You are on page 1of 114

.

Anthony Burgess
.
0HFKDQLF]QDSRPDUDĔF]D
.

DTP by SHADE 1
.
&]ĊĞüSLHUZV]D
.
1
.
- To co teraz, ha?
 %\WHPMDWR]QDF]\$OH[LWU]HFKPRLFKNXPSOLWR]QDF]\3HWH*HRUJLHL-RáRS
D-RáRSWR]QDF]\SRQDVWRMDV]F]\-RáRSLVLHG]LHOLĞP\Z%DU]H.URZD]DVWDQDZLDMąF
VLĊFR]URELü]WDNSLĊNQLHUR]SRF]ĊW\PDZLHF]yUE\áFKXMQLDPURN]LąE]LPDVXNLQ
NRWFKRüVXFK\:%DU]H.URZDGDZDOLPOHNR]F]\PĞWRE\áDWDNDPHOLQDDPRĪHZ\
MXĪQLHSDPLĊWDFLHREUDFLV]NRZLHPRLFRWRE\á\]DPHOLQ\ERZV]\VWNRVLĊWHUD]WDN
E\VWUR]PLHQLDLZV]\VF\UD]GZD]DE\ZDMąJD]HWVLĊWHĪZLHOHQLHF]\WD:LHFZW\P
SDELHVSU]HGDZDOLPOHNR]GRGDWNLHPF]HJRĞMHV]F]H1DVSLUWQHQLHPLHOLSR]ZROHQLD
DOHMHV]F]HQLHZ\V]HGáXND]UHQLHO]LDURELüW\FKQRZ\FKV]WXF]HNFRMHGREDZLDOLGR
UHJXODUQHJRPOHF]NDZLĊFPRJáHĞVRELHZQLPND]DüQDSU]\NáDGZHORFHWDOERV\QWH-
PHVNDOERGUHQNURPDOERMHV]F]HMHGHQF]\GUXJLWDNLPDUDVHWĪHPLDáHĞRGQLHJR
UR]NRV]QHXMXWQHSLĊWQDĞFLHPLQXWVDPQDVDPSRG]LZLDMąF3DQD%RJDL:VLHFK-HJR
$QLRáyZLĝZLĊW\FKZOHZ\PEXFLHLGROHJREá\VNLZ\EXFK\QDFDá\Py]JQRSRSURVWX
KRUURUV]Rá$OERPRJáHĞSLüPOHNR]Ī\OHWDPLZĞURGNXWDNVLĊXQDVPyZLáRĪHVLĊ
F]áRZLHNRGQLHJRQDRVWU]\LMHVWJRWyZQDQLHPQRĪNRWHJREUXGQHJRFRWRGZDG]LHĞFLD
ZMHGQRLMDNUD]WRSLOLĞP\WHJRZLHF]RUDRGNWyUHJR]DF]QĊRSRZLHĞü
 :NDUPDQDFKPLHOLĞP\VSRUHG]LHQJLZLĊFMHĞOLFKRG]LR]DFKZDWV]PDOFXWRQLH
E\áRSRWU]HE\IOHNRZDüĪDGQHJRG]LDGDZFLHPQHMXOLF]FHLSDWU]HüMDNRQVLĊPDĪHZH
NUZLNLHG\P\OLF]\P\XUREHNLG]LHOLP\QDF]WHUHFKDQLWHĪURELüXOWUDNXNXMDNLHMĞ
VWDUHMVLZHMEDEXOLZVNOHSLHDSRWHPVLĊXGDODü]UHFKRWHPL]EHEHFKDPLMHMNDV\$OH
MDNWRPyZLąVDPDIRUVDQLHGDMHV]F]ĊĞFLD
 :V]\VF\ F]WHUHM E\OLĞP\ MDN ] ĪXUQDáD Z\FLĊFL WR ]QDF]\ ZHGáXJ WDPWHM PRG\
F]DUQH EDUG]R REFLVáH UDMWNL ] WDN ]ZDQ\P DXV]SLNLHP F]\OL RGOHZNą GRSDVRZDQą
ZNURNXSRGUDMWNDPLMDNRRVáRQDL]DUD]HPMDNRWDNLZ]yUNWyU\E\áRZLGDüZRGSR-
ZLHGQLPĞZLHWOHXPQLHZNV]WDáFLHSDMąND3HWHPLDáJUDEĊ WR]QDF]\UĊNĊ *HRUJLH
EDUG]RHOHJDQFNLNZLDWDWHQELGQ\VWDU\-RORSPLDáQDRGOHZFHWDNLEDUG]RQDKX]LD
U\M WR]QDF]\PRUGĊ SDMDFDERRQZRJyOHQLHRF]HĔFKZ\WDáLE\áQLHZąWSOLZLH]QDV
F]WHUHFKQDMJáXSV]\1DVWĊSQLHPLHOLP\ZFLĊWHSLGĪDNLEH]NODSW\ONRWHRJURPQHZ\-
SFKDQHUDPLRQD SRQDV]HPXSOHF]D WDNDMDNJG\E\]JU\ZDĪHNWRĞPRĪHSRQDVWR-
MDV]F]\PLHüWDNLHV]HURNLHEDU\1RLRSUyF]WHJREUDFLV]NXPLHOLĞP\WHQLHVDZVLHP
ELDáHKDOV]WXNLFRZ\JOąGDá\MDNSLXUH]NDUWRV]NL]WDNLPMDNE\GHVHQLHPRGZLGHOFD
.XGá\PLHOLĞP\QLH]DGáXJLHLEXW\ZVDPUD]WDNLHGRNRSDQLD
- To co teraz, ha?
 3U]\EDU]HVLHG]LDá\ZNXSLHWU]\G]LXOHDOHQDVE\áRF]WHUHFKLPLHOLĞP\WĊSU\Q-
F\SLDOQRĞüĪHMHGHQ]DZVLHFKZVLH]DMHGQHJR7HWU]\SVLF]NLWHĨE\á\MDN]ĪXUQDáD
PLDá\SHUXNLQDEDV]NDFKILROHWRZą]LHORQąLSRPDUDĔF]RZąDNDĪGDZFHQLHQRMD
E\PSRZLHG]LDá SU]\QDMPQLHMWU]\DOERF]WHURW\JRGQLRZ\]DUREHNWDNLHMG]LXV]NL QR
LPDNLMDĪSRGNRORU WR]QDF]\WĊF]DZRNyáRF]XLXVWRUR]PDORZDQHEDUG]RV]HURNR 
'DOHMPLDá\F]DUQHGáXJLH]XSHáQLHSURVWHNLHFHDQDQLFKSU]\JUXGNDFKZSLĊWHVUHEU-
QHJRNRORUX]QDF]NLQDNWyU\FKE\á\LPLRQDERMNyZ-RH0LNHLWDNGDOHM$WRPLDáR
]QDF]\üĪHQLE\]W\PLPDOF]\NDPLVLĊSU]HG]LREDá\]DQLPLPVWXNQĊáRF]WHUQDĞFLHODW
.UXJRPá\SDá\QDQDVLMXĪPLVLHSUDZLH]DFKFLDáREDáDNQDü QRUPDOQLHNąFLNLHPXVW 
ĪHE\]URELüZHWU]HFKQLHPQRĪNRVHNVXDELGQHJRVWDUHJR-RáRSDVSáDZLüERGRWHJR
Z\VWDUF]\NXSLüPXSyáOLWUDELDáHJRW\OHĪH]V\QWHPHVNLHPLV]OXVDOHWRE\E\áRQLH
IHU%R-RáRSE\áZ\MąWNRZRQLHDWUDNF\MQ\QRLWDNLMDNVLĊQD]\ZDáDOHZZDOFHWRE\á
EUXGDVSRSURVWXKRUURUV]RáLEDUG]R]UĊF]Q\ZEXWDFK
- To co teraz, ha?
 7HQF]áRQLRFRVLHG]LDáNRáRPQLHERWDPE\áRGáXJLHZ\JRGQHVLHG]HQLH]SOXV]X
DTP by SHADE 2
Z]GáXĪFDá\FKWU]HFKĞFLDQWRE\áMXĪQLHĨOHZWUDNFLHRF]\PLDáV]NODQHLW\ONR]QLHJR
EXOJRWDá\WDNLHVáRZDZURG]DMX$U\VWRWHOHPRUHOHĪHPXFLHF]NDURGRGHQGURQWRMXĪ
IDUIRNOHPSULPDEXOED5]HF]\ZLĞFLHE\áGDOHNRZW\PNUDMXQRZSURVWQDRUELFLHLMD
ZLHG]LDáHPMDNWRMHVWERWHĪSUyERZDáHPWHJRMDNNDĪG\DOHQDWHQUD]MDNRĞPLVLH
SRGXPDáRĪHWRWFKyU]DURERWDEUDFLV]NRZLHPRL*áRWQąáHĞVRELHWHJRPOHNDLOHĪ\V]
LGRVWDMHV]WDNLHMSU\GXPNL]HZV]\VWNRFRFLĊRWDF]DMXĪMDNE\SU]HV]áR7R]QDF]\
ZV]\VWNRZLG]LV]GRRNRáDRNHMEDUG]RZ\UDĨQLHVWROLNLODPS\VWHUHRG]LRENLLPDá\-
V]yZDOHZV]\VWNRMDNJG\E\MXĪE\áRLQLHMHVW,MHVWHĞMDNE\]DKLSQRQDVZyMEXWDOER
SD]XUFRSRSDGQLHLUyZQRF]HĞQLHMDNE\FLĊNWRZ]Ląá]DNDUNLWU]ąFKDáQLE\NRV]NĊ
7DNFLĊWU]ĊVLHLWU]ĊVLHDĪQLF]HZRQLH]RVWDQLH-XĪVWUDFLáHĞLPLĊSá\üLVDPHJRVLHELH
LPDV]WRZU]RSLHLF]HNDV]NLHG\FLVLĊWHQEXWF]\SD]XU]DF]QLHURELü]yáW\DSRWHP
MHV]F]HEDUG]LHMĪyáW\LMHV]F]H3RWHPĞZLDWáD]DF]\QDMąVLĊZ]U\ZDüMDNERPEDWRPED
LWHQEXWF]\SD]XUF]\RFLXSLQNDEáRFNXQDEU]HJXQRJDZNLFRE\QLHE\áR]PLHQLDVLĊ
ZRJURPQHRJURPQHPLHMVFHZLĊNV]HRGFDáHJRĞZLDWDLMDNUD]PDV]VLĊ]QDOHĨüU\áR
ZU\áR]3DQHP%RJLHPNLHG\WRVLĊQDJOHXU\ZD=QyZMHVWHĞWXLWDNLZLĊFHMPL]JOąF\
EXĨNDFLVLĊZ\NU]\ZLDGREXKXKXX:LĊFWRMHVWIDMQHDOHWFKyU]OLZH1LFSRWRQDV
Z\ZDOLOLQDĞZLDWĪHE\ĞP\VLĊREV]F]DOL]%RJLHP7DNLHV]WXF]NLWRPRJą]F]áRZLHND
Z\SUXüFDáąLNUĊLZV]\VWNRFRGREUH
- To co teraz, ha?
 6WHUHRE\áRZNOXF]RQHL]GDZDáRVLĊĪHJáRVWHMV\QJLHUNLODWDSRFDá\PEDU]HGR
VXILWXLDSLDüZGyáRGĞFLDQ\GRĞFLDQ\7R%HUWL/DVNLFKU\SLDáDWDNLEDUG]RVWDU\FKRZVNL
NDZDáHNSRGW\WXáHP2SDODV]PLIDUEĊ-HGQD]WU]HFKILIHNSU]\EDU]HFLąJOHZ\SDF]D-
áDEU]XFKLZFLąJDáDJRZU\WPLHWHMWDN]ZDQHMPX]\NL&]XáHPMDNWHĪ\OHW\ZPOHNX
]DF]\QDMą PQLH U\SDü L WHUD] MXĪ E\áHP JRWyZ QD QLHPQRĪNR WHJR FR WR GZDG]LHĞFLD
ZMHGQR:LHFGDáHPVNRZ\W$XWDXWDXWUDXVMDNSVLXNLáRPRWWHJRF]áRQLDFR
VLHG]LDáNRáRPQLHLE\áWDNGDOHNRLFRĞEXOJRWDáZVáXFKF]\OLZXFKRKRUURUV]RáDOH
RQGDĪHQLHSRF]XáLZFLąĪSRVXZDáVZRMH7HOHIRQF]\NPXWZDUGĪHOD]MDNEXOEHWOHJR
EDQJWDUDEXP$OHMHV]F]HSRF]XMHNLHG\RFNQLHVLĊLVWDPWąGZUyFL
 5DXVDGRNąG"VS\WDá*HRUJLH
 $WDNE\OHVLĊSU]HMĞüSRZLHG]LDáHPLOXNQąüFRVLĊKDSQLHLRNDĪHREUDFLV]-
NRZLHPRL
 :LĊFZ\WRF]\OLP\VLĊZWHZLHONą]LPRZąQRFLSDV]OLSR0DUJKDQLWD5RDGLVNUĊ-
FDP\Z%RRWKE\$YHQXHLZLG]LP\MDNUD]WRFRQDPE\áRQXĪQRPDá\ILJLHOQDRWZDUFLH
ZLHF]RUX6]HGáVRELHWDNLWU]ĊVąF\VLĊVWDU\GUHZQLDNZW\SLHMDNE\SVRUDZRF]NDFK
QDNOXILHL]U\MHPRGNU\W\PQD]LPQ\ZR]GXFKQRFQ\0LDáNQLJLSRGSDFKąL]DIDMGDQ\
SDUDVROLZ\V]HGá]]DURJXRG3XEOR%LEORWHNL]NWyUHMZWHG\MXĪPDáRNWRNRU]\VWDá
:RJyOHSR]PURNXQLJG\VLĊQLHWUDILDáRGXĪRW\FKEXUĪXMyZVWDUHJRW\SXQRERZFLąĪ
]DPDáRSROLFMLDP\UyZQHPDOF]\NLZPLHĞFLHLSRGERNLHPWDNĪHWHQFKU\NZW\SLH
SVRUDE\áVDPMHGHQQDSXVWHMXOLF\:LHFP\SRGFKRG]LP\GRQLHJREDUG]RJU]HF]QLH
LMDPyZLĊ
 3U]HSUDV]DPEUDFLV]NX
 2QVLĊQDWRQLHPQRĪNRVSXNQąáZLG]ąFĪHP\F]WHUHMSRGFKRG]LP\WDNVSRNRM-
QLHLJU]HF]QLHL]XĞPLHFKHPDOHSRZLDGD7DN"2FRFKRG]L"WDNLPEDUG]RJURPNLP
SURIHVRUVNLPJáRVHPMDNE\FKFLDáQDPSRND]DüĪHQLHPDSLHWUD$MDGRQLHJR
  :LG]Ċ ĪH PDV] NVLąĪNL SRG SDFKą EUDFLV]NX 7R ]DLVWH U]DGND SU]\MHPQRĞü
ZQDV]\FKF]DVDFKVSRWNDüNRJRĞNWRMHV]F]HF]\WDEUDFLV]NX
 2SRZLHG]LDáFDá\VLĊWU]ĊVąF$FKWDN"2QDWXUDOQLH,WDNSDWU]\áSRNROHL
QDZV]\VWNLFKF]WHUHFK]QDMGXMąFVLĊMDNE\ZVDP\PĞURGHF]NXNZDGUDWX]VDP\FK
Xá\EHNLXSU]HMPRĞFL
 1RZáDĞQLHRGU]HNáHP,E\áE\PQLH]PLHUQLHFLHNDZEUDFLV]NXF]\E\áE\Ğ
WDNGREU\SRND]DüPLMDNLHWRPLDQRZLFLHNVLąĪNLPDV]SRGSDFKą1LFQDĞZLHFLHQLH
VSUDZLDPLW\OHUDGRĞFLFRGREUDLF]\VWDNVLąĪNDEUDFLV]NX
 &]\VWDSRZWyU]\á&]\VWDH",QDWR3HWHJUDEQąáPXWHWU]\NVLąĪNLLE\VWUR
DTP by SHADE 3
MHUR]GDá3RQLHZDĪQDVE\áRWU]HFKSRWRF]\OLĞP\NDĪG\SRMHGQHMSUyF]-RáRSD0RMD
QRVLáDW\WXá3RGVWDZ\NU\VWDORJUDILLZLĊFRWZDUáHPMąLSRZLDGDP=QDNRPLWHSRSUR-
VWXĞZLHWQH
LSU]HZUDFDPNDUWNL,QDJOHPyZLĊMDNE\]DV]RNRZDQ\PJáRVHP
$FyĪWRWDNLHJR"&RWR]DRK\GQHVáRZRUXPLHQLĊVLĊNLHG\QDWRSDWU]Ċ=DZLR-
GáHPVLĊQDWRELHEUDFLHVáRZRGDMĊ
 $OHĪWRZ\NU]WXVLáWRWR
 1RRGH]ZDáVLĊ*HRUJLHWRMXĪMHVWZHGáXJPQLH]XSHáQHĞZLĔVWZR7XMHVW
WDNLHVáRZRNWyUHVLĊ]DF]\QDQDSLGUXJLHQDFK0LDáNQLJĊSRGW\WXáHP&XGDLWD-
MHPQLFHSáDWNDĞQLHJX
  2  ZNOXF]\á VLĊ VWDU\ ELGQ\ -RáRS ]DJOąGDMąF SU]H] UDPLĊ GR NVLąĪNL NWyUą
WU]\PDá3HWHLMDN]Z\NOHSU]HVROLá7XMHVWQDSLVDQHFRRQ]QLą]URELáLMHVWREUD]HN
LZRJyOH1RSRZLHG]LDáW\WRMHVWHĞQDSUDZGĊVWDU\LREOHĞQ\SWDNVUDF]
 6WDU\F]áRZLHNEUDFLHLĪHE\ZWZRLPZLHNXSRZLHG]LDáHPL]DF]\QDPGU]Hü
WĊPRMąNQLJĊDWDPFLVZRMHSU]\F]\P3HWHL-RáRSXU]ąG]DMą]DZRG\ZSU]HFLąJDQLX
6\VWHPXURPERHGUDOQHJR6WDU\SVRUQDWRSRGQRVLZU]DVN$OHĪWRQLHPRMHNVLąĪNL
WR GREUR SXEOLF]QH DOHĪ WR F]\VWD ]áRĞOLZRĞü L ZDQGDOL]P  DOER FRĞ Z W\P URG]DMX
,SUyEXMHQDPRGHEUDüWHNVLąĪNLFRE\áRSRSURVWXQRZ]UXV]DMąFH2M]DVáXĪ\áHĞ
VRELHEUDFLHSRZLDGDPQDPDáąQDXF]NĊ7DNVLąĪNDRNU\V]WDáDFKE\áDEDUG]RVR-
OLGQLHRSUDZLRQDLWUXGQDGRSRGDUFLDZNDZDáNLERQDSUDZGĊVWDUDL]F]DVyZNLHG\
U]HF]\VLĊURELáRQDWUZDáHDOHMDNRĞPLVLĊXGDáRSRZ\U\ZDüNDUWNLLNLGDüMHJDUĞFLDPL
MDNSáDWNLĞQLHJXW\ONRGXĪHQDWHJRFKU\NDFRFLąJOHGDUáPRUGĊDSRWHPWDPFL]UR-
ELOLWRVDPRD-RáRSW\ONRLFKREWDĔFRZ\ZDáMDNEáD]HQERWHĪLE\á3URV]ĊFLĊEDUG]R
]DZRáDá3HWH1DPDV]WXVZRMHJRGRUV]D]NRUQIOHNXW\EUXGQ\F]\WDF]XĞZLĔVWZ
LSDVNXG]WZD
 7\VWDU\REOHĞQ\FKU\NXW\SRZLHG]LDáHP,]DF]ĊOLĞP\GRSLHUR]QLPLJUDü
3HWHJRWU]\PDá]DJUDE\D*HRUJLH]DKDF]\áLUR]SDFKQąáMDSĊLZWHG\-RORSZ\MąáPX
SURWH]\JyUQąLGROQąV]F]ĊNĊ5]XFLáMHQDFKRGQLNDMDQRUPDOQLHSRGEXWFKRFLDĪ
RND]Dá\ VLĊ NXUZD WZDUGH ] MDNLHJRĞ QRZHJR SODMVW\NX 'UHZQLDN Z]Ląá VLĊ FRĞ JXO-
JRWDüXáFK\áFKRáFKZLĊF*HRUJLHSXĞFLáWRMHJRUR]G]LDZLRQHMDSVNRLW\ONRUD]LNPX
SU]\VXQąáWąVZRMąSLąFKąZSLHUĞFLRQNDFKWRWHQVWDU\FKU\NQRUPDOQLHVWĊNQąáLRG
UD]XNUHZFRĞSLĊNQHJREUDFLV]NRZLHPRLSRSURVWXKRUURUV]Rá:LĊFMXĪW\ONR]ZOH-
NOLĞP\]QLHJRáDFK\DĪGRPDMNLLGáXJLFKJDFL EDUG]RVWDU\FKRZVNLFK-RáRS]G\FKDá
]HĞPLHFKX SRF]\P3HWHNRSQąáJRIDMQLHZEU]XFKRLSXĞFLOLĞP\JR3ROD]áWDNMDNE\
NXĞW\NDMąFERWRQLHE\áSUDZG]LZ\PRFQ\NRSLURELąF2RRLQLHZLHG]ąFGRNąG
L FR MHVW FR D P\ĞP\ VLĊ GDOL Z FKLFKRW D SRWHP SRV]SHUDOL P\ Z MHJR NDUPDQDFK
W\PF]DVHP -RáRS QDV REWDĔFRZ\ZDO ] W\P ]DIDMGDQ\P SDUDVROHP DOH GXĪRĞP\ QLH
]QDOHĨOL.LONDVWDU\FKOLVWyZQLHNWyUHGDWRZDQHDĪJG]LHĞZODWDFKW\FK]WDNLPL
VáRZDPLMDN0yMQDMGURĪV]\QDMGURĪV]\LW\PSRGREQ\V]DMVLNyáNR]NOXF]DPLLVWDUH
FLHNQąFHSLyUR-RáRS]DSU]HVWDáWDĔFyZ]SDUDVROHPLRF]\ZLĞFLHPXVLDáZ]LąüVLĊGR
F]\WDQLDZJORVMHGQHJROLVWXMDNE\FKFLDáGRND]DüZREHFSXVWHMXOLF\ĪHSRWUDILF]\WDü
0RMHNRFKDQLHZ\JáDV]DáW\PVWUDV]QLHZ\VRNLPJáRVHP%ĊGĊP\ĞODáDRWRELH
NLHG\W\VLĊ]QDMG]LHV]GDOHNRVWąGLPDPQDG]LHMĊĪHQLH]DSRPQLV]ZáRĪ\üFRĞFLHSáH-
JRMHĞOLEĊG]LHV]Z\FKRG]LáQRFą,]DĞPLDáVLĊEDUG]RJURPNRKRKRKRXGDMąFĪH
Z\FLHUDVRELHW\PU]RSVNR'REUDSRZLHG]LDáHP.RĔF]\P\]W\PEUDFLV]NRZLHPRL
:V]WDQDFKWHJRFKU\ND]QDOD]áRVLĊW\ONRFLXWFLXWV]PDOX WR]QDF]\IRUV\ QDMZ\ĪHM
WU]\JROFHZLĊFXVWURLOLĞP\]WąMHJRGUREQąSDUV]\ZąPRQDOL]ąQRUPDOQLHUD]EURVER
WRE\áDNXU]DNDV]DZSRUyZQDQLX]W\PNDVDEXEXFRĞP\MXĪPLHOLSU]\VRELH3RWHP
ĪHĞP\SRWU]DVNDOLSDUDVROL]FLXFKDPLWHĪ]URELOLUD]UH]LU]XFLOLMHQDGPXFKZLDWUX
REUDFLV]NRZLHLVNRĔF]\OLĞP\]W\PEHOIURZDW\PFKU\NLHP-DZLHPĪHĞP\QLFZLHO-
NLHJR]QyZQLH]G]LDáDOLDOHWRE\áW\ONRSRF]ąWHNZLHF]RUXLMDFLĊSU]HSLHSU]ĊSUDV]Dá
DQLWZRLFK]DWRQLHEĊGĊĩ\OHW\ZPOHNX]GREDZNąMXĪFLĊá\MDNWU]DLZRJyOHKRUURU
V]Rá
DTP by SHADE 4
 7HUD] SLHUZV]D U]HF] WR XVNXWHF]QLü PDáH ILODQWUR ĪHE\ ] MHGQHM VWURQ\ VSXĞFLü
QLHPQRĪNRV]PDOFXLSU]H]WRPLHüOHSV]ąPRW\ZDFMĊGR]DFKZDWXZMDNLPĞWDPVNOH-
SLH D ] GUXJLHM NXSLü VRELH ]DZF]DVX DOLEL ZLĊF SRV]OLĞP\ GR .VLĊFLD 1RZHJR -RUNX
QD$PLV$YHQXHLZW\PFLFK\P]DNąWNXQDWXUDOQLHVLHG]LDá\]HWU]\DOERF]WHU\VWDUH
EDEXOHLFLąJQĊá\WĊVZRMąF]DUQą]P\GOLQDPLQDNRV]W$= F]\OL$NFML=DVLáNyZ :LĊF
P\áDGXMHP\VLĊMDNRFLGREU]\PDO\V]HXĞPLHFKDMąFVLĊGRZV]\VWNLFKQDGREU\ZLH-
F]yUZNRĞFLyáNXFKRüWHVWDUHSRPDUV]F]RQHFKU\F]NLZSDGá\RGUD]XZG\JRWDĪLP
VLĊVWDUHĪ\ODVWHJUDENL]DWU]ĊVá\QDV]NODQDFKLP\GOLQ\]DF]Ċá\FKODSDüQDVWyá=R-
VWDZFLHQDVFKáRSF\ZVSRNRMXSURVLMHGQD]PRUGąFDáąMDNPDSDRGWHMW\VLąFOHW-
QLHM VWDURĞFL  0\ MHVWHĞP\ ELHGQH VWDUXV]NL  $ P\ W\ONR NDOLDPL Eá\VN Eá\VN Eá\VN
ZXĞPLHFKXVLDGDP\LQDG]ZRQHNLF]HNDP\QDREUD-DNSRGV]HGáFDá\ZQHUZDFK
LWUąFVRELHV]XIOHREUXGQ\IDUWXFK]DND]DOLĞP\NDĪG\SRZHWHUDQLHF]\OLUXP]ZL-
ĞQLDNLHPWRE\áRZWHG\PRGQHDQLHNWyU]\MHV]F]HOXELOLZW\PSVLXNOLPRQXWRE\á
VW\ONDQDG\MVNL$MDSRZLDGDP
 'DMFRĞSRĪ\ZQHJRW\PELHGQ\PVWDU\PEDEXONRP'ODNDĪGHMGXĪHJRV]NRWD
LFRĞQDZ\QRV,V\SQąáHPFDáąNLHV]HĔPRQDOL]\QDVWyáLWDPFLWU]HMWHĪREUDFLV]-
NRZLHPRL:LĊFWHFLĊĪNRVSXNQLĊWHVWDUHFKU\F]NL]DUD]GRVWDá\NDĪGDMHGHQSRGZyMQ\
]áRWRJQLDNLVDPHMXĪQLHZLHG]LDá\FRURELüLFREDáDNQąü-HGQDZ\GXVLáD]VLHELH
']LĊNXMĊFKáRSF\DOHZLGDüE\áRĪHF]HNDMąFRZUHGQHJRVLĊWHUD]KDSQLH:VLRWDNL
GDQRLPSREXWOL<DQN*HQHUDOWRMHVWWDNLNRQLDNQDZ\QRVLGRWHJR]DND]DáHPLP
MHV]F]HSRWX]LQLHF]DUQHM]P\GOLQDPL]GRVWDZąGRGRPXQDGUXJLG]LHĔĪHE\NDĪGD
]W\FKĞPLHUG]ąF\FKVWDU\FKILI]RVWDZLáDZEDU]HVZyMDGUHV=DRVWDWHNV]PDOXZ\NX-
SLOLĞP\REUDFLV]NRZLHPRLZV]\VWNLHWHSDMH]PLĊVHPVHUNLQDNUDNHUVDFKSUHFHONL
FKUXSNLLEDWRQ\F]HNRODGRZHLOHLFKW\ONRPLHOLZSDELHLWRWHĪGODW\FKEDEXOHN$QD-
VWĊSQLHSRZLHG]LHOLĞP:UyFLP\WX]DPLQXWNĊ,WHVWDUHSXGHUQLFHZFLąĪSRZWDU]D-
á\']LĊNXMHP\ZDPFKáRSF\L1LHFKZDV%yJSREáRJRVáDZLFKáRSF\DP\ĞP\
Z\V]OLEH]MHGQHJRFHQWDZNDUPDQDFK
 $ĪVLĊF]áRZLHNF]XMHFKDURV]\QLH"SRZLDGD3HWH$VWDU\ELGQ\-RáRSZLGDü
ĪHQLH]XSHáQLHSRQLDáDOHQLFQLHEDáDNQąáERVLĊF\NDáĪHE\ĞP\JR]QyZQLHQD]\ZD-
OL GXUDN L FXGRZQH G]LHFNR EH] EDV]NL 1R ZLĊF SU]HV]OL P\ ]D UyJ QD $WWOHH $YHQXH
LWHQVNOHSLN]HVáRG\F]DPLLWDEDNLHPE\áMHV]F]HRWZDUW\1LHUXV]DOLĞP\LFKSUDZLH
RG WU]HFK PLHVLĊF\ L FDáD G]LHOQLFD E\áD WDND ZLĊFHM VSRNRMQD ZLĊF X]EURMRQH V]SLNL
LSDWUROHPDáRVLĊWDPSRND]\ZDá\ZW\FKF]DVDFKDEDUG]LHMQDSyáQRFQ\PEU]HJX
1DFLąJQĊOLP\VZRMHPDVNLWRE\áDVDZVLHPQRZDV]WXF]NDQDSUDZGĊZXQGFUEDUMDN
RGURELRQHWZDU]HKLVWRU\F]Q\FKRVRELVWRĞFL MDNVLĊNXSRZDáRWRSRGDZDOLQD]ZLVND 
LPyME\á'LVUDHOL3HWHPLDá(OYLVD3UHVOH\D*HRUJLHNUyOD+HQU\ND9,,,DVWDU\ELGQ\
-RáRS Z]Ląá SRHWĊ QD]ZLVNLHP 3HEH 6KHOOH\ 1R SU]HEUDQLH MDN GUXW ZáRV\ L Z RJyOH
]MDNLHJRĞEDUG]RIDMQHJRSODMVW\NXWDNĪHGDá\VLĊ]ZLMDüMDNQLHE\á\MXĪSRWU]HEQH
L VFKRZDü Z EXFLH QR L ZHV]OLĞP\ ZH WU]HFK 3HWH ]RVWDá QD GZRU]H ]D F]DVRZHJR
FKRüWDNSUDZGĊSRZLHG]LDZV]\WRQLHE\áRF]HJRVLĊEDü,OHGZRĪHĞP\SRVWDZLOLQRJĊ
ZVNOHSLHRGUD]XOXQDVWDUHJRDWHQ6ORXVHWRE\áDWDNDJURPDGQDNXF]DMDNE\JD-
ODUHWNL]SRUWZDMQXL]PLHMVFDVLĊNDSQąáLEU\]JQD]DSOHF]HJG]LHPLDáWHOHIRQLQD-
ZLHUQR WHĪ VZRMą IHVW QDROLZLRQą DUPDWĊ L Z QLHM V]HĞü ZUHGQ\FK SHVWHN :LĊF -RáRS
REVNRF]\áWHQNRQWXDUE\VWURMDNSWDNW\ONRSDF]NLU\MNyZSU\VQĊá\QDZV]\VWNLHVWURQ\
LUXFKQĊáDZLHONDSáDVNRZ\FLĊWDG]LRENDV]F]HU]ąFD]ĊE\GRNOLHQWyZLZ\ZLHV]DMąFD
GRQLFKJUXG]LVNDGODUHNODP\MDNLHMĞWDPQRZHMPDUNLUDNRWZRUyZ3RWHPE\áRZLGQR
MXĪ W\ONR MDNE\ ZLHONą NXOĊ FR VLĊ ZWRF]\áD ]D ILUDQNĊ Z JáąE VNOHSX D E\OL WR VWDU\
-RáRSL6ORXVHĪHWDNSRZLHPZ]PDJDQLDFKQDĞPLHUüLĪ\FLH3RWHPGDáRVLĊVá\V]Hü
VDSDQLHLFKDUNRWLZLHU]JDQLH]DWąILUDQNąLáXEXGXSU]HZUDFDMąFHVLĊJUDW\LWZRMDPDü
L ZUHV]FLH V]NáR EU]GĊN EU]GĊN ]JU]\W 7\PF]DVHP PDPD 6ORXVH MHJR ]DNRQQD ILID
VWDáDMDNE\]DPURĪRQD]DODGą:LGDüE\áRĪHQDURELPRUGHUF]HJRZU]DVNXMDNGDVLĊ
MHMV]DQVĊZLĊFREVNRF]\áHPE\VWURWHQNRQWXDULJUDEQąáHPMąDWRE\áWHĪNDZDáFLDáD
KRUURUV]RáFDáDSDFKQąFDL]JUXG]LVNDPLZ\SLĊW\PLMDNEDQLHLEXMDüVLĊ3RáRĪ\áHP
DTP by SHADE 5
MHMJUDEĊQDU\MXĪHE\QLHZU]DVQĊáDĞPLHUüLSRJURPQDF]WHU\ZLDWU\QLHELHVNLHDWD
GDPXONDVXNDMDNPQLHNąFKQLHFDáąJĊEąZUHG]LRFKDWRMDZU]DVQąáHP]DPLDVWQLHM
LMDNVLĊUR]GDUáD]DPLOLFMą1RWRZWHG\MXĪPXVLDáHPMHM]URELüSRQDVWRMDV]F]\VWXN
RGZDĪQLNLHPDSRWHPGRSUDZLüáRPHPGRRGNU\ZDQLDVNU]\QHNLWXVLĊMXĪSRND]D-
áDF]HUZLHĔWDVWDUDGUXĪND7RĞP\MąUR]FLąJQĊOLQDSRGáRG]HLXVWURLOLUD]UH]GDUFLH
NLHFHN GOD ĪDUWX L WDN ] OHNND D QLHPQRĪNR EXWD ĪHE\ SU]HVWDáD MĊF]Hü , ZLG]ąF Mą
WDNUR]áRĪRQą]JURG]LVNDPLQDZLHU]FKXSRP\ĞODáHPVRELHĪHPRĪHE\WDN"DOHQLHK
WR ]RVWDQLH QD SRWHP :REHF WHJR Z\JDUQĊOLĞP\ NDVH L XUREHN WHM QRF\ SRND]Dá VLĊ
FDáNLHPKRUURUV]RáLZ]LĊOLĞP\NDĪG\SRNLONDSDF]HNFRQDMOHSV]\FKUDNRWZRUyZQR
LSRV]OLĞP\VRELHREUDFLV]NRZLHPRL
 $OHFRE\áJURPDGQ\LFLĊĪNLWRE\áWHQVNXUZ\V\QSRZWDU]DáZNyáNR-RáRS
1LHSRQUDZLáPLVLĊMHJRZ\JOąGE\áEUXGQ\LWDNL]PLĊWRV]RQ\MDNXPXĪ\NDFRVLĊ
]NLPĞKDUDWDáLRF]\ZLĞFLHWDNZáDĞQLHE\áRDOHQLHSRZLQQRVLĊQLJG\QDWRZ\JOąGDü
3RKDOV]WXNXMDNE\PXNWRĞGHSWDáPDVNĊPLDáUR]GDUWąLU\áRXVPRWUXFKDQHZEUXG]LH
]SRGáRJLZLĊFZ]LHOLP\JRZERF]QąXOLF]NĊLGRSURZDG]LOLFRQLHFRGRSRU]ąGNXSOX-
MąFZKDOV]WXNLĪHE\]QLHJR]HWU]HüWREáRWR&]HJRP\E\ĞP\QLH]URELOLGODQDV]HJR
-RáRSD %\OLĞP\ ] SRZURWHP SRG .VLĊFLHP 1RZHJR -RUNX Z WU\ PLJD L ZHGáXJ PHJR
]HJDUND WR QLH WUZDáR ZLĊFHM QLĪ G\FKD PLQXW 7H VWDUH EDEXOH MHV]F]H VLHG]LDá\ SU]\
F]DUQHM]P\GOLQDPLSU]\V]NRWDFKFRĞP\MHLP]DIXQGRZDOLZLĊFP\GRQLFK1R
G]LHZXV]NLWRFRVRELHNDĪHP\"$RQH]QyZ-DNWRáDGQLH]ZDV]HMVWURQ\FKáRSF\
QLHFK%yJZDVEáRJRVáDZLFKáRSF\LP\QDG]ZRQHNLNHOQHUDWHUD]WRMXĪE\áLQQ\
]DND]DOLĞP\SLZVNR]UXPEXPHPERVLĊQDPSRQDVWRMDV]F]\FKFLDáRSLüEUDFLV]NR-
ZLH L FR W\ONR FKFLDá\ WH VWDUH SXGHUQLFH 3RWHP PyZLĊ GR W\FK EDEXV]HN  0\ĞP\
ZFDOHVWąGQLHZ\FKRG]LOLQRQLH"%\OLĞP\WXSU]H]FDá\F]DVSUDZGD"$WHE\VWURVLĊ
SRáDSDá\LPyZLą
  7DN MHVW FKáRSF\ 1LH VSXĞFLá\ĞP\ ZDV DQL QD FKZLOH ] RND 3DQLH %RĪH ZDP
EáRJRVáDZLSLMą
 1LHĪHE\WRE\áRDĪWDNLHZDĪQH&K\ED]SyáJRG]LQ\PLQĊáR]DQLPVLĊSRMDZLá
MDNLĞ]QDNĪ\FLD]HVWURQ\SROXF\MQLDNyZLWRWHĪZHV]áRUDSWHPGZyFKEDUG]RPáRG\FK
V]SLNyZFDáNLHPMFV]F]HUyĪRZ\FKSRGW\PZLHONLPKHáPHP,MHGHQS\WD
 :\FRĞPRĪHZLHFLHRW\PFRVLĊVWDáRG]LĞZLHF]yUZVNOHSLHX6ORXVH
D"
 0\"SRZLDGDPQLHZLQQLH$FRVLĊVWDáR"
 .UDG]LHĪLSRELFLH'ZLHRVRE\ZV]SLWDOX$JG]LHZ\ĞFLHG]LVLDME\OL"
 7HQZDV]ZUHGQ\WRQPLVLĊQLHSRGREDRGU]HNáHP0DPJG]LHĞZDV]HLQV\-
QXDFMH7RĞZLDGF]\ĪHPDFLH]E\WSRGHMU]OLZ\FKDUDNWHUPRLPDOLEUDFLV]NRZLH
 2QLE\OLWXSU]H]FDá\ZLHF]yUFKáRSF\]DF]Ċá\Z\NU]\NLZDüWHVWDUHEDEXONL
3DQLH%RĪHLFKEáRJRVáDZ1LHPDQDFDá\PĞZLHFLHOHSV]\FKQLĪRQLFKáRSFyZWDF\PLOL
WDF\XF]\QQL%\OLWXSU]H]FDá\F]DV1LNWQLHZLG]LDáĪHE\VLĊVWąGUXV]\OLQDNURN
 0\VLĊW\ONRS\WDP\SRZLHG]LDáWHQGUXJLJOLQLDUF]\N:\SHáQLDP\VZRMHRER-
ZLą]NLMDNZV]\VF\$OHMHV]F]Há\SQĊOLQDQDVZUHGQLHL]SRJUyĪNą]DQLPVLĊ]P\OL
.LHG\MXĪE\OLSU]\Z\MĞFLX]URELOLĞP\PLWDNLPDá\NRQFHUWQDZDUG]HELULELULELELEL
$OHMHĪHOLRPQLHFKRG]LWRMHGQDNE\áHPFLXWUR]F]DURZDQ\ĪHW\ONRWDNVLĊWRRGE\ZD
LFR]DF]DV\7DNQDSUDZGĊWRQLHPD]F]\PZDOF]\ü:V]\VWNRáDWZHMDNFDáXMPQLH
ZU]RSVNR1RDOHMHV]F]HQRFE\áDPáRGD
.
2
.
 .LHG\Z\V]OLĞP\].VLĊFLD1RZHJR-RUNXZĞZLHWOHSDGDMąF\P]GáXJLHMZLWU\Q\
JáyZQHJREDUX]REDF]\OLĞP\VWDUHJREHáNRF]ąFHJRU]ĊFKDF]\OLWHĪRFKODSXVDFRZ\U\-
NLZDáĞZLĔVNLHSLHĞQLVZ\FKRMFyZLSU]\W\PRGELMDáRPXVLĊEEHEEHMDNE\WDNDĞZLĔ-
VNDRUNLHVWUDZW\FKMHJRĞPLHUG]ąF\FK]JQLá\FKEHEHFKDFK-DNUD]WRF]HJRQLJG\
QLHPRJáHP]QLHĞü3RSURVWXĞFLHUSLHüMDQLHPyJáZLGRNXMDNPXĪ\NFDá\XSDüNDQ\
LVFKODQ\LEHNDMąF\]DWDF]DVLĊZMDNLPE\QLHE\áZLHNXDOH]ZáDV]F]DNLHG\WRE\á
DTP by SHADE 
SRQDVWRMDV]F]\GUHZQLDNMDNWHQWXWDM6WDáWDNMDNE\UR]SáDV]F]RQ\QDĞFLDQLHLMHJR
áDFK\WRE\áRMHGQRZLHONLHSOXJDVWZRZ\PLĊWHLUR]PHPáDQHLFDáHZEáRFNXLZáDMQLH
LZSDVNXG]WZLH1RWRZ]LĊOLĞP\JRLSU]\áRĪ\OLIHVWSDUĊáRPRWyZDWHQZFLąĪVRELH
ĞSLHZDá7DSLHĞĔE\áDRWDND
.
 2ZV]HPZUyFĊGRFLHELHPRMDPLOD
 -DNW\MXĪQLHEĊG]LHV]Ī\áD
.
 $OHNLHG\-RáRSPXNLONDUD]\SU]\áRĪ\áSLąFKąZWREUXGQHĪáRSDFNLHU\áRSU]HVWDá
Z\üL]DF]ąáZU]HV]F]Hü1RMD]GD]DáDWZFLHPQLHZ\WFKyU]OLZHVNXUZLĊWDMDMXĪ
LWDNQLHFKFĊĪ\üZWDNLPFXFKQąF\PĞZLHFLH:LĊFND]DáHP-RáRSRZLĪHE\VLĊWUR-
FKĊZVWU]\PDáERF]DVHPFLHNDZLáRPQLHFRWDNLHVWDUHSUyFKQRPDGRSRZLHG]HQLD
RĪ\FLXLRĞZLHFLH=DS\ODáHP2$FRZQLPWDNFXFKQLH"
 .U]\NQąá  7HQ ĞZLDW MHVW ĞPLHUG]ąF\ ER SR]ZDOD ĪHE\ PáRG]L WDN WUDNWRZDOL
VWDU\FK MDN Z\ Z WHM FKZLOL L QLH PD MXĪ SUDZD DQL SRU]ąGNX 5\F]Dá QD FDáH JDUGáR
LZ\PDFKLZDáJUDEDPLLU]HF]\ZLĞFLHFRGRVáyZWRUDG]LáVRELH]XSHáQLHKRUURUV]Rá
W\ONRPXQLHZSRUĊZ\FKRG]LáRWRK\SK\S]NLV]HNMDNE\FRĞODWDáRZQLPSRRUELFLH
DOERMDNJG\E\MDNLĞZ\MąWNRZ\FKDPDMGDZWUąFDáVLĊLKDáDVRZDáZLĊFWHQVWDU\FKU\N
PXMDNE\Z\JUDĪDOSLĊĞFLDPLLZU]HV]F]Dá7RMXĪQLHMHVWĞZLDWGODVWDUHJRF]áRZLHND
LGDWHJRMDVLĊZDVZFDOHQLHERMĊZ\SĊWDNLERMHVWHPWDNL]DODQ\ĪHQDZHWQLHSR-
F]XMĊEyOXMDNPQLHEĊG]LHFLHELüDMHĞOLPQLH]DELMHFLHWRMHV]F]HOHSLHMERMDZROĊMXĪ
QLHĪ\ü7RP\U\NQĊOL]HĞPLHFKXDSRWHPREV]F]HU]DOLĞP\W\ONR]ĊE\QLHRG]\ZDMąF
VLĊLRQZUHV]FLHSRZLHG]LDá&RWRZRJROH]DWDNLĞZLDW"/XG]LHQD.VLĊĪ\FXLOXG]LH
NUąĪąZRNyá=LHPLMDNWHPXV]NLNRáRODPS\DQLH]ZUDFDVLĊMXĪXZDJLQD]LHPVNLH
SUDZRLSRU]ąGHN
:LĊFUyEFLHVRELHQDMJRUV]HFRSRWUDILFLHZ\WFKyU]OLZHLEUXGQHFKXOLJDQLĊWD
,]URELáQDPNRQFHUWQDZDUG]HSUUUELULELULELELELWDNMDNP\W\PPáRG\PJOLQLDU]RP
L]QyZ]DF]ąáĞSLHZDü
.
 2MF]\]QRZELWZLHPRMHPĊVWZR
 'DáRFLSRNyML]Z\FLĊVWZR
.
 :LĊFP\ĞP\ZáDGRZDOLPXSRQDVWRMDV]F]\áRPRWXĞPLHFKDMąFVLĊFDáąJĊEąDOH
RQFLąJOHĞSLHZDá7RVLĊJRSRGFLĊáRDĪUXFKQąáFLĊĪNRQDSáDVNLU]\JQĊáR]QLHJRFDá\P
NXEáHPZ\PLRFLQ]SLZVND7RE\áRSDVNXGQHLV]PXF\NZLHFZ]LĊOLĞP\JRSRGEXW
ZV]\VF\SRNROHLQRLZWHG\MXĪNUHZF]\OLMXFKDQLHSLHĞĔLQLHU]\JRZLQ\SRSá\QĊáD
PX]EUXGQHJRVWDUHJRU\MD1RLSRV]OLĞP\ZVZRMąVWURQĊ
 %LOO\ER\ L MHJR SLĊFLX NXPSHONyZ QDZLQĊOL QDP VLĊ SU]\ PLHMVNLHM HOHNWURZQL
:W\FKF]DVDFKREUDFLV]NRZLHPRLJDQJLáąF]\á\VLĊ]Z\NOHSRF]WHUHFKF]\SLĊFLX
MDNGRVDPRFKRGXERF]WHUHFKWRE\áDZJDEORFLHXGREQDOLF]EDDV]HĞFLXWRMXĪJyUQD
JUDQLFD&]DVHPJDQJLVLĊZLą]Dá\]HVREąWZRU]ąFMDNE\PDáHDUPLHGRZLHONLHMQRFQHM
ZRMQ\DOHSU]HZDĪQLHáXF]V]HE\áRNUąĪ\üZQLHGXĪHMOLF]ELH$WHQ%LOO\ER\WRE\áRFRĞ
WDNLHJRĪHPGOLáRPQLHQDVDPZLGRNWHMWáXVWHMDREV]F]HU]RQHMPRUG\LZVLHJGDF]Xü
RGQLHJRE\áRWHQVPUyGEDUG]R]MHáF]DáHJRROHMXFRWRVLĊQDQLPZNyáNRLZNyáNR
VPDĪ\QDZHWNLHG\E\áRG]LDQ\ZVZRMHQDMOHSV]HFLXFK\MDNVLHMF]DV3U]\á\SDOLQDV
ZWHMVDPHMFKZLOLNLHG\P\ĞP\LFKSU]\á\SDOLL]DF]ĊáRVLĊMDNE\WDNLHEDUG]RVSRNRM-
QHNDSRZDQLHMHGQLQDGUXJLFK7REĊG]LHSRQDVWRMDV]F]\WREĊG]LHMDNWU]DWREĊG]LH
QyĪFHSNLEU]\WHZDQLHMDNDĞWDPSLąFKDLEXW%LOO\ER\LMHJRNXPSOHSU]HNUyFLOLWR
F]\PDNXUDWE\OL]DMĊFLERZáDĞQLHVLĊJRWRZDOLĪHE\Z\NRQDüFRĞQDPáRGHMDSáDN-
VLZHMG]LXV]FHNWyUąVRELH]JDUQĊOLQLHVWDUV]HMQLĪG]LHVLĊüODWGDUáDVLĊQDFDá\JORV
DOH FLXFK\ MHV]F]H PLDáD QD VRELH VDP %LOO\ER\ G]LHUĪ\á Mą ]D MHGQą JUDEXOĊ D MHJR
SU]\FKZRVW/HR]DGUXJą3HZQLHE\OLMDNUD]QDHWDSLHĞZLĔVNLHJRVáRZDLJRWXMąFVLĊGR
QDVWĊSQHJRF]\OLQLHPQRĪNRXOWUDNXNX-DNW\ONRQDV]REDF]\OL]GDOHNDRGUD]XSXĞFLOL
DTP by SHADE 7
WHPDáąSVLF]NĊ]MHMEXKXKXERWDPVNąGMąZ]LĊOLMHVWSU]HFLHĪWDNLFKLOHFKFąF
L]DUD]XFLHNáDW\ONRMHMWHFLHQNLHELDáHJLF]NLPLJDá\ZPURNXFLąJOHURELąFWR2
RR$MDSRZLHG]LDáHPXá\EDMąFVLĊEDUG]RV]HURNRLSRSU]\MDFLHOVNX1RNRJRMD
ZLG]ĊWRWHQ]DWáXV]F]RQ\ĞPLHUG]ąF\FDS%LOO\ER\ZHZáDVQHMĪDáRELH-DNVLĊPDV]W\
JOXJOXEXWORQDMWDĔV]D]MHáF]DáHJRROHMXSRIU\WNDFK"1RWRFKRGĨLZHĨSRG]EXNDFK
MHĞOLPDV]ZRJyOHG]EXNLW\ZDáDFKX]JDODUHW\RGODQ\W\,]DF]ĊáRVLĊ
 %\áRQDVF]WHUHFKQDLFKV]HĞFLXMDNMXĪ]D]QDF]\áHPW\ONRĪHVWDU\ELGQ\-RáRS
QLH]DOHĪQLHRGVZHJRMRáRSVWZDE\áZDUWLFKWU]HFKFRGR]DFLHNáRĞFLLZEUXGQHMURER-
FLH1RVLáWDNLHGRĞüKRUURUV]RáFHSNLF]\OLáDĔFXFKRZLQLĊW\GZDUD]\ZSDVLHLRGZLQąá
JRL]DF]ąáĞOLF]QLHPDFKDüSRJáD]DFKF]\OLRF]DFK3HWHLĩRUĪ\NPLHOLRVWUHMDNWU]D
QRĪHDFRGRPQLHWRSRVáXJLZDáHPVLĊVWDUąIDMQąLSRSURVWXPRUGHUF]ąEU]\WZą
NOyUąWHUD]MXĪSRWUDILáHPRSHURZDüLPLJDüDUW\VW\F]QLHLZUĊF]KRUURUV]Rá,WDNĪHĞP\
VLĊ]UDĪDOLSRFLHPNXVWDU\.VLĊĪ\F]OXGĨPLFRJRREVLHGOLZáDĞQLHZVFKRG]LáLJZLD]G\
WHĪPLJDá\RVWURMDNQRĪHNWyU\PSLOQRVLĊZáąF]\ü,XGDáRPLVLĊFKODVQąüWąEU]\WZą
] JyU\ QD Gyá ] SU]RGX SU]H] FLXFK\ MHGQHJR ] NXPSOL %LOO\ER\D QR EDUG]R EDUG]R
]UĊF]QLHQDZHWQLH]DGUDVQąZV]\FLDáDSRGRG]LHĪąLWHQGUXJ%LOO\ER\DQDJOH]QDOD]á
VLĊZZDOFHRWZDUá\QLE\VWUąF]HNJURFKX]JRá\PEU]XFKHPL]MDMDPLQDZLHU]FKX
QRLEDUG]RVLĊ]GHQHUZRZDáL]DF]ąáWDNPDFKDüLZU]HV]F]HüDĪSU]HVWDáXZDĪDüLGDá
ZHMĞFLH SRF]FLZHPX -RáRSRZL ] MHJR FHSNDPL MDN ZąĪ ZKKKLLLLV]V] WDN ĪH -RáRS
JR]DFHSLáSRVDP\FKSDWU]DONDFKLWHQGUXJ%LOO\ER\DVSá\QąáSRW\NDMąFVLĊQDRĞOHS
LZ\MąFĪHPDáRVRELHVHUFDQLHZ\SUXá'ODQDVZV]\VWNRGDOHMV]áRKRUURUV]RáLMXĪ
ZNUyWFHSU]\FKZRVW%LOO\ER\DZDODáVLĊQDPSRGQRJDPLRĞOHSLRQ\SU]H]FHSNL-RáRSD
LF]RáJDáVLĊZNyáNRLZ\áMDN]ZLHU]ĊDOHMHV]F]HUD]Z]LąáIHVWEXWZF]DV]NĊLE\áDXW
aut i aut.
 =QDV]HMF]ZyUNL-RáRSMDN]Z\NOHWDNQDZ\JOąGZ\V]HGáQDMJRU]HMWR]QDF]\
PLDáFDáHU\áRZHNUZLLFLXFK\XSDSUDQHLUD]UH]DOHSR]DQLPZV]\VF\]DFKRZDOLĞP\
VSRNyM L ]GURZLH $ WHUD] WHQ WáXVW\ ĞPLHUG]LHO %LOO\ER\ WHJR MD FKFLDáHP GRVWDü QR
LWDĔF]ĊZRNyáQLHJR]EU]\WZąQLE\MDNLĞJRODU]QDVWDWNXSRGF]DVZLHONLHJRV]WRUPX
LSUyEXMĊGRSDĞüJRQDSDUĊRGOLF]Q\FKFLĊüZWRSDVNXGQHROHLVWHU\áR%LOO\ER\PLDá
QyĪWDNLGáXJLVSUĊĪ\QRZLHFW\ONRĪHE\áFLXW]DZROQ\LFLĊĪNLZUXFKDFKĪHE\PyJá
QDSUDZGĊ]URELüNRPXĞZUHG]LRFKĊ,]SUDZG]LZąVDW\VIDNFMąEUDFLV]NLRGWDĔF]\áHP
MDSU]HGQLPZDOF]\NDZOHZRGZDWU]\ZSUDZRGZDWU]\LFLDFKQąáHPJRZOHZ\
LZSUDZ\SROLF]HNWDNĪHGZLHILUDQNLNUZLVSá\QĊá\MDNE\ZWHVDPHMFKZLOL]NDĪGHM
VWURQ\MHJRWáXVWHMĞZLĔVNLHMROHLVWHMPRUG\MHGQDZĞZLHWOH]LPRZ\FKJZLD]G&LHNáD
WDMXFKDMDNF]HUZRQHSáDFKW\DOHZLGDüE\áRĪHRQQDZHWQLHSRF]XáW\ONRSFKDáVLĊ
QDPQLHMDNEUXGQ\LWáXVW\QLHGĨZLHGĨLZFLąĪW\ONRGĪJDáW\PQRĪHPLGĨJDá
 3RWHPXVá\V]HOLP\V\UHQ\LMXĪE\áRZLDGRPRĪHWRJOLQLDU]HSĊG]ą]DUPDWDPL
Z\WNQLĊW\PLSU]H]RNQD]ZR]yZLJRWRZLGRVWU]DáX7DSáDNVLZDG]LXONDGDáDLP]QDü
RF]\ZLĞFLHERDODUPRZDEXGNDVWDOLQLHGDOHNR]DHOHNWURZQLą-DFLĊU\FKáRGRVWDQĊ
QLHEyMVLĊ]DZRáDáHPW\FDSLHĞPLHUG]ąF\8WQĊFLWHG]EXNLMDNQLF,SRELHJOL
]ZROQDL]G\V]DQLQDSyáQRFNXU]HFHW\ONRSU]\FKZRVW/HR]RVWDáFKDUF]ąFQD]LHPL
D P\ SRV]OLĞP\ Z VZRMą VWURQĊ 7XĪ ]D URJLHP E\áD DOHMND FLHPQD SXVWD L QD RELH
VWURQ\RWZDUWDZLĊFWDPRGVDSQĊOLĞP\QDMSLHUZSUĊGNRG\V]ąFSRWHPFRUD]ZROQLHM
LZNRĔFXQRUPDOQLH-DNE\ĞP\OHĪHOLXVWySGZyFKRJURPQ\FKJyUWRE\á\EORNLPLHV]-
NDOQHLZRNQDFKZV]\VWNLFKĪ\OLV]F]PLJRWDáRMDNE\QLHELHVNLHSOąVDMąFHĞZLDWáR1D
SHZQR WL ZL ']LVLDM E\á WDN ]ZDQ\ SURJUDP ĞZLDWRZ\ F]\OL NDĪG\ QD ĞZLHFLH RJOąGDá
MHGQRLWRVDPRNWRW\ONR]HFKFLDáDSU]HZDĪQLHWRZS\FKOHZĞUHGQLPZLHNX]HĞUHG-
QLFKNODV-DNLĞWDPZLHONLVáDZQ\V]XWQLDNDOERF]DUQ\V\QJLHUVLĊZ\JáXSLDLZV]\VWNR
WRMHVWRGELWHZSU]HVWU]HQLRGVSXWQLNyZWLZLEUDFLV]NRZLHPRL2GF]HNDOLĞP\G\V]ąF
LVá\V]HOLĞP\MDNWHZ\MąFHSROLPLOLF\MQLDNLSU]HODWXMąQDZVFKyGZLĊFMXĪNHMRNHM
7\ONRELGQ\VWDU\-RáRSZFLąĪá\SDáQDJZLD]G\LSODQHW\L.VLĊĪ\F]JĊEąWDNUR]G]LDZLR-
QąMDNU\ELRQHNFRQLJG\MHV]F]HQLHZLG]LDáW\FKU]HF]\LZUHV]FLHSRZLDGD
 &LHNDZHFRWDPQDQLFKMHVW&RWHĪPRĪHE\üWDPZJyU]HQDWDNLFKGLQJVDFK"
DTP by SHADE 8
 6]WXUJQąáHPJRIHVWSRGĪHEURLPyZLĊ(FKW\JáXSLVNXUZOX1LHP\ĞORW\P
1DSHZQRWDNLHVDPRĪ\FLHMDNWXĪHNWRĞGDMHQRĪHPLGUXJLELHU]H$QDUD]LHQRFMHVW
PáRGDZLĊFUXV]P\VLĊZUHV]FLHREUDFLV]NRZLH7DPFLQDWRU\NQĊOLĞPLHFKHPDOH
VWDU\ELGQ\-RáRSW\ONRVLĊQDPQLHWDNVHULRZ\WU]HV]F]\áLDSLDü]DGDUáRF]\QDJZLD]G\
L.VLĊĪ\F1RLSRV]OLP\VRELHDOHMNąDĞZLDWRZ\SURJUDPEáĊNLWQLDá]REXVWURQ7HUD]
E\áQDPSRWU]HEQ\Zy]ZLĊFVNUĊFLOLP\]DOHMNLZOHZRLRND]DáRVLĊĪHMHVWHĞP\QD
3ULHVWO\3ODFHERU]XFLáDQDPVLĊZJáD]\WDZLHONDILJXUD]EUą]XMDNLĞVWDURĪ\WQ\SRHWD
]JyUQąZDUJąMDNPDáSDL]IDMąZHWNQLĊWąZREZLVá\U\M,GąFGDOHMQDVLHZLHUGRV]OL
P\GRSDUV]\ZHJRVWDUHJR)LOPRGURPXNWyU\VLĊáXV]F]\áLV\SDáERMXĪSUDZLHQLNW
WDPQLH]DJOąGDáRSUyF]WDNLFKPDOF]\NyZMDNMDLNXPSOHDLWRW\ONRQD]JLHáNDOERUD-
]UH]DOERWURFKĊWHJRU\SVZ\SVU\SVZ\SVSRFLHPNX=DILV]DQDIURQFLHRĞZLHWORQ\P
SDUąXSVWU]RQ\FKSU]H]PXFK\UHIOHNWRUyZPRĪQDE\áRZ\F]\WDüĪHOHFLMDNZ\NOHWDNL
ZHVWHUQJG]LHDQLRáRZLHVąSRVWURQLHV]HU\ID]8VDFRUąELH]V]HĞFLRVWU]DáRZFDGR
NRQLRNUDGyZ]SLHNáDURGHPQDSDGERUMDNWRQDKX]LDSURGXNRZDáZW\FKF]DVDFKQDV]
*RVILOP 3RG NLQHP ]DSDUNRZDQH ZR]\ QLH E\á\ ]QyZ WDNLH ZXQGHU EDU SU]HZDĪQLH
VWDUH]DIDMGDQHJDEORW\DOH]QDOD]áVLĊMHGHQ'XUDQJRLSRP\ĞODáHPĪHWRVLĊQDGD
*HRUJLHPLDáQDNyáNXWDN]ZDQ\ZVLRWZLHUDF]LZáDGRZDOLĞP\VLĊ-RáRSL3HWHQD]D-
GQLHMDNORUGRZLHS\NDMąFVRELH]UDNRWZRUyZDMDZNOXF]\OHPVWDF\MNĊLGDáHP]DSáRQ
LZDUNQĊáRQDZHW]XSHOQLHKRUURUV]Rá]W\PIDMQ\PFLHSá\PZLEURLSRPUXNLHPFRWR
F]XMHVLĊZNLV]NDFK3RWHPQDEXWLFRIQĊOLĞP\VLĊNODV\F]QLHLQLNWQDVQLHSU]\á\SDá
 3RLJUDOLĞP\ VRELH FLXW SR WDN ]ZDQ\P &HQWUXP VWUDV]ąF GUHZQLDNyZ L EDEXONL
QDSU]HMĞFLDFKJRQLąF]\J]DNLHPNRV]NLLWHSH$SyĨQLHMV]RVąQD]DFKyG1LHE\áR
ZLHONLHJRUXFKXZLĊFZFLVNDáHPJLUĊQRUPDOQLHZGHFKĊSUDZLHĪHQDZ\ORWL'XUDQJR
VLRUEDáGURJĊMDNPDNDURQ:NUyWFHE\á\MXĪW\ONR]LPRZHGU]HZDLPURNEUDFLV]-
NRZLHPRLWDNLZLHMVNLPURNLUD]SU]HMHFKDáHPSRF]\PĞGXĪ\PL]ZDUF]ąF\]ĊEDWą
SDV]F]ąQDJOHZUHIOHNWRUDFKSRWHPVNU]\NQĊáRLJODP]QĊáRSRGQDPLLVWDU\-RáRSQD
]DGNXPDáRVRELHáEDQLHRGUHFKRWDáKRKRKR$SRWHPSU]\XZDĪ\OLĞP\MDNLHJRĞPD-
á\V]D]G]LXV]NąSRGGU]HZHPQDOLEOLELSU]\VWDQĊOLP\LZ]QLHĞOLRNU]\NQDLFKF]HĞü
DSRWHPGDOLĞP\RERMJXZ\FLVNDOHWDNQLHPQRĪNRLRGQLHFKFHQLDW\ONRĪHE\VLĊSR-
SáDNDOLL]QyZSDMHFKDOL&RWHUD]E\áRQDPSRWU]HEQHWRQRUPDOQLHZL]\WD]]DVNRF]H-
QLD7RGRSLHURSRGQLHFDWRMHVWFRĞGRĞPLHFKXLGRáRPRWXZXOWUDJZDáW:UHV]FLH
GRWDUOLP\GRWDNLHJRRVLHGODL]DUD]]DQLPE\áDMDNE\PDáDRVREQDGDF]D]NDZDáNLHP
RJURGX.VLĊĪ\FMXĪZ]HV]HGáQDEDOV]RMLWHQGRPHNZLGQRE\áRGRNáDGQLHMDNZG]LHĔ
NLHG\RGSXĞFLáHPJD]LSRKDPXOFDFKDFLWU]HMFKLFKUDOLVLĊMDN]XPDV]HGáV]\LZL-
G]LHOLĞP\QD]ZĊQDIXUWFH'20&,8FR]DSRQXUDQD]ZD:\OD]áHP]ZR]XLND]DáHP
NXPSORPĞFLV]\üWHQXĞPLHFKL]DFKRZDüSRZDJĊRGNU\áHPWĊPDOXWNąIXUWNĊLSRG-
V]HGáHPGRGU]ZLRGIURQWX=DSXNDáHPGHOLNDWQLHLQLNWVLĊQLH]MDZLáZLĊF]DSXNDáHP
FLXWPRFQLHMLQDWHQUD]XVá\V]DáHPNURNLSRWHPRGFLąJDQLH]DVXZ\SRWHPGU]ZLVLĊ
WURV]HF]NĊXFK\OLá\PRĪHQDFDOWDNĪH]REDF]\áHPRNRSDWU]ąFHQDPQLHDGU]ZLE\á\
]DNU\WHQDáDĔFXFK.WRWDP"*áRVE\áMDNLHMĞILINLWDNQDXFKRVąG]ąFGRĞüPáRGHM
G]LXONLZLĊFRGH]ZDáHPVLĊEDUG]RZ\WZRUQ\PJáRVHPMDNSUDZG]LZ\GĪHQWHOPHQ
 %DUG]RSDQLąSU]HSUDV]DPMHVWPLWDNSU]\NURĪHSDĔVWZDQLHSRNRMĊDOHZ\-
V]OLĞP\ QD VSDFHU L PyM SU]\MDFLHO QDJOH ]DVáDEá ] WDNLPL REMDZDPL ĪH WHUD] OHĪ\ QD
V]RVLHQLHSU]\WRPQ\LU]Ċ]L&]\E\áDE\SDQLWDNGREUDSR]ZROLüPLVNRU]\VWDü]HVZHJR
WHOHIRQXL]DG]ZRQLüQDSRJRWRZLH"
 8QDVQLHPDWHOHIRQXSRZLHG]LDáDWDILID%DUG]RPLSU]\NUR0XVLSDQQLH-
VWHW\LĞüGRNRJRĞLQQHJR=ZQĊWU]DWHJRPDOXWNLHJRĪ\OLV]F]DZFLąĪE\áRVá\FKDüNODN
NODNNODNRWLNODNNODNLNODNNODNNODNNODNF]\MHMĞPDV]\Q\GRSLVDQLDDSRWHP]DSDGáD
FLV]DLUR]OHJáVLĊJáRVWHJRPXGDND2FRFKRG]LNRFKDQLH"
 7RF]\E\áDE\SDQLWDNGREUDSRZLHG]LDáHPGDüPXá\NZRG\"7RMHVWFRĞ
ZURG]DMXRPGOHQLD7DNZ\JOąGDMDNE\VWUDFLáSU]\WRPQRĞü
 )LIND VLĊ ]DZDKDáD L SRZLDGD  3URV]Ċ ]DF]HNDü  , RGHV]áDD PRL WU]HM NXP-
SOHZ\VLHGOL]DXWDLSU]HPNQĊOLVLĊGRPQLHKRUURUV]RáSRFLFKXWNXZFLąJDMąFPDVNL
DTP by SHADE 9
SRWHPMDQDFLąJQDFLąJVZRMąLZ\VWDUF]\áRMXĪW\ONRZVXQąüJUDEĊLRGKDF]\üáDĔFXFK
SRW\PMDNXGDáRPLVLĊ]PLĊNF]\üWĊSVLRFKĊVZ\PGĪHQWHOPHĔVNLPJáRVHPWDNĪH
QLHGRPNQĊáD]SRZURWHPGU]ZLMDNSRZLQQDVNRURP\ĞP\E\OLFLQRFQLQLH]QDMRPL
, ZSDGOLĞP\ ] U\NLHP ZH F]WHUHFK SU]\ F]\P -RáRS JUDá MDN ]Z\NOH V]XWQLDND SRG-
VNDNXMąFLZ\NU]\NXMąFEUXGQHVáRZDLIDNW\F]QLHE\áWRIDMQLXWNLPDá\GRPHNPXV]Ċ
SU]\]QDü = UHFKRWHP ZELHJOLĞP\ GR SRNRMX JG]LH VLĊ SDOLáR ĞZLDWáR L WD SVLF]ND VLĊ
WDPMDNE\NXOLáDZVRELHLE\áDWRIDMQDPáRGDU]HĪXFKD]WDNLPLJUXGNDPLĪHKRUURU
V]RáL]QLąE\áWHQF]áRQLRWHQMHM]DNRQQLNF]\OLĞOXEQ\WHĪGRV\üPáRG\ZRF]NDFK
ZURJRZHMRSUDZLHDQDVWROHPDV]\QDGRSLVDQLDLZV]ĊG]LHSRUR]NLGDQHPQyVWZREX-
PDJLDOHE\áWHĪMHGHQVWRVLNSRU]ąGQLHXáRĪRQ\MDNE\WRFRRQMXĪZ\VWXNDáF]\OL]H
]QyZWDNLZW\SLHLQWHOLJHQWDRGNVLąĪHNZW\SLHWHJRFRĞP\]QLPNLONDJRG]LQWHPX
SRLJUDOLW\ONRĪHWHQWXWDME\áSLVDU]QLHF]\WDF]:NDĪG\PUD]LHU]HNá
 &RWRPD]QDF]\ü".LPMHVWHĞFLH"-DNĞPLHFLHZFKRG]LüGRPRMHJRGRPXEH]
SR]ZROHQLD"$JáRVPXVLĊW\ONRWU]ąVáLJUDENLWHĪ:LĊFSRZLDGDP
 1LHOĊNDMVLĊ-HĞOLWUZRJĊPDV]ZVHUFXEUDFLHRWRFLĊ]DNOLQDP]EąGĪVLĊMHM
FRU\FKOHM3RWHP*HRUJLHL3HWHSRV]OL]DMU]HüGRNXFKQLD-RáRSVWDáSU]\PQLH]UR]-
G]LDZLRQ\PU\MHPF]HNDáQDUR]ND]$WRFRWRMHVW"]DS\WDáHPELRUąF]HVWRáXSOLN
PDV]\QRSLVXDWHQZURJRZ\FKSLQJODFKPyZLWU]ĊVąFVLĊ
 7RZáDĞQLHFKFLDáE\PXVá\V]Hü&RWRMHVWWDNLHJR"&]HJRWXFKFHFLH":\QRĞFLH
VLĊ]DQLPZDVZ\U]XFĊ:LĊFELGQ\VWDU\-RáRSZPDVFHMDNR3HEH6KHOOH\WDNVLĊ
REĞPLDáĪHZSURVWU\F]DáMDN]ZLHU]Ċ
 7RMHVWNVLąĪNDSRZLDGDP3LV]HV]WĊNVLąĪNĊ7X]PLHQLáHPJáRVQDWDNL
ZLĊFHMQLHNXOWXUQ\%RMD]DZV]HPLDáHPV]DFRQHNGODW\FKFRWRSLV]RPNVLąĪNL
6SRMU]DáHP QD SLHUZV]ą VWURQĊ L WDP E\á W\WXá 0(&+$1,&=1$ 320$5$ē&=$ :LĊF
SRZLHG]LDáHP  &R ]D JáXSL W\WXá .WR Z RJyOH Vá\V]Dá R PHFKDQLF]QHM SRPDUDĔF]\"
 , SU]HF]\WDáHP NXVRF]HN WDNLP EDUG]R XQLHVLRQ\P JáRVHP MDN QD ND]DQLX  3UyED
QDU]XFHQLD F]áRZLHNRZL LVWRFLH NWyUD WHĪ URĞQLH L ]GROQD MHVW GR VáRG\F]\ DE\ VLĊ
ZNRĔFRZ\PRNUąĪHQLXUR]Sá\ZDáVRF]\ĞFLHXEURGDW\FKZDUJ%RJDSUyEDQDU]XFHQLD
SRZLDGDP SUDZ L ZDUXQNyZ RGSRZLHGQLFK GOD PHFKDQLF]QHJR VWZRUX SU]HFLZ WHPX
Z]QRV]ĊPLHF]PHJRSLyUD1DWR-RáRSGDáNRQFHUWQDZDUG]HLMDVLĊWHĪPXVLDáHP
UR]HĞPLDü3RWHP]DF]ąáHPGU]HüWHNDUWNLQDNDZDáHF]NLLUD]EURVSRSRGáRG]HLWHQ
F]áRQLR SLVDU] MDNE\ RV]DODá L U]XFLá VLĊ QD PQLH V]F]HU]ąF WH ĪyáWH ]DJU\]LRQH NDIOH
L]SD]XUDPLMDNE\PQLHFKFLDáUR]V]DUSDü7RE\áV\JQDáGODVWDUHJR-RORSDLRQZV]HGá
GRDNFML]Xá\ENąQDU\MXLURELąFXFKXFKLDDDZGU\JDMąFHU\áRWHJRPXGDNDáXS
áXS]OHZHMSLąFK\L]QyZSUDZąWDNĪHQDV]XNRFKDQ\VWDU\F]HUZRQ\NXPSHOZLQR
F]HUZRQH]NUDQX]EHF]NLZV]ĊG]LHMHGQDNRZHMDNE\]MHGQHMZLHONLHMZ\WZyUQLSR-
ODáRVLĊLVSODPLáRWHQF]\VW\SU]HĞOLF]Q\G\ZDQLVWU]ĊS\NVLąĪNLNWyUąMDZFLąĪGDU-
áHPUD]UH]UD]UH]$W\PF]DVHPG]LXONDMHJRZLHUQDLNRFKDMąFD]DNRQQLFDVWDáDMDN
SU]\PDU]QLĊWDGRNRPLQNDL]DF]ĊáDZUHV]FLHWDN]OHNNDQLHPQRĪNRSRNU]\NLZDüMDNE\
GRWDNWX-RáRSRZLSU]\WHMMHJRURERFLH3RWHP]NXFKQLSU]\V]OL*HRUJLHL3HWHREDM
FRĞĪZ\NDMąFQDFDáHJRFKRFLDĪZPDVNDFKQLHVSUDZLDáRWRZFDOHNáRSRWX*HRUJLH
]]LPQ\PXGNLHPF]HJRĞWDPZáDSLHL]SRáRZąEXá\SU]\NU\WHMEU\áąPDVáDZGUXJLHM
D3HWH]EXWOąSLZD]SLHQLąF\PVLĊáEHPL]SRWĊĪQąJUXGąF]HJRĞZURG]DMXFLDVWD]H
ĞOLZNDPL=URELOLKRKRKRZLG]ąFMDNVWDU\-RORSREWDĔFRZXMHSLVDU]DLGDMH]SLDFK\DĪ
VLĊWHQPXGDNSLVDU]UR]SáDNDáMDNE\G]LHáRMHJRĪ\FLDSRV]áRQDPDUQHLEXKXKXXWą
Z\NU]\ZLRQąZSURVWRNąWEDUG]RNUZDZąEXĨNąDOHWRE\áRWDNLHKRKRKR]GáDZLRQHRG
ĪDUFLDLE\áRZLGQRNĊV\WHJRFRMHGOL7RPLVLĊQLHVSRGREDáRERĞZLĔVNLHLV]PXF\N
ZLĊFSRZLHG]LDáHP
 :RQ]W\PĪDUFLHP:FDOHZDPQLHSR]ZROLáHPMHĞü=áDSFLHWHJRPXGDNDĪHE\
ZV]\VWNRZLG]LDáLQLHPyJáVLĊZ\UZDü:LĊFFLVQĊOLWĊWáXVWąSLV]F]ĊQDVWyáPLĊG]\
IUXZDMąFH EXPDJL L SRF]áDSDOL GR SLVDU]D NWyUHJR URJRZH SLQJOH E\á\ MXĪ SRWU]DVN
WU]DVNDOHMHV]F]HVLĊWU]\PDá\DVWDU\-RáRSJRIXUWREWDĔFRZ\ZDáLZGUĪąF]NĊZSUD-
ZLDáR]GyENLQDJ]\PVLHNRPLQND DĪMH]PLRWáHPLMXĪVLĊQLHPRJá\WU]ąĞüRQLHEUD-
DTP by SHADE 
FLV]NRZLHPRL ZLJUDV]NDFK]W\PDXWRUHP0HFKDQLF]QHMSRPDUDĔF]\URELąFPXFDá\
U\MQDILROHWRZRLRFLHNDMąFRQLE\MDNLĞEDUG]RV]F]HJyOQ\URG]DMVRF]\VWHJRRZRFX
-XĪGREUD-RáRSRGH]ZDáHPVLĊ7HUD]WDGUXJDU]HF]SDQLH%RĪHGRSRPyĪ:LĊF
RQ]áDSDáVLĊ]W\áX]DG]LXV]NĊNWyUDFLąJOHDFKDFKDFKDáDZWDNLPEDUG]RKRUURUV]Rá
U\WPLHQDF]WHU\Z\NUĊFLáMHMJUDENLGRW\áXW\PF]DVHPMDREG]LHUDáHP]QLHMWRWDPWR
LRZRDFLEH]SU]HUZ\KRKRKRLIDNW\F]QLHWRVLĊRND]Dá\EDUG]RKRUURUV]RáLIDMQH
JUXGNL FR VSRMU]Dá\ QD PQLH W\PL UyĪRZ\PL ĞOLSNDPL R EUDFLV]NRZLH MDN ĞFLąJDáHP
UDMWNL L V]\NRZDáHP VLĊ ĪHE\ MHM ]DSFKQąü $ MXĪ ]DS\FKDMąF Vá\V]DáHP RNU]\NL EyOX
LWHQNUZDZ\PXGDNSLVDU]FRJRWU]\PDOL3HWHL*HRUJLHPDáRVLĊLPQLHZ\UZDáU\-
F]ąFMDNSV\FKQDMEUXGQLHMV]H]HVáyZMDNLH]QDPLQDGREDZNĊMHV]F]HLQQHFRVDP
Z\GXPDá-DNMXĪE\áHPIHUW\NWRSU]\V]áDNROHMQD-RáRSDLRQVRELHSRVXQąáMDNE\GODN
]FKUDSDQLHPZ\FLHPLFKDUNRWHPQDFRWDMHJRPDVND3HEH6KHOOH\ZFDOHQLH]ZUD-
FDáDXZDJLDMDWU]\PDáHP3RWHP]PLDQD-RáRSLMDĪHĞP\G]LHUĪ\OLWHJR]DIDMGDQHJR
F]áRQLDFRZáDĞFLZLHVLĊMXĪQDZHWQLHU]XFDáW\ONRPDPODáMDNLHĞUR]OD]áHVáRZDMDN
ZW\PNUDMXPRáRF]QL]GREDZNąDĩRUĪ\NL3LHWLDURELOLVZRMH3RWHPVLĊ]URELáRWDN
UDF]HMFLFKRDQDVUR]VDG]DáDMDNE\QLHQDZLĞüQRWRUR]ZDOLOLĞP\FRMHV]F]HE\áRGR
UR]ZDOHQLDPDV]\QĊODPSĊIRWHOHD-RáRS WRW\SRZHGODWHJR-RáRSD RGODáVLĊL]JD-
VLáRJLHĔZNRPLQNXLFKFLDáQDVUDüQDG\ZDQERSDSLHUXE\áRGRĞüQDW\PSRMHERZLVNX
DOHMDSRZLHG]LDáHPVWRS,$XWDXWDXWDXWUDXVGDáHPVNRZ\W7HQF]áRQLRLMHJR
SVLRFKDE\OLWDNMDNE\QLHREHFQL]áDFKDQLZNUZLLOHGZLHZ\GDMąF\MDNLHĞRGJáRV\$OH
SU]HĪ\Mą
 :VLHGOLĞP\GRZR]XLSR]ZROLáHPĪHE\*HRUJLHZ]LąáNLHURZQLFĊERVDPF]XáHP
VLĊ QLHPQRĪNR Z\PLĊW\ L UXV]\OLĞP\ ] SRZURWHP GR PLDVWD UR]MHĪGĪDMąF SR GURG]H
MDNLHĞG]LZQHLSLV]F]ąFHSDVNXG]WZD
.
3
.
 7DNLGRMHFKDOLP\QD]DGGRPLDVWDEUDFLV]NRZLHW\ONRQLH]HZV]\VWNLPERMXĪ
SUDZLHQDRNUDLQLHSU]\WDN]ZDQ\P.DQDOH3U]HP\VáRZ\PZLG]LP\ĪHVWU]DáNDSD-
OLZDMDNE\RNODSáDMDNWHQDV]HKHKHKHVWU]DáNLDPDV]\QDNDV]OHNKHNKHNKH1R
LQLH]PDUWZLHQLHERVWDFMDNROHMNLPLJDáDVLQRá\VNDXWO\VNDXW]DUD]WDPQLHGDOHNR
5R]FKRG]LáRVLĊW\ONRRWRF]\]RVWDZLüZy]GR]JDUQLĊFLDSROXF\MQLDNRPF]\ZW\P
QDV]\PQDVWURMHQLXQDZUHGL]DEyMSLFKQąüJRIHVWLZWH]DJZLDĨG]LRFKĊDĪFKOXSQLH
SyNLZLHF]yUQLHXPDUá7RP\VLĊUD]GZD]GHF\GRQDWRGUXJLHLZ\VLHGOLĞP\L]KD-
PXOFD L GRSFKQĊOLĞP\ JR ZH F]WHUHFK QD EU]HJ WHM ĞPLHUGĊJL QLE\ V\URS ]PLHV]DQ\
]IHNDáHPOXG]NLPDSRWHPUUUD]JRS\FKLSRRV]HGá0XVLHOLĞP\E\VWURXVNRF]\ü
ĪHE\WDSDVNXGDQDPQLHFKOXSQĊáDQDFLXFKDOHRQW\ONRVSOOOXZV]V]LSRWHPJOROS
LSDV]ROGRGQDLIDMQLHĩHJQDMPLVWDU\WRZDU]\V]X]DZRáDá*HRUJLHD-RáRS]QyZ
XUDF]\áQDVZLHONLPUHFKRWHP&KXFKXFKXFKX3RWHPUXV]\OLĞP\QDVWDFMĊĪHE\
XMHFKDüWHQMHGHQSU]\VWDQHNGR&HQWUXPMDNQD]\ZDOLĞURGHF]HNPLDVWD=DSáDFLOLP\
JU]HF]QLH ]D ELOHW\ L F]HNDOL MDN GĪHQWHOPHQL VSRNRMQLH QD SHURQLH VWDU\ -RáRS GRND-
]\ZDáSU]\DXWRPDWDFKERPLDáZNDUPDQDFKSHáQRGUREQHMPRQDOL]\LZUD]LHF]HJR
E\áJRWyZUR]GDüWHF]HNRODGNLELHGQ\PLJáRGXMąF\PFKRüQLHE\áRWDNLFKSRGUĊNą
DSRWHPVLĊZWDUDEDQLáVWDU\HNVSUHVWRUSHGRLP\GRQLHJRDZ\JOąGDáSUDZLHĪHSXVW\
$E\]DMąüVLĊQDWHWU]\PLQXW\MD]G\SRZ\JáXSLDOLĞP\VLĊ]WDN]ZDQąWDSLFHUNąSR
QLHPQRĪNXZ\G]LHUDMąFVRELHGRĞüIDMQLHIODNL]VLHG]HĔD-RáRSZ]LąáLSU]\áDĔFXV]\á
ZRNQRĪHV]NáREU\]JLRGPLJRWDáRZWHQ]LPRZ\ZR]GXFKDOHE\OLĞP\MXĪWDNZLĊFHM
]U\SDQLLZ\PLĊWRV]HQLLVSOXFLSRW\PZLHF]RU]HERVLĊXSXĞFLáRQLHPQRĪNRWHMHQHUJLL
REUDFLV]NRZLHPRLW\ONR-RáRSWDNLHWRMXĪE\áRV]XWQLDFNLH]ZLHU]ĊFLąJOHWD]JU\ZD
LUDGRFKDW\ONRĪHQDZ\JOąGFDá\XV]DUJDQ\L]DQDGWRĞPLHUG]ąF\RGSRWXLWRWHĪE\áD
MHGQDU]HF]XVWDUHJR-RáRSDZVLHJGDGODPQLHSU]HFLZQD
 :\VLHGOLĞP\Z&HQWUXPLZROQRVXQLHP\]QyZGR%DUX.URZDDFRLUD]ZV]\-
VF\XDDDDZUR]]LHZLW\OQHSORPE\GRNLĊĪ\FDJZLD]GLGRODWDPLERMHV]F]HE\OLĞP\
DTP by SHADE 11
PDOF]\NDPLFRURVQąLZG]LHĔFKRG]LáRVLĊGRV]NRá\DZ.URZLHRND]DáRVLĊMHV]F]H
JRU]HM]DWáRF]RQHQLĪSU]HGWHP$OHWHQF]áRQLRFRSU]HGWHPFDá\F]DVEXOJRWDáEĊGąF
QDF\NXQDELDá\PLV\QWHPHVNXDOERF]\PĞWDPZFLąĪ]DVXZDáWRVDPRàREX]D
XáNDPDUWZHMĪHQLHGURV]áRKHMKRJODWRQLF]QLHSRJRGD]ZLHWU]ą0XVLDáWRMXĪE\üMHJR
WU]HFLDOERF]ZDUW\NXUVWHJRZLHF]RUDERPLDáWHQQLHOXG]NREODG\Z\JOąGMDNE\QLH
F]áRZLHNDU]HF]LMDNE\U\áRPLDáSRQDVWRMDV]F]\Z\UĪQLĊWH]NDZDáNDNUHG\-DNPXVLĊ
FKFLDáRVSĊG]LüW\OHF]DVXQDKDMXWRMXĪIDNW\F]QLHSRZLQLHQZ]LąüRVREQ\SRNRLNQD
W\áDFKDQLHVLHG]LHüWXQDGXĪHMVDOLERWX]DZV]HMDNLHĞPDOF]\NLXVWURMąVRELH]QLP
QLHPQRĪNR XEDZX FKRFLDĪ QLH ]D RVWUR ER Z VWDUHM .URZLH ]DZV]H PDMą XWDMRQ\FK
JG]LHĞIHVWáDPLJQDWyZNWyU]\GDG]ąUDGĊNDĪGHMUR]UyEFH0LPRWR-RáRSZFLVQąáVLĊ
NRáRWHJRF]áRQLDLZ\GDMąFWHQVZyMV]XWQLDFNLZU]DVNDĪSRND]DáZJDUGOHG\QGDáNL
ĪJQąáJRZVWRSĊVZRLPZLHONLPXEáRFRQ\PEXFLRUHP$OHWHQF]áRQLREUDFLV]NRZLH
ZRJyOHQLFQLHVá\V]DáERMXĪE\áSRQDGFLDáHP
 :RNyáQDVWDQNRZDá\LGRLá\LGRND]\ZDá\SU]HZDĪQLHQDVWROH SRQDV]HPXQDVWR-
ODPLQD]\ZDáRVLĊVHNVRODWNL DOHE\áRWHĪQLHFRWDNLFKZLĊFHMGUHZQLDNyZPXĪ\NLLILINL
WHĪ DOHĪDGQ\FKEXUĪXMyZ ĞPLDOLVLĊLEDáDNDOLSU]\EDU]H3RIU\]MHUFHLOXĨQ\FKFLX-
FKDFK SU]HZDĪQLHZLHONLHVZHWU\MDNE\]HV]QXUND GDáRVLĊSR]QDüĪHSU]\V]OL]SUyE
Z VWXGLR WL ZL ]DUD] ]D URJLHP ,FK G]LXOH PLDá\ WH RĪ\ZLRQH EDUG]R U\MH L V]HURNLH
RJURPQHXVWDF]HUZRQHĪHKRUURUV]Rá]PQyVWZHP]ĊEyZLĞPLHFKDá\VLĊLQLF]HZR
QLHWURV]F]\á\VLĊR]áRĞZLDWD$SRWHPSá\WDQDVWHUHRGĨZLĊNáDL]JDVáD E\áWR-RKQQ\
ĩLZDJR WHQ UXVNL NRFXU D Z\NRQ\ZDá 7\áNR UD] QD GZD GQL  L ZWHM MDNE\ SLFUHG\V]-
FHZNUyWNLPPDáF]DQLX]DQLPZSDGáDQDVWĊSQDNWyUDĞ]W\FKILIHNEDUG]RNUDVLZD
L]ZLHONLPXVWHPZXá\EFHFK\EDZODWDFKMXĪODNQLHĨOHWU]\G]LHVW\FKQDJOHGDáDVLĊ
ZĞSLHZQLHZLĊFHMQLĪSyáWRUDWDNWXMDNE\]DSU]\NáDGF]HJRĞWDPRF]\PZVLHEDáD-
NDOLLWRE\áRMDNE\QDFKZLOĊREUDFLV]NRZLHPRLMDNLĞZLHONLSWDNZOHFLDáGRWHMPR-
áRF]QLLSRF]XáHPMDNPLNDĪG\MHGHQPDOHĔNLZáRVHNQDFLHOHVWDMHGĊEDLGUHV]F]HSR
PQLHSROD]á\GRJyU\MDNSRZROQHPDáHMDV]F]XUNLDSRWHPDSLDüZGyá%RSR]QDáHP
FR RQDĞSLHZD7R WHQ NDZDáHN] RSHU\)ULHGULFKD *LWWHUIHQVWHUD 'DV%HWW]HXJJG]LH
RQDWRSLHMH]SRGHUĪQLĊW\PMXĪJDUGáHPDVáRZDVą0RĪHWDNLOHSLHM:NDĪG\PUD]LH
DĪPQą]DWU]ĊVáR
 $OHVWDU\-RáRSMDNW\ONRXVá\V]DáWHQNXVRF]HNĞSLHZXQLE\NĊVF]HUZRQHJRRG
ĪDUX PLĊVD FKODĞQLĊW\ QD WDOHU] ] PLHMVFD U\SQąá MHGQR ] W\FK VZRLFK FKDPVWZ QD
WHQUD]WUąENĊ]ZDUJSRF]\PVREDF]HZ\FLHSRF]\PGZRPDSDOXFKDPLSRGZyMQ\
V]WRVZJyUĊSRF]\PZ\ZU]DVNLZUHFKRW7RMDVLĊSRF]XáHPFDá\ZJRUąF]FHLMDNE\
PQLHUR]SDORQDNUHZ]DFKá\VQĊáDQDVá\FKLQDZLGRNWHMZXOJDUQL-RáRSDLPyZLĊ7\
VNXUZOX7\EUXGQ\]DSOXW\QLHRNU]HVDQ\VNXUZOX*HRUJLHVLHG]LDáPLĊG]\PQąDW\P
KDGNLP-RáRSHPVLĊJQąáHPSU]H]QLHJRLSLąFKQąáHP-RáRSDZXVWR-RáRSVLĊ]G]LZLá
MDSVNRPXVLĊRWZDUáRLVLHG]LDáRFLHUDMąFVRELHEOXWJUDEą]U\áDZRV]RáRPLHQLXá\SLąF
WRMDNPXFLHNQLHF]HUZRQHWR]QyZQDPQLH
 &]HJRPLWR]DFR]URELáHĞ"VS\WDáMDNWRRQSRFLHPQLDFNX0DáRNWR]DNDSR-
ZDáFR]URELáHPDNWRZLG]LDáWHQQLHXZDĪDá6WHUHRE\áR]QRZXZNOXF]RQHLJUDáRFRĞ
EDUG]RU]\JRWOLZHJRQDHOHNWURQLF]QąJLWDUĊ
 2GEDáDNQąáHPPX
 =DWRĪHMHVWHĞVNXUZOHPEH]Z\FKRZDQLDLEH]MHGQHMPDOHMV]HMNURV]NLSRMĊFLD
MDNVLĊ]DFKRZ\ZDüSXEOLF]QLHRW\EUDFLV]NXPyM
 -RáRSQDWRá\SQąáQDPQLH]ĊERURĪQR]á\PRNLHPLJDGD
:WDNLPUD]LHMDQLHOXELĊĪHWR]URELáHĞ,QLHMHVWHPMXĪWZyMEUDFLV]HNLQLHPDP
Ī\F]HQLD:\Mąá]NDUPDQDZLHONL]DJOXFRQ\WDV]WXNLSU]\W\NDáJRVRELH]ELHUDMąFWĊ
VSá\ZDMąFąF]HUZLHĔFLąJOH]G]LZLRQ\SU]\JODGDMąFVLĊWHPXLPDUV]F]ąFMDNE\PX
VLĊZLG]LDáRĪHNUHZWRGODLQQ\FKPXĪ\NyZDW\ONRQLHGODQLHJR&DáNLHPMDNE\Z\-
ĞSLHZ\ZDáWĊNUHZĪHE\QDGURELüVZRMHZ\FKDPLHQLHVLĊNLHG\WDPWDG]LXODĞSLHZDáD
PX]\NĊ$OHWDILIDFKLFKUDáDVLĊWHUD]KDKDKDSU]\EDU]H]HVZRLPLGUXĪNDPLMHMF]HU-
ZRQHXVWDE\á\ZUXFKXLNDIOHEá\VNDá\QDZHWQLH]DXZDĪ\áDEUXGQHMZXOJDUQL-RáRSD
DTP by SHADE 
7DNSRQDVWRMDV]F]\WRPQLH-RáRSRVNRUELá
 3RZLHG]LDáHP-DNWHJRQLHOXELV]DQDWDPWRQLHPDV]Ī\F]HQLDWRZLHV]FR
]URELüPyMPDá\EUDFLV]NX$QDWR*HRUJLHRVWU\PWRQHPWDNĪHVSRMU]DáHP
 2NHM1LH]DF]\QDMP\
  'OD -RáRSD WR F]\VW\ ]\VN  SRZLDGDP  -RáRS QLH PRĪH E\ü SU]H] FDáH Ī\FLH
ZFLąĪMDNPDá\U\ELRQHN,á\SQąáHPRVWURQDĩRUĪ\ND7HUD]-RáRSVLĊRGH]ZDáDF]HU-
ZRQHPXMXĪWURFKĊPQLHMFLHNáR
 &R]DSUDZRQDWXUDOQHRQPDĪHPXVLĊ]GDMHĪHPRĪHPLGDZDüUR]ND]\DOER
ZU\áRMDNPXVLĊVSRGRED"$NXUDWMDMFRWRPXSRZLHP-HV]F]HPRJĊPXFHSNDPL
RF]\Z\SXĞFLüXPQLHWRW\OHFROXNQąü
 8ZDĪDMSRZLHG]LDáHPWDNFLFKRMDNE\áRPRĪHEQHSU]\W\PVWHUHRPLRWDMąF\P
VLĊSRĞFLDQDFKLVXILFLHL]W\PF]áRQLHPQDWU\SLHFRVLHG]LDáSU]\-RáRSLHLWHUD]MXĪ
JURPNR SRVXZDá VZRMH  ,VNU]\ EOLĪ VLĊ XOWURSW\PDOXWND  3RZLHG]LDáHP  %DF]QLH
XZDĪDMR-RáRSLHPyMD]DOLMHGQ\P]Ī\Z\FKQDW\PĞZLHFLHSUDJQLHV]SR]RVWDü
 -DMDU]HNáMDGRZLFLH-RáRSZLHONLHFLMDMNDĞPDMNDR1LHPLDáHĞSUDZDWDN
URELü0RJĊVLĊ]WREą]HMĞüQDFHSLHQDQyĪQDEU]\WHZNLHG\W\ONR]HFKFHV]DQLH
EĊG]LHV]PQLHEH]SRZRGXV]WXUJDáLWRF]\VWDSUDZGDLUHFKWĪHQLHEĊGĊQDWRSR]ZD-
ODá
 1yĪLSRGDMF]DVRGZDUNáHP
 3HWHVLĊZPLHV]Dá2MHMSU]HVWDĔFLHMXĪZ\GZDMPDá\V]H-HVWHĞP\NXPSOH
QLH".XPSOHVLĊQLHPDMąWDNFKRZDü/XNQLMFLHWDPMXĪSDUXPDOF]\NRPU\MHVLĊWDN
REOX]RZDá\ĪHUHFKRF]ą]QDVMDNE\VLĊQDELMDOL0XVLP\VLĊWU]\PDüMHGHQ]DGUXJLH-
go.
 -RáRSPXVLRGU]HNáHPQDXF]\üVLĊJG]LHMHVWMHJRPLHMVFH5HFKW"
 =DUD]SRZLDGD*HRUJLH&RWR]DPRZDRPLHMVFX3LHUZV]HVá\V]ĊRXF]HQLX
VLĊJG]LHF]\MHPLHMVFH
 3HWHRGH]ZDáVLĊ-DNMXĪPDE\üSRSUDZG]LH$OH[WRQLHSRZLQLHQHĞGDü-R-
áRSRZLWHMOXI\RQHQLHE\áDVáXV]QD3RZLHPWRMHGHQUD]LNURSND0yZLĊFLWR]FDá\P
V]DFXQNLHPDOHMDNE\ĞPQLHWDNGRáRĪ\áWRE\ĞPL]DWRRGSRZLDGDá:LĊFHMQLHSR-
ZLHP,XWRSLáU\áRZVWDNDQLH]POHNLHP
 &]XáHPMDNURĞQLHZHPQLHZĞURGNXUD]GUD]DOHVWDUDáHPVLĊWRXNU\üPyZLąF
VSRNRMQLH0XVLE\üMHGHQZRĪDW\'\VF\SOLQDE\üPXVL5HFKW"ĩDGHQQLHRGND]Dá
DQLVáRZDQDZHWEDV]NąQLHNLZQąá0QLHZĞURGNXZH]EUDáMHV]F]HJRUV]\UD]GUD]DSR
ZLHU]FKXVSRNyM
 -DSRZLHG]LDáHPGRZRG]ĊZDPLRGGDZQD:V]\VF\MHVWHĞP\NXPSOHDOH
NWRĞ PXVL GRZRG]Lü 5HFKW" 5HFKW"  :V]\VF\ WDN MDNE\ NLZQĊOL DOH ] SRZĞFLąJLHP
-RáRSRVXV]\áVRELHUHV]WNĊMXFK\7RRQVLĊRGH]ZDá
 5HFKWUHFKW1RLIDMQRIDMQ0RĪHZV]\VWNLHVąWURFKĊXVWDZV]\/HSLHMMXĪQLH
JDGDü%\áHP]DVNRF]RQ\LGDĪHPHPQRĪNRVSXNQLĊW\ĪH-RáRSQDJOHWDNXPQR]DED-
áDNDá-RáRSGREDZLá$WHUDERMNLQDMOHSLHMGRNRMNLF]\OLĪHVXQLHP\QDFKDWĊUHFKW"
%\áHPQDLVWRSRUDĪRQ\7DPFLGZDMNLZQĊOLĪHUHFKWUHFKWUHFKW:LĊFPyZLĊ
 7\SRQLDá-RáRSRFRE\áWHQVWXNZXVWR0X]\NDSDQLPDMHV]0QLH]DZV]H
RGELMDNLHG\G]LXV]NDĞSLHZDDMDNLHĞZS\FKOHSU]HV]NDG]D1RLWDNZ\V]áR
 7RLG]LHPGRQRU\LZNLPRQRSRZLDGD-RáRS-DNGODPDOF]\NyZFRURVQą
WRE\áDGRĞüGáXJDQRF5HFKW"5HFKWUHFKWNLZQĊOLWDPFLGZDM:LĊFMDQDWR
 3RPRMHPXWRF]DVLĞüQDFKDWĊ-RáRSWRQLHSáRFKRSU]\GXPDá-DNE\LP\VLĊQLH
VSRWNDOLZG]LHĔREUDFLV]NRZLHWRFR]DZWUDZW\PVDP\PF]DVLHLPLHMVFX"
 2ZV]HPSRZLDGD*HRUJLH'DVLĊ]URELü
 -DVLĊPRĪHQLHPQRĪNRVSyĨQLĊPyZL-RáRS:VLRWDNLZW\PVDP\PPLHMVFX
LSUDZLHZW\PVDP\PF]DVLHQDW\UOLN&LąJOHVRELHSU]\W\PREFLHUDOXVWRFKRFLDĪ
MXFKDPXMXĪQLHFLHNáD1RLSRZLDGDPDPQDG]LHMĊĪH]DZWUDĪDGQDSVLRFKDWX
QLHEĊG]LHĞSLHZDü,GDáWRVZRMHZLHONLHKRKRKRKRKRSRV]XWQLDFNXMDNWR-RáRS
:\JOąGDáRQDWRĪHMHVW]DJáXSLQDZHWĪHE\VLĊIHVWRVNRUELü
DTP by SHADE 13
 :LĊFUR]HV]OLP\VLĊDPQLHVLĊF]NDáREUUUOKHS"RGWHM]LPQHMNROLFRMąZ\GR-
LáHP%U]\WHZGRJUG\NPLDáHPSRGUĊNąQDZ\SDGHNMDNE\NXPSOH%LOO\ER\DF]HNDOL
NRáREORNXDOERZRJyOHNWyUDEąGĨ]LQQ\FKEDQGMDF]HMHNF]\JDQJyZFRLUD]E\-
ZDáRZERUELH-DSRĪ\ZDáHPQDFKDFLH]HVWDU]\NDPLE\áRWRĪ\OLV]F]HZ%ORNX0XQL-
F\SDOQ\P$PLĊG]\.LQJVOH\$YHQXHL:LOVRQVZD\'RJáyZQHJRZHMĞFLDGRWDUáHP
EH]NáRSRWXFKRFLDĪMDNSRGFKRG]LáHPWRZU\QV]WRNXZDODáVLĊMHGHQPDOF]\NLZ\á
LMĊF]DáFDá\EDUG]RIDMQLHSRNUDMDQ\ZUD]UH]DSRGODWDUQLDPLWHĪZLGQHE\á\JG]LHQLH-
JG]LHVPXJLNUZLMDNUR]SLVNDREUDFLV]NRZLHPRL]XEDZXWHMQRF\8ĞZLDGF]\áHPWHĪ
]DUD]SU]\$U]XFRQHWUXVNLMDNLHMĞG]LRENLZLGRF]QLH]GDUWH]QLHMQDVLOLáRZJRUąFHM
FKZLOLREUDFLV]NRZLHPRL1RLGRĞURGND:KROXQDĞFLDQDFKIDMQRVWDUHPDORZLGáR
ZVW\OXPXQLF\SDOQ\PVDPHGREU]HUR]ZLQLĊWHPXĪ\NLLSVLF]NLZSRZDG]HLJRGQRĞFL
WUXGXSU]\ZDUV]WDFLHLPDV]\QLHEH]MHGQHMQLWNLFLXFKyZQDW\FKVZRLFKRGOLF]QRPLĊ-
ĞQLDW\FKFLHOVNDFK$OHRF]\ZLĞFLHPDOF]\NLSRĪ\ZDMąFHZ$MDNVLĊE\áRVSRG]LHZDü
XSLĊNV]\OLLQDGREDZNĊXNUDVLOLWHQZLHONLPDOXQHNSDGFKDG]LDV]F]\PNXONRZFHPLPD-
]DNLHPGRSLVXMąFLPNXGá\LVWRMąFHFKRMDNLLĞZLĔVNLHWHNVW\ZEDORQLNDFKZ\áDĪąF\FK
W\PJRáRJX]\P WR]QDF]\QDJLP F]áRQLRPLU]HĪXFKRP]GRVWRMQ\FKXVW3RV]HGáHP
GROLIWXDOHQDZHWQLHQXĪQRE\áRQDFLVNDüHOHNWURNQRSNLĪHE\VSUDZG]LüF]\WRG]LD-
áDF]\QLHERZLGDüWHMQRF\NWRĞWDNKRUURUV]RáWXWDMáRPRWQąáDĪPHWDORZHGU]ZL
VLĊ]XSHáQLHZJLĊO\U]HF]\ZLĞFLHE\áDWRQLHOLFKDNU]HSDZLĊFSU]\V]áRPLVLĊF]áDSDü
SLHV]NRPG]LHVLĊüSLĊWHUSRGJyUĊ.OąáHPLVDSDáHPZGUDSXMąFVLĊXPĊF]RQ\JRU]HM
QDFLHOVNXQLĪQDPy]JáRZLX:SURVWQLHZ\QRVLPRFKFLDáRPLVLĊZWHQZLHF]yUPX]\NL
PRĪHPQLHWDG]LXONDSRG.URZąWDNUXV]\áD&KFLDáHPVLĊQLąWDNMDNE\QDĪUHüGRV\WD
]DQLPRVWHPSOXMąPLSDV]SRUWREUDFLV]NRZLHQDJUDQLF\QDMZLĊNV]HJRNLPRQDLSRG-
QLRVąWHQSDVLDVW\V]ODEDQĪHE\PQLHWDPSU]HSXĞFLü
 2GNOXF]\áHPGU]ZLQXPHUZáDVQ\PNOXF]\NLHPLZĞURGNXQDV]HPLQLĪ\OLV]-
F]HSRND]DáRVLĊFLFKXWNLHRMF]\NLPDFLFD]QDMGRZDOLVLĊZNUDLQLHVQXDQDVWROHPDW\
PLSRáRĪ\áDQLHPQRĪNLSU]HNąVRWSDUĊNXVRF]NyZJąEF]DVWHMSXV]NRZLQ\]MHGQ\P
F]\GUXJLPEXWHUEURWHPLVWDNDQF]\N]LPQHJRVWDUHJRPOHND+RKRKRVWDUHPOHF]-
NRDZQLPDQLĪ\OHWDQLV\QWHPHVNXDQLGUHQNURPX7HUD]WRMXĪQDMQLHZLQQLHMV]H
POHNREUDFLV]NRZLH]DZV]HZ\GDPLVLĊWDNLHRNUXWQLH]áH-HGQDNSLáHPWRLĪDUáHP
DĪ FKDUF]ąF EDUG]LHM JáRGQ\ QLĪ PL VLĊ ] SRF]ąWNX ]GDZDáR Z]LąáHP WHĪ RZRFRZHJR
SDMD]HVSLĪDUQLRGU\ZDáHP]QLHJRFDáHJUXG\LSFKDáHPVRELHZWRĪDUáRF]QHXVWR
3yĨQLHMXP\áHP]ĊE\LSRFPRNDZV]\DE\VRELHRF]\ĞFLüVWDUHMDSVNRFKOLSDGáHP F]\OL
MĊ]RUHP  XGDáHP VLĊ GR VZRMHJR SRNRLNX F]\OL NRPQDWNL  R]ZáyF]ąF VLĊ SR GURG]H
]FLXFKyZ7XE\áRPRMHZ\UNRLWHUHRS\FKRWDPRMHJRĪ\FLDLPRMDV]DID]Sá\WDPL
LIODJLLSURSRUF]\NLQDĞFLDQDFKMDNSDPLąWNLPHJRĪ\ZRWDZSRSUDZF]DNDFKRGMHGH-
QDVWHJRURNXĪ\FLDEUDFLV]NRZLHPRLZV]\VWNLHDĪĞZLHFąFHVLĊL]Z\SXNáąQD]ZąDOER
QXPHUHP3RáXGQLH6]NRáD3RSUDZF]D0HWUR6HNFMD1LHELHVNLFK&KáRSDNL]$OSKD
 0DáHJáRĞQLNLPRMHJRVWHUHRE\á\UR]PLHV]F]RQHSRFDá\PSRNRMXQDVXILFLHĞFLD-
QDFKSRGáRG]HWDNĪHZ\FLąJQLĊW\QDáyĪNXLVáXFKDMąFPX]\NLE\áHPMDNE\RWRF]RQ\
LVSOąWDQ\ZVLHFLDFKRUNLHVWU\:LĊFWHMQRF\OHĪDáPLSU]HGHZV]\VWNLPQRZ\NRQFHUW
VNU]\SFRZ\WHJR$PHU\NDĔFD*HRIIUH\D3ODXWXVDNWyU\Z\NRQXMH2G\VVHXV&KRHULORV
]RUNLHVWQLILOKDUPRQLLZ0DFRQ*HRUJLDZLĊFZ\VP\NQąáHPJR]PLHMVFDJG]LHE\á
WURVNOLZLHUR]SRáRĪRQ\ZNOXF]\OHPQDVWHUHRLF]HNDP
 1RLEUDFLD]DF]ĊáRVLĊ2FKQLHERZXV]DFKQLHERLEáRJRĞü/HĪDáHPFDáNLHP
QDJLGRVXILWX]JUDEDPLSRGJáRZąQDSRGXV]FHRF]\PDMąF]DPNQLĊWHXVWRUR]G]LD-
ZLRQH ] UR]NRV]\ ]DVáXFKDQ\ Z ]DOHZ NUDVLZ\FK GĨZLĊNyZ 2FK FR ]D XFLHOHĞQLRQH
ZVSDQLDOVWZRLSU]HZVSDQLDáRĞü3X]RQ\PLSRGáyĪNLHPNUXV]\á\F]HUZRQH]áRWRD]D
PRMąJáRZąWUąENLWURMDNRVUHEURPLHQLąFHVLĊDWDPXGU]ZLNRWá\WRF]ąPLVLĊSRNLV]-
NDFKL]QyZ]QLNá\FKUXSQLĊWHMDNJURP]FXNUX2FKNDNRMFXGZVLHFKFXGyZ$SRWHP
WHQSWDNQLE\]QDMZąWOHMXSU]ĊG]LRQ\FKPHWDOLQLHEDDOERMDNVUHEU]\VWHZLQRSá\QąFH
ZNRVPRORFLHFLąĪHQLHMXĪF]HSXFKDLW\OHVNU]\SFHVRORZ]ELá\VLĊSRQDGLQQHVP\F]NL
DWHLQQHVWUXQ\MDNMHGZDEQDNODWNDZRNyáPRMHJRáyĪND3RWHPIOHWLREyMZNUĊFLá\VLĊ
DTP by SHADE 
MDNUREDNLMDNJG\E\SODW\QRZHZJĊVWHFLąJQąFHVLĊWRIIL]áRWDLVUHEUD7DNEáRJRPL
E\WREUDFLV]NRZLH2MF]\NLPDFLRFKDZVZRMHMV\SLDOQLRERNQDXF]\OLVLĊMXĪQLHVWXNDü
ZĞFLDQĊRWHQMDNRQLWRQD]\ZDOLKDáDV3U]\XF]\áHPLFK7HUD]ZROąSLJXáNLQDVHQ
0RĪHMXĪMH]DĪ\OLZLHG]ąFMDNDWRGODPQLHUDGRĞüWDQRFQDPX]\ND7DNVáXFKDMąFMHM
]]DFLĞQLĊW\PLJáD]DPLĪHE\]DPNQąüZQLFKWĊEáRJRĞüOHSV]ąQLĪMDNLEąGĨ*RGF]\
*RVSRGSRV\QWHPHVNX]ZLG\ZDáHPWDNLHOXEHZLGRNL:W\FKSU]\ZLG]HQLDFKPXĪ\NL
LSVLRFK\PáRG]LLZDSQLDNLZDODOLVLĊSR]LHPLVNU]\F]ąFROLWRĞüDMDUHFKRWDáHPFDáą
JĊEą L ZNUĊFDáHP LP Z U\áD VZyM EXW , WH SVLF]NL REG]LHUDQH L NU]\F]ąFH SU]\SDUWH
GRPXUXDMDQLFW\ONR]DS\FKDPZQLHMDNPDF]XJąLU]HF]\ZLĞFLHNLHG\WDPX]\ND
DE\áRWRFDáHZMHGQHMF]ĊĞFLZVSLĊáDVLĊQDVDPV]F]\WVZRMHMQDMZ\ĪV]HMZLHĪ\WR
MDOHĪąFQDáyĪNX] ]DFLĞQLĊW\PL JDáDPLL ] áDSDPLSRGEDV]NąSĊNáHPL ]EU\]JDáHP
VLĊZU]HV]F]ąFDDDDDDDFK]WHMUR]NRV]\,WDNGRĞOL]JDáDVLĊWDSU]HZRVFKRGQRNUDVLZD
PX]\NDGRVZHJRĪDU]ąFHJRVLĊNRĔFD
 3yĨQLHMND]DáHPVRELHIDMQHJR0R]DUWD-RZLV]RZąL]QyZE\á\QRZHZLGRNLLQ-
Q\FK PRUG ĪHE\ MH UR]NZDV]Dü L PLDĪGĪ\ü D SRWHP VRELH SU]\GXPDáHP ĪH PD E\ü
MHV]F]HMHGQDSá\WD]DQLPSU]HNURF]ĊJUDQLFĊLFKFLDáHPFRĞVWDU\FKRZVNLHJRDPRF-
QHJR L EDUG]R ]ZDUWHJR ZLĊF SXĞFLáHP - 6 %DFKD .RQFHUW EUDQGHQEXUVNL QD VDPH
ĞUHGQLHLQLVNLHVP\F]NL,VáXFKDMąFJR]MHV]F]HLQQąUR]NRV]ąQLĪSU]HGWHP]REDF]\-
áHPDSLDüWHQW\WXáQDEXPDG]H]NWyUąXVNXWHF]QLáHPUD]UH]WHMQRF\MXĪMDNE\GDZQR
WHPXZWHMGDF]\FRMąQD]ZDOL'20&,8%\áRZQLPFRĞRPHFKDQLF]QHMSRPDUDĔF]\
6áXFKDMąF-6%DFKD]DF]ąáHPOHSLHMQLĪGRWąGNDSRZDüFRWR]QDF]\QRLSU]\GXPDáR
PLVLĊFKáRQąFEUą]RZąZVSDQLDáRĞüWHJRVWDURĪ\WQHJRQLHPLHFNLHJRPLVWU]DĪHZDUWR
E\áR LP RERMJX GDü MHV]F]H JRUV]\ áRPRW L UR]G]LDUJDü LFK QD VWU]ĊS\ SR LFK ZáDVQHM
SRVDG]FH
.
4
.
 1D]DZWUDREXG]LáHPVLĊRyVPHM]HUR]HUREUDFLV]NRZLHPRLDĪHZFLąĪF]XáHP
VLĊ]U\SDQ\LZ\PLĊW\LVNXW\LVSOXW\LSDWU]DONLPLVLĊQRUPDOQLHNOHLá\RGWHJRĞSLNX
WRSRP\ĞODáHPĪHQLHSyMGĊG]LVLDMGRV]NRá\3RGXPDáHPĪHáXF]V]HSREDUáRĪĊVRELH
MHV]F]HFLXWZáyĪNXWDN]F]DVLNDOERGZDSRWHPVLĊáDGQLHLQLHĞSLHV]ąFXELRUĊPRĪH
VLĊQDZHWSRSOXVNDPZNąSLyáFH]URELĊWRVWDLSRVáXFKDPFRZUDGLRDOERĪXUQDáSRF]\-
WDPVDPQDVDPRJZDáWLDG]LQRNR$GRSLHURQDSRODQF]XMDNPLVLĊEĊG]LHFKFLDáRWR
PRĪHZGHSQĊGRVWDUHMU]\JRá\LSRSDWU]ĊFRVLĊNLWODVLZW\PSU]\E\WNXQLNXG\V]QHM
GRQLF]HZRQLHVSRVREQHMQDXNLREUDFLV]NRZLHPRL6á\V]DáHPMDNPyMWDWDWD]U]ĊG]L
LWáXF]HVLĊLZUHV]FLHZ\E\ZDGRWHMIDUELDUQLJG]LHSUDFROLáL]DUD]PDFLRFKD]DZRáDáD
DOHWHUD]MXĪWDNSRQDVWRMDV]F]\]V]DFXQNLHPMDN]DF]ąáHPUyĞüGXĪ\LNU]HSNL
 -XĪSRyVPHMV\QXĩHE\ĞVLĊ]QyZQLHVSyĨQLá
 7R MD RGNU]\NQąáHP  %DV]ND PQLH FLXW SREROHZD -DN QLH EĊG]LHV] PL MHM ]D-
ZUDFDüWRVSUyEXMĊVLĊSU]HVSDüLQDSRSRáXGQLHEĊGĊJLW8Vá\V]DáHPMHMWDNMDNE\
Z]G\FKLU]HNáD
 7R]RVWDZLĊFLĞQLDGDQLHZSLHF\NXV\QX%RPXV]ĊMXĪLĞü,IDNW\F]QLHE\áR
WRSUDZRGODZVLHFKNWRQLHU\ELRQHNQLH]U\ELRQNLHPLQLHFKRU\ĪHPXVLLĞüLUDER-
WDü0RMDPDüSUDFROLáDZMHGQ\P*RVPDUNHFLHMDNWRQD]\ZDOLáDGXMąFQDSyáNL]XSĊ
LIDVROĊZSXV]NDFKLW\PSRGREQ\V]DMV:LĊFXVá\V]DáHPMDNZVWDZLDEU]GĊNWDOHU]
GRJD]RZHJRSLHF\NDDSRWHPZáRĪ\áDEXW\Z]LĊáDNDSRWĊ]]DGU]ZLLDSLDüZ]G\FK-
QĊáD L SRZLHG]LDáD  7R MD Z\FKRG]Ċ V\QNX  $OH MD XGDZDáHP ĪH MHVWHP DEUDWQR
ZNUDMXVQyZLQDLVWR]DUD]PLVLĊIDMQLH]DNLPDáRLPLDáHPWDNLG]LZQ\LMDNE\FDáNLHP
QDVWRMDV]F]\GU]\PZNWyU\PSU]\ĞQLáPLVLĊPyMGUXJ*HRUJLH:W\PSU]\ZLG]HQLX
RQ ]URELá VLĊ MDNE\ GXĪR VWDUV]\ L XFK MDNL WZDUG]LHO L RVWU]DN L EDáDNDá R G\VF\SOLQLH
LSRVáXV]HĔVWZLHLMDNZV]\VWNLHPDOF]\NLSRGMHJRU]ąGDPLPDMąVNDNDüLMXĪLUD]
LVDOXWRZDüMDNZZRMVNXDMDVWDáHPZV]HUHJXMDNZV]\VF\PyZLąFWDMHVVLQLHV
DSRWHPXZLG]LDOHPZ\UDĨQLHĪH*HRUJLHPDWHJZLD]GNLQDSOHF]DFKLMHVWQRUPDOQLH
DTP by SHADE 15
JHQHUDá$SRWHPZH]ZDáVWDUHJR-RáRSD]EDWHPD-RáRSE\áGXĪRVWDUV]\LVLZ\LQLH
GRVWDZDáRPXSDUX]ĊEyZFRE\áRZLGDüNLHG\VLĊGDáZUHFKRWQDPyMZLGRNDSRWHP
PyMGUXJ*HRUJLHU]HNáSRND]XMąFQDPQLH7HQPXGDNPDQDFLXFKDFKVDPIHNDá
LEUXG
LWDNE\áRIDNW\F]QLH1DWRMDGDáHPNU]\N1LFELMFLHPQLHSURV]ĊZDVEUDFLV]-
NRZLHLFKRGX$OHXFLHNDáHPWDNMDNE\ZNyáNRL-RáRSWXĪ]DPQąDREĞPLHZDáVLĊ
ĪHPDáRVRELHáEDQLHRGUHFKRWDáLWU]DVNDá]ELF]DDFRPQLHIHVWVLHSQąáW\PEDWHP
WRMDNE\G]ZRQHNHOHNWURGU\QGU\QGU\QGU\QGDáRF]HĔJURPNRLRGG]ZRQNDWHĪEyO
MDNE\PQLHG]LDUJDá
 7DNLREXG]LáHPVLĊZQLH]DSQRDVHUFHPLEDFKEDFKEDFKLQDW\UOLNIDNW\F]QLH
G]ZRQHN EUUUUU GDUá VLĊ RZV]HP G]ZRQHN GR QDV]\FK GU]ZL 8GDZDáHP ĪH QLH PD
QLNRJRZGRPXDOHWREUUUUUQLHXVWDZDáRDSRWHPXVá\V]DáHPJáRVZRáDMąF\SU]H]WH
GU]ZL1RMXĪGRĞüWHJRZ\áDĨ]Z\UDZLHPĪHVLĊZ\OHJXMHV]2GUD]XSR]QDáHP
JáRV7RE\á35'HOWRLG MDNPRĪQDVLĊWDNQD]\ZDü PyMWDN]ZDQ\3RUHKDELOLWDF\M-
Q\'RUDGFDSU]HFLąĪRQ\URERWąJU]G\OPDMąF\VHWNLWDNLFKQDUR]NáDG]LH.U]\NQąáHP
UHFKWUFFKWUHFKWJáRVHPWDNLPZLĊFHM]ERODá\PLZVWDZV]\]áyĪNDSU]\RG]LDáHPVLĊ
REUDFLV]NRZLHPRLZEDUG]RIDMQ\DGáXJLSRGRPMDNE\]MHGZDELXDZV]ĊG]LHQDW\P
SRGRPLH E\á\ Z]RU\ Z WDNLH MDNE\ JURPDGQH PLDVWD 3RWHP JLU\ ZVDG]LáHP Z WDNLH
EDUG]R XGREQH SXFKDWH WXIOH XF]HVDáHP EXMQ\ VZyM SU]HS\FK L MXĪ E\áHP JRWyZ GOD
35'HOWRLGD.LHG\PXRGNOXF]\áHPZWDUDEDQLáVLĊZ\PLĊW\]Z\JOąGX]HVWDUą]H-
V]PDFRQąV]ODSąQDEDV]FHZ]EUXGáDFKDQ\PGHV]F]RZFX$QDV]$OH[SRZLDGD
6SRWNDáHPWZRMąPDWNĊQRWDN&RĞPyZLáDĪHFLHELHJG]LHĞEROL'ODWHJRQLHMHVWHĞ
ZV]NROHQRWDN
  0DP GRWNOLZ\ EyO JáRZ\ EUDFLV]NX SURV]Ċ SDQD  PyZLĊ VZRLP Z\WZRUQ\P
JáRVHP6SRG]LHZDPVLĊĪHGRSRSRáXGQLDPLUDF]HMSRZLQQRXOĪ\ü
 $MXĪGRZLHF]RUDQDSHZQRQRWDNSRZLDGD35'HOWRLG:LHF]yUWRQLH]áD
SRUD$OH[PyMFKáRSF]HFR"6LDGDMSRZLHG]LDáVLDGDMVLDGDMMDNE\WRE\áDMHJR
FKDWDDMDXQLHJR]DJRĞFLD,XVLDGáQDW\PVWDU\FKRZVNLPEXMDNXPRMHJRIDFLDLZ]Ląá
VLĊEXMDüMDNE\SRWRSU]\V]HGá
 0RĪHF]DV]NĊVWDUHJRF]DMXSURV]ĊSDQD"]DS\WDáHP7R]QDF]\KHUEDW\
 1LHPDPF]DVXRGU]HNá,EXMDáVLĊDQDPQLHEUZL]PDUV]F]\ZV]\ZFLąĪVLĊ
VSRGHáELáLEá\VNEá\VNMDNE\ZV]\VWHNF]DVQDĞZLHFLHE\áMHJR&]DVXQLHPDPRZ-
V]HPSRZLDGDQRFDáNLHPSRGXUDFNX:LĊFQDVWDZLáHPF]DMQLN$SRWHPPyZLĊ
&]HPX]DZG]LĊF]DPWĊQLH]Z\NáąSU]\MHPQRĞü"&]\FRĞVLĊVWDáRSURV]ĊSDQD"
 6WDáRVLĊ"RGND]DáEDUG]RE\VWURLFK\WURá\SLąFQDPQLHMDNE\SU]\F]DMRQ\
DOH NUXJRP EXMDMąF VLĊ 3RWHP SU]\XZDĪ\á RJáRV]HQLH Z JD]HFLH FR OHĪDáD QD VWROH
NUDVLZDLXĞPLHMQLHSDWU]ąFDPáRGDSVLF]ND]JUXGNDPLZ\ZLHV]RQ\PLQDF]HĞüREUD-
FLV]NRZLHPRL8URNyZ6áRQHF]Q\FK3ODĪ-XJRVáDZLL3RF]\PWDNMDNE\JáRWQąZV]\Mą
QD GZD NĊV\ ]DS\WDá  $ GODF]HJR SRP\ĞODáHĞ Z WHQ VSRVyE ĪHFRĞ PLDáR VLĊ VWDü"
=URELáHĞFRĞWDNLHJRFRVLĊQLHQDOHĪDáRWDN"
 7RWDNLHSRZLHG]HQLHSURV]ĊSDQDRGU]HNáHP
  1R WR  U]HNá 3 5 'HOWRLG  MD PDP GOD FLHELH WHĪ WDNLH SRZLHG]RQNR ĪHE\Ğ
XZDĪDá$OH[PyMPDOXWNLER]DQDVWĊSQ\PUD]HPRF]\PEDUG]RGREU]HZLHV]WR
MXĪEĊG]LHU]HV]RWNDNUDW\LFDáDPRMDIDW\JDQDQLF-DNFLMXĪQLHĪDOWHJRRK\GQHJR
VLHELHWRSU]\QDMPQLHMQDPQLHPLHMZ]JOąGĪHPVLĊQDGWREąQDSRFLá*UXEDF]DUQD
NUHFKDSRZLHPFLZ]DXIDQLX]DNDĪGHJRQLH]UHVRFMDOL]RZDQHJR3U]\]QDQLHVLĊGR
NODS\]DNDĪGHJR]ZDVFRNRĔF]\ZWHMSRNUDWNRZDQHMG]LXU]H
  1LF ]URELáHP QLF ]áHJR SURV]Ċ SDQD  RGSRZLHG]LDáHP  0LOL F\MQLDNL QLF QLH
PDMDQDPQLHEUDFLV]NXWR]QDF]\SURV]ĊSDQD
  7HM PRZ\ R PLá\FK F\MQLDNDFK WR PL QLH ZVWDZLDM  U]HNL QD WR 3 5 'HOWRLG
EDUG]RXVWDZV]\DOHFLąJOHEXMDMąFVLĊĩHSROLFMDFLĊRVWDWQLPLF]DV\QLH]ZLQĊáDWR
QLH]QDF]\RF]\PFLGRVNRQDOHZLDGRPRĪHQLHZGDáHĞVLĊZMDNLHĞáDMGDFWZR=HV]áHM
QRF\E\áRWURFKĊKDUDWDQLQ\PRĪHQLH"3RV]á\QLHFRZUXFKPDMFKU\LáDĔFXFK\RGUR-
DTP by SHADE 
ZHUyZLW\PSRGREQH-HGHQ]SU]\MDFLyáSHZQHJR7áXĞFLRV]ND]RVWDáRSyĨQHMJRG]LQLH
]DEUDQ\SU]H]SRJRWRZLH]RNROLFHOHNWURZQLLRGZLH]LRQ\GRV]SLWDODEDUG]RQLHPLOH
SRNUDMDQ\QRWDN3DGáRWZRMHQD]ZLVNR:LDGRPRĞüGRV]áDGRPQLHWDGURJDFR]D-
ZV]H:VSRPQLDQRUyZQLHĪSDUX]WZRLFKSU]\MDFLyá:\JOąGDQDWRĪHRVWDWQLHMQRF\
WUDILáRVLĊFDáNLHPVSRURGRĞüUyĪQRURGQHJREUXWDOVWZD2FKXGRZRGQLüWRQLF]HJRQLH
PRĪHQLNWLQLNRPXMDN]Z\NOH$OHMDFLĊRVWU]HJDP$OH[MDNRWHQGREU\SU]\MDFLHO
NWyU\P]DZV]HE\áHPGODFLHELHPyMPDOXWNLMDNRMHG\Q\F]áRZLHNZFDá\PW\PSRKD-
UDWDQ\PLFKRU\PVSRáHF]HĔVWZLHNWyU\MHV]F]HFKFHFLĊXUDWRZDüSU]HGWREąVDP\P
 :V]\VWNRWRGRFHQLDPSURV]ĊSDQDRGSRZLHG]LDáHPV]F]HU]HL]JáĊELVHUFD
 7DNGRFHQLDV]FR"MDNE\VNU]\ZLáVLĊL]DV]\G]Lá7\ONRXZDĪDMLWRZV]\VWNR
QRWDN0\ZLĊFHMZLHP\QLĪFLVLĊZ\GDMHPyMFKáRSF]H,MHV]F]HSRZLHG]LDáJáR-
VHPEDUG]RFLHUSLąF\PDOHZFLąĪEXMDMąFVLĊEXMXEXMX&RZDVRSĊWDáR"%DGDP\WHQ
SUREOHPLEDGDP\MXĪSUDZLHRGVWXOHFLDWDNLQLHSRVXQĊOLĞP\VLĊRNURN0DV]WXWDM
QLH]á\GRPLNRFKDMąF\FKURG]LFyZPy]JWHĪQLHQDMJRUV]\&]\WRMDNLĞGLDEHáZFLHELH
ZVWĊSXMH"
  1LNW QD PQLH QLF QLH PD SURV]Ċ SDQD  RGSRZLHG]LDáHP  -XĪ RG GDZQD QLH
ZSDGáHPZJUDE\SROXF\MQLDNRP
 ,WRPQLHPDUWZLZHVWFKQąá35'HOORLG-DNGOD]GURZLDWRWURFKĊ]DGáXJR
:HGáXJPRLFKREOLF]HĔMXĪF]DVQDFLHELH,GODWHJRFLĊRVWU]HJDP$OH[ĪHE\ĞSU]HVWDá
SFKDü VZyM SU]\VWRMQ\ PáRG\ U\M Z EáRWR PyM PDOXWNL QR ZáDĞQLH &]\ Z\UDĪDP VLĊ
GRĞüMDVQR"
 -DNWDIODQLH]PąFRQHJRMH]LRUDRGU]HNáHPSURV]ĊSDQD-DVQRMDNOD]XURZ\
EáĊNLWQDMJáĊEV]HJRODWD0RĪHSDQQDPQLHOLF]\ü,SRVáDáHPPXQDMáDGQLHMV]\]ĊEDW\
XĞPLHFK
 $OHNLHG\RQXV]HGáDMDURELáHPVRELHWHQLPEU\F]HNPRFQHJRF]DMXWRVLĊRE-
V]F]HU]DOHPGRVLHELH]W\FKU]HF]\FR35'HOWRLGLMHJRNXPSOHáDPLąQDGQLPLJáRZĊ
1RLGREUDMDURELĊ]áRQLE\FDá\WHQ]DFKZDWLáRPRWLNUDMDQLHEU]\WZąLWRVWDUHU\SV
Z\SV U\SV Z\SV D MDN PQLH ]áDSLą QR WR W\P JRU]HM GOD PQLHR EUDFLV]NRZLH PRL
QRSHZQLHĪHQLHPRĪQDSURZDG]LüNUDMXJG\E\ZQLPNDĪG\MHGHQWDNZ\SUDZLDáSR
QRF\MDNMD:LĊFMHĞOLPQLHFKDSQąLGRVWDQĊWU]\PLHFK\WXDSRWHPV]HĞüWDPQR
LZUHV]FLHMDNRVWU]HJDPQLHĪ\F]OLZLH35'HOWRLG]DQDVWĊSQ\PUD]HPMXĪPLPR
W\FKPRLFKPáRG]LXWNLFKODWHNEUDFLV]NRZLHZVDP\PJURPDGQ\P]ZLHU]\ĔFXGODE\-
GOąWQLH]WHM]LHPLQRWRSRZLHP5DFMDSDQRZLHW\ONRĪHQLHVWHW\MDQLHFLHUSLĊ
E\ü]DPNQLĊW\ZNODWFH,QDSU]\V]áRĞüEĊGĊVLĊVWDUDáQDWDNąFRZ\FLąJDNXPQLH
VZHĞQLHĪQRELDáHMDNWDOLOLDUDPLRQD]QDF]\VLĊSU]\V]áRĞü]DQLPMDNLĞPDMFKHUGRJRQL
PQLHDOERMXFKDZ\EU\]JDVZyMNRĔFRZ\FKyUZSRVNUĊFDQ\PPHWDOXLUR]SU\ĞQLĊW\P
V]NOHQDDXWRVWUDG]LHEĊGĊVLĊVWDUDáĪHE\ZLĊFHMQLNWPQLHQLH]áDSDá7RMHVWPRZD
MDNWU]D$OHWRREJU\]DQLHVRELHSD]QRNFLXQyJEUDFLV]NRZLHPRLĪHE\GRMĞüMDND
PRĪH E\ü SU]\F]\QD ]áD RG WHJR MD VLĊ PRJĊ W\ONR ]HĞPLDü 1DG SU]\F]\Qą GREURFL
QLHJáyZNXMąZLĊFF]HPXQDRGZUyW"-HĪHOLZS\FKOHVąGREUHWRGODWHJRĪHOXELąDMD
ZFDOHLPW\FKSU]\MHPQRĞFLE\PQLHRGELHUDáLWRVDPRQDRGZUyW$WDNVLĊ]áRĪ\áR
ĪHMDZáDĞQLHZROĊQDRGZUyW$ZGRGDWNX]áRWRFRĞZVDP\PVRELHZWRELHF]\ZH
PQLHVDPQDVDPRJZDáWLDG]LQRNRDWHVLHELHWRZV]\VWNLHSRVWZDU]DáVWDU\*RGF]\
*RVSRGLZW\PMHJRS\FKRWDLUDGRĞü$OHFRMHVWQLHVREąWR]áDQLHĞFLHUSL]QDF]\
ĪHFLZV]\VF\]U]ąGXLVąGXL]HV]NyáQLHPRJąSR]ZDODüQD]áRERE\SR]ZDODOLE\ü
VREą $ F]\ QDV]D KLVWRULD QDMQRZV]D R EUDFLV]NRZLH WR QLH MHVW R W\P MDN G]LHOQH
PDáHNDĪGHVRELH]UDĪDMąVLĊSU]HFLZW\PJURPDGQ\PPDV]\QRP"7RMDZDPFDáNLHP
SRZDĪQLHPyZLĊEUDFLV]NRZLH$OHFRMDURELĊWRURELĊEROXELĊURELü
 :LĊFWHUD]ZWHQXĞPLHFKDMąF\VLĊSRUDQHN]LPRZ\GRMĊVRELHWHQEDUG]RNU]HS-
NLF]DM]POHNLHPLGRWHJRá\FKD]Dá\FKąFXNUXERMHVWHPáDV\QDVáRGNLHD]SLHF\ND
GRVWDáHP ĞQLDGDQLH FR MH GOD PQLH QDV]\NRZDáD PRMD ELGQD VWDUD PDFLRFKD 7\OH FR
MDMNRVDG]RQHDOH]URELáHPVHWRVWDLPODV]F]ąFSRĪDUáHPWRMDMNR]WRVWHPLGĪHPHP
F]\WDMąFJD]HWĊ:JD]HFLHE\áRMDN]Z\NOHRXOWUDNXNXLQDSDGDFKQDEDQNLLVWUDMNDFK
DTP by SHADE 17
LMDNWRSLáNDU]HGRSURZDG]DMąGRWHJRĪHVWUDFKZV]\VWNLFKSDUDOLĪXMHERFLRGJUDĪDMą
VLĊĪHQLHEĊGąJUDüZQDMEOLĪV]ąVRERWĊMDNQLHSRáXF]ą]DWRZLĊFHMV]PDOXWHZUHGQH
PDOF]\NLE\NL,ĪHGDOV]HORW\NRVPLF]QHLVWHUHRWLZL]MHV]F]HZLĊNV]\PLHNUDQDPL
LGDUPRZHSDF]NLP\GODQ\FKSáDWNyZ]DHW\NLHW\RG]XSZSXV]NDFKQLHE\ZDáDRND]MD
W\ONRSU]H]MHGHQW\G]LHĔDĪVLĊREĞPLDáHP,E\áZLHONLJURPDGQ\DUW\NXáR:VSyáF]H-
VQHM0áRG]LHĪ\ ]QDF]\VLĊRPQLHZLĊFXNáRQLáHPVLĊZNODV\F]Q\PVW\OXREV]F]HU]D-
MąF NDIOH MDN ] XPD V]HGáV]\  MDNLHJRĞ WDP EDUG]R XPQHJR á\VRQLD 3U]HF]\WDáHP JR
LVRELHXZDĪQLHEUDFLV]NRZLHĪáRSLąFWHQVWDU\F]DMILOLĪDQD]DWDVNą]DF]DV]NąVLRUE
VLRUE L GR WHJR FKUXS FKUXS NDZDáNL F]DUQHJR WRVWX ]DQXU]RQH Z GĪHP HKHP L MDMNR
ĞPDMNR7HQUR]XPQLDNSLHSU]\áQRUPDOQLHREUDNXURG]LFLHOVNLHMG\VF\SOLQ\MDNRQWR
QD]\ZDáRQLHGRERU]HXF]\FLHOLWDNLFKIHVWKRUURUV]RáFRE\REáRPRWDOLW\PNUZDZ\P
áDSVHUGDNRPLFKQLHZLQQHU]RSLąWNDDĪE\]DF]ĊOLEXKXKXROLWRĞü:V]\VWNRWRKRMG\
ERMG\LGRĞPLHFKXDOH]DZV]HPLáRZLHG]LHüREUDFLV]NRZLHPRLĪHVLĊQDPLFLąJOHLQ-
WHUHVXMą$QLGQLDĪHE\QLHE\áRF]HJRĞR:VSyáF]HVQHM0áRG]LHĪ\DOHQDMOHSV]DU]HF]
MDNąGDOLZWHMVWDUHMJD]HFLHWRNLHG\MDNLĞGUHZQLDNZSVLHMREURĪ\QDSLVDáĪHMDNR
VáXJD%RĪ\LSRJáĊERNLPSU]HP\ĞOHQLXRQXZDĪDLĪ7R6]DWDQ+XOD3RW\P3DGROHàH]
LWDNMDNE\VLĊFK\WUR]DNUDGDZWHPáRG]LXWNLHQLHZLQQHFLDáDLĪHWRĞZLDWGRURVá\FK
MHVWWHPXZLQLHQSU]H]WHVZRMHZRMQ\LERPE\LDEVXUGDOQRĞü1RLJLWJDODQW&K\EDRQ
ZLHFRJDGDVNRUR]QLHJRWHQ]DZRGRZ\NDSáRQLERJXVáDZ"&]\OLĪHGRQDVPáRG\FK
LQLHZLQQ\FKPDOF]\NyZQLHPRĪQDPLHüRQLFSUHWHQVML
 5HFKWUHFKWUHFKW
 -DNMXĪGDáHPSDUĊUD]\K\SK\SQDSFKDZV]\WHQPyMQLHZLQQ\ĪRáąGZ]LąáHP
VLĊGRVWDZDü]V]DI\áDFK\QDG]LHĔZNOXF]\ZV]\UDGLR6]áDPX]\NDEDUG]RIDMQLXWNL
NZDUWHFLNVP\F]NRZ\REUDFLV]NRZLHPRL&ODXGLXVD%LUGPDQDFRJRQLHSáRFKR]QD-
áHP7\ONRDĪHPVLĊREĞPLDáRGSU]\GXPNLMDNZMHGQ\PWDNLPDUW\NXOHR:VSyáF]H-
VQHM 0áRG]LHĪ\ NLHG\Ğ SLVDáR MDND RQD E\áDE\ WD :VSyáF]HVQD 0áRG]LHĪ OHSVLHMV]D
W\ONRĪHE\MąSREXG]DüGR:UDĪOLZRĞFL$UW\VW\F]QHMZ5R]PDLW\FK']LHG]LQDFK6]WXNL
3RG ZSá\ZHP :LHONLHM 0X]\NL SLVDáR WDP L :LHONLHM 3RH]ML WD :VSyáF]HVQD 0áRG]LHĪ
QRUPDOQLHXVSRNRLVLĊLEĊG]LHWDNDZLĊFHM.XOWXUDOQD$KD.XOWXUDOQDV\IĪHPLZMDMD
0QLHREUDFLV]NRZLHPRLPX]\ND]DZV]HWDNQDRVWU]\áDĪHSRF]XáHPVLĊMDNVDP*RG
*RVSRGĪHW\ONRáRPRWW\PSLRUXQHPLJU]PRWHPLĪHE\PLWHPXĪ\NLLSVLRFK\W\ONR
Z\á\ZPRMHMKDKDKDZáDG]\$MDNVRELHRSOXVNDáHPQLHPQRĪNRU\MDLJUDE\LMXĪ
RG]LDZV]\VLĊ PRMHG]LHQQHáDFK\E\á\WDNLHQRUPDOQLHVWXGHQFNLHQRFLHPQRVLQHND-
ORW\LVZHWHU]EXNZą$MDN$OH[ SRP\ĞODáHPĪHSU]\QDMPQLHMPDPF]DV QRLG]LHQJL
ERZNDUPDQDFKE\áRXPQLHGRĞüWHJRNDVDEXEX ]DMU]HüGREXWLNX]Sá\WDPLSRWR
VWHUHR']LHZLąWHM%HHWKRYHQD ]QDF]\VLĊWHM]FKyUDPL FRMąVRELHSU]\U]HNáHPL]D-
ND]DáHPMXĪGDZQRWHPXQDSá\FLH0DVWHUVWURNHZQDJUDQLX(VK6KDP6\PSKRQ\SRG
EDWXWą(O0XKDLZLUD1RLZ\F]RáJDáHPVLĊREUDFLV]NRZLHPRL
 ']LHĔEDUG]RVLĊUyĪQLáRGQRF\1RFWRE\áDPRMDLNXPSOLLZRJyOHQDVWROyZ
DVWDUHEXUĪXMH]DSLHUDá\VLĊZĞURGNXLFKáHSWDá\WHQLGLRFNLSURJUDPĞZLDWRZ\ZWLZL
DOHG]LHĔWRE\áGODGUHZQLDNyZLZVLHJGDZG]LHĔV]DODáRVLĊMDNE\ZLĊFHMV]SLNyZLSROL
PLOLF\MQLDNyZ:VLDGáHPQDURJXZEDVDLSRMHFKDáHPGR&HQWUXPVWDPWąGFRIVLĊSLH-
V]RQD7D\ORU3ODFHLMXĪE\áHPZEXWLNXNWyU\]DV]F]\FDáHPGDMąFPXáDVNDZLH]DURELü
REUDFLV]NRZLH1D]\ZDáVLĊJáXSLR0(/2',$DOHSR]DW\PEDUG]RKRUURUV]RáLQRZH
QDJUDQLDPLHOLWDPZWU\PLJD:FKRG]ĊLQLHE\áRSR]DPQąNOLHQWyZW\ONRGZLHPáRGH
G]LXONLREFLąJDMąFHORGDQDSDW\NX DE\áRWR]DXZDĪFLHVDPRGQR]LP\ LWDNVRELH
MDNE\JU]HELąFHZQRZ\FKSá\WDFK]SRSHP -RKQQ\%XUQDZD\6WDVK.URK7KH0L[HUV
1D9UHP\D8SRNR\DW9DV(G&XP,G0RORWRYLFDá\WHQV]DMV 7HGZLHSVLF]NLPLDá\
QDMZ\ĪHMSRG]LHVLĊüODWLWDNVDPRMDNMDQDZLHUQRND]DZV]\VRELHUDQHNZROQ\RG
U]\JRá\2GUD]XE\áRZLGQRĪHPDMą VLĊ]DFDáNLHPGRURVáHSVLRFK\SRW\PU]XFDQLX
ELRGUHPQDZLGRN2GGDQHJR:DP$XWRUD7\FK6áyZREUDFLV]NRZLHLSRZ\SFKDQ\FK
JUXGNDFKLMDNLHXVWRPLDá\FDáHZUR]F]HUZLHQL3RGV]HGáHPJU]HF]QLHLNDIODPLFDá\
ZXĞPLHFKGRNRQWXDUXJG]LHVWDU\$QG\ RQWHĪZVLHJGDJU]HF]Q\]DZV]HXF]\QQ\
DTP by SHADE 
SRQDVWRMDV]F]\GUHZQLDNQDEDOV]RMPLPRĪHá\V\LEDUG]RDEDUG]RFKXGRV]F]DZ\ 
 $KDSRZLDGDFK\EDZLHPF]HJRSDQV]XND0DPGREUHZLDGRPRĞFLQDZHW
EDUG]RGREUH-XĪSU]\V]áR,áDSVNDPLWDNMDNE\XZLHONLHJRG\U\JHQWDZ\ELMDMąFWDNW
SRV]HGáPLWRSU]\WXUODü'ZLHPDáHSVLF]NL]DF]Ċá\VLĊFKLFKUDüMDNWRZW\PZLHNX
DMDQDQLHá\SQąáHPGRĞüFKáRGQR$QG\ZUyFLáVLĊZWU\PLJDSRPDFKLZXMąFZLHONLP
Eá\V]F]ąF\P ELDá\P NLWOHP ']LHZLąWHM QD NWyU\P R EUDFLV]NRZLH PRL VSRGHáELá VLĊ
QDEXUPXV]RQąMDNE\RGSLRUXQyZPRUGąVDP/XGZLN9DQ3URV]ĊSRZLHG]LDá$QG\
 0RĪH SU]HJUDP\ QD SUyEĊ"  $OH MD FKFLDáHP WR MXĪ PLHü Z GRPX QD PRLP VWHUHR
LSRVáXV]DüVDPQDVDPRJZDáWLDG]LQRNRMXĪQDSDORQ\MDNVDPF]RUW:\JU]HEDáHP
G]LHQJLĪHE\]DEXOLüDMHGQD]W\FKPDá\FKSVLF]HNRG]\ZDVLĊ
 7\V]F]RGRVWDáEUDW".WRWDNLZLHOLNWDNLDG]LQRN"%RWHPDáHSVLF]NLEDáDNDá\
]QyZSRVZRMHPX%RVND6LHGHPQDVWND"/XNH6WHUQH"*RJODU]*RJRO",RELHVLĊ]D-
FKLFKUDá\ZNRá\VLZELRGUR$PQLHZWHG\MDNVWU]HOLSU]\GXPNDPDáRQLHSDGáHP]WHM
XGUĊNL Z UR]NRV] R EUDFLV]NRZLH PRL DĪ G\FKQąü QLH PRJáHP SUDZLH SU]H] G]LHVLĊü
VHNXQG3U]\V]HGáHPZVLHELHZ\NRQDáHPGRQLFKW\PLĞZLHĪRQDELDáRZ\V]RURZDQ\PL
NDIODPLLPyZLĊ
 $FRZ\PDFLHZGRPNXVLRVWU]\F]NLQDF]\PJUDüWHVZRMHSXFKDWHV]F]HELR-
W\"%RSU]\XZDĪ\áHPĪHSá\W\NWyUHRQHNXSXMąWRWDNLSRSFKáDPQDVWRORZDW\
1DZLHUQRPDFLHWDNLHPDáHFLXSFLHXFLXáDQHSRUWDEORMDNWHNUĊFLRáNLQD]LHORQLąWUDZ-
NĊ,PVLĊQDWRGROQDZDUJDWDNMDNE\REFLąJQĊáD3yMG]LHFLH]ZXMNLHP]DJDMDP
LSRVáXFKDFLHMDNWU]D3RVáXFKDFLHWUąEDQLHOVNLFKLSX]RQyZGLDEHOVNLFK&]XMFLHVLĊ
]DSURV]RQH,WDNQLE\ĪHVLĊXNáRQLáHP7HRELH]QyZUR]FKLFKUDá\VLĊLMHGQDPyZL
 2MHMDOHP\MHVWHĞP\JáRGQH2MHMDOHP\E\ĞP\]MDGá\$GUXJDZVWDZLD
'DGDMXĪWRRQDPRĪHSRZLHG]LHüDQLE\QLHPRĪH:LĊFMDRGND]DáHP
 :XMHNQDNDUPLZDV:\ELHU]FLHORNDO
 7XRQHVLĊMXĪSRF]Xá\RF]HĔZ\UDILQRFRE\áRSRSURVWXQRZ]UXV]DMąFHL]D-
F]Ċá\EDODNDüWRQHPZLHONLFKGDPRWDNLFKU]HF]DFKMDN5LW]%ULVWRO+LOWRQ,O5LVWRUDQ-
WH*UDQWXUFRLW\PSRGREQH$MDSU]HNUyFLáHPWRPyZLąF:XMHNZDV]DSURZDG]L
,]DSURZDG]LáHPMH]DQDMEOLĪV]\UyJGR3DVWD3DUORXULGDáHPLPQDSFKDüZWHQLHZLQQH
WZDU]\F]NLVSDJKHWWLLNLHáEDVHNLSW\VLyZLEDQDQDVSOLWyZLJRUąFHMF]HNRODG\DĪPDáR
VLĊQLHSRU]\JDáHPQDVDPZLGRNERMDEUDFLV]NLND]DáHPVRELHW\ONRVNURPQLHSáDW
]LPQHMV]\QNLLDĪZDUF]ąFąJUXGĊSDSU\NDU]D7HPDáHSVLF]NLE\á\GRVLHELHEDUG]R
SRGREQHFKRFLDĪQLHVLRVWU\0LDá\FDáNLHPLGHQWLNRSU]\GXPNLDOERLFKEUDNLZáRV\
WHJRVDPHJRNRORUXWDNMDNE\Z\NUDV]RQHQDVáRPNRZR1XáDGQRRGG]LĞEĊGąMXĪSR
QDVWRMDV]F]\GRURVáH']LĞGDMĊVRELHG]LHĔLQDEDOV]RMĩDGQHMWDPU]\JRá\QDWRSR-
ODQF]HDOHSU]HV]NROHQLHLRZV]HP]$OH[HPZUROLSURIHVRUD3RZLHG]LDá\PLĪHZDELą
VLĊ0DUW\L6RQLHWWDFDáNLHP]XPDV]HGáV]\LPLRQDLVDPV]F]\WPRG\ZLFKG]LHFLĊF\P
ZLHNXQRWRZWHG\MDEDáDNQąáHP
 )DMQRIDMQ0DUW\L6RQLHWWD-XĪF]DVIHVWSRNUĊFLü6SDGDP\-DNZ\V]OLP\QD
]LPQąXOLFĊLPVLĊ]ZLG]LDáRĪHEDVHPQLHSRMDGąRQLHW\ONRWDU\IąQRWRGDáHPLP
GRKXPRUXF]HPXQLHDZĞURGNXVLĊWDNĞPLHFKDáHPĪHSRSURVWXKRUURUV]RWL]JDU-
QąáHPJDEORWĊ]HVWRMDQNLSU]\&HQWUXP7DU\ILDU]VWDU\ZąVDW\SUyFKQLDNZXV]DUJD-
Q\PáDFKXPyZLGRPQLH
 7\ONREH]SUXFLDĩDGQ\FK]DEDZ]VLHG]HQLDPL'RSLHURFRND]DáHPGDüĞZLH-
ĪąWDSLFHUNĊ8NRLáHPMHJRLGLRFNLHREDZ\LSDMHFKDOLP\SRG%ORN0XQLF\SDOQ\$
QRDWHQLHXVWUDV]RQHPDáHSVLF]NLQLFW\ONRFKLFKUDá\VLĊLZV]HSWV]HSW1RLNUyWNR
SRZLHG]LDZV]\GRMHFKDOLP\EUDFLV]NRZLHLZWDV]F]\áFPMHQDJyUĊSRGQXPHU
DWHFDá\F]DVZVLRW\ONR]G\V]DQHLUR]FKLFKUDQHDSRWHPFKFLDáRLPVLĊSLüWRMDQRU-
PDOQLHUR]SDFKQąáHPVNDUEF]\NZPRMHMNRPQDFLHLGDáHPW\PG\FKRODWNRPSRWDNLP
KRUURUV]RáV]NRFLHW\ONRĪH]QLH]áąGREDZNąVRG\WDNLHMFRZLJá\LV]SLONL2QHVLD-
Gá\QDPRLPZ\UNX MHV]F]HQLHSRVáDQ\P LEXMXEXMXQyĪĊWDPLDMDSXĞFLáHPWHLFK
Z]UXV]DMąFHSá\FLąWNDSU]H]PRMHVWHUHR-DNE\VLĊSRFLąJDáRMDNLĞQDSDFKQLRQ\VáRGNL
QDSRLNGODG]LHFLWDNLHWRE\áRMDNE\ZĞOLF]Q\FKLWLXWLXLGURJLFK]áRW\FKSXFKDUNDFK
DTP by SHADE 19
$OHRQHURELá\RFKRFKRFKLSRNU]\NLZDá\:LHU]FKRZHL$OHSU]HOHĞQHLUyĪQH
WDNLHNRSQLĊWHVáyZNDFRE\á\VDPV]F]\WPRG\ZWHMJUXSLHPáRG]LDNyZ:LĊFNUĊFL-
áHPGODQLFKWHQV]DMVL]DFKĊFDáHPGRSLFLDLRQHE\á\ZFDOHQLHRGWHJREUDFLV]NL1R
L]DQLPWHQLFKZ]UXV]DMąF\SRSFKáDPSU]HNUĊFLáRVLĊSRGZDUD]\ WRE\á\GZLHSá\WNL
0LRGRZ\QRVHNĞSLHZDá,NH<DUGL1RFSRGQLXSRQRF\Z\VWĊNLZDQHGRU]\JDQLDSU]H]
GZyFKREH]MDMFyZQD]ZLVNMXĪQLFSDPLĊWDP RELHE\á\MDNWR]Z\F]DMQLHWDNLHPDáH
SVLF]NLSUDZLHĪHXV]F]\WXKLVWHULLDĪFKRG]ąFHSRFDá\PZ\UNXLSRPQLHĪHMHVWHP
]QLPLZWHMNRPQDFLH
 &R VLĊ WDP SR QDVWRMDV]F]\ Z\F]\QLDáR WHJR SRSRáXGQLD WR MD ZDP QLH PXV]Ċ
RSLV\ZDüEUDFLV]NLERVDPLVHPRĪHFLHOHNNRUR]JDGQąü'\FKRODWNLE\á\ZWU\PLJD
UR]G]LDQHLPDáRVLĊQLH]HĞPLDO\ERLPVLĊWRZ\VWDZLDáRMDNIUDMGDIURMGDLV]XWNDQLH
]WHM]LHPLĪHVWDU\ZXMHN$OH[EH]QLWNLJRáRJX]\VWRL]GPXFKDZąMDNUĊNRMHĞüLSVLXN
]HVWU]\NDZNLQLE\WDNLUR]G]LDQ\ZUDF]LSRWHPáDGXMHVRELHG]LDEZJUDEĊWHJRFR
ZDUF]\KRUPRQXNLFLRUD]GĪXQJOL3RF]\PZ\MąáHPFXGRZQą']LHZLąWą]MHMNRV]XONL
WDNĪH/XGZLN9DQWHĪE\áQDJLLSXĞFLáHPLJáĊZV\NQDNRĔFRZąF]ĊĞüFRMHVWVDPD
UR]NRV] 1R L UR]OHJáR VLĊ EDVRZHVWUXQ\MDNE\ PL JDGDá\VSRGáyĪND ] UHV]WąRUNLH-
VWU\DSRWHPOXG]NLJáRVZV]HGáLPyZLáLPZVLHPĪHE\VLĊGDüZUDGRFKĊDSRWHPWD
SU]HNUDVQDEáRJDPHORGLDFDáDR5DGRĞFLMDNDWRSU]HZRVFKRGQDLVNUD]QLHEDL]DUD]
SRF]XáHP MDN ZH PQLH VNRF]\á\ Z ĞURGNX WH VWDUH W\JU\V\ L U]XFLáHP VLĊ QD WH GZLH
SVLF]NL7HUD]MXĪQLHZLG]LDáRLPVLĊĪHWRILJOHLQLH]XFLHFK\NU]\F]ąFSU]\V]áRLPVLĊ
]GDüQDF]XGDFNLHLG]LNLHĪąG]H$OHNVDQGUD2JURPQLDVWHJRDFKXFLWHSU]H]']LHZLą-
WąLG]LDEQDGRGDWHNE\á\ZSURVWQLHVá\FKDQHLJURPDGQHLQDG]Z\F]DMZ\PDJDMąFH
REUDFLV]NRZLHPRL7\ONRĪHRELHG]LXV]NLE\á\MXĪRF]HĔRF]HĔQDF\NXLQLHPRJá\]D
ZLHOHF]Xü
 -DNRVWDWQLDF]ĊĞüV]áDSRUD]GUXJL]FDá\PW\PJURPHPLNU]\NLHPĪH)URMGD
)URMGD )URMGD WR WH GZLH G\FKRODWNL MXĪ ZFDOH QLH E\á\ ZLHONLH GDP\ L Z\UDILQR 7DN
MDNE\VLĊREXG]Lá\RGWHJRFRLPVLĊURELZWHPDáHRVyENLLĪHFKFąGRGRPXLĪHMH-
VWHPWDZĞFLHNáDEHVWLD$Z\JOąGDá\MDNSRZLHONLP]UDĪDQLXVLĊQRLIDNW\F]QLHE\á\
FDáHRELWHLVSXFKQLĊWHQDU\MX7UXGQRMDNVLĊQLHLG]LHGRV]NRá\WRWU]DVLĊLQDF]HM
SRXF]\ü1RLZáDĞQLHQDXF]\á\VLĊ$WHUD]NU]\F]Dá\LURELá\RRRZFLąJDMąFQDVLH-
ELHFLXV]NLLFLXSFLDá\PQLHW\PLSLąVWHF]NDPLDMDOHĪDáHPUR]ZDORQ\EUXGQ\LJRá\
QDW\PZ\UNX]U\SDQ\LVSOXW\7DPDáD6RQLHWWDNU]\F]DáD3RGáH]ZLHU]ĊLEHVWLD
:VWUĊWQDRK\GD:LĊFGDáHPLPSR]ELHUDüVZRMHEDUDFKORLVSá\QąüL]URELá\WRMĊ-
F]ąFĪHSRZLQQ\VLĊPQą]DMąüSROXF\MQLDNLLFDá\WHQV]DMV1RLSRGUDáRZDá\ZGyáSR
VFKRGDFKDMDRGSá\QąáHPZNLPRQRFLąJOHSU]\W\P)URMGD)URMGD)URMGD)URMGDQD
FDáHJRZJU]PRFLHLZU]DVNX
.
5
.
 $ IDNW\F]QLH WDN Z\V]áR ĪH ]EXG]LáHP VLĊ SyĨQR NRáR VLyGPHM WU]\G]LHĞFL QD
PRLP]HJDUNX LSRND]DáRVLĊĪHWRQLHE\áRUR]XPQH=UD]XZLGDüMDNZV]\VWNROLF]\
VLĊQDW\PQLHFKDURV]\PĞZLHFLH:WU\PLJDSDMPLRV]MDNMHGQRSURZDG]LGRGUXJLH-
JR5HFKWUHFKWUHFKW0RMHVWHUHRMXĪQLH]DVXZDáRĪH5DGRĞüLĪH8ĞFLVN8ĞFLVN:DP
0LOLRQ\ZLĊFNWRĞMHPXVLDáZ\NOXF]\üF]\OLĪHRMF]\NDOERPDFLRFKDRERMHWHUD]GDZ-
V]\ VLĊ RGOLF]QR Vá\V]Hü Z E\ZDOQL WR ]QDF]\ VWRáRZHM  L VąG]ąF SR W\P EU]ĊN EU]ĊN
WDOHU]\ L VLRUE VLRUE F]DMX ]H VWDNDQyZ VLHG]ąF\ SU]\ VZRLP Z\PĊF]RQ\P ĪDUFLX SR
FDá\P GQLX SUDFROHQLD RQ Z WHM IDUEDPL D RQD Z PDJD]\QLH %LGQH FKU\NL 3LHF]DOQH
GUHZQLDNL:áRĪ\áHPSRGRPLZ\MU]DáHPGRQLFKSU]HEUDQ\]DNRFKDMąFHJRMHG\QDND
 &]HĞF]HĞF]HĞ]DJDLáHP2GSXĞFLáHPVHWHQG]LRQHNLMXĪPLJLW7HUD]PRJĊ
LĞüQDZLHF]yUSRSUDFROLüĪHE\FLXW]DUDERWDü%RZW\PF]DVLHRQLGRZLHU]DOLDOER
WDNPyZLOLĪHMDVLĊW\P]DMPXMĊ0QLDPQLDPPDüNX$PRJĊWHJRGRVWDü"7RE\á
WDNLMDNJG\E\SDMZPURĪRQFHNWyU\RQDUR]PUR]LSRWHPRGJU]DáDQLHZ\JOąGDá]E\W
DSHW\F]QLHDOHZ\SDGDáRWRVND]Dü)DFLRá\SQąáQDPQLHWDNMDNE\SRGHMU]OLZLHLQLH]D
DTP by SHADE 
RF]HĔPXFRĞSRQUDZLZV]\VLĊDOHPLOF]DáERMXĪZLHG]LDáĪHPRUGDLDQLJXJXDPD-
FLRFKDGDáDVLĊZWDNLXVWDZV]\MDNE\ĞPLHV]HNFRWRV\QXMHG\Q\RZRFXPHJRĪ\ZRWD
LWHSH:\WDĔF]\áHPMDGRáD]LHQNLLGDáHPVHEDUG]RVNRU\SU\VNQDFDáHJRF]XMąFVLĊ
EUXGQ\LNOHMDV]F]\DSRWHPGRQRU\LZFLXFKQDZLHF]yU3RF]\PMXĪĞZLHFąF\VLĊ
XF]HVDQ\ Z\V]F]RWNR L JLW JDODQW ] NLFLRUHP SU]\VLDGáHP QD NXVRF]HN SDMX 2MF]\N
]DJDLá
 1LHĪHE\PVLĊFKFLDáZWUąFDüV\QXDOHZáDĞFLZLHJG]LHW\FKRG]LV]ZLHF]RUDPL
GRSUDF\"
 2RFKĪZ\NQąáHP]SHáQHMJĊE\UyĪQLHWDNSRPDJDPLZRJyOH7XLWDPMDN
VLĊKDSQLH,SRJáD]LZV]\PXWDNV]PXF\NSURVWRZĞOHSLDMDNE\PyZLąFĪHQLHFK
XZDĪDFRMHVWMHJREURFKDDFRPRMDWRPRMD2SLHQLąG]HQLJG\QLHSURV]ĊUHFKW"
1DáDFK\DQLWHĪQDXEDZQLNDJGDFR"1RWRF]HJRVLĊUR]S\W\ZDü"
 )DFLRRGUD]XJU]HF]QLXONREXEHáZNXEHá3U]HSUDV]DPV\QXSRZLDGD7\ONR
WDNVLĊF]DVDPLPDUWZLĊ&]DVHPPLVLĊFRĞSU]\ĞQL0RĪHV]VLĊ]WHJRĞPLDüDOHPLPR
ZV]\VWNRFRĞZW\FKVQDFKMHVW=HV]áHMQRF\SU]\ĞQLáHĞPLVLĊLEDUG]RPLVLĊWHQVHQ
QLHSRGREDá
 2"7HUD]PLĊ]DLQWHUHVRZDáĪHWDNĞQLRPQLH,ODNPLVLĊSU]\ZLG]LDáRĪHMD
FK\EDWHĪPLDáHPMDNLĞVHQDOHQLHPRJáHPJRWDNQDLVWRZVSRPQLHü1RQR"]DS\-
WDáHPSU]HVWDZV]\ĪZ\NDüWHJRNOHMąFHJRVLĊSDMD
 7RE\áRMDNĪ\ZHSRZLHG]LDáIDFLR:LG]LDáHPMDNOHĪ\V]QDXOLF\DLQQLFKáRS-
F\ FLĊ ELMą :\JOąGDOL MDN FL FKáRSF\ ] NWyU\PL VLĊ ]DGDZDáHĞ ]DQLP FLĊ VNLHURZDQR
RVWDWQLUD]GRV]NRá\SRSUDZF]HM
 7DN"=HĞPLDáHPVLĊ]WHJRZĞURGNXĪHPyMRMF]\NGRZLHU]DĪHMDVLĊIDN-
W\F]QLHQDSURVWRZDáHPDOERVWDUDVLĊGRZLHU]DüZWR]HGRZLHU]D,WXSU]\SRPQLDáHP
VRELHPyMGU]\PFRJRPLDáHPG]LĞUDQRMDN*HRUJLHZ\GDMHWHJHQHUDOVNLHUR]ND]\
DVWDU\-RáRSVLĊREĞPLHZDEH]]ĊEyZLVLHSLHEDWHP$OHPyZLRQRPLĪHZVQDFKWR
LG]LHQDRGZUyW1LHPDUWZVLĊRWZHJRV\QDMHGQRURG]RQHJRLG]LHG]LFDRPyM]D-
SUDZGĊRMF]HU]HNáHP=EąGĨVLĊWUZyJ2QZĪG\SRUDG]LHFKVRELH]GROLDOERZLHP
 $W\VQXMHPyMRMF]\NOHĪDáHĞFDáNLHPEH]UDGQ\ZHNUZLLQLHPRJáHĞVLĊEUR-
QLü7RMXĪE\áRQDKX]LDLQDRGZUyWZLĊFDSLDüVLĊZVRELHSRFLFKX]OHNNDREV]F]H-
U]\áHPSRF]\PZ\JU]HEDáHPZVLHG]LHQJL]NDUPDQyZLGĨZLĊNQąOHPMHQD]DĞZLQLRQ\
RGVRVyZREUXV
 1DWXIDüNXSRZLDGDPQLHZLHOHWHJR7\OHFR]DUDERWDáHPSU]HV]áHMQRF\
0RĪHVWDUF]\QDMHV]F]HMHGQHJRV]NRWDGODFLHELHLPDüNLJG]LHĞZPLá\P]DFLV]X
 ']LĊNXMĊV\QXRGSRZLHG]LDá$OHP\WHUD]QLHGXĪRZ\FKRG]LP\%RLP\VLĊ]D
GXĪRZ\FKRG]LüNLHG\WDNVLĊ]URELáRQDXOLF\&LPáRG]LFKXOLJDQLHLW\PSRGREQH$OH
G]LĊNXMĊFL-XWURSU]\QLRVĊMHM]DWRMDNąĞEXWHOF]\QĊ,]JDUQąáWHQLHXF]FLZLHQDE\WH
JROFHGRNDUPDQXZV]WDQDFKERPDü]P\ZDáDMDNUD]SRVXGĊZNXFKQL$MDZ\E\áHP
FDá\NUXJRPZNRFKDMąF\FKXá\ENDFK
 -DN]QDOD]áHPVLĊSRVFKRGDFKQDGROHEXG\QNXWRVLĊQLHFR]G]LZLáHP$QDZHW
ZLĊFHM%RVWDQąáHP]MDSąV]HURNRUR]SDFKQLĊWąMDNE\PL]LHZDNZUR]G]LDZ]DVNR-
F]\á2QLSU]\V]OLPQLHVSRWNDü&]HNDOLNRáRSRJU\]PRORQHJRQDJĊVWRPXQLF\SDOQH-
JR PDORZLGáD QDJLHM JRGQRĞFL WUXGX JRáRJX]\FK PXĪ\NyZ L SVLRFK ] SRZDJą X Nyá
QDSĊGRZ\FKSU]HP\VáXMDNMXĪPyZLáHP]FDá\PW\PV]DMVHPZ\SLVDQ\P]LFKXVW
SU]H]QLHJU]HF]Q\FKPDOF]\NyZ-RáRSPLDáZLHOLJUXE\ĞU\N]F]DUQHMIDUE\WáXV]F]RZHM
LJZD]GUDáQLPEUXGQHVáRZDGXĪHLQDEDOV]RMSRQDV]\PIUHVNXPXQLF\SDOQ\PLMDN
WR-RáRSGDZDáWHQVZyMUHFKRWáXXXKXKXKX]DWUXGQLDMąFVLĊW\P$OHREUyFLáVLĊ
MDN*HRUJLHL3HWHGDOLPLVWDU\F]HĞSU\ZLHWREDZEá\VNEá\VNXND]XMąFSRGUXĪHVNL
NDIOHLWUąEQąá2QMHVWRQSU]\E\ZV]\XUDLSXĞFLáVLĊZNLONDQLHáRZNLFKSLUXHWyZ
 -XĪPDUWZLOLĞP\VLĊSRZLDGD*HRUJLH0\WDPF]HNDP\LGRLP\VHPOHF]NR
QDEU]\WZDFKDFLHELHPRĪHWRF]\WDPWRRVNRUELáRQRWRZSDGOLP\GRWZRMHMNDWHGU\
7DNWRU\FKW\NLE\áR3LHWLDUHFKW"
 $QRMDĪHUHFKWPyZL3HWH
DTP by SHADE 21
 3U]HSLHSU]ĊSUDV]DPSRZLHG]LDáHPRVWURĪQR%DV]NDPQLHFLXWSREROLZDáD
LPXVLDáHPSU]HNLPDü1LH]EXG]LOLPQLHMDNSU]\ND]DáHP$OHZLĊFMHVWHĞP\ZNXSLH
LJRWRZLSRáXF]\üFRWDVWDUDQRFQDPSU]\QLHVLHWDN"-DNJG\E\SU]HMąáHPWRWDN"
RG35'HOWRLGDPRMHJRSRVWNXUZDWRUD$ĪG]LZQH
 7RSU]\NUHĪHFLĊERODáRZVWDZLDĩRUĪ\NWDNQLE\ĪHRF]HĔWURVNOLZLH0RĪH
]DGXĪRQDGXĪ\ZDV]WHMEDV]NLFR"1DWRUR]ND]\ZDQLHLG\VF\SOLQĊLWHSH$QDSHZQR
MXĪEyOFLSU]HV]HGá"$QDSHZQRFLQLHOHSLHMZOHĨüDEUDWQRGRZ\UND",ZV]\VF\VLĊ
]OHNNDREĞPLDOL
 1XSDJDGLRGND]DáHP/HSLHM]UyEP\]W\PQDJODQFSRU]ąGHN7HQVDUND]P
MHĞOLPLWRZROQRWDNQD]ZDüQLHSU]\VWDMHGRZDVRGUXĪNRZLHZ\PRL0RĪHĞFLHZ\
XVWURLOL]DPRLPLSOHFDPLMDNLĞGUREQ\DFLFK\EDáDFKWDNLHVRELHFLXWPDá\FK]JU\ZR-
V]XWHNLW\PSRGREQH-DNRZDV]NXPSHOLZRĪDW\FK\EDPDPUHFKWZLHG]LHüFRMHVW
JUDQHQLH"1RZLĊF-RáRSFRZUyĪ\WHQWZyMJURPDGQ\NRĔVNLUR]G]LDZQDU\MX"%R
-RáRSPLDáXĞFLVNRUR]SDFKQLĊWHZWDNLMDNE\]XPDV]HGáV]\EH]JáRVXUHFKRW1DWR
ZWU\PLJDZáąF]\áVLĊ*HRUJLH
 1RGREUDEĊG]LHWHJRSU]\VWDZDQLDGR-RáRSDEUDFLV]NX7RMHGQDU]HF]]QR-
ZHJRXNáDGX
 =QRZHJRXNáDGX"MDPXQDWR&R]DPRZDRQRZ\PXNáDG]LH"7XQDZLHUQR
E\áMDNLĞJURPDGQ\EDáDFKLNZDF]]DPRLPLXĞSLRQ\PLSOHFDPL1LHFKMDZLĊFHMXVá\V]Ċ
,WDNMDNE\]DáRĪ\ZV]\JUDE\RSDUáHPVLĊXGREQRGRVáXFKDQLDRSRWU]DVNDQąSRUĊF]
FLąJOHMHV]F]HVWRMąFZ\ĪHMRGQLFKW\FKPRLFKQLE\WRGUXJyZQDWU]HFLPVFKRGNX
  %H] XUD]\ $OH[  U]HNá 3HWH  DOH FKFLHOLĞP\ WDN FRĞ ZLĊFHM GHPRNUDW\F]QLH
$QLHĪHW\FDá\F]DVPyZLV]FRURELüDF]HJRQLH7\ONREH]XUD]\
 *HRUJLHZPLHV]DáVLĊ8UD]DF]\QLHXUD]DWRWXQLSU\F]RP&KRG]LRWRNRPX
WXSU]\FKRG]ąSRP\Vá\-DNLHRQPLDáSRP\Vá\",Z\ĞOHSLDáVLĊWDNQDPQLHF]HOQRLQD
FDáHJR :V]\VWNR WR PDOXWNLH SLZNR L W\OH WHJR MDN RVWDWQLHM QRF\ $ P\ GRUDVWDP\
EUDFLV]NL
 1RGDOHMPyZLĊZFLąĪQLHUXV]DMąFVLĊ1LHFKMDMHV]F]HSRVá\V]Ċ
  -DN VDP FKFHV]  SRZLDGD *HRUJLH  WR SDĪDáXVWD F]HPX QLH 6]ODMDP\ VLĊ
ZNyáNRZ]DFKZDWSRVNOHSDFKLWHSHĪHE\]DUDERWDüSRWHMPDUQHMJUDEXOLV]PDOFX
QDU\áR$W\PF]DVHP:LOO$QJOLF]DQLQZ.DIH3RG%\FKHPMHVWJRWyZXSá\QQLüZV]\VW-
NRFRMDNLEąGĨPDOF]\NVLĊQLHSRNXVLJUDEQąü%á\VNRWNLOyGPyZLáGDOHMDZFLąĪ
]W\PL]LPQ\PLĞOHSLDPLZHPQLH'XĪHGXĪHGXĪHNDVDEXEXOHĪ\LF]HNDWDNPLZáD-
ĞQLHVND]Dá:LOO$QJOLF]DQLQ
 $KDSRZLHG]LDáHPFDá\QDOX]LHDOHZĞURGNXMXĪSRQDVWRMDV]F]\UD]GUD]
2GNąGWRVLĊ]DGDMHV]LXJDG]DV]]:LOOHP$QJOLF]DQLQHP"
 7DNRGNLHG\QLHNLHG\SRZLDGD*HRUJLHZ\SXV]F]DPVLĊVDPQDVDPRJZDáW
LDG]LQRNR1DWHQSU]\NáDGZRVWDWQLV]DEDV0DPSUDZRQDZáDVQHĪ\FLHPyMGUXĪNX
recht?
 :V]\VWNRWRPLVLĊEUDFLV]NLZFDOHQLHSRQUDZLáR$QDFRFLVLĊQDGDZVWD-
ZLáHPWRGXĪHGXĪHGXĪHNDVDEXEXF]\OLG]LHQJLMDNWRZLHONROHSQRQD]\ZDV]"&]\FL
EUDNMDNLHMEąGĨU]HF]\]WHJRFRQXĪQR"-DNFLQXĪQRDXWR]U\ZDV]MHVRELH]GU]HZD
-DNFLSRWU]HEQDPRQDOL]DWRVHMą]JDUQLDV]7DN"1RWRVNąGFLSU]\V]áDZQLH]DSQRWD
FKXüDE\]G]LDáDüVLĊW\PJURPDGQ\PLQDG]LDQ\PNDSLWDOLVWą"
 (RGND]DáPL*HRUJLHF]DVHPWRW\GXPDV]LEDáDNDV]MDNGUREQ\U\ELRQHN
-RáRSVLĊQDWRUR]KRKRKR']LĞZQRF\SRZLDGD*HRUJLH]URELP\WDNL]DFKZDWSR
PXĪ\FNXQDNDZDáFKáRSD
 :LĊF PyM GU]\P VLĊ VSUDZG]Lá *HRUJLH ]D JHQHUDáD L PyZL FR EĊG]LHP\ URELü
DF]HJRQLHL-RáRS]EDWHPDEH]XPQ\MDNV]F]HU]ąF\VLĊEXOGRJ$OHMDSRJU\ZDOHP
] F]XFLHP D RVWURĪQR EDUG]R RVOURĪQR PyZLąF L Xá\EDMąF VLĊ  )DMQR IDMQ L JLW 3R
SURVWXKRUURUV]Rá,QLFMDW\ZDVLĊEXG]LZW\FKFRXPLHMąF]HNDü6SRURVLĊRGHPQLH
QDXPLDáHĞPyMGUXĪNX7HUD]JDGDMFR]DEá\VNFLĊQDV]HGáPyM*HRUJLHERMNX
 2FKSRZLDGD*HRUJLHFZDQ\LFK\WU\ZWHMXW\EFHQDMSLHUZGDP\VHPOHND
DTP by SHADE 22
]GREDZNąLFRW\QDWR"ĩHE\ĞP\VLĊQDRVWU]\OLPDá\V]NXDW\QDMEDUG]LHMERP\MXĪ
QDGWREąPDP\SU]HZDJĊ
 :\VND]DáHĞMDNUD]WRFRP\ĞODáHPMDQDWRXá\EDMąFVLĊQDEDOV]RM:áDĞQLH
FKFLDáHP]DSURSRĪHE\GRQDV]HM.URZ\*LWJLWJLW:LHGĨQDVGRPRáRF]QL*HRUJLXWHN
,Z\NRQDáHPWHQMDNE\JáĊERNLXNáRQXá\EDMąFVLĊMDN]XPDV]HGáV]\DOHFDá\F]DV
SUDFXMąFJáyZNą7\ONRMDNZ\NLWUDOLP\VLĊQDXOLFĊWRMDUD]LXĞZLDGF]\áHPĪHGXPDü
WRGODEH]XPQ\FKDUR]XPQLDNWRFKZ\WDVLĊWHJRMDNE\QDWFKQLHQLDLFR%yJ]HĞOH
%RMDNUD]SU]\V]áDPL]SRPRFąSU]HGQLDPX]\F]ND$NXUDWSU]HMHĪGĪDáRDXWRLPLDáR
ZNOXF]RQHUDGLRLGROHFLDáPQLHPRĪH]WDNWDOERGZD/XGZLND9DQ E\áDWRRVWDWQLD
F]ĊĞü.RQFHUWXVNU]\SFRZHJR LRGUD]XZLHG]LDáHPFRURELü%DáDNQąáHPWDNLPMDNE\
JUXE\PDQLVNLPJáRVHP5HFKW*HRUJLHLMXĪLZ\UZDáHPVZRMąEU]\WHZGRJUG\N
*HRUJLHSRZLHG]LDá+H"DOHWHĪE\áGRĞüSUĊGNLZQRĪXLRVWU]HPXV]W]UXNRMDWNL
LMXĪE\áMHGHQQDGUXJLHJR6WDU\-RáRSZáąF]\áVLĊ1LHĪDGQHUHFKWLFKDSVLĊ]D
FHSNLZSDVLHDOH3HWHEDáDNQąáLSRáRĪ\áIHVWJUDEĊQDVWDU\P-RáRSLH=RVWDZLFK7DN
WRMHVWUHFKW1RWR*HRUJLHLQLĪHMSRGSLVDQ\Z]LĊOLP\VLĊ]DWHFLFKHNRFLHSRGFKRG\
V]XNDMąFZHMĞFLDDVW\O]QDMąFMHGHQGUXJLHJRFLXWDĪ]DKRUURUV]Rá*HRUJLHRGF]DVX
Z F]DV GRVNDNXMąF V]XFK V]XFK ] W\P á\VNDMąF\P PDMFKUHP DOH QLH PyJá PQLH VLĊ-
JQąü$FDá\F]DVZS\FKOHSU]HFKRG]LOLLZLG]LHOLWRZV]\VWNRDOHQLNWVLĊQLHZNOXNQLH
LFKEURFKDLFRG]LHQQ\ZLGRN$ĪRGOLF]\áHPVRELHUD]GZDWU]\LGDáHPQRUPDOQLHFLDFK
FLDFKFLDFKEU]\WZąQLHSRU\MXLQLHSRRF]DFKW\ONRSRJUDELHZNWyUHM*HRUJLHPLDá
QyĪLREUDFLV]NRZLHPRLXSXĞFLá:áDĞQLH8SXĞFLáWHQQyĪGĨZLĊNGĨZLąNQDWZDUG\
]LPRZ\FKRGQLN7\OHĪHJRSRáDVNRWDáHPPRMąEU]\WZąSRSDOFDFKLMXĪVWDáZ\EDáX-
V]\ZV]\VLĊQDWRPDOXWNLHFLXUFLXUMXFK\Z\F]HUZLHQLDMąFHPXVLĊZEODVNXODWDUQL
1RSRZLDGDPLWHUD]MXĪVDP]DF]ąáHPER3HWHSRUDG]Lá-RáRSRZLĪHE\QLHRGZLMDá
W\FKFHSNyZ]SDVDL-RáRSVLĊSRVáXV]DáQR-RáRSWRWHUD]P\]WREą]DáDWZLP\WĊ
U]HF]QRQLH"6WDU\-RáRSQDWRGDá$DDDDDDUKJKQLE\MDNLHĞJURPDGQHDEH]XPQH
]ZLHU]ĊLZ\ĞPLJQąáWHFHSNL]SDVDIHVWKRUURUV]RáLWDNVNRURĪHDĪQDSRG]LZ7RGOD
PQLHWHUD]E\áSDGFKDG]LDV]F]\VW\OĪHE\LĞüQLVNRMDNJG\E\ZĪDELPSRGU\JXĪHE\
FKURQLüU\áRLSDWU]DáNLLWDN]URELáHPEUDFLV]NRZLHQRLWHQELGQ\VWDU\-RáRS]RVWDáVLĊ
QLHPQRĪNR]DVNRF]RQ\ERE\áSU]\Z\NáV]\GRSURVWHJRU\MZU\MVLDFKVLDFKVLDFK1R
PXV]ĊSRZLHG]LHüĪHPQLHIHVWXĪDVQRVLHSQąáSRJU]ELHFLHLG]LDUJQĊáRPQLHZSURVW
]XPDV]HGáV]\DOHLND]DáPLWHQEyOVSUĊĪ\üVLĊE\VWURLQDFDáHJRL]DáDWZLüVLĊ]H
VWDU\P -RáRSHP :LĊF PLJQąáHP EU]\WZą SR MHJR OHZHM JLU]H Z W\P RF]HĔ REFLVá\P
UDMWNX L FKODVQąáHP WDN QD GáRĔ FLXFKD L SXĞFLáHP QLHPQRĪNR EOXWX SVLXN SVLXN ĪHE\
VWDU\-RáRSGRVWDáPDáSLHJRXPX$SRWHPMDNRQGDáVLĊZDXXXDXXDXXMDNSVLXNWR
MDSRV]HGáHPZWHQVDPVW\OFR]*HRUJLHPVWDZLDMąFQDMHGHQUXFKJyUDEORNLFLDFK
LSRF]XáHPMDNEU]\WZDZFKRG]LMDNWU]DLZVDPUD]JáĊERNRZPLĊFKRZQDGJDUVWNX
VWDUHJR-RáRSDLXURQLáWHFHSNLMDNZąĪLXZU]DVQąáVLĊMDNPDá\U\ELRQHN3RF]\PSUy-
ERZDáVRELHZ\SLüFDá\EOXW]WHJRQDGJDUVWNDLUyZQRF]HĞQLHNU]\F]HüDOHMXFK\V]áR
]DPQRJRĪHE\WRZ\SLüZLĊF]URELáRPXVLĊWDNEXOEXOEXOEąEHOLEOX]JDáDWDMXFKD
EDUG]RIDMQLHDOHQLH]DGáXJR
 -D]QyZEDáDNQąáHP
 5HFKWRGUXĪNRZLHPRLWRMXĪWHUD]EĊG]LHZLDGRPR1RVáXFKDP3HWH"
 -DQLFQLHPyZLáHPSRZLDGD3HWH'DĪHDQLVáRZDQLHEDáDNQąáHP6áXFKDM
VWDU\-RáRSVLĊZ\IDUEXMHQDĞPLHUü
 1LHPRĪOLZHRGND]DáHP8PLHUDVLĊW\ONRUD]-RáRSXPDUáMHV]F]HSU]HGXUR-
G]HQLHP$WHQNUDVQ\NUDVQ\VRN]DUD]VDPVLĊ]DWU]\PD%RQLHFKODVQąáHPJRSR
JáyZQ\FK Ī\áDFK , Z\GRVWDáHP RVRELĞFLH F]\VW\ WDV]WXN ] NDUPDQD L RZLQąáHP QLP
JUDEĊ ELGQHJR VWDUHJR XPLHUDMąFHJR -RáRSD D RQ Z\á L MĊF]Dá L MXFKD ]DWU]\PDáD
VLĊWDNMDNVND]DáHPREUDFLV]NRZLHPRL:LĊFMXĪWHUD]ZLHG]ąEDUDQ\SRP\ĞODáHP
VRELHNWRWXMHVWLFKSDQLZRĪDW\
 1LHGáXJRWR]DMĊáRĪHE\XNRLüGZyFKUDQQ\FKĪRáQLHU]\ZFLFK\P]DNąWNXSRG
.VLĊFLHP 1RZHJR -RUNX W\OH FR GXĪ\ ]áRWRJQLDN GOD NDĪGHJR ]D LFK ZáDVQH G]LHQJL
DTP by SHADE 23
ERMDVZRMHGDáHPRMF]\NRZL LXWU]HüZWDV]WXNL]DPRF]RQHZNXZV]\QLH]ZRGą7H
SXGHUQLFH VWDUH FRĞP\ LP XVWURLOL SU]HV]áHM QRF\ ILODQWUR ]QyZ WDP E\á\ L QLF W\ONR
ZVWDZLDá\']LĊNXMHP\ZDPFKáRSF\L1LHFKZDV%yJEáRJRVáDZLFKáRSF\MDNE\
MXĪQLHPRJá\WHJRSU]HNUyFLüPLPRĪHQLHSRZWyU]\OLĞP\WHJRILODQWUR$OH3HWH]DJD-
Lá7RFRVRELHGDP\G]LHZXV]NL"LNXSLáLPF]DUQą]P\GOLQDPLLZ\JOąGDáRĪHPD
VSRURWHJRNDVDEXEXZNDUPDQDFKZLĊFRQHVLĊMHV]F]HJáRĞQLHMUR]GDUá\]W\PVZRLP
1LHFKDMZDV%yJZV]\VWNLFKSREáRJRVáDZLL]DFKRZDZ]GURZLXFKáRSDNLL0\QLJG\
E\ĞP\QDZDVQLHSRZLHG]LDá\L:\MHVWHĞFLHQDMOHSVLFKáRSF\QDĞZLHFLH
 :NRĔFX]DJDLáHP1RWRMHVWHĞP\*HRUJLHDSLDüWDPJG]LHĪHĞP\E\OLWDN"
:VLRSRGDZQHPXL]DE\ZDP\RZV]\VWNLPFRE\áRUHFKW"
 5HFKWUHFKWUHFKWGDáQDWR*HRUJLH7\ONRVWDU\-RáRSFLąJOHZ\SDGDáMDNJG\E\
FLXWSRUDĪRQ\LGDĪHEDáDNQąá:LHFLHFRMDE\PGRVWDáWHJRZLHONLHJRVNXUZODMDE\P
PXSU]\áDĔFXV]\áW\ONRĪHMDNLĞPXGDNZOD]áPLZGURJĊ&DáNLHPMDNE\VLĊQLH]HPQą
]UDĪDáDOH]MDNLPĞREF\PPDOF]\NLHP-DVLĊ]QyZRGH]ZDáHP
 1R*HRUJLHERMNXWRFRPLDáHĞQDRNX"
 (WDPSRZLDGD*HRUJLHWRMXĪQLHWHMQRF\6áXFKDMPRĪHE\MXĪQLHG]LVLDM
co.
 -HVWHĞWHQGXĪ\NU]HSNLPXĪ\NRGND]DáHPWDNMDNP\ZV]\VF\1LHMHVWHĞP\
MDNLHĞWDPGUREQHU\ELRQNLFR*HRUJLHERMNX"&yĪWHG\QDRNXPLDáHĞD]DOLĪ"
  0RJáHP PX SU]\áDĔFXV]\ü IHVW SR W\FK SDWU]DáNDFK  JDGDá ]QyZ -RáRS D WH
VWDUHEDEXV]NLZFLąĪSRVXZDá\VZRMH']LĊNXMHP\ZDPFKáRSF\
  %R WR E\á ZLG]LV] WHQ GRP  RGU]HNá *HRUJLH  7HQ FR PD QD SU]HG]LH GZLH
ODPS\1DNWyU\PMHVWWDNDJáXSLDQD]ZD
 -DNDJáXSLDQD]ZD"
 $QRWD6DG\EDF]\6LHG]LEDF]\MDNDĞSRGREQDJáXSRWD*G]LHĪ\MHWDVWDURĪ\W-
QDSUyFKQLDF]NDFRPDNRW\LFDOHWRNXUHZVNRVWDUHDGURJLHEDUDFKOR
 1DSU]\NáDG"
 =áRWRLVUHEURLUyĪQHWDNLHELĪXW\:LOO$QJOLF]DQLQWDNMDNE\QDPRW\PSRZLH-
G]LDá
 -XĪMDSRQLDáRGND]DáHP3RQLDáJLWLRGOLF]QR:LHG]LDáHPFRPDQDP\ĞOL
6WDUH0LDVWRWXĪ]D%ORNLHP0XQLF\SDOQ\P9LFWRULD$QRFyĪSRQDVWRMDV]F]\GREU\
ZRĪDW\]DZV]HZLHNLHG\XVWąSLüLSRND]DüVLĊWDNMDNE\ZLHONRGXV]Q\GODVZRLFKSRG-
ZáDVQ\FK%DUG]RGREU]H*HRUJLHSRZLDGDP7RMHVWJLWSU]\GXPNDLMąWU]HEDZ\-
NRQDü6SDGDP\QLHPLHV]NDMąF$MDNĪHĞP\Z\FKRG]LOLWRWHVWDUHEDEXV]NLVND]Dá\
1LFQLHSRZLHP\FKáRSF\%\OLĞFLHWXFDá\WHQF]DVFKáRSDNL$MDLPQDWR'REUH
VWDUHG]LHZXV]NL:UDFDP\]DG]LHVLĊüPLQXWMHV]F]HFRĞZDPGRNXSLü,SRZLRGáHP
PRLFKWU]HFKGUXĪNyZQDVZHQLHV]F]ĊĞFLH
.
6
.
 7XĪ QD ZVFKyG ]D .VLĊFLHP 1RZHJR -RUNX UR]SRáRĪ\á\ VLĊ ELXURZFH L WD VWDUD
]áDFKDQDELEORWHNDL]DQLąWHQJURPDGQ\EORNPLHV]NDOQ\]ZDQ\9LFWRULDRGZLNWRULL
]QDF]\VLĊSDELHG\MDNLHMĞF]\FRDSRWHPVLĊGRFKRG]LáRGRWDNLFKĪ\OLV]F]MDNE\VWD-
URPLHMVNLHJRW\SXZG]LHOQLF\]ZDQHM6WDUH0LDVWR,]GDU]Dá\VLĊWXSRQDVWRMDV]F]\
IDMQHKRUURUV]RáLVWDURĪ\WQHGRPNLREUDFLV]NRZLHDZQLFKSRĪ\ZDá\VWDUHZS\FKOH
UyĪQH WDP FKXGRV]F]DZH L V]F]HNDMąFH SXáNRZQLNL ] ODVNDPL Z UĊNX L SVLRFK\ VWDUH
RZGRZLDáH QR L JáXFKH VWDUH GDP\ ] NRWDPL FR SU]H] FDá\ VZyM SUDZLF]\ Ī\ZRW QLH
SRF]Xá\REUDFLV]NRZLHPRLĪHE\PXĪ\NMHMGRWNQąá,GRVWDZDáRWXMHVWSUDZGDW\FK
VWDU\FKRZVNLFKUXSyZ]DFRQDU\QNXPRĪQDRGWXU\VWyZ]JDUQąüQLHOLFKHNDVDEXEX
MDNREUD]\LNOHMQRW\LUyĪQHWDNLHVWDURĪ\WQHJyZQDMHV]F]HVSU]HGHU\SODVWLNX:LĊF
SRGHV]OLP\JU]HF]QLHLSRFLFKXGRWHJRĪ\OLV]F]DFRVLĊQD]\ZDáR6DG\EDLSU]HGQLP
VWHUF]Dá\NXOLVWHODPS\QDĪHOD]Q\FKEDG\ODFKMDNE\]GZyFKVWURQSLOQRZDá\ZHMĞFLD
RGIURQWXLGRWHJRMDNE\SU]\WXV]RQHĞZLDWáRZMHGQHM]L]EXV]HNQDGROHZLĊFP\
DTP by SHADE 24
]DV]OLZWDNLIDMQ\NDZDáHNFLHPQHMXOLF]NLĪHE\OXNQąüZDNRV]NRFRWDPSURLVFKRG]L
:RNQLHE\áDU]HV]RWNDLWRĪHOD]QDMDNE\ZPDPU]H F]\OLZLĊĨQLX DQLHZGRPXDOH
FRWDPG]LHMHVLĊE\áRQDPLWDNMDZQLHZLGQR
 $ G]LDáR VLĊ ĪH WD VWDUD SVLRFKD Z NXGáDFK MXĪ EDUG]R VLZD L ] PRUGą FDáNLHP
SRNUHĞORQą]IODFK\POHF]QHMUR]OHZDáDWRVWDUHPOHNRZVSRGNLDSRWHPVWDZLDáDWH
VSRGNLZQL]QDSRGáRG]HZLĊFE\áRSR]QDüĪHWDPZGROHNáĊELVLĊPQyVWZRNRWyZ
L NRV]HN GDMąF\FK MHM PLDXN L PLDXN 'DĪH XZLG]LHOL P\ NLONX LFK JURPDGQH L VSDVáH
E\GODNLMDNSU\JDMąQDVWyáLUR]G]LDZLZV]\VLĊZ\GDMą]VLHELHPUUUPUUUPUUU,MDNWD
]JU]\ELDáDEDEXONDLPRGND]XMHWHĪZLGQRMDNE\]DFRĞáDMDüWHVZRMHNLFLRUNL2SUyF]
WHJRE\áRZLGQRZNRPQDFLHQDĞFLDQDFKPQyVWZRVWDU\FKREUD]yZLSU]HGSRWRSRZ\FK
QDSRG]LZR]GREQ\FK]HJDUyZLWHĪMDNE\ZD]RQyZLR]GyEHNFRZ\SDGDá\RF]HĔVWDUH
L NRV]WRZQH *HRUJLH Z\V]HSWDá  =D WR GD VLĊ SRáXF]\ü KRUURU V]Rá MDNLH NDVDEXEX
REUDFLV]NRZLHPRL:LOO$QJOLF]DQLQSDOLVLĊGRWHJR$QDWR3HWH-DNZHMĞü"7HUD]
WRSROHJDáRQDPQLHLWRUD]GZDUD]QLP*HRUJLH]DF]QLHQDPG\NWRZDüMDNZHMĞü
3LHUZV]DU]HF]Z\V]HSWDáHPWRVSUyERZDüQRUPDOQLHRGIURQWX3yMGĊEDUG]RJU]HF]-
QLHLSRZLHPĪHMHGHQPyMNXPSHOWDNMDNE\SU]\PJODáQDXOLF\*HRUJLHQLHFKEĊG]LH
JRWyZSRND]DüVLĊ]DWDNLHJRMDNE\RWZDUáD3RWHPMĊNRZRGĊDOERĪHE\GĨZLĊNQąüSR
GRNWRUD,áDGRZDüVLĊDE\QLH]DV]XPQR$QDWR*HRUJLH
 0RĪHQLHRWZRU]\ü$MD
 3UyEDQLH":LĊFRQMDNE\GU\JQąáSOHF]DPLF]\QLąFĪDELS\VN$MDGR-RáRSD
L3LHWL:\GZDMEUDFLV]NLSRGZyFKVWURQDFKGU]ZL5HFKW".LZQĊOLSRFLHPNXUHFKW
UHFKWUHFKW'DZDMWRMDGRĩRUĪ\NDLEH]REFLDFKXVXQĊSURVWRGRGU]ZL%\áWDP
ZFLVNGRG]ZRQNDMDJRZS\FKLVá\V]ĊEUUUEUUUUUUZJáĊEL3RWHPMDNE\F]XáRVLĊQD-
VáXFKLZDQLHMDNJG\E\WDSVLRFKDLZVLHMHMNRV]NLZVáXFKQDWREUUEUUUUL]DVWDQDZLDá\
VLĊ 7R MD FLXW MDNE\ QDWDUF]\ZLHM QD G]ZRQHN 3R F]\P QDNáRQLáHP VLĊ GR V]SDU\ QD
OLVW\LZRáDPWDNLPMDNE\Z\WZRUQ\PJáRVHP3URV]ĊSDQLąEáDJDPRSRPRF0RMHPX
SU]\MDFLHORZLZáDĞQLHFRĞG]LZQHJRVWDáRVLĊQDXOLF\&]\PRJĊ]DG]ZRQLüSRGRNWRUD
EDUG]RE\PSURVLá3RF]\PĞZLDWáR]DSDOLáRVLĊZKROXLSRVá\V]DáHPMDNWDVWDUDED-
EXODF]áDSF]áDSW\PLQRJDPLZF]áDSDNDFKGRGU]ZLIURQWRZ\FKLWDNPLVLĊ]ZLG]LDáR
QLHZLHPGODF]HJRĪHRQDSRGNDĪGąSDFKąPDWáXVWHJRJURPDGQHJRNLFLRUD
 ,NU]\NQĊáDDĪPQLHSRUD]LáRMDNLHJUXEHPDWRJáRVLVNR
 :\QRFKD-D]GDVWąGDOERVWU]HODP-DN*HRUJLHWRXVá\V]DáRPDáRQLH]DFKL-
FKUDá$MDPyZLĊSRGĪHQWHOPHĔVNXWDNLPSLOQ\PLFLHUSLąF\PJáRVHP
 2FKEáDJDPSDQLąSURV]ĊSRPyF0yMSU]\MDFLHOWDNFLĊĪNRVLĊUR]FKRURZDá
 :\QRFKDVWąGRGU\NQĊáD=QDPWHZDV]HSDUV]\ZHV]WXF]NLĪHE\PRWZR-
U]\áDGU]ZLWRMXĪPLZHSFKQLHFLHF]HJRZFDOHQLHPDPRFKRW\NXSLü-D]GDPLVWąG
SRZLHG]LDáDP1RWRE\áDFXGRZQDSRQDVWRMDV]F]\QLHZLQQRĞü3URV]ĊVLĊZ\QRVLü
RQD]QyZDOERNRW\QDZDVZ\SXV]F]ĊĩHMHVWQLHPQRĪNR]XPDV]HGáV]\WRVLĊ
GDáRSRZLHG]LHüRGWHJRĪ\FLDVDPQDVDPRJZDáWLZFLąĪDG]LQRNR6SRMU]DáHPZJyUĊ
LZLG]ĊQDGZHMĞFLHPVXZDQHRNQRLĪHU\FKOHMEĊG]LHZVSLąüVLĊQRUPDOQLHSRUDPLR-
QDFKLZOHĨüWDPWĊG\%RWXEĊG]LHP\DĪGRUDQDVWDüLSU]HS\FKDüVLĊ:LĊFPyZLĊGR
QLHM
 1RWUXGQRVNRURSDQLQDPQLHFKFHSRPyFWRPXV]Ċ]ZUyFLüVLĊ]PRLPFLHU-
SLąF\PSU]\MDFLHOHPGRNRJRLQQHJR,RGPLJDáHPSUHF]PRLFKGUXĪNyZSRFLFKXW-
NXW\ONRVDP]DNU]\F]DZV]\1LHPDUWZVLĊPyMSU]\MDFLHOXQDSHZQR]QDMG]LHVLĊ
GOD FLHELH JG]LH LQG]LHM GREU\ VDPDU\WDQLQ 'R WHM VWDUV]HM SDQL FK\ED QLH PRĪQD PL
SUHWHQVMLĪHMHVWSRGHMU]OLZDMDNSRQRF\NUĊFLVLĊW\OXáREX]y]LXUZLSRáFL$VNąGĪH
3RWHPRGF]HNDOLP\]QyZSRFLHPNXLMDV]HSQąáHP5HFKW=SRZURWHPGRGU]ZL
-DVLĊZHVSQĊ-RáRSRZLQDSOHF]D2GNU\MĊZJyU]HDNRV]NRLZáDĪĊEUDFLV]NL$WDP
SU]\PNQĊWĊVWDUąSLF]LZDPRWZRU]Ċ1LHPDVSUDZ\7DNQRUPDOQLHLPGRND]\ZD-
áHPNWRWX]QDVZRĪDW\LRGEá\VNX,QROXNQąüSRZLDGDP&DáNLHPKRUURUV]RáWR
Z\URELRQHZNDPLHQLXRQDGHGU]ZLDPLEĊG]LHRFRQRJL]DKDF]\ü:LĊFSU]\MU]HOL
PLVLĊZLGQR]SRG]LZXSRP\ĞODáHPLEDáDNQĊOLZVLHNLZQąZV]\PLSRFLHPNXUHFKW
DTP by SHADE 25
recht i recht.
 1DSDOXV]NDFKL]QyZSRGWHGU]ZLĊWD-RáRSXQDVE\á]DPRFQHJRLQRUPDOQLH
Z\GĨZLJQĊOL PQLH 3HWH L *HRUJLH QD MHJR NU]HSNLH L SR PXĪ\FNX JURPDGQH SOHF]D
$FDá\WHQF]DVRG]LĊNLFLĞZLDWRZ\SURJUDPLHZWHMRFLSLDáHMWLZLDW\PEDUG]LHMĪH
ZS\FKOHF]XMąQRFQ\OĊN]QLHGRVWDWNXSROLFMLQRFQHMWDNPDUWZDE\áDXOLFD-XĪX-R-
áRSD QD SOHF]DFK ]REDF]\áHP ĪH WR NDPLHQLDUVWZR QDGH GU]ZLDPL IDMQLH PL XFKZ\FL
EXW,NRODQRZJyUĊEUDFLV]NRZLHLMXĪ2NQRE\áRMDNVLĊVSRG]LHZDáHP]DNU\WHDOH
VLĊJQąáHPEU]\WZąLWUDFKGHOLNDWQLHV]NáRMHMNRĞFLDQąUXNRMDWNą:QLĪXGUXĪNRZLHPRL
W\ONRVDSDOL:LĊFMDJUDEĊZUR]SĊNLMDNSLFKQąáHPWDNGROQDSRáRZDĞPLJQĊáDZJyUĊ
SLĊNQLHLJáDG]LXWNR,UD]GZDMDNE\ZNąSLyáNĊGRVWDáHPVLĊ$PRMHRZLHF]NL]GRáX
JDSLąVLĊUR]G]LDZLRQHREUDFLV]NRZLHPRL
 ,GDZDMRELMDüVLĊMDSRFLHPNXQLFW\ONRáyĪNDLNRPRG\LJURPDGQHFLĊĪNLHIR-
WHOHLVWRV\SXGHáLNVLąĪHN$MDSRPĊVNXV]DJRPPDUV]NXGU]ZLRPSRNRMXZNWyU\P
VLĊ ]QDOD]áHP D JG]LH V]SDUND SRG QLPL SU]HĞZLHFDáD 'U]ZL XF]\QLá\ NZLLLLLLLLLN L RWR
]DNXU]RQ\ NRU\WDU] ] LQQ\PL GU]ZLDPL 7\OH VLĊ WX PDUQXMH EUDFLV]NRZLH ]QDF]\ VLĊ
ZV]\VWNLHWHNRPQDW\LW\ONRMHGQDVWDUDSLF]LMHMNLFLNLFLDOHPRĪHWHNLFLRU\LNRV]NL
PDMąGODNDĪGHJRSRMHGQHMV\SLDOQL"LSRĪ\ZDMąVHWDNQDĞPLHWDQFHLU\ELFKáEDFKMDN
WHNUyORZHXG]LHOQHLNQLD]LH=GRáXV]HGáMDNE\SU]\WXV]RQ\JáRVWHMVWDUHMSVLRFK\
7DNWDNWDNGRRREU]HDOHZLGDüPXVLDáDEDáDNDüGRW\FKPLDXF]ąF\FK]ERNRZFD
PDDDDDDĪHFKFLDá\E\MHV]F]HPOHND,SU]\XZDĪ\áMDVFKRG\LGąFHZQL]GRKROXLEá\-
VQĊáR PL ĪHE\ SRND]Dü W\P NDSU\ĞQ\P L QLH RF]HĔ VSROHJOLZ\P W\P QLNXG\V]Q\P
NXPSORPĪHMHVWHPZDUWLFKWU]HFKLMHV]F]HSRQDGWRĩHZV]\VWNRWR]URELĊVDPQD
VDPRJZDáWLDG]LQRNR-DNE\WU]DWR]G]LDáDPXOWUDNXNXVDPGODWHMFKU\F]NLVWDUR-
Ī\WQHMLMHMNLFLRUyZDSRWHP]JDUQĊLOHZJUDEDFKVLĊ]PLHĞFLEDUDFKáDFRPLVLĊZ\GD
SROHĪQHLZDOF]\NDGRW\FKGU]ZLąWRGIURQWXLUR]SDFKQąüMHLV\SQąü]áRWDLVUHEUDSR
Z\F]HNXMąF\FKPQLHGUXĪNDFK$QLHFKZLHG]ąFRVLĊ]QDF]\LVWQHZRĪDFWZR
 7DN L ]V]HGáHP MD ] ZROQD SR FLFKX G]LZXMąF VLĊ SR VFKRGDFK Z QL] MDNLH WR
VWDURĪ\WQHSRUQRZODQV]DIWDFKĪHG]LXV]NLGáXJRLSURVWRZáRVHZNRáQLHU]XZ\VRNLP
LMDNE\ZLRFKDZQLHMGU]HZDLNRQLHLMDNLĞJU]G\OĞZLĊWRMHEOLZ\JRáRJX]\LREZLVá\QD
NU]\ĪX:RQLDáRWDPDĪSOHĞQLDZLHRGW\FKNRV]HNLRGNRFLFKU\ELPXUFKáHJRĪ\OLV]F]D
Z VWDU\P EUXGDFWZLH LQDF]HM QLĪ Z EORNDFK , MXĪ E\áHP QD GROH L ZLG]LDáHP ĞZLDWáR
ZWHMNRPQDFLH]IURQWXJG]LHRQDPOHNLHPRENDUPLDáDWHVZRMHNRW\LNRV]NL2UD]
MDNWDZLHONDLRSDVáDV]NDFLQDWRZáD]LDWRZ\áD]LDFKZRVWLPVLĊZRáQXMHLMDNE\VLĊ
F]RFKUDá\XVSRGXGU]ZL1DZLHONLHMGUHZQLDQHMVNU]\QLZFLHPQ\PKROX]REDF]\áHP
IDMQLXWNąGUREQąILJXUNĊFRĞZLHFLáDZEODVNXRGNRPQDW\ZLĊFMą]JDUQąáHPVDPGOD
ZáDVQHJRVLHELHDE\áDWRPáRGDLFKXGDG]LXV]NDVWDáDQDMHGQHMQRG]H]Z\FLąJQLĊW\-
PLUĊNRPDLZLGQRĪHFDáD]HVUHEUD,]QLąMXĪZRĞZLHWORQ\SRNyML]DJDLZV]\+HM
KHMKHM7RZUHV]FLHVSRWNDOLĞP\VLĊ1DV]NUyWNLEDáDFKSU]H]V]SDUĊGROLVWyZQLHGDá
QDPĪHWDNSRZLHPGRL]E\WNXVDW\VIDNFMLQLHSUDZGDĪ"1DOHĪ\WRSU]\]QDüR]DLVWH
QLHGDáW\VWDUDLVPURGOLZDUDV]SOR,WDNMDNE\PVLĊSU]\V]F]XU]\OL]DPUXJDáZRĞOHS
GRWHMNRPQDW\LVWDUHMSVLRFK\3HáQRWXE\áRNRWyZLNRV]HNVQXMąF\FKVLĊWDPLQD]DG
SRG\ZDQLHDZSRZLHWU]XQLVNRXQRVLá\VLĊNáDNLNRFLHJRIXWUDLE\á\WHRSDVáHE\GODNL
UyĪQHJRNV]WDáWXLEDUZ\F]DUQHELDáHV]DUREXUHLPDUPXUNRZDWHUXGHLZNDĪG\P
ZLHNXF]\OLĪHLILJOXPLJOX]HVREąNRFLąWNDLGRURVáHNLFLRU\LWDNLHSRQDVWRMDV]F]\
ĞOLQLąFHVLĊVWDUHLEDUG]R]áH,FKSDQLWDVWDUDSVLRFKDU\SQĊODQDPQLHZĞFLHNOHQLE\
FKáRSLRGH]ZDáDVLĊ
 -DNWXZV]HGáHĞ"1LH]EOLĪDMVLĊW\SáD]LHW\]DVPDUNDQ\áREX]LHER]PXV]RQD
EĊGĊFLĊXGHU]\ü
 2EĞPLDáHPVLĊ]WHJRSRSURVWXKRUURUV]RáZLG]ąF]HPDZĪ\ODVWHMáDSLH]D-
IDMGDQą ODVNĊ QR NLM L SRGQLRVáD JR QD PQLH ] SRJUyĪNą 7R MD Eá\VN GDMąF NDIODPL
SRGV]HGáHPGRQLHMZFDOHQLHĞSLHV]ąFVLĊLSRGURG]HSU]\XZDĪ\OHPQDWDNLPMDNE\
NUHGHQVLNXFRĞPDOXWNLHJRDĞOLF]QHJRFRW\ONRPDOF]\NUR]NRFKDQ\ZPX]\FHQLE\MD
PyJáVLĊVSRG]LHZDüĪHXĞZLDGF]\QDZáDVQHGZRMHRF]XWDNLMDNE\áHELSOHF]DVDPHJR
DTP by SHADE 
/XGZLND9DQFRVLĊQD]\ZDSRSLHUVLH F]\OLELXĞFLVNR QLE\ĪHNDPLHQQH]GáXJLPLZáR-
VDPL]HĞOHS\PLRF]\PDLZJURPDGQ\PDILXLLXKDOV]WXNX7RMDGRQLHJR]HVáRZDPL
1RDOHSLĊNQRWDLFDáHPRMH7\ONRĪHWDNV]DJDMąFQDSUDáRPLW\ONRRQZJáD]DFK
QLF ZLĊFHM ] JUDEą áDSF]\ZLH Z\FLĞQLĊWą QLH EDF]\áHP W\FK VSRGNyZ ] POHNLHP QD
SRGáRG]HLZMHGHQLVWUDFLáHPQLHPQRĪNRUyZQRZDJL8XSVSRZLDGDPVWDUDMąFVLĊ
XG]LHUĪDüDWDILID]JU]\ELDáDMDNFK\WURGRVNRF]\]W\OXLRF]HĔE\VWURQDVZyMZLHN
LWUDFKWUDFKPQLHSREDV]FHW\PVZRLPNXV]W\F]NLHPODVNL$ĪUXFKQąáHPQDJUDE\
LNRODQDFKFĊVLĊSR]ELHUDüL]DJDMDP1LHáDGQLHRMQLHáDGQLH$WD]QyZWUDFKWUDFK
WUDFKLSRZLDGD7\QĊG]QDW\PDáDSOXVNZR]U\QV]WRNDEĊG]LHV]PLVLĊZáDP\ZDá
GRSUDZG]LZ\FKOXG]L$PQLHVLĊQLHSRQUDZLáDWD]DEDZDZWUDFKWUDFKQRLJUDEQą-
áHP]DF]XEHNWHMODJLMDNQDPQLHOHFLDáL]QyZRQDVWUDFLZV]\UyZQRZDJĊLFKFLDáD
VLĊRSU]HüQDVWyáDWXREUXVSRMHFKDáL]QLPWHQG]EDQPOHNDLIODFKD]DFK\ERWQĊá\
VLĊMDNIHVWXSLWHLEU\]JWRELDáHQDFDáRĞüLNUXJRPDWDZ\áRĪ\ZV]\VLĊQDSRGáR-
G]HW\ONRVWĊNáDL]QRZXVZRMH$GROLFKDW\VPDUNDF]XQRSRĪDáXMHV]7HUD]MXĪ
LNRV]NLZ]LĊá\VLĊVSXNQLĊWHELHJDüLSU\JDüFDOHWRV]DPUDMVWZRNRFLSRSáRFKLW\OH
QLHNWyUH]QyZPLDá\]JU\]GRNROHĪNyZLDE\LPSU]\áRĪ\üNKDDDSRNRFLHPXLGDü]H
VWDUHJRSD]XUDLSWISWILJUUUULNKDDDDDUN$MDVLĊSRGQLRVáHPLOHĪ\WDZUHGQDVWDUD
SL]JD]DMDGáDWDE]GUĊJDLW\ONRIDIODPLGU\JDLVWĊNDMDNE\VLĊVWDUDáDGĨZLJQąüWR
SU]\áRĪ\áHPMHMPDOXWNLHJRIDMQHJRNRSDZU\áRLMHMVLĊWRF]HJRĞQLHVSRGREDáRER
VNU]\NQĊáD8DDDDDLZLGQRE\áRMDNMHMSRĪ\áNRZDQDLNURSF]DWDPRUGDURELVLĊ
SXUFKSXUFKSXURZDZPLHMVFXJG]LHMDSU]\NDUERZDOFPMHM]HVWDUHJRJLF]RáD
 -DN RGVWĊSRZDáHP SR W\P NRSLH WR PXVLDáHP QDGHSQąü QD FKZRVW MDNLHPXĞ
]W\FK]UDĪDMąF\FKVLĊ]HVNU]\NLHPNRFLąWHNERXVá\V]DáHPJURPNLHMDDXXXXXLVWZLHU-
G]LáHP ĪH FRĞ MDNE\ ] IXWUD L ]ĊEyZ L SD]XUyZRNUĊFLáR PL QRJĊDMDZ WRPLĊFKHP
NOQĊLSUyEXMĊRWU]ąFKQąüZMHGQHMáDSLH]WąVUHEUQąILJXUNąLGRWHJRFKFĊSU]HVWąSLü
WRILIVNRQDSRGáRG]HLJUDEQąü/XGZLND9DQWDNFXGQLHVĊSLąFHJRVLĊMDNE\ZNDPLH-
QLX , EU\]J Z QDVWĊSQ\ DĪ SR EU]HJL VSRGHN POHND ĞPLHWDQNRZHJR L ]QyZ PDáR QLH
SRIUXQĊáRPQLHRZV]HPEDUG]RWRZV]\VWNRXĞPLHMQHMDNE\VRELHZ\VWDZLüĪHWUD-
ILáRQDNRJRLQQHJRDQLHQD3RNRUQHJR6áXJĊL$XWRUD7\FK6áyZ$WDVWDUD]SRGáRJL
MDNVLĊJQLHSU]H]NRWáXMąFHVLĊLGUąFHNRFLVNDLFKDSVPQLH]DJLF]RáQLH]DSU]HVWDMąF
WHJR8DDDDDDQDPQLHDE\ZV]\MXĪWURFKĊ]UyZQRZDJLQDWHQUD]Z\NRQDáHP
SRQDVWRMDV]F]\EDFKWUDFKLOXEXGXZPOHNRFKOXSVLZUR]ZU]HV]F]DQHNRW\DWDVWDUD
E]GUĊJD PQLH SLąFKDPL SR U\MX ER MXĪ RED P\ QD SRGáRG]H L Z VNU]\N  +X]LD QD
QLHJRELüJRSRZ\U\ZDüPXWHSD]XU\]áDSLEUDüJRMDGRZLWHJRJQRMNDZV]\VWNR
GRW\FKNRFLąWHNLMDNE\VLĊSRVáXV]Dá\WHMVWDUHMFKU\F]NLSDUĊLFKGRUZDáRPQLHLZ]LĊ-
á\VLĊG]LDUJDüMDN]XPDV]HGáV]\$ĪLMD]XPDZ\V]HGáHPEUDFLV]NRZLHLZ]LąáHPMH
áRPRWDüDEDEXV]NDQDWR8FKW\URSXFKXQLHZDĪVLĊWNQąüPRLFKNRFLąWHNLG]LDUJ
PQLHSRPRUG]LH7RMDZVNU]\N2ĪW\EUXGQ\VWDU\WRUELV]RQLHL]DQLRVáHPVLĊWą
PDáąMDNE\VUHEUQąILJXUNąLUD]MąQRUPDOQLHZáHELGRSLHURVLĊWDNEDUG]RKRUURUV]Rá
LIDMQLHSU]\PNQĊáD
 :VWDáHPMD]W\FKUR]MDUJDQ\FKNRWyZ]SRGáRJLLFRMDVá\V]ĊZRGGDOHQLXMDN
QLH VWDU\Zy] SROLF\MQ\ SĊG]ąF\ QD V\JQDOH L ]UD]X PL Eá\VQĊáR ĪH WD NRFLD E]GUĊJD
MXĪ WUXáD Z WHOHIRQ GR JOLQLDU]\ NLHG\ MD P\ĞODáHP ĪH ZRáD QD WH VZRMH PLDXF]\GáD
LPUXF]\GáDDZQLHMSRGHMU]OLZRĞüMXĪ]DNLSLDáDOHGZLH]DG]ZRQLáHPĪHQLE\RSRPRF
:LĊFWHUD]SRVá\V]DZV]\WHQXĪDVQ\Z\MJOLQRZR]XU]XFLáHPVLĊGRIURQWRZ\FKGU]ZL
QR L SR QDVWRMDV]F]\ XV]DUSDOHP VLĊ FR E\ RGNOXN RGNOXN WH ZV]\VWNLH U\JOH L ]DPNL
L áDĔFXFK\ L ZV]HONLH ]DEH]SLHF]HQLD :UHV]FLH RGNU\áHP L NRJR MD ZLG]Ċ QD GZRU]H
ZSURJXMDNQLHVWDUHJR-RáRSDDWDPFLGZDMQLE\PRLGUXĪNRZLHWDNVSUXZDMąĪHMXĪ
OHGZLHLFKZLGQR5DXVGDáHPNU]\NGR-RáRSD*OLQD-RáRSQDWR$W\]RVWD-
QLHV]VLĊLFKSU]\ZLWDüKXKXKXLGRSLHURXMU]DáHPĪHRQPDFHSNLZJUDELHL]DPDFK-
QąáVLĊLRQHZKLLLV]MDNZąĪL]OHNND]DFHSLáPQLHDUW\VW\F]QLHSRVDP\FKSRZLHNDFK
W\OHFRMH]GąĪ\áHPSU]\PNQąü$Ī]DZ\áHPLZNyáNRVWDUDMąFVLĊGRMU]HüFRĞZW\PGR
Z\FLDRNURSQ\PEyOXD-RáRSPLZVWDZLD1LHOXELĊMDĪHE\ĞPLURELáWRFR]URELáHĞ
DTP by SHADE 27
PyMVWDU\EUDFLV]NX7RQLHE\áRUHFKWĪHĞPLWDN]URELáGUXĪNX,GRELHJáRPQLHMDN
XGDODMąVLĊMHJRFLĊĪNLHEXFLRU\]W\PMHJRKXKXKXZFLHPQRĞüLQDMZ\ĪHMSRVLHGPLX
VHNXQGDFKXVá\V]DáHPMDN]DMHĪGĪDJOLQRZy]ZW\PZUHGQLHRSDGDMąF\PZ\FLXV\UHQ\
MDNEH]XPQRLG]LNRZĊV]ąF\]ZLHU]-DWHĪZ\áHPLMDNE\]DWRF]\ZV]\VLĊLáEHPWUDFK
RĞFLDQĊZKROX]JáD]DPL]DFLĞQLĊW\PLIHVWLVRNMH]DOHZDáRF]HĔEROHĞQLH,PDFD-
áHP WDN Z SU]HMĞFLX Z KROX MDNE\ QD RĞOHS NLHG\ ZSDGáR JOLQLDUVWZR 1LH ZLG]LDáHP
LFKRF]\ZLĞFLHDOHVá\V]DáHPLSUDZLHĪHSRF]XáHPMDN]DFXFKá\WHVNXUZOHL]DUD]LFK
GRW\NMDNGRUZDOLPQLHRVWURL]DJUDEĊZ\NUĊFLOLQRLZ\ZOHNOLPQLH3RVá\V]DáHPWHĪ
JáRVMHGQHJRV]SLNXMDNE\]WHMNRPQDW\FRMDZ\V]HGáV]\JG]LHWHNRFLVND-HVWFLĊĪ-
NRSRELWDDOHRGG\FKDLZFLąĪWHQJURPNLPLDXNLPLDXN
 7RGRSLHURSU]\MHPQRĞüRGH]ZDáVLĊMDNLĞLQQ\JOLQLDU]NLHG\PQLHZU]XFDOL
UD]GZDLĪHVWRNRGRZR]X1DV]PDOXWNL$OH[LFDá\GODQDV7RMDNU]\NQąáHP
 -HVWHP]XSHáQLHĞOHS\ĪHE\ZDV%yJVNDUDáLZ\NUZDZLáZ\EUXGQHVNXUZOH
  8ZDĪDM PRZD PRZD  ĞPLHFKQąá VLĊ F]\MĞ JORV L GRVWDáHP MDNE\ QD RGOHZ
JUDEąZW\FKSLHUĞFLRQNDFKDOERF]\PĞSRGREQ\PZVDPHJRU\MD:LĊFMDGRQLFK
 $ĪHE\ZDV%yJPLáRVLHUQ\XNDWUXSLáZ\FXFKQąFHEĊNDUW\QLHGRP\WH$JG]LH
UHV]WD" *G]LH PRL GUXĪNRZLH FL V]DMVRZDFL ]GUDMF\" -HGHQ ] W\FK EUDFLV]NyZ PRLFK
VNXUZLHOSRQXU\WDNPLSU]\áDĔFXV]\áSRĞOHSLDFKàDSFLHLFKERXFLHNQą:V]\VWNRWR
LFKVSUDZDEUDFLV]NL3U]\PXVLOLPQLH-HVWHPQLHZLQQ\ĪHE\WDNZDV%yJSRPRUGR-
ZDá7HUD]ZV]\VF\MXĪSRUHFKRWDOLVLĊ]HPQLHQDFDáHJREH]NURV]NLWHMZUDĪOLZRĞFL
QRLZU\SDOLPQLHOXSáXSQDW\áZR]XDMDZFLąĪSRVXZDáHPRW\FKQLE\WRGUXĪNDFK
PRLFKDĪGRWDUáRGRPQLHĪHQLF]WHJRQLHZ\MG]LHERMXĪGDZQRVLHG]ąVHXMXWQRSRG
.VLĊFLHP1RZHJR-RUNXLáDGXMąWHF]DUQą]P\GOLQDPLRUD]SRGZyMQHV]NRW\ZFKĊWQH
JDUG]LRáNDW\FKVWDU\FKĞPLHUG]ąF\FKILILWHZ\NU]\NXMą']LĊNXMHP\ZDPFKáRSF\
%RĪHZDVSREáRJRVáDZ%\OLĞFLHWXSU]H]FDá\F]DVFKáRSDNL1LHVSXĞFLá\ĞP\]ZDVDQL
QDFKZLOĊ]RND
 :W\PF]DVLHJQDOLP\SRGV\JQDáHPQDNRPLVDULDW ]QDF]\VLĊXF]DVWHN SROLPLOL
MD ZNOLQRZDQ\ PLĊG]\ GZyFK JOLQLDU]\ L FR UD] SU]\SDGNLHP ELRUąF WR VWXN WR áRPRW
RGW\FKĞPLHMDV]F]\FKE\NyZ$ĪSRND]DáRVLĊĪHMXĪPRJĊFLXWSRQLHPQRĪNXRGNU\ü
WH SRZLHNL L SU]H] FLHNQąFH á]\ GRMU]Hü FRĞ MDNE\ PLDVWR DOH ]DPJORQH L UR]Sá\QLĊWH
ZELHJXDĞZLDWáDMDNE\QDMHĪGĪDá\ZFLąĪMHGQRQDGUXJLH,SU]H]WHEROHVQHSDWU]DáNL
ZLG]LDáHPMXĪNRáRVLHELHGZyFKV]SLNyZUHFKRF]ąF\FKL]SU]RGXV]DILRUD]FKXGąV]\Mą
LSU]\QLPGUXJLHJRZ\EODGND]JUXEąFR]DJDMDáGRPQLHWDNMDNE\ZSU]HNąV1RFR
$OH[ERMNXWRF]HNDQDV]WREąSU]\MHPQ\ZLHF]yUFR":LĊFMDPXQDWR
 $VNąGZLHV]MDNVLĊQD]\ZDPW\JQRMQ\ĞPLHUG]ąF\E\NX"ĩHE\FLĊ%yJVLHS-
QąáGRSLHNáDW\EUXGQ\VNXUZOXW\áDFKP\WR&LDSLDüQDWRZUHFKRWLMHGHQ]W\FK
RERN]DIDMGDQ\FKáDSVyZPDáRPLXFKDQLHXNUĊFLá$WHQ]E\F]\PNDUNLHPQLHSURZD-
G]ąF\WDNPLSRVXQąá
 .DĪG\]QDPDáHJR$OH[DLMHJRGUXĪNyZ-XĪVáDZQ\PFKáRSLĊFLHPVWDáVLĊQDV]
Alex.
 7RQLHMDNU]\NQąáHP7RWDPFL*HRUJLHL-RáRSL3HWH7RVąLVWQHVNXUZ\V\Q\
DQLHPRLGUXĪNRZLH
 1RFyĪPyZLWHQNDUF]DVW\EĊG]LHV]PLDáFDá\ZLHF]yUQDRSRZLDGDQLHMDNLFK
WRF]\QyZERKDWHUVNLFKGRSXĞFLOLVLĊFLPáRG]LHĔF\LMDNVSURZDG]LOLQD]áąGURJĊPDáHJR
$OH[DWRQLHZLQQHELHGDFWZR7XUR]GDáRVLĊZ\FLHGUXJLHMMDNE\SROLF\MQHMV\UHQ\
LPLQĊOLQDV]Zy]W\ONRZSU]HFLZQąVWURQĊ
 7RSRW\FKVNXUZOL"]DJDEQąáHP&]\WRZDV]HVNXUZOHMDGąLFK]JDUQąü"
 7RE\áDRGND]DáPL]E\F]ąV]\MąNDUHWNDSRJRWRZLD1LHZąWSOLZLHSRWĊ
VWDUV]ąSDQLąSRWZRMąRILDUĊW\PDNDEU\F]Q\LZUHGQ\áDMGDNX
 :V]\VWNRWRLFKZLQDGDáHPVNRZ\WL]DPUXJDáHPW\PLEROHVQ\PLJáD]DPL7H
VNXUZOHQDZLHUQRVLHG]ąLWUąELąSRG.VLĊFLHP1RZHJR-RUNX=JDUQLMFLHLFKZ\ĞPLHU-
G]LHOHLQLHFKZDVV]ODJWUDIL=QyZUR]OHJáVLĊUHFKRWL]QyZSRáXF]\áHPQLHPQRĪNR
áXSREUDFLV]NRZLHPRLZWRELHGQH]ERODáHXVWR$SRWHP]DMHFKDOLP\SRGWHQ]DIDM-
DTP by SHADE 28
GDQ\XF]DVWHNLSRPRJOLPLZ\VLąĞüNRSLąFLV]DUSLąFLFRVWRSLHĔWRáDGXMąFPLOXSáXS
ZJyUĊSRVFKRGNDFKLMXĪZLHG]LDáHPĪHQLHEĊGą]HPQąSRJU\ZDüIHUWH]DIDMGDQH
SRGáHQLHP\WHVNXUZOHĪHE\LFKWDN%yJVNDUDá
.
7
.
 =DZOHNOLPQLHGRF\UNXáXMDVQHJRDĪRĞOHSLDZ\ELHORQHJRZNWyU\PWRDĪ]DW\-
NDáDZRĔMDNE\]PLHV]DQHZMHGQRU]\JRZLQ\LVUDF]L]PRUG\FXFKRGSLZVNDLGH]\Q-
IHNDOLDZV]\VWNRMDNE\]W\FKNODWHNRERNSU]H]U]HV]RWNL:FHODFKF]ĊĞü]DNOXF]RQ\FK
URELáD]JLHáNWRSL]JDMąFPLĊFKHPWRZ\ĞSLHZXMąFLZ\GDáRPLVLĊĪHVá\FKDüMDNMHGHQ
U\F]\SRĪáRSDFNX
.
 2ZV]HPZUyFĊGRFLHELHPRMDPLOD
 -DNW\MXĪQLHEĊG]LHV]Ī\áD
.
 $OHLJOLQLDU]HSRNU]\NLZDOLQDQLFKĪHE\VLĊ]DPNQąüLGDĪHE\áRVá\V]QRMDNE\
NWRĞEUDáKRUURUV]RáSRQDVWRMDV]F]\áRPRWLZL]JDáXXMMMMJáRVHPXFKODQHMVWDUHMSVLRFK\
DQLHPXĪ\ND=HPQąE\áRZWHMVWUyĪyZFHF]WHUHFKáDSVyZLZVLHQDEDOV]RMJURPNR
WUąELOLVRELHF]DMQDVWROHJURPDGQ\LPEU\NDFLVLRUEVLRUELEHNDMąQDVWRGZD]W\FK
ZLHONLFKEUXGQ\FKNXEDVyZ0QLHZFDOHQLHSRF]ĊVWRZDOL-HGQRFRSRáXF]\áHPRGQLFK
EUDFLV]NRZLHPRLWRVWDUHL]DIDMGDQHOXVWURĪHE\PVLĊSU]HMU]DáLQDLVWRMXĪQLHE\áHP
WHQSU]\VWRMQLDN:DV]0áRG\*DZĊG]LDU]LZ\JOąGPyMEXG]LáWUZRJĊXVWRVSXFKQLĊWH
LJáD]NLGRLPHQWXF]HUZRQHLNOXIWHĪREWáXF]RQ\MDNEXOZD3RU\F]HOLVLĊZSURVWKRU-
URUV]Rá]REDF]\ZV]\MDNPQLHWRQLHZNXVQRLMHGHQSRZLDGD=á\VHQ]DNRFKDQHJR
LW\OH:V]HGáMDNLĞZ\VRNLERQ]LDN]JZLD]GNDPLQDSOHF]DFKĪHE\SRND]DüMDNLWR
RQGXĪ\GXĪ\GXĪ\L]REDF]\áPQLHL]URELá+P1RL]DF]ĊáRVLĊ
 -DVND]DáHP
  1LH SRZLHP DQL MHGQHJR VáRZD MHG\QHJR SyNL QLH XMU]Ċ WX PHJR DGZRNDWD
=QDPVLĊQDSUDZLHZ\VNXUZLRáNL$FLVLĊQRUPDOQLHGDOLZUHFKRWRF]HĔJURPNRQD
EDOV]RMLWHQJZLDĨG]LVW\REHUJOLQLDU]SRZLDGD
 $OHĪUHFKWLU\FKW\NFKáRSDNL]DF]QLHP\RGSRND]DQLDPXĪHP\WHĪVLĊ]QDP\
QDSUDZLHLĪHMHGQDNQLHW\ONRZW\PU]HF]0LDáWDNLGĪHQWHOPHĔVNLJáRVLEDáDNDáMDNE\
RF]HĔXVWDZV]\LNLZQąáMDNE\SRGUXĪHVNLQDMHGQHJRWáXVWHJRLJURPDGQHJRV]SLND
,WHQJUXE\G]LDUPDJD]GMąáNXUWNĊLE\áRZLGQRĪHPDVWDUHSRQDVWRMDV]F]\ZLHOJDFK-
QHEU]XFKRLSRGV]HGáQLHĞSLHV]ąFVLĊLSRF]XáHPFXFKZ\GXGORQFJRF]DMX]POHNLHP
MDNUR]G]LDZLáVLĊGRPQLHLREV]F]HU]\áZW\PRF]HĔFK\WU\PDZ\PĊF]RQ\PXĞPLH-
FKX1LHE\á]DGREU]HRJRORQ\MDNQDJOLQLDU]DLPLDáSRGSDFKDPLWDNLHSODPVNDRG
Z\VFKQLĊWHJRSRWXLMDNVLĊSU]\EOLĪ\áWR]DMHFKDáRMDNE\ZRVNRZLQą]QLHP\W\FKXV]X
,]ZLQąáWRSDUV]\ZHF]HUZRQHJUDEVNRZNXáDNLGRJLWDU]\OPLZVDPĪRáąGHNFRE\áR
QLHIHUDUHV]WDPLá\FKF\MQLDNyZRPDáRVHáEyZQLHRGUHFKRWDOD]DZ\MąWNLHPWHJR
QDMZDĪQLHMV]HJRFRZFLąĪXVWDZV]\LMDNE\]QXG]RQ\REV]F]HU]DOVLĊLW\OH$ĪPXVLD-
áHPVLĊRSU]HüRZ\ELHORQąĞFLDQĊLWDELHOL]QDFDá\FLXFKPLXVPRWUXFKDODMDNS\WDáHP
VLĊDSLDüG\FKQąüZRNUXWQ\PEyOXDSRWHPZ\U]\JQąüWHJRSDMDNOHMDV]F]HJRVLĊFR
]MDGáHPQLPZLHF]yUVLĊ]DF]ąá$OHWHJRE\PQLH]QLyVáĪHE\Z]LąüL]DU]\JDüSRGáRJĊ
ZLĊFVLĊXG]LHUĪDáHP,SDWU]ĊDWHQWáXVW\G]LDUPDJDRGZUDFDVLĊGRVZRLFKNXPSOL
GRF\MQLDNyZDE\VLĊ]QLPLIHVWREĞPLDüĪHPQLHWDN]DáDWZLáQRWRXQLRVáHPSUDZ\
JLF]RáL]DQLPNU]\NQĊOLDE\XZDĪDáMDPXIDMQLHSU]\áDGRZDáHPKRUURUV]RáNRSDMDN
UD]ZSLV]F]HO$WHQZ]LąáSU\JDüZNyáNRLZU]HV]F]HüQD]DEyM
 $OH SRWHP IOHNRZDOL PQLH MXĪ NROHMQR V]Z\UJDMąF PQLH MHGHQ GUXJLHPX MDN WĊ
NUZDZą]HV]PDFRQąSLáNĊREUDFLV]NRZLHPRL]SLąFK\PLáDGXMąFWRZMDMDWRZU\M
WRZEU]XFKLSU]\W\P]EXWDDĪQDUHV]FLHSU]\V]áRPLVLĊU]\JQąüQDWĊSRGáRJĊLGDĪH
VND]DáHPQDWRMDN]XPDV]HGáV]\-DZLQRZDWRMEUDFLV]NLWDNĪHQLHO]LD-DZLQR-
ZDWZLQRZDWLZLQRZDW$FLGDOLPQLHRGU\ZNL]HVWDU\FKJD]HWLND]DOLĪHE\PZ\WDUá
DTP by SHADE 29
LQDRVWDWNXSU]\PXVLOLPQLHĪHPDPXáDG]LüGRF]\VWDWURFLQDPL$SRWHP]DJDLZV]\
QRSRSURVWXMDNVHUGHF]QLPRLSU]\MDFLHOHND]DOLVLDGQD]DGLĪHZUHV]FLHVRELHJU]HF]-
QLH SRUR]PDZLDP\ , QD WR ZV]HGá ]REDF]\ü VLĊ ]H PQą 3 5 'HOWRLG ER PLDá ELXUR
ZW\PQDVWRMDV]F]\PEXG\QNX]Z\JOąGXEDUG]RXVWDZV]\L]EUXGáDFKDQ\L]DF]ąáRG
VáyZ1RLVWDáRVLĊ$OH[PyMFKáRSF]HFR"7RF]NDZWRF]NĊMDNSU]HZLG\ZDáHP1R
LSURV]ĊSURV]ĊQRWDN3RF]\P]ZUyFLáVLĊGRPLá\FKF\MQLDNyZ&]HĞüLQVSHNWRU]H
&]HĞüVLHUĪDQFLH&]HĞüLGREU\ZLHF]yUZV]\VWNLP1RWRMDPDPWĊVSUDZĊ]JáRZ\
QRLWDN3URV]ĊSURV]ĊMDNWHQFKáRSDNZ\JOąGD"&RĞZ\GDMHPLVLĊĪHQLH]DEDUG]R
 1RFyĪJZDáWVLĊJZDáWHPRGFLVND]DJDLáWHQQDMZDĪQLHMV]\MDNĞZLĊW\EDUD-
QHN%RVWDZLDáF]\QQ\RSyU]DWU]\PXMąFHMJROHJDOQLHSROLFML
 1RLVSUDZD]JáRZ\QRWDNSRZWyU]\á35'HOWRLG,Z\ĞOHSLáVLĊQDPQLH
WDNFDáNLHP]LPQRMDNE\PMDWHUD]MXĪE\áU]HF]DQLH]DNUZDZLRQ\SRELW\LEDUG]R
XVWDZV]\F]áRZLHN&K\EDPXV]ĊMXWURSRND]DüVLĊZVąG]LH
 7RQLHMD]URELáHPEUDFLV]NXSURV]ĊSDQDRGH]ZDáHPVLĊWDNFLXWSáDNVLZLH
%DUG]RSURV]Ċ]DPQąSU]HPyZLüERQLHMHVWHPWDNLGRV]F]ĊWQLH]á\7RLQQL]GUDG]LHF-
NRZFLąJQĊOLPQLHSURV]ĊSDQDLSRGSURZDG]LOL
 5R]ĞSLHZDáVLĊMDNPDNROąJZD]DV]\G]LáWHQERQ]LDN$ĪGDFKVLĊXQRVLRG
MHJRĞSLHZX
 3U]HPyZLĊU]HNáFKáRGQR35'HOWRLG1LHEyMVLĊQLFEĊGĊMXWURZW\PVą-
G]LH
 *G\E\SDQPLDáFKĊüPXSU]\áRĪ\üSRPRUG]LHZáąF]\áVLĊQDMZDĪQLHMV]\WR
SURV]ĊVLĊQLHNUĊSRZDü0\JRSU]\WU]\PDP\'ODSDQDWRFK\ED]QyZFLĊĪNLHUR]F]D-
URZDQLH
 1DWR35'HOWRLGXF]\QLáFRĞRFRQLJG\E\PQLHSRVąG]LáWDNLHJRMDNRQFRPD
RERZLą]HN VSRáHF]Q\ UDWRZDü L Z\FKRZ\ZDü QDV QLHJU]HF]Q\FK PDá\V]yZ QD WDNLFK
SRQDVWRMDV]F]\KRUURUV]RáPDá\V]yZD]ZáDV]F]DSU]\W\FKJOLQLDU]DFK3RVWąSLáVLĊ
EOLĪHMLQDSOXá1RWDNQDSOXá:U\MDPLQDSOXáWDNIHVWQDFDáHJRSRWHPZ\WDUáVHWHQ
PRNU\]DSOXW\S\VNZLHU]FKHPGáRQL$MDZ]LąáHPVZyM]DNUZDZLRQ\WDV]WXNLWDUáHP
LRFLHUDáHPLZFLąĪWDUáHPVRELHRSOXWHOLFRSRZWDU]DMąF']LĊNXMĊSDQXEDUG]RSDQX
G]LĊNXMĊWREDUG]RV]ODFKHWQLH]SDQDVWURQ\RJURPQLHSDQXMHVWHPZG]LĊF]Q\3R
F]\P35'HOWRLGZ\V]HGáDQLVáRZHPVLĊMXĪQLHRG]\ZDMąF
 $SROXF\MQLDNLZ]LĊOLVLĊ]DWRGáXJLH]H]QDQLHFRMHPLDáHPSRGSLVDüWRMDSRGX-
PDáHPVRELHDQLHFKZDVSLHNáRLV]ODJWUDILDMHĪHOLZ\ZV]\VF\MHVWHĞFLHSRVWURQLH
GREUDWRMDFLHV]ĊVLĊĪHSRWHMGUXJLHM1RLIDMQRVND]DáHPZ\]DIDMGDQHVNXUZ\-
V\QNLRW\PMHVWHĞFLHZ\JQRMQHáDFKP\WNL%LHU]WDF]HPXQLHZV]\VWNRVHELHU]WD
1LHLGĊVLĊZLĊFHMF]RáJDüQDEU]XFKXZ\SDUFKDWHNXQGOH2GF]HJRFKFHFLH]DF]ąüZ\
]DFXFKáHV]DMVRZDWHE\GODNL"-DNRVWDWQLUD]E\áHPZSRSUDZF]DNX"$WRKRUURUV]RáH
SDĪDáXVWDKRUURUV]RO,SRVXQąáHPLPZV]\VWNRMDNOHFLDWHQPLOLVWHQRJUDIEDUG]R
FLFK\LVSXNQLĊO\F]áRQLRSRSUDZG]LHWRVDZVLHPQLHZW\SLHJOLQLDU]DED]JUDáWHMUR]SL-
VNLVWURQĊ]DVWURQą]DVWURQą]D:V]\VWNRLPSRVXQąáHPLXOWUDNXNXLVWDU\]DFKZDW
LáRPRWLU\SVZ\SVWDPLQD]DGZV]\VWNRDĪGRWHMQRF\XVWDUHMERJDWHMSVLRFK\]MHM
PLDXPLDXNLFLRUDPL,SRVWDUDáVLĊMDĪHE\PRLWDN]ZDQLGUXĪNRZLHWNZLOLZW\PDĪSR
V]\MĊ$MDNSU]HNRSDáHPVLĊSU]H]WRZV]\VWNRWHQPLOLVWHQRJUDIURELáWDNLHZUDĪHQLH
MDNE\PXE\áRWURFKĊVáDERQLHV]F]ĊVQ\PXGDN,WHQZDĪQLDNPXVND]DáWDNZLĊFHM
PLáRVLHUQLH
 -XĪGREU]HV\QXWHUD]LGĨQDSLMVLĊF]DMXLSU]HVWXNDMFDá\WHQEUXGLSOXJDVWZR
W\ONRSU]HGWHPĞFLĞQLMVRELHQRVNODPHUNDPLGRELHOL]Q\ZWU]HFKNRSLDFKĪHE\QDV]
PLRG\SU]\VWRMQLDF]HNPyJáWRSRGSLVDü$FLHELH]ZUyFLáVLĊGRPQLHMXĪPRĪQDRG-
SURZDG]LüGRĞOXEQ\FKDSDUWDPHQWyZ]ZV]HONLPLXGRJRGQLHQLDPLL]ZRGąELHĪąFą
 :SRU]ąGNXW\PXVWDZV]\PJáRVHPGRGZyFKJOLQLDU]\]W\FK]DLVWHQDMWZDUG-
V]\FK]DELHU]FLHJR
 :LĊFRGSURZDG]LOLPQLHQDNRSDFKL]SLąFK\LQDWZRMDPDFLGRW\FKNODWHNL]D-
NOXN ]DNOXN Z FHOL JG]LH E\áR MXĪ SHZQLH ] G]LHVLĊFLX DOER GZXQDVWX ]DNOXF]RQ\FK
DTP by SHADE 
ZW\PZLHOXSLMDQ\FK%\áRZĞUyGQLFKSRQDVWRMDV]F]\XQWHUE\GáRXĪDVQDWUZRK\GD
MHGHQ]NOXIHPGRLPHQWXZ\ĪDUW\PLJĊEąUR]G]LDZLRQąMDNZLHONDF]DUQDG]LXUDMHGHQ
FKUDSLąF\QDSRGáRG]HUR]ZDORQ\DJOXWPX]U\MDFDá\F]DVZ\FLHNDáLMHGHQFRMDNE\
FDá\IHNDáVHQRUPDOQLHGDZDáZNDORW\%\áRWDNĪHGZyFKMDNE\GXSRGDMQ\FKREDMQD-
SDOLOLVLĊQDPQLHLMHGHQPLSU\JQąáQDJU]ELHWLSU]\V]áRPLVLĊ]QLPIHVWSRKDUDWDü
LWDNĞPLHUG]LDáMDNE\GHQDWXUNąLWDQLąSHUIXPąĪHRPDWRVLĊ]QyZQLHSRU]\JDáHP
W\ONRMXĪQLHPLDáHPF]\PREUDFLV]NRZLHPRL$SRWHPGUXJL]áDSDPLGRPQLHLFLGZDM
]DF]ĊOLVLĊV]DUSDü]FKDUNRWHPREDMQDSDOHQLQDPRMąSá\ü,WDNZ]LĊOLVLĊUR]UDELDü
DĪSDUXJOLQLDU]\ZSDGáRLSDáDPLGDáRLPREXWDNLáRPRWĪHLPSU]HV]áD]DG\PDLMXĪ
FDáNLHPVSRNRXVLDGáV]\]DJDSLOLVLĊZSU]HVWU]HĔDSRPRUG]LHMHGQHPX]QLFKVWDU\
EOXWNDSNDSLNDS:FHOLE\á\GDĪHLSU\F]HDOH]DSHáQLRQH:GUDSDZV]\VLĊSRMHGQHM
QDVDPZLHU]FK DVSLĊWU]RQHE\á\SRF]WHU\ ]QDOD]áHPVWDUHJRFKU\NDMDNFKUDSDá
QDZLHUQRSL]JQLĊW\WDPQDJyUĊSU]H]áDSVyZ7DNF]\VLDN]ZDOLáHPJRZQL] QLHE\á
]QyZWDNLFLĊĪNL LUXFKQąZV]\QDMDNLHJRĞWáXĞFLRFKDĪáRSDNDFRNLPDáQDSRGáRG]H
REDM]EXG]LOLVLĊLZVNU]\NL]DF]ĊOLVLĊWDNZ]UXV]DMąFRáRPRWDü$MDOHĪąFQDW\P]D-
FXFKá\PEDUáRJXREUDFLV]NRZLHPRL]DSDGáHPZRF]HĔXVWDZV]\LZ\PĊF]RQ\LRER-
ODá\VHQ$OHQLHE\áWRZáDĞFLZLHVHQW\ONRMDNE\SU]HSURZDG]NDGRLQQHJROHSV]HJR
ĞZLDWD : W\P LQQ\P OHSVLHMV]\P ĞZLHFLH R EUDFLV]NRZLH PRL ]QDOD]áHP VLĊ MDNE\
QDZLHONLPSROXJG]LHQDMUR]PDLWV]HNZLDW\LGU]HZDLE\áMDNE\NR]LRá]PRUGąMDN
XF]áRZLHNDJUDMąF\QDWDNLPIOHFLH$SRWHPVLĊZ\GĨZLJQąáMDNVáRĔFHVDP/XGZLN
9DQ]PRUGąMDNE\]SLRUXQDLJU]PRWXZKDOV]WXNXL]UR]ZLDQ\PLG]LNRZáRVDPLQR
LXVá\V]DáHP']LHZLąWąMHMRVWDWQLąF]ĊĞü]HVáRZDPLFLXWSRPLHV]DQ\PLMDNE\ZLH-
G]LDá\ĪHZ\SDGDVLĊWDNSRPLHV]DüERWRMHVWZHĞQLH
.
 =SUĊWDLQRĪDVąWZHUDGRĞFL
 %RMNXPRUGXMąF\ĞZLDW
 =RJQLHPZVHUFXZLĊFSRZLHPFRĞFL
 7\ĪDUODF]XĪHZ]LąüPDV]NRS
 :U\MDLZĞPLHUG]ąF\]DG
.
 $OHPHORGLDVLĊ]JDG]DáDFRZLHG]LDáHPMDNPQLH]EXG]LOLGZLHPLQXW\SyĨQLHM
DOERG]LHVLĊüDOERGZDG]LHĞFLDJRG]LQDOERGQLDOERODWER]HJDUHNPLRGHEUDOL6WDá
SRGHPQąJOLQLDU]MDNE\QDZLHOHZLHOHPLOLMHV]F]HPLOZJáąELV]WXUJDáPQLHGáXJLP
NLMHP]DRSDWU]RQ\PZNROHFLPyZLá
 %XGĨVLĊV\QX%XGĨVLĊW\SU]\VWRMQLDF]NX&]HNDFLĊGRSLHURSUDZG]LZ\NáR-
pot.
 $ MD QD WR  'ODF]HJR" .WR" *G]LH" &R WDNLHJR"  $ PHORGLD 2G\ GR UDGRĞFL
]']LHZLąWHMZ\ĞSLHZXMHJG]LHĞZHPQLHQDLVWRZXQGHUEDULKRUURUV]Rá$SROLFMDQW
 =áDĨLGRZLHV]VLĊ0DP\GODFLHELHV\QXQDSUDZGĊZVSDQLDáHZLDGRPRĞFL1R
WRZ\NDUDENDáHPVLĊ]HV]W\ZQLDá\LRERODá\LWDNQDSUDZGĊMHV]F]HQLHRFNQLĊW\DWHQ
V]SLNUR]WDF]DMąF\VLOQąZRĔVHUDLFHEXOLZ\V]WXUJDáPQLH]EUXGQHMFKUDSLąFHMNODWNL
DE\GDOHMSRNRU\WDU]DFKDSU]H]FDá\F]DVWDVWDUDPHORGLD3LĊNQD%RĪDVNURUDGRĞFL
DĪLVNU]\áDVLĊZHPQLH,ZHV]OLĞP\MDNE\GREDUG]RHOHJDQFNLHMVWUyĪyZNL]PDV]\QD-
PLGRSLVDQLDNZLDWDPLQDELXUNDFKLSU]\W\PMDNE\QDMJáyZQLHMV]\PELXUNXVLHG]LDá
WHQ ZDĪQ\ JOLQLDU] L ZJDSLDá VLĊ ZH PQLH EDUG]R VHULR L SU]\JZDĪGĪDá PQLH ]LPQ\P
Z]URNLHPNWyU\ZELáZPRMHZFLąĪVHQQHU\áR:LĊFMDGRQLHJR
 3URV]ĊSURV]Ċ&RMHVWEUDFLV]NX&RVLĊSRáXF]\áRZW\PMDVQ\PĞURGNXQRF\"
2GSRZLHG]LDá
  'DMĊFLGRNáDGQLHG]LHVLĊüVHNXQGQDWRDĪHE\ĞVWDUáWHQJáXSDZ\XĞPLHFK
]HVZHJRU\MD$QDVWĊSQLHSRVáXFKDV]
 &RWDNLHJR"]HĞPLDáHPVLĊ1LHZ\VWDUF]\FLĪHSRELWRPQLHSUDZLHQDĞPLHUü
LRSOXWRL]PXV]RQRDE\PSU]H]ZLHOHJRG]LQZ\]QDZDáVZH]EURGQLHLZNRĔFXZH-
SFKQLĊWR PQLH SRPLĊG]\ SV\FKyZ L ĞPLHUG]ąF\FK ]ERF]HĔFyZ Z WHM ]DIDMGDQHM FHOL"
DTP by SHADE 31
0DV]GODPQLHMDNLHĞQRZHPĊF]DUQLHW\VNXUZOX"
 6DPMHVRELH]DGDV]VWZLHUG]LáMDNQDMSRZDĪQLHM-DNPL%yJPLá\VSRG]LH-
ZDPVLĊĪHWZRMHZáDVQHWRUWXU\GRSURZDG]ąFLĊGRV]DOHĔVWZD
 ,QDJOH]DQLPMHV]F]H]GąĪ\áSRZLHG]LHüMXĪZLHG]LDáHP7DVWDUDFKU\F]NDZáD-
ĞFLFLHOND W\FK NRWyZ L NRV]HN SU]HQLRVáD VLĊ GR OHSV]HJR ĞZLDWD Z MHGQ\P ]H V]SLWDOL
PLHMVNLFK:LGDüMąFLXW]DPRFQRVWXNQąáHP1RQRWRE\áE\V]F]\WZV]\VWNLHJR3U]\-
ZLG]LDá\PLVLĊWHZV]\VWNLHNRV]NLMDNPLDXF]ąĪHE\LPGDüPOHNDLILJĊZLĊFHMJRQLH
SRáXF]ąRGWHMVWDUHME]GUĊJLVZRMHMSDQLXVL7RMXĪNRQLHFLDXW3RSHáQLáHPZV]\VWNR
FRW\ONRPRĪQD$GRSLHURPDPSLĊWQDĞFLHODW
.
&]ĊĞüGUXJD
.
1
.
To co teraz, ha?
 3RGHMPXMĊZW\PPLHMVFXLGRSLHUR]DF]\QDVLĊSRQDVWRMDV]F]\SáDNVLZDLMDNE\
WUDJLF]QDF]ĊĞüWHMRSRZLHĞFLREUDFLV]NRZLHLMHG\QLGUXĪNRZLHPRLZWHM:XSLH F]\OL
:LĊ]LHQLX3DĔVWZRZ\P QXPHU)1LHRFKRWQRZDPEĊG]LHVáXV]DüWHQV]DMVRZDW\
LXĪDVQ\UD]ND]MDNWRPyMRMF]\NZV]RNXREWáXNLZDáLMXV]\áVRELHJUDENLQDW\PSR-
QLHNąG RV]XNDQ\P %RJX Z 1LHELHVLHFK L MDN PDFLRFKD XVWD Z SURVWRNąW UR]G]LDZLDáD
GRWHJRRXXXXRXXXXRXXXXZPDWF]\QHMUR]SDF]\ĪHMHG\QDODWRURĞOLV\QSLHUVLąMHM
Z\NDUPLRQ\UR]F]DURZDáZV]\VWNLFKDFKMDNKRUURUV]RáLGRWDNLHJRVWRSQLD3RF]\P
VWDU\LNXUHZVNRFLĊW\FKU\NVĊG]LRáD]QLĪV]HJRVąGXMDNZ]LąáLREVPDURZDáRGQDM-
JRUV]\FKZDV]HJR%UDWDL3LV]ąFHJR7H6áRZDFRPLMHV]F]HZSLHUZáDMQHPLEUXGQ\PL
NDOXPQLDPLSU]\áRĪ\OL35'HOWRLGLSROXF\MQLDNLDĪHE\LFK%yJSRNDUDá,]QyZGRWHJR
]DFXFKáHJR NLFLD PLĊG]\ W\FK VPURGOLZ\FK ]Z\URGQLDOFyZ L SU]\VWXSQLNyZ $ SRWHP
VLĊ RGE\á Z\ĪV]\ VąG RVWDWHF]Q\ L QDVWRMDV]F]\ VĊG]LRáD L áDZD SU]\VLĊJá\FK L ]QyZ
WHQEDáDFKQDPQLHRGVDP\FKQDMJRUV]\FKL]WUąEDPLXURF]\VWRZ]DGĊFLXDSRWHP
ZLQLHQLPDFLRFKDZEXKXKXXXXMDNPLUąEQĊOLF]WHUQDĞFLHODWREUDFLV]NRZLHPRL
1RLXV]á\FRGRG]LRQ\V]NDGZDODWDMDNVLĊ]QDOD]áHPQDNRSDFKLV]F]ĊNEU]GĊNZWHM
:XSLH  ) XEUDQ\ Z V]F]\W PRG\ ZLĊ]LHQQHM F]\OL Z EUXGQ\ MHGQRF]ĊĞFLRZ\ áDFK
ZNRORU]HMDNIHNDá]QDV]\W\PQDJUXG]LWXĪSRZ\ĪHMF\NF\NF\NDF]DQXPHUHPLWDN
VDPRQDSOHFDFKZLĊFF]\LGĊF]\SU]\GĊ]DZV]HMHVWHPLMXĪDQLHZDV]
PDOXWNLVWDU\GUXĪRF]HN$OH[
- To co teraz, ha?
 1LHĪHE\WRE\áRZ\FKRZDZF]HRQLHVLHG]LHüGZDODWDZWHMJQRMQLSLHNLHOQHM
L MDNE\ Z ]ZLHU]\ĔFX GOD V]NDFLQ\ OXG]NLHM D WH FLXUPDNL áDPLJQDW\ QLF W\ONR áDGXMą
]EXWDL]SLąFK\LNUXJRPWHSU]\VWXSQLNL]EURGQLDU]HQLHUD]WRFDáNLHP]ERF]RQHLĞOL-
QLąFHVLĊRGVWySGRJáyZĪHWDNLSU]\MHEQ\PDOF]\V]NDMDNQLĪHMSRGSLVDQ\,G]LHĔ
ZG]LHĔUDERWDüQDZDUV]WDFLHSU]\SURL]ZRG]WZLHSXGHáHNQDVSLF]NLQRLQDSRGZyUNR
LV]DJRPPDUV]ZNyáNRLZNyáNRLZNyáNRQLE\GOD]GURZLDLF]DVDPLZLHF]RUHPMDNLĞ
VWDURĪ\WQ\FKU\NZW\SLHSVRUD]GRNáDGHPRĪXF]NDFKDOER'URG]H0OHF]QHMOXER&X-
GDFKL7DMHPQLFDFK3áDWNDĝQLHJXFRMXĪPL]XSHáQLHGDZDáRZUHFKRWERSU]\SRPLQDá
PLVLĊWHQFKU\NFRZ\V]HGá]3XEOR%LEORWHNLZ]LPRZąQRFLMDNXVWURLOLP\]QLPáRPRW
L&]\VW\:DQGDOL]PNLHG\PRLGUXĪNRZLHMHV]F]HQLH]GUDG]LOLPLQHLWDNMDNE\V]F]Ċ-
ĞOLZ\E\áHPLVZRERGQ\2W\FKGUXĪNDFKW\ONRMHGHQUD]XVá\V]DáHPMDNIDW\LPDW\
SU]\V]OLQDZLG]HQLHLVND]DOLPLĪH*HRUJLHQLHĪ\MH$WDNQLHĪ\MHREUDFLV]NRZLH
PRL3RSURVWXPDUWZ\MDNSVLIHNDáQDGURG]H3RZLyGáPyMĩRUĪ\NW\FKGZyFKGRFKDW\
MDNLHJRĞRF]HĔERJDWHJRF]áRQLDLGDOLPXIHVWNRSLáRPRWQDSRGáRG]HDSRWHP*HRU-
JLHZ]LąáVLĊUD]UH]GRSRGXV]HNL]DVáRQDVWDU\-RáRSZ]LąáVLĊáXSFXS]DMDNLHĞEDU-
G]RGURJLHXNUDV]HQLDILJXU\LW\PSRGREQHDĪWHQERJDW\L]áRPRWDQ\PXGDNZĞFLHNá
VLĊMDN]XPDV]HGáV]\LQDQLFK]ZDĪąFąSRQDVWRMDV]F]\V]WDEąĪHOD]Qą,WDNLHMVLá\
QDG]Z\F]DMQHM GRVWDá SU]H] WHQ UD]GUD] ĪH -RáRS L 3HWH OHGZLH PX ]GRáDOL XEU\NQąü
DTP by SHADE 32
ZDNRV]NRD*HRUJLHSRWNQąáVLĊRG\ZDQLMDNZ]LąáWąĪHOD]QąV]WDEą]UR]PDFKXáXS
LEU\]JSRVWDU\PF]HUHSLHWDNLVNRĔF]\áVLĊ]GUDG]LHFNL*HRUJLH$WHQVWDU\XELMFD
Z\NUĊFLáVLĊĪHZ2EURQLH.RQLHF]QHMLJLWJDODQW:LĊFMDNQDĩRUĪ\NDSU]\V]áDF]DSD
FKRFLDĪZURNLGáXĪHMSRW\PMDNPQLHFKDSQĊáRJOLQLDUVWZRWRZV]\VWNRMXĪZLG]LDáR
VLĊIDMQRIDMQLSU]HGQLRWDNMDNE\:\URNRG6DPHJR/RVX
- To co teraz, ha?
 %\áHPMDNUD]Z.DSOLF\%ORNRZHMERQLHG]LHODUDQRLNDSáRQZLĊ]LHQQ\WUXáQRU-
PDOQLH6áRZR%RĪH0RMDURERWDE\áDSU]\JU\ZDüQDVWHUHRSXV]F]DüWH]DIDMGDQHPX-
]\NLĞZLĊWRMHEOLZHSU]HGLSRLZWUDNFLHUyZQLHĪMDNSLDOLK\PQLV]F]D=QDFKRG]LáHPVLĊ
ZW\OH%ORNRZHM.DSOLF\ E\áRLFKF]WHU\ZWHM:XSLH) WDPJG]LHNODZLV]H ]QDF]\
VLĊFLXUPDNL F]XZDOLVWRMąFSU]\ZLQWRZNDFKL]QDEXFKDQ\PLVLQRZU\MPRUG]LHODPLQD
SRJRWRZLXLZLG]LDáHPMDNZVLH]DNOXF]RQHVLDGQDU]RSL]DVáXFKDOLVLĊZ6áRZR%RĪH
ZW\FKZLĊ]LHQQ\FKFLXFKDFKNRORUXáDMQDLW\ONRWHQFXFKEUXGDFNLRGQLFK]DMHĪGĪD
QLHĪHE\SRQDVWRMDV]F]\]QLHXP\FLDVLĊQLHRGLVWQHJREUXGXF]\IHNDáXDOHWDNLZáD-
VQ\]DSU]Dá\ĞPLDUGFRWRRGSU]\VWXSQLNyZREUDFLV]NRZLHPRLWDZRĔMDNE\NXU]X
]MHáF]DáDWáXVWDLEH]QDG]LHMQD$ĪXZLG]LDáRPLVLĊĪHPRĪHLMDWDNFXFKQĊVNRURMXĪ
]URELáVLĊ]HPQLHQDVWRMDV]F]\SU\]QHUPLPRĪHWDNLPáRG]LDN:LĊFE\áRWRGODPQLH
RF]HĔZDĪQHEUDFLV]NRZLHĪHE\VLĊFRQDMU\FKOHMZ\GRVWDü]WHJRVPURGOLZHJR]ZLH-
U]\ĔFD,MDNVDPLXĞZLDGF]\FLHMHĪHOLWREĊG]LHFLHGDOV]HSRF]\W\ZDü]DQLHGáXJRPL
VLĊXGDáR
 7RFRWHUD]KD"RGS\WDáWU]HFLUD]QDV]ZLĊ]LHQQ\ERJXVáDZ$QRWHUD]MXĪEĊ-
G]LHFLHZáD]LZ\áD]ZáD]LZ\áD]SRWDNLFK]DNáDGDFKMDNWHQDOHGODZLĊNV]RĞFLZDVWR
GáXĪHMZáD]QLĪZ\áD]FK\EDĪHSRVáXFKDFLH6áRZD%RĪHJRLSRMPLHFLHFR]DNDU\F]HND-
Mą]DWZDUG]LDáHJRJU]HV]QLNDQDWDPW\PĞZLHFLHDQDW\PFRILJDPRĪHQLH"-HVWHĞFLH
EDQGD]DG]LREDQ\FKLGLRWyZLW\OHZLĊNV]RĞüĪHE\WDNRSFKQąüSLHUZRUyG]OZR]D
PLVNĊZ\VO\JáHMRZVLDQNL7DSRGQLHWDNUDG]LHĪ\JZDáWXLSU]HPRF\WDGXUQDFKXüDE\
Ī\ü]DIUDMHUF]\WRZDUWRVNRURPDP\FDáNLHPSHZQHGRZRG\WDNWDNQLHZ]UXV]RQH
ĞZLDGHFWZRLSHZQRĞüĪHSLHNáRLVWQLHMH-DWRZLHPZLHPSU]\MDFLHOHPRLPLDáHPWH
ZL]MHLSRND]DQRPLFRWR]DPLHMVFHFLHPQLHMV]HQLĪZLĊ]LHQLHJRU]HMSDOąFHQLĪMDNL
EąGĨOXG]NLRJLHĔJG]LHGXV]\F]NLWDNLFK]DWZDUG]LDá\FKJU]HV]QLNyZLNU\PLQDOLVWyZ
MDNZ\QLHPDFRVLĊREV]F]HU]DüV]ODJE\ZDVWUDILáZ\áRWU\WRQLHSRGĞPLHFKXMNL
MDNZ\SRZLDGDPZU]HV]F]ąZQLH]QRĞQHMLZLHF]QHMPĊF]DUQLQRVLP]DW\ND
VPUyGU\MSHáHQJRUąFHJRáDMQDVNyUDJQLMHLSáDWDPLREáD]LZHIODNDFKDĪGRNZLNX
ZLHUFLVLĊMDNE\NXODRJQLVWD$WDNWDNPDFLHWRMDNZEDQNXZLHPMDFRĞRW\P
 :W\PSXQNFLHREUDFLDNWyU\ĞWDPSU\]QHUF]\LQV]\MDNE\ZW\OQ\FKU]ĊGDFK
GDáNRQFHUWQDZDUG]H3UUUUUSLWHFLXUPDNLRGUD]XKHMKRLSĊG]ąDOHMDNWDP
JG]LHZ\GDáLPVLĊV]XPLáXSáXSLWUDFKQDOHZRLSUDZRFDáNLHPQDSDGERU*UDEQHOL
MHGQHJR ELGDND WU]ĊVąFHJR VLĊ FKXG]LXWNLHJR L GUREQHJR SU\]QHUD VWDUHJR FKU\ND
LSRWDV]F]\OLJRDWHQNUXJRPVNU]\F]Dá7RQLHMDQRZLHFLHSU]HFLHĪWRRQDOHFR
]DUyĪQLFD")HVWPXSU]\G]LDUPDĪ\OLDSRWHPZ\ZOHNOL]NDSOLF\FKRFLDĪPDáRVRELHáED
QLHRGZU]HV]F]Dá
 $WHUD]SRZLDGDNDSáRQSRVáXFKDMFLH6áRZD3DĔVNLHJR
 ,GĨZLJQąáZLHONąNQLJĊLSU]HZDUNRWDáNDUWNLĞOLQLąFWHSDOXFK\VSOXZV]VSOXZV]
$E\á]QLHJRZLHONLJURPDGQ\E\FKLFKDPDMGD]PRUGąDĪDĪF]HUZRQąDOHPQLHGRĞü
OXELDá ĪH WDNL PáRG]LDN L RVWDWQLR Wą NQLJą WDN LQWHUHVXMąF\ VLĊ 8VWURLáR VLĊ MDNE\ ]D
F]ĊĞüPRMHJRZ\FKRZDQLD]QDF]\VLĊQDSU]\V]áRĞüĪHF]\WDP]WHMZLHONLHMNQLJLGR
WHJRPX]\NDOHFL]NDSOLFRZHJRVWHUHRDMDF]\WDP8FKEUDFLV]NRZLHPRLWRE\áRSR
QDVWRMDV]F]\KRUURUV]Rá=DNOXF]DOLPQLHLĪHQLE\PDPVáXFKDüWHMĞZLĊWRMHEOLZHMPX-
]\NL-6%DFKDL*)+lQGODDMDVLĊUR]F]\W\ZDáHPMDNWHVWDUHĩ\GáDNLURELOLMHGHQ
GUXJLHPXáRPRWLXOWUDNXNXSRF]\PGRLOLWRMHZUHMVNLHZLQRLGDZDMQDWDSF]DQMDN
OHFL]ĪRQDPL]HVáXĪDQNDPLSRSURVWXKRUURUV]Rá7RPQLHWU]\PDáREUDFLV]NRZLH7HM
NQLJLRVWDWQLDF]ĊĞüMXĪQLHRF]HĔE\áDPQLHSDQLDWQDZLĊFHMWHJRMDNE\ND]QRG]LHMVWZD
LZ]QLRVáHJREDáDFKXQLĪáRPRWXLVWDUHJRU\SVZ\SV$OHMHGQHJRGQLDNDSáRQ]DJDMD
DTP by SHADE 33
GRPQLHWDNMDNE\PLĊWRV]ąFPQLHW\PZLHONLPSRWĊĪQ\PáDSVNLHP2FK]DVWDQyZ
W\VLĊQDGPĊNą%RVNą5R]ZDĪWRVRELHPyMFKáRSF]H$NUXJRPMHFKDáD
RGQLHJRWDSRPXĪ\FNX]DZLHVLVWDZRĔV]NRWDLSDV]RáGRVZRMHMG\ĪXUNLMHV]F]HVH
FKODSQąü:LĊFMDSU]HF]\WDáHPGRNáDGQLHRW\PELF]RZDQLXLFLHUQLRZHMNRURQLHLWDN
]ZDQ\PNU]\ĪXLFDáHWRLFKQLHJyZQRLáXF]V]HMDNGRWąGXSDWU]\áHPĪHFRĞZW\P
MHVW1DVWHUHROHFLDá\IDMQHNDZDáNL%DFKDLZWHG\PQLHRF]\]DNOXF]\ZV]\XZLG]LDáR
VLĊMDNSRPDJDPGDZDüáRPRWLSU]\ELMDüQDNU]\ĪDQDZHWU]ąG]ĊW\PMDNRGRZyGFD
XEUDQ\MDNE\ZWRJĊF]\OLZWDNLV]F]\WPRG\U]\PVNLHM:LĊFQLHVDZVLHP]PDUQRZDá
VLĊWHQPyMSRE\WZND]LRQQHM:XSLH)LVDPQDF]DOQLNEDUG]RVLĊREUDGRZDáMDN
XVá\V]DáĪHPQLHZFLąJDWDMDNE\UHOLJLDLZáDĞQLH]W\PZLą]DáHPSHZQHQDG]LHMH
 7HMQLHG]LHOL]UDQDNDSáRQZ]LąáLZ\F]\WDá]NQLJLRWDNLPFRVá\V]DáDQLH]DáDSDá
VLĊQDWRVáRZRĪHMDNE\GRPEXGRZDáQDSLDFKXL]DF]ĊáRODüLGHV]F]LJURP]QLHED
áXEXGXLGRPSRV]HGáZFKROHUĊ7RMDSRGXPDáHPĪHW\ONRQDVWRMDV]F]\GXUDNEXGR-
ZDáE\QDW\PSLDFKXLĪHWDNLFKOHERUDNWRPXVLDáOHSV]\FKPLHüVąVLDGyZLGUXĪNyZ
MHFKLGQ\FKFRW\ONRE\VLĊREV]F]HU]DOLDĪDGHQPXQLHEDáDNQLHĪHWDNEXGRZDüWR
JáXSLHJRURERWD,GDáVNRZ\WQDV]NDSáRQ7RUHFKWIHUDMQD,QD]DNRĔF]HQLHRGĞSLH-
ZDP\K\PQ]HĞSLHZQLF]ND5R]GDáVLĊVWXNLEDFKLV]WV]WMDNREHFQLZ]LĊOLVLĊ
]DWHPDáHXĞZLQLRQHĝSLHZQLF]NLZLĊĨQLDWHPXOHFL]UąNFL]QyZOLĪąLSU]HZUDFDMą
üOSüOSVWURQLF]NLDZĞFLHNáHFLXUPDNLSRZU]DVNXMą1LHJDGDüWDPVNXUZOH:LG]Ċ
FLĊ-DSá\WĊPDVLĊUR]XPLHüMXĪJRWRZąPLDáHPQDVWHUHRLSXĞFLáHPWĊ
áDWZLXFKQąPX]\NĊRUJDQRZą]MHMJURXXXRXXXRXXXXXXL]HNLVLĊZNOXF]\OLZĞSLHZ
FRĞRNURSQHJR
.
 -HVWHĞP\ĞZLHĪąLVáDEąKHUEDWNą
 /HF]MDN]DPLHV]DüWRPRF\SU]\E\ZD
 &KOHEDQLHOVNLMDGDP\U]DGNR
 6SUDZLHGOLZRĞüMHVWQLHU\FKOLZD
.
 5RELOL]W\FKGXUDFNLFKVáyZLVWQ\Z\MLEHNDERJXVWDZLFKSRSĊG]DáMDNEDWHP
VLHSQąü*áRĞQLHMGRFKROHU\ĞSLHZDüDGRWHJRFLXUPDNL1RF]HNDMW\
LàHEFLUR]ZDOĊJQRMNX:UHV]FLHE\áR]W\PDXWLNDSáRQ]DNOXF]\O1LHFKDMZDV
7UyMFD 3U]HQDMĞZLĊWV]D PD Z RSLHFH L XF]\QL GREU\PL DPHQ  L ZV]\VWNR SRV]XUJDáR
GRGU]ZLSU]\WDNLPIDMQ\PNDZDáNX,,V\PIRQLL$GULDQD6FKZHLJVHOEHUDZ\EUDQ\P
REUDFLV]NRZLHPRLSU]H]1LĪHM3RGSLVDQHJR&R]DIHUDMQDP\ĞODáHPVWRMąFSU]\W\P
QDV]\PVWHUHRZNDSOLF\LSDWU]ąFMDNWHQV]DMVOXG]NLF]áDSLąFZ\JUXĪDVLĊLURELMD-
DDXUUULEHHHHDDMDN]ZLHU]ĊWDLSRND]XMHPL]DIDMGDQ\PLSDOXFKDPLFKDFLZGHĪH
QLE\MDWXPDPSU]\ZLOHMH.LHG\VLĊRVWDWQLZ\F]RáJDá]JUDEDPLREZLVá\PLMDNXJRU\OD
LSRWRF]\ZV]\IDMQLHJURPNRáXSZW\áF]DV]NLRGMHGQHJRFLXUPDNDFRMHV]F]HVLĊ]R-
VWDáDMDZ\NOXF]\áHPVWHUHRSRGOD]áGRPQLHWHQNDSáRQS\NDMąFUDNRWZRUDMHV]F]H
ZW\PFLXFKXERJXVáDZVNLPZNRURQNDFKLFDáRQDELDáRQRMDNG]LHZXV]ND
 ,]DJDLáZWHVáRZD-DN]Z\NOHG]LĊNLFLPyMPDá\&RWHĪG]LVLDMQRZH-
JR"%RWHQNDSáRQZLDGRPRFKFLDáVLĊ]RVWDü]DRF]HĔZDĪQHJRĞZLĊWRMHEOLZFDZW\P
LFKĞZLHFLH5HOLJLL3HQLWHQFMDUQHMLGRWHJRE\áRPXQXĪQHRF]HĔKRUURUV]RáGREUHĞZLD-
GHFWZRRG1DF]DOQLNDZLĊFáD]LáLNLHG\QLHNLHG\]DNDSRZDá1DF]DOQLNRZLFR]DPURF]-
QHVSLVNLNQXMąVLĊXSU\]QHUyZDWHJRV]DMVXGXĪRSRáXF]DáRGHPQLH6SRURE\áRWDN
W\ONRZ\GXPDQHDOHEH]WHJRĪHE\FRĞSRQDVWRMDV]F]\VLĊQLHREHV]áRQDSU]\NáDG
MDNGRQDV]HMFHOLGRV]áRSRUXUDFKNDQDOL]DF\MQ\FKSXNSXNSXNLSXNLSXNSXNLSXN
ĪHGXĪ\+DUULPDQPDVLĊZ\áDPDü:F]DVLHĪDUFLDPLDáVWXNQąüNODZLV]DLZ\SVQąüVLĊ
SU]HRG]LDZV]\ZMHJRFLXFK$SRWHPMDNQDVWRáyZFHPLDáRVLĊXVWURLüZLHONLHU]XFDQLH
WąV]DMVRZDWąSLV]F]ąFRMDWHĪZLHG]LDáHPLGRQLRVáHP$ERJXVáDZSRGDáZLDGRPRĞü
GRJyU\L]DURELáSRFKZDáĊRG1DF]DOQLND]D6SRáHF]QH3RGHMĞFLHL&]XMQH8FKR:LĊFQD
WHQUD]RGND]DáHPLWRQLHE\áDSUDZGD
 2ZV]HPWDNMHVWSURV]ĊNVLĊG]DGRV]áRSRUXUDFKĪHSU]\E\áQLHOHJDOQ\WUDQV-
DTP by SHADE 34
SRUWNRNDLQ\LEĊG]LHMąUR]SURZDG]DüMDNDĞFHODQDNRQG\JQDFML$ZVLRSU]\GX-
PDáHP Z ORW EDáDNDZV]\ MDN L SU]HGWHP GXĪR W\FK RSRZLDVWHN DERJXVáDZ E\á ZVLR
WDNLZG]LĊF]Q\LPyZLá)DMQRIDMQRIDMQ-DWRSU]HNDĪH6DPHPXERWDNPLDQRZDá
1DF]DOQLND:LĊFMDPXQDWR
 3RVWDUDáHPVLĊSURV]ĊNVLĊG]DQLHSUDZGDĪ"'RW\FK]ZLHUFKXV]NLMD]DZV]H
RG]\ZDáHPVLĊPRLPJU]HF]Q\PLGĪHQWHOPHĔVNLPJáRVHP:V]DNVWDUDPVLĊUHJXODU-
nie?
 0\ĞOĊQDWRNDSáRQĪHWDNQDRJyáELRUąFWRLRZV]HP:LHOHQDP
SRPDJDV] L VąG]Ċ ĪH Z\ND]XMHV] VLĊ V]F]HUą FKĊFLą SRSUDZ\ 7\ONR WDN GDOHM D QLH
ZąWSLĊĪHX]\VNDV]EH]ZLĊNV]HJRWUXGXSU]HGWHUPLQRZH]ZROQLHQLH
 $OHSRZLDGDPSURV]ĊNVLĊG]DDFR]WąQRZąV]WXF]NąFRNUąĪąSRJáRVNL"ĩH
WDQRZDMDNE\NXUDFMDSRNWyUHM]DUD]VLĊZ\FKRG]L]ZLĊ]LHQLDL]JZDUDQFMąĪHQLJG\
ZLĊFHM"
 2SRZLHG]LDáQDJOHFDá\ZF]XMQRĞü$JG]LHWRVá\V]DáHĞ".WRFLWDNLFKU]HF]\
QDRSRZLDGDá"
 7HU]HF]\NUąĪąSURV]ĊNVLĊG]DSRZLDGDP3U]\SXĞüP\ĪHGZDMVWUDĪQLF\
UR]PDZLDMąLF]áRZLHNQLHGDUDG\PXVLGRVá\V]Hü$]QyZNWRĞQDZDUV]WDFLH]áDSLH
NDZDOąWNRJD]HW\LZV]\VWNRWRMHVWZQLHMGHWDOLF]QLHRSLVDQH0RĪHNVLąG]E\PQLH
SURV]ĊNVLĊG]DSROHFLáQDWHQ]DELHJĪHRĞPLHOLáE\PVLĊ]DVXJHURZDü"
 :LGDüE\áRMDNRQJáyZNXMHS\NDMąF]HVZHJRUDNRWZRUDLPy]JROąFLOHPLRSR-
ZLHG]LHü]WHJRFRVDPZLHDRFRMD]DJDEQąáHP1DUHV]FLH]DJDLá'RP\ĞODPVLĊ
ĪHFLVLĊUR]FKRG]LRWHFKQLNĊ/XGRY\FND
 $ZFLąĪFKRZDáVLĊEDUG]RF]XMQLH
 1LHZLHPMDNVLĊQD]\ZDSURV]ĊNVLĊG]DRGND]DáHP7\ONRZLHPĪHWRSR-
]ZDODV]\ENRZ\MĞüL]DSHZQLDJZDUDQFMĊĪHZLĊFHMF]áRZLHNDQLHSRVDG]ą
 2ZV]HPSRZLDGDDEUZLPXVLĊW\ONRQDVĊSLDO\MDNVLĊQDPQLH]JyU\Z\ĞOH-
SLá7DNWRLZ\JOąGD1DUD]LHRF]\ZLĞFLHZVWDGLXPHNVSHU\PHQWX%DUG]R
SURVWHDOHWHĪLEDUG]RGUDVW\F]QH
  $OH MXĪ VLĊ ZSURZDG]D X QDV SURV]Ċ NVLĊG]D QLHSUDZGDĪ"  ]DS\WDáHP  7H
QRZHWDNLHZLĊFHMELDáHEXG\QNLSURV]ĊNVLĊG]DSU]\PXU]HSRáXGQLRZ\P-DNE\áD
JLPQDVW\NDQDZ\ELHJXWRZLG]LHOLĞP\NLHG\MHVWDZLDOL
 -HV]F]HVLĊQLHZSURZDG]DRGND]DáQLHZQDV]\PZLĊ]LHQLX6DP
QLHPDGRWHJRSU]HNRQDQLD0XV]ĊSU]\]QDüĪHSRG]LHODPMHJRZąWSOLZRĞFL&KRG]L
RWRF]\WHFKQLND/XGRY\FNDU]HF]\ZLĞFLHPRĪHNRJRĞXF]\QLüGREU\P"$OERZLHPGR-
EURüELHU]HVLĊ]OXG]NLHJRZQĊWU]D'REURüWRNZHVWLDZ\ERUX.LHG\F]áR-
ZLHNQLHPRĪHZ\ELHUDüWRQLHMHVWMXĪOXG]NLH-HV]F]HGáXJRE\XELMDáWHQV]DMVDOH
GDáRVLĊVá\V]HüĪHMXĪQDVWĊSQ\RGG]LDá]DNOXF]RQ\FKVWDUDEDQLDVLĊEU]GĊJEU]GHJSR
ĪHOD]Q\FK VFKRGDFKQDVZyM NDZDáHNUHOLJLL :LHF U]HNá  3RJDGDP\R W\PNLHG\ LQ-
G]LHM$QDUD]LHELHU]VLĊ]DSURJUDPGRZROQ\:LĊFSRV]áHPGRQDV]HJRVWHUHRLSX-
ĞFLáHP-6%DFKDSUHOXGLXPQDFKyU:DFKHWDXILZáDGRZDáDVLĊFXFKQąFDNXF]DW\FK
EUXGQ\FKVNXUZOLEDQG]LRUyZL]ERF]HĔFyZV]áRSV]áRSMDNSU]HJUDQHMDNLHĞPDáSROXG\
REV]F]HNLZDQHLSĊG]RQHEDWHPSU]H]FLXUPDNyZ,]DFKZLOĊZLĊ]LHQQ\NDSáRQMXĪS\WD
LFK
- To co teraz, ha?
 1DWRPLHMVFHĪHĞFLHVLĊZáąF]\OL
 7HJR UDQNDE\á\X QDVF]WHU\ SRUFMH WHM UHOLJLL ZLĊ]LHQQHM DOH ERJXVáDZ MXĪ QLH
RGH]ZDáVLĊGRPQLHMDNFKRG]LRWHFKQLNĊ/XGRY\FNDFRE\WRQLHE\áREUDFLV]NRZLH
2GUDERWDáHPVZRMHSU]\VWHUHRLEDáDNQąáPLW\ONRG]LĊNG]LĊNLRGZLHGOLPQLHDSLDüGR
FHOLQDNRQG\JQDFMLJG]LHPLDáHPMDVZRMHFXFKQąFHLWáRF]QHĪ\OLV]F]H7HQFLXUPDN
QLHE\áDNXUDWQDMJRUV]\LQLHSU]\áDGRZDáPLGDĪHZáHEDQLNRSDMDNPQLHZSXV]F]Dá
W\OHFREDáDNQąá,]QDMGXMHP\VLĊ]SRZURWHPV\QNXZQDV]HMNDáXĪ\1RLIDNW\F]-
QLHRWRPRLGUXĪNRZLHQRZHJRW\SXVDPNU\PLQDáLSU]\VWXSQLNLQDVWRGZDMHV]F]H
FKZDáD%RJXĪHQLH]ERF]HQL1DVZRMHMSU\F]\=RSKDUEDUG]RFKXGRV]F]DZ\LĞQLDG\
DTP by SHADE 35
MDN]DZV]HWUXáLWUXáW\PJáRVHPMDNE\UDNRZDW\PĪHQLNRPXVLĊQLHFKFLDáRVáXV]Dü
7HUD]MDNE\GRQLNRJRSRVXZDáRWDNLUD]ND]$ĪHZW\PF]DVLHQLHV]áRGRVWDüNOXND
FRE\WRQLH]QDF]\áREUDFLV]NRZLH QDZHW]DPHORQDSLHUGROFyZL]DG]LHVLĊüWRFR
MDURELĊQRSRV]áHPGR,QGRUDLPyZLĊĪHPDPMXWURWRVLXSVNRLF]\RQE\F]HJRĞ
QLHVNRPELQRZDá"&Dá\F]DVWDSRQDVWRMDV]F]\NU\PLQDOQDVWDURĪ\WQDJU\SVHUD,E\á
0XUNR EH] MHGQHJR RND FR MDN UD] REG]LHUDá VRELH SD]QRNFLD X QyJ SR NXVRF]NX ĪH
ZQLHG]LHOĊRGĞZLĊWD,E\áWHĪ:LHONLĩ\GEDUG]RSUĊGNLPXĪ\NLSRFąF\VLĊZ\FLą-
JQLĊW\ZNRMFHQDZ]QDNMDNWUXSRV]$SUyF]QLFK-DMDVLRL'RNWRU-DMDVLRE\áQDEDOV]RM
]á\LFLĊW\LĪ\ODVW\VSHFMDOLVWDRGSU]HPRF\VHNVXDOQHMLWHSHD]QyZ'RNWRUXGDZDá
ĪH SRWUDIL Z\OHF]\ü V\ID L WU\QLD L UyĪQH XSáDZ\ D W\ONR ]DVWU]\NLZDá ZRGĊ QR L WDN
XĞPLHUFLáGZLHG]LXV]NL]DPLDVWMDNVLĊ]RERZLą]DáXVXQąüLPF]HJRQLHFKFLDá\PLHü
%\áDWRVDZVLHPEUXGQDSU]HFLZQDLXĪDVQDIHUDMQDLQLHPLDáHPMDSU]\MHPQRĞFLFRE\
REV]F]DüVLĊ]QLPLMDNLZ\ZQDVWRMDV]F]\PRPHQWREUDFLV]NRZLHPRLDOHWRMXĪ
QLHGáXJR
 2WyĪPXVLFLHZLHG]LHüĪHWDFHODE\áDXVWURMRQDGODWU]HFKDSRSDGáRZQLąV]H-
ĞFLXLZVLHQDNXSLHVSRWQLDZV]\LFLDVQR7DNSU]HGVWDZLDá\VLĊZW\FKF]DVDFKZV]\VW-
NLHFHOHZHZV]\VWNLFKPDPUDFKREUDFLV]NRZLHZVW\GLKDĔEDSRSURVWX]DIDMGDQD
]HQLHE\áRJG]LHQyJSRU]ąGQLHZ\FLąJQąü,QLHXZLHU]\FLHFRSRZLHPĪHWHMQLHG]LHOL
ZSLFKQLĊWRQDPMHV]FHMHGQHJR]HND1RWDNSU]HJáRWQĊáRVLĊMDNRĞWĊU]\JRWOLZąSLV]-
F]ĊQLE\ĪHJXODV]]NOXFKLĞPLHUG]ąFHJRPLĊVRFKáDSXLNDĪG\QDVZRMHMSU\F]\NRSFLá
QRUPDOQLHUDNRWZRUDMDNZU]XFLOLPLĊG]\QDVWHJRPXGDND%\áWRVWDU\S\VNDW\JU]G\O
LRGUD]XZ]LąáVLĊZ\ZU]DVNLZDüDQLP\VLĊSRáDSDOLFRMHVWUyĪQHWDPVNDUJL1DZHW
MDNE\ NUDWDPL S\WDá VLĊ WU]ąFKDü L GDUá PRUGĊ  -D GRPDJDP VLĊ PRLFK G]LREDQ\FK
SUDZWXMHVWSU]HSHáQLRQHWRSU]HPRFNXUHZVNDWDNMHVW1DFRMHGHQ]F]DVRZ\FK
]DZUyFLáLSRZLHG]LDáPXĪHE\VRELHUDG]LáMDNPRĪHLQDZVSyOQHMSU\F]\]NLPĞFRJR
ZSXĞFLERMDNQLHWRSU]\MG]LHPXVLĊQDSRGáRG]HNLEORZDü,EĊG]LHGREDZLOWHQ
NODZLV]JRU]HMQLHOHSLHM3U]HFLHĪWRZ\VLĊVWDUDFLHZ\áDMGDNLXVWURLüWDNLGRLPHQWX
SDUV]\Z\EDQG\FNLĞZLDWHN
.
2
.
 1RLRGZSXV]F]HQLDWHJRQRZHJR]DF]ĊáRVLĊWDNSRQDVWRMDV]F]\PRMHZ\GR-
E\ZDQLHVLĊ]Pá\QDER]QLHJRE\áWDNLZUHGQ\L]MDGOLZ\SRSU]HF]QLDNDQLHZLĊ]LHĔ
] EUXGHP QD Py]JX L VDPR SOXJDVWZR Z P\ĞODFK ĪH MHV]F]H WHJR GQLD VLĊ ]DF]Ċá\
NáRSRW\ 1LHPRĪHEQLH VLĊ FKHáSLá L GR NDĪGHJR ] QDV Z]Ląá VLĊ SU]\G]LHUDü ] W\P V]\-
GHUVWZHP QD U\MX L JURPNR D ] S\V]QD ĩH RQ MHG\Q\ Z FDáHM ZXSLH MHVW KRUURU V]Rá
SRQDVWRMDV]F]\SU]\VWXSQLNLĪHZ\NRQDáWRLWDPWRL]DELáUUUD]LG]LHVLĊFLXJOLQLDU]\
MHGQąUĊNąLFDá\WHQV]DMV$OHQLH]DLPSRQRZDáW\PQLNRPXEUDFLV]NL:LHFSU]\VUDá
VLĊGRPQLHĪHE\áHPQDMPáRGV]\LVWDUDáVLĊZFLVQąüĪHMDNRWHQQDMPáRGV]\WRMD
PDPNLPDüQDSRGáRG]HQLHRQ$OHZVLHSRVWDZLOLVLĊ]DPQąLNU]\NQĊOL=RVWDZJR
W\]LPQ\áREX]LHZLHFRQGDáVLĊZWHQVWDU\VNRZ\WĪHQLNWJRQLHNRFKD,WHMVDPHM
QRF\]EXG]LáHPVLĊLSDWU]ĊDWHQRK\GQ\]HNMXĪOHĪ\]HPQąQDSU\F]\FRE\áDGROQD
]WU]HFKSLĊWHULZą]LXWNDLWUXMHPLMDNLĞEUXGPLáRVQ\LJáDFKJáDFKJáDVNDPQLH7RMD
VLĊGRSLHURZĞFLHNáHPLáRPRWFKRüQLH]DEDUG]RKRUURUV]RáE\áRZLGQRW\ONRWDPD-
OXWNDF]HUZRQDODPSNDZSU]HMĞFLXQD]HZQąWU]$OHZLHG]LDáHPĪHQLNWLQQ\W\ONRWHQ
FXFKQąF\VNXUZ\V\QDSRWHPMDNZ\EXFKáDMXĪSRQDVWRMDV]F]\]DG\PDLĞZLDWáDVLĊ
]DSDOLá\WR]REDF]\áHPWHQMHJRSU]HFLZQ\U\MFDá\ZHNUZLFLHNQąFHM]S\VNDJG]LHPX
SU]\áRĪ\áHP]UR]FDSLHU]RQHMJUDE\
 1R L SRWHP FR VLĊ VWDáR ZLDGRPR ĪH FL Z PRMHM FHOL ]EXG]LOL VLĊ L GDZDM PLH-
V]DüáXSOXSLZSyáPURNXWURFKĊQDG]LNRFDáDNRQG\JQDFMDVLĊUR]EXG]LáDRG]JLHáNX
LMXĪVá\FKDüQDEDOV]RMNU]\NLZDOHQLHEODV]DQ\PLNXENDPLRĞFLDQ\MDNE\ZV]\VWNLP
]DNOXF]RQ\P ZH ZV]\VWNLFK NODWNDFK SU]\ZLG]LDáR VLĊ ĪH LG]LH QD JURPDGQ\ Z\áRP
REUDFLV]NRZLHPRL:WHG\]DSDOLOLWHĞZLDWáDLFLXUPDNLZOHFLHOLZNRV]XODFKV]WDQDFK
DTP by SHADE 
LF]DSNDFKZ\PDFKXMąFSDáDPL'RSLHURXZLG]LHOLP\VZRMHF]HUZRQHJĊE\LUR]ODWD-
QHSLąFK\DVNU]\NXFRQLHPLDUDLWZRMDPDFL7RMDZQLRVáHPVNDUJĊLZVLHFLXUPDNL
RĞZLDGF]\OLĪHLWDNF]\VLDNREUDFLDĪZ\PRLZV]\VWNRWRQDZLHUQR]DF]ąá:DV]3R-
NRUQ\L3LV]ąF\7H6áRZDERZ\V]HGáHPGDĪHQLHGUDĞQLĊW\DWHQZPRUGĊG]LREDW\]HN
MXFKąNUDVQRLSU]HNUDVQRIDUERZDá]S\VNDRGPRMHMUR]FDSLHU]RQHMJUDE\'RSLHURSR-
F]XáHPVLĊ]XPDV]HGáV]\,SRZLDGDPĪHDQLQRF\GáXĪHMQLHVSĊG]ĊZWHMFHOLVNRUR
'\UHNFMD:LĊ]LHQLDSR]ZDODĪHE\PLMDNLĞRK\GQ\SU]HĞPLDUGá\ZRQLHMąF\]ERF]HQLHF
LSU]\VWXSQLNQDSá\üU]XFDáVLĊNLHG\MDĞSLĊLGDĪHEURQLüVLĊQLHPRJĊ:\WU]\PDM
DE\GRUDQDRGU]HNOL&]\RVRELVWHJRDSDUWDPHQWX]áD]LHQNąLWHOHZL]MąĪ\F]\VRELH
:DV]D:\VRNRĞü"2F]\ZLĞFLH]UDQDWRVLĊ]DáDWZL$MDNQDUD]LHGUXĪNXWRNáDGĨW\
VZyMG]LREDQ\F]HUHSQDWHMVáRPLDQHMSRGXFKQLHLĪHE\QDPZLĊFHMQLNWQLHSRGVNR-
F]\á=UR]XPLDQRLUHFKWUHFKWUHFKW"3RF]\PXGDOLOLVLĊ]SRZDĪQ\PRVWU]HĪHQLHPGOD
ZVLHFKSRF]\P]DUD]ĞZLDWáDSRJDVá\LMDRĞZLDGF]\áHPĪHSU]HVLHG]ĊRVWDWHNQRF\
DQDMSLHUZMHV]F]HSRZLHG]LDáHPWHPXRK\GQHPXSU]\VWXSQLNRZL1RMD]GDELHU]WĊ
PRMąSU\F]MDNFLSDVXMH0QLHRQDMXĪREU]\GáD8F]\QLáHĞ]QLHMEUXGVPUyGLIHNDá
ĪHĞSRáRĪ\áQDQLHMWĊSá\üVZRMąV]DMVRZDWą$OHWXUHV]WDVLĊZNOXF]\áD:LHONLĩ\G
MHV]F]HVSRFRQ\RGWHMGUREQHMKDUDWDQLQ\ZFLHPQRĞFLDFK]DJDLáVHSOHQLąFMDNQDVWĊ-
SXMH
 -XĪFRWRQLHEUDFLDWDNVLĊQLHUREL1LHGDZDMGODWHJRNDU\SOD$WHQPXQD
WR
 +DáWS\VNLEXEHáZNXEHáXĞW\SDUFKXF]\OLSU]\PNQLMVLĊDOHQLHJU]HF]QLH
1DWRMXĪ:LHONLĩ\GUR]PDFKQąáVLĊĪHE\PXSU]\G]LDUPDĪ\ü
 $'RNWRUVLĊRGH]ZDá
 $OHĪSDQRZLHSRFRQDPWXDZDQWXUDQLHSUDZGDĪ"W\PJáRVHP]QDMZ\ĪV]\FK
VIHU WRZDU]\VNLFK $OH WHQ QRZ\ SU]\VWXSQLN VLĊ SR QDVWRMDV]F]\ GRSUDV]Dá L NUXJRP
SRND]\ZDáMDNXZDĪDVLĊ]DJURPDGQHJRLZLHONLHJRIOLPRQDLĪHWRXEOLĪDMHJRQDG]Z\-
F]DMQHMJRGQRĞFLDE\G]LHOLáFHOĊ]V]HĞFLRPDLVSDáQDSRGáRG]HDĪMDZ\NRQDáHPWHQ
JHVW:LĊFSRVWDUDáVLĊMHFKLGQRSRVZRMHPX]DĪ\ü'RNWRUDLWDNVLĊRGH]ZDá
 (XXXXZLĊFQLHRXXGSRXXZLDGDFLMXĪDZDQWXXXUDF]\ĪQLHWDDDN$UFKLMDMFX"
$QDWRZáąF]\áVLĊ-DMDVLR]á\LFLĊW\LĪ\ODVW\MDNQDVWĊSXMH
 6NRURMXĪQLHPRĪQDVSDüWRPRĪQD]DMąüVLĊHGXNDFMą1DV]HPXSU]\MDFLHORZL
NWyU\VLĊRGQLHGDZQDZĞUyGQDVSRMDZLáSU]\GDVLĊOHNFMD0LPRĪHVSHFMDOL]RZDáVLĊ
-DMDVLRZQDSDĞFLDFKVHNVXDOQ\FKDOHSU]HPDZLDáNXOWXUDOQLH]FLFKDLWDNMDNE\VWD-
UDQQLH:LĊFQRZ\W\ONRVLĊREV]F]HU]\á
 àDSLá\SLáXSW\PDáHIL]GHMNR,GRSLHUR]DF]ĊáRVLĊSRQDVWRMDV]F]\DOHWDN
SRF]XGDFNXLMDNE\]OHNNDĪHSRSUDZG]LHQLNWQLHSRGQLyVáJáRVX7HQQRZ\]SR-
F]ąWNXFLXWQLFPQRĪNRSRNU]\NLZDáDOHMDN0XUNRZ]LąáLSLąFKQąáJRZXVWRSRGF]DV
JG\:LHONLĩ\GVWRMąFHJRXG]LHUĪDáSU]\NUDWDFKDE\JRE\áRZLGQRZW\PF]HUZRQ\P
ĞZLDWHáNX]SU]HMĞFLDWRMXĪW\ONRZ\GDZDáRRR1LHE\áWR]DPRJXWQ\F]áRQLREDU-
G]RVáDE\ZW\PMDNS\WDáVLĊRGGDüáXS]DáXSLZ\GDMHPLVLĊĪHWRZáDĞQLHQDGUDELDá
SU]H]WHQRF]HĔKXF]Q\JáRVLFKHáSOLZRĞü7DNF]\VLDNDOH]REDF]\ZV]\MDNWDVWDUD
F]HUZLHĔSá\QLHNUZDZRZSXUSXUSXURZ\PĞZLHWOHSRF]XáHPĪHPLMDNE\SRGFKRG]L
GRJyU\SRVWDUHPXZNLV]NDFKWDUDGRFKDLRGH]ZDáHPVLĊ
 =RVWDZFLHJRGODPQLHQRMXĪQLHFKMDJRGRVWDQĊREUDFLV]NRZLHPRL1DFR
:LHONLĩ\GZ\VHSOHQLá
 7DNWDNFKáRSDNLWRMHVWIHU=DáDWZLDMJR$OH[,VWDQĊOLWDNZNyáNRDMD
áRPRWDáHPWHJRIOLPRQDSUDZLHSRFLHPNX=SLąFK\PXGDZDáHPLOHZOD]áRLWDĔFR-
ZDáHP]EXWDPLPRĪHEH]V]QXURZDGHáDZNRĔFXJRSRGFLąáHPLUXFKQąáEDFKEDFK
áXEXGXQDSRGáRJĊ7RGDáHPPXMHV]F]HUD]SRQDVWRMDV]F]\KRUURUV]RáIDMQHJRNRSD
ZF]DV]NĊLRQ]URELáRRRFKFKFKLWDNMDNE\RGFKUDSDáVLĊZJáĊERNLVHQL'RNWRUSR-
ZLHG]LDá
 :SRU]ąGNXVąG]ĊĪHWDOHNFMDEĊG]LHZ\VWDUF]DMąFDLV]F]XU]\áVLĊDE\GRM-
U]HüWHJRSRZDORQHJRL]G]LDUJDQHJRF]áRQLDQDSRGáRG]H1LHFKPXVLĊSU]\ĞQLMDNWR
DTP by SHADE 37
ZSU]\V]áRĞFLEĊG]LHPRĪHOHSV]\PFKáRSDNLHP1RLZOHĨOLĞP\DSLDüQDVZRMHNRMNL
MXĪEDUG]RXVWDZV]\&RPLVLĊSU]\ĞQLáR]DĞREUDFLV]NRZLHPRLWRĪHE\áHPZMDNLHMĞ
RF]HĔJURPDGQHMRUNLHVWU]HOLF]ąFHMVLĊQDVHWNLLVHWNLDG\U\JHQWMDNE\VNU]\ĪRZDQ\
]/XGZLND9DQL*)+lQGODZLG]LDáVLĊFDáNLHPJáXFK\LĞOHS\LPDMąF\MXĪGRĞüWHJR
ĞZLDWD-DZGĊW\FKE\ZV]\LQVWUXPHQWDFKDOHWRQDF]\PJUDáHPWRMDNE\QDELDáR
QLE\UyĪRZDZ\PIDJRFLH]FLDáDLZ\UDVWDMąF\P]PRMHMSá\FLDNXUDWSRĞURGNXEU]XFKD
LMDNZQLHJRGPXFKDáHPWRPXVLDáHPVLĊ]HĞPLDüKDKDKDEDUG]RJáRĞQRERWDNMDNE\
PQLHáDVNRWDáRLQDWR/XGZLN9DQ*)SRND]DáVLĊUD]GUD]LFDáNLHP]XPDV]HGáV]\
3RF]\PGDZDMEOLĪHMGRPRUG\LXZU]DVQąáPLVLĊJURPNRZVDPHXFKRL]EXG]LáHPVLĊ
FDá\VSRWQLDZV]\2F]\ZLĞFLHWHQJURPNLV]XPWRIDNW\F]QLHE\áZLĊ]LHQQ\EXG]LN]W\P
EUUUUUEUUUUUEUUUUU=LPRZ\SRUDQHNLRF]\PRMHVDZVLHPNOHMDV]F]HRGWHJRĞSLNXDMDN
MH UR]ZDUáHP WR UR]ERODá\ PQLH Z W\P HOHNWU\F]Q\P ĞZLHWOH FR MH ZNOXF]\OL Z FDáHM
ZXSLH3RF]\POXNQąáHPZGyáLXZLG]LDáHPWHJRQRZHJR]HNDMDNOHĪ\QDSRGáRG]H
QDEDOV]RMNUZDZ\LSRELW\LFLąJOHDXWDXWLDXW3U]\SRPQLDáDPLVLĊXELHJáDQRFL]D-
ĞPLDáHPVLĊFLXWNXVRF]HN
 $OHMDNZ\OD]áHP]NRMNLLSLFKQąáHPJRERVąQRJąSRF]XáHPMDNE\V]W\ZQ\FKáyG
LSRGV]HGáHPGRSU\F]\'RNWRUDLSRWU]ąVáHPJRERUDQR]DZV]HVLĊSRZROLUR]EXG]Dá
$OHQDWHQUD]Z\SU\JQąá]NRMNLGRĞüU\FKáRLQQLWHĪDZ\MąWNLHPE\á0XUNRNWyU\VSDá
MDNNDZDáPDUWZHJRPLĊFKD%DUG]RQLHIRUWXQQLHVLĊVWDáRSRZLHG]LDá'RNWRU1LH-
ZąWSOLZLHE\WWRDWDNVHUFD3RF]\PUR]HMU]DáVLĊSRQDVZV]\VWNLFKLU]HNá'RSUDZ-
G\QLHSRZLQQLĞFLHJRDĪWDNGHNRZDü7RE\áRGRSUDZG\QLHUR]WURSQH
 5]HNáQDWR-DMDVLR
 1RQRGRNWRUNXWHĪQLHE\áHĞFDáNLHPGRW\áXMDNPXSU]\V]áRGDüFK\WU]HFR
QLHFR]SLąFK\$SRWHP:LHONLĩ\GREUyFLáVLĊGRPQLHLZ\UD]Lá
 $OH[FLHELH]DEDUG]RSRQLRVáR7HQRVWDWQLNRSWRE\áEDUG]REDUG]RQLHFKDUR-
V]\:LĊFMDSU]H]WRZV]\VWNRSRF]XáHPVLĊMXĪRF]HĔUD]GUD]LSRZLDGDP
 $NWR]DF]ąáFR"-DZáąF]\áHPVLĊGRSLHURSRGNRQLHFPRĪHQLH":VND]DáHP
QD-DMDVLDLPyZLĊ7RE\áDWZRMDSU]\GXPND0XUNR]DFKUDSDáWDNZLĊFHMJURPNR
ZLĊFSRZLDGDP&]DVREXG]LüWHJRVPURGOLZHJRZ\EODGND7RRQZFLąĪáDGRZDáPX
ZXVWRNLHG\WHQ:LHONLĩ\GG]LHUĪDáJRVWDüSU]\U]HV]RWFH'RNWRUQDWRSRZLDGD
 1LNWVLĊQLHZ\SU]HWHJRĪHPXWURFKĊSU]\áRĪ\áDE\PXGDüĪHWDNSRZLHP
QDXF]NĊDOHQLHPDGZyFK]GDĔĪHWRW\FKáRSF]H]UR]PDFKHPLSRZLHG]LDáE\P
OHNNRP\ĞOQRĞFLąPáRGHJRZLHNX]DGDáHĞPXJQDGHQV]WRVD,ZLHONDV]NRGD
 =GUDMF\Z\PyZLáHP=GUDMF\L]DNáDPDĔFHERMXĪPLVLĊ]URELáRZVLRZLGQR
MDNSU]HGWHPGZDODWDZW\áNLHG\PRLWDN]ZDQLGUXĪNRZLHZ\GDOLPQLHZĪHVWRNLH
áDSVNDSROXF\MQLDNyZ-XĪQDQLFXF]FLZHJRZW\PĞZLHFLHQLHPRĪQDOLF]\üEUDFLV]NR-
ZLHPRLQDLOHMDWRZLG]Ċ1RL-DMDVLRZ]LąáL]EXG]Lá0XUNDD0XUNRE\áMDNQDMEDU-
G]LHMJRWyZSU]\VLĊJDüĪHWR1LĪHM3RGSLVDQ\GRSXĞFLáVLĊWHJRQDMJRUV]HJREUXGQHJR
áRPRWXLRNUXFLHĔVWZD-DNVLĊSRND]Dá\FLXUPDNLDSyĨQLHM6DP1DF]DOQLNMXĪFLPRL
GUXĪNRZLH]FHOLDĪVLĊUR]OHJDáRWDN]H]QDZDOLF]HJRWRMDQLH]URELáHPDE\XNDWUXSLü
WHJRQLNXG\V]QHJR]ERF]HĔFDNWyUHJR]DNUZDZLRQ\WUXSOHĪDáMDNZRUHNQDSRGáRG]H
 %DUG]R WR E\á F]XGDFNL G]LHĔ R EUDFLV]NRZLH PRL :\QLHĞOL WR PDUWZH FLHOVNR
DSRWHPZFDáHMZXSLHZVLH]RVWDOLVLĊ]DPNQLĊFLDĪGRUR]SRU]ąG]HQLDLQLHZ\GDZDQR
ĪDGQHMSLV]F]\GDĪHLNXENDJRUąFHJRF]DMX7\ONRVLHG]LHOLP\LF]DVRZL ]QDF]\VLĊ
FLXUPDNL WDNMDNE\V]DJDOLWDPLQD]DGSRNRQG\JQDFMDFKRGF]DVXGRF]DVXZ\GDMąF
NU]\N=DPNQLMVLĊDOER=DZU]\MWHQORFKMDNGRELHJáLFKDE\W\ONRV]HSW]MD-
NLHMĞFHOL3RWHPNRáRMHGHQDVWHMUDQRMDNE\]HV]W\ZQLDáRZV]\VWNRLSRGQLHFHQLHLMDN
JG\E\VWUDFKHP]DĞPLHUG]LDáRSR]DFHOąL]REDF]\OLP\MDN1DF]DOQLNL*áyZQ\&LXU-
PDNMHV]F]H]NLONRPDZDĪQ\PLQDZ\JOąGERQ]LDNDPLV]DJDMąFRU\FKOHMZ\JDGXMąF
MDN ] XPD V]HGáV]\ 'RV]OL MDNE\ GR NRĔFD WHM NRQG\JQDFML D SRWHP GDáR VLĊ Vá\V]Hü
ĪHDEUDWQRV]OLMXĪZROQLHMLE\áRVá\FKDüMDN1DF]DOQLNWDNLRF]HĔWáXVW\SRFąF\VLĊ
EORQG\QWUXMHFRĞZURG]DMX$OHGRSUDV]DPVLĊL&yĪQDWRSRUDG]LüHNVFHOHQ-
FMR"LW\PSRGREQH:UHV]FLHFDáDWDEDQGD]DWU]\PDáDVLĊSU]\QDV]HMNODWFHL*áyZ-
DTP by SHADE 38
Q\ &LXUPDN RGNOXF]\á =DUD] E\áR ZLGDü NWyU\ WX QDMZDĪQLHMV]\ WDNL EDUG]R Z\VRNL
]QLHELHVNLPLRF]\PDLZFLXFKXQDSUDZGĊKRUURUV]RáZQDMSLĊNQLHMV]\PJDUQLWXU]H
EUDFLV]NRZLHMDNLZLG]LDáHPZĪ\FLXDEVROXWQ\V]F]\WPRG\3U]H]LHUDáMDNE\QDZ\ORW
QDVELGQ\FK]HNyZLSRVXZDáW\PNUDVLZ\PSRQDVWRMDV]F]\HGXNRZDQ\PJáRVHP
5]ąGQLHPRĪHMXĪGáXĪHMSROHJDüQDSU]HVWDU]Dá\FKWHRULDFKSHQLWHQFMDUQ\FK6WáRF]\ü
UD]HPSU]HVWĊSFyZLFR]WHJRZ\QLND".ZLQWHVHQFMD]EURGQLOHJQąFDVLĊZFHQWUXP
NDU\ SU]HVWĊSF]RĞü -XĪ QLHEDZHP FDOD SRMHPQRĞü QDV]\FK ZLĊ]LHĔ PRĪH VLĊ RND]Dü
SRWU]HEQD GOD ZLĊĨQLyZ SROLW\F]Q\FK  1LH ZV]\VWNR FKZ\WDáHP R EUDFLV]NRZLH DOH
ZNRĔFXQLHGRPQLHVLĊ]ZUDFDá3RF]\PWDNVLĊZ\UD]Lá3RVSROLW\FKSU]HVWĊSFyZ
MDNWDRGUDĪDMąFDJURPDGND ]QDF]\VLĊMDEUDFLV]NRZLHLWDUHV]WD]áRĪRQD]LVWQ\FK
SU]\VWXSQLNyZLGRWHJR]GUDG]LHFNLFK QDMOHSLHMGDVLĊ]DáDWZLüQDED]LHF]\VWROHF]QL-
F]HM=DELüZQLFK]EURGQLF]\RGUXFKLW\OH3HáQHZGURĪHQLHZSU]HFLąJXMHGQHJRURNX
'ODQLFKNDUDQLHRGJU\ZDUROLWRZLGDü=WDN]ZDQHMNDU\RQLF]HUSLąVDW\VIDNFMĊ=D-
F]\QDMąVLĊSRPLĊG]\VREąPRUGRZDü,]ZUyFLáQDPQLHVXURZHEáĊNLWQHRF]\:LĊF
MDĞPLDáRVLĊRGH]ZDáHP
  =D SU]HSURV]HQLHP SURV]Ċ MD V]DQRZQHJR SDQD VSU]HFLZLDP VLĊ VWDQRZF]R
WHPX FR SDQ SRZLHG]LDá 1LH MHVWHP SRVSROLW\P SU]HVWĊSFą L QLH MHVWHP RGUDĪDMąF\
0RĪHLQQLVąWXRGUDĪDMąF\DOHQLHMD1DWR*áyZQ\&LXUPDN]URELáVLĊDĪSXUSXURZ\
QDPRUG]LHLZU]DVQąá
 =DZU]\MWHQSLHSU]RQ\ORFKW\1LHZLHV]GRNRJRVLĊRG]\ZDV]"
  'REU]H GREU]H  SRZLHG]LDá WHQ ZDĪQLDN 3R F]\P ]ZUyFLá VLĊ GR 1DF]DOQLND
LU]HNá0RĪHFLHJRXĪ\üGRSU]HWDUFLDGURJL-HVWPáRG\]XFKZDá\]á\LQLHEH]SLHF]Q\
%URG]NLMXWURVLĊQLP]DMPLHDZ\EąGĨFLHSU]\W\PLSU]\JOąGDMFLHVLĊ7RVLĊVSUDZG]D
PRĪHFLH E\ü VSRNRMQL -DN WHQ PáRG\ JURĨQ\ L ]Z\URGQLDá\ ]ELUVLĊ SU]HREUD]L WR JR
ZRJyOHQLHSR]QDFLH
 7H MHJR QLH SDW\F]NXMąFH VLĊ VáRZD R EUDFLV]NRZLH PRL WR E\á MDNE\ SRF]ąWHN
PRMHMZROQRĞFL
.
3
.
 -HV]F]H WHJR ZLHF]RUD SRZORNá\ PQLH JU]HF]QLH L MDN QDOHĪ\ WH ĪHVWRNLH áXS áXS
FLXUPDNLQDZLG]HQLHVLĊ]1DF]DOQLNLHPZMHJRĞZLĊW\PLSU]HQDMĞZLĊWV]\P]HĞZLĊW\FK
SU]\E\WNXF]\OLG\ĪXUFH1DF]DOQLNSU]\MU]DáPLVLĊWDNRF]HĔXVWDZV]\L]DJDLá&K\ED
QLHZLHV]NWRWRE\áG]LVLDMUDQRFR",QLHF]HNDZV]\NLHG\SRZLHPĪHQLH
VDPU]HNá7RE\áZHZáDVQHMRVRELH0LQLVWHU6SUDZ:HZQĊWU]Q\FKMDNWRPyZLą
FDáNLHPQRZDPLRWáD2WyĪWHQRZRPRGQHSRPRMHPXGRĞüKXPRU\VW\F]QHSRP\Vá\
ZNRĔFXSU]HV]á\LSU\ND]WRMHVWSU\ND]FKRFLDĪSRZLHPFLZ]DXIDQLXĪHPQLHWRQLH
RGSRZLDGD:FDOHDZFDOHPLQLHRGSRZLDGD-DXZDĪDPĪHRNR]DRNR-DNFLĊNWRĞ
ELMHWRPXRGGDV]QLH":WDNLPUD]LHGODF]HJRSDĔVWZRWDNGRWNOLZLHELWHSU]H]ZDV
UR]EHVWZLRQ\FKáREX]yZQLHPDZDPRGGDü"$OHZHGáXJWHMQRZHMNRQFHSFMLWDNPD
QLHE\ü%RQRZDNRQFHSFMDMHVWWDNDĪHEĊG]LHP\]áHSU]HPLHQLDüZGREUH$PQLH
VLĊ]GDMHĪHWRZV]\VWNRMHVWQDG]Z\F]DMQLHVSUDZLHGOLZH+P":LĊFMDRGND]DáHP
VWDUDMąFVLĊĪHE\RF]HĔXSU]HG]DMąFRL]FDá\PV]DFXQNLHP
 7DNMHVW$QDWR*áyZQ\&LXUPDNFRVWDáPRJXWQ\LF]HUZRQ\E\FKWXĪ]D
IRWHOHP1DF]DOQLNDMDNQLHU\NQLH
 =DZU]\MQRWHQEUXGQ\ORFKW\JQRMNX
 'REUDGREUDSRZLDGDMDNE\VSOXW\LXVWDZV]\1DF]DOQLN:LĊFW\
EĊG]LHV]SRGGDQ\UHVRFMDOL]DFML-XWUR]DSURZDG]ąFLĊGRWHJR%URG]NLHJR3U]HZLGXMH
VLĊĪHEĊG]LHV]PyJáRSXĞFLüDUHV]WSRXSá\ZLHQLHFRSRQDGGZyFKW\JRGQL=DGZD
W\JRGQLH ] NDZDáNLHP Z\MG]LHV] ] SRZURWHP Z WHQ ZLHONL L ZROQ\ ĞZLDW MXĪ QLH MDNR
QXPHU0\ĞOĊWXVLĊ]OHNNDXF]P\FKQąáĪHWDSHUVSHNW\ZDFLVLĊSRGRED"1LFQDWR
QLHRGSRZLHG]LDáHPZREHFWHJR*áyZQ\&LXUPDN]QyZU\NQąá
 2GSRZLDGDMW\JQRMNXĞZLQLRV]DMVRZDWDNLHG\SDQ1DF]HOQLNFLĊS\WD:LĊF
DTP by SHADE 39
RGSRZLHG]LDáHP
 2FKWDNSURV]ĊSDQD%DUG]RSDQXG]LĊNXMĊ6WDUDáHPVLĊWXMDNPRJáHPQD-
SUDZGĊ-HVWHP]DWRZV]\VWNLPSDĔVWZXQLH]PLHUQLHZG]LĊF]Q\
 :LĊFQLHEąGĨWDNMDNE\Z]G\FKQąá1DF]DOQLN7RQLHQDJURGD%\QDMPQLHM
$ WX MHVW IRUPXODU] GR SRGSLVDQLD 6WZLHUG]D RQ ĪH ]JDG]DV] VLĊ QD ]DPLDQĊ UHV]W\
Z\URNXMDNLPLDáE\ĞRGVLHG]LHüQDSRGGDQLHVLĊWDN]ZDQHMNRPLF]QLHWRQD]ZDOL
.XUDFML5HVRFMDOL]DF\MQHM3RGSLVXMHV]"
 $OHĪQDWXUDOQLHĪHSRGSLVXMĊRGU]HNáHPSURV]ĊSDQD,ZLHONLHSU]HRJURPQH
G]LĊNL:LĊFGDOLPLDWUDPHQWRZ\SLVDNLPDFKQąáHPQLPNUDVLZRLSá\QQLHVZHQD]ZL-
VNR
 :SRU]ąGNXU]HNá1DF]DOQLN7RFK\EDZV]\VWNR
 1DWR*áyZQ\&LXUPDNVLĊRGH]ZDá
 -HV]F]HNVLąG].DSHODQFKFLDáE\]QLPSRJDGDüSDQLH1DF]HOQLNX:LĊFZ\SUR-
ZDG]RQRPQLHLGDZDMNRU\WDU]HPGR.DSOLF\%ORNRZHMDSRGURG]HMHGHQ]FLXUPDNyZ
FRLUD]PQLHVWXNDáMDNQLHZNUĊJRVáXSWRZáHEDOHWDNQXGQRLMDNE\GRUR]]LHZX
, SU]HPDV]HURZDOL PQLH SU]H] NDSOLFĊ GR PDáHM VWUyĪyZNL ERJXVáDZD L ZSLFKQĊOL GR
ĞURGND7DPVLHG]LDáQDV]NDSáRQSU]\ELXUNXJURPNRLZ\UDĨQLH]DMHĪGĪDMąFWDNIDMQLH
SRPXĪ\FNXZRQLąGURJLFKUDNRWZRUyZLV]NRWD3U]HPyZLáGRPQLH
 $WRW\PDá\VLDGDM,GRFLXUPDNyZ3RF]HNDOLE\ĞFLH]DGU]ZLDPL
QLH"7DNL]URELOL$RQZWHG\]DJDLáWDNVLHULR]QR-HGQRFRFKFĊFKáRSF]HWRĪHE\Ğ
QLHPLDáZąWSOLZRĞFLĪHMD]W\PQLFQLHPLDáHPZVSyOQHJR*G\E\WRFRĞGDáRWRE\P
QDZHW]DSURWHVWRZDáDOHQLFQLHGD5yZQLHĪLRNDULHUĊPRMąVLĊUR]FKRG]LUyZQLHĪ
LRWRĪHJáRVPyM]DVáDE\MHVWQDSU]HFLZNU]\NXSHZQ\FKGRĞüSRWĊĪQ\FKF]\QQLNyZ
ZDGPLQLVWUDFML&]\MDVQRVLĊZ\UDĪDP"%\QDMPQLHMVLĊMDVQRQLHZ\UDĪDáREUDFLV]-
NRZLH PRL DOH SRNLZDáHP ĪH WDN  =DPLHV]DQH Vą WX EDUG]R WUXGQH NZHVWLH QDWXU\
HW\F]QHMSRFLąJQąáGDOHM0DMą]FLHELH]URELüGREUHJRFKáRSFD-XĪQLJG\
FLVLĊQLH]HFKFHGRNRQDüDNWXSU]HPRF\DQLWHĪZMDNLNROZLHNVSRVyE]DNáyFLü6SRNR-
MX 3DĔVWZRZHJR 0DP QDG]LHMĊ ĪH GR FLHELH WR ZV]\VWNR GRFLHUD 0DP QDG]LHMĊ ĪH
ZXP\ĞOHVZRLPFRGRWHJRPDV]]XSHáQąMDVQRĞü
 :LĊFMDPXRGND]DáHP
 2FKMDNLHWREĊG]LHIDMQHSURV]ĊNVLĊG]DE\üGREU\P$ZĞURGNXSRSURVWX
KRUURUV]RáPDáRVLĊQLH]HĞPLDáHPREUDFLV]NRZLHPRL$RQGDOHMSRVXZD
 %\üGREU\PWRZFDOHQLHPXVLE\üIDMQH0RĪHWRE\üRNURSQH0yZLĊ
FLWR]SHáQąĞZLDGRPRĞFLąMDNNROZLHNSDUDGRNVDOQLHWRPRĪH]DEU]PLHü:LHPĪHEĊ-
G]LHPQLHWRNRV]WRZDáRZLHOHEH]VHQQ\FKQRF\&]HJRFKFH%yJ"&]\%yJZROLRGIHU-
ZRUXGREURü]Z\ERUX"$PRĪHF]áRZLHNZ\ELHUDMąF\]áRMHVWZMDNLĞVSRVyEOHSV]\RG
WDNLHJRNWyUHPXQDU]XFDVLĊGREUR"*áĊERNLHWRLWUXGQHS\WDQLDPyMPDá\
$OHWHUD]FKFLDáE\PFLW\ONRMHGQRSRZLHG]LHüMHĞOLNLHG\NROZLHNZSU]\V]áRĞFLREHMU]\V]
VLĊSR]DVLHELHQDWHREHFQHFKZLOHLSU]\SRPQLV]VRELHPQLHQDMSRGOHMV]HJRLQDMEDU-
G]LHMSRNRUQHJR]HVáXJ%RĪ\FKEáDJDPQLHP\ĞORPQLHĨOHZJáĊELVHUFDLQLHP\ĞO
ĪHSU]\áRĪ\áHPUĊNLGRWHJRFRVLĊ]WREąQLHEDZHPVWDQLH2WRVLĊPRGOĊ$VNRUR
MXĪPRZDRPRGOLWZLHWRXĞZLDGRPLáHPVRELHZáDĞQLH]HVPXWNLHPĪHPRGOLüVLĊ]D
FLHELHQLHEĊG]LHMXĪPLDáRZLĊNV]HJRVHQVX3U]HFKRG]LV]ERZLHPZUHMRQ\JG]LHQLH
GRVLĊJQLH FLĊ SRWĊJD PRGOLWZ\ $Ī PL VWUDV]QR VWUDV]QR R W\P SRP\ĞOHü $ MHGQDN
Z SHZQ\P VHQVLH Z\ELHUDMąF WR ĪH SR]EDZLRQ\ EĊG]LHV] PRĪOLZRĞFL HW\F]QHJR Z\-
ERUXZSHZQ\PVHQVLHIDNW\F]QLHZ\EUDáHĞGREUR&KFLDáE\PZWRXZLHU]\ü2MDNĪH
FKFLDáE\PZWRR%RĪHGRSRPyĪQDPZV]\VWNLPFKFLDáE\PZWRXZLH-
U]\ü,SRSáDNDáVLĊ$OHMDQLHRF]HĔ]ZDĪDáHPQDWRMHJREXKXKXXXREUDFLV]NRZLH
PRLW\ONRVLĊSRFLFKXREĞPLDáHPZĞURGNXER]UD]XZLGQRĪHREFLąJQąáQDEDOV]RM
WHJRá\VNDF]DLDSLDüZ\GRVWDáIODFKĊ]V]DINLZELXUNXL]DF]ąáVRELHQDOHZDüZLHONLHJR
IHVWKRUURUV]RáJáĊEV]HJRGRVWDNDQDWDNEUXGQHJRL]DWáXV]F]RQFJRDĪPLE\áRSU]H-
FLZQLH&KODSQąáVHJRLSRZLDGD.WRZLHDPRĪHWDNEĊG]LHQDMOHSLHM"1LH]EDGDQH
VąĞFLHĪNL%RVNLH,Z]LąáVLĊSLDüK\PQĞZLĊWRMHEOLZ\WDNLPSRQDVWRMDV]F]\JURPNLP
DTP by SHADE 
LSRVWDZLRQ\PJáRVHP1DWRGU]ZLVLĊRWZRU]\á\LZHV]OLFLXUPDNLĪHE\PQLHGRV]WXU-
JDü]SRZURWHPGRPRMHMĞPLHUG]ąFHMNODWNLDWHQVWDU\ERJXVáDZQLFW\ONRGDOHMZ\-
ĞSLHZ\ZDáWRVZRMHK\PQLV]F]H
 1RLWDNQD]DMXWU]RGUDQDSU]\V]áRPLVLĊSRZLHG]LHüF]HĞF]HĞVWDUHMZXSLHLSR-
F]XáHPVLĊFLXWSLHF]DOQRMDN]DZV]HNLHG\SRU]XFDV]PLHMVFHGRNWyUHJRMXĪE\áHĞ
SU]\Z\NáV]\$OHQLHSU]HSURZDG]LáHPVLĊ]DGDOHNREUDFLV]NL3U]HNRSDLV]WXUJDOLPQLH
GRQRZHJRELDáHJREXG\QNXWXĪ]DSRGZyUNLHPJG]LHGDZDOLQDPWHFLXWJLPQDVW\NLQD
Z\ELHJX*PDFKE\á]XSHáQLHQRZ\LPLDáWHQĞZLHĪ\]LPQ\MDNE\NOHMRZ\]DSDV]HNFR
F]áRZLHNDGUHV]F]RGQLHJRSU]HFKRG]L6WDáHPMDZW\PRNURSQ\PJURPDGQ\PSXVW\P
KROX L áDSDáHP WH QRZLXWNLH ZRQLH L QLXFKDáHP MDN WU]D QLXFK QLXFK SU]H] PyM RF]HĔ
ZUDĪOLZ\U\MF]\OLWHĪNOXI$ZRQLHSRGFKRG]Lá\WDNLHZLĊFHMV]SLWDOQHLF]áRQLRNWyUHPX
FLXUPDNLPQLHSU]HND]DOLRND]DáVLĊZELDáHMOHMELHWHĪMDNE\V]SLWDOQLN 3RNZLWRZDá
ĪHPQLHRGHEUDáDMHGHQ]W\FKZUHGQ\FKFLXUPDNyZFRPQLHSU]\ZLHGOLMHV]F]HPX
EDáDNQąá1LHFKSDQGREU]HXZDĪDQDWHJRĪXOLND7RE\áMDGRZLW\VNXUZ\V\ĔF]\NMDN
U]DGNRLQLHFKW\ONRVLĊXGD]QyZWDNLEĊG]LHWRQLFĪH.DSHODQRZLZáD]LEH]ZD]HOLQ\
LXGDMHFLHNDZRĞüGR%LEOLL$OHWHQQRZ\F]áRQLRPLDáSRSUDZG]LHQLHOLFKHJáD]NLEáĊ-
NLWQHLZQLFKPyZLąFWDNLMDNE\XĞPLHFK
 ,RGND]DáWDPWHPX
 2FKQLHSU]HZLGXMHP\ĪDGQ\FKNáRSRWyZ:V]DNEĊG]LHP\SU]\MDFLyáPLQLH-
SUDZGDĪ",MDNVLĊXĞPLHFKQąáJáD]DPLLMHV]F]HWąV]HURNąF]HUZRQąJĊEąSRND]XMąF
ZQLHMSHáQRELDá\FKNDIOLWDNRGUD]XPLVLĊMDNE\SRQUDZLá7DNF]\VLDN]DUD]SU]HND-
]DáPQLHGUXJLHPXLWHĪZELDáHMNDWDQLHDWHQUyZQLHĪE\áIDMQ\L]DSURZDG]LOLPQLHGR
EDUG]RIDMQHMELDáHMF]\VWHMV\SLDONL]ILUDQNDPLL]ODPSąSU]\áyĪNXDNRMNDVWDáąW\ONR
MHGQDLZVLRGOD:DV]HJR3RNRUQHJR6áXJL1LĪHM3RGSLVDQHJR$ĪREĞPLDáHPVLĊKRU-
URUV]RáZĞURGNXLSRGXPDáHPĪHQDLVWRV]F]ĊĞOLZ\]HPQLHPáRG\PDOF]\NSDOF]\N
3RZLHG]LHOL PL DĪHE\P ]GUXFLá WH XĪDVQH áDFK\ L FLXFK\ ZLĊ]LHQQH L GDOL PQLH RF]HĔ
SU]HNUDVQą GZXF]ĊĞFLRZą SLĪDPĊ R EUDFLV]NRZLH PRL JáDGND ]LHOHĔ QR VDP V]F]\W
PRG\áyĪNRZHM,GDOLPLWHĪIDMQ\FLHSá\SRGRPLQLHSáRFKHWXIOHĪHE\PQLHODWDáERVR
LSRGXPDáMD1R$OH[ERMNXPDá\MXĪE\ZV]\DOHQDPVLĊSU]HZRVFKRGQR
WUDILáRLZXQGHUEDU7XEĊG]LHP\VLĊGRSLHURF]XOLMDNZQLHELH
 1DNRQLHFSRáXF]\áHPMDIDMQąF]DV]NĊKRUURUV]RáQDVWRMDV]F]HMNDZ\LGRWHJR
QLHPQRĪNRVWDU\FKJD]HWLĪXUQDáyZĪHE\PMHVRELHSU]HMU]DáSRSLMDMąFLGRSLHURZV]HGá
WHQSLHUZV]\F]áRQLRZELDá\PWHQFRPQLHSRNZLWRZDáLVND]DZV]\$KDMHVWHĞFR
E\áRSRGXUDFNXDOHQLHZ\SDGDáRGXUQRERWDNLE\áIDMQ\1D]\ZDPVLĊ]DJDLá
GRNWRU%UDQRPLMHVWHPDV\VWHQWHPGRNWRUD%URG]NLHJR=URELĊFLMHĞOLSR]ZROLV]UX-
W\QRZRNUyWNLHLRJyOQHEDGDQLH,Z\Mąá]SUDZHJRNDUPDQDVWHWR0XVLP\XSHZQLü
VLĊĪHMHVWHĞFDáNLHP]GUyZQLHSUDZGDĪ"1RWDNPXVLP\:LĊFSRáRĪ\ZV]\VLĊMDEH]
JyU\RGSLĪDP\MDNRQVLĊW\P]DWUXGQLDáLURELáPLWRWDPWRLRZR]DS\WDáHP
 $ZáDĞFLZLHSURV]ĊSDQDFRPL]URELFLH"
 2FKU]HNáGRNWRU%UDQRPLZW\PF]DVLHMHJR]LPQHVWHWRZĊGURZDáRPLZGyá
SRFDá\FKSOHFDFKZáDĞFLZLHWREDUG]RSURVWH3RNDĪHP\FLWURFKĊILOPyZLW\OH
 )LOPyZ"SRZWyU]\áHP3UDZLHZ\GDZDáRPLVLĊĪHPQLHVáXFKP\OLVDPLUR-
]XPLHFLHEUDFLV]NL=QDF]\VLĊSRZLDGDPĪHWDNMDNE\PFKRG]LáGRNLQD"
  7R EĊGą WDNLH VSHFMDOQH ILOP\  SRZLDGD WHQ GRNWRU %UDQRP  1DZHW EDUG]R
VSHFMDOQH3LHUZV]\VHDQVEĊG]LHV]PLDáG]LVLDMSRSRáXGQLX1RWDNSRZLDGDLSURVWXMH
VLĊMDNE\áQDGHPQąSRFK\ORQ\FK\EDFDáNLHP]GURZ\LVSUDZQ\]FLHELHFKáRSLHF
0RĪHWURV]NĊQLHGRĪ\ZLRQ\7RQDSHZQRSU]H]WHQSRNDUPZLĊ]LHQQ\=DáyĪWĊJyUĊRG
SLĪDP\3RNDĪG\PSRVLáNXRĞZLDGF]\áVLDGDMąFQDEU]HJXáyĪNDGRVWDQLHV]]DVWU]\N
ZUDPLĊ1DSHZQRSRPRĪH:LĊFSRF]XáHPJURPDGQąZG]LĊF]QRĞüGODWHJRV\PSD-
W\F]QHJRGRNWRUD%UDQRPDL]DS\WDáHP
 :LWDPLQ\SDQLHGRNWRU]HQLHSUDZGDĪ"
 &RĞZW\PURG]DMXRGND]DáXá\EDMąFVLĊRF]HĔKRUURUV]RáLSRGUXĪHVNL5D]
G]LDEZUDPLĊSRNDĪG\PSRVLáNX,Z\V]HGá-DOHĪDáHPQDáyĪNXF]XMąFVLĊSRQDVWR-
DTP by SHADE 41
MDV]F]\MDNZQLHELHLSRF]\W\ZDáHPQLHNWyUH]ĪXUQDáyZFRPLGDOL6SRUWQDĝZLHFLH
.UĊFLP\ WRE\áILOPRZ\ĪXUQDá L*ROD3RF]\PZ\FLąJQąáHPVLĊQDWHMNRMFHL]DNOX-
F]\ZV]\ JáD]\ SRGXPDáHP VRELH MDN IDMQLH EĊG]LH ]QDOHĨü VLĊ DSLDü QD ZROQRĞFL ĪH
ZG]LHĔ$OH[MXĪ]DVWDU\GRWHMVWDUHMU]\JRá\PRĪHVLĊ]DF]HSLRMDNąĞIDMQąLOHNNą
URERWĊDSRWHPVRELH]JDUQLHDQXĪNWRZLHWDNLMDNE\QRZ\JDQJQDĪ\FLHQRFQH
D QDMSLHUZV]D UREyWND WR EĊG]LH GRVWDü ]QyZ VWDUHJR -RáRSD L 3LHWLX MHĞOL GRWąG QLH
]JDUQĊOLLFKSROXF\MQLDNL1DWHQUD]MXĪGDPSRQDVWRMDV]F]\EDF]HQLHDE\QLHJUDEQĊOL
PQLH2QLGDMąPLWDNMDNE\GUXJLUD]V]DQVĊNLHG\MHVWHPXELZV]\LZRJyOHQRWRE\
QLHE\áRIHUJG\E\PVLĊGDá]QyZJUDEQąüMDNRQLVRELH]DGDG]ąW\OHIDW\JLSRND]XMąF
PLWHILOP\SRNWyU\FKPDVLĊ]URELü]HPQLHMXĪSRQDVWRMDV]F]\FKDURV]\PDOF]\N
$ĪREĞPLDáHPVLĊSRSURVWXKRUURUV]Rá]QLFKZV]\VWNLFKĪHWDNDQLHZLQQRĞüLPDáR
VRELHF]DV]NLQLHRGUHFKRWDáHPMDNSU]\QLHĞOLPLQDWDF\RELDG$WHQFRJRSU]\QLyVá
WRF]áRQLRNWyU\SU]\ZLyGáPQLHGRWHMPDáHMV\SLDONL]DUD]SRSU]\E\FLXWX
 ,SRZLHG]LDá
 7RPLáRZLG]LHüĪHNWRĞF]XMHVLĊWDNLV]F]ĊĞOLZ\$JUXGDĪDUFLDWRE\áDQDWDF\
SRQDVWRMDV]F]\SU]HZRVFKRGQDLZNXVQD]Z\JOąGXSDUĊNXVRF]NyZMDNE\JRUąFHJR
UR]EHIXDGRWHJRSLXUH]NDUWRV]NLLMDU]\QNLDQDGREDZNĊORG\LIDMQ\JRUąF\NXEDV
F]DMX%\áGDĪHLVPRF]HNGR]DNXU]HQLDLSXGHáNRDZQLPMHGQDVSLF]ND:LĊFMDNE\
Ī\üQLHXPLHUDüREUDFLV]NRZLH3RF]\P]DMDNLHĞSyáJRG]LQ\NLHG\MXĪOHĪDáHPFLXW
SU]\VQąZV]\QDáyĪNXZHV]áDSLHOĊJQLDUNDQRIDMQDSRQDVWRMDV]F]\PáRGDĞZLHU]RSD
]WDNLPLIDMQ\PLJUXGNDPL MDNLFKQLHZLG]LDáHPSU]H]GZDODWD LQLRVáDQDWDF\VWU]\-
NDZNĊ$MDQDWR
 $KDWHVWDUHZLWDPLQ\FR"LPODVNPODVNGRQLHMFKOLSDGáHPDOHQLH]ZUyFLáD
XZDJL7\ONRPLZáDGRZDáDLJáĊZOHZHUDPLĊDSRWHPSĞĞĞNLZFLVQĊáDWHZLWDPLQNL1R
LZ\V]áDNOLNNOLNQDW\FKQyĪNDFKZ\VRNLFKQDREFDVLH3RF]\P]MDZLáVLĊIOLPRQZELD-
á\PSáDV]F]XMDNE\WDNDPĊVNDVLRVWU]\F]ND]IRWHOHPQDNyáNDFK7HQZLGRNXG]LZLá
PQLHSRQLHPQRĪNXLPyZLĊGRQLHJR
  &R MHVW JUDQH EUDFLV]NX" 1DZLHUQR GDP UDGĊ RVRELĞFLH SRV]DJDü WDP JG]LH
QDOHĪ\$RQPLQDWR
 /HSLHMEĊG]LHMDNFLĊ]DZLR]Ċ,IDNW\F]QLHEUDFLV]NLRND]DáHPVLĊFLXWPLĊNNL
ZQRJDFKMDN]OD]áHP]NRMNL&K\ED]QLHGRĪ\ZLHQLDMDNGRNWRU%UDQRPMXĪ]D]QDF]\á
SU]H]WRV]DMVRZDWHĪDUFLHZLĊ]LHQQH$OHWHQ]DVWU]\N]ZLWDPLQSRMHG]HQLXDSLDüPQLH
SRVWDZLQDQRJL&RGRWHJRQLHPDZąWSOLZRĞFLSRP\ĞODáHP
.
4
.
 7R PLHMVFH GRNąG PQLH ]DZLy]á EUDFLV]NRZLH QLH SU]\SRPLQDáR ĪDGQHJR NLQD
MDNLHGRWąGZLG]LDáHP2ZV]HPMHGQąĞFLDQĊSRNU\ZDáVUHEU]\VW\HNUDQDZĞFLDQLH
QDSU]HFLZNRE\á\WHG]LXU\NZDGUDWRZHGRU]XWQLNDĪHE\PLDáVNąGU]XFDüLZV]ĊG]LH
SRXW\NDQHJáRĞQLNLVWHUHR$OHSU]\SUDZHMĞFLDQLHE\áRWDNLHXVWURMVWZRMDNE\NRQVR-
OHWD SHáQD ]HJDUNyZ L VWU]DáHN D QD ĞURGNX PRUGą ]ZUyFRQ\ GR HNUDQX IRWHO MDNE\
GHQW\VW\F]Q\LPQyVWZRRGFKRG]ąF\FKRGQLHJRGUXWyZLSU]\V]áRPLVLĊQDQLHJRFLXW
QLHSU]HF]RáJDü]Zy]NDQDNyáNDFKLMHV]F]HPLSRPDJDáLQQ\áDSLGXFKZELDá\PNLWOX
3RWHP]DXZDĪ\áHPĪHSRGRWZRUDPLGRSURMHNFMLMHVWQDFDáRĞüMDNE\PDWRZHV]NáR
LZLGDü]DQLPMDNE\UXV]DMąFHVLĊFLHQLHOXG]NLHLVá\FKDüMDNE\NDV]OXNDV]OX$SRWHP
MXĪQLF]HZRQLHRGELHUDáHPSUyF]WHJRMDNLMHVWHPVáDERVLOQ\ZSU]HNRQDQLXĪHVSUD-
ZLáRWRSU]HNOXF]HQLHVLĊ]ZLĊ]LHQQHJRĪDUFLDQDWRQRZHSRĪ\ZQHLMHV]F]HWHQ]DVWU]\N
]ZLWDPLQ'REU]HSRZLDGDWHQRGNRáRZDQLDQDZy]NXWRMDFLĊ]RVWDZLDP3RND]VLĊ
]DF]QLHMDNW\ONRSU]\EĊG]LHWXGRNWRU%URG]NL0DPQDG]LHMĊĪHFLVLĊVSRGRED7DN
SRSUDZG]LHEUDFLV]NLWRQLHEDUG]RFLąJQĊáRPQLHZWRSRSRáXGQLHGRNLQD1LHE\áHP
ZQDVWURMX:RODáE\PVLĊIDMQLHLVSRNRFLFKXWNRSU]HNLPDüZNRMFHDE\FLFKRV]DLWDN
SU]\MHEQLHVDPQDVDPRJZDáWDG]LQRNR&]XáHPVLĊ]XSHáQLHRNODSQąZV]\
 $ĪWXMHGHQZELDáHMNDWDQLHSU]\ZLą]XMHPLáHEGRWDNLHJRMDNE\]DJáyZNDSR-
DTP by SHADE 42
ĞSLHZXMąFVRELHFDá\F]DVMDNąĞSRSV]DMVRZDWąSLRVQHF]NĊ$WRSRFR"VS\WDáHP
$WHQIOLPRQPyZLSU]HVWDZV]\QDFKZLOH]DSLHZDüĪHSRWRDE\PJáRZĊPLDáXQLHUX-
FKRPLRQąLPXVLDáSDWU]HüQDHNUDQ$OHMDSRZLDGDPFKFĊSDWU]HüQDHNUDQ3U]\ZLH-
GOLPQLHWXĪHE\PRJOąGDáILOP\LEĊGĊWHILOP\RJOąGDá1DWRGUXJLZELDá\PSáDV]F]X
E\áDLFKUD]HPWUyMNDMHGQD]QLFKG]LXV]NDVLHG]LDáDQRUPDOQLHSU]\NRQVROHFLHXW\FK
]HJDUNyZLJOLJODáDUyĪQ\PLNUĊFLRáNDPL REĞPLDáVLĊWDNFLXWQLHPQRĪNRLSRZLDGD
  7R QLJG\ QLH ZLDGRPR 2M QLH ZLDGRPR =DXIDM QDP SU]\MDFLHOX 7DN EĊG]LH
lepiej.
 ,RND]DáRVLĊĪHPLSU]\ZLą]XMąJUDE\SDVDPLGRSRUĊF]\LWDNĪHJLF]Rá\PDP
QDEHWRQXPRFRZDQHGRSRGQyĪND:LG]LDáRPLVLĊWRFLXWMDNE\]XPDV]HGáV]\DOH
GDáHPLPZV]\VWNRURELüFRFKFLHOL6NRUR]DGZDW\JRGQLHPDP]QyZE\üWHQPáRG\
LVZRERGQ\PDOF]\NWRQLHMHGQR]DWHQF]DVZ\WU]\PDPREUDFLV]NRZLHPRL-HGQRFR
PLVLĊQLHSRQUDZLáRWRMDNPL]DáRĪ\OLWDNLHMDNE\NOLSV\QDF]ROHVNyUĊQDSLQDMąFHDĪ
PLFLąJFLąJLSRGFLąJQĊáRJyUQHSRZLHNLĪHMXĪQLHPRJáHP]DPNQąüDQLSU]\V]F]XU]\ü
RF]XMDNE\PVLĊQLHVWDUDá7RVSUyERZDáHPVLĊXĞPLDüLSRZLDGDP$OHWRPXVLE\ü
SRQDVWRMDV]F]\KRUURUV]RáWHQILOPĪHWDNZDP]DOHĪ\DE\PJRZ\RJOąGDá1DFR
MHGHQ]W\FKZELDá\P]DUHFKRWDáLRGH]ZDáVLĊ
 7DNMHVWZáDĞQLHKRUURUV]RáSU]\MDFLHOX-DNE\Ğ]JDGáĪHV]RáLĪHKRUURU
 3RWHPQDáRĪ\OLPLWDNąMDNE\P\FNĊQDáHELZLG]LDáHPĪHLG]LHRGQLHMPQRJR
GUXWyZLGREU]XFKDSU]\VVDOLPLWDNąMDNE\VVDZNĊLGUXJąGRVWDUHJRF\NDF]DLE\áR
PLNąFLNLHPZLGQRĪHRGQLFKWHĪELHJQąGUXW\3RWHPUR]GDáVLĊKDáDVGU]ZLRWZLHUD-
Q\FKL]UD]XE\áRSR]QDüĪHZFKRG]LMDNLĞRF]HĔJURPDGQ\ZDĪQLDNMDNWHZV]\VONLH
XQWHUIOLPRQ\ZELDá\P]HV]W\ZQLHOL1RL]REDF]\áHPMDWHJRGRNWRUD%URG]NLFJR%\á
WRPDOXWNLFKXMRZLQNDEDUG]R]DWáXV]F]RQ\NXGHáNLPXVLĊNUĊFLá\MDNXEDUDQNDSR-
NUĊFRQHNXGáDWRQDFDáHMF]DV]FHQDNOXILHMDNWDNDUWRV]NDPLDáEDUG]RJUXEHRF]NL
'RMU]DáHP ĪH RG]LDQ\ MHVW Z JDUQLWXU SR QDVWRMDV]F]\ KRUURU V]Rá L DEVROXWQ\ V]F]\W
PRG\DZ\GDZDá]VLHELHRF]HĔVXEW\OQąLOHFLXWNąZRĔVDOLRSHUDF\MQHM7RZDU]\V]\á
PXGRNWRU%UDQRPFDá\ZXá\ENDFKMDNE\FKFLDáPQLHSRGHSU]HüQDGXFKX:V]\VWNR
JRWRZH"RGH]ZDáVLĊGRNWRU%URG]NL]W\PSU]\GHFKHP,XVá\V]DáHPJáRV\Z\NU]\-
NXMąFHWDMHVWWDMHVWWDMHVWQDMSLHUZ]RGOHJáRĞFLDSRWHPEOLĪHMQRLUR]áHJáVLĊ
WDNLEXF]ąF\V]XPMDNE\FRĞSRZNOXF]DQR$SRWHPĞZLDWáD]JDVá\L]RVWDáVLĊ:DV]
3RNRUQ\L2SRZLDGDMąF\7R:V]\VWNR3U]\MDFLHOVDPMHGHQSRFLHPNXFDá\ZVWUDFKX
VDPQDVDPLDG]LQRNRQLFPRJąF\VLĊDQLSRUXV]\üDQL]DPNQąüRF]XDQLZRJyOH
QLF $ SRWHP R EUDFLV]NRZLH PRL ]DF]ąá VLĊ SRND] ILOPRZ\ RG EDUG]R JURPNLHM PX-
]\NLOHFąFHM]JáRĞQLNyZG]LNLHMLSHáQHMG\VRQDQVyZ$SRWHPQDHNUDQLHSRND]DáVLĊ
REUD]DOHEH]W\WXáXLF]RáyZNL7\ONRXOLFDPRJáDWRE\üMDNDEąGĨXOLFDZMDNLPEąGĨ
PLHĞFLHZPURNXQRF\LSU]\SDOąF\FKVLĊODWDUQLDFK)LOPWDNMDNE\RF]HĔFKDURV]\
LSURIHVMRQDOQ\ĪDGQ\FKWDPFKOXSVFKODSVLPLJDQLDMDNZW\FKGDMP\QDWRĞZLĔVNLFK
REUD]NDFKFRZLGXMHVLĊXNRJRĞZFLHPQ\P]DXáNX0X]\NDFDá\F]DVGXGQLąFDEDUG]R
SRQXUR,SRND]DáVLĊVWDU\EDUG]RVWDU\FKU\NLGąF\XOLFąLQDJOHZ\VNRF]\OLQDQLHJR
GZDMPDá\V]HRG]LDQLZWRFRE\áRMDNUD]V]F]\WHPPRG\ V]WDQ\SRGDZQHPXREFL-
ĞQLĊWHDOHMXĪQLHWHQREILW\IXODUW\ONRQRUPDOQLHKDOV]WXN LZ]LĊOLVLĊ]QLPILJORZDü
6á\FKDüE\áRNDĪG\MHJRZU]DVNLMĊNFDáNLHPSRQDVWRMDV]F]\GDĪH]PDFKDQ\RGGHFK
LVDSDQLHW\FKGDMąF\FKZ\FLVNPDá\V]yZ3U]HURELOLJRVDZVLHPQDEXG\ĔWHJRFKU\-
NDSU]\VXZDMąFáXSáXSOXS]SLąFK\REGDUáV]\JRGRLPHQWX]áDFKyZLQD]DNRĔF]HQLH
]EXWDZWHJRáąSá\ü ZDODMąFąVLĊF]HUZRQRLNUZDZRZV]DMVRZDW\PEáRFNXU\QV]WR-
ND LSUHF]RGELHJOLUD]GZDUD]$SRWHP]EOLĪHQLHQDEDV]NĊWHJRFLĊĪNR]áRPRWDQHJR
FKU\NDMXFKDFLHNáD]QLHMNUDVQRLSU]HNUDVQR7RNRPLF]QHMDNEDUZ\QDVWRMDV]F]HJR
ĞZLDWDGRSLHURVLĊZLG]ąSUDZG]LZHNLHG\MH]REDF]\V]QDILOPLH
 3U]\JOąGDáHPVLĊWHPXL]DF]ĊáRGRPQLHPRFQRGRFLHUDüĪHZFDOHVLĊQLHF]XMĊ
]DGREU]HFRSU]\SLVDáHPQLHGRĪ\ZLHQLXLWHPXĪHPyMĪRáąGMHV]F]HVLĊQLHVDZVLHP
SU]HVWDZLá QDSRĪ\ZQHMDGáRL ZLWDPLQ\ MDNLHPLWXGDMą$OHSUyERZDáHPRW\P]D-
SRPQLHüLVNXSLüVLĊREUDFLV]NRZLHPRLQDSXV]F]RQ\PRGUD]XNROHMQ\PILOPLH7HQ
DTP by SHADE 43
ZV]HGá SURVWR QD PáRG]LXWNą G]LXONĊ MDN QDMSLHUZ MHGHQ PDOF]\N UREL MHM QDVLOQR WR
VWDUHWDPLQD]DGSRWHPGUXJLLWU]HFLLMHV]F]HQDVWĊSQ\DRQDZJáRĞQLNDFKZU]HV]-
F]\JURPNRLZSURVWXĪDVQRDSU]\W\POHFLPX]\NDSU]HMPXMąFDWDNDLWUDJLF]QD7R
E\áR SUDZG]LZH EDUG]R SUDZG]LZH FKRü MDN GREU]H SRP\ĞOHü WR QLHPRĪHEQH VRELH
Z\REUD]LüĪHZS\FKOHSRQDVWRMDV]F]\GDMąVRELHWRURELüQDILOPLHLJG\E\WRQDNUĊ-
FDáNWRĞ]7\FK'REU\FKDOER)LUPD3DĔVWZRZDFK\EDQLHZ\REUDĪDFLHVRELHĪHE\LP
SR]ZROLOL]GHMPRZDüWHILOP\EH]LQWHUZHQFMLZWRFRVLĊZ\UDELD:LĊFQDZLHUQRE\á
WRQDEDOV]RMVSU\WQ\PRQWDĪDOERWULNF]\MDNVLĊWDV]WXF]NDQD]\ZD%RDĪGRL]E\WNX
SUDZG]LZH$MDNSU]\V]áRVLĊGRWHJRĪHV]yVW\F]\VLyGP\MXĪPDOF]\NREV]F]HU]DVLĊ
ZUHFKRWLGDZDMSFKDüMHMZPLĊG]\QRĪHDWDG]LXONDQDĞFLHĪFHGĨZLĊNRZHMNU]\F]\
MDN]XPDV]HGáV]\WRPQLH]DF]ĊáRPGOLü-DNE\FDá\RERODZV]\SRF]XáHPĪHPRJĊ
VLĊ SRU]\JDü DOER L QLH SRU]\JDü L ]URELáR PQLH VLĊ QLHZ\QRVLPR EUDFLV]NRZLH PRL
WDNV]W\ZQRXZLą]DQHPXQDW\PNU]HĞOH-DNWHQNDZDáHNVLĊVNRĔF]\áXVá\V]DáHPRG
NRQVROHW\JORVGRNWRUD%URG]NLHJR5HDNFMDGZDQDĞFLHLSLĊüG]LHVLąW\FK"$WRFDáNLHP
FDáNLHPRELHFXMąFH
 ,GDZDMZQDVWĊSQ\NDZDáHNQDWHQUD]SRSURVWXOXG]NDPRUGDFDáNLHPSREODGá-
V]\OXG]NLS\VNLMDNWU]\PDMąJRIHVWLURELą]QLPUyĪQHSDUV]\ZHV]WXF]NL
 &LXWVSRWQLDZV]\RGWHJREyOXZNLV]NDFKLSLüPLVLĊFKFLDáRQLHZ\QRVLPRLZF]DV]-
FHSXOVRZDáRPLEXFKEXFKEXFKLMDNE\PQLHZ\ĞOHSLDOVLĊQDWHQILOPWRZLHURMDWQR
E\ PQLH WDN QLH PGOLáR 7\ONR ĪH QLH PRJáHP ]DZU]Hü RF]X L QDZHW MDN VWDUDáHP VLĊ
SU]HZUDFDüJáD]DPLWRLWDNQLHPRJáHPZ\NUĊFLüJDáHNQDW\OHĪHE\XPNQąüVLĊWHPX
ILOPRZLVSRGOXI\7DNLPXVLDáHPZLG]LHüFRVLĊZ\SUDZLDLVáXV]DüW\FKREáąNDQ\FK
ZU]DVNyZFRNUXJRPGRE\ZDá\VLĊ]WHJRU\MD:LHG]LDáHPĪHWRVLĊQLHPRĪHG]LDü
QDSUDZGĊDOHFR]DUyĪQLFD"'RJDUGáDPLSRGFKRG]LáRDU]\JQąüQLHPRJáHPZLG]ąF
MDNEU]\WHZPXQDMSLHUZRNRZ\U]\QDSyĨQLHMFKODV]F]HZGyáSáDWSROLF]NDLZUHV]FLH
SUXSUXSUXWSRFDáRĞFLDF]HUZRQDNUHZEU\]JDQDRELHNW\Z,DSLDüWHQ]DGRZRORQ\
JáRVGRNWRUD%URG]NLHJR
 ĝZLHWQLHĞZLHWQLHĞZLHWQLH
 1DVWĊSQ\ILOPLNE\áRVWDUHMEDEXOLFRPLDáDVNOHSLNMDNEDQGDPDá\V]yZSU]\V]áD
MąVNRSDüSRNáDGDMąFVLĊRGJURPNLHJRUHFKRWXLWHPDOF]\NLUR]SLU]\OLMHMFDá\VNOHSLN
LSRGSDODMąJR:LGDüMDNWDELGQDVWDUDSUyFKQLDF]NDFKFHVLĊZ\F]RáJDü]RJQLDVNU]\-
F]ąFLZU]HV]F]ąFDOHQLHPRĪHVLĊUXV]\üERWHPDá\V]HNRSLąFSRWU]DVNDOLMHMQRJĊ
:LĊFWHSáRPLHQLHRJDUQĊá\Mą]KXNLHPLZLGDüĪHMHMJĊEDZPĊF]DUQLDFKMDNE\RFRĞ
EáDJDáDSU]H]WHQRJLHĔLZUHV]FLHJLQLHZRJQLXLVá\FKDüQDMVWUDV]OLZV]HXGUĊF]RQH
LGUĊF]ąFHZU]DVNLMDNLPRJáRZ\GDüJáRVLV]F]HOXG]NLH7HUD]MXĪZLHG]LDáHPĪHPQLH
]HPGOLZLĊFXZU]DVQąáHPVLĊ
 %ĊGĊU]\JDá'DMFLHPLVLĊSRU]\JDü%áDJDPGDMFLHPLMDNLHĞQDF]\QLH
 $WHQGRNWRU%URG]NLRGNU]\NQąá
 7RW\ONRZ\REUDĨQLD1LFVLĊQLHEyM3URV]ĊQDVWĊSQ\ILOP0RĪHWRPLDáE\ü
ĪDUWER]FLHPQRĞFLGRELHJáPQLHMDNE\UHFKRW$SRWHPND]DQRPLRJOąGDüQDMREU]\-
GOLZV]\ILOPRMDSRĔVNLFKWRUWXUDFK%\áDZRMQDLSU]\ELMDOLVRáGDWyZüZLHNDPL
GRGU]HZLIDMF]\OLSRGQLPLRJQLVNDLMDMNDLPREU]\QDOLDQDZHWSRND]DQRMDNĪRáQLH-
U]RZLMHGQHPXĞFLĊOLJáRZĊV]DEOąLWDEDV]NDWRF]\áDVLĊMHMXVWRLĞOHSLDZ\JOąGDá\MDN
Ī\ZHDFLDáRWHJRĪRáQLHU]DELHJDáRLWRMHVWIDNWEOX]JDMąFMXFKą]V]\LMDNIRQWDQQD
LZUHV]FLHXSDGáRDSU]H]FDá\F]DVE\áRVá\FKDüRF]HĔRF]HĔKXF]Q\ĞPLHFKW\FK-D-
SRĔFyZ7HUD]MXĪVDZVLHPXĪDVQRERODáPQLHEU]XFKLJáRZDLFKFLDáRVLĊSLüDZV]\VW-
NRWRV]áRQDPQLHMDNE\]HNUDQX:LĊFXZU]DVQąáHPVLĊ
 =DWU]\PDüWHQILOP%áDJDPSURV]Ċ]W\PVNRĔF]\ü'áXĪHMQLHSRUDG]ĊOUR]-
GDáVLĊQDWRJáRV%URG]NLHJR
 6NRĔF]\ü"7\PyZLV]VNRĔF]\ü"$OHĪP\ĞP\GRSLHUR]DF]ĊOL,JáRĞQR]DĞPLDOL
VLĊRQLFDáDUHV]WD
 1LHFKFHPLVLĊRSLV\ZDüEUDFLV]NRZLHMDNLHWDPMHV]F]HRNURSQRĞFLND]DOLPL
MDNE\ SU]\PXVLZV]\ RJOąGDü WHJR SRSRáXGQLD &DáH WH MDNE\ Py]JáRZLD LFK GRNWRUD
DTP by SHADE 44
%URG]NLHJR L %UDQRPD L UHV]W\ ELDáR XEUDQ\FK D QLH ]DE\ZDMFLH ĪH E\áD MHV]F]H WD
G]LXONDSU]\NQRSNDFKJOLJODMąFDLZSDWU]RQDZ]HJDUNLWRE\á\QDZLHUQREUXGQLHMV]H
LJRU]HM]DIDMGDQHQLĪMDNLHJREąGĨXELMF\LSU]\VWXSQLNDZFDáHMZXSLH%RZLG]LDáRPL
VLĊQLHPRĪHEQHDE\MDNLHĞZS\FKOHFKRüE\LSRP\ĞODá\RNUĊFHQLXILOPyZ]WHJRFR
PQLHSU]\PXV]DOLWHUD]RJOąGDüSU]\ZLą]DQHPXGRIRWHODL]JáD]DPLQDVLáĊV]HURNR
Z\EDáXV]RQ\PL &R PRJáHP WR W\ONR GU]Hü VLĊ QD FDáHJR ĪHE\ WHPX ]URELü Z\NOXN
Z\NOXN L Z\NOXN L WR MDNE\ FLXW SU]\JáXV]DáR WHQ ]JLHáN XOWUD JZDáWX ILJOyZ L XEDZX
MDNUyZQLHĪWRZDU]\V]ąF\LPDNRPSDQLDPHQW0RĪHFLHVRELHZ\REUD]LüFRWRE\áD]D
SRWZRUQDXOJDMDN]REDF]\áHPMXĪRVWDWQLNDZDáHNLGRNWRU%URG]NLRGH]ZDáVLĊW\P
EDUG]R]QXG]RQ\PL]LHZDMąF\PJáRVHP-DNQDSLHUZV]\G]LHĔWRFK\EDZ\VWDUF]\
%UDQRPDMDNW\XZDĪDV]",]QDOD]áHPVLĊMDSU]\ZNOXF]RQ\FKĞZLDWáDFK]F]DV]Ną
GXGQLąFąMDNZLHONDLJURPDGQDPDV]\QDGRZ\WZDU]DQLDEyOXS\VNPLDáHPZĞURGNX
FDáNLHPXVFKá\LMDNE\V]DMVRZDW\L]GDZDáRPQLHVLĊĪHJRWyZMHVWHPZ\U]\JDüNDĪG\
NXVRF]HNSLV]F]\MDNLSU]HáNQąáHPZĪ\FLXREUDFLV]NRZLHPRLRGF]DVXMDNSRáXF]\-
áHPJUXGĨGRSRVPRNWDQLD:SRU]ąGNXU]HNáGRNWRU%URG]NLPRĪQDJRSRáRĪ\üGR
áyĪND,SRNOHSDZV]\PQLHQRUPDOQLHSRUDPLHQLX]D]QDF]\á'REU]HGREU]H&Dá-
NLHPRELHFXMąF\SRF]ąWHNLREV]F]HU]\OVLĊFDáąJĊEąDSRWHPVLĊSUHF]Z\NDF]NDá
DGRNWRU%UDQRP]DQLPDOH]WDNąXá\ENąEDUG]RV\PSDW\F]QąLSRGUXĪHVNLMDNE\QLH
PLDá]W\PQLFZVSyOQHJRLE\áW\ONRMDNMDSU]\PXV]RQ\
 :NDĪG\PUD]LHRVZRERG]LOLPRMąSá\üQLHV]F]ĊVQą]IRWHODLRGSXĞFLZV]\VNyUĊ
QDGJáD]DPLWDNĪH]QyZPRJáHPMHRWZRU]\üL]DPNQąüZLĊF]DPNQąáHPREUDFLV]-
NRZLH]EyOXWĊWQLąFHJRZF]DV]FHLSUDZLHĪHPQLHRGQLHĞOLGRVWDUHJRZy]NDQDNyá-
NDFKLDSLDüGRWHMPDáHMV\SLDONLDWHQF]áRQLRFRPQLHSRS\FKDáNUXJRPZ\ĞSLHZ\ZDá
SRSMDNLĞWDPSVLMHEQ\DĪZDUNQąáHP3U]\PNQLMVLĊW\DOHRQW\ONRVLĊREĞPLDá
L U]HNá$ERFRSU]\MDFLHOX"LUR]ĞSLHZDáVLĊMHV]F]HJáRĞQLHM:LĊFSRáRĪ\OL PQLH
GRáyĪNDLZFLąĪF]XáHPVLĊFKRU\LRERODZV]\DOHQLHĞSLąF\QRLZNUyWFH]DF]ąáHPVLĊ
F]XüWDNMDNE\PVWRVXQNRZRU\FKáRPyJáSRF]XüĪHMXĪZNUyWFHPyJáE\P]DF]ąüVLĊ
F]XüPRĪHRGURELQNĊOHSLHMLZWHG\SU]\QLHĞOLPLIDMQąF]DV]NĊJRUąFHJRF]DMX]QLH-
QDMJRUV]ąGREDZNąVWDUHJRPOHNDLFXNUX WR]QDF]\VDFKDUX LGRSLHURSRFKOLSDZV]\
WRSU]\V]HGáHPGRĞZLDGRPRĞFLĪHWHQXĪDVLNRV]PDUPLQĊá\LMXĪLFKQLHPD3RF]\P
ZV]HGáGRNWRU%UDQRPFDá\V\PSDW\F]Q\LXĞPLHFKQLĊW\L]DJDEQąá
 1RWRZHGáXJPRLFKREOLF]HĔFK\EDMXĪ]DF]ąáHĞ]SRZURWHPF]XüVLĊOHSLHM&]\
tak?
 6áXFKDPRGND]DáHPWDNFLXWF]XMQR1LHSRQLDáMDNXF]HPXRQ]PLHU]D]W\PL
REOLF]HQLDPLĪHQLE\MDN]DERODZV]\SRF]XáVLĊáXF]V]HWRMHJRZáDVQDEURV]NDDQLH
WDPF]\MHĞREOLF]DQLHVLĊ3U]\VLDGáFDá\V\PSDW\F]Q\LSU]\MDFLHOVNLQDEU]HJXPRMHJR
áyĪNDLRGH]ZDáVLĊ
 'RNWRU%URG]NLMHVW]DGRZRORQ\]FLHELH0LDáHĞEDUG]RGRGDWQLHUHDNFMH-XWUR
F]HNDMąFLĊRF]\ZLĞFLHGZDSRVLHG]HQLDUDQRLSRSRáXGQLXZLĊFSRGZLHF]yUEĊG]LHV]
FK\EDFLXWZ\PĊF]RQ\$OHPXVLP\FLĊWZDUGRSRWUDNWRZDüMDNPDV]VLĊZ\OHF]\ü
 7RMDQDWR=QDF]\VLĊĪHPDP]QyZRGVLHG]LHüĪHPXV]ĊVLĊSDWU]HüQDRFK
QLHSDQLHGRNWRU]HZ\VWĊNDáHPWRE\áR]E\WRNURSQH
 :LDGRPRĪHRNURSQHXĞPLHFKQąáVLĊGRNWRU%UDQRP*ZDáWLSU]HPRFWRMHVW
RNURSQDU]HF]7HJRVLĊZáDĞQLHXF]\V]7ZyMRUJDQL]PVLĊWHJRXF]\
 $OHSRZLHG]LDáHPMDQLHUR]XPLHP'ODF]HJRPQLHWDN]HPGOLáR1LHUR]X-
PLHP'RWąGQLJG\PQLHRGWHJRQLHPGOLáR5DF]HMQDRGZUyW=QDF]\VLĊMDNURELáHP
WRDOERVLĊSU]\JOąGDáHPWR]DZV]HE\áRPLSRSURVWXKRUURUV]Rá:LĊFQLHUR]XPLHP
GODF]HJRLMDNWRLFRWDNLHJR
  ĩ\FLH WR MHVW FRĞ QDG]Z\F]DMQHJR  RGND]Dá PL GRNWRU %UDQRP WDNLP EDUG]R
JyUQ\PĞZLĊWRMHEOLZ\PJáRVHP=MDZLVNDĪ\FLDNRQVWUXNFMDRUJDQL]PXOXG]NLHJR
NWyĪ SRWUDIL GR NRĔFD ]UR]XPLHü WH FXGD" 'RNWRU %URG]NL R WR ZVSDQLDá\ F]áRZLHN
= WREą G]LHMH VLĊ REHFQLH WR FR VLĊ SRZLQQR G]LDü ] NDĪG\P QRUPDOQLH ]GURZ\P RU-
JDQL]PHPOXG]NLPZREOLF]XWHJRFRZ\SUDZLDSRWĊJD]áDLMDNSU]HMDZLDVLĊ]DVDGD
DTP by SHADE 45
QLV]F]\FLHOVNLHMGHVWUXNFML5RELP\]WREąWDNDE\ĞVWDáVLĊ]GUyZLQRUPDOQ\
 1LHĪ\F]ĊVRELHRGND]DáHPLQLF]HZRQLHSDQLPDMX5RELFLH]HPQąWDNDE\P
VLĊSRF]XáQLHGREU]HSáRFKRLEDUG]REDUG]RFKRU\WDNPLURELFLH
 $WHUD]F]XMHV]VLĊFKRU\"]DS\WDáFLąJOH]WąSRGUXĪHVNLXá\ENąQDPRUG]LH
3LMHV]KHUEDWĊRGSRF]\ZDV]JDZĊG]LV]VRELH]SU]\MDFLHOHPQDSHZQRF]XMHV]VLĊ
SRSURVWX]QDNRPLFLHF]\QLHWDN"
 :LĊF MDNE\ ZVáXFKDáHP VLĊ MD Z VDPHJR VLHELH L SRV]SHUDáHP VRELH Z JáRZLH
LZFLHOHWDNRVWURĪQHDOHFRSUDZGDWRSUDZGDEUDFLV]NRZLHĪHF]XáHPVLĊFDáNLHP
KRUURUV]RáLQDZHWMXĪQDEUDáHPFKĊFLQDĪDUFLH1LHUR]XPLHPWHJRSRZLHG]LDáHP
&K\EDPL]DGDMHFLHFRĞWDNLHJRDE\PVLĊSRF]XáQLHGREU]H,DĪVLĊ]PDUV]F]\áHP
QDF]ROH]DGXPDZV]\
 &]XáHĞVLĊWDNQLHGREU]HZ\áRĪ\áPLG]LVLDMSRSRáXGQLXGODWHJRĪHMXĪFLVLĊ
SROHSV]D.LHG\MHVWHĞP\]GURZLWRZREOLF]X]MDZLVNRGUDĪDMąF\FKWUZRJDQDVRJDUQLD
LPGáRĞFL3RSURVWXZUDFDV]GR]GURZLD-XWUREĊG]LHV]RWHMSRU]HMHV]F]H]GURZV]\
3RNOHSDáPQLHSRQRG]HLZ\V]HGáDMDSUyERZDáHPVLĊZW\PMDNPRJáHPSRáDSDü
:LG]LDáRPLVLĊĪHWHNDEOHLUyĪQHWDPEDUDFKáRSU]\F]HSLRQHGRPHJRFLDáDPRĪH
WRZáDĞQLHRGQLFKF]XáHPVLĊWDNQLHGREU]HLĪHZV]\VWNRWRMHVWSRQDVWRMDV]F]\NDQW
L]Z\F]DMQDV]WXF]ND-HV]F]HJáyZNRZDáHPQDGW\PL]DVWDQDZLDáHPVLĊF]\MXWURQLH
RGND]DüVLĊRGSU]\ZLą]\ZDQLDZIRWHOXLPRĪHGDüVLĊ]HZV]\VWNLPLSRQDVWRMDV]F]\
ZáRPRWERQDOHĪąPLVLĊWHSUDZDNLHG\]MDZLáVLĊ]QyZLQQ\F]áRQLR7DNLXá\EDZV]\
VLĊVWDU\IOLPRQNWyU\]D]QDF]\áĪH MDNRQWRQD]ZDá MHVW2ILFHUHP=ZROQLHQLRZ\P
DPLDáSU]\VRELHSDSLHUNyZLEXPDĪHNLMHV]F]HSDSLHUNyZ,WDNPQLH]DJDEQąá
 'RNąGXGDV]VLĊSR]ZROQLHQLX"
 3RSUDZG]LHMDVLĊQDGF]\PĞWDNLPMHV]F]HQLH]DVWDQDZLDáHPLGRSLHURWHUD]PL
]DĞZLWDáRĪHMXĪU\FKáREĊG]LH]HPQLHIDMQ\PDOF]\NVZRERGQ\LWDJGDSRQLDáMDĪH
W\ONRZWHG\MDNEĊGĊ]DJU\ZDáSRLFKQLHPXLQLHSXV]F]ĊVLĊZĪDGQHV]DUSDQLHL]UD-
ĪDQLHVLĊNU]\NQLH]JDG]DQLHVLĊLW\PSRGREQLHĪ:LĊFPXQRUPDOQLHRGEDáDNQąáHP
 2FKZUyFĊGRGRPX'RPRLFKHILHP
 'RWZRLFK":LGQRVDZVLHPQLHNDSRZDáSRQDVWRODFNXZLĊFZ\WáXPDF]\áHP
VLĊ
 'RVWDU]\NyZPRLFKZNRFKDQ\PEORNX
 $KDSRZLHG]LDá$NLHG\WZRLURG]LFHFLĊRVWDWQLUD]RGZLHG]LOL"
 %ĊG]LH]PLHVLąFSRZLHG]LDáHPRNRáR'QLRGZLHG]LQE\á\QDWURFKĊ]DZLHV]R-
QHERMDNLĞ]HNSU]HV]PXJORZDáGRZLĊĨQLDSU]H]GUXW\QLHPQRĪNRSURFKXQRZ]U\-
ZDMąFHJRVLĊRGVZRMHMG]LRENL7RE\áRNXUHZVNLH]DJUDQLHGRQLHZLQQ\FKĪHE\WHĪLFK
XNDUDü:LĊFSUDZLHPLHVLąFQLHPLDáHPZLG]HQLD
 $KDPDUJQąáWHQF]áRQLR$F]\WZRLURG]LFHZLHG]ąĪHMHVWHĞSU]HQLHVLRQ\
LQLHGáXJRPDV]E\ü]ZROQLRQ\"$OHĪWRNUDVLZR]DEU]PLDáRWRVáRZR]ZROQLRQ\
 1LHRGND]DáHP,GREDZLáHP7REĊG]LHGODQLFKPLáDQLHVSRG]LDQNDQRQLH"
-DNVRELHQRUPDOQLHZHMGĊGU]ZLDPLLSRZLHP1RSURV]ĊZUyFLáHP]QyZMDNRF]áRZLHN
ZROQ\7DDNWREĊG]LHSRQDVWRMDV]F]\KRUURUV]Rá
  1R GREU]H  RGND]Dá WHQ =ZROQLHQLRZ\  WR QD UD]LH Z\VWDUF]\ -HĪHOL PDV]
JG]LHPLHV]NDü$WHUD]NZHVWLD]DWUXGQLHQLDFR",SRND]DáPLGáXJLGáXJLVSLVJG]LH
PyJáE\PVLĊQDMąüLSUDFROLüDOHSRP\ĞODáHPĪH]W\PVLĊQLHĞSLHV]\1DMSLHUZMDNLĞ
QLHGXĪ\XUORS,MDNW\ONRZ\MGĊFRĞXNUDĞüL]DRSDWU]\üWHVWDUHNDUPDQ\ZNDVDEXEX
DOHWHUD]MXĪRVWURĪQLXWNRLFDáDURERWDVDPQDVDPRJZDOWLDG]LQRNR1LHEĊGĊZLĊFHM
SROHJDáQDWDN]ZDQ\FKNXPSODFK:LĊFSRZLHG]LDáHPIOLPRQRZLDE\WURFKĊRGF]HNDá
LĪHSyĨQLHMRW\PSRUR]PDZLDP\:LĊFRQĪHUHFKWUHFKWUFFKWLZ]LąáVLĊNXZ\MĞFLX
$OHWXSRND]DáVLĊZGUXJRF]HĔSRF]XGDFNXERLFR]URELá"DSRFKLFKUDáVLĊLSRZLDGD
1LHFKFLDáE\ĞPLQDRGFKRGQ\PGRáRĪ\üZU\MD"0QLHZ\GDáRVLĊQLHPRĪHEQHDE\P
GREU]HXVá\V]DáLZ\GDáHPWDNLJORV
- Ee?
 1LHFKFLDáE\ĞPL]QyZ]DFKLFKUDáQDRGFKRGQ\PGRáRĪ\üZU\MD"1DWRMD
DTP by SHADE 
]PDUV]F]\áHPVLĊQRZRJyOHDQLFKXFKXQLHSRQLDZV]\LSRZLDGDP
- Dlaczego?
  1R RGSRZLHG]LDá W\ONR DE\ VLĊ SU]HNRQDü F]\ URELV] SRVWĊS\  , GRVXQąá WĊ
VZRMąPRUGĊEOL]LXWNRREV]F]HU]\ZV]\VLĊWáXVWRQDFDáHXVWR:LĊFMDJUDEVNRZSLąFK
LáRPRWZWHQU\MDOHRQVLĊWDNE\VWURXFK\OLáFLąJOHREV]F]HU]DMąF\VLĊĪHáXSQąáHP
JUDEąZVDPZR]GXFK2NUXWQLHWRE\áRG]LZQHQLHGRSRMĊFLDDĪáHEPLVLĊXPDUV]-
F]\OMDNRQSU]\Z\MĞFLXPDáRVRELHJáRZ\QLHRGUHFKRWDá,QDW\FKPLDVWSRW\PREUD-
FLV]NRZLHDSLDü]URELáRPLVLĊWDNQLHGREU]HFDáNLHPMDNSRSRáXGQLXLVNUĊFDáRPQLH
SU]H]NLONDPLQXW3RF]\P]DUD]SU]HV]áRLMDNPLSU]\QLHĞOLNRODFMĊWRSRF]XáHPQLH]á\
DSHW\WLQLFW\ONRE\PFKUXSDáFKUXPFKUXPWHJRSLHF]RQHJRNXUF]DND$OHG]LZQHE\áR
ĪHWHQVWDU\IOLPRQWDNVLĊXPQLHGRSUDV]DáZPRUGĊ,WDNĪHVDPRG]LZQHĪHSRF]X-
áHPVLĊWDNQLHGREU]H
 $FRMHV]F]HG]LZQLHMV]HWRNLHG\SRV]HGáHPVSDüREUDFLV]NRZLHPRL3U]\ĞQLá
PLVLĊWDNLGU]\PSRSURVWXNRV]PDULGRP\ĞODFLHVLĊĪHE\áWRMHGHQ]W\FKILOPRZ\FK
NDZDáNyZ FR MH RJOąGDáHP SR SRáXGQLX %R GU]\P F]\OL NRV]PDU VHQQ\ WR ZáDĞFLZLH
QLHFRLQQHJRW\ONRMDNE\ILOPSRGZáDVQąF]DV]Ną]Z\MąWNLHPĪHMDNE\ĞFLHZQLHJR
VDPLZV]HGáV]\VWDOLVLĊMHJRF]ĊĞFLą,WRZáDĞQLHE\áR]HPQą:]LąáVLĊWHQNRV]PDU
]WDNLHJRNDZDáNDVILOPRZDQHJRFRPLJRSRND]DOLMXĪSRGNRQLHFMDNE\ZLHF]RUQHJR
VHDQVXFDá\RPDOF]\NDFK]UHFKRWHPZ\NRQXMąF\FKXOWUDJZDáWLU\SVZ\SVQDWDNLHM
PáRGHMG]LXV]FHNU]\F]ąFHMZHNUZLZVZRMHMZáDVQHMF]HUZRQHMF]HUZRQHMNUZLFLXFK
PDMąFUD]UH]GRLPHQWXLRF]HĔKRUURUV]Rá-DWHĪVLĊGDZDáHPZWHQXEDZFDá\ZUH-
FKRWLMDNE\ZRĪDW\ZJDQJXDRG]LDQ\ZVDPZLHUFKPRG\QDVWRORZDWHM$SRWHPMDN
WDERUEDL]DG\PDLáRPRWE\á\XV]F]\WXMDZQLH]DSQRSRF]XáVLĊMDNE\PQLHVSDUDOL-
ĪRZDáRLQLFW\ONRU]\JQąüQDFDáRĞüLZVLHPDOF]\NLREĞPLDá\VLĊ]HPQLHJURPNRQD
EDOV]RMUD]LSU]HLUR]JURPNR3RF]\PMDNE\UZDüVLĊPXVLDáHPDEUDWQRGR]EXG]HQLD
LWRSU]H]PRMąNUHZSU]H]MXFKĊZáDVQąFDáHVWDNDQ\LG]EDQ\LFDáHNXEá\WHMNUZL
DĪWX]QDOD]áHPVLĊZáyĪNXZWHMV\SLDOFH&KFLDáRPQLHVLĊ]Z\PLRWRZDüZ\OD]áHP
] NRMNL FDá\ UR]WU]ĊVLRQ\ DE\ SU]HMĞü NRU\WDU]HP GR VWDUHJR NOR $ WX SURV]Ċ ZDV
EUDFLV]NRZLHGU]ZL]DNOXF]RQH,REUyFLZV]\VLĊGRSLHUR]DXZDĪ\áHPNUDW\ZRNQDFK
,WDNVLĊJQąZV]\SRWHQMDNE\XU\QDáZPDáHMV]DIFHSU]\Z\UNXSRQLDáMDĪHQLHPD
MXĪGODPQLHXFLHF]NL&RJRUV]DEDáHPVLĊSRZUyFLüGRPRMHMZáDVQHMXĞSLRQHMF]DV]NL
1LH]DGáXJRSRND]DáRVLĊĪHSRSUDZG]LHZFDOHQLHFKFHPLVLĊKDIWRZDüDOHMXĪEDáHP
VLĊáyĪNDLVQX-HGQDNSRFKZLOLMDNSDGáHPEDEDFKZNLPRQRWDNMXĪZLĊFHMQLFPLVLĊ
QLHSU]\ĞQLáR
.
5
.
 'RV\üGRV\üGRV\üZ\áHPLZFLąĪZ\áHP=DWU]\PDMFLHWRZ\G]LREDQH
VNXUZOHERQLHZ\WU]\PDP7DNE\áRQDVWĊSQHJRGQLDEUDFLDLQDSUDZGĊZ\VLODáHP
VLĊUDQRLZLHF]yUDĪHE\]DJU\ZDüSRLFKQLHPXLVLHG]LHüMDNSRQDVWRMDV]F]\KRUURU
V]RáXá\EDMXV]F]\VLĊPDOF]\NGRZVSyáSUDF\QDW\PNU]HĞOHWRUWXUMDNRQLZ\ĞZLHWODOL
ZFLąĪQDHNUDQLHWHZUHGQHNDZDáNLXOWUDJZDáWXĞOHSLDZ\EDáXV]RQHPDMąFLWDNVSLĊWH
Z SRZLHNDFK DE\P ZV]\VWNR ZLG]LDá D FLDáR L JUDE\ L QRJL SU]\PRFRZDQH GR IRWHOD
ĪHE\PQLHXFLHNá&RND]DOLPLVLHMF]DVRJOąGDüQLHE\áR]QyZWDNLHĪHE\GDZQLHMSR-
ND]DáR VLĊ XĪDVQHQLF WDNLHJR WU]HFK DOER F]WHUHFK ERMNyZ QRUPDOQLHUREL Z VNOHSLH
]DFKZDWL]JDUQLDGRNDUPDQyZNDVDEXEXDQDERF]NXWURFKĊEDZLąVLĊ]HVWDUąFR
PDWHQVNOHSLWDGUHZQLDF]NDZU]HV]F]\MDNELHU]HáRPRWLFLXWMHMXSXV]F]DMąĪHE\
SRFLHNáWHQF]HUZRQ\F]HUZRQ\VRN7\PF]DVHPXPQLHGXGXGXLMDNE\áXSDQLHZJáR-
ZLHLPGáRĞüGRU]\JDQLDLWDQLHZ\QRVLPRGUDSLąFDVXFKRĞüZS\VNXĪHE\VLĊQDSLü
ZV]\VWNRGXĪRJRUV]HMDNZF]RUDM2RRRFKPDPGRV\üNU]\F]DáHP7RQLHIHUZ\-
EODGNLĪHĪZ\ĞPLHUG]ąFHLS\WDáHPVLĊMDZ\áDPDü]NU]HVáDLE\áRQLHPRĪHEQHMDNE\
PQLHWU]\PDáRZQLPSU]\NOHMDV]F]\
 3LHUZV]RU]ĊGQLHGDUáVLĊGRNWRU%URG]NLĝZLHWQLHFLWRLG]LH-HV]F]HMHGHQ
DTP by SHADE 47
i koniec.
 ,DSLDüWDVWDUDZRMQDLILOPFDá\ZSXUFKOHLVSĊNLSRGUDSDQ\ZLGDüĪH
VNUĊFRQ\SU]H]1LHPFyZ=DF]ĊáRVLĊRGJHUPDĔVNLFKRUáyZLRGIODJLW\FK1D]LMDNE\
] NU]\ĪHP SRáDPDQ\P FR QRUPDOQLH FKáRSDNL Z V]NROH WDN OXELą U\VRZDü SR F]\P
RILFHURZLH E\NL S\V]QH L Z PRUG]LH QDGĊWH V]OL SR XOLFDFK QLF W\ONR S\á L G]LXU\ RG
ERPELUR]ZDORQHEXG\QNL'DOHMSRND]DáRVLĊMDNOXG]LVWU]HODMąEDFKEDFKLEDFKSRG
ĞFLDQDPL D RILFHURZLH SU\ND] SU\ND] L WH SRUDĪDMąFH QDJLH WUXSRV]H SR U\QV]WRNDFK
QLFW\ONRMDNE\NODWNL]JRá\FKĪHEHULQRJLMDNELDáHSDW\NL:OHNOLWHĪFDá\WáXPLPQy-
VWZRZU]HV]F]ąF\FKDOHĪDGQHJRGĨZLĊNXEUDFLV]NRZLHW\ONRQDSRGNáDG]LHPX]\F]-
Q\PLMDNZOHNOLWRIHVWQLHSU]HU\ZQRLPGDZDOLáRPRW$ĪQDJOHSRáDSDáHPVLĊFRWR
]DPX]\NDSRGáRĪRQDWU]DVNDLJU]PRFLSRWHMĞFLHĪFHGĨZLĊNRZHMLE\áWR/XGZLN9DQ
]ILQDáX3LąWHM6\PIRQLL'RSLHURXZU]DVQąáVLĊMD]XPDV]HGáV]\6WDüU\NQąáHP
'RĞüZ\]DIDMGDQHKDGNLHLRGUDĪDMąFHZ\VNXUZ\V\ĔFHGRĞü7RĞPLHUWHOQ\JU]HFKWR
]EURGQLDFRZ\URELFLH7DNRGUD]XQLH]DWU]\PDOLER]RVWDáRMHV]F]HSDUĊPLQXWMDN
OXG]LH]áRPRWDQLREOHZDMąVLĊNUZLą]QyZLFKSRGPXULUR]VWU]DáSyĨQLHMVWDUDIODJD
W\FK1D]LQRL.21,(&$OHMDNĞZLDWáDVLĊ]DSDOLá\WRVWDOLSU]HGHPQą%URG]NLLGRNWRU
%UDQRPWHĪLGRNWRU%URG]NLVLĊPQLH]DS\WDá
 2FRFKRG]L]W\PJU]HFKHP"
 ĩHWDNRGU]HNáHPDĪPQLHVNUĊFDáRĩHWDNXĪ\ZDFLH/XGZLND9DQ2QQLNRJR
QLHVNU]\ZG]Lá3LVDáWHQ%HHWKRYHQPX]\NĊLQLFZLĊFHM7XSRQDVWRMDV]F]\]HPGOLáR
PQLHLUD]GZDPXVLHOLSU]\QLHĞüWDNąPLVNĊMDNQHUND
  0X]\ND  SU]HPyZLá GRNWRU %URG]NL MDNE\ VLĊ ]DGXPDZV]\  :LĊF GR FLHELH
PX]\NDSU]HPDZLD-DVLĊQDQLHMZFDOHQLHUR]XPLHP:V]\VWNRFRZLHPRQLHMWRĪH
GREU]HZ]PDJDHPRFMH1RQR$FRW\RW\PVąG]LV]%UDQRP"
  1LH PD QD WR UDG\  U]HNá GRNWRU %UDQRP  .DĪG\ WR ]DELMD FR XNRFKDá MDN
PyZLSRHWDXZLĊ]LRQ\0RĪHWXSRMDZLDVLĊHOHPHQWNDU\1DF]HOQLNSRZLQLHQVLĊXFLH-
V]\ü
 3LüMĊNQąáHPR*RG*RVSRG
 2GZLą]DüJRUR]ND]DáGRNWRU%URG]NL'DMFLHPXNDUDINĊZRG\]ORGX:LĊF
SRPDJLHU]\Z]LĊOLVLĊGRURERW\L]DFKZLOĊá\NDáHPMXĪNXEá\LNXEá\WHMZDFK\F]XMąF
VLĊMDNZQLHELHREUDFLV]NRZLH$GRNWRU%URG]NLSRZLHG]LDá
 :\JOąGDV]PLQDGRĞüLQWHOLJHQWQHJRPáRG]LHĔFD=GDMHVLĊĪHQLHMHVWHĞSR-
]EDZLRQ\JXVWX7\ONRFKRU\QDWĊSU]HPRFLJZDáWFR"*ZDáWLJUDELHĪDJUDELHĪMHVW
DVSHNWHPJZDáWX$QLVáRZDEUDFLV]NRZLHQLHRGND]DáHPLZFLąĪQLHGREU]HVLĊF]X-
áHPFKRüMXĪPDá\NXVRF]HNáXF]V]H$OHE\áWRVWUDV]OLZ\G]LHĔ1RZLĊFRGH]ZDá
VLĊGRNWRU%URG]NLMDNP\ĞOLV]FRVLĊG]LHMH"3RZLHG]PLMDNVąG]LV]FRP\]WREą
robimy?
 ĩHE\PVLĊF]XáQLHGREU]H-HVWPLQLHGREU]HNLHG\SDWU]ĊQDWHZDV]HEUXGQH
ILOP\RQHVąGOD]ERF]HĔFyZ$OHSRSUDZG]LHFK\EDQLHRGILOPyZWDNPLVLĊUREL$OH
Z\F]XZDPĪHQLHEĊGĊWHJRF]XáMDNPLSU]HVWDQLHFLHSRND]\ZDüWHILOP\
 6áXV]QLHU]HNáGRNWRU%URG]NL6NRMDU]HQLH1DMVWDUV]DPHWRGDZ\FKRZDZF]D
ĞZLDWD$QDSUDZGĊFRSRZRGXMHĪHF]XMHV]VLĊWDNQLHGREU]H"
 ĩHPQLHUZLH"RGSDUáHP7DV]DMVRZDWDFKXMQLDWREDUDFKáRZPRMHMEDV]FH
LSá\FLRWFRMHVW
 2VREOLZDU]HNáGRNWRU%URG]NLMDNE\Xá\EDMDFVLĊWDPRZDSOHPLHQQD:LHV]
FRĞRMHMSRFKRG]HQLX%UDQRP"
 6]F]ąWNLU\PXMąFHJRVLĊVODQJXREMDĞQLáGRNWRU%UDQRPMXĪQLHZ\JOąGDMąF\
WDNSRGUXĪHVNL&RĞQLHFRĞ]EODWXSU]HVWĊSF]HJR$OHSRZLĊNV]HMF]ĊĞFLUG]HQLHOXE
]DSRĪ\F]HQLDURV\MVNLH3URSDJDQGD,QILOWUDFMDVXEOLPLQDOQD
 'REU]HGREU]HGREU]HXFLąá%URG]NLMDNE\QLHFLHUSOLZ\LMXĪQLHFLHNDZUHV]-
W\2WyĪ]DJDLáDSLDüGRPQLHWRQLHSRNDEODFK1LHPDQLFZVSyOQHJR]W\PFRVLĊ
GRFLHELHSRGáąF]D7RW\ONRGRPLHU]HQLDUHDNFML&RZWDNLPUD]LH"
 ,WDJGDSRQLDáMDRF]\ZLĞFLHFR]DLGLRFNLGXUDN]HPQLHGRSLHURWHUD]XĞZLDGR-
DTP by SHADE 48
PLüVRELHĪHRGW\FK]DVWU]\NyZFRG]LDEZJUDEĊ$DDZU]DVQąáHPQRRWHUD]WR
MDVQH$OHV]DMVRZDWDEUXGQDNXUHZVNDV]WXF]ND:VLRWDNL]GUDG]LHFNLSRGVWĊSLW\OH
Z\VNXUZOH:LĊFHMPLWHJRQLH]URELFLH
  &LHV]Ċ VLĊ ĪH WHUD] ZáDĞQLH ]JáRVLáHĞ VZH ]DVWU]HU]HQLD  RGND]Dá PL GRNWRU
%URG]NL  :LĊF ĪHE\ QLH E\áR QLHMDVQRĞFL 7HQ VSHF\ILN /XGRY\FND PRĪHP\ FL ZSUR-
ZDG]DüZGRZROQ\VSRVyE1DSU]\NáDGGRXVWQLH$OH]DVWU]\NSRGVNyUQ\VLĊQDMOHSLHM
VSUDZG]D3URV]ĊDE\ĞQLHSUyERZDá]QLPZDOF]\ü7RQLFQLHGD,WDNVRELH]QDPLQLH
SRUDG]LV]
 :\EUXGQHZ\EODGNLU]HNáHPFLXWPDáRQLHPL]JOąF\$SRWHUPGRGDZV]\
1LHPDP]JU\]XRXOWUDJZDáWLFDá\WHQV]DMV1LHFKMXĪEĊG]LH$OH]PX]\NąWRQLH
IHUĩHE\PLV]áRQDZ\PLRWMDNVá\V]ĊWDNLHFXGRFXGRMDN/XGZLN9DQL*)+DQGHO
F]\LQQL:VLRWDNLZ\MHVWHĞFLHV]PXF\N]áHLZUHGQHVNXUZOHLMDQLJG\ZDPWHJRQLH
SU]HEDF]ĊRĪZ\ZPRUGĊG]LREDWH
 2EDMVLĊMDNE\QDRNR]DGXPDOL3RF]\PGRNWRU%URG]NLSRZLHG]LDáĝFLĞOHUR]-
JUDQLF]\üWR]DZV]HWUXGQRĝZLDWMHVWQLHUR]áąF]QLHMHGHQLĪ\FLHWHĪMHGQR1DMVáRGV]H
LQDMEDUG]LHMUR]NRV]QHF]\QQRĞFLWHĪ]DZLHUDMąZVRELHSHZQąGR]ĊJZDáWXFKRüE\
DNWPLáRVQ\FKRüE\LPX]\ND0XVLV]SRQLHĞüWRU\]\NRFKáRSF]H7\VDPGRNRQDáHĞ
Z\ERUX
 1LHZV]\VWNRSRQLDáMD]WHJREDáDFKXZLĊFRGND]DáHP-XĪQLHWU]HEDWHJRGDOHM
FLąJQąüSDQLHGRNWRU]H&K\WU]HMDNWRMD]DF]ąáHPFLXWQLHPQRĪNR]LQQHJRWRQX
8GRZRGQLOLĞFLHPLĪHFDáHWR]UDĪDQLHVLĊLXOWUDJZDáWLáRPRWLXELMVWZRSRND]XMH
VLĊ]áH]áHLJRU]HMMDN]áH'RVWDáHPRGSDQyZOHNFMH7HUD]MXĪZLG]ĊF]HJRGRWąGQLH
E\áHPĞZLDGRP&KZDáD%RJXĪHXGDáRVLĊPQLHZ\OHF]\ü,SRGQLRVáHPWDNĞZLĊWR-
MHEOLZLHSDWU]DáNLQDVXILW$OHREDMZHWHU\QLDU]HW\ONRSRWU]ąFKQĊOLEDV]NDPLWDNMDNE\
]HVPXWNLHPLGRNWRU%URG]NLSRZLHG]LDá
 1LHMHVWHĞMHV]F]HZ\OHF]RQ\'XĪRSR]RVWDáRGR]URELHQLD'RSLHURNLHG\WZyM
RUJDQL]PEĊG]LHQDOHĪ\FLHLJZDáWRZQLHUHDJRZDüQDJZDáWMDNQDZĊĪDMDGRZLWHJR
EH]QDV]HMSRPRF\LEH]ĞURGNyZOHF]QLF]\FKGRSLHURZWHG\
 $MDQDWR.LHG\SDQLHGRNWRU]HMDSURV]ĊSDĔVWZDZLG]ĊĪHWRMHVWQLHVáXV]-
QH%RWRMHVWSU]HFLZVSRáHF]HĔVWZXLQLHVáXV]QHERNDĪGHZS\FKOHQD]LHPLPDSUDZR
GRĪ\FLDLGRV]F]ĊĞFLDLEH]WHJRĪHE\PXGDZDüáRPRWLXFKEXFKLQRĪHPJR:LHOH
VLĊGRSUDZG\QDXF]\áHPRFKEDUG]RZLHOH1DFRGRNWRU%URG]NLZ]LąáLREĞPLDOVLĊ
GáXJRLKXF]QLHSRND]DZV]\ZUR]Eá\VNZVLHVZRMHELDáHNDIOHLU]HNá
 2WRKHUH]MDW\FKF]DVyZUR]XPXDOERFRĞSRGREQHJR:LG]ĊL]JDG]DPVLĊ
FRVáXV]QHDOHURELĊWRFRQLHVáXV]QH2QLHQLHPyMFKáRSF]HEĊG]LHV]PXVLDáQDPWR
SR]RVWDZLü$OHSRFLHV]VLĊ1LHGáXJREĊG]LHSRZV]\VWNLP-XĪ]DQLHFDáHGZDW\JRGQLH
EĊG]LHV]F]áRZLHNLHPZROQ\P
 ,SRNOHSDáPQLHZSOHF]R
 1LHFDáHGZDW\JRGQLH2EUDFLV]NRZLHLSU]\MDFLHOHPRLWRMDNE\ZLHNFDá\-DN
JG\E\RGSRF]ąWNXĞZLDWDGRNRĔFDĞZLDWD=W\PSRUyZQDZV]\QLF]\PE\áRE\RGVLH-
G]LHüFDáHF]WHUQDĞFLHODWZ3DĔVWZRZHM:XSLH']LHĔZG]LHĔWRVDPR$OHMDNF]ZDUWH-
JRGQLDSRW\PEDáDFKX]GRNWRUDPL%URG]NLPL%UDQRPHP]MDZLáDVLĊILIND]LJáąVND-
]DáHPMD1LHFRWRWRQLHLUD]MąSRáDSLHĪHVWU]\NDZNDSROHFLDáDGĨZLĊNEU]GĊN
QD SRGáRJĊ $E\ OXNQąü L SU]HNRQDü VLĊ FR ]URELą 1R L ]URELOL Z WU\ PLJD ZH]ZDOL
F]WHUHFKF]\SLĊFLXWDNLFKSRQDVWRMDV]F]\ZLHONLFKXQWHUáDPLJQDWyZQDELDáRLFLPQLH
IHVWSU]\G]LHUĪDOLQDZ\UNXáDGXMąFPLSU]\W\PáXSLVWXN]PRUGDPLREV]F]HU]RQ\PL
QDEDOV]RMWXĪSU]\PRMHMSRF]\PWDILIDSLHOĊJQLDUNDU]HNáD7\]á\QLHJU]HF]Q\GLD-
EOHW\SĊWDNXW\LGUXJąVWU]\NDZNąG]LDELSVLXNPQLHZáDSVNRDOHWDNZUHGQLHĪH
QDSUDZGĊSRF]XáHPMDNPQLHG]LDUJQĊáD,]áDFKDQHJR]QyZSRZLHĨOLPQLHMDN]Z\NOH
ZWHQG]LREMHJRPDüNLQRWHDWUFKROHUQ\
 &RG]LHQQLH R EUDFLV]NRZLH V]á\ ILOP\ MDNE\ WDNLH VDPH QLF W\ONR VWXN áRPRW
]SLąFK\]EXWDLWDF]HUZRF]HUZRQDMXFKDOHMąFDVLĊ]U\MD]Sá\FL]EHEHFKXLEU\]J
EU\]J Z RELHNW\Z 3U]HZDĪQLH PDOF]\NL REV]F]FU]RQF Z XĞPLHFK L Z UHFKRW XEUDQH
DTP by SHADE 49
ZFRQDMPRGQLHMV]\FLXFKSRVHNVRODFNXDOERUR]HĞPLDZV]\VLĊ-DSRQFHKLKLKLSU]\
WRUWXUDFKDOERFL1D]LRNUXWQHNRSDF]HLUR]ZDODF]H,NDĪGHJRGQLDWRXF]XFLHMDNE\Ğ
]DUD]PLDá]GHFKQąüWDNUZLHQDZ\PLRWLáHEL]ĊE\UR]ERODZV]\LFKFHVLĊSLüXĪDV
XĪDVLFRUD]JRU]HM$ĪMHGQHJRUDQNDVSUyERZDáHPW\FKVNXUZOL]DĪ\üáXSáXSáXSDZV]\
áEHPRĞFLDQĊĪHE\PVWUDFLáSU]\WRPQRĞüDOHFR]G]LDáDáHPWRĪHGRWDUáRGRPQLHĪH
LWRMHVWJZDáWMDNE\LGHQWLNR]JZDáWHPQDILOPDFKLW\OHĪHVLĊXV]DUSDZV]\GRVWDáHP
]DVWU]\NLQRUPDOQLHRGZLHĨOLPQLHWDPMDN]DZV]H
 $ĪMHGQHJRUDQND]EXG]LZV]\VLĊLJáRWQąZV]\QD]DZWUDNMDMNDLWRVWD]GĪHPHP
LRF]FĔJRUąF\F]DM]POHNLHPSRGXPDáHPMD&K\EDWRMXĪQLHGáXJR-XĪQDZLHUQRLG]LH
GRNRĔFD:\FLHUSLDáMDGRV]F]\WXLGXĪRZLĊFHMVLĊQLHGD,F]HNDáLF]HNDáMDEUDFLD
NLHG\SU]\MG]LHWDILID]HVWU]\NDZNąDRQDQLHSU]\V]áD:OD]áQDUHV]FLHMDNLĞSRPDJLHU
ZELDá\PLSRZLDGD
 7RG]LVLDMSU]\MDFLHOXGDP\FLVLĊSU]HVSDFHURZDü
 6SDFHURZDü"S\WDP$GRNąG"
 :WRVDPRPLHMVFHRGEDáDNQąá7DNWDNQLHSDWU]WDNL]G]LZLRQ\3U]HMG]LHV]
VLĊGRNLQD]HPQąU]HF]MDVQD-XĪQLHEĊGąFLĊWDV]F]\üQDZy]NX
 $OHPyZLĊJG]LHWHQNXUZDPyM]DVWU]\NSRUDQQ\"%RQDLVWRE\áHPSRUD-
ĪRQ\EUDFLV]NRZLHQLE\WDNLP]DOHĪDáRPyZLOLDE\VWU]\NDüZHPQLHWHQV]DMV/XGR-
Y\FNDLFR-XĪQLHáDGXMHFLHPLZEROHVQąJUDEĊWHJRV]DMVXU]\JRWOLZHJR"
 .RQLHF]W\PRGND]DáPLMDNE\Xá\EDMąFVLĊ1DDPHQLUD]QD]DZV]H2GWąG
MXĪVRELHUDG]LV]VDPERMNX,G]LHV]LZRJyOHDĪGRL]E\WRUWXUQDKRUURU$OHEĊG]LHV]
QDGDOSU]\SLĊW\L]PXV]RQ\GRSU]\JOąGDQLDVLĊ1RMD]GDW\JU\VNX:LĊFPXVLDáHP
]DáRĪ\üSRGRPLWXIOHLSU]HMĞüNRU\WDU]HPZNLQRWHDWU
 $OHQDWHQUD]REUDFLV]NRZLHF]XáVLĊMDQLHW\ONRVWUDV]QLHERL]GXPLRQ\$SLDü
WHQVWDU\XOWUDJZDáWLNXNXWHZS\FKOHFRVLĊLPUR]áXSXMHEDV]NLWHSVLRFK\UR]G]LH-
UDQHZWDPLQD]DGRFLHNDMąFHNUZLąL]ZU]DVNLHPROLWRĞüWHMDNE\RVRELVWHILJOHQD
]áRĞüLUD]GUD]$SyĨQLHMWHáDJU\Lĩ\G]LLWHV]DUHMDNE\LQRVWUDQQHXOLFHSHáQHF]RáJyZ
LPXQGXUyZLMDN]PLDWDMąWUUDFKUDUDFKRJQLHP]ZLQWRZHNLWáXPOXG]LZDOLVLĊMDN
JG\E\]ELRURZDRGPLDQDWHJRVDPHJR$OHQDWHQUD]QLHPLDáHPQDNRJR]GUXFLüĪH
PLWDNURELDE\PVLĊF]XáQDZ\PLRWLSLüLFDá\ZEyODFKW\ONRĪHND]DOLPLSDWU]HüER
MDN]Z\NOHSRZLHNLPLDáHPSRGFLąJQLĊWHDJLU\LZV]\VWNRSU]\PRFRZDQHGRIRWHODDOH
W\FKGUXWyZLNDEOLFRPLSU]HGWHPRGEDV]NLV]á\LRGFDáHMSá\FLWRMXĪQLHE\áR&R
ZWDNRMUD]PRĪHPLWRVSUDZLDüMDNQLHILOP\NWyUHRJOąGDP"7\ONRĪHQDW\UOLNREUD-
FLDPRLWHQV]DMV/XGRY\FNDE\áMDNWDNDV]F]HSLRQNDLWHUD]MXĪPLDáHPJRZHNUZL
WDNĪHUD]QD]DZV]HLQDZVLHJGDEĊG]LHPLQLHGREU]HMDN]REDF]ĊE\OHFRZXOWUDJZDáW
LNXNX$ĪXVWRPLVLĊ]URELáRZSURVWRNąWLEXKXKXXXQRLá]\PLFLXW]DPD]Dá\WRFR
PXVLDáHPZLG]LHüQLE\WDNLHEáRJRVáDZLRQHFLXUFLXULVUHEU]\VWHNURSHONLURV\$OHWH
VNXUZOHZ\EODGNLZELDá\FKOHMEDFKRGUD]XGRPQLH]WDV]WXNDPLLRELHUDüWHá]\SU]\-
JDGXMąF1LXQLXQRFLRWDNSáDNXSáDNX,]QyZPLDáHPWRZV]\VWNRZ\UDĨQLHSU]HG
RF]\PDW\FK6]NRSyZMDNV]WXUJDMą]DSáDNDQ\FKLEáDJDMąF\FKROLWRĞüĩ\GyZF]\WR
PXĪ\NF]\SVLRFKDPDá\V]HG]LXONLF]\U\ELRQNyZ]DJDQLDMąFGRWDNLFKNRPyUJG]LH
ZV]\VF\RQLZ\NLWXMąRGJD]XWUXMąFHJR=QyZSU]\V]áRPLVLĊEXKXKXXXLFLGRVNR-
F]\OLUD]GZDREFLHUDüPLWHá]\ĪHE\PQLHSU]HSXĞFLáDQLMHGQHMV]WXF]NL]WHJRFRPL
WXSRND]XMą6WUDV]Q\WRE\áG]LHĔLXĪDVQ\REUDFLV]NRZLHLMHG\QLGUXĪNRZLHPRL
 /HĪDáHPWHMQRF\VDPQDZ\UNX]MDGáV]\QDNRODFMĊWáXVW\LJĊVW\EDUDQLJXODV]
LSDMDRZRFRZHJRLORG\LGRVWDáHPWDNLHMSU]\GXPNL.XUNXUNXUNXUZDPRĪHPLDá-
E\PMHV]F]HRVWDWQLąV]DQVĊJG\E\PVLĊVWąG]DUD]Z\GRVWDá"$OHQLHPLDáHPEURQL
%U]\WZ\PLQLHSR]ZRORQRFRGUXJLG]LHĔJROLáPQLHWáXVW\á\VRĔMHV]F]HGRĞQLDGDQLD
LZáyĪNXDGZDáDPLJQDW\ZELDá\FKSáDV]F]DFKVWDá\LXZDĪDá\F]\MHVWHPJU]HF]Q\
PDOF]\NLQLHJZDáWRZQ\3D]XU\QDJUDEDFKPLREFLĊOLLWDNVSLáRZDOLNUyFLXWNRĪHE\P
QDZHWQLHPyJá]DGUDSDü$OHLWDNSR]RVWDáHPE\VWU\ZDWDNXFKRFLDĪRVáDELOLPQLH
EUDFLDLE\á]HPQLHQDMZ\ĪHMFLHĔWHJRFR]DGDZQ\FKF]DVyZQDZROQRĞFL7RSRZVWDá
MD]Z\UNDLGRGU]ZLQRLZ]LąáHPVLĊáRPRWDüZQLHIHVWKRUURUV]RáSLąFKąSRQDVWR-
DTP by SHADE 
MDV]F]\LZ\NU]\NLZDü1DSRPRFRFKQDSRPRF2FKWDNPLQLHGREU]HXPLHUDP
'RNWRUDGRNWRUDSUĊGNR%áDJDPGRNWRUDERXPUĊ1DSRPRF=GDUáHPVHJDUGáRQD
VXFKRLFKU\SáR]DQLPVLĊNWRĞSRND]Dá:UHV]FLHXVá\V]DáHPNURNLQDNRU\WDU]XLMDNE\
PDPURWDQLHLUR]SR]QDáHPJáRVWHJRZELDá\PNLWOXFRPLSU]\QRVLáĪDUFLHLQLE\GRSUR-
ZDG]DáPQLHQDWHFRG]LHQQHPĊF]DUQLH,RQZ\EXUF]DO
 &RMHVW"2FRVLĊUR]FKRG]L"&RWDPZĞURGNX]QyZNRPELQXMHV]]DáDMGDFWZR"
 2FKXPLHUDPMĊNQąáHP2FKEROLPQLHWDNQLHZ\QRVLPRZERNX&K\EDWR
]DSDOHQLHZ\URVWND2RRRRFK
  =DSDOHQLH Z\SLFUGND  EXUNQąá WHQ IOLPRQ L NX PRMHM UDGRĞFL R EUDFLV]NRZLH
XVá\V]DáHPEU]ĊNEU]ĊNMHJRNOXF]\-HĪHOLFRĞNRPELQXMHV]FKáRSF]\QRWRMD]NR-
OHJDPL]DSHZQLP\FLQLHXVWDQQ\NRSLáRPRWSU]H]FDáąQRF3RF]\PRGNOXNRGNOXN
L SRZLDáR VáRGNR ]DSRZLHG]Lą PRMHM ZROQRĞFL -XĪ ZLG]LDáHP JR SU]\F]DLZV]\ VLĊ ]D
GU]ZLDPLJG\SFKQąáMHQDURĞFLHĪL]DVNRF]RQ\UR]JOąGQąáVLĊ]DPQąZĞZLHWOH]NR-
U\WDU]D,]DPDFKQąáVLĊMD]REXSLDFKDE\PXIHVWSU]\áRĪ\üZNDUNLZWHQPRPHQW
SU]\VLĊJDPMDNE\]JyU\ZLG]ąFJRMDNVLĊZDOLVLHNQąZV]\LDXWDXWDXWLSRF]XZV]\
MDNWDUDGRFKDPLEXFKLGRJyU\ZNLV]NDFKWRZáDĞQLHZWHQPRPHQWU]XFLáDPLVLĊ
PGáRĞü GR JDUGáD MDNE\ IDOD EXFKQĊáD L WDNL VWUDFK SRF]XáHP RNURSQ\ ĪH MDNE\P ]D
FKZLOĊ]GHFKá/HGZLHVLĊGRNDUDENDáHPSRW\NDMąFGRáyĪND]W\PDUJKDUJKDUJKLWHQ
F]áRQLRZSRGRPLHMXĪDQLHZELDá\PNLWOXSRQLDáRGOLF]QRFRMDZ\P\ĞOLáHPERWDN
GRPQLHEDáDNQąá
  7R ]QyZ OHNFMD QR QLH" &]áRZLHN PRĪQD SRZLHG]LHü XF]\ VLĊ FDáH Ī\FLH 1R
FKRGĨNROHĪNRZ\OHĨ]WHJRZ\UNDLSU]\áyĪPL7DDNQDSUDZGĊFKFĊĪHE\ĞWR]URELá
'DMPLZPRUGĊDOHWDNIHVWLQDFDáRĞü7\ONRPDU]ĊRW\PMDN%RJDNRFKDP$MD
ZV]\VWNRFRPRJáHP]URELüWROHĪHüLV]ORFKDüEXKXKXXX7\E\GODNXREV]F]HU]\á
VLĊMDGRZLFLH7\JQRMNX,SU]\SRGQLyVáPQLH]DSU]yGSLĪDP\SRGV]\MąFDáNLHP
RNODSáHJRLOHMąFHJRVLĊL]DPDFKQąZV]\VLĊSUDZąGRJLWDU]\áPL]SLąFK\DĪXFKQĊ-
áRZVDPĞURGHNU\áD7RSRZLHG]LDá]DZ\FLąJQLĊFLHPQLH]áyĪNDW\SĊWDNX]H
ĞPLHWQLNDZ\MĊW\,RWU]HSDZV]\VRELHáDS\V]WV]WMHGQDRGUXJąZ\V]HGá&KUXSFKUXS
]URELáNOXF]Z]DPNX
 $MDSU]HGF]\PREUDFLV]NRZLHXFLHNDüUD]GZDPXVLDáHPZVHQWRSU]HGNRV]-
PDUQ\PDQLHVáXV]Q\PSRF]XFLHPĪHOHSLHMZ]LąüSRPRUG]LHQLĪGDü*G\E\WHQPXĪ\N
GáXĪHM]RVWDáWRNWRZLHDQXĪE\PQDGVWDZLáGUXJLSROLF]HN
.
6
.
 1LHGRZLHU]DáHPEUDFLDMDNPLSRZLHG]LHOL:\GDZDáRVLĊĪHMHVWHPSUDZLHRG
]DZV]HZW\P]DIDMGDQ\PORFKXLĪHSUDZLH]DZV]HMXĪWDPEĊGĊ$WRE\á\ZVLRWDNL
GZDW\JRGQLHLZáDĞQLHPLSRZLHG]LHOLĪHFLXWQLHW\OHPLQĊáR
 -XWURVND]DOLPLZGUXJQLHRĪ\GQRZ\FKRG]LV]VWąGPDOXWNLQDV]GUXĪNXDXW
DXWDXWLUDXV,]URELOLWHQVWDU\NFLXNMDNE\SRND]XMąFQDZROQRĞü$SyĨQLHMWHQIOL-
PRQZELDá\PFRPLSU]\G]LDUPDĪ\áLNUXJRPQRVLáPLWDFH]SLV]F]ąLMDNE\GRSURZD-
G]DáQDWHFRG]LHQQHPĊNLZ]LąáGRU]XFLá$OHF]HNDFLĊMHV]F]HMHGHQG]LHĔQDSUDZGĊ
ZVSDQLDá\7RG]LHĔWZHJR]ZROQLHQLDLREV]F]HU]\áVLĊMHFKLGQRZJURPNLPXĞPLHFKX
 6SRG]LHZDáHPVLĊĪHWHJRUDQND]QyZSyMGĊMDNWR]Z\NOHGRNLQDZSLĪDPLH
L WXIODFK L Z SRGRPLH QD ZLHU]FKX $ JG]LH WDP 7HJR UDQND PL RGGDOL VWDUą NRV]XOĊ
LELHOL]QĊLZV]\VWHNFLXFK]WDPWHMQRF\UDMWNL]RGOHZNąLSLGĪDNLPyMEXWZVDPUD]
KRUURUV]RáGRNRSDQLDDZV]\VWNRĞZLHĪXWNLHLĞOLF]QLHXSUDQHRGSUDVRZDQHZ\F]\V]-
F]RQH3RáXF]\áHPGDĪHPRMąEU]\WHZXOXELRQąGRJUG\NFRMHMXĪ\ZDáHPZGDZQ\FK
V]F]ĊĞOLZ\FKF]DVDFKGRILJOyZLGR]UDĪDQLDVLĊ$ĪHPVLĊQDWRXPDUV]F]\á]H]G]L-
ZLHQLDXELHUDMąFVLĊDOHWHQSRPDJLHUZELDá\PW\ONRVLĊMDNE\REV]F]HU]\áLQLFQLH
RGH]ZDáREUDFLV]NRZLH 'RSURZDG]Lá PQLH QDZHW JU]HF]QLH Z WR VDPR PLHMVFH
DOHWDPVLĊQXĪR]PLHQLáR3U]HGHNUDQHPSRZLHVLOL]DVáRQ\LQLHE\áRPDWRZHJRV]NáD
QDSU]HFLZNRSRGRWZRUDPLGRSURMHNFMLQLHZLHPF]\MHGRJyU\SRGVXQĊOLF]\QDERN
DTP by SHADE 51
MDNĪDOX]MHDOERILUDQNL$WDPVNąGUR]GDZDáRVLĊNDV]OXNDV]OXLMDNE\UXV]Dá\VLĊFLHQLH
OXG]NLHWHUD]SRND]DáDVLĊZJáąEZLGRZQLD]NU]HVáDPLJG]LHXMU]DáHPQDZHW]QDMR-
PHOLFD%\áVDP1DF]DOQLN:XS\LWHQĞZLĊWRMHEOLZ\NDSáRQ FRJRQD]\ZDOLERJXVáDZ 
L1DMJáyZQLHMV]\&LXUPDNLWHQZDĪQLDNHOHJDQWRQĪH0LQLVWHU6SUDZ:HZQĊWU]Q\FKF]\
1LHZG]LĊF]Q\FK 5HV]W\ QLH ]QDáHP %\OL WHĪ GRNWRU %URG]NL L GRNWRU %UDQRP DOH QLH
ZELDá\FKIDUWXFKDFKW\ONRZJDUQLWXURGHUĪQLĊFLWDNV]F]\WRZRMDNWRVLĊRG]LHZDMą
GRNWRU]\ WDN ZDĪQL ĪH E\ FKFLHOL XEUDü VLĊ Z VDP ZLHUFK PRG\ 'RNWRU %UDQRP VWDO
VRELHLW\OHDGRNWRU%URG]NLWHĪVWRMąFZ\JáDV]DáGR]HEUDQ\FKWDNLGRNáDGMDNE\EHO-
IHUVNL1DPyMZLGRNSRZLHG]LDá$KD7HUD]SRNDĪHP\MXĪSDĔVWZXVDPRELHNW-HVW
RQMDNZLGDüSHáQRVSUDZQ\LQLHĨOHRGĪ\ZLRQ\3U]\E\áWXZSURVWSRSU]HVSDQHMQRF\
LGREU\PĞQLDGDQLXQLHEĊGąF\SRGZSá\ZHPĪDGQ\FKĞURGNyZIDUPDNRORJLF]Q\FKDQL
KLSQR]\-XWURZ\SXĞFLP\JREH]REDZ\]SRZURWHPQDĞZLDWFKáRSFDWDNZ]RURZHJR
MDN W\ONR Ī\F]\OLE\ĞFLH VRELH VSRWNDü Z PDMRZ\ SRUDQHN Ī\F]OLZHJR L VNáRQQHJR GR
XF]\QQRĞFL -DNDĪ WR ]PLDQD SURV]Ċ SDĔVWZD Z SRUyZQDQLX ] W\P QLHEH]SLHF]Q\P
áRWU]\NLHPNWyUHJRZáDG]HMDNLHĞGZDODWDWHPXVND]Dá\QDEH]RZRFQąNDUĊLNWyU\SR
GZyFKODWDFKVLĊZFDOHQLH]PLHQLá&RMDPyZLĊQLH]PLHQLáVLĊ"$OHĪWDN:LĊ]LHQLH
PXZSRLáRWHQIDáV]\Z\XĞPLHV]HNREáXGQH]DFLHUDQLHUąF]HNFK\WU\LXVáXĪQ\JU\PDV
OL]XVD:SRLáRPXLQQHMHV]F]HQDáRJLNWyU\FKQLHPLDáLSRJáĊELáRMXĪGDZQLHMSUDNW\-
NRZDQH$OHGRĞüW\FKVáyZSURV]ĊSDĔVWZD*áRĞQLHMSU]HPDZLDMĊ]\NIDNWyZ3RND-
ĪHP\ZLĊFIDNW\3URV]ĊVLĊXZDĪQLHSU]\JOąGDü
 &LXWRGXU]RQ\W\PFDá\PJDGDQLHPSUyERZDáHPVRELHXáRĪ\üZPy]JXĪHZV]\VW-
NRWRQLE\RPQLH3RWHPĞZLDWáD]JDVá\L]RWZRUyZSURMHNF\MQ\FK]DĞZLHFLá\MDNE\GZD
SXQNWRZFHMHGHQ]QLFKZSURVWQD&LHUSLąFHJRL3RNRUQHJR$XWRUD7\FK6áyZ:GUXJL
NUąJ ĞZLDWáD ZVWąSLá GXĪ\ JURPDGQ\ E\FK NWyUHJR Z Ī\FLX QLH ZLG]LDáHP 5\MD PLDá
MDNE\ ] VDGáD L ZąVLVNR L WDNLH SDVHPND ZáRVyZ SU]\OHSLRQH GR SUDZLH á\VHM EDV]NL
/DWPRĪHWU]\G]LHĞFLPRĪHF]WHUG]LHĞFLDPRĪHSLĊüG]LHVLąWQRVWDUXFKLW\OH3RGOD]á
GRPQLHLĞZLDWáRUD]HP]QLPWDNĪHSRFKZLOLREDĞZLDWáD]ODá\VLĊZMHGQąNDáXĪĊ
,]DJDEQąOPQLHWDNRF]HĔMHFKLGQR(MW\ĞPLHUGĊJD)XDOHRGFLHELHMHG]LH7\VLĊ
QLJG\QLHP\MHV]",MDNE\]DWDĔF]\ZV]\QDGHSQąáPLQDOHZąQDSUDZąQRJĊLSU]W\ND
ZNOXISD]QRNFLDPLDĪPQLH]DERODáRMDNGLDEOLLá]\PLSRFLHNá\DSRWHP]DOHZHXFKR
L]DNUĊFLáMDNE\JDáNąQDUDGLX3RVá\V]DáHPFKLFKRWLMDN]ZLG]yZSDUXWDNKRUURUV]Rá
SRQDVWRMDV]F]\REĞPLDáRVLĊKRKRKR0QLHNOXILRELHVWRS\LXFKRUR]ERODá\MDN]XPD
V]HGáV]\LWDNRGH]ZDáHPVLĊ
 =DFRPLWRURELV]":Ī\FLXQLH]URELáHPFLQLH]áHJREUDFLV]NX
 7HQGUHZQLDNSRZLDGD
 $WDNPDV]WXMHV]F]HLSU]W\NSU]W\NPQLHZQRFKDLWDN]QyZ]DNUĊFLá
RPDáRQLHQDGHUZDZV]\]DEROąFHXFKRDWHJRQLHOXELV]"LDSLDüPLEXFLRUHPGXS
ZSUDZąVWRSĊ%R
MDF]QLDPQDWDNLFKW\FKDPVNLáELH]UREDNDPL$MDNFLVLĊQLHSRGREDWR]DF]QLM
QRW\ONR]DV]XUDM7DJGDSRQLDáMDĪHPXV]ĊZWU\PLJDZ\VP\NQąüEU]\WHZ]DQLP
WD NRV]PDUQD PGáRĞü QD XELMVWZR EXFKQLH L SU]HPLHQL XFLHFKĊ ZDONL Z SRF]XFLH ĪH
]GHFKQĊ1HVWHW\REUDFLV]NRZLHOHGZLHPRMDJUDEDVLĊJQĊáDGRZHZQĊWU]QHMNLHV]HQL
SREU]\WHZMDNRF]\PDGXV]\XMU]DáHPMDNWHQJU]G\OFRPQLHRVNRUELáZ\MHROLWRĞü
LF]HUZRF]HUZRQDMXFKDFLHNQLHPX]U\MDL]PHW\]DW\PREUD]NLHPMXĪQDW\UOLNGDZDM
WDPGáRĞüLVXFKRĞü
LEROHĞFLDE\SU]HFKZ\FLüL]REDF]\áHPĪHPXV]ĊU\FKáRFRU\FKOHM]PLHQLüWRFR
F]XMĊGRWHJRG]LREDQHJRPXGDNDZLĊFSRPDFDZV]\VLĊZNDUPDQDFKF]\QLHPDP
UDNRWZRUyZ DOER PRQDOL]\ L QLF R EUDFLV]NRZLH QLH ]QDOD]áHP :LĊF PyZLĊ FDá\ MXĪ
PL]JOąF\LSáDNVLZLH
 'DáE\PFLSDSLHURVDEUDFLHDOHREDZLDPVLĊĪHQLHPDP$WHQGDOHMSRVXZD
 8DDXDD%XKXKXXX7RVLĊSRSáDF]W\PDá\VNXUZLRáNX,]QyZW\P]URJR-
ZDFLDá\PJUXE\PSD]XUHPSU]W\NSU]W\NLSU]W\NZPyMRERODZV]\NOXILZ]HUZDáVLĊ
RF]HĔJURPNLĞPLHFKMDNJG\E\UDGRĞFL]W\FKFLHPQ\FKPLHMVF$MDFLąJQĊMXĪFDáNLHP
DTP by SHADE 
ZUR]SDF]\DE\VLĊZ\VWDZLüMDNQDMSU]\MHEQLHMWHPXIOLPRQRZLFRVLĊSU]\G]LHUDGR
PQLHLGRVDG]DLNU]\ZG]LE\OHSRZVWU]\PDüWHMXĪMXĪLGąFHEyOHLPGáRĞFL
  3URV]Ċ GDM PL ĪHE\P FRĞ GOD FLHELH ]URELá  , FLąJOH PDFDZV]\ VLĊ SR NDU-
PDQDFK ]QDOD]áHP MHG\QLH WĊ PRMą NRVĊ GR JUG\N ZLĊF GRE\áHP Mą L ZUĊF]DP WHPX
G]LDUPDG]HLPyZLĊGRQLHJR3URV]ĊWRZ]LąüEáDJDP7DNLPDá\SUH]HQFLN3URV]ĊWR
Z]Ląü$WHQPL]JUXEDRGND]Dá
  :HWNQLM VH WH ]DIDMGDQH NXEDQ\ 1LH ]DĪ\MHV] PQLH  , áXS PQLH SR áDSVNX
LEU]\WHZXSDGáDQDSRGáRJĊ
 :LĊF MD ]QRZX  &RĞ PXV]Ċ GOD SDQD ]URELü 0RĪH EXW\ RF]\ĞFLü" 3URV]Ċ MXĪ
NOĊNDPLEĊGĊMHOL]Dá,EUDFLV]NRZLHPRLZLHU]FLHPLDOERFDáXMWDPQLHZU]RSVNR
XSDGáHPQDNRODQDLQDNLORPHWUZ\ZLHVLáHPWRF]HUZRQHFKOLSDGáRLMXĪPDáRQLHZ\OL-
]DZV]\MDPXW\FKEUXGQ\FK]DIDMGDQ\FKEXFLRUyZ$WHQVNXUZHOZ]LąáLQLH]DPRFQR
NRSQąáPQLHZXVWR1RWRXZLG]LDáRPLVLĊĪHQLHĞFLąJQĊMHV]F]HEyOyZLPGáRĞFLMDN
W\ONRIHVWJR]áDSLĊJUDEDPL]DNRVWNLQRLSL]JQĊVNXUZODQDSRGáRJĊ,]URELáHPWR
LSU]HĪ\áSRQDVWRMDV]F]\]DVNRF]HQLHNLHG\WDNZ\NRS\UWQąáVLĊEDFKWUDFKLáXEXGX
DFDáDWDSDUV]\ZDZLGRZQLDU\NQĊáDĞPLHFKHP$OHMD]REDF]\ZV]\JRQDSRGáRG]HMXĪ
SRF]XáHPWHQRJDUQLDMąF\PQLHNRV]PDUZLĊFGDáHPPXUĊNĊDE\SUĊG]HMVLĊSR]ELH-
UDáLRQVLĊSRGQLyVá:áDĞQLHFKFLDáPLSU]\áDGRZDüIHVWLSRQDVWRMDV]F]\ZU\MDNLHG\
ZNOXF]\áVLĊGRNWRU%URG]NL
 'REU]HWRDĪQDGWRZ\VWDUF]\,WHQIUDQFRZDW\F]áRQLRMDNE\XNáRQLáVLĊLSUHF]
Z\WDĔF]\áMDNDNWRUDĞZLDWáD]DSDOLá\VLĊQDPQLHV]F]XU]ąFHJRVLĊZEODVNXL]EXĨNą
Z SURVWRNąW GR EXKXKX 'RNWRU %URG]NL ]ZUyFLá VLĊ GR ZLGRZQL  1DV] RELHNW MDN
SDĔVWZRZLG]LFLHXOHJDSU]\PXVRZLGREUDSU]H]WRSDUDGRNVDOQLHĪHXOHJDSU]\PX-
VRZL]áD,QWHQFMD]DGDQLDJZDáWXQDW\FKPLDVWáąF]\VLĊ]SU]HPRĪQ\PLGR]QDQLDPLIL-
]\F]QHJRG\VNRPIRUWX$ĪHE\PX]DSRELHFRELHNWPXVLEá\VNDZLF]QLHSU]HVWDZLüVZyM
RGUXFKQDMHJRGLDPHWUDOQHSU]HFLZLHĔVWZR&]\VąS\WDQLD"
 :NZHVWLLZ\ERUX]DKXUJRWDáRQLVNLHDERJDWRXVWDZLRQHJáRVLV]F]H7RQDV]
NDSáRQ ZLĊ]LHQQ\ 2Q Z LVWRFLH QLH PD Z\ERUX SUDZGD" ,QVW\QNW VDPR]DFKRZDZF]\
LOĊNSU]HGFLHUSLHQLHPIL]\F]Q\P]PXV]DMąJRGRW\FKJURWHVNRZ\FKSRQLĪHĔ,FKQLH-
V]F]HURĞüU]XFDVLĊZRF]\1LHMHVWMXĪ]áRF]\ĔFą,QLHMHVWUyZQLHĪLVWRWą]GROQąGR
PRUDOQHJRZ\ERUX
 7RVXEWHOQRĞFLWDNMDNE\XĞPLHFKQąáVLĊGRNWRU%URG]NL1DVWXQLHLQWHUHVXMą
PRW\ZDFMHDQLZ\ĪV]DHW\ND0\VLĊ]DMPXMHP\W\ONRHOLPLQDFMąSU]HVWĊSVWZ
  -DN UyZQLHĪ  ZFLąá VLĊ WHQ Z\VRNL HOHJDQFNL 0LQLVWHU  ZDONą ] NRV]PDUQ\P
SU]HOXGQLHQLHPZLĊ]LHĔ
 %UDZRRGH]ZDáVLĊNWRĞ
 1DVWąSLáRPQyVWZREDáDFKXLVSLHUDQLDVLĊDMDW\ONRVWDáHPEUDFLV]NRZLHMDNE\
VDZVLHP]DSRPQLDQ\SU]H]W\FKQDQLFQLHSRPQ\FKEODG\FKV\QyZDĪXZU]DVQąáHP
VLĊ
  $ MD MD MD $ FR ]H LQQą" &R MD WXWDM PDP GR URERO\" &]\ MHVWHP ]D MDNLHĞ
]ZLHU]ĊDOERSVD"7RLFKUXV]\áRL]DF]ĊOLS\VNRZDüSRQDVWRMDV]F]\JURPNRLSL]JDü
ZHPQLHVáRZDPL:LĊFMDJáRĞQLHMXZU]DVQąáHPVLĊNUXJRPQDVNU]\NX0DPE\ü
MDNWDPHFKDQLF]QDSRPDUDĔF]D"1LHZLHPFRVSUDZLáREUDFLV]NRZLHĪHXĪ\áHPW\FK
VáyZFRMDNE\QLHSURV]RQHWDNPLSU]\V]á\GRJáRZ\7RLFKF]HJRĞSU]\PNQĊáRQDNLOND
PLQXW:UHV]FLHMHGHQEDUG]RFKXGRV]F]DZ\LVWDU\FKU\NZW\SLHSURIHVRUDGĨZLJQąá
VLĊDV]\MĊPLDáFDáąMDNXNUĊFRQą]NDEOLGRSURZDG]DMąF\FKVLáĊRGJáRZ\GRFLDáDLWDN
SU]HPyZLá
 1LHPDV]VLĊFRXVNDUĪDüFKáRSF]H'RNRQDáHĞZ\ERUXLZV]\VWNRWRMHVWNRQ-
VHNZHQFMąWZHJRZ\ERUX&RNROZLHN]WHJRZ\QLNQLHVDPWRZ\EUDáHĞ
$QDWRZLĊ]LHQQ\NDSáRQZ\NU]\NQąá
 &KFLDáE\PZWRZLHU]\ü,GDáRVLĊZLG]LHüMDN1DF]DOQLNZELMDPXVSRMU]HQLH
MDNE\ ]QDF]ąFH ĪH QLH ]DMG]LH WDN Z\VRNR Z G]LHG]LQLH 5HOLJLL 3HQLWHQFMDUQHM MDN VLĊ
VSRG]LHZDá3RWHP]QRZXUR]SĊWDáDVLĊJURPNDNáyWQLDLVá\V]DáHPMDNIXUF]\ZSRZLH-
DTP by SHADE 53
WU]XVáRZR0LáRĞüLMDNVDPERJXVáDZGU]HVLĊQLHJRU]HMRGLQQ\FKĪHQLE\'RVNRQDáD
0LáRĞü8VXZD%RMDĨĔLFDá\WHQV]DMVLNRFKDMP\VLH3RF]\PGRNWRU%URG]NLZNOXF]\áVLĊ
]Xá\ENąQDFDáHMPRUG]LH
  &LHV]Ċ VLĊ SDQRZLH ĪH SRUXV]RQR WX ]DJDGQLHQLH PLáRĞFL 7HUD] REHMU]\P\
VRELHZG]LDáDQLXSHZLHQVW\OPLáRĞFLNWyU\XZDĪDQR]DZ\PDUá\MXĪRGĞUHGQLRZLHF]D
3RF]\PĞZLDWáDSU]\JDVá\L]QyZVLĊ]DSDOLá\SXQNWRZHUHIOHNWRU\MHGHQVNLHURZDQ\
QD:DV]HJR8GUĊF]RQHJR1LHV]F]ĊĞQLNDL2SRZLDGDMąFHJR7R3U]\MDFLHODZGUXJL]DĞ
ZNRO\VDODVLĊIDOąF]\ZĊĪHP]OHNNDERNLHPVLĊSRGDZV]\QDMSU]HĞOLF]QLHMV]DPáRGD
G]LXV]NDMDNąUD]ZĪ\FLXPRĪHVSRG]LHZDOLE\ĞFLHVLĊREUDFLV]NRZLHPRLXĞZLDGF]\ü
*UXG]LąWNDPLDáDWDNLHSRQDVWRMDV]F]\KRUURUV]RáLMDNE\VDZVLHPZLGRF]QHWDNVLĊ
MHM ] SOHF]D REV REV REVXZDáD WD MXEND 1RJL MDN VDP *RG *RVSRG DĪ Z 1LHELRVDFK
LWDNV]áDĪHFLW\ONRVWĊNDáRZNLV]NDFKDSRPLPRWROLF]NRPLDáDVáRG]LXWNLHZXá\EFH
LPáRG]LXWNLHWDNLHMDNE\QLHZLQQH,SRGHV]áDGRPQLH]W\PĞZLDWáHPMDNE\ZWDNLP
NUąĪNXĞZLDWáRĞFL%RVNLHML]QLąFDá\WHQV]DMVL]DJZLDĨG]LRFKDLSLHUZV]HFREá\VQĊáR
PLZáHENXWRĪHUXFKQąáE\PMą]DUD]WXQDSRGáRJĊLQRUPDOQLHU\SVZ\SVU\SVZ\SV
MąG]LNRZPLĊG]\QRĪHLSRQDVWRMDV]F]\DWXUD]LMDNPQLHVWU]HOLWDPGáRĞüMDNJG\E\
WHQMDNE\PLOLFMDQWNXUZDFRNDSRZDá]]DURJXLWHUD]GDZDMáDSVL]DIUDN$MDNGRWHJR
]DMHFKDáRPQLHW\PZXQGHUEDU]DSDV]NLHPMHMSHUIXPL]DFKFLDáRPLVLĊWHMSU]\GXPNL
ĪHXFKLUXMNDVWyMNDPLSRGJyUĊZNLV]NDFKWRMXĪZLHG]LDáHPĪHPXV]ĊZWU\PLJD
SU]\GXPDüMDNWXRQLHMSRP\ĞOHüLQDF]HM]DQLPFDáDEROHĞüLVXFKRĞüLRNUXWQDPGáRĞü
SLHUG\NQąPQLHWDNKRUURUV]RáLSRQDVWRMDV]F]\
 :LĊFXZU]DVQąáVLĊMD
 2QDMSLĊNQLHMV]DNUDVQDW\LSU]HNUDVQDGDMPLU]XFLüMDNE\WRPRMHVHUFHGR
WZ\FKVWySLĪHE\ĞMHSRGHSWDáD-DNE\PWXPLDáUyĪ\NZLDWE\PFLJRGDá*G\E\WHUD]
ODáGHV]F]L]LHPLDE\áDMDNE\V]DMVRZDWDSRVáDáE\PFLZV]\VWHNPyMFLXFKSRGVWRSDPL
ĪHE\WHQEUXGLIHNDáQLHWNQąáWZ\FKQyĪHN,WRZ\NU]\NXMąFREUDFLV]NRZLHF]XáHP
ĪHWDPGáRĞüMDNE\VLĊFRID3R]ZyOPL]QyZGDáHP
VLĊZVNU]\NFLĊXEyVWZLDüLE\üGODFLHELHMDNE\]DSRPDJLHUDL]DVWXSQLNDQDW\P
]á\PLMDNĪHRNUXWQ\PĞZLHFLH7XZSDGáRPLQDUHV]FLHWRZáDĞFLZHLSDGFKDG]LDV]F]H
VáRZRL]UD]XSRF]XáVLĊMDáXF]V]HMDNZ\PyZLáHP3R]ZyOPLE\üWZ\PGRĞPLHUFL
ZLHUQ\PU\FHU]HPLDSLDüEXFKQDWHVWDUHNRODQDZSRNáRQLWDNMDNE\V]XUJDMąF
 =DPRPHQWSRF]XáHPVLĊGXUQRLSRV]XWQLDFNXMDNE\WR]QyZE\áDWDND]JU\ZD
ERWDG]LRENDXNáRQLáDVLĊZLGRZQL]XĞPLHFKHPLMDNE\Z\WDĔFRZDáDSUHF]LFLXWRNOD-
VNyZLĞZLDWáDVLĊ]DSDOLá\=W\FKGUHZQLDNyZQDZLGRZQLWRQLHNWyU\PĞOHSLDRPDáR
QLHZ\OD]á\WDNSREUXGDFNXLREOHĞQLHĞOLQLOLVLĊGRWHMG]LXV]NLREUDFLV]NRZLHPRL
 %ĊG]LH]QLHJRGREU\FKU]HĞFLMDQLQZ\NU]\NQąáGRNWRU%URG]NLZáDĞQLHWDNL
JRWyZQDGVWDZLüGUXJLHJRSROLF]NDUDF]HMGDVLĊXNU]\ĪRZDüQLĪE\VDPNRJRĞXNU]\-
ĪRZDáLGRJáĊELVHUFDVLĊZVWU]ąĞQLHQDP\ĞOFKRüE\R]DELFLXPXFK\,U]HF]\ZLĞFLH
EUDFLD ER MDN WR SRZLHG]LDá PQLH ]UD]X SRGXPDZV]\ R ]DELMDQLX PXFK\ SRF]XáR VLĊ
QLHPQRĪNRPGáRĞFLDOHRGHSFKQąáHPWHPGáRĞüSRP\ĞODZV]\MDNWĊPXFKĊNDUPLVLĊ
NXVRF]NDPLFXNUXLGEDVLĊRQLąMDNE\RF]\MHJRĞWLXWLXG]LREDQHJR]ZLHU]DNDLFDá\
WHQV]DMV$RQ5HVRFMDOL]DFMD]DNU]\NQąá,VWQDUDGRĞüX$QLRáyZ%RĪ\FK
 1DMZDĪQLHMV]HRGH]ZDáVLĊJURPNR0LQLVWHU6SUDZ1LHZG]LĊF]Q\FKĪHWRVLĊ
VSUDZG]D
 2WDNSRZLHG]LDáMDNE\Z]G\FKQąáNDSáRQZLĊ]LHQQ\VSUDZG]DVLĊ1LHFKDM
QDV%yJPDZRSLHFH
.
&]ĊĞüWU]HFLD
.
1
.
- To co teraz, ha?
 7DNLHS\WDQLH]DGDZDáHPVRELHREUDFLV]NRZLHQDVWĊSQHJRUDQNDVWRMąFSU]HG
DTP by SHADE 
W\PELDW\PEXG\QNLHPMDNE\SU]\OHSLRQ\PGRVWDUHM:XS\XEUDQ\ZPRMHGDZQLHMV]H
FLXFK\VSU]HGGZyFKODWZW\PV]DU\PEODVNXSRUDQND]PDáąVXPNąZUĊNX]DZLHUD-
MąFąWHSDUĊU]HF]\RVRELVW\FKL]SDURPDJROFDPLZNDUPDQLHNWyUH]DIDMGDQD:áDG]D
SRGDURZDáDPLZV]F]RGURĞFLVZRMHMDĪHE\PPLDá]DFRZVWąSLüQDQRZąGURJĊĪ\FLD
 5HV]WDSRSU]HGQLHJRGQLDE\áDGRSLHURPĊF]ąFDWHZ\ZLDG\NUĊFRQHQDWDĞPĊ
GODG]LHQQLNDWLZL]GMĊFLDFRPLMHNUXJRPF\NDOLEá\VNEá\VNEá\VNQRLWHSRND]\MDN
VLĊáDPLĊLF]RáJDPZREHFXOWUDJZDáWXLFDáHWRXSXGOHQLHLQLHáRZNLV]DMV1DUHV]FLH
UXFKQąáHP Z áyĪNR L RG UD]X WDN PL VLĊ Z\GDáR ]EXG]LOL PQLH L NDĪą ZVWDZDü MD]GD
Z\QRFKDLGDPRMZGRPRMQLWXMXĪQLHFKFąGáXĪHMRJOąGDü3LV]ąFHJR7H6áRZDQLJG\
]DQLFQLNDJGDREUDFLV]NRZLHPRL1RLVWRMĊWDNZF]HVQ\PUDQNLHP]SDURPDJROFDPL
PRQDOL]\ZOHZ\PNDUPDQLHSREU]ĊNXMHQLPLL]DVWDQDZLDPVLĊ
- To co teraz, ha?
 =MHĞüPRĪHJG]LHĞMDNLĞ]DZWUDNSRP\ĞODáHPQLFWHJRGQLDUDQRQLH]MDGáV]\WDN
ĞSLHV]\OLVLĊZV]\VF\ĪHE\PQLHZ\V]WXUJDüQDZROQRĞü7\ONRF]DMXVWDNDQF]\NPLVLĊ
XGDáRJáRWQąü7D:XSD]QDMGRZDáDVLĊZEDUG]RSRQXUHMG]LHOQLF\DOHQDNDĪG\PNURNX
E\á\ WDNLH GOD UDELWQ\NyZ WR ]QDF]\ UREROyZ  PDáH NDIHMNL ZLĊF WUDILáHP GR MHGQHM
REUDFLV]NRZLH=DIDMGDQDWRE\áDĞPLHUGĊJD]MHGQąĪDUyZNąQDVXILFLHWDNXSVWU]RQą
SU]H]PXFK\ĪHLWHFLXWĞZLDWáD]DüPLZV]\DZQLHMPQRJRSRUDQQ\FKUDELWQ\NyZVLRU-
ELąF\FKF]DMLĪZ\NDMąF\FKWHDĪVWUDFKSRSDWU]HüNLHáEDVNLLSDMG\FKOHEDMDNWHZLONL
ĪDUáRF]QHFKDSLZRáNZRáNZRáNLGUąVLĊRMHV]F]H3RGDZDáDLPWDNDXVPRWUXFKDQD
ERJLQLQDNU]\Z\FKáDSDFK]DWR]ZLHONLPLJUXG]LVNDPLLQLHNWyU]\]W\FKFLDPNDMą-
F\FKSUyERZDOLMąFKDSQąü]DFRĞZ\GDMąFKXKXKXDRQDKHKHKHDĪPLVLĊ]ELHUDáR
QDZ\PLRWREUDFLV]NRZLH$OHSRSURVLáHPRWRVWDGĪHPLF]DMEDUG]RJU]HF]QLHW\P
Z\WZRUQ\PJáRVHPLXVLDGáHPZFLHPQ\PNąFLNXDĪHE\WR]MHĞüLZ\SLü
 .LHG\MDVLĊW\P]DMPRZDáHPZV]HGáMDNLĞPDOXWNLF]áRQLRNDU]HáHN ]QDF]\VLĊ
NDU\SHO VSU]HGDMąF\SRUDQQHJD]HW\SRNUĊFRQ\LEUXGQ\W\S]Z\URGQLDOFDZJUXE\FK
SLQJODFKZVWDORZHMRSUDZFH]GUXWXáDFK\]DĞPLDáZNRORU]HVWDUHJRSVXMąFHJRVLĊ
EXG\QLXSRU]HF]NRZHJR:LĊFNXSLáHPĪXUQDá]WąP\ĞOąĪHQDOHĪ\VLĊSU]\JRWRZLüGR
VNRNX]SRZURWHPZQRUPDOQHĪ\FLH]REDF]\ZV]\FRVLĊG]LHMHQDĞZLHFLH7HQĪXUQDá
WR E\áD MDNE\ V]PDWD U]ąGRZD ER QD SLHUZV]HM VWURQLH ĪDGQ\FK QRZLQ SR]D W\P ĪH
QLE\ZVLHZS\FKOHLNDĪGHQPXVLSRVWDUDüVLĊDE\GRW\FKF]DVRZ\5]ąGDSLDü]QDOD]áVLĊ
XNRU\WDZ]EOLĪDMąF\FKVLĊ3RZV]HFKQ\FK:\ERUDFK1DURGRZ\FKNWyUHZLGQRPDMąE\ü
]DNLONDW\JRGQL%DUG]RVLĊMHGHQ]GUXJLPFKZDOELV]QDG\PDáZW\PEDáDFKXF]HJR
WHQ5]ąGQLH]URELáREUDFLV]NRZLH]DRVWDWQLURNF]\WDNRNRáRĪHZ]UyVáHNVSRUWLWDND
KRUURUV]RáSROLW\ND]DJUDQLF]QDLĞZLDGF]HQLDVSRáHF]QHSRSUDZLá\VLĊQDEDOV]RMLFDá\
WHQV]DMV$OHF]\P5]ąGVLĊQDMEDUG]LHMFKHáSLáWRW\PMDNZHGáXJQLFKQDXOLFDFK]D
RVWDWQLH V]HĞü PLHVLĊF\ ]URELáR VLĊ GXĪR EH]SLHF]QLHM GOD PLOXMDF\FKSRNyMV]ZHQGD-
MąF\FKVLĊSRQRF\ ]Z\F]DMQ\FK OXGNyZ SU]H] WR ĪH SROLFMD MHVW OHSLHM RSáDFDQD L ĪH
RVWU]HMELHU]HVLĊ]DFKXOLJDQyZ F]\OLUyZQ\FKPDOF]\NyZ L]ERF]HĔFyZLZáDP\ZDF]\
LFDá\WHQV]DMV7R]DFLHNDZLáRWDNZLĊFHMQLHPQRĪNR1LĪHM3RGSLVDQHJR$QDGUXJLHM
VWURQLHJD]HW\E\áR]DPD]DQH]GMĊFLHNRJRĞMDNE\GREU]H]QDMRPHJRLSRND]DáRVLĊĪH
WRQLNWLQQ\W\ONRMDMDMD:\JOąGPLDáHPRF]HĔSRQXU\LVSXNQLĊW\DOHWRSU]H]WHIOH-
V]HNUXJRPEá\VNEá\VNLS\NS\NS\N$SRGPRLPIRWRQDSLVDQRĪHRWRMHVWSLHUZV]\
DEVROZHQW ]QDF]\ VLĊ Z\SXVWQLN  ] XWZRU]RQHJR GRSLHUR FR 3DĔVWZRZHJR ,QVW\WXWX
5HVRFMDOL]DFML 2VREQLNyZ .U\PLQDOQ\FK Z\OHF]RQ\ ]H ]EURGQLF]\FK VNáRQQRĞFL SU]H]
GZDXELHJáHW\JRGQLHLMXĪZ]RURZ\SU]HVWU]HJDMąF\SUDZDGREU\RE\ZDWHOLFDá\WHQ
V]DMV 2ERN ]QDOD]áHP QDG L SRQDG ]Z\F]DM SRFKZDOQ\ DUW\NXá R 7HFKQLFH /XGRY\FND
LMDNLWHQ5]ąGMHVWPąGU\L]QyZFDá\WHQV]DMV,DSLDüIRWRMDNLHJRĞPXĪ\NDZ\GDá
PLVLĊ]QDMRP\DWRE\áWHQ0LQLVWHU6SUDZ1LHZG]LĊF]Q\FKF]\WHĪ:HZQĊWU]Q\FK
&RĞPLZ\JOąGDáRĪHRQVLĊSU]HFKZDOLáMDNWRVSRG]LHZDVLĊĪHWHUD]SU]\MG]LHIDMQD
SU]HZRVFKRGQDLZROQDRG]EURGQLHSRNDZNWyUHMQLHEĊG]LHP\VLĊMXĪEDüWFKyU]OLZ\FK
QDSDĞFL ]H VWURQ\ PáRG\FK ]Z\URGQLDOFyZ L FKXOLJDQyZ L ]ERF]HĔFyZ L ZáDP\ZDF]\
LFDá\WHQV]DMV$ĪZ\GDáHPDDDDDUJKLSL]JQąáHPWHQĪXUQDáRSRGáRJĊWDNĪHSU]\-
DTP by SHADE 55
QDMPQLHMFLXWSRNU\áWHĞODG\RGUR]FKODSDQHJRF]DMXLQDFKDUNDQHVSOXZNLREU]\GOLZH
W\FKEUXGQ\FK]ZLHU]DNyZáDĪąF\FKGRWHMNDIHMNL
- To co teraz, ha?
 7RQLHFRLQQHJRWHUD]REUDFLV]NRZLHW\ONRGRGRPXLUDGRVQDQLHVSRG]LDQND
GODIDFLDLPDFLRV]NLLFKMHG\Q\V\QLVSDGNRELHUFDSRZUDFDQDáRQRURG]LQ\,]DUD]
VLĊZ\FLąJQĊQDPRLPZ\UNXZL]EXV]FHPRMHMPDáHMXMXWQHMLSRVáXFKDPVRELHMDNLHMĞ
PX]\NLFRQDMIDMQLHMV]HMLRGUD]XSU]\W\PSRJáyZNXMĊFRWHUD]EĊGĊURELáZĪ\FLX
2ILFHU=ZROQLHQLRZ\GDáPLG]LHĔZF]HĞQLHMGáXJąOLVLĊ]DMĊüRNWyUHVLĊPRJĊVWDUDü
LSRG]ZRQLáZPRMHMVSUDZLHGRUyĪQ\FKWDPDOHĪHE\WDN]DUD]SUDFROLüMDNUDERWQ\
NUyOLF]HNQLHEUDFLV]NRZLHWRMHV]F]HQLHGODPQLH1DMSLHUZPDáHVSRNRLSLHUHG\V]-
NDRZV]HPLVSRNRMQLHVRELHSRPy]JROLüQDZ\UNXSU]\GĨZLĊNDFKPX]\NLSU]HZ\ERU-
nej.
 1RWRZEDVDGR&HQWUXPLVWDPWąGZLQQHJREDVDGR.LQJVOH\$YHQXHJG]LHMXĪ
%ORN0XQLF\SDOQ\$MHVWQLHGDOHNR8ZLHU]\FLHPLEUDFLV]NLMDNSRZLHPĪHVHUFHPL
ZDOLáREXFKEXFKEXFK]SRGQLHFHQLD.UXJRPWDNDFLV]DERMHV]F]HE\áD]LPDLZF]HVQ\
UDQHNDMDNZV]HGáHPGREORNRZHMVLHQLWRQLNRJRW\ONRWHJRáRJX]HPXĪ\NLLSVLRFK\
RGQDJLHM*RGQRĞFL7UXGX&RPQLHSRUD]LáREUDFLDWRMDNZV]\VWNRE\áRRGF]\V]F]RQH
ĪDGQ\FKWDPVáyZSOXJDZ\FKZEDORQLNDFK]XVW*RGQ\FK3UDFRZQLNyZLĪDGQ\FKMDM
FKRMDNyZ DOER LQQ\FK QDU]ąGyZ FR E\ LP GRU\VRZDOL PDá\V]H ] EUXGQHM Z\REUDĨQL
=DVNRF]\áDPQLHWHĪG]LDáDMąFDZLQGD3RZFLĞQLĊFLXHOHNWURNQRSNLOLIW]MHFKDáPL]SR-
PUXNLHPLMDNZVLDGáHP]QyZSRUD]LáRPQLHĪHNDELQDZĞURGNX]XSHáQLHF]\VWD
 ,ZMHFKDáHPQDG]LHVLąWHSLĊWURLSDWU]ĊQXPHUMDN]DZV]HLJUDENLPLVLĊ
]DWU]ĊVá\ L ZFLąĪ G\JRWDá\ NLHG\ Z\MąáHP ] NDUPDQD VZyM NOXF]\N $OH ]HEUDáHP VLĊ
ZVRELHLZELáHPIHVWNOXF]GR]DPNDRGNOXF]\áHPJRSU]HNUĊFLZV]\LUR]SDFKQąáHP
LZV]HGáHPLZLG]ĊWU]\SDU\]DVNRF]RQ\FKLFLXWQLHSU]HOĊNá\FKĞOHSLZSDWU]RQ\FKZH
PQLHDWRE\OLIDW\LPDW\MHG]ąF\ĞQLDGDQLHDRSUyF]QLFKMDNLĞWU]HFLF]áRQLRNWyUHJR
ZĪ\FLXQLHZLG]LDáHPGXĪ\LWĊJLE\FKZVDPHMNRV]XOLLV]HONDFKMDNXVLHELHREUD-
FLV]NRZLHPRLVLRUEDáF]DM]POHNLHPLĪZ\ĪZ\ĪZ\NDáVRELHWRVWXLMDMNRĞPDMNR7HQ
REF\ZáDĞQLHSLHUZV]\VLĊRGH]ZDáLWDNGRPQLHSRZLDGD
 $W\FR]DMHGHQNROHĪNR"6NąGPDV]NOXF]"=DGU]ZLĪHE\PFLU\MDQLHZFLVQąá
:\MGĨLQDMSLHUZ]DSXNDM$SRWHPZ\MDĞQLV]F]HJRWXFKFLDáHĞDOHWRUD]GZD
 (I L HP VLHG]LHOL MDN VNDPLHQLDZV]\ L ZLGQR ĪH QLH F]\WDOL JD]HW\ WHUD] SU]\-
SRPQLDáHPVRELHĪHJD]HWDSU]\FKRG]LGRSLHURMDNWDWDWDZ\MG]LHMXĪGRURERW\$Ī
PDFLFDVLĊRGH]ZDáD:LĊFXFLHNáHĞ]ZLĊ]LHQLD2FKFRP\]URELP\"=DUD]SU]\MG]LH
SROLFMDRFKRFKRFK2FKW\]á\QLHGREU\FKORSF]HĪHE\W\OHZVW\GXQDPSU]\QLHĞü
LZLHU]FLHPLDOERFDáXMWDPQLHZU]RSVNRĪHGDáDVLĊZEXKXKXXX:LĊFMD]DF]ąáHP
Z\MDĞQLDüĪHMDNFKFąWRPRJą]DG]ZRQLüLGRZLHG]LHüVLĊZPRMHM:XSLHDWHQREF\
VLHG]LDáSU]H]FDá\F]DVLVSRGHáELáVLĊQDPQLHXPDUV]F]RQ\MDNE\JRWyZPLSU]\áDGR-
ZDü]WHMJURPDGQHME\F]HMZáRFKDWHMSLąFK\LIDNW\F]QLHZELüPLU\MDGRĞURGND:LĊF
MDGRQLHJR
 0RĪHE\ĞPLRGSRZLHG]LDáFRQLHFREUDFLH"&RWXURELV]LMDNGáXJR]DPLHU]DV]"
1LHVSRGREDáPLVLĊWZyM WRQMDNLPWRSU]HGFKZLOą Z\U]HNáHĞ8ZDĪDM1RZ\MĊ]\F]
VLĊVáXFKDP7HQPXĪ\NE\áZW\SLHURERODWDNLEU]\G]LXJDODWPRĪHWU]\G]LHĞFLDOER
F]WHUG]LHĞFLWHUD]VLHG]LDáUR]G]LDZLZV]\VLĊQDPQLHLDQLVáRZDQLHZ\NU]WXVLá$ĪRM-
F]\NPyMVLĊRGH]ZDá
 7URFKĊWRQDVRV]RáRPLáRV\QX1DOHĪDáR]DZLDGRPLüQDVĪHVLĊSRMDZLV]8ZD-
ĪDOLĞP\ĪHMHV]F]HXSá\QLHFRQDMPQLHMSLĊüDOERV]HĞüODW]DQLPFLĊZ\SXV]F]ą&RQLH
]QDF]\GREDZLODZ\U]HNáWRFDáNLHPSRQXURDE\QDPQLHE\áREDUG]RSU]\MHPQLH
]QyZFLĊ]REDF]\üLWRMXĪQDZROQRĞFL
 $WRNWRMHVW"SRZLDGDP'ODF]HJRVLĊQLHRG]\ZD"&RWXVLĊG]LHMH"
 7RMHVW-RHRGND]DáDPDW\2QWXPLHV]ND/RNDWRU,]QyZSROHFLDáD2M
%RĪH%RĪH%RĪH
 7\SU]HPyZLáWHQ-RH:LHPRWRELHZV]\VWNRPyMFKáRSF]H&R]URELáHĞLMDN
DTP by SHADE 
VHUFH]áDPDáHĞWZRLPELHGQ\P]UR]SDF]RQ\PURG]LFRP1RLZUyFLáHĞFR"ĪHE\]QyZ
LPĪ\FLH]DPLHQLüZSLHNáRWDN"$OHSRPRLPWUXSLHERMXĪGODQLFKMHVWHPEDUG]LHMV\Q
QLĪORNDWRU3UDZLHE\PVLĊZJáRVREĞPLDáJG\E\QLHWRĪHSU]H]WHQUD]GUD]MXĪPL
VLĊ]DF]ĊáR]ELHUDüQDZ\PLRWNLHG\XMU]DáHPMDNWHQPXGDNZODWDFKQDRNRSUDZLH
LGHQWLNRMDNPRLHILHPVWDUDVLĊMDNE\SRV\QRZVNXRSLHNXĔF]\PUDPLHQLHPRWRF]\ü
PRMą]DSáDNDQąPDFLRFKĊREUDFLV]NRZLH
 7DNSRZLDGDP,RPDáRVDPE\P]DáDPDZV]\VLĊQLHSDGá]DODQ\á]DPL:LĊF
WRWDN1RWRGDMĊFLFDáHSLĊüGáXJLFKPLQXWQDZ\SLHSU]HQLHFDáHJRWZHJREDUDFKáD
]DIDMGDQHJRZRQ]PRMHJRSRNRMX,SU\JQąáHPGRWHJRSRNRMXDRQE\áFLXW]DSR-
ZROQ\ DE\ PQLH ]DWU]\PDü -DN UR]SDFKQąáHP GU]ZL VHUFH PL XSDGáR DĪ QD G\ZDQ
ER]REDF]\áHPĪHWRZRJyOHMXĪQLHPRMDL]EXV]NDREUDFLV]NRZLHPRLĩDGQ\FKIODJ
LSURSRUF]\NyZQDĞFLDQDFKLWHQPXGDNQDLFKPLHMVFHSR]DZLHV]Dá]GMĊFLDERNVHUyZ
DMHGQR]ELRURZHMDNE\GUXĪ\QDXVDG]LáDVLĊJU]HF]QLXWNRUąF]NL]DáRĪ\ZV]\LVUHEUQD
SU]HG QLPL WDUF]D $ SyĨQLHM ]REDF]\áHP F]HJR MHV]F]H EUDNXMH 0RMH VWHUHR ]QLNáR
LV]DID]Sá\WDPLWHĪLPyMVNDUEF]\N]DNOXF]RQ\JG]LHWU]\PDáHPVSLUWQHLGRüSDQLD
PDUDVHWLGZLHF]\VWHDĪEá\V]F]ąFHVWU]\NDZNL&RĞWXZ\SUDZLDáRVLĊSDUV]\ZLHLSR
EUXGDFNXZU]DVQąáHP$JG]LHPRMHZáDVQHRVRELVWHEDUDFKáRFR]QLPXVWURLáHĞW\
VNXUZ\EODGNX"7DN]ZUyFLáHPVLĊGRWHJR-RHDOHRGSRZLHG]LDáPLRMF]\N
 :V]\VWNRWR]DEUDáDV\QXSROLFMD%RWHQRZHSU]HSLV\ZLHV]UHNRPSHQVDWD
GODRILDU
 %\áR PL MXĪ RNUXWQLH FLĊĪNR QLH SRFKRURZDü VLĊ RNURSQLH DOH EDV]ND PQLH UR]-
ERODáDXĪDVQRLZS\VNXWDNPL]DVFKáRĪHPXVLDáHPE\VWURSRFLąJ]IODV]NLPOHNDQD
VWROHLWHQ-RHVLĊRGH]ZDá:\FKRZDQLH7DNĞZLQLDUREL$MDSRZLHG]LDáHP
 3U]HFLHĪRQDXPDUáD1LHĪ\MH
 $OHNRW\U]HNáMDNE\SLHF]DOQRPyMVWDU]\N]RVWDá\VLĊEH]RSLHNL]DQLPRG-
F]\WDQRMHMWHVWDPHQWZLĊFSU]\V]áRVLĊLPZ\QDMąüNRJRĞĪHE\MHNDUPLá:LĊFSROLFMD
VSU]HGDáDQDRSáDFHQLHWHMRSLHNLZV]\VWNLHWZRMHU]HF]\XEUDQLDLZRJyOH7DNLHMHVW
SUDZRV\QX$OHW\QLJG\VLĊ]DEDUG]RQLHWURV]F]\áHĞRSUDZR
 0XVLDáHPXVLąĞüDWHQ-RHVLĊRGH]ZDá3\WDMVLĊF]\PRĪQD]DQLPXVLąG]LHV]
W\QLHZ\FKRZDQ\PDá\ĞZLQWXFKXQDFRMDE\VWURPXVLĊRGJU\]áHP=DZU]\MQRWHQ
EUXGQ\WáXVW\ORFKW\LMXĪEUDáRPLVLĊQDPGáRĞFL:LĊFSRVWDUDZV]\VLĊGOD]GURZLD
XPLDU]DFKRZDüLXĞPLHFKSU]HPyZLáHP1RGREU]HWRMHVWPyMSRNyMQLHGDVLĊ]D-
SU]HF]\ü,WXMHVWPyMGRP&RZ\ZWHMV\WXDFMLPRLGURG]\HILHPSURSRQXMHFLH"
$FLW\ONRSDWU]\OLMDNWHSRQXUDNLPDFLRFKDVLĊWURFKĊWU]ĊVáDOLFRPLDáDGRLPHQWX
ZNUHFK\LPRNUHRGáH]ZNRĔFXIDFLRPyMVLĊRGH]ZDá
 7U]HEDZV]\VWNRWRUR]ZDĪ\üV\QX1LHPRĪHP\JRFK\EDUR]XPLHV]"WDNSR
SURVWXZ]LąüLZ\U]XFLü%RZLG]LV]-RHSUDFXMHWXQDNRQWUDNFLHPDURERWĊMHV]F]H
GZDODWDLP\ĞP\VLĊ]QLUQXPyZLOLQLHSUDZGD-RH"1RERZLG]LV]V\QXP\ĞOHOLĞP\
ĪHW\MHV]F]HGáXJRSRVLHG]LV]LWHQSRNyMEĊG]LHVWDáEH]XĪ\WNX7URFKĊE\á]DZVW\-
G]RQ\WRVLĊGDáRZLG]LHüSRU\MX:LĊFW\ONRVLĊXá\EQąáHPLSU]\WDNQąáHPMDNE\]H
VáRZDPL
 :VLRZLGQR3U]\Z\NOLZ\PLHüWURFKĊVSRNRLSU]\Z\NOLEUDüHNVWUDWHFLXWND-
VDEXEX7DNWRE\ZD$ZDV]V\QHNWRE\áVWUDV]Q\NáRSRWLQLFSR]DW\P1RLZWHG\
ZLHU]FLHPLEUDFLV]NRZLHDOERFDáXMWDPQLHZU]RSVNRWDNMDNE\UR]SáDNDáHPVLĊRNUXW-
QLHVLĊXĪDOLZV]\QDGVREą
 $PyMWDWRQDWR
 %RZLG]LV]V\QX-RH]DSáDFLáMXĪ]DQDVWĊSQ\PLHVLąF7R]QDF]\ĪHFRE\ĞP\
QLH]URELOLZSU]\V]áRĞFLWHUD]QLHPRĪHP\ĪąGDüDE\VLĊZ\QLyVáSUDZGD-RH"
 $WHQ-RHQDWR
 -DPXV]ĊWURV]F]\üVLĊRZDVRERMHERMHVWHĞFLHGODPQLHMDNURG]RQ\RMFLHF
LPDWND&]\WRE\áRE\VSUDZLHGOLZHLIHUĪHE\PMDRGV]HGáLSRZLHU]\áZDVF]XáHMWUR-
VFHWHJRVPDUNDWHJRSRWZRUDFRQLJG\GODZDVQLHE\áMDNSUDZG]LZ\V\Q"7HUD]VLĊ
SREHF]DáDOHZV]\VWNRWROLSDLXGDZDQLH$QLHFKLG]LHLZ\QDMPLHVRELHJG]LHĞSRNyM
DTP by SHADE 57
1LHFKVLĊQDXF]\MDNĨOHSRVWĊSRZDáLĪHWDNL]HSVXW\FKáRSLHFMDNRQQLH]DVáXĪ\áVRELH
QDWDNGREUąPDPXVLĊLWDWXVLDMDNLFKSRVLDGDá
 :SRU]ąGNXRGH]ZDáHPVLĊZVWDMąFLZFLąĪFDá\MDNE\]DSáDNDQ\7HUD]ZLHP
MDNVSUDZ\VLĊSU]HGVWDZLDMą1LNWMXĪQLHFKFHPQLHLQLHNRFKD&LHUSLDáHPMDLFLHUSLD-
áHPLFLHUSLDáHPLZV]\VF\SUDJQąDE\PMHV]F]HSRFLHUSLDá3HZQLHSHZQLH
 7\LQQ\PND]DáHĞFLHUSLHüRGU]HNáPL-RH6SUDZLHGOLZLHEĊG]LHMDNQDSUDZGĊ
SRFLHUSLV] 'RZLHG]LDáHP VLĊ R ZV]\VWNLP FRĞ W\ Z\SUDZLDá MDN VLHG]LHOLĞP\ WX ZLH-
F]RUDPLZURG]LQQ\PNyáNXSU]\W\PVWROHLDĪVWUDFKE\áRWHJRVáXFKDü1LHUD]WRPQLH
RPDOĪHQLH]HPGOLáR
 &KFLDáE\P]QDOHĨüVLĊSRZLHG]LDáHP]QRZXZZLĊ]LHQLX:WHMVWDUHMNRFKD-
QHM:XSLH-XĪLGĊSRZLHG]LDáHPLQLH]REDF]\FLHPQLHZLĊFHM3RV]XNDPVRELHZáD-
VQHMGURJLG]LĊNXMĊ$Z\PLHMFLHWRQDVXPLHQLX
 1LHWUDNWXMWHJRZWHQVSRVyERGH]ZDáVLĊRMF]\NDPDFLRFKDURELáDW\ONREX
KXKXXX]PRUGąZ\NU]\ZLRQąLKDGNąQDZ\JOąGDWHQ-RH]QRZXMąREMąáSRNOHS\ZDá
LURELáZNyáNRQRQRQRFDáNLHPSRGXUDFNX$MDGRGU]ZLSRW\NDMąFVLĊLZ\V]HGáHP
SRU]XFLZV]\LFKQDSDVWZĊWHMRNUXWQHMZLQ\REUDFLV]NRZLH
.
2
.
 6]DJDáHPMDEUDFLV]NRZLHXOLFąMDNE\GRQLNąGRG]LDQ\ZWHQGDZQLHMV]\FLXFK
QRFQ\OXG]LHVLĊZ\WU]HV]F]DOLQDQLHJRMDNV]HGáHPLGRWHJRWU]ĊVáRPQLHERG]LHĔ
VXND]LPRZ\LFKFLDáHPW\ONRMDNQDMGDOHME\üRGZV]\VWNLHJRLĪHE\PMXĪRQLF]\P
ZRJyOHQLHSRWU]HERZDáP\ĞOHü6NRF]\áHPZEDVGR&HQWUXPLFRIQąáHPVLĊQD7D\-
ORU3ODFHLRWRPyMEXWLN]QDJUDQLDPL]ZDQ\0(/2',$NWyU\]DV]F]\FDáHPGDMąFPX
áDVNDZLH]DURELüREUDFLV]NRZLHL]Z\JOąGXE\áWHQFR]DZV]HLMDNZV]HGáHPVSR-
G]LHZDáHPVLĊĪHEĊG]LHWDPVWDU\$QG\WHQá\V\LEDUG]RFKXGRV]F]DZ\XF]\QQ\PD-
OXWNLGUHZQLDNXNWyUHJRGDZQLHMNXSRZDáHPWDNPQRJRSá\W$WDPĞODGXQLH]RVWDáR
SR $QG\P EUDFLV]NRZLH W\ONR VNU]\N L ZU]DVN QDVWRODWHN F]\OL PDáRODWyZ L PDáROD-
WHN RVáXFKXMąF\FKMDNLHĞQRZHSRSFKáDPSLRVQHF]NLNRV]PDUQHLGRWHJRWDĔF]ąF\FK
DVSU]HGDZF]\NVDPSUDZLHĪHQDVWRODWHNWU]DVNDáNRVWNDPLXUąNLREĞPLHZDáVLĊMDN
] XPD V]HGáV]\ :LĊF MD SU]\VWąSLáHP L F]HNDP DE\ UDF]\á PQLH ]DXZDĪ\ü D SRWHP
]ZUDFDPVLĊGRQLHJR
 &KFLDáE\PXVá\V]HüQDSá\FLH0R]DUWD1U'ODF]HJRPLWRDNXUDWSU]\V]áR
GRáEDQLHZLHPDOHSU]\V]áR$WHQVSU]HGDZF]\N]DS\WXMHPQLH
 $F]HJRF]WHUG]LHVW\SU]\MDFLHOX"
 :LĊFRGSDUáHP6\PIRQLL7R]QDF]\6\PIRQLD*PROO1XPHU&]WHUG]LHVW\
 8XX]URELáMHGHQ]WDĔF]ąF\FKPDáRODWyZFKáRSF]\QD]NXGáDPLQDFDá\FKĞOHS-
NDFKV\PIRQLD$QLHU\PF\PF\PIRQLD"2QV]XNDELPEDPERQLL
 &]XáHPMDNPQLHRJDUQLDUD]GUD]LPXVLDáHPVLĊWHJRZ\VWU]HJDüZLĊFXá\EQąáHP
VLĊGRWHJRV]F]\ODFRSU]HMąáLQWHUHVSR$QG\PLGRFDáHJRWáXPXILNDMąF\FKLGUąF\FK
VLĊPDáRODWyZ$WHQF]áRQLRSRZLDGD:HMGĨGRWHMNDELQNLSU]\MDFLHOXWRMDFRĞFL
WDPSXV]F]Ċ
 :OD]áHPMDGRPDOXWNLHJRSXGHáNDJG]LHPRĪQDSU]HVáXFKDüQDJUDQLDFRFKFHV]
NXSLüDWHQPLQDVWDZLDSá\WĊDOHQLH0R]DUWD&]WHUG]LHVWąW\ONR3UDVNąZLGQR]áDSDá
WHJR0R]DUWDE\OHFRPX]SyáNLZSDGáRSRGUĊNĊLQDWRSRF]XáE\PVLĊMXĪSRQD-
VWRMDV]F]\UD]GUD]LPLDáE\PVLĊSLOQRZDüĪHE\QLHGRSDGá\PQLHEyOHLPGáRĞFLW\ONR
ĪHQDĞPLHUü]DE\áHPRF]\PĞFRWHĪSRZLQLHQHPSDPLĊWDüLWHUD]MXĪFKFLDáRPLVLĊ
QRUPDOQLH]GHFKQąü0LDQRZLFLHĪHFLNXUZDZHWHU\QLDU]HWDNXU]ąG]LOL DĪHE\PSU]\
NDĪGHMPX]\FHNWyUDGDMHPLVLĊZRáQRZDüGRVWDZDáW\FKEyOyZLPGáRĞFL]XSHáQLH
MDNE\PRJOąGDáDOERFKFLDáSRSHOQLüJZDáW$ZV]\VWNRGODWHJRĪHZW\FKILOPDFK]XOWUD
NXNXE\áDSRGáRĪRQDPX]\ND1DMEDUG]LHMPL]DSDGáWHQSRWZRUQ\ILOPR1D]LFK]ILQD-
áHP3LąWHM6\PIRQLL%HHWKRYHQD$WXVLĊ]URELáNRV]PDU]FXGRZQHJR0R]DUWD:\SD-
GáHP]EXWLNXSU]\JURPNLPUHFKRFLHW\FKQDVWROąWHNLMDNVSU]HGDZF]\NZ\NU]\NLZDá
DTP by SHADE 
]DPQą(MHMHM$OHQLH]ZUDFDáHPXZDJLQDQLFLSROD]áHPSRW\NDMąFVLĊSUDZLHMDN
ĞOHS\SU]H]MH]GQLĊL]DUyJGRVWDUHMPRáRF]QL3RG.URZą
 :LHG]LDáHPMDF]HJRPLWHUD]QXĪQR
 /RNDOE\áSUDZLHĪHSXVL\ERMHV]F]HUDQR:\JOąGPLDáWHĪG]LZQ\ERXNUDVLOL
JRZF]HUZRQHU\F]ąFHNUyZVNDD]DEDUHPVWDáMDNLĞQLH]QDMRP\$OHMDN]DND]DáHP
'XĪHELDáHLFRĞWHQ]Z\FKXGá\PLOHGZRFRZ\JRORQ\PU\MHPRGUD]XZLHG]LDá=D-
QLRVáHPWRGXĪHPOHNR]GREDZNąGRMHGQHJR]PDá\FKERNVyZQDRNRáRNDĪG\RGJUR-
G]RQ\ZáDVQD]DVáRQNąLWDPXVLDGáV]\QDSOXV]RZ\PNU]HĞOHGRSLHURVLRUELVLRUE-DN
ZV]\VWNRMXĪZ\VąF]\áHPWRSRF]XáHPĪHFRĞ]DF]\QDVLĊG]LDü0LDáHPĞOHSNDMDNE\
ZOHSLRQHZWDNLPDOXPDOXWNLQDSRGáRG]HNXVRF]HNVUHEHUND]SDF]NLUDNRWZRUyZER
QLH]DKRUURUV]Rá]DPLDWDáRVLĊWDPEUDFLV]NRZLH7HQVWU]ĊSHNVUHEUD]DF]ąáURVQąü
LURVQąüLURVQąüLE\áWDNLMDĞQLHMąF\RJQLVW\DĪRF]\PXVLDáHPSU]\V]F]XU]\ü=URELá
VLĊ WDN SU]HRJURPQ\ ĪH MXĪ QLH W\ONR WD SU]HJUyGND JG]LH MD VLĊ VáDQLDáHP DOH FDáD
WDPRáRF]QLD3RG.URZąLFDáDXOLFDWRE\áRQLFDáHPLDVWR$SRWHPFDá\ĞZLDWLFDáH
ZRJyOHZV]\VWNREUDFLDLMDNE\PRU]HQDSá\ZDáRQDZV]\VWNRFRNLHG\NROZLHNE\áR
]URELRQHDOERLSRP\ĞODQH-DNE\PVá\V]DáVLHELHZ\GDMąFHJRWDNLHF]XGDFNLHRGJáRV\
LVáRZDZURG]DMX0Dá\GURJXPDUá\W\MDáRZLDáRJQLW\FKQLHZUyĪQ\FLXFKLFDá\WHQ
V]DMV 7R ZLG]HQLH ZGUXJ U]XFLáR VLĊ Z VUHEUR L ]DUD] NRORU\ MDNLFK QLNW L QLJG\ MHV]-
F]H QLH ZLG]LDá L WáXP ILJXU ]REDF]\á MD EDUG]R EDUG]R EDUG]R GDOHNR L MDNE\ MH NWRĞ
SRVXZDáEOLĪHMEOLĪHMEOLĪHMDZV]\VWNRZEDUG]RMDVQ\PEODVNX]GRáXL]ZLHUFKXWDN
VDPR EUDFLV]NRZLH PRL 7D JURPDGD SRVąJyZ WR *RG *RVSRG L :VLH $QLRáRZLH -HJR
LĝZLĊFLZV]\VWNRMDNEUą]RF]HĔĞZLHFąFHEURGDWHL]ZLHONLPLRJURPQ\PLVNU]\GáD-
PLSRPDFKXMąF\PLMDNE\QDZLHWU]HWDNLQLHPRJąF\E\üSRQDVWRMDV]F]\]EUą]XDQL
]NDPLHQLDDRF]\LFKF]\OLJáD]\UXFKRPHL]QDF]\VLĊĪ\ZL7HJURPDGQHILJXU\MDNE\
QDMHĪGĪDá\QDPQLHFRUD]EOLĪHMLEOLĪHMDĪWDNEOLVNRMDNE\]DUD]PQLHFKFLDá\]JQLHĞü
LXVá\V]DáHPVZyMJáRVOLLLLL,SRF]XáHPĪHZVLRPQLHRGHV]áRFLXFKLSá\üPy]J
QD]ZLVNRZRJyOHZV]\VWNRL]URELáRPLVLĊWDNKRUURUV]RáMDNZQLHELH3RWHPUR]GDá
VLĊKDáDVMDNE\VLĊNUXV]\áRLREUXV]DáRL*RG*RVSRGL-HJR$QLRáRZLHLĝZLĊFLMDNE\]D-
WU]ąFKDOLQDGHPQąJáRZDPLMDNE\FKFLHOLSRZLHG]LHüĪHPyMF]DVMHV]F]HQLHQDGV]HGá
DOHPDPGDOHMSUyERZDüLZV]\VWNRVLĊMDNE\REV]F]HU]\áRLZUHFKRWL]DZDOLáRVLĊLFLH-
SáHRJURPQHĞZLDWáRRVXQĊáRVLĊMDNE\Z]LąELE\áHPDSLDüWXJG]LHSU]HGWHPQDVWROH
SXVWHV]NáRLFKFLDáRPLVLĊSáDNDüLF]XáHPĪHQDZVLRMHG\QDRGSRZLHGĨWRĞPLHUü
 ,WRZáDĞQLHWRQDOHĪ\]URELüVSUDZDVWDáDVLĊGODPQLHMDVQDW\ONRQLHZLHG]LDáHP
MDNERQLJG\VLĊQDGW\PQLH]DVWDQDZLDáHPREUDFLV]NRZLH:WHMVXPFH]U]HF]DPL
RVRELVW\PLSUDZGDPLDáHPVZRMąEU]\WHZGRJUG\NDOHRGUD]XPLVLĊ]URELáREDUG]R
QLHGREU]HMDNSRP\ĞODáHPĪH]DGDMĊQLąĞĞVLDFKSRVDP\PVRELHLĞFLHNDF]HUZRF]HU-
ZRQDNUHZPRMDZáDVQD=QyZQLHJZDáWXFKFLDáHPDOHF]HJRĞDĪHE\PWDNáDJRGQLH
]DSDGáZVHQLĪHE\WRE\áNRQLHF1LĪHM3RGSLVDQHJRLGODZV]\VWNLFKNRQLHFZV]HONLFK
NáRSRWyZ0RĪHMDNE\P]DV]HGáSRP\ĞODáHPVRELHGRWHM3XEOR%LEORWHNL]DURJLHPWR
]QDOD]áE\PZMDNLHMĞNQLG]HQDMOHSV]\VSRVyEQDEH]EROHVQH]DáDWZLHQLHVLĊ3U]HGVWD-
ZLáHPVRELHMDNQLHĪ\MĊLMDNZV]\VF\WHJREĊGąĪDáRZDüHILHPLWHQV]DMVRIUDQFR-
ZDW\-RHWHQGRVNDNLHZLF]LUyZQLHĪGRNWRU%URG]NLLGRNWRU%UDQRPLWHQ0LQLVWHU:H-
ZQĊWU]Q\1LHZG]LĊF]Q\LZRJyOHZV]\VF\RQL1RLWHQ]DIDMGDQ\5]ąGSU]HFKZDODMąF\
VLĊ:LĊFP\NMDQDWHQ]LąELE\áRMXĪSRSRáXGQLXRNRáRGUXJLHMFRXZLG]LDáHPMDQD
W\PZLHONLP]HJDU]HZ&HQWUXPL]QDF]\VLĊĪHWRVWDUHPOHF]NR]GREDZNąGDáRPLE\ü
GáXĪHMQDWU\SLHQLĪP\ĞODáHP,SDV]RáMDSR0DUJKDQLWD5RDGLVNUĊFLZV]\Z%RRWKE\
$YHQXHSRWHP]QRZX]DUyJLWDPMXĪPLHĞFLVLĊ3XEOR%LEORWFND
 7RMHVWEDUG]RVWDU\FKRZVNLHPLHMVFHLZąWSLĊF]\WDP]DMU]DáHPRGF]DVXMDN
E\á]HPQLHRF]HĔRF]HĔPDOXWNLPDOF]\NRNRáRODWV]HĞFLXLG]LHOLáRVLĊQDGZLHF]ĊĞFL
MHGQDGRSRĪ\F]DQLDNVLąĪHNLGUXJDGRF]\WDQLDSHáQDJD]HWLĪXUQDáyZLOXVWURZDQ\FK
LWHJRMDNE\VPURGXQLHP\WHJRVWDU\FKGUHZQLDNyZLFKSUyFKQDLFKZRQLWHJRIHWRUNX
FLDáZQĊG]\L]JU]\ELDáRĞFL0QyVWZRLFKDOERVWHUF]DáRSU]\VWRLVNDFK]JD]HWDPLSR
FDáHMVDOLVLąNDMąFLEHNDMąFLSRGQRVHPGRVLHELHPDPURF]ąFLSU]HZUDFDMąFNDUWNL
DTP by SHADE 59
Z\F]\WXMąF ]H VPXWNLHP FR QRZHJR DOER VLHG]LHOL SU]\ VWRáDFK SU]HJOąGDMąF WH ĪXU-
QDá\ OXE W\ONR XGDMąF QLHNWyU]\ VSDOL D SDUX WR QDZHW JURPNRFKUDSDáR = SRF]ąWNX
MXĪQLHSDPLĊWDZV]\SRFRSU]\V]HGáHPZUHV]FLHWNQĊáRPQLHLWURFKĊZ]GU\JQĊáRMDN
SU]\SRPQLDáHPVRELHĪHSRWRDE\]QDOHĨüEH]EROHVQ\VSRVyEQDZ\FLąJQLĊFLHNRS\W
LSRGV]HGáHPGRSyáNL]UyĪQ\PLWDPHQF\NORLWHSH2GFKXMDE\áRW\FKNQLJDOHĪDG-
QHMREUDFLV]NRZLHĪHE\WDNSRW\WXOHPLSDVRZDáD2ZV]HPMDNDĞRPHG\F\QLHWRMą
Z\FLąJQąáHPLMDN]DMU]DáHPWRQLFW\ONRU\VXQNLDOER]GMĊFLDMDNLFKĞRGUDĪDMąF\FKUDQ
LFKRUyEDĪRPDáRE\PVLĊQLHSRU]\JDá:LĊFRGVWDZLáHPMąLZ\GRVWDáHPWĊJURPDGQą
NQLJĊFRZLHFLHWDN]ZDQą%LEOLĊSRGXPDZV]\VRELHF]\PLQLHXOĪ\MDNZWHG\FRMą
F]\WDáHPZVWDUHM:XSLH QLHWDNLHM]QyZVWDUHMDOHZ\GDZDáRVLĊMXĪEDUG]RGDZQR 
LSRNXV]W\NDáHPGRNU]HVáDMąSRF]\WDü$OH]QDOD]áHPW\ONRMDNVLĊUąELHVLHGHPG]LH-
VLąW UD]\ SR VLHGHP L MDN PQyVWZR W\FK ĩ\GyZ SU]HNOLQD L JU]PRFL MHGHQ GUXJLHJR
LWHĪVLĊSRF]XáHPQLHGREU]H:LĊFRPDáRVLĊQLHSRSáDNDáHPLMHGHQWDNLEDUG]RVWDU\
L]áDFKPDQLRQ\PXGDN]QDSU]HFLZND]DS\WDá
 &RVLĊVWDáRV\QX"0DV]MDNLĞNáRSRW"
  &KFĊ VNRĔF]\ü ]H VREą  SRZLDGDP  -XĪ PDP GRV\ü RW FR ĩ\FLH PL GDáR
ZNRĞü
 &]\WDMąF\RERNPQLHSUyFKQLDN]DV]XPLDá&ĞĞĞQLHSRGQRV]ąFRF]X]QDGMD-
NLHJRĞWDPGXUDFNLHJRĪXUQDáDZNWyU\PE\á\W\ONRQDU\VRZDQHMDNE\WDNLHJURPDGQH
V]WXF]NLJHRPHWU\F]QH&RĞPLWRSU]\SRPQLDáR$WHQSLHUZV]\PXGDNSRZLDGD
 -HVWHĞQDWR]DPáRG\V\QX3U]HFLHĪW\ZV]\VWNRPDV]SU]HGVREą
 $KDRGND]DáHPJRU]NR-DNV]WXF]Q\F\F7HQF]\WDF]ĪXUQDáX]QyZ]DV\-
F]Dá&ĞĞĞW\PUD]HPSRGQRV]ąFRF]\LFRĞGODQDVREX]DVNRF]\áR-XĪPLVLĊ]URELáR
ZLGQRFR]DMHGHQ$RQWDNSRQDVWRMDV]F]\LJURPNR
 -DQLJG\QLH]DSRPLQDPNV]WDáWXMDN%RJDNRFKDP-DNLFRPDNV]WDáWZĪ\FLX
QLH]DSRPQĊ0DPFLĊW\ĞZLQLRQD%RJDW\PáRG\]EURGQLDU]X.U\VWDORJUDILDQR
WDN :áDĞQLH WR QLyVá ZWHG\ ] ELEORWHNL 6]WXF]QH ]ĊE\ WDN KRUURU V]Rá FKUXSDá\ SRG
EXWHP-HJR]GDUWHáDFK\.QLJLUD]UH]LUD]EURVZV]\VWNLHRNU\VWDORJUDILL3RP\ĞODáHP
ĪHOHSLHMSU\VNDüVWąGJG]LHUDNZWUDZLHSLV]F]\$OHWHQVWDU\PXGDNMXĪVLĊ]HUZDá
REUDFLV]NRZLHPRLZU]HV]F]ąFMDN]XPDV]HGáV]\GRZVLHFKSUyFKQLDNyZNUXJRPSRG
ĞFLDQDPLSU]\JD]HWDFKLGRW\FKFRNLPDOLQDGĪXUQDáDPLSU]\VWRáDFK0DP\JR
VNU]\F]Dá7RWDĞZLQLDMDGRZLWDWHQ]EURGQLDU]FRSRQLV]F]\áNVLąĪNLRNU\VWDORJUDILL
WDNLHU]DGNLHQLJG]LHQLHGRRGNXSLHQLDMXĪQLJG\%\áZW\PMDNLĞZDULDFNLWRQLRG-
JáRVMDNE\WHQFKU\NE\áSRQDVWRMDV]F]\]XPDV]HGáV]\7RMHVWZ]RURZ\RND]W\FK
EHVWLDOVNLFKLWFKyU]OLZ\FKPáRG]LDNyZU\F]Dá7XSRPLĊG]\QDPL0DP\JRZUĊNX
7R ZáDĞQLH RQ ] NROHJDPL SRELOL PQLH L VNRSDOL L ]PDVDNURZDOL2EGDUOL PQLH GR QDJD
LZ\UZDOLPL]ĊE\0RMDNUHZLMĊNLĞPLHV]\á\LFK3RJQDOLPQLHNRSQLDNDPLGRGRPX
JRáHJRLEH]SU]\WRPQRĞFL%\áDWRQLH]XSHáQLHSUDZGDMDNZLHFLHEUDFLV]NRZLH&RĞ
PLDáMHV]F]HQDWHMSá\FLQLHE\á]QyZREGDUW\FDáNLHPGRQDJD
 .U]\NQąáHP
 $OHWRE\áRSU]HV]áRGZDODWDWHPX:W\PF]DVLH]RVWDáHPXNDUDQ\'RVWDáHP
QDXF]NĊ7\ONRSRSDWU]FLHVLĊRWDPZJD]HWDFKMHVWPRMH]GMĊFLH
 8NDUDQ\FR"SU]HPyZLáMHGHQVWDU\W\SMDNE\ĪRáQLHU]DWDNLZHWHUDQ7DNLFK
VLĊSRZLQQRZ\WĊSLü-DNWRKDáDĞOLZHUREDFWZR8NDUDQ\SRZLDGDV]"
 'REU]HGREU]HRGSRZLHG]LDáHP.DĪG\PDSUDZRGRZáDVQ\FKSRJOąGyZ
%DUG]R SDQyZ SU]HSUDV]DP -XĪ PXV]Ċ LĞü  , ]DF]ąáHP VLĊ Z\FRI\ZDü ] WHM PHOLQ\
]XPDV]HGáV]\FKSUyFKQLDNyZ$VSLU\QDQRZáDĞQLH0RĪQDVLĊZ\NRĔF]\üVHWNąDVSL-
U\Q=HVWDUHMDSWHNL$OHWHQRGNU\VWDORJUDILLZU]DVQąá
 1LHZ\SXV]F]DüJR0\JRQDXF]\P\FR]QDF]\XNDUDQ\WĊĞZLQLĊPáRGRFLDQą
WHJRPRUGHUFĊàDSFLHJR,ZLHU]FLHPLDOERWRGUXJLHEUDFLV]NRZLHDOHNLONXW\FK
VWDU\FKJU]G\OLWDNSRG]LHZLĊüG]LHVLąWODWNDĪG\]áDSDáRVLĊ]DPQLHW\PLWU]ĊVąF\PL
VWDU\PLJUDENDPLDPQLHMDNE\]HPGOLáRRGZRQLWHMVWDURĞFL]DĞPLDUGáHMLFKRUyEZV]H-
ODNLFK]LRQąFHMRGW\FKQDZSyá]GHFKá\FKPXGDNyZ7HQRGNU\VWDORJUDILLGREUDáVLĊMXĪ
DTP by SHADE 
GRPQLHL]DF]ąáPLáDGRZDüZU\MDWDNLHGUREQHLVáDELXWNLHV]WXUJDQNDZLĊFMDS\WD-
áHPVLĊZ\UZDüLXFLHFDOHWHVWDU\FKRZVNLHáDSVNDFRPQLHG]LHUĪDá\E\á\PRFQLHMV]H
QLĪVLĊVSRG]LHZDáHP$SRWHPLQQHFKU\NLSU]\NXV]W\NDá\RGJD]HWDE\WHĪRGVLHELH
GRáRĪ\ü1LĪHM3RGSLVDQHPX:\NU]\NLZDOLWDNLHU]HF]\MDN=DWáXFJRVWUDWRZDüJR
DE\Ī\Z\QLHXV]HGáZ\ELüPX]ĊE\LFDá\WHQV]DMVLMXĪE\áRPLMDVQHRFRFKRG]L
7RVWDURĞüGRUZDáDVLĊGRPáRGRĞFLRWFR$QLHNWyU]\]QLFKSRZWDU]DOL%LHGQ\VWDU\
-DFNRPDáRQLH]DELáELHGQHJR-DFNDWRRQZáDĞQLHWHQE\GODNLWDNGDOHMMDNE\
WRVLĊZF]RUDMKDSQĊáR%RGODQLFKWRFK\EDZF]RUDM,WHUD]MXĪFDáHPRU]HĞPLHUG]ą-
F\FK L ĞOLQLąF\FK VLĊ EUXGQ\FK SUyFKQLDNyZ XVLáRZDáR MDNE\ GREUDü VLĊ GR PQLH W\PL
ZąWá\PL JUDENDPL L VWDU\PL ]URJRZDFLDá\PL SD]XUNDPL ]JLHáF]ąF L G\V]ąF QD PQLH
D QDV] NU\V]WDáRZ\ SRJURPV]F]\N E\á FLąJOH QDMSLHUZV]\ áDGXMąF PL V]WXUJ L V]WXUJ
QLHSU]HU\ZQR$MDEDáHPVLĊ]URELüDEVROXWQLHFRNROZLHNREUDFLV]NRZLHERMXĪOHSLHM
GRVWDZDüWDNLZ\FLVNQLĪSRF]XüVLĊGRZ\PLRWXLWHQRNURSQ\EyODOH]GUXJLHMVWURQ\
UR]XPLHVLĊIDNWĪHLWDNRGE\ZDVLĊJZDáWZSUDZLáPQLHZWDNLHQDVWURMHQLHĪHWHQDWDN
PyMZ\JOąGDMDNE\]]DURJXLW\ONRSDWU]\F]\MXĪQLHZ\SU\JQąüLGDZDMQDFDáHJR
 $ĪSRMDZLáVLĊELEORWHNDU]WDNLPáRGV]\LNU]\NQąá&RWXVLĊG]LHMH"3U]HVWDü
PLQDW\FKPLDVW7XMHVWF]\WHOQLD$OHQDZHWQLH]ZUyFLOLXZDJL:LĊFRQSRZLHG]LDá
'REU]HZWDNLPUD]LHG]ZRQLĊQDSROLFMĊ
 :LĊFMDXZU]DVQąáHPVLĊDQLHP\ĞODáHPĪHPyJáE\PZĪ\FLXFRĞWDNLHJRXF]\-
QLü
 7DNWDNWDNMHVWSURV]ĊG]ZRQLüSURV]ĊPQLHUDWRZDüRGW\FKVWDU\FKZDULDWyZ
3U]\XZDĪ\áHPĪHWHQELEORWHNDU]VLĊZFDOHQLHSDOLGRXG]LDáXZGUDFHLGRZ\EDZLD-
QLDPQLHRGIXULLV]DáXL]SD]XUyZWHJRSUyFKQLDFWZDZ]LąáLXPNQąáGRVZRMHMG\ĪXUNL
F]\JG]LHWDPE\áWHOHIRQ7HUD]MXĪWHFKU\NLVLĊVWUDV]QLHXVDSDá\LF]XáHPĪHGDáE\P
MHGQHJRSU]W\NDLZV]\VF\E\VLĊSU]HZUyFLOLDOHMDSR]ZDODáHPEDUG]RFLHUSOLZLHĪHE\
PQLHWU]\PDá\WH]JU]\ELDáHJUDENL]]DPNQLĊW\PLJáD]DPL]QRVLáHPWHZąWáHSRV]WXU-
JLZDQLD Z OLFR L Vá\V]DáHP MDN VWDU\FKRZVNLH ]G\V]DQH JáRV\ GDMą PL SR WZRMDPDFL
WDNLPLVáRZDPLMDN7\VPDUNDW\E\GODNXW\ĞZLQLRFKXOLJDQáREX]PRUGHUFD]DELü
JRLW\OH:UHV]FLHGRVWDáHPUD]WDNSRQDVWRMDV]F]\EROHĞQLHZNOXIĪHSRZLHG]LDáHP
VRELHRNXUZDNXUZDLUR]WZRU]\áHPRF]\LWDUJQąáHPDE\VLĊLPZ\UZDüFRQLHE\áR
WUXGQHEUDFLV]NRZLHLOXSU]HGDUáHPVLĊ]NU]\NLHPGRWDNLHMVLHQLSU]HGF]\WHOQLą$OH
FLVWDU]\PĞFLFLHOHQLFW\ONR]DPQąG\V]ąFMDNE\MXĪPLHOLSRZ\]G\FKDüDWHV]SRQ\
]ZLHU]ĊFH DĪ VLĊ LP WU]ĊVá\ ĪHE\ GRUZDü VLĊ GR :DV]HJR 3U]\MDFLHOD L 1LĪHM 3RGSLVD-
QHJR3RF]\PNWRĞSRGFLąáPLQRJLáXEXGXOHĪĊQDSRGáRG]HLRQLPQLHNRSLąZLHP
XVá\V]DáHPMXĪPáRGHJáRV\ZNU]\NX1RMXĪVSRNyMVSRNyMLZLHG]LDáHPĪHSU]\-
MHFKDáRJOLQLDUVWZR
.
3
.
 %\áHPWDNMDNE\]DPURF]RQ\REUDFLV]NRZLHLQLHZLG]LDáHP]DGREU]HDOHPX-
VLDáHP W\FK V]SLNyZ MXĪ QD SHZQR JG]LHĞ VSRWNDü 7HJR FR PQLH SRGQRVLá L PyZLá 
'REU]HMXĪGREU]HGREU]HSUDZLHSU]\IURQWRZ\FKGU]ZLDFK3XEOR%LEORWRZFDOHQLH
]QDOHPW\ONRZ\GDáPLVLĊEDUG]RPáRG\MDNQDPLOLF\MQLDNDDOHWDPFLGZDMWDNZ\JOą-
GDOLRGSOHFyZĪHQDSHZQRLFKNLHG\ĞZLG]LDáHP6LHNOLW\FKIUDQFRZDO\FKVWDUXFKyZ
WDNLPLPDá\PLSHMF]\NDPLVLXFKLVLXFKLVLXFKGDáRVLĊSR]QDüMDNDWRGODQLFKXFLHFKD
LUDGRFKDSU]\F]\PSRNU]\NLZDOL1DLQDPDFLHZ\QLHJU]HF]QHFKáRSDNL7RZDV
QDXF]\ĪHQLHZROQRXU]ąG]DüUR]UXFKyZLQDUXV]Dü3DĔVWZRZHJR6SRNRMXZ\áRWU]\NL
QLHGREUHZ\1RL]DJRQLOLW\FKVDSLąF\FKL]DG\V]DQ\FKLPDáRQLHNRQDMąF\FKPĞFL-
FLHOLSU]HGSRWRSRZ\FK]SRZURWHPGRF]\WHOQLDSRWHPVLĊREUyFLOLREĞPLHZDMąFVLĊ
MDN]XPDV]HGáV]\LVSRMU]HOLQDPQLH
 6WDUV]\SRZLHG]LDá
 1RQRQRQRQRQRQRSURV]Ċ.RJRMDZLG]Ċ3U]HFLHĪWRPDá\$OH[7\OHF]DVX
QLH ZLGX R PyM GUXĪNX -DN OHFL"  %\áHP MDN RGXU]RQ\ PXQGXU L KHáP ]QDF]\ VLĊ
DTP by SHADE 61
V]áRP  QLH SR]ZDODá\ GREU]H ]REDF]\ü NWR WR FKRFLDĪ OLFR L JORV E\á\ PL GRVNRQDOH
]QDQH 3R F]\P QD GUXJLHJR á\SQąáHP L FR GR WHM PRUG\ REV]F]HU]RQHM L JáXSDZHM
QLHE\áRZąWSOLZRĞFL:LĊFMDNE\]GUĊWZLDá\LFRUD]JRU]HMGUĊWZLHMąF\DSLDüLEDF]QLHM
SU]\MU]DáMDVLĊWHPXQRQRQRSURV]ąFHPX:LĊFWRIDNW\F]QLHVWDU\V]PDáRMRZDW\%LO-
O\ER\PyMSUDVWDU\ZUyJ$WHQGUXJLWRUR]XPLHVLĊ-RáRSQLHJG\ĞPyMGUXJLWDNĪH
VDPRZUyJWHJR]DWáXV]F]RQHJRFDSD%LOO\ER\DREHFQLH]DĞJOLQLDU]ZPXQGXU]HLV]áR-
PLHL]EDWHPGRXWU]\P\ZDQLDSRU]ąGNX:\UZDáRPLVLĊ
 1LH
 $FRQLHVSRG]LDQND"LVWDU\-RáRSGDáVLĊZUHFKRWNWyU\WDNKRUURUV]Rá]DSD-
PLĊWDáHP&KXFKXFKX
 1LHPRĪOLZHU]HNáHP7RE\üQLHPRĪH1LHZLHU]Ċ
 :LG]LV]QDZáDVQHĞOLSNDREV]F]HU]\áVLĊ%LOO\ER\ĩDGQ\FK]DFKZRVWHNLEH]
FXGyZFKáRSF]H=DMĊFLHZVDPUD]GODGZyFKWDNLFKFRGRV]OLGRZLHNX]DWUXGQLHQLD
Policja.
 -HVWHĞFLH]DPáRG]LXSLHUDáHPVLĊ'XĪR]DPáRG]L1LHELHU]HVLĊWDNLFKPDO-
F]\NyZGRJOLQLDUVWZD
 %\OLZNOXF]\áVLĊVWDU\SROLFMDQW-RáRS1LHPRJáHPWHJRSU]HVNRF]\üEUDFLV]-
NRZLHQDSUDZGĊQLHPRJáHP%\OL]DPáRG]LZWHQF]DVPáRG\PyMGUXĪNX$W\SU]H-
FLHRGQDVE\áHĞQDMPáRGV]\1RLZáDĞQLHMHVWHĞP\
 :FLąĪQLHPRJĊXZLHU]\üSRZWyU]\áHP3RF]\P%LOO\ER\WHQSROLPLOLF\MQLDN
%LOO\ER\FRJRQLHXPLDáHPSU]HVNRF]\üRGH]ZDáVLĊGRPáRGV]HJRQLĪRQJOLQLDUF]\ND
FRPQLHGDOV]HDQLHSU]HU\ZQRG]LHUĪDáLWHJRMXĪQLHFKZ\FLáHP
 &K\EDZLĊNV]\EĊG]LHSRĪ\WHN5H[MDN]QLPSyMG]LHP\QDVNUyW&KáRSF\WR
FKáRSF\ L W\OH ZLHF]QLH WR VDPR 1LH ZDUWR ZSXV]F]Dü VLĊ Z NDUDXá L FDOD WĊ UXW\QĊ
=QRZXWHMHJRV]WXF]NLP\MH]QDP\QDSDPLĊüFKRüW\RF]\ZLĞFLHLFKQLHPRĪHV]
SDPLĊWDü5]XFLáVLĊQDEH]EURQQ\FKVWDUFyZLRQLG]LDáDOLZREURQLHZáDVQHM$OHSUDZR
NDĪHQDPFRĞ]W\P]URELü
 -DNWR"VS\WDáHPQLHZLHU]ąFZáDVQ\PXV]RP3U]HFLHĪWRRQLU]XFLOLVLĊQD
PQLHEUDFLV]NRZLH1LHMHVWHĞFLHSRLFKVWURQLHLQLHPRĪHFLH7\]ZáDV]F]DQLHPRĪHV]
-RáRS7RXVWURLáWDNLMHGHQFKU\N]NWyU\PREDMUD]SRILJORZDOLĞP\]DGDZQ\FKF]DVyZ
LWHUD]SRWDNGáXJLPF]DVLHSUyERZDáVLĊQDPQLHFLXWLSRQLHPQRĪNXRGHJUDü
 0DV]UHFKWĪHSRWDNGáXJLPF]DVLHRGND]DáPL-RáRS-XĪWDNKRUURUV]RáW\FK
F]DVyZQLHSDPLĊWDP$SR]DW\PQLHPyZQDPQLH-RáRS0yZGRPQLHSDQLHNRQVWD-
blu.
 $OHWURFKĊVLĊMHGQDNSDPLĊWDNLZDáUD]SRUD]JáRZą%LOO\ER\1LHE\áMXĪSR
SUDZG]LHWDNLWáXVW\0Dá\FKDQLHJU]HF]Q\FKPDOF]\NyZWDNLFKSUĊGNLFKZPLJDQLX
EU]\WZą PDP\ RERZLą]HN XWU]\PDü Z NDUEDFK  , ]áDSDOL PQLH Z WDNL IHVW XFKZ\W
LSRQLHNąGZ\ZOHNOL]3XEOR%LEOROHNL3U]HGEXG\QNLHPF]HNDáJOLQRZy]L]DV]DILRUDE\á
WHQFRJRZRáDOL5H[3RV]WXUJDOLPQLHLZSLFKQĊOLQDW\áJOLQRZR]XDMDQLHPRJáHPVLĊ
SR]E\üZSLHF]DWOHQLDĪHIDNW\F]QLHWRĪDUWLĪH-RáRSVLHMF]DVĪHLWDN]GHMPLHV]áRP]H
áEDL]URELFKXFKXFKXFKX$OHQLH]URELá2GH]ZDáHPVLĊSUyEXMąFRSDQRZDüURVQąF\
ZHZQĊWU]XVWUDFK
 $VWDU\3LHWLDFRVWDáRVLĊ]3HWHP",ĪDáRVQDWRVSUDZD]ĩRUĪ\NLHPFLąJQĊ
2SRZLDGDQRPL
 3HWHDFKWDN3HWHSRZLDGD-RáRS-DNE\PVRELHSU]\SRPLQDáWRLPLĊ7X
SU]\XZDĪ\áHPĪHZ\MHĪGĪDP\]PLDVWD:REHFWHJRS\WDPVLĊLFK
 $GRNąGP\MHG]LHP\"
 %LOO\ER\RGZUyFLáVLĊ]SU]HGQLHJRVLHG]HQLDLRGND]DáPL-HV]F]HQLHFLHPQR
0DáDSU]HMDĪGĪNDQDZLHĞJG]LHZV]\VWNR]LPRZHQDJLHLEH]OLVWQHDOHMDNĪHEH]OXGQR
L SLĊNQLH 7R QLH MHVW KRUURU V]Rá SU]\QDMPQLHM QLH ]DZV]H DĪHE\ ZS\FKOH Z PLHĞFLH
]DGXĪRZLG]LHOL]QDV]\FKNDUDOQ\FKVNUyWyZ%RXOLFHSRUyĪQHPXXWU]\P\ZDüQDOHĪ\
ZF]\VWRĞFL
 ,]QyZVLĊRGZUyFLáGRSU]RGX
DTP by SHADE 
 1XSDJDGLRGND]DáHP&R]DNZDF]"3RSURVWXQLHFKZ\WDP'DZQHF]DV\WR
XPDUáHLSU]HV]áHF]DV\&]HJRQDURELáHPZSU]HV]áRĞFL]DWRSRQLRVáHPNDUĊ:\OHF]R-
no mnie.
 &]\WDOLQDPRW\P]JRG]LáVLĊ-RáRS6]HIQDPF]\WDá0yZLĪHWRGRVNRQDá\
VSRVyE
 &]\WDOLRGEDáDNQąáHPFLXW]áRLMHFKLGQR&LąJOHWDNL]FLHELHMRáRSĪHVDPQLH
SU]HF]\WDV]EUDFLV]NX"
 2FKQLHHHRGND]DáPL-RáRSWDNRF]HĔPLáRLMDNE\]XEROHZDQLHP7DN]HPQą
QLHLG]LHUR]PDZLDü%\áRLMXĪQLHMHVWPyMGUXĪNX,MDNPLSU]\G]LDUPDĪ\áZNOXIDĪ
FDáDWDMXFKDF]HUZRF]HUZRQDSXĞFLáDVLĊNDSNDSNDS
 1LNDJGDLDQLNU]W\]DXIDQLDVWZLHUG]LáHP]JRU\F]ąUR]PD]XMąFWĊMXFKĊáDS-
VNLHP=DZV]HPLSU]\FKRG]LáR]ZDPLVDPQDVDPRJZDáWLDG]LQRNR
 7XEĊG]LHZVDPUD]SRZLHG]LDá%LOO\ER\7HUD]MXĪE\OLP\QDRNUDLQDFKPLD-
VWDSRSURVWXZLRFKDLW\ONRá\VHGU]HZDLNLHG\QLHNLHG\JG]LHĞMDNLĞüZLHUNLIXUNRW
MDNLHMĞ PDV]\Q\ UROQLF]HM Z RGGDOHQLX =PURN URELá VLĊ MXĪ ]XSHáQ\ MDN WR QRUPDOQLH
ZĞURGNX]LP\1LJG]LHĪ\ZHMGXV]\OXG]NLHMDQL]ZLHU]ĊFHM7\ONRP\ZHF]WHUHFK
:\VNDNXM$OH[ERMNXUR]ND]Dá-RáRS1LFZLHONLHJR7DNDVRELHZHUVMDVNUyFRQD
 2QL]DVXZDOLDWHQV]DILRUW\ONRVLHG]LDá]DNyáNLHPSDOLáU\MNDLF]\WDáVHPDáą
NVLąĪHF]NĊĩHE\GRMU]HüPLDáZNOXF]RQHĞZLDWHáNR1LH]ZUDFDáXZDJLFRWDP%LOO\ER\
L-RáRSURELą1LĪHM3RGSLVDQHPX$FRPLURELOLPQLHMV]DRWRZNDĪG\PUD]LHWDNMDNE\
VDSDQLHLGXGXGXáRPRWQDWOHIXUNRF]ąF\FKPDV]\QUROQLF]\FKLüZLUüZLUüZLUNDQLD
Z JRá\FK F]\OL á\V\FK  JDáĊ]LDFK : VDPRFKRG]LH SRND]\ZDá VLĊ SRG ODPSNą G\PHN
RGGHFKXLWHQWDPJOLQLDUF]\NVSRNRMQLXWNRSU]HZUDFDáVRELHNDUWNL$FLSU]H]FDá\F]DV
SUDFRZDOLQDGHPQąEUDFLV]NRZLH:UHV]FLH%LOO\ER\DOER-RáRSQLHXPLHPSRZLHG]LHü
RGH]ZDáVLĊ0\ĞOĊĪHWRE\E\áRQDW\OHGUXĪNXQLHXZDĪDV]",GDOLPLQDSRĪHJQD-
QLHNDĪG\MHV]F]HSRUD]LHZPRUGĊLZ\NRS\UWQąáHPVLĊLWDNMXĪ]RVWDáHPQDWUDZLH
%\á]LąEDOHMDQLHF]XáHP]LPQD$FLRWU]HSDOLáDSVNDL]DáRĪ\OL]SRZURWHPV]áRP\QD
áHELNXUWNLERMH]GMĊOLDQDVWĊSQLHZVLHGOLGRVDPRFKRGX=REDF]\P\VLĊ]QyZSU]\
RND]ML$OH[RGH]ZDáVLĊ%LOO\ER\D-RáRSGDáQRUPDOQLHVZyMV]XWQLDFNLUHFKRW6]DILRU
GRF]\WDáVWURQĊGRNRĔFDLVFKRZDáNVLąĪNĊ]DSDOLáLRGMHFKDOLGRPLDVWD0yME\á\GUXJ
LPyME\á\ZUyJPDFKDOLQDSRĪHJQDQLH$MDOHĪDáHPSRG]LDUJDQ\L]HV]PDFRQ\
 :LĊFHMQLHPRJáHP
 3RMDNLPĞF]DVLHGRSLHURPQLHUR]ERODáRDSRWHPGHV]F]UR]SDGDáVLĊWDNLORGR-
ZDW\ĩDGQ\FKOXG]LQLHE\áRZLGDüDQLGRPXJG]LHE\ĞZLHFLáRVLĊ'RNąGMDPDPLĞüI
QLH PDMąF\ GRPX L Z NDUPDQDFK OHGZLH SDUĊ NRSLHMHN" 3RSáDNDZV]\ VRELH EX KX KX
KXXXZVWDáHPMDNRĞLSRV]DJDáHP
.
4
.
 'RGRPFLXGRGRPFLXWĊVNQLáHPGRGRPFLXLIDNW\F]QLHGR'20&,8WUDILáHP
REUDFLV]NRZLH6]HGáHPMDSU]H]PURNLQLHZVWURQĊPLDVWDW\ONRWDPVNąGE\áRVá\-
FKDüWHQV]XPMDNE\PDV]\Q\UROQLF]HM,]QDOD]áHPVLĊMDNE\ZHZVLFRZ\GDáDPLVLĊ
]QDMRPDDOHPRĪHZVLH QLE\ĪHZV]\VWNLH ZVLHPDMąWHQVDPZ\JOąG]ZáDV]F]DSR
FLHPNX7XGRPNLVWDá\WDP]QyZMDNDĞSLMDOQLDDFDáNLHPQDNRĔFXZVLWDNDPDOXWND
GDF]DVDZVLHPVDPQDVDPRJZDáWLDG]LQRNRLGRMU]DáHPQD]ZĊSRá\VNXMąFąQDIXUW-
FH7DPE\áRQDSLVDQH'20&,8&Dá\RFLHNDáHPW\PORGRZDW\PGHV]F]HPZLĊFPRMH
áDFK\WRMXĪE\áQLHV]F]\WPRG\ERZ\JOąGDá\SLHF]DOQRLUDF]HMZ]UXV]DMąFREXMQ\PyM
SU]HS\FK]DPLHQLáVLĊZPRNU\V]DMVRZDW\LUR]F]RFKUDQ\NRáWXQSU]\OHSLRQ\GRF]DV]NL
FDá\U\MPLDáHPQDSHZQRZVLQLDNDFKLNUZLDNDFKDNLOND]ĊEyZNLZDáRVLĊOX]HPMDN
LFKGRUXV]\áHPMĊ]RUHPF]\OLFKOLSDGáHP,QDFDáHMSá\FLE\áHPRELW\RERODá\LEDUG]R
VSUDJQLRQ\WDNĪH UR]G]LDZLDáHPFRFKZLODS\VNQD]LPQ\ GHV]F] DĪRáąGHNPL FDá\
F]DVEXUF]DáJUUUUSU]H]WRĪHRGUDQDMXĪQLFQLHMDGáHPDLZWHG\QLHZLHOHREUDFLV]-
NRZLHPRL
DTP by SHADE 63
6NRURMXĪQDSLVDQR'20&,8DQXĪNWRĞPLWXWDMSRPRĪH"2WZRU]\áMDIXUWNĊLMDNE\
ĞOL]JQąZV]\VLĊSRĞFLHĪFHDGHV]F]]DPLHQLDáVLĊZOyG]DSXNDáHPFLFKRLEáDJDOQLHGR
GU]ZL1LNWVLĊQLH]MDZLáZLĊFSRVWXNDáHPWURV]NĊGáXĪHMLPRFQLHMLGRSLHURGDáRVLĊ
Vá\V]HüĪHNWRĞ]DV]DJDáGRGU]ZL3RWHPGU]ZLVLĊXFK\OLá\LJáRVPĊVNL]DS\WDá7DN"
RFRFKRG]L"
 2FKVWĊNQąáHPSURV]ĊPLSRPyF3ROLFMDQFLSRELOLPQLHLSRU]XFLOLQDGURG]H
ĪHE\PXPDUá2FKEáDJDPSDQDRFRĞGRSLFLDLF]\PyJáE\PVLĊ]DJU]DüSU]\RJQLX
 7DJGD RWZRU]\á\ VLĊ GU]ZL QD URĞFLHĪ L ]REDF]\áHP Z ĞURGNX MDNE\ FLHSá\ EODVN
LSáRPLHQLHSRWU]DVNWU]DVNXMąFH:HMGĨ]DSURVLáWHQF]áRQLRNLPNROZLHNMHVWHĞ
%RĪHFLGRSRPyĪELHGQDRILDURZHMGĨLQLHFKFLVLĊSU]\MU]Ċ:LĊFSRW\NDMąFVLĊZV]H-
GáHP L QLH E\áR ĪDGQH XGDZDFWZR GOD VILQJX R EUDFLV]NRZLH QDSUDZGĊ ]HV]PDFRQ\
E\áHP L Z\NRĔF]RQ\ 7HQ SRF]FLZ\ FKU\N REMąá PQLH ]D SOHF]D L ZFLąJQąá GR SRNRMX
] W\P RJQLHP L QDW\UOLN RG UD]X ZLHG]LDá MD JG]LH MHVWHP L GODF]HJR '20&,8 QD WHM
IXUWFHSRND]DáRPLVLĊWDNLH]QDMRPH3DWU]\áHPMDQDWHJRF]ORQLDLRQSDWU]\áVLĊQD
PQLHWDNĪ\F]OLZLHLWHUD]MXĪGRNáDGQLHJRVRELHSU]\SRPQLDáHP2Q]DĞPQLHQDW\UOLN
QLHPyJá]DSDPLĊWDüERZWDPWHGQLEH]WURVNLHMDLPRLWDN]ZDQLGUXĪNRZLH]DZV]H
Z\NRQ\ZDOLĞP\FRZLĊNV]HGUDNLáRPRWLILJOHL]DFKZDWZPDVNDFKDWRE\áRQDSUDZ-
GĊ KRUURU V]Rá MDNR SU]HEUDQLH 2Q E\á QLHGXĪ\ Z ĞUHGQLP ZLHNX WDN ]H WU]\G]LHĞFL
F]WHUG]LHĞFLSLĊüG]LHVLąWLPLDáSLQJOHQDNOXILH8VLąGĨSU]\RJQLX]DJDLáDMDFL
SU]\QLRVĊá\VNDF]D]JRUąFąZRGą2MHMMHMNWRĞFLĊQDSUDZGĊSRELá,REHMU]Dá]H
ZVSyáF]XFLHPPyMáHELU\M
 3ROLFMDZ\MDĞQLáHP7DNRV]PDUQDSROLFMD
 .ROHMQDRILDUDSRZLHG]LDáLWDNMDNE\Z]G\FKQąá2ILDUDQRZRF]HVQRĞFL3U]\-
QLRVĊFLWHJRá\VNDF]DDSyĨQLHMPXV]ĊFLWURFKĊRSDWU]\üWHUDQ\,SRV]HGá5R]HM-
U]DáHPVLĊSRWHMXGREQHMPDáHML]EXV]FH7HUD]E\á\WXFLXWQLHVDPHNVLąĪNLNRPLQHN
LSDUĊNU]HVHáLMDNRĞGDáRVLĊZLG]LHüĪHILIDWXĪDGQDQLHPLHV]ND1DVWROHSLV]ąFD
PDV]\QNDLPQyVWZRMDNE\VNRWáRZDQHMEXPDJLQRLSU]\SRPQLDáHPVRELHĪHWHQF]áR-
QLRWRSLVDU]1RWDN0(&+$1,&=1$320$5$ē&=$$ĪG]LZQHĪHWRPLXWNZLáR$OH
QLHPRJĊVLĊ]GUDG]LüERWHUD]SRWU]HEXMĊSRPRF\LĪ\F]OLZRĞFL7HRNUXWQHG]LREDQH
Z\EODGNLZW\P]DIDMGDQ\PELDá\PGRPXWDNPL]URELOLĪHVLHMF]DVNRQLHF]QDPLMHVW
SRPRFLĪ\F]OLZRĞüLSU]\PXVLOLPQLHĪHE\PMDVDPIXQGRZDáLQQ\PSRPRFLĪ\F]OL-
ZRĞüMHĪHOLNWRNROZLHN]HFKFHMHSU]\Mąü
  3URV]Ċ VLĊ F]ĊVWRZDü  ]DJDLá WHQ F]áRQLR SRZUDFDMąF :UĊF]\á PL WHQ JRUą-
F\LRĪ\ZF]\VWDNDQGRZ\SLFLDLRGUD]XSRF]XáHPVLĊOHSLHMDSRWHPRSDWU]\áPLWH
UDQ\QDS\VNX,SRZLHG]LDá7HUD]ZHĨJRUąFąNąSLHO1DSXV]F]ĊFLZDQQĊ$SyĨQLHM
ZV]\VWNRPLRSRZLHV]SU]\GREUHMJRUąFHMNRODFMLNWyUąSU]\JRWXMĊNLHG\W\EĊG]LHV]
VLĊNąSDá2EUDFLV]NRZLHPRLRPDáRE\PVLĊSRSáDNDáWDNLE\áGREU\,FK\EDZ\SD-
WU]\áPLZJáD]DFKWHVWDUHá]\ERPLSRZLHG]LDá1RMXĪGREU]HGREU]HSRNOHSXMąF
PQLHVHUGHF]QLHSRSOHF]X
 :NDĪG\PUD]LHSRV]HGáHPLZ]LąáHPWĊJRUąFąNąSLHODRQSU]\QLyVáGODPQLH
SLĪDPĊLQDZLHU]FKSRGRPZ\JU]DQHSU]\RJQLXDWDNĪHEDUG]RVWDUH]QRV]RQHWXIOH
,SRF]XáHPVLĊEUDFLV]NRZLHFKRüRERODá\LJG]LHQLHGRUXV]\üWDPEROHVQ\ĪHZNUyWFH
SRF]XMĊVLĊOHSLHM=V]HGáHPQDGyáLSDWU]ĊDRQMXĪQDV]\NRZDáZNXFKQLVWyáDQDQLP
ZLGHOFHLQRĪHLIDMQ\JURPDGQ\ERFKHQFKOHEDLEXOHOND35,0$6$8&(L]DPRPHQW
SRGDá ZLHONROHSQą MDMNR ĞPDMNRZQLFĊ ] NXVRF]NDPL V]\QNL GR WHJR UR]SĊNDMąFH VLĊ
NLHáEDVNLQRLZLHONLHJURPDGQHNXEDV\JRUąFHJRLVáRGNLHJRF]DMX]POHNLHP%\áRSR
SURVWXZXQGHUEDUWDNVLHG]LHüZFLHSHáNXMHĞüLRND]DáRVLĊĪHMHVWHPEDUG]R]JáRG-
QLDZV]\LSRMDMHF]QLF\SU]\V]áRPLVLĊSRĪHUDüMHGQąSRGUXJLHMSDMG\FKOHED]PDVáHP
LGĪHPHPWUXVNDZNRZ\P]JURPDGQHJRGXĪHJRVáRMD'XĪROHSLHMPLSRZLHG]LDáHP
&]\LMDN]GRáDPVLĊRGZG]LĊF]\ü"
 &K\EDZLHPNLPMHVWHĞSRZLHG]LDá$MHĪHOLWDNLVLĊQLHP\OĊWRWUDILáHĞ
SU]\MDFLHOXZVDPUD]JG]LHWU]HED&]\QLHWZRMH]GMĊFLHE\áRG]LĞUDQRZJD]HWDFK"
&]\QLHV]F]ĊVQDRILDUDWHMRNUXWQHMQRZHMWHFKQLNLWRZáDĞQLHW\"%RMHĪHOLWDNZWDNLP
DTP by SHADE 
UD]LH]HVáDáDFLĊWX2SDWU]QRĞü1DMSLHUZWRUWXURZDQ\ZZLĊ]LHQLXSRWHPZ\U]XFRQ\
] QLHJR DE\ GDOHM PRJáD FLĊ WRUWXURZDü SROLFMD 6]F]HU]H FL ZVSyáF]XMĊ PyM ELHGQ\
ELHGQ\FKáRSF]H$QLVáRZDQLH]GRáDáHPZWUąFLüEUDFLV]NRZLHFKRFLDĪMDSVNRPLDáHP
UR]SDFKQLĊWHLJRWRZHRGSRZLDGDüQDMHJRS\WDQLD1LHW\SLHUZV]\VLĊWXSRMDZLDV]
ZWDNLPVWDQLHZ\MDĞQLá3ROLFMDOXELSU]\ZOHNDüRILDU\VZHQDRNUDLQ\WHMZVL$OH
WRQDSUDZGĊRSDWU]QRĞFLRZHĪHW\EĊGąF\WHĪRILDUąLQQHJRURG]DMXWXVLĊ]QDOD]áHĞ
$PRĪHVá\V]DáHĞRPQLH"
 0XVLDáHP EDUG]R XZDĪDü EUDFLD 2GU]HNáHP  6á\V]DáHP FRĞ R 0HFKDQLF]QHM
SRPDUDĔF]\1LHF]\WDáHPMHMDOHVá\V]DáHP
 2RRSRZLHG]LDáLU\MPXSRMDĞQLDáMDNVáRĔFHZRJQLVWHMFKZDOHSRUDQND7HUD]
PLRSRZLHG]RVRELH
 1LHGXĪRMHVWGRSRZLHG]HQLDRGU]HNáHPSRNRUQLHV]DQRZQ\SDQLH=GDU]\á
VLĊ WDNL FKáRSLĊF\ L JáXSL Z\EU\N 0RL WDN ]ZDQL SU]\MDFLHOH QDPyZLOL PQLH D UDF]HM
]PXVLOLĪHE\PVLĊZáDPDáGRGRPXMHGQHMVWDUHMSVLRFK\WR]QDF]\GDP\1LF]áHJR
QLHPLDáHPQDP\ĞOL1LHVWHW\RQDWDNZNRĞüGDáDVZHPXSRF]FLZHPXVWDUHPXVHUFX
VWDUDMąFVLĊPQLHZ\U]XFLüFKRFLDĪLWDNE\áHPJRWyZZ\MĞüSRGREUHMZROLĪHXPDUáD
:LĊFRVNDUĪRQRPQLHRVSRZRGRZDQLHMHMĞPLHUFL1RLZVDG]RQRSURV]ĊSDQDGRZLĊ-
zienia.
 1RQRQRPyZGDOHM
  $ SRWHP Z\EUDá PQLH WHQ 0LQLVWHU 6SUDZ 1LHZG]LĊF]Q\FK F]\ WHĪ :HZQĊWU]-
Q\FKDE\Z\SUyERZDüQDPQLHWĊQRZąV]WXF]NĊWDN]ZDQąWHFKQLNĊ/XGRY\FND
 2SRZLHG]PLRW\P]DNU]\NQąáQDFK\ODMąFVLĊGRPQLHSRĪąGOLZLHDáRNFLH
XVZHWUDPLDáFDáHZGĪHPLHWUXVNDZNRZ\P]WDOHU]\NDNWyU\MDRGVXQąáHPQDERN
:LĊFZV]\VWNRPXRSRZLHG]LDáHPZV]\ĞFLXWNRZVLREUDFLV]NRZLHPRL6áXFKDáDĪ
PXVLĊXV]\WU]ĊVá\SDWU]DáNLĞZLHFLá\LXVWRSU]\RWZLHUDáRDWáXV]F]QDWDOHU]DFK]DVW\-
JDáVW\JáL]DVW\Já.LHG\VNRĔF]\áHPZVWDáRGVWRáXUD]SRUD]NLZDMąFLURELąFKPKP
KP]ELHUDá]HVWRáXWDOHU]HLFDáHWREDUDFKáRQRVLáGR]OHZX
 -DSRZLHG]LDáHP
 &KĊWQLHWRSR]P\ZDPSURV]ĊSDQD
 7\VRELHRGSRF]QLMELHGDNXRGND]DáLWDNRGNUĊFLáNUDQDĪSDUD]DF]ĊáDS\UNDü
1LHMHVWHĞZROQ\RGJU]HFKXMDNVąG]ĊDOHXNDUDQRFLĊFDáNLHPSRGUDNRĔVNX3U]HUR-
ELOLFLĊQDFRĞLQQHJRQLĪLVWRWDOXG]ND2GHEUDQRFLPRĪQRĞüZ\ERUX6ND]DQ\MHVWHĞ
QDSRVWĊSRZDQLHZHGáXJVWHUHRW\SXMDNLDNFHSWXMH]ELRURZRĞüMDNE\WDNDPDV]\QND
]GROQDZ\áąF]QLHGRF]\QLHQLDGREUD1RLZ\UDĨQLHWRZLGDüFDáDWDNZHVWLDXZDUXQ-
NRZDĔXERF]Q\FK0X]\NDLVWRVXQHNSáFLRZ\OLWHUDWXUDLV]WXNDZV]\VWNRWHUD]PXVL
E\üQLHSU]\MHPQRĞFLĨUyGáHPW\ONRPĊF]DUQL
 7DNMHVWSURV]ĊSDQDRGU]HNáHPNRSFąFMHJRUDNRWZRUD]NRUNRZ\PILOWUHP
 2QL]DZV]HFKDSQą]DGXĪRSRZLHG]LDáMDNE\Z]DP\ĞOHQLXZ\FLHUDMąFWDOHU]
$OHLFKSRGVWDZRZ\JU]HFKWRVDPDLQWHQFMD&]áRZLHNQLH]GROQ\Z\ELHUDüWRMXĪQLH
F]áRZLHN
 7RVDPRSRZLHG]LDáNDSáRQZFLąáHPVLĊa7R]QDF]\NVLąG]NDSHODQZLĊ]LHQ-
ny.
 $KDWDNSRZLHG]LDá"2F]\ZLĞFLH1RERPXVLDáDMDNVNRURWRFKU]HĞFLMDQLQ"
1RSU]HPyZLáZFLąĪZ\FLHUDMąFWHQVDPWDOHU]FRG]LHVLĊüPLQXWWHPXZREHFWHJR
MXWUR]DSURVLP\WXSDUĊRVyEQDVSRWNDQLH]WREą&K\EDGDVLĊ]FLHELHPyMELHGDNX
]URELü XĪ\WHN 0yJáE\Ğ SU]\F]\QLü VLĊ GR Z\U]XFHQLD QD ]ELW\ S\VN WHJR EH]F]HOQHJR
5]ąGX =PLHQLDü SRU]ąGQHJR PáRG]LHĔFD Z MDNLĞ QDNUĊFDQ\ PHFKDQL]P VáRZR GDMĊ
WRQLHW\WXáGRFKZDá\GODMDNLHJRNROZLHNEąGĨU]ąGXFK\EDGODWDNLHJRFRS\V]QLVLĊ
VWRVRZDQLHPSU]\PXVXLUHSUHVML0yZLąFWRNUXJRPZ\FLHUDáWHQVDPWDOHU]
 :LĊFSRZLHG]LDáHP3URV]ĊSDQDSDQZ\FLHUDZFLąĪWHQVDPWDOHU]=JDG]DP
VLĊ]SDQHPFRGRWHJRFKZDOHQLDVLĊ7HQU]ąGWRFK\EDVLĊJáyZQLHSU]HFKZDOD
 2FK]URELáMDNE\SLHUZV]\UD]ZĪ\FLXXMU]DáWHQWDOHU]LRGVWDZLáJR-HV]-
F]HPLQLH]DGREU]HLGąZ\MDĞQLáWH]DMĊFLDGRPRZH:V]\VWNRWRURELáDPRMDĪRQD
DTP by SHADE 65
DPQLH]DSHZQLDáDVSRNyMĪHE\PW\ONRPyJáSLVDü
 3DĔVNDĪRQD"VS\WDáHP&]\RGHV]áDRGSDQD"%RQDLVWRFKFLDáHPVLĊGR-
ZLHG]LHüFR]WąMHJR]DNRQQąNWyUąEDUG]RGREU]H]DSDPLĊWDáHP
  7DN RGHV]áD  U]HNá WDNLP EDUG]R JURPNLP L UR]JRU\F]RQ\P JáRVHP  5R]X-
PLHV]XPDUáD=RVWDáDEUXWDOQLH]JZDáFRQDL SRELWD1LHSU]HĪ\áDV]RNX6WDáRVLĊWR
ZW\PGRPXJUDENLPXVLĊWU]ĊVá\ĞFLVNDáZQLFKĞFLHUNĊWDPZVąVLHGQLPSRNR-
MX0XVLDáHPVLĊEDUG]RSU]HáDPDüDE\QDGDOWXPLHV]NDüDOHRQDE\VRELHĪ\F]\áD
DE\PSR]RVWDáWXJG]LHFLąJOHVLĊXQRVLMHMZRQQHZVSRPQLHQLH7DNWDNWDN%LHGQD
PRMDG]LHZF]\QND=REDF]\áHPWRZV]\VWNRZ\UDĨQLHREUDFLV]NRZLHFRG]LDáRVLĊ
WHMRGOHJáHMQRF\LVDPHJRVLHELHSU]\WHMURERFLHMXĪ]DF]ĊáRPLVLĊ]ELHUDüQDZ\PLRW
LEDV]NDPQLHUR]ERODáD2QWRZLG]LDáERF]XáHPMDNPLRGFKRG]L]U\MDFDáDF]HUZR
F]HUZRQDNUHZPRUGDPL]XSHáQLHSREODGáDLRQPXVLDáWRZLG]LHü3U]\JRWRZDáHPFL
SRNyMJRĞFLQQ\%LHGQ\PyMELHGQ\FKáRSF]HWRPXVLDáRE\üGODFLHELHVWUDV]QH2ILDUD
QRZRF]HVQRĞFLWDNVDPRMDNRQD%LHGQDPRMDELHGQDG]LHZF]\QND
.
5
.
 7HMQRF\VSDáRPLVLĊQDSUDZGĊKRUURUV]RáEUDFLV]NRZLHĪDGQHJRWDPGU]\PX
DQD]DZWUDE\áRMDVQRLZ]LąáSU]\PUR]HNL]GRáXGRFKRG]LáEDUG]RNUDVLZ\]DSDFK
MDNE\ ĞQLDGDQND VPDĪąFHJR VLĊ 'RSLHUR SR FKZLOL ZVSRPQLDáR PL VLĊ JG]LH MHVWHP
MDNWRXPQLH]DZV]HDOH]DUD]ZUyFLáRLSRF]XáHPVLĊXMXWQRFLHSáREH]SLHF]QLH$OH
NLHG\VLĊWDNZ\OHJLZDáHPF]HNDMąFDĪPQLH]DZRáDQD]DZWUDNSU]\V]HGáPLWHQEá\VN
ĪHSRZLQLHQHPZLHG]LHüMDNVLĊQD]\ZDWHQRSLHNXĔF]\LMDNE\PDFLHU]\ĔVNLF]áRQLR
ZLĊFUXV]\áHPSRFLFKXERVRQDSRV]XNLZDQLHWHM0HFKDQLF]QHMSRPDUDĔF]\ZNWyUHM
PXVLE\üMHJRQD]ZLVNRMDNRQWRQDĞFLEROLá:PRMHMV\SLDOFHQLFZLĊFHMQLHE\áRMDNWR
Z\UNRLNU]HVáRLODPSDZLĊFSROD]áHPGRVąVLHGQLHJRSRNRMXNWyU\E\áMHJRLWDPQD
ĞFLDQLH]REDF]\áHPWĊĪRQĊMHJR]DNRQQLFĊWDNLHGXĪHIRWRZSRZLĊNV]HQLXDĪPLVLĊ
]QRZXSU]\SRPQLDáRLFLXWMDNE\]HPGOLáR$OHE\áRWHĪNLONDSyáHN]NVLąĪNDPLQRLWDN
MDNP\ĞODáHP]QDOD]áDVLĊWD0HFKDQLF]QDSRPDUDĔF]DL]ERNXWDNMDNE\QDNUĊJRVáX-
SLHQDSLVDQHE\áRQD]ZLVNR)$OH[DQGHU*RG*RVSRGSRP\ĞODáHPRQWHĪMHVW$OH[
,SRNDUWNRZDZV]\ZQLHM VWRMąFZMHJRSLĪDPLHLERVRDOHQLHPDU]QąFERWDPE\áR
ZV]ĊG]LHRJU]DQH LWDNVLĊQLHPRJáHPSRáDSDüRF]\PWRMHVW:\GDáDPLVLĊQDSLVDQD
MDNE\ZWDNLPEH]XPQ\PVW\OXNUXJRPDFKLRFKLSRGREQ\V]DMVDOHMDNE\FRĞ]QLHM
Z\QLNDáRWRFK\EDWRĪHREHFQLHZV]\VWNLHZS\FKOH ]QDF]\VLĊOXG]LH SU]HUDELDQLVą
QDPDV]\Q\LĪHWDNQDSUDZGĊZV]\VF\RQLW\LRQLMDLFDáXMWDPQLHZU]RSVNRWRMDNE\
ZQDWXU]HURĞOLWDNMDNE\RZRFH,]GDMHVLĊWHQ)$OH[DQGHUXZDĪDáĪHP\ZV]\VF\
MDNE\URĞQLHP\QDWDNLPGU]HZLHĪ\FLD RQWRQD]ZDá LZVDG]LHĪ\FLDNWyU\WHQ*RG
F]\*RVSRGQLE\SRVDG]LáDMHVWHĞP\GODWHJRĪHWHPX*RGXF]\*RVSRGXFKFHVLĊSLü
LZáDĞQLHQDPLXJDV]DüVZHSUDJQLHQLHPLáRĞFLF]\MDNLĞSRGREQ\V]DMV1LHSRGREDáPL
VLĊFDá\WHQV]XPLEHáNRWREUDFLV]NRZLHL]DVWDQRZLáHPVLĊF]\WHQ)$OH[DQGHUWDN
SRQDVWRMDV]F]\QLH]XPDV]HGáV]\DZGUXJSU]HNUĊFLáRPXVLĊRGĞPLHUFLMHJR]DNRQ-
QLF\"$OH]DZRáDáPQLH]GRáXJáRVHPFDáNLHPQRUPDOQHJRPXGDNDUDGRVQ\PLOLEOLE
NRFKDMąF\PLFDá\WHQV]DMVZLĊF3RNRUQ\6áXJD:DV]L1LĪHM7X3RGSLVDQ\Z]LąáL]V]HGá
QDGyá
 $OHGáXJRVSDáHĞSRZLWDáPQLHZ\áDZLDMąFXJRWRZDQHMDMNDLVSRGJU\ODZ\FLą-
JQąZV]\F]DUQHJRWRVWD-XĪSUDZLHG]LHVLąWD-DSUDFXMĊRGZLHOXJRG]LQ
 3LV]HSDQMDNąĞQRZąNVLąĪNĊ"VS\WDáHP
 1LHQLHWHUD]QLHRWRFKRG]LRGND]DáLVLHGOLP\SU]\MHPQLHSRGUXĪHVNLGR
VWRáX SU]\ W\P WUDFK WUDFK WUDFK MDMHN L FKUXP FKUXSFKUXS FKUXS WRVWyZ ] F]DUQHJR
FKOHENDDF]DM]POHNLHPRJURPQ\PVWDáRERNZW\FKSRUDQQ\FKGXĪ\FKZLHONLFKNX-
EDVDFK1LH7\ONRG]ZRQLáHPGRUyĪQ\FKOXG]L
 =GDZDáRPLVLĊĪHSDQQLHPDWHOHIRQXZ\UZDáRPLVLĊNLHG\Z\JDUQLDáHPWR
MDMNRLSU]H]PRPHQWQLHXZDĪDáHPFRPyZLĊ
DTP by SHADE 
 'ODF]HJR"VS\WDáQDJOHF]XMQ\MDNWHQE\VWU\]ZLHU]DN]DWU]\PDZV]\ZUĊNX
á\ĪHF]NĊ]MDMNLHP6NąGFLSU]\V]áRGRJáRZ\ĪHQLHPDPWHOHIRQX"
 $QLFRGND]DáHPQLFQLF,]DVWDQRZLáHPVLĊEUDFLV]NRZLHFRWHĪRQ]D-
SDPLĊWDá]SRF]ąWNXWHMRGOHJáHMQRF\MDNSRGOD]áHPGRGU]ZLZVWDZLDüWĊVWDUąJDGNĊ
L]SURĞEąF]\PRJĊ]DG]ZRQLüSRGRNWRUDDRQDPLRGND]DáDĪHZGRPXQLFPDWH-
OHIRQXà\SQąáQDPQLHWDNEDUG]RXZDĪQLHDOHRGUD]XVWDáVLĊ]QyZFDá\PLá\LSU]\-
MDFLHOVNLLWHĪá\ĪHF]NRZDáWRMDMNRĞPDMNR,WDNVRELHZSLHSU]DMąFSRZLHG]LDá
  ']ZRQLáHP GR UyĪQ\FK RVyE NWyUH WZRMD VSUDZD PRJáDE\ ]DLQWHUHVRZDü %R
QDGDMHV]VLĊMDNREURĔLWRPRUGHUF]DZZDOFHRWRĪHE\REHFQ\]á\LQLNF]HPQ\5]ąG
QLHREURQLáVLĊZQDGFKRG]ąF\FKZ\ERUDFK5]ąGQDMEDUG]LHM]HZV]\VWNLHJRFKHáSLVLĊ
W\PMDNZXELHJá\FKPLHVLąFDFKSRUDG]LáVRELH]SU]HVWĊSF]RĞFLą=QyZSU]\MU]DáPL
VLĊXZDĪQLHQDGSDUXMąF\PMDMNLHPDMD]QyZ]DVWDQRZLáHPVLĊF]\RQZLG]LMDNąUROĊ
RGHJUDáHP Z MHJR Ī\FLX" 3RGMąá  7D UHNUXWDFMD PáRGRFLDQ\FK EUXWDOQ\FK ]ELUyZ GR
SROLFML7RZGUDĪDQLHSURZDG]ąF\FKGRXEH]ZáDVQRZROQLHQLDLZ\Py]JáRZLHQLDWHFKQLN
DVRFMDF\MQ\FK7\OHGáXJLFKVáyZEUDFLDLWHQZDULDFNLEá\VNZRNX:V]\VWNRWRMXĪ
ZLG]LHOLĞP\FLąJQąáZLQQ\FKNUDMDFK7HQNOLQRGZąVNLHJRNRĔFDZELMDQ\LFRUD]
V]HUV]\$QLVLĊREHMU]\P\MDNEĊG]LHP\WXPLHOLSHáQ\V\VWHPU]ąGyZWRWDOLWDUQ\FK
2KRKRSRP\ĞODáHPMDMF]ąFVRELHLFKUXSLąFWRVWD
 $FRMDPDPGRWHJR"VS\WDáHP
 7\RGND]DáFLąJáH]W\PEá\VNLHPREáĊGXMHVWHĞĪ\Z\PĞZLDGHFWZHPW\FK
V]DWDĔVNLFK SRP\VáyZ /XG]LH ]Z\F]DMQL OXG]LH PXV]ą GRZLHG]LHü VLĊ L ]UR]XPLHü 
:VWDáRGMHG]HQLDL]DF]ąáFKRG]LüWDPLQD]DGSRNXFKQLRG]OHZXGRVSLĪDUNLZ\JáD-
V]DMąFQDFDáHJDUGáR&]\FKFąĪHE\LFKV\QRZLHW\PVLĊVWDOLFRW\ELHGQDRILDUR"
&]\WHUD]MXĪVDP5]ąGEĊG]LHUR]VWU]\JDáFRMHVW]EURGQLąDFRQLHMHVWLZ\SUXZDá
Ī\FLHLNLV]NLLZROĊNDĪGHPXNWRE\QLHSRG]LHODáRSLQLL5]ąGX"7URV]NĊVLĊXVSRNRLá
DOHGRMDMNDQLHZUyFLá1DSLVDáHPDUW\NXáR]QDMPLáG]LVLDMUDQRNLHG\W\VSDáHĞ
8NDĪHVLĊ]WZRLPOLWRĞüEXG]ąF\P]GMĊFLHPMXWURDOERSRMXWU]H7\JRSRGSLV]HV]ELH-
GDNXWDNLHZ\OLF]HQLHNU]\ZGMDNLHFLZ\U]ąG]LOL
 6S\WDáHP
 $FRSDQEĊG]LHPLDá]WHJR"7R]QDF]\RSUyF]PRQDOL]\FRZ\SáDFą]DWHQMDN
SDQPyZLDUW\NXá"7R]QDF]\GODF]HJRMHVWSDQWDNLQDSDORQ\MHĞOLZROQRVS\WDüSU]H-
FLZWHPX5]ąGRZL"
 &KZ\FLáVLĊ]DEU]HJVWRáXLRGND]DáPL]JU]\WDMąFNDIODPLNWyUHPLDáV]PXF\N
LRF]HĔV]DMVRZDWHRGUDNRWZRUyZ.WRĞ]QDVPXVLZDOF]\ü%URQLüZLHONLFKWUDG\-
FML QDV]HM ZROQRĞFL 1LH MHVWHP SR QLF]\MHM VWURQLH *G]LHNROZLHN XMU]Ċ QLNF]HPQRĞü
WDPVWDUDPVLĊMąZ\WĊSLü1D]Z\VWURQQLFWZLSDUWLLVąQLF]\P7UDG\FMDZROQRĞFLMHVW
ZV]\VWNLP=Z\F]DMQ\POXG]LRPQLH]DOHĪ\QDQLHMDVNąGĪH*RWRZLVąVSU]HGDüZRO-
QRĞü]DVSRNRMQLHMV]HĪ\FLH'ODWHJRWU]HEDLPGRVWDUF]DüERGĨFDERGĨFD7X]áDSDá
ZLGHOHFREUDFLV]NRZLHLG]LDEQąáQLPNLONDUD]\ZĞFLDQĊDĪFDá\VLĊSRJLąáLSL]JQąá
QLPRSRGáRJĊ3RF]\PU]HNáRF]HĔVSRNRLSRGUXĪHVNL1DMHG]VLĊPyMFKáRSF]H
ELHGQDRILDURZVSyáF]HVQHJRĞZLDWDLE\áRMDNQDEDOV]RMRF]HZLGQRĪHGRVWDMHĞZLUD
-HG]VRELHMHG],WRMDMNRPRMHWDNVDPR]MHG]
 $MD]DS\WDáHP
 $FRMDEĊGĊ]WHJRPLDá"&]\Z\OHF]ąPQLH]WHJRMDNLMHVWHP"&]\EĊGĊPyJá
]QRZXVáXFKDü6\PIRQLL]FKyUDPLĪHE\PQLHSU]\W\PQLHUZDáRGRZ\PLRWX"&]\EĊGĊ
PyJáSURZDG]LüQRUPDOQHĪ\FLH"&R]HPQąEĊG]LHSURV]ĊSDQD"
 3U]\MU]DáPLVLĊREUDFLV]NRZLHMDNE\WRQLHSU]\GXPDáRPXVLĊGRáEDLZRJyOH
FR]DSRUyZQDQLH]:ROQRĞFLąLFDá\PW\PV]DMVHPLZ\JOąGDáQD]DVNRF]RQHJRW\P
FRSRZLHG]LDáHPMDNE\WRE\áRVDPROXEQHĪHMDFKFLDáE\PWHĪFRĞGODVLHELH$SRWHP
U]HNá  2FK SU]HFLHĪ PyZLĊ ĪH W\ MHVWHĞ Ī\Z\P ĞZLDGHFWZHP ELHGDNX =MHG] WR
ĞQLDGDQLHLFKRGĨSU]HF]\WDV]VRELHFRQDSLVDáHPERWR]DUD]SyMG]LHZ7\JRGQLRZHM
)DQIDU]HSRGWZRLPQD]ZLVNLHPW\QLHV]F]ĊVQDRILDUR
 1RFyĪ EUDFLV]NRZLH PRLWRFRQDSLVDáWRWDNDEDUG]RGáXJDL SáDNVLZDNRE\-
DTP by SHADE 67
áDĪHMDNF]\WDáHPWRDĪPLVLĊURELáRSRQDVWRMDV]F]\ĪDOWHJRELGQHJRPDOF]\NDMDN
RSRZLDGD FR Z\FLHUSLDá L MDN WR 5]ąG JR ZáDVQHM ZROL SR]EDZLá L MDN ZV]\VF\ SRZLQQL
]URELü]W\PV]OXVĪHE\WDNLQLHFKDURV]\LSRGá\5]ąGMXĪQLNDJGDEROV]HQLPLQLHU]ą-
G]Lá L UR]XPLH VLĊ Z NRĔFX GRWDUáR GR PQLH ĪH WHQ ELGQ\ D FLHUSLąF\ PDOF]\V]ND WR
QLNWLQQ\W\ONR:DV]3RNRUQ\13'RVNRQDOHSRZLDGDP3U]HNUDVQHLKRUURUV]Rá
:LHONROHSQRLĪHĞSDQLHPyMWRQDSLVDZV]\$RQSU]\MU]DáPLVLĊQDWREDUG]RXZDĪQLH
L]DJDEQąá
 &R"MDNJG\E\GRWąGQLHVáXFKDá
  2FK  SRZLDGDP WDN VLĊ PyZL SR QDVWRODFNX :VLH PDOF]\NL XĪ\ZDMą SURV]Ċ
SDQDWHJREDáDFKX:LĊFRQSRV]HGáGRNXFKQL]P\ZDüSR]DZWUDNXDMD]RVWDáHP
VLĊZW\PSRĪ\F]RQ\PFLXFKXQRFQ\PLWXIODFKF]HNDMąFDE\]URELOL]HPQąWRFRPDMą
]URELüERZáDVQ\FKSODQyZQLHPLDáHPREUDFLV]NRZLH
 .LHG\ZLHONL)$OH[DQGHU]DWUXGQLDáVLĊZNXFKQL]SRVXGąXGU]ZLVLĊUR]GDáR
GLQJGRQJGLQJGRQJ1RNU]\NQąáLSRND]DáVLĊZ\FLHUDMąFáDS\WRZáDĞQLHRQL-XĪ
RWZLHUDP3RV]HGáLFKZSXĞFLüLZSU]HGSRNRMX]URELáVLĊV]XPLWDNLHKXKXKXJDGX
JDGX L F]HĞ F]HĞ FR ]D SRJRGD L FR Vá\FKDü 3RWHP ZáDGRZDOL VLĊ GR SRNRMX WX JG]LH
RJLHĔSU\JDáQDNRPLQNXLNQLJDLDUW\NXáRPRLFKFLHUSLHQLDFKL]URELOLRRRRRQDPyM
ZLGRN%\áDLFKWUyMNDL)$OH[SRGDáPLLFKQD]ZLVND-HGHQE\á='ROLQLFLąJOHFKUFKU
FKULNDVáXNDVáXQLHZ\MPXMąFSHWD]PRUG\LU]Ċ]LáRZW\PF]áRQLXLNRSFLáREV\SXMąF
VLĊ]SU]RGXSRSLRáHPLJUDENDPLVWU]HSXMąFJRVRELH]áDFKyZMDNE\QLHFLHUSLDZV]\
L Z QHUZDFK %\á WR PDOXWNL RNUąJá\ L WáXVW\ F]áRQLR Z SLQJODFK JUXE\FK Z FLĊĪNLHM
RSUDZFH'UXJLE\á&RĞ7DP&RĞ7DP5XELQVWHLQEDUG]RZ\VRNLNXOWXUDOQ\LJáRVPLDá
GĪHQWHOPHQDWDNLZ\WZRUQ\EDUG]RVWDU\L]EURGąMDNE\XG]LXJDQąZMDMNX1RLWU]HFL
]QLFK'%GD6LOYDSUĊGNLZUXFKDFKLUR]WDF]DMąF\ZRĔSHUIXP:V]\VF\PLVLĊWDN
KRUURUV]RáSU]\MU]DZV]\LFK\EDQLHSRVLDGDOLVLĊ]UDGRĞFLFRZLG]ą3LHUZV]\='ROLQ
WDN]DJDLá
  'REU]H  GREU]H  FR" 7HQ FKáRSDN WR ]QDNRPLW\ FKZ\W  PRĪHSRG]LDáDü &R
QDMZ\ĪHMUR]XPLHVLĊJG\E\WDNPLDáZ\JOąGMHV]F]HJRUV]\LWDNQDĪ\ZHJRWUXSD
&]HJRVLĊQLHURELGODVSUDZ\1DSHZQRFRĞGDVLĊZ\P\ĞOLü
1LHVSRGREDáPLVLĊWHQĪ\Z\WUXSREUDFLV]NRZLHPRLZLĊFVLHSQąáHP&RWXMHVW
JUDQHGUXĪNRZLH"3U]HF]WR]DSRP\ĞOXFKJZROLEUDWXVZHPXVLĊZDPWHOHSLH"
 7XQDJLHZFKOXSRWDáVLĊ)$OH[DQGHU
 ']LZQHG]LZQHMDNWHQURG]DMJáRVXPLZFRĞWUDILD1DSHZQRPXVLHOLĞP\VLĊ
JG]LHĞVSRWNDü,]DGXPDáVLĊWDNMDNE\]PDUV]F]\ZV]\EUHZ7U]HEDPLQDWRXZDĪDü
RMEUDFLV]NRZLH0QLH]DĞ'%GD6LOYDWDNRGSRZLHG]LDá
 &KRG]LJáyZQLHRVSRWNDQLDSXEOLF]QH2JURPQLHWRQDPSRPRĪHMDNEĊG]LHP\
FLĊ SRND]\ZDOL QD ZLHFDFK = W\P ZLąĪH VLĊ RF]\ZLĞFLH SUDVD 3RVWDZL VLĊ QD ]UXMQR-
ZDQHĪ\FLH0XVLP\UR]SDOLüZQLFKVHUFD,SRND]DáZV]\VWNLHWU]\G]LHĞFLLFRĞWDP
NDIOLEDUG]RELDá\FKQDWOHFLHPQHJROLFDSU]H]FRZ\JOąGPLDáFLXWSRQLHPQRĪNXMDN
LQRVWUDQLHF
 :LĊF MD QD WR  1LNW MHV]F]H QLH SRZLHG]LDá MDNą ] WHJR MD EĊGĊ PLDá NRU]\Ğü
7RUWXURZDQ\ZZLĊ]LHQLXZ\U]XFRQ\]GRPXSU]H]ZáDVQ\FKURG]LFyZLWHJRLFKQDGĊ-
WHJREUXGDVDORNDWRUD]OLQF]RZDQ\SU]H]JURPDGĊVWDUXFKyZLPDáRQLH]DELW\SU]H]
JOLQLDU]\FR]HPQąEĊG]LH"7XZáąF]\áVLĊ5XELQVWHLQ
  3U]HNRQDV] VLĊ FKáRSF]H ĪH 3DUWLD FL RNDĪH ZG]LĊF]QRĞü 1D SHZQR *G\ WR
ZV]\VWNRMXĪGRELHJQLHNRĔFDVSRWNDFLĊPDáDLEDUG]RNRU]\VWQDQLHVSRG]LDQND7\ONR
PXVLV]SRF]HNDü
 -DFKFĊW\ONRMHGQHJRZU]DVQąáHPĪHE\P]QyZE\áQRUPDOQ\L]GUyZMDN]D
GDZQ\FKF]DVyZLPLDáFLXWQLHPQRĪNRXEDZX]SUDZG]LZ\PLNXPSODPLDQLH]WDNLPL
FRW\ONRQD]\ZDVLĊĪHGUXĪNRZLHDSRQDVWRMDV]F]\WR]GUDMF\&]\WRSRWUDILFLH]UR-
ELü"&]\NWRĞPRĪHPQLHSU]\ZUyFLüGRWHJRF]\PE\áHP"7HJRFKFĊLWRZáDĞQLHFKFĊ
ZLHG]LHü
 &KUUFKUU]URELá='ROLQNDVáXNDVáX0ĊF]HQQLNGODZLHONLHMVSUDZ\:ROQRĞFL
DTP by SHADE 
SRZLHG]LDá0DV]RGHJUDüVZąUROĊLRW\PSDPLĊWDM$QDUD]LH]DMPLHP\VLĊWREą
,]DF]ąáPQLHJáDVNDüSROHZHMJUDELHMDNGXUDNDREV]F]HU]DMąFVLĊMDN]XPDV]HGáV]\
$ĪZ\NU]\NQąáHP
 &RPQLHWUDNWXMHFLHMDNU]HF]GRXĪ\FLD1LHMHVWHPGXUDNĪHE\ĞFLHPQLHURELOL
ZNRQLDZ\JáXSLHVNXUZOH*áXSLHWRVąMDNLHĞ]Z\F]DMQHSU]\VWXSQLNLDMDQLHMHVWHP
DQLMDNLĞWDP]Z\F]DMQ\DQLMRáRSGODZDV3DQLDWQR"
 -RáRSU]HNáMDNE\]QDP\VáHP)$OH[DQGHU-RáRS7DNQDNRJRĞPyZLOL-RáRS
 ("VS\WDáHP&RPDWRWHJR-RáRS"&RSDQZLHR-RáRSLH",Z\UZDáRPLVLĊ
2FKSDQLH%RĪHGRSRPyĪ1LHSRQUDZLáPLVLĊWHQZ\UD]ZĞOHSLDFK)$OH[DQGUD
3RV]HGáHPGRGU]ZLĪHE\LĞüQDJyUĊSRVZRMHFLXFK\L]P\ZDüVLĊVWąG
  3UDZLH ]GDZDáR PL VLĊ  Z\PyZLá ) $OH[DQGHU SRND]XMąF WH ]DIDMGDQH NDIOH
DZJáD]DFKMDN]XPDV]HGáV]\$OHWRVLĊQLHPRĪH]GDU]\ü%RZUD]LH-H]X&KU\VWH
JG\E\WRMDE\PJRUR]GDUá1DGZRMHE\PJRUR]áXSDáLUR]SUXáMDNSUDJQĊ%RJD
PHJRMHG\QHJRWDNWDN]URELáE\PWR
 1RMXĪMXĪSRZLHG]LDá'%GD6LOYDJáDV]F]ąFJRSRNODWFHMDNSLHVNDVLĊ
XVSDNDMD:V]\VWNRWRMXĪPLQĊáR7RE\OL]XSHáQLHLQQLOXG]LH0XVLP\SRPyFWHPX
ELHGDNRZL7HJRZ\PDJDRGQDV3U]\V]áRĞüL1DV]D6SUDZD
  -D W\ONR ]DELRUĊ FLXFK\  EDáDNQąáHP MXĪ NRáR VFKRGyZ  WR ]QDF]\ XEUDQLH
LSyMGĊVRELHVDPQDVDPRJZDáWLDG]LQRNR=QDF]\VLĊFKFLDáHPSRZLHG]LHüZV]\VW-
NLPSDQRPWXMHVWHPEDUG]RZG]LĊF]Q\DOHPXV]ĊVDPWURV]F]\üVLĊRZáDVQHĪ\FLH
LNRQLHF%RMXĪE\áRPLSRQDVWRMDV]F]\SLOQRZ\GRVWDüVLĊVWąG
 $OHWHQ='ROLQSRZLHG]LDá
 2QLHQLH0DP\FLĊSU]\MDFLHOXLQLHZ\SXĞFLP\WDNáDWZR3yMG]LHV]]QDPL
:V]\VWNREĊG]LHGREU]H]REDF]\V],E\VWURSRGV]HGáDE\PQLHDSLDü]áDSDü]DáDS-
VNR7REá\VQĊáRPLMXĪEUDFLV]NRZLHĪHSRUDZDOF]\üDOHQDP\ĞORZDOFHMXĪ]HFKFLDáR
PLVLĊXSDĞüLU]\JQąüQRWRVWDáHPLW\OH$SyĨQLHMGRVWU]HJáHPWHQMDNE\V]DáF]\
REáĊGZĞOHSLDFK)$OH[DQGUDLPRJáHPW\ONRSRZLHG]LHü
 -DNVRELHFKFHFLH%RPDFLHPQLHZUĊNX7\ONRELHU]P\VLĊGRWHJRLNRĔF]\ü
EUDFLV]NRZLH%RWHUD]FKFLDáHPMXĪW\ONRZ\GRVWDüVLĊ]WHJR'20&,83U]HVWDáRPL
VLĊSRGREDüWRMDNE\VSRMU]HQLHZJáD]DFK)$OH[DQGUD
 :SRU]ąGNXZNOXF]\áVLĊ5XELQVWHLQ:LĊFXELHUDMVLĊLUXV]DP\
 -RáRSMRáRSMRáRSZFLąĪPDPURWDá]FLFKD)$OHNVDQGHU&]\PDOERNLPE\á
WHQ-RáRS"=QDOD]áHPVLĊQDJyU]HZWU\PLJDLE\áHPXEUDQ\ZQLHFDáHGZLHVHNXQG\
$QDVWĊSQLH]W\PLWU]HPDQDGZyULZJDEOR5XELQVWHLQVLHG]LDáPLSRMHGQHMVWURQLH
SRGUXJLHM='ROLQFKUUNDVáXNDVáXD'%GD6LOYDSURZDG]LáGRPLDVWDLSRGEORN
ZSREOLĪXPRMHJREORNXF]\OLURG]LQQHJRĪ\OLV]F]D&KRGĨZ\VLDGDP\FKáRSF]HSR-
ZLHG]LDá='ROLQL]DNDV]ODáDĪPXVLĊF]XEHNUDNRWZRUDZHWNQLĊW\ZPRUGĊUR]ĪDU]\á
F]HUZRQRMDNPDáHSDOHQLVNR7XVLĊZSURZDG]DV]1RWRZHV]OLĞP\LZKROXQDĞFLD-
QLH]QRZXQDED]JUDQHFRĞ]WHM*RGQRĞFL7UXGXLZLQGDQDJyUĊEUDFLV]NRZLHLGR
Ī\OLV]F]DWDNLHJRMDNZV]\VWNLHĪ\OLV]F]DZHZV]\VWNLFKEORNDFKWHJRPLDVWD0DOXPDOX
PDOXWNLHGZLHV\SLDONLMHGQDE\ZDOQLD F]\OLVWRáRĪ\áRURERáRFRE\QLHE\áR LZQLHM
VWyáFDOXWNLZNQLJDFKLEXPDJDFKLDWUDPHQWLEXWOHLW\PSRGREQ\V]DMV
 7XEĊG]LHWZyMGRPR]QDMPLá'%GD6LOYD5R]JRĞüVLĊFKáRSF]H-HG]HQLH
]QDMG]LHV]ZWHMV]DIFH3LĪDPDZV]XIODG]LH2GSRF]\ZDMQLHVSRNRMQ\GXFKX
 +Ċ"VS\WDáHPQLHVDZVLHP]UR]XPLDZV]\
 :SRU]ąGNXRGH]ZDáVLĊ5XELQVWHLQW\PVWDU\PJáRVHP=RVWDZLDP\FLĊWX
0DP\FRĞGR]URELHQLD3RNDĪHP\VLĊ]QyZWURFKĊSyĨQLHM$QDUD]LH]QDMGĨVRELHMD-
NLHĞ]DMĊFLH
 $KDRGNDV]ODáVLĊ='ROLQFKUUNDVOXNDVáXMHV]F]HMHGQR:LG]LDáHĞFRVLĊ
SU]HEXG]LáRZXGUĊF]RQHMSDPLĊFLQDV]HJRSU]\MDFLHOD)$OH[DQGUD&]\DE\QLH"
&KFLDáHPSRZLHG]LHüF]\QLHW\":LHV]FK\EDFRPDPQDP\ĞOL1LHPRĪQDGRSX-
ĞFLüĪHE\WRGDOHMSRV]áR
 =DSáDFLáHPMDQDWR*RG*RVSRGVDPQDMOHSLHMZLHĪH]DSáDFLáHP]DZV]\VW-
DTP by SHADE 69
NR1LHW\ONR]DVLHELHDOHL]DW\FKVNXUZ\EODG\FKV\QyZNWyU]\QD]\ZDOLVLĊPRLPL
NXPSODPL$ĪFKXüLSRF]XFLHJZDáWXPQLHRJDUQĊáRLSRF]XáHPVLĊ]DUD]QLHGREU]H
7URFKĊVLĊSRáRĪĊVND]DáHP:V]\VWNRWRFRSU]\V]áRPLVLĊ]QLHĞüRVWDWQLRWRE\áR
SU]HXĪDVQHLNURSQH
 %\áR]JRG]LáVLĊ'%GD6LOYDLSRND]DáZVLHWU]\G]LHĞFL]ĊEyZMDNQLHZLĊFHM
$SRáyĪVLĊ
 1RL]RVWDZLOLPQLHEUDFLV]NRZLH3RV]OL]DMąüVLĊVZRLPLVSUDZDPLFRWRSHZQLH
SROLW\NDLFDá\WHQV]DMVDMDOHĪDáHPQDZ\UNXVDPQDVDPRJZDáWLDG]LQRNRFLFKR
LVSRNR7DNSRSURVWXOHĪDáHPVNRSDZV]\EXW]HVWySLUR]OXĨQLZV]\KDOV]WXNGRLPHQ-
WXRV]RáRPLRQ\LEH]SRMĊFLDMDNLHPDE\üWHUD]PRMHĪ\FLH,ZHáELHOHFLDá\PLUyĪQH
REUD]NLUyĪQ\FKOXG]LMDNLFKVSRWNDáHPZU]\JROHL:XSLHLUyĪQRĞFLFRPLVLĊSU]\-
WUDILá\LMDNZFDá\PSU]HRJURPQ\PĞZLHFLHQLHWDQLMHGQHJRF]áRZLHNDNWyUHPXE\
PRĪQD]DXIDü3RF]\P]DGU]HPDáHPREUDFLV]NRZLH
 =EXG]LáHPVLĊXVá\V]DZV]\PX]\NĊ]DĞFLDQąSRQDVWRMDV]F]\JURPNRLMDNUD]
RQD Z\WDUJDáD PQLH ] WHM WURV]HF]NL VQX %\áD WR V\PIRQLD NWyUą ]QDáHP KRUURU V]Rá
LSUDZLHQDSDPLĊüDOHMHMQLHVá\V]DáHPRGODWPLDQRZLFLH6\PIRQLD1UWHJRGXĔ-
VNLHJRIOLPRQDFRQD]\ZDVLĊ2WWR6NDGHOLJEDUG]RKXF]Q\LJZDáWRZQ\XWZyUV]F]H-
JyOQLHZSLHUZV]HMF]ĊĞFLFRDNXUDWOHFLDáD3RVáXV]DáHPMHMWDN]HGZLHVHNXQG\FLH-
NDZLHL]UDGRĞFLąDSRWHPMDNPQLHFKZ\FLWHQSRF]ąWHNEyOXLPGáRĞFLDĪVLHNQĊáR
PLJáĊERNRZNLV]NDFK$SRWHPMDWDNEDUG]RNRFKDMąF\VLĊZPX]\FHF]RáJDáHPVLĊ
]áyĪNDLVDPGRVLHELHRFKRFKRFKL]DUD]áXEXGXGXGXZĞFLDQĊ]ZU]DVNLHP
3U]HVWDüSU]HVWDüZ\áąF]\ü$WDPJUDáRLMDNE\FRUD]JáRĞQLHM:DOLáHPZWHQ
PXUDĪNRVWNL]URELá\PLVLĊFDáH]NUZLF]HUZRF]HUZRQHMLVNyU\ZVWU]ĊSDFKVNU]\F]Hü
LZU]HV]F]ąFDOHPX]\NDQLHXFLFKáD$ĪGRVWDáHPSU\GXPNLĪHPXV]ĊRGQLHMXFLHFWR
Z\SDGáHP]WHMPDOXWNLHMV\SLDONLGRGU]ZLZ\MĞFLRZ\FKDWHRG]HZQąWU]]DNOXF]RQH
LQLHO]LDZ\GRVWDüVLĊ$PX]\NDKXF]\FRUD]WRJáRĞQLHMLJáRĞQLHMMDNE\QDXP\ĞOQLH
WRUWXURZDOLPQLHREUDFLV]NRZLH$ĪZHSFKQąáHPVRELHPDáHSDOFHWDNSRQDVWRMDV]F]\
ZJáąEXV]XDOHSX]RQ\LNRWá\WHĪVLĊSU]HG]LHUDá\]XSHáQLHJURPNR:]LąáHPVLĊ]QyZ
U\F]HüLZU]HV]F]HüDE\SU]HVWDOLDZPXUSLąFKDPLáXSáXSLáXEXGXGXDOHQLFDQLF
]WHJRQLHZ\QLNáR2FKFRMDPDPURELü"
]DZ\áHPGRVDPHJRVLHELHLEXKXKX2HK%RĪH]OLWXMVLĊQDGHPQą7DNVLĊ
RELMDáHPSRFDá\PĪ\OLV]F]XZW\PEyOXLPGáRĞFLDFKVWDUDMąFVLĊMDNRĞRGJURG]LüRG
PX]\NLLVWĊNDMąFDĪMDNE\]JáĊELNLV]HNDSRWHPQDNXSLHNQLJLEXPDJLLW\PSRGRE-
QHJRV]DMVXQDW\PVWROHZE\ZDOQL]REDF]\áHPFRPXV]Ċ]URELüLFRFKFLDáHP]URELü
DĪ WH SUyFKQLDNL Z 3XEOR %LEORWHFH D SRWHP -RáRS L %LOO\ER\ SU]HEUDQL ]D JOLQLDU]\
SRZVWU]\PDOLPQLHWR]QDF]\VNRĔF]\ü]HVREąZ\FLąJQąüNRS\WDSU\VQąüUD]LQD-
ZVLHJGD]WHJRSDUV]\ZHJRLZUHGQHJRĞZLDWD%R]REDF]\áMDVáRZRĝ0,(5ûQDRNáDGFH
WDNLHMEURV]XUNLFKRFLDĪRQLĝ0,(5û]DSRZLDGDOLW\ONR5=Ą'2:,-DNE\]U]ąG]HQLHP
ORVXGUXJDEURV]XUNDPLDáDQDRNáDGFHDNRV]NRLQDSLV2WZyU]RNQRQDĞZLHĪHSRZLH-
WU]HĝZLHĪąP\ĞOLQRZ\VW\OĪ\FLD-DNE\PLNWRĞSRGVND]DáĪHPDPVNRĔF]\ü]W\P
Z\VNRF]\ZV]\0RĪHFKZLOĊ]DEROHüLMXĪVSRNRLVSDüQDZVLHJGDLQD]DZV]H
 0X]\NDZFLąĪEOX]JDáDQDZ\ORWSU]H]PXUWHQPRVLąG]LEĊEQ\LVP\F]NLQDNL-
ORPHWUZ\VRNLH
 2NQR Z SRNRMX JG]LH VLĊ SRáRĪ\áHP VWDáR QD URĞFLHĪ 3RGV]HGáHP L Z\MU]DáHP
SLRQRZR Z Gyá QD VDPRFKRG\ L EDV\ L SU]HFKRGQLyZ , XZU]DVQąá VLĊ MD GR ĞZLDWD 
ĩHJQDMĪHJQDMLQLHFKFL*RG*RVSRGSU]HEDF]\WR]PDUQRZDQHĪ\FLH:\OD]áHPQD
SDUDSHWPX]\NDKXF]DáDPL]OHZHM]DPNQąáHPRF]\LSRF]XáHPQDU\MX]LPQ\ZLDWU
LVNRF]\áHP
.
6
.
 :\VNRF]\áHPMDREUDFLV]NRZLHLFLĊĪNRVLĊáRPRWQąáHPRFKRGQLNDOHĪHE\P
Z\NRUNRZDáWRQLH3U]HFLHĪMDNE\PVLĊ]DELáWRE\PQLHPyJáQDSLVDüWHJRFRQDSL-
DTP by SHADE 
VDáHP&K\EDQLH]WDNLHMZ\VRNRĞFLVNRF]\áHPĪHE\VLĊ]DELü$OHSRJUXFKRWDáHPVH
JU]ELHWQDGJDUVWNLLJLF]Rá\LVWUDFKSRZLHG]LHüMDNERODáRDĪPLVLĊILOPXUZDáEUDFLV]-
NRZLHD]GXPLRQHLSRUDĪRQHPRUG\Z\EDáXV]Dá\VLĊQDPQLH]JyU\$MDNPLVLĊXU\-
ZDáILOPWRZRVWDWQLHMFKZLOLSRQLDáMDĪHQDW\PRK\GQ\PLSU]HRK\GQ\PĞZLHFLHDQL
MHGHQF]áRZLHNQLHMHVWSRPRMHMVWURQLHLĪHWHPX]\NĊ]DĞFLDQDWHĪXVWURLOLFLPRLQLE\
WRQRZLSU]\MDFLHOHLĪHMDNUD]WHJRE\áRLPQXĪQRGODWHMLFKRNURSQHMFKHáSOLZHMLVD-
PROXEQHMSROLW\NL7REá\VQĊáRPLZMHGQHMPLOLRQRPLOLRQRZHMF]ĊĞFLWHMFKZLOLZNWyUHM
SRU]XFDáHPĞZLDWLQLHERLJDSLąFHVLĊQDGHPQąS\VNL
 1RLJG]LHZUyFLáHPGRĪ\FLD]GáXJLHMF]DUQHMLF]DUQRF]DUQLXWNLHMSXVWNLNWyUD
PRJáDWUZDüPLOLRQODWMDNQLHZV]SLWDOX"ZELHOLLZW\PV]SLWDOQ\P]DSDFKXFRVLĊ
JRDSOLNXMHWDNLMDNE\NZDVNRZDW\LFNOLZ\LF]\VW\7HĞURGNLRGNDĪDMąFHNWyUHZDP
áDGXMąZV]SLWDODFKWRSRZLQQ\PLHüMDNLĞKRUURUV]Rá]DSDFKMDNVPDĪRQDFHEXONDDOER
NZLDW\%DUG]RSRZROLZUyFLáRPLZUHV]FLHNLPMHVWHPFDá\RZLQLĊW\E\áHPZFRĞELD-
áHJRLZFLHOVNXQLHRGF]XZDáHPQLFDQLFEyOXDQLF]XFLDZRJyOHQLF*áRZĊPLDáHP
FDáąZEDQGDĪXLMDNLHĞNDZDáNLF]HJRĞWDPSRSU]\OHSLDQHGRPRUG\JUDE\WHĪREDQGD-
ĪRZDQHLMDNE\]SDW\NDPLUR]SRáRĪRQ\PLZ]GáXĪSDOFyZMDNE\WRE\á\NZLDWNLMDNLHĞ
LĪHE\SURVWRZ\URVá\DPRMHELGQHVWDUHQRĪ\VNDFDáHZ\FLąJQLĊWHLQDFDáRĞüEDQGDĪH
NODWNLMDNE\]GUXWXZSUDZą]DĞJUDEĊXVDPHJRSOHF]DNDSDáDF]HUZRF]HUZRQDNUHZ
]RGZUyFRQHJRVáRLND1LFMHGQDNQLHF]XáHPREUDFLV]NRZLH3U]\áyĪNXVLHG]LDáDSLH-
OĊJQLDUND]DF]\WDZV]\VLĊZNQLG]HEDUG]RQLHZ\UDĨQLHGUXNRZDQHMDOHZLGQRĪHMDNLĞ
UD]ND]ERPQyVWZRZQLHMUR]PyZLG\V]DáDSU]\W\PXFKXFKXFKZLĊFPXVLDáWRE\ü
MDNLĞUD]ND]RW\PVWDU\PU\SVZ\SVWDPLQD]DG']LXV]NDE\áDSRQDVWRMDV]F]\KRUURU
V]RáXVWRPLDáDEDEDEDUG]RF]HUZRQHLU]ĊV\WDNLHGáXJLHSRQDGJáD]NDPLDSRGMHM
RF]HĔZ\V]W\ZQLRQ\PIDUWXFKHPZLGDüE\áRWDNLHJUXGNLĪHKRUURUV]Rá:LĊFEDáDNQą-
áHP-DNOHFLPDáDĪW\PRMDVLRVWU]\F]NR"3yMGĨWHG\DXF]\ĔZáRĪX]GUXĪNLHPWZ\P
SU]\MHEQHSRNáDGDQNR$OHVáRZDPLQLHZ\V]á\WDNKRUURUV]RáMDNE\PXVWRPLDá]H-
V]W\ZQLDOHLVWZLHUG]LáHPZ\PDFDZV]\FKOLSDGáHPĪHQLHNWyU\FK]ĊEyZMXĪQLHPD$OH
WDSLHOĊJQLDUND]HUZDáDVLĊDĪNQLJDMHMSROHFLDáDQDSRGáRJĊLSU]HPyZLáD
 2RRZLĊFRG]\VNDOLĞP\ĞZLDGRPRĞü
 =DZLHONLEDáDFKZXVWRGODPDOXWNLHMSVLF]NLMDNRQDWRMHMSUyERZDáHPSRZLH-
G]LHüDOHZ\V]áRPLW\ONR\F]HQLHMDNLHĞ\\\LQLFZLĊFHM:\V]áDL]RVWDZV]\MDVDP
QDVDPRJZDáWLDG]LQRNRGRSLHUR]REDF]\áHPĪHOHĪĊZRVREQ\PSRNRLNXDQLHQD
WDNLHM GáXXXJLHM VDOL JG]LH WU]\PDOL PQLH MDNR GUREQHJR U\ELRQND SHáQHM NDVáX NDVáX
]G\FKDMąF\FKZRNyáSUyFKQLDNyZĪHE\FLVLĊSUĊG]HMRGHFKFLDáRFKRURZDüW\ONRDE\
Z\]GURZLHüLXFLHF0LDáHPZWHG\FRĞMDNE\G\IWHU\WREUDFLV]NRZLH
 $VLHMF]DVWDNMDNE\PQLHPyJá]DGáXJRXWU]\PDüWHMSU]\WRPQRĞFLERSUDZLHRG
UD]XDSLDüMDNE\SU]\VQąáHPZWU\PLJDDOH]DPLQXWNĊF]\GZLH]QyZPLVLĊZ\GDáR
MDNJG\E\SHZQHĪHWDSVLF]NDZUyFLáDLSU]\ZLRGáD]HVREąNLONXZELDá\FKSáDV]F]DFK
LFLRJOąGDOLPQLHXPDUV]F]\ZV]\VLĊLURELOLKPKPKPGR1LĪHM3RGSLVDQHJR$]QLPL
MDNE\QDSHZQRE\áWHQVWDU\NDSáRQ]:XS\L]DJDMDá2FKV\QXV\QXPyMLG\FKDá
QDPQLHW\P]DSU]Dá\PDVPURGOLZ\Pá\VNDF]HPL]QyZVLĊZ\ZQĊWU]Dá$OHGáXĪHME\P
QLH]RVWDáRQLH1LHPyJáE\PSU]\áRĪ\üUĊNLGRWHJRFRWHVXNLQV\Q\EĊGąZ\SUDZLDü
]LQQ\PLQLHV]F]ĊVQ\PLSU]\VWXSQLNDPL:LĊFU]XFLáHPWRLREHFQLHZ\JáDV]DPND]DQLD
FKRG]ĊLPyZLĊWROXG]LRPXNRFKDQ\PyMV\QNXZ-RW&KD
 3RWHP]QyZVLĊREXG]LáHPLNRJRMDZLG]ĊSU]\PRLPáyĪHF]NXMDNQLHW\FKWU]HFK
FRLPZ\SU\JQąWHP]DNRV]NDF]\OL'%GD6LOYDL&RĞ7DP&RĞ7DP5XELQVWHLQL=
'ROLQZHZáDVQHMRVRELH3U]\MDFLHOX]DJDLáMHGHQ]QLFKDOHQLHPRJáHPVLĊUR]HMU]Hü
DQLGRVá\V]HüNWyU\PDá\QDV]SU]\MDFLHOXVQXáWHQJáRVOXG]LHSDáDMą]REXU]HQLD
=DGDáHĞ FLRV ĞPLHUWHOQ\ W\P RK\GQ\P FKHáSOLZ\P áDMGDNRP L MXĪ QLH PDMą V]DQV QD
SU]HMĞFLH Z Z\ERUDFK 7R NUHV LFK U]ąGyZ QD ]DZV]H L UD] QD ]DZV]H :VSDQLDOH VLĊ
SU]\VáXĪ\áHĞVSUDZLH:ROQRĞFL
 6WDUDáHPVLĊRGSRZLHG]LHü
 $MDNE\P]GHFKáWRE\áRE\MHV]F]HáXF]V]HGODZDVSROLW\F]QHVNXUZ\EODGNL
DTP by SHADE 71
Z\V\Q\DFRPRĪHQLH]GUDG]LHFNLHZ\SRSU]\MDĨQLáJDU]HLZNDQWQDFLąJDF]H$OH
Z\V]áRPLW\ONR\\\1DVWĊSQLHMHGHQ]WUyMNLZ\FLąJQąáGRPQLHMDNE\SOLNZ\FLQNyZ
]JD]HWLGRMU]DáHPVWUDFKEXG]ąFHIRWRVDPHJRVLHELHFDáHJRZHNUZLMDNPQLHWDV]F]ą
QDQRV]DFKLWXQLHRĪ\GQRSU]\SRPQLDáHPVRELHWHS\NDMąFHĞZLDWáDQDSHZQRIRWRJUD-
IyZ-HGQ\PRNLHPZ\F]\WDáHPQDJáyZNLWDNMDNE\WU]ĊVąFHVLĊZáDSLHXWU]\PDMąFHJR
ZURG]DMX&+à23,(&2),$5Ą.5<0,1$/1(-5()250<DOER5=Ą':52/,=$%Ï-&<LGR
WHJRIRWRMDNE\]QDMRPHJRGUHZQLDND]SRGSLVHP$87$87$87LE\áWRFK\ED0LQLVWHU
6SUDZ1LHZG]LĊF]Q\FKL:HZQĊWU]Q\FK3RF]\PWDG]LXV]NDSLHOĊJQLDUNDRU]HNáD
 1LHPRĪQDJRWDNGHQHUZRZDü1LHSRZLQQLĞFLHJRZ\SURZDG]Dü]UyZQRZDJL
$WHUD]SURV]ĊVWąGZ\MĞü
 3UyERZDáHPSRZLHG]LHü
 $XWDXWDXWDOHZ\V]áR]QyZ\\\:VLRWDNLFLWU]HMSROLW\F\VLĊZ\QLHĞOL
,MDWHĪXGDOLáHPVLĊW\ONRĪHDSLDüNX]LHPLZWĊF]DUQRĞüUR]MDĞQLDQąW\ONRG]LZQ\PL
VQDPLQLHZLDGRPRF]\GU]\PF]\MDZDREUDFLV]NRZLHPRL3U]\GXPDáRPLVLĊQD
SU]\NáDGĪHFDáDPRMDSá\ü WR]QDF]\FLHOVNR MDNE\RSUyĪQLDVLĊ]F]HJRĞZURG]DMX
EUXGQHMZDFK\LQDWRPLHMVFHZSá\ZDF]\VWD7HĪSRZWDU]DáVLĊSU]HNUDVQ\LSRQDVWR-
MDV]F]\KRUURUV]RáGU]\PMDNVLHG]ĊZXNUDG]LRQHMJDEORFLHMDNLHJRĞIOLPRQDVDPQD
VDPRJZDáWLDG]LQRNRMHĪGĪąFVRELHWDPLQD]DGSRĞZLHFLHLUR]MHĪGĪDMąFZS\FKOLFR
NU]\F]ąĪH8PLHUDPLQLHRGF]XZDMąFEyOXDQLPGáRĞFLĝQLá\PLVLĊWHĪUR]PDLWH
SVLF]NLĪHURELĊLPWRVWDUHU\SVZ\SVWDPLQD]DGĪHQDVLOQRSU]HZUDFDPMHQD]LHPLH
LJZDáWLJZDáWDZV]\VF\VWRMąGRRNRáDLNODV]F]ąZáDSVNDLUDGXMąVLĊMDN]XPDV]HGá-
V]\$SRWHP]QyZVLĊREXG]LáHPLSDWU]ĊDWXPRLHILHPSU]\V]OLZRGZLHG]LQ\GR
FKRUXWNLHJRV\QNDLPRMDHPZ\SUDZLDWDNLHEXKXKXXXĪHZSURVWKRUURUV]Rá7HUD]
MXĪPRJáHPGXĪROHSLHMPyZLüLRGH]ZDáHPVLĊ
 1RQRQRQRSURV]ĊLFRMHVWJUDQH"PRĪHZDPVLĊ]GDMHĪHMHVWHĞFLHWXPLOH
ZLG]LDQL"0yMWDWDWDRGSRZLHG]LDáWDNMDNE\]DZVW\G]LZV]\VLĊ3LVDOLRWRELHZJD-
]HWDFKV\QXĩHFLĊEDUG]RVNU]\ZG]RQR-DNWR5]ąGFLĊSRSFKQąáGRWDUJQLĊFLDVLĊ
QDZáDVQHĪ\FLH,P\ZSHZQ\PVHQVLHWHĪE\OLĞP\ZLQQLV\QX:NRĔFXWZyMGRP
V\QXWRMHGQDNWZyMGRP$PDFLRFKDZFLąĪURELáDGRWHJREXKXKXXXLZ\JOąGDáD
WDNRK\GQLHMDNFDáXMPQLHZU]RSVNR
 :LĊFEDáDNQąáHP
 &RD]DOLĪWZHSRF]\QLD-RHQRZHV\QLV]F]H"=GUyZLGREU]HPDVLĊLGRVWDWQLR
ZLHUĊDPRGOĊ
 0DFLRFKD]DĞQDWR
 2FK$OH[$OH[2XXXXXXX$PyMWDWDWD
 %DUG]RQLHIRUWXQQLHVLĊVWDáRV\QX0LDáWURFKĊNáRSRWyZ]SROLFMąL]DáDWZLOLJR
 1DSUDZGĊ"SRZLDGDP1DSUDZGĊ"7DNLSRU]ąGQ\F]áRZLHNLZRJyOH=DLVWH
G]LZPQLHRJDUQLD
 3DWU]\áVZHJRQRVDLQLNRPXQLHZDG]LáSRZLDGDHI$SROLFMDPXVLĊND]DáD
UR]HMĞü%RVWDáQDURJXV\QXXPyZLáVLĊWDP]G]LHZF]\QąLF]HNDáQDQLą$RQLGR
QLHJRĪHPDSU]HFKRG]LüZLĊFSRZLHG]LDáĪHPDSUDZRMDNNDĪG\ZWHG\RQLVLĊU]XFLOL
na niego i okropnie go zbili,
 7RVWUDV]QHSRZLDGDP1DSUDZGĊVWUDV]QH,JG]LHVLĊSRG]LHZDWHQELHGQ\
FKáRSDN"
 2XXXXX]DEXKXKXF]DáDPDü3RMHFKDáGRGRPXXXX
 7DNSRWDNQąáHI3RMHFKDá]SRZURWHPGRVZHMURG]LQQHMPLHMVFRZRĞFLDE\
VLĊZ\OL]Dü:LĊFQDMHJRPLHMVFHGRSUDF\MXĪPXVLHOLSU]\MąüNRJRLQQHJR
  1R L WHUD]  RGU]HNáHP  FKFHFLH ĪHE\P GR ZDV VLĊ ]QyZ VSURZDG]Lá L ĪHE\
ZV]\VWNRE\áRSRVWDUHPX
 7DNV\QXVND]DáWDWDWD3URV]ĊFLĊV\QX
 =DVWDQRZLĊVLĊSRZLHG]LDáHP3U]HP\ĞOĊWRVRELHEDUG]RVWDUDQQLH
 2XXXXX]DZ\áDPDFLFD
  2FK ]DPNQLM ĪH VLĊ  SRZLHG]LDáHP   DOER GDP FL SRZyG ĪHE\Ğ QDSUDZGĊ
DTP by SHADE 
PLDáD F]HJR Z\ü L ODPHQWRZDü %R FL SU]\NRSLĊ Z ]ĊE\  ,  R EUDFLV]NRZLH PRL WR
SRZLHG]LDZV]\ ]DUD] VLĊ SRF]XáHP FLXW áXF]V]H MDNE\ ĞZLHĪD NUHZ F]HUZR F]HUZRQD
SRSá\QĊáDPLQDJOHSRZV]\VWNLFKĪ\áDFK%\áRQDGF]\PVLĊ]DVWDQRZLü-DNE\PSRWR
DE\PLE\áROHSLHMPXVLDáFRĞWDNURELüDE\JRU]HM
 7DNQLHPyZLVLĊGRPDWNLV\QXU]HNáPyMWDWDWD:NRĔFXRQDFLĊZ\GDáDQD
ĞZLDW
 $KDRGU]HNáHP1DáDGQ\PLĞZLDWVPURGOLZ\L]DIDMGDQ\=DFLVQąáHPSRZLHNL
MDNJG\E\]EyOXLVND]DáHP-XĪLGĨFLH3RP\ĞOĊRW\PSRZURFLH$OHGXĪRE\WU]HED
]PLHQLü
 'REU]HV\QXU]HNáHI&RW\ONR]HFKFHV]
 0XVLFLHVLĊ]GHF\GRZDüSRZLHG]LDáHPNWRU]ąG]L
 2XXXXQLHXVWDZDáDPDü
 :SRU]ąGNXV\QXRGSRZLHG]LDáWDWDWD:V]\VWNREĊG]LHMDN]HFKFHV]7\ONR
Z\]GURZLHM
 .LHG\ SRV]OL VRELH OHĪDáHP L P\ĞODáHP FR QLHFR R UyĪQ\FK U]HF]DFK MDNE\ SRG
F]DV]Ną SU]HVXZDá\ PL VLĊ QDMUyĪQLHMV]H REUD]NL D NLHG\ ZUyFLáD WD G]LXV]ND SLHOĊ-
JQLDUNDWDNMDNE\Z\JáDG]LüPLSU]HĞFLHUDGáDWRMąVS\WDáHP
 -DNGDZQRWXMHVWHP"
 2NRáRW\JRGQLDRGSRZLHG]LDáD
 ,FR]HPQąURELOL"
 1RFyĪSRZLHG]LDáDE\áHĞFDá\SRáDPDQ\LSRWáXF]RQ\LGR]QDáHĞSRZDĪQHJR
ZVWU]ąVXLVWUDFLáHĞQLHPDáRNUZL0XVLHOL]W\PZV]\VWNLP]URELüSRU]ąGHNQLHSUDZGD"
 $OHF]\NWRĞ]DJDEQąáHPURELáFRĞ]PRMąEDV]Ną"7R]QDF]\FKFLDáHP]DS\-
WDüF]\QLHPDMGURZDOLPLWDPFRĞZHZQąWU]Py]JX"
 &RNROZLHNE\URELOLRGU]HNáDWRQDSHZQRFLZ\MG]LHQDGREUH
 $OHZSDUĊGQLSRWHP]MDZLáRVLĊGZyFKWDNLFKGRNWRUNyZPáRG\FKLVáRG]LXWNR
Xá\EQLĊW\FKLSU]\QLHĞOLMDNE\NVLąĪNĊ]REUD]NDPL-HGHQ]DJDLá&KFHP\ĪHE\ĞVRELH
QDWRSRSDWU]\áLSRZLHG]LDáQDPFRP\ĞOLV]RW\FKREUD]NDFK=JRGD"
 &RMHVWJUDQHPRLPDOLGUXĪNRZLH"VS\WDáHP-DNLHĪWRPLDZV]\SRP\ĞOXQNL
QDPy]JáRZLXĞZLHĪHDQLHUR]XPQLHFK":LĊFREDMVLĊMDNE\]DNáRSRWDZV]\REĞPLDOL
]WHJRLXVLHGOLSRGZyFKVWURQDFKZ\UNDLUR]SDFKQĊOLWĊNVLąĪNĊ1DSLHUZV]HMVWURQLH
E\áR]GMĊFLHMDNE\JQLD]GDSHáQHJRMDMSWDV]ĊF\FK
 6áXFKDP"RGH]ZDáVLĊMHGHQ]GRNWRUNyZ
 *QLD]GRSWDVLHRGU]HNáHP]MDMDPL%DUG]RIDMQH
 ,FRE\Ğ]W\P]URELá"]DS\WDáGUXJL
 2FKSRZLDGDP5R]SLU]JQąáE\P=áDSDáE\PWRZV]\VWNRLSLHUG\NQąáRĞFLD-
QĊDOERVNDáĊF]\RFRĞWDPLSRSDWU]\áE\PMDNWRVLĊKRUURUV]RáWDNIDMQLHUR]EU\]JD
 'REU]HGREU]HSRZLHG]LHOLREDMLNDUWNDVLĊSU]HZUyFLáD1DW\PREUD]NXE\á
WDNLQRZLHONLJURPDGQ\SWDNFRVLĊQD]\ZDSDZRJRQPLDáNUXJRPUR]SRVWDUW\ZH
ZV]\VWNLFKNRORUDFKS\V]QLHWDNLFKHáSOLZLH6áXFKDP"U]HNáMHGHQ]GRNWRUNyZ
 %\áRE\QLHSáRFKRSRZLDGDPZ\G]LDUJQDüPX]RJRQDWHZV]\VWNLHSLyUDLSR-
VáXV]DüMDNZU]HV]F]\JZDáWXUHW\DĪE\SRVLQLDá$FRVLĊWDNS\V]QL
 'REU]H]DEDáDNDOLREDMGREU]HGREU]HGREU]H,GDOV]HRGZUDFDOLWHNDUWNL
%\á\WDPREUD]NLWDNLFKEDUG]RKRUURUV]RáIDMQLVW\FKG]LREHNLSVLF]HNWRMDSRZLHG]LD-
áHPĪHZDUWRE\LP]DVXQąüWRVWDUHU\SVZ\SVWDPLQD]DGLGRWHJRIHVWXOWUDNXNX
%\á\WDNLHREUD]NLĪHIOLPRQMDNLĞGRVWDMHEXWZVDPHJRU\MDLNUXJRPQLF]HZRW\ONRWD
F]HUZRF]HUZRQDMXFKDNUDVQDLMDQDWRĪHRZV]HPFKĊWQLHE\PVLĊSU]\áąF]\á,E\á
WHĪREUD]HNQDNWyU\PWHQVWDU\JRáRJX]\EUDWLVZDWQDV]HJRNDSáRQDWDV]F]\VZyM
NU]\ĪSRGJyUĊLMDSRZLHG]LDáHPĪHSDVRZDáE\PLWHQPáRWHNLJZRĨG]LH'REU]HGR-
EU]HGREU]HZLĊFMDSRZLDGDP
 1LE\FRWDNLHJR"
 *áĊERNDKLSQRSHGLDU]HNLMHGHQ]QLFKDOERMDNLHĞSRGREQHVáRZR&K\EDMH-
VWHĞMXĪZ\OHF]RQ\
DTP by SHADE 73
 :\OHF]RQ\"SRZLDGDP3U]\NXW\GRWHJRZ\UNDLW\JDGDV]PLĪHZ\OHF]RQ\"
8FKW\F]HUHSL]GąQDNU\W\
 3RF]HNDMZNOXF]\áVLĊGUXJL-XĪQLHGáXJR
 1RWRF]HNDáHPLF]XáHPVLĊEUDFLV]NRZLHPRLFRUD]OHSLHMZSLHSU]DMąFWHMDMND
ĞPDMNDLNXVRF]NLWRVWXLĪáRSLąFJURPDGQHZLHONLHNXEDV\F]DMX]POHNLHPDĪNWyUHJRĞ
GQLDSRZLHG]LDQRPLĪHEĊGĊPLDáEDUG]REDUG]REDUG]RZ\MąWNRZHJRJRĞFLD
 .RJR"VS\WDáHPMDNRQLPLZ\JáDG]DOLSRĞFLHOLF]HVDOLPyMEXMQ\SU]HS\FKER
]JáRZ\EDQGDĪHMXĪPLDáHP]GMĊWHLNXGá\PL]SRZURWHPRGUDVWDá\
 $]REDF]\V]]REDF]\V]RGND]\ZDOL1RL]REDF]\áHP2GUXJLHMWU]\G]LHĞFLSR
SRáXGQLX]ZDOLOLVLĊFK\EDZV]\VF\IRWRJUDIRZLHLFL]JD]HWFRPDMąQRWHV\LRáyZNLQR
LFDá\WHQV]DMV,PDáRQLH]DWUąELOLZLHONLHMIDQIDU\NXF]FLWHJRRJURPQHJRZDĪQLDND
NWyU\SU]\MHFKDá]REDF]\üVLĊ]1LĪHM3RGSLVDQ\P1RLZNURF]\áLRF]\ZLĞFLHE\áWRQLH
NWRLQQ\W\ONR0LQLVWHU6SUDZ1LHZG]LĊF]Q\FKL:HZQĊWU]Q\FKRG]LDQ\ZVDPV]F]\W
PRG\LWDNZ\WZRKRKRKRUQLHSU]HPDZLDMąF\%á\VNEá\VNLWUUUDFKSRV]á\ZUXFKND-
PHU\QDWRMDNRQ]DIXQGRZDáPLJUDEĊ$MDSRZLDGDP
  1R QR QR L SURV]Ċ &yĪ MHVW DOLĞFL JUDQH R VWDU\ PyM GUXĪNX"  7DN ]XSHáQLH
FK\EDQLNWQLHSRQLDáFREDáDNQąáHPDOHNWRĞRGH]ZDáVLĊRVWUR
 :LĊFHMV]DFXQNXFKáRSF]HPyZLV]GR0LQLVWUD
 -DMDZDUNáHPQDQLHJRMDNSVLXN:LHONLHFLMDMNDĞPDMNDZĪG\üLWZRLPWDN
VDPR
 'REU]HGREU]HZNOXF]\áVLĊE\VWURWHQ0LQLVWHU6SUDZ1LHL:H:QĊWU]Q\FK
5R]PDZLDP\VRELHQDVWRSLHSU]\MDFLHOVNLHMQLHSUDZGDĪV\QX"
 -DGODNDĪGHJRMHVWHPSU]\MDFLHOHPRGU]HNáHP]Z\MąWNLHPZURJyZ
 $NLPĪHVąWZRLZURJRZLH"VS\WDá0LQLVWHUDWH]JD]HWIDJDV\QLFW\ONRVNU\EX
VNU\EXLSLVXSLVX&]\PyJáE\ĞQDPWRSRZLHG]LHüPyMFKáRSF]H"
 .DĪG\NWRPQLHVNU]\ZG]LSRZLDGDPWRPyMZUyJ
 $ZLĊFU]HNá0LQLVWHURG1LHL:H:QĊWU]MDL5]ąGGRNWyUHJRQDOHĪĊFKFH-
P\DE\ĞQDVXZDĪDá]DSU]\MDFLyá7DNMHVWSU]\MDFLyá'RSURZDG]LOLĞP\FLĊGRSRU]ąG-
NX QLHSUDZGDĪ" 0DV] QDMOHSV]ą RSLHNĊ OHNDUVNą 1LJG\ Z Ī\FLX QLH FKFLHOLĞP\ WZHM
NU]\ZG\DOHVąWDF\NWyU]\FKFLHOLMHMLFKFąZGDOV]\PFLąJX&K\EDRULHQWXMHV]VLĊ
RNRJRFKRG]L
 7DNWDNWDNSRVXZDá6ąSHZQLOXG]LHSUDJQąF\FLĊZ\NRU]\VWDüWDNMHVW
Z\NRU]\VWDüZFHODFKSROLW\F]Q\FK%\áRE\LPWRQDUĊNĊWDNMHVWQDUĊNĊJG\E\ĞQLH
Ī\áERP\ĞOąĪHZWHG\XGDáRE\VLĊLP]ZDOLüRGSRZLHG]LDOQRĞü]DWRZV]\VWNRQD5]ąG
:LHV]FK\EDFRWR]DOXG]LH
 -HVWSHZLHQRVREQLNFLąJQąá0LQLRG1LHL:H:QĊWU]QLHMDNL)$OH[DQGHUDXWRU
OLWHUDWXU\Z\ZURWRZHMFRU\F]DáLGRPDJDáVLĊWZRMHMNUZL2V]DODá]SUDJQLHQLDĪHE\FL
ZSDNRZDüQyĪZVHUFH$OHMXĪQLHEĊG]LHFL]DJUDĪDá:]LĊOLĞP\JRSRGNOXF]
 $PLDáE\üMDNGUXĪHNSRZLHG]LDáHP%\áPLMDNPDWNDURG]RQDWDNLRQE\á
 %RGRZLHG]LDáVLĊĪHJRVNU]\ZG]LáHĞ3U]\QDMPQLHMSRSUDZLáVLĊ0LQLRF]HĔ
E\VWURSRP\ĞODáLXZLHU]\áZWRĪHJRVNU]\ZG]LáHĞ:ELáVRELHGRJáRZ\ĪHMHVWHĞ
RGSRZLHG]LDOQ\]DĞPLHUüNRJRĞEOLVNLHJRPXLGURJLHJR
 =QDF]\VLĊEDáDNQąáHPĪHPXNWRĞSRZLHG]LDá
 %\áRW\PSU]HNRQDQ\U]HNá0LQL%\áQLHEH]SLHF]Q\:LĊF]DPNQLĊWRJRGOD
MHJRZáDVQHJRGREUD-DNUyZQLHĪGRGDáGODWZRMHJR
 7RPLáHU]HNáHP7R]DLVWHPLáH]ZDV]HMVWURQ\
 .LHG\VWąGZ\MG]LHV]WUXáGDOHM0LQLVWHUQLHEĊG]LHV]PLDáĪDGQ\FKNáRSRWyZ
2ZV]\VWNRVLĊ]DWURV]F]\P\%ĊG]LHV]PLDáGREUąSUDFĊLZ\VRNLH]DURENL%RQDPSR-
PDJDV]
- A pomagam? - ja na to.
 3U]\MDFLRáRP]DZV]HVLĊSRPDJDQLHSUDZGDĪ"L]áDSDáPQLH]DJUDEĊDNWRĞ
]DZRáDá8ĞPLHFKLXá\EQąáHPVLĊQLHSRP\ĞODZV]\MDN]XPDV]HGáV]\L]DUD]Eá\VN
Eá\VNLWU]DVNEá\VNWUUUDFKSRURELOL]GMĊFLDPQLHL0LQLVWURZLRG1LHL:H:QĊWU]MDF\
DTP by SHADE 
] QDV SU]\MDFLHOH  'REU\ ] FLHELH FKáRSLHF SRZLHG]LDá WHQ ZLHONL F]áRQLR  *U]HF]Q\
LGREU\FKáRSF]\N$WHUD]QRSURV]ĊPDá\SUH]HQFLN
 ,FyĪRQLZQLHĞOLREUDFLV]NRZLHMDNQLHZLHONLHEá\V]F]ąFHSXGáRLRGUD]XZLH-
G]LDáHP FR WR $ WR E\áR VWHUHR 3RVWDZLOL PL MH SU]\ Z\UNX L RWZRU]\OL L MDNLĞ IDJDV
ZHWNQąá MHJR SU]HZyG GR JQLD]GND Z ĞFLDQLH  &R PD E\ü"  ]DS\WDá MDNLĞ SLQJODU]
ZRF]NDFKQDNOXILHLZUĊNDFKWU]\PDZV]\PQyVWZRĞOLF]Q\FKEá\V]F]ąF\FKNRV]XOHN
SHáQ\FKPX]\NL0R]DUW"%HHWKRYHQ"6FK|QEHUJ"$PRĪH&DUO2UII"
 ']LHZLąWDU]HNáHP1LH]UyZQDQD']LHZLąWD
 ,SRV]áD']LHZLąWDREUDFLV]NRZLHPRL7DPFLVLĊ]DF]ĊOLJU]HF]QLHFLFKRLVSRNR
Z\JUXĪDüDMDOHĪDáHP]]DPNQLĊW\PLRF]\PDVáXV]DMąFWHMSU]HZRVFKRGQHMPX]\NL
'REU\GREU\FKáRSLHFSRZLHG]LDá0LQL:QĊWU]LSRNOHSDZV]\PQLHZSOHF]RWHĪVLĊZ\-
QLyVá7\ONRMHGHQF]áRQLR]RVWDZV]\SRZLHG]LDáPL3URV]ĊVLĊWXSRGSLVDü8FK\OLáHP
SRZLHNQDW\OHĪHE\SRGSLVDüQLHZLHG]ąFREUDFLV]NRZLHPRLFRSRGSLVXMHLQDZHW
VLĊW\PQLHLQWHUHVXMąF3RF]\P]RVWDZLOLPQLHMXĪVDPHJR]WąSU]HFXGRZQą']LHZLąWą
/XGZLND9DQ
 2FKFR]DZVSDQLDOVWZRLQLDPQLDPQLDP-DN]DF]ĊáRVLĊ6FKHU]RWRMXĪZLG]LD-
áHP WDN GRNáDGQLH VDPHJR VLHELH MDN ELHJQĊ L ELHJQĊ MDNE\ QD RF]HĔ OHFLXWNLFK L WD-
MHPQLF]\FKQRJDFKURELąFPRMąEU]\WZąGRJGU\NFLDFKFLDFKSRFDáHMPRUG]LHZU]HV]-
F]ąFHPXĞZLDWX$SU]HGHPQąMHV]F]HE\áDWDF]ĊĞüSRZROQDLWDZXQGHUEDURVWDWQLD
ĞSLHZDMąFD%\áHPZ\OHF]RQ\MDNWU]D
.
7
.
- To co teraz, ha?
 %\áHP MD :DV] 3RNRUQ\ D 3LV]ąF\ 7H 6áRZD L WU]HFK PRLFK NXPSOL WR ]QDF]\
/HQ5LFNL%\FKRD%\FKR]ZDáVLĊ%\FKR]SRZRGXĪHPLDáWRJURPDGQHJUXEHV]\MVNR
LWDNLHQDEDOV]RMJURPNLHJáRVLV]F]HNDNUD]EXGĨWRZLHONLMDNLĞJURPDGQ\E\NU\F]Dá
ERRXXXXX6LHG]LHOLP\Z%DU]H.URZD]DVWDQDZLDMąFVLĊFR]URELü]WDNSLĊNQLHUR]SR-
F]ĊW\PDZLHF]yUE\áFKXMQLDPURN]LąE]LPDVXNLQNRWFKRüVXFK\:V]ĊG]LHNUXJRP
MDNLHĞ ZS\FKOH MXĪ GREU]H QD KDMX RG WHJR FR SOXV ZHORFHW L V\QWHPHVN L GUHQNURP
L MHV]F]H WDNL VLDNL PDUDVHW FR FLĊ Z\QRVLá SR]D WHQ QLHFKDURV]\ QDVWRMDV]F]\ ĞZLDW
GR WDNLHJR NUDMX JG]LH LG]LH ]REDF]\ü 3DQD %RJD L :VLHFK -HJR $QLRáyZ L ĝZLĊW\FK
ZOHZ\PEXFLRU]HLGRWHJRUR]Eá\VNLSU\VNLEU\]JQDFDáHPy]JáRZLH$GRLOLĞP\VWDUH
POHF]NR]Ī\OHWDPLZĞURGNXWDNVLĊXQDVPyZLáRĪHE\VLĊQDRVWU]\üLE\üJRWyZQD
QLHPQRĪNRWHJREUXGQHJRFRWRGZDG]LHĞFLDZMHGQRDOH]QDFLHMXĪWHQFDá\UD]ND]
 :V]\VF\E\OLĞP\MDN]ĪXUQDáDZ\FLĊFLWR]QDF]\ZHGáXJWDPWHMPRG\RGHUĪQLĊFL
ZEDUG]RV]HURNLHV]WDQ\LEDUG]ROXĨQHF]DUQHSRá\VNOLZHVNyU]DQHMDNE\NXEUDNLQD
UR]SLĊWąNRV]XOH]WDNLPMDNE\V]DOLNLHPZHWNQLĊW\PSRGV]\Mą,E\áWDJGDVDPV]F]\W
PRG\ĪHE\VHGDüVWDUąEU]\WZąSRJáRZLHWDNĪHEDV]NDE\áDFLXWQLHVDZVLHPá\VD
LW\ONR]ZáRVDPLSRERNDFK$OHQDVWDU\FKQRĪ\VNDFKZFLąĪWRVDPRWHEXW\SRQD-
VWRMDV]F]\KRUURUV]RáZLHONLHLJURPDGQHZVDPUD]ĪHE\PRUGĊZNRSDüGRĞURGND
- To co teraz, ha?
 %\áHPMDNE\QDMVWDUV]\ZQDV]HMF]ZyUFHLZVLHSDWU]\OLQDPQLHMDNQDZRĪDWHJR
DOH GRVWDZDáHP QLHUD] WDNLHM SU]\GXPNL ĪH %\FKRZL MXĪ áD]L SRF]DV]FH F]\ DE\ QLH
SU]HFKZ\FLüQLE\ĪHWDNLJURPDGQ\ZVRELHLĪHWHQJáRVJURPNLZ\GRE\ZDVLĊ]QLHJR
NLHG\ZNURF]\QDZRMHQQąĞFLHĪNĊ$OHSRP\Vá\REUDFLV]NRZLHPRLWRV]á\]DZV]HRG
1LĪHM3RGSLVDQHJRQRLZGRGDWNXOLF]\áRVLĊĪHMDE\áHPWHQVáDZQ\LPLDáHPVZRMH
]GMĊFLDLDUW\NXá\RPQLHZĪXUQDáDFKLFDá\WHQV]DMV$GRWHJRPLDáHPWHĪQDMOHSV]ą
URERWĊ]QDV]HMF]ZyUNLQLE\ZW\P&HQWUDOQ\P$UFKLZXP1DURGRZ\PMDNRVSHFRG
PX]\NLSU]\JUDPRSá\WDFKL]DWRFDáNLHPKRUURUV]RáNDVDEXEXSRáXF]DáHPFRW\G]LHĔ
GRNDUPDQDLMHV]F]HQDERF]NXPQRJRPQRJRIDMQLXWNLFKSá\WGODVDPLXWNLHJRVLHELH
]DEH]GXUQR
 7HJRZLHF]RUDZPRáRF]QL3RG.URZąE\áFDá\WáXPQRUPDOQLHPXĪ\NyZLSVLRFK
DTP by SHADE 75
L G]LXV]HN L PDá\V]yZ D ZV]\VWNR ĞPLHMDV]F]H L GXGOąFH L SU]H] WHQ V]XPQ\ EDáDFK
LEHáNRWW\FKFRMXĪZWUDNFLHQDRUELFLH]W\PLFK*URSV]HS\FKQLHWXSDGIDOOLNQLHJR
LUREDF]PXFKZHSUąJ]DELF]XSHáQLSU]HWUXSDMFDFKLSU]H]FDá\WHQV]DMVSU]HELMDáVLĊ
MDNLĞG\VNRSRSQDVWHUHRLWRE\á1HG$FKLPRWDĞSLHZDMąF\7HQG]LHĔRMWHQG]LHĔ
3U]\EDU]HVLHG]LDá\WU]\G]LXOHRGHUĪQLĊWHZVDPZLHUFKPRG\QDVWRORZDWHM]QDF]\VLĊ
GáXJLHQLHXF]HVDQHZáRV\Z\NUDV]RQHQDELDáRLV]WXF]Q\F\FZ\VWHUF]RQ\QDPHWUDOER
ZLĊFHMLXFKXFKMDNLHREFLVáHVSyGQLF]NLNUyWNLHDSRGQLPLZVLRELDáHLDĪSLHQLąFH
VLĊL%\FKRZFLąĪSRZWDU]Dá(MSRVXQĊOLE\P\ZWRZHWU]HFK6WDUHPX/HQRZLQLF
]DOHĪ\1LHFKVLĊVWDU\/HQREV]F]D]HVZRLP%RJLHP$/HQW\ONRSRZWDU]Dá-DMD
ĪHFLĞPDMD*G]LHWHQGXFK"ĪHZVLH]DMHGQHJRLMHGHQ]DZVLHFKQRJG]LHERMNX"
1DJOHSRF]XáHPVLĊRF]HĔRF]HĔXVWDZV]\LUyZQRF]HĞQLHSHáHQMDNE\WDNLHMáDVNRWOLZHM
HQHUJLLZLĊFSRZLHG]LDáHP
 $XWDXWDXWDXWUDXV
 5DXVDGRNąG"]DS\WDá5LFN]PRUGąMDNXĪDE\
 $WDNQRUPDOQLHOXNQąüFRVLĊKDSQLHQDW\PRJURPQ\PĞZLHFLHRGSDUáHP
$OHZU]HF]\VDPHMREUDFLV]NRZLHF]XáHPVLĊSRQDVWRMDV]F]\]QXG]RQ\LMDNRĞWDN
EH]QDG]LHMQLHDWRF]XVWZRQLHUD]PQLH]DVNDNLZDáRZW\FKGQLDFK:LĊFRGZUyFLáHP
VLĊGRMDNLHJRĞF]áRQLDFRVLHG]LDáNRáRPQLHQDWHMGáXJLHMSOXV]RZHMáDZLHFLąJQąFHM
VLĊXĞFLDQNUXJRPSRFDáHMPRáRF]QLGRWHJR]QDF]\VLĊF]áRQLDFRWDNEXOJRWDáQD
F\NXLSLąFKQąáHPJRWDNRF]HĔE\VWURHFKHFKHFKZEU]XFKR$OHRQGDĪHQLHSRF]Xá
EUDFLV]NRZLHLGDOHMEXOJRWDáVZRMH3U]HWRMDNFQRWRWRSRGSUĊJG]LHĪQDNáDPDV]FLH
L SR SRSNRUPDNX" :LĊF P\ UD] L Z\WRF]\OL VLĊ Z WĊ ZLHONą ]LPRZą QRF,GDZDM SR
0DUJKDQLWD5RDGDĪHSDWUROHPLOLSROLF\MQHGXĪRVLĊWDPQLHXG]LHODá\ZLĊFQDWUDILZ-
V]\P\QDVWDUHJRFKU\NDFRMDNUD]ZUDFDá]NLRVNXZ\V]HGáV]\SRJD]HWĊEDáDNQąOHP
MDGRQDV]HJR%\FKD1RIDMQRIDMQ%\FKXERMNXZROQRüMHĞOLFKXüSRWHPXF]XMąF
L áDNQLHV]  : W\FK F]DVDFK MXĪ FRUD] WR F]ĊĞFLHM Z\GDZDáHP W\ONR UR]ND]\ L ] ERNX
VLĊSU]\JOąGDáHPMDNRQLMHZ\NRQXMą7DNLWX%\FKRZ]LąáPXáDGRZDüXFKXFKXFK
DWDPFLGZDMJRSRGFLĊOLDĪUXFKQąáLNRSDOLJRFKDFKDĞPLHMDV]F]\OHĪąFHJRDSRWHP
GDOLPXRGSHá]QąüGDPRMWDPJG]LHPLHV]NDáWDNMDNE\VNRZ\WDMąFHPXVRELHFLFKXWNR
 %\FKRSRZLHG]LDá
 0RĪHE\WDNF]HJRĞVWDNDQF]\NQLDPQLDPQDUR]JU]HZNĊRPyM$OH[LH"%R
QLHGDOHNR PLHOLĞP\ GR .VLĊFLD 1RZHJR -RUNX 7DPFL GZDM NLZQĊOL ĪH WDN WDN WDN DOH
ZV]\VF\ á\SLąF QD PQLH F]\ EĊG]LH ]JRGD :LĊF MD WHĪ NLZQąáHPL SRV]OLĞP\ : W\P
XMXWQ\P]DNąWNXZ\VLDG\ZDá\VWDUHSVLRFK\F]\OLSXGHUQLFHF]\OLEDEXONLFRQDZLHUQR
SDPLĊWDFLHMDNPyZLáHPRQLFKQDSRF]ąWNXL]DF]Ċá\WRVZRMH'REU\ZLHF]yUFKáRS-
F\QLHFKZDV%yJEáRJRVáDZLFKáRSF\MHVWHĞFLHQDMOHSVLQDĞZLHFLHWDNMHVWFKáRSF\
Z\F]HNXMąFNLHG\RGQDVXVá\V]ą7RFRVRELHNDĪHP\G]LHZXV]NL"%\FKRGDáQD
G]ZRQHNLZV]HGáNHOQHUWUąFVRELHáDSVNDRV]DMVRZDW\IDUWXFK']LHQJLQDVWyáGUXĪ-
NRZLH]DJDLá%\FKRZ\JDUQLDMąFEU]GĊNEU]GĊNLWUXUXUXVZyMVWRVLNPRQDáL]\3R
6]NRFLHGODQDVLWRĪHGODW\FKVWDU\FKEDEXV]HNQRQLH"
 $MDQDWR
 (FKGRGLDEáD6DPHQLHFKNXSLą1LHZLHG]LDáHPFRMHVWDOHRVWDWQLRWDNL
VLĊ]URELáHPSáRFKLQLHFKDURV]'RVWDáHPWDNLHMSU]\GXPNLMDNE\áDSF]\ZHMFKXFLĪH
VFKRZDPWRFDáHNDVDEXEXGODVLHELHMDNJG\E\PQDFRĞ]ELHUDá
 $QDWR%\FKR
 &RMHVWEUDFLV]NX"&RQDV]áRVWDUHJR$OH[D"
 (FKGRGLDEáDSRZLDGDP1LHZLHP$ERMDZLHP7RMHVWĪHPLVLĊRGQLHFK-
FLDáRZ\U]XFDüPRMHFLĊĪNR]DURELRQHNDVDEXEX2WRFRMHVW
  =DURELRQH"  SRZLDGD 5LFN  =DURELRQH" 7HJR VLĊ QLH ]DUDELD VWDU\ GUXĪNX
FK\EDW\ZLHV]QDMOHSLHM%LHU]HVLĊLW\OHSRSURVWXELHU]HRWWDN,MDNGDáVLĊJURPNR
ZĞPLHMDV]F]\UHFKRW]REDF]\áHPĪHPDSDUĊNDIOLZPRUG]LHQLHWDN]DEDUG]RKRUURU
V]Rá
  $FK  EDáDNQąáHP WU]D SRP\ĞOHü  $OH ZLG]ąF MDN WH EDEXONL SDOą VLĊ ĪHE\
DTP by SHADE 
VRELHFKODSQąüVSLUWQHJR]DEH]GXUQRZ]UXV]\áHPSOHF]DPLQRLWHĪZ\JDUQąáHPVZRMH
G]LHQJL ] NDUPDQX Z V]WDQDFK ELORQ L SDSLHUNL ZV]\VWNR ]PLHV]DQH L SL]JQąáHP WR
EU]GĊNFKU]ĊVWQDVWyá
 'ODZV]\VWNLFKREHFQ\FKSRV]NRFLHVáXĪĊSRZLHG]LDáNHOQHU$MDF]HJRĞRG-
ND]DáHP
 1LHFKáRSLHGODPQLHSLZNRPDáH
 7XWDM/HQVLĊZFLąá
 1DWRE\PQLHSROHFLDáL]DF]\QDPLSU]\NáDGDüJUDE\GRF]DV]NLQLE\WDND
]JU\ZDĪHPDPJRUąF]NĊ$OHMDQDQLHJRZDUNQąáHPMDNSVLXNĪHE\RGVWDáQDW\FK-
PLDVW'REU]HMXĪGREU]HGUXĪNXPDUJQąá7\Ğ]DLVWHSRZLHG]LDá$OH%\FKR]DJD-
SLáVLĊUR]SDFKQąZV]\XVWRQDFRĞZ\GRE\WHJRSU]H]HPQLH]NDUPDQDUD]HP]G]LHQ-
JDPLNWyUHV]Z\UJQąáHPQDVWyá
 1RQRQRSRZLHG]LDá.WRE\SRP\ĞODá
 2GGDMPLWRZDUNQąáHPLE\VWURPXJUDEQąZV]\$OHQLHSRWUDILáE\PZ\WáXPD-
F]\üVNąGVLĊWDPZ]LĊáREUDFLV]NRZLHGRĞüĪHE\áDWRIRWRJUDILDNWyUąZ\FLąáHP]H
VWDUHJRĪXUQDáDSRND]XMąFDPDOXWNLHJRU\ELRQND7HQQLHPRZODNURELáJXJXJXLSU]\
W\PFDáHPOHNRMDNE\PXZ\FLHNDáR]U\MDLá\SDáGRJyU\WDNMDNE\Xá\EDZV]\VLĊGR
ZVLHFKFDáNLHPJRáRJX]\LSá\üPLDáZWDNLFKMDNE\IDáGNDFKEDUG]RWáXVW\U\ELRQHN1R
L]URELáRVLĊWDNLHFLXWMDNE\KRKRKRZW\PV]DPRWDQLXVLĊĪHE\PLRGHEUDüWHQNXVR-
F]HNEXPDJLZLĊF]QyZPXVLDáHPZDUNQąüQDQLFKLJUDEQąáHPWR]GMĊFLHLSRGDUáHP
MHQDGUREQLXWNLHVWU]ĊSNLLU]XFLáHPQDSRGáRJĊMDNQLHPQRĪNRĞQLHJX3RF]\P]MDZLá
VLĊá\VNDF]LWHVWDUHEDEXONLUR]GDUá\VLĊ1D]GURZLHFKáRSF\3DQLH%RĪHZDVSREáR-
JRVáDZFKáRSF\1LHPDQDFDá\PĞZLHFLHOHSV]\FKQLĪZ\FKáRSF\LFDá\WHQV]DMV
$MHGQDGRLPHQWXZEUX]GDFKL]PDUV]F]NDFKD]ĊEyZWRMXĪZFDOHQLHPDMąFDZWHM
XVFKQLĊWHMPRUG]LH]DJDLáD1LHGU]\MSLHQLĊG]\V\QX-HĪHOLFLQLHVąSRWU]HEQHWR
GDMWDNLPNWyU]\LFKSRWU]HEXMąFRE\áR]MHMVWURQ\EH]XPQR]XFKZDáHLRGZDĪQH
 $OH5LFNRGSRZLHG]LDá
 3LHQLąG]HWRZĪG\üQLHE\á\REDEXV]NR-HQR]GMĊFLHDQDQLPWDNLĞOLF]QLXWNL
EHMEXĞFLXWNLNRFKDQLXWNLQLHPRZOXWNL
 2GSDUáHP
 3RSURVWXPDPWHJRSRJDUGáRLXVWDZV]\RWRFRMHVWHP%HMEXVLHWRZ\MHVWH-
ĞFLHáREX]HUND5HFKRWDüLREV]F]HU]DüVLĊLSRGĞPLHFKXMNLWRZV]\VWNRFRSRWUDILFLH
LSRWFKyU]RZVNXGDZDüOXG]LRPZLHONLáRPRWMDNQLHPRJąZDPRGGDü
 :NOXF]\áVLĊ%\FKR
 1RSURV]ĊDZVLHJGD]GDZDáRQDPVLĊĪHRGWHJRW\DNXUDWMHVWHĞQDMZLĊNV]\
NUyOLSLHUZV]\XF]\FLHOVWDU\GUXĪNX1RQLH=WREąMHVWZáDĞQLHWHQNáRSRW
 *DSLá VLĊ MD QD WHQ RK\GQ\ VWDNDQ SLZD VWRMąF\ SU]HGH PQą MDN FKXM QD VWROH
LZĞURGNXF]XáHPVLĊWDNU]\JRWOLZLHĪHZNRĔFX]URELáHP$DDDDFKLFKOXVQąáHP
FDá\WHQVSLHQLRQ\ĞPLHUG]ąF\V]DMVQDSRGáRJĊ$MHGQD]HVWDU\FKSVLRFKSRZLHG]LDáD
 .WRWUDFLWHQVLĊQLHERJDFL
 3RVáXFKDMFLHZ\PQLHGUXĪNRZLH:LG]LFLH7HMQRF\MHVWHPF]HJRĞQLHZKX-
PRU]H6DPQLHZLHPMDNLGODF]HJRDOHWRIDNW,GĨFLHVRELHWHMQRF\Z\WU]HMZáDVQą
GURJą-DVLĊZ\áąF]DP1D]DZWUDVSRWNDP\VLĊZW\PVDP\PF]DVLHLPLHMVFXPDP
QDG]LHMHĪHMXĪEĊGĊVLĊF]XáGXĪROHSLHM
 2FKSRZLHG]LDá%\FKRMDNĪHPLSU]\NUR$OHZJáD]DFKPXE\áRZLGQRWDNLH
MDNE\ĞZLDWHáNRĪHQDWĊQRFRQSU]HMPLHZRĪDFWZR2MWDZáDG]DZáDG]DNDĪG\MHM
SUDJQLH  0RĪHP\ RGáRĪ\ü GR MXWUD  SRZLHG]LDá %\FKR  FRĪHĞP\ SRF]ĊOL Z XP\ĞOH
VZ\P&]\OLWHQVNRNQDVNOHS\SU]\*DJDULQ6WUHHW3\V]Q\KRUURUV]Rá]DFKZDWOHĪ\
LF]HNDGUXĪNXW\ONREUDüLSRáXF]Dü
 1LHRGSDUáHP1LF]HJRQLHRGNáDGDMFLH:DOFLHLMXĪW\OHĪHZVZRLPZáDVQ\P
VW\OX1RSRZLHG]LDáHPWRMDVSDGDP,SRGQLRVáHPVLĊ]NU]HVáD
 $GRNąG"]DS\WDá5LFN
 7HJRQLHZLHPRGU]HNáHP3RE\üVDP]HVREąLW\OHLUR]HEUDüVLĊZW\P
DTP by SHADE 77
LRZ\P=UD]XE\áRZLGQRĪHWHVWDUHEDEXV]NLGRVWDMąQDSUDZGĊ]DJZR]GNLF]HPX
MDWDNRGFKRG]ĊLGRWHJRMDNE\SRVĊSQ\DQLHWHQE\VWU\LĞPLHMDV]F]\PDOF]\NSDO-
F]\NFRJRSDPLĊWDFLH$OHMDVND]DáHP$FKGRGLDEODGRGLDEODLZ\JUX]LáHPVLĊ
QDXOLFĊVDPQDVDPRJZDáWLDG]LQRNR
 %\áRFLHPQRL]U\ZDáVLĊZLDWURVWU\MDNQyĪLQLHGXĪRZS\FKOLVLĊV]ZHQGDáRSR
PLHĞFLH2ZV]HPWHSDWUROXMąFHJOLQRZR]\]EUXWDOQ\PLSROXF\MQLDNDPLZĞURGNXMDNE\
NUąĪąFH L RG F]DVX GR F]DVX JG]LHĞ QD URJX ZLG]LDáR VLĊ SDUX EDUG]R PáRG]LXWNLFK
JOLQLDUF]\NyZMDNWXSLąQDWHQNXUHZVNL]LąELZ\SXV]F]DMąSDUXMąF\RGGHFKZ]LPR-
ZHSRZLHWU]HREUDFLV]NRZLH&K\EDMXĪSRQDVWRMDV]F]\PQyVWZRWHJRVWDUHJRXOWUD
JZDáWXL]áRG]LHMVWZDZ\PLHUDáRMDNRĪHPLOLF\MQLDNL]URELá\VLĊWDNEUXWDOQH]NDĪG\P
NRJR]áDSDOLFKRFLDĪ]GUXJLHMVWURQ\WRE\áDMXĪWDNDMDNE\ZRMQDPLĊG]\ZUHGQ\PLQD-
VWRODPLDJOLQLDU]DPLNWyU]\VWDOLVLĊE\VWU]HMVL]PDMFKUHPLEU]\WZąLSDáąLQDZHW]H
VSOXZą$OHFRVLĊZWHG\G]LDáR]HPQąWRĪHMDNE\QLH]E\WPQLHMXĪREFKRG]LáR-DNE\
VLĊ]DOĊJáRZHPQLHFRĞQDPLĊNNRLQLHPRJáHP]UR]XPLHüGODF]HJR"6DPQLHZLH-
G]LDáHPF]HJRFKFĊ1DZHWLPX]\NDNWyUHMOXELáHPVáXFKDüZPRLPPDOXPDOXWNLP
Ī\OLV]F]XE\áDWDND]NWyUHMPyJáE\PVLĊGDZQLHM]HĞPLDüREUDFLV]NRZLH6áXFKDáHP
ZLĊFHM WDNLFK MDNE\ PDFLXSNLFK SLHĞQL URPDQW\F]Q\FK FR WR MH QD]\ZDMą /LHGHU VDP
JáRVLIRUWHSLDQQLF]HZREROV]HWDNLHEDUG]RFLFKHLMDNE\WĊVNQHLQQHQLĪZF]DVDFK
NLHG\E\á\WRZVLHJGDJURPDGQHZLHONLHRUNLHVWU\LMDOHĪDáHPZáyĪNXSRĞURGNXVNU]\-
SLHFLSX]RQyZLNRWáyZ&RĞG]LDáRVLĊZHPQLHL]DVWDQDZLDáHPVLĊF]\WRMDNE\WDND
FKRUREDF]\WRFRZWHG\XVWURLOL]HPQąPąFąFPLZJáRZLHLNWRZLHF]\QLHURELąF
PQLHSRQDVWRMDV]F]\]XPDV]HGáV]\P
 :LĊFWDNUR]P\ĞODMąF]HVFK\ORQąEDV]NąL]JUDEDPLZELW\PLZNDUPDQ\NDORWyZ
V]DWDáHPVLĊMDSRPLHĞFLHREUDFLV]NRZLHLZUHV]FLHSRF]XáHPVLĊEDUG]RXVWDZV]\
LĪHMHVWPLEDUG]RSRWU]HEQDGXĪDIDMQDF]DV]NDVWDUHJRF]DMX]POHNLHP2W\PF]DMX
GXPDMąFXMU]DáHPQDJOHMDNE\VZyMPDOXQHNĪHVLHG]ĊSU]HGZLHONLPRJQLHPZNRPLQ-
NXQDIRWHOXGRMąFWHQF]DMDFRE\áR]DEDZQHLRF]HĔRF]HĔF]XGDFNLHWRĪHMDNE\
SU]HPLHQLáHPVLĊZEDUG]RVWDUHJRF]áRZLHNDODWPRĪHVLHGHPG]LHVLąWERZLG]LDáHP
VZHZáRV\FDáNLHPVLZHLPLDáHPWHĪZąV\LGHQWLNRVLZLXWNLH:LG]LDáHPVDPHJRVLH-
ELHMDNRVWDUHJRFKU\NDVLHG]ąFHJRSU]\RJQLXDSRWHP]QLNáWHQMDNJG\E\REUD]$OH
E\áRWREDUG]RG]LZQH
 'RV]HGáHPGRMHGQHM]W\FKNDIHMHNLF]DMQ\FKEUDFLV]NRZLHLSU]H]GáXJLHGáX-
JLHDNRV]NRZLG]LDáHPĪHSHáQRZQLHMOXG]LVDZVLHPQXGQ\FKLWĊS\FKMDNE\FDáNLHP
]Z\F]DMQ\FKPDMąF\FKWHEDUG]RFLHUSOLZHPRUG\EH]Z\UD]XLQLHFKFąF\FKQLNRPX
V]NRG]LüMDNVLHG]ąLEDODNDMąVHWDNSRFLFKXLGXGOąWHVZRMHQLHV]NRGOLZHSRSUDZQH
F]DM L NDZĊ :áDGRZDáHP VLĊ GR ĞURGND L GDZDM GR NRQWXDUX L Z]LąáHP IDMQ\ JRUąF\
F]DM]GREDZNąMDNVLĊSDWU]\POHNDLSU]HV]HGáHPGRNWyUHJRĞ]HVWROLNyZLXVLDGáHP
ĪHE\WRZ\SLü$SU]\W\PVWROLNXVLHG]LDáDMXĪGZyMNDPáRG\FKSLOLFRĞLNXU]\OLVHUDNR-
WZRU\]ILOWUHPLJDGXJDGXLĞPLDOLVLĊGRVLHELHSRFLFKXDOHMDQLH]ZDĪDáHPQDQLFK
LGRMąFWDNMDNE\ZHĞQLHJáyZNRZDáHPFRWRVLĊZHPQLH]PLHQLDLFR]HPQąEĊG]LH
: NRĔFX SU]\XZDĪ\áHP ĪH WD G]LXV]ND SU]\ PRLP VWROLNX ] W\P F]áRQLHP WR MHVW SR
QDVWRMDV]F]\JLWLKRUURUV]RáQLHZW\PURG]DMXFRĪHE\REDOLüLQRUPDOQLHU\SVZ\SV
U\SVZ\SVW\ONRĪHFLDáRQDEDOV]RMLOLFRWHĪLU\MXĞPLHFKQLĊW\LZáRV\MDVQHSU]HMDVQH
LFDá\WHQV]DMV3RF]\PWHQMHMF]áRQLRZNDSHOXV]XLPRUGąVLHG]ąF\ZGUXJąVWURQĊ
RGZUyFLáVLĊĪHE\OXNQąüQDJURPDGQ\]HJDUFRWDPZLVLDáQDĞFLDQLHLGRSLHURSR]QD-
áHPMHJRLRQPQLHSR]QDá$WRE\á3HWHMHGHQ]PRMHMIHUDMQ\ZF]DVDFKNLHG\E\OL
ZQLHMĩRUĪ\NL-RáRSRQLMD3HWHZHZáDVQHMRVRELHLW\ONRMDNE\GXĪRVWDUV]\FKRFLDĪ
QLHPyJáWHUD]PLHüZLĊFHMQLĪWHG]LHZLĊWQDĞFLH]NDZDáNLHPLPLDáFLXWZąVDQDU\MX
LUHJXODUQ\JDUQLWXU F]\OLVWDU\FKRZVNLFLXFKQDG]LRQ\V]HN LNDSHOXV]7RMD]DJDEQą-
áHP
 1RQRQRGUXĪNXMDNOHFL"7\OHW\OHF]DVXQLHZLGX2GSRZLHG]LDá
 0Dá\$OH[QLHSUDZGDĪ"
  1LNW LQQ\  SRZLDGDP  'DZQR GDZQR GDZQR MDN SU]HPLQąZV]\L XPDUá\ WH
DTP by SHADE 
SLĊNQHGQL1RLVLHMF]DVELGQ\ĩRUĪ\NSRGREQLHĪVSRF]\ZDZSLDFKX]HVWDUHJR-RáR-
SD]URELáVLĊUR]EHVWZLRQ\SROLPLOLF\MQLDNWXZV]HODNRW\ĞMHVWLMDPWXMHVW,MDNRZHĪ
WRQRZLQ\U]HNQLHV]PLVWDU\GUXĪNX"
 $OHRQG]LZQLHPyZLSUDZGD"RGH]ZDáDVLĊWDG]LXV]NDMDNE\]DFKLFKRWDZV]\
 7RPyMVWDU\SU]\MDFLHO]DJDLá3HWHGRWHMILINL1D]\ZDVLĊ$OH[&KFLDáE\P
FLSRVXZD]QyZGRPQLHSU]HGVWDZLüWRPRMDĪRQD
 1DWRMXĪPLV]F]ĊNDRSDGáDĩRQD"WDNMDNE\Z\WFKQąáHPĩRQDĪRQDĪRQD"
1LHWRQLHPRĪOLZH1D]E\WPáRG\ĞW\GRPDáĪHĔVNLHJRVWDQXPyMVWDU\GUXĪNX1LHQLH
QLHPRĪHEQH
 7D G]LXV]ND QLE\ ĪH ]DNRQQLFD 3LHWL QLH QLH WR QLHPRĪOLZH  ]QyZ ]DFKLFKUDáD
LPyZLGRQLHJR&]\W\UyZQLHĪVLĊSRVáXJLZDáHĞWDNLPMĊ]\NLHP"
 1RSRZLDGD3HWHMDNE\]Xá\ENą1LHGáXJRPLVWXNQLHGZXG]LHVWND$ĪQDGWR
Z\VWDUF]\ĪHE\VLĊSREUDüL]URELOLĞP\WRMXĪGZDPLHVLąFHWHPX$W\E\áHĞEDUG]R
PáRG]LXWNLW\ONRQDGZLHNUR]ZLQLĊW\SDPLĊWDV]
 1LHFLąJOHPQLH]DW\NDáR7HJRQLHPRJĊSU]HVNRF]\üVWDU\GUXĪNX3LHWLD
ĪRQDW\1RQRQR
 0DP\WDNLHQLHGXĪHPLHV]NDQNRSRZLHG]LDá3HWH%R]DUDELDPMDNGRWąGUD-
F]HMQLHZLHOHZ3DĔVWZRZ\FK8EH]SLHF]HQLDFK0RUVNLFKDOHMHVWHPSHZLHQĪHEĊG]LH
lepiej. A moja Georgina -
 -DNVLĊQD]\ZD"SRZWyU]]DJDEQąáHPXVWRNUXJRPUR]G]LDZLDMąFMDN]XPD
V]HGáV]\ĩRQD3LHWL ĪRQDREUDFLV]NRZLH ]QRZXMDNE\]DFKLFKRWDáD
 *HRUJLQDSRZWyU]\á3HWH*HRUJLQDWHĪSUDFXMH3LV]HQDPDV]\QLHQRZLHV]
-DNRĞZLąĪHP\WHQNRQLHF]NRĔFHP1DLVWRDQLUXV]QLHPRJáHPREUDFLDJáD]yZRG
QLHJRRGHUZDü%\á]QLHJRMXĪFDáNLHPGRURVá\GUHZQLDNLJáRVPLDáGRURVá\LZRJyOH
0XVLV]SRZLDGD3HWHQDVNLHG\ĞRGZLHG]Lü:\JOąGDV]MHV]F]HSRFLąJQąáEDUG]R
PáRGRPLPRW\FKVWUDV]Q\FKSU]HMĞü7DNWDNWDNZLHP\RW\PZV]\VWNRF]\WDOL-
ĞP\1RDOHZJUXQFLHU]HF]\W\QDSUDZGĊMHVWHĞEDUG]RPáRG\
 2VLHPQDĞFLHPyZLĊ:áDĞQLHVNRĔF]\áHP
 $FKWDNRVLHPQDĞFLH"]G]LZLáVLĊ3HWH-XĪW\OHPDV]1RQRQR.WRE\SR-
P\ĞODá$OHSRZLDGDF]DVMXĪQDQDV,VSRMU]DáQDWĊVZRMą*HRUJLQĊWDNMDNE\]PL-
áRĞFLąLĞFLVQąáMHMJUDEXOĊGZLHPDUĊNDPLDRQDMDNE\PX]ZUyFLáDOLEOLEWRVSRMU]HQLH
REUDFLV]NRZLH1RWDNREUyFLáVLĊ]QyZGRPQLH,G]LHP\QDSDUW\GR*UHJD
 &R]D*UHJD"VS\WDáHP
 $FKWDNRF]\ZLĞFLHRGND]Dá3HWHSU]HFLHĪW\QLHPRĪHV]]QDü*UHJD7RMXĪ
QLH WZRMH F]DV\ *UHJ SRMDZLá VLĊ MDN FLHELH QLH E\áR 2Q XU]ąG]D WDNLH PDáH SDUW\
3U]HZDĪQLHWRZLQRLJU\VáRZQH$OHEDUG]RPLáHEDUG]RSU]\MHPQHQRZLHV]&DáNLHP
QLHV]NRGOLZHUR]XPLHV]PQLH
  7DN  SRZLHG]LDáHP  1LHV]NRGOLZH 'D GD MD SRQLDá ZVLR SR QDVWRMDV]F]\ 
7DILIND*HRUJLQD]QyZUR]FKLFKRWDáDVLĊ]PRLFKVáyZ1RLSRV]DJDáRW\FKGZRMHGR
VZRLFK]áRZRQLDV]F]\FKJLHUVáRZQ\FKXWHJR*UHJDNWRE\WRQLHE\á=RVWDáHPVDP
QDVDPRJZDáWLDG]LQRNRQDGVZRMąKHUEDWNą]POHNLHPFRMXĪRVW\JáDMDNE\P\ĞOąF
L]DVWDQDZLDMąFVLĊ
 0RĪH MDN UD] R WR FKRG]L P\ĞODáHP 0RĪH URELĊ VLĊ MXĪ ]D VWDU\ EUDFLV]NRZLH
QDWHQURG]DMĪ\FLDMDNLSURZDG]Ċ:áDĞQLHPLVWXNQĊáDRVLHPQDVWND7RMXĪQLHPáRG\
ZLHN0DMąFRVLHPQDĞFLHODW:ROIJDQJ$PDGHXV]SLVDáNRQFHUW\LV\PIRQLHRSHU\LRUD-
WRULDLFDá\WHQV]DMVQLHFR]DV]DMVWĊERVNąPX]\NĊ1RLWHQVWDU\)HOL[(P]XZHU-
WXUąGR6QXQRF\OHWQLHM,MHV]F]HLQQL$WHQQLE\IUDQFXVNLSRHWDGRNWyUHJRVáyZSLVDá
VWDU\%HQ%ULWWFRZV]\VWNRQDMáXF]V]HVWZRU]\áGRSLĊWQDVWHJRURNXĪ\FLDREUDFLV]-
NRZLHPRL$UWXUPLDáQDLPLĊ:LĊFRVLHPQDĞFLHWRQLHWDNL]QyZPáRG\ZLHN$OHFRMD
PDP]URELü"
 àDĪąFSRW\FKPURN]LąEFKXMQLD]LPRZ\FKXOLFDFKZ\V]HGáV]\]F]DMQLLNDIHMNL
ZFLąĪLNUXJRPZLG]LDáHPWHMDNE\SU]\ZLG]HQLDMDNE\WDNLHNRPLNV\ZĪXUQDáDFK2WR
LG]LH :DV] 8QLĪRQ\ *DZĊG]LDU] $OH[ GR GRPFLX QD IDMQ\ L JRUąF\ WDOHU] RELDGX L RWR
DTP by SHADE 79
MHJRILINDFDáDZXá\ENDFKZLWDJRLSR]GUDZLDOLEOLENRFKDMąFD$OHQLHRF]HĔKRUURU
V]RáZLG]LDáHPMąEUDFLDQLHXPLDZV]\VHSU]\GXPDüFRWR]DMHGQD$OHSU]\V]HGáPL
ZGUXJLZQLH]DSQRWHQSRWĊĪQ\Eá\VNZPy]JĪHMDNE\PZV]HGáGRL]EXV]NLGUXJLHM]D
W\PSRNRMHPZNOyU\PSDOLVLĊRJLHĔQDNRPLQNXLPyMRELDGJRUąF\F]HNDQDVWROH
WR E\P ]QDOD]á WR F]HJR QDSUDZGĊ FKFLDáHP L WHUD] ZV]\VWNR PL VLĊ SRZLą]DáR WHQ
]JD]HW\Z\FLĊW\REUD]HNLWRVSRWNDQLH]HVWDU\P3HWHP%RZWHMGUXJLHMNRPQDFLH
QDZ\UNXOHĪDáLJXOJRWDáVRELHJXJXJXPyMV\Q7DNWDNWDNEUDFLV]NRZLHPyMV\Q
,SRF]XáHPMDZVRELHWRZLHONLHJURPDGQHSXVWHPLHMVFHJáĊERNRZPRMHMSá\FLDĪVLĊ
XG]LZLáHPVDPHPXVRELH7HUD]MXĪZLHG]LDáHPREUDFLV]NRZLHFRVLĊG]LHMH
 7RVLĊG]LHMHĪHQRUPDOQLHGRUDVWDP
 'DGDGDQRZáDĞQLH0áRGRĞüSU]HPLMDQLHPDUDG\$OHPáRGRĞüWRW\ONRMDNE\
VLĊE\áRWDNLPQRF]ĊĞFLRZRMDNE\]ZLHU]DNLHP1LHZáDĞFLZLHQLHW\OH]ZLHU]DNLHP
FR]DEDZNąZLHFLHWHPDáHLJUXV]NLFRVLĊVSU]HGDMąQDXOLFDFKWDNLHGUREQHF]áR-
ZLHF]NL]URELRQH]EODFK\L]HVSUĊĪ\QąZĞURGNXDQDZLHU]FKXNQRSNDGRQDNUĊFDQLD
LQDNUĊFDV]JRGUUUGUUUGUUULRQUXV]DWDNMDNE\V]HGáREUDFLV]NRZLHPRL,WDNLG]LH
DOHSROLQLLSURVWHMLEXFKZSDGDQDFRĞEXFKEXFKLQLHPRĪHQDWRQLFSRUDG]Lü%\ü
PáRG\WRE\üMDNE\WDNąPDV]\QNą
 0yM V\Q PyM V\Q -DNE\P PLDá V\QD Z\WáXPDF]\áE\P PX WR ZV]\VWNR NLHG\
EĊG]LHMXĪGRVWDWHF]QLHVWDU\ĪHE\WDNFRĞ]WHJR]UR]XPLHü,]DUD]SRQLDáMDĪHRQ
LWDNQLH]UR]XPLHDOERZRJyOHQLHEĊG]LHFKFLDáUR]XPLHüL]URELZV]\VWNRWRVDPRFR
MDPRĪHQDZHWXNDWUXSLMDNąĞWDPELGQąVWDUąFKU\F]NĊZJURPDG]LHMHMPLDXF]ąF\FK
NRWyZLNRV]HNDMDJRZVLRWDNLHQLH]GRáDPSRZVWU]\PDü,RQWDNVDPRQLH]GRáD
SRZVWU]\PDüVZRMHJRV\QDEUDFLV]NRZLHPRL,WDNEĊG]LHVLĊNUĊFLüDĪGRVNRĔF]HQLD
ĞZLDWDZNyáNRLZNyáNRLZNyáNRMDNJG\E\NRORVDOQ\LDNLĞZLHONLJURPDGQ\F]áRZLHN
MDNE\VDP*RG*RVSRG PDFLHLQPRáRF]QLD3RG.URZą ZFLąĪREUDFDáLREUDFDáLREUDFDá
ĞPLHUG]ąFąEUXGQąSRPDUDĔF]ĊZVZRLFKRJURPQ\FKáDSVNDFK
 $OHSLHUZV]DU]HF]REUDFLV]NRZLHWU]DWR]DáDWZLüL]QDOHĨüWĊDOERLQQąG]LXV]-
NĊFRE\]RVWDáDPDWNąWHJRV\QD=DUD]MXWURJáyZNRZDáHPGDOHMWU]DVLĊGRWHJR
]DEUDü7RMHVWFRĞMDNE\QRZHJRGR
]G]LDáDQLD7U]DVLĊZ]Ląü]DWR7DNMDNE\P]DF]\QDáQRZ\UR]G]LDá
 :LĊFWHUD]ZáDĞQLHWDNVLĊVWDQLHREUDFLV]NRZLHMDNZWHMRSRZLHĞFLMXĪGREL-
MDPGRNRĔFD:V]ĊG]LHE\OLĞFLH]HVZRLPGUXĪNLHP]PDá\P$OH[HPFLHUSLąFUD]HP
]QLPLRJOąGDMąFQDMEUXGQLHMV]\FKVNXUZ\FKV\QyZLZ\EODGNyZMDNLFKVWDU\3DQ%yJ
L *RVSRG NLHG\NROZLHN VWZRU]\á D ZV]\VF\ GDZDM QD ZDV]HJR VWDUHJR GUXĪND $OH[D
$ZV]\VWNRWRQLHGODF]HJRLQQHJRDW\ONRGODWHJRĪHE\áHPPáRG\$OHWHUD]MDNNRĔ-
F]ĊWĊRSRZLHĞüREUDFLV]NRZLHQLHMHVWHPMXĪPáRG\RQLHMXĪQLHMHVWHP$OH[U]HF
E\PRĪQDGRUDVWDRWDN
 $OHJG]LHWHUD]VLĊXGDPREUDFLV]NRZLHPRLWRMXĪVDPQDVDPRJZDáWLDG]L-
QRNRZ\]HPQąQLHSyMG]LHFLH-XWUREĊG]LHFDáHMDNWHNZLDW\SDFKQąFHL=LHPLDZR-
QLDV]F]DREUDFDMąFDVLĊLJZLD]G\LVWDU\.VLĊĪ\FWDPZJyU]HL$OH[ZDV]VWDU\SU]\-
MDFLHOVDPQDVDPRJZDáWLDG]LQRNRUR]JOąGDMąF\VLĊSRQLHNąG]DWRZDU]\V]NąĪ\FLD
,FDá\WHQV]DMV2NURSQ\EUXGQ\LFXFKQąF\ĞZLDWSRSUDZG]LHREUDFLV]NRZLHPRL
1R WR V]F]ĊĞOLZHM GURJL RG ZDV]HJR PDáHJR GUXĪND $ GOD ZVLHFK SR]RVWDá\FK Z W\P
UD]ND]LHV]XPQ\LGRJáĊEQ\NRQFHUWQDZDUG]HSUUUEUUU,FDáXMWDPQLHZU]RSVNR$OH
Z\REUDFLV]NRZLHPRLZVSRPQLMFLHF]DVHPLSRGyZF]DVPDáHJR$OH[DFRE\á$PHQ
,FDá\WHQV]DMV
.

DTP by SHADE 
.
6áRZQLF]HN
.
 1LH REHMPXMH W\FK QHRORJL]PyZ NWyUH Vą áDWZR ]UR]XPLDáH SU]H] NRQWHNVW
LEU]PLHQLHD]LVWQLHMąFHJRĪDUJRQXW\ONRPQLHM]QDQH1LHXZ]JOĊGQLDVLĊIRUP]GURE-
QLDá\FK]JUXELDá\FKL]SU]HGURVWNLHPMHĞOLQLH]PLHQLDWRZLVWROQ\VSRVyE]QDF]HQLD
WHPDWXSRGNWyU\PGDQHVáRZRMXĪILJXUXMH*ZLD]GNDR]QDF]DZ\UD]\NWyUH]DFKR-
ZXMąURV\MVNLDNFHQWQDRVWDWQLHMV\ODELHDNU]\Ī\NWHNWyUHQDWU]HFLHMRGNRĔFD
.
DEUDWQR]SRZURWHP
DG]LQRNRVDPRWQLH DG]LQRNMHG\Q\QLHSRZWDU]DOQ\
DNRV]NRRNQR
DSLDü]QyZ
DXW  ]DáDWZLRQ\  Z\áąF]RQ\  QD]HZQąWU]
EDOV]RMZLHONLQDEDOV]RMQDVWRGZD
EDáDFKJDGDQLQD
EDáDNQąüSRZLHG]LHü
EDUDFKáRU]HF]UXSLHFLH
EDVDXWREXV
EDV]NDJáRZD
EH]XPQ\JáXSL
ELEORELEOLRWHND
ELĪXWNOHMQRW
EOXWNUHZ
ERJXVáDZGXFKRZQ\ND]QRG]LHMD
ERJXVáDZVNLNDSáDĔVNL
ERMHNFKáRSDN
ERPEDWRPEDERPEDDWRPRZDLWS
ERQ]LDNZDĪQ\XU]ĊGQLN
ERUEDZDOND
EXEHáZNXEHáSU]\PNQąüVLĊ
EXKXKXSáDF]
EXNZDOLWHUD
EXPDJDSDSLHU
E\FK  RVLáHN  Z\NLGDMáR
E\VWURSUĊGNR
E\ZDOQLDOLYLQJURRP
E]GUĊJDSVWUąJ
FHSNLáDĔFXFK]ZáDV]F]DRGURZHUX
FKDPDMGDDJUHV\ZQ\LZLHONLFKDP
FKDURV]\GREU\
FKOHERUDNQLHERUDN]WUXGHP]DUDELDMąF\QDFKOHE
FKOLSDGORMĊ]\N
FKRMDNSUąFLH
FKRZDüVLĊ]DFKRZ\ZDüVLĊ
FKU\F]NDVWDUXFKD
FKU\NVWDU]HF
FKXüRFKRWD
FKXGRV]F]DZ\FKXG\
FKXMQLDRK\GDE]GXUDNODSD
FKZDOELV]  VDPRFKZDá  FKZDOFD
FLXUPDNVWUDĪQLNZLĊ]LHQQ\
F\MQLDNSROLFMDQW
DTP by SHADE 81
F\NDF]VHUFH
F\UNXáNRPLVDULDW
F]DMQDKHUEDFLDUQLD
F]DVLNJRG]LQND
F]DVRZ\VWUDĪQLN
F]DV]ND á JáRZD  ILOLĪDQND
F]HSXFKDJáXSVWZR
F]áRQLRIDFHW
F]XGDFNLG]LZDF]Q\
F]XVWZRXF]XFLH
GDWDN
GDF]DZLOOD
GDOV]HGDOHM
GDPRMGRGRPX
GDZDMMD]GDQXĪH
GDĪHQDZHW
GH]\QIHNDOLDĞPLHUG]ąFHĞURGNLGH]\QIHNF\MQH
GPXFKDZDSUąFLH
GREDZLDüGRGDZDü
GREDZNDGRGDWHN
GRJLWDU]\üXGHU]\ü
GRND]DüXGRZRGQLü
GRNáDGRGF]\W
GRVDG]DüGRNXF]DüGUDĪQLü
GRVNDNLHZLF]NWRĞSUyEXMąF\ZVNRF]\üQDQLHVZRMHPLHMVFH
GRZLHU]DüZLHU]\ü
GUHQNURPMDNLĞQDUNRW\N
GUHZQLDNVWDU]HFGRURVá\
GUXJGUXĪHNGUXĪRF]HNSU]\MDFLHO
GUXĪHVNLSU]\MDFLHOVNL
GUXĪNDSU]\MDFLyáND
GU]\PVHQPDU]HQLHVHQQH
GXUDNGXUHĔ
GZDG]LHĞFLDZMHGQR]DSHZQHW\OHFRSDOFyZXUąNLQyJELMąFHJRLNRSLąFHJR
G\FKRODWNDG]LHZF]\QNDOHWQLD
G\QGDáNLPLJGDáNLMĊ]\F]HNLWS
G\ĪXUND  NDQFHODULD  JDELQHW
G]LDE]DVWU]\N
G]LDUPDJD]ELULWG
G]LHQJLSLHQLąG]H
G]LREDüVLĊVSyáNRZDü
G]LRENDG]LHZF]\QD
G]LRQ\V]HNG]LRQHN
G]LXODG]LXONDG]LXV]NDG]LHZF]\QD
GĪHPHKHPGĪHP
HIRMFLHF
HPPDWND
HQF\NOROHNV\NRQLWS
IDFLRIDüNRIDüNXWDWXĞ
IDIOHFRĞREZLVáHJRZDUJLXV]\LWG
IDW\RMFLHF
IHNDIHNVNUHPHQW\
IHUXF]FLZLH
DTP by SHADE 82
IHUW\N  JRWyZ  RUJD]P
ILIDNRELHWD
ILINDG]LHZF]\QD
ILODQWURMDáPXĪQDLWG
IURMGDIUDMGDIURMGDUDGRĞüXFLHFKD
IU\]MHUNDXF]HVDQLH
JDEORVDPRFKyGRVRERZ\
JLF]NDQyĪND
JLWJDODQWĞZLHWQLHZSRU]ąGNX
JOLQLDUF]\NPáRG\SROLFMDQW
JOLQLDUVWZRSROLFMD
JOLQRZy]VDPRFKyGSROLF\MQ\
JáD]RNR
JáRWQąüá\NQąü
JQRMQLD  ZLĊ]LHQLH  JQRMyZND
*RG*RVSRG%yJ
JROHFMHGQRVWNDPRQHWDUQD
JRáRJX]\QDJL
JUDEQąüFKZ\FLü
JUDPRSá\WDSá\WDJUDPRIRQRZD
JURPDGQ\RJURPQ\
JURPNLJáRĞQ\
JUXGDEU\áD
JUXGNLSLHUVLJUXGĨSLHUĞ
KDOV]WXNNUDZDW
KDSQąüVLĊ]GDU]\üVLĊ
KRMG\ERMG\E]GXU\
KRUURUV]RáVWUDV]QLHĞZLHWQH
LGHQWLNRWDNLVDP
LGLRFNLJáXSL
LJUXV]ND]DEDZND
LQRVWUDQLHFFXG]R]LHPLHF
LQRVWUDQQ\FXG]R]LHPVNL
L]EXV]NDSRNRLN
L]E\WHNGRL]E\WNXZQDGPLDU]H
MDMF]\üMHĞüMDMNR
MDSVNRXVWD
MHFKLGQ\]áRĞOLZ\MDGRZLW\SU]HZURWQ\
MXENDVXNLHQND
NDF]NDüVLĊFK\ERWDüVLĊLGąFMDNNDF]ND
NDIHNDZLDUQLD
NDIOH]ĊE\
NDNUD]EXGĨWRFDáNLHPMDNE\
NDNRMFR]DMDNL
NDORW\VSRGQLH
NDSáRQGXFKRZQ\NDSáDQNDSHODQ
NDUDENDüVLĊJUDPROLüVLĊ
NDUDXá , VWUDĪ  NRPLVDULDW
NDUPDQNLHV]HĔ
NDUWRV]ND]LHPQLDN
NDU\SHOPDá\NXUGXSHO
NDVDEXEXSLHQLąG]H
ND]LRQQ\SDĔVWZRZ\
DTP by SHADE 83
NLFLRUZLHONLNRW]NLFLRUHPMDNVLĊSDWU]\
NLGDüU]XFDü
NLWHORNáDGNDNRSHUWDSáDV]F]LWG
NOHMDV]F]\OHSNL
NOXIG]LyEQRV
NQLJDNVLąĪND
NRFKDMP\VLHFNOLZHIUD]HV\
NRPQDWDSRNyM
NQRSNDJX]LNJDáNDLWS
NRFXUHURW\F]QLHQDVWDZLRQ\FKáRSDNOXEĞSLHZDN
NRMNDáyĪNR
NRUQIOHNSáDWNL]ERĪRZH
NRV]NDNRW
NUDVLZ\SLĊNQ\
NUDVQ\  F]HUZRQ\  SLĊNQ\
NURV]NDRGURELQD
NUXJRP  FLąJOH  ZNyáNR
NXF]DNXSD
NXONRZLHFSLyURNXONRZH
NXUZDWRUNXUDWRU
NXU]DNDV]DGURELD]JQLHZDUW]DFKRGX
NXVRF]HNNDZDáHN
NXZV]\QG]EDQHN
NZDF]EUHGQLDJDGDQLH
OLEOLEF]XOLüVLĊLWS
OLIWZLQGD
OLPRQHNF\WUXVRZ\RZRFSRGREQ\GRPDáHMF\WU\QNL
ORFKG]LXUD
OyGEU\ODQW\
OXNQąüVSRMU]Hü
áDGQRQXáDGQRQRGREU]H
áXF]V]HOHSLHM
á\VNDF]ZKLVN\
PDFLFDPDFLRFKDPDWND
PDüNDPDüNXPDPXVLD
PDMNDSRGNRV]XOHN
PDOF]\NFKáRSLHF
PDOHMV]\QDMPQLHMV]\
PDáF]DQLHPLOF]HQLH
PDO\V]FKáRSDN
PDUDVHWQDUNRW\N
PDW\PDWND
PLĊG]\QRĪHSDFKZLQDLWG
PLĊVRFKáDSSRGáHPLĊVRZIRUPLHRFKáDSyZ
PLOLSROLFMD
PL]JOLüMĊNOLZLHVNRPOHüLPD]DüVLĊ
Pá\QZLĊ]LHQLH
PRJXWQ\SRWĊĪQ\
PRáRF]QLDEDUPOHF]Q\
PRQDOL]DSLHQLąG]H
Py]JáRZLHJáRZDMDNRVLHG]LEDPy]JX
Py]JROLüPR]ROQLHOXEXVLOQLHP\ĞOHü
PXGDNIDFHW
DTP by SHADE 84
PXUFKá\]PXUV]Dá\
PXĪ\FNLPĊVNL
PXĪ\NPĊĪF]\]QD
QDNáRQLüVLĊQDFK\OLüVLĊ
QDVLOQRJZDáWHP
QDVWRMDV]F]\  SUDZG]LZ\  QLQLHMV]\SRQDVWRMDV]F]\U]HF]\ZLĞFLH
QDVWROHQDVWRODWNL
QDVWRORZDW\QDVWROVNLZVW\OXQDVWRODWNyZ
QDVWURMHQLHQDVWUyM
QDW\UOLNRF]\ZLĞFLHQDWXUDOQLH
QDZLHUQRSHZQLH
QLSU\F]RPQLFQLHPDGRU]HF]\
QLF]HZRQLF
QLHFKDURV]\ QLHFKDURV]QLHGREU\
QLHO]LDQLHZROQR
QLHáRZNLQLH]JUDEQ\
QLHPQRĪNRWURFKĊ
QLHRĪ\GQRQLHVSRG]LHZDQLH
QLHSáRFKRQLHĨOH
QLHSU]HU\ZQRQLHXVWDQQLH
QLHVREDNWRĞQLHEĊGąF\VREąOXEQLHLVWQLHMąF\
QLHWQLHPD
QLHZ\QRVLPRQLHGRZ\WU]\PDQLD
QLNDJGDQLJG\
QLNXG\V]Q\GRQLF]HJRQLH]GDWQ\
QL]ZQL]ZGyá
QXĪQRWU]HED
REH]MDMHFHXQXFK
REUDGRZDüVLĊXFLHV]\üVLĊ
REV]F]DüVLĊREFRZDü
REV]F]HU]DüVLĊSRND]\ZDü]ĊE\ZXĞPLHFKX
RFKRWQRFKĊWQLH
RF]HĔEDUG]R
RF]HZLGQRRF]\ZLVWH
RF]NLRNXODU\
RGHUĪQLĊW\PRGQLHZ\VWURMRQ\
RGND]Dü  RGSRZLHG]LHü  RGPyZLü
RGNOXF]\ü  RWZRU]\ü]NOXF]D  RGáąF]\ü
RGNOXNRWZLHUDü]NOXF]D
RGNU\ZDüRWZLHUDü
RGOLF]Q\ĞZLHWQ\
RGPLJDüJHVWDPLVNáRQLüGRRGGDOHQLDVLĊ
RMF]\NRMFLHF
RNUDLQDVNUDMSU]HGPLHĞFLH
RVNRUELüREUD]LüGRWNQąü
RVWU]DNNWRĞRVWU\]FKDUDNWHUXL]DFKRZDQLD
SDELHGD]Z\FLĊVWZR
SDGERUZ\EyU]HVWDZQDSDGERUZ\ERURZ\
SDGFKDG]LDV]F]\RGSRZLHGQL
SDJDGLSRF]HNDM
SDMSDV]WHFLN]DSLHNDQNDLWS
SDMHFKDOLMD]GD
SDMPLRV]]UR]XPLHV]
DTP by SHADE 85
SDQLDWQ\]UR]XPLDá\
SDQLPDMHV]UR]XPLHV]SDQLPDMXUR]XPLHP
SDV]OLSRV]OL SDV]RáSRV]HGá
SDWU]DáNLRF]\
SDĪDáXVWDSURV]Ċ
SLDüĞSLHZDü
SLąFKQąüXGHU]\üSLĊĞFLą
SLFKQąüSFKQąü
SLGĪDNPDU\QDUNDĪDNLHW
SLHF]DOQ\ĪDáRVQ\
SLHUHG\V]NDSU]HUZDRGSRF]\QHN
SLHV]NRPSLHV]R
SLQJOHRNXODU\
SLV]F]DMHG]HQLH
SL]JDWDNDFRVLĊU]XFDLUREL]JLHáN
SL]JQąüU]XFLü
SODMVW\NV]WXF]QHWZRU]\ZR
SOHF]RUDPLĊ
SáRFK]á\SáRFKRĨOH
Sá\FLRZ\  FLHOHVQ\  SáFLRZ\
Sá\üFLDáR
SRGRPV]ODIURN
SRGVND]DüSRGSRZLHG]LHü
SRGXPDüSRP\ĞOHü
SRGZáDVQ\SRGZáDGQ\
SRJáD]LüZSDWU]\üVLĊ
SRODQF]HSRSRáXGQLH
SROHĪQ\SRĪ\WHF]Q\
SROLPLOLF\MQLDNLSROLFMD
SROXF\MQLDNSROLFMDQW
SRáXF]\üGRVWDü
SRQLDü]UR]XPLHü
SRQUDZLüVLĊSRGREDüVLĊ
SRSU]HF]QLDNURELąF\QDSU]HNyU
SRUDĪRQ\]GXPLRQ\L]DVNRF]RQ\
SRUWDEORJUDPRIRQOXELQQHXU]ąG]HQLHSU]HQRĞQH
SRVWQDVWĊSXMąF\SRF]\PĞ
SRVXGDQDF]\QLDL]DVWDZD
SRĪ\ZDüPLHV]NDü
SUDFROLüSUDFRZDü
SUDáRPQDSUDáRPQDSU]HáDM
SUDZLF]\G]LHZLF]\
SURLVFKRG]LüRGE\ZDüVLĊG]LDüVLĊ
SURL]ZRG]WZRSURGXNFMD
SUyFKQLDF]NDVWDUXFKDSUyFKQLDNVWDU]HF
SU\GXPNDSU]\GXPNDP\ĞO
SU\JDüVNDNDü
SU\ND]UR]ND]
SU\QF\SLDOQRĞü]DVDGD
SU\VNSU\V]QLF
SU\ZLHWSR]GURZLHQLH
SU\]QHUZLĊ]LHĔ
SU]HFLZQ\ZVWUĊWQ\
DTP by SHADE 
SU]HNUDVQ\SLĊNQ\
SU]HNUyFLüSRáRĪ\üNUHVSU]HUZDü
SU]HOHĞQ\XURF]\
SU]HZRVFKRGQ\ZVSDQLDá\
SU]\FKZRVWDGLXWDQW
SU]\GXPDüZ\P\ĞOLü
SU]\G]LDUPDĪ\üXGHU]\ü
SU]\G]LHUDüVLĊF]HSLDüVLĊ
SU]\MHEQ\  PLá\  SRGOL]XMDF\VLĊ
SU]\áDĔFXV]\üXGHU]\üáDĔFXFKHP
SU]\á\SDüGRVWU]HF
SU]\VWDZDü  F]HSLDüVLĊ  SDVRZDü
SU]\VWXSQLNSU]HVWĊSFD
SU]\WXV]RQ\SU]\üPLRQ\
SVLF]NDG]LHZF]\QD
SVLMHEQ\  FKXWOLZ\  SDWU]SU]\MHEQ\
SVLRFKDNRELHWD
SVLXN  V]F]HQLDN  SVLXNQLĊFLH
SV\FKZDULDW
SXEORSXEOLF]Q\
SXGHUQLFDVWDU\EDEV]W\O
SXV]NRZLQDPLĊVR]SXV]NL
S\FKRWD  GXPD  SU]HS\FKLWG
S\WDüVLĊXVLáRZDü
UDELWQ\NURERWQLN
UDERWDüSUDFRZDü
UDERWQ\SUDFRZLW\
UDNRWZyUSDSLHURV
UD]EURVUR]U]XFDQLHUR]U]XFDü
UD]GUD]LU\WDFMDJQLHZUR]GUDĪQLRQ\
UD]ND]RSRZLDGDQLH
UD]UH]FLDFKSRFLĊFLHLSRGDUFLHSRFLąü
UHFKW  VáXV]QLH  SUDZR
UR]F]HUZLHĔMDVNUDZDLQDWUĊWQDF]HUZLHĔ
UR]GDZDüVLĊUR]OHJDüVLĊ
UR]G]LDUJDüSRNUDMDüLUR]V]DUSDü
UR]JDGQąüGRP\ĞOLüVLĊ
UR]MDUJDQ\ZĞFLHNOHUR]MD]JRWDQ\
UR]PUR]UR]PUR]Lü
UR]SDFKQąüV]HURNRRWZRU]\ü
UR]SLVND  SRGSLV  NZLW  PDORZLGáRLWS
UR]SRáRĪ\üXPLHĞFLü
UR]XPQLDNPąGUDODLQWHOHNWXDOLVWDXF]RQ\
UR]ZOHNDüVLĊ  UR]ELHUDüVLĊ  ]DĪ\ZDüUR]U\ZNL
UXFKQąüUXQąü
UXMNDVWyMNDHUHNFMD
UXNRMDWND  UĊNRMHĞü  HUHNFMD
UXPEXPUXP
UZDüMHJRUZLHZ\PLRWXMH
U\ELRQHNG]LHFNR
U\FKW\NZáDĞQLH
U\MHNSDSLHURV
U\SVZ\SVNRSXODFMD
DTP by SHADE 87
U]HV]RWNDNUDWD
U]HĪXFKDNRELHWD
U]RSU]RSLąWNRU]RSNDU]RSVNR]DGHN
U]\JRáDV]NRáD
VRGJáRVZ\UDĪDMąF\V]DFXQHNVLUVXGDU
VDFKDUFXNLHU
VDZVLHP]XSHáQLH
VHNVRODWNLVHNVRZQHQDVWRODWNLPáRG]LHĪ
VILQJXGDZDQLH
VLHMF]DVWHUD]
VND]DüSRZLHG]LHü
VNRU\V]\ENL
VNU]\F]HüVNU]\NQąüSU]HUDĨOLZLHLVNU]HNOLZLHZU]HV]F]Hü
VNXUZLĊWDPáRG]LVNXUZ\V\QNRZLH
VáXV]Dü  VáXFKDü  E\üSRVáXV]Q\
VáXĪDQNDVáXĪąFD
VPRF]HNSDSLHURV
VQXüSU]HFLąJDüZ\SRZLHGĨ
VRGDZRGDVRGRZD
VSLF]ND]DSDáND
VSLUWQHDONRKRO
VSRGHáELüVLĊSDWU]HüVSRGHáED
VSUXZDüXFLHNDü
VSXNQąüVLĊSU]HVWUDV]\üVLĊ
VWDNDQV]NODQND
VWDU\FKRZVNLVWDU\SU]HVWDU]Dá\
VWDU]\NRZLHURG]LFH
VWHWRVWHWRVNRS
VWRMDQNDSRVWyM
VWUyĪyZNDELXUR
VWXNXGHU]HQLH
VXPNDWRUED
V\QJLHUĞSLHZDNV\QJLHUNDĞSLHZDF]ND
V\QWHPHVNMDNLĞQDUNRW\N
V]DEDVVRERWD
V]DILRUNLHURZFD
V]DJDüNURF]\ü
V]DJRPPDUV]NURNLHP
V]DMVRZDW\JyZQLDQ\
V]DWDüVLĊáD]LüVSDFHURZDü
V]F]RFR
V]F]XU]\üVLĊPUXĪ\üRF]\
V]NDFLQDE\GáR
V]NRWV]NRFNDZKLVN\
V]áDSDF]DSNDQDNU\FLHJáRZ\
V]áRPKHáP
V]PDáRMRZDW\WáXVW\MDNE\RGV]PDOFXLáRMX
V]PXF\NEUXGQH
V]SLNSROLFMDQWWDMQLDN
V]WDQ\VSRGQLH
V]WXF]NDU]HF]QLHZLDGRPRFR
V]XWQLDFNLEáD]HĔVNL
V]XWQLDNILJODU]EáD]HQNRPLN
DTP by SHADE 88
V]Z\UJDüV]Z\UJQąüU]XFLü
ĞPDMNRMDMNR
ĞPLHMDV]F]\UR]HĞPLDQ\
ĞPLHUGĊJDFXFKQąFDVDG]DZNDLWS
ĞU\N  GUąJ  SLVDN
ĞZLHU]RSDĞZLHĪDG]LHZXFKD
WDJGDZWHG\
WDPLQD]DGNRSXODFMD
WDU\ILDU]WDNVyZNDU]
WDVNDILOLĪDQND
WDV]WXNFKXVWNDGRQRVD
WDWDWDRMFLHF
WRF]NDNURSND
WUXVNLPDMWNL
WUZRK\GDFRĞEXG]ąFHJRWUZRJĊLZVWUĊW
WXIOHREXZLH
WZRMDPDüSU]HNOHĔVWZDLZ\]ZLVND
XELMFD]DEyMFD
XELMVWZR]DEyMVWZR
XF]DVWHNNRPLVDULDW
XF]\FLHOQDXF]\FLHO
XGDODüVLĊRGGDODüVLĊ
XGREQ\Z\JRGQ\
XG]LXJDü]DQXU]\üXSDSUDü
XMXWQ\SU]\WXOQ\
XND]UR]SRU]ąG]HQLHXVWDZD
XNUDVLü  XSLĊNV]\ü  SRPDORZDü
XOWUDJZDáWXOWUDNXNXFLĊĪNLHXV]NRG]HQLHFLDáDLWS
Xá\EDüVLĊXĞPLHFKDüVLĊ
Xá\ENDXĞPLHFK
XPUR]XP]XPDV]HGáV]\ZDULDWLWS
XPQ\PąGU\
XQWHUQLĪV]\VWRSQLHP
XSXGOHQLHXSRGOHQLH]DOX]MąGRSXGODLGR]DPNQLĊFLDZSXGOH
XWVWDZV]\]PĊF]RQ\
XWVWURLüXU]ąG]Lü
XVWURMVWZRXU]ąG]HQLH
XZLG]LHü]REDF]\ü
XZU]DVQąüVLĊZ\GDüNU]\NSU]HUDĪHQLDLWS
XĪDVJUR]D
XĪDVQRVWUDV]QLH
ZDFKDZRGD
ZGUXJQDJOHDZGUXJF]\ĪE\
ZHORFHWMDNLĞQDUNRW\N
ZLEURZLEUDFMD
ZLGQRZLGDü
ZLHOLNZLHONL
ZLHONROHSQRZVSDQLDOH
ZLHURMDWQRSUDZGRSRGREQLH
ZLHU]FKRZ\V]F]\WRZ\
ZLQRZDWSU]HSUDV]DP
ZLQWRZNDNDUDELQ
ZNOXF]DüZáąF]DüZNOXNZáąF]\üVLĊLWS
DTP by SHADE 89
ZNXVQRVPDF]QLH
ZOD]LZ\OD]NRSXODFMD
ZQLH]DSQRQDJOH
ZRáNZRáNĪUHüMDNZLON
ZRáQRZDüVLĊ  IDORZDü  Z]UXV]DüVLĊ
ZRQLHüĞPLHUG]LHüZRQLDV]F]\ĞPLHUG]ąF\
ZR]GXFKSRZLHWU]H
ZRĪDFWZRGRZyG]WZR
ZRĪDW\SU]\ZyGFD
ZSLHF]DWOHQLHZUDĪHQLH
ZS\FKOH  F]áRZLHN  OXG]LH
ZUHGFKĊWQHZ\U]ąG]DQLHV]NRG\LNU]\ZG
ZUHG]LRFKD  V]NRGD  ZUHGQDEDED
ZVLHJGD]DZV]H
ZVLR  ZV]\VWNR  FLąJOHZVLRWDNLZNDĪG\PUD]LHDMHGQDN
ZVLRWZLHUDF]Z\WU\FKLWS
ZXOJDUQLDFKDPVWZRLZXOJDUQRĞü
ZXQGHUEDUQDG]Z\F]DMQH
ZXSDZLĊ]LHQLH
Z\EODGHNVNXUZ\V\Q
Z\NOXF]\üZ\áąF]\ü Z\NOXNZ\áąF]RQHLWG
Z\VND]DüZ\UD]LüZ\SRZLHG]LHü
Z]LąüVLĊ]DF]ąü
Z]U\ZDüVLĊZ\EXFKDü
\F]HüZ\GDZDüQLHDUW\NXáRZDQ\RGJáRV]EOLĪRQ\GRSU]HFLąJáHJR\LWS
]DE\ZDü]DSRPLQDü
]DFHSLüXGHU]\üáDĔFXFKHP
]DFKZDW  UDEXQHN  ]GRE\F]
]DFKZRVWNDKDF]\NXNU\W\PHFKDQL]PDOERSU]HV]NRGD
]DG\PDEyMNDDZDQWXUD
]DJOXFRQ\]DVPDUNDQ\
]DJZLD]G]LRFKDZRGD]RGELMDMąF\PLVLĊJZLD]GDPLLWS
]DKLSQRZWUDQVLH
]DND]Dü]DPyZLü
]DNáXF]\ü]DPNQąüQDNOXF]
]DNOXN]DPNQLĊW\LWS
]DNRQQLFDĪRQD]DNRQQLNPąĪ
]DQLHĞüVLĊ]DPDFKQąüVLĊ
]DSLHUDüVLĊ]DP\NDüVLĊRGĞURGND
]DUDERWDü]DURELü
]DVWXSQLNREURĔFD
]DZWUDMXWUR
]DZWUDNĞQLDGDQLH
]EUXGáDFKDQ\EUXGQ\L]XĪ\W\
]EU\]JDüVLĊHMDNXORZDü
]HNZLĊ]LHĔ
]ĊERURĪQRMDNE\JURĪąF]ĊEDPLLURJDPL
]JU\ZRV]XWNDĪDUWLQDELHUDQLH
]LHZDNJĊED
]LRUQąüVSRMU]Hü
]áRWRJQLDNNRQLDNLWS
]QDFKRG]LüVLĊ]QDMGRZDüVLĊ
]UD]XRGUD]X
DTP by SHADE 
]UDĪDüVLĊZDOF]\ü
]ZLG\ZDü]ZLG]LHüRJOąGDüZSU]\ZLG]HQLX
ĪHVWRNLRNUXWQ\
ĪáRSDFNLSLMDFNL
ĪXUQDáF]DVRSLVPR
ĪZ\NDüĪZ\NQąü  ĪXü  PyZLü]SHáQ\PLXVWDPL
Ī\OLV]F]HPLHV]NDQLH
.
.
:V]\VWNLFKLNDĪGHJR]F]\WHOQLNyZWáXPDF]SURVLRNRQNUHWQHXZDJLLSURSR]\FMH
GRW\F]ąFH MĊ]\ND VW\OX L Z\UDĪHĔ VWRVRZDQ\FK Z WHM ZHUVML 3URV]Ċ MH SU]HV\áDü QD
DGUHV
5REHUW6WLOOHU
$OHMD:RMVND3ROVNLHJRP
:DUV]DZD
.
.
.LONDVSUĊĪ\Q]QDNUĊFDQHMSRPDUDĔF]\
.
1
.
 ']LHMHVLĊWRZSU]\V]áRĞFLQLHRNUHĞORQHMLZPLHĞFLHWHĪQLHFDáNLHPRNUHĞORQ\P
7\ONRQLHOLF]QHUHDOLDZVND]XMąPRĪHQLHFKFąF\ĪHWR$QJOLDLSRQLHNąG/RQG\Q:LĊF
MDNE\VFLHQFHILFWLDQZWHMVSHF\ILF]QHMLQDG]Z\F]DMZDĪNLHMRGPLDQLH]ZDQHMG\VWR-
SLDQDNU\W\FHSROLW\F]QHMLVSRáHF]QHM]EXGRZDQ\SRVĊSQ\GRNDWDVWURIL]PXVNáRQQ\
URG]DMXWRSLL.ROHMQHZV]HUHJXLPSRQXMąF\FKG]LHáMDNLHVWZRU]\OLQLHW\ONR*HRUJH
2UZHOOERL=DPLDWLQ$OGRXV+X[OH\$\Q5DQG.DULQ%R\HLZLHOXLQQ\FK$WHUD]$Q-
WKRQ\%XUJHVV
 -HGQDNQLHGDOHNDWRSU]\V]áRĞüLSRGQLHNWyU\PLZ]JOĊGDPLáDWZRNRMDU]ąFDVLĊ
]GQLHPG]LVLHMV]\P
 :V]\ENLPXSá\ZLHF]DVXQLHMHGHQV]F]HJyáMXĪG]LĞVSUDZLDZUDĪHQLHZF]RUDMV]H
-DNWXVRELHZ\REUD]LüĪHPáRG\L]SHZQRĞFLąQLHDUFKDLF]Q\PHORPDQVáXFKDPX]\-
NL]Sá\WDQLH]NDVHWLW\PEDUG]LHMQLH]G\VNyZF]\Sá\WNRPSDNWRZ\FK"ĩHSLVDU]
XĪ\ZD NOHNRFąFHM PDV]\Q\ ]DPLDVW HOHNWU\F]QHM OXE NRPSXWHUD" :\VWDUF]\ PRPHQW
L MXĪ UHDOLD U]HF]\ZLVWH SU]HVNRF]\á\ IXWXURORJLĊ Z VSUDZDFK MDN QDMEDUG]LHM SRZV]H-
GQLFK2EDZLDPVLĊMHGQDNĪHZLHOH]DFKRZDWXDNWXDOQRĞüGáXJRSRW\PMDNWHFKQLND
Ī\FLDFRG]LHQQHJRQDSáRG]LQDPG]LHVLĊüLVWRUD]\ZLĊFHMSR]RUQ\FKQLHGDMąF\FKVLĊ
G]LĞSU]HZLG]LHüDQDFKURQL]PyZ
 :V]\VWNR WR PDOHMH SU]\ ĞZLHĪ\FK UD] ZUHV]FLH QLH SU]\JQĊELDMąF\FK QLHVSR-
G]LDQNDFKZĪ\FLXSROLW\F]Q\P
 $OHF]\SRGREQLHVWUDFLQDDNWXDOQRĞFLSUREOHPDW\ND]NWyUHMSRF]ĊáDVLĊ0HFKD-
QLF]QDSRPDUDĔF]D"
 1LFQDWRQLHZVND]XMH
 1DVXZDVLĊUDF]HMRGZURWQDUHIOHNVMDRE\WHQQLE\/RQG\Q]QD]Z\QLHZ\PLH-
QLRQ\ZNUyWFHQLHRGFLVQąáVLĊ]E\WZ\UDĨQLHQDQLE\0RVNZLHLQLE\3HUQDPEXFR
.
2
.
 $QWKRQ\%XUJHVVQD]\ZDVLĊZáDĞFLZLH-RKQ$QWKRQ\%XUJHVV F]\WDM
E UG HV 
:LOVRQ 8URG]Lá VLĊ  OXWHJR  Z 0DQFKHVWHU]H -HJR G]LHFLĔVWZR E\áR WUDJLF]QLH
SU]\]LHPQH RMFLHF SLá L SU]\JU\ZDá QD SLDQLQLH SR NLQDFK L NQDMSDFK 5D] ZUyFLZV]\
SRQRF\]DVWDáG]LHFNROHGZLHG\FKDMąFHZ]LPQ\PPLHV]NDQLXSU]\]ZáRNDFKVLRVWU\
LPDWNL]PDUá\FKQDV]DOHMąFąSRGyZF]DVJU\SĊKLV]SDQNĊ3yĨQLHMRĪHQLáVLĊ]REH-
DTP by SHADE 91
UĪ\VWNą=WDNLFKGRáyZLIUXVWUDFMLZ\UDVWDáZSyáLUODQG]NLPNDWROLF\]PLHPáRG\-RKQ
:LOVRQ=DUD]SRXNRĔF]HQLXWHĪZ0DQFKHVWHU]HVWXGLyZDQJOLVW\F]Q\FKLSRMDGRZL-
FLHRSLVDQ\FKDEVXUGDFKRER]XUHNUXFNLHJRGRVWDáVLĊGRZRMVNRZ\FKVáXĪEUR]U\ZNR-
Z\FKLHGXNDF\MQ\FKWDNRGVáXĪ\áGRSLĊüODWSU]HZDĪQLHQD*LEUDOWDU]H1DSLVDá
R W\P VZRMą SLHUZV]ą SRZLHĞü $ 9LVLRQ RI %DWWOHPHQWV  =ĊEDWH PXU\  NWyUHM
Z\GDQLHRSyĨQLáRODW6]\NRZDáVLĊERZLHPUDF]HMGRNDULHU\PX]\F]QHM'RG]LVLDM
JUD ]ZáDV]F]D MD]] QD IRUWHSLDQLH L VNRPSRQRZDá QDZHW QLHFDáH WU]\ V\PIRQLH L GXĪR
PQLHMV]\FKXWZRUyZ
 6WZLHUG]DSURZRNDF\MQLHĪHZROLE\üXZDĪDQ\]DPX]\NDSLV]ąFHJRSRZLHĞFLQLĪ
QDRGZUyW
 7RWHĪ ZĞUyG MHJR G]LHá OLWHUDFNLFK QLH W\ONR 0HFKDQLF]QD SRPDUDĔF]D SRĞZLHFD
W\OHXZDJLPX]\FHLMHMSU]HĪ\ZDQLXFRZLĊFHMPDVWUXNWXUĊMDNE\PX]\F]Qą
 &KRüE\GODILNF\MQHMELRJUDILL%RQDSDUWHJR1DSROHRQ6\PSKRQ\ 6\PIRQLD
QDSROHRĔVND SRVáXĪ\áD]DPRGHOZQDMGUREQLHMV]\FKV]F]HJyáDFK(URLFD%HHWKRYHQD
=ELyUZVSRPQLHĔLHVHMyZ7KLV0DQDQG0XVLF 1LĪHMSRGSLVDQ\LPX]\ND RPDZLD
V]F]HJyáRZRWHDVSHNW\ZáDVQHJRĪ\FLDLSU]HP\ĞOHĔDXWRELRJUDILF]QD]DĞSRZLHĞü7KH
3LDQRSOD\HUV .OH]PHU]\ RVQXWDQDZáDVQ\PG]LHFLĔVWZLHLSRVWDFLRMFDSU]HND-
]XMHZLHOHSRGREQ\FKWUHĞFLMDNQDMĞFLĞOHMPX]\F]Q\FKZIRUPLHFRNROZLHN]EHOHWU\]R-
ZDQHM3DUDáVLĊWHĪOLWHUDWXUąRSHURZąUHODFMRQXMąFSRVZRMHPXOLEUHWWR7KH&DYDOLHU
RIWKH5RVH .DZDOHUVUHEUQHMUyĪ\ 5LFKDUGD6WUDXVVDLWZRU]ąFQRZHOLEUHWWRGR
RSHU\2EHURQ2OGDQG1HZ 2EHURQVWDU\LQRZ\ &DUOD0DULLYRQ:HEHUD7RQLH
ZV]\VWNR$OHZEUHZMHJRZáDVQ\PDVSLUDFMRPWRLWDNQLHZąWSOLZLHPDUJLQHV\
 .LHUXMP\VLĊNXWHPXFRSRZDĪQLHMV]H
 %\áZUyĪQ\FKRNUHVDFKLV]NRáDFKQDXF]\FLHOHPDQJLHOVNLHJRSUDFRZQLNLHP0L-
QLVWHUVWZD2ĞZLDW\LZ\NáDGRZFąOLWHUDWXU\DQJLHOVNLHMQDXQLZHUV\WHFLHZ%LUPLQJKDP
.LONDNURWQLHSU]HE\ZDáWHĪMDNRSURIHVRUZL]\WXMąF\LUD]MDNRSLVDU]UH]\GHQWZ6WD-
QDFK=MHGQRF]RQ\FK
 $OHWRMXĪZSyĨQLHMV]\FKODWDFK
 1DUD]LHV]XNDMąFMDNLHMĞGRJRGQLHMV]HMSRVDG\SUDZLHQLHFKFąF\WUDILáQD0DOD-
MH-DNVLĊRND]DáRSRSLMDQHPXQDSLVDáSRGDQLHRNWyU\P]DSRPQLDáLVNRĔF]\áRVLĊ
QDNRQWUDNFLH-DNRZ\NáDGRZFDMĊ]\NDLOLWHUDWXU\V]NROLáSU]\V]á\FKQDXF]\FLHOLDQJLHO-
VNLHJRZVWROLFDFKPDODMVNLFKVXáWDQDWyZ3HUDNL.HODQWDQF]\OLZ.XDOD.DQJVDUL.RWD
%DUX D SR NUyWNLP SRZURFLH GR $QJOLL ]QRZXĪ Z VXáWDQDFLH %UXQHL QD .DOLPDQWDQLH
Z PLDVWHF]NX R WHM VDPHM QD]ZLH EĊGąF\P MHJR VWROLFą 7UZDáR WR RG URNX  GR
LZUHV]FLHPXVLDáZUyFLüGRNUDMX]QLHFKĊFRQ\UR]SLW\LFKRU\MHGQDN]DZV]HMXĪ
WĊVNQLąF\LUZąF\VLĊGRWURSLNyZDFRQDMPQLHMGRNUDMyZĞUyG]LHPQRPRUVNLFK
 ,VWąGZ]LąáVLĊMHJRGHELXWSRZLHĞFLRZ\7U\ORJLDPDODMVNDZWU]HFKWRPDFKQDM-
SLHUZRVREQ\FK
.
3
.
 7DN]ZDQD7KH0DOD\DQ7ULORJ\VNáDGDVLĊ]7LPHIRUD7LJHU &]DVQDW\-
JU\VD GDOHM]RSDUWHJRQDPDODMVNLPSRZLHG]RQNXZW\WXOH7KH(QHP\LQWKH%ODQNHW
:UyJZSRĞFLHOL L%HGVLQWKH(DVW àRĪDQD:VFKRG]LH 3yĨQLHMWU\ORJLD
WD]DF]ĊáDVLĊXND]\ZDüMXĪáąF]QLHMDNR7KH/RQJ'D\:DQHV 8VFK\áNXGáXJLHJR
GQLD 3LHUZV]\W\WXáGRW\F]\UyZQLHĪPLHMVFRZHJRSLZDPDUNL7LJHUDRVWDWQLWRF\WDW
]6]HNVSLUD0QyVWZRGRĞZLDGF]HĔDXWRELRJUDILF]Q\FKORNDOQ\FKLOLWHUDFNLFKNU]\ĪXMH
VLĊZW\FKSRZLHĞFLDFKMDN]Z\NOHX%XUJHVVDPLPRZV]HONLFK]DVWU]HĪHĔGRĞüZLHU-
QLHLQLHPDOHNVKLELFMRQLVW\F]QLHRGZRáXMąFVLĊGRMHJRĪ\FLRU\VX&yĪ]WHJRĪHMDNDĞ
SRVWDüOXELQF\GHQWVąSU]HNV]WDáFRQHQLHFDáNLHPGRVáRZQHOXEV\QWHW\F]QH"LĪHQLH-
NWyUH]LQQ\FKMHJRSRZLHĞFLRSLHUDMąVLĊZ\áąF]QLHQDIDQWD]ML"
 :LĊNV]RĞFLWRQLHGRW\F]\
 ,QLH]PLHQLDWHJRUyZQLHĪIDNWĪH%XUJHVVOXELF]HUSDüVWUXNWXU\DNFMLSUREOH-
DTP by SHADE 
PDW\NĊLSU]HNUĊFRQHLPLRQD]WUDG\FMLF]\ZUĊF]DUFKHW\SyZOLWHUDFNLFKWDNZáDĞQLH
$9LVLRQRI%DWWOHPHQWVMHVW]DPDVNRZDQąUHSOLNą(QHLG\9HUJLOLXVDLQQD]DĞZF]HVQD
SRZLHĞü7KH:RUPDQGWKH5LQJ 6PRNLSLHUĞFLHĔ WRV]DUDGDQDWOHPLWRORJLL
QRUG\FNLHM&yĪ]WHJRĪHZNRQWHNĞFLHPDODMVNLP]DSLMDF]RQ\SRUXF]QLN1DEE\$GDPV
SREU]PLHZDMDNR1DEL$GDPF]\OLSLHUZV]\&]áRZLHNMDNR3URURN"VNRURLWDNSLHUZR-
Z]RUHPE\á]QDQ\DXWRURZLSRUXF]QLN'HODQH\
 -DNLPQyVWZRLQQ\FKSRVWDFL
 :ĞUyGQLFKZáDVQDĪRQD/OHZHOD ]ZDQD/\QQH ,VKHUZRRG-RQHVE\áDHIHNWRZ-
Qą:DOLMNąRMDVQ\FKZáRVDFKLEáĊNLWQ\FKRF]DFKDZĪ\FLX%XUJHVVD WUXGQRVLĊSR-
ZVWU]\PDüRGWHMUHIOHNVML SRWZRUQąLKLVWHU\F]Qą]DZDOLGURJą:FLąĪRĪ\ZLDMąFDVLĊ
SyáJĊENLHPOHJHQGDMDNRE\JZDáWLĞPLHUüZ0HFKDQLF]QHMSRPDUDĔF]\E\á\RGELFLHP
GRW\F]ąFHJRMHMZ\GDU]HQLDQD0DODMDFKGRPDJDVLĊVSURVWRZDQLD
 : NZLHWQLX  URNX JG\ %XUJHVV MHV]F]H VáXĪ\á QD *LEUDOWDU]H MHJR ĪRQD
Z/RQG\QLH]RVWDáDZQRF\QDSDGQLĊWDZFHODFKUDEXQNRZ\FKLSRELWDGRQLHSU]\WRP-
QRĞFL SU]H] F]WHUHFK DPHU\NDĔVNLFK GH]HUWHUyZ SRURQLáD L GáXJR FKRURZDáD 8PDUáD
MHGQDNQLHGODWHJRW\ONRZODWDSyĨQLHMQDPDUVNRĞüZąWURE\VNXWHNDONRKROL]PX
MDNLSU]H]ZLHOHODWáąF]\áD]GRĞüUR]ZLą]á\PWU\EHPĪ\FLD]F]HJRQDG]Z\F]DMV]F]HU\
ZW\FKVSUDZDFK%XUJHVVQLHF]\QLVHNUHWX$Z0DOH]MLFLąJOH]DWUXZDáDPXĪ\FLHMDN
QLHKLVWHULąLSLMDĔVWZHPWRPDQLIHVWDFMDPLZVWUĊWXGRHJ]RW\F]Q\FKNUDMyZOXG]LNXO-
WXU\LMĊ]\NDFRQLHSU]HV]NDG]DáRMHMZHNVSHU\PHQWDFK]HJ]RW\F]Q\PLNRFKDQNDPL
L]NLPSRSDGáR
 1LHW\ONRWR]QDMG]LHP\ZSURVWDOERZSU]HáRĪHQLXRSLVDQHZEH]OLWRVQHM7U\ORJLL
PDODMVNLHM
 7UXGQRE\]QDOHĨüGUXJąSRZLHĞüWDNZLHORVWURQQLHLQLHUD]SHUILGQLHQDĞZLHWOD-
MąFą MDNĪH ]áRĪRQH L QLHMHGQR]QDF]QH ]MDZLVND GHNRORQL]DFML NUDMX D]MDW\FNLHJR -HVW
EH]FHQQDMDNRQLHOLF]ąF\VLĊ]QLF]\PGRNXPHQW]SLHUZV]HMUĊNL
 3LVDá Mą QD Ī\ZR SU]HQRV]ąF PDWHULDá L V]F]HJyá\ QLHPDO GRVáRZQLH ]H VZ\FK
ELHĪąF\FK GRĞZLDGF]HĔ -HM WU]\ SUĊGNR QDVWĊSXMąFH SR VRELH F]ĊĞFL ]DUD]HP GRĞü
SRF]\WQHLNZDĞQRSU]\MĊWHVąQLHPDOĪHGRNXPHQWHPF]DVXLNUDMXNWyUHJRQLFZSL-
ĞPLHQQLFWZLHQDV]\FKF]DVyZQLH]DVWąSLD]NWyU\PGDVLĊSRUyZQDü FRVDP%XUJHVV
WUDIQLH]DXZDĪ\á W\ONRIUDQFXVNDSRZLHĞü+HQUL)DXFRQQLHUD0DODLVLH 0DODMVND
SU]\JRGD  Z\GDQD MXĪ SR SROVNX Z PRLP SU]HNáDG]LH 1LH REHV]áR VLĊ ]UHV]Wą EH]
SURFHVXR]QLHVáDZLHQLHNWyU\%XUJHVVRZLZ\WRF]\áSHZLHQELDá\DGZRNDW]0DODMyZ
2VNDUĪ\FLHOFRSUDZGDSU]HJUDáLZLĊFHMSRGREQ\FKQLHE\áROHF]QLHEUDNRZDáRSUHWHQ-
VMLDJG\QLHEDZHPWDNVDPRQDJRUąFR%XUJHVVRSLVDáVZHGRĞZLDGF]HQLD]%UXQHL
ZVDW\U\F]QHMSRZLHĞFL'HYLORID6WDWH 'LDEHáQLHSDĔVWHZNR Z\GDZFDND]Dá
PXWHQNUDMSU]H]ZDQ\1DUDNDRGPDODMVNLHMQD]Z\3LHNáDDVHNXUDF\MQLHSU]HQLHĞüGR
$IU\NL:VFKRGQLHM'DOHNRPQLHMZDĪNLXWZyUWHQVWDQąáMHGQDNZV]HUHJXWDNLFKMDN
%ODFN0LVFKLHI &]DUQ\Z\EU\N (YHO\QD:DXJK%XUPHVH'D\V %LUPDĔ-
VNLHF]DV\ 2UZHOODLSRQLHNąG7KH+HDUWRIWKH0DWWHU 6HGQRVSUDZ\ *UDKDPD
*UHHQHFKRüQLHGRUyZQXMHDQLĪDGQHPX]QLFKDQLZáDVQHM7U\ORJLLPDODMVNLHM%XUJHV-
VD
 7DPLPRZV]\VWNRQDMĞFLĞOHMUHDOLVW\F]QDLGHPDVNDWRUVNDSRZLHĞü]HOHPHQWDPL
HJ]RW\NLZLZLVHNFMLSV\FKRORJLF]QHMVHQVDFMLF]DUQHJRKXPRUXLVDW\U\SROLW\F]QHMGD
VLĊWXWDMSU]\ZRáDüZMHV]F]HMHGQHMIXQNFML
 %RZ\OLF]HQLHWRSU]\]PLHQLDMąF\FKVLĊSURSRUFMDFKPRĪHXMĞü]DVXPDU\F]Q\
RSLVFDáHMSUR]\%XUJHVVD
 :\VWĊSHNLJU]HFKMDNRPHFKDQL]POXG]NLHMG]LDáDOQRĞFLWRXQLHJRSUREOHPNOX-
F]RZ\JáyZQ\ĪHE\QLHSRZLHG]LHüREVHV\MQ\1LHREHV]áRVLĊSU]\W\PEH]MHJRLU-
ODQG]NLHJRNDWROLF\]PXZFLąJáHMLRVRELĞFLHQLHUD]GRWNOLZHMNRQIURQWDFML]ZąWSOLZ\P
SURWHVWDQW\]PHPNRĞFLRáDDQJOLNDĔVNLHJR'RĞüSRZLHG]LHüĪHQD0DODMDFKVNáDQLDáVLĊ
MXĪ%XUJHVVGRNRQZHUVMLQDLVODPDĪREODáDJRNXEáHP]LPQHMZRG\MDNDĞNROHMQDW\-
SRZRPX]XáPDĔVNDPDQLIHVWDFMDRUJDQLF]QHMVSU]HF]QRĞFLPLĊG]\XWUZDORQąZSUDNW\-
DTP by SHADE 93
FHLVODPXWUDG\FMąG]LDáDĔLRFHQSXEOLF]Q\FKLMHGQRVWNRZ\FKDSRZV]HFKQLHX]QDQ\P
V\VWHPHPZDUWRĞFLOXG]NLFK
.
4
.
 =DFK\ERWDáDVLĊPDNDEU\F]QLHELRJUDILDLZ\QLNáR]WHJRZV]\ENLPQDVWĊSVWZLH
SLĊüGDOV]\FKSRZLHĞFL
 7\FKGRURNX
 =DUD]SRVZ\PSRZURFLH]WURSLNyZ]DEXU]HQLDSV\FKLF]QHMDNLPFRUD]GRWNOLZLHM
]DF]ąáXOHJDü%XUJHVVGRSURZDG]Lá\JRGRSRE\WXQDREVHUZDFMLZORQG\ĔVNLPV]SLWDOX
LZUHV]FLHGRGLDJQR]\UDNPy]JX
 'DQRPXSyáURNXĪ\FLD
 :WHMV\WXDFMLRVWDWHF]QHM]DF]ąáQDJZDáWSLVDüJáyZQLHSRWRDE\ZGRZLH]R-
VWDZLüWURFKĊSLHQLĊG]\
 -DNWRE\áR]FKRUREąPRĪQDVLĊZ]JOĊGQLHV]F]HJyáRZRGRZLHG]LHü]SRZLHĞFL
7KH'RFWRU,V6LFN 3DQGRNWRUMHVWFKRU\ &RĞ]WHMGHVSHUDFMLSRĞSLHFKXQLH
OLF]ąF\VLĊ]QLF]\PF\QL]PLQDWXUDOQDVNáRQQRĞüGRZLZLVHNFMLSRPRJá\XNV]WDáWRZDü
ZW\PNU\W\F]Q\PRNUHVLHVSHF\ILNĊSLVDUVNą%XUJHVVD2GWąGL]SyĨQLHMV]\FKXWZR-
UyZQLHMHGHQFKRüQLHSRNROHLZUDFDGRSRGREQHMJHQH]\LHIHNWyZDĪEH]ZVW\GQLH
V]F]HUHJRLGUDVW\F]QHJRXOHSNX]PRW\ZyZDXWRELRJUDILF]Q\FKQLHUD]XG]LZQLRQHJR
MHV]F]H QD SRND] 'R W\FK QDOHĪą 2QH +DQG &ODSSLQJ  .ODVNDü MHGQą GáRQLą 
LPQLHMRVRELVWH7KH5LJKWWRDQ$QVZHU 3UDZRGRRGSRZLHG]L %HDUG
V5RPDQ
:RPHQ %DELDU]%HDUGZ5]\PLH L7KH3LDQRSOD\HUV .OH]PHU]\ JG]LH
QDUUDWRUSU]\VWURLáVLĊZSRVWDüLĞZLDWRSRJOąGNXUW\]DQ\ZSRGHV]á\PZLHNX
 -HGQDNWRQLH$QWKRQ\%XUJHVVZWHG\XPDUáOHF]MHJRĪRQDZSLMDFNLPUR]SDG]LH
XP\VáRZ\PLIL]\F]Q\P$ZORNáRVLĊWRZFRUD]JRUV]HMXGUĊFHLREU]\GOLZRĞFLMHV]F]H
GRURNX
 =DUD]SRMHMĞPLHUFL]DZDUáGUXJLHV]F]ĊĞOLZHLWUZDáHPDáĪHĔVWZR]ZáRVNąKUD-
ELDQNąGXĪRPáRGV]DRGQLHJR/LOLDQD U]DGNRQD]\ZDQDLQDF]HMQLĪ/LDQD 0DFHOODUL
ZQLRVáDZWHQXNáDGUyZQLHĪVZHNRPSHWHQFMH]DZRGRZHMDNROLQJZLVWND2GWąGLWZyU-
F]RĞü%XUJHVVDQLHWUDFąFQDRVWURĞFLZ\NODURZDáDVLĊLQWHOHNWXDOQLH
 7\PF]DVHPSUDZG]LZąLĞZLDWRZąNDULHUĊ]URELáD$&ORFNZRUN2UDQJH 1D-
NUĊFDQDSRPDUDĔF]D 
.
5
.
 7DSU]HUDĪDMąFDG\VWRSLDF]\QLFKZLODPLZUDĪHQLHSUDZLHUR]KLVWHU\]RZDQH1LH
EDUG]R ZLDGRPR F]\ JDQLü MHM SODNDWRZH XSURV]F]HQLD" F]\ ]DFKZ\FDü VLĊ LFK NRQ-
VWUXNFMD"
 %XUJHVVMąVDPNLHG\ĞRNUHĞOLáMDNR]E\WG\GDNW\F]Qą]E\WHNVKLELFMRQLVW\F]Qą
MĊ]\NRZR8PQLHZSLHUZV]HMOHNWXU]HWDNVLĊSRPLHV]Dá\SRG]LZLVSU]HFLZĪH]MHG-
QHM VWURQ\ SRUZDáHP VLĊ RG UD]X QD NDUNRáRPQ\ WUXG SU]HáRĪHQLD GZyFK SLHUZV]\FK
UR]G]LDáyZD]GUXJLHMQDSLVDáHPLRJáRVLáHPZÄ/LWHUDWXU]HQDĝZLHFLHSDPIOHWQDQLą
]DW\WXáRZDQ\+RUURUVKRZF]\OLEyMVLĊ3DQMHĪD6NąGyZW\WXá"-HVWDQHJGRWDRSR-
QLHZLHUDQ\PSU]H]GáXJLHODWDGUREQ\PXU]ĊGQLNXNWyU\ZUHV]FLHRGFKRG]ąFSRVWDQR-
ZLáVLĊ]HPĞFLüQD]QLHQDZLG]RQ\PV]HILH:\EUDZV]\RGSRZLHGQLPRPHQWQDURELáPX
QDELXUNRSRF]\PQDZW\NDáZWR]DSDáHNL]RVWDZLáNDUWNĊ]QDSLVHP%yMVLĊ3DQMHĪD
=DSRGREQHVWUDV]HQLHX]QDáHPZyZF]DVWĊSRZLHĞü
 : NROHMQ\FK F]\WDQLDFK L Z WUXG]LH SU]HNáDGX VWRSQLRZR ]áDJRG]LáHP L ZUHV]FLH
]PLHQLáHPVąGR1DNUĊFDQHMSRPDUDĔF]\QDMHMNRU]\Ğü$FRSR]RVWDáR]ZąWSOLZRĞFL
WRSU]\WRF]Ċ]JUXEV]DZHGáXJWDPWHJRDUW\NXáX
 .LHG\VNyUDQDPFLHUSQLHSU]\Z\F]\QDFKOHWQLHJR$OH[DLMHJRPáRGRFLDQ\FK
]Z\URGQLDOFyZRWU]ąVQąZV]\VLĊQLHFR]DGDMHP\VRELHS\WDQLH
DTP by SHADE 
 &]\WRMHVWQRZH"LMDNGDOHFHUHDOQH"
 2WyĪGRVWDáHJRUHSHUWXDUXVFLHQFHILFWLRQ]DOLF]DMąVLĊRSLV\WHUURUX L]G]LF]HQLD
RE\F]DMyZ QDVWĊSXMąFH ]Z\NOH SR NDWDNOL]PLH DWRPRZ\P OXE QDGZ\UĊĪHQLX OXG]NR-
ĞFL SU]H] LQZD]MĊ PLĊG]\SODQHWDUQą 0yJáE\P WX SU]\WRF]\ü DOH QLH FKFĊ SU]HFLąĪDü
RPyZLHQLD GRNXPHQWDFMą  G]LHVLąWNL QD]ZLVN L W\WXáyZ SRZLHĞFL L RSRZLDGDĔ F]ĊVWR
ZF]HĞQLHMV]\FK RSDUW\FK MRWD Z MRWĊ QD SRGREQ\FK ]DáRĪHQLDFK V\WXDFMDFK L SRVWD-
FLDFKRUD]HIHNWDFKMDNLPLWXVWUDV]\F]\WHOQLNyZ%XUJHVVSUH]HQWXMąFLPVZHJR$OH[D
LPLDVWRQLHPRJąFHVRELHSRUDG]Lü]EDQGDPLPRUGXMąF\FKLJZDáFąF\FKZ\URVWNyZ
 3HáQRWHJRĪVFKHPDWXZZHVWHUQDFK
 1RZRĞFLą FKRüQLHFDáNRZLWą L]DVáXJą%XUJHVVDMHVWZ\SURZDG]HQLHWHMLQZD]ML
SRWZRUyZ]ZHZQąWU]=OXG]NLHJRZQĊWU]DL]HVSRáHF]QHJR
 $F]\GR]DVáXJWHMILNFMLQDOHĪ\WHĪMHMUHDOQRĞü"
 ĩHGHJHQHUXMąFDVLĊQDZLHOHVSRVREyZPáRG]LHĪLSU]HVWĊSF]RĞüQLHOHWQLFK]DOL-
F]DMąVLĊGRQDMJURĨQLHMV]\FKNRV]PDUyZQDV]HMHSRNLWRZLDGRPR$F]\DĪWDNGHPR-
QLF]QDHVNDODFMD]MDZLVND"3RMHG\QF]\SU]\SDGHNMDNNROZLHNSRWZRUQ\PRĪHE\üGOD
RILDULĞZLDGNyZWHMVNDOLMHV]F]HQLHVWZDU]D0RĪHRQDZ\QLNQąüGRSLHUR]JáĊEV]HJR
XV]NRG]HQLD PHFKDQL]PyZ L QRUP VSRáHF]Q\FK %R MDN ZLDGRPR F]áRZLHN EURQLąF\
VZHJRĪ\FLDLSRGVWDZRZ\FKGyEU FKRüE\]HZ]JOĊGXQDEDUG]LHMGRWNOLZH]DJURĪHQLH
L VLOQLHMV]H Z\G]LHODQLH DGUHQDOLQ\  UR]SRU]ąG]D WDNą VDPą D ]Z\NOH ZLĊNV]ą VSUDZ-
QRĞFLąQLĪQDSDVWQLNSRZRGRZDQ\PRW\ZDFMąQLHDĪWDNLVWRWQąMDN]DEDZDF]\SXVWD
]áRĞOLZRĞü,MDNZLDGRPRZVSRáHF]QRĞFLFKRüWURFKĊ]LQWHJURZDQHMWD]GROQRĞüVDPR-
REURQ\NRORVDOQLHZ]UDVWD5yZQLHĪL]IL]MRORJLF]QHJRSXQNWXZLG]HQLDQDSU]\NáDGVLáD
PLĊĞQLMHVWWąFHFKąNWyUDVLĊSyĨQRUR]ZLMDLGáXJRWUZDG]LĊNLF]HPX VWDW\VW\F]QLH
U]HF]ELRUąF QDZHWGRV\üVLOQ\SLĊWQDVWRODWHNQLHPDZLHONLFKV]DQVZVWDUFLX]SU]H-
FLĊWQ\PPĊĪF]\]QąZZLHNXĞUHGQLPDOERLSRGHV]á\P1LHZGDMąFVLĊZV]F]HJyáRZH
REOLF]DQLHLQQ\FKF]\QQLNyZPRG\ILNXMąF\FKWDNLFKMDNVWRSLHĔDJUHV\ZQRĞFL]DVNR-
F]HQLHEU]\WZDZUĊNX]Z\URGQLDáHJRVPDUNDF]DOXEZLĊNV]D]GROQRĞüSU]HZLG\ZDQLD
XGRURVá\FKMHGQRPRĪQDVWZLHUG]LüQDSHZQRRSLVDQHSU]H]%XUJHVVDU]ąG\QRFQHJR
WHUURUX SLĊWQDVWRODWNyZ ZREHF NWyU\FK EH]UDGQH MHVW FDáH VSRáHF]HĔVWZR GRURVá\FK
ZUD]]SROLFMąWRFDáNRZLWDILNFMD&K\EDĪHE\DSDUDWSDĔVWZRZ\QLHLVWQLDáDOHZWHG\
MDNZLHP\VSRáHF]HĔVWZRVDPRU]XWQLHWZRU]\ZáDVQHLQVW\WXFMHREURQQHLMXĪSRFKZLOL
ZDONDVWDMHVLĊZQDMJRUV]\PUD]LHUyZQRU]ĊGQD3RWZLHUG]DMąWRQLH]OLF]RQHSU]\NáDG\
FKRüE\L]QDMQRZV]HMKLVWRULLV]HU\IRZLHQD']LNLP=DFKRG]LHVDPRREURQDZNLEX-
FDFKL]UDHOVNLFKLZ\URVáDQDMHMJUXQFLH+DJDQDSU\ZDWQDSROLFMDZ$PHU\FHLWG
 3HáQDPDNDEUD]DF]\QDVLĊZyZF]DVJG\DSDUDWSDĔVWZRZ\LMHJRVLá\SROLF\MQH
ELRUąVWURQĊPáRGRFLDQ\FKOXELQQ\FKEDQG\WyZLXáDWZLDMąLPG]LDáDQLHOXE]DSHZQLDMą
EH]NDUQRĞüSU]HĞODGXMąQDWRPLDVWEURQLąF\FKVLĊ
 &RSR]QDOLĞP\ZSUDZG]LHQDZáDVQHMVNyU]H]GáXJROHWQLHMSRQXUHMSUDNW\NLNR-
PXQL]PXMHJRMXU\VG\NFMLPLOLFMLWHRULLVSRáHF]QHMRUD]LFKWUZDMąF\FKGRWąGUHOLNWyZ
 &RX%XUJHVVDMHGQDNQLH]DFKRG]L
 7RWHĪQLHRSLV\WHUURUXLVDG\VW\F]Q\FKHNVFHVyZVWDQRZLąLVWRWĊMHJRILNFMLOHF]
WRFRVLĊZQLFKX]HZQĊWU]QLDNRU]HQLHHW\NLRVRELVWHMLVSRáHF]QHMZDUXQNXMąFHMWHQ
FKRUREOLZ\V\VWHPZDUWRĞFL]DFKRZDĔLZVSyá]DOHĪQRĞFL
 -HGHQ]WULXPIyZNVLąĪNLSROHJDQDW\PĪHQLHWRMHVWZQLHMQDMRNURSQLHMV]HFR
MHMERKDWHURZLHZ\F]\QLDMąDOHWRFRVLĊSU]\W\PG]LHMHZLFKSR]RUQLHW\ONROXG]NLHM
ZLFKQLHGROXG]NLHMDOERQLHGDM%RĪHOXG]NLHMĞZLDGRPRĞFL
 &]\PVLĊXVSUDZLHGOLZLDMą&RP\ĞOą
 $OH ZL]MD 1DNUĊFDQHM SRPDUDĔF]\ PD WHĪ VZH ĨUyGáD Z ĞZLDGRPRĞFL ]ELRURZHM
LIDNWRJUDILF]QH
 1LHZąWSOLZ\VXEVWUDWVWDQRZLąWXZ\REUDĪHQLDF]\WHOQLNyZORQG\ĔVNLHMSUDV\EUX-
NRZHMZURG]DMXÄ6XQF]\Ä:RUOG1HZVLSRGREQHMVSHFMDOL]XMąFHMVLĊZPRĪOLZLH]D-
ZLHVLVW\FKRSLVDFKPRUGHUVWZJUDELHĪ\JZDáWyZLHNVFHVyZSáFLRZ\FK1DWHQSRGNáDG
DXWRUQDáRĪ\áMHV]F]HQDVWĊSXMąFHVXEVWDQFMH
DTP by SHADE 95
  $XWHQW\F]Q\FK ELWQLNyZ F]\ KLSLVyZ ] LFK V]RNXMąF\P Z\JOąGHP L ]DFKRZD-
QLHPRUD]NRMDU]RQH]QLPLSRF]ĊĞFLU]HF]\ZLVWHLREVHUZRZDQHQDFRG]LHĔDF]Ċ-
ĞFLRZRSU]HVDG]RQHL]JD]HWF]HUSDQHZLDGRPRĞFLRLFKSDVRĪ\WQLF]\PWU\ELHĪ\FLD
QDUNRW\NDFKVHNVLHRUD]DNWDFKZDQGDOL]PXLFKXOLJDĔVWZD
  6WHUHRW\S DPHU\NDĔVNL MHV]F]H MDVNUDZV]\ ]DUyZQR Z U]HF]\ZLVWRĞFL MDN
LZZ\REUDĨQLZ]ERJDFRQ\SyĨQLHMRGRGDWNRZąJUR]ĊVSUDZ\0DVRQDLMHPXSRGRE-
Q\FKF]HJRRF]\ZLĞFLHQLH E\áRZPRPHQFLHSLHUZV]HJRZ\GDQLDNVLąĪNLDOHFRVLĊ
QDZDUVWZLáRQDMHMSyĨQLHMV]\RGELyU
  3RGREQLH QDZDUVWZLRQD SDPLĊü VWXGHQFNLFK UR]UXFKyZ ZH )UDQFML NWyUH
ZĞZLDGRPRĞFLORQG\ĔF]\NyZRGELá\VLĊJáyZQLHMDNRG]LHMąFHVLĊWXĪSRGERNLHP]D-
JURĪHQLHáDGXĪ\FLRZHJRSU]H]UR]EHVWZLRQąPáRG]LHĪ
 6KRFNLQJMDNRWDNL
 :DUWRĞFL UR]U\ZNRZH QLH Vą WX ]DU]XWHP $OH S\WDQLH F]\ L ] QLFK VDP\FK QLH
Z\QLNáRFRĞSR]EDZLRQHJRLQQHMPRW\ZDFML
.
6
.
 =DUyZQRV]DQXMąF\VLĊF]\WHOQLNSROVNLMDNLDQJLHOVNLKLJKEURZQDRJyáQLHVSOD-
PLąVLĊJUXQWRZQLHMV]ą]QDMRPRĞFLąOLWHUDWXU\UR]U\ZNRZHMLSRZDĪQ\PMHMWUDNWRZD-
QLHP6QREL]PZáDGDQLHSRG]LHOQLHZW\FKHQNODZDFKVSRáHF]Q\FKJG]LHRERZLą]NRZH
F]\WDQLHNVLąĪHNZ\QLND]QREOHVVHREOLJH
 6QREL]P]DVWĊSXMHZQLFKJXVWLQWHOHNWRWZDUWHRF]\LU]HF]\ZLVWHSRF]XFLHZDU-
WRĞFL
 7\SRZ\PSU]HGVWDZLFLHOHPW\FKHQNODZMHVWU]HF]MDVQDNU\W\NOLWHUDFNL]UDFML
VZHJR]DZRGXQDMPQLHMZLHG]ąF\ROLWHUDWXU]H:LĊFW\PEDUG]LHMZRFHQLHWDNLFKXWZR-
UyZMDN$&ORFNZRUN2UDQJHEUDNXMHPXZVWĊSQHJRV\VWHPXRGQLHVLHĔMDNLPE\áDE\
]QDMRPRĞüOLWHUDWXU\VHQVDF\MQHM
 )HQRPHQVLĊSRZWDU]D
 7DQLE\ÄVXEOLWHUDWXUDRGNU\ZDFRĞLRVLąJDZ\VRNąVSUDZQRĞüQLHNLHG\ZUĊF]
PLVWU]RVWZRZSUH]HQWRZDQLXVZ\FKRGNU\ü1LHUD]EDUG]RZDĪQ\FK,SyĨQLHMGRSLH-
UR PDLQVWUHDP F]\OL W]Z OLWHUDWXUD SRZDĪQD UXV]D SRG RVáRQ\ VZHM SRZDJL L VZ\FK
Z\]QDZFyZ GRDNFMLSDVRĪ\WQLF]HMLSODJLDWRUVNLHM'REU]HMHV]F]HNLHG\WDZWyUQRĞü
QLHSU]HPLOF]DQD]RVWDQLHOHF]RNUHĞORQDMDNRQRELOLWDFMD:yZF]DVSRMDZLDMąVLĊWDNLH
IHQRPHQ\ĞURGRZLVNRZHMDNQDJá\VQREL]PQDWU]HFLRU]ĊGQHJRDXWRUDVFLHQFHILFWLRQ
QD]ZLVNLHPGDMP\QDWR.XUW9RQQHJXWSU]\UyZQRF]HĞQLHWUZDMąF\PNUĊFHQLXQRVHP
QDNLONXG]LHVLĊFLXWDNLFKVDP\FKLZW\PĪHJDWXQNXDF]ĊVWREH]SRUyZQDQLDOHSV]\FK
LQLHSU]\MPRZDQLXGRZLDGRPRĞFLZRJyOHLVWQLHQLDW\FKWZyUFyZ
 $OER V]XP ZRNyá VáDEHM SRZLHĞFL 1HYLOD 6KXWH L RVQXWHJR QD QLHM ILOPX 2Q WKH
%HDFK SRSROVNX2VWDWQLEU]HJ ]NWyU\FKXF]\QLRQRQLHPDOĪHKLVWRULR]RILF]Q\WUDNWDW
DQW\QXNOHDUQ\ R QDV]\FK F]DVDFK $OER SU]HURELRQ\ QD Vá\QQH ZLGRZLVNR EDOHWRZH
QLHPQLHMSU]HWRJUDIRPDĔVNLV]ZHG]NLHSRVNRVPRQDXW\F]Q\$QLDUD+DUU\0DUWLQVRQD
$OERUR]PDPáDQ\LQLFUR]XPQHJRQLHPyZLąF\1RYD([SUHVV:LOOLDPD%XUURXJKVD
]UHV]Wą Z W\FK VSUDZDFK Z\VWDUF]\ RGHVáDü GR ]QDNRPLW\FK L ZDĪQ\FK WHRUHW\F]QLH
ZVWĊSyZNWyUH]DPLHV]F]DáZNROHMQ\FKWRPDFKDQWRORJLL6SHFWUXP VZRMHML5REHUWD
&RQTXHVWD .LQJVOH\$PLV
 5yZQLHĪ]DáRĪHQLHRGVWUĊF]DMąF\FKWUHĞFLLDGHNZDWQHMGRQLFKVW\OLVW\NLQLHMHVW
QRZH
 =QDP\MH]WZyUF]RĞFLDXWRUyZWDNLFKMDN&pOLQHL]FDá\FKNLHUXQNyZOLWHUDFNLFK
]DRSDWU]RQ\FKZHZáDVQHQD]Z\LSURJUDP\MDNKLV]SDĔVNLDQLH]á\PLQD]ZLVNDPLUH-
SUH]HQWRZDQ\ WUHPHQG\]P UR]NRV]QLH ]GHILQLRZDQ\ SU]H] $QJHOD GHO 5tR MDNR ÄVW\O
NWyU\ ZXOJDUQ\P MĊ]\NLHP SRGNUHĞOD RGS\FKDMąFą U]HF]\ZLVWRĞü LWG 3UREOHP QLHFR
SRGREQ\W\ONRQDRGZUyWGRVDORQLNXOLWHUDFNLHJR&pOLQHPDZVWĊSDOHW\ONRMDNRQD-
]ZLVNR6XEVWDQFMDLZQLRVNL]MHJRWZyUF]RĞFLZVWĊSXQLHPDMą
DTP by SHADE 
 *G]LHQDWHMVNDOLPLHĞFLVLĊ$&ORFNZRUN2UDQJH"
 -HV]F]H UD] FKZDáD MHM L %XUJHVVRZL =QDOD]á RQ ERZLHP VSRVyE QD WR DE\ QLH
Z\SLHUDMąF VLĊ H[SUHVVLV YHUELV WHM DQL WDPWHM OLWHUDWXU\ SRZDĪQHM DQL UR]U\ZNRZHM
NRU]\VWDüZSHáQL]ZDUV]WDWXLG\VWU\EXFMLREXàąF]\MHRUJDQLF]QLHZNDĪG\PQLHPDO
XWZRU]HLVSHáQLDZDUXQNLRE\GZXEH]WDU\I\XOJRZHM
 'RIRUPXáVFLHQFHILFWLRQLG\VWRSLLVLĊJQąáZF]WHUHFKSRZLHĞFLDFKL]DWUąFLáRQLH
MHV]F]HZZLHOXLQQ\FK
 -XĪZ2QH+DQG&ODSSLQJ .ODVNDüMHGQąGáRQLą IDEXáDRSLHUDVLĊQDSUHNR-
JQLFML:WDMHPQLF]HUHMRQ\XP\VáXLZSREOLĪHIXWXURORJLL]DSXV]F]DMąVLĊPLPRFKRGHP
GZLHDZDQWXU\RWHPDW\FHVRZLHFNLHM+RQH\IRUWKH%HDUV 0LyGGODQLHGĨZLH-
G]L L7UHPRURI,QWHQW 'UHV]F]SUHPHG\WDFML SU]\F]\PEá\VNRWOLZHERJDFWZR
WHMGUXJLHMVHQVDFMLXPLHV]F]DMąZU]ĊG]LHQDMOHSV]\FKG]LHá%XUJHVVD=DWRNU\W\ND
SUDZLH QLHRP\OQD Z Z\ELHUDQLX WHJR FR QDMJRUV]H FKĊWQLH Z\PLHQLD WRPRZ\ F\NO
R]P\ĞORQ\PSRHFLHQD]ZLVNLHP(QGHUE\RJáDV]DQ\]SRF]ąWNXSRGSVHXGRQLPHP-R-
VHSK.HOOGODPQLHW\ONRSUHWHQVMRQDOQ\LRGVWUĊF]DMąF\RSDUW\QDHSDWRZDQLXRGJáR-
VDPLFKUDSDQLDSLHUG]HQLDLNOR]HWXEXMQLHLOXVWURZDQ\ZáDVQąWZyUF]RĞFLąSRHW\FNą
]DZLHUDRQZVZHMSLHUZV]HMF]ĊĞFL,QVLGH0U(QGHUE\ :SDQX(QGHUE\ V]NLF
SRHPDWX R PLQRWDXU]H ZHGOH NWyUHJR QDNUĊFRQR IDQWDVW\F]Q\ ILOP 6RQ RI WKH %HDVW
IURP2XWHU6SDFH 6\QEHVWLL]NRVPRVX 7KH(YHRI6DLQW9HQXV :LJLOLDSU]HG
ĞZ9HQXV WRZVSyáF]HVQ\ZDULDQW]QDQHMRG:LOOLDPD]0DOPHVEXU\Z;,,ZLHNXSR
3URVSHUD0pULPpHOHJHQG\R]DĞOXELQDFK]SRVąJLHPERJLQLNWyUHMQDSDOHFZáRĪRQR
SLHUĞFLHĔ 3RZLHĞü R Ī\FLX PLáRVQ\P 6]HNVSLUD 1RWKLQJ /LNH WKH 6XQ  1LF MDN
VáRĔFH SRVáXJXMHVLĊNRQZHQFMąUyZQROHJáHJRZV]HFKĞZLDWDGRNWyUHJRWUDILDV]HNVSL-
URORJL]DSĊWODELHJF]DVXSU]\ZRĪąFWDPG]LHáD6]HNVSLUD-HVWZUHV]FLH0)F]\OL0)
RELHIRUP\DXWRUX]QDMH]DSRSUDZQH ]]DZLá\PNOXF]HPMXĪZW\WXOH=DPLH-
U]RQ\SU]H]NRJRĞILOPR(G\SLHSRGQD]Zą0RWKHU)XFNHU F]\OL0DWNRMHEFDQRUPDOQLH
LSRDQJLHOVNXZSLVRZQLáąF]QHM GRVWDUF]\áERGĨFDOHF]]DUD]HPWRLQLFMDá\ERKDWHUD
0LOHV)DEHU SRáDFLQLHĪRáQLHU]LU]HPLHĞOQLNF]\OLGZDJáyZQHDWU\EXW\OXG]NLHZDOND
LWZRU]HQLH 7HMSRGVWDZRZHMRSR]\FML]DĞVHNXQGXMHGUXJDPDOHIHPDOH,WDNZáDĞQLH
GRREVHVMLG]LHUJDQDVLDWNDSU]\SDGNRZ\FKV\PEROLF]Q\FKF]\MDNLFKNROZLHNRGQLHVLHĔ
MHVWIDEXáąWHMSRZLHĞFLZ\NRQF\SRZDQHMQDPRGáĊVWUXNWXUDOL]PX/pYL6WUDXVVDRSDU-
WHMQDV\QGURPLH]DJDGHNLND]LURG]WZDMDNZPLFLH(G\SDLZSRGREQ\FKWUDG\FMDFK
DOJRQNLĔVNLFK1LHGDVLĊRGG]LHOLüRGVFLHQFHILFWLRQX%XUJHVVDWHQURG]DMEDURNRZHM
IDQWDVW\NLLSU]HSá\ZDZMHMFRUD]WRLQQHIRUP\QDVąF]DMąFMHJRWZyUF]RĞüFDáąLEH]
Z\MąWNX
 1DNRQLHFWDF]ZyUNDQDMáDWZLHMVLĊNODV\ILNXMąFDMDNRSU]\QDOHĪQDGRVFLHQFHILF-
tion.
 5yZQRF]HĞQLH ] $ &ORFNZRUN 2UDQJH Z\GDQH 7KH :DQWLQJ 6HHG  -DáRZH
QDVLHQLH ]QyZáąF]\MHGQH]ZLĊNV]\FKZGRURENX%XUJHVVDZDORUyZLQWHOHNWXDOQ\FK
LOLWHUDFNLFK]UR]U\ZNRZ\PLQDND]LNXOWKRPRVHNVXDOL]PX]ZDOF]DWXSU]HOXGQLHQLH
LSURZDG]LGRNROHMQHMUHZROXFML
 7HJR SR]LRPX QLH RVLąJD Z\GDQD Z  URNX  QDZLą]XMąFD GR , 2UZHOOD
NVLąĪND]DW\WXáRZDQD-HMSLHUZV]ąSRáRZĊVWDQRZLSU]HS\V]Q\HVHMR]DOHWDFK
VáDERĞFLDFKDNWXDOQRĞFLRUD]ĨUyGáDFKVSRáHF]Q\FKLKLVWRU\F]Q\FKNVLąĪNL2UZHOOD'DO-
V]\FLąJWRNRQWUDSXQNWRZDZ]JOĊGHP2UZHOODSRZLHĞüREH]QDG]LHMQHMZDOFHV]DUHJR
F]áRZLHNDSU]HFLZSDĔVWZXZ$QJOLL]GRPLQRZDQHMSU]H]$UDEyZLVODPLGH]LQWHJUDFMĊ
VWRVXQNyZPLĊG]\OXG]NLFK-XĪQLHGDOHNDSU]\V]áRĞüUDF]HMQLHSRWZLHUG]LáDW\FKSUR-
JQR]LUHIOHNVMLPLPRWRU]HF]MHVWIUDSXMąFDMDNRSU]HVWURJDLZL]MDDOWHUQDW\ZQDRUD]
MDNRüZLF]HQLHLQWHOHNWXDOQH
 1DWRPLDVW7KH(QGRIWKH:RUOG1HZV .RQLHFZLDGRPRĞFL]HĞZLDWD WR
]XSHáQ\QLHZ\SDá=LHPLDJLQLHZ]GHU]HQLX]SU]\EáąNDQąSODQHWą/\Q[L]FDáHMOLWHUD-
WXU\SRZV]HFKQHMUDWXMąVLĊQDXFKRG]ąFHMZSU]HVWU]HĔUDNLHFLHW\ONRGZDXWZRU\
RSRZLHĞüR)UHXG]LHZ\GRE\ZDQ\P]$XVWULLKLWOHURZVNLHMLPXVLFDOR7URFNLPZ1HZ
DTP by SHADE 97
<RUNX F\WRZDQH ZH IUDJPHQWDFK MDNR NRQWUDSXQNW GR VDW\U\F]QHM UHODFML R QDGFKR-
G]ąFHM]DJáDG]LH.LHSVNDVFLHQFHILFWLRQ]SUHWHQVMDPLGRF]HJRĞZLĊFHMLQLHVWHW\QLF
ZLĊFHM
.
7
.
 :HGáXJ$&ORFNZRUN2UDQJH6WDQOH\.XEULFNQDNUĊFLáZURNXJáRĞQ\ILOP
NWyU\MąW\PEDUG]LHMUR]VáDZLá
 2NUXWQLHVSá\FDRQLZXOJDU\]XMHNVLąĪNĊQDNWyUHMGRĞüOXĨQR]RVWDáRSDUW\%XU-
JHVVXF]HVWQLF]\áZQLPW\WNRZUROLNRQVXOWDQWD:EUHZMHJRĪ\F]HQLXILOPSRFLąJQąá]D
VREąWDNĪHZ\GDQLDNVLąĪNLVNUyFRQHRMHMRVWDWQLUR]G]LDá]F]ĊĞFLWU]HFLHMFRSRZDĪQLH
QDUXV]DP\ĞORZąLDUW\VW\F]QąNRQVWUXNFMĊXWZRUX2NDOHF]HQLHWRSU]HQLRVáRVLĊUyZ-
QLHĪGRQDMSRSXODUQLHMV]HJRQDĞZLHFLHZ\GDQLDZ3HQJXLQ%RRNV1DĪąGDQLHDXWRUD
ZPRLPSU]HNáDG]LHUR]G]LDáWHQ]RVWDáSU]\ZUyFRQ\
 .LHG\FKXOLJDQLEU\W\MVF\]DF]ĊOLVLĊZ]RURZDüQDILOPLHPDVDNUXMąFLJZDáFąF
UHĪ\VHUQLHVNRU]\VWDá]RND]MLGR]DURELHQLDQDW\PVNDQGDOXLZ\FRIDáILOP]HNVSOR-
atacji.
.
8
.
 6DPW\WXá$&ORFNZRUN2UDQJHFKRFLDĪNLONDUD]\ZVSRPQLDQ\ZWHNĞFLHZ\PD-
JDGRGDWNRZ\FKREMDĞQLHĔ
 5yZQLHĪLGODWHJRĪH]Z\GDĔQDMF]ĊĞFLHMVSRW\NDQ\FKZ\SDGDZUD]]RVWDWQLP
UR]G]LDáHP QDMGRELWQLHMV]D ] DXWRUVNLFK Z\NáDGQL W\WXáX :\VWDUF]\ Mą SU]HF]\WDü OXE
XPLHüSRDQJLHOVNXOXEMHGQRLGUXJLHDE\ZLHG]LHüĪHWáXPDF]\VLĊWR1DNUĊFDQDSR-
PDUDĔF]D8QDVMDNLĞLJQRUDQWZ\P\ĞOLáWĊÄPHFKDQLF]QąLQDUD]LHWDNPXVL]RVWDü
3RJRG]LáHPVLĊ]W\PJáyZQLH]SU]\F]\QKDQGORZ\FKDOHZSU]\V]áRĞFLNDĪĊ]PLHQLü
W\WXáZHZV]\VWNLFKZ\GDQLDFKQDSRSUDZQ\%RQLH]DFKRG]LWXQDZHWSU]\SDGHNZUR-
G]DMXWHJRFRVSUDZLáĪHGODSRZLHĞFL&RQUDGD7KH6KDGRZ/LQHWU]HED]DFKRZDüW\WXá
6PXJDFLHQLDEáĊGQLHSU]HáRĪRQ\OHF]HIHNWRZQLHEU]PLąF\LSRSROVNXMXĪLGLRPDW\F]-
ny.
 +DVáRW\WXáRZH%XUJHVVXVá\V]DáZURNX]XVWOHWQLHJRFRFNQH\DPyZLą-
FHJRĪHNWRĞMHVWÄOHZ\MDNQDNUĊFDQDSRPDUDĔF]D%RF]áRZLHNMDNRQDRUJDQLF]QLH
Z\URVá\NUXFK\LPLĊNNLPDWHQĪ\Z\NRORULVáRG\F]DQDNUĊFDüJR F]\OLPDQLSXOR-
ZDü WR]DPLHQLDüJRZFRĞPHFKDQLF]QHJR
 7XFLHĔX]DVDGQLHQLDGODSROVNLHJRW\WXáX
 %XUJHVVQLHĨOH]QDMĊ]\NPDODMVNLZNWyU\PGRSRGVWDZRZ\FKVáyZQDOHĪ\RUDQJ
F]áRZLHN7HĪXPLHPSRPDODMVNXLRGUD]XPLDáHPWRVNRMDU]HQLH7DPWHMV]\PSyáDQDO-
IDEHWRP]DĞZ\UD]WHQ]UHJXá\P\OLVLĊ]RUDQJHLWDNE\ZDSLVDQ\
 $OH]E\WRSW\PLVW\F]QLHVSRG]LHZDáVLĊ%XUJHVVĪHNU\W\NDFKRüE\G]LĊNLVNR-
MDU]HQLX]RUDQJXWDQHPQLHSU]HRF]\WHMJU\VáyZLWHJRGRZFLSX7\WXá$&ORFNZRUN
2UDQJH R]QDF]D Z LVWRFLH QDNUĊFDQHJR F]áRZLHND 7DN QDNUĊFDQHJR MDN QDMSURVWV]\
PHFKDQL]PVSUĊĪ\QRZ\LMDNEH]P\ĞOQDQLHGHF\GXMąFDRVZ\PUXFKX]DEDZND:GH-
VSHUDFMLĪHFLHPQLDFNDMDN]Z\NOHNU\W\NDQLHSRWUDILáDWHJR]DXZDĪ\ü%XUJHVVZ\WáX-
PDF]\áWRZV]\VWNRZMHGQ\P]SU]\SLVNyZGRVZRMHMNVLąĪNL-R\VSULFNLJG]LHLQG]LHM
.
9
.
%XUJHVV NRFKD VLĊ Z MĊ]\NDFK L XF]HQLH VLĊ REF\FK QDOHĪ\ GR MHJR QDPLĊWQRĞFL
3á\QQLHPyZLV]HĞFLRPD1LHGRĞüĪHRSDQRZDáPDODMVNLLZLHOHLQQ\FKDOHQDZHW]D-
SURMHNWRZDáMĊ]\NLSUHKLVWRU\F]QHGRILOPX4XHVWRI)LUH :DONDRRJLHĔ 2JáD-
V]DáWHĪSUDFHMĊ]\NR]QDZF]H
 'R]DVWU]HĪHĔSU]HMGĊJG]LHLQG]LHM
DTP by SHADE 
 3DVMRQXMHJR-R\FH
 :\GDáWU]\NVLąĪNLZSURZDG]DMąFHZWDMQLNLMHJRWZyUF]RĞFLQDMRJyOQLHMV]\ZVWĊS
+HUH &RPHV (YHU\ERG\  L SRSUDZLRQH  W\WXá Z\PDJD ]DZLá\FK REMDĞQLHĔ 
RUD] DQDOLW\F]QH ZSURZDG]HQLH GR MĊ]\ND L QHRORJL]PyZ -R\VSULFN  W\WXá ]QyZ
QLHWDNRGUD]XSU]HWáXPDF]DOQ\ LZUHV]FLHSU]HP\ĞOQ\VNUyW$6KRUWHU)LQQHJDQV:DNH
.UyWV]H)LQQHJDQV:DNH GODXF]ąF\FKVLĊF]\WDüLUR]XPLHüWHJRSLVDU]D
 =LQQ\FKIUDSXMąJR]ZáDV]F]D6KDNHVSHDUH+HPLQJZD\L'+/DZUHQFH2QLFK
WHĪSRZ\GDZDáRVREQHNVLąĪNLLWS
 =DU\V G]LHMyZ OLWHUDWXU\ DQJLHOVNLHM L SU]HZRGQLN SR ZVSyáF]HVQHM SRZLHĞFL GOD
VWXGHQWyZ.LONDNVLąĪHNGODG]LHFL 3U]HNáDG\SDUXGUDPDWyZLDQWRORJLH6HULDOHWH-
OHZL]\MQH .VLąĪNL R 1HZ <RUNX L R áyĪNX -HGHQ HSLFNL SRHPDW L MHGHQ ]ELyU ZLHUV]\
0RĪQDE\WDNGDOHMZ\OLF]Dü
.
10
.
 :W\PRJURPQ\PZDFKODU]XVSUDZLSRVWDFLPRĪQDE\VLĊVSRG]LHZDüW\OXĪRND]ML
GR HQWX]MD]PX MDNL EXG]ą Z SLVDU]DFK F]\ WR Ī\ZH DEVWUDNF\MQH F]\ SU]HGPLRWRZH
RELHNW\LFKSLVDUVNLHJR]DLQWHUHVRZDQLD7\PF]DVHPX%XUJHVVDU]XFDVLĊZRF]\MDNE\
FRĞQLHPDORGZURWQHJR
 &]HJR%XUJHVVQLHFLHUSL"
 :\GDZDáRE\VLĊĪHSUyF]PX]\NLMĊ]\NyZLQLHNWyU\FKSLVDU]\SUDZLHZV]\VWNLH-
go.
 2NRáRURNXZ\MHFKDáQDGREUH]$QJOLL1LHOXELMHMLPLHV]NDZSDUXGRPDFK
QDSU]HPLDQZNVLĊVWZLH0RQDFRZH:áRV]HFKLSU]H]MDNLĞF]DVUyZQLHĪQD0DOFLH
&RQDMZ\ĪHMQDSDUĊPLHVLĊF\ZURNXSU]\MHĪGĪDMDNRKRWHORZ\JRĞüLZ$QJOLLWHĪJR
UDF]HMQLHOXELąPyZLVLĊRQLPMDNWRXF]\QLáNU\W\N*HRIIUH\*LEVRQĪHMHVWFRDUVH
DQG XQDWWUDFWLYH RUG\QDUQ\ L QLHDWUDNF\MQ\ 2Q ]DĞ QLH]E\W PDQLIHVWXMH VZH SRJDU-
GOLZHVąG\ROLWHUDWDFKDQJLHOVNLFKLPQyVWZLHLQQ\FKIHQRPHQyZRMF]\VW\FKNZLWXMąF
MHVWZLHUG]HQLHPĪHPLDáMXĪGZDSURFHV\R]QLHVáDZLHQLHLQDZLĊFHMQLHPDRFKRW\
8ZDĪDQDWRPLDVWĪHÄSLVDU]EU\W\MVNLMHĞOLPRĪHRERZLą]DQ\MHVWZ\GRVWDüVLĊ]%U\-
WDQLLLVSUDZG]DüDQJLHOV]F]\]QĊQDWOHLQQ\FKMHĪ\NyZ7RQLHW\ONRHIHNWĪ\FLRZ\FK
GRĞZLDGF]HĔ
 7RUyZQLHĪZURG]RQHSUHG\VSR]\FMH
 -XĪ7U\ORJLDPDODMVNDXWNDQDMHVWNRPSR]\F\MQLH]GUREQ\FKEUXGyZLNRPSURPL-
WDFML]OHNNDKDPOHW\]XMąF\FKQLHXGDF]QLNyZFRUD]QLĪHMVLĊVWDF]DMąFHJRQDXF]\FLHOD
DQJLHOVNLHJRELDáHMĪRQ\NWyUDJRSRU]XFDGODZXOJDUQHJRURPDQVX]PDODMVNLPND-
F\NLHPLSOD\ER\HPRUD]NRORURZHMNWyUDELHU]HJRVRELH]DSRPLRWáRVNUHW\QLDáHJR
ZG\SVRPDQLLSRUXF]QLNDSROLFMLJáXSLHJR*XUNKD]WHMĪHLV]HUHJXSRGREQ\FKRVyEHN
 7DNĪHLZGDOV]\PFLąJXVZHMWZyUF]RĞFL%XUJHVVQDMZ\UDĨQLHMQLHFLHUSLZLĊNV]R-
ĞFLVZ\FKERKDWHUyZLZW\PĪHRQLFKSLV]HZ\F]XZDVLĊSHZLHQPDVRFKL]P
 3UDZLHFDáHMHJRSLVDUVWZRWRZFLąĪMDNLĞ(QGHUE\LJDOHULDNU]\Z\FKOXVWHU
 :GHILQLFMLWHMPLHĞFLVLĊWHĪ0HFKDQLF]QDSRPDUDĔF]DRUD]ZV]\VWNLHMHMVSUDZ\
LSRVWDFLH
.
11
.
 ĩHMHVW]DWRUR]PLáRZDQ\ZMĊ]\NXĞZLDGF]\QLHW\ONR-R\FHLMHJRRVRELVW\DN-
W\ZQ\VWRVXQHNMDNL%XUJHVVPDGRMHJRLQG\ZLGXDOQLHSURMHNWRZDQHJRPXOWLMĊ]\ND
QLHRGáąF]QHJR]ZáDV]F]DRG)LQQHJDQV:DNH7DNĪHLGRZLHOXLQQ\FKMĊ]\NyZNWyU\FK
XF]\VLĊDOERNWyUHZ\P\ĞOD
 3U]HGHZV]\VWNLP]DĞSRZLHĞFL$&ORFNZRUN2UDQJHQLHQDSLVDá]Z\NáąDQJLHOV]-
F]\]Qą
 6WZRU]\áGODWHMSRZLHĞFLRVREQ\MĊ]\NFDáNLHPMDNGODMDVNLQLRZFyZZSyĨQLHM-
DTP by SHADE 99
V]HM:DOFHRRJLHĔ=HVWDZLHQLHWRPDVHQVQLHW\ONRZDVSHNFLHMĊ]\NRZ\PZĞZLHFLH
%XUJHVVD WURJORG\WD ZFDOH QLH Z\PDUá L ]DMPXMH SRF]HVQH PLHMVFH SDQRV]ąF VLĊ RG
SUHKLVWRULLDĪGRIXWXURORJLL
 -Ċ]\NRZDLQZHQFMD%XUJHVVDZ\UD]LáDVLĊWX]UR]PDFKHPNWyUHPXRQVDPQL-
JG]LHQLHGRUyZQDáDSR]DQLPVSURVWDüE\MHMPyJáMHĞOLQLH-R\FHWRQDMZ\ĪHMSDUD
DXWRUyZVFLHQFHILFWLRQ6DPXHO'HODQ\Z%DEHOL5REHUW+HLQOHLQ Z\ERUQ\LJáĊER-
NRP\ĞOąF\SLVDU]QDNWyUHJR/HPZ\EU]\G]DVLĊMDNPRĪH
L MDN QLH PRĪH Z )DQWDVW\FH L IXWXURORJLL  Z SRWĊĪQHM UR]PLDUDPL L NRQFHSF\MQLH
SRZLHĞFL7KH0RRQ,VD+DUVK0LVWUHVV2ELHMHGQDNXND]Dá\VLĊZURNXVą]DWHP
ZWyUQHZ]JOĊGHP$&ORFNZRUN2UDQJH$OH]ZáDV]F]D+HLQOHLQZ.VLĊĪ\FWRVURJDNR-
FKDQNDELRUąF]DWHPDWSRZVWDQLH]EURMQHQD.VLĊĪ\FXLMHJRXQLH]DOHĪQLHQLHVLĊRG
HNVSORDWXMąFHM JR =LHPL VWZRU]\á SUHF\]\MQą ZLDU\JRGQą L RJURPQą NRQVWUXNFMĊ QD
ZV]\VWNLFKSRODFKUyZQRF]HĞQLHRGJRVSRGDUNLSU]H]RE\F]DMRZRĞüSRFKDUDNWHUQD-
URGRZ\LVRFMRORJLĊ2WyĪPyZLVLĊWDPMĊ]\NLHP]PLHV]DQ\PJáyZQLH]DQJLHOVNLHJR
LURV\MVNLHJR]GRPLHV]NąSDUXLQQ\FKDĪSRFKLĔVNLZáąF]QLHDOH]EĊGQHE\áRE\REMD-
ĞQLDüVNąGQD.VLĊĪ\FXZ]LĊáDVLĊWDNDK\EU\GD
 7RGODSU]\SRPQLHQLDRZáDĞFLZ\PQLHVQRELVW\F]Q\PV\VWHPLHRGQLHVLHĔOLWH-
rackich.
 1DHIHPHU\F]Q\MĊ]\NPáRG\FK]Z\URGQLDOFyZZ$&ORFNZRUN2UDQJHVNáDGDMąVLĊ
]ZáDV]F]DHOHPHQW\JZDUPáRG]LHĪRZ\FKLSU]HVWĊSF]\FKXEDUZLRQHQLHNLHG\]JU\Zą
QDVW\OSRLJQRUDQFNXQLE\WRELEOLMQ\DSU]HGHZV]\VWNLPPQyVWZR]DSRĪ\F]HĔJáyZQLH
URV\MVNLFK-Ċ]\NDWHJRDQJLHOVNLF]\WHOQLN]SRF]ąWNXZ]QDF]QHMPLHU]HWHĪQLHUR]X-
mie.
 -DNDSU]\ĞZLHFDáDWHPXLQWHQFMD"
 1DMSLHUZXWUXGQLDQLHF]\WHOQLNRZLRGELRUXĪHE\SRGNUHĞOLüREFRĞüLQLH]UR]XPLD-
WRĞü IRUPDFML NXOWXURZHM VSRáHF]QHM L KLVWRU\F]QHM MDN UyZQLHĪ RGZUyFLü XZDJĊ RG
G]LHMąF\FKVLĊRNURSQRĞFLSU]H]MHMF]ĊĞFLRZH]DSU]ąWQLHFLHWUXGQRĞFLDPLMĊ]\ND$VXN-
FHV\ZQHSU]\VZDMDQLHJRVRELHLFRUD]GRNáDGQLHMV]HUR]XPLHQLHPDVWRSQLRZRUHGXNR-
ZDüWĊREFRĞüZ\WZDU]DüZPLHMVFHDERPLQDFMLFRĞQDNV]WDáWHPSDWLLZVWRVXQNXGR
$OH[DRUD]LQVW\QNWRZQHJRRGF]XZDQLDIRUPXMąF\FKJRZSá\ZyZ
 7DLQWHQFMD]RVWDáDSRGZDĪRQDMXĪZSLHUZV]\PZ\GDQLXDPHU\NDĔVNLP]
URNX]DRSDWU]RQ\PZQLHPąGUHSRVáRZLHJG]LH6WDQOH\(GJDU+\PDQLQIRUPXMHĪH
F]\WDMąF QLH PyJá VLĊ SRZVWU]\PDü RG XNáDGDQLDVáRZQLF]ND NWyU\ WX ÄSU]HGUXNRZDá
FKRüQLHMHVWRQE\QDMPQLHMDXWRU\]RZDQ\LRSLHUDVLĊSRF]ĊĞFLQD]JDG\ZDQLX:LĊF
SU]\QDMPQLHMF]ĊĞüMHJRQLHNRPSHWHQFMLQLHREFLąĪD%XUJHVVDPLPRĪHVSRURLJQRUDQF-
NLHME\OHMDNRĞFLWNZLZVDP\PVáRZQLFWZLHLQLHPDXVSUDZLHGOLZLHQLD
 =QDNRPLWDNRQFHSFMDLGRV\üPL]HUQHZ\NRQDQLHWHJRMĊ]\NDLGąWXUĊNDZUĊNĊ
.
12
.
 'ODSU]HNáDGXSROVNLHJRVWZRU]\áHPZáDVQ\MĊ]\NQDSRGREQHM]DVDG]LH
 $UDF]HMGZDMĊ]\NL
 %RXQDVZ\áDQLDVLĊ]WHJR]MDZLVNRGXĪRSRZDĪQLHMV]H-XĪQLH]DEDZDOLWHUDFND
7\ONRFRĞSU]HUDĪDMąFRUHDOQHJRMĊ]\NQLHW\OHILNF\MQ\MDNX%XUJHVVDLOHWHQNWyUHJR
RGSRZLHGQLNLHP3RODF\EĊGąU]HF]\ZLĞFLHPyZLüRNRáRURNXOXERZLHOHZF]HĞQLHM
JG\E\XWU]\PDáDVLĊWXSU]HZDJDNXOWXUDOQD5RVML6RZLHFNLHM7HQMĊ]\NLSRVáXJXMąF\
VLĊQLPSU]HNáDGQD]ZDáHPZHUVMD5$OHEĊG]LHWHĪZ\GDQDZHUVMD$GUXJLL]XSHáQLH
LQQ\SU]HNáDG$&ORFNZRUN2UDQJHRSDUW\QD]DáRĪHQLXLĪSRZVWDQLHV\WXDFMDRGZURW-
QDLĪHSROV]F]\]QDIXWXURORJLF]QDSU]HNV]WDáFLVLĊUDF]HMZNLHUXQNXDQJLHOVNLHJR
 *G\ NRĔF]\áHP SU]HNáDG Z ZHUVML 5 L QLQLHMV]H VWXGLXP Z\GDZDáR VLĊ UDF]HM
SHZQHĪHF]HNDQDVWHQZDULDQWU]HF]\ZLVWRĞFL:SyáURNXSyĨQLHMKLVWRULDĞZLDWDVWD-
QĊáDQDJáRZLHLZ\GDMHVLĊWDNVDPRSHZQHĪHEĊG]LHQDRGZUyW
 1LHZ\FLąJDMP\MHGQDN]E\WSRFKRSQ\FKZQLRVNyZ
DTP by SHADE 
 6RZLHW\]DFMDĞZLDWDLWHMMHJRF]ĊĞFLFK\EDMXĪQLHQDVWąSL$OHUR]SRF]ĊWHSURFHV\
ZNXOWXU]HLMĊ]\NXQLHGDG]ąVLĊ]GQLDQDG]LHĔ]DWU]\PDüDQLRGZUyFLüW\PEDUG]LHM
ĪHQLHĞZLDGRPLHLPXOHJDMąLQDGDOMHIRUVXMąFLVDPLNWyU]\QDM]DMDGOHMGHNODUXMąVLĊ
SU]HFLZVRZLHW\]DFMLRUD]ZV]\VWNLHPXFRURV\MVNLH7DNF]\RZDNQLFWXQLH]DOHĪ\RG
GHNODUDFML]ZáDV]F]DEH]NXOWXU\RVRELVWHMLU]HWHOQRĞFL:LĊFMDNNROZLHNV]DQVHZHUVML
$EDUG]RZ]URVá\Z\QLNWHMJU\SR]RVWDMHZFLąĪQLHUR]VWU]\JQLĊW\
 -DNZRU\JLQDOHWDNLZSU]HNáDG]LHWHNVWZHUVML5QDV\FRQ\MHVWQHRORJL]PDPL
GRWHJRVWRSQLDĪHSRMDZLDVLĊLFKGRNLONXG]LHVLĊFLXQDNDĪGHMVWURQLH:SU]HOLF]HQLX
QDKDVáDZRU\JLQDOHMHVWRNRáRQHRORJL]PyZ=HZ]JOĊGXQDFDáNLHPLQQąVNDOĊ
HNVSHU\PHQWX MĊ]\NRZHJR SROVNL VáRZQLF]HN ]DZLHUD LFK SRQDG  L WR MHV]F]H QLH
komplet.
.
13
.
 'RZLHG]LDZV]\ VLĊ ] ]DSRZLHG]L Z SUDVLH L Z\ZLDGyZ UDGLRZ\FK ĪH URELĊ GZD
RVREQHSU]HNáDG\WHMSRZLHĞFLZGZyFKUyĪQ\FKZHUVMDFKQLHNWyU]\RGUD]XZLHG]LHOL
]HWRKLKLMHV]F]HMHGHQPyMHNVFHQWU\F]Q\Z\JáXS
 7DNLPQLHPDPQLFGRSRZLHG]HQLD
 'R]XSHáQLHLQQHMNODV\UR]PyZFyZNLHUXMĊUR]SRF]\QDMąFHVLĊWXZ\ZRG\LUH-
IOHNVMH1LHVSRG]LHZDPVLĊDE\NDĪG\F]\WHOQLNSRG]LHODáPRMHSRJOąG\LSU]HZLG\ZD-
QLDZFDáHMUR]FLąJáRĞFL2VWU]HJDPMHGQDNĪHQLHVWHW\ZLĊNV]RĞü]QLFKVLĊSRWZLHU-
G]L0RĪHQDZHWNWRZLH"WDNU\FKáRĪHMDVDP]GąĪĊWHJRMHV]F]HSRF]ĊĞFLGRĪ\ü
 .WR VLĊ GRSDWU]\ Z W\P GZRLVW\P WáXPDF]HQLX W\ONR Z\UDILQRZDQHM JU\ OLWHUDF-
NLHMVW\OLVW\F]QHJRLWUDQVODWRUVNLHJRHNVSHU\PHQWXQLHFKVLĊFLHV]\DOER]Ī\PDMHGHQ
] FHOyZ ]RVWDá RVLąJQLĊW\ 0RĪH NRJRĞ ]DIUDSRZDü SR SURVWX DVSHNW MĊ]\NR]QDZF]\
L SUyED OLQJZLVW\F]QHM IXWXURORJLL SRNUHZQD Z\P\ĞODQLX V]WXF]Q\FK MĊ]\NyZ RG WDN
G\OHWDQFNLFKMDN9RODSNOXE(VSHUDQWRLSUyEMHJRXOHSV]HQLDSRWDNSURIHVMRQDOQH
MDN/DWLQR6LQH)OH[LRQHZ\ELWQHJRPDWHPDW\ND*LXVHSSH3HDQROXE1RYLDO]QDNRPL-
WHJRMĊ]\NR]QDZF\2WWR-HVSHUVHQDLSR]RVWDáHO\VLąFHV]WXF]Q\FKMĊ]\NyZPLĊG]\-
QDURGRZ\FK .RJR ]DIUDSXMH QLH W\ONR WR OHF] L XĞZLDGRPLHQLH SURFHVyZ MXĪ UHDOQLH
SU]HNV]WDáFDMąF\FK MĊ]\N SROVNL RUD] W\FK NWyUH JR WDN F]\ LQDF]HM ]PLHQLą Z REF\
QDPLRE\QLHZ\PLHUDMąF\MĊ]\NQDV]\FKSUDZQXNyZWHQ]\VNDZLĊFHMSU]\MHPQRĞFL
XP\VáRZHMLVLĊJQLHJáĊELHM'ODNRJRWHXĞZLDGRPLHQLDLUHIOHNVMHVWDQąVLĊSRGQLHWą
GRZDONLRQDV]MĊ]\NQLHSRWRDE\ZVWU]\PDü FRE\áRE\V]NRGOLZHLQLHUHDOQH MHJR
UR]ZyMOHF]SRWRDE\QLHSU]HVWDáRQLVWQLHü ZUD]]HVZąOLWHUDWXUąLNXOWXUą ZWRNX
QLHXQLNQLRQHMHZROXFMLRWRDE\GREUDSROV]F]\]QDWHUDĨQLHMV]DLSU]\V]áDQLH]DJU\]á\
VLĊZ]DMHPQLHOHF]KDUPRQLMQLH]URVá\NXRERSyOQHMNRU]\ĞFLWHPXGáRĔĞFLVNDP
 $NWRVLĊJQLHMHV]F]HJáĊELHMZUHMRQ\JG]LHSROLW\NDVRFMRORJLDHW\NDLKLVWRULD
VąQLHRGáąF]QHRGMĊ]\NDWHPXZNDWHJRULDFKRJyOQ\FKQLHPXV]ĊQLFZLĊFHMREMDĞQLDü
.
14
.
 7DNVLĊVNáDGDĪHMĊ]\NLDQJLHOVNLLURV\MVNLQDOHĪąGRW\FKNWyU\PLZáDGDPQDM-
OHSLHM3RURV\MVNXPyZLĊ ZSUDZG]LHGRSLHURSRW\JRGQLXOXEGZyFKSRE\WX QLHGR
RGUyĪQLHQLDRGWXE\OFDFKRüZSLVDQLX]GDU]DMąPLVLĊV]WXF]QRĞFL3RDQJLHOVNXPyZLĊ
QLHEH]REF\FKQDOHFLDáRĞFL]DWRSLV]ĊGRĞüQDWXUDOQLH DĪSRWáXPDF]HQLHQDDQJLHOVNL
SRH]ML /HĞPLDQD L *DáF]\ĔVNLHJR ZáąF]QLH  0RJĊ ZLĊF SURMHNWRZDü RUJDQLF]Q\ VWRS
Ī\ZHMSROV]F]\]Q\]MHGQ\PLGUXJLPQLHPHFKDQLF]QLHOHF]QDLQVW\QNWLQDVáXFKQLH
NOHFąFV]WXF]QRĞFL
 ,QDF]HME\PVLĊQDWHQHNVSHU\PHQWQLFSRUZDá
 2VWU]HJDMąSU]HGW\P]UHV]WąZV]\VWNLH]QDQHPLSU]HNáDG\$&ORFNZRUN2UDQJH
=H]QDQ\FKPLQDMOHSV]\MHVWQLHPLHFNLZNWyU\P:DOWHU%UXPPZQDMáDWZLHMV]HMZDU-
VWZLHJáDGNRZ\NRU]\VWDáGRQHRORJL]PyZVáRZRWZyUVWZRQLHPLHFNLHOHF]QLHVLĊJQąá
DTP by SHADE 101
SRQLFSRZDĪQLHMV]HJRLQLH]GRE\áVLĊQDFKRüE\HOHPHQWDUQH]DVWDQRZLHQLHVLĊQDG
IRQHW\NąLJUDILąURV\MVNLHJR:V]\VWNLHLQQH]DĞSUyE\WáXPDF]HQLDEXG]ąW\ONRSROLWR-
ZDQLH
 %XUJHVVSLVDáPLĪHRQUDG]L]DáDWZLüVW\OL]DFMĊSROVNąDQJOLF\]PDPL]DPLDVWUX-
V\F\]PyZ
 -HVWZW\PRF]\ZLĞFLHSHZLHQVHQVLPDPQDG]LHMĊĪHGUXJLSU]HNáDGSR]ZROLWR
VSUDZG]Lü
 1LHWRMHGQDNPLDá%XUJHVVQDP\ĞOL2QSRSURVWXQLHPDSRMĊFLDRMĊ]\NXSRO-
VNLPLMHJRVSHF\ILFHDNWXDOQHMF]\KLVWRU\F]QHMRW\PFRSRGZ]JOĊGHPSROLW\F]Q\P
NXOWXURZ\PLOLQJZLVW\F]Q\PZ\QLND]QDV]HMORNDOL]DFMLQDPDSLH-HJRZ\REUDĪHQLD
RW\PFR]SROV]F]\]QąGDVLĊ]URELüLSRFRE\á\QDM]Z\F]DMQLHMZ\VVDQH]SDOFD1LH
GRP\ĞODVLĊSRZDJL]DJDGQLHQLDLMHJRFK\EDĞZLDWRZHMXQLNDOQRĞFL
 = FDáNLHP LQQ\FK SU]\F]\Q ZV]HGá QD WĊ IDáV]\Zą GURJĊ PáRG\ DQJOLVWD &H]DU\
0LFKRĔVNL
 1DZLą]DáRQ]HPQąNRQWDNWMXĪSU]HGWHP]DQLPRSXEOLNRZDáZQU]H  NZDU-
WDOQLNDÄ$NFHQW\]URNXZáDVQąSUyEĊSU]HNáDGXMHGQHJR]UR]G]LDáyZ0HFKDQLF]-
QHMSRPDUDĔF]\ERGDMĪHMHG\QąZW\PMĊ]\NXRSUyF]PRMHJRSU]HNáDGX
 =DVDGD NWyUą SU]\Mąá MHVW DĪ GR DEVXUGX PHFKDQLF]QD /HF] WR QLH MHJR ZLQD
0áRG\ DQJOLVWD Z\V]HGá ERZLHP ] OXEHOVNLHM V]NRá\ DNDGHPLFNLHM L WDP ZSRMRQR PX
QLHUR]XPLHQLHVSUDZHOHPHQWDUQ\FKSRGREQHGRWHJRNWyU\PRĞPLHV]\áDVLĊQDFDá\
NUDMSURIHVRUNDMHJRVá\QQD]QLHV]F]ĊVQHJRSU]HNáDGX.XEXVLD3XFKDWNDSRGLPLHQLHP
)UHG]L3KL3KLGRFGU0RQLND$GDPF]\N-DNXQLHMWDNLWX]DEUDNáRXĞZLDGRPLHQLD
ĪHNDĪG\ZRJyOHSU]HNáDG DSRVWRNURüWDNLMDNWHQ Z\PDJDVWZRU]HQLDSHZQHMU]H-
F]\ZLVWRĞFLVW\OLVW\F]QHMU]HFE\PRĪQDZáDVQHJRGLDOHNWX$QDVWĊSQLHDUW\VW\F]QHJR
SRVáXJLZDQLD VLĊ QLP MDN NDĪG\P LGLROHNWHP F]\ RGPLDQą MĊ]\ND1DWRPLDVW MHĞOL QLH
VWZRU]RQRĪDGQHMVW\OLVW\NLOXEQLHXĪ\ZDVLĊMHMZVSRVyELZFHODFKDUW\VW\F]Q\FKWR
]DJDGQLHQLHSU]HNáDGXDUW\VW\F]QHJRZRJyOHQLH]DF]ĊáRLVWQLHü
 7DNZW\PZ\SDGNX
 0LFKRĔVNLX]QDáĪHVNRUR%XUJHVVZW\NDZMĊ]\NDQJLHOVNL]QLHNV]WDáFRQHZ\UD-
]\ VáRZLDĔVNLH WáXPDF] SRZLQLHQ Z MĊ]\N SROVNL QDZW\NDü ]QLHNV]WDáFRQ\FK Z\UD]yZ
DQJLHOVNLFK , WR Z W\FK VDP\FK PLHMVFDFK MDN JG\E\ WR UR]ZLą]\ZDáR NWyU\NROZLHN
] W\VLąFD SUREOHPyZ SU]HNáDGX DUW\VW\F]QHJR )DNW\F]QLH DQL UR]ZLą]DQ\ QLH ]RVWDá
DQLQDZHWQLHSRMDZLáVLĊĪDGHQSUREOHPDUW\VW\F]Q\SURSR]\FMDQLHPDFHFKXWZRUX
OLWHUDFNLHJR]HNVSHU\PHQWXZ\QLNáDW\ONRSHGDQW\F]QDL]XSHáQLHMDáRZDXNáDGDQND
-DNLHĞQLHSRUDGQHOLS\LEODG]DVWąSLá\ZQLHMURWLNURZ\WRZV]\VWNR:SLVDü]DPLDVW
QLFKXVWDLNUHZRWyĪLQDMEDQDOQLHMV]\WHNVWSROVNLEH]ĞODGX%XUJHVVDLMHJRVSHF\ILNL
RQLMDNLHMVNáDGQLMHĞOLZRJyOHF]\PĞQDFHFKRZDQ\VW\OLVW\F]QLHWRV]WXF]QRĞFLąPDU-
WZHJRĪDUJRQXZVWĊSQLDNyZLWHOHZL]ML7\SRZRSROVNąWRMHG\Q\U\VFKDUDNWHU\VW\F]-
Q\$ZV]HONąLVWRWQąSUREOHPDW\NĊZ\SDUáR]DVWDQDZLDQLHVLĊF]\WKLQJSU]HSRF]ZD-
U]\üQDI\QJVLQJF]\W\QJ"
 2WRVNXWNLWUDQVODWRU\NLOXEHOVNLHM
 1LH FKFLDáE\P WX XUD]Lü PáRGHJR DQJOLVW\ ]ZáDV]F]D ĪH SRGV]HGá RQ GR VSUDZ\
]DUyZQRU]HWHOQLHMDNLVDPRNU\W\F]QLH3RGW\PZ]JOĊGHPMHVW]DSU]HF]HQLHPVZHM
XQLZHUV\WHFNLHMPHQWRUNL0RĪHQLHMHJRZLQDĪHEáĊGQ\RJQLN]ZDELáJRQDWU]ĊVDZL-
VNDJG]LHNZLWQLHXQLZHUV\WHFNDWHRULDSU]HNáDGXVSUDZG]DMąFDVLĊZWDNLHMSUDNW\FH
:VZRMHMSUDF\PDJLVWHUVNLHM]URNX&H]DU\0LFKRĔVNL]DQDOL]RZDáGURELD]JRZR
GZLHPRMHIUDJPHQWDU\F]QHZHUVMHSU]HNáDGX$&ORFNZRUN2UDQJHLMHGQąZáDVQąGR-
FKRG]ąFGRV]HUHJXWUDIQ\FKZQLRVNyZPLPRLZEUHZQDU]XFRQHMPXIDáV]\ZHMPHWR-
G]LH
.
15
.
 $OHMDNWRURELVDP%XUJHVV"
DTP by SHADE 
 :\ELHUDPSUDZLHQDRĞOHSFRĞ]NRĔFDUR]G]LDáX,F]ĊĞFL7KHUHZHUHYHFNVDQG
SWLWVDVERWK\RXQJDQGVWDUU\DQG,ZDVVPHFNLQJDOORYHUP\URWDQGJULQGLQJP\
ERRWLQWKHLUOLWVRV$QGWKHUHZHUHGHYRWFKNDVULSSHGDQGFUHHFKLQJDJDLQVWZDOOVDQG
,SOXQJLQJOLNHDVKODJDLQWRWKHPO\LQJWKHUHRQP\EHGZLWKJOD]]LHVWLJKWVKXWDQG
URRNHUVEHKLQGP\JXOOLYHU=W\FKDĪV]WXF]Q\FKUXV\F\]PyZGRPQLHMRF]\ZLVW\FK
QDOHĪąYHFNVDQGSWLWVDV F]\OLZ]Z\Ná\PVODQJXIHOORZVDQGFKLFNV EĊGąFHVNUyWHP
RGF]HORZLHNLNDONąHW\PRORJLF]QąSU]H]NXUF]DNDGRSWLFD1DSHZQRQLHSU]\SDGNLHP
GDMHVLĊZ\F]XüWXLyZG]LHZSá\ZRUZHOORZVNLHJR1HZVSHDNRWRQDWU]HFKNROHMQ\FK
VWURQLFDFKSU]\VáyZNLSXEOLFZLVHWKLVZLVHLGD\ZLVH
 :DUWRVLĊGRNáDGQLHMUR]SDWU]\üZOLQJZLVW\F]QHMDQDOL]LHLRFHQLHWHJRHNVSHU\-
PHQWX2JUDQLF]ĊVLĊGRUXV\F\]PyZ
 3LHUZV]DZąWSOLZRĞüSRGVWDZRZ\]DVyEOHNV\NDOQ\WRQDMEDUG]LHMVWDELOQDF]ĊĞü
MĊ]\ND -HVW ZLĊF PDáR SUDZGRSRGREQH DE\ Z MĊ]\NX NWyU\ SR]RVWDá EąGĨ FR EąGĨ
DQJLHOVNLPXOHJá\Z\SDUFLXZ\UD]\WDNSRGVWDZRZHLGRWHJRZURĞQLĊWHZLGLRPDW\NĊ
MDNELJULFKQDPHJREX\PDQOHJNQLIHGULQNERG\VH[GUXQNMR\QHFNKHDU
ZRUGGUHDPWKLQJVHHGULYHQDNRU]\ĞüQLE\URV\MVNLFKEROVK\EXJDWW\HHP\DLWW\
NXSHWPRRGJHQRJDQR]KSHHWSORWWSROS\DKQLWVDUDGRVW\VKL\DKVORRVK\VORYR
VQHHW\YHVKFKYLGG\L\HFNDWH7HZ\UD]\LJDUĞüHNVSUHV\ZQ\FKZURG]DMXFKRRGHV-
VQ\ ZRQGHUIXO JURRGLHVDOER]RRELHV SLHUVLL]ĊE\ PRJá\E\VLĊ]MDZLüFRQDMZ\ĪHM
ZUROLHIHPHU\]PyZF]\OLV]WXF]Q\FKZ\UD]yZUyZQLHV]\ENR]MDZLDMąF\FKVLĊZXĪ\FLX
MDN]QLNDMąF\FKJáyZQLHZIXQNFMLR]GREQLNyZVW\OLVW\F]Q\FKZ]PDJDMąF\FKHNVSUHVMĊ
Z\SRZLHG]LOXEUHDOL]XMąF\FKSU]HORWQąPRGĊ5yZQRF]HĞQLHMHGQDNZLDGRPRĪHZáD-
ĞQLH MĊ]\N DQJLHOVNL FKDUDNWHU\]XMH VLĊ Z ]DNUHVLH HIHPHU\]PyZ FDáNLHP Z\MąWNRZą
SU]HORWRZRĞFLą:NUDMDFKPyZLąF\FKSRDQJLHOVNX]MDZLDVLĊL]QLNDFRURNXáąF]QLH
ROEU]\PLDOLF]EDRNRáRW\VLĊF\HIHPHU\]PyZ,QLHPDWRQLFZVSyOQHJRGDMP\QDWR
]HVW\OHP-R\FH
DNWyU\QLHSUH]HQWXMHQLF]\MHJRMĊ]\NDOHF]VWZDU]DZáDVQ\LZ\áąF]-
QLHQDVZyMXĪ\WHN
 :VSRPQLDQH WX UHJXá\ PRJą FR SUDZGD QLH VWRVRZDü VLĊ GR ĞURGRZLVNRZ\FK
JZDUKHUPHW\F]Q\FKVáXĪąF\FKGRWHJRDE\F]áRQNRZLHSHZQ\FKJUXSOHJLW\PRZDOLVLĊ
SRPLĊG]\VREąMDNRVZRLDQLHE\OLUR]XPLDQLSU]H]SRVWURQQ\FKVWąGFKRüE\JZDUD
RFKZHĞQLFNDLĪDUJRQNOH]PHUVNL3DURNURWQLHVXJHUXMHVLĊWRZGLDORJDFK$OHZLĊFHM
SRV]ODNĞZLDGF]\áRE\ĪH%XUJHVVWUDNWXMHVW\OVZHJRQDUUDWRUDMDNRQLHMHG\QąZSUDZ-
G]LHOHF]QLHHIHPHU\F]QąV]HURNRUR]SRZV]HFKQLRQąLVSRáHF]QLHXWUZDORQąMXĪQRUPĊ
MĊ]\NRZą3U]HPDZLD]DW\PFKRüE\MHMERJDFWZRUR]EXGRZDQDLGLRPDW\NDLNRHJ]\-
VWHQFMDUXV\F\]PyZ]HVáRZQLFWZHPUG]HQQLHDQJLHOVNLP
 -HVWZW\PSHZQDQLHNRQVHNZHQFMD
 1DWRPLDVW XGHU]DMąFH E\ZDMą QLH]UĊF]QRĞFL L NRPLF]QH QLHSRUR]XPLHQLD Z WHM
QLE\WRUXV]F]\ĨQLHZ\V]SHUDQHMSRVáRZQLNDFKOXEX]\VNDQHMRGNLHSVNLFKGRUDGFyZ
 'ODF]HJRQDSU]\NáDGRR]\WRáDĔFXFKRGURZHUXVKDUULHVW\áHNDSRGVWDZRZ\P
VáRZHP R]QDF]DMąF\P ELFLH L PDVDNURZDQLH MHVW WROFKRFN" %R Z VáRZQLNX DQJLHOVNR-
URV\MVNLPNWRĞ]QDOD]áSRGFKDLQVUyĪQHRGSRZLHGQLNLMDNRNRZ\X]\FHSLLZ\EUDáQD
FK\ELáWUDILáDNXUDWWRVáRZRNWyUHQLHR]QDF]DáDĔFXFKD%RHNZLZDOHQWEXWWRFNVPXVLDá
VDPVRELHXNUĊFLü]QLHZLQQ\FKVáyZR]QDF]DMąF\FKNXOH%R]QDOD]áV]\SRGSXVKVáRZR
WROF]RNQLHGRP\ĞOLáVLĊMDNLHWRQLHZLQQHV]WXUFKQLĊFLH7DNVDPRSDSLHUHPF]Xü]GD-
OHNDF]DVRZQLNLZNWyU\FKNRĔFyZNĊEH]RNROLF]QLNDZ]LĊWR]DF]ĊĞüWHPDWX]Z\QLNDPL
WDNJURWHVNRZ\PLMDNJRYRUHHWLQJLQWHUHVVRYDWWHGLQDFKLQDWWHG&DáNLHPMDNE\QDV]
DXWRUQLHZLHG]LDáĪHZUR]ZRMX]ZáDV]F]DSRWRF]QHMDQJLHOV]F]\]Q\GRPLQXMHPRQR-
V\ODEL]DFMDLĪHMXĪWUyMV\ODERZ\WHPDWMHVWGODMHJRURGDNyZSUDZLHQLHGRZ\PyZLHQLD
LNDU\NDWXUDOQ\SU]H]VDPąGáXJRĞü
 , F]\ ]H VáXFKDQLD QD SU]\NáDG UDGLD OXE 79 SU]HVąF]Dá\ VLĊ GR Ī\ZHM PRZ\ WH
UXV\F\]P\"F]\]RZHMVXEOLPLQDOSHQHWUDWLRQEOLĪHMQLHRNUHĞORQHMWHFKQLNLSURSDJDQ-
GRZHMRNWyUHMZVSRPLQDMHGHQ]SV\FKLDWUyZD]DSRPRFąNWyUHMJURĨQ\VáRZLDĔVNL
:VFKyGVXEOLPLQDOQLHF]\OLSRGSURJRZRZVąF]DZĞZLDGRPRĞüPáRG\FK$QJOLNyZHOH-
DTP by SHADE 103
PHQW\VZHJRMĊ]\ND"
 7R]DS\WDQLHVDPRG\VNZDOLILNXMHSUREOHP%RZMHGQ\PDQLZGUXJLPWU\ELHQD
SHZQRQLHZVąF]DQRE\LQLHRGELHUDQRMDZQ\FKSRP\áHNDQLWHĪEH]RNROLF]QLNyZ
 'RWHJRWU]HEDE\áRSRLJQRUDQFNXNDUWNRZDüVáRZQLNQLH]QDQHJRVRELHMĊ]\ND
 2]QDF]RQ\ VSHFMDOQą JZLD]GNą ĪH QLHURV\MVNLHJR SRFKRG]HQLD  Z VáRZQLF]NX
Z\UD]\DUEOHVXWUZDOLáF]DUQRQDELDá\PQLHFKOXMVWZRW\FKPHWRG6ąWRERZLHPMDMD
NWyU\FKRGSRZLHGQLNDQDWXUDOQLH MDNLZSU]\SDGNXVKDUULHVF]\OL]DGND QLHXGDáRVLĊ
]QDOHĨüZVá\QQ\FK]SU]\]ZRLWRĞFLVáRZQLNDFKDQJLHOVNRURV\MVNLFKZLĊFNWRĞMHPX-
VLDá]DLPSURZL]RZDüZRSDUFLXRVODQJRZHDQJLHOVNLHDSSOHVL]QDOD]áMDEáRNRDSyĨQLHM
ZLGDü]JXELáRGSRZLHGQLąNDUWHF]NĊ$OHZWHNĞFLH]GDU]DVLĊRERNVNUyWX\DUEOHVUyZ-
QLHĪGáXĪV]DLFDáNLHPMHGQR]QDF]QDIRUPD\DUEORFNRV:UHV]FLHWRZFLąĪSRZWDU]DQH
Z\]ZLVNREUDWFKQ\FRPLDáR]QDF]\üEDVWDUGF]\OLSRSURVWXVNXUZ\V\Q1LHZ\VWDU-
F]\áMXĪ%XUJHVVRZLVWDU\VRQRIDELWFKZĪDGQHM]OLF]Q\FKSLVRZQL2F]\ZLĞFLHĪDGHQ
VáRZQLN PX QLH SRGVXQąá VXNLQV\QD L WHPX SRGREQ\FK *G\E\ VLĊ WDN ]HWNQąá ] NLPĞ
]QDMąF\PĪ\Z\MĊ]\NURV\MVNLMDNĪHE\PXSDVRZDá]Z\Ná\PXGDNLMDNSLĊNQLHE\WR
Z\JOąGDáR Z WUDQVNU\SFML PRRGDFN $ W\PF]DVHP VáRZQLN ZUĊF]\á PX SRG EDVWDUG
VWUDV]QHZ\]ZLVNRZQLHEUDF]Q\MF]\OLQLHĞOXEQ\$ĪHVáRZRE\áRMHGQDN]DGáXJLHZLĊF
XFLĊWRPXSRF]ąWHNLRWRELHGQ\$OH[QLHĞZLDGRPMDNJRQDEUDQRZ\P\ĞODQDSUDZR
LOHZRRGEUDF]Q\FKF]\OLMDNQDMOHJDOQLHMĞOXEQ\FK
 $OHPLPRZV]\VWNR]URV\MVND
.
16
.
 'DMąFGR]UR]XPLHQLDOXEZ\UDĨQLHLQIRUPXMąFWXLJG]LHLQG]LHMĪHXF]\áVLĊUR-
V\MVNLHJRLĪHPDRQLPSRMĊFLHGRSXV]F]DVLĊ%XUJHVVFDáNRZLWHMPLVW\ILNDFML
 -HM PRĪH QDMEDUG]LHM V]RNXMąFH SU]\NáDG\ ]QDMG]LHP\ Z LQQHM R üZLHUü ZLHNX
SyĨQLHMV]HM NVLąĪFH Z SRZLHĞFL $Q\ 2OG ,URQ  %\OH VWDUH ĪHODVWZR  (SDWXMąF
QLH]OLF]RQ\PLEá\VNRWNDPLZWUąFHĔREFRMĊ]\F]Q\FKRGVáRZDSR]GDQLHOXEIUD]HVSR
ZDOLMVNX QLHPLHFNX KHEUDMVNX L SR ZV]HODNLHPX ]QyZ QDMVNZDSOLZLHM SRSLVXMH VLĊ
%XUJHVVURV\MVNLP&RWDPVLĊQLHZ\SUDZLD0RJáDMHV]F]HE\üZąWSOLZ\PGRZFLSHP
VWVFKLJUHVKQHYDLNDFKH MDN]DSHZQLDLQ)UHQFKWUDQVOLWHUDWLRQWHĪOLSD MDNJG\E\SR-
FKRGQD RG NDSXĞQLDNX ] NDV]ą JU\F]DQą $OH FKRURV]R WHUD] Z\PDZLDQH NKRURVKFKR
L QD]ZLVNR 6WUXYH ĨOH RGF]\WDQH MDNR 6WUXEH ]DLPHN LFK ] SU]\PLRWQLNLHP VPXJá\FK
ÄWUDQVNU\ERZDQHMDNRLVKVPXJOLVKRUD]EROV]RMRJRĔMDNREDOVKL\L\DJRQWXG]LHĪÄRE-
MDĞQLHQLHGRZLHUV]DĪHZZLHWURĪRJLH F]\OLRJRU]DáHRGZLDWUX ]QDF]\]WZDU]DPL
ZF]DUQ\FKVDG]DFKRGRJQLVNDF]\GXIQDLQLHVSUDZG]DMąFDSHZQRĞüĪHRGQD]ZLVND
6]ZHUQLNPRĪQDXURELüIRUPĊĪHĔVNą0DU\D6KYHUQLNDLRGZ\UD]XJRVSRĪDQLHLVWQLH-
MąF\PĊVNLJRVSRĪZ\VWDUF]\RWRSHáQDQLH]QDMRPRĞüQDZHWLUXG\PHQWyZMĊ]\ND
RGOLWHUF\U\OLFNLFKSRJUDPDW\NĊLVáRZRWZyUVWZR
 : W\FK SRSLVDFK LJQRUDQFML QLH RV]F]ĊG]Lá UyZQLHĪ SROV]F]\]Q\ 3RMDZLD VLĊ QD
SU]\NáDGLQLHSU]\SDGNLHPERNLONDNURWQLHPLHMVFRZRĞü ]QDFLVNLHPĪHWRSRSROVNX 
QD]ZDQDĩ\WR F]\OL5RJJHQQDZVFKyGRG2GU\FK\EDV]áRPXRĩ\WQR LWDNRĪPLHM-
VFRZRĞFL=LHPQLDNL.DSXVWD
Smacznego.
.
 :DUW\NXOH)LUHWDON%XUJHVVRSLVDáMDNWRSURMHNWRZDáQDED]LHĞFLVáHMOLQJZLVW\NL
yZMĊ]\NMDVNLQLRZFyZGRILOPX:DONDRRJLHĔ,GRSLHURWXVLĊNRPSOHWQLHGHPDVNX-
MH$E\VLĊQLHZGDZDüZGHWDOHLSU\QF\SLDQDNWyU\FKDEVXUGDOQRĞüU\NLHPĞPLHFKX
PRĪHRGSRZLHG]LHüOLQJZLVWDOHF]W\ONR]QXG]LáE\VLĊODLNRJUDQLF]ĊVLĊGRNVLĊĪ\FD
-DNWXMDVNLQLRZF\PRJOLQD]\ZDüNVLĊĪ\F"%XUJHVVIDQWD]MXMHQDWHPDWMHJRNUąJáRĞFL
LV]XNDMHMRGELFLDZQD]ZDFK]DF]HUSQLĊW\FKQDRĞOHS]MĊ]\NyZLJQRUXMąFIDNWĪH
ZV]\VWNLHVąSUDZLHRW\VLĊF\ODWSyĨQLHMV]HDFRWU]HFLQLHZLąĪHVLĊDQLUXV]]SUD-
LQGRHXURSHMVNLPNWyUHJRMDNE\]DPLHU]FKáąUHNRQVWUXNFMĊVRELH]DáRĪ\á7DNF]\VLDN
DTP by SHADE 
Z\QLNDPXMDVNLQLRZ\RGJáRVKXXXQ]PDODMVNLHJREXODQLUyĪQ\FKHXURSHMVNLFKPRRQ
LWS$OHQLHVWHW\ZV]HONLHPRRQ0RQGPDDQMDNWHĪPLHVLąFPXQGXVLPRQGH ZUyĪ-
Q\FK]QDF]HQLDFK Z\ZRG]ąVLĊSU]HFLHĪRSLVRZR]LQGRHXURSHMVNLHJRSLHUZLDVWNDPH
NWyU\]QDF]\áPLHU]\üERPLHU]RQRQLPF]DV:]JOĊGQLHQDMGRVáRZQLHM]DĞVáXĪ\áNVLĊ-
Ī\FRZLSLHUZLDVWHNOHXNFRĞMDVQHJRVNąGLELDáRĞüLZV]HONLHĞZLDWáDQDQLHELHDĪSR
áDFLĔVNLHOXQDLVáRZLDĔVNLHáXQD WHĪZUyĪQ\FK]QDF]HQLDFK %XUJHVVMHGQDN]JDUQLDá
QDRĞOHSMDNLVNąG W\ONRQLH]OLWHZVNLHJRRNWyU\PODGDVWXGHQWE\ZLHG]LDáĪHMHVW
JáyZQ\PLQDMZDĪQLHMV]\PĨUyGáHPGRFLHNDĔSUDLQGRHXURSHMVNLFK LFRW\ONRSRSDGQLH
] QLHZLDU\JRGQą ZUĊF] LJQRUDQFMą OLQJZLVW\F]Qą ZáąF]DMąF GR VZ\FK UR]ZDĪDĔ QDZHW
LSROVNLNVLĊĪ\FQLHGRP\ĞODMąFVLĊĪHWRSU]H]ZLVNRPDá\NVLąĪĊZSU]HFLZLHĔVWZLH
GRZLHONLHJRNVLĊFLDF]\OLVáRĔFD]UHV]Wą]DSRĪ\F]HQLH]WHJRĪZ\UD]XJHUPDĔVNLHJR
FRNLQJLNVLąG]$VNąGPXVLĊXEUGDáRĪHNVLĊĪ\FSRF]HVNXWRNRPDU"WHJRMXĪQLH
VSRVyEVLĊGRP\ĞOLü
 7DNLHWRLMĊ]\NR]QDZVWZR
 : VXNFHV\ZQLH SRSUDZLDQ\FK Z\GDQLDFK FLHV]\á VLĊ QLHMDNą SRSXODUQRĞFLą MHJR
ZVWĊSGRMĊ]\NR]QDZVWZD/DQJXDJH0DGH3ODLQ L-Ċ]\NSURVWRZ\áRĪRQ\ 
:\GDáJRSRGSUDZG]LZ\PQD]ZLVNLHPMDNR-RKQ%XUJHVV:LOVRQ$OHQLNW]HVSHFMDOL-
VWyZQLHWUDNWXMHJRVHULRLQLFG]LZQHJR
.
17
.
 :LĊFMDNLPDE\üSRQDV]HPXWHQMĊ]\N"
 =DF]QĊRGZVSRPQLHĔ
 7U]\G]LHĞFLODWWHPX]DSRF]ąWNRZDáHPZOLWHUDWXU]HSROVNLHMQRZ\VW\OWáXPDF]H-
QLD ZSURZDG]DMąF GR NU\PLQDáX 3HWHUD &KH\QH\D .DW F]HND QLHFLHUSOLZLH :DUV]DZD
 ,VNU\  Z GLDORJDFK HOHPHQW\ PRZ\ SRWRF]QHM L VXEVWDQGDUWX MDNR RGSRZLHGQLN
DQJLHOVNLHJRVODQJXLNRORNZLDOL]PyZ(NVSHU\PHQWPyMRND]DáVLĊSURGXNW\ZQ\L]ZUy-
FLáQDVLHELHXZDJĊ2ZV]HPUR]SĊWDáDVLĊNUyWNRWUZDáDZDONDQDRVWUHZUHGDNFML E\áD
WRERGDMĪHF]ZDUWDPRMDNVLąĪNDLQLHPRJáHPMHV]F]HQDU]XFDüVZ\FKZDUXQNyZDQL
SRVWDZLü XOWLPDWXP D MHĪHOL WR U\]\NXMąF GDOV]\P FLąJLHP VZHM NDULHU\ SLVDUVNLHM 
2ZV]HP]DNZĊNDáZSDUX]GDQLDFKMHGHQF]\GUXJL ZWHG\MDNLG]LĞQLNRPXQLH]QDQ\ 
UHFHQ]HQW 2ZV]HP UR]PDLFL WáXPDF]H MDNR ĪH V\WXDFMD RELHNW\ZQD GRPDJDáD VLĊ
WHJR SRGFKZ\FLOL]PLHMVFDPyMZ\QDOD]HNL]DF]ĊOLJRSRZV]HFKQLHVWRVRZDüQLHW\ONR
ZSU]HNáDGDFKNU\PLQDáyZOHF]LQRZV]HMNODV\NL]ZáDV]F]DDPHU\NDĔVNLHMQLHNZLWX-
MąFQLF]\PVZHJRGáXJXLQLHSRZLHG]LDZV]\PLQDZHWG]LĊNXMĊ
 $OHQDMFHQQLHMV]\PV\JQDáHPSRZDJL]DJDGQLHQLDLWHJRĪHMąGRFHQLRQRVWDáR
VLĊREV]HUQHLGURELD]JRZHVWXGLXPMDNLHPHPXSU]HNáDGRZLSRĞZLĊFLOLGRFHQW7DGHXV]
6NXOLQDZQU]H;;;9,,,Ä-Ċ]\ND3ROVNLHJR]URNX%DGDF]WHQSRGNUHĞOLáZDJĊ
VSUDZ\LQRZDWRUVWZRUR]ZLą]DQLDGRNRQDáV]F]HJyáRZHMDQDOL]\ZSURZDG]RQHJRSU]H-
]HPQLHMĊ]\NDLVWZLHUG]LáĪHQRZDWRUVWZRSROHJDWXJáyZQLHQDVáRZQLFWZLHZQLH-
ZLHONLPVWRSQLXQDLGLRPDW\FHLSUDZLHQLHW\NDVNáDGQL
 1LHVWHW\PLDáUDFMĊ
 %\áWRMHGQDNPyMLZRJyOHSLHUZV]\NURNGRIRUPXáWUDQVODWRUVNLFKGRWąGQLH]QD-
nych i zabronionych.
 &]\ Z\JUDáE\P  ODW WHPX ZDONĊ R GUXN WHM NVLąĪNL JG\E\P VLĊ E\á SRVXQąá
RNURNGDOHM":ąWSOLZH,WDNPXVLDáHPZ]Ląü]HVREąĞZLDGND E\áWRPyMQLH]DZRG-
Q\SU]\MDFLHO6WDV]HN:HUQHU L]DJUR]LüZ\GDZQLFWZXVąGHPMHĞOLXQLFHVWZLZPRLP
SU]HNáDG]LHWRFRZQLPRGNU\ZF]HLQDMFHQQLHMV]H=OĊNOLVLĊ3RF]\P]PXV]RQRPQLH
ZW\FKVDP\FK,VNUDFKGRUH]\JQDFML]QDVWĊSQHJRSU]HNáDGX]JyU\VWDZLDMąFPLXOWL-
PDWXPĪDGQ\FKHNVSHU\PHQWyZ$QDVWąSLáRWRMXĪSRXND]DQLXVLĊUR]SUDZNLGRFHQWD
6NXOLQ\LZPRPHQFLHJG\UDFMDPRMDZVSUDZLH&KH\QH\D]RVWDáDWULXPIDOQLHLGHILQL-
W\ZQLHXGRZRGQLRQD
 'ODPQLHWHNáRSRW\QDOHĪąGRKLVWRULL
DTP by SHADE 105
 $OHUR]JOąGDPVLĊZRNyáLOX]WDNLFKG\VSRQHQWyZNXOWXU\PDGRG]LVLDMZUĊNX
EDWLWĊS\QyĪNWyU\PLZFLąĪSR]ZDODLPVLĊZ]DOąĪNXQLV]F]\üQLHSRMĊWHGODQLFKZDU-
WRĞFL"
.
18
.
 :LĊFMDNLPDE\üWHQMĊ]\N"
 /HNV\NDMHJRZ]QDF]QHMPLHU]HXSRU]ąGNRZDQDZVáRZQLF]NXPyZLVDPD]D
VLHELH1DWXUDOQLHRQDVLĊQDMEDUG]LHMU]XFDZRF]\0LPRWRQLHMHVWQDMZDĪQLHMV]D
 $FRMHVW"
 3U]HGHZV]\VWNLPVNáDGQLD-HMVWUXNWXUDRJyOQDL]HVSyáV]F]HJyáRZ\FKNRQVWUXN-
FMLVąSU]HFLHĪGHF\GXMąFHZNDĪG\PMĊ]\NXFR]Z\NOHQLH]E\WVRELHXĞZLDGDPLDG\OH-
WDQWEHOIHUNU\W\NZRJyOHNWRĞQLHSRUDGQLHPyZLąF\DOERSLV]ąF\1LHW\OHZXĪ\FLX
VáyZ LOH Z LFK áąF]HQLX NU\MH VLĊ LVWRWD RNUHĞORQHJR MĊ]\ND MHJR PLVWU]RVWZR EDQDá
LSU]HFLĊWQRĞüOXEQLHXGROQRĞü7XUyZQLHĪQDMGRWNOLZLHMERQDMVNU\FLHMRGFLVNDMąVLĊ
ZSá\Z\REFHL]MDZLVNDUR]NáDGDMąFHMĊ]\N
 1DVWĊSQLH UHNFMD RUD] LGLRPDW\ND ZSUDZG]LH QLHRGáąF]QH UHNFMD RG VNáDGQL
LGLRPDW\NDRGOHNV\NL QDMGRELWQLHMNRQNUHW\]XMąWRFRG]LHMHVLĊZMĊ]\NXQDV]F]HEOX
SRMHG\QF]\FK]GDĔZ\UDĪHĔLSRáąF]HĔZ\UD]RZ\FK
 :UHV]FLHVHPDQW\ND]SUDJPDW\NąMĊ]\NRZąVáRZRWZyUVWZRLIXQNFMRQDOQH]UyĪ-
QLFRZDQLHMĊ]\NDZHGáXJGLDOHNWyZLVW\OyZQDOHĪąGRW\FKHOHPHQWyZNWyU\PLQDMWUXG-
QLHMRSHURZDüNWyUHGHF\GXMąROLWHUDFNLHMIRUPLHG]LHáDQDZHWLZyZF]DVJG\VáRZQLF-
WZRMHJRSUDZLHQLF]\PVLĊQLHZ\UyĪQLD
 2WRQDF]\PNRQFHQWUXMHVLĊPRMDXZDJDZWáXPDF]HQLX0HFKDQLF]QHMSRPDUDĔ-
czy.
 :LĊFRVáRZQLFWZLHQLHPDFRUR]SUDZLDüĩHRGUĊEQRĞüMHJRSURZRNXMHQDSLHUZ-
V]\U]XWRND"'REU]HSUyF]HZLGHQWQ\FKUXV\F\]PyZVLĊJDPWHĪSR]DSRĪ\F]HQLD]H
ĞURGRZLVNRZ\FKJZDUOXEĪDUJRQyZLZSURZDG]DPREILWRĞüQDĞODGXMąF\FKMHQHRORJL-
]PyZLQHRVHPDQW\]PyZWR]QDF]\LQQRZDFMLVáRZRWZyUF]\FKL]QDF]HQLRZ\FK7UR-
FKĊ]DSRĪ\F]HĔSRFKRG]L]LQQ\FKMĊ]\NyZSU]HGHZV]\VWNLP]DQJLHOVNLHJRLQLHPLHF-
NLHJRWXLyZG]LHF]HVNLHĪ\GRZVNLHOXEXNUDLĔVNLH7DIRUPXáDGRW\F]\QLHW\ONRZHUVML
5SU]HNáDGXDOHPXWDWLVPXWDQGLVUyZQLHĪLZHUVML$
 -HVWERZLHPUDF]HMSHZQHĪHMDNNROZLHNSRWRF]\VLĊKLVWRULDLW\PVDP\PHZR-
OXFMDSROV]F]\]Q\EĊG]LHRQDXOHJDüZSá\ZRPQLHMHGQHMNXOWXU\OXEMĊ]\NDOHF]ZLHOX
LWDNF]\RZDNSU]HQLNDMąFHGRSROV]F]\]Q\REFHVáRZQLFWZRPXVLZ\ZRG]LüVLĊSU]HGH
ZV]\VWNLP ] GZyFK ĨUyGHá DQJLHOVNLHJR ] DPHU\NDĔVNLP L URV\MVNLHJR -HGHQ ZSá\Z
GUXJLHJRQLHZ\HOLPLQXMH
 &RQDMZ\ĪHMWU]HFLDMHV]F]HPRĪOLZRĞüZLGQLHMHQDKRU\]RQFLHJG\E\VLĊRND]DáR
ĪH3ROVNDZHMG]LHZRUELWĊ]MHGQRF]RQ\FK1LHPLHFLZáąF]\VLĊSRGREURVąVLHG]NXZLFK
SRWĊĪQ\ ]DUyZQR HNRQRPLF]QLH MDN L NXOWXUDOQLH RUJDQL]P UR]ZyM SROV]F]\]Q\ PRĪH
SyMĞüLZWU]HFLPNLHUXQNXW\PáDWZLHMĪHMXĪRGZLHNyZQLFWDNEDUG]RQLHNV]WDáWR-
ZDáRMĊ]\NDSROVNLHJRMDNQLHPLHFNL7HQSURFHVQDM]XSHáQLHMVSRQWDQLF]Q\SU]HELHJD-
MąF\SR]DĞZLDGRPRĞFLąQDURGRZąLZEUHZWHMĞZLDGRPRĞFLXOHJáQDNLONDG]LHVLąWODW
]DZLHV]HQLX W\ONR F]\ VSRZROQLHQLX L JG\E\ VLĊ Z QRZ\FK RNROLF]QRĞFLDFK RĪ\ZLá QLH
PXVLDáE\VWZDU]DüZMĊ]\NXQRZ\FKPHFKDQL]PyZSRSURVWXQDZLą]DáE\GRJRWRZ\FK
0yZLąFW\ONRSyáĪDUWHPDQXĪF]HNDPQLHMHV]F]HZHUVMD1SHU\SHWLL$OH[D"
 -HGQDNLQLHPLHFNLXOHJDSRWĊĪQLHNV]WDáWXMąF\PZSá\ZRPDQJLHOVNLHJR]NWyU\-
PL]UHV]Wą PLPRWDN]QDF]QHMEOLVNRĞFLREXMĊ]\NyZ QLH]E\WVLĊSRWUDILXSRUDü
 :LĊFLGODSROV]F]\]Q\E\áE\WR]DSHZQHáąF]Q\ZSá\ZREX&RLWDNMHVWIDNWHP
 $]PLHQLá\E\VLĊJáyZQLHSURSRUFMH7DNLZSRF]ąWNRZHMDOWHUQDW\ZLH1LHNWyU\
ZSá\ZREF\Z\HOLPLQXMHWHQGUXJL"7\ONRF]\DQJLHOV]F]\]QDZ\ZU]HGHF\GXMąF\ZSá\Z
]GXĪRPQLHMV]\POHF]LWDNZLGRF]Q\PXG]LDáHPURV\MVNLHJRF]\QDRGZUyW
 :LĊF JáyZQLH VNáDGQLD L UHNFMD F]\OL ]DVDG\ JUDPDW\F]QHJR áąF]HQLD Z\UD]yZ 
DTP by SHADE 
XOHJQą Z\UDĨQHM DQJOLF\]DFML OXE UXV\ILNDFML ] F]DVHP NWR ZLH" PRĪH GR WHJR VWRS-
QLDĪHMĊ]\NVWDQLHVLĊZVZHMGHF\GXMąFHMVWUXNWXU]HDQJLHOVNLPDOERURV\MVNLP2WR
SLHUZV]HWUXGQLHMU]HF]MDVQD]HZ]JOĊGXQDIXQGDPHQWDOQLHRGPLHQQąVWUXNWXUĊMĊ]\-
NyZDQJLHOVNLHJRLSROVNLHJRWHQSURFHVPXVLDáE\WUZDüZLHOHSRNROHĔLSU]HMĞüVWDGLD
F]ĊĞFLRZHJRDQDOIDEHW\]PXOXERJURPQHMSU\PLW\ZL]DFMLVW\OXNRORNZLDOQHJRGRFKR-
G]ąFHMDĪGR]U\ZDQLDNRQWDNWX]MĊ]\NLHPSLVDQ\P$OHF]\MHVWWRQLHGRSRP\ĞOHQLD"
:V]\VWNLHWU]\ZDUXQNL
.
 SU\PLW\ZL]DFMD
 UR]OHJá\SyáDQDOIDEHW\]P
 VHSDUDFMDRGPRZ\SLVDQHMMXĪG]LĞUR]ZLMDMąVLĊZVNDOLSU]HUDĪDMąFHM
.
 2UXV\ILNDFMĊ]DĞEH]SRUyZQDQLDáDWZLHMZ\VWDUF]\QLHZLHONLHSU]HVXQLĊFLHZQD-
Z\NDFKLSUHIHUHQFMDFKMĊ]\NRZ\FKDĪHE\VNáDGQLDSROVNDQDMSLHUZSU]HPLHV]DáDVLĊ
]GRĞüEOLVNąMHMVNáDGQLąURV\MVNąDQDVWĊSQLHSR]E\áDVLĊNRQVWUXNFMLPQLHMURV\MVNLFK
3URFHVWHQ]DFKRG]LMXĪG]LĞW\PáDWZLHMĪHQLHZ\PDJDRQVHSDUDFMLRGIRUPSLVDQ\FK
OXELQDF]HMXSRZV]HFKQLDQ\FKSRSURVWXOXG]LHZ\ZRG]ąF\VLĊ]QL]LQVSRáHF]Q\FK OXE
DGDSWXMąF\VLĊGRQLFK LDZDQVXMąF\Ī\FLRZREH]DZDQVXNXOWXUDOQHJRXĪ\ZDMąFRUD]
PQLHM SRSUDZQHJR MĊ]\ND NWyU\ Z\SLHUD VZRLVWD PRZD DZDQVX  SLV]ąF Z JD]HWDFK
LW\JRGQLNDFKZ\GDMąFNVLąĪNLUHGDJXMąFMHOXE]DELHUDMąFJáRVZWHOHZL]MLSU]H]UDGLR
LZĪ\FLXSXEOLF]Q\P&]\QLąWRFRUD]EH]NDUQLHMLSRZV]HFKQLHMF]ĊVWRNURüQDZHWSRG
KDVáHPZDONLRNXOWXUĊMĊ]\ND1LHPDáHVąZWHMPLHU]H LNZLWQąZEODVNXGRNWRUDWyZ
L SURIHVXU  ]DVáXJL QDZHW VIHU DNDGHPLFNLFK SRORQLVWyZ MĊ]\NR]QDZFyZ 7HQ SURFHV
QDUDVWDODZLQRZRLMHĞOLQDWHMGURG]HF]HNDQDVUXV\ILNDFMDSROV]F]\]Q\GRĞüQDWR
MHGQHJRSRNROHQLDF]\GZyFK
 0RMD VNáDGQLD Z 0HFKDQLF]QHM SRPDUDĔF]\ ZHUVML 5 SRND]XMH JáyZQLH VWUXNWX-
UĊMĊ]\NDPyZLRQHJRMXĪVLOQLH]UXV\ILNRZDQąFKRüQLHNRQVHNZHQWQLHERQDHWDSLH
ZVSyáLVWQLHQLDLZDONLQLHPDQLIHVWRZDQHM
 /HF]W\PEDUG]LHMUR]VWU]\JDMąFHM
 8ZDUXQNRZDQHVNáDGQLRZRU\WPLNDGHQFMD]GDĔFKZLHMQDSR]\FMD]DLPND]ZURW-
QHJRVLĊLPLHVáyZXSU]HGQLZHIUHNZHQFMLQDVLODMąFHMVLĊLIXQNFMLSU]\PLRWQLNRZHMZD-
KDMąF\VLĊWHĪQDJUDQLF\QRZ\FKIRUP]áRĪRQHJRF]DVXSU]HV]áHJR]Z\Ná\F]DVSU]H-
V]á\ W\SX URV\MVNLHJR Z XĪ\FLX HNVSUHV\ZQ\P FKZLHMQRĞü Z HQNOLW\F]Q\FK ]DLPNDFK
RVRERZ\FKWRQLHNWyUH]ZLHOXSU]HMDZyZUXV\ILNXMąFHMVLĊVNáDGQL
 .WRFKFHQLHFKDMSRV]XNDLQQ\FK
 :DUWRSRGNUHĞOLüĪHFKRüMDXURELáHPWRZFDáRĞüHOHPHQW\MHMQLHVąE\QDMPQLHM
ILNFMą-XĪNLONDG]LHVLąWODWWHPXZVWU]ąVQąáPQąSU]HNáDG%DĞQL]QRF\.U]\V]WRID
5DG]LZLááDL-DQLQ\=HOW]HU :DUV]DZD1DV]D.VLĊJDUQLD ]NRQVHNZHQWQLHURV\M-
VNLPXPLHV]F]DQLHPVLĊSRF]DVRZQLNXDGLDORJLZURG]DMX0L"&LVąMXĪQRUPDOQH
ZĞUyGOXG]L]PDWXUą.LHG\XĞZLDGRPLüWRVRELHQDZHWQLHVLĊJDMąFGR]MDZLVNWDNLFK
MDNW\SRZ\SUH]HQWHU79ZDXG\FMDFKNXOWXUDOQ\FKZROQRSRVWDZLüPL]DU]XWF]\QLH
QD]E\W RSW\PLVW\F]QLH ]DSURMHNWRZDáHP WHQ ]Z\URGQLDá\ MĊ]\N SU]\V]áRĞFL" %R QDZHW
PyM$OH[F]\LQQLU\QV]WRNRZF\SRGSHZQ\PLZ]JOĊGDPLQLHSRVXZDMąVLĊZGHJHQHUD-
FMLVZHMIDQWDVW\F]QHMSROV]F]\]Q\GRWDNLFKVNUDMQRĞFLMXĪG]LĞSU]HFLHĪQDM]XSHáQLHM
U]HF]\ZLVW\FK
 ,WRQLHZU\QV]WRNX$OHQDV]F]\WDFK
 :LHG]ąF MXĪ F]HJR V]XNDü ]DLQWHUHVRZDQ\ RGELRUFD VDP ]QDMG]LH QLH]OLF]RQH
SU]\NáDG\ UXV\F\]PyZ QLH XZ]JOĊGQLRQ\FK Z VáRZQLF]NX 0RĪH WR E\ü ]Z\Ná\ SROVNL
Z\UD]DOHSU]HVXQLĊW\]OHNNDZ]QDF]HQLH FKRüLSRSROVNXPRĪOLZH EDUG]LHMW\SRZH
GODUyZQREU]PLąFHJR]QLPZ\UD]XURV\MVNLHJR.DOND]LGLRPXURV\MVNLHJRáDWZR OXE
G]LĊNL NRQWHNVWRZL  ]UR]XPLDáD OHF] SR SROVNX REFD OXE QLHSRSUDZQD (NZLZRNDFMD
]QDF]HĔNWyUHZSROVNLPZ\UD]LH MHĞOLEH]QDFLVNXLGHRORJLF]QHJR QLHPLHV]DMąVLĊ
OHF] Z RGSRZLHGQLNX URV\MVNLP L RZV]HP 7DNLFK V]F]HJyáyZ ]QDMGą VLĊ VHWNL L VHWNL
DTP by SHADE 107
DPRĪHW\VLąFH
 &]\PyMSURMHNWMĊ]\NDQLHPDSUHNXUVRUyZ"
 -HGQDN SRVLDGD LFK )UDJPHQWDU\F]QLH 1DMZDĪQLHMV]\ WR :LHFK =DVDGQLF]\FK
UyĪQLF ZLĊFHM WX ZSUDZG]LH QLĪ SRGRELHĔVWZ 7DP FKRG]L JáyZQLH R KXPRU WX SUDZLH
QLHREHFQ\7XNRV]PDULQDSRQXUR:LHFKĞFLĞOHXPLHMVFRZLáVZHSU]HGZRMHQQHRSR-
ZLHĞFL Z GRáDFK VSRáHF]Q\FK Z LFK U]HF]\ZLVWRĞFL MĊ]\NRZHM L GUREQ\FK WDUDSDWDFK
Ī\FLRZ\FKZ\PLDULWáR0HFKDQLF]QHMSRPDUDĔF]\VąFDáNLHPLQQH$OHáąF]\MHLJQR-
URZDQLHQRUPMĊ]\NRZ\FKLNRQVHNZHQWQHVWRVRZDQLHQRUPZáDVQ\FKRUD]IDNWĪHWD
JZDUDZDUV]DZVNDNWyUą:LHFKXWUZDODLSU]HWZDU]DMHVWUHOLNWHPRGGDORQHMZyZF]DV
RMHGQROXEGZDSRNROHQLDHSRNLJG\]DJURĪHQLHSROV]F]\]Q\SU]H]ZSá\ZMĊ]\NDUR-
V\MVNLHJRSU]\EUDáRIRUP\LUR]PLDU\]EOLĪRQHGRG]LVLHMV]\FKLGRW\FKNRQVHNZHQFMLQD
QLHGDOHNąSU]\V]áRĞüNWyUHMDWXSU]HGVWDZLDP
 :LĊFWDILNFMDMĊ]\NRZDQLHMHVWDĪWDNILNF\MQD5D]MXĪSRWZLHUG]LáDVLĊZODER-
UDWRULXPSU]HV]áRĞFLLVWąGMHMRGELFLHX:LHFKD:LĊFMHMPRGHOLZDULDQWIXWXURORJLF]Q\
PDMąZ\VRNLVWRSLHĔSUDZGRSRGRELHĔVWZD
 $ĪGRV]F]HJyáyZZáąF]QLH
 =PLHU]DWRNXGUDĪOLZHPXS\WDQLXNWyUH]SHZQRĞFLąVWRUD]\EĊG]LHPL]DGDQH
F]\MDSRSLHUDPWDNąHZROXFMĊSROV]F]\]Q\"F]\PyMSU]HNáDGPDMąODQVRZDü"F]\QLH
REDZLDPVLĊĪHWDNLEĊG]LHMHJRSUDNW\F]Q\HIHNW"
 1LHWHQZ\ZRáXMHFKRUREĊNWRMąZ\NU\á1LHPDMDNZLDGRPRVNXWHF]QLHMV]HM
PHWRG\QDV]HU]HQLHFKRUyEZHQHU\F]Q\FKQLĪNU\FLHVLĊ]QLPLOXEXGDZDQLHĪHLFKQLH
PD-HV]F]HVLĊQLHXND]DáPyMSU]HNáDGDMXĪPL]ZUDFDQRXZDJĊ SU]\OHNWXU]HMHJR
SUyEHNLIUDJPHQWyZ ĪHWRQLHILNFMDERWDNVLĊMXĪPyZLFKRüXPQLHZLĊNV]RĞüWHM
PRZ\QDSUDZGĊZ\QLNáDQLH]SRGVáXFKLZDQLDL]DSLVXW\ONR]GREUHM]QDMRPRĞFLSROV]-
F]\]Q\LĪHZLHPFRLMDNVLĊZMHMZQĊWU]QRĞFLDFKSRUXV]D1LHMHVWPLV\PSDW\F]QLHM-
V]DWDSROV]F]\]QDQLĪWHQE\GODF]HN$OH[LMDNRWáXPDF]QLHEDUG]LHMXWRĪVDPLDPVLĊ
]W\PMĊ]\NLHPQLĪ]SRVWDFLą$OH[D0DPQDG]LHMĊĪHZ\GRE\FLHLFKREXQDEH]OLWRVQH
ĞZLDWáRSU]\F]\QLVLĊGRWHJRDE\]PQLHMV]\üREDWH]DJURĪHQLD
.
19
.
 'ODVSHF\ILNLWHJRVW\OXPyZLRQHJRFKDUDNWHU\VW\F]QHVąPLQ]DNáyFHQLDVIRU-
PDOL]RZDQHMZSLVDQ\PMĊ]\NXVNáDGQLáDWZRSU]HFKRG]ąFHZVWUXPLHĔPRZ\QLHFDá-
NLHPSRZLą]DQHMDQDNROXWLZLHOHLQQ\FKNRQVWUXNFMLQLHPLHV]F]ąF\FKVLĊZSDUDG\J-
PDWDFK*G\UR]ELFLHWDNLHSRMDZLDVLĊMXĪQDSR]LRPLHVáRZRWZyUF]\PGRFKRG]LQLHUD]
GRVWUXNWXUSRGREQ\FKMDNZMĊ]\NDFKLQNRUSRUXMąF\FKUDF]HMQLĪIOHNV\MQ\FK
 =MDZLVNR WR PLPR ĪH FKDUDNWHU\VW\F]QH GOD MĊ]\NyZ QLHLQGRHXURSHMVNLFK L WDN
REF\FKQDPMDNLQGLDĔVNLHOXEHVNLPRVNLHSRMDZLDVLĊLZHIUDQFXVNLP
 7RWHĪZDUWR]DXZDĪ\üMHJR FKRüPDUJLQHVRZą REHFQRĞüWDNZPRZLHSRWRF]-
QHMMDNLZPRPHQWDFKGH]RUJDQL]DFMLMĊ]\NDLUR]SDGXMHJRSUDZLGáRZRĞFL'RW\F]\WR
PLQRNUHVXSU]HPLDQVWUXNWXUDOQ\FKNWyU\DNWXDOQLHWUZDZMĊ]\NXSROVNLP=MDZL-
VNRWRPXVLDáRE\VLĊV]F]HJyOQLHQDVLOLüZUD]LHSU]\ĞSLHV]HQLD]PLDQSURZDG]ąF\FKGR
VNáDGQLRZHMDQJOLF\]DFMLSROVNLHJRDZLĊFMHJRSU]HVXZDQLDVLĊRGW\SXIOHNV\MQHJRNX
DQDOLW\F]QHPXLSR]\F\MQHPX:\GDMHVLĊWRSUDZLHQLHPRĪOLZHDSU]HFLHĪNRQVWUXNFMH
SU]\LPNRZH FKDUDNWHU\VW\F]QHGODWHJRGUXJLHJRW\SX V]HU]ąVLĊRERNL]DPLDVWGHNOL-
QDF\MQ\FKQDZHWLZSRSUDZQHMSROV]F]\ĪQLHZMĊ]\NXEXáJDUVNLP]DĞLPDFHGRĔVNLP
GDZQRMXĪSU]HZDĪ\á\QDGIOHNVMą&]\WDNEĊG]LHLZSROVNLP"
 :V]\VWNLH WH QLHSRVáXV]QH RGVWĊSVWZD RG ]XERĪRQHM SU]HFLHĪ  UHJXODUQRĞFL MĊ-
]\NRZHMWR]MHGQHMVWURQ\SU]HMDZ\]DFKRG]ąFHMOXEV]\NXMąFHMVLĊHZROXFML]GUXJLHM
VWURQ\]DĞLVWRWQHHOHPHQW\UyĪQLąFHMĊ]\NĪ\Z\LPyZLRQ\RGSLVDQHJR
 3RORQLVW\NDXQLZHUV\WHFNDZROLMHWĊSLüQLĪEDGDü
 6]NRáDLUHGDNWRUW\PEDUG]LHM
 =DWRMDNQDMREILFLHMNRU]\VWDMą]QLFKWZyUF\LPLVWU]RZLHSROV]F]\]Q\RG1RU-
DTP by SHADE 
ZLGDSR%LDáRV]HZVNLHJRLVWXLQQ\FK1RUZLGXVLáRZDáUDWRZDüSHáQ\MĊ]\NLVWZDU]Dü
PRĪOLZRĞFL ]DSLV\ZDQLD JR HG\WRURP GR G]LĞ WUXGQR VLĊ ] W\P XSRUDü %LDáRV]HZVNL
VWDUWRZDá]OLQLLEDUG]RZ\VXQLĊW\FKLUHDOL]RZDüPyJáSHáQąVZRERGĊZNV]WDáWRZDQLX
VDPHJRMĊ]\NDLIRUPMHJR]DSLVX=DQDORJLF]Q\FKVZREyGNRU]\VWDüPXVL QLHGODID-
QDEHULLDQLGODSRSLVDQLDVLĊ NDĪG\DXWHQW\F]Q\WZyUFDMĊ]\ND
 7RVDPRG]LHMHVLĊZW\PSU]HNáDG]LHLZIRUPDFKMHJR]DSLVX7DNPDE\ü
 : PRMHM ZHUVML 5 SU]HNáDGX 0HFKDQLF]QHM SRPDUDĔF]\ QDMZDĪQLHMV]H Vą HIHNW\
Z\GRE\ZDQH]HVNáDGQLLVáRZRWZyUVWZDSRQLHZDĪMHVWWRPRFQDVWURQDMĊ]\NyZVáR-
ZLDĔVNLFK MDNE\ LFK SU]\URG]RQH ERJDFWZR (ZROXFMD NX ZHUVML 5 PXVL DNW\ZL]RZDü
MĊ]\NZW\PNLHUXQNXZVSyOQ\PGODSROVNLHJRLURV\MVNLHJR
 =DWRZZHUVML$QDMZDĪQLHMV]HVąIRUPDFMHSU]HMĞFLRZH]PLHU]DMąFHNXDQDOLW\F]-
QRĞFL
 &KRFLDĪLWX ĞSLHV]ĊGRGDü QLHSRVXZDPVLĊZQLFKGDOHMQLĪGRSXQNWXMDNLWR
SU]HREUDĪHQLHGODLQWHJUDOQRĞFLMĊ]\NDPDMąFHZ\PLDUNDWDNOL]PXRVLąJQąüPRĪHQD
SU]HVWU]HQLNLONXSRNROHĔ-DNXSU]HGQLRMXĪSRGNUHĞOLáHPSURFHVWHQ SU]HFLZQLHQLĪ
Z SU]\SDGNX UXV\ILNDFML  PXVLDáE\ SU]HELHJDü EDUG]R SRZROL DOER GUDVW\F]QLH DOER
MHGQRLGUXJLH
 &R SUDZGD Z $QJOLL SR QRUPDĔVNLP SRGERMX Z  URNX SU]HREUDĪHQLH WDNLH
GRNRQDáR VLĊ Eá\VNDZLF]QLH L Z FLąJX SDUX SRNROHĔ MĊ]\N VWDURDQJLHOVNL UyZQLH DOER
LEDUG]LHM IOHNV\MQ\MDNSROVNL]JLQąáZ\SDUW\SU]H]ĞUHGQLRDQJLHOVNLRVWUXNWXU]HPDáR
UyĪQLąFHMVLĊRGG]LVLHMV]HJR8QDVMHGQDNQLHPRJáRE\VLĊWRGRNRQDüWDNV]\ENR]H
Z]JOĊGXQDSRZV]HFKQRĞüSLVPDLGUXNXFRXWUZDODLVWQLHMąFHIRUP\MĊ]\NDLKDPXMH
SU]HREUDĪHQLD'ODWHJR MDNMXĪSRGNUHĞOLáHP QLHRG]RZQ\PZDUXQNLHPE\áRE\WXVWD-
GLXPGDOHNRSRVXQLĊWHMQLHSLĞPLHQQRĞFL
 -HGQDNDOLHQDFMDSHZQ\FKJUXSVSRáHF]Q\FKQDSU]\NáDGPáRG]LHĪRZ\FKLSU]H-
VWĊSF]\FKZáDĞFLZDLPKHUPHW\F]QRĞüHNVNOX]\ZQHJRĪDUJRQXLMĊ]\NSRWRF]Q\Py-
ZLRQ\ QLH OLF]ąF\ VLĊ ] UHJXáDPL SLVDQHJR D QD JUXQFLH ]DZRGRZ\P SRZV]HFKQRĞü
NRPSXWHUyZ L XSURV]F]RQHJR V\VWHPX SRUR]XPLHZDQLD VLĊ ] QLPL PRJą WHQ SURFHV
]DVNDNXMąFRSU]\ĞSLHV]\ü
 1LHSRVXZDPVLĊDĪWDNGDOHNR
 6WDUDMąFVLĊ]DUyZQRZZHUVML$MDN5XQLNQąüGRZROQRĞFL]P\ĞOHĔLSHáQHMIDQ-
WDVW\NL SRSU]HVWDMĊ VNURPQLH QD MĊ]\NX WDN ]DQJOLF\]RZDQ\P MDNLHJR PRĪHP\ VLĊ
MHV]F]HGRF]HNDü,WXUyZQLHĪQLHEUDNMXĪUHDOQ\FKSLHUZRZ]RUyZRGF]ĊĞFLHMRĞPLH-
V]DQHMQLĪUHMHVWURZDQHMLEDGDQHMJZDU\3RODNyZDPHU\NDĔVNLFKSRVDPRU]XWQąWZyU-
F]RĞüMĊ]\NRZąPáRG]LHĪ\ZNUDMXVQREXMąFHMVLĊQDVW\ODPHU\NDĔVNL
 =QDMRPRĞüMĊ]\NyZURV\MVNLHJRLDQJLHOVNLHJRMHVWXQDVZVNDOLVSRáHF]QHMSR-
GREQLHPL]HUQDLSUDZLHĪDGQD5RV\MVNLHJRQLHFKFą]QDüDQJLHOVNLHJR]DĞQLHSRWUD-
ILą0LPRWRURV\MVNLGRFLHUDQDFRG]LHĔLQDVąF]DPáRG\FK3RODNyZQDZHWEH]XG]LDáX
LFKĞZLDGRPRĞFLDQJLHOVNL]DĞFKRüWDNáDSF]\ZLHZ\FKZ\W\ZDQ\]HZ]JOĊGXQDVZRMą
V]F]HJyOQą WUXGQRĞü L QD SU]HZDĪDMąF\ SU\PLW\Z MHJR DPDWRUyZ RUD] GRVWĊSQ\FK LP
ĨUyGHá JáyZQLHSU]H]QDJUDQLDĨOHDUW\NXáRZDQ\FKLPĊWQLHSLąWHSU]H]G]LHVLąWHUR-
]XPLDQ\FK SLRVHQHN  GOD ZLĊNV]RĞFL SR]RVWDMH QLHPDO FKLĔV]F]\]Qą = ELHJLHP F]DVX
MHGQRLGUXJLHPRĪHVLĊWURFKĊ]PLHQLüDOHFRMHVWLVWRWQHWRIDNWĪHZVXPLHWRVLĊ
]JUXEV]DZ\UyZQXMH0LPRFDáNLHPUyĪQHMPRW\ZDFMLWDNURV\MVNLMDNLDQJLHOVNLVą
XQDVMĊ]\NDPLEOLĪHMLV]HU]HMQLH]QDQ\PLOHF]Z\ZLHUDMąF\PLRJURPQ\ZSá\ZQDSR-
]LRPLH SU]\QDMPQLHMREHFQLH LZIRUPDFKGRĞüSU\PLW\ZQ\FK
 :VXENXOWXU]H
 7DF\PRGOąVLĊGRDQJLHOV]F]\]Q\OHF]QLHVWDUF]DLPQDSĊGXLPy]JXĪHE\VLĊ
MHMQDXF]\ü
 =DNáDGDPMHGQDNĪHJG\E\DQJLHOV]F]\]QDPLDáDVLĊX3RODNyZQDSUDZGĊ]DNR-
U]HQLüWRZ]URĞQLHQDMSLHUZMHMSUDZG]LZD]QDMRPRĞüDSRWHPZSá\ZQDIRUPRZDQLH
MĊ]\ND
 'R W\SRZ\FK GOD DQJLHOV]F]\]Q\ IRUPDFML DQDOLW\F]Q\FK MXĪ ]DOĊJDMąF\FK VLĊ
DTP by SHADE 109
L]ZROQDV]HU]ąF\FKZG]LVLHMV]HMSROV]F]\ĨQLHQDOHĪąQLHRGZF]RUDMFKRüE\Z\NU]\N-
QLNLHNVSUHV\ZQHNWyUH.OHPHQVLHZLF]QD]\ZDáF]DVRZQLNDPLZ\NU]\NQLNRZ\PLD-R-
GáRZVNLRNUHĞODáMDNRF]DVRZQLNLQLHIOHNV\MQHRVRERZHQDSU]\NáDGOXKRSLF]P\FKX
SU]\F]\PZDUWRSRGNUHĞOLüĪHFKRüE\WXSU]\WRF]RQHVąQLHGĨZLĊNRQDĞODGRZF]HW\ONR
]QDF]ąFH&LHNDZRVWNDZMĊ]\NXVXQGDMVNLP FKRüQLHZLQQ\FKLQGRQH]\MVNLFK UR]-
ZLQĊá\VLĊRQHZRVREQąF]ĊĞüPRZ\WRGODXĞZLDGRPLHQLDĪHPDUJLQHVRZH]MDZLVND
ZMĊ]\NXQLHPXV]ąWDNLPLSR]RVWDü
 : SROVNLP RVWDWQLR UR]ZLQĊá\ VLĊ WDN VDPR QLHRGPLHQQH SU]\PLRWQLNL ]Z\NOH
VNUyFRQHSU]H]RGU]XFHQLHVXILNVXLNRĔF]ąFHVLĊF]ĊVWRQDRWDNLHMDNERUGRSRUQR
LVSRNR
 :V]\VWNRWRVąZ\UD]\QLHRGPLHQQHáDWZRGDMąFHVLĊXĪ\ü SRGREQLHMDNSRDQ-
JLHOVNX ZIXQNFMLUyĪQ\FKF]ĊĞFLPRZ\RGUR]PDLW\FKIRUPF]DVRZQLNDSRU]HF]RZQLN
SU]\VáyZHNLSU]\PLRWQLNSU]HGHZV]\VWNLP]DĞ ZEUHZSRZWDU]DQHMGRWąGUHJXOH MDN
QDMEDUG]LHMáąF]OLZHZ]ZLą]NDFKVNáDGQLRZ\FK
 1DSR]yUVąWRPDUJLQHV\MĊ]\ND
 $OHVąLWRQDMZDĪQLHMV]H$GRP\ĞOHQLDGDMHIDNWĪHLFKREILWRĞüLXG]LDáURVQą
Z MĊ]\NX HNVSUHV\ZQ\P SRWRF]Q\P L QLH SLVDQ\P F]\OL WDP JG]LH NRQFHQWUXMą VLĊ
]MDZLVNDGHF\GXMąFHR]DVDGQLF]\FKSU]HREUDĪHQLDFKMĊ]\ND
 -XĪG]LĞVWDáRVLĊPRĪOLZHFRĞZW\PURG]DMX1RL%LELFKDS]DWHQEXWOLODUyĪ
LZ=L]LFR]WHJRĪHSRSLMDNXLQDRĞOHSNLHG\LWDNZVDPáHEQRLWD=L]LEDFKLOXOX
MDNE\ QLJG\ QLF 2SRZLDGDQNR WR MHVW RF]\ZLĞFLH QLHFR V]WXF]QH EU]\GNLH L QLHNXOWX-
UDOQHQLHVSRVyEMHGQDNXZDĪDüJR]DQLH]UR]XPLDáHQLHSROVNLHOXEQLHPLHV]F]ąFH
VLĊZUHJXáDFKSHZQHJRVW\OX-HĞOLWRVRELHXĞZLDGRPLüF]HNDQDVV]RNERVNáDGDVLĊ
RQRZFDáRĞFL]Z\UD]yZSUDZLHOXEZFDOHQLHRGPLHQQ\FKLPDVWUXNWXUĊWDNDQDOLW\F]-
QąMDNE\WRMXĪZRJyOHQLHE\áMĊ]\NIOHNV\MQ\OHF]NRQVWUXNFMDSHáQDU]HF]RZQLNyZ
F]DVRZQLNyZSU]\PLRWQLNyZLQDZHW]ZURWyZLGLRPDW\F]Q\FKEH]MDNLHJRNROZLHNPRU-
IHPXZSUDNW\FHQLHUyĪQLąFDVLĊRGDQJLHOVNLHM7RMDNRSU]\NUHPHPHQWRGODZąWSLą-
F\FKF]\MĊ]\NSROVNLPyJáE\VLĊSR]E\üVZHMSU]HZDĪDMąFHMGRG]LĞVWUXNWXU\LFDáNR-
ZLFLHSU]HREUD]LüVLĊZMĊ]\NIRUPDOQLH]EOLĪRQ\GRDQJLHOVNLHJR
 1LHWZLHUG]ĊĪHWRQDVWąSL
 $OHJG\E\VLĊGHF\GXMąFHF]\QQLNLWDNXáRĪ\á\WRSROV]F]\]QDPRĪHE\üMXĪJáĊ-
ERNRLEH]SRZURWQLH]UXV\ILNRZDQD]DODWDOER]DQJOLF\]RZDQD]DODWQLH]DGZLH-
ĞFLHLWRZVWRSQLXGDOHNRMDVNUDZV]\PQLĪMHGQDF]\GUXJDZHUVMDWHMPRZ\NWyUąMD
WX]DSURMHNWRZDáHPGODUyZQLHĞQLNyZ$OH[D
 2PyZLRQH Z\ĪHM GHU\ZDW\ L NRQVWUXNFMH DQDOLW\F]QH ZSURZDG]DP REILFLHM QLĪ
LVWQLHMąV]F]HJyOQLHZZHUVML$/HF]SRGNUHĞODPĪHMHVWWRQLHIDQWD]MDW\ONRSURMHNFMD
]MDZLVNMXĪG]LĞLVWQLHMąF\FKZQDV]\PMĊ]\NX
.
20
.
 =DWUZDĪDMąFDUHDOQRĞüWHJRSU]\V]áRĞFLRZHJRPRGHOXSRWZLHUG]DáDVLĊZLHORNURW-
QLHMXĪZWUDNFLHZ\P\ĞODQLDJR1LHW\ONRGODWHJRĪHGREU\QHRORJL]PRGQDMGXMHVLĊ
F]ĊVWR MXĪ LVWQLHMąF\ Z LQQ\P F]DVLH OXE GLDOHNFLH MĊ]\ND *G\ VSUDZG]DáHP QD OX-
G]LDFKFRZ\PDJDXPLHV]F]HQLDZVáRZQLF]NXRND]\ZDáRVLĊUD]SRUD]ĪHZ\P\ĞORQ\
SU]H]HPQLHEDUEDU\]PMXĪIXQNFMRQXMHZJZDUDFKNWyUHJRĞUHJLRQXOXEĞURGRZLVND
 7DNĪH]DXWHQW\F]Q\PLZ\UD]DPL]GDU]Dá\VLĊZąWSOLZRĞFLF]\ZV]\VF\SDPLĊWD-
MąĪHJDEORWDLPDUDVHW]QDF]ąVDPRFKyGLQDUNRW\N"&R]QLFKZSURZDG]DüGRVáRZ-
QLF]ND GHF\GRZDáHP ZHGOH VXELHNW\ZQHJR GRP\VáX FR ZLH OXE GRP\ĞOL VLĊ NDĪG\
DF]HJRZLHOXQLH]UR]XPLHLQLHEĊG]LHPLDáRJG]LHVSUDZG]Lü
 7DNDMHVWLEĊG]LHU]HF]\ZLVWRĞü
 $OHQLH]DEUDNQLHU]HF]MDVQDJáXSFyZLĞOHSFyZNWyU]\ZLG]ąFWHQPRGHOEOL-
VNLHM SU]\V]áRĞFL U]XFą VLĊ QD PQLH ] NU]\NLHP ĪH WR PRMD RK\GD L PRMD ZLQD 7\P
EDUG]LHMQLH]DEUDNQLH MDN]Z\NOH SU\ZDWQ\FKOXE]SUHPHG\WDFMąVWHURZDQ\FKREHOJ
DTP by SHADE 
LRV]F]HUVWZ1LHNWyUHLQVW\WXFMHLQD]ZLVNDPyJáE\P]JyU\Z\PLHQLü7UXGQRQDZRM-
QLHMDNQDZRMQLH
.
21
.
 :SyĨQLHMV]\FKLRVWDWQLFKNVLąĪNDFK%XUJHVVD]QDüFRUD]ZLĊNV]\UR]U]XWLMDNE\
JRUąF]NRZHGąĪHQLHGRZLHONLHMVNDOLMDNRĞWDPDQDORJLF]QHGRZF]HĞQLHMV]HJRRüZLHUü-
ZLHF]HV]\NRZDQLDVLĊQDĞPLHUüRGUDNDPy]JX1DSLVDáZLĊFOXEX]ELHUDáVSRURNVLą-
ĪHN]ZáDV]F]DHUXG\F\MQ\FKLEHOHWU\VW\NLRZLHOXZąWNDFKMDNE\JURPDG]LáV]OLIRZDá
LXNáDGDáZFDáRĞüSURMHNW\L]DVRE\
]FDáHJRĪ\FLD
 :ĞUyGQLFKZLHOHGRW\F]ąF\FKPX]\NL
 $ SU]HGH ZV]\VWNLP VZRMH ERGDM F]\ QLH GUXJLH DUF\G]LHáR 0DQ RI 1D]DUHWK
&]áRZLHN]1D]DUHWX WRZáDVQ\LQDG]Z\F]DMSU]HP\ĞOQ\Ī\ZRW-H]XVD3U]\-
PLHU]\áVLĊGRQLHJRMXĪRGZDODWDZF]HĞQLHMSLV]ąFZHZVSyáSUDF\]LQQ\PLDXWRUDPL
VFHQDULXV]WHOHZL]\MQHJRVHULDOX-HVXVRI1D]DUHWKLQDVWĊSQLHILOPXNWyU\]UHDOL]RZDá
)UDQFR=HIILUHOOL7HE\á\SLĊNQHRSHUDWRUVNRLRUWRGRNV\MQHF]\OL]GDZNRZHZWUHĞFL
$OH%XUJHVVQLHE\áE\VREąJG\E\LWXQLHZ\VXQąáSD]XUyZ-HJRSRZLHĞüQLH]DZLHUD
ZLVWRFLHSURZRNDFMLDQLEOXĨQLHUVOZDF]\FKRüE\RGVWĊSVWZDRGFKU]HĞFLMDĔVNLHMWUDG\-
FMLGREU\NDWROLNPRĪHF]\WDüMąEH]SRF]XFLDĪHQDUDĪDVLĊQDSLHNáROXEQDQLH]DGR-
ZROHQLHSURERV]F]D-HGQDNĪHZW\FKJUDQLFDFKQLH]QDPQLFEDUG]LHMZ\]\ZDMąFHJR
JG\ĪZQDM]XSHáQLHMRUWRGRNV\MQ\FKV\WXDFMDFK%XUJHVVXMDZQLDEH]DQDFKURQL]PXLFK
V]F]HJyáRZHLOXG]NLHLPSOLNDFMH
 (ZDQJHOLDPDFDá\OHJLRQPRGHUQL]DFML
 $OHZĞUyGQLFKWDMHGQD]DVNDNXMHRGNU\ZF]RĞFLą]SR]\FMLSRZĞFLąJOLZLHVFHS-
W\F]Q\FKEH]SURZRNDFML
 1LHSRWU]HEQLH ]GXEORZDá MHM WáR L SR F]ĊĞFL WHPDW Z KLVWRU\F]QHM SRZLHĞFL 7KH
.LQJGRPRIWKH:LFNHG .UyOHVWZR]á\FK RU]\PVNLHM3DOHVW\QLHW\FKF]DVyZ
 3RQLHZDĪZĞZLDWNXOLWHUDFNLPMXĪVLĊQRVL%XUJHVVDIXURUĊ]URELáRMHJRUR]PLD-
UDPLRJURPQHL]DMDGOHUHNODPRZDQHSRZLHĞFLGáR(DUWKO\3RZHUV =LHPVNLHSRWĊ-
JL 1LHSRPRĪHPXVPXWQ\IDNWĪHWZRU]\áWRU]HNRPHG]LHáRVZHJRĪ\FLDSU]H]ODW
LX]ELHUDáZQLPFDáHVHWNLNRQFHSWyZVSUDZPLHMVFRZRĞFLNUDMyZLFRZLGRF]QLHMV]\FK
SRVWDFLWHJRVWXOHFLDRUD]W\VLąFHLW\VLąFHE\VWU\FKHUXG\F\MQ\FK]áRĞOLZ\FKGRZFLS-
Q\FKVSRVWU]HĪHĔXZDJSRZLHG]RQHNJLHUVáRZQ\FKLWS1LHSRPRĪHĞPLDáDLZ\VVD-
QD]SDOFDNRQFHSFMDĪHZLHONRĞüQLHPGáDLQLHX]QDMąFDNRPSURPLVXDXWRPDW\F]QLH
]PLHU]D NX V]F]\WRP GHSUDZDFML OXE XĞZLĊFHQLD 1LH SRPRĪH HIHNFLDUVNLH ]DáRĪHQLH
GZyFKSUDZLHQDGOXG]NLFKSURWDJRQLVWyZJG]LHOHWQLSHGDáOLWHUDW.FQQHWK0DUVKDO
7RRPH\LSDSLHĪ'RQ&DUOR&DPSDQDWLWRPDMąE\ü MDNZLHP\VNąGLQąG :LOOLDP6R-
PHUVHW0DXJKDPL-DQ;;,,:FLąĪQLFLVWRWQHJRQLHZ\QLND]WHJRJLJDQW\F]QHJRNR-
URQNDUVWZDLMHVWWRMDNE\V\WXDFMD%REUDL%DQNLHUDZ:\SUDZLHQDĪPLUáDF]D/HZLVD
&DUUROOD7HQURG]DMNOĊVNL
 'DOHMSRGVXPRZDáVZąSXEOLF\VW\NĊNWyUHMGOD]DURENXL]WHPSHUDPHQWX]Z\Ná
SRĞZLĊFDüZLHOHF]DVXLZ\VLáNX
 -HVWWRRJURPQ\Z\EyUDUW\NXáyZL]ZáDV]F]DUHFHQ]MLZW\P]ZLHOXVáRZQLNyZ
]DW\WXáRZDQ\ +RPDJH WR 4ZHUW <XLRS  : KRáG]LH GOD 4ZHUW <XLRS  &KRG]L WX
R XNáDG JyUQ\FK F]FLRQHN Z PDV]\QLH GR SLVDQLD SR DQJLHOVNX RGURELQĊ LQQ\ QLĪ SR
SROVNX/HNWXUDQLHUyZQDLUR]NRV]QDZVHWNDFKV]F]HJyáyZGHPDVNXMąFDZLHOHVSUDZ
LOXG]LDUyZQLHĪVDPHJRVLHELH
 :SLHUZV]\PWRPLVNXVZHMFLHNDZHMDXWRELRJUDILL/LWWOH:LOVRQDQG%LJ*RG 
0Dá\:LOVRQLGXĪ\%yJ ]DSRZLHG]LDáĪHQDVWąSLMHV]F]HW\ONRMHMGUXJDF]ĊĞüLWREĊ-
G]LHNRQLHFMHJRWZyUF]RĞFL
 &]\Z\SQLHVLĊQDWH]DSRZLHG]L"
 7DNFRĞZ\JOąGD-XĪSRQLHMZ\SXĞFLá$Q\2OGOURQ %\OHVWDUHĪHODVWZR 
DTP by SHADE 111
LWRFK\EDQDMJRUV]D]MHJRZNRĔFXQLHWDNZLHOXNRPSURPLWDFML&]\ĪE\ZáDVQDLZSR-
GREQ\VSRVyEQLHXGDQD$GDSR1DERNRYLHPX]DPDMDF]\áDZDPELFML"1LHZ\NOXF]RQH
MXĪQLHUD]MDNE\SR]D]GURĞFLáLQQ\PLSUyERZDáQDSLVDüWRVDPRSRVZRMHPXDNRUFL
JR ]ZáDV]F]D 1DERNRY L NROHMQH RND]MH GR UHSOLN QD MHJR Z\QDOD]NL IRUPDOQH :LĊF
ZWHMQLE\U]HF]\ZLVWRĞFL]NORFNyZSRF]ĊĞFLIDQWDVPDJRU\F]Q\FKNRWáXMąVLĊZDOLMVF\
PLHV]DĔF\]NUZLąURV\MVNąLWUyMND]0DQFKHVWHUX]Ī\GRZVNą3U]HZLMDMąVLĊQDMVá\Q-
QLHMV]HNDWDVWURI\QDV]\FKF]DVyZRGÄ7LWDQLFDSU]H]NROHMQHZRMQ\DZW\PSOąF]H
VLĊ QLHGRUG]HZLDá\ ([FDOLEXU ]QDOH]LRQ\ SU]H] KLWOHURZFyZ Z ORFKDFK 0RQWH &DVVLQR
LNROHMQRZ\NUDGDQ\RG15'SR(UPLWDĪL]SRZURWHPZPLHF]X]DĞDUWXULDĔVNLPV\P-
EROLF]Q\SUREOHPF]\SRJDĔVWZR]Z\FLĊĪ\"
 7R MXĪ ]Z\NáD LQIODFMD PDUQRWUDZVWZR L SRQLHZLHUDQLH WHPDWyZ :V]\VWNR QD
VSU]HGDĪ]DIDáV]\Z\JURV]
.
22
.
 7RF]\WDPWRZLĊFHMF]\PQLHMDFKRüE\LQLFMXĪ%XUJHVVQLH]GąĪ\áZ\VWU]HOLü
]HVZHMHNVSOR]\ZQHMPDV]\QHULLWZyUF]HMRJURPQ\MHJRGRUREHNPRĪQDMXĪ]GXĪ\P
SUDZGRSRGRELHĔVWZHP SRGVXPRZDü =DUyZQR Z RVLąJQLĊFLDFK GR NWyU\FK DQDORJLH
QLHáDWZR]QDOHĨüMDNLZW\PFRZLHOXREXU]DL]áRĞFLMHVWNDPLHQLHPREUD]\LF]ĊĞFLHM
SURZRNXMHGRF]HSLDQLDVLĊQLĪVNáDQLDGRV\PSDWLLĪHNRVW\F]QHMPRUDOLVW\NLMHJRG]LHá
QLHKXPDQL]XMąQDZHWFLąJáHLJUDV]NLMĊ]\NRZHLZV]HFKREHFQ\QLE\KXPRUDZáDĞFLZLH
MDGRZLWHV]\GHUVWZR-HJRSUR]DQDG]Z\F]DMSRP\VáRZDLEá\VNRWOLZDZV]F]HJyáDFK
EH] NRĔFD SU]HREUDĪDMąFD VLĊ IRUPDOQLH Z]EXG]D MHGQDN PLHV]DQH XF]XFLD RG LU\WD-
FMLSRQLHGRV\WLWUDIQLH]ZUDFDQRXZDJĊĪHQLHZ\FKRG]LSR]DFKZ\WHSL]RG\F]QHJR
PRQWDĪX$OHF]\ĪWRMHGQR]QDF]Q\IHOHU"-DE\PSRZLHG]LDáW\ONRZyZF]DVJG\DXWRU
]PLHU]DGRF]HJRĞLQQHJR:\GDMHVLĊĪHSHZLHQURG]DMJáĊELLXQLZHUVDOQ\FKSHUVSHN-
W\ZWąPHWRGąU]HF]\ZLĞFLHWUXGQLHMRVLąJQąü
 1LH]DU\]\NRZDáE\PMHGQDNRSLQLLĪHWRGODWHJRZLĊNV]DF]ĊĞüMHJRSUR]\SRZLH-
ĞFLRZHMQLHGDMHSHáQHMVDW\VIDNFML$FRZWDNLPUD]LH",GODF]HJR$QWKRQ\%XUJHVVWDN
Eá\VNRWOLZ\LIDQWDVW\F]QLHSRP\VáRZ\ WU]HEDZFLąĪSRZWDU]DüWHRNUHĞOHQLD ZVZ\FK
QLHXVWDQQ\FKHUXSFMDFKWZyUF]\FKLQWHOLJHQWQ\MDNEU]\WZDPLVWU]MĊ]\NDLOLWHUDFNLH-
JRU]HPLRVáDMHGQDNQLHPRĪHSU]HáDPDüWHJRNUĊJXDPELZDOHQFML"
 2WDF]D JR SRG]LZ L UHVSHNW %H] Z\MąWNX , WDN VDPR ZV]\VWNLPF]HJRĞ Z QLP
brak.
 )RUPXáDRVFKRU]HQLXHSL]RG\F]Q\PWHJRQLHWáXPDF]\0RĪHWRUDF]HMQDGPLDU
ĞZLDGRPRĞFL SURIHVMRQDOQHM EH] W\FK V]F]HOLQ NWyU\PL E\ ZWDUJQąá LQVW\QNW L Ī\ZLRá
WZyUF]\QLHNRQWURORZDQ\SU]H]ĞZLDGRPRĞü"7DGHPRQLF]QDVLáDFRVSUDZLDĪHJH-
QLXV]HPRND]XMHVLĊ7KRPDV0DQQSLVDU]WDNF]ĊVWRUR]ZOHNá\LSUHWHQVMRQDOQ\EH]
JXVWXREVNXUDQWLVQREQLHGRXF]RQ\LEH]PDWXU\"%XUJHVVĪDGQHJR]W\FKJU]HFKyZ
QLHSRSHáQL0LPRWRZROQRMXĪXVFK\áNXMHJRGURJLWZyUF]HMSRZLHG]LHüĪHZGRURENX
MHJRQLHPDLQLHEĊG]LHSRZLHĞFLOHSV]HMQLĪ$&ORFNZRUN2UDQJHLPRĪHMHV]F]H0DQRI
1D]DUHWKPRĪHNLONDLQQ\FKQLHRNDĪHVLĊHIHPHU\GDPLDĪDGQDQLHZWDUJQLHGRZLHO-
NLHMOLWHUDWXU\]Z\MąWNLHPW\FKFRQDMZ\ĪHMGZyFKDOHQDSHZQRĪDGQD]W\FKNWyUH
VDPSU]H]QDF]\áQDVZHFKHIVG
RHXYUH&]\ĪE\MHGQDNRNDOHF]Dá%XUJHVVD]E\WVWHU\OL-
]XMąF\G\VWDQVLURQLF]QHJRXP\VáXEH]WHJRĞZLDWáRFLHQLDWHMQLHSHZQRĞFLFRQLHW\ONR
]PLĊNF]DRVWURĞüNRQWXUyZOHF]L]DSHZQLDV\QDSW\F]QHSU]HMĞFLDGRVWUXNWXUEDUG]LHM
ZLHOR]QDF]Q\FK"
 1LHGRW\F]\WRMHJRHVHLVW\NL
 7DRGFLQDVLĊOLF]EąNVLąĪHNQDWOHSRZLHĞFL:UyĪQ\FKNRQWHNVWDFKRZLĊN-
V]RĞFLMXĪQDSRPNQąáHP$OHZDUWRĞüMHMQDRJyáHUXG\F\MQDUDF]HMQLĪJáĊEV]DE\ZD
QLHUyZQDLQLHXNáDGDVLĊZMDNLĞVSHF\ILF]QLHZDĪQ\LRGUĊEQ\VSRVyEZLG]HQLDĞZLDWD
 1LHVWHUHRW\SZLĊFLQLHUHNODPDSURZDG]ąWHQSU]HJOąG]SRZURWHPZNLHUXQNX
$&ORFNZRUN2UDQJH
DTP by SHADE 
.
23
.
 2VREQ\LGRĞüXSLRUQ\DNDSLWGRG]LHMyZ0HFKDQLF]QHMSRPDUDĔF]\GRU]XFLá\MHM
SHU\SHWLHZ3ROVFH
 -HVWZLĊFHMQLĪRF]\ZLVWHĪHSRZLHĞüWDQLH]DZLHUDĪDGQ\FKWUHĞFLJRG]ąF\FKQD
NWyU\PNROZLHNHWDSLHKLVWRU\F]Q\PZ3ROVNĊDQLZMHMXVWUyMZVRFMDOL]PZ5RVMĊDQL
Z =ZLą]HN 5DG]LHFNL MDN UyZQLHĪ Z QLNRJR ] LFK VSU]\PLHU]HĔFyZ 0LPR WR FHQ]XUD
SU]H]ODWSURZDG]LáD]QLąZRMQĊREVHV\MQąZVZHM]DMDGáRĞFL3LHUZV]HGZDUR]G]LDá\
ZPRLPSU]HNáDG]LHPLDá\VLĊXND]DüZQU]H  PLHVLĊF]QLNDÄ/LWHUDWXUDQDĝZLHFLH
]URNX8ND]DáVLĊMHG\QLHPyMWRZDU]\V]ąF\LPSDPIOHW+RUURUVKRZF]\OLEyMVLĊ
3DQMHĪDVDPWHNVWQDWRPLDVW]GMĊWREH]X]DVDGQLHQLD,WDNVDPRZRVLHPODWSyĨ-
QLHMJG\QDSRERMRZLVNXQDV]HMXNDWUXSLRQHMSUDV\OLWHUDFNLHMZ\UĊF]DMąF\MąÄ3U]HJOąG
7HFKQLF]Q\]DSURSRQRZDáPLGUXN)DPDJáRVLĪHRZDNUXFMDWDSU]HFLZNR0HFKDQLF]-
QHMSRPDUDĔF]\GRW\F]\áDQLHNVLąĪNLOHF]MHMW\WXáXSRGREQRNWRĞ]%LXUD3ROLW\F]QH-
JRERGDMĪH=HQRQ.OLV]NRREHMU]DZV]\QD]DPNQLĊW\PSRND]LHILOP.XEULFNDZ]GU\-
JQąáVLĊ]REU]\G]HQLDLNU]\NQąáĪH0HFKDQLF]QHMSRPDUDĔF]\PDXQDVQLHE\üLWR
Z\VWDUF]\áR8IIIFR]DV]F]ĊĞFLHĪHWRQLH+DPOHWZSDGáSU]\SDGNLHPSRGWRSyUWHJR
$OH[D]NROHĪNDPLGRSXV]F]RQHJRGRQDMZ\ĪV]HMZáDG]\Z3DĔVWZLH5]ąG]LHL3DUWLL
 &]\WDNE\áR"1LHZLHPQDSHZQR$OH]UR]PDLW\FKDEVXUGyZWHQZ\GDMHVLĊQDM-
EDUG]LHMSUDZGRSRGREQ\
 -HGQDNZPRPHQFLHJG\VWUDĪQLNVLĊ]DJDSLáZ\GRVWDáHP]Ä/LWHUDWXU\QDĝZLH-
FLHMXĪ]áDPDQHRGELWNLLSRZLHOLáHPMHZNLONXQDVWXHJ]HPSODU]DFK7DEURV]XUNDWUDIL-
áDGRQLHNWyU\FKELEOLRWHNLUyZQLHĪGRELEOLRJUDILLV\JQDOL]XMąFQDZSyáLOX]RU\F]Q\E\W
NVLąĪNLSRSROVNX
 =QDOD]áV]\VLĊDNXUDWZ.XDOD/XPSXUZ\VáDáHPMHGHQHJ]HPSODU]%XUJHVVRZL
3RQLHZDĪWUXGQRJR]áDSDüPLĊG]\SRGUyĪDPLDNWyUąĞ]UH]\GHQFMLSU]HV\áNDZUyFLáD
LMXĪQDSROVNLHMSRF]FLH]RVWDáDVNRQILVNRZDQDMDNRGUXNQLHOHJDOQ\
 1RWDEHQH]UyZQRF]HĞQLHZ\VáDQHMGRVDPHJRVLHELHSU]HV\áNL]PDODMVNLPLNVLąĪ-
NDPLWDVDPDSRF]WDF]XMQLHL]DSRELHJOLZLHZ\ĪDUáDPLQRWDWNL]DZLHUDMąFHQD]ZLVND
L DGUHV\ PDODMVNLFK SU]\MDFLyá DXWRUyZ L G]LDáDF]\ NXOWXUDOQ\FK 8FLĊáR WR VNXWHF]QLH
PRMąGDOV]ąG]LDáDOQRĞüQDW\PSROX
 /HJHQGDRNVLąĪFHLMHMSU]HNáDG]LHQDGDONUąĪ\áDLPQRĪ\á\VLĊSURSR]\FMHDE\P
MąZ\GDáZSRG]LHPLX
 $OHMHV]F]HZURNXPRJáRE\WRXWUąFLüZV]HONLHLQQHV]DQVHSXEOLNDFMLXWZR-
UXZMDNLHMNROZLHNIRUPLHLWHJRQLHFKFLDáHPXZDĪDMąFĪHVSUDZDMHVW]DSRZDĪQDE\
MąSRJUąĪ\üZ]DPLDQ]DRJUDQLF]RQ\LW\ONRĞURGRZLVNRZ\HIHNWSXEOLNDFMLZGUXJLP
RELHJX.WRPyJáZWHG\SU]\SXV]F]DüĪHF]DV\WDNV]\ENR]áDJRGQLHMą"DSRWHPVWDQą
QDJáRZLH"$OHLWDNFHQ]XUĊZ\UĊF]DáDGREUDZRODLFQRWDQDV]\FKZ\GDZFyZ%H]WUR-
VNR]OHNFHZDĪ\áWĊNVLąĪNĊ3DĔVWZRZ\,QVW\WXW:\GDZQLF]\*X]GUDáVLĊURN]HZVWĊS-
Q\PL IRUPDOQRĞFLDPL &]\WHOQLN $OID SU]HMĊáD VSUDZĊ L ]QyZ Mą SRáRĪ\áD 'OD SUHVWLĪX
L ]\VNX FKFLDáR VZą G]LDáDOQRĞü Z\GDZQLF]ą UR]SRF]ąü RG WHM NVLąĪNL 6WRZDU]\V]HQLH
7áXPDF]\3ROVNLFK]JRG]LáHPVLĊL]QyZMHJRZáDG]HGRSURZDG]Lá\W\ONRGRVNDQGDOX
L NROHMQHM ]ZáRNL :UHV]FLH Z  URNX RSXEOLNRZDá 0HFKDQLF]Qą SRPDUDĔF]Ċ PLH-
VLĊF]QLNÄ)DQWDVW\NDZSRVWDFLZNáDGNL=QLH]OLF]RQ\PLEáĊGDPL3RF]\P]WHMZHUVML
]DQLPZ\JX]GUDQRVLĊ]SUDZG]LZąNVLąĪNąQLH]QDQLVSUDZF\SU]HGUXNRZDOLMHV]F]HSR
]áRG]LHMVNXGZDZ\GDQLDSLUDFNLH
 :DUWRSROLF]\üLOHĪWRQLHGRáĊVWZDOXEQLV]F]\FLHOVNLHM]áRĞOLZRĞFLPXVLZ3ROVFH
RPLQąüQDVZHMGURG]HGRF]\WHOQLNyZDWUDNF\MQDRGNU\ZF]DZDĪQDLGRWHJRQLH]Z\-
NOHGRFKRGRZDNVLąĪND
 3RGURG]H]DĞQDSLVDáHPMHV]F]HZHGáXJ0HFKDQLF]QHMSRPDUDĔF]\OLEUHWWRPX-
VLFDOXLZ\JDVá\UR]PRZ\]WHDWUHP6WXGLRNWyU\FKFLDáZUROLĞSLHZDMąF\FKáRWU]\NyZ
REVDG]Lü]QDQ\]HNVFHVyZ]HVSyáHVWUDGRZ\/DG\3XQN
DTP by SHADE 113
 &]\GRF]HNDP\VLĊWHJRVSHNWDNOX"
 7RVLĊRNDĪH:PLĊG]\F]DVLHVDP%XUJHVVQDSLVDáGUDPDWPX]\F]Q\ZHGáXJVZHM
SRZLHĞFL:\VWDZLáDJRZ/RQG\QLHQDSU]HáRPLHURNXVá\QQD5R\DO6KDNHVSHDUH
&RPSDQ\V]XNDMąFZ\MĞFLD]QĊNDMąFHJRMąNU\]\VXW\OHĪDUW\VW\F]QHJRFRLILQDQVR-
ZHJR DOH EH] SRZRG]HQLD .U\W\ND L SXEOLF]QRĞü VWZLHUG]Lá\ WR VDPR ĪH VFHQLF]QD
EUXWDOQRĞüRND]XMHVLĊXPRZQDPGáDLQLMDNDZREHFWHM]Ī\FLDL]ILOPXĩHPX]\ND
NWyUą VNRPSRQRZDOL %RQR L 7KH (GJH REILFLH VLĊJDMąF GR %HHWKRYHQD QLH QDGURELáD
EUDNX IRUPXá\ DUW\VW\F]QHM L Z\QLNá ] WHJR DQL QDWXUDOL]P DQL EDOHW PX]\F]Q\ W\ONR
MDNLĞIDáV]\Z\]OHSHNRERMJD
.
24
.
 'R W\FK SU]\JyG 0HFKDQLF]QHM SRPDUDĔF]\ FKĊWQLH GRGDáE\P VSRUR F\WDWyZ
LFXG]\FKUHIOHNVML1LHPLHFNLW\JRGQLNÄ6WHUQDUF\WUDIQLHSRGVXPRZDáSUREOHP$OH[D
LMHPXSRGREQ\FKZRNUHĞOHQLXGLH6SLH"EUJHUPLWODQJHP+DDU1LH]XSHáQLHRWRV]áR
Z0HFKDQLF]QHMSRPDUDĔF]\DOERQLHW\ONR-HGQDNSRMĊFLHGáXJRZáRV\FKILOLVWUyZXND-
]XMHU]HF]FK\EDZQDMZDĪQLHMV]HMSHUVSHNW\ZLH
 1LNW]DĞQLHWUDILáFHOQLHMZLVWRWĊSUREOHPXZHZV]\VWNLFKMHJRDVSHNWDFKPR-
UDOQ\PVSRáHF]Q\PLSROLW\F]Q\PQLĪ*HUVKRQ/HJPDQZEURV]XU]H7KH)DNH5HYROW
/LSQDUHZROWD &KFLDáRE\VLĊMąSU]\WRF]\üZFDáRĞFL=HZ]JOĊGXQDUR]PLDU
VWURQQLHE\áRE\WRQDZHWQLHPRĪOLZH
 $ QD UD]LH SRSDWU]P\ QD VSUDZĊ ] GDOV]HM SHUVSHNW\Z\ 1LHFK QDP SRPRĪH WD
VFHQD]7U\ORJLLPDODMVNLHM
 8SLMDMąVLĊZHWU]HFKNDĪG\]QLFK]QDGZDMĊ]\NLLQLHPDĪDGQHJRMĊ]\ND]QDQH-
JRZV]\VWNLPWU]HP&RNWRSRZLHWRGUXJLWáXPDF]\WU]HFLHPX:WHP]áDMGDF]RQHPX
QDXF]\FLHORZLRGELMDVLĊ76(OLRWHPLF\WXMH]=LHPLMDáRZHMVDQVNU\FNLH'DWWD'D\-
DGKYDP'DP\DWD6KDQWLKVKDQOLKVLLDQWLK1LHUR]XPLHMąF\NUHW\QSRUXF]QLNWáXPDF]\
WRQDMĊ]\NXUGXVZHPX*XUNKRZL7DPWHQNLZDRERMĊWQLHJáRZąLPyZL:LHP7RMHVW
WRFRSRZLHG]LDáJURP
.
5REHUW6WLOOHU
.
.

DTP by SHADE

DTP by SHADE 

You might also like