUyZQLHĪWHOHIRQLF]QLH

]DĪąGDá WRZDU]\V]D 3WDFK\SRURVLXND NLHURZQLND :\G]LDáX +RGRZOL ] 1DMZ\ĪV]HM

.RPLVML3WDFKDRGQLyVáVLĊGR3HUVLNRZD]MDNQDMĪ\F]OLZV]ąXZDJą6]áRR]UHDOL]R

ZDQLH]DJUDQLFąZLHONLHJR]DPyZLHQLDGODSURIHVRUD3HUVLNRZD3WDFKDSRZLHG]LDá

GRVáXFKDZNLĪHQDW\FKPLDVWGHSHV]XMHGR%HUOLQDLGR1RZHJR-RUNX3RWHMUR]

PRZLH.UHPO]DLQWHUHVRZDáVLĊMDNSURIHVRURZLLG]LHSUDFDLGRVWRMQ\áDVNDZ\JáRV

]DS\WDáF]\3HUVLNRZRZLQLHMHVWSRWU]HEQ\DXWRPRELO

1LHG]LĊNXMĊ:ROĊMHĨG]LüWUDPZDMHPRGSRZLHG]LDá3HUVLNRZ

$OHĪGODF]HJR"]DS\WDáWDMHPQLF]\JáRVLXĞPLHFKQąáVLĊSREáDĪOLZLH

:RJyOHZV]\VF\UR]PDZLDOL]3HUVLNRZHPEąGĨSHáQLXV]DQRZDQLDL]DOĊNQLHQLD

EąGĨ]Ī\F]OLZ\PXĞPLHFKHPMDNLVLĊPDGODPDáHJRFyĪĪHZ\URĞQLĊWHJRG]LHFND

7UDPZDMMHVWV]\EV]\RGSRZLHG]LDá3HUVLNRZQDFRGĨZLĊF]Q\EDVZVáXFKDZ

FHRGSRZLHG]LDá

1RMDNVRELHFKFHFLH

0LQąáMHV]F]HW\G]LHĔ3HUVLNRZFRUD]GDOV]\P\ĞODPLRGVFKRG]ąFHMQDGUXJL

SODQNXU]HMSUREOHPDW\NLFDáNRZLFLHSRJUąĪ\áVLĊZVWXGLDFKQDGSURPLHQLDPL3RG

ZSá\ZHPQLHSU]HVSDQ\FKQRF\LSU]HPĊF]HQLDJáRZDSURIHVRUDVWDáDVLĊMDVQDMDN

JG\E\SU]H]URF]\VWDLOHNND&]HUZRQHNUĊJLQLH]QLNDá\PXWHUD]]SRZLHNLQLHPDO

ZV]\VWNLHQRFH3HUVLNRZVSĊG]DáZ,QVW\WXFLH5D]W\ONRRSXĞFLá]RRORJLF]QHVDQNWX

DULXPE\ZRJURPQHMVDOL&HQWUDOQHM.RPLVMLGR6SUDZ3RSUDZ\%\WX8F]RQ\FKQD

3UHF]\VWLHQFHZ\JáRVLüRGF]\WRVZRLPSURPLHQLXLRMHJRRGG]LDá\ZDQLXQDNRPyUNL

MDMRZH%\áWRJLJDQW\F]Q\WULXPI]RRORJDG]LZDND2GRNODVNyZZVDOLNROXPQRZHM

FRĞVLĊRV\S\ZDáRVSDGDáR]VXILWXDEU]ĊF]ąFHODPS\áXNRZH]DOHZDá\ĞZLDWáHP

F]DUQH VPRNLQJL ³&HNDSHEHXLVWyZ´ L ELDáH VXNQLH GDP 1D HVWUDG]LH RERN PyZF\

DTP by SHADE

VLHG]LDáRV]DU]HMąFQDSyáPLVNXQDV]NODQ\PVWROHZLOJRWQHĪDEVNRZLHONRĞFLNRFXUD

LFLĊĪNRG\V]DáR1DHVWUDGĊU]XFRQRNDUWHF]NL6LHGHP]QLFKE\á\WROLĞFLNLPLáRVQH

WH3HUVLNRZSRGDUá3U]HZRGQLF]ąF\&.3%8VLáąZ\FLąJQąáJRQDHVWUDGĊ3HUVLNRZ

NáDQLDáVLĊSRLU\WRZDQ\GáRQLHPLDáZLOJRWQHRGSRWXF]DUQ\NUDZDWVLHG]LDáPXQLH

SRGEURGąDOH]DOHZ\PXFKHP:PJLHáFHSU]HGQLPSá\ZDá\VHWNLĪyáW\FKWZDU]\L

ELDá\FKJRUVyZLQDJOHPLJQĊáDL]QLNáD]DNWyUąĞELDáąNROXPQąĪyáWDNDEXUDSLVWR

OHWX3HUVLNRZ]DXZDĪ\áMąNąWHPRNDL]DUD]RQLHM]DSRPQLDá$OHNLHG\VFKRG]LáSR

RGF]\FLH GR Z\MĞFLD SR PDOLQRZ\P FKRGQLNX ]DĞFLHáDMąF\P VFKRG\ QDJOH ]DVáDEá

&RĞF]DUQHJRSU]HVáRQLáRQDPRPHQWUR]MDĪRQ\Ī\UDQGROZKDOOXL3HUVLNRZRZL]UR

ELáRVLĊQLHGREU]H]HPGOLáRJR

:\GDáRPXVLĊĪHF]XMHVZąGĪHĞFLHNDPXSRV]\LOHSNDLJRUąFDNUHZ,SUR

IHVRUGUĪąFąUĊNąXFKZ\FLáVLĊSRUĊF]\

ħOHVLĊSDQF]XMHSURIHVRU]H"]DDWDNRZDá\JR]HZV]ąG]DQLHSRNRMRQHJáRV\

1LHQLHZUDFDMąFGRVLHELHRGSDUá3HUVLNRZMHVWHPSRSURVWXSU]HPĊF]RQ\

WDN3RSURV]ĊRV]NODQNĊZRG\

%\á EDUG]R VáRQHF]Q\ G]LHĔ VLHUSQLRZ\ 3U]HV]NDG]Dá SURIHVRURZL ZLĊF ]DVáR

Q\ E\á\ RSXV]F]RQH 7\ONR MHGHQ UHIOHNWRU QD SU]HJXERZ\P UDPLHQLX U]XFDá VQRS

RVWUHJR ĞZLDWáD QD ]DZDORQ\ LQVWUXPHQWDPL L V]NODQ\PL QDF]\QLDPL V]NODQ\ VWyá

2GFK\OLZV]\RSDUFLHREURWRZHJRIRWHOD]QXĪRQ\3HUVLNRZSDOLáSDSLHURVDLSRSU]H]

REáRNG\PXSDWU]\áPDUWZ\P]H]PĊF]HQLDDOHSU]HFLHĪUR]UDGRZDQ\PZ]URNLHPZ

XFK\ORQHGU]ZLF]NLNRPRU\JG]LHQLHUXFKRP\VQRSF]HUZRQ\FKSURPLHQLSRGJU]H

ZDáQLHFRLWDNMXĪGXV]QHLQLHĞZLHĪHSRZLHWU]HZJDELQHFLH

.WRĞ]DSXNDáGRGU]ZL

7DNSRZLHG]LDá3HUVLNRZ'U]ZLVNU]\SQĊá\áDJRGQLHZV]HGá3DQNUDW:\SUĊ

Ī\áVLĊMDNVWUXQDLEOHGQąF]HVWUDFKXZREOLF]XEyVWZDSRZLHG]LDáFRQDVWĊSXMH

5RNNSDQLHSURIHVRU]HGRSDQDSU]\V]HGá

&RĞ Z URG]DMX XĞPLHFKX ]MDZLáR VLĊ QD SROLF]NDFK XF]RQHJR =PUXĪ\á RF]\ L

U]HNá

7RFLHNDZH$OHMHVWHP]DMĊW\

0yZLĪHPDU]ąGRZ\SDSLHU].UHPOD

5RNORVIDWXP]SDSLHUHP"5]DGNLHSRáąF]HQLHZ\U]HNá3HUVLNRZLGRGDá

$QRGDMQRJRWXWDM

:HGOHUR]ND]XRGSRZLHG]LDá3DQNUDWLMDNE\JR]GPXFKQĊáR

3RFKZLOLGU]ZLVNU]\SQĊá\]QRZXLNWRĞVWDQąáZSURJX3HUVLNRZ]JU]\WQąáĞUXEą

LVSRQDGRNXODUyZVSRMU]DáSU]H]UDPLĊQDSU]\E\áHJR3HUVLNRZGDOHNLE\áRGUHDOQHM

U]HF]\ZLVWRĞFLĞZLDWJRQLHLQWHUHVRZDáDOHZW\PZ\SDGNXQDZHWMHPXU]XFLáDVLĊ

ZRF]\JáyZQDL]DVDGQLF]DFHFKDSU]\E\V]D3U]\E\V]E\áG]LZDF]QLHVWDURPRGQ\:

W\VLąFG]LHZLĊüVHWG]LHZLĊWQDVW\PWHQF]áRZLHNE\áE\MDNQDMEDUG]LHMQDPLHMVFXQD

VWRáHF]Q\FKXOLFDFKE\áE\GR]QLHVLHQLDLZGZXG]LHVW\PF]ZDUW\PDĞFLĞOHMZMHJR

SRF]ąWNDFKDOHZGZXG]LHVW\PyVP\PVSUDZLDáZUDĪHQLHQLH]Z\NáH3RGF]DVJG\

QDZHWQDMEDUG]LHM]DFRIDQ\RGG]LDáSUROHWDULDWXSLHNDU]HFKRG]LáZPDU\QDUNDFK

SRGF]DV JG\ Z 0RVNZLH GR U]DGNRĞFL QDOHĪDá WUHQF] VWDURPRGQ\ XELyU ]DU]XFRQ\

RVWDWHF]QLH SRG NRQLHF URNX W\VLąF G]LHZLĊüVHW GZXG]LHVWHJR F]ZDUWHJR SU]\E\á\

PLDáQDVRELHVNyU]DQąNXUWNĊ]Z\áRJDPL]LHORQHVSRGQLHQDQRJDFKRZLMDF]HL

V]W\OS\QDELRGU]H]DĞZREáXSDQHMĪyáWHMNDEXU]HROEU]\PLSLVWROHWPDX]HUVWDUHJR

W\SX7ZDU]SU]\E\áHJRZ\ZDUáDQD3HUVLNRZLHWDNLHVDPRZUDĪHQLHMDNLHZ\ZLHUDáD

QDZV]\VWNLFKZ\MąWNRZRQLHV\PSDW\F]QHZUDĪHQLH0DOXWNLHRF]NDVSRJOąGDá\QD

ĞZLDW]H]GXPLHQLHPDOHL]JyU\DZNUyWNLFKQRJDFKLSODWIXVRZ\FKVWRSDFKE\áR

FRĞEH]FHUHPRQLDOQHJR7ZDU]Z\JRORQDGRVLQRĞFL3HUVLNRZ]PLHMVFDVLĊQDFKPX

U]\á1LHXEáDJDQLH]JU]\WQąáĞUXEąLSDWU]ąFQDSU]\E\V]DMXĪQLHVSRQDGV]NLHáDOH

SU]H]V]NáDSRZLHG]LDá

3U]\QLyVáSDQSDSLHU"*G]LHĪRQMHVW"

DTP by SHADE

*RĞüQDMZ\UDĨQLHME\áRV]RáRPLRQ\W\PFR]REDF]\á:]DVDG]LHQLH]Z\NáVLĊ

SHV]\üWHUD]MHGQDNĪHE\áVWURSLRQ\6ąG]ąFSRZ\UD]LHRF]XJRĞFLDZVWU]ąVQĊáD

QLPSU]HGHZV]\VWNLPVLĊJDMąFDVXILWXGZXQDVWRSyáNRZDV]DIDSHáQDNVLąĪHN1D

VWĊSQLHRF]\ZLĞFLHNRPRU\ZNWyU\FKQLF]\PZSLHNOHSáRQąáPDOLQRZ\VSĊF]QLDá\

ZV]NáDFKSURPLHĔ6DP3HUVLNRZZSyáPURNXRERNRVWUHMLJá\SURPLHQLDZ\SDGD

MąFHJR]UHIOHNWRUDE\áZ\VWDUF]DMąFRQLHVDPRZLW\LPDMHVWDW\F]Q\ZVZRLPREURWR

Z\PIRWHOX3U]\E\V]]DSDWU]\áVLĊQDĔZMHJRRF]DFKQDMZ\UDĨQLHMWDĔF]\á\LVNLHUNL

]PLHV]DQHJR ] SHZQRĞFLą VLHELH XV]DQRZDQLD SDSLHUX ĪDGQHJR QLH SRGDá SRZLH

G]LDáQDWRPLDVW

-HVWHP$OHNVDQGHU6LHPLRQRZLF]5RNN

7DN":LĊFFR]WHJR"

2WU]\PDáHPQRPLQDFMĊQDNLHURZQLNDZ]RUFRZHJRVRZFKR]X³&]HUZRQ\3UR

PLHĔ´Z\MDĞQLáSU]\E\á\

1RLFR"

1RLPDPGRZDVWRZDU]\V]XSHZQąSRXIQąVSUDZĊ

&LHNDZH3URV]ĊVLĊVWUHV]F]DüZPLDUĊPRĪOLZRĞFL

3U]\E\V]UR]SLąáNXUWNĊLZ\Mąá]]DQDGU]DZ\VWXNDQąQDZ\ERUQ\PJUXE\PSD

SLHU]HQRPLQDFMĊ3RGDáMą3HUVLNRZRZL3RF]\PQLHF]HNDMąFQD]DSURV]HQLHXVLDGá

QDREURWRZ\PWDERUHFLH

1LHFKSDQQLHSRWUąFLVWRáXSRZLHG]LDá]QLHQDZLĞFLą3HUVLNRZ

3U]\E\V]OĊNOLZLHREHMU]DáVLĊQDVWyá1DMHJRSU]HFLZOHJá\PNRĔFXZZLOJRWQ\P

FLHPQ\PRWZRU]HF]\MHĞRF]\OĞQLá\PDUWZRMDNGZDV]PDUDJG\:LDáRRGQLFKPUR

]HP

3U]HF]\WDZV]\ GRNXPHQW 3HUVLNRZ ]HUZDá VLĊ ] WDERUHWX L GRSDGá WHOHIRQX :

NLONDVHNXQGSyĨQLHMPyZLáMXĪVSLHV]QLHL]QDMZ\ĪV]\P]GHQHUZRZDQLHP

:\EDF]FLH1LHPRJĊ]UR]XPLHü-DNĪHWRWDN"-D%H]PRMHM]JRG\EH]

S\WDQLD3U]HFLHĪGLDEOLZLHG]ąFRRQQDUR]UDELD

:W\PPRPHQFLHGRWNQLĊW\GRĪ\ZHJRQLH]QDMRP\RGZUyFLáVLĊQDWDERUHFLH

%DUG]RSU]HSUDV]DP]DF]ąáMHVWHPNLHURZ

$OH3HUVLNRZPDFKQąáQDQLHJRKDF]\NLHPLNRQW\QXRZDá

:\EDF]FLHQLHPRJĊ]UR]XPLHü-DZUHV]FLHNDWHJRU\F]QLHSURWHVWXMĊ1LH

GDMĊPRMHMVDQNFMLQDGRĞZLDGF]HQLD]MDMNDPL3U]\QDMPQLHMGRF]DVXGRSyNLVDP

QLHVSUyEXMĊ

:VáXFKDZFHFRĞNZDNDáRLSRVWXNLZDáRLQDZHW]SHZQHMRGOHJáRĞFLPRĪQDVLĊ

E\áR ]RULHQWRZDü ĪH SREáDĪOLZ\ JáRV Z VáXFKDZFH UR]PDZLD ] PDá\P G]LHFNLHP

6NRĔF]\áRVLĊQDW\PĪHSąVRZ\3HUVLNRZ]WU]DVNLHPRGáRĪ\áVáXFKDZNĊLSRZLH

G]LDáRERNQLHMGRĞFLDQ\

-DXP\ZDPUĊFH

:UyFLáGRVWRáXVLĊJQąáSRSDSLHUSU]HF]\WDáJRUD]]JyU\QDGyáSRQDGRNXOD

UDPLSRWHPMHV]F]HUD]]GRáXGRJyU\SU]H]RNXODU\LQDJOH]DZ\á

3DQNUDW

3DQNUDWVWDQąáZGU]ZLDFKMDNE\Z\VNRF]\á]]DSDGQLZRSHU]H3HUVLNRZVSRM

U]DáQDQLHJRLV]F]HNQąá

:\QRĞVLĊ3DQNUDW

,3DQNUDWNWyUHJRWZDU]QLH]GUDG]LáDQDZHWRGURELQ\]G]LZLHQLD]QLNQąá

1DVWĊSQLH3HUVLNRZ]ZUyFLáVLĊGRSU]\E\áHJRL]DF]ąáPyZLü

1DMPRFQLHMSU]HSUDV]DP5yEFLHVRELHFRFKFHFLH7RQLHPRMDU]HF]0QLH

WR]UHV]WąQLHLQWHUHVXMH

3U]\E\V]DSURIHVRUQLHW\OHXUD]LáLOH]GXPLDá

3U]HSUDV]DP]DF]ąáSU]\E\á\MHVWHĞFLHZV]DNWRZDU]\V]HP"

&R SDQ FLąJOH ³WRZDU]\V]X´ L ³WRZDU]\V]X´ SRVĊSQLH RGGXGQLá 3HUVLNRZ L

]DPLONá

DTP by SHADE

àDGQHU]HF]\RGPDORZDáRVLĊQDWZDU]\5RNND

3U]HS

$ZLĊFSURV]ĊSU]HUZDáPX3HUVLNRZ2WRODPSDáXNRZD=QLHMSU]HVXZD

MąFRNXODURWU]\PDSDQ3HUVLNRZV]F]ĊNQąáSRNU\ZąNRPRU\NWyUDSU]\SRPLQDáD

DSDUDW IRWRJUDILF]Q\ ZLą]NĊ NWyUą QDVWĊSQLH PRĪH SDQ UHJXORZDü SU]HVXZDMąF

RELHNW\ZRWRQXPHUMHGHQDWXOXVWURQXPHUGZD3HUVLNRZ]JDVLáSáRPLHĔL]QyZ

U]XFLáJRQDD]EHVWRZąSRGáRJĊNRPRU\QDSRGáRG]H]DĞZSROXSDGDQLDSURPLH

QLDPRĪHSDQVRELHUR]áRĪ\üFRVLĊSDQXĪ\ZQLHSRGREDLURELüGRĞZLDGF]HQLD1LH

]PLHUQLHSURVWHSUDZGD"

3HUVLNRZFKFLDáZ\UD]LüLURQLĊLSRJDUGĊDOHSU]\E\V]WHJRQLH]DXZDĪ\áXZDĪ

QLHZSDWU\ZDáVLĊEá\V]F]ąF\PLRF]NDPLZNRPRUĊ

8SU]HG]DPW\ONRFLąJQąá3HUVLNRZĪHQLHQDOHĪ\ZVXZDüUąNZSURPLHĔ

SRQLHZDĪMDN]DXZDĪ\áHPSRZRGXMHRQKLSHUWURILĊQDVNyUNDDF]\WR]PLDQ\]áR

ĞOLZHF]\QLHWHJRMHV]F]HQLHVWHW\QLH]GąĪ\áHPXVWDOLü

7X JRĞü ]ZLQQLH XNU\á GáRQLH ]D SOHFDPL XSXĞFLZV]\ SU]\ W\P VNyU]DQą F\NOL

VWyZNĊLVSRMU]DáQDUĊFHSURIHVRUD3U]HSDORQHE\á\MRG\QąDSUDZD]DEDQGDĪRZD

QDZQDGJDUVWNX

$Z\SURIHVRU]H"

86]ZDEHJRQD.X]QLHFNLP0RĞFLHPRĪHSDQVRELHNXSLüJXPRZHUĊNDZLF]NL

RGSDUá]LU\WDFMąSURIHVRU-DQLHPDPRERZLą]NXRWRVLĊWURV]F]\ü

7X3HUVLNRZVSRMU]DáQDVZHJRJRĞFLDQLF]\PSU]H]OXSĊ

6NąGVLĊSDQZ]Ląá":RJyOHGODF]HJRSDQ"

5RNNZNRĔFXVWUDV]QLHVLĊREUD]Lá

%DUG]RSU]HSUD

3U]HFLHĪWU]HEDSU]\QDMPQLHMZLHG]LHüRFRFKRG]L'ODF]HJRSDQVLĊXF]HSLá

WHJRSURPLHQLD"

'ODWHJRĪHWRVSUDZDQDMZLĊNV]HMRJURPQHMZDJL

$KD1DMZLĊNV]HM":WDNLPUD]LH3DQNUDW

$NLHG\3DQNUDWVLĊ]MDZLá

3RF]HNDM]DVWDQRZLĊVLĊ

,3DQNUDWSRNRUQLHF]HNDá

1LHPRJĊPyZLá3HUVLNRZ]UR]XPLHüMHGQHMU]HF]\SRFRWHQSRĞSLHFKWD

WDMHPQLFD"

-XĪHĞFLHPQLHSURIHVRU]H]ELOL]SDQWDá\NXRGSRZLHG]LDá5RNN:LHFLHSU]H

FLHĪĪHQDPNXU\Z\]G\FKDá\FRGRQRJL

:LĊFFR]WHJR"ZU]DVQąá3HUVLNRZ&KFHMHSDQPRPHQWDOQLHZVNU]HVLüF]\

MDN",GODF]HJRDNXUDW]DSRPRFąQLH]EDGDQHJRMHV]F]HSURPLHQLD"

7RZDU]\V]XSURIHVRU]HRĞZLDGF]\á5RNNVáRZRGDMĊĪHQLHZLHPFRPDP

RGSRZLHG]LHü0yZLĊZDPSU]HFLHĪĪHPXVLP\RGEXGRZDüZNUDMXKRGRZOĊNXUER

]DJUDQLFąZ\SLVXMąRQDVRNURSQHU]HF]\7DN

$QLHFKVRELHZ\SLVXMą

1RZLHFLH]DJDGNRZRSRZLHG]LDá5RNNLSRNUĊFLáJáRZą

.WyĪWRFLHNDZE\PZLHG]LHüZSDGáQDSRP\VáKRGRZDQLDNXU]MDMHN

-DRGSDUá5RNN

$KD7DDN$F]HPXĪWRMHĞOLZROQR"6NąGVLĊSDQGRZLHG]LDáRZáDĞFLZR

ĞFLDFKSURPLHQLD"

%\áHPSURIHVRU]HQDZDV]\PRGF]\FLH

1LF]HJRMHV]F]H]MDMNDPLQLHURELáHP0DPGRSLHUR]DPLDU

-DN%RJDNRFKDPXGDVLĊ]QDJá\PSU]HNRQDQLHPĪDUOLZLH]DSHZQLá5RNN

:DV]SURPLHĔMHVWWDN]QDNRPLW\ĪHPRĪQDE\KRGRZDüQDZHWVáRQLHQLHW\ONR

NXUF]ĊWD

:LH SDQ FR SRZLHG]LDá 3HUVLNRZ SDQ QLH MHVW ]RRORJLHP" 1LH" 6]NRGD

DTP by SHADE

%\áE\]SDQDQDGHURGZDĪQ\HNVSHU\PHQWDWRU7DNDOHU\]\NXMHSDQQLHSRZR

G]HQLH,W\ONR]DELHUDSDQPyMF]DV

=ZUyFLP\ZDPNRPRU\&R]QDF]\

.LHG\"

1RMDNW\ONRZ\KRGXMĊSLHUZV]ąSDUWLĊ

=MDNLPSU]HNRQDQLHPSDQWRPyZL'REU]H3DQNUDW

0DP]HVREąOXG]LSRZLHG]LDá5RNNLNRQZRMHQWyZ

3U]HGZLHF]RUHPJDELQHW3HUVLNRZDRVLHURFLDá2SXVWRV]Dá\VWRá\/XG]LH5RNND

]DEUDOLZV]\VWNLHWU]\ZLHONLHNRPRU\SR]RVWDZLDMąFSURIHVRURZLW\ONRMHJRSLHUZ

V]ąPDOXWNąWĊZNWyUHMUR]SRF]\QDáGRĞZLDGF]HQLD

=DSDGá OLSFRZ\ ]PLHU]FK V]DURĞü RJDUQĊáD ,QVW\WXW SRSá\QĊáD NRU\WDU]DPL =

JDELQHWXVá\FKDüE\áRPRQRWRQQHNURNLWR3HUVLNRZQLH]DSDODMąFĞZLDWáDSU]HPLH

U]DáROEU]\PLSRNyMRGRNQDGRGU]ZL']LZQDU]HF]MDNLĞQLHZ\WáXPDF]DOQLHVPXW

Q\QDVWUyMRZáDGQąáWHJRZLHF]RUDZV]\VWNLPLNWyU]\]QDMGRZDOLVLĊZ,QVW\WXFLH

WDNĪH]ZLHU]ĊWDPLĩDE\QLHZLDGRPRGODF]HJRUR]SRF]Ċá\Z\MąWNRZRVPĊWQ\NRQ

FHUWUHFKRWDá\]áRZLHV]F]RRVWU]HJDZF]R3DQNUDW]PXV]RQ\E\áSRORZDüSRNRU\WD

U]DFKQDZĊĪDNWyU\XFLHNá]HVZRMHMVNU]\QNLDNLHG\JRZUHV]FLH]G\EDáZąĪPLDá

PLQĊMDNE\JRWyZE\áXFLHNDüJG]LHRF]\SRQLRVąE\OHW\ONR]ZLDü]WHJRPLHMVFD

2JáĊERNLP]PLHU]FKXUR]OHJáVLĊG]ZRQHN]JDELQHWX3HUVLNRZD3DQNUDWVWDQąá

ZSURJX,XMU]DáREUD]VWUDV]OLZ\8F]RQ\VWDáVDPRWQLHQDĞURGNXJDELQHWXLSDWU]\á

QDVWRá\3DQNUDWRGNDV]OQąáL]DPDUá

7DN3DQNUDWSRZLHG]LDá3HUVLNRZLZVND]DáRSXVWRV]Dá\VWyá

3DQNUDWSU]HUD]LáVLĊ:\GDáRPXVLĊSRFLHPNXĪHSURIHVRUPDRF]\]DSXFKQLĊ

WHRGSáDF]X7RE\áRWDNQLHVá\FKDQHWDNVWUDV]QH

7DNMHVWSáDF]OLZLHRGSRZLHG]LDá3DQNUDWLSRP\ĞODá/HSLHME\ĞMXĪQDPQLH

QDNU]\F]Dá

7DNSRZWyU]\á3HUVLNRZLZDUJLPXGUJQĊá\GRNáDGQLHWDNVDPRMDNGUJDMą

G]LHFNXNWyUHPXQLVWąGQL]RZąGRGHEUDQRXNRFKDQą]DEDZNĊ

:LHV]3DQNUDWPyMGURJLRGZUDFDMąFVLĊGRRNQDFLąJQąá3HUVLNRZPRMD

ĪRQDNWyUDZ\SURZDG]LáDVLĊSU]HGSLĊWQDVWRPDODW\LZ\VWĊSRZDáDSRWHPZRSHUHW

FHWHUD]RND]XMHVLĊXPDUáD7DNDWRKLVWRULDNRFKDQ\2WU]\PDáHPOLVW

ĩDE\GDUá\VLĊĪDáRĞQLHLPURNSRFKáDQLDáSURIHVRUDRWRRQDQRF0RVNZD

]DSDODá\VLĊJG]LHĞWDPMDNLHĞELDáHODPS\]DV]\EDPL6WURSLRQ\3DQNUDWFLHUSLDá

]HVWUDFKXSUĊĪąFVLĊMDNVWUXQD

,GĨMXĪ3DQNUDW]WUXGHPZ\U]HNáSURIHVRULPDFKQąáUĊNą.áDGĨVLĊVSDü

PyMGURJLNáDGĨVLĊJRáąEHF]NX

,]DSDGáDQRF3DQNUDW]JDELQHWXZ\ELHJáQLHZLHG]LHüF]HPXQDSDOFDFKSU]\

ELHJáGR VZRMHM L]GHENL UR]JU]HEDáV]PDW\Z NąFLHZ\GRE\á VSRGQLFKQDSRF]ĊWą

IODV]NĊURV\MVNLHMJRU]DáNLLMHGQ\PKDXVWHPá\NQąáRNRáRV]NODQNL=DJU\]áFKOHEHP

]VROąLRF]\PXFRNROZLHNSRZHVHODá\

3yĨQ\PZLHF]RUHPMXĪEOLVNRSyáQRF\ERV\3DQNUDWVLHG]LDáQDáDZFHZZąWOH

RĞZLHWORQ\PKDOOXLPyZLáGRQLHRGPLHQQLHF]XZDMąFHJRG\ĪXUQHJRPHORQLNDGUD

SLąFVLĊSU]\W\PZSLHUĞSRGSHUNDORZąNRV]XOą

/HSLHME\MXĪ]DELOLMDN%R

1DSUDZGĊSáDNDá"]]DLQWHUHVRZDQLHPS\WDáPHORQLN"

-DN%R]DSHZQLDá3DQNUDW

:LHONLXF]RQ\SU]\WDNQąáPHORQLN:LDGRPDU]HF]ĪDEDĪRQ\QLH]DVWąSL

6NąGSU]\WDNQąá3DQNUDW

3RWHPSRP\ĞODáLGRGDá

0\ĞOĊĞFLąJQąüWXPRMąEDEĊ%RLFRPDVDPDVLHG]LHüZHZVL"7\ONRĪHRQD

W\FKZV]\VWNLFKJDGyZQLH]QRVL

2NURSQHREU]\GOLVWZRFRWXJDGDüSU]\WDNQąáPHORQLN

DTP by SHADE

=JDELQHWXXF]RQHJRQLHGRELHJDáĪDGHQGĨZLĊN=UHV]WąĞZLDWáRWHĪVLĊWDPQLH

SDOLáR1LHE\áRMDVQHMV]SDU\SRGGU]ZLDPL

52='=,$à9,,,:<'$5=(1,$:62:&+2=,(

=FDáąSHZQRĞFLąQLHPDSLĊNQLHMV]HMSRU\URNXDQLĪHOLGRMU]Dá\VLHUSLHĔZJXEHU

QLSRZLHG]P\VPROHĔVNLHM/DWRURNXW\VLąFG]LHZLĊüVHWGZXG]LHVWHJRyVPHJRE\áR

MDN ZLDGRPR Z\MąWNRZR SLĊNQH QD ZLRVQĊ GHV]F]H VSDGá\ Z VDPą SRUĊ VáRĔFH

JU]DáRMDNQDOHĪ\XURG]DME\á]QDNRPLW\-DEáNDZE\á\PPDMąWNX6]HUHPLHWLHZyZ

GRMU]HZDá\=LHOHQLá\VLĊODV\ĪyáNá\NZDGUDW\SyO1DáRQLHSU]\URG\QDZHWF]áR

ZLHNVWDMHVLĊOHSV]\7X$OHNVDQGHU6LHPLRQRZLF]QLH]URELáE\WDNQLHSU]\MHPQHJR

ZUDĪHQLDMDNZPLHĞFLH=UHV]WąQLHFKRG]LáWHUD]ZVZRLPRNURSQ\PWUHQF]X7ZDU]

PLDáRSDORQąQDPLHGĨUR]SLĊWDSHUNDORZDNRV]XODXND]\ZDáDSLHUĞSRURĞQLĊWąJĊ

VW\PF]DUQ\PZáRVHPVSRGQLHPLDá$OHNVDQGHU6LHPLRQRZLF]]ĪDJORZHJRSáyWQD

-HJRRF]\VWDá\VLĊVSRNRMQLHMV]HZLĊFHMZQLFKE\áRGREURFL

$OHNVDQGHU6LHPLRQRZLF]]ELHJáĪ\ZR]WDUDVXSRGNROXPQDPLGRMHGQHM]QLFK

SU]\ELW\E\áV]\OG]JZLD]Gą

6RZKR]³&]HUZRQ\3URPLHĔ´LSRELHJáSURVWRGRSyáFLĊĪDUyZNLNWyUDSU]\ZLR]áD

SRGNRQZRMHPWU]\F]DUQHNRPRU\

3U]H]FDá\G]LHĔ$OHNVDQGHU6LHPLRQRZLF]NU]ąWDáVLĊZUD]]HVZ\PLSRPRFQL

NDPLXVWDZLDáNRPRU\ZE\á\PRJURG]LH]LPRZ\PZRUDQĪHULL6]HUHPLHWLHZyZ

3U]HGZLHF]RUHPZV]\VWNRE\áRJRWRZH3RGV]NODQ\PGDFKHP]DSáRQĊáDELDáDPD

WRZDNXODXVWDZLRQRQDFHJáDFKNRPRU\DPHFKDQLNNWyU\SU]\MHFKDáZUD]]QLPL

SRNUĊFLZV]\ OĞQLąFH ĞUXE\ L SRV]F]ĊNDZV]\ QDU]ĊG]LDPL ]DSDOLá QD D]EHVWRZ\FK

GQDFKF]DUQ\FKVNU]\ĔWDMHPQLF]\F]HUZRQ\SURPLHĔ

$OHNVDQGHU 6LHPLRQRZLF] GRJOąGDá ZV]\VWNLHJR VDP ZáD]Lá QD GUDELQĊ ĪHE\

VSUDZG]LüSU]HZRG\

1D]DMXWU]WDVDPDFLĊĪDUyZNDZUyFLáD]HVWDFMLNROHMRZHMLZ\SOXáDWU]\VNU]\QNL

]HZVSDQLDáHMJáDGNLHMG\NW\RNOHMRQH]HZV]\VWNLFKERNyZQDOHSNDPLIUDFKWXLELD

á\PLQDF]DUQ\PWOHQDSLVDPL

9RUVLFKW(LHU

2VWURĪQLH-DMND

&RWDNPDáRSU]\VáDOL"]G]LZLáVLĊ$OHNVDQGHU6LHPLRQRZLF]DOHQDW\FKPLDVW

]DMąáVLĊSU]HV\áNą]DF]ąáZ\SDNRZ\ZDüMDMND

5R]SDNRZ\ZDQRVNU]\QNLZWHMĪHRUDQĪHULLDEUDOLZW\PXG]LDáVDP$OHNVDQGHU

6LHPLRQRZLF]MHJRQLHE\ZDáHMWXV]\ĪRQD0DQLDMHGQRRNLE\á\RJURGQLNE\á\FK6]H

UHPLHWLHZyZ]DMPXMąF\REHFQLHZVRZFKR]LHXQLZHUVDOQHVWDQRZLVNRVWUyĪDVND]D

Q\QD]DPLHV]NDQLHZVRZFKR]LHIXQNFMRQDULXV]EH]SLHF]HĔVWZDLVSU]ąWDF]ND'XQLD

7RQLH0RVNZDLZV]\VWNRWXWDMRGE\ZDáRVLĊEDUG]LHMSRSURVWXEDUG]LHMURG]LQQLH

EDUG]LHMSRSU]\MDFLHOVNX$OHNVDQGHU6LHPLRQRZLF]NRPHQGHURZDáLPLáRĞQLHVSR

JOąGDáQDVNU]\QNLNWyUHZGHOLNDWQ\PSU]HGZLHF]RUQ\PĞZLHWOHVąF]ąF\PVLĊSU]H]

V]NODQ\GDFKRUDQĪHULLZ\JOąGDá\MDNZ\WZRUQLH]DSDNRZDQHXSRPLQNL.DUDELQNRQ

ZRMHQWDEáRJRGU]HPDáSU]\GU]ZLDFKRQVDP]DĞ]U\ZDáREFĊJDPLPHWDORZHNODPU\

LWDĞP\]HVNU]\Ĕ'\NWDWU]HV]F]DáD:]ELMDáVLĊNXU]$OHNVDQGHU6LHPLRQRZLF]

F]áDSLąFVDQGDáDPLNU]ąWDáVLĊZRNyáVNU]\QHN

2VWURĪQLHEáDJDPPyZLáGRIXQNFMRQDULXV]D'HOLNDWQLHM1LHZLHFLHĪHWR

MDMND"

7RQLFFKU\SLDáJPLQQ\ERMRZQLNZ\ZDĪDMąFZLHNR=DUD]

7UUU L Z]ELMDá VLĊ NXU] -DMD E\á\ ]DSDNRZDQH NRPIRUWRZR SRG GUHZQLDQ\P

ZLHNLHP ]QDMGRZDáD VLĊ ZDUVWZD SHUJDPLQX SRG QLą NDUWRQ SRWHP QDVWĊSRZDáD

JUXEDZDUVWZDZLyUyZSRWHPWURFLQ\LZW\FKWURFLQDFKZLGDüE\áRELDáHáHENLMDMHN

=DJUDQLF]QHRSDNRZDQLHJU]HELąFZWURFLQDFKPyZLáF]XOH$OHNVDQGHU6LH

DTP by SHADE

PLRQRZLF]1LHWRFRXQDV0DĔNDRVWURĪQLHMERVWáXF]HV]

&DáNLHPĪHĞW\]JáXSLDá$OHNVDQGHURGSRZLDGDáDĪRQD:LHONLHPLU]HF]\

P\ĞODáE\NWR&RWRMDQLJG\MDMHNQLHZLG]LDáDP"2FK-DNLHGXĪH

=DJUDQLFDPyZLá$OHNVDQGHU6LHPLRQRZLF]Z\NáDGDMąFMDMDQDGUHZQLDQ\VWyá

WRQLHWRFRQDV]HFKáRSVNLHMDMD:V]\VWNLHQDSHZQRSVLDLFKPDüQLHPLHFNLH

EUDPDSXWU\

3HZQLHSRWDNLZDáNRQZRMHQWSRG]LZLDMąFMDMD

1LHUR]XPLHPW\ONRGODF]HJRVąWDNLHEUXGQHPyZLá]]DGXPą$OHNVDQGHU

6LHPLRQRZLF]0DQLDGRJOąGDM1LHFKUR]áDGRZXMąGDOHMDMDLGĊGRWHOHIRQX

,Z\UXV]\áGRWHOHIRQXZELXU]HVRZFKR]XSRGUXJLHMVWURQLHSRGZyU]D

:LHF]RUHPZJDELQHFLHZ,QVW\WXFLH=RRORJLL]DWHUNRWDáWHOHIRQ3URIHVRU3HUVL

NRZ]ZLFKU]\áF]XSU\QĊLSRGV]HGáGRDSDUDWX

1R"]DS\WDá

%ĊG]LH]ZDPLUR]PDZLDáDSURZLQFMDFLFKRFKUDSOLZLHRGH]ZDáDVLĊNRELHF\P

JáRVHPVáXFKDZND

1RVáXFKDP]REU]\G]HQLHPU]XFLá3HUVLNRZZF]DUQąSDV]F]ĊVáXFKDZNL

&RĞZQLHMV]F]ĊNQĊáRSRWHPRGGDORQ\PĊVNLJáRV]QLHSRNRMHPSRZLHG]LDáZVDPR

XFKR

&]\P\üMDMNDSURIHVRU]H"

&RWDNLHJR"&R2FRSDQS\WD"]LU\WRZDáVLĊ3HUVLNRZ6NąGSDQPyZL"

=1LNROVNLHJRJXEHUQLDVPROHĔVNDRGSRZLHG]LDáDVáXFKDZND

1LFQLHUR]XPLHP1LH]QDPĪDGQHJR1LNROVNLHJR.WRPyZL"

5RNNVXURZRSRZLHG]LDáDVáXFKDZND

&R]D5RNN"$FKUR]XPLHPWRSDQZLĊFRFRSDQS\WD"

&]\MHP\ü"3U]\VáDOLPL]]DJUDQLF\WUDQVSRUWNXU]\FKMDM

1RL"

DRQHWDNLHMDNLHĞXĞZLQLRQH

7RFK\EDMDNDĞSRP\áND-DNĪHRQHPRJąE\ü³XĞZLQLRQH´MDNSDQVLĊZ\UD

]Lá1RRF]\ZLĞFLHPRĪHWURFKĊQRSRPLRWSU]\VHFKáDOERFRĞMHV]F]H

7RQLHP\ü"

2F]\ZLĞFLHĪHQLHWU]HED$FRFKFHSDQMXĪáDGRZDüMDMDGRNRPyU"

-XĪáDGXMĊ7DNRGSRZLHG]LDáDVáXFKDZND

+PFKU]ąNQąá3HUVLNRZ

7RQDUD]LHFPRNQĊáDVáXFKDZNDLXPLONáD

³1DUD]LH´]QLHQDZLĞFLąSRZWyU]\á3HUVLNRZSULYDWGRFHQWRZL,ZDQRZRZL

MDNVLĊSDQXSRGREDWHQW\SHN"

,ZDQRZVLĊUR]HĞPLDá

7RE\áRQ":\REUDĪDPVRELHFRRQWDPZ\SLHF]H]W\FKMDM

7WWJQLHZQLH]DF]ąáPyZLü3HUVLNRZZ\REUDĪDSDQVRELHQRSLĊN

QLHEDUG]RPRĪOLZHĪHQDGHXWHURSOD]PĊMDMDNXU]HJRSURPLHĔEĊG]LHRGG]LDá\ZDá

ZWDNLVDPVSRVyEMDNQDSOD]PĊSáD]yZ%DUG]RPRĪOLZHĪHNXU\PXVLĊZ\NOXMą

$OHSU]HFLHĪDQLSDQDQLMDQLHPRĪHP\SU]HZLG]LHüMDNLHWHNXU\EĊGą0RĪHGLD

EáDZDUWH0RĪHEĊGąQLHMDGDOQH&]\QDSU]\NáDGPRJĊ]DUĊF]\üĪHSRWUDILąXVWDü

QDZáDVQ\FKQRJDFK"0RĪHEĊGąPLDá\]E\WáDPOLZHNRĞFL"3HUVLNRZZSDGáZ]DSDá

Z\PDFKLZDáUĊNą]DJLQDáSDOFH

ĝZLĊWDSUDZGD]JRG]LáVLĊ]QLP,ZDQRZ

$F]\SDQPRĪH]DUĊF]\üĪHWHNXU\EĊGąVLĊUR]PQDĪDü"0RĪHWHQW\SHNZ\

KRGXMHEH]SáRGQHNXU\"&R]WHJRĪHEĊGąZLHONRĞFLSVDMHĞOLQDNXUF]DNLWU]HED

EĊG]LHF]HNDüGRNRĔFDĞZLDWD"

7UXGQRSRZLHG]LHü]JRG]LáVLĊ]QLP,ZDQRZ

&R ]D QRQV]DODQFMD GHQHUZRZDá VLĊ 3HUVLNRZ -DND EH]FHUHPRQLDOQRĞü

3URV]Ċ]ZUyFLüXZDJĊĪHSROHFRQRPLLQVWUXRZDüWHJRGUDQLD3HUVLNRZZVND]Dá

DTP by SHADE

SU]\QLHVLRQ\SU]H]5RNNDSDSLHUNWyU\MHV]F]HSRQLHZLHUDáVLĊQDVWROHODERUDWRU\M

Q\P$MDNĪHMDPRJĊJRLQVWUXRZDüWHJRüZLHUüLQWHOLJHQWDVNRURVDPQLHPDPZ

WHMVSUDZLHQLFGRSRZLHG]HQLD

&]\QLHPyJáSDQRGPyZLü"]DS\WDá,ZDQRZ

3HUVLNRZVSXUSXURZLDáZ]LąáSDSLHULSRND]DáJR,ZDQRZRZL,ZDQRZSU]HF]\WDá

LXĞPLHFKQąáVLĊLURQLF]QLH

7DDNSRZLHG]LDá]QDF]ąFR

3URV]Ċ]ZUyFLüXZDJĊĪHRGGZyFKPLHVLĊF\F]HNDPQDUHDOL]DFMĊPRMHJR]D

PyZLHQLDLDQLZLGXDQLVá\FKX$MHPXPRPHQWDOQLHSU]\VáDOLMDMDLZRJyOHRWU]\

PDáZV]HONąPRĪOLZąSRPRF

1LFPX]WHJRQLHZ\MG]LHSDQLHSURIHVRU]H6NRĔF]\VLĊQDW\PĪHSRSURVWX

RGGDG]ąQDPNRPRU\

%\OHMDNQDMV]\EFLHMSU]HFLHĪRQLZWHQVSRVyERSyĨQLDMąPRMHHNVSHU\PHQW\

7RZáDĞQLHMHVWQDMVPXWQLHMV]H-DPDPZV]\VWNRJRWRZH

'RVWDáSDQVNDIDQGU\"

7DNG]LVLDM

3HUVLNRZQLHFRVLĊXVSRNRLáLRĪ\ZLá

8KXP\ĞOĊĪH]URELP\WDN'U]ZLVDOLPRĪQDEĊG]LH]DPNQąüQDVWDáHRWZR

U]\P\]DWRRNQR

2F]\ZLĞFLHSU]\WDNQąá,ZDQRZ

7U]\KHáP\"

7DN7U]\

:LĊFWDN=DWHPSDQMDLMHV]F]HNWyU\Ğ]HVWXGHQWyZ'DP\PXWU]HFLKHáP

0RĪH*U\QPXW

7RWHQNWyU\WHUD]]DMPXMHVLĊXSDQDVDODPDQGUDPL"+PQLF]HJRVRELH

FKRFLDĪSU]HSUDV]DPQDZLRVQĊQLHSRWUDILáPLSRZLHG]LHüMDNMHVW]EXGRZDQ\SĊ

FKHU]SáDZQ\XQDJR]ĊE\FKSDPLĊWOLZLHGRU]XFLá3HUVLNRZ

1LHRQVLĊQDGD7RGREU\VWXGHQW,ZDQRZZ]LąáZREURQĊ*U\QPXWD

7UXGQRF]HNDQDVQLHSU]HVSDQDQRFFLąJQąá3HUVLNRZ7\ONRZLHSDQNR

OHJRSURV]ĊMHV]F]HVSUDZG]LüJD]ERZLHSDQSRQLFKZV]\VWNLHJRPRĪQDVLĊVSR

G]LHZDü3U]\ĞOąMDNLHĞĞZLĔVWZR

1LHQLH]DPDFKDáUĊNDPL,ZDQRZZF]RUDMVSUDZG]DáHP7U]HEDLPRGGDü

VSUDZLHGOLZRĞüSDQLHSURIHVRU]HWRGRVNRQDá\JD]

1DF]\PSDQJRZ\SUyERZ\ZDá"

1D]Z\F]DMQ\FKĪDEDFK:\VWDUF]\SXĞFLüJRWURFKĊD]G\FKDMąQDW\FKPLDVW

$FKMHVWMHV]F]HMHGQDVSUDZD3URV]ĊQDSLVDüSLVHPNRGR*38ĪHE\QDPSU]\VáDOL

HOHNWU\F]Q\UHZROZHU

$OHĪMDVLĊQLHSRWUDILĊ]QLPREFKRG]Lü

%LRUĊWRQDVLHELHRGSRZLHG]LDá,ZDQRZ6WU]HODOLĞP\]WHJRQDG.ODĨPą

GOD]DEDZ\PLHV]NDáWDPRERNPQLHMHGHQJHSLVWD7RZVSDQLDáDEURĔ1DG]Z\

F]DMQD6WU]HODEH]JáRĞQLHNáDG]LHWUXSHPQDVWRNURNyZ6WU]HODOLĞP\GRZURQ

0RLP]GDQLHPPRJOLE\ĞP\VLĊREHMĞüQDZHWEH]JD]X

+PWRLQWHUHVXMąF\SRP\Vá%DUG]RLQWHUHVXMąF\3HUVLNRZSRV]HGáGR

NąWDSRGQLyVáVáXFKDZNĊLNZDNQąá

3URV]ĊPLGDüWĊQRMDNMHMWDPàXELDQNĊ

3DQRZDá\XSDá\QLHGRZ\WU]\PDQLD:\UDĨQLHZLGDüE\áRMDNSU]HOHZDVLĊQDG

SRODPLWáXVW\SU]H]URF]\VW\VNZDU1RFHQDVWDá\FXGRZQH]ZRGQLF]H]LHORQHĝZLH

FLáNVLĊĪ\FLE\áąSRVLDGáRĞü6]HUHPLHWLHZyZF]\QLáWDNSLĊNQąĪHWUXGQRWRRSLVDü

3DáDFVRZFKR]ĞZLHFLáVLĊMDNE\E\á]FXNUXZSDUNXGUĪDá\FLHQLHVWDZ\]DĞVWDá\

VLĊGZXEDUZQHáDZLFDNVLĊĪ\FRZHMSRĞZLDW\DQDSRáRZLHPURNEH]GQD:NVLĊĪ\

FRZ\PĞZLHWOHPRĪQDE\áREH]WUXGXF]\WDü³,]ZLHVWLD´Z\MąZV]\G]LDáV]DFKRZ\

VNáDGDQ\GUREQLXWNLPQRQSDUHOHP$OHZWDNLHQRFHQLNW³,]ZLHVWLL´U]HF]MDVQDQLH

DTP by SHADE

F]\WDá6SU]ąWDF]ND'XQLD]QDOD]áDVLĊMDNLPĞWUDIHPZ]DURĞODFK]DVRZFKR]HPL

WDPĪHG]LZQ\P]ELHJLHPRNROLF]QRĞFL]QDOD]áVLĊUXGRZąV\NLHURZFDUR]NOHNRWDQHM

SyáFLĊĪDUyZNL&RWDPURELOLQLHZLDGRPR6NU\OLVLĊZQLHSHZQ\PFLHQLXZLą]X

ZSURVWQDUR]ĞFLHORQ\PVNyU]DQ\PSáDV]F]XV]RIHUD:NXFKQLSDOLáDVLĊĪDUyZND

MHGOLWDPNRODFMĊGZDMRJURGQLF\DPDGDPH5RNNZELDáHMNDSRFLHVLHG]LDáDSRGNR

OXPQDPLWDUDVXLPDU]\áDZSDWU]RQDZU]DGNLHMXURG\NVLĊĪ\F

2G]LHVLąWHMZLHF]RUHPNLHG\XFLFKá\RVWDWQLHJáRV\ZOHĪąFHM]DVRZFKR]HP

ZVL.RQFRZNDUR]EU]PLDá\ZLG\OOLF]Q\PSHM]DĪXFXGQLHWNOLZHGĨZLĊNLIOHWX3LyUR

WHJRQLHRSLV]HMDNEDUG]RSDVRZDá\WXQDGW\PL]DJDMDPLLE\á\PLNROXPQDPLSD

áDFX6]HUHPLHWLHZyZ3DVWHORZD/L]D]³'DP\3LNRZHM´]PLHV]DáDVZyMVRSUDQZGX

HFLH]QDPLĊWQ\PDOWHP3DXOLQ\LZ]QLRVáDVLĊQDNVLĊĪ\FRZHZ\Ī\Q\QLF]\PZLGPR

VWDUHJRDSU]HFLHĪWDNEH]EU]HĪQLHPLáHJRUR]F]XODMąFHJRGRáH]UHĪLPX

-XĪZLHF]yU]DSDGá-XĪZLHF]yU]DSDGáJUDáZĞUyGZHVWFKQLHĔLILRU\WXUIOHW

=DURĞOD]DPDUá\D]ZRGQLF]DMDNOHĞQDUXVDáND'XQLDVáXFKDáDWHJRGXHWXWXOąF

SROLF]HNGRFKURSDZHJRUXGHJRLPĊĪQHJRSROLF]NDNLHURZF\

)DMQLHSRGJU\ZDVXNLQV\QSRZLHG]LDáV]RIHUREHMPXMąFPĊĪQ\PUDPLHQLHP

WDOLĊ'XQL

1DIOHFLHJUDáRVRELĞFLHNLHURZQLNVRZFKR]X$OHNVDQGHU6LHPLRQRZLF]5RNND

JUDáQDOHĪ\PXSU]\]QDüGRVNRQDOH5]HF]ZW\PĪHIOHWWRE\áDQLHJG\ĞVSHFMDO

QRĞü$OHNVDQGUD6LHPLRQRZLF]D$ĪGRURNXW\VLąFG]LHZLĊüVHWVLHGHPQDVWHJRJUDá

Z]QDQ\P]HVSROHLQVWUXPHQWDOQ\PPDHVWUR3LHWXFKRZDNWyU\FRZLHF]yUZ\SHáQLDá

KDUPRQLąGĨZLĊNyZIR\HUSU]\WXOQHJRNLQRWHDWUX³&]DURZQ\)DQWRP´ZPLHĞFLH-H

NDWHU\QRVáDZ$OHZLHONLURNW\VLąFG]LHZLĊüVHWVLHGHPQDVW\NWyU\RGPLHQLáORV\WDN

ZLHOXOXG]LWDNĪHL$OHNVDQGUD6LHPLRQRZLF]DVNLHURZDáQDQRZąGURJĊ$OHNVDQGHU

6LHPLRQRZLF]RSXĞFLá³&]DURZQ\)DQWRP´RUD]]DNXU]RQąJZLDĨG]LVWąVDW\QĊZIR\HU

LSXĞFLáVLĊQDV]HURNLHZRG\ZRMQ\LUHZROXFML]DPLHQLDMąFIOHWQDPRUGHUF]\PDX

]HU)DOHPLRWDá\QLPGáXJRZ\U]XFDMąFJRWRQD.U\PLHWRZ0RVNZLHWRZ7XUNLH

VWDQLHDQDZHWZH:áDG\ZRVWRNX7U]HEDE\áRZáDĞQLHUHZROXFMLE\ZFDáHMNUDVLH

REMDZLüĞZLDWX$OHNVDQGUD6LHPLRQRZLF]D2ND]DáRVLĊĪHWRF]áRZLHNQLHZąWSOLZLH

ZLHONLHJRNDOLEUXLĪHQLHGODQLHJRIR\HU³&]DURZQHJR)DQWRPX´1LHZGDMąFVLĊZ

QXĪąFHV]F]HJyá\SRZLHG]P\ĪHURNPLQLRQ\W\VLąFG]LHZLĊüVHWGZXG]LHVW\VLyGP\

RUD]SRF]ąWHNURNXGZXG]LHVWHJRyVPHJR]DVWDá\$OHNVDQGUD6LHPLRQRZLF]DZ7XU

NLHVWDQLHJG]LHSRSLHUZV]HUHGDJRZDáZLHONLG]LHQQLNDSRGUXJLHMDNRORNDOQ\

F]áRQHNQDMZ\ĪV]HMNRPLVMLJRVSRGDUF]HMZVáDZLáVLĊ]GXPLHZDMąF\PLZ\QLNDPLZ

G]LHG]LQLH QDZRGQLHQLD 7XUNLHVWDQX : GZXG]LHVW\P yVP\P 5RNN SU]\E\á GR 0R

VNZ\L]QDOD]áWXFDáNRZLFLH]DVáXĪRQ\RGSRF]\QHN1DMZ\ĪV]DNRPLVMDRUJDQL]DFML

NWyUHMOHJLW\PDFMĊFKOXEQLHQRVLáZNLHV]HQLyZVWDURĞZLHFNLSURZLQFMXV]RFHQLáDJR

ZáDĞFLZLH L SRZLHU]\áD PX VWDQRZLVNR VSRNRMQH D ]DV]F]\WQH 1LHVWHW\ 1LHVWHW\

1DQLHV]F]ĊĞFLH5HSXEOLNLUXFKOLZ\XP\Vá$OHNVDQGUD6LHPLRQRZLF]DE\QDMPQLHMQLH

SU]\JDVáZ0RVNZLH5RNNXVá\V]DáRZ\QDOD]NX3HUVLNRZDLZSRNRMDFKXPHEORZD

Q\FK³&]HUZRQ\3DU\Ī´QDXOLF\7ZHUVNLHM]URG]LáDVLĊZMHJRPy]JXLGHD]UHNRQVWUX

RZDQLDZFLąJXPLHVLąFD]DSRPRFąSURPLHQLD3HUVLNRZDSRJáRZLDNXUZ5HSXEOLFH

:.RPLVML+RGRZOL=ZLHU]ĊFHMZ\VáXFKDQR5RNNDXZDĪQLHXG]LHORQRPXSRSDUFLDL

WDNWR5RNN]JUXE\PSDSLHUHP]MDZLáVLĊXG]LZDND]RRORJD

.RQFHUW QDG V]NODQ\PL ZRGDPL ]DURĞODPL L SDUNLHP PLDá VLĊ MXĪ NX NRĔFRZL

NLHG\QDJOHVWDáRVLĊFRĞFRSU]HUZDáRJRSU]HGZF]HĞQLH$PLDQRZLFLHSV\Z.RQ

FRZFH NWyUH ]H Z]JOĊGX QD VSyĨQLRQą SRUĊ GDZQR MXĪ SRZLQQ\ E\á\ XGDü VLĊ QD

VSRF]\QHNSRGQLRVá\]QLHQDFNDQLHZLDU\JRGQ\ZSURVWMD]JRWNWyU\VWRSQLRZRSU]H

V]HGáZ]ELRURZHQLH]QRĞQHZ\FLH:\FLHWRQDUDVWDáRSRGQLRVáRVLĊQDGSRODPLL

QDJOH]DZWyURZDáPXPLOLRQRJáRV\VNU]HNOLZ\NRQFHUWĪDEUHFKRFąF\FKQDVWDZDFK

:V]\VWNRWRE\áRWDNRNURSQHĪHSU]H]FKZLOĊZ\GDáRVLĊQDZHWLĪSU\VáWDMHPQ\

F]DUQLH]UyZQDQHMQRF\

DTP by SHADE

$OHNVDQGHU6LHPLRQRZLF]RGáRĪ\áIOHWLZ\V]HGáQDZHUDQGĊ

0DĔND6á\V]\V]"3U]HNOĊWHNXQGOH-DNP\ĞOLV]GODF]HJRVLĊWDNZĞFLHNá\"

6NąGPDPZLHG]LHü"SDWU]ąFQDNVLĊĪ\FRGSRZLHG]LDáD0DQLD

:LHV]FR0DĔNDFKRGĨSRSDWU]\P\QDMDMHF]ND]DSURSRQRZDá$OHNVDQGHU

6LHPLRQRZLF]

-DN%RJDNRFKDPW\ĞMXĪFDáNLHP]ZDULRZDá]W\PLWZRLPLMDMNDPLLNXUDPL

/HSLHMWURFKĊE\ĞRGSRF]ąá

1LH0DĔNDFKRGĨP\

:RUDQĪHULLSDOLáDVLĊMDVQDODPSD1DGHV]áDL'XQLD]SDáDMąF\PLSROLF]NDPLL

Eá\V]F]ąF\PLRF]\PD$OHNVDQGHU6LHPLRQRZLF]RVWURĪQLHRGVXQąáV]\EĊLZV]\VF\

]DMU]HOL GR NRPRU\ 1D ELDáHM D]EHVWRZHM SRGáRG]H OHĪDá\ Z UyZQLXWNLFK U]ąGNDFK

FĊWNRZDQHMDVNUDZRF]HUZRQHMDMNDZNRPRUDFKE\áRFLFKRDODPSDQDJyU]H

SLĊWQDĞFLHW\VLĊF\ĞZLHFV\F]DáDFLFKR

8FKFRMD]DNXUF]ĊWDZ\KRGXMĊPyZLá]HQWX]MD]PHP$OHNVDQGHU6LHPLR

QRZLF]]DJOąGDMąFGRNRPXUWR]ERNXSU]H]V]F]HOLQ\NRQWUROQHWR]JyU\SU]H]

RWZRU\ZHQW\ODF\MQH=REDF]\FLH&R"0RĪHQLHZ\KRGXMĊ"

$ZLHFLHXĞPLHFKDMąFVLĊSRZLHG]LDáD'XQLDZ.RQFRZFHFKáRSLPyZLąĪH

ĞFLH$QW\FKU\VW3RZLDGDMąĪHWHMDMDWRGLDEHOVNLH*U]HFKZPDV]\QLHZ\VLDG\ZDü

&KFLHOLZDV]DELü

$OHNVDQGHU6LHPLRQRZLF]GUJQąáLRGZUyFLáVLĊGRĪRQ\7ZDU]PXSRĪyáNáD

1RFRZ\QDWR"&R]DOXG]LH&R]WDNLPLPRĪQD]URELü"&R"0DĔNDWU]HED

LPEĊG]LH]RUJDQL]RZDü]HEUDQLH-XWURZ\G]ZRQLĊSUDFRZQLNyZ]SRZLDWX6DP

GRQLFKSU]HPyZLĊ7U]HEDWXEĊG]LHZRJyOHWURFKĊSRSUDFRZDü&R]DGLDEHOVND

G]LXUD

&LHPQRWDPyZLáIXQNFMRQDULXV]EH]SLHF]HĔVWZDNWyU\XORNRZDáVLĊQDV]\QH

OXSU]\GU]ZLDFKRUDQĪHULL

']LHĔ QDVWĊSQ\ XSDPLĊWQLá VLĊ Z\GDU]HQLDPL NRV]PDUQ\PL D QLHZ\WáXPDF]DO

Q\PL5DQRRĞZLFLHZ]DURĞODFKNWyUH]D]Z\F]DMZLWDá\ZVFKyGVáRĔFDQLHPLONQą

F\P SRWĊĪQ\P ĞZLHUJRWHP SWDNyZ SDQRZDáD JáXFKD FLV]D =ZUyFLOL QD WR XZDJĊ

GRVáRZQLHZV]\VF\-DNSU]HGEXU]ą$OHRĪDGQHMEXU]\QLHPRJáRQDZHWE\üPRZ\

5R]PRZ\ZVRZFKR]LHSU]\EUDá\FKDUDNWHUG]LZQ\LGOD$OHNVDQGUD6LHPLRQRZLF]D

GZX]QDF]Q\]ZáDV]F]DGODWHJRĪHRGG]LDGND]ZDQHJR.R]LP:ROHP]QDQHJRZ

.RQFRZFHZLFKU]\FLHODLPĊGUNDGRZLHG]LDQRVLĊLĪMDNRE\ZV]\VWNLHSWDNL]JURPD

G]Lá\VLĊZVWDGDLRĞZLFLHRGOHFLDá\]6]HUHPLHWLHZDJG]LHĞQDSyáQRFFRE\áRSR

SURVWXJáXSLH $OHNVDQGHU6LHPLRQRZLF] EDUG]R VLĊ W\P]GHQHUZRZDá L ]PDUQRZDá

FDá\G]LHĔQDX]\VNDQLHSRáąF]HQLD]PLDVWHP*UDF]RZND2ELHFDQRWDP$OHNVDQ

GURZL6LHPLRQRZLF]RZLSU]\VáDü]DGZDGQLSUHOHJHQWyZ]GZRPDWHPDWDPLV\WX

DFMDPLĊG]\QDURGRZDLSUREOHP³'REURNXUX´

:LHF]RUHPWDNĪHQLHRE\áRVLĊEH]QLHVSRG]LDQHN-HĞOLUDQR]DPLONá\]DJDMQLNL

Z\ND]XMąF QDRF]QLH MDN SRGHMU]DQD L QLHPLáD MHVW WDND FLV]D ZĞUyG GU]HZ MHĞOL Z

SRáXGQLHZ\QLRVá\VLĊGRNąGĞZUyEOH]VRZFKR]RZHJRSRGZyU]DSRGZLHF]yU]DPLO

Ná\VWDZ\Z6]HUHPLHWLHZLH%\áRWRGRSUDZG\]GXPLHZDMąFHERZLHPZV]\VF\Z

SURPLHQLXF]WHUG]LHVWXZLRUVW>NP@GRVNRQDOH]QDOLVá\QQ\UHFKRWV]HUHPLH

WLHZRZVNLFKĪDE7HUD]]DĞĪDE\MDNE\Z\PDUá\=QDGVWDZXQLHGRELHJDáRDQLNX

PNQLĊFLHáRSLDQ\WUZDá\ZPLOF]HQLX7U]HEDSU]\]QDüĪH$OHNVDQGHU6LHPLRQRZLF]

GRUHV]W\VWUDFLáNRQWHQDQV2Z\GDU]HQLDFKW\FK]DF]ĊWRPyZLüDPyZLRQRRQLFK

ZVSRVyEMDNQDMEDUG]LHMQLHSU]\MHPQ\WR]QDF]\]DSOHFDPL$OHNVDQGUD6LHPLRQR

ZLF]D

7RU]HF]\ZLĞFLHEDUG]RG]LZQHSRZLHG]LDáWHQRVWDWQLSU]\RELHG]LHGRĪRQ\

1LHPRJĊ]UR]XPLHüGODF]HJRWHSWDNLQDJOHRGOHFLDá\

6NąGPDPZLHG]LHü"RGSRZLHG]LDáD0DQLD0RĪHXFLHNá\RGWHJRWZRMHJR

SURPLHQLD"

DTP by SHADE

-HVWHĞ0DĔNDQDM]Z\NOHMV]DLGLRWNDU]XFDMąFá\ĪNĊRGSDUá$OHNVDQGHU6LH

PLRQRZLF]&DáNLHPMDNFLFKáRSL&RWXPDGRU]HF]\SURPLHĔ"

$WHJRWRMDMXĪQLHZLHP'DMPLĞZLĊW\VSRNyM

:LHF]RUHPF]HNDáDZV]\VWNLFKWU]HFLDQLHVSRG]LDQND]QRZX]DZ\á\SV\Z.RQ

FRZFHLWRMDN1DGZ\VUHEU]RQ\PLSU]H]NVLĊĪ\FSRODPLWUZDáQLHXVWDQQ\VNRZ\W

ZĞFLHNáHUR]SDF]OLZHXMDGDQLH

7ĊSU]\NURĞüRVáRG]LáDSRWURV]H$OHNVDQGURZL6LHPLRQRZLF]RZLQDVWĊSQDPLáD

W\PUD]HPQLHVSRG]LDQNDZRUDQĪHULL=NRPyUGRELHJDáQLHXVWDQQ\VWXNZF]HU

ZRQ\FKMDMDFK3XNSXNSXNSXNVWXNDáRWRZMHGQ\PWRZGUXJLPWRZ

WU]HFLPMDMNX

6WXNRW Z MDMNDFK E\á GOD $OHNVDQGUD 6LHPLRQRZLF]D VWXNRWHP WULXPIDOQ\P =

PLHMVFDSRV]á\ZQLHSDPLĊüG]LZQHZ\GDU]HQLDZ]DJDMQLNXLQDVWDZDFK:RUDQĪH

ULL]JURPDG]LOLVLĊZV]\VF\0DQLDL'XQLDLVWUyĪLIXQNFMRQDULXV]NWyU\SR]RVWDZLá

VZyMNDUDELQSU]\GU]ZLDFK

1RLFR"&RZ\QDWR"WULXPIDOQLHS\WDá$OHNVDQGHU6LHPLRQRZLF]:V]\VF\

FLHNDZLH QDGVWDZLDOL XV]X SRG GU]ZLF]NDPL SLHUZV]HM NRPRU\ 7R NXUF]DF]NL WDN

VWXNDMąG]LRENDPLFLąJQąáSURPLHQLHMąF\$OHNVDQGHU6LHPLRQRZLF]1RLFRQLH

GRFKRZDPVLĊNXUF]ąW"1LHNRFKDQL,ZQDGPLDU]HXF]XüSRNOHSDáSRUDPLHQLX

IXQNFMRQDULXV]DEH]SLHF]HĔVWZD:\OĊJQąVLĊWDNLHĪHRNRZDP]ELHOHMH7HUD]QLH

VSXV]F]DüPL]QLFKRNDGRGDáVXURZR-DNW\ONR]DF]QąVLĊZ\NOXZDüZRáDüPQLH

zaraz.

'REU]HRGSRZLHG]LHOLFKyUHPVWUyĪ'XQLDLIXQNFMRQDULXV]

6WXNXSXNXVWXNXSXNXZU]DáRWRZMHGQ\PWRZGUXJLPMDMNX]SLHUZ

V]HMNRPRU\5]HF]\ZLĞFLHREUD]EXG]ąFHJRVLĊZFLHQNLHMSU]HĞZLWXMąFHMVNRUXSFH

QRZHJRĪ\FLDE\áWDNLQWHUHVXMąF\ĪHFDáHWRZDU]\VWZRGáXJRMHV]F]HVLHG]LDáRQD

SU]HZUyFRQ\FKSXVW\FKVNU]\QNDFKSDWU]ąFMDNZWDMHPQLF]\PPLJRWOLZ\PĞZLHWOH

GRMU]HZDMąPDOLQRZHMDMND5R]HV]OLVLĊGRáyĪHNGRĞüSyĨQRNLHG\QDGVRZFKR]HP

LQDGRNROLF]Q\PLSRODPLUR]ODáDVLĊMXĪ]LHORQNDZDQRF%\áDWRQRFWDMHPQLF]DD

QDZHWU]HFE\PRĪQDVWUDV]QD]DSHZQHGODWHJRĪHDEVROXWQąFLV]Ċ]DNáyFDáRZ\

EXFKDMąFHFRFKZLOĊEH]SRZRGXDUF\VPXWQHDGUĊF]ąFHZ\FLHSVyZZ.RQFRZFH

'ODF]HJRWDNV]DODá\WHSU]HNOĊWHNXQGOHQLHZLDGRPR

5DQR $OHNVDQGUD 6LHPLRQRZLF]D VSRWNDáD QLHSU]\MHPQRĞü )XQNFMRQDULXV] E\á

]XSHáQLH]DáDPDQ\SU]\NáDGDáGáRQLHGRVHUFDSU]\VLĊJDáQDZV]\VWNLHĞZLĊWRĞFLĪH

DQLQDPRPHQWQLH]PUXĪ\áRNDDOHQLF]HJRQLH]DXZDĪ\á

1LHSRMĊWDKLVWRULD]DSHZQLDá7RQLHPRMDZLQDWRZDU]\V]X5RNN

']LĊNXMĊZDP]GXV]\VHUFDV]WRUFRZDáJR$OHNVDQGHU6LHPLRQRZLF]&RZ\

VRELHP\ĞOLFLHWRZDU]\V]X"3RFRZDVSU]\VáDOL"3LOQRZDü:LĊFPLSRZLHG]FLHJG]LH

RQHVą":\NOXá\VLĊWDNF]\QLH"$ZLĊFXFLHNá\7R]QDF]\ĪHĞFLHVRELHJG]LHĞSRV]OL

DGU]ZLSR]RVWDá\RWZDUWHĩHE\PLVLĊWHNXUF]ĊWD]QDOD]á\

1LHPDPFRLFKV]XNDü&RWRMDQLH]QDPVZRMHMURERW\"REUD]LáVLĊZUHV]FLH

]EURMQ\GR]yU&]HJRVLĊPQLHQLHSRWU]HEQLHF]HSLDFLHWRZDU]\V]X5RNN"

:LĊFJG]LHVLĊSRG]LDá\"

6NąGPDPZLHG]LHü"ZĞFLHNáVLĊZUHV]FLHIXQNFMRQDULXV]$OERWRPRJĊMH

XSLOQRZDü"3RFRPQLHWXSU]\VáDOL".RPyUSLOQRZDüĪHE\LFKQLNWQLHJZL]GQąáQR

WRSLOQXMĊ6WRMąZDV]HNRPRU\MDNVWDá\$áDSDüZV]\VWNLFKNXUF]ąWQLHPDPRER

ZLą]NX.WRPRĪHZLHG]LHüMDNLHVLĊZDPNXUF]ĊWDZ\NOXá\PRĪHLQDURZHU]HLFK

QLHGRJRQL"

$OHNVDQGHU6LHPLRQRZLF]WURFKĊVLĊVWURSLáFRĞWDPMHV]F]HSREXUF]DáLSRJUąĪ\á

VLĊZ]GXPLHQLX7RE\áDU]HF]\ZLĞFLHEDUG]RG]LZQDKLVWRULD:SLHUZV]HMNRPRU]H

NWyUą]DáDGRZDQRQDMZF]HĞQLHMGZDMDMND]QDMGXMąFHVLĊWXĪSU]\SRGVWDZLHSUR

PLHQLDE\á\VWáXF]RQH-HGQR]QLFKQDZHWRGWRF]\áRVLĊQDERN6NRUXSNDOHĪDáDQD

D]EHVWRZHMSRGáRG]HZ]DVLĊJXSURPLHQLD

DTP by SHADE

'LDEOLZLHG]ąPUXF]Dá$OHNVDQGHU6LHPLRQRZLF]2NQDSR]DP\NDQHSU]H]

GDFKSU]HFLHĪQLHZ\OHFLDá\"

=DGDUáJáRZĊLSRSDWU]\áZJyUĊWDPJG]LHZV]NODQ\PGDFKX]LDáRNLONDVSR

U\FKG]LXU

&R WHĪ Z\ $OHNVDQGU]H 6LHPLRQRZLF]X QLH]PLHUQLH ]GXPLDáD VLĊ 'XQLD

*G]LHĪE\WDPNXUF]ĊWDODWDá\6ąWXJG]LHĞFLSFLSFLS]DZRáDáDL]DF]ĊáD

]DJOąGDüZUyĪQHNąW\RUDQĪHULLJG]LHVWDá\]DNXU]RQHGRQLFHMDNLHĞGHVNLLUXSLHFLH

$OHĪDGQHNXUF]DNL]QLNąGVLĊQLHRG]\ZDá\

3U]H]GZLHJRG]LQ\ZV]\VF\SUDFRZQLF\ZNRPSOHFLHELHJDOLSRVRZFKR]RZ\P

SRGZyU]XV]XNDMąFVSU\WQ\FKNXUF]ąWDOHQLJG]LHĪDGQHJRQLH]QDOHĨOL']LHĔXSá\ZDá

QLH]PLHUQLHQHUZRZR2FKURQDNRPyU]RVWDáDGRGDWNRZRZ]PRFQLRQDSU]H]VWUyĪD

NWyUHPXSU]\ND]DQRMDNQDMVXURZLHME\FRSLĊWQDĞFLHPLQXW]DJOąGDáGRNRPyUSU]H]

RNLHQNDLZUD]LHF]HJRRGUD]XZRáDá$OHNVDQGUD6LHPLRQRZLF]D1DEXUPXV]RQ\

IXQNFMRQDULXV] VLHG]LDá SU]\ GU]ZLDFK NDUDELQ WU]\PDá PLĊG]\ NRODQDPL $OHNVDQ

GHU6LHPLRQRZLF]E\áWDN]DDIHURZDQ\ĪHRELDG]MDGáGRSLHURRGUXJLHM3RRELHG]LH

SU]HVSDáVLĊJRG]LQNĊZFLHQLVW\PFKáRGNXQDE\áHMRWRPDQLH6]HUHPLHWLHZDQDSLá

VLĊVRZFKR]RZHJRNZDVXFKOHERZHJRSRV]HGáGRRUDQĪHULLLXSHZQLáVLĊĪHWHUD]

ZV]\VWNRMHVWWDPZQDM]XSHáQLHMV]\PSRU]ąGNX6WDUXV]HNVWUyĪOHĪDáQDEU]XFKXQD

URJRĪ\LPUXJDMąFVSRJOąGDáZNRQWUROQHRNLHQNRNRPRU\QXPHU)XQNFMRQDULXV]

F]XZDáQLHRGVWĊSRZDáGU]ZLDQLQDNURN

$OHE\á\UyZQLHĪLQRZLQ\MDMNDZQDMSyĨQLHM]DáDGRZDQHMWU]HFLHMNRPRU]H]D

F]Ċá\SRPODVNLZDüLFPRNDüMDNE\WDPZĞURGNXNWRĞSRFKOLS\ZDá

8FKGRFKRG]ąSRZLHG]LDá$OHNVDQGHU6LHPLRQRZLF]$QLVáRZDGRFKRG]ą

WHUD]WRZLG]Ċ:LG]LDáHĞ"]ZUyFLáVLĊGRVWUyĪD

3HZQLHNDĪG\E\]REDF]\áRGSDUáWHQNUĊFąFJáRZąWRQHPZ\MąWNRZRGZX

]QDF]Q\P

$OHNVDQGHU6LHPLRQRZLF]FKZLONĊSRVLHG]LDáSU]\NRPRUDFKDOHQLFVLĊZMHJR

REHFQRĞFLQLHZ\NOXáRZVWDáZLĊFSU]HFLąJQąáVLĊLRĞZLDGF]\áĪHQLJG]LH]PDMąWNX

QLHEĊG]LHVLĊUXV]DüSyMG]LHW\ONRZ\NąSDüVLĊZVWDZLHZLĊFĪHE\JRZUD]LHF]HJR

QDW\FKPLDVW]DZRáDOL:VWąSLáGRSDáDFXGRV\SLDOQLJG]LHVWDá\GZDZąVNLHáyĪND

VSUĊĪ\QRZH]H]PLĊWRV]RQąSRĞFLHOąDQDSRGáRG]HOHĪDáDVWHUWD]LHORQ\FKMDEáHNL

NRSF]\NSURVDSU]\JRWRZDQHJRGODSU]\V]á\FKNXUF]ąWHN]DEUDáZáRFKDW\UĊF]QLND

SRQDP\ĞOHLIOHWĪHE\VRELHZZROQHMFKZLOLSRJUDüQLHFRQDG]ZLHUFLDGODQąWRQLą

']LDUVNRZ\ELHJá]SDáDFXSU]HFLąáVRZFKR]RZHSRGZyU]HLZLHU]ERZąDOHMąSRGą

Ī\áQDGVWDZ6]HGá5RNNV]SDUNRZ\PDFKLZDáUĊF]QLNLHPIOHWWU]\PDáSRGSDFKą

1LHERVąF]\áRVNZDUSRSU]H]JDáĊ]LHZLHU]ELXPĊF]RQHFLDáRPDU]\áRRZRG]LH3R

SUDZHMVWURQLH5RNND]DF]Ċá\VLĊNĊS\áRSLDQyZVSOXQąáZQLHNLHG\SU]HFKRG]Lá,

RWR]JáĊELV]HURNROLVWQHMJĊVWZLQ\GRELHJáV]HOHVWMDNE\NWRĞZOyNáEHONĊ$OHNVDQGHU

6LHPLRQRZLF]SRF]XáZVHUFXSU]H]PRPHQWQLHSU]\MHPQHNáXFLHRGZUyFLáJáRZĊZ

NLHUXQNXáRSXFKyZLSRSDWU]\á]G]LZLRQ\-XĪRGGZyFKGQLVWDZPLOF]DáMDNZ\PDUá\

6]HOHVWXFLFKáQDGáRSLDQDPLZLGDüE\áRWDIOĊZRG\LV]DU\GDFKSDZLORQXNąSLHOR

ZHJR:\VWU]HOLáRSU]HG$OHNVDQGUHP6LHPLRQRZLF]HPSDUĊNRQLNyZSROQ\FK&KFLDá

MXĪVNUĊFLüQDGUHZQLDQ\SRPRVWNLHG\QDJOHSRZWyU]\áVLĊV]HOHVWZJáĊEL]LHOHQLD

GRWHJRV]HOHVWXGRáąF]\áVLĊNUyWNLV\NMDNE\SDURZy]Z\SXĞFLáMHGQRF]HĞQLHVPDUL

SDUĊ$OHNVDQGHU6LHPLRQRZLF]F]XMQLHZSDWU]\áVLĊZ]ZDUWąĞFLDQĊFKZDVWyZ

$OHNVDQGHUUR]OHJáVLĊZW\PPRPHQFLHJáRVĪRQ\5RNNDLMHMELDáDEOX]ND

PLJQĊáD]QLNQĊáD]QyZPLJQĊáDZPDOLQLDNX3RF]HNDMMDWHĪLGĊVLĊNąSDü

ĩRQDVSLHV]\áDQDGVWDZDOHZSDWU]RQ\ZáRSXFK\$ONVDQGHU6LHPLRQRZLF]QLF

MHMQLHRGSRZLHG]LDá6]DUDZDLROLZNRZDEHOND]DF]ĊáDVLĊXQRVLü]JĊVWZLQ\GRJyU\

URVáDZRF]DFK8SVWU]RQDE\áDWDNVLĊSU]\QDMPQLHMZ\GDáR$OHNVDQGURZL6LHPLR

QRZLF]RZLMDNLPLĞPRNU\PLĪyáWDZ\PLSODPDPL:\FLąJDáDVLĊ]ZLMDáDLUR]ZLMDáD

DĪZ\FLąJQĊáDVLĊWDNZ\VRNRĪHSU]HURVáDQLVNąURVRFKDWąZLHU]EĊ3RWHPZLHU]

DTP by SHADE

FKRáHNEHONLQDGáDPDáVLĊQLHFRQDFK\OLáLQDG$OHNVDQGUHP6LHPLRQRZLF]HP]QD

OD]áRVLĊFRĞFRSU]\SRPLQDáRUR]PLDUDPLPRVNLHZVNLVáXSWHOHJUDILF]Q\$OHWRFRĞ

E\áRWU]\NURWQLHJUXEV]HL]QDF]QLHáDGQLHMV]HRGVáXSDERSRNU\WHWDWXDĪHPáXVNL

1LFMHV]F]HQLHSRMPXMąFDOHMXĪPDUWZLHMąF$OHNVDQGHU6LHPLRQRZLF]VSRMU]DáQD

F]XEHNSU]HUDĪDMąFHJRVáXSDLMHJRVHUFHQDSDUĊVHNXQGSU]HVWDáRELü:\GDáRPX

VLĊĪHQDJOHZĞURGNXVLHUSQLRZHJRGQLDFKZ\FLáPUy]SU]HGRF]\PD]DĞ]URELáRPX

VLĊWDNPURF]QLHMDNE\SDWU]\áQDVáRĔFHSU]H]SáyFLHQQHVSRGQLH

1DJyUQ\PNRĔFXEHONL]QDMGRZDáDVLĊJáRZD%\áDSáDVND]DRVWU]RQDLR]GR

ELRQDRNUąJáąĪyáWąSODPąQDROLZNRZ\PWOH3R]EDZLRQHSRZLHNRWZDUWHORGRZDWH

ZąVNLHRF]\WNZLá\QDZLHU]FKXWHJRáEDDZRF]DFKW\FKPLJRWDáD]JRáDQLHVSRW\

NDQDZĞFLHNáRĞüàHE]DPDFKQąáVLĊMDNE\FKFLDáG]LREQąüSRZLHWU]HFDá\VáXS]DĞ

FRIQąáVLĊZáRSLDQ\SR]RVWDá\W\ONRĞOHSLDLĞOHSLDWHEH]PUXJQLĊFLDZSDWU\ZDá\VLĊ

Z$OHNVDQGUD6LHPLRQRZLF]D7HQ]DĞSRNU\W\OHSNLPSRWHPZ\U]HNáF]WHU\VáRZD

]XSHáQLH QLHZLDU\JRGQH D Z\ZRáDQH REáĊGQ\P SU]HUDĪHQLHP 7DN QDG]Z\F]DMQH

E\á\WHRF]\PLĊG]\OLĞüPL

&R]DJáXSLHGRZFLS\

3RWHPSU]\SRPQLHOLPXVLĊIDNLU]\WDNWDN,QGLHSOHFLRQ\NRV]\NRE

UD]HN=DNOLQDF]H

àHE]QyZVLĊXQLyVá]DF]ąáVLĊZ\áDQLDü]áRSLDQyZUyZQLHĪWXáyZ$OHNVDQGHU

6LHPLRQRZLF]SRGQLyVáIOHWGRXVWSLVQąáRFKU\SOHLFRVHNXQGĊWUDFąFRGGHFK]DJUDá

ZDOFD]³(XJHQLXV]D2QLHJLQD´2F]\Z]LHOHQLQDW\FKPLDVW]DSáRQĊá\QLHQDZLĞFLąGR

WHMRSHU\

=ZDULRZDáHĞ ĪH JUDV] Z WDNL XSDá" GRELHJá ZHVRá\ JáRV 0DQL L $OHNVDQGHU

6LHPLRQRZLF]NąWHPRNDGRVWU]HJáELDáąSODPĊ

3RF]\PSU]HUDĨOLZ\SLVNSU]HV]\áFDá\VRZFKR]UR]UyVáVLĊLXOHFLDáZDOF]DĞ

]DF]ąá SRGVNDNLZDü MDN SU]HWUąFRQ\ *áRZD Z ]LHOHQL Z\VWU]HOLáD GR SU]RGX RF]\

RSXĞFLá\ $OHNVDQGUD 6LHPLRQRZLF]D ]RVWDZLDMąF MHJR GXV]\ F]DV QD SRNXWĊ :ąĪ

PQLHMZLĊFHMSLĊWQDVWRDUV]\QRZ\>DUV]\Q FP@JUXERĞFLF]áRZLHNDZ\VNRF]\á]

áRSLDQyZMDNVSUĊĪ\QD7U\VQĊáD]DOHLVPXJDNXU]XXUZDáVLĊZDOF:ąĪVWU]HOLáRERN

NLHURZQLNDVRZFKR]XSURĞFLXWNRWDPJG]LHQDGURG]HZLGQLDáDELDáDEOX]HF]ND5RNN

ZLG]LDáWRGRNáDGQLH0DQLD]URELáDVLĊĪyáWRELDáDDMHMGáXJLHZáRV\XQLRVá\VLĊQDSyá

DUV]\QDQDGJáRZĊMDNE\E\á\]GUXWX:ąĪZRF]DFK5RNNDQDPRPHQWRWZRU]\á

SDV]F]Ċ]NWyUHMZ\VWU]HOLáRFRĞFRSU]\SRPLQDáRZLGHOHFFKZ\FLá]ĊEDPL]DUDPLĊ

RVLDGDMąFąZNXU]X0DQLĊLXQLyVáMąQDGREU\DUV]\QQDG]LHPLĊ0DQLDSRZWyU]\áD

ZyZF]DVVZyMSU]HMPXMąF\SU]HGĞPLHUWQ\ZU]DVN:ąĪ]ZLQąáVLĊZSLĊFLRVąĪQLRZą

>VąĪHĔ DUV]\Q\@ĞUXEĊMHJRRJRQZ]ELáVáXSNXU]XZąĪ]DF]ąá0DQLĊGXVLü7D

ZLĊFHMQLHZ\GDáDMXĪ]VLHELHDQLGĨZLĊNX5RNNVá\V]DáMHG\QLHWU]DVNSĊNDMąF\FK

NRĞFL:\VRNRQDG]LHPLąPLJQĊáDJáRZD0DQLF]XOHSU]\WXORQDGRSROLF]NDZĊĪD

= XVW 0DQL FKOXVQĊáD NUHZ PDFKQĊáD ]áDPDQD UĊND VSRG SD]QRNFL WU\VQĊá\ PDáH

NUZDZHIRQWDQQ\:ąĪQLHSUDZGRSRGREQLHUR]ZDUáSDV]F]ĊMHGQ\PUXFKHPQDVXQąá

áHEQDJáRZĊ0DQLL]DF]ąáQDFLąJDüVLĊQDQLąMDNUĊNDZLF]NDQDSDOHF:ąĪ]LDáZH

ZV]\VWNLHVWURQ\WDNJRUąF\PRGGHFKHPĪH5RNNDĪSRF]XáQDWZDU]\ĪDUDRJRQ

ZĊĪDRPDáRFRQLH]PLyWáJR]GURJLZWXPDQLHJU\]ąFHJRNXU]X7RZáDĞQLHZWHG\

5RNNRVLZLDá1DMSLHUZOHZDDSRWHPSUDZDSRáRZDMHJRF]DUQHMMDNEXWJáRZ\SR

NU\áDVLĊVUHEUHP:ĞUyGĞPLHUWHOQ\FKPGáRĞFLRGHUZDáVLĊZUHV]FLHRGDOHLLQLHZL

G]ąFQLFDQLQLNRJRU]XFLáVLĊGRXFLHF]NLRJáXV]DMąFG]LNLPU\NLHPRNROLFH

52='=,$à,;ĩ<:$.$6=$

$JHQW*38QDVWDFML'XJLQR6]F]XNLQE\áF]áRZLHNLHPQLH]PLHUQLHRGZDĪQ\P

=]DGXPąSRZLHG]LDáGRVZHJRWRZDU]\V]DUXGHJR3RáDMWLVD

1R FyĪ SRMHG]LHP\ &R" 'DZDM PRWRF\NO 3RWHP PLOF]Dá SU]H] FKZLOĊ DĪ

DTP by SHADE

GRGDá]ZUDFDMąFVLĊGRVLHG]ąFHJRQDáDZFHPĊĪF]\]Q\$IOHWRGáyĪFLH

$OHWU]ĊVąF\VLĊQDáDZFHZORNDOXGXJLQVNLHJR*38VLZ\PĊĪF]\]QDQLHRGáRĪ\á

IOHWXW\ONR]DSáDNDá]DVNRPODá6]F]XNLQL3RáDMWLV]UR]XPLHOLZWHG\ĪHIOHWWU]HED

PXZ\Mąü]UąN3DOFHNXUF]RZRWU]\PDá\LQVWUXPHQW6]F]XNLQNWyU\RG]QDF]DáVLĊ

RJURPQą QLHPDO F\UNRZą VLáą ]DF]ąá RGJLQDü SDOHF SR SDOFX SyNL QLH RGJLąá WDN

ZV]\VWNLFK:WHG\ZUHV]FLHRGáRĪ\OLIOHWQDVWyá

']LDáRVLĊWRZF]HVQ\PVáRQHF]Q\PUDQNLHPQDVWĊSQHJRGQLDSRĞPLHUFL0DQL

3RMHG]LHFLH]QDPLSRZLHG]LDá6]F]XNLQ]ZUDFDMąFVLĊGR$OHNVDQGUD6LHPLR

QRZLF]D3RNDĪHFLHQDPJG]LHLFR$OH5RNNRGVXQąáVLĊRGQLHJR]SU]HUDĪHQLHP

L]DVáRQLáWZDU]UĊNDPLMDNE\]REDF]\áXSLRUD

7U]HEDSRND]DüVXURZRGRU]XFLá3RáDMWLV

1LHGDMPXVSRNyM:LG]LV]SU]HFLHĪĪHMHVWQLHSU]\WRPQ\

:\ĞOLMFLHPQLHGR0RVNZ\SRSURVLáSáDF]ąF$OHNVDQGHU6LHPLRQRZLF]

7RZRJyOHQLHFKFHFLHZUyFLüGRVRZFKR]X"

$OH5RNN]DPLDVWRGSRZLHG]L]DVáRQLáVLĊUĊNDPLL]MHJRRF]XSRSá\QĊáRSU]HUD

ĪHQLH

1RGREUD]GHF\GRZDá6]F]XNLQ5]HF]\ZLĞFLHQLHGDOLE\ĞFLHUDG\:LG]Ċ

=DUD]EĊG]LHHNVSUHVPRĪHFLHQLPMHFKDü

1DVWĊSQLHJG\VWDF\MQ\VWUyĪSRLá$OHNVDQGUD6LHPLRQRZLF]DZRGąDWHQG]ZR

QLá]ĊEDPLRZ\V]F]HUELRQąQLHELHVNąILOLĪDQNĊ6]F]XNLQRGE\á]3RáDMWLVHPQDUDGĊ

3RáDMWLVE\á]GDQLDĪHQLFWDNLHJRZRJyOHVLĊQLH]GDU]\áRD5RNNSRSURVWXMHVW

FKRU\SV\FKLF]QLHLPLDáWDNLHSU]HUDĪDMąFHKDOXF\QDFMH6]F]XNLQQDWRPLDVWVNáDQLDá

VLĊNXSRJOąGRZLĪH]*UDF]RZNLZNWyUHMZ\VWĊSRZDáZáDĞQLHF\UNPyJáXFLHFERD

GXVLFLHO5RNNVá\V]ąFLFKSRZąWSLHZDMąFHV]HSW\ZVWDá7URFKĊMXĪSU]\V]HGáGRVLH

ELHLZ\FLąJDMąFUDPLRQDQLF]\PELEOLMQ\SURURNSRZLHG]LDá

6áXFKDMFLH6áXFKDMFLH'ODF]HJRPLQLHZLHU]\FLH"7DNE\áR*G]LHPRMDELHGQD

ĪRQD"

6]F]XNLQ]URELáVLĊSRZDĪQ\LPLOF]ąF\LQLH]ZáRF]QLHQDGDáGR*UDF]RZNLMDNąĞ

GHSHV]Ċ7U]HFLDJHQWQDSROHFHQLH6]F]XNLQDPLDáRGWHMFKZLOLQLHRGVWĊSRZDü$OHN

VDQGUD6LHPLRQRZLF]DLWRZDU]\V]\üPXGR0RVNZ\1DWRPLDVW6]F]XNLQL3RáDMWLV

UR]SRF]ĊOLSU]\JRWRZDQLDGRZ\SUDZ\0LHOLW\ONRMHGHQHOHNWU\F]Q\UHZROZHUDOHLWR

MXĪE\áRFDáNLHPQLHĨOH3LĊüG]LHVLĊFLRVWU]DáRZ\W\SGXPDIUDQFXVNLHMWHFKQLNL

QDXVáXJDFKZDONLQDEOLVNLG\VWDQVELá]DOHGZLHQDVWRNURNyZDOH]DWRZ\WZDU]Dá

SROHRĞUHGQLF\GZyFKPHWUyZLZW\PSROX]DELMDáZV]\VWNRFRĪ\ZH%DUG]RWUXGQR

E\áR]QLHJRFK\ELü6]F]XNLQZ]LąáOĞQLąFąHOHNWU\F]Qą]DEDZNĊ3RáDMWLV]Z\F]DMQ\

]DĞGZXG]LHVWRSLĊFLRVWU]DáRZ\DXWRPDW]DEUDáPDJD]\QNLLZFKáRG]LHSRSRUDQQHM

URVLHSRPNQĊOLQDPRWRF\NOXGRVRZFKR]X'ZDG]LHĞFLDG]LHOąF\FKVWDFMĊRGVRZ

FKR]XZLRUVWPRWRF\NOSU]HWHUNRWDáZNZDGUDQV5RNNV]HGáSU]H]FDáąQRFFRFKZLOĊ

ZDWDNDFKĞPLHUWHOQHJRSU]HUDĪHQLDNU\MąFVLĊZSU]\GURĪQHMWUDZLHDNLHG\VáRĔFH

]DF]ĊáRVLOQLHMSU]\JU]HZDü]REDF]\OLQDSDJyUNXSRGNWyU\PZLáDVLĊU]HF]ND7R

SLHOFXNURZ\SDáDF]NROXPQDGąZĞUyG]LHOHQL'RNRáDSDQRZDáDJáXFKDFLV]D7XĪ

SU]HGZMD]GHPGRVRZFKR]XDJHQFLZ\SU]HG]LOLMDGąFHJRIXUPDQNąZLHĞQLDND:OyNá

VLĊSRZROLZy]PLDáZ\áDGRZDQ\MDNLPLĞZRUNDPLLQLHEDZHP]RVWDáGDOHNRZW\OH

0RWRF\NOSU]HMHFKDáSU]H]PRVWL3RáDMWLV]DWUąELáĪHE\SU]\ZRáDüNRJRNROZLHN$OH

QLNWVLĊQLJG]LHQLHRGH]ZDáMHĪHOLQLHOLF]\üGDOHNLFKRV]DODá\FKNXQGOLZ.RQFRZFH

0RWRF\NO]ZDOQLDMąF]DMHFKDáSU]HGEUDPĊ]SR]LHOHQLDá\PLOZDPL3RNU\FLNXU]HP

DJHQFL Z ĪyáW\FK JHWUDFK ]HVNRF]\OL ] VLRGHáHN ]DP\NDQ\P QD NáyGNĊ áDĔFXFKHP

SU]\SLĊOLZHKLNXáGRNUDW\ZEUDPLHLZHV]OLQDSRGZyU]H&LV]DSDQRZDáD]GXPLH

ZDMąFD

+HMMHVWWXNWR"JáRĞQR]DZRáDá6]F]XNLQ

$OHQLNWQLHRGSRZLHG]LDáQDMHJREDV$JHQFLREHV]OLSRGZyU]HGRRNRáDG]LZLąF

VLĊFRUD]EDUG]LHM3RáDMWLVVSRFKPXUQLDá6]F]XNLQVSRZDĪQLDáLFRUD]EDUG]LHMQDVĊ

DTP by SHADE

SLDáMDVQHEUZL=DMU]HOLSU]H]]DPNQLĊWHRNQRGRNXFKQLL]REDF]\OLĪHQLNRJRWDP

QLHPD]DWRFDáDSRGáRJDXVáDQDMHVWELDá\PLVNRUXSDPLQDF]\Ĕ

:LHV]ĪHFRĞVLĊWXXQLFKU]HF]\ZLĞFLHPXVLDáRVWDü7HUD]WRZLG]Ċ.DWDVWURID

SRZLHG]LDá3RáDMWLV

+HMMHVWWDPNWR"+HMNU]\F]Dá6]F]XNLQDOHRGSRZLDGDáRPXW\ONRHFKR

VSRGVXILWXNXFKQL

'LDEOLLFKZLHG]ąEXUF]Dá3RáDMWLV3U]HFLHĪQLHPyJáLFKZV]\VWNLFKSRĪUHü

QDUD]&K\EDĪHSRXFLHNDOL&KRGĨP\GRĞURGND

'U]ZL SDáDFX ] NROXPQDGą VWDá\ RWZDUWH QD RĞFLHĪ Z ĞURGNX QLH E\áR Ī\ZHM

GXV]\$JHQFLQDZHWSRV]OLQDSRGGDV]HSXNDOLGRZV]\VWNLFKGU]ZLLRWZLHUDOLMHDOH

GRVáRZQLHQLFLPWRQLHGDáRLSU]H]SXVW\WDUDV]QRZXZ\V]OLQDSRGZyU]H

2EHMGĨP\GRRNRáD'RRUDQĪHULLSROHFLá6]F]XNLQ3U]HV]XNDP\ZV]\VWNRD

SRWHPPRĪQDEĊG]LHSU]HG]ZRQLü

&HJODQąDOHMNąRPLMDMąFNORPE\DJHQFLSU]HV]OLQDW\OQHSRGZyU]HSU]HFLĊOLMH

L]REDF]\OLSREá\VNXMąFHV]NáDRUDQĪHULL

3RF]HNDMQRV]HSWHPSRZLHG]LDá6]F]XNLQLRGSLąáRGSDVDUHZROZHU

3RáDMWLV]HV]W\ZQLDáL]GMąáDXWRPDW=RUDQĪHULLDWDNĪHVNąGĞVSR]DQLHMGRELH

JDáG]LZDF]Q\EDUG]RGRQRĞQ\GĨZLĊN%U]PLDáRWRWDNMDNE\JG]LHĞQLHGDOHNRVDSDá

SDURZy]=DX]DXVVVVVV\F]DáDRUDQĪHULD

7\ONRRVWURĪQLHV]HSQąá6]F]XNLQLVWDUDMąFVLĊQLHVWXNDüREFDVDPLDJHQFL

SU]HVXQĊOLVLĊGRV]NODQHMĞFLDQ\L]DMU]HOLGRĞURGND

3RáDMWLVQDW\FKPLDVWRGVNRF]\áWZDU]PXSREODGáD6]F]XNLQRWZRU]\áXVWDL]D

PDUá]UHZROZHUHPZGáRQL

&DáDRUDQĪHULDUXV]DáDVLĊMDNUREDF]\ZDNDV]D=ZLMDMąFVLĊZNáĊENLUR]ZLMD

MąFV\F]ąFLUR]SURVWRZXMąFNUĊFąFLFKZLHMąFJáRZDPLSHá]Dá\SRSRGáRG]HRUDQ

ĪHULL RJURPQH ZĊĪH 3RWáXF]RQH VNRUXS\ MDM SRQLHZLHUDá\ VLĊ QD ]LHPL FKU]ĊĞFLá\

SRGFLHOVNDPL:JyU]HEODGRSáRQĊáDODPSDHOHNWU\F]QDRJURPQHMPRF\RĞZLHWODáD

FDáHZQĊWU]HRUDQĪHULLXSLRUQ\PILOPRZ\PĞZLDWáHP1DSRGáRG]HVWDá\WU]\FLHPQH

VNU]\QLHSRGREQHGRRJURPQ\FKDSDUDWyZIRWRJUDILF]Q\FKGZLH]QLFKSU]HVXQLĊWHL

SU]HFK\ORQH]JDVá\ZWU]HFLHMSáRQĊáDQLHZLHONDFLHPQRPDOLQRZDSODPD:ĊĪHQDM

UR]PDLWV]\FKUR]PLDUyZSHá]Dá\SRSU]HZRGDFKZVSLQDá\VLĊSRUDPDFKRNLHQQ\FK

Z\áD]Lá\SU]H]G]LXU\ZGDFKX1DZHWQDODPSLHZLVLDáDDEVROXWQLHF]DUQDSODPLVWD

NLONXDUV]\QRZDĪPLMDLáHEMHMFKZLDáVLĊSRGODPSąQLF]\PZDKDGáR%U]ĊF]Dá\ZW\P

V\NXMDNLHĞJU]HFKRWNLFLąJQĊáR]RUDQĪHULLG]LZQą]JQLOL]QąMDNRGVWRMąFHJRVWDZX

$JHQFL]GąĪ\OLMHV]F]H]DXZDĪ\üVWRV\ELDá\FKMDMHNZ]DNXU]RQ\FKNąWDFKLG]LZDF]

QHJR JLJDQW\F]QHJR SWDND OHĪąFHJR QLHUXFKRPR SU]\ NRPRUDFK D SU]\ GU]ZLDFK

RERNNDUDELQXWUXSDV]DURXEUDQHJRPĊĪF]\]Q\

:UDFDP\NU]\NQąá6]F]XNLQL]DF]ąáVLĊFRIDüOHZąUĊNąRGVXZDMąF3RáDM

WLVD Z SUDZHM ]DĞ SRGQRV]ąF UHZROZHU =GąĪ\á Z\VWU]HOLü G]LHZLĊü UD]\ G]LHZLĊü

UD]\]V\NLHPZ]ODW\ZDáDSU]HGRUDQĪHULą]LHORQNDZDEá\VNDZLFD6\NZ]PyJáVLĊ

SU]HUDĪDMąFR L Z RGSRZLHG]L QD VWU]HODQLQĊ 6]F]XNLQD Z FDáHM RUDQĪHULL ]DF]ąá VLĊ

ZĞFLHNá\UXFKVSáDV]F]RQHáE\XND]Dá\VLĊZHZV]\VWNLFKRWZRUDFK%á\VNDZLFDQD

W\FKPLDVW]DF]ĊáDVNDNDüSRFDá\PVRZFKR]LHRGEá\VNLELHJDá\SRĞFLDQDFK&]DFK

F]DFKF]DFKWDFKVWU]HODáZ\FRIXMąFVLĊW\áHP3RáDMWLV$OH]DSOHFDPLGDáVLĊVá\

V]HüG]LZQ\F]ZRURQRJLV]HOHVWL3RáDMWLVQDJOHRNURSQLHNU]\NQąáLXSDGáQDSOHF\

=LHORQREUXQDWQ\ VWZyU QD Z\NUĊFRQ\FK GR SU]RGX áDSDFK ] ZLHONLP V]SLF]DVW\P

S\VNLHP]JU]HELHQLDVW\PRJRQHPVWZyUSRGREQ\GRJLJDQW\F]QHMMDV]F]XUNLZ\

WRF]\áVLĊ]]DZĊJáDV]RS\]IXULąZJU\]áVLĊZQRJĊ3RáDMWLVDLREDOLáJRQD]LHPLĊ

3RPyĪPLNU]\NQąá3RáDMWLVLZWHMĪHFKZLOLMHJROHZDUĊND]QDOD]áDVLĊZSDV]

F]\SRWZRUDFKUXSQĊáR'DUHPQLHXVLáXMąFSRGQLHĞüSUDZąUĊNĊDJHQWZOyNáDXWR

PDWSR]LHPL6]F]XNLQRGZUyFLáVLĊQLHSU]\WRPQLH=GąĪ\áUD]Z\VWU]HOLüDOHPLHU]\á

]DQDGWRZERNEDáVLĊĪH]DELMHNROHJĊ'UXJLUD]Z\VWU]HOLáZVWURQĊRUDQĪHULLER

DTP by SHADE

VWDPWąGVSRPLĊG]\QLHZLHONLFK]LHORQ\FKáEyZZ\VXQąáVLĊQDJOHáHERJURPQ\ROLZ

NRZ\LJDGZ\SU\VQąáZSURVWQD6]F]XNLQD=DELáROEU]\PLHJRZĊĪDW\PZ\VWU]DáHP

L]QyZVNDF]ąFEH]UDGQLHGRNRáD3RáDMWLVDMXĪSyáĪ\ZHJRZSDV]F]\NURNRG\ODXVL

áRZDáZ\SDWU]\üPLHMVFHZNWyUHPyJáE\VWU]HOLüWDNE\]DELüVWUDV]OLZHJRJDGDQLH

UDĪąFSU]\W\PDJHQWD:UHV]FLHPXVLĊWRXGDáR=OXI\HOHNWU\F]QHJRUHZROZHUXSR

GZDNURüEXFKQąáEá\VNUR]ĞZLHWOLáZV]\VWNRZRNyá]LHORQNDZ\PEODVNLHPNURNRG\O

SRGVNRF]\á Z\SUĊĪ\á VLĊ L Z\SXĞFLZV]\ 3RáDMWLVD ]QLHUXFKRPLDá 3RáDMWLVRZL NUHZ

FKOXVWDáD]UĊNDZDEXFKDáD]XVWDJHQWSRGSLHUDMąFVLĊ]GURZ\PSUDZ\PUDPLH

QLHPZOyNá]DVREą]PLDĪGĪRQąQRJĊ2F]\PXJDVá\

6]F]XNLQXFLHNDMMĊNQąá]DFKá\VWXMąFVLĊ

6]F]XNLQ SDURNURWQLH Z\VWU]HOLá Z NLHUXQNX RUDQĪHULL SROHFLDáR SDUĊ V]\E $OH

ROEU]\PLD VSUĊĪ\QD ROLZNRZD ]ZLQQD Z\SU\VQĊáD ] W\áX ] SLHQLF]QHJR RNLHQND

SLĊFLRVąĪQLRZHFLHOVNRSU]HVP\NQĊáRSU]H]SRGZyU]HLZRNDPJQLHQLXRNUĊFLáRVLĊ

ZRNyá QyJ 6]F]XNLQD $JHQW XSDGá OĞQLąF\ UHZROZHU RGVNRF]\á Z ERN 6]F]XNLQ

NU]\NQąáSRWĊĪQLHSRWHP]DEUDNáRPXWFKXSRWHPVSORW\VNU\á\JRFDáHJRRSUyF]

JáRZ\-HGHQSLHUĞFLHĔSU]HMHFKDáSRJáRZLHL]GDUá]QLHMVNDOSFRĞWU]DVQĊáR2GWHM

FKZLOL QLH ]DJU]PLDá Z VRZFKR]LH DQL MHGHQ Z\VWU]Dá :V]\VWNR ]DJáXV]\á MDGRZLW\

PHWDOLF]Q\V\N,ZWyUXMąFWHPXV\F]HQLXZLDWUSU]\QLyVá]EDUG]RGDOHND].RQFRZ

NLZ\FLH7\ONRĪHWHUD]MXĪQLHPRĪQDE\áRVLĊSRáDSDüNWRZ\MHSV\F]\OXG]LH

52='=,$à;.$7$6752)$

:QRFQHMUHGDNFMLG]LHQQLND³,]ZLHVWLD´JRU]Dá\ODPS\LJUXE\UHGDNWRUG\ĪXUQ\

áDPDá QD RáRZLDQ\P VWROH GUXJą NROXPQĊ ] GHSHV]DPL ³= Ī\FLD UHSXEOLN´ :SDGáD

PXZRNRMHGQDV]SDOWDZSDWU]\áVLĊZQLąSU]H]ELQRNOH]DFKLFKRWDá]ZRáDáNRUHN

WRUyZ PHWUDPSDĪD SRND]Dá Mą ZV]\VWNLP 1D ZąVNLP SDVNX WDQGHWQHJR SDSLHUX

Z\GUXNRZDQHE\áRFRQDVWĊSXMH

³*UDF]RZNDJXEHUQLDVPROHĔVND:SRZLHFLHSRMDZLáDVLĊNXUDZLHONRĞFLNRE\á\

NWyUDZLHU]JDMDNNRĔ=DPLDVWRJRQDPDEXUĪXD]\MQHGDPVNLHSLyUD´

=HFHU]\]DĞPLHZDOLVLĊGRUR]SXNX

=DPRLFKF]DVyZREOHĞQLHFKLFKRF]ąFPyZLáUHGDNWRUG\ĪXUQ\NLHG\SUDFR

ZDáHPX:DQL6\WLQDZ³5XVNLP6áRZLH´SLOLWDNĪHZLG\ZDOLVáRQLH7RZSRU]ąGNX

$OHWHUD]ZLGRF]QLHZPRGĊZFKRG]ąVWUXVLH

=HFHU]\ĞPLDOLVLĊ

5]HF]\ZLĞFLHVWUXĞRGH]ZDáVLĊPHWUDPSDĪ*G]LHWRZVWDZLP\SDQLHUH

GDNWRU]H"

&RĞW\]E\NDVSDGá"RGSDUáUHGDNWRUG\ĪXUQ\']LZLĊVLĊĪHVHNUHWDU]WR

SU]HSXĞFLá.WRĞVLĊ]GURZRVSLá

ĝZLĊWRZDOLWRMDVQHSU]\WDNQĊOLVNáDGDF]HLPHWUDPSDĪ]DEUDá]HVWRáXQRWDW

NĊRVWUXVLX

'ODWHJR WHĪ ³,]ZLHVWLD´ SU]\QLRVá\ QD]DMXWU] MDN ]D]Z\F]DM PDVĊ SDVMRQXMą

F\FKLQIRUPDFMLDOHEH]QDMPQLHMV]HMQDZHWDOX]MLGRVWUXVLD]*UDF]RZNL3ULYDWGR

FHQW,ZDQRZNWyU\UHJXODUQLHF]\W\ZDá³,]ZLHVWLD´ZVZRLPJDELQHFLH]áRĪ\áQXPHU

]LHZQąáSRZLHG]LDá³1XG\QDSXG\´LZáRĪ\áELDá\IDUWXFK1LHEDZHP]DSáRQĊá\Z

MHJRJDELQHFLHSDOQLNLUR]NXPNDá\VLĊĪDE\1DWRPLDVWZJDELQHFLHSURIHVRUD3HUVL

NRZDSDQRZDáR]DPLHV]DQLH:\VWUDV]RQ\3DQNUDWVWDáQDEDF]QRĞü

7DNMHVW:HGOHUR]ND]XPyZLá

3HUVLNRZZUĊF]\áPX]DSLHF]ĊWRZDQ\ODNLHPSDNLHWLSRZLHG]LDá

3RMHG]LHV]SURVWRGR:\G]LDáX+DQGOXGRWHJRFDáHJRNLHURZQLND3WDFK\LSR

ZLHV]PXZSURVWĪHMHVWĞZLQLD3RZLHG]ĪHMDSURIHVRU3HUVLNRZWDNZáDĞQLHSR

ZLHG]LDáHP,RGGDV]PXWĊNRSHUWĊ

àDGQDKLVWRULDSRP\ĞODáSREODGá\3DQNUDWL]QLNQąáZUD]]SDNLHWHP

DTP by SHADE

3HUVLNRZV]DODá

'LDEOLZLHG]ąFRVLĊG]LHMHMĊF]DáVSDFHUXMąFSRJDELQHFLHL]DFLHUDMąFGáRQLH

ZUĊNDZLF]NDFK2QLNSLąVRELH]HPQLHL]]RRORJLL:LR]ąFDáHZDJRQ\W\FKSU]H

NOĊW\FKNXU]\FKMDMDMDRGGZyFKPLHVLĊF\QLHPRJĊVLĊGRSURVLüRQDMQLH]EĊGQLHM

V]H U]HF]\ -DNE\ GR $PHU\NL E\áR GDOHNR :LHF]Q\ UR]JDUGLDV] ZLHF]Q\ EDáDJDQ

]DF]ąáZ\OLF]DüQDSDOFDFKSRáyZQRG]LHVLĊüGQLQDMZ\ĪHMQRGREU]HSLĊWQD

ĞFLHQRGREU]HGZDG]LHĞFLDSOXVSU]HORWGZDGQL]/RQG\QXGR%HUOLQDG]LHĔ=

%HUOLQDGRQDVV]HĞüJRG]LQ1LHRSLVDQ\VNDQGDO

=IXULąU]XFLáVLĊQDWHOHIRQ]DG]ZRQLáGRNąGĞ

:V]\VWNR Z MHJR JDELQHFLH E\áR SU]\JRWRZDQH GR MDNLFKĞ WDMHPQLF]\FK L QLH

]PLHUQLH QLHEH]SLHF]Q\FK GRĞZLDGF]HĔ OHĪDá\ QDFLĊWH SDV\ SDSLHUX GR ]DNOHMHQLD

GU]ZL OHĪDá\ KHáP\ GR QXUNRZDQLD ] JXPRZ\PL ZĊĪDPL L SDUĊ OĞQLąF\FK MDN UWĊü

PHWDORZ\FKEXWOL]HW\NLHWNą³'REURFKLP1LHGRW\NDü´L]WUXSLąF]DV]Ną]HVNU]\

ĪRZDQ\PLSLV]F]HODPL

7U]HEDE\áRFRQDMPQLHMWU]HFKJRG]LQE\SURIHVRUVLĊXVSRNRLáLSU]\VWąSLáGR

PQLHMZDĪQ\FK]DMĊü7DNWHĪXF]\QLá3UDFRZDáZ,QVW\WXFLHGRMHGHQDVWHMZLHF]yU

QLHPLDáZLĊFSRMĊFLDFRVLĊG]LHMH]DNUHPRZ\PLPXUDPL1LHGRWDUáDGRĔDQLLGLR

W\F]QDSORWNDRMDNLFKĞZĊĪDFKNWyUDUR]HV]áDVLĊSRFDáHM0RVNZLHDQLG]LZQDGH

SHV]D]G]LHQQLNDSRSRáXGQLRZHJR'RFHQW,ZDQRZSRV]HGáGR7HDWUX$UW\VW\F]QHJR

QD³)LRGRUD,ZDQRZLF]D´LSURIHVRURZLQLHPLDáNWR]DNRPXQLNRZDüQRZLQ\

3HUVLNRZRNRáRSyáQRF\SU]\MHFKDáQD3UHF]\VWLHQNĊLSRáRĪ\áVLĊVSDüSU]HF]\

WDZV]\MHV]F]HGRSRGXV]NLMDNLĞDQJLHOVNLDUW\NXáZRWU]\PDQ\PZáDĞQLH]/RQG\QX

PLHVLĊF]QLNX ³1RZLQ\ =RRORJLL´ 3URIHVRU VSDá L VSDáD FDáD NRWáXMąFD VLĊ GR SyĨQHM

QRF\0RVNZDQLHVSDáW\ONRZLHONLV]DU\JPDFKZSRGZyU]XQD7ZHUVNLHMUR]G\

JRWDQ\RGVWUDV]OLZHJRKXNXPDV]\QURWDF\MQ\FK³,]ZLHVWLL´:JDELQHFLHUHGDNWRUD

G\ĪXUQHJRSDQRZDáQLHZLDU\JRGQ\UR]JDUGLDV]LEDáDJDQ=XSHáQLHRV]DODá\UHGDNWRU

PLDáF]HUZRQHRF]\PLRWDáVLĊQLHZLHG]ąFFRURELüLSRV\áDáZV]\VWNLFKGRGLDEáD

0HWUDPSDĪFKRG]Lá]DQLPNURNZNURNLPyZLá]LRQąFDONRKROHP

:LHONLH U]HF]\ ,ZDQLH %RQLIDWLHZLF]X QLH PD QLHV]F]ĊĞFLD QLHFK MXWUR UDQR

Z\GDG]ąGRGDWHNQDG]Z\F]DMQ\3U]HFLHĪQLHEĊG]LHP\]DWU]\P\ZDüPDV]\Q

=HFHU]\QLHSRV]OLGRGRPyZW\ONRVQXOLVLĊVWDGDPL]ELMDOLZJURPDGNLF]\WDOL

QDGFKRG]ąFHWHUD]UHJXODUQLHFRNZDGUDQVGHSHV]H%\á\RQHFRUD]WRG]LZQLHMV]H

FRUD]SRWZRUQLHMV]H.DSHOXV]$OIUHGD%URQVNLHJRSU]HP\NDáVLĊZRĞOHSLDMąF\PUy

ĪRZ\PĞZLHWOHNWyUH]DOHZDáRGUXNDUQLĊWRWXWRWDPXND]\ZDáVLĊVNU]\SLąFLNX

OHMąFPHFKDQLF]Q\JUXEDV7U]DVNDá\GU]ZLRGVWURQ\EUDP\SU]H]FDáąQRFVFKRG]LOL

VLĊUHSRUWHU]\1LHXVWDQQLHUR]PDZLDQRSU]H]ZV]\VWNLFKGZDQDĞFLHWHOHIRQyZGUX

NDUQLORNDOQDFHQWUDONDQLHPDODXWRPDW\F]QLHRGSRZLDGDáDQDZV]\VWNLHEU]ĊF]\NL

³]DMĊWH´³]DMĊWH´DZFHQWUDOLSU]HGQLHVWUXG]RQ\PLWHOHIRQLVWNDPLĞSLHZDá\V\JQD

áyZNL=HFHU]\REVWąSLOLPHFKDQLF]QHJRJUXEDVDDNDSLWDQĪHJOXJLZLHONLHMPyZLá

7U]HEDEĊG]LHZ\VáDüDHURSODQ\]JD]HP

%H]WHJRDQLUXV]RGSRZLDGDOLOLQRW\SLĞFLGRF]HJRWRSRGREQH3RWHPSU]H

ODW\ZDá\ZSRZLHWU]XVWUDV]OLZHU\QV]WRNRZHZ\]ZLVNDLF]\MĞSLVNOLZ\JáRVNU]\F]Dá

7HJR3HUVLNRZDWU]HEDE\UR]VWU]HODü

&RFKFHV]RG3HUVLNRZD"RGSRZLDGDQR]WáXPX5R]VWU]HODüWU]HEDSU]HGH

ZV]\VWNLPWHJRVXNLQV\QD]VRZFKR]X

7U]HEDE\áRSRVWDZLüZDUWRZQLNyZZ\NU]\NLZDáNWRĞ

$PRĪHWRZRJyOHQLHMDMND

&Dá\GRPKXF]DáLG\JRWDáZVWU]ąVDQ\ZDOFDPLPDV]\QURWDF\MQ\FKLRGQRVLáRVLĊ

ZUDĪHQLHĪHQLHSRNDĨQ\V]DU\EXG\QHNRJDUQąáHOHNWU\F]Q\SRĪDU

:VWDMąF\G]LHĔQLHXJDVLáWHJRSRĪDUX3U]HFLZQLHZ]PyJáJRW\ONRFKRüĞZLDWáD

HOHNWU\F]QHMXĪ]JDVá\0RWRF\NO]DPRWRF\NOHPZMHĪGĪDáQDDVIDOWRZDQHSRGZyU]H

DXWRPRELO]DDXWRPRELOHP&DáD0RVNZDMXĪZVWDáDLELDáHSáDFKW\JD]HWREVLDGá\

DTP by SHADE

MąMDNSWDNL=DGUXNRZDQHDUNXV]HV]HOHĞFLá\ZHZV]\VWNLFKGáRQLDFKLMXĪSU]HGMH

GHQDVWąUDQRJD]HFLDU]RP]DEUDNáRWRZDUXFKRü³,]ZLHVWLD´PLDá\ZW\PPLHVLąFX

SyáWRUDPLOLRQRZ\ QDNáDG 3URIHVRU 3HUVLNRZ Z\MHFKDá ] 3UHF]\VWLHQNL DXWREXVHP L

SU]\E\áGR,QVW\WXWX7DPF]HNDáDQDQLHJRQLHVSRG]LDQND:KDOOXVWDá\SUHF\]\MQLH

RSLĊWHWDĞPąPHWDORZąGUHZQLDQHVNU]\QNLZOLF]ELHWU]HFKRNOHMRQHE\á\]DJUDQLF]

Q\PLQDOHSNDPLZMĊ]\NXQLHPLHFNLPQDGNWyU\PLNUyORZDáURV\MVNLQDSLVNUHGą

³2VWURĪQLHMDMD´

3URIHVRUDRJDUQĊáDEXU]OLZDUDGRĞü

1DUHV]FLH]DZRáDá3DQNUDWRWZLHUDMQDW\FKPLDVWWHVNU]\QNLW\ONRRVWURĪ

QLHĪHE\QLFQLHSRWáXF'RPQLHGRJDELQHWX

3DQNUDW QLH]ZáRF]QLH Z\NRQDá SROHFHQLH L Z NZDGUDQV SyĨQLHM Z ]DĞFLHORQ\P

WURFLQDPLLVWU]ĊSDPLSDSLHUXJDELQHFLHSURIHVRUDUR]V]DODáVLĊSURIHVRUVNLJáRV

&RWRPDE\üNSLąVRELH]HPQLHF]\FR"Z\áSURIHVRUSRWU]ąVDMąFSLĊĞFLą

LREUDFDMąFMDMNRZGáRQL7RMDNLHĞE\GOĊWHQ3WDFKD1LHSR]ZROĊURELü]VLHELH

SRĞPLHZLVND"&RWRMHVW3DQNUDW"

-DMNDRGSRZLHG]LDá3DQNUDWEROHĞFLZLH

.XU]H UR]XPLHV] NXU]H QLHFK LFK GLDEOL 3R MDNLHJR GLDEáD PL NXU]H MDMD"

1LHFKMHSRĞOąWHPXGUDQLRZLGRMHJRVRZFKR]X

3HUVLNRZU]XFLáVLĊGRWHOHIRQXDOH]DG]ZRQLüQLH]GąĪ\á

3DQLH SURIHVRU]H 3DQLH SURIHVRU]H ]DJU]PLDá QD NRU\WDU]X ,QVW\WXWX JáRV

,ZDQRZD

3HUVLNRZRGHUZDáVLĊRGWHOHIRQXD3DQNUDWĞPLJQąáZERNĪHE\]URELüSULYDW

GRFHQWRZLSU]HMĞFLH,ZDQRZZELHJáGRJDELQHWXQLH]GHMPXMąFZEUHZVZ\PGĪHQ

WHOPHĔVNLPRE\F]DMRPV]DUHJRNDSHOXV]DNWyU\]VXQąáPXVLĊQDW\áJáRZ\:UĊNX

WU]\PDáJD]HWĊ

:LH SDQ SURIHVRU]H FR VLĊ VWDáR" Z\NU]\NLZDá L SU]HG QRVHP 3HUVLNRZD

PDFKQąá DUNXV]HP ] QDSLVHP ³'RGDWHN QDG]Z\F]DMQ\´ 3RĞURGNX DUNXV]D ZLGQLDá

Z\UD]LVW\NRORURZ\REUD]HN

1LHFKSDQOHSLHMSRVáXFKDFRRQLZ\UDELDMąQLHVáXFKDMąFJR]DZRáDá]HVZHM

VWURQ\3HUVLNRZ3RVWDQRZLOLPQLH]DVNRF]\üNXU]\PLMDMDPL7HQ3WDFKDWRNRP

SOHWQ\LGLRWDQLHFKSDQSRSDWU]\

,ZDQRZFDáNLHPRV]DODá=SU]HUDĪHQLHPVSRMU]DáQDRWZDUWHVNU]\QNLSRWHPQD

JD]HWĊSRWHPMHJRRF]\QLHRPDOZ\VNRF]\á\]RUELW

:LĊFWRWDNPDPURWDáWUDFąFRGGHFKWHUD]UR]XPLHP1LHSDQLHSURIHVRU]H

QLHFKSDQW\ONRVSRMU]\%á\VNDZLF]QLHUR]áRĪ\áJD]HWĊLGUĪąF\PSDOFHPZVND]Dá

3HUVLNRZRZLNRORURZ\REUD]HN1DREUD]NXQLF]\PVWUDV]OLZ\V]ODXFKVWUDĪDFNLZLá

VLĊZĞUyGG]LZDF]QHMUR]PD]DQHM]LHOHQLROLZNRZ\ZąĪZĪyáWHSODP\6IRWRJUDIR

ZDQRJR]JyU\]DZLRQHWNLNWyUDRVWURĪQLHSU]HĞOL]JQĊáDVLĊQDGQLP&RWRMHVW

SDĔVNLP]GDQLHP"

3HUVLNRZSU]HVXQąáRNXODU\QDF]RáRSRWHP]QyZ]VXQąáMHQDRF]\SU]\MU]DáVLĊ

LOXVWUDFMLLSRZLHG]LDáQLH]PLHUQLH]GXPLRQ\

&RXOLFKD7RWRSU]HFLHĪDQDNRQGDGXVLFLHOZRGQ\

,ZDQRZ]GMąáNDSHOXV]RSDGáQDNU]HVáRLZ\ELMDMąFSLĊĞFLąSRVWROHNDĪGHVáRZR

SRZLHG]LDá

3DQLH SURIHVRU]H WR MHVW DQDNRQGD ] JXEHUQL VPROHĔVNLHM &RĞ SRWZRUQHJR

5R]XPLHSDQWHQGUDĔ]DPLDVWNXUZ\KRGRZDáZĊĪHLQLHFKSDQVRELHZ\REUD]LĪH

RQHUR]PQRĪ\á\VLĊUyZQLHIHQRPHQDOQLHMDNĪDE\

&RWDNLHJR"SRZLHG]LDá3HUVLNRZLMHJRWZDU]]URELáDVLĊEXUD3DQĪDUWX

MH-DNLPFXGHP"6NąG"

,ZDQRZQDPRPHQWRQLHPLDáSRWHPRG]\VNDáGDUPRZ\ZVND]DáSDOFHPRWZDU

WąVNU]\QNĊZNWyUHMZĞUyGĪyáW\FKWURFLQMDĞQLDá\ELDáHVNRUXSNLLSRZLHG]LDá

$VWąG

DTP by SHADE

&RRRR"]DZ\á3HUVLNRZ=DF]\QDáNRMDU]\ü

,ZDQRZ]DEVROXWQ\PSU]HNRQDQLHPPDFKQąá]DFLĞQLĊW\PLSLĊĞFLDPLLZU]DVQąá

0RĪHSDQE\üSHZQ\=DPyZLRQHSU]H]SDQDMDMDZĊĪ\LVWUXVLyZSU]HVáDOLGR

VRZFKR]XDNXU]HSRP\áNRZRSDQX

%RĪHZLHONL%RĪHZLHONLSRZWyU]\á3HUVLNRZL]LHOHQLHMąFQDWZDU]\SRZROL

VLDGDáQDREURWRZ\PWDERUHFLH

3DQNUDWFDáNLHP]JáXSLDáSU]\GU]ZLDFKSREODGáLRQLHPLDá,ZDQRZ]HUZDáVLĊ

]áDSDáJD]HWĊLRVWU\PSD]QRNFLHPSRGNUHĞOLZV]\VWRVRZQHPLHMVFHZU]DVQąáSURIH

VRURZLZXFKR

1R WHUD] EĊGą PLHOL ZHVRáą ]DEDZĊ 'RSUDZG\ QLH Z\REUDĪDP VRELH FR

WHUD]EĊG]LH3URV]ĊW\ONRVSRMU]HüLZ\NU]\F]DáSLHUZV]\]EU]HJXDNDSLW]H]PLĊ

WRV]RQHMSáDFKW\:ĊĪHZĊGUXMąJURPDGQLHZNLHUXQNX0RĪDMVNDVNáDGDMąFSR

GURG]HQLHZLDU\JRGQHLORĞFLMDM=DXZDĪRQRMDMDZSRZLHFLHGXFKRZVNLP3RMDZLá\

VLĊNURNRG\OHLVWUXVLH-HGQRVWNLGR]DGDĔVSHFMDOQ\FKLRGG]LDá\*38SRáRĪ\á\NUHV

SDQLFH NWyUD Z\EXFKáD Z :LDĨPLH SR SRGSDOHQLX ODVyZ SRGPLHMVNLFK 3RĪDU SR

ZVWU]\PDáSRFKyGJDGyZ

3HUVLNRZUyĪQRNRORURZ\DWHUD]]VLQLDá\GRĞPLHUWHOQHMEODGRĞFLRRF]DFKV]D

OHĔFDZVWDá]WDERUHWXL]DF]ąáNU]\F]HüSRSU]H]]DG\V]NĊ

$QDNRQGDDQDNRQGDGXVLFLHOZRGQ\%RĪHZLHONL

$QL,ZDQRZDQL3DQNUDWQLJG\MHV]F]HQLHZLG]LHOLSURIHVRUDZWDNLPVWDQLH

3URIHVRUMHGQ\PUXFKHP]GDUá]VLHELHNUDZDWREHUZDáJX]LNLNRV]XOLVSXUSXUR

ZLDáVWUDV]OLZLHLDSRSOHNW\F]QLHDQDVWĊSQLHFKZLHMQ\PNURNLHPZ\ELHJá]SRNRMX

RF]\PLDáWĊSHV]NOLVWH3RGNDPLHQQHVNOHSLHQLD,QVW\WXWXZ]OHFLDáNU]\N

$QDNRQGDDQDNRQGD]DJU]PLDáRHFKR

àDSSURIHVRUDZU]DVQąá,ZDQRZGR3DQNUDWDNWyU\]SU]HUDĪHQLHP]DWDĔF]\á

ZPLHMVFX:RG\WRXGDU

52='=,$à;,%Ï-,ĝ0,(5û

3áRQĊáDZ0RVNZLHRV]DODáDHOHNWU\F]QDQRF3DOLá\VLĊZV]\VWNLHĞZLDWáDLZĪDG

Q\PPLHV]NDQLXQLHE\áRWDNLHJRPLHMVFDZNWyU\PQLHMDĞQLDáDE\ODPSD]H]GMĊW\P

DEDĪXUHP:ĪDGQ\PPLHV]NDQLXF]WHURPLOLRQRZHM0RVNZ\QLHVSDáQLNWSUyF]QLH

UR]XPQ\FKG]LHFL/XG]LHZPLHV]NDQLDFKSLOLLMHGOLE\OHFRLE\OHMDNZ\NU]\NLZDOL

FRĞ L FR FKZLOĊ Z\NU]\ZLRQH WZDU]H Z\JOąGDá\ ] RNLHQ ZV]\VWNLFK SLĊWHU NLHUXMąF

VSRMU]HQLDZSRSU]HFLQDQHUHIOHNWRUDPLQLHER1DQLHELHEH]SU]HUZ\Eá\VNDá\ELDáH

RJQLHEODGHVWRĪNLWRSQLHMąFHJRĞZLDWáDRSDGDá\QD0RVNZĊQLNQĊá\JDVá\7UZDáZ

QLHELHQLHXVWDQQ\EDVRZ\KXNDHURSODQyZ6]F]HJyOQLHVWUDV]QLHE\áRQD7ZHUVNLHM

-DPVNLHM1D'ZRU]HF$OHNVDQGURZVNLFRG]LHVLĊüPLQXWSU]\MHĪGĪDá\SRFLąJL]HVWD

ZLRQHMDNSRSDGáR]ZDJRQyZWRZDURZ\FKRVRERZ\FKVDORQHNDQDZHW]F\VWHUQ

REOHSLRQ\FKRV]DODá\PLOXGĨPL7ZHUVNą-DPVNąSĊG]LáDJĊVWDOXG]NDNDV]DOXG]LH

WáRF]\OLVLĊZDXWREXVDFKQDGDFKDFKWUDPZDMyZWUDWRZDOLVLĊQDZ]DMHPZSDGDOL

SRGNRáD1DGZRUFXFRFKZLODZ\EXFKDáDWHUNRWOLZDWUZRĪQDVWU]HODQLQDQDGJáRZDPL

WáXPXWRMHGQRVWNLZRMVNRZHSUyERZDá\RSDQRZDüSDQLNĊV]DOHĔFyZNWyU]\ELHJOL

QDV\SDPLNROHMRZ\PL]JXEHUQLVPROHĔVNLHMZVWURQĊ0RVNZ\1DGZRUFXMHGQDSR

GUXJLHM]FLFK\PZĞFLHNá\PMĊNLHPV\SDá\VLĊV]\E\LZ\á\ZV]\VWNLHORNRPRW\Z\

:V]\VWNLHXOLFH]DVáDQHE\á\SRU]XFRQ\PL]GHSWDQ\PLDILV]DPLWHVDPHDILV]HSD

WU]\á\]PXUyZZSDOąF\PPDOLQRZ\PĞZLHWOHUHIOHNWRUyZ1LNWLFKQLHF]\WDáZV]\

VF\]QDOLMHMXĪQDSDPLĊü$ILV]HRJáDV]Dá\Z0RVNZLHVWDQZ\MąWNRZ\=DZLHUDá\

WHĪRVWU]HĪHQLDSU]HGSDQLNąLNRPXQLNDWĪHGRJXEHUQLVPROHĔVNLHMMDGąWUDQVSRUW

]DWUDQVSRUWHPX]EURMRQHZJD]\MHGQRVWNL$UPLL&]HUZRQHM2EZLHV]F]HQLDWHQLH

PRJá\MHGQDNXVSRNRLüZ\MąFHMQRF\:PLHV]NDQLDFKOHFLDá\]UąNLWáXNá\VLĊWDOHU]H

LZD]RQ\OXG]LHELHJDOLSRWUąFDMąFPHEOHUR]SDNRZ\ZDOLLSDNRZDOLMDNLHĞWRERáNLL

DTP by SHADE

ZDOL]\ZGDUHPQHMQDG]LHLĪHXGDVLĊLPSU]HGU]HüQD3ODF.DáDQF]HZVNLQD-DUR

VáDZVNLOXE1LNRáDMHZVNL'ZRU]HF1LHVWHW\ZV]\VWNLHGZRUFH]NWyU\FKPRĪQDE\áR

RGMHFKDüQDSyáQRFOXEQDZVFKyGRWRF]RQHE\á\]ZDUW\PLNRUGRQDPLSLHFKRW\NR

á\V]ąFLEU]ĊF]ąF]DF]HSDPLRJURPQHFLĊĪDUyZNLZ\áDGRZDQHVNU]\QLDPLQDNWyU\FK

VLHG]LHOL F]HUZRQRDUPLĞFL Z V]SLF]DVW\FK EXGLRQQyZNDFK QDMHĪRQH ]H ZV]\VWNLFK

VWURQEDJQHWDPLZ\ZR]Lá\]DSDV\]áRW\FKPRQHW]SRG]LHPLD/XGRZHJR.RPLVDULD

WX)LQDQVyZRUD]ROEU]\PLHVNU]\QLH]QDSLVDPL³2VWURĪQLH*DOHULD7UHWLDNRZVND´

&LĊĪDUyZNLZDUF]Dá\LSĊG]Lá\SRFDáHM0RVNZLH

%DUG]RGDOHNRGUĪDáDQDQLHELHáXQDSRĪDUXLVá\FKDüE\áRUR]NRá\VXMąFHJĊVWą

F]HUĔVLHUSQLDQLHPLONQąFHDUPDW\

1DGUDQHPXOLFDPLEH]VHQQHM0RVNZ\NWyUDSU]H]FDáąQRFQLH]JDVLáDDQLMHG

QHJRĞZLDWáDZJyUĊXOLF\7ZHUVNLHMSU]HV]HGáZLHORW\VLĊF]Q\áRPRFąF\NRS\WDPLSR

EUXNXZąĪ$UPLL.RQQHM]DPLDWDáZV]\VWNRFRPXVWDQĊáRQDGURG]HFRZFLVNDáR

VLĊGREUDPLZ\JQLDWDMąFV]\E\WXOLáRGRZ\VWDZVNOHSRZ\FK1DV]DU\FKSOHFDFKSR

GU\JLZDá\NRĔFHPDOLQRZ\FKEDV]á\NyZ>NDSWXU]ILOFXOXEJUXEHMWNDQLQ\@RVWU]DSLN

GĨJDá\QLHER6]HUHJLSDUá\QDSU]yGZU]\QDá\VLĊZUR]FKOXVWDQąNLSLHOV]DOHĔVWZD

LQDLFKZLGRNPLRWDMąF\VLĊZ\MąF\WáXPMDNE\RĪ\á7áXP\QDFKRGQLNDFK]DZ\á\

SRZLWDOQLH]QDG]LHMą

1LHFKĪ\MH$UPLD.RQQDNU]\F]Dá\]DSDPLĊWDáHJáRV\NRELHFH

1LHFKĪ\MHRGSRZLDGDá\PĊVNLH

=DWUDWXMąWUDWXMąZ\OLJG]LHĞ

5DWXQNXNU]\F]DQR]WURWXDUX

3ROHFLDá\]WURWXDUyZPLĊG]\V]HUHJLSXGHáNDSDSLHURVyZVUHEUQHPRQHW\]H

JDUNL MDNLHĞ NRELHW\ Z\ELHJDá\ QD MH]GQLĊ L U\]\NXMąF SRáDPDQLH NRĞFL ELHJá\ SR

ERNDFKV]\NXF]HSLDMąFVLĊVWU]HPLRQLFDáXMąFMH3RSU]H]QLHXVWDQQ\WXSRWNRS\W

GRELHJDá\]U]DGNDNRPHQG\SOXWRQRZ\FK

6NUyFLüZRG]H

*G]LHĞ ĞSLHZDQR ZHVRáR UXEDV]QLH Z PLJRWOLZ\P ĞZLHWOH UHNODP VSRJOąGDá\

]NRQLWZDU]HZ]DáDPDQ\FKQDXFKRPDOLQRZ\FKF]DSNDFK&RFKZLODSU]HU\ZDMąF

V]HUHJLMH]GQ\FKRQLHRVáRQLĊW\FKWZDU]DFKMHFKDá\UyZQLHĪNRQQRG]LZQHSR

VWDFLHZG]LZQ\FKF]DUF]DIDFK]NWyU\FKZ\ELHJDá\JXPRZHUXU\SRVWDFLHWHPLDá\

QDSOHFDFKSU]\WURF]RQHSDVDPLPHWDORZHEXWOH=DQLPLVXQĊá\ROEU]\PLHVDPR

FKRG\F\VWHUQ\Z\SRVDĪRQHMDNZR]\VWUDĪDFNLHZGáXJLHZĊĪHLFLĊĪNLHPLDĪGĪąFH

EUXNWDQNLQDJąVLHQLFDFKV]F]HOQLHRSDQFHU]RQHRĞZLHFąF\FKZąVNLFKRWZRUDFK

VWU]HOQLF]\FK8U\ZDá\VLĊV]HUHJLMH]GQ\FKLMHFKDá\FKURQLRQHV]DU\PLSDQFHU]DPL

DXWD]HVWHUF]ąF\PLV]DU\PLUXUDPL]ELDá\PLWUXSLPLJáyZNDPLZ\PDORZDQ\PLSR

ERNDFKL]QDSLVDPL³*D]´³'REURFKLP´

2EURĔFLHEUDFLDZ\áWáXP]FKRGQLNyZ%LMFLHJDGD5DWXMFLH0RVNZĊ

0DüPDüELHJáRSRV]HUHJDFK&DáHSDF]NLSDSLHURVyZIUXZDá\ZRĞZLHWOR

Q\PQRFQ\PSRZLHWU]XL]NRĔVNLFKJU]ELHWyZV]F]HU]\á\VLĊQDRV]DODá\FKOXG]LELDáH

]ĊE\5R]OHZDáVLĊSRV]HUHJDFKJáXFK\DFKZ\WDMąF\]DVHUFHĞSLHZ

³1LNUyOQLNOHFKDSDQQLNDW

2GJDGyZVLĊZ\]ZROLPVDPL´

*URPNLH KXF]ąFH ³KXUUD´ Z\EXFKDá\ QDG FDáą Wą NDV]ą UR]HV]áD VLĊ ERZLHP

SRJáRVNDĪHQDF]HOHRZ\FKV]HUHJyZMHG]LHZWDNLPVDP\PPDOLQRZ\PEDV]á\NX

MDNLHPDMąZV]\VF\LQQLMHĨGĨF\SRVWDU]Dá\LSRVLZLDá\GRZyGFDWHJRNRQQHJRJLJDQ

WDNWyU\SU]HGG]LHVLĊFLRPDODW\VWDáVLĊSRVWDFLąOHJHQGDUQą7áXPZ\áZ]ODW\ZDáZ

QLHELRVDJU]PRW³+XUUD+XUUD´LWRQLHFRXVSRNDMDáRVNRáDWDQHVHUFD

,QVW\WXWE\áVNąSRRĞZLHWORQ\'RFLHUDá\WXW\ONRSRV]F]HJyOQHQLHMDVQHLSU]\

JáXV]RQHRGJáRV\Z\GDU]HĔ5D]EXFKQĊáDZDFKODU]\NLHPVDOZDSRGĞZLHWOLVW\P]H

JDUHP NRáR PDQHĪ\ WR UR]VWU]HODQR QD PLHMVFX PDUXGHUyZ NWyU]\ XVLáRZDOL RE

UDERZDü PLHV]NDQLH QD :RáFKRQFH 5XFK VDPRFKRGRZ\ QD WHM XOLF\ E\á QLHZLHONL

DTP by SHADE

ZV]\VWNRERZLHPNRQFHQWURZDáRVLĊZRNyáGZRUFyZ : JDELQHFLH SURIHVRUDSDOLáD

VLĊW\ONRMHGQDSU]\FLHPQLRQDODPSDNUąJMHMĞZLDWáDSDGDáQDVWyá3HUVLNRZVLHG]LDá

ZPLOF]HQLX]JáRZąZVSDUWąQDUĊNDFK.Rá\VDáVLĊZRNyáQLHJRVáRLVW\G\P=JDVá

SURPLHĔZVNU]\QFHĩDE\ZWHUUDULDFKPLOF]Dá\VSDá\MXĪ3URIHVRUQLHSUDFRZDáDQL

QLHF]\WDá=ERNXSRGOHZ\PáRNFLHP3HUVLNRZDOHĪDáDJD]HWDSRSRáXGQLRZD]GH

SHV]DPLNWyUHGRQRVLá\ĪHFDá\6PROHĔVNVLĊSDOLDDUW\OHULDNZDGUDWSRNZDGUDFLH

RVWU]HOLZXMHODV\PRĪDMVNLHQLV]F]ąF]áRĪDMDMNURNRG\OLFK]DOHJDMąFHZHZV]\VWNLFK

SRGPRNá\FKSDURZDFK'RQRV]RQRĪHHVNDGUDDHURSODQyZQDG:LDĨPąG]LDáDáD]

GXĪ\PSRZRG]HQLHPL]DJD]RZDáDQLHPDOFDá\SRZLDWDOHRILDU\ZOXG]LDFKVąWDP

QLH]OLF]RQHSRQLHZDĪPLHV]NDĔF\]DPLDVWRSXV]F]DüNROHMQRSRZLDW\ZUDPDFKSOD

QRZHMHZDNXDFMLPLRWDMąVLĊ]SRZRGXSDQLNLQDRĞOHSQLH]RUJDQL]RZDQ\PLJUR

PDGDPLXFLHNDMąQDZáDVQHU\]\NRJG]LHRF]\SRQLRVą'RQRV]RQRĪH6DPRG]LHOQD

.DXNDVND'\ZL]MD.DZDOHULLQDNLHUXQNXPRĪDMVNLPRGQLRVáDLPSRQXMąFH]Z\FLĊVWZR

ZVWDUFLX]HVWDGDPLVWUXVLZ\ELáDMHZV]\VWNLHL]QLV]F]\áDRJURPQHLORĞFLVWUXVLFK

MDM'\ZL]MDPLDáDSU]\W\PEDUG]RQLH]QDF]QHVWUDW\ZáDVQH2SXEOLNRZDQRRĞZLDG

F]HQLHU]ąGX]DSRZLDGDMąFHFDáNRZLWąHZDNXDFMĊVWROLF\ZUD]LHJG\E\QLHXGDáRVLĊ

SRZVWU]\PDüJDGyZZRGOHJáRĞFLGZXVWXZLRUVWRGPLDVWD8U]ĊGQLF\LURERWQLF\SR

ZLQQL]DFKRZDüFDáNRZLW\VSRNyM5]ąGSRGHMPLHQDMGUDVW\F]QLHMV]HNURNLE\QLHGR

SXĞFLüGRSRZWyU]HQLDVLĊWUDJHGLLVPROHĔVNLHMJG]LHZUH]XOWDFLHSDQLNLZ\ZRáDQHM

QLHRF]HNLZDQ\PDWDNLHPNLONXW\VLĊF\JU]HFKRWQLNyZPLDVWR]DF]ĊáRVLĊSDOLüZW\FK

ZV]\VWNLFKSXQNWDFKZNWyU\FKSR]RVWDZLOLRJLHĔSRGNXFKQLąEH]áDGQLHXFLHNDMą

F\PLHV]NDĔF\'RQRV]RQRĪH0RVNZDG\VSRQXMH]DSDVDPLĪ\ZQRĞFLFRQDMPQLHM

QDSyáURNXRUD]ĪHSRZRáDQDSU]\JáyZQRGRZRG]ąF\PUDGDSRGHMPXMHHQHUJLF]QH

NURNLFHOHPRSDQFHU]HQLDPLHV]NDĔFRSR]ZROLSURZDG]LüZDONĊ]JDGDPLQDXOLFDFK

VWROLF\JG\E\$UPLD&]HUZRQDDHURSODQ\LHVNDGU\QLH]GRáDá\SRZVWU]\PDüLQZD]ML

JDGyZ

3URIHVRU QLH F]\WDá WHJR ZV]\VWNLHJR V]NOLVW\PL RF]\PD SDWU]\á SU]HG VLHELH

SDOLá3UyF]QLHJRE\á\Z,QVW\WXFLHW\ONRGZLHRVRE\3DQNUDWL]DOHZDMąFDVLĊFR

FKZLOĊá]DPLJRVSRVLD0DULD6WLHSDQRZQD0DULD6WLHSDQRZQDQLHVSDáDMXĪWU]HFLą

QRF]U]ĊGXVSĊG]DáDWHQRFHZJDELQHFLHSURIHVRUDNWyU\]DQLFQLHFKFLDáVLĊUR]

VWDü]Z\JDVáąDOHMHG\QąMDNDPX]RVWDáDVNU]\QNą0DULD6WLHSDQRZQDXáRĪ\áD

VLĊWHUD]QDFHUDWRZHMNDQDSFHZFLHPQ\PNąFLHLPLOF]DáDSRJUąĪRQDZEROHVQ\FK

UR]P\ĞODQLDFK SDWU]\áD MDN Z WUyMQRJX QDG SDOQLNLHP EXQVHQRZVNLP JRWXMH VLĊ

F]DMQLNQDKHUEDWĊGODSURIHVRUD,QVW\WXWWUZDáZPLOF]HQLXLZV]\VWNRVWDáRVLĊEDU

G]RQDJOH

=XOLF\GDá\VLĊVá\V]HüUDSWHPSU]HQLNOLZHNU]\NLWDNSHáQHQLHQDZLĞFLĪH0DULD

6WLHSDQRZQDSRGHUZDáDVLĊLWDNĪHNU]\NQĊáD1DXOLF\]DPLJRWDá\ODWDUQLHGRELHJá

]KDOOXJáRV3DQNUDWD3URIHVRUĨOH]QRVLáWHKDáDV\1DFKZLOĊXQLyVáJáRZĊZ\PDP

URWDá³3DWU]FLHQRMDNVLĊZĞFLHNDMąFyĪMDWHUD]PRJĊ]URELü´L]QRZXSRSDGáZ

RGUĊWZLHQLH1LHGDQRPXMHGQDNWUZDüZQLPGáXJR6WUDV]OLZLH]DJU]PLDá\GZX

VNU]\GáRZHNXWHGU]ZL,QVW\WXWXSURZDG]ąFHQDXOLFĊ+HUFHQD]DWU]ĊVá\VLĊPXU\

JPDFKX3RWHPSĊNáDJUXED]ZLHUFLDGODQDV]\EDZVąVLHGQLPJDELQHFLH=DG]ZR

QLáRSRV\SDáRVLĊV]NáRZJDELQHFLHSURIHVRUDV]DU\EUXNRZLHFZVNRF]\áSU]H]RNQR

UR]ELáV]NODQ\VWyá3RGVNRF]\á\ĪDE\ZWHUUDULDFKSRGQLRVá\ZU]DVN3RGHUZDáDVLĊ

L]DSLV]F]DáD0DULD6WLHSDQRZQD'RSDGáDSURIHVRUDFKZ\FLáDJR]DUĊFHL]DZRáDáD

1LHFKSDQXFLHNDSDQLHSURIHVRU]HQLHFKSDQXFLHND3URIHVRUZVWDá]REUR

WRZHJRNU]HVáDZ\SURVWRZDáVLĊKDF]\NRZDWR]DJLąáSDOHFMHJRRF]\QDPRPHQW

RG]\VNDá\GDZQ\Ī\Z\EODVNSU]\SRPLQDáWHUD]GDZQHJRQDWFKQLRQHJR3HUVLNRZD

1LJG]LHVLĊVWąGQLHUXV]ĊSRZLHG]LDá7RSRSURVWXJáXSLH/DWDMąMDNV]DOH

QL$MHĪHOLFDáD0RVNZDVWUDFLáDUR]XPWRGRNąGPDPXFLHNDü",EDUG]RSURV]Ċ

QLHFKSDQLSU]HVWDQLHNU]\F]Hü&RMDPDP]W\PZVSyOQHJR"3DQNUDW]DZRáDáL

QDFLVQąáJX]LN

DTP by SHADE

&KFLDá ]DSHZQH ĪHE\ 3DQNUDW SRáRĪ\á NUHV FDáHPX WHPX KDUPLGURZL NWyUHJR

SURIHVRU]DZV]HWDNQLH]QRVLá$OH3DQNUDWQLFWXMXĪQLHPyJáSRPyF6NRĔF]\áRVLĊ

QDW\PĪHSXĞFLá\GU]ZL,QVW\WXWXL]GDOHNDGRELHJá\NODĞQLĊFLDZ\VWU]DáyZDSRWHP

FDá\PDV\ZQ\JPDFKZ\SHáQLáVLĊELHJDQLQąNU]\NDPLEU]ĊNLHPWáXF]RQ\FKV]\E

0DULD6WLHSDQRZQDZF]HSLáDVLĊZUĊNDZSURIHVRUDJG]LHĞFLąJQĊáD3HUVLNRZDWHQ

Z\UZDáVLĊMHGQDNZ\SURVWRZDáLZFDáHMRND]DáRĞFLZELDá\PIDUWXFKXWDNMDNVWDá

Z\V]HGáQDNRU\WDU]

1R"]DS\WDá"'U]ZLRWZRU]\á\VLĊQDRĞFLHĪLSLHUZV]ąU]HF]ąMDNDVLĊZQLFK

XND]DáDE\á\SOHF\ZRMVNRZHJR]PDOLQRZ\PV]HZURQHPL]JZLD]GąQDOHZ\PUĊ

NDZLH2GVXZDáVLĊW\áHPRGGU]ZLQDNWyUHQDSLHUDáUR]ZĞFLHF]RQ\WáXPVWU]HODá]

UHZROZHUX3RWHPU]XFLáVLĊGRXFLHF]NLDPLMDMąF3HUVLNRZDNU]\NQąáGRQLHJR

3URIHVRU]HQLHFKSDQXFLHNDMDMXĪQLFQLHPRJĊ]URELü

2GSRZLHG]LDáMHJRVáRZRPSLVN0DULL6WLHSDQRZQ\:RMVNRZ\SU]HPNQąáRERN

VWRMąFHJRQLF]\PELDá\SRVąJ3HUVLNRZDL]QLNQąáZPURNXSRNUĊWQ\FKNRU\WDU]\]

GUXJLHMVWURQ\/XG]LHZ\SDGDOL]GU]ZLZ\OL

%LMJR=DELM

=EURGQLDU]

7RW\Z\SXĞFLáHĞJDG\

:\NU]\ZLRQH WZDU]H SRUR]G]LHUDQH VXNQLH SRGU\JLZDá\ QD NRU\WDU]DFK NWRĞ

Z\VWU]HOLá=DPLJRWDá\NLMHLODVNL3HUVLNRZFRIQąáVLĊQLHFR]DJURG]LáVREąGU]ZLGR

JDELQHWXZNWyU\PNOĊF]DáDQDSRGáRG]HĞPLHUWHOQLHSU]HUDĪRQD0DULD6WLHSDQRZ

QDUR]SRVWDUáV]\UDPLRQDMDNXNU]\ĪRZDQDQLHFKFLDáZSXĞFLüWáXPXLNU]\F]Dá]

UR]GUDĪQLHQLHP

7RF]\VWHV]DOHĔVWZR-DNG]LNLH]ZLHU]ĊWD&]HJRWXFKFHFLH"=DZ\á:RQ

VWąGL]DNRĔF]\áIUD]ĊRVWU\PLZV]\VWNLPWDNGREU]H]QDQ\PRNU]\NLHP3DQ

NUDWZ\U]XüLFK]DGU]ZL

$OH3DQNUDWQLNRJRMXĪ]DGU]ZLZ\U]XFLüQLHPyJá=UR]ELWąJáRZą]GHSWDQ\L

UR]GDUW\QDVWU]ĊS\OHĪDá3DQNUDWQLHUXFKRPRZKDOOXLFRUD]WRQRZHWáXP\SU]HELH

JDá\RERNQLHJRQLH]ZUDFDMąFXZDJLQDVWU]HODQLQĊPLOLFML]XOLF\

1LVNLPĊĪF]\]QDQDNU]\Z\FKPDáSLFKQRJDFKZUR]GDUWHMPDU\QDUFHZUR]

GDUW\PLSU]HNU]\ZLRQ\PSyáNRV]XONXZ\SU]HG]LáLQQ\FKGRSDGáGR3HUVLNRZDLUR]

FLąáPXJáRZĊVWUDV]OLZ\PFLRVHPODVNL3HUVLNRZ]DWRF]\áVLĊ]DF]ąáVLĊFK\OLüQD

ERNMHJRRVWDWQLPVáRZHPE\áR

3DQNUDW3DQNUDW

%RJXGXFKDZLQQą0DULĊ6WLHSDQRZQą]DELWRLUR]V]DUSDQRZJDELQHFLHNRPRUĊ

ZNWyUHM]JDVáMXĪSURPLHĔUR]QLHVLRQRQDVWU]ĊS\UR]QLHVLRQRQDVWU]ĊS\WHUUDULD

Z\WáXF]RQRL]GHSWDQRRJáXSLDáHĪDE\UR]ELWRUHIOHNWRU\LZJRG]LQĊSyĨQLHM,QVW\WXW

SáRQąáZRNyáSRQLHZLHUDá\VLĊWUXS\RSRGDOWUZDáNRUGRQOXG]LX]EURMRQ\FKZHOHN

WU\F]QHUHZROZHU\VWDá\VDPRFKRG\VWUDĪDFNLHF]HUSDá\ZRGĊ]K\GUDQWyZLZOHZD

á\MąZHZV]\VWNLHRNQD,QVW\WXWX]NWyU\FKVWU]HODá\KXF]ąFHMĊ]\NLRJQLD

52='=,$à;,,052ħ1<'(86(;0$&+,1$

:QRF\]G]LHZLĊWQDVWHJRQDGZXG]LHVW\VLHUSQLDURNXW\VLąFG]LHZLĊüVHWGZX

G]LHVWHJR yVPHJR FKZ\FLá QDJOH PUy] PUy] QLHVá\FKDQ\ MDNLHJR QDMVWDUVL OXG]LH

QLHSDPLĊWDOL&KZ\FLáLWU]\PDáGZDGQLRVLąJDMąFPLQXVRVLHPQDĞFLH5R]MXV]RQD

0RVNZDV]F]HOQLHSR]DP\NDáDGU]ZLLRNQD,GRSLHURSRGNRQLHFWU]HFLHMGRE\]UR

]XPLDáDOXGQRĞüVWROLF\ĪHPUy]RFDOLáLMąLRZHQLHRJDUQLRQHSU]HVWU]HQLHNWyU\PL

0RVNZDZáDGDáDLQDNWyUHVSDGáDVWUDV]OLZDNOĊVNDGZXG]LHVWHJRyVPHJRURNX3RG

0RĪDMVNLHP$UPLD.RQQDNWyUHMVWUDW\VLĊJDá\WU]HFKF]ZDUW\FKVWDQXWUDFLáDMXĪ

LPSHWDHVNDGU\JD]RZHQLH]GRáDá\SRZVWU]\PDüPDUV]XRK\GQ\FKJDGyZNWyUH

SyáNROHPSDUá\QD0RVNZĊ]WU]HFKNLHUXQNyZRG]DFKRGXSRáXGQLRZHJR]DFKRGX

DTP by SHADE

LSRáXGQLD

3RNRQDá MH PUy] REU]\GOLZH ]JUDMH QLH SU]HWU]\PDá\ GZyFK GyE RVLHPQDVWR

VWRSQLRZHJRPUR]XLZWU]HFLHMGHNDG]LHVLHUSQLDNLHG\VLĊRFLHSOLáRLSRFKáRGDFK

SR]RVWDáDW\ONRZLOJRüSOXFKDPRNUDPJáDL]ZDU]RQHOLĞFLHQDGU]HZDFKQLHE\áR

MXĪ ] NLP ZDOF]\ü .OĊVND PLQĊáD /DV\ SROD EH]NUHVQH WU]ĊVDZLVND XVáDQH E\á\

MHV]F]HUyĪQREDUZQ\PLMDMDPLSRNU\W\PLQLHNLHG\G]LZDF]Q\PQLHWXWHMV]\PQLH

VSRW\NDQ\PRUQDPHQWHPNWyU\]DJLQLRQ\EH]ZLHĞFL5RNNX]QDá]DEUXGDOHMDMND

WHE\á\MXĪDEVROXWQLHQLHJURĨQH-DMDXPDUá\]DURGNLZQLFKE\á\PDUWZH

%H]NUHVQHSU]HVWU]HQLH]LHPLGáXJRMHV]F]HSRNU\ZDá\QLHSU]HOLF]RQHLJQLMąFH

]ZáRNL NURNRG\OL L ZĊĪ\ SRZRáDQ\FK GR Ī\FLD SU]H] ]DJDGNRZ\ SURPLHĔ ]URG]RQ\

ZJHQLDOQ\FKRF]DFKQDXOLF\+HUFHQD1LHWUZDáHSáRG\JRUąF\FKWURSLNDOQ\FKPR

F]DUyZ]JLQĊá\ZFLąJXGZyFKGQLSR]RVWDZLDMąFSRVRELHQDWHUHQLHWU]HFKJXEHUQL

VWUDV]OLZ\VPUyGUR]NáDGLWUXSLHMDG\

'áXJRMHV]F]HWUZDá\HSLGHPLHVSRZRGRZDQHUR]NáDGHPOXG]NLFKWUXSyZLJD

G]LHMSDGOLQ\GáXJRMHV]F]HNUąĪ\áRZRMVNRDOHQLHE\áRMXĪZ\SRVDĪRQHZJD]\W\ONR

ZVSU]ĊWVDSHUVNLF\VWHUQ\]QDIWąLVWUDĪDFNLHZĊĪHRF]\V]F]DáR]LHPLĊ2F]\ĞFLáR

MąZUHV]FLHLQDZLRVQĊURNXW\VLąFG]LHZLĊüVHWGZXG]LHVWHJRG]LHZLąWHJRZV]\VWNR

VLĊVNRĔF]\áR

,QDZLRVQĊURNXW\VLąFG]LHZLĊüVHWGZXG]LHVWHJRG]LHZLąWHJR]QyZ]DWDĔF]\áD

UR]JRU]DáD]DZLURZDáDĞZLDWáDPL0RVNZD]QyZSRVWDUHPXV]XPLDá\SRWRNLSRMD]

GyZPHFKDQLF]Q\FKLQDGF]DSąĞZLąW\QL=EDZLFLHODZLVLDáMDNQDQLWFHVLHUSNVLĊĪ\

FD]DĞQDPLHMVFXMHGQRSLĊWURZHJREXG\QNX,QVW\WXWXVSDORQHJRZVLHUSQLXGZX

G]LHVWHJRyVPHJRURNXZ]QLHVLRQRQRZ\SDáDF]RRORJLF]Q\NUyORZDáZW\PSDáDFX

SULYDWGRFHQW,ZDQRZDOHQLHE\áRMXĪ3HUVLNRZD1LNWMXĪQLHPyJá]REDF]\üMHJR

KDF]\NRZDWRDSU]HNRQXMąFR]DJLĊWHJRSDOFDQLNWMXĪQLHXVá\V]DáZLĊFHMVNU]\SOL

ZHJRNZDF]ąFHJRJáRVX2SURPLHQLXLRNDWDVWURILH]GZXG]LHVWHJRyVPHJRURNX

GáXJRMHV]F]HPyZLáLSLVDáFDá\ĞZLDW]F]DVHPMHGQDNLPLĊSURIHVRUD:áRG]LPLHU]D

+LSSDWLHZLF]D3HUVLNRZDRVQXáRVLĊPJáąL]JDVáRSRGREQLHMDN]JDVáLVDPRGNU\W\

SU]H]SURIHVRUDSHZQHMNZLHWQLRZHMQRF\F]HUZRQ\SURPLHĔ1LJG\MXĪSRWHPQLH

XGDáRVLĊRWU]\PDüRZHJRSURPLHQLDFKRüZ\WZRUQ\GĪHQWHOPHQREHFQLHSURIHVRU

]Z\F]DMQ\3LRWU6WLHSDQRZLF],ZDQRZRGF]DVXGRF]DVXSRQDZLDáSUyE\3LHUZV]ą

NRPRUĊ]QLV]F]\áUR]MXV]RQ\WáXPRZHMQRF\NLHG\]JLQąá3HUVLNRZ7U]\SR]RVWD

áHVSáRQĊá\ZQLNROVNLPVRZFKR]LH³&]HUZRQ\3URPLHĔ´SRGF]DVSLHUZV]HJRVWDUFLD

HVNDGU\]JDGDPLDSUyE\UHNRQVWUXNFMLNRPyUQLHSRZLRGá\VLĊ0LPRXVLOQ\FKVWD

UDĔ,ZDQRZDQLHXGDáRVLĊRGWZRU]\üWDNQLE\SURVWHMNRPELQDFMLVRF]HZHNLOXVWHU

:LGRF]QLH RSUyF] ZLHG]\ E\áR GR WHJR SRWU]HEQH FRĞ V]F]HJyOQHJR FRĞ F]\P QD

FDá\P ĞZLHFLH REGDU]RQ\ E\á W\ONR MHGHQ MHG\Q\ F]áRZLHN QLHĪ\MąF\ MXĪ SURIHVRU

:áRG]LPLHU]+LSSDWLHZLF]3HUVLNRZ

Przełożyli Irena Lewandowska i Witodl Dąbrowski

DTP by SHADE

&=ĉĝû,:<%8&+:8/.$18

52='=,$à+,6725,$=*(2*5$),Ą

:ĞUyG IDO RFHDQX NWyU\ MHV]F]H ]D QLHSDPLĊWQ\FK F]DVyZ ] XZDJL QD F]ĊVWH

EXU]HLV]WRUP\QD]ZDQR6SRNRMQ\POHĪDáDQDV]HURNRĞFLJHRJUDILF]QHMROEU]\

PLDEH]OXGQDZ\VSD]DPLHV]NDQDSU]H]VáDZQHVSRNUHZQLRQH]HVREąSOHPLRQD

G]LNXVyZF]HUZRQ\FKF]DUQXFKyZELDá\FKRUD]F]DUQXFKyZREOLĪHMQLHRNUHĞORQ\P

NRORU]HVNyU\7\PRVWDWQLPĪHJODU]HQLHZLHG]LHüF]HPXQDGDOLPLDQR]DĪDUW\FK

*G\ORUG*OHQDUYDQQDSRNáDG]LHVá\QQHJRVWDWNX³1DG]LHMD´]EOLĪ\áVLĊSRUD]

SLHUZV]\GRWHMZ\VS\VWZLHUG]LáLĪSDQXMąWXVWRVXQNLGRĞüRU\JLQDOQHPLPRĪH

G]LNXVyZF]HUZRQ\FKE\áRG]LHVLĊFLRNURWQLHZLĊFHMQLĪZV]\VWNLFKF]DUQXFKyZW\FK

ELDá\FKLW\FK]DĪDUW\FKUD]HPZ]LĊW\FKU]ąG]Lá\Z\VSąZ\áąF]QLHSR]RVWDMąFHZ

PQLHMV]RĞFLF]DUQXFK\1DWURQLHZFLHQLXSDOP\]DVLDGDáSDQLZáDGFDZ\VS\NUyO

6L]L%X]LZNRV]WRZQHMWLDU]H]U\ELFKRĞFLLSXV]HNSRVDUG\QNDFK2ERNZáDGF\VLH

G]LDáDUF\NDSáDQZUD]]GRZyGFąZRMVNDQLHXVWUDV]RQ\P5LNNL7LNNL7DZL

']LNXV\E\á\ZW\PF]DVLH]DMĊWHXSUDZąSyOU\ERáyZVWZHPL]ELHUDQLHPĪyá

ZLFKMDM

/RUG*OHQDUYDQ]DF]ąáRGWHJRRGF]HJR]Z\Ná]DF]\QDüZV]ĊG]LHJG]LHNROZLHN

VWDQĊáDMHJRQRJDDPLDQRZLFLH]DWNQąáQDV]F]\FLHJyU\V]WDQGDULR]QDMPLá³7HQ

Z\VSDE\üWHUD]PyM´

:\QLNáR PDáH TXL SUR TXR ']LNXV\ QLH REH]QDQH ] ĪDGQ\P MĊ]\NLHP RSUyF]

URG]LPHJR]URELá\]HV]WDQGDUXSRUWNL:yZF]DVORUG]DEUDáVLĊGRZ\PLHU]DQLDLP

NDUFLHOHVQ\FKSRGSDOPDPLDJG\Z\FKáRVWDáMXĪZV]\VWNLFKUR]SRF]ąáSHUWUDNWD

FMH]ZRG]HP6L]L%X]LSRNWyU\FK]UR]XPLDáĪHZ\VSDQDOHĪ\GRZRG]DLĪH³IODJD

QLHSRWU]HEQ\´

-DNVLĊRND]DáRZ\VSD]RVWDáDRGNU\WDMXĪGZXNURWQLH3LHUZVLE\áR1LHPF\SR

QLFKMDF\ĞLQQLFRWRMHGOLĪDE\'ODXGRNXPHQWRZDQLDVZ\FKVáyZ6L]L%X]L]DGH

PRQVWURZDáSXV]NLSRVDUG\QNDFKSRF]\PQDSRPNQąáVáRGNLPJáRVHPĪH³ZRGD

RJQLVWDEDUG]RVPDF]Q\E\üRWDN´

:\ZąFKDOLVXNLQV\Q\EXUNQąáORUGSRDQJLHOVNXLSRNOHSDZV]\6L]L%X]LSR

UDPLHQLXSR]ZROLáPXáDVNDZLHXZDĪDüVLĊQDGDO]DZáDGFĊZ\VS\

1DVWĊSQLHRGE\áDVLĊZ\PLDQDWRZDURZD0DU\QDU]HZ\áDGRZDOL]SRNáDGX³1D

G]LHL´V]NODQHSDFLRUNL]HSVXWHVDUG\QNLVDFKDU\QĊRUD]ZRGĊRJQLVWą']LNXV\]DĞ

RJDUQLĊWHEXU]OLZ\PHQWX]MD]PHP]JURPDG]Lá\QDEU]HJXEREURZHVNyU\NRĞüVáR

QLRZąU\E\ĪyáZLHMDMDLSHUá\

6L]L%X]LZRGĊRJQLVWą]DWU]\PDáGODVLHELHVDUG\QNLWHĪSDFLRUNLWHĪLW\ONRVD

FKDU\QĊRGGDáG]LNXVRP

8VWDORQRSRSUDZQHVWRVXQNLPLĊG]\REXVWURQDPL6WDWNLZFKRG]Lá\GR]DWRNL

]U]XFDá\QDEU]HJDQJLHOVNLHVNDUE\L]DELHUDá\WXE\OF]\V]PHOF1DZ\VSLH]DGRPR

ZLáVLĊNRUHVSRQGHQWJD]HW\³1HZ<RUN7LPHV´ZELDá\FKVSRGQLDFKL]IDMNą.RUH

VSRQGHQWQDW\FKPLDVW]áDSDáWURSLNDOQąU]HĪąF]NĊ

:SRGUĊF]QLNDFKJHRJUDILLQRZRRGNU\WDZ\VSD]DF]ĊáDILJXURZDüMDNR/¶LOHGHV

6DXYDJHV:\VSD']LNLFK

52='=,$à6,=,%8=,3,-(:2'ĉ2*1,67Ą

7DN ZLĊF Ī\FLH QD Z\VSLH ZHV]áR Z ID]Ċ QLHVá\FKDQHJR UR]NZLWX $UF\NDSáDQ

JáyZQRGRZRG]ąF\RUD]VDP6L]L%X]LGRVáRZQLHNąSDOLVLĊZZRG]LHRJQLVWHM=WZD

U]\6L]L%X]L]QLNQĊá\]PDUV]F]NL]DRNUąJOLáDVLĊZ\UDĨQLHLEá\V]F]DáDMDNODNLHUR

ZDQD2GG]LDáELDá\FKF]DUQXFKyZSU]\R]GRELRQ\ZNRUDOHWNZLáSU]HGQDPLRWHP

DTP by SHADE

ZRG]DSRá\VNXMąFODVHPG]LG

=DáRJLPLMDMąF\FKZ\VSĊVWDWNyZF]ĊVWRVá\V]Dá\GRELHJDMąFH]EU]HJXRNU]\NL

1LHFKĪ\MHZLHONL6L]L%X]LQDV]ZáDGFD1LHFKĪ\MHDUF\NDSáDQ+XUUD

7RNU]\F]Dá\F]DUQXFK\DWH]DĪDUWHQDMJáRĞQLHM

*URPDGDG]LNXVyZRGSRZLDGDáDZ\PRZQ\PPLOF]HQLHP1LHRWU]\PXMąFRJQL

VW\FKSU]\G]LDáyZLSUDFXMąFGRXSDGáHJRZVSRPQLDQHG]LNXV\SU]HE\ZDá\ZVWDQLH

VZRLVWHMDSDWLLJUDQLF]ąFHM]WáXPLRQąQLHFKĊFLą$ĪHZĞUyGG]LNXVyZSRGREQLHMDN

ZĞUyGZV]\VWNLFKLQQ\FKOXG]L]GDU]DMąVLĊSRGĪHJDF]HE\ZDáRWHĪWDNLĪ]DF]\QDá\

LFKQXUWRZDüEXQWRZQLF]HP\ĞOL

-DNĪHĪWRWDNOXG]LHGREU]\"3U]HFLHWRQLHSRERĪHPX:RGDRJQLVWDLPF]\OL

F]DUQXFKRPNRUDOHLPDQDPFRILJĊ]VDFKDU\Qą"$MDNSUDFRZDüWRP\"

:VNXWHNWDNLFKQDVWURMyZF]HUZRQHG]LNXV\QDUD]Lá\VLĊQDJUXEHQLHSU]\MHP

QRĞFL6L]L%X]LVá\V]ąFR]DPĊWDFKZ\VáDáGRSOHEHMXV]RZVNLFKZLJZDPyZRGG]LDá

NDUQ\NWyU\ZMHGQHMFKZLOLXĞPLHU]\áEXQW

:\FKáRVWDQHG]LNXV\NáDQLDá\VLĊZSDVL]DSHZQLDá\

6DPLZLĊFHMQLHEĊG]LHP\LG]LHFLRP]DEURQLP\

:WHQWRVSRVyE]QRZXQDVWDá\SURPLHQQHF]DV\

52='=,$à.$7$6752)$

:LJZDP\6L]L%X]LLDUF\NDSáDQDPLHĞFLá\VLĊZQDMOHSV]HMF]ĊĞFLZ\VS\XSRG

QyĪDZ\JDVáHJRWU]\VWDODWWHPXZXONDQX

3HZQHMQRF\ZXONDQ]EXG]LáVLĊFDáNLHPQLHRF]HNLZDQLHLVHMVPRJUDI\Z3XáNR

ZLHRUD]*UHHQZLFKRGQRWRZDá\MDNLHĞ]áRZURJLHLGLRW\]P\

=ZXONDQXZ\GRE\áVLĊG\P]DQLPSáRPLHĔSRWHPSRV\SDá\VLĊNDPLHQLHLQD

NRĔFXMDNZU]ąWHN]VDPRZDUXSRSá\QĊáDUR]ĪDU]RQDODZD

1DGUDQHPZPLHMVFXJG]LHVWDá\NUyOHZVNLHZLJZDP\E\áRF]\ĞFLXWHĔNR']L

NXV\VWZLHUG]Lá\ĪH]RVWDá\EH]ZRG]DLEH]DUF\NDSáDQD]VDP\PW\ONRJáyZQRGR

ZRG]ąF\PZRMVND

52='=,$à*(1,$/1<.,5,.8.,

:SLHUZV]HMFKZLOLG]LNXV\VWDQĊá\QLF]\PRJáXV]RQHJURPHPZWáXPLHQDZHW

SU]HODá\VLĊá]\DOHMXĪZQDVWĊSQHMFKZLOLZJáRZDFK]DUyZQRG]LNXVyZMDNLRFDOD

á\FKF]DUQXFKyZ]JáyZQRGRZRG]ąF\PQDF]HOH]URG]LáDVLĊP\ĞO³&R]QDPLEĊG]LH

GDOHM"´

0\ĞO RZD SRFLąJQĊáD ]D VREą V]HPUDQLD QDMSLHUZ QLHZ\UDĨQH SRWHP FRUD]

JáRĞQLHMV]HLQLHZLDGRPRFRPRJáRE\]WHJRZ\QLNQąüJG\E\QLHFDáNLHP]GXPLH

ZDMąFH]MDZLVNR

2WyĪQDGWáXPHPSU]\SRPLQDMąF\PSROHPDNyZXUR]PDLFRQHQLHOLF]Q\PLELDá\

PLSODPDPLZ\URVáDQDJOHSLMDFNDJĊEDRODWDMąF\FKRF]NDFK6WDQąZV]\QDEHF]FH

REMDZLáVLĊOXGRZLZFDáHMVZHMRND]DáRĞFL]QDQ\QDFDáHMZ\VSLHSLMDF]\QDLQLHUyE

RVáDZLRQ\.LULNXNL

']LNXV\ SR UD] GUXJL ]DPDUá\ QLF]\P SRUDĪRQH JURPHP D SU]\F]\Qą WDNLHJR

VWDQXU]HF]\E\á]GXPLHZDMąF\Z\JOąG.LULNXNL:V]\VF\RGG]LHFLGRVWDUFyZ

]Z\NOLZLG\ZDüWHJRRVREQLNDRELMDMąFHJRVLĊDOERQDG]DWRNąJG]LHZ\áDGRZ\ZDQR

RJQLVWHZVSDQLDáRĞFLDOERZSREOLĪXZLJZDPXZRG]DLZV]\VF\GRVNRQDOHZLHG]LHOL

ĪH.LULNXNLWRQDMSUDZG]LZV]\RND]F]DUQXFKD]DĪDUWHJR$WHUD]WHQVDP.LULXND]Dá

VLĊRF]RPRV]RáRPLRQ\FKZ\VSLDU]\SRPDORZDQ\RGVWySGRJáyZZEDUZ\ZRMHQQH

SOHEHMXV]RZVNLHMF]HUZLHQL1DMEDUG]LHMGRĞZLDGF]RQHRNRQLHE\áRE\ZVWDQLHRG

UyĪQLüWHJRVSU\FLDU]DLRV]XVWDRG]Z\NáHJRG]LNXVD

.LULNXNLVWRMąFQDEHF]FH]DWRF]\áVLĊUD]LGUXJLSRF]\PRWZRU]\áV]HURNąJĊEĊ

DTP by SHADE

LZU]DVQąáQDFDáHJDUGáRDMHJRHSRNRZąPRZĊQDW\FKPLDVWXWUZDOLáZVZ\PQRWH

VLHUHSRUWHUVNLPQDWFKQLRQ\NRUHVSRQGHQWJD]HW\³1HZ<RUN7LPHV´

2JáDV]DPĪHZROQD]QDVZLDUD:DPZV]\VWNLPVNáDGDPG]LĊNL

ĩDGHQDOHWRĪDGHQ]WáXPQLH]HEUDQ\FKG]LNXVyZQLH]UR]XPLDáGODF]HJR.LUL

NXNLVNáDGDLPG]LĊNLL]DFR=DWHPFDáDJURPDGDRGSRZLHG]LDáDPX]GXPLRQ\P

ZU]DVNLHP

+XUUD

3U]H]NLONDPLQXWEXV]RZDáRQDGZ\VSąWRGRQRĞQH³KXUUD´SRF]\PSU]HUZDá

MHQRZ\RNU]\N.LULNXNL

$WHUDFKáRS\SU]\VLĊJDü

=DFKZ\FRQHG]LNXV\]DZ\á\

.RPXXX"

1DWR.LULNXNLRGSRZLHG]LDáSLVNOLZLH

0QLHH

7\P UD]HP G]LNXVyZ ]DWNDáR $OH SDUDOLĪ QLH WUZDá GáXJR *áyZQRGRZRG]ąF\

Z\GDáJáRĞQ\RNU]\N³$FKNDQDOLDWUDILáZG]LHVLąWNĊ´LSLHUZV]\]JáRVLáDNFHVGR

SRGU]XFDQLD.LULNXNLZJyUĊ

3U]H]FDáąQRFQDZ\VSLHJUDMąFRGEODVNDPLZQLHELHSáRQĊá\ZHVRáHRJQLVNDL

ZRNyáQLFKWDĔF]\á\G]LNXV\SLMDQH]QDGPLDUXV]F]ĊĞFLDLZRG\RJQLVWHMNWyUHMEX

WHONLRWZLHUDáGODQLFKZáDVQRUĊF]QLHáHEVNL.LULNXNL

3U]HSá\ZDMąFHZSREOLĪXVWDWNLZ\V\áDá\ZHWHUEá\VNDZLF]QHUDGLRJUDP\L]D

PLHU]Dá\GODSRU]ąGNXRVWU]HODüZ\VSĊDOHMXĪZNUyWFHFDá\F\ZLOL]RZDQ\ĞZLDW]R

VWDáXVSRNRMRQ\GHSHV]ąNRUHVSRQGHQWD]³7LPHVD´

³WXWHMV]HPDWRá\REFKRG]ąĞZLĊWROXGRZH]ZDQHEDMUDPNURSNDWHQRV]XVWMHVW

JHQLDOQ\´

52='=,$à5(%(//,21

1DVWĊSQLHZ\GDU]HQLDSRWRF]\á\VLĊ]V]\ENRĞFLą]DLVWHQDGSU]\URG]RQą&KFąF

GRJRG]LüG]LNXVRP.LULMXĪSLHUZV]HJRGQLDRJáRVLáĪHZ\VSDSU]\ELHUDPLDQR6]NDU

áDWQHMGODXF]F]HQLDLFKEDUZSOHPLHQQ\FK1LHVWHW\RERMĊWQ\FKQDVáDZĊG]LNXVyZ

WRZFDOHQLHXFLHV]\áRF]DUQXFKyZ]DĞ]GHQHUZRZDáR1DVWĊSQHJRGQLDFKFąFGR

JRG]Lü F]DUQXFKRP .LUL PLDQRZDá 5LNNL7LNNL JáyZQRGRZRG]ąF\P 1LHVWHW\ F]DU

QXFKRP QLH GRJRG]Lá SRQLHZDĪ JáyZQRGRZRG]ąF\P SUDJQąá ]RVWDü NDĪG\ ] QLFK

G]LNXVyZ QDWRPLDVW UR]]áRĞFLá 3R F]\P E\ GRJRG]Lü W\P UD]HP VDPHPX VRELH

.LULNXNL]DRSDWU]\áVLĊZHZVSDQLDáHQDNU\FLHJáRZ\]HVWU]ĊSLDVWHMSXV]NLSRV]SUR

WDFK SU]\SRPLQDMąFH GR ]áXG]HQLD NRURQĊ QLHERV]F]\ND 6L]L%X]L : WHQ VSRVyE

QLHGRJRG]LáQLNRPXLUR]]áRĞFLáZV]\VWNLFKSRQLHZDĪF]DUQXFK\VąG]Lá\ĪHNDĪG\]

QLFKMHVWJRG]LHQWDNLHMNRURQ\G]LNXV\]DĞ]GHPRUDOL]RZDQHQDGXĪ\ZDQLHPZRG\

RJQLVWHME\á\ZRJyOHSU]HFLZQHNRURQLHNWyUD]E\WGRWNOLZLHSU]\SRPLQDáDLPĪH

VWRVXQNRZRQLHGDZQR]RVWDá\SU]H]ZáDGFĊZ\FKáRVWDQH

2VWDWQLHSU]HGVLĊZ]LĊFLH.LULNXNLGRW\F]\áRZRG\RJQLVWHMLZyZF]DVSU]HJUDá

QDFDáHMOLQLL2JáRVLáERZLHPĪHZRGĊRJQLVWąEĊG]LHG]LHOLáUyZQRPLĊG]\ZV]\VW

NLFK L SU]\U]HF]HQLD QLH GRWU]\PDá 6SUDZD E\áD EDUG]R SURVWD &KFąF UR]GDZDü

ZV]\VWNLPWU]HEDPLHüGXĪR$VNąGZ]LąüGXĪR":]DPLDQ]DZRGĊRJQLVWą.LUL

XSá\QQLáFDá\]ELyUNXNXU\G]\DOHZRG\RJQLVWHMQLH]GRE\áW\OHLOHWU]HEDW\PF]D

VHP]DUyZQRF]DUQXFKRPMDNLG]LNXVRPWDNEXUF]DáRZEU]XFKDFK]JáRGXĪH]D

F]ĊOLGDZDüZ\UD]REXU]HQLX

3HZQHJRSLĊNQHJRGQLDZSRU]HXSDáXJG\.LULVZ\P]Z\F]DMHPZ\OHJLZDáVLĊ

Z VZ\P ZLJZDPLH GR QDF]HOQLND 5LNNL7LNNL SU]\V]HGá MDNLĞ G]LNXV NWyUHJR IL]\V

ĞZLDGF]\áDZ\UDĨQLHRZLFKU]\FLHOVNLFKVNáRQQRĞFLDFK:PRPHQFLHMHJRXND]DQLD

VLĊ5LNNLSRSLMDáZáDĞQLHZRGĊRJQLVWąSRFKUXSXMąFZSU]HUZDFKPLĊG]\á\NDPLGR

DTP by SHADE

EU]HSU]\UXPLHQLRQ\PNDZDáNLHPSURVLĊFLD

&]HJRFKFHV]F]HUZRQDJĊER"]DS\WDáRVFKOHSRQXU\GRZyGFD

']LNXVSXĞFLáNRPSOHPHQWPLPRXV]XLSU]HV]HGáRGUD]XGRPHULWXPVSUDZ\

-DNĪHĪWRFyĪWRVLĊG]LHMH"]U]ĊG]Lá:yGNDZDV]DSURVLDNLZDV]H$P\"

=QRZXGDZQHSRU]ąGNLF]\FR"

$FKWDNSURVLDNDFLVLĊ]DFKFLHZDSRZVWU]\PXMąF]áRĞüSRZLHG]LDáGRZyGFD

$MDN"&RWRG]LNXVQLHF]áRZLHN"RGSDUá]XFKZDOHJRĞüSU]\ELHUDMąFEH]F]HO

QąSRVWDZĊ

5LNNLZ]LąáSURVLDND]DFKUXSLąFąQyĪNĊ]DPDFKQąáVLĊLZ\UĪQąáG]LNXVDZ]ĊE\

]WDNąVLáąĪH]SURVLDNDWU\VQąáWáXV]F]D]ZDUJG]LNXVDNUHZ:RF]DFKSU]\E\

V]D]DNUĊFLá\VLĊá]\SU]HPLHV]DQH]JUDGHP]LHORQ\FKLVNLHU

:\QRFKD]DPNQąáG\VNXVMĊGRZyGFD

1LNWQLHZLHFRWDNLHJRXF]\QLáyZG]LNXVSRZUyFLZV]\GRGRPXGREU]HZLD

GRPRQDWRPLDVWĪHMXĪSRGNRQLHFGQLDQDZ\VSLHKXF]DáRMDNZXOX7HMĪHQRF\

]DáRJDIUHJDW\³&KDQFHOORU´SU]HSá\ZDMąFHMZSREOLĪXZ\VS\ZLG]LDáDGZLHáXQ\Z

SRáXGQLRZHM=DWRFH%áĊNLWQHJR6SRNRMX:ĞZLDWSROHFLDáDQLHSRNRMąFDZLDGRPRĞü

³1DZ\VSLHRJQLHPDWRá\]QRZXĞZLĊWXMąNURSND+DWWHUDV´

6]DQRZQ\NDSLWDQ+DWWHUDVGRSXĞFLáVLĊEáĊGXU]HF]\ZLĞFLHQDZ\VSLHSáRQĊá\

RJQLHDOHQLHĞZLDGF]\áRWRE\QDMPQLHMRĞZLĊWRZDQLX3RSURVWXSáRQĊá\ZLJZDP\

G]LNXVyZSRGSDORQHSU]H]RGG]LDáNDUQ\]UR]ND]XGRZyGF\5LNNL7LNNL

1DGUDQHPVáXS\SáRPLHQL]DPLHQLá\VLĊZVáXS\G\PXSU]\F]\PE\áRLFKMXĪ

QLHGZDOHF]G]LHZLĊü3U]HGQDGHMĞFLHPQRF\G\P]DPLHQLáVLĊ]QRZXZURVRFKDWH

áDS\SáRPLHQLV]HVQDĞFLHV]WXN

ĝZLDWE\áSRZDĪQLH]DQLHSRNRMRQ\JD]HW\Z3DU\ĪX/RQG\QLH5]\PLH1RZ\P

-RUNX%HUOLQLHLLQQ\FKPLDVWDFKZ\ELá\QDJáyZHN³&RVLĊVWDáRQDZ\VSLH"´

:UHV]FLHQDGHV]áDGHSHV]DRGNRUHVSRQGHQWD³1HZ<RUN7LPHVD´-HMWUHĞüRND

]DáDVLĊ]GXPLHZDMąFD

³2GSLĊFLXGQLSáRQąZLJZDP\F]DUQXFKyZNURSNDWáXP\G]LNXVyZGDOHMQLHF]\

WHOQHRV]XVW.LULXFLHQLHF]\WHOQH´

$QD]DMXWU]RV]RáRPLáDĞZLDWQDVWĊSQDGHSHV]DQDGDQDMXĪQLH]Z\VS\OHF]]

SHZQHJRSRUWXZ(XURSLH

³GLFNXVXWVKLQLOFRORVDOQLUHEHOOLRQNURSNDYLVSDSORQLHYLEXKODMRXPDVDPHWUXSL

NURSNDSURVKH]ROLWFKNHSLHĔVHWNURSNDNRUHVSRQGHQW´

&=ĉĝû,,:<63$:3à20,(1,$&+

52='=,$à7$-(01,&=(3,52*,

2ĞZLFLHSDWUROQDHXURSHMVNLPEU]HJX]DDODUPRZDá

1DKRU\]RQFLHRNUĊW\

/RUG*OHQDUYDQZ\V]HGá]OXQHWąLGáXJRREVHUZRZDáF]DUQHSXQNW\

1LHUR]XPLHPSRZLHG]LDáyZGĪHQWHOPHQF]DUQXFK\ZSLURJDFK"

'RVWXW\VLĊF\SLRUXQyZ]DZRáDá0LFKDá$UGDQFLVNDMąF]HLVVRZVNąORUQHWNĊ

6WDZLDPZDV]\QJWRĔVNLHJRGRODUDSU]HFLZNRG]LXUDZHPXEDQNQRWRZL]URNX

RZDUWRĞFLMHGQHJRPLOLRQDĪHWRF]DUQXFK\

&DáNLHPPRĪOLZHSRWZLHUG]Lá3DJDQHO

&RWRPD]QDF]\ü"]DS\WDáORUG]G]LZLRQ\SRUD]SLHUZV]\ZĪ\FLX

=DPLDVWRGSRZLHG]LF]DUQXFK\SR]HMĞFLXQDOąGW\ONRMĊF]Dá\,FKZ\JOąGĞPLDáR

PRĪQDE\áRRNUHĞOLüMDNRSU]HUDĪDMąF\$NLHG\SU]\E\V]HWURFKĊRGVDSQĊOLZ\MDĞQLáR

VLĊFRQDVWĊSXMH2WyĪG]LNXVyZVąNURFLH&KROHUQLSRGĪHJDF]H]DPąFLOLW\PNUH

W\QRPZJáRZDFK:\VXZDMąĪąGDQLHZ\WĊSLüZV]\VWNLFKF]DUQXFKyZ5LNNLZ\VáDá

RGG]LDáNDUQ\DOHG]LNXV\Z\ELá\RGG]LDáZSLHĔ7HQáDMGDN.LULNXNLSLHUZV]\]ZLDá

DTP by SHADE

SLURJą7XWDMVąUHV]WNLRGG]LDáXNDUQHJR]5LNNL7LNNLQDF]HOH8FLHNDüPDOHĔNRGR

ORUGDUR]XPLHü"

'RVWXW\VLĊF\GLDEáyZ]DJU]PLDá$UGDQ7HG]LNXV\]DPLHU]DMą]RVWDüZ

(XURSLH&RPSUHQH]YRXV"

$OHNWRZDPGDZDüMHĞü"SU]HUD]LáVLĊ*OHQDUYDQ1LHZ\MHFKDüQDSR

ZUyW

$OHĪZDV]HMDĞQLHSDĔVWZRQLHPRĪHP\WDPZUyFLüSáDNDá\F]DUQXFK\7H

G]LNXV\ SR]DELMDMą QDV EH] SDUGRQX $ SR GUXJLH ZLJZDP\ QDV]H SRSDOLOL MXĪ GR

UHV]W\*G\E\WDNGODSU]\NáDGXZRMVNRMDNLHZ\VáDüPRĪHE\VLĊGDáRXVSRNRLüW\FK

VXNLQV\QyZ

7KDQN\RXRGSDUá]LURQLąORUGZVND]XMąFGHSHV]ĊNRUHVSRQGHQWD:\WDP

PLHüGĪXPD,DPMHV]F]HQLHZDULDW-HGQDPyMPDU\QDU]GURĪV]DE\üQLĪFDá\ZDV]

SDUV]\Z\Z\VSD<HV

7DNMHVWZDV]DZLHOHEQRĞü]JRG]Lá\VLĊF]DUQXFK\ZLDGRPRĪHĞP\QLFQLH

ZDUFL$L]GĪXPąWRSUDZGDSDQ]JD]HW\GREU]HQDSLVDá.RVLWD]DUD]DLNRVL,

]QRZXĪJáyG

7DDNSRZLHG]LDáZ]DGXPLHORUG2ND\-DSRP\ĞOHü$SRWHPUR]ND]Dá

.ZDUDQWDQQD

52='=,$à&=$51$52=3$&=

6áyZEUDNĪHE\RSLVDüFRSU]HV]á\F]DUQXFK\ZJRĞFLQLHXORUGD=DF]ĊáRVLĊRG

WHJRĪHZ\NąSDQRLFKZOL]ROXSRF]\PWU]\PDQR]DRJURG]HQLHPMDNRVá\.DUPLR

QRRV]F]ĊGQLHZVDPUD]WDNĪHE\]JáRGXQLHSRPDUOL$SRQLHZDĪSU]\WDNLHMPH

WRG]LHRGĪ\ZLDQLDWUXGQRXVWDOLüĞFLVáąQRUPĊWRMHGQDF]ZDUWDF]DUQXFKyZPLPR

ZV]\VWNRRGGDáD%RJXGXFKD

:UHV]FLHSRSU]HWU]\PDQLXVZ\FKJRĞFLZNZDUDQWDQQLHORUGZ\SUDZLáLFKGR

SUDF\ZNDPLHQLRáRPDFK7DP]DSHZQLRQRLPQDG]yUDQDG]RUF\PLHOLKDUDS\XZLWH

]E\F]\FKĪ\á

52='=,$à0$57:$:<63$

:V]\VWNLHVWDWNLRWU]\PDá\UR]ND]RPLMDüZ\VSĊZSURPLHQLXVWU]DáXDUPDWQLH

JR7DNWHĪF]\QLRQR1RFDPLZLGDüE\áRVáDEąGRJRU\ZDMąFąáXQĊZG]LHĔZ\VSD

WOLáDVLĊF]DUQ\PG\PHP1DGEáĊNLWHPIDOSá\QąáVPUyGUR]NáDGDMąF\FKVLĊWUXSyZ

-XĪSRZ\VSLHPyZLOLPDU\QDU]HSDWU]ąFSU]H]ORUQHWNLQD]GUDGOLZą]LHOHĔ

OąGX

&]DUQXFK\NWyUHQDORUGRZ\PZLNFLHZ\JOąGDá\QLF]\PEODGHFLHQLHRELMDMąFVLĊ

SRNDPLHQLRáRPDFKSRZWDU]Dá\]H]áRĞOLZąVDW\VIDNFMą

'REU]H LP WDN V]XEUDZFRP 1LHFK SR]G\FKDMą SLHV LP PRUGĊ OL]Dá $ MDN

ZV]\VF\]GHFKQąZUyFLP\WDPFLFKFHPLZ\VSDEĊG]LHQDV]D,QLHFKW\ONRWUDILQDP

ZUĊFHWHQáDMGDN.LULNXNLUR]SUXMHP\PXZáDVQRUĊF]QLHEU]XFK

/RUG]DFKRZ\ZDáQLHZ]UXV]RQHPLOF]HQLH

52='=,$à=$/$.2:$1$%87(/.$

:\U]XFLáDMąIDODQDEU]HJHXURSHMVNL%XWHONĊRWZRU]RQRZREHFQRĞFLORUGD]

]DFKRZDQLHPZV]HONLFKOL]RORZ\FKRVWURĪQRĞFL:ĞURGNXE\áĞZLVWHNSDSLHUX]DED

]JUDQ\QLHZąWSOLZLHUĊNąMDNLHJRĞG]LNXVD7áXPDF]RGF]\WDáWHNXOIRQ\LSU]HGáRĪ\á

ORUGRZLGRNXPHQWQDVWĊSXMąFHMWUHĞFL

³3U]\PLHUDP\JáRGHP']LHFLPDáH]G\FKDMąQDSLVDQHE\áR]GHFKDMRP=QR

ZXĪWDGĪXPD/XG]LHP\F]\QLHOXG]LH"&KOHENDQDPSU]\ĞOLMFLH.RFKDMąFHG]LNX

DTP by SHADE

V\´

5LNNL7LNNL]]LHOHQLDá

:DV]DORUGRZVNDáDVNDZRĞü=DQLFZĞZLHFLH1LHFKSR]G\FKDMą%XQWyZLP

VLĊ]DFKFLHZDDSRWHPNWRĞPDLFKĪ\ZLü"

1LHPDPWDNL]DPLDURGSDUáORUGORGRZDW\PWRQHPL]G]LHOLá5LNNL7LNNLSHM

F]HPZXFKRĪHE\QLHSFKDáVLĊ]GRUDG]DQLHP

:JUXQFLHU]HF]\WRĞZLĔVWZRZ\FHG]LáSU]H]]ĊE\0LFKDá$UGDQ0RĪQDE\

LPZ\VáDüSU]\QDMPQLHMWURFKĊNXNXU\G]\

']LĊNXMĊ]DUDGĊPRQVLHXUVNZLWRZDáJRRVFKOH*OHQDUYDQ&KFLDáE\PW\ONR

ZLHG]LHüNWREĊG]LHSáDFLá]DNXNXU\G]Ċ,EH]WHJRWDEDQGDF]DUQXFKyZ]ĪDUáDGLD

EOLZLHG]ąLOH*áXSLFKUDGQLHSRWU]HEXMĊ

$FKWDNU]HNá$UGDQPUXĪąFRF]\:WDNLPUD]LHVLUSURV]ĊZ\]QDF]\üJR

G]LQĊLPLHMVFHSRMHG\QNX,GDMĊVáRZRKRQRUXĪH]RGOHJáRĞFLGZXG]LHVWXPHWUyZ

WUDILĊZZDV]ąORUGRZVNąPRĞüUyZQLHGREU]HMDNZNDWHGUĊ1RWUH'DPH

1LH]D]GURV]F]ĊV]DQRZQHPXSDQXMHĞOL]QDMG]LHVLĊSDQZRGOHJáRĞFLGZX

G]LHVWXPHWUyZRGHPQLHRGSDUáORUG1LH]D]GURV]F]ĊSRQLHZDĪSDĔVNDZDJD

]ZLĊNV]\VLĊRZDJĊNXOLNWyUąZSDNXMĊáDVNDZF\ZHGOHMHJRZ\ERUXZSUDZHDOER

OHZHRNR

3KLOHDV)RJJE\áVHNXQGDQWHPORUGD3DJDQHO$UGDQD=DUyZQR$UGDQMDNL

ORUGZ\V]OL]SRMHG\QNXFDáRL]GURZR/RUGZ$UGDQDQLHWUDILáWUDILáQDWRPLDVWZ

MHGQHJR]F]DUQXFKyZSU]\F]DMRQ\FK]FLHNDZRĞFLSRGNU]DNLHP.XODZHV]áDF]DU

QXFKRZLZQDVDGĊQRVDLZ\V]áDSU]H]NDUN=JRQQDVWąSLáZPRPHQFLHJG\NXOD

]QDOD]áDVLĊZSRáRZLHGURJLF]\OLZVDP\PĞURGNXPy]JX$UGDQL*OHQDUYDQXĞFL

VQąZV]\VRELHGáRQLHUR]HV]OLVLĊNDĪG\ZVZRMąVWURQĊ

$OHQDW\PQLHNRQLHFSU]\JRG\]EXWHONą7HMĪHQRF\SLĊüG]LHVLĊFLXF]DUQXFKyZ

XFLHNáRZSLURJDFK]HXURSHMVNLHJROąGX]RVWDZLDMąFORUGRZLEH]F]HOQąZLDGRPRĞü

³']LĊNXMHP\ ]D OL]RO L ]D E\F]H Ī\á\ 0DP\ QDG]LHMĊ ĪH NLHG\Ğ SRZ\U\ZDP\

QDG]RUFRPQRJL:UDFDP\QDQDV]ąZ\VSĊ=G]LNXVDPLMDNRĞGRMG]LHP\GRáDGX

/HSLHM]GHFKQąüZGRPXRG]DUD]\QLĪWXWDMRGZDV]HJRĞPLHUG]ąFHJRPLĊVD8V]D

QRZDQLH´

8FLHNLQLHU]\SRUZDOL]HVREąOXQHWĊ]GH]HORZDQ\NDUDELQPDV]\QRZ\VWRSX

V]HNVNRQGHQVRZDQHJRPOHNDV]HĞüEá\V]F]ąF\FKNODPHNRGGU]ZLG]LHVLĊüUHZRO

ZHUyZLGZLHELDáHNRELHW\

/RUGZ\FKáRVWDáZV]\VWNLFKSR]RVWDá\FKF]DUQXFKyZLREOLF]\áZVZ\PQRWHVLH

ZDUWRĞüVNUDG]LRQ\FKSU]HGPLRWyZ

&=ĉĝû,,,6=.$5à$71$:<63$

52='=,$à,=$6.$.8-Ą&$'(3(6=$

0LQĊáRV]HĞüODW2GFLĊWDRGĞZLDWDPDUWZDZ\VSD]RVWDáD]DSRPQLDQD0DU\

QDU]H]HVWDWNyZSRG]LZLDOLQLHNLHG\SU]H]OXQHW\REILWą]LHOHĔMHMEU]HJyZVNDá\L

SLHQLąFHVLĊIDOHSU]\Sá\ZX1LFSR]DW\P

=DNáDGDQR ĪH SRZLQQR XSá\Qąü VLHGHP ODW E\ ]QLNá\ SR]RVWDáRĞFL HSLGHPLL L

Z\VSDSU]HVWDáDE\üQLHEH]SLHF]QD=NRĔFHPVLyGPHJRURNXSODQRZDQRZ\SUDZĊZ

FHOXSRZWyUQHJR]DOXGQLHQLDZ\VS\SU]H]JRV]F]ąF\FKXORUGDF]DUQXFKyZ1DUD]LH

F]DUQXFK\FKXGHMDNV]NLHOHW\VáDQLDá\VLĊSRNDPLHQLRáRPDFK

,RWR]SRF]ąWNLHPVLyGPHJRURNXFDá\F\ZLOL]RZDQ\ĞZLDW]RVWDáZVWU]ąĞQLĊW\

6WDFMHUDGLRZHZ$PHU\FH$QJOLLL)UDQFMLRGHEUDá\]DVNDNXMąFąGHSHV]Ċ

³VNRĔF]\áDVLĊ]DUD]DNURSNDMHVWHĞP\Ī\ZLL]GURZLF]HJRLZDPĪ\F]\P\NURS

NDXV]DQRZDQLH´

5DQRSUDVDFDáHJRĞZLDWD]DSUH]HQWRZDáDF]\WHOQLNRPROEU]\PLHW\WXá\

DTP by SHADE

³:\VSDSU]HPyZLáD´³=DJDGNRZ\NRPXQLNDW´³&]DUQXFK\Ī\Mą´

1DEDUFKDQRZHSDQWDORQ\PRMHMEDEFLU\NQąá0LFKDá$UGDQ1DG]Z\F]DMQH

1DMEDUG]LHM]GXPLHZDMąFHMHVWQLHWRĪHSU]HĪ\OLDOHWRĪHQDGV\áDMąGHSHV]H6NąG

Z\WU]DVQĊOLUDGLRFK\EDVDPGLDEHáVSUDZLáLPVWDFMĊQDGDZF]ą"

/RUG *OHQDUYDQ SU]\Mąá QRZLQĊ ] ]DGXPą QDWRPLDVW F]DUQXFK\ ] NDPLHQLRáR

PyZE\á\NRPSOHWQLH]DáDPDQH5LNNL7LNNLMĊF]ąFEáDJDáORUGD

:\VWU]HODüLFKWHUD]ZDV]DSU]HZLHOHEQRĞüQLFW\ONRZ\VáDüZRMVNRLZ\VWU]H

ODü3U]HFLHĪFyĪWRVLĊG]LHMH":\VSDMHVWQDV]DGRQDVQDOHĪ\,OHĪP\WXPDP\

VWHUF]Hü"

%ĊGĊ]REDF]\üRGSRZLHG]LDáORUG

52='=,$à.$3,7$1+$77(5$6,=$*$'.2:$%$5.$

3HZQHJR SLĊNQHJR PDMRZHJR GQLD QDG PRU]HP VWDQąá VSLUDOą G\P L ZNUyWFH

RNUĊWSRGGRZyG]WZHPNDSLWDQD+DWWHUDVDZ\VáDQ\SU]H]ORUGD*OHQDUYDQDSU]\FX

PRZDáGREU]HJX0DU\QDU]HVWáRV]HQLZRNyáEXUWRNUĊWXSDWU]\OL]]DFLHNDZLHQLHP

QDZ\VSĊ2F]RPLFKXND]DáVLĊQDVWĊSXMąF\ZLGRNZ]DWRFHVSRNRMQLHGU]HPDáD

ZRGDDWXĪSU]\EU]HJXRWRF]RQDJURPDGNąQRZ\FKGRSLHURFRVNOHFRQ\FKáRG]L

WXE\OF]\FK VWDáD MDNDĞ QLH]QDQD EDUND 7DMHPQLFD GHSHV]\ UDGLRZHM Z\MDĞQLáD VLĊ

QDW\FKPLDVWZRGGDOLQDGV]PDUDJGRZ\PODVHPWURSLNDOQ\PZ]QRVLáVLĊPDV]W

QDG]Z\F]DMSRNUDF]QHMVWDFMLQDGDZF]HM

'RVWXW\VLĊF\SLRUXQyZZU]DVQąáNDSLWDQ1LHLQDF]HMMDNWXWHMV]HSyá

JáyZNLVDPH]PRQWRZDá\WRV]NDUDG]LHĔVWZR

0DU\QDU]HSDWU]ąFQDSRNUDF]Q\RZRFWXE\OF]HMWZyUF]RĞFLZHVRáRUHFKRWDOL

=RNUĊWXVSXV]F]RQRQDZRGĊV]DOXSĊLNDSLWDQZWRZDU]\VWZLHNLONXPDU\QDU]\

Z\VLDGáQDEU]HJ

3LHUZV]ąU]HF]ąMDND]DVNRF]\áDRGZDĪQ\FKSU]\E\V]yZE\áRQLHE\ZDáHPQy

VWZRG]LNXVyZ+DWWHUDVDREVWąSLOLQLHW\ONRGRURĞOLDOHWDNĪHFDá\WáXPPáRG]LHĪ\

6NUDMEU]HJXREVLDGáDJLUODQGDWáXĞFLXWNLFKG]LHFLDNyZNWyUHáRZLá\U\E\]ZLHVLZV]\

QRJLZEáĊNLWQąZRGĊ

1LHFKPQLHGLDEOLSRUZąMHĞOLWDGĪXPDQLHZ\V]áDLPQD]GURZLH]DZRáDá

+DWWHUDV0DMąWDNLHJĊE\MDNE\RGĪ\ZLDQRLFKZ\áąF]QLHSDSNą]SáDWNyZRZVLD

Q\FKZQDMOHSV]\PJDWXQNX&LHNDZH=REDF]\P\GDOHM

'DOHM ]GXPLDáD JR ZáDĞQLH RZD VWDUD EDUND SU]\F]DMRQD Z ]DWRFH :\VWDUF]\á

MHGHQU]XWGRĞZLDGF]RQHJRRNDE\SU]HNRQDüVLĊĪHEDUNDSRFKRG]L]HXURSHMVNLHM

VWRF]QL

&RĞPLVLĊWRQLHSRGREDZ\FHG]Lá+DWWHUDVSU]H]]ĊE\-HĞOLW\ONRQLHVNUDGOL

VDPLWHJRWUXSDWRFKFLDáE\PZLHG]LHüFR]DNDQDOLDJUDVRZDáDWXZF]DVLHNZDUDQ

WDQQ\"7$EDUNDZ\JOąGDPLQDQLHPLHFNą

=DS\WDáZLĊF]ZUDFDMąFVLĊGRG]LNXVyZ

+HMZ\F]HUZRQHS\VNL6NąGJZL]GQĊOLĞFLHEDUNĊ"

']LNXV\RGSRZLHG]LDá\ILOXWHUQ\PXĞPLHFKHPSRND]XMąF]ĊE\MDNSHUá\

1LHUDF]\FLHRGSRZLDGDü"'REU]H]DUD]SRPRJĊZDPSU]HPyZLüSRZLHG]LDá

NDSLWDQFKPXU]ąFF]RáR

=W\PLVáRZ\UXV]\áZVWURQĊEDUNLDOHG]LNXV\]DJURG]Lá\GURJĊNDSLWDQRZLL

MHJRPDU\QDU]RP

3UHF]ZU]DVQąá+DWWHUDVLZSUDZQ\PUXFKHPVLĊJQąáGRW\OQHMNLHV]HQL

$OHQLNW]G]LNXVyZFRIDüVLĊQLH]DPLHU]Dá+DWWHUDVZUD]]HVZ\PLPDU\QDU]DPL

]QDOD]áVLĊZ]ZDUW\PSLHUĞFLHQLXWXE\OFyZ.DSLWDQRZLVSąVRZLDáDV]\MD'RVWU]HJá

ZWáXPLHMHGQHJR]ELDá\FKF]DUQXFKyZNWyU]\XFLHNOLVZHJRF]DVX]NDPLHQLRáRPyZ

.RJR ZLG]Ċ 6WDU\ ]QDMRP\ ]DZRáDá +DWWHUDV 7HUD] UR]XPLHP VNąG WH

EXQW\$QR]EOLĪVLĊWXáDMGDNX

DTP by SHADE

$OHáDMGDNRZLDQLVLĊĞQLáRWDNWHĪR]QDMPLá

1LHSyMGĊ

.DSLWDQUR]HMU]DáVLĊ]ZĞFLHNáRĞFLąWHUD]MHJRV]\MDSU]\EUDáDNRORUILROHWRZ\

VWDQRZLąFZVSDQLDá\NRQWUDVW]ELDá\PRWRNLHPKHáPXWURSLNDOQHJR5]HF]ZW\P

ĪH]DXZDĪ\áZUĊNDFKZLHOXG]LNXVyZNDUDELQ\]DQDGWRSU]\SRPLQDMąFHEURĔQLH

PLHFNąZGáRQL]DĞEH]F]HOQHJRF]DUQXFKDVNUDG]LRQHORUGRZLSDUDEHOOXP7ZDU]H

PDMWNyZ]D]Z\F]DMG]LDUVNLHQDEUDá\SRZDJLL]V]DU]Dá\.DSLWDQVSRMU]DáZSLHNąF\

EáĊNLWQLHEDSRWHPZVWURQĊUHG\JG]LHNRá\VDáVLĊQDIDODFKMHJRRNUĊW3R]RVWDMąF\

QDSRNáDG]LHPDU\QDU]HELDáHSODPNLQDPDV]WDFKVSRNRMQLHREVHUZRZDOLEU]HJ

.DSLWDQ+DWWHUDVXPLDáZ]LąüVLĊZJDUĞü-HJRNDUNSU]\EUDáVWRSQLRZRQRUPDOQ\

RGFLHĔFRĞZLDGF]\áRĪHW\PUD]HPXGDUNDSLWDQRZLQLHJUR]L

3URV]ĊPQLHSU]HSXĞFLüZUDFDPQDSRNáDGSRZLHG]LDáXSU]HMPLHRFKU\Sá\P

JáRVHP

']LNXV\]URELá\PXPLHMVFHLNDSLWDQHVNRUWRZDQ\SU]H]VZ\FKPDU\QDU]\RG

Sá\QąáRGEU]HJX:JRG]LQĊSyĨQLHM]JU]\WQĊá\áDĔFXFK\NRWZLFLQLP]GąĪ\áDXSá\

QąüQDVWĊSQDJRG]LQDSRRNUĊFLHSR]RVWDáW\ONRPDOXWNLG\PHNQDOĞQLąF\PEáĊNLFLH

KRU\]RQWX

52='=,$à1,(=:<&,ĉĩ21$$50$'$

:EDUDNDFKJG]LHPLHV]NDá\F]DUQXFK\G]LDá\VLĊQLHVWZRU]RQHU]HF]\&]DU

QXFK\ Z\GDMąF ] VLHELH RNU]\NL ERMRZH ]GDZDáR VLĊ ĪH SRVWUDGDá\ ]P\Vá\ 7HJR

GQLD]DVHUZRZDQRLPSHáQHZLDGUDWáXVWHJR]áRFLVWHJRURVRáX=DPLDVWáDFKPDQyZ

F]DUQXFKRPZ\GDQRZVSDQLDáHSHUNDORZHSRUWNLLGRZROQHLORĞFLIDUE\GRERMRZHJR

WDWXDĪX3U]\EDUDNDFKZLGQLDá\XVWDZLRQHZNR]á\QRZLXWHĔNLHNDUDELQ\RERNNDUD

ELQyZNXORPLRW\LLQQDEURĔV]\ENRVWU]HOQD

5LNNL7LNNL7DZLZ\JOąGDáQDMEDUG]LHMLPSRQXMąFR/ĞQLá\SLHUĞFLHQLHZMHJRQR]

GU]DFKPLHQLá\VLĊEDUZDPLSRZLHZDMąFHQDGJáRZąSLyUD*ĊEDĞZLHFLáDPXVLĊMDN

SRSRZLSU]HG:LHONDQRFą3RZWDU]DáZNyáNRMDNREáąNDQ\

'REUDZDV]DGREUDZDV]D7HUD]DĞSLHZDFLHJRáąEHF]NL1LHFKW\ONRGRSá\QLH

P\MXĪMDZDPSRNDĪĊ

5RELáSU]\W\PWDNLJHVWMDNJG\E\]DPLHU]DáZ\GUDSDüNRPXĞRF]\

5yZQDMV]HUHJL%DF]QRĞü+XUUDGDUáVLĊJRQLąFZ]GáXĪV]HUHJXRFLĊĪDá\FK

SRZLHONLPĪDUFLXF]DUQXFKyZ

7U]\SDQFHUQLNLZSRUFLH]DF]Ċá\SU]\MPRZDüQDSRNáDG\EDWDOLRQ\F]DUQXFKyZ,

ZyZF]DVPLDáRPLHMVFHQLHRF]HNLZDQH]GDU]HQLH3U]HGV]HUHJLHPF]DUQXFKyZXND

]DáVLĊMDNLĞREV]DUSDQ\Z\QĊG]QLDá\RVREQLNRVWU]\ĪRQ\QDMHĪD2V]RáRPLRQHF]DU

QXFK\UR]SR]QDá\ZWHMQĊG]QHMNUHDWXU]HRV]XVWD.LULNXNLEáąNDMąFHJRVLĊGRWąG

QLHZLDGRPRJG]LH

0LDáF]HOQRĞüZ\VWąSLüQDSU]yGL]SU]\PLOQ\PXĞPLHV]NLHP]ZUyFLüVLĊGRGR

ZyGF\

&yĪ WR EUDFLH ]DSRPQLDáHĞ R PQLH" 3U]HFLHĪ WHĪ MHVWHP ZDV] 7HĪ F]DUQ\

:HĨFLHPQLH]HVREąQDZ\VSĊ0RĪHSU]\GDPVLĊQDFRĞ

1LH]GąĪ\áGRNRĔF]\üGRZyGFD]]LHOHQLDáQDWZDU]\LZ\FLąJQąá]]DSDVDV]HURNL

RVWU\QyĪ

:DV]DáDVNDZRĞüSRZLHG]LDáGRORUGD]WUXGHPSRUXV]DMąFWU]ĊVąF\PLVLĊ

ZDUJDPLWHQWXWDMQRWHQWRDNXUDW.LULNXNLSU]H]QLHJRFDá\WHQEDáDJDQ

:DV]DPLáRĞüSR]ZROLĪHZáDVQ\PLUĊNDPLSRGHUĪQĊPXJDUG]LRáNR"

2\HV]PLOLFKĊFLRGSRZLHG]LDáGREURGXV]QLHORUG$OHMXĪVWDWHNF]HNDü

.LULNXNL]GąĪ\áW\ONRUD]SLVQąüJG\5LNNLSRPLVWU]RZVNXSU]HFLąáPXJDUGáR

RGXFKDGRXFKD

1DVWĊSQLH Z\V]OL QDSU]yG ORUG *OHQDUYDQ ] 0LFKDáHP $UGDQHP L ORUG Z\JáRVLá

DTP by SHADE

PRZĊSRĪHJQDOQą

-HFKDüG]LNXVZDOF]\ü,DPSRPDJDü]HVWDWHNVWU]HODü<RXSRWHPSáDFLü

52='=,$à1,(2&=(.,:$1<),1$à

1LF]\PSHUáDOĞQLáDZ\VSDZRĞOHSLDMąF\FKSURPLHQLDFKGQLD6WDWNL]EOLĪ\á\VLĊ

GREU]HJXLX]EURMRQHZRMVNRF]DUQXFKyZ]HV]áRQDOąG5LNNLSáRQąFQLHFLHUSOLZR

ĞFLąZSU]HF]XFLXZDONLZ\VNRF]\áSLHUZV]\LSRWU]ąVDMąFV]DEOąUR]ND]Dá

=DPQą]XFK\

,]XFK\SRGąĪ\á\]DQLP

3U]HELHJZ\SDGNyZE\áQDVWĊSXMąF\QDĪ\]Q\FKSRODFKZ\VS\SU]\ZLWDáDQLH

SURV]RQ\FKJRĞFLROEU]\PLDDUPLDG]LNXVyZ%\á\LFKWDNLHNURFLHĪH]LHORQDZ\VSDZ

PJQLHQLXRND]DEDUZLáDVLĊQDF]HUZRQR3DUá\MDNFKPDUD]HZV]\VWNLFKVWURQLQDG

F]HUZRQ\PRFHDQHPJáyZQLF]\PZáRVLHQDV]F]RWFHGR]ĊEyZMHĪ\áDVLĊV]F]HFLQD

EDJQHWyZLNRSLL*G]LHQLHJG]LHZWUąFRQHZF]HUZRQ\WáXPSĊG]Lá\ZFKDUDNWHU]H

GRZyGFyZRGG]LDáyZWHVDPHF]DUQXFK\FRVZRMHJRF]DVX]ZLDá\]NDPLHQLRáRPyZ

:VSRPQLDQHF]DUQXFK\QRVLá\WHUD]EDUZ\ZRMHQQHG]LNXVyZSRWU]ąVDá\UHZROZH

UDPLLZ\UD]LFKWZDU]\PyZLáĪHQLHPDMąQLFGRVWUDFHQLD=JDUGáDZ\U\ZDá\VLĊ

ERMRZHUR]ND]\

%DJQHW\QDEURĔ

']LNXV\ZWyURZDá\WDNLPZU]DVNLHPĪHVW\JáDZĪ\áDFKNUHZ

%LMVXNLQV\QyZ

*G\ ]GHU]\á\ VLĊ V]HUHJL ZDOF]ąF\FK QLH E\áR QDMPQLHMV]\FK ZąWSOLZRĞFL ĪH

DUPLD5LNNL7LNNLMHVW]DOHGZLHELDáąSODPąZ\VSąZIDOXMąF\PF]HUZRQ\PRFHDQLH

3ODPDUR]ODáDVLĊLRWRF]\áDG]LNXVyZRGIODQN

1DURJLV]DWDQD]DZRáDá]SRNáDGXRNUĊWXIODJRZHJR0LFKDá$UGDQ1LJG\Z

Ī\FLXQLHZLG]LDáHPF]HJRĞSRGREQHJR

:VSRPyFLFKRJQLHPUR]ND]DáORUG*OHQDUYDQRGU\ZDMąFRGRF]XOXQHWĊ

.DSLWDQ+DWWHUDVZVSRPyJá%XFKQĊáDF]WHUQDVWRFDOyZNDLSRFLVNQLHRVLąJQąZ

V]\ FHOX Z\EXFKá DNXUDW QD VW\NX PLĊG]\ G]LNXVDPL L F]DUQXFKDPL 'ZXG]LHVWX

SLĊFLXF]DUQXFKyZLF]WHUG]LHVWXG]LNXVyZUR]QLRVáRZVWU]ĊS\'UXJLSRFLVN]HEUDá

SORQ MHV]F]H ZLĊNV]\ SLĊüG]LHVLĊFLX F]DUQXFKyZ L VWX WU]\G]LHVWX G]LNXVyZ 7U]H

FLHJRSRFLVNXQLHZ\VáDQRDOERZLHPORUG*OHQDUYDQREVHUZXMąF\DWDNDUW\OHU\MVNL

SU]H]OXQHWĊVFKZ\FLáNDSLWDQD+DWWHUDVD]DJDUGáRLRGFLąJQąáRGDUPDW\ZRáDMąF

1LHFK SDQD V]ODJ WUDIL SU]HUZDü WR QDW\FKPLDVW :DOLFLH SU]HFLHĪ SURVWR Z

F]DUQXFKyZ

:V]HUHJDFKF]DUQXFKyZSRGZyFKVWU]DáDFK+DWWHUDVDZ\EXFKáDQLHSUDZGR

SRGREQDSDQLND$UPLD]DZ\áDLGUJQĊáD

:\áQDZHW5LNNL7LNNLZRNyáNWyUHJRZ\WZRU]\áVLĊV]DORQ\ZLU=ZLUXZ\áRQLáD

VLĊQDJOHZ\NU]\ZLRQDJĊEDMHGQHJR]V]HUHJRZ\FKF]DUQXFKyZ&]DUQXFK]SLDQą

QDXVWDFKSRGVNRF]\áGRRVáXSLDáHJRGRZyGF\LZ\FKU\SLDá

&RR"0DáRFLĪHĞQDV]DWDV]F]\áZNDPLHQLRáRP\LJQĊELáWDPSU]H]VLHGHP

ODW7HUD]]QRZX]DF]\QDV]":FLąJDV]ZSXáDSNĊ"ĩHE\ĞP\]SU]RGXREHUZDOLRG

G]LNXVyZD]W\áXSRFLVNLHPZNDUN"$D

%á\VNDZLF]QLHZ\V]DUSQąáQyĪLSHáQ\PQDWFKQLHQLDUXFKHPZELáJRZSLHUĞ5LN

NL7LNNLPLHU]ąF]QDG]Z\F]DMQąGRNáDGQRĞFLąPLĊG]\SLąWHDV]yVWHĪHEURSROHZHM

VWURQLH

5DWXQMĊNQąáGRZyGFDNXGRNRĔF]\áMXĪQDWDPW\PĞZLHFLHSU]HG

WURQHP:V]HFKPRJąFHJR

+XUUDDZU]DVQĊá\G]LNXV\

6NáDGDMP\EURĔ+XUD3RMHGQDMP\VLĊEUDFLDZ\á\RJáXSLDáHF]DUQXFK\SR

UZDQHEXV]XMąF\PSRWRNLHPQLH]OLF]RQHMG]LNXVRZHMEUDFL

DTP by SHADE

+XUUDUDRGSRZLHG]LDá\G]LNXV\

,ZV]\VWNR]PLHV]DáRVLĊQDZ\VSLHZMHGQ\PQLHZLDU\JRGQ\PJDOLPDWLDVLH

'RVLHGPLXVHWZU]RGyZLFLĊĪNLHMIHEU\]DZRáDá0LFKDá$UGDQSU]\ZLHUDMąF

RF]DPLGR]HLVVRZVNLFKV]NLHáORUQHWNL1LHFK]DZLVQĊQDVWU\F]NXMHĞOLFLZDULDFL

QLH]DZDUOLSU]\PLHU]D3URV]ĊVSRMU]HüVLU3DGDMąVRELHZREMĊFLD

:LG]ĊRGU]HNáORUGJURERZ\PJáRVHP&LHNDZMHVWHPNWRQDPWHUD]Z\QD

JURG]LZV]\VWNLHZ\GDWNL]ZLą]DQH]Ī\ZLHQLHPWHMKRáRW\ZNDPLHQLRáRPDFK"

$FKQLHFKĪHSDQGDVSRNyMVLUSRZLHG]LDáVHUGHF]QLH$UGDQPRĪHP\QLH

VSRG]LHZDüVLĊĪDGQHMQDJURG\SR]DIHEUąWURSLNDOQą-HGQ\PVáRZHPUDG]ĊSDQX

ĪHE\ĞP\F]\PSUĊG]HMSRGQLHĞOLNRWZLFH8ZDJDNU]\NQąáQDJOHLSU]\NXFQąáD

ORUGNXFQąáPDFKLQDOQLHRERNQLHJR=GąĪ\OLZSRUĊQDGLFKJáRZDPLQLF]\PV]D

ORQ\SRGPXFKZLDWUXSU]HPNQĊáDEá\V]F]ąFDFKPXUDVWU]DáLNXOZ\VáDQ\FKSU]H]

F]DUQXFKyZ

:OHSLüLPZU]DVQąáORUGGRNDSLWDQD

.DSLWDQZOHSLáDOHQLHXGROQLH

3RFLVNZ\EXFKáZ\VRNRZSRZLHWU]X=MHGQRF]RQDDUPLDG]LNXVyZLF]DUQXFKyZ

RGSRZLHG]LDáDQDWRQDVWĊSQąFKPXUąVWU]DáNWyUDSU]HPNQĊáDW\PUD]HPQLĪHML

ORUGXMU]DáQDZáDVQHRF]\MDNVLHGPLX]EURF]RQ\FKNUZLąPDU\QDU]\SDGáRZSU]HG

ĞPLHUWQ\FKNRQZXOVMDFK

'RGLDEáD]FDáąWąZ\SUDZąNU]\NQąáSU]HZLGXMąF\$UGDQ*D]XVLU6WU]D

á\PDMą]DWUXWH*D]XMHĞOLQLHFKFHSDQSU]\ZLHĨüGĪXP\GR(XURS\

3U]\áRĪ\üLPQDSRĪHJQDQLHZ\FKU\SLDáORUG

=QDQ\SDUWDF]NDSLWDQ+DWWHUDVZ\VáDáQDSRĪHJQDQLHMHV]F]HMHGHQSRFLVN

NWyU\SROHFLDáZRJyOHQLHZLDGRPRJG]LHSRF]\PRNUĊW\SRGQLRVá\NRWZLFH7U]HFLD

FKPXUDVWU]DáMXĪQLHJURĨQDRVLDGáDQDPRUVNLFKIDODFK

:SyáJRG]LQ\SyĨQLHMSDQFHUQHROEU]\P\RGGDOLá\VLĊSUXMąFRFHDQLF]QHIDOHL

]DVQXZDMąFG\PHPKRU\]RQW:VSLHQLRQ\PZLU]H]DUXIąSU]HZUDFDá\VLĊZ\U]XFR

QH]DEXUWĊWUXS\VLHGPLX]DELW\FKPDU\QDU]\

:\VSĊ SRZOHNDáD PJLHáND Z NWyUHM WRQąá SRZROL V]PDUDJGRZ\ RSURPLHQLRQ\

VáRĔFHPEU]HJ

52='=,$à.2ē&2:<6<*1$à

:QRF\WURSLNDOQHQLHERQDG6]NDUáDWQą:\VSąUR]MDU]\áDSáRPLHQQDáXQDLRNUĊ

W\QDGDá\SLRUXQXMąFąZLDGRPRĞüNWyUąRGHEUDá\ZV]\VWNLHVWDFMH

³Z\VSDĞZLĊWXMHEDMUDPQDQLHVá\FKDQąVNDOĊNURSNDWHGLDEá\FKOHMąZyGNĊNR

NRVRZą´

1DVWĊSQLH ZLHĪD (LIIOD UR]Eá\VáD VQRSHP ]LHORQ\FK Eá\VNDZLF NWyUH SU]\QLRVá\

PHOGXQHNDĪQD]E\WEH]F]HOQ\

³ORUGJOHQDUYDQPLFKDáDUGDQ

REFKRG]ąFQDV]HZVSyOQHĞZLĊWRPDP\]DV]F]\WR]QDMPLüLĪSDQRZLHPRJąQDV

SRFDáRQLHF]\WHOQHZQLHF]\WHOQHNURSND´

]SRZDĪDQLHP

F]DUQXFK\LG]LNXV\NURSND

3U]HUZDüRGELyUU\NQąá$UGDQ

:LHĪDXPLONáD=JDVá\]LHORQHEá\VNDZLFH&RE\áRGDOHMQLNWQLHZLH

Przełożyła Ałła Sarachanowa

DTP by SHADE

352/2*

-DNLĞG]LZDF]Q\VHQĝQLPLVLĊĪHGLDEHáĪDUWRZQLĞRWZRU]\áGU]ZLGRSDĔ

VWZDFLHQL$QDGGU]ZLDPLPLJRFHZLHF]QDODPSND]QDSLVHP³PDUWZHGXV]H´,

]DF]ąáVLĊUXFKZNUDLQLH]PDUá\FKLSRSHá]á\]HĔFLHQLHMHGHQ]DGUXJLPEH]NRĔFD

0DQLáRZZQLHGĨZLHG]LPIXWU]H1R]GULRZZFXG]\P]DSU]ĊJX']HUĪ\PRUGDQD

VWUDĪDFNLHMSRPSLH6HOLIDQ3LHWUXV]ND)LHWLQMD

$QDRVWDWNXUXV]\áRQVDP3DZHá,DQRZLF]&]LF]LNRZ:VZHMVá\QQHMEU\F]FH

,SRFLąJQĊáDFDáDWDKDáDVWUDQD5DG]LHFNą5XĞ,]GDU]\á\VLĊQD5XVLRZHMSU]H

G]LZQH]GDU]HQLD$MDNLH]RVWDQLHZ\PLHQLRQHV]F]HJyáRZRSRQLĪHM

3U]HVLDGáV]\VLĊZ0RVNZLH]EU\F]NLGRVDPRFKRGX&]LF]LNRZSĊG]LáSRPR

VNLHZVNLFKZHUWHSDFK3ĊG]LáLSU]HNOLQDá*RJRODQDF]\PĞZLDWVWRL

ĩHE\PXGLDEOHPXV\QRZLSRZ\VNDNLZDá\SRGRF]DPLSĊFKHU]H,WRWDNLH

MDNNRS\VLDQD6SODPLá]DV]DUJDáPLUHSXWDFMĊWDNĪHQRVDZ\VXQąüQLHPRĪQD

3U]HFLHĪMHĞOLVLĊGRZLHG]ąĪHP&]LF]LNRZWRZ\U]XFąPQLHZGLDEá\,GREU]HMDN

W\ONRZ\U]XFąERPRJĊQLHGDM%RĪHLQDàXELDQFHSRVLHG]LHü$ZV]\VWNRSU]H]

WHJR*RJRODĪHE\PXWDNGUDQLRZL]PDPXVLąLWDWXVLHP

,VQXMąFWDNLHRWRUHIOHNVMHZMHFKDáZEUDPĊWHJRVDPHJRKRWHOX]NWyUHJRZ\

MHFKDáSU]HGVWXODW\

:V]\VWNRWXE\áRMDNGDZQLHM=HV]SDUZ\]LHUDá\NDUDOXFK\LQDZHWERGDMLFK

SU]\E\áR$OHE\á\WHĪ]PLDQ\1DSU]\NáDG]DPLDVWV]\OGX]QDSLVHP³KRWHO´ZLVLDá

SODNDW]QDSLVHP³3DĔVWZRZ\'RP1RFOHJRZ\QU³$MXĪEUXGLVPUyGE\áWDNLĪH

VDP*RJROE\RVáXSLDá

3RNyMSURV]Ċ

6NLHURZDQLHSURV]Ċ

$OHJHQLDOQ\3DZHá,ZDQRZLF]QLH]PLHV]DáVLĊDQLQDFKZLOĊ

.LHURZQLND

5UD]LMXĪMHVWNLHURZQLN$WRVWDU\]QDMRP\1LMDNLà\V\3LPLHQWHQVDP

NWyU\NLHG\ĞZáDGDá³$NXOLQNą´DWHUD]RWZRU]\áQD7ZHUVNLHMURV\MVNąNDZLDUQLĊ]

QLHPLHFNLPL DWUDNFMDPL EDOVDPDPL L RF]\ZLĞFLH SURVW\WXWNDPL *RĞü L NLHURZQLN

XĞFLVNDOLVLĊFPRNQĊOLSRV]HSWDOLLZV]\VWNR]RVWDáR]DáDWZLRQHZPLJEH]ĪDGQH

JRVNLHURZDQLD3U]HJU\]áZLĊF3DZHá,ZDQRZLF]FRQLHFRLSRSĊG]Lá]DáDWZLDüVRELH

SUDFĊ

%\áZV]ĊG]LHLZV]ĊG]LHJG]LHE\áRF]DURZDáZV]\VWNLFKVNáDGDQLHPSHáQ\FK

JUDFMLXNáRQyZLFHFKXMąFąJR]DZV]HQLHVá\FKDQąHUXG\FMą

3URV]ĊZ\SHáQLüDQNLHWĊ

'DOLPXSáDFKWĊGáXJRĞFLDUV]\QDZQLHMVWRQDMEDUG]LHMSRGFKZ\WOLZ\FKS\WDĔ

VNąGJG]LHLSRFR"

1LHPLQĊáRSLĊüPLQXWDMXĪ3DZHá,ZDQRZLF]Z\SHáQLáDQNLHWĊMDNGáXJDLV]H

URND7\ONRNLHG\MąSRGDZDá]DGUĪDáDPXUĊND

7DDNSRP\ĞODáWHUD]SU]HF]\WDMąMDNLWR]HPQLHEU\ODQWL

,QLHVWDáRVLĊDEVROXWQLHQLF

3RSLHUZV]HDQNLHW\QLNWQLHSU]HF]\WDáDSRGUXJLHWUDILáDGRSDQLHQNLUHMH

VWUDWRUNLNWyUD]URELáD]QLąWRFR]Z\NOH]DPLDVWGRSLVPSU]\FKRG]ąF\FKZSLVDáD

GRZ\FKRG]ąF\FKDSRWHPJG]LHĞZVDG]LáDWDNĪHDQNLHWDSU]HSDGáDMDNNDPLHĔZ

DTP by SHADE

ZRG]LH

&]LF]LNRZXĞPLHFKQąáVLĊSRGZąVHPL]DF]ąáSUDFRZDü

III

$SRWHPZV]\VWNRV]áRLPGDOHMW\POHSLHM&]LF]LNRZUR]HMU]DáVLĊLVWZLHUG]Lá

ĪHZV]ĊG]LHVLHG]ąVDPL]QDMRPL3RELHJáGRXU]ĊGXZNWyU\PZ\GDZDQRSU]\G]LDá\

LXVá\V]Dá

=QDPZDVVNąSLUDGáDMHGQH:HĨPLHFLHNRWDREHGU]HFLH]HVNyU\LGDFLHQD

SU]\G]LDá$MDFKFĊĪHE\ĞFLHPLGDOLEDUDQLQ\]NDV]ą$W\FKZDV]\FKSU]\G]LDáR

Z\FKĪDEL]JQLá\FKĞOHG]LGRXVWQLHZH]PĊFKRüE\ĞFLHMHFXNUHPSRV\SDOL

3DWU]\DWR6REDNLHZLF]

7HQMDNW\ONRSU]\MHFKDáQDW\FKPLDVW]DĪąGDáGHSXWDWX,GRVWDáMHV]F]HMDN

:WHG\VLDGá]MDGáLSRSURVLáRGRNáDGNĊ'RáRĪ\OL0DáR:WHG\GDOLPXMHV]F]HMHGHQ

GHSXWDW PLDá ]Z\F]DMQ\ GRVWDá VSHFMDOQ\ 0DáR 'DOL ]DVWU]HĪRQ\ =HĪDUá L ]DĪą

GDáMHV]F]H,DZDQWXUĊ]URELá1DZ\P\ĞODáZV]\VWNLPRGIDU\]HXV]\QDNU]\F]DáĪH

RV]XVWVLHG]LQDRV]XĞFLHLRV]XVWHPSRJDQLDLĪHMHVWW\ONRMHGHQSRU]ąGQ\F]áRZLHN

UHIHUHQWDLWHQSUDZGĊPyZLąFĞZLQLD

'RVWDáDNDGHPLFNL

&]LF]LNRZ]REDF]\áMDN6REDNLHZLF]ĪRQJOXMHGHSXWDWDPLLPRPHQWDOQLH]DF]ąá

G]LDáDü =DSĊG]Lá 6REDNLHZLF]D Z NR]L UyJ 'RVWDá GHSXWDW GOD VLHELH GOD QLH LVW

QLHMąFHMĪRQ\]G]LHFNLHPGOD6HOLIDQDL3LHWUXV]NLGODIDFHWDRNWyU\PRSRZLDGDá

%HWULV]F]HZRZLLGODPDWNLVWDUXV]NLNWyUHMGDZQRQLHE\áRQDĞZLHFLH,ZV]\VWNLH

DNDGHPLFNLH7DNĪHPXVLDQRPXZR]LüMHG]HQLHFLĊĪDUyZNą

8SRUDZV]\VLĊZWHQVSRVyE]SUREOHPHP]DRSDWU]HQLDUXV]\áGRLQQ\FKXU]Ċ

GyZ

3ĊG]ąFNLHG\ĞVDPRFKRGHPSU]H].XĨQLHFNL0RVWVSRWNDá1R]GULRZD7HQR]QDM

PLá]PLHMVFDĪHVSU]HGDáMXĪLGHZL]NĊL]HJDUHN5]HF]\ZLĞFLHQLHPLDáQDVRELH

DQLMHGQHJRDQLGUXJLHJR$OHQLHGDZDá]DZ\JUDQą2SRZLHG]LDáĪHSRV]F]ĊĞFLáR

PXVLĊQDORWHULLZ\JUDáSyáIXQWDROHMXV]NáRGRODPS\QDIWRZHML]HOyZNLGRG]LH

FLQQ\FKEXFLNyZDOH]DUD]SRWHPPXVLĊQLHSRV]F]ĊĞFLáRLPXVLDáFKROHUDGRáRĪ\ü

MHV]F]H ZáDVQH V]HĞüVHW PLOLRQyZ 2SRZLHG]LDá MDN ]DSURSRQRZDá :QLHV]WRUJRZL

ĪHGRVWDUF]\GOD]DJUDQLF\SDUWLĊSUDZG]LZ\FKNDXNDVNLFKNLQGĪDáyZ,GRVWDUF]\á

,]DURELáE\QDW\PPDVĊSLHQLĊG]\JG\E\QLHĞZLQLH$QJOLF\NWyU]\]DXZDĪ\OLQD

NLQGĪDáDFKQDSLV³PLVWU]6DZLHOLM6\ELULDNRZ´LZV]\VWNRRGU]XFLOL=DFLąJQąá&]LF]L

NRZDGRVZRMHJRSRNRMXLQDSRLáZVSDQLDá\PNRQLDNLHPSRQRüSURVWR])UDQFMLZ

NWyU\PMHGQDNF]XáRVLĊVDPRJRQZFDáHMMHJRRND]DáRĞFL2VWDWHF]QLHGRáJDáVLĊDĪ

GR]DSHZQLHĔĪHGDQRPXZSU]\G]LDOHRVLHPVHWDUV]\QyZPDWHULDáXEáĊNLWQHDXWR

]H]áRWąWDSLFHUNąLQDND]QDPLHV]NDQLHZSDáDF\NX]NROXPQDPL

.LHG\]DĞMHJR]LĊü0LĪXMHZZ\UD]LáZąWSOLZRĞü1R]GULRZQDZ\P\ĞODáPXQLH

RG6RIURQyZOHF]]JRáDRGSDUV]\ZFyZ

-HGQ\PVáRZHP]QXG]LáVLĊ&]LF]LNRZRZLWDNĪHWHQQLHZLHG]LDáMDNRGQLHJR

XFLHF

$OH 1R]GULRZRZVNLH RSRZLHĞFL QDVXQĊá\ PX P\ĞO ĪH L VDP PyJáE\ VLĊ ]DMąü

KDQGOHP]DJUDQLF]Q\P

7DN WHĪ ]URELá =QRZX Z\SHáQLá DQNLHWĊ ]DF]ąá G]LDáDü L ]DGHPRQVWURZDá FDáą

VNDOĊ VZRLFK PRĪOLZRĞFL 3U]HSĊG]Dá SU]H] JUDQLFĊ VWDGD EDUDQyZ Z SRGZyMQ\FK

IXWUDFKPLĊG]\NWyU\PLXW\NDáEUDEDQFNLHNRURQNLDEU\ODQW\SU]HZR]LáZNRáDFK

G\V]ODFKXV]DFKLGLDEOLZLHG]ąMDNLFKMHV]F]HPLHMVFDFK

DTP by SHADE

,ZNUyWNLPF]DVLH]JURPDG]LáSUDZLHSLĊüVHWPLOLDUGyZ

1LHGDáMHGQDN]DZ\JUDQą:\VWRVRZDáGRNRJRQDOHĪ\SRGDQLHRZ\G]LHUĪDZLH

QLHPXSHZQHMILUP\LQLHV]F]ĊG]ąFWĊF]RZ\FKEDUZSU]HGVWDZLáZLHONLHNRU]\ĞFL

MDNLHWRSU]\QLHVLHSDĔVWZX

:XU]ĊG]LHUR]G]LDZLRQRXVWDRGXFKDGRXFKDLVWRWQLHNRU]\ĞFL]DSRZLDGDá\

VLĊIDQWDVW\F]QH3RSURVLOLRZVND]DQLHSU]HGVLĊELRUVWZD$OHĪRF]\ZLĞFLH0LHĞFLáR

VLĊQD7ZHUVNLPEXOZDU]HDNXUDWQDSU]HFLZNODV]WRUX0ĊNL3DĔVNLHMLQRVLáRQD]ZĊ

³3DPSXV]QD7ZHUEXOX´>SRPQLN3XV]NLQD@=ZUyFRQRVLĊJG]LHQDOHĪ\]]DS\WDQLHP

F]\FRĞWDNLHJRU]HF]\ZLĞFLHLVWQLHMH2GSRZLHGĨEU]PLDáDRZV]HPFDáD0RVNZDR

W\PZLH=QDNRPLFLH

3URV]ĊVSRU]ąG]LüNRV]WRU\V

&]LF]LNRZPLDáMXĪNRV]WRU\V]DSD]XFKą

:\G]LHUĪDZLRQR

&]LF]LNRZQLHWUDFąFF]DVXSRSĊG]LáJG]LHWU]HED

3URV]ĊR]DOLF]NĊ

3URV]ĊVSRU]ąG]LüZ\ND]:WU]HFKHJ]HPSODU]DFK]RGSRZLHGQLPLSRGSLVDPL

LSLHF]ąWNDPL

1LHPLQĊá\GZLHJRG]LQ\MDNZ\ND]MXĪE\á:HGáXJZV]HONLFKUHJXá3LHF]ĊFL

MDNJZLD]GQDQLHELH,SRGSLV\MDNVLĊSDWU]\

=DG\UHNWRUD1LHXZDĪDMNRU\WR]DVHNUHWDU]D.XZV]\QQRMH5\áR]DSU]H

ZRGQLF]ąFHJRNRPLVMLFHQLRSáDW-HOL]DZLHWD:RURELHM

=JDG]DVLĊ2WR]OHFHQLHZ\SáDW\

.DVMHUXMU]DZV]\VXPĊDĪMĊNQąá

&]LF]LNRZ]áRĪ\áSRGSLVLZ\ZLy]áSLHQLąG]HWU]HPDGRURĪNDPL

$SRWHPSRPNQąáGRQDVWĊSQHJRXU]ĊGX

3URV]ĊRSRĪ\F]NĊ

3URV]ĊSRND]DüWRZDU\

%ąGĨFLHXSU]HMPLZ\VáDüSU]HGVWDZLFLHOD

'DZDüSU]HGVWDZLFLHOD

=JLĔSU]HSDGQLM]QRZX]QDMRP\-HPLHOLDQ5RWR]LHM

&]LF]LNRZ]DEUDáJR]HVREą=DZLy]áGRSLHUZV]HJROHSV]HJRPDJD]\QXLSRND

]XMH3DWU]\-HPLHOLDQLZLG]LWRZDUyZEH]OLNX

7DDN,WRZV]\VWNRSDQD"

:V]\VWNR

-HĞOLWDNSRZLDGD-HPLHOLDQWRSURV]ĊSU]\MąüPRMHJUDWXODFMH=SDQDWRMXĪ

QLHPLOLRQHUW\ONRWU\OLRQHU

$1R]GULRZNWyU\WHĪVLĊGRQLFKSU]\F]HSLá]DF]ąáGROHZDüROLZ\GRRJQLD

:LG]LV]WĊFLĊĪDUyZNĊ]EXWDPL"7ĊFRZMHĪGĪDGREUDP\"7RMHJREXW\

3RWHPRJDUQLĊW\]DSDáHPZ\FLąJQąá-HPLHOLDQDQDXOLFĊL]DF]ąáSRND]\ZDü

:LG]LV] WH VNOHS\" :V]\VWNR MHJR &DáD WDPWD VWURQD XOLF\ 7$ WHĪ :LG]LV]

WUDPZDM"-HJR$ODWDUQLH"7HĪMHJR:LG]LV]":LG]LV]"

,NUĊFLQLPZHZV]\VWNLHVWURQ\DĪ-HPLHOLDQ]DF]ąáEáDJDü

:LHU]Ċ:LG]Ċ7\ONRPQLHMXĪSXĞü

:WHG\ZUyFLOLGRXU]ĊGX

7DPS\WDMą-HPLHOLDQD

1RLFR"

7HQW\ONRUĊNąPDFKQąá

1LHGDVLĊWHJRRSLVDü

1RVNRURVLĊQLHGDWRZ\GDüPXQPLOLDUGyZ

DTP by SHADE

'DOV]D NDULHUD &]LF]LNRZD SU]HELHJDáD Z ]DZURWQ\P WHPSLH : JáRZLH VLĊ QLH

PLHĞFLFRZ\UDELDá6WZRU]\á=MHGQRF]HQLHGR:\UREXĩHOD]D]'UHZQLDQ\FK:LyUyZ

LRF]\ZLĞFLHGRVWDáQDW\FKPLDVWSRĪ\F]NĊ=RVWDáXG]LDáRZFHPRJURPQHMVSyáG]LHOQL

LQDNDUPLáFDáą0RVNZĊNLHáEDVą]SDGOLQ\.LHG\G]LHG]LF]ND.RURERF]NDXVá\V]DZ

V]\ĪHZ0RVZLH³ZV]\VWNRGDVLĊ]DáDWZLü´SU]\MHFKDáDQDE\üQLHUXFKRPRĞü&]LF]L

NRZVNXPDáVLĊ]=DPXFKU\V]NLQHPL8WLHV]\WLHOQ\PLVSU]HGDáMHM0DQHĪQDSU]HFLZ

8QLZHUV\WHWX=DZDUáXPRZĊQDHOHNWU\ILNDFMĊPLDVWDSRáRĪRQHJRWDPJG]LHGLDEHá

PyZLGREUDQRFSRF]\PZV]HGáV]\ZNRQWDNW]E\á\PKRURGQLF]\PSRVWDZLáSáRWL

SRZELMDáW\F]NLĪHE\WRSDFKQLDáRMDNLPĞSODQHPDSRWHPRĞZLDGF]\áĪHSLHQLąG]H

]UDERZDá\PXEDQG\NDSLWDQD.RSLHMNLQD-HGQ\PVáRZHPZ\SUDZLDáLVWQHFXGD

,SR0RVNZLHSRV]á\VáXFK\ĪH&]LF]LNRZMHVWWU\OLRQHUHP5yĪQHLQVW\WXFMH]D

F]Ċá\JRVRELHZ\U\ZDüMDNRHNVSHUWD-XĪZ\QDMąá]DSLĊüPLOLDUGyZSLĊFLRSRNRMRZH

PLHV]NDQLHMXĪMDGDáRELDG\LNRODFMHZ³(PSLUH´

$ĪQDVWąSLáNUDFK

:V]\VWNR E\áR MDN Z *RJRORZVNLHM SU]HSRZLHGQL ]JXELá &]LF]LNRZD 1R]GULRZ

D Z\NRĔF]\áD .RURERF]ND %H] ]á\FK ]DPLDUyZ SR SURVWX SR SLMDQHPX 1R]GULRZ

Z\JDGDáVLĊQDZ\ĞFLJDFKLRGUHZQLDQ\FKZLyUDFKLRZ\G]LHUĪDZLHQLXQLHLVWQLHMą

FHJRSU]HGVLĊELRUVWZDDSRGVXPRZDáWRZV]\VWNRVWZLHUG]HQLHPĪH&]LF]LNRZMHVW

NDQFLDU]HPLĪHQDOHĪDáRE\JRUR]VWU]HODü

6áXFKDF]HVLĊSU]HMĊOLLZLDGRPRĞüSRELHJáDMDNLVNUD

:GRGDWNXJáXSLD.RURERF]NDSU]\V]áDGRXU]ĊGX]]DS\WDQLHPNLHG\ZROQRMHM

EĊG]LH RWZRU]\ü Z 0DQHĪX SLHNDUQLĊ 'DUHPQLH SU]HNRQ\ZDQR Mą ĪH WR EXG\QHN

SDĔVWZRZ\LĪHQLHPRĪQDDQLJRNXSLüDQLQLF]HJRZQLPRWZLHUDü%DELQDQLHUR

]XPLDáD

7\PF]DVHPPyZLRQRR&]LF]LNRZLHFRUD]JRU]HM=DF]ĊWR]DFKRG]LüZJáRZĊFR

WR]DW\SLVNąGVLĊZ]Ląá5R]HV]á\VLĊSORWNLMHGQDJRUV]DLG]LZQLHMV]DRGGUXJLHM

'R VHUF ZNUDGá VLĊ QLHSRNyM 5R]G]ZRQLá\ VLĊ WHOHIRQ\ ]DF]Ċá\ QDUDG\ .RPLVMD

EXGRZODQDQDUDG]DáDVLĊ]NRPLVMąNRQWUROQąNRPLVMDNRQWUROQD]ĩ\áRWGLHáHPĩ\

áRWGLHá]1DUNRP]GUDZHP1DUNRP]GUDZ]*áDZNXVWSURPHP*áDZNXVWSURP]1DU

NRPSURVHP1DUNRPSURVW]3UROHWNXOWHPLWGLWGLWS

=DEUDQRVLĊ]D1R]GULRZD2F]\ZLĞFLHE\áWREáąG:V]\VF\ZLHG]LHOLĪHWRáJDU]

LĪHQLHPRĪQDZLHU]\üĪDGQHPXMHJRVáRZX$MHGQDNJRZH]ZDQR,RGSRZLHG]LDá

QDZV]\VWNLHS\WDQLD

6WZLHUG]LáĪH&]LF]LNRZU]HF]\ZLĞFLHZ]LąáZG]LHUĪDZĊQLHLVWQLHMąFHSU]HGVLĊ

ELRUVWZRLĪHRQ1R]GULRZQLHZLG]LSRZRGXGODNWyUHJRPLDáE\QLHZ]LąüVNRUR

ELRUąZV]\VF\1DS\WDQLHF]\yZ&]LF]LNRZQLHMHVWSU]\SDGNLHPELDáRJZDUG\MVNLP

V]SLHJLHPRGSRZLHG]LDáĪHMHVWLĪHQLHGDZQRFKFLDQRJRQDZHWUR]VWU]HODüDOH]

MDNLFKĞWDPSRZRGyZQLHUR]VWU]HODQR1DS\WDQLHF]\WHQĪH&]LF]LNRZQLHIDáV]XMH

SU]\SDGNLHPSLHQLĊG]\RGSRZLHG]LDáĪHRZV]HPLRSRZLHG]LDáQDZHWRMHJRQLH

]Z\NáHM SU]HELHJáRĞFL 2WyĪ GRZLHG]LDZV]\ VLĊ ĪH U]ąG PD ]DPLDU SXĞFLü Z RELHJ

QRZHEDQNQRW\&]LF]LNRZZ\QDMąáSRG0RVNZąPLHV]NDQLHLZ\GUXNRZDáWDPIDáV]\

ZHEDQNQRW\QDVXPĊPLOLDUGyZUXEOLZGRGDWNXQDGZDGQLSU]HGHPLVMąSUDZ

G]LZ\FK$NLHG\PLOLFMDZSDGáDLRSLHF]ĊWRZDáDPLHV]NDQLHZFLąJXMHGQHMQRF\

SRPLHV]DáIDáV]\ZHEDQNQRW\]SUDZG]LZ\PLWDNĪHSRWHPVDPGLDEHáQLHPyJáE\

UR]SR]QDüNWyUHVąNWyUH1DS\WDQLHF]\WRSUDZGDĪH&]LF]LNRZZ\PLHQLáVZRMH

PLOLDUG\QDEU\ODQW\ĪHE\XFLHF]QLPL]DJUDQLFĊRGSRZLHG]LDáĪHWDNLĪHRQVDP

DTP by SHADE

]JRG]LáVLĊSRPDJDüLXF]HVWQLF]\üZWHMVSUDZLHEREH]QLHJRQLFE\QLHZ\V]áR

3RZ\VáXFKDQLX1R]GULRZDZV]\VF\]PDUNRWQLHOL1DMZ\UDĨQLHMQLHPRĪQDE\áR

VWZLHUG]LüNLPMHVW&]LF]LNRZ,QLHZLDGRPRF]\PE\VLĊWRVNRĔF]\áRJG\E\QLH

SHZLHQF]áRZLHNNWyU\ZSUDZG]LHMDNLLQQLQLJG\QLHPLDáZUĊNX*RJRODPLDá

QDWRPLDVWV]F]\SWĊ]GURZHJRUR]VąGNX

,ZSHZQ\PPRPHQFLH]DZRáDá

$ZLHFLHNLPMHVWWHQ&]LF]LNRZ"

$NLHG\ZV]\VF\FKyUHPNU]\NQĊOL³1R"´U]HNáJURERZ\PJáRVHP

.DQFLDU]HP

9,,

'RSLHURZWHG\ZV]\VWNLFKROĞQLáR=DF]ĊOLV]XNDüDQNLHW\1LHPD:UHMHVWU]H

SLVP SU]\FKRG]ąF\FK 1LH PD : V]DILH 1LH PD 3\WDMą UHMHVWUDWRUNL ³$ MD VNąG

PDPZLHG]LHü"8,ZDQD*ULJRU\F]D´

3RELHJOLGR,ZDQD*ULJRU\F]D

*G]LHMHVW"

1LHPRMDU]HF]6S\WDMFLHVHNUHWDU]DLWGLWS

$ĪWXUDSWHPZNRV]X]QLHSRWU]HEQ\PLSDSLHUDPLMHVW

=DF]ĊOLF]\WDüLRVáXSLHOL

,PLĊ"3DZHá,PLĊRMFD",ZDQ1D]ZLVNR"&]LF]LNRZ=DZyG"3RVWDü]*RJROD&R

URELáSU]HGUHZROXFMą"6NXSRZDáPDUWZHGXV]H6WRVXQHNGRVáXĪE\ZRMVNRZHM"1L

WRQLRZRGLDEOLZLHG]ąFR3U]\QDOHĪQRĞüSDUW\MQD6\PSDW\NDF]\MQLHZLDGR

PR&]\E\áVąG]RQ\"']LDUVNL]\J]DN$GUHV"=EUDP\ZSRGZyUNRGUXJLHSLĊWUR

QDSUDZRVS\WDüZELXU]HDGUHVRZ\PV]WDEVRILFHURZą3RGWRF]\QĊMXĪRQDEĊG]LH

ZLHG]LDáD

:áDVQRUĊF]Q\SRGSLV"8PRF]\üSLyUR

3U]HF]\WDOLLVNDPLHQLHOL

:H]ZDOLLQVWUXNWRUD%REF]\ĔVNLHJR

:DOQD7ZHUVNLGRWHMZ\G]LHUĪDZLRQHMILUP\,]DMU]\MQDWRSRGZyUNRJG]LH

VąMHJRWRZDU\0RĪHFRĞVLĊZ\MDĞQL

%REF]\ĔVNLZUDFD2F]\PDRNUąJáHMDNVSRGNL

1LHVá\FKDQDKLVWRULD

1R"

$QLĞODGXILUP\'DáDGUHVSRPQLND3XV]NLQDDWRZDU\QLHVąMHJRW\ONR³$U\´

7XZV]\VF\]DZU]HV]F]HOLZQLHERJáRV\

0DWNRSU]HQDMĞZLĊWV]D$WRFLGRSLHUR$P\PXGDOLĞP\PLOLDUG\7U]HEDJR

áDSDüSyNLF]DV

,]DF]ĊOLáDSDü

9,,,

3DOHFQDJX]LN

:H]ZDüJRĔFD

'U]ZLVLĊRWZDUá\LVWDQąáZQLFK3LHWUXV]ND'DZQRMXĪRGV]HGáRG&]LF]LNRZDL

SUDFRZDáZXU]ĊG]LHMDNRJRQLHF

3URV]ĊZ]LąüWĊNRSHUWĊLQDW\FKPLDVWUXV]Dü

7$MHVWSRZLHG]LDá3LHWUXV]ND1DW\FKPLDVWZ]LąáQDW\FKPLDVWZ\UXV]\áLQD

W\FKPLDVWZV]\VWNR]JXELá

']ZRQHNGRJDUDĪXGR6HOLIDQD

1DW\FKPLDVWDXWR

6LHUREL

DTP by SHADE

6HOLIDQGUJQąáRNU\áPRWRUFLHSá\PLVSRGQLDPLZáRĪ\áNXUWNĊZVNRF]\áQDVLH

G]HQLHJZL]GQąá]DWUąELáLSRPNQąá

.WyU\Ī5RVMDQLQQLHOXELV]\ENLHMMD]G\"

6HOLIDQ WHĪ Mą OXELá WRWHĪ SU]\ ZMHĨG]LH Z àXELDQNĊ PXVLDá Z\ELHUDü PLĊG]\

WUDPZDMHPDRV]NORQąVNOHSRZąZLWU\Qą:FLąJXXáDPNDVHNXQG\6HOLIDQZ\EUDáWR

GUXJLHRPLQąáWUDPZDML]RNU]\NLHP³5DWXQNX´ZOHFLDáMDNZLFKHUSU]H]Z\VWDZĊ

GRVNOHSX

:WHG\QDZHW7LHQWLHWQLNRZ]DU]ąG]DMąF\ZV]\VWNLPL6HOLIDQDPLL3LHWUXV]NDPL

VWUDFLáFLHUSOLZRĞü

:\U]XFLüREXQD]ELW\S\VN

:\U]XFLOL6NLHURZDOLQDJLHáGĊSUDF\6WDPWąGQDPLHMVFH3LHWUXV]NLVNLHURZD

QR3OXV]NLQRZVNLHJR3URV]NĊDQDPLHMVFH6HOLIDQD*ULJRULMD'RMHĪGĪDMQLH'RMH

G]LHV]$W\PF]DVHPVSUDZDQDELHUDáDUR]PDFKX

*G]LHSRGDQLHR]DOLF]NĊ"

2WRRQR

:H]ZDüWX1LHXZDĪDMDNRU\WR

2ND]DáRVLĊĪHZH]ZDüQLHVSRVyE3U]HGGZRPDPLHVLąFDPL1LHXZDĪDMDXVX

QLĊWR]SDUWLL$]0RVNZ\XVXQąáVLĊVDPERQLHPLDáZQLHMDEVROXWQLHQLFGRURERW\

$.XZV]\QQRMH5\áR"

:\MHFKDáZVLQąGDOLQVWUXRZDüLQVWDQFMHJXEHUQLDOQH

:WHG\Z]LĊWRVLĊ]D-HOL]DZLHWĊ:RURELHM%$NLHG\WDNLHMRVRE\QLHPD-HVW

ZSUDZG]LHPDV]\QLVWND-HOL]DZLHWDDOHQLH:RURELHM-HVWDV\VWHQW]DVWĊSF\PáRG

V]HJRUHIHUHQWD]DP]DZSRGRWGLHá:RURELHMDOHQLH-HOL]DZLHWD

8F]HSLRQRVLĊPDV]\QLVWNL

:LĊFWRSDQL"

1LFSRGREQHJR'ODF]HJRZáDĞQLHMD"7DPMHVW-HOL]DZLHWDDMDMHVWHP(OĪELHWD

=XSHáQLHLQDF]HM

,EXFKZSáDF]=RVWDZLRQRMąZVSRNRMX

$W\PF]DVHPSyNL]DMPRZDQRVLĊ-HOL]DZLHWą:RURELHMSUDZQLN6DPRVZLVWRZ

SRZLDGRPLáFLFKDF]HP&]LF]LNRZDĪHMHJRVSUDZ\ĞPLHUG]ąL&]LF]LNRZU]HF]MDVQD

SU]HSDGáEH]ĞODGX

3UyĪQRSRV\áDQRDXWRSRGSRGDQ\DGUHVQDGUXJLPSLĊWU]H]SUDZHMQLHE\áR

ĪDGQHJR ELXUD W\ONR ]DQLHGEDQD L ]UXMQRZDQD VWRáyZND 'R SU]\MH]GQ\FK Z\V]áD

VSU]ąWDF]ND)LHWLQMDLSRZLHG]LDáD

1LPDQLNRJR

&RSUDZGDRERNW\OHĪHQLH]SUDZHMOHF]]OHZHMVWURQ\E\áRELXURDGUHVRZH

DOHQLHVLHG]LDáDZQLPĪDGQDV]WDEVRILFHURZDW\ONRMDNDĞ3RGVWLRJD6LGRURZQD,QLH

]QDáDQLHW\ONRDGUHVX&]LF]LNRZDDOHQDZHWZáDVQHJR

:WHG\ZV]\VF\SRSDGOLZUR]SDF]6SUDZDWDNVLĊ]DJPDWZDáDĪHVDPGLDEHá

E\VLĊZQLHMQLHUR]H]QDá:LyU\SRPLHV]Dá\VLĊ]SVHXGRG]LHUĪDZąEUDEDQFNLHNR

URQNL]HOHNWU\ILNDFMąDWUDQVDNFMD.RURERF]NL]EU\ODQWDPL1R]GULRZRND]DáVLĊ

ZVSyOQLNLHP]DPLHV]DQ\E\áWHĪV\PSDW\N-HPLHOLDQ5RWR]LHMLEH]SDUW\MQ\]áRG]LHM

$QWRV]NDDSR]DW\PZ\EXFKáQDJOHVNDQGDOZRNyáGHSXWDWyZ6REDNLHZLF]D,V\S

QĊáRVLĊ]HZV]\VWNLFKVWURQ

6DPRVZLVWRZXUDELDáVRELHUĊFHSRáRNFLHGRF]HSLáMHV]F]HGRWHMVSUDZ\MDNLHĞ

JU]HEDQLHSRNXIUDFKLMDNLHĞSRGURELRQHGHOHJDFMHVáXĪERZHW\ONRZWRMHGQRZPLH

V]DQ\FKE\áRNRáRSLĊüG]LHVLĊFLXW\VLĊF\RVyELWDNGDOHMLWHPXSRGREQH-HGQ\P

VáRZHP]DF]ĊáRVLĊGLDEOLZLHG]ąFR&LNWyU\PPLOLDUG\VSU]ąWQLĊWRVSU]HGQRVDL

FLNWyU]\PLHOLMH]QDOHĨüPLRWDOLVLĊZSDQLFH]GDMąFVRELHVSUDZĊ]MHGQHJRW\ONR

DTP by SHADE

EH]VSRUQHJRIDNWX

0LOLDUG\E\á\LPLOLDUGyZQLHPD

:UHV]FLHZVWDáMDNLĞFKáRSHNUR]WURSHNLSRZLHG]LDá

3U]\MG]LHQDPZLGDüSRZRáDüNRPLVMĊĞOHGF]ą,QDF]HMQLHGDUDG\

;

,ZW\PPRPHQFLHZHĞQLHZV]\VWNRVLĊ]GDU]DQLE\GHXVH[PDFKLQD]MDZL

áHPVLĊMDLSRZLHG]LDáHP

=OHüFLHWĊVSUDZĊPQLH

=GXPLHQLH

$SDQHHGDUDGĊ"

$MDQDWR

%ąGĨFLHVSRNRMQL

:DKDQLH3RWHPSRVWDQRZLHQLH&]HUZRQ\PDWUDPHQWHP

=OHFLü

:WHG\]DF]ąáHPG]LDáDüZĪ\FLXQLHPLDáHPSU]\MHPQLHMV]HJRVQX

=HZV]\VWNLFKVWURQ]MHFKDáRVLĊGRPQLHWU]\G]LHĞFLSLĊüW\VLĊF\PRWRF\NOLVWyZ

0RĪHF]HJRĞSRWU]HED"

$MDLPQDWR

1LHSRWU]HEDQLF]HJR=DMPXMFLHVLĊVZRLPLVSUDZDPL3RUDG]ĊVRELHVDP6DP

jeden.

1DEUDáHPSRZLHWU]DZSáXFDLU\NQąáHPDĪV]\E\]DEU]ĊF]Dá\

'DZDüPLWX/LDSNLQD7LDSNLQD1DW\FKPLDVW7HOHIRQLF]QLH

7HOHIRQLF]QLHQLHGDUDG\7HOHIRQ]HSVXW\

$FKWDN"=HSVXW\".DEHOVLĊXUZDáFR":WDNLPUD]LHĪHE\QLHG\QGDáEH]

SRWU]HE\SRZLHVLüQDQLPWHJRNWRWRSRZLHG]LDá

5DQ\ERVNLHFRVLĊZWHG\]DF]ĊáR

$OHĪWRZDU]\V]X/LWRĞFL&RWHĪZ\-XĪMXĪ-HGQąFKZLOHF]NĊ+HMWDP

GDZDüWXPRQWHUyZ,SU]HZyG=DUD]EĊG]LH]URELRQH

5D]GZDQDSUDZLOLLSRáąF]\OL

$MDQDEUDáHPUR]SĊGX

7LDSNLQ" 7\ áDMGDNX /LDSNLQ" %UDü WHJR GUDQLD 'DZDü PL OLVWĊ ĩH FR" 1LH

JRWRZD"0DE\üJRWRZD]DSLĊüPLQXWERLQDF]HMZ\EĊG]LHFLHQDOLĞFLH]PDUá\FK

$WRNWR"5HMHVWUDWRUND"ĩRQD0DQLáRZD"1D]ELW\S\VN0DV]\QLVWND8OLQND%HWULV]

F]HZD"1D]ELW\S\VN6REDNLHZLF]"%UDüJR7HQáDMGDN0XURILHMNLQSUDFXMHXZDV"

$V]XOHU8WLHV]\WLHOQ\"%UDüJR,WHJRFRJRSU]\MąáàDSDü,WHJRWHĪ,WDPWHJR

,RZHJR)LHWLQMĊSUHF]3RHWĊ7ULDSLF]NLQD6HOLIDQDL3LHWUXV]NĊGRUHMHVWUDFML

1R]GULRZDGRORFKX:WHMFKZLOL:WHMVHNXQG]LH.WRSRGSLVDáZ\ND]"'DZDüWX

WĊNDQDOLĊ:\FLąJQąü]PRUVNLHJRGQD

6WUDFKSDGáQDFDáHSLHNáR

$OHĪWRGLDEHá6NąGWDNLHJRZ]LĊOL"

$MDQDWR

&]LF]LNRZDGRPQLH

1QQQLHPRĪQD]QDOHĨü8XNU\ZDVLĊ

$FKWDN"8NU\ZDVLĊ"ĝZLHWQLH3yMG]LHFLHVLHG]LHü]DPLDVWQLHJR

/LWR

0LOF]Hü

&KZLOHF]NĊ6HNXQGNĊ-XĪMXĪ3URV]Ċ]DF]HNDüV]XNDMą

,SRNUyWNLHMFKZLOL]QDOHĨOL

'DUHPQLH&]LF]LNRZSDGDáPLGRQyJGDUHPQLHUZDáQDVRELHPDU\QDUNĊLZ\

U\ZDáZáRV\GDUHPQLH]DNOLQDáVLĊĪHPDPDWNĊLQZDOLGNĊ

DTP by SHADE

0DWNĊ"U\F]DáHP0DWNĊ"$JG]LHPLOLDUG\"*G]LHVSRáHF]QHSLHQLąG]H"

7\]áRG]LHMX5R]FLąüWHPXáDMGDNRZLEU]XFK:EU]XFKXPDEU\ODQW\

5R]FLĊOL5]HF]\ZLĞFLHVą

7RZV]\VWNR"

:V]\VWNR

.DPLHĔQDV]\MĊLGRSU]HUĊEOL

=URELáRVLĊVSRNRMQLHLSU]\]ZRLFLH

0yZLĊSU]H]WHOHIRQ

:SRU]ąGNX

6á\V]ĊZRGSRZLHG]L

']LĊNL.DĪGDSDĔVNDSURĞEDEĊG]LHVSHáQLRQD

$ĪSRGVNRF]\áHPSU]\WHOHIRQLH,RPDáRQLHZ\U]XFLáHP]VLHELHZV]\VWNLHJR

FRPQLHMXĪRGGDZQDJQĊELáR

³6SRGQLH)XQWFXNUXĩDUyZNDGZDG]LHĞFLDSLĊüZDW³

$OHZWHG\SU]\SRPQLDáHPVRELHĪHSRU]ąGQ\SLVDU]ZLQLHQE\üEH]LQWHUHVRZQ\

2FKáRQąáHPLZ\PDPURWDáHPZVáXFKDZNĊ

7\ONRG]LHáD*RJRODZWZDUGHMRSUDZLH%RZáDĞQLHWHG]LHáDVSU]HGDáHPQLH

GDZQRQDWDQGHFLH

,U\PV,MXĪOHĪ\QDPRLPVWROHOĞQLąF\SR]áRWNą*RJRO

6WUDV]QLHVLĊXFLHV]\áHPQDZLGRN0LNRáDMD:DVLOLHZLF]DNWyU\QLHUD]GRGDZDá

PLRWXFK\ZSRQXUHEH]VHQQHQRFH

7DNEDUG]RĪHDĪZU]DVQąáHP

+XUUD

(3,/2*

RF]\ZLĞFLHREXG]LáHPVLĊ$WXSXVWNDDQL&]LF]LNRZDDQL1R]GULRZDDQLFR

QDMZDĪQLHMV]H*RJROD

+HKHKHSRP\ĞODáHPVRELHL]DF]ąáHPVLĊXELHUDüL]QRZXĪ\FLHUR]WRF]\áR

SU]HGHPQąVZHSRZV]HGQLHZG]LĊNL

Przełożył Andrzej Drawicz

DTP by SHADE