[ICI][PL] Dickens Charles Opowiesc wigilijna

DTP by SHADE

Charles Dickens

2SRZLHĞüZLJLOLMQD

DTP by SHADE

5R]G]LDáO

Duch Marleya

=DF]ĊáRVLĊRGWHJRĪH0DUOH\XPDUá7RQLHXOHJDáRZąWSOLZRĞFLĝZLDGHFWZR]JRQX

SRGSLVDOLNVLąG]XU]ĊGQLNJUDEDU]LZáDĞFLFLHO]DNáDGXSRJU]HERZHJR6FURRJHZVSyO-

QLN0DUOH\DWDNĪHMHSRGSLVDáDMHJRQD]ZLVNRE\áRFHQLRQHFRNROZLHNE\SRGSLVDá

=ZáDV]F]DQDJLHáG]LH

6WDU\0DUOH\E\áPDUWZ\MDNüZLHNZGU]ZLDFKWDNPyZL]QDQHDQJLHOVNLHSU]\VáR-

ZLH

&]\6FURRJHZLHG]LDáRĞPLHUFL0DUOH\D"2F]\ZLĞFLH-DNĪHE\PRJáRE\üLQDF]HM"

6FURRJHLRQE\OLZVSyOQLNDPLSU]H]ZLHOHODW6FURRJHE\áWHĪMHG\Q\PVSDGNRELHUFą

]DU]ąGFą SU]\MDFLHOHP 0DUOH\D L MHG\Q\P F]áRZLHNLHP NWyU\ V]HGá ]D MHJR WUXPQą

3U]\W\P6FURRJHQLHE\á]E\WQLRGRWNQLĊW\W\PZ\SDGNLHPERRND]DáVLĊGRVNRQDá\P

NXSFHPLZGQLXSRJU]HEXREP\ĞOLáNRU]\VWQ\LQWHUHV

6FURRJHQLHND]Dá]DPDORZDüQD]ZLVNDVWDUHJR0DUOH\DQDV]\OG]LHVZHJRGRPX

KDQGORZHJR-HV]F]HSRZLHOXODWDFKQDV]\OG]LHQDGGU]ZLDPLZHMĞFLRZ\PLLFKILUP\

PRĪQDE\áRF]\WDü

Ä6FURRJHL0DUOH\´)LUPDWDERZLHPE\áD]QDQDSRZV]HFKQLH1RZLFMXV]HZVSUD-

ZDFKKDQGORZ\FK]ZUDFDOLVLĊGR6FURRJH¶D±6FURRJHDOER0DUOH\RQ]DĞRGSRZLDGDá

QDRE\GZDQD]ZLVND%\áRPXZ\UDĨQLHZV]\VWNRMHGQR

7U]HEDWHĪSU]\]QDüĪH6FURRJHPLDáVLOQąUĊNĊJG\V]áRRLQWHUHV&KZ\WDáDRQD

ĞFLVNDáD]HVNyU\REG]LHUDáDVZRMąRILDUĊQLHZ\SXV]F]DMąFMHMDĪSRGRV]F]ĊWQ\PZ\-

]\VNDQLX%\áWRMHGQ\PVáRZHPFKFLZ\LVWDU\JU]HV]QLN7ZDUG\LRVWU\MDNNU]HPLHĔ

]DPNQLĊW\ Z VRELH PLOF]ąF\ L VDPRWQ\ MDN RVWU\JD =LPQR ZHZQĊWU]QH Z\RVWU]\áR

MHJRVWDUF]HU\V\Z\GáXĪ\áRQRV]PDUV]F]\áRSROLF]NLXF]\QLáRMHJRFKyGV]W\ZQ\P

]DF]HUZLHQLDáRRF]\L]DEDUZLDáRQDQLHELHVNRXVWD*QLHZQLHEU]PLDáMHJRRVWU\JáRV

6]URQSRNU\ZDáMHJRJáRZĊEUZLLFKXGąEURGĊ:QRVLá]HVREąORGRZDWąWHPSHUDWXUĊ

]DPUDĪDáQLąVZHELXURSRGF]DVXSDáXLQLHSRGZ\ĪV]DáMHMDQLRMHGHQVWRSLHĔQDZHW

SRGF]DVZLJLOLL%RĪHJR1DURG]HQLD

=PLDQ\SRJRG\QLHPLDá\ZSá\ZXQD6FURRJH¶DĩDGQHFLHSáRQLHPRJáRJRRJU]Dü

ĪDGHQPUy]EDUG]LHMR]LĊELü1LHSRJRGDQLHZLHG]LDáD]NWyUHMVWURQ\JR]DDWDNRZDü

QDMZLĊNV]\ GHV]F] ĞQLHJ JUDG F]\ ]DZLHUXFKD PLDá\ QDG QLP Z\ĪV]RĞü SRG MHGQ\P

W\ONRZ]JOĊGHPRQHF]ĊVWRRND]\ZDá\VLĊV]F]RGU\PLVSDGDá\QDĞZLDWLOXG]LKRMQLH

GOD6FURRJH¶D]DĞWDNLHSRMĊFLDMDNV]F]RGURĞüOXEKRMQRĞüZRJyOHQLHLVWQLDá\

1LH]GDU]\áRVLĊDE\NWRĞ]SU]\MD]Q\PXĞPLHFKHP]DWU]\PDáJRQDXOLF\LSRZLH-

G]LDá±.RFKDQ\6FURRJHMDNVLĊPDV]".LHG\PQLHRGZLHG]LV]"±ĩHEUDF\QLHSURVLOL

JR R MDáPXĪQĊ G]LHFL QLH S\WDá\ R JRG]LQĊ ĪDGQD NRELHWD DQL PĊĪF]\]QD QLH S\WDOL

6FURRJH¶DRGURJĊ1DZHWSV\ĞOHSFyZPXVLDá\JR]QDüERJG\QDGFKRG]Lá±ZFLąJDá\

VZ\FKZáDĞFLFLHOLGRGRPyZOXEQDSRGZyUNDDSRWHPPDFKDá\RJRQDPLMDNE\FKFąF

SRZLHG]LHüÄ%UDNRNDMHVWOHSV]\RG]áHJRRNDPyMQLHZLGRP\SDQLH´

&R WR REFKRG]LáR 6FURRJH¶D" 2Q WHJR ZáDĞQLH SUDJQąá ,Ğü VDPRWQLH SU]H] Ī\FLH

RGS\FKDüRGVLHELHZV]HONąOXG]NąV\PSDWLĊ±WR]GDZDáRVLĊZ\EUDá6FURRJH]DFHO

LWHJRVLĊWU]\PDáQLHZ]UXV]HQLH2GVWUĊF]DQLHRGVLHELHSU]HUDĪDQLHORGRZDW\PFKáR-

GHPVSRW\NDQ\FKOXG]LE\áRGODQLHJRW\PF]\PMHVWVáRGNDOHJXPLQDGODPDá\FKáD-

NRPF]XFKyZ

3HZQHJRUD]X±E\áRWRZáDĞQLHZZLJLOLĊ%RĪHJR1DURG]HQLD±VWDU\6FURRJHVLH-

G]LDáZNDQWRU]HLSUDFRZDá']LHĔE\áSU]HMPXMąFRPURĨQ\/XG]LHQDXOLFDFKFKXFKDOL

ZGáRQLHELOLUĊNRPDRSLHUVLLWXSDOLGODUR]JU]DQLD=HJDU\Z\ELá\GRSLHURWU]HFLąDMXĪ

E\áRFLHPQR

3U]H]FDá\G]LHĔQLHZLG]LDáRVLĊVáRĔFD:RNQDFKVąVLHGQLFKELXUPLJRWDá\ĞZLHFH

0JáDZG]LHUDáDVLĊGRSRPLHV]F]HĔDE\áDWDNJĊVWDĪHWRQĊá\ZQLHMGRP\QDSU]H-

DTP by SHADE

FLZQHMVWURQLHZąVNLHMXOLF\3DWU]ąFQDQLVNLHPJá\PRĪQDE\áRVąG]LüĪHQDWXUDUR]-

VLDGáV]\VLĊJG]LHĞZSREOLĪXRGE\ZDáDMDNLHĞ]áRZURJLHSUDNW\NL

'U]ZL ELXUD E\á\ RWZDUWH 6FURRJH ZRODá PLHü QD RNX VZHJR SRPRFQLND NWyU\

VLHG]LDá RERN Z PDáHM L]GHEFH L NRSLRZDá OLVW\ 1D NRPLQNX Z SREOLĪX 6FURRJH¶D WOLá

VLĊVNURPQ\RJLHĔZL]GHEFHSRPRFQLNDOHGZLHĪDU]\áVLĊMHGHQZĊJLHOHN=]LĊEQLĊW\

SUDFRZQLNQLHPyJáSRGV\FDüRJQLDER6FURRJHWU]\PDáVNU]\QLĊ]ZĊJOHPZVZRLP

SRNRMX,OHUD]\SRPRFQLNZV]HGá]áRSDWNąSU\QF\SDáJUR]LáPXĪHEĊGąPXVLHOLVLĊ

UR]VWDü3RPRFQLNRZLQąáV]\MĊELDá\PV]DOLNLHPLXVLáRZDáRJU]DüVLĊRGĞZLHF\D

SRQLHZDĪQLHPLDáGRĞüEXMQHMZ\REUDĨQLXVLáRZDQLDMHJRE\á\EH]VNXWHF]QH

±:HVRá\FKĞZLąWZXMX1LHFKFLĊ%yJPDZVZHMRSLHFH±RGH]ZDáVLĊV\PSDW\F]-

Q\JáRV%\áWRVLRVWU]HQLHF6FURRJH¶DNWyU\ZV]HGáWDNQDJOHĪH6FURRJH]DXZDĪ\áMHJR

REHFQRĞüGRSLHURZWHG\NLHG\WHQGRQLHJRSU]HPyZLá

±&yĪ]QRZX]DJáXSVWZD"±PUXNQąá6FURRJH

6LRVWU]HQLHF 6FURRJH¶D UR]JU]Dá VLĊ V]\ENLP FKRGHP L FDá\ E\á UR]SURPLHQLRQ\

SLĊNQDWZDU]MDĞQLDáDRF]\Eá\V]F]Dá\

±ĝZLĊWDQD]\ZDV]JáXSVWZHPZXMX"±]DZRáDá±-HVWHPSHZQ\ĪHQLHP\ĞOLV]

WDN

±3U]HFLZQLHWDNZáDĞQLHP\ĞOĊ±RGU]HNá6FURRJH±,PDPUDFMĊ:HVRá\FKĞZLąW

-DNLW\PDV]SRZyGĪHE\E\üZHVRá\P"7\ELHGDNX"

±'RVNRQDOH±UR]HĞPLDáVLĊVLRVWU]HQLHF±$MDNLW\PDV]SRZyGĪHE\E\üSRQX-

U\PZXMX"7\ERJDF]"

6FURRJHQLHPDMąFSRGUĊNąRGSRZLHG]LSRZWyU]\á]QRZX

±*áXSVWZR

±1LHEąGĨWDNLNZDĞQ\ZXMX±U]HNáVLRVWU]HQLHF

±&]\PRJĊE\üLQQ\±JGHUDáZXM±NLHG\]PXV]RQ\MHVWHPĪ\üZĞZLHFLHJáXS-

FyZ":HVRá\FKĞZLąW'ROLFKD]ZHVRá\PLĞZLĊWDPL=QDüLFKQLHFKFĊ&]\PĪHVą

ĞZLĊWD%RĪHJR1DURG]HQLDGODFLHELHMHĞOLQLHWHUPLQHPSáDFHQLDUDFKXQNyZD]Z\NOH

ZWHG\MHVWHĞEH]JURV]D=NDĪG\P%RĪ\P1DURG]HQLHPMHVWHĞRURNVWDUV]\DOH

QLHERJDWV]\:WHQG]LHĔSRVSUDZG]HQLXNVLąJKDQGORZ\FKSU]HNRQXMHV]VLĊĪHSR

GZXQDVWXPLHVLąFDFKJDOHUQLF]HMSUDF\QLHPDV]RGURELQ\]\VNX*G\E\PE\áSUDFR-

GDZFąWRNDĪG\LGLRWDZáyF]ąF\VLĊ]Ī\F]HQLHPÄZHVRá\FKĞZLąW´]RVWDáE\XJRWRZDQ\

ZMHJRĞZLąWHF]QHMSRWUDZLHLSRJU]HEDQ\]JDáą]NąFKRLQNL]DWNQLĊWąZVHUFH7RE\-

áRE\UR]VąGQHLVáXV]QH

±:XMX±áDJRGQLHPLW\JRZDáJRVLRVWU]HQLHF

±6LRVWU]HĔF]H±SU]HUZDáZXMVXURZR±ĞZLĊüG]LHĔ%RĪHJR1DURG]HQLDQDVZyM

VSRVyEDPQLHSR]ZyOREFKRG]LüJRSRPRMHPX

±2EFKRG]Lü±SRZWyU]\áVLRVWU]HQLHF±$OHĪW\JRZFDOHQLHREFKRG]LV]ZXMX

±'DMĪHPLMXĪSRNyMGROLFKD±VDUNQąá6FURRJH±=REDF]\P\FRFLGREUHJRSU]\-

QLRVąWHJRURF]QHĞZLĊWD2QHFL]DZV]HGXĪRGREUHJRSU]\QRV]ą

±3U]\]QDMĊĪHZLHOHE\áRV\WXDFML]NWyU\FKPRJáHPZ\FLąJQąüNRU]\ĞFLDMHGQDN

QLHZ\NRU]\VWDáHPLFK±RGSDUáVLRVWU]HQLHF±0LĊG]\LQQ\PLĞZLĊWD%RĪHJR1DURG]H-

QLD0LPRWR]DZV]HP\ĞOĊRQLFKQLHW\ONRMDNRF]FLJRGQHMSDPLąWFHGODFDáHJRFKU]H-

ĞFLMDĔVNLHJRĞZLDWDDOHWDNĪHMDNRFKZLODFKEDUG]RXSUDJQLRQ\FK6ąWRERZLHPFKZLOH

GREUHSRNU]HSLDMąFHUDGRVQH=DZV]HRF]HNXMĊLFK]VHUGHF]Q\PSUDJQLHQLHPL

REFKRG]Ċ]UDGRĞFLą6ąWRZGáXJLPNDOHQGDU]XURF]Q\PMHG\QHGQLHZNWyU\FK

ZV]\VF\NRELHW\LPĊĪF]\ĨQLMDNE\QDSRGVWDZLHZVSyOQHMXJRG\RWZLHUDMąVZHF]Ċ-

VWR]DU\JORZDQHVHUFDLP\ĞOąRELHGQLHMV]\FKEOLĨQLFK,GODWHJRZXMXFKRüĞZLĊWDWH

QLJG\QLHZ]ERJDFLá\PQLHDQLR]LDUQNRVUHEUDF]\]áRWDZLHU]ĊĪHSU]\QLRVá\PLQLH-

MHGQRGREURLMHV]F]HSU]\QLRVąPLZLHOHUDGRĞFL'ODWHJRWHĪFKZDOĊMH

3RPRFQLN6FURRJH¶DĞOĊF]ąF\QDGURERWąZVąVLHGQLHML]GHEFHJRUąFRSU]\NODVQąá

W\PVáRZRPVSRVWU]HJáV]\MHGQDNQLHZáDĞFLZRĞüVZHJRHQWX]MD]PX]DF]ąáGUĊWZ\PL

]]LPQDSDOFDPLSRSUDZLDüRJLHĔQDVZ\PNRPLQNX:HIHNFLH]JDVLáRVWDWQLąLVNLHUNĊ

±$WRFR]QyZ]DPRGDRGU\ZDQLDVLĊRGSUDF\LZWUąFDQLDVLĊWDPJG]LHQLHSR-

DTP by SHADE

WU]HED"±]JURPLáJRRVWUR6FURRJH±2GH]ZLMVLĊSDQFKRüVáyZNLHPMHV]F]HDXSD-

PLĊWQLĊFLG]LHĔ%RĪHJR1DURG]HQLDG\PLVMą-HVWHĞQLHODGDPyZFą±GRGDá]ZUDFD-

MąFVLĊGRVLRVWU]HĔFD±']LZLPQLHGODF]HJRGRW\FKF]DVQLH]DVLDGDV]ZSDUODPHQFLH

±1LHJQLHZDMVLĊZXMX3U]\MGĨGRQDVMXWURQDRELDG

6FURRJHRGSRZLHG]LDá]LURQLąĪH]SHZQRĞFLąSU]\MG]LHLĪH]DUD]]DF]\QDVLĊV]\-

NRZDü 1LH PD QLF OHSV]HJR GR URERW\ 6LRVWU]HQLHF ]UR]XPLDá ĪH E\áD WR VWDQRZF]D

RGPRZD=DS\WDáZLĊFáDJRGQLH

±'ODF]HJRRGPDZLDV]ZXMX"

±$GODF]HJRRĪHQLáHĞVLĊ"

±3RQLHZDĪSRNRFKDáHP

±3RQLHZDĪSRNRFKDáHĞ±SRZWyU]\á6FURRJHSU]HGU]HĨQLDMąFJRZWHQVSRVyE

MDNJG\E\PLáRĞüLPDáĪHĔVWZRE\á\QDMZLĊNV]\PQDĞZLHFLHJáXSVWZHPSR%RĪ\P1D-

URG]HQLX±%\ZDMĪHPL]GUyZGURJLVLRVWU]HĔF]H

±/HF]W\ZXMXQLJG\QLHRGZLHG]LáHĞPQLHWDNĪHSU]HGRĪHQNLHP'ODF]HJyĪZLĊF

SRGDMHV]WRREHFQLH]DSRZyGRGPRZ\"

±%ąGĨ]GUyZ±SRZWyU]\á6FURRJH

±1LF]HJRRGFLHELHQLHSRWU]HEXMĊLRQLFFLĊQLHSURV]ĊGODF]HJyĪZLĊFQLHPRĪHP\

E\üSU]\MDFLyáPL"

±%ąGĨ]GUyZPUXNQąá6FURRJH

± 3U]\NUR PL EDUG]R ĪHĞ WDNL WZDUG\ 1LJG\ QLH PLHOLĞP\ ĪDGQHJR NRQIOLNWX GR

NWyUHJRMDGDáE\PSRZyG7UXGQR8F]\QLáHPSURSR]\FMĊ]HZ]JOĊGXQD%RĪH1DURG]H-

QLHDFKRFLDĪPLVLĊQLHXGDáD]DFKRZDPSRJRGQ\LUDGRVQ\QDVWUyM=DWHPZHVRá\FK

ĞZLąWZXMX

±%ąGĨ]GUyZ±]QyZSRZWyU]\á6FURRJH

±,SRP\ĞOQRĞFL]1RZ\P5RNLHP

±%ąGĨĪH]GUyZLRGF]HSVLĊRGHPQLH±]DPUXF]DáJURĨQLH6FURRJH6LRVWU]HQLHF

RSXĞFLáZXMD3U]\GU]ZLDFK]DWU]\PDáVLĊDE\]áRĪ\üĪ\F]HQLDSRPRFQLNRZLNWyU\

±FKRüSU]HPDU]QLĊW\GRNRĞFL±RND]DáVLĊFLHSOHMV]\RGSU\QF\SDáDRGSRZLD-

GDMąFQDĪ\F]HQLDXSU]HMPLHLVHUGHF]QLH

±0DFLHGUXJLHJRLGLRWĊ±PUXF]Dá6FURRJHVá\V]ąFZ\PLDQĊĪ\F]HĔ±0yMSRPRF-

QLNREDUF]RQ\URG]LQąL]DUDELDMąF\SLĊWQDĞFLHV]\OLQJyZW\JRGQLRZRQDMHMXWU]\PD-

QLHPyZLRÄZHVRá\FKĞZLĊWDFK´.RPXĞWXFK\EDSRWU]HEQ\V]SLWDOZDULDWyZ

3RPRFQLNRGSURZDG]LZV]\GRGU]ZLVLRVWU]HĔFD6FURRJH¶DZSXĞFLáMDNLFKĞGZyFK

MHJRPRĞFLyZ %\OL WR SRZDĪQL RE\ZDWHOH R SU]\MHPQHM SRZLHU]FKRZQRĞFL ]GMąZV]\

NDSHOXV]HVWDQĊOLSU]\ELXUNX6FURRJH¶D7U]\PDMąFZUĊNDFKSRUWIHOHLSDSLHU\VNáRQLOL

VLĊXSU]HMPLH

±)LUPD6FURRJHL0DUOH\MHĪHOLVLĊQLHP\OĊ"±]DS\WDáMHGHQ]QLFK]DJOąGDMąFGR

VZHMOLVW\

±&]\PDPSU]\MHPQRĞüPyZLü]SDQHP6FURRJHF]\]SDQHP0DUOH\HP"

±3DQ0DUOH\XPDUáMXĪVLHGHPODWWHPX±RGSDUá6FURRJH

±1LHZąWSLP\ĪHMHJRQDVWĊSFDMHVWUyZQLHMDNRQKRMQ\LV]F]RGUREOLZ\±SRZLH-

G]LDáJRĞüSU]HGVWDZLDMąFVZRMHSHáQRPRFQLFWZRGR]ELHUDQLDRILDUGODELHGQ\FK

=DLVWH6FURRJHL0DUOH\E\á\WRÄGZLHEOLĨQLDF]HGXV]H´6á\V]ąFQLHPLá\

Z\UD] ÄV]F]RGUREOLZRĞü´ 6FURRJH ]PDUV]F]\á EUZL SRWU]ąVQąá JáRZą L ]ZUyFLá GRNX-

PHQW\

±=RND]MLWDNZLHONLHMXURF]\VWRĞFLSDQLH6FURRJH±PyZLáyZMHJRPRĞüQLH]ZD-

ĪDMąFQDWRLXMPXMąFSLyUR±OXG]LH]DPRĪQLHMVLQLHXFK\ODMąVLĊRGZVSDUFLDQĊG]DU]\

LZ\G]LHG]LF]RQ\FKNWyU]\WHUD]ZáDĞQLHSRGF]DVVLOQ\FKPUR]yZQDUDĪHQLVąQDZLHO-

NLHFLHUSLHQLD-HVW]UHV]Wą]Z\Ná\PRERZLą]NLHP]DPRĪQ\FKDE\SU]\FKRG]Lü]SRPR-

FąEOLĨQLPSR]EDZLRQ\PMDNLFKNROZLHNĞURGNyZGRĪ\FLD

±$OERĪWRQLHPDZLĊ]LHĔ"SU]HUZDáPX6FURRJH

±1LHVWHW\PDP\LFKEDUG]RZLHOH±RGSDUáMHJRPRĞüRGNáDGDMąFQDERNSLyUR

±$SU]\WXáNLGRP\SUDF\LGRP\SRSUDZF]HF]\WHLQVW\WXFMHSU]HVWDá\LVWQLHü"±

DTP by SHADE

]DS\WDá]QyZ6FURRJH

±,RQHRF]\ZLĞFLHLVWQLHMąFKRFLDĪQDOHĪ\SUDJQąüĪHE\VLĊVWDá\QLHSRWU]HEQH

±$]DWHPZV]\VWNLHWHLQVW\WXFMHLVWQLHMąLVąF]\QQH"±EDGDáJRĞFLDZGDOV]\P

FLąJX6FURRJH

±6ąF]\QQHEH]SU]HUZ\±EU]PLDáDRGSRZLHGĨ

±&KZDáD%RJX3DĔVNLHĪąGDQLHLWRFRSDQQDZVWĊSLHSRZLHG]LDáZ]EXG]LáRZH

PQLHREDZĊĪHFRĞZVWU]\PDáRLFKXĪ\WHF]QąG]LDáDOQRĞü%DUG]RPQLHFLHV]\ĪHWDN

QLHMHVW

± 3RQLHZDĪ SRZV]HFKQLH ZLDGRPR ĪH ZVSRPQLDQH LQVW\WXFMH SRPLPR XVLOQ\FK

]DELHJyZQLHVąZVWDQLHSRFKU]HĞFLMDĔVNX]DVSRNRLüDQLGXFKRZ\FKDQLFLHOHVQ\FK

SRWU]HEZV]\VWNLFKELHGDNyZSU]\FKRG]LP\LP]SRPRFą]ELHUDMąFRILDU\QDGRVWDU-

F]HQLHFKRFLDĪQDMELHGQLHMV]\PMDGáDQDSRMyZLĞURGNyZGRRJU]DQLD]ORGRZDFLDá\FK

PLHV]NDĔ:\ELHUDP\WHQF]DVSRQLHZDĪZWDNZLHONLHĞZLĊWDELHGDQDMZLĊFHMGDMHVLĊ

ZH]QDNL]DPRĪQL]DĞQDMZLĊFHMVLĊUDGXMąLXĪ\ZDMąVRELH1DMDNąVXPĊPDPSDQD

]DSLVDü"

±3URV]ĊPQLHZFDOHQLH]DSLV\ZDü±RGSRZLHG]LDá6FURRJH

±5R]XPLHPĩ\F]\SDQVRELHSR]RVWDüRILDURGDZFąEH]LPLHQQ\P"

±ĩ\F]ĊVRELHDE\PQLH]RVWDZLRQRZVSRNRMX±U]HNá6FURRJH±6NRURPQLHSD-

QRZLHS\WDFLHRPRMH]DSDWU\ZDQLDRWRMHVWRGSRZLHGĨQLHFLHV]ĊVLĊDQLWHĪQLHXĪ\-

ZDPVRELHSRGF]DVĞZLąW%RĪHJR1DURG]HQLDLQLHVWDüPQLHQDWRDE\PSU]\F]\QLDá

VLĊGRZHVRáRĞFLLXĪ\ZDQLDSUyĪQLDNyZ:VSLHUDPLQVW\WXFMHRNWyU\FKZVSRPQLDáHP

QLHFKWDPZLĊFXGDG]ąVLĊFLNWyU\PQLHMHVWGREU]HZHZáDVQ\FKGRPDFK

±:LHOXQLHPRĪHVLĊWDPGRVWDüDZLHOXZRODáRE\UDF]HMXPU]HüQLĪWDPVLĊ]QD-

OHĨü±

]DXZDĪ\áMHJRPRĞü

±6NRURZLHOXZRODáRE\UDF]HMXPU]Hü±RGSDUá6FURRJH±QLHFKĪHWRXF]\QLąLZWHQ

VSRVyE]PQLHMV]ąQDGPLDUOXGQRĞFL=UHV]WąSURV]ĊZ\EDF]\üMDVLĊQDW\FKVSUDZDFK

QLH]QDPLZRJyOHPDáRPQLHRQHREFKRG]ą

±0RĪHVLĊSDQ]QLPLáDWZR]DSR]QDüWU]HEDW\ONRWURFKĊVHUFDLGREUHMZROL

±$QLP\ĞOĊWRQLHPyMLQWHUHV:\VWDUF]\MHĪHOLF]áRZLHN]QDLUR]XPLHZáDVQ\

LQWHUHVLQLHPLHV]DVLĊGRFXG]HJR0yMSRFKáDQLDPQLHFDáNRZLFLH=DWHPPDP

KRQRUSRĪHJQDüV]DQRZQ\FKSDQyZ

0ĊĪF]\ĨQLZLG]ąFĪHQLFQLHZVNyUDMąZ]UXV]\OLUDPLRQDPLLZ\V]OL6FURRJH]DĞ

]DEUDáVLĊGRSUDF\Z]QDF]QLHOHSV]\PQLĪ]D]Z\F]DMQDVWURMX

7\PF]DVHP PJáD L FLHPQRĞü MHV]F]H EDUG]LHM ]JĊVWQLDá\ QD XOLFDFK OXG]LH ELHJOL

]]DSDORQ\PLODWDUQLDPLSU]HGFLąJQąF\PLSRZR]\NRĔPLDE\V]á\SRZáDĞFLZHMGUR-

G]H=DE\WNRZDZLHĪDNRĞFLRáD]NWyUHMJRW\FNLHJRRNQDFLHNDZLHVSRJOąGDáQD6FUR-

RJH¶DVWDU\XV]NRG]RQ\G]ZRQ]QLNQĊáD']ZRQZ\ELMDáWHUD]JRG]LQ\RUD]NZDGUDQVH

ZĞUyGPJá\]WDNVLOQ\PLGUJDQLDPLMDNJG\E\PX]ĊE\V]F]ĊNDá\]]LPQD

0Uy]ERZLHP]NDĪGąFKZLOąVLĊZ]PDJDá

1DURJXJáyZQHMXOLF\URERWQLF\QDSUDZLDMąF\UXU\JD]RZHUR]SDOLOLZLHONLHRJQL-

VNRZRNyáNWyUHJR]HEUDáDVLĊJURPDGNDREGDUW\FKPĊĪF]\]QLG]LHFLJU]DOLRQLVZH

VNRVWQLDáHUĊFHLPUXĪ\OLRF]\UR]NRV]XMąFVLĊSU]\MHPQ\PFLHSáHP3RQLHZDĪNUDQX

ZRGRFLąJRZHJRQLH]DPNQLĊWRSU]HWRZ\Sá\ZDMąFD]QLHJRZRGDNU]HSáDWZRU]ąFSR-

QXUHNUĊJLORGX:\VWDZ\VNOHSyZ]GRELá\JDáą]NLMRGá\/DPS\RĞZLHFDá\EODGHWZDU]H

SU]HFKRGQLyZ6NáDG\GURELXLĪ\ZQRĞFLXU]ąG]Lá\WDNZVSDQLDáHZ\VWDZ\ĪH]GDZDáR

VLĊLĪSU]\]LHPQDP\ĞONXSQDVSU]HGDĪ\LWDUJXQLHPD]QLPLQLFZVSyOQHJR

/RUG 0DMRU EXUPLVWU] /RQG\QX Z VZRLP SDáDFX Z\GDZDá UR]ND]\ SLĊüG]LHVLĊFLX

NXFKDU]RPLSLZQLF]\PDE\RGSRZLHGQLRSU]\VWURLOLVWyáĞZLąWHF]Q\MDNQDGRPWDNLH-

JRG\JQLWDU]DSU]\VWDáR1DZHWVNURPQ\NUDZLHFNWyUHJRSU]HGW\JRGQLHPVND]DQRQD

SLĊüV]\OLQJyZNDU\]DSLMDĔVWZRLDZDQWXUĊQDXOLF\GDáĪRQLHNLONDV]\OLQJyZZ\V]áD

RQD]Z\FKXGá\PG]LHFNLHPSRVSUDZXQNLGRPLDVWD

0JáDLPURN]ZLĊNV]Dá\VLĊ=LPQRSU]HMPRZDáRGRV]SLNXNRĞFL

DTP by SHADE

3HZLHQPáRG\ZáDĞFLFLHOFKXGHJRQRVDSRFK\OLáVLĊSU]\G]LXUFHRGNOXF]DGRGU]ZL

ZHMĞFLRZ\FKNDQWRUX6FURRJH¶DDE\SU]HGVWDZLFLHODILUP\XUDF]\üĞZLąWHF]QąSLHĞQLą

OHF]]DOHGZLH]GąĪ\áZ\ĞSLHZDüSLHUZV]HZ\UD]\

Ä1LHFK&LQLFQLH]DPąFLUDGRĞFL´JG\6FURRJHSRFKZ\FLáOLQLĊWDNJURĨQ\PUX-

FKHPĪHELHGDNSU]HUDĪRQ\XFLHNá:UHV]FLHQDGHV]áDJRG]LQD]DPNQLĊFLDNDQWRUX

6FURRJH]QLHFKĊFLąRSXĞFLáVZyMVWRáHNLZPLOF]HQLXGDá]QDNSRPRFQLNRZLNWyU\

QDW\FKPLDVW]JDVLáĞZLHFĊLZáRĪ\áNDSHOXV]QDJáRZĊ

±6ąG]ĊĪHSDQĪ\F]\VRELHE\üZROQ\SU]H]FDá\G]LHĔMXWU]HMV]\"±]DS\WDá6FUR-

RJH

±-HĞOLSDQXZDĪD]DZáDĞFLZH±V]HSQąáQLHĞPLDáRSRPRFQLN

±-DQLHXZDĪDPWHJR]DZáDĞFLZH-HVWHPWHĪSHZQ\ĪHJG\E\PSRWUąFLáSDQX

]SHQVMLQDOHĪQRĞü]DWHQG]LHĔSRF]XáE\VLĊSDQSRNU]\ZG]RQ\"

3RPRFQLNXĞPLHFKQąáVLĊáDJRGQLH

±$MHGQDN±FLąJQąá6FURRJH±SDQQDZHWQLHSRP\ĞOLRW\PĪHWRMDPRJĊVLĊ

SRF]XüSRNU]\ZG]RQ\SáDFąFSDQXZ\QDJURG]HQLH]DG]LHĔĞZLąWHF]Q\

3RPRFQLN]DXZDĪ\áOĊNOLZLHĪHĞZLĊWR%RĪHJR1DURG]HQLDSU]\SDGDUD]GRURNX

±/LFKHWRXVSUDZLHGOLZLHQLHRNUDGDQLDNLHV]HQLVZHJRSUDFRGDZF\±]U]ĊG]Lá6FUR-

RJH ]DSLQDMąF SDOWR DĪ SRG EURGĊ ± 0QLHMV]D ] W\P :DĪQLHMV]H MHVW WR ĪHE\ SDQ

]PDUQRZDZV]\QDSUyĪQLDFWZLHFDá\MXWU]HMV]\G]LHĔSU]\V]HGáGRSUDF\ZF]HĞQLHMGQLD

QDVWĊSQHJR

3RPRFQLNSU]\U]HNá]DVWRVRZDüVLĊGRĪąGDQLDSRF]\P6FURRJHZ\V]HGáZFLąĪ

PUXF]ąFJGHUOLZLH

.DQWRU]RVWDá]DPNQLĊW\ZPJQLHQLXRNDLSRPRFQLNRWXOLZV]\V]\MĊELDá\PGáX-

JLPV]DOLNLHPELHGDNQLHPLDáSDOWDZHVRáRZ\ELHJáQDXOLFĊ&KFąFXF]FLüZLHF]yU

ZLJLOLMQ\SU]HMHFKDáVLĊ]HGZDG]LHĞFLDUD]\SRORG]LHQD&RUQKLOOQDVWĊSQLHV]\ENRSR-

SĊG]LáGRGRPXSU]\&DPGHQ7RZQDE\VLĊMHV]F]H]DEDZLü]G]LHüPLZÄFLXFLXEDENĊ´

6FURRJHVSRĪ\áVNURPQ\RELDGZOLFKHMJDUNXFKQLGRNWyUHMFRG]LHQQLHXF]ĊV]F]Dá

SU]HF]\WDá]QDMGXMąFHVLĊWDPG]LHQQLNLSRF]\PXGDáVLĊGRGRPX

=DMPRZDá ORNDO Z NWyU\P RQJLĞ PLHV]NDá MHJR ]PDUá\ ZVSyOQLN 6NáDGDá VLĊ RQ

]V]HUHJXSRQXU\FKLSXVW\FKSRNRMyZPLHĞFLáVLĊZVWDU\PFLHPQ\PEXG\QNXZ]QR-

V]ąF\PVLĊSU]\NRĔFXJáXFKHJR]DXáND:LHONLGRPQLHKDUPRQL]RZDá]ZąVNąLNUyWNą

XOLF]Ną 5RELá ZUDĪHQLH MDNE\ ]QDOD]á VLĊ WX SU]\SDGNRZR EDZLąF VLĊ Z F]DVLH VZHM

PáRGRĞFL]LQQ\PLGRPDPLZÄFKRZDQHJR´D]DSRPQLDZV]\GURJLSRZURWQHM±SR]RVWDá

WXQD]DZV]H

']LĞE\áVWDU\LSRQXU\2SUyF]6FURRJH¶DQLNWZQLPQLHPLHV]NDá5HV]WDORNDOL

E\áDZ\QDMĊWDQDELXUDLNDQWRU\']LHG]LQLHFGRPXE\áWDNFLHPQ\ĪHQDZHW6FURRJH

NWyU\]QDáNDĪG\NDPLHĔSU]HFKRG]LáJRSRRPDFNX0JáDLV]URQRVQXá\F]DUQąEUDPĊ

WDNV]F]HOQLHLĪ]GDZDáRVLĊĪHWRGXFKVPXWNXXVLDGáQDMHMSURJX

3U]\IXUWFHWHMEUDP\ZLVLDáDZLHONDNRáDWND6FURRJHZLG\ZDáMąNDĪGHJRGQLDUDQR

LZLHF]RUHPSRGF]DVVZHJRGáXJROHWQLHJR]DPLHV]NLZDQLDZW\PGRPX3HZQHMHVWLĪ

SRVLDGDáWDNPDáRIDQWD]MLMDNPRĪHĪDGHQF]áRZLHNZ/RQG\QLHQLHZ\áąF]DMąFQDZHW

F]áRQNyZ 3DUODPHQWX L 5DG\ 0LHMVNLHM 0RĪQD WHĪ ĞPLDáR SRZLHG]LHü ĪH 6FURRJH QLH

SRP\ĞODáR0DUOH\XDQLSU]H]FKZLOĊGRF]DVXNLHG\ZVSRPQLDáRMHJRĞPLHUFLWHJRĪ

SRSRáXGQLD-DNWRVLĊZLĊFVWDáRĪH6FURRJHZVXQąZV]\NOXF]Z]DPHNGU]ZL]DPLDVW

NRáDWNL]REDF]\áWZDU]0DUOH\D

7DNWRE\áDWZDU]]PDUáHJR0DUOH\D

2WDF]DáRMąVáDEHĞZLDWáRNWyUH]GDZDáRVLĊ]QLHMSURPLHQLRZDü1LHPLDáDRQDDQL

JURĨQHJRDQLSU]HUDĪDMąFHJRZ\UD]XVSRJOąGDáDQD6FURRJH¶DWDNMDN]Z\NOHVSRJOą-

GDá0DUOH\QDQLHJR]DĪ\FLDSRGQLyVáV]\RNXODU\QDF]RáR:áRV\MHJRE\á\G]LZQLH

]PLHU]ZLRQHMDNE\JZDáWRZQ\PZLFKUHPOXEVLOQ\PVWUXPLHQLHPSDU\DRF]\FKRü

V]HURNRRWZDUWHE\á\PDUWZHFRZSRáąF]HQLX]V]DUąEDUZąVNyU\F]\QLáRWĊWZDU]

RGUDĪDMąFą=GDZDáRVLĊMHGQDNĪHSU]HUDĪHQLHMDNLHEXG]LáMHMZLGRNSRFKRG]LáRQLH

]VDPHMWZDU]\OHF]Z\ZRá\ZDáMHMDNLĞLQQ\QLH]Z\Ná\SRZyG

DTP by SHADE

*G\ 6FURRJH ]DF]ąá VLĊ XZDĪQLHM SU]\SDWU\ZDü ]MDZD ]QLNQĊáD L SR]RVWDáD W\ONR

]QDQDPXGREU]HNRáDWND

0LMDOLE\ĞP\VLĊ]SUDZGąVąG]ąFĪH6FURRJHQLHE\áW\P]MDZLVNLHPZVWU]ąĞQLĊW\

LĪHQLHGR]QDáXF]XFLDSU]HUDĪHQLDREFHJRPXRGG]LHFLĔVWZD/HF]U\FKáRVLĊRSDQR-

ZDáXMąá]DNOXF]NWyU\SU]HGFKZLOąSXĞFLáREUyFLáJRĞPLDáRZV]HGáGRVLHQLL]DSDOLá

ĞZLHFĊ

=DWU]\PDáVLĊFKZLOĊZQLHSHZQRĞFL]DQLP]DPNQąáGU]ZLLQDMSLHUZREHMU]DáVLĊ

XZDĪQLHSR]DVLHELHMDNJG\E\REDZLDáVLĊXMU]HüW\áJáRZ\0DUOH\D/HF]QDW\OQHMVWUR-

QLHGU]ZLQLHE\áRQLFSUyF]ĞUXELJZRĨG]LXWU]\PXMąF\FKNRáDWNĊPUXNQąáZLĊFFRĞ

QLH]UR]XPLDOHL]DWU]DVQąáGU]ZL

1DJOH UR]OHJá VLĊ Z GRPX WU]DVN SRGREQ\ GR JU]PRWX .DĪG\ SRNyM QD SLĊWU]H

L NDĪGD EHF]ND Z SLZQLF\ ]GDZDá\ VLĊ RGSRZLDGDü PX HFKHP 6FURRJH QLH E\á F]áR-

ZLHNLHPNWyUHJRSRGREQHJáRV\PRJá\]DWUZRĪ\ü=DU\JORZDáZLĊFGU]ZLLSU]HV]HGá

VSRNRMQLHSU]H]VLHĔLGąFQDJyUĊSRVFKRGDFKSRVXZDáVLĊEDUG]RZROQRRĞZLHWODMąF

GURJĊĞZLHFą

0RĪHNWRĞZ\REUDĪDVRELHĪHE\á\WRZVSDQLDáHVFKRG\]GDZQ\FKF]DVyZJG]LH

áDWZR E\ VLĊ ]PLHĞFLáD NDUHWD ]DSU]ĊĪRQD Z V]yVWNĊ NRQL 2WyĪ VFKRG\ SURZDG]ąFH

GRPLHV]NDQLD6FURRJH¶DE\á\MHV]F]HV]HUV]H=PLHĞFLáE\VLĊQDQLFKQDZHWNDUDZDQ

LMHV]F]H]RVWDáRE\VSRURPLHMVFD

3yá WX]LQD XOLF]Q\FK ODPS JD]RZ\FK QLH RĞZLHWOLáRE\ GRVWDWHF]QLH W\FK VFKRGyZ

PRĪQDZLĊFSU]\SXV]F]DüĪHSU]\MHGQHMPGáHMĞZLHF]FHNWyUą6FURRJHVRELHSU]\-

ĞZLHFDáE\áRGRV\üFLHPQRLSRQXUR

6]HGáMHGQDNQDJyUĊQLFVRELH]WHJRQLHURELąF&LHPQRĞüMHVWWDQLDDWRE\áR

VáDEąVWURQą6FURRJH¶D=QDOD]áV]\VLĊZPLHV]NDQLXSU]HV]HGáVLĊSRSRNRMDFK

GODVWZLHUG]HQLDF]\ZV]\VWNRMHVWZSRU]ąGNX%\üPRĪHWDMHPQLF]HSU]HLVWRF]HQLH

VLĊNRáDWNLVNáRQLáRJRGRRVWURĪQRĞFL

%DZLDOQLĊMDGDOQLĊV\SLDOQLĊVFKRZHN±]QDOD]áZ]XSHáQ\PSRU]ąGNX1LNRJRSRG

VWRáHPQLNRJRSRGVRIąPDá\RJLHĔQDNRPLQNXQDVWROHWDOHU]Lá\ĪNDPDá\URQGHOHN

]NOHLNLHP6FURRJHGRVWDá]SU]H]LĊELHQLDNDWDUXQDPDV]\QFHNXFKHQQHM1LNRJRSRG

áyĪNLHPQLNRJRZNRPyUFHQLNRJRZV]ODIURNXZLV]ąF\PQDĞFLDQLH:VFKRZNX

WHĪQLFRVREOLZHJRVWDUHREXZLHGZDNRV]HQDU\E\GZLH]GDUWHV]F]RWNLXP\ZDOQLD

QDWU]HFKQRJDFKLSRJU]HEDF]

6FURRJHXVSRNRMRQ\]DPNQąáGU]ZLQDGZDVSXVW\FRQLHE\áRMHJR]Z\F]DMHP

LWDNXEH]SLHF]\ZV]\VLĊRGPRĪOLZ\FKQLHVSRG]LDQHN]GMąáFKXVWNĊ]V]\LZáRĪ\áV]OD-

IURN SDQWRIOH L F]HSHN SR F]\P XVLDGá SU]HG NRPLQNLHP ]DELHUDMąF VLĊ GR VSRĪ\FLD

NOHLNX

6]F]HU]HPyZLąFRJLHĔQDNRPLQNXE\áPDUQ\]JRáDQLHZ\VWDUF]DMąF\QDWDN

PURĨQąSRJRGĊ6FURRJHPXVLDáSU]\VXQąüVLĊEOLVNRLGáXJRF]HNDü]DQLPXF]Xá

QLHFRFLHSáD]HVNURPQHMJDUVWNLSDOLZD

.RPLQHNE\áVWDU\]EXGRZDQ\GDZQRWHPXSU]H]MDNLHJRĞKROHQGHUVNLHJRNXSFD

LZ\áRĪRQ\G]LZDF]Q\PLIODPDQG]NLPLNDIODPLSU]HGVWDZLDMąF\PLUyĪQHVFHQ\]3LVPD

ĝZLĊWHJR%\áWDP.DLQL$EHOFyUNLIDUDRQDNUyORZD6DEDDQLHOVF\SRVáDĔF\]VWĊSXMą-

F\]QLHEDSRVFKRGDFK]REáRNyZ%\áWHĪ$EUDKDP%DOWD]DULDSRVWRáRZLHZ\ELHUDMąF\

VLĊQDPRU]HZáRG]LDFKRNV]WDáFLHVRVMHUHNZUHV]FLHVHWNLLQQ\FKSRVWDFLPRJąF\FK

]DMąüXZDJĊ6FURRJH¶D$MHGQDNWRWZDU]0DUOH\D]MDZLáDVLĊSU]HGMHJRRF]\PD]D-

VáDQLDMąFVREąZV]\VWNR*G\E\ZV]\VWNLHNDIOHNRPLQNDE\á\F]\VWHLJG\E\SRVLDGDá\

ZáDĞFLZRĞüSRNU\ZDQLDVLĊREUD]DPLEH]áDGQ\FKP\ĞOL6FURRJH¶DZyZF]DVQDNDĪG\P

]QLFK]MDZLáDE\VLĊSRGREL]QD]PDUáHJRZVSyOQLND

± *áXSVWZR ± PUXNQąá 6FURRJH L PDFKQąZV]\ UĊNą ]DF]ąá VLĊ SU]HFKDG]Dü SR

SRNRMX3RSHZQ\PF]DVLH]QRZXXVLDGá

2SDUáV]\JáRZĊRSRUĊF]NU]HVáDVSRMU]DáSU]\SDGNLHPQDG]ZRQHNáąF]ąF\SRNyM

ZNWyU\P6FURRJHWHUD]VLHG]LDá]SRNRMHPQDQDMZ\ĪV]\PSLĊWU]HGRPXRGGDZQD

RSXV]F]RQ\P6SRMU]DZV]\RVáXSLDáVSRVWU]HJáERZLHPĪHG]ZRQHN]DF]\QDVLĊSRUX-

DTP by SHADE

V]Dü=SRF]ąWNXSRUXV]DáVLĊWDNZROQRĪHOHGZLHJRE\áRVá\FKDüZNUyWFHMHGQDN]D-

EU]PLDáJáRĞQRDMDNE\QDKDVáRRGSRZLHG]LDá\PXZV]\VWNLHG]ZRQNLZFDá\PGRPX

7UZDáRWRZV]\VWNRPRĪHSyáPLQXW\DOHWDNUyWNDFKZLODZ\GDáDVLĊ6FURRJH¶R-

ZLQLHVNRĔF]HQLHGáXJD1DUD]G]ZRQNLXFLFKá\MHGQRF]HĞQLH3RWHPZĞUyGJURERZHM

FLV]\JG]LHĞZSLZQLF\RGH]ZDáRVLĊSU]\WáXPLRQHEU]ĊF]HQLHLáRVNRWMDNJG\E\NWRĞ

ZOyNá FLĊĪNLH áDĔFXFK\ SR EHF]NDFK ] ZLQHP :WHG\ 6FURRJH SU]\SRPQLDá VRELH ĪH

GXFK\]Z\NOH]MDZLDMąVLĊZORNąF]DVREąáDĔFXFK\

1DJOHGU]ZLSLZQLF\RWZRU]\á\VLĊ]JáRĞQ\PKXNLHPL6FURRJHXVá\V]DáJáRĞQLHMV]H

EU]ĊF]HQLHZ\V]áRRQR]SLZQLF\SRZROLZVWĊSRZDáRSRVFKRGDFKDZUHV]FLH]DWU]\-

PDáRVLĊSU]\GU]ZLDFKMHJRSRNRMX

±$OHĪWRJáXSVWZR±PUXF]Dá6FURRJH±1LHZLHU]ĊĪHE\WRE\áDU]HF]\ZLVWRĞü

:WHMFKZLOLSREODGá]SU]HUDĪHQLDJG\ĪWRFRĞEU]ĊF]ąFHJRQLHRWZLHUDMąFGU]ZL

ZHV]áRGRSRNRMXLSRVXZDáRVLĊ]ZROQDNXQLHPX=DPLHUDMąF\SáRPLHĔQDNRPLQNX

Z\FLąJQąáVLĊ]DMDĞQLDáMDNE\PyZLąF

±3R]QDMĊJRWRGXFK0DUOH\D3RF]\P]QyZZ\JDVá

7DNWRE\áRQ7DVDPDWZDU]8EUDQ\E\áWDNMDNVLĊ]Z\NOHXELHUDá0DUOH\7D

VDPDNDPL]HONDWHVDPHVSRGQLHEXW\LVXUGXWFKZDVW\SU]\EXWDFKG]LZQLHE\á\QD-

MHĪRQHMDNUyZQLHĪZDUNRF]SHUXNLLZáRV\QDJáRZLH

:LGPRZORNáR]DVREąGáXJLáDĔFXFKNWyU\REHMPRZDáMHZSDVLHLREZLMDáMHV]F]H

NLONDNURWQLHE\áRQXWZRU]RQ\6FURRJHGREU]HPXVLĊSU]\SDWU]\á]NDVPHWDORZ\FK

NOXF]\ L ]DPNyZ NVLąJ NXSLHFNLFK RUD] PRFQ\FK VWDORZ\FK VDNLHZHN &DOD SRVWDü

ZLGPDE\áDWDNSU]H]URF]\VWDĪH6FURRJHZLG]LDáSU]H]QLąGZDJX]LNLQDW\OHVXUGXWD

6FURRJHF]ĊVWRVá\V]DáMDNPyZLRQRĪH0DUOH\QLHPLDáVHUFDDQLĪDGQ\FKZQĊWU]-

QRĞFLDOHQLJG\ZWRQLHZLHU]\á

,WHUD]MHV]F]HQLHZLHU]\áFKRFLDĪZLG]LDá ]MDZĊWXĪ SU]HGVREąL F]XáORGRZDW\

FKáyGMHMPDUWZ\FKRF]X']LZQLH]DLQWHUHVRZDáJRJDWXQHNSáyWQDFKXVWNLNWyUąRE-

ZLą]DQDE\áDMDNEDQGDĪHPWZDU]ZLGPDF]HJR0DUOH\]DĪ\FLDQLHURELá:FLąĪMHV]F]H

QLHZLHU]\áZWRFRZLG]LDáLXVLáRZDáSU]HF]\üVZRLP]P\VáRP

±&RWR]QDF]\"±]DS\WDáZUHV]FLHVZRLP]Z\Ná\PPUXNOLZ\PWRQHP±&]HJR

FKFHV]RGHPQLH"

±:LHOH%DUG]RZLHOH±RGSDUáRZLGPR

*áRVE\á0DUOH\DQLHPRĪQDE\áRZWRZąWSLü

±.LPMHVWHĞ"

±=DS\WDMUDF]HMNLPE\áHP±]DEU]PLDáDJáXFKDSU]\WáXPLRQDRGSRZLHGĨ

± .LPĪH ZLĊF E\áHĞ" ± ]DS\WDá 6FURRJH SRGQRV]ąF JáRV ± -DN QD GXFKD MHVWHĞ

EDUG]RGURELD]JRZ\

±=DĪ\FLDE\áHPWZRLPZVSyOQLNLHP-DNXEHP0DUOH\HP

±&]\PRĪHV]F]\FKFHV]XVLąĞü"±]DS\WDá6FURRJHQLHZLHU]ąFZáDVQ\PXV]RP

±0RJĊ

±8F]\ĔWRZLĊF

6FURRJH]DS\WDáRWRJG\ĪQLHE\áSHZQ\F]\LVWRWDWDNSU]HMU]\VWDPRĪHXVLąĞüQD

NU]HĞOH/HF]GXFKXVLDGáSRSU]HFLZQHMVWURQLHNRPLQNDWDNVSRNRMQLHL]WDNąVZRERGą

MDNJG\E\WRE\áRGODQLHJRU]HF]ąQDM]Z\NOHMV]ą

±:LGRF]QLHQLHZLHU]\V]ZHPQLH"±]DJDGQąáGXFKSRFKZLOL

±1LHZLHU]Ċ±RGSRZLHG]LDá6FURRJH

±-DNLHJRSUDJQLHV]GRZRGXPHJRLVWQLHQLDRSUyF]WZRLFKZáDVQ\FK]P\VáyZ"

±1LHZLHP

±'ODF]HJRQLHXIDV]VZRLP]P\VáRP"

± 3RQLHZDĪ F]ĊVWR EáDKRVWND Z\SURZDG]D MH ] UyZQRZDJL /HNND QLHG\VSR]\FMD

ĪRáąGND]PLHQLDMH3RPLPRZV]\VWNRZ\GDMHV]PLVLĊUDF]HMLVWRWąFLHOHVQąDQLHGX-

FKHP

6FURRJH QLJG\ QLH PLDá VNáRQQRĞFL GR ĪDUWyZ D Z WHM FKZLOL EDUG]LHM MHV]F]H QLĪ

NLHG\NROZLHNE\áGDOHNLRGWHJR-HĪHOLXVLáRZDáE\üGRZFLSQ\WRGODWHJRE\]PLHQLü

DTP by SHADE

NLHUXQHNVZ\FKP\ĞOLLRSDQRZDüFRUD]VLOQLHMSU]HMPXMąF\JRVWUDFK

6FURRJH F]Xá ĪH WDN VLHG]LHü L SDWU]Hü Z PDUWZH RF]\ ZLGPD QLH PRĪH GR]QD-

ZDáERZLHPSLHNLHOQ\FKXGUĊN,VWRWQLHFRĞSLHNLHOQHJRE\áRZDWPRVIHU]HRWDF]DMąFHM

ZLGPR&KRFLDĪGXFKVLHG]LDáFDáNLHPQLHUXFKRPRMHJRZáRV\SRá\VXUGXWDLFKZDVW\

SU]\EXWDFKZFLąĪVLĊSRUXV]Dá\MDNE\SRGZSá\ZHPJRUąFHJRSRZLHWU]DZ\GRE\ZDMą-

FHJRVLĊ]UR]SDORQHJRSLHFD

±:LG]LV]WĊZ\NDáDF]NĊ"±]DS\WDá6FURRJHXVLáXMąFRWU]ąVQąüVLĊ]RJDUQLDMąFHJR

JRFRUD]VLOQLHMSU]HUDĪHQLDRUD]RGZUyFLüRGVLHELHFKRüE\QDFKZLOĊORGRZDW\Z]URN

ZLGPD

±:LG]Ċ±RGSDUáGXFK

±$OHQLHSDWU]\V]QDQLą±SRGFKZ\FLá6FURRJH

±0LPRWRZLG]ĊMą±U]HNáGXFK

± 2FK ± UR]HĞPLDá VLĊ ] SU]\PXVHP 6FURRJH ± Z\VWDUF]\ PL SRáNQąü Mą DE\P

SU]H]UHV]WĊP\FKGQLGRNRĔFDĪ\FLDE\áSU]HĞODGRZDQ\SU]H]OHJLRQ]á\FKGXFKyZ

PRMHMZáDVQHMIDEU\NDFML*áXSVWZRSRZWDU]DP:LHUXWQHNDSLWDOQHJáXSVWZR

=DOHGZLH 6FURRJH Z\PyZLá WH VáRZD GXFK ]DMĊF]Dá L ]DWU]ąVá áDĔFXFKDPL Z WDN

SRQXU\LSU]HUDĪDMąF\VSRVyEĪH6FURRJHSU]\FLVQąáVLĊGRNU]HVáDDE\QLHXSDĞüQD

]LHPLĊ]HVWUDFKX3U]HUDĪHQLHMHJRGRV]áRGRQDMZ\ĪV]HJRVWRSQLDJG\ZLGPR]GMĊáR

EDQGDĪ]JáRZ\MDNE\PXE\áR]DFLHSáRZSRNRMXDMHJRGROQDV]F]ĊNDRSDGáDDĪQD

SLHUVL

6FURRJHXSDGáQDNRODQDL]DVáRQLáWZDU]GáRĔPL

±/LWRĞFL±]DZRáDá±6WUDV]QD]MDZRGODF]HJRPQLHGUĊF]\V]"

±&]áRZLHNXRQĊG]Q\PGXFKX]DSU]ąWQLĊW\PMHG\QLHPDUQ\PLVSUDZDPL

]LHPVNLPLZLHU]\V]ZHPQLHF]\QLH"

± :LHU]Ċ ± ZHVWFKQąá 6FURRJH ± 0XV]Ċ ZLHU]\ü 3RZLHG] PL MHGQDN GODF]HJR

GXFK\ZáyF]ąVLĊSRĞZLHFLH"'ODF]HJRSU]\FKRG]LV]PQLHPĊF]\ü"

±2ERZLą]NLHPNDĪGHJRF]áRZLHNDMHVW±RGSDUáRZLGPR±DE\MHJRGXV]D]MHGQR-

F]\áDVLĊ]GXV]ąMHJREOLĨQLFKLSR]RVWDZDáDZEUDWHUVNLHM]QLPLáąF]QRĞFLSU]H]FDá\

F]DVZĊGUyZNL]LHPVNLHM7HQNWyU\RERZLą]NXWHJR]DQLHGEDá]DĪ\FLDPXVLJRZ\-

SHáQLüSRĞPLHUFL'XFKMHJRSRĞPLHUFLPXVLZĊGURZDüSRĞZLHFLH±RFKELDGDPL±

LSDWU]HüELHUQLHQDWRZV]\VWNRF]HJRQLHPRĪHMXĪXĪ\ZDüDFRPyJáF]\QLü]DĪ\FLD

NXVZHMUDGRĞFLLV]F]ĊĞFLX

7RU]HNáV]\ZLGPR]QyZZ\GDáRMĊNLZVWU]ąVQĊáRáDĔFXFKDPL

±-HVWHĞMDNZLG]ĊZRNRZDFK±U]HNá6FURRJH]GUĪHQLHP±3RZLHG]PLGODF]H-

JR"

±1RV]ĊáDĔFXFKNWyU\VRELHXNXáHP]DĪ\FLD±RGSDUáGXFK±6DPSU]\JRWRZDáHP

NDĪGHMHJRRJQLZR:áRĪ\áHPJRQDVLHELHGREURZROQLHGREURZROQLHQRVLáHPDWHUD]

GĨZLJDüJRPXV]ĊSU]H]ZLHF]QRĞü&]\QLH]QDV]PDWHULDáX]NWyUHJRMHVWXWZRU]RQ\"

6FURRJHGUĪDáFRUD]EDUG]LHM

±$PRĪHFKFLDáE\ĞSR]QDü±FLąJQąáGDOHMGXFK±ZDJĊLGáXJRĞüáDĔFXFKDNWyU\

VDPGĨZLJDV]"&R"6LHGHPODWWHPXE\áWDNFLĊĪNLLWDNGáXJLMDNPyM2GWHJRF]DVX

MHGQDNSUDFRZDáHĞXVLOQLHDĪHE\JRGRSURZDG]LüGRNRORVDOQ\FKUR]PLDUyZ2WDNWZyM

áDĔFXFKMHVWSRWĊĪQ\

6FURRJHREHMU]DáVLĊVNZDSOLZLHREDZLDMąFVLĊF]\QLHXMU]\GRRNRáDVLHELHĪHOD-

]QHJRSRZUR]XOHF]MDNRĞQLF]HJRQLHGRVWU]HJá

± -DNXELH 0DUOH\ ± RGH]ZDá VLĊ EáDJDOQLH ± PyM GREU\ SU]\MDFLHOX SRZLHG] PL

ZV]\VWNRFRZLHV]3RFLHV]PQLH-DNXELHFKRüVáyZNLHP

±1LHPRJĊ±RGU]HNáGXFK±3RFLHFKDSU]\FKRG]L]LQQ\FKVIHU(EHQH]HU]H6FUR-

RJHLE\ZDSU]\V\áDQDSU]H]LQQ\FKSRVáDĔFyZ1LHPRJĊFLWHĪSRZLHG]LHüZV]\VWNLH-

JRERZROQRPLZ\MDZLüQLHZLHOH3U]\W\PQLHUR]SRU]ąG]DPF]DVHP1LHPRJĊQLJG\

RGSRF]ąüDQLSR]RVWDZDüZMHGQ\PPLHMVFXQLHPRJĊWHĪ]DWU]\PDüVLĊQLJG]LH'XV]D

PRMD]DĪ\FLDQLJG\QLHZ\V]áDSR]DĞFLDQ\QDV]HJRNDQWRUXQLHZ\MU]DáDSR]DFLDVQ\

NUąJ QDV]\FK PDUQ\FK LQWHUHVyZ :LHV] R W\P GREU]H 'ODWHJR SR ĞPLHUFL ]RVWDáHP

DTP by SHADE

VND]DQ\QDQLHVNRĔF]RQąGUĊF]ąFąZĊGUyZNĊ

6FURRJHZSDGDMąFZ]DP\ĞOHQLHPLDá]Z\F]DMWU]\PDüUĊFHZNLHV]HQLDFKVSRGQL

7HUD]UR]P\ĞODMąFQDGVáRZDPLGXFKDXF]\QLáWRVDPRQLHRGZDĪDMąFVLĊMHGQDNSRG-

QLHĞüRF]XLZVWDü]NOĊF]HN

±0XVLDáHĞVLĊWHUD]EDUG]RVSyĨQLü-DNXELH±]DXZDĪ\áWRQHP]DWURVNDQHJRZDĪ-

Q\PV]F]HJyáHPILQDQVLVW\

±7RSUDZGD±SRWZLHUG]LáGXFK

±1LHĪ\Z\RGVLHGPLXODW±V]HSQąá6FURRJH±LSU]H]FDá\WHQF]DVZSRGUyĪ\

±3U]H]FDá\WHQF]DV±]QyZSRWDNLZDáGXFK±%H]Z\WFKQLHQLDEH]RGSRF]\QNX

]XVWDZLF]Q\PLZ\U]XWDPLVXPLHQLDQLHZ\SRZLHG]LDQLHVWUDV]QHWRUWXU\

±-DNSUĊGNRSRGUyĪXMHV]"±EDGDá6FURRJH

±1DVNU]\GáDFKZLDWUX

±0XVLDáHĞ]DWHPSU]HE\üROEU]\PLąSU]HVWU]HĔ±U]HNá6FURRJH8Vá\V]DZV]\WR

GXFKMĊNQąáSRUD]WU]HFLL]DEU]ĊF]DááDĔFXFKHPZJáXFKHMFLV]\QRF\

±2MDQLHV]F]ĊVQ\SRGZyMQLHXMDU]PLRQ\QLHZROQLN±Z\U]HNDá±1LHZLHG]LDáHP

LĪZLHNLQLHXVWDQQHMSUDF\GRNRQ\ZDQHMSU]H]QLHĞPLHUWHOQHLVWRW\GODWHM]LHPLPXV]ą

]ODü VLĊ ] ZLHF]QRĞFLą QLP ]DPLHU]RQH GREUR ]RVWDQLH RVLąJQLĊWH 1LH ZLHG]LDáHP

ĪHNDĪG\F]áRZLHNSRZLQLHQRILDURZDüF]ĊĞüVZHMSUDF\GODZLHONLHJRG]LHáDOXG]NRĞFL

ZVSyáG]LDáDüZGRVNRQDOHQLXJR1LHZLHG]LDáHPĪHĪDGHQĪDOQDZHWQDMJáĊEV]\QLH

PRĪHE\ü]DGRĞüXF]\QLHQLHP]DĨOHVSĊG]RQHĪ\FLHQLHPRĪHRNXSLüMHGQHJR

QDZHWRPLQLĊFLDVSRVREQRĞFLVSHáQLHQLDGREUHJRXF]\QNX$MDZáDĞQLHW\PJU]HV]\-

áHP-DZáDĞQLHE\áHPWDNL]DĪ\FLD

±3U]HFLHĪW\-DNXELHE\áHĞ]DZV]HXF]FLZ\PLGREU\PSUDFRZQLNLHP±EąNQąá

6FURRJHP\ĞOąFWHĪRVRELH±]DZV]HVXPLHQQLHSLOQRZDáHĞLQWHUHVX

±,QWHUHV±SU]HUZDáGXFK]DáDPXMąFUĊFH±7RZáDĞQLHE\áRPRLPEáĊGHPLJU]H-

FKHP/XG]NRĞüSRZLQQDE\áDE\üPRLPLQWHUHVHPGREURF]\QQRĞüOLWRĞüZ\UR]XPLD-

áRĞüLáDJRGQRĞüSRZLQQ\E\á\E\üGODPQLHQDMZDĪQLHMV]H6SUDZ\RVRELVWHKDQGHO

ZV]HONLHJRURG]DMXVSHNXODFMH±WRZV]\VWNRQDOHĪDáRXZDĪDü]DU]HF]GUXJRU]ĊGQą]D

]QLNRPąNURSOĊZRFHDQLHRERZLą]NyZGODGREUDOXG]NRĞFL

3U]\W\FKVáRZDFKMDNJG\E\FKFąFGRVDGQLHMZ\UD]LüEH]RZRFQRĞüVZHMVSyĨQLR-

QHMVNUXFK\SRGQLyVáZ\VRNRUĊNĊ]áDĔFXFKHPL]]DPDFKHPRSXĞFLáMąSRFKZLOL

±:WHMSRU]HURNX±SRGMąá]QRZX±FLHUSLĊQDMEDUG]LHM=DĪ\FLDV]HGáHPSU]H]

WáXP\VZ\FKEOLĨQLFK]RF]\PD]ZUyFRQ\PLZGyá]DMĊW\ZáDVQ\PLPDUQ\PLVSUDZD-

PLQLHSRGQRV]ąFZ]URNXNXQLHELRVRPJG]LHEá\V]F]\JZLD]GDEHWOHMHPVND&]\

QLHE\áRGRV\üXERJLFKGRPRVWZGRNWyU\FKE\áDE\PQLH]DZLRGáD"

6FURRJHE\áSU]HUDĪRQ\Vá\V]ąFSU]HPDZLDMąFHJRZWHQVSRVyE0DUOH\D

±6áXFKDMPQLH±]DZRáDáGXFK±&]DVPyMSUDZLHMXĪXSá\Qąá

±2ZV]HPVáXFKDPFLĊ]XZDJą±U]HNá6FURRJH±$OH-DNXELHQLHEąGĨ]DVURJL

GODPQLH1LHEąGĨWHĪ-DNXELHWDNNZLHFLVW\SRZLHG]NUyWNRLZĊ]áRZDWRRFRFLFKR-

G]L"

±:MDNLVSRVyEVWDMĊSU]HGWREąZWHMSRVWDFLQLHZROQRPLSRZLHG]LHü&]ĊVWR

]EOLĪDáHPVLĊGRFLHELHQLHZLG]LDOQ\EDUG]RF]ĊVWR

7DQLHPLáDZLDGRPRĞüVSURZDG]LáDQDF]RáR6FURRJH¶DNURSOLVW\SRW±=DSHZQLDP

FLĊĪHQLHMHVWWROHNNDF]ĊĞüPHMNDU\±FLąJQąáGXFK±3U]\V]HGáHPDE\FLĊRVWU]HF

L]DZLDGRPLüĪHPRĪHV]MHV]F]HXQLNQąüPHJRORVX6SRVREQRĞüNXWHPXMDFLQDVWUĊ-

F]Ċ(EHQH]HU]H

±=DZV]HE\áHĞPRLPGREU\PSU]\MDFLHOHP±U]HNá6FURRJH±']LĊNXMĊFL-DNXELH

±2GZLHG]ąFLĊ±PyZLáGDOHM0DUOH\±WU]\GXFK\

7ZDU]6FURRJH¶D]SU]HUDĪHQLDVWDáDVLĊUyZQLHEODGDMDNEH]FLHOHVQHREOLF]HZLGPD

±&]\WRPDE\üWDQDG]LHMDRNWyUHMZVSRPQLDáHĞ-DNXELH"±]DS\WDáGUĪąF\P

JáRVHP

±7DN

±:WDNLPUD]LHGURJL-DNXELHPRĪHOHSLHMGDüWHPXSRNyM±U]HNáZ\VWUDV]RQ\

DTP by SHADE

6FURRJH

±%H]W\FKRGZLHG]LQ±NRĔF]\áGXFK±QLHPRĪHV]XQLNQąüPHJR±QLHV]F]ĊVQHJR

ORVX%ąGĨJRWyZQDSU]\MĊFLHSLHUZV]\FKRGZLHG]LQMXWURJG\]HJDUXGHU]\SLHUZV]ą

SRSyáQRF\

±&]\FLJRĞFLHQLHPRJOLE\SU]\MĞüZV]\VF\UD]HPDE\P]QLPLPyJáSUĊG]HMVSUD-

ZĊ]DáDWZLü"±V]HSQąá6FURRJH

±'UXJL]MDZLVLĊQDVWĊSQHMQRF\RWHMVDPHMJRG]LQLH7U]HFL]QyZQDVWĊSQHMQRF\

JG\]HJDUZ\ELMHGZXQDVWą1LHVSRG]LHZDMVLĊ]REDF]\üPQLH5DG]ĊFL]DSDPLĊWDMWR

ZV]\VWNRFRG]LVLDMRGHPQLHXVá\V]DáHĞ

:\SRZLHG]LDZV]\WHVáRZDZLGPRZ]LĊáRVZRMąFKXVWNĊ]HVWRáXLREZLą]DáRQLą

WZDU] 6FURRJH GRP\ĞOLá VLĊ WHJR SR NáDSQLĊFLX MDNLH Z\GDá\ ]ĊE\ *G\ RĞPLHOLá VLĊ

]QRZXSRGQLHĞüRF]\XMU]DáJRĞFLD]]DJUREXVWRMąFHJR]QDZLQLĊW\PQDUĊNDFKáDĔFX-

FKHP

3RFKZLOLZLGPR]DF]ĊáRVLĊFRIDü]DNDĪG\PMHJRNURNLHPRNQRSRZROLRWZLHUDáR

VLĊDJG\GXFK]QDOD]áVLĊWXĪSU]\QLP±E\áRMXĪV]HURNRRWZDUWH

:WHG\GXFKGDá]QDN6FURRJH¶RZLDE\VLĊ]EOLĪ\áFRWHĪXF]\QLá.LHG\VLĊ]QDOHĨOL

RGZDNURNLRGVLHELHGXFK0DUOH\DSRGQLyVáUĊNĊQLHSR]ZDODMąF6FURRJH¶RZL]EOLĪ\ü

VLĊZLĊFHM6FURRJH]DWU]\PDáVLĊ

8F]\QLáWRQLHW\OH]XOHJáRĞFLLOH]HVWUDFKXSRQLHZDĪZFKZLOLJG\GXFKSRGQLyVá

UĊNĊXVá\V]DáMDNLHĞQLHRNUHĞORQHJáRV\ZSRZLHWU]XMDNE\MĊNLUR]SDF]\VNDUJLQLH-

Z\SRZLHG]LDQLHEROHVQHODPHQW\ĪDOXLVNUXFK\'XFKVáXFKDáSU]H]FKZLOĊSR

F]\PSU]\áąF]\áVLĊGRĪDáREQHJRFKyUXLZ\Sá\QąZV]\SU]H]RNQR]QLNáZĞUyGFLHP-

QRĞFL

6FURRJH]DFLHNDZLRQ\LSU]HUDĪRQ\Z\MU]DáSU]H]RNQR

3RZLHWU]HE\áR]DSHáQLRQHPLOLRQDPLZLGPEáąG]ąF\PLZHZV]\VWNLFKNLHUXQNDFK

]JRUąF]NRZ\PSRĞSLHFKHPLĪDáRĞQLHMĊF]ąF\PL:V]\VWNLHGĨZLJDá\WDNLHVDPHáDĔ-

FXFK\MDNGXFK0DUOH\DQLHNWyUHE\á\VNXWHSRNLONDUD]HPDQLMHGQRQLHE\áREH]

RNRZyZ:LHOX6FURRJHGREU]H]QDá]DLFKĪ\FLD7HUD]]DĞZLHG]LDáMXĪĪHZV]\VWNLH

WHZLGPDFLHUSLDá\VWUDV]QąNDUĊGODWHJRSRQLHZDĪ]DĪ\FLDXFK\ODá\VLĊRGRERZLą]NX

SUDF\GODGREUDOXG]NRĞFL7HUD]SRĞPLHUFLPLPRQDMJRUĊWV]\FKSUDJQLHĔQLHPRJá\

QDSUDZLü]áHJR

&]\ZNRĔFXLVWRW\WHUR]Sá\QĊá\VLĊZPJOHF]\WHĪPJáDMH]DVáRQLáD"±6FURRJH

QLHZLHG]LDá=QLNá\LFKJáRV\SU]HVWDá\UR]EU]PLHZDüDQRFVWDáDVLĊWDNDVDPDMDN

ZWHG\JG\ZUDFDáGRGRPX

6FURRJH]DPNQąáRNQRLVWDUDQQLH]EDGDáGU]ZLSU]H]NWyUHZV]HGáGXFK0DUOH\D

%\á\]DPNQLĊWHQDGZDVSXVW\&KFLDáMXĪSRZLHG]LHü]Z\NáHVZRMHÄ*áXSVWZR´±DOH

]DWU]\PDáVLĊSU]\SLHUZV]HMV\ODELH1DUD]SRF]XáVLĊEDUG]R]QXĪRQ\0RĪHE\áWRVNX-

WHNGR]QDQ\FKZUDĪHĔPRĪHFDáRG]LHQQHMSUDF\PRĪHZUHV]FLHZL]MLVSR]DJUREXLPĊ-

F]ąFHMUR]PRZ\]GXFKHPGRĞüĪHU]XFLáVLĊQDáyĪNRZXEUDQLXLQDW\FKPLDVW]DVQąá

5R]G]LDá

:L]\WDSLHUZV]HJRGXFKD

.LHG\6FURRJHREXG]LáVLĊE\áRWDNFLHPQRĪHOHGZLHPyJáRGUyĪQLüSU]HMU]\VWH

RNQRRGFLHPQ\FKĞFLDQSRNRMX

:FKZLOL JG\XVLáRZDáSU]HQLNQąüFLHPQRĞü±]HJDU] ZLHĪ\VąVLHGQLHJRNRĞFLRáD

Z\ELáF]WHU\NZDGUDQVH6áXFKDáSLOQLHNWyUDZ\ELMHJRG]LQD"

.XMHJRZLHONLHPX]G]LZLHQLXFLĊĪNLG]ZRQZ\ELáV]HĞüVLHGHPRVLHPLWDNGDOHM

DĪGRGZXQDVWX'ZXQDVWD"7RQLHPRĪOLZH%\áRSU]HFLHĪMXĪSRGUXJLHMJG\SRV]HGá

VSDü=HJDUP\OLáVLĊ/yGPXVLDáVLĊGRVWDüPLĊG]\MHJRNRáDLWU\E\'ZXQDVWD

3U]\FLVQąá VSUĊĪ\QĊ VZHJR UHSHWLHUD

Z FHOX VNRQWURORZDQLD RJáXSLDáHJR ]HJDUD

UHSHWLHUUĊF]Q\]HJDUHN]PHFKDQL]PHPZ\G]ZDQLDMąF\PJRG]LQĊ

DTP by SHADE

OHF]UHSHWLHUWDNĪHZ\ELáGZXQDVWą

±7RQLHSRGREQD±PUXF]Dá6FURRJH±ĪHE\PSU]HVSDáG]LHĔLF]ĊĞüGUXJLHMQRF\

1LHSRGREQD UyZQLHĪ ĪHE\ VáRĔFX SU]\WUDILáR VLĊ FRĞ QDG]Z\F]DMQHJR L ĪHE\ ]DPLDVW

SRáXGQLDE\áDWHUD]SyáQRF

=DQLHSRNRMRQ\QDMSUĊG]HMMDNPyJáZ\JU]HEDáVLĊ]áyĪNDLSRRPDFNX]EOLĪ\áVLĊ

GRRNQD5ĊNDZHPV]ODIURNDVWDUáPUy]]V]\E\DOH]REDF]\áQLHZLHOH=DXZDĪ\áW\ONR

ĪHE\áREDUG]RPJOLVWRLQDG]Z\F]DM]LPQR1LHE\áRVá\FKDüOXG]LELHJQąF\FKZUyĪQH

VWURQ\LVSUDZLDMąF\FK]Z\Ná\KDáDV6SRVWU]HĪHQLHWRSU]\QLRVáRPXZLHONąXOJĊ,QWH-

UHV\]DáDWZLDVLĊZG]LHĔQLHZQRF\

6FURRJHZUyFLáWHG\GRáyĪNDL]DF]ąáUR]P\ĞODüRZV]\VWNLPFRPXVLĊSU]\WUDILáR

SRPLPRZ\VLáNyZQLHPyJáQLF]UR]XPLHü

'XFK0DUOH\DZ]EXU]\áJRQLHVá\FKDQLH,OHUD]\SRGRMU]DáHMUR]ZDG]HGRFKRG]Lá

GRZHZQĊWU]QHJRSU]HNRQDQLDĪHE\áWRSRSURVWXVHQP\ĞOMHJR]QyZZUDFDáDMDN

XZROQLRQDRGQDFLVNXVSUĊĪ\QDGRGUĊF]ąFHJRS\WDQLD

±&]\WRE\áVHQF]\U]HF]\ZLVWRĞü"

6FURRJHOHĪDáGUĊF]RQ\QLHSHZQRĞFLąGRSyNL]HJDUQLHZ\ELáWU]HFKNZDGUDQVyZ

:WHG\SU]\SRPQLDáVRELHQDJOHĪHZHGáXJ]DSRZLHG]LZLGPD0DUOH\DRJRG]LQLHSLHUZ-

V]HMPDVLĊVSRG]LHZDüRGZLHG]LQMDNLHJRĞGXFKD3RVWDQRZLáF]XZDüGRSyNL]HJDUQLH

Z\ELMHWHMJRG]LQ\:LHG]LDáĪHGRSyNLR]QDF]RQ\WHUPLQQLHPLQLHQLH]PUXĪ\RND7R

E\áRSHZQH8]QDáLĪQLFUR]VąGQLHMV]HJRSU]HGVLĊZ]LąüQLHSRGREQD

&]HNDQLHMHGQDNWDNJR]QXĪ\áRĪHFK\ED]GU]HPQąáVLĊ/HF]QLHEDZHPZMHJR

Z\WĊĪRQ\FKXV]DFKUR]OHJáRVLĊ]áRZURJLH

±'LQJGRQJ

±.ZDGUDQVSRGZXQDVWHM±]DF]ąáUDFKRZDü6FURRJH

±'LQJGRQJ

±3yáGRSLHUZV]HM±V]HSQąá6FURRJH

±'LQJGRQJ

±7U]\NZDGUDQVHQDSLHUZV]ą±SROLF]\á]QyZ6FURRJH

±'LQJGRQJ

±3LHUZV]D±]DZRáDá6FURRJHWU\XPIDOQLH±3LHUZV]D1LNWVLĊQLH]MDZLD

: FKZLOL MHGQDN JG\ UR]OHJáR VLĊ RVWDWQLH JáXFKH JURĨQH XGHU]HQLH FDá\ SRNyM

QDJOH]DMDĞQLDáVLOQ\PEODVNLHPLNRWDUDáyĪND6FURRJH¶DUR]VXQĊáDVLĊ

ĝFLĞOHMPyZLąF±NRWDUĊUR]VXQĊáDMDNDĞUĊND,WRZGRGDWNXWĊF]ĊĞü]DVáRQ\QD

NWyUą6FURRJHPLDáZWHMFKZLOL]ZUyFRQHRF]\

6FURRJHSU]\VLDGáQDáyĪNXL]QDOD]áVLĊRNRZRNR]QDG]LHPVNLPJRĞFLHP

']LZQD WR E\áD SRVWDü 1LE\ G]LHFNR D MHGQDN SRGREQD QLH W\OH GR G]LHFND LOH

GRVWDUFDZLG]LDQHJRSU]H]MDNąĞG]LZQąDWPRVIHUĊNWyUDRGGDODMąFJR]PQLHMV]DáD

GRUR]PLDUyZG]LHFND:áRV\UR]ZLDQHLVSDGDMąFHQDUDPLRQDE\á\ELDáHMDNZáRV\

VWDUFDQDWRPLDVWWZDU]EH]ĞODGXQDZHW]PDUV]F]HNPLDáDFHUĊĞZLHĪąLUXPLDQąSR

SURVWXPáRG]LHĔF]ą%DUNLE\á\V]HURNLHUĊFHGáXJLHLPXVNXODUQHGáRQLHWDNUR]ZLQLĊ-

WHĪH]GDZDáRVLĊLĪSRVLDGDMąQDG]Z\F]DMQąVLáĊ2EQDĪRQHQRJLLVWRS\E\á\SLĊNQLH

XNV]WDáWRZDQH

=MDZDSU]\EUDQDE\áDZĞQLHĪQHMELDáRĞFLWXQLNĊĞFLąJQLĊWąSDVHPSRá\VNXMąF\P

W\VLąFHPEU\ODQWyZ:UĊFHWU]\PDáDJDáą]NĊĞZLHĪHJR]LHORQHJRĞZLHUNXVXNQLĊ]DĞ

ZG]LZQHMVSU]HF]QRĞFL]W\PV\PEROHP]LP\]GRELá\ĞZLHĪHNZLDW\/HF]QDMG]LZQLHM-

V]H]HZV]\VWNLHJRE\áRWRĪH]ZLHU]FKRáNDJáRZ\Z\WU\VNDáMDVQ\SURPLHĔĞZLDWáD

NWyU\UR]MDĞQLDáZV]\VWNRGRRNRáD:FKZLODFKVPXWNXGXFKWHQNáDGáQDJáRZĊ]DPLDVW

F]DSNLZLHONLNDSWXUGRJDV]HQLDĞZLHFNWyU\WHUD]WU]\PDáSRGSDFKą

'OD6FURRJH¶DNWyU\]HZ]UDVWDMąF\P]DLQWHUHVRZDQLHPSU]\SDWU\ZDáVLĊJRĞFLRZL

QDMZLĊNV]ąRVREOLZRĞFLąFDáHMSRVWDFLE\áSDV3DVWHQOĞQLáVNU]\áVLĊUD]ZMHGQ\P

PLHMVFXWR]QyZZLQQ\PWDNĪHWRFRE\áRMDVQH]DFKZLOĊVWDZDáRVLĊFLHPQąSODPą

LWDNQDSU]HPLDQ&DáDSRVWDü]MDZ\WHĪRGELMDáDRZH]PLDQ\ĞZLHWOQHDZVNXWHNWHJR

SU]HGVWDZLDáD VLĊ FR FKZLOĊ LQDF]HM 7R ]GDZDáD VLĊ PLHü MHGQą W\ONR QRJĊ WR MHGQą

DTP by SHADE

UĊNĊWR]QyZSDUĊQyJWRNRUSXVEH]JáRZ\WRZUHV]FLHJáRZĊEH]NRUSXVX=PLDQ\

WHQDVWĊSRZDá\EDUG]RV]\ENR

±&]\W\MHVWHĞW\PGXFKHPNWyUHJRSU]\MĞFLHPL]DSRZLHG]LDQR"±VS\WDá6FURRJH

±7DNMHVWHPQLP

*áRVE\áPLá\GĨZLĊF]Q\OHF]WDNVáDE\MDNJG\E\GRFKRG]Lá]RGGDOHQLD

±.LPW\MHVWHĞ"EDGDá6FURRJH

±-HVWHPGXFKHPZLJLOLMQ\PSU]HV]áRĞFL

±%DUG]RGDZQHMSU]HV]áRĞFL"±]DS\WDá6FURRJHZSDWUXMąFVLĊZ]MDZĊ

±1LH'XFKHPWZRLFKPLQLRQ\FK:LJLOLL=DSHZQH6FURRJHQLHE\áE\ZVWDQLHSR-

ZLHG]LHüGODF]HJR]DSUDJQąáZLG]LHüGXFKDZRVREOLZHMF]DSFHQDJáRZLH$OHIDNWHP

MHVWĪHQLHPyJáVLĊSRKDPRZDüLSRSURVLáGXFKDRQDNU\FLHJáRZ\

±&R"±]DZRáDáGXFK±&KFHV]VZ\PLZ\VWĊSQ\PLUĊNRPD]DJDVLüGREURF]\QQH

ĞZLDWáRNWyUHFLSU]\QRV]Ċ"&]\PDáRFLMHV]F]HĪHMHVWHĞMHGQ\P]W\FKNWyU\FKQD-

PLĊWQRĞFL]áRĪ\á\VLĊQDXWZRU]HQLHWHMF]DSNLLVND]Dá\PQLHGRQRV]HQLDMHMSU]H]FDáH

ZLHNL"

6FURRJHSRNRUQLHZ\SDUáVLĊZV]HONLHMLQWHQFMLREUDĪHQLDGXFKDL]DSHZQLáĪHQLJG\

ZĪ\FLXĞZLDGRPLHQLHSU]\F]\QLáVLĊGRVND]DQLDJRQDWDNąSU]\NURĞü:NRĔFXRGZD-

Ī\áVLĊ]DS\WDüJRĞFLDFRJRZáDĞFLZLHVSURZDG]D

±7ZRMHGREUR±RGSDUáGXFK

6FURRJHZ\UD]LáVHUGHF]QHSRG]LĊNRZDQLHOHF]SRP\ĞODáĪHVSRNRMQ\QLF]\PQLH

]DPąFRQ\VHQE\áE\ZáDĞFLZV]\

'XFKPXVLDáRGJDGQąüMHJRP\ĞOLJG\ĪRGH]ZDáVLĊ

±ĝFLĞOHMPyZLąFVSURZDG]DPQLHWXSUDJQLHQLHWZRMHMSRSUDZ\-HĪHOLFLVLĊWRQLH

SRGREDELDGDFL

5]HNáV]\WRZ\FLąJQąáVZąPXVNXODUQąGáRĔLGRWNQąáMHJRUDPLHQLDGRGDMąF

±:VWDĔLSyMGĨ]HPQą

3U]HVWUDV]RQ\6FURRJHSUyERZDáWáXPDF]\üVLĊĪHQLHMHVWXEUDQ\LPDNDWDURUD]

ĪHZWDNLPVWDQLHOHSLHMMHVWSR]RVWDZDüZFLHSá\PáyĪNXQLĪVSDFHURZDüSRQRF\'XFK

QLHSR]ZROLáPXMHGQDNSU]\MĞüGRVáRZDZ]LąáJR]DUĊNĊLSRFLąJQąá]DVREą'RWNQLĊ-

FLH]MDZ\FKRFLDĪGHOLNDWQHMDNZ\WZRUQHMGDP\XQLHPRĪOLZLDáRRSyU6FURRJHZVWDá

OHF]ZLG]ąFĪHGXFKSURZDG]LJRNXRNQXVFKZ\FLáJR]DWXQLNĊZRáDMąFEáDJDOQLH

2 GXFKX áDVNDZ\ -D SU]HFLHĪ MHVWHP ]Z\Ná\P ĞPLHUWHOQLNLHP áDWZR PRJĊ

XSDĞü

'RWNQĊFLĊPRMąUĊNąRWXWDM±U]HNáGXFKNáDGąFUĊNĊQDVHUFX6FURRJH¶D±

DGRWNQLĊFLHWRVSUDZLĪHZ\WU]\PDV]MHV]F]HFLĊĪV]HSUyE\

3RGF]DVWHMUR]PRZ\SU]HV]OLSU]H]ĞFLDQĊGRPXL]QDOHĨOLVLĊGDOHNR]DPLDVWHP

QD RWZDUWHM GURG]H ZLHMVNLHM 0LDVWR ]QLNQĊáR QLJG]LH DQL ĞODGX ]DEXGRZDĔ 5D]HP

]PLDVWHP]QLNá\FLHPQRĞüLPJáD-DĞQLDáWHUD]PURĨQ\OHF]SRJRGQ\G]LHĔ]LPRZ\

=LHPLĊSRNU\ZDáFDáXQĞQLHJX

±6SUDZLHGOLZHQLHED±]DZRáDá6FURRJHUR]JOąGDMąFVLĊGRNRáD±SU]HFLHĪWRPRMD

URG]LQQDZLRVND:\FKRZDáHPVLĊWXWDMEDZLáHPVLĊ]UyZLHĞQLNDPL7DNWXVSĊG]L-

áHPODWDFKáRSLĊFH

'XFKVSRJOąGDáQDQLHJR]áDJRGQ\PXĞPLHFKHP-HJROHNNLHSU]HORWQHGRWNQLĊFLH

REXG]LáR XF]XFLD VWDUHJR 6FURRJH¶D NWyU\ WHUD] FKFLZLH ZG\FKDá EDOVDPLF]QH ZRQLH

XQRV]ąFHVLĊZSRZLHWU]XDNDĪGDZVNU]HV]DáDZQLPW\VLąFHZVSRPQLHĔQDG]LHLUD-

GRĞFLLWURVN±GDZQR]DSRPQLDQ\FK

±7ZHXVWDGUĪąRGH]ZDáVLĊGXFK±$FRWDPEá\V]F]\QDWZRLPSROLF]NX"

±1LF1LF±Z\NU]WXVLáZ]UXV]RQ\6FURRJH±=DSHZQLDPFLĊĪHZFDOHQLHF]XMĊ

REDZ\3URZDGĨPQLHGRNąGFKFHV]

±3R]QDMHV]WĊGURJĊ"±]DS\WDáGXFK

±&]\MąSR]QDMĊ"±]DZRáDá6FURRJH]]DSDáHP±0yJáE\PLĞüSRQLHM]]DZLą]D-

Q\PLRF]DPL

±7\PEDUG]LHMZLĊFG]LZQHMHVWĪHQLHSU]\SRPQLDáHĞMHMVRELHSU]H]W\OHODW±]D-

DTP by SHADE

XZDĪ\áGXFK±,GĨP\GDOHM

6]OLZLĊFZ]GáXĪGURJL

6FURRJHSR]QDZDáNDĪG\Z]JyUHNNDĪGąEUDPĊVáXSOXEGU]HZR

:UHV]FLHZRGGDOLXND]DáRVLĊPDáHPLDVWHF]NR]PRVWHPNRĞFLRáHPLZLMąFąVLĊ

VUHEUQąZVWĊJąU]HF]NL

-HGQRF]HĞQLH]MDZLá\VLĊNRVPDWHNXFHELHJQąFHNXQLPWUXFKWHP]PDá\PLFKáRS-

FDPL QD JU]ELHWDFK NWyU]\ QDZRá\ZDOL ZHVRáR LQQ\FK FKáRSFyZ MDGąF\FK QD ZR]DFK

ZLHMVNLFK:V]\VF\E\OLZGRVNRQDá\FKKXPRUDFKLWDNRFKRF]RSRNU]\NLZDOLĪHFDáD

SU]HVWU]HĔZ\SHáQLáDVLĊZHVRá\PJZDUHP

±7RVąW\ONRFLHQLHSU]HV]áRĞFLNWyUHNLHG\ĞLVWQLDá\±U]HNáGXFK1DVWHLVWRW\QLH

SU]HF]XZDMąQDZHW

5R]EDZLHQLPDOLSRGUyĪQL]EOLĪDOLVLĊD6FURRJHSR]QDZDáLQD]\ZDáNDĪGHJR]QLFK

SRLPLHQLX

%\OLWRMHJRUyZLHĞQLF\ZHVHOLWRZDU]\V]HODWPáRG]LHĔF]\FK

'ODF]HJRLFKZLGRNVSUDZLDáPXWDNąQLHZ\SRZLHG]LDQąUDGRĞü"'ODF]HJRJG\JR

PLMDOLMHJRZ]URN]Z\NOH]LPQ\LVXURZ\SáRQąáWHUD]MDVQRDVHUFHZSLHUVLELáRJZDá-

WRZQLH"'ODF]HJRJG\FLG]LDUVF\UR]EDZLHQLFKáRSF\UR]VWDZDOLVLĊQDUR]GURĪDFKLĪ\-

F]\OLVRELHZ]DMHPZHVRá\FKĞZLąW%RĪHJR1DURG]HQLDZHVRáRĞüZ\SHáQLDáDPXGXV]Ċ"

&]\PĪHE\á\ZHVRáHĞZLĊWDGOD6FURRJH¶D"3UHF]]ZHVRá\PLĞZLĊWDPL&yĪGREUHJR

SU]\QLRVá\PXNLHG\NROZLHN"

±6]NRáDQLHMHVWMHV]F]H]XSHáQLHSXVWD±]DXZDĪ\áGXFK±=QDMGXMHVLĊWDPMDNLHĞ

VDPRWQHRSXV]F]RQHSU]H]ZV]\VWNLFKG]LHFNR

6FURRJHV]HSQąáĪHZLHRW\PLJRU]NR]DSáDNDá

0LQĊOLV]HURNąV]RVĊLGREU]H]QDMRPą6FURRJH¶RZLĞFLHĪNą]EOLĪ\OLVLĊGRZLHONLHJR

EXG\QNX]EXGRZDQHJR]F]HUZRQHMFHJá\QDNWyU\PWU]\PDáDVLĊMHV]F]HZLHĪ\F]ND

]G]ZRQHP

%\á WR QLHJG\Ğ ZVSDQLDá\ GRP DOH VSRWNDá\ JR VPXWQH ORV\ L WHUD] SU]HGVWDZLDá

Z\PRZQHĞZLDGHFWZR]QLNRPRĞFLU]HF]\GRF]HVQ\FK-HJR]HZQĊWU]QHĞFLDQ\SU]HĪDU-

áDZLOJRüRNQDE\á\Z\ELWHEUDP\LGU]ZLVSUyFKQLDáH'UyEJGDNDáLJRVSRGDURZDáSR

VWDMQLDFKDVSLFKU]HZR]RZQLHLV]RS\SRURVá\FKZDVWHP

:QĊWU]HQLF]\PQLHSU]\SRPLQDáRGDZQHMĞZLHWQRĞFL=QDOD]áV]\VLĊZFLHPQ\P

SHáQ\PĞPLHFLLEáRWDNRU\WDU]XPRĪQDE\áRSU]H]RWZDUWHGU]ZLXMU]HüV]HUHJSRNR-

MyZSXVW\FKL]LPQ\FK3RZLHWU]HE\áRSU]HV\FRQHZLOJRFLą]NDĪGHJRNąWDZ\]LHUDáR

RSXV]F]HQLH

'XFKL6FURRJHV]OLSU]H]VLHĔGRXPLHV]F]RQ\FKZW\OHGRPXGU]ZLNWyUHVDPH

RWZRU]\á\VLĊSU]HGQLPLRGVáDQLDMąFGáXJąSXVWąLSRVĊSQąL]EĊ]DVWDZLRQąáDZDPL

LSXOSLWDPL3U]\MHGQ\P]SXOSLWyZVDPRWQ\FKáRSLHFF]\WDáFRĞSU]\GRSDODMąF\PVLĊ

RJDUNX

6FURRJH ]DNU\á WZDU] GáRĔPL L ]DSáDNDá Z W\P RSXV]F]RQ\P FKáRSFX SR]QDá VD-

PHJRVLHELH1DMPQLHMV]HHFKRZWHMSXVWFHSLVNLELHJDQLHP\V]\NURSOHVSDGDMąFH

] QD ZSyá RGPDU]QLĊWHM U\QQ\ JG]LHĞ Z W\OQHM F]ĊĞFL GRPX VáDE\ V]PHU EH]OLVWQ\FK

JDáĊ]LWRSROLVNU]\SLHQLHGU]ZLSXVWHJRVSLFKU]DZLV]ąF\FKQDQDGHUZDQ\P]DZLDVLH

SU\VNDQLHGRJDVDMąFHJRQDNRPLQNXRJQLD±ZV]\VWNLHWHV]PHU\LRGJáRV\VSDGDá\QLE\

NRMąF\EDOVDPQDGXV]Ċ6FURRJH¶DSU]\QRV]ąFPXXOJĊ

'XFKGRWNQąáMHJRUDPLHQLDZVND]XMąFPXMHJRGDZQHÄMD´SRJUąĪRQHZF]\WDQLX

:WHPMDNLĞF]áRZLHNZG]LZDF]Q\PVWURMXL]]DWNQLĊWą]DSDVVLHNLHUą]MDZLáVLĊ

SU]HGRNQHPSURZDG]ąF]DVREąRVáDREáDGRZDQHJRGU]HZHP

±$OHĪWR$OL%DED±]DZRáDáXUDGRZDQ\6FURRJH±7RVWDU\GREU\GURJLSRF]FLZ\

$OL%DED3R]QDMĊJRGRVNRQDOH3HZQHJRZLHF]RUXZLJLOLMQHJR±GDZQREDUG]RGDZQR

WHPX±JG\WRRSXV]F]RQHG]LHFNR]RVWDáR]XSHáQLHVDPRRQSU]\V]HGáGRQLHJRSR

UD]SLHUZV]\ZáDĞQLHZWDNLPXELRU]HMDNWHUD]%LHGQ\FKáRSLHF

±$WR:DOHQW\Q±FLąJQąáGDOHM6FURRJH±LMHJRG]LNLEUDW2UVRQ$WHQMDNĪHVLĊ

RQQD]\ZD±QRWHQNWyUHJRSRáRĪRQRĞSLąFHJRXEUDP'DPDV]NX"&]\JRQLHZLG]LV]"

DTP by SHADE

2NRQLXV]\VXáWDQDSRVWDZLRQ\SU]H]ZUyĪNĊQDJáRZLHQRJDPLGRJyU\+DKD

ZFLąĪVWRLQDJáRZLH'REU]HPXWDN%DUG]RPQLHWRFLHV]\-DNLPSUDZHPFKFLDáVLĊ

ĪHQLü]FyUNąVXáWDQD"

±$WDPSDSXJD±VQXáVZRMHZVSRPQLHQLD6FURRJH±=LHORQD]ĪyáW\PRJRQHP

]F]XEHPZ\UDVWDMąF\P]JáRZ\SRGREQ\PGROLĞFLVDáDW\=QDOD]áMą5RELQVRQ.UX]RH

JG\ZUyFLáGRGRPXSRRSá\QLĊFLXVZHMZ\VS\1DXF]\áMąZRáDüÄ%LHGQ\5RELQVRQLH

.UX]RH´ *G\ SDSXJD WDN SU]HPyZLáD VąG]Lá ĪH ĞQL D WR LVWRWQLH PyZLáD SDSXJD

$WDP3LĊWDV]HNSĊG]LGR]DWRNLXFLHNDMąFSU]HGOXGRĪHUFDPL6]\EFLHMĝPLDáR1LH

WUDüRGZDJL5RELQVRQFLĊRFDOL

3U]HFKRG]ąFRGMHGQHJRZVSRPQLHQLDGRGUXJLHJR]HQHUJLąMDNLHME\QLNWZQLP

QLHSRGHMU]HZDá6FURRJHQDJOHXQLyVáVLĊOLWRĞFLąQDGVZ\PGDZQ\PÄMD´

±%LHGQ\ELHGQ\FKáRSLHF±V]HSQąáL]DSáDNDá

±3UDJQąáE\P±PUXNQąáSRFKZLOLRWDUáV]\á]\UĊNDZHPV]ODIURND±SUDJQąáE\P

EDUG]RDOHWHUD]SHZQLHMXĪ]DSyĨQR

±2FRFLFKRG]L"]DS\WDáGXFK

±1LF±RGSDUá6FURRJH±RWGUREQRVWND3U]\SRPQLDáHPVRELHMDNLHJRĞZ\URVWND

NWyU\ZF]RUDMZLHF]RUHPĞSLHZDáSLHĞĔĞZLąWHF]QąSU]HGGU]ZLDPLPHJRNDQWRUXĩD-

áXMĊĪHPXQLFQLHGDáHP2WZV]\VWNR

'XFKXĞPLHFKQąáVLĊVNLQąáUĊNąLU]HNá

±7HUD]]REDF]\P\LQQą:LJLOLĊ

:WHMFKZLOLFKáRSLHFE\áMXĪRNLONDODWVWDUV]\DL]EDV]NROQDVWDáDVLĊMHV]F]HFLHP-

QLHMV]DLEDUG]LHMEUXGQD:ĞFLDQDFKXND]Dá\VLĊV]F]HOLQ\RNQDSRNU]\ZLá\VLĊW\QN

SRRGSDGDáNDZDáNDPL]VXILWXRGNU\ZDMąFQDJLHGHVNL

:MDNLVSRVyEZV]\VWNLHWH]PLDQ\PRJá\RGE\ZDüVLĊWDNV]\ENR"6FURRJHWHJR

QLHZLHG]LDá:LHG]LDáW\ONRĪHJG\LQQLFKáRSF\XGDOLVLĊQDZHVRáHĞZLĊWDGRGRPyZ

URG]LQQ\FKRQSR]RVWDáZV]NROHVDPMHGHQ]DSRPQLDQ\LRSXV]F]RQ\

7HUD] MHGQDN QLH F]\WDá QDWRPLDVW ]UR]SDF]RQ\ FKRG]Lá SR L]ELH V]NROQHM Z]GáXĪ

L ZV]HU] 6FURRJH VSRMU]Dá QD GXFKD SRWU]ąVá ĪDáRĞQLH JáRZą SR F]\P QLHVSRNRMQ\

LZ\F]HNXMąF\Z]URNVNLHURZDáNXGU]ZLRP

'U]ZLWHRWZRU]\á\VLĊLGRV]NRá\ZSDGáDPDáDG]LHZF]\QND]QDF]QLHPáRGV]DRG

FKáRSFDU]XFLáDPXVLĊQDV]\MĊLFDáXMąFJRZRáDáD

±0yMGURJLGREU\EUDFLV]NX

:\FDáRZDZV]\JR]DĞNODV]F]ąFGUREQ\PLZ\FKXGá\PLUąF]NDPLLĞPLHMąFVLĊPy-

ZLáDV]\ENR

±3U]\E\áDPPyMNRFKDQ\DĪHE\FLĊ]DEUDüGRGRPX7DN$ĪHE\FLĊ]DEUDüGR

GRPXGRGRPX

±'RGRPX)DQQ\"±SRZWyU]\áFKáRSLHF

±7DNWRSUDZGD±SRWDNLZDáDUR]SURPLHQLRQDG]LHZF]\QND'RGRPXQDGREUH

'RGRPXQD]DZV]H2MFLHFMHVWWHUD]RZLHOHOHSV]\QLĪE\áGDZQLHMQDV]GRPMHVW

WHUD]PLá\3HZQHJRZLHF]RUXSU]HPDZLDáGRPQLHWDNáDJRGQLHĪHRĞPLHOLáDPVLĊ]DS\-

WDüJRMHV]F]HUD]F]\E\ĞPyJáZUyFLüGRGRPX"2GSRZLHG]LDáĪHPRĪHV],G]LĞZ\VáDá

PQLHSRF]WRZ\PSRZR]HPĪHE\PFLHELHEUDFLV]NXSU]\ZLR]áD7\QLHGáXJREĊG]LHV]

SUDZG]LZ\PPĊĪF]\]Qą±GRGDáD]GXPąV]HURNRRWZLHUDMąFVZRMHGXĪHRF]\±LQLJG\

MXĪWXWDMQLHZUyFLV]7HUD]VSĊG]LP\UD]HPĞZLĊWD%RĪHJR1DURG]HQLDEĊG]LHP\GR-

VNRQDOHVLĊEDZLOL$FKFRWREĊG]LH]DUR]NRV]

±-HVWHĞMXĪSUDZLHNRELHWąPRMDPDáDVLRVWU]\F]NR±]DZRáDáFKáRSLHF

2QD]DĞUDGRĞQLHNODVQĊáDZUĊFHLĞPLHMąFVLĊSUyERZDáDGRVLĊJQąüMHJRJáRZ\

ZLG]ąFMHGQDNĪHMHVW]DPDáD]QyZZ\EXFKQĊáDĞPLHFKHPLSRGQLRVáDVLĊQDSDOFDFK

DE\JRMHV]F]HUD]XFDáRZDü:UHV]FLH]DF]ĊáDJRFLąJQąüNXGU]ZLRPDRQV]HGá]DQLą

XOHJOHQLHPDMąFQLFSU]HFLZNRRSXV]F]HQLXWHMSRQXUHML]E\

1DUD]ZVLHQLUR]OHJáVLĊVWUDV]Q\JáRV=QLHĞüQDGyáU]HF]\SDQD6FURRJH¶Dĩ\ZR

3UDZLHMHGQRF]HĞQLHZGU]ZLDFKL]E\V]NROQHMXND]DáVLĊQDXF]\FLHO3U]H]FKZLOĊ

VSRJOąGDáQDFKáRSFD]G]LZQąXSU]HMPRĞFLąSRF]\PXMąáMHJRUĊNĊLXĞFLVQąáWDNJZDá-

DTP by SHADE

WRZQLHĪHFKáRSLHF]PLHV]DáVLĊLRPDOQLHVWUDFLáSU]\WRPQRĞFL1DVWĊSQLH]DSURZDG]Lá

G]LHFLGRQLVNLHJRRGUDSDQHJRSRNRMXZNWyU\PPDS\QDĞFLDQDFKLJOREXV\ZRNQDFK

SRNU\ZDá V]URQ :\Mąá WHUD] NDUDINĊ SU]HG]LZQLH OHNNLHJR ZLQD RUD] NDZDá FLĊĪNLHJR

FLDVWDLSRF]ĊVWRZDáPáRG\FKJRĞFLW\PLSU]\VPDNDPL5yZQRF]HĞQLHZ\VáDáFKXGHJR

VáXĪąFHJRDE\RILDURZDáV]NODQNĊÄF]HJRĞ´FKáRSFXSRF]WRZHPX7HQRGU]HNáĪHMHVW

EDUG]RZG]LĊF]Q\]DSRF]ĊVWXQHNMHGQDNMHĞOLWRMHVWWDNLVDPQDSyMNWyUHJRMXĪNLHG\Ğ

NRV]WRZDáZROLUDF]HMQLHSLü7\PF]DVHPNXIHU6FURRJH¶D]RVWDáMXĪSU]\PRFRZDQ\QD

ZLHU]FKXG\OLĪDQVXZLĊFG]LHFLSRĪHJQDá\QDXF]\FLHODL]DMąZV]\PLHMVFDZG\OLĪDQVLH

RGMHFKDá\GURJąRJURGRZąQDNWyUHMUR]SU\VNLZDáVLĊV]URQLĞQLHJ

±2QD]DZV]HE\áDZąWáDLGHOLNDWQD±]DXZDĪ\áGXFK±]GDZDáRVLĊLĪODGDZLHWU]\N

Mą]PLHFLH$OHVHUFHPLDáDZLHONLH

± 7R SUDZGD ± SRWZLHUG]Lá 6FURRJH ± 0DV] UDFMĊ %RĪH EURĔ ĪHE\P PLDá WHPX

SU]HF]\ü

±8PDUáD]DPĊĪQDL]RVWDZLáDRLOHPLVLĊ]GDMHG]LHFL±U]HNáGXFK

±-HGQRG]LHFNR±SRSUDZLá6FURRJH

±3UDZGD±SU]\]QDáGXFK±DW\PG]LHFNLHPMHVWWZyMVLRVWU]HQLHF6FURRJH]PLH-

V]DáVLĊQLHVSRNRMQLHSRUXV]\áLMDNE\]HVNUXFKąV]HSQąá

±7DN

&KRFLDĪ]DOHGZLHSU]HGFKZLOąRSXĞFLOLV]NROQ\JPDFKWRMXĪ]QDMGRZDOLVLĊQDUX-

FKOLZ\FKXOLFDFK/RQG\QX3U]HFKDG]Dá\VLĊWXUyĪQHGXFK\DFLHQLHZR]yZLSRZR]yZ

ZDOF]\á\RPLHMVFHGODVLHELHZĞUyG]DPLHV]DQLDL]JLHáNXZLHONLHJRPLDVWD3RRĪ\ZLR-

Q\PUXFKXZVNOHSDFKPRĪQDE\áRSR]QDüĪHE\áWRG]LHĔZLJLOLMQ\:LHF]yUMXĪ]DSDGá

ODWDUQLHRĞZLHFDá\XOLFH

'XFK]DWU]\PDáVLĊSU]HGMDNLPĞVNáDGHPL]DS\WDá6FURRJH¶DF]\SR]QDMHWRPLHM-

VFH

±&]\SR]QDMĊ"±]DZRáDá6FURRJH±3U]HFLHĪSUDNW\NRZDáHPWXWDM:HV]OL

3U]\ Z\VRNLP ELXUNX VLHG]LDá VWDU\ F]áRZLHN Z ZDOLMVNLHM SHUXFH 1D MHJR ZLGRN

6FURRJH]DZRáDá]XQLHVLHQLHP

±$OHĪWR)H]]LZLJ'DMPX%RĪH]GURZLH

:WHG\ VWDU\ )H]]LZLJ SRáRĪ\á SLyUR VSRMU]Dá QD ]HJDU ĞFLHQQ\ NWyU\ ZVND]\ZDá

JRG]LQĊVLyGPą]DWDUáUĊFHSRSUDZLáVZąREV]HUQąNDPL]HONĊUR]HĞPLDáVLĊJáRĞQR

SRWHPNODVQąáZGáRQLHL]DZRáDáGĨZLĊF]Q\PMRZLDOQ\PZHVRá\PJáRVHP

±+HMWDP(EHQH]HU'LFN

6FURRJHWHUD]MXĪZSRVWDFLPáRG]LHĔFDZV]HGáĪ\ZRZWRZDU]\VWZLHVZHJRNR-

OHJL

±=SHZQRĞFLą'LFN:LONLQV±]DZRáDá6FURRJHGRGXFKD±3U]\VLĊJDPĪHWRRQ

'LFNE\áEDUG]RGRPQLHSU]\ZLą]DQ\%LHGQ\'LFN%LHGQ\

±+HMWDPFKáRSF\±U]HNá)H]]LZLJ±.RĔF]FLHMXĪSUDFĊQDG]LĞGRV\ü3U]HFLHĪ

WRZLHF]yUZLJLOLMQ\=DP\NDMFLHRNLHQQLFH

7UXGQRZ\UD]Lü]MDNLP]DSDáHP]DEUDOLVLĊFKáRSF\GRURERW\:\ELHJOLQDXOLFĊ

]DPNQĊOLL]DU\JORZDOLRNLHQQLFHL]DQLPPRJáHĞGROLF]\üGRGZXQDVWXMXĪZUyFLOLG\-

V]ąFMDNNRQLHZ\ĞFLJRZH

±%UDZR'RVNRQDOH±]DZRáDáVWDU\)H]]LZLJ]HVNDNXMąF]Z\VRNLHJRVWRáND]H

]ZLQQRĞFLąJRGQąSRG]LZX±8SU]ąWQąüFKáRSF\]SRNRMXU]HF]\]E\WHF]QHĪHE\ĞP\

PLHOLVSRURPLHMVFD+HMKR'LFN+HMKR(EHQH]HU

8SU]ąWQąü1LHE\áRWDNLHMU]HF]\NWyUHMQLHXSU]ąWQĊOLE\JG\VWDU\)H]]LZLJSDWU]\á

QDQLFK=DáDWZLOLWRZPLQXWĊ.DĪGDU]HF]UXFKRPD]RVWDáDJG]LHĞXVXQLĊWDSRGáRJĊ

VNURSLRQRL]DPLHFLRQRODPS\RSDWU]RQRQDáRĪRQRĞZLHĪHJRSDOLZDGRNRPLQNDORNDO

VNOHSRZ\SU]HGVWDZLDáPLáą]DFLV]QąMDVQąLVXFKąVDOĊEDORZąMDNąVRELHPRĪQDZ\-

PDU]\üZQRF]LPRZą

=MDZLáVLĊVNU]\SHN]QXWDPLSRGSDFKąSRGV]HGáGRZ\VRNLHJRELXUND]DPLHQLD-

MąFMHQDSXOSLWL]DF]ąáVWURLüLQVWUXPHQWNWyU\MĊF]DáLVNU]\SLDáSU]\WHMRSHUDFML:H-

V]áDSDQL)H]]LZLJGREU]HRGĪ\ZLRQDZLHF]QLHXĞPLHFKQLĊWDGDPDXRVRELHQLHGREURFL

DTP by SHADE

LZ\UR]XPLDáRĞFL:HV]á\WU]\SDQQ\)H]]LZLJSURPLHQLHMąFHLUR]NRV]QH=DQLPLZNUR-

F]\áRV]HĞFLXPáRG\FKDGRUDWRUyZ]SRJUXFKRWDQ\PLVHUFDPL3U]\E\OLPáRG]LPĊĪF]\Ĩ-

QL L NRELHW\ ]DWUXGQLHQL Z W\P GRPX = QLPL VáXĪąFD ]H VZ\P NX]\QHP SLHNDU]HP

:HV]áDNXFKDUND]SU]\MDFLHOHPVZHJREUDWDUR]ZR]LFLHOHPPOHND=MDZLáVLĊPDOHĔNL

SRGPDMVWU]\]QDSU]HFLZNDNWyUHJRSRGHMU]HZDQRRWRĪHJRSUDFRGDZFDJáRG]LFKR-

ZDáVLĊRQ]DVáXĪąFą]VąVLHGQLHJRGRPXNWyUąMHJRSU\QF\SDáRZD]DFRĞV]F]HJyOQLH

SU]HĞODGRZDáD:V]\VF\ZFKRG]LOLVSRNRMQLHEH]WáRF]HQLDVLĊMHGQLQLHĞPLDáRLQQL]X-

FKZDOHMHGQL]ZG]LĊNLHPLQQLQLH]JUDEQLHDĪZUHV]FLHZV]\VF\]QDOHĨOLVLĊZSRNRMX

1LHEDZHPUR]SRF]Ċá\VLĊRFKRF]HWDĔFH1DMSU]yGZV]\VF\WDĔF]\OLUD]HP]HGZD-

G]LHĞFLDSDUWU]\PDMąFVLĊ]DUĊFHLWZRU]ąFZLHONLHNRáR3RORZDZ\VXZDáDVLĊQDSU]yG

GUXJDFRIDáDVLĊZW\á.Rá\VDOLVLĊGRWDNWXWR]QyZZV]\VF\NUĊFLOLVLĊJUXSDPLOXE

WZRU]ąFGáXJLHJRZĊĪD6WDUHSDU\ZFLąĪVLĊP\OLá\VSUDZLDá\]DPLHV]DQLHDPáRGH

EDUG]R]WHJR]DGRZRORQHSU]HVXZDá\VLĊ]Eá\VNDZLF]QąV]\ENRĞFLą]MHGQHJRNRĔFD

VDOLQDGUXJL:UHV]FLHZV]\VF\VLĊ]PLHV]DOLVNRWáRZDOLZ\WZRU]\áVLĊLVWQ\UDGRVQ\

FKDRV

.RU]\VWDMąF ] QDVWURMX ]DSDáX VWDU\ )H]]LZLJ ZVWU]\PDá WDĔF]ąF\FK NODĞQLĊFLHP

ZGáRQLHL]DZRáDá

±%UDZR'RVNRQDOH

:yZF]DVVNU]\SHN]DQXU]\áVZąWZDU]ZNXIOXSRUWHUXXP\ĞOQLHQDWHQFHOSU]\-

JRWRZDQ\P1LHGRSLMDMąFGRNRĔFDSRGQLyVáJáRZĊLQDW\FKPLDVWUR]SRF]ąáSRQRZQLH

JUDü]MHV]F]HZLĊNV]ąIDQWD]Mą

*G\MXĪQDKDVDQRVLĊGRZROLUR]SRF]ĊáDVLĊJUDZIDQW\DSRWHP]QRZXE\á\WDĔFH

:SU]HUZDFKUR]GDZDQRFLDVWNDLOHPRQLDGĊSLHF]\VWHQD]LPQRLPQyVWZRSLZD

*áyZQ\SXQNWSURJUDPXQDVWąSLáSRSLHF]\VW\PJG\VNU]\SHNSRGVWĊSQ\E\áWR

KXOWDM]QDáRQOHSLHMVZRMHU]HPLRVáRQLĪPRĪQDE\áRVąG]Lü]SR]RUX]DJUDáSRSXODU-

QąPHORGLĊOXGRZą:WHG\VWDU\)H]]LZLJVWDQąá]SDQLą)H]]LZLJQDF]HOHZV]\VWNLFK

WDQFHU]\

3LHUZV]DSDUDPLDáDGRVSHáQLHQLDQLHODGD]DGDQLHER]DQLąVXQĊáRGZDG]LHĞFLD

NLONDSDUXWZRU]RQ\FK]OXG]L]NWyU\PLQLHPRĪQDE\áRĪDUWRZDüERQLHZLHOHZLHG]LHOL

RWDQHF]Q\FKNURNDFKDEDUG]RSUDJQĊOLWDĔF]\ü

$OHJG\E\LFKE\áRLGZDUD]\W\OH±EDF]WHU\UD]\±VWDU\)H]]LZLJGDáE\LPUDGĊ

LSDQL)H]]LZLJWDNĪH7RQLHXOHJDZąWSOLZRĞFL

3DQL)H]]LZLJE\áDJRGQąWRZDU]\V]NąVZHJRPDáĪRQNDZSHáQ\PWHJRVáRZD]QD-

F]HQLX

= UXFKyZ L NURNyZ SDQD )H]]LZLJD MDN JG\E\ V\SDá\ VLĊ LVNU\ 3U]\ NDĪGHM MHJR

QRZHMILJXU]HE\áDQLHVSRG]LDQND1LHGDáRVLĊRGJDGQąüZGDQHMFKZLOLFREĊG]LHGDOHM

$JG\SDĔVWZR)H]]LZLJSU]HV]OLSU]H]ZV]\VWNLHID]\WDĔFDJG\Z\NRQDOLZV]\VWNLH

ILJXU\QDSU]yGZW\áNU]\ĪHNRá\VDQLDVLĊNRV]\NLLWSSDQ)H]]LZLJ]GRE\áVLĊQD

ĞPLDá\VNRNWDNĪHQRJLOHNNR]DSOąWDá\PXVLĊZSRZLHWU]XL]GDZDáRVLĊĪHMHSRáD-

PLHQDV]F]ĊĞFLHGRNDWDVWURI\QLHGRV]áR

=DEDZDVNRĔF]\áDVLĊ]FKZLOąJG\]HJDUXGHU]\áMHGHQDVWą3DĔVWZR)H]]LZLJ]DMĊOL

VZRMHVWDQRZLVNDSRRE\GZXVWURQDFKGU]ZLLĞFLVNDMąFUĊFHNDĪGHJRZ\FKRG]ąFHJR

JRĞFLDĪ\F]\OLPXXSU]HMPLHZHVRá\FKĞZLąW*G\MXĪZV]\VF\Z\V]OLGZyFKSUDNW\-

NDQWyZVSRWNDáDWDVDPDJU]HF]QRĞü3RWHPZHVRáHJáRV\XPLONá\FKáRSF\]DĞSR]RVWD-

OLDE\SRáRĪ\üVLĊQDSRVáDQLDFKNWyUH]QDMGRZDá\VLĊSRGVWRáDPLZW\OQ\PZDUV]WDFLH

GáXJRMHV]F]HJDZĊG]LOLRĪ\ZLHQLLUR]UDGRZDQL

6FURRJHSDWU]ąFQDZVNU]HV]RQHFKZLOHSU]HV]áRĞFLWDNE\áZ]EXU]RQ\ĪH]GDZDáR

VLĊLĪSRVWUDGDá]P\Vá\&Dá\PVHUFHPXF]HVWQLF]\áZWHM]DEDZLH3DPLĊWDáZV]\VWNR

L FLHV]\á VLĊ ZV]\VWNLP GR]QDZDá QLHZ\SRZLHG]LDQ\FK Z]UXV]HĔ 'RSLHUR JG\ UR]MD-

ĞQLRQHWZDU]HMHJRGDZQHJRÄMD´L'LFNDRGZUyFLá\VLĊNXĞFLDQLHSU]\SRPQLDáVRELH

GXFKDL]DXZDĪ\áĪHSU]\JOąGDPXVLĊEDGDZF]RDĞZLDWáRQDMHJRJáRZLHMDĞQLHMHVLO-

QLHMV]\PEODVNLHP

±1LHZLHOHSRWU]HED±RGH]ZDáVLĊGXFK±GOD]MHGQDQLDVRELHZG]LĊF]QRĞFLSURVW\FK

DTP by SHADE

OXG]L

±1LHZLHOH±SRZWyU]\áMDNHFKR6FURRJH'XFKGDáPX]QDNDE\SRVáXFKDáUR]-

PRZ\GZyFKSUDNW\NDQWyZNWyU]\]]DSDáHPZ\FKZDODOL)H]]LZLJDSRF]\PU]HNá

±&]\QLHPDPUDFML"ÏZ)H]]LZLJZ\GDá]DOHGZLHWU]\OXEF]WHU\IXQW\V]WHUOLQJL

WRSU]HFLHĪQLHSRZyGĪHE\JRZ\FKZDODüSRGQLHELRV\-DNDĪWX]DVáXJD"

±$OHĪWRQLHRWRFKRG]L±]DRSRQRZDá6FURRJHSRGQLHFRQ\ZVSRPQLHQLHPQLHSD-

PLĊWDMąFĪHZ\SRZLDGDSU]HNRQDQLDGDZQHJR6FURRJH¶D±7RQLHRWRFKRG]LGXFKX

2Q PD PRĪQRĞü XF]\QLHQLD QDVV]F]ĊĞOLZ\PL OXE QLH XF]\QLHQLD Ī\FLD QDV]HJR OĪHM-

V]\POXEFLĊĪV]\PDQDV]ąSUDFĊSU]\MHPQąOXESU]\NUą&yĪ]WHJRĪHMHJRZáDG]D

SU]HMDZLDVLĊW\ONRZGREU\PVáRZLHSRF]FLZ\PVSRMU]HQLXZGURELD]JDFKZUĊF]QLH-

XFKZ\WQ\FK"7RQLFQLH]QDF]\JG\ĪQLHZW\PLVWRWDU]HF]\ĩ\F]OLZRĞüMDNąRQUR]-

WDF]DGRNRáDVLHELHMHVWWDNZLHONDDGODQDVWDNGURJDĪHVLĊQLF]\PRSáDFLüQLHGD

6SRWNDZV]\SU]HQLNOLZ\Z]URNGXFKD]DPLONá

±&yĪVLĊ]WREąG]LHMH"±]DS\WDáGXFK

±1LFV]F]HJyOQHJR±RGU]HNá6FURRJH

±$MHGQDNFRĞVLĊG]LHMH"±SRZWyU]\á

±$OHĪQLFQLF&KFLDáE\PW\ONRSRZLHG]LHüZWHMFKZLOLVáyZNLONDPHPXSRPRF-

QLNRZL7RZV]\VWNR

*G\Z\JáRVLáWRĪ\F]HQLHMHJRGDZQDSRVWDüSU]\NUĊFLáDODPSĊLZUD]]GXFKHP

]QDOHĨOLVLĊ]QyZQDXOLF\

±&]DVPyMPLMD±]DXZDĪ\áGXFK±ĝSLHV]P\VLĊ

6áRZDWHQLHE\á\VNLHURZDQHGR6FURRJH¶DF]\MDNLHMNROZLHNLVWRW\ZLG]LDOQHMPLPR

WRZ\ZRáDá\QLH]Z\Ná\VNXWHN6FURRJH]QRZXXMU]DáVDPHJRVLHELH%\áMXĪVWDUV]\

7ZDU]MHJRQLHPLDáDMHV]F]HVXURZ\FKOLQLLODWSyĨQLHMV]\FKOHF]ZU\VDFKMHMMXĪVLĊ

SU]HMDZLDá\ SLHUZV]H ĞODG\ VNąSVWZD L QLHSRNRMX : RF]DFK ]DĞ PLJRWDá Z\UD] GUD-

SLHĪQHMFKFLZRĞFLNWyUD]DF]\QDáDVLĊUR]UDVWDüZMHJRGXV]\1LHXOHJDáRZąWSOLZRĞFL

ZMDNLPNLHUXQNXSRWRF]\VLĊMHJRĪ\FLH

1LHE\áVDP2ERNVLHG]LDáDPáRGDLSLĊNQDG]LHZF]\QDZĪDáRELH]RF]\PDSHáQ\-

PLáH]

±:LHPĪHWRU]HF]RERMĊWQD±PyZLáDG]LHZF]\QD]JQĊELRQ\PJáRVHP±=ZáDV]-

F]DRERMĊWQDGODSDQDJG\ĪLQQHEyVWZR]DMĊáRZSDĔVNLPVHUFXPRMHPLHMVFH-HĪHOL

RQR]GRáDGRVWDUF]\üFLZSU]\V]áRĞFLWDNLHMVáRG\F]\XNRMHQLDLUDGRĞFLMDNąMDSUDJQĊ-

áDE\PFLĊRWRF]\üWRQLHPDPSRZRGXGRWURVNL

±-DNLHĪWREyVWZRFLĊ]DVWąSLáR"±]DS\WDáGDZQ\6FURRJH

±3LHQLąG]

± 2WR VSUDZLHGOLZRĞü OXG]ND ± ]DZRáDá GDZQ\ 6FURRJH ± 3U]HNOLQDMą XEyVWZR

DMHGQRF]HĞQLHSRWĊSLDMąW\FKNWyU]\ZSRFLHF]RáDVWDUDMąVLĊRGRVWDWHN

±3U]HVąG]DV]SDQVSUDZLHGOLZRĞüĞZLDWD±]DXZDĪ\áDG]LHZF]\QD±3DQZV]\VW-

NLHVZRMHP\ĞOLLSUDJQLHQLDVNLHURZDáQDMHGHQFHOZ]ERJDFHQLDVLĊ:LG]LDáDPMDN

ZV]\VWNLHWZRMHV]ODFKHWQHXF]XFLDJDVá\MHGQRSRGUXJLPWáXPLRQHWąQDPLĊWQRĞFLą

NWyUDRVWDWHF]QLH]Z\FLĊĪ\áD&]\WRQLHSUDZGD"

±,FyĪ]WHJR"±]DS\WDá±-HĪHOLVWDáHPVLĊSUDNW\F]QLHMV]\LUR]VąGQLHMV]\WRQLH

]QDF]\ĪHE\PVLĊ]PLHQLáZ]JOĊGHPFLHELH3RWU]ąVQĊáDJáyZNą

±&]\]PLHQLáHPVLĊ"

±3RPLĊG]\QDPLLVWQLHMHXPRZDNWyUą]DZDUOLĞP\ZyZF]DVNLHG\E\OLĞP\RERMH

ELHGQL:yZF]DVQLHXVNDUĪDOLĞP\VLĊQDORVOHF]SUDFRZDOLĞP\SHáQLQDG]LHLĪHSU]\M-

GąGODQDVOHSV]HF]DV\SUDFD]DSHZQLQDPVNURPQ\E\W2GWHJRF]DVX]PLHQLáHĞVLĊ

*G\]DZLHUDOLĞP\XPRZĊE\áHĞLQQ\PF]áRZLHNLHP

±%\áHPZWHG\SUDZLHG]LHFNLHP±SU]HUZDáQLHFLHUSOLZLH

±7RVSUDZDWZRMHJRVXPLHQLDLVDP]DSHZQHZHV]ĪHE\áHĞ]XSHáQLHLQQ\±RG-

SDUáD±&RGRPQLHQLH]PLHQLáDPVLĊ7RFRQDPRELHF\ZDáRV]F]ĊĞFLHJG\MHGQDNR

F]XOLĞP\LP\ĞOHOLĞP\WHUD]MHVWGODQDVĨUyGáHPFLHUSLHQLDLPĊNL&]ĊVWRRW\PP\ĞOD-

áDPL]WDNZLHONLPEyOHPĪHQLHMHVWHPZVWDQLHWHJRZ\SRZLHG]LHü7HUD]]ZUDFDP

DTP by SHADE

FLVáRZR

±&]\NLHG\NROZLHNĪąGDáHPWHJR"

±6áRZDPL±QLH

±:MDNLZLĊFVSRVyE"

±=PLDQąXVSRVRELHQLDZLGRF]Q\P]QLHFLHUSOLZLHQLHPLQLHSRNRMHP=PLHQLáHĞVLĊ

ZH ZV]\VWNLP RGPLHQLáHĞ WUHĞü VZHJR Ī\FLD L MHJR FHO *G\E\Ğ GDZQLHM QLH GDá PL

VáRZDSRZLHG]V]F]HU]H±F]\WHUD]]HFKFLDáE\ĞPQLHSRMąü]DĪRQĊ"=SHZQRĞFLąQLH

=GDZDáVLĊX]QDZDüVáXV]QRĞüMHMSU]\SXV]F]HQLDDPLPRWRRGSDUá

±6DPDQLHZLHU]\V]ZWRFRPyZLV]

±%\áDE\PV]F]ĊĞOLZDJG\E\PPRJáDP\ĞOHüLQDF]HM±V]HSQĊáD]HVPXWNLHP±

%yJĞZLDGNLHPĪHE\áDE\PEDUG]RV]F]ĊĞOLZD-HG\QLHZ\PRZDIDNWyZGRSURZDG]LáD

PQLHGRWDNEROHVQ\FKZQLRVNyZ*G\E\ĞE\áZROQ\ZWHMFKZLOLF]\Z\EUDáE\ĞVRELH

]DĪRQĊELHGQąG]LHZF]\QĊW\NWyU\ZFKZLODFKQDMJRUĊWV]\FKXQLHVLHĔQLHSU]HVWDMHV]

ZDĪ\üVSUDZQDV]DODFK]\VNXLSDWU]HüQDZV]\VWNRMDNQDLQWHUHV"*G\E\ĞVLĊQDZHW

]DSRPQLDáQDFKZLOĊLSRáąF]\á]HPQąGR]JRQQLHWRMHVWHPSHZQDĪHZNUyWFHĪDáR-

ZDáE\ĞWHJRNURNX:LHPĪHSU]\V]áRE\GRWHJRQLHEDZHPLWRMHVWSRZRGHPĪH]ZUD-

FDPFLGDQHVáRZR&]\QLĊWRV]F]HU]HZLPLĊPLáRĞFLMDNąNLHG\ĞĪ\ZLáDPGODFLHELH

&KFLDáFRĞSRZLHG]LHüOHF]RQDFLąJQĊáDGDOHM

±-HVWHPSU]HNRQDQDĪH]HUZDQLH]DEROLFLĊ/HF]NUyWNREĊG]LHV]FLHUSLDá3RWUD-

ILV]SR]E\üVLĊZV]HONLFKZVSRPQLHĔRQDV]HMPLáRĞFL2E\ĞE\áV]F]ĊĞOLZ\ZĪ\FLXMDNLH

VRELHREUDáHĞ

:WHQVSRVyEVLĊUR]VWDOL

± 'RV\ü MXĪ GXFKX ± ]DZRáDá 6FURRJH ± ]DSURZDGĨ PQLH GR GRPX 1LH MHVWHP

ZVWDQLHGáXĪHM]QRVLüSRGREQ\FKXGUĊF]HĔ

±-HV]F]HMHGHQFLHĔ±RGSDUáGXFK

±1LHQLHGRV\ü±EáDJDá6FURRJH±1LHFKFĊQLFZLĊFHMZLG]LHü7RSRQDGPRMH

VLá\1LHXEáDJDQ\GXFKSRFKZ\FLáJRMHGQDNPRFQRZUDPLRQDLND]DáPXSDWU]HüQD

QDVWĊSQ\REUD]

=QDMGRZDOLVLĊWHUD]ZQLHZLHONLPSRNRMXXU]ąG]RQ\P]DFLV]QLHLZ\JRGQLH3U]\

NRPLQNXQDNWyU\PSáRQąáMDVQ\RJLHĔVLHG]LDáDG]LHZF]\QDWDNSRGREQDGRSRSU]HG-

QLHMLĪ6FURRJHP\ĞODáĪHWRWDVDPDGRSyNLQLH]DXZDĪ\áĪHWDPWDMHVWWHUD]SRZDĪ-

QąPĊĪDWNąDRERNVLHG]LMHMFyUND

:SRNRMXE\áRJZDUQRDQDZHWKDáDVVSUDZLDQ\SU]H]JURPDGNĊG]LHFLNWyU\FK

6FURRJHZSLHUZV]HMFKZLOLQLH]DXZDĪ\á7DG]LHFLDUQLD]DFKRZ\ZDáDVLĊVZRERGQLH

NDĪG\]PDOFyZVZDZROLáLNU]\F]Dá]DF]WHUG]LHVWX'ODWHJRSDQRZDáDROEU]\PLDZU]D-

ZDNWyUDMHGQDNQLNRPXQLHSU]HV]NDG]DáD0DWNDLFyUNDE\á\]DGRZRORQHLVHUGHF]QLH

VLĊĞPLDá\:UHV]FLHFyUNDZPLHV]DZV]\VLĊGR]DEDZ\]RVWDáDSU]H]PDá\FKVZDZRO-

QLNyZRSDGQLĊWD]HZV]\VWNLFKVWURQ

&]HJRE\PQLHGDáĪHE\E\üMHGQ\P]QLFK/HF]QLHE\áE\PWDNRNUXWQ\MDNRQL

ZLHU]FLH=DZV]\VWNLHVNDUE\ĞZLDWDQLHRĞPLHOLáE\PVLĊSRWDUJDüJáDGNRXF]HVDQ\FK

ZáRVyZSLĊNQHMVLRVWU]\F]NLDQLWHĪ]DEUDüMHMSDQWRIHOND1LHRĞPLHOLáE\PVLĊUyZQLHĪ

REMąüZLRWNLHMMHMNLELFL

$MHGQDNZ\]QDMĊSUDJQąáE\PGRWNQąüMHMXVWSUDJQąáE\P]DS\WDüMąRFRĞSD-

WU]HüQDMHMVSXV]F]RQHVNURPQLHRF]\WDNĪHE\QLHZ\ZRáDüUXPLHĔFDSUDJQąáE\P

UR]SOHĞü MHM ZáRV\ NWyU\FK QDMPQLHMV]\ ORF]HN SU]HFKRZDáE\P MDNR GURJą SDPLąWNĊ

6áRZHPSUDJQąáE\PZREHFQLHMSRVLDGDüZV]HONLHSU]\ZLOHMHG]LHFNDLMHGQRF]HĞQLH

SR]RVWDüGRMU]Dá\PPĊĪF]\]Qą

3RFKZLOLUR]OHJáRVLĊSXNDQLHLG]LHFLDUQLDU]XFLáDVLĊNXGU]ZLRPWDNJZDáWRZQLH

ĪHSLĊNQDVLRVWU]\F]ND]RVWDáDSRUZDQDSU]H]UR]LJUDQąJURPDGNĊLSRFLąJQLĊWDQDSR-

ZLWDQLHRMFDZFKRG]ąFHJR]SRVáDĔFHPREáDGRZDQ\PJZLD]GNRZ\PLSRGDUNDPL

7HUD]ZĞUyGNU]\NXLZU]DZ\QDVWąSLáDWDNQDSRVáDĔFD']LHFLZGUDS\ZDá\VLĊQD

QLHJRSRNU]HVáDFKDE\]DQXU]\üUĊFHZMHJRNLHV]HQLDFKSR]EDZLüJRSDF]HNZLHV]D-

á\PXVLĊQDV]\LVLDGDá\QDEDUNDFKLNRSDá\JRSRQRJDFK±DZV]\VWNRWR]UDGRĞFL

DTP by SHADE

NWyUHMRSU]HüVLĊQLHE\á\]GROQH

=MDNLPSRG]LZHPLXFLHFKąZLWDQR]DZDUWRĞüNDĪGHMFKRüE\QDMPQLHMV]HMSDF]NL

,OHE\áRUDGRĞFLL]DFKZ\WX-DNąĪUR]SDF]Z\ZRáDáRSU]\SXV]F]HQLHĪHMHGQR]G]LHFL

Z]LąZV]\GRXVWPDOHĔNąEU\WIDQQĊ]NXFKQLGODODOHNSRáNQĊáR]QDMGXMąFHJRVLĊZQLHM

LQG\ND]FXNUX-DNąXOJĊXF]XOLZV]\VF\JG\RND]DáRVLĊĪHWRE\áIDáV]\Z\DODUP

7RZV]\VWNRQLHGDVLĊRSLVDü

1DGHV]áD ZUHV]FLH JRG]LQD VSRF]\QNX ']LHFL XVSRNRMRQH MXĪ QLHFR XGDá\ VLĊ

]RWU]\PDQ\PL]DEDZNDPLGRVZHJRSRNRMXQDSLĊWU]HJG]LHXáRĪRQRMHZáyĪHF]NDFK

'RSLHURZWHG\ZGRPX]DSDQRZDáVSRNyM

7HUD] 6FURRJH XMU]Dá MDN RMFLHF WHM URG]LQ\ SU]\WXOLá VHUGHF]QLH GR VLHELH PáRGą

ĪRQĊL]QLąRUD]]QDMVWDUV]ąFyUNą]DVLHGOLSU]\NRPLQNX3RP\ĞODáĪHRQUyZQLHĪPyJá

E\üRMFHPWDNLFKPLOXWNLFKLSHáQ\FKQDG]LHLLVWRWLWZDU]MHJRVSRFKPXUQLDáDMHV]F]H

EDUG]LHMDZRF]DFKXND]Dá\VLĊá]\

± %HOOR ± RGH]ZDá VLĊ Z WHM FKZLOL PąĪ ]ZUDFDMąF VLĊ GR PDáĪRQNL ] áDJRGQ\P

XĞPLHFKHP±

ZLG]LDáHPG]LĞSRSRáXGQLXWZHJRGDZQHJRSU]\MDFLHOD

±.RJyĪWR"

±=JDGQLM

±1LHZLHPGRSUDZG\RNLPP\ĞOLV]"

±6]F]XUD

±&yĪ]QRZX$FKWHUD]MXĪZLHP±SRGFKZ\FLáDĞPLHMąFVLĊUyZQLHV]F]HU]HMDN

PąĪ±3DQD6FURRJH¶D"

±7DNSDQD6FURRJH¶D3U]HFKRG]LáHPNRáRRNQDMHJRNDQWRUXDSRQLHZDĪQLHE\áR

]DVáRQLĊWHLZHZQąWU]ĞZLHFLáRVLĊSU]HWRPLPRZROL]REDF]\áHPJR0yZLąĪHMHJR

ZVSyOQLNXPDUáZLĊFVLHG]LWDPWHUD]VDP$VąG]ĊĪHMHVWRQQDSUDZGĊVDPRWQ\LĪH

QLHPDQDFDá\PĞZLHFLHĪDGQHMEOLVNLHMĪ\F]OLZHMLVWRW\

±'XFKX±V]HSQąá6FURRJHGUĪąF\PJáRVHP±]DELHU]PQLHVWąG

±8SU]HG]LáHPFLĊSU]HFLHĪĪHSRNDĪĊFLFLHQLHWZHJRGDZQHJRĪ\FLD±RGSDUáGXFK

±1LHZLĔPQLHOHF]VDPHJRVLHELHĪHMHVWWDNLHMDNZLG]LV]

±:\SURZDGĨPQLHVWąG±ZRáDá6FURRJH±1LHPRJĊ]QLHĞüWHJRZLGRNX

=ZUyFLá VLĊ NX GXFKRZL D ]DXZDĪ\ZV]\ ĪH QD MHJR REOLF]X Z QLHSRMĊW\ VSRVyE

RGELá\VLĊQLHNWyUHU\V\W\FKWZDU]\NWyUHQLHGDZQRZLG]LDá±U]XFLáVLĊQDQLHJR]UR]-

SDF]OLZ\PNU]\NLHP

±:\SURZDGĨPQLHVWąG1LHGUĊF]GáXĪHM

3RGF]DV]PDJDQLDVLĊ]GXFKHP6FURRJHVSRVWU]HJáĪHQDGJáRZą]MDZ\XQRVLVLĊ

WHUD]MHV]F]HMDĞQLHMV]\VQRSĞZLDWáDVąG]ąFĪHRZRĞZLDWáRGDMHGXFKRZLSU]HZDJĊ

QDGQLPFKZ\FLáJDVLGáRLZWáRF]\áPXMHQDJáRZĊ

'XFKVNXUF]\áVLĊDFKRüJDVLGáRSU]\NU\áRFDáąMHJRSRVWDüL6FURRJHSU]\FLVNDáMH

]FDáHMVLá\QLHPyJáMHGQDNVWáXPLüĞZLDWáDNWyUHZ\GRE\ZDáRVLĊVSRGVSRGX

1DJOH6FURRJHSRF]XáĪHMHJRVLá\Z\F]HUSXMąVLĊLRJDUQLDJRVHQQRĞü3RFKZLOL

VSRVWU]HJáĪH]QDMGXMHVLĊZVZRMHMV\SLDOQL'RZOyNáVLĊGRáyĪNDU]XFLáVLĊQDQLHLQD-

W\FKPLDVWWZDUGR]DVQąá

5R]G]LDá

2GZLHG]LQ\GUXJLHJRGXFKD

6FURRJH¶DREXG]LáR ZáDVQH FKUDSDQLH1DW\FKPLDVWXVLDGá QD áyĪNX E\ SR]ELHUDü

P\ĞOL

&]XáĪHREXG]LáVLĊRZáDĞFLZHMSRU]HLZ\UDĨQLHZW\PFHOXDE\RGE\üNRQIHUHQ-

FMĊ]GUXJLPJRĞFLHPSU]\VáDQ\PPXSU]H]-DNXED0DUOH\D1DP\ĞOMHGQDNĪHNWy-

UąĞ]NRWDUMHJRáyĪNDPRJáRE\RGVXQąüQRZHZLGPRQLHPLá\GUHV]F]SU]HELHJáMHJR

F]áRQNLVDPSU]HWRUR]VXQąáNRWDU\3RWHP]QyZVLĊSRáRĪ\áLSRVWDQRZLáF]XZDü&KFLDá

DTP by SHADE

SLHUZV]\RGH]ZDüVLĊGRGXFKDZFKZLOLMHJR]MDZLHQLDVLĊQLHOXELáERZLHPE\ü]DVND-

NLZDQ\

/XG]LH V]F]HJyOQHM RGZDJL NWyU]\ QLJG\ QLH WUDFą ]LPQHM NUZL ]Z\NOH R VRELH

PyZLą

Ä-HVWHĞP\]GROQLGRZV]\VWNLHJR±RG]MDGDQLDFKOHEDDĪGRSRá\NDQLDOXG]L´0LĊ-

G]\W\PLGZLHPDRVWDWHF]QRĞFLDPL]QDMGXMHVLĊQLHZąWSOLZLHV]HURNLHSROHGRSRSLVX

1LH SUDJQĊ E\QDMPQLHM SU]HGVWDZLü 6FURRJH¶D MDNR VDPRFKZDáD PRJĊ ZDV MHG-

QDN]DSHZQLüĪHE\áRQSU]\JRWRZDQ\QDZV]\VWNLHQDG]Z\F]DMQH]MDZLVND:PDZLDá

ZVLHELHĪHWHUD]QLFQLHPRĪHJRZSUDZLüZ]GXPLHQLHSRF]\QDMąFRGNROHENLG]LHFND

DQDROEU]\PLPQRVRURĪFXNRĔF]ąF

3RQLHZDĪE\áSU]\JRWRZDQ\QDZV]\VWNRQLHVSRG]LHZDáVLĊQLF]HJRQDG]Z\F]DM-

QHJR*G\]HJDUZ\ELáSLHUZV]ąLQLH]MDZLáVLĊQLNWXF]XáORGRZDWH]LPQRDFLDáRMHJR

SU]HELHJá\GUHV]F]H0LQĊáRSLĊüPLQXWG]LHVLĊüNZDGUDQV±ĪDGQHJRZLGPD

.LHG\ WDN OHĪDá QD áyĪNX QDJOH REODáR JR F]HUZRQH ĞZLDWáR =DQLHSRNRLáR JR WR

RZLHOHZLĊFHMQLĪJG\E\XND]DáVLĊFDá\WX]LQGXFKyZSRQLHZDĪQLHSRGREQDE\áRRG-

JDGQąüFRRQR]QDF]\LGRF]HJRPDVáXĪ\ü3U]H]FKZLOĊREDZLDáVLĊĪHPRĪHQDJOH

VSáRQąü:UHV]FLHSU]\V]áRPXQDP\ĞOĪHĨUyGáRWHJRG]LZQHJRĞZLDWáD]QDMGXMHVLĊ

ZVąVLHGQLPSRNRMX]NWyUHJR±MDNWRVWZLHUG]LáSREOLĪV]HMREVHUZDFML±LVWRWQLHSUR-

PLHQLRZDáR:VWDáSRFLFKXLZSDQWRIODFKSRGUHSWDáGRGU]ZL

*G\6FURRJHSRáRĪ\áUĊNĊQDNODPFHMDNLĞREF\JáRVND]DáPXZHMĞü8VáXFKDá

%\áWRMHJRZáDVQ\SRNyM7RQLHXOHJDáRZąWSOLZRĞFL$OH]DV]áDZQLPG]LZQD]PLD-

ĝFLDQ\LVXILWE\á\SU]\VWURMRQH]LHORQ\PLJDáĊ]LDPLDFDá\SRNyMZ\JOąGDáMDNDOWD-

QDR]GRELRQDPQyVWZHPSXUSXURZ\FKMDJyG/LĞFLHEOXV]F]XMHPLRá\LĞZLHUNXRGEL-

MDá\ĞZLDWáRLZ\JOąGDá\MDNPQyVWZRPDá\FK]ZLHUFLDGHáHN1DNRPLQLHSáRQąáWDNVLOQ\

RJLHĔMDNLHJRWHQNRPLQRGZLHOXODWQLH]QDá

1DSRGáRG]HE\áXU]ąG]RQ\ZLHONLEXIHW]LQG\NyZJĊVLNDF]HNG]LF]\]Q\GXĪ\FK

NDZDáyZSLHF]HQLSURVLąWGáXJLFKZLDQNyZNLHáEDVFLDVWLEXG\QLyZEHF]XáHN]RVWU\-

JDPLSLHF]RQ\FKNDV]WDQyZUyĪQ\FKMDEáHNVRF]\VW\FKSRPDUDĔF]\DSHW\F]Q\FKJUX-

V]HNROEU]\PLFKSODFNyZLQDF]\Ĕ]ZU]ąF\PSRQF]HP1DSHáQLDáRWRSRNyMSU]HG]LZ-

Q\P]DSDFKHP3RĞURGNXEXIHWXUR]SDUáVLĊZ\JRGQLHROEU]\PRZVSDQLDá\PZ\JOąG]LH

LZHVRá\PREOLF]X:UĊNXWU]\PDáSáRQąFąSRFKRGQLĊZNV]WDáFLHURJXREILWRĞFLXQLyVá

MąZ\VRNRDE\RĞZLHFLü6FURRJH¶DZFKZLOLJG\WHQRVWURĪQLH]DJOąGDáGRSRNRMX

± :HMGĨ ± ]DZRáDá yZ GXFK ± :HMGĨ SU]\MDFLHOX PXVLP\ VLĊ SR]QDü 6FURRJH

ZV]HGáQLHEH]WUZRJLLSRFK\OLáJáRZĊSU]HGGXFKHP1LHE\áWRMXĪĞPLDá\QLF]HJRVLĊ

QLHREDZLDMąF\GDZQ\6FURRJHFKRFLDĪRF]\GXFKDPLDá\Z\UD]SRJRGQ\RQXQLNDáLFK

VSRMU]HQLD

±-HVWHPGXFKHPWHJRURF]QHJR%RĪHJR1DURG]HQLD±SU]HPyZLáRZLGPR±SU]\-

SDWU]PLVLĊGREU]H

6FURRJHOĊNOLZLHSRGQLyVáRF]\LVSRMU]DáQDGXFKD]V]DFXQNLHP

%\áRQSU]\EUDQ\ZURG]DMFLHPQR]LHORQHMRSRĔF]\REUDPRZDQHMELDá\PIXWUHP

6]HURNLHSLHUVLE\á\RGVáRQLĊWH7DNĪHQRJLZ\JOąGDMąFHVSRGV]HURNLFKIDáGRSRĔF]\

E\á\ERVHQDJáRZLH]DĞPLDáZLHQLHF]OLĞFLGĊERZ\FKZĞUyGNWyU\FKWXLyZG]LHSU]H-

Eá\VNLZDá\VRSHONLORGX-HJRFLHPQHZáRV\VSDGDá\ZOXĨQ\FKORNDFKQDEDUNL3RJRGQH

REOLF]HEá\V]F]ąFHRF]\UXEDV]Q\JáRVVZRERGQH]DFKRZDQLHVLĊ±ZV]\VWNRPyZLáR

RRWZDUWRĞFLLZHVRá\PXVSRVRELHQLX3U]\MHJRERNXZLVLDáDXSDVDVWDUDSRFKZDQD

SRá\]MHG]RQDSU]H]UG]ĊEH]PLHF]D

±1LHZLG]LDáHĞGRW\FKF]DVQLNRJRSRGREQHJRGRPQLH"]DS\WDáGXFK

±1LJG\SRWZLHUG]Lá6FURRJH

±1LHVSRWNDáHĞQDGURG]HVZHJRĪ\FLDPáRGV]\FKF]áRQNyZPRMHMURG]LQ\"0DPQD

P\ĞOLPRLFKVWDUV]\FKEUDFL"±S\WDáGXFKGDOHM

±1LHVąG]Ċ±RGSDUá6FURRJH±$QDZHWMHVWHPSHZLHQĪHQLH'XĪRPDV]EUDFL

GXFKX"

DTP by SHADE

±3U]HV]áRG]LHZLĊFLXVHW±RGSRZLHG]LDá

± 3U]HUDĪDMąFR OLF]QD URG]LQD V]F]HJyOQLH GOD WHJR NWR PXVL WURV]F]\ü VLĊ R MHM

XWU]\PDQLH±

PUXNQąá6FURRJH7HJRURF]Q\GXFKSRZVWDá

±'XFKX±U]HNá6FURRJHSRNRUQLH±SURZDGĨPQLHGRNąGFKFHV]:F]RUDMV]HMQRF\

Z\SURZDG]RQRPQLHSU]HPRFąLGDQROHNFMĊNWyUDWHUD]]DF]\QDG]LDáDü']LĞMHVWHP

JRWyZLĞü]DWREąLQLHRPLHV]NDPVNZDSOLZLH]WZ\FKQDXNVNRU]\VWDü

±'RWNQLMUĊNąPRMHMV]DW\±RGH]ZDáVLĊGXFK6FURRJHFKZ\FLáMą]FDáHMVLá\

=LHORQHJDáĊ]LHF]HUZRQHMDJRG\LQG\NLJĊVLSLHF]HQLHSURVLĊWDNLHáEDV\SDV]-

WHW\EXG\QLHRZRFHLSRQF]]QLNá\ZMHGQHMFKZLOL=QLNáWDNĪHSRNyMRJLHĔF]HUZRQ\

EODVNQRFQDSRUDL6FURRJH]GXFKHP]QDOHĨOLVLĊQDXOLFDFKPLDVWD

%\áWRUDQHNSLHUZV]HJRGQLD%RĪHJR1DURG]HQLD=FKRGQLNyZL]GDFKyZ]PLDWDQR

ĞQLHJNWyU\UR]V\SXMąFVLĊZSRZLHWU]XWZRU]\áĞQLHĪ\FĊNXQLHPDáHMXFLHV]HEDZLą-

F\FKVLĊQDXOLF\G]LHFL

ĝFLDQ\GRPyZD]ZáDV]F]DLFKRNQDZ\GDZDá\VLĊF]DUQHQLHW\ONRZSRUyZQDQLX

]ELDá\PFDáXQHPĞQLHJXQDGDFKDFKDOHL]EUXGQ\PĞQLHJLHPQDMH]GQLDFKZNWyU\P

FLĊĪNLHNRáDZR]yZLSRMD]GyZZ\RUDá\JáĊERNLHEUX]G\.U]\ĪRZDá\VLĊRQHZQDMUR]-

PDLWV]\FK NLHUXQNDFK WZRU]ąF LVWQ\ ODELU\QW ZąVNLFK NDQDáyZ Z EUXQDWQ\P ]DNU]H-

Sá\PEáRFLHLSU]HPLHQLRQHMZOyGZRG]LH

1LHERE\áRSRFKPXUQHQDZHWQDMNUyWV]HXOLFHJLQĊá\ZJĊVWHMPJOHNWyUDRSDGDáD

QDXOLFHZSRVWDFLV]URQX:FDá\PRWRF]HQLXQLHE\áRQLFZHVRáHJR±DMHGQDNXQRVLáR

VLĊZSRZLHWU]XFRĞXURF]\VWHJRLUDGRVQHJRQDZHWQDMSLĊNQLHMV]DOHWQLDSRJRGDLSUR-

PLHQLHVáRĔFDQLH]GRáDá\E\Z\WZRU]\üSRGREQHJRQDVWURMX

5yZQLHĪURERWQLF\]PLDWDMąF\ĞQLHJ]GDFKyZE\OLSRJRGQL1DZRá\ZDOLVLĊZ]DMHP

]GDFKyZRGF]DVXGRF]DVXU]XFDOLMHGHQZGUXJLHJRNXOąĞQLHJRZą±SRF]FLZV]\WR

SRFLVNDQLĪHOLQLHMHGQRVáyZNR±L]DQRVLOLVLĊĞPLHFKHP]DUyZQRWUDILDMąFGRFHOXMDN

ZUD]LHFK\ELHQLD

1LHNWyUH VNOHS\ VSRĪ\ZF]H E\á\ RWZDUWH QDWRPLDVW RZRFDUQLH LPSRQRZDá\ ER-

JDFWZHP:LGDü E\áR RJURPQHSĊNDWHNRV]HNDV]WDQyZSU]\SRPLQDMąFHVZRMą Z\-

SXNáRĞFLąEU]XFK\VWDU\FKVPDNRV]yZ8VWDZLRQRMHZGU]ZLDFKVNOHSyZLZ\GDZDáR

VLĊĪHODGDFKZLODZ\SDGQąQDXOLFĊ&]HUZRQDZHSU]\VDG]LVWHJáyZNLKLV]SDĔVNLHJR

F]RVQNX]GDZDá\VLĊVSRJOąGDüZ\]\ZDMąFRQDVNURPQLHVQXMąFHVLĊG]LHZF]ĊWD2QH

]DĞW\ONRVSRGRNDVSRJOąGDá\QDZLV]ąFHZV]ĊG]LHJLUODQG\XZLWH]JDáą]HNĞZLHUNX

'DOHM SLĊWU]\á\ VLĊ DSHW\F]QH SLUDPLG\ MDEáHN L JUXV]HN ÏZG]LH XáRĪRQR VWRV\ ZLQR-

JURQ EXG]ąF\FK ĞOLQNĊ Z XVWDFK 'DOHM XPLHV]F]RQR FDáH VWRV\ FLHPQ\FK SXV]NLHP

RNU\W\FK RU]HFKyZ SU]\SRPLQDMąF\FK VZRLP DURPDWHP ]DSRPQLDQH SU]HFKDG]NL SR

ODVDFK7XWDMSLHF]RQHVXV]RQHLĞZLHĪHMDEáNDQRUIROVNLHSU]HĞOLF]QLHZ\JOąGDMąFHQD

WOHF\WU\QLSRPDUDĔF]]GDZDá\VLĊZUĊF]QDSUDV]DüDE\MH]DZLQLĊWRZSDSLHUL]DEUD-

QRGRGRPXQDGHVHU=áRWHLVUHEUQHU\ENLFKRFLDĪ]LPQRNUZLVWHWHUD]Z\VWDZLRQH

ZPDá\FKV]NODQ\FKDNZDULDFKZĞUyGERJDFWZDRZRFyZMDNE\RGJDG\ZDá\ĪHG]LHMH

VLĊFRĞQLH]Z\NáHJRJG\Ī]ZLHONLPZ]EXU]HQLHPSU]HSá\ZDá\WDPL]SRZURWHPVZRMH

VLHG]LE\

$VNOHS\NRORQLDOQH&RWDP]DVNDUE\&KRFLDĪGU]ZLGRQLHNWyU\FKVNOHSyZE\á\

W\ONRGRSRáRZ\XFK\ORQHWRSU]H]V]SDU\PRĪQDE\áRSRG]LZLDüLFK]DVRE\=ZUDFDá\

WDPXZDJĊQLHW\ONRZHVRáHV]F]ĊNDQLDWDOHU]\ZDJQLHW\ONRIXUNRWV]QXUNyZV]\ENR

RGZLMDQ\FK]ĪHOD]Q\FKNyáHNDE\QLPL]UĊF]QLHRZLQąüSDF]NL]DNXSLRQ\FKWRZDUyZ

QLHW\ONRQLHXVWDQQ\EU]ĊNEODV]DQ\FKV]XIHOHNQDELHUDMąF\FKNDZĊOXEKHUEDWĊQLH

W\ONRGĨZLĊNZ\GDZDQ\SU]H]UyĪQRURGQHSDF]NLU]XFDQHQDNRQWXDUNWyUH]MDZLDá\VLĊ

L]QLNDá\MDNNXOHZUĊNDFKĪRQJOHUD

1DGHZV]\VWNR]ZUDFDáXZDJĊ]PLHV]DQ\DURPDWNDZ\LKHUEDW\WDNSU]\MHPQ\GOD

SRZRQLHQLD 3LĊNQLH SDFKQLDá\ VWRV\ F]HUZRQ\FK GXĪ\FK URG]\QNyZ L ĞQLHĪQRELDá\FK

PLJGDáyZJyU\F\QDPRQXLLQQ\FKDURPDW\F]Q\FKNRU]HQLRZRFHVPDĪRQHZFXNU]H

NWyU\FK VDP ZLGRN áDVNRWDá SRGQLHELHQLH IHVWRQ\ PLĊVLVWHJR L VRF]\VWHJR ZLQRJUR-

DTP by SHADE

QDNRV]\NLSHáQHVNURPQLH]DUXPLHQLRQ\FKĞOLZHNIUDQFXVNLFK6áRZHP±ZV]\VWNLHWH

SU]HUyĪQHVPDF]QHU]HF]\SU]HGVWDZLDQHZQDMSRQĊWQLHMV]\FKSRVWDFLDFK

*áyZQą XZDJĊ ]ZUDFDOL NXSXMąF\ MDNE\ QLHFLHUSOLZLH SUDJQąF\ Z\SHáQLü G]LĞ RG

GDZQDZ\P\ĞORQ\SODQ7áRF]\OLVLĊZGU]ZLDFKXGHU]DMąFMHGHQGUXJLHJRNRV]\NDPL

LSDF]NDPL]DSRPLQDMąFQDNRQWXDU]HF]ĊĞü]DNXSyZLV]\ENRZUDFDMąFSRQLHSRSHá-

QLDMąFZLHOHSRP\áHNLSU]HRF]HĔ]QLH]Z\F]DMQąGREURGXV]QRĞFLą-HGQRF]HĞQLHWU]HED

E\áR SRG]LZLDü FLHUSOLZRĞü NXSFD L MHJR SRPRFQLNyZ LFK XSU]HMPRĞü XJU]HF]QLHQLH

]MDNLPVWDUDOLVLĊG]LĞ]ZUDFDüGRZV]\VWNLFK=GDZDáRVLĊĪHJG\E\ĞRGQLFK]DĪąGDá

VHUFDEH]ZDKDQLDRILDURZDOLE\MH]UyZQąVNZDSOLZRĞFLąMDNKHUEDWĊOXENDZĊ

:WHP]DEU]PLDá\G]ZRQ\Z]\ZDMąFHSRERĪQ\FKGRNRĞFLRáD:NUyWFHXOLFH]DURLá\

VLĊOXGĨPLNWyU]\SU]\ZG]LHOLQLHW\ONRRGĞZLĊWQHV]DW\DOHWDNĪHXURF]\VWHĞZLąWHF]QH

PLQ\

-HGQRF]HĞQLH ] ERF]Q\FK XOLF XOLF]HN L ]DXáNyZ EH] QD]Z\ Z\Sá\QĊáR PQyVWZR

OXG]LNWyU]\QLHĞOLVZyMRELDGGRSLHNDU]DDE\JRRGJU]Dü

:LGRNW\FKELHGQ\FKDMHGQDNWDNV]F]ĊĞOLZ\FKZWHMFKZLOL]GDZDáVLĊQDMZLĊFHM

LQWHUHVRZDü GXFKD ]DWU]\PDá VLĊ ERZLHP ZUD] ]H 6FURRJH¶HP SU]\ GU]ZLDFK MHGQHM

] SLHNDUĔ L SRGQRV]ąF SRNU\Z\ QDF]\Ĕ Z FKZLOL JG\ OXG]LH SU]HFKRG]LOL RERN QLHJR

RĞZLHWODáLFKSRVLáHNVZąSRFKRGQLą

%\áDWRLĞFLHFXGRZQDSRFKRGQLDJG\ERZLHPNLONXOXG]LSRF]ĊáRVLĊRFRĞVSLHUDü

LQDZHWSDGá\GRĞüRVWUHZ\UD]\GXFKÄSRNURSLá´LFKNLONRPDNURSODPL]HĞZLDWáDVZHM

SRFKRGQLDQDW\FKPLDVWZUyFLáLPSRJRGQ\QDVWUyM3U]\]QDZDOLĪHZVW\GVSU]HF]DüVLĊ

ZG]LHĔ%RĪHJR1DURG]HQLD

1LHEDZHPG]ZRQ\XPLONá\DVNOHS\SLHNDU]\]DPNQLĊWR:SRZLHWU]XXQRVLá\VLĊ

VPDF]QH]DSDFK\RGJU]HZDQ\FKRELDGyZDNRPLQ\SLHFyZZ\U]XFDá\NáĊE\G\PXSR-

PLHV]DQHJR]SDUą

±=DSHZQHWZRMDSRFKRGQLDPDMDNąĞV]F]HJyOQąZáDĞFLZRĞü"±]DS\WDá6FURRJH

±7DNF]\QLHQLDZV]\VWNLHJRSU]\MHPQ\PLGREU\P

±&]\G]LDáDWDNQDNDĪG\RELDGZW\PGQLX"±S\WDáGDOHM6FURRJH

±1DNDĪG\SRGDZDQ\]GREUąZROą6]F]HJyOQLHQDRELDGXERJLFK

±'ODF]HJR"

±3RQLHZDĪRQLWHJRQDMZLĊFHMSRWU]HEXMą

:FLąĪQLHZLG]LDOQLGXFKZUD]]H6FURRJH¶HPXGDOLVLĊQDSU]HGPLHĞFLH

'XFK SRPLPR ROEU]\PLHM SRVWDFL ZV]ĊG]LH GRVWDZDá VLĊ ] áDWZRĞFLą L ]DUyZQR

ZQLVNLHMOHSLDQFHMDNLZHZVSDQLDáHMVDOLSDáDFXSU]HGVWDZLDáVLĊLPSRQXMąFR

%\üPRĪHSRZRGRZDQ\UDGRĞFLąMDNąRGF]XZDá]SRVLDGDQLDZáDG]\DPRĪHSRZR-

GRZDQ\VHUGHF]QąQDWXUąLZVSyáF]XFLHPGODELHGQ\FK±GXFK]DSURZDG]Lá6FURRJH¶D

ZFLąĪWU]\PDMąFHJRVLĊMHJRV]DW\GRPLHV]NDQLDMHJRSRPRFQLND1DSURJXGXFK]D-

WU]\PDáVLĊ]XĞPLHFKHPLSREáRJRVáDZLáPLHV]NDQLH%RED&UDWFKLWDĞZLDWáHP]HVZHM

SRFKRGQL

3RP\ĞOFLH±%REPLDáW\ONRSLĊWQDĞFLHV]\OLQJyZQDW\G]LHĔNWyUHNDĪGHMVRERW\

FKRZDáGRNLHV]HQLMHGQDNGXFKEáRJRVáDZLáG]LVLHMV]HMQRF\MHJRGRPRZL

0DáĪRQND&UDWFKLWDZXERJLHMGZDUD]\MXĪSU]HUDELDQHMVXNQLSU]\VWURMRQHMWD-

QLPL ZVWąĪNDPL DOH Z\JOąGDMąFD ZFDOH áDGQLH QDNU\ZDáD ZáDĞQLH VWyá 3RPDJDáD MHM

FyUND%HOLQGD:W\PF]DVLHV\Q3LRWUVSUDZG]DáF]\JRWXMąVLĊ]LHPQLDNLZJDUQNX

=DáRĪ\áG]LĞROEU]\PLNRáQLHU]\NNWyU\SRĪ\F]\áRGRMFDDE\Z\JOąGDüĞZLąWHF]QLH1D-

SHáQLáRJRWRWDNąGXPąĪHE\áQDZHWZSDUNXDE\SRND]DüVLĊUyZLHĞQLNRP

3RFKZLOLZELHJá\GZLHPáRGV]HODWRURĞOHURG]LQ\&UDWFKLWG]LHZF]\QNDLFKáRSF]\N

RSRZLDGDMąFJáRĞQRĪH]]DGU]ZLSLHNDU]DGRV]HGáLFK]DSDFKSLHF]RQHMJĊVLLĪHWDJĊĞ

QDOHĪ\GRQLFK=ZLHONLHMUDGRĞFLG]LHFLDNL]DF]Ċá\WDĔF]\üGRRNRáDVWRáXSRGQRV]ąF

3LRWUD&UDWFKLWDSRGQLHELRVDSRGF]DVJG\RQGPXFKDáZRJLHĔD]LHPQLDNLJRWXMąFH

VLĊZJDUQNXSXNDá\RSRNU\ZĊMDNE\EáDJDá\E\MHZ\SXV]F]RQRLREUDQR]áXSLQ\

±*G]LHWHĪRMFLHFWDNGáXJRVLHG]L"±RGH]ZDáDVLĊSDQL&UDWFKLW±LWZyMEUDW7LQ\

7LP"$0DUWD]HV]áRURF]QHM:LJLOLLSU]\V]áDRSyáJRG]LQ\ZF]HĞQLHM

DTP by SHADE

±2WRMHVW0DUWDPDWHF]NR±RGSRZLHG]LDáDG]LHZF]\QDNWyUDZWHMZáDĞQLHFKZLOL

ZHV]áDGRSRNRMX

±%yJ]WREąGURJLHG]LHFNR-DNĪHSyĨQRSU]\FKRG]LV]±U]HNáDSDQL&UDWFKLWFD-

áXMąFFyUNĊDUyZQRF]HĞQLH]GHMPXMąF]QLHMV]DOLNDSHOXV]

±0LDá\ĞP\ZLHOHURERW\RGSDUáDG]LHZF]\QD²QDG]LĞWU]HEDE\áRZ\NRĔF]\üMą

PDPR

±:V]\VWNRMXĪGREU]HVNRURMHVWHĞ±U]HNáDSDQL&UDWFKLW±8VLąGĨSU]\NRPLQNX

GURJLHG]LHFNRRJU]HMVLĊ

±2MFLHFLG]LH±RGH]ZDáRVLĊGZRMHQDMPáRGV]\FKG]LHFLNWyUH]DZV]HWU]\PDá\VLĊ

UD]HP±

VFKRZDMVLĊ0DUWRVFKRZDMVLĊ

0DUWDXNU\áDVLĊDSRFKZLOLZNURF]\áXURF]\ĞFLHGRSRNRMX%RERMFLHF

'áXJLV]DO]ZLHV]DáVLĊ]V]\L]QRV]RQH]DĞRNU\FLHE\áRZZLHOXPLHMVFDFKSRáDWDQH

LSRZ\FLHUDQHV]F]RWNąDE\UDWRZDüMDNRĞSU]\]ZRLW\SR]yU1DMHJREDUNDFKVLHG]LDá

7LQ\7LP

%LHGQ\7LQ\7LP

:UąF]NDFKPLDáNXOHGRSRGSLHUDQLDDMHJRF]áRQNLRSDV\ZDá\PHWDORZHWDĞP\

NWyUHXWU]\P\ZDá\JRQDVáDE\FKQyĪNDFK

±*G]LHQDV]D0DUWD"±]DS\WDá%RE&UDWFKLWUR]JOąGDMąFVLĊSRSRNRMX

±1LHSU]\MG]LH±RGU]HNáDSDQL&UDWFKLW

± 1LH SU]\MG]LH" ± SRZWyU]\á %RE WUDFąF KXPRU %\á Z WDN GREU\P QDVWURMX ĪH

ZGURG]H]NRĞFLRáDGRGRPXG]LDUVNRJDORSRZDáXGDMąFNRQLDGOD7LQ\7LPDNWyU\E\á

W\P]DFKZ\FRQ\

±1LHSU]\MG]LH"±SRZWyU]\áUD]MHV]F]H]ĪDOHP±1LHVSĊG]L]QDPLZLHF]RUXZL-

JLOLMQHJR"0DUWDQLHFKFLDáDGáXĪHMVSUDZLDüRMFXSU]\NURĞFL:\V]áD]XNU\FLDLRWRF]\áD

UĊNRPDMHJRV]\MĊ'ZRMHPDá\FK&UDWFKLWyZ]DMĊáRVLĊ7LQ\7LPHPL]DSURZDG]LáRJR

GRNXFKQLDE\SRND]DüPXMDNVLĊJRWXMHĞZLąWHF]Q\EXG\Ĕ

±&]\PDá\7LPGREU]HVLĊVSUDZRZDá"±]DS\WDáDPDWNDJG\MXĪQDĪDUWRZDáDVLĊ

GRV\WD]áDWZRZLHUQRĞFL%RED

±%DUG]RGREU]H±RGU]HNá%RE±7R]áRWHG]LHFNR1LHZLHPMDNWRVLĊG]LHMHPRĪH

WR]SRZRGXSU]HVLDG\ZDQLDZVDPRWQRĞFLURELVLĊWHUD]PDU]\FLHOHPLZ\P\ĞODG]LZ-

QHU]HF]\']LĞJG\ZUDFDOLĞP\GRGRPXSRZLHG]LDáPLĪHZV]\VF\OXG]LHZNRĞFLHOH

]ZUyFLOLQDQLHJRXZDJĊGODWHJRSRQLHZDĪMHVWNDOHNąLĪHNDOHFWZRMHJRSRZLQQRLP

ZGQLX%RĪHJR1DURG]HQLDSU]\SRPQLHü%RJDNWyU\VSUDZLáLĪFKURPLFKRG]LOLDĞOHSL

ZLG]LHOL

*áRV%REDGUĪDáJG\Z\PDZLDáWHVáRZD'RGDáĪH7LQ\7LP]NDĪG\PGQLHPQD-

ELHUDVLáLHQHUJLL

7\PF]DVHPGDáRVLĊVá\V]HüVWXNDQLHNXORSRGáRJĊLSRFKZLOLGRSRNRMXZUyFLáPDá\

7LPNWyUHPXSRPDJDáRURG]HĔVWZR

%RE]DZLQąáWHUD]UĊNDZ\VXUGXWDLZ]LąáVLĊGRSU]\JRWRZDQLD]MDáRZFyZNLLF\-

WU\QF]HJRĞZURG]DMXJURJX0LHV]DQLQĊWĊUR]JU]HZDáSU]\RJQLXNRPLQNDDE\MąGR-

SURZDG]LüGRZáDĞFLZHMWHPSHUDWXU\

*G\%REE\á]DMĊW\WąZDĪQąF]\QQRĞFLą3LRWUZWRZDU]\VWZLHGZyMNLQDMPáRGV]H-

JRURG]HĔVWZDZ\EUDáVLĊSRJĊĞNWyUąQLHEDZHPZXURF]\VW\PSRFKRG]LHZQLyVáGR

SRNRMX

3RZVWDáWDNLKDáDVMDNJG\E\JĊĞE\áDQDMU]DGV]\P]HZV]\VWNLFKSWDNyZ±XSLH-

U]RQ\PG]LZHPSU]\NWyU\PQDZHWF]DUQ\áDEĊGĨE\áE\F]\PĞ]Z\F]DMQ\P

,VWRWQLHE\áDRQDU]DGNLP]MDZLVNLHPZW\PGRPX

3DQL&UDWFKLWJU]DáDSU]\NRPLQNX]DZF]DVXSU]\JRWRZDQ\VRV3LRWU]RJURPQ\P

]DSDáHP SU]\VPDĪDá NDUWRIOH %HOLQGD VáRG]LáD NRPSRW ] MDEáHN 0DUWD ĞFLHUDáD NXU]

]RJU]DQ\FKWDOHU]\%REZ]LąáQDUĊFH7LQ\7LPDLSRVDG]LáJRSU]\VWROHRERNVLHELH

ZQDMZ\JRGQLHMV]\PPLHMVFX'ZRMHPDá\FK&UDWFKLWyZSU]\VWDZLáRNU]HVáDGRVWRáX

ĪDGQH]QLFKQLH]DSRPQLDáRRVRELHL]DMąZV]\VZRMHPLHMVFDSRZVDG]Dá\ZEX]LH

DTP by SHADE

á\ĪNLF]HNDMąFQDJĊĞ

:UHV]FLH ZQLHVLRQR SRWUDZ\ L RGPyZLRQR PRGOLWZĊ 3RWHP ZV]\VF\ ]DPLONOL

ZVWU]\PXMąFRGGHFKZSLHUVLDFK3DQL&UDWFKLWSU]\MU]DZV]\VLĊGRĞZLDGF]RQ\PRNLHP

RVWU]XQRĪD]DEUDáDVLĊGRG]LHOHQLDSWDND*G\GRNRQDáDG]LHáDGRNRáDVWRáXUR]OHJá

VLĊUDGRVQ\V]PHULQDZHW7LQ\7LPRĞPLHORQ\SU]H]GZRMHPDá\FK&UDWFKLWyZXGHU]\á

WU]RQNLHPQRĪDRVWyáL]DZRáDáVáDE\PJáRVLNLHP

±:LZDW

&K\EDMHV]F]HQLJG\QDĞZLHFLHQLHE\áRWDNLHMJĊVL%RE]DSHZQLDáLĪXZDĪDWR]D

QLHPRĪOLZHDE\ZRJyOHNLHG\NROZLHNXSLHF]RQRWDNVPDF]QąJĊĞ-HMGHOLNDWQHPLĊVR

MHMZLHONRĞüLWDQLRĞüE\á\SU]HGPLRWHPRJyOQHJRSRG]LZX=GRGDWNLHPNRPSRWXMD-

EáHF]QHJRLSU]\VPDĪRQ\FKNDUWRIOLVWDQRZLáDRQDĞZLHWQHGDQLHGODFDáHMURG]LQ\*G\

SDQL&UDWFKLW]DXZDĪ\áDMHGQąPDáąNRVWHF]NĊSR]RVWDZLRQąQDSyáPLVNXRĞZLDGF]\áD

ĪHSU]HFLHĪQLHZV]\VWNR]RVWDáRVSRĪ\WH$NDĪG\]ELHVLDGQLNyZMDGáLOHFKFLDá1DM-

OHSV]\PWHJRGRZRGHPE\OLPDOF\SROLF]NLLFKERZLHPĞZLHFLá\VLĊRGWáXV]F]X

7HUD]%HOLQGD]PLHQLDáDWDOHU]HDSDQL&UDWFKLWSRV]áDSU]\QLHĞüVPDNRZLW\GHVHU

1LHPRJáDWHJR]URELüSU]\ĞZLDGNDFKJG\Ī]DQDGWRE\áDSU]HMĊWDLQLHVSRNRMQD

$QXĪEXG\ĔVLĊQLHXGDá":\REUDĨP\VRELHĪHSU]\Z\MPRZDQLX]SLHF\NDUR]SDGá

VLĊZNDZDáNL/XEĪH]áRG]LHMZĞOL]QąáVLĊGRNXFKQLLXNUDGáSRGF]DVJG\UDF]RQRVLĊ

JĊVLą1DWĊP\ĞOGZRMHPDá\FK&UDWFKLWyZSREODGáR]SU]HUDĪHQLD:RJyOHGRSXV]F]D-

QRSU]H]FKZLOĊZV]HONLHPRĪOLZHRNURSQRĞFL

+DOR±FKPXUDSDU\%XG\ĔZ\MĊW\]QDF]\QLD

&R ]D SU]\MHPQ\ ]DSDFK ELMH ] VHUZHW\ Z NWyUą JR ]DZLQLĊWR 0LHV]DQLQD DSH-

W\F]Q\FKZRQL3U]\SRPLQDMąRQHWURFKĊNXFKQLĊWURFKĊSLHNDUQLĊDRGURELQĊSUDOQLĊ

7DNLHDURPDW\Z\GDZDá]VLHELHyZEXG\Ĕ

:UHV]FLH GR SRNRMX ZHV]áD SDQL &UDWFKLW Z]UXV]RQD DOH GXPQD L XĞPLHFKQLĊWD

QLRVąFSU]HGVREąEXG\ĔZ\URĞQLĊW\LGXĪ\RĞZLHWORQ\SáRP\NDPL]DSDORQHJRUXPX

]HĞZLąWHF]QąJDáą]NąĞZLHUNXZHWNQLĊWąZVDPĞURGHN

2QDG]Z\F]DMQ\FXGRZQ\EXG\Ĕ

%RE&UDWFKLWVSRNRMQ\PJáRVHPRĞZLDGF]\áĪHXZDĪDJR]DQDMZLĊNV]HDUF\G]LHáR

NXFKDUVNLHSDQL&UDWFKLWRGF]DVXNLHG\VąPDáĪHĔVWZHP3DQL&UDWFKLWRGSRZLHG]LDáD

QDWRĪHWHUD]NLHG\FLĊĪDUVSDGá]MHMVHUFDSU]\]QDMHĪHE\áDEDUG]RQLHVSRNRMQD

SRQLHZDĪ]GDZDáRVLĊMHMĪHZ]LĊáD]DGXĪRPąNL

.DĪG\PLDáFRĞGRSRZLHG]HQLDDOHQLNWQLHRĞPLHOLáVLĊ]DXZDĪ\üĪHE\áWRMHGQDN

]DPDá\EXG\ĔGODWDNOLF]QHMURG]LQ\%\áRE\WREOXĨQLHUVWZHP.DĪG\F]áRQHNURG]LQ\

ZVW\G]LáE\VLĊJG\E\PXFRĞSRGREQHJRFKRüE\SU]\V]áRGRJáRZ\

:UHV]FLHVNRĔF]\OLXF]WĊSRVSU]ąWDQR]HVWRáXLGRU]XFRQRZĊJODGRRJQLDQDNR-

PLQNX3RGV\FRQHSáRPLHQLH]DMDĞQLDá\ZHVHOHMQLĪSU]HGWHP

7HUD] VNRV]WRZDQR SU]\JRWRZDQHJR SU]H] %RED JURJX L RND]DáR VLĊ ĪH WHĪ MHVW

]QDNRPLW\

1DNRQLHFXVWDZLRQRQDVWROHMDEáNDLSRPDUDĔF]HDZRJLHĔU]XFRQRNLONDJDUĞFL

NDV]WDQyZ1DVWĊSQLHURG]LQD&UDWFKLWyZ]DVLDGáDSU]HGNRPLQNLHP±MDNZ\UD]LáVLĊ

%RE&UDWFKLW±NRáHPFKRFLDĪE\áRWRZáDĞFLZLHSyáNROH%RESRĞURGNXDRERNQLHJR

FDá\]DSDVV]NODQHN

1DF]\QLDWHQDSHáQLRQHJRUąF\PJURJLHPZ\JOąGDá\WDNMDNJG\E\WRE\á\]áRWH

SXFKDU\%REUR]OHZDáQDSyM]SURPLHQLHMąF\PZ]URNLHPSRGF]DVJG\ZRJQLXSRGVND-

NLZDá\LVWU]HODá\NDV]WDQ\3RWHPZ]QLyVáWRDVW

±'DMQDP%RĪHPRLGURG]\VSĊG]LüV]F]ĊĞOLZLHĞZLĊWD1LHFKQDV%yJEáRJRVáDZL

&DáDURG]LQDSRZWyU]\áDWRDVW

±1LHFK%yJEáRJRVáDZLQDVZV]\VWNLFKLNDĪGHJR]RVREQDU]HNáMDNRRVWDWQL7LQ\

7LP6LHG]LDáWXĪRERNRMFDQDPDá\PNU]HVHáNX%REWU]\PDáMHJRPDáąUąF]NĊZVZR-

MHMGáRQLFKFąFRND]DüG]LHFNXVZRMąV]F]HJyOQąGODQLHJRPLáRĞü

± 'XFKX ± RGH]ZDá VLĊ 6FURRJH ]H ZVSyáF]XFLHP NWyUHJR QLJG\ GRW\FKF]DV QLH

GR]QDZDá±

DTP by SHADE

SRZLHG]PLF]\7LQ\7LPEĊG]LHĪ\ü"

±:LG]ĊSUyĪQHNU]HVáRSU]\NRPLQNX±RGSDUáGXFK±LVWDUDQQLHSU]HFKRZ\ZDQH

NXOHEH]ZáDĞFLFLHOD-HĪHOLSU]\V]áRĞüQLH]PLHQLWHJRG]LHFNRXPU]H

±1LHQLH]DZRáDá6FURRJH±2GREU\GXFKXSRZLHG]ĪHRQREĊG]LHĪ\áR

±-HĪHOLSU]\V]áRĞüQLH]PLHQLWHJRREUD]X±SRZWyU]\áGXFK±WRĪDGHQ]PRLFKQD-

VWĊSFyZQLH]DVWDQLHWXWDMWHJRG]LHFND2FRFLFKRG]L"6NRURPXVLXPU]HüWROHSLHM

ĪHE\XPDUáR]DUD]L]PQLHMV]\áRSU]H]WRQDGPLDUOXGQRĞFL

6FURRJHVá\V]ąFVZRMHZF]HĞQLHMV]HVáRZDSRZWyU]RQHSU]H]GXFKDSRFK\OLáJáRZĊ

SU]HMĊW\VNUXFKąLĪDOHP

±&]áRZLHNX±U]HNáGXFK±MHĞOLPDV]VHUFHDQLHNDPLHĔWRQLJG\QLHZ\SRZLDGDM

WDNRK\GQ\FKVáyZGRSyNLQLH]UR]XPLHV]F]\PMHVWQDGPLDUOXGQRĞFLLJG]LHRQVLĊ

]QDMGXMH&]\W\PDV]SUDZRUR]VWU]\JDüNWyU]\OXG]LHPDMąĪ\üDNWyU]\XPU]Hü"%\ü

PRĪHLĪW\ZRF]DFK6WZyUF\MHVWHĞRZLHOHPQLHMZDUWĪ\FLDQLĪPLOLRQ\LVWRWSRGRE-

Q\FKGRWHJRG]LHFNDELHGQHJRF]áRZLHND

6FURRJHZ\VáXFKDáXSRPQLHĔGXFKDZSRNRU]HLVSXĞFLáRF]\1DUD]XVá\V]DáZ\Py-

ZLRQHVZRMHQD]ZLVNR

±1LHFKĪ\MHSDQ6FURRJH±SU]HPyZLá%RE±:\SLMP\MHJR]GURZLHJG\ĪMHVWRQ

QDV]\PFKOHERGDZFąLMHPX]DZG]LĊF]DP\QDV]ąXF]WĊ

±-HPX]DZG]LĊF]DP\"±]DZRáDáDSDQL&UDWFKLW]REXU]HQLHP±3UDJQĊáDE\PEDU-

G]RĪHE\WXVLĊ]MDZLá:\SUDZLáDE\PPXXF]WĊSRVZRMHPX7DNMHVW:\SRZLHG]LD-

áDE\PPXZRF]\ZV]\VWNRFRRQLPP\ĞOĊDVSRG]LHZDPVLĊĪHQLHSU]\SDGáRE\PX

WRGRVPDNX

±'URJDĪRQRPyZLV]WRSU]\G]LHFLDFK±XSRPQLDáMąáDJRGQLH%RE±']LVLDMSU]H-

FLHĪPDP\ĞZLĊWR%RĪHJR1DURG]HQLD

±,VWRWQLHW\ONRZWDNZLHONLHĞZLĊWRPRĪQDZ]QRVLüWRDVW]D]GURZLHWDNSRGáHJR

VNąSFDF]áRZLHNDEH]VHUFDMDNLPMHVW6FURRJH±REXU]DáDVLĊZGDOV]\PFLąJXSDQL

&UDWFKLW±7\ZLHV]5REHUFLHMDNLRQMHVW1LNWQLHZLHRW\POHSLHMRGFLHELH

±'URJDĪRQR±SRZWyU]\á%RE±G]LĞĞZLĊWR%RĪHJR1DURG]HQLD=DVWDQyZVLĊ

±$ZLĊFZ\FK\OĊMHJR]GURZLHXF]\QLĊWRSU]H]PLáRĞüGRFLHELHLSU]H]Z]JOąGQD

G]LVLHMV]HĞZLĊWR±U]HNáDSDQL&UDWFKLW±1LHFKĪ\MHGáXJLHODWDĩ\F]ĊPXZHVRá\FK

ĞZLąWLV]F]ĊĞOLZHJR1RZHJR5RNXĩ\F]ĊPXWHJRDOHZąWSLĊF]\VLĊWRVSHáQL%DUG]R

ZąWSLĊ

']LHFLLGąF]DSU]\NáDGHPPDWNLZ\SLá\UyZQLHĪ]GURZLH6FURRJH¶D

%\áWRSLHUZV]\DNWNWyUHJRGRNRQDOLWHJRZLHF]RUXEH]VHUGHF]QRĞFLLFLHSáDMDNE\

SRGQDFLVNLHPSU]\PXVX7LQ\7LPZ\SLáRVWDWQLDOHQLHGRGDáGRWHJRĪDGQHMXZDJL

:LGRF]QLH6FURRJHE\áSRVWUDFKHPURG]LQ\:\PLHQLHQLHMHJRQD]ZLVNDU]XFLáRQDQLFK

SRQXU\FLHĔNWyU\QLHXVWąSLáSU]H]FDáHSLĊüPLQXW

*G\ZUHV]FLHFLHĔXVWąSLáE\OL]QyZZHVHOLFK\EDG]LHVLĊüUD]\EDUG]LHMQLĪSU]HG-

WHP

%RE &UDWFKLW XURF]\ĞFLH R]QDMPLá ĪH PD RELHFDQH GOD 3LRWUD PLHMVFH NWyUH PX

SU]\QLHVLHDĪSyáV]yVWDV]\OLQJDW\JRGQLRZR'ZRMHPDá\FKUR]HĞPLDáRVLĊVHUGHF]QLH

QDP\ĞOĪHEĊGąZLG]LHOL3LRWUDMDNRF]áRZLHNDSUDF\6DP3LRWUVSRJOąGDáZ]DP\ĞOH-

QLX Z RJLHĔ ]DVWDQDZLDMąF VLĊ ]DSHZQH QDG W\P Z MDNLFK SDSLHUDFK XORNXMH VZRMH

RV]F]ĊGQRĞFLVNRURMXĪ]QDMG]LHVLĊZSRVLDGDQLXWDNEDMHF]QHMSHQVML

0DUWD NWyUD SUDFRZDáD X PRGQLDUNL RSRZLDGDáD MDN ZLHOH PD WHUD] URERW\ LOH

JRG]LQZSRU]HQDMZLĊNV]HJRUXFKXPXVLSUDFRZDüLĪH]DPLHU]DMXWURZ\VSDüVLĊ]D

ZV]\VWNLHF]DV\EĊG]LHWRG]LHĔ]XSHáQLHZROQ\2SRZLDGDáDWDNĪHLĪSU]HGNLONXGQLD-

PLZLG]LDáDSHZQąKUDELQĊLORUGDDORUGE\áSUDZLHWHJRZ]URVWXFR3LRWU3U]\W\FK

MHMVáRZDFK3LRWUSRGFLąJQąáURJLVZHJRNRáQLHU]\NDWDNZ\VRNRĪH]DQLPLJáRZDMHJR

SUDZLH]QLNQĊáD

7\PF]DVHPNDV]WDQ\LSRQF]NUąĪ\á\ZFLąĪZĞUyGUR]EDZLRQHMURG]LQ\D7LQ\7LP

]DĞSLHZDáVZ\PFLFK\PJáRVLNLHPSLRVHQNĊRG]LHFNX]DV\SDQ\PSU]H]ĞQLHJĞSLHZDá

EDUG]RáDGQLH

DTP by SHADE

:W\PZV]\VWNLPQLHE\áRQLFV]F]HJyOQHJR:URG]LQLHWHMQLHE\áRDQLMHGQHMSR-

VWDFLSLĊNQLHXEUDQHM,FKREXZLHGDZQRVWUDFLáRZáDĞFLZRĞüQLHSU]HSXV]F]DQLDZRG\

LFKRG]LHĪE\áDSRGQLV]F]RQDG]LHFLZ\JOąGDá\ELHGQLHD3LRWU]SHZQRĞFLą]QDáGREU]H

ZQĊWU]H ORPEDUGX 0LPR WR E\OL V]F]ĊĞOLZL L SU]HSHáQLHQL ZG]LĊF]QRĞFLą ]D VNURPQH

UR]NRV]HMDNLPLLFKORVREGDU]Dá.RFKDOLVLĊSDQRZDáDZĞUyGQLFK]JRGDLVSRNyMOXG]L

XF]FLZ\FK6FURRJH]WUXGQRĞFLąRGHUZDáRGQLFKRF]\D]ZáDV]F]DĪDOPXE\áRUR]VWD-

ZDüVLĊ]PDá\P7LPHP

=URELáRVLĊFLHPQRL]DF]ąáSDGDüJĊVW\ĞQLHJ6FURRJHLGXFKV]OLWHUD]XOLFDPL/RQ-

G\QX:RNQDFKGRPyZEá\V]F]Dá\MDVQHĞZLDWáD0RĪQDE\áR]REDF]\üSU]\JRWRZDQLD

GR ZLHF]HU]\ ERJDWR QDNU\WH VWRá\ VWRV\ WDOHU]\ RJU]HZDQ\FK QD JD]LH NRV]WRZQH

RNU\FLDLPHEOH2WRG]LHFLZ\ELHJDá\QDSRNU\WąĞQLHJLHPXOLFĊDE\SRZLWDüSU]\E\ZD-

MąF\FKJRĞFLVLRVWU\LEUDFLNX]\QyZZXMyZFLRWNLWXLyZG]LHQDRNQDFKSU]HVXZDá\

VLĊFLHQLH]JURPDG]RQ\FKJRĞFLWDP]QyZG]LHZF]ĊWDSU]\EUDQHZIXWU]DQHNRáQLHU]H

LWDNLHĪEXFLNLV]F]HELRF]ąFMHGQDSU]H]GUXJąOHNNLPNURNLHPVSLHV]\á\GRVąVLDGyZ

%LDGDNDZDOHURPNWyU]\E\WHUD]U]XFLOLRNLHPQDLFK]DUXPLHQLRQHWZDU]\F]NLLEá\V]-

F]ąFHRĪ\ZLRQHVSRMU]HQLD7HILJODUQHF]DURG]LHMNLZLHG]LDá\GRVNRQDOHMDNVąGODW\FK

ELHGDNyZQLHEH]SLHF]QH

:NDĪG\PGRPXRF]HNLZDQRJRĞFLLQDNDĪG\PNRPLQNXSáRQąáZHVRá\RJLHĔ'XFK

E\áEDUG]RV]F]ĊĞOLZ\2GVáDQLDáV]HURNąSLHUĞLRWZLHUDáGáRĔKRMQLHU]XFDMąFQDZV]\VW-

NRGRNRáDV]F]HUHSRF]FLZHV]ODFKHWQHUR]UDGRZDQLH1DZHWODWDUQLNSU]HELHJDMąF\

ZRGĞZLĊWQ\PXEUDQLXFLHPQHXOLFHDE\LFKSRQXUąPJáĊUR]MDĞQLüEODVNDPLĞZLDWáD

LZáDĞQLHP\ĞOąF\RVSĊG]HQLXZLHF]RUXXWRZDU]\V]DSUDF\UR]HĞPLDáVLĊJáRĞQRJG\

GXFKSU]HOHFLDáRERNQLHJR$QLVLĊGRP\ĞODáĪHVSRWNDáLVWRWĊWDNZDĪQą

:WHPEH]ĪDGQHJRXSU]HG]HQLD]QDOHĨOLVLĊQDUR]OHJá\PEáRWQLVW\PSXVWNRZLX

QDNWyU\PVWDá\WXLyZG]LHRJURPQHJáD]\MDNJG\E\WRE\áRFPHQWDU]\VNRROEU]\PyZ

:RGD QLH PDMąFD WXWDM ĪDGQHJR RGSá\ZX ]DODáDE\ FDáą SU]HVWU]HĔ JG\E\ PUy] QLH

XMąáMHMZORGRZHRNRZ\2SUyF]PFKXSDSURFLLWZDUGHMRVWUHMWUDZ\QLFZLĊFHMWXQLH

URVáR1D]DFKRG]LHQLNQąFHVáRĔFHSR]RVWDZLáRSDVSáRQąFHMF]HUZLHQLVSRJOąGDMąFHM

QDWRUR]SDF]OLZHSXVWNRZLHQLE\QDELHJáHNUZLąRNRUR]MąWU]RQHJRW\JU\VD3DVWHQ

]DSDGDáVLĊFRUD]QLĪHMLQLĪHMDĪZUHV]FLHFDáNLHPSRJUąĪ\áVLĊZFLHPQRĞFLDFKQRF\

±*G]LHMHVWHĞP\"±]DS\WDá6FURRJH

±7XPLHV]NDMąJyUQLF\SUDFXMąF\JáĊERNRSRG]LHPLą±RGU]HNáGXFK±3DWU]3R-

]QDOLPQLH:RNQLHMDNLHMĞQĊG]QHMOHSLDQNLEá\V]F]DáRĞZLDWáRV]\ENRWDPSRPNQĊOL

=DVWDOL ZHVRáH WRZDU]\VWZR VLHG]ąFH GRNRáD ZLHONLHJR MDVQR SáRQąFHJR RJQLVND

=JU]\ELDá\VWDU]HFLMHJRVĊG]LZDĪRQDVLHG]LHOLZRWRF]HQLXG]LHFLZQXNyZLSUDZQX-

NyZ ZV]\VF\ Z RGĞZLĊWQ\FK V]DWDFK 6WDU]HF ĞSLHZDá SLHĞĔ ZLJLOLMQą JáRVHP NWyU\

QLHNLHG\W\ONRSU]\JáXV]DáZ\FLHZLDWUX%\áDWREDUG]RVWDUDSLHĞĔNWyUąĞSLHZDáMHV]-

F]HZyZF]DVNLHG\E\áPDá\PFKáRSFHP2GF]DVXGRF]DVXZV]\VF\ZWyURZDOLPX=D

NDĪG\PUD]HPNLHG\]DEU]PLDá\LFKJáRV\VWDU]HFRĪ\ZLDáVLĊDMHJRJáRVVWDZDáVLĊ

VLOQLHMV]\JG\]DĞPLONá\MHJRVLá\VáDEá\

'XFKQLHEDZLáWXGáXJR3ROHFLZV]\6FURRJH¶RZLE\WU]\PDáVLĊVLOQLHMMHJRRSRĔ-

F]\XQLyVáJRZSRZLHWU]H

-DNP\ĞOLFLH±GRNąGJRXQLyVá"3U]HFLHĪQLHQDPRU]H$ZáDĞQLHQDPRU]H

.XZLHONLHPXSU]HUDĪHQLX6FURRJHXMU]Dá]QLNDMąFą]DVREą]LHPLĊDZGROHXVá\-

V]DáJáXFK\SRPUXNSLHQLąF\FKVLĊIDO]ZĞFLHNáRĞFLąXGHU]DMąF\FKRVNDOLVWHEU]HJL

1DSRVĊSQHMVNDOHGRSRáRZ\]DQXU]RQHMZZRG]LHZRGOHJáRĞFLPLOLRGVWDáHJR

OąGXVWDáDVDPRWQDODWDUQLDPRUVND3U]H]FDá\URNKXF]Dá\GRNRáDQLHMIDOH2JURPQH

SRáDFLHWUDZPRUVNLFKRVQXZDá\MHMVWRS\DPHZ\MDNE\]URG]RQH]ZLDWUXXQRVLá\VLĊ

LRSDGDá\ZSRZLHWU]XGRNRáDMHMV]F]\WX

'ZDMODWDUQLF\UR]SDOLOLZHZQąWU]RJLHĔNWyU\U]XFDáMDVQ\VQRSSURPLHQLQDZ]EX-

U]RQąSRZLHU]FKQLĊPRU]DSU]H]RWZyUZJUXE\PPXU]HODWDUQL

3URĞFLOXG]LHNWyU]\UR]QLHFLOLRJLHĔZ\FLąJQąZV]\]JUXELDáHRGFLĊĪNLHMSUDF\UĊFH

SU]H]VWyáSU]\NWyU\P]DVLHGOLĪ\F]\OLVRELHZ]DMHPZHVRá\FKĞZLąWWUąFDMąFVLĊNXE-

DTP by SHADE

NDPLJRUąFHJRJURJX6WDUV]\]QLFKRWZDU]\]QLV]F]RQHMSU]H]XVWDZLF]QH]PLDQ\

SRJRG\SRRUDQHM]PDUV]F]NDPLSRGREQHMGRWZDU]\ILJXUZ\U]\QDQ\FKRQJLĞQDSU]R-

GDFKRNUĊWX]DĞSLHZDáRFKU\Sá\PJáRVHPSLHĞĔZLJLOLMQą

'XFK ]QyZ XQLyVá 6FURRJH¶D SRQDG F]DUQH SLĊWU]ąFH VLĊ PRU]H DĪ Z NRĔFX ]D-

WU]\PDOL VLĊ QD SRNáDG]LH MDNLHJRĞ RNUĊWX 1DMSLHUZ VWDQĊOL SU]\ VWHUQLNX QDVWĊSQLH

SU]\VWUDĪQLNXZUHV]FLHSU]\RILFHUDFKQDVáXĪELH:V]\VWNLHWHVXURZHSRVWDFLHSHáQLá\

VZRMHRGSRZLHG]LDOQHRERZLą]NLLQXFLá\]FLFKDSLHĞĔZLJLOLMQąEąGĨP\ĞODá\RZLHONLP

ĞZLHFLHZUHV]FLHRSRZLDGDá\VRELHZ]DMHPZVSRPQLHQLDGDZQ\FKĞZLąWVSĊG]RQ\FK

ZĞUyGURG]LQ\VQXMąFQDG]LHMĊU\FKáHJRSRZURWXGRVZRLFK

.DĪG\ PDU\QDU] ]QDMGXMąF\ VLĊ QD RNUĊFLH F]XZDMąF\ F]\ ĞSLąF\ ]á\ F]\ GREU\

PLDáZW\PGQLXGODWRZDU]\V]\OHSV]HFLHSOHMV]HVáRZRQLĪNLHG\NROZLHNZURNX.DĪG\

ZPQLHMV]\POXEZLĊNV]\PVWRSQLXGR]QDZDáUDGRVQHJRXF]XFLDP\ĞODáRW\FKNWyU]\

ZWHMFKZLOLP\ĞOąWHĪRQLP

6FURRJHSU]\VáXFKLZDáVLĊĪDáRVQ\PMĊNRPZLFKUXLUR]P\ĞODáMDNDWRZVSDQLDáD

U]HF]SRVXZDüVLĊZĞUyGQLHSU]HMU]DQHMFLHPQRĞFLXNU\ZDMąFHMQDVZRLPGQLHZLHONLH

WDMHPQLFH1DJOH]H]GXPLHQLHPXVá\V]DáJáRĞQ\ĞPLHFK=GXPLHQLHMHJRZ]URVáRJG\

SR]QDáJáRVVLRVWU]HĔFDLJG\QLHZLDGRPRMDNLPVSRVREHP]QDOD]áVLĊZMDVQ\PFLH-

Sá\PLVFKOXGQ\PSRNRMX2ERNQLHJRVWDáGXFKL]Ī\F]OLZ\PXĞPLHFKHPVSRJOąGDáQD

MHJRVLRVWU]HĔFD

±+DKDKD±ĞPLDáVLĊZFLąĪVLRVWU]HQLHF6FURRJH¶D±+DKDKD

*G\E\ĞV]DQRZQ\&]\WHOQLNX]QDáF]áRZLHNDĞPLHMąFHJRVLĊVHUGHF]QLHMLV]F]H-

U]HMWRLMDSUDJQąáE\PJRSR]QDü

1LHPDQLFVáXV]QLHMV]HJRLV]ODFKHWQLHMV]HJRQDGSUDZRUyZQRZDJLNWyUHVSUDZLD

ĪHRLOHFKRURE\LVPXWNLXG]LHODMąVLĊLQQ\PWRUyZQLHĪUDGRĞüLĞPLHFKVą]DUDĨOLZH

0RFWHJRSUDZDPRĪQDE\áRZáDĞQLHWX]REDF]\ü*G\ERZLHPVLRVWU]HQLHF6FURRJH-

¶DĞPLDáVLĊQDFDáHJDUGáRWU]\PDMąFVLĊ]DERNLĪRQDMHJRĞPLDáDVLĊUyZQLHVHUGHF]-

QLHDL]HEUDQLJRĞFLHQLHSR]RVWDZDOLZW\OH:V]\VF\WU]ĊĞOLVLĊRGĞPLHFKXDZUD]

]QLPL]GDZDáVLĊĞPLDüFDá\SRNyM

±+DKD+DKD+DKD

±-DNPQLHWXĪ\Z\PZLG]LFLHSRZLHG]LDáĪHZLJLOLDWRJáXSVWZR±ZRáDáVLRVWU]H-

QLHF6FURRJH¶D±7DNSRZLHG]LDáLMHVWHPSU]HNRQDQ\ĪHU]HF]\ZLĞFLHWDNP\ĞOL

±7\PJRU]HMGODQLHJR)UHG]LX±]REXU]HQLHP]DXZDĪ\áDMHJRĪRQD%áRJRVáDZLR-

QHQLHFKEĊGąNRELHW\RQHQLFQLHF]\QLąSRáRZLF]QLHL]DZV]HELRUąU]HF]\QDVHULR

ĩRQD)UHGDE\áDEDUG]RáDGQąNRELHWą0LDáDPLOXWNąQDLZQąWZDU]\F]NĊ]SRQĊW-

Q\PLGRáNDPLQDSROLF]NDFKSU]HĞOLF]QHMDNE\VWZRU]RQHGRSRFDáXQNyZXVWDLQDM-

VáRQHF]QLHMV]ąSDUĊRF]ąW:MHMXURG]LHE\áRFRĞ]ZUDFDMąFHJRXZDJĊDOHZGREU\P

V]ODFKHWQ\P]QDF]HQLX

±2QMHVWSRSURVWXVWDU\PG]LZDNLHP±FLąJQąáVLRVWU]HQLHF6FURRJH¶D±'RWHJR

QLH]QRĞQ\P0yJáE\E\üFKRFLDĪFRNROZLHNPLOV]\$OHZDG\F]áRZLHNDVą]DZV]HNDUą

GODQLHJRVDPHJR-HVWWRSUDZGDQLH]ELWDLSDPLĊWDMąFRW\PQLHEĊGĊPXF]\QLáZ\-

PyZHN

±=GDMHVLĊ)UHG]LXĪHRQMHVWEDUG]RERJDW\±]DXZDĪ\áDĪRQD±3U]\QDMPQLHMW\

]DZV]HWDNPyZLV]

±,FyĪ]WHJRPRMDGURJD"±RGSDUá)UHG±%RJDFWZRMHVWGODQLHJREH]SRĪ\WNX

QLHXĪ\ZDJRQDQLFGREUHJR6DP]QLHJRQLHNRU]\VWDLQLHSRPDJDQLNRPX2GPDZLD

VRELHQDZHWZV]HONLFKZ\JyG1LJG\PLWHĪQDP\ĞOQLHSU]\V]áRSURVLüJRRMDNąNROZLHN

SRPRF+DKDKD$OHFK\EDLRQQLJG\QLHSRP\ĞODáRW\PĪHP\NLHG\ĞZF]HĞQLHM

F]\SyĨQLHMRG]LHG]LF]\P\MHJRVNDUE\

±1LHFLHUSLĊJRU]HNáDSLĊNQDNRELHWDDZV]\VF\JRĞFLHSU]\]QDOLĪHPD]XSHáQą

VáXV]QRĞü

±&RGRPQLHQLHPDPGRQLHJRĪDOX±RGH]ZDáVLĊVLRVWU]HQLHF±ĩDOPLJRDOH

QLHPyJáE\PJQLHZDüVLĊQDQLHJRJG\E\PQDZHWFKFLDá.WyĪERZLHPFLHUSLSU]H]MHJR

NDSU\V\"7\ONRRQVDP8URLZV]\VRELHQDSU]\NáDGĪHSRZLQLHQQDVQLHOXELüQLHFKFLDá

DTP by SHADE

SU]\MąüQDV]HJR]DSURV]HQLD,MDNLĪWHJRUH]XOWDW"8QLNQąáQLHVPDF]QHJRRELDGX

±7DNVąG]LV]"$PQLHVLĊ]GDMHĪHVWUDFLáGRVNRQDá\RELDG±]DZRáDáDGRWNQLĊWD

ZQDMF]XOV]HPLHMVFHNRELHWD

:V]\VF\SU]\áąF]\OLVLĊGRMHM]GDQLDDPRJOLE\üNRPSHWHQWQ\PLVĊG]LDPLJG\Ī

SU]HGFKZLOąZáDĞQLHVNRĔF]\OLRELDG

±7\POHSLHM±U]HNáVLRVWU]HQLHF6FURRJH¶D±%DUG]RPQLHWRFLHV]\JG\ĪFRGR

PQLHZ\]QDPV]F]HU]HQLHPDPZLHONLHJR]DXIDQLDGRWDOHQWyZNXOLQDUQ\FKPáRG\FK

JRVSRG\Ĕ-DNVąG]LV]7RSSHU"

7RSSHUPLDáZ\UDĨQąVáDERĞüGRMHGQHM]VLyVWUĪRQ\)UHG]ODL]DSHZQHGODWHJRRG-

SRZLHG]LDáĪHEĊGąFNDZDOHUHPDZLĊFQLHMDNRSDULDVHPQLHPDSUDZDZ\GDZDüVąGX

ZW\PSU]HGPLRFLH

8Vá\V]DZV]\WRRZDVLRVWUDĪRQ\VLRVWU]HĔFD6FURRJH¶DSXOFKQDSDQLHQNDZNR-

URQNRZHMQDU]XWFHVSąVRZLDáDMDNSLZRQLD

±0yZGDOHM)UHG]LX±RGH]ZDáDVLĊĪRQDVLRVWU]HĔFD6FURRJH¶DNODV]F]ąFZGáR-

QLH ± :\SRZLHG] VLĊ VNRĔF] FRĞ ]DF]ąá 2Q ]DZV]H FKRZD ZV]\VWNR SRG NRUFHP

']LZQ\F]áRZLHN

)UHGZRGSRZLHG]L]QRZXZ\EXFKQąáĞPLHFKHPDSRQLHZDĪE\áRIL]\F]Q\PQLHSR-

GRELHĔVWZHPXQLNQąüWHMÄ]DUD]\´ZLĊFZV]\VF\EH]Z\MąWNXSRV]OL]DMHJRSU]\NáDGHP

±3R]RVWDMHPLW\ONRGRGDü±RGH]ZDáVLĊ)UHGJG\PXSU]HV]HGáSDURNV\]PĞPLH-

FKX ± ĪH ZXM SRVWąSLZV]\ ] QDPL WDN QLHJU]HF]QLH L QLHĪ\F]OLZLH VDP VLĊ SR]EDZLá

SHZQHMGR]\UDGRĞFLNWyUDSUDZGRSRGREQLHQLH]DV]NRG]LáDE\PX-HVWHPSU]HNRQDQ\

ĪHPLDáE\WXWRZDU]\V]\PLOV]\FKRGW\FKMDNLFKSRVLDGDZHZáDVQ\FKP\ĞODFK±SU]H-

VLDGXMąFZVWDU\P]DWĊFKá\PNDQWRU]HF]\Z]DNXU]RQ\FKLSXVW\FKSRNRMDFK0DP

]DPLDU]DSUDV]DüJRFRURF]QLHEH]Z]JOĊGXQDWRF]\PXVLĊWRSRGREDF]\QLHERPL

JRĪDO0RĪHV]\G]Lü]ZLJLOLL%RĪHJR1DURG]HQLDGRVDPHMĞPLHUFLDOH]GDMHPLVLĊĪH

ZNRĔFXSU]HNRQDVLĊGRQLHMJG\EĊGĊFKRG]LáGRQLHJRFRURNLS\WDáĪ\F]OLZLH±:XMX

6FURRJHMDNVLĊPLHZDV]"±*G\E\JRWRQDWFKQĊáRP\ĞOą]DSLVDQLDVZHPXSRPRFQLNR-

ZLMDNLFKĞSLĊüG]LHVLĊFLXIXQWyZE\áE\PV]F]HU]H]DGRZRORQ\1LHMHVWHPSHZLHQDOH

]GDMHPLVLĊĪHZF]RUDMZXMDZ]UXV]\áHP

:V]\VF\]HEUDQL]DF]ĊOLVLĊĞPLDü]QDLZQRĞFL)UHGD2QVąG]LáĪHPyJáZ]UXV]\ü

6FURRJH¶DMDNJG\E\WHJRVWDUHJRNXWZĊPRJáRFRĞQDĞZLHFLHZ]UXV]\ü"$OH)UHGPLDá

SU]HG]LZQ\FKDUDNWHU0DáRJRREFKRG]LáR]F]HJRVLĊWRZDU]\VWZRĞPLHMHMHJRFLHV]\á

WHQGREU\QDVWUyMLDE\JRSRGWU]\PDüRWZRU]\áQRZąEXWHONĊZLQD

3RKHUEDFLH]DF]ĊáDVLĊPX]\NDE\áDWRERZLHPPX]\NDOQDURG]LQD:LHG]LHOLFR

URELąJG\]DĞSLHZDOLFKyUHP6]F]HJyOQLHZ\UyĪQLDáVLĊ7RSSHUNWyU\XPLDáPUXF]Hü

EDVHPMDNQLHGĨZLHGĨDQLJG\QLH]DF]HUZLHQLáVLĊSU]\W\PDQLQLH]HV]SHFLáWZDU]\

QDEU]PLDá\PLĪ\áDPLQDF]ROH

6LRVWU]HQLFD6FURRJH¶DJUDáDZFDOHQLHĨOHQDKDUILH7HUD]EH]SUyERZDQLDXGHU]\-

áDZVWUXQ\L]DJUDáDNUyWNąSURVWąPHORGLĊ±WĊNWyUąGRVNRQDOH]QDáDRZDG]LHZF]\Q-

NDNWyUD]DEUDáD6FURRJH¶D]HV]NRá\

*G\WDPHORGLD]DEU]PLDáDZV]\VWNRFR6FURRJH¶RZLSU]\SRPQLDáGXFKGDZQ\FK

:LJLOLLVWDQĊáRPXWHUD]SU]HGRF]DPL0\ĞODáĪHJG\E\PyJáVáXFKDüF]ĊĞFLHMWHMSLR-

VHQNLVSU]HGODWVWDáE\VLĊOHSV]\LWREH]SRPRF\áRSDW\JUDEDU]DNWyUDSRJU]HEDáD

-DNXED0DUOH\D

0X]\NDMHGQDNQLH]DMĊáDFDáHJRZLHF]RUX*G\MXĪPLHOLMHMGRV\üUR]SRF]ĊOL]DED-

ZĊZIDQW\%RGREU]HMHVWF]DVHPZUyFLüGRG]LHFLĔVWZD]ZáDV]F]DZG]LHĔZLJLOLMQ\

NWyU\MHVWSU]HFLHĪZLHONLPĞZLĊWHPG]LHFL

1DSU]yGZLĊFEDZLRQRVLĊZÄFLXFLXEDENĊ´1LHFKFHPLVLĊZLHU]\üĪHE\7RSSHUQD-

SUDZGĊQLFQLHZLG]LDáPDMąFSU]HZLą]DQHRF]\ZV]DNĪHRF]XZWU]HZLNDFKQLHQRVLá

0RLP]GDQLHPE\áDWRU]HF]XáRĪRQDSRPLĊG]\QLPLVLRVWU]HĔFHP6FURRJH¶DPX-

VLDáWHĪZLHG]LHüRW\PGXFKZLJLOLMQ\

6SRVyEZMDNL7RSSHUXJDQLDáVLĊ]DSLĊNQąSDQLHQNąZELDá\PV]DOLNXQDUXV]Dá]D-

VDG\JU\3U]HZUDFDMąFNU]HVáDRELMDMąFVLĊRIRUWHSLDQGXV]ąFVLĊSRPLĊG]\ILUDQNDPL

DTP by SHADE

E\áZV]ĊG]LHWDPJG]LHRQD:LHG]LDáJG]LHMąGRSDGQLH1LHFKZ\WDáQLNRJRLQQHJR

*G\NWRĞZSDGáQDQLHJRXGDZDáĪHSUDJQLHJRFKZ\FLüLV]\ENR]EDF]DáZNLHUXQNX

VZHMRILDU\1DSUyĪQRSDQQDNLONDNURWQLHSURWHVWRZDáDZRáDMąFĪHVSU]HFLZLDVLĊWR

]DVDGRPJU\ER7RSSHUZNRĔFXMą]áDSDá]DSĊG]LZV]\ZUyJSRNRMXVNąGQLHE\áR

MXĪZ\MĞFLD-HJR]DFKRZDQLHE\áRREXU]DMąFH8GDZDáĪHMHMQLHSR]QDMHĪHPXVLNR-

QLHF]QLHGRWNQąüMHMXF]HVDQLDXSHZQLüVLĊSU]H]GRWNQLĊFLHMDNLHJRĞSLHUĞFLRQNDQDMHM

SDOFXLáDĔFXV]NDQDV]\LWRE\áRSRSURVWXZ\VWĊSQH1DSHZQRSRZLHG]LDáDPXRW\P

JG\SRGF]DVGDOV]HJRFLąJX]DEDZ\ZNWyUHMMXĪQLHEUDOLXG]LDáXVLHG]LHOLLUR]PDZLDOL

SRXIQLH]DILUDQNDPL

ĩRQDVLRVWU]HĔFD6FURRJH¶DQLHXF]HVWQLF]\áDZWHMJU]H8VLDGáDZ\JRGQLHZIRWHOX

]HVWRáHF]NLHPSRGQRJDPLZ]DFLV]Q\PNąFLNXZNWyU\PWXĪ]DQLąVWDOLGXFKL6FUR-

RJH3U]\áąF]\áDVLĊMHGQDNGRJU\ZIDQW\LRND]DáDZLHOHGRZFLSX

5yZQLHĪZÄVHNUHWDU]X´RND]DáDQLH]Z\NáąE\VWURĞüXP\VáXLNXZLHONLHPX]DGR-

ZROHQLXVLRVWU]HĔFD6FURRJH¶DSRELáDQDJáRZĊVZRMHVLRVWU\FKRFLDĪLPWDNĪHQLHEUD-

NRZDáRVSU\WX

7RZDU]\VWZRVNáDGDáRVLĊFRĞ]HGZXG]LHVWXRVyEPáRG\FKLVWDU\FKZV]\VF\ED-

ZLOLVLĊZ\ERUQLH1DZHW6FURRJHWDNVLĊ]DLQWHUHVRZDá]DEDZąĪH]DSRPQLDZV]\LĪ

JáRVMHJRQLHPRĪHE\üVá\V]DQ\ZáąF]DáVLĊF]ĊVWRGRQLHMRGJDG\ZDá]DJDGNL]Z\NOH

WUDIQLHJG\ĪWU]HEDSU]\]QDüĪHQDMRVWU]HMV]DQDMVXEWHOQLHMV]DLJáDQLHPRJáDVLĊSR-

UyZQDü]LQWHOLJHQFMą6FURRJH¶D:\JOąGDáGREURGXV]QLHDQDZHWJáXSNRZDWROHF]VDP

VRELHQDGDZDáWDNLZ\JOąGDĪHE\áDWZLHMPyFZ\]\VNLZDüOXG]L

'XFKE\áXUDGRZDQ\]PLDQąMHJRXVSRVRELHQLDLVSRJOąGDáQDQLHJRĪ\F]OLZLH6FUR-

RJHSURVLáJRSRNRUQLHMDNVWXGHQFLNDE\SR]RVWDOLGRNRĔFD]DEDZ\$OHGXFKRGSR-

ZLHG]LDáĪHQLHPRĪHWHJRXF]\QLü

±=DF]ĊOLZáDĞQLHQRZąJUĊ±SURVLá6FURRJH±7\ONRSyáJRG]LQ\MHV]F]HGXFKX

QLHZLĊFHM%\áDWR]DEDZDÄ7DNLQLH´6LRVWU]HQLHF6FURRJH¶DPLDáSUDZRRF]\PĞSR-

P\ĞOHüDUHV]WDWRZDU]\VWZDSRZLQQDE\áDRGJDGQąüFRWRMHVWQDZV]\VWNLHS\WDQLD

PyJáRGSRZLDGDüÄWDN´DOERÄQLH´3RGNU]\ĪRZ\PRJQLHPS\WDĔPXVLDáVLĊSU]\]QDü

ĪHNROHMQRP\ĞODáR]ZLHU]ĊFLXRĪ\Z\P]ZLHU]ĊFLXRQLHPLá\P]ZLHU]ĊFLXRG]LNLP

]ZLHU]ĊFLXNWyUHF]DVDPLPUXF]DáRF]DVDPLPyZLáRPLHV]NDáRZ/RQG\QLHFKRG]LáR

SRXOLFDFKQLHE\áRZ\VWDZLRQHQDZLGRNSXEOLF]Q\1LHE\áRWHĪSU]H]QLNRJRZRG]RQH

QLH]QDMGRZDáRVLĊZPHQDĪHULLQLHE\áR]DELMDQHZU]HĨQLQLHE\áRNRQLHPRVáHP

NURZąE\NLHPW\JU\VHPSVHPĞZLQLąNRWHPF]\ZUHV]FLHQLHGĨZLHG]LHP

3U]\ NDĪGHM QLHZáDĞFLZHM RGSRZLHG]L VLRVWU]HQLHF Z\EXFKDá ĞPLHFKHP D QDZHW

]U\ZDáVLĊ]NDQDS\LVNDNDáSRSRNRMX:NRĔFXMHJRSXOFKQDV]ZDJLHUNDZSDGáV]\

UyZQLHĪZV]DáZHVRáRĞFL]DZRáDáD

±-XĪPDP:LHPNWRWR:LHP

±:LĊFSRZLHG]

±7RWZyMZXMDV]HN6FURRJH=JDGáD

:V]\VF\E\OL]DFKZ\FHQLFKRFLDĪNWRĞVáXV]QLH]DXZDĪ\áĪHQDS\WDQLHF]\WRMHVW

QLHGĨZLHGĨRGSRZLHGĨSRZLQQDE\áDEU]PLHüÄWDN´SRQLHZDĪ]DSU]HF]HQLHRGZUyFLáR-

E\P\ĞOLXF]HVWQLNyZ]DEDZ\RG6FURRJH¶DMHĞOLLVWRWQLHRQLPE\P\ĞOHOL

±6SUDZLHGOLZRĞüSU]HGHZV]\VWNLP±RGH]ZDáVLĊVLRVWU]HQLHF6FURRJH¶D±%D-

ZLP\VLĊMHJRNRV]WHPZLĊFE\áRE\QLHZG]LĊF]QRĞFLąQLHZ\SLüMHJR]GURZLD'DOHM

1LHFKNDĪG\ZHĨPLHV]NODQNĊZLQDL]GURZLHZXMD6FURRJH¶D

±=GURZLHZXMD6FURRJH¶D±]DZRáDOLZV]\VF\

±:HVRá\FKĞZLąWLV]F]ĊĞOLZHJR1RZHJR5RNXVWDUXV]NRZLMDNLNROZLHNRQMHVW±

FLąJQąá)UHGGDOHM±1LHFKFLDáSU]\MąüRGHPQLHĪ\F]HĔMHGQDNMHVNáDGDP1LHFKĪ\MH

ZXM6FURRJH

:XMRZL6FURRJH]URELáRVLĊWDNZHVRáRLOHNNRQDVHUFXĪHFKĊWQLHSRG]LĊNRZDáE\

VLRVWU]HĔFRZLLFDáHPXWRZDU]\VWZXFKRFLDĪE\QLHXFKZ\WQ\PGODQLFKJáRVHPJG\E\

GXFKSR]ZROLá/HF]FDáDVFHQD]QLNáDPX]RF]X]RVWDWQLPLVáRZDPLVLRVWU]HĔFDL]QyZ

UXV]\OLGDOHM

DTP by SHADE

:LG]LHOLZLHOHFLHNDZ\FKREUD]yZ]DV]OLGDOHNRRGZLHG]LOLZLHOHRJQLVNGRPRZ\FK

DZV]ĊG]LHGXFKZQRVLáSRJRGĊXP\VáXLV]F]HUąUDGRĞü

=DWU]\P\ZDáVLĊSU]\áRĪDFKFKRU\FKOXG]LREGDU]DMąFLFK]GURZLHPSRFLHV]DáZ\-

JQDĔFyZNWyU]\F]XOLVLĊZWHG\MDNE\ZNUDMXURG]LQQ\P]UR]SDF]RQ\PFLĊĪNąZDONą

RE\WXND]\ZDáQDG]LHMĊOHSV]HMSU]\V]áRĞFLJRG]ąFLFK]ORVHP]EOLĪDáVLĊGRQĊG]DU]\

NWyU]\]DSRPLQDOLZWHG\RVZRLFKFLHUSLHQLDFK

:SU]\WXáNXV]SLWDOXZLĊ]LHQLXZNDĪG\PVFKURQLVNXQĊG]\LQLHV]F]ĊĞFLDZV]Ċ-

G]LH]RVWDZLDáF]ąVWNĊVZRLFKGREURG]LHMVWZGDMąFZWHQVSRVyE6FURRJH¶RZLSU]\NáDG

PLáRVLHUG]LD

%\áDWRGáXJDQRF6FURRJHPLDáMHGQDNFRGRWHJRZąWSOLZRĞFL=GDZDáRPXVLĊ

PLDQRZLFLHĪHZW\PF]DVLHMDNLVSĊG]D]GXFKHPE\áRNLONDĞZLąW%RĪHJR1DURG]H-

QLD =DXZDĪ\á SU]\ W\P G]LZQą U]HF] Z MHJR ZáDVQHM SRZLHU]FKRZQRĞFL QLF VLĊ QLH

]PLHQLáRJG\W\PF]DVHPGXFKVWDU]DáVLĊEDUG]RV]\ENR6FURRJHDQLMHGQ\PVáRZHP

QLHQDSRP\NDáRW\PGXFKRZLGRSyNLQLHVSRVWU]HJáĪHZáRV\GXFKD]XSHáQLH]ELHODá\

:WHG\]DS\WDá

±&]\Ī\FLHGXFKyZMHVWWDNNUyWNLH"

±0RMHĪ\FLHQDW\PĞZLHFLHMHVWEDUG]RNUyWNLH±RGU]HNáGXFK±NRĔF]\VLĊERZLHP

G]LVLHMV]HMQRF\

±']LVLHMV]HMQRF\±SRZWyU]\á6FURRJH

±7DNG]LĞRSyáQRF\'ODWHJRPXVLP\VLĊĞSLHV]\ü=HJDU\QDZLHĪDFKZ\G]ZRQLá\

ZáDĞQLHZWHMFKZLOLWU]\NZDGUDQVHQDGZXQDVWą

±:\EDF]PL]E\WĞPLDáHS\WDQLH±U]HNá6FURRJHSDWU]ąFXSDUFLHQDGROQ\EU]HJ

RSRĔF]\GXFKD±OHF]VSRVWU]HJDPSRGWZRMąV]DWąFRĞG]LZQHJRFRQLHQDOHĪ\GRFLH-

ELH&]\WRQRJDF]\áDSD]ZLHU]ĊFLD"

±3UDZGRSRGREQLHáDSDJG\ĪREUDVWDMąFLDáR±EU]PLDáDVPXWQDRGSRZLHGĨGXFKD

± 3DWU] 6SRG RSRĔF]\ Z\VXQĊáR VLĊ GZRMH G]LHFL GZRMH QĊG]Q\FK SU]HUDĪDMąF\FK

LVWRW8NOĊNá\RQHXVWySGXFKDWU]\PDMąFVLĊVLOQLHVNUDMXMHJRV]DW\

±2FKF]áRZLHNX6SRMU]\MSU]\SDWU]VLĊLPGREU]H±]DZRáDáGXFK

%\áWRFKáRSLHFLG]LHZF]\QDĩyáWHFKXGHREGDUWHLVWRW\F]RáJDá\VLĊZSRNRU]HSR

]LHPL=DPLDVWZG]LĊNXG]LHFLĔVWZDNWyU\SRZLQLHQE\áMDĞQLHüZLFKWZDU]DFKL]GUR-

ZHJRUXPLHĔFDZ\VFKáDUĊNDF]DVXSRNU\áDLFKOLFD]PDUV]F]NDPLXVXQĊáD]QLFKNUHZ

QDSLĊWQRZDáDVWUDV]Q\P]Z\URGQLHQLHP7DPJG]LHSRZLQLHQE\á]QDMGRZDüVLĊZ\UD]

DQLHOVNL±NU\á\VLĊ]áHGXFK\U]XFDMąFJURĨQHVSRMU]HQLD1LHPRĪQDVRELHZ\REUD]Lü

EDUG]LHMSU]HUDĪDMąF\FKSRWZRUyZ

6FURRJH EODG\ MDN SáyWQR RGZUyFLá VLĊ OHF] REDZLDMąF VLĊ REUD]Lü GXFKD NWyU\

PRĪHE\áRMFHPW\FKLVWRWXVLáRZDáSRZLHG]LHüĪHWRVąSU]HG]LZQHG]LHFLNáDPVWZR

MHGQDNE\áRE\]E\WUDĪąFH±Z\EHáNRWDá]DWHPW\ONR

±&]\WRWZRMHG]LHFL"

±7RVąG]LHFLOXG]NRĞFL±RGSDUáGXFKVSRJOąGDMąFQDQLHV]F]ĊVQHLVWRW\]JáĊER-

NLPZVSyáF]XFLHP±3U]\FKRG]ąRQHGRPQLH]EáDJDQLHPRREURQĊSU]HGLFKRMFDPL

7RMHVW±GRGDáZVND]XMąFQDFKáRSFD±&LHPQRWDDG]LHZF]\QNDQRVLPLDQR1ĊG]D

6WU]HĪVLĊREXMDNRJQLDRUD]WHJRZV]\VWNLHJRFRRGQLFKSRFKRG]LDSU]HGHZV]\VW-

NLPVWU]HĪVLĊFKáRSFDJG\ĪQDMHJRF]ROHZ\SLVDQHMHVWVWUDV]QHVáRZR=JXED0RĪHV]

VLĊLFKZ\SU]Hü±FLąJQąáGDOHMGXFKSRGQRV]ąFJáRVLZ\FLąJDMąFUĊNĊZNLHUXQNXPLD-

VWD±PRĪHV]REXU]DüVLĊQDW\FKFRWRPyZLąPRĪHV]LFKVSRWZDU]DüLSRWĊSLDüDOH

MHĪHOLQLHSRVWDUDV]VLĊRXVXQLĊFLHW\FKNOĊVNELDGDFL

±&]\QLHPDUDWXQNXGODW\FKVWZRU]HĔ"±Z\V]HSWDá6FURRJH

±7DN±RGSDUáGXFK]LURQLąSU]\SRPLQDMąFPXMHJRZáDVQHVáRZD±VąSU]HFLHĪ

ZLĊ]LHQLDVąGRP\SRSUDZF]H

:\ELáDSyáQRF

6FURRJHV]XNDáRF]\PDGXFKDOHF]QLHPyJáJRGRMU]Hü

= RVWDWQLP XGHU]HQLHP ]HJDUD SU]\SRPQLDá VRELH ]DSRZLHGĨ -DNXED 0DUOH\D

:WHG\ SRGQLyVáV]\ RF]\ VSRVWU]HJá QRZHJR GXFKD 0LDá RQ SRVWDZĊ PDMHVWDW\F]Qą

DTP by SHADE

XURF]\VWąE\áSU]\EUDQ\ZGáXJLGR]LHPLVLĊJDMąF\SáDV]F]]NDSWXUHP=EOLĪDáVLĊGR

6FURRJH¶DSRZROLRFLĊĪDOHMDNWXPDQPJá\

5R]G]LDá

Ostatnie spotkanie z duchem

*G\ZLGPR]EOLĪDáRVLĊGR6FURRJH¶DRQXSDGáSU]HGQLPQDNRODQD3U]\E\V]ZQR-

VLá]HVREąFRĞEDUG]RWDMHPQLF]HJRLJURĨQHJR

'áXJL F]DUQ\ SáDV]F] SRGREQ\ GR FDáXQX V]F]HOQLH VSRZLMDá FDáą SRVWDü GXFKD

QDZHW JáRZĊ L WZDU] Z\VWDZDáD ] QLHJR W\ONR MHGQD Z\FLąJQLĊWD UĊND *G\E\ QLH WD

UĊNDWUXGQRE\áRE\GRMU]HüSRVWDüZQRFQHMFLHPQRĞFL

=QDOD]áV]\VLĊWXĪSU]\GXFKX6FURRJH]DXZDĪ\áMHJRQLH]Z\Ná\Z]URVWLSRF]XáĪH

RJDUQLDJRQLHZ\SRZLHG]LDQDWUZRJD7DMHPQLF]\SU]\E\V]ZFLąĪPLOF]DáVWDáZPLHM-

VFXEH]ĪDGQHJRUXFKX

±=GDMHVLĊĪHPDPSU]HGVREąGXFKDSU]\V]á\FKĞZLąW%RĪHJR1DURG]HQLD"±Z\-

V]HSWDáQLHĞPLDáR6FURRJH

'XFKQLFQLHRGSRZLHG]LDáDOHZFLąĪWU]\PDáZ\FLąJQLĊWąUĊNĊ

±3RNDĪHV]PLU]HF]\NWyUHVWDQąVLĊGRSLHURZSU]\V]áRĞFL"&]\QLHWDN"±]DS\WDá

6FURRJH'XFKNLZQąáSRWDNXMąFRJáRZą7DNąW\ONRRWU]\PDáRGSRZLHGĨ

6FURRJHMXĪSU]\Z\NáGRREFRZDQLD]GXFKDPLMHGQDNZREHFQRĞFLWHJRPLOF]ąFH-

JRZLGPDGR]QDZDáWDNLHJRVWUDFKXĪHQRJLVLĊSRGQLPFKZLDá\1LHPyJáZLĊFSRGą-

ĪDü]DGXFKHP=DXZDĪ\ZV]\WR]MDZD]DWU]\PDáDVLĊMDNE\FKFąFPXGDüSU]\MĞüGR

UyZQRZDJL

=PLHV]DáRWR6FURRJH¶DMHV]F]HEDUG]LHM

=DNDĪG\PUD]HPJG\Z\F]XZDáĪHRF]\ZLGPDSU]HQLNOLZLHZSDWUXMąVLĊZQLHJR

SU]HMPRZDáDJRJUR]DLGUHV]F]HQLHZ\SRZLHG]LDQHMWUZRJL3RPLPRZ\VLáNyZQLHPyJá

QLFUR]UyĪQLüSRGWąF]DUQąV]DWąZLG]LDáW\ONRZFLąĪZ\FLąJQLĊWąUĊNĊZLGPDLQLHZ\-

UDĨQH]DU\V\MHJRSRVWDFL

± 'XFKX SU]\V]áRĞFL ± ]DZRáDá ZUHV]FLH ± QDSHáQLDV] PQLH SU]HUDĪHQLHP MDNLH-

JRQLHGR]QDZDáHPZREHFWZRLFKSRSU]HGQLNyZ3RQLHZDĪZLHU]ĊLĪSUDJQLHV]PHJR

GREUDLV]F]HU]HSUDJQĊSRSUDZLüVLĊG]LĊNXMĊFLMXĪ]JyU\]FDáHJRVHUFDLJRWyZMH-

VWHPZV]ĊG]LHLĞü]DWREą$OHGODF]HJRQLHSU]HPDZLDV]GRPQLH"

ĩDGQHMRGSRZLHG]L5ĊNDGXFKDZFLąĪE\áDZ\FLąJQLĊWDZSURVWSU]HGVLHELH

±3URZDGĨPQLH]DWHP±U]HNá6FURRJH±&]DVV]\ENRXFLHNDDZLHPĪHMHVWGOD

PQLHEDUG]RGURJL&KRGĨP\

'XFKUXV]\áSRZROLD6FURRJH]DQLP]GDZDáRPXVLĊĪHFLHĔGXFKDSRU\ZDJR

LSRGWU]\PXMH

1LHPRĪQDSRZLHG]LHüĪHZHV]OLGRPLDVWD±WRUDF]HMPLDVWRZ\UyVáV]\MDNE\VSRG

]LHPLRWRF]\áRLFKQDJOHV]XPHPLJZDUHP2GUD]X]QDOHĨOLVLĊZVDP\PVHUFX/RQ-

G\QXQDJLHáG]LHZĞUyGWáXPXNXSFyZVSLHV]QLHSU]HFKRG]ąF\FKWDPL]SRZURWHP

EU]ĊF]ąF\FK SHáQ\PL NLHV]HQLDPL ]áRWD L VUHEUD ]ELHUDMąF\FK VLĊ Z QLHZLHONLH JUXS\

ZFHOXRGE\FLDQDUDGOXE]DZDUFLDWUDQVDNFML:V]\VF\RQLE\OLEDUG]R]DMĊFLVSRJOąGDOL

QD]HJDUNLOXE]DP\ĞOHQLEDZLOLVLĊNRV]WRZQ\PLEUHORNDPLLWS2EUD]WHQ6FURRJH]QDá

GRVNRQDOHZLG\ZDáJREDUG]RF]ĊVWR

'XFK]DWU]\PDáVLĊSU]\QLHZLHONLHMJUXSFHOXG]L6FURRJH]DXZDĪ\ZV]\ĪHMHJR

UĊNDWĊZáDĞQLHJUXSNĊZVND]XMHSU]\EOLĪ\áVLĊLXVá\V]DáQDVWĊSXMąFąUR]PRZĊ

±1LH±PyZLáZ\VRNLWáXVW\MHJRPRĞü]GXĪ\PSRGEUyGNLHP±ZLHPW\ONRW\OH

ĪHXPDUá

±.LHG\"±]DS\WDáLQQ\

±3RGREQRZF]RUDMZQRF\

±-DNLSRZyG"&RPXVLĊVWDáR"±]DJDGQąáWU]HFLUDF]ąFVLĊREILFLHWDEDNą]HVUHEU-

QHMWDEDNLHU\6ąG]LáHPĪHRQMXĪQLJG\QLHXPU]H

DTP by SHADE

%yJUDF]\ZLHG]LHüFRPXE\áRRGSDUáSLHUZV]\]LHZDMąFSU]HFLąJOH

±&LHNDZDU]HF]FR]URELá]SLHQLĊG]PL"±]DS\WDáMHJRPRĞü]SXUSXURZąWZDU]ą

LQDURĞOąWáXV]F]XQDNRĔFXQRVDSU]\SRPLQDMąFąNRUDOHLQG\ND

±1LHZLHPGRSUDZG\±RGSDUáMHJRPRĞü]GXĪ\PSRGEUyGNLHP±0RĪH]DSLVDá

VZRLPZVSyOQLNRP7RZLHPĪHQLHMDEĊGĊMHJRVSDGNRELHUFą

'RZFLSWHQSU]\MĊWRZ\EXFKHPĞPLHFKX

±=GDMHPLVLĊ±FLąJQąáGDOHMMHJRPRĞü]SRGEUyGNLHP±ĪHEĊG]LHPLDáPDUQ\

SRJU]HE-HVWHPSHZLHQĪHZ\VWUyMNRĞFLRáDLNDUDZDQXQLHGURJREĊGąNRV]WRZDá\ER

QLH]QDPQLNRJRNWRE\FKFLDáSyMĞü]DMHJRWUXPQą$JG\E\ĞP\WDNEH]]DSURV]HQLD

RGSURZDG]LOLJRGRJUREX"

±-HĪHOLZ\SUDZLąSRU]ąGQąVW\SĊWRQLHPDPQLFSU]HFLZNRWHPX±ZWUąFLáMHJR-

PRĞüZRNXODUDFK±=DWDNLHSRĞZLĊFHQLHFRĞVLĊSU]HFLHĪQDOHĪ\

*URPDGND]QyZVLĊUR]HĞPLDáD

±-DNZLG]ĊMHVWHPQDMEDUG]LHMEH]LQWHUHVRZQ\±RGH]ZDáVLĊMHJRPRĞü]SRGEUyG-

NLHP±1LJG\QLHFKRG]ĊQDFPHQWDU]LQLHXELHJDPVLĊRVW\S\DOHMHĪHOLNWyU\]ZDV

Z\ELHU]HVLĊQDWHQSRJU]HEMDFKĊWQLHEĊGĊPXWRZDU]\V]\ü3UDZGĊPyZLąFSRQLH-

NąGV\PSDW\]RZDOLĞP\]HVREą3U]\VSRWNDQLX]DZV]HZ\PLHQLDOLĞP\FKRüNLONDVáyZ

1RW\PF]DVHPGRZLG]HQLDPRLSDQRZLH

*URPDGNDUR]HV]áDVLĊL]QLNQĊáDZWáXPLHD6FURRJHNWyU\SR]QDáZV]\VWNLFKUR]-

PDZLDMąF\FK]ZUyFLáRF]\QDGXFKDMDNJG\E\RF]HNXMąFZ\MDĞQLHQLDWHJRFRXVá\V]Dá

=DPLDVWRGSRZLHG]LGXFKSRPNQąáQDXOLFĊLSDOFHPZVND]DáGZyFKUR]PDZLDMą-

F\FKPĊĪF]\]Q

6FURRJH]QyZQDGVWDZLáXV]XZQDG]LHLĪHWHUD]]DJDGNDVLĊUR]ZLąĪH

2EXPĊĪF]\]QZVND]DQ\FKSU]H]GXFKD]QDáGREU]H%\OLWRERJDFLLEDUG]RZSá\-

ZRZLJLHáG]LDU]H6FURRJHXVLOQLH]DELHJDáRSR]\VNDQLHLFKV]DFXQNXL]DXIDQLDRF]\-

ZLĞFLHZ]QDF]HQLXF]\VWRJLHáGRZ\P

±:LWDPSDQD±PyZLáMHGHQ]QLFK±MDN]GURZLH"

±1LH]JRU]HM±RGSDUá]DS\WDQ\±DSDĔVNLH"

±']LĊNXMĊGREU]H$VWDUHJRNXWZĊSRZRáDQRQDUHV]FLHGRREUDFKXQNX

±6á\V]DáHPRW\P$OHQLH]QRĞQH]LPQRG]LĞPDP\

±3U]HFLHĪWRZáDĞFLZDSRUDĞZLĊWD%RĪHJR1DURG]HQLD3DQQLHMHĨG]LQDá\ĪZDFK"

±&RPLSRW\P"0DPFRLQQHJRQDJáRZLH'RZLG]HQLD

±'RZLG]HQLD

$QLVáRZDZLĊFHM7DNLHE\áRLFKSU]\ZLWDQLHUR]PRZDLSRĪHJQDQLH

6FURRJH¶D]SRF]ąWNXG]LZLáRĪHGXFKSU]\ZLą]XMHZDJĊGRWDNZJUXQFLHU]HF]\

EáDK\FKUR]PyZOHF]SU]HF]XZDMąFĪHF]\QLWRQLHEH]FHOX]DF]ąáVLĊQDGQLPL]DVWD-

QDZLDü

%\áRQLHPRĪOLZH±UR]P\ĞODá±ĪHE\UR]PRZ\GRW\F]\á\-DNXED0DUOH\DMHJRGDZ-

QHJRZVSyOQLNDFKRFLDĪE\]WHJRW\ONRZ]JOĊGXĪH0DUOH\XPDUáMXĪGDZQRĝPLHUü

MHJRQDOHĪDáDGRSU]HV]áRĞFLDWHQGXFKSU]HFLHĪPLDá]ZLą]HNMHG\QLH]SU]\V]áRĞFLą

1DUD]LH6FURRJHQLHPyJáZĪDGHQVSRVyEZ\PLDUNRZDüRNWyU\P]MHJR]QD-

MRP\FK UR]PDZLDQR 1LH ZąWSLá MHGQDN ĪH NRJRNROZLHN GRW\F]\á\ WH UR]PRZ\ PX-

VLDá\]DZLHUDüQDXNĊPDMąFąQDFHOXMHJRGREURD RQSRZLQLHQSU]\MąüMą]XZDJą

LZG]LĊF]QRĞFLą3U]\V]HGáV]\GRWHJRSU]HNRQDQLDSRVWDQRZLáXZDĪQLHSU]\VáXFKLZDü

VLĊZV]\VWNLHPXFRPXZXV]\ZSDGQLHSU]HGHZV]\VWNLPEDF]QLHREVHUZRZDüZáD-

VQąSRVWDüMHĞOLVLĊRQD]MDZLSU]HZLGXMąFĪHMHM]DFKRZDQLHGDPXNOXF]GRUR]ZLą-

]DQLDGUĊF]ąF\FKJRS\WDĔ=DF]ąáZLĊFV]XNDüVDPHJRVLHELH

.WyĪWR]DMąáMHJRXSU]\ZLOHMRZDQHPLHMVFHQDJLHáG]LH"6FURRJHQLH]QDáWHJRF]áR-

ZLHND5R]JOąGDáVLĊQDZV]\VWNLHVWURQ\DOHQLHPyJáRGQDOHĨüVLHELHFKRFLDĪ]HJDU

JLHáGRZ\ZVND]\ZDáJRG]LQĊZNWyUHM]Z\NOHWXSU]HE\ZDá7DRNROLF]QRĞüQLH]DQLH-

SRNRLáDJR]E\WQLRJG\ĪSRRGZLHG]LQDFKSLHUZV]HM]MDZ\SRVWDQRZLáZJáĊELGXV]\ĪH

]PLHQLGRW\FKF]DVRZ\VSRVyEĪ\FLDSU]\SXV]F]DáZLĊFĪHMHJRQLHREHFQRĞüQDJLHáG]LH

SRWZLHUG]DLĪZSRVWDQRZLHQLXVZRLPZ\WUZDá

DTP by SHADE

'XFKZFLąĪSRVĊSQ\LQLHUXFKRP\VWDáSU]\QLP]Z\FLąJQLĊWąUĊNą2FNQąZV]\

VLĊ]]DP\ĞOHQLD6FURRJH]DXZDĪ\áĪHGXFKQLHVSXV]F]D]QLHJRRF]XGUHV]F]SU]H-

ELHJáSRQLPRGVWySGRJáRZ\

6]\ENRRSXĞFLOLJZDUQąF]ĊĞüPLDVWDL]DSXĞFLOLVLĊZMHGQą]RGGDORQ\FKG]LHOQLF

JG]LH 6FURRJH QLJG\ QLH ]DJOąGDá ZLHG]ąF ĪH PLDáD MDN QDMJRUV]ą RSLQLĊ =REDF]\á

FLHPQHSHáQHEáRWDXOLFHGRP\]DĞLVNOHS\E\á\QĊG]QHPLHV]NDĔF\ERVLSyáQDG]\

SLMDQL EXG]LOL REU]\G]HQLH 3RGZyU]D L NRU\WDU]H QLHSUDZGRSRGREQLH ZąVNLH ]DJQR-

MRQHZ\GDZDá\RGyUGRVWUDMDá\VLĊGROXG]LRGNWyU\FKWXVLĊURLáR%\áDWRG]LHOQLFD

EáRWDQĊG]\L]EURGQL

:WHMRWRVWUDV]QHMG]LHOQLF\]QDMGRZDáVLĊQĊG]Q\VNOHSLNZNWyU\PVSU]HGDZD-

QRVWDUH ĪHODVWZR JDáJDQ\ VWDUH EXWHONL NRĞFL 1DSRGáRG]HZHZQąWU] VNOHSX SLĊ-

WU]\á\VLĊVWRV\]DUG]HZLDá\FKNOXF]\JZRĨG]LáDĔFXFKyZ]DZLDVyZSLOQLNyZWDOHU]\

ZDJRGZDĪQLNyZ']LZQHWDMHPQLFHNWyU\FK]EDGDQLDQLHNDĪG\RGZDĪ\áE\VLĊSRGMąü

XNU\ZDá\VLĊSRGVWRVDPLFXFKQąF\FKáDFKPDQyZ

3U]\ SLHFX VNOHFRQ\P QLH]GDUQLH ] NDZDáNyZ VWDU\FK FHJLHá Z NWyU\P VSDODQR

V]F]ąWNL ]JQLáHJR GU]HZD VLHG]LDá ZĞUyG VZRLFK WRZDUyZ VLHGHPG]LHVLĊFLROHWQL F]áR-

ZLHN2GXOLF]QHJRFKáRGX]DVáRQLáVLĊNRWDUą]JDáJDQyZNWyUHUR]ZLHVLáQDV]QXUNX

3DOLáIDMNĊ6FURRJHLGXFK]MDZLOLVLĊSU]\QLPZFKZLOLNLHG\GRVNOHSXZHV]áDNRELHWD

GĨZLJDMąFDFLĊĪNLWáXPRN7XĪ]DQLąWDNĪH]WáXPRNLHPZHV]áDGUXJDSRWHPPĊĪ-

F]\]QDZF]DUQ\PPRFQRVSáRZLDá\PXEUDQLX:V]\VF\WURMHQLH]PLHUQLHVLĊ]G]LZLOL

SR]QDZV]\VLĊQDZ]DMHP

3U]H]FKZLOĊSDQRZDáRPLOF]HQLHZUHV]FLHRZDWUyMNDZ\EXFKQĊáDJáRĞQ\PĞPLH-

FKHP

±7RGRSLHUR]GDU]HQLH±]DZRáDáDSLHUZV]DNRELHWD±0XVLE\üSRU]ąGHN1DMSLHUZ

SRVáXJDF]NDSRWHPSUDF]NDDZNRĔFXSU]HGVLĊELRUFDSRJU]HERZ\1RSDWU]-RH=H-

V]OLĞP\VLĊWXMDNXPyZLHQL1LHSUDZGDĪ"

±:NDĪG\PUD]LHQLHPRJOLĞFLHZ\EUDüOHSV]HJRPLHMVFDQDVFKDG]NĊ±U]HNá-RH

Z\MPXMąF]XVWIDMNĊ±&KRGĨFLHGRVDORQX3U]HFLHĪ]QDP\VLĊZV]\VF\=DF]HNDMFLH

]DPNQĊGU]ZL'ROLFKDDOHVNU]\SLą6ąG]ĊĪHZFDá\PPRLPVNáDG]LHQLHPRĪQDE\

]QDOHĨüUyZQLH]DUG]HZLDá\FKLVNU]\SLąF\FK]DZLDVyZMDNWHLUyZQLHVWDU\FKNRĞFLMDN

PRMH7DNWDN:V]\VWNRMHVWGREUDQHRGSRZLDGDVZHPXPLHMVFXLSU]H]QDF]HQLX$OH

FKRGĨFLHGRVDORQX

3RPLHV]F]HQLHQD]ZDQHÄVDORQHP´E\áRF]ĊĞFLąVNOHSXRGG]LHORQąRGQLHJRF]\PĞ

ZURG]DMX]áDFKPDQLRQHJRSDUDZDQX

6WDU\SRSUDZLáSáRQąF\RJLHĔNDZDáNLHPĪHOD]DNWyU\QLHJG\ĞVWDQRZLáF]ĊĞüR]GRE-

QHMSRUĊF]\VFKRGyZXVXQąáNRSHü]ODPS\±E\áERZLHPZLHF]yU±F\EXFKHPVZHM

IDMNLNWyUą]QyZZVXQąáZXVWD

: W\P F]DVLH NRELHWD NWyUD ZHV]áD SLHUZV]D U]XFLáD QD SRGáRJĊ VZyM WáXPRN

XVLDGáDZVZRERGQHMSR]LHQDVWRáNXLVSOyWáV]\GáRQLHQDNRODQLHVSRJOąGDáDQDGZyMNĊ

WRZDU]\V]\

±:LĊFFyĪ"3U]HFLHĪZV]\VWNRZSRU]ąGNXPRMDSDQL:LOEHU"±RGH]ZDáDVLĊSR

FKZLOL±-HVWHP]GDQLDĪHNDĪG\F]áRZLHNSRZLQLHQP\ĞOHüRVRELH2QSU]H]FDáHĪ\FLH

W\ONRW\PVLĊ]DMPRZDá

±ĝZLĊWDSUDZGD±RGSDUáDSUDF]ND±1LNWQDĞZLHFLHQLHGEDáWDNRVLHELHMDNRQ

1LNWQDĞZLHFLH

±'ODF]HJRĪZLĊFPDSDQLWDNLHZ\VWUDV]RQHRF]\MDNE\VLĊF]HJRĞEDáD"3RZLD-

GDPĪHZV]\VWNRZSRU]ąGNXLNRQLHF:LONLSU]HFLHĪQLHU]XFDMąVLĊQDVLHELHDNUXN

NUXNRZLRNDQLHZ\NROH%\áRE\JáXSLRJG\E\ĞP\PLHOLSU]HV]NDG]DüVRELHQDZ]DMHP

ZLQWHUHVDFK

±=DSHZQHSRWDNQĊáDSDQL:LOEHU

±:WDNLPUD]LHZV]\VWNRZSRU]ąGNX±SUDZLáDSRVáXJDF]ND±1LHZUDFDMP\GR

GQLDZF]RUDMV]HJRWRGRQLF]HJRQLHGRSURZDG]L=UHV]WąF]HJRVLĊREDZLDü"7URFKĊ

GURELD]JyZQLNRJRQLH]XERĪ\DQLHERV]F]\NVLĊRQLHQLHXSRPQL

DTP by SHADE

±=DSHZQH=DSHZQH±]QyZSRWZLHUG]LáDSDQL:LOEHU

±*G\E\WHQSRGá\NXWZDFKFLDáXFKURQLüVZRMHU]HF]\RG]PDUQRZDQLD±PyZLáD

SRVáXJDF]ND±PyJáXF]\QLüWRáDWZRSRVWĊSXMąFMDNZV]\VF\XF]FLZLOXG]LH'ODF]HJyĪ

QLHSRVWDUDáVLĊĪHE\ZFKZLOLĞPLHUFLE\áDSU]\QLPMDNDĞGREUDGXV]D1LHFKFLDáWHJR

QLHSRVWDUDáVLĊZLĊF]JLQąáPDUQLHZNąFLHJRU]HMQLĪSLHV

±ĝZLĊWDSUDZGD±SRWZLHUG]LáDSDQL:LOEHU±&RSRVLDáWRL]HEUDá

± -HV]F]H ZLĊFHM E\P R QLP SRZLHG]LDáD JG\E\P QLH PLDáD JáRZ\ ]DMĊWHM F]\P

LQQ\P±W\P]F]\PWXSU]\V]áDP1R-RHUR]ZLąĪWáXPRNSRZLHG]FRWRZDUWH1LH

REDZLDPVLĊ]DF]ąüSLHUZV]D2ZV]HPQLHFKRQLZLHG]ąFRWXMHVW*U]HFKXZW\P

QLHPD1R-RHUR]ZLąĪWáXPRN

7HUD]QDVWąSLá\SUDZG]LZLHFKLĔVNLHFHUHPRQLHMHMWRZDU]\V]HSUDJQĊOLRND]DüLĪ

Vą GREU]H Z\FKRZDQL : NRĔFX SU]HGVLĊELRUFD SRJU]HERZ\ ]GHF\GRZDá VLĊ SLHUZV]\

SU]HGVWDZLüVZRMHáXS\

1LHE\á\RQH]QDF]ąFHNLONDSLHF]ąWHNRáyZHNZIXWHUDOHSDUDVSLQHNWDQLDV]SLO-

NDGRVSLQDQLDV]DOD,WRE\áRZV]\VWNR

-RHNDĪG\SU]HGPLRWVNUXSXODWQLHEDGDáQDZHWREZąFKLZDáNUHGąNUHĞOLáQDĞFLDQLH

FHQĊDZLG]ąFĪHMXĪQLFZLĊFHMQLHPD]VXPRZDáQDNUHĞORQHOLF]E\

±7\OHZ\QRVLWZyMUDFKXQHNNRFKDQ\SU]\MDFLHOX±U]HNáGRSU]HGVLĊELRUF\SRJU]H-

ERZHJR±1LHGDPDQLSHQVDZLĊFHMFKRüE\PQLHVPDĪRQRQDZROQ\PRJQLX&RGDOHM"

3U]\V]áDNROHMQDSDQLą:LOEHU

:MHMWáXPRNX]QDMGRZDá\VLĊSU]HĞFLHUDGáDVHUZHW\LWURFKĊXEUDQLDGDOHMVWDUR-

ĞZLHFNLHVUHEUQHá\ĪHF]NLGRKHUEDW\V]F]\SFHGRFXNUXLWURFKĊREXZLD

-HMUDFKXQHNUyZQLHĪ]RVWDá]DSLVDQ\QDĞFLDQLH

±=DZV]HPDPZ]JOĊG\GODGDPLGODWHJRZLĊFHMLPSáDFĊ7DVáDERĞüGRSURZDG]L

PQLHGRUXLQ\±Z\U]HNDáVWDU\-RH±7ZyMUDFKXQHNSDQL:LOEHU-HĪHOL]DĪąGDV]FKRü

RMHGQHJRSHQVDZLĊFHMWRJRWyZMHVWHPFRIQąüPRMąKRMQRĞü

±$WHUD]-RH±]DMU]\MGRPRMHJRWáXPRND±U]HNáDSRVáXJDF]ND-RHXNOąNáQD

]LHPLLUR]PRWDZV]\QLHVNRĔF]RQąOLF]EĊVXSáyZZ\GRE\áRJURPQ\]ZyMFLHPQHMPD-

WHULL

±&RWRWDNLHJR"±PUXNQąáSRGQRVHP±NRWDU\RGáyĪND"

±=JDG]DVLĊ±RGSDUáDĞPLHMąFVLĊSRVáXJDF]ND

±&]\ĪE\ĞNRFKDQDSU]\MDFLyáNRĞFLąJQĊáDILUDQNLNyáNDFKZDVW\VáRZHP±FDáH

XU]ąG]HQLHZWHG\NLHG\MHV]F]HOHĪDáQDáyĪNX"±]DS\WDá-RH

±=JDGáHĞ±RGSDUáDSRVáXJDF]ND±&]\ĪE\WRQLHE\áDRGSRZLHGQLDSRUDQDWR"

±:WHMVSUDZLHPXV]ĊFLRGGDüVSUDZLHGOLZRĞüGURJDSU]\MDFLyáNR±U]HNá-RH±

8URG]LáDĞVLĊZF]HSNXLMHVWHĞQDGURG]HGR]URELHQLDPDMąWNX

± =DSHZQLDP FLĊ RMF]H -RH ± U]HNáD SRZDĪQLH SRVáXJDF]ND ± ĪH ZREHF WDNLHJR

F]áRZLHND ZV]HONLH VNUXSXá\ E\á\E\ ĞPLHV]QH 7DN MHVW XZDĪDáDE\P VLĊ ]D QDLZQą

JG\E\PQLHVNRU]\VWDáD]WDNLHMRND]MLLQLF]HJRVRELHQLHZ]LĊáD2VWURĪQLH]ODPSą

-RH±GRGDáD±]DWáXĞFLV]NRáGUĊROLZą

±7RMHJRNRáGUD"±]DS\WDá-RH

±$F]\MD"1LH]D]LĊELVLĊSU]HFLHĪEH]QLHMLQLHGRVWDQLHNDWDUX

±1LHRWRFKRG]L±SU]HUZDá-RH±2EDZLDPVLĊF]\QLHXPDUáQDMDNąĞ]DUDĨOLZą

FKRUREĊ

±%ąGĨVSRNRMQ\RMF]H-RH±]DSHZQLáDJRSRVáXJDF]ND±1LHE\áDPWDNVSUDJQLR-

QDMHJRWRZDU]\VWZDĪHE\PVLĊPLDáDQDUD]LüQDQLHEH]SLHF]HĔVWZR1LHNUĊFLáDE\PVLĊ

SU]\QLPJG\E\JRWRF]\áDMDNDĞ]DUD]D0LáHPLMHV]F]HĪ\FLH3U]\SDWU]VLĊWHMNRV]XOL

RMF]H-RH=DUĊF]DPĪHPRĪHV]Z\SDWU]HüRF]\DQLH]QDMG]LHV]DQLMHGQHMG]LXUNL

QDZHWĞODGXSU]HWDUFLD7RQDMOHSV]DNRV]XODMDNąQLHERV]F]\NSRVLDGDá6]F]ĊĞFLHĪH

WDPE\áDPERLQDF]HM]PDUQRZDOLE\Mą

±:MDNLVSRVyE"±]DS\WDá]DFLHNDZLRQ\-RH

±:áRĪ\OLE\MąQDQLHERV]F]\NDLSRFKRZDOLE\JRZQLHM±RGSDUáDĞPLHMąFVLĊSR-

VáXJDF]ND±=QDOD]áVLĊQDZHWMDNLĞJáXSLHFFRMąMXĪZáRĪ\áQDWUXSD6SRVWU]HJáDP

DTP by SHADE

WRZVDPąSRUĊL]GMĊáDP]QLHJRWĊSLĊNQąV]WXNĊELDáHJRSáyWQD:SHUNDOXSyMĞüGR

JUREXQLHáDVND"6ąG]ĊĪHSHUNDOMHVWQDMVWRVRZQLHMV]\GODQLHERV]F]\NyZDV]F]HJyO-

QLHGODWHJRVWDUHJRVNQHU\

6FURRJH]SU]HUDĪHQLHPSU]\VáXFKLZDáVLĊWHMUR]PRZLH/XG]LHFLVLHG]ąF\FLDVQR

MHGQR SU]\ GUXJLP ZRNyá ]GRE\F]\ VSUDZLDOL ZUDĪHQLH GUDSLHĪQ\FK ]ZLHU]ąW EXG]LOL

ZQLPWDNLZVWUĊWMDNEH]ZVW\GQHGHPRQ\SURZDG]ąFHWDUJRĞZLHĪHJRWUXSD

±+DKDKD±UR]SUDZLDáDZGDOV]\PFLąJXSRVáXJDF]ND]DĞPLHZDMąFVLĊSRGF]DV

JG\-RHZ\GRE\ZV]\]XNU\FLDIODQHORZ\ZRUHN]SLHQLĊG]PLRGOLF]DáNDĪGHPX]WUyMNL

SU]\SDGDMąFąQDOHĪQRĞü±WRE\áDMHG\QDGREUDU]HF]QDMDNą]GRE\áVLĊZFDá\PVZRLP

Ī\FLX=DZV]HZV]\VWNLFKRGWUąFDáRGVLHELHSHZQLHSRWRĪHE\ĞP\PRJOLSRĪ\ZLüVLĊ

WURFKĊSRMHJRĞPLHUFL+DKDKD

±'XFKX±V]HSQąá6FURRJHGUĪąFMDNZIHEU]H±=UR]XPLDáHPZV]\VWNR]UR]X-

PLDáHP /RV WHJR QLHV]F]ĊĞQLND PRĪH E\ü PRLP ORVHP 'R WDNLHJR NRĔFD SURZDG]L

Ī\FLHMDNLHSĊG]Ċ%RĪHPLáRVLHUQ\FRMDZLG]Ċ"

3RW\PRNU]\NXFRIQąáVLĊSU]HUDĪRQ\

2EUD]]PLHQLáVLĊQDJOHL6FURRJH]QDOD]áVLĊWXĪSU]\áyĪNXEH]NRWDUQDNWyU\P

SRGEUXGQ\PSU]HĞFLHUDGáHPNWRĞOHĪDá:VWUDV]Q\VSRVyEZ\MDĞQLDáRVLĊZV]\VWNRFR

SU]HGFKZLOąZLG]LDáLVá\V]Dá

3RNyME\áFLHPQ\WDNFLHPQ\ĪHQLHPRĪQDE\áRGRNáDGQLHZLG]LHüFRVLĊZQLP

]QDMGXMHFKRFLDĪ6FURRJHSRUXV]RQ\MDNLPĞZHZQĊWU]Q\PQDND]HPXZDĪQLHUR]JOą-

GDáVLĊQDZV]\VWNLHVWURQ\6áDEHĞZLDWáRSU]HGRVWDMąFHVLĊ]]HZQąWU]SDGDáRSURVWR

QDáyĪNRJG]LHOHĪDáWUXSRJUDELRQHJRRSXV]F]RQHJRSU]H]ZV]\VWNLFKF]áRZLHND

6FURRJHVSRMU]DáQDGXFKDMHJRUĊNDZVND]\ZDáDJáRZĊWUXSD&LDáRE\áRWDNQLH-

GEDOHRNU\WHĪHZ\VWDUF]\áRMHGQRGRWNQLĊFLHDE\MąRGVáRQLü6FURRJHFKFLDáWRXF]\-

QLüSUDJQąá]REDF]\üWZDU]QLHERV]F]\NDDOHEUDNáRPXVLá

Ä2]LPQDVWUDV]QDĞPLHUFL0RĪHV]WXVRELHZ]QLHĞüWURQLRWRF]\üJRZV]\VWNLPL

RNURSQRĞFLDPL MDNLPL UR]SRU]ąG]DV] JG\Ī WR MHVW WZRMH NUyOHVWZR /HF] QLH MHVWHĞ

ZVWDQLHVND]LüMHGQHJRZáRVDQDJáRZLHPLáRZDQHMQLHPRĪHV]VND]LüDQLMHGQHJRU\VX

V]ODFKHWQHMWZDU]\&yĪ]WHJRĪHUĊNDWDNLHJRF]áRZLHNDVWĊĪHMHLEH]ZáDGQDRSDGQLH"

&R]WHJRĪHMHJRNUHZVWĊĪHMHDVHUFHSU]HVWDQLHELü"7DUĊNDE\áDRWZDUWDKRMQDLGR-

EURF]\QQDWRVHUFHF]XáRLNRFKDáRJRUąFR´

1LNWW\FKVáyZQLHZ\PyZLáDMHGQDN6FURRJHGRNáDGQLHMHVá\V]DáJG\SDWU]\áQD

OHĪąFHJRQDáyĪNXQLHERV]F]\ND

±*G\E\WHQF]áRZLHNRĪ\á±P\ĞODá6FURRJH±JG\E\PyJáUR]SRF]ąüQRZHĪ\FLHFR

E\SRZLHG]LDáRVZRMHMSU]HV]áRĞFL"6NąSVWZRFKFLZRĞüSUDJQLHQLHZ]ERJDFHQLDVLĊ

ZV]\VWNRWRVSUDZLáRWDNVWUDV]Q\NRQLHF

=DVW\Já\ WUXS OHĪ\ SRG ]áDFKPDQLRQ\P SU]HĞFLHUDGáHP RSXV]F]RQ\ Z SRQXU\P

LSXVW\PGRPXLQLHPDQDĞZLHFLHF]áRZLHNDNWyU\E\SRZLHG]LDáÄ2QZ\ĞZLDGF]\á

PLNLHG\ĞSU]\VáXJĊSRZLHG]LDáPLGREUHVáRZRNLHG\SRWU]HERZDáHPSRFLHFK\WHUD]

RGZG]LĊF]ĊPXVLĊ]DWR´

.RWW\ONRGUDSDáGRGU]ZLLJG]LHĞSRGSRGáRJąJáRĞQRKDUFRZDá\P\V]\'ODF]HJR

PąFąFLV]Ċ"6FURRJHQLHĞPLDáUR]WU]ąVDüW\FKS\WDĔ

±'XFKX±U]HNáZNRĔFX±WRVWUDV]QHPLHMVFH1LJG\QLH]DSRPQĊQDXNLMDNąWX

RWU]\PDáHP&KRGĨP\VWąG

/HF]GXFKZFLąĪZVND]\ZDáPXUĊNąJáRZĊWUXSD

±:LHPGXFKXF]HJRĪąGDV]RGHPQLH±V]HSQąá6FURRJH±OHF]QLHPRJĊWHJR

VSHáQLüEUDNPLVLá=GDZDáRVLĊĪHGXFKEDF]QLHSU]\MU]DáPXVLĊVSRGNDSWXUD

± 2 GXFKX ± ]DZRáDá 6FURRJH ± MHĪHOL LVWQLHMH FKRFLDĪ MHGHQ F]áRZLHN NWyUHJR

ĞPLHUüWHJRQLHV]F]ĊĞQLND]PDUWZLáDSRNDĪPLJREáDJDPFLĊ

'XFK UR]SRVWDUá QDG QLP FDáXQ MDNE\ VNU]\GáD SR F]\P RSXĞFLá JR L Z FKZLOĊ

SRWHP6FURRJHXMU]DáMDVQ\VáRQHF]Q\SRNyMDZQLPPDWNĊ]G]LHüPL

0DWNDRF]HNLZDáDNRJRĞ]ZLHONLPQLHSRNRMHPFKRG]LáDRGRNQDGRRNQDZ]GU\-

JDáDVLĊSU]\QDMPQLHMV]\PV]HOHĞFLHZ\JOąGDáDQDXOLFĊVSRJOąGDáDQD]HJDUĞFLHQQ\

DTP by SHADE

1DSUyĪQRSUyERZDáD]DMąüVLĊURERWąL]Z\UDĨQ\P]QLHFLHUSOLZLHQLHP]QRVLáDNU]\NL

UR]EDZLRQ\FKG]LHFL

:UHV]FLHXVá\V]DáDRF]HNLZDQHVWXNQLĊFLHZGU]ZL3RGELHJáDE\MHRWZRU]\ü

%\áWRMHMPąĪF]áRZLHNMHV]F]HPáRG\OHF]MXĪ]QXĪRQ\LVWHUDQ\FLĊĪNLPĪ\FLHP

-HJRWZDU]PLDáDZWHMFKZLOLG]LZQ\Z\UD]PDORZDáDVLĊQDQLHMUDGRĞüNWyUHMMDNE\

VLĊZVW\G]LáLFKFLDáMąXNU\ü

=DVLHGOL GR VWRáX DE\ VSRĪ\ü RELDG SU]\JU]HZDQ\ QD SLHFX ĩRQD ]DS\WDáD QLH-

ĞPLDáR

±1RLMDNLHQRZLQ\"

2QPLOF]DáZ\UDĨQLH]ZOHNDá]RGSRZLHG]Lą

±'REUHF]\]áH"±GHOLNDWQLHSRQDJODáDĪRQD

±=áH±RGSDUá

±:LĊFMHVWHĞP\]UXMQRZDQL"

±1LH.DUROLQRMHVWMHV]F]HQDG]LHMD

±&]\RQSRF]HND"±VS\WDáDRQD±%\áE\WRSUDZG]LZ\FXGDOHSRQLPF]HJRĞWD-

NLHJRVSRG]LHZDüVLĊQLHPRĪQD

±2QMXĪQLFQLHPRĪH]URELü8PDUá

ĩRQDE\áDGREUą]DFQąNRELHWąZ\VWDUF]\áRVSRMU]HüQDQLąĪHE\VLĊRW\PSU]H-

NRQDü3RW\PFRXVá\V]DáDRGPĊĪDSRF]XáDWDNąXOJĊĪHSRG]LĊNRZDáD]DQLą%RJX

FKRFLDĪ]DUD]RJDUQąáMąĪDOLZVW\GĪHVLĊSRGGDáDWDNLHPXHJRL]PRZL:NDĪG\PUD]LH

MHMSLHUZV]HZUDĪHQLHE\áRUDGRVQH

±:LĊF±U]HNáDGRPĊĪD±RZDQDSyáSLMDQDEDEDRNWyUHMZVSRPQLDáDPFLZF]R-

UDMSRZLHG]LDáDPLSUDZGĊNLHG\XVLáRZDáDPGRVWDüVLĊGRQLHJRĪHE\Z\SURVLüFKR-

FLDĪW\G]LHĔ]ZáRNL2QQDSUDZGĊXPDUá=GDZDáRPLVLĊĪHXP\ĞOQLHVNáDPDáDDE\

PQLHVLĊSR]E\ü

±-DNP\ĞOLV]"±]DS\WDáPąĪ±.WRWHUD]SU]HMPLHQDV]GáXJ"

±1LHZLHP:NDĪG\PUD]LH]DQLPXUHJXOXMHVLĊVSUDZDVSDGNX]QDMG]LHP\SR-

WU]HEQHSLHQLąG]H0XVLDáE\QDVSU]HĞODGRZDüV]F]HJyOQ\SHFKJG\E\MHJRVSDGNRELHU-

FDRND]DáVLĊUyZQLHQLHOXG]NL1DUD]LHPRĪHP\VSDüVSRNRMQLH

:LHONL FLĊĪDU MDNE\ VSDGá LP ] VHUFD 1DZHW WZDU]\F]NL G]LHFL SU]\VáXFKXMąF\FK

VLĊ UR]PRZLH URG]LFyZ NWyUHM SU]HFLHĪ GRNáDGQLH QLH UR]XPLDá\ ]DMDĞQLDá\ UDGRĞFLą

ĝPLHUüWHJRF]áRZLHNDZQLRVáDRGURELQĊV]F]ĊĞFLDGRELHGQHJRGRPX

±'XFKX±RGH]ZDáVLĊ6FURRJH±SRNDĪPLĞPLHUüNWyUHMWRZDU]\V]\PLáRĞüLĪDO

,QDF]HMyZVWUDV]Q\SRNyMNWyU\ĞP\QLHGDZQRRSXĞFLOLZFLąĪEĊG]LHPQLHSU]HĞODGR-

ZDá

'XFKSRZLyGáJRSU]H]NLONDGREU]HPX]QDQ\FKXOLF:GURG]H6FURRJHUR]JOąGDá

VLĊQDZV]\VWNLHVWURQ\ZQDG]LHLĪH]REDF]\VZąSRVWDüDOHGDUHPQLH

:HV]OLGRGRPXELHGQHJR%RED&UDWFKLWDGRWHJRVDPHJRPLHV]NDQLDNWyUH6FUR-

RJHQLHGDZQRRGZLHG]Lá=DVWDOLWDPPDWNĊ]G]LHüPL

:SRNRMXSDQRZDáDFLV]D=Z\NOHVZDZROQHPDOXFK\EUDFLV]HNLVLRVWUDVLHG]LDá\

WHUD]FLFKXWNRZNąFLHSRNRMXLQLHVSXV]F]Dá\RF]X]3LRWUDSRFK\ORQHJRQDGRWZDUWą

NVLąĪNą0DWNDLVWDUV]DFyUNDV]\á\

Ä2Q]DĞZ]LąáG]LHFNRLSRVWDZLáZĞUyGQLFK´

.WRZ\SRZLHG]LDáWHVáRZD"3U]HFLHĪWRQLHVHQ6FURRJHVá\V]DáMHZ\UDĨQLH":L-

GRF]QLH3LRWUMHRGF]\WDáJáRĞQRZFKZLOLJG\GXFK]H6FURRJH¶HPSU]HVWĊSRZDOLSUyJ

SRNRMX'ODF]HJRFKáRSLHFWDNQDJOHSU]HUZDáF]\WDQLH"

0DWNDSRáRĪ\áDURERWĊQDVWROHL]DNU\áDWZDU]GáRĔPL

±2F]\PQLHEROąRGNRORUXWHMWNDQLQ\±V]HSQĊáD2GNRORUXWNDQLQ\"2ELHGQ\

PDOHĔNL7LP

±-XĪPLOHSLHM±U]HNáDSRFKZLOL±3UDZGRSRGREQLHV]\FLHSU]\ĞZLHWOHPĊF]\PRMH

RF]\DOHQLHFKFĊĪHE\RMFLHFWR]DXZDĪ\á=DSHZQHQLHGáXJRZUyFL3RZLQLHQMXĪE\ü

ZGRPX

±7RSUDZGD±SRWZLHUG]Lá3LRWU]DP\NDMąFNVLąĪNĊ±&]\]DXZDĪ\áDĞPDPRĪH

DTP by SHADE

RMFLHFWHUD]FKRG]L]QDF]QLHZROQLHMQLĪGDZQLHM"

=DSDQRZDáDSU]\NUDFLV]D:UHV]FLHPDWNDVSRNRMQLHJáRVHPNWyU\UD]W\ONR]D-

GUĪDáSRZLHG]LDáD

± 3DPLĊWDP MDN FKRG]Lá V]\ENR QDZHW EDUG]R V]\ENR ] PDOHĔNLP 7LPHP QD

SOHFDFK

±-DWDNĪHV]HSQąá3LRWU:V]\VF\NROHMQRSRZWyU]\OL

±,MDWDNĪH

±%RSU]HFLHĪ7LPQLHE\áFLĊĪNL±PyZLáDGDOHMPDWNDSRFK\ODMąFVLĊQDGURERWą

±3U]\W\PWDNEDUG]RJRNRFKDáĪHQDZHWQLHF]XáMHJRFLĊĪDUX=GDMHVLĊĪHRMFLHF

ZUDFD

3DQL&UDWFKLWSRGHUZDáDVLĊLV]\ENRSRELHJáDQDVSRWNDQLHPĊĪD%REZV]HGáGR

SRNRMX6]\MĊPLDáRZLQLĊWąZHáQLDQ\PV]DOLNLHPDEDUG]RJRWHQELHGDNSRWU]HERZDá

+HUEDWDMXĪJU]DáDVLĊGODQLHJRDGZRMHQDMPáRGV]\FKG]LHFLRGUD]XZGUDSDáRVLĊQD

NRODQDRMFDLSU]\WXOLá\WZDU]\F]NLGRMHJRWZDU]\MDNJG\E\FKFLDá\SRZLHG]LHü

±1LHP\ĞOMXĪRW\PWDWXVLX1LHPDUWZVLĊ

%REZHVRáREDZLáVLĊ]QLPLGODNDĪGHJR]UHV]WąPLDáGREUHVáRZR6SRVWU]HJáV]\

UR]áRĪRQąQDVWROHURERWĊFKZDOLáSUDFRZLWRĞüL]UĊF]QRĞüĪRQ\LFyUHN

±6NRĔF]\FLHWRSU]HGQLHG]LHOą±]DXZDĪ\á±']LHOQH]ZDVURERWQLFH

±1LHG]LHOD"±SRZWyU]\áDĪRQD±:LĊFG]LĞWDPE\áHĞ5REHUFLH"

±7DNPRMDGURJD±RGSRZLHG]LDá%RE±%DUG]RĪDáRZDáHPĪHQLHSRV]áDĞ]HPQą

-DNWDPVLĊZV]\VWNR]LHOHQL$OHW\F]ĊVWRWDPFKRG]LV]ZLĊFZLHV]MDNWDPMHVWSLĊN-

QLH-DSU]\U]HNáHPVRELHĪHEĊGĊJRRGZLHG]DüZNDĪGąQLHG]LHOĊ0RMHPDOHĔVWZR

3RW\FKVáRZDFK%REVLĊUR]SáDNDá7DNNRFKDáPDáHJR7LPDĪHQDMHJRZVSRPQLH-

QLHQLHPyJáVLĊSRZVWU]\PDüRGáH]

:VWDáLSRV]HGáGRSRNRMXQDJyU]HRĞZLHWORQHJRLSU]\R]GRELRQHJR]LHOHQLąMDN

QDG]LHĔZLJLOLMQ\3U]\áyĪHF]NXG]LHFNDVWDáRNU]HVHáNRLPRĪQDE\áRZ\F]XüĪHMHV]-

F]HQLHGDZQRNWRĞQDQLPVLHG]LDá7HUD]%REWDPXVLDGáLRGGDáVLĊEROHVQ\PP\ĞORP

.LHG\VLĊXVSRNRLáXFDáRZDááyĪHF]NRDMHJRWZDU]SU]\EUDáDVSRNRMQ\Z\UD]±F]áRZLH-

NDSRJRG]RQHJR]FLĊĪNLPFLRVHP:UyFLáQDGyáMXĪZLQQ\PQDVWURMX

7HUD]ZV]\VF\XVLHGOLZRNyáNRPLQNDL]DF]ĊOLJZDU]\ü0DWNDLFyUNLZFLąĪSUDFR-

ZDá\%RE]RĪ\ZLHQLHPRSRZLDGDáRV]F]HJyOQHMĪ\F]OLZRĞFLMDNąPXRND]DáVLRVWU]H-

QLHF6FURRJH¶DNWyUHJRVSRWNDáQDXOLF\:LG]LDáJRW\ONRUD]MHGHQLWRSU]HORWQLHW\P-

F]DVHPG]LĞJG\VLĊVSRWNDOLVLRVWU]HQLHF6FURRJH¶DSU]\ZLWDáJRVHUGHF]QLHL]DS\WDá

F]\QLHVSRWNDáRJRFRĞ]áHJR

±2F]\ZLĞFLH±PyZLá%RE±QLHPRJáHPWHJRXNU\üSU]HGQLP7RPLá\GREU\F]áR-

ZLHN&]\XZLHU]\V]GURJDĪRQRĪHEDUG]RVLĊW\PSU]HMąá3RZLHG]LDáPLÄ6]F]HU]H

SDQXZVSyáF]XMĊSDQLH&UDWFKLWLSURV]ĊSU]HND]DüPRMHVHUGHF]QHXEROHZDQLH]DFQHM

PDáĪRQFH´1DZLDVHPPyZLąFQLHSRMPXMĊVNąGRQZLHRW\P"

±2F]\PPyMGURJL"

±ĩHMHVWHĞ]DFQDLGREUD

±:V]\VF\RW\PZLHG]ą±]DZRáDá3LRWU

±'REU]HSRZLHG]LDQHPyMFKáRSF]H±SRFKZDOLáJRRMFLHF±0DPQDG]LHMĊĪHWDN

MHVWQDSUDZGĊÄ6]F]HU]HZDPRERMJXZVSyáF]XMĊPRLSDĔVWZR´±SRZWyU]\áVLRVWU]H-

QLHF6FURRJH¶DLZUĊF]DMąFPLVZyMELOHWQDGPLHQLáÄ2WRPyMELOHW0RĪHEĊGĊPyJáE\ü

SDQXZF]\PNROZLHNSRPRFQ\SURV]Ċ]ZUyFLüVLĊGRPQLH]FDáąRWZDUWRĞFLą´%\áHP

ZSURVWRF]DURZDQ\QLHW\OHMHJRSURSR]\FMąLQLHP\ĞOąRW\PĪHPRĪHQDPLVWRWQLH

GRSRPyFOHF]MHJRXSU]HMPRĞFLą%DUG]RPQLHW\PXMąá0yJáE\NWRSRP\ĞOHüĪH]QDá

7LPDLĪDáXMHJRQDUyZQL]QDPL

±-HVWHPSHZQDĪHPDGREUHVHUFH±U]HNáDSDQL&UDWFKLW

±%\áDE\ĞMHV]F]HEDUG]LHMSU]HNRQDQDJG\E\ĞJRZLG]LDáDLUR]PDZLDáD]QLP±

SRGFKZ\FLá%RE±:FDOHE\PVLĊQLHG]LZLá±XZDĪDMFLHFRSRZLHP±JG\E\SRPyJá

3LRWURZL]QDOHĨüOHSV]ąSUDFĊ

±6á\V]\V]3LRWU]H"±U]HNáDSDQL&UDWFKLW

DTP by SHADE

±$ZWHG\±]DZRáDáDMHGQD]G]LHZF]ąW±3LRWUVLĊRĪHQLL]DPLHV]NDXVLHELH

±&RW\Z\JDGXMHV]±PUXNQąá3LRWUQLE\]REXU]HQLHPDOHSRMHJRRF]DFKZLGDü

E\áRĪHXĞPLHFKDPXVLĊWDP\ĞO

±1LHPDZW\PQLFQLH]Z\NáHJR±U]HNá%RE±FKRFLDĪSUDZGĊPyZLąFPDV]MHV]-

F]HQDWRGRV\üF]DVXPyMGURJL/HF]MHĪHOLNLHG\NROZLHNSU]\MG]LHQDPVLĊUR]VWDü

]VREąMHVWHPSU]HNRQDQ\ĪHĪDGHQ]QDVQLH]DSRPQLPDáHJR7LPD3UDZGDĪHZV]\-

VF\EĊG]LHP\]DZV]HSDPLĊWDOLWRSLHUZV]HUR]VWDQLH"

±=DZV]HRMF]HRGSRZLHG]LHOLZV]\VF\

±:LHPRW\PPRLGURG]\±FLąJQąá%RE±MDNUyZQLHĪLRW\PĪHSU]H]SDPLĊü

R QLP MDNL E\á GREU\ NRFKDMąF\ FLHUSOLZ\ L áDJRGQ\ FKRFLDĪ WDN PDá\ QLJG\ ĪDGQD

ZDĞĔQDVQLHSRUyĪQL

±=SHZQRĞFLąRMF]H±]QyZRGSRZLHG]LHOLZV]\VF\

±']LĊNXMĊZDP±U]HNá%RE±-HVWHPEDUG]RV]F]ĊĞOLZ\3DQL&UDWFKLWXFDáRZDáD

JRSRWHPNROHMQRXFDáRZDá\JRG]LHFLZUHV]FLHXĞFLVQąáMHJRUĊNĊ3LRWU

1DGWą]DFQąURG]LQąXQRVLáVLĊMDNEáRJRVáDZLHĔVWZR%RĪHGXFKPDOHĔNLHJR7LPD

±'XFKX±RGH]ZDáVLĊ6FURRJH±FRĞPLPyZLĪHFKZLODQDV]HJRUR]VWDQLD]EOLĪD

VLĊ&]XMĊWRFKRFLDĪQLHZLHPMDNVLĊWRRGEĊG]LH3RZLHG]PLWHUD]NLPE\áWHQF]áR-

ZLHNNWyUHJRZLG]LHOLĞP\QDĞPLHUWHOQ\PáRĪX"

'XFK:LJLOLLSU]\V]áRĞFLSRSURZDG]LáJRZWDNLVDPVSRVyEMDNZF]HĞQLHMSURZDG]Lá

GRG]LHOQLF\JLHáGRZHM7HUD]SRVXZDáVLĊEDUG]RV]\ENRQLH]DWU]\PXMąFVLĊQLJG]LH

7HQSRĞSLHFKQLHSRNRLá6FURRJH¶D=DF]ąáSURVLüDE\VLĊFKRFLDĪQDFKZLOĊ]DWU]\PDá

±1DWHMXOLF\±WáXPDF]\áVLĊ±SU]H]NWyUąWDNSĊG]LP\]QDMGXMHVLĊPyMNDQWRU

7XRJQLVNXMąVLĊZV]\VWNLHPRMHLQWHUHV\2WRGRPZNWyU\PMHVWPyMNDQWRU3R]ZyO

PL]REDF]\üFRVLĊWDPEĊG]LHG]LDáRZSU]\V]áRĞFL

'XFK]DWU]\PDáVLĊOHF]ZVND]\ZDáUĊNąZLQQąVWURQĊ

±3U]HFLHĪPyMGRPMHVWWXWDM"±]DXZDĪ\á6FURRJH±'ODF]HJRZVND]XMHV]LQQH

PLHMVFHLFKFHV]PQLHWDPSURZDG]Lü"

1LHXEáDJDQ\GXFKZFLąĪWU]\PDáZ\FLąJQLĊWąUĊNĊZVND]XMąFąLQQ\NLHUXQHN

6FURRJHMHGQDNSRELHJáGRRNQDVZHJRNDQWRUXLFKFLZLHSU]\OJQąáGRV]\E\:OR-

NDOXLWHUD]E\áNDQWRUDOHMXĪQLHMHJR=PLHQLáRVLĊXPHEORZDQLHDQDPLHMVFXV]HID

VLHG]LDáNWRĞQLH]QDQ\5ĊNDGXFKDZFLąĪQLH]PLHQLDáDNLHUXQNX

6FURRJHZUyFLáGR]MDZ\LSRVáXV]QLHXGDáVLĊ]DQLąVWDUDMąFVLĊUR]ZLą]DüZP\ĞOL

S\WDQLH

GODF]HJRQLH]REDF]\áVLHELHZNDQWRU]HLFRVLĊPRJáR]QLPVWDü"

1DJOH]DWU]\PDOLVLĊSU]HGĪHOD]Q\PLV]WDFKHWDPLZĞUyGNWyU\FK]QDMGRZDáDVLĊ

ZLHONDEUDPD6FURRJHXZDĪQLHUR]HMU]DáVLĊZRNRáRFKFLDáERZLHPXVWDOLüJG]LHVLĊ

]QDMGXMą

%\OLQDFPHQWDU]X

7XSRG]LHPLąQDJáĊERNRĞFLNLONXáRNFLOHĪDáWHQQLHV]F]ĊVQ\F]áRZLHNNWyUHJR

QD]ZLVNRPLDáQLHEDZHPSR]QDü

&PHQWDU]RWDF]DáRQLHVNRĔF]RQHPQyVWZRĞFLDQGRPyZDFDáDMHJRSRZLHU]FKQLD

]DURĞQLĊWDE\áDWUDZDPLLFKZDVWDPL±URĞOLQDPLĞPLHUFLDQLHĪ\FLD

'XFKVWRMąFZĞUyGPRJLáZVND]\ZDáQDMHGQą]QLFK6FURRJHGUĪąFFDá\]EOLĪ\á

VLĊGRQLHM

'XFKSR]RUQLHZFDOHVLĊQLH]PLHQLáOHF]6FURRJH¶RZL]GDZDáRVLĊLĪZMHJRSRQX-

UHMPDMHVWDW\F]QHMSRVWDFLVSRVWU]HJDFRĞQRZHJRFRJRGRJáĊELSRUXV]DáR

±=DQLP]EOLĪĊVLĊGRJURERZFDNWyU\PLZVND]XMHV]±U]HNá±RGSRZLHG]PLQD

MHGQRMHG\QHS\WDQLH&KFĊPLDQRZLFLHZLHG]LHüF]\WRFRZLG]ĊMHVWREUD]HPWHJR

FRPXVLVLĊVSHáQLüF]\WHĪWHJRFRPRĪHQDVWąSLü"

=DPLDVWRGSRZLHG]LGXFKGRWNQąáUĊNąPRJLá\SU]\NWyUHMVWDOL

±=DSHZQH±PyZLá6FURRJHGDOHM±F]áRZLHNZĪ\FLXPXVLLĞüWąGURJąMDNąVDP

REUDáLGRMĞüGRSHZQ\FKRGSRZLDGDMąF\FKMHMUH]XOWDWyZ$OHMHĪHOLF]áRZLHNRSXĞFL

GDZQąVZRMąGURJĊLVNLHUXMHVLĊQDLQQąWRSU]HFLHĪRVLąJQLHWHĪLLQQ\UH]XOWDW3R-

DTP by SHADE

ZLHG]F]\WDNLH]QDF]HQLHPDMąREUD]\MDNLHPLSRND]DáHĞ"'XFKZFLąĪVWDáQLHUXFKR-

P\ ZVND]XMąF JURERZLHF 6FURRJH GUĪąF FDá\P FLDáHP ]H VWUDFKX QLHPDO SHá]QąF

SU]\VXQąáVLĊGRJURERZFDLSU]HF]\WDáQDQLPVZRMHZáDVQHQD]ZLVNR

EBENEZER SCROOGE

± :LĊF WR VDPHJR VLHELH ZLG]LDáHP" ± ]DZRáDá SDGDMąF QD NRODQD 7HUD] SDOHF

GXFKDSU]HVXZDáVLĊUD]SRUD]RGMHJRRVRE\GRPRJLá\

±1LHGXFKX2QLH±]DZRáDá6FURRJH'XFKZFLąĪSRZWDU]DáWHQVDPUXFKUĊNą

±'XFKX±NU]\NQąá6FURRJHFKZ\WDMąFSáDV]F]ZLGPD±:\VáXFKDMPQLH-DMXĪ

QLHMHVWHPW\PF]áRZLHNLHPMDNLPE\áHPGRFKZLOLVSRWNDQLDVLĊ]WREą1LHMHVWHP

LQLHEĊGĊSU]HQLJG\'ODF]HJRSRND]DáHĞPLWDNVWUDV]QHU]HF]\"&]\GODPQLHQLHPD

MXĪUDWXQNX"

5ĊNDGXFKDSRUD]SLHUZV]\]DGUĪDáD

± 2 GREU\ GXFKX ± EáDJDá 6FURRJH OHĪąF X VWyS ZLGPD ] WZDU]ą ]ZUyFRQą GR

]LHPL±=PLáXMVLĊQDGHPQąUDWXMPQLH3RZLHG]ĪHMHĪHOL]PLHQLĊĪ\FLHWR]PLHQLĊ

WHĪREUD]\MDNLHPLSRND]DáHĞ

5ĊNDZLGPDSRUXV]\áDVLĊMDNE\SU]\WDNXMąFR

±2GWąG]FDáHMGXV]\EĊGĊF]FLáĞZLĊWD%RĪHJR1DURG]HQLD±SU]\U]HNDá]HVNUXFKą

6FURRJH±LSU]H]FDá\URNEĊGĊQDQLH]UDGRĞFLąF]HNDá%ĊGĊWHĪSDPLĊWDáRSU]HV]áR-

ĞFLWHUDĨQLHMV]RĞFLLSU]\V]áRĞFL:V]\VWNLHWU]\GXFK\NWyUHPQLHRGZLHG]Lá\Ī\üEĊGą

ZHPQLH2GXFKXSRZLHG]ĪHPRJĊ]HWU]HüQDSLV]WHJRJURERZFD

=UR]SDF]ąFKZ\FLáGáRĔGXFKD

7HQXVLáRZDáMąZ\GU]HüDOH6FURRJHWU]\PDá]FDáHMVLá\'XFKMHGQDNE\áVLOQLHMV]\

RGQLHJRLXZROQLáUĊNĊ

6FURRJHMHV]F]HUD]Z]QLyVáGáRQLHDE\]QyZEáDJDüR]PLDQĊVZHJRORVX1DJOH

]REDF]\áĪHSáDV]F]LNDSWXUZLGPD]PQLHMV]DMąVLĊNXUF]ąDĪZUHV]FLHFDáH]MDZLVNR

SU]HPLHQLáRVLĊZSRUĊF]MHJRZáDVQHJRáyĪND

5R]G]LDá

Koniec historii

7DNWRE\áDU]HF]\ZLĞFLHSRUĊF]MHJRZáDVQHJRáyĪND-HV]F]HZLĊFHMXFLHV]\áRJR

SU]HNRQDQLHĪHPDMHV]F]HW\OHF]DVXLĪZ\VWDUF]\JRQDJUXQWRZQH]UHIRUPRZDQLH

VZHJRĪ\FLD

± %ĊGĊ Ī\á SDPLĊWDMąF R SU]HV]áRĞFL WHUDĨQLHMV]RĞFL L SU]\V]áRĞFL ± SU]\U]HNDá

VRELHZVWDMąF

±'XFK\WU]HFKF]DVyZSRNRQDá\PQLH]XSHáQLH2-DNXELH0DUOH\&]HĞüLEáRJR-

VáDZLHĔVWZR1LHELRVRPLZLJLOLL%RĪHJR1DURG]HQLD]DLFKGREURG]LHMVWZR6NáDGDPLP

G]LĊNLQDNRODQDFKVWDU\-DNXELH0DUOH\WDNMHVWQDNRODQDFK

%\áWDNSRGQLHFRQ\LRĪ\ZLRQ\GREU\PL]DPLDUDPLĪHMHJRVáDE\GUĪąF\JáRVQLH

RGSRZLDGDáVLOHSU]HSHáQLDMąF\FKJRXF]XüàNDáJZDáWRZQLHDWZDU]MHJR]OHZDá\VWUX-

PLHQLHáH]

±6ąQDVZRLPPLHMVFX±]DZRáDáFDáXMąFNRWDU\áyĪND±1LNWLFKQLH]HUZDáQLNW

QLHQDUXV]\áLFKSLHUĞFLHQL-HVWHPWXWDMDREUD]\WHJRFRVLĊ]GDU]\üPRJáRPRJą

MHV]F]HE\üUR]ZLDQH:LHPĪHRQH]QLNQąMHVWHPRW\PSU]HNRQDQ\

-HJR GUĪąFH ]H Z]UXV]HQLD UĊFH QLH PRJá\ VRELH SRUDG]Lü ] XEUDQLHP ZG]LHZDá

U]HF]\QDOHZąVWURQĊV]DUSDáMHXSXV]F]DáVáRZHP±Z\SUDZLDá]QLPLLVWQHDZDQWXU\

±1LHSRMPXMĊGRSUDZG\FRVLĊ]HPQąG]LHMH±PyZLáĞPLHMąFVLĊLSáDF]ąFMHGQR-

F]HĞQLHSU]\F]\PZG]LHZDáVNDUSHWNLQDUĊFHVWDMąFVLĊSRGREQ\PGRVWDWXL/DRNRRQD

RSDVDQHJRZĊĪDPL±-HVWHPOHNNLMDNSLyUNRV]F]ĊĞOLZ\MDNDQLRáZHVRá\MDNVWXGHQW

RV]RáRPLRQ\MDNSLMDNĩ\F]ĊZV]\VWNLPFDáHPXĞZLDWXZHVRá\FKĞZLąWLSRP\ĞOQHJR

DTP by SHADE

1RZHJR5RNX:LZDW

:SRGVNRNDFKSRELHJáGRSRNRMXEDZLDOQHJRLWDPSU]\VWDQąá]DG\V]DQ\

±:V]\VWNRZSRU]ąGNX±ZRáDáUR]JOąGDMąFVLĊGRNRáD±2WRURQGHOHNZNWyU\P

RGJU]HZDáHP VZyM NOHLN $ WR GU]ZL SU]H] NWyUH ZV]HGá GXFK 0DUOH\D 2WR PLHMVFH

JG]LHVLHG]LDáGXFKĞZLąWG]LVLHMV]\FK2NQR]NWyUHJRSDWU]\áHPQDEáąG]ąFHZSRZLH-

WU]XGXFK\:V]\VWNRZSRU]ąGNX:V]\VWNRQDVZRLPPLHMVFX7RVLĊQDSUDZGĊG]LDáR

+DKDKD

8F]áRZLHNDNWyU\SU]H]W\OHODWQLHZLHG]LDáFRWRĞPLHFK±WHUD]EU]PLDáRQG]LZ-

QLH%\áWRMDNE\SRF]ąWHNUDGRVQHJRXĞPLHFKXSU]\V]áRĞFL

±1LHZLHPNWyUHJRG]LĞPDP\±PyZLáVDPGRVLHELH6FURRJH±QLHZLHPWHĪMDN

GáXJRSU]HE\ZDáHP]GXFKDPL-HVWHPMDNQRZRQDURG]RQHG]LHFNR0QLHMV]D]W\P

:áDĞFLZLHSUDJQĊE\üG]LHFNLHP:LZDW

-HJRRNU]\NLSU]\WáXPLá\G]ZRQ\NRĞFLHOQHNWyUHZ\GRE\ZDá\]VLHELHZ\MąWNRZR

UDGRVQHGĨZLĊNL

±'LĔGLĔGRQEXP'LĔGLĔGRQEXP'LQJGRQJ'LQJGRQJ&XGRZQLH:VSD-

QLDOH=DFKZ\FDMąFR3RELHJáGRRNQDRWZRU]\áMHLZ\FK\OLáVLĊ$QLPJá\DQLZLOJRFL

-DVQ\SRJRGQ\PURĨQ\G]LHĔMHGHQ]W\FKNWyUHRU]HĨZLDMąLUR]ZHVHODMąGXV]Ċ

SREXG]DMąFNUHZGRV]\EV]HJRNUąĪHQLD:VSDQLDOH

±&RWRG]LĞPDP\]DG]LHĔ"±]DS\WDáSU]H]RNQRPDáHJRFKáRSFDZRGĞZLĊWQ\P

XEUDQLXNWyU\]DWU]\PDáVLĊSU]HGRNQHPERPRĪHFKFLDáVLĊ6FURRJH¶RZLSU]\SDWU]Hü

±&R"±PUXNQąá]G]LZLRQ\FKáRSLHF

±3\WDPMDNLG]LHĔG]LĞPDP\PyMFKáRSF]H±SRZWyU]\á6FURRJH

±']LVLDM"2F]\ZLĞFLH%RĪH1DURG]HQLH

±%RĪH1DURG]HQLH"±V]HSQąá6FURRJH±:LĊFJRQLHVWUDFLáHP'XFK\GRNRQDá\

ZV]\VWNLHJRZFLąJXMHGQHMQRF\3HZQLHPRJąRQHURELüZV]\VWNRFRLPVLĊĪ\ZQLH

SRGRED.WRE\ZWRĞPLDáZąWSLü+HM3RGHMGĨWXEOLĪHMPLá\FKáRSF]H

±&]HJRSDQVRELHĪ\F]\"

±&]\ZLHV]JG]LHMHVWVNOHS]GURELHP"=ELW\PGURELHP"2WDPQDURJXGUXJLHM

XOLF\

±:LHP=QDPGRVNRQDOHWHQVNOHS

±0ąGU\FKáRSDN±V]HSQąáGRVLHELH6FURRJH±%DUG]RUR]WURSQ\FKáRSDN$JáR-

ĞQRGRGDá

±1LHZLHV]SU]\SDGNLHPF]\QLHVSU]HGDOLWHJRZLHONLHJRLQG\NDNWyU\ZF]RUDM

ZLHF]RUHPMHV]F]HZLVLDáZRNQLHZ\VWDZ\"

±$KDWHJRMDNQLHSU]\PLHU]DMąFMDFDá\"

±'RZFLSQ\FKáRSDN±]DFKZ\FDáVLĊ6FURRJH±3UDZG]LZDSU]\MHPQRĞüUR]PD-

ZLDü]WDNLPPDOFHP7DNWDNPyMNRWHF]NXWHQVDP

±:LVLMHV]F]H

±&]\WRPRĪOLZH"]DZRáDá6FURRJHXUDGRZDQ\$ZLĊFELHJQLMLNXSJR

±3DQVRELH]HPQLHĪDUWXMH±Z]UXV]\áUDPLRQDPLFKáRSLHF

±$OHĪQLHZFDOHQLHĪDUWXMĊ±]DSHZQLDá6FURRJH±PyZLĊQDM]XSHáQLHMVHULR,GĨ

NXSWHJRLQG\NDLNDĪJRSU]\QLHĞüWXWDMDMDZVNDĪĊNRPXJRQDOHĪ\GRUĊF]\ü:Uyü

WX]HVáXĪąF\PVNOHSRZ\PGRVWDQLHV]]DWRV]\OLQJD

&KáRSLHFSRPNQąáMDNNXOD

±3RĞOĊWHJRLQG\NDPRMHPXSRPRFQLNRZL±V]HSWDáGRVLHELH6FURRJH]DFLHUDMąF

UĊFHLXĞPLHFKDMąFVLĊZHVRáR±5ĊF]ĊĪHPXQDZHWQDP\ĞOQLHSU]\MG]LHNWRPXJR

SU]\V\áD,QG\NMHVWFRQDMPQLHMGZDUD]\WDNGXĪ\MDN7LQ\7LP-HVWHPSHZLHQĪH

%REQLHEĊG]LHVLĊJQLHZDá]DWĊQLHVSRG]LDQNĊ7RVLĊQD]\ZDILJLHO

1DSLVDáDGUHVQLH]XSHáQLHSHZQąUĊNą]V]HGáQDGyáRWZRU]\üGU]ZLLF]HNDáWDPQD

LQG\ND*G\VWDáSU]HGGU]ZLDPLXZDJĊMHJR]ZUyFLáDNRáDWND

± 3RF]FLZD %ĊGĊ FLĊ NRFKDá GRSyNL Ī\FLD PL VWDUF]\ ± ]DZRáDá JáDV]F]ąF Mą

SLHV]F]RWOLZLH

±']LZQDU]HF]ĪHQLJG\SU]HGWHPQLH]ZUyFLáHPQDQLąXZDJL-DNRQDV\PSD-

DTP by SHADE

W\F]QLH Z\JOąGD /HF] RWR LQG\N +HM GDM JR WXWDM -DNVLĊ PDV] FKáRSF]H ĩ\F]Ċ FL

ZHVRá\FKĞZLąW

,QG\NE\áRJURPQ\7UXGQRE\áRZSURVWXZLHU]\üĪHE\WDNZLHONLLFLĊĪNLSWDNPyJá

VLĊXWU]\PDüQDZáDVQ\FKQRJDFK

±$OHĪSU]\MDFLHOX±U]HNá6FURRJH±QLHGRGĨZLJDV]JRGR&DPGHQ7RZQ0XVLV]

Z]LąüGRURĪNĊ

0yZLąFWRRGOLF]\áQDOHĪQRĞü]DLQG\NDL]DGRURĪNĊĞPLHMąFVLĊSU]\W\PEH]SU]H-

UZ\3RWHPZUyFLáQDJyUĊFDá\VSRFRQ\L]DG\V]DQ\DOHZFLąĪVLĊMHV]F]HĞPLDá

1LHáDWZRPXSU]\V]áR]RJROHQLHPSRQLHZDĪUĊFHPXGUĪDá\:LDGRPRSU]HFLHĪ

ĪHF]\QQRĞüWDZ\PDJDZLHONLHMXZDJL$OHJG\E\QDZHWRGFLąáVRELHEU]\WZąNDZDáHN

QRVDWRLZyZF]DVQLHVWUDFLáE\GREUHJRKXPRUX

2JROLZV]\VLĊSU]\ZG]LDáQDMOHSV]HXEUDQLHLZ\V]HGáSU]HMĞüVLĊQLHFR

/XG]LHMXĪZ\URLOLVLĊ]GRPyZLVQXOLVLĊWáXPQLHZHVHOLRĪ\ZLHQLMDNZWHG\NLHG\

RGE\ZDáZĊGUyZNĊSRXOLFDFK/RQG\QX]GXFKHPREHFQ\FKĞZLąW

=]DáRĪRQ\PLZW\áUĊNRPD6FURRJHV]HGáSRZROLSDWU]\áQDOXG]LZHVRáRVLĊXĞPLH-

FKDá0LDáWDNV\PSDW\F]QąPLQĊĪHNLONXMHJRPRĞFLyZMXĪZGREU\FKKXPRUDFK]D-

F]HSLáRJRVáRZDPL

±']LHĔGREU\VLUĩ\F]\P\ZHVRá\FKĞZLąW

6FURRJHF]ĊVWRSRWHP]DSHZQLDáĪHQLJG\ZĪ\FLXQLHVá\V]DáVáyZNWyUHE\UyZQLH

SU]\MHPQLHEU]PLDá\

3U]HV]HGáV]\NLONDNURNyZVSRVWU]HJáLGąFHJRQDSU]HFLZSRZDĪQHJRGĪHQWHOPHQD

NWyU\RGZLHG]LáJRZF]RUDMZNDQWRU]HS\WDMąFÄ)LUPD6FURRJHL0DUOH\MHĪHOLVLĊQLH

P\OĊ"´6FURRJHGR]QDáXF]XFLDZVW\GXQDP\ĞOĪHF]áRZLHNWHQREU]XFLJRSRJDUGOLZ\P

Z]URNLHP OHF] MHGQRF]HĞQLH ]UR]XPLDá MDN SRZLQLHQ SRVWąSLü =EOLĪ\á VLĊ GR QLHJR

FKZ\FLá]DRELHUĊFHLĞFLVNDMąFMHU]HNá

±:LWDPSDQD-DNĪH]GURZLH"6SRG]LHZDPVLĊĪHZF]RUDMV]DNZHVWDXGDáDVLĊ"

1LHSUDZGDĪ"3DĔVNLVSRVyEP\ĞOHQLDMHVWEDUG]RV]ODFKHWQ\]DV]F]\WSDQXSU]\QRVL

ĩ\F]ĊSDQXZHVRá\FKĞZLąW

±3DQ6FURRJH"

±7DNWRPRMHQD]ZLVNR1LHFKPLEĊG]LHZROQRXVSUDZLHGOLZLüVLĊSU]HGSDQHP

2WyĪF]\QLHPyJáE\PSURVLüSDQD7X6FURRJHFRĞPXV]HSQąáGRXFKD

±&]\MDGREU]HXVá\V]DáHP"±]DZRáDáWDPWHQRV]RáRPLRQ\±'URJLSDQLH6FURRJH

F]\SDQWRPyZLVHULR"

±1DM]XSHáQLHMVHULR±]DSHZQLDá6FURRJH±$QLSHQVDPQLHM3U]HFLHĪSáDFĊVWDU\

GáXJ:LĊFNLHG\PRJĊVLĊSDQDVSRG]LHZDü"

±$OHGURJLSDQLH±RGSRZLHG]LDáMHJRPRĞüVHUGHF]QLHĞFLVNDMąFGáRĔ6FURRJH¶D±

QLHZLHPGRSUDZG\MDNPDPSDQXG]LĊNRZDü]DWDNKRMQąRILD

±$QLVáRZDRW\P±SU]HUZDá6FURRJH±EDUG]RSDQDSURV]ĊQLHFKWR]RVWDQLHPLĊ-

G]\QDPL=HFKFHPQLHSDQW\ONRRGZLHG]Lü"&]\PRJĊQDWROLF]\ü"

±$OHĪ]FDáąSHZQRĞFLą±]DZRáDáVNZDSOLZLHSRZDĪQ\MHJRPRĞü1LHXOHJDáRZąW-

SOLZRĞFLĪHPDV]F]HU\LQLH]áRPQ\]DPLDUMDNQDMU\FKOHM]áRĪ\üZL]\WĊ6FURRJH¶RZL

±']LĊNXMĊSDQX±U]HNá6FURRJH±QLHVNRĔF]HQLHMHVWHPSDQXZG]LĊF]Q\'RPL-

áHJR]REDF]HQLD

:V]HGáGRNRĞFLRáDSRWHPSU]HV]HGáNLONDXOLFXZDĪQLHREVHUZXMąFVSRW\NDQ\FK

OXG]L*áDVNDáSLHV]F]RWOLZLHJáyZNLPLMDMąF\FKJRG]LHFLZ\S\W\ZDáLKRMQLHREGDU]Dá

ĪHEUDNyZ]DJOąGDáGRVXWHUHQLZRNQDPLHV]NDĔSDUWHURZ\FK:V]\VWNRPXVLĊQDG-

]Z\F]DMQLHSRGREDáR1LJG\QLHSU]\SXV]F]DáĪHE\]Z\NáDSU]HFKDG]NDPRJáDGRVWDU-

F]\üWDNLHMSU]\MHPQRĞFL

3RSRáXGQLXVNLHURZDáVLĊNXG]LHOQLF\ZNWyUHMPLHV]NDáMHJRVLRVWU]HQLHF

.LONDQDĞFLHUD]\SU]HV]HGáSU]HGGRPHP]DQLPRGZDĪ\áVLĊZHMĞüGRVLHQLL]DSX-

NDüGRGU]ZL

±&]\SDQZGRPXPRMHG]LHFNR"±]DS\WDáVáXĪąFHMPáRGHMLáDGQHMG]LHZF]\Q\

±:GRPXSDQLH

DTP by SHADE

±*G]LHMHVW"

±:MDGDOQLUD]HP]SDQLą1LHFKSDQSR]ZROL]DSURZDG]Ċ

±']LĊNXMĊFLSLĊNQHG]LHFNRVDPSyMGĊ3DQWZyM]QDPQLHGREU]H7RU]HNáV]\

6FURRJH]EOLĪ\áVLĊGRMDGDOQLRVWURĪQLHQDFLVQąáNODPNĊLZVXQąáJáRZĊSU]H]XFK\ORQH

GU]ZL

: WHM FKZLOL ZáDĞQLH RGE\ZDáR VLĊ VSUDZG]DQLH ĞZLąWHF]QLH ]DVWDZLRQHJR VWRáX

0DáĪRQNRZLHGRNRQ\ZDOLWHMF]\QQRĞFLVNUXSXODWQLHMDNSU]\VWRLQDPáRGąSDUĊNWyUD

MHVW]Z\NOHQDW\PSXQNFLHEDUG]RZUDĪOLZDLSUDJQĊáDE\SRGW\PZ]JOĊGHPVWDüSRQDG

ZV]HONąNU\W\Ną

±)UHG±V]HSQąá6FURRJH

ĩRQDVLRVWU]HĔFDQHUZRZRGUJQĊáDMDNE\XVá\V]DáDFRĞEDUG]RSU]\NUHJR*G\E\

6FURRJH]DXZDĪ\áĪHVLHG]LDáDZZ\JRGQ\PIRWHOX]HVWRáHF]NLHPSRGQRJDPLSU]\-

SDWUXMąFVLĊ]FDáąXZDJąQDNU\FLXQLJG\QLHRĞPLHOLáE\VLĊMHM]DQLHSRNRLüZWHQVSR-

VyE

±.WRWDP"±NU]\NQąá)UHG±.WyĪX%RJD"

±7RMDWZyMZXM6FURRJH3U]\FKRG]Ċ]MHĞü]ZDPLRELDG&]\PRJĊZHMĞü"

&]\PRĪHZHMĞü"7DNĪHS\WDQLH6FURRJHSRZLQLHQE\áSRG]LĊNRZDü%RJXĪHVLR-

VWU]HQLHF]UDGRĞFLQLHXUZDáPXUĊNLSU]\SRZLWDQLX

3RXSá\ZLHG]LHVLĊFLXPLQXW6FURRJHF]XáVLĊWXWDMMDNZHZáDVQ\PGRPX1LHSR-

GREQDVRELHZ\REUD]LüFRĞVHUGHF]QLHMV]HJRQDGWRMDNJRWXSU]\MĊWRĩRQD)UHGDQLH

GDáD VLĊ Z\SU]HG]Lü PĊĪRZL MDN UyZQLHĪ 7RSSHU L PDáD SXOFKQD VLRVWUD ĪRQ\ )UHGD

LZV]\VF\JRĞFLHNWyU]\VLĊNROHMQR]MDZLDOL&DáHWRZDU]\VWZRE\áR]DFKZ\FDMąFHXUR-

F]RVLĊEDZLOLPLáDKDUPRQLDSDQRZDáDZW\PJURQLH3UDZG]LZHV]F]ĊĞFLH

1D]DMXWU]6FURRJHXGDáVLĊGRNDQWRUX

:VWDá ZF]HĞQLHM QLĪ ]Z\NOH JG\Ī SRVWDQRZLá ]áDSDü %RED QD VSyĨQLHQLX %DUG]R

WHJRSUDJQąáLXGDáRPXVLĊ0LDáWĊSU]\MHPQRĞü=HJDUZ\ELáG]LHZLąWąD%REDMHV]F]H

QLHE\áR.ZDGUDQVSRG]LHZLąWHM±MHV]F]HJRQLHPD6SyĨQLáVLĊRFDáHRVLHPQDĞFLH

LSyáPLQXW\6FURRJHRWZRU]\áV]HURNRGU]ZLVZHJRSRNRMXDE\ZLG]LHüMDN&UDWFKLW

EĊG]LHVLĊSU]HP\NDáGRVZHMZ\]LĊELRQHMNRPyUNL

%REMXĪZVLHQL]GMąáNDSHOXV]LV]DOLNDRWZRU]\ZV]\GU]ZL±QDW\FKPLDVWXVLDGá

QDVZRLPVWRáNXLMHJRSLyUR]DF]ĊáRWDNV]\ENRSRVXZDüVLĊSRSDSLHU]HMDNE\FKFLDáR

GRJRQLüVWUDFRQ\F]DV

±$WRFR"±EXUNQąá6FURRJHVWDUDMąFVLĊVZHPXJáRVRZLQDGDüWRQMDNQDMEDUG]LHM

VXURZ\±-DNPRĪQDWDNVLĊRSyĨQLDü"&RSDQVRELHP\ĞOL"

± :LHP ]DZLQLáHP ± V]HSQąá SRNRUQLH &UDWFKLW ± EDUG]R SDQD SU]HSUDV]DP ]D

VSyĨQLHQLH

±6SyĨQLHQLH±EXUNQąá]QyZ6FURRJH±-DVąG]ĊĪHWRSRU]ąGQHVSyĨQLHQLH3UR-

V]ĊWXGRPQLH

±3U]HFLHĪ]GDU]\áRVLĊWRW\ONRUD]ZFLąJXFDáHJRURNX±XVSUDZLHGOLZLDáVLĊ&UDW-

FKLWZ\FKRG]ąF]HVZHMQRU\±1LHSRZWyU]\VLĊWRZLĊFHM]DSHZQLDPSDQD:F]RUDM

]DEDZLáHPVLĊWURFKĊ

±:V]\VWNRWREDUG]RSLĊNQLH±SU]HUZDáPX6FURRJH±PXV]ĊMHGQDNRĞZLDGF]\ü

SDQX ĪH ZFDOH QLH P\ĞOĊ GáXĪHM ]QRVLü F]HJRĞ SRGREQHJR 'ODWHJR ± FLąJQąá GDOHM

]HVNDNXMąFV]\ENR]NU]HVáDLGDMąF%RERZLWDNLHJRNXNVDĔFDDĪWHQ]DWRF]\áVLĊGR

VZRMHMNRPyUNL±GODWHJRSRGZ\ĪV]DPSDQXSHQVMĊ

%RESU]HUDĪRQ\U]XFLáVLĊGROLQLLOHĪąFHMQDNDQWRUNX0LDá]DPLDUVFKZ\FLü6FUR-

RJH¶D]DNRáQLHU]]DZRáDüOXG]LLSU]\LFKSRPRF\ZSDNRZDüSU\QF\SDáDZNDIWDQEH]-

SLHF]HĔVWZD

1LHGRV]áRGRWHJR

±ĩ\F]ĊFLZHVRá\FKĞZLąW5REHUFLH±RGH]ZDáVLĊ6FURRJHWDNSRZDĪQLHLWDNVHU-

GHF]QLHĪHQLHPRĪQDE\áRZąWSLüZV]F]HURĞüMHJRVáyZW\PEDUG]LHMĪHMHGQRF]HĞQLH

SRNOHSDá%REDSRUDPLHQLX]SRXIDáRĞFLąGREUHJRSU]\MDFLHOD=FDáHJRVHUFDSUDJQĊ

DE\WHJRURF]QHĞZLĊWDZ\QDJURG]Lá\FLZV]\VWNLHĞZLĊWDNWyUHĞWX]HPQąVSĊG]Lá7DN

DTP by SHADE

MHVW5REHUFLHSRGZ\ĪV]DPFLSHQVMĊLGRáRĪĊZV]HONLFKVWDUDĔDE\SRVWDZLüQDQRJL

WZRMąURG]LQĊSDGDMąFą]SU]HSUDFRZDQLD5R]SDWU]\P\WĊVSUDZĊG]LĞSRSRáXGQLX

SU]\V]NODQFHJRUąFHJRJURJX$WHUD]5REHUFLHUR]SDORJLHĔQDNRPLQNXLQLHĪDáXM

ZĊJOD

6FURRJH ]URELá ZLĊFHM QLĪ RELHFDá &R ]DĞ GR PDOHĔNLHJR 7LPD NWyU\ ZFDOH QLH

XPDUá±VWDáVLĊGODĔGUXJLPRMFHP

=PLHQLáVLĊ]XSHáQLH2GWąGE\áGREU\PSU]\MDFLHOHPLFKOHERGDZFąVáRZHP±WDNLP

F]áRZLHNLHPMDNLPLE\ZDOLOXG]LH]DGREU\FKVWDU\FKF]DVyZZGREU\PVWDU\PNUDMX

1LHNWyU]\V]\G]LOL]WHM]PLDQ\OHF]RQQLH]ZUDFDáQDWRXZDJL0LDáW\OHUR]XPXĪH

ZLHG]LDáLĪWRFRQDĞZLHFLHGREUH]DZV]HMHVWSU]HGPLRWHPV]\GHUVWZD]HVWURQ\QLH-

NWyU\FKOXG]L,FKQDOHĪ\XZDĪDü]DĞOHS\FK6FURRJHVąG]LáWHĪĪHOHSLHMDE\NDOHFWZR

XMDZQLDáRVLĊZSRVWDFL]PDUV]F]HNGRNRáDRF]XZ\ZRáDQ\FKFLąJá\PXĞPLHFKDQLHP

VLĊGREOLĨQLFKQLĪZLQQHMPQLHMSU]\MHPQHMSRVWDFL-HJRGXV]DSHáQDE\áDSRJRG\LUD-

GRĞFL±LWRPXZ\VWDUF]DáRGRV]F]ĊĞFLD=GXFKDPLZLĊFHMVSRWNDĔQLHPLDáQDWRPLDVW

SR]DZLą]\ZDáSU]\MDĨQLH]OXGĨPLLSRGWU]\P\ZDáMHDFDáHMHJRĪ\FLHWRF]\áRVLĊZĞUyG

GREU\FKXF]\QNyZ-DNRĪPyZLRQRSyĨQLHMĪHQLNWWDNSU]\NáDGQLHQLHREFKRG]LĞZLąW

%RĪHJR1DURG]HQLDMDNRQ

ĩ\F]Ċ :DP ] FDáHM GXV]\ ĪHE\ WDN R :DV PyZLRQR GURG]\ &]\WHOQLF\ D WDNĪH

RPQLHLRZV]\VWNLFKDZWHG\±MDNSLĊNQLHSRZLHG]LDáPDOHĔNL7LP±%yJEĊG]LHEáR-

JRVáDZLáZV]\VWNLPLNDĪGHPX]RVREQD

DTP by SHADE